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On stream 
On time 


with Capper-Neill 
Onsite ,-\ 



-No. 27.391 


Thursday June 22 1978 





ML&U«^Fr. 2 S 50 ENMARK Kr.J.S; FRANCE FrJ.Os GERMANY DM2.0: ITALY L.SM,' METNERLANDS R.2.0: NORWAY KrJ.S: PORTUGAL BcJlO; SPAIN Wn».«t SWEDEN Kr.JOSs SWITZERLAND Fr.2.0; EIRE 150 



\i:ws si m, vi aim y 


GENERAL 




v""v 


*t. 



business 

Equities 



• • . V 

' r -v; 


by EEC 


Gats 

steady 


•. jTr3 ji- 
■ . 


■«* 


ilfeC fisheries Ministers have 

f.5 rtsh in relationships 
with outside countries by con- 
craiflg to one UK demand and 
thus allowing a n extension of 
the informal agreement with 
Norway, Sweden and the Faroes 
^The UK said that the EEC's 
snare of fish in Norwegian 
waters north of the 62nd parallel 
should be allocated to intP rested 
l&ember. states on a quota basis. 

Unless this demand had been 
met. the UK said it would not 
agree to a one-month extension 
of the informal agreement, due 
.to expire at midnight tonight. 
Each and. Page 1R 


® equities met. increased 
selling pressure. Economic and 
political concern were again Uu* 
main factors. The F-T. 30-shar,- 




• - • r, 


Dutch in World 
Cup Final 

Holland won through to the 
World Cup Final when they beaf 
Italy 2-1 in Buenos Aires. 
Holland's Ernie Brandts scored 
■an own goal to put Italy ahead 
Ghd'then got the equaliser. Arie 
Han scoring the winner. Also in 
Group! A, Austria beat West 
Germany 3-2. 

•' > In Croup B. Brazil beat Poland 

3-1. 



JAN FEB MAR APR MAY JUK 


index Tell 7.8 to 455.6. It had 
fluctuated In the 490460 range 
for two months. • ' 


• GILTS were steady. The 
Government Securities index 
was 0.02 up at 69.76. 


Callaghan aide 


J Mr. Roger Carroll, political 
editor of The Sun newspaper — 
which has been strongly pro-Tory 
of late — has been chosen to be 
one of . Mr. Callaghan's special 
advisers during the next general 
election campaign. Page 8 


• STERLING closed slightly 
below its highest of the day at 
SI. 8495 for a gain of 93 points. 
Its trade-weighted > - Index 
improved to 61.5 (6L3).* The 
dollar continued to lose ground, 
particularly against the Yen. Its 
trade - weighted depredation 
widened to 6.5 (6.4) per cent. 
Back Page 


NATO alert 


- A., tow-level alert at key NATO 

' V 4h?iaIlaiion's extending from 

y^' Denmark to southern Germany 

. was.disclosed by NATO, following 
that urban guerillas 
«‘r^ , .'MQere'' ^planning an operation. 
*£ -‘Troops in neutral, Austria have 
' .Yr> .alsobeen ou alert since the week- 


• GOLD rose SJ to S1S6J in the 
wake or the U.S. gold; auction 
The New York . Com ex ‘jfene 
price fell Id points to 185; 


• W ALL STREET closedAll 
lower at 824.93. 




• *-:■ 


exiled 

Two Jewish activists Mr. Vladimir 
Slcpak and Mrs. Ida Nudel, were 
'Convicted of 7 malicious huoli- 
■ Nanism" in Moscow and sentenced 
to internal exile of five and four 
years respectively. They had 
protested over the refusal of exit 
■’visas- Page 2 


U.S. approval 
for steel link 



i ? * ^ r D ’ 


Trawler blaze 

Seven inen from the Newly n 
trawler Karenza look to Jife- 
rirfts when their vessel caught 
>. fire 30 miles off St. Ives 
--^Cornwall. A Royal Navy 
helicopter was alerted bui 
another ’ trawler picked up the 

men- 

Autobahn talks 

East and West Germany began 
' apolitical talks on plans for an 
■ ..autobahn linking 'West Berlin 
with Hamburg. The Bast Ger- 
• , -remits called off earlier technical 

- talks, apparently feelme. tha 
negotiations should open at a 
political level. Page 2 

Some picnic 

'Ti n - British men anil . an 
.. Jfrpto ir hostess who wen 

B SL !,i - c t o«p s-rias 

. jail at Rabigh. north of Jeddah. 

^Briefly--* , . . „ 

Rotary International . ,s 
.SeT for ses discrimination in 
.SI. Angeles after « e-xpeUed a 
Californian chapter wiucii 
admitted women. 


amniueu 

’ " Mrs. Thatcher, Tory J p ^ r : 

£ &£*{&?* 
: SSJSS .?JS 

assise's 

: Greece, which cla.meh 

"Page 2 

V Solicitor 


#1125. .STEEL MERGER pro- 
posed by LTV and Lykes was 
approved by the Attorney 
General because “Lvkes faced 
the grave probability of business 
failure." The merger is one Df 
ihe bit;eest in U.S. history and 
will create a company with 
assets of more than $3.6bn. It 
will oe the third largest steel 
company in the country. 

The Department of Justice 
anti-trust division is concerned 
about the precedent set There 
are several other steel companies 
with uncertain prospects. Page 24 

• MR. ERIC VARLEY. Secrc- 
lary for Industry, will decide 
■ within 24 hours" whether -to 
intervene in British Steel’s plans 
10 effectively stop production at 
Shelton tomorrow Bark Page 

• LABOUR PARTY proposal* 
tn restructure and partly 
nationalise the construction ^ 
dustries could cost as rouin as 
iafS;, according to an Lconomxsj 
Intelligence Unit report Back 
and Page 6 

• federal RESERVE cha£ 

man urged Congress to curb JJ® 
U.S. activities of foreign banks. 
Back page 

• I.EYLANO VEHICLES is 

j 

is being focussednn Ujjjy? 
common couiponenis. i»sr ^ 

• WEST GEBMAN 

rfCfirT^'nlon.hs oi this 
year. Page 4 -. . 

• DELEGATES. 3t 

SeTtm sL&S- r pna ^ 

workers union. Page 8 ' \^ 

• .CONSOLIDAraDCo'dFWfe 

if Srils n?tt 

base and P r0 ^“ u ' H ighlands of 
Gairloch in the Ph?c ^ 

Scotland; Minins Vv . 


COMPANIES - 

21 . 

* . - nf the US 


far to April i. — " ' ' 

• tn T 0N tt 1 US? «? 

will take an al ej Qf a settle.; 
*l74m as « "gg NaV y ending 
ment with theJJS over a sl ^. 

a nine-year dispute M 

btrildins contr» ct - ® i 


F PRICE CHARGES 

uni® others* 
indicat^^ 

and^;; 1 ??:^ 

°¥Safflshif« JJ} t ; 
f Ali<?n ininl. 177 + J 

Speakin^n.-. + J5 

*£**■ - 850- + » 

Pacific 233 + u 

jtchlson 253 +' 5 

* Ufd... ififf + 10 

j Pacific 

■•FALLS ^ g 

\t QHlchrS- S3 q 1 


YESTERDAY 

, r noiries 


■ . 220 

Asscd. Denies ; w2 

Beecham ^37 

Buhner (H. r l ■■■ no 
comet Radiovtsion ■■■ l30 

E3U3 - 552 

Glaxo 2S6 

Gt. Portland tsis. i7(> 

sS 

Hongkong s&a " e .. 370 - 

ifrdinc'Ma'ih'e^m .•■ 2'i 

E^r ;:: *g 

Swire Props. ■ ... 356 

Tube tovf- ... 45 

■?Sg5SS»j*"' - 


5 5 
23 
5 . 

5'-' 

5 ' 
.11.- 

10 

6 . . 

16 
12 
8 . * 
iL-: 
4 
R 
R 



may joi 



in Barents 


Lloyd’s 
warning 
on new 


Zenith loses 

court battle 


Sea exploration 


embers ! over imports 


BY JOHN MOORE 


BY JUREK MARTIN, US. EDITOR WASHINGTON. June 21. 


BY RAY DAFTER, ENERGY CORRESPONDENT 

The Soviet Union may co-operate with British Petroleum in joint oil explora- 
tion and development in the Arctic Barents Sea region. 


LLOYD'S of London, the world’s 
oldest insurance community, is 
prepared to limit membership 
:r insurance business growth 


if 


Russian officials, including 
loaders *<f ihe Soviet State Com- 
mit tee tor Science and Tech- 
nology. have already had prelimi- 
nary talks with BP in London. 


Huhsia sees the pulitically- 
it- ns 1 live Barents Sea as a 
I'ou-ntial source oi vital energy 
supplies in ihe longer term. 

BP said that the approach 
about possible co-operation had 
been made by the Soviet Uoion. 
However, the company had made 
no commitment to the outline 
scheme and no firm pledge had 
been given by the Russians. 

Even if a joint drilling opera- 
non is agreed, BP hclieves it 
could be 10 to 15 years before 
commercial quantities of oil are 
discovered, proved and produced. 

It is nni expected that n drill- 
ing agreement will be reached 
quickly. For the past three years. 
BP has been discussing with 
Russian authorities a number of 
oilier possibilities. 

These include oil exploration 
m the Caspian Sea; joint opera- 
tions in oil refining projects: and 
possible involvement in the con- 
struction of an oil platfonu 
fabrication yard in conjunction 
with Brown and Root and 
VVimpey on the shores of the 
Caspian Sea. 

So far. none of these projects 
has been ratified. 

The possibility oF Joint drill- 
ing operations in the Barents 


n 


BARENTS 4 
SEA 

Ol 


Norway 



USSR 




Mo'.co-.m - 


Sva it. significant for a number 
of reasons. 

Several studies made in the 
West, have shown that Russia 
may find it difficult to meet its 
needs, and the needs of Eastern 
Europe, by the mid-1960s. 

The U.S. Central Intelligence 
Agency reported last year that 
Soviet oil production could reach 
its peak as soon as inis year 
and not laler than ihe early 
l»SDs. 

Mr. Jeremy Russell, deputy- 
head n[ Shell Ifiiernaiioaar* 
East Europe Division, has re- 
ported Jhai the Sdvkm oil in- 
dustry is faced with the task of 
proving between 2l»n and 4hn 
barrels of extra ml every year 
until 19S5 if production targets 


fur the muMn-n. .,ro i.v be met. 

Con&equeri>;.. greater effort 
was now !>::r. r d?\niud to ex- 
ploration. 

A Russian dc. citation haj also 
held recent u-ji-rmai discussions 
v/ilh the !:•>; al Dutch. Shell 
Group, all hoy -i. ;he pos»ibihty 
of join! c.vr<;.. raric.n projects in 
the Barent- >• .1 v:as not raised, 
according i-/ -• company spokes- 
man. 

.Yews of Jhc drilling proposals 
yesterday :i -stir in Oslo, 

because Nm-va;. and Russia 
have still Agree '.‘n a cunti- 

nental sh>'!i i».'undary m the 
Barents Sea. 

The Nni-’-euians want a boun- 
dary based ;.n ihe median-line 
principle ■•peraied in the 
North Sea. P.ut this would lie 
further ea*l man one drawn ac- 
cording to Russran-favoured 
rules. 

Mr. Bjartm.ir Gjerde. Norway's 
Minister of Pctioleuni aud 
Energy. VJ to that reports about 
BP’s. possible drilling involve- 
ment indicated that the Russians 
had changed their attitude to- 
wards exploration proposals. 

-j kr*.w the Russians 
have for -onto time been in 
touch with international oil 
companies, hm l thought it was 
nnly ■ aimed :*i buying techno- 
logy withmp me intention of 
opening up ihi-ir continental 
shelf tor foreign nil companies.” 


Tax relief 




BY RICHARD EVANS, LOBBY EDITOR 


THE GOVERNMENT has no 
intention of abolishing tax relier 
on mortgage interest, Air. Peter 
Shore. Environment Secretary, 
said yesterday. He was outlining 
in the Commons housing policies 
which seem certain to form a 
major plank in Labour’s election 
manifesto. 

Taking advantage of a Con- 
servative attempt to highlight 
the Government's poor housing 
record. Mr. Shore said an 
important Bill was being pre- 
pared which would include 
measures covering the public and 
private sectors. 

Among its provisions would be: 
a - clause to enable local 
authorities to keep their mortgage 
rates in line with those charged 
by building societies; a new 
subsidy system based on - the 
principle that average rents in 
local authority housing should 
rise no faster than average 
incomes; a package of improved 
legal rights for public sector 
tenants: and a substantial revue 
of the Rent Acts covering private 
tenants. 


His insistence that a Labour 
government would continue to 
give lax relief on mortgage 
interests 10 owner occupier.? — an 
issue which has divided ihe party 
in the past — was clearly an 
attempt \n head off any challenge 
from the Conservatives liiat tax 
relief might be in danger again. 

As it seems increasingly certain 
that there will nut be another 
session in this Parliament, the 
proposals outlined Ij> Mr. Sburc 
will form a key part of ihe 
Labour Party manifesto under 
preparation. 

Mr. Michael He>ef(ine, shadow 
environment spokesman, gave 
notice lha.l the Conservatives will 
feature housing policy in then- 
election shop window when h? 
repeated the pledge that council 
and new town tenants would be 
given a statutory right by the 
Tories tn n#n their homes if 
they wished. 

He promised that the policies 
they would pursue towards focal 
authority tenants would be ** «n- 
i-mupai-ahly mure generous and 
realistic’’ than anything th.^ 


Government hart 00 offer. 

But Mr. Shore said there had 
been considerable improvement 
in nearly every field of housing 
polio and, although he regretted 
the recent rise in mortgage rates, 
these were still 1! per cenl 
lower than a year ago. 

There was some evidence that 
the acceleration in house prices 
was decreasing and he (lid not 
believe there would be toe price 
explosion that many pople feared 
i-w months ago. 

“However, we shall continue to 
nii-tiitut- the situation closely with 
the Building Socieites’ Associa- 
tion and be prepared to adjust 
th>- volume of lending as events 
demand.” 

The two specific measures tor 
owner occupiers proposed by Mr. 
Shore were the removal of the 
ban on flexible interest rates on 
local authority mortgages and the 
si i-L-ngt honing of the powers of 
local authorities in provide 
guarantees to building societies 
Continued on Back Page 
Parliament Page 8 


.does not soon revive. Mr. Tan 
1 Findlay, chairman, satd yester- 
day . 

Last year's election of 
members was a record of 3,636. 
• bringing the iotal membership 
to 14.134. Mr. Findlay said in his 
.annual, report. 

A steady increase in capacity 
was a healthy feature of the 
market “provided thai it is 
j accompanied by a correspond- 
I mg growth in business. Where 
l this is not the case there must 
|he doubt whether so large an 
' increase in names is desirable.” 

The number of new members 
this year is expected to be at 
about last year's level, although 
the committee of Lloyd's was 
monitoring the position closely 
and was prepared to impose 
limitations if this should prove 
necessary. 

Restrictions could take the 
form nf a ballot system organised 
! by the underwriting agents, or 
I a ’ quote system, supervised by 
i the committee. The last time 
restrictions were imposed was in 
the late 1950s and early 60s, 
when a points system was 
organised which admitted new 
members according to the length 
of time they had waited for 
admittance. Tf existing members 
died they were replaced by new 
members. 

The poor conditions in insur- 
ance markets are widely spread 
throughout many classes of busi- 
ness. In the aviation and marine 
markets in particular, premium 
rates are depressed. H is becom- 
ing increasingly difficult for 
svndicate members to be pro- 
vided with any business which is 
likely to make a profit in those 
markets. 

Mr. Findlay hinted that the 
recent controversial ruling by 
Lloyd's that outside insurance 
interests should hold no more 
than 20 per cenl of a Lloyd's 
broker — which blocked take- 
over bids by two large American 
brokers Frank B. Hall and Marsh 
and McLennan — could be 
relaxed. 

‘•The door of Lloyd's can 
alwavs be opened further, but it 
is difficult to close the door once 
it has been opened too far. If, 
and I must say it is n big if. the 
committee were to he satisfied 
that their conditions regarding 
the entry of brokers could be 
modified without weakening in 
any way ihe essential require- 
ments or control in London, then 
J am sure the position could be 
reviewed.” 

Lex. Back Page 


THE U.S. Supreme Court today- 
removed a pnsrtbie obstacle to 
the current round of world 
trade talks by ruling in favour 
of the U.S. Government in ihe 
controversial Zenith colour 
television case. 

The court declared unani- 
mously that ;he U.S. Treasury 
was nol obliged under law. as 
Zenith bad claimed, to impose 
countervailing duties on im- 
ported Japanese electronic pro- 
ducts. principally colour tele- 
visions, because the Japanese 
Government t-vempied ils manu- 
facturers frum j commodity tax 
on goods sold overseas. 

Had Zenith prevailed in the 
Supreme Court, the international 
consequences could have been 
severe. The U.S. would have 
bad to impose countervailing 
duties on European goods sold 
here on which value-added tax 
is rebated to exporting 
companies. 

U.S. Steel, supported by 
Bethlehem, ha* already filed -suit 
in a lower court against Euro- 
pean value added tax rehates. 
The thrust nf today's ruling 
appears in lessen the chances of 
success for that action. 

The U.S. Government greeted 
today's ruling with undisguised 
relief. It had warned that foreign 
governments would almost cer- 
tainly retaliate against U.S. pro- 
ducts if Zenith had been upheld, 
even lo the point of starting a 
trade war. 

Morepver. the slow but definite 
progress that the U.S. and its 
major trading partners have 
made in working out an inter- 
national code governing subsidy 
payments by national govern- 
ments would have been com- 
pletely eliminated. 

There would have been vir- 
tually no chance of reaching a 
new multinational trade agree- 
ment, in which subsidies will 
form an integral part, in a 
month's time or even in the fore- 
seeable future. 

The Supreme Court ruling 


today briefly alluded to such 
arguments, but was essentially 
ha.->ed on strict interpretation of 
ihe original 1S97 Countervailing 
Duties Statute and subsequent 
interpretations b> the Treasury 
Department. 

Zenith had argued that the 
terms of toe lftto Tariff Art 
required the U.S. to levy counter- 
vailing duties whenever a foreign 
country pays a ‘‘bounty or grant" 
on the export of a product. 

But Justice Thurgood Marshall, 
who wrote the unanimous 
opinion, said that the Japanese 
rebates did not amount to a 
“ bounty or grant." This term 
was not intended to encompass 
a non-exce.-sive remission of an 
indirect tax. 

Successive cases over the years 
had shown that, so long as 
rebates were not excessive, the 
forgiveness of indirect taxes did 
nnt constitute an unfair competi- 
tive advantage tor exporters. 

Indeed, such tax breaks had 
been viewed "as a reasonable 
measure for avoiding douhle 
taxation of exports — unce by the 
foreign country and once upon 
sale in this country.” 

This interpretation of Ihe 
statutes to which Treasury sec- 
retaries had adhered over the 
years. Justice Marshall wrote, 
'* was far from unreasonble.’* 

Congress could bare overruled 
the Treasury but had not done 
so ” and 3t is not the task of the 
judiciary.” 

This last remark appears to 
be a direct reference lo a key 
part of the Government brief in 
the arguments before the 
Supreme Court. 

After Zeniib had won its 
initial case before the New York 
Customs Court but had been over- 
ruled by the Customs Court of 
Appeal. ihe administration 
wanted that last verdict to stand 
and hfd argued against ihe 
Supreme Court considering the 
issue. 


Israel upsets U 


BY JUREK. MARTIN. US. EDITOR WASHINGTON. June 31. 


r in Sew York 


Jiini- 21 


Pitnm 


M.wro-ww 

1 ti. mi! It O.i^-Cu-O ,:if 

IIS I.SOI.4J -If- I. . wt J. 40.il* 

iz {I.iv.*. 4s 0,lis b,10.4.-Xl -tit 


THE U.S. expressed public regret 
today at what it fell was the 
inadequate response of the Israeli 
Government to American ques- 
tions on the future status of the 
West Bank and the Gaza Strip. 

The Slate Department comment 
accords closely with the private 
disappointment that has been 
evident here in the past three 
days as the Administration has 
deliberated over its publie 
position. 

The State Department took the 
unusual step of releasing the 
text of the two questions it put to 
the Israeli Government last 
month and which produced last 
Sunday’s response by the Cabinet 


and Monday's ratification by the 
Knesset They were; 

• Could Israel say that at the 
end of five years the question of 
the final status of those terri- 
tories would be resolved? 

• What could Israel say about 
the mechanism by which the 
question would he resolved? 

