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Cost-effective & 


v™“L bu ? iness is merging 

your business. Succe^f u ||y_ 


No. 27,590 


Wednesday June 21 1978 




fc'4 


developments ?| 
for industry 
and commerce 






’ : ” -FWtCgj AUSTRIA Sctu>fc &EICIUM Pr,25; DENMARK KrJ.5: FftANCE F r 4.ff; GERMANY DM24; ITALY L.EMi MCTHiEfcANPS F7.Z.a.- NORWAY Kr4.5f #*OISTUCAL EfgJP; IPAIN Pta»-4Pf SWEDEN Kr.3J5; SWll*EfttANP_F* J-0; EIRE 15p 



E WS St \1M \ m 


*z 



building 

budget 

‘scandal' 


BUSINESS 

Inflation 
fears hit 



and Gilts 


— • */: 


t TplT. 



An audit has sncovered over- 
spending of some £1.5m for con- 
strut-lion work- done bv the 
Greater London Council.' Last 
night Mr. Horace Cutler, leader 
° A *h, e council, described the 
amaticn as “scandalous.” 

The audit also found the GLC 
construction branch Is currently 
spending about £250,000 above 
its budget in spite of a 50 per 
cent cut in workload. 

In the council’s housing main- 
tenance branch, the auditor dis- 
covered “overbooking” of time 
sheets and job tickets which, he 
says, "in us i give rise to serious 
concern.” Page 7 

Climber dies 
in K2 bid 

British climber Nick Estcourt 
33. has been killed bv an 
avalanche during an attempt on 
K2. in Pakistan the worlds 
second-highest mountain. Est- 
court married with three child- 
ren. was part of an eight-mao 
team Jed by Chris Bonnington. 
The climb has now been called 
off. 

Record price 

A watercolour by Albert 
. J>urer fetched a world record 
£640.000 fcj; Old aMster draw- 
ings during the Robert von 
Hirseh collection sale at Sothe- 
by's. where the previous record 
price — £162,000 — was paid for a 
Michelangelo two years ago. 

Weisman row 

Mr. Men ahem Begin. Israel 
rr::ne Minister, is under pres- 
sure from his party to dismiss 
Ezer Weizman. the Defence 
Minister. >,lr. Wsivmsn openety 
is Cabinet over 
tSe. 'Vest Bank and Gaza and 
. . laier.-6isobe.ved a ruling that all 
' Cablet Ministers should vote 
1 after; a Knesset debate. Page 4 

Guerrilla haul 

Urban .guerrillas in West Ger- 
many nave netted more than 
DM lCra (£2.6m> from bank 
robberies in the past five years, 
according to an Interior Ministry 
estimate. The total number of 
bank robberies in West Germany 
has risen from 376 In 1975 to 639 
last sear. 

Goodness! 

John Morgan, 60. who has spent 
more than half his life in prison 
as a result of 445 offences going 
back to 1936. was told by a judge 
in Edinburgh: “One of the pro- 
blems, in this case is to know 
where you should go- One of 
the places might be the Guinness 
Book of Records." Morgan was 
jailed for five years on theft and 
forgery charges. 

TV tennis safe 

Post Office engineers decided not 
to disrupt television coverage of 
the Wimbledon tennis tourna- 
ment next week as part of their 
industrial action in pursuit of 3 
• 35-hour week. But their action 
is affecting many services, in- 
cluding new telephone connec- 
tions. 

Briefly - « ■ 

The To rv-con trolled Kirkleea, 
Yorkshire.' education authority 
has rejected an ultimatum from 
Mr*. Shirley Williams to bring 
in comprehensive eduration and 
is- prepared to. take the Educa 
lion Secretary to court. 

' Scientists at Munich ^ivereify 
have found a way of disintegrat- 
ing gallstones without surges^ 
by using high-intensity shock 

waves. 

Runaway “sex in chains case 
cirl Joyce McKinney a ;°|L*L 

£1.000 bail or face 12 months in 

msiient Bam of Somalia 
arrived in - London for 
which are expected to include 

possible miJitary' help for his 

country.' I..- • . . 

director Blake Edwards is 

references 01 ■ . 

magazine. 

CHIEF PRISE CBAHfiES 

(Prieoxin^^f 

rises ^ , v 

Anderson Strathclyde ^ ^ ^ 

Ereedon U® e - + p 

loM Railways ^ + g 

PiUdngton ^ + l2 

Powell Duffryn 70 + 15 

Tridant Group "—V|gj + i 
Koyal B atc h 340 + 24 

Anglo Am. -tnv. ^ga 4. J 

jjuffais sso + 5 

Tie -Beets Dio- .*•■■■ .ygc 4- 33 
East Driefacto^. *03^ + j 

Gold FWs. b. Africa..-**^ + 17 

Harmony 34 + 4 

Mincorp , 496 + J* 

■Southvaal . 280 + 

Union Crp. ” '".£i4i + * 

. Yaal Reefs 


® EQUITIES were undermined 
by concern about inflation but 
rallied slightly in late deaiio^.s. 


F.T. 

Gold Mines 

Index I 



19781 


JAM FEB WAR APR MAY JUtt 


The FT ordinary share index 
was 3.6 lower at 463.4. The 
Gold Mines index climbed 4.1 
to 16422 — a three-month high — 
ahead of the U.S. gold auction. 

© GILTS closed above the lows. 
The Government Securities 
index was 0.20 down at 69.74. 


© GOLD rose SI) in active 
dealing and closed at 81B6L In 
New Fork the Comex June 
price was 60 points down at 

$186.00. !r 


© STERLING remained, on the 
sidelines in foreign exchange 
markets. It closed 52^: points 
higher at $1.8402. Its.- trade- 
weighted index was unchanged 
at 61.3. The dollar's deprecation 
widened to 6.4 (6.11 per cdfit 


© WALL STREET closed* 
down at 830.1. *. 




250 


240 


230, 


220 


210 



i 

i 

i 


i 

i 

if 

SI 

i 

33 

ii 

i\ 

TOKYO* 

nosE| 

■ 


J f M A W J 



By iUREK MARTIN, 115. EDITOR WASHINGTON'. J-ltC 20. 


BY DAVID FREUD 


Adult unemployment has fallen this month for the ninth consecutive month! 
and is 70,000 below the post-war peak of last September. j 


Department of Employment 
figures yesterday show that the 
number of adults out nf work in 
the L'K fell 1.800 lo l.Ofim in the 
■iir.ntU to mid-June, seasonally 
adjusted. 

The drop was the smallest since 
'he downward movement begun. 
Nevertheless. Whitehall officials 
ore convinced, for the first time, 
that the improvement represents 
a genuine turn round in the trend 
of unemployment. 

Mr. Denis Healey. Chancellor, 
told a Commons’ select commit- 
tee that he thought the 3 per 
cent Growth rate expected in the 
coming year would result in - a 
“significantly faster fall in un- 
employment than the fall we 
have seen since last September.” 

The proportion of the work- 
force unemployed was steady in 
tl\e last month at 5.7 per vent. 

When the poor results for 
Northern Ireland are excluded, 
unemployment in Great Britain 
was 4.600 below the level of the 
same month last year, seasonally 
adjusted. 

This is the first time in four 
years that a monthly total has 
been below the level of the same 
month of the previous year. The 
figure for Great Britain this 
month was 1.30m. compared with 
1.31m in June 1977. 

Official confidence in a turn- 
round in unemployment is re- 


U.K-UHEMPLOYMEHT 



1976 


1977 


1978 


inforced by the continued 
increase in the number of job 
vacancies notified to employment 
offices, — estimated at a third of 
total vacancies in the country. 

Adjusted for seasonal fluctua- 
tions. these went up by 7.500 in 
June in the UK to 215,500, the 
highest level since November, 
1974. The vacancies have risen 
for nine consecutive months at 
an average rate of 7.S00 a mouth. 

The unemployment total is 
depressed by the various job 
creation measures, which are 
helping 310.000 people and which 
are estimated to be keeping 


225,000 off the retismr. compared 
with 230.000 la-; iuor.:h. 

Officials hnd. r>oen reluctant to 
interpret the down i urn in 
unemployment a.; a definite turn- 
round until lhi e . month's figure*, 
which begin to -Viw the impact 
of summer sc iVo; -leavers on the 
joh market, were available. 

It was thought that, with the 
high levels «f ’.menrployment. the 
seasonal adjustments might not 
have been accounting sufficiently 
for school-leavers taring jobs in 
the summer which otherwise 
would have to adults. If 
that were the ease, the improve- 
ment in an'uli ur.eniploymrnt 
since September cnuSd have been 
partly due TO adults taking 
priority again through the rest 
of the year. 

While the sri.il>,- drop in un- 
employment this month than in 
recent months suggests that the 
seasonal adjutfmcnls dn not 
compensate enirrcSy for this 
effect, they ha- e been shown not 
to mask the real tread. 

The unadjusted unemploy- 
ment total in i'ne L T .K. includ- 
ing school-leave increased by 
59.251 to 1.44&P61. from 5.8 lo 
6.1 per cent oi the w’orkforce. 
The total for Britain rose 58.537 
to 1.381.403, frr-m 5.7 to 5.9 per 
cent. 

Regional map. Page 6 


Further 
pressure 
on dollar 


THE l\S. will nor try tn 
••mirror” Soviet and Cuban 
activities in Africa hut will 
pursue wide-ranging positive 
poheies designed »n strengthen 
African independence and to 
assist with legitimate African 
defence needi. 


BY MICHAEL BLANDEN 


les 


• U.S. TREASURY bill .rates 
were: threes, 6.666 per cent 
(6.618) and sixes, 7.22$ per 
cent (7.131). 

9 U.S. TREASURY said it sold 
300.000 ounces of gold at s n 
average price of S187.06 at its 
auction yesterday. 


£200m refinery 


• CROMARTY - Petroleum has, 
suspended initial building work 
on its proposed £200xn refinery at 
Nigg Bay. Scotland, pending a 
review of the project. Page 6 


© INDUSTRIALISTS believe 
tbev are winning over the Chan- 
cellor of the Exchequer to their 
view that a cut in the working 
week should not be included inj 
the next stage of the Govern?! 
ment’s pay policy. 

Mr. Healey told a Commons 
sub-committee the proposed 
increase in national insurance 
surcharge woujji raise unemploy- 
ment by only 5.000 by tbe second 
quarter of nest year. Back Page, 
Editorial comment Page is 

0 EEC will provide £1.5m 
towards a £2m programme to 
retrain 3.374 redundant Bn&£ 
Steel Corporation workers anq 
provide resettlement allowanced 
Page 7 

• NEB plans to make 
electronic circuits at a 

£50m have given rise to some 
criticism and anxiety, says Sir 
Kith Joseph. _ Consenatiye 
spokesman on industry. 

Page 

• BL CARS has called * 

with shop stewards at Uoti^ 
bridge. Birmingham, on Friday 
?o ^discuss its concern about 
unofficial strikes. PaB e • 


ferential treatment for Britain. m > f T l V ,axc . XJK demands did rot form the 
- -Discrimination among fisher- quotas in Norwegian and Faroese basis Qf m agreement and the 

men of member states, cannot be 2L m, - Commission's proposals would 

brought in by the backdoor, any ® ,-Pm ““ „ 0 L!SS 8 h « & remain on the table. 

more than by the front door. Tufted catches fn b specified Off.citls from other national 

.The British demands, limited caicnes in speemea 3nDP , r to rppar rf t h e 

.-presented to the Commission waters, to give preference to s l\s as dca? Indict 

[■some time ago, but made public Briush boats. Son ‘7hri ' Brltefrt is not in- 

for the first time today go so far • Guaranteed rights te most of , er „ sle(3 j n a settlement bpfore 
beyond previous demands that the increase in fish stocks that t ^, e nevT l^k general election 

officials here rule out the possi- might accrue as a result of con- « j ^ ciUkin th*' UK 

bility of’ any further progress servanon measures. ’ J „ 

this year. This would include an initial Continued on Back Page 


Ba'&J 


COMPANIES 


• AUDIOTRONIC Holdings, 


owner of the Las&'s 

sr? ES- 


Page 23 

year to March 31. W - 1 ”« 
ter 


yesterday 

FALLS .. STS -7 Y 

BXk'SSi®* « “ 

Brown. (J ) **"■; 12 6 - 6 ■ 

Dawson Intm. I<S 2 — s ■< 

nnlay (W 5B3 - r: • 

Glaxo 233 - 7~- 

Gnianeeftat ^ - TO J 

Heath 1C. E.) 378 - B 

TCI. • * 

Lloyds Bank jq^ - 5 

Lyons (J) j20 - 8. 

Property PrtnrsnP*- g5S _ 9 • 

Royal 405 - jg- 

Sedgvnck Vptbes - 2o5 _ ^ 

gpear fJ. W-j ^ r i 8 ; 

Siebens (UR) saO - 56;. 

Central Pacific lM « 9 - . 

mim Hidfs- , - ;; 490 - 36: 

Peko-WaUsend 1S 0 - 15 

Southern Pacific 



t-BY MARGARET VAN HATTEM 


LUXEMBOURG. June 20. 


MRi- OLAV GUNDEZrACH, Even some British officials 20 per cent of the increase in 

EEC Agriculture and Fisheries indicated that they found the UK ” demersal" stocks icod. had- 

Comnittsioner, tonight disclosed stand hard to defeud. dock, saitbe and whiting) and 

a new \set of British conditions j„ esse noe Britain iv demand- 25 P er cent of ^ ^crease m 

for a ‘common fisheries policy s ‘ ° ‘•pelagie** slocks (mackerel. 

...hi.h ....... 1^ u, &- 


which, l)e said, would violate the — ( th _ r f herring and sprati together with; 

TrAMfi, Ir »nn, 4 • Guarantees tear from 19S2 on. a sharc ]n ^ remaining increase' 


Treaty of Rome. j, . -n a siuiib in lUf raiiiiuims mcieow 

Outlining the demands to the Lfifable Mtch^itete nusMy in proper lion with its 
Council : of Ministers here, be Smite limit! qyota nl th - e tota ' EEC calc ^ <f - or 


said theyidid not offer the basis i,,u,w ...» example. 73 per cent of the 

for an agteement. ? ll ? er 2 , ? nent escl “ s,ve f « r haddock ). 

' * s -' r " t speech on tee UJ V ?shemen ~ 
issue so far, Mr. Gundelach 
spelled out for the first time, that 


in a 32-mile 


i-™' i» p- M' SU£M£ a T£ 


THE D»)LL\R dropped 10 new 
low lei els against the Japanese 
yen yesterday after suffering 
from heavy selling pressure in 
tee Tokyo market 

In London dealings, the 
dollar at one stage moved as 
low as Y21 0.223 compared with 
the previous day's close of 
Y213.-L The U.S. currency 
picked up lalcr 10 end at 
Y211.125. slil) below tee Tokyo 
closing level of \21l.6- 

The confinued sharp drop in 
tee dollar reflected concern 
over the U.S. trade deficit and 
inflationary tendencies, dealers 
said. 

The dollar was also weak 
against other leading curren- 
cies, with the pound gaining 32 
points at S1.S402. 

The dollar’s average depreci- 
ation widened to 6.4 per cent, 
against 6.1 per cenL 

Charles Smith writes from 
Tokyo: The further rise in the 
yen seemed to be a reaction 
to the release of trade and 
balance of payments figure on 
Monday, which showed that 
Japan’s underlying payments 
position is still extremely 
strong despite a superficial 
trend towards reduction. 

The Monday figures showed 
that the visible trade surplus 
in May' had shrunk to SI. 35 bn 
<£734m) from S2^74bn in 
April. 

After seasonal adjustment, 
however, tee trade and current 
surpluses figures for last 
month showed an increase. 

Another factor which tends 
to suggest that the May pay- 
ments position basically was 
strong involves oil imports 
which were artificially boosted 
during the month — by more 
than SaftOm — hut which will 
show a relapse in June. 

The temporary rise in May- 
oil imports was caused by the 
imposition of a new import 
duty on June t accelerated 
imports in May were designed 
to get in ahead of the duty. 


S(icucu uui JUI LUC U131UIUC, Uiak nnsort fnr 107^ lUUliei UlUUUacailOUS lu me 

there could be no covert pre- P° se ? Commission's proposals but the 

ferential treatment for Britain. “ A greater snare or t , to Tru - „„„ iv D 


1 E in New York 

- 

Ji:nc ~J} 

Preiii.iK 


5l.e'47'i‘4-a 

| St.-oST-foW 

1 M..niti 

0.r3.r,.ftl_|js 

1 Oi^d.SC.d!. 


l.iiXI.V'iJj' 


1 12 nionl'i* 

3.ULA.-30 ill.- 

5J0^.10.!is 


The U.S. would -.il-o like to im- 
prove ita relations with Angola, 
as a means bote of achieving a 
reconciliation between Angola 
and Zaire C'nd of promoting a 
peaceful settlement in Namibia. 

This was the !bru>t of a major 
and detailed speech on U.S. 
policy in Africa given in Atlantic 
City. New Jersey, today by Mr. 
Cyrus Vance, the Secretary of 
State. 

It follows the- Administration's 
intensive review of African 
policy and may be seen as a 
direct re.'pon±c w domestic and 
foreign demands for a public 
definition of U.S. policy both in 
tee continent and towards the 
Soviet Union and Cuba. 

The same subjects were dis- 
cussed on Capitol Hill yesterday 
and tonight there will be a 
session in the White House at 
which President Jimmy Carter. 
Mr. Vance and Mr. Harold 
Brown. Defence Secretary, will 
be briefing SO congressional 
leaders. 

Mr. Vance's speech was note- 
worthy for its relatively mild 
stricture of Soviet and Cuban 
involvements in Africa. As such 
it may be interpreted as a vindi- 
cation of the Slate Department’s 
view rhar Africa should not pri- 
marily be seen as the stage on 
which a big power conflict should 
be played out, a position often 
associated with Dr. Zbigniew 
Erzezinski, tbe National Security 
Adviser. 

It may also constitute a signal 
lo Moscow — and even lo Havana 
—that the V.S.. while determined 
not to bp pushed off course in 
Africa, is interested in toning 
down Ihe sharp recent rhetoric 
that has marked East-West rela- 
tions. Similariy.it may also be 
seen as a re-.issmr:ve to African 
leaders such asr President Julius 
Nyerere uf Tanzania that the 
U.S. remains comm tiled to the 
cause of peaceful democratic pro- 
gress in Africa. 

Mr. Vance's speech was essen- 
tially divided into two parts — 
a --ti.ie/ner?t of the broad U.S. 
policy aims in Africa and a case- 
by-case study of individual “ hm 
sprits." 

•It will not be our policy lo 
mirror Soviet and Cuban activi- 
ties in Africa." he said. 4 ‘ because 
such a course would no! be effec- 
tive in the long run and would 
only escalate military conflict, 
with great human suffering. 

“ Our best course is to help 
resolve the problems which 
create the excuse for external 
intervention and to help streng- 


^*2* ‘ v V 





* * --V ** 




Vance: no mirror to 
Soviet activities. 


i hen the ability <;f Africans to 
defend themselves." 

Although he stressed tbal th“ 
U-S. would be cm emu ruling its 
efforts in the economic area, im- 
plying a sharp increase in U.S. 
aid in the years ahead. :-nd 
although he was careful tu stale 
that the U.S. would nui get 
directly involved rnilitun'y. he 
added: “Our friends in Africa 
must know that we can nr.d will 
help them to strengthen iheir 
ability to defend themselves.” 

He cited the U.S. role in ihe 
international effort to end fight- 
ing in the Shaba province of 
Zaire last month as an exam pie 
of effective action But ho 
coupled this with a firm w amine 
that the Zairean Government 
mist bring about m tempi t-ci.no- 
mic and poHtii-a] reforms -in-1 
r.iu.'t resolve horde r and o-b-. r 
disagreements with neighbour- 
ing Angola. 

In this cnr.favt. jfr. 
held out the o!:ve hr- p- h i*f 
improved lies between thv U.S 
and Angola. Although Sote 
Department nfji-Sate c :-:r* i- ac 
premature to tetnl: r-f tin: li..-*. 
extending diplomatic recognition. 
Mr. Vance’s offer noneilieless 
stands in sharp contrast to the 
positinn recently attributed to 
Dr. Brexezinsky that the U.S. 
should increase aid in the 
nationalist groups 3!i!l fighting 
the Angolan Government so :.k 
to lie down Cuban troops 
stationed in Angola. 

On Rhodesia. Mr. Vance sard 
that the U.S.. in con junction witn 
Britain, would continue to worl: 
to resolve differences hetiBecn 
the signatories tn the internal 
settlement and the Patriot! 
Front. “ Neither side can create 
a new nation with a decent 
chance for a peaceful and pros- 
perous future, without the par- 
ticipation of tbe other,” he said. 


Official safety plan for Canvey 


BY DAVID RSMLOCK, SCIENCE EDITOR 


FACTORY inspectors are trial activities on Canvey and has only on the basis of substantial 
demandg modifications and new urged that planning consent cbjn^es for safety in plans sub- 
safety equipment at a cost granted to United Refineries in mitted so far, Mr. John Locke, 
expected to run to millions of 1973 to build a new refinery director of the Health and Safety 
pounds for the petrochemical should be revoked. Executive, said at a Press con- 

installations on and around The two-vear safety studv was terenc? yesterday when he pre- 
Canvey Island. carried our by the Health and secred tee results of tec £400.000 

As a result the safety of the Safety Executive after a request study- _ 

'industrial complex, which from the Secretaries for the En- Mr. lockb emphasised that, 
-includes a fifth of Britain’s vironment and Employment to although it was not his agency's 
refinery capacity. will be investigate the charges against d ©listen whether new refinery 
increased by a factor of four and the nine companies operating on capjci y should be built on the 
new capacity might be installed or close to Canvey. site. »r was clear that with the 

on the island without increasing They are Shell UK Oil and chart??* his inspectors were 
the risks to its population. Mobil Oil, which already operate reeapunending ,m we can get down 
• A reDort on the safety of the refineries. Texaco and London to risk figures only a small pro- 
Canvey industrial plants, based and Coastal Oil Wharves, which portion of those being quoted 
’em a very detailed statistical have tank farms, British Gas, now. 

analysis of the hazards, has con- which has a methane terminal, Tne ^dificauons ana w« 
'-dnded that the worst fears of and Calor Gas and Fisons. equipm ent would take up to two 
■ the local population about risks United Refiners and Occidental years to instal. he estimated 
Pgre unfounded. Oil have plans to build new United Refineries indicated 

' For several years a strong refineries on Canvey and Mobil Continued on Back Page 
local campaign has alleged that wants to extend its refinery, 
serious public hazards might But the proposed now 
arise from overcrowded Indus- refineries w'Ul be built, if at all. 


Exploding the fears. 
Page 18 


CONTENTS OF TODAY'S ISSUE 


European news --3 

American news 4 

Overseas news * 

TVorid trade news * 

Home news— general 6 *j 

—labour * 

— Parliament ... 8 


Technical page ... 
Management page 

Arts page 

Leader page 

UJL Companies .... 
Mining 


.... 10 
.... 10 
... IT 

... IS 
20-22 
O-T 


inti, ' ompank-s 24-26 

Euromarkets 24 

Money and Exchanges 27 

World 3 Iarkets 28 

Farming, raw materials ... 29 

V-K- stock market 30 


FEATURES 


Canvey Island: Exploding 

tbe fears - 18 

Society Today: Between 
baby boom aod alms 
houses 19 


Pyramids oasis project SPP 
seek compensation terms 26 
Holland's TUotuccans: Signs 

of moderation 3 

Education in Greece: Short 
on quantity and quality 3 


Syria: Socialism with a 
Levantine face 4 


FT SURVEY 

California 12-16 


Appointments . • 

Bwc R*B 

Bids. Sac. Rates ... 
d-MSWord . - ■ 
emanaHunetit Guide 

European Opts. 

FT-Anuartci Indices 
Garden! no - - 

pivn — — — 


23 

28 

J1 

U 

12 

26 

X 

12 

» 


Lex 

Lombard ........... 

Men and Hatters 

Racing 

Saleroom 

Share iBlormauan 
Today’s Evwus .. 
TV and Radio . 
Unit Tram 


M 

12 

18 

12 

6 

32-33 

19 

12 

31 


Weather 


M 


INTERIM STATEMENT.^ 
Allied Breweries .. -■ 

Duple Motors ...... .. 


ANNUAL STATEMENTS 
Assd. British Foods 
Bambcrs Siores 


Ibe1 s C T. : 
Esi. Dulles Invest. 
Philip Hill Invest. . . 
Cen. Invest. 

Thomas Locker 

Pie* toy Co. ......... 

Tanganyika Contes.' 
C- W. Walker ........ 


25 

22 

21 

22 


23 


Tor latest Share Index 'phone 01-246 S026 




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IX KOPi AN NEWS 


fiaaBcialiTilnes Wetof 



*S>5!S8 



BY ROBERT MAUTHNER 


PARIS, June 20 . 


✓ 

strike plant 


in Angola talks 

A team of Portuguese officials 
arc iii Luanda, capital of tbe 
former Portuguese colony of 
Angola, to put final touches 
to a general treaty of co -opera- 
tion expected to be ratified at 
the weekend by Portuguese 
President Ramalho Eanes 
(above) and Angolan President 
Agostlubo Neto (below). 

Onr Lisbon correspondent 

reports that the meeting, which 
will take place in Bissau, 
capital of the former 
Portuguese colony of Guinea 
’Bissau, is expected to 
strengthen diplomatic relations 
between Portugal and Angola. 
These were recently resumed 
with the arrival in Lisbon of 
Angola's first ambassador to 
Portugal. Sr. Agriano Joao 
Sebasiiao. 

Among the issues to be dis- 
cussed are the trade relations 
and the possible resettlement 
of some of the Angolan 
refugees who left Africa follow- 
ing the Portuguese military 
withdrawal in 1975. 


FRANCE HAS no intention of M. Barre indicated that he did fields the underlying rate of in- 
exerting pressure on the West not expect much progress to be flation would be nu more than 
German Government to take ex- made at the Bonn summit S per cent 
pansionary measures against its towards closer monetary co- m Barre win never 

will at next month’s Western operation. .Although he was ba „ a« ee d m f J! industrial 

summit meeting in Bonn. basically a monetarist and had pri^s if the economic circura- 

Tbis was made clear by M. a/ways advocated a more effeo ^nees had not been favnurable. 
Raymond Barre, the French tlv ® monetary co-operation The stability of the French franc 
Prime Minister, in an informal system, any moves in this direc- on the exchange markets, the 
conversation with British and “ on we f, e Conditional on a moderate growth of the money 
U.S. journalists here. But M. S reater . convergence of the supply, which had been restricted 
Barre stressed that, while he economic situations m the coud- tfJ yj per cent g year Tv j a . 
had never been in favour of the mes concerned. lively small budget deficit and 

so-called locomotive theory Turning to domestic affairs the acceptance by employers and 

under which all the onus of in- the Prime Minister admitted For unions of a stabilisation nf pur- 
creased growth was pu: on two the first time that he expected chasing power, had been Con- 
or three or the strongest econo- the French rate of inflation to ducivc to such an operation, 
mies. France supported the rise to 10-11 per cent in 1978. ^ nPW prices nfl]l ,. v W as 

wider concerted growth strategy compared with 9 per cent last . . . 1 Ices . 

proposed by the OECD. year as the result of the Govern- ainie< * improving the fin;' *- 

Takinc a very different line inent's more realistic prices situation of companies, which 
from that adopted by Mr. Denis policy. had been seriously undermined 

Healey, the UK Chancellor of M B emphasised, how- b * th * ],°n8 years of governmeni- 
th^ Exchequer, the French . ... r imposed pnee controls. It would 

Premier said that if ‘exag- ever - ttat . «»* wou * d be not, in the longeron, lead to 
gerated pressure ” was put on result mainly of the Govern- higher inflation. The underlying 

West Germany to step up its ment's decision to authorise trend of prices was now down- 

growth this could only lead to a public sector aod oil product ward. Last year, when prices 
negative reaction from the Bonn prices rises, rather than the con- were still . controlled, industrial 
Government. It was not the way sequence of the freeing of indus- prices rose faster than the 
to act towards an important trial prices. Excluding the general cost of living index. This 

country, he added. price increases in these two year, the reverse was the case. 

Bonn advisers urge tax reform 


BY ANTHONY ROfclNSQK^ < ; V . . 

PRESIDENT TITO of Yugoslavia' twoSdBS to 
opened the 11 th congress of^e tQ. transcend the recent 

» v ™ ,0i T* ^Sday^wiS 1 ?^^- wM ^^denf^tto 
RENAULT m^or com- the stability aod con-.bfeWever, that YogJ : jJjJL geenfe 

■ - 252 SS tinuity of the Yugoslav path#: Mftional position 
id the nay strike which ennisiis»> ** ftp Attributed tin 


By David Curry 

PARIS, June 20. 

THE RENAULT motor com- 

pany to »k!ng drastie artioo 0 f the Yugostav Wdoai>siUoD •^SSiTS 

to end the pay strike which se ]f. management and socialism., than ever." He attnbutM-tni 
has been disrupting output at Howeverf be expressed concern- to -policy of /toon-aLgntoCO 

at the deterioration In relations anfi'^quitable WH)pe ^? tI ’I t ‘-2 - i 
between the great powers *aad‘ and-.Mso a highly etabto^extenui 
...I that. — A tka- stanlUty QI 


had been seriously undermined 

how- by toe '°ng * ears of government- 

.. imposed price controls. It would 


one of (Is leading factories for 
the best part of three weeks. 

This morning it laid off 9,000 
of the 20,000 workers at its 
Fllns plant near Paris where 
the press shop workers have 
heen on strike and have 
occupied their part of the 
plant It had already closed 
down (he entire factory which 
assembles the new Renault 18 
model and the fast-selling 
Renault 5 for three days fol- 
lowing police expulsion or the 
strikers. But when they 
opened the gales again the 
press shop men simply 
resumed their strike. 

The company followed its 
partial shutdown by winning 
a court order for the expnl- 


Otriwreu LUC a u>5“a i-flriW 1 ;nf 

what he called their attempts ^o' sanation and the- stability 01 
undermine the ind epen deuce.: of, ggctetp!" 

Africa and the • non-aligned r-.tm stability was due to jrugo- 
movemenf generally. .. . _ Aria’s progress along tne pain. 

“Detent in relations .betweerivQ£.self-managemept a “®-.- SQ “S,“y 
the great powers has ^ broken democracy, he said, adding more 

down ... their mutilil dfctruSt^jfewed in this JKLS? foreim 

and suspicions are reminiscent 'ft&S^ons about the fotureof 

of the times of the -cold vwairtSosl'avia appear wLJEi 

which we hoped would be Ieft-y3Srftra force was added to these-. DesiQwea 


ipreiga 



wuicu .uuircu wwiuu wer ICl»-.‘ 1 :g J Xtra IUN.C .. *ZH,n r.ivp.n •’ .-tri- 

behind for ever,” he said. Tbewo rds by a later passage, extoll- was 

armaments race and. the.^ the Increased efficiency; and 

rivalries of the big power: blocs Science of the armed, forces 
were spreading to Africa- where and the security services; r ~ ■*. n ® ffL - 
some powers were attempt overall defence capability in^^viaft __ 

preserve their spheres .of, i&r-^ld-. the effectiveness of , s 

fluence. Power politics and ex- -security forces have been fneodstop 
temal interference were in- Strengthened. Our armed forces 
creasta ? _in tie i non^Ugned fttfati ■ tln». «»» 




BY ADRIAN DICKS 


BONN, June 20. 



THE WEST GERMAN Govern- the strength of feelings abroad such a strategy must depend on 
nient. as it considers the options that West Germany should take long-term profit expectations by 
For an international economic more immediate action to stimu- business, it will take time to 
compromise deal at next month's late economic growth. But they succeed. 

Bonn summit meeting, received reject such views as implicitly The report goes along with the 
fresh advice today that it should naive, arguing that foreign Bundesbank and with Chancellor 
introduce a niediura-to-long term critics often fail still to take Helmut Schmidt in stressing the 
tax reform as the best way of into account the effects of dancers of hieher interest rates 
securing stronger growth. revaluation of the Deutsche if the public deficit were tn be 

in a special interim report, the Mark, as well as Germany's substantially raised. Further. 
Council of Economic Advisers— dependence on economic coodi- the five wise men firmly believe 
generally known as the five wise tions in partner countries. any increase in the public sector 

men — effectively align them- At the root of the country's deficit could only dumase 
selves with the Free Democrats sluggish growth outlook, the five medium-to-longer term growth 


ing the right to work of other 
people in the plant. This 
decision has been notified to 
the strikers and if they fail 
to leave the plant it seems 
likely that riot poliee will be 
brought in to clear them. 

The conflict at Renault has 
come just when motor vehicle 
sales are improving. Although 
the conflict has been built up 
by the CGT union, in parti- 
cular. as a challenge to the 
Government's economic 

strategy the unions have failed 
to spread the trouble 

To the problems of Renault 
and the strike in the country’s 
military arsenals has been 
added a 48-hour railway strike 
called for tbe weekend in 
pursuit of pay claims and a call 
by the CAT for Its members in 
the postal service to strike 
tomorrow in support of wage 
rises and shorter boors. 


. iuk cuuuu ica, ue. raua. _:»erore 10 ““J j 

“Peace in the world is not&ggressor and defend our inte- s< 2jH ■ 
assured.” the Presfdent ^sald. |en^ce. sovereignty and terri- " 

'The threat of ontbreak of war^jtoriaT integrity. The security ^ 
not only at a local,, level bpfefif|a , hs have thwarted the attacks 

even on a world scale, cannot be'dj^enemies within and without, the faH cioamg gi 
excluded.” He called om ‘%efhe f; said, in a passage clearly on Friday 


Package w^lfeelp support 
economy of}|Vest Berlin j 


last monlft, 
rose 


(FDP), junior partners In the wise men believe. Is rather a prospects, and they reaffirm the • Reuter 


7 ^$'.' BONN, June. 20.' 1UM2 

WEST GERMANY'S polffi^ Agreement of 1971. West Ger- 
parties today an&nimooriy -many is allowed to develop its Bit* us*wsi£, 

approved a package of measures^ties with West Berlin. CRUDE STE EI^ ; prqdae&Qn' 

intended to bolster the econonjy^ -Au official statement did not May in the countries; be ^ ' 

of West Berlin. • ..-L-fisay how much the extra assist- -the intermttonaT Ijimt^^ 

The package includes a pledge 4hce- would cost, but the Bonn institute rose. -to. 
to cut taxes paid by West Berlui^Government has been pumping tons— 2.3 ..per Cent'.;. 
businessmen in stages from 1980, vabout DM7bn ($3.3bn V a year previous month and ^S^^^t 
and to double a special grahtimto West Berlin's economy. higher than- ^ 

paid to parents for their first: The West Berlin authorities - in the -first flve-motH^^ 


SOO child bom there to DH50 ($2it)V- : -fiave complained that the - city year crude steel dutputj- 


Coulition, 


were structural weakness 


the importance 


Finance women workers are occupying The measures were adopted badly 


skilled • workers, 189m tons, a 3;4 per. cent 


expected later today to give supply side. They recommend a Ministry's pledge not to abandon the Moulinex factory at Alencon last night at a .meeting oflead^ and investment incentives, and on_the same Period ^ 


final approval to a DM 20bn tax series of tax changes as the best the goal of consolidating and in Normandy in defiance of an of all 
reform package of their own. way in which to remedy this, and eventually reducing the public order requiring them to evacuate.) chaired 
The five wise men acknowledge warn foreien critics that because sector's debts. Work is at a standstill. ScheeL 


ScheeL 


parliamentary parties Jhave warned that the population 
by President Waltarrof just under 2m is dwindling. - 
Under the Four-Power' Reuter 


eforeyouheadfbr 


Report on UK-Irish links 


BY OUR OWN CORRESPONDENT DUBLIN, June 20. due to . improved domestic .../ 

A COMMITTEE which is examh* Northern Ireland. The most upti^^ih'ihe- 

ing plans for economic co-oper*. interesting is the suggestion of Euro p^^- E Communi^° roqfnly - O 
tion between Northern • Ireland *. possible electrieiQr connection re0et 5ed higher export activity \~ 
and the Repubtic; and betwrfn between Britain and Ireland. during the. first: fiSmontbs. and:. ; 
the Republic and' the UK/pdfr"" Dealing with energy resources, gome growth in shipments to " ^ 
lisbed its first report tonight v- the committee says the options domestic maritets. 

The Irish Government'. s«s ; for 'Jf. £ Japan’s output of crude steel. 

the publication and the evidence?* declin ^ d to the five-month period 

of work-being done as tfie ^ possibto mw coqnecLon br 54 per cent from a year ago,; ..-] 

significance of the'report. ? r b^en^WaI^ and mainly because :nf Tower r-Ship -' ^ 

! >Tichael O’Kennedy, Minister foy t" njexits -to some, export markets. ■ ’ 

Foreign Aflairs, saia- it showeti -.Eitrdpean ..COhimunlty's ^j 

that there was a genuine willins- total May crude steel output was ^ 

ness on the part of both. Gp^rn- Sveraf vSS aLo , l2m i tos f trQI L. 1 ?^? ra /i 

mens to promote co-oper^on. %'X? p 7an S S5 TnT £. ” ■ 

Most of the projects under is tbe Unking of the Erne and month orortuimon totiflled S7m -‘i 

consideration were announced at Shannon waterways be reopening tons^u/ fronts? 7m tons - 37 

the time of tbe visit to DubUn a canal. • Studies in the Derry, oroducUon was 

two months ago of Mr. Roy Dqnegal and Dundalk-Newry „ T7 b * ’ Mfv aeainst Itl^n v 

Mason. Secretary of State for areas are well advanced. M \ 


Compared with May. last'^earT 
production was up , 8o4^pwVtiehLi.' : .-i.--- 
in the European GommnijtiiC?ff:t : '- 
per cent in' Japan' and :OJtiy^t9 
per-cent -in the UJ5.. • - 

fix the first .five months, tbe^ - ■ 
per cent upturn in U.S. 'crude : 
steel output from a year: ago was • - 
dup to . improved • domestic..-. 


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Protest over WEU leak 


BY OUR OWN CORRESPONDENT 

COMMUNIST MPs attending the official. 


ln ,h e U.S.. production waa 

iSSSJS^ ^ y H.t7m tons in May against 10.4m 
ivancea. tQ0S in Apri j and 

. May 1977. Five-month production 

wax 49.57m tons against 47.5m 

aq IT" lons a year a 60- 

Cilli Japan's May crude steel output 

n.n.n T . -totalled S.46m; tons, up from 

PARIS, June 20. 8.37m tons in April and' down- 


being | from 8.73m tons a year aga. Five- 


seven-nation. Western European pointed principally at the Italian [ nionth production was 4L0Sm 


Union assembly here have been Communists. tons, down from 43-33m tons- 

accused of leaking to the Soviet Strong Soviet moves are Tbe . International - iron: and - , 
authorities a report dealing with understood to have been made Steel Institute accounts for 09.2 
European relations with China. in Bonn West German Social per cent of crude steel product 
Sir Frederic Bennett the Democrat delegates opposed the tion outside the East bloc;- China 
British Conservative MP who was motion backing stronger Chinese and North Korea or about 65 per 
seeking support for European links, which the Russians regard cent of world production/"’-.'.’ 
arms supplies to Peking, today as anti-Soviet. Some Riehf-wine AP-DJ .. . 

eh a reed other delegates with MPs were seeking to reinstate - — _ 

provoking a Soviet protest four a deleted proposal referring mAoiwUi ^nfi&ManS-' 
days before bis report was made specifically to arms supplies. Fjtf 1 *" 'ff ."ffg 


a deleted proposal referring ^«S 1 n 5 ft 
specifically to arms supplies. S8SJ351 


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Financial Times Wednesday June 21 197S 



EUROPEAN NEWS 


Dutch Cabinet ready 
to proceed with new 

Brazil nuclear deal I among 

•• < 


Signs of 
moderation 


EDUCATION IN GREECE 


CMUUHMVI« •»* — 

Short on quantity and 

BY DAVID TONGE 


BY CHARLES BATCHELOR 


AMSTERDAM. June 20. 


THE BOTCH Government is they will set up an ad hoc system i 
prepared .to allow the delivery of storage at least two year*' 
of ■"enriched uranium to Brazil In before Brazil starts reprocessing ; 
failure in Plutonium in 1985. 


Moluccans 


By Charles Batchelor in 
Amsterdam 


spite..’. of Holland's failure to plutonium in 1985. „ , . 

obtain ="the tight safeguards it Under the motion which thvi THE PAST F£W days have 
was seeing. The Cabinet is Cabinet was forced to accept in i shown the first signs of a change 
convinced it has sufficient parliament in January.' Brazil: or attitude on ihc part or 
guarantees from Brazil that the would have had to agree tu the • Holland’s most explosive racial 
cranium will only be used for safeguards by 1981 — two jears; m j nority t he South Moluccans. 

SwLESt&E* “ * earli " “« “■ 1 W” 1 - comes as lb. ceun.ry 

This decision is expected to T’ SSZnAl*** !o ' ! hc vcr ^L°" "To 

lead" to titieated debate in Parlia- scheme fir .storoee vdil be ic siexe ot AssSn 

meat n^t Tuesday. The Govern- force by the time Brazil starts.-, A. t jjarch 
mentis first attempt in January reprocessing, the Cabinet said. , lo * n H “ 1! 1 „ . . ^iii h P 
\o win : approval for its plans . T. ,. Dt r . oplv ,. 1 i • The three Moluccans will oe 

was unsuccessful. It has since Ho = a ^? *“? s0ntenced at lhe end of n !P kt 

helff further talks with Brazil ^ officia! reply to its ^uestfoi , Week ^ lhe pu blic prosecutor 
and with ils partners in the guarantees which ''^re b , j ? seeking sentences of between 

enrichment project— West Gcr- l ° •5S Z, J 1 S *^* r SL" n « SiSft indi-’ 15 and 18 years for v tht r . a nfr 
many and the UK. F " d#s • b ( u K l ! l t which Jed to the death or two of 

_ Cations that this proposal i> . .t,.. yrunrtd host aces Yot a state- 

The Cabinet said Holland's acceptable to Brazil. Although issued after the trial bv the 

efforts to obtain detailed safe- the conditions laid .dawn by S nuih Moluccan corn- 

guards against the misuse of the Parliament in January cannot be 
plutonium produced from the met “ to th " J " 

uranium were not 


Spain seeks 

quality! 


Italy pays back $350m 


BY PAUL BETTS 


ROME, June 20. 


ITALY HAS repaid on schedule month new loans with . both the 
tranche .Mb. 

S1.4bn European Economic Com- *? d a f /om? fflSbn. 

inunlty loan negotiated in 1974. A , thouo k w i T h foreign cur- 
the Treasury Ministry confirmed re ^yr es erv JcurreotU of about 
here today. The country still thecountrv^ in no 

has to repay $700m to the EEC j® need o£ international 

this year. financial support- The Italian 

At the same time. Italy has authorities are seeking the new 
also paid hack some Slbn of its loans in view of the: possible 
S2bn gold-backed loan from the inflationary and balance of pay- 
Bnndesbank. merits repercussions 5 • of the 

The Italian monetary authori- Government’s proposed; ; ecouomn: 
ties intend to negotiate next recovery programme, y. 


] ie 


Under the 
provisions of 
GamingActl968 
a licence has 
been grantedfor 
THEBITZ 
CASINO 
atTheRitzHotel, 
Piccadilly, 
LondonWl 
opening 
28thJune,1978. 

Members only. 


» 

> 

v 


\ 

A 


govern] 

politic: 

network 

tions. 

elders 

achieve 



- - - - y cannot be- • ,- tv call(?d otl i y r 0 r a change 

from the met “to the letter." the Govern- m Dl ; lch policv towards their 
unuuuui weir uut successful ment is convinced there are sufii- .,. of Indonesia and an 

because Holland’s partners said cient guarantees to meet the • 1>nf , to n ulc h aid to the country, 

this went further than the spirit or the parliamentary refreshing 

original agreements. motion. This is the most that! This mark* J fJom pr£ 

\ The new accord states that the c ^* n be achieved in the Cabinet s . vio j em ^ ttempia by the 

partners will seek to arrange a view. • U,.uth Moluccans to influence the 

system of storing the plutonium First reactions from the ^'.'^"I nuich Government. And. while | 
according to the International cal parties indicated that ‘ nt -* : . vo une demonstrators directed > 

Atomic Energy Agency’s guide- Government will fare 1 1 heir attention towards present- 

lines. If this is not possible opposition in next weeks aeDate. Indonesia, leaders of the 

Moluccan community were leav- 
ing for a two-day congress in 
Weal Berlin to discuss the proh- 
l.-ms of minority peoples such 
I -i; the Moluccans. Kurds ana 
l Eritreans jn gaining recognition. 

' Both are hopeful signs in the 
hitter Moluccan issue. But the 
Moluccan community remains a 
thorny problem and is receiving 
an unprecedented amount of 
attention from the Dutch 
Government. 

Nearly 30 years after some 
4.ono Moluccan members of tne 
Netherlands Army of the > Indjjj 

left lheir homeland with their 

families their Dutch hosts are 
nnlv now facing up to the 
seriousness of the pn*lem- 
Instead or fading with tlm^the 
Moluccan’s dream of a retl ?f" 
m their islands in the Indonesian 
archipelago has been taken up 
with increased fervour b> the 
second generation. Most of the 
vnung people who h3ve taken 
nart in recent acts of violence 
or who support such action nave 
never seen the homeland they 
are fighting for. 

The 12.000 Moluccans who 
came to Holland in 1950 1 have 
now grown to around 40,000- 
Thfir exact numbers an i not 
’cnown since an official register 
is Z kept They have for the 
most part resisted assimilation 
taGputch life- and live in their 
own areas of towns such as A^sen 
SSdtovensmilde in northern 
Hollarfe and in the east of the 
conhtS They have their own 

C °“ *-,ent-inixile. their own 

movement and strong 
of community orgamsa- 
lS the efforts of the 
t the community to 
idependence have pro- 
duced little result, the radical 
youth ha\ chosen ‘ncreasingly 

r ^ “hf e = 

youth groups in the L.imm unity. 

The Dutch are faced with ® 
virtually insoluble prob le m. ^ 

SS sgs 

although smaU EroupsofDutch 
Moluccans now make regumr 
visits to their homeland, tnoo- 
nesla remains uncompromisingly 
onoosed to the Moluccan ideal 
however and earlier this month 

Sin wpSTSedS 

independence. 

■issi 

SfSoriUes have been workang 
-hard on the Mo^can problei^ 
rThe Government produced a 
report in January. It did 
to P meet the politimti asp^uons 
- the Moluccans but «Ud IP’J 
nose a series of measures to 
Sprore Uieir material enreum- 
stances. 

atAmenca*-—— 

ican be achieved- Extra teacnere 

will be employed to help with 

a? A. Sr r S 

: Sf'Molutl » j» 

concentrated and no new ojriu- 
Isivelv Moluccan housing 
I will be allowed- Fioally. jt plan 
;, tn make up the backlog on 
jienshnf 6 payments owed to if 
former soldiers. 

The Government's Moluccan 
Bill will come before parliament 

later this ye ar but , debate .iiH 
committee has already rovealed 
Btrona opposition to parts of it. 

Th^plM to disperse the Molnc- 
ianemore evenly among the 
Dutch community brought the 
Ration that tUi amounted to 
nnartheid. Mr. Wiegel modified 
2i| s proposals somewhat and now 
%-aflv to accept tnat 
groups of Moluccans should live 
S^ach other although solel> 

Moluccan 17645 r ?[}}} r 000*6 (WO 
allowed. Some of the 5,000-B.uw 

new houses needed over the 

npV t fiyp years will be built in j 

kowL wftli already existing 
communities while others will be 

ibullt in towns designated as 

areas for population growth. 


GREEKS SAY that when they 
co to heaven they must bring 
an application form, a statement 
supporting the application, and a 
list of contacts to help them 
through the expected :.dmmis. 
trative tangles. They ^ee baw- 
ever more Immediate problems 
with the bureaucracy. 

The Minister responsible tor 
the civil service. Mr. Consian- 
line Ster3nopoulos, emphasise!. 

that changes have been made. 
There has been an increasing 
computerisation of procedures, 
ihc abolition uf some bureau- 
cratic formalities, and the re- 
organisation of most ministries. 

He also stresses the import- 
ance that Ihc Government gives 
to the professional and scientist 
training of civil servants. But 

in this field and in the wider 
field of education of the middle 
management to help prepare 
Greece for stiff EEC competition, 
problems are acute. 

Education has long been otk 
of the more controversial areas 
of Creek- life. Neglected fur 
years by the slate. Us snare o. 
the budget has increased since 
the Junta fell in 1974 bui ihc 
proportion of GNP devoted to 
education in Greece nevertheless 
remains one of the lowest in the 
OECD. . . , 

It is only in the past hie 
years that the technical colleges. 

1 KATE, have begun io operate. 
These have places for one appli- 
cant out of every 10. while m 
the universities the ratio is 
little better— one in seven. 
Further, while the " quantity 
of education is limited, its 
quality is widely criticised.^ 

The principles of the 1978-82 
development plan prepared oy 
the Government admit the dini- 
culties of the situation. It talks 
of the shortage of building, the 
limited possibilities of training 
teachers, the continuous in- 
crease in demand for higher 
education, the problems of org- 
anising post-graduate studies 
and the “anachronistic compo- 
sition” of teaching programmes. 

The student is expected to 
remember set texts rather than 


to learn to analyse and debate. 
One educationalist writes that 
the general tendency is to aik 
the student to "act as a 
parrot.” There is a shortage 
of libraries and the icxt books 
used are usually written by the 
professors themselves and often 
based on * hc Profc.^or's early 
studies rather iha:i a-y sub- 
sequent research. There is a 
complete absence of post- 
graduate departments in 
Greece. 

The present .Minister oi 
Finance, Profciror Athanassios 


The Karamahlis Government 
has frequently argued that ft 
cannot be expected overnight to 
solve lhe problems of decades. 
But it has devoted more money 
to education, continued an ex- 
pansion of the university sys- 
tem. anti made some changes 
In the organisational structure 
of the Ministry of Education: 
this structure dates back to 
1932. 

More importanr. it has intro- 
duced a major reform in seccin- 
darv education. The antiquated, 
artificial language fc<rtJisn?rousa 


Education in Greece has improved its share of the 
budget since 1974. But theproportionofGNP 
it receives remains one of the lowest in the OECD. 


Kaneilopoulo*. mi d l.v*t year: 
•'The whole edu-.-ational system 
has to change . . . We put our 
children on ihc rudiertual bed 
winch we have prepared and 
because their i-.-.-x stick out we 

cut them off mite ac! of enlarg- 
ing the bed.” L is thus not just 
the shortage >•:' space but also 
the quality of education which 
means that 'in*- Greek out of 
every four a‘ university is 
studying a brea d. 

The problems seen at univer- 
sity level are evident through- 
out the system. There is thus 
considerable demand for private 
education. In lhe school year 
1975-76, J4S.H90 out of the 
1 4ra student-; at kindergartens, 
primary school* ami secondary 
sf^iools were receiving private 
education. Particularly impor- 
tant are the private fronmliria. 
the cramming schools, to which 
young Greeks are virtually 
obliged to go if they wish to 
squeeze through the bottleneck 
of university entrance. They 
operate parallel to normal 
secondary education and mean 
that the teenager may find him- 
self studying up to 15 hours a 
day. _ 


has been abolished in schools 
and demotic r.hc everyday 
«.pn ken language i is now lhe 
nnlv language for instruction. 
For Greeks, who have had to 
spend years on purist syntax, 
ihc reform is critical — ana. 
ironically, introduced by the 
same men who had opposed 
attempts to make the change 
in the mid-1960s. 

Further, the length of cum- 
pulsnrv education has been 
extended from six to nine years. 
Around 170 new technical and 
vocational lycees are now in 
operation and the system is 
being extended. . 

Technical lycees were nrst 
introduced by the Centre Union 
Government in the mid-1960s, 
abolished by their successors 
and then reintroduced and 
re-abolished by the junta This 
confusion is reflected in the way 
that in 1975 only 22 per cent of 
Greek students went on from 
primary school to technical edu- 
cation. compared with twice that 
figure in France and Italy ana 
over three limes as many in 
West Germany. 

The Karamanlis governments 
have resisted opposition 


attempts to close private schools'! 
and last year passed a new law] 
governing these. However, they i 
have had less success in intro- 1 
during new legislation for tne 
universities. Here they have 
been at odds both with teaching 
staff — who have heen on strike 
for most of this year— and wiUi 
the student movement. Ert^- 

The law covering technical 
education was voted over a year 
ago. This regulates a system 
which. with World Bank 
assistance, began during roe 
junta period. There are now 
17.000 students at ei r , 
technical colleges. Capital 
expenditure on these has been 
running at around £10m per 
year, while current expenditure 

"has risen from £3m in 1®J» to 
£13m this year. The Under 
Secretary responsible. Mr. 
loannis Kont.igiannopouios. 

dresses how the schools 
were started in difficult con- 
ditions. ‘’Greece has lost ranch 
time and wc cannot give our- 
selves the luxury of waiting. 
He said it was difficult to 
judge the results in that the 
first graduates were now doing 
their military service, but 
a recent article in Oikononnkas 
Tahidromos stresses how gradu- 
ates of the hospital administra- 
tion school have found 
themselves obliged to w ° rlv as 
builders, waiters or store hauas. 


Such examples reflect the 
teething problems of the system. 
The Centre for Planning and . 
Economic Research, for in-! 
stance, says that the absence of, 
any tradition of technical col- 
leges means that employers, 
like the students themselves, 
have to find out what this new 
technical education is worth- 
But if still only a first step, it 
is one in the right direction of 
providing Greece with the 
skilled manpower it needs for 
its development 


with EEC 

application 

By Reginald Dale, 

European Editor 

SR. LEOPOLDO CALVO- 
SOTELO. Spain's Minister for 
EEC negotiations, yesterday 
urged the British Government 
I tu help ensure that his country s 
i membership application is deoil 
with 3« quickly as possible. 

Sr. Calvo-Soielo. who is on a 
lour of the nine EEC capitals, 
had talks in London with a 
number of senior 51 misters, 
including Dr. David Owen, ihc 
Foreign Secretary, and M . r - 
Edmund Dell. the Trade 

^Dr^Owen confirmed Britain's 
strong support for Spanish EEC 
membership. British officials 
are impressed by the thorough- 
ness of the Spanish application 

and Madrid's rapid response tu 

the structural problems oT entry, 
although they believe that the 
fuli implications of membership 
have not yet sunk in to ine 
Spanish population. 

Britain is not yet ready t" 
react, however, to the bp am so 
argument that lhe entry of all 
three applicants— Spain, (ireece 
and Pnrtugual— should be co- 
ordinated. despite the fact that 
the Greek and Portuguese 
• membership bids arc mu . c " 

1 further advanced. The BriUsn 
View is that any decision should 
1 await the conclusion of the 
! European Commission's report 
1 on the Spanish application. 

® A series of demonstrations 
were staged by the main trade 
i unions throughout Andalucia to- 
{ dav in protest against Govern- 
ment inactivity on unemploy- 
lment. Andalucia has the worst 
' unemployment in Spain both in 
agriculture and industry. Ac- 
cording to union sources unem- 
plovment in the province 
affe'rts 200.000 people of whom 
110.000 are agricultural workers. 
The total is 20 per cent of the 
national figure. 

In Barcelona province, build- 
ing workers went on strike for 
°4 hours after the breakdown of 
wa«e negotiations that have been 
going on for nearly three 

months. 



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AMERICAN 


Sadat launches debate 


with attack on critics 


Record for 
S. African 


capital 


BY ROGER MATTHEWS 


CAIRO, June 20. 


outflow 





wFsmF'-JT 4 nwar Sadat today Addressing the central com- ing his commitment to the demo- 
* mrtnth inno - debate’' mittee of the Arab Socialist cralic experiment he had started, 
launched a month lon f deba e union. Wr. Sadat announced that The fact that the President had 


By Bernard Simon 

JOHANNESBURG. June 20. 


on Egypt's future political st rue- ^-g members would shortly objected to certain politicians I OUTFLOW of shnn-lerai 




progress of Egypt" and with the Sadat. 

In another bard-bitting speech au «tion of introducing a code Tijir WamhilM D . . 

attacking bis domesUc critics, Mr. JfXs « political life. Rp?„ M IS bei ? If 

Kidat refused to contemplate 0 _ . „ . . . Bntain had warned the Presi- f 

fbudonta- the Middle East President Sadat emphasised d ent that they feared his image v 
miiiativp he launched last that be did not want to take in the TAeslern world was being r 
November "I am optimistic decisions in isolation. Committee damaged by his recent actions. \ 
even if Israel does not respond members would have time to “These are attempts to scare ; 


l??’ih2 U ? r i Cr of K 19 ^’ “ a "2! Initially, the Department had is that the 'rebound from " 

; n lS.,SL re !?.^^ nk5 / ,u:ir nS calculated that GNP fell by 0.6 winter doldrums ^ eF^^y^SS iSfJation ratnof^-peT 


> final figures tion estimates, shaved 2 J to 3 per ^§’ t ^ oa tb, will probably 
the Commerce cent off growth. . / , - . rate of 

What today’s fi gures ' underline' ciar^orfabl y in\exces 




priviiie v “ mory lnve stment. exports and ployment - which suggest a ll 2 f J 5 ,-.?ei 5 £ 


exports ana pioymem — wiuwi. auwai.uiBvw.'.wiii “ — j nee 

left GNP un- the economy has settled.: dgro;ji$^ com pared with ^b.l?pw 
final quarter and is expanding ; at a* rarfi/qept'azmual S® ”7 

modest 4 per cent or so, m Tine ::tpre e months or last • - i 


jTTf 

iiigiSiii 


hv the United States on the * ' ’ _ 

future of the occupied West Bank Speciilatiin is grow in 


Meanwhile. 


financing abroad of foreign trade 


and Gaza strip as “very loose." Mr. Sadat may seek to introduce invited to express their opinion r Th \ ?.*■ . 

“Israel alwavs tries to keep the constitutional amendments in 0Q the political future nf Egypt ,**'* a . f l 

whole question very fluid. Our order to consolidate the process so that the results and renorisl 0 1 erm L ' a P! 


so that the results and reports i 


also a net outflow 

capita] during the I 

nintins tn Kilim. 


bmai. JSSJ’pt. S3JU mr. oauai. reamrm- *r. oaaau Moans bt- the' Government The 

However, declared the Presi- . [outflow of R138m From ih** pri- BY JOHN WYLES 

dent, Egypt was ready to discuss • w l ' vate sector is ascribed an 

any new factors that might he M/ l Qi7T|1Qn rllClTI B CnilOnt increase in foreign inanch TWO OK the most powerful 

introduced by ibe Israelis jnclud- y “ UJ.SJI a balances stemming frnnr dia- ingredients in the New York 

ing any mutual security arrange- n&vm lcnmon tft aviv t.,n 7 -n n,0Dd sales tow *rds the end of city racial clashes of the late 

menu that might be sought. What BY DAVID LENNON TEL AVIV, June -0. AIarch _ 1960s— allegations of police 

Egypt was not ready to discuss mr. MEN AHEM BEGIN, the by Mr. Weizuian's declarations The deterioration in. the brutality against blacks and 
was rbe ceding of one inch of p r j/ne Minister, is under pres- that the Cabinet decision makes capita) account dnrine the first hostility between the black and 

Arab territory. sure front within his Herut party another Middle East war inevit- quarter was. however, -largely Jewish* communities have 

On the domestic front Mr. faction to dismiss Mr. Ezer Weiz- able. compensated for by a continued provoked tension in the Crown 

Sadat accused political parties on mao. the Defence Minister, for Even though they refused to positive balance on current Heights section of Brooklyn, 

the Lert and Bight of launching openly defying the Prune Minis- side with him in ihe Cabinet, account. The current Mance Mavor Edward Koch and two 

a campaign against the Prime »r at S f l, " d r 3 ' V S*!SH Weim,an stil! has co " sldcr ; showed a surplus of R503m 0 f£*s dejuiv niavors vesterday 

Minister and the Cabinet, with of the future of the West Bank able support among members of ■ (R1 JflJm at a seasonally adjusted visiled th Jy troubled area in an 

the objective not of serving the and ^ az “: . . liberal Party faction in the- annual rate), compared v-ith a attempl t0 t . a j m an increasingly 

Egyptian peoples interests but Mr. W eiTman further chal- Likud. He also has support from . IWOSm surplus in the previous exp losive mood among black 
of creating the conditions under leoged the Premier last night by the second largest coalition quarter and 1977's positive ’ £ ideim Several hundred have 

-which they could seize power. disobeying Mr. Begin s instruc- parly, the Democratic Movement balance of R /51m. kpn ’ rt j marches and 

Th Vj„. WaM tions th 3 t every Cabinet Minister for change. TVs current surplus wa< also 1 ... ^ th , . f d 

n J, J*? ^ in h °„ vnJwntarilv remain to vote in the Knewt It * known thui Mr. Begin is » n«w reenrri. hut the increase follotvin- two senarate incideSs 
H a - r -nK--d in a nmtp<! U a"alnst debatl? on {he CablDet decision. V erv angry about Mr. Wcliman*»| J * II, « thr> r,,urTh quarter »< iflu , t in Sr hil . h a black 

SSSSS a “ - - « SS-HS S 

lfE‘W "S Minister's cr„„, ^ *"> « 


Egypt," said Mr. Sadat, reaffirm- Mr. SadaL 


BY JOHN WYLES 


Racial tension grows if Jiroo 
as violence leads to protests 


NEW YORK, June 20* 


WMmm 


, 'C'fc-Vl.f «. ^ 


Km 

JUSSIS 



| .despite the Mayor’s insistent^ 

^ yefiterday that It was not a jamal 
^.‘clash because many of ,ffie 
" officers- involved in the struggle. — . .. 

heading up to Mr. Miller’s, death handles atwut37^’ ^o^rs 
: ^irere black. • • . >: 

pjftit a local black Minister.^ e 

'-’Severe nd Herbert Daughtry, implementiD g ^ ^ 

^^terday implying airite 
yrt&e opposite in a senes of highly 
V ; ?tfaarged statements which did posabla -^-.. -r- 

sjribtSig to calm the atmosphere. 

.r^Tn a speech to an angry me^- .. - 

Axoust be done or it is going to “She bia^ut&w'ttsEAS 
You will not make- if -5 


.-as due in seasonal influences. 


businessman who was also a 


i„ (ho 'eirnaHnn that existed ucu,,l ' r - SlOIC tnc J-rcmier Will coil jn ms "‘V uevi-ueu 

ite* whffe the lefSwfn* The Defence Minister’s critics Defence Minister for a talk. BuJP- in the founh onarter 

Unionist^ Progressive Sty within Herut. the dominant far- lt is thought unlikely that Mr. «r 1977. This decrease rn’.-cted 

urh Sh hi. frozen It* activities* tion within ,he soverning Likud Begin will actually dismiss ihe h juarlx-d decline in »-a*nnall.v 
wJnrSd m rSunse E^pt iaio block, believe that Mr. Be?in pop S u , ar Mr. Weizman. the -rte ^ merchandise exports, a 

^blooriv itrire" and “pui Cairo tn Lannat lel lhis chall ! n f e t0 ^ Cabinet member who appears io| modenie increase in imports 

thi torch’ as it had altempted in authority 5-' unpunished. have a common lanzuage willi;^ ■' “harp rise -n not Innsih e 

Jaou“Slast year P They were particularly angered Egypt’s President Sadat | t! ?J2l ^ 


K r/the issue of 16-year-old . Victor 
-iilbodes who is in a -coma Yollow- 


Mayor Edward Koch ^ 


disconilnuBv first-c!as&; : 
priril^ 


increase in imports I future. Mayor 


has violence. It is claimed 


Recalled envoy will not return 


BY OUR FOREIGN STAFF 


yesterday 


However, a not reduction in (police who were apparently a j^g ed u, a t Mr. Miller ••.d&d^ -.against the Haasidhn. 
forn-yn liabilities meant an [ trying to ^arrest h is 21 -y ear-old because he refused police . However, the Rev. 
increase in the net 


- _ _ . developing ,'a.. hew ^iurdear : . 

. bomber Blmnar.'to..the’;JB:I. ; . - 
Daughtry w i,feh President* -Carter cut' 


offered no acquirin. 


o vertexes.. his own.’’ said the Minister. 


attacked President Sadat as a he gaw .. nQ options •• {or Pres -j. conviction that “there are quite 

^stp'rriav i he wo dd onlv denl Sadat * wh0 was reaching a lot of people in Egypt who think 
> fr, , .rn d ?ft f!v 1 uth*n!dSmi “ an absolute deadlock." He said as I do. but nol a lot of people 
return to Egypt if the President lhat u | 00 ked as if a bilateral can say what 1 can say." He said. 

ho£r d *n P ea « e with IsraeI W3S the oaJ K however, that he did not stay in, 
h option left., but that the Presi-. touch with_other officers because 
tc-e. preferably supervised by the deQt hjd saif , a nun ,be r of times "when the authorities see lhat l| 
ON. th-it ha nn, ..epont ci. h 3U1 in tniK-h V.'ith thpm IhpV will ! 


hv SV h. JJw 2 denl Sadat * wh0 was reachin S a lot of people In Egypt who think 
^ Favnt V e tho Pr^ci don't “ aQ absolute deadlock." He said as I do. but nol a lot of people 
to Egypt it the President lhat it j 00 ^ e( j aS jf a bilateral can say what 1 can say." He said. 


*’• . that he would not accept such am in touch with them they will 

There was still confusion last H dea , Sf) lhgt tb( . r,eneraj did be in trouble." 
ght about whether the General not s?(? j 1#JW rrjl || d <»et any If President Sadat would not 
id been sacked from his posi- so | UTlon . loin in the “demo<.raiic dial 02 ue’’ 


China confirms 
closure of - 
Hanoi’s offices 


join in the “democratic dialogue’ 


By John Hoffman 

PEKING. June 20. 


Religious ties 
weakening, . 
survey shows 


tion as Egyptian Ambassador to if pub!ic n? inion would he wanted, the ~ General said. THE CHINESE Foreign Ministry 

Portugal, in merely suspended. acoep ( 3 separate peace, lien, “then 1 might feel obliged to) today confirmed a Radio Hanoi 
However, he told the FT that he eJ-Shazly said that in Egypt “you follow undemocratic dialogue | report that Vietnam had been 


By Stewart Fleming 

NEW YORK. June 20. 


Pay challenge for Carter 
from postafwoTkers 

BY JOHN WYLES / NEW YORK, June 20. 


-V NEW YORK, June 20. 


UNIONS representing. 570.000 workers current average wage of 


His own memoirs, be said, were major southern Chinese cities of carried out by the Gallup major tests for .the Carter exaggerated since the Carta*] 
almost ready. Canton. Kunming and NaDning. organisation. Administration’s bid to slow Administration is increasingly f 

Asked where he would go now. Diplomatic sources in Peking The poll, which is viewed as dovn t ^ e rate 0 f wage increases ha unled by the consequences of, 
Gen. el-Shazly said that he did sa j d jbat the Chinese action the first major national survey . _ agreement it encouraged tq 


The agency es timites that ^ ; - 
. the bomber will be operations^ *'^- 
In the early 1080s- Its prefifr >;? 
“■tion was ^.veit to th e Senate " \ •’ 
; Anns' Services Committee Ih -;v - 
prtvateln flferch and was ^made -;.^- 
rpnhlievJast 

'the ?25tm programme last. V. 
year Ha fayoar of speeding up : 
development Ot riuclear Cruise 
j missiles. Pentagon officials had" 
agreed , that the best bomber \‘ 

* -force would be a combination - 
of Cruise missi les and low-level • 1 ■ t. 
oeninrtor aircraft 
Reuter _ 


trovcrsiai state mem io me rress j n order to avoid trouble." almost ready. Canton. Kunming and Naoning. organisation, 

in Lisbon. The former Chief of Staff, who Asked where he would go now. Diplomatic sources in Peking The poll, which is viewed as 

In the statement be also was sacked from the post follow- Gen. el-Shazly said lhat he did sa j d j^at the Chinese action the first major national survey 

accused Mr. Sadat of having ing the 1973 war with Israel, did not think that he would stay in signalled another escalation in nf religious attitudes and beliefs 

reduced the capabilities of the not. however, anticipate a new Portugal. “There are 21 Arab the tens j ons which have grown for several years, revealed that 

Egy ptian armed forces to 60 per war -in the near future, with the countries who I think will be sjnce china alleged that its 41 per cent of those asked con- me nt beyond its broad goal of h»n2i«. ’ BDpN 

rent of their pre-1973 level, of Egyptian forces “as weak as happy to invite me. ho said. n 2 l i 0 nals were being persecuted sidcred themselves to be encouraging rises which will be be^ mSh P mnr? PRESB)] 

harta- M ie Israel the, „ now" .rtljMUi W.U «tW. ae »n- ,„d spelled by Vk&a. . -ond-urched" The cawgory Ka? reeled taffZh.l'uM VhW.T 


The Administration has set no end the coal strike in March, 
specific target ./for a pay settle- ^ W 


The 37 per cent wages and 
■nefits package seems likely ta 
: much more of a trend-setter 


Videla frees 
tr^ade unionists 


intransigent than ever before, having " got what they want,” re- tation from any. so far.’ 


The announcenient imade noUefined'e, .„Mr' whThi m '° mr ti^erege received ibee fte AdmtaietraUon believed 


Rhodesia election pledge renewed 


mention of Vietnamese diplo- attended a church service except ^ postal workers in the past possible and it badly" needs to 
malic offices in Peking, but its for a special occasion such as a two years. u ei ? ure *2 ma J° r settlement; welt 

timing is surprising. Last Friday funeral or wedding, in the past n • below the corn agreement if the 

I Vietnam decided to allow China .six months. FfiJSSUrC pattern is not to be repeated in 


BY OUR OWN CORRESPONDENT SALISBURY. June 20. J™ 1 VtelnaSSVria Mr «S ibis cut^ory. ‘f the A 

pick up Chinese residents whd Respondents who did not Uiat P a y 
President John Wratliall today Jeremiah Chi ran, who with Mr. a programme for the removal wlS h to leave Vietnam. ] attend church tended to be percent; 

opened [lie historic first session Ian Smith are members of the of racial discrimination and lhat "pj, e Vi ei names.- Foreigd younger. more mobile and! public an 

of Parliament under the Transi- Supreme Executive Council, filed as soon as possiole legislation Ministry today circulated i9 frequently male. Surprisingly a already b 

tiunal Government and promised into the House to await the Presi- would be introduced for the p e jijng copies of diplomatic bteh percentage of the “ un- aoe 3 su , 

a packed House that the internal dent, followed by the nine black one-man one-vote general elec- n 5 j es between the two countries churched" nevertheless pro- ° p . 

settlement would eventually and nine white members of the tion. Work on enfranchising an concPrn jng the cancellation iff fessed to Christian beliefs. Some menr - 

triumph over the duubis of the lower-tier Ministerial Council. estimated 3m black voters was Chinese aid programmes ifi 93 per cent of churchgoers and Ideally, 

world. Mr. Wrathall said externally well advanced and would con- Vietnam. Both Governments 68 per cent nf the unchurched lion fight 

Mr. Wratliall said that the based leaders, be did not name tinue as a matter of urgency. ^., ve diseiosed that China h?s saitJ - for example, that they the postal 

Government was determined to Mr. Joshua Nkomo and Mr. Legislation would also be cjnce jf ed 72 a i d projects j believed in Jesus. than the 

press ahead with the implements- Robert Mugabe, had been asked brought in to enact a majority- j Reasons Tor leaving the Church allocated 

lion or the domestic accord and repeatedly to return and Join the rule constitution which is cur- i j at - 1 uded the claim that the workers, 

asserted lhat one-man, one-vote Transitional Government, but rentlv being drafted by an .all- C rtma i: a J hellers and morals taught were „ 

elections would take place as had refused and were doing their party committee. jUMitand <aiu idmA I too narrow. Howevc 

scheduled before December 31- utmost to frustrate progress to Mr. Wrathall said the prime PRESIDENT Siad Barre |of c ,! m . l0 f 

For tiie first time in nine independence based on majority function of the Government was Somalia arrived in London yfs- ~ ., mip . NV cali f.‘? r 1 

decades of white minoritv rule. rule. to continue efforts to bring about terday for talks with the Britfsh l-a - ^ u| * UAn * uving 

black nationalist Jeaders sat side- Mr. Wrathall was vague in a ceasefire, but he did not Government, which are expected “ ~ “ ’ contract 

bv-side with white Government his speech, written for him by elaborate. He said the transi- to include discussion of military Bacne buying own .slock io Increase 

Ministers on the benches of the the executive council, about the tional Government was com- supplies for his country. Hd is counter takeover threat; Pclro- *8b5 in th 

legislature Bishop Abel Administration’s plans. He said mitted to maintaining a strong to meet Mr. Callaghan. thePrwe Canada continues hid for two year 
Muzorewa. the Reverend only that the Government was free enterprise sector in Ihe Minister, and Dr. Owen, Abe Husky Oil; wrier Hawley Hale amount to 

Ndabaningi Sithole and Chief giving serious consideration to economy. Foreign Secretary today. j acquisition. Page Z4 in the firs 


its whd Respondents who did not *®t pay rises- have averaged S • ■ 

? attend church tended to be per cent a year and considerable . e ^t e refresh! em 
Foreigd younger, more mobile and public and private pressure has sahTtba? ht^wHl be Peking to 

.ted in frequently male. Surprisingly a already been exerted to encour- F 


Foreign Secretary today. 


aIread >' beeQ 10 encour - '"atch the miners’ settlement for 

churched " nevertheless pre- '** Sub8taaUally lower 6etUe ‘ h ‘« truck driver members, 
fosse d to Ghristian beliefs. Some me r ' Refusing 

93 per cent of churchgoers and Ideally, the President’s in Ha- . . 7 , . 

68 per cent of the unchurched tion fighters would like to sec 4 At 11115 sla ^f.', ‘he Adrainistra- 
said. for example, that tbcj' the postal service grant no more ‘ion seems unlikely to be given 
believed in Jesus. than the 5.5 per cent being help by the American Fcdera- 

Roasons Tor leaving the Church allocated to Federal Government tion of Labour-Congress of Indus- 
included the claim that the workers. ,r ‘al Organisations (AFL-CIO) 

hellers and morals taught were u ... . . . - . .. which, unlike representatives of 

too narrow. . However, this i s far below the American business, is refusing 

claim lodged yesterday which tri “ fa 

— ; 7 ~ calls for the continuation of cost tjrn n( fij CV the anti i nfla- 

UJ?. COIVU*ANT NEWS of living rises in the current ^ 

contract plus a 81.100 wage The AFL-CIO argues that union 

Bachc buying own slock to Increase in the first year and members cannot be expected to 
counter takeover threat; retro- 8865 in the second of a proposed show restraint on the wages front 
Canada continues hid for two year contracL This would until there is clear evidence of 
Husky Oil; Carter Hawley Hale amount to a 14 per cent increase a slowing in the rate of nrice 
acquisition. Page 24 | in the first year on top of postal increases. * 


B PEN OS. AIRES. June 20. j 

PRESIDENT J Jorge Bafael -■ ' j 
VIdelaY has ’ ordered 'the ...r 
release Vof . 14 jafled,^^nute- -. - 
unionist# and is reiiewing’^hc 
cases of h number of others, ' £ 
Archbishop Antonio Plsob. said 

today after a meefitag with th«i : 
President. 

Release of trade union “• 
leaders has been demanded by . . . 
the labour movement.: The : ; 
main Argentinian muons were . • 
taken over by the military:'' In : 
March 1976 •••• -Reuter V- 


Iranian Prince 
to train in U.S. 


| hellers and morals taught were 
too narrow. 


Wii. COMPANY NEWS 


Bachc buying own .slock to 
counter takeover threat; Pctro- 
Canada continues hid for 
Husky Oil; Carter Hawley Hale 
acquisition. Page 24 


THE SYRL4N economy is prob- 
ably io worse shape now than 
at any time since the October 
War of 1973. And yet business 
is booming. Growth rates are 
Jower than they have been for 

years. Gross National Product, 
in real terms, will rise by barely 
5 per cent, in 197S, as against the 
average annual rates of over 
13 per cent, in the years im- 
mediately following the fourth 
Arab-lsraeli war. 

But in Damascus new office 
blocks and apartment buildings 
are going up by the hundred- 
There is a shortage of foreign 
exchange, the externa] payments 
deficit— -though only half of what 
it was in 1976— reached a total 
of over 3350m last year. The 
trade deficit is at an all-time 
high, inflation is running at over 
20 per cent., and development in 
all hut two of the major sectors 
has ground to a bait And yet 
business is booming. 

Id downtown Damascus the 
shops are packed with luxury 
goods selling at outrageous 
prices. An ordinary household 
refrigerator fetches 32.000 which 
Is over seven times Gross 
Domestic Product per bead. A 
VW Golf motor car sells at 
$17,000. a Ford Capri at $37,000, 
a Mercedes 2505 rarely changes 
hands for less than $75,000. 
A can oF imported beer costs 
$2.50. There is no shortage 
uf buyers. The price of property 
has multiplied tenfold in the 


Syria: Socialism with a Levantine face 


TEHRAN; June 2fc 
CROWN PRINCE . REZS J bf ! 4 
Iran is to go to the U-S'/.uext • ' •• > 
week, for; se . pilot's training 
course, a palace_ spokesman vv . ■' ;* 
said iodayv . The Prince, who Is. 1 ': :■ . - , 

I7 r was leaving today for * ’ -’l 
week’s visit .to Britain during . •* 
which he will attend Ascot \ 
races as a guest of the Qineeur ; .1 
Crown Prince Reza -. is ? djQi 
expected to ■ spend ' several- ---.- • j 
months Sir the U.S.- “to : - trate - .1 3 ! 
as a pilot like any other ptiot. ■ i 
of the. .Imperial ' Iranian- Air. 

Force.” r • _ Jtejrter . ; -j 


BY ALAIN CASS. RECENTLY IN DAMASCUS 


more sought after areas of the 
capital — which explains the 
building boom. Set against the 
realities of Sj ria's virtual econo- 
mic paralysis all Lhis is para- 
doxical. 

But of course, the conundrum 
is nor as baffling as it may seem. 
Th? Fact is that Syria, with its 
volatile mixture of Ba’ath socia- 
lism and a long mercantile tradi- 
tion, fuelled by the arrival of 
thousands of well-heeled 
Lebanese fleeing the civil war, 
now has two economics. One 
is the state sector which accounts 
for over 80 per cent of all 
economic activity. The second is 
the private sector, a sort of half 
legal, half black market economy 
which frequently operates under- 
ground but breaks surface often 
enough for the effects to be both 
visible and. in the long run, 
politically troublesome. 

The existence of iwo economies 
which frequently operate under 
different rules, feeding on dif- 
ferent sections of the population, 
fuelled by separate currency 
markets, are partly ibe reason 
for the astonishing ronsumer 
boom. The state sector trading 
bodies are in many cases the 
only officially sanctioned import- 
ing organisations. 


But since, for both political 
and economic reasons, the quan- 
tities of consumer goods they 
import fall far short of demand 
—and the Government is unwil- 
ling to allow that demand to go 
entirely unsatisfied — the black 
markets have sprung up. U is a 
form of benevolent ignorance 
which recognises the need for 
something in between a fully 
planned economy and a truly 
nibced one. It is socialism with 
a Levantine face. 

Added to tills, there is the 
huge debt to the Soviet Union 
for arms estimated at well over 
$3bn, of which $2bn Is due by 
199S. The rest is chiefly short- 
term commercial debt, remit- 
tances from Syrians working in 
the Gulf help a little. But most 
of the estimated S40Qm remitted 
last year filtered through into 
the parallel currency market and 
into the private sector. 

A recent confidential United 
Nations Industrial Development 
Organisation report claimed that 
S>nan industry was operating, 
on average, at less than 50 per 
rent capacity. Up to per cent 
of projects in the Third Five 
Year Plan have been carried over 
into ihe present Plan. The re- 
cently installed Government of 


1 

Mr. Mohamed Halalu. the PHt 
Minister, adopted a series 


draconian economic measures as 
a result of which virtually no 
new. major projects are bfeing 
undertaken until ihe backlog — 
at least iu the industrial sqctor 
— is ck-ared. One view is - that 
the Government has deliberately 
sacrificed growth 10 heat infla- 
tion and improve productivity. 

One effect of the savage cuts 
in the public sector by what 
appears to be a deliberate piece 
of economic policy is to allow 
the fiurishmg private sector to 
grow at an even faster rate, both 
in adsolute terms and relative 
to the state sector. President 
Assad, a man who never makes 
a move without securing his 
ground first and who is welt 
aware of the entrenched opposi- 
tion within the ruling party [0 
the private economic boom, is 
not unhappy about this. The 
Syrian leader now seems con- 
vinced that his country's econo- 
mic survival depends in the long 
run on opening the doors to 
Western capital and doing away 
once and for all with the xeno- 
phobic policies of the past. 

Two of the major problems 
which the present government 


under the insistent direction of 
President HaTez Assad is trying 
to tackle are corruption and 
bureaucratic inefficiency. Accord- 
ing to one open-eyed visitor 
there was a 6 ft table in the 
outgoing Prime Minister’s office, 
piled 4 ft high with directives 
awaiting bis signature, lt is still 
the case that no expenditure 
above $25,000 may be approved 

below cabinet leveL 


" fat cat " recently made $3tn hv 
merely importing 200 American 
saloon cars. He paid $7,000 for 
each abroad, purchased Syrian 
number plates and an import 
license for $13,000 per vehicle, 
and sold each for S35.000. It is 
easy when yon know how. 


There arc some bright spots 
in ithe public sector too. chiefly 
oil exploration and activities re 
lated to agriculture. For the first 
time since the 1950s western oil 
companies have been invited to 
look for oil. This is widely re- 
garded by many who still remain 
doubtful in 'which direction 
Syria intends to take its economy 
ns the most significant pointer 
yet. 

Growth in agriculture too re- 
mains strong- The 1976-78 Five- 
Year Plan allocates nearly $2.5bn 
to the development of the mujnr 
Euphrates dam project and other 
areas. 

In the private sector the pick- 
ings are easy for those who know 
their way around the bureau- 
cratic labyrinth. The profits are 
alntust indecently healthy. One 


Last September in a much 
publicised and earnestly meant 
drive against corruption, over 
40 of the country’s leading entre- 
preneurs were arrested. A com- 
mission of inquiry was set up. 
Most, if not all of these men are 
free again. The fact is that they 
are the lubricant which greases 
the wheels of the Syrian 
economy. 

What happens next? There 
are two major issues. The first 
is straightforward. When will 
the official economy, the strategic 
sectors and chiefly industry, 
start to grow again ? When Syria 
pulls out of Lebanon or when 
there is peace in the Middle 
East, or both. 




President Assad ; turning- a 
blind eye ? 


The second question is more 
delicate. How fast can the 
private sector grow, under what 
conditions and how can this 
growth be reconciled with the 
Ba'aiii Party’s insistence on con- 
trolling not merely the com- 


manding heights, but also the 
foothills of the economy ? There 
have been signs that hardliners 
■within the Ba’ath aTe unhappy 
a bout how things are going 
President Assad Is only practic- 
ing a “half-open door policy"— 
as opposed to President Sadat’s 
of Egypt's “ open-door” — but 
they don't like it. in the Jong 
run. so many believe. President 
Assad may not be able to avoid 
making the sort of dramatic 
decision which his Egyptian 
counterpart took some years ago. 
The only "difference being that 
*hile an Egyptian leader is un-i 
disputed master in his own! 
house. « Syrian President holds' 
an office where survival deponds j 
upon being able to juggje a ■ 
series of frequently irrecon- j 
cuiabie optional 


Labour law ^ / 
move delayed / : 

By Jurek Martin : /- ■.%- . 

WASHINGTON, /line .Ah ' ; 
the SENATE UeubetafiV 
leadership has put off until"' 
Thursday a critical votelto rnd 
the filibuster that Ls threatening 
passage of the Labour Law 

Reform BiiJ. . 

Senator Robert Byrd/fixe 
majority Jeader, delayed the 
division,.' which was scheduled 

to take place Uti&aftexnooivln 
a clear attempt to rally .his 
forces. Twice last week, lie 
™ frUen two- votes Short -of - 
we 60 needed to end the - 
filibuster-. - V;. 

Opponents of the -Rill; mostly ^ 
conservative Republicans imd 
southern - Democrats, - remain, 
confident that ther ean -argue 
the legislation to death even If. 
they lose' the doture' vote on 
Tttursday. They plan to ihtEO- 
dnee as many ns '1,200 amend-' 
ments, a tactic that is Kkely 
to bring them in sharp -con* - 
fnratation with Senator Bvrd. ‘ 
.‘■“•Bird, who has, i- for- 
midable knowledge of pvUa- 
mentary practice, claims he has 
devised a precedent for 

S£ u , m <L e .* Un& t * 1 * 8 approach, 
wiiat this appears -to mean is.... 

l-i* f ,h C WUMwterjs voted to" 
a close a blazing arprinn>f «hi 

erupt over senatorial . tw. 

cednres. 


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ai 'a^ 

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ike 




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nJ. r ‘r. r Peii^v. 

.^3 V - 

r* *£ >-. 

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, 7 *' ,,,! 


**; 3 hau 
"’• oo tkj?*,- 


^ ,p L- 

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‘■'"•V. e‘ ** 
,< ./ -"life 




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flOiif ■ 




Financial Times Wednesday June 21 1978 



Japan to spend $4bn on 


U.S, military equipment 


Foreign currency 
UK-Brazil credit 


Imports by Boycott allegation 

developing , , . . 

countries on electronic parts 


ar STEWART Fleming 


NEW YORK. June 20. 


BY MARGARET HUGHES 


purchase of^BonhlsticaTPri ^^ tr V c t ioi U ?$ a **? u A Per Trials in connection with the 


purchase of- sophisticated iniii 7Z? ‘i * ,, g a T^i ™ pcr ™ ls connection with the 
tsry aircraft — ftncluding the most ofVh^p^ F-15s and 44 per cent pay-offs are still continuing, 
advanced fighter in thl U. S . a£ ° Tfa* F 3* £ Sed as the ^^heed. however, has been 

Sd C L^hSd McD ° IIIieli ‘ Dou8las most adviced flgtatefiii the U S. l ' ,ro,1B i h a . inaior tVi corpD ; at £ 
t Air Force and was recent] v nt cle 3 QS ing since the pay-off 

to T ^I£3 tr ( 5 l, * g ia J transfer the centre of a political storm in sc;indals broke. This has involved 
Paction tech- the Ss whS* tiffSSr AdSii?. thc * complete restructuring of its 
nriuuZJ 0 e »? a ^ le tile Ja P“Pcse to stration announced the sale u f Board of Directors and top mao- 
Proportion of the 60 aircraft to the Saudi Arabians “dement. The Japanese order 
eqmpment domestically. ^ part of a mdcSfE^ arms wia bc scen as an ^dication 

fcr£»iSh£, re £ r ? sents a significant package ° * * ms that these changes are erasing 

m^k-mrough for Lockheed which Israel obieeted fiewelv to the the taint associated with its 

corpor « e «{™»iSS1dS2Ss '«™« »«■*“*«■ 

“ at “ **“■ *»" - 

if iroDosfn/m n n e H whkl1 For Lockheed the order will 
The aereemen^nn order - . represent much-needed business Ricr m^rPtlCP 

sss^sfeSr r ^ . la 

K s S =£»■: ln electrical 

-- Mi ‘Si-.a: exports by 
Jipan Hong Kong 

PC3s eaCh *** ^ S^equent^ a former Japan- SAJJ2S 0F Hoag Kong e]e0 Mcal 

e'^ent in the Tanaka wafa^JSSd* n chSjS P redMU increased by 43 per cent, 
package is the provision for the stemming from the allegations. iQ 1977 to £163.41m. Exports of 

domestic appliances continued to 


THE LOAN agreement for a 
S35m line of credit lo Petruleo 
Brasiieiro fPetrobrusl. Brazil’s 
[state oil company, to cover pur- 
chases of UK plant, equipment 
and related services was signed 
in London yesterday. 


It is updersTood ihst the ordinal / 
intention was to arrange a siObm | 
credit line but this was l.iier split j 
into three tranches— the current! 
S35m hopefully being only the | 

first. i 


may fall 


BY MAURICE SAMUELSON 


By David Housego 


The facility, which is guaran- 
teed by Britain’s Export Credits 
Guarantee Department, is being 
provided by Lloyds Bank inter- 
national. The rate of interest is 
7i per cent with a loan period of 
8* years linked lo a draw down 
period uf three years. 


The advantage to Petrobras of 
this arrangement is that it limits 
lh B commitment fe-_- which it has 
to pay 0° an - v unused part of 
thc line of credit. 


This is the first UK export 
credit to be arranged for Brazil 
in foreign currency. Thc 
Brazilian Central Bank's reluc- 
tance to accept non-sterlinj* 
credits has resulted in pro- 
tracted negotiation for this 
facility. Fui in the end eventual 
acceptance of foreipn currency 
by the Brazilians has resulted in 
the loan bring finalised at an 
I opportune moment for next week 
for the first ever Latin American 
oil exhibition—OfE shore Brazil — 
[is to be hold in Rio de Janeiro 
from June 27-30. 


Europeans step up effort 
to supply civil aircraft 


BY CHARLES SMITH TOKYO, June 20. exported, with the U.S. increasing 

THE BATTLE to win an order Fokker, is in Tokyo where hp ils Purchases from £24.35m iu 
for between 12 and 20 short-haul is trying to interest both TDA 1976 to £34.35m. Canada from 
jet aircraft expected to be and All Nippon Airways, £1.53m to £2.35m and West Ger- 
placed this autumn by Tor another domestic carrier in buy- manv from £390 000 to £540 000 
Domestic Airlines grew fiercer ing the F-2S Mr Bulev will also n ° y T 0 ,,' to low.uuo. 
this week when McDonnel m«t government SffiSls ra Australia however, cut its pur- 
Douglas announced a new discuss the posability of chas es slightly from £ 1.05m id 
version of the DC9 which is Japanese purchases Of Fokfaer 1976 to £860,000. 
claimed to meet TDA’s require- aircraft under the Japanese Sales of electric fans went up 
ments ' Government’s plan to increase 47 d— «,„♦ over 197* t o £14^5m 

The DCS Super 80SF is imports in an^ Effort to cut ils ^iSiotanfS: 

claimed to be able to land or huge trade surpluses: ' and exports of elec trtc cookers in- 

take off from a 1400m runway, TDA has indicated that it will creased fourfold from £l53m in 
is no more noisy than the YS11 s e lect a replacement for the 1976 to £5. 65m in 1977, with 
turbo-prop aircraft it would Japanese built YS-11 turbo-prop Australia taking £3.76m against 
replace and it could carry up before it tackles the! other im- £140,000 in the previous year, and 
to 130 passengers. It would, POrtant purchasing decision now ihe U.S. £1.2ftm against £940,000- 
however, take three years to confronting it— the selection of Sa|cs of vacuura cleaners 
deliver from the placing of an ■ ™„?: V increased from £1.8Sm to £2.59m 

order and would not become ThrSfita^hJ^-STStZi ^ nd lhat of food mixers from 
economical to build unless a r he airline has also hinted that OOO to £320,000 Increased 

minimum of 25 orders were demand for torches and hand 

secured. 111 hr the F2B).£the most |aQterQg overseas boosted saies 

The DC9 Super 80SF enters TS» cn S5; Jf,. hoon from £14m lo £20.24m Exports of 

a field in which the other main s trone,v backed 1 bv leadfn- lorches went “P by 16 P er cent 
contenders are the British Smalirt^ such as fr ' ,m £10 - 4m t0 Hl.SSn.. Hand 

BAC 111, its 670 version, and ^rShiwoS ^nSSdent lanlern ex,,Drts more „ ^ 
latest version of Fokker F28. ‘ K e S?en °f edition of duub,ed from £3 -' 6m to £S - 35m - 

The BAC 111 is the smallest of economic organisations). This It is notable that, for the first 
the three candiates for the TDA appears likely to count for some- time. Hoag Kong exported 
orders with capacity of 89 thing in a country wl^ere air- £2.544 worth of electTomedical 
passengers. It is believed to be craft purchasing decisions tend apparatus to West Germany, 
marginally dearer than the P28 t 0 be publicly debated to a While this export value might 
but would be available by the greater extent than in thS West, appear insignificant, it heralds 
end of 1978 whereas the F28. However the Ill’s earljk lead one of the many new products 
which is still a *’ paper aircraft “ has to be set against afltrong which are coming off the produc- 
would take two years to build, comeback by Fokker durk$ the tion lines in this sector of manu- 

Mr. Alan Buley, president of past two months. 1 facturing industry- 


play a major part contributing 44 
per cent to total sales during 
1977. with value amounting to 
£71. 88m. Within this category. 
£40. 35m worth of electrical space 
heating equipment and parts was 
exported, with the U.S. increasing 


And the UK line of credit is 
iniended to cover Ihe purchasing 
needs of PctTObrus and its sub- 
sidiaries. particularly for Us off- 
shore oil exploration programme 
in which it is investing .some 
$1.16bn over the next four years. 
Around 30 UK companies offer- 
ing offshore oil exploration tech- 
nology, together with the Depart- 
ment of' Energy's Offshore 
Supplies Office, will be parlici- 
| paring in the exhibition. 


Dr. Carlos Alberto Sboll 
lsnard, finance director of 
Petrobrks. who was in London 
for the signing of the loan, said 
he hoped that the line of credit 
would be used up quickly so that 
further facilities could be agreed. 


The new facility follows a £15m 
line of credit extended by Lloyds 1 
Bank International in 1974 and i 
now fully utilised. The biggest 
chunk of this credit was used for 
the purchase oi a ElOm platform 
structure from McDermott of 
Scotland. There has been some 
two months' delay in delivery’ of j 
Ihe platform winch is now 
expected to b-.- delivered at the i 
beginning of Novemucrj | 

Dr. lsnard said that Pctrobrfisl 
has an immediate need for] 
another two or three platform j 
structures and eventually a i 
further two. Tenders have 
already been put out for onu of 
these platform structures and 
although the bids have not yet 
been submitted. Dr. lsnard indi- 
cated that the new line of credit 
could be used fur purchasing the 
equipment from Britain. 

He added that Petrobras would 
be unlikely to place any firm new 
orders with McDermott until the 
platform structure currently 
under construction had been 
delivered. But h? emphasised 
that this did not mean that thc 
contract now oui to tender would 
be lost to Briiam — the UK. he 
said, has five nr six companies 
capable of supplying similar 
equipment. Petrobras is also 
looking for platform production 
equipment which could he fin- 
anced by the credit. Dr lsnand 
added. 


£30m Soviet toy contract 


BY CHRISTOPHER DUNN 


secured. 

The DC9 Super 80SF enters 


A TEN-YEAR barter contract to 
supply toys to the Soviet Union, 
signed three years ago by 
Dunbee-Combex-Marx. could be 
worth over £30m by the time it 
, expires. Mr. Richard Beecham. 
(joint managing director of the 
international toy company, said 
in London yesterday. 

“We have already done well 
over iSm,” he added. The con- 
tract which gave Dunbee exclu- 
sive UK rights to supply the 
Soviet Union with moulds and 
equipment budgeted for a mini- 
mum £2.5m worth of business by 
19S5. 


Under the d*al. which Dunbee 
secured in the lace of strong 
competition, the UK company 
receives Soviet toys which it then 
sells in the West. 

“The quality nf the Russian 
toys is good, and we can make 
a profit on that part of the deal ■ 
too." said Mr. Isadora Shulman. | 
Dun bee's finance director. 

Dnnbee was also awarded the I 
International Trophy for Indus-! 
try yesterday by the Institut | 
Internationa] de Promorion et de. 
Prestige. This is the first time! 
that the Geneva-based affiliate of, 
UNESCO has given the award to I 
a toy company. 


THE RATE of growth of 
imports from developing 
countries apart from the oil- 
producing states, fs likely lo 
fall sharply during 1978-79, 
according to the secretariat of 
ihe United Nations Con- 
ference on Trade and Develop- 
ment (UNCTAD). 

As a result, U.VCTAD says 
in a review of the world 
economic outlook over the 
next two years, developing 
nations wilt no longer be able 
to play a significant part in 
reinforcing world recovery or 
in preventing a further down- 
turn. By contrast Its points 
om that the performance Of 
developing nations in increas- 
ing their imports in real terms 
from 1974-77 at much higher 
rates than the growth of world 
expons exerted a counler 
cyclical role during the 
recession of 1974-75 and 
strengthened recovery in 
1976-77. 

UNCTAD predicts that 
imports by non-oil-developing 
countries will only increase Ln 
volume terms by au average 
of 2-3 per cent a year during 
1978-79. It attributes this slow- 
down to stagnant foreign 
exchange receipts coupled with 
policy decisions by developing 
countries to try 10 limit the 
widening of their current 
account deficits. Nonetheless, 
it foresees that the current 
account deficits of non-oil- 
developing conntries will rise 
by about S8bn in 1978 com- 
pared with 1977 and by an 
additional Sl-S2bn in 1979 to 
average S35-S3Thn a year dur- 
ing the period. 

The secretariat says this 
sharp reduction in Imports, 
particularly of capital goods 
and consequent expanding debt 
service ratios, means a u severe 
setback” for the growth pros- 
pects of non-oil-developing 
nations. 

It ei&ects their economies to 
grow at a sluggish 4J-5 per 
eent a year during 1978-79 
wbieh is below the average 
5.4 per cenL a year achieved 
during 1979-73 — the last years 
before the increase in oil 
prices. 

The UNCTAD document is a 
preliminary version of a paper 
on the World Economic Out- 
look to be submitted to the 
UNCTAD Board. Its bleak 
view is likely to harden the 
stance of developing countries 
at the four-yearly UNCTAD 
conference in Manila next May 
when relations between indus- 
trialised and developing 
countries will be reviewed. 


BRITISH COMPANIES are 
refusing to instai specialised 
! electronic cmnponents from 
[Israel in British security equip- 
ment for fear of losing sales to 
the Arab world. 

1 This is in spile of the quality 
and cheapness of Israel’s elec- 
tronics products and ihe fact that 
the Arab boycott regulations do 
not apply to military equipment. 

Mr. Dan Halperin. head of an 
anti-boycott unit in the Israel 
Finance Ministry, told a House 
of Lords select committee yester- 
day that British companies were 
thereby depriving themselves of 
the benefit of Israeli know-how in 
this field. 

It is understood that the 
Israeli companies affected include 
Tadiran, Israel's leading manu- 
facturer of communications 
equipment. 

Mr. Halperin told the com- 
mittee which is studying anti- 
boycott legislation similar to that 
enacted in the United States, that 
this was typical of the anxiety 

and ignorance about the Arab 
boycott to be found in Britain 
and underlined the need for 
legislation. 

The Foreign Boycotts Bill 
sponsored by Lord Byers is 
intended to protect British com- 


panies by obliging them to report 
all boycott applications and by 
banning compliance vrilb the 
boycott 

The CBI, the Bankers Associa- 
tion and 1 he- Association of 
British Chambers of Commerce 
have told the committee that the 
Bill would alienate Arab 
customers and seriously harm 
British exports.' Witnesses have 
also claimed it is too soon to 
judge the effects of legislation 
in the U.S. 

But Mr. Halperin said Mr 
Stanley Marcus, his counterpart 
in the U.S. Commerce Depart- 
ment, had authorised him to say 
that no harm had befallen 
American business following the 
implementation of legislation in 
the U.S. 

It is understood that the com- 
mittee, under the chairmanship 
of Lord Redcliffe-Maud. has 
sent an invitation for U.S. 
officials to give evidence. 

But the invitation has not yet 
reached Mr. Marcus and there are 
suggestions lhai jI may have been 
held up at a Govenmentul level. 

Written evidence has also been 
submitted by Mr. Mohammed 
Mahgoub, Secretary- Gen era) of 
the Central Arab Boycott Office 
in Damscus. 


Harley-Davidson to close 
Italian motorcycle plant 


By Our Own Correspondent 


NEW YORK. June 20. 


HARLEY-DAVIDSON’S is to 
close its llalian production 
facility, bringing to an end the 
company’s attempt to compete in 
the lightweight motorcycle 
market. 

The company used to produce 
lightweight machines in the U.S. 
and moved production to Italy in 
order to try to maintain its com- 
petitive position vis a vis the 
Japanese industry. But a com- 
pany spokesman said that its 
lightweight line had consistently 
lost money. 

The company is in the midst 
of an anti-dumping suit in the 
U.S. alleging that Japanese 
manufacturers have been selling 
heavyweight motorcycles of over 
900 cc at below fair value, 

A eomoanv spokesman said 
that the U.S Treasury has issued 
a preliminary finding on the suit 
in the company’s favour and that 
its final ruling is expected at 
the end of next month. 

The ruling will then have to 
be referred to the international 
trade commission to determine 
whether there has been injury. 

Paul Betts writes from Rome : 
There is growing concern in the 


northern province of Varese fol- 
lowing the decision by Harley- 
Davidson. Although the plant has 
a relatively modest annual turn- 
over of about LSbn (£5m> and 
an overall workforce of only 
about 2S0 people, the threatened 
closure has come, in local terms 
at least, as a surprise. 

It also comes at a time when 
unemployment in an area which 
has so far been on the whole 
immune from the economic crisis 
of the country, is beginning to be 
felt in Varese. 

The company has deep-rooted 
traditions in the area. Before 
it was taken over by the U.S. 
group in 1962, it was controlled 
by the Varese-based Aermacchi 
aircraft concern. 

For some time the motorcycle 
market in Italy has been suffer- 
ing from a recession and already 
last November AMF decided to 
put State subsidised salaries (or 
temporary redundancies! on some 
ISO of its employees. 

In return for trade union con- 
sent, the company apparently 
agreed to reinstate the ISO tem- 
porary layoffs by the end of last 
March and to carry out a com- 
pany restructuring programme. 



0 





ay 


ou 



NotknoddngtheHjlton. - 
At£56 anigh£foradoubleroorn,]£offers 
alot ofpeople exactly whattheywantfirom 
aLondouHotel. _ 

Itfsjust that, for some, the La^roke ^ A 

mcrvKft offers a little more. 


doesn't only remember people’s ^ 

pHt QJ'"'""’)- names, lie remembers the ^ 

\ir I newspapers they take.) 

\W:fl Yougotoyourroom 

\-Y VM and youhnd little LA M 





doubleismerelyperipheraL^^^-- 
Iterealcharmisthat G||gg 

ifs small 

Smalfffiendlyand 
exceedingly civilised , 

Itfs out of the hubbub, Txj 

^es^isare 61 ^^^ Wm 

Square, not astone’s throw 

and. they 


Andatelephoneinthebathroom(think 
about it; it’s invaluable) . J||||2pg 

I "You go to Plums bar for a drink J|p|§/22 

I aaditdoestftcomeinmordinaryglass, 

H hbu go back to your room 

date mint onyour 
pillow. Canyou 
think of anicer_^|^ 

'^goodnight? 




iu - 


my 


CD 





(One ithafs decent anyway?) 

02 anight? Sometimes it 
even surprises us how we do it. 




0/-235C760 

IADBR0KE BELGRAVIA HOTEL S CHESHAM PLACE LONDON ~5HQX 8HQ. 




LADBR0KEHAVE17 H0TE37T4R0UC^0in'THEfcoUNrRY 1 INCLUDING THE FAMOUS DRAG0NARAS IN BISSTOU LEEDS. AND MIDDLESBROUGH. All prices quotsdareincliBhie of VMsaviw, 





Building industry 



recovery 


BY MICHAEL CASSELL, BUILDING CORRESPONDENT 


\ PERIOD of modest recovery In the public housing sector, 
for the construction industry the prospects for output are the 
3fler its worst recession is ex- poorest : m the report 
peered in the latest set of fore- A of decluitng output 

casts from the Building and Civil throughout the three years 
Engineering economic develop- under review is detailed, with 
merit committees. comfdetions failing this year to 

. , H5.000 against 162,000 last year, 

According to the committees . „ ra d[uaUy to 125.000 by 
joint forecasting committee, a ° ra u uy A “ a ’ uw * 
marginal overall upturn in new should remain constant 

construction of about 1 per cent 000 ear againSt 132,000 
is expected this year, a trend " ' 5 

expected 10 strengthen tf> 2 per Elsewhere, public non-housing 
cent next year. output is expected to rise by 

A 1 per cent growth in new o p cr L . C nt next year after a 
mil put is forecast for the fallow- 1 p p r cent fall this year. A 
1 up 12 months. further 2 per cent rise is ex- 

Tho ivjuimittee emphasises that pecte d (nr 3980. 
allhrmph it foresees brighter 

times ahead, its forecasts are not Investment 
as optimistic as at the time of HlVtauncui 

ihe last set of projections last The value of output in the 
December. private industrial sector up until 

The macro-economic on Hook 1SS0 reflects strong investment 
appeared loss bright than six intentions, with last years 
months ago and forecasts had increase of 10 per cent running 
hern shaded down appropriately, at S per cent and 4 per cent 
A warning not to interpret the respectively this year and next, 
umdest improvement forecast as No further rise is expected in 
l he start cif a cyclical upturn "is 18S0. 

remained in the latest report. An upturn of 7 per cent is 
This draws attention to the expected this year in the private 
fact that the 19S0 projections commercial sector, followed by 
indicate a level of output which further increases of 4 per cent 
will still be much lower than at in each of the following two 
the si art of the present decade, years. *; 

The report forecasts an Repair and maintenance work 
iiuTeasc in private househuild- should rise hy 5 per cent this 
in-- 011 (put this vear. although year, with further increases of 
I hi- m-xt two years hold out little 3 and 2 per cent recorded in 
promise of further growth. the next two years. 

• Orders for new construction 

Pr : vnfp cprtnr in April were worth £769m in 

rr.vare secror current prices, according to the 

Private sector starts this year Department of t be Environment, 
arc expected to reach 155.000 This figures compares with £Sllm 
against 135.000 last year, falling for March, 
in 150.000 next year, and remain- Expressed at constant prices, 
inc at thai level in 1980. orders in ihe three months 

Completions in 1978 should February-Apri! were 6 per cent 
rise to ltfO.noO after the last year lower than in the previous 

total of 140.000. and fall back in quarter, but 12 per cent up on 
the next two years. the same period a year earlier. 


Inflat 


steady 



BY ELINOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT 


THis WEEK’S figures on earn- Eurofina? conference in Bourne- Taken together, the two indices 
mgs have done nothing to under- mouth, admitted that his predic- suggested some months of ™- 
mine the Government's confi- tions could he Droved wrong by provement on prices. His own 
dence that inflation will be at, an Act of God." view was that the trend might 

or about its present rate for the Bui even a caJaniiiy llke not be as good as these figure 
rest of the year. Mr. Roy Hat- drought would have to increase suggested, but they certainly did 
tersley. Prices Secretary, said the seasonal food index by 20 per not point to a deterioration, 
yesterday. ‘■ent before it pushed the detail His cr j t j cs were equally wrong 

In a detailed refutation of Prices Index up by 1 per cent. about ^ ^plications of the 
claims that the underlying rale Much attention had been receat ear nings figures. With 
of inflation was increasing again, focused cm the recent figures sJx weekg t(J before the end 
in which he came close to accus- which showed that cost o* ra * n f the present pay round, the 
his critics of being un- materials had increased H Government vas much nearer 


ing 


.... - — ■■■ — -.«= , ’ , l . vivvcrujiiciu *y<i» iuuvu ‘ 

patriotic, Mr. Hattersley said that per cent :n :he last three months, jls ob j ectiTe than its critics once 


the 


the increase in wage costs dur- the Minister said. . thought possible 

ing Phase Three had heen near But the wholesale price* index . 

enough to the Government's tar- for inpuls was 1* per cent lower The earnings index ior 

get to prevent an upsurge in Ilian a year ago. whole economy* showed a jearon 

prices. Ii took up to a year fur changes increase of li.5 per cent. appre- 

Most nf the facts which affected in the input index finally i" w0lk c ^ bly 1 .*“■*?'. than the total on 
the next six months had already ihcir way through into retail ihe old limited index on wnicn 
been buiit inlo the equation, prices, and ihe country was still so many commentators had con- 
After that, the improvement dc- enjoying input prices inv.«-r than centraled. . 

pended on a “prudent path of in May. 1977. There was nothing in 1 the 

moderate wage demands.” Turning to wholesale prices latest index to lead tne ijoyern- 

Tbosc who predicted lhat they index for outputs, Mr. Haiiersley ment to conclude that its lnua- 
would takeoff again did not help said Ihis showed a fall in May tion target would not be met. 
the Government, he implied, in from 10J per cent to 9‘. percent. Nor should any credence oe 
its negotiations with unions over That index measured ihe placed on forecasts based on tne 
another round of wage restraint, prices oF goods as they left the rate of inflation over the last 
This campaign of “seif-den i 3 ra- factory’ gate and it took Hire* to three months. Any short period 
tion was extremely dangerous for six months for changes m these which included an uncharacter- 
the country.” wholesale prices to be felt in the istically high single month 


Mr. Hattersley. speaking al the shops. 


proved nothing. 


Energy challenge to UK 


BY RAY DAFTER, ENERGY CORRESPONDENT 


Work on Nigg Bay 
refinery suspended 


BY OUR ENERGY CORRESPONDENT 


INITIAL CONSTRUCTION work The company was talking with 
un Cromarty Petroleum’s pro- potential oil producers, including 
posed £200m oil refinery at Nigg the partners developing the 
Bay in the Cromarty Firth. High- inshore Beatrice Field. 

!“"“=■ pen<i - Cromarty intended to go ahead 

So fir Croraar v bas bui I only an,i tmiw reflnery - marilie 
the pHot iTnel’for the under ’-™ 1 ■«< asaoeinted storage 
ground storage facilities. The project at Nigg Bay- 
t-i 1 in pa ny said yesterday it was a a sbell said yesterday that the 


“The considerable uncertain- 
ties which make firm planning so 
difficult mean, in our view, that 
options should not be closed pre- 
main rely." 

Dr. Freddie Clarke, research 
director (energy) of the UK 


convenient i»r»ini t>> review pro- 2S0-mile long gas pipeline from 
pnsajs. tt was talking with North shell-Escas big Brent Field in 

F ,! Fn°J „SfS? Kf fi,t ■ 7VorCh Sea tr ' the h a ad»ng 

of Enera,v. jnd regional and loial aT c, v-pr^ns near 

niunyil, in on utk-mpt to decide .EE 


on Ihe detailed configuration or t P J' erpe n a f. had P "" f ™ , ‘ P !f | t f i 
the plant two months ahead of schedule. 

Much would depend on the The line, laid hy the sem-i- 
ivpes r,f crude oil thai would be submersible vessel Seniuc 1. will 
Teel inlo ihe refinery and the com- carry gas produced in association 
bination of products required. w Uh Brent oil from the field to 
. The refinery has been planned sbore . wbere it wf „ be fed ^ 
amid con troversy. Big oil groups, British Gas Corporation’s distri- 
fjc-.-d with overcapacity in heir butlion sys tem. 
refineries, say the new facilities _ „ „ 

are not needed. Cromarty says Eventually gas from other 
iis unit will be Ihe first plant fields to the north-east of the 
designed specifically to handle Shetland Islands will also be fed 
North Sea crude. * into the pipeline. 


Limoges manuscript 
fetches 


£ 22,000 


its 


SDTHEBV'S CONTINUED 
sale of the library of the late 
Major J. K. Abbey yesterday and 
made £239.430 from 34 manu- 
scripts. The »op price was £22.000. 
plus the 10 per cent buyers* 

premium, paid by Franklin, the 
Oxford dealer, for a Limoges 
manuscript of Gregory the Great 
Humihcx 0 } Ezccli iel. produced 
about 1100. 

A similar sum acquired for 
Kraus, the New York dealer, a 
late 15th-century Old Testament 
in Greek. .4 Liber Torarum of 
the Papal Chancery. produced in 


SALEROOM 

BY ANTONY THORNCROFT 



BRITISH industry faces a chal- Mr. Ruben Majpas, imperial the different energy uses it was 
lenge to become more energy Chemical Industries director logical to expect a reduction in 
efficient for Ihe day when fuel said thai the immediate chal- demand forecasts, 
prices are at least double lenge facing industry was 10 use More oil and gas might be 
present levels. the breathing space created by found on the UK Continental 

This was (he conclusion yes- Ninth Sea oil and gas to deploy Shctf than had been forecast^ 
terday of a junior Minister, resources before the end "[ the 
leading industrialists and fuel century, 
producers taking part in a 
British institution of Manage- Demand 
ment London conference on 

“Energy 2000." Companies could crease an 

Dr. John Cunningham. Parlia- energy climaie where an in- . _ — , .. .. „ 

mentary Undersecretary for creasing standard of living Atomic Energy Authority. Har- 
Encrgy and Minister responsible could l»e obtained with zero nr well, said that Britain couJd not 
for energy conservation, said negative growth in primary expect a large contribution from 
that fuel prices could at least energy demand. the renewable sources of energy 

double over the next 20 years Eventually, coal would be- enVrS'-VfbV’yMr MOO 

"The fact that the UK will come the feedstock For gas. if thi ne 7went JeU the^ equivk- 
he among the top 10 oil pro- liquid fuels and chemicals. , *! of lOm tnns a vear of coal 
ducers in the world for a .short J, was important to improve JjS b t be i?S5ided 
while, and that we will indeed the efficiency nf elcviricity 22 m- of ene^J 

become an niJ exporting nation, generation. Only 30 per cent nf s,uurccs “ euer «y- 

is neither here nor there in a energy contained in fossil fuels 

world energy context." burned in power stations was 

Britain could not isolate itself converted to electricity, 
from the international energy Increasing use of nuclear and 
market. solar power would help t« ini- 

Britain’s top managements prove energy conversion 
must put “financial muscle and efficiency. 

company commitment " into cut- Sir Denis Rooke. Briti-h Gas UNEMPLOYMENT is falling 
ting energy use and costs. Corporation chairman, v arned fastest in the south of England 

The Government was offering against making “major and irre- and Scotland. The only areas 

more than £100m a year for vocable” investment derisions where the jobless total rose over 
investment in energy conserva- based on long-term energy pre- the past six months were Nor- 
ton measures. dictions. them Ireland and Wales. 

‘ The onus is on the consumer Foreca>t*i about energy pro- There was a 41 per cent drop 


by such 



leaks may 
prompt 



action 


BY SUE CAMERON 


. : :- %V mARG ARET 

conuhi ssiqn . nf BS 


n mission nf ns A 




Monday. 