The Israeli response has put 
the onus on the ILS. to get peace 
talks moving again. Mr. Hodding 
Carter, the Slate Department 
spokesman, said the U.S. would 
consult Israel and Egypt. 

Vice-President Mondale's long- 
arranged visit to Israel Ibis 
month, originally a ceremonial 
visit, is already assuming new 
significance. 


Price war hits Tesco profits 


BY ELINOR GOODMAN, CON5UMER AWAIRS CORRESPONDENT 


TESCO. the supermarket chain, 
which intensified the food price 
war last June when it dropped 
Lto-ading stamps. yesterday 
reported a 5 per cent fall in pre- 
tax profits in the year to the end 
of February. This was in spite 
of a 35.77 per cent increase in 
sales which took turnover up to 
£979 m. 

In the 38 weeks after giving 
Up Green Shield stamps and 
cutting its margins, Tesco in- 
creasw its sales by 42.95 per 
cent. The scale of this increase 
„ unprecedented in the grocery 
business, and demonstrates the 
pressures which Tescn's com- 
petitors have been under for the 
past year. 

Several other retail groups, 
like Sainsbury and the 
Associated British Foods super- 


market subsidiary. Fine Farr 
have already reported reduced 
margins and there have been 
warnings that there "’ill be 
casualties in the industry if the 
price war continues. 

Mr. Leslie Porter, chairman of 
Tesco. said yesterday that the 
company intended keeping up 
the pressure on prices. 

The board was confident that 


Details, Page 20 
Lex. Back Page 


the new trading strategy would 
result in a satisfactory rate of 
profit increase, and Liu? had 
been borne nut by the trading 
results for the fiial three months 
of the current financial year. 

When Tesco, which has now 
overtaken Sainsbury to become 
the second largest retailer of 


jrirtv-^d groceries in Britain 
afp i ihe Co-op. dropped stamps 
it .il.-si' cut its gross margins on 
eiw.Ties by 4 or 5 points. 

f bis. together with costs 

in- ubed in launching Operation 
rj-.-.-ck-iut, took ils loll «*n net pro- 
fit- v-hicb. before tax. fell from 
IS 111 in 1976 tn £2S.56m in 
lh- j-.-ar ended February. 1978. 
in iK- same period net margins 
fell from 4.3 per cent to 3 per 
cenl. 

;fr Porter said yesterday (hat 
■.viih'iui the non-recurring cost® 
of more than £3jtt involved in 
lb-. - launch, the company would 
be able to increase ils net mare 
gm i" 3-5 per com this year 
•• • mi a little bit of fine tuning.” 

Since last June, tho company 
iu- reduced its branches by 
Jm-u! d0 to 650. This year it will 
ujn-n new stores. 


European news 2 

'American news 4 

Overseas news 3 

World trade news 4 

Home news— general 6-* 

—labour 9 

—Parliament ... 8 


CONTENTS OF TODAY’S ISSUE 

Technical page 


Mining 


... 9 

lml. Cumpanies 

24-26 

... 11 

Lui'toiarkets 

24-25 

... 17 

.Tji'fu’.v and Exchanges .. 

.... 28 

... IX 

TV mid markets 

.... :ifl 

2 fl.z:; 

Fanning, raw mail-rials 

... -71 

22 

U.K. >tock market 

.... 32 


The EEC stalemate on 

fishery policy 18 

Economic viewpoint on in- 
comes policy 19 


FEATURES 

Lockheed under new man’ 

age me in 12 

Business and the C-ourts 16 
Muddy water*, of a re- 
insurance wrangle 27 


pnliiical attitude* i» South 
Africa 3 


S twin's depressed steel 
industry rescue plan 2 


AopuinUfiDTIts 

AqpelnUTionfc- Ad*tS- 
BbsIbm* Arfvts. 

Crnumrd 

Gcanomic liuficators 
Eqtonalnmwt GuMe 

EiiraiwM Oats. • • 
Home CDiuraeu ... . 
Jnbs Ctlifflin 


29 

12-15 

» 

lb 

zr 

u 

» 

1 

12 


IB 

K 

lb 

IS 

lb 

6 

M 

It 


Letter* 

Lex ... 

LwHWrrf ■ . 

Men and Matter* 

Racing 

5 aleraam . -. 

Sliare In I arm at Ion 
Today’s Events 
tv and Radio . 

For Infest Shore fnde* 'phone 0J-2-J rt 


tf 


Unit Trusts .... 

Weather . *» 

Base Lending Rate* 

INTERIM STATE MEUT 
Throginai'toii Trust - z 

ANNUAL STATEMENTS 
Aided Irish Banin ■j’ 

Krixiofi Estate 


Burnett Haffamshlre 

B - Milieu 

Farmnalia 

Hairisani Crosheld 
Hewden-Stuan Plant 
F - H. Lloyd 
Maliinsan Denny 
Pou-nRna 

Sunderland Water . 


22 

21 

8 

22 

a 

a 

a 

25 

a 



Mr Square 
you a view 


Footage offers 
of the Thames 




Savoy 

Street 

WC2 


Economic rent 
Car parking 
Central heating 
Lift 


To Let 


9,600 

sq. ft approx. 


(91 828- MI} 



7 Birchin Lane London EC3V 9BY 
Telephone 01-283 0041 Telex 265384 


:0S$0k-<:. 

iSS&SKki.: 


at. 





2 




:--~di+£:h 


llROl’KAN N 


Schmidt rules out 



reform of tax structure 


BY ADRIAN DICKS 


BONN. June 21. 


CHANCELLOR HELMUT 

SCHMIDT, under increasing 
pressure to consider early 
reform of the West German tax 
structure, asserted his authority 
in the Cabinet today in order 
to emphasise that he regards 
any such measure as not tech- 
nically feasible within the short- 
term. 

Herr Schmidt's warning 
appeared directed both at his 
junior coalition partners, the 
Free Democrats (FDPj. and at 
Bonn's partners abroad, for 
whom medium-to-loog-term tax 
reductions must now appear one 
of the more probable West 
German contributions towards a 
compromise package at the 
world economic summit here 
next month. 

In the Cabinet’s discussion oF 
the matter today, the Chancellor 
repeated his conviction that 
reform of the Income tax struc- 
ture to take account of rising 


wages and of the present rela- 
tively heavy taxation of the 
lowest incomes, could not be 
carried out by next January 1. A 
Government spokesman, said, 
however, that Herr Schmidt had 
“not ruled out" the possibility 
or a tax reform package by 
19S0, but also stressed that this 
did not mean that the Chan- 
cellor was promising one. 

The Government's view has 
been that no decision on any 
matter bearing on next year s 
budget, including possible tax 
changes, will be taken until late 
July, when the Bonn summit 
meeti ng will already have taken 
place. 

Herr Hans Matthoefer, the 
Finance Minister, also stressed 
the dancers of trying to put 
into effect a long-term change 
such as the reform of the tax 
structure without adequate time 
for preparation. 

Herr Schmidt's strongest 


criticism of the Free Democrats 
was made last night to his own 
Social Democratic (SPD) par- 
liameotary group, when he 
accused the FDP of acting 





Fahd on visit 


to Bonn 


Crown Prince Fahd of Saudi 
Arabia (left) arrived In Bonn 
yesterday at tbe head of a 
delegation for three days of 
talks with the West German 
Government- He held a first 
private meeting with Chan- 
cellor Helmut Schmidt yester- 
day evening. Economic issues 
were expected to take first 
place in the talks with the 
West Germans likely to 
express their appreciation of 
Saudi Arabia's moderating 
Influence at this week’s OPEC 
meeting. 


own goals for the world 
economic summit as those of 
currency stability, co-operation 
over energy, reducing protec- 
tionist tendencies, getting to 
grips with development prob- 
lems and— in last place — discuss- 
ing growth policies. 

The FDP, for its part, has been 
obliged to qualify the draft tax 
reform package which it last 
night formally adopted, explain- 
ing that it will not press the 
matter any further without agree- 
ing on the “ contents, timing and 
consequences" with the SPD. .As 
a result of this agreement, the 
coalition was expected lo have no 
trouble this evening in surviving 
a tactical attempt by the Chris- 
tian Democratic opposition to 
force the FDP to stand by its 
ideas and vote for a vaguely- 
worded opposition motion calling 
for tax reform next year. 

While this solution may have 
answered the Free Democrats' 
urgent need to re-establish them- 
selves as a party of reform and 
imagination in the wake of their 
recent humiliations at the polls, 
few in Bonn doubt that tax 
reform will remain a deeply 
divisive issue within the coali- 
tion. 

Herr Schmidt also strongly 
attacked las! nigh! the report by 
the “five wise men" — the inde- 
pendent council of economic 
advisers — which yesterday advo- 
cated changes in the tax system 
that would relieve ' personal 
income and business taxes now 
in force, and replace part o[ the 
shortfall in revenue with an 
increase in value added tax to 13 
per cent 


Renault, unions in strike talks 


BY DAVID CURRY 


PARIS. June 21. 


NEGOTIATIONS hetween 

Renault and the unions are 
taking place this evening to try 
to resolve a dispute at the FI ins 
factory near Paris which has so 

far caused the loss of some 
15.000 vehicles. 

The talks are being held at 
the demand of the Versailles 
court which authorised the 
expulsion by the police of the 
workers occupying the press shoo 
on condition that an attempt was 
made to find a negotiated 
solution. 

Riot police cleared some 80 
workers from the press shop— 
almost entirely Moroccan. Sene- 
galese and Mai ion immisrants— 
In the early hours of this morn- 


ing. The company has restarted 
the presses with substitute 
labour but the 9.000 assembly 
line workers who were laid off 
yesterdav have not been recalled. 

Although the unions have pro- 
tested against the expulsion, 
there are few signs that the 
dispute is provoking much 
sympathy action. The expulsion 
almost a fortnight ago of striking 
workers at the Cleon factory- 
near Rouen, and, before that, the 
first expulsion of the Flins 
workers, took place without 
widespread sympathy action. 

The Flips workers' demands 
cover salaries but more im- 
portantly. regrading. They are 
classed as manual workers and 


France has trade surplus 


BY DAVID WHITE 

FRANCE'S TRADE balance was 
in surplus last month for the 
fourth month running. The sea- 
sonally adjusted figure showed a 
positive margin of Frsl55m 
fflSm). which, although lower 
than the April surplus of 
Frs692m. leaves France’s trade 
record so far this year In the 
black. 


PARIS. June 21. 


This means that. In adjusted 
terms, France has wiped out its 
heavy deficit suffered in January. 
However, the crude figures for 
the first five months show a 
Frsl.fibn shortfall, while tbe ad- 


justed surpluses have been 
rapidly shrinking since March. 

In May last year. France had 
a trade deficit of just over 
Frslbn. Exports over the 12 
months have risen 14.9 per cent 
to Frs29.52bn last month and 
imports by. 9.7 per cent to 
Frs29.36bn. 

Cereal exports helped restore 
balance in French agricultural 
trade, while the May figures were 
boosted by large deliveries of 
motor cars and parts. Trade with 
tbe remainder of the EEC pro- 
duced a reduced deficit of Frs 
590m. 


are demanding to be reclassified 
in the bottom ntng of the pro- 
Fesional ladder. Thu? company is 
resisting this because they do 
not meet the qualifications 
required for this classification 
and to concede a higher status 
without the qualifications would 
upset the grading system at the 
plant. 

The Renault dispute is one of 
a series of strikes spread over 
French industry though there is 
no sign yet of any co-ordinated 
opposition to the Government’s 
economic policies. Six of tbe 11 
plants of tbe Moulinex domestic 
appliance company are at a 
standstill, the Lyon Metro, 
recently opened, is hit by a 
drivers' strike in support of 
claims for equal pay with the 
Paris underground drivers and 
for shorter hours “in the tunnel." 
while talks are expected to begin 
today to resolve the strikes in 
the country's arsenals which is 
holding up, in particular, repair 
work on naval vessels. 


The Government is unperturbed 
by the strikes because the unions 
themselves are split on what 
interpretation to place on the 
disputes and because they still 
appear isolated. It feels, on the 
basis of historical experience, 
that strikes so close to the 
summer holidays are unlikely to 
develop any real momentum, 
though some observers see the 
present discontent as a harbinger 
of a “hot’’ autumn in the indus- 
trial relations field. 


Dutch civil servants call strike 


BY CHARLES BATCHELOR 


AMSTERDAM, June 21. 


DUTCH civil servants are 
'planning a one-day strike on Fri- 
day in the main cities in protest 
at plans. to limit' salary increases. 
Meanwhile "il appears increas- 
ingly unlikely that the Govern- 
ment's proposed FI lObn fS4.5bni 
package of spending cuts, which 
include the salary curbs, can 
be dealt with by Parliament 
before iho summer recess. 

The one-day strike means that 
there will be no public transport, 
refuse collection or postal 
services in Amsterdam and Rot- 
terdam. Electricity will be main- 
tained at a minimum. Other 
cities may be affected. The 


strike will be followed on Mon- 
day by a demonstration in the 
Hague. 

Government and local authoritv 
workers are not permitted to 
strike in Holland but. the Home 
Affairs Ministry said today that 
no decision had been taken on 
the Government’s reaction. The 
Government could seek a court 
injunction prohibiting the 
strike. The authorities have said 
civil servants may take leave to 
attend the demonstration 
provided the work of their depart- 
meat is not disrupted. Those 
taking unauthorised leave will 
lose pay. _ 

The action has been called by 


the General Committee of 
Government and Local Authority' 
Staff (ACOP) which is the 
largest civil servants' union and 
represents about 300,000 workers. 
The union is incensc-d at plans 
to allow its members' incomes to 
rise 1 per cent a .year less than 
wages in the private sector over 
the next three years. 

Discussions on how the Govern- 
ment's spending cuts should be 
shared among departments are 
almost complete but an announce- 
ment has been delayed by opposi- 
tion from Dr. Willem Albeda.- the 
Christian Democratic Minister of 
Social Affairs. Dr. Albeda wants 


Thousands 
flee after 
Satonica 


SPAIN’S DEPRESSED STEEL INDUSTRY 



hectically.'' He reaffirmed his! 


By Our Own Correspondent 

ATHENS, June 21- 
SALONICA was today declared 
jn u stale of emergency after 
the earthquake which shook 
the City lasL night. At least 14 
people were killed, six ef * hepi 
in the collapse of an eight- 
storey apartment block. It is 
feared that more people arc 
trapped under the rubble. 
About 300 people were 
reported to be lnjured- 

Athens ohservatory said the 
tremor registered 6.5 •«" the 
Richter scale, the strongest in 

the area since 1933 when an 
earthquake caused serious 
damage in the Cliah-idiec 
peninsula. 

Thousands of people fieri the 
city today, fearing further 
tremors. Many camped i° 
parks and Gelds. Power 
failures and breakdowns in 
communications added Jo the 
difficulties. 

There were no reports or 
damage to the large industrial 
plants outside Salonlca. They 
include an oil refinery, chemi- 
cal and petrochemical plants 
and a steel milL 



stage oi rescue 



BY OUR OWN CORRESPONDENT 




AGREEMENT HAS been reached will then 'be restructured 
on the first stage of a major plan a new Pta I2bn (SlMip) 

to restructure the depressed °?e ’ oofirt- of* 

" *“ i “ The 


MtUStion'f tesmiLtTf ™L2£. p,rt ** **"« i5TSw 




tbe country's three integrated’ “P}** 1 


assM*®- siii e 

This company^eraployjng 5.000 ]ar g e ^ integrated 0 ^e r wordrTNI te the r 


miegrauar . . .. 

workers, is in the most precarious ^ £j tog Homos than ir would-# the .'UJS^.Steed^^- 

“ — ti&W. e^nduded^ ]aof. *m1&3ur£ J! iA%t 


position of the integrated steel (aHV)— will provide only^, mft£8Hr?!L £ 
sector that has an accumulated ^ ^ new money. ;" 
deficit of some Pta 30bn (S375m). rema j n jng 34 per cent ’ Will rbev^This 
first large-scale provided by INI, -Once 
since the Franco operation is complete.; INF wfllTHWirenl 
fc important con- purchase all the private shares;^ from wmen ^ h8to v - 
le financial posi- 66 per cent, for r norajhaTsumt-gJ^try is w* ^ state af 


:itrise f ^wr?is; 

• - Vj » * - 



t? . 

almost capital injection- ■ afitir * : 

bichr.it has:a 27;pe^(^|t^e,-. 5 > . 

Diafeussions ■ the /rc-stroctex.' j* ; - 

.. g; ot- AHVT.- ; , 

The agreement has taken appoint, international accouhti'.^fNl now ^ ul ^4^te??teel SSlkSet^^u , ^^Ste^.ii|f.:;: ' 
almost six mouths to hammer ants to make an; independent position in the -i«t nag. an B8: vest: 'Pta- ;-v 

out. As a first step it involves assessment of. AHSTs . boota .at sector. cgnital^rw3th.the ■5tate , :Chi^ifig'~J J - . - 

a write-down of the Pta 6bn the end of 1878. This yaluatw^pg-cent in company. lit- with’ .•*. : 

iss> x i v jsss tsj%£2i sr wrnmmm** 


Foreign banks law 



BY ROBERT GRAHAM IN MADRID 




Red Brigades 


kill policeman 


By Paul Betts 

ROME, June 21. 
TERRORISTS FROM the ullra- 
Left Red Brigades shot dead 
the former head of tbe Genoa 
anti-terrorist squad iu a 
crowded bus today. 

Chief Inspector Anioolo 
Esposito was travelling lo work 
when the terrorists entered the 
bib and gunned him down. The 
Red Brigades later claimed res- 
ponsibility for the muTdeT. The 
terrorists escaped in the con- 
fusion and panic that followed 
the shooting. 

The extremist movement last 
month kidnapped and 
murdered Sig. Aldo Moro. the 
former Christian Democrat 
Prime Minister. 

At tbe same time, the pro- 
Tonnd crisis of the Italian 
judicial system was highlighted 
today when some 6.000 magis- 
trates went on strike in pro- 
test against conditions and 
underdaffinc of courts and the 
high number of pending trials, 
currently put at about L2m. 



Spain is finally willing to accept % e stjl $g* is desi^eT/o preJS^ ^ranch ''operations. ; ; . ■ . ab ove : alf else; to .establish 

IS forei S» banks from _Cbope^,..Thi 


Spain). 


Belgian budget 


deficit may. rise, 

BRUSSELS. June* 2L 


BUDGET MINISTER Mark 
Eyskens said that Belgium's 
1978 budget deficit may be 
between BFr Sftbn and 
BFr 90bn compared with 
previous official estimates of a 
shortfall of at least BFr 65bn. 
Mr. Eyskens was speaking to 
the Flemish BRT radio staion. 
Government sources said 
earlier that the deficit could 
rise to BFr 100bn after last 
year’s BFr 75.1bn deficit. 
Reuter 


Accord signed 
over reactors 


TOKYO. June 21. 
WEST GERMANY, France and 
Japan signed an agreement 
here today on technical co- 
operation In the development 
of fast breeder reactors, 
according to a Japanese spokes- 
man. The five-year agreement 
calls for exchanges of Informa- 
tion and experts, and for joint 
experiments. 

Renter 


‘Cell’ claims 
German blast 


FRANKFURT, June 21. 

A LEFT-WING group calling 
itself “ Kerf Colls " has claimed 

responsibility for a bomb 
attack on an Israeli fruit 
import company in Frankfort, 
according to West German 
police. The bomb caused an 
estimated $125,000 damage to 
the offices or Agrcxco, an 
Israeli . agricultural export 
company. ; 

Reuter 


private the move is described as 
a timely end to an exhausting 
saga which could have been con- 
cluded much earlier. To put It 
mildly, the Spanish banking com- 
munity and the various Govern- 
ment departments concerned 
have taken their time with the 
matter. Even after the authori- 
ties released copies of the decree 
almost three weeks ago on the 
understanding that It would be 
approved then, they delayed 
further, causing fears which in 
fact proved groundless — that 
important last minute changes, 
were being made. 

From the point of view of the 
authorities the purpose of the 
decree is twofold. It is designed 
to bring Spanish banking prac- 
tice more into line with that of 
Spain's principal Western 


too strongly for deposits. 


.--'iianv would lie in the remission tenth industrial; power." - But -to - 
* v : expect them take away Jarge v: ... 

slices- of business atlhisitdge is > : .r 


*•3 


Liberalisation of the Spanish banking system 
will not take place overnight Local banks are 
neither able nor wiHmgto accept an open door 
policy from -the beginning and tbe limitations 

put on foreign bai&s W the new decree will 

prevent all lint the bfegest international groups ’) 

from upgrading their^^esdsting representative acOTuntr for 7a per^tofforeign' . * - 
. offices . ' •••'.- >?*«*■. ‘ - s i*3 • !,,i 

. ^ .Secnndly. the .foreigii .banks ^ 

are more interested in "wholesale 


wrong.. , A;;;higfr . VrimortioB pf 
. those - banks inttert stedt &' operat- 
ing here already. '.haFf ra^ high 
exposure in Spajn'ihrmigh'pre- 
- viously contracted i hi eraatfonai 
: operations, arid with the economy 
■ suffering a serious recession do’ 


y v - 


.r- 


Second, banks can either optf.; of profits. Under Spanish law-hanking. If is’aignifinantur&t the 
for establishing a fully owned^-hank dividends are limited, to 6 four foreign banks r that ~ ‘for 
Spanish subsidiary or a hranchjper cent of capital and reserves.. hjgWrfreil rflasons.are already in 
operation limited to threetio the subsidiary, with double the Spain - (Banco ■ National e - dl 
branches. In tbe case of a sub- capital and reserves, can remit a ijavoro, BOLSA, Credit Lyonnais 

sidlary they will have to -ptfr greater overall _ profit than ; a -aijjf Sodete Gerierale) account 

partners and also^by establishing down Pta 15bn (£10m) tofoyet-hranch^ But* this ^has^ to^ befgr r 5cghlyl per cent of deposits 
the " " _ "" “ i— « 

ensure 

runnine into "restrictions "that the amount needed for a suhitA&e* 6 per c^t,diridend couti^L • - Th%, p®e«nce ■ 

2SSmS.vT bLn^ iSJSS ibrrad diary is higher than the requir^S- Foreign hankers, bave ^banks is likely tphe fiBlti-tii-dtie ^ W; 
could have been imposed abroad fQj * {Q ^ bankfi 4 e] u s ^p^ ht legS advice . as;' ..to- mtei>bank ^noney B^rket where - ^ 


had existing Spanish legislation 
remained In force. Second, it.ls 
part of a broader scheme to 
liberalise domestic banking, 
modernise hanking practice, and 
stimulate the growth of a proper 
capital market, breaking down 
the barriers of the old highly 
controlled system. Liberalisation 
of the banking system, and 


especially of interest rates, is . . 
seen as an Integral part of complain < 

Spain's move towards a more Closer to lo toap -JO of them 
market-orientated economy. arq expected to apply and be 
Liberalisation will not take accepted by the a ujhorities in the 
place overnight Tbe Spanish first year. Bankers talk of six 
authorities and the local banks U.S. banks, two British (Barclays 
are neither able nor willing to and National Westminster), three 
accept an open door policy at French, two East German, one 
the outset The result is a series Italian, one Japanese, and one 


where in 
fixed at this, 
with the 

lish a purely — _ 

Foreign bankers h$Ve known ' the liihita lion by generous yearly initiate a granuaf LiDerahsation. 
about this high “entry fee” and rights bpues. . - of urterest rates. , Perhaps more 

have made known their dislike Foreign banks will be obliged ftn mediately- their pres ence will 
of iL Yet it is not going to deter to liquidate any investments ^ terms 

the interested onjfs. however which are . not in Government- staff recruitment They will pow 
much they might/ appear to securities. Thus those foreign be ipoking-^nd willing to pay— 

banks which -.-have less than 25 f?T goo d^bankipg talent wiuqh is 
per cent shareholdings in exist- m abundant supply In Spam, 
ing Spanish banks, and there are Beyond this the presence of the 
several, will have to dispose of foreign banks should help to 
these within a reasonable but reinforce the. authorities concern 
undefined period. At the - same to exercise better . policing - of 
time those banks which - have bank's activities. With three 
stakes of over 25 per cent can bank collapses fthis year, and-lbe 
opt to completely take over the expectation ^!! murky revelations 


t-.-a. •- 
i- 1 


of limitations on both' the Brazilian. The hanks will now bank in question. This provision over tax anti : capital evasmit to 

establishment and operations of have to decide between a branch has been primarily included to come, the Spanish banking 

foreign banks which will deter operation or a subsidiary. The cover the position of Bank of system does not -have a good 

all except the major ones from feeling among foreign bankers America and Deutsche Bank. public image. The foreign banks 

upgrading existing represents- is that there is no real advantage The fear of the more tradi- could help to restore 'this. 


r*:: 

•ii 


Berlin autobahn discussions open 


BY LESLIE COUTT 


EAST BERLIN, June 21. 


NEGOTIATORS from East and 
West Germany met here to-day 
to start work on details of a 
planned Autobahn across East 
Germany, lo connect West Berlin 
with Hamburg. 

The meeting between Herr 
Guenter Gnus, Bonn’s permanent 
representative in East Berlin, 
and Herr Kurt Nier. East 
Germany's Deputy Prime Mini- 
ster, took place after East 
Germany had cancelled an earlier 
appointment for technical talks. 
The reason appears to be that 
East Germany has decided that 
talks should begin at political 
level. 

The autobahn Is expected to 
cost between DM lbn and 
DM libo. East Germany stands 


to profit because West Germany 
would pay the greater part of 
the cost in Deutschemarks. 

Negotiations have been opened 
in spite of a strong East German 
protest to West Germany over 
speeches on German unity by 
West German politicians to 
mark the 25th anniversary of 
the June 17 uprising' in East 
Germany. Herr Nier summoned 
Herr Gaus to the Foreign Mini- 
stry and told him (hat West 
Germans had expressed aggres- 
sive intentions towards the GDR 
and had interfered directly in its 
affairs. 

Although East Germany did 
not mention him by name, West 
Germany's President, Hen- 
Waiter Scheel, said at a cere- 


Polish farmers 


*Vv;«n 


ignore scheme 


mony in. the Bundestag that it 
was a' “simple fact" that the 
majority of Germans in east' and 
west felt their unity. 

There’ are other indications 
that the East Germans are not 
anxious to allow relations 
between East Berlin and Bonn 
to freeze. East Germany has 
agreed not to allow a dispute . 
with West Germany over thej 
border along the Elbe River to; 
interfere with completion of a' 
final document by their joint 
border commission, which was 
set up five years ago. East 
Germany claims the border along 
a 90-kilometre stretch of the 
Elbe is in the middle of. the 
river, while West Germany 
Insists .that it is the east bank 



By Christopher’ Bobhukf 

: WARSAW. June 2L 
MANY THOUSANDS of Poland's 
Sm private fanners are refusing 
to participate in’ an obligatory 
pension scheme i- introduced at 
the beginning- of-, thiiyyear.- The 
level of 'payments, -is .widely 
though^ tod high. . 

The scheme affects’ ' anyone 
holding over 1J25 acres, ''but pen- 
sions will -only be paid oat if the 
farmer concerned has sold 
Z1 15,000 (£2,500) worth of 
produce or more per year to the 
State over a. long-term period. - 
_ A statement from the Social 
Self-Defence Committee (KOR) 
says that 28 per cent of Polish 
holdings ’ seil. less than this 
amount per year andjthat 240,000 
farmers had refused to make 
the payments by last month : 


•- *' j 
>rr. 


' «T4.- 


-• C' 1; . . 


Ecevit seeks to mend his Eastern fences 


BY METIN MUNIR IN ANKARA 


AjMcv 

Mr. Bulent Ecevit 


THE DAYS when Turks— the 
oldest and coldest of the cold 
warriers— were so anti-Soviet 
that they called Russian salad 
American salad, appear to have 
ended. 

During the past decade 
Turkey’s relations with the 
West have led to one disappoint- 
ment after another, crowned by 
the U.S. arms embargo which 
followed tbe 1974 Cyprus war. 
Relations with the Soviet Union, 
on the other band, improved 
slowly hut steadily, after the 
Kremlin denounced Statin’s 
territorial demands nn the 
Bosphorus and eastern Turkey. 

“ Prime Minister Bulent Ecevit. 
who left Ankara yesterday on a 
five-day official visit to the Soviet 
Union, appear? determined to 
re-evaluate Turkey's defence and 
foreign policies in view of this 
changing. pattern. To put it very 
simply, the 53-year-old Social 
Democrat believes that Turkey 
cannot rely on the West com- 
pletely for its defence and must 
therefore mend fences with the 
Eastern bloc so that it can stay 
out of a confrontation. 


How exactly he will go about 
this is not yet clear but he Is 
certainly not planning to make 
dramatic moves. There is no 
question of changing sides. 

Mr. Ecevit seems determined 
to remain in NATO and equally 
resolute not to sign a non- 
aggression pact with Moscow. 
The much talked about 
‘'poljtical document on friendly 
relations and co-operation,” 
which he will sign on Thursday, 
will apparently contain a repeti- 
tion of the principles of the 
Helsinki document and nothing 
else, although Moscow wanted to 
include a non-aggression clause. 

The Prime Minister is intent 
on following a more indepen- 
dent and neutralist foreign 
policy and forging his own brand 
of “ ostpohtik." 

It will have to be done with 
extreme care. While the Krem- 
lin has -renounced any claim an 
Turkish territory It has not for- 
saken its centuries’ long desire to 
have a say in the status of the 
Dardanelles. the gateway 
between the Black and Mediter- 
ranean seas, and to woo Turkey 
away from NATO, 


Ankara is worried about Soviet 
influence in tbe Middle East and 
the Soviet fleet in- the Mediter- 
ranean. It also has to remember 
that the Turkish Communist 
Parly in exile is beinq supported 
by Moscow. There have recently 
been reports in the Press that 
the Soviet Union is arming the 
Kurds in Eastern Turkey. 

During the last decade. Moscow 
has consistently striven to create 
a sense of security in Ankara so 

that its membership of NATO 
might appear redundant. Since 
1967, Russia has become one of 
the biggest suppliers &f project 
credit to Turkey. 

While the U.S. aid mission to 
Turkey has Ion? been shut, the 
Soviet one is expanding. During 
his current trip Mr. Ecevit is 
expected to sign an agreement 
which will increase the scope of 
Soviet project credits to Turkev. 

Before going to Moscow. Mr. 
Ecevit visited Brussels. Bonn, 
Washington and New York where 
be discussed his country's prob- 
lems with Its allies in NATO and 
the Common Market But before 
this he held talks with the Yugo- 
slavs, Bulgarians and Romanians, 


and was host to tbe Soviet Chief 
of Defence Staff, demonstrating 
conspicuously that he felt he had 
room to manoeuvre if allies in 
the West were not more forth- 
coming. 

As events turned out, Mr. 
Ecevit returned from his Wash- 
ington trip with the conviction 
that steps would he taken to get 
his country out of trouble. Presi- 
dent Carter has moved to lift the 
U.S. arms embargo, and promises 
Of economic aid came from many 
countries, including West 
Germany. 

As far as Turkey's ties with the 
West are concerned, the debate 
in the next few days in the U.S. 
Congress on the arms embargo 
is much more important than Mr. 
Ecevit's trip to Moscow. If (he 
embargo is not lifted the 
situation may change quite 
dramatically because Mr. Ecevit 
will feel forced to retaliate. He 
is likely to tell the Americans 
to dismantle their bases in 
Turkey — closed for nearly three 
years — * and reduce Turkey's 
commitments to NATO. 

For Ankara, the lifting of the 
embargo is vital because it 


threatens to change the balance 
of power in the Aegean in favour 
of Greece an event which Mr. 
Ecevit considers a greater threat 
than Russia. 


Exile for dissidents after 
closed trials in Moscow 






BY OUR OWN CORRESPONDENT _ ; , MQ5COW, June _21. 


Our Foreign Staff adds: Mr. 
Ecevit arrived in Moscow yester- 
day and was met at tbe airport 
by Mr. Alexei Kosygin, the 
Soviet Premier, who Has long 
been associated with 5oviet 
attempts to establish good 
relations with Turkey. 

Moscow has wooed Turkey since 
its relations with its NATO part- 
ners came under strain over the 
3974 invasion of Cyprus and the! 
Soviet Uniou hus encouraged any! 
Turkish tendencies away from the! 
Atlantic alliance. 


The Soviet Press has hailed 
the visit as a landmark in 
relations between the two 
countries, suggesting that some 
sort of accord could b»> signed. 
A Turkish embassy spokesman in 
Moscow, however, said that final 
agreement on a political 
document would depend on tfap 
outcome of Mr, Ecevit's talks in 
the Kremlin which end on 
Friday. 


TWO JEWISH activists, Mr. 
Vladimir Slepak And Mrs. Ida 
Nudel, were convicted of 
“ malicious, hooliganism ” to- 
day hi separate, closed trials 
and sentenced to terms of 
exile within the Soviet Union 
of five years and four years 
respectively. 

The charge, against the two, 
who participated in separate 
protests on June 1 over the 
Soviet refusal to grant fh^tn 
exit visas' to Israel, carried a 
maximum penalty of five 
years’ imprisonment. 

Mr. Slepak. a bearded, 50- 
y ear-old electronics engineer, 
had been' a - major figure in 
both the Helsinki Group and 
the Jewish movement since 
tiie arrest last year, of Mr. 
Anatoly Sbcharansky, Dr. Yuri 
Orlov and Mr. Alexander Ginz- 
berg. 

Mrs. NndeL 47, ah econo- 
mist, has. for seven years been 
refused permission to emigrate 
to Israel where her husband 
and sister lire. Mr. Slepak has 
s ought an exit visa for eight 
years. 

Mrs, Nndel at firat refused 


to enter the. courtroom to pro- 
test at. the fact that none of 
ner friends- -Or. -relatives wens 
allowed, to attend tbe trial. 
However guards carried her 
into- die epnrt on the orders 
®F the presiding judge. 

'ftie sentencing’ of both 'Mrs. ■ 
Nndel and ' Mr.', Slepak is 
likely to arouse considerable 
Pretest from the West Mr. 
Slepak,- the first Soviet dlssi- 
oentto receive a message of 
support from President Carter, 
has been active In the Helsinki 
monitoring group founded by 

feOrtw- In -JOT 

soviet compliance with the : 
"“““rights provisions of the- 
re <5 European; Security and 
Cooperation -agreement 


IF 


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®-W 


Dr. Orlov was found gdilty 
of aotPSoviet' propaganda last 
month and sentenced to seven 

yeaxs’ lmprisonmeut.and five 
years’ internal exile. The trials 
« - Sr. Ginzberg anp Mr. 
Shcharanshy are expected to 
oceur in the next months ‘ 


WMWied 

Sownti dan rogue nM at^Nnr-^or^^^ 

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- Financial Times Thursday! June 22 19vB 


OVERSEAS N I VVS 



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Chairman Hua plans visits 
to Romania) and Yugoslavia 

Dv rniiua . I 


POLITICAL ATTITUDES IN SOUTH AFRICA 


Conditional support for change 


BY BRIDGET BLOOM, AFRICA CORRESPONDENT 


iMi 

nc <1-*® 


BY COLIN A MacDOUGALL 

; v CHAIRMAN HUA KUO-FENG 
r ‘the Chinese Prime Minister] 

to visit Yugoslavia and 
Romania in the autumn, diplo- 
'-v.-matlc sources said yesterdav in 
East BerliD. If the visit takes 
s ^Uce.-rt will be the first time 
.since 1967. when Chairman Mao 
“ 'fte-tung went to Moscow, that 
: the. leader of the Chinese Com- 
■’ munist Party has been to Europe 
■'•■ Chairman Hua is breaking new 

- ••••ground' in that Mao never went 

anywhere except the Soviet 
--.'•Union.- Hua has aireadv be^n 
to- North Korea. 

. -'• There was no confirmation of 
-suggestions that Chairman Hua 
.would visit Prance. It is under- 
. stood that he has accepted an 
invitation from the French 

- -- Government, but no date has yet 

been fixed. • 

.1 Chairman Hua’s trip is clearly 
- : intended to strengthen ties with 

- the two east European countries 
most independent of Moscow and 

Japanese 
businessmen 
foresee 
big changes 

MORE THAN half of Japan's 
■ .. -leading businessmen believe 
Japan's defence spending will 
triple to 3 per cent of GNP 
over the next 10 years, accord- 
ing to a survey published 
• yesterday, our Tokyo corres- 
pondent reports. The survey, 
conducted by the Keizai 
Doyukai (Japan Committee For 
•Economic Development) also 
found that 65 per cent of 
. businessmen expect the end 
of one-party rule by the Liberal 
Democratic party, 84 per cent 
expect Japan will succeed in 
the structural transformations 
necessary to produce stable 
‘ growth, and only 32 per cent 
believe Japan will reach 
today’s American level of per 
capita income in the next 10 
years. 

The Keizai Doyukai is a club 
which leading businessmen 
participate in on a private 
basis and is one of Japan’s 
“ big four ” business organisa- 
tions. It sent questionnaires lo 
413 lop leaders of large com- 
panies, and received replies 
from 204. The tone of the 
replies was generally optimistic. 
Only 11.8 per cent of the busi- 
nessmen felt the end of one- 
party Liberal Democratic gov- 
— enraimt would have a major 
effect on their companies. 

Weizman disavowal 

The pressure for the 
of Mr. Ezer Weizman, 
Israel's Defence Minister, 
eased somewhat yesterday 
when he disavowed a 

that he had twfi J; 

Menahem Be8>n. JJS 

Minister, and Mr. Moshe 
Dayan, the ForeipM"U^ r ’ 
of Iving and leading the 
country- to war, Dai *d Lennon 
reports from Tel Aviv. nr. 
Begin is expected 10 fc SJ r *Si2 
himself with this publle dis- 
avowal. though the rift 
between the two strong men 
Jf the Government remains 

almost total- 


Malaysian nominees 

Over 1.000 candidates in 
Malaysia yesterday the 
Domination papers for the 
MHiutry’s forthcoming eiee 
Sois SmKl HS*« security taken 

SSSSB 

the Communists to 

anniversary or the.r ^ |he 

; on . July 8. - 


should bp seen in thr. cun text 
of China's hostility to the Soviet 
Union. 

By far the most dominant 
theme \n current Chinese 
foreign policy is Peking’s stress 
on its view of Moscow as a war- 
like imperialist. It feels parti- 
cularly threatened because or 
its rapidly worsening relations 
with the ^Vietnamese. who it 
belicvi**. afe being encouraged 
by the Soviet Union. Added lo 
that is its fear of the disruptive 
influence of the Kremlin in 
Africa. 

If Chairman Hun's trip 
materialises; it will be return- 
ing the visit to China of Presi- 
dent Tito of Yugoslavia last 
August and President Ceaus«-vu 
nf Romania. in May. A lesser 
but still vital topic fnr discus- 
sion with President Ccau-esru 
could he the Korean problem, 
‘um-e the Romanian leader is 
believed to have discussed this 


recently with Chairman Hua ful-i 
lowing his meeting with Prcsi-, 
deni Cartorr in Washington in, 
April. 

David While adds from Paris ; | 

A date has still lo be fixed fur ! 
Chairman Hua Kuu-feng's pro- 
pci-ieri visit to France, his firs! in 
Chinese leader -lo a Western 
country, rhe Foreign Ministry 
said here. 

It was announced last month 
that Chairman Hua had .icvplcd 
an invitation from President 
Valery discard d'Eslainu. Ku 
Mu. China's vice-premier. who 
headed a delegation of 20 tu 
France, said nhai France would 
hu one of China's leading part- 
ners in its .industrialisation 
programme. 

China is reported to he seek- 
ing a large amis deal with 
France, which would inrtinle ihc 
purchase by Peking of anti-tank 
misMies. 


China near complete 
rupture with Hanoi 


BY JOHN HOFFMAN 

THE BREAKDOWN in relations 
between China and Vietnam 
edged closer to complete rupture 
tonight, with an announcement 
by China that it bad cancelled 
| the appointment of a cunsul- 
i general in Ho Chi Minh city . 

The announcement follows 
| yesterday's report from Hanoi. 

| later confirmed by the Chinese 
i Government, that China had 
ordered Vietnam to close three 
consulates in Chinese cities and 
j withdraw the staff as quirk 1) as 
possible. 

Wang Pu-Yun. China's consul- 
general elect, has been in Hanoi 
for the past three months, wait- 
ing on Vietnamese approval to 
go on to Ho Chi Minh city 
[(formerly Saigon) to set up the 
I consulate. He has now been 
! recalled by his Government. 

I Tonight's announcement in 
! Peking by the Chinese Foreign 
j Ministry reveals -that the 
! decision to recall Mr. Wang and 
| to order the Vietnamese consuls 
jout of China were made si nut 1- 
i taneously. They were contained 
in a Note sent to the Vietnamese 
Ministry of Foreign Affairs Iasi 
Friday. 

The Chinese Note -said that, 
although Vietnam had estab- 
lished its consulates in Canton. 
Kunming, and Nanning in the 
mid-1950s, it had obsftuctet) 
China's request for similai Jbmces 
i elHo Chi Minh city, but then 
and Haiphong. 