A meeting of 40 shop stgwarife f&rHfs. about i ^ 


representing construction, 

to make an immediate improverf^e'fixed price. •. 


ment in safety -Undards, ,oi* •• 


dose the plant until effective;!,^ 
action had been . taken . agaios^f. 
health hazards. • . - .-.'Cl'. 

If Monsanto refused to --aciftthat they 
either, the stewards -WWl&ffemmitjnent. 
consider recommending - indus- 
trial action. ‘ 

Shop stewards say that In one. 
of the leaks, the warning sire& :iifjeu w - . r 

did not sound. . -i SrLt a later stage 1^.$% 

They want faults "such asjthesg' tdiain of tho transactron. ^ r. C s ^ P ^ 


Exposure 

Their action comes after unitin'] 
complaints last week that -five 1 
men had been exposed to dan- 
gerously high levels 1 of acryloiff. 
trile. - . V* 

In the UK the legal limit ftiw 
exposure to acrylonitrile- is : 2Q 
parts per million. One man— &o{ 
wearing breathing apparatus^-, 
was said to have been exposwC 
to 214 ppm at the Monsanty 
plant 

Monsanto yesterday admitt^ 
that there had been “-minors 
leaks at Seal Sands when one 
section of the plant was started 
up on Monday. But it added 


costs,. j* 

mm 

'b^adding more, sbareff.to ^ ;.; : ^tcther-.c 

ouch leaders as Turbin 




tWW-tWOj 

6id2rv.uae/ 






tSSSors who write- options-^ ■ ^p U tr, > - : 
ithat is, stand ready to-.seU . 

n future. Period at ■v.tc .rmle: -as. 'HehasTffiait e 5hFv ; ' , R5 t r i iMi.' 


Stock Exchmagfe argues twe 


repaired, and more -extraction * The ou'^ — - — — -rr-....— 
ventilation. Shat the banks’ hesitations are,:ma)ang„it 

They are also demanding .thtrt needless, in view of the; protec- ope^ate m - 
the company has a doctor or.|r ^oh available— in the options . -Whenever -v ■ 

trained nurse permanently 
the site. 



BY DAVID CHURCHUi 


linfe „ 

m&kt 

■ ’• -j. . i •; ■ r '.. ^ - 

mi : _ ?■’. v> r f: ■ 

.Ini Tiifiri 1 irn*»w r “ * *7- ■’* ■ 


FALL in both prbflb and : in JUhg last yea ri- . .. v 
that management had not yet turnover for the year ended last .Turnover for ,I977^w 
received demands on safety November 5 was., announced Sj .per cent. trom.^rirn^ 
standards from the constructibB yesterday by Green Shield, the ^ta r ^2m‘ last yeai> -wJ, 
workers’ shop stewards. . " trading stamp company. ; after tax felt from £L4nr 

Excessive exposure to acrylook The fall reflects the loss to ’fiyer: 
trile can cause breathing diffil Green Shield of the . Tesco _ Green. Shield' sait^tnc : traqmg 
culties. franchise, which was given up .profit had been, augmenleff -by 

w - iXm which wax part ofla pro- 


Jobless down fastest in South 


r 


JL 


to take the initiative. Nnw no duction and consumption were j n uk unemployment since De- 


business can afford to ignore the constantly amended, 
benefits nn offer.” Dr. Cunning- Given continuing action 
ham said. stimulate greater efficiency 


cember. 


EEC loan scheme 
improvements 
suggested by Lords 


The number of jobless fell at 
a faster rate than this in four 
areas — the south-east, where it 
declined 7.3 per cent; East 
Anglia, down 6.7 per cent; the 
>nuih>wesL 7.7 per tent; and 
Scotland. 5.2 per cenL 



SCOTLAND 


An 77 

Jw 78 


7-7;. 

7-6^ 

■ 


r^" i7T ul 

EESuu 

tun 

fga 

Bill 


UNEMPLOYMENT 

", .w 




••5-5ZJ 

1 



ETBE; 

1 nm 




CEUELJi 

IczjuI 

p-tn 

EM 

nza 


M”. I 4-8 •: 


Improvement 


BY REGINALD DALE, EUROPEAN EDITOR 


In Northern Ireland the job- 
less total rose 4.2 per cent, while 
in Wales there was a 0.2 per 
cent increase. 

: The improvement in the 
numbers of unemployed in 
other areas were: West Midlands 


Rome about 1500, fetched 
£ 21 . 000 . 

A gouache nf Windsor Castle. 
c.1770. by Paul Sandby. set a 
record fur the artist at ^19.000 


Detail of a pen and black 
ink portrait by Urs Graf in 
the von Hirscb collection, 
whose sale opened last night. 


down 2.5 per cent: East Mid- 

" lands down 2.3 per cent; York- 

EEC PLANS to raise Community- efficiently achieved hy increasing S hire and Humberside down 1.2 
backed loans to help stimulate the powers nf the European per cent; the north-west down 
investment could bring benefits Investment Bank in u\\ow it to 3.4 « e r cent; and the north 
to the UK. according to a House handle the large loans envisaged, own 2.3 per cenL 
of Lords Select Committee. Assuming faat the n^v facility, Two an?as where the patlcrn 

The committee finds, however. S n d d '^ wnuid onii renSe^ f,r unemployment seems to be 
at there ijnwnftjr «*« of »"* ** *<**'*> 



vision : made . in /1B74 f 

reduce# investment valires^and 
which deemed no "longer hWe* 

Sfliy: 

Tbis ineans thatr tbe effective 
profits tali was’ .about ;£L3nC " ' 
--.Thecoiiipanyhas’ateoadded a 
total- o^'-£S2fi,603 r . to its’ reserves 
to improve its liquidity. • 

The -fall , in profltabElity was 
- expebttd' by Grbtiri Shield - after 
the d^sion by Tbsco oear ago 
_Lto its : 

700 stores:- Tesco -s' ihove. started 
off , th& present High Street price 
war which Green. Shield hopes 


' .5 


^ may fizzle but* 

Mr~ Richard Tompkins; Green 
Shield’s chairman- and founder, 
who owns the bulk of" the com- 


'f r^TVrirw. 

cssa 





Jv 11; 

C4il, 

Pclff 

irssn 

rra 

tin 



r-mni 

tcE:i 

KM 

K£H 


^ JSflflraWgD 

”1 6-5216-2^1 

I SEASONAUT AOIUSTEP 


that there is room tor improve- , ?r.‘.rr v, _7 out of line with the general 

nemployment rate is relatively 

seneme. »Hpivw .n pn«.«:uNc at h r----j YorKfcOire nna Mumtiersiae. nign unemployment aroppea tow at - 5.5 per cent, yet the 

last Decembers EEC summit. b m -S ii ,ii iT ? The jobless local fell slower faster than any other in ihe improvement in the total num- 

The proposal, now being dis- -J-L , , L k-!, " vnre«« ,n w** wit h higher levels of country in the past six months. i„:,- 0 f jobless was only 12 per 

cussed in the Council uf cn „^ r n thai the E1R micht firS unemployment, except in the Yorkshire and Humberside’s cent in the past six months. 

Ministers, is for the European " 

Cnrn micclnn tr» iuiip In-inc nn In 1 F COmpCtin., Willi the Corfl- 


yWHB 

77l^i ■fa pane's shares makes dear in; the 
annual report his belief In the 
return of u more normal jnaricet 
conditions." - v 
In the meantime.; Green-Rhl^d . 
is pressing ahead ^ - J 

strubtiiTihg ^htdt-liasrJtrie^rtf the ‘ j 
merger- of mostbf.its redemption 
centres- with the jArgtte ' dK^unt 
store Main,'; also owned 'WtSCi. 
TompWns. • • - , . 

Under \this ' lhakHi^'oStSjhP 
savers- can redeem^ / ktaihps'-.’at . 
Argos shops add use fuH gtaaip . ..'jl 
books in .part-change for-gbSte ,'Nf 
sold by Argo's. •" 1 

“The ; expected ; '-Tedudi 0 n' 7 ^n 
stamp revenue- shodid, againv o® - 
■in V8| matched by an' h3rcrea£ci--^Jin 
merchandise volumes 4inder;4he 
inter-company agreement; 

Argos,” said Mr. Tomp tan^ V^:^. 


Commission to issue loans up 10 . . . 

a total of Ibn European units of 


over an un- 


account f£I.4bn) 
specified period. 

Each tranche would be acti- 
vated by the Council of Ministers 


crowding. 

"While slight differences In 
terms could be appropriate, ffcr 


-r v ; h ' 71“' ' “ " ' V hp example, if the O.miuission wefe 
dl ) d . .J* , h ** ls l . b * ‘topping up' a loan (rout the EIB. 

administered by Ihe European j t Kou |j be p ar iii-ul:irl> nmMr- 


Inquiry told of salvage delay 


BY PAUL TAYLOR, INDUSTRIAL STAFF 


Laporte 
marketing 
chief 
joins 


Investment Bank in co-opcration 
with the Commission. 


aide if lhere ca:ii-'» in !■« anv 
fcrentiation hrl«wci.n the 


By John Elliott 

THE MARKETING director of 
Industries has /. been 


f. UN THE DAY that the Amoco helplessly towards the rocks of Lloyd5s open form — the standard 

" ‘XL — '« — . Cl , reremiation hrlw.-.n the crepit Cadi* was wrecked on the French the Brittany coast. form of salvage contract. 

The House or Lords beicvl stan di n o f ,( , bl . j>m„n«i6n wid coas t vital hours were wasted Captain Bardarl began his . . .. J Laporte 

Committee on the European , bf . .j-jp , jn j lbus . te Z^ s while the tanker master and tug second day in the witness box .* series 01 radio and telfr appointed a demitv direetnr- 
Comraunities in a report on the ; in ' wWpll would imrrowfJo raplain argued over the terms of describing the first attempt to ^ t °“ 1 general of the OmfedeSnof 

scheme, says the precise impact lb . 4 . ]h „ v j n i or r er ,-ri >vith rich the salvage contract rescue the Amoco Cadi2 after the ^ p tween uie iWo_ captains^ Brest British InduEtra Mr 

it would have on the level o' 
investment is difficult to judge. 

But it says lhat in present 
economic circumstances addi- 
tional lending facilities lo a-.minim,, inr.i ih. comims- during me nine, pours In the tag captain. 


^ sion” lias a ‘Vrerl ii wii'ri hineiS*" "in TSTSJS gSed^dS the tanked steering gear'faited. ‘"the vg ! citato Twenty wSteb^w^S 

SSSSSit Of*®' EEr'to in S "> W " n f p i5h«- .here is ™ ^ GermL t^ Pacfac actual!; The u.g stopped pulling .t idter ** federation at the ^ ^begiSnB." 

enlargement of the EEC. to in- reference to rhe rurm ( ,f quota n- atlempt to tow the vessel -■*“ pm. nroxe. H will vforfc alonB- 

elude Greece. Portugal and i ee , 0 i w offered in 1. ... de'rsT " 1 . Captain Bardari said he made Under ern^v^in,^, dde tho r!;,™!.!!?- 

Spain, would make 
demands on available 

The committee asks 
: whether Ihe scheme 
< could not be more 


in .1 sale of English drawings and ( b e first Duke of St. Albans, a 
water colours at Christie’s. The noted bibliophile and friend of 
sale made a total of E16R.0I0. Dp_ Johnson and other literary 

Sandby. born in Nottingham, figures. The work had been sent 
went to London wilh his brother far sale by the present Duke of 
and worked at the Tower of St. Albans- 
London, making maps and plans. A sale of Australian historical 
He later moved to Windsor to and contemporary paintings, 
help with landscaping Windsor drawings and prints by Christie’s 
Great Park while beginning bis in Melbourne on Monday realised 
senes of drawings and prints of £180.081 (AS1 69.730). The sale’s 
the town and castle. top lot at £5.312 (AS8.500) was- 

A view from the Thames to paid anonymously for Bride and 
the north front of Windsor g b >' Arthur Merrtc 
Castle, with the water gate In Bloomfield Boyd, 
the middle distance, also hv Attendance at the Grosvenor 
Sandby. fetched £8.000. Bnfh House Antiques Fair is well up 
Snndby work? were bought by on last year’s figures, an increase 
Thomas Ac new. the London of 35 per cent for the first five 
dealer. The Market at C.nrev 1 days of the safe: 12.421 visitors. 
Garden, in pen, brown ink and ugainst 9,096 in 1977. The fair 
water colour bv Thomas continues until Saturday. 
Rowlandson, made E9.HIR An important sale has been 

A water colour on huff p»iv»r made to a British collector for 
dated .time 2S. 1S54. by Richard F28.00O — a unique collection of 
Dadd, of Drti-rd Hidina in the Napoleonic items comprising a 
Care tcilii his Men. went tn the cameo necklace and a pair of 
Fine Arts Society at £7.000: a bracelets set in cold belonging to 
record for the artist. the Empress Josephine, three 

Also at £7.000. another artist snuff boxes and u miniatures by 
record, was Francis Cotes’s Par- famous painters. The vendor was 
jrnit 0/ Tophaw Benurierft — son D. S. Lavender, of South Mol too 
of Sidney Beauclerk. fifth son of Street, Mayfair. 



Aston Martin 
launches 
The Volante 


Emergency meeting on docks 


ASTON MARTIN launches 
convertible version of the 


BY IAN HARGREAVES, SHIPPING CORRESPONDENT 


•satiODs directorates cdferieg 
the EEC and other overseas' 
affairs, company affairs, and. 
education, . training and techno- 
logy. — 

Sir John is known to want to 
bmid up the confederation's 
activities . within the ■ Common 
Market bat so far has found 
little time nimsslf to -devote to 



available in Europe ne*r year!» -J- 


discussions on the port’s future submission or a meaningful joint dosurS^tbe nort will L! our t year perlod and be does 

the since Sir John’s announcement plan to the Government - 1 - w - I0Se at not rale n ” 1 ' *- -~-»- 


and will cost about O'* 500 in, 01 ir • ,unn ^“CKney, w« »«««» -«“«» awiuumi ma 10 me wverameai. least £7^m in the next five wars *,£“1® jS 1 * returning to work 

Britain. C ° Ul W “‘ SU0 *"• ?J!} h ?”X’?_ ch . ! ! ,, !? ,an - mefi f jl 0 . 1 T he P^ent draft plan simply p t)DT1 tUa ,„ t | t « l4#w ,. S eompaay .later 



j originally 


pit jobs hit iSSSSksS SSP-HS ErlSSiSi 

ABOUT 150 miners at the SO- ( ejection »( iSOin. Mr. Rodgers, as the Minister jjjjjj with a *s«-point list of lar-et regarded by Later he joined 1 the Beftiilhh * 

year-old Hyllon Colliery. Wear-[ The shape ami speed nf who appointed Sir John to solve PJ ac * lces ' vh, J- h I authority jrnnnssible * 0 ement group and lived in Holland for 

.1 , .u. n 1 requires abannnnpfl Thi»v n>, , ff , ' 3n,u,c ' • c — - »»». 


Even the authority's modified * n his career. 

Bom in Wigan, Mr, Kigby was 

S?n?t ted a J Wigan grammar 
school and King’s -College, 
London, where be read 'cbemS 


ilm and £4m In 1982. 


side, are to lose their jobs! developments m the next week the port’s problems, is almost a ( ba " ciont ’J- T h ey say Mr Roaers and Mr rupbn««» f Ve years before joining 

1° fSSre n i«mE™«i he Subjecl ° f •*« how^ M sfr P SbaSr«Si : 

™“2Sr 3eL<!Kfe««sh! 2SJ°S SSrtffiJteasE: 


are hampering production. The; Mr. Rodgers, but the authority one-dock closure in Cabinet com- ^ ulure negotiations, 
future of the colliery, which! now feels that 


, cn/ , .... . 31 a , Government raitlee . 1/ there is no change in the grounds without itl being treated 1?%” b , e L S0jd titanium dloaade 

employs 600, will be reviewed | decision is urgently required if Another crucial meeting this unions* bargaining position nn as i ™ n pral &nhsidv Ii? !° Sir John who was bnyihfi it 

financial week is a session between the Friday. iv»~ ^ cnerai sunsmy ior the m his eaniw*iH» 


this year. 


the port's acute 


the port authority is whole port* 


his capacity as"head^--%eo>’ 
irai pnrehsving «i- jet ■ ' 









Financial Times Wednesday June 21 1978 



ink 


CB ! 


Audit reveals 

GLC £1.5m. 


Union chief puts case 
on company reports 


BY CHRISTINE MOIR 


overs 



EMPLOYEE COMPANY reports time limit allowed should he ^ at *on^and 'SonsiSrablv i 
should not he allowed to supplant penalised much more strineen^. Jjjjj^niformiiy in urucntatins 
Ktatmory report and acinunts. than at present. In the pas . more u ^ n( f ed ,. d - °i 

a-jeordlnfi to Mr. Moss Evans, then; has been wholesale limn- Mu* f 0r ^ tUl k brokers Mr.! 

general secretary of the Trans- ing of the law on this matter. Jo ^ ea Chiene . senior partner of ; 
port and General Workers Union. Seven financial areas are pin- Macfc*n 7 ie. calls for 

If they were allowed to do * 0 , pointed, ranging from leasing . r disclosure of qengraphi -1 
companies could put an inter- commitnienis 10 foreign currency casb holdings ber juse \ho\ 


BY DAVID CHURCHILL 


Companies 
union gives 
plan to aid 
small 
businesses 


No ‘divine right 
for editors over 
staff, tribunal t< 


By John Elliott, Industrial Editor 


MR. JACOB ECCLESTONE, vice- before entering Parliament, said 
president of the National Union the columns row was tu express 
o ^Journalists, told an industrial opinions . and in * 


He a 
doluiled 


esr spurs: a? ms? rsf n s^ ““wsssrs* srtr. ^.^rsi-ss &£?<sr a 

the GLC is presently soendin» **'-iiniini?d ■* must "ive rise to wriung js pari 01 a m j, ct) n 5 idere(l for statutory in- lier approach tu uimpany report' rate f or per- Times columnist dismissed an d lhe otner pn.t.mul j u*>r 1.1 

about ^ £-l50S00 Sen m V ore P fbSn ZfiSSF'cvESr" Sm^nted j iS& of riu “ n "i ^ ^JtPUSEX Md , , «„ -son! St^mprSve small busi- Ss ago" after a long dispute 1 -t 

budgeted on construction work Mr. Nicholson. u Mr Evans oEs i : ! s lu - ,al co 3 ,! i of | rJi ^ 1 ?, *« Mr. Gerry t«a:i S . head of the, sa ^ banking facilities: . and vixh Mr. Fredy Fisher, tne jutt the Financi.il Time, fu. 

in spite of a 50 per cent cut in Mr. Culler said last night i^^n^X^'or main are as » which dancies and pennon proMsions. donlt?sU e banHnu division Sma il Business editor, over the editor’s control -0; ears . 

the work-load. ihr. rennrt m.estions about 1 numDer 01 mam “ rL ‘‘ S -" 1 ,J vn, L- m- Pi-,n<’ vii. 1 *. -,r.. Hxorossetl National w CM ill meter Bank. ; „r hie mlumn. 11 important tor mu tri 


_e work-load. the report raised questions about f ronurL: could be Mr. Evans' views ar« expressed National A^encv. r u«. ,, 

Mr Horace Cutler leader r.F whether direct labour building; . p in on( ; 0 f f f , U r papers covering s:i>s hanker-, me need for. The' union, an organisation oF Mr. Tether, aged 64- 1 

the council last night described should be a function of local j in I j lh d for lbc main users of company rc- improvement in disclosure of companies rather than a trade worplesdon. Surrey, who wro 

the oversMndineS “ShIm government. “There Is not the 1 ...V^r.^Yion “ Parent coni- ports. Other users include , hare- runds and .a pit a! requirements comP formed bv act , Lombard column in tl 

me overspending di scandal- M discipline thal od»i B in Itaej J ^ a„ ne * ihe 5ccoun7i. holders and stockbrokers He pmpmru, nw particular • “P l “ n ; vho have been prominent FinanciaL Times for 21 years. 

.. J . private sector.- he added. ■ analysts, banks ami financial areas: a detink-d analysis of I J™ cll organisations as the Con- claiming unfair dismissal coi 

The overspend mz was dis- The district auditor's report ; ^ id :.. ri p . , Q .v, e croun accounts “ backers, and Government depart- .short-term dt-l».. five-year records | f cdera ti 0 n of British Industry pensation and reinstatement. 

SHE? b ^ M /' J - NKh0, ir - \ UG *»' he considered by the GLC | “ft* l^iemcmon men Is. uf capital, recite,, sales, prefils! ^ Associalioa of Independent p Yesterday, the 42nd day of il 

oJfi$i«I« a i 1 i? it0r res .P, oni,lhle r 4 ur finance and establishment coin- , .?■ finantial arrance- All four writers arc prim aril;; and margin,, a detailed break ; ' Businesses. . I hearing. Mr. Tether asked \ 

auihtin^ the council s 1 accounts, mitiee laier thLs week, said Mr.! ^ mneerned with a company '< down of the tu which capital . president is Mr. Bill Ecclestone whether he agre 

• Jlf- re £ ort °”J he CLC : S c ? n ‘ Culler. The housing policy com- ■ . Pomnari ics who did not long-term profilahilily. financial is com milled and a clear basis PoetOQ . w ho runs a business in with Mr. Fisher's contenoon th 

sU-uet ion branch he says that For mitree would also make a fill! | ur T 1DarD ihfir rcooris within the strength and future prospects of asset revaluations. Gloucester and used to be a pro- it was a well understood practi 

12 sample projects the direct investigation. prepare then- reports within tne siren^vn ana **• minent member of the con feder- ^ Fleet street that editors ihac 

costs exceed the value shown in Last night Mr. George Trem lei t. - — “ ation. right to change the job oE thi 

the final accounts by “substan- leader of the housing policy] k j Mr. Poeton believes the union journalists, even 10 move them 

SUI ? S - . ™ Points out that committee, described the report; o-J tiIoTI ■ lTWAl* differs from its rivals in that it more j un i Qr jubs. without thi 

although changes have been and as •• horrirvine " and said tbai£XI“IU Uldlll 1 JlVItvl I V? U is basing itself on local oraoches consent _ 

are being made, many contracts the direct' labour branch at] v O [n individual parliamentary con- Mr _ Ecclestone replied: 

are still costing more than their county Hall was a shambles. q stituencies. It hopes to become WQU , d say an cditor does 1 

valuation. The cumulative excess ■* On the basis of this report we j 111 LlUaC L l. Jj ! a localised orgamsation rather baye toc rij , ht l0 do tbis withe 

cost on some 3b contracts has would be quite justified in closing].^ . - , IVlPIl 1U1 Cl lOdllS -than a national lobby group yj e i r consent." . . 

now increased to £1.5m, be the construction branch down A mnlfll* 1IWW. fiVl*** | based in London, and intend, to He could not think of a sum 

added - altogether.'* he said. But he Jt 1 f CI1 , i try to persuade local MPs to take eS ample at The Times over 1 

On the GLC housing mainten- promised lu consult senior, TWO MORE senior officials of could not remember being to d up j Ls causes. Its ntembersmp j ast 1Q y(?ars Wibere the edi 


l ^ VI 1 Asenev. . r of his column, 

pe need for. T hc‘ union, an orgamsauoo oF Mr. Teiher. 


diselusure of 


porti 1 

rating 


“’it ia important for the In- 
of bunal to bear in mind that iwn 


.SSiiSKT 1 hearinSi Mr. Tether asked Mr a much shorter time tn.an l nad. 

tu president is Mr. Bill Ecclestone whether he agreed The eudence rh/.uod ihuit 
Poeton who runs a business in wit h Mr. Fisher's contention that were- no grounds or. which any 
Gloucester and used to be a pro- it %vas a well understood practice reasonable editor could ha'-- 
minent member of the confeder- ^ Fleet street that editors had a reached the ocnafide conclus.or 
tjon r j g j, t t0 change the job of their that his work was strident lo a 

Mr Poeton believes the union journalists, even 10 move them to point, as Mr. Fisher had pul n. 
differs from its rivals in that it more j un i or jebs. without their likely to prejudice 1 he reputation 
is basing itself on local branches C0DSent . of the Financial Turn*. 

in individual parliamentary con- Mr Ecclestone replied: “l Mas it nu«inah!c. united •Ir. 

stituencies. It hopes to become WQUld say an cditor does nut Tether. t«» expect huu bel.cro 

! a localised organisation rather haye ^ ri2ht t0 d0 ^5 without that coincidental v.iih the 

: than a national lobby group ^ ir consc 'ot." arrival of a new editor. Ins wop, 

i based in London, and intends to Hg CQu]d nol think of a similar had become strident ami hceim- 
i tr> p to persuade local MPs to take esamp | e at The Times over the ing 

I : Uc nipmbership v 1 A ...u AMA f>ia Arlitnr Mr. Trlhor ilio 1 *n I • trn.i- 


VJll Liic LUAa XlUUMUn II IlI III ICU- |/l Wlllisru IU lUUJIWI ' n ■ u . . 

ance branch the district auditor officials and trade unions before j By Lynton McLam 
says he has discovered “over- taking any action. . HiLLD 


EEC to pay £1.5m 
to retain steelmen 


i try to persuade mcai .un w esample at The Times over me mg 

TWO MORE senior officials or could not remember being to d up its causes. Its P« mbe n r ship j st 10 y0ars where the editor Mr. Trther ** 'id the Mn i> J".'- 

■ -/ -r— - , _ 1P . rmwn Anents were alleged about the loan* tn Mr. ChaUis! w iii be owners of independent . . . ^ aWe t0 n)0Ve someone elusion he could diatu iu^ that 

[HELD BROTHERS of BndM A onts Mr . j footed companies, but not self- “fte arbUrarilv. pfueiibrly if the censoring .. nts writ wo* 

: , s to close ,.s Feed Ambler J»b- f™« <?«- . ■W»»M emptaM !*»•*• ffi'iovo.ved to s otOebu. _ ^.JS^to'S 


;is to close its Fred Amhler sub- jit me uw i »■» ^ fl [ra “c‘ n;iI1 . Mr . Durand a-sked: “Would 
! sidiary. cutting Britain s fine- bale j 3 ou vou agree thal loans ;o these two 

l-uunt worsted yarn capacity by acr S^i b n>c> .1 .Enough repaid 

] up la 25 per cent. nm-.nd 00 would have been a manor of 

One hundred people have been Mr Victor Duuntl , L.u. w m i0 vou7 - 

given 90-day redundancy notices defending Fin e> 5. . ^Nulmn^ . wt 0stjfd ‘ v lu>d . « Had l 
and will lose their jobs in the gale Lane t-laphain. South Lon - a , v;i| .,. then 35 j am nou - 


up la 25 per cent. 

One hundred people have been 


and will lose their jobs in tne gait- L.anc. ^ M a ^,,: lhe h as 1 am now 

“‘Fred 1 ' Ambler was taken over formerly dircctor of fi^ncc aod the anawer 13 

%?'&*&£ rw &.»« res-,.,* r s; e & 

^KSr i(U " Pr °' Monday # r'o ?'*%£%>■ 


Debenhams and 
Hepworth plan 
boutique deal 


MORE THAN £1.5m WU1 lie paid assist personnel affceted by du^reiVBritata * Monday Mr. Roy Am lot, prose- 

out OF EEC funds to help to closures ai e Cleveland. Higlle- 1 ““ggjSa dSnind in Britain cuting, said the former manager 

retrain redundant British steel- pool, and bhepcote Lane, Shef- and overseas^ for the finest of the Crown Agents’ sterling 

workers. . . , fie I d '.^ . , . „ • in „ worsted cloth has hit the fabric Money Market. Mr. Bernard retailine chain is expected to De aeieieu uy u.c rui^. !en"in* t be way Mr. Fisher s 

The money is tn be made British bteel has pit in a Ambler Wheatley, had heen bribed with SniiiEd shortly Mr. Ecclestone said this would ^ - 

available for 3^74 British Steel variety of claims for -European ° n wmen , oans | roa] Finley totalling 1NJ1TR fi led Ollt Th?dSl woSd mean that Hep- depend greatly on the nature of ( T?thJr» was nnt chul- 

Corporation workers. It will be Coal and Steel Community hel^p add Brothers said last nigbt £320.000 as an inducement to 1 worihs d would set up separate the particular .writer s contract £ ed be th e prerogative itself. 

&2F& ?eSfu.n B E n r a !S during’tjie of mine rescue -jjj s K-« n e» IS" 

ass' jsmj-JS Sr- g»r- *° r B - WII “ . ssa-*—*- sa aysr-^g 

T, “«S- corporation** redundancy . £f', 0 “ f STVSttS*®. ^ ^ctf’g^r EtreerUnu editor*^ U* rijh. 

the European Coal anjl Steel and compensation parents to Xftk6 a D01D6 D06r Am lot told the jury that had Mr. tarnish Fields has the 30 Debenham stores. Mr. freedom. iournilisls without their consent. 

Community of Article 5b of the individuals . h “^* > THE TAK E-HOME beer trade is Wheatley not died last year he ^> da JJ d ■‘jJJ F ^ r Da “? d Jeffrey Rowlay. Hepworth’s Questioned by Mr. Thomas J0 ^ r he * re ' f ‘®. e . the Financial Times 

Wtf ^^ir^ the quest i an faThtacrepfed an it of had 

Lanarkshire. Clyde Iron Clyde vnrlds.ee recession L ro L hm or°c“ thS.osc^f Con.i- assistant secretary a. the Crown snegerted had b«n rejected hy Hepwjrth.. new b Ih.M. g,^^ ,,0 a u n r d M ^ hoarin 5 was adjourned 

S’sS?““ sS&PSik ^ awg/rra ssas. unto SOTe,OT f ° r ^° 01 

A ftirther £580.000 will go to pipeline. . • » SL T\ 3 0me ~ — 


Financial Times Reporter 


“V would not accept for one unwlilmgness u. allow hi, nhil- 
-tnuteTbS^an edito? could do '■ 

t *u cL-a/i him to com- Mr. Tether said that one uf the 
™nt on a sliitemerd presented -in «.«» why so 

K5SHSS IS 

branch) at the Financ ^ was ^mable to understand there 

iSfep-jssssr.ssss: s 


put towards a £2m British pro- to resettle redundant workers equipment would be authorise £1.75m loans of Crown 

gramme for retraining and pro- during the last year » the cor- trans f erred t o its own works, and Agents money to Mr. Finleys 
viding resettlement allowances, porations work-force -has D« e !? th.> rontprf factorv returned to I companies. 


NEB ruled out 
of mine rescue 


Isupwd at home. 







yourself money; 


save the couutryu ener 


wittffcbese newcash grants from the Depajtment of Indus^ 


25% grants for replacement and 

modernisation of boiler plant. 


Who is eligft le? 


Tt SB 


BES BS2 ES3 ES E Z& 


To; Energy Conservation Scheme Office, 


• ^atfsssjaar 

controls. 


Financial akkist^ 


^^^^cojnhined 
heat and power systems. 

50% grants for associated consultancy 


Virtually every sector of industry trade 
and commerce throughout the UK. includirig 
manufacturing and service industries; 
agriculture; the distributive trades; the con- 
struction industry; banking, insurance and 
professionalservices. 

Saving energy can save you money. - 
Now is the time to applyforthese new 
cash grants to help you cut your space and/or 
process heating overheads -fill in the coupon 
and the Dol will send you full details of the 
scheme and the technical conditions to be met 


Department of Industry; 

Abell House, JoMIslip Street LONDON SW3P 4LN. 



Please send me 'Notes for the Guidance of Applicants.' 


Name 


(BLOCK. CAPITALS ? LEASE) 


Position in Company/Organisation 


Address 


F 721 ' 6 L ^ 

m ffisa ek Esa o s> 


work. 


Itepartattialiflisd 

s Energy Conservation Scheme 




h*5 







i&jndal ir Bxa^- 


:3Kk«J>l^IENT :»ME>^QtI:T:iCS 


to 


LABOUR NEWS 






stressed 




Callaghan 
hopes for 
Phase 4 
agreement 


BL 


i#.'- . - 






BY ARTHUR SMITH, MI DLAN focOR^P OND6NT 




■ ••Vv.-Ts2i 


KJUfM. v ^ By Philip Raws to me •••---.• 

1 M iT BY ,V ° R ° WEN ’ PARL1AMENTARY STAFF MR JAMES CAIiAGILWr told B ' L ^ has caUed a weetiS^.n^^d unions sjoweS^t Wv 

Lvt the Commons yesterday Jat he g . stewards at Longr planfe; achieve^ .on*} £ ^ .... •• 

If v fi ivi IGNORING THE fact that the mocked, amid cheers and the Bill maintained that the still had “considerable hopes jjridee, Birmingham, on Fridaftprodattivity levels of comp ;• 

***/ target date for setting private laughter from the Labour restrictions on political donations for a Phase 4 pay agreement t0 discuss concern at-the-om^ieContineiit ...... -t^qp. 

„ member's Bills on the Statute benches. by companies advocated by Mr- with the unions. . | growing problem of . unofficial "L&ftd P erf0 ^^o 'nl'ant 

By Ivor Owen, Parliamentary Staff g 0Q j. JJT current Parlia- For too long, contended Mr. Hoyle would have little effri-t on Whether the hopes were justi- -.biSdge, the volume^ ^5 r£enm wsiWM^'of^aVfc 

T-vi>vmTTivr mentary session is no longer Hoyle, the “captains of industry Conservative Party fund-raising, fiei or not. the Government's move at Levland’s biggeSt-t^Sie^uled to produce 'nre-^iapt&S 

BRfTAINS TjNREMITTING ... rjnce _ Labour back- iu their ivory boardrooms” had -w- rai fiP a hn,,t to m m funds position would be stated clearly „4th 20.000 manual replacement for th« .^S^iS'SS; 


oiviirtuso . it u; n range. Labour back- iu th 

efforts to convene a new round- henc [ 1( . rs yesterday trained their been 


tuhio Mnf e n>ncp nn Rhndesia " c " u " ■ . L 7 J — iv muwis. suv.. every year, ana over uuev ul.iu.uuj-, in. workers, is tmerprei.ee 

JfJJf u^iriincri bv the Prime legislate sights on company political whims and fancies by quarters of this comes fmm door- The Prime Minister, who is ex- senior union officials a 

Snnist!?1S he Commons vester- contributions to Conservative providing financial support not to-door collections and not from pected to put forward the Gov- step t0 crack dGWn on U 
? 1S 5 “ *S rSed OPpnsi- Party fllRds ’ I ust f f or the Consmjui* Party, industry.” ernment’s proposals soon after and P p0 or productivity, 

tion pressure for support for the Thev gave enthusiastic sup- &ut ( or :« number of allied He accused Mr. Hoyle of seek- the r0 und of union conferences . 

transitional Government estub- port to Mr. Douglas Houle (Lab, organisations as well. ins to introduce restrictions basi- ends next month, said it was Productivity . • 

-.c ■. ^ocuit nf Nipisnn and Colnel. a member Many of these subsidiary pally designed to nenalise the dear that nay increases would m,. iianiM 


lisbed in Salisbury as a result of Nelson and Colne ». a member Tnesc sups] aiary pally designed to penalise the c , ear that pay increases would The company denied last mistatfng/the theBank's>^a^te'e^^ 

the internal settlement or the Tribune tiroup, when he bodies did no more than provide Conservative Party at a time have to he kept in single figures tij at -my general threat had been r ^nrprtaintv in aiplant ihgs sJibdiaT>ftJ;eEt;bet<fltf 8 j»er - 

“Hardlv a dav goes by with- successfully .ought leave to "cover as the large sums given when the best interests of all if the rate of inflation were to SJrfto withdraw credentials' gg* of *2** jg b “ have *££*&£& 
nut the Foreign Secretary or introduce a Bill designed to ^Jhig b JJ,V, ne JjL concerned with fund-raisin? for be held down. from shop stewards leading ““^SEEL heeo shaken out tlui wrfge 

myself being involved in some subject companies to similar directly n to the coffers of the political parties, lay in preserving Britain’s inflation rate was official disputes. But .■mniK.'S! i lt of a mahagfr iO^ percent M'- 

exchange or other in attempting restrictions as those -aced by Conservarlye Party. the status quo. now j ower th aQ several of its men t j S seeking union- support to improve product «bi^«f he A; ;V 

co gel alt rhe parties lo thiai dis- trade unions when oiakiDa poi i- Jn addiuon to the contracting- Mr. Ridley pointed on: that competitor countries but was for action against two -steWariciSiTSSTX- ar v ‘ ...• Mr*- ',-gaeneW - .aiad* 

put? together.” t IcaI donations. out procedure, said Mr. Hoyle, shareholders' already had the still higher than that of Japan, involved in a recent stoppage, "f 1 . 1 *%' i, nn fficfal strike by $Q Neddy six-^anidn t fended veouUL 1 - 

Mr. Callaghan agreed with Mr. The Companies (Regulation of the Bill would also provide Lhat opportunity to protest asainst Germany aod the U.S. Mr. Michael Ed wardes, the Rover plant, weH prqterf' t6r : .titexGfeneeTlor 

John Davies. Shadow Foreign Political Funds! Bill was given a companies should conduct a political donations at annual “ f WO uJd like to see it com- chairman, has made it dear to?. hU made 4^00 workers about Uiis. piiblic ittTHJif.flf ijfep:' 


;?“Sn ‘ unofficial strike by SO Neddy .sIxvthuob i-MMUi- 
; drivers at the Rover plant, weU pinterf' tof;.^?;.GfenceIlor - 
^oiihiilL has made 4,200 workers about PfeP'. 


Secretary, that the issues firsT rea ding by 190 to 127, ballot among their shareholders meetings of companies if parable with those also.” he said, workers that productivity musr^,^; u ni ‘ e factories.. ;Produ6 ; c^tage meet 

involved in the Rhodesia ques- majority fi3. before making political dona- they wished to opt out altogether. Challenged by Mr. Margaret be raised dramatically if. Rover saloons. Land him .'later "this -w«^H»rv?dllsnBi^ 

linn chilli Irt transcend party poll- „ tv , r_ = J tinns. had th c* riorhf in cnll »knir .hares. >p«. n <-L.„ f. «u«. A r QlatajiurnoH mmnratinn ic toil- u * . tv Dn« ln er tr- -if .um Anrnvrivnv^nrV Mnn<il- 


lion should transcend party poll- Mr Hl)v|c explained that the Uons - had the right to'sell their -hares. Thatcherlo forecast the raTe of [State-owned corporation 

tics. There was no i prospect oi Bj|! requjre t0 The cstahlishment oF a He suggested that man:- trade inflation for next year following become viable. 

e v,. r t 0 , e-tti-minf' he establish a separate fund for separate fund from which union members objected to th e r i Se in earnings in April to A recent joint study by i 

aoie to emoric a seniemeui. u«r po(iticaI donations aod provide political donations could be made making political donation-; to the an an nuai rate of 15 per cent. 

10S « r ' t ,i that shareholders should be would be subject to majority Labour Party aod reminded Mr. ^j r Callaghan said he bad no 

-We are constant!} - maMn ivec an opportunity to contract approval hy the shareholders. Hoyle that in his own union — reaS0D to withdraw what he had : Lj 

moves with ail the indi vidua 1 1 par- but Mr . Nicholas Rid i cy (Cl> Ciren- ASTMS-63 per cent of the mem- sald prev iouslv. 

ties cuncorned to tr> to get tneni .. j anl here to protect the cester and Tewkesbury), who led bers had contracted out of pay- •* We shall need a substantiailv ---- 

1° i° l « rests ^ shareholders." he Tory backbenchers in opposing iog the political levy. lower ra?e of increase in earn- iV 


! raised dramatically if. BoV er saloons. Land him plater ’this 

ate-owned corporation is *q.7S 0 y er t a nd Range Rovers is ’at aions on^tfie.ficpnoiny.-'^nd^nMves 
icome viable. .1 ^standstill at a cost of around toward Si gtnnekm d ot infonnai- 

A recent joint study by manase*'^£3in- a day at showroom prices: ' unddrstandingr d.n Tpy^-aad-; the 

,7-v ' . . . shorter working week. : 

-• •• Another member of- the Neddy 


a settlement as quickly as pos- 
sible.*’ 

Mr. Davies warned: “At Ihe 
moment, we are in the course of 
losing, perhaps, the single 
greatest opportunity for secur- 
ing a solution to this problem." 

He urged the Prime Minister 
tn use his influence lo remove 
the grave suspicions against (he 
British Government harboured 
among those who had signed the 
internal settlement, by enahimg 
a proper and positive solulion. 

In notable less restrained 



I matching helps 
to easy triumph 


lower rate of iucrease in earn- I 
ings nesr year if we are to main- 
tain inflation at the present 
level.” 

As the Tory leader persisted. 
Mr. Callaghan reiterated: “There 
is no reason why inflation should 
rise into double figures if we 
adhere to our policies and keep 


Foremen expected to 
accept casfrUfer today 


BY PHILIP BASSETT, LABOUR STAFF 


six, Mr. Hugh '.Seanton^i.the » 
- en^aeewngtinlM3v^al^y«*terday-- 

that bis :;Mo*ob^f#wBia$oi 
showed tHat ^w^q. seftieJheots ' 
above the .KLpef'cehrgufdeline 
. in this' round- had hejJa achieved 
-. solely -fey -'t'SeU-floancing , pro- 
- ductivity deals: ^ = .• ’ 

• . • Official .figui?e5, l ':.puj&fistod\. on 
Monday suggested.-raat-^ average ■ 

. eamfngs lfi this rqwtid :eou1d be 
higher. thah\t.hV?^^i?'-^ e ^ r ? P^~- ■ 
. -jected dp -to. now: r : - : iy[ ;> 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


In notably less restrained MR. DENIS HEALEY is 
terms. Mr. Michael Brotherton most frequently seen in public 
CC. Louth i called on the Govern- as the heavyweight boxer — 14 
inent to support the internal Budgets and still (just) the 
settlement. The pursuit of a champ. Bui yesterday, he did 
“vendetta” aeain^t Mr. Ian Smith no j n eed to be so bruising and 
was no substitute for a positive wu rather more the Chess 
polio*- Grandmaster, simultaneously 


Grandmaster, simultaneously 

beating several challengers, if „ H% , ur _ — 

nf rhonn T ,f l,n ? rold ’ then at ,Msl MbSV3v.nTlwn»: ***** 

JutlOl OI Cueap effortlessly. and |y| r j>a V i d M af j e L to press particulai 

appearance before the the Chancellor on the proposed w .'‘“®V lp 

DUS I3.rCS lOl Social Sen-ices and Employ- rise in the National Insurance *!“® e F“ e . 

, . m -a men! sub-conunlttee of the surcharge lert him completely ' n *!, u 1 

travel to SCnOOi commons Expenditure Commit- unruffled, while Mrs. Renee JJch eK 


throughout. On the other side, 
the suh-committee less two of 
ils more coloarful members, 
ills Maureen C'olquhoun and 
Mr. Nicholas Winterlon often 
appeared worthy but inelTer- 
ii\e, failing to press home 
quest! ous. 


he defused with obfuscation, a 
potentially damaging question 


the increase in incomes to single - s.- . . , . - ~3 e ^ r eq . “g - ? - 

figures.” THE MANAGEMENT of BL jforce at the Cowley plant, near - Mr. Hasnettv^afd^-jfy a 

Questioned auain by Sir Cars, formerly part of British;’Oi.-ford. ’ : ' already wear. ttat-t ware- can. be 

Geoffrey Howe. Tury economics Ley land, is to meet BL foremen’?,'?^ - , An agreement between BL and- 7iOy , naae*folix. i in.trie'' senses of. an 
spokesman, about the April earn- representatives today and ■ seems:' .the unions last Noyemher ".-has agreed » c o dev-^orm^pr ^fceil ing /as 
ings flgure. Mr. Callaghan said likely to put a cash offer to them- Iriven -parity payments to the the Bank- proposed. just 

it showed that it was necessary that should settle the foremen's- botiTly paid workers but not' .the -not on-. / "-'j.--' ". - 

to carry the consent of the people grievances over oaritv Davmenisi" SunerolsorL 1 staff. About 80, OtK) . “While making^ it: fltMr- that 


lure to awed, though prom is- P 0 *)^- v -* Callaghan declared. was aV erted this week on -thfr?mnve for the same wage for- the Ministers, ;t|iat i^. th6;_ econbimc: 
ing, students. The Chant-ellur he Prime Minister said that ■ a( j v - lce 0 f j^| r _ jj on MathisorCrfsame job rngardlessof location, policies -'.are' nght-rOD.. employ- 

Li_ i j . i_ .km _ e Tnrv pIap nv^r mP nn.sslhiiitv 1 _ _ _ t .e ^a_ * • nn. . L .-.cr.i^ nt iinec cAnnt maht .inAorictW • Hmnff 


A STRONG HINT that cheap bus 
fares are to be introduced for 


tee was, anyway, an unusual 
event. 

It was, according to Mr. 


Tnnm hare Mr Iran I lu ronm projecting unemployment III . V UOn OI dCienilUC, XCCaniCai ana ilKBiy TO put tu me LU L riuc» •-« “V. . 

and Mr DavidVadeL to orecs particular, its relationship to he ejected. I do not ^ink. Supervisory Staffs, which repre^’today, which shpuld defuse the will conduct coIIectiYe .;-baisa"&i-; 

fho cLrelto? oi fhe JSiDSd with output. He then said lhat JSSj sents the foremen. --f threat nf further- induatrial •taR^n.rwBiRmsftl^.^^ 

rise in the Natioual insurance sinee the com “>«ee had shown ,J u °Sn Almost all BL plants suspendeti? action, will accord with payments “ In the contest : of a new 

slfrcha rse leT? *hinf comote tel v ,hat if fa,1 >’ understood the 1 rt in^workers the action until the outcome bLio rhe hourly paid' workers, a economic nn derate ndfoE with 

unified whlleMrs Renee Problems and weaknesses or l0fl mee1in5! was krmwrC- mini mum nf ft 50 a week and.- the, Government, inflation: can be 

Short was a somewSai beni^ such estimates, he would con- JeVifcrease and the PhSS though an overtime ban is is. a maximum of £5. . ■ r - . kept -.under- reasonaWe^ntroh 

chaTrmar 2 ° 1 ^ it? JZgg* “ aki “* Three S mteht weUb! 


all children travelling to school Healey's entourage, the first 
was given by Miss Margaret time In living memory that a 
Jackson, Education Under Secre- Chancellor of the Exchequer 
tary, in the Commons yesterday, had been a witness at a public 
She said the Department of hearing of a Commons Select 
Education and Science hoped to Committee— and the session 
publish its proposals on “easing was clearly a success, 
the present anomalies on fares" The matching was unequal, 
before Parliament breaks for the On one sirte, Mr. Healey 


summer recess. showed why he inspires 

"It is our hope that the pro- respect, if not exactly affec- 
posats will contain the basis nr lion, within Whitehall: his 
h ‘’Chcme which will enable all complete mastery or his brief 
children to travel to school for and the topic of the day— 
a reasonable sum," Ihe Minister unemployment. — was shown 
added. 

Mr. Sian Nr we ns (Lah. 

Hartowl said: "The enrt nf fares ^ flj ^ 
tn travel iu school imposes a gj 
He urged thai the Transport fl V 

Secretary (Mr. Rodgers » should 0/ 

look closely at free travel to 

school Tor all children. J* 1 

heavy burden on many parents. 'R* 

There is an urgent case of intro- 9 » >a Ha| 

during proposals to restore half 
fares "for all schoolchildren-” 

Mr. John Evans (Lab. Newton! BY RUPERT CORNWELL, LOB 
said that many local authorities , __ 


inspires 


Short was a somewhat benign 
chairman. 

Indeed, the Chancellor was 
able to get away with a partial 
sleight of hand when compar- 
ing the unemployment effects 
of increasing the surcharge 
and of raising VAT. He pre- 
sented detailed figures show- 
ing how much smaller an 
impact the surcharge might 
have by next summer, but then 
blandly stated that the effects 
were more nearly equal by 
spline 11180, while revealing no 
figures. 

This passed by with nn 
reaction from the MPs, while 


the figures available. 

Tbe 70 minute session, atten- 
ded briefly by a small group, 
described as foreign dlgna- 
tarles was all very relaxed, 
though perhaps rather techni- 
cal to anyone listening lo ihe 
broadcast summary. 

Mr. Healey himself appeared 
pleased with ' the sexton, 
though he did not seem keen 
on too frequent a .-repetition. 
On this performance he has 
Hole lo lose, and MPs will 
have to he much sharper if 
they arc lo penetrate the con- 
fident exterior. 


below 15 per cent. 


kept-, iinder " reasonable; cpntrnL 
but: mt.ertfehtKJijs; by the ; Bank 
of England do .not help.” 


Coloured 

immigrant 

figures 


■v.. 

Print workers to seek 
more pay, .sfcjbrter' bou 


Assurances 
on chemicals 
Rrowh soneht 


BY ALAN PIKE, LABOUR CORRESPONDENT 


By Rupert Cornwell 


I DELEG ATES TO the National vineial print workers 


NEW , HGUUES issued by Graphical Association roofer- week. 


■r TffE'boVERbnv^Tiis to seek 

. „ formal assilfances from Tenneca 

Is £53 72 a nn the {ntare of Albright and 
• Wilson, the . British cherhicajs 


referendum 


under control anti conlinuins to shorter working week. industrial action are gone— on employment worker involve- 

dectine. . The conference# in Douglas, destroyed by inflation." fment And. Government consnlta- 

Entrants from the new Com- i 5 i e 0 f m a n. decided that if On the broader pay policy queis- tion to the - unions. -Invotved. 
munwealth countries and Pakis- netessarv, the campaign should tion, the conference adopted a Albright and AVilson - ‘Bbare* 
S: n*ail # ! * e ^, e ?n ,ii: tariude mandatory regional and motion that the only 


There is an urgent cas^ of intro- f C1CI CUUL Hill SJICafl SiC t H he , DK d r° ,,p f d ,^ c , r Cen i ,n J? branch meetini du inV working term ^ » ^Wch delegates would to. ecrept the; latest offer from 

during proposals to restore half first quarter of 197S to just under ^anch meetings aunng wonting accept „ any furt her government TenneCO. ; T'-'-. . 

fares "for all schoolchildren.” 10 - 300 - Fnr 311 'Oimip-ants. tbe hours and could involve non- interference “ Jn collective Mr. Alan Williams," Minister of 

Mr. John Evans (Lab. New ton! BY RUPERT CORNWELL, LOBBY STAFF same period saw a light increase, co-operatinn and a work-to-rule. bargaining would be if there were State at the Department of 

said that many local authorities , from 17.100 to 17.300. Pay rates among members of maintenance of members' living Industry’. A - met 7 • representative 

were applying the three-mile CONSERVATIVE electoral re- “Part of this job has been political reality that “ at present A big fall was registered in the NGA. which represents the standards, effective price controls from th 6 Transport" and General 
limit on reduced Tares too rigidlv. form campaigners have latched made easy For us by the Liberal the leadership of the Conseraa- the number of male fiances from ma j or i, v 0 f .skilled workers in aod restoration of all social Workers* Union, the General. and 

Miss Jackson said local autbor'i- on to their party’s need to re- antics since then. But there are live Parly cannot commit Itself to the subcontinent entering Br«- * indliStry vary wWely service cuts. Municipal Workers' Union and 

tics were empowered to assist capture votes lost to the Liberals sul1 £■*»" 2 ™ and 3,11 h3rd " lb f P, rm D c ’P le t u electorai tain, one category that was a ‘ ne jr“ l ^ street -are Delesales als0 instructed the the Association voT Scientific, 

parents who claimed the fares with a plea for a referendum on cr,re Llberal vntew-more than reform. Bu tit adds i hat “there priority target of the hard line J. a ™ ,n 8; ,/ leel , Mreel arc national council to secure a Technical and Supervisory Staffs 
burden was loo high. But manv PR to be inserted in the mani- e,10Uzh ,0 * w |"a. ihe balance is no reason why the Tories Tory immigration policy un- rush, while the minimum earn- reduction in the working week yesterday to discuss union con- 

of them were chousing nut to use festo for the next election. either way—and it must ],i ake should noi give full and enthu- veiled in April by Mr. William ings level among many pro- to 35 bo lira lor ail members. rern about the possible implici- 


parents who claimed ihe fares with a plea fora referendum on , - ,,re vm-Ls—mme u.a.« rerun... nuiuiouint mere pr.«»r.iy .irge. ut me um 

burden was too high. But many PR to be inserted in the mani- e "? uzh 10 the balance is no reason why the Tones Tory immigration policy un- 

of them were chuosing nut to use feslo for the next election. either wav-_ ;m d it must make should noi give full and enthu- veiled m April by Mr William 

this power sense to believe that they would siastic support to a referendum WhiteJaw, the party s home 

Mr Roderick MacFarquhar P ressure S rou n. Conserva- he greatly influenced by a on the issue." * affairs spokesman. 

/ 1 i," puihprt u-j« w.irri^H ihnt tive Action f or Electoral Re To nn referendum promise,” the t-. . . f A : Although the Conservatives 

ih,ll!r^ ilre!,dv re«lv\n- * (™ER>. compr, S , S Ufi-orld Tory pjmphlel siarcs ^ ‘' bi "'d lhat slackness fay the 

travel woo d’ be penahsed ’"under aI,tl P eer l’. n,jl ‘o montton The sroUp pClims put that on T h ® tc d h cr b an j s u C h* a d olddae 1 hi >’ Lahour Government on this point 

an rfven,U cheap &es svstem 0,her sympathisers meiudino thc October 1974 results there thccaS eofPR Lhe -reui tesistT? h , ad led f 10 ^despread abuse , 
Miss Jacksun said 'that the soni . e merabers of rhc ^aduw a re 82 seats where the combined ' alier ihP^orn^irnn of lhu ,olal nf n,;,le fi:,nces admitted 

Department was looking at these Gab.net- votes of L, he. a, s and Tories 

matters. “We hope to establish Given Mrs. TJialchers anil- would have defeated Labour. eminent to carry out manifesto ’ df5pped b - 9 pcr 

a fair system and one which pa thy to proportional represen ta- IF just one-third of Libera po]jcies These 'could easily b3 ce a. tim „ « K . niirah <. r 

minimises the loss of benefit" tion. there would seem scant supporters in lhat central on llie statute Book before tha At the same time, the number 

she added. chance of CAER having its way. election switched to the Con- J efere ndum was held. I 1 mm ir rants detect ed hy 

Miss Joan Mavnard .Lah. But it argues f.iri-cfully, in a servalives, the present Opposition [ Jhe authorities jumped to -38 

Briehtside i ursed the Education pamphlet entitled "The Right would have a windfall of 31 seats Predictably, the calculation wai from 182. 

Department to lowpr fares in Approach to the Liberal Vote." from Labour— in all probability swiftly challenged by tht Again, the official fleures seem 

rural areas “People are often that the Tories will have to re- enough to make the difference in Liberals’ own election reform to support the Government s cun- 


— ■ v paiii|«iuwi .’-J'l. J. alrOlHu hpnn U _ _i j . ■* VlPlliltU HUM ^iuvixiiccc Ml-. 

. nut to memion T he group points out that on Thatcher and s.frh jl’ .Labour Government on this point 
users including tho October 1974 results there thp a " of pR .hp ^mm fnsisK r had led 10 *“*wpread ahtue 
of the shadow a re 92 seats where the combined lhu « olal ^ m;ile admitted 


in the first three months nf this 


a ™n! is j; e ‘> ,;:ons ^ : ' li « year, in fad. dropped by 9 per 

eminent to carry out manifesto * fllR 


Dockyard workers strike 
over £20 pay claim 


BY OUR LABOUR STAFF 


rural* areas “People a re* "often that the Tories wili have to re- enough to make the difference in Liberals’ own election "reforijl to support the Government’s cun- IL^, „ n T n V,?h U ri rd^l r. i.p^ 1 ’ nd . u j" 

low Ud in these P areas a nd it gaiJ support lo-t lo the Liberals -inning a workma majority in group. LAGER, which promised tent ™ tiumigraiion controls ^supSor 'tUulS^^Sc^^SS^ 


walk to school," she said. 


the election. 


Tory leader rejects 
Pardoe attack 


The group acknowledges Ihe Tory and Labour -voters. 

MPs back safeguards 
for Ulster creditors 


that the tighter eurhs called fori 


tion< oT the take-over bid. • ••• •••-• 
Mr. Williams said that : the 
Government intended to. seek 
firm assurances on simHarippints 
tn the unions' concerns about the 
bid. 


Deal accepted 
by building 
workers 

THE UNION side 7 of the 
national joinl counciJ for, tbe 


by Conservatives would make un,,,n leader of the industrial Department again on the offer on construction industry -accepted a 
little difference. Slri 1 servants had rejected the July 3. | pay deal yesterday which will 


Welfare heads 
new charities 


civil servants had rejected the July 3 pay deal yesterday which' will ' 

Government’s 10 per cent pay ,\f r Mick Marlin nublir alTect about 800.000 building 

0f r. r a !i ,,f [ eriSDry ' , . services’ national sec re tare of w ^puf ra j , .. , ' ' 

The dockers, mainly belonging tGWU. which with 93.000 The dea !- which runs from 


w l S e Transp° rt and General members ir i the industrial Civil 26 ’ Jnproves basic- pay. 
Workers Union, the Ama f- Service is the biggest union , an ^ sick pay and the 

I gamaled Union of Engineerms involved, described the offer as T ™ lr £- S death be . nefit schen,er 
Workers and the Electrical and -derisory" and said it was ft w ? r . k,n ? P^rty is to discuss. 
Plumbing Trades Union, claim t ni;,ij v unacceptable lhe ‘“'reduction In 1980 of a’ 

to he £20 a week behind compar- J _ fourth week's paid holiday. 


BY IVOR OWEN j .ANOTHER 3.598 charities were Workers and the Electrical and -derisory" and said it was \ w ? rk,n « P^rty is to discuss. 

JL. M-JL V' Wi-ILC'W-V’J.m. : registered last year, bringing the Plumbing Trades Union, claim tr,i-,i| w unaccentahip 1 S lhe ‘“'reduction In 1980 of a 

NEW SAFEGUARDS for public, who would be available total in Britain to 125,808. tbe l0 he £20 a week behind compar- ‘ ‘ y fourth week's paid holiday. 

MRS MARGWIET THATCHER terdav. Mr. Gerry Fitt. SDLP creditors in company liquidations to act if a liquidator was pot Charity Commissioners reported able pay levels outside thc Civil Tt ! e . Government offer The Transport and General'- 

thP Tnrv leader vesterdav hit MP For Belfast West, said that in Northern Ireland will become forthcoming in response lo. o^m yesterday. Service. emphasised the restoration of Workers' Union said earlier this 

1 , , ,,, v.r J .Jul the minority parties in Northern operative as a result of the the absence or. the usual comnler- The largest class of new char;- The strike followed a week ! :rar * differentials, giving greater week that it will be pressing 

hack at Liberal mp Mr. uonn lre]an{1 had trusted Mr. Edward decision of the Commons last cial incentives. ties covers social welfare and cul- which included banning nver- ‘ni-reasei to the higher paid again for further consolidation- 

Ylniirlrfart'n nianii.'iitii-.n lUiit L . • a ■ ^ viimlit * a itmonitA iko rl r-» f 1 TKn ITinlctftp tr. 1/1 Hf n* ihnf i _ 1 .nlimfme n,. rtiolll *1 T*IV T1 £t UL* ■ ■ • . . 1 _ • ■ ■ llTirL’rtw? n f _ ■ 


Pardoe’s accusation that her Heat b as leader of the Cnnsena- n '"bt to approve rhe draft Com- The Minister told MPs that tural activities, particularly new r j me .working to rule and smaller workers. 


Ulster trip was •’ one of the most tive Party but would not trust panics (Northern Ireland) Order, extensive public consultation in theatre trusty 

despicable bv any Bmish poliii- Mrs. Thalcher. 19 <8. Northern Ireland had shown ' 

cian since Chamberlain’s last trip -r certainly a^rc* with John The ' nai f 1 cffecr of order overwhelming support for mosj on 

to Munich” P3 rd^ when\^said «,?• v£?3 J*™ SrtS* Pr ° V,S, ° nS thG ^ OOlOail gU 

She said in Belfast: “It is P° !it j c ®* 'jjji* J" ^hc Conserva line wilh thatJ of En " la " d und But he admitted that consider- gaf^tV lOEfl 

}S U ‘me m an eteenrm in my i!!S SSX IteionTstmSrs ^ W^orTSSS NOTTINGHAMSHIRE County 

constituency at Finchley and was m Northern Ireland." he said T ” r - P?" ' lim.led comDantes wh.rh P w^ld Council has agreed in principle 


walkouts. For the lowest grades at hour we ®k. 

Four hundred dockers marched present taking home E30-£35 a : 

inn °o a meeting in London on week, the offer could consolidate 

tuu Monday when the Government ihe Phase Two supplement nf T» 

pul its 10 per cent pay offer. £2.5(1 and add £3.50 This would fiGHtl 

The dockers are expected lo be mean only, ft a week extra alter r«i 

County at work today. stoppages, Jlr. Martin said. SPAN’S 


of pay supplements and a 35- 


soundly fam.cn. Ho fans never The minorit> ln Northern lre . E'SS.l'SISS T*J2r& ^"dSfaTSS'ta/uSS 

forgiven me. Iand , Mr . Fiu added would view bw . ^poimed by ihe ™ ke specified infonnaiion about “help ihe club with 

Mra.Tlu.cJor.jjr the end. of with old_ Slormom Government In 'b™ available for ^ £M,0M impravemepls w ils, 


nenn assures 
Scots miners 
of £ 35 m plan 


Soccer girl 
ruling ‘barmy’ 


Micro-electronics effect 
on jobs study urged 


BY NICK GARNETT, LABOUR STAFF 


her visit tu Ulster, a teo denied emanated from a Corttmative i 96 9. described the lack or a public inspection. "round ' trader the Safety or V0 lOrft-PlPPF rATlS AC ATT «> al industry have been assured 

Mr. Pardoe s accusation that she Party or Government led by airs. Northern Ireland insolvency ser- . wo “| d ir, riude informa- c«nrts Grounds Act X v vlvvllulHLiS that the £35m development of a 

was trying to forge an election Thatcher. vice as one of the most serious a™ut the company’s balance ^orts orounasjteL ^ ^ m ^vempment ora 

alliance "with lhe representa- de f ects j n the field of company sheet and profit and loss account. or - n J 1 Firth of Forth will bo ahead 

tives of religious bigotry id law in the Province. the chairmans remuneration |55U aPOlOgV Oil If) OS SllifiV lirOPfl This is in spite of plans to ^bSld 

Northern Ireland. * ■ SOCCCF gM The order remedied this SdTe^ahJvea ^SKT^Tspa^ £1 a UII 3U1UJ UigCU ' 

She said she had not discussed & deficiency by providing for the specified saTarv°limti 3 head compensation to 550 house- BY N|C|C GARNETT m, bo1jr sratis EtatioQ less than 20 miles 

an election alliance with the i; 6 hflmnv ? appointment of an Official P T h ^ decided wives front Doncaster and Hum- by nick Garnett, labour staff . a T h y ; a « ’ 

unionists and m fact, bad not nillDg DalTl3y Assignee for company liquida- that while the provision.: rehtlnc berslde who took a day trip that assurances came in talks 

held any political meetings with phttrt rulinr in fivnumf p* tions with duties and obligations J Q *i, e disclosure of snn/^lnfoi ended with four breakdowns on THE Association of Professional, implications for employment umo ,°» officials- and 

s p “r W fa^ e sr&s; ^ saw Sr SVPS s. re ’^ s'; 

HA 6 “ lu " cti w,,h tlu: «rb^^srt?u. n si three hours ihc t l;c sc " e : ai zzz. 

0 fa"Svc T r^, said i s ?rk wi nost move S.«u a T 

a clear and overwhelming nions } ester a j.. authority, bui he would also be rivt? had to be met-Inrobably WESTMINSTER Chamber nf ctec(roni« on employment. over the next two decades. ! L conferenre --'.in 


UNION leaders in Scotland’s 
coal industry have. been assured 
mat th e £»5 m development of a 
mine to tap seams under ihe 
Forth will go qhead- 
This is in spite of plans to build 
an advanced gas-cooled nuclear 
power station less than 20 miles 
away.' 

■ The assurances came in talks 


majority for the Conservative He asked the Government what an officer of the court, 
and Unionist party in the UK." advice it could give lo a young For the first time. 

There were no plans or dis- male teacher who wanted lo run Ireland would have , 
cussions lakina place under an all-male fnotbul! team. mental authority cha 

which the Ulster Unionists Mr. Gordon (lakes. Minister nf statutory responsibilit 
would return within the Con- Stale. Education, said his advice oversight of thc propt 
servative Whip. to such teachers was to study the of compulsory ! iquidai: 

in a television interview yes- Sc* Discrimination Acl. interests nf Lhe erec 


Commerce is to sponsor a Post Mr. Koy Grantham, the union’s 


Margate yesterday. 


into use in 19 86- 










r.sL-aU 


' t 1 i : ilf r 




&?l\ 'S'J * :: ' ? . £ - ■ ?.■ •• : / . •;•■ 


f .|v~ 






• V — ■ ? - 




••>V-r- ; - --■• £©?;£*.►: ■?—:> .V • 




• V s .' •.!'^.s^*-:' : . 




V^Sfc 


. ;esfc&^£ »- fc 1 «..-•_ 


.■*&m 


:*U ^ „;C^ 

-' — - ^yjtm 


in Buenos Aires In Soutti America! and all over the world. 


ii\i i'"" 


•JJUl* s T 


Bush Boake Allen - an Albright & Wilson 
company — create fragrances for shampoos, 
creams, lotions, and every kind of beauty 
preparation, as well as for everyday soaps 
and detergents 

Albriqht & Wilson have manufacturing 
plants in 15 countries In1977 alone, overseas 
production resources were increased in 
Australia, Canada France, MaJaysia, 
Singapore, Sweden and the USA 

Worldwide, sales last year were £338m, 
of which £1 94m were earned overseas, 
including £92m exports from the UK. 


ii ** 




jtWK 1 


^ TSIU- 1 


Albright & Wilson Ltd 1 Knightebridge Green, London SW1 X 7QD. Telephone 01 -589 6393 


_ Kiaic franrances- fine chemicals -flavours- food additives -fruit juices- natural drug extracts -pharmace 

chemical* for metal nmsn 


lU tica\^ 





Financial Times 



CHRISTOPHER LORENZ 


au 

for 






IN THE UK i he tendency for tog the post-war period the Gov- Fuji steel companies. Yawata sending ex-bureaucrats into 
civil servants to meddle in eminent has attached the high- had been owned directly by the politics, while Education and 

industry is often deplored, est priority to the balanced Government until 1934. Even Foreign Affairs are forced by 

because they are thought to be budget Hence when new ser- after that retired officials of the lack of connections to rely P ri ' 

unsuited, by training, experi- vices had to be provided, they Ministry of International Trade manly on their own auxiliary 

ence and attitude of mind, to were put on a “pay their own and Industry (MIT1) continued organs. 

take business decisions. How way’’ basis. The public corpora- to dominate its board of ^ official exnlanatinn of 

is it, then, that to Japan the tion. with separate management directors, so that wits described amakudart is (h ^hetos to 

deep involvement in industry of and accounting proved an ad- Mm itself as "the Tokyo j the problems of a^civil 
a large, powerful and pervasive mi rafale vcmcle for this purpose. office of the Yawata Steel Com- j wh j ch * _ nd 

bureaucracy has produced such "In Japan people pay public pany.” The Americans split the lv Daid - J* Li-SJ? m its 

excellent economic results? corporations directly fur many company into two during the resDonsibilities Rut th» Effect 

Part of the answer. as ^vernment serves that are Occupation and its re-creation at ^toners 

Chalmers Johnson points out in provided free n other societies, in I96t>—dunng a period in h v described as consensual 
an admirably clear and infor- At the same U me the Japanese which the Government was en- decision . maitino inter- 

native hook*. lies in history, enjoy one cf the lowest tax our- enu razing large-scale mergers r fc - „ the 

The Japanese state had its dons of any OECD nation The in several industries-was a 

beginnings under an oligarchy relatively low level of direct triumph for bureaucratic J^ty and ? the huS^ MiD- 

vvhich created and nurtured a government activity is merely nostalgia. mum" 

powerful bureaucracy to serve the other side of the coin of an Two key features of Japan's " 

its own interests. Even now the extremely active public cor- public policy companies are the There are many critics oF the 

normal Western device for porate sector." financing system and the ?£ s l em: char ses have been made 

supervising the civil service, a appointment of ex-bureaucrats that some _ public corporations 

pa rtot. men tary assembly, has nor -r-* w *« to top managerial positions. ^ re kept in being long after 

developed to the point of real EilOliL S0ClOF From 1953 onwards Japan has th ® l . r original purpose has beeni 
effectiveness. The American . , . . .. „ had what is sometimes known achieved, simply to provide re-1 

occupation sought to bolster the ...Th Jii seea nciudes bodies as 3 second budget in the form tirement havens for ex-burcau- 

inHuenee of the Diet iParlia- !'-« the Japan .Housing Corpora- of the Fiscal Investment and crats - 

meat), but the unintended effect ti°n. winch builds apartment Li) P ] an tFTLF). Yet there are real advantages 

of the reforms carried out bv blocks in the suburbs of large ^ . ' . T u f eaJ aavanta " es ’ 

the S.,f 1 to cities; the Japan Export-Import Through this arrangement as Johnson points out “Forcing 

Strengthen tin state bureau- Bank and the Japan Develop- fends deposited by the public officials out of their sinecures 
crarv^at the expense of the meat Bank, the largest of the m . the governments various by the age of 5o. inhibits the 
mmmr,andtoJlesser extent count os finance corporations:^ 1 ^ accounts are consob- tendency of life-long bureau- 
of too famiiv-coPtrolled todusl mixed public/private companies dated for planning purposes and crats to become rigid and com- 
trial groups or^aibatsu like Japan .Mr Lines: auxiliary “»«* for investment, either in placent. It also puts them on 

u .u hod to* like JGTRO the external thc P u!jlie policy companies nonce that they must eventually 

.Jthough the power of m-cani-ation-and national themselves or. through infer- enter and perform in a world 

Ministry officials is a source of companies’ like Kyodo diaries like the Japan Deve- that is much less tolerant of the 

CTn “ e“ 5 ^ set up frireo to estS lopment Bank, in companies and arrogance and the legalistic 
aDpeai to have a nationally-owned presence in mdustnes regarded as high mentality that often charaeter- 
ou.eautratkm appear to nave . allt i distribution priority. F1LP is both a device ise bureaucrats. Further, the 

been avoided, ihis is partly ® ‘for channelling the savings of need to descend from heaven 

due to Japans long experience Johnsons sixth category con- individuals into industry (a stimulates bureaucrats to learn 

wiih bureaucracy ana to the s j sls of ostensibly private substitute for an active stock new things throughout their ac- 
»phMic,tion and ability of toe sector companies which are the market) and’ an instrument five-duty service, which can be 
oni da Js themselves. It is also Government's chosen instru- whereby the state can guide salutary, though it can also 
due to the range of instruments ments to particular sectors, like private capital investment. produce conflicts of interest." 
through which the bureaucrats Fujitsu in computers. . , . v 

exert their influence. One of _ . ... . , Th,s bonk shows how the 

these is the public poliev com- Companies m this last cate- _ _ Japanese have borrowed a 

panv— an organisation set up % ory . ar * dl stinguisfaed by f rSf j/*q Western-type institution— thc 

and/or supported by the slate ha '? ng J a h,gh concentration of V^I public policy enmpany-and 

to achieve certain national retired government bureau- The second feature is known used it to 3 way which is 


Building site 
adventure 

I own a building site which I 
bought with the intention to 
sell after contract bat before 
completion, because 1 had pre- 
arranged a sale before negotiat- 
ing thc purchase. Before my 
completion date my solicitors 
passed to me a cheque for 10 
per cent and informed me that 
the purchaser had contracted 
to buy the land. However, very 
soon after this 1 was informed 
that, to tact, contracts had not 
been exchanged with my pur- 
chaser and that my solidtor 
had made a mistake. As is 
usual in such circumstances, I 
kept the 10 per cent to lien of 
damages — this amounts to 
£3,750. 

I now have to complete my 
tax retorn for the relevant 
year. Could you please tell me 

If this amounts to capital 

gain, or income, or what? 

The transaction may well be 
regarded as an adventure in the 
nature of trade, so that the 
current and prospective profits 
fall within the scope of income 
tax (under case I of schedule 
D). 

If neither you nor the inspec- 
tor invoke the income tax rules, 
however, the forfeited deposit 
will be chargeable to capital 
gains tax, as though it were the 
proceeds of sale oF an intangible 1 
asset which had cost you nothing 
funder paragraph 14fS) or the 
seventh schedule to the Finance 
Act 1965). 

Not a pretty 


M 'Certahn^-.'T.GEER^ig&.vh^ai'''^' 
WHEN Viscount Etienne.-.; a . . extremely;. : 

Davignon agreed to meet y Until x^ceg^ly %£& ieseefitbs: ^ 

chemical industry leaders _tov ffM fr — fr ^ nkdionVtiBiflshfl^'ftBte . 

Brussels next week for the , - ;v Pfg fim five people r. the dtoet^rgenerak ; 

latest round of talks on the. ' Dr. Gustave 1 Bun^^-intmeriy. a - - ■ 

industry’s pressing problems the LJKBL " senior exeedtive ^ttr Hd^hst • 
least he was hoping for was to v ^alonfi vvftff four 

be presented with pleas of : 

a united industry. Action must - ntji ICCFIS edison,: --Khonr ‘ ^ 
be taken quickly to. solve the- Pn UuQUw | 

industry, the EEC's indasay ^:^.^ . . 

commisioner warned recently - - . . : ■ pyerv - two vised by.' iusf'- vne~ A ~~ - 

But without a dear economic ■presidest -elected ■ffrfm ■ 

philosophy behind *e 


fiv&pfe#e- ttedlrecforgepe^-^ 

Dc. <5u Stov'r 

senior’'exncdtisffi' > : 

, "along ' fdito ’ 


: edisohi: t 


the national i/jc ajdgf tipV 


philosophy behind the action^, 
the problems could only he made.; 
worse. 

Unfortunately for. Viscount 
Davignon, while the. Com- 
mission’s industry secretariat; 
hnped to deal with the deep:; 


Davignon, wrnto 4fl&infe- interoationai; 

SettSfc ^5-y^lwnlc.hi. epe^y the 

» teeZe rt feedstocks. ; 

belog Sed S^fte^Wis stlU a »«“«r «**«» Oirnmm^gm m,-Y 
cheiiial producers •toabnjty .td. fe and to a ^electV^ tte i^M^vj ^ . 

present a united stance. ^ ^L. But it is not Fund amentaily. ' howeyer, the * ; 

The European chemical Indus- P th e * conflicts' of todu^ry’^ prehleip^is. -Iiow. Jo'-; ^ 

2L,?2!??_ ?2 ? JS J2 "id %victipn that i: 


try, chiefly plastics and jp^ividual cases. But ijjostprh^ical^aj^rOacitSttHfeo...^::” 

petroc^enucato, have been padly...^^jjjjp IC leve i this is magni- pdses spd^aSni ;^ >ae\ltoif.aiifc" “ 
hit by serious plant oyer-.-. ;j;4 times over and is then ff m e-edri aiming --^anfi-dnmp fpg 1 - : : 
capacity, weak prices and falling -j 0 ]jy the conflicts of dif- procedurei .ln’-fte^ ^ l<Sammrilblly .- : 

growth rates. The basic cause : national industry policies and would likek?Mem'>* lf nocT J ^ 

af the present crisis is the cora-i-'m^gg member countries. - - mai va lne«?r ' based Sea 
plete loss of growth experienced; - . . ... the mostefficientTpredaser. ■ 

in crucial markets since 1974, a - _ /£>rc :Ul A . . ; ,V - K .products. wW offered help*.' 
boom penod for chemicals. : ? JXrCVclM UIC . these prices,-. the.-'Cnmimsdon 
Producers, stretched to rEFIC members are could art xnore^niq^iy'op acoxni 

expected continuing c ^ vince<1 that Brussels ptotot -They are- also ; sfeek&g a 


uuc hi me iui 6 e ui lUMruuiciitt ments in particular sectors, like private capital investment. produce conflicts of interest." 
through which the bureaucrats Fujitsu in computers. . , . v 

exert their influence. One of _ . ... . _ Th,s honk shows how the 

these is the public poliev com- companies in this last cate- _ _ Japanese have borrowed a 

panv— an organisation set up g0, 7 . dlsungul . sh * d hy . CritlCS Western-type institution— the 

end/or supported by the slate ha '? ng a h,gh concentration of V^I public policy company-and 

to achieve certain national retu,ed government bureau- <j>h e second feature is known us ® d it to a way which is 
objectives. Such bodies are cra ^ on to e ^ 0 ? ^ds ■ dele- j 0 Japanese as amnkudnri or uniquely Japanese. Yet the 

common in the West, but, 3 at t°ns of their executives on “ij es( ient from heaven.” Senior uniqueness of the system dues 
Johnson suggests, the Japanese P° we rful government advisory officials retire early in Japan, not nwan that it is impos.-ihle 
have used them more exten- c 9 nijruiss _* o ns, and a historj’ aE normally between 45 and 55- tu understand, or that some 
sivcly. more flexibly and more direct involvement with the B ecause retirement benefits are elements of it may not be applic- 
skiirully than any other Governrae “ t , in ^° nns suc ^ ^ relatively poor, they have to find ab -c. in other countries. The 
couniry. governmental assistance at their another job and this is normally problems of bureaucracy are 

He distinguishes six C3te- Dirtiis, administrative guidance, j n business, in polilics. or international: ' how Japan has 
gorios o? public policy company, governmental subsidies and j n 0 ne of the public corpora- “ ea 1 wlt ' 1 , e P rob ton}£ de ' 
ba?ed on proximity to the spon- 30 ve rp m ental brokerage in tions. It is a well-developed sys- s ?5 ves ,'* 0 closely studied by 
soring Ministry and the degree effecting mergers or joint tero an£ j t here is a definite hicr- othf -‘ r « l ess successful, indusirial 
of control exercised by that ventures. These companies are are hy among the various ama- count:ries - 
Ministry. At one extreme are the comparable to the defence hudari routes. MtTI officials *j a pan's Public Poliev Co-n- 
*1’"— *■ eovernment enterprises industries of the United States, dominate descent into big busi- penies. by Chalmers Johnson. 
like the pustal service. oF which The classic example is Nippon ness, while Finance officers tend American Enterprise Institute 
there are remarkably few in Steel, the world’s largest steel to go primarily to the puhlic §3. 75 
Japan. producer, formed in 1970 by a corporations. Agriculture, and r* a r\ 

The author explains that dur- merger between the Yawata and to some extent Finance. lead in. GCOffrey \Lmen 


An art Safiery, selling pictures 
by local artists and accepting a 
small commission, sold the same 

picture twice. After (be exhibi- 
tion closed, the second purchaser 
took possession of (he picture, 
hut was later told of the error 
and gave the picture np. What, 
please, is the legal position of 
the three parties involved? 

The second purchaser is not 
entitled to the picture, but has 
a claim against the seller for 
breach of contract. That claim 
would be for the toss of bargain, 
that is the difference between 
the purchase price and the actual 
value of the picture. It is thus 
likely to be no more than 
nominal if thc artist is available 
to paint to commission. 


No legal responsibility can be 
accepted by the Financial Times 
for the answers given in these 
columns. All inquiries will be 
answered by past as soon as 
Possible. 


and liser plan^ t. are aware * at ** pr0_ To ach ' ie7e '*}&**** 

hL bSn remtog on ItSL of government tovo vement approa^-to ovtr^mdt^ say . 

the last couple of years, but industry is irreversible. the Dutch^ . must 

market growth has collapsed. • Mr. Martin Trowbridge, direc- first im^ve ltostaGsttcyto 
Part of the todu&trv’riqt general of the Chemical are currently eittw.aon-CTSteot 
response has been to looTV ^.Istry Assodatiol in the UK. or mtsl& Onz ■ .X to a a^re int. 
Brussels for help, although fa a protagonist of the latter 


industry itself is to blame for® at present very light "on-toe LOinxniBBtPiL / J wonift^lto 
much of its present misfor- 'ptiblic relations effort at EEC ”' tQ i. ;»’• 1 ' 

tune. - . terel, even though a few indi- difficutbes. r have , had to send 

But how is the industry Vidual companies are doing hac^ to d 0. theij'hoinework 

organising its lobby? In 1972®at deal to ensure that'onr . such issues m competition 
it set up an organisation toiSse is not lost by default,” ^ Eastern. 

Brussels known as CEFIC — tbe^&ys. “This, however,' is no Hloe. L'-' - . - . J. 

European Council of Chemical’^oper solution for the longer- ' But t&ne is runsizig out for 
Manufacturers Assodattons^^torm future. While the ‘ listen-' the chemicals industry if it wants 
CEFIC is founded, not on mem-Ving post ’ function in Brussels ta put its own house in order. As 
ber companies, but on members relatively well developed, I -Mr. Schaefer points out; at the • 
federations, the nation*] Question whether, as an indu^ moment "decisions tend to be 

chemical federations of ittry. we are committing anjfthing baseff on ^the lowest common 
countries of Europe. £lflre enough resources— either denominator; especially when. ■ 

It has the status of a norf nationally nr on a pari-European the imbaef en individual com- 
governraentai organisation. It is basis — to the active aspects of pahies £s'eoiifliedBg. M . • 
governed by a general assembly tfe. work, heeded .in Brussels,,. .. 'tt 'J-* 

with a president and vice?- iSmbourg and^grasb'ourg.” ■ ?.: ' '* : UQne 









© f^ATSSaALS 


SOME 60 per eent of Union 
Carbide Corporation's coalings 
service research and develop- 
ment budget is being concen- 
trated un work for the oil 
industry and the company is 
making a particularly vigorous 
drive co attract work from this 
rapidly growing sector. 

New coalings applications 
have been studied for offshore 
platform equipment, onshore 
installations and down hole 
equipment. Hard coatings 
aoplied by detonation guns are 
protecting guide shoes for down 

Loog-Iife lints 

LIGHTNESS ON a ire. protection 
from currosiuo attack and long 
life (up to 60 years) are the 
advantages offered by Hilsmith 
Lintels with the use of its 
Thermalintels which have just 
won the AgrOmeni Board certifi- 
cate. 

This medium-sized company, 
originally established in 1S24 for 
making steel fencing, has, it 
claims, led the field in manufac- 
turing and supplying crash 
barriers for motorways in the 
UK, Looking to the future, and 
utilising plant and resources, it 
has developed the lintels as a 


hole inspection devices. Ball 
valves can be coated with 
chrome oxides or chrome car- 
bides to resist wear. 

At the same time, jar mandrels 
coated wiih tungsten carbide are 
under test. 

New coatings, developed for 
areas of particularly severe wear, 
such as on drilling equipment, 
are being applied to plungers for 
well treatment pumps. 

Because of the importance the 
company is attaching to this 
corner of its market, a new 
position — European programme 
manager, oil industry — has heen 
created and Mr. Brian Phipps, 
who is based at the Swindon 
centre, has been appointed. He 
has long experience in coaling 
services in the U.K. and Canada. 

More information from Union 
Carbide. Coatings Service 
Division, Drakes Way. Swindon. 
Wilts SN3 3HX- 0793 20241. 


spin-off from previous manufac- 
turing successes. 

Using a process the company 
believes is unique (patent 
applied for) the zinc coating is 
applied to the mating surfaces of 
the lintel, eliminating the possi- 
bility of accelerated corrosion In 
these areas, thus ensuring total 
protection from corrosion attack. 

Hot dip galvanising after fabri- 
cation produces; a zinc coating 
approximately .003 ins thick 
plus an alloying of the zinc 
with the parent metal. If steel 
sheet cofls are galvanised prior 
to fabrication the galvanising 


WITH ITS marketing eye on tbc 
estimated annual 65m. ronne.? 0/ 
aggregate required for construc- 
tion and civil engineering work 
in the south-east of England, 
Redland Aggregates in conjunc- 
tion with British Rail has 
embarked on a major scheme for 
the transfer of crushed granite 
from its Buddon Wood. Mount- 
sorrel quarry in Leiccsiershire 
to receiving depots at Ruritett. 
Herts., and Higham, Suffolk. 

A new railhead at F-arrow-on- 
Soar is an important part of thc 
£2m project, half the cost of 
which is being met by Rediand 
and half bv a grant from the 
Department of the Envirunmeni 
under Metier 8 or the Railways 
Act. 1BT4. Under this Act any 
commercial organisation can 
apply for a Government grant of 
im fo 50 ner cent of the cost of 
siding, terminal facilities and 
wagons. 

Redland's Buddon Wood 
quarry is reckoned to have re- 


serve* of over 100m tonnes of 
stone and it has in operation 
there one of the largest primary 
crushers in Europe capable of 
dealing with 5ra tonnes a year. 
With its present equipment, 
which includes secondary crush- 
ing plant and other processing 
machinery, the quarry is produc- 
ing over 1m tonnes a year and 
this is now being carried on con- 
veyor belts running for II miles 
to the sidings at the railhead at 
Barrow-on-Snar. 

The loading sequence of dif- 
ferent sizes of crusbed stone and 
the number, weight and liming 
of batches is controlled at the 
sidings by an operator who is in 
constant contact with a computer 
which “watches" over opera- 
tions at the quarry*. 

Overall capacity of the loading 
system is 1 .000 tonnes an hour , 
and it takes under fwo hours to 
loud a 36-wagon train with 1,350 
tonnes. Trains move under the 
loading point at a speed pre- 
cisely related to the rale of dis- 



«K'- . 

%X 



: L: / 




rPIiSli 








for Building Products, 

Heat Bcchange,-FluW POwe£ 
General Engineering, Zip 
Fasteners, Refined and 
Wrbught Metals.' 

HUH Limited, 

Birmingham, England 


A? .■; * 

Iwss&Wli *. 




Loading wagons at Recflaiid Aggregates’ 
Barrow-on-Soar railhead. The operator 
in the control cabin has a- direct link 
with the “ overseeing ” computer which 
is 1£ miles away at Buddon Wood 
quarry. 


Charge of aggregate from the 
'conveyor bell. 

Rediand said at the formal 
opening of the railhead last 
Monday by the Secretary of Stale 


for Transport, Mr. William Berks., Stevenage, Herts, and 
Rodgers, that further receiving Sevenoaks, Kent. They will all 
depots for aggregate From Bud- be supplied by the special trains 
don Wood quarry were planned loaded at the Barrow-on-Soar 
for Elstow. Beds., Padworth, railhead. 



process is continuous and pro- 
duces a zinc coating approxi- 
mately .001 ins thick and only a 
negligible alloying of the zinc 
to the base metal. 

The process used by the com- 
pany involves the chemical 
cleansing of the product by 
immersion in hydrochloric acid 
and its subsequent immersion in 
molten zinc at 460 degrees C. 
The baths used are 13 ft deep 
allowing most lintels to be 
[dipped vertically to ensure a 
[smooth coating of zinc of gene- 
rally uniform thickness. 

More from them at PO Box 
Mb. 4, Canal Street. Brierley Hill. 
West Midlands, DYS 1JL (Kings- 
winford 70228). 


e COMPUTERS 

THIRTY years ago today a research team at Manchester 
University successfully (operated a sto red-program 
machine for thc first (tore anywhere— they operated a 
computer as it is generally accepted today. Now, the 
computer industry with alljits ramifications into indnsfryt 
education, government aqd defence has grown to the 
third largest industry worldwide, after petroleum and 
transport. The ari-Bridsfa team was led by F. C. Williams 
and Tom Kilbnrn. Sir Frederick Williams died recently. 
Professor Kilhurn is the goest of honour at a luncheon 
to be held in Manchester to mark the event. Olher 
members of the team who today will meet again under 
the aegis of the National Computing Centre include Dr. 
Alex Robinson now at UWIST In Aberystwyth, Dr. 
Ccoffrey Too thill (NPL) and Dr. T. Thomas (Edinburgh 
Regional Computing Centre). 


0 PROCESSING 

Hard rock crushed 


Only National flies non-stops Heathrow 
Miami' -Tampa and onwards seven days 
a week. 

Contact your travel agent or /' 

National Airlines. 81 Piccadilly / .. 

L&ndoi)VVlV9HFlOI-bJ93C721 .• 
National Airlines Inc. is 
incorporated in the stole of ’ „ 

Florida U.SA ' _ *j; 

' i“V 

America’s / . ^0 

sunshine / 


a 


al# 



DEVELOPED by 'the General 
Descaling Company following 
recent trials in collaboration with 
the Water Research Council, an 
epoxy resin paint is claimed to 
he ideal for lining pipes up to 
10 inches diameter. 

The company expects the coat- 
ing— which is applied by a high- 
speed .centrifugal process-— to 
have a life of 20 to 30 years or 
more and because it is quick 
drying It can be applied to 
lengths up to 130 metres at one 
time. Drying is so rapid that 
water pipes can be restored to 
service at the end of each work- 
ing day. 

Further from the company at 
Retford Road. Worksop. Notts., 
SS0 2PY (Tel: Worksop 3211). 


• PERIPHERALS 

Terminal family 


PRINCIPALLY INTENDED to A prime f( 
meet the requirements of asphalt crushers oper 
and concrete producers is a range pression thus 
of jaw crushers for secondary wear and pow 
and tertiary reduction of hard abrasion in tl 
and abrasive rock. ber. This is 

There are six models avail- operating cost 
able from Brown Lenox and types of sect 
co.. Pontypridd, Mid Glam- crushers who 
organ CF37 4BY (0443 ma tonal. 

3261) with a choice of The model 
102mm or 127mm feed sizes. They mounted, whe 
can be set to produce aggregate corporated tot 
ranging from 9mm to 45mm. as appropriate 

• SOFTWARE 

Analyses the micro 


A prime feature Is that the 
crushers operate by pure com- 
pression thus minimising jaw 
wear and power loss by avoiding 
abrasion in the crushing cham- 
ber. This is claimed to reduce 
operating costs relative to other 
types of secondary or tertiary 
crushers when handling hard 
material. 

The models can be skid- 
mnunted. wheel-mounted, or in- 
corporated toto permanent plant 
as appropriate; 


C SURVEYING 

Spy plane 
is a model 

TO CUT costs, radio controlled 
model aircraft are now.' being - 
used to take photographs from , 
the air by Photair Services of 
Oxshott, Surrey. 

Shots are taken using a nine 
foot wingspan model powered by' 
a methanol-fuelled glowplug 
engine and carrying either a 
45 mm wide angle or. a square 
camera. The aircraft flies at 20 
to 30 mph and shutter speeds are 
set to a 500th or a 1,000th of a 
second 

Applications are to archaeo- 
logiraj work, motorway rente 
planning, crop growth and disease ' 
detection using infra-red film and' 
perhaps even for property and 
sports photography. 

More on Oxshott 2345. 

G WELDING 

Absorbs the 


fumes 


INTRODUCED by Digital Equip- 
ment Company are a number of 
terminals, based on a new video 
unit VT100. which are fully com- 
patible with the PDP-11 com- 
puter line. 

They all incorporate the com- 
pany's LSI-11 microcomputer, can 
support multiple workstations 
and offer a choice of communi- 
cations formats. 

Two of the models, the 11/110 
and the 11/130, have video only, 
while the third, the 11/150. offers 
a Choice oF video or hard copy- 
Thp two latter types have mag- 
netic storage. 


All the terminals are able to 
run either stored programs or 
programs sent to them from 
another computer (down loaded). 
In addition, the systems have 
provision far three extra un- 
intelligent terminals. 

The PDT 11 range is fully com- 
patible with the instruction set 
of PDP-11 minis, permitting 
program development at the 
assembly level and program 
interchange between the mini 
and the terminal. 

Prices range from £2.800 for 
one 11/110 to £3,300 for 100 of 
the model 11/100. More on 0734 
583555. 


MADE BY Millenium in the U-S„ 

the Microsystem Analyser is to 
be made availahlc in the UK 
by Microsystem Services, of 
Duke Street, High Wycombe, 
Bucks. <0494 41661). 

The equipment is used in 
conjunction with a software 
development system or a mini- 
computer cross-assembler tr> 
simplify hardware checking and 
the integration of hardware and 
software. It employs two tech- 
niques — in-circuit emulation and 
signature analyses— to provide a 
powerful diagnostic tool for 
isolating sub-system and systems 
faults during product develop- 
ment. 

For emulation— imitating the 
functions of the microprocessor 
In the system under test — the 
latter’s socket is used to connect 


to the analyser via an umbilical. 
A micro in the analyser then 
takes over, operating the system 
under test using its programs 
and memory, with the additional 
ability to set hardware break- 
points (that is, the effect of some 
hind of external hardware 
event), step through program 
instructions, examine, display, or 
alter registers, memory, and 
input/output values. 

In signature . analysts the 
analyser detects bit streams 
generated by the system under 
test, compresses them and then 
displays hexadecimal -repre- 
sentations of their values. Each 
time emulation cycles through 
the test program, the same bit 
streams come up at the same 
nodes and the compressions are 
compared relatively easily with 
known good values. 


LONG-STANDING problems 
associated with welding fumes 
have been treated with an 
° f H nits * which give 
lnmted efficiencies, short operat-' 
ing life, high operator main . 

&Sr , -&-o?£3ZJ2- 

Sphere.'™ 6 “ tte 0l!,slde 

Carborundum Environmental 
aj stems has a new fume control 
dSi 4 Sfh F ? we,iae > wtoch will 

will ap Phca tions and 

J2L- ii remove the odour 
traditionaHy associated with 

?*v ts _ which return the 
exhausted air direct to the 
working environment. 

Component in th e new equip- 
ment is its pving efficiencies 
m excess of 99.6 per ^ 
by independent tests} 
and removing oust, smoke an#. 

sSes”’ SUb microa Particle 
The unit will handle an 
o«kw SI® 460 cfm frdl " ifa 

^kWfaa the outlet of which 
a r freated t0 arttieve 

7<a So opc ” tm g noise level of 
tttJa. maximum 

Technical details. • from 
Carborundum Environmental 
frystems, Spencer and Halstead. 

tlw? dSfinS?^,' T s 











mt neciiiiredL 


. A. 


This invitation is open to anybody 
running a business. \ 

"We’re ready to invest £5,000, £50,000, 

£1 million, £2 niillion oreven more. 

We’re willing to provide it in equity 
finance, loan finance or a combination of both. 

And we’re able to give you between 
seven and twenty years to pay us back. 

All without the strings you might 
expect. 

We won’t putup the interest rate at any 
time during the agreed period. 


We won’t appoint one of our staff to 


out so we can 


makeakilling 


: ICFC to our friends. 


to help smaller businesses. 

To date,we’ve invested over £550 
million in more than 4,500 companies. 


companies who wanted equity finance. 

Where has all the money gone? 

To extend factories and renew plantTb 
finance sales at home and abroad. And to help 
our customers increase their share capital base 
and prepare for CTT 

In other words, the money has gone to 
keep Britain’s smaller businesses alive and 
kicking. 

If you could use a little help running 
your business, have a chat with someone atyour 
local ICFC office. 

We like to think that ICFC is not only 
the smaller business’s biggest source of long- 
term money, but alsoyour biggest source of 
moral support 



The smaller business’s biggest source 
of long-term money. 


nwAMCECOf^RAnON UMJ7HX ABERDEEN 0224 53028. BRMNGHAM 021-236 953L BRIGHTON 0273 24391 BRISTOL 0272 29203L CAMBRIDGE 0223 622S. CARDIFF 0222 3402L HMCURGH031-226 38S5. 

IflDUStfiWl' AND 051-236 2944. LONDON 01-92S 78^2. MANCHESTER 061-833 951L NEV/CASTlE 0632 81522L NOTTINGHAM 0602 4769L READING 0734 861943. SHEFFIELD 0742 66456L SOiflVIAMPTON 0703 32044 





































12 

LOMBARD 





A lesson in 


The yea j that gave us the 


: . "r“ 'J." ' 

• Financial Times 


■ JJL la 


-A IVklkJvll MJL3. HAS THERE EVER been tit with subnets and white violet Blue Pygmy. But Green ragged In early AprU. but wriL.favmaatea. A wa^n«. ! ’*7 T 

better year for irises? There alyssum. You want something Spot is the best of the easy ones soon recover. • ■- "IS toSm nursery: 

have been two bursts of ram in different before vou fill the gaps and is so valuable because it These two, then, unU give yoa specfs, a* always, , have-been central -toots, fitr. 'ahd^ larreiv -• 
A* tbeir • flowering season, neither of with petunias: unless vou liKe flowers that month or so before something worth looking at otf men in Britamhut 1 ^ above tfnWUt J ’ -ITIilftWiL' Yhl* , " 

OClllfllAII J*»? h b « damaged them too the fleshy l^ves of housclceks the full iris season. of the usual ins season: what, shortchanged fj™ JJ.w w hS lot ' 

A ill 1(111 hadiy - There bave bee ° dear 0101-6 than 1 do. you could hardly Again among the lower then, of the big ins Germaraca, ^eyjwoukTwisb i to tell their San. rboi»->OTdp^S -> 

VCIU^ivll skies tu show off their colours, do better than buy a few of the varieties, the striped leaves of the named varieties which a^nrderip&.tns^ bb ®!* rtv^ndugh. »nfhor ihg r&(^te' ifliti ^ 

but not such hot sunshine that small irises. The next fortnight the variegated forms of Iris so spectacular? There are- twb?taithlogu€S. SoW.^ainy ^ SjJ* ,y^ ; 

tb e flowers have gone over or so is the time to beg a hit PalUda are also worth the price, ways of buildteg a good oD»'u jSS" "K SS^^ES V* ' 

BV COLIN JONES wrth,n a day or two of °P en,n S- frora gardeners who Already Only a foot or so high, they are tion. During this week or so. you amye as. a - . . - 

BY COUN JONtb I doubt if there have ever been have them A bit hacked off thing, *»» »«£**» ■“g* 

such connoisseurs of the iris as now and planted out at once v»U - -| ~ '■■ ■' . ■— ‘ “GoatMnerised ms are hardly. 

THE SKIRMISHES the Govern- Contrary to the Impression the pre-industrial Japanese. But root and probably flower next better. AJ*saally to®ing JJ®, ieeanfftHifirt is ttf ifift ■■■ - - 

ment has been having with the that may sometimes be given in their poems on ins-flowers year. AAPnFNC TODAY ' rooted-divisions UZ eariy sunm^, dindad;' 

Eurapean Commission over the this country, the EEC T« a ty JSHUist a p,!, blue sky have QAKVtNS I WHAT.-. , f . , potted up Into »*. ***&■*&* 

UK's shipbuilding, employment, does not ban the use of industrial come home to us all this Tjirnp wn A lr C „- D , w , « M «r rny .. seedcompost, wtapped l « > 01 I^Lpw h^bSkS 

mwtA Wnf+Vi Con oniiirtmonc Huh. oihcirtips. The foundinir fathers summer, even if the flowers on AliltrC n'vwKS BY ROBfN LANE FOX • nolyJliiane-aiid sold at £1 ® 


BY COUN JONES 


and North Sea equipment sub- subsidies. The founding fathers summer, even if the flowers on XMIICC fYVCKS 

sidles are nothing compared with recognised that State aids were a jJJ' J lg ZtF^more ^ strnn* 1 v n * blues and the yellows are 

the ..thrust now hoiog mounl.4 2SSS iolfured than the waTerafde **« **P*t Queen being 


GARDENS TODAY 

BY ROBIN LANE FOX 


. tetter.^aally. teing 


pressure in tne current u*n Drm? anou*. u»wuib l- wu B n f - f . h d f hpari| - f i is me newisn American Green it xnrouguuui me ye 
trade negotiations but the sub- more quickly than would happen siino i f r . r ♦>._ c fl t P n r a S P 0L 0ne fa{t of this has crown plants bave now mu 

ject is also likely to be discussed if the operation of market forces bright rortnieht Thouurhtc of int0 sLx e° od clumps and in- ten and are full i 
at next month's summit meeting were relied upun. However, they ry roun{ j-o;der liftim? rlearimr numeraWe fragments for friends violet blue .flowers 1 
oE the world’s leading industrial did not want to see the beneBts ' nd ji v yi na * are easily brushed in onl - v four years - It flowers pleasantly with tii 
nations at Bonn where the U.S. of trade liberalisation frustrated asi{ j e when the flowers are at verv f reel > - - a special shade of leaves, striped with 
can expect strong support from by the use of subsidies as the their best. waxy green-white with darker white. It may seem 

the West Germans. scope for more conventional h ow ca ^ the season best be sreeti marks on the falls- to grow an Iris o 

measures of protection was prolonged? For a start, in April Although it is hardiy a f° ot leaves - a ^® 


nonetheless so bright in the front should note the best local clumps; ' . - {Weeded ' v'fti r . - itistericQ l wterii ; v ;? , 

of a border that they distinguish as they go out of Sower la nearby/.-.-;J,TjtUllllWLj - . . -intis vn^-soedg in tfcsfcba; jnfc .. v '.. 

it throughout the year. My two gardens. In early July yoa.can . • ■ ^ 

plants bave now multiplied into then trouble the owners for ;an: . .^Ofehtts of 1 ^ <M !SSS! r 

ten and are full of the Pale outlying rhizome or two; la all Sofiyik:-' are no iris specialists, Xheivana^Hyjnra^^^ypai: . . 


outlying rhizome or two. ‘ la alR'Suffp^,-' are no 


jij iw iu» « «h » “•« jwu <iui. mjc- iCjifeon nurple dbuwu ^>«» v» v 

so bold and later you split and plant; the less ispfeHlJd single colour) . and you rpad -4Jus coUxmn.^ r m will- - 
it np keen your chances of a full show.: of white = and greenish yellow, oome your I>est,Stat^ha3e f ;'Qtct-‘qn 


A/f , , reduced. and May? 'you should find Som hiS.lT tighte «? S^UeuTor «« 

Mandate The commission's main line of for the small variations on Iris three weeks in early May. I know gardener should pass t em . it 

approach, therefore, has been to Pumifa. Suppose you have a flat nothing like it and recommend One of my most valued plants, * 

Wbat makes the American tr y t0 makt . sur e that subsidies topped low wall with one of It strongly for any wall, rock over the years, and certainly not NonetheJesi 

contentions a force to) be are used only when, to the extent, those standard six-iocb wide garden, edging or border which one of those irises whicb has to irises of your 

reckoned with is the negotiating aQ(i so i 0Qg ' as they are necessary strips of earth in it left con- is struck at least by half a day’s grow in a damp place. Mine are excellent Iris 

mandate their trade representa- t0 promote adaptation to changed siderately by a pre-war builder sun. There are other good ones, best in a dry and well-dramed line place to 

fives were given by Congress, circumstance?. To facilitate this, who assumed that you would fill the white Tbe Bride and the light loam. They look rather like most gai 

Unless some kind of inter- has drawn up a series of guide- 


greenish 


national agreement on industrial lines for regional and sectoral aid 
subsidies has been concluded by schemes and has tried to 
the end of 197S. tbe provisions in persuade member governments 
the 1974 U.S. Trade Act making { 0 bring other more general aid 
compulsory the imposition nf schemes into a regional or 
countervailing duties on U.S. sectoral context so that their 
imports receiving production or acceptability From a Community 
export subsidies in the country trade point of view can be vetted 
of origin will come into opera- j n advance rather than a 


The Americans want the Euro- 

£??. 'tVS' ‘“Ti'i This Frustrated ™t annual g««mii a*-*, 

matter to aeree to oreater dis- JrrU5>irdlCU Royal Hunt Cup looks as diffi- subject of a prolonged anie-post 

riosure of subsidies , to bring ^ as ever this afternoon, but I run-to be the chief danger, 

up to date (which means widenl An even more difficult problem do not want to to to dissuade Whatever his fate in the 
the 1960 GATT list setting nut has been the lack of transpar- uyim from taking an each-way ceatT . e pifice ^ picatin!4) 

what is regarded as an export cnc - 1 ’ of many subsidy arrange- mterest in Picahna. Hastings-Bass could get off the 

subsidv. and to endorse the prin- nients. It is hard enough assessing This Newmarket-trained filly, it t l ic T; , 

rinip that iHcaiiv aii «nhcirfi#.o the trade effects of. say. tax con- mark in this, his first Rojal 


posteriori. 


Picatina good each-way bet 
to win Royal Hunt Cup 


^IrZV* 


-** ^ ^7^r'jTL.<Z'ts l W , j . ■ . 


CC — These theatres accept certain credft>/'. 
cards by tdeptione or at tbe box office. J r - . 


3 j] 


Frustrated 


ROYAL ASCOT 
2Jff— ^ Cosmopolitan 


OPERA & BALLET * 

COLISEUM. Credit cards. 01-240 SZSB, 
ReserratJons 01-836 3161. 
.ONDON FESTIVAC BAL “ 


THEATRES '• ’-uV j : THEATREEi-^^^- 

930 9832. StiAVV THXaTRZ. 

VVtNDV HILLER • ; . .W -. 


subsidv, and to endorse th»» prin- nients. It is hard enough assessing 
ciple that ideally all subsidies the trad 1 ? effects of. say. tax con- 
should cease. In return, the U.S. cessions or loan guarantees to 
would appear prepared to accept private sector firms, and even 
the test of "material injury" for harder to unravel financial 
counter-measures against subsi- relations between governments 
dised imports which other GATT a °d some State-owned enterprises 
members have been operating —a point that n now exercising 
since 1947. This is not a straight- the U.S. authorities in the case 


RACING 


.Ascot afi a trainer with runners, 
through Greenland Park. 


3.05— Greenland Park*** 
3.45— Picatina* 

4.20 — Sofa la 
4.55— Le Moss** 

5.30 — Limone 


LONDON FESTIVAC BALLET 
Tflfl'L 7.30 Conservators, Giselle. Tomor. 
A Fri. 7 JO. Sjl 3 A 7 .30. Sanguine 
Fan. L« Chine. Etudes. 68 balcony aeats 


& 7.30. Sanguine 


-■ ■*3££*£ ir W 2 .». Sat. * JO, 

-- INg“d BHMiMAN' J 

SZSB. ■ WENOV HLLLER • 

: qerek qorix hlancos 

r ^'-GocSrey * b - s _’-J j,ca 

Tomor. - WATERS OF THK WOON 

tmruinc ."'jf. Wusr dafnitmiy dose July »- 


STRAND. 




always available from 10 am day of pen. 

NUREYEV FESTIVAL 
June 26 to July B with London Festival; 
Ballet all seats sold lexceot mala. July 


S & «i. July 10 to IS Nureyev with 
Dutch National Ballet seats available. 


BaymarkEt. 930 9 B33.. Boa. Office Now. 


.-Iterir . . - v 

E4JJOLfi13JO^ , w 1 


COVENT GARDEN CC 240 10W (QirdHL 
charge credit cards 836 69a3r. 

THE ROYAL OPERA 


BY DOMINIC WIGAN 


T . _ . regard Greenland Park as onei the royal opera 

t V C?fi nc / Ster - I s oi Ihe best each-way bets of the 

Rea Goa ally justified a much- mpotine at nddc of about 10 to 1 I flv. M. « 7.30: Faistan. es Amow 
vaunted home reputation “xSre is a good S of Irish' «-«?»-!» SLP^fWSJOJ* 
some sizeable bets with a three- confidence in Paddy Prender- 
sllccess ovec Thorganby gast’s stayer Irish Riddle in the 
victor*. Queen's Vase, but I go along 


..■ 5--' ~ PAUL SCOFIELD 

' MARRY ANDRIW5 _ 

■ ?: • ELEANOR J^FrnPtc 

VjENE HANDU in . • 

PUV bv RONALD HARWOOD, 
j * . "emmS^S Vy CASPER W«£OE. .- 


WOm^SJX>NGE«1«mIii;- V 
"-■■■ astir- y^Afly:-”r^ : :r - : . 


7iy. rn « /.ju: riuun. os pra — • 

seats avail for all peris, from 10 aun. u» MAJESTY'S. CC. 01-930 6M6. 
on day of perl. Note: Personal .Tel. Mess. Evenings 8.00. Mats. Wed. & Sat. 3.00. 
for July Ballet opens July 1 & not . : . - BRUCE fORSYTH * 


THE - town: £j». 


aSaaf .11 -PAV '■&£- ' 
-LOS REALMS oei; pA^AWAJ5^-: 


forward trade-off. as subsidies British Steel. After labouring for W hom William Hastincs-Bass Victory. Phan's ^rhai I eo iilmie clyndebourne festival, opera 

would form part of a wider GATT hard for six years, the Co min is- bas secured the services of Sail- in the belief that she is a eon- with Mr Carlo d’Alessio’s Le Se orciiMirT 1 tmibm iw? 

Efts- harrier^" But Z Handicap sideraMy Smarter Mot who coSube " *£&!£ J 

M? *** * ta ‘ “«««• 1 M-W in the ™u»*. 

without some new understanding even started on the public sector. witll i> 0 ttom weight of 7 st 7 lb. 

more“diai«dt , 'to'°r«?st b u.s ,,u i C D h tr.eStfLvr'mo.V^^S""' , h h ^ thm.^itSiV^bhy Nobel cash gift Port seeks aid 

fo W r DrotecSw P meM?n» P ISnrt • a?.. 1 daughter of that highly successful T op THE GOVERNMENT has been 


Carrier- But problem of transparency in the Manchester Handicap siderably smarter two-year-old Moss, who could he an extremely z|ubeniot<^ Mi ibie rewnt o^w. 

P^eVo'coXTT^ hardly ^ —«*■ 1 i0 ** flh & ftT~ —■ '' s 


-I - . i„ LESLIE BRICUSSE and tua ■ 

OPERA. e*S. ; ’ 1 J 8 ESSSS JJSSc^SHdW 

[."» :v- ' ar ^««ovv - h 

SR &'^£jA"SSTS^S^ 


jiaa. GC.: Evsr ?oxO- . 

.. ■ ■ Z: ' 


for protective measures against imports. But EEC experience young ' sire Welsh PaJeant "did 
foreign competition. shows that a GATT code on sub- S !. e . .17 e 


Nobel cash gift Port seeks aid 

fr^v T Cl? THE GOVERNMENT has been 

1UI JUljJIi asked to spend £4.5m on reviv- 


SADLER'S WELLS THEATRE. RoseDerY ^"ruc.TM 

A«c~ CC1. 8 ST 1672. Until Juty 1. Evas. KING^ ROAD 1TIEATRE. 


• «Ei^«SgpT--. - 

'janeiosra ts&ssaszg; 

352 7488. West.-EM-Mt «g«lit WftfL anwQ pr^of. h fr.: 




Manoliu and Rafael Agull«r , s 
FIESTA DE E5PANA 
Spanish folk and flamenco. 


the rocky horror show 
NOVV IN ITS Stlt ROCKING YEAR 
TOE GREAT ROCK "N’ ROU. MUSICAL 


AJR-CONDITIONTD >TW#.Wt.. 


reign competition. showc that a GATT rndp nn «uh- ' . , b iwi asxea io speaa on rcviv- 

The obstades to an agreement si dies co Ul d be a cnidf. unreliable Sbri“ l? .'S'.SSSuw taJS PROFESSOR JAMES MEADE. «k!Sj?S£?bit 


THEATRES * 

Lug me pun oi ^uuumauu, ujr i Iri 

councillors on Wearside who fear gi^sSuTVt 


LONDON PALLADIUM. CC. 01-437 7373. 
h, NOW UNTIL AUGUST 19 

L MCm. Timm.. Thurs. and Prf. at 8. Wed. 


v'-hpl lUmillMUn Ult tVCdlMUC wuu icu 

that the port might have to 

to tb" clwe. 

’s and _. _ 


. . and Sats. «f A. JO and 8^0. 

.— - - ..„ • 1>1E TWO RONNIES' 

IRENE . vy. in a spectacular Comedy Revue . 

THE BEST MUSICAL ; Your best in a nee to see “Tne Two 

of 1 976. 1977 and 1 97B . ■ » Ronnies R me " ar the London Palladium 

IRENE . - - I* to book now for the performances this 

LONDON S BEST NIGHT OUT.” Sunday .June 25) at 5 and 8-: . - 

Sunday People. • ' SPECIAL BOOKING HOTLINE 437 2055 

ALREADY SEEN BY OVER ONE ',<<, SWV - IAl • - ■ ” 

MILLION HAPPY rHEATREGOERS. — 

CREDIT CARD BOOKING 01-836 7§JV« LYRIC THEATRE. CC. 01-437 .3685. 

r :C*. B.O. M»t. Thurs. XO. Sat. 541 A B.30. 

-etBt ” JOAN PLOWRIGHT - 

' 1 • COLIN BLAKELEY ■ 

Frt FILUMENA 

* % -* : 

,z asMsa sr\ 

r^yELSH^TK^NA^SfiTR ETO 


the European Community. Of j n g that the profligate inter- P ow al1 , lhe bet . ,er f01 ! tbat ou *' Political Science. iTirJIC Q5lf Pt"V 

course, tiie Commission in national use of industrial sub- ID *’’ sbe w certain to give a good prize was awarded to Pro- 

Brussels carries nothing like the sidies is a race that no one ends account of herself. fessor Meade for work whicb he BRITISH GAS has published 


Sunday >June 25) at 5 and 8. . 
SPECIAL BOOKING HOTLINE 437.2055 


had to contend with are none well be frustrated by an outbreak December sales last autumn. I trade from 1947 to 1957, before I Punjabi. Tie leaflet is already 
tbe less instructive. of reciprocal protectionism. 'expect another Newmarket rep- taking up a chair at Cambridge, available in English and Welsh. 



I V Radio 


t Indicates programme in 
black and while. 




Weekly. 5.15 Regional News All Regions as BBC 1 except at Pony Time. 4.45 The Remarkable L *J rtn “„?i v ' ,r L ^ k p ^ inter 


BBC 1 


6.4(1 am Open University. 10.55 
Cricket: Benson and Hedges Cup 
semi-finals. 1.15 pm News. 1.30 
Bagpuss. 1.45 Interval. 150 
Tennis/ Royal Ascot .’Cricket. 4.18 
Regional News For England 
(except London). 4.20 Play 
School (as BBC 2 11.00 am). 4.45 
Deputy Dawg. 4.50 Newsround 


(except London and South-East), the following times:— 

5.20 News. Wales — 1.50 pm Bilidowcar. 

5 JO World Cup Grandstand: 5.15-5 JO Wales Today. 1.00 am 
Austria v West Germany. News and Weather for Wales. 


Rocket. 

5.15 News. 


in her Tune: 11.25 In Concert with Dart*. 
1U0 Ebbtide at Coldbam UaU. 12JQ pm 
Reoort West headlines. 17- 55 Report 


5-30 World Cup: Holland ▼ Wal.>S headlines. 2.00 Housrparty. «AS Bob 5 


7J5 Morecamhe and Wise Show 


Scotland — 5.15-5.20 pm Scottish 


Italy. 