Late last year, Vietnam had 
agreed to allow a Chinese consul 
In Ho Chi Minh city but th ne 


PEKING. June 51. 


delayed its final approval. An ■ 
advance parly of Chinese cun- , 
sular officers had gone to Hanoi ) 
last April but had since been j 
denied Vietnamese permission to ; 
gu further. “The Vietnamese j 
Foreign Ministry even asked us 
to leave Hanoi and return to 
China the Chinese Note said. 

Accusing Vietnam of a pro-j 
longed attempt to obstruct the 
establishment of a consular 
mission in Ho Chi Minh city, the 
Chinese Foreign Ministry said : 
“Its reluctant concurrence un 
June 16. coupled with the provi- 
sion that the inauguration of the 
consulate-general was to be post- 
poned until the fourth quarter 
of this year, is a Vietnamese 
ploy to disguise its complete lack ; 
of good faith." 

The Chinese Foreign Ministry 
statement charged that " the 
Vietnamese side has broken the 
story’ firs 1 * with a virw lo c ? n ' 

fusing the public.” It said: 
"The rupture of consular 
relations between China and 
Vietnam is wholly the doing of 
the Vietnamese side." 

The new dispute throws in 
doubt the future of China's plan 
to berth ships in Vietnamese 
harbours to evacuate Chinese 
nationals. China says it proposes 
to rescue Chinese citizens who 
have been persecuted by Vietna- 
mese authorities. 

■Two ships left Canton last 
week and are now standing off 
Vietnamese ports. There was no 
information m Peking today 
about when they would attempt 
to enter harbour. 


A MAJORITY r»f South African q 
whites would support funda- * 
mental change to apartheid J 
provided the Prune Minister. .Mr. ^ 
John V firmer, and hi* cabinet. t 
wanted to introduce it. So. tuo f 
— although this is le-s surprising I 
—would j majority of tin* urhan 1 
blinks. “South Afro a'* leaders ' 
! have In'i-onir accustomed tu see ‘ 
l white voters as consort alive and ^ 
lunttiHm'j to change. But they ^ 
I are much more open t«i change ' 
| than they are given credit for." ■ 
! says Dr. Theodore llanf, director 
Inf' the West German Arnold- . 
1 Berg-traesser Inst itul. which has 
| just published the Jesuits of a 
1 four-year stutit min the politi* at. . 
I’sQi-ia'l and economic attitudes of 
whites and blacks in South 
Africa.* 

The Institute's study is prob- 
ably the most intensive opinion 
•poll research ever carried mil in 
: South Africa. The ami was lo 
I find out whether a peaceful way 
out of South Afina's nri'bi«*m» 

I is possible, tf the overall eon- 
j elusions are sliuuiij — fur the 
[ study finds no willingness to 
I introduce fundamental inanitc 
inn the part of the ruling white 
j "power i.'lile" — the surv ev raises 
i many qucsiiuns of potential 
political significance If the 
apparent wiHingnt*-* of white 
voters to accept change is among 
the most sla riling, it is perhaps 
equally interesting ihaL blacks 
and whites alike seem to expect 
i ■ actual change mainl> in the 
• , economic field and under the 
i present system. And while 
i j blacks and while*, differ funda- 
i! mentally in their approach io 
;J political power— Si per rent of 
blacks want one man one vole, 
i ; white 7fi per cent of .vhites were 
! happy with the preseni separate 
-j development system — the 
^i" second preferences” of blacks 
r and whites alike indicated at 
■ least at a grass routs level some 
: potential room for federal or 
i other power sharing solutions. 


qualified re.- r archers to answer 
a series nf qucsiica.v wr.ich took 
an hour to complete. To assess 
their wiiiingneix tu change, res- 
pondent were ..sbed, fur 
example. <*i I j I--*I I on « designed to 

find out Alu-thi-r r'r.-.-y were Tear- 
ful of the fmnn.'. " Tne chance* 
are lhai there wii! be a black 
uprising .r. s>mh Africa ’’ was 
a stalciii-:ii v.nicii got agree- 
nient from <5’J r.cr vent of the 
white rc-p«.nikn> :n 1974 and 
65 per cent m !977 Another 
statemcn - . jhouid fight to 

maintain S*. r,h M'rica as it i.s. 
whatever :n>- n-k*t may he." had 
74 per o-nt agreeing with it in 
1977, wfiric. >i-*o :a»t ;.ear, 76 per 


Four separate polls of white 
South African-* over the 1974- 
1977 pc rind show a majority 
would suppnri drastic changes 
In the country's apartheid 
system if ibey were intro- 
duced by Mr. Yursier's ruling 
National'iM Parly. 


ethnic homelaad-: 83 per cent, 
said that they wanted a unitary 
state, in which Mack and white, 
rich and poor, illiterate and 
educated, had the vole. Bui 55 
per cent said they had a feeling 
of personal powerless ness, and 65 
per cent said they believed 
improvement for Africans wilt 
come through patient negotia- 
tions between white and black 
leaders " 

li was theic findings, togetner 
with those from the white polls 
more directly concerned with 
atuiudes to compromise political 
solutions — in particular to forms 
of power sharing — which ied the 
lnutituie researchers to conclude 

A single poll of black 
opinion, part of the same 
survey, shows heavy opposi- 
tion to South Africa's separate 
development policy but finds 
a belief that improvement 
for blacks will come through 
negotiation 


the major question was posed: 
is the ohjei.i of conflict bargain- 
able? 

The answer in one area— that 
of wealth— was a qualified yes. 
A fascinating picture of the 
economic aspects of the South 
African contl lot emerged from 
the study, with for example /- 
per cent of whites agreeing in 
1977 that there shuuid be equal 
pay for equal work across the 
coiuur line against 62 per cent 
in l!'n. On an even. more sensi- 
tive area — the question of com- 
mand siriuMure in jobs — only li 
per cent uf Afrikaners accepted 
in 1974 that a black could be in 
charge of a white, whereas 14 

In spirt* of the common 
ground, the overall conclu- 
sion is gloomy. The survey 
finds no willingness on the 
part or the ruling while elite, 
lo introduce fundamental 
changes. 



The Institute's emphasis in its 
research was on white opinion. 
It conducted four separate polls, 
between June. 1974 and July. 
1977. each time involving 1.200- 
J.S00 whites. Alt were asked by 


cent be:ie*- ed th it present separ- 
ate de' ipiuen: policies should 
remain cm -hanged. Yet. in a 
senes ,,r -1.1 '-wen is de-igned to 
test th*-.:- 1 .-■i-.i m and loyalty 
to the riiiiiig Nai!«»n.«li*i Party 
over haif id they would sup- 
port Mi. Y'.r-ier and his Govern- 
men ewn th<-y introduced 
“drastic •.-hanues with which you 
do not acre*.-." 

But if the mu* I significant 
finding tnc white aide was the 
degree .if :rust and an apparent 
willinsnc-> iu change at the 
behest of ihc .\P leaders in the 
National Pa try Government, 
what re attimd.-- >»n the black 
Mde- Onl; une poll uf black 
opinion ’•-.•j* conducted, involv- 
ing a s.implc of just over 1.000 
urban i«- disunct from “home- 
land ’> Macks in Durban. 
Pretoria and Soweto. It look 
place early in 19«i and res- 
pondents -Aero confronted with 
an equal';, exhaustive if some- 
what different series of ques- 
tions. Here the major finding 
was that 2 vast majority opposed 
separate development which 
carves Pouih Africa up into 


that at -east at a grass roots 
level there could ne some coofi- 
mon ground between black and 
white political dein:,nds. There 
-.vas a grea« deal of discu>?ion 0. 
the possibility of such political 
compromise at a conference 
which the Institute sponsored 
in Germany last week, which was 
attended by some 20 black and 
white Snath Africans iincludina 
Nationalist MPs and members or 
ihu banned black opposition!, as 
well as by European and Ameri- 
can academics. 

At the conference, it was 
acknowledged that ibere was an 
enurmous gap between "' brst 
preferences the majority or 
black*, want ur.e man one vole, 
and the majority of whites would 
prefer the system as it is. The 
current South African political 
scene, on the basis of the find- 
ings. was impressively and 
lengthily dissected by the social 
and poiitical scientists present. 
It was acknowledged that if 
there is to be a peaceful solu- 
tion. some political system must 
be found which could regulate 
the inherent or actual conflicts 
within South African suciety. and 


per cent th "tight so in 19n. 
Overall. 4U per cent of whites 
agreed with ihis proposition. 

On the Muck side. 94 per vent 
of respondents agreed with tnc 
pro 00 vi tu in mat “when I see 
what whites have I feel envious, 
anil feel l should have the same 
Bui in replv to other detailed 
quesuuns. the study found that 
blacks wanted a share of the 
private enterprise system, not ns 
destruction, and that a uiajoril.v 
listed economic improvements as 
their priority. This led the 
Institute's director. Dr. Hanf. to 
conclude that while there was 
still a wide gap. the econniitc 
conHict was a question of '‘jnorii 
or less ruii all or nothing, and 
was thus negotiable. 

In 1 he second major conflict 
area — ihal of cultural identity-— 
the problem was found to be 
much more intractable. For 
though the majority of urban 
blacks were found to be both non- 
tribai and non-ethnic in iheir 
political and social attitudes, in 
practice a great majority of 
whites feared domination by 
blacks. But. the Institute 
suggested, white attitudes to race 


Mr. John Vnwtcr 


could change if the National 
party leadership wished that they 
should- 

It was in the third area — that 
of Lhe L-ontlict for power — that 
"all the signs are lhat the con- 
flict is nnn-negotiable.” The core, 
of the white power elite sees 
separate development as the 
nnlv means "f conflict regula- 
1 ion." - Dr. Hanf said. The conflict 
for power in South Africa was 
ultimately seen as a " zero stun 
game ” by white.-* and blacks: it 
was “ alt nor nmhing." 

The ana tv sis Ud to nuirh 
discuss u-n uf what was m- 
elegantlv termed " consociation nl 
democracy " as a possible solution 
for regulatinc conflict in .-*0 
plural j society as South Africa. 

Thai land the fact that befnre 
the conference, the South African 
Government refused passports lo 
two of the black participants! 
was the only overt incident of 
conflict. But even ihe most 
liberal use of debating polite- 
nesses could not cunceal the 
depth of the political conflict. 

The insiiuiie's findings land 
independent observation uf South 
Africa) mav suggest that black 

and white 'are “ brothers under 
the skin.” But politically, as one 
white opposition member put it. 

■ the two sides appear like two 
trains, on the same track and 
hurtling at great speed, if still at 
great distance, towards each 
other. If the Institute's findings 
are right, the only people who 
can stop them colliding are those 
; pres*entlv in power in Pretoria. 

- S.-I.l .w.rfrn: rr-orflrdi.T Kaiidclt M/ 
jf.i.pi, IW'I'IimI n»J Vicrdua. 

' i.'rnnca-uM. .vj'ilur. . 1 " r.«tfh*ll edmrm 
! piuiiiuit Inlrr this ut'ir. 


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Iraq ready to purchase 
weapons outside USSR 

BY IHSAN H1JAZ. BEIRUT. J.» 3L 

, mp „beb of the Iraqi Cabinet force, and with Brazil to bus 

A MEMBftK o in Govern- training aircraft. 

has confirmed that tns u The divers ifi cation is intended 

ment is seeking to aiversuy_ dependence 0 n 

sources of weapons- M - Soviet Union. Mr. Hanimoudi 

Kassem Hammoud. Ute Inforaw interview about the 

uonMinistersaid importance of retaining ” free- 

puUistied here ^raq plans to dom of action" where annameni 

it 1 UhL I -PfSSS-,5 iS T C b°e C Ks zee ibu Egyptian 

^ isTS’sssrs, 

attached. But he rela- - and spare parts to Egypt after 

! lraq was ifflSuS nedStStes., President Sadat turned to the 
I lions with the Unueo » m ^ u.s. for co-operalion. 

'. Iraq has been JU1 Tbere has been persistent 
than 99 per cent of its weapons g ^ cul2it|on about strains in re la- 
from the Soviet rioos between Baghdad and the 

past 20 years reports that Soviet Union- which were I 

There have been repo ^ reported to have grown worse 

Baghdad is P. e ®^ ip t fighters after the execution in May of -1 

France to huy Mirage ]e se | ure ^ membe rs of the Soviet-onented 

ff a ^ e radar network for its air Iraq Communist Fart. . 


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§3jT!SH MONOMARKS 


Namibian ra 

BY JOHN STEWART 

SOUTH AFRlCAN^^ijecu n y 

which damag Kar jbib and 

main Unf ? the derail 

WaLvis Bay. ca p B carrying 

hundreds of monlnfr 


rail sabotage 


Was llic ----- , 
one was injured- 

-rwpir investigations 


showed 


TbBir mK .Kempt* had been 
that two line west of 

made IQ ™ but these had 

the accident scenv, ^ 

failed. en „ rc e«! said Jhe 

Railway sour^ 


CAPETOWN. June 21. 

driver of the train noticed that 
a tow water bridge had been 
damaged and applied emergency 
brakes, but the momentum car- 
ried the diesel locomotive into 
the damaged area and it roMed 
over. The driver and his mate 
had to be treated for shock. 

; Ten passenger coaches carry- 
ine hundreds of black and white 
■ Mhoobchildreo to Walvts Bay 
for the holidays catne to a stand- 
still within a few yxirds of the 
damaged bndpe. Thc rt '' rt ne r *' 
expected to be reopened ror 
mainline traffic between Wind- 

Si ek and WalvisBayJlom^^^ 




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ISSERICAN JVEWS 


WORLD TRADE NEWS 


I' 

mi- 


New signs of rising ti 
in U.S. interest rates 


IL. 


Jrooke has 


Seeafe seat 

By Jurek Martin 

WASHINGTON, June 21. 

SENATOR EDWARD BROOKE 
< above), the Republican from 
Massacb asset ts who is the 
Senate's only black member, 
refused Inst night to resign his 
seat in Uie wake of a series of 
allegations of personal finan- 
cial impropriety. 

Mr. Brooke, who is up for 
re-election this year having 
served 12 years in the Senate, 
told a Press conference In 
Boston that newspaper articles 
on his financial affairs were un- 
true and “a rerkless invasion 
of my privacy/’ 

The Senator has been 
involved fn an extremely bitter 
divorce case. It has been 
charged that he Tailed to dis- 
close his full net worth in 
papers filed with the court 
ivhirh was determining support 
payments to his former wife. 
There have been additional 

allegations that he claimed tax 
deductions Tor his adult 
daughters after he had ceased 
to support them. 

The net effect has been to 
cast a cloud o»er his political 
future. It had been assumed 
he would have no difficulty in 
winning re-election and a num- 
ber of potentially strong 
Democratic challengers had 
taken themselves oul of con- 
sideration earlier in the year. 

Blit now' several of them, in- 
cluding Boston's popular 
Mayor Kevin White, are 
expressing interest again. 

Simultaneously, the Stale's 
Republicans appear to be 
having second thoughts. There 
were reports last night that 
several prominent Republicans 
had approached Mr. Elliot 
Richardson, holder of many 
Cabinet posts who has been 
serving as U.S. ambassador to 
the law of the sea conference, 
to oppose Mr. Brooke In the 
Republican primary in Septem- 
ber. 

Mr. Richardson reportedly 
repl^d that he would entertain 
r;«nn»nu for nffici* nnlv ir Mr. 
Brooke were In step aside. 

U.S. s?rvieeT?ren on 

drn?c. Cartel 1 told 

WASHINGTON. .Tune 21. 

PRESIDENT CARTER was told 
yesterday that an estimated 10 to 
20 per cent of the 200,000 U.S. 
rervicemen in Europe were 
using hard drugs like heroin. 

Congrer%man Glen English, a 
member of the Narcotics Abuse 
and Control Committee, said he 
drew the President's attention to 
the seriousness of the military 
drug problem during a White 
House meeting. 

President Carter promised to 
look into the problem during his 
visit lo We«t Germany next 
month. 7-1 r. English said. 

He $3id that bused on testi- 
mony at com mil tee hearings, he 
estimated that 10 to 20 per cent 
of American servicemen iri 
Europe were using hard drugs. 
The vast majority nf the troops 
are stationed in West Germany. 
Reuter 

Globe-trottm? Vance 

WASHINGTON, -Tune 21. 

MR. Cyrus Vance. U.S. Secretary 
ol State, has kept up a travel 
schedule almost as hectic as bis 
globe-trotting predecessor. Dr. 
Henry Kissinger, according to 
State Department Gztires. Since 

he took office in January last 
year he has travelled 219.807 
miles — the equivalent of nine 
limes around the world, in visit- 
ing 2$ countries. 

Reuter 


BY JOHN WYLE 5 

INVESTORS' WORRIES about 
another round of increases in 
short-term U.S. interest rates, 
which have depressed both the 
bond and equities markets this 
week, were strengthened today 
by indications that the Federal 
I Reserve maybe raising the target 
for its important Fed Funds rate. 

The Fed Funds market was 
under close scrutiny from Hie 
start of trading this morning 
because Wail Street was keenly 
! awaiting any sign that the 7* per 
cent target for Fed Funds might 
have been raised by yesterday's 
meeting of the Fed's Open Market 
Committee, which decides the 
strategy for managing the money 
supply. . „ 

By 11 am fed Funds were 
apparently being left to trade 
above the 7* per cent target and 
many dealers were concluding 
that' the new target was likely 
lo be 73 per cent. Mr. William 
Griegs, senior vice president 
with Schroder Bank and Trust 
Company, stressed that the evi- 
: dence was no? conclusive, add- 
! Inc: " My guess is that (hey 
l have gone up a notch." 

[ Mr. Griggs and other econo- 


U.S. 

Prime 

Rates 


I 3 1975 1976 1977 1978 1 

mists an? also emphasising that 
for the first time since the pre- 
sent U.S. economic recovery got 
under way in early 1975. the 
Fed's actions are not the sole 
determinant of short term rates. 

Strung credit demands are 
putting pressure on bank prime 
rates. which were raised fo SI 
per cent only last Friday and 
another prime rate increase is 
seen as quite possible within 
the next week or so. 

Tt is being pointed out that 
90-day certificates of deposit. 


NE\\ ’itiRK, Junp 2 i 

whi'-h flood at 7.-15 pr-i »-.«nr a 
month ago. nave been -jinit'-'t! 
this week a l dhuvo S per 
The*!.* ore a major source •<>' 
funds for bank lending and 
rent increases have left a .-ina! 1 
margin between the cnsi« ,,f 
acquiring iho funds anil ini* 
charges made on lending 

If. a> seems likely. th<- 
has raised us laryet on Fed 
Fund?, which is short no in 
money lent between hanks. 
it has done so mu of com‘‘- ,|-n 

to rein in money supply » r nwili 
and the prospective rare Hr : ri- 
ll a u on 

Fear*? (hat this move was im m- 
neni have dogged the bond mar- 
ket over tile past few 
where prices have dropped .■ml 
yield-. «-nrn?<;pnnriinslv ci-r>. 
The stock inurke; has also •“ •••n 
increasingly jittery and the Lj**'-'' 
•Tones industrial average nn foe 
New York Stock Exchange v as 
down nnre than 3 points l>> mid- 
day after falling more ijj'jr. 25 
points m the past week. 

But investors have also t*< • n 
concerned at renewed sfeiis • u 
weakness for thi- dollar in :.ic 
foreign exchange markets. 



Foreign policy doubts dispel] 
as Carter sees Congressmen 


BY JUREK MARTIN 

! PRESIDENT CARTER'S attempt 
i last night to persuade congres- 
I sional leaders that there is noth- 
ing wrong with his administra- 
tion's conduct of foreign policy 
appears to have met with some 
success. 

The President invited about 80 
Senators and Congressmen to the 
;White House fnr a three-hour 
! foreign policy briefing cob- 
! ducted by himself. Mr. Cyrus 
! Vance, the Secretary -of Starp. 
;Dr Harold Brown, the Defence 
; Secretary, and Dr. Zbigniew 
jBntezinski. the National Security 
. Adviser. 

J The session was part of a co- 
ordinated effort to dispel con- 
fusion over the direction of 
foreign policy and to set at res? 
the suspicion that two of Mr. 
Carter's orincipal advisers. Mr. 
Vance and Dr. Brsezinski, were 


engaced in a contest to become 
the President's eminence prine 
It was an exercise that im- 
pressed a numher of Consrre-*-' 
men. Mr. Morris Udall. the 
liberal Democrat from Arizona, 
and former rival of Mr. Carter 
for the party's presidential 
nomination, said afterward?: - 
“The President argued very 
strongly that with strong 
advisers and people giving him 
both sides of an issue, there «re 
divisions. Blit he makes the 
final judgment and it spumed in 
me th;,? thr» ihre-ids all fined to- 
Z n “ nrerty wntl." 

ronon>«man Sienh«*n Sniarz. a 
No •«• Vnrfc nemorrnt. who recent I v 
nw 4 ? Fid* 1 ! Ca c, ro. tho Giihan 
leader, said: "Ultimately the 
President makes fnreisn policy 
and this evening most of us wpre 
vprv encouraged hy the extent to 
which he seemed to be in com- 
mand nf the facts and determined 
to move ahead in a way which 


WASHINGTON. Junp 21 

many of u« i hough! made a ur.ni 
deal nf sense." 

Sui-h expressions of support 
arc. of course, only to be expected 

after a privileged briefing. What 

thee do nut necessarily mean i* 
that when the Congressmen c ■? 
back to Capitol Hill and consider 
specific issues they will autoniaii' 1 . 
allv obey foe President's behe.-t. 

An' early ips*. could ei.iuv 
within the next few weeks whet 
Con ares* •'onsi.lers lifting tii 1 ? 
partial embargo on arms 
tn Turkey, a subject to which Mr. 
Carier .ilta'-he-, the hiirn*- - 
impo-tanm and whirh he dvvl' 
on at tenrfh last night 

Senator Charles Pprrv. «!;■• 
IMinms Rnnuhlican. reported :!i:r 
Mr. Carter had expressed a hi-h 
noin ion of Mr. Rolent Eepvit. 
Turkish Prime Minister, and v:i< 
" verv hopeful that, with Ecevit in 
oftice it is now possible to maire 
prnsre's Ton Cvprus). narticularlv 
if we can get the embargo lifted." 


Swedes 
to raise 
pulp prices 

By William Dullforce 

STOCKHOLM. June 21. 
THE SWEDISH pulp manufac- 
i urer> will introduce small 
price increases from July 1 and 
expect the ether Nordic pro- 
ducers and the Canadians to 
follow suit. The lead price for 
bleached sulphate pulp will be 
$340 a tonne fnr the third quarter 
compared with the S310-330 A 
tonne, at which contracts have 
been made during the first half 
of the year. 

MuDu was the first to announce 
the new pries but all the major 
mills have since followed suit 
This cautious increase is 
motivated by the improved 
demand far market pulp and the 
decline in' the stocks held at the 
mills. It ones only a small way. 
however, to restoring pulp prices, 
which collapsed last autumn 

from a level of 5410 a tonne for 
bleached sulphate. 

Swedish sales of market pulp 
during lh»? first five months of 
ihi* year have been 20 per cent 
higher than in the corresponding 
period last >ear. Deliveries to 
Western Europe increased . by 
12 per cent At the same time 
by running the mi (Is at less than 
70 per cent of capacity, the 
Swedes have reduced their un- 
fold stock* to 540,000 tunnes at 
tin? latest count. 

The Swedish Pulp and Paper 
A.-socialion calculates that stocks 
held in the Nordic and North 
American mills now total no 
more than I.fiin tonnes which is 
i.-lrtM? to the “normal" level of 
an 'll. id 12 per cent of annual 
production Moreover, most com- 
panies will shut down pulp pro- 
duction for two nr three weeks 
ihi? summer, so that by August 
stocks should be below the 
"normal'' level. 

The prices will still be too low 
in cover operating costs arid 
most mills estimate that they 
will not be able to cover both 
operating and capital costs as 
long as the price for bleached 
mlphale pulp remains ‘‘this side 
■.if S400 a tonne.” .They will 
accordingly be looking for a 
further price increase in the 
fourth qua tier of the year, a 
hope which they believe is 
iu-tifierl by the smallness of 
docks nn-v held hv their West 
European customers. 





mm 


BY CHARLES SMITH 


toKVet.iucfiii^ / 

— mirnoses of thigvwee^s lalkA 

really . ® Lindner rtfo-inonftmv 


THE EEC is hoping to gain some 'remain^:. that things %-LT 5 h»s- been te . cdDfiire..tttey . 
insight mto Japans recebtly started to improve during pj^mded . for .? 1 

introduced policy of direcUy re- -past twain onth* - . ' renre . ^unique. rT ■ 

straining its exports at two days : Tomorow's . ‘dtscu|st of ? \ 

of “ high-level " talks due to start, sent -tiie-.first significant haateral s . trade i.rgIatig^* Sj-fe 

. in Tokyo tomorrow. ' ' ‘betweenC- Japan apd ^ o{e<eC f officials- wiU 

i The EEC team, led by Sis Roy «thee-' the two JIis?SSotS t^press.^P 
! Denman, the Commisaitm’s.^b laon ^t s of wJJJJJr £ lencthy* mdir : la : off®*” 

director general; for, exteimal ,the issu^ ^ e ndof' mattilifera 1 , 

relations, will be asking- •' ^Uioded * a ; <MTN). A.schijnr 

1 elucidation- on which sectors the . .This „ r ^tn fte eff ecT aiteriioo o .de^ihltd Itbe 

. -_ a to. sie-cn m y, 1 ®.""*. <rrc«>7mnrnnnF. 


Bid to end NY racial tension 


BY OUR OWN CORRESPONDENT 


MVTTD ANXIETIES about a pos- 
sible outbreak of racial violence 
in the Crown Hoizht* (1'Mrict nf 
Brooklyn. New York's Mavor Mr. 
Edward Koch, has created a 
**r.omi-nirtee on hiterzrr.up Rela- 
tions" to recommend policies for 
reducing racial, religious and 
ethnic tensions in the city. 

Mr. Koch has appointed his 
deputy. Mr. Berman Badillo, as 
chairman o£- -the committee. 
Within bouts ..dT, the announce- 
ment Mr. BatHilora Puerto Rican, 
spent the evening In talks with 
Jewish Hassidic leaders in Crown 
Heights. The district is in a state 
of high tension following the 
death a week ago fo a black busi- 


nessman and community leader 
who had heen involved in a 
struselp with nolire and the heat- 
im? on Friday of a black vruth 
h- i ‘‘•'rim* 1 oatrol * 

Two Hassidim have been 
arrested on charges of assault 
and attempted murder, but 
Jewish community leaders 
claimed yesterday that this 
incident followed provocation hy 
the black youth. Whatever the 
facts of the matter, relations 
between the two communities are 
now potentially explosive after 
several' unpuhlicised incidents 
which Jewish leaders say 
prompted the development of 
their crime patrol. 

Meanwhile 1.000 mourners 
attended the funeral last night 


NEW YORK. June 21. 

of Mr. Arthur MiHcr. tt. ’ 35-vrar- 
oid birsine«tiian » hf?e death has 
revived alle-’at'ons nf pr.iice 
hrutality asain>=t Meeks. Hun- 
dreds nf Macke poured our i-.f the 
R.ipti«t Church last nisht chant- 
ing; “We want iustice." There 
wp*-e no reports of violence. 

The Mayor is hoping that hi? 
new committee will encourage the 
development of neighbourhood 
groups with equal ethnic re- 
presentation which might help 
defuse Jensions. Jewish com- 
munity leaders in Crown Heights 
said last night that Mr. Budilin 
was urging a neighbourhood 
group for the area and wa; look- 
ing for black community leaders 
to hold discussions with the 
Jewish leadership. 


CIA director criticises ex-agents 


U.S. COMPANY NEWS 

Government approves Lykes- 
LTV merger; Litton forecasts 
loss after Navy settlement; 
Kennecott victory challenged—- 
page 24 


.THE Central Intelligence Agency 
fCIAl has lost a number of intel- 
ligence sources as a result of 
hooks by former agents and 
leaks to the: .Pre«s. Admiral 
Stansfield Turner. CIA director, 
has wamed- 

Admiral Turner. giving 
evidence in a case brought by the 
Government against former 
agent Frank Snepp. al«o said that 
the CIA had received “very 
strong complaints" from a 
number or foreisn intelligence 
services. 

He later told reporters outside 
the courtroom; “ If «e cannot 
demonstrate to the world that 
we have control then we cannot 
have an effective intelligence net- 
work. 

The Government is charging 
Mr. Snepp in a civil suit with 
breaching bis contract with the 
CIA hv publishing a book which 


WASHINGTON, .lum* 21. 

chronicles alleged- agency away from disc«ip*mc material 
blunders during the tf.S. military contained in Mr Snrpp's book, 
evacuation of Saigon in 1973. Thc Jll<IICP |K. parlIlli . nI is 

Admiral Turner said the hook, seeking to block furiher rli.-tribu- 
Decent Interval, had *' flaunted tion nf the book and obtain 
the basic system of control we damages, 
have." Reuter 

Thc U.S. Justice Department 

contends that Mr. Snepp broke 

the secrecy agreement be signed , , c 

as a condition of employment Cuba VOUtn COnterenCC 

when the joined the CIA in 196S. GABORONE. June “l 

JgL 5;SP,H W h h v%p dl THE Botswana ..Jovornm,,,, has 
being handled by ,he American -ii PP «ri 11...1 a vnmh i-rinf,.™.™ 
Civil Liberties Union, argued that 

the CIA itself broke its conditions j" r p C r?iit a terrnnst nr “:.mxaiion 
of employment by not paying any {0 ^ 1wer in Botswana It 

attention to his comp amts, while said it had leinprir:iril .. v . ith . 
he. was still an agent, about the drawn the passp orts of l'r 
Saigon evacuation. members of the onfiFiffon 

Judge Oren Lewis, declaring at Botswana National Front P^rty 
the opening of the hearing that who werep lanmnc tn niiend a 
“we are not going to try the fall World Festival nf Omncratic 
of Saigon here.” carefully steered Youth in Havana next mnnth. 
prosecution and defence lawyers Reuter 


Trudeau plans reshaped Senate 



BY VICTOR MACKIE 

A BILL fur constitutional 
changes, introduced m Parlia- 
ment by Mr. Pierre Trudeau, the 
Canadian Prime Minister, pro- 
vides for revision of the Senate, 
an enlarged Supreme Court, and 
a set of guaranteed human 
rights. The provinces would be 
given greater power. 

Mr. Trudeau tabled a constitu- 
tional amendment Bill yesterday 
setting out details of proposals 
contained in last week's policy 
paper on constitutional reform. 
The Bill was given its first read- 
ing but will not be proceeded 
with until the autumn. Mr. 
Trudeau'S aim is for its first 
slaae to be passed by July 1 ncxr 
year, but criltcs arc convinced 
that he will be unable to get it 
passed in that time in a pre- 
pli.-cuon session nr Parliament. 
It is intended ihat a second stupe 
of the legislation should he 
passed hy 19S1 

The legislation is Mr. Trudeau’s 


most determined effort at con- 
stitutional change. It is a task 
which five previous Prime Mini- 
sters have tackled and failed to 
accomplish. 

The Bill recognises "a per- 
manent national commitment to 
the endurance and seir- fulfilment 
of the Canadian French-speaking 
society.” The Senate would be 
converted into a llS-seat House 
of the Federation, which would 
deal with federal legislation and 
approve appointments to the 
Supreme Court and some Crown 
agcncies- 

The new Hou.*e would give the 
provinces greater influence in 
federal affairs. TIalf its members 
would he chosen by thu 10 
provinces and half by the 
Hou«e of Commons. It Mould 
he able to delay legislation [nun 
90 to 120 days but would not 
have power nf veto. 

The House’s special role would 
he to guard the Rtattu of the 
French and English lanenacee 
in Canada, Before any measure 


OTTAWA, junn 21. Hg*F:~ /" 

of special linguistic significance 

enuid be parsed in the new B8 B ?. f, 

chamber there would have to be 

majority approval by represents- 

tives in the Hou&e of both li* fii-H- v.'v^i 

Language groups 

The Bill also provides for IpLfr L? ■ 
reorganisation of the Supreme 
Court of Canada, establishment g 
of a charter of rights and j a | Sfc & M 

freedom, improved mechanisms 
for consultations with the pro- . 

vinces. a constitutional definition 
of The role of ?he Prime 

Minister and Cabinet and a ggS|5|Bk ^ 

strengthening nf the oflicc of i£p£* 

Governor-General. ff'“V 

The Governor-Generai wniSd ft v Cv 

exercise prerogatives, funerinns y ^ 

and authority in his own right, 

ljUl the Queen would remain thi- - 

sovereign head of Canada and .Mr. Tmdi 

exercise her full rights when in 

Canada. 

In bringing forward ifm l inn.-il amend nn*n;-: 

legislation Mr. Trudeau is brrak its b-iid 
.‘taking hi<= political earepr on pohnee Fndornl 


i&y' 



Mr. Tnideau 


its b-tirl 
Fndornl 


the belief that The Liberal Party Canada have hpfo r 


not revolt over consUtu- years of the past century. 


bun will 
'■n fiTler.il 

l.foor.ii.. in 

i' ,f, r fr,r 39 


Chinese team 
visit Canada 

By Victor Mackie 

OTTAWA, June 2J. 

A PARLIAMENTARY delegation 
frontf the National JPeople's Con- 
gress nr the People’s • Republic 
of China will visit Canada on 
June 23 as guests of the Cana- 
dian Parliament. The 7-memher 
df , »‘ »ion w*U be led by Chi 
r*eng-fei, vice-chairman of the 
N.; - na! Peopie 5 Congress. 

During its four .the delegation 
iri 11 v-irif MrcMiUnn Bloedel’s 
pulp and paper mill in British 
1.1 0 Impprtal Oil 

refinery in Alberta, a v.heat-pooi 
and grain handling facilities also 
in Alberta. Massey Ferguson In- 
austries in Brantford, Ontario, 
and Dofasco. . a steel plant in 
Hamilton, Ontario. 

The delegation will also meet 
members of the legislative assem- 
blies of British Columbia. 
Alberta, and Ontario. In Ottawa, 
they will be received by 
Governor-General Jule; Leser. 
Prime Minister Pierre Tnideau. 
and by representatives of the 
Government and official opposi- 
tion. 


Poles may seek 
French ships 

:• By David Whit* 
j . PARIS. June 21. 

fRANCE'S SHIPYARDS, starved 
pf orders, are pinning their hopes 
pn Poland fnr a package deal 
jwhich may be- worth us much as 
FFr 2.5 nn (alma.it £300nm. 

A French trade mission is due 
tn discuss the orders in Warsaw 
□ext week. The Poles are 
reporfoil to H 1 * seekinp IS roll-rm- 
roil-uff vessels for use nj» Far 
East. Middle East. Mediterranean 
and Northern European routes. 

Thc vessels involved arc four 
24 .000-1 on nt? shin-', five nf 17,500 
tonnes, five nf 7.000 tonnes and 
four nf a.nnn tonnes. A 15-year 
hanking credit is reported In he 
in preparation tn cover thc whole 
of the deal. 

TTir prospect of the Polish 
order comes after a long series 
nf negotiations and follows a big 
Polish deal with Britain fnr the 
supply nl cargo vessel? and float- 
ing cranes. 

Ian iiarjirraie*. adds that British 
Ship bin itler.-. the Briirili stale- 
owned shipbuilding groun. will 
he j-endinc a team tn F.aypi next 
mnn>h to eviluate Egyptian in- 
ten-iiun- nf 'odering around 40 
careo vp-ii-S. 

Dr. N;:'ni Abu-Tab-b. the 
E.Tyjoi.in inini.ili-r of transport. 
rtisru«-d the <-\pansmn uf the 
Egyptian national Meet w,;h 
Brilith Shipbuilders in London 
earlier this w?ek. 

Thi- ».-vpan.-inn has bpcn under 
ctin*irtor:ilinn for :j periotl of 
years, but hai been hampered by 
Fgj-pt's finsmciai diflicullies. 
F-inanre remains problematic 
and early completion of negotia- 
tinus for the >hips 4s nut 
expected. 

Dr: Abu-Taleb is iniorcsled in 
exploring finance and cretlit 
lernis ilii r tn Ihosc made 
nvath'Ulc in the 1115m deal with 
Poland oariicr this year. Another 
potential British Shipbuilders 
customer. Mr. Keith Wickcntien. 
chairman of European Ft-rrto. 

th:ii :.n order for tin l» six 
roll -nn rnil-nff forics worth ahnut 

fl or>in mu Id he piarf?d in Britain 
if ferni- ;inii|jr to t-hnsn offered 
io nhe Poles were available- 


■ trade surplus with Europe has.' ' • • • "> 

import: waniing ^ > 

.expected to cite dollar and- yen- t-' ■» • . ....... • 

, denom inated figures iildicatinjf ’ ' 1 ^ AFFAIRS CORRBROND^T 'r ' j 

that during the first five monOw-... ^BlitpUR CONSUME. ; ~ j; v vV;,VVf,y*4V- 1 

of 197S Japan's exports -to ifie ^ Earned yesterday that' campaign hy tbejAssoMOb^W: - . 
EEC have been growing . mueh-3El u ^ a ^ ^ leaders of ■ the get - the ^ nsu ^J^ T / ie ( !^S _ 
more slowly. than its imports. The ions agreed on some heard itr the7_ Import 
! riollar-denominated figures taring economic debate, m much - 

Japanese exports to- .-Euipp in consutneK -■ 

rising by 20.ppr cent during Tor wide- have- forced- the EEC 

; period from'- -January t<r J! Controls would pay lip service “ 

; against a 34 per cent . rise -in ;J^^r^ aipf>r consumers. ;-m- -the Jattu 

I imports from Europe. . -_t'nepob'ations.- . v V 

terns the figures show an^artind^' ME. '-Cavid . Lea y +u^rorr ‘ Ur. Christqphor.^ealley, ch_at^ 
.fall (by 0.9. per -cent V in-JajwheM-Seheral ..secretary of- The of cA. saicLTharcQP^mgra-; 

exports set against a 10 per cent s^SdniThat this would -iior oe been left out’ inline .told; for - t 
I ncrease La imports. -. wefcoiAied by the -unions.; But. t00 long- while a cosy coalitip»~ ■; 

;• EEC officials, appeared to he 

attitude To ^hS^'figurte^S •SSSS" ihe ctra > attitude^owarda ujiport cdferbfe. ' 

Sftenioon^ Ohi naSS 1 may would undoubtedly move- ^Eamund DeR, 

that the' EEC's o!S protectionist measures &cretary. pul> J a:- damped Wge .- 

' denominated in EuroDeah^fnlts if-?^»untries like Japan and cA’s hopes of altnajbr. direcC^e 
- of Account show ^oSlel L^astaaiiy failed to both anmufate.. wiay discussions early on InThe 
: ?acr«™o? ibout ao . “• mcre “ e CohSt.ftce. He. mrti.it 

'trade in each direction between imports. any cMcessto^made. beo™ .,. 

Japan and the Community during ’ M£-' Lea was speaking at a countries m . ne8ptiarions_aaOTt ... 
the first quarter, of 197SJ How-..cotfforence on import controls trade -were. alwhys^A^si^Ibd.lO . 
ever, the "EEC. apparently has noLbtgaaised by the Consumers help producers. Consum ers*;, o^. 
unit of account figures for AprilrAiffioifiation. • The conference said, got the resmuai benefit .Pf/ 
land May so the pass i bi H ty^ mariogd: the beginning of a any such concessions. . 

W. Gennap vehicle exports fall 

j BY GUY HAWT1N . : ■ ‘X . •' FRANKFURT, June 21.;. 

WEST GERMAN export* of M>nT- : :E&ports' last month totalled only 3 per. cent up from 16,508 unit? 
mercial motor vehicles drevped 13,800 4m ils — 16^ per cent below dally to 16,995 units. C alen dar 
‘ heavilv in the first five months .thewlO.512 units sent' abroad in adjusted commercial vehicle 
1 of this year. By the end of May. Mb*: 1977. \ output, however, was 9 per .cent, 

j shipments abroad totalled 64.600 ■ ^The poor performance in the down from 1,362 units a day. to 
I unite — a full *22 -per cent below coin mercial vehicle sector has 1,237 units. 

Iihe S2.33S units exported in the ,'CoosiSerably depressed the . Total production figures For . 
comparable period of 1977-. ’ w .mdtQr- industry’s overall export the first five months of the year • 

_ _ , . , ' :perA)rTiiance. Car and estate show car and -estate yehicle.prp- . 