7.45 Coronation Street. 

l ?? C ,hi2 Z .r innlnS "'^NewITioTS’N^MdWBttM US K. ^ Br “" T 
'-IcV^.tior, Zebra," star- ,or Sratllnd 

,0,. & B S£!r ml paib,™, b, 

10.45 World Cup Grandstand: Northern Ireland News. LOO am Constable with music I 

Peru v Argentina. News and Weather for Northern Ligar. 

1.00 am Weather/Regional News. Ireland. All ffiA Regions as Lx»nd( 

England — 5.15-5.20 pm Padding- eXMpt at ** foDowlB * tifnes: - 

jton (London and South-East ANGUA 


Beachcombers. 7.45 Report West. U)0 
Report Wiles. 

HTV Cymm /Wales — \s HTV Go acral 
Service except: 12-50- l?.g pm Pcnau-dau 
NewyddJoo Y Djtld. 4.20 Y hair, 

CwalnseB. 4 JMj« 5 Un Tro. 7.«4J» 

Y Pydd. Nightly at I 

HTV West— As HTV Geoera) Service I PATRICK CAR 


■One OIT by Bob Wllspn. Tues.-bai. 
1.15 Pm. Suns. 3.00 and 5.00 cm No 
snow Muni. 

ALMOST FREE. 4S5 6224. Evenings. Kurt 


WNDItflU THBUXE^COr- 0T«43?«e343. 
Twice Nightly. 6.00 and 10.00 
’ Sundays 6.00 and 0.00. . 

Paul RAYM^D presents 

THE EROTIC EXPERIENCE OF THE 
. MODERN ERA 

*■ Takes to unprecedented limits what Is 
permissible on our stage-'' Evg. .News. 
3rd GREAT YEAR 


Vonnegut's Player Plano' by James Saun- 
ders. lues-HAs. 6.00 m No snow Moos. 


ASSADORS. 01 836 1711. 

Nightly at 8.00. Mat. Wed. 2.45. 


Constable with music by except-, ulsklqo pm Report wen Ucad- 
Elgar. lines- UMJ5 Report West. 

All IBA Regions as London . emmexj 


saL s a a. • ■■ 

PATRICK CARGiLL pKl TONY ANHOLT 
_ In S14UTH 

The World-famous Thriller 
. by ANTHONY SHAFFER 
“ Seeing tile clay again >s tn tact an 
utter and total )ov/‘ Punch, seat prices: , 
£24)0 to £4.40. dinner and Top-Price! 
Seat £7.50. 


if SCOTTISH 

9JS am CasUesuanl Cave. 29-® 
Southern Report. 11-2# Ceremonies of 



F.T. CROSSWORD PUZZLE No. 3,698 


BBC 2 


9.3# am The 
1IL45 A Painter 


6.40 am Open University. 
10-35 Gharbar. 

11.00 Play. School. 

2.00 pm Royal Ascot, 


ie Road to Crtemtablee d* l° Htor •>’ Mormon. 22 JS Bbbade from 

,„. r in his Time 21 DO In Coldpam Mall. 22J0 pm News and Road 

Concert. U36 Ebbl.de From Coldlum R** 1 - «■ 

Ha)). 12J5 pm AnaJifl News. 2.00 House- Highland Show. 3^ Quick on 

ic t*._ the 4 Draw, fl.45 Sootiand Today. 7-45 


party. «A5 About AnpUa. 1235 am The ** ,e .i. Dra ) f . Scotland Today. JAB 


Bis Question. 


vr of London. 22 JS Ebbtide Tnm | A M2^°thu 0 i‘ 4 3 7 oo 2 *S l oo' 

i Hall. 12J0 pm News and Road M *“ > T u ^on22.d^Wd€n 

2.0# Women Only. 3-29 The | Actor pf the Year/* Evening Standard. 

"IS SUPERB." N.o.W. 

SHOT TOUR EYES AND 
THINK OF ENGLAND 
■■ Wickedly funny." Times. 


Good Evening. Welcome. 21.15 
Call. 22-28 Pro-Olebrily Snooker, 
am Love- American Style. 


OLD VIC. ■ 92B7616 

PROSPECT 'AT THE OLD VIC 
June- September Season 
TWELFTH NIGHT ... . ... _ 

* An outstanding rdnral. Tile .Times. 

Today 7.30. - 

SAINT JOAN .. . _ 

"A pmu performance.” The Times. 
Tononwf.'fn. 7.30. Sat. Z.30 and 7^0. 
THE LADY’S NOT (OR BURNING 
by Christopher Fry. 

Previews June 28. 29. 30. July 1. 

First night July 3. 


CINEMAS 


A*C 1 AND 2 SHAFTESBURY AVJL 636 
=36J- Sep. pms. ALL SEATS BOOKABLE 
wt “ d Sun - 

OPEN AIR. Regent’s. pari. Tel: 465 2431. 1 SunT^L00?*5!la Y B.1G , Uart^d , ivL nC ’ ,W * 


1BJ5 am Anshnn Today. 1QJ0 Baoacek. 


440 Cricket and Tennis: uF^ ArT^d;' 1m « r S 
Benson and Hedges Cup Mrs. xsd The suMvjuu 4.45 atv 
semi-finals, and Colgate Todaj-. UJ5 RaiTeny. 

Women's Tennis Tourna- BORUER 

A « »- ! ■ >- *•*> a«« SurvtvoL 1-50 certain Women. 

?, pen UMVerelly. MAS A Palmer IQ htf Time. 12-00 In 

«.(H) News on 2 Headlines. Concen with Dans. U-% Ebhiide from 

7.05 “The Private Life of the CoWhant Hafl. tV JO pm Harder Nan. 


*S am Love American Style. ARTS THEATRE. . 01-836 2132. _ * 7 .. r “ . 

f CnTTTlIEDN ^^01 mth RULA LENSKA. IAN TALBOT. CAMDEN PLAZA (opp. Camden -.To* 

SOUTHERN ** Hilarious . "'w ^Sutiday Times EL| 2 ABETO ESTENSEN DAVID WESTON l - TavlanruALU* 

JO am David Niven's World. 155 The Monday to -niJr^tey 6-JoTpr^^d fWi DARK LADY OR THE SONNETS 1 SANFAN <AAI - -»^S,-.6.50. 9.00. - 


A MIDSUMMER NIGHT’S DREAM 

Evgs. 7.45. -Mats. Wed.. Thor 6 Sib . _ 

With RULA LENSKA. IAN TALBOT. C fli!?2 EM .Camden -Touni . 

ELIZABETH E5TENSEN. DAVID WESTON I 


Lunchtime Today at 1.1 S. 


Fox," narrated by Jeffery UoustDarcr. 3JD The Komi BJah- 


Nflure of ThlnRS. 10.45 A Painter in Risl Saturday at 7.00 and 9.15. 

Tine. 11-10 Ln Concert with Darts. SLHl' — — 

E±bUdc froni Coldham Hall. ** ™ pml *®7 c i? , . A -_I? eATRK * Charing X Rd. PHOENIX. 5 01-836 2294. Evenings 8.15. 
9u;hern News 2.00 AA5i Mon .-Thurs. b n.m.. Fri. Fndav. and Saturday E . 00 and 8.40. 

ipuinern News. z.w Hrin»«iaro’. and ^ 6.0 and 8.45 1 Buffer *ood “ TIM Brooke Taylor. Graeme 

available) Garden make. Us laugh” D. Mall in 

„ , . ELVIS TWE UNVARNISHED TRUTH 

’ liWectlous. aooeaHng, root-stomping and The Hit Cotnedv. by ROVCE RYTON. . 
5«rf-w , «r l, .pm9. ' Observer. Seats £2.00- LAUGH. WHY l THOUGHT I WOULD 


luitvrn News. 2.0 0 Hnatenarty. AM 
>y by Day. 12.15 am Southern News 
ura. 


Boswall. 

7JJ0 Mews on 2. 

7^5 Spaceships of the Mind. 
8-25 Mr. Magoo. 

SJO Call My Bluff. 

9.(Wt News. 

9.25 Brensham People. 

10.15 Cricket: Benson and 

Hedges Cup (highlights). 
10.45 Late News on 2. 


land Show. 3£0 Quid* on iiw Draw. 
1 122S am Border News Summary. 


TYNE TEES 


THE UNVARNISHED TRUTH 
The Hit Corned* by ROYCE RYTON. . 
*• LAUGH. WHY ( THOUGHT I WOULD 


Hair^ipur before show best avail- have DIED."-5unflav Times. "SHEER 


9.25 am The Good Wold fallowed by I £ b, 5_***if rf 1 * :j - c l 0 Mot. -T hurs. and Fri. DELIGHT.” E. SUnosrd. "GLORIOUS 


farth East News headlines. 920 Biff 
n- _ Hue Marble. 9JSS The Widest Beach tn 

t H AIN N C L be World. 10 . « Tbe Painter in his Time. 

1.18 pm Channel Lunchtime News and *-95 In Concert with Darts. 1120 Ebb- 

lmal ’s on Where. A.A5 Valley of the Mr from CoUham Ball. 12-50 pm North I CAMBRIDGE ^ — 

Dinosaurs. 620 Channel News. 1225 am '-**< News and tioofcaround. iOO Women | a.oa FrietaV 8 sfturuf*' s ^ -iS 

V,..'. ..I U'.-.h-r Ir, l. inly 1M NnrHw.m lira 17VC rrioar. WVWT S4i and 8.30. 


c --ITINUOUS LAUGHTER." Times. 


6 P.m. perl only. 

BAST MUSICAL OF THE YEAR 

Landing? Thea'Se ' tofly o.m. \ “»• 

June 12-23. "A SLIGHT ACCIDENT.” tL S . 6 .Vi 1 - "'T.- , 


News and Weather in French followed by 
EpUocue. 


inly. a.«5 Northern 12te. 1225 atn 

■fa do sue. 


GRAMPIAN 


ULSTER 


•%L r, HP,fc. B,BC,t t A,r, “ n . Musical. 
The girls are beautiful, bare and 
hounrina." S. Mirror. 


— — — _ _ . . ) 10.45 am Southern Report. U-1Q Tn 

. ** “** Concvrl. 1125 Ebb Tide from CoWbnm 


mm-, T ii! R .° GREAT YEA « 

umner and top-price scat £8.75 Inc- 


Evos. 7.30. SaL 4.30 and 8. Wed. mats. 3 
Royal Sfcafccsoeare Company m 
THE OUTRAGEOUS ADULT COMEDY 
bv Peter Nichols 
PRIVATES ON PARADE 
" R i pr curing triumph," S. Express. 

. BEST COMEDY OF THE YEAR 
E». Std. Awird and SWET Award 
FULLY AIR-CONDITIONEO 


10^3 "John and Mary" starring Gourmet. U20 wild Country ibao a / na j| ujo pni Lunchiuoc. 42B n^er I ch!chester. 


0243 31312. I •’OLESDEN LACE Y OPEN AIR. .Great 


Dustin Hoffman and Mia " w * « Un 1 l , ; h Vrf ! n Co “£? J rt l News heammes. am uers ii*ok at ukicr. J rHB 23 iMr«icV* :i L2. 0 - 2 " 2 ' 

Farrow. ™ Tide (rom CoJd-j SJJS Rnports. 12.15 am Bedtime. June j 2 ™ 7 

2 wales only — 7,05-7.30 pm 2eSbn«! jjftoS %SS? K? WESTWARD ' Atvo . M ^ N ^ importance! 

k " PS**’" fl ' as , - ; rampM 9jS am George Hamilton IV. iota COMEDY. 01-930 2578 

LONDON . agr " :° r * 'S3S J “" “| TS cnfAUtt 


ACROSS 6 Disposition to allow a per- 

1 Illuminate mentally and “‘ssible range of variation 

physically (5, 5. 4i ^ i 9 * k- * . 

*1 7 Spent about a pound for 

10 Tapestry that could be partly -Scottish doth (5) 

embarrassing (5) g Hazel creating utter upset in 

11 Fish with one insect? It's the north-east (3-4) 

clever! (91 9 Wood for light shoes? (6) 


I MB 6a HB Ma * es on ^ r ‘«05-‘-30 prn headlines. X20 Royal HisWand Showi WESTWARD 

I BWh r^- — HeddiW. UJ Qmrti on ibe Draw. a. as Grampfad 9 jg am George Hamilton IV. hub 

I HH I ] I T ONDON ReflecifaffiL 0 ESrZSSSr-' B* 1 ** ownes the FiMHre. IBM Southern 

( W| I I LAJlNUKJiy _ KSum tL2 ° Go,Jn Lale NlR! f Report. UfaS Jazz Cooccri. 1120 Ebb- 

I ago am Canada— Five Portraits I from coldham Baa, 1227 pm Go* I ” An uinmiieiM tow dThiS 1 !” s 

1 1 MB i««Atti^a?S5£WiS GRANADA ! JSSLTESl 

■ I I HB The Saint. 2.00 Here Comes RJO am Sesame strtvl. 10 25 The U-ri Westward Late News. 12.10 ani 

WHI Murafie. 12.10 pm Rainbow. 12 JO Ranger*. U-J5 Fantanuc Voyac.-. LL50 pm Faith far Life. 

J News plus FT index. J2JS Help.' Tb 1 *. ts Your Rlgbi. 4.B Whai's New L'CUTOC 

6 Disposition to allow a per- J*?' ^ ^ ^ JOlm HunUe " u. J r SS. K ? l S% H . 92 a 

misstble range of variation g?S?r al H^pitafS HTV 

. Ing World. 420 Michael Ben tine's WjW am *■ Coocuest o( [he Air " Star- 122S pm Calendar News. 4J5 Calendar. 


B ecu Nam. Surrey. HENRY V 28 Juno-1 
J-U. THE TAMING OF THE SHREW sis 
J»'lv at 7.45 <Sat Matinee 3.00). Bn 
SMt. 10 ' 7 p - m - <Sat. 1 p.m.. Book h am 

• 7 ^*4T > 


8 00. Mat. Thor. jLOOj^Sat. 5.30 'and 8.30 


r?nfl Mon J „5f a,s £, ’- ?S - C2 2S.' £2.S O 
ET.oo. Latecomers not admitted 


by_ Tim -Rice and Andrew Lloyd Webber, 
wyh Darfa Esscz. Elaine Paiae and Joss 
bckiano. Directed by Harold Prince. 


RAnm 1 247m Your Midweek CHoicp. part 1 isi. Afirmaon ThoaUc (Si. J SB Choral Even- 

Nvw». 8.05 Your Molwrek CbMcu. parr 2 soa K 4JS The Rot! of Woles. SJ» PM 

J s> Jr , KS“ , 5 , 'S'. 9J» News. 1.35 This Week's Com- Renorts. 5.88 SereodipUy. 5-XS Weather. 

54M am AS Radio »- 1.02 Pave Lee pos-.-n Cherubini 'Si. U,D9 iirxan JfuDr programme news. 6.80 News. 820 


CRITERION. 930 3215. CC. B3S 1071-3 ' * — 

■£; Sap. 5.30. 8,30. Tbnrj. 3 . 0 '. P ?’ N CE OF .WALES. CC 01-930 8661 ) 

NOW IN ITS SECOND YEAR Monday to Friday at 8 o.m. Satgrdayi I 

LESLIE FHK.LIPS at 5.3Q and 625. 

_ '"Six OP ONE LONDON AND BROADWAY'S 

HALF-A-DOZEN LAUGHS A MINUTE COMEDY MUSICAL HIT 

HILARIOUS YEAR t LOVE MY WIFE 

VERY ciinmv V T-I Starring- ROBIN ASK WITH 

" ALL ;J.U& GOOD CLEAN FUN." 

Mpb» B.OO. W ''»atlriaes t Wed* 'i’saL l!fl? J Ct,Eo,r CARD 'BOOKINGS 930 0847. I „„ “ ~ : 

CHORUS LINE ”RINCE CHARLES, L«c. So. *37 0181- . 


VERY FUNNY." S. Tel. 


ORORY LANE. 01.836 BlB8.‘ Every 
nlghr 8.00. Marlnoes Wed. * saL 3.001 
,, A CHORUS LINE 



a W0°a fur saoes. (OJ Tnvtl. Simon Bates. ti-3l Paul I5 , ulm Bach vwb'n rcrnal 1 S 1 . U45 0 uo *c • • - Onquoic IS). 1M N.-ws duchess. 5W Kt4j. Mpb. to Thurs 
la Defensive batting producing Burneitindudine 1220 pm NewsbeaL women as Composers 'Si. T>'ac mn 7JB The Archer*. 72B Flic on 4. 3.00 Evenings, a.00 Fri.. sat. 6 . 1 s & 9 . 00 ! 


A ESN -s THEATRE. CC. 01 -7 34 

wnner. Su nday Times. Evg V . e.OO wed. 3.00. Sat. 5.00 B.3D 

— — — lurunuv nrlaJ. . WU| D ‘*V. 


12 Source nf scrolls srranppd as ** “«*ub Hruuuciais i « j. em women as Composeni 1 S 1 . liBS pa 7X5 The Archer*. 729 Flta on 4. 5.00 

1 „ ,1-oH /j T - , US drraD E ea as a boundary (9) !^ , ?jy 0nr e» 1 ?- cfcb, ir u ^,f ld J S? r v Rachmaninov and Debussy concert fS). M**: A look back on the life of Aix-urin 


a deed (4. 3) 

13 One who scoffs at any French 
jockey (7) 

14 Share with us narcotic fruit 
(5) 


.. «. . .OHI CALCUTTA! 

Tne Nudity Is stunning ■■ Daily Tcf. 
Bth Sensational Year. 


17 Acrobatic turn • seen on the i 1JH1 ^ SJOS Concert Hall (Si. 2J5 Fe*an, rounder of tbe National Hi-ahh 

N™iO “f 2 J obo r™ 1 lS '- Finnish Radio Chamber Choir, part I ISI. Si-rviw- »B0 Science Now. 9ja Katoido- 

farm (9j lzaaiw am As Radio .. 220 Interval Readme. Concert, part “N- Weather. IB-OO The World 1 __ ““ 

18 Mixture laced in it just the 2-5 -“ A v,|,h = »«* si* s « dm far chm rs>. Tomshf. rl» Frank Muir com into . . .] £«„,„« ooo Mat w« #, 'S5f s ,'^ 

Mma rat Radio 2, including 1-55 pm Good Listen- *50 Building a Library of remnti (S>. CriUelrm. 1LOO a Book at Budihne. I 0 joun cLelgud ^ 00 - 1 

ID of 1 /"I l,u: 10 - 00 wl * 1- 12J0-2JI2 am J5.a5 Home ward Round, li* Newt. 1U5 Tbe FlundaJ World Tnniahi. H.38 In Julian Mtcbeii-g 

19 Hair at hack of animal (|> with Radio 2. »m Homeward Bound ««niinJ3>. JW8 Today In ParllamcnL 1228 News. 


_ . ANTHONY QUAYLE 
FAITH BROOK _ MICHAEL ALDRIDGE 
and RACHEL KEMPSON 

rl» Alin BnnflAtT's 

7HS OLD COUNTRY 

p ’*” iBtTik irtavas 

Olreetod bly CLIFFORD WILLIAMS: 






2.45. r.T3. 
1 i>ia;. seats 


A NATIONAL PRODUCTION 

“ Brilliantly Wlttv ... no one should 

,mp| - Ho bjqn Drama). Instant 

VHr I crcd!t card rMorvatlo<n. dinner find 
I Trp-ptJcc Wt L7.0Q. ° 


20 What occurs when woman 24 Signal fora lift from decrepit ■ &5J5? CII S. b ? S1 £ phcn 3®* stwwcaae. oxi Horn Ran. 62or° RTUNE - 2 sSa’ HZ* aS$- lhun - 3 -| 

gets wrong book C5) Humber (5) 3 £p US STZ&^SS^J^StSi IS » “ urie( ^ « SH^Zpru: „ ’ I 

22 Chap admits member in 26 Opening in bad service I left ??* B *S? Bn ■ Bd fleto® cna wm'-finato. Manin Cooper) is” axis mum uk? 1 ^r^^(ght t0 sb^r Yo^Sifs 

.l.ii.:.. /F*'. /R) aJ.IS \V or toners H a IK. 1230 Pi'lF rharwlof nntiTi mnkil iC. ^ UUk . a . j_a> — — - a 


clothing (7) 

25 Pipe while going round 
thoroughfare (7) 

27 Wroneiy made a ruse to mete 
out (9) 

28 Lawful part of public 

itinerary (5) 

29 Gradually givim* Eric’s alter- 
native title (6. 2. 6) 


in net (5) 

SOLUTION TO PUZZLE 
No. 3.697 


DOWN 

2 Following this in a future 
state (91 

3 Duck a little sister in a 
deserted spot (5) 

4 Balance 1 ran incorrectly for 
a bookkeeper (9> 

5 Work by a crank gives smile 
to deputy leader (5) 


nnEBQESEBnaa 
h n 0 0 an no 

HHnHHDH RBEntlBB 

Ei d n n n □ b n 
BGHEra .'EQQannHH 
B 0 OB B H 0 
HBBE0HH00H OBQE 

« a a .a b n 

0003 BQQBHHBE0Q 
E D B Q 0 0 a 
□EBfanBnca asBBa 
n n BED 0-B B 
nneHEBs bbhqhbb 
H E B H D n S B 
U BSHHHK] H H BED 


gS_ -Jjwsjfft • fc re - ci,al 's.nu2s r N^: smi 

XXjW ' lw5 Tomcftf s s.rfmbcr( Song (St. ciwuiw Jioo QuosUon Time Iran tbe 

WJS'K JS t’JfSKS- - - . 

ajs? e »srja. i s,. ss R4D ,o I London Broa i^ n A-,^ F 

Joftn Dunn (S' incladtus S.«5 Spans Desk. ^ U ^ , -olm and 9*^ VHr 

s.n World Cuu Special: Italy T HollanH. 4fi4m. 3.10m, 28om and VHF 5J0 am Momlnc Music. A.* AMi non- 


Mune( p.viow as MISS Marplc m 
m ,,„AGATHA CH R, ST]E S 
MURDER AT THE VICARAGE 
Third Great Year 


RAYMOND RCVUEBAR. CC. 01-734 1 593 
At 7 p m.. 9- pm.. II p.m. (oiwn c^o 
PAUL RAYMOND prwenu ^ 
THE FESTIVAL OF 
EROTICA 

FnHv air-condltionyd 
___ . 21 M SENSATIONAL YEAR 

P fX* L -Mem- -HAM. $89 3212 

('1'; Y 30, Sunday net un*iP lure In' 
WORLD'S GREATEST ACROBATS 
THE CHINRE ACROBATIC 
THEATRE 

From Liaoning, china. 


CLASSIFIED 
ADVERTISEMENT 
RATES ‘ 


TIMOTHY WCfT. GE MM A^ JONES 
m Harold pint«r-s 
"RR.LL,AXr?l-S 0, ?£ C U 0 V M, A N N 0 n . 


— C( 52? eprta, *M I ««riai 

ROYAL COURT. 730 174? Air Conn n ,\T2?L rti , 

Eves 8S». s A a 30 "‘Wdrfltiaf Prouerry 


BtnOB 
Per- co ferret 
. CflL ' 
£ £ 


FLYING BLIND 
bv Mill Morrison 


H S^ LTY t. t 5?J t £ Br&y 01-A05 BOM. I 


11,0 v no pnn, , — ., — ma aura viu — ----- — — — ■ — — -- .'“■r " BRIL1. I&NT a riii, ,Vr» _ ..... 

733 Listen lo ibe Baud iKi. U5 6 JS am News. *27 Fanning Today. sl ™ a ' !W feJS r S l ^ ,aU S! I ^ “Kf 1 '■ W^and lcntly acted PROductio#?' O^th' 
Scmpmu Scnnadc fS'. 9JC Jack W5 Up to Uw Hour. 7j» ScLJ 720 Brkm^tlaycs^Sbow. UQpm ^ an inexhaUsiBly rich' work 

Buchanan. Tho CotddIcil- Fnimutur TudaT. 7J5 L‘d io ihn Hi... LBC Reports. 320 George Gale e &,n ** ftT ^ - " - 


Buchanan. The Complcit- Emenainer. Today. 7J5 Up lo (he Hour icondiraed) « ^r-uJa- n .7 « , 

parr 2: With CTurlof oa Bnahj)’. HS inclodiru; ttioncfif far lbs Day. 8 AO News, 0 Pfi ' LBC Peporis liW- . , 

Sponc D«t 10JC The Cb.vky Oiapoin: 820 Today. 8J5 Y^ cr dar , a !»■_ !•“ ..M ,or Elcht wlib fan | CLC let theatre 01-437 1592. | 


Aapointmoms 
BiKinesK s, inveamseirt 
OpporiMJfies. Corporation 
Logos, Production 

Ca partly. Businesses 
FV»r Salc/Waorcd 
Edocaiion, Motors, 

Comracts t Tenders, ■ 


4.50 14.00 

2 .C 0 8.00 

A50 14.00 


Spons Desk HUE Thn Cb.vky Chapoln: 8J8 Today. 835 Y*,, C nlai- m PafliaiiieuL 'ESEL SS ufiSSL,®!? ■ . lan 

Two-part profile of Max Miller, part i: 9M News. WB The Living Wortd^S GUrt'rtat. AM NIphUlBO with Bnm Jonrsu 

The Early Tears. 1030 Huh-rT Civu Over Here, uv. r Th.-re. 10, W News. L6 ° am Nlaflt Extra with Adrian Scon, 

says Thanks far the Memory. 1UB 10 -*5 In Britain Nov. 10 Jo D.-uly Service, rnnifnl Haflfn 

World Cup Report. 1125 Folcr Clarion Mornmc Siorj. 11 JM Nei. JQLOS ^ a P Iliu , . . _ _ 

introduces Round Mldntcfa:. Including Conversation Piece: Daniel Bjrerd»lm. 184 m and 95.8 tUF 


in HAROLD pintcr-s ^^'Cav-Thursdey Eyemmis 8 00. Fr.di,,' CanarHv 

'THE HOMECOMING J ' 3£l Jna ? -XS^SifuTOavs 3 00 and 8 00 ForMe/W^r S”*® 

BRILLIANT A TAUT AND rym . London critic* vote rvr Mlc/WUllcd 

^ttsssasr^^ ■ ■ssawau 

70 y_jg^g> 

;lobe theatre. 

' AUL I?SJI£S N w^L,“| ?i ''”°' ,iV ° Y co»t, K -«»■ 

.. * 1 *" “WSaTSS «— .. A Mi ■ JS2 5S1 

mJklr iTT* the "•"W*** faupnter. A M °MENTOUS PLAYi oRGE YQu ELM per sfagUj « 
maker in Lonoon D. Tel “ An irW c 7° 5EE IT. Gdn. 

tlblv cnlovably evening." Sunaav Tim’d I t ' 1s ‘ dt 8 ' 0D - Fr ‘- 4 531 ■ 5-45 & 8.4S. p„_ .... 


ALA* ^ corner I 


435 13100 

i IS . 10.00 

— _ T.00 


ITJ 1 '; 5* the nawieit laupnter- 

n Lannnn '■ n Toi •• An 


lira Nws. izra am world Cup Special T Piafllst and eomfaeinr. 'talks “abouT'hls MO a™ Graham Dcnr's Breakfast Show tTbl^ entovably 0 " ^e “ng 7 "’ SunolS wt ! e ' 
AnwiitWj V Peru u» Peicr Clavtoit life and work. 1LSB Dn Animal, Talk? Michael Asocl iS». 124)0 Dave r ■'c nmg. Sanaa y Ti mes. _ 


^MiMmum rtM « column ems) * . 
“-»• per stogto crtomn cm' extra) 


+V." ™ . __ womans Hour including 2JXL2.Q2 New. Mratt's Late Show (Si. 

*“35 am ti earner. 7-00 News. 7.(ff ZA5 Listen with Mother. 3.00 News. MS Smith's Night Fttght (S), 


Si.” WliSSv" TAe ,,,ih at ,r * 


SHArT tSBURy . CC| Mfi 6536 

Shji'ciBurv Awe. Vfc. 2 I Hiatt Hat earn er£i 
Evu-„ at 8.0. ^OH^RfiARDON in 

'■ This musical ras wervthing." S. M*. 
Mali. NOW T UES. A SAT. 3.0- 
. Ail seats at £3. £2. El. 

Qraut Card Bo rtcmda 836 6597. 


For further deoils tenfg. to:. 
Classified A drertisemen t 
Manager, 

Financial Times, 

10, Cannon Street, EC4P 4BY. 












13 


Financial Times Wednesday June -21 1978 



Wednesday, June 21 1978 



Besides its acknowledged economic eminence among the States of the Union, California 
has often given the lead to American society in other fields. Its citizens’ revolt 
against property taxes may prove yet another instance of this particular flair. 


Trend 


setting 


once 


again 


By Jurek Martin 
UJS. Editor 


JUST WHEN it seems that the 
rest of the U.S. has conveniently 
forgotten about its western 
flank, California has a habit of 
bringing both its existence and 
its precience to the public eye. 
Thus it was that earlier this 
month the State which has given 
the country over the last gene- 
ration the free speech, anti-war 
and leisure movements, ecolo- 
gists and flower children, eartii- 
quakes aod drought, Charles 
Manson and Patty Hearst, Jerry 
Brown, Ronald Reagan and 
Cesar Chavez in sometimes be- 
wildering profusion did k again. 
California, so its electorate 
decreed - in a State-wide 
referendum, is the home of the 
middle-class tax payers' revolt 
and the rest of the U.S. is con- 
fidently expected to pick up the 
banner. , . . 

The basic question begged by 
this extraordinary assertion of 
democracy in action is whether 
California has taken off on o ne 


of its weird tangents or whether 
it reflected a sense of maturity 
and a desire for order. Persua- 
sive arguments can he made i»n 
hoth sides of the issue. The 
principal architects of the tax- 
payers' rebellion came from the 
southern conservative heartland 
and they seem to have gained 
an ascendancy on' the Slate's 
political and social stage. Four 
years ago California seemed to 
be swinging to the left; the last 
elections in 1976 were less con- 
clusive. The political pendulum 
may therefore yet move back 
in the other direction. 

But in economic terms the 
evidence is that Calif 1 ornia, the 
most populous Slate in the 
union and one whose attractions 
are once more luring ovc-r 
300.000 settlers a year Inside its 
boundaries, has genuinely 
matured. It still experiences 
deeper recessionary valleys and 
bigber prosperous peaks than 
most, but with a gross State pro- 
duct currently running a>t an 
annual rate of about S230bn — 
exceeded only by about half-a- 
dozen nations in the rest of the 
world — it is hardly the vulner- 
able fledgling it once was. 

At present Galdforoia is pros- 
pering. Wish tile:- aerospace 
industry out of its doldrums and 
with winter rains ‘and snows 
banishing the fear-of a critical 
third year of agricultural 
drought, all forecasts suggest 
that the State will .outperform 
the rest of the nation; California 
because of its large: influx of 
population, traditionally carries 
an unemployment rate.above the 
national average, though the 
current spread (7.8 per cent 
versus 6.1 per cent) i*;a little 
wide for the comfort of some 
economists. It is. howeypr, .well 
under the 10 per cent level 
reached in the 1974-75 recession. 
Housing consmictioni which 


has soared over the last couple 
of years, is also expecled to slow 
down somewhat this year. But 
that negative impact is more 
than overshadowed by ihe 
anticipated surge in privafe 
capital investment tthe State's 
supposed “ anti-business " 

climate notwithstanding) , con- 
sequent decent expansion or the 
job market, reasonable growth 
in consumer spending, and the 
sharp advance in the State's 
international trade, which has 
been a major factor in sustain- 
ing recovery since the 1974-75 
recession. 


It is also dear that the 
altitude of the State Govern- 
ment towards the private sector 
has changed appreciably over 
the last year. No matter how 
distasteful a politician he may 
be to many corporate executives. 
Governor Brown has shown a 
new sensitivity to commercial 
needs, with particular focus on 
the imperative of attracting 
both domestic and foreign 
capital investment to California 
to expand the State's already 
diverse and highly sophisticated 
industrial and services base. 


Volumes 


California's banking sector 
alone speaks vuliiuios for its 
attractions. When I first lived 
in San Francisco in the mid- 
sixties. there was almost a 
sense of uniqueness about using 
the old Barclays DCO office. To- 
day’ the financial districts of 
both Los Angeles and San 
Francisco are literally stuffed to 
the gills with foreign banks 
serving both domestic consumer 
needs and capitalising on inter- 
national trading opportunities. 

. And business is doing well in 
California. A survey of 87 of 

tha largest State based corpora 


tinns issued earlier this month 
by the United California Bank 
showed profits up 11 per cent 
in the first quarter of this year 
compared with the correspond- 
ing period a year ago. This is 
nearly double the national 
average increase — and no mere 
freak cither. Dr. Raymond 
,1 allow. the bank's chief 
economist, points out that over 
the last year Californian 
businesses have earned twice as 
much as companies elsewhere 
and he predicts that this per- 
formance will continue. 

It might therefore seem sur- 
prising against this background 
of indisputable good times that 
the Stale's middle class should 
rise up and say ** enough '' to 
property tax increases, and de- 
mand cuts in public spending. 
After all, this is a State whose 
median family income is 
approaching $20,000 per annum, 
or about 13 per cent more than 
the national average, and whose 
citizens has over the years be- 
come accustomed to social 
services generally superior to 
that found elsewhere in the 
country. 

But property taxes cut deep 
into the middle-class soul, as 
much in California as in any 
city or county in Britain. Apart 
from Alaska, a spiral case in 
its own right. California is the 
most highly taxed Slate in The 
country and matters appeared to 
be getting worse ralher than 
better. Homeowners were re- 
peatedly receiving' notices that 
their property taxes were being 
doubled, or often more, at a 
time when they could not help 
but notice that the State 
Government, as frugal under 
Governor Brown as it had been 
under Ronald Reagan, was 
accumulating a $5bn budgetary 
surplus. 

Combine appreciation of this 


anomaly with a deep middle- 
class prejudice against those 
obtaining welfare benefits and 
the seed* of the rebellion are 
sown. In reality they had been 
lying dormant fur some time. 
For Governor Reagan had spent 
eight years in office regularly in- 
veighing against those who 
could work but chose instead to 
avail themselves of welfare. 

It is a fair criticism of 
Governor Brown that he might 
have anticipated the rebellion 
by seeking to put the surplus 
to work tu defray the tax 
burden. As ir now stands, he -is 
charged with the even worse 
task of presiding over deep cuts 
in public services in order, as 
he puts it, to meet “the will 
of the people.’* It will be an 
exercise that the rest of the 
country— not to mention a 
fascinated economics profession 
— will watch with minute in- 
terest 

The tolerance of an affluent 
populace to reductions in ser- 
vices it has come to expect is an 
unknown factor. So too is the 
extent to which economic 
activity will be stimulated by 
lax cuts on both individuals and 
companies in the absence of 
other special circumstances. 

California has thus become 
once again the test tube of the 
nation. Suddenly the great 
traditional issues that have 
always turned the national eye 
westwards — the beauty of ■ San 
Francisco, the smog of Los 
Angeles. the North-South 
divisions. the wonderful 
diversity of its geography, its 
fads and social and political un- 
rest— have been overtaken by 
hard economics. It only goes to 
prove the point that Californians 
have been making for ages — 
that as goes California so does 
the rest of the country in time. 




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with the announcement : by ^ . have been moderate, at S'^xrieji 
Chemical that it was dro^ ^-y . attitudes, p.arSy. ; *ecatise^ 
a proposal to btuld a they have ,a.;sywpar._- t ^fiard-tO-Se 


forma combined in an effort t0^ : | 
bring political pressnre to bear: 
to try and shift the balanced 


ir business on environments: 
sees since, a* Mr. Pope.pinnls. 
it. such a Shift would; P«b- 
Ay encourage environmental^ . 
toups to pursue, their mins, 
trough the courts in- a .moro^ 
astructionist way and ito^be. 
?eu less accommodating. 

For the time being, therefore,. 


worry abou^- tfe^hrra®5^'fc- 
compensate ; ; 1 dfe- \ffief ; !**esegue 

StfHj 'have^^o'.iw^^)^,^^ie 

- form - 
passage . of 


American Medical International. Inc. (NYSE.PSE. London Stock 
Exchange - AMI) is the leader in the international delivery of 
health care services. AMI owns and manages facilities in the 
U.S. and overseas and provides health care services to 400 
communities on five continents. 

Earnings for the year ended August 31, .1977, were S13 million, 
or $2.08 per share, on revenues of S341 million. First half 1978 
v earnings of $3.6 million, or $1.30 per share, were a new six 
month record for AML 


Casfil© 

Leader in producing and marketing famous name, quality foods. 
Dole pineapple, bananas, mushrooms. Bumble Bee seafoods. 

Bud (Antle) lettuce and celery. Also real estate and 
manufacturing. Revenues topped $1 Million. Net income, 1972-77, 
increased 20% compounded annually. Cash dividends paid 
consistently since 1896. Also siv gfi ^jt riitrkig»nriq f fin r *ft 1973 


Amcord, Inc., one of the largest producers of cement in the 
VS. with major capacity in the growth markets of Southern 
California and Arizona, is a leading manufacturer of metal 
building systems and home leisure products and conducts 
extensive coal mining operations, as well. Its shares are listed 
on the New York and Pacific Stock Exchanges. 


IN COMMON with other regions 
pf the U.S. California is suffer- 
ing from what many economists 
believe is an inadequate level of 
capital investment to maintain 
?r«.wth ami high levels of 

employment. 

In part this reflects the pace 
at which the service sector of 
the Californian economy has 
expanded. But since 1975. follow- 
ing the first few mouths of 
Governor Jerry Brown's acces- 
sion to office, an incessant theme 
of many of his critics in the 
business community has been 

that political conditions which 
he has fostered in the State 
have contributed to the creation 
of an anti-business climate. 

This, it is argued, is dis- 
couraging companies from out- 
side the State to site new 
facilities in California and 
encouraging some of those 
already there to locate new 
plants elsewhere. 

Thus Mr. Carl Hartnack, vice- 
chairman of the third largest 
bank in California, Security 
Pacific, says that he first became 
concerned about the business 
climate shortly after Mr. Brown 
was elected, mainly because of 
his approach to appointments in 
some of the State's principal 
commissions and agencies. He 
says that the deterioration in 
the business climate in the State 
bas impeded economic growth, 
making it harder to do business. 
But he shares a common view 
that it is difficult for corpora- 
tions to ignore a State with 
such a strong and diverse 
economy. 


The controversy has been 

fuelled by a report by a well 
known industrial location con- 
sultancy firm, Fantus, which 
claimed that in terms of busi- 
ness climate California ranked 
47th of the 48 continental 
States, just above New York. 
Some economists challenge this 
sort of ranking as too dependent 
on subjective judgments while 
other critics of the report — 
including, for example, Mr. Car! 
Pope of the Sierra Club tan 
influential environmentalist 
group) — defend Governor 
Brown by arguing that the 
Fantus report was prepared 
while Mr. Brown's predecessor 
Mr. Ronald Reagan was in 
office. 

Mr. Pope also maintains that 
whereas it is the State's environ- 
mental regulations which have 
attracted most of the blame for 
contributing to the alleged anti- 
business climate, other factors 
are presenting business with 
significant problems. 

There is undoubtedly some 
truth in this claim. Californians 
have ranked among the most 
heavily taxed citizens of any 
State in the union, and this 
helps to explain the enthusiasm 
with which they have voted for 
even the crude form of property 
tax reforms — and reductions — 
enshrined in Proposition 13. 

Business too has been 
vociferous in its complaints 
about taxation levels, in particu- 


lar the State's tax on stocks and 
its unitary tax system which 
together pulled in about $500m 
last year. 

The unitary tax system, which 
allows the State to tax a propor- 
tion of the ‘profits an inter- 
national corporation earns 
worldwide to the extent that 
they can be related to its activi- 
ties in the State is under parti- 
cularly strong attack. A new tax 
treaty with Britain currently 
going through Congress in 
Washington could, if approved, 
provoke a change in the 
Californian unitary tax system. 

There are other factors 
allegedly creating serious prob- 
lems fur business in the state 
—among them the strength nf 
trade unionism, especially in 
comparison with some of 
California's Sun Belt rivals in 
the South, and the phenomenal 
rise in house prices in Cali- 
fornia. The latter, it is claimed, 
is creating a formidable barrier 
for companies recruiting execu- 
tives from outside the State. 

An industry- based research 
.Troup in California, the Real 
Estate- Research Council, has 
estimated, ‘hat at 8S3.00G the 
average single family hou^e in 
the State costs fully S27.O0H 
more than the national average. 
Even wealthy executives fmm 
the better heeled suburbs of 
cities like New York find the 
price of h-uses In California 
in ntiddie-cln«s neighbourhoods 
forbidding, fin the other hand 
immigration has picked up over 
the past throe years. 

But when ail these fartnrs 
are taken intn accnnnt the 
fundamental complaint most 
frequently vnired is that the 
State is suffering from nver- 
zealnus implementation of what 
are in any ease some of the 
most restrictive environ- 
mentalist laws in the country 
and that to a considerable 
extent the blame for this goes 
back to Governor Brown. 

Whatever the value judgment 
one makes on the wisdom of the 
State’s environmental laws there 
is little doubt that the election 
of Mr. Brown. 3 man recognised 
as sympathetic to environ- 
mental concerns and critical of 
ecnnnmic growth *5 a social 
goal, came as a hnost for the 
environmental lobbyists. His 
election also testified to the 
sympathy, of the Californian 
voter towards environmental 
causes. 

No doubt this sentiment is in 
part based on the natural beauty 
o.f the State. But it must also 
reflect the fact that in its 
relative affluence and the 
absence of some nf the more 
heavily pollutant basic 
industries, California has not 
been faced with the hardest 
choices between employment 
and the environment. Very 
often the diversity of its 
economy has also helped the 
State sidestep tough environ- 
mental choices. 

In the wake of his election 
business leaders became con- 
cerned as they watched 
Governor Brown appointing 
several key figures from the 


environmentalist lobby to senior 
positions in the State bureau- 
cracy.' The Sierra Club has 
termed these appointments as 
“ refreshingly free from the 
usual pattern of industry 
domination." 

They included, for example, 
the selection of Mr. Clair Ded- 
rick. a vice-president of the 
Sierra Club, to be. Secretary 
of Resources (a position akin 
to the U.S. Interior Secretary's 
post in Washington ) 3nd the 
appointment of another recog- 
nised conservationist. Mr. Ron 
Robie as Director of the Depart- 
ment of Water Resources — a 
potentially critical appointment 
in a State with California's 
water problems and giant agri- 
cultural sector — and the Gover- 
nor’s decision to reshape the 
State Energy Commission to 
include a bigger number of 
conservationist sympathisers. 

It is in the energy area that 
the power of the environmen- 
talist forces ha.< been most 
effective. Although 3 referen- 
dum in 1076 to block nuclear 
power developments was voted 
down, a legislative compromise 
designed to defuse the issue 


has nevertheless prevented 
planned new nuclear facilities 
from coming forward for 
development. Thus the Sun- 
desen nuclear power plant to 
be built by San Diego Gas and 
Electric h currently blocked 
and .Mr. Pupe maintains that 
it is highly unlikely that any 
new nuclear facilities will be 
approved in the next Ji* e years. 


At the same time a con- 
troversy over the sum? of a 
new facility for the import of 
liquified natural gas is threaten- 
ing plans in increase the State’s 
Ins imports, and the con- 
troversy over Standard Oil of 
Ohio's proposals to refurbish a 

g3s pipeline to carry- Alaskan 
crude from Long Beach t" Texas 
has contributed to a JbO.OOG 

barrcl-a-dav oil surplus in 
California. Some energy ^r.perrs 
maintain that the crude surplus 
is encuu raging Californians — 
wrongly, in their view — ;•> mis- 
judge the potential energy prob- 
lems in store for lh>. Slate, 
especially in the light -ji the 


difficulties of developing other 
power sources. 

More generally, the three-year 
hattle which Sohio— the British 
Petroleum subsidiary in the U.S. 
—has had in getting approval 
for a tanker facility and pipe- 
line is cited as yet another 
example of obstructionist moves 
by environmental interests. 
Some have charged that Mr. 
Torn Quinn, a former campaign 
manager for Mr. Brown, who 
was appointed as head of the 
State's Air Resources Board, has 
been using his post to further 
political ambitions. Mr. Quinn's 
supporters say that he is simply 
enforcing correctly the State's 
tough air quality laws. What- 
ever the rights and wrongs of 
the argument, it has taken 
Ihree years for Sohio to get so 
close tu approval for its plans 
and observers still disagree on 
how much lnnger the company 
will have to wait 

These are just some of the 
issues which have contributed 
to claims that the State is 
creating an anti-business 
climate! Another is on the 
horizon m the shape of an 


announcement by Kaiser Steel reported as eoxD P)® 1 ? ' f * fre fundaiheht&.aj^^ 

that air quality' legulations-^hcfc of energy 

could force it to close Its eiw^nmenraiist ^ me moves 

tana works at a cost of 8^00 /There has also ^ 

jobs. /, . -a* po^t Vj^o^ " 

But it wouid .be a mistake to. speeding up 


But it wouldbe a mistake to. speeding up " ' *5 

believe that the environments-, ces^ior new develop - . gtfkinnft*.:?; 

list lobbies have had things all ;■ p ope 0 f the s ie *J a -- • 2? ingiy- that ' ' .; 

their own way. A turning • maintains, however, thar ;r“ 

rtf fcftTTc came esrlv 'in-— s^s:£. .,„1 ie+ orouDS Ott tile -r 


a th in g s all ^jjg; p ope 0 f the s ie *3* -- • irmly'- that 
A turning- maintains, however, that 


$50Om chemical plant _ administration to -j or ' 

the State, saying that the -while, on the other . sid£. ; 

tracted permitting process-^,v;-. - are still 
four years it had received 

four of the 65 permits- ieeded^.^ the- • 

I WM in the wake of -til* MS*"™ 10 * 1 

announcement that - business* chanse ta : this - v- . 

concern mounted and busine^^-; - ep wou jd not nec&- 

and labour groups in -. rf to on easier duriate 


against the environmental.^ 
groups. Just how effective 
alliance has been remains tm-'-g 
certain. On the one hand there 
has been no mistaking the morerv? 
moderate rhetoric fremry 
Governor Brown, who has been.v,; 


OVER THE past ten years and 
more two men. Mr. Ronald 
Reagan and Mr. Edmund G. 
(“Jerry") Brown Jnr.. have 
ruled i.he Californian political 
roo«rt. The former, the conser- 
vative Governor from 1966 to 
1974. is still active and still very 
much contemplating either 
another bid for the Presidency 
two years from now or at least 
a decisive say over whom the 
national Republican Party nomi- 
nates for the post. But for the 
moment it is -Terry Brown, the 
incumbent Governor, who holds 
centre stage, with both the 
local and national audience end- 
lessly weighing his future. 

Californians appear to enjoy 
an ever-chansing .love-hate 
relationship with their young 
Governor which at present is 
coins through what might he 
described as an alienation phase. 
There are elements in Jerry 
Brown which seem the stuff of 
anti-nolitlcs -— the intellectual 
arrogance (perhaps reflecting 
his Jesuit seminarian back- 

round* the aernfieiffm and ■■v**n 

the mild eccentricities such as 
his preference for a snartan 
personal life-style — and ele- 
ments which are pnrelv con- 
ventional and which he«peak 
the influence nf his father, the 
two-form Governor from 1958 
to 1966 who knew more about 
smoke-filled hackrooms than 
any other contemporary Cali- 
fornian politician. 

When Brown the younger 
first ran for Governor four years 
ago, two years after the Demo- 
cratic Party had suffered its 


111 


national debacle under «i*-or*jc 
McGovern's Pre-M-mlia! 

candidacy, he was alreach being 
picked as future Press d 
material. Yet despite 1 1 the 
predictions and expectation? lie 
was only able to serai . rite 
narrouejt of electoral vi. t • *ri* j S 

over a colourless RepuMuan 
opponent ho has since disep- 
peared into the ohscurit; from 
which he had briefly cm-. * ged. 
But paradoxically, Jerry Bviv n 
converted hi? meagre mandate 
into an instant hugely p •: =nnal 
popular following. California, a 
State which loves style .'•'most 
io a fault, adored its new . ••ung 
leader. 


Governor 


ft seemed fleetingly ir. 1976 
that tiie national eh 
might hi.* similarly recept: ■. Ho 
entered haif-a-dozen. late pri- 
maries, put to the swo'd all 
whom he faced, including 
Jimmy Carter, and wound un In- 
winning two-thirds of the vote 
in his own State primary. The 
effect was, of course, too late 
i: derail the Carter bandwagon, 
but all the political seers 
nodded and noted that, if he 
chose, 19?0 or 19S4 could see the 
real coming of Jerry Brown. 

Less than a year ago the 
portents looked better still. 
President Carter’s standing in 
the polls was beginning to slip 
while the Californian surveys 
showed the Governor retaining 
his massive popularity. The 
assumption was that Jerry 
Brown would win re-election. by 
a landslide >n 1M78 and use that 


as a springboard for a move- 
ment on io tlu? national scene. 

Today, according to the same 
pulls. Governor Brown is at 
best a marginal favourite to 
hold on to his office in Novem- 
ber. The must frequently cited 
reasnn for the sudden decline is 
his opposition to Proposition 13. 
ihe lax-culting referendum 
which overwhelmingly carried 
the Stale in this month's pri- 
maries. This is probably true, 
though the Governor is enough 
nf the quick-footed opportunist 
to be already seeking to turn 
the popular sentiment ex- 
pressed in the property tax vote 
tu 'nis own advantage. 

It should also be noted that 
tiic June elections were essen- 
tially a Republican affair, the 
Stale opposition party having 
plenty tu decide on its ballots, 
while the Democrats, with the 
Governor essentially unopposed 
in his primary, were largely 
quiescent. This may have dis- 
torted local opinion polls. But 
at the same time as his State 
popularity was falling off, the 
national polls came up with 
disturbing signs. These were 
that even Jimmy Carter, accord- 
ing to these same and possibly 
suspect findings, would beat 
Jerry . Brown by two to one 
a rm mg American Democrats, 
although he trailed the likes 
of Edward Kennedy, the Massa- 
cliussetts Senator, appreciably 
and .might not even be able to 
overcome such stalwart and 
ageing Republicans as former 
President Ford and Ronald 
Reagan. 

1 Californian Republicans claim 


that the bloom was off Jerry^ "dearly mn«t Itked to have faced. 
Brown's rose well before Pro-f/in the general election, 
position 13 dwarfed all other ’; In a sense Mr. Younger bas 
electoral considerations.- this t 6r.. Brown where he wants him.-; 
summer. All four candidates /State attention will for the next 
for the Republican gubernatvfive months be firmly “fixed . .on 
orial primary election ' pr-edic; ' fibw the Governor carries , out 
ted their initial campaigns on ■'the budget austerities forced 
the then surprising assumption; pn the Stale by the Proposition 
that Jerry Brown would be vul-, 13 vote. The main Republican; 
nerable in Novemher. Ken' criticism of Jerry Brown, is that : 
Maddy, a personable younj£ -fce is all style and no stibsfahee' 
State Assemblyman of moderate -and the hope is tbat the task, 
persuasions, was the eariiest-r-~i n front of him will demon-; 
and initially least known-^dvpH'jstrate his purported defiden- 
cate of this view and was show-:: cies. 

ing surprising strength in thel. . . .. .V. 

polls before he was swamped. XllpfvSnO' ' 

by his opposition to propositioa>- : 4 -,F,: ' 1 J aii o 
13. \ ■ •..-.'/••• in addition, the hope is 1 that 

The ultimate winner of titt? w he presides over- -cuts 
republican contest. State AttCu.-: essential public services, -bn wi/l 
new General Evelle Younger; . reap the inevitable opprobrium, 
the highest ranking party ofl&e 'Jf he does not. he can he , 
holder in California, adopted jrccused of defying the will of 
an ambiguous - stance on the ijthe electorate for leaner 
property tax initiative, offering -fovemment fatr j rtny rinc& thfr 1 - 
it guarded support while re£us- Governor is .tbjs .ajrofc. disciple, 
ing to argue publicly for it But 'of lean government; and -has 
he was quick to say that/ he accumulated a S5bn surplus;^. 


would, in his official capacity, the cureent fiscal year), 
enforce the will of the people. There ‘-.may be other issues 
Mr. Younger’s victory at the which speR trouble ahead ior 
polls earlier this month prnb- Governor Browii. The most 
ably owed most to the fact that obvious is another referendum 
he was perceived as the man which will be on the November 
most likely to beat Jerry Browo ballot, the so-called • Briggs 
in November. For all his dour- initiative which would have the 
ness, he can claim administra- effect of excluding known homo- 
tive experience- and political sexuals from teaching in the 
moderation as his main assets. State school system. 

It was lack of the latter quality This proposal! appears to go 
in particular which proved the much further than other anti- 
undoing of former Los Angeles gay proposals that have cropped 
police chief Ed .Davis, the dar- up across the country in recent 
ling of the Orange County Right months. These in general have 
wing, whom Mr. Brown would confined themselves to striking 


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•- -. •• •• '*-•’•>• •ixjf.’ 

..out antt^ Iscriininatp^byeZ^ 
in. assorted 
. the^-previihhs 
country the.'Briggsli^^ttngnt 
' mky -weUpasstip^sji^^^aH- 
.fa tula's ,'rluro.wr tnfes^ifeg:^ - 
wards.homosfau^^^ehjG^vCT- 

nor is : 

good“reason; given - 1 te^ 
inequity, but may ■ w’ell.Ibwe’.Vo^es • 
; in 'cohseqaence. ;;;; -,? ‘ . 

’. But li wot^d .bV-ni^ itwi4pe ■ ' 
■ to write : off -Je^y’ Broium^Pre- 
: ejection ''Cbatiftts": .fit; jftis.i.eariy 
stage. . He has - already jnoved 
to^ turn the spriit of' tlip’Hax- 
-cutting xeferendtim ; to hi^^pwn 
- advantage and, bearihg'in iqiad 
his" masieiyofpublibrolatibiis, 
ir ' isr withlnvhis ' 

-. emerge ^dtel^d^-M^iwedfer, 
inspite of -hid repbted-Isitit^f 
cempeifenifii hi' rnaffage^a) )nit- 
.ters. hia^ai^ni^tntfidn.of ‘Cfeif- 
fornii -haS~ ‘Coincided with, si 
wnsidei^fei;!^^''.^ 
.prospeiity. $ for TB&l&i ;^le-;niay 

J Aftrac' ^ ^reglsterorf^ 6qmo- 
“ ^tido^'bstanti^^ 
ber Repubticans-''in the- stole, 
and Jdr. Browp, by far the most 
popular “state; "Democrat since 
his father.. has hardly hegnn to 
rally his troops. When he turns 
his talents in that diretaion, 
theff the - contrast \ with ;Mr. 
Younger will 'be;, perceived; as 
start If : hdthiug else, it will 
be an intripring^xercise la the 
political art and a;test - of’ the 
staying^power of a .chaiisi^ailc 
young leader.'The outcome - 
could, yefchaye national impli- 
cations. * •’ 5- •:->•' r<; •• 

Jiarek Maxim 











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CALIFORNIA IS second only 
to New York in the size and 
scope of its commercial bank- 
ing sector— and in terms of 
profitability its bankers would 
argue that it is now second to 
nobody. 


'Such a claim was reinforced sc 
last year— at least symbolically P< 
— when after five years during 
which the State’s and the bi 
world’s largest bank, Bank of m 
America, had lagged behind its ^ 
arch-rival Citicorp in terms of 
profits. B of A recovered the r( 
lead. On its balance sheet assets 
of $82bn the bank reported net n 
income before securities trans- <■ 
actions of S395m. Citicorp's net 
slumped to $33Im on assets of , 
$77bn. 3 

But it is not just Bank of ^ 
America's performance last t 
year which backs up the argu- . 
ment While New York's banks v 
have been plagued for three c 
years with a multitude of prob- c 
lems ranging from property j 
loan losses and fears abuut the 
security of their international . 
loans to weak retail banking \ 
operations and slack commercial « 
and industrial loan demand, J 
California’s major banks have , 
either avoided the worst of ] 
these difficulties or — in the 
case of retail banking — had a 
much healthier experience. 

Thus the main Californian 
banks have been able to report 
much better earnings growth 
than their New York rivals over 
the past five years. The five ■ 
largest banks in the state all 
rank in the top 15 in the country 
in terms of size and among the 
leaders in terms of earnings' 
growth. 

A study by New York invest- 
ment bankers Salomon Brothers, 
for example, suggests that the 
San Francisco-based Wells 
Fargo is in terms of earnings 
the fastest growing of the top 
30 U.S. banks, with a compound 
growth rate of 18.6 per cent 
over the past five years. 

Bank of America comes out 
second with a rate of 15.9 per 
, cent* Citicorp lags some way 
behind, this at 10.6 per cent. 
-Western Bankcorp, Security 
Pacific and Crocker National 
■ have - all reported earnings 
growth of 12 per cent or more 
compound during this period. 

The major Californian banks 
have generally had rather 
better loan loss experience dur- 
ing this period' than most of 
their New York rivals. Indeed 
for most of the period they 
have had better' experience 
than the average for the do 
largest UjS. banks. 

The managers who head these 
institutions would no doubt be 
deU girted to be told that 
wisdom and not luck has been 
the driving force behind their 


success — a success which has volume was back to a record and. they hope, a » online a credit 
made the banks tougher cum- level (at least in money terms). «ru«wh. . 

peLitors for their New York In part this reflects the less Wlule they •».«. been ‘ 
rivals But one has i,» mature slate of the Californian live in this area mnM of the hi, 

conclude That at best if i% ;< economy, which contains a banks v.iili ihe exception of 

Sinaiion or 5 f- 1 rime greater proportion of smaller Crocker Naimml nave been 

a c!in*sL-rv-iJi ve— ^id the re f. .-e firms which still need bank camions in rheir iippr..a.;h i.» the 

a nd consL rv v e— -ana tn v rt I . e . d uk the „ ianl introduction of ekeinmie funds 

sound-judgment which is re,- “X-Satiwals. cannot turn to transfer sy.cn, for their I 
punsibie. ciimmerc jai paper market customers' use. » mly i. rocker i> i 

For California's banks Iu«ie f, Jr short-term credit or to the aggressively instiillm^ r»utis 
been operating in . a .nm-h public bond market for long- malic teller machines: the 

more favourable environment term borrowing, others tire in general expen- 

dnmeslically in lerms of the. J(| a( jdilion to being shielded menting. 

BrowUi and structure of the f min l j, l . Wl »rst of the recession 

regional economy. lu demand l'or commercial and A 

Depending on whose mcasur- |llllllstrLa j | tian s. California's i »» *«>•**-* - 


mjii-.mius UII nuw» inullSirLai loans. - 

men Is you accept, tiic hanks have enjoyed a buoyant Bank exevuliv.^ point nul tiial 
Californian economy' alone e ,„arfcri 0 i sc- where. Consumer sllMT jiie.r retail opeian mi- are 
somewhere between the s:-:ili L . rc( jit, .for example, rose by profitable and Mime ilicn.* arc 
and eighth largest in Ihe worM. lo SISbn in the three p ] L . n iy of hmiieiies arouiul ihej 

with an annual output worth years to end-1977. Mure im- siale' ’fur cum Miner u'mcnivuec 
around ?25rtbn. putting it ju.->t purtant, however, was the S7.2hn ^hey are under no procure lo 
below Britain. Its 22m popula- increase tu $23.8bn in pruperty automate unl'i-s i heir customers 
tion less than half Britain's j l>ans nver same period. dearlv want such :< service on 

. th.f i.n *||!^ . • . . I,,- .. . 


which suggests that on this This increase meant that for Main Street, 
crude measure of affluence its t fj C jj me f 0 r over u decade Even though New \ork with 
citizens have at least double pr0 p er ty lending, the bulk of well developed foreign 
Britain's per capita income. which is lor mortgages for home exchange and money markets 
The economy of the State ha> p urv hases. exceeded business remains the undixpuiotl financial 
also been growing more rapidly j oans am ‘ 0 '„g California’s banks, capital. California lias remained 
than the re>t of the U.S. In Th j S t ren d has undoubtedly attraclive lo foreign banks— as 
spite of an above average uu- heightened competition between ihe announce men 1 *if the 
employment rate currently run- l ^ c a ' stale's commercial bank;; Standard and Charter'd group's 
ning around 7.5 per cent, it an( j the giant savings and loan merger proposal viih Union 
has been creating new jobs industry in the State, which Bank indicates, 
faster — at a 5 ftvr cent base last has mortgage loans of $70bn Thus over the r«'*‘ icn years 
year (about 450 . 000 J— compared outstanding and is the biggest foreign bank asseis in the State 

u,i»h lha nnlinnal MdraOe Cif i t an,, .u.Ji.,.. P-jnl'-.l Trl-Statl* 


idiiuiu outstanding ana is me loreign nan, 

with the national average oF s an( | L j nt j us iry in any State, (excluding EanCal Tri-State 
3.5 per cent, and shows a higher groups of financial instiiu- which has around 3t> per cent of 
than average growth of personal tions are eyeing each other ^ capital held l«y imertvts 


Branches 


tiian average growth of personal t j ons are eyeing each other ^ capital held by mrere?-te 
income in recent years. warily as the competition not associated with Bondi Edmond 

only in home loans but also de Rotiischildi hav nmre than 
in providing wider services for douhlcd fn S»-i'hn. These bank* 
OI iSLELlit. j depositors intensifies. have around o third of the 

All of these factors will have The big commercial banks domestic, commercial and indus- 
contributc-d to the growth of are also watching carefully, trial loan volume in Ihe State, 
the State's 224 banks, which fearing that unless they are and the largest — *ucti as Cali- 
have around 4.000 branches careful in exploiting the market forma First Bank, v.bic.i is con- 
and at end-1977 logged domestic f or home loans they could troUcd by Bank of Tokyo, and 
deposits of $85bn l$55bn in create a speculative bubble Lloyds Bank ur Caliii'i nia. a sub- 
lime or saving* deposits) and whose collapse could have sidiary of Lloyd--, the iJrmsn 
domestic loans of $64bn. damaging repercussions not clearing bank — have around a 

The buovanev of the Cali- „ n | V on their loan portfolios but hundred bnnriv*. ^ | 

fornian economy, particularly a i so 0 n the State economy. The attraction!; ;-f '.ali.nrma.i 


Toroiau ecu 2 i«uiK t Yi po**«vi.*»* *. aiso uu utc duut ^ ^ — 

over the past two years, has Last year, sensing this particularly M those iorei c n 
been onlv one general factor danger, several banks including hanks which have branches in 
behind the banks’ perforjpance. of America and Wells New York as well, art* clear. 

. i i — --- 4 Ur. . « n ai z — i.. j a .. : in thucr- ani'i'i- 


DeniJlU \w? UdiiNb jtjanK OI /umri m im." ^ " , — 

More important has been the Fargo tightened up their lend- and are similar m those affect- 
structure of economy, gtych ing criteria to try and take ing the dnmesiic hanks, 
has helped to insulate.. the sa>ac . 0 f the speculative fever No doubt they share common 
State’s banks from some of the 0t , t \ 0 f the market. Bankers in concerns ton. Among the more 
problems encountered by the ^ w tate express greater con- immediate are the impact on 
big banks in New York. . fideAe about the housing their business and the Mate 
In spite of their size the big . raa ^A t .„ ow but some econo- economy of the fundamental 
Californian banks have been mist5 A reraa in uneasy about the changes in taxation in .he wind 
operating in an environment phen X ei[ j a i r i se in prices. as a result *»F the palace of 

which has more in common with extent the bankers' Prnpnsiiinn 13. the <lar:ser or 

the conditions that have boosted stems from improve- the Californian oennom ' over- 

profitability among smaller ^ b n (beir own internal heating, and in particular the 
regional banks than with the manage Vj en t .with greater alien- threat of a “P veil !••• live housins 
New York City situation. . - m - .w e SP rcad between bubble whi*-h emild huitf. fn 


banks experienced a moue*i ^ 

decline in commercial and ^ 

industrial lending durins the “ 


industrial lending <* UT,n v ' the ^ {or ^ 5 Qf security fnr must bo the iinoact «r i‘legf.1 

1974-75 recession ,t . ^ 3S S p t baSa packaging and sellLog to other immi?rati..n from Moxie. as! 
compared with the financial Instimtions the home that country s popu.ation soars. 

Si d SAgaaiSgS Stewart Fle.in^ 


Stewart Fleming' 


lrTT'”' 



jor 























‘ Union Oil 

X -A-tAOSUM* - v-'C". ! 


Times-Mirror 

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.. * .t.ir slis ■* -- 




Fluor 


Jhlrmack 


Security-Pacific usslUsi^i^ z • 



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Disney 




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BEHR specssSizes in what you want to ianow 


about western sec^srltaes e 


Any stcxkbroker can sell you western stocks and bonds. 

!f you're looking for in-depth knowledge of the area, contact 
Bateman Eichler, Hill Richards. 

It's an expertise that shouldn't surprise one. 

We've kept in touch with our business neighbors since 1931. 


SC 


r* Hill Ricitards 


INCORPORATED 

Members N?.v' York, American, Facific & Mid-.vest 5w>d E.'.-.anjes 

We put opportunities and people together. 


700 South Flower Street, Los Angeles, CA.900T7- 
T*ia-ihnnp - (213) 625-3545 Telex: b770o3- 


Telephone: (213) 625-3545 Telex: 677062 
Con tad: Rockwell A. Schnabel 


Warnford Court, -Throgmorton Street, London i EC2N 2AT. England 
Telephone: Oi-636 054o Telex: 3y51502 
. Contact: David Coraery 

















Tb obtain a copy of any of the Annual Reports featured on 
these two pages, please -send the coupon. 



To: The Advertisement Director, 

Financial Times, Bracken House, Cannon Street, 

London EC4P 4BY 

or Laurance Allen, Financial Times, 

75 Rockefeller Plaza, New York, NY 10019. 


u, ; • . V w -V- * . 

~ '}$ . ..T -': , > 


!i Please send me the following Annual Report/s . 


WBrnmu 


.□ Am cord , Inc. 

□ American Medical International, Inc. 

□ Castle & Cooke, Inc. 

i J Carter Hawley Hale Stores. Inc. 

□ Western Bancorporation 


jfal© Sioresi 

■ ramrds in 19*^ 


1 Name. 


Positioi 


lOtCr more dousing 

^essssssssssssr- 


WBC is 22 banks serving 11 western states.Its 7$4 ccmsrtic 
offices are located in more than 400 communities. 0 > ; - ^as 


Company. 


’3SES5X^££ZSE& 


offices are locatea m — - - — . qT7 , nCQmp 

34 offices of four banks serve customers worlavn^v .^19- °iue 

before securities transactions was a teoord S1*0. - - ^ a or 


Address. 


betoresecunaBsi-i^^^— — ... .. 

S5.04 per share, up 33.4% . Current annual divide, .u - s Si ‘ 70 

per share, 21.4 higher than at tha beguuun^ — ’ 


■.«c“y-*rp 








16 


Financial Times Wednesday, June 21 1978 


CALIFORNIA IV 


Growing share of defence 




AFTER a decade of decline to earn a profit for either com* ment funding that goes into the commercial jet. market both industry — and the commercial precise, however, since much ficant -share of the new market therefore that not only Is it in 

punctuated by crises such as the pany and which in the case of California, since much of It in terms of new orders and new jet market as a whole — are not will depend on the mis of air- w McDonnell Douglas, which is considerably better shape that 

near bankruptcy of Lockheed Lockheed probably never wilL relates to advanced technology commercial jet developments, simply based on the recent craft bought and the timing of actively considering designs for ** w two years ago or even 

Ain>nf» „ lines, which are seen as the The recover? of market u P tDrn w orders, the surging their purchase — ■ but the indus- _ mmmutial ' ast yeaa, but. more important. 

Anrcr^t and the ranceUatlou The would sectonJ of futui*, £ d^iSThS growth of air travel in toeul try dties not doubt that a major n ** *to the 19S0s is 

last year of the 52obn plus B1 have been . wor s® bu * and since the contracts provide already helped to absorb some the Past year (partly . in new wave of orders is awaiting Jet-Hhe DC*^ 00 bright While this promise is 

programme, the Cali- for California s gro wing share of funds for basic research and of the aerospace workers dis- response to toe wave of price- them. part on its DClO jumbo jet but likely to be translated more 


bomber 


fornian aerospace industry is development in these fields. placed by the Bl cancellation. or .toe evidence' 


^ t0 £\:Z tea 

wiui mounting optimism. • slightly as a proportion 

product-LCmm about 



toat it is this -market , which the considerably smaller. 

west coast aerospace companies Lo<&beed, of course. 


quickly tato employment than 
^5 into profits, and while there arc 
have, their eyes on, and once limited" financially in terms of considerable risks involved In 
tnen „ natiAKsi nrodunt • fmm aSm.t programme last year, . uepen- *uwciUM*jr mmuuob u± me ... ... - r . — i — — — -- — - — again they are hoping to get toe what it* can do and is expected ™ • new commercial jet pro- 

In the late 1960s employment u ti P . deuce on such spending can be McDonnell Douglas at Long- Hod’s share of the. world’s. busi- to launch a smaller version ; of S”™™® expected- to- be 

in aerospace in the State hit a 6.6 percenta mi to P«baps dangerous — some 16,000 em- beach and Lockheed at Bur- ^ high ness. its Tri-Star to compete to the oxwmxxed, ^ the new pro- 

peak of 000,000, as the industry plovees lost their jobs as a bank, are nmning well above Proportion of the 4,000 or so They recognise, however, that, same market which is ‘ seen grammes should ensure Cali- 


struggled to meet the demands 
of 


Cahfomia’s share of 

U fi^icu in iucci uie ucujjujua nanurtmonf nrrmA jinrutvAJifr awuai ul luv uck'iwvii* auuawcu, asmos. jvm* » mw w^— ji » • .. a - " •• f«u ulumuiv wilw uicr im oimn niy m reruw Ui a aw 

a defence budget bloated by h _ heM course, is tbe prime contractor Douglas’s Longbeach facility jls ™ Zw* Q L s ^ lB 3Don “ the Airtius consortium and the seat medium range aircraft 

««> Vietnam wi a buoyant awards has bee “ risu3g - for toe space shuttle, a pro- expecting to increase its work- ZSSFSL3&J “t"? L!T* Prospect of collaboration , in inAu 

commercial Jet market and a -to we iCaC0 won ¥5**n gramme which last year em- force by one quarter this year ^JP** 0 * ’? e Europe on otter commercial 

high level of spending on space of suua cuniracts, or 18 per cent ployed some 14,000 people, to 2QJ3QO. 
exploration by the National oi the nauunal total. Last year mainly in its Californian opera- 
Aeronautics and Space Admin- toe ngure was ?>lUun tutu tions, and brought in revenue 
ifitratlon. sianibcaiiuiy Cauxorma s share 

At that stage the Californian *** " '* a ™ aaQ ofiKfl 243 

aerospace industry accounted pcr ceuL 111 p luuii year ’ 
for over one third of employ- 
meat in the aerospace industry S<lV6r 
as a whole and played an even 

more important role in Without this business the 
California’s economy, account- workload, and the earnings of 
iug for about two fifths of em- companies like Lockheed, 
ployment in the state's manu- McDonnell Douglas and 
factoring sector and almost one Northrop, not to mention their 
tenth of Calif orma’s non dozens of sub-contractors, would 
agricultural workforce. have been thin to say the least. 

The subsequent ten years For Lockheed in particular and 
have been years of decline, in more especially for its missiles 
part because of the slackening and space facility south of San 
of defence spending and the Francisco in the “silicon valley” 

NASA space budget, but area, defence contracts have 
primarily because nf the depres- been a life saver. 

je^markeL ^^raTwrospare But U is not iust “ tcnns Q{ new arms limitation agreement, sector, with not just engines rf‘^ir'*traffi^ havered 

employment in the State was sales and profits that the Cali- which is in doubt, is a build coming from other companies ^ tte major aerospace coin- 
down to only 440 000 Both fornian industry benefits from up in the arms race, from which but also sections of the fuselage project heavy new 

McDonnell Douglas and Lock- toe U.S. Government’s spend- Californian firms would un- in many cases. Thus the deman d for commercial jets, 
heed, the State's two big com- in*5- One frequently sees gov- doubtedly benefit numerous aerospace supply com- y^to some forecasts suggesting 

mercial jet producers, were ernors and businessmen in less But whatever the outlook for Pa^es in the State can expect that the market through the 
embroiled in wide-body jet fortunate States, particularly in the industry on the defence t0 “are ln toe upturn. 19S0s could be worth some 

programmes which some aero- the North-East and Mid-West, side of its operations there have The forecasts of good times to $70bh in constant dollar terms, 
space analysts suggest have yet complaining about the Govern- been clear signs of a revival in come in California’s aerospace Such forecasts are far from 

' i 


rtafATWM, Payees IUHI LUCli JUI» *3 « , , — iuc/ iwusuiav, uunGiu,.UMi, 'SMSm mSTKel wmtu la — TTT — r. — , — : _ 

result of toe decision. Rockwell, last year’s levels. McDonnell jets rorrently parti culariy with the entry of prtotfrily in terms of a 18&22Q fomia's continued importance 

Contract - - . ITZ t-. r *. * n:h, ; e nyine m the flemte nt rh«» nw. / u J . 1 -in th» Mmouni - 


of Slton. Moreover the outlook 
for Defence Department expen- 
diture beyond tbe next two 
years is looking uncertain, with 


in the aerospace field. 

But the Californian industry ^ should also help to 

nh_.il DongUs DG8fi ; SS5SJ5US73K3 ““ roUy 

mt0 semoe ^ toe 

tt i ■■■■■I early inws. Even some of the fai*ing a highly competitive ® Seattle, Boeing, comes up ^ nrooQrtion of such Advanced 

Upturn fSZJEE* ** &>». ™fSs y one roiSn for ll V itfi ,? ro fSr* t ^S SSSSSTtoi^^ro^raSd 

But it is not just the front s H cce ^ ful Boem ^ their interest in totemational ?wlS3SfSl»S5 Bito commercial jets is increas- 

Imecomprnu«thrtwS benefit ■“ 01 coUaboratlon. Another of eourseWh^wil not be derirattwa of commerenujem » »»». 

Sm toe wtoiT If it were S® aur ^ es ^ the high cost of launching a ***** ™ *““S; S|iti spStong to the State, 

some analysts forecasting then clearly toe main benefi- tt ®- e “ 1 “ r ne ^ ^““eroialjeL .•■ want^* ^ al ” ut ttcre is elsewhere 

another decline ln toe rate of WO uld be Boeing in S ^ noa of 3ets - • So far as toe Californian aero; «M*et seems to want. in the U& 

growth, although not in "abso- Seattle to the north. With some These can be summed up to space industry is concerned tbe The consensus for the Call- 

lute terms. analysts forecasting toat U.S. terms of -inadequate seating front runner to pick up a signi- -fornian industry seems to be 

On the one hand the Carter commercial jet deliveries will capacity to relation to demand 
Administration is making no increase this year from the 191 and expected growth, poor 
secret of its growing concern recorded in 1977 to perhaps 242, fuel economy in comparison 
about the size of the budget —and Boeing is expected to with toe high by pass ratio fan 
deficit and is under mounting capture around 75 per cent of jets which power the wide- 
pressure to trim toe deficit, the market— clearly the indus- bodied jets, and poor noise 
with defence spending appear- try leader is currently secure performance, particularly in 
ing to be an obvious target in its market dominance. But relation to the U.S. noise stand- 
On toe other hand relations even Boeing’s good fortune ards due to come into effect ln 
with toe Soviet Union are spills over into California since 1985. 

deteriorating, and there are a high level of subcontracting These factors, coupled with 

fears that the alternative to a is commonplace in toe aerospace others such as the expected 


SJF. 






ARE WE 


HEALTHCARE? 


In over 400 communities on 
five continents, AMTs 13,000 

health care professionals 

are developing and deliver- 
ing cost-effective health 
programs— our response 
■to the new worldwide mar- 
ket for health care services. 

Starting from the base of 
hospitals we own and man- 
age, in the United States and 
internationally, we have 
developed systems and 
services to tap this vast 
new market. 

Here are some of the 
things we’re doing, in that 
market now: 


velopment and construction of 
the first major private hospital 
to be built in Cairo in the last 
twenty-five years, and will man- 
age the hospital when it opens. 

3. Working with government 
health care executives in Vene- 
zuela, AMI is implementing the 
first phase of a program de- 
signed to train 20,000 health 
care technologists over the 
next fewyears.This project wifi 
help create an infrastructure of 
skilled personnel essential to 
effective health care delivery. 


and performing feasibility 
studies for a pediatric care 
center in Argentina. 

6. Our pre-engineered mod- 
ular hospital designs are being 
used to reduce drastically the 
time and cost of health care 
center construction in com- 
munities where; 4 ew or ex “ 
panded facilities arfe needed. 

7. In the U.S„ we are operat- 
ing the first mobile CAT 
scanners as part of our shared 
diagnostic and therapy ser- 
— vices. Such services enable 



1. We operate two open heart 
surgery air lifts that transport 
patients each week from the 
Netherlands and Norway to 
AMI hospitals in London. 
There, they receive the life- 
giving surgery for which they 
would have had to wait too long 
in their own country. 

2. We are supervising the de- 


4. Through our systems divi- 
sion, we are assisting hospitals 
around the world— such as 
the Hospital General de Las 
Fuerzas Armadas in Quito, 
Ecuador— to implement com- 
puterized financial information 
and control systems. 

5. We are commissioning 
government hospitals in Kuwait 


hospitals to lower costs 
by sharing advanced medi- 
cal technologies and 
equipment. 

In addition to these proj- 
ects, AMI provides special- 
ized health care services, 
including ihe design, 
development and manage- 
ment of hospitals, out- 
patient and' preventive 
care programs. 

That’s AMTs response to 
the worldwide need for 
health care: providing 
practical solutions to the- 
real problems of health care 
delivery. 

XIMI 




Tlie International 
Health Care 
Services Company 


CM 37 B " " American Medical International European Head Office: 46, Wimpole Street, London, England WIN 7DG 


i. 


CALIFORNIA IS often „des- establishment, with the backing energy farm is also in the plan- 
cribed as “ America to m orr ow " of organised labour, fought hard ning stage . here — a joint pro* 
— the State, that points' the -to exempt Sundesert from ^ those jeet of the Energy Commission 
direction in which the UjS. is laws, on the grounds that its and Southern California Edison, 
heading. If that holds true to' development was .tor advanced Hr. Haullto says the Cornmis* 
the field of energy, then Ameri* when the legislation was passed, sion’s goal is to have “20 per 
cans may be in more serious _«6g that It was as clean and safe cent of our energy generated 
trouble than they suspect -Replant as could be devise^-r by wind power in the year 
Debate over California’s sited far from major cities to 2000* 
energy future has divided toe ‘the Mojave desert, ia one of the 
State as profoundly as the San few areas in California free TTcivrn II riff* 

Andreas fault On one point, from seismic faults. a arvuuic 

however, there is ‘ general l. . n Governor Brown's favourite 

tt finn diet- -JJ 1 "*®™ S/to&SSS «m«dy *. of coui£ «££££ 
sions are not readied .soon, the ^S*. and earlier this year he 

L W SteStTy M T eaed a dollar 

5,^^ t £MB* to perntt construction 8 of ^ *«■ 


mflesert “That project . was of nation " 


become : rddlty hy the 

• ti part of the scene," says l-5ni solar mstaliations in 
Guilin, the 

SdmiKSon? ‘*m». CoJhnlsEfan ehairm«i 

clear that one un ’ nlease let'-f* ^rmei’-Band Gorp political Nstaessej in opera lion - and 
me know," says Dr. Stanford scientist Mr., Maullin helped °^_ solar equipment 

Penner director of the Energy <*ireef Mr. Brown’s 1974 elec- a 55 cent 1 " come 

Centre and Professor of Physics t ? on campaign). “It had im plica- JJ®-* 0 , “ iJ2? num 

tnssr^ a°ss* sa of many 

CMtfWed.'too 1 amSj! A" 51 lm s P i’“ ti0nS - t00 ' 11 f ” “ WWtr^There is™ r 

sSSnasSS js 

M ™?lal m « »■ to abundant nudear porwer ts turned Democrat, who beads the 

"S?tSSi,“^n3dn$ bSe P ^S“o7 T °S^ “ So ! arca £j“ mm '^ 

I think Mr Brown is lpadine DlzarTe “ u ™ re energy sson to spur solar growth; and 

ttf nation's ™ J252S * ources * For the bei ?«- there is Israeli 


|State down the^rong P ??ai 0 “ 

"• &B.SSS& SMJSMJJS 


his ideas, while considered off- 
Ibeat 
be dear 


by some ” should' by” now Tha* reliance conferred at length u, Los jj 

w to tfL “He has ntotod £° uld , deof ^ LSe ** 1 "™“- Angeles. Mr. Begin is another 

Brown’s preferred alternatives niiwwwpr huff no »n/i u r is 


many times,” says top aide Mr. mower buff. He and Mr. 

Gray Davis “toat he isn’t dos- r^ o ar g«rthennal power Brown have announced plans to 
tog 1 the door on tmdear po^ £ orm ? ™™****™l founda- 

in this State. But his definite In b0n ^ S5 a “ C ! - solar energy 

preference is to bhild up alter- resewdb. raeir.jomt goal: to be 

nate forms of energy wherever S??S5i' !SS w t ^£, ltat ? ates 0B-the ^ obe t0 
o trafi oKiaa ** liquefied^natural gas and greater rely on the sun as their chief 

conservation efforts. • . energy -source. 

Haltpd The Governor’s other solu- Tbe promise is there. But the 

Liuii.cu tions to the State’s energy prob* Political- reality now is the 

If Mr. Brown has not lems are more esoteric: they nudear dispute. Two years ago. 

closed the door," he has include erecting giant . wind- a S* 3 *® referendum showed that 

virtually halted all nuclear mills burning wood chips, majority of Californians 

growth in California. His walnut shells and rice hulls, favoured nuclear growth. Yet, as 
administration played a key If much of the business, world, . Governor Brown’s Republican 
role in killing off the $3 bn and all of Mr. Bjrown’s political opponents often • point out, not 
Sundesert nuclear plant .last rivals are sceptical about these one new plant site has been 
month. The project, into which unconventional 'sources, many approved daring his term in 
power companies . had sunk evperts see them as potentially' 

2105m, .had been described by of great value, ' 

Dr. Edward Teller, the nuclear * * . - 

scientist who developed toe wr???® 0 

H^romb. as “California’s Northern Galifonfas biggest 

brightest hope for energy ^ ^ . 

sufficiency." After five years, 3 b 0u t wo w-dup capacity should be doubled to. 

Sundeserfs planners had considering purenase w eiec- gug^u^ sound economic growth, 
obtained only three of the 90 P? wer a ^ a ~ y . beiIlg . P r ?' Thus nuclear power looms as 

permits required by federal hy_ wqoa-bunnng plants - one Qf ijo^est issues in. next 
State and local' authorities. in lumbering centres. If various November’s gubernatorial con- 
Nuclear regulatory laws proW«M could be test And Governor ■ Brown, 

passed in 1976 ban farther plant solved. State omdais ciami that faced with a taxpayers’ revolt 
construction in California until wood wastes could produce a decline to his per- 
tte . federal Government nearly ..enough po wer, to m eet gopa] popularity, is risking his 
approves - some method for the California's current electrical political future in opposing it. 
safe disposal of radioactive needs. . . . - T . 

wastes. The State’s unclear The nation’s first major wind N MaunCC Irvine 


his term 

office: and the State’s electrical 
generating capacity has re- 
mained almost stagnant. Given 
a projected 50 per cent increase 
“ California’s population by the 
• 18 enthusiastic yem: 2000. economists say toat 


OVER 50,000 INVESTORS 
WILL ATTEND 


THE WORLD OF INVESTMENT ’78 

Los Angeles Convention Center 
October26-29, 1978 

THE LARGEST PUBLIC ijSV^TMENT" EXPOSITION IN HISTORY. 

- * 225,000 square feet of exhibits Speeches * Seminars • Workshops 

■ ^ Write ^ today forexhibitspace availabilities 
The Woridof InvestmenL Iric. 

. 711 West 17th Street, G-6, Costa Mesa, California 92627 

•... " ■ : ^ cafij ; Ar^’Gdifc.7i4j;t73i^ • ... : 





r-. -^- g-rrr -"vy ---ryy 

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Financial Times Wednesday June 21 1978 

Television 



I 

already and unsuccessfully tried !'■"* * 7 ;. I v "solved- audience. At even shorter notice 

visible between pastiche and wim readily ! both at the old. Sadler's Wells be Mliaz l nl - s ' belated operatic Poliert V'tc i??? S innlace^of 

parody, but it is hard to see does inot sj « wrile Lily and at Her Majesty's, m fact. hern was a success. He Count nr Wa ter m l 

»£»“•!!■» a 1 - sa^sifsi is 
Tim Curry !n ~ •~ n srirs smm 

Unas the^sc.Ujre."' inpVof great ®J n ^ lh * l ShS Ve^f now a'nd c" iri anddciicSte enjemble work 
and varied musical riches, eon- JJ™ *«R n,c " of ^ vi „, e nt ran be easy to 
tains no other invincible popular r^m\na> us Ther e Mr. I.lnvd gave a creditable per- 

winners. Yet the real reason for a l *"° er ' pn ' s ” : d slight lack of formance. 

neglect that may well be over- P^aps, « i s.i ] ^ * , jtv Richard Van Allan appeared 

come now probably lies m one oT Krlv bought on a’ first night, a? Wurm, the Count s villainous 

the work's virtues-tbe. close tort %«iita hi v steward, who is after Luisas 

integration of Verdi’s music with ^ ornyn , looked hand. This almost hissable 

^1*^0' S decora- n,rir- mor * 


Ian HcShane as Christopher Marlowe in ‘ Will Shakes 


Kush 


by 


Runners 

MICHAEL COVENEY 


As if track-suited joggers on spe ch on y right, appro- 
;ery street corner were not because it cathar51Si a way 
aougb to remind the rest of us pria . . eU in activity.? 

ow* unfit we ere. lu Brown h« *“?'»* w ?£ j an et (Ann 
rought them steaming into tne unuci> t0 put up 

Se in W. ipnghny ^ SS«™Sn a fe« shelves » n d « 

lay. But these are not mere m whispered evidence of 

jggers; they are runners, the nfl wun^ runners ^ 
eal thing, with an eye on . iii.Rnine dinner suits for a 

ational honours In sprinting chuck has 

nd middle-distance events, c re|ay , eam . but 

Suck Allsop JWU1 Knmhtleyl mode ^ gone one betler as a 

™ M — «u^f^e p pru = 

wifldlft .tor .he 
which makes me 
we are missing down there. .. 



e’a E2£?*%S 

£W&*' «* • *“ “ reer r'' r Xeftn 8E!,".b.'SS 

carpentry. rihrtj. g?. e ? r a oaricu.urecl inurnal^ 

~ °° although 1 think it ^likely tl^t 


The Entertainment 
Guide is on Page 12 


GlyiWebourne 



Tim Curry in the title rfile has *fl£* n s0llz l s ^ ly have been 
so Tar only had the V} , ota | 1v f„reeuahle and conse- 

p resent the young blood of forgotten. Though an 

which we know he ,s . idiosvncratir choice, hi* story 

capable. The test is going to jj j- peasant enough pro- 
come us the character age*. But 

so far his semi-peasant Hed 0 nn» *• ^ in L Cnn j e Bennett and 
poet/ playwright, living on his Je ' n . v StevoaR , L entile and. I err it t 
wits in the big e,l >- llter3 ^ gBCl ju=t mav have found some- 
breaking into the theatre, and valuahle— contrary tn my 

rapidly realising that bis own •"**,, mj , Bi vings . The question , 
abilities equal and surpass jhose having proved in Week 1 • 

of the established playwrights. ar * ‘the only comedy 

seems a reasonable enough double act able to fire off gags 

portrait i-onsidering “ a \ fmr.i a trapeze avd perform 1 wo- early piays wnien hut even with Luciano nresu mo ■ 

virtually nothing is known of Somersaults on it. what on when you . l ® n I s 1 ld p r sc ''”/ sl hai ^ Pavarotti to sina Rodolfo the Rederica d'Ostbcim. . 

Shakespeare’s life except from pBJ . lh jre . hey goins to do in own ^ Eagilfh tn?te! wannest applause of all went lo Rodolfo is unwillingly betrothed. , 


Mozart 


cronVof cast-changes in the sionaleiy impulsive and large- 
cropwt cas%-vii* h hearted personalily. some pass- 

Don Gunknni and Zauber(li.te j palches of bumpy singing 
productions of the current festi- were of sma ji account) 
val provided the excuse for a The con ductor was Nicholas 
two-day visit. The weather was Braithwaite, also remembered 
pleasantly sunny, the Gicnwmi from the 1977 tour. He applies 
anything but. If Peter Halls himself wholeheartedly to the 
production has done nothing tensile. lean-limbed reading 
else— and. in my view, it has w hich the production implies ana 
achieved the most revolutionary demands, fiercely avoiding all 
and also the most careful rc- Mediterranean sunshine and sen- 
study of the opera in many su ousness. Only in the outer 
years— dt has given unremitting extremities of the opera did one 
expression to the dark tempos- miss a fit m greater degree of 
tuousness in the music. Caught jnciseveness — the slow opening 


lUUUbiicaa in ... ~ 

towards the end of the run. with 
a change of conductor and a 
new Don Ottavio inserted into 
the ensemble, the staging still 
unfolds with a relentless single- 


of the overture was rather 
inushily played, and the final 
scene was dear rather than ter- 
rible or hair-raising- Most of 
the evening, the London Plnl- 


play is 

it concentrates 


I®! 

L*f TT ESSJ& Sj 

Fanning). The coach has 


Sp“wotIH' monitor an interview: 
on a used brown envelope with 
a mere pencil. ; ' 

English Stage 

Company chairman^ 

.--.-I i*040lQ!l sir 

For personal 


jacket* of a anabolic stHoldi , m EngVish Stage Corap - • has 

mmtim 

Sunday $£?„£ **.*#** « ** 
'Ve set befiiuntug of July. 


unfolds with a relentless single- fhe evC ning. tne bonaon nm- 
ness of purpose that leaves one harmonic Orchestra was on ns 
l breathless- U is, apart perhaps mngl distinguished C.lyndebournc 
from the tirelessly inventive form 

Leporello or Stafford Dean tin Thc Fluie% on Monday, was 
very colourful voice on Sunday). ra ^hcr a let-down. Unlike Rona.d 
a Giovanni without stars. The £ r j c t,ton. who reviewed the John 
opera itself is the star. 3s at ,. ns . Dav -jd Hockney lollaboration 
Glyndeboume it is always when ; t was first revealed last 
meant to be. month. I find the fabled designs 

-Keiih Lewis, who sang Otiat io .. interesling „ ratner than 

during the 1977 Glyndehourne remarkable . and regret their 
tour, is a well-schooled joun^ cramp i n! , i s irait-jaiketing effect 
tenor, good at varying tne on 5tae<? space and movement — 
shade-s and inHeclmns of his ^ firs ,. ai . { fin ale was on 
long phrases, • mo “ th nf " n J Monday at least, a sea of ill- 
cent- for a couple of hastily ;is5 . orted and u,i invitingly 
snatched breaths i proficient in C(JhUJmed figures. (Searching Tor 
the runs of “It mio tesoro. The t nol w hat the scene 

SJ^Tneir is not a vt ? mgr.- f“ r „% s ' s r S I)l , ,^ n tie . ,boul.. A l-ooI. 

listing instniment. particularly 1(jw . kev qual , t y. which spread 

when it swells out into joric. h t in Andrew Davis s 

but Mr. Lewis makes resourc^ p)aced but un- 

fnl use of 1U The playing of a sijiaQt reading- an d which 

usually spineless character uniteri wilh uie Hat and 

steady figure at middle a -ana rather static activity on stage, 
patient , but not P us,llani ^ s diminished the opera at either 
disposition is one of the many ^ of Jt£ scale . underplaying 
illuminations of the e e b h rhe j Dyousn ess and the 
(Elvira s jnother. and for toe ur 

communicative wairath witn - 
which Rosario Andrade drew to- 


WniCU nuai“'“ j ,r u or „•»«. 
nAihor the strands of ner pas 



Fctioitj' Lou has taken over 
as Pamina. Even though she 
has been seen to better advan- 
tage in Anthony Bcsch's delight- 
ful production Tor the English 
National Opera. Miss Lott 
remains a Mozart singer of not- 
able freshness and natural dis- 
Li notion. When so much in 
generally under-sung Flute 
seemed a cautluus skirting along 

Ute edges of the music. Lt was 
resioraiive lo encounter at leusi 
one central performance firmly 
founded on a radiantly expres- 
sive vocal lane. 

The other new-comers lo the 
cast are Kolos Kovals from Hun- 
gary. a Sarastro with a bass of 
imposing but rather uneven 
quality and an impressive com- 
mand of physical stillness, and 
the Israeli Syliva Greenberg, a 
Queen of Night with accuracy 
and intelligence as fair compen- 
sation for smallness of tone. It 
was a United Nations cast, and 
the German dialogue was spoken 
wide range or peculiar) 
Willard While’s 
resonant West Indian tones 
proved not the least peculiar of 
these; but bis speaking voice is 
in itself a splendid instrument, 
and his Old Priori is sung with, 
memorable gravity and fullncs*. 

MAX LOPPERT 



When you're doing business in the Far East, it helps 

to have the right connections. . 

It's important, too. to have convenient travel con- 
nections. To arrive fresh enough to ensure a successful 

Connections like the four S AS express routes with 

9 weekly flights from Copenhagen. . 

SAS has a way and a day to suit your timetable. 


in a 
accents, 
resonant 




: t. uih!. I.K'iin. Km*uu.MmuU lukvo. Bmi^kuk - w m$vod 

lium io 


SCW0UMWM MKUNB 


V 





Financial Tiiaes We&iferfay 



FINANCIAL TIMES 

BRACKEN HOUSE. CANNON STREET. LONDON EC4P 4BT 
Telegrams: Finanlimo. London PS*. Telex: 886341/2, 8S3897 
Telephone: 01-2*8 8WQ 

Wednesday June 21 1973 



h 




y’s 


c 







BY DAVID F1SHLOCK, Science Editor 



THE CHANCELLOR of the Ex- 
chequer see ins to have made 
an impressive appearance be- 
fore the House of Commons 
Expenditure CommiLtee yester- 
day in defence of his decision 
to recover the revenue lost 
through Opposition amend- 
ments to his Budget proposals 
through a surcharge un em- 
ployers' nalioual insurance con- 
tributions. Deploying a mix- 
ture of fiscal arithmetic and 
Treasury guesswork with his 
usual air of solid authority, he 
argued that this was the least 
of the available evils— the least 

harmful way out of a situation 
which was not of his choosing. 
His reasoning ruay have per- 
suaded the Committee, but we 
remain unconvinced. 


Speculative 

Mr. Healey put For ward two 
basic lines of argument: that 
the surcharge would have less 
effect on employment than any 
alternative, and rh3t it would 
have less impact on retail 
prices. The first of these is 
at best ;i highly speculative line 
of reasoning. As the Chancellor 
frankly admitted, the present 
relationship between official 
figures for output and employ- 
ment is very nuzzling. Re- 
corded output is griming pretty 
much in line with receDt fore- 
casts. both official and un- 
official; but all these apparently 
accurate forecasts associated 
the present growth of output 
with rising rather than falling 
unemployment. In fact, how- 
ever. unemployment has been 
falling and vacancies have been 
rising for nine consecutive 
months, and the trend is now 
admitted by officials to be sta- 
tistically unmistakable. 

Mr. Healey is certainly en- 
titled tn celebrate this news, 
even if he is not clear how 
exactly he can claim any credit 
for it. He may even suspect, 
as the U.S. Administration does, 
that the employment figures 
suggest that output is higher 
ihan the official figures show; 
there is some reason to suspect 
that official volume indices — 
which are admitted by the sta- 
tisticians to be inaccurate when 
inflation is rapid — can he dis- 
torted downwards by the im- 
pact of recession and price con- 
trols. The one thing the Chan- 
cellor cannot legitimately do is 
to take a relationship which 
has become a subject for cheer- 
ful guesswork and use it as the 


basis for rather fine estimates 
of the employment impact of 
marginal tax changes. In an 
area of doubt, Mr. Healey’s 
figures— like some other fore- 
casts emanating from the 
Treasury— are far too precise 
to be convincing. 

This was not the only incon- 
sistency in Mr. Healey’s evi- 
dence: for if his assertion that 
the price effect of the sur- 
charge will be only about half 
that of 3 similar sum raised 
through VAT. one would expect 
the employment effect to be 
worse rather than better. The 
charge, in cipher case, is borne 
by the sale goods; but where- 
as a VAT rise would be borne 
partly by imports, the sur- 
charge will fall on home pro- 
duction. It therefore makes a 
heavier call than would a VAT 
charge on the funds from which 
employment and investment 
are provided. 

It is tree that the surcharge, 
unlike a VAT iacrease. will be 
recovered from exports as well 
as home sales, but this does not 
account for the whole 
difference claimed by the Chan- 
cellor. The balance — and in- 
deed the whole rise in export 
costs, where prices are most 
strongly constrained by com- 
petition — will fall on profits. 

Levelling out 

Again, there is new evidence 
to hand to provide a gloss on 
the Chancellor’s remarks. The 
latest figures for gross domestic 
product show that even before 
this new chars'*, profits, net of 
stock appreciation. have 
levelled out over the last six 
months after their previous 
strong rise. They are now run- 
ning at a little over £3bn a 
auarter in money terms — eight 
times the sum the Chancellor 
needs to raise. If only a little 
over half of this is recovered 
from customers, the effect could 
be to reduce profits available 
for investment by more than 5 
per cent This is certainly bad 
for employment in the lone 
run. whatever may be the effect 
of higher real incomes in the 
short run. 

It is perhaps to be expected 
that Chancellors will go for 
short-run benefits as elections 
near, and will justify politically 
expedient choices with dubious 
statistics. Mr. Healey has made 
a damaging choice, and his self- 
defence will not deceive indus- 
try. it is to be hoped that he 
has not deceived himself either. 





ONCE AGAIN, as at Caracas, 
the Organisation of Petroleum 
Exporting Countries has agreed 
to disagree — in the politest 
possible terms — with the 
result that for the time being 
at least and probably until the 
end of the year the basic price 
uf oil will remain unchanged. 

In effect, the establishment 
of a committee of experts 
chaired by Sheikh AM Khalifa 
al Sabah, the Kuwaiti Minister 
of Oil, has deferred a decision 
on the question of what the 
producers can and should do 
to preserve ibe purchasing 
power of their revenues in the 
face of the dollar's continuing 
depreciation. The decision 
could be regarded cynically as 
a means of saving Lhe face of 
those members which were 
openly committed to gaining a 
compensatory increase, and of 
buying time for Saudi Arabia 
and Iran which were under 
pressure -to agree to one. More 
accurately, however, it reflected 
the genuine perplexity of the 
producers in the situation that 
they now find themselves. 


Freeze prolonged 


On the face of it the scenario 
at Geneva was similar to those 
at almost every other meeting 
smee the three-fold escalation of 
oil prices in the last quarter of 
Iff 73. As in the past, Saudi 
Arabia fought for moderation 
in the interests of the health of 
the world economy which, it be- 
lieves. is not yet in a position 
to bear the cost of an increase 
even in nominal terms. As at 
Caracas, the support of Iran 
made it possible for the King- 
dom to resist demands for an in- 
crease and to prolong the freeze 
in force since last summer's 
Stockholm conference. 

At Geneva last week-end, how- 
ever, there was a very discern- 
ible difference based on the 
general realisation that over the 
past year and a half the circum- 
stances of the producers have 
chang'd. Having been founded 
in I960 tn maintain revenue 
values. OPEC in 1973 asserted 
its power to set prices unilater- 
ally. The eut-bac.w.s imposed by 
the Arab producers in retalia- 
tion against U.S. aid to Israel 
during the October War made 


possible the dramatic rise de- 
cided upon, though with great 
reluctance by Saudi Arabia, at 
the end of that year. Notwith- 
standing the economic reces- 
sion. which was largely the 
result of the escalation in oil 
prices, demand was strong 
enough to maintain the subse- 
quent improvement in revenue 
terms. But last year not least 
because of the North Sea and 
Alaskan oil, OPEC production 
was virtually static compared 
with 1976 and the producers 
suddenly found their ability to 
dictate prices limited by a sur- 
plus. 

The turn-around in the mar- 
ket has imposed a new predica- 
ment on OPEC, whose basic 
function is to maintain and 
improve revenue terms. Mem- 
bers* purchasing power has been 
eroded since the beginning of 
1977 because of inHation and 
the depreciation of the dollar. 
Some producers still defiantly 
assert that the market could 
support an increase of 10 per 
cent or more, despite the fact 
that North African producers of 
premium light crudes have had 
to cut their differentials in the 
face of competition from North 
Sea oil. But it is doubtful 
whether anything more than a 
nominal increment could be 
sustained until the end of next 
year. 

Whether or not a significant 
rise could be supported, mar- 
ket realities have certainly 
made it easier for Saudi Arabia 

to resist pressures for an in- 
crease and in part must have 
accounted for the conversion 
of Iran to price stability- Vet, 
the plight of the poorer pro- 
ducers is such that the two big 
oil powers will almost inevit- 
ably agree to some kind of rise 
early next year. Sheikh Ahmed 
Zaki Yamani, the Saudi Minister; 
of Oil. has suggested 2 per cent' 
might be reasonable and pro- 
posed that it should be followed 
by periodic increments tn pre- 
pare consumers fnr the antici*, 
pated shortage in the middle of: 
the next decade. He is not 
alone in OPEC in arguing that 
a progressive increase in the 
price of oil is needed to en- 
courage the development of 
alternative sources of energy 
and thus to prepare for the day 
when the temporary oil sur- 
plus gives way to a shortage. 


A S THE figures came in 
we were seriously worried 
that we would be obliged 
close plant down, says Mr. 
John Dunster, one of the three 
signatories to the long-awaited 
i fcport* on safety at the Canvey 
island industrial complex. As 
it turned out. except for one 
part of one plant, which had to 
be shut down, some fairly 
simple precautions against the 
| grosser risks uncovered by the 
1 safety assessors will greatly re- 
duce any risk of a catastrophe. 

The path to this conclusion 
has been long, tortuous and 
, costly — £400,000 alone for the 
safety assessment, but some mil- 
lions for the modifications and 
“backfitting" required by the 
factory inspectors. But the out- 
come is that residents of Canvey 
now have the assurance of the 
most painstaking safety assess- 
ment ever undertaken outside 
the nuclear industry that the 
risk of an industrial accident 
reaching beyond the factory 
fences is extremely low. 

Canvey and its environs, as 
tlie map shows, is one of Bri- 
tain's big industrial campuses. 
A fifth of the nation’s oil re- 
fining capacity alone is packed 
into a riverside area nine miles 
long, only about 25 miles from 
central London. The refineries, 
fuel stores and chemical plants 
represent a colossal inventory of 
potentially hazardous material, 
both explosive and toxic. Added 
to this are hazards from vessels 
berthing nearby, bearing large 
cargoes of fuel and chemicals. 

What the 33,000 residents of 
Canvey — a figure which doubles 
in mid-summer — feared most 
was the possibility of a catas- 
trophe that would sweep 
through the plants, the first 
to explode blowing up its 
neighbour, and so on. What they 
will learn from the report of 
the Health and Safety Execu- 
tive is that a “domino effect”, 
cannot happen even under the 
worst circumstances the inspec- 
tors were able to visualise. 

It is their judgment that 
even before the modifications 
now being carried out. at worst, 
a sequence of two plants could 
explode in one disaster. But the 
consequences could nevertheless 
spread beyond the fence to 
strike the residents because of 
certain toxic chemicals stored 
in large quantities- The modifi- 
cations are intended to confine 
the effects oE any conceivable 
accident to a single piece of 
plant. Beyond that it is probably 
not reasonable to go, for the 
present generation of chemical 
plants. For the future— perhaps 
a decade away — there is every 
chance of designing plants which 
for a given output are much 
smaller and intrinsically much 
safer. 

The Canvey study will prove 
valuable on two different 
counts. First, it is highly 
reassuring for the residents 
themselves. Although by 


BIGGEST 


■SOUTH 
benfleet ■■ 




Proposed Refinery 
jnd : Hydrogen Fluoride 




changes 
■ varied- 
..test 

triggered,- .]&■ 
sBmwnia" 

, which wUl djssfflvB,: 








15001 LPG 


I Proposed 


Cenfra/ London 
27 mi/es 


< &nkbrm^rj)drpiBiini 
produdg A:/. ■ 




canv/ey island 


amoanT 

” could: ftfr 
.at 

ikrth mxm; 'wissr.SE 

spouse, ftw® ■ 


; 


STANFORD 
LEHOPE . 






earners 

^^gsp-dtenit 


1,900t Ammonia (gas) 

[9.3001 Ammonium Nitrate (9Z-soln ) 


U.OOOt LPG 


Tank torn for petroleum - 
products and other flammabtes 






f( X / 14.0001 Ammonia (gas) kOQOt LPG | Tank farm for petroleum X’-arSwl artlr* • ;. • 

n/iiwi— ■■■■■ 7 20 1 Hydrogen Fluoride (gas) products and other fiammables Butang 1 | -of indnstryvhoW^Vter^Xfttfaati^^T^'.. 

1® anU -J- mn^nb^ 

1,900 1 Ammonia f gas) i "• •' ; rwm a r*» h n eg at i ng- 

9.3001 Ammonium Mtrate (92'soln.) 1.600t Propane ; '■ - — — - paBresare Ope«U^^Wl^Sn^^. 

I - - 1^— II ■■■ ... 

extraoolatin® the risks to pressure to have it revoked, was to go beyond such descrip- letters are built .strongly. hazard.-'/Th^ • 

theoretical extremes in V ery This led to a joint request from tions as *^ery remote’’ or ‘‘quite -^oo^ re resist being holed 

conceivablp direction the ih e Secretaries for Environment higb, , ’andtTyt 0 6ate reeposo-.releasfi^adangei^^d^ -^ : ^^ 2 a|jj^ : ^^^ te ^^ v^- 
inspectors have arrived at >itua- and Employment that the Health uoa in figures— for example, 1 in^ny. collision at eight Knots, . j^ajor haartiTxc' W-cap^^^/ ’• 
tions in which hundreds or even and Safety Commission should chance in 10.000 of killing at 

thousands might die. they >tiow fim make a special investigation people, compared with 1 chance. *£3Sie gas cloudjpofies omm eafrmeat 

verv clearlv that, •riven their of the potential for catastrophe in 100 if the alternative coarse biggest risks isolated-, ^etiiod.of aiialJsis u^d-'atTIafi^-;:.. , ; 
recommended changes, the risk already concentrated in the is pursued. ./JSS 87 * « a "/ 

is so tow as to he discountable, area. As the report observes, thm j ggMy inffammable v^our catjoi^.to ^ * 

Ac thP rpnnrt nut* H- - aii .»f The Commission called in approach means relying on hrs-_ .devastated the iUCTorougn sprea <j qui^y - .fi^^ ^ - , <■: 

,he accfdenu Britain's . most experieusd t.rical data. Sometimes tt* is Beta* • 


the arridents discussed in this oruam s uiusi ci^cncuicu tuituu uctia. juuicuiucd uiw * — ouusu rnuimw,. pwuvwawav: ■ > 

renort are theoretics 1 1 v people in assessing major readily available. For example, has. not onty examined • the ehergy industr^ ' 

conceivable and some have industrial hazards, built up by it shows that refineries suffer: ( ^blems of a drifting . ^ v .. 

open r r«»rf a f t lunie h Tver \nv- the UK Atomic Energy aQ average of one major fire.jfeh might be ignited by an ’'t-i- 


occurred afthoueb never any- the UK Atomic Energy an average of one major fire.jfttch might be ignttea oy ^me a* a shoefc 
where in the world in such a Authority as watchdogs over its every ten years. But where it prevent elsewhere— sueh as nie • A.’^irablein with .-whic^^ 
W 2 v a« to result >□ the larre own and U* e Navy’s nuclear not — as when new activities give -uhitfultous refinery ?nt Executive stHl has tb grtopli 

numbers of casualries judged to installations. This is the Safety rise t0 novel hazards-the ass^^the^possibili^ o^ 


be possible 
team.” 

The seen 


More complex 
situation 


wTto : 2> ud “ ere t0 , 'o«“dd propiiir'. 

e greatest surprise was tngt-gda om i ng populated areas. - A r^_ * 


it will prove valuable is as a for which the more safety- Their brief was to err on the Jwk .nn the site, and, hydrogen acknowledges thaf-y. cbmpaJlIes^ . ib 
model of a “major indusirial conscious sectors of heavy pessimistic side, and they bfr*«f^ de - _ a c reiative I. y ^^■-may'feel they ime^un^^Ma-TT: ■■■'** 
hazard.” These are the plants industry in Britain already have neve they have done so^ ^ perhaps^®^ 0 ^ 1 m refinery pperatiora, : me^dtal reasons: for ^ not.shaijiig-j \ 
—estimated to number between the highest regard. by a factor of two to threer -“^ 5l)otb substances which mnhlL ' .. 

11 HKJU 0 in the UK-which by The conelasion that came W^d 

virtue of their energy mveutoo' greatest «nirorise was that -^T U ■ - were yP ^rojf-u .The -- modifications ; proposed- - . • .... 

More complex 

Since the explasion °f Nypre s cihintlOIl tamd*. not from the single ■ 

plant at FI ixborough just four MlUallUU hazard that mieht triveer w t hjtee_y ea rs i -But ae kjn^of. ; ; r , u 

years ago the factory inspectors wh this team uncovered “domino effL" otI o?^ter:^Stoent6'’'S 

was a far more complex safety The study concludes that ^ 

situation than anyone had risks can be reduced by a fac^-.^sbury 7 t . V: V: 1 *'&' 

m ^° v “ as a c5 ^ erted: a sprawl of factories tor of fout^-a big factor— 

t ir anw owned by nine different some fairly simple measqrek 


Clhlfitinil hazards, not from the single-.. 

^UUdtlUU hazard fiiat might trigger '•i^ 

What this team uncovered “domino effect” type of disaster:: 
was a far more complex safety The study concludes that th<£ 


major industrial hazards. 

Canvey came to serve as a 
model not because of any 


fence * J 

jsbury PI 


lishment 

* 7vvj/ V 


requirements , on^ ^najor- radus- 
trial, 


• V ;, " i 


rL l»rL2 of companies, none of which had What is more. 

^ ^ " made a systematic the new rei 

fh?r d ton much attempt to examine and United Refine 

betn-x 1 foisted apon^thenu document those few potentially permission coi 

being misted npon inem. w hinh mioht i or .* 


tag.ieHireliaielBaisahfl ‘after. . ; 


Fiixborou^h re wh^cl? factory acridTnti which miiht feet re cen^ conditi^wT^ 0,000 ^ry^Ior ^7^s7x ^ JPP^^fety 

Fiixborougn. in Hhich -b factory T|>siiJt - n a r)Sk to thc health nur hei ohtRninv the risk. is. This would increase to about mentS ’ etc ’ ' For 


workers died, li eightened theix ^sultjn a risk to the health out heightening the risk. is This would mcrease to alreut 

fears: as did the Seveso ^ tSs lroDJCall y- me oni F orsamsa- 29 chances if Uie proposed two in rauch smaHex pIants. 

accident, shonly after the study ^ th P 11011 which the report iruplies fa new “J ®" e extend refineries They^U need fewer stages, far 

began, where an apparently w *s the «« task of the team. ^ Uy ^ ^ * were added But when the site iesTdilutiorvless ener^lfkeep . • 

j : 2 _* i : • i j . lAfitVi tho n nnrnm 1 nf thp T Aniknrrfn vc mOfTlfiof) tn +}ip iricnAAtorc* m . • ■ . _ _ ■ ?“ ■ • *. - . 


began, where an apparently w-s ,,,= * 1 actually 

trivial plant incident soread a With, the approval of the the Port of London Authority, is modified to the inspectors’ re- the materials moving Above all ’ 
deadly poison over the Italian Health and Safety Executive which is apparently failing to qmrements the estimated proba- ^py will -represent a mudi -- ---' : 
countryside. (the operating arm of the Com- enforce its own speed limit on biiity falls to six chances, ev ^ n SIn aiie r inventory of enerev^in • 

Their fears were given focus mission), the team set out to vessels. Vessels are averaging if the three new -refineries are - 


Their fears were given focus mission), the team set out to vessels. Vessels are averaging if the tl 
by United Refineries’ proposal quantify the probability of 11 knots when the speed limit added. ■ 


short, much less of a major in.-. 
Austria! hazard. :-'i 


to build another oil refinery on various types of accidents that is supposed to be eight knots. Thus, as Mr. John Locke, * CanceB . iiwesUaaUok, -of - 
Canvey Island. Planning might occur, and then the pro- The difference is surprisingly director of the Health and hazards f tons ocbttL 

* ^ ia J IfiTO KnKiViftr rtF ■. u4ift1n e% F inf knnntlCQ tf 1C Cafatw ' TlV'QAll+infl ftrin+np ' rll<- . ■ ■ _ a ^l _ _ - » ' *'? 


permission was granted in 1973, bability of a whole range of important 
but later there was strong posihle consequences. Its aim calculated 


because it 
that bulk 


is Safety Executive, quotes djs- tions in fhe Canvey Island/Tkwr- / 
fuel artmngly; “Act from thought roefc area . SO. £20. . . — - 



Chipping away 
at politicians 


After a morning dealing with 
such bemusing terms as floppy 
disks, daisy wheels and bubble 
memories. I began to take in 
my stride claims such as that 
microprocessors would soon be 
changing the home as much as 
the motor car changed travel- 
ling. Hatters, it seems, are 
moving fast in many areas. 
Secretaries be warned: John 
McNultv of Modular Technology 
told 110 of us at a seminar 
I arranged by the U.S. Trade 
Center that the manager of 
1982 would be able to dictate 
his letters into a system which 
would recoenise most of what 
he said; mistakes could easily 
be corrected. Information could 
soon be stored optically rather 
than on magnetic disks and the 
! like. And small personal com- 
puters could break IBM’s vir- 
tual monopoly. 

McNulty was keen to move 
from the image nf computers 
as “ huge beasts in the bowels 

of the corporation surrounded 
i by white-coated acolvtes." He 
wanted to see them better 
tailored to the end user. Other 
sneakers stressed how com- 
puters would soon be made for 
th® home not the company. 