^ sla 1 e ^ e ^ /I.® exports themselves ductibn at 1.685,800 units, little 

?i?I d hy 4.9 her cent com- changed from the 1,686,595 units 

5%, fi nWni f “ 0n T% with the same month of of the comparable period ot last 

from lfi 4.249 units to year. Commercial. vehicle output 
Si fifig y nnfof 11 ElSSAfT ^.n -156200 units, and total vehicle during the same peridff. how^ 
w}SimAr C d T™m d Tln.i a iS ^iip&eots amounted to 170,000 ever, dropped 15 per cent from 
{° r Sf2 i2S t0 I2. FB fr0m January -Wfffi a gainst the.'180,761 of May.-140.l04 .on its- to 118,600 units.- :■ ■•>.> .• 
to May last year. . -,. ^../ lsg ^id the^A... ■ The - : VDA Says domestic.: 

Overseas sales of pt'Te c or d U to some demand -for the industry's .■ 

commercial vehicles *taffed' off degredpaffsef by the fact that ducts remaihi lively: ' The rela* : A 
during the course of last' year. May, 1978,' had fewer work days tfve weakness of exports reflects - 
and the May -figures, produced than May. 1977. Although over- some weakening of overseas - 
by the Verhand Der Automobile all car and estate ..vehicle pro- demand .and partly stem* from 
Industry (VDA} the industry’s d notion amounted to 322,900 lirails on the amllty of the West 
f trade association, give nrf indica- against 197Ts 330.189. output on German motor manufacturer* to 
tion of an early end to rtfs trend, a calendar "adjusted ba: is was delivery. 


- ‘ -* • • 


WEST GERMAN export*- of ront- : Exports' last month totalled only 
mercial motor vehicles drevped 13,890 -unils— 16-5 per cent below 
heavily in the first five months .JheilS.S 12 units sent abroad in 
•of this year. By the end of May. Mav: 1977. 

j shipments abroad totalled 64.600 ’- -The poor performance in the 
I unite — a full *22 -per cent helow commercial vehicle sector has 
the 82.338 units exported in the ; considerably depressed the 
comparable period of 1977v.-- rinofor industry's overall export 

&r Estate vehicle erpoit.^™ 1 ""-.-?'' 
held their own and shipments Jri&ESjj. h v 4 9 ber cern wra- 

15* SloloQ 0 units °T^s To^ev^f® 1 * 4 lhe ® arae monthof 


“*J®! aments amounted fo 170,000 

fo ta^fJSr f Ja “^ ary ; ; Uiff a gainst the. 480,761 of May,- 

to May last year. ^ ,<v. • - lgg .^id the^DA.. 

Overseas sales of WesrGe«i»n T%tesMFtirecord Is to .some 
commercial vehicles' *tafFetf' off degred^Wsef by the fact that 
during the course of last’ year. May, 1978,' had fewer work days 
and the May • figures, produced than May. 1977. Although over- 
by the Verhand Der Automobile all car and estate ..vehicle pro- 
industry fVDA) the industry’s d notion amounted to 322,900 
f trade association, give ntf indica- against 197Ts 330.189, output on 
j tion of an early end to ttf s trend, a calendar adjusted ba: is was 
1 - ■ \ 


I V 

Drop in Soviet trade deficit 


BY ROGER BO YES . \ 

THE SOVIET UNION cut its accounting for 9.088i8m roubles 
trade deficit with., the West compared'- to 7.93Sm roubles in 
during the first quarter of this, the January-Marcb period last 
year compared tor. the same year. . 

period in 1977. according to Significantly, trade with -the 
official figures released by the Comecon countries was almost in 
I Soviet journal Foreign Trade. balance during' the first quarter, 
j The figures show that overall compared to a. hefty surplus last 
j trade with the West and Jaoan year. According to a recent issue 
| Fell by S0.7m roubles f£47.8nri nF the ' weekly journal Ekann- 
in »Hp fi«st nuarter and ihat the. niicheskaya gazeta, Soviet imports 
deficit drnpned from 1.190 8m from Comecon reflect “the 
rotibl*»<! in Jnniiary-Marrh 1977 deepening of . specialisation and 
to l.mriOtn roubles in the same integration in the manufacturing 
iierfoft this veer. industry’ . within the East Euro- 

Thu statistics continue tn nnan economic organisation, 
reflect last year's trend a wav Imports of 3 machinery, engineer- 
from trade with the West ins* equipment -and transport im- 
l awards increased business with ports constituted, according to 
rionipcon and the Third World, the journal, the main Comecon 
rnmemn rniintpfos look the linn's Ssiles to Russia, 
share of the overall foreign trade The cut in the Soviet deficit 


with the Wesi is the result of a 
drive to maintain. .tight control 
over hard currency purchases 
during' ■ the past • year. Hfeavy ’ 
debt repayment Committments 
were compounded by. a . dlsap^ 
pointing grain harvest last year 
which will necessitate substan- 
tial foreign grain purchases. 1 - 

The Soviet Union’s deficit with, 
the West arid Cforaecoh'rduridg 
the first quarter, u-8^ some 
degree offset by 'an' increasing 
surplus with Third World 
countries Imports.' from • the 
developing world 1 ' decreased 
slightly '.while - export^ rose by 
almost 200m roubles?;.; 

The : ttiaiin Western trading 
partners Continue /to' be West 7 
Germany. Japan, the U:S., France. . 
and Finland. 


Howard Doris Dutch link; Co-operation 

BY RAY DAFTER, ENERGY CORRESPONDENT i plan for 


BY RAY DAFTER, ENERGY CORRESPONDENT j \Jldli lOF ? : >r 

SCOTTISH oil platform builders, is thought tn be nearing a! ph PIT! if* S3 3 
Howard Doris are joining Torces dcnisum nn -the development of] i- . ' ■ 

with the Dutch NAPM Interna- its Maureen Field. British I pA'm'nonfoff • ■ -i.’ . 

liona! group in a bid to develop FpiroJeum is to spend £1.25bn on 1 LUliipdiuCS 
and huild new offshore produc- lhe ->xploitation of its Magnus - .‘ i-.v. 

tion sUucturea. •’fold However, within lhe oil BY SUE CAMERON 

Up to now Howard Doris has « ?<?''*' 7 I* is thouaht there is ) ^ - ' 

specialised in the fabrication or »d»»e chance that any of this next j J company - has start# ; -- 

concrete platforms: its Klshorn )J t f ve «f # . orders will involve 1 11 a ting large maiiufactnrTn^:t.7_ - • 

base in lhe North Western High- cnn,:re te gravity structures of the contracts between various thajar 
lands* 0 of Scodand butit ihc Iff ^2^ D ° r,s fo ' p i Curopean chemical companig.':^ . N 

Niman Central Platform — the Ainian^wpius^ The company. 

biggest in the world. Through its ni . f V‘ -PJkI ii«b clai,,ls >> is helpiDE-^ - --i 

association with NAPM Howard ®'' ^ e .^' ; imports to the UK ;P a nd fo hlher :: '-' ; - 

NAPM. on the otner hand, ha> era vii v struclures is re-evaluated i capacity in the chemical industry. • 

concentrated on conatructing and hv uir- oil industry and con- ^perchem says that fo foe^Sve ■’ 

fabricating steel structures. tractors. months since it was set up.it b« • " “ 

As j result or lhe joint • Star Cariojius. a diving sui>- ne ®°f ia i [ e(i contracts Worth £75m 

venture, named 'HD.N Offshore, port vessel ’Tecently converted 1 an . n - has ^ ^another £152jm worth' ' 


form support structures, gravity sulis.. a work on the Anglo/ i The matching- uo ot ^ 

platforms. decks and sub- Norv egian Krigg Field in foe jturer* and potential. hS' : '.:-g 

assemblies. ; ' n nh Sea. Tltc contracl. due to within the EEC chemical " 1 - 

Mr. Albert Granville, managing l!,st for 3S day 0 , will bo man-; try was. the braitochilri nF 
director of Howard Dons, said a “ CfJ *>y Star Subsea Mamten- ' Gerald Cooper, former hentt n( 
yesterday that lhe Klshorn sue, “ nce an unsuccessful dye prbdueiW 1 

where almost £30m-had already • C r B (Offshore 1 ic expected ;o i company. The idea came th him • • - 

been invested, would be modified announce shortly that ui one- -when he realised that dpsn!fo v ^.v v a 

10 ensure Ihat construction of year management consultancy : substantial over-capacitv in iho : ' 
steel and concrete structures ronract in. Brazil has been industry, chemical iirmnrre 

j could proceed in iandein. The extended fora further three '*hc UK in 1977 — excludinpnii 

'steel fabrication sites at Kishnrn year.. ; loiailed »bout £2 6m UUI “* ou “" '-H 

is lo be cxlcnHed with a large - — - — J V-’v 

shed and overhead cranes at a . ma J° r European chemical '!■ 

cost nf some £600.000. Saadi rnnfrarf fnr PMTiSSlH 1 ®? te ,"« tn . have - spare 

With Mr. William cooper. ' Jd,Jai contract IOT | capacity m different areas arid - .V^ 

president of NAPM. Mr. Granville SAIPEM. the pipeline laving! an* H r ten< *. to have- a short- ^ 
announced that the now company Mub-iriiary of. thc, Italian- state M cap ?? lty in ' different 
was bidding for a platform wn- hydrocarbons group, EM. - has.: thi™, * says,- “'yet 

tract pul mil for lender hv thc fiun-.-d a 8100m contract with', foe not work 0 ut * way ^ rj± . 

Shell-Essn group, developers nf Saudi Arabian'- national oil com-'! iw " 8 WUh each olh er because : 

I the North Sea Fulmar Field. Pan.-. Pet ro mi nr, fur cnnslrueiirin ; rv^ no ^Petitorg: • What 
The formntinn of the group of > 670km-long section of the ’nStS*Ji e,n does - is act is = 
conies at a lime when there is the Tnnsarabian pipcUne. : ™ Preserving :. Strict'-'?*' J 

prospect nr several big plaifo,,,. E.YJ win be paid in VS dollars. , y * 1J Vzoes7. ManiirW : VJS 

c ?» n «i' l m S fr r. n r r ’ 4l0rs ,,r \ K scheduled fo start at the roiri^^ hu , yer? are noteveit'‘'A'vr 7 ^ 

011 fields winch have vrr tn he m-, n ning of next mnnih and is in?, ^mes.Datil.the^ -vf 

dechreH rnnjpm, ,. T . 5 hp w hv thf nf Ihe/.'COK^Ctff^:^ 

I For mslance, the Phillips Group sunrasr of 1980. * jai«r theB ? 











o 



1 -•••-• '- 1 .. r . -r..: ,- ,• . .... . — ■• ■ -1 - - - - - ~ 



Car phouel 




s and Thanet 





by DAVID CHURCHILL 


BY JOHN LLOYD 


DIRECTORS of the Hastings ins society, with assets of about operations rather than in direct 
and Thanet Building Society £1.2bn. competition, 

were criticised yesterday at a The Chief Registrar’s approval Mr- Twyman, however, accused 
special meeting called by the is necessary under the Building the societies of “empire-building 
Chief Registrar of Friendly Societies Acts because the socie- father than acting in the 


‘Shipping 
motorway’ 
urged 
by Trinity 
House 






BY IAN f^ROTEA V^,SHf^lNGCORJJ ESP ON DfiNT 


mmmf 


By ian Hargreaves, Shipping 
Correspondent 


BRITAIN’S ports- showed ahl’Cflast and Welsh. -- - ■ -U fo- ‘ .V-.-i 

aggregate surplus last ye^frTdf -cooticil' says that W'iSPLzjSS. r- Bv Opr ’Owp J ^nr^Kh«tent 
£4lm, according to - preliminary ports? petroleum -f 

itionalfdns tenSeS 75m and JJOm .: ■ 


Societies in approve the society's tics do not have formal permis mterosis of rnembers. house and pilota g e authority, 

^ a n..nji iua. He criticised the wav in wnicn .u. b-s^-u i-w me council 


TRINITY HOUSE, the light ■ from '■ 


THE POST OFFICE monopoly* Society 


merger -AiOi tbe Anglia Building sion in writing from at least two- « e criticised the way in wa nts to see the British Isles i,£ h _\T 
’ Society. thirds of their meenhers. _ _ _ & 3 , "™»« J circled, by . t.«» “motors K“»* 


ilUli vl LUCIA ___ . ~ . til Lieu uv a IWU-WdV U1UIU1- 

But ballots of both societies' “ '"ISS way” for ships in order to cut 


over car phones which lin* ^j. p 3U i Twyman, a civil ser- S' 111 ballots of both societies j naccurate information was * or ships m order to cut jg76 

directly into the public network va ‘ nt ' claimed that the societies memhers overwhelmingly backed givJ?n 1Q mem b ers 411(1 figures foi 


is about to be broken. 


The companies which market . casc f or a merger 
mobile radio-telephone services * * , . . 


had not put forward a convinc- ’ s ■ U *‘ r °2®i A !!l,! ° The National Union 


^STSEr 1 *' *° SC el,Sibli Employees and mfr 


expect that they will he able to He told yesterday's hearing 

* ■ .1 _ m. *-L .1 H I fOAfAKii nin 


actually voted. 


members also lodged objections recent experience whereby P* e results 

offeran““ interconnect” "system I n-at the directors had acted p nnin | pm .„ taP v * the at yesterdays traffic separation schemes were KSSESSS ^25 "pct cent !of 

bv SeStemh” and that the “viih indent haste” to push Complementary hearing. being al f ered piecemea i in res- j^mpared 4 9 per^ntr^^ut tff grow l^hUy Board*! ^.uatrtpffi^pulw^ : 

marked will be worth about £I0m. ^ merger through. ' The societies' case for the If the Chief Registrar 2» ves t h “ P^e to particular incidents was ^ laS^ar and by lSStfCOUld*ave 

o nC f Mfie* ...,rrv M . .ri> tnciHn.o in Hntmpn meraer was put by Mr. John approval to the merger, the unsatisfactory and unlikelv to eS ^ m *^ d .** .f^^vfiSSSSd its share to more thM r 


market will be worth about £10ni. th e merger i hrough- The societies' case i«i m«= -• — L . ruun.iiu ■“--*-** iol n»r rmt - iasr-cyeaj anu uy *’ — TZ"' : **^~~- r rf r ri r T-.7t>r r .T, -i-n'-eTtn-rrtrn.iT v 

A *. . ,h„ Pncr rvspe Wbirinn tfi hmmpn merger was put bv Mr. John approval to the merger, the unsatisfactory and unlikelv to estimated at liw per f ent. - ^ share to more than ^ite of tbiisetb^ck ^ . 

At present only the Port h / r t0 Mills QC The main reason was objectors are expected tu try to reduce risks. Total port traffic at about 386m Jent ■- ' ; .pattenr .. . 

offers a service * hi -b - the momber.Jup into making a - ^ ^ middie-ranking set his ruling reversed through The authority already has tonnes, showed little..- the strange^ growth: vnlximes^ou:; th^ . wateii^B, the 

a caller to be connected, via the detis , 0 n. s".,!! n i« M nt nm. the courts. hoFore th P r.nvernment a radical compared with 1976, but -there v«r was at the- arnfinecti^di: thd futare Jtemaau ‘j \ 


societies to make significant pro- the courts. 


lerator. to a ttura pa >. The hearing was adjourned firesii 3nd become one or the A decision against the merger plan to overhaul shipping lanes 

.rfVnnhnn^ w'ns bV-un in 1989 .'a until ^ tihe Chief Regis- i arge societies, with consequent by tbe Chief Registrar would in the English Channel and 


get his ruling reversed through The authority already has tonnes, showed little . change . -.^rf tb e strongest growth: vnh^^.Qit; Vya tejv^ s, , the -. x . ;. . 

the courts. before the Government a radical compared with 1976, but -th ere *>iSctere d last year was -at the- pmspectS 'fbr the jeemaut -y 

A decision against tbe merger plan to overhaul shipping lanes was a big switch in the. pattern* n ^ Forthr wbicbialmost eiu^ragiug,‘becanse^J^..yat^v..' ; - • 

by the Chief Registrar would in the English Channel and of fuel movements. - ■'•- v :‘^-.Sbnblea traffic to 55m tonnes, ways’ cne^y_em 

have serious repercussiimj for Captain Wingate said that the Fuel imports fell by 20^ jwrV’anj-at the port of Dover, where in creasmgly^amip^wei. . 


SS^Kt^dualfv extended trar. Mr. Keith Brading. benefits for members and staff, have serious repercussirmi for Captain Wingate said that the Fuel imports fell by 20; Twr- W p^t ti,«» port of Dover,, where them •tffercgin'gte 

milr-h' nf ihp UK The proposed merger would He said that the two societies both societies and the movement simple principle involved in cent but this was largely offset ;araffic : was up from 4m to.4Bm - The'.Tgpcmjnwnji^axj^K • 
Uirou-Qoui mu w h in h Create ihe. seveath largest build- were complementary in their as a whole. this scheme should be applied by increased coastal movemente;)%nS~. ' ther/rBpard^^ ''V-' 

Private comr»jiTMies vvnicn more widely. and exports resulting from. were sharp declines: at money from fte Govenyn^t for - . 

market rnohi Ic " “ “ “We are aware of the prob- creasing production in ^the>.Sfemsea, Newport, . Milford investment rand arrem]S..<tt mainp ../- ; 

services have been restricted t __ •■H'H Terns and the objections, bat we North Sea. . .’-..llBa«B^and Liverpool. tenancy vdn.-cbatoHifef^^ . 

offering pagtn^ or m ssa-e # b ® H H believe that this has to come.” East Coast ports Ii«to‘tWPC Annual Report. Common- The £5m premispd Mmec ttlis . , . 

rnmnanip^ iinpramrs acUn" z* a OU.llJuS/ Will At present ships around most benefited from this change J&evlth House. 1-19 New Oxford year for^ mamtetmnee 

ml *<«« loTod fro ^ ^ ^ of the Eritisb coast are granted mainly at the expense of Sbutfi Set. London WC1A 1DZ. 75p. been- paid because, flf ^ dis pnte . f - 

link, passing messages to and iro a ^gb degTe e of freedom of • _ with the Government ;Wtr. ^the 

ju: a „ p movement and there are many w^.it wiU be.uwd-./:^; t'- 

Conditions areas where no traffic separa- The report calls (Or ’,a JGyron- j *<• 

After two vears of talks i vVHT v V villi tion schemes exist Davivi ' j 4 ■iJll'llfTA'i" ment scheme Simijag , : 

between the Post Office and the The recent collision involving li fiUTl StTOHSCi available -for •- 

National Association of Radio SY MICHAEL CASSELL, BUILDING CORRESPONDENT the Greek tanker Eleni V off the O facilities 

CommunicationsServices.it now , , Suffolk coast took place outside .‘. 53 - transfer points _are graflgwneg. « 

appears certain that the Post JBRITALV WILL join West Ger- increase and the UK another 2 in large investment programmes. any traffic control scheme. A. 'W- ■ 1* .-l w ‘ - The .central 

Office is willing to breach its many and ihe Netherlands in percent . „ Mr : Ke ® Ereeson, Minister for ^he Trinity House principle | Q T PI* ' l :* 

monopoly, and to offer licences 'having a revival in construction While an increase in output of Housing and Construcuon. told Js tQ provide continuous k-J b lUC' LUIISUillCl 11.11 IV which - were' put at ;£3T.fop'. .i?y- 1 . .. 


Benn ur^ stronger 
State-consumer link 


wiy it will be.awdiji’c wX” v.*.? • •• 
The report calls for .a 'GoYem- - 
ment scheme -;6iaiiW»™^atat : ., | ; 
available -for •.raQwaysnyhereby,^ ... . 
facilities- for .-. > private; V^felEhl - . 
transfer points are' grah^altted. / ' 
-The central ! fihatu^»j^w>lent..£. i , 


BY ROY HODSON 


r Mt,.m •mnIio*/finn Frtr CiUl UPCail VJiUiiMvuvu luncoar r hunt ic w ii.l • > - 

U Fir*t ap ^h» mmnviv Group to be held in the UK t n Belgium. Denmark and fairly general agreement that 
licences, rirsu ine ion ai heard tb: , t SOTne nations within France the outlook is for continu- construction output in this cuun- 
ninst maKe it clear to i r. c i . s ^ ^EC could now expect an im- ins reductions in workload over try would grow this year and 

that it offers both message ser- provement in ouaook after the the two-year period. next, perhaps faster' than the 

ti iflni him to choose construction recession which A common feature of the fore- economy as a whole. 

e‘ j m.ict affected the entire Community, casts is the expectation of growth Latest Department of Environ- 

‘J Z , h . »n.i« Estimates suggest that total in repairs and maintenance ment figures show that orders 

£ construction output this year will work. for new UK construction in April 

!h/ -p anQ 001 fU ^ r * se h >' ^ P er cerrt i n West Ger- In the public sector, tbe growth were worth £769m at current 

it- ...IT ea-. many. 6 percent in Holland and rate is generally expected to be prices, compared with £Sllm in 

.J™;. » r aj ,h 1 a n , ec „,f^, I lnn' by 2 per cent in Britain. weak, except in West Germany. March. Orders in the three 

7 n ‘ iL , Hit monWc hnd Next yea r. Wost Germany will where a strong rise in output months February- April were. 


which - were ' pui ■ sf .in. - - 1 . ; 

1974 pticea last yearc 

Last year's loss -was &i 2 Ani, . ' 
more than’ 2;3pi worse thsm^me 7;- : * 
previous year. This, dfeffctt is ’ . 