But. when I raised this idea 
with displayers at the Center’s 
exhibition of computers and 
peripherals. I began to feel that 
it was the humans who had 
become peripheral to the 
machines. Our institutions, too 
seem to have about as much 
chance of controlling the 
development of the new tech- 
nology as a croquet player of 
batting against Test bowlers, or 
so Ian Lloyd, the Conservative 
member for Havant and 
Waterloo, told the seminar. 

Lloyd is chairman oF the 
House of Commons Science Sub- 
committee. Yesterday he had to 
pur up with some harsh com- 
ments about Whitehall’s belated 
recognition of developments in 
microprocessing and the “small 


beer" of th e £50m which the /So concerned were Vosper 
National Enterprise Board is Thomycroft that no metal 
allocating to set up a semi-con- should enter the hull that the 
ductor company here. teak used was swept with a 

He has been pressing for petal detector. Eric Hammen, 
greater recognition of the im- contract manager for the 
portance of thc silicon chip builders, was surprised to find 
revolution, and argues that we ^hat it 6howed up positive — 
have crossed a major “event and even more surprised when 
horizon.” (he found why. The teak bad 

In Lloyd’s opinion the /shrapnel in it. When Hammen 
political consequences of this are Itraced down its precise origins, 
huge. The institutions presiding/ he found it was from a North 
over this rush into the 21st cen-; Korean forest against which he. 
tury remain 19th century in con-/ an ex-naval gunnery officer, had 
ception and scope, he believes, led a UN task force bombard- 
His basic point was that the MB ment in the 1950s. 
is now comparatively unim- 
portant and the Mp unicropro- - 

cessor) all-important _ which puffins* nn chnw 
was unusually humble coming “UUing OH a SF10W 

from one of our latter-day repre- a firm of London business 
sentatives. consultants called Broadbent- 


frnm one of our latter-day repre- a firm of London business 
sentatives. consultants called Broadbent- 

_ ^ . Jones and Partners claims to 

be able to tell companies what 
Rfitlim flTG t0 w ^en “approaching an 

“* important turning point-" They 

Even the beer cans are plastic see[n to be at quite a turning 
on board HMS Brecon, the Royal p 0 jnt themselves: this week they 
Navy's latest and largest in plas- moved offices from one part of 
tic warships, which is being SW1 to another and they have 
launched to-day in Southampton- just changed their name tu 
The plastic is necessary be- Corporate Consulting Croup, 
cause of the ship's function as Last month they took on several 
a Mine Couniermeasure Vessel, advisers — including Sir Cyril 


to use the RN’s long speak- 



Hawker, Sir leuan Maddock. 
formerly the Government's chief 
scientist, and a Philadelphia 
businessman, Robert Caiman. I 
asked Leslie Dighton, one of the 
directors, to explain this whirl 
of activity. “ We think Europe 
is reaching back into the U.S. 
and we are preparing for it" 
he said. I also asked him to 
justify the ostentiously rococo 
furniture in their offices. “We 
think it makes company 
chairmen feel at home," he said. 


city council to reverse its deci- 
sion to allow the Lyceum's 
immediate demolition; and to- 
morrow the British Rail en- 
vironment committee, with Sir 
Hugh Cassan in attendance, 
will devote itself to the issue. 
If the Lyceum is to be saved, 
BR represents the conserva- 
tionists’ best hope, since it 
owns most of the site — for 
which a £5m shopping centre 
is planned. 

The Lyceum was designed by 
Lancashire architect Thomas 
Harrison, whose work is re- ; 
garded so highly that an appeal 1 
to .Tames Callaghan to save the 
Lyceum has been signed by , 
architects from as far away as 
Japan and Peru. But the de- 1 
reloners — and Boots the i 
Chemists which will occupy much 
of the site — are keen to sweep 
delays aside. What some might 
regard as a compromise solu- 
tion to outright demolition was 
sugeested tn me by Ray 
O'Brien, the Merseyside County 

Council chief executive. He 
thinks that the pillared facade 
could become the frontage of a 
nautical museum in the dneks 
area. But Save Britain’s Heri- 
tage, tTv> body that has been 
leading the campaign to rescue 
the Lyceum, calls this " an 
awful idea.” since the interior 
would be entirely lost. The 
verdict of Sir Hugh and bis 
colleagues is tensely awaited. 


The last person you 

need isa builder 


First you need Tax Advisers. Ours will give you the. facts 
about depreciation, capital allowances, incentives and v 
stock relief. 

Second you need Financiers. Our own specialists wili 
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Third you need Property Experts. Ours know the : J 
market, will find the site you require and dispose of your 
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Fourth you need Engineers. Ours will study your 
production flow problems. They have probably handled 
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Fifth, you need Architects. Our in-house qualified team'- ' 
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Lastly you need a Builder. At Hunting Gate we have ■" " 
completed acres of superb floor space ahead of schedule 7 

for many leading companies. 

Our satisfied clients include; BOC Limited 

The Goodyear Tyre & Rubber Co. {Great - Britain) ■ ’ ■' : £ 

l f^ fatory ^foment Limited = 
and Hegma lu.K.} Limited. 1 r 


For further information please contact— 


For the bird 


Classic quarrel 


He’s been drawn against 
Connors ! ** 


The next few days musl surely 
see the climax of Merseyside's 
great Lyceum Club controversy. 
Last night there was a public 
meeting in Liverpool re discuss 
the fate of . the 170-year-old 
neo-classic building: today a 
liberal councillor will urge the 


So. it is back to Andorra again 
for the tale of a policeman who 
found a penguin and was tnld 
by his superintendent to take it 
to the zoo. Next day the super- 
intendent saw the policeman 
walking hand-in-wing with the 
bird and shouted out angrily to 
demand where thc policeman 
was going. "Well, yesterday 
you told me to take it to the 
zoo. so today I am taking it to 
the cinema." 




El 

1 1 r ij 


Observer 


l. 




Financial Times Wednesday June 21 1978 


SOCIETY TODAY 



19 



DURING the next 20 years it 
will be very difficult indeed to 
reduce taxes without also re- 
ducing the amount of help we 

give to people within our 
society who are genuinely 
needy. That is the unstated but 

inescapable conclusion to be 
drawn from an important new 
study of population trends pub- 
lished yesterday by the Office 
of Population Censuses and 
Surveys.* 

The study does not talk about 
taxation at all. It is intended 
to take stock of the knowledge 
accumulated by our demo- 
graphers and to set forth some 
conclusions about the age struc- 
ture, family size, division by 
sex and race, and other 
characteristics of our popula- 
tion. Yet this kind of informa- 
tion can tell us more about 
the outlines of our political 
economy than any amount of 
theoretical debate about 
whether Labour, which is now 
giving us a penny ofE, will be 
succeeded by the Tories who 
promise at least twopence off. 

Old hands will be aware of 
an immediate pitfall. Predic- 
tions about the future size of the 
population are almost always 
wrong. People simply refuse to 
migrate, die and have babies at 
the rate the computers predict 
(although in one of those 
matters— dying — -they are rela- 
tively more obliging than in the 
rest). In consequence any chart 
that says that the total popula- 
tion of these islands will be 
such and such in AD 2001 is 
almost by definition inaccurate. 

This pitfall need not concern 
us in tiie present case. The 
authors of the report cheerfully 
admit the difficulty of predict- 
ing birth rates with any cer- 
tainty, and they are well aware 
that migration patterns can 
change drastically. But they 


do have something significant 
to say abiutt the population that 
already exists, and it is on the 
basis of this aspect of their re- 
port that those who would 
shape our political. . and 
economic policies should sit up 
and take notice. 

We know how' many'babies 
are in their cradles, and the 
pensioners who will be alive m 
AD 2000 are already here. 'With 
that knowledge, a likely pat- 
tern of population change over 
the rest or the present ceirtury 
can be established. Only sud- 
den changes in the propensity 
to have children, or 10 
emigrate, could upset it, and in 
the 25->car-run such an upset 
would in all probability have 
no more than a marginal effect. 

With those ifs and buts on 
one side, consider what we 
know now. First, the popula- 
tion has stopped growing and 
the curve suggesTs.it is actually 
falling. Emigration has ex- 
ceeded immigration in every 
period since the war excepting 
1956-61 and 1972-73, to give a - 
net outflow of same 200,000 in 
the postwar period. 

The birth rate, which reached 
a peak in 1965 started to fall 
then and has never recovered 
since. The excess of deaths 
over births in J97B was the most 
dramatic turning-point: nothing 
like it has been recorded since 
regiptrauuns began In the 
middle of the 19th-century. Pro- 
visional figures suggest ^hat the 
curve continued last year and 
in spite uf an upwards blip in 
the birth rate this year no one 
is expecting a serious change in 
the 13-year trend. 

People have been talking 
about finis phenomenon since 
before -it started to happen, but 
policies take time to catch up 
with what most people already 
know. The natural policy con - 





alms house 


sequence nf a decline of tiic 
si"ck i>r people is a gradual 
change in outlook away from 
* "Ver crowded islands " iu 
" encimragc inure births.” The 
prevailing xenophobia win 
UuubUess prevent any wide- 
spread retugiuiiun of the ether 
vi 'ml la rv ; *• encourage more 

immigration.'* 

It could be argued that ihc 
.sudden rise of child allowances 
over the past few months has 
emerged from a subconscious 
feeling ainung politicians that, 
ful tywing the French pattern, 
sumc-thing ought ro be dune to 
encourage population growth. 
We can expect more. Before 
Hie family planning industry 
responds to this with a barrage 
af complaint about my thought- 
lessness and insensitivity iu 
global overcrowding, it should 
l-i insider two further points: 
ia> the British turn-around 
follows a similar experience in 
Wiwt Germany and is thought 
likely to be fulluwod in other 
wt-»t European countries: (hi 
experience elsewhere suggests 
lhai vnung adults arc curiously 
unresponsive to tax and other 
iiicentites either to have babies 
or in refrain fruin having them. 

All that needs to be pointed 
out here is ihat the fact of the 
downturn is highly likely to 
affect government policies, 
which is quite different from 
saying that government policies 
arc likely to have any effeer, 
one way or another, on the 
birth rale. 

Leaving aside the likely size 
of luture families, the consc- 
q nonces of the fail of the birth 
rate for families already in ex- 
istence should be faced nuw. 
We are still suffering from the 
post-war baby boom that marked 
the years 1955 to 1964. All those 
extra joung people are coining 


IMMIGRATION 


MIGRATION 





CA 



\ ; /utst 

, ■*“ wans 


COUNTRY OF 
LAST RESIDENCE 


UniCAN 


V , _ /siSl 
IKWES 

COUNTRY OF ' r^-- 
INTENDED 
, RESIDENCE 1966-76 


1966 ‘76 

J COMWSlMfAltH d 

a * 

(006) 


0*00’ 1 1 

C.uuda 


C.in.itia 

111! ■ yf 

• AlKPUi^ia - l - 

as* 

US 

212 ’. i 

4 3 _ - EtC 

32 T 

£ t C 

3ei \ : 


913 

Air.lrala--i.l 

390 ,fc - 

VIo-.l tmirfs 

HI 

We-.l fculic*. 

un 

llrivln 5ub' 

91 

Indian Silh- 

2«: 

comment 


conlnul 


Ahon 

107 

AliiCan 

^32 

Contmaiwealth 






“"IWttANi 
. sis- 

AFflICAW • -CDhtlWlXT 
_ CSUKSMlEAtTif ; „ 


AVSIRAWWIA 




pm ii i»«nwi ial{ h 


-T.'arr 


Sligralion patterns to and from tile United Kingdom. 


onto the labour market and will 
continue to do so until 1983 or 
1984 when they will either be at 
iinivMNily, in jobs — or on ibe 
dole-. The peak pressure will be 
in the year 19S1, since the rate 
of increase of the population 
of working aco will be at 11 .# 
most rapid until then. 

After the early H>SO? tin: 
benefit of the long-run fall of 
the birth rate that began in 
1965 should be felt. Those who^v 
principal concern is how to 
sloke lip the economy at a suffi- 
cient pace to provide the neces- 
sary extra employment can lake 
u more relaxed vie n about I lie 
period starling Iron), shall we 
say. the general election after 
the one expected this year. 

The question that has lu be 
asked today, however, is which 
combination of economic 
pulicies will limit the cost to 
the taxpayer of both unemploy- 
ment and job-creation schemes 
between now and 1983. It the 


answer is " lu::--uttinq and 
growth will solve all the 
problems.” then we -hall have 
in L-onssider the sueis>\ casualties 
of rapid grmvih — people who 
are inevitably ‘..ft behind by 
the concomitant rate i.f inflation 
ami whose demamls on the 
taxpayers naturally increase. 

The conundrum i-- no simpler 
after 1984. KetiruJ people cost 
a great deal uf ta:: money. The 
number of pensioners increased 
by l.Sni to U.4m hetiveon 1961 
and 1976 and a further increase 
of nearly 0.4m is expected over 
the next 15 years. In itself that 
would not matter very much, if 
it were not for the expected 
change in the age-profile uf the 
pensioner population. If 
mortality ralt-s continued to fall 
— to. say, the best levels 
achieved in other countries — 
the number of very old people 
(aged 85 and more) would 
increase to ju«t over 800,000 
within the next 20 years. This 
wmiJd be an imrea^s of 60 per 


cent. Even if mortality rates 
stay where they are now, the 
number of very old people will 
rise by over 30 per cent by 1991. 

The cost to the National 
Health Service and associated 
social sendees of providing a 
decent standard of care for the 
very old is very much higher, 
per he3d. than it is for any 
other section of the population 
excepting, perhaps, babies on 
the day of their birth. The 
public spending consequences 
uf this cannot be avoided. 

Anyone is free to draw his 
or her own conclusions from 
evidence of this kind, but it is 
difficult to get around the terse 
summary provided by the 
authors of the present study. 

“Iq the immediate future.” 
they say, '"Great Britain is 
faced with two contrasting 
trends: a working population 
which is becoming younger 
and wiJJ be increasing, and a 
population of pensionable age 
which is also increasing but be- 


coming older and more liable 
to the illnesses and disabilities 
which normally uccumpany old 
age." 

Fine, one might say. The 
former will finance lh'e latter. 
Alas, it is not so simple. Return 
to the report: 

'-If present trends in the em- 
ployment of married women 
continue, the demand for new 
jobs will be proportionately 
greater than the increase in the 
population of working age . . .” 

Thus it is expected that we 
shall not only have to mop up 
the unemployment caused by 
the decay of Ihc old and ineffi- 
cient heavy industries, but also 
the unemployment caused by 
the continuing wave of “ baby- 
boom “ young people coming 
on to the labour market. Add 
to .that the desire of an increas- 
ing proportion of wuraen to find 
work and the necessary number 
of jobs becomes daumtingly 
large. 


A further conclusion follows, 
taken front the report: *• . . . 
if women continue to he em- 
ployed >n the occupations which 
provide personal service, and if 
family si?.e remains low. there 
will be a need for them to turn 
increasingly from the provision 
of services for the you user 
dependent population io pro- 
viding more .services for the 
elderly dependent population." 

Whatever one thick* uf that, 
it cannot be called private- 
sector, productive employment: 
it is quite clearly puMi c-sector, 
taxpayer-financed Murk. 

You and 1 might respond to 
this set of equations by looking 
elsewhere in the public expen- 
diture While Paper lor culs. It 
may be possible to find them — 
bur only an extremely deter- 
mined minister could push them 
through. For example, the size 
of the school population is fall- 
ing. and we need fewer teachers. 
Yet, says paragraph 7.9 of the 
report, "because of overhead 
expenses, possible changes in 
participation rales and the 
mana semen i needs of the teach- 
force, the cost of educational 
services will nut fall in propor- 
tion to the stie of the age- 
groups." 

Being officials, they had to put 
it in that way. Yuli and 1 could 
say: "The public-sector unions 
will insist on milking the last 
penny out of the taxpayers for 
as long as they are allowed to 
get away with it.” Either way. 
the message is the same: we 
shall lose on the- swings uf demo- 
graphic change and. saving an 
alteration in the balance oF 
power between governments 
ami public-sector unions, we 
shall lose on the roundabouts, 
too. 

“Iviimi/rapi.-ii- rciu.iT larr. HUSO, £2.75. 


Joe Rogaly 


Steel industry 
in the EEC 

From Mr. Newton Jones 


Letters to the Editor 

own eye could well be applicable work, under the control of a fully afford. There are no allowances 

fh.'r qualified person. Mr. Whatsis- for the wife, children and bud- 

name may be right that most gcricar. so it is your own fault 

conveyancing could be reduced tu if you live beyond your means, 
a drill which a person without a Yes, I am single and l do 
wide knowledge of the law could object lo subsidising the married 
follow. man. I can accept with equa- 

Our own experience of land niniily. paying for my fair share 

conveyancing has been very un- or running the stiile services, 

fortunate, in spile of being even paying for the education 

advised by an experienced of another's children, hut paying, 

solicitor, it was not until this as 1 do with the uninstly biased 

house was completed under income-tax. for another man's 


in this case. 

(!. E. Tick tier. 
is. Westbrookc Court. 
Crescent Road. 
Worthing, West Sussex. 


Battle over 
EEC textiles 


Sir, — Your front page today 
(June 19) makes a travesty of the 
hopes and promises held out to 
the people of these Islands when 
they were persuaded to vote in 

favour of joining the EEC. We From Dr. Richard Mapne 

were told that we were joining Sir.— In his letter lJune 15) architect control, with the build- pleasure, is too much. If a man 
a confident outward - looking jmi*. Beson alleges that tbe Com- jug pkms approved bv the District lakes on the respnnsibilily of 
group interested in expansion mission made a deal with 'Council, that we found out we marriage and fatherhood. lie 
and development in conjunction Portugal on textiles behind the b at i n o legal rights of access to should be sure he can afford it. 
with nations overseas. How backs of member States. ThS*- a water, main. We were depen- Perhaps when it comes down 
different the reality!- In prac- facts are otherwise. There is no^dem un a supply pipe only, which to it the objection that i> held 
tice is proves to be an ultra-pro- agreement with -Portugal at -this was inadequate for our needs and against the rating system is that 
tectionist grouping oriented stage. Member- States have been over white we had do control. il °J r, -j rs no subsidies, 
purely to. selfish interests of kept fully informed of all phases It took several years before we A. Sedgwick, 
producers and sectional interests of the consyftations with Portu- were ableVto connect to a new & Hampton Gardens, pnttieiceii, 
and operating normally lo the sa l, and they themselves unani- water mali. Such a situation SouUiena-on^ea. 

disadvantage of the European mously requested the Com mis- could be avoided if the position 

consumer. We have seen the S ion to overcome a situation of of the malmservices was always 
end of imports of New Zealand deadlock through a last effort checked by fc competent person, 
cheese into the United Kingdom, of negotiations. The results of and way-leaVes were arranged 
We have seen a substantial these latest negotiations have where necessary before corn- 
reduction of imports of New been submitted back to member pletion. A \>ile plan should 
Zealand butter. Discussions now States for approval. If accepted. Indicate the position of mains rr.Mii Mr. Derek Clarke. 
going oh must throw doubt upon then there will be a deal with sereices, and any way-leaves. Sir. — .foe Rogaly (June 13) is 

the quantity (and tbe price) of Portugal. . ♦v, Exc ® pt *1- 1 c ? se .® , ere surely correct to argue that 

New Zealand lamb for the As regards the Community's there is a dispute as to utte. an ttiere j s a compelling case for 
British consumer. policy on synthetic fibres, the adequate drill ii more important Kent experiment in educa- 

Wp «spp that, in order to pro- European trade unions have U»an high legal qualifications. t j oq vouchers. 
tmit fht sSi\ industry severe been/lnd will continue to be Bpr if Mr. Best could restrain We celebrated the centenary 
«Stri7tfoM are beiS' placed fully consulted. his. flights of fancy and tell us of state education with the 

upon tbe right of consumers Richard Mayne^ 
throughout the EEC to procure Head of UK Offices, 
steel from overseas. Now steel Commission of the European 
may be tbe finished product of 


to know if a two-tier hoard and 
worker directors have been 
introduced in his company, and 
with what success. 

B. A. Cole. 

•• Drake Wood " 

Devonshire Avenue, Amersham, 
tin ckinghamsh i re. 


Doubtful 

qualities 


Education 

vouchers 


From . Ur. H. V.'. Goodchild. 

Sir.— I remember reading 
many years aso. about a survey 
carried out by The Director. 
This survey revealed that at that 
rime companies run by un- 
qualified directors were- better 
investments than those run by 
qualified directors. 

JI. W. GoudchNd. 
a The brondway. 

Crate ley. Sussex. 


Life on 
the dole 


seriously why be thinks other- bunch of the adult illiteracy 
wise t bat would be very interest- campaign. No service that was 


tog. 

Monica Vincent. 


may oe uie uu»u™ p ntnr* Gardens The White House, 

the steel industry but it is only a 20. Kensington Palace Card ns, Truro. 

raw material so far as all other iva. Cornwall. 

industries are concerned and it ~ _ 

if istfff'asfrss’fis Professional 
2KS MKfStaS.'ffi competition 

price of this important raw From Projessor D. R. M tiddler on 

material increased beyond that sir.— There is a fallacy in Mr. From Mr. George H. Lane 
at which it is avanaoie ro its g p u eS f S argument about 
competitors in other tdrrirories. pr0 f esS ionalism (June 17). 

If as a result of restrictions on v __ . . «- - " 


Sharing out 
the rates 


Sir, — The heartrending 
from Mrs. Copeland amun; 


competitive and sensitive lo 
parent's wishes could be as 
flawed as modern schools. 

1 am an enthusiastic supporter 
of the idea uf education 
vouchers, but even if I were 
totally hostile tu the project f 
am sure I would support, the 
expert men). The Nl'T predicts 
chaos and failure. Thai would 
kill the voucher idea stone dead. 
1 am sure Joe Rogaly is o/i the 
call right imck when he expresses 
the ths opinion (hut teachers are 


steel imports we 
manufacturers become- 

petitive. is -it tbe intention ux - joaal association, nor if they ing: '•The rating , .. . ,, „ . „ 

the EEC Commission, that reQu j re certain standards oF T congratulate you upon the which the Tory spokesman Mr. 

restrictions will be put upon bfiir mero bers and charge sentiment you so obviously hold hi. John Sievas shows to the 

ether merchandise coming m hjglg,. f ees f or the alleged and l implore you to take up the theme. He nas the chance lo 

from overseas?. higher quality of service. What cudgel on behalf of the beaten become a foil; hem— the man 

c, trp | v it js time that there is objectionable is for prufes- and therefore lethargic house- who gave the schools back to the 
.should be a basic reexamination ^ onal J ass0i; iations to claim the holders of Britain. P e “P ,e - . u ''‘ r ^L a 2 d 

of the ° principles upon which j igbt to restrict competition. In ,.J live in a bouse which i* one 
EEC export trade policy is 
based. 

Newton Jones, • 

Tower House. 

17 Oahleigh Park North. N-O. 


free market it is for the among a number of identical ought to respond ro the umver- 
■tomers lo decide what they houses. In some, you could find sal parental apprehension by 

wmeiJ t . j— i hi- !•. r- n 1 n':npnmpnlpr.<s 


customers 
want. 


several active bread-winners, in backing ihc- Kent experimenters. 


Town Hall 
accounting 

from Mr. G. E. Ticfcwer 


Fven if in terms of value for others only retired couples nr Derek Ctortstfi 
mnnpv the present quality of widows. The former can cope with Sheffield Tc/rnce. u.y. 

Srvide in a particular profession the rates quite easily but the 

cannot be bettered. the latter, trying to make ends meet , 

argument in favour of allowing on a dwindling income (pension). UlfeCiOrS 

Jbout^e* future 3 ? 1 ^ With out com- 'The hoSes cost around £5.000 fpCnAnCihi|if\ r 
^Htion where is the pressure 20 years ago but their value today rC^UUlWlUUIlJ 
ffr continual improvement to is nearer £40.000 How can :» From Sir. B. A. Cole 
come from? (What would the retired person, wiihjj few years sir.— Mr. Lee iJtinc 


From Mrs. Christina Lake 
Ssr, — I agree with Michael and 
Pippa -Matin's suggestion (June 
16 1 for persons receiving unem- 
ployment benefits: '' If the 
•uncmplyjniem benefit’ were 
paid uni;, iq. those willing to 
register fur a prescribed number 
u- hours per week . . . " As» an 
Australian who bas lived and 
paid ia\e< m this country for 
tw> year.-, and who has 
witnessed her own country's 
introduction of tbe dole system. 
1 .strongly feel that the dole 
systems :■> they presently exist 
in noth irwntries arc breeding 
inti- society a new "species" — 
pure silica! man 1 
At [irc.--.-nt we are paying 
peui le tn lose their independ- 
ence in oiJ.-r to survive. Perhaps 
whai should he doing is 
either p^in.g people tu be 
retr»inud us they arc unable 
to (iiuain v ork in their present 
vocation <>r paving them to do 
miscUan-i'iUs jobs Tor a 
- pre-crified number of hours 
per VkL-ek." Either way. the dole 
recipients ould not be classed 
as. or h.r .- reason to feel like. 
*• [reel lau-.-rs,” and I am sure 

thu lKirtiurcc could only be 
c-iihan--.'d these situations. 

Sul iu f.-umane action in 
respect *.*t this weakness in the 
presen i Jiniciure of our society 
required nuw. 

Chnsiinj J.ake. 

,'lo'D. L-slnv'dle Rood. 

Parw.ui : G reen, S IVo. 


auditing and accounting s a - . Havek’s insight is so nearly £400 now? To sen Me ma k t . s> an d i-ontimiv to disagree 

dards of local authori^s woul'l Competition is a remainder of the tease and move wjlh Mr Webb-Bowvn (June 9). 

aopear to be a fair .statement, penetraua^^^Pf, to some inexpensive are^i ,s not ^ defended British boards of 

not onlv of position w^ddellon only impractical but truly cruel. di re , [ 0rs against the sweeping 

% but also Of the present rela- D ) R. ^ Mydaelton.^^ and , ;Tax ^st be based on whatever attaL . k lhal ttwy , re inefficicnr 

tions between the Institute O.Profe^so income a person receives and and ti, n v-servin«. fur which nr. 

rhartered Accountants in Kn„ Account s. Management, local authorities should get their evWc . nt . c was adducuii. This docs 

fr^ /nri Wales and. tb^Char- Cranflejd ” aueb . revenues Trom monies collected not rtinf , ilt Wllh H r. Lees rail 

centrally. for directors to accept respo nsi- 

I know that politicians win find bility for improving suclety. The 
such simplicity truly abhorrent res p 0 ns e \ 0 jhis call need nut. 
but I am convinced that the however, imply any radical over- 
greater part of the British public throw uf our existing traditions, 
would ■ enthusiastically agree j n industry or in polities. 

1 also suggested that there 
is a perfectly good alternative 
tu the two-tier board system, 
which may be heller for the- UK. 
The desirability of uutside direc- 
tors with power, to judge the 
executive management, is com- 
mon ground between us. Finally, 
1 questioned the v aluo uf 
"worker directors'.” We should 
without evidence 


land , Public Finance Cranfield, Bedjord. 

tered-inscirure «v risin a from . , — c 

SS“ “ „ A Question of 

Se competence 

“ F ttTr B^Tduatnan. Leoe. 

audinaS ?™ , j, 0 f sa tiri»ehon 17) w0U i,i and an Ortr‘iS e 14.Peters)iom Place, 

80 te »S S anderUoS, 1 ^ K ctair extremely Gate. SWT. 

ISarewlth underuoK, ^ SfL 0 ™.?. wotild probably n«d r ■ .. 



^uStfaccS married man 

SSSSTiTO >i litfr 

reports of in5 P. not reeaU, tor » profession should g u perhaps a little propose a curtain experiment in 

ence t 
debts 

“*$&&*&* fa ° se 
fiiit .the wmc “ . 


Number of 
Jubliee Crowns 

From fi-'. y.'cpulu iUuxier and 
L'oiRpiruiiVr. Ihe ftogvl Muu. 

Sir. — In-, final paragraph or 
Mr. W. Richardsons letter 
iJun<- 14 ■ -.-::presse* concern that 
the Ei.; 3« Mini should still he 
offering :!'■■- proof silver version 
n f tftf .i.ibiice Crown more than 
a year afwr its first appearance. 

The csi' 1 a nation is that because 
of the pressure of export and 
other ..-a---.’ nUal work it became 
impusiibl" ( ft r the Mint to meet 
all the livuiands for this coin 
last jc-ar. ft was accordingly 
decided '>■' extend the issue 
through me period of the 25th 
annive - -jr:' of the Coronation, 
and ifius --‘ire every-one wishing 
to pureh.i.-e one of the coins a 
reason abb- chance of doing su at 
iht- issue I'l 'ce. Because of un- 
certain* j J bout the possible 
e.Mc-ni uf the demand, the si/e 
of the Has not so far been 
an nmi need. Hut it will be stated 
in i lie nn-'l advertisements due 
to appc-'r next month. The 
fignrt- is r-hii.OtJO which is tiu 
inure- liu-fi wmld have- Ijeen 

striick IW- year had circum- 
Nianco p*-' fi 51 tiled. 

D. J. Ueiticrd-^ 

Romii Jfii* '. LC3. 


GENER.\L 

Mr. Denis Healey. Chancellor 
of the Exchequer, meets delega- 
tion from British Institute of 
Alanattement at working dinner. 
Downing Street. 
PARLIAMENTARY BUSLNESS 
House of Commons: Debate on 
housing. Parliamentary Pensions 
House or Lords: Wales Bill, 
committee stage. Theatres Trust 
Bill, committee stage. Nuclear 
Safeguards and Electricity (Fin- 
ance) Bill, committee stage. 

Select Committees: Expendi- 
ture. Trade and Industry sub- 
committee. Subject: Measures to 
pre i cm collisions of noxious 
cargo carriers. Witnesses: General 
Council of British Shipping, Brit- 
ish Ship Research Association 
(10.30 a.m. Room 10 1 . National- 


Today’s Events 

ised Industries, sub-committee B. 
Subject: Future of electricity sup- 
ply industry. Witnesses: Mr. A. 
Wedgwood Benn. Energy Secre- 
tary (10.45 am Room S). Public 
Accounts Committee. Subject: 
Appropriation accounts iy76'77. 
Trading account. Witnesses: Scot- 
tish Development Agency. Scot- 
tish Economic Planning Depart- 
ment, Forestry Commission (after 
4 pm Room 16). Parliamentary 
Commissioner Tor Administration. 
Subject: Ombudsman (review of 
access and juridsiction). Wit- 
nesses: Professor R. G. Gregory. 
University of Reading, Mr. D. W. 
Williams. University of Man- 
chester (5 pm Room 7). 


COMPANY RESULTS 
Lmdustries (full year). Tesco 
Stores i full year). 

COMPANY MEETINGS 
Albany Inve«in>eiu Trust Liv- 
erpool. 2.30. .American Associa- 
tion. 1S6, City Road. E.C., 12.30. 
Anglo Swiss. West Drayton, 3.15: 
Brixton Estate. 22. Ely Place, E.C.. 
12.1.1. City of Oxford Investment 
Trust. 41. Bii.hopv.iale. E.C., 11.30. 
G. W. Collins. SL Helens. 9.30. 
Hawker Siddeley. Dorchester 
Hotel. W., 12. House Property of 
London. Wimbledon. 12. E. Le 
Bas. Savoy Men cl. W.C.. 12. Lon- 
don and Lennox Investment 
Trust. 2. St. Mary Axe. E.C.. 11.30. 
Seccnmbe Marshall and Campion, 
7, Birch in Lane. E.C.. 3.3fi. Wad- 
ham Stringer. Hayling Island. 12. 



“ : r 

. .. i ! i 

, /f par 

/ 


pm 


WHERE IN THE WORLD 
WILL YOU FIND 
STANDARD CHARTERED? 


More, in J more in Gilitumu, thatvin) iv^ion of tlieW csr.Tlie 
G roup now lias 35 branches in California and has become part of the domestic 
banking scene. 

With our direct bmneh-u '-branch system we sjvc you lime and 
money by joins; straisjii away to the ^roup branch in Caliiornia (or 
anywhere else in the world i that suits yum business best. Ask keilh Skinner 
about it todav on 0!-b23 7500. 




Bank Limited 

helps you throughout the world 


1 «7 * 


Head Office: lOCIcmenix Lane, London EC-iN 7AB 


c*v«-J nidfiuo ^ 





: : - ..if 



Allied Breweries £5.7m 



so far 


Anderson 5trath clydc 

Allied Breweries 

AB Foods 


Capita 1 & Counties 
Electric & Gen eral 
Evans of Leeds 


FROM TURNOVER ahead from 
£fi6S.Sm to £7fifi.3m taxable prom 
of Allied Brewerisc advanced 
fa 7m to £4&lm jn the 32 weeks COMPANY 
tu May fl. 11)78. 

Directors su.v propres has been 
steady in the period with most 
pro up products showing an 
improvement in volume compared 
with the equivalent period last Bradford Prop- 
ygjT. 

Before depreciation of £lti3ni 
<£13.9m) the rradiny surplus was 
ahead from £5!*.7m to JEGSni. 

After tax of £22.7m (£20 im), . ■ 
minority interests of IP. 4m Greenfield Millets 
f 10.3m). Foreign currency sains uf g t ' Northern Inv. 
£U.3m iXO.lra lo-sj and pains from 
non-trading activities of H-lm 
(£l.7m). available profit came out 
at £23.2m (£2».4m>. 

Earnings per 25p share are 
given at 4. tap (3.5Xp) and the 
interim dividend i-< stepped up 
from l.25p to 1.4p net. Last year, 
from record taxable profits of 
£772m. a 2.B82SP final was paid. 

:;2 uls. t j1 w8«. 

1U--TS t»rr>-77 IMTh-il 
Dn mi ini 
Tfifi." 4 usk t.tii-VO 
■:a 7 109 -i 
i-.o 22 : 

■US 
2.S 
l.n 
10.2 
m.« 

20.1 
10.3 

o..: 

0.2 


INDEX 


0 COMPANY HIGHLIGHTS 

Cal. COMPANY 


age 


Page 


20 


20 


Hambros 


21 


_Col. 

3 


Irish Distillers 


20 


22 

! 

Lines Bros. 

22 

3 

20 

4 

Locker (Thos.) 

20 

1 

22 

4 

Plessey Co. 

21 

1 

20 

2 

Powell Duffryn 

20 

7 

20 

3 

Radiant Metal 

20 

3 

22 

2 

Tricentrol 

21 

2 


21 


3 WG1 


accepted by Janiar and the price 
which it .should receive for lti! 
shares in BJN would be equivalent 
to some £124,000. 

The Nigerian Minim; Corpora- 
tion has indicated that 11 l . s 
willing to purchase j,32S.-;il ordi- 
nary shares or BJN at 'he price 

stipulated. The balance of 

147.246 must be made available 
to Nigerian employees of 

Detailed terms are still under 
discussion. When the lio ;i1 auree*- 
ment is reached on the basis 
indicated. BJN will become a sub- 
sidiary of NMC and the interests 
of Jantar in BJN will he reduced 
to 400^18 ordinary (20 per cent). 


Expansion 
for Irish 
Distillers 


share lifts ihe total from 1.3p to 
l.anp. Earnings per share are 
shown at l.S7p (l.G2p). 

Value of Investments were 
£lS.5»nt (f lfi.9Sm) with the value 
of the investment currency 
premium per share 14.1p (14pi. 
Net assets per share were lOl.Hp 
(92.2pl. 


Bradford 

Property 

progress 


a> n 
in 

51 ..‘i 
30 
1 3 

m.r 

os 1 


Turnover . - 
Trad me surplus ... 
appreciation . .. 

Trading prom 
Invcslznenr income 

AMOCMIrX 

Financ* (haitrs . 

Pralh before us 

Tax 

Nut profit 

Tn minorities .. . 
prof, dividends 
KtfVlpn oum.-ncy 

vims 

Non-mdlic; KHins . 

A rails Mi- Ord. .. 

Ont. dividend . ... 
i Lomus. 

See Lev 

Statement, Page 


half 


■ 2.0 
iti n 
772! 


■22.4 
0 4 
0 2 


42 


Increase by 
Evans of 
Leeds 


n..t 

i.i 


7.4 


,ti I 

1.7 

2*H 

o.S 


Of 


21 


Good start 
by Thos. 
Locker 


THE CURRENT year has started 
with strong order books at 
Thomas Locker (Holdings) and 
Mr. 11. J. I 'itch ford, chairman, ex- 
pects results for the first hair- 
year to September, 197S, should 
be satisfactory. 

Although the coming year will 
hn difficult in some areas of the 
group's activities. Mr. Pitchruril 
has every confidence that further 
progress will be made. 

For the year ended March 31. 
1978 pre-tax profits increased 
from £2.0:»m fo £2.37m on sales 
of £1 7.23m inS.fiSimi. A current 
cost statement shows a deprecia- 
tion adjustment of £113.000. cost 
of sales £237.000 and a group 
gearing adjustment. £44.000 re- 
sulting in a reduction in 
profit of £.162.000. 


p R L-T\X PROFITS for the 
vear m March SI. MTS. of Irish 
Dlsi filers Croup expanded from 
r> 488.0I"> 'u X3.R23.MlO. on turn- 
over oT *:i7.74m against Kl.Iflni. 

Tlte directors report that 
S although the increase in profit 
• second six months is un- 

n.s likely’ i» match the tirst-half 
0-4 growth, especially in view of the 

iu.i rise in interest rates m recent FRojW HIGHER total revenue 
3.7 weeks, they look forward to con- £,.768,344 compared with 
+> 5 tinned progress. £21 1H.SKG. pre-tax profits of Evans 

' The forecasts made at th of U-cds. Ihe property investment 
February EuM have so far been , jnd deveIopmem o TOup . advanced 
realised, they .say. The rami any rroni an ad j us , ccJ £i.n7.77U to 
continue' to make substantial fl 554,433 lor Ihe year to March 
progress in export markets and 19 - s M n ,j dw3 y the surplus 
domestic sales have reached the waj . up by £W j.n24 at £602.421. 
direcmiN' ex peel at ions. . ..... After tax and extra-ordinary 

Tn^.Apn' ihe Od B^m'lLs nM revenue for the year 

Distillery 0>m party became a ^ bj?U(?r a[ ^^.01}* 1 1543 .3791. 
wholly -owned subsidiary whn Slaled earnings are 4 fiGBp 
the group acquired the minority 
shareholders' interest. 

llalf-vcar earnings are shown 
as MVliip (fi.HSp) per 25p share 
and file interim dividend __»s 
stepped up from l.llp to l.S^p 
net— last year’s total was :t.i4/jp 
from record taxable profits of 
£4 57m 

Fir't-half profit was struck 
after inrerrst of £707.000 (£1.0Hm> 
and £34-:.0«n (£313.000) deprecia- 
tion Tax lakes £1.44m I £807.000 ) 
and' minorities £96.000 (£80,000 1. 


PROFITS OF the Bradford 
Property Trust increased from 
£3.:t(mi to £4.3Gnj in 'he i'car 
ended April a, 1078, before tax of 
£2.1 7m against £1.59m. 

First-half profits were £l.uSm 
(11.74m 1. 

Earnings per ordinary share 
based on the Mir pin* from 
property rentals after tax arc 
shown as 9.15p (7.S6pi and 2S.87p 
(23.fi0pt based on net attributable 
protit. 

A final dividend of 5.4i"”P steps 
up the total from K I -1389 P to 
6.8097 p per 25p share. 



:7 V 

/ : •: i 






• ' ■£% £2%-- 

SETTER «eco^-taii 


>r 


profits of.OJgf 

• lw^~consi durably 4^ fjyH- ^frilT ^ 

-trading ^ Poweff’ Scting, 


‘gj&BPii 


.centrirooi profits 

rntwsni to £3 ^ 3 ' 63l Ar 

fesri-iftwiiSiSiSS . 

year, the .boa 




■^engineering. i,7323 


i^£§66), shipping, 


?? chemical storage _ 

- builders' mercha*>1S - £lJ90 i(bx?7; 

FrafcHe - • ; • ./ V‘V7 v- _ 

Sir John Clark, chairman of Plessey. Profits for . Sir Alec- reports^ 

:to cnil-Harch were U perceethigher after “ ^ :#Sf®«W|SS€sf5 

— — ■ *y y i^n»ss£iU year. The dJrettors^;;yft^u^.?^:^^?^t^^ 

DIVIDENDS ANNOUNCED j 




Electric & Gen. 
Investment 


i3.3!iHpl per 23p share and a lina 
dividend of n.7!)7p effectively 
raises the total rrom l.lS447p to 
the maximum permitted 1.297 p 
neL. 

The directors report there was 
a satisfactory conclusion to (he 
Liverpool property arhilration. in- 
creasing rental rrom £110.011(1 to 
£515.000 per annum. All compara- 
tive figures have been adjusiedjo 
include rent relative to 197R-, «. 

Properly revaluations give an 
uplift in fixed assets values from 
£l(i.82m to £24. 62m. while share- 


Recovery at 

Anderson 

Strathclyde 


Current 

payment 


Date Corre- 
of sponding 
payment div. 


Total 

for. 

year 


»/ 

A £fl.S4m jump in second-half 
profit to £2.78m has K-ri taxable 
profit of Anderson Strathclyde up 
from £3. 27m to a record £5.97m 
in the March 31. 1978 year. Turn- 
over advanced 165 per cent from 
£4055m to £46.77m for thc 21.7 per 
cent profit rise. 

At hairtime, when reporting 
profits down from £1 Ehn to 


Allied Breweries ... 
Anderson Strathclyde 
All wood Garages ... 
Bradford Property ... 
Elcc. & Gen. Invest. 

Evans of Leeds 

Greenfield Miiletts 

Irish Distillers 

Plessey 

Powell Dnffryn 

Radiant MetaJ 

Russell Brothers 


!.... 1.4 

Sept 29 

1.25 ■ 

— 

___ 1.83 

Aug. 4 

1.54 

2.83 


•July 27 


" L45 

: 3 4i 

Aug. 4 


6^31 

-UNVnBl 

■ ..mil 


3.55 

O.S 

— 


1.3Y 

int '0.R3 

- Aug. 4 

■ilkf 

— 

mt. 1 

Aug. 22 

l.u - 

— 

2.5 

Jan. 1 

1.71 

5.41 


Aug. 25 

5.13 

wui 

1.35 

Aug. 5 

122 . 

1.9 

3£!3 


3.14 

. 4J28 


Tot^T^ays it is good to see tie djyigonai .-aml - 
-fakfe-^hoHts justifying the : su&sfcantfal 
yWr : mpltal Investment made m-re^»tvjaucfcat 
. -vears 7. -i* -i.-.periadeut. -ttit .t&fc -danstti 

Other division's with tocr&tsed;" dastiT 
Pal^Drofits were oil:' ^ and .. ,; dtoimcBl.joC hi* 1 


' ji-aifr ’installation in New^ ^ Jersey, ■ 

acquired in July. 1977. and . fuel. im pcovemept - 
was helped by good weather, Weattorfoildould seqsSne- 
throughout most of the -year, both division ourof •Qm-"' 
thc UK and France. ; ■•V'\v -ing ' profits' 

. mimVv'r and. quarnes achieved- last'. Ivvor'jrears but5per&a^ 

■profits fa a difficoltrjicope- : forY^XT«o;^P^v§gR^^-. ' 1 
» irauiug c.imate, ' while : the ship;- accotmt JOF.^more , 

"pine division was affected by tbe grbup’ff: produ^s, avna^-'- . 

•• Sofid-wide 


3^ 


niviHi>nrf« shown neoce ner sfure net except where otherwise 'stated reasonable r: — .. 423^75 

* Equivalent Jfter allowing for scrip issue. |On capital incr^td iWjtaB 

by rights and or acquisition issues. V., pmg divis! 


confident 


holders' funds increased Vrem shortfall 

of the opening period. 

They now say that an increase 


Statement Page 22 


Gross income of Eleclric and 
General Investment Company rose 
from £837.391 to £859.819 in the 
year ended May 31. 1978. Net 
pre-tax earnings for Ordinary increased 
to £137.386 from £292,257. 


£5 .3 no to £19.4 lm at the year end. 

Capital commitments of £2.Sm 
have been covered by long and 
medium term agreements reached 
with Eagle Slar Insurance Co. and 
bankers. 

Sec Lex 


A final dividend of ft.9p per 23p 



Manufacturers of coach and bus bodies, G.R.P. hot compression 
mouldings, textile machinery and general engineers 


INTERIM REPORT 

Unaudited results of Duple International Limited for 
the half year ended 28 February 1 978. 



Half Year 

Half Year 

Year 


28.2.78 

28.2.77 

31.8.77 


£000s 

£000s 

£000s 

Turnover 

8,744 

6,091 

15,258 

Profit before tax 

1,092 

358 

1,269 

Extraordinary items 

— 

— 

105 

Retained profit 
Dividend per share 

388 

172 

498 

(actual) 

0.33p 


0.594p 


■ifc Considerable improvement in half-year results 
comes almost entirely from Coachbuilding 
Division. 

Continuation of acclaimed Dominant range and 
smoothing of seasonal sales pattern has resulted 
in better half-year profits. 

■#■ Group expects record year. It is anticipated that 
profits in second half will be better than in first 
although the rate of increase shown in second half 
of last year will not be maintained. 

■JH- Interim dividend of 0.33p per share, equivalent 
with associated tax credit to 0.5p per share (1 0%), 
will be paid on 1 5 July 1 978 to shareholders 
registered on 26 June. 

■#■ Subject to Government restrictions it is hoped that 
final dividend will be greater than interim. 

Duple International Limited. Vicarage Lane. 

Blackpool. Lancs. FY44EN. 


Radiant Metal 
advances to 
£187,328 


on 


Including a £21.145 profit 
the realisation of investments 
against £302 last time, pre-tax 
profit of Radiant Metal Finishing 
Company far the February 28. 
1978 year was £187,328 compared 
with £153.081. 

Turnover for the year was 
ahead rrom £596.712 io £721.271 
and after tax of £85.241 (£78.076) 
net profit comes out at £102.087 
i £75.905). Other income made up 
£13.203 t£23.443 » or tile pre-tax 
figure. 

The final dividend of 1.3op net 
per 12.5p share takes the total 
from 1 .7269375 p to 1.9p costing 
£25.840 1 123.4861. 


now say that an 

in volume was achieicd in the 
.second half, and that ihe group 
has now resumed its upward 
trend after last year's interrup- 
tion. 

Profit was after an anticipated 
higher interest bill of £0.R4m 
(£l).4lm) and is subject to tax of 
£0.«7m i £0.94 ra), including 
£191.000 (£538.0001 for overseas. 
Minority interests took £1.000 
(£15.0001. 

The final dividend is lifted from 
1.53o5p net per 25p share to 
l..S32p for a total of 2£32p 
(2.5355p). Earnings per share are 
shown at 10.5p (7.3p). 

A one-for-iive scrip issue is 
proposed and directors intend— 
legislation permitting — maintain- 
ing the dividend oh the increased 
capital. 

• comment 

Mining machinery manufacture!*, 
particular!!, those with substan- 
tial sales to the National Goal 
P,oard. have been 


ISSUE NEWS 


view of the condlrions in which -ators has-’ ^ v 

~ both the fleet -and* tie service goo d^'Ham wotthy.^ •- ' 
companies were, trading- ' the .rfr vbeoefita Of investmenft,.^aaj^3ig*v^- • 
v Vi- suits were gratifying, the- chair- waitt movemebt in jte^U£ihow-^. v..- - 
-- In man states - - ' eVer, <S>uld makd ib^jmore'^afi^-- - 

Pollution control made wme re-; '_Wo!ddng;. 'xap^^ h^: r ; 
covery after a shaky start and,, creasetf by 
since the end of the year, the mai^s very 


• -a V; 

1 


- -r:\ 5 since the end or tne year, .urn uiau^ '' c Vj 
^ t,K stoud has disposed- of the Beat- shares stand on-a bclrfw -pver^y.^ 

V/v/kwliMnn n 4- Q3 0/-. '.?v ^ waste and iodSrial services divf- J?/e for- the 

Yearlings noin at ^4 /o . sions of u> pou^on ...,$90^. -.4j,§nd 

— ,1.* ieeuorl at nap and due on June 1 1 ■■ •.* --.Ir-i.ir 


The coupon rate on the local 
authority one year bonds has held 
steady at 9J per cent. This week's 
bonds are issued at par and dated 
June 27, 1970. . 

The issues are; City of Bristol 
tir.m). London Borough of Ham- 
mersmith t£!m). Kirkcaldy _ Dis- 
trict Council t£.jm), Fife Regional 
Council film), Cotswoid District 
Council (£|mi, Lanark District 
Council (£lmi. City of Ports- 
mouth (£lm ), 'London Borough’.of 
Hackney (£\m). Colchester Bor- 
ough Council (£lm). New Forest 
Disirict Council (£!m). South 
Staffordshire District Council 
dim). City of Wakefield Metro- 
politan District Council dim). 
Wans bock District Council 
t£0.3ni 1. Sedcelield District Coun- 

cil :t£im). Harborouah District 

doing better Council t£0.9ni». Qerwentside Dis- 


issued at par, and due on.Jhne 
18. 1980. 

Wear Valley District CqutacII 
is raising £im of 115 
bonds at par, dated June 17,; 1951 ■ 
Thanet District Council fe-rais^ 
ing £}m of 12J per cent took 
dated June 15 1983 at- pansy-t 
There are two variablerjate 
bonds dated June 15 1983. Sunk 
side Metropolitan Borough. 1 -!ws 
issued £jm at par and Ctty,\Rp: 
Bath has issued £lm- ' 4 - ^ 



ALEX. HOWDl 
RIGHTS— 95.3' 


Second half 
slump at 
Michelin 


the poor first half, in the second 
After an improvement from half L ; K demand, and particularly 
£17. 09m to 118.29m at midway that from the National Coal 
a second-half slump left l£Wi pre- Board, improved. Profit growth 
lax profits of Michelin Tyre Com- xvns assisted by a revision of NCB 
pony some £4.49m_ adrift 3t contract prices. Overseas demand 

has remninrd fiat and stocks have 


than the engineering sector as a ir j C | Council i£jnn. West Lanca- 
ivhole in the past 12 months. shire District Council (£Jm), 
Anderson Strathcl>de appeared Mansfield Disirict Council (T-m), 
to be an exception when its Ldiw Valley Disirict Council 
interim profit slipped 10 per cent ^m). Cumbernauld and Kilsyth 
on virtually unchanged turnover. District Council (£im>. North 
But in the second half profit East Fife District Council i£-m). 
jumped 43.2 per cent on turnover Chorley Borough Council is 
30.4 per cent higher. Unrest at raising £jm of 11 per cent, bonds 

the Motherwell factory and^very 

flat demand in both the' UK and_. 
overseas were the key factors in 1 


Alexander Bowden’s rights issue 
of 18.1m shares has been taken up 
as to 95.3 per cent 
The new shares not taken up 
have been sold 1»y J. Henry 
Schroder Wagg at a premium over 
the issue price. The net premium, 
of approximately 15.25p per share, 
will be distributed in proportion 
among the shareholders to whom 
such shares .were provisionally 
allotted, except that individual 
amounts of less than £1 will not 
be distributed. 


f or iodustiy ami commerce , , 

fcr plants 

directors of Garfield Marwtn. pe^Jt^irfye^gate • L ., 

",. L : .. yourpajpo^I. • ;■ - -v 

~ . - A Tetter ^phdnecaRwtti 

.. receiveJfDmedate attentjoru . 


Marwm ltd: 


: For enqulries-please. ring ■ 
W6rthing r (09d3J 814008.J 


Specialist brokers in corporate finance - - 

•Cliftonville Hall, Hove, East Sussex, BN3 3RZ . 





** ■ v 

J:.: 




■ 1*4 


at 

Turnover for the 12 
advanced from £299m to 


Attwood 

Garages 


30.06m. 
months 
£342m. 

Tax took £10.07m (£1 1.36m). 
minority profits £739.000 
( £980 000) and dividends £3.«m 
(£3m). leaving the retained 
balance at £1 3.66m i£19.21m). 

The ultimate holding company 
is Compagnic Generale cle'J 
Establisscmenis Michelin. of 
France. 


From turnover or £4.S!)m, com- 

• pared with £4.23m taxable profit 

risen, pending an improvement j. ^uwood Garages advanced 
that may accompany a worid [rflm fH702S l0 £ S! ,.358 m the 

recovery 7*25} January 31. 3978 year, 

favourably to thc second Halt — «... 
recovery poshing ihe share p^ice 


up 4p to i*2p. The p/e is 5.7 fnri 
the yield is 7.1 per cent. ! 


jantar-bjn 

As foreshadowed in the direc- 
tors report. Janiar announces that 
1.472,457 ordinary shares of 


letraset/randall 

Since .sufficient acceptances 
have been received to coible 
l^traset Inlemalinnal to apply 
the provisions of .section 209 of 
the Companies Act 1948, it isjnnt 
intended io despatch to non- 


Afier lax of £50,379 (£41,6101 
net profit was £38.979 (£25,418), 
and earnings per 23p share are 
given -at 1.86p. compared with 
1.2 Ip. 

The final dividend of 0.8375p 
{same) leaves the total un- 
changed at 1.45p net. 


Bisichi Jantar Nigeria, equivalent accepting shareholders of J- a J** L. 
to GO per cent of its share capital. Randall renounced hlc certiliCiilcs 
must he acquired by Nigerian for the new ordinary dividend 
interests to comply with require- shares allotted ro ihcm under Ihe 
ments of the Nigerian Enter- recent capitalisaiion issue. This 
prises Promotion decree. will not affect the right of non- 

Thc Nigerian Capital Issues accepting shareholders of Randall 
Commission ruling has been to deal in ihe meantime. 


l\ing‘X?Shaxson 

Limited 

52 Comhill EC3 3RD 
Gilt Edged Portfolio Mamtownt 
Service Index J0.4.7S 
Portfolio I Income Offer 
. 

Portfolio II Capital OHcr 
Bid 


82 69 
82.54 
128.93 
123.70 


The 'National' isn't the only new South Banktheatie 
thal^kowed its opening night 

to Crown House. 



London's new St. Thomas’s Hospital couldn't operate without its 
mechanical services, installed by Crown House Engineering. 

They include the boiler plant, air conditioning, refrigeration and the many 
specialist services a great modern hospital needs to perform efficiently. 

Other outstanding developments include Edinburgh's Heriot W att University, 
the Brent Cross Shopping Centre and the Nat West Tower in the City. 

CHE are winning similar contracts not only in Britain, but in the 
Middle East, Africa and Australia. 

We're big in other ways. Our subsidiary, Dema Glass, is 
Bn' tain's biggest supplier of table glassware including the 
well known names, “Tk os. Webb” and “Edinburgh Crystal”. 

If you want to learn more of what we do contact 
our Chairman, Patrick Edge-Partington at 2 Lygon Place, 
London SW1W 0 JT.Telephone 01-730 92S7. 


.^-ni.m^mrmTnrijnT: 
guru ii in ju in.iii_x.jjiL; 
qn-gnTninonimuiiii mt 


Tnirrurm 

iruii jjuo: n can. nrramnE. 

:-^ TP ta TTT3 na. 1 ti'-l ULTg^l LJJLUHILl, 


Crown House d) 

You may not see us, but we’re there. 



_ j - 

m : 

w 




l.-H 


Points from the statement by the Chairman , Mr. Garry H. Weston 

D The trading surplus was . Q Overseas profits showed a |* 

approximaldy the same as last year, marginal improvement in local 
and after allowing for increased currencies, which when, expressed nl- 

j .J .. : : i tC.* ... i: q- • ”■■■■'.■ *. 


depreciation and a similar interest 
charge the profit before lax is £2.7 
million lower. 


. when expressed'iii-;' 

sterling was offset by the 
strengthening of the pound. 




□ Dillicultics in the XJ.K. bread 


□ C apital expenditure in excess : .. - % Dro5 
£70 mill ion reflects our continued- : ^ l- 


L/miLumi.3i»i mi. i-y.ix.tiicuu j. r\j iiiimuu renecis ourcontinuea- 
industry and the pressure on margins policy of heavy investment in modern; • 
in food retailing, have led Lou plant and machinery, on whict ; ^ 

significant reduction in the • • \ future growth depends. ’ •• ; I - - W. 


contribution during the year of two 
of the company's major operating 
divisions. 




[_] Record profits ha\c been 
achieved in thc other manufacturing 
activities in thc U.K. 


[J O verseas volu me growth-in the' V* - 
food industries of the countries iir- v t 
which we operate remains almost -v. 

static. Given an absence of factors • : V' 
outside our control,' profit -growth- . - ‘ ; 
will be achieved in the current year. ' ’ •. ^ct 




■N. 




Summary of Results 

Sales 

1978 
£ million 

1,677.9 

^1977- 
£ million • 

1,490.9 

" ^ 
■ \f { 

Trading Surplus 

1152 : 

115.6 V 


Profit before Tax 

77.6 

: . 80.3 •' 


Profit attributable to Shareholders ■ 

36.4 

/ 3K 6 


Earnings per Share . 

9.67p 

. ?.86p 


Dividend per Share 

2.32p 

■ 2.08p 

,c 

.. . -X! 

Associated British Foods -Limited,:* 

40 Berkeley Square, London WJX 6BR 

r" X " 1 





1 — 











Financial Times Wednesday June 21 1978 


i 


WGI sees 


SEAFORTH MARITIME 


:u '-r£ 


. . *>• <• 

' 


Plessey to 6.3% increase 


from flt.TTm ■ ■■ ii ■ 

BOARD MEETINGS 

!?'5?^Si- 3 r P er . c ®»t f ro® £40.32m The comma,. hav , 


another 
good year 


Fresh capital from Finlay 


if* the second half of the year ANOTHER successful year is ex> 
While ,L not ptiltsihlc lo LhicVs P* 0,p ^ hi WGI, Tor 1978-79. end 
Prm/is i-quat io tho first six ih<* future s-fiould be bright, sa.vx 


BY BILL HALL 


to £ 42 . 88 m insmssctis ras tr tvsa rr»*. ■*««*•* % thc re,ir - 

yfiflP. - . . £*>~&4o«c. Such tmctitus are usually .. he an improvement on last W chairman. 


■*{.. ’ : exceptional 




*ar. - - - ’ h X u' i r llc ' Such intcimas ’ are usaaay V*!! be an improvement on Inst i n fi cfisinnan. 

"• ** includes the £5.6m £*& VSTS^-STS! a TtZfff&tV 

optional losses incurred by the «*«-*. J iS.iS , SSSiE 


ntvnms or finals and Bur sub- 


* 




■ > 


'•hI.i., * Vy 


the Garrard loss was shown at 1^'' anfl awkt. Kenwnc re „ _ 

£2Em. 31 “"‘•or. Swnish American investment. fi« n J Fvr> w 

_, * W M . Tnrofimontjn Trust. United States Debeo- I ilslfl TTOFtt 

Sir John Clark, the chairman ^£1 Coraorjiton *■ U. U 11J| 

said later he emeetpd ra.. . H ^***- ,: — Avan*. Bmn and Tjrww . v _. 

reduce its Iamac twS '* a *Tard to Burnett j n d Balia mature. Dura pipe tot or- -,-. -. 11-, 

year - He mhwsI. B eikou. LmC<*STnes, 7. H. 51 BT1 
saio-tne group had made tnanace- L 1 "*?- Noniiern sccurim-s Trust. ■*- ljri3 

men! Changes, cut overheads h™ Rw * -Iins °n Coosinu-tmn. Toko Swea- 

'SSk S IOOki 4tO £ .««t*,:- FUTU8E MTBS 

pnees and was_ also look- -‘Ucxandcrs Discount July = 


. r. ‘’ : /-k'. . 

/;>P 


spread within the operating units 
was not ideal and The marc ins 

•S. exempt suss.-" “* ,,,i "" cr lhan 

Jr There are some .slims nr a 

f ni . J recovery in the level of activity 

lunn ITfUTI i n ,he piling market and the 

civil engineering division is 
T T 1 obtaining Its full share of the 

HH £# BTI 1*AC work. Work overseas has 

Mllli vu/M. increased, contracts having been 

Hamhrne tu,ii iwar,- 1 «n«r completed in Bahrain and Poland, 

namoros UnM Trust Managers T odw-»h »,.< 


3Z per cent, was looking to in- io.ed«. ■_ "™ RE DATBS i s The L vrork started in Jeddah, says 

WSMtrjK at Sr. sts-T. :r/ri "^sbsss, c„ mp0ny « 


SSES 

He expected Garrard to make £*«” ,E -'. Ba ’- f0UT jbbois A I>t o:.'i n< l, t c P AlUed Hambro j 0 s0 j or some tj me ahead. 

a loss this year, but it would be «£*•"«** ** J? rkl ff ,r< — * Jw»3b "-A. Rvcmpt Fund. The refractories division may 

**a reduced loss." be %££*£?* -•^,1 „ n Ttf„ a,fn of thls r tru ? { 15 «“ And it difficult to beat ius own 

Sales increased 7.4 per cent CT,ubb June 2» Pf nsiQn Tuntls and record this year. So far orders 

from £588^m to £61I.im. with the ifa '' 33,1 Wncrai Tnist “ s a ™ . 1,es ,nv f si . & are holding up, in spite of the 

final quarter contributing firq =; m 5 alma •• JuntK Amtnca without having to build depressed state ol the steel 

ttlGOfimj. UK exports were un SSSSU - ?*? J up necessary resources and industry. New and improved 

from fB4m to £121m in the yea? s-’Sd' ^tnSS^S, “ ^ 0rt .' se - ,ake the *** Plant is being installed 

and with the sales of ovenUac w.Im>o BreM^rT^ Jws advantage or investment oppor- progressively and coming on 

companies accounted for w »Ame.idcd. tunnies. The policy is to secure stream and new products have 

cent of the tola] ca Pdal growTh and the managers been introduced to meet changing 

ings amounted to 43 ner r use . '"Wstment currency and requirements, 
the totaL * 1 The final dividend of 2 4fl8S3o \ o:,ns ,. ln varying proportions. Overall the orders on hand in 

A breakdown of figures showed takes the total payout from *9 p K' ' nff circumstances, the process engineering division 

profits from the rSt3 private nt * to 5.4059p net U the rateof ]- n ' l L al,y ‘"v-cstmcm will be arc at a higher level than m 

TSr, a f ata “d.®pteofri2 ACT is reduced to M e3t the i^ ; n " d predom,nantly Ujr<,uph ZZT Kl "^omu^nieTTo 

-tiorS nwl M b?^moa b ^°fro r m Thc P gV?lp"s JUdUbook 2&w± m^T ^ bc h m . anaj?ed by ^ptinue their progress 

wr* PaMic JZ zx£svz Wr^ysssss 


The Singapore company suffered 
in 1077-78 by having to move its 
works and depot, but It is now 


“a reduced loss." -Iii 5 ;® T 'm 

* ““!«»««« 7.4 per cent Cbubb * 


from £58S^m to £611.1 m. with the "■"’aad U^ncrsi Tnist 

finlll nllQHffl - . _ * * v Hfllmi 


filial quarter contributing £169 5m 5 a l51? " 

r £160 Jim 1 T7kT ° -tioy.om Hcxmon, 


iSMa.YfjMre -sr «■ ass.**., wi 


, - '...‘"'HI 


t-nm CQA** r1 „,‘ " v “ “H uodrlrn d 

from x84rn to £121 m m the year S'vad and Sunuvtn 
ana with the sales of overseas <V,,W>D Biwarrs 
companies accounted for 53 per >Amei *' d - 
cent of the iota]. Overseas earn- 


mgt amounted to 43 per cent of 
the totaL 


sid* dropped from £is.5m 
J36.6UL 


See Ler 


Sol«f - 

Trading proflt 

DepredatiDn 

operaUna profit 

Assoc. ...,.' — 

toierest rMeivable ... 

Interest payable 

Rational isatton costs ... 

ProRt be tore tax 

Tax 

Nn profit 

To- minorities — 

Extraordinary losses ... 
TfeJeeommDnica nous . 

Other — 

Tax 

Associates 

Attributable' 

Hind ends : 

Retained 


811.100 58S.W0 

M.SM9 C0.W1 


Stability 
benefits Utd. 
Guarantee 


the successful Securities of served by thc mechanical and 
American Unit trust. He con- structural engineering division 
si dors ihat American equities are the group has continued to win 
still r«uraclively priced despite orders and the division is 
the recent Wall Street rally. expected to improve profit 
At present there are only three performance, 
or four exempt trusts available Th® directors arc reeommend- 
to pension funds that invest in i”fi that in future the level of fees 
North America and a similar P aid t° non-exec uitive directors, 
number that offer international currently limited to £2,500 Tor ihe 
investment. The minimum initial chairman and £2,000 for others, 
investment on this new fund is should be left 10 their discretion' 


James Finlay’S £T - Um 32 wd hid 

for Sea forth Maritime highlights 
the financial strains facing 
fast-growing companies operating 
in a relatively bi£h rLk area like 
the North Sea* 

Seaforth Maritime was formed 
in 1372 with an initial capita! or 
£lm and tbe declared aim of 
enabling; Scottish capita; to 
participate iB the North Sea oil 
boom. The prime mover; wore 
Iain Noble, a Scotsman who was 
1 a co-founder of merchant bankers. 
Noble Grossart, and two Glasgow 
'shipping compan. ,e! ». Lyle Shipping 
and Hogarth Shipping. The two 
companies put up just over fiO per 
cent of the capital and ihe rest 
was chipped In by Scottish finan- 
cial institutions. 

Seaforth started off in the 
supply boat busineis servicing 
the growing number of offshore 
otl rigs, and soon diversified into 
engineering tit the country'-? 
largest manu/ariurer nf satura- 
tion diving system ■» and ofT.-hore 
logistics. In its first couple of 
years it grew very f.,st and was 
looked upon a' j textbook 
example of Scotti?.h oil initiative. 
Then disaster struck. 

In the autumn i>-: 1U73 the 
Drypool group of 'hip builders, 
fihich were building i-.-.u -hips for 
Ki-afortli at fixed prices and on 
which substantia/ pnigre-s pay- 
ments had been made. r ; ,n into 
(inanciat difflcultivs. Eventually 
ihe ships were di-lc.er-.-d but .11 a 
considerably increa-ed price. The 
c»impany's shareholders had a 
ID.fim rights is- ue ji :suop in 
/ebruary. 19i6, hul this was nut 
enough to put the cum puny on a 
sound financial footng and 
Seaforth was faced v. iih the 
aprion of either culling back its 
activities drastically or seeking 
additional risk capital. In the 


event it negotiated a convertible 
£l.7m loan from the Department 
of Energy. 

With this backing the com* 
pany'.s future vu assured and 
between 1975 and 1977 ite pre-tax 
profits more fhan doub.'ed. How- 
ever, its ability to rai?e exira 
capital in what is inevitably s cash 
hungry business (its latest ship 
the Seaforth Clansman cost over 
£6ml was constrained by the 
reluctance of shareholders to 
pump in extra equity. 

Its two major shareholders are 
operating in the very depressed 
bulk shipping industry and 


risinsr cash Usances; to diversify. 
It already had a stake in the 
North Sea via its 5.6 per cent 
investment in London and 
Scottish Marine Oil end as a 
Scottish company there would be 
less local opposition to the take- 
over of Seaforth Maritime. It 
liked the look of Seaforth and 
reckoned that it was at the cross- 
roads. Either it had a sizeable 
injection of capital or else it just 
stayed where it was. 

The terms of ihe deal are 
rather complicated. Finlay is 
offering 121 of its ordinary shares 
for 100 ordinary shfircs in Sea- 
fortft. Holders of 1.43m shares 


Energy will do with its convertible 
loan. 


SEAFORTH MARITIME 


Turnover - 

Prr-MX pfobl 


1*73 

U7« 

1973 

1978 

1*77 

£m 

fin 

On 

2m 

£m 

1.7 

4.2 

0.7 

12.1 

lfij 

Loss 

0.11 

o.:i 

(I.06 

0.79 


obviously face conflicting demands 
for capita/. Seaforth has to some 
extent got round the problem by 
going into joint leniures which 
reduces the loial cost and leasing 
ships. In addition tn capital 
employed of around £Hm the 
company has another £9m of 
leased assets off its buiancu-6'acet. 

However, there is a limit as io 
how much more off balance sheet 
financing it could do without 
further financial backing and this 
is where Finlay comes in. U had 
looked at Seaforth Maritime 18 
months ago but it seemed as if it 
would have to content itself with 
a minority stake. 

Finlay has extensive Far 
Eastern and African tea planta- 
tion interests some of which were 
passing into local control and it 
badly warned to use some of iis 


fTS.9 per cent) have accepted the 
offer and arrangements have 
been made for some of the Finlay 
shares issued in consideration io 
be placed at 34up against last 
night's price of 3sU|*. Lyle 
Shipping »s using pari of its pro- 
ceeds to pay otl us bunk over- 
draft. 

In addition John Swire and Sons 
and British and Commonwealth 
Shipping Co. via its wholly owned 
subsidiary Bricomin Investments 
have undertaken to purchase 
sufficient stock so that their per- 
centage holding in Finlay’s en- 
larged issued ordinary share 
caoital is maintained at 29.04 per 
cent and 10.61 per cent. The deal 
values Seaforth ordinary shares at 
41Ip and the convertible non- 
voting shares at 2>i5n. It is not 
yet clear what tbe Department of 


The final strand in the deal 
involves Taylor Woodrow which is 
already involved w ith Seaforth via 
a joint venture, Seaforth-Taywood. 
operating in the offshore main- 
tenance field. Finlay has agreed 
to sell 30 per cent of Seaforth 
to Taylor Woodrow for £2^m and 
will grant options for Taylor 
Woodrow to acquire a further 

15 per cent of Seaforth. 

Although the move will not 
have much impact on Finlay's 
profits in the short terra (last 
year it made £15.Sm compared 
with Seaforth's £0 .SttO it does 
mark a significant step and the 
promised 129 per cent increase in 
the dividend (legislation permit- 
ting) will finally put Finlay shares 
on a comfortable yield. At thc 
underwriting price of 34 Op the 
yield would be 6.6 per cent which 
is in JJne with ihe overseas traders 
sector. 

Thc benefits for Seafurlh 
Maritime should be more visible. 
Finlay and Taylor Woodrow 
intend to expand Seaforth’s opera- 
tions and turn it into a matnr 
energy service group. To this 
end. significant capital spending 
is contemplated tsay Elgin) over 
ihe next (wo to throe years. At 
the moment. Seaforth's return on 
shareholder-** funds is only some 
7 per cent hut Finlay hopes that 
it will soon rise to 15 per cent 
or so. 

The moral of Ihe Seaforth 
Maritime deal is chat when com- 
panies such as this were estab- 
lished in the early heady days of 
the North Sea oil boom, investors 
considerably underestimated the 
sums of money which would be 
needed to keep pace wfis The fast 
chancing technological develop- 
ments in the offshore industry. 


jyjigS The improvement in profit at fi.onn an[ j there is a facility 10 permit more flexibility in 


Suited Guarantee (Holdings* in to have income automatically securing people or the right 

r .C" Inn MiPAh *1 1 1 070 wwZmm . J nr. 1 : L 


CE 


mmerce 


Extraordinary losses ... 9.945 M.ssr the March 31. 197S six months reinvested ca i ibre . 

l^op^ons . 6.M6 is.asj was achieved primarily from the With external sales better at 

Tax t™ r'5T8 Breater degree of stability within £23.87m (£2 1.79m) taxable profit 

Associates .. — _ "1107 toe group, Mr. H. W. King, the £~*4- \lAT^Iinvn for year to March Si. IS7S. 

Attributable' 17,335 n.79» chairman says in an Interim VJTl« 1^1 UlTuCrU advanced to II. 2m (£762.602) —as 

*r™ 11,5,3 *latement. reported June 13. TTie net divi- 

• ■Sed'fw ED19 t Crwus » c*E He says the increase in pre-tax T nv jmnrnVPC den d is raised to 5 5p (5 J2p) per 

lain .otS' for « profit from £161,379 to £192,540 HIV- IHiprUVck 25p share. 

conttogent liabilities have been charced illustrates Lhat firmer manage- On a current cost basis profit 

1° 8 Ti e5 S SO?*™*' *”6 pre-taa proDts ment controls are having the Subject to tax of £611,758, was reduced to £750.000 by addi- 

d-iwl result in establishing a against £579, 911, revenue of tional depreciation of £270,000 and 

woupntfcr Jncrwwi by sissm and sound base for fuLure growth and Great Northern Investment Trust extra cost of sales of £323,000 le?>? 

£746.000 respectively. expansion. improved from £1,517.680 to a gearing adjustment of £155.000. 

Flcpwhprp pWtmnirc cvet-mc Th® turnover reduction .from £l.H>m.!i00 in the half year to At year-end bank, deposit and 
.TidSLt mS in%T™ CS3ra t0 £245m reflccL<i the sale May 31. 1978. cash balances were up at ES05..7R6 

acaii^ fildmpncineerin" nrnfits the unprofitable Cooden Motors Net asset value per 25p share (£251,692) and bank overdrafts 
Sremore 't^n dffid at ffi55m bu ^, ness ' s < halftime I39p and the nef amounted to £608.«84 (£397.823). 

a'rmnsr £2 ^5m while twimnSienVJ * Directors attention is now being interim dividend is raised to 1.29 Meeting. Wilmslow. on July 13 

doubled X forussed on ««"8thenta, trade (W5,... at noon. 

15. 6m compared with £2. 6m. 

Consumer electronics however rtri • a 1 ■ -k . m g* 

compared with a loss of °L£A rncentrol' ups valuation of reserves 

Capital spending last year was 

down from £34m to £28.2m. BY RAY DAFTER, ENERGY CORRESPONDENT 

Currency revaluation in the year 

is estimated to have cost some TRICENTRQL. a UK-based ex- allow prices to increase progres- ment Company. 50.736 ■' B " ordi- 
£0.8m in profits. A £6.1 m (£2.6mi ploration and production com- sively to world levels by 1982. A nary shares will be allotted on 
decrease In the net worth of over- pony, has increased tbe valua- crude price of 312.75 a barrel and August J to “B” ordinary holders 
seas assets has been charged tion of its North American oil a gas price of S1.60 per million at the rate of 0.01SI723 of a share 
directly to reserves. aod gas reserves by £6.5m. to cubic feet in tbe second half of for each one held. 

The. result la before tax of 2305m. 1978 had been assumed to esca- 

£!4.65m (£l2.97m) and minority Prior to June 19.5 the reserves j-te to $22.78 a barrel and *2.90 • 

Interests of £0.95na (£0.99m) and were valued at a discounted mef hy 1900. IpFQPV I tPII 

there were eactra-ordinaiy losses £10m. but in February 1976 it was • The statement added that in « Cl oCJ VJCli. 
of £»B5m against £14.57 it> mainly announced that the oil and gas the U.S. energy policies made it T 

relating ‘.to business closures, deposits were worth nearer £24m. difficult to Assess future crude iflV I YllSt 

Telecommunications - closures Tncentrol satd yesterday that ffs prices. Contact price levels with * A 1 

accounted for £S.97m (£X6.08ra) latest calculation related to limited escalation had been 

and this includes an additional proven recoverable reserves only, assumed. \ CSUllOUS 

amount In respect of the Post No production had been attri- *Tanker Thistle Star is due to 

Office cuts to be incurred on sur- buted to probable and possible arr iver in Rotterdam today Directors of Jersey Generul 

plus stock, dilapidations, and .the reserves. with 637,000 barrels of Tricentrol Investment Trust are cautious 


Tricentrol ups valuation of reserves 


BY RAY DAFTER, ENERGY CORRESPONDENT 


Jersey Gen. 
Inv. Trust 
cautious 


. .... _ General 

plus stock, dilapidations, and .the reserves. . . with 637,000 barrels of Tricentrol Investment Trust are cautious \ 

losses <fue to the consequential ln 3 letter 10 snarenomers me cru de from the*. North Sea Thistle about the immediate outlook, but 


IV.IOM UMV IV UIW , , -I “W.|. W«V - • wu «, IUVIi'V BVWUI 'UK 

effects of noplementing the full company also stated that trie un- Fj e |d. The caAjo, the first con- Mr. Maurice Letto. tho chairman, 

programme, directors say. d/scouiited iota) of net operatin signment of Trjcentml oil from says that its portfolio of quality 

Peter Marshall, finance director f^*” flow f rom t ''ese reser\es in lhe fM?w has been sold to the investments should stand it in 
said the telecommunications pro- the U S and Canada could amount British National -Oil Corporation good stead. 

visions caused by the Post Office to AJBAn- ° ?er J Jj* ® 0 ™ 1 " J * v f_^ r * under the State participation In the UK 


t , ••i'L’ ' 


vuiuiw m iu ^u —j «■ ■ - ... „ ,, _____ r uuuct me oldie i 

cutbacks were now bphind tbe Sonjf £61.3rn. would come fnm aj-jangenj^Qj^, 

eronu Canadian fields. 

Attributable profit came out at Tricentrol said that the future 
£17.34m (£1 1 8m> and earnings price of crude oil and WIT AN INV. 


In the UK political considera- 
tions are clouding the outluok 
and in the U.S. a positive confi- 
dent outlook Js still lacking. 

He believes there are ficus of 


d 


Canadian 


>ds 


.fits 


^liloup mnmwmm 

. UIMDTBD 




n 


interim announcement .of 
PROFIT AND DIVIDEND 

FOR THE 32 WEEKS ENDED 6 MAY WTO 


The results for the 32 weeks ended 6 May J97 & ' JSf 
figuresprepared for management purposes are show a beto^ 


li 


dence is showing some signs of 
restoration. 

As previously reported taxable 
revenue of the trust in the 
April 30, 3978. year was £085m 
(£0.76m). 

Statement Page 22 


Decline at 

London 

Interstate 


unaadited 


32 weeks ended. 

6 May 1978 | 7 May 1977 


52 weeks ended 
24 September 1977 
£m 


Turhover- 


1,105.9 


Trading surplu&befor© depteastioa 
Deduct! Depreciation — 


Trading profit——— 

Investment mcom f*- ..... — 
Associated companies . 


45J?.;.. 

2.8 

1,0 


Fiaande charges. 


49^, 

10^ : 


After a £168,000 provision for 
doubtful debts, against 1150.000 
previously, and subordinated de- 
benture interest of X-16.345. com- 
pared with £73.110, pre-tax profit 
nf London Interstate Bank 
dropped from K2-1.R7fi to £308.578 
in the March 31. 1978. year. 

Mr. Ben S. Barnes, the chair- 
man. says that during iho year 
tho quality of assets, liquidity and 
flexibility wore enhanced at the 
expense or profits, and that thc 
strength or sterling was the 
principal reason for rhe decrease. 

The reMtlr is subject to tax of 
flH6.G!3 iI2.Tf.000). 

At balance date current and 
deposit accounts were £69.72m 
t£55.02m>, while loans and 
advances were ahead from £1466m 
to I22J15m and deposits with 
banks were £11.8m (£5 34m) 

Medium-term loans stood at 

£25 ,4m (123.25m). 


Profit before tax-—- 

Tax on above pro* 11 


Winding up 
orders 


Mmorityintes^^ - 

Preference dividencK . 


Earned from operations^ 
foreign carrency«ams/(i 


18.8 
(04) - 


Gains snd losses arising, oth er than 
ftbrntiading.- ■ . ‘ 

Available for ordinaxy dividffld ' 

Offtfiuuy dividend — — — — ~ ‘ 

Eaminss per ortinW shate^M 
opaatioos — : * _ 


atesandemrmugs. l , th;rt v-two weeks with most ^xmp products showing 


■■&%£*sjrJ3£&Z” L 


Orders for the compulsory 
winding: up of 33 companies have 
been made in the High Court 

They were: 

Afdel Fire Alarm Company. Bon 
D’EUe, Harrison Construction 
[Midlands), B. B. Loukes (Plant 
Hire I. Displaymaiics Manufacrur- 
ing, G. A. Lombardi. JLP Develon- 
menls, Markward Properties. BPS 
(Building Project Services), RAJ 
Property Company. Wharton and 
Co. (Pattern Makers). Work lane. 
ED Gowns. Williams Dunn. Min- 
terdart. Slouch Carpet Ware- 
housi**:. Surgrue Investments 
Hunlcrshurch. Lcnorsiar Trans- 
port, Vi estate. Dawn Insulation. 
York Road Hardware (Newport ). 

Yells Bros.. Allard ITnior Com- 
pany (1972), Shenvnod Securi- 
ties. CF-P Transport. Disfasd (Dis- 
tribution Aids). Hancocks Ship- 
huifrfing Company (Pembroke t. 
Mnhiar. Tach Services (Tonis). 
Chase worth. Gaitglow, and Ridse- 
bndge. 

Compulsory orders for th«' 
winding up of Ulywood and of 
Integrated Reclamation and 
Dredging Company, made on 
June 12. have been rescinded and 
both petitions have been dis- 
missed. 


LIMITED 


Report by the Chairman, Sir Kenneth Keith 


ft- ■■ 




After reaching an all-time high in V •=” * 

September 1977, the United ’. 

Kingdom stock market fell t 

significantly in the second half of 
the Company's year. Nevertheless, & 

the F.T. Industrial Ordinary Index ' 'y: 

was still up 10.6 per cent, over the 
year, and the F.T. Actuaries 

All-Share Index 16.3 percent. ■ X' ■ 

higher. T he performance of stock 

markets in the United States was ^ 

also disappointing and did not X. 

reflect ihe degree of economic 

recovery which has taken place in 

that country. During the year the 

Standard & Poor's Composite ™ 

Index fell 9.4 per cent, or 1 3.6 per 

cent when adjusted for IjjlBilr ,, , 

movements in the dollar premium 

and exchange rate. Against this background, the net 

asset value of the Company's Ordinary Shares. 

deducting prior charges at par, rose by 1 2.8 percent 

in the year from 200.0p to 225.5p per Share. 

The reduction proposed in this year's Finance Bill 
in the effective rate of tax payable by investment 
trusison their capital gains from 1 7 per cent, to 
1 0 per cent, coupled with the removal on 1 st 
January 1 978 of the 25 percent, premium surrender 
rule on sales of overseas securities, will result in the 
Company being able to adopt a more flexible 
approach in handling its investment portfolio. We 
regard both these changes as constructive, but the 
change in the rate of tax payable on their capital 
gains by some individual Shareholders, which may 
rise from a maximum of 1 3 per cent, to 20 per cent. 
from 6th April 1 979, is regrettable and, we hope, may 
be alleviated. 

Throughout the yearthe valuation of the 
investments acquired from the Company's dollar 
borrowings, which amountto U.S. $20 million, 
exceeded the borrowings, and at 26th May 1 978 this 
excess amounted to U.S. $5,798,000. 

Since the end of the yearthe Company has 
arranged a further multi-currency loan facility with 
H»H Samuel & Co. Limited for U.S. $5 million nominal 
for the purpose of financing ponfolio investment in 
the United States. This facility will expire on 31 st May 
1 932 and is unsecured, interest being fixed by 
reference to the London Euro-currency inter-bank 
rate. It isour intention to draw on this facility only 
gradually as and when suitable investment 
opportunities arise. 

Earnings per Share are up from 7.05p to 7.90p, 
some 1 2.1 per cent. The Board is recommending a 
total ordinary distribution forthe year of 7.9p per 
Share against 6.9p per Share last year, an increase of 


' , T, ; V • 


jg- - v 1 4.5 per cent. The new rate of 

afcjL/’*- . dividend represents an increase of 

' 199.2 per cent, overthe rate paid 

■ ten years ago. This compares with 
*. ‘ v X ; y a rise of 1 42.5 per cent in the 

- 5 dividends covered by the F.T. 

■ < Actuaries All- Share Index and of 

fWiS ? .v‘. 200.2 per cent, in the Retail Price 

*?v^*'* Index. 

* i $' . ’ : At the present lime it is 

*" • unusually difficult to make 

estimates for the current year, 
particularly with interestrates rising 
both here and in the United States 
and continuing uncertainty over 
the international exchange rate 
- Jorsterling ; however, the 
• increased dividend already 
‘ announced by Beecham Group 
Limited will benefit earnings by 0.45p per Share. 
Notwithstanding thatthe Government remains 
non-committal about the likelihood of dividend 
restraint continuing beyond this summer, we expect 
to recommend a further increase in the dividend for 
the current year. 

Your Company's long-standing investment 
policy has been broadly maintained and is designed 
to continue to improve income and therefore 
dividends and, at the same time, provide longterm 
growth of capital. Our geographical emphasis 
continues to be concentrated in the United Kingdom 
and the United States. We are seeking to increase our 
direct exposure in the United States in such a way not- 
to prejudice our dividend record and therefore the 
increase in our United States portfolio must be a 
gradual process. 

So far as the economic climate is concerned we 
expect to see little growth in the true G N P at home, 
an upward movement in the rate of inflation in the 
second half of the current year, interest rates at levels 
not far distant from those pertaining at present and 
probably an election. A combination of these factors 
could, we believe, furtherdepress sterling in relation 
to the dollar and leads us to believe that we should 
fully maintain our indirect investment abroad through 
our holdings in British companies trading overseas — 
this indirect foreign content has always represented 
a high percentage of our portfolio. 

We believe thatthe United States economy will 
again show a moderate rate of growth, inflation will 
rise somewhat, interest rates will peak shortly, and 
hopefully thatthe record of the administration will 
improve, together with confidence in it. 

We therefore seethe market at home as relatively 
unexciting, but lookfor a further recovery on 
Wall Street as the year progresses. 


RESULTS IN BRIEF 


Year to 31st March 
Gross assets (less current liabilities) 
Net asset value per share 
Ordinary dividend per share 


1978 
£1 25.4m 
225. 5p 
7.90p 


1977 

£H3.9m 

200.0p 

6.90p 


1968 

£69.5m 

139.8p 

2.64p 


TWENTY-FIVE LARGEST LISTED INVESTMENTS AT MARKET VALUE 


Beecham Group Limited 

Hill Samuel Group Limited 

Shell Transport 8i Trading Co., Limited 

General Electric Company Limited 

imperial Chemical Industries, Limited 
Bagle Star Insurance Company Limited 
Prudential Assurance Company Limited 
Sowater Corporation Limited 

Land Securities Investment Trust 

Limited ... - 

SassCharrington Limited 

Babcock & Wilcox, Limited 

Whitbread fk Company Limited 
Imperial Continental Gas Association 
£TR Limited 


20,736,000 

9.217.000 

2.866.000 

2.779.000 

2.130.000 

1.875.000 

1.866.000 

1.841.000 


1.795.000 

1.530.000 

1.553.000 

1.274.000 

1.170.000 

1.036.000 


General Consolidated Investment 
Trust Limited 

City and International Trust Limited . .. 
B.A.T. Industries Limited 
Sears Holdings Limited 
General and Commercial Investment 

Trust, Limited 

Standard Chartered Bank Limited . 
Ocean Transport and Trading Limited 
UDS Group Limited _... . »• . 

Drayton Consolidated Trust Limited 
Thom Electrical Industries, Limited 
Great Universal Stores Limited 


947.000 

918.000 

91 5.000 

900.000 


887.000 

860.000 

842.000 

792.000 

780.000 

776.000 

754.000 


£61,089,000 


The twenty-five largest holdings accounted for 50.5 per cent, of the market value of thc listed investments 

shown in the Balance Sheet at 31 st March 1 978. 

Our fixed income investments at 31 st March 1 978 included some £2.5 million of British Government 
Securities and our unlisted investments £1 million in Agricultural Land Improvement Holdings Limited. 


Copies of the Report and Accounts and full Chairman's Statement can be obtained from 0 

Philip Hill (Management) Limited, 8 Waterloo Place , L ondon SW1Y4AY f - f 




The annual genera! meeting will be held on 1 2th July in London. 


SERVICE'S 






kt 


^ ^Rnanciii 


Expansion plans continue 
at AB Foods 


THE SATISFACTORY results ot 
Associated British Foods for 10i i- 
1378 again demonstrate tn ® 
groups activity and strenam 
across a wide segment 01 the 
food industry. Mr. Larry H. 
Weston, ihe chairman, says m nis 
annual report. 

The results also reflect the 
policy ot continued heavy invest- 
ment in fixed assets on which 
lone-term earning growth in tno 
group's industries so heavily de- 
pends. says Mr. Weston. 

For the year ended Apnl 1, 197s. 
pre-tax profits amounted to 
£77,63m compared with the pre- 
vious years record £80-36rn jro m 
sales of £l.6Sbn. up from 
The net dividend total is 2.32S1P 
(2.0754p). . . 

A current cost statement of 
profit shows depreciation adjust- 
ment of £20m. cost ° : sajs 
adjustment, £19m and a searing 
adjustment of £8m Rivmg : an 
adjusted profit before tax of £4, in 

Mr Weston says profit prowlh 
Win be achieved in the cu f T " lt 
year " although overall volume 
Growth in the food industries m 
the countries in which we operate 
continues lo remain almost static 
and the combined effect of Govern- 
ment regulations and severe com- 
petition make the attainment^ of 
bttcr trading mareins difficult. 

Capital expenditure was main- 
tained at a high level and exceeded 
£70m compared with £G2m 
previously. In the UK. it was 
possible to cover capital expen- 
diture of £44m and an increase of 
£I2m in working capital without 
any increase in borrowings. 

Overseas it was necessary to 
increase borrowings by £2Sm to 
fund £27rn capital expenditure and 
working capital increased by film. 

On the group's bakeries in the 
UK. the chairman says heavy 
investment contjnues together 
with modernisation and cost 
reduction. Some 100 smaller 
bakers' shops were closed during 
the year though many were re- 
placed by larger units and sales 
through these continue to show 
good growth. 

Recent developments offer the 
opportunity for a more balanced, 
sensible and viable bread industry, 
says Mr. Weston. “We hope that 
after the first phase of readjust- 
ment. some measure of profit- 
ability will return to the industry.” 

Substantial capital expenditure 
continued in the milling division 
and operations have been 
strengthened by the completion 
of the major work at Healings 
Mill. Tewkesbury. Burton’s 
Biscuit Company again achieved 
a "commendable increase" in the 
value and volume of sales while 


the Ryvita Company had record 
sales, both at home and overseas. 

Further expansion in output Ls 
planned with extra baking 
capacity being installed at Poole, 
the chairman adds. 

The Twining group maintained 
its steady progress. Continued 
success in exporting has necessi- 
tated expansion of production 
and orders have been placed for 
a substantial increase !□ plant 
capacity. 

It was a difficult year for the 
frozen foods industry and profits 
from Anglia Frozen Foods were 
lower than budgeted. The 
packaging companies were also 
adversely affected by the down- 
turn in the economy. 

On the retail and wholesale 
side, the group opened five super- 
stores during the year. Fine Fare 
plans to open a further six super- 
stores during the current year 
and increase the Shoppers 
Paradise division to 130. 

The group's overseas sales 
totalled 1583m and profits. £40 9m 
compared with the previous year's 
£526m and £41.4m respectively. 
South Africa contributed £2Sm or 
B7 per cent and Australia and 
New Zealand. £10m or 25 per cent. 
The rest of the group’s overseas 
interests contributed 8 per cent. 

Witlington Investments owns 71 
per cent of shares. AB Foods has 
close status. 

Meeting. Connaught Rooms, 
WC. July 14 at 11 am. 

Statement Page 20 

‘Creditable’ 
first half 
by Greenfield 

The six months to April 30, 
1978 at Greenfield Milletts results 
in a marginal improvement in 
pre-tax profits from £316.000 to 
£326,000. 

The directors describe this rise 
as “ a creditable performance ” 
and point out that last year's 
first half was exceptional. The 
attractive exchange rate encour- 
aged more tourists to the West 
End of London: also the 1976 long 
hot summer caused retailers to 
replenish supplies from the com- 
pany's wholesale division L and 
Si. Steiner. 

In addition during the six 
months under review expenses 
were incurred in opening two 
new warehouses, one for retail 
and the other for wholesale. 

It is explained that these were 
opjened in readiness for the 


group's planned second-half ex- 
pansion. Currently six new retail 
units are under negotiation and 
three existing branches are being 
doubled in size. The group's sales 
area will be increased substan- 
tially by Lhe end of the year. 

Inevitably these setting-up costs 
will have a bearing on second- 
half figures, but the operations 
will provide the basis for further 
growth, the directors state. 

The interim dividend per lOp 
share is stepped up from 0.5695 p 
to 0.8265p net on earnings shown 
to be unchanged at 1.47p per lOp 
share. Last year’s total payment 
was l.TSp on profits of £955.000. 
In May a scrip isue on the basis 
of one 10 per cent cumulative 
preference share for every 12 
ordinary shares was anounced. 

Turnover for the first half rose 
from £4.81m lo £5.0Sm. Tax took 
£169.000 (£164.000) leaving the net 
balance at £157.000 (£152.000). 

The group operates as a retailer 
and wholesaler of leisure and 
camping equipment. 

Statement Pago 23 

Lines Bros, 
creditors get 
final lOp 

Mr. Paul Shewell of Coopers 
and Ly brand and Mr. Michael 
Jordan of W. H. Cork Gully and 
Co., the joint liquidators of Lines 
Bros, announce the repayment in 
full of the claims of the unsecured 
creditors of the company, includ- 
ing the holders of the unsecured 
loan stock. Creditors have already 
received 90p in the pound and the 
balance has been despatched to 
creditors. 

This means that claims totalling 
£14,475.000 have been settled by 
the joint liquidators. JThe further 
moneys still remaining in the 
liquidators' hands will be applied 
to meeting in part claims from 
creditors who are legally entitled 
to interest on their debts. There 
will be no distribution to the 
holders of the preference and 
ordinary shares. 

BARRO EQUITIES 

The liquidator of Barro Equities 
states that any final distribution 
will be extremely small. The total 
distribution to date is £2.23 per 
£1 share. 


These securities having been sold, this advertisement appears only as a matter of record. 


NEW ISSUES 


April 18. 1978 


$<9,810,000 


SJg% Pollution Control Refunding and Industrial Development 
Revenue Bonds due 1997 and 1998 


ICI Americas Inc. 


a wholly-owned subsidiary of 


Capital & 
Counties 
to improve 

WITH A full years benefit from 
reduced interest charges- net 
income of Capital and Counties 
Property Companv from property 
holding should show a further 

substantial improvement during 

the current year — though this 
may be partly offset by a .j°y-‘ er 
contribution from housebuilding, 
says Mr. Keith Walli-. chairman. 

As reported on May 27. lower 
interest for the year to March 25, 
197S, helped the company turn 
round from a loss of 14.2m lo a 
taxable revenue of £3.Q7m. 

Looking ahead the target is to 
build up an increasing flow of 
profits based on the restored 
strength of the balance sheet and 
deriving from the investment 
portfolio and trading activities, 
including housebuilding and 
property dealing. 

Mr. Wallis points out that the 
property market is currently a 
very competitive place. Never- 
theless. the directors arc con- 
tinuing to look for and are finding 
new business which will yield a 

worthwhile return 
In order to achieve this they 
arc concentrating their attentions 
where they have special expertise 
—in particular the London area 
and shopping centre projects- 
L3St year following the sale oT 
the Knightsbridge Estate and the 

refinancing of the Victoria Centre. 
Nottingham, group borrowings 
were reduced by £4fi.5m. including 
£22. 8m repayable in foreign 
currencies. By the end of March, 
1978. borrowings had been farther 
cut to £42.Mm of which foreign 
currency loans amounted to 
£19.2m. 

Since the year-end the major 
portion oF the Hamburg site has 
been sold for DM 2fim thus 
eliminating another £fi.Tm from 
both total and foreign currency 
borrowings. The remaining 
foreign currency exposure con- 
sists largely of the outstanding 
balance of US$ 22.1m of 0 per 
cent guaranteed bonds 1U79-8S. 

The directors took advantage 
of the recovery of sterling- during 
the year under review to 
repurchase US? 2.9m nominal of 
these bonds at a discount and to 
repay a US$ 3.5m loan, also at a 
discount. 

The accounts were qualified by 
the auditors for the same reasons 
as last year. 

The AGM of the company will 
be held at St. Andrews House, 
SW, on July 24 at noon. 1 

H. SYKES BUYS 
SAUDI STAKE 

Henry Sykes, the pump manu- 
facturing group, is to take a 40 
per cent stake in a £2nft.U00 joint 
venture with Oasis Trading Estab- 
lishment of Saudi Arabia. 

Henry Sykes said yesterday 
that Saudi Arabian sales last year 
accounted for some £400.000 of its 
total Middle East sales of £4.2m. 
The company expects ihe new 
associate Oasis Sykes, which will 
be operational on July i, to im- 
prove on that sales figure. Besides 
marketing Henry Sykes’ products, 1 
Oasis Sykes will undertake ground : 
dewatering and contracting. I 
Oasis Trading, which will be 1 
the controlling shareholder, has! 
been Henry Sykes* distributors in 
Saudi Arabia Tor the past six 
years. 

JOKAI/LONGBOURNE 

Jokai . Tea Holdings and 
Longbonrne Holdings announce 
that the proposed merger by 
means of a Scheme of 
Arrangement was approved at 
shareholders' meeting on June 111, 
1978. Accordingly appropriate 
steps are now being taken to 
obtain the sanction of the Court. 


MINING NEWS 


‘Tanks’ nee 
irons in the 


.-■> ;• ; .v 


\ .f 7 


'• -- r\-. 

. v ' ■ 


tESa? - . 




BY KENNETH MARSTON. MINING EDITOR . , ^oMentrates 

DESPITE LAST year's modest fall The takeover would he 

in net proto *to £2-25m from by the mew National A^ar^anticipates, \ 
£2.39m and a reduction of lp to Corporation, i in zinc prices-by The 

lOp in the dividend, the shares of the prov^ ci al gkipsand sens ewv 

Tanganyika Concessions continue writ be the first the W quarter, of 

to attract a fair amount of market, tions between the two i first quarter, of 

interest thanks to hopes regard- of whom hare been £B3ml effort 

big the company’s diversification their valuations. ; . ; r; v- f MS fl r nada to cbnfi£f v *nd 
which Is now reflected in a pro- ■■■ crating costs; he sanL-£ 

posal to change the name to Tanks __ — m ■ «..-.y.v" areas of:' its actMfies. 

Consolidated Investments. St&Bll 

Much of this interest springs v3U.CU . , , , ^-^SSS2 tf a“ n££es&e 
from “Tanks" stake of 8A per C\rQ7|lQ|IQ : Columbia to production, * 

cent in the Ashton diamond ven- i3YV dXlUUIU. -. ‘a.j-voW«J : VgjJJJ a tw0 -tbiids jfifcs . 

ture in Western Australia in I « j. . . v coal properties 

which Cmmnc Siotinto of CQ2LI HIIQ - •• of 16.5m tons "and tWO 

^?L^Sk^te " SHELL C0AI» W** ^ 

S 

qnd “substantial" further expen- discovered an . anthracitic. ctf?x~ JROUJ^I”. Vt .. . 

dlture is needed, but " prospect fcpMlt in Swaitod js W Geemill «. JW 


-mm 








GOLD OUTPUT 
RISE HALTED 


diture is needed, but “propels deposit In Swazfla^ ggggr. Amines, the 

of ultimate success are encourag- fi 

Of the comnanv’s traditional in- economically mineiL. .. J®e nu. foreign hauXs to-help 

terest? the Kela Smlway in VMMtol ™ <SSSr deveto^nt 
Angola continues to operate ! No reserve figines are Negotiations, 

\ under great difficulties within that able, but Se a yean Will be with.the Wor^ 

countrv. but has carried no inter- relatively smaU mmme < The . group has already^ 

sMisASi; S5S& 
se»““ ot 

per cent ^f^Belgium's Union mated costs or the raU link 1.4m rhe Sfi fflJSebSfof M 
Miniere which last year reduced about ^^[^^“QV^commendsa ^.^^.^SnatTin 

ins dividend to BFr 500 from Shell Coal, a subsidiary oL^e. cents (6.83p) gros^ «*aS7 BO^ 
rp, So Af « hiring oil major, is also examining. Dredging made M?Snl . 

!— tbe^lSSert Botwana. 20 cente^SSpif 

^ c^ireSy %ldJ^ e 3 SB° F^d Min^Sh wmS ‘ ^ ^ ^ 

ThJ y mndpst-^zeri^ Oracle stream later this year and. WB entrust Engmeering, A - sub- 
RJdTge J?wrvenfure in .Arizona, buildup to 5m tons of 5 Selection ; 

in which UM has a 40.5 per cent annually. . Seltmst 

stake, is due to reach production ,-T;' together coraulgff from 

UK the Eibar Industrial GOLD OUTPUT : X&. pr^cemS’S «SS 

group, in which “Tanks" now nvee HAT TFT) metallurgy- ' . + ■■ 

has a stake of 394 per cent has nAL,cu , -'_Z' * of^ 

reorganised its financial resources The steady nse in. .South At yesterdays meeting « 
- to allow further growth in African gold output was -cbsfaad, Beralt Tin and Wolfram ggg 
business" Meanwhile. “Tanks" last month, the latest sta feff s man, Mr. L. G. Stopfmd..gcJ^g?,- 
still awaits success from its -par- from the Chamber of -Mm that production at Uie Fprm 
ticipation in the North Sea oti reveaL , ^^ guese wolfram mine is 

and cas search. Output during May at Z£0Q«3g&, budget. A further wage 

cUTTent^yea ris* pros £ April^thfSt ^ecUn^after;^^ ^ Sid- within^ fi^ework of the 

«ems no l> reum P to eS^ct^Sy cumulative totrt of jxo- uJ^He'addS^Slit^® 

remarnsto higher than in the comparable ^rfactory profits could be 

attractions of- the groups various 0 £ 1977 w hen the total was attained this' year, .given, fafar 

mamt^ditSSIt^n^the^Siares 9.072^63 oz. However output .'in p? ices f0 r wolfram. • • - - . 
mamtain interest in tne snares was exceptionally low. . : f- p >• . * ■*-. 

which were 156p yesterday. Bond Corporation Holdings 'of, 

- T . mTTCr « m r n a vo' ' Perth, which is acquiring a^ppr 

OIIFRFC HELPS NANISIVIR PAYS-.-; cent stake - m, EtttoWM 

IjUtDEL flexor a riEDTC Tf Ml?--' : Resources, the Melbourne minmg 

ORFITAN MFNFS DEB la UIN HMC,..- . and exploration company, .baa 

UKi. U Ail null X19 Nanistvik Mines, the Arctic paid a second ■' instalment. 'of 

The provincial Goveramept of iJSS produt^, is -i&ng SA5W.OOO f£310.620) en .its pmr- 
Quebec is making further inter- “S money to pay interest on chase. The instalment, was dup 
ventions m tiie local minjiiBi in- f 0 n a ‘£f^ nd ^ t he first m»da- for payment next, year; 
dustry, reports Robert Gibbens navments on the principal, * 

from Montreal «Mrts ^ohn Sogamch -from Tn New . York. Continental 

In the first place it is making Jonn oogam . Copper and Steel Industries said 

a grant of C3344.00D (£167.420) ^ dement to this effect ^ it hVd decided -to -write- o^.fts 
to help keep open a zme mine ^ /tatemgt to investment m v j hp fi9, py -ceg 

owned by Orriian Mines, a- ,u e nresident of Mineral Resources owned Minera'"^g i as | e» '^ , € v 
Noranda unit. The company had {J^^tionS.theTOTontci.'c6m- which operates^- 
planned to shut the me for IS “*50^ orient* of copter mine: .'After, tax Benefit*. 

try -sources said that General operating lo “ 1,7ml in 
Dynamics, a U.S. corporation, ex- " 

short !v to beoin nreiiminary the 1978 first quarter, iar n eiy 
negotiations with° the Quebec owing to a 31 per cent decrease in 
Government on the takeover of the European producer price tiir 
it^subsicliw, A,b«t» Corpor,- z|nc 


3S3<t 






m?. 


NANISIVIK PAYS 
DEBTS ON TIME 


QUEBEC HELPS NANIMVllS. 

ORCHAN MINES P E ?P 

The provincial Government of .JEM* rlk B JduS 
Quebec is making further inter- !,“,? n L 1 c in JL v t0 D 
ventions in the local mining in- JJSLM 


THOMAS LOCKER 
(HOLDINGS) LTD. 


Imperial Chemical Industries Limited 


These Bonds were placed by the undersigned. 

E. F. Hutton & Company, Inc. 


MFHutton 

INTERNATIONAL 


AMSTERDAM ■ ATHENS ■ BRUSSELS ■ DUBAI ■ FRANKFURT ■ GENEVA 
HAMBURG - LONDON - LUGANO • MADRID • MUNICH ■ PARIS 


JERSEY 

GENERAL 

INVESTMENT 

TRUST 

LIMITED 


Directors 

MAURICE LETTO, F.C.I.S. (Oiairman) 

Advocate L. C. INGRAM 

( Vice-Chairmnn and Investment Manager ) 

Sir GILES GUTHRIE, Bart., O.B.E., D.S.C. 

The RL Hon. THE EARL OF JERSEY 

P. MALET DE CARTERET 

R. G. MALTWOOD 

Dr. I. H. THURSTON. Ph.D. 


Harrisons Malaysian Estates — 
Following further acceptances of 
offer. Harrisons and Crosfield is 
now interested in 102S7m (61.6S 
per cent) shares. 

Blackwood Hodge— As a result 
of the capitalisation issue, 
J. H. Robertson and other (the 
Mary Sunley family settlement) 
has acquired 3,804.022 shares and 
now holds 11,412.062 (19.0 per 
cent) shares. J. H. Robertson 
and others ithe Bernard Sunley 
family settlement 1 has acquired 
3.751.749 shares and is now 
interested in 11.255.248 (19-7 per 
cent) shares. 

Hunting Gibson — MIT Securities 
has disposed ur .'IT.OOO ordinary 
shares reducing its bolding to 
77.500. 

Grange Trust — Courtaulds_CIF 
Nominees is interested in 4S5.000 
(5 per cent) ordinary stock units. 

Ewart New Northern — Northern 
Bank Development Corporation 
acquired 70.9UU ordinary shares 
and now holds 112.900 (just over 
17 per cent). 

Smith St. Aubyn and Co. (Hold- 
ings): Hambros Investment Trust 
has sold 133.120 HI per cent cumu- 
lative redeemable 2nd preference 
sbares (9.8i» per cent). 

Francis Industries: West City 
Securities has sold 40,000 ordinary 
shares reducing its holding to 
790.418 (1059 per cent). 

Drayton Far Eastern Trust: 
Scottish Amicable Life Assurance 
Society has sold its holding of 
960.000 ordinary shares (8 per 
cent). _ _ 

Homfrny and Co.: Mr. D. E. 


SHARE STAKES 

Gillam. a director, has notified 
that 51,060 ordinary shares have 
been transferred from a family 
trust to a beneficiary — his share 
interests are 413,025 (2.71 per 
cent! beneficial ordinary shares 
and 481,280 (3J2 per cent) non- 
beneficial ordinary shares. Mr. 
H. J. H. Gillam has notified that 
79.SS0 ordinary shares have been 
transferred from a family trust 
to a beneficiary— his share 
interests are 342.G37 1252 per 
cent! beneficial ordinary shares 
and 1.055.294 (6-S4 per cent) non- 
heneficial ordinary shares. Mr. 
C. J. Gillam has notified that 
130.940 ordinary shares have been 
transferred from family trusts — 
he is now beneGcially interested 
in 2.354.552 ordinary shares 115.27 
per cent). Transactions notified 
by Mr. D. E. Gillam and Mr. 
II. J. H. Gillam are duplicated 
with those advised by Mr. C. J. 

Gillam. 

Leisure Caravan Parks: Mr. 
P. W. Harris, director, has sold 
15.000 shares and Mr. D. C. R. 
Allen, director, sold 15,000 shares. 

Debenture Corpn.: Standard Life 
Pensions Fund purchased a 
further 70.000 ordinary shares. 

Appleyarrt Group or Companies: 
Mr. K. R. Eroadley, director, sold 
as a trustee. 24,140 ordinary 
shares. 

Bunz! Pnlp and Paper: Mr. G. G. 
Bunzl and Dr. F. A. G. Scheenberg, 
directors, disposed or a non- 
beneficial interest of 25,000 
ordinary shares from a joint 
holding. 

NoUlngam Brick Company: 
Lloyds Register of Shipping 


Superannuation Fund Association 
acquired 2,750 sbares. total hold- 
ing 49,000 shares (622 per cent). 

Robert McBride (Middleton): 
Abingworth on June 5 acquired 
50,000 shares making holding 
500,000 — inclusive of 300,000 scrip 
issue. 

Yule Catto and Co.: Kunla 
Lumpur Kepong has increased its 
holding of Ordinary shares to 
4,067,416 (25.12 per cent). 

Midhurst White Holdings: On 
June S Lynsal sold 5,000 shares 
and GOT Investments sold 50.000 
shares. On June 9 GCT sold 

50.000 shares. Lynsal now holds 

515.000 shares (G.85 per cent) and 
GCT 450,000 shares (5.99 per 
cent). 

Bamfords: Beth Johnson 

Foundation sold 300,000 shares 
on June 12. 

United Carriers: Transport 
Development Group now holds 
1,432,700 ordinary shares (li.cs 
per cent). 

Great Northern Telegraph Com- 
pany, which through a number of 
years with its 25 per cent share 
holding has been the greatest 
shareholder in A/S Laur. Knodscn 
Nordisk Elektridtets Sclskab. has 
purchased the majority holding in 
that company. Consolidation or 
the ownership of A/S has been 
carried out at the instigation of 
a few of its largest shareholders 
and their blocks of shares, to- 
gether with a few other blocks, 
bring Great Northern's holding up 
to 53 per cent of the share capital. 


ctn it 
RECOR 

Mr. B,J. Pitchfond, Chi 
year to 3‘ 


Sales . 

Profit before taxation 


Profit after taxation a 
to Shareholders 

Dividends 

Profit retained 

Earnings per Share 

Assets per Share 




^The Group started th« 
books and in the 
stances the results of 
should be satisfactory, 
difficult in some area; 
every confidence thatf u 




Greater demand for EDITH services 

Points from the statement of the Chairman, Lord Seebohm 


Financial Highlights for the year ended April 30th, 1978 

1978 

1977 

Earnings per Ordinary share 

14.42p 

13.32P 

Dividend per Ordinary share 

I3.0p 

11.&P 

Total Net Assets 

£18353^01 

£17,552.462 

Net Asset Value per Ordinary share 

3 16.5 p 

293.75 p 


Extracts from the Chairman’s Statement 

It has become even more hazardous to endeavour to make a projection for the 
year ahead, due to the speed at which governmental policies and economic factors 
enforce a reassessment of investment consideration. 

The two main problems affecting the economy of most countries have been, and 
remain, inflation and unemployment Coupled with these are rising interest rates, over- 
rapid growth of money supply, volatility of exchange rates and lack of industrial invest- 
ment in many countries. 

We are therefore somewhat cautious about the immediate outlook, but our portfolio 
of "ood qualify investments should, as in past years, stand us in good stead. We shall 
remain watchful for anv sign of improvement in world economic conditions in order 
that we can take advantage of any new factors wherever and whenever timy may arise. 

Copies of the Report and Accounts are available from the Secretary of Die Company. 

21, Broad Street , Jersey, C.I. 


”We invested the record amount of £2.6 million — 
over £1 million more than in the previous year. The 
great majority was in unlisted shares in 28 companies, 
ot whom 1 6 were new customers. 

“Our net revenue after tax has continued to rise 
quite satisfactorily with the gradual investment of 
surplus funds in dividend-bearing shares. Our 
dividend income rose by over £250,000 last year 
and a still larger rise i$ expected in the current year. 

"Our issued share capital reflects the issue of 
60,005 new shares to shareholders of A. P. Burt & 
Sons limited in part consideration for a 28.69i 
equity stake in that company in November 1 977. 
Clearance was obtained from the Inland Revenue 
for rollover relief to the vendors in respect of capital 
gainstaxon the exchange of shares, under . 

Section 40 of the Finance Act 1 977. Two similar 
share-for-share issues are at an advanced stage of 
negotiation, and several more are under 
consideration. The new provision is an important 
concession for shareholders in unlisted companies 


which wish to remain independent as. for the First 
time, rollover relief can be obtained without selling 
control of the Company. 

"Our primary object is to assist in preserving the 
independence of unlisted companies which are 
self-sufficient in management and financial 
resources, in spite of the unwelcoming climate of 
recent years, there is no shortage of such 
companies at die moment. Prospects for future 
investment remain very good". 

Atthe AGM on June 20 1 978, resolutions were 
passed inter alia: 

$ declaring a net dividend of 8.0p per share 
(compared with 7.5p last year before a 1 -f or-1 5 
capitalisation issue) 

$ sub-dividing each share of £1 into four shares of 
25peach 

;fc making a further capitalisation issue of four new 
25pshBres for every ten £1 shares held on 
May 19 1978. 


EDITHl 


Copies of the Report and Accounts and further information are 
available from the Secretary, 

ESTATE DUTIES INVESTMENT TRUST LIMITED 

91 Waterloo Road, London SE1 8XP. Telephone 01 -9287822. 


The Directors' Report 8, 
Secretary. Church 


IHE BROCKS GROUP ! 

Points from the circulated statement of the . 
Chairman, Mr. B.R. Clack - -- ^ 

Profits before tax for the year were £693,248, a15% increased 
over the previous year. ‘.’yf 

The Directors recommend afinal dividend of 2.004p-the ' > 
maximum permitted -making a total of 3.404p (3.013p).- ' ; 

It has for some time been the Board’s wish to increase the - 
Group’s investment in the electronics industry and in • •' 

particular the marine field. As a first step we have purchased f •. 
the Callbuoy range of Marine products. • -|! 

The marine Division’s turnover and profits are running at ■ *■ 

increased levels. Further new products are scheduled to' . • . 
appear this year. • *\ 

The products of our In-Car Entertainment Division-how Hatis’-i * 
a sizeable part of the retail market A new'VHF radrdarid 
radio cassette player are shortly to be rntroducedto increase ' < 
turnover and exports. : ~ 

1 am.cautiou9ly optimistic for thefuture and Would expect-' • - 
profits in 1978 to be in the region of £1 .millions % . V - i 

THE BROCKS GHOUP OF COMPANIES LTD'POQIE - DORSET 'TEL: 





23 


1 


* 


Tinancial Times Wednesday June 2i 1978 

BIOS AND. DEALS 




APPOINTMENTS 


y 


3nt> 


• « 


s cash infusion 


4m 




■ - ' J 


SE 



mm 


W&m. 


S&MSa 

EAR 

JLTS. 


c - 

T.-^- 


, . - *»*•-. 