—a'A - Wn Chnarnniimt -llrirtit*'-- 


A NEW structure : for . the': Earliamentary session, , previous yem. w 

nationalised . industries, . Mr David Penhaligon, MP for covered by .GovenuCTent ^ar^s.. 
strengthen their links with'-^Tntro and Liberal energy spokes- Turnover of th^- 
Parliament' and mncnnuni iinCTmiU. tnlil- thd nnm. Cl Dal ‘activities -W&S glQjP Iffflffl . 


Tanker tug 
captain wiU 
give evidence 


ttys Tor 
sfioutfsh. 


rfav v .•: iij-i -C „r *u 0 r:m holidays coounues w jnnwsn, 

Mr. Benn put forward his Edwin Wainwright select U^numbero? h^bdaS 

posals in evidence, to a meeting committee chairman and Labour 
of the. aU-party Commons Seloct^p. for Dearne Valley, told Mr. 


Gl 


retary nf ihe association, said 
yesterday that his members had 
agreed (o these conditions, and 
were able to offer a range of ser- 
vices to complement simple 
phone calls. 

They would be marketing a 
push-button system which enable 
a client to transmit a number of 
prearranged sienals indicating 
where he could be contacted 
when he was not available on 
his car phone. 


«A me Liearue . vauej, IU 1 U mi. Ttonnrt " W'PT^D-''*’- 

Coranuttee inquiring into the>Benn: “l think you ought to Ar^muu uepon. ctu tiju. 
electricity supply industry---' • V.r : -T6allae it would be wiser to have • ■■ "■ ■— — r . • ~ 

' Mr. Benn, 'making Bis second ^cohsultatioas even though there ' - 


* l ' 0 h n - 1 3 'h Next year. Wost Germany will where a strong rise in output month's February-April were. By Paul Taylor. Industrial Staff **-*»**■ ^ mSSS' '"Sp? Sanee of e JS e con- ' a. •' £ • ’ 

iitiSns and «e |i further 3 per cent rise while is forecast, and in France where however 12 per cent up on a THE MASTER oE the German a? a ^dtnes^ithi^a mM^S-^raed accepting you? idSL"/ . GOSt Ol EOft^r . ' 
anae of ser- ^ o an< ^ expec s a 4 per cent public corporations are engaged year earlier. tug which went to the assistance weeks, spent nearly two hoars?''; Mr. Benn said he was being . . ~ ^ ' 

int simple — - ...... of the Amoco Cadiz as it drifted defending himself against the -accused at one and the same time fiPSTlIS TlSIftR"--- 


T J • — 1 j, Va -fV J wociw, sjrcui uccuij iwu tiuura;. •, mr. dciiu miu uc woj vtiufi .. -- • . > . . 

of the Amoco Cadiz as it drifted defending himself against the - accused atone and tbe same time -nP3T||S TlSfiS 1 ’ 

helpless towards the French charges of other witnesses: — having too much consultation 1 T* . 

coast has agreed to give g That he had not adequateiyjand too little consultation. THE OFFICIAL average cost of . 

evidence before the Libenan consulted either the electricity U HIs intentions to bring about a fatal toad accident in Britain 

Board of Inquiry in London on .mumm' or the industry's manage*^ '-jSbser relations between the last year was £64,600. Transport 

Monday. ment ahnut the mnrpntc nf th'6 'Uu^pitv cimnltr indtuslrv and TTnriar.l^u>nt9rv Wi- . ■ Inlin 


BY KENNETH GOODING 


Applications 


Mr. Francis said that the 7~ , . H " suggested that depreciation of depreciated because the standard »muw» juaqi*. increase the Secretary of StateSr'Tfest, -year. ' of the :I^rth‘. Cdinmittee rebert - - f - 

present turnover of the radio *J ouse freehdds should not be pu h s c0u jd knock between^ and insists only that depreciation be vpihS y n f°the influence by proposed powerS for- -g^Flle best way to weaken links conceniin£ J .the. . .^uatto Of - a t-. 

paging market was about £5m. depreciated under the terms of 9 per cent from the profits of provided “on depreciating *° £Z5»Jl TJ^SSn JSZi the-direction of the inausrry ahti\^fcen ; : th«s; electricity snpply Accidents!; _ v J’ Ji '. - 1 — 

and that it could be expected to the recently, issued accounting the .major brewers assets. . • — J® ”??■ ^ the snaking of appolfftmrati: ’“ihaUstry, and ParfiAiieh land the The total estihurted; cok of:-./ 

double “almost overnight" standard SSAP 12. In the case of the two biggest TOe brewers w-ill point out over the form tow mg or sal- Liberal Parliamentary Party people, would be ~ to turn the all road accidents, .. in.' Great, 

with the introduction of the As present, none of the brew- companies. Allied Breweries and that the result of depreciating . . ® SeXv* h^fixSe llnesto 0PP 0s1tion t0 the contents of the whole: lot over to the new Elec- Britain last year amounted to 

inferconnoct service. inE c L^u\os depreciates free- Ba5S „ £ ha "i nglon t char e e P ubs w 0 " 1 ?. be » ^ ,nsl Hp tAnker /nd hSS til P ro P«sed Bill kiUed itfi chances tricitv Corporation after it is set £l,290m-an increase of £I20m ^ 

The Post Office said yesterday ' would be £4.1 m and £5.5m respec- revenue fo owed every few years he tanker and beginning the of becoming law in tie presenr up - following the recommendations, ; 

that it was developing procedures bo *^ buildings in the licensed tively. by an addition to capital reserves tow . _ s j \ 


A GROUP of finance executives Implementation of the account- three of the major companies and is expected to face some tough t0 manufacture for the ind 
from the brewing industrv is to standard could be significant a smaller one is that they would questioning following evidence w hich would be damaging t 
surest to lie \ccountin-’ Stan- A recent estimate from stock- not be in breach .of the account- £« v en to toe Board by Captain existing electrical Industry; 

K ' dm u. ttai DuMto brokcrs Lain ® and Cruickshank ing standard if puds wer, not Pasquale BardarL master of the e n./, he atteSliV, 

daros commiuee mat puouc susgl?sted tfaat depreciation of depreciated because the standard Amoco Cadiz. increase the Secretary of SI 

house freeholds should not be pu i, s C o U i d knock between 4 and insists only that depreciation be The tug master is likely to be juflnence by proposed power 


Monaay. ment about the contents of _thft..*^tectricity supply industry, and Under-Secretary Mr. - John 

dS ♦.,«pS Government’s Electricity BilI;.:^;IfeIIarnent and consumers, were Horam said yesterday in a'COm- 
“ a !So±H he t ® U r^L r c ^ fn^h • That he was proposing pow^JuitS clear, he .claimed. .1 • mons written replyT ^ 

IS e ^P® c * e “ 1° ,‘“ ce . som l= to manufacture for the mdustfy.r. .‘TTiev had been dealt with •_ He tbld MPs the estimation of 


use the standard Amoco uaaiz. . Increase the Secretary of State^^st .year. ■ ' of t 

present turnover of the radio I — ^ puns couia kdock Derween e ann insist oniy mai depreciation be 1 “ tug mwter is likmy to m inauence by proposed poweri fO^Slie best way to weaken links concerning 

paging market was about £5m. depreciated under the terms of 9 per cent from the profits of provided “on depreciating ^J®® *° thedirection of theindnstry and^fen - th^ electricity - supply Accidents.; 

, . _ -innonnl-inr, thnm-.inrV.T-au/aK -.ccfljc " dlSDQte DStWeeD. the.. tWQ Hie II ,1 _ --■ S' tT , - -■ . . 


to handle epplientions from com- estate in the belief that pubs 

panics who wished to apply for have an infinite lire. 

licences to ooorate interconnect- 


The claim to be made by the when the prnperties were re- 
brewing representatives from valued on an economic basis. 


ing mobile phone services. 

Tt is thought that an announce- THS HI A. A fTh H / 

be raade Fay rises should not top o% 

The Post Office's movement ** 

a way from total monopoly in this „ v navm sosnn 
area comes at a time when sus- BT DAV,D fRtuu 

tsined p r es^Li r* 3 is bpin a 1 

on it to liberalise its control over THE AVERAGE increase in pay Street that lower pay guidelines managers. during 

privately-marketed equipment. in the next round should be should be accepted in stage four phases of pay policy. 


BY DAVID FREUD 


vere re- The decision of Captain 
basis. Weinert to appear before the 
Board was announced yesterday 
by Mr. Jervis Kay, counsel for 
Q Bugsier. 

7 .. Continuing his evidence yes- 

terday Captain Bardari admitted 
that it was not until 11.18 p.m. 
more than two hours after the 
Amoco Cadiz grounded on the 
Brittany coast on March 16, that 
previous a general distress call was suc- 
cessfully broadcast. 


Singer will announce scheme 

for Clydebank plant today 


BY CHRISTOPHER DUNN 


Besides the small companies kept below 8 per cent, the British in order to reduce inflation. *i, S ^ zra - ^j 17 * 130 ..Jhj 5 was the first news of the 


which make up the association, institute of Management told Mr. - However, there should be scope , 


m pay pour Thk Was the firat news nf the SENI0R OFFICIALS from has come under severe pressure machines: , - developing 

♦hP N*inS rnai RnJrH Tnrfthp iLm Sin8 ® r ’ ^ UA multinational to- in its. .traditional markets from mature. ;-- v . 8 

the National Coal Board and the disaster and it came six hours j Hic/vinca' now niim for tho isninau x* •«._« l : a 


iue uauouai i-oai noaru ana me uukisici auu n carnc uvun d wil l dliurlose; new nlans for the .Tananene 
iostitnie, told the Chancellor: after Lands End Radio had g?- J P Shin°I 11 “ihSFS®* 


It intends to sell high-volume, 


wide review of Singer’s future °f trouble. It succeeded only in Canada, it is selling electronic 

__ _ _ _ _ m manufacturing needs, were dis- acquiring some dubious com- sewing machines, • trying to 

Report fuels resistance to nationalisation “ s £S“;i:rr: -I 

it Singer's careful approach new chief executive, Mr. _ Joe is the ^ key to-*.. the future . of 

YESTERDAY'S attempt to spell other, the construction industry cuts in public expenditure, the eighth of the UK's Gross with serious tracts on the S^Q^e^nk^t^fte^comMn? structure has -bee? devisedf tak! Singer's ^E^oSa!? 111 ’ ^smvinJ ' ; 

out the cost and reprecussions of has decided to take no chances, construction sector is damagingly Domestic Product. Insidious threat to free enter- Established in 1884 the factorv in 6 i* 1 'sewing machines, con- machine side said in this vearis 

the Lahour Party proposals for It is aware that within the next fragmented, unslahie, inefficient Plans include the creation or prise contained within the pro- accounts f or about a fifth, by sumer products, and government annual report • ■ 

reorganisation and public owner- few weeks the final format of the and an insecure employer. expansion of several central posals, volume, of the company’s world w-ork in, for example, aero- New models have been in W -"• 

ship within the construction party's election manifesto will be Labour MPs have gone as far institutions, including a national Campaign leaders yesterday sewine machinp sales space. duced suDnnrterf ko «■ kw " 

i-Hn- tr i- n/nvi/lA. th, mr./t -I .nt.-T- ,,ri inH tHal thara will ha as tn ripkf-nhp nfilTIOns Within rnncfni a#- i f ! n Pl'irnnr'idr.n ** h r- fi tirarD -Inkl-IID t/\ -imnhn/i-*. /k-k " — . -■ 1- ** , * * Olff: 


ship within the construction party's election manifesto will be uoour Mrs nave gone as lar institutions, including a national Campaign leaders yesterday sewing machine sales space. duced supported bv »' 

industry provides the most drawn up and that there will be as to describe conditions within construction corporation, “basest were anxious to emphasise that *hont four flfrhc „r Arnrtiirtinn Subsidiaries that fall tn fit !« marketing camnaiVn snH tho 

powerful ammunition yet for the considerable pressure for the the industi? as tantamount to initially on the acquisition of the contents of The Economist fram aS with ttffla have b«n so?d S strategy feemT& S’na^ Sf 

anti-nationalisation lobby. . construction sector proposals to anarchy and c aim its problems one or more major contractors- Intelligence Unit report repre- ?educ??bSM«. **TH? l i* Sales % 9 SPn^ 9 SSSJ& 


powerful ammunition yet for the considerable 
anti-nationalisation lobby. construction 

The independent report from be included. 
The Economist Intelligence Uait 
substantially undermines many -- 

arguments put forward in what 
has become known in the 
industry as The Little Brown 
Book and which represents the 
party's predominantly Left-wing 
inspired policy on construction. 

The critical dismissal of many Cwa 
of tbe policy document's argu- 


Bms : irs ^ 

to embrace several prominent ment of Ui e proposals, although U '®’ ,s an irap « rtant m “ r ^ et - s^ R erff?ikMtoiTr?or e i P i5 ^ ‘ ?• 

materials producers: and .'a they were clearly delighted that The conipan/s delicacy also J] "® agfires_ planned^l wa > f0r “ 


planned this year. 


NEWS ANALYSIS 


public nrocurcnicnt agency to the findings provided the stems in part from the uproar e ph . „ civdphsmt * 

co-ordinate letting of public- indictment they had been that followed its move in . The company's sewing mach- brnad J “f?, •“** 


CONSTRUCTION INDUSTRY 


co-ordinate letting or public- indictment they had 
sector construction contracts, j seeking. 

In addition, the proposals c?ll Apart from producing 
for a stronger network of local- 
authority direct-labour opera- 
tions. 

The party document empHa- 


*viiv»tu • ia muvu j u . - — - — — r — ^ uiavu- DrOSft Qtrafomr - __ — ■ — 

November t 0 cut the workforce lTJ e strategy has been compii- e to a «.r a iw become 

Apart from producing a large by roughly a fifth, or 1.000 jobs, cated by. -the threat from the . uniEiv 5, SKhSi 1 2. seen l!- ■ ' 
* ° s The unions. Jed by Mr. John Japanese. Four concerns. Brother SS2r •t.Fc* short tenn 4t - 

McFadyen, works convener of the Industries, Janome, Ryccar and chT fl i h “v ■ J" ger wilL convert 
Amalgamated Union of Engineer- Tr 'kyo Juki, reached a dominant elpptmnia ■ “anufacturiog' 
Ing Workers, threatened to strike, position , In; the Japanese domes- TCr ^? v,ng I o®cfi£nes,.in' . 

They accused Singer of starv- l L c market .about 10 years ago, work«»« pressUre from the 
ing Clydebank of capital. The lhen moved into exports. Mr ' ./ . 

factory has been making losses Out -of. a world market estl- Singer was 2? We *J t ^ 
for some time and no recovery mated to be worth about YlOObn, electronic machin^fnF 0d F 02 
is m sight. .... the Japanese may control as enough market tS C f„iSL a la £ ge 

Tbe precise nature of the plan much as half, according to the switch^ ™ arKet t0 Justify such * - 


ments and conclusions inevitably BY MICHAEL CASSELL, BUILDING CORRESPONDENT sises tho belief that, although 
will be used unsparingly in a there are more than SO 090 

campaign to thwart what con- ^ individual contTactinz con- 
struction industry leaders see as ■ — panics there is much leb 

a deliberately low-key attempt to , genuine competition for wofk 

spread state control into another The Campaign Against Build- long delays to projects and great j han nj j„ ht appear ] 

important sector of the economy, ing Industry Nationalisation public dissatisfaction with the **:_,*.. L ' 

The document, officially cn- helieves it has only a short time quality of work. Ai-uiA** 

titled Building Britain's Future, to alert everyone to “the According to the authors °I sSct0 5.’ 

was overwhelmingly endorsed bv doctrinal and astronomical ly the document, who include Mr. . compete 

the Labour Parly’s annual con- expensive threat" posed by the Eric Heffer and Mr. Anthony *5^ ♦ !* ?!? 

ference last October and although public-ownership plans. Wedgwood Benn. the answer P . ®‘ ® P '®. u t‘hajler 0 C 

ministers have gone to great The proposals are based on the must lie in at least a degree of '?. 0 _ w n ^ r ' . nf 

lengths to detail the difference belief thaL apart from the short- public ownership for an industry - ^ / 

between party and government term difficulties of low workloads, that directly or indirectly w«n„i , 

policy and io emphasise that one which, tbe party accepts, have employs nearly 2m people and with the 

1 ***** >° grl b.v e.vcessive which contributes nearly, an Sc p^mern Z?Jv 0T 



the Japanese may contial ^ enou^aTket tn^L 3 ^ 

Tbe precise nature of the plan much as half, according to the switch^ ™ arKet t0 Justify sueb tt 
is not yet clear. But they are London-based Nomura Research tint «- . " ' - . 

bound to reflect Singeris special Institute, part of-No “ora sSS to emnh^f^ itR ^ determined 
difficulties in the past few years tics, tbe Japanese bank. mitaMit S t %^? t i nui , ng com * 

as it has tried to reorganise it- Singer’s reaction to the inva- “ e S L‘J . tt - i 

se L Ik, *u ?‘ 0D hfs.^en to divide the world factor^ far 


At the same time, the company into two eectionT for dlwrSflSd doseiy 1x140 %*’ 


does not necessarily follow tbe been 


How the construction indus- 
try sees nationalisation. 


FORWARD TRUST LIMITED — BANKERS 

DEPOSIT RATES 


pubfic procurement auency or 

for a dccasualisalinn scheme and bill for the proposals, the 


Hirsch high prices reflected 


that pan state-ownership was report attacks vital elements of UNEXPECTEDLY high prices at Watteau on a single- sheet and n i«i» ^ u ./ 

all anyone had in mind have not the policy document, question- Sotheby s von Hirsch sale this an American private cnllermr 4“^ short of. 


cl' V . v ' nave noL - e UULU /“ eilL - Mupuun- autueuya voo rurscn sale tms an American private collector *iv ^'w ‘ 15 r s - Just short of - 

served tn placate ihe industry, ing the value of decasualisahon week seem to have infected XU.000 for a Tiepolo pen and ink So n)5i hes ^ ,n realised 

The Campaign, representing plans, suggesting that a public buyers in the other auctions. of Christ healing the man "f- 000 yesterday ' iiL. -Christie V- 


Depositors are advised that with effect from 22 June 197S, the 
following rates of interest will apply: 


NOTICE OF WITHDRAWAL 


7 days 
1 month 
3 months 
6 months 
12 months 


(DEPOSITS OF.£l-£25.0ftO) 

Si% 

10 % 


me campaign, representing Plans, suggesting that a puoiic buyers in tne other auctions. of Christ healing the man with yesterday in. .-Christie V- ' ■ 

the combined and not un'mfiuen- procurement agency would not Immediately after selling all palsv ..... ■ ^ of English and forei°n --.-J 

tial might of the National stabilise workloads and saying the 27 von Hirsch Old Masters Komfeld invested £10 500 in * e ?'« '""'.V: ‘z: 

Federation of Building Trades 1116 , elimination of competitive for more than £1.5m yesterday, a view of the Church of A Per cent premium 1 b nairf" . 

Employers and the Federation of tendering in an attempt to cut Sotheby’s disposed of eight more 00 ?U lots: The eandlwtlrinr"*'"'-''^ 

Civil Engineering Employers, wasteful practices would ulti- Old Master paintings mainly earned the arms o£ Sevmrm£ 

dismisses accusations that it has Tnate, y be even more costly. Italian oF the 14th-l6th and Popham. - #muur . ,/i 


* Applies to existing deposits only. New deposits at seven days’ notice are not 
accepted. 


Civil Engineering Employers, wasteful practices would ulti- Old Master paintings ma'rnlv — 
dismisses accusations that it has matel y be even more costly. Italian of the 14th-16th 
taken extreme measures to For good measure, it also centuries, for £181,500, One was 
counter the Labour Party plans, challenges Labour Party claims bought In. SALEROOM 

It says no effort or expense on sucb Matters as the industry's Francis, the London dealer, 
should be spared in “waking up productivity and its record on gave £36,000— well above esti- BY ANTONY T 
Britain” to the dangers con- costs, training and safety. mate — for a Aforionna and Child 
tained within the Little Brown Io the words $f Sir Maurice Enthroned by Paolo Veneziano, — — 

Book. Laing, chairman of the while another Madonna, by the 

The campaign leaders have campaign, who has said he will Master of the Orcagnosque ^i-ari, Venice, 

heen disturbed by the results of resign from the company that Misericordia, realised £28,000. Carlevarijs. . 