JJe equity infusion into Audio- 

JTEdl °Wns the- Lasfcy chain of 
ft!-h Stops, was arranged over ihe 
weekend and under great pres- 
«ure.' It was . only three weeks 
ago that the management dis- 
covered. the. fun cost of Audio- 
troruc’s -^riajed. venture into 

" The. -operating Joss, since 
A udiotrozUcs: "deal with there 

Musique was 

SS • w “ «»™< 

- 3?rte® pulling . out of 
r raac e-js amaxlmiun lass of X!.5m 
—-qe&ned by the venture's debt to 
the. parent plus the French bank 
b W , qwmg guaranteed by rhe 
compares with Audio- 
trwyesr -net worth in the last 
£*££?* or £2.im. lz was fiu 
A® the chairman. Mr. 
t0 his advisers. 
Si nger a nd Friedlander. that they 
« n pul . t h»3 the company 
•?££ footing before 

2£5L_.°J_ withdrawal from 

France became known. 

•By East Thursday a takeover— 

by^an unnamed bidder— was all 

amnjed, but on Friday the bidder 
°“ t: .The French receiver 
oTKing Musique had alreadv been 
. informed of Audiotronic's decision 
ana announcement was clearly 
imnunem. it was therefore in 
stmie haste that Singer and Fried- 
lander turned to Mr. Geoffrey 
Bose and his American colleagues 
The merchant bank had already 
* 0 * .to know them over a similar 
effish injection into the electronic* 
company Crellon Holdings. 

■ 'Dyertbe weekend these partiei- 
pgnts hammered out the deal 
announced yesterday. Audio- 
tram.c will raise fl.atn by issuing 
15m 12 per cent twith related tax 
credit/ lOp cumulative preference 
shares each of which will be en- 
titled. in addition, to the dividends 
paid on the ordinary. On redemp- 
tion" m 1985 every four of these 
preference shares will carry the 
right to' subscribe for one Aurt»o- 
tronic ordinary share at 20p. This 
compares with the price last night 
of 25p. r 


Executive posts 
at Key Markets 


Ir these rights are fully 
exercised the holders of the new 
preference will be left with -3 
pcr cent of the increased share 
capital 0 f Audioironic- .Ur. 
Geoffrey Rose and his colleagues 
ur. Dan Sullivan and Mr. Benson 
SeUer are taking up 2Jn iff 
tnese preference for £250.00(1 
pounds. The rest will be placed 

by brokers Buck-master and Fuller 
with individuals and with Institu- 
tions Jil par. 

These three men will be joining 
the Audmtron.’c Board and Mr. 
Rose v.Jil take over from Mr. 
Derek Smith us chairman, though 
the latter will remain a director. 
Mr. Rose says that he is "no non- 
eveeuilre chairman ” and that he 
will *• got stuck in and help run 
ll - Both Mr. Rose and Mr. Smith 
maintain that there is nothing 
wrong with Audioironic if the 
unfortunate business in France is 
excluded. 

\Tr. Smith said yesterday thai 
but Tor F rimer Audioironic would 
have made a profit in its Iransi- 
ttonal accounting year of R 
month* to February 2S, 1978. This 
profit would have been smaller 
than the £l.im pre-tax that the 
company reported the previous 
year, but would neverthele.-^ 

nave represented a turn round 
rrom tne los* of £fl2.0(JO reported 
at half lime. The ex-chairmen 
also predicted that the company 
would return a profit in its 
current business year. 

Describins the French venture 
which got Audiotronic into this 
nrcdicnmenl. Mr. Smith said that 
ho had .been eyeing the French 
market for some years before the 
collapse of Ring Musiqae pro- 
vided Audiotronic with an oppor- 
tunity. in June last vear Audio- 
tronic made an interim arrange- 
ment with the receiver of King 
Musique. a company which had 
attempted to undercut the 
French hi-fi market through a 
chain of 50 shops. 

Audiotronic rented use of the** 1 
shops, look on Kina Musiquc's 
head office staff, bought the com* 


P? n >'\ slocks and added more 
!ii. , !ls , 31 r - Smith explained 

utJt .lUdiotromes hud planned to 
reduce the number uf King 
MuMque stores' Irom 50 to 17. 
D had. however, had great diffi- 
vuiiy wiUi French "red tape” in 
doing this.. He added thai thine* 
im^ht have gone better if Audio- 
iron rc had appointed a French lop 

manager io run the French coni- 
P any. Unisys S.A. The full 
measure of this company's prob- 
lems became c-lear. he explained. 

when the audited figures for die 
Period till February a>lh became 
available. They showed that the 
brow margins on French sales 
had been far below the lop 
management's assumptions. 

Mr. Michael Adler, the director 
or Audioironic who was, respon- 
sible for the French operatiun. 
has resinned. The resolutions 
needed tu issue the new prefer- 
ence .shares wiM be pul io share- 
ladders bui directors owning more 
than 50 per eeni of the share* 
hare staled that thev will vote in 
fa*, our. 

Meanwhile shareholders of 
CrelluB Holdings, another com- 
pany in which Mr. Geoffrey Rose 
i involved, have passed the rcso- 
htiion enabling the issue of 
ITtui.imu 12 per rent convertible 
cumulative participating preferred 
redeemable shares to rake place. 

Comment in« after the EGM. 
Mr. Geoffrey Rose, chairman of 
f rollon said: “ Crellon’ s diffi- 
cult ic* were compounded by the 
inadequate equity base. However, 
thanks to the City and to the- 
undorwriterc of the issue this 
equity base has . now been 
increased by approximately 120 
per reni and the company's 
bunking facilities have been fur- 
ther Kirengthened. 

“ Micro a re I heref ore now 
adequate linunnal resources to 
ensure that Hie turn-round in 
piniitability is completed and 
in lived the electronics division 
h:is already show n considerable 
improvement." 

Mr. Rose said he Is confident 
thai C'.re lion's longer term pros- 
pects are promising. 


Tridant Printers chief offers 63p 


Mr.. Remo Dipre, the property 
man w&o became chairman and 
managing director of Tridam 
Group Printers when he bought 
a quarter share in Tridant in 
early -1974, has made his long 
expected bid forMhe remainder 
of the equity, but he is meeting 
opposition from the independent 
directors. 

Yesterday he announced an 
Offer of 63p in cash for each of 
the 3Jm shares he does not 
Already own either directly or 
through his private company, 
Stanvest Investment Holdings. 
(Altogether his present holdings 
amount to just over 29 per cent.) 
The price values the company 
at £2.73m. On the news the shares 
rose lap to 70p. 

Three of TTridant's directors 
are also Involved - in companies 
which have links 'yith Mr. L*i pro's 
'Starves* and are- staying dis- 
engaged From the bid battle now 
emerging, but the four indepen- 
dent -directors, advised by Lazard 
Brothers, immediately claimed 
ihatithe price was too low. 

i .-Wednesday Tridant re- 
vede&fts figures for the year to 
March.: On turnover up from 

jQfim.to ni.Oont. pre-tax. profits 
droi$*<l tai 43 per cent to 
£45^000. - though the dividend 
was- ■maintained, earnings per 
shpre, . declined to 4.23p where 
the Stanvest . offer provides an 
exit p/e of 15. 

"The full financial position of 
Tridant will not be clear until the 
r sport and accounts are published 
on June 26 but the opponents of 
Mr: Dipre's offer claim that the 
exit p/e does not fully reflect the 
prospects of Tridant following a 
delaved capital expenditure pro-:, 
gramme. Neither, according io 
them, is it generous In the face 
of the value fhe market places 
today ' on newspaper companies. 
Tridant publishes three bi-weekly 
newspapers in- South London and 
the Home .Counties. 

Befwen ffttro the independent 
directors control just over 20 per 
cent of the shares, largely 
through the 20.2 per cent stake 
owned bv Chirit Investment, Itself 
owned by Mr. A. M. Carey, the 
deputy chairman. ... 

One ironical footnote to the bid 
is that ft comes shortly after Mr. 
Dipre. as chairman of Trioanv, 
had finally destroyed the 
speculation that the c ompany 
might- develop its Kingston on 
Thames printing site whlch could 
have lifted- group assets by nearly 
£ 4 m li was the disclosure of 
these hopes in 19 ? S which drove 
the share price up to a P|Mjj 
17 Sp and which were thought to 


lie behind Mr. Dipre’s purchase, allocation to those holders who 
because of his existing properly accept the alternative offer and 
interests. who do not opt not to receive 

additional Keliock preference 

^. PURCHASE S t; h ; cl l0 court approval, the 

Di LUr scheme will, be amended so that 

The Liverpool Daily Post and m calculating the number of 
Keho which has interests ranging Keliock preference shares avail- 
from newspaper publishing to 3 b'?. there would be deducted 
papermaking. packaging and from the total amount of 367.000 
retailing, yesterday announced its the total number of Keliock 
first purchase in the U.S. preference shares issued to Bel- 
li has paid $ 2 j>ro <£i.2m) for a loan stockholders accepting 

private Pennsylvanian newspaper the equivalent of the loan stock- 
group. Dardanell Enterprises. preTurence offer and such number 
Dardanell, which has a chain of ° r Keliock preference shares as 
nine weekly newspapers In Pitts- ha y® 

burgh, in addition to a jobbing 1 ??" ^^ ho ' d _^ rs 

printing capacity, has net tangible “ cce £|‘" ? .. thR i 13 ? , l !?5 y 

assets (excluding goodwill and accepted it and opted tor 
publishing right*! of S545.039.-. et i li ’' i,|e h t the loan stock 
Pre-tax profits for the year to pr.-fc/vfice offer. 
la.-t September were $173,473 o'^ 

3 .Although Utiifip'ils first venture MU^rllCSid tO 

in the U-S. the/LDP group is no W 1 

stranger to North American pub- .mirivlQCA HGtlA 
lishing. It l^as had a newspaper pJIllV-liaat J. 1 UI 1 C 

group in/ Western Canada Mls!rbe2 A ra3kera of electro- 
( Vancouver and Alberta I for-riww mechanlcal^eviecs and communi- 
ycars and in the last financial cat j ons equipment, is to purchase 
year, this division produced (^ e entire sflare capital of Hone 
£780.000 pre-tax profits, nearly instruments Tror some £12m. 
19 per cent of group profits of Hone, a private company, manu- 
£4.2m. faclures process control and ancil- 

The new acquisition in Puts- iary equipment mainly for use In 
burgh will be opera ted_ as a direct (he oil refining industo'- 
subiddiaiT of the UK company The consideration consists of 
and existing management « li be an pavraen| pf £§20.000. a 

retained. The ( /J Kl *? second payment of £250.000 pay- 

CO wS rl » mo ?f 'Lilt 0 U 5 able one year later and payments 

webb offset equipment. ia - February 1980 and February 

1981 equal to onc-third of adjusted 
Dr , y~o i vp consolidated pre-tax profits or 

pfcLuKrt vc. Hone for the years to September 

The directors of Belgravc Assets 30. l 1979 and 1980 — provided such 
have advised its Loan stock- profits exceed £150.000 in each 
holders to support an amendment year. 

to the proposed *>-' Biutrhead said yesterday that 

arrangement whereb. ” ‘ d 450,000 new ordinary shares of 

would become a w „ 25p-each Issued to Hone Tor part 

subsidiary of K*llock Ho * - Q f- the first payment have been 

Keliock is bidding for • placed with institutional investors 

cent of Belgrave that u _aoe _ i b y cazenove and Company. The 

already own. with an otter oi balance of £89.000 will be paid in 

Keliock ordinary sharex, c - css jj rema j n } n a payments are 

verrlble Imdeemaoie * . jixdy to be in etish too. 

loan 13 'SStik'pSl* S» cesh < or Mutrbcad added Out Hones pre- 

o,vq Belgrave ordinary tax probLs for (be current year 
Tn nltpnmtive offer in- will be not less than the £288.000 
shades- S redeemable earned in 1976-77. Consolidated 

d, S e .f.ti5f nrefereSce dan* net tangible assets of Hone at 
cumulative^ pref to h0 , der5 bo th Snfonber 30. 2977 amounted to 

companies say that in the event £Dzo,ooo. 

rhat the ■scheme becomes enei-nje »nt e proposed acquisition will 
fnr the ordinary shares of both enable Muirhead to extend its in- 
c-lasses of Belgrave shares but not forests in the process control 
for the Be /grave Loan Stock it equipment and systems area 
i« now intended that the offer where it is already represented 
will be taken into account in by. subsidiaries Addison Process 

-tAT-araigS Sa - '“ , ' 


C & W. WALKER HOLDINGS 
' LIMITED 

CPW IALIST ENGINEERS IN HEAVY METAL FABRICA- 
S S^WETALWORK AND FABRICATIONS IN 
STEERING PLAST.CS FOE ALL INDUSTRIES 

.■ durino a very r difficult year for 

Excellent results Annual rate of return on capital 

engineering^ cornpam s. reports G. Lewis, C.Eng., 

OTP |„^ ,tov 25 a « ^ T Ma „ aging Direct „. 


Turnover . 

■ Profits before taxation 
St available for appropnarion 

Dividends ■ 

Earnings per share 


m-Q -Rpoort and Accounts are available 
Tfce ^f qpCTetary, C- & W. Walker Holdings 
&df Singwn, Telford, Shropshire 

TF2 SJZ. 


1978 

1977 

' £000 

£000 

6,107 

5.264 

. 747 

597 

342 

275 

104 

28 

21. 2p 

19.0p 



Mr. David Caulfield has been 
apptiinicd managing director of 
KEY MARKETS, the supermarket 
subsidiary of Fitch Lovell. Join-' 
imr the Board of Key Markets 
arc: Mr. M. Gallon (retail), Mr. 
G. Jury ( property i, Mr. W. Pcpprr 
tpervonncll. Mr. J. Kidgewell 
trelail) and Mr. J. Williams 
! imarkctingj. 

★ 

I The CHARTERHOUSE GROUP 
is to develuji Lhc hire and service 
! and (he sales and distribution of 
i PT.S Edmondson Tools under 
nvparate management. From 
! January 1, 1979, there will be two 
: companies, PTS Edmondson Tools, 
for sales and distribution, and a 
l now hire and service company. Me 
G. J. Brown will be managing 
i director of PTS Edmundson Tools 
land Mr. D. J. M. Cooper, manng- 
| ing director of th L * hire and ser- 
jvice cumpany. Mr. G. J. Creed 
I will move to the new posilien of 
! industrial sales director, PT.S 
.Edmundson Tools. Mr. fl. K. 
Edwards joins the Board of both 
i concerns. 

★ , 

Mr. Anthony van Klecf. manag- 
ing director nf UKF Fertilisers. 

I will be leaving this monlh to 
1 become ihe director of production 
and engineering for the L'KF 
GROUP in Holland. Mr. Willem J. 
van Ansel l is to be managing 
director of UKF Fertilisers in 
place of Mr. vail Kleef. who will 
remain on lhc Board of that 
company. 

★ 

Mr. Donald Wilson has been 
appointed director of engineering 
for NORTH WEST GAS fruin 
July 1. 

* 

Mr. John Allan, manager, 
domestic operations, in the 
marketing division of the British 
Gas Corporation, has been 
appointed sales director of 
NORTH THAMES GAS. 

♦ 

Mr. C. A. Bilbow has been 
appointed to the Board of ASHBY 
AND HORNER HOLDINGS and 
continues as managing director of 
Ashby and Horner Humberside. 
Mr. E. Davison has joined the 
Board of Ashby and Horner 
Joinery as works director. Mr. 
U. GaskefI remains managing 
director. 

★ 

NEW WORLD KITCHENS has 
appointed three new members to 
the Board. They are Mr. John W. 
Cowling (marketing). Mr. Robert 
W. Davis ( financial l and Mr. 
John J. Narelii cwork*). 

★ 

Mr. S. W. Chawner has retired 
as a director of SPENCER GEARS 
(HOLDINGS). 

★ 

Mr. Janies \V. Willoughby has 
been appointed works director 
and Mr. Cedric J. H. Smith, com- 
mercial director, on the board of 
STEEL PARTS, a Glymved steels 
division company. 

•k 

The CHASE MANHATTAN 
BANK NA has appointed Mr. 
Dominique Clovel to be its 
general manager in France and 
regional coordinator for the bank- 
in France. Belgium and Switzer- 
land. Sir. Clavcl joined Chase in 
New York in 196S. He was 
appointed head of the credit de- 
partment in Paris in 1970 and 
subsequently held a number or 
appointmenLs in the Far East 
before becoming general manager 
of the Banque de Commerce In 
Belgium during 1976. 

Mr. Jack New has been 
appointed consultant to the 
GODSELL GROUP. International 
foreign exchange and currency 
deposit brokers. 

* 

Mr. Geoffrey Rnsc.- Mr. Dan 
Sullivan and Mr. Benson Sclzrr 

Hone's chairman and managing 
director. Mr. N. E. Brewerlnn. will 
remain on its board in a non- 
executive capacity and enter into 
a three-year consultancy agree- 
ment. 


MOOLOYA 

Mr. Bernard Terry, a director of 
Cuslomugic. said yesterday that it 
was in the best interest of share- 
holders to accept Montoya's £lm 
offer for the company. The bid 
has caused a split between the 
Terry family and other directors 
of Cusiomagic who are recom- 
mending shareholders to reject 
the offer. 

The Terry family, controlling 
around 20 per cent of the ordinary 
shares, has already accepted the 
2up a share offer taking Mooloya's 
holding to 47 per cent. 

The current bid marks a turn- 
round in Mooloya’s stance of just 
six months ago when it supported 
a deal to put Mr. Michael Ashcroft 
and his pnrtncr Mr. Alan ClogCic 
on to Cuslomagiv's board to 
revive the company's fortunes. As 
part of this deal the Terry family 
interests were to resign from the 
board. 

Now Mnployo has entered into 
a contract to appoint Mr. Bernard 
Terry as director for the mail 
order division provided the "Rer 
goes unconditional. 

Mr. Michael Campbell, chairman 
of Moofoya. said yeaterday that 
Mr. Maurice Prax. a consultant 
based in Jersey with long experi- 
ence of the textile industry, had 
been a key figure in instigating 
the deal. 

Mr. Prnx also features in 
material contracts revealed in 
Mooloya's- offer document vem to 
shareholders on Monday. He has 
agreed to make his consultancy 
services available to the group 
conditional upon Mooloya acquir- 
ing over 50 per cent of 
Customngic. 

Mr. Prax is also closely asso- 
ciated with Gras d’Eau Consul- 
tants of Jersey which is to receive 
a fee in “the event that certain 
shareholders of Customable 
accept an offer by .Mooloya Tor 
their shares.” 


IOM RAILWAY 

Shares of fste of Man Railway 
which is going into voluntary- 
liquidation rose £9 IO £1U in 
London yesterday. The shares are 
only listed on the Isle of Man but 
there are very occasional 
dealings in London under special 
Stock Exchange rules. 

The sharp rise yesterday follows 
statements made by the company's 
chairman at an extraordinary 
meeting last month that distribu- 
tions to shareholders could be as 
much as £20. The company, 
which has been public Tor more 
than 100 years, has soid off its 
railway and bus service interests 
to the Isle or Man Guvernmem 
over the past is months. 


Plessey 


p- 


mm 




Mr. D. Caulfield 

have been appoinn-d .iir-^'-iert of 
AUDIOTRONIC III •Lb'XGS. Mr. 
Rose becomes chjirni.m in place 
of Mr. G. W. Smiili ' i-,. remains 
a director. Mr- MUT.k,- 1 Adler has 
resigned. 

Mr. Donald Randle fia* b«.en 
npooinied a dirvi-r :<i ALFRED 
PUNHILL. 

* 

.Mr. Graeme \. I isilv h.; ■ been 
appointed lin.ii. • -Lr.vior of 
WEIR FOUNDIilSJ.' r-.-m Seplem 
ber 1. 

•*- 

Mr. Peter W. ll- bsun h.,-. been 
appointed tevii:::-*ji itm e»»«r of 
.1 II. CARRU1 l!tr-s AM> o.i. 

Mr. Mlcliui*! ''argent has 
resigned his n-'.ur-hie with 
RAPHAEL "< <)«-. .. ~u«.>brotirr*. 
and has joined :hv L;-i.*rd o: l:. .1. 
BLAIR OF BY FI KFT .■■. chair man 
and managuis ili.'-:-.-w>r. 

Mr. D. E. Ci»\ h »s jwimd the 
Board of the , .'-i;Uf:Y BUILD- 
ING SOCIETY. 

* 

Mr. John Hcmlnvway has been 
appointed a dir ■ -.tor m D.ilLY 
MAIL AND GEM.f:.\L fltlST. 

Mr. Thomas C. Huberts ha? been 
appointed vice-o:\ sideni tinam-c 
of .SCHLUMEER0KK i rom AiilusI 
1 to replace Mr. Herbert t>. Reid, 
executive vice-pro.-ident and enair- 
ntan of the (i; uxit-c commit lee. 
who is resigning. Mr. Clermont 
Matton ouccet-J- Mr. Rwbcris ir 
the UK. taking n.er ::.s managing 
director of Schlu.iibeno r Measure- 
ment and Cont.ro) (UK). Mr. 
Matton has al-o been appointt-d 
chairman of rS- romoany’s three 
subsidiaries: Sf. sign mo tVc.ston. 
Mem brain, end '.h-.* Solar; ron 
Electronic Group 
♦ 

AZCON CORPORATION Male-- 
that Mr. Da-id f». fJuyd-Jarob. 
president ant! ehieT executive 
officer, has h-en elected m the 
addilional peritinn of chairman, 
succeeding Mr. John H. Nicimlls. 
Mr. Rohett L Rarhanell and Mr. 
George R. J. Guise have inined 
the B^ari. The nnrent ••nneern is 
Consolidated Cold Fields. 

* 

Mr. Douglas W. Fields has been 
elected a director and acting 
general manager of the European 
office or FACTORY MUTUAL IN- 
TERNATIONAL. He v. ill continue 
to work in London, where he has 
been manager of Insurance opera- 
tions since 1976. Mr. Howard E. 
Wolff, the present managing 
director, will return io Arkwriehl- 
Boston organisation in Waltham. 
Massa- -htfsetK 


The rising trend of the previous financial 
year continued in 1 977/78. Performance 
across the Group was generally good, 
but exceptional losses were experienced 
by the Consumer Electronics subsidiary, 
Garrard, as anticipated. But for these, 
pre-tax profits would have grown by 
about 20 percent. 

In the event, profit before tax at 
£42.9 million for the year was neverthe- 
less an increase of 6.3 per cent- despite 
the Garrard iossof £5.6 million. 

During the year, sales worldwide 
increased by 7.4 per cent to £61 1 million 
and showed a small increase by volume. 
UK exports were up from £94 million in 
1976/77 to a record £121 million and 
these,, together with sales by overseas 
companies, represented 53 per cent of 
the Group's turnover. Earnings from 
these overseas businesses, excluding 
UK exports, amounted to 43 per cent of 
the Group total. 

The Group's order book at March 


1 978 totalled £700 million, and was up 
1 8 per cgnt on the previous year. 

The extraordinary item of £7.0 
million relating to Telecommunications 
includes an additional amount in respect 
of the Post Office cuts to be incurred on 
surplus stock, dilapidations, and the 
losses due to the consequential effects 
of implementing the full programme. 

Dividends 

The recommended final dividend of 
2.49883 pence per share payable on 
January 1, 1 979 to Shareholders on the 
register on November 17, 1978, if 
approved, together with the interim 
dividends already paid or declared, will 
amount to 5.4059 pence per share for 
the year, compared with 4.9 pence per 
share for the previous year, an increase 
of 10 per cent. This is the maximum 
increase permitted under current UK 
legislation, and is based on the current 
rate of tax remaining at 34 per cent 


The Plessey Company's consolidated results for the fourth quarter and audited results 
for the twslve months to March 31, 1978 are as follows, {with the previous year’s 
resul ts for the equivalent quarter and twelve months by way of comparison) : — 

r_ Figures :n COOOfs 3 months to 3 months to 1 Z months to 1 2 mor.ir.s to 

March 311975 f.Jircrt 3J 1977 March 3 1 1978 March 3 J T 077 


169,500 

Profit on Trading 15,934 17,477 W,848 WD-l 

Depreciation 5,457 4J102 2l.0-tt 7S,?2J 

Operating Profit 10,477 12.669 43.B07 

Associated Companies 2.430 2,374 10.196 8.-i>/3 

Interest Rcceivaolc 684 262 1,749 1.472 

Interest Payable Z3B3 Z6A* 10.310 B.S14 

Rationalisation Costs 419 91} 2.562 2.119 

Profit before Taxation 10.939 11.770 42,880 40.321 

Taxation 3.700 3.300 U.652 t 2.969 

Profit after Taxation 7.239 7.970 28.228 27.352 

Minority Interests 277 HI 949 936 

Earnings before Extraordinary items 7,022 7,86a 27,280 26.366 

Extraordinary Items 

Business Closures (Gross) : 

Telecommunications 6.963 16.0B4 

Other 3.049 1.163 

Taxation 70 2.575 

Associa tea ’ 107 

Ea rn mgs after Extraordinary I remx 17,335 11.799 

Dividends— includin g proposed Pinal 12.785 1 1.533 

Retained Earnings 4,550 266 

Ea mi ng s per share (in pence) 

Before Extraordinary Items 3.0p 3.3p 11. 6p 11.2p 

A ft e r Extraordi nary Items — 7.4p S. Op 

Weighted average number of shares 

(in thousands) 238,174 235.239 235,844 235.142 

n.b. 

(7) The result* of overseas operations have been converted at March 37, 1978 rates. Currency revaluation dump the 
year is estimated to have cost the Group C 300,000. 

(a) Fluctuations in the net v. ortti of overseas assets, due to the movement of currencies since April J. 1977 amount to 
SS. 1 million compared with £2.6 mBiiort in the previous year. These were formerly classified es an extraordinary 
item, but are now charged direct to General Reserve. 

(/)?) The Group has adopted the draft recommendations of the UK Accounting Standards Committee {EDI 9). As a result. 
UK Corporation Tax has been provided only to Che extant that it will became payable in the foreseeable future. The 
comparative data for 1976/77 have been amended accordingly. 

<Ar) Certain items previously accounted for as Contingent Liabilities have been charged to General Reserve, and pre-tax 
profits as reported for the March Quarter 1977 and for the twe/va months to March 31 , 1977 have consequently 
increased by £185.000 and £740.000 respectively. 

&S. The Company's full Report and Accounts will be posted to Shareholders on August 8, 1 978. , 

The Annual General Meeting will be held on September 1,1978 at Millbank Tower, Millbanfc, London, SW1. /a 


160.600 

17.477 

4302 


611.100 
84,848 
2 1.04 f 


563.500 

W&4J 

19.722 


Operating internationally in 136 countries 


^ 631-2-406 







sions Limited 


Summary of the Statement by the Chairman 

The Hon. A. L. Hood 


Salient figures 


Capital and reserves 

Quoted investments at market value 

Dividend received from Union Miniere 

Dividend received from Benguela Railway Company 

0:her dividends and interest 

Profits of Efbar Industrial Limired 

Losses of Tanks Oil and Gas Limited 

Other income 

Profit before taxation and extraordinary items 

Profit after taxation and before extraordinary items 

Extraord inary items 

Earnings per Ordinary stock unit 

Dividend on Ordinary stock 


1977 

1976 

£ 

£ 

28.681 .852 

28,681 .704 

30,268,886 

42,335.846 

1,793.296 

2.215.612 

Nil 

Nil 

1,006.792 

1.024.619 

2,016,244 

423.042 

(101 ,411) 

(385.481) 

519,861 

410.914 

4,406,107 

3,217.630 

2,250.875 

2.389. 995 

(521.933) 

1.896 

12.34p 

13.12p 

lOp 

Up 


> Union Miniere - The Company it gradually shifting the emphasis of its expenditure from exploration 
to minimi and meiallurgical development. 

> Benguela Railway Company - Uncertain conditions prevailed throughout 1 977 and the future 

remains unpredictable. 

p- Elbar Industrial Limited - The profit from ail sources was-£2.073.l49 against £966.874. Elbar is 
now 59.1 °o c-vned by Tanganyil a Concessions Limited. 

> Tanganyika Holdings Limited - The Company has an 3.4% interest in the Ashton joint venture 
in Australia. 

Tanganyika Concessions is involved with mining through close association with Union Miniere and 
-.nh transportation through us 90 5 ? Grotip interest in ihe Benguela Railway Company. The Group is also 
involved in oil and gas exploration and development agricultural engineering, commercial properry 
."■nd timber. 


Copies of the full Statement may be obtained from 

the Registered Office of -Tanganyika Concessions Limited, 6 John Street, London WC1N 2ES. 






*1 ■ -V. . -.v-VV-»#^i5x*^ 

• ;•-!- /■' *1- . £»-)££ 
r ’: V' ■■• ' > ■_*■/ * i jj_- ’ 


24 




INTERNAT IONAI. FINANC IAL AND MOM PANY NEWS 


NORTH 


NEWS 



acquisition 
for Carter 


Petro-Canada pressing on 

with bid for Husky Oil 





BY JOHN WYLES 

BACHE GROUP- tine of Wall 
Street's top five brokerage 
houses, has spent S5.7ui on a 
purchase of S per cent of its 
common stock to remove the 
threat of a takeover hid. 

The company disclosed yester- 
day that it had. paid a premium 
of more than S2 a share over the 
market price in order to buy in 
the 560,000 shares. The company 
claimed that the holders of the 
stock had indicated that they 
might launch a proxy fight for 
control. 


NEW YORK June 20. 


In two separate purchases. 
Bache said, it bought 489.300 
shares for $10.25 a share from a 
group of mid-Western metals 
dealers and 3 block of 70.700 at 
the same price from clients rep- 
resented by Gerald Tsai who has 
been described by the Wall 
SLreot Journal as ''one of Wall 
Street’s more fiamboyant money 
man:ir ,?r5 -' 

All of these stockholders were 
allegedly critical of Bached 
management 'which has been 
airucJing u> improve the com- 


pany's profitability for some 
time. The company's profit 
margins and return on net worth 
have been among the lowest of 
New York Stock Exchange 
member firms for some time. 

Bache said yesterday that the 
purchase uf the shares had been 
"in the best interests of the 
company." u added that rumours 
of a takeover "weren't doing us 
any good,'' and it was worried 
that the uncertainty could cause 
the departure of a number of its 
securities salesmen. 


Hawley 


BY ROBERT GIBBENS 


MONTREAX^Vtne 20 -: 



By Our Own Corresponds* 


THE NATIONAL oi! company of that this will be sent to all axstej ijjjj . £ °L J U5 t ^t W GoTa^mS 
Petro-Canada. plans to shareholders within the nest lfr.tois assume t 



BY STEWART FLEMING 


NEW YORK, June 20. 


MOUNTING PRESSURE for a 
reform oF the controversial 
Financial Accountin'.; Standards 
Board Rule Tor handling foreign 
exchange transaction reporting is 
reflected in a Conference Board 
survey of financial officers at 
117 major US. corporations. 

More than half of the execu- 
tives surveyed favoured repeal 
of the FASB S Standard. Almost 
one-quarter want to see it modi- 
fied. and only 17 were in Favour 
of retaining it in its present 
form. 

The rule requires companies to 
report at quarterly intervals the 


effect of foreign currency fluctua- 
tions not only on actual transac- 
tions nut also on balance sheet 
items such as debt. 

It has resulted in wide quar- 
terly r wings in earnings for some 
companies. Although the reports 
make it elear what has caused 
these fluctuations, businessmen 
complain that they are confusing 
to shareholders and investment 
analysts. 

V.S. Treasury officials have 
recently begun an inquiry into 
the effect of the Rule to see 
whether it may be having some 
impact nn the performance of 


the dollar on foreign exchange 
markets. 

Among the most frequent 
criticisms found in the survey- 
are c-laims that the Rule leads 
to uneconomic changes in financ- 
ing methods and leads businesses 
to adopt financial and operating 
procedures which they would not 
adopt on purely business con- 
siderations. 

The FASB is expecting to 
receive many com plaints on the 
Rule following a decision to ask 
for comments on how it. and 
other accounting .standards it 
has put into effect, are working. 


NEW YORK, Jnne 20. 
CARTER Bawlev Hal* Stores, 
appetite for aequisiu’o 0 w>as 
not apparently been satisfied 
by the recent purchase of 
Philadelphia's John Wana- 
maker. The Los Annies com- 
pany announced today that U 
bad reached an agreement to 
merge with Thalhlmer 
Brothers, which operates 26 
retail department stores in 
Virginia and North Carolina. 

The merger will he effected 
by the issue of 3.77m Carter 
Hawley shares to Thalhimer 
stockholders on a 0.975 to one 
distribution. With Carter Haw- 
ley shares trading ul around 
$1S2 today, this would value 
Thalhlmer at some ?70m. 

Having already ^pent more 
than $4510 in cash, and stock 
acquiring Wana maker. 


Canada. Petro-Canada. plans to shareholders wunm favourable KENSBB P 

continue its CS52 per share bid days. >* • - would P*® H 1 ' ft&hS gfraiwadB r. 

for ail 11m shares of Husky Oil. The prospers wiUsUtti 

assuming that many shareholders uncompbeated ” atur ^..%;^ £llie lt , original suggestion -bent direc ^ ^.of ; tog; 
will prefer cash rather than, the offer and also the as P ect .- : ^ ; /P 1 *f e L . deve^oment el^tfid att&j.Jfay 

PYf-Vmnoe n 3( *aee Canadian control. r,.* v ttat the heavy au . f * 




package Canadian control. .i the by 

Cor- The company is still confid^^dbe hnto&omvm 

... that its cash offer wiH piemL ° ^teSe™ 

Petro-Canada’s strategy appears In Ottawa 


rival’ share exchange piP t— heavy 
from Occidental Petroleum 

po ration of Los Angeles. .... *mt ainoiwiww«u ^3335 

jointly ' and.- cmerthlrd Giatt ^Wjg ^ 

to aim at oypassmg me nusky suggesrea v Husky . .annaunefitpent:.^ 

Board, which has already re- company would be vUSDStofiMpr ^ccide^alMdffirsg. w 

commended the Occidental offer, np aU the money need^ The ^^nt ^d^inT^Wmeetiiigron' " ' 
worth about US$48. accelerate development of the ««i development, 

Petro-Canada is now preparing Lloydminster heavy oil reserves 
a prospectus for its bid and says In South West Saskatchewan^^ 


of .the'oil^developroent - 

(antes griding ptot te «** . 

iwarcif - Gs ibn. ? Unirpya* 


v\sir- 


C$1 bn. Canadian bonds issue 


BY VICTOR MACK.IE 
THE Canadian Government is to 


OTTAWA, June 20. 


Uniroyal 

Uniroya 

chemicals grotg>. 

principle to sfiU life 
. its. RoyaL&qlfc 6rusines$- . 
'-its' gold t/affcemantstfe t 
Golf Corporation* Aiwft 
subsidiary -of t&e-'^Flira', 


Carter Hawley fic< hy no 
means drawn folly on ibe lines 
of debt it had behind the 
S3£0m hid for Chicago's Mar- 
shall Field, which fell through 
in February. 


raise CS300m of new money 
through the sale of CSlbn of 
new bonds. Finance Minister 
Jean Chretien states that the 


8.78 per cent to maturity; £-&75 a minimum of C$ll5m of the 
per cent bonds due May 15. M8S; 2.001 maturity. ^ ^ 

at a price of 98.25 per center Proceeds of the ? 

yield about 8.94 per cent be used to redeem .C$7CKhn- 
maturity; and 3—9-5 per cent the Government .of .Ganhto^ 

bonds due October 1, 2001; at. « bonds maturing on. July 1, lff/8. and gtiirgg}flpg^^d; : i 


Jean v.nreueii auwa u«‘ ^ OOndS QUC UClOOer L, ZUVL, ara DODOS maiuiiiie UU..UV, -^vrri 

remaining CS700m will be used price of 99.50 per cent to yield and for general . purpose of lhe unde r jPaltO^F. 
1: ,hn,,t ass nar nut tn Mnni {InvemmeirL said ' Mr. trademarKs. 


. .k‘ 




Sr: "^ ■ 


Chrysler lists 
stock issue 


Union Carbide 
to expand 
in Europe 


EUROBONDS 


■*2 


r-n? 

a. iJ 


By Sue Cameron 
MR. "WILLI. AM SNEATH. chair- 
man of Union Carbide, ibe U.S.- 
based chemicals giant, has given 
assurances that, following the 
sale of two of its European sub- 
sidiaries to British Petroleum, 
it will continue to give full sup- 
port to its other businesses in 
Europe. 

Mr. Sneath pointed out that 
Union Carbide was planning an 
expansion programme in Europe 
which would include new indus- 
trial gas plants in Germany and 
France, a new graphite electrode 
plant and a food casings plant in 
France and an extension of 
battery production in Switzer- 
land. 


BY FRANCIS GHlUS 


THE market was steady yester- 
day both in the dollar and in the 
Dentsche-Mark sectors. In the 
dollar sector, the coupon on the 
ASICS convertible was cut to 5’ 
per cent and the issue priced at 
par. The conversion price was 
set at Yfr2S. a 5.7 per cent 
increase on the closing price of 
the issue on the Tokyo Stuck 
Exchange. The exchange rale will 
he Y21S for SI. The Hydro 
Quebec issue was priced at 991. 

In the D?utsche-Mark sector, 
the terms Of the first issue since 
the new issuing market was 


reopened were announced. The 
coupon on the DM 100m eight- 
year issue for the City of Kobe 
is indicated at 51 per cent and 
the price around 99!. Lead 
manager is Deutsche Bank. 

In the Guilder sector, a 
FI lOOnt 35-vcar issue for the 
European Coal and Steel Com- 
munity with an indicated coupon 
of 7} per cent was announced. 
Joint lead managers are Alge- 
mene Bank Nederland and 
Amsterdam Rotterdam Bank. The 
average life of these bonds is 
101 years. 


By Our Own Correspondent 

NEW YORK. June 20- 
CHRYSLER Corporation has 
taken advantage of strong re- 
tail if-mand to increase the 
value of its proposed preferred 
stock issue from SiJdm to 
3250m. 

The issue, underwritten hy X 
group led by Merrill Lynch 
and First Boston Corporation, 
will go oa salp tomorrow at a 
price of $25 to yield 11 per 
cent. This high yield reflects 
not only the general weakness 
of Lbe securities murt-el. but 
also the price which Chrysler 
has to pay to ensure a market 
for. its issue at a time when 
its financial and marketing 
problems are constantly in the 
news. 

Stepping up Ibe i^ue from 
6m to 10m preferred shares 
means that Ibe cumpan-. will he 
selling half of the total pre- 
ferred debt recenlly nulhorised 
hy Its annual meeting. 


bonds that about 9.55 per cent to maturity. Federal Government, sauT: Mr. ■ 

The 9i per cent bonds will Chretien. . £ - ■ 

issued in a maximum amptK&of The new 1981 bonds Me. wr 
C$45 0m and will be eligiblel addition to C§775m of similar factoripg /pl^rtv 
beginning July 1, 1978, fo^ wir- securities that , ^ 

chase by the Purchase earlier. The nev^l^bon^.w^ ^reedtne_^e.^ 

which became operative, ' ‘ ** r “ '* 

maturing October 1, 1976. 

The Bank of Canada 

The three-part offering will to acquire a minimum 01 m ine rauiv »turr»s,-uw- - ie^nrog".'«^5:.--\ 

consist of: 1 — 8 75 per ceot bonds of the new bond. This acqot& new bonds will hem addition to tobacco atid'bd&.igl'piip; s'.-' : 
due June J. 1981, at a price of tion will be open as to maturity C$1.17bn of similar • bonds a cnnired J all the • ttLTtfe ^tuiTaL^fi .- ' 

99.90 per cent to yield about except that the total will include issued earlier. • ing shares-nf • 


to repay earlier 
mature July 1. 

The Bank of Canada will take 
at least C$400m of the new bonds, 
leaving up to C$600m for public 
investors. The Central Bank 
holds C$3 83m of the 
Government bonds. 


ura-jT. 


Commercial paper growth predicted 


agencies report frdmrNew-Ybyc,'.. - 
The terms of ^».'4£Pefe$4S* a v - 
share,- .worth a 6otalv<rf.$5l4j}>--,. ' ! . 
were agreeC by-^hd jcpmpaniea. >* 
last' month. ^ ' sr . , * 


BY OUR FINANCIAL STAfF 




SALES OF commercial paper by 
ILS. companies could continue 
to grow at a record pace until 
the end of the present decade, 
at the expense of commercial 
banks, according to Mr. Theo- 
dore H. Silbert the chairman of 
Standard Prudential Corporation 
and of Sterling National Bonk 
and Trust of New York. He pre- 
dicted in London that the UK and 
Europe might develop a similar 
pattern in the coming years, pos- 
ing an additional competitive 
threat to the commercial hank- 
ing system in the UK and Euro- 
pean community. 


In December, 1977, total com- 
mercial paper in the ILS. :rose 
S2.4bn to a seasonally adjusted 
record S65.1bn. For all of' -1977, 
total paper increased by SlSilbn 
from the S53.0bn outs tanding at 
the end of 1976. > J,. 

Although a minor factor Is 
UK financing today, commercial 
paper in the U.S. has provedeto 
be a successful method of -pro- 
viding financial and industrial 
firms with short term funds,.. ; 

Commercial paper is issued 
primarily to finance seasonal 
working capital needs in' lieu of 
bank borrowings and. because 
these promissoiy notes are jin- 


secured — bearing . only, the name 
of the issuer— the seller's market 
.is dominated by companies with 
good reputation. . 

Only some 500 to 1.000 of the 
leading U.S. corporations Offer 
their commercial paper for sale. 

The principal advantage -of- 
commercial paper to the issuer 
is lower cost Even after broker 1 
commission charges, administra- 
tive expenses and interest, the. 
total cost is generally belowThe 
prime rate on bank loans. > U:S. 
banks usually require 20 per cent 
compensating . balances.-.- which 
increase the “real”- Interest 
cost of loans by 25 per cent. ; . 


20th 

Twentieth .CentuTycFOxf,’'" ^Khn 
Corporation has; agreed sals 
of- a block of studio' property in 
Los. AngeIes-4o: Ring, Bra 
unit; of Monogram- - J^aistliea," 
reports AP-DJ fcomi Bevo^y 
Bills.:. The sale ^rice. Jst.soiae 
$3^in. - • •.. s V >r-' 


7 11 




•.jC.- 

4-J 1 


Ohio Edison a nno unced ; get,ea^n- 
iztgs'for the 12 months- toMk^ST 
of SL67 a share, against, 
previoudy: Total net was SSJ^nr 
against- 985^m -TepoTti, -APIfJ.; 
Revenue, of ’ ?S2L5ni ^cpnaafed 
yrith.S70fimiast tim'd. vS:'-.-. 


. 1 
-■O'" 

■eo'"-' 
^ '■ 


n r- 

.icj- ’ 
-r.-J"' 
• ■ 







EXCERPTS FROM THE 1977 ANNUAL REPORT 




' -S V > r r ' ^V_- r 

--V- - S.-.-.n. tv... y.:- ; •.. . 




LAMBERT S. A. 

SEL LAMBERT N.V 


1977 was a year of major organisational realignments within our group. 

The integration programme we initiated several years ago reached an essential stage and 
climaxed in the formation of a broadly based group organised into three companies, 
Banque Bruxelles Lambert, the banking services arm, Compagnie Bruxelles Lambert, the 
financial services arm. and Groupe BruxeJJes Lambert, the holding company controlling 
the two operating units. 

Recapping the main developments in this integration process takes us back to 1972 when 
the holding companies Bnrfina, Cotinindus and Colint er were merged with Compagnie 
Lambert pour ('Industrie et ia Finance and redesignated Compagnie Bruxelles Lambert 
pour la Finance et I'lndustrie. Subsequently to the merger, investments of the new compa- 
ny included a 100 percent interest in Sanque Lambert and a 9.7 percent interest in Banque 
de Bruxelles. 

Then, in June 1975 Banque de Bruxelles purchased Banque Lambert and the two banks 
joined forces under the new corporate style of Banque Bruxelles Lambert. 

The next stage was staled in May 1977 when Banque Bruxelles Lambert raised its capital 
stock by BF 3 billion through an offering ol 2 million shares of common stock priced at 
BF 1.500 each and reserved exclusively to Compagnie Bruxelles Lambert pour la Finance 
et I'lndustrie. As a result, this company’s slake in the Bank rose from 9.7 to 44 percent. 


GROUPE BRUXELLES LAMBERT S.A. 

Virtu ; lly 100% Virtually 100% 

BRUXELLES LAMBERT-SIMURBEL 

I 

44.2 

I 

BANQUE BRUXELLES LAMBERT COMPAGNIE BRUXELLES LAMBERT 


In June 1977. Compagnie Bruxelles Lambert pour la Finance et (’Industrie brought the 
corporate headquarters building in Brussels into SA Acta, a subsidiary held jointly with the 


Bank. Ultimately, this subsidiary Is to be con trolled by. the banking services end the 
financial services arm proportionately to their respective occupancy rates in the building. 
So far, this transaction was not completed. 

Lastly, in August 1977 Compagnie Bruxelles Lambert pour la finance et Plndustrie 
transferred all its assets and liabilities to two virtually fully-owned subsidiaries : investments 
In Banque Bruxelles Lambert were brought into Bruxelles Lambert-Simurbel together 
with a liability of Sw F 80 million, while ail other assets and liabilities were brought Into 
Immobifigre d’Egmont - 

Immobli6re d’Egmont then changed its name into Compagnie Bruxelles Lambert and 
continued operations previously conducted by Compagnie BruxeUes Lambert pour la - 
Finance et I'lndustrie. 

Compagnie Bruxelles Lambert pour la Finance et I’lndustrie, for its part, was shaped from 
an operating into a holding company and redesignated Groupe Bruxelles Lambert SA,; 
thus changing its corporate name as well as its corporate profile. 

With these steps now behind us. we believe we have achieved the goal we had been 
striving for since several years, namely to set up a targe integrated unit capable of provJdfnq 
a broad array ol services, both domestically and Internationally, and featured primarily by 
the interlocking strength of its components. 


ki 




tv a 


Summarized Financial Highlights 


Group assets bro>e dev. . - 3 ioltows : 


Break-up Value 


Preliminary Remark 


Ev\au'->? subsLmliol tiruclural ch«r c-fle-zt during ih«? psst fiscal year and takrca 
\t iovi dates ol nil subsidiaries >11x1 did col ,“it cony '.jo hire tjoen unable *0 

piesentour consolidated lirwnew ' . n-inynM .-,-5 ^.i December ;; _lv77 ina>:coidai>:e'.viih 
1 he counting ciHri prwribed i> R>y/al Uc-rre^ oi Mo.-2T.Lff Lv, 1977 setting out the 
Jinjiyijl repining requiremen Is ic-r ly-Uing compands. 


v.iil oovf r oniy mne months. 


'el <y v,e v.i.hed lo ^l-eK'h an o>$‘-rvi 
?.t .'.ifnv-n; showing Unh esnmatefl rj v 
oM, VJ~7. 


’ o’ir nrxip. v.*> crer>.srfd a cowjliijaied fin^nrijl 
: .^nfo values 01 as sa s aitd l;aWit«esas at Sepi^mtvr 


r.r ii-.o re.ir--ns o- 01 ifnc-d .ibv v.f -;-J --:t v«pnr» a -?o»v>ytc5ted inccrr.j S". "jlf :T5nt but v.-9 
ion «t v.ou'.;i Lo upprvpt.aw 10 » 1 .* o - =*n:>vis 

O-jf .;otv>eiv<:iive f *i:«Miion ,n « 'r • t.otoif deure-i'et^n *.*.«'! 9F 3 :«ilicn ard 
it net c-rom BF i *:.t 4 iion.m«?f€*ii -in-"iot .myhisailr-l>Jt3Cia toGrcut'-jBru -eHesLainbert 
|:jie e\)u:>..ticnts ate, BF 4‘X ..-.'.-j _vu rcupeaiwxy. 


Bon^s ; SanqiJ-i Bru-elte. L.-; ni:ert consc-lidaledj 



46 *0 

In.-cstmems 



39?i 

Pcdio rind P.' 1' r •• ":d • r imn 


im 


insurance, nnancidl .onpantes 


5% 


F 7->1 


5"A 


r.i! 


4U 


S-eel. nonterrous rr^-; metalvjorking 


4 Vo 


Be+aium. Lu.-terrimig, France 




Greece 




Public utilities ermirvicnno, consultant engineering 


3?i 


Ben! estate abr.^jq 




Gr-rnmercial comp.-r.iis 


A L '3 


Retelling 


1 e * 


Eeyeranes 


1"., 


iTXner irid us»rie3 


22u 


Real esiale assets 



9% 

0:'fpc>raie premia?. 




f.tscellaiieous assets 



37'. 

Ta^i 



100"i 


At the end of September 1 ? . net assets of the group were valued at BF 23.221 million, comoa- 
g?,!?®- 13.30/ mili.cn at the end of 1976. Net assels attributable to the group totaled 
BF 12.387 million as against BF 11.206 million al lhe end of 1976 


Tlw break-up value per share thus emerged at BF 3.097 goodwilf excluded uo 16 2 oerceht 
Ol IV o. the pretax d.vidend of BF'i37.5 deducted. 


from iis level at the end ot ^ 

Bre3k-up value at the end o; last year was estimated to nave reached approximately BF 4,000. 


Largest Participations 
of Compagnie Bruxelles Lambert S. A. 


:W. 


Tlv? largest p'^riicipalicns ci Compagnie Bruxelles Umbert which accounted for neariv 
83 percent erf total estimated value of consolidated investments were; " 


nfillionBF 


Per J 


Statement ot Asset Position 


Asset Position 


The co'.ition compul«J in 'rjr-r.lsrrs with our usi '51 -;i=r.j?rds spd^d on 2 consistent ^ 

ajj/j. 5JW.1S [ftC efhrroicO vjIjv v ! in;- various cMgor:~S CA the group. ^ 

r-i 


E si ‘ mates tor listed securities sr* on sock market v«Juss ns i-i September cO. r3~7 
1 h> j je tor uriiioi V'j seouritie’ ■ ■n vj.!* ir joil.onjl cnteriia is ret sl 7 ;; ■ value, cisciiKjnie*- 
lio-.v dtsrounied earnings. -Ji.. out ited dividend. West iransaci-on pn-^ ft.; .-Assets tnus 
valued chov/ed an apprecianon *:-■ BF -j yr-.i million o'/e.' bcc-; vaijws laal appr-sciai- n 
Ixore dov.rt into BF 1 049 m'if'9'jo: assets. BF 7,75? 7 m.-'y-r. ; ?r mvesimerri 

L’.rtd mirketaole sGLunues, ur>j 01 -. 1,015.4 million for gcr.5rn:p=rii sec-jriiies C-'^ued at 
nutlet prices). 


Current liabilities grcounled for ?. 7 per-enf of gross 3 o 7 t* 3 . v.Ws ic-ng sn-j medium- tern 
t'abi'rfies aorounted lor IJ 9 P wreerw C-^&psi ir-.vsted was ?' 7 ce.ver ; oi g-oss assets. 
^auist $4.5 percent al me end 0; r?7-:, v.ntroas slocUKias.'S' equuy ».-as 76.3 percent, 
compared wr.ih 67.-1 percent. 


m 


Tna Ijic-.-sr Jo'/m pet area is fho.vn cj?: 

F1.1r.1no 6:' 1 ot wfitch Boigiu 1 " jjr.ij Lu -emburg 33S 


September 30, 1977 

million BF 

rn% 

In-.-teSinv iis : arri*; jt rqu,-:/ m net assets 

3.260.3 

103 

Other ir.v£js.*m5nts 

10.8606 

13,330.9 

34 9 

45.7 

Feil ssiste asset: 

tl 5^7 6 

6.6 

C jrporate orernise^iumiujra and equipment 
Other aiSet.s 

9,236.6 

20.7 

* m,sceilan&Duy ascete 

3837 

1.1 

* debrors 

€89 3 

2.3 

♦ casn and squivalsrl 

56. 1 

1,099.1 

0.2 

36. 

I lei current hanWng assels 

3.4439 

11 4 

Gross Assets 

30.248.1 

100.- 

Current bstuSliss 

- 2 505 2 

-8 3 

Capital Invested 

27.742 9 

91 7 

Indium and lc>r.q-term febiliCss 

-4 522 1 

-14 9 

Stockholders Equity 

Anribulebte lo Groups- Bruxelles Lambert 
Attributable lo mmonr,- mi-re as 

23.220.8 

12.386.5 

10.834.3 

76.8 


Attributable to lhe Company : 

Compagnie Lo>.emhoi. ir cJs Tefedifft/s’on 

Peirofina ” . . 

Electrobel 

L'i'Jrbaine-IJAR 

FinanciereduRuoU 

Indudnat participationy F=id by Compagnie Industrielte et Financiers - 
des Produits Arrr.-la wi 'C.i.R ' 

GB 1 !SSSfiaH J!33,l0nS held b i ,th0Lsmbert Brussels Real Estete Corporation 

Die<et Burnham Lamiy-t Group !r^. 

Keystone Resources Inc. 

Groups Vtohalco 
Deihaize Frercset C.a"Ls Lion" 

Cockenii 

Lc-cabol-Firanvest 

Socieie Immobtiiere et de Construction d'Avoria: n SICA” 

Dev/aay, oebilte. Serves. Van Campenboul et Qe S.C.3. 

Artemic 

Compagnie Chimique et i.ieallurgique de la Campine 
aherpamcipanons 
Allributatte to minonty interests 


1,413 

•1,240 

640 

€05 

580* 


• 578 
'281 "' 
'270. 
25! 
218* 
196 
132 
126 
122* 
121 - 
117* 
115- 

no 

2.062 

2.489 




^carried at equity in n*i assets 


11.74& 


A 


■frit 


,-rn«?iv.a 
A*r:»; a 




Tok-I 


i c"J 


Dividend 

* - ■ — 

Due to the absorption cl C-.mpagnfe Auxiliaire Internationale de Cheminsde Fer the slrudure Net dividend of BF 90 on the & ml^on shares oulslandim. This imolies ufflraHnn nf lr' 

ot qi-jSS attsis is to be llioroughly modified by the introducuon ol substantial railway assets (he carryforward ^ had ^(T.-ded tor wih a v-ew to tnesfructura! charSes Duam 

under ieaie. changes .and to the poor eu w>ianc errvironmant. the dandendistomr than the pf&vkxisyeafe- 



t. ■ 











ll 




Financial Times Wednesday June 21 1978 




^Ott 

°rs 
a in 


Swedish 

wholesaler 

doubles 

profits 


Shareholders reject AEG 
plans for voting controls 


By usue coutt 


... "kt r J 

- tr.-iu. 

'? *«& 


By Wafom Dullfprce 


ftsposaj 




• • £j*M 
,: r -* 


*r 1 


i ■/'« a* 
.... ». 

' - -.3 •?* 

-• - fe 

' ' ■••• 


,n "is Dun 


dur> Fijs ^ 


,x ‘ ''i re<j!i 


STOCKHOIJK, June 20. 
SABA, the Swedish wholesal- 
ing^, bruit and vegetable trad- 
grouF, doubled earnings to 
Skr SOnr (517An) last Tear 
. -despite failing to meet its sales 
.target Turnover, held hack 
by. a decline in Swedish con- 
sumption aunt a 14-day strike, 
8 ??w hy 6 per cent to Skr 3Jbn 

> ($1.13bnL 

"SARA is owned mainly bv 
\?*® SaIen shipping company 
per cent) and by the Jpfan- 
son group (40 per cent). Us 
-'tafKtet subsidiary Is DAGAB, 

> wholesaling group which has 
_been developing its own retail- 
. Jig chain and a catering busi- 
ness, Last year DAGAB turned 
in sales of Skr 3.4bn. 

• income grew bv 
SRr 46m to SRr iBSrof Depre- 
dation was raised by SKr4m to 

*od net interest costs 
clrmoed by some SKr 5m to 
just under SKr 40m. After in- 
creating the inventory reserve 
oy SRr 46m and taking out 
ertra depreciation of SKr 18m, 
SABA shows a net profit after 
tax of SKr 5.3m. 

• In 1977 the return on total 
capital employed grew from 11 
-to 14.7 per cent. Liquid assets 
heftf at the end of the year 
-were- SKr 165m while stocks 
were valued at SKr 381m, or 
7-3 per cent of sales, and claims 
on customers at SKr 306m, or 
. 55 per cent. 

SABA acquired a 20 per cent 

• holding in NTC-Aahlens, 

Sweden’s largest private retail- 
ing chain, during the year. An 
accompanying agreement 
between DAGAB and ISTK- 
Aahlens will boost DAGAB’s 


SHAREHOLDERS in AEG-Tele- 
funken have narrowly rejected a 
controversial company proposal 
that voting rights be limited to 
30 per cent.. The vote, taken 
at the annual company meeting 
here, was 66.19' per cent for the 
proposal and 33.8 per cent 
against. However, the executive 
Board needed exactly 68.67 per 
cent to carry the plan. ' 

AEG, which is the third largest 
electrical group on the Continent 
after Philips and Siemens, had 
told shareholders that continued 
“ speculation " over the purchase 
of a large block of company 
shares had caused “potential 
partners in new co-operation 
projects " to adopt a wait-and- 
see attitude. This was intoler- 
able for the company and was 
the reason for the plan to limit 
voting rights. 

In recent weeks, there has 
been a heavy turnover in AEG 
shares, and it was suspected that 


BERLIN, June 20. 


M. Boussac 

offers to 

use private 

fortune 


Banque Nationale expects 


earnings to level out 


BY ROBERT MAUTHNER 


PARIS, June 20. 


block of shares had been 


bought in order to influence the 
voting today. The chairman of 
the executive Board, Dr. Walter 
G:pa. said. In answer to a ques- 
tion. that Kuwait bad not bought 
up 17 per cent of the company's 
shares as rumoured. The shares 
closed at DM81.7. 

Shareholders were clearly 
averse to the control of voting 
rights. The major banks, which 
represent shareholders and nor- 
mally vote along management 
lines, abstained in today's vote. 

One* shareholder after another 
siood up to express opposition to 
the plan.- Ope d£ them noted 
that he had nothing against a 
“big brother” buying up com- 
pany shares, a reference to an 
earlier remark by another share- 
holder, who asked the executive 
board: “Can we get out of this 
mess on our own, or do we need 
a big brother?” 

Another shareholder asserted 
that “unfriendly take-overs" and 
“asset strippers” would not be 


warded off by any limitation on 

voting rights. 

Dr. Cipa also told the annual 
meeting that for 1978 AEG was 
again unlikely to pay a dividend, 
making five consecutive years of 
no payments. In 1977 turnover 
rose by 6 per cent to DM 14.3bn 
and is expected to increase by 
"several hundred millions" this 
year. Sales up to the end of May 
had risen by 2 per cent. In the 
future AEG's foreign sales would 
become increasingly important, 
said Dr. Ctpa, as the “saturation-'' 
point bad been approached in 
West Germany. 

A number of irate shareholders j 
voiced their displeasure over the 
Jack of dividend, with one of. 
them asking how the company 
could expect shareholders to 
“ continue giving interest-free i 
loans to the company.” ! 

Another shareholder got a 
round of applause from the. 
audience, when he told the board 
“Your job is to earn us money!" | 


By David Curry 

PARIS. June 20. 


Euromarche sees sharp gain 


BY DAVID CURRY 


PARIS. June 20. 


THE FRENCH hypermarket and 
supermarket group Euromarche. 
the second largest national 
retailer behind Carrefour, has 
promised 35-40 per' cent 
increase in ^roup net profit for 
1978 to whet the appetite of 
investors for its share introduc- 
tion at the end o[ the month. 

The group has also confirmed 
that it is strongly on the. take- 
over trail for small groups or 
independents, that its invest- 
ments in the do-it-yourself area 
are beginning to pay off. and 
that it is sticking to its self- 
imposed role of having nothing 
to do with overseas investment, 
apart from an occasional know- 


how deal. 

Euromarche is not famous for 
fis reticence, and chairman M. 
Raymond Berthault declared 
that it would be able to finance 
a FFr 5QOm investment pro- 
gramme between now and tbe 
end of the decade without 
resort to a capital increase or 
tapping The money market. It 
would have some FFr 110m in 
quickly realisable cash at the 
end of June and “our working 
capital is one of tbe strongest 
in the distribution sector." 

To make shares available for 
the public, the two main share- 
holders are accepting a dilution 
of their holding. Viniprix, a 


Paris-based down- market group 
with nearly 30 supermarkets, 
will see its holding reduced from 
69.36 per cent to 53.02 per cent. 

Tbe Printemjis store group 
will put 5.01 per cent of its hold- 
ing up for sale, leaving it with 
19.29 per cent. Altogether, 21.35 
per cent of the capital is being 
offered at a minimum of FFr 260 
per share. 

In 1977. the Euromarche group 
bad a turnover of FFr 3.1bn 
and attributable net profit of 
FFr 18.3m ($3.9Sm). 

The Euromarche parent com- 
pany operates 39 shops of which 
it owns 20. It has opened three 
hypermarkets over the past eight 
months. 


M. MARCEL BOUSSAC. the S9- 

yeur-old bead Q? the virtually 
bankrupt textile empire which 
employs 11500 people, has 
offered to dispose of a con- 
siderable portion of his per- 
sonal assets to try to keep the 
group i® existence. 

It is understood, however, that 
the creditor banks are refus- 
ing to "accept the proposals 
because M. Boussac is demand- 
ing that they free the assets 
be intends to sell from act- 
ing as security for rhoir loans. 

The Boussac proposal was put 
to the Paris Commercial 
Tribunal which has taken 
over management of ihe group 
while it attempts to son out 
its affairs and work out a pro- 
gramme to raise money, 
reduce employment and sal- 
vage the in ns t financially 
viable parts uf it. 

The Government has always 
demanded thaf AF. Boussac 
should make an effort person- 
ally in order to clear the way 
for the State to provide aid j 
for an eventually revamped 
operation. 

The main jewel xtilt remaining 
m the Boussac crown is the 
Christian Dior fashion busi- 
ness (its perfume offshoot was 
disposed of some years ago) 

In addition, lh<? Paris daily 
paper, L'Aurorc. and its sport- 
ing (and more profitable! 
siableraale. Paris-Turf. is up 
for sale provided u politically 
suitable candidate can be 
found. 

It is virtually impossible to puT 
a value on these assets but 
the hole which remains to be 
filled at-Rmissac is in the order 
of FFr 800m — and AT. Boussac 
would certainly rail weJJ below 
this figure even at bis most 
self-sacrificing. 


HAVING INCREASED group 
profits fay 13 per cent at the net 
level last year, Banque Nationale 
de Paris, one of the '* big three " 
nationalised banks in France, 
expects earnings in 1978 to level 
out. 

This year consolidated earn- 
ings should be broadly the same 
as the Frs 406m (SS9m) achieved 
in 1977. said chairman M. Pierre 
Ledoux. Parent company net 
profits last year were Frs 40m 
higher at Frs 290m. 

The bank's foreign branches 
and operations increased their 
contribution to earnings to 50 
per cent compared with 45 per 
cent in 1977. 

BNP's consolidated balance 
sheet increased from Frs 206.6bn 
to Frs 255.3bn last year while 


net domestic banking revenues 
rose by 13 per cent to Frs 7*46bn 
and fixed operating costs by 12.6 

per cent to Frs 5.6bn_ 

M. Ledoux said that BNP 
intended to create a new unit 
trust, 60 per cent of which would 
be made up of French shares, 
in accordance with the new regu- 
lations in this field. 

In spite of last year's improved 
results M. Ledoux stressed that 
the outlook was not entirely 
satisfactory as a result mainly 
of the stringent credit controls 
which continue to be applied by 
the authorities. 

According to tbe chairman, it 
could not be ruled out that tbe 
state would agree to some reduc- 
tion of its participation in the 


nationalised banks as part of its 
policy of breathing new life into 
the Paris bourse. 


M. Ledoux also complained 
that the traditional banks were 
facing increasing competition 
from para-banking institutions 
such as the Credit Agricole and 
Credit tfutuel. which benefited 
from special tax concessions. Not 
only were the latter taking a 
rising share of current account 
customers, but they were eating 
into the company loan market. 

Tbe association of French 
banks bad appealed to the 
authorities to modify the privi- 
leged status oF tbe para-banking 
institutions and their decision 
was expected to be announced in 
the near future. 


Burmeister shares hit 


BY HILARY BARNES 


COPENHAGEN. June 20. 


SHARES IN the Burmeister and 
Wain shipbuilding and industrial 
group fell by 35 points on the 
Copenhagen Stock Exchange 
today after Press reports link- 
ing Mr. Jan Bcnde Nielsen, 
managing director and majority 
shareholder, with liquidation 
proceedings in a company in 
which he was cnee a partner. 

According to the Press reports, 
the company's auditors have 
found that the accounts in The 
company were " chaotic " and 
that there were a number of 
•‘inexplicable transactions." The 
company was Danish Chrysanthe- 
mum KuHur iDCKI, in which 
Mr. Bonrie Nielsen was a partner 
until 1974 with the former Kenya 
Minister of Agriculture. Bruce 
McKenzie. 

Mr. Bonde Nielsen sold his 
share in DCK to Mr. McKenzie 
in 1975 and DCK went into 
liquidation in the following year. 


The auditors’ report into the; 
cause of the liquidation is due, 
to be submitted to the Danish 
Commercial court shortly, and so j 
far has not been published. 

In a television Interview herd 
tonight, Mr. Bonde Nielsen suid| 
that there was no connection 
between the affairs of DCK and 1 
either his position in Burmeister 
and Wain or bis private financial ' 
situation. He agreed that there 1 
had been what he called “a 
period of confusion" In DCK.I 
when “ formal and administra- 
tive matters " were not in order, j 

He said that settlements have) 
been made with ail DCK’s 
creditors with the exception of I 
a Swiss bank, but that settlement 1 
with the bank was . expected 
fwithfn days. According to Press 
reports, DCK’s debts were 
between Kr 50m and Kr 100m 
(ahout £5-10m). 


COB rules on 
disclosure 


By Our Financial Staff 


COB, tbe supervisory committee 
of the Paris Bourse, threatens to 
make public tbe names of com- 
panies who do not satisfy its 
recommendations on the dis- 
closure of results. 


This latest move in what is 
being increasingly seen as a con- 
certed effort by the French 
authorities to crack down on 
poor accountancy^ disclosure is 
made via the pages of COB’s 
latest monthly bulletin. The 
highest importance is attached to 
the publication and proper ex- 
planation of company results, 
the committee says. 

The bulletin stresses that com- 
panies reporting for tbe quarter 
ending this month should “ tell 
shareholders exactly bow tbe 
figures have been calculated." 


annual deliveries by SRr* 00m 
at 1977 prices. 

_ In 1977 SABA also continued 
Its expansion abroad, opening 
a new office in Rotterdam and 
'at the end of the year acquir- 
ing the entire stock in the 
International Fruit Company 
in the same city. SABA already 
has operations in Argentina, 
-Britain and Italy.- 


Lending margins forecast 


BY OUR FINANCIAL STAFF 


The acquisition of Inter- 
national Fruit was financed by 
the group's first foreign loan. 
The shareholders’ report notes 
that SABA's development plans 
will call for farther outside 
capital, both domestic and 
foreign, and that greater atten- 
tion “ must be paid ” to financ- 
ing Imports in foreign curren- 
cies. 


MARGINS IN the international 
lending business are by no means 
cm tbe verge of rising again, a 
senior U.S. banker said in 
London yesterday. 

Speaking at a lunch to promote 
the current S90ru stock offering 
by Continental Illinois Corpora- 
tion. Mr. Roger Anderson, the 
head of tbe bank said that-while 
he foresaw rises in loan demand 
inside the U.S. pushing up 
margins on U.S. domestic bank- 
ing business, he thought that 
international liquidity would 
persist f. 

This was because tbe US. 
banks no longer dominated the 


international lending business 
and, even if they withdrew from 
it, tbe continuing recession in 
other major industrial countries 
would leave batiks in those 
countries dependent for profits 
on expanding their international 
lending. 

Asked to give a prediction on 
U.S. Interest rates Mr. Anderson 
suggested a 9} per cent figure for 
the prime rate at the end of this 
year. 

Mr. Anderson's comments on 
the margins on international 
lending come at a time when tbe 
banking community is deeply 
dividend on likely trends. 


$210,000,000 


Banco Central de Chile 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS \ 


Medium-term Euro-dollar loan 


JTRA3GMT5 

Alcan Australia si pc 1988 

AMEV Bpc 1887 

AHStrati* Sipc 1992 ... . 
Australian M_ & S. 9ipc *82 
Barclays Bank Sine 1802... 
Bovfitcr Mpc 1882 . . . 

Can. N. Bail wav Sipc 1986 
Credit National sinr 1988 . 
Denmark Sipc IBM . ....... 

ECS 9 pc im 

ECS-ttpe TOT 

era wpc 1982 . 

EMIWJJC 188B 

Ericsson Mac 1889 

Earn 8pc IBM Nov 

CL Laces Paper Rfpc MM 
Hamers! ey Mpc 1983 ... 
Hydro Quebec Bpc 1992 

TCI *|pc 1987 .... 

fSK Canada Mpc 1999 ■ 
Macmillan Bkwdcl Bpc 1992 
J4aa9VY Ferguson 91 pc *91 

Mi&elUi Wpc 19BS, ■ 

Midland lm. Fin. 8 toe TO 
National Coal 8tL Spc MS7 
National Wgtmnvr. 9 dc *86 
WaiL Wstmnstr. 9pc "S8 'B' 
Newfou n dland Bpc 1888 
Tflrnttc Irrv Bank B!pc 1989 
Norses Kom. Bk. StPC 1995 


Norpipe Sfpe 1989 

Norsk Hydro 9Jpc 1992 .. 

Oslo 9pr I9S8 . 

Poris Aotonomes 9pc 1891 
Prov. Quebec «pc 1 995 . 
Prov. Sa5k3irtiwii. 8|pc W 
Reed. International 8pc 1987 

HUM 9p r 199? 

Selection Trust Slpe 1988... 
Strand EnsfciMa Bpc 1991 . 

SKF 3 pc 1887 ■ 

Sweden iK'dora) Sipc 1987 
United Biscuits 9 pc 1989 ... 
Volvo Spc 1987 March .. .. 


New Bntus. Itrdv. 8|pc *89 
New ZealtUdlUpc 198fi _. 
Nordic fov. Bk 7jpc ism 
PW rek Hydra 7toc 1682 . ... 

Norway ?ipc l)8S 

Ontario Hydro tac 1987 

Stager Mpc !B82t 

S. of Son. Bleclstpc 1981 
Sweden nCdonOtypc 1WI 
Swedish Sate Co: 7Spe •ffl 

Tames 9* pc IBM 

Tauteco 7fpe !987 May ... 


MANAGED BV: 


Voftsrwaaen 7|pc 1987 93* 


NOTES 

Australia 75pc 1984 

Bell Canids 7Jpc J987 ...... 

Br. Columbia Hyd. 7ipc '8o 
Can! Pac. Sine IBM .. .. 

Dow Chemical Spc I98S . 

ECS 7*pc 1982 

ECS 81dc IM» • 

EEC TJpc 1992 

EEC 7JPC 19S4 

Enso Goroell 8iPC IBM 
Goraverken 7Epc 1982 .... 

Kocknras SPC J8S3 

Mich elto 8Jpc 1983 . . 
Montreal Urban Ripe l®*! 
New Brunswick 8 PC IBM 


STERLING BONDS 

AJBed Breweries IN pc "90 871 

Citicorp ldpc 1983 91 

Coanaolds 9lpc 1989 ss 

ECS Mpc I9W sl: 

GOB MPC 1988 944 

BIB MPC 1892 92J 

Ffiance for im). Mpc 1987 90 

Finance for Ind- lDuc 1989 Bll 

Fbooa IIHPC 1987 83* 

Geueroer Upc 1988 Vi: 

IRA Mpc 1888 Wl 

fiowntree KHpC 1968 88 

Sears Wipe 1988 891 

Tgtal OD Si pc 1984 90} 


Morgan Guaranty Trust Company of New York 
Chase Manhattan Limited 
Dresdner Bank Aktiengesellsch aft 


The Bank of Tokyo, Ltd. 
Citicokf International Group 


CO-MANAGED BY: 


Canadian Imperial Bank of Commerce 
Security Pacific Bank 


Midland Bank Limited 
Union Bank of Switzerland 


I Asian Dev. Bank 5} pc 198S 
*ITDB Blue MRS 


E.B.E.S. 


Societes Rennies d’Eiiergie du Bassin 
de L’Escaut S-A- 


Points from the Directors’ Report 
for the year ended 31st December 1977 


WDB 8lnc W6 

Canada A Spc 1983 . ..... 

Pen Norsk? Id. Bk.. 6nr *90 
Deutsche Bat* llpc 19R3 

ECS SI pc J91I0 

STB 5tpc 1990 

®f Amitaine Kpe 1988 ... 

Rnraram sine 1987 

Ptaland Sipc 19M 

For smarts 5Sw 1909 

WftxJcO Spc 1883 

Roman sipc i«9 

N5r**ay llpc 1953 

Jtonwty 4! pc 1983 

PK Banken 53pc 19«S 

T^ov. Quebec Upc !!*H> . 
Jtamamuttl 5 Spc IASS 


FUNDS PROVIDED BY: 


Morgan Guaranty Tki>i ' ompany of New York 
The uiase Manhattan Hi -k,2s.A. 

Dresdner L)\nk Aki ilni.i ^ellscuaft 


The Bank of Tokyo, Ltd. 

Citibank, N.A. 

Canadian Imperial Bank of Commerce 


• i.ri-iJ Cj. aiir. 1*< ■ • 

Midland Bank Limit ed 


The company’s total electricity sales rose in 1977 by 2.<% 
ine uj-L ynitnoe sales were up by J na 

'ffX JE? prised by 7 3 % Of tb. total per 

“a ’participation, 
from outside sources. Gas sales 

1 jnse by s scheduled to come 

— “ re 

A WU» 

IffiSiffl from the accounts 

1977 I» 

f r . (B.Fr. 

1.922.601 


Spain Arc 1998 
Trondheim STpc 1988 ■ 
'TVO Power Co. (for- I9SS 
VtJWOTPlo Bpr J9JB* 

^orta Bunk Sipc 1999 .. .. 


FLOATING RATE MOTES 
Rank of Tokyo 19S4 Bjpc 994 

RFCE 1984 SlPC — 

RNP 199S 8ltf.BC - 1W* 

SOET Worms iass flpe 

CfF 199R oapt- 99* 

qGMF 1954 8n«»c «} 

ttrtWatisttli 1994 8}pc *»* 

DG'Baift 1883 9pc - 

twB.'isfn si I#. oc 2* 

fotl. WrtufnTHwter 1984 Spc 

Uo«ds TWO SlStBPC 190* 

LTCB 1983 BPC ” 


Midland 1997 89i6PC ■ • • 
iw»l. W uwit utf r . ‘S® SStspc rr* 

IIKB WO 7I»c 

■9VCP W5 «nc *£* 

Stand.. and CTurd. -m 9 ’or' 

Mob. and CUm'B *< «**■* **J 
Source: White Weld Serarlnes. 


- ’ ’ n 2.153JW5 

3 1MJiM 

• in Operating ExpeosfS^ - 2.792,071 

. income from investments ; 2 , 49 s jtSO 

im w* 1 


'-"Balance sheet 

^Current usset 5 , 

65.485,167 


2.62S.213 

2.232.620 

0 j 63,158 
2,037,713 


42.702.536 
14.3i 5-2?i 
34.979 


57.112.606 


Share ^.capitfd 
Reserves 


16^552,500 

6.66L231 


33,702,500 

5,848.749 




23^13,731 

2R.325JI14 

13^46.422 


19.611. 349 

25555,953 

10,944.404 


5 7 ’ u "— 


u 1 17? is 

mentionefi dividend “L ^g^pon* should ^ 

anon Of coupon No. 34. j 4 Bi? ho^gate, 


pay®® 0 * 


d, 4 

current rat® 


4 AD.ioi.r-w- 

. Report and Accounts tor 1877 are obta 


.ttoiivertjhi.es 
American Btrarefis 4 *dc W 
« tii la ml 5oc 19W 
-Ttabcoctc * Wtlpna Mn-’ V7 
•hestrlce Funds 4*oc 199T 
^niTTfpp FnOils ^nc 1982.. 

.Repcham flfpe iB9? 

Rattlen Soc 198? 

’TrnatJwav Hale 8*uc: 19R7 

(fonviloir iw 

tifTO i Bin* 1SW . 

nan line 1OT7 ■ 

B'siwnmn Xndnk 4»nr 1*1*8 

Rrijncrnilc Lahi iW 7 

Pl rwtww Srv 1BSS 

Ford Sue - 

XJchcrAl Electrir Aloe 1887 

■rm«te 4!iw 1987 

Rould 5pe_ IW 

rulf and Wcwrtrn Spc 1SS8 

ffarrte Sue 7092 

waneTtwU Rnc WSfi 

TCI BIw 1 «W • - 

VA Bk 1897 — 

IntitciMt B’tte 1992 

.ITT 4’ne 1997 

jjlwcd liBC 1*92 ■ • 

Rpniatni T^tiP 1990 . . ••• 

1 .Rov McDermoi' "nc "Si 
Wsftijgliiia B^tr 1990 . . . 
'Wsui.Wv 1«» . .... 

T- p. Moresn 4*nc 1997 ... 
NsWvn R*w 10» 
i>U»TKt TtTtnitis a* pc <a °7 .. 
.!•■ r. PetWV One 1097 .. 
‘Pnvlnit <liw 1B97 

'n’MnviWc Urrf-itc- 5pr> T9W 

iMdltik S* on iws 

Hand 4'nc 1BB7 

eanihh ’0®7 — 

tV*a(*n <*nc l 0 ® 

■fotiirha «pc 1 W-' 

Tr CO. Spc tfi« 

rinlon Carbide 4Spc 198? .. 
Warner lambert 4<PC 1987 
Warner Umh**rr 41 pc 1988 
Xbtot:.5bc 1988 v . .. 
'Source: Kidder, Peabody 


Vnion Bank nKSwir:-!.i"L r:u (Panama) Inc. 

Bank of America NT N 
Banqle Ueluk Limiti. r< 

Elru-Latin a.m erica:-; 1 '• » k Limited — LL LABAN" K- 

Maihne Midland Bank 

Standard Chartered Bank Limited 

United California Bank 

Banque Nationale de V.uus 

The Fidelity Bank 

The Mitsubishi Bank Limited 

The Sanwa Bank Limited 

Union Commerce Bank. Na.*s.u", Bahamas 

Banco de S.antander-I’l kkio Ilico 

The First National Bank of Chicago 

Mercantile National V>v-^ at Dallas 

New Kncland Mkrcimvk- National Bank 

The Rico» National Bank "i" Washington D.C. 

Southeast Fjkst Na"i i«*n \ l'Bank of Miami 

UBAF Arab American B.t k 

l' MON TiiLsI CO. OF M *.i:VL.iM> 


Security Pacific Bank 

The Bank of Yokohama Limited 


The B*nk of New York 

ltr»> 1. 1 

Bayljhsche HyporiiEKKN-i'ND Wechsel-Bank 

>1. 1 'luia Irlam!) br.aclil 

European American Bank and Trust Company 


Seattle-First National Bank 
Toronto Dominion Bank 
The Fuji Bank, Limited 


DC BANK Deutsche Genossenschaftsbank 

iCirmin Islands fiunrbj 

Gulf International Bank B.S.C. 


Pittsburgh National Bank 
Texas Commerce Bank 
Republic National Bank of Dallas 
Banco de Vizcaya S.A. 

International Commercial Bank Limited 
The Mitsui Bank, Limited 
Orion Bank Limited 

Roy West Banking Corporation Limited, Nassau, Bahamas 
The Sumitomo Trust and Banking Co., Ltd. 

UBAF Bank Limited 

Republic .Y.utonal Bank of Yew York (International) Limited 


Trade Development Bank 

iLonJua 


AGENT: 


Morgan Guaranty Trust Company of jYew York 


I’ll 121 

HI V. 


This anil Miiwmnt tip '• "nnter oi iccjrd iin/r. 


April 1078 


Ml "H 

Ki *U 

784 ■* 

7S 5W 

Securities. 





id* 



26 


U 


Financial Times' Wednesday Jime 21 19.73 



international financial and company news 



Car industry commitment 
pays off for Nippon Seiko 


BY YOKO SHIBATA 

NIPPON SEIKO (NSK) has 
reported sharply Increased 
profits for the fiscal year to 
April — in contrast with other 
Japanese bearings makers, and 
despite adverse factors such as 
dumping charges by the EEC and 
the higher yen exchange rate. 

NSK’s current profits rose by 
7S.8 per cent to Y2.07bn (SlOm), 
and its net profits also increased 
substantially by 52 per cent, on 
sales down 1.6 per cent to 
Y123.6bn (3590m). 

According to the company, the 
buoyant earnings resulted from 
its heavy commitment to the 
automobile industry, which fared 
very well during the year. Sales 
of NSJCs automotive bearings, 
accounting for 45 per cent of the 
total, rose by 5 per cent from 
the previous year's level. The 
company also undertook ration- 
alisation measures earlier than 


other manufacturers, and en- 
hanced its profits performance. 

During the year. NSK’s exports 
of ball bearings fell appreciably, 
but this was offset by the com- 
pany's three overseas production 
units. As a result, overseas sales 
maintained their share of the 
total at the same level as the 
previous year — 15 per cent ‘ 

NSK’s three overseas manu- 
facturing plants, in the UJL, the 
UK and Brazil, are ■ at present 
working at or near full capacity 
with monthly bearings produc- 
tion of 1.35m. i -2m and 1.2m 
respectively. In particular. NSK 
Europe (UK) which started 
operation in April, 1976, is now 
close to its full capacity of Urn 
bearings per month. 

In the light of recent trade 
problems concerning exports of 
ball bearings and the current 
higher yen exchange rate, NSK’s 
relatively low export ratio fat 15 
per cent) and its expansion of 


TOKYO, June 20. 

overseas production were a 
positive advantage for the com- 
pany. In addition, ball bearing 
sales to the industries related to 
public works, such as power 
shovels and trades, have also 
stated to pick up since last year. 

For the current fiscal year, end- 
ing April, 1979, the company 
expects revenue and profits to 
match last year's level. 

* *. * 
Olympus Optical, -the Japanese 
' manufacturer of Industrial 
cameras and optical .instruments, 
raised its after-tax profit by 1 
per . cent- in the first-half of Its 
financial year, to Y1.93bn 
($92m). 'from Ylfilbn in the 
same period of the previous 
year, our Financial Staff writes. 
Sales in the six months to April 
30 increased by 7 per cent to 
Y32fi4bn (8155m), from 
Y30.41bn. 

The interim dividend is un- 
changed, at Y3.75. 


OK Bazaars outlook optimistic 


BY RICHARD ROLFE 

MR. R. J. GOSS, chairman of 
OK Bazaars, says in bis statement 
with the report and accounts for 
the year ended March 31. that 
the group ** expects to achieve 
a level of earnings in excess of 
the past year’s performance ” 
over 197S-79. If the forecast is 
achieved, it will mark the end 
of a phase of static or declining 
earnings. The only caveat is that 
introduction of the 4 per cent 
general sales lav In July may 
affect consumer spending, though 
a clearer picture will be available 
with OK Bazaars’ interim state- 
ment. 


The group is the largest 
retailer in South Africa, with 
total assets of R255m,- sales last 
year of R541m ($615m). and 142 
branches, down from 152 five 
years ago. The bulk of sales 
(61 per cent) are in food, health 
and cosmetics, with clothing and 
textiles accounting for 13 per 
cent and furniture aad consumer 
durables the balance. Earnings 
per share were unchanged at 
107 cents for the year, against 
113 cents in 1975-76. 

The group was acquired In-, 
1973 by SA Breweries, which 
holds 7Q per cent of the shares. 


Half-year advance at Fugit 

BY OUR OWN CORRESPONDENT 

JOHANNESBURG. June 20. 

THE MAIN quoted South African now under the control of Liberty 
investment trust. First Union Life, paid a total dividend of 
Investment Trust 5 . 7gc in its year t0 June 30 1977 

■iditry of Liherty^lfe^nd'hence £ 

of Guardian Rovai Assurance, J 116 I lx m . u ° ths t0 December 31. 
has reported a slight increase Jg.'S 1 '.* ‘‘iCTj!? 
from R2.3m to R2.5m in its net jJfJJ!?, 10 3 }f. 

profit afler taxation for the six SHEUSir 
months to June 30. mainly reflect- 
tog increased dividend receipts » “ I ?2 r ¥L? n ? ll the 
over the period. Adjusting for S® 

the preference dividend, earnings „»ISi e shan ?; e “L,? 6 ® 

on the 62.tra shares in issue have S*S? yie il t 3 iFEPfiE 
rise,, from Wr ,0 3.98c. '„ P 7un"l3 "i “ofk 

Fugit. managed for many market's , strength since then, 
years hy Union Acceptances and shnuld.by now be over 100c. 


JOHANNESBURG, June 20. 

OK Bazaars has held its market 
share, with sales rising 6 per 
cent last, year against a national 
retail sales Increase of only 4 
per cent, which signalled a 
decline in real terms of about 6 
per cent. But OK Bazaars* earn- 
ings on equity capital have 
fallen and were 9.1 per cent last 
year. Liquidity remains fair, 
with the rise in stocks contained 
to 7 per cent despite heavy 
initial requirements for the 
group's Natal "Hyperama” store. 

The group now has two “ hyper- 
amas” and the report records 
that the one in Natal is trading 
below breakeven. The longer- 
standing “hyperama" near Johan- 
nesburg was “disappointing.’” 
with a poor merchandise mix and 
an unsatisfactory shrinkage 
level. But the chairman hopes 
these ventures, which have 
accounted for much of OK 
Bazaars' recent investment, will 
improve profitability. 

Against expenditure of R23m 
last year, capital commitments 
are down to R4.5m. But cash 
flow was R15m last year, suggest- 
ing that funds may be available 
to redace short-term borrowings, 
up from R9m to R17m .at .the 
year-end. The market takes a 
greatly more confident view of 
OK Bazaars' prospects. Compared 
with their 1978 low of 520 cents, 
the shares are now 760 cents, up 
30 cents on the report and now 
yielding 7.6 per cent -on -last 
year’s 58 cent dividend. 


BHP stages 
laterally 
in steel 
production 

By James Forth 

SYDNEY, June 20. 
AUSTRALIA’S largest Indus- 
trial company and sole steel- 
maker, Broken HOi proprietary, 
staged a late rally in production 
of steel for the year to May 3L 
la th e final month of the year, 
BHP raised steel output to 
7011000 tonnes, which was 8.4 
per cent higher than the same 
month last year, and 23 
cent above the April perform- 
ance, when output was affected 
by strikes. 

The late rally In production 
was due to a slight improve- 
ment In demand in (he domes- 
tic market, although the market 
for steel both domestically and 
'overseas Is still depressed. 
The group’s production of steel 
for the fall, year was 7.4m 
tonnes, or 104jM)0 tonnes less 
than in 1978-77. 

The latest year’s steel output 
Is still the lowest since 1972-73 
and is about 575,000 tonnes 
down on the 1974-75 peak. 
BHP has reported losses of 
more than . SASOm (XJSSSTm) 
from its steel division far the 
past two years. In the first half 
of 1977-78 . a farther 
loss of $A35.05m was reported, 
although group earnings rose 
5.7 per cent to SA38.7m. 

The group’s production of 
iron ore dipped 10.6 per cent 
For the latent year, while 
manganese output fell 39.3 per 
cent, also reflecting the 
depressed world steel market 

Hoyts enters 
pinball field 

By Our Own Correspondent 

SYDNEY, June 20. 
HOYTS THEATRES. the 
cinema chain- controlled by 
Twentieth Century-Fox of the 
U.S., has diversified into the 
pinball machine field. The 
directors of Hoyts to-day 
announced that the company- 
had acquired control of 
Gofldard Industries which 
manufactures pinball machines, 
and would extend an offer to 
ail shareholders. - Hoyts pre- 
viously held 3.6 per cent- of 
Goddard’s capital, and has 
bought the 48 per ceuL share- 
holding of Goddard Invest- 
ments Ply., the family com- 
pany of Goddard Industries' 
chairman and managing direc- 
tor, Mr. Howard Goddard. 

If the hid succeeds, ' Mr. 
Goddard has agreed to enter a 
service agreement to continne 
as managing director. 

Hoyts is offering AS1.30 cash 
for each Goddard share, which 
values the mmoany at AS2L3m. 


{PYRAMIDS OASIS PROJECT 


SPP to seek compensation terms 


BT ANTHONY McDERMOTT IN LONDON AND ROGER MATTHEWS IN CAIRO 

SOUTHERN PACIFIC Properties tractual obligations— and by 1m- the bank accounts of ETDC These include 

Mat a management rein to. plication a by-product ol Kc.lroien. "We ate dwm to a lag. tbe.retunr of IW 

Cairo -yesterday. The team’s Sadat’s policies. .. petty cash float of le»^ than and f ajp. Jacob KokesETi. wno 

task Is to open negotiations on SPP, however^ is eonvinciag in ££400 and there 4s * staff of Is claiming more 
compSnSioJfor r^Tfoint its refaction of these acX£ over 100 to pay at the endoffte Recital 

venture with the Egyptian tions. The capitalisation of month£ said a company 

Government. - The project, to ETDC was agreed by the Govern- executive. red 

develop, the country’s largest ment— initially at S3Am, rising -JHawevw. ' tj* ^ worth 

tourist complex two miles from eventually to S17m. Up to the B£144XX> 

the Pyramids, was abruptly can- cancellation SPP had paid its significant whe? ccawzred to more than 5^.000 1^ cum.ntiy 

sss ****** 2^42d r rfcf 'A**™ .2* J& tt* ° 

mnags* HSSFSV* t&s&g s?& 


SbSBTS, - a n SSmT?I me-. coo- ^ehoidm^and investors.” thp 

T&are^onsiderawe doubt, 

entxmragteg^ vestment both hy items of the detailed plan were said the company. Some $400,000 being cast on the fiovuminenl.?- 
sector ad rereign ,£*£* ESSS&ft « 

zssszi MaffiAffij&s JSSdll 

thp TTnno' Tfrmti.hocAri ‘ wtrmiAr flu in T>ip pftmfr iptJfcflk account was itozoq &&Q morp “projects may not be nationalised 

^>,«t* 0 p^ 2 ^y^ 3 | P “e M'nic tri Oan 59.000 end EH 1.000 er »nflse.ted. The assets #f 

Egyptian General Organisation tractors. Arab Contractors, but remove ^._ fl ^L? e Theresa 1 ?! Socked 0 ^ 8 coSscatcd Beta *or 

(Eoo^rSLd s jsss zfssFetrsSiSSi ££««« 

per cent participation in ETDC. categorically accusations of cm- been started ag&teat the com- when the judicial procedures 


and’ EGOTH 40 per cent, pro- ruption. 

vided not in finance but In land As a result, serious concern is 
Tor the 10.000 acres for the being expressed over the fate of 
project ETDC. Company executives 

The project had become a claim that since the cancellation 
political stick with which to beat there had been no formal con- 
Mr. Sadat, and an indication of tact with the authorities and 
the curious way in which it was no approach - made to them 


pany in several Cairo courts, were carried out. 


Triad to proceed with bid 


BY ANTHONY ROWLEY 


HONG KONG, June ‘JO. 


handled by the Egyptian Govern- about what Mr. Mamdoub Salem. TRIAD HOLDINGS in Luxetn- Is already the largest sharc- 
ment is that not long before the the Prime Minister, described bourg is expected to proceed holder, provided a satisfactory 

cancellation President Sadat was as “safeguarding the interests with its plan to take over basis can be agreed. A further 

endorsing its continuation in a of shareholders and investors.” Southern . Pacific . Properties announcement is expected next 

major speech. The cancellation The Pyramids Oasis was to despite cancellation of the month. 

was effectively in response to have been the prime example Pyramids Oasis project at Giza Meanwhile, SPP has requested 
a major political campaign of what foreign capital and in Egypt in which SPP was Hong Kong's stock exchanges to 

aimed at suggesting- that .SPP expertise could do for Egypt's heavily involved. - ■ . continue the temporary suspen- 

vas exploiting Egypt's national undoubted tourist, potential. SPP has been informed that sion of dealing in the company's 

{heritage, destroying antiquities. The site is now deserted, all Triad will proceed with an offer shares, pend me the outcome of 

corrupt, and not fulfilling its con- work has been abandoned, and to take over SPP, in which Triad the takeover talks. 


IBM to pull out of Nigeria Africans opt 


This announcement appears as a matter of record only. 


April 1978 


| BY JEREMY MORGAN 

jlBJf is- to pull, out of Nigeria, 
rather than concede to demands 
bv the Lagos Government tbat 
Nigerian nationals should hold 
a 40 -per cent stake in the com- 
pany’s Nigerian interests. 

An IBM spokesman in London 
said that the Nigerian Govern- 
ment had refused to grant the 
cnmpanv an exemption from the 
Niserian Enterprise Promotion 
decree under which foreign com- 
panies are obliged to -sell a 
nercentage of their interests to 
Nicprians. 

Nigeria will be the third - 
country from which IBM has 
withdrawn rather than surrender 
all or part of its holdings to 
f nationals of other countries. 

In November last year the 


company announced that It would 
withdraw its interests from India 
within six months rather than 
relinquish 60 per cent of -its 
business ownership there. IBM 
also pulled out of Indonesia 
because of problems with the 
country's nationalisation pro- 
gramme. .. 

It is thought that IBM will 
leave a locally owned agency to 
maintain its business there. * It 
is our intention to transfer the 
business • activities 1 of . ' IBM 
Nigeria to another Nigerian 
company to provide 'continuity 
of maintenance and marketing 
services and. we hope, emptoy-- 
ment;opportuntties-for a numah-t 
of our employees.” i 

At present IBM employs 140 


people in Nigeria and although 
details of the new Nigerian 
owned company are not clear the 
equity will be 100 per cent* 
Nigerian. 

The Nigerian Enterprise Pro- 
motion decree came into force 
in 1972, and was revised last 
year. It divides businesses into 
three categories defining how 
much of- their local operations 
should - be given over the 
Nigerian ownership. The cate- 
gories are: concerns that should 
be exclusively Nigerian; those 
where a' Nigerian' holding should 
amount to 60 per cent or more; 
and those where Nigeria ns 
should own at least 40 per cefit. 

IBM .was in the third, least 
stringent of these categories. 


Aeropuerto de Caracas, C.A. 
Venezuela 
US$15,000,000 


Mars Holdings Bhd. shares de-Ilsted 


Medium Term Loan 
Guaranteed by 


Corporation ^ Venezolana de Fomento 


The Stock Exchange of Singapore 
has de-Iisted Mars Holdings BHD 
for nozhcompiiance with the 
Exchange’s listing requirements. 
It. gave no further details, but 
warned last month tbat Mars 
Holdings faced de-listing, for fail- 
ing to submit the annual reports 
and accounts for 1976 and 1977. 

Mars Holdings. formerly 
Snngei Tnkang Rubber Company 
BHD, has been under suspension 
since April last year for non-com- 


pliance with the exchange’s list- 
ing requirements. .- 
Last month it told the 
Exchange that its shareholders 
had approved a name change to 
ST. Holdings from Mars Hold- 
ings. 

Reuter 

★ ★- ★ 

Malayan Breweries has disclosed 
that its shareholding In the lead- 
ing New Zealand brewery. Lion 
Breweries, is now 6.6m shares. 


’ SINGAPORE. June 20. 

equivalent to 9.6 per cent of 
Lion's issued capital, writes H. F. 
Lee from Singapore. 

- Its stake in the other major 
New ; Zealand brewery. Dominion 
Breweries, is now 1.53m shares 
or 2.7 per cent of the Issued 
capital. 

Malayan Breweries' disclosure 
follows recent reports of the 
company’s acquisitions of size- 
able blocks of shares in the two 
breweries in the NeW Zealand 
stock market 


for sterling 

By Mary Campbell 

. BLACK AFRICAN countries 
: hold bigger sterling denominated 
deposits with banks in the UK 
’ than they do deposits in other 
■ currencies, according to new 
, data released by the Bank of 
England. The non-oil less deve- 
loped countries (LDCs) generally 
have larger sterling deposits 
with banks in the UK than dn 
the oil- producing (OPEC) 
countries.- 

The figures emerge in the 
latest issue of the Bank of 
England's Quarterly Bulletin as 
part of a survey of the maturities 
of lending to individual coun- 
tries by banks in the UK. 

Altogether, entities in less 
developed and semi-industrial 
countries held S8.2bn worth of 
sterling denominated deposits 
with banka in the UK at the end 
of last year- OPEC countries 
account for S2.2bn worth and 
non-oil developing countries for 
$2J>bn worth. Black African 
countries account for 31 bn of the 
latter figure. These countries, 
together with the category em- 
bracing Australia. New Zealand 
and South Africa, are the only 
groups of countries which have 
bigger sterling deposits with 
banks in the UK than deposits 
in other currencies. 


Arranged by 


J/lmven 

Araven Finance Limited 


Shareholders: 

Morgan Grenfell & Co. Limited, Kuwait International Investment Co. s. a. k. 
Grupo Banco del Centro Consolidado and Grupo Banco Latino, Venezuela 


Managed by 


Morgan Grenfell & Co. 
Limited 


Kuwait international 
investment Co. s.a.k. 



Provided by 

Credit Suisse 

. Mees& Hope Finance N.V. 

Nordic BankLimited 

The Royal Bank of Canada international Limited, Nassau 
RoyWest Banking Corporation Ltd. 

Kuwait International Investment Co. s. a k 
Morgan Grenfell & Co. Limited 
Banco de Vizcaya S. A. 

Interamerican Bank Corporation S. A. Panama, Nassau Office 
Sociedad Finanpiera Amerfin C. A. 

(Grupo Banco Latino, Venezuela) 

Sociedad Financiera del Centro C. A. 

(Grupo Banco del Centro Consolidado, Venezuela) 


The Borrower was advised in this transaction by 
Corporation Hnservica CJL, Venezuela 

Agent Bank 

Morgan Grenfell & Co. Limited 


U.S. $150,000,000 \ 

NATIONAL WESTMINSTER BANK 
LIMITED 

. Floating Rate Capital Notes 1990 




In accordance with the provisions of the Notes notice is 
hereby given that for the six months interest period from 21 
June 1978 to 21 December 1978 the Notes will cany an' 
Interest Rate of 9&% per annum. The interest payable on 
the relevant interest payment date, "2 1 December 1978 
against Coupon No. 1 will be U.S. $47*34. 

By Morgan Guaranty Trust Company of New York, London, 
Agent Bank 


CANTERBURY 
New Office/ Development 

St James House, Castle Street 

Three-storey Office/Showroom Development 

Premier location in commercial centre. Ground floor, 
s/c open-plan showrooms, offices first and second floors 
available, from 3,900 sq. ft to 8.400 sq. ft Phase 2 to 
be constructed proriding additional S.500 sq. ft. of- 
' offices. 




CHARTERED 

SURVEYORS 

1845 


79WimpoieSt. - 
London W1M7DD 


014874401 

Also rSirminoham & Manchester 


Way 1978 

This advertisement appears as a malfcr of record «n!y 


mJ 


Elkem-Spigerverket ajs 


5%% DM 40,000,000.- Loan of 1978/1988 

- Private Placement - 


COMMERZBANK 

AktiengeseHschaft ; 

DEN NORSKE CREDrTBANK HAMBROS BANK VEREINS- UND WESTBANK 

limited . Akfiengesellsdiaft 
















financial Times Wednesday June 21 1978 



, Money and Gold Markets 



: . UJaji;;. 
*.£■ «*.*■. 

■S **$. 

*>6 £**■ '£ 
^C f lP *+ 

h, 

;-: ~ \'p Ik; 

•t* >■.*?**? 


Yen reaches 
post-war high 


THE POUND SPOT 


Juue£0 


; Bn uk. 
'Ml*] 

‘ v I 


flay'* 

!*|iruiil 


IV« 


7 !l.3S«0-I.M15 


The Japanese yen continued to trading. The Bank of Japan 
improve in yesterday's foreign- ex- Intervened several limes, bat this 
change market notably against the was probably only to test the 
U.S. dollar. Basically the position strength of the pressure, rather 
has not changed from Monday, than an active attempt to arrest 
with renewed interest in the yen the dollar's decline. It was 
being prompted not only by the estimated that the central bank 
continuation of Japan’s trade but- bought about S5-H>m at the 213 
plus- and recent projections of a level in the morning, and about 
years surplus of’ up to SlObn but the same volume at Y2I1.40 near 
also the generally unsound posi- the close. The low level of inter- 
j T * le r en vention may reflect concern about 

finished at Yziii to the dollar increasing the foreign exchange 

aJwough one potnt it touched reserves too sharply ahead «f 
yziOJiZi. On Morgan Guaranty next month's summit meeting, 
figures at noon tn New York, the Major factors behind the dollar's 
yens trade weighted average fall are fears about U.S. Inflation, 
appreciation has shown a prolific and the continuing luge trade 
rise over the past week with last deficit with Japan. 

Tuesdays figure at 35.6 per cent, Frankfurt: The dollar fell 


8I9 2.0»B-*.M&6 

4 ; 4 J) 9-4.12 

Bij 6B.SQ-6B.25 
9 IO.Mi-IO.iBft 

5 p.BI I--S.C413 
IB I 8i.UB4.b9 

B 14b- I4B 
11 If, I.b7«-I.M0 
7 S.bS^-B.SSIf 


L’A S 
lanarilau f! 

Guilder j 
IkMKiBii Kr.| 

IlBIlkstl Ki.i 

D-Mark I 

l‘«irt. Kac. 

Hi*,. 

Lin 

NrniiO. Kl.j , 9.n'4-n.aa<- i >>«< »«. 
Fivneb Fr. 91-' MSft4.<&lf ' B.«4i-8.46ft 
-'ui.iikhKlJ, 7 i tl.44i-b.47 i MB-8.47 
Vt-11 : jlj. iti-JSi 1 M7Lf -BBslfc 

Anuria in-1,; 6«s 27.M 87.70 1 S7.bO-SJ.wi 
owl*!. Hr. I | S. 4 4-6.41) i l.44,-5.45ft 


1.8697-1.9407 

2.0640-2.9669 

4.10-4.11 

B0.16-E0.2b 

10.671-10.681 

S.«i-i.B5A 

U6.Bb-b4.ft3 

il4b.B0-Mb.B0 
1.618*1.979 
9.92i S.95. 


FORWARD AGAINST £ 

Oiil* hkhiUi '- % |M. Irbreonuuttijr- % r-ft. 

1 i 



Zi 


Q.6J-D. EiS'-.irii* 8.78 ,1.67- 1.97 o.|rfii 6-64 

0.75-0.68 i*» LSB I.BBc.pw 

My-2i|i-.i>.ni i 7.87 ,B 7 >-1.111 »-»* 

40-30.-. pm ; 8-3/ l 10b-35 M* 

2-4 oiv Iim '—5.47 06-96 <HV.il* 1-2-8B 
6U-2U |4 pm 8*5* '4*'-W l -1 l ,hl ' 

19-169 1! <ll> —I2*e4 79 476. --H* -M-®» 

CO- 120 1-. .11- -fi.78 123-426 .--.U, —7.66 

1 lire |*in 2*Ji> -D.88 '1-4 Hro <U« 

U-I^.itv .Hi- -0.H 
1 ■ 1 4 [.HI 

2 *.ri* |iiii |«i 
2.90-3. Obv.pni 
I?-? |;n. l-.il 

3»s -21 * •■.{■hi 


-0.65 

—0.70 


Li-tuliiii raw 1 b (or convertible I rant,*. 
UnaiKial francs fiv.Ua-BU.'Jj. 


•O.H -ri-li* ;-0.« 
I.QB >6l«-21«i-.|nii I 1.80 

1.42 21j h 1 in' O.W 
9.03 n.bb-B.SO 9-|2 

6 J4 [40-60 ■. 6.08 

10.45 . M-* 4 


Six-uiunih lurwjrd dollar 2.9li-2-i<c yni. 
lMuoniu 5.35- pro. 


sterling 


•L J,-- 


to DM2.0812 at the fixing, from 
DM2.0895 on Monday. The 
Bundesbank did not intervene. 
Trading was rather nervous, with 
the sharp rise of the yen against 
the dollar setting the trend for 
most other currencies. 

News or a downward revised 
1978 growth forecast by the West 
German Government's panel- of 
economic experts to 3 per cent 
from 3 j per cent hud no effect on 
trading. 

Later in the day the dollar was 
slightly firmer, quoted at 
DM2.0S35 near the close. The 

Bundesbank trade-weighted re- 
valuation index or the D-mark 
against 22 currencies was 145.7 
(145.5). up 0.9 per cent from the 
end of 1D77. 

Paris: The dollar eased in 

: • . „ relation to major European cur- 

Mondays at 37.7 per cent and yes- rencies. Towards the close it was 
erdays calculation jumping to FFr 45937* in terms of the 
■9 J. per cent- On a similar basis, French franc compared with 

he dollar’s depreciation widened FFr 4.5960 in the morning, and 
,0 8.4 per cent from BJ. per cent. FFr 4.6050 on Monday. 

. Against major European Apart £rom other factors de- 
urrenaes, the dollar traded very pressing the dollar it also 
uletly in fairly thin business, suffered from news that US. cor- 
-Tie West German mark finished porate profits had fallen by a 
jst-off its best level at DM 2.0815 seasonally adjusted 2.5 per cent, 
rom DM 2.0915 while the Swiss compared with a previously esti- 
-anc also improved in dollar ma t„d decline of 2 per cent 
anas' to Sw Fr 13750 agoinst The D-mark rose to FFr 23048 
SwFr 15920. Sterling remained f r0 m FFr 2.1980, while the Swiss 
- in the sidelines and its trade^ franc improved against the 



THE 

DOLLAR 

SPOT 

June 20 

Dur*! 



spread 

Close 

Lanao'n $■ 

■ 'll* .l.B| 

M.1644.X9 

Guiltli-r 

2^306-2J3BB 

2^330-2^300 

Belgian Kr 

32^6-32.75 

32.73*32.75 

Danish Kr 


■k63404M5 

D-Mark 


2MtU>ta 

Hnn Es 

_ 

ss.M-as.71 

Lira 


SST.7545I.4S 

NrhKn. Kr 

1 r tr* 


I- rvudi Kr 


aJ430-a-S450 



J I'll L* * 

Y.n 

M -^ r '* 1 


Austria Sch 




Su'iss Kr 

1.8T7Q-U865 



* U.S. cents per Canadian 9. 


FORWARD AGAINST $ 


p.a. Three MMUM P-a- 


HUEl dl> 
0.7S4.TOC pm 
He pm 


-D.U 

M4 

2.96 


gJB-0-Mc dta -DOJ 
ZJfr-ZJOc pm 3 XT 
27-251 c pm 2.IB 


Q.BMaSpr pm ASS 2.7M^prpm 513 

2.90-3JAC dll —4-12 MHJO "421 
B.9G-I^c dit -2J9 2Jfr2.«cdta -2JM 

0.95 -OBy pm OSO 2JB-2.70* pm 5 JO 

I ik-i Ur pm U3 I.H-tfl 6SS 


Compagnie Generate d’Electricite 

Capital increase 

from FF 504,431,500 to FF 605,317,800 

by issue of 1,00 8,863 new shares of FF 100 par value. 

Issue price: FF 300 

Dividend: January 1st 1978 4ftlk , Q7fl 

Application: from June 12 through July 12 th 1978 

- Irreducible: ONE new share for FIVE old ones 

- Reducible 


CURRENCY RATES 


June 2D 


Special EnreMUi 

Drawing Unit pi 
RIbMs Ac coon i 


Si-rlinp 

• U.S. ilollur 

■ Canadian dollar 

Au-.irian Ni'hllllnc 
BL-ltlan Irjnc 

Damsh krone 

Di.-uiM.hi: Mark .. 

Guilder . 

Fn.-nch franc — 

Lira 

Yen 

Norwt-Rlan Krone 

Pr-sria 

Sv-dwti krona .... 
Sn-is5 franc 


Weighted index, on Bank 
Ingland figures, showed 
hange at 613. Agamst the dollar, FFr 8.4375. unchanged 
he pound opened at $13340- earlier levels, but up 


of French franc to FFr 2.4448 from 
no FFr 2.4240. Sterling finished at 

from 
from 


0.670236 

LZJ176 

i anl 

II J 002 

402632 

6.94466 

2216354 

2.74990 

5JU593 

1056 JB 

260S17 

(.MM2 

975295 

5iT2«7 


DA72W1 

L23485 

UDIS 

1B.OS64 


6.96174 

157042 

2.75621 

5.670n 

1059.43 

260-133 

6215199 

97.6984 

5-6B02B 

2-31911 


CURRENCY MOVEMENTS | 


One of the major international Groups in the field 
of electrical engineering and electronics. 
Leader in France. 

Total turnover. FF 32,7 bn 
Personnel: 170,000 people 


Bank at 

England BuaraMr 
Index dunoes'a 

61.31 

-4L7 

.. 8B-2* 

- M 

Bi.«0 

-UJ 

.. 100 .61 

+14.2 

.. 11B-56 

+ 1X3 

.. 115.34 

+ 1.2 

.. 141. 02 

+35.1 

.. X82JB 

+75.4 

in 13 

+ 10.6 

48.22 

- 5.1 

56.54 

— tt-D 

laouui 

+34.1 


June 29 


Sli-rllns 

U.S dollar ... 

Cai.aUltm dollar 
Austrian MrbilUi 
B-:U?ijh franc 
Dunts'i krini,- . 

Deutsche Mark 
Svriii (ranc .... 

Guilder 

Frvm.ii I ranc 

Lira 

V**n 

Bast'd on trade wclRhted ctianucs from I 
W.hiuaion aarwiouiii recciniter. I9<i 
(Bank of England Index =100*. 


Energy 

Industry 

Communications and Transport 
Public Works . 
Telecommunications 
Data processing 
Housing-Household equipment 
Defence 


OTHER MARKETS 


1.8350 and improved to $1.8405- FFr 8.4285 late on Monday. 

Q7!f 1L8415 at one point, before clos- Milan: The dollar continued 
r ‘ ng at $1-8397-1.8407, a rise of 52 to weaken aeainst the lira, fall- 
f . joints mi the previous close. ing to L858.05 at yesterday s 

-»T TOIWD— The dollar fell to a fixing, compared with L858.75 on 

‘ ‘ ; r ^ -ecord low of Y211.57* at the Monday. Once again the yen 

lose, compared with Y21 5.574 on showed a strong improvement in 
l - Monday The U.S. currenry active trading to L4. 072 against 

mened at Y213.50. and came L4.024. European eurrenci^ were 
inder. heavy pressure in hectic generally mixed against the lira. 


Ai'*euinui Ptv>..... 
Aurti.lia lK*IV«r... 
riutmnt MaikkA.... 

Iimril i.'ruzeim 

(irtw Dnn-tim*!.... 
Uiiii! Ki.ru: D**.'«r. 
Inin Ki.l .... 

K.ihh.i Ulnar iKU 

ljiR.-mUmr; Krani 

Miinv.it Dollar.... 


Sin:-ii |«<rv [>i*liar.. 

S>u>h Atrunn Itan. 


£ 

S 

i £ 

i Kn«r 

i .**41 1,44a 
1.5993 l.r 153 

<D3.07 7bG.24 
0.o*15-0.b. 03 

Autliu j 

... i^ium ! 

z'lis-fcb.O 

bh-cOta 

7.74-7.76 

4.27604.: 80 

17.35 17.8J 

Denmark 

D..-7-6.t3 
a 8 -a.l4lj 
U 6' 1575 

67.47 J-t 9 236 

3c.66-a7.62 

tirinuinv 

1 2D- 132 _ 

' 6blE-71>t 

Japan - 

3b44fO 
4.084 12 

60.15 60.25 

32.71-32.73 

lN,tway 1 

b.l-8 9.94 
l 79-12 

1.7668 1.6-47 
fc. 26-6-6 
4.1-61,4.1 7la 

0. 9737 0.9b 3b 

o.*i 0-3.46 

1. t 290-^.r30 

S»-1t»ertan*l— 

Cmn- State* 

1 143- 

3.40- 3 47 

I K2 ' c4 

I 34i2-a5ia 

Rate given for Argentine Is free rate. 



June SO 

‘omul Sterling 

ptiunrt Sterling] 

1. 

0.543 

C.S. Dollar j 

1.840 

1. 

DenlK-heMark 

3.830 

2.081 

Japanese Ten 

388.5 
211.1 . 

Freai-h Franc f 

B.450 

4.592 

tjt.ia<* Franc 

3.450 

1J875 

Dutch Guilder 

4.105 

2.231 

1579. 

857.B 

i 2.06b 

1.122 1 

60.20 

32.71 

»vut<ebe_M«rjt^ ! 

0-261 

2.547 

0.480 

4.737 



mm 

0-901 

8.B80 

L072 

10.57 

4063. 

5.315 

! 155.0 

raouF Kranu 10 

1.183 | 

2.178 

0.533 

4.533 

1.110 


— 

4.083 

1. 

4 .858 
1.190 

1868. 

4d7.5 

O.S9B 

! 17*45 

‘Ulch UnlMji- 

0.244 

0.634 

0.448 

1.166 

0.933 

2/126 

94.64 

246.1 

- 2.058 

• -6.355 

0.840 1 

2.186 

1. 

2.601 

384.6 

1000. 

j lilos ( 38. 14 

i 1 1 29.16 

jutaitian lMlhre 
eteian Kane 100 

0.484 

1.661 

0.891 

3.057 

1.865 

6.36Z 

. 188.2 
• 645.3 

• 

, -4JJ33 .. 

/ 14.04' 

* • ■. 

,, 1.671 
\ 5.731 

^ \ 

1:988 

6.819 

2602. 

j 3.430 I 100. 



Bullelin des Annonces Legates Obligatoires June 5 th 1978 - 
A (iKMoectus bearing authorization n J 78/46 dated 30th. May 1978 
from Commtesten des Operations de Bourse is avrilBble to the public. 



mnnnr 






INTERNATIONAL MONEY MARKET^ 

New York rates higher 

'll ’ . fnr Rfl davs: and 7-80 a ^wye 


i 


rates showed 7.70 per cent for 60 days; and 7.80 ^^JJ^J^tyliTsingapore. 'Hiey 
. New York interest ra l pg r cen t for 90 days. , have, not gained deposit taking 

a-:finner tendency wlft »*•« ^pRANKFURT: Net jwtralcw 

q a U veSge !S P^r °{ h f to June decent measures have tended to 

auction. The fell D M400m to the wee dWde tal0 two type®. In 

cent at Monday s aucu 7J7 13 t0 DM SO.Sbn. oui at ajW j l i Dn t0 u,e full service banks, 

rale for M-week bills to e assets showed little c "" b J e the Singapore also has 13 restricted. 

P« cent .front 7^3 per _ce ’ DM 7 .7bn f ™ m Tn ? i JJ ban 'f “money ornon^full service banks, and 28 

one-year -bills wore 7.56 ^ r ceni previous week. Jntert»n« me - r ^ The new rule 

compared, with 7.o4 per cent. rales rose toS-SoP^ce y renJOVea ^osX * 

remained .static [roro 3,5 Per centfor ca . between restricted 




The new 

. market rates rose ^^nmoney. removes almost all distinctions 

lined static f r0 m 3.5 per remained between resin cted and offshore 

. certificates while the longer penods retna barfcL These non full service 

5 : J'^Sf^Sre^3ehtly11™at7.75 ^changed- . r banks have tended to enjoy a 

of depoat were sUgawy p for B ls: Deposit rates for • aw competitive advantage over the 

Pff rent against m erriaJ francs were SHI ^ local prime rate .for lending 

pw^cent nih {jerc^ ^ wj per cent for qwt6d by full service banks of 

for three-month. one-month: 5^ 

Bankers 

7.70 ’pef .^- “ --- 
per cent for 60 days. 


GOLD 

Further 
rise 

Gold traded fairly actively in 

yesterday's London bullion market ^ . r . _ ^ ■ r-v 

fo cin.se ®H an ounce higher ■ at RR ANCHES ABROAD 

5186-186). After opening at $185i- onniivi 1 L * u *' 

Slb6i, the meial was fixed during 
the morning at 5186.35 and this 
improvement showed through to 
the afternoon fixinc at S1H8.5Q. 

There was a generally good 
demand for gold particularly m 


ss ss ssssssi.” sa fs sss - . 

we": cent tor 

^ EJIJS'S “^K^fcondWone in .he M* to P-Nj * ^ 



,, ,.. w new 

s-monin *u.u r— move will remove uns competitive 

7 70' for 30 days; - t.i* i2-month funds. ■ the advantage by pushing up rates for 

SSiSS foTaO days; 7^0 per cent ^ Hong Kong: Conditions^ |jy money . thus making 

ilaJ's- 7J55 per cent money market were Slight- restricted banks pay more for 
per e® 01 for IS tight, with caU and ^T^enL Singapore dollar deposits and 
7^ pS cent for ISO ^riey commanding^ ^ are lowing the differential between 

' - Singapore: Offshore he offshore and full service 


UK MONEY MARKET # . 

Verv large assistance 

V ^ hroHPh t forw-ard sub; ft 


1 Jim. CD | Jun* 19 


U(||>| Uu-ILfl M l»n< I 

t;*rMF....„ 1*1 S **6i 

Uvenliw— J*.' fiJ 

Uurnins 6 « ? 

Atieraoon e.6*^, 

Gout LViln. 

.InlllCTl !■■*»!!% 

Kiueem.n.1 ,>J 3B 

iil.f. D I Ol 

N M «r .Sovewum* l***^**, 

UMdnraraten. jgjjg*, i^f,, 

GoMUolm j l 

New tjoirrcutn* '4 6 

on-ufji 

OW SoTeretgn# I**! °/« 

j-JBM-vl* 

f20K«dW I»*hi 

41U bnuli-r 6 * J 

-* Kn 


4l 4? I t-d 
Mi 41 II B 
M 4.16 
Hi 100-456' 
'51 4. SO 
Iii.-1I10.6M] 

•i 1917-1 Si 
'dfl-44-.S* 

Ilia i-tji 
495,1-67* 


.-bij 
w a-2 i» 
'sstj-bift 

' -I. 64- 1.81 
* Pfa < £ 


REPRESENTATIVE 

OFFICES 

AFFILIATED BANKS 


Established 1841 

The oldest and largest Greek commercial bank 

Administration and Head Office:- 86, Eolou Str., Athens 121 

Covers almost 60% of all greek commercial banking 

^represented by 343 branches and offices throughout 

Greece. » 

Has an extended international network of branches, offices, 
affiliates and correspondent banks, located in major 
financial centers around the world. 

IN LONDON, FRANKFURT, DUSSELDORF, ROTTERDAM, 
BOSTON, CHICAGO, CYPRUS (NICOSIA, LIMASSOL, 
LARNACA, PAPHOS), CAIRO 

IN PARIS, MONTREAL, TORONTO, SYDNEY, 

BAHRAIN, TEHRAN 

i NATIONAL INVESTMENT BANK FOR INDUSTRIAL 
DEVELOPMENT S.A., (N.I.B.I.D.). Athens 

> TRADER’S CREDIT BANK S.A., Athens 

► MORTGAGE BANK S.A., Athens 

» ATLANTIC BANK OF NEW YORK, New York 
i HELLENIC CANADIAN TRUST Co, Montreal 
» THE SOUTH AFRICAN BANK OF ATHENS LTD, 
Johannesburg, Capetown, Durban, Pretoria 


^eSfcy, - although and IShorMenn fixed period [interest 

.. (stole, wJSSLjfif* ss-f-tuss- aaftuj s ^ 

discount ss 

1 Honuht bveroisat 10 9J-8* P® 1 

IIndon MONEY RATES 

Intert*** 


ISIS 


dcarHds 

Cerc‘fl«* tt ‘ 

efttepr 4 ” 



LVapi nr . [ — 

:8S3Pi?tes , ‘' 

{jj**^! loss's 

ir- j - 


• aTr* — 


lOIH-Jg 1 ® 

10 iaioil 

iD-iote 

10-10.B 
IO-JO U 


Loco 1 . 
AntboriW 
rtepwpt* 1 


GMip^y 

Uepn-lt' 



iou-io**- 

>044-10^ 

lOi^-lCUa 




fli*-lOSB . ____ 

^*3 | I 0- *” 1 * | tni.-ll — — — ■ " 1 ys , axed. . LoMHiffl 

: .nSSm-Mj Sf?H 


10-3030 

95**10 

9tfi-0j4 

930-10 

940-10 


Jhaooaot 

mhrkfil 

deport 

Tnasnrv 
Bill* * 

*■10 

— 

• 

— 

— 

— 

934-9T8 

— 

-91S-99S 

Bik-S'e 

93b 

Blg-fii, 

:. 9J« 

9<L 

• : i - 

. 

- 


- 




Bligfblo 
Beak 
Bills 4 


Pino Tra-f i 
Bills* 


20- 101 b 

"14° 

9&-B5B 


10*4 

103a 

103s 

105 b 


8.75 
MSB 
6.64 
7 21 


iru> mu. »«»« 
rair> in < *bl« are 




%Srsfltt l ss ! n a ssuus ^ 

a Pff «n«i and three- 

p ? r e 5 D -n“. ind.also rtreMnon* 1M PT k 

per cew from June J. MR. CMmw 


its" 1 ' 


' ' v :'' T : " " 


tile U.S. where confidence 
remained high. The harder trend 
was further helped by the weak- 
ness of the U.S. dollar especially 
against the yen. Tue-^day also saw 
the second in a series of six U.S. 
Hold sales, where the authorities 
are auctioning a total or 3U0.0U0 
ounces. 

MONEY RATES 

NEW YORK 

Prime Rate 

Ked. KuudB , 

Treasury Bills flS^cekt 
Treasury Bills iZS-wisKJ . 

GERMANY 

OlBCoant Rate 

overolBin 

One month 

Thivr muntte 

sis months 

FRANCE 

Discouni Hate 

Overnight 

One month 

TI.rvO months 

Six 

JAPAN 

Discount Rate 

Call (UncondJtlonaU 

Bltts Discount Rate ..-**• 


BALANCE SHEET AS AT 31.12.1977 (in miiiion £) 


ASSETS 
Availabilities 
Loans and Advances 
Investments 
Other Accounts 
Contra Accounts 

Total 


1977 

1.141 

2.588 

334 

311 

995 

5.369 


Gross Operating Revenue (in million) 


1976 LIABILITIES 

898 Share Capital and Reserves 
2.122 Provisions 
291 Deposits 
249 Other Accounts 
845 Contra Accounts 

4.405 Total 

1977: 141 1976: 101 


1977 

1976 

179 

156 

81 

73 

3.595 

2.968 

519 

363 ; 

995 

845 

5.369 

4.405 ; 


3 

3.55 

US 

3.65 

3.75 


M 

8ft 

7 £75 
HJ2S 
8-J125 


35 

ajs 

4.875 


NATIONAL BANK OF GREECE S.A, 


Telephone: 3210.411 

Telex: 214931 to 38 

Telegr. Address: ETHNOTRAPEZA 



ra,ga 

'SS3T** • 

^f^r*: ■ ■ ■ 


* r 


f 







































. lower on credit and $ fears 


INVESTMENT DOLLAR 
PREMIUM 

sz.6o m ani%> 

Effective 51.8402 51 
STOCKS FELL sharply across a 


action again. Ramada Inns Pried fen ton on me 
opened, was halted, re-opened and Stock Exchange The . \ c - 
«v hailed again but still index dropped I 3.i to us - ano 
managed to trade well over lm Volume at 3.03m $hj res, *.on p 
shares and rise Si! lo S8S. wilh 3.47m on Monday. 

Resorts International added SI; 


_ q ..A tuifh sunenisory comniitec* sjud.it oaj 

Prices fell too on I he American In UotumL. rhe leering* aU stroni'er.' ^nj- publish the nagW of 


Tokyo 


tics /*■■■ , , .. U«J- “““J I'.a.mniviui iu 0 iv.’« ^ i 

Buyers moved to the sidelines JQ gggg and Caesars World 
lo await signs of a change in dropped 52 10 520. ijorae of the 


monetary policy from yesterdays m;ir vet's weakness, commcnled 
Federal open market committee g broker, was due to “ intense 


Canada 

Canadian share prices closed 


Kdiuvu »* recults It said m -us. taiesc 

rose by DM 1.9. monthly bulfetia it attachesxthe 

highest importance to. proper 
Illy Johannesburg explanation Of company results, ; 

Most soeioiN moved ahead in Michel in “B* 1 . lost 

m- moderate trade with Gold shares Moet Hennes?* •£* 

.66. advancing in line with the bullion sarne_ sis^SfutbS 

top and Industrials under some FFr a to FFr mm* ana vjjrraoar 


Johannesburg 

Most soeioi-s moved ahead in 


puce and Industrials under some FFr a to t * r ^ 

fairly strong institutional aecoand. fell FFr 13 to FFr ipso. 


Export-onenlaied t.iectricais f a j r jy s irong institutional aemand. 
and Vehicles fell following the jj5 n ; n g Financials were firmer in 
sharp Yen appreci.il inn. _ w,in jj nc vvith producers. Metal 


meeting. Investors expect some S p CC uiation " in gaming stocks, 
monetary lightening but are con- u.aj. steel was unchanged 3t 


Eos worth, the Wage and Price General Motors lost 7.1 cents to .\«-ainst the trend. Goldsa 
Council director, said the may s - 9 i ar>d F 0rd Motor eased { to jjj tn end 142S.1 


Canadian share prices closed s f, jr p Yen appreci.ii' ft0 - _ " ,lh jmc "with producers. Metal A mcfftr dflffl ' : 

lower m acme iradmu ihe Maisnsbiia Electric l<*"'* •?, >?" markets advanced in line with the 

Toronto Composite Index was on , 0 yTM. Pioneer >•«' \ u,w : trend tn Gold shares with share prices tinned In eeneoK- 

1— at 1142.1 with declines in ^j SNan Motor YS '*> and platinums gaining, reflecting the a j»hounh trading rtnainea qttieL; 

eight of it* 14 component croups. | SU * U Motor Y8 to ' recent rises in the free market Unilever and Roywt Dntck ^ed 

Rea! Estate and Media issues H(W Pctrf1 ioums rose price. n gains in Dutch Infemafibrt^ 

made strong ua.ns hui three or sharp]y on lhe Ycp appreciauon. i ndustr j a i leaders rose >10 Elsewhere, firm shares mgh>M 
the four most heo\ilj wtuhied wj|h NIppnn 0jI . 4i(in ,ii U Mi to ccnts with popular stocks in stevin, ABN, Fond w»d 
groups were weaker. Declines out- YiB2>Tob Nenrvo V 2u to Y645 and st0PPS Motors. Property and Weak issues followed the featfflf 
numbered advances --rf w i*J- shl , wa 0 H YJ3 t n V243. Foods. Tnsurdn ce sectors between iO and KLM, Amev and Otra, 

Against the trend, (-.oldsadimiced . R esijios closed -s «mi* afamd. • _ •- ..-.V 


and some Real Esu , ‘-' S cioseo 
slightly higher, while large capital 


For ihe fourth consecutive day. 
about 1.000 issues declined while 


American Telephone eased J lo -A" added 1 cents to 83.34 on a 
SBO' despite reporting higher dividend increase. Craigmont 


Germany 


73 cents ahead. _ _ 

Brussels . 

Australia Belgian share pnees were mosby 

Prices continued to ease with higher in moderate tradi ng. So fimt, 
end of Financial Year factors sidro. Elcclrallna. rAstnrrennt 
taking over from enthusiasm Hoboken, Cockenll, Cometra;- OB 
which began to wane a week ago- and Arted rose. ■ yMe Rwem 
Pre- Budget nerves also worried and Tesscuderioo fell. matm. 
some investors. Most Minings Elec, lost BFr 1° and LaT^yflc 

eased, with FancontlnentaHeading Beige fell BFr aO. 

the Uraniums down with a 50 Generate eased slightly. vA 

vents Tall to AS13. Peko dropped 20 
cents to AS5J0. CRA lost S cents Milan 

im to .1 UV.Inni Mlninc fpll ITIIJnU 


ASoJO. CRA lost S cents 
and Western Mining fell 
.33. Speculates eased 
with Central Pacllic 


Gaming stocks dominated the disenm 


NEW YORK 


\Mx4i Lute. 

.Innt l,ite.M.a-.. 

\ir Pniilin-|« . .. 

AIK' 

AI-nil.Vliiniiiiiii>n 

Alim 

Alien. Lu^I In in 
\ llegheny IWer 
\IUe>l 1. hemK-ml.. 
Allied tffiif. .. 
\tti- * liRlmer- .. 

V MAX 

Amend* He». .. 

Amer. Aiiline* 
Amer. Biaa-I-.. ■ 
Kmer. Fi'wiii-KSV. 
Am'i. i.'ah . .. 
Amt-r L iiiunnil 
AmM. Kle.:. 
Vmer. Expiv-i.. 
Amri.H-mie Pn^t 
Amer. M e<Jlisl.... 

Airw-r. Mi.li.r...,, 
Amer. Nut. Ini*.. 
Amer. »iau>Uut.. 
A mel . rflnrv*. • 
Amei.lel. A: Til. 

AmeteV 

AMK 

AMP 

Am I ** 

Am-h.ii- li>*.'l>iiiy. 
A nlien-ei Bim:li.. 
\inii« ffleel . . . 

VS.\ 

AMiniera till 


I 1 iiminj; (ib-v 
| IT! lm'n‘il-in*l 

j I. mile 

| I. in.-Ueii X*l . 
j 1 'rn it 11 /elleri*i'l 


iiiiiiiiiiH Knuun' 
nrn« Wriulit 


l«it | Lievu-... 


Ui»im I 

|i*n hi.'iirtrii'-.. 


i Mel Munie 

Meir.in* 

I lieiilfj'l.v I «*i'-r.. 

IMimU Kili ~>.ii. 

Mill 

[)ii-ii|i|ninC.. 
Piyifa f«|iii|i... 
Hii.n,i 1 tv 11 in.. 
UiHerfnrpn. ... 
n..-r 1 in'mii*!.. 

Don 

DrwiOi 

On (.Mini 

Pvnin Indnstiie' 
Rr^lr Plrliei ... 
Rn . i Airline- - 
hb-linan K»lnV 
KatMli 


A 

.Will! ll> I .. 

Ml. Kill tiU 1*1 .. 

A iiin Dm * 

AVI 

A x in 

V' i'll Pni-lml-. 
Hull lim* Kle»'i .. 
Hiinfc V merlin. 
Ranker* Tr. X.Y. 

HuHier I III 

Bixter Tnieiml. 
Heatm-r 

MwliinLlk-ki.-nNin 

Bell K Hi.b. II.. .. 

Benrti - . 

MenKiurt t.»n- - If 

Heilili-hfiii >'leel. 
Ulm k.V Lk'-ker... 

Hi •* mg 

Hm*e Cav.-iii.ie 

Hiirtleil 

Hiirg W amer 

HiniiitT Ini 

ilra^nn'.' ’ 

Hri-lnl 'l A *i>.. .. 


K. ri.A.0 1 

Kl Phmi Nai. Iin*! 1*3? 

Kllrn • al't 

KiDOr:-'il Klci-i rn-j 46*9 
Kini-i j A Irfr'isl i ■ 1 3 As 

Kmhnrt o7 

K . M.I ! 

huge Muni 22 1 ! 

KtaiM-k : 31'- 

Kail yi ' 22). 

IL tun -14 Jj 

Vanvhilil Caimfra 42 
t *-■. Wcpl. .’•"•re* 37 W 

Firal'inf lire .. i4'-j 

Kst. *Jai. bi-inn. i8>« 

FU'M Van 2U 

KlinlU-'le .... c6'i 
Kturiib I’li- er ... 29 a 

Unor i- 7 1 * 


•lime 

SO 

June 

19 


58 U 

alto 

Salto 

2B5s 

28+1 

27ia 

271a 

30’a 

31to 

40 

40ia 

16Sg 

la-to 

271, 

27fia 

42 

42U 

52)4 

33 

E6 

26 

101; 

10 to 

21.x 

21to 

l5to 

1 5 iw 

ibifl 

2 6 to 

151a 

'.5ie 

47 to 

48 to 

41 

41 

45 

45 

J5to 

26U 

2 6 -An 

26 to 

+41* 

43 to 

11SL 

H6to 

a0'» 

n0'« 


i-4 )A 

iito 

11>2 

55+t 

a5 

s8to 

38to 

■~s\ z 

25'a 

1. a? 

18* a 


* i 

i W 

14 

Si'-t. 


1 

31' l 

1!,;\ 1--I. 


81*4 

ei'i 


■ •1,1 rv-l.l 

29 

29 to 

l!.-\ u.'l'l- il. J 


4 to AS 1. 53. Speculatives eased 77,5 market moved modera&iy 
further, with Central Pacific higher with most Industrials and 
dropping 50 cenls to ASajO and pjnanciaj leaders finning in, 1 stack 
Southern Pacific lo to AS 1.90. In trariin „ AaVIC, aiontedis«n£,snd 
Industrials BHP fell 10 cents to Snfa ^jjjcosa gained in Chen^cPis, 

\ ia“ fk < iic 1 Impact olncinO r»rlf*A . .. . . . • i <«* 


l.i\ Vlmmlfli-liii - 
K. Alar C<il |i . ..., 
Kai-eiVInmliii'ii 
Kmwr I11.U-I1 l- , "i| 
KhImt !*lil-l ... 

Kay j 

I Kyunoi’ii 1 

K-ri \li-ijii-. . .. 
Kiil'ly Wall*-! 


24 to 

I.-..+V..-II Illl.T 

35 

2to 

l.'t.lllll .L llxa-.. 

24 U 

1 ;. ■ % nl Iliil'-I, . 

12« 

ISTI-. . . . 

2-to 

ISn*' l"ii-. 

45 

I.l-li-i '.t -li.li, . 


48 ; VViailmmli 

2t»ii I Wyly 

35 'u i V.I-HI-. 

24 :« ;/ji|«ia 

3l'-i /.in ill 1 liaili.i. . . 

54i ? ! 1 1 .4.Trmi4% I9» 

b74| 1 1 .i. 90 ilay Mil-. 


AS i.04. us lowest closing .Pri.e ^ jiquigas' eased. Montefibce 
in a fortnight The Sydney index r.ji charply following announce- 
f ell sharply. — - - 


fell sharply. raent of plans to cut capit&tvto 

n . cover losses. Alitalia led-Sts&e- 

raris sector stocks higher. Credito 

The bourse eased in qniet JOHAJSbEEBITBG 

trading with the social and both Olivettis firmed.. €SMie- 

Ke, li uU ®;u d rale ImmobUiare and PireUffJlC 



Kimlfilv • Irrli.. 1 46'j 


K"(i|«M» 

j Kiall 

Kr-ci-i < ii. 

I I Tiaii* 
IniMiWi- •• 
l.ii.l i 1 in .Flint. 


I.I£U , l 1-1 HI Ip •• 
Mill iRln 
I.HI--H I ■■•iit'ii — . 
1/a-klKOl Vin-ril 
IjHHf S-lir Imlll-. 
Ijniig l>lanii U-l. 
I (mill-IMIIM Idlll'I.. 

I^itiri-'l . . 

Un-fcA NI«* . .. 
I.'kl* Ylllljbl'iwi. 

VUi-M Ilian .. .. 

Alary li. H 

VI11-. Haiinvt'i. •• 
' Ihii -*. . ■ • 

Alaiothi'ii 
Mann- Mnl la 11*1. 
Atai-iliall Hill... 


Salfi.iy >t"'i- alls 

M. 23U 

.-I. I.'l-^ll l^lla-l -I-* 

-aula Ko tn-l... . 44 >i 

-aid 1 11 1 i-I .. . 3 

-•*■.•■11 l lid- 

>.-lil |I.' Hr»-« nip.. _14 

Si-liliniil-vili«T . "9 

M. VI lU i« 

Si-i.ti Pm|,t .. .. 1 7 1- 

rat ii'il Mrs • iO’fl 

snr Din - li-i a 'a 


CANADA 


Vlnlilii I Vi 1 »-r ... 
\i!ii«m Kagli... 

1 1- .tii Miininiiiiiii 
MjmiiiH St*rd 

A.-laf-lir. .... 

Km A i.f VI ..hi it; tl 
liunli Viira sutilia 
, M- -ii- llivdim-.. 

Mi-11 "l i-liiph'ini* .. 
H"» Valli'vlii'l. 


main he vvotrS S The'apjpreSch^f fe,L Bonds were Little cha ?^ d ; 

the end of the accounting month _ . , 

also explained investors’ reserve. ^unCll i. 11 .'. 

Sentiment was also undermined . , • . ' *; 

by the Capiial Gains Tax Bill now Pnces closed mixed -: liji 


Atm» I Pnr- 
20 VKH»- 


by the Capital Gains Tax Bill now r nces cioseo mixed ... «8P 9&^5 iui'.wj 8Q.4S Swwum. 

before the Senate and the feeling activity, as investors kept“to the Batgiom •! . W rtj»:»S'Oi . L™*' 

.bar Uic draft aw w mm. WWta" *«! SJf: Sff. ^ ^ : 


S5Sfi"“ '• 

„ . . ... m !lui.W; ».« Sweden. 


. ' /Viifta.’ W/8'- ”1378 
. ! vAona ^ tow 

Zi 'ISjeSSfi td Las 

37086^ 


that the draft law lo encourage sidelines in the absence of- new n -- mr L- ».«i. 9&.CT: *•£? Switserldi/ 

<hare investment does not go far incentives and with a .weaker 1 1 i 

enough. dollar. Both Swissair stoeki rose france ttti, ®>-l : ®- j-JJJ-j . - ■ ■■ ' ■ 


lough, dollar. Both Swissair srtoekS rose France ttti, 68.1 : 6812 j.JJJ-j \ r' ' ' : * i >'j V'* 

Most sectors weakened although moderately inTran sports^. Lead- ' j 802^'td2.7 ; 'TUESDAY’S AC’riVE'STOCKI : 

iU and Chemicals were fairly mg Banks and Insurances;- were Germany^. *toagjCtt* v y' - vn^ 


tyift j 


lrs s I 13A, 

61 # | 6 ^n 

J14 4 j » 17 b 


Via-.- lH'|.i.":t"i v* 
Hi A.. .. 

Mi. liiTiii-.il . .. 


Ill, illllllll'il 


All'IllMU Mil 

Vll-lll-'l 1; 

Vl.-I.-I. 

AlmiiH La ih-Ii. . 


-rn 1. nnlHiiiPi . 
AM-iam. 

•>UB l-Ic-f I ■ . I ». I 

Smr> (:• -.l-ii-l... 

Si KDt * > 

Mu-11 l»ll 
--iitfll r™n.|«iTi. 

--ijnial. . 

Sianwii- v.'iii i* .. . 
**"uii|il ii-il.i I'nl .. 
Sliixi-r... 
nimlli K'lilli-. 

■Miliin-ii 

Si mr I n l-ntn .... 
Smiiitlii-i mi al.K'l 

r-niil lic-r.l ' *' 

SlIin.Nal l.'i--.. 
-■ml I1-1-11 !'«■ i'll-, 
ml I ii-rll III* 1 1 n a A 


1 IIP I'aiMila 

IVnihi-nn 

HriuiTi 

1 hU.hi.i- Piiner . 

I midliiiA Minv. 

1 . hiuiiIh Ccuipnl.. 
I.niih il/i .MV tan. 

1 Mll.l lll|l llk.tj.il I 
I'd lld< In 1 1 idiibl ... 

tali. I'di-I Hr • 

tan I*ik-iHi- In a.. 

1 hii. Sii|*-r MU. 

1 arltiiii 1 1’ Kill iv. 
1 a— I h I- \)>lieal<i'. 


steady. News of a higher net loss barely changed on balance .and I goUand ifJii W- 13 - 8 6 - 1 
=- for French BP and a except, for weaker _ForbiK : -B ” ! 1 «■ 1 


Stocks Closlne ^ . 
traded-'- price day . 


PSA Peugeot-Citroen this year dustnals nuctuawa narnwiy • aej* 6 L87 

came loo late to move the market with Saurer Bearer firming, while IlsUy ; 

La Commission des Operations Elektriritacts-Gesellschaft Lanfen- j apail 411.T6 . 4I2.4S 
de Boursp. the Paris Bourse's burg declined. . '* „ __ 


narrowly 


| te.4t>. 

. r&A) iio/i) 


NOTES: uvvnejs uriccs sJWArn nehiA* and/or scriD issue, e Pet share. iKTanys 
-scIikip s ureiniiini K-iman dividends a Cross, niv %. h Assumed aivneiia after 
are slier with hold ina rax. seno and 'or rwa Usue. * After, local 


• DM30 rtiMtom unless oiherwls*? stal'd, taxes. m% fax rree. a iKrancm tadodtria I SliirflanlB and Pimrs — 10 ana Comoro 


Ramada Inns . 

ltZTWoe ‘ 


+1^ 

Del E. Webb 

5 nm 

201 

' 

Bally arts. Ca. ..._ 

411JWF' 

.361 

--U 

Caesars World ..... 

- 302,509 < 

27 

* 

Penn Central Co. 

. 233.WO 

2S- 

- 5— ' 

Sears Roebuck Co 

. 232,700 1 

224 

-1 

Golf OU Corpn. - 

234.500- 

231 


Pitybor Enterprises 231,500 

. JSS. 

:-n 



Ill , 

+t . 

Litton industries ... 

1TZM0 

.5+1 ■ 



vmlds based on net <livldpnr» ulus rax. Unllac dlv. v Now. o Shan* stHIL-s Dlv 
V Pi as 500 rtpnom. unless otherwise staled- nrui rlold exclude stMClal DaymenL-rl Indl 


ton 1 1100. the liv named based. on, 19/41. 
t Excluding bond*. « 4no IwliurxlaM. dam. 


[mtnstrtal 1970-.- rnvtiaim Sent, 


M.-a HyiiMli.il m.. 44 J« 


, K.M.t 

K.inl W'.t-l 


Minn Mm-jAMir =4i< 


K.h-hiiiihi !e0m 


full « in 

I Iran Alin Mint. . 


j Fnsciei-l VI Ill-re l 23 

>*■ in-la«iii . . . aO' 


1 VMnl • i.i|i .. . 
Minluiiiln.. 
i Mnraan -I. I’. . 
| M.ii.'i'ila 

| vrmpliv till . 

I Nal-lHT. . .. 


■i'll II 111" II' I . 

"I Haii l-Hi— .. 
■?,p-rry Hull'll.. 
S|p uy l.'ami 

M|lill* 

-taii'Unl r.iaml-. 
->l,l.« >ilt ellt.'i iiim 


-Sid. Oil Iii'Uiiim. 47o» 


Kit'iiif I mis... 


it. hi-nii.nl.. 26 's 


Nmi.iimi ' an.. 


Kru. ri". A DIJ .. 
Hnji li»ia.A til"?-.. 

Hi-uuma ii.-k 

Hii.-> i-ii> bi te 

Rnli.ia WaI'-Ia. . 
Kiirlin^t'«oMtin. 
Hiimiuuli- .... 
i. aui|4vII ts*ni|- ..; 
t ADailian Pm-tli'-’ 


»..\.r 

I ia illSH t 

tie>*. -Viner. Ini.. 

li.A.r.V 

i,eu. i.hI.U- 

I inn. 1 1\ nanilr-..- 
itpu. hlO'-ini-.... 

lien. I'i«»i 

iiem-itil Mill-.. •• 
iienvii'l .Vlniui-.. 

i".eii. I til •• 

■ ieii. .ilgimi 

(•on. lei. Klect... 

(ien. l.A-re 

tii-ni-eii : 

t.inirK** I'S'.iOi-. ■- 
I Hetty k>il i 


t.anal l.'ariil.ili'h.J IQ/; 


tamer A General| 12 ‘4 


t.arier Hairle.A 
y aLerpI I [a r Tim-L • 

1 B- 

t.elAne-ei.'.'M-n 
1 eminl \ | 


t erisinteeil 1 

I p>>n« Vip-nnt .. 

« hare Manhattan 

t lieinical bk. > V 

l lie-el'i lili I* 

c lie>ne .*« y-i cm.. 

• 'hli-nae bruise .. 

t'hrjHlei 

1 iner-aniA 

1 in-. MiIaiti.ii... 

• iiii-uri* 

i ii 1— * .Sen ice.. . 

• lit' tnAe/tinc ■ 

i'ui fela 

t nliiftt'’ l^alm.. 

• itllm- Atk'iuin.. 


riillcitr 

lii.-liH. B. F.... Bull 
Iira.ei\i-xr Tire.... 16 J « 

GtmiM. Z9 

fusee XV. If 

Irl. Vila* Pai-Tea 7 m 
liil. \».»ili lei'M. 23 1 1 

i.ln-v liJ'int 14U 

1 inti * Western.- 14is 

linli t.«l : 23'c 

HAliln«rl.-ii 63 1 « 

Hanna lllliiux- ■ 33 >| 

HarniM hl*f;:e r --.-. '7 

llarrl- t.'i'rpn 54'« 

Hem/ FI. ■! o7*i 

Ui-iuileio i7Ss 


I3to 

lS'i 

43 to 

45'l 

l->4 

lvto 

289, 

5t8-» 

l6to 

ibto 

75 

75 

509a 

ol'to 

3i>t 

91 '.t 

31to 

dll. 

59i« 

tAjI;. 

Id's 

I8ifi 

30to 

30to 

29 to 

■£> I3 

261? 

26 

t>to 

6 is 

fcbto 

26 > t 

IBOto 

154'a 

29 Wt 

297ft 

2zto 

asift 

16+, 

16 to 

Z9 

29 to 


a'l?, 

7» 

7to 

83ift 

2ato 

iai« 

la':- 

14 i S 

14to 

5431; 

2 3 to 

63>f 

64 

33 1 1 

dill 


Nat. Di-tlll'T-. ... 

,\h 1 >*.*iAii-e linl. 1' 's 
N.ii ii-iml Steel.. <07s 

Nah'iiMi- 40' i 

J\*.i: fc3J, 

I \HMlnue1ni|i . . 17 *4 

| NetA Ku^lati'l Kl. 2i ia 
\i-m Kn^lati'I Tel a2i( 

'■ l.i^ara M"li.i«k 14 

Mhuhia Miaee. .. IOI2 
\.1_ lll.tllrlllf- 19 

Ni-MiilkWVi-.iein 2b'i 

.Ni.itliNHt.tia-. 38ii 
Nilin. rflaler I**' r J5--J 
| Mh«iM Airline- 2 7's 
Nllme'l HhiIi-tp 24h 

VnlnnSti'iH'ii.. . lA* 

iio-i.lental I'etn'l 23 h 
I'-ilAt .Vlntbcr. .. 36't 

Mlii'i ftli-'it. .. . I3U 


did. “il Oliln.. 
Staull rin-mlwl- 

St i'll III” I»I1"J.. 
>1n.1i-l«k-i 

-nil 

Ml ih I -1 ivn> ■ 

4 tut if-. ■ •• 
Ti- Xiirli I'li.r ... . 

lekli-iiin 

Tl'leil A*U' # 

I ell- - 

I men 


SB** ! *o 


( 1 iiii'iiHin 

i.'i'iiiiiii-" 

1 IImIIiuM. 

1 ■•iisiini'-r Gas. . 

' i-i-k a l.-i-.iiirve- 

• ■"■IHIII Ui'-li .. . 
j Ha •Ml l*i-t«i 

Iii-iii-.iii Mum... 

I a 'inn-. 

I ■.•nil* I VI 1 lili-ll n* 
I ii uni m ttrMa'* 

I >'•■ hi.ii 

I 111, ■ -111 

Kail .III "t:e \l-kel. 

Km. I >li -A ■ an 


’« Kr lint rtenom. unieiw olheneise stated, cated div. u Unofficial trodtnit.. a M jlHtrlK I . jg uulinea. 01 Ktroujco add Bank S1/7/N. tfil Milan Md3 tiU,Tnkt|] 
. ..... - I hniHan nnlv l Motwr OH ltd I ■AxfceTt [>"00 inns .. uuuucj . 2 cie j n /SC nnRmiiii INnut IBK : 


3 Krs Suit flennm. and Bearer shares hoUlera only t. Merser penduw. ■ takrtl 
unless othcrwiae stated, | Yen 50 deDom. t Bid. { Traded, t 
■ml. ss i.rtt-nvise stHteri e Prux at tune xr Kx ruihis. xtl Ex dlwidend^-tcc Ei 
.if onraenaion it Klnritw. n SeltilllnsB scrip issue xa Ex alL a Interim si no 
>-i:.4ir> niviifanrt atier oendinB rixhta .increased. 


. T — : Tranjmnrt - f1*Svflm*y Ah Ord. New SI? 4/USB. <0‘HrraitS rtmes.ioofc 

r - ^ SI/12/03 i M ) GnD^flhi^n <*?* CtaiwJ. <d) MadHfl .“SE ’’ 
nd T^.i...^5.r.! SF ^l/trra B (rttnif Ronrse i«Wl. leiStnchbolm fndiis'rfal 1/1/SS.- (» Surnt 
a interim since JJ|, ^^nthanl. nm.T«««. W •mater- Monk Coro . in. llnarallahte. - - .7.. 


GERMANY ♦ 


TOKYO 1 


Us .TTT3FT » <TTVTfTH 

Msnctaa 


42ic i 1 1 uni V-i"\«l,i'iii 


■ it Oil • aiie-l'i.. 


t.»l in : 1 16 U i ISI4 


1 ii emea> JAliip.-. .• 

■ >At ni» t nriliiic .. 
n»ent I lln.iis. . . 
1*11.1 in- 1. a-.. . 
I'Ai-irii- l.iKlitinu. 


fi— in - rVlii'li-iini 

Ti'tA'-i . . • 

r».- th-buI 1 

1 1 —cii— In.i'ni. .. 

r«-.»- mi a 

Ti-\ii>. 1 1 illiie-. 

linii'A In-. . 
lime- Mirwr. . .. 

Hinki-n 

1 min- 

l'miiTineilia 



linn.-' 1 uii'ii. . 
Tmn-nny Intr’n. 
Tran- VV-rlil \ir. 
TniKlIi'i- . 

Tn <. ''11111-01 hik .. 


1 2 j ll.iliiu-i-i 

43 I Ifi.iiiv • »il ■ ' 
113'e I tl ii.i —.11 Hh» ’.Ina 
5<i Hii.i --ii l'-> 

30»8 lliel-nniill ' '.h • 

101; III-": 

.-4. A lni|ieriKl till .. 




V-naiir Vei-K-ti...' 4B1 j + 6 
it SI W ?49 J-O.0 

I'm er 139.6 —0.1 

duvet . H A ! 282 I T LS 

iiHA-ei.' i>iviii-»'S.i 317 ; 

i.llotlni.N-l.-'H- 165 
Li'itilnerTliAiik *25.8 + 1.5 


8 1.71-0.1 - - 
491 !f6 ■ 31 i 3.2 

249 1-0.8 dd.OHiib.fi 
laU. 5. —0.1 • W./81 6.7 
139.6-0.1 18.75. 6.1 
282 ItLS 28.1216.0 


18 1 2.8 


— — | Hnn-la 11. Hun- 


4 3-'t i i3 


i,iiiidtier7liArik 225.8 + 1.5 • 17 7.5 

i jiiiv f f iiniini 74.4 + 1-4 — 

1 la. filer ni-ii/ • 309 • -0.8 - 28.12 4-6 

iidn.Hi 2o2 + 1.9 1 1 3.4 

iMu 158.5 +0.5 '14 4.4 

Kant..... 305.5 it.' + 1.5 2B.12; 4.6 ymmi Kie- i. I*w. . 

Uir-.lt.er IlHiifc... • 240 |+ 6 28.12 6.9 J 347 ,-Z 

MVi-keiliiAtl /...ini. lBj 1 ® — ■ — 9-38. 2.5 ] 280 ! 


Uufii.^M 

1 1 ie3ia^ 



lBbj 1 la'.i I I'yi-keili.Ari /.nm. 


uu 1 20 1 h 


I l.i-li-i 

1 si It. in 1 Nat. *ih • . ( 

lril"|'. A I'li'i-l.iin- 
Kh If tl I. 'ey. 'll 1---. 

I .mi 1 Kin. t .-r|... 


I2I« | 12ia I r iA,«i Liny -I . 


JlI.-ImHI'ihii" 208 !+l »: .,jotcK.^rAiini:... l 4.U90 


I jii-l.i 1 i-iii. r+.Oa 


I Si n Km. A 1.1- 1.. H l*t 


l.li'.VV 

Will I.ennu-A l-'iiv 

r.v.K 


"•I.* iinll'n Itl.-.'i . 
Mh-.i-a- fi-i-;ii--n i 

M-liiU ia- | 

A||«lll- ■ | >11 

I AI.HlIllHIII-l.lll-Ut 
| NithiI'I" A| mi . 

| . 11 I.ih-i ;i .. 

I All. 11 . 1..|k-.|iI 
I \niiui- 1 'il .' li i 

, 1 Ml |- i-i 1 I'm' 
l I'.i. 1II-I11H- 1 M. 


rIAt-M Lt.i\.< ' 1MB.5— 2 -14.04! 6.8 iGlaurtiltJi In 

HariH-iiri ! 295.5. + 1 » 16.72' 5.0 ilit-ubialn brniK.. 

tO— h-i I 131 +0.7 • 10.76, 7.2 Uit-uM»hi Heivy 

46.6 — 0.2 1 4 J 4.3 4i(-ubnht Li>rp.. 

H-rU-n : 134 -0.5 9.36; 3.5 Jit-ul i L'n. 

ja*.i Hint Mix’ I 138 + 1.6 14.04j 5.1 Uiteu*i»bi 

Km1ia.11 32B 1+1.5 4.-M 3.6 A ippun L/en*n — 

KhuI li'il ! 225 - 1 18-72.4.2 Nmi|an. 

iviiarsiii'i DMI.L'.J 91.5+0.4 - ‘ — Ai -ran .Vlntnr-'-,_: 


A islimcu ! 

VllHt. Ill A tlA j 

tn an Bun bon Creek Gold.— I 

IB 1 26 B ue UetB- lit-t. 

U iURBinviile (.iijaw 

15 2.7 uraken HII- Propnetarv .. 

35 0.4 UH douUi 

20 1.4 Canton Unital brewery 

10 1.8 C. J. Cnle-- ..... 

12 4.8 UjK (21) 

13 1.6 Coos. GiMri iletri- Am-t- 

14 2.2 UcmiaJner (Sit 


Knula.ll : 34B 1 +1-6 

ha utlmi ! 225 - 1 

iAi.":biiyi DM I.L-.J 91.5+0.4 

KHD : 186.5+1 

<a 1 ! 94.5—0.5 

Lm.le 249.8+1 

ijrarnl'mii UAI....I 1.455—5 

IhiiiIibii * ' 111.6- 

ilaiine I 160 + 1-6 

McIa-iu'- J 217 +1.5 


I'an Nin VVi.pl .\ 1 


I'Ai-ki-i Hannlini.- itS^a 


j Hen le f^n-kai'i.-.' 

I H-'Mitay Lit mb 

Htjuie-lake , 

Hnui-.AB.ell ; 

I H.-mCI- 

I Hn-|i.L'iiiy--l ,,, ci' 

1 tli.i|-|n|i Nat. liar' 


PhrIhhIa I HI. , 
| IVll- I‘". k l.l 

l*ei< 11 a- . 1. « ... 
I'l'Illl.TllI 

IV.', .Ii'- Dm" . 
IVnpie-j <■■■- 
IVj.di 


| rvi.'un 

1 ih*.' 

I. nileu-i 
l'iiili-UT N'" ... 

I HbI|..i||' 

liiii'ii 1. ail’nli-.-. 

1 llli.n 1 ..IIIIIM-tAA' 
I III. Ill ■ III A Hill 
I 1 1 1 ■■ 1 1 I'ai-ill*- .... 


U ,1111.-1 iet n-i UiiL-k.l 543 


+ 1.5 24.44/ 3.6 Mppun Denan—.., 1.420 +10 • 15 

- 1 IB-72! 4.2 .Aiui.m Miniiain... 748 | + 3 : 12 

+ 0.4 - 1 — si -tap Mui, us ! 802 1—8 ! 16 

+ 1 18.76' 5.0 rtonee. ..1.76 J ;-40 ! 48 

—0.5, — , — -unii kie-tnia,.! 2to3 ,+2 : 12 

+ 1 ,25 5.0 ajki-111 Pretnli.—.' 866 ' + 20 ; 30 

-S ; 25 ! 8.7 <hi-ei.ii. 1.080 -10 ; 20 

9.36 4.2 tan 1.710 40 

12 a.O ."■•huMHiiiie..- 1 236 +1 ; 11 

+ 1.6 17.Il! 8.4 idkeia CiniiH* .- 380 ; + 3 16 

+ 1.5 10 2.3 .Uh ;2.01O : 30 


20 1.7 

15 0.5 


12 0.8 

16 1.0 


linaoc Hint into 1 

laaHAlD AnatmllM I 


AceaiUt OP 1.06 1+ UCt.l4'i'1flr 

+ A *»1 Lflilh 10 an/l ^-° 7 : — 0-01' VI * 14.81 

Jifli sauuu ItAii 1.20 1 '. ; .37 j2*.fiB 

tl 14 Ure ’•>«•* MmWraUl 2.18 ^a/.- 5 -t £.67 . 

it «n - Anw.. UK. 3.2p .86 .*1 :6.08 

ri'Sv p m Kttmbna KP 4.35 .1* ^.00 

Ijm "“m Kiiei.l l.au .l6|ti.M .* 

1 xxia L III? OP...4" 2.91 ; + O.I1i .Bi/b.90 ' 

1940 Ifnlp PE....-.....U. 1 .! 5.75 j.+ O.Mi . J25|<LS5 *' . 

1 **■ H ■'..-•'lit 1.21 1+ .--'.K-Jl4.lt 


tl.14 1-O.TC 
tl.BO ' 


12 2.3 
30 1.7 


,S DuMofj Huhtier fS h 11.38 ,+0.0! 

}-° IfiJLUM. I Jfl.93 1+0.05 

KblPi^mith f 12.22 1 


Turnover: Cr. UHLlm. Volume. 71.4m. 
■Source- flm >ie Janeiro' S&. • 


bidet -cmilti 

B.L liHiiratries 


-■_( Ueu. Krupert.v 1mm 

?■? Hanttsralev 


IV' kin Klmer.... 


1 nlumhia tia-. ... 26 J* 

1 .ilnml-ia K'i-i. 19 it 
l_nin.ln-iLu.i-l kin 18‘ir. 
L unii -ust 11 -n Hug. 40>s 
Lumbnrtii.n Fji .. 16 

1 'ni-r'tli Eiitn.iit. Z/h 
fm"* 'lli Pll Bet. 2*? 
I'ntnm. rat el lit*-. 38 1 ! 
r.itniniierhcienL-r H's 
i.-itin Life ln>.. . a5t; 

L nnrai- . 22 

L«n.+.di^'ii N.Y. 2a '1 

I Knud*. . . 23-'i 

1 ,<n~.'l \b 1. 1 ia>. 49 1 j 


luniioeutAl Cii-|- 


rnntrul Data.. 
t.<»i(«;i Itvlu. - 


16 

16to 

87lt , 

27 to 

ato i 

2i S 

38 1 1 | 

40 to 

1 I Aft 1 

lli, 

351= 

36 

22 

221= 

Za'i • 

22 -s 

na-'i 

25 to 

3(i'> 

39 

142 to 

22'* 

30 to • 

JO to 

i7to : 

■M 

leto . 

16 to 

3Zto . 

£3 in 

55 >< 

SB's 


Hnitnn i+i.+’.i j 

l.l . Indiislrie* ...| 

l.'.V j 

llisei-sjill Kami .. j 

Inland -Steel 

! 


I'll.-H 

I'l'.-ii.-. 

1-Iilla.l.-I|.llia Kle. 
I'htllp. Aim ■*>+.. 


I nir.iyal 
! 1‘niiisl Unin-t' 

I -a I la 1111 -i i- . 

I ".*■ f I V|*‘ IIMI-b 
; { . a . 


d 1 I IV I ..• 

aB.'Ji I |*...,.l... in .., 

r3i,i ■ | a i,i a i 1 an..-. Hi! .. 

L5'. 1 | , |,i..|.rll,--. • |..|.iiil 

464(1 ' |',.ni.| 1 ..i |. .., ill'll. 

• ••« I l*i-i. .- . .. 

1/n.i"- 'i„. ..—ii 

4t >'‘ 

I.i-iaI rliHi- ..- 
B l.-m Vl^.’ln. 

W l;..i h 1 i«k..-i 1 .in., 

i U-iyai I hi 1 


Aei.-hetllljllll I 

1 -lew- *-j DM HA. 
.Ini-in VVjpl.E'n-l J 

- -niri'uj I 

lemen 

-I'-l dln-kei 

I HA **ell A.li 

• aria 

1 hi. A 

• 1 -I fill .A VA e-l Bk 


160 +1.6 17.16 5.4 

217 +1.5 10 2.5 

54a . ...: IB 1.7 

130 +0.2 ' - ; 

116 t 0.5 ■. — , - 

191.5 t 1.5 25 6.5 

270.5 -..8 2r.lr 3.2 

290.2+2.2 10 ; 2.6 

a<43 -0.5 2b.36‘ 6.4 

118.2 +0.M 17. 18 7.3 

1/3 14 • 4.0 

118 t 1.6 . 12 . 3.0 
2U2 1 2 ' 18 3.1 


15 2.0 
30 0.7 


euni ’■ 121 

iiikiu Marine......! 492 

• •knib.ei.-1 Kiih'i'1.010 

•ikAti -ani" | 507 

nkyn -h -' aura... I 142 

•ins ' 143 

..■I— V| ira • 991 


10 4.1 

11 l.l 


6 4.0 
12 2.0 


Sniirve NikBn Sei-unries Fokyn 


A lZ ^eiK.:.:..i 214.8 ;o.5' 2a : S. H BRUSSELS/LUXEMBOURG 


AMSTERDAM 


; pia.. 
Price j + ni Fi-. Vlil. 
Kr-. — N01 


l’lnlli{r. IVlni'in.. allj 3 


I Intep'-nt. Ene+nxl 


|J65.S7 269.75 


KlIstnitT ... 
KiliiCA- Bno es. . 

Kilt -l ■ -n . 

I'lCkkl V U-l ADI! 


I ■> MU" I 

34 J l‘> 1 i-i-ll II- lli-BAV' 
39 in j I ' V I iiilti -i i ii—.. 
£4-\» >Vii"inia Kli’i. 
20. V I VVal-ilA-i-ll. 


- — .«<■*"> 2.383 +45 

Pn-e i + or l»lv UI. Hrs. Ijami.....'l.650 +2 » 
N». | -!%!%, dekri-l ''IV '1.950 +20 


1 ntt. ITb» i.ii **.... j -s 
1 1 nil. Han-tMer.... 
lull. .Min ft Litem 47:.-. 
I (II I. Mult a* ""la..' 20? 5 

Imv 1 iJ 1 '- 

1 1ll 1. I'Apel 1 

IHri : 88 

lux. Keelillor 12 

Ini. Tel. £ Tel....! +0' = 

Fment ; 

limn Beef 35+i 

IL Inti-rtuiiiiMiak 1 >'t 


Walter ! 30ij 


I'hIa i i, id . ... 

I'.-l-.niH,- Klt-r. . 
K*l"ti Inilii/.irie'.. 
Pli*.|i'i liRnil'Ie. 
Kill. Bern- hlm l. 

I'nllinari 

I'iip-x. .. . . 

UiiAki-r HHI... . 

Ilaiiul AincriiKll. 

K.iytliei.n 

I.'L'V 

>!e|uil-lii- ."tci'l. .. 




39-1 

40-ft 

i*r IjiiiUtI. 

29i; 

29 •: 



+ 3 

-a to 

Ims" 


27 >i 

27 to 

■rn |Iaii..-ii- 

o: 'i 

at >,■, 

■rn N. 

Vllll-I 

271- 

28 

rn I'll 

l*-ll 

17in 

16-.’ 


Kir- 

<2 

22to 


|"‘",i|-. ,, i 

"‘l« I t»1 i 'III I'lll . 

I <|.<-|ll:.. I. Ir--li.. 



I I-* lt.-ni.Hk. 

I "I 'All't 111 I'll - 1.11 


20i.a | 2U 
I-. I; I l3Aa 
8ig ; 9 

1 14 I 1 13 
lUh l ll'n 

jlj I *'4 


I AV'r"\pin . 

VVi-i i-rlininvT. . 

Whirl I 

AVIilli- 1 '..|i. I nil . 
William t.'n. .. . 
AV iv Hi /-in Kli’1.. 


• A, Iced » Traded. 
New Stock 


A In mi tri.A/i ; 

\S. -11 Hr i.'At* 

\ .»«■■> Bilk .KlliV 
AM hi tKi.lJl.... 
.IniliHatitk (K .An. 

■ Uli-iiSi-rt 

B,.|...VVe>llli'HL'' | 

itni lii in lelii-HHii?' 
bi-wvier a il-'-.Wi., 

nlltiin N. V.iiMtm ' 
but'- 1 inn I -l Ki.1l/' 
ii>l ■iua.'N it~jHi j 

Heini-Keiufi.f'l. ■! 
.Ii»i/..»i.hi it .iCa; 
l mill-: 1 1.* I- .IU* 
■S.I..AI. vK-.I^U'.. 
Ini. II it del 1 1 An. 
saaiAieu iK-.l'N . 
.All.Vnl III jK-l- : 
mil ia.iI HfclKiCl,! 


107.5+0.7 flgli 3.3 , 
3U.3 +U.2 - — ! 


w.b.K. Cement.... 1,190*d .. .. 

-u-kerii ' 450 +21 

bbbs ^.BoOhI "—5 


Hunker I 

ILT Auntralla ...» 

InteT-Cuwx’r 

lennlnca Inrttiktries I 

1 rarer iDnvnti I 

lAHinan AJn.» 

.detain Kxj,<irai "in 

iilU Uiiidinea. 

At vet hntiorliiii! 

M*ws. 

A MlHiiw, Inieriial iniiAi 

.Am I Ii Bi *Aken H’ linu" <0U 

UHk6m(i'e» — 

Uil aaniuli ! 

UUer hA| Mitum. 

Piunes L-mcrete t 

Uockltt & 

ti. I- Slelith | 

TuulbiAUil limiiui I 

5 yan-i 05 hx|iliiinttnii 

7, PsHli «Sl - ! 

iTI c'n ''""HOT® 

fix Western Mininic <3Ueeni> , 

100 8.3 W, ml wrath" 


12.22 ! JUMAP 

12.30 -B.D5 \ 

11.56 1-0.02 jBnc "a 
f^f AMla A 
12.15 '-6.13 


JOHANNESBURG 

• - • MINES 


tS"7i 1 Aosla American Corpn. ... 
Jam «",* Charier Consolidated ...» 
Jn'aa ' Easr Dricfamein “ 

T Harmony 

tl.24 i+O.OI Kinross 

10.20 j-O.OB Kloof Li. 

tO. 25 mJ.oi Rustenlwra Platinum 

12.10 '-0.13 St. Helena 

fl.75 So inli -Vaal .. 

t2.25 1-0-05 Hold Kle Ids SA 

10.84 1-0.02 Union Conjuration 

11-26 |-0.04 De Beers Deferred 

«l-80 Btyvoornltzlcltt- 

10.11 1-0.01 £ast Rand Pty. . 

tO- 30 t-O.OS Free Stale Cedttld .L~....'.~ 
tl-56 Presided! Brand i..‘ 


*2.83 1+0.03 ) President Slesn 12 « 


tO. 70 i-O.Oi Stllfonieln 

10.28 [+0.02 Welkmu 

tO. 26 .04 w«at Drlefomein . 

1 1.88 (+O.D5 Western Holdings 
t 0.94 1+0.04 Western Deep .. . 


1160 Hm INDUSTRIALS . 

-’V.oO.C?-®? AECI 2:90 

Anglo- Amer. Industrial ... 9J0 . 

Barlow Rand 410" 

— r— - ■, n — CNA Investments 1^5'- 

+ " r '' lv -: yi i*- Currie Finance ..... j.... .H45- 
— 1 Fra. 1 % De Beers Industrial 1L50. 


+81— 

+0.10 
■+8.M 
+D2S " • 

+ 0.0f 
+ 025 
+a:» 

■+lTl» 



+oa'..*.„ , . 

+OJO.-. 

+*s ft- - . 
+ffit • I;: 
'+0M : r.^ 
+UB J 1 1 

+8JfT/^ 

•+Hl5-b tn 

+aa 

+0J3 - 
+8»"« 
■+M0^L 


362.5 +3.0 28.5; 7.9 nijm!""I""" ! 6.420 

ad.M-i.2, 6oj 6.0 :::::: 2,72s 

73.8 +0.9 23.5) 5.9 1; u |nnA.Rm [a. 130 


73.8 +0.9 2a.» 5.9 

90.8 +0.3 < 20 6.8 


BUhe tBoOm -5 177 • 7.9) — 

me H.rfiei -6.420 . 430 : 6.7 PARIS 

Kabnuiie NbI 2,725 • 170 6.2 

Lf.b. InrwBrn 12.130 .+70 150 7.3 

tievaeit 'I.2B6H1 +4 1 85 6.6 


280 --5 ! 27.! 

1.+7.0 . . . ! 47.1 

67.3 + 0.3 94J 
55.5 — u.l | 24 
104.81-0.9 I 14 
33.3 +0.3 | - 

24.7 12 

159.1-2.4 H 

47.8 -U.l 2b 


. . 85 6.6 

Si H*4-*«I '.2-993 ' + 80 '170 7.7 

a i- 740 J- 10 1 142 8.1 

280 --5 47.S 2.0 . __ ___ . , Aumiir,/.-,.-, > , *i 

i «7 n ! a7.j S.D KreneilwJiii G.69U +30 290 . 4.3 I ai- M-inht 28+ 

ra, l(ii.vaic Ueive..{6.&bO 1—50 -525 s.9 Aquitaine: ‘ 502 


+M8 ' 

+«Jfl ' * . - 
+«»- 

■wua.V 


lieiite 

N«, HitieO.".-i A't’ 


>7,J 9.3 k re i let twiilt ....... 8.690 [ + 50 290 . 4.3 

14.9 8.2 ih, I!,, vale Ueivr..[6.5aO 1—50 .525 s. 9 Aquitaine. 

24(6.2 i*Hii Hu,.tins..»..)2,640 ( + 40 '!-2Jb 4.0 ulL" 

14 3.4 Kelmhna 3 '®8 5 - + * 3 174 ( 4.8 tVatvcue 


,. ua . ™ - i . . Ettears Consolidated Inv. , T S,M 'j+kg 7 - ’ 

°‘S Stores ...... .26. M r-^. 

483 —0.8 21.1b 8.5 Krn.r tloariv fiA l.Td - . • ' A __ 


12 I 4.9 
8 ; 5.0 


JiAjrien UAiiqiK>..j2.965 
xx- Lien Be1i<ii|iif|l.91U 


— ??5 ®-9 i3..V'.fi«n , i> I 523 

— 55 -Hitetooi 1.835 

30 ,215 , 6.9 uti.fa' * 465 

}]* -'ZIO] 8.4 r.l.i Aawte- il.L87 


rttOH _...U"l30 1 + 30 ,215 

j aha 12.400 xtl — 175 A 21 


483 -O.a 21. lo; 8.5 Ever Ready 8A „.. _ l.W. : • ? ig- 

SSe to" J 6 :ll 0, Z i-'cdcrale VoDtsbeleesinBs: . . 

* J? 2-5 Creatermans Stores ,.5J3 • -“•f-S. 7 c, 

qab ” i 8 Guardian Aasnrance ISA)- 1A»". . 

7 ‘ 8 LTA -tl.W . -.i „ 


36!s -o! 3 I 12.51 3ls — , 2 -5f® l"‘« < L , 17 ° 6-6 ' ;i * 8ancatie...». 


EUROPEAN OPTIONS EXCHANGE 


BASE LENDING RATES 


July 

. In** Vnl. 


Oet._ 

l’ll« l'"'- 


.vn 

\1T 

ATT 

L’ltH.'iil* 

I. Itlia*r|i 
k. KivJak 
F.. K/JaU 

E. KraJak 

F. . K»lak 
fi-.xitn 
Twni 
Fav,b 

ti M 
■ !M 
f.M 
IHM 

IBM 

IBM 


fl-eara 

eetr* 

#ettrx 
.V Ipeiwene 
A I^mene 
Algemeue 
A Icemen* 
Amrii 
A mm 
A "lie 
KI.M 
KLM 
KLM 
KLM 
KLM 
KLM 
Nal Ne-I 
Nat 

Nat .Nr’l 
Phili|>» 
Klnli|>+ 
Phlliji' 

K. It. FIipH 
Ri 1>. .^IicH 
IL ft. Mteli 
IniltAi-r 
InllfAvr 

I I nileVKt 


SS5 -• j 
' £60 . 

‘ S65 . 

• *20 1 - 
S2S 
• S40 
S45 
»50 

: S60 ! — 

1 S40 
, S45 
£50 

£50 - 

X60 

' 570 
5240 

5260 14i a 
5280 ; 3*1 

| 520 ( - 

, SB5 i sa 
I .430 ! - 

F330 

F340 HB.00 


F350 • 

13.00 ; 

5 

K360 ■ 


— - 

F70 

_ 1 

■- 

F75 

-- i 

— 

F80 


-- 

F 160 

8.00 

7 

K170 

4.00 

53 

F180 

2.20 . 

17 

F 190 

1.90 

7 

F300 

0.9U ; 

16 

F230 

— 

— 

K100 



FI 10 

1.80 , 

11 

K120 

- 

— 

F22.5C 

— ■ 

— 

F25.0O 

2.20 

— 

F27.50 


-- 

F 120 


— 

K 130 

2.70 


K14Q 

0.50 

90 

FHO 

— 

- 

F120 

-- 

— 

F130 

- — 



A.B.N. Bank 1U 

AHied Irish Banks Ltd. 10 "Ta 
A merican Express Bk. 10 

Amro Bunk 10 % 

A P Bank Lid 10 'V. 

Henry Ansbachcr in *7, 

B3nn» de Bi Mian 10 "f> 

Bank of Credit & Cmce. 10 °T» 

Bank of Cyprus 1» "?■ 

Rank nf N.S.W 10 

Banquc Beige Lid lo "n 

Banquc dii Rhone HI' 1 " 

Barclays Bank 10 •» 

Barnelt Christie Ltd-... 11 "n 
Bremnr Holdings Ltd. 11 °ff 
Eru. Bank of Mid. East 10 % 

a Brown Shipley 10 ‘Vi 

Canada Perm'l. Trust 10 ll n 
c-jpitoj r. & c Kin. Ltd. io % 

Cayzer Lid 10 °n 

Cedar Holdings 10;°n 

H Charterhouse Japhet... 10 l T, 

Choulanons 10 

C. E Coates 11 ' r n 

Consolidated Credits... 10 l ^, 
Co-operative Bank ...‘•TO "T. 
Corinthian Securities... 10 °i. 

Credit Lyonnais 10 

■ The CyDrus Popular Bk. 10 % 

Duncan Lawne :... 10 % 

F.agi! Truir Id ^ 

English Tran^cont. ... 10 “Ti 

First London Sees 10 

First- Nat. Fin. Corpn. 11 J 
First Nat. Secs. Lid. ... 11 % 

■ Antony Gibbs 10 ^i 

Greyhound Guaranty... in T. 
Grindlays Bank tIO 'u 

O Guinness Mahon 10 % 


fJIambi'o* Bank 10 % 

Hill Samuel §10 *7i 

K. Ifoare & C't tlO % 

•Hllun S. Hud”,' 11 % 

Hiin^kiiiii; A Shanghai 10 "h 
lndusln.il Bk. nf ScaL 9 % 

Keyser Ulimann 10 

Knuwsloy »S.- i’u. Ltd—. 1- "ti 

Ll.iyd- LLink 10 'V. 

Luittlon Mi-rt-jnlile ... 10 'Ti 
Edward Man-t.n & Co. H|-% 
Midland Rank 10 '7. 

I Saniuei Montagu 10 ‘Ti 

Morgan Grenfell 10 % 

Nadona] Westminster 10 l n 

Norwich General Trust 1U f -Vi 
P. S. Ref. son & Co. ... 10 % 
P.os.sminstcr Accept'cs 10 % 

Royal Bk. Canada Trust 10 ‘7, 
Scblesmgcr Limited ... 10 % 

E. S. Schwab llj l, n 

Security Trust Co. Ltd. 11 % 

Shcnley Trusi 11 °fi 

Standard Chartered ... 10 ; 

Trade Dev. Bank 10 % 

TrusU-e Savings Bank 10 *0 
Twcnti'Mh Century Bk. J 
Utiiled Bunk of Kuwait " 
Whilcaway Laidlaw — 

Williams & Glyn’s 1° ^ 

Yoikshirc Bank 10 

| Mcmhi-rt nl tlir Accvpdm Hoiisl-s 
C blllllllTI"" 

7-tl.ty dcpu'iu 7‘ , utionih dtMH»IW 


.Aat.Vallii aK-l- : 107.1’+.. 4 48 4.4 
4<stL iwH HalKiUl.! 53.5 . . ..I 21 7.9 
Ae.1 VlHWtk<K,.rA| 185 1+0.41 22 6.U 

t'w (Ki. AJi 159 + 1.51 36 4.5 

» an I liiiim-ruii.... 142.5+0.5 16 8.6 

KHhli-nl .t-.. J;>. 40.5 + 1.1 i - 

i n 1 1 , 1 1 ^ . la) <.6.6+ .2; 17 6.4 

lilivMilt'itKi.l* 84 +1.9 1 — — 

ii.K-i-i.it. oOi ; 171.0 Ailbtl 7.5 


Out • 940 i-O^ 1 — 

Hu .Mm. (iitUl | 740 si +2 : 50 

a »?i, I- ■ MoiHAauy.il, 535 |—10 ' — 


Cuih Ufrirtc ;.J 397 +3 , ll-2b! S.b I Pr^torJa Ccnienr"LTJ:"‘J .a;*:. 


» an t •■mm.-ruii I 142.5 

Kuklr-nl .t-.. J;,. 40.5 

l1it>i|o \Ki. la)....| c.6.6 

ii|ii?i-liV yiiKi.Kaj 84 

i!> 4w ■ tl ■ oOi | 17 1.0 

■.-■■■■■ii-" i K«. ati.. 131-50 
lum-iiiiiiKi. Mi...! 122.7 
..'■-\»,l>iii.'!i,t.jU 129.6 

H+'-iiiiitq j 251.2 

Ica in tn pi*-. V,i 137 

I nli l i'I'ir-^ H.'lr.* 121 

... ■■■■■-* »-i • + ■. aM . 121.6 
! • ■ kill" !.'■•»-. I III XI 41.1 
i iV «■! Ian '■ III. I will. 403.5 


SWITZERLAND • 


FVV '! l ^0 L2 ]t0.0 Protea Huntings ..T."!"- L 

U "^"' <»Iq Rand Mines Prowroea .2:« 

— ! 74 2 +12 ,33.75; 4.6 Rembrandt Groan . . 


fi. Ceiiuie- 

•ien. LI H+lenu i 

linMHI — 


I P?fi» utnr filiv YCi 8.7, BJ 

! pj;. ITU ! e Ituqiw Hi-rei ' 118 1 + 3.5 


ur. Ba -*-irrn,r... I 360 I .. . 

fui . I*A| hi 76'; —2 

ilau lit-aouiK .... - 124 | + l+ : 12 
Li..NTli‘nHaKrt;i 26flls -1 i 12 

,Ai„.i K«l«t J 106H1, +412 ! 12 

J mini nit. < 74S»; -Ij ! 12 

i'i-i«hU«ii)I> I 129 +U 

i Vii' 111- 1* Ilk ‘ 160 I 

ilciewi'Vii.! 403 .. .. 
MHA:ri>+ ! ISO 4 !.- U 


MlLln* A.mniiiHif 1.280 ,+ 10 ; 8 3.1 

^ ' Jo "•.1-1UAIK..LVH.135-.I-+5 22 1.9 

A in 1 ■ th,. PHH.Le.1.. 850xr + 5 22 2.6 

iSLlnu 4 .! 70 tAftlfeu SB6 - 1 ; 22 3.7 

Ju nijn 1 5 <.^«ai Miwe '2.205 -5 16 3.6 

« tin h'Ci-uoKAil 1.750 • 10 £.9 

403.5-1.5 33; 4.0 ,, v „„ . j 67J .'+ IO 5 3.7 

.. -■ i lufl iiinn l‘iA>n.-,‘ 7B.250 + 750:550 0.7 

Jhi. 7.525 - 25 55 Q.7 

litliMlinai L> 3.860 ; '21 2.7 

„ JeiiinJi fKr. IJih /I.425 j >21 1.5 

Ae»tJetKr. IOOi... 3.430 JtIO uSS a 2.5 

IX.. (In: 2.210 1 + 5 5.9 

Met, lkuutt.tf. sail, 3.520>d; 15 1.5 

Kiisili 5IK (K.lLlJ; 288 -1 . 15 5.4 
,+..4 ' i »i '"•it ki/ (Kr. B jO>„.. 3.950 +25 I 26 j 1. 6 

“J 1 *, l>«. l**rlsLmsl 487 | T 1 j 26 2.7 

,19 — — — • 1 » liiihlierL’tsk UX' 292d— 3 1 12 1 4.0 

«i!J + 9 i 19 ! 7*4 ^L-L.tK.103) 381 r 3 ; 14,4.0 

w l'r IX i 10 a >»l*a«lr<Kr.«0 856 10 I 4.1 

?JS. ,r ; I 15 !'9-5 ^raxrtanklK.ldO 387 : 10 i 2.6 

360 I. .... 12 ! 4-4 jniwtue. ; 40 j 2.1 

2 ' T.» oq v mua Usnk ...3,120 -10 ! 20 3.2 


latt'W 198.5! + 4, 

LriroAl 77 j +11 

Usratot 1.C45 1—3 

M<i+mi Htieiu*. 968 [—2 
Miclietln “If.. . 1.390 •— 6 
Aina .. • +<6 . + 6 

Uinilliii'K ' 151 I .... 

i vnl a* , 160.11-1. 

Ked i inev MO.l,— 0 
j .-’mi.al Hiainl....; 260 1—1 
I'etuinH+.-irmeii..' a 66 1 + 1 

•'•vtotni — 213 -1 


188.4 + 3.3 M.lu 10.2 Reico 636 . ■■■-• .- 

1 ®° S-26| 4.3 Sane BbMittgs + ; 7^, 

63.4- — ogs 5.7,83 SAP PI js . 2.WF: '■ +?* 

118 1 + 3.5 — 1 — c C. Smtih Sugar -' ; J£2*' -v/iiT 

198.5! +4.5 l6./r 8.6 SA Browenes .1® 

77j +10 15.87 2.1 Tlaor Oals and NaL Milte- i+J-j* T ' 

1.C45 1-3 <36.75 2.2 Unisec 


iwiVff*?'’®; •: 


c45 1-3 >36.75 2.2 Unisec 

968 [-2 39.3 4.1 

390 |-6 .32.65, 2.S SecUH 

+ 16 . + 6 12.9; 2.7 (Di 

1S1 < * 3 : 2.0 

160. i;-1.5 ld.86 12.4 : ? 

MO. 1. -0.6. 7.5 8.3 SPAIN V 
260 j-1 : 7.5 2J* - 

a66 +1.2 17.25 4.7 . , 

213 -i • — , _ Afiland 


COPENHAGEN + 

I T*n«* | + ur I lilv- VI.I, 
■I .me At | hrnuer | — I ; J 1 


21 2.7 | Jiaii Alla ' 352 

21 1.5 ifhottc IVxiM' ... 97 

■ uSS a 2.5 j,, l.l'Ihih .... 142 

4 -B >ki,..|(„Ai)i^iiei .....1,515 

ii «*» — i 250 

; *“ . s.4 LeiviiKMuitim!.... 1 727 
: 5? i i- b tto niM-11 1-1+11,11 ; 189 

Iff! 5-3 S-=<=-=ri._9 

; 14 , 4.0 

10 14.1 STOCKHOLM 


>'«ji« I evliiti.ii ic.i 424.S' +«.'.5 27 , b.9 Bd,IM BiHno 


Securities Rand U[.&S®-7X$ . 
(Discount of 37.8%) ^ ,«k. 

Spain T • . 

»• - jo * ' 'rvrcenT.' •• “ 

Asland 115 - tC*-. v;- 


Aii iy--l«tiiKvii ....: 1344* | 11 ; 8.2 

ihiim'-cr W. | 470 15 ( 5.2 

iJxn-Jtc LKtuk j 123 +»2 | 13 9.8 

m -1 LniAii Uu. ...|163to*r — 2 | 12 7,4 


r'tuAU.Kxnliini 128U'.r. : 13 jlO.Z 


12 | 3.3 

12 • 8.9 
12 4.0 
12 ; 6.1 


352 -4 - 27 4.0 

97.8+0.1 9 : 9.2 

142 -10 14.56 9.6 


27 4'g Bantu AUandco U.DOOv 

g : g‘n Banco Central .: 

4 56 9 6 Eivertor 

39 ■ Z.6 § anc ° General . 

»s«Ltn i Banco Granada (1.0001 


—5 .39 2.8 
-0.2 i 25.M0.1 


J.2 ; - 1 _ 


<urLi Ins ;i0 t 7D0xr;— 25 


10 ; 2.6 
40 I 2.1 
20 ■ 3.2 
44 2.1 


ISOij.-Us 


Pnee j+<q-;ftir. Vl.|. 
I.itx i — i Lire - 


"I? \^ 2 ttrzi sBassr^ 

- Banco Popular 

Banco Santander (230) 
Banco Urqtnio n.oooi... 

Bancs Vizcaya 

PriT-i | HI*. I’m. Banco Zaragozans ....... 

\rone ; — i K r . o BanJrunian 

! 4 Bonus Andalucla.,^;— .. 

205 i — 8 j 5.5 I 2.7 W,lco * - 

140 ‘ + 2 5 16 ? C u 

123 j ( 6 1 4:8 - - 

66 4 i fi o 8 - *• Araconasta .. „ 

ns • 1 S'l Ktiwoola zinc «... 


Pi-h-c i +-.H-I |)fv. 
Krone ; — ! Kr. 


\n \ AHtnu/ui...: 205 i— a 
V.raLiAiii utKrm j 140 ' + 2 

VjbA tKr.an ] 82 : 

•Ubia CupcrrfKrix : 123 j 

■Mm...... I 115 ' 

ijntu. 200s 1 + 6 

^eliu»r+>.... 1 226-t.- — 1 

bl«ri*n«-t. iKa.! 135 l+i 
i-4H»»on*(J'tKm! 134 > + 2 


5.5 I 2.7 
5 3.6 
5 6.U 


a4 3.5 ?-nt 

1 is : ;•? SS. 


Expt. RJO TtOIS 
Fecsa fl.OOOl 


290 • • 

TO -- 
B 1 

-n2Sr : —** W - 

. m. -+-+1- 


VIENNA 


AMU 98.25, ■*■2.75' — - Lled'liufL iKa.! 

,« -1,1.1 468 +laf — _ i-4io»on*(j'tKin! 

/■<«« 1 1.8 10m: r ll : ISO a.3 B.-.C.I+ • 

IX*. Pnv •,l.bl4.5-.e +8.3 ; 16 J 9.9 i-a^ehja J 


6*5 '47 jL enosa tLQ«0»'“X+V.M ^ l 
“'5 t-l f-al Predados * ^ 

a va *““* 


275 ; 

90 1-2 


T-(t:iy n. pft*iis ^11 sums i_'f 

.net uiid'.-r fi- . no m 1 * •• 

and Hi'.r win 1, 

r.iit d'-nusiis in . r 11 ihm) rx- 

ri‘-nun*i d"[imiK TJ*',. 


l.SI.IHII-la I 
«", A, III, ■«+..... 
HI * lA 

Huipeiii 


, 1'ihi - 

• i : * 

till. 

• 

l+i. 

•* 

luiicetneni- j 

1 1 a * liter | 

342 ' 

J 262 

10 

9.- 

2.9 

3.4 

^1 iMii pilifi. m I 

696 -1 

AS 

U.l 

i'ih. - i.i A, A.,- 

88 -2 




. 188 , 

fi- 

4 3 


239 

14 

5.9 



1 1 Uiicefnottl_! ... . 12.110 + 135 200 1.6 I H^HKpunTii";; 332 j-i 


4 • 4.4 tfierducro 


> lnni>Ai ■ 


151.75 +3.5, 
994rt + 15 : 
1.990 — 2S ' 


'«u.t% ih .V.u. 259 
-.K.+ . ‘6’ Ki 62 

130 6.5 ilmml Kn-tit-to..., 19<i 
80 8.3 r-ii.Mii. 'B' KrW ! 73, 

'..Mrlf'im S2, 
S'.d vn (Kr. ~>.'i 66. 


j —"I 'iarra ... "..ZZ'lZZZ'j : 1 M 

16 ; 4.8 Paoelvws Branidas •— ' w- - *' .'sf • 

*A'tTOli6er -• 129- . -rt • jj. 

PciroleoK . ..J t « -O* 


66.5! ^ 


Tuhacex 
'•won t 


..Elec... — 

;• -k- 


• Vi * K 4 

- -* . Jr" 



















2 i iV ^ 



Tinies Wednesday June 21' 1978 


— 


u 5 < j 



rules out ban 


BY OUR OWN CORRESPONDENT 


THE EEC. Commission advised 

*r e ■ Government todav 

ibat a ban on the export of live 
animals to the continent would 
violate Community rules on free 
.trade. . .. 

But Mr. Fion Cundelach. Com- 
missioner for Agriculture, said 
the Commission hoped t 0 intro- 

3! l ^? r0P r 0s . a,s ’> th * not-ioo- 
d ist ant future to enforce 

■«. foi j the prevention of 
jrruetty to live animals trans- 
ported for slaughter. 

OaYiri Mrang. iuninr 

“ inisier . said this 
did not go as far as recommenda- 
tions made more than four vears 
ago by the Council or Europe 
which. urged that trade in car- 
cases should replace trade in 
live animals. 

Reuter reports that Fran.-e i< 
-insisting that any agri cultural 
concessions made by the EEC in 
"■international trade negotiations 
mi.ust be matched by similar 


offers from other world c\- 
pC, r» ?r ' s of ^ ar]n products. 

M. Pierre Me'naignerie, the 
*' ar,n Minister, laid his 
EEC colleagues the Community 
must noi accept offers of cun- 
cessions on industrial goods at 
tnc .Multilateral Trade Negotia- 
tions. now under way in Geneva. 

M. Mehuignerie was replying 
w a report from Mr, Gundelach 
u . n . f c , urren i State of the talks 
at today s EEC farm council. 

Mr. Gundclach said the- EEC 
ycmld not change its present 
system of subsidies on Common 
-Market farm exports, oflicuis 

added. 

The L .S. has complained that 
the subsidies, which make up the 
difference between high EEC and 
low world market prices for most 
(arm products, are damaging the 
L*.5 [arm industry. 

Mr. Gundehn-h said safeguard 
clauses had to be included lu 
protect domestic markets from 
harmful imports in any MT.\ 


LUXEMBOURG, June *^U. 

accord because agriculture was 
a >pcica| case, the sources said. 

^merira must also agree to 

"top charging countervailing nu- 
port duties on its imports nf 
‘arm produce except when EEC 
export subsidies caused a direct 
losi to its farmers. 

Mr. liurideiach also told Itu* 
ministers that he was optimistic 
that the EEC would soon reach 
agreement with African. f.arib- 
oekn and Pacific sugar expnners 
'■n the ba.su, tif its present 
mandate. 

\'vgiiti;niun.» resume in finis- 
-‘'•■ri un June I'll at ambassador 
h-vcl on a new price for the 
1 _ ; bn tonnes of raw sugar the 
EE«: will import from ACP slates 
m IH7&-79 

The EEC has offered a 2 per 
»->-nt rise i.m ihe ACP negntiamrs 
■iro ((etuandim! .1 S per cent 
increase l»> com pen sale them for 
higher production, transjmri and 
insurance costs. 


U S. calls for fish 6 war 9 truce 


THE U.S. has called for a truce 
in the so-called flsh war with 
Canada to allow fishermen from 
both countries to resume fishing 
in each other's waters. 

The appeal was made by U.S. 
negotiator Mr. Llovd Cutler at 
the resumption here r»f bilateral 
- talks, aimed at reaching agree- 
ment bn disputed maritime boun- 
daries and fishing rights. 

The talks broke down last 
month and a reciprocal ban on 
fishing went into effect on June 
■ 4. Fishermen of both countries 
have respected the ban and no 
, incidents or arrests have been 
reported. 

The dispute arose after each 

* country declared a 200-mile 
./coastal economic zone, leaving 

overlap! rts areas- claim erf by 
:both on the east and west roasts 
'of the continent and in the 
» Arctic. 

• Canadian sources said the 
•negotiators were ronsiderine a 

settlement which would include 
i-a- recommendation for iitfer- 
: national arbitration in some of 
'the disputed areas. 

An international con- 
ference on ways of policing 200- 
-trtite .fishing zones will open in 
Sydney tomorrow to discuss the 
latest techniques for detecting 
and controlling foreign fishing 
boats, 

: • The conference, backed by the 
Australian Government, has 
' attracted •both, government and 
; industry delegates from more 
: than . 20 countries, including the 


U.S., Britain. Canada, Holland. 
Spain. Denmark. Japan. Malay- 
sia, Argentina and N'igeria. 

The gathering, the first of its 
kind devoted to fishery , surveil- 
lance and proiei lion, underlines 
the growing world market for 
specialist aircraft, patrol boats 
and radar systems needed by- 
countries extending their fishing 
limits* to 200 miles. •• - - 


OTTAWA, June 20. 

A conference spokesman esti- 
ituied that the increasing num-j 
her nf ruunlric >• proclaiming 200- 
inilr- zones had created about fi00| 
im»ilile orders for palroi boats i 
worth hundreds of millions of I 
dollars to shipbuilding firms. I 
There was a comparable; 
demand fur aircraft, radar: 
•> j. stems and support ef|ii»ninenl.j 
he added. Reuter 


French expect to grow 
1m tonnes more grain 


TOTAL French cereal deliveries 
in 1978-79 should rise about lm 
tonnes to between 29m and 30ra 
tonnes, officials of France’s grain 
growers' federation. AGPB,-said 
to-day. 

M. Philippe Nesser. association 
president, and Director Mr. 
Etienne David said French soft 
wheal deliveries this season 
should increase to at least 15m 
tonnes from 14.15m in 1977-78- 

They added that barley 
deliveries should fall to between 
5.8m and 6m tonnes from the 
previous year’s 6.52m. tonnes. 

They put maize deliveries at 
7m tonnes, against last season's 
6.9m,' but noted it was brill t,o0i 
early to be sure about forecasts 
for this crop, y ■ 


BRUSSELS. June 20. 

They noted that the. cereal 
seel ur still had plenty of scope 
for expansion, -’as the EEC had 
to import around 2m tonnes of 
.substitutes for fodder each 
yea r. 

The AGPB’s annual congress 
here heard complaints that 
Brussels farm price adjustments 
did not cover entirely the signi- 
ficant rise in costs of the past 
few years. 

Another report said growing 
imports of fodder substitutes, 
which carry very low duties, 
presented abnormal competition 
for European cereals and 
treated grave distortions be- 
, hvoen .producers in different 
part*, oft the Community. 

Reuter \ 


Bigger U.S. 
soya area 
forecast 

BRUSSELS. June 2ll. 

II. S. SOYABEAN plantings this 
year slum hi rise to between 
(Him amt 64m acres, six to seven 
per cent above last year's 59m 
arrrs, Mr. Mcrlyn GruuL lirit 
t icc-prcsidcDl of the American 
Soyabean Association, said 
here. 

Average yields should he 27 
to 2S bushels si ii aero compared 
with last year's average or 29.6 
buvheJ.v. Jn- added. 

There should he an adequate 
carryover this year, Mr. Grool 
vi id. (hough it would he less 
than the latest U.S. Department 
of Agriculture forecast of 170m 
bushels. He put i! in the Ufloi 
to lnffni bushel range. 

Planting*, this year have been 
delayed past the optimum 
IHilenlial fur yields by the 
weather, be -aid. But most 
growing areas have good mois- 
ture reserves which will offset 
the delay to some extent. 

However, the late start could 
h<« offset by favourable vu-nlhrr 
in .August raii.siiic yields lo 
nm Irli or come close to last 
year’s high Icu'k 

Cocoa price 

upsurge 

continues 

LONDON COCOA futures 
prices were again housiccl hv 
Ihe ligUl technical supply 
siluaiiou on (he New York 
market yesterday. After a 
hi-sifaiil ’ morning London 
values moved up strongly in 
Ihe afternoon following 
another firm New York open- 
ing and b% the close Sr plumber 
delivery i-ocna was quoted at 

£1.7X2 a ton lie. up £52.50 un 
the day. 

Though producers are .still 
holding out for higher prices 
must major manufacturers are 
remaining eon? and some 
dealers experl the producers 
In moderate their price 
especial ions soon. 

YYilh nearby futures having 
gained nearly El oil a tonne in 
less than a week, signs are 
emerging lhai Ihe producers 
could soun be willing to meei 
Ihe markel and some small 
quantities of Ivory Coast cocoa 
were reported to have been 
sold yesterday. 

Ghana is still belieicil lo 
have current crop cocoa 
available. 

The price rise of the past 
week has noi been aided hy 
any significant fundamental 
news so mosl dealers are 
allrihufing il to fresh 
" chartist " buying and stop- 
loss buying orders. 

The early rise in New York 
yesterday was helped hy spill- 
over buying from Monday 
when trading was prevented 
Tor much of Ihe session follow- 
ing a permissible limit rise 
early in Ihe day. 


SUDAN MEAT PROJECT 


Factory-farm sets targets 


BY CHRISTOPHER PARK6S 


GUINNESS PEAT interna i iMUal 
is breaking new ground in more 
ways than one *i:h it* f45m 
t£25m> livestock farm -cum -meat 
factory in Sudan 

Sited within 2u km of ihe 
comprehensive iran>|w<rl n \ s tum 
artuj/?d Khartoum and rlay jo 
the reliable water rosvrv«:& uf the 
Blue Nile, the SHeit project will 
uccupy about i5.uho seres of 
virgin land. 

Irrigation channels which will 
eventually water more than two- 
ihirds of the toial ar.-j ire now 
almost complete. Tin- uum carta) 
stretches 30 km. up im? lung, 
narrow farm. Kir-i crop* are 
due to be t-hnr «-J during 
October. 

While salv.-iiinv: farmland 
front the wild i- nu-*- j ..minion 
enough exerei.-e. transforming 
virgin territory ai nn.- fell swoop 
into a self-con l.nn.-d miensise 
crop and stock farm i*. almnjt 
unheard of- 1 H’l cvnuct? the 
prujevt lo be in ;>in wiihin 
fmrr years. 

The ptanner-i the land 

should produce isp "ii lon.ono 
tonnes of feed a -ar r r um field-, 
of alfalfa, mm/e s»rqnum and 
varieties of n-lii.- .-ras* Under 
imgatio/i. twi. ba.-veiU nf mini 
crops should hv ihie each 
:■<.»» r. 

These resenv-- <if vegetable 
energy will be um.-»L im fallen 
■ utile and shn*r.- fur s!::iichier 
m the projeu's «iv.n altatioir. 


The beef and jnutiun will then be 
boned, vacuum packed and 
chilled ready for rapid delivery. 

Only 20 per cent or the farm’s 
output will he eaten in Sudan. 
The bulk is to be iiowa to Middle 
East markets and elsewhere m 
Africa. 

When fully stocked. Seleit is 
expected to convert 40.000 head 
of range-bred cattle a year inlo 
5.400 tonnes of quality ‘beer and 
produce 3.200 tonnes of mutton 
from a throughput of 140.000 
head of sheep. Expons, ii is 
hoped, will be worth $30m a 
year 

While that prospect is still at 
least four years off. CPI claims 
that thr- unit will start earning 
some income by the end of this 
year. The first animals are due 
to go to slaughter in December. 

Any surplus feed from the first 
crops can be sold off, the 
managers claim. 

Status 

There is no shortage of raw 
materials. The national herd of 
L-dltlc has been estimated at 15m 
head and there are mnre than 
17m sheep in the Sudan. How- 
ever. there could »e problems in 
persuading nomad stock farmers 
in io I d iheir animals lu the com- 
mercial fatieners. A nomad's 
cattle mean far more to him and 
his social status than their 
simple value in hard cash. 


The animats themselves, pre- 
dominantly zebu strains, are 
known lo thrive j f given a 
proper diet — almost anything 
richer than the scrub fodder 
from which they traditionally 
glean a living. 

Practical expen men ti in feed- 
lou; with similar cattle in Mexico, 
for example, have produced ex- 
cellent results and guud meat 
front the most dubious-looking 
store cattle. 

The over-riding problem, how- 
ever. is that intensive livestock 
projects in the developing world 
have mostly fallen far short of 
excellence. A similar scheme in 
Sudan has already been 
down after fighting to keep going 
for five years. 

The resurgent hordes of 
locusts currently swarming over 
north-east Africa are not the 
only clouds hanging over Seleit. 

Intensive fattening uf cattle 
which have spent niusi of their 
life nn the move and in neur- 
lsolation greatly magnifies the 
risk of spreading deadly or 
debilitating disease. Foot and 
mouth disease, for example, is 
endemic in the Sudan — although 
Seleit is said to he in a ** clean " 
zone. 

Stock moving into the farm 
will have to be thoroughly vetted, 
and routinely treated for para- 
stiles and other afflictions or the 
range-reared animal. 

Disease-carrying Hies have to 


be kept away, and rho most 
commonplace husbandry tech- 
niques assiduously amdied io 
keep the stock a tre.>s-fr >.■».• and m 
Fair health. Effluent disposal 
must b»* efficient and regular. 

Crop failure could h..- cosily. 
Although There are ample 
supplies of feedstuff's available 
from iflsewhuiv in Afrb-a or 
beyond, (he economies nf H-rdJn' 
management as practised tradi- 
tionally demand feed supplies 
close at hand at lute prices. 


Competition 


Although the market for meat 
in the region is growing rapidly, 
the competition :s fierce. 
Australia. New Zealand and Latin 
American suppliers — increasingly 
pushed uni of the EEC market — 
are building up new outlets in 
the Middle East and are able to 
land good quality iv.-t-f and lamb 
at extremely luw wues. 

Mo-st projects of ihi- type, at 
least i *n such a scale, fail i" gel 
off rhe drawing hoard. iiVtimg 
as far as tins can be regarded as 
something nf a triumph fur 
Guinness Peat. 

If the company can push the 
Seleit project in within -striking 
distance of its targets in time to 
meet its own deadline.-. Gumness. 
Peat will greatly enhance us 
chances uf reaching its uivn lareot 
of S50m -worth of agri-industrial 
project business a year. 


World dairy mountains shrink 


by our commodities staff 

THE WORST ..r ihe world dairy 
surplus appears to he past. Indi- 
vidual countries managing their i 
own policies have held down out- ] 
put and reduced surpluses. < 

On the other hand, in the ; 
EEC. which produces almost a 
quarter of world milk output, < 
the underlying imbalance re- < 
mains, said Mr. J Emp.->on. chief 
executive of the Milk Marketing 1 
Board's commercial divisions, in i 
his annual report in Ihe Inter- i 
national Dairy Federation in i 
Paris veslerday. 

Balance of ihe world market I 
as a whole improved during 1977. 
and Mr. Emp.sun claims this w’ill j 
continue this year. World stocks ( 
of dried skimmed milk peaked in s 
1976 at 2.3m tonnes, and they had { 
fallen to 1.6m tonnes by the end 
of last year. 

The report singles out Scandi- 
navia. European countries out- 
side the EEC. Canada and 
Australia- as having successfully 
employed national’ policies for 
cutting surpluses. Drought in 
Australia and New Zealand also 
contributed. 


“The principal exception 
remains the EEC. Production 
continues lo rise and the full- 
price consumption of milk and 
dairy products continues lo fall," 
.Mr. Empson said. 

The surplus last year was 
estimated at 14.5 per cent of 
deliveries. 

One major trend in west 
Europe was the continuing 
decline in liquid milk sales 
coupled w-iih further growth in 
the importance of low-fat milk 
and long-life, heat-treated 
products. 

The rale of increase in cheese 
production slowed to only 3 per 
cent last year. Stocks built up 
and export openings were hard 
to find. 

However, there was a major 
upswing in demand for whole 
milk powder, notably from nil- 
rich buyers. Output of whole 
milk powder last year in the 
main producing countries 
jumped 29 per cent. Bur ihe 
outlook this year is not so bright. 

Butter manufacture rose 4 per 


COMMODITY MARKET/ REPORTS AN» PRICES 

BASE METALS 

- • ji iris vO. l«.i ihriv mnnn. rr.o. 5 3. Mile hull fKnuhil-i. revcrv-d ihij. 

ln - J.'.,, V+.,, 10. <u.s. 'cailind*-. cash T71H. R3. 17. »Jlh ih.- price Apnmu back i- n..GSi 

: n>PC!Sir' ■ I — Ihr-r momh* r7o7 K.Th Wirrbnrs.llw.-c U» afirnn-.n W h.iwnmm in o 

Oft,, .hi • - H-ihiAi frji. is. t. 71 Mown- «*•> ‘he ..I nr 


•:JBSS : h^ 7.6-= 

■S nr. r. Iljs.. 74D-.5 r2.5 736 5 7 —3 
-23 — 


'.‘Nrni'io'nt. 719.5 -23 — 

■'Cathodes- " 

- 7JB.5-7 t 4.7S 711.5 3 -2 
•‘SikmuHib.. 736-5-7 -3,5: 132.5-3 -Z3& 

SeitlVi'nl. 717 -r3.5; - 

V.iL _ .. *6o.5-ba 

-. COPPER— Easier nn UK L.oudun Melal 


Anubiuni.iieil MtMal TraHlna rci*ned 
1 h.ii in i h<.- m .rnlnc .’J h win-bars irariwl 
Jl 1TI1MI0, l°.j. Ihnv mnnlhs rr.O. 5 3. 

'f+.H 40. 4U.5. ■ Cailmdfs. cash mo. 1A.3. 1.. 

— thu-r mnnih*. IToT K<-rh Wirvbiirs. ilin e 

nmiiihs f74l. 1.3. J- ?A 

i; Wir.'Mrs. <-»sh fTi«. 1hr«*o mmi'n- f. 10. 
::9i. 39. 3.5. 7. n S. 7. r*l*Mii-s. Ihr.-e 
—25 uinnths I33.S Kwh: wivwlwn. lluvv 
— 3 months Z736. 30 3. 36. 3.s 3-1 a- -1 N- 
33.3 

TJH— LBwer. The -ica'lin.ss i«r Urn 
•-2 p C niHn price >aw lonvord iik-13) >1 

— ^ ” , a. in. i+ -ir: io»- i+'ii 

T!> ' Ofllcw I — I l'iv4B-w . — 


-. COPPSR— Easier nn Uk L.oiidoo Melal HjkO Start' »: ' *' - 

xebense-. Alier MMunv auady around 

£7M forward nieial dipped w *v6on _jack ^ tnnplhr.. 669Q-7M — 70 6665 75 

-uf iMerol' bu:. Uiwj picktif up •« ^e>si«*n~i 6605 .— 85 — 

nn »hc morain? herb ("t lowing cuvMnj Standard i . 

; asalHSI r.m. frtu salts. In U» a/icrnnon- <6760-600 -37.? 6750 60 -37.5 

- rhe finm-r :rcntl m sutIWW aaainsi ihe 6675-80 -60 t>650 60 -62.5 

. '.dollar L-jmert values. i» e»s« with Torward >nt , BIII ’i. 6800 —80 

: metal JaUJus 6a.^ hack »» *rw •» g . ; sllSSio +2i« ■ 

M«e . kerb ai C7W.S. Turnover w V -Hi - 

."mnnet 

i:« r. I .trailed 01-351 3466. _ September L’ocoa 1777-1786 


: metal UiIBms ba.^ hack t" ^ K . ; si 752^ +Zi« - 

. . line kerb it cn.S. Turnover w Y-rk - 

.“innnet 

Index Limited 0WS1 3466 September Cocoa 1777-1 

29 Lament Koad, London SW10 OBS 
f - 1 Tar-lrPe lradine on commouity i mures, 
r..- t. -The commodit y futures market for the smaller i • 

b\ ■ -'in ■im *' 11 " "" 


PERSONAL 





■^giSS^wSsttas 

high performance, super luxupi moto . Y y Katharine s 

Way. LONDON. S-U Demonstrations by ■ r ' a, ’5‘ 

'■“'SwS Mo«PB« A ” vhmrs wel 


^ThTeitTo^S' motor CARS_ 

30 im ArtS.KS"»n £7^0 W here. Anv ume. 04-43. 0537. 

. &kmm* l>anrt»«- 


tiLMa «nd haU-.-n in 16.710 on Iht- pre- 
market bui m fir RinKS hedue aollinp -mrt 
stale hull Iiciutimi'.i. revers.-d ihis in-nd 
with iht* price qipni'n; buc.-k fl-.CSH In 
ihe afternoon tio lnwnmrn in omnir 
mnpleil u-uh the absence nl anv U.S. 
physical mlcri-a ^trompIMl slup-lo-v. and 
U.S. oeUInu wlud%po>lw«1 Ute price down 
io IS.<H8 prior n» a clns® on ihe kerb 
of W.fiso. Tw-noerr 'i.iMS • immes. • 

Mornliu:: Si.mdara. cash xt.sin. iliree 
months ra.700. £i.i»o. SO. 75. Kcrh- 
■Srandard. Ihrw ninmhs £*s«M. AfU-mnnn: 
Siasdard. ihro- raonms £fi.6SD. 70. 75. Wi 
4fl. -33. 45. 5u. Kerb: Suialard. three 
months I6.B40. 30. 20. -'*■ 30. 

LEAD— Maved narrowly uun! tali- 
iradton with fonyarH men) tv>Wlo= 
between E21 and . C— m nioderaii- 
acihrtll'. Bui on Ihe Ian- Kerb an easir r 

trend in rnpner and ihr «nnrr 

caused a d«'cline In a close or £315.73. 
Turnover 3.825 tonnes. 

- «.m. !4-.«| |s>n. 4- 

LB. Ml nm>-lai j — IVirnm-ul — 

. ~~1 r ' r 1 x r 

Cash ■ 312 -5 T 2.5,511.5 2.5 ... . 

3mo»iili-..;321.26-.75eJ7B 321.5-2 ,*2.5 

-en'mi'ml 312.5 +2.5 - .... 

it A *»i«cj ... 31-33 ■ . ... 

- Mornliu:: Cash 1312. three months £TJ 1 . 
! J/l L5. 1. 1.3, Kerb: Tbrtv months 
rm.,3. Aiiernoon. Three munihs EUi. 
21 22. 21.3 Kerb: Throe months f52P. 

19:'- ' 

ZINC-Kwr as ihe warier rpa*-e**<1 
ihe' iRipheailnn*: n! Monday'-. inwcaM.- m 
ware hn use Mocks. inmird mei.il 
iteiained dimwlmn the day. sijnioc ai 
iftr and rtsinc l*» 028 hefnre sllptiinc m 
013 bn the late Kerb and a close ot 
018.23. Tunmrer 5.. Too lunnev. 

"j a. in. ■ <+ 'iri io. i!4»r 
' : ,zntc i onta-uii i — [ i*ntiiii-Mi- — 


■ ! . £ x 

Chdi.. I 313-4 -2.76 311.5 2 -5 

JmnuU».. 325 4 -3.25 3S1-.5 -6 

IfmeiM. .... 314 —2.5' 

ftw.ATesil - 29-31 . .. 

'Morntnp: huw mombs 023. 3 . 3 . K--n>: 
Ttrfce oiomiu £324. Afternoon: Three 
months 024, 3 5. 3. 2.S. 2. 1.5. Kerb; 
Three, months 021. 2 b. 19. is. 

..T.Pmifc pur uounn » sin previous 
£g-ial rlnw- rSJH per picul. ■ 

rSILVER 

+SUver was fixed A. Op an ounce higher for 
spot delivery in the London huiboti market 
Veslerday ei 2W ip. U.S. ceni equicalruis 
m 4bv brlns levels were*, spot »4U.3c. up 
6>6c: thrce-moiiih 55o..7e. up oJc: *ix- 
nrautb 560.5c. UP s.ac. and r’-momh 
582 Jjc. UP 9Jc Th-* meial opened al 
2SK?-29f.2p i539*-5Wc* and closed ai 
58H-S9MP 1538-5 3840. 

SJILVHK Biilli«h !+ ■■r! L.3I.K. 1+ «i 

[«r fisliu; I — ■■1"^ j — 

! inn* o/. prti-ine | j : 

'T^ i ' : ’ 

: 394.Ii- i + 4.0 293.05|> -* 1.5b 

Xraonlhp.. j 308j. t4.D 301|. I.S5 

.anunihr.. ! dOB.Oji - + 4.1’ — .. . 

Cm inlf, 326.4|. +4.8 — 


rhe close were up in I.lU higher on Uic 
day. 

■ \ c- I— l*l«l\ *• 

1 i»i y kk 1 ■- T-y 

't'ja-i 1 •■line 

! 1652 SS - 14.5 1698- It25 

t^.+i.U-i .. J56C-4P +'8.5 1601 IpJO 

N-tiM.I-er..., 1470 7*1 ,28.5 1615-1456 

.Uniut-t .... 14-8 10 - 55.6 1430-1:30 

MhivIi ‘ 155.- 60 - 46.0. la70 1i20 

Mhv 1300 20 - 52.5. 1520- Il'bS 

Julv 1260 13 +57.5 


ElMd i>-r ion for all uradi-s of raw 
Juie. aim br O5«o lor cuiunas. No 
offers la-fir^ made fieri- Calcutta seeds 
steady. O-im+uon* e and I UK lor 
June +tiinnu-<ii: 10 or -W in ft- -4. 7!^>r 
£7.72 n-r inn yards. Inly BsS and C. KM. 
AUr -Si in i!'.“8 and r7.66 lor ihi- 
respi-slWi shiurarni p-.-riods. Yarn and 
cloth very quiet. 

SOYABEAN MEAL 

'Is+lenlnj- 4-' , ‘ Uil-lne»» 

‘ Is.ii.- 


Sales: :i.5in H„1S0I lots Ol + louilen 

ICO indicator pnes-y lor June in iij S. 
tvnii per uuunje Coiniiibun Mild 
Aruhtcas IHO.OO ilftipP.; uiwasncd 
Auhwai lH.i'O ilivmi.; nrncr mild 
A rab ieas 164 «0 'IMsIM-; KubitsUS l.»4.j0 
1 1 i* 1 DO • . Dail. xr. raise* I37.JJ iliifi.M)- 

ARABICAS. Lluse nn orrf.-r. buyer, 
seller. Uvnm v 1 Jinn- IsMi nd S*l un. 
I9p.au: Aug in. 6 u.;s.uu net isiiw-kt w. 
Dec. ) X lKi- jfi.^0. KH» HI .'4, April 
I4h.5tf-52.ia. June 14". aV49 UU. SaUs. 
4 ■ 3 » 

GRAINS 

LONDON FUTURES ««7.\IT.\ — The 

nurKH i ■ pi -iicrt aiH n-nunn-d 

ahmn sie- mis m lln- ni"r iiinc ti-nni. In 
lb,- jfi.-rhinii) sunn- iiruU-'siunal w.-ilm*.- 
was s«.en i-n h.irn y hm trade huyluu nn 
(ill- i-losc Htidt-d ufiA-y up in t-Itfv- la.Vp 
hisdh-r nn «h.-ai and i+»n- tiiKn+r un 
bafli-v. Ai It n porieii. 

Barley — *-l w- Tl-i ml ifl.nn. n-sl mil. 
Dais— 75 S7. PM ml iftf!. h-V mf> 
Maize mi her man livorid fur ».-.-diint — ■ 
76. v.. r.-si ml ■ 77.90. r.M nil-. Buckwheat 
— a It nil tall nih. Mild—- *).« ri-.i nil 
• sl.M. rest inli. Cram sornhum— mi. 
n-si nil 'Vi.ici rf.1 ml*. Flour Levies: 
Wheal cr mixed orticai and rye Hour— 
1SI.5I ■ 135.21 ■ Rye Flour— m 9 1 - il i.j.O-. 

NCCA— Location cx-lann .-pul prm-o. 
Food wheai: lluiuht-nwli- d*: 40. < :!«iu--i--i--r 
£97. ui>. Feed barley: llumiierMii.- t-o.jt). 
Cluu.rli<*r in* M. 

Tin. UU nuin..-i:ir» nrflliKin fur Un- 
week bi-cwmiut June X is *W' iwl 
remain vRrlufllkHf. 


Nl "hi Ii' 

vlHH 1 

+ - 

ii-lii-lal 

. +.+ 


B4.5u 

+ 1.10 

7B.B0 

- 0.20 

N..v- 


+ O.IS 

HI.45 

, V 0.35 

Jail. 

8^ 90 

1 + 0.29 

B4.10 

+ 0.10 

.Ma>. 1 

•Ji.iS 

1. 

hu 7a 

0.25 

11 <14 

9S.1U 

-D.IO 

BS*. 20 

-0.25 


. L'K-rii>iiiic 

Jmii- 115.00- 28- D +6.5 — 

\iigii-i .. .. II9.SU-19.7— 0.55 20.50- 1S.50 

121.70-21.3 +U.45 22.00 21.50 

. 1 20.70-2 1 .0 -- u bU 21.40-30.80 
tel Him t. .. 111 . 7d-2r.b +0.63 2230 

. .. 

J 

S.rl-x - "l"* log* Of UMJ limn*. 

SUGAR 

LONDON DAILY PRICE iraw -UIBar- 
(•■"■ini -!•■-' in. j lull in- i'il inr .lil' 11 -..lulv. 
Ana. -*1 ii in ii While >ua.ir daily prn.e 

I..I- IiSi.iI .-»* i'IN.30 ifllhiN.. 

rh'. in .nr-- * jpeOi+t jheui inn pmni- 
I>. Imi«- oil m-Pil prircs nui *ia« an.iin 
ni II eupiairi- -i al I hi- Inwi-r I- «i-ls .in-1 
mail- -■■rii- Wtvrrry hy ihe clove . 
U i i.iruinii' repuried. 

I*.H. i.-l- i-l4V'«- I'l.-ii.iii- Ifli-llli- 

I'.Mill.l. I U-+.- • 1. 1* ■+■ * K.I+ 

(‘■inli. 1 i 


An,;. .. 5>.i? 54.SJ1 J9.U5 35.15 99.09 c7.D0 
im.. SV 7o .'9.90 100.4u00.45 IOj.26 9S.rD 
III,-. lu i.?tf *>2.Du I02.9il-u6.no Ii'S.Od l 0.75 
Mai- I. . 109. VJ 09.70- HO. 60 10. SO 1 I0.60-U8.ltf 
.ll.it ... 112 JO i2.7ullU.55- 13.69 1 13.75 l l.SI* 
4 ii".. II5.-C ie.76lllfi.M- li.cS II6.0J- 15.75 
im .. 115.2.- .U.5 r ,| 120.75 / 1.25 120.9 J 1B.5II 

Sai- - - ; ■! H24i loi--. dI .70 lunik* 

Tj(-- .lint cj-n-hnery pric--- inr 

cranul..:. ■! I'- i*- *1Wr suaar was L-’4*.4M 
is.ini- • >-;inc for home irulv an<i 
£ 1 7.7 nn ill'. - lor expnri. 

Inter nationa! Sugar Agreement— Pric-S 
for Ju«.- r* 1 S CcnlS in r pminit l.il.Ii 
jikJ nI-.iji.'! ' jrihAin porr r Li.nly 7. in 
I'-e.i Iivnft- 7 41 I7.42r. 

EEC IMPORT LEVIES lor il-nalirr-d 
jiiJ n<ir)-i.'iHj'-'i'i*P sujiar. elli.-crir* linin', 
in uiiii., -»i .!• ■ nunl pi-r Ui Vilw ■pti-'ImUs 
III bn- White— 26.91 ■ 26 51 ■: Raw— 

WOO!- FUTURES 

LONDON— Vie marhr.r was du:l jiH 

rcaiuri'h 6* f"" repgriwl. 

■ ivntx* pi-r kilo i 


4 *0. Lemons— Italian: loo i20's new crop 

4.00-4.2U: Spnnia: Trays 1.20-1.50. lanse 
hoxet I m-Um. Grapefruit— 5 African; 
27 72 7 4k-4 Jaffa: 20 kilos 4.00-4 50. 
Apples— |- r.-ikh: t'.oidrn Delkmus 20 lb 
K4'S 3.5B-2 Sir. 72's 1.00-3.90. jumble lynxes, 
pi-r pound 0.15-n.i?: IV. Ausirahan: 
Cranny Smnh 9 20-9 m: Tasmanian: 
Cranny Siniib 9 00*20: S. Mncan: 
t.ranny Smith 9.ho-9.7«. While Winrrr 
F*i armolii T.io-Jt.on. surkins Dchciuus 
V 20 -N. 40 . Culdrn Di-licmus 9.06. Yorks 
>.:».vwi; iMIean: Crannv smith s on-sso. 
Stark me ri.hi.4-i: Xc-vr Zealand; Siurmrr 
rippiof 161 9.20. 175 9 20. cranny Smuh 
9.H0: Italian Rome Beamy per pound 
0 17. i. old -ii Dellciuu% O.la-O.IT Jonathans 
4U lh non. pears — S. African: Canons. 
Uaikliuni s Tnumph 6M. Wilder Nells 
v.nn. Peaches — Spanish- Standard I rays 
•jotno: Italian: Standard 100-4.60: 

French* 1.70-7 io Crapes— Israeli: 
pi-r I cue a MFC Ah. Plums— Spanish: 

5 ki>os Jans i.WM.40. Santa Rosa :; 00-7 go. 
Apricots — Spanish: j kilos ; <63.1*1. 
Bananas — l.imjlejir P--r I-°*mri o 13. 
Avocados— Ki-nyan' Fncrtr 14 34'v 4 30- 
4 :j): S. Aim-air Fm-ne 4 50-t. hi. Straw- 
berries — Oahlurnun* •* 50. Cherries — 
Fr- neb* Per pound o iu. Cy prior *0: 
Italt.ip 0 il Onions— Chilean: lOist-s 
S.'A- 1 mo: • unary 5 Ml: Dutch- 1.30: 
Isrj-U 7 Op; Te*.,n: 4 To: Ecyptlan- 
*m i. Xvjnrtfi: 2.« Potatoes— ^ r.yrvrlnr: 
4 hu, Rriiionv: .'.aM-O 1 : Jitsv-t; 0 09; 
Tomatoes— Dttfeh 1.5M.SD: RuMWt-T 
7 40.3 s#; J--r-4 > : 'imi Carrots— Kn-nch: 
Vjnii-s 2K lb bov-.-s 7 . mi: Italian: 3.40 
Asparagus — t'aliinrni jn: l*rr pound 1.10- 

I . 40 Beetroot- t.ypr mi .- jj |b ::.,a. 
English Prpdnc*— Potaioco— Per .« lh 
2ft-2 m. Lettuce— Per 12 n.fifl. Cos ».so. 

W. hhs uSfl Onions — Per 3G lh 1.56-2 DO. 
Rhubarb — Per pound. uuldoor 0.03. 
Cucumbers— p.-r iray 1? 24r 1.90-1. MO. 

Mushrooms— Per pound n.rJl-0.48. Apples 
— per iiMind r-rjfnli-y's u.io-n.'-'O Tomatoes 
_ p.-r 12 lb tarjlish .11 M*W Credit— 
p.-r nr .in-. K-m l.Oit Cahbam- 1.1* 
Celery— Per 12 1> 2 50- 2 .20. Asparagus— 
p.-r tarndk- Ji.pr.ix, 2 !*■ I.M-l*i. Siraw- 
berriis— h-r : lb 11 IS-O.-’n Cauliflower*— 
p>. r 1' Lincoln 2 40 Kent "90-100 Broad 
Beans — Pi-r puund it 03. Peas — p.-r pound 

II. '.‘11. 


cent world-wide last year, hut 
so far during 1978 production 
levels are holding steady and 
unchanged in most areas. 

Most of the skimmed milk 
powder has disappeared into the 
animal Feed market, and much of 
this butter b.v-product has also 
been consumed by stock in the 
less costly liquid form. 

International market prices 
have climbed in more acceptable 
levels arouod 8500 a tonne (com- 
pared with . the still grossly 
inflated EEC support price of 
almost $1,200). and further im- 
provement can be expected this 
year since the European Com- 
munity is continuing its special 
subsidy schemes for skim powder 
fed to pigs and poultry- 

Mr. Empson expects EEC 
deliveries of milk lo dairies lo 
climb a further 3 per cent this 
year following a 2.7 per cent rise 
during 1977. 

The size of the Community 
daity herd remains more or less 
unchanged from year tn year, but 
ihe average cow’s yield is rising 


PRICE CHANGES 

Prices per lonne unless otherwise 
sated. 


steadily by 1.5 per cent to 2 per 
cent a year. 

Last year EEC consumption of 
fresh milk and fresh milk pro- 
duels fell 1 per ceiir. Butler 
uptake dropped 2.4 per cent. The 
onl> compensation for these con- 
tinued declines came from the 
cheese market where purchases 
rose 2.4 per cent. 

Ivory Coast 
to grow 
hybrid coffee 

THE lVuRY Coast is aiming to 
produce 50.000 tonnes a. year uf 
arabu-ta coffee, an arablca/ 
robusta hybrid, by innij. Agricul- 
ture Ministry suurves said here. 

First commercial plantings of 
the hybrid, which .should be 
more profitable than the hii-'h- 
caffeine roliuslas grown ' at 
present, will he made around 5tff* 
Sms south-east of Abidjan, they 
said. 

Reuter 


'JuinrlV 4-i-r tliviili 
I 1978 - «•:.. 


Metals 

A Him lum in C680 

f'r+e nierhri «-i«i SI. 020/30 
L*ig.|«i i-anli W.Har>!U7 16.2b 
3 ni,iiii Ii- < In. itu. :C736.76 

O-l. I jlln-le £712.25 

il.i. •!••. 1732.75 

l«.l.l . . . Irnv . + . S1B6.I7S 

i j*.t o-ii xs ia 

i m.iiilli- L'321.75 

■Ni.-k.-l L2.666 

Kn-y \larm-l n-ili lli|S1.87 
• 1-97 


C680 , 

*• WOO- IB 

—2.5 C740.S 
-3.0 L760.75 
-2.0 L73J.5 
— 2.26 L'7a2.7S 
+ 1.25 »• IS |. 12a J 
. . C104iS 
t-G.25.c37"?. 25 


Metals 

cocoa 


COTTON 


Business ilono— Wheat; Sepi. -4^0-tM.2ri. LONDON— l'..- markr-r \, 3 s .1u:l 
Nov. ST. 2DsHi.5j. Jan. vj 90-X1I.35. »lari» fcjiun-i- h " rcuqru-U. 

92.4rt-lrj.;ia. May 9a.wi-0i.uu. Sak-s: IU 6 ilk-nw pvr kilo. 

Barley: Sew. TShO-Ts.fiU. Nov. s:.45-;-l2fi. 

Jjll. S4.10-S'. »I xijnh >«TU-»^.T0. MjV A«-ll*»lin. '• J»+ *4 Uii'll"- 

SH.ao-su.oo Sal-1: US. I.I.ii'y '•- 'I ' — I* 

IMPORTED— Wheai: CWRS No. I. j:>> ' . 

mr M-ni. .lum- tPC 3n T.imirj- US. D.-irk I. . _ . 

Nori1u.ni Sprlno No. 2. 14 i>--r tvni. Juii- July —1.5 - 

1K3.23. Juft’ t'.t.'iO A us. Em ,7.i iran-,hir>- "iiv-i ■ :'V , .S'S 


Biter Conunodittes 

limited 

. 7 specialists * 

' mm ^hur w''® 5 i 

' *• ! 
Jv , e ntl me vaur Mar^ ctlie P 0 ■ _ | 

f!Iitbout obhgatlou- . — j 


‘LME— Tornaoer 145 il«. r >i lms nf 1“ u" n 
aza. Venting- Three tnonitt* mi.s. 

2.L 2J. 2.4. 2 i.‘ 2 4 2.5. 2 6. 2 * Ki-rft: 
niree^onths 31)3.7. 2.5 2.4. Ahi-nvun- 
Tbn-( oiohUk W3.1. 2.5. 21. 1.2. 1. bnh: 
Three monitu; 30i. 3U9.4. 30D3, auu.4. 
340.6 . 306.4. 

COCOA 

•'•Tlie markc-i was steady vilh ramr-uver 
rtihbncrd by a warty New 
Prici-s ckaud near ibe day's Links, uill 
aafl Duffus reported. 


rii.-m F.ail -wlk-rs 

Maize: U.S • Fr-mb Inn- lli'lTi July 
I1A4 Alio.. CIOII lran-.hipir.-ni Kj»i CiUtf. 
Snurh Alruvu U'h/r- Jinn Alio IT.’- '-n 
■ llassow: sou in .Mm <n V-Iinw Jmi---.\uK. 
ns ni.iMiwv. 

EEC DAILY IMPORT LEVIES anti 
pn.nimm; iDa'liu- lor luin. 21 ' it* onftr 
i urrvui |r»-> Wiis July. Ana ond St.i>i. 
pri-iniunfe. u-nh pri vi.iu." in bra-.k-is. all 
III units nl JirtMlil /> hmih >. Common 
wlieai— >7 85. r.-ir nil .r-I .*5. real ml- 
Duram wbeal— I.*.: ?*. r. n ml itaiTV. 
ri-si nu. Rn — sti.fls. r-. m ml imi.us 
resi nili 


RUBBER 


f iii -inly ■ .. 
'Im-li . • 

'In- . 

Jui.i .... 
ii.-i' -i-i . 
lh— . 

Sll.-s- l 

SYDNEY 

-i.-ll.-r. liii-n 

juft *a- i. 

I 

” lT 

7*1 n II. ' 
July Jfi',.3 
•;ru 4 J7j l 
■JT2.j-.772 5- 


s 5 0-30.0 —1.5 - 

:-jmmo.o 

2JJ tf-4fl.O 

l'-H.O-«b.O ... . — 

?ir.U 4fi.O ... . 

;-j.J-48.0 

•7. S«J ll 47.0 . . 

|.62. II 48.0 

•in'- lms uf I .Sun ts. 

CREASY im .ipj.-r hny-r. 
ii. .:i',-s)_ Micron Coniracl: 
•»* * -®M»« 2.:. mi. 251 0. 
'- ■ -• 4 1; fits.-. .9. ii. 

I ; March un i, -auv;. *wa i.- 
i w 6. M1.3. 3K5 .T-.1U4 x. 


■'.COCOA 


J'piiNihj '*■ + " r ■ ' 

Cln*c : — . lfc, l1- 


XaiW. - 
•AddKVb 


TelffphanP 


.1 uT: 1SS5.D-32-U . + ifi-0 1855.0- 084 

*ui . _ 1782.94* JJ ' + 52.5 085.0-1728 

On..;.. l728.U-3fl.il . + 4i.o 055.0-1680 

tlan.ii 17Q0JI 01.0 +45-25 I7u5.0 ltM 

oby I u BO. 0-8 Lb +43.75. 16B2.M3J) 

»iV:...L:....:iM8.- -74.il +51.5 - 

NHH- :. -1MB.U6.I + 45.0 

’^bUs-' - 4A42~2.W«i _ lols el 1|T lomn'L ' 

Internal Ion*) Coco* Ornanlsailun 'U.S. 
wnis pur puundi— Uaili pne- Juni- lu 
13021$ 1 129.97 1 Initii-nmr prwns lum- 19 
J3dp7 avyraae 131« < 102 . 101 , 22 -day 
*ve»fiu ™.;n iULVCi. 

COFFEE 

ROBUST AS were firm ihis omrninA ai 
receiu shorii un* prnhin. Drvsi-l Bumhani 
Lambcn repom-a Thi- mark. i si and 
■dvUy fur ihr rvsi nl iht- si-S^in’i a purl 
iron a brlul ZSO W-viwsai m Ib- Jlli-rnoon 
nwukL-d by early selline In Nuu YuiV. 
/ Good SDPPurt hnyiiiK Jt llw Iowa -ffi-tf-n 
f 'a ripW rcwvcm-. howevu. and valm.6 at 


EASIER uLK-iiiiip on Hi- I ounnn phvMi-al 
mjrL-i. hair iiii.wi-.l ihn.uchnui lh- rtaj. 
closJns slisbily -Ji-adk-r L-vis ann P-ai 
n-purmtl a 81 :i|j>siaii nudnwn pruv or 
Sq ciJiM cenis a vilo >biucr. JuJj-i. 


\--.l -ViM’nlai 
l!..*>.i , > I i n— 


I linft 

■ I. IM 


Julv 56.59 57.50 58.10-S8.IS 5B.OO 57.80 

An-... . 67.75 58.0c. 5,gJJ-58.M 59.10 58 00 
j.\7-ui-i 67.50 ru.0 1 .' M.5>5«.75 — 

IS-I l>--' 63.7.*-6y Bu ou.Bj-bU. 'a LQ 50 53.40 
J 4 ii- Ui. t t.55ul.iU U.28-U2 jd «2.<lll d(.£0 
A, i -In e2.bDi2.SL e3.6U-ba.b5 o3.Du-t2.li0 
4,1 STl b4.4iU4.*.'U -.5-OUtSQ5 b4.43H.20 
41.-1- fii- ' bS.iO +3>S oS.4fl i?o.45 u».<S-S5.6S 
■I mi AIi i t7.2a >j/.5u Bi.eb u7.fa U7.i0tn.l5 

5aM: 4: -9 ilsJi 1ms nf lj luiuu-% and 
14 •.'■■ Inli "if .7 lulin- » 

Physical Hum urn.'.. flni>.--.. _«,-r. . 
Spui T7p 1 3T T.T i : July lip '37.Jji; 
Auk. -5'D iS7.73i. 


JUTE 


DUNDEE JUTE— Firm. lllnimuin 

o^pnrl prn.ub njiu Im.a r;uv.d by 


vam u. *i.: aa u. :id’,3. abiLMA s. 
July .a:;..’ --7"* 367 .0-347.6, 7. • 1 * 1 . 374. 0 . 

•;ru 4 .^i t »»; Dec. 572 . 3 . ■r\ 
■jT?.j-::72 '»■ t- lr *>a! sak-s. W. 

IMEAT/VEGETABLES 

MEAT COMMISSION— Avura-u lai-H‘l+: 
prn-u- ii f'lT+wmiivt m+rkpis >>n 
.liniu -Jir GB wlhe TJ.Klp ptr kn. Lx. 
f-+tf72i Uk I'fH 13'2,'u pt-r Ka. t'l. 
d o.ii 1 — j ** - . CB nlSa 60. 2p per kn. lu*. 

■ + 1 ,. . England and Wales— Coilk- 

niiiiiin-r- ii.' ! M 4 pgr cum. aruranv prw 

“nVop up 4(1.1 per .viit 

,ii< rj r ‘< ar n*-- 1 -P '—5.1,; Pm,- tin '! ft.ii 
per riM. price uO.np > -in.. 

Scailand— number- d„„n 5 7 pit 
n- 1 , 1 . jt.r..-.- '• r1,, u 74.27p . + J. 43 .: Rlnu-ri 
il.iu n ■ I" '' averaat- pn,v l.'fi 7|» 

, in™ •<" , rn ?7.K pcj- avrac,. 

pnn 4|* •• " 

SM 1 TMFIELD Mnnn. > r n..inw| --ttcuf: 

S.inii-b t-'lb’l ‘"Ii*- 1F..U in V| n. Kin- 

hiiiiltiu.il *• r* 7 ■ 11 in i.i ii. rnri'uiijriL-r-- : 2 :.b 
hi .'in . 

Lamb- *• i- ■' * h 'iii-i H ran im n*- n. 

'* * litiiacii-rt Imjih. 

.'I;; Im '•' '• ■- ^ (l PM 5| j In V n 
park: I *i.n n- ^under euii lir. it ii in 
U it ''j- —.0 in 42 n ivivicn In- 

:;ji< I.* J'" 

COVENT C.ARDEM fprn-i-« Hi si’ rims 
p r io--r.i-. -v.ivpi trh"n siji. il.- 
Imported p re dure: Oranues — I’.vpnni 
\ &l4ir,a I brtn'. +.ufl '..;w. Call- 

(nrnuii. 7 . *u- j s. African: Navi-fi 4.90- 


LIVERPOOL COTTON— \C ypol or 

-Jiipmi-tii hLk ui-rv r+urdvd leavinc ilw 
im.il for lh-- wevk <o lar ai 11 lonm-s. 
Wnh splniu r> reluciani lo boy ahead 
mil link- iii-vent nr io mch-aw 
iini m-nis. itu. NtiiVi- remained nartw. 
Sraii- r«.-rt im* r< si war Mimrp in some 
MnJiili- Rj«<-m vani-iurs. K. W. 
1 ill.-rull rvpnHi-n. 


Indian jute 
growers to be 
paid more 

By 1C K_ Sharma 

NEW DELHI. June 'iO. 
LARGELY TO stimulate produc- 
tion. the Indian Government has 
annuunced that ihe statutory 
minimum price of W-five grade 
raw jute for the 1S78-79 season 
will he raised b> Rs 9 per quintal 
Lo F*s 150 at Assam. 

Other varieties of raw jute 
in other states, notably West 
Bengal, will now also rise by 
at least the same amount after 
lakins into account other factors 
jike freight and loro! taxes. 
The rise is in line with the 
recommendation of the Agri- 
cult lira! Prices Commission, 

which said growers should be 
given increased incentives. 

ZINC PRICE CUT 

ZINC prices on the London Metal 
Exchange dipped .veslerday fol- 
lowing overnight news from the 
U.S. 1 hat Asan-n h -td followed the 
lead set hy National Zinc and 
reduced its producer price 2 
cents a pound to 1*9 cents. 

Three months metal closed £6 
down at r«1.2S and cash zinc 
lust £3 to £311.75 a tonne. 


rinimiini i n,f n/.. C133.0 ' ClgO.S 
► rei- M«ili-i.. . : 1:136.65 —0.2 C1&6.4 
ijiili-k-lftyi I7KII..I S120-B5 .. '123-50. 

-I In.j .w 294. Ii. ,4.0 28fi.5|. 

5 I. win lik 302|i +4.0 J93.5|i 

rm i -37.r C6.S70 | 

.4 ■•>. .in !■-+ L6.665 - 62.5 L'6.507.5 

IV. ,11m,., -J2.04IU-II S 130.35 ... v 132-57 

/.i Hr .-a-.il C311.75— 5.0 C323 

■i £321.25 —6.0 1*555.25 

l*naliu-<rr. S5bD-fiOQ -bSO-bDO' 

Oils ; | 

i ivhiitii i I’IiiIi iS6S5.- 1 >600 

'••vmlalam £724 . .. l'749 

IjiihwI I rihlr UI.X177 L'36a 

f*alin Mafaivnn iSS95A- !+ 10.0 >615 I 


Seeds j : 

I .g.iM n..lli|. ,S465, ,. >417.5 

S..\-HlMin ,l'..S.i. .,h28J.7W,; + 2 75 S300.5 


Grains 

nm-ii-v Kk* ; 

II—, ii- I'liuins... 1181.45 ; 

Mai.f ' 

fn+i-l. ,\m. 5 A in C 103.76 
" li.-al 

\... 1 IM -imiis C96.5 i 
\.i. J Ha nl Wuuer t 
KiirIUIi .MiIUiiu.. CL04.5 ' 
1 i..a *«JiI|aiirlil ... J-' 1.682 1 

Kiiliin.- >#-|il Cl. 703 

i. iffw Fm iii+ . .. . 

N*1N C 1.562 

< '•■ii.iii -A’fii.fi-%. . 72.45r 

Kii'Jvi kill. '57j. 

»>i«hi iI.'ho i CS5 

vi»i)ii.|t, H4» ki|» . 263|i 


NEW VuHK. .liiin *2«. 
P'l'I'EH E1SEP mi r >-i ir wed i'-.”iiiu -i"0 
U.itf-i- linind+liuii jinl iradr h.-dui- -i-llin- 
IT-W'IIj- nuTa/a i4.*-iil Imi'if ..n :pi, uU- 
live iiquui jii-.|i r..||.i-, mi. y 111 -inp.naiiAj 
U.S. tf'.lil .nt'-iinn. i mitf il»>«-0 liinii-na 
in pinift nu r. l |||„ii,kj,.„ iinust hicuu-* anil 
ir jffi- jrhilrju^ hu* Ii,— s'ukjr • In-, d nt.ir 

uiu 1 1.1 ini.-il ..ii >.l i.i : i -i IIiik. ar.---.irbi.il hv 

irulj.irial prioi- Umiiv. I ;.n-\ Ii,- r«-:...rl--. 


Coco 

a — Juft 

147 IHI 

. '41 do- 

. >*« pi. 

(41 W 

1 135 53 

.. Ilni- 

137.75. 

ll jrch 

r:4.70 

M.iy 

1:12 SU 

Juft* 1 

[31.1111. 

M-l*l. 1 J 

:9.27. 

Pali-; 

J.91S. 






colic*— - r ' 

** C.'..inra.*i' 

1 ui* 

ii .*2 in. 

If .2 <M 

• l.'ci.’ln . 

. S.-JI 

151.5“- 1, 

7-2 -TO ■ 1 

.'<2.U5 1 

n-e. 

142. IU' 

Man h 

IT: mi. 

>!.«> 

12 t» on. 

130 <W 

(Uft 

124 m*. 

127 " 0 . 

Sefif. 

iju..~n- 

122 '."I 

Sak--- 

MM 




Copper — Inin- io* 21 

1 .i^'Sii 

■ July 

'■-' 40 


+ 0.251*79.95 

L 106.5 

+ 1.0 C95.5 


“ Ninnuul. 1 Unqaoii-d. I; Aui:ii--I 
mi Jurk-AilSU5l. n July-Si.pi. u Juft 
• Jam-Juiy. r Per ion. 


FINANCIAL TIMES 

4 iiur 73.1 Jiiiii.- 19 ‘Ml mli ng,, Yiw is*’ 

248.37 247.571 248.2 i ; 250.72 
'Him: Inlv i. iBaS=)iun 

REUTER'S 

Jiin+ iO Juni? IN i.Uniitfi ujHij Vim un 11 

H96.B 1502.1, 1486.9 1605.1 

<u*rar .Sooffitiher IS. I«|| = rnu> 

DOW JONES 

llam , .f iif iv ; Jinn: I Miimlil V«nl 

.I..1HM X I IS ftM,, ! Mi; .. 

I _ 

■**[«‘t . . 365.ZO 363. 18.356.85 391.53 
Ki ■ i ijrre<553 . 73,363.6 1 1 3 54. 7 1 6 S . 74 
(Avreaier ' lA2-L2S-'J«=iMq 

MOODY'S 

i Juii.- 1 Jw.Vatto.i7.' i •+> 
M— lyV | » I 13 i « K „ ;hs- 

■*.j.li - 4+1111111 1^- 948.5.930. 7| 925.0 ±60-7 
ih^CAmhrr ’ll, 10 . 11 -=- ion 


GRIMSBY FISH— Supply fair, demand 
■and. Prlii-s ai shin e vide iuunio> 1 
per Slone.; Shelf COd ( .afliin.> 

1.1.00- ra bu: law hadilovk i4 .>-•■'■ mi 
medium m. jfl-i4 40. small £ 2 .si+n: so. 
Jaw plaice ts.on. nuvftviB H W-L 5 1 'tf kn 
small C> >0-14. id: laru<- Sfcunicd .tnulu-Ji 
lame £9.00, mMium £fi.oo: lafne l--iin»n 
b»|i-» IT.nil. medium rs.'jn: r«eJ:li«h Ll *o- 
£1.40. reds Ei.09-12 40. Tullhi: £2.1111 £2 Ml 


LOHOOH PALM OIL- — Tln-o: Jude 
1DU .06-330.00. July 3M.no-338.fHi. AU£ liW.tm- 
330.00. Sew. ■280.00-Xln.M. n L -r. 230.UB- 329.90. 
Nm. 2W.N-.ll 5.66. Dec. 2Sa.Otf-3iO.iU. -fan. 
unqituted. Feb. unqumed. Sales: Nil. 


11,0,71. Aik bJ on. Si-pf fili.li. u:3n, 
,I.||| if.'. 9". :•! jr-.h M "0. Mav I.5 bn. Juft 
ia.,90. S-*pr 07. Sll. U. v. bO. -In. .Tan W 9H. 
Man-li m ■»<». Sjl. « -:.4-. , S. 

Cotton— S - 2 . July .»v3.p»w ri,. 
ilcl ttr.TB 1 1 . fi 2 • . r**-r. ir. *U-K !*. M.ir-.+i 
SJ. 95.03. ! j. .Mil •H.nMS^i. Juh *-20- 
ft,i.50. i k-i i'a- M birt. Di.-c. h.T JVO. ?5. 
S.ili— ’ 4 2511 h.ili*- 

-Gold — Jiihv ISf. I'll • ITI.WI.. .Inlv l +. jn 
■ 1ST .110 1 AIM. 1*7 "H. '"'I it'll 7M. ft. - 

I Sl~ -u. Ki*. IPiJV April rim •■o. J-jih- 
20.1.10. \m 2111 . 2 : 11 . mci 2119 . ::u. £'•■> 212 411. 
j Krb. '213..TO. April *Jlh«. 9.wir» 

I l"i/ 

tLard+Clikjiii' |.«i... ti»i :iv-nl.«hle 
.22 ill ii-in. 1 . W prune- iliMiu 24 nl) 
I iraii.-.l >24 **1 ■■-■■■■ -. 

IMaiiC — rul.v 23S-2.T!' *-|U -'7rj- 

2501 • 2 TT 1 > • Dec 2 ’i.U ' •2*>il'.. March *2hi 1- 
?r-7' Mar 27U1. Julj 2"U 
^»aiinuin — Juft 24M.itf-2.Tl 0" ijil.id.. 
■"■.- 1 . 2 W.jl*- 2 ;.S Til iJ.T7.Mi-. Jail. 2 .V:.T 0 - 
-ST.T". April * 2 T!» nu-25 , l.2<i. Ini 2»1 i.O- 
jhT.l" Sal.-- 1 1TO 
'Silver — ftini- 2 i:*> *hi • 3J7 .;n >. J nl • .''••.H 
,.V;9 0I| >. Am, "i4l.1i.. Si j.i .ill S'. L*..-c. 
3 .TC.M>, Jjn. .VJi Jy March 'HJi. 211 . Mjy 
"7 1 on. Julv s-n 1 . .w.nn. 1 VC. 

1 : 09 . 70 , .fall. I.M A" M*n-h tc-l.li'l tiak-.- 
in IMHi ini-. MjuUy and lljrinm Imll'i.n 
; .V.57 jO 1 .ALIUO 1 

Soyabeans— Jul' 1 . .ntl*. .. aim 
O 72-0TJ ■ CiIT : •. Si-Ill. 1 74.7. J!u» i 24 i.'Ji.. 
Jan. 010 March Cl". Ma; July 

■*3S. 

Soyabean Oil— .lul; . 1 . j.vi'.-.jh i:'i .5>. 
Aim. 2a— 5-'-'5 .ill <24 92.. >.-|"l 24.iiH-J4.3r. 

I | i-...v.j;s(l. Dw- 2.1.03-21 I* 1 - I in 22 Ttf- 
■J MI. March 22 fti.22.uS. M.iv 22.30. -'lily 

Soyabean Meal — 1 “ft i7.-:5i+IT';.ii> 
; >172.30,. Via 174.2U • 1774 LU'. Sep'- 174.119. 

ir« W-l:i in lie. lie.'W-V'.L’J. J-in 
l.A -20.UK IU. M-ir.li ITIl.iHi-i'.tf 3". MjJ 
:ti 11 * 1 . Juft 172. un 

Sugar— Nn. M «luft CjC-t-.w "*>“•- i.j-i-i 

7 . 0 T 1 7 n5' mi.-[ T.tti-r.ir. j.*" rji»-r.iff. 

; March 7.9T. Maj <.l+>.13. Juft >.3-\ *4*14. 
^.54-8^:. Mi l. ■s.LTl-S.TO. SjIc: . "..42a _ 

Tin .71.(1.101.3 7» Hi) asked >.Ti.).4»-a«2.»0 

! ickrtli. , . , . 

'•Whcoi— Julv ar-”:; • T.M1 > >vio. 

;2ii : .IL'fi.* I. pec. ll-VASl. March 313. 

I Mav 72:1-3.72. Julv- 322 : 

WINNIPC'.!. June l'- 1 ' ‘Rye— Julv 

107 til hid 'MOO" bull. Oil. 1UT.5» ;i4*wl 
.WS.UGi. f.'nv . im.W TI ..111 Dei* 

! t+Qals — July 77 40 1 7r. TU 1 . Oil. .+ ail 
. 1 -kctl ffj.Sl 1 avkcdi. Pet. “4.IHI 3 ■'■'.si. 
March 73.e0 bid. 

UBar Icy— July 73.48 -74 mu. Ocl. .a. 3" 
■ 74.UiJ bid 1 . Dee. .a.3U a*kcili March 
Ti.iiO a^kefl. 

; i-lFliutsecd— hift" *2413“ n-hdl s-io OH 
4,1(1 1. "‘'I. 232.5U liW.ifl n.Ji. Xnv. *242 00 
.T-Vcrt. Dec. *220 i41 hid 
1 " Wheat — iXWKS 12. j p-t i\ni prim in 
I cuiiltnl cil Si. I.awrcnc- lu-S 01 . < tr+i.JO .. 

All Lvnls ii-.r pound t-r-Harclmiicc 
I unless uihi-rwu..* sia'cU. ' » pi*r iroy 

I u i||||-,.+— ]IHI 11 IIIICC 1-vlS Cllli-jun |i,.ijM 
:.<s wer l‘>P JI/>— P'J>i "f -tv rrkrs pre- 
vious tlnv, I'riin.- sn.-ain Inli ‘<Y hulk. 

I I jift ,.m. - C-uK i«-t si: ir. huslivl rv 

; K-yrrJiiitiM'. i.ouH bie.b-i !'•»> : as jj,. r 

j irnv ouiiii- lur 3*1 nr 'll nl > 01 H9.8 per 

.■..-ui ourri) ih-liv.-r.+l NY. ' Ccuis pi r 

i r* j >• guli. i- ca w jn-linusi- : | h " 

ctoiir.nl 111 ■'* 1 shnrl mn wr hulk lot*; 
of iu*i shun l oil-, ileluctvil rol.. jrs 
i.hictfrU, Toledo Ki I. . juft- and .Mi mi. 

- o-nrs p. r i-n lh hn»h>-l in -Hun-. 
j - ■ iViiis Pvr *24 lb bushel • ri-uis pi-r 

4i lb hushel cv-nar-. Jmiir.- si i.'euK pi r 

! W lh hunbil -s i.-.nn-bnijsv, I.UHP bujhc-J 
' luis V. >C Per U'IUIl-. 




£3 

H 


; Mnancial Tiffies jWc 



iijg 


worries a! 


tical uncertainties 



rally well from lowest 


Account Dealing Dales 
Ot*tim 

'Fir.il Di-elara- Last Account 
Dealings lions Dealings Day 
Juii.J 2 iim.22 Jun. 23 July 4 
Jim. 26 July 6 July 7 July 18 
July W July 2» July 21 Aug. 1 

■ " Hew lime " donlins* may lake Place 
from ®.3Q am two business days earlier. 

\ I ready under a cloud nf 
pnliTical ;md economic uncertainly, 
attoefr market confidence n’ii* 

i in. lur mined further yesterday by 
■tjic mflruiunjry im plications of 
sharp rise in average earnings 
during April 

Leading cquiues encountered 
fresh public selling and. with 
hrftvrs again holding wff. prices 
■In’ried I.i'ut. A small technical 
rally, mainly in ihe laic dealings. 
Jell" lino I quotation-* a penny or so 

sibmu (he v.orsr and the F.T. 
:ti»sharc index, which recorded a 
\n.^ of o 4 .it '1 p.ni, closed 
rinwn on balance at 4*i'!.4. Against 
the trend in the lenders. Plcsscy. 
nnp. and Allied Rrciv cries. Slip, 
htiili closed a shade dearer 
fnflnving salisfaciory trading 
statements 

Urirish Funds moved in a 
similar pattern, but the recovery 
movement here was decidedly 
more marked. Further liquidation 
»>( ’speculative positions took long- 
dsiicd Mocks down ’. afresh in 
the earlier dealings, but support 
was forthcoming at the lower 
levels and prices eventually 
skilled to show Tails of only I 
on balance. Tim tap. Exchequer 
!g p.-r cent. 2ol.'5-17 i£ 1S paid J 
closed that amount down :»t 14. 
;Jler Short-ilatcd isitieh were 
;iNn -err abnto the worst, closing 
'vrih minor [alls or .'. or so after 
having recorded eailier lasses 
ranging in rti;Mule ihe yoori 

i-'cuvery. th" underlying tone was 
siill uncertain, however. 

Dullness in secondary issues 
was more nnllccable than on 
Monday, this being reflected in 
the '.t-tii-2 majority or falls over 
rises in P.T.-quoted Industrials and 
;• loss uf i>.0 per cent to 212.93 in 
ihe F.T -Actuaries All-Share index. 
There was a small increase in 
j-otiviiy ss measured by official 
markings of 4.771 compared with 
Uio 4.4NU- of the previous day. 

Recently -Issued scrips sustained 
slightly heavier falls than other 
Corporations and Tyne and Wear 
12 per •••“nt 13S« ended , lower 
at 4SJ. in £o<i-paid form, while 
Rariwt 1 2 ■ pc-r .'em 1DS7 (£10- 
paidt gate up ! at 10J. 

Mirroring overnight arbitrage 
business in Hong Kong .‘ecurties. 
the investment currency premium 
opened higher and reached 1131 
ncr cent before reacting to close 
a not ; lower at 114 J per cent. 
Institutional interest of both a 
busing and selling nature was 
reported. Yesterday’s SE enn- 
\ or- ion factor was U.0H07 ((I.662S i. 

The market in Traded Options 
was » shade quieter with contracts 
totalling f»15 compared with the 
previous day’s figure or 597. Over 
contra. t.s were done in ICI, 
followed by Commercial Union 
and Cons. Cold fields with SB and 
S3 respectively. 


unsealed still by growing 
i-rilicism uf the proposed pur- 
chase of the Investment Trust 
Corporation cunt cash resale tu 
the Post Office Pension Fund. 
Da relays cheapened -1 more (o 
ni5p. NatWcst closed a similar 
amount lower at 2G5p despite 
notes that it is to raise charges on 
personal accounts. Lloyds. 2(12 p. 
and Midland, 352p, lost G apiece. 
Elsev. here, ANZ relinquished 7 
more lo 27ftp on further eonsirier- 
aiion of the proposed A$3lm 
rig his issue. Discounts eased 
throughout with Scecumbe Mar- 
shall and Campion IU off at 220p 
and L'nion a similar amount lower 
at :H‘dp. Merchant Banks were 
featured by a decline of 7 to 2S3p, 
3fter 230p, in Guinness I’eat 
following details uf the £M.6m 
Sudanese meat processing projocr. 
Drown Shipley improved y to 23Wp 


ICI finished K lower al ."7Sp but 
i-ncminiurcd occasional buying 
iniere'-t at the lowest level of 
:i77p. Awaiting ihe Office uf Fair 
■frading s decision whether or nut 

ht refer the niler from Tenneco 
in the Monopolies Cflm mission. 
Albright and Wilson cheapened 
4 10 HI3p. Further small selling 
left Stewart Plastics :i lower at 
14itp jnd Allic-d Colloids similarly 
easier at 72|). but Horace Cory 
improved a penny to 23 p fo! low- 
ing a small buying interest. 

Howard and Wyndham added 14 
to 27|» in reply to a broker’s 
bullish circular and. in Tele- 
visions. Associated eased mar- 
ginally to 113p ahead of lo mor- 
row > full-year figures. 

Audiotronic weak 

Audioirunic became 3 prominent 
dull feature in Stores, falling U 


foe fe Fenced 

I Allied Breweries 


^ Panc^ Hg* 

Plessev ^B 


Jan Feb Mar Apr May Jun 


!«78| I I I I I 

Jan Feb Mar Apr May Jun 


after the chairman's encouraging 
annual statement, while Hambrus 
edged forward 2 to limp. 

Insurances closed witJi an 
easier bias after a thin trade. 
Brokers v ere susceptible to small 
offerings and Sedgwick Forbes. 
4n.j/>. ami C. E. Heath, 230p. lost 13 
and 10 respectively. Leslie and 
Godwin shed 5 to 99p as did Willis 
Faber to 23.»p. General Accident 
declined X to 210p among Compo- 
sites where Royals dipped 9 to 
35Sp. 

Breweries staged a modest 
afternoon rally in the wake of 
satisfactory interim figures from 
Allied, which closed a penny 
harder at Slip. Whitbread “A" 
ended fractionally easier at !HJp 
and Bass Charring ton closed a 
penny off at 155p. after J53p. 
Guinness were 2 cheaper at lfifip. 
after 165n. Distillerie-s lost ground 
wilh Highland finishing 3 down at 
loop and A. Bell 8 lower at 234 p. 

In idle Buildings. Blue Circle 
eased 2 to 23Sp and Tunnel B. 

awaiting tomorrow's preliminary 
results, cheapened 4 to 258 p. 
Notably lower in Contracting and 
Constructions were Richard Cos- 
tain. at gSOp. down 10. while Nor- 
west Holst, firmer Monday on a 
little speculative interest, gave up 
3 at 92p. Brown and Jackson 
finished 5 cheaper at USp and 
Pochins 7 down al 140p. 


lo 25|». after 21 p. on the pro- 
posi-d capital raising plans and 
unqua nlilied French loss. Else- 
where. Allied Retailers. 2iisp. and 
Liberty. 1-Vtp. lost 4 apiece, while 
Kat tiers were a similar amount 
lower ar ii«p. Baker’s, however, 
hardened 1! to 3lp in response 
to Press comment ahead nf today's 
interim results and Ramar Textile 
revived with an improvement of 
1J to 7Jp. The leaders drifted 
easier on lack of interest and 
\V. H. Smith A gave up 4 lo 134p, 
while British Home declined S lo 
18.jp. 

Plesscy rallied from a slightly 
lower level of H7p to finish a 
penny harder at !i>)p folio win- 
preliminary figures which satis- 
fied market estimates. Ollier 
Electrical leaders often recovered 
in sympathy and. although B1CC. 
were a shade off at Hop. EMI 
rallied from a 1078 low of 133p 
to close without alteration at 
13.jp. Philips' [--nnp mirrored 
overseas advices with a rise of 
13 to BS3p. Among secondary 
Issues, small selling clipped 3 
from A.B. Electronics, at 11 7p. 
and 3 from Campbell and Ishcr- 
wond. at 130p. Dealings were 
resumed in CrelJon, which were 
suspended on March 31; the 
ordinary opened at 16p and 
closed at I8p ex the rights entitle- 


ment. while the 12 per cent 
convertible preferred, offered by 
way of rights in ordinary and 
convertible holders, improved 
from 7p to close at u;p premium. 

.Sporadic offerings ahead of 
Friday’s annual result;’ left Jolin 
Brown 6 easier at 35Ap 
quietly dull Engjneerm- loaders. 
Tubes relinquished •» «° : ^P ant ^ 
Vickers declined 4 to I74p. Else- 
where, Anderson Straihdydc put 
on -J to fi2p in response to better- 
than-ex ported results but losses 
of a similar amount were seen in 
FcgSei-Hattcrsiey. lMip. and 
Slavclcy Industries. 2S»p. Pcler 
P.mlherhood gave it]) 3 io 141p as 
did Burgess Products, at 49p. and 
Simon, at 22/p. 

Awaiting Lo morrow 'j prelimi- 
nary figures, J. Lyons reacted 5 
on nervous selfirig r<i 101p in 
Hlherwise lack-lusti o Foods. 
Associated Dairies ea-'ed 3 lo 
22 jp. while losses of 4 occurred 
in llighgate and Joh. 4Xp. and 
Ho wn tree Mackintosh. 403 p. 
Avana. however, closed 3 shade 
firmer al 37 !p in from of today’s 
results and 'Danish Bacon “A” 
edged forward 2 to llfip on news 
uf the EsvFood -liareholding. 
Supermarkets drirted lower with 
Tosco losing a penny tu 44p ahead 
■ if today’s annual figures. Hotels 
and Caterers had a couple or dull 
spots jn Ladbroke. 3 off at lS3p. 
and Trust Houses Forte. 5 
cheaper at 210p. 

Powell Duffryn firm 

Publicity given to J broker’s 
bullish circular soon after last 
Friday's excellent results and pro- 
posed JOfl per cent scrip issue 
helped boost Pilkingmn. which 
Improved S more to .'*41 p. Other 
miscellaneous Industrial leaders, 
however, moved tower in thin 
trading. Glaxo shed 7 to 5fi3p. 
after Sfilp. and Turner and Newell 
lost 3 to I73p. Secondary stocks 
were featured by n rise of 12 to 
ISUp in Powell Duffryn following 
bciivr-than-espected " preliminary 
results, while Isle of Man Rail- 
ways jumped 9 points to £19 in a 
resinned market: the killer com- 
pany is in liquidation and news 
i? currently awaited of possible 
distributions. .1. W. Spear, on the 
niher hand, fell 23 to 2«3p after 
comment on the sharp contraction 
in second-half earning*. ICL 
came on offer at 296p. down 6. 
Hunting .Associates dipped 5 to 
217p and Wilson Walton declined 
4 tn ftlp. 

Scrappy selling left Motor Dis- 
tributors with a string of small 
fails. FTcnlys eased II to 1294 p. 
while Glanticfd Lawrence. 30p. 
and Tale of Leeds, 72p. gave up 
2 apiece. Hartwells were on offer 
and the Ordinary lost 3 to 97 p; 
the new nil-paid shares fell 4 to 
ISp premium. 

Newspapers remained friend- 
less. Associated and United were 
4 easier at 15Sp and 352p respec- 
tively. while Thomson «hed a at 
240p. News International cheap- 
ened 3 at 200 p ahead of Friday’s 
interim statement Elsewhere, 
profit-taking clipped 10 from 
Associated Book Publishers, at 


23Sp. Tn Paper/Printings, Tridant Throgmorton 4 cheaper at ; ?? *y~ 
moved higher on the offer from Textiles p rowded Wo ncteMe 
Starwest Investment for the casualties. CoartaaUs OMML S 
shares nol already owned and. off at 119P- oftw n.^ 8 ? 
on hopes that the 63p cash per sentiment upset by the auditQtB 
share hid wDI be increased, the qualification of their report Tn 
independent directors oE Trident respect of the eompanysii^xaWe 
consider the terms inadequate, profits for 1977-78. Battson 
closed a net 15 up at 70p. Scat- International were also on otfep. 
tered offerings left L. aod P- the ordinary and A losing 4 
Poster 5 down at 190p and Mills apiece at 12»p and 125p r^>ec-; 
and Allen 7 lower at l68p. tively following Press, comment 
Properties passed a drab session, on the results. - j ' ? 

Leading issues drifted lower and stock shortages accentuated 
MEPC closed 4 cheaper at 122p, several rises in South Afefcap 
while English ended a penny industrials where OK Bazaars 
down at 4 ip. Elsewhere. Evans of Tiger Oats both rose lO~-apiafle 
Leeds settled 3 easier at 96p after t0 44flp and 590p respectively; 
having been tentatively raised lo Greatennans A gained 3 to -L3Sp 
103p on news of the increased ’ 

revenue and property revaluation. Qqlflg ^oy afi f .. 

Oils quiet Expectations of a good outcozher 

Dlls remained subdued and to ^ u.S. Treasury gold auction! 
British Petroleum eased 4 to S52p, prompted a further S3. 25 rfayfi. 
while Shell lost a couple of pence yj e bull i on price to $186,375 par 
at 532 p. Barmab remained at 65p ounce— a $3.75 improvement over 
throughout and Ulframar, initially U, e three trading jjM Hml 
a shade easier at 256p, eventually ena bJed South African Golds - tb 
reverted to the overnight level of p U * on a bright performance- .lVi' 

tTalMAH t baI lirnnf lnu.' 0 r Irt rrrr _ n 1 _ ! . A. - m .. 


ii 




iCiimSS 



l < T /7Tt & 



258p. Tricentrol went lower to r "ibe ‘ Gold' Mines^ '"index, up flwJpidSSSSiiiSfliSEBS*'" , 

176P. hut rail ed to 180p. just 2 at 164 2 for a threeday ff^'of ■ a 3ow4turn in overqSbt bas^etal vrodneej:^^^^ 

rhpaoer on balance, following the to roirhnri b/^t IrvaI fm- nur fhe qowiuutu wm: m- o ,4n, jodn-... - 


cheaper on balanre, following the 7X reached its best, level for Mer “-The- iugSgeve 


North American oil and gas assets three months, as did the buDSoxt.- 


OPTIONS 


Queen’s ' Ittbnt ' -Koase^ 
Last Last - For . .and Nbrthcrn, TS 
Deal- Dedkne Settle- UDT, . Ladhroke___ 
Ings 13 on ment Tebbltt, 


evaluatianT* Siehens ~ ifUX^), bow- ^ ~ ^oilrtaJe 

ever, were again subjected to fur- Buying of Golds was ^Yff I °af S KO?'Sd^Sbn^n 254o 405p'f<# 

ther profit taking and ended 10 gpread and as U5. interest in a f 3 Soa ' M ™ furffmr export J 

down at 32Sp. after 324p. In con- | ate trade foDowed initial Cap* Pacific 15 lower. at itsup. ^ 

trast. dollar premium influences buying prices closed at t he- ’days 
prompted an improvement of i to levels. . 

1481 in Royal Dutch. Features among the heavy- 

Thc terms of the proposed weights were Randfonteln,- ; a 
James Finlay /Taylor Woodrow point firmer at £36. B off els. vrhich „ 
offer for Seaforth Maritime, a pri- added a half-point to a new hfgh. 
vate concern, lowered the first- of no? and Vaal Beefs, which - : Deal- 

named to 3».p before a close s improved $ to £l4i also a- yeaFa. Ings ... . ..... . . __ n 

easier on balance at 382 p. Taylor pea fc. Medium-priced issues 'to Jun. 20 July 3 Sep. 34 Sep.26' Development^ Britamna^Anraw^ 
Woodrow were eventually 6 off at register new hig h s included July 4 July 17 Sep. 28 OcL IO GRA Property Trusty GaJFsra% ; 
372p but. reflecting the cash bene- wiokelhaak. 28 better at 695p and July 18 July 31 OcL 12 OcL 24 Dawsortintert^Bnaal Ai EaraMte-^-j ^ 
fits resulting from its entitlement Western Deep, 21 to the^ood vq/ rate indications see end of and Ifciple IntettialSanaL^Fllia . ‘ 

jn the deal. Lyle Skipping rose at S36p. Share Information Service ■ were done in ■ IV’Bttlmer," 

Sharply to 143p in a restricted The buoyancy of "Golds Money wa J s3ven for the call Electronic - 

market before meeting with prompted similar gains m South ^ Reardon Smith A. SpUlers, douhle^ were arranged injt 

?h?SS? k I? g i*"o d 3 net ^ frican i riS ^ £»c!aed nSt- iffiSS- 

‘\-*U?T r r^?'the controversial SJg “^criST’laJSSe*^ fcSSSr cSSHm Oi^' wd- 
deal whereby Barclays Bank more to 340p and Union Corpora 
intends to buy the Investment thin 10- to 280p. 

Trust Corporation on behalf of The strength of De Beers, 

the Post Office Superannuation another 5 up at a high of SSiJp, The following securities quoted m the ___ 


NEW HIGH S AND LOWS FOR 1978 


tne fost Office buperannuauon another 5 up at a high of 880P The following securities quoted in the ~ , . m ufEiur estomso); 

Fund. ITC eased 3 to 262p for a resulted in a substantial demand. anotS^ tor , '?s^£ Uy A * nn ° tr0?rc ' 

two-day loss of It. Other Trusts for Anglo American Investment mt,ned " ^ y mocks 

and Financials were also dull. Trust which climbed £1} more to NEW HIGHS (65) ‘ British . 

C Dunnrnn fall J tn Wfln u-hila fill. .. — - POODS ~<ZK K •” • 

Hluhgate & Job . • Nurdln A. PeztoeJtr ' ' r '-' 

■■ ■^7^ INDUSTStALS <2) ■ V.-, : - 

L.R.C. tut. Spear tr. -lip 

__ — -. imoiraMiv rti 


and Financials were also dull. Trust which climbed £1} more to 
S. Pearson fell 4 to 22ffp. while £41}; on Friday the shares 
Capital issues had Dualvest 3 were £38. 
easier at 213p and New In contrast with South Africans, 


ACTIVE STOCKS 


Stock 

ICI 

Shell Transport... 
BP 


No. 

Denomina- of 


Closing Change 


marks price (p) on day 


Marks & Spencer 25p 


Sketchiey Nib 

Barclays £l 

Beecham 25p 

GEC 25p 

Grand Met 50p 

Rank Org 25p 

Sedgwick Forbes lOp 

BATs Derd 25p 

Boots 25p 

EMI 50p 

NatWest £1 


Nil/pd. 

£1 


378 ~ B 

532 - 2 

852 - 4 

140 - 1 

174pm - 2| 

315 - 3 

645 — 

259 ” 1 

107 — 

248 — 

405 -15 

282 +2 

191 - 1 

135 — 

265 - 3 


20pm ' .17ipm 
358 296. 


AMERICANS (1) 
CANADIANS (1) 
BUILDINGS CU 
CINEMAS (11 
DRAPERY A STORES (21 
ELECTRICALS (II 
ENGINEERING <tt 
FOODS (2» 
INDUSTRIALS ( TJ 
MOTORS (1) 
NEWSPAPERS (1) . 

PAPER « PRINTING (II 
PROPERTY (ZJl 
SHIPPING 111 
SOUTH AFRICANS (3) 
TEXTILES (1) 
TRUSTS (1«l 
OVERSEAS TRADERS (41 
TEAS (31 
MINES 116) 


CNfflNEZRmfi : 

British oobs^arf; W 

HlBhgate & Job ■ 'Nunfln A Ptea 

INDUSTRIALS (33 
L.R.C. tnt. Spear 

■ INSURANCE (1) 
Matthews Wrtahnon ■ -. V-~-: ' 


is Wnahtxon >•»*? 

NEWSPAPERS nr^ 

Gonten * ^PPiNd'YfjK'^-^ii (2* » 

l * V ®‘ TRUSTS n>; ’• >r:’' vrl 

•N. Thrognttn.- tnc. ■ ' • ‘K '■** , 


RISES AND 


Sf : ' 


YESTERDAY 


NEW LOWS (23) 


rAX - Vf .s yp. 

UpTwwt Swi 


- < Rrmsb . . 57- ’Tfr-.-T” 

BRITISH FUNDS «6) i -. Qm. Dwik and Fortisir • • i- .•••• :,*■-*■■ >*** 

Treas. 7.>,oc -SS-BB E«hqr. IOUPC 1995 oJ -J- .. - ■ 4t tf* 

Treas. I2 Aoc 1992 Tnsas. T3Upc T9B7 . r**?; . - -. -: 1 ' ^ ' 

Treas. 12 pc 1995 Tre« v 7^pc 201^15 ^ ’Ht- !'”• 

FOREIGN BONDS 11J - P™BncIal RBd PM. ... •« y-. 

Ireland 7*»c -B1-B3 • Oifa — ^ -l 


254/“. Redimsion tv ;n-. «»' • yff? r: ■ 


COMPANY 

NOTICES 


TANGANYIKA CONCESSIONS 
LIMITED 


GENEVA I ART GALLERIES 


LONDON TRADED OPTIONS 


Full Service i-: our Business 


NOTICE IS HERESY GIVEN (hat 
rnc nt /-a < th annual General Mcei- 

i.iu al T.innanvn-j Concessions Lirnued 
mill he ncltf ’.he Head Olti;c ol the 
Conusant Bahamas Inlernatlonal Trust 
Biniriinq. Bank Lane Nassau. Bahamas, 
on Monday TJlh July. 1978. at 11.30 
a i«i. lo* the curposcs lodowlng — 
ORDINARY BUSINESS 
1. To rccei»c ard consider Statement 
ol Accounts lor the year ended 3 1st 
December. 1977. and Balance 
Sheejs. a* ihar da'e. and the Resorts 
o: the Directors and Auditors. 

2 To jepro»e a Dividend. 

3 To re-elect as Directors: 

■ v D. A. Call. 

■ b 1 M M. Goblet 
ici P. £ G. Corb’»u. 
idi P R. Froggait. 

■ei The Hon. A. L. Hood. 

4 T-a rc-aoo?int the Auditors. 

5. To ft- the remuneration Ol Ihe 

Auditors. 

SPECIAL BUSINESS 

6. To consider ar.d. II thouflM hi. 

pats the leilowins Resolution which 
will be oronosed as a Soeclal Rcso- 
lulion. namely — . _ 

"That the name ol the Company be 
c hanged to Tanls Consolidated ln- 
scctmcnts Limned.” 

Bv Order ol the Bonrd. 
BAHAMAS INTERNATIONAL 
TRUST COMPANY LIMITED. 

Secretaries. 

Nassau. Bahamas. 

20th June. 1978. 

4 Member of the Company who is 
euiitle-1 to attend and vote may 
aoccin; a proav to attend and vote in- 
stetd ot him A proo need not be 
a hi .in, be- ol Ihe Comdanv. 

Holders ol S;od. Warrants to Bearer 
des.rous o: attending or being repre- 
sented at the Meeting mav obtain trom 
me Registered Otfice ol the Company 
term ol certificate to be signed by an 
Authorised Depositary staling that the 
S:e<A Warrants arc deposited with them 
and the lorm when signed must be 
lodged ai the Company's Registered 
D» hce on or bi-loro Monday, 17th July, 
1973. 

Forms ol ProFv must be received at 
the Co-npan,'s Head Ofltcc not later 
th^n 11.30 a.m. on Saturday. 22nd 
Jul- IC.7S 

The Comrany has. however, arranged 
lor its United Kingdom Regislrgrs to 
icceot orovies at The Lawn. Speen. 
Newbury Berkshire. r'Civided they aic 
lodged with the Registrars not later 
:h.m tl 30 a.m.on Monday. 17th July. 
1975. 


0 Law and Taxation. 

0 Mailbox, tt-lephone and 
tolpx services 

Q Translations and secre- 
tarial services. 

O Formation, domiciliation. 
aQd adminisUatioQ of 
Swiss and foreign com- 
panies. 

Full confidence and discretion. 

BUSINESS ADVISORY SERVICE 
3 rue Plerrc-Fat |o. 1200» Geneva 
Tel: 38 OS W. Tele*: 22302 


AGMEW GALLERY. 43. Old Bond S: 

' W I. 01-623 6176. OLD MASTER 
' PAINTINGS. Until 26 July. Mon.-Pri. 
! 9 30-5.30 Thurs. until 7. 


BROTHERTON GALLERY — WATER- 
COLOUR SKETCHES Bf CHARLES 
. ROWBOTHAM 1 1 353-1 92 1 Until 3Qlh 


June. Mon -Fn. 9.3O-3.30. Weds 7. 
Sats. 12 30. 77 Walton Street. S.W.3. 
589 6843. 


BROWSE S DARBY. 19. Cent St.. W.l. 
FORAIN. Mon.-Frl. 10.00-5.30. Sat 
IO 00-12.30. 


DAVID CARRITT LIMITED. 15 DuKc St.. 
St. James's. S.W.l. tBth CENTURY 
FRENCH PAINTINGS. DRAWINGS AND 
SCULPTURE. Until 7 July. Mon.-Fn 
10-5. _____ 


CLUBS 


J.P.L. FINE ARTS. 24 Davies Street, w 1. 
01-493 2633 CAMILLE PISSARO 

drawings, watercolours. Jung 1 -July 6. 
Mon. Fri 10-6 


EVE- 1&9. Regent Street 734 05S7. A la 
Carte or All-In Menu. Three Ssesl.’cular 
Floor Showy 10 J5 12.45 aid I.4S and 
music ol Johnny Haws -.-s worth & Friends. 

GARGOYLE. 69 Dcati - Street?~London. W.l. 
NEW STRIPTEASE FLOORSHQW 
THE GREAT BRITISH STRIP 
Show at Midnight and lam. 

Mon. -Fri. Closed Saturdays. 01-437 6455. 


! LUMLEY CAZELET. 24 Dawes SL. W.l. 
I 01-499 5056. MATISSE — Drawings. 

Prints and Illustrated Boohs. Until 2B 
July. 


MALL GALLERIES. The Mall. SW 1 . Society 
ol WIldMe Artists ISlh E>nlbitipn Mon.- 
, Fn. 10-5. Sacs. 10-1. Until July 4th. 
I Adm. 20P 


MICHELLE'S Cahare; club. Suoerb food 
6. Ormond Yard. S W.l. 930 284213 
Dancing partners. 


lSLOANE STREET GALLERIES. 158 SlOane 
■ St. W.l. Modern paintings, sculptures 
1 and graphics by Interesting Intern jI.qci.iI 
| artists. Wide range ol prices. Tues.-Fri. 
10.00-5.00. Sits. 10.00-1.00. 


CHILEAN EXTERNAL LONG TERM DEBT 
LAW NO. 8962 


£250,000 GASH AVAILABLE 

for the purchase of an established company with 
sound, profit record in S.E. England. Management 
retained. AU replies treated in strictest confidence. 
Principals only. 

Write Box G.2123. Financial Times, 10, Cannon 
Street, EC4P 4BY. 


CITY OF ANTOFAGASTA 5 n » LOAN 1914. 

notice IS HEREBY GIVEN that lor Ihe 

S.rilrrv Fund ol ihe above lean for Junef 
tg-S. nondi ’Oi a nominal amount o’ , 
£300 ha.-c boon drawn Ibr redemption. I 
The fallowing are the numbers ol Ihe j 
bonds cir .wn Igr redemption at oar on | 

30:n June 19?S. alter which date all 
Interest thereon will cease. 

5 Bonds ol Cl 00 Nominal Value each = 
£300. ■ 

ISA 380 974 


These bands should be presented .-it the 
London orh--.es ol Lfovds Bank International 
Limi.'dri Ustcd O.- the appropriate Igrms 
and musi bear all coupons subsequent to 
30 1 h June 1978. othcrw.se the amount ol 
the m>;s.rg coupons will be deducted irom 
:nc principal moneys. 


CHILEAN EXTFRNAL LONG TERM DEBT 
LAW NO. 8962 


MUNICIPALITY OF CONCEPCION S'; 1 ’. 

LOAN 1923 

NOTICE IS HERESY GIVEN tftai lor the 
Sinking Fund ol the above loan lor June 
f<)7£, D£ncf> I of a nominal amount of 
£300 lu«e been drawn for redcmpilon. 

The following are fhe numbers of the 
bands drawn lo' redemption at par on 
30th June 1978 alter which dale all 
inieres: thvrcrn will cease 
S Bonds ol £100 Nominal Value each • 
csoo. 

1167 1190 1442 1455 14«4 


m 

I 


PRIVATE COMPANY 

SEEKS EFFECTIVE CONTROL OF 
BUSINESS OPERATING IN 
CONSUMER OR ALLIED FIELDS 

Preferably with branded products 
Up to* £1 million available 
RepUj in confidence: 

Son G.-100. Financial Tim***. 

10. Cannon StrtOL EC4P 4BY. 


Ml % 

1 1 



Q 



HI 1 

J!|* 

HI* 

i»r 

L<‘in. I’nii-n 


I iihui 

C. "it-, link! 

I I'ns. Ii'iiM ‘ 
Ir-iiltvitlals _ 
(<uirlnuli|y , 
■ '••iii imiiMs 
i. ‘ mu i*< tlds 
tiH 
fit«’ 
tiW 
l.KT 

• ••wirI ?.!• I. 
ii-mnl T|*-» . 

I i hi ml Jl cl. 

II I 
I' I 

II! ! 

I *11. 1 .-ft-,. I 

IjtllH rt.n •. 1 

lilllil .-n-. . 

.’Imli'J .*/i 
Murk- •- "!■. 

Meilv.k>|i. 
fli-ll 
M„ |l 
f*li. II 

r.gnlF 


,145 • - 

: iob • — 

76 • — 

54 - 

, 2Hs | 20 
. Ill- ! - 

29 J 7 
; 19 - 

I 24 2 

j W - 

13 I - 
! 71a - 
• 65 - 


RECENT ISSUES 


EQUITIES 



FIXED INTEREST STOCKS 


lllj;li j !>>w j 


Conference? Seminar? 
Company Meeting? Reception? 
Rim Preview? 
Advertising Presentation? 


t 

V.-.v 


im 




'.U.HnrS-: 


ThMe bonds should be presented at the 
London Olnccs Ol Uovds flank- international 
Limiied listed on tne appropriate lorms 
and must bear jll coupons subsequent 10 
"3dth Juno 1978 otherwise the amount ol 
the miss! no coupon* "rill be deducted irom 
the principal moneys. 


UfCO INTERNATIONAL LIMITED 


NOTICE IS HEREBY GIVEN that the 
record dale and time lor preparation ot 
th.: final dividend, payable on 1 Kh August 
1975. is Friday. JDlh June 1975 at 

S 00 b.m 

Ey Order ol the Board, 

j. F. G1TTUS. Secretary. 


I 

i 


There's no need io hunt around the West 
End for a suitable venue or viewing theatre. 

The FT Cinema, here in the City, offers seating 
in comfort for 5(H- people. Fuil 16mm film 
projection facilities. National Panasonic Vz” colour 
video tape and Philips I501M video cassette 
viewing. Electrosonic 3601 slide presentation 
system. And luxurious private dining rooms with 
extensive catering facilities. 


PUBLIC NOTICE 




CITY OF WESTMINSTER 
London Botouflh B.tls amounting W 
million ware .Mu-.-d on 20 June 1 97B Icr 


m.iSur.iY on 19 September 1978. Appl.ta- 
LV ....nut fun million. The minimum 


tier’ walled *31 0 million. The ' minimum 
orkc .-<1 accented tenders was 97.71 ana 
39”» tu -he issue "« allotted to this price, 
■nu: .i-.nrag: rale rrt (iiscouni was 9.14658 
•jo’ ctner b.ils art ouls ; -»nding. 



FINANCIAL TIMES CINEMA 


■ 

f 

>- V. V 

I 

i 

• v*. : 

i 

t • 

I 

I 


All enquiries lo the Press Officer, 

Financial Times. Erecfcen House. 10 Cannon Sheet, 
London EC4P 4BY. Tel: 01-348 8000 (ext.7123). 


ioo ■ v.r. • 

• • : K.l’. 21-7 

L98 .no aj-9 

■ • I I'. J4 7 

Nil — 

• • . K.r. 1 7 
L'lOO J - 

fT-djfT.Sa L 10128 7 
'.! F.l*. {25 B 

• • I'.IV 125)6 
C99 LbO !io8 

- ■ ■ r.r. u a 

• - ; F.l*. 21.7 

VJUl- — 23-6 

■ * 1 V.r. i30 6 

■ • : r.r. 7,7 
■109 K.r. — 

• • ■ i .[•. ai -7 

L'99 A'lO 21-7 
L lU< I H'. 26'b 

L'98f-- L'SO . 1 9 
*■ IM'. 16 6 
£98i ; t25 


' lOO,'„L\gr(.-. Mitt. V«r. Unit- U<ls. I92S 

1‘nvl*. 9% I*ref. - 

■ flqiUaruvt »<!••. 1 9STi - 

i 98p lCUiw lil-iy.uni9J'% ('inn. IVtn 

i 7inniCrt)11i'n IT'l. Coin-. T'rfil. 1979 — 4J 

. 97u UcrhlM ll J.l Wi% Cum. Prut 

, JttJlfl Kdinbnruii ll’ilr t»l> V*r. Kjtlc If C3 

101^ ! Bwi 11 liter 7^ Ut,l. 1985 

l a pm F*iniCH- li\|s t 13.U&S UeK 

99n lOrrwllelii Mllk-tt- lO^Culu, Hrqf. 

IhbilirRim ell ■ U-u. ol. llj’t ISc«l. 19ft. 

. S3 I Liberty * l«. 3.55 1'^-- - 

j 12p NeWNiRcnlh ^ Cunt. IW..... - 

i 96 iiU'ntftPl g(^Cuin. l*rl — 

1 Kh IPnf»«. - 10j%l-itni CnK..... - 

9rt iCflW. ill. x J-» 10% J’H - 

109plKnl , !«*» ,, l llnw IIJ PrwF. 

ftibhbiiillllN Auli.vu Cum- I’ptI 

10 jSimlii. Tvueai.lv lte.1- 1986 

a* lltflM.lt Un-. Ln.LVsS 

47*(|r5ntf X UVitr 12% Uni, 1*6 

ajpiiVaitp rntietit"* Uft.Pivi ... 

gjUilVtfst K>-nr 3V»trr 12^ IH-L*. I9S6 



165.^0 . 


FIXED INTEREST 
YIELDS 

Br. Govt. Ay. Gross Red. 


“RIGHTS” OFFERS 



. Tuts. Day’* xd rd arti. o 

British Government June Change To-day 1978 £ 

20 v :* to date 3 


* I5.6 1 7 7 , I S3 ITS :Rnc«t Chemicxls 

' — — ' ' ■ I3niu 13 pm[Brilisb Tar ProducU 

1 9 6 7 7 | eO [CeitLn»i MunubtuUinoi;..... 

i 16i6 2l/7l 9912 -S3 lUnbwn Fark hri* 

- -- _ , 2Dp/ii !6pm|Kiand"f*tiH Gold ilmmjf.. 

, 50.6: 25/0: 11* U3 ;P»in-io« tt'D.. 

— ._ ! 22l'bt 18pm Bnrtndl* 

I 22/6 19’7 : - UpiV I'll™ Motfiir - • 

' lb. 6 2l-7 162 IM :H«.wr1vn lAlrsniHlcri 

. 3:7 i 26..7'13*l'ml9l*pnril.vmiiH U.&Ci.) — • 

— . i aOimlllipmSkci i-li ley 

3 6 17-7 2ol*! 22 ilVtfim, 



. 192 
13pm 
68 
. 99 

16pm 

. 113 


vnso +o.oi - 

11327 -0.18 - 

13931 -023 — 

123J3 -1.10 — 

11187 -0J5 — 


m l 

630 g 



.’13<apm 
■ll 


Index | 

[ Yield 

1 No. ' 

1 % 



Rutiunciai ton dal., usually last dar lor dr a llna free of naioR duty, b FlRures 
iMMrd nn pmspvcnu wm&i 0 Assumed dividend aral yfrid. anm 1 
vover bast'd on previa. r year’s camlnss. r Dividend and vlclrt based on DWbecliis 
or utter rtfieui ’ Vitaiics tor 1979. v Cm<s t l- curat WM. '£*"* *?£ 
lor cotuvmon ul cn.iri-s nul now iajlK»tR lor dividend or ranUlns only lor restricted 
dividends, i Piscina ,.r,ee lo public, tn P.-oce MkiirtanciiMMi J « u rt 
br lender. ,« f«lfcra» io holders »t Orrljrury shares « a rtpbw. ^ 

by way uf capiialisujon. tt MiOlBmm tender once. ilBe WfOMe rf. n Jauod 
in connection with reorgaaiBMion WWf ar takwiver p,Sis^nat 

;n foirncr Piele»nce holders. ■ AllOimcnt letters tor rultt-lMldj. • Provisional 
or partly-paid, aliuunent leiiera. >*-WlUi warrants. 




67.54 . 5 
62.79 ' 6 

















































































c Q- 

if-'l $ 

"■SB ■'#. 

*; > 

4 > Y 
: 5s '? 
t 61 -' :« 
•r-i' :- 1 h 

i '••- *’-56 ,**! 
: ^ *5.14. >] 

• -> 


' ACT ^' 


l?i. 
i ( ; 7 ji« 

%\ t 
:■“■ >!• 
•IK g; 

•i’u ■»■. 


■•' t -^n.- 


:r ; , T». ■ . 1 L» 
, ' i V 

■ ;; 


for 19Jj 


» \N|) UUi 
" J s HOW 


)ICES 


.: vta-S 




INSURANCE, PROPERTY 
i — BONDS 


AUTHORISED UNIT TRUSTS 


OFFSHORE AND 


A&beyXlte Assurance Co. Lid. r. m „ ~ ~ ■ — ■ 

W St FtaT* Churchyard, EC4. oi-suunn ^ CISPI ^ f Portfolio Life Im. C- Ud.» NPT Pensions Maiurnm-nt 1 M 

■ftjjiitjr Fuad 136 7 3871 ,n y U " li “"h'*>«iKre « . WaUham.'nm. WNflllrtl V ,. r „ ^ Kr Bt Ltd ’ 

^jlljfcpAcC,.. jfo.9 32U + »a — Fonts I Hi F| JIW j I JJJJ I ■ I __ ‘ ('I -id 4TTO 

?SSerf,F<t.— _.p72 isia^ 5 - ronio, '-^r.t-i....k7 ' 15m 1 - 

FwptfTj^r .__.KS3 IM.4L0.1 _ Grevham I iro %» c- c - 


"Sopity Pmd~~~...l367 
IfcurtyAcc,.- 30 9 

RSpSEs i: iSI 

-pMpntyF ural~ -— U3L1 
«en*. Property— 1729 
fVn* SetGCtrr* —— M4 
rtM-SemritS- U60 
Fens. Vatnecd^o- 175 A 

mfonap PU StA.|lSj 


rena-SenmlS- ~-B36u 1432 *0 2 _ ’. ,n 'l I- him .LJm 7 jt- ■"'•"I _ 
Fenf. MMggcd IBS 1 -Ob _ Fund. , _|9i 3* ioiq _..| 

•ssfeFfe ® " " “ sr w r h w 4 ^ Ass »*• u±y 

EalSiflljT: sF,‘ H23 - viZ^ n b B^V-W-TbWTK-.. Rtrte, C02U342 

teSMSi® ;• EK ^-I £§« /-/- 
^sasftM.sSsw,. sariKafcKEH 3 E 

llh anrlife Assurance Co. Ltd. Guardian Roy a] Exchange 

* OUBorflnglopSt.'W L ' 01-4375M9 5?* 1 E’mtumcc.E.ca. m-as3-n 

ffiSW-MErf" 


NVw Zealand Ins. Co. HT.K.I Lid.* 

J* I !■■<) .r, v*.] "Is UTO-J h3>K, 

► ■>»■ »■ -'. H .V Ii, lh U7S 144* . _ 

i r|, : ,,< !• f, : , 1 «« 035 -07 — 

T-S l.„;.|„^ | j .. 94 3 99J . . — 

Mlrjlnr |,|._ . no 937 -Oh _ 

. .1034 7091 -M — 

.■.sferTt ■ • 10,7 1070 --- - 

.iiiM nv ai4i 1033 101.7 . — 

Cm U-inniir.1 944 103.5 — 


yGtdAtonryFCLAc.. 

9lbiU3fan.FAAm. 


Wt!»r Bank. Bray^n.TbUM--, Rtrte OBlBiUlK Fd. .. .!.. 103 3 108^ . — 

K3h25*?' ,i, ” rw "/ £L0M /■— / — Ltfa HU. 5) .... J — 

Candhanfc s<-,.'ALC-lllb.4 S5 ' tK, ii9J ”74 71 Norwich Union Insurance Group 
o. 4: S. Super Kd. _. J £7-954 j j ~ Norwich NRl 3NC. C®g223» 

Guardian Royal Exchange iSSSSStf "P - — 1S2? SM-S-9 - 

Dl-OT59ez UM»-n0f7 So 1347 T.' - ? — 

I _E7“ "OpenySurTtb — |174J ISZOf J _ (nt. Fund IS9B 157.6 -08 — 

•H - fZSZZy** A»™ceLi»UedV ES^&TST “W>“ = = 

“J 77 IP'd P»rh L-ne, Londoa,W L 01-4890) * 



&nJ’«LAcc-(199.0 _ 

.-^JfEV-Iife Asourance Ltd.¥ PeaFi.Dra.ArV7.' 

». lcac „ l0L KKfgf:-. 

^MEVjSSej-KdZ IM S iff 3 . . — 

"Bssasaw - m * usj :v ” ivll. : !?iP32*^p 

AMEV Fixed Int — 9U %]{ I'cnRSi... 

j*» 1M.S .7 — Pea B SAc-l- .. 


•MKtllVaFrf. 97.7 
'JCSUJPon-BTOJ 
aan 97.9 


Ffsed Int, twp iw? >31 

t££*- 177A w: 

Property. 1619 uo. 

14)4 147. 

Menaced Aec 1732 JBZ. 

Ojerteac 122 1 m 

Clll Ed[M 1242 . ' l)a 

Ul-7 107 

Knei feP^P- 1275 D4. 

p^^^-3 Dc P- Ac ' : - 14 06 15t 

Fen.Hop.ljp., _ J02.7 213 

Pen FV.ip ,\ PC . . 2408 274 

gen Hjn. Uf.. At, 1 217 

Pen Mua Arc. 245 1 279 

Pen <ji!«aiit t„p fji7 

55 A a “ -i* 3 * 130 

K n -K5S 1 ‘: • 190.7 M7. 

Pen D A I- ■ ap 101 ft 

Pen D A F A, ■ . . 102* 


mg 1 — 

land ,71 — 

170.9 _-7) — 

I47.S -j — 

1B2.S 1 — 


154.5 — 

213 4 _-.. — 

274.6 — 

2172 . . — 

2793 — 

1217 .. , — 

134 9 _■ 

130 1 — 

2472 ..... — 


Arrow Lib Assurance 

30. QxhrWce Hoad, W. UL 01 

SeUttJdg>.U«rt..».9 O7.7J 

' Bardoys Life AssurJ Co. Ltd. 
2SS.BnnCOrd Rd_ E.T. Cl 

sereiwboittte- [1252 131.M , 

mfl-o 


» — Hearts of Oak Benefit Society -MV-vNai fu » v'.' 

l-»- 17. Tori- lock Place. WC11I9SM Ol-J87WaJ Inw jS|!JJ| t o"!, 
01-74BB111 Hearts rt oal- . 136 4 38 5| J — fwin; roll" ... 

.....I _ Hill Samuel Life Assur. LlcLV 

'.’.'.... “ N '*- ATu -'f ■ AdQKCOwN. Rd,Cro>~. 01-8964350 M"nii i undi.t- 

I gPropenvVi,U. .. 115^9 IbO.H .... i _ Mwn.J Fu»-1. .. 

■* Pro perry .series A [DM 9 106JI .. .J — ‘iiii .-.in-.l Fund .. 


Phoenix Assurance Co. Ltd. 

A-:.. Kirts William SL.EC4P4J1B. CI-C2C0B7B 

= 

Eb r. Ph E»ti. __ (76.1 OtJ. oj +ljJ — 

Prom Equity St Life Ass. Co.V 
1 19. '.'rawiurd Street. WIH 2AS. 014060607 

n silk iTop.ru. 1 Isis ( I — 

po tJjmty Dd I 7J 5 I t _ 

HtfAklnocyBil — | 1496 1 .. . 1 — 

Property Growth Assur. Co. lAd.¥ 
l*—ii UuuM-.i.'ro.wluii.tns 11.0 Olunnnmin 
Jvneny Fund. 1813 ... - 

Ps-l-n? I un.nA' 179 8 — 

A.'rn.ullur^l FuijI 757 7 ... — 

Arm- Kmiif i.ti 7515 ... _ 

.)M«\Oupi|., 1334 — 

•U 'n-v\:ii F«l * Vi 2332- . — 


Abbey Itatt TsL, Hfgrs. Ltd. <a> 

72^ HO.Carih.Jjc nd . Avlcahur-. 02B65R41 
Abhor Capilul 1112 >S3l -0 21 «Jh 

Abbey Inewtir- -ii* 7 41 2) -T 3[ 565 

Ahb«^lr% LtFd f»2 365 -a: 424 

Abbey Uea. Tst . .. (44 7 47 6j -0 4) 4AJ 

Allied Hambro GroupV (allgl 

lltunhr.' !tw . H tv tun, Hrrnrw'-Mvl.fcw*. 

01-MU a Si or Hrcnr-o cd ilXTT.i L'i i#59 

Bdurrt tuO 

Allied lat ...... ._«! 69 31-OfJ 548 

BnLIna- Fund.... bl 4 65 7 J -fl« 5 69 

Gnh.tlrc »4 sasl-r^ 5J4 

Elect X Ind. Dr* S27 3501-0 >| 5.05 

.UliAlCMnuI — . 70 5 75 bf -0.W 4.34 

Haubro Fund. ..Mil 10924 -12 522 
HanibraArc Fd._. lib. 7 12491 -l5! 4A1 

lOCMV Fliodc 

HiRh Yield Frf M l 7S.« ... I 7M- 

lllp Inc^xc ... 44.1 40 b -O.M 6.44 

A.SLE4 lac. -1364 UJ| -Oil 7 AS 

latmathul Fa ads 

Inlcmatlorwi—.-WO 283 -0.11 140 

PacUic Fund k» 9 470 *03 2J2 

Sees. 01 AonMcii„j54.l 59 0ol -Oil 1.95 

UAJt&ctnpt* |950 lOO.Oj 1 USD 

BpertalbK Fonda 

SntslIcrCn , aF*l«.p5.4 3791 -02T 4A1 

2nd Smlr IVp K d. . 45 7 4481—01 5.68 

Rceocrry Sn« M2 90.1 1 -04 499 

Mn M10. t Cdty. _ 401 43 3l -0 1 5 J2 

CHrtMwbniiiiK: 566 60 6d| -0.5 462 

Expt. Stair. Co-1 —6 2183 229 A( -1 522 

Anderson Unit Trust Managers Ltd. 
1 5H Fcnehurch St EC1M QAA eaiBSIL 

Anderson U.T. |49 Z 5311 I 435 

AUfibacbcr Unit 3£gmL Co- Ltd. 
lNoblcSjEF2V7JA 01-323 8374 

Inc HonttUv Fund . 1145 0 17501 I 499 

Arbuthnov Securities Ltd. (life) 

37 Cuti-n St London KC-iR 1 3 *.* pi =W r,2fll 
f-tira Income Kd . [M4 9 112 81-0 31 11.32 

High toe. KviuH . 510 44 U "1 9 15 

9'Arccm I'iiiLm 154 1 59 fl -Oil 915 

1 my- Wdntl l.’ls Jb5 1 59 31 -Oil 915 


J Til'DU,- '■‘Ifri’l. lli-UL'b-, 1 1. 1 1| 
inn 1. ill Fti nd tier *>■ 1927 9. 

J i.lM TrU'l'I I'M -.. .1)02 7 105: 
iliil l-'nd utieiT-'Cyp 16 9 

InlL llovt. Sect Tyl. 

; . Fir -l Nlrilltt: IIS 57 -18 

Fir J InU 118516 186 


jHrtnwre Poad Managers B faifg) Perpetual Unit Trust MngmtP (at 
2, si jurr Axe.EOA8BP. 01-2333531 46Har:s: .HcsItir-bTHases Ci?:;e8Ba 

HnulhTWl^i,*, ”5^43 P^a^.,3W «■ J « Arbatbnet securilies if.!.) Limited King Si Sbaxsou Mgrs. 

romnwaitySbUB- IPJ 1695m -0 tj 3 TO Piccadlllv Lnit T. Mgrv- Lld-tf larlb) ncj Ift^aSU.W IWPT.J^r-vt HSJtTJW I O.anmi'.'.Ti.r.SI UeUer..Vr»»c.i<BMn 8H1 
Eslra laconwTU-- g “ — - , 9 25 uarde'in H<* . 3 Bj ! r-Cyi Wil ET «£ JWl , ^ t-.i— '« .- ■«■••• 1116 0 120 0! - 1 C9 4 17 ' jl''" 1 *' ! v * f t * ; rwy *«' 24708 

<;i»r East- g ? 5K r. in[qi y,n V M4 -33 9 -r:. 9W p <w-t:'rtr.>W'du« >-<>- -i. ! r.i-ow'ircri.iiL 

HlSh lDr«Mt*- “ 6 J^fji.Vsfd -T372 397 -33! East lining, i [1180 1M01....1 300 J:J 

48'eM| S * Siaisrst-OLB* Sgila-llS Neylrub^^ 

iSuf^MN— ■ g* Sf“3-(l *S2 fetwFund^tjlSSI 37 9; -3 ij 4C Australian Selection fund NV ml ism. aecn 1W 

ieliiU.Ta.i«tJ-l»7 « ^-C-l lia Krvjrl-.r Fund. . 590 650 -35 354 \urV. i>w«truinil'i-.. ■' a tr-'li VousE 6s ■ Fir-lSlrrlUW ! 

CibbS tAutoWd Uott Tst. Mgs. LuL Te.-BatUoryFuad .54} 555- ■. ! fS l!t. K*-;il w “I'lL*", , Fir J InU ! 

pi . . , n .m FC yfvl. ,|, cja-.;! FarCuilFtl 152 27»:-ubi 170 fsjl sluir*-. .. [ 51:- 15- I ... J — 

r* « If ■ ‘ 8*10 Amcncaa P“ B{1 — ' K 2 25 ^ 5 '- za Set A- -•< \ ..If June i j Kieiuwort Ben? 

41 Old -old e« PracticaJ invest- Co. Ltd.? L'dCJ Bant 0f America International S.A. ao.Fenehurehsut 

Wh-^^ jBCs Km twla --■* B - n 44. Bloomsbury S^.WCLAKiA 3143 BW pi nnulcunJ Buy-1. InM'Dilistri: o U. Curnwr iBc^! *" I 

fc,U0B 'Tuea-nwei Pneucri Jane 14-JJ51.0 M | Wld.mMUw.rm r JJl'TllW U2* ...| •« Ki' *— ! 

GoTett (Juba)* Accum t-’ciLa ^{2134 226 7, I 43 Pncci at .tunc ia Ant cub. d«-.' June -l int'FbrEwtFd I 

147 4rf 0: '? 8 ?w Pnmndal Life Inv. Co. Lt«LP Bnk. of Lndn. & S- America Ltd. 

o3j? 17t 3 ;i"l hi? =-Bisbo5»CTitEC^- 0:-547 6533 in*e .. Own VjrueiuSr .Fj; 4 ' rj-K»33I3 (^s.GsfiS^u"i 

v r TTAetliaSte? Juno 30. Prolific E nits !M 2 90-2] -3.4j 3M Alexander road — ptWtt — 1 ..— J — Sienr-i BcrTomia — I 

ir.L.i»CTmn.it r.. TM Higfci Income |UL2 3J9J| -tl.Sl 739 Net at*oi uluc Jure Ji. • •LnllondMDMi — 1 

SSSSsSS!^^ “■ ^£e«» PmdL Portfolio Magrs. Ud* faHb#cj B an (|ue Bruxelles Lambert -KB «t m Loot 

tumngon rtMf [ 453 Hriborn Ben. EC1N SNR 01-405 BOS - jtuc pc la Recrace B 1000 L-nusels Lloyds Bk. (C.I 

I Accim.UllJU)— rr 1 —* ' -*■■«-* «*«•--- — * -*« " 

mn.VdJa«B 

(AcetUB. Uni 1*1- 
EndMv. JnnadO 

{Aertua. UnlW-rr— 

Grocbstr. June 
■Accura. Units}-— - 
LnABnl* June 1*- 

LAccum. CJnlUU- — - i , , . ... . .. , . ... .. .... .. 


?f3-0s! 

9 lSl-CJffll 


18 631-0071 — 
86 19|-*0J0| — 


Nd ■'-• ■*•* i-dui 1 Jane ij Kieiuwort Benson Limited 

-tiA I» pjacticaJ Invest, Co. Ltd.¥ l_v>*CJ Bank of America International S.A. ao.FenehurehsuEta oi-raBWO 

‘ 033 44. Bloomsbury S^. 9CC!A5ivA 3143 BBS nmHexard Fuy^l. luxi-aibimre L U K U 9 1059 67 7* +oj aiQ 

Pncucri J‘jnel4_fl51.D 1M3| — | 4il wi.iime*tlni.iirac..JSl TllW Ut*| . .. 645 ' too in't, ^.n 7 din 

Arcun. L’eus (213 * 226^ i 43 Pnces « .rone H Xnt tub. d«r June =t gS^ Fu MfSZT Sl'Sll* 121 

Bnk. of Lndn. & S- America Lid. t" u F "l rf — ■ S^-ikS JFk on 

Ckietn MriertjiKi .FCi ■ rijjCD33I3 Sl'sltS ..." e.fs 

Alexander Fuad — IK:-' 18 — 1 J — Sicnel Bcnnuda srs*82 - -DID J-B7 

NCt auvl \jIlc June 14. • •LmilondMDMi 18.70 1978*010 A 65 


-KB ad u London tuyiao asrcis pair. 


453 Hoi born Bwi. EC1N 2NH D1-405K= - Jtuc pc la Recence B 1O0O L-nusels Lloyds Bk. (C.L1 U/T Mets. 

4g Pradeatiol J12X5 23101 -1C| A53 RenUFundLF |U58 191S1 -6f 755 p.o Boar WkSl Jlriier.Jwser. 0SW 

Qnllter management Co. Ltd-P Barclays Unicorn lnt (Cb. ls-» Ltd. uaEus Tsi. 0'».v ]s&a 614J — 4 

2.04 TteSltEMhnnsxsECiNlHP. 01-800 4177 l.CtarlM Cross. St HdtW.Jcsy. 0S34 73741 Next dcalios dale July 17. 


053427581 
—4 124 


Guardian Beyai E*- Lnit Mgrs. Ltd. nppacjnncyFd.._-l65 4 
Royal Exchnara EC3P 3D.-;. 0t«a»ll SeBwdeT. iAcc ;-!«.7 

i^SiCwSSw-B 85 91 7f -0.91 *^9 SeWorfeT.tnc 


.7- 10^3 ^ fg SltI “1 m m Lloyds international Mgnmt. SJL 

„ „ — ... !Ma Unil'c-ad'rni.M—.- .IttaiM aOO -Rue duHhonc.PO Box 173. 1211 Geneva 11 

IS Reliance Unit MgW. 1-d.P -Subjert U> tee and *uhhbld:ne Ux« Lloyd* ]HL l !ro*Ul.|.-ROM 3bfM J 2J0 

-- Reliance HM'.TanbndceBcljs.lQ.MKKrn Barclays Unicorn Ini. (J, O. Man) Ltd. Uoytulni-irwemu Israia* ....\ 630 

Guardian Bayal E*. Unit Mgrs. Ltd. npMCjmityFd — 65 4 »« -131 538 .-rsomiisuDoucia* iojl raaiasas 

n*y*i QrbnH EC3P 3D.‘.~. 0t-eS38D!l Seflarte T. i ACC i-S.7 **& ~23 | , *| UnirorrAu<E»i 551 593) . 130 M & G Group 

log! GuardhUlTd— PS-5 91 7f -0.91 439 Seferorde t. Inc 455,-23! SJS 33.3 35W-i.\ 170 Thic* Qua: * T~u THH ECJB 6BQ 0UC6 4S88 

Handerson AtbRlBistratioaV (aXeKR) Ridgefield Management Ltd. im cro- pacun- _ 422 otj-- — ..wuntirjancso— .pi’rtK jch-doji — 

“fsg 8?fSS35r» 33:.:: Is SBSfMSi'-Ns r 


HHfMaa AttolnfstratiDoF (aKcXR) Ridgefield Management Ltd. ?» ertr. pacuu- — J62i abw -. — ..wuntir June =o.„. pirt n aooi— oow — 

asasgfft W*!5»“«g SfSffiBrii 33:.:: IS aKS- KS ,iS r: r 

5 SS*r ». **t*BE*r "" ■ - 1 ^ S£»JSL«T“irJa“ sa.*-- s» m M an 


:J 3 - 



4 Managed tmli,. S4ST 

m Ru*ui Managed Senes a. 975 
°1-534S544 MwgnlSrrieC. 952 

•Vi, — Money Uniw U01 

-0 8 — MoneyberlcsA 97 1 

-0J — Fixed lntScr. a 921 

— Fns-bfunuBifdrap. 1*0.7 

-05 — Fbs. alaoaced Arc.. 1*33 

— Pnr. CTi-pd. Cap__ 105J 

+0J — Pns-G'iccd.Arr U08 

+«■? — Pens.gquiij , Cj,i».. 97 7 

-fJ — Pena Equity Acc_ 980 

-U — Pns.FMr.lntC4n._. M.7 

+0.1 — Plu.FxcUnt rtcc 95 0 

+1111 — Pen*. Prop, i.ip .>.951 
18. Pens. Prop Aw 95 4 


■“ BS: StasSSK-BS »1 E 
- J5EJ®S.zii 11 - 

Beehive Life Assur. Co. Lfd.y Imperial Life Ass. Co. of Canada 

Tl_ Lombard SU Bca. OttmuGS l ntparial Hnu,e. ilulldlotd, 

Blk. Horse Juno 1 _l 128.76 I 1 __ growth Kd. Jum- 16172 0 78JI 

_ .... — Pens. Fd. Juno is...(m 4 72l3 

Canada Life Assurance Co. Unit un^oj Portfolio 

Z-3 High St, FWtera Bar. Herts. PBar 51122 FS3BS.W1“|S.7 jmI 

BMKSBU 3S |rd= ffilE 

CBM8 Assurance IM.¥ Irish Life Assurance Co. 1/d. 


160.6).... — A'l'j.in.,1 FltiiJ. .. 112.2 I. — 

.065... — ‘lil'-Tltcdn.rtd .. 121.7 1—0 5 — 

175.9 -0.9 — ••lit V^UcdTd iA|- 1217 I -05 — 

lflZ.7 -0.5 — Ohriir.- Annuity ... 181.7 1 — . 

200J —0.5 — OJiTl-iwtJ A mrtr . MS f _... — . 

265 — prop. CrowlS Pro U on* & Aatmitiea Lid. 

~nr — AllWthn- Ar.fti 11284 1354J — 

Si r 5S ,1 E?Hr rft P' 122t u, l , ua< — - 

Tf-i — V-r- M l-u .... 1370 — 

565 — — Pin: urn PH lit* 1297 — 

5C.7 — t--n.H-iw.HL> . 146/ 

A4.7 _ — — I ri'. t'nr-. t/ap. I t 1312 - 

“ M.m liens f d 143 9 ..... — 

,032 — Man Hem. Can. Ut 132 8 — 

.49-2 — IT..J. Fi-n. Kd. . MSB — 

i251 — I** IVtis.Crfy.Ut6 1329 _... 

BW — lld.-c Sne. IS n Ul 1308 — 

— Bldg. hoc. Cap UL_ 120.1 — 

of Canada Provincial Life Assurance Co. Ltd. 

7* O I 71=5 2=L n,t hopssotc. E C a 01-1-47 U 333 

m Jew^-Kas M3 ••» i =* 


1565 .— — 

110.7 — 

116.7 — 

102.9 ___ — 

1032 — 

99.7 — 

1000 — 


Extra liKome P'd . 104 9 
High tac. Kuuit . SI 0 
9 'Accobi I'nit-x 56 1 
iW,«- Wdntl Uls > 69 1 
Prrterrnee Futwl .. IS3 

■ Acoim. linin' 1 37 7 

l Jtp:rtl t’un-J . .19 7 
Cc«CBWtir% FuhU 50 5 
1 Accum. UniL.' . M 8 
ilDNWdrwl U 1. .518 
FloftProp-Vd... . 17 3 
Ci ant.'. Fund — ... 491 

fAccuin.l.'niL.i 46 3 

Growth Fu.itl .9 9 

(Aceum. Unlti-i 30 8 

Smaller Or 's Kri. 271 

Fast cm & loti Fd. . 27 0 
■ <fl“» B'dnri Viu. 1 — 22 JS 
I Foreign Fd. - .. . 841 

~ J N. Anx-r. & lat. Fd 312 


l-.IC. Pnada 
Op Growth tee — 
ftp Growth AC*~- g 8 
Income L Aaaatt -.1325 
High tome h*6> . 

asS. , S5'w:=S5 


lit Rotbschffd Asset Managemesr <g » 

621 72-80. Calehouse Rd . A:--1cshilr>. 020653 
S.C. Equity Fund.- [lb? 1 1777! -2 y 3.1 


Bisbapsgate Commodity S 

»• 1> ttov -12 Dnuriar- 1 o W 

■. I :SI if '.I line i - .IC S» M 324 


2651 -0$ 
935! +0JJ 

m ::.l 


35 5 —0 : 
4L9 -0 J 
292 -0: 
291 ... 
224 .... 

n In ... 
347 -a: 


Rothschild 8s Lowndes Mgmt- (»t 
rS SC. Sntbras Line. Lda. EC4. 02SZS4 

4« New CL Emm __102S 9 1K61 ...l » 

Pnce os June 15. Next deabnc July 17 


Archway Uni: Tst. Mgs. LlrLV <aHcl 
31?. Filer* Ifolhurn. V. CIV 7SEL. 01 S3 1 6U33. 

Arvhwjv llir.d— -)B35 BS8d| 1 5 0 

Prtcea at June 1U. .Next sub. day June 22. 

Bcrclays Usicorn Ltd. (aKgWcl 
Unicorn Ho 232 Horn lord Hd. H7. 01-5345544 


141 Aaterienn June 15 -RIO 
7 n Securities lime 20.. 168 0 
1_25 HlebYld. Juael5_ 632 

(Accum. Uaitai gA 

Merlin Jane 14 _ — C 2 


pb» =,« ?SS c aW_::K 5 ,21 ~-.i r 

::::): tS7as.™.:.:J; ® = J = 


LOtymptclsy, Wembley RAflCiNB *n -902 8876 ,1 - Finsbury Square. ECS. 


Priu i'6shiu. .. 1045 UDOl ... 

Gill Fund 20 1151 12l3-05 

ITOpertv Mind 964 lOOa — 

Equity Fund 974 103.3.... 

FmL lnL Fund (953i 10041 .„ 

Prudential Pensions Limited^ 


FTDpurty unlit 


Prep. Bond (ISxecH 
XaLBdJExrcIVnit 
Depontt Bond — ■■ 
Equity A<frai .■ 

property AcootJ 
UuaLAocnm-H 


2ad GUI J 
LtESiF 
LRBsa/r 


Current value Jonu , 

Do. Accum. 57 1 

Capital life Ass uran ce? Equity iritiai uoo 

■ CantotanHomc. Chapel Agfa Wton 0B023B5U m ? 

g E in«t.w_ r .| 1 j _ ^cS^rzrr; 117 1 

PacematoerlnvFd. -I 10203 I. J — iml Initial.^ .98.9 


re - -fl-fcj “ 

n i2.es -o'£B _ 

9 13.96 ... — 

1382 -0 03 — 

1172 ... — 


.98.4 -03 — 
109 7 .... — 

1825 -0J — 
102.1 .... 

95 7 — 

1002 -0.4 — 

1132 ~ 

105.1 -0J ~ 
103.5 .... — 

«9 — 

403 .... — 

29.0 — 


. . OISSSKSO llnlUTrn R6TS.EC1N2NH. 

BluBChp.Jum.-ia_ 733 77.2t 1 4.48 Bquii Kd May t7._J£2S.0T 2S8« ... .1 - 

Wanacnd Fund ...._ 2253 2J7if [ — Hd. lnt -May I7_ CS 74 189fl J — 

Rxempl Man. Fd... 1013 lObM I — Pron F.May 17.... E25A5 2624J — 

Fror Mod June l._ 177 1 186 a — _ „ „ . , 

Prop. Mod dto 193 1 2032} J — Reliance Mutual 

King & ShaxSOn Ltd. Tunhndc* Well*. Kent. 0QCS271 

Si Comhlll. ECS. 010S3M33 ncl rttip Bda..,_) 1981 1 \ — 

Bond f«i Ewinpt fios.27 w«.93f-«39| — Rothschild Asset Management 

Govt.Scc.Bd. IrSt A3 * . t F> SiMlhinsL3»e.l/>ndao.E04. 01-82S4356 

Langham Ufe Assurance Co. ltd. ** S4"“' J ~ 

laincluimHg.HolmbrookDr.NTC4. 01-3037211 . . __ 

Langham ‘A 1 plan ..163 8 67.11 1 — K°ya« Insurance Group 

yProp.Bond h«13 148.71 J — New Il.-ill Haeu. UvcrpooL 0012274432 

Wi*p i5Pi Man Fd|783 KLbl — - Hoyal .Shield Kd. _P3U 14L2i -Oil — 

Ugal & General J^nlt A»W^LW. Save & Cnrap¥ 


Unicom America ..135 7 

Uo Au*l..V-c 71.9 

Uo. Alia Inc So 7 

Lio.C6n.taL . . 655 
Du.L's.:mrlT:.l. ,.:07 0 
Ito. Extra Income 27.9 

Dtv Financial 59.3 

Do 560 72 3 

Du fktii-ni] 31 0 

Do Grow rli .lee - - 10 J 

Do. Inrun; T 841 

•Do PTf 4-D-. T?L 1.17.2 


37 3a . 

77.7 -1.3 
61-X« -0A 
70 Jl -a B 
111.5 -0 8 


33i -0 1 
436 -0.1 
90.4 -0 7 
144 Z .. 


01-reS 8311 lAecum. Umtsi 199.1 194 J[ i 378 imim- Derxanlnaird Fdi Bonk of Bermuda Bldgs , Hamilton. Brntda. 

1SL4I -141 5.43 Roval TbL Can. Fd. Mgrs. 1/d. l-oiwlst* bvssjj 5471 — I — navjubco l£Sj3 — | — J — 

40.3-03 338 xtoy ai -ugra- toLHietolHLXR— »•»» lcij —A 90 

w - ! ‘Vi a 77 5^ , -® r ?25 S,Iwrt,S i»r 7451 m , « Vidua Juno 18. Nrxl dealins Jane SB Phoenix International 

96fl^L0 4.78 u^^Fd"“'rn;9 7S8i “"1 7.43 Brown Sbipley Tsf. Co. (Jersey) Ltd. w b« tt. sl ^;rP«t. Goernwy. 


J Price, gi May 5f> Next aub day June 20 


Do. Recoeerv .. . -- «2 J 45.71 -P3I 5J0 
Tm.Trusivc Fund -lill 7 120 Sl — 12( 5.11 
Do. Wldwldc Truaipfl 7 54fi -D i 139 

Hist Jn Fd./ac fi;.7 *031-0 7/ 4 n 

Do. Accum _|7D 7 73 61 -O.Bl 4.91 

Boring Brothers & Co. Ltd.* (aKx) 
88.LcadrnhallSLE.C3- 01-5882830 

Stratum Tst 1179 0 17721 1 4.77 

Do. Arctim BIC-B U9« .._.J 427 

Next sub. day June 2L 

Blshopegste Progressive blgmt. Co.p 

P. Bixhooa^alc. EC2 Oi -988 0Z8D 

8"CitcPr ■ 'June 20. 1184 4 196arf-4.il 336 
ACC. L'le **June20_ Z196 233^+4.3 3 66 

B garetnLJunr !3_U802 391.71 | 1.24 

lAcettm.) June 13_}198B 21X5). ...I 124 

Next sab. day 'June 27, —July 4 

Bridge Fund KanogersWaKcl 
King William SLEC-lft BAR 01-822 4P51 
American ACclU- £8-6 2* 2) -7.N. HS 

Income*. E03 59 9 +0.1 652 

CapUaltcet 36§ 3«4 3.15 

Do.Acc.l_.__— Ml ttl 325 

gaggriZZIlCT -- SM 

Inlerotl. lnc.t. 16.2 17.3 351 

Do.Ace-t - — 17.8 15 9 3.a 

n rmUng •Tucs. 7Wcd.^,177iurs. Price- Juno 

Britannia Trust Management (a) (g) 

3 London Wall Buildings, London Wall, . 
London EC2M5QL Q 1-638 04 7BJ0478 

Aaaets 171.0 7b nj -0 61 522 

Capital AcC. SL« SSJ -0.3J 4.85 

Comm >’ led -.6 9 bd 2 —oi I 4.68 

Commoutly—— — JbS 82.6irt| -flS- 5 08 

Domestic >7.1 39 fca -0m 036 

&55£;..Z...^Z cm M2 - 3 72; 

Extra laccntc >?A £4 -Oil- 4.35 

PnFgnf» — . — - 22.7 “DJj * In 

nnan£jaJ See* iZ.7 -D.8! 4 72 

Gold ft General 86 .6 i?2U +1^ 388 

Growth 7115 B-..5* —0.71 4D9 

Inc. Jl Growth — 72 4 77.9 -0.» 7.C 

Inf) Growth. — 62.7 67.5 -OR 223 

tarosLTstNnana- TCI 526-0^336 

36 i) 30 7 +0.j 3 J6 

Not. High tac 78-9 H 

New Umc — .50 37.7 —0 21 485 

North American — 202 32fte -0.1 JR 

ProfSSS *1 *00* 5»Ja -35 429 

Property Sharea 133 14 J -OOl 2.87 

Shield—. — — — « 0 98.« -0^ 4.g 

SUnwCfaaqge.— 312 33i -02 4.97 

Unlv Energy PZ.D 345) — 0^ 256 

The British Life Offfce LtdLP (n> 


Ifinc^VMd Hc*u 6C, Kia wood. Tlfdvortk - <•. «■ . . ■ l, g-fnii < im> m nuoo 

Surrey KT2D8EU . Burch HejlhSSttS J- V , 1 ?LI > clco - Ln ™/ EC3P 3EP. 01-554 8809 

Cash Initial 195.4 1W5I J — Bui Inc Ml. D277 13V2i -05] — 


Cbrthse. Equity 

Magna Bid. Sac 


KdJ’lnvrSLFd— __I 1RLZX I — TW. Accum. 1172 

PacemtoHliivP(L.| 10283 1, J — InU- Initial.. 48.9 

Charterhouse Magna Gp.y SS^duiuSEr: ufc4 

18, Chequers SO, U abridge UB81NE HUM Do. Accum. UBS 

Cbitfcae Energy— M.4 «.« - gWjdM 1 - JJ?- 

S3 = = ■ fiaws-nte 

Chrthse. Equity S&.6 37.4 — Exempt Cosh lnit 

Hajrn»Bld.S«- Z8U . — — Do. Acciun. 

SpaMaMiyH 1S0JJ „..j — Exempt Eqty. InlL 

City of Westminster Assur. Co. lid. Euro^^ed" Dutl 

Rlnstnd Houtr 8 Wblletaoroe Road. Do.Accmn. 

SSKCmSl WbUeton " 0M84S884. gf«pt Mngd luiL 

’if 5 

Farrniaivi Fuixi 73.6 77S J — Legal & Genera! Pn 

BjfflSa5?=n8 z M::d - 

i^S3n*:ti Act— Uun us.j ._i.J — Ufe Assur. Co. of 1 

aS"* - S3 "I ~ 38-42 New Bond St.Wl?( 
P»na. Bouity Cop._ 55 J2 S&3 -^-3 l*ACOP 

PW Bpaly ACC— ^2 Sg q-lJi - Lloyds Bk. Unit.TsI 

Fund currently c oeedto new ln»*»tjncnL _u„— « nV 
PetteaiUaimV-i 20418 i — 4 — 7^1. Lombard SL. BCa^ ^ 


Bol Inv- Kd 1127.7 

Pr.-p.-rty Fd.’ 1527 

Clll Kd UBS 

D-.pu.-il Fdf 12X1 

Cump K-u:iFd.7__ ZTO.2 

Et|iiityHciv-.Fd ICO 

Pr-.p 1‘cns.Fd.* Z183 

ffll) Pens Fd. 92.1 

DepQ&l-cniLFd.t__ (98 S 


it Pensions i 
10X01 


Prices on June 30. 
rWceldy doaUnga. 

Schroder Ufe Group? 
Enterprise House, Paiiamoath. 

Equity June 13 I 3233 __ 

Equitj- 2 j uoe 13 C195 23X1 

Equily 3Juna6.__[ll9-B 126 1 

Fucdlnt June 13 -&37J 1*4.4 


1352 -02 — 

16X6 *0.4 — 
1242 -05 — 

124.6 +02 — 

213.9 .... — 

192.1 — X4 — 
2305 +04 
97.0 -LC — 
1015 — 


— FvscdlnL June 13 . 1373 

— Fixed lot. 3 June 13 147.2 

-« Idl UT June 13 139.1 

— — KAS Gilt June 13- M2J. 
. — — K&5SC JuimlJ— iffli 
— Mnr.d. Fix June 13. D1.7 
Legal & Genera! Prop, Fd. Mgrs. Ud £jS^“ ^ ml 

U.<Jucen Victoria SL.EC4N4TP 01--JW99I8 Uum.-y:i June 13— U7^ 
LBdGPrpFd. Junes |95.9 1D.7| __.J ~. Dt-pcrol June J3-_ lgS 

Next *ub day July l Property June 1S_. 154 6 


01r684 M84. Exempt Mngd. lnit. 

I - Do. Accum* __ — . 

— Exempt Prop. Ini 

".'d Do. Accum...- — 


1^:4 - Ufe Assur. Co. of Pennsylvania - > sSp^BjiS!?: IMS 

Z i .3 M^NewBoodSt.WlTORQ. QUmb# R^cBteneU. 185 


HE U 


SWrJz 


02^4 “ LACOFUnim ./m- 2JSS1 .... J ~ MjjPnCpRJ^mb ^ - 

Botx Equity Ay— P2 m q -lit — Lloyds Bk. Unit -Tst. MngTS. Ltd. r F^u,,[jyn.a l p.B: 95 i, 100.7 . — — 

Cit y jrfW estmiiiBter Assur. Sac. Ltd, Uoydg Life Assurance Moneyi^S^ »i — 

S* aS£gLS » 12841 | _ a».CIUIo B a.BCaA*IDC JtamyPen. Ac?S.^S 10OiJ „4 - 

TSSSSftsszz&P -isIizxt 32 *^)^ r Scottish waL? Gmup 

c« MmM M ra cr«, ■ r 

Sf-Bxten’ftXUnBcnbalLECa. 01-987800 opL5Man. Ju nc!5_ 147.7 155.5 — Im%re J Sert**2.._: 998 109.9 — 

VrAnAc DUune 17. J 54.96 I I — Opt5DepUunel5_ 1214 1Z7.« — Xn^CartiJuuelS- 977 102.9 ..... — 

SSiSdir ? ™»"oT London Indemnity * Gul. Ins. Co. Ltd. g := I 

Ctrofederatron Ufe Insurance Co. i*j» TheForb<ay.RaadIiifi8B38lL xgdJen Jitob13_-«66.o 266j>| —4 — 

3rS 5??SS! B,B ‘ “an w ’? 2 ^® S3 *sj ~ ’ &obar *** Assurance United 

OTll • WM 3 — FtedScwat— -P4i 360) ~04 — lOrtaSy Place London EC2N BIT. OL242290S 

72b 7t2 — 4 — • The London & Manchesler Ass. Gp.? s^; Ma^rodS -Q* a uxa-osi _ 

W „3 — The Leas. F«dtoealone.KenL 030357833 Solar 


fieri Income— -P* * 6jof-oa 883 Jf-C. LanrRroiy.DiSS 

SliT^s^r^i *11: IS N£s3i”4^rji»G 

Inimiatlaeal — _ ... ... RnthscliUd Sc Lownr 

I » b "-— ~r Bj* 2| if*®- 3 ! rf? St. S*i tires Llflc.Ldx.£i 

S® nj| iS nsas-nss 

Ausfnunm 37 of -3&I IO Rowan Unit Trust fl 

S“rr:n» !2S CttyC-tcKxu.FSnshu.-yS 

North —«7 *35] -Bjl Ul Awneu; Juncl5- 7X0 

N^m.^&Jua*8- 1284 1333rd .1 121 Sceurmex June 20.. 168 0 

Hill Sam cel Unit Ts L Vgis.t <a) SS^/Eeifc B2 

4A Beech St_B(SP£LX OlreSBOU lAecum. L'm»l 99.1 

lM Rritish Treat 11481 158.4) -1*1 5.43 d.—I Ci) 

<e>tet'l Trots- — ■ 

(ci Dollar Trod- — 
lb! Capital Trust-- 

|bi Financial Troxt. 

tbi Income TrtUB- 

r_r_i m (axel 4- Crro: Sl. DtirU Lam 

lS.Chnatcmb2Strocr.ECJL fiSSaS BaEuS* 

Intel Inv. Pod — 1» 1 *2.9| -0.71 t« & . p^g-gj. ^ 

25. MilkSt_BC2V8JE. 01-0087073. capita) t».7 

Key Energy !«*££.• gf “«-$ 3« ITU B5 

KeyEguiiyftGeu- W6 719-0.7 *83 Unlv. Growth 1676 

eKroExcmptFd.— 153 0 162.7 .... 613 . . . n-ll . 

K^rrncor^Fimd_ 77-5 325“ -0-« ,55 toero-lng !*«=* Fned 

Kci 1 Fixed Ini. rtl_ 44 4 6*2 -0 -’ 12.20 HiCb-ricM '52— 

Key Small Co*» rd-(96i 1023] -0 3] 383 mgfa lacome Fttnda 

Kieiuwort Benson Unit Managers* HigbRetura |«.a 

20. Fenchuich St, E.C.3. 01-5238000 l^J~r 

IfifiSSSffizBv*. iS|::-j iS »i 

KJS Fd lntf.TRX._l5S- 59.3. .{ 4.47 Oirrwu Estnn 

LAC Unit Trust Management Ltd.? &£)* — pmn 

The SlocX Echaagfc £C2X 1HP. 01-588 3300 IX 1 77-5 

ttE&SfcsrcK 1 5Sarj & 

Laws on Sees. Lid. Wai(ct m‘ 

83 George SL, Edinburgh EH2 2JG. 031-220 891 1 r^tT^Inmm F^rilr 
*n... w.i^nta 13** 41.31 I *25 HI fb -Minima In Fawta 


iN'hashl June 2 .- - | Y1S333 

-;r.l>. Box !VO. lions Ki-ns 


o&!+339ii g aq , ue | Montagu Ldn. Agts. 

_ 1H.I >lil Rlo.i-I M . F. < ‘ 2. Ol^OTMU* 

X97 ApollAFd .iuirel+ «.7*8*0 3255! ... J 236 

— Lino. Jublcil June l* .. 11IMIIO UD .... XD9 

llTlirp Mnv'il . H>Utt 1195 198 

1 17 JerMjv Xl.,> ^1 _ 16.06 5 55 ...I 076 

man la. UTJrajCi UuncT. 1U2S5 13281 — j — 


+>-roan la. 
I 1 


Morraj-. Johnstone lint. Adviser) 


<*t lg Rowan Unit Trust Mngt, Ltd.?ia) 1 33 Bath SU SL H elicr, Jcr. t- 

i.J. 3*6 Clly Cate Hsc- Flux hu.---Si_EC2. 01-30311^ swiine DaMudnaird Fdx. 

Iji 131 Amenam June 15 -17X0 7*01 _ - 0 97 crowsto InveM. ^0 

...| 3 71 Seetmtiei June 20.. (168 0 177 0] *i.<3{ *23 IstnLFd. — go 2. 


1 77 2 •el-0 *23 f^ALFi __Hr 8fl2 
S5-2 — 7.68 .iprvey Energy TsL. 1366 

23-- ?§? I'mrsl.STit.SIC — £221 

,fS3l 3’b High InLStlfi.Tst— .(£0 97 


NegiC SA. 

5?Z( — ] j S 30 b Bt-ulctard Lu.xcuihesrS 

1«7H ISO NAVJune 16 J 5US10.64 ] | — 


" 1 izM Negit Lfd. 


28 2j | 7.76 Prices at Stay 13. Next dealing Jusc 32. 

aw Save & Prosper Group 

«. cron: St. De)e=A Loodiro ET5 ? 3EP 
68-73 Cuevn St. Edinburgh H B «SX__ 

„ Denlmgx u>: D1-5M Bt®P op 031-220 7351 

Sarc Sc Prosper Securities Ltd.? 


P.O.Box 583. st Hclli-r.je.-w - 058474771. Inrer-DoHar Fund- |S2J7 Z56) I — 

Sterling Bond Fd._|QD07 1812! — 1 1200 property Growth Overseas Ltd. 


Key Enertf In-Fd_. 772 

izfsstsr-- Sy 

Key Small Co* Fd-t9&-2 


> ECj? 3EP Butterfield Management Co. Ltd. 
DC4SX p.O Box IBS, Harniltc-n, Bermuda. 

031-226 .-51 p.uttrc9« Equity -....12 36 2 441 .— ..) XJ 

I ties Ltd.? Muttrew Income.. .Jl.47 2M| ..~J 5 0 

Prices nt May 12- Next sub day July 1H 
39 4d -D.ll 3.13 Capital International S. A. 

SJ -fj - J 1 ?.M j, NoUv-Dame. Luxcmlwirg. 

726j-fl.4j X98 cpita] llU . FuD d... | SUS17J0 | — j — 

«,ij,d 7a Charterhouse Japhct 

M l.PatcrooncrBoh-.EC*. 014M839I 

,, T Artiropa KDU8 3IWf*0.ig 5.4 

M ArliiTrta M5S10 517fl +000 5] 

45.3 1 -DJI 9.01 pondak- [>MRM HOB-c03» 5 8 

Foadix Mia«- 2311 - — 54 

46.3! -06| 481 Emperor Fund-- 11^*1 JU — 

lliffuiaa (HOTJS fll«f 2i 


28 Injft Tout?, CihraJtar 
VS. Dollar fund. _| 5US8S89 

Sterling Fund 1 023.77 


+u I X94 Sterling Fund 

M| I 58S . 


icibtaioe 

I :.:::! = 


Richmond Life Ass. Ltd. 

4n.AUinl Sired Doupla.' LOM. < 
itiTheSiUerTrad. 11J6 114 4/ * 

Richmond EJond 97. 171 7 182.?! - 

I>-. Platinum 6d 128 9 135.71 — 

Do. Cold Uri 107 1 112. Bj -* 

Do. Em. 97 1C Bd.. . 1688 177.7| - 


062*23014 

|:ujl07B 

-2jJ 1X49 


9281 -0.11 
307.51 -M 
8J4-0.ll 


74 a -0J 
7B6ri -0 J 


486 

605 

66.7 

407 —0.6 
268 

27i 


Selertteternat— W9X 2J7^ -X0 

3S Select income (5 4 55. jj -C * 

^ Scetbits Securities Ltd.? 

850 Seotbitt 139 1 42.0J -05 

050 Kcotvleld |«5i 

uoo — Isfth 608wJ -0.7 


1. Paternoster Ki^-,EC+ 0,-483999 DO. fcm arte Pd., «y./| 

f-20 iiTS^Sl Ii2 Bothschild Asset Management (C.i.) 

*■#* Fondak_ nMJJJO WOB -r03J 5 88 P.O.&.-.': 58. SL Ju(jinf.Ct- Guernsey. CH81 KB3 1 

Foadix Wia«- 2311 - — 563 O CEq.Kr. liar .T0_ 557 58.^ .... J77 

481 Emperor Fund UTUtt 1U — • t-.r tnc.Frf.Junel. 1471 1559*1 .... 7.51 

lUffaaa (SIOTJS «.Hf . — 880 flCJnll.Fd.t- _ ... S1J5 143 183 

Clive investments i Jersey) ^ 8;ci5S®, J >'. U46 wi 

i an P.O.Box3ai.St Ilelirr. Jurboy. 053437381. o.C Dlr.Coradlj t- S25 8S 27 40*4 .. . — 

njroitilt Fd.iC Li.lU 01 10 Ml I UOO .*Prii-e on June IX Nett rtealinp June 30. 

SIX) -08| Ml Ow*Udt N.vJmm. 19.99 1082] 1 1180 tPncex on June 7. Nut dealing June 22. 

XT? Corn hill Ins. fGuernseyi lid. Royal Trust (CI» FA Mgt Ltd. 

ro BOX in. SL Trter PotU t-WHOmr IT, Box HM. Royal TrL Hj^.. J ersey. 053427*41 

Inlnl Man. FA 11688 183iq — R.T. InfL Kd.. BL‘51JS 9MI...1 3 00 

Jg Delta Group . R^idCXaiy.iFU.p* «..../ £a 

Pnc*a at June la. Next deulteg July 14 


X77 Corn hill Ins, (Guernsey! Ltd. 

SJ * 5 ro Box 157. sl Ivi.-r poru vioernoe 


83 Gourge St, EdinburchEH22IC. 031-220 »U — *' n BoxlM.RoyalT*LH«..Jcrsey.053*2T«4l 

4 Haw Material*— 139.8 47J 625 f *«Sd 1 •mm in is Inlnl Man FA fl68t> 1838] — .J — K.T. JuI'L Kd. KLSUS 974) . . | 3 00 

bs5ftfflS=P Si = !i ISSSSStr: S’* 1 a.^ L i| fS g™*_ • R KSa^l i K«.d«S, jiti l ! ‘ 

SSESfigStell || Si if Se*ibtls Sectuitics U± : SSi.'SSiSSSS?'^ -4 - a prosper 

fc^=|| gj IsSs^li a SSKISSSSSAmm. niuau. «—* 

•WAmnn.Onlt»l_p78 7X6 ."-'J UOO SeotEx-Gth** (244S 2S60rf Xffl Coareurre ^ — ft?5?5 ^St* CJO l ~~ , 

DcaL tUaa. *TUw. tfWed. — Ftt Scot! Ex. Yld.** 11677 175X3 - --4 6.B lntReiiiiarfoDdb_|DllM3a TiM — .| — riirFudlnl-JuneS. 918 9.74rf 7X8 

Legal Sc General Tyndall Fund? P® 1 * 8 at Jace ** ** 5Utl - dBi ‘ Jaae Dreyfus Intercontinental Iny. FA K?Swmfcl ti*9 4 *at Z1 - 

18 CanyniM Hoed, BristoL 0272322*1 Schlesinger Trust MnglS. Ltd. (a)(z) P.O. Box N3712. Nof-ro. B a ham a * . North American-5 3.79 4X01 — 

Dia. June 14 157.8 6121 „-.J anrorporsting Irideat Trust*! NAVJuneO falSWil U«l I — Sepro"* fl4.03 1553| — 4 — . 

^ CI m,Ua. j ^_Jr.4 ar3a 76^ 526 W^teSUv^Dpg. **f**«**| ^SSS^SSSSS^ ^3 -M 

Leonine Admlhistratteh “9 yj 1« ejji.c.t. im* ' mm M# SSSSljow i!lpi 

49 33 -02 1080 1-2. LmirencePcwntiieyHlll.EOtROBA. iWeekly Dcalinca. 

31*3 —02 — 01 82S 4480 

53.R -ox 2.99 cenLFd. June 14 — [ SUS588 V+DX2J — Schlesinger International Mngt. Ltd. 

Sis Fidelity Mgmt. & Res. (Bda.) LtA 4i.LaMoucsuSLHeiier.j«sey. osm-mbb. 

Z9 7 -D2 — PO. Box 97V. Kamilvxi. Bemad*. S-'-i 1 ; l?L- .£6| ffj 


83*41 Emsoa & Dudley TstMgUrsyXtA Riertlns-dnxmiliixii 

:::d IS su oSuSiSiS: 


2,Uiuiaac,Lwrai»«oir, Exempt HkL Ldi 

Leo D1U ■ — . 174.? 78X1 -0.7| 5.07 Extra tec. Tat. 

Leo Accum J8X7 B6.0] — 0.7] 480 laeomc Dist._ 

Lloyds Bk. Unit Tst. Mhgro. LtA? (a) 

BMi strap* DoX- Goriag^jy-Seo, lnl f^. Unite." 

Worth! Qfi. Wolf Sussex. 01-8ZS1288 Market Leaders 

FintiBalnedJ-— («9X 52.71 -0.7^ 457 *jm Yield* 

PaTgoteS^Z 675 728 -oM CS7 pver ft Gill Trust- 

Second (Cap-)- SZi 56.0^ -02t 3.06 property Shares 

Do. r Accum. 1 . — 655 7 0-4 —OJl 3.06 Special Sit. 7a— 

Thini ; I aroma) 80.9 86 0 -0.71 6.31 uIk. Otlb. Accu 

Do. lAecanv) UO-7 119.0 -LOT 6X1 u.K Grth. Dim ... 

Fourth (ExIncJ 582 BX5« -0.3 8.11 

Do. vAccumJ (66J 7121-O.q 0X1 J- Henry SCO 


ioj] "H Hi P.0 Box73.su HeU 
27 X IB 843 EDI CT. 

-M F. & C. Mgmt. 

aim -Us if) on I— Um rente Polin' 
3i«S -02 - oi res 4600 
53.2 -OX 2-99 CenLFd. June 14, — 

Ui3^3 HI Fidelity Mgmt. 
29.7 -02 — po. Box 070. Horn 

24.3S ..... 1250 Fidelity Am- An 

28’ -OX 2.40 Fidelity lnl Fund.. 
294 -OX 256 Fidelity Par.Kd — 
238a -OX 52S Fidcliiy Wrld K4_ 


Save & Prosper Intentalkutal 

Dealing to: 


DirFxdlnl—June 6. [9 18 9.74rf 7X8 

J nternat Gr.-? 7.04 782) ..- -I — 

Kir Ea.' fern t U.49 4486J — J — 

North American"? . 3.79 4.101 I — 

Sepro*n- P4.03 15X31 -I — . 

Sifiiipg-i lcn o tti iaMfd Foods 

Channel CjplU4_S4 0 246.41 -L4I IK 

Channel Inlands* ..IM52 152.91 -US 588 


326.91 — 1 380 Com rood. June I U24.6 


Cwnmod- June I __U24.b 13Lri 

St Fixed June I 0129 UM) ^ 1184 

Prices on "June l*» ""June 14. *”Jnae 15. 
7 Weekly Dealinca. 


1250 Fidelity Am- An | SUS26.48 .1 — 

2.40 Kideli&InL Fund -j SU522 02 . . j - 

286 Fidelity Par. Kl-_ Sl’.S46X7 J+PJM — 
5^ Fidelity Wrld Kd — | SUS1446 f-0D4| — 

, Fidelity Mgmt. Research (Jersey) Ltd. 


0X1 J- Henry Schroder Wsgg & Co. LfA? TCmcrloolUe.. Don SL,SL Helicr. Jersey. 

i l20 Qeapside. ECi 01-2*03*34 05M i.T56i . _ 

Sual June 20 1C22 1059d-UJ 2.37 Setic* Mlntn).l._. [ £190 — 

»•* Ww3ul_ZZ 0B.7 I28J -15 2X7 SccoBiParihe, ... £805 *441 ~ 

485 Income June 20. — 1821 3M9S -2J 716 Senm, U iAnr Axs i| DBAJd I .... ! — 

Sffic SV ^ 9 :r. 3S First voting Conanoditj- Tmsts 

1508 iActudl Unitei 104.0 108.3 3 55 H Si Coor^r’.t Su Douclaa. LnXL 

Europe June 15— 311 33.0 2rt 0»C4 46KI Ldn Ajjh Tbi inbcir i Ci> . 

160 lAecum. Units;— J*.4 365 ... .. 2-12 33. Pall JlalL London SW17SJH. 01-9307097 

1.63 -PenliCharfldApa 166.7 J7JJ -13 4.44 FA VlkCm Trt._B7.7 3971 .1 220 

L79 "Spec .Ex. June tZ 2M1 250.6 3.« Frf- V*k. Dbl .OpTst _ f770 10.34 — .] 1.70 

179 -Hcctn ery June .._ 1895 195JI ...... 4.97 pi-:-- |, un «-,■ c « 

*jo 'For tax exempt fund.' only rJenmg japan puna 88. 

4XO nfiinh Pnd Vffra I8H 0 ^ rue Noire- Dame. Luxembourg 

3.73 Scottish Equitable FntL KgrB.UxLV n B- . Jlln «i4 1 5US4&.4H | — J — 


Schlesinger International Must. LtA 

41. La MoucSL,SL Heller. Jersey. OSHlsm 

S_l.ll Ul 861..-.. 8*5 

S^-OI 0B5 090 5.00 

UillFd 224 316-0112X7 

lnl). Fd Jersey 105 110 -1 3.34 

InlnLFd LxtiiHt:... S1D84 11X0 -0.02 - 

‘ Far Kaj Fund ., fis 1 M _._J 3.00 

*Nc\t tub. day June 81. 


Lloyd's Ufe Unit Itt. Magrs. LtA gjgSSJSS^CU lM9d-i 

7280, Gxt^ioaxe ExL. Aytebury. BS05MZ ii P nSJ- 1237 1201 -£ 

Equity Accum. ___p57.2 16581 4 485 Income June 20 1|2J 3889d -2 

M *. r r -- (Accum. Units) 270 9 2*0.7 -3, 

Sl G Group? tyHClUi CenrraJJunel* — 8*8 .87.1 ... 

Three Qum Tower HOI EC3H 8BQ. 01BB) 4500 (Accum. Umt*i 1048 188.; .... 


_ Reliance Ksc.. Thu bridge Wells. KL 08922271 

— BLErilLsh life [49.1 520j -051 5.69 

— BLBalanrotl- 461 49^ -0.7l 5.61 

— BLDindead-..._ ; ._|<24 45.41 —02/ ^ 9.18 


MaoKgwJPtoo.Fd._l WA I J — cap. Growth Fluid- 224.1 — 

Kssasr^fel sa-.l=3= g? =.- = 

ComhUl Insurance Co, LtA ^ShiVpiSL- — “ 

32.OJmhiB.E-CA • V,. 01-8265410 In*. Trust Fuml • — 

Gsspce, M*Fi3 — — J — K-— 9i Sc G Group? 

»te(iKM3&«5*0~P6AO 177.8| —4 “*V Ttaee (feays, Tcwer HH] EC3R 6BQ 01-826 4SB 

JcCosnmerce Insurance . Wimwon- — _ -- 

inutegert^LowtobWia^ oi-obwu ^8 iSi - 

CSiC Mngd. Fd. R228 132.01 —l - 1»5 - - 

Crown Ufe Assurance i^x ^ - 




SriarFxd.Ini.S_ 

SoJtrCtoshS 
Solar InU. S . 

Solar Managed? 




FWJuLP 

SofasrCsriiP 
SriWXntL P. 


138! -Q8 — 
117 X — 

1683 -15 - 
1206 -0.4 — 

1061 .- 

107.7 -03 — 

133J -0,6 _ 

116.1 — 

168X -L* — 
120.2 -0.4 — 
105.9 _... — 

107.7 -03 — 


I ’Prices June i!L Next dealing June £0. 
i Brown Shipley & Co. LtA? 

Mnsrs;FermderaCt-EC2 01 -BOO US 

I BS Unite June 20 __|Z133 229.0 ...•„ J 4.] 

I Do.i AccJ June 20—1266.4 286.4) ..£] 4.1 

Oceenlc Tresis lu 'Sl 
Flnaccial 
General- 
Giwth Accum. 

■'——Ih Income 

lncotoc 


Index' 
OaetMU 
Pertormance 


UO.R*gral^LD«^^a^ MASS?** 

C%CMngd.Fd B228 132-0| I FamilyTMO** 

Crown Ufe Assurance Co. Ltd.? — 

4>o«B life Haa-Wciktefc COM UCW«882Sim lnlArao ini.feonti~. 
u nroia 1S&8 -0-5i — .. M~ nDM nu.— 


d Fuad Ace. 
dFd-IMW. 



Tu. Mannend Bd^-* [ 

“ SWSV-I 


1006 *0-1 
1006 +0.1 
iaaj +03 

102.* -0 5 
102.S -0 5 
1021 -0 3 

MIX -« 7 
10U -0.7 


Sim AlHanro Thud HugmL LtA 
OantaUaoceBoaao.'Bcrsham. W 038*1*1 

Sun Alliance Unted Life Ins. LtA 

Sun AUJanee Homo. Horsham W0364WI 


I -OX 
-OX 
-ox 
-ox 

—03 

-83 

-0.3 

-0.7 

-03 

_.... 


- Si Mz 

Merchant Investors Assurance 
3»,7Ugh Street. Croyrlnn. 0 1 -** 


W hum 
jsufi trd- Incm , . 
UroumBrt.Hir.'A 


27* Property 

Property Pena. 

i7w Equity— — — — 

Equity Fem 

» SgSS|jE== 

„ Managed 

Managed Pena. — ■ 

InlLEquhy-. 

IaU. Managed 


Cnnja^. Insurance Co. lnu.ManaEod — m7 ■••••" 

VI ncuiallouae. Tow«- PL. EC3. _ 01 406 HSU NEJj p^aglous LtA 

®th. Er6|fc Jane 6—170 J- -I MOlon Critrt, Dorldna Samy. » 

?^p r „ i r y* 1 ■»] = 

sui-m i" s? §1 = 

KqoitT a tW Li fe Ass. S «. u« NgsgSffiS: Si || - 


"June 16. M aua ge d Fluid 
oce sun Ufe of Canada (U.K.) LUL 

0IA8BITX 2,»4.CocteparSt.SWlVSBH 018305*00 

= SBBSS9t=l » Id = 

ZZ — Target life Assurance Ca LtA 

:~ E 2E *“-■ 

Z Item Kmrf lac P0XX 107.18 — 

Man. Fund Act U6.6 123 *1 — . — 

Prop.Fd.Inc M7J U42j — 

•" Prop. Fd. Ace. isao j — — 

sb it uft9 — 


EncptJnae 12 
Canada Ufe Unit TsL Mogrs. LtA? 
2-0 High St, Porters Bar, Herts P. Bar 51122 

Can. Gen Dish ,137 9 39.J -0.?| 4X7 

Do. Gen. Accum. — N60 48.5 -0.*) 2-H 

Dalnc.Dls! pj.O 34.71 -OXl 7,g 

Do. Inc. Accum. |43X 45.4| -0.3) iJZ 

Capet (James) Mage. LtA? 
iooouiBtt.iidSt..er2S’irQ oi-sfflooio 

SSS =“RJ SJriS SS 

Prices on June sl. Next dealing July 5. 

Carliol Unit FA Mgrs. L1A? (a»c) 
MHbnrn House. Newcnjlle-upoo-ryno 21185 

Cart lot 169.6 72. U 1 3 91 

Do. Accum I'rnh -183 4 859) ..—J 3.92 

Do Hlph Yield IQ 7 44.21 — .] 833 

Do. Accum. Unite.. |5L9 54*| . _4 8J3 

Next dooliDK dale June 28. 
Charities Official Invest. Fd4> 

77 London B'alI.ECSN 1DB. D 1-580 IBIS 

Income Mar IS (115 2 — j. — [ 6 60 

,5ccum. May 16 — — 12565 — I ■ -I . — 

ftUnaulh. Only available to Keg. chanties. 

Charterhouse J&phet? 


Sm also Slock 
American 
(Accnm. Unltsi 
Anstnlay:an_. 
(Accum. Units' 
Conor odl»y — 

( Accna. Unite 
Compound Growth. 
Conversion Cro— “■ 
Coo version Inc 

Dividend 

(Accrue Unitsi 

European 

(Accum. Cnlfcsi 
Extra Yield — 

■ Accnm-Unitei 
Far Eastern. — 
lActom. Unite) 
Finidof Inr.TstS — 
teurojgUalUi 

(Accum. Units) 

High Income.. 
(Accum Unite! 
Japan Income . 
(Aeeura. Unitoi 

Magnum 

(Accum. Uniisj 

Midland 

(Accum. Uuiui 

Rucorav.,, 

i Accum. uni 
Second Ge0- 
( Accum. Uni tei. 


f Accorl Unite 
Specialised Funds 

Trustee - 1144 8 153-9 ‘ 

(Accum. Unite!- — . E7IX„ .2968 ■ 
ChonbomlJuncia. U18 
Chjnfd. Junc.O — 1465 
I Accum Unite- — 18L2 1^0- 

Poos Ex June 1? — |U5J 1433 

Manulife Management LtA 
Si Ccarc<.-V*’.‘jy. Stevenage. 
GrowthUnite.. . — 1518 5451 



Europe June 15 Dll 

1.68 (Accum. Unlts!__..l34.4 


unel4 — 8*4 .87.1 

Initei 104.0 108.3 

ine 15 311 »8 .. .. 

Jnlts;- 34.4 365 ..... 

trFdApS 166.7 1718 -Li 

June7_— 243.1 250.6 ..... 

r June 7 ._ 1895 195 Jl ..... 

For IM esrropt JiuuL' only 


Schroder Life Group 

I — Emerprh* House. Portsmouth. CHS2T72 

H 1 DlcrtMijonal Funds _ 

t Equity 119.5 127.1 — — 

US IS s Equity 125.4 133.4 — — 

LFised Jnlt-resJ 13*8 1*5J — 

[, Ud SFtxei) Inter** l 105.0 1118 — 

01-830 7ff?7 tM.inaRcd — 130 8 1393 — 

1 2X0 SManased U58 322J| ._J — 


J. Henry Schroder Wagg & Co. LtA 

120.Cheapsidc.ECJl n 1-588 4000 

ChavSJune 19 1 SUS1L63 1-0.03) 2 *9 

TYaftlgorMaySt— SUSU9.41 I ....'| — 
Asmn Fd. June 12.. [Sl'JJiK D7w .. J 281 

DarllnjeFnd- JSA184 1.95 -OJq 5X0 

Japan Fd. June 15 -|5rsbJ* 7.0l| 014 


3 05 ZBSL Andrews Sij, Edinburgh 031-5580101 W __ M p_„. TraftlgorMaySl- SU«19.« I ~ 

8.41 unite 1498 5231—ljl 5.37 rree world tuna hM- Asian Fd. June EL.JSFSIi 91 UTS .. 28 

754 SSSTiTniic^rtttJ 5X7 Buacrircld Bldt, Hamilton. Eerauda. gi 

7.94 DcJa.g Wednesday. N'AV May 31 | SUS179X5 | „_.J — Japan Fd. June L->_|5raS* W»l - 4 01 

sios Sebag Unit Tst. Managers LtA? fa) G.T. Management UA Sentry Assurance international LtA 

5-S FOBosSU. BckU7y-Hst.EC.-:. 01-2889000 Jattfe. IS FWm^ras. Tsmdon ECS. P.O. Bo. 328, Hamilton S. Bermuda 

li sassn-jB m$i ss aagr.. « Tr J r 

security Selection' LtA -SriSJSnSSSfc r." finger AFnetilander Ldn. Agrote 

SSlgSSfcBi 2^3 M US WT^Junea-.l sussson 17 

1U Stewart Unit Tst. Managers LtA fa) ‘■T.AHuFd_ i raux7 ju] — X7i stronghold Management Limited 

1X3 43. Cbartotte Sq. Edinburgh. 031-2283271 gT. EWd St 1 <tW P-O. B«31S^ HellcnJencr oa*-7I*< 


2-S tStowari American Ftood ^ _ 

672 Standard U n i te — — 167.0 77- Jl — '-.-I L3 

Z 72 Accum t’tdts — — (73.0 Till ._.. j — 

04B Withdrawal Unite _(5*1 57.9j . — | — 

*.43 ‘Stnm* British Cspltai Fund 
5X2 SUDdard R33.4 lj 


GT. Dollar Fd. R757J6 CW*«W 4 99 

133 GXPaelUcFd 1 SUS1356 1+0.231 1X6 

~ Gaitmore Invest. LtA Ldn. Agts. 

2.SC Mnry Axe. Loudon. ECJ. m -'83 3531 

a vi r. nupm f (tart MnjrL (Far Bui) Ud. 


«T owl 127? Singer & Friedlauder Ldn. Agents 

«JJ 4^1 L76 2U. Cannon St. ECt 010*83848 

1 27.91 290 Dckafonds [PB2SJI 76JJI ._..! 654 

STJS43.60 I 0.92 TohyoTsLJuncS — | 5US35D0 1 1.77 

^00 27b Ml 1.12 

08 4u] — ... i-Ti stronghold Managetneat Limited 

J ^3, P.O. Box 315. SL Heller. Jersey. 0SM-7I4G# 


H *=steJ8L ,]SK3 anasft.' 


4 99 Coromodrty Truss - J9228 97X4J . ...J — 

i iii 

Snrinvest (Jersey) Ltd. (X) 

■ . Queen* Hsc. rv-.-i. Rd. St. Helicr. .ijy. OSM 273® 

American I nd.TsL-|£8 53 8 70] +0051 — 

Copper T ru 1 * DIM U.4U+004 — 


7161 3 4 a Deal.oglW.W ,Tp ZnVSlZZZ 

2ii.«-o.4[ «2o gQn yviiiance Fund Mngt. LtA N.A mcnc anTW 

1*3 a -0 51 6 48 Sun Alliance Hse_ Horsham. . 0403841*1 yt Bond Fund. 




I4KH+CJ 7 54 

dd ij? 


Amencan!mlTst.-l£853 870] +005] - 

MnJrt fFsr Bu()Ud ^ Copper T rui lolM U-jS+OM — 

L HS WMM* r ^Sf K,L i J 2«> : JJ P- lnJcxT,t - PiM 122«+02jl — 

TSB Unit Trust Managers (C.I.) LtA 

7'Kimbm iiJH J 5.70 BnpaleUe R A. <L Saviour, Jerwv. 053473494 
Mmd. tin Jonwjr Fund _ ._ |47 1 49.61 —0 5| 48* 

S5io*^ ,W * uc^-all Cuerwojr Fund — W7 1 49 6j -051 484 

fr oi* -+ m ‘imw ITiccs. on June at. Next rub. day June 28. 


a u fi iiliuoi t ImcUsmt Map. Ud- 

3'S2 PO Bt»\ 32 DQnpL>s.loM. WE 

Kvtnwrr InU tnC.lUA 22 81 .. . 

Gaitmore InU. Grtfa(65 1 69X1 .. 


SI Ccarj.-s W j y. Sterenue. 043656101 Target EtJUiry — 

Growth Unite.. . 151J! 54 J] 1 4J3. TmctCcJunc21 

Mavflowcr M anag eme nt Co. Ltd. T^rncm Jw 
14*13 Gresham at, GCSV7AU. O1-8OB0O90 Target Growth 

SSSS&fclBf ^r-ii\ IS gSlfts. 

Mercury Fond Managers LtA - nSSpr.Jaalai 
30. Gro+hwn Sl. 3C3P2EB. 01-8004565 Tgl. (nc. . 

Mere. Gen. June 21.1183.9 19561 +6.7] 4.62 TgUPrr!. .. 

ACC l U.Juno21~. 23M 254.l|+7.y 4.62 Cone Growth Ftt. 


Target Tst. Mngrs. LtA? faHg) GaitmoroinU.crthi65i - f « Tokvo pa cinc Holdings N.V. 

3!. Gnahom Si FCT. Deal;nss:tQ80»U Hambro Pacific FuiuJ Hgmt. LtA 1nllmis Munusumcot Co. N V.. ruracao. 

x!52pE5SS^i ,, '(m7 m b to'J 4X4 - u0 - Centre. Roar Kane NAV per share June 12. sUbSLTl. 

Target Ftnanciol ~|« 7 mb -oa ax* KarBwMayai — pmoixs n« J — 

l 315 ^ -3.9 5.B2 7^*pan Fund t*fS725 7ijJ ... .J — Tokyo Paciric Hldgs. (Seaboard) N.l 

JSZX -|i §87 Hombros (Gaerosey) JMLt inunun Menace mem t'n n v . Curacao. 

29 9 -ox 4 95 Hambro Fund Mgrs. (C.L) Ltd. r:.w per share June 12 sisa».ix 

59 5 -0J T6Z ff* Buy8a.Guentfoy IM81-2BCI T __ f -„ |ln 

SI m8 J XM Fnrri'Krid SUsjl0503 IS V.O «o* 1256 HAmiKan 5. Bermuda, Z-27BO 


^AP^ otteFd— 
M lw nir rtlr . — — -—r 



8 6flJ — — 

1 ss - j r 

8 MJ -— J “ 

2 50.7 I 

Day Stay 


IJeg. Fd. Aec. ^M__nB5 






INVEST "iB 50.000 BETTER TOMORROWS ! 

r r r| 

; sparalyaniB M ° LTI 2? im owlp US BRING THEM RELIEF 
••«dA art still untaown—as 1 ^ 

ANP;HOPE: : . M hi e ua to conUnue our wc-rk 

We. need your OF MULTIPLE sclerosis 

; 5 S,ffl^tesrM= 

KESEARCH - 7 . — . a donatioo mn, to: 

' a Pl«ase help— »e ntl a 

Mi gssu fcw* **» oS GA “ 

Wm^S is?*- 


Sa=rj r 

Transhiternatkmal Ufe Ins. Co. Ltd. 

. 1 Brn«un Bldgs- BC41NV. 0I-4OP84ST7 

TbHpJuvmJ, Fd P?2Q 149^ — _] — 

S£&£%SS;:VI W3 = 

TH(T«it Life Assurance Co., Ltd. ¥ 
Bei^xdnHooae. Gloucester WS23fi3*l 

SKrtz=E3i - 


l.PaterDoslerRow. EC4. 01-2483000 

CJ. IntcrnalT 28,4 26.0 186 

Accum. Unite 2B.4 30 4 .._. r.36 

C.J. Income 33 6 35! . — 13 

C.J Euro Fin 264 BJ 3.g 

Accum. Units.—- 30.6 326 -.... 3.93 

CJ. r d. Inv. Tst 2J.6 29} — 3.65 

Afisora. UaJti 316 S3. Si 3.fc5 

Prlrt Jane 1*L Next dealing June 2L 

Chieftain Trust Managers Ltd.¥taj(g) 
It NewSL EX2M4TP. . 01-2832832 

American — i"S 

aia h inr-mw 40.9 44.W — O.U 938 

taSSaSSlTrt__b24A 33 Ud| 3.16 

Basic Resrcc. 5ht|26.« 2X4) -OX] 4X8 

ConTederation Funds Mgt. LtA? (a) 
SO Chancery Lane, TCC2A1HE 01-2420282 

Growth Fund l«L5 0.6] -03J 435 

Cosmopolitan Fund Managers. 

3a Pont Sired. London SW1X BEJ- 01-23SSS25. 
Co6TDopplrv.G3uFd.Q7^ 18.9] -OX] 484 

Crescent Unit Tst. Mgrs. LtA fejfg) 
4 Melville Cns., Edinbureh 3. 03I-2284B3I 

Crcacent Growth —[76 9 28.4] -OX] J 15 

Cns. I mental 'l 5*6 63 w .... J 0.75 

I’res. Hich. Pl«a 1*3 fl S6.U -OJ^ E45 


lean- B5.9 
■Uz>d_ 10*8 
139.0 


rattHc m al — 1033 

:il 126.6 

nth Gate 124.7 

nafaAcc. 1284 

fcMnjai Cap _ 113.0 
8. Mrwd. Acc .. 117.4 
KUd-DupCap. 10L9 
sCfrf-DrpArr.. 105 8 
FfO Cap ._ - U2.9 
k Pfy Acc . — . 1173 
t Bond — —— 36X 
U.GJ Bond — 1973,^ 


91.0 -0 4 — 

1118 -10 — 
147.2 . — — 

iSx ZH-. — 

1321 — 

136 0 .... — 

1M7 — 

"1243 — 

107 9 .._. — 

112.1 ~ 

114 6 .. — 

IMS .. — 

i a2 -05 1 


Merc. JnL Jum'ri-)64.9 69X -0« 

Accm. iu JuKB.Wi 74.3] -D5] 

Mere.E*L5Uva _E*X gj M -.Ci 

AecunvUte Apr 77.p553 266X| J 

Midi and B_ok Group 

Lioit Tras: Managers LtA? fa) 

Courti-ood Heuse. Sliver Street. Head. 


64 8 -08 
38 Be ... 
I 215 6c -3.9 
2428 -53 
119 7 -03 
299 -03 

53.5 -OX 

337 -0.7 
33.7 —03 
1648 -32 
XL4 -03 

152 

203 -02 


Tokvo Pacific Holdings N.V. 
lntlmis Manuqumcot Ca. N V., Curacao. 

KAV per store June 12. SUS53.T1. 

Tokyo Pacific Bldgs. (Seaboard) N.V. 
InUmas Manaccmcnt ln N l r - Curacao. 
r.'.W per share June 12 si'&JS.U. 


164X1-33 4X5 lnt. Equity SUsDOSa UXffl-D &? 230 fHer.cas June H._|Sl 5U3 
Jl« -031 m B2* lnt. Mpa. ‘A’ 8US2.0Z iH . J 850 , i !tun Unit- Jl 

1521 ...71 1134 lnl. Sves. *B* SL'siL09 X l5j-0 0l] 250 JMl'ay InL 1 Ui> IB ..pi a!58 

:03| -02J A19 Prices on June 21. Nert drabm; June a» a SewSi~J9.lieti*r Jrrsey 

iM Target Tst. Mgrs. (Scotland) <el(bi Henderson Baring Fund Mgrs. LtA “ Sa^ 

4.42 39. Atho) Crescent. Edia S. 031-22#B821I2 FO Box N4723. Nassau. Bahamas. American .lime A. 03X 

4.42 Tareet Aim»rJ£0Blel278 29.9rf— 031 J apan Fd. -— -pt'SL.K 7*5^ — • I — i.Vccum sharcsi _ 833 

Tsrtc! Thittie-..-- 139.4 42.« -03j 586 Knees <«i June 1-4. Next deahni: d»r June 23. Fd Jur- It. 1942 

Extra income Fd. —159 0 63.«(— OXJ 1086 {jUUSamnel Sc Co. (Guernsey) LtA O-P 7 !;*- ace.Ubj' — 7778 


Sisua 12M ... . 6.0 

i»mji i n { .. .. I — 

)■ .+158 2Jd .. I - 


Sheffaeld. S12F.D. 

Commodity ft Gen..] 

Do. Accum , — 

Growth —I 

Dn Accum- 1 

SpA^eur ro I Sxi "*■■ 3X6 Barbican June 18—1761 

T &r:| t3 SMSSKsiijgr 

Equity Exempt'. — JS}8 1M.M g-S SISIVHBm* 

Do,Ana=i‘ — (153.6 109X1 549 lAcconi. l-cUU> 

•Price, o: MJy SLNeit dealing June 30. gen. JuaeM- — 5X.7 

Minster Fuad Managers LtA riarlboroJuneM- 5ii 

M i nscr H-c . .J-thor SL. ET.4. 01-823)050 (Accum. JJnilsi S9J 
Mlfifcu-- lunol-. Q53 3731 \ 557 Van.Cwth i one 20 50^) 


Extra Income Fd —159.0 63.4|-0X| 1086 Jjl]l-,Samnel Sc Co. (Guernsey) LtA 

Trades Union Unit T8t. M an ag ers? « LeFebvre St. Feler Port GucrnreV. CJ. 


loo. Wood Street. E.C.2. 


M+OJl 530 


0I-«aa BOU CuemacyTrt |14SX 1584) -14| 330 vk*or> llemw. U 

53 4] 1 530 Hill Samuel Overseas Fund S-A- w^noged May is 


3.u Transatlantic and Geo. Secs. Co.? sr. R«o Nwre-narae. Luicemboura 

3H Sire New London Rd. Oxelmriord 0245 51831 ... 1W.T7I— 0 *> 7 I — 


55B International Pacific Inv. Mngt. UA iij 

5^2 PO Bo* R237. 56. Pitt SL Sydney, .tel 

Sji j3iciiuEwnyTft..|SA2Xl 223 ..-(■— United Sl 


2 New St_S9. Hriicr. Jrrwy _OM4irOI« 
TOFFI.Jone l* C765 B25 . .. 6 DO 

(Accum Shares' — 0190 1275 .. . — 

American June W. 833 89 0 — J 2.00 

lAccumxharcsi - 833 E9.0 — 

IviMij-Fd Jiii"- 14.. 1942 206 0 ... 765 

iNon-J. Acc. Lite.' ... 2732 2B9.I ~ 

Gill Kund June 14. 107 Z 30924 .... 10.99 
(AecunxSb«rc*i — (138.6 1412) — 

Vklor> llmu*. Douglas. I&leof. Wan. 0G24341U. 
WanafiCd May 16. .^(129.0 1358) .. ..( — 

UUL Intul. MngnmL (C.I.) Ltd. 

14. 31 ul easier Street St Heller. Jersey. 

LU E. Fund JUWIJ6 ULtt) . I 8X6 


132.7 5.78 

160 J __.. 5.7B 

54 .0 7.05 

592 7.05 

57.0 -0.4 5X0 

732 +03 530 


United States Tst. Inti. Adv. Co. 
H. Rue AJdrinFcr. Luxembourg. 


474 JJELT. Managers (Jersey) Ltd. I*. Rue Aldnnrcr. Luxembourg. 

In w B®* w - TfJ - Km- 5M =7«l US. TsL Ira. HtW 0W 

7 05 J erscy EttrnL Trt_.J1638 173.0) .. ) - Net asset Junt U. 

?-5 'V. “ l *2? r 3I ) Nb “* ^ Janv - v S. n. TVarbun; Sc Co. Lid. 

5» Javdme Fleming & Co. Lid. no.crexiwmStreeLECi 01-600*555 

2.66 -wi h Moor. Connaught. Centre. HonS K ra! i'nv Bd.FdJune VJ\ SUS9.H ]-a04l — 
166 JardineE.HnTJ._l SHK254J6 ( . _. ( 3.B0 EnCy Inf June l» -/ $1151762 l-Oltt — 


. PI'S fo 0 

C-CS. Rescn c* 39 8 417| -0.41 4 39 

Cre6.T(*TO I — 25.01 | 0.50 

Discretionary Vail Fond Managers 
22, Blomficlri St . E>r231 7AI. 01-038 4*85 

Disc Income lib! 5 173 1«d | 5X3 

E. F. Winchester Fund Mngt. Ltd. ■ 

Old Jewry. ECT 01-8002187 

Urea’-TCin cheater -]1B0 1?.U . — | 6 2« 

CL Winch er Oseas|!C0 2Lq J 430 

Emsoa & Dudley Tst. Mugiunt. LtA 

JaArtinsUmSUSWl- 01-4807551 

Ennnn Dudley TA. (675 728] J 330 

Equitas Secs. UA. (a) (g) 

41 BfEbopscate, EC3 01-5832851 

Prog cessire (66.7 70.4(-0.4| 4.04 

Efluitf & Law Uo. Tr. Sl? (aHbKc) 

Amershem ad. High Wjc«3be. MW 33377 
Equity A Law 165.7 691] -0.71 438 

Framllngton 1 doit Mgt. LUL (a) 

5-7. IreJ oad Yard. EC4B5DH. 01-2*00071 

American M8 B3J — 1.W 

ClDllilltt— 113.B 1262 3.55 

110X« 7.02 

lnl G.rowW Fd — 5U '-^.0 - _ 232 

Du. Accum. il(- 4 121.il 232 

Friecds’ Provdt. Unit Tr. Mgrs.? 

End, Dorking 0300 5055 

Friends Prm Ute . [-712 **M -1.JI 437 

Do ATcm - )5< 0 57 7] -D 7) 437 

G.T. Unit Ttanagsrs LtAV 
3d Finsbury Clrrur ECZ*4 TDD 01-8208131 

r. T.Cap. Inc C2.S PB 7 —0 41 3.30 

Do Acr. >*5, 1353-0* 3 30 

ti.T. Inc Td Un UV6 171.4 —0.7 7g 

f, T. UF ft l.en ... 1C7 4 ISbB »fl.2 2.90 

CX Japan ft Gen M5 314 2 -"8 1JD 

CGL Pent. E* Fd., 1X29 139 5 -1 Z * 00 

G.T. fa(T FW — 139 7 • 227 A -*.J 2» 

G.T. Four YdsfA-. 5*1 57.6] +08j 7X0 

G. & A. Trust (a)ig) 

5.RnvIei£h RA.Bromwood /«T7< 227300 
G.4.A. JJ18 34.0jd-B.4f 


: .~C*»h value lor tlOO premium, 
rjatdall Asstirance/Pensions? _ 
lB.CjinynCc Road. Bn3lnl (C7232341 

S-W^JuneJ5.._ — IM 6 .... — 

Equity June 15.. — 2*#J — 

Bond June 15 165® — 

Property June 15 I®-* — 

DcrosOunelb"— Hla — " 

3-mu Fen. Kay 1A. M2 ~ 

CPtecalm- June 15. 77A . — — 

BInJ’nX-'WJuDe 1, IMA — — 

DaiJcnityJnaO 1— ?5*2 ■ — 


to. Prop. May 2— I 
fanbrugh Ufe Ass wsace 

lriaHadfehSMJJa WlBflLA. 

to*ed.w. B3*7 !£l 


building 


SOCIETY INTEREST RATES 


LA. 01-4804823 

8 +OX] — . 

-0.9! - 


58EESWICH 

S&HW* roB5M . 


[f^TcSifZ Hirt s» j ' 
tdoo m sue. 


’fa aBovc:^tK ir| C ■ j Quarterly on nwiocit Pats 3-"5. S 

SaS--"*“2 l . P SSiir. ** wa SSw- 780- 

tofaana, - ■ 


3.25. Share AccooBW 5.75. 


Ws&M ip 3 = 

Panbmgfi Pensions Xinufed 

U-dStModdM SL.Ldn.WlRBLA 014S94BS3 

lM-S +02I- 

Guaranleed aeu 'Ins. Base RaW table. 
Welfare Insurance Co. Ltd? 

The Eras. Folkestone. Kent. 030357333 

SWKttpiU nS».nThe LuWn i 
Mancheutrr uruup- 

Windsor Life Assur. CD. L1A 

HBgbStreoLWsdwr. ''/ fI ^ rBn44 

Ufolm Wan«-—-WS TMj +B — 
FutureA&sd.GtWai.} 20.W ] — • — 


Mlnsu- Junel2. 053 3731 l 557 Van .Grab June ZP 5 

MtA Unit Traat MgemnL UA v^s fretaw m. « 3 l 

Old Queer. SirvvLSWJHBJG. 01-0307333. (Accum. Unite >_.. 46 D « 

MLA Unite 139.9 4191 -OX) 429 WieltrJuneU. M9 * 

Mutual Unit Tout Managers 9 (aKgl tfggS m. 5 t 

iS.Copihall A»e • EC2R7BU. 015064803 Do Accum. [74 0 7 

{MEG*:# m t«-o4 [£ x^daii l*a? 

Muujol Blur ■ h, P-f3? 4 47.7] -0J 6 28 18 CanVUC* Road. Bndgl. 

Mutual !H4b M" - p63 M2) .... I ®63 inromc June 14 - .199 8 IJ 

National and Commercial rSffir'Ei ia 

31. Sl. Andre 1 *' Square. Edinbnrsh 001-5668151 IiKSa.Wilii?^.nwi II 

Income June I* — f+464 1J1 Sl I 622 Excmpl June U .. \U2JI li 

(Accum Unite- - 298.3 6.12 lAccUtn. L'nitel. . _ 158 0 U 

C*pL June 1-* P2&8 1314] 3 6* ta< Earn. June 14 . 12*80 2a 

/Acrom. I'Slte-- — P54J 160^ ... .J 3 64 /Ace un I nitei J276.0 SZ 

National Provident Inv. Mngrs. LtA? Ibvf Jmm H- Pg,® u 

48 Gracecburch hL, EC1P3HH 01-8234200 'ArfS pSura fiZBai M 

N.PI Gth.Vn.Tf- G2 «xrf I fflg 1 

(Accum. Pans' 552 58.S — 4.05 Scot Inc. June H 1J 

Mgc sSa)-- ISi ?4l IS 

- Prices 03 3^y aNeat deaUn? June 39. £“ P ^‘fi£? Wlh 

•Prices on June It Next deulinc June 38- 

Nation^ ft'estudhsterffai gm 

281. deap^^C'.ECjy BEU.Ol-SW K«L FtamchUPr'rtr 

Capital 'Accuin-l__[jS3 70. 4d -0.4| 424 Du. Aecuin_-~ 


5Z.3-OX 3.49 JanJine J pruFtl SHK319.04 

64 71 -o 3 3 49 |.lardin«.-sfcA SUS14 22 


3 49 .Ijnlinx- liF.A SUS14 22 I.... 1 

BbS J.irdim-HemXni —J SHK9.7D - 

6.41 WAV Mar 28. -Fqutvalrnl SlUa-JI +5. 

6 41 Next hjK June 15. 

|'a Keyselcx Mngt., Jersey Ltd. 


Warburg Invest. Mngt Jrsy. Ltd. 

l.i'lianneCru^.M llt-ln-r. J:.>- ri 063*73741 

• -3IF l td 3la» -> JP '--1232 UUj .1 — 


8«9 I ■PUnxBK.SH (el mr.Jcnaj-..»Eiic Pl+«>7n7(l. c\lTUd HSl - ■ I “ 

— ' BW KS&. —-■!?«» £3-*: 2W ^ m : :::: = 

Inn../ ..libl 7B ” TMTU.I June 8 . UO 68 lll.«i}.-l- 

“If 3 ?!? iClUnraiMSSir - . ■ ia : ' - n World Wide firowth .Haaagement? 

...I _ K«!*m-K-a J apan . ~ £22 U 13J2 . — ]m. Hcmleisrrl (total, Lutf-mtoorc 

/....I 4.35 LVliL,4»j-cl-'..»p. - 1133 76 +C"3* iWlilwidv tiUl Fd| 5UM516 |+0W _ 


Capital 'Accum- 1— 

Extra (nc.— 1 

Financial.— ■ — - 
Growth inv.. — — . 
In carat : -- — — , 
Portfolio Inv. 5p— 
Universal Fd-t^ 1 — 


rial Do. Accum 

01-606 6060. Financial PTriy, 

70,«d-0.a 4X4 Da. Accum — 

69.7T -Oi. 7.06 High tea Priority. 

38, a -Q 2 532 huonailoual — 

94 3 -0,1 5. 05 Special Sits. _|4Lz ss. 

7^2 ^ s!« TSB Unit Trusts (y) 

660| -OX 2X9 1L Chantry Way. Andover. Hants. 


5S! :£ » K0TES 

2S9.B „.... — — . . — r — 

106.0 6.66 Pncc- dn nr* inxlude S premiunu im» ci ■’ where 1 ndjratert ^ unri arc m pence nnl« « oth erypa 

13L6 — — ■ indinicd. Yield* “6 <shou+j in culumn> alfara ft+ -*11 buyinp eacpciwet a ^PHered Wj*» 

148.8 538 incliulr all expcnxc*. b To-daw nrin.-. r Yield bo te'd onafler price. d Eslimaled. g TMnyii 

177X — . »T«nlnc Price fa OistrlbplfoiiRtoe ot U.K. tnxe -. P PcrionicproraiumlBauranceptans.* Sinfilo 

1710 — 6fiB premium insurance x Offered price include- all e*pen»*r& except a ge nt * 

.* Offered once includes nil npenw. u bought through manaecra. 1 Previous 
grjrjcl cm V Net of la*- on realised capital puns unite* inrfaeaieriby 4*5 (/utres^ gram A suspemieo. 
85 « Za'4 4 Yield beiorr- Jersey IM- T Ex- subdivision. 


BX.Jf —0.C 590 
896 -0.4 
402 -OX 0B3 
46.? -02 — 

1U -0.1 5X1 

147 -02 - 

5Xc -02 7.92 

33.1 239 

33X -OX 5X1 


Li ri-tCBBim 

SB! -0 4] 3.30 
135.3 -0* 3 30 
171.% —0.7 7 so 

I St* B -do 2.90 
314.2 UD 
139 5 —1 Z * 00 
1226 —*.2 2 BO 

57.6 +0J 773 


NEL Trust Managers UA? ftutt) DeeUnss w 0204 ©ma 

«fe(» B fi 1 Sff SHfc: 585 J8 ' 

Nelstar--.-- ~-Kj S3 S3 ibi TSUInCotae— . 50 2 62 Jb - 

52j( —OJl flW 1 tv EKj Accum. — b9.B W.7 - 

For New Coort Rad Managers Lti TSRScouiih 83 2 fflj- 

sn noifaBChild Aaoel MuagHoest 'hi Do Aceum . 89X 95.0 - 

Norwich Uoion. lusuraace Groap ih) Ulster Bank? lai 
f‘ D Bo* + N or " sch. TOtt 3NC. 0003 13200 Warins SLr IVIfa;. 

«7roup T*t Fd _ WO 36ll| -2 H 510 ib.Ws(-rCn»lA. W4 39 3)- 
Pearl Trust Ibupn LIA (auguz) llni * TniSt .\eeount & Msm 

‘ a 9 li fl "n 3 inr Knar* H« Fund. ..|153 0 16101 

pSrilM - ~.p3 337 ir 878 WiC|«rGr.h.Fhd_.b; Mxl . 

peafllnitT*: gJ6 373* -OX 515 J - , ° AcruQ '- 40 3S -* ' 

tAtcuia l rib- - — r*48 48X1-0 5 5X5 Wi el« r Growth Fund 


605 -0 7 3.84! 
62 fc -0^ 7.C7 
M.7 -0^ 747] 
SB 6 -03 202 

95.0 -D5 2S2 I 


Warins SUvei. rtelfa;. (C3Z 35231 

1 biL-'fefer Ciw Ife. )34 6 39 3)-0J| 5.37 

Unit Trnst Account & Mgmt. LlA 
>jn.- niHrawSi. ECtS P.Ut oiresJlri! 

Knar* Hse Fund. ..1153 0 16101 | 419 

WitlerGrth.Fbd - . C4 3 30.3 4X6 

Do AR-UEL 13*0 35.B1 ......1 4X6 


r(C77'!27300 
34.Qjd-0.4i 4BB 


r..‘, ^ i 1214 rt. .j A rti cm rjnZnll:.ani&l. Et ISP.Ut 

‘ a 9 ;f S "S p 1 2J Knan H« Fund. ..1153 0 

Pr?s?nc ax 8?r8i 1% W l£ i e rGr«h.n.d..h; 

FeafllmsT*: ■— gJ6 3734-0.4 515 do a rrum. Uo 

tAccuia IniiJ-’ — N*s *82] -o s 5X5 wider Growth Fund 
JPdicJm t oils Admin. UA (g)ixi ' ' Kias \s illian SL FC4R BAH 

31 Fei;n‘ain ^•--'l^nchet.icr 081-738S68i : Income Unite (29.5 

KLc-bVuiu JB2X BS *1 -0.91 5.14 Accum. Units U-*- 


CLIVE iNVESTZttENTS LIMITED 
1 Royal Exchange Ave., London EC3V 3LU. Tel.: 01-283 210JZ. 
Index Guide as at 20th June, 1978 (Rase 100 at 14.1.77) 

Clive Fixed Interest Capital 32S.91 

Clive Fixed Interes; inc ome 1H.90 

CORAL INDEX: Close 461466 


INSURANCE EASE RATES 

x Projierlj tlrovvth ^1" 

t Vanbrugh »"uaraDtrrri — ■■■•■ J* % 

1 Addr.+!J Shown und.-r Itteurinc' and Propcrr- Bond Tahlc. 


01-023 4851 
3111 ..._.| 4 » 
36. D l ......| 4X3 


t 






I 










1C 

f 32Baker Street London Wi 
| Telephone 01-486 4231 
ji Nine regional offices 

3 Specialists in the sale of privately 
jowned businesses and companies 
Valuers - Licensed Dealers 
55E5S 


Sock 


FUNDS 

1+ or| 

£ - 1 W- 


ISTS 

IXi^ta Low 

Shorts" (Uses up to Five Years) 

— 1 sot 

1133 
31« 
a 45 


YJrld 
| Red- 


W5 P J •*& 
M3’- 101 *g 
•:» | 91*4 


«7‘-i 

W? 

103'b 

302ft 

. <161.. 
110*1 
■10b‘« 
. Il 1 *; 
IQl-’a 

c 7,; 

jiiO'i 
.b'7 : l 
• 97 
Ill 
:cqy 

fit'- 

ll'-* 

%’>r 
°e - 
100 ; 4 
. ajy 
*611 
65*4 
114b 


,95b 

[100 

w 4 

<»7>i 
9: ; s 
0?>« 
110- ' 
49 £ 

SS'4 

96b 

o;r, 

on", 

33 s ; 

96-‘. 

102 ”; 

91b 

E.’.'i 

IG6 ; j 

°5,v 

8*4 

42i c 

O’l. 

OQI; 

79'*- 


E'lb.fpC 'TS-Ty' 
Trco>UA 1 i **pc IK — 

Treasury :',pr 79^ 

Eleci«-ii'4 ! jW , “3-7D - 
TiMi} W>;P r 7TC .. . 
lElectnOjxKWi... 

Treas’iij Up. IWK— 
TnaoiP'SbprlJjK — 
Tn:iuir'd;p’ ■ •£’ - 
i-'uinHi t.' 5bpo Ti-Ht;. 

"vhyi:iivr tfpc HIW5 
ftreosir - 1 l ! ;pr 11*1“ 
ITiVJ'.'Jr. 3bp> ISTV-HJ- 
TVa:ur. 0 4 f“" *i*H— 

rMh«i r «- f»! 

E,<cn. Wji ISMl 

Ituh.y !«!.. - - 
ITivib v.inulik- dill 
'EiriL 14«w ISBI3. 
Jjiw* 8 k|«c:Wi 2 S — 
[Tri-asur. — 

iTrv.y.uiy i-*pc K? ■— 
[Tniis VarijMc'BW- 


[tre.i4ir- — 


f>di 9'ipe 
Kw.ii ?*pr 1M2 A — 

lF.w-h.Rupc IHC 

[EjtJiUpc TTI — 


96V 

101 ': 

g? 

iW 

%b 

97b 

S3 

93b 

93b 

103ft 

lOObm 

as« s 

96*. 

92* 


tt** 

103,; 

•tef 

■Sfc 

9K 

4“ 

lib 




.1001; 
- IF 
S9S 
•«fcr. 
S*V 
8®V 

635*. 

75'- 

11354 

8-?i 

lOfck 

751- 

112b 

113 


laiuflnsinurj Upc iSU^ .. 

Five to Fifteen Years 

4QV tTwarairt Sbpc fO 

li ; 4 lErfh. |0pc ISCi-iUpl* 


Il0.«9 

364 

9 24 
9.69 
3.75 

, 561 
12 52 
;U.41 
393 

101 : 

, s?a 
10 01 

, j« 

10 o? 
113? 

9 20 
. 3 5b 
113 03 
,13.14 
9.05 
.10.01 
10.01 
966 
. 3.73 
1179 




19TS 
I High . tfflri 


, S«*- 


BONDS & RAILS— Cont. 


BANKS & HP— Coatisued CHEMICAIS, PLASTICS-Coat.. ENGINEaE^#CmtilHiei 


ISTS 

Ilish Low 


Sock 


91 

1375 

87 

160 

75p 

S<»9 

DM91 1 

% 


93b 

. 79 

|Z65 

70 

1145 

ft 

DM8l 

94 


llreland”:!*- ‘81-83 

| DnWipe 11-:«5 _ . 
U jpaii 4p<- Itl 


iTunn! 
[Turin ' 


I Fritt 

+ or 

Oil. *7 

i £ 


i.ro's 

83b*d 

“'■4 

7k 

BOli 

-’a 

9*4 

365 nl 


— 

71b 


6 

155 


3 

75p 


6 J f ' 

S94i 2 


9 

DM91 


6b 

% 


3k 

exclude 

inv. 

5 prt-D 


Kerf. 

Yield 


1579 
TTish Lon i 


1188 

12.94 


1110- 

1.45 

867 

952 

10.70 

290 


9.16 

9.20 
6.81 
8.07 

1032 

6.41 

1069 

1067 

7.21 
889 

1113 

11.15 

313 

1128 

11.12 

11.47 

805 

1077 

11.47 

1115 

805 

11.46 
1120 
2103 
1154 
1156 

11.47 
813 

1149 


1978 

High Low 


AMERICANS 

I £ M 


1235 
. 31 
1293 
445 
1 255 
02 
1 42 
. 

I 356 

* w 

I £24 
67 


172 

ho 

254 

330 

190 

70 

1373 

,3*4 

1290 

32 

£15*s 
. 60 


Start 

rrict 

+ or 

lm- 

Net 

l‘u| 

NMU.ni-ISAl 

232 



■> 

‘..it i.mh «irp..„ 

69 



Jo 

:.^lv.v.i £!..._ 

265 

-3 

]* o 1 * 

4.2 

s. hn*l*-rs£l. 

400 


115? 



220 

Bfil 

15 34 

— r 

-niiih-i Auh 

78ir 

-2 

4 01 


■(tanri ■ICh.irttl. 

410 

-2 

117 4« 

5.9 

Trade I*-- SI 5*0. 

59k 


ysfd- 

hiSSl 

52 

Vn-.i r lhac£l 

320 

6571 

— 

1 UT 

37 

-1 


— ■ 

’.Vfll« l-iirc* S3 

L22v 

+1 

SL40 

— 

ttidniATflp. — 

63 



— 


IVIdl 


W» BE 


1978 
High Low 


Stack 


3.9 


5.3 


bb 


4.4 


9.3 


47 


6 5' 


5.B 


75 


7i 


* U% 


5 6 49 


531 77 


- 107 


- £30 ! ; 


- 85 


531200 


53 62 


- 67 


10.9 220 


- 151 


- I 15 


23 


1205 


Stack 


Mr. 

Gras ICir Cr* 


ITH 


17b 

601- 

31 

32 


13*2 

60U 

22 

IP 


30 . 
86 ‘g 
77 '4 
30'i 


Fun>!in^Si;pc'!C-8v+ . 

W^ry^pc W-JyCt- 
.Funding Tt&'Z - 
[jrvjSurrT ip. 


aOb irnub-port 3pc Ta-Sl _ 


6J U 
lDl’u 
77'; 
92 u 




85b 

93*4 


TnKi-urv .ipf . — 

Tteisuiy _. 

1>«i5Uir3'4«79te* 
Treasuty 11 ’ape IS01 ... 


KurblincSioc 
bI*d 


MOC, 

12£"i 

114b 

a 

& 

114), 

90k 

15H; 

117b 

FO 

2151a 

«8b 

83b 


l-’SH 

0^4 

901- 

9b'a 

421- 

SO"; 

5Gb 

9 


96b 

60b 

1041- 

ll2y 

99b 


(treiMuy iSpc '02J; — 
fTrejsury 10p- 1392..-. 

'Eh.cn. Libpc V- 

Over Fifteen Years 


90' K al 

144a 

81*»ri 

87b*d 

7fl7 s 

BOUrt 

62Jgri 

lO^jd 

94bi 

65b 

99b*a 

88 

101 


-b 


-b 




-b 


->4 


11013 
llOifc 
6.71 
9 68 
834 
957 
4.82 
. 768 
1233 
1 10.44 
12 3^ 
898 
,12 64 
11.80 
12.61 


1337 

1132 
977 

19.81 

1035 

11.01 

873 

10.29 

1139 

1133 
1231 
1106 
1262 
1133 
1169 


29b 

19V 

32% 

231; 

lib 

13'j 

65 

48 

4§b 

S'< 

11 

21b 

14 

25 
1834 
47% 

26 

28 

4ftlj 

321} 

26b 

40 

Mb 

18b 

32b 

41b 

25b 

44b 

24b 

48 

141; 


301} 
28b 
32b 
17V 
13b 
765p 
1?1; 
733p 

l*.)* 
29 

20b 
20b 
22 
17b 
28b 
|670p 
Ub 
20b 
26b 
16b 
29b 
15b 
2B 

J750p 
224tgh71 


04b 
434-. 
85 "j 

2®-- 

76’) 

r.Ji- 

ltiib 

■sib 

102!; 

36 


TrcMiiry IS-pc TBt# .. 

Fumlinadpr ISSC7 . 
Trejciiry UMiFC K«tt 
Treasur. JiWTH—.. 
E\cK 1SW — 
rr-?**ur - ape '947; 


[tres-oir- l-^T^ — 


60 

118b 

93b 


83b 

34b 


Sf 


.. 

ij.th IW 4 PI. 1S35 .... - 
Trcatur ["jp.-TBii— 

Trwsur.<yy"^= . 
Treaiiiry !.v* t pc Ifci. 
EsL-lMwn- I3bpc W77 
Rwt'inrej'inr'pi' 13*5-36— 
Trc dsuc>- in-uw V'.tt _ 
Eidwiue.- lidrpc 1W7. 
TwasuryVipi-ISST^ - 
T rei'an-^pc 1, .v>98^. 
ri** i.b-pcr*as — 
Ejwh l - 4" !S» 


77 b rTresisuiy S-p- l l3 W{2_ 


98*-,d 
62V 
107b 
1151- 
102 b 
79 


V 


B37rd 

10lb 

79b 

117b 

104-b 

431, 

102 bid 


371, 

S 7 b 

39b 

f* 


TiYMIT. 10W IS89 _ 

... Fimdir.cay-^- 
67b Tre.ijur. 3p;TK-ij<4i . 

471- Trc;i:ur.-.i';[e'0e-l±. 
TieMirvTblK '12.154- 
Ewhl^w 'B-I7 .l1.V1» 

Undated 

Cnasals4pc„„ 

WarLi2n".!.-p'T; 

CmK.3bpc'ol.WL — 

Trc.vair 3p-86.\lt.... 

ConsoL‘2!;pc 

Treasury S-sc 


77 

61k 

121b 

95b 

7Ebal 

Sab 

35l-sd 

& 


-b 


-b 


112 64 

9.83 
,12.94 
13.06 
[12.72 
11 52 
12 60 
, 688 
12.10 
,12.74 
1171 
[1319 

12.83 
7.07 
12.83 
12.31 
_77 
111.15 
1317 
12.70 
[1206 

1238 

, 980 

12.00 

11134 

12.09 

'12.64 


3167 
1146 
1279 
12 53 
12 . 
12 68 
12 70 
493 
12 83 
12.72 
12.21 
1297 
12.77 
9.E4 
12.79 
12.55 
1224 
1159 
12.98 
12 76 
1237 
1236 
110S 
1220 
1208 
1218 
1264 


52b 

17% 

976p 

28 

32 

41b 

IK 

& 

30b 

17*4 

22*4 

57 


19V 
36b 
331, 
27b 
161 
975 p 
22 
40 
13V 
381, 
241, 
37 
46 

975p 

14 


331- 

y*c 

33 

23b 

19b 

19b 


33V 
30 
34 
24b 
20b Id 
2Cb 


rb 


1266 

11.74 

10.53 

1270 

1229 

1269 


83 


**MSTESNA , 3raONA3i BANK 

| 82b |5pe Stock 774E. 1 84b |-b ! 5.94 | 

**COS3FORATION LOANS 


9.68 


98b 

94‘« 

107* 

112 

,97b 

95 

«! 

102 *; 

:o- 4 

loo..; 

94*4 
°7 !j 


87!; 

6° 

73 

26'- 

93b 

991- 

106b 


94 

90 

100 b 

[105*4 

911- 

90U 

Q >h 

°0k 

25b 

99 

91 
“4b 
85b 


iRinr hamSbrcTMU. 
Bristol^pcTMl — 

ciLClaiaidC 

DO.12!tfclS03 

Hlars«vr9!»pt'aA82 — 


76*- 


65 b 

b“k 

22k 


“3b 

101 k 


1M0-- ~ 
Liwrp'i'd.FbpcT" 


3bpc 787B . 

Do 3>.pcV4W?4 

[*aD*:p lr:cd .. - 
Inn . 1 orp 6 !^»; ..>78. 

Ifc< 9-<cc ?M5 

LiT.bpcT8.79 

IH-31-PL-T7 411 

LK.ra-pc'aHH 

[■uS-pcTB^? 

Ih-nbpc’SB.W- 

D*. SpeTOA!* 

Miu«l\ .tbpel^O.. . 
F.cttvstf le S*4V 7:i^sl . 
Warwick 12‘-% 1320 — 


95b 
• 90b 
102 

91-4 

91b 

987, 

93k 
26»} 
99 ■ 


1-b 

w 

95b 
85 b 
<5<n 
63«l 
67i-xd 
23b 

nil. 

96" 


-I- 


9.70 

1107 

859 

1128 

1225 

1181 

1246 

12.4] 

10.08 

1170 

£.75 

5 82 

1037 

9.60 

1054 

1151 

13 3a 


654 

10.53 

10 11 

1096 

6.30 

1035 

6 41 

10 81 

7.02 

103*i 

811 

11-27 

9<S 

11EJ 

13.1+ 

— 

3 74 

10.6S 

9.64 

1121 

1122 

1133 


300V 
95 b 
88b 
991- 
96k 


931- 

70‘ 

96 


95*; 
92* c 
82 b 

%-b 


'Zb 

81b 

91 

52 

31 


|" \u.-L.-*;pe 75-78 

” Flo. .-'jpc 77^0 

*i*'.S-pc - 6MEl 

*•:. Z 4pc 1978.78. 

•’flu 6pf T8Sn 

**[>». •fpeWS 

>Th Africa 9!^- TML. 
Kh. Hliod. 3;rc 0-70 . 
DaBpcTSAii 


AFRICAN 

LOANS 

99-s 


538 

10.10 

93’a 


5.86 

9.83 

85 


bb/ 

10 83 

97b«d 


411 

•9.68 

94!- 

-b 

647 

JIIH5 

8Jb 

-1- 

8.97 

1037 

95 

-b 

10.14 

11.78 

53 


. — . 

— 

32 


— 

— 


LOANS 

Public Board and 3n<L 


64! - 

90k 

35b 


Hi; 


58’- 
30 b 

28'? 


£8 


Acne :.m ysMs — 

, Mean lli'.’p- 89-94 

■ Met V.fr rtpc h 

r:-’.u;tv \m 

Do miMut'A'arraiU? .. 


10714(102 

.10 i!02 

: h:- ! io*i: 


|**FFIHpcnL 


79*- 


8?h 

<*0!; 

90!- 

73 b 
70k 


r» i4pc79 — 

r» i4p.ui 

KTsS.-pcPeh '.YlKJ. 
Ixi Ki. ?l | ii. 7)1-84 .. 

r*i H*-;pr I r»! Ln fK.. 
[l>. I!,*- for In. 88 . 
:l» li'int l ikLilTM . 

Ir»i 7*ipe.\Deb 

>7bptADh.TH-M_ 


PuAiCA' "9I-84 

Doffipd. 


fipeULTC-K 


60 nf 


831 

Slkd 


12.88 


— >4 

1028 

135 d 


10.40 

89*d 

trial 



1001 

102 b 

-ta 

12.69 

104 


13 82 

104k cd 

- 1 - 

13.40 

83 


6.7 b 

77 

-i- 

8.21 

92 


12.05 

91k 


12 71 

93b 

-ta 

1337 

64«a 

-L-t 

U33 

64 

-u 

1171 

75 


12.42 

. 73 

-*- 

12.78 


3245 

1330 

1198 

3211 

1230 


1184 
13 00 
12.82 
1LB0 
1160 
13 00 
13.40 
1380 
1275 
12.90 
13.10 
1330 


FOREIGN BONDS & RAILS 


I7K 

Low 

Stock 

Price 

£ 

+ or 

Dir. 'r 
Gross 

17 

AiriMa-.'afia Rlr 

, 201 - 




33 

L»- fip: Prol . 

34*-^ 


— 

•*,1 

rhiiean Mi ■ uri _ . 

9fi 


3 

350 

'A-rra.m'i n-_ 4-sic 

405n) 



46 

'■rwL.pi- Aix _ . 

54 


3 f 

4b 

fijfiw-SSjb *.-• _ 

51 


■111 

fnllpi-lluel.A.*'' . 

43 


4 

42 

•lure ~2\ »ss - 

55 


4k 

65 

k.-lanrj <?:;«" JH-T 8 

65ri 




, Red. 
Yield 


13.10 


f6.48 
f 6 00 
f4 76 
5.00 
1260 


S' 

13 

625p 


Hr 


[ASA.. 


AMFP , iCau-.'87_ 
lAmswSl 


'Be 


.Amencan Express. 
Amer. Medic, ini- 
AsarcOlnC 


Barries firpS?: — 
Bendir».'oTr.S5 — 

B« h. Steel 58 

BmwncFer cl*7i. 
Rniiwnrlt '.'urpn U 
Buitvii chs 1 c-rp. S5 

1 .US SIN) 

rppB;- 

L'&urpilbfl!. 

Chase M'litnjl2.i_ 
iTvrielirnui.'hSI — 

'TinslerSEV 

i.:tn»rpS- 

City lrr..5L25 — 
Do On Pri BSl. 

Coloare-P 51 

Colilnds.SI 

CimL Illinois SIC— 

Cork. Oil S3 

'joun ZelL S3 

t.-uUer- Hammer 55. 
Eaton Crp. SO iO — 
Esmark 


34 

735p 

705p 

IS 

20 

26V 

12 

13b 

14b 

15b 

16*. 

11 

14b 

255p 

18k 

lib 
22b 
18V 
, 18b 
13” 


2^ 

sr 

17b 

lib 

385 

10 


Sf 


Erjoln H 

Firestone Tire II — 
First Chi capo. 
FluorCorp. SV 

Fori Motor S2 

GYTX 

Gen. ESecLSU 1 ; 

GillerteSl 

Honeywell SL 50 — 

Hull on ELK 

I B11.Corp.SS 

lngers->l!-RS 2 


InL Sytema 4 Cod 51 
LU.lnt. 


lerrtamralll 

Kaiser AI.S>i 

Maid. Han. CSS750 
Morgan 1 JP1 USS25 
Sonon Sinn® luc. SI. 
Ihrens-IILSIIZ?-. 
Quaker Oats CSSS. 

Reliance S025 

Hep N.Y.Corp.S- 

fte»wniS5 

hirhdsa-MrrU Sib 

Saul'E! F.iSl 

SliellDOSl 

SincertSini. .. 

eny Rand 5*150- 

..tWloc. Sib 

Tenneco 

Do »*.U.Stk.91-9a, 
505p Tespn>Illd50IG!j_ 

, 16^ Tcw)S625 

Time Inc. — 

TransameriaSL... 
UtiL Tech. SU85„. 
I S Steel SI — 
Woo I worths SV; 
Xerox Corp. SI - 
Xooics Inc.lOc — 
Zapata CorpZk-.-.. 


16^ 

Mkri 

M { 

12 b 
22 V*c 
19brt 

31b*H 

19-bd 

11 b 
12V 
61V 
45V 
42*- 
45 V' 
26 

20b d 

« 
131; 
22 
17V 
44^*1 
24k 
23 
25V 
44 xd 

25^ 

& 

■*«! 

iSa 

42VW 

24k 

4Wad 
13V «f 
221 *, 

l? p 

30b 

38b 

15*4 

if 

251, 

29bcl 

15b 

20>4«d 

5Z2p 

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FINANCIAL TIMES 


BRACKEN BOUSE. 18, CANNON STREET, LONDON EC4P 4BY 
Teles: Editorial 836341/2, 883897. Advertisements: 885833. Telegrams: Finantimo, Londosa PS4. 

Telephone: 01-248 8000. 

For Share index and Bnsiness News Sommary in London, Birmingham, 

Liverpool and Manchester. Tel: 248 8026 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Amsterdam FO. Enx 12M. Amsterdam^. 

Tele* 12171 Tel: 240 STB 
Birmingham- '^cor-e Ho rise. <>»rgc Road. 

Tolcs SSC350 Tel. K1-4S4 0922 
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Telex 8838542 Tel: SWOB 
Bniwls- 39 Rue Ducalc. 

Teles 23233 Tel: fi 12-9027 

Cairo: V.O. Box 2040. 

Tel: S38510 

Dublin: 8 FiKwilliam Square. 

Tele* 5414 Tel- 785M1 
Edinburgh 37 rieorse Street 
Telex: 72484 Tel: 031426 4120 
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Telex 12533 Tel- 3C2 508 
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Tel: 441 677Z 


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Tel. 253 4848 

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Stockholm: do Svenska Daebladet Raa l a m l tf iVagCB 7, 
Telex 176Q3 Tel: 50 60 88 
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Telex 212634 Tel: 682868 
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Building. l-M Otemac bi. Ch lycda-lm. 

Telex J 27104 Tel: 241 2920 
Washington: 2nd Floor. 1325 E. Street, 

N.W . Washington D.C. 20004 
Telex 440225 Tel: C202J 347 8876 


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F«sler Bros 

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GeUer(AJ.)20p 

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CHEMICALS, PLASTICS 


342 


67 


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23 11.0 43 
44 2.9117 
10 3.4 50.0 
3.3 2.8 122 
43 4.1 8.7' 
4 0 4.4162 
52 44 52 
3.3 6.6(52* 
« 65 6 I 

♦ 7.4 « 


305 252 
200 117 
158 112 
348 206 
157 130 
nh .«»2 
39 25U 

145 116 
255 200 
25b 32b 
85 66 

138 115b 
118 91 

140 67 

46 34 

115 84 



SHIPPING 

290 I (9:6 


238 -l‘ 8 17 


25b “lb - 

125 -3 4 90 

2 20 5.10 

251? +2 - 

72 .. 2 68 

1151. -lU 8.25 
91 -lb 654 
75 -2 M64 
34 -1 *1.64 
84 8 16 


SHOES AND LEATHER 


Heron Mtr.Grpi 


Nkdsoo David 


-2 ft (6.25 
-1 17.75 ! 
-lb 113 1 
-lb 1.33 
-lb Tl.98 

1.42 1 

-2 6 40 
-b d2 17 ' 
. .. . tdl 7 
-lb 73.03 I 

4.57 I 

-b 2-81 1 
-1 L43 j 
-2 1.25 
-b d0.46 

>14.12 

-3 16.70 
-lb 6.59 I 
-1 +33 1 

Q10% 

.... d5.96; 

155 

-1 4.15 
-b 3.47 
-1 246 ! 

6.0 | 

.... U.50 


-1 hZ69 
-1 165 
40.62 


3 2 R9 S3 

- - 238 
2 3 99 7.7 

2.4 9.5 73 

3.7 7.9 3 9 
48 5.4 58 
23 6.7 9.9 
1.710.5 86 

f, 8 A, 

4.6 6.5 3.6 
55 5.1 53 
ZB 8 6 6.3 

3.4 88 0.71 

4.8 4 3 7.5 
IS 63158 

17.4 16 4.9 

3.8 5.4 7.4 
« 105 « 

3 2 7.7 5.7 
31 3.613.4 

218 [4.9 - 

A’iS I* 

3.7 8.3 5.0 
42 6.7 4S 
12 5.6 3.6 
191L7 6.0 
b2 69 3.8 

~ - *M. 

7.3 42 3.4 

4.9 6.0 52 

8.9 21 5.5 

- - 22.1 

27.9 13 29 
?_6 73 7.7 

8.4 3.7 3.4 



-b 1 0 
-1 4 39 
... tJ3 89 
-2 4 56 
. .. 1.23 
-1 4 90 ! 
.... 72.27 
.... 3.17 
.... 2.80 
.... 187 

177 

thl.92 

.. .. T4.24 
-1W 172 

hi. 16 

60.96 

.... 131 


2.0 8.0 17 S' 
3 411.7 3 8 
24104 52 

41 b* 4.7 
79 42 35 
23 81 82 

5.0 4 9 «.9 
25114 5.4 

3.0 8 4 5.9 
2,7 5 9 9.5 

42 75 48 
16 7313 5 
2.4107 6.0 
3.2 43 U 2 
3 3 5.B 6 9 
81 7.7 4 0 
2.6 7.6 7.6 


SOUTH AFRICANS 


AhemtmB030_ 
Anglo Am. In HI 
Ane-lVsInd-SOc 
Edwwindr___ 
Gold Kids. P.?;C 
Grimns'A'SOc— 
Haled'sCpn. ftl. 
OKBaraamrte.. 
Primrose ICctr . 
R»r Tniftaa >50r 
S A Brews 20f— 

T; per ‘Arts Rl 

Unisec 


107 $Q29c 1.7 

575 +5 Qb3e 24 i 

128 Qttc * 11 

80 K}4e 2.9 : 

82 42 Q8c 1.2 ! 
138 +3 *Q36c 0.6 

220 Q28c ♦ 2- 

440 4-10 Q58c * ! 

78 ♦SIHP'C 0.6 

154 Q28c 4011 

32 ^12e * i 

590 +10 052 o <t> ! 
69 +1 ylD 1 *: 12 < 


neJ-pw i 242 


lir.hclOp 


TEXTILES 


JSHEBS 


iHinsWUliam- 


-4. 1513 
-io 4 ,qzC 
-1 2-H7\ 

±. &£ 

-i & 
-2 1.68 

'IX 1 

-4 M2.64 

45 

...... 6.5 

+1 726 
-b 436 
-$ 89 

5.99 

-1 d2.45 
t357 




41j 5.01 7 A 

li r‘ U 

a si 

lg.9 5 0 7.7 
9° 53 75 

% HU 

« 5.1 70 

22 95 58 
2.6 68 8.6 
24 8.2 7.8 
1613.5 72 
5.0 5.4 5J 
41 4.6 30 

23 9 3 7.0 
3.9 3.013.0 
S3 2.6100 
2.6 12 46.2 
3J 6.0 7.0 


130 (Allied Textile — 

48 AttairBros 

53 Beale* il i3>p. . 
64 Beckman .V Wp. 
20 Blaekwnod Moit 

30 Bond Si Fah >0p 

2?b BruWlJobni 

43 4 Brtf3a>Gn>5p.. 
10 BriL&tlakm. _ 

35b Brit. Mohair 

41 BuIoerLlnb 30p_ 
12 CairdiPnnilee> - 
39b Carpets irt-Sm. 
36 CarTCtn \'i>elU. 
28 Qwdawlod 

67 CMisPmous — 

29b Chrah — - 

109 Cuutaidck 

£72 Pa7°irvb«L7 

31 CtobUiwiJ.) — 
99 £Bvwnlnii_-_ 

, 9S Do -A’ 


144 ..™ 

52rd 

67 +2 

h E 

2V £ d 

is 


d6 49 35? 4 
367 2 4jJ( 

2.88 4>J t 

b 4 90 t9TIt 
JO. 82 1.8 
26 3.612 

242 4 li 


272 23 ‘ 

321 (191 l 


PAPES, PRINTING 
ADVERTISING 


»i t 

236:1 i 


IAboc. Paper 

I DaS>’Pci.onv. 


Laws. Ppr 


»odGpL5p 


I 
If 

lU 1-2 


Smitb(Drid)a>P 


1289 4« 7X 

W;% 24J 182 
.1-1 I MS 24 8.3 

L... 3.83 20 85 

\rl 1 3.18 26 9.6 

1 32 0 9.4 

, 3-8 4> 98 

438 95 7.4 

« $L90 33 63 

-Jtr 3.92 * 7.9 

li..., h253 35 5.2 
H-I 327 4 4 8 8 

200 4 7.0 

— 1! 7.00 1 i 93 

33 29 9J 

-1 5.08 4111.3 

. i-iHi256 3.6 5.1 

‘ b7.7 15 105 

4 K3.0 « 10J 

42D 2D 103 


42 4.8 
ID. 6 19 
3.8 53 
, 4.1 -L7 

! u a 5 


I—.. 436 
9.70 
+2414 
.. 29 
r-.- fZO 

*1^ — , d3:40 
to tQ140c 


=■1 248 
r-2 t4.13 


l-i'ffllo 

+1 185 


1 £72 PaT’iDebK'T 
31 CranUienJ.) — 
99 torsenlnU.— 

9S Do ‘A’ 

55 Di.wnlDavidJ — 
27 EariptC.i6fl.Wp 

25 Foaertfoho] — 
85 HjKasO.llOp— 
79 Hi^nemap. 
101 2 HteldBn&Sp — 

45 Hichams 

53 Hollas Grp 5p 

40 Homfcay 

27 nrc*a1hlt20p. 

26 Da'A'Mp 

28 Ingram 1 B.JJ0p_ 
42 JeroartHMes.)- 
38 leedsDjws.— 

15 Ldgh Mills 

12 LetKs5p. 

14 Lister 

55 LWes|S>20p 

42 MacfcryHugh — 
21 Mjcbmnonicrf^ 

73 MstinlA.!2Up.- 
36 MiHeriF.nOp.... 

46 Mcmflon 

102 Nods. Marie 

24 NcoaJcrecpSOp. 
58 Parklmd’A'... - 

12 HcWes'Wl&Co. 

8b Dn.'A'NV 10p_. 

56 RKT.lOp 

41 Radley Fashions 

69 fkcdiRbu 

?6 RtliwueKiufjfp- 

19 Richards lUp — 
48 &E.ET.3)p .„ . 

25 Scon Hnbertww. 
18 SefeeralnLlOp.- 

20 Rki,*-(.'Jipeb lup- 

20 Shiloh Spian«<- 
84 SMtJjrrJndsi^- 

50 Sirdar . 

20 Small icTidmoF . 
27ij Sa.’.lwfaLJ.’OO. 
I9J4 DaPnv.LLSiO.. 
40 SpeiKWiGeaj— . 

26 Scxktord'A' 

23 ShcmdHilejPrd- 
23 TenvOnKaJaic . 
18 ItoTVdJrav HJp. 


54b “I 

37 

30 

72 

53>2 

119 -3 
174 -ip 
jSuJ -f 
126 —6 
125 -6 

70 

77 

37i 2 

105 -1 

as 

58 -1 



31b Term Y50 

27 TntiordCarpas 

48 Irictmlle lOp 

41 ViI»Tex20p — 
34 Yorks. Fuse w.20p- 
31 JYaufihal 


63 

19 ....- 

12 -b 

47 

62 

45 

36b 

47 -1 
45 

61 1 

127 1 

45 -1 1 
77d -1 

25 

10 .... 

92«d 

50 

90af 

42 

21 

59 

47 

281; 

34 

29 .. ... 

91d 

68 -1 

30 . ... 

69 rb 

45 

45 

28 -1 

32 

58 

23 

56 

50 -b 
55 ...... 

28 

64 . — 

42 ...... 

43 

35 


sl MMiewTft.. 


• >.[ -JSJ. lnv- 

- iiruuean 




tl32 4.0 7 
+101 75 4 
1.65 5.0 4 

cLO 0.9 6 
375 1.3 ID 

2.72 1.9 8 

Q10% LO 2 
+206 IB 11 
tL83 62 4 
325 22 11 

1«? 0.2 6 
Z05 - 8 


London 10p 




Prep^ 1CP- 


Avemeu’se 


Bawff&Q! 


DoKpeCW 


Pc5.fT0p.Int 


2.41 531124 

U 2537.6 J96 
12 4.7 26 7 J80 
L2 35375 81 

_ _ - 57b 

L3 711 18.4 66 
L4115 92 • 
_ 7.2 — 

12 4-226.7 

* 57 * 

3.9 4.2 95 

Z - - 52 

L7 15 a* ill 

L2 5.0 24.8 % 

Z - A IZ4 

U 3.4 (331 ^ 

I E° * 

ti 8^3 

16 4219,4134 

Is Tsni 77 

ib s^ii 7 

2.6 4 . 910.1131 

j i £ 

323 [72 - 101 

5.8 Q4.0 — 57b 
20 14 558 M 
i 12 6.9 16.9 S 
| 3.4 17 S5 
I 24 23 « Wb 
24 7.0 1.W1 gj 

15 Tsi^a 26 

f 23 4 % 
24 5310.1 ^ 

17 14 620 12 

1.7 4J.19ff> IK 

22 i.9>za«. I 7 " 

« 2.6 « 151 


TOBACCOS 

[267 [BAT Irak 328 -2 1323 J3.4J 6 

227 ItoDrfd 282 +2 — — - 

330 Dun hill (A3 Bju. 358 B72 * 3 

71b lmpenal 76 5.66 20 11 

45b Bothznsnsl2»tf„ 54b eZM 94 5 

55 |Sxema«D lin. lUp — 60 -1 J.79 ♦ 7.0[ $ 

TRUSTS, FINANCE, LANE 
Investment Trusts 



Inr iS 
106 lAsbdown Im 
49 Allaria EolLlOp. 
69 .Yilanac.bseU 

51b AdasEett 

73 .MuL&InL(SOp) 
48 BanhTtf Inv 
45*2 BenjTnKi- 
6 BisfiO(BfiieProp 
140 BistopspteTa. 
47b Border liShn.lt 1 
S9V Brazil FiajdCY5 
Brazil Inv.CrSI 

22 BremcTfl 

b Bridgewater JOp 
34 '2 BriL Ami Gen- 
60 British .tad*-. 
9b Bril.Enp Scrif-p 
88 BnubiiGcp 

140 Sill Jmwt 

122 EiyaditDiiEtJPpj | 


50 

140 -1 
110 -1 

-V 

228 +1 

218 

18? 

5 &1 :'i 

Si - 5 ! 

103 -1 
43 -b 
134 ...... 

43 -k 
67 -1 
36 “1 
147 ..... 

123 -2 
64 

96b -lb 
59 -b 

100 -r 
57 -b 

64 ...... 

71, 

170 ...... 

56b -1 
S9i» ...... 

S134 

24 

7tf 

40 -b 
76b — 

10b 

102 

169 -1 
147 -2 


MINES— Continued 

CENTRAL AFRICAN 

1S7H J } i* «l Pit. J I YU 

lj (,o H'Jh Lra I I W*e I - ( Net (CitIIiIs 

- Ml 210 1135 IFaScnnRhSOf. — J ISO 1 IQ50cll.3p.7 

: T N .1 15 iRhod'nO'rp.lPjp.l lb . J 036 J 7.3 ?J 


. rrdWp 90c 09 3 ill64| S.l 

rise <'cl Rh.1... 3b hQ7bc L4^17.l 

B^riBEUI. .| 2 Sb | - | — 1 - 

AUSTRALIAN 


80 52 RftmCiM.fil 70 »2 — — — 

375 122 Tmi=imtfci50p._. 155d -1 Q10 0 * 6 4 

■?3 78 DbrrdSOp 90«2 0 9=i 164 S.O 

11 ?2 Aaridei’ol Rh.1... 3b HJ7bc L4|37.8 


d. 671 * 

1.1 5 4 248 
12 5W2S1 
11 3.3 41.1 
1 ’ 5 4i263 

11 lj ♦ 

?6I262 

5 1| t 

ifjSBlUp 

ass®- 

5 0 24 7 
7.3 185 
3 9m2 
26 463 
6.4 23.0 
4.6 3L9 


IS 10 
132 64 

125 63 

823 150 
345 148 
72 48 

1—1116 SI 
M •!. 19 10 

.‘55 3::? 125 
'| 105 l 39 10 


- 7*r 

- 16 8b 

o < 178 U? 

- 43 30 

c - nv, 750 

- 40 12 

■7. 538 310 
?l34J spo 50 

- itO 31 

- 70 35 


:\nn«t5c.. 

FftC2i.anUeK>Ti+j 

EH South 3> 

fetitril Pacific . 
rosier Kaxuiu >Jr . 
ilHKidc -.till- SI - 
llampui Area* jp._ 
Metals Fa 50c 
S fiMHldC- ak:_ 

Mount Lulls ■< 

\ew.nvdjl !0r _ 

Hi'lSCc 

Mh. Kriinirli 

naJ.brWJi.-5Al 

ParilicOipper 

IMnr«nl'liTc 

Fjnn:jMI£\.iii . 
(Vi-.iitsall Jrhi, r «\-. 
.xiuihe.urrivilt' . 
'.'.e^n K:r.uia50z. 
'iMumCatkax; 


13 -1 
114 -2 
IDS -2 
520 -50 
230 -5 
55 . . 

127 -1 
25 . .. 

199 -9 
32 . ... 

4> ( -i 4 
121 -2 
13b -b 

17D .. 

37b -- 
£14 -!j 
37b 

490 -20 
.ISO -15 
142 -2 
50 -5 


TINS 




yn . 

b t 
9 a: . 
19 2Z8 . 
2 <a 
5 80 ; 
r ID 1 i 


iw 

:■ * 

0 * 

3 3.2 TT 

1 ■! 1 17 

UJ 3 g 

i'!r 45 
7 7.9 uo 

1 1 0.4 I JLZl f? E — 


bnal Mserw 

.V.67 HlUlOjMl 

fioraJl Itr. 

DcrjiujUiSMi 

'«.+■(+? 

<^ild£.En-e L2->j. . 

'■v-penj: Cons. . ’ 

Ikmzkuns 

Idn s !0u 

iarJar l.bp 

KamuniiurSMOw) 
ijiliuehall .. . 

Mila;. Piedim-Sill . 

ifafiau-... 

t'eiukah-n JDp 

Petal ic; SMI 

smut Pi ran 

Mull- ri-tly lll|> 
f+'Mih Kjr.lJ SW S) 
Shn \Ld.v«»SMI- 
Slinjtn lieiil SMI - 
auprenieCorp SMI 
Tjtuim^lbp .. 
Toniftjhflrtr 53IJ 
Truaoh SMI 


+151 16)13.2 
#b7: 0 9 ; 

3 75 4 4 21.5 

-4> i 
Jl4^1 3.4 5 1 


.... 12 0 Lb 218 

6 njiiir 0^7 Is 

.... Q125 if 25.5 
... tO?5c 0 9 5.1 
.... W 75c 05 ♦ 

.... 6 S 13 16.7 
... (V80c 1.6 8.8 
.... -jl.99 4.6 5.9 
1 1.4.1? 1510.4 

... 1077 Sr 1.4 8.2 
.. II?:-’ if LI 9.2 
4 Q65c 4> — 

.... ZQlOc - 2 9 
.... 6.5 0.8 10.7 

16 + 

t2 ZWBc L6 8.9 


COPPER 

[Messina KO SO | 90 [+3 [*Q30cj L9| t 

MISCELLANEOUS 

Bumu Mims ITijt 15 .. .. — — — 

Cm? March. IUc_ 240 +15 tQSOc 2.6 $ 

NonbpaieCSl 435 -5 — — — 

R.T.Z. 224 -1 9.5 2 8 6.4 

Sabina ImLCSI.- 74-3 — — — ’ 

Tara Ex pin. SI £llb +b — — — J 

Ton:i+ sCnerals |i>p. 43 133 * 4.7 

Yukcn Cons. 153 .180 ...... Q7c 29) L8 


L33 *1 4.7 1 




3S4 

§7! ®8h Lo» 


t0 5‘ Li 

^ t 

10.42 L. 
24 l 
15 25 L 
3.4C « 

:s 5 * 

♦1.38 L 
825 1 

♦2.1 2. 
1135 1.1 


t3.07 L 
♦4 75 Li 
Qllc O. 1 
1.54 «> 


TEAS 


India and Bangladesh 


230 +5 14951 
SOS 
123 


Sri Lanka 

ZJO [123 [Lianna £1 f 175 [ | 55 | 


Africa 


600 )+20)S0.0 
13.0 ( 


CENTRAL RAND 


FAR WEST RAP® 



OJ’A 

.50c 
._ I £15 
B4 
367 
96 
940 
710 
867 
172 


FINANCE 


NOTES 

VM 

r l jr j Viilea* oibercisc- indicated, prices and net dividend* nr* In 
pence and denominations are 2Sp. Kdlmded prlra/eanilncs 
43 min 39<tcoiier> are hewri »n latest annnal nponsaadnmiunlfl 
5 5.7 and. wb+re passible, we updated on half -yearly figures. P/E* are 
_ calrulau-d an the baab. of art dtstriimUoa: bracketed Gfun 
Q t; 1 radical- 10 per cent, or more dilterrncc U calcnlaled an “oiT* * 
n i 7 divlH button, enm are bated on -nsuimum’' disUltiallon. 
- Vo Yield' +rcta«d on middle price*, are rcim. wlpmed to ACT at 
~ H per ceaL and alloH for value of declared distributions and 
r? rlifhlN. Scruriitc* vrilh dearrmi sal Inns oiber than sterling us 
^ qnoted ioduivc nl Ibe Inrcsoncat dollar premium. 

— 9£ 4 Slcrlinsdcnoniiiiatoi securities which include Investment 

— r-9 dollar pp.-mium. 

15 38 • -aap" SiOi-k. 

C.8 4 3 - Hlt'hr and Lon-, marked I till? have bees adjusted to allow 

♦ 4.1 lor rifih’j issues for cash. 

1.9 8.5 t liiicnm 1-1 nee increased or resumed. 

3.1 • 14 : laicnm since reduced, passed or deferred. 

2 0 A (> Vt T.v-irce to non resiOrnli op appticalioo. 

1 Q ♦ « 4 Ttcuno* ° r rvpcrf airoifeii 
a.o , T ■j l|1 j ll ,;ed sccurilv. 

s frlcc 01 time c«l suspension. 

^ Indicated dividend alter pendinR scrip andlor rights Issue:- 
-over rcloies to previous dividend or forecasi. 

Fr-c ol Sump raitv-. 

• Merger bid or reorgonuatioa in pro&esa. 

X N»l tomparnt.le 

5.91 (3 + S.i me in;«mn: reduced final nntf/or reduced earatags 

4.9 8.1 rivfiwKd. 

37 Kb 4 l.r«uiu dividend; coicr on earning updated by latest 
L6 107 nicrim MataawnL 

» c J I’wir aliens for conversion of shares pot now ranking for 5 
fjj ditldcntU or ranking onlj - for restricted dividend. 

2, t Cover iloes not allow tor shares which may also rank foe 

jo 11 dividend a: a fuunv date. No P/E ratio usually provided. 
,5* ¥ tvciudinu a final dividend declaration. 

Z 10.4 .;. Rational pnre. 

9.b || N., ? ,ir value. 

&0 a T^- (roc. b Figures bnsed on prospectns nr other official 
cfUeiutv e Cent?, d Dividend rale paid or payable on part 
ot opiial: cover baaed' on dividend on lull capital. 
n * P.edcmplK.n v icld. I Flul yield, f. Araumed dividend and 
15| 45 yield b A ». u rued dieidead and yield after scrip Issue. 

1 r.e. m-r.t from capital wuurcos. k Keujo. m Interim higher 
ili-n pn- ions total, n ilichls issue pending «j Eartiinga 
I lii- jH i'll prehnunarj' ligorcs. r Australian currency. 

♦ |L.b j Li|, id-.-mt amt yield ovcludc a special payment, t Indicated. 

♦ |10.9 dividend: co-.er relate* lu previous dividend, P/E ratio based 

on laio-il annual earnings, u Forecast dividend: cover bnsed 
on nre' if>u~ yviar'v earnings, v Tax free op to 30p In the L. 
w *1 »+. allow:- for currency clause, y Dividend and ytdd 
l~i--.l on tnerper forms, t Dividend and yield include a 
special payment' Cover does not apply to special payment. 
A Net -il vi dr iid and yield. B Prefercace dividend passed or 
ai.'Ivrrcd C Canadian. D Covur and PfE ratio e*cl ode prof its 
of i' H aerospace subsidinries. E Issue price. F Dividend 

3 + and yiold Uised on prospectus or otiaer olllrial estimates for 

5 8.0 <■ \**umcd dividend and yield alter ponding scrip 

1 66 ardor -icMr. ivm H Dividend and yie ld baaed on 

pru? i«lu.. ..r iillior official evtlmatos tor 1578-77. K Figures 
6.1 j-d «o nriKpcrua or other official crzimaLc* lor 1878. 
M Du |. tend .md yield baaed on prospectus or other official 
e>ti nub's lor 1978. N Dividend anti yield baaed on prospectus 
mni or .41 >.t oificul estimates for 11)79. P Dividend and yield- 
a n.i h;i«,: on f.r. ..-pd'iUR or other olflciul colimatcs Inr 19TJ. 
e “ Q T Figures assumed U No vignifiranl Corporation 

d 2'9 To-. k mWb ' 1 Dividnnd total 10 dale. <+ Yield based on 
“ 9.7 as- umpi i'.*n Treasury Bill Rale slays unchanged until maturity. 
B 5.B ol puck. 

? 3.9 

6 252 Abi-ri- iniions-tf ex dividend; tees scrip igsue;r esc rlgpitejnex 

all. Ur 1 v •■spiul disoiliuiion. 

4 27.7 

J 7A - Recent Issues " and “ Rights ” Paige 30 

This seraicp is arailafale to every Company dealt in on 
Stock Exchanges throughput Ibe United Kingdom for a 

♦ 1120 Ice of £100 per annum for each security 

93 


“18 ESG50NAL MARKETS . 

4.7 

112 Thefalloicjiig is a selection of ixindon quotations of shares 
D 25 prevn>u-ly listed onlv in regional markets. Flirts ot Irish 
i 55 Issuer, must of which nre not officially listed in Loudon, 

j a 7 are a- quoted on the Irish weebance. . . . 

* M Shefl. Relishmt.J 52 I I 

.4-5 Albany Inv. 3Jp 23 SlidlQlW'aM 90 | | 

, 4-3 Aih Spinning- 45 

7 4.6 Bartnm— ... 22 

? 5.9 Bc/g'wtr. LJ. SOp 270 TKTtlR 

1L1 Clover Crnf:_ _. 26 IRISH 

Craig &R*»sc£l 445d Comr. 9% *80182.1 £Wn|-»a l 


Djrwir. i fi-V. i A . 37 

EUI5Z.-V.cHdj- 61 

Evered 18 

Olio [ 1 82 FUe Force.— — 50 

ISMteU 7 M gJ^g-Sp. j|| 

r q n Higsors! ; rcw„ M 
^5 LOl? Stm ;.! - 750 
? 3./ Ho]t (.In; 'l5p 265 
l , 1 Nlhn. ll-.il'l'.mlli S3 
l v! E^ftrcv'iL'. II 1... 165 
! 7.9 Peel r.liilr .. .. 20 


f vlPeeir.liilr .. ..I no 1 J UnnJare 

— Isbefiiti'ienckl 45 

r .7 


Alliance Clas..._ 73 

Am otl 344d 

Coimlifp.r.i„_ 9Bul 

Clnndalkin- 98 

Coicreie fTtvli.. 130 

Hcilun illldgs-i 44 

Ins. Corp. 148 

Irish Ropes 130 

Jacob ... 65 

Sunbeam M 

T.M 170 

Uniilanc..-. 90 ..... 


.03 2.0/ 73 215 


usance, Lang, etc. 


10 6 
12 4. 

12 f 
1! 5 
10 4 

L'J 5Jj2a.il 


OPTIONS 
2-mmth Call Rates 


25 J lafinslrials 


20 jTube Invest-.] 38 I 


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4.9 BaSavsfem:;. 25 Ladbrofce._.»« 17 

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8.1 Boots Urug— J? UstSemce- 7 BnLLand 3» 4 

5.6 Bowateri 7o UovdsBaak_ 22 cap. Counties. 4l a 

3.4 B.A.T. 24 “Lois .... 4 Ejp 5 

7.7 Brinf-h Ovjcen 6 j*adon Brick. 5 Intreuropean 4 

2 A Brown 1 J. 1 — ... » H ,n T h ?_L L LandSce*. — 16 

7U Burton A 1 — i 2 Lucas Inda— 25 jflEPC. 12 

ei Cadburys— — a — ~ J® Peacnej- 8 

p’i Coiirtiulds.— "Manta .. — - 7 Samuel Props.. 9 
Debenhcms- 3 «*» -Spncr 10 Town & City- U 4 

l £ Diatlilcrs 15 Midland Bank 25 

Dunlop 7 N.t.1 — 12 Oita 

7.7 Eada 5ur 11 Ttw. West Bant- 22 , __ 

8.1 OT? .1. 14 Do Warrants 10 « 

7.2 Gert Accident 17 P*wWt— g | 

Gen.Eieftr.v £ | shpl? " a 

DIAMOND AND FL&TINUH S “ 


Ml’al-l 


„ , Gjardian j i§ Spill era — 13 

f n G.K S 22 TV sco— _{ 4 [Charter Cons. J 12 I 

| ° Hawker Sidd . 20 Thom -. J 22 Cons, told .__[ M j 
j83 Housed Fraicr.l 12 Trust HouseS-l 15 |RioT.Ztnc.....| 16 J 

A st-levlian of Options traded is jelien on the 
I London Stuck Exchange Report page 


Alines 

Charter tons, j 


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• V?- • "Se‘ •»?; !*■ _ -,*i ••- 7 


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: Buiids: ; for Buskisss | 


CBI believes 




profits 


against cut in 



BY JOHN ELLIOTT, INDUSTRIAL EDITOR 


. Sea growth 


LEADING industrialists believe 
that they have the support of 
Mr. Denis Healey. Chancellor of 
the Exchequer, fur their view 
that a cut in the standard work- 
ing week should not be included 

as” an automatic entitlement in 

the next stage of the Govern- 
ment's pay policy. 

This emerged after an hour- 
long meeting yesterday between 
Mr. Healey and a delegation 
from the Confederation of 
British Industry. led by Mr. John 
Greenborougb. president, and 
Sir John Methven. director- 
geaeral. 

Industrialists are seriously 
concerned about the impact of a 
cut in Britain's standard 40-bour 
working week on unit costs and 

productivity. 

Thev made this the main 
plank 'of their submission to the 
Chancellor on what should 
happen when the present phase 
of pay policy expires at the end 
of next month. 

They also expressed concern 


about the latest figures on pay 
rises in the present wage round 
and said that any new rules for 
a further phase should provide 
for maximum negotiating flexi- 
bility including productivity 
deals. 

The present Government 

sanctions against employers who 
award high rises should be 
abandoned, they add. 

Later this week, TUC leaders 
will tell the Chancellor that the 
best way of winning union 
support for further wage 
restraint would be to allow a 
two-hour cut in the present 
40-huur week as a first step 
towards a target of a 35-hour 
week. 


Difficult 


But yesterday, the Confedera- 
tion's delegation urged the 
Chancellor that he should reject 
this proposed trade-off because 
of the effect it would have on 
British companies' competitive- 
ness in international markets. 


The industrialists believed 
that the Chancellor agreed with 
their views, although they 
realised chat it may be difficult 
for him totally to reject the 
TUC's claim during the coming 
weeks, especially at a time when 
the Government will want to 
present a united front within the 
Labour movement in the run-up 
to a General Election. 

The Confederation is now pre- 
paring a policy paper setting out 
the arguments against allowing a J 
general reduction in working 
hours. 

Its council will consider the 
problems involved at its monthly 
meeting today, when leaders of 
yesterday's delegation will report 
on the talks with the Chancellor. 

Estimates being prepared by 
the Confederation suggest that 
recent Employment Department 
figures on the cost of moving to 
a 35-hour week are too low. 

The Department estimated that 
there would be an S' per cent 
addition to labour costs. 

Basnett accuses Bank, Page JS 


BY PETER RIDDELL. ECONOMICS CORRESPONDENT 



. i.- y.\\ ^ 


Surcharge ‘would increase 
jobless by only 5,000’ 


BY PETER RIDDELL. ECONOMICS CORRESPONDENT 


MR. DENIS HEALEY, Chancel- 
lor of the Exchequer, yesterday 
claimed that proposals to raise 
the employers' national insur- 
ance surcharge would increase 
unemployment by only 5,000 by 
the April-June quarter of next 
year. 

The alternative of a rise in 
Value-Added Tax would boost 
the numbers out of work by 
35,000 over the same period. 

This emerged In evidence to 
the social services and employ- 
ment subcommittee of the all- 
party Commons Expenditure 
Committee yesterday. 

It is the first time a Chancellor 
has given evidence to a Commons 
select committee, and the 70 - 
minute session ranged over the 
prospects for unemployment, the 
surcharge and a brief discussion 
of nay. 

.Mr. Healey took a relatively 
opt i mist ic view of the prospects 
for a fall in unemployment 

But the impact of the rise in 
economic activity mieht he 
’* muffled.'* given* the evidence 
that a “great deal more overtime 
is being worked," with a 5 per 
cent rise in the last three months 
compared with the previous 
quarter. 

Moreover, the job preservation 
measures meant that in some 
cases companies bad kept people 


on who would be needed when 
the upturn developed. 

Mr. Healey used the oppor- 
tunity to present the most 
detailed defence so far of the 
proposed rise in the surcharge. 

He maintained that to recoup 
the loss of revenue in the current 
financial year from the income, 
tax cuts pushed through the 
Finance Bill committee, the 
standard rate of VAT would have 
had to increase by 2.8 percentage 
points from July 1. 

He argued that both the 
employment and price effects of 
a rise in VAT were less favour- 
able than the rise in the sur- 
charge. 

An increase in VAT would 
boost the retail price index by 
1.2 per cent by the second 
quarter of next year, with most 
of the rise coming through com- 
pletely in the next month or two. 

A higher surcharge would, 
according to the Treasury, boost 
prices by 0.7 ner cent over the 
same period depending on how 
much was passed on by 
companies. 

Mr. Healey contrasted a 35.000 
rise in unemployment by the 

second quarter of 1979 From VAT 
with the 5.000 increase from the 
surcharge. 

He added that by the first 


quarter of 1980 the effects of the 
measures themselves would be 
more nearly equal. CBI esti- 
mates of a loss of 100.000 jobs 
were seriously exaggerated, he 
added. 

He indicated that since the 
full revenue impact of the sur- 
charge would be not until 1979- 
1980 — about £lbn more than 
the loss of revenue from the cut 
in income-tax — this might pro- 
vide leeway for offsetting action 
later. 

Mr. Healey also argued that a 
sharp rise in prices now result- 
ing from a rise in VAT would 
seriously affect the wilkingaess 
of working people to observe 
moderation in the next pay 
round. 

Deliberate Government action 
to increase prices would not be 
compatible with this aim. 

The current round was work- 
ing better than anyone expected 
and he believed that the earn- 
ings rise in the year to July 
would “wa'Db luck” be below 14 
per cent- 

This reFers to the new earn- 
ings index covering the whole 
economy which increased by 12.5 
per cent in the year to April. 

Parliament Page 8 

Editorial Comment Page 18 


COMPANY PROMTS have 
levelled off in the Past six 
mouths after rising sharply iu 
the previous year. That is in 
spite of a marked growth in 
profits from Nsrth Sea 
activities. 

The trend is suggested by 
the provisional otimatc for 
Gross Domestic Product in the 
first three months of this year, 
published yesterday by the 
Central Statistical OP-ive- The 
figures confirm that the rate of 
economic growth picked up 
earlier in the year- although 
by slightly less' than at first 
estimated. 

The levelling off in company 
profits has been shown by the 
published figures for Indi- 
vidual companies and by 
official statistics of real profit- 
ability, which adjust for the 
effecls of inflation on the value 
or stocks of good-' and raw 
materials. 

Gross trading profits or com- 
panies net of stuck apprecia- 
tion were £3.14hn. seasonally 
adjusted, in the first three 
months of this year compared 
with £3.05 ba In each of the 
previous two quarters. But 
there had been a growth or 
nearly two-thirds in the year 
to the Jnlv-Sepicniber period 
of 1977. 

The levelling off reflects cost 
pressures and the impact of 
last year’s rise in sterling on 
the large percentage of profits 
earned abroad and from ex- 
porting. 

The figures so far probably 
give too favourable a view of 
the position for much of Bri- 
tish industry. Although a de- 
tailed breakdown is not yet 
available, it is Ukely i hat a rise 
in profits from Norih Sea oper- 


fions, suggested by' the produc- 
tion figures, has offset a 
dccine in other sectors. 

Gross trading profits, net of 

stock appreciation increased by 

nearly 9 per cent In the past 
six months compared with the 
previous half-year, against a 80 
per cent increase previously. 
Profits before deducting stock 
appreciation were litie changed 
on a six-month comparison. 

The short-term rise in econo- 
mic activity is best shown by 
the output estimate of Gross 
Domestic Product, which rose 
by 0.8 per cent in the first three 
months of this year compared 
with the previous quarter. 
That Is slightly lower than the 
original estimate of a 07 per 
cent increase, largely because 
the economy is thought to have 
grown a little towards the end 
of 1977, producing a higher 
base figure. 

Recent evidence points to an 
acceleration in the growth of 
activity in the past couple of 
months, supporting official 
hopes that the annual rate of 
expansion is now about 3 per 
cent. 

On a longer-term view, the 
average estimate of Gross 
Domestic Product increased by 
about £ per cent between the 
past two six-month periods 
after taking account of income, 
expenditure and output data. 

On the same basis .the volume 
of consumers 1 ' expenditure rose 
by roughly 3 per cent although 
exports fell slightly and im- 
ports rose by 2} per cent 

The total volume of gross 
fixed capital formation was 
little changed in the first three 
months of this year, continuing 
at much the same level as 
during last year. 


Plessey watchers \ rtbddeS 





At the halfway stage-Hessey ' : 
had still seemed to be qn,^- ' - 

get for a one-fifth rise- incite-. , 

tax profits to around £4Sni: BQt'' ' 
at the nine months stage" jpSwfii 
was clearly dipping; . 

group finished the year ^ok' fi 
per cent ahead at £42.9m.£ H r?>' 

The immediate reason - ^bas 
been the plight of.-iG^ratiJ, j 

where the losses emeatee^af. 
£5.6m for the yeaii Is 

rather more to K than -thatTSie 
profitability erf Ptesa^i , s.' fBjS|>- 
posedly booming -^ectroipQc 
systems division hasr -aJ^Kbeen 
uninspiring* with the . 

turnover jump leading t&raTise ( 

of only 8 per cent 
profits. The absence durteg^tbe' 
year of major cahtracf-,(^5^fr . 
tions is said to be a factor here, year 


• • -• ■ --L-' 

4 - £bn - 1 ' ■ ! ■ T7r 

■? i'M-\ 441*13 1 . 


SvemBlM U®*-. 


Gross ‘Bmflng Profits; 
Net of Stock 

Appreciation 


1 2 3 4 1 2 3 41 1: £ 3 4-Li, 
i07i; J 1976 > -1977 *71 


-^Breweries ;-.. * 

i.: 

"r •one -stkrtSl-T>ut Afbffre > j . 

; , dpjubr 

; i , A ,, 

:L. ■ * 

recov er 

- " unexciting; 

; ■ ■ may t p Sffi 

bl ^Vuine: • 

; ; -“The 5 

• - r tfepends: very- - • 


year of major contract , cpn^e- ■ ' - r.. .. . - tfepends; very.macii-,f 

tions is said to be a factor here. year- . 

Elsewhere Plessey’s acemmtiqg only limited va^ue. for: it 

treatment of its tele^whmuni- Id financial insti^itioasMd-mf - ^ 

cations side — another £7m. has North Sea oil sector with'indusr ■jESOm.- '.vS'SSid 

• . . i m v.< 1.1 L->is' -.1 nnri (wmmpTi-ial nnirmamw , - . ■ ■ ’ » 


possible to derive much , sense profits compared with the same . : a* - 

from the level of , divisional quarter of 1977.. which won Id _ ^ nilirif ronfp v^aiAi;; 
profits credited above., the -tine, certainly tie jn with recent poor __ 
just £1.9m lower at £16^m for individual company, results. Yet; 

. nTt> min-h- *>*** 0 * mates -are becnzmi^&x2m*mbt..- . 


premium 


public telecom systems: : the real picture Is mudr.hetter ! 

An te not Kori hoi than this for netnf stock appre-,-inyDialdBg: .sh^^^ 




order book was a sixth. higher 
at £700 m by the March' : year- 


at £700m bv the Mawn'-year. for Jannary-MBieh I9»7) tndl tig &&+ 
at tiuum Dy me marcn 3^ar- _ ^ x their attention- ■ wfffim ^ 

end. and some big-,Mddle P 1 ™ ‘ ® re 4C [*** 


Eastern orders have apparently Excluding the North Sea, how-: =_ ® result ■ ofJst'dBj 

been booked since thenL^-The ever, it may well be that mcfiis- ^ 


Hospital electricians 
likely to seek parity 


been booked since thetL_ ;-The ever, it may weU be that in&is- expansion intoPrai^^ 

number of UK employees trial and commercial compames puTring Du y - of Erart 

tumbled by 13 per cent.tfitog are having difficulty in holding 

1977-78. implying big : gaihs in on to the levels of profit which 

productivity, and reduced losses they first reached in the middle a Easiness -net ‘ j 


again hoping for £50m pre-tax about the trend .from here oil , 
thi« rraa* thongh the first , ..Kina or newing 


with private sector 


BY PAULINE CLARK, LABOUR SfAFF 


Continued from Page 1 

EEC fishing 


Minister of Agriculture, 
Fisheries and Food, said the real 
question at issue was not so 
much that of quotas or specific 
measures but “what it is to be 
an island, to have fishermen as 
an integral part of national life, 
not just on the periphery." 

The present impasse leaves 
open the question of reciprocal 
fishing arrangements with Nor- 
way. Sweden and the Faroe 


Islands, due to expire on Thurs- 
day. 

Britain has refused to for- 
malise these arrangements pend- 
ing internal agreement 

If, as is widely expected, they 
are not extended again tomorrow 
because of the internal deadlock. 
Community vessels would be ex- 
cluded from these northern 
waters and from substantial 
catches of haddock and cod. 


Holdings 
loses £1.5m 
in French 


venture 


Continued from Page 1 

Canvey safety 


last night that la spite of the 
conditions of the factory 
inspectors — Ibeir reFusal, For 
example, to give the company 
access to a jetty — it was still 
interested in permission to build. 

The report concludes that 
there is no risk whatsoever of 
the type of accident most feared 
by the local population: the 
so-called “domino effect.” in 
which a big accident at one 
plant might set off a chain of 
explosions leading to the 
devastation of the site. 

The report also criticises the 


failure of the Port of London 
Authority to enforce speed limits 
on bulk carriers destined for 
Canvey. Despite the clear note j 
of reassurance offered in the i 
report, the most detailed carried 1 
out on a d on-nuclear industrial 
site, the Health and Safety 
Executive has little doubt that 

one consequence will be to make i 
planning consent more difficult I 
to obtain for big petrochemical 
projects. 

Canrey: an investigation of 
potential hazards from opera- 
tions in the Carmen Island / 
Thurrock area. SO. £10. 


A DISASTROUS move info 
the F reach hi-fi market has 
cost Audiotronic Holdings, 
owners o[ the Lasky's chain, 
up to £1.5m. 

This loss, revealed yester- 
day, has forced the company 
to raise £l-5m in new capital. 
Mr. Derek Smith, is being re- 
placed as chairman by one of 
the providers of the funds, 
Mr. Geoffrey Rose. 

This is the third time that 
Mr. Rose has become chairman 
of a troubled company hy sub- 
scribing for preference shares. 
The other two wore Change 
Wares, a constructor of wire- 
mesh fittings, and Creilon 
Holdings, an electronics com- 
pany. 


THE GOVERNMENT will to- 
day face repercussions in the 
public sector at its failure to 
block a pay deal for electri- 
cians in the private sector which 
could break the pay guidelines. 

Hospital electricians, working 
to rule throughout the country, 
arc likely to demand the same 
treatment as their private sector 
colleagues in talks with Health 
Department officials today. 

They M-jjj insisf on bonus pay- 
ments foe everyone, even where 
incentive schemes permitted by 
the pay guidelines have not yel 
bepn introduced!. 

The executive of the Electrical 
and Plumhirj* Trades Union 
yesterday endorsed the decision 
"by Mr. Peter Adams, national 
union officer, to postpone the 
planned strike last Friday, but 
deeidod not to call off the over- 
time ban and other industrial 
action affecting hospitals since 
Monday. 

Hospital electricians have de- 
manded parity with similar 
workers in the electrical con- 
tracting industry since well be- 
fore their settlement date in 
January, and seem unlikely to 
accept anything short of a firm 
date for achieving that level to- 
day. 

A delegated conference is to 
lake place on Monday when, the 


union says, there roust be a 
firmer offer than another pro- 
mise by the Department to en- 
courage more incentive schemes 
In the Health Service. 

In a recent test case involving 
Holliday Hall, the Croydon-based 
electrical contracting company, 
the Attorney General said that 
the Government in rejecting a 
bonus in-lieu deal for workers 
not on a productivity scheme, did 
not intend to cause a breach of 
contract. 

So the deal went ahead. But 
the Government warned that it 
might still impose sanctions if a 
breach emerged. 

Hospital electricians are likely 
to emphasise the importance of 
the bonus-in-lieu deals in view 
of the recession in the construc- 
tion industry, which has pre- 
vented many private companies 
from introducing genuine pro- 
ductivity schemes. 

The union argues that in 
spite of promises of several years 
ago. only a third of bospital 
electricians benefit from sucb 
incentive schemes. 

It accuses the Government of 
not honouring a 1072 agreement 
to maintain parity with workers 
in the private sector until a 
separate pay structure for the 
hospital electricians was worked 
out. 


quarter will Sn&w'SatS r . - i. 

an improvement v AHied Breweries - 

The general - impressfrn is-' - Allied Bffewqrie&- has done & {atniliar- - package , of -prefei& i 
that Piessey's non-growth status little bettfif.than most expects- stock:-: with ’ rights to equi$r!U-- ; 
(it earned £40m pre-fax four tions, turning In pre-tax profitr-tft&i^tu^^^ ' 

years ago on two-thirds of the fdi the 32 weeks 14J per cent heavy. -cost for existing 1 dS' - 
latest turnover) is confirmed, higher at £45.1m. Surprisingly, holders. The preferredckrt 
Yet the market put the shares most Of the Improvement has coupon of 12 per’cent juia u^ 

Ip better at 99p, suggesting that come from the troubled-; beer tp : share in any 

the decent balance sheet and business which Allied has just, ordinary, together 

the yield of S.5 per cent offset reorganised into IX separate to subscribe-f or up 

the lade of longer term earnings companies. Apparently, the beer of -the. enlarged equftjf In -if - 

growth. .; profit figures reflect , volume at _20p a -share. .. Hhe^carrm- - 

growth in line with the recent market price is '2op.''d6wn|: - 

fnmnanv nrnfife in*!#ry average of 3 per cent, yesterday;’-.:;^ . " 

VAmsgMuy |uuhu> suggesting that Allied may be -. The iAhdibtromc directors*.; 

-The provisional GDP figures oyer the worst. But a significant supporting -the deal- with/ 
indicate that company profits factor will also have been the 50 per cent of th® equity.' ' 
oet of sto£k appreciation stayed 7 per cent price rise in January, pendent sKarehbTders hfay 
in the first quarter of 1978 more which may have accounted for d er.^wfmtiierjliere . i§ ji 

or less on a plateau first reached as much as half of the £6m’m- paitfful .Way of paymg":&>r 
in the third quarter of last crease in group pre-tax profits. , Board’s howler. . 


Sir Keith criticises NEB 

micro-electronics plan 


BY jOHN LLOYD 


New subsidiary 


UK TODAY 

BRIGHT AT first rain spreading 
from the West later. 

London. S.E., Cent- S., Cent. 
N. England, E. Anglia, E. Mid- 
lands, Channel Islands 


BUSINESS CENTRES 


Amstrdm. 

Aliens 

Bahrain 

Barcelona 

Beirut 

Belfast 

Belgrade 

Berlin 

Blnnahna. 

Bristol 

Brussels 

Budapt*! 

R. Aires 

C.ilro 

Cardiff 

CtlKTlgO 

Colwnc 

CDtmhJgn. 

Duhlin 

Edlnbursb 

Frankfurt 

fiefwva 

fSisSffour 

Hrls«nftl 

H Kong 
.hi' burs 
Lisbon 
lAiiden 
Lu*cx»br&. 


Y’das 
Mid-d ju 
'C *F 
S 22 T2 
S 24 S3 
S 25 S3 
C 47 73 
S 27 SI 


S 24 75. 
S <9 Ml 
F 18 W 
S 22 T2 
F 23 73 
S It S2 I 
5 M 97 1 
S 17 ffl 
C 25 77 
K 21 7U' 
S 19 fifi 
r. 14 .17 

r. it ci 

F 79 176 , 
F 19 Bfl 
C 73 5-‘i 
S 21 TO 
S ::i S3 
S 14 57' 
S Si w ■ 
F S! 7.7 
C 15 59 


Madrid 

Mandistr. 

Melbourne 

Mexico C 

Milan 

Montreal 

Moscow 

Munich 

Newcastle 

New YorK 

Oslo 

Paris 

Penh 

Prague 

Fteyjdavlk 

Rio de J'o 

Rome 

Sunjaporr 

Siockholm 

Sirasbra, 

S.itJm-v 

Tehran 
Tel .Ml* 

Tokyo 

Toronto 

Vienna 

Warsaw 

Zurich 


Y'day 
Mid-day 
-C "K 
F lfi SI 
K 17 CSI 
F 9 48 
C £ 72 
K 24 73 
C 17 El 
C 10 50 
V 13 64 
S 19 64 
S 28 73 
S 22 72 


Bripbt. becoming cloudy, rain 
later. Max. 17C (63F>, 

S.W. and N.W. England, Wales 
W. Midlands 

Rain or drizzle, becoming 
brighter with showers. Max. 17C 
<63F>. 

Lakes, Isle of Man, NJ5. England, 
S. Scotland, N. Ireland 
Rain, hill fog. Max. 14C (57F). 
N. Scotland 

Sunny intervals, showers. Mas. 
13C (55F). 

Outlook : Cool and changeable. 


HOLIDAY RESORTS 


F 17 63 
C 20 <» 


S 2S 82 
S 2« TO 
R » TS 
S IB W 
F 19 6fl 
e i« fii 
C 20 <9 
S 27 si 
C 31 SS 
S 25 73 
S 23 73 
F 23 73 
F IS * 


Ajaccio 

Alters 

Eamrz 

Blackpool 

Bordeaux 

Boulocm.- 

Catblnm. 

Cap*.- Tu." 

Corfu 

puhrutnik 

Faro 

Flore Ovx- 

Funchal 

Gibraltar 

Giwmscy 

Innsbruck 

iRvenu-ss 

Is. of Mart 

C— Claudy. 


Y'day 
Mid-day 
“C # F 
F 23 73 
C 21 70 
F 13 M 
S 16 61 
F 21 70 
S 17 Si 
F IS 66 
C la 39 
S 32 80 
S 26 79 
5 20 £« 
F W 73 


c r. 95 
C 39 6S ! 
C 13 59 
S 13 33 
F— Fair. 


Istanbul 
Jersey 
Las Pfms. 
Locarno 
Majorca 
Malaga 
Malta 
Nairobi 
Kaplcs 
Nice 
Oporto 
Rhnd« 
Satzbure 
Tangier 
Tenorile 
Tunis 
VaJenda 
Venice 
R— RaUL 


Y’day | 
Mid-day 
■C *F 
F K 73 
C J6 61 


S 24 73 
S Z9 S4 

r 19 m 
V 23 73 
S 23 73 
S 17 ffi 
S .tl SB 
F 10 66 

S 21 TO 
F 1 j SB 
S 27 81 
C 21 70 
S 24 73 
S— sunny. 


Audiotronic is to Lssue £1.5m 
of cumulative preference 
shares with dividend and sub- 
scription rights. Mr. Rose and 
two associates are to subscribe 
for £230,000 worth and the re- 
mainder will be placed by 
stockbrokers Buckmaster ami 
Moore. 

Audiotronic made its move 
into France last year when it 
arranged with the receiver of 
King Musiquc. a failed French 
hi-G chain, that a new subsi- 
diary Laskys SA should rent 
King Musiquc’s 50 outlets. 

The Audiotronic manage- 
ment remained confident until 
quite recently (hat this chain 
— pruned somewhat — would be 
a successful venture. But the 
audited figures Tor the period 
til! the end or February 1978 
revealed substantia! lusses and 
Audiotronic decided to pull 
out. 

Mr. Michael Adler, a direc- 
tor of Audiotronic, has re- 
signed. Mr. Rose will join the 
Board as chairman with his 
two associates, Mr. Dan Sulli- 
van and Mr. Bensoo Selzer, as 
new directors. 

Audiotronic's shares fell by 
6p to 25p on the news. 

Details Page 23 


SCEPTICISM about National 
Enterprise Board plans to manu- 
facture micro-electronic circuits 
at a cost of around £50m was 
expressed yesterday by Sir Keith 
Joseph. Conservative spokesman 

for Industry. 

Jn a letter Mr. Eric Varley, 
Industry Secretary, Sir Keith 
.says that the plan “has given 
i rise to some criticism and 
anxiety.” 

Approved by the Cabinet Iasi 
i month, ii is thought to binge on 
j development of the next stage of 
micro-circuit technology — a 
silicon chip containing frLOOO 
separate memory cells, known as 
the OiK RAM. 

Leading electronic manufac- 
turers have criticised the invest- 
ment as being too small for the 
creation of an effective chip 
industry. 

Sir Keith writes: "It is not my 
intention to make commercial 
judgments, but you must be as 
aware as l am of the scepticism 
in industry as to whether it 
really is wise to try to leapfrog 
into the 6*1 K RAM chip.’’ 

“Many informed people do not 
consider it prudent to attempt, at 
Ibis stage, to catch up the 
Japanese and Americans in the 
volume production of general 
purpose computer chips without 
muiii-n-dtional backing-” 

Some pi-ople feared that the 
£30m-£50m that the NEB is 
believed to be putting up for 
this venture would simply be the 
first instalment in a cosily failure. 


Sir Keith’s letter comments 
© Department of Industry 
officials had previously said they 
were opposed to what the NEB 
is doing in evidence given to a 
National Economic Development 
Office working party. 

<1 The NEDO working party was 
“kept in the dark" about NEB 
strategy. 

9 English and American 
engineers, believed to stand to 
gain “considerable persona] for- 
tunes” if the venture is success- 
ful. will do so at the expense or 
the taxpayer, who bears all the 
risks 

9 Earnings and capital gains of 
the engineers may not be subject 
to UK taxes 

Lord Peart, Lord Privy Seal 
and chairman of the Govern- 
ment’s Adviaorv Council for 
Applied Research and Develop- 
ment, said yesterday that the 
Government is considering assist- 
ing manufacture of integrated 
circuits by companies already 
established in the UK as well as 
investing in the NEB plan. 

Speaking to the Parliamentary 
and Scientific Committee, he said 
that the Government had identi- 
fied three separate issues in the 
rapid development of microelec- 
tronics: 

These were the establishment 
of a UK manufacturing base for 
chips, ways to encourage UK in- 
dustry to take advantage of the 
new technologies and finally, the 
problem of social adaptation to 
the new technology. 
Micro-electronics effect Page 8 

Men and Matters, Page 18