BY ANTONY THORNCROFT 


Dated .1674, and -with the’- 
“alters mark RB with accent 
a^ PeUets below, they were ' I 
i FT Sffigjy How of EdtebS . 

• the J L ° n ^ on dealer. The 

made £186,730. 

9 Wee lots included ... 

Luca shaMd r !teZ t S blfi senricea -tS- 



Trust 


For further information apply to: 

Forward Trust Limited. Deposits Department, PO Box 362, 12 Calthorpe Road 
Birmingham B15 1QZ - Telephone: 021-454 6141 
Forward Trust is a subsidiary of Midland Bank Limited 


i a survey conducted on its be balE. carries big name if the proposals Hewett bought a Madonna and At Sotheby's Belgravia Conti- *** scales by Paul Store ”5wrrr i; '’ : 
that showed ibar nnlv 13 per go through: “The proposals Child with Saints, by Andrea dl otntal furniture realised “"f 1 additional 'alece^ht^v?-'- -' il 
cent of the general public know should be withdrawn so that a Niccolo for £26,000 while a **'35.120. A set of three Louis XV Adam s or G. Agnell^l^f W- : '■ .'-J 
anything about the Labour major re-assevssment can be Dutch dealer paid the same sum bronze urns and covers of around I?* 151 bought by Blnomvtoih' .riu* - ‘ ? 

Part>'s intentions hut that 85 made by the Labour Party of for a Madonna and Christ irith 1845 sold for £11,000 and a pair ^nd on dealer. ^^”*7**.™'- '!•; 

per cent oppose nalionalisatioo tbe recommendations of Its Angels by $ano dc Pietro. nf bronze centaurs by J. de Luca A paid £7,500 for a hhi&n-- 
of coostruction. national executive committee. The aFtcmon session of Old Inched £10^00 to Spyer Anne plain circular' htUin 

Their answer to what they see It may take some convincing Master drawings totalled A lame ormolu hunrin«v * 9 ut. David Wtlteiaae^iTo* • X \'U 

as an appalling case of public before Mr. Heffer and his £219.020. »mr«!EL «£»**% Jesso P. another : - ■£ 

apathy is a national campaign colleagues accept that particular Cailleux, a French dealer, paid fo r fTSOQ 6 ° f ro d 1860 sold for a Geor 
combining give-away batiootus piece of advice. coaono •*-- •--- • r 1 ,50 °* a« r«... -u.« .£ Jt epergna^ _ 


pnf ^ French dealer, paid for £7500 »»» a ueuree u enArrtta'-" '-'t* 

£24.000 for «o drawings by Fou ; ch „ les n cand.eatrcks on tt ■•Wfe’3 

•> . " 

^ j ? ' ■ 




; v ■■Js.jrjpi) 




- . JP'francial Times Thursday June 22 1978 


-sr- ■ 






*ge 

U°/, 


oyer 


BY j6HN ELLIOTT, INDUSTRIAL EDITOR 


says hours cut 
i reduce jobs 


UK machine: Leyland YeWcles 


to°i to may jjjjk w jth 

be made m J 


Advice 
on how 


Te™s under European companies to obtain 


3rr *^, lt . 

>nt. &*•*!. 

a -.-.I . Er>- j 1 


prices 


;s 5.5* 

, s * *ii . 


BY ROY HODSON 


licence 


BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 


David Fish lock, Science Editor 


. c - iv umnn ipiiuits on inv ijoiii’ viuj- vu»». v,M . v . „ . 

hours t»r3S would cm ■■ini»lny. m „ laJk< nn „ av rules f.,r the mates that in the engineering. A . BRITISH DESIGNED cler-' 
.mem across the i-biinlry l» nL ^ l rouni i ‘ industry it miqhf be 6 per cent Tronic machine irml. used in the 

IlKI.OUU. b1 ‘ f l>r a cut i o 3S hours, or 15 P'-Timaiiurti'-iurc of micropvnrcssors ; 


■i~X Aj ."WARNING that the 
? national steel stockholdin 
dustry could collapse if the 


• i in.- t mi n 1 1 y |J\ ne\l round intIUSIIT •* u l**-' , inmiv lujumii*.- mm. uscu m 

JIK1.00U. , , . I for a cut i o 3S hours, or 15 .P'-' r | rnanurm-iurc of microprnrcNSors ; 

i Thai view, which {-•.•nlrmln-i* ’ <Jur nicniucr>lii|i n*e is >n ri . n| - j( - trade union ambitions - ant j L -laim«.-d tu he the wo** 
the inter- 1 lrat,e umcm claims that a shoiier ■' , . ron ”‘>' *hat if any while riiper ^ a :i5-hour week were met. ■ advanced pruduciiun tool of us- 
foldin' 1 in. • w0 ^na wk would •■»;!!*.■ d,rt ** industrialists are aUo sceptical kind. i~- io V< manufactured in 

ifthSVi?: "!!’ *ter in(lu~,r,:,lKis v.'shl to, Inc I'.soc a thc cu.u:.h e US. cicnlcr a Hmk. Mirw 


I: ’ 'a-: . 


hOfn* Ur^fuSS «*?* iho r irrispeei of the costs: the U.S. under a licence ayree- ! 
ing, scheme was not aareed and • i * nenrt ‘ n: ? : lbe wnfedcratnn^ 's from u. wr. judii itieen- . olTset by productivity | men t a n:iuu need ycderdaj. J 

^.adhered to was made vesterdav mon,h, - v council meenn? had binuush. president m tn ‘deals esucciallv where hours I . a jmm dev e lupin ent of Lii-tott . 
-jrhyjfe. H. E. Samson, a leadinc 1 a . iven war n5ngs about the nnpat-i enn federation, said last niRhT. v : urk F al . c ; c! , n national EORineeri ne of Hurshain and the: 
• : British: stockholder. ®;that a cut-Jn hours would have That would mean the con rede r.»* inc i UKlrv . WK i c . rather than com- 1 Harwell Laboratory of thc IK : 

'i.ffe was sn^ki™ ,, . ■ or » *--uMs and internal tuna l ruin- llon, »‘ recomnininins inal its ncaniiations. Nor do they Atomic Encrac Authority, the! 

: d ^ ie s al ^ peiiticeness. members resist hours claims and a shorter workinu ! machine u. a > s produces micro- 

••‘■SnjSera* awneVathl!. I ■ *i ock - i They added that the ■■ >r. n red era- nnishi so sour the atmosphere bU^ ^ }u{ ( m , niaUir( . t . k . cl ronil . C i rcui ts. > 

-hnldfne its^anmili #h, 1 ?. h ,s !, on would recommend its mem- that i l would become much more , , p that it CHU i d cul tun- Its leclinmue. known as ion 
-holding its annual assembly in hmu. n iM unu.n d Ulii-ult for other parts of any estimate iwi » *■ I ' lB ...hi.-w « h^m 


h£' a«^i a ti n n Sleelslock- f They added that the ..-on redcra- '»ichi so sour the atinos|»here wnuM crcalt . ni<ir e join, hut i miniature t-lreirn nit circuits, 

hnldfne its^anmili #h, u. h ,s bon ivould recommend its mem- 1 hat i l would become much more , , p that it t . ou i d cul e m- its ledmuiuc. known as ion 
JtS anQual ^embly in . her, to reject trade union riaiiii« ditliculi for other parts of any ^umate^nat I implant ai inn— m which a beam 

^r 011, : for shorter* working hom< if any (•nvernmeni pay proposals to be P - ra j„ r .. tinn , ,!cn about !oF nuclear particles impregnates 

" The steel stockholding indus- • Government White Paper on the adopted t« individual negotia- T[ie a, “ LJJ ad is wafers of silicon automatically in 

try had problems. Too much i n P»t phase or pay policy supports ttons. .. *“ ^ hs : precise r.jiterns— 1 is expected in 

steal was chasinn t > nrnn;irilv lllO tiOVCrnniem to Ornp ll» f _ 




r.~r itigus- : me — „ j. . .„ m „ n . on , rt nersuade 'Waters silicon auumwiiidn) 

- try had problems. Too much \ n ™' phase of pay policy supports twins. lu^rJornn^nT'Vdroo hs 1 precise ojiicros— Is ex pec led in 

steel was chasing too few orders suth an iddu Induslrialists are primarily Utc *" "s'be used in the most advanced 

; • resulting in falling volume and 1 Leading industrialists dis- worried about thc implication* current s>hiem i of _ puj ■ ■ j n tearalc«l --ircuit Factories, such 

VJmuch reduced trading margins cussed the mutter with Mr Denis id a cut in hours fur unit costs .main si e 1 1 1 p five 1 , as the one the ‘.Government plans 
;r Costs were rising and some i Healey. Chancellor or tin* Ex-;-* .-«»-» current nav round finishes in five. « ^ j 

' > ttn'nbhnlriBTi uinrn n n rf . -h. ...... Tuuff-... Ti..... - 


:much reduced trading margins 'cu^ed the matter with Mr Denis i*r a cut in hours for unit costs .mains! e,I, P*°-' er - fi fiv Jas the one ihe ‘.Government plans: 

Costs were rising and some i Healey. Chancellor or tin* Ex- and industrial compel! tiveness. current pay round fin,^ in five . finj|flw _ 

'Stockholders were hndmg profits : chequer, on Tuesday. They The Department of Employment weeks. j union, whteh has spent anj 

reduced to nothing. Others were — estimaiw.j £500.000 developing, 

^making losses. j (the technology from Harwell's J 

“In the last few months we HOME CONTRACTS I original idea*..' has negotiated aj 

have heard a lot about thc ; ■« g» ^ ' erosn4ieenMns agreement withj 

•SSffi-Sftnii £ 3 m Post Office orders for GEC 

H““ s is-=^= sz-iSL s ss SjSSSr ® SSshS&S^ 

^ , equipment orders from the Tost tu . Q i,. V cl 68 processors with + have rci-ipnn.-al rights in Europe. [ 

Steel service centres every- Office worth £3m. TTic orders . . f m nrv two mass . ... Thc Industry Department has 

where should co-operate with ' cover 12u MbiDs trunk lino and , ■' maunctic ■ s,:,r Ganopus. ihe i , iunc ) support backpd lh|1 rtev.-b.pment with) 

•; each_ other and wiih the mills I multiplex equipment. ::0 channel f^ ^roccnor ^nit record ’pro- "w* 1 ow,lc ^^ |,era }f B g to ^illoansnfalniMt'rmOOOrr«inits; 
‘ to . have am orderly pricing ' action PCM equipment. t;-h- ‘^ or pr “j*”; ns SSl. Thiw maa- Vmit^ne Nmc I pre-prorHictinn order scheme to 1 

- system so that all could return i Si-m.s et,U,pmCnt ’ Und U! “ U nedic'tap?* unS'ca^d reader and ' h !f nut'Vu^i^woS^S j enable Lmtoit to toul up fnr pro-. 

_to reasonable profit in the com- 1 moUt m> - ^ dnt* printer. J hP Frigg Field. Thc vessel will | Auction ahead of firm orders. . 

ing year. i H f»vmvn i ha «= hwn r«lfri * be workinu for Elf for about 35 ■ ; 

Profits were vital to enable) a contract. wort^more^hliVli a contract in excess of Itll.OUO days. The m-'in tasku 'fj Jf ! Riirfll rfltP i 


“In the last few months we : NOME CONTRACTS 
- have heard a lot about ihe ; _ 


. • — " " •‘•i MUUUL MIL 

: Davignon plan [the EEC plan i 

/r\t< (riohilicinn i-*aa 1 • ... j: ■ ■ . 


•.;/or stabilising steel trading J. Jt 
'• ■is. vital that a pricing scheme 
is found and adhered to other- 


£ 3 m Post Office orders for GECj 


LEYLAND VEHICLES, 

formerly the groups bus and 
truck division, is holding talks 
with European manufacturers 
about collaboration in cumpun- 
cnt.*. production and possible 

joint ventures. 

The talks centre on areas 
where European manufaclurers 
can co-operale lo make umj of 
common components. 

The aim is to keep Leyland 
In the forefront of new tech- 
nology. Given investment con- 
straints on the Slate-owned 
company, pooling resources is 
logical. , , 0 

Lev-land pointed out last 
night that talks were slill at 
the exploratory stage. 

They form part or a drive io 
re-establish the commercial 
vehicles side of Leyland after 
several years of decline. 

The l"K market share has 
slipped this year hy about 
three points to Just over 20 
per cent- Fit e years ago, 
Leyland claimed market 
leadership with about 30 per 
cent. , . . 

Talks under way with shop 
stewards representing the 


nearly 30.000 workers ou how- 
to ra'lsi- productivity arc i | e e11 

as Ihe first step towards 
recovery fur the company. 


BY MICHAEL BLANDEN 


recovery tor me cw ** ■ l A NEW guide to business 
Re-iampkiig the model range = Knunct.- is being sent directly u 
and rationalising production . inyre n, ;i n SO. 000 small • am 


are also being examined. 


medium-sized businesses in at 


Mr. Michael Edwardes, RL JaUfmpt to bridge the recent 1« 
chairman, has warned thc | identified gap in informatlGi 
cum pan v ihat there is a | about sources of funds, 
parallel' with car operations | The guide was published yes 
and that once market share | \ C rduy jointly by the Bank n 
bas been lost, it will he difli- ! England and the City Coumuini 
cult to recover. [ cations Centre. 


cult to recover. 

Productivity had fallen to 


it represents the first bis 


riuuat uui} n liriri canno a*»*- 

an uiMm]Hable level* leaving venture by ihe Bank into back 
Leyland vulnerable to owr- grouud guidance fur industria 
sea% competitor be said. and commercial borrowers am 
Leviant! Vehicles, like the an important step for the centre 
car company, says thr* the dc-- w hich was set up as a join 
cline in market performance operation in September. 1976. 
must be attributed lo failure There has been cubsiantia 
to achieve output targets, not ovirienre since ihe puhlication it 
weak demand. jn7l of the Roll on report ni 

The latest moves give new sm . |U cnmp:m ies that a mail 
urgency to a reorganisation oi . r( . aSM>n for ,h e failure nf smal 
the bus and truck division com „ ;in j«; to gain access to avail 
launched nhuul 18 months ago. _ ih - fin;jTlc# . j s - iack 0 f informatioi 
Since the appointment of , . ; 


and commercial borrowers an« 
an important step fnr the centre 
which was set up as adjoin 
operation in September. 19<6. 

There has been substantia 
"videnre since ihe puhlication it 

1.071 or tho Rohnn report oi 
small companies that a mail 
reason for the failure nf smal 


Since ihe appointment of 
Mr. Desmon:! Pitcher as man- 


aboin sources. 

Thai has been confirmed b; 


aging i rector. Hie company | th0 reCPT1 , evidr-ncc to the Wil«n 
has been divided into smaller ; committee nn ihe financia 
units and new investment pro- . inwl ,. IJ , ion5 _ 


jects undertaken. 


- the Industry iwmra aigio* 1 auMnuoiuii j or jnp unjver&uiea mu • 

. -u. . . . equipment orders from iht- Post i vVCl g8 processors „ 

Steel service centres everv- Office worth £3m. The orders 1 _ , _j u n e ,., u mnrv two muss 

*•-• where should co-oierate wiih I cover 12u Mbit/s trunk tine and L 5 ui words oftnen r.. 1 :) ..star Canopus, ihe diving sup 

■ ;f : - each other and wil'h the mills [ multiples equipment. ::0 -channel storase proLM»oi>. ' > 0 . vessel owned and oiwrated by 

" have an orderly ori? no ! Junction PCM equipment, i* ,a l* pr “7^ "S £1 Services, has i 

ivaturn «r> that ^ii " . sraoh Hfiiimmcnt. and data cessor .«nd con. ol , chartered hy Elf Aquitaine Ni 


house will collapse.' 


iviue tuny inier-acuve cmupiiiing o« v.-i i^i •_ , hn p ip i,i 

facilities' for the Universities of Group! by frozen food supplier in thc Field. 


Gold ‘will continue investment role’ 


rises ‘twice 
London figure’ 


in-muttons. 

Mr. Gordon Richardson 
Governor of the Bank, says n 
_ his foreword to the publicatioi 

Plastishield big success available fur good projects, larpt 

or small. * 

XT J But “owners and manager 

says U nited Glass ^ ss w »™”f 

BY KENNETH GOODING. INDUSTRIAL CORRESPONDENT j n..Mhe be S1 n.e.ns oi <•«.« U 

THE ONE-LITRE Plastishield but tier's i ,oinl ner ! Woneu j'or Hutwfneiw: Eoitfe o 

container a lighiwetght glass filling lines is reduced by 90 per j ^ ^ Cmnmlinial 

bottle in a polystyrene slew - c®" 1 - means th3t , he iftoiw Centre: 1<>5 pages: £1. 

£5m launch 


!S; e ;5,H developments enneept^ is suitable only 
! launched by Lotted Glass, says );|5t few wee ks Pepsi- 


By David Churchill 


the company. C 0 [ a . One-Cal and Barr’s have jajnirP 

According to Mr. John Daniels. | aunche{ j plastishield packs IOT iCialliC 

marketing manager of the com- nationally and Larkspur re- • ‘noc 

pany's glass container d,w,i ’ J™; committed itself to the pack |T|2lS3ZinvS 

;JS n s“develnp e m " tfn re- «n« one- *-*• TimK Be >~ rar 

cent years, including Ihe can and Jjtrp wf| drjnk size is the hiegesi A publishing compa ^ 
the plastic bottle, which has ^ mofl important sector or the specialising in leisure ^ 
made the same imoact in such wa ,J r m arkel and for- travel magazines is to b* 

a short space «»f time. wapJ Qrt , ers for bottles mea n launched in 

wU 

iSSld^rndTalf-own^ u5lt4 ye .? r We are running the Plasti- [ Jhe company which hM no 


>! road 


< rises 


: UUIU TT 111 tUIUlUUU UITWUUVUI RATE RISES in rural areas this] 

year "'ere twice ihe size of those 

BY MICHAEL BLANDEN j n London, according io figures 

sa.- s ^ re,,on woo,is s?.,«sfu ssk» 

jtwj'jraiffi ^FHsmss ss-jbji - las mSLhm 

m ’. n *2r ta-a-Lffi! "SS SSuffSJ fJS? will. ■> ■•-ocie.t EUR., by P'e.eR. Ha, £ i. „ 


magazines 

Financial Times Reporter 
A publishing company 


Gg . . . * , . . .. ana j.nou inns oi gv*u u»sm rmm tnp lniernalionai new ill . — , , r untlnners was lb wnue 

-Gold Fields says today in tts eX p ec j e d in each of the next j» r . ne «arv Fund together with 56 “modest sums by present day r or non-metropolitan areas it w'as) 

.--- latest review of the gold market, ^yp^j years, matching the ilns^rom the U S.^auctlons. siandards of liquidity. £12 6u In cities other than) 

wo^ld S'lIurpSSfgIf gilld* did ex P erlence of lhc tw0 yC3rs ' Sales by Portugal during the Pri ce S could be driven higher London the rises averaged £9.36. 

r, th.. With rising production costs first tw 0 months of the year if investment interest were in- The Association is calling on 


world U* VY C die ■■■• ", 

Glass. Distillers Company owns shSe]d , jne a! fu i| C apactt>-. 
the other 50 per cent. 


«£ r “ he ““"sa Smin'wfm u- Bf-iS esse? gsr.n-.rn.'ris .»-55«-.«r -* T , 

iars^ffis <«Hh, »n>"» •» «*»„ wc i c »■* 3 b?hi B s ssafnS 

■ s?- r 2 frF£« BSwSs? S s. jus 

.:?^ir g r"n^ n t he u bS ** <■> ^ ^ w *° - 5 ° a ' aiiabie ih< - — — — 


| been named, already has pub 
lishing interests elsewhere it 
IthP world. 

| Two executives from tlu 
P4 organ -Gram pi an piililishinj 

ha« i group. Mr. Ray Watson, grout 


The polystyrene sleeve offers p-j Kxrnucc ! Two executives from th' 

a larger label area than on any X.£if| ( p.1 organ -Gram pi an publishing 

comparable pack and also ^ ^ TfrF . GOVERNMENT has i group. Mr. Rav Watsun. grout 
,ects the bottle T^ aved a £lm bvpVss f"r Liitlo editorial director and Mr 

0 lher advani 2 ?es cla mert rm approve^ Northamptonshire, a Stephen Roe. :?roup editor o 
it are that it ts pleasant to hold. Hougnion. ; huildincs the Travel Trade Gazette sene.- 

even when cold, the contents are ullage of architectural nf newspapers, will take joint 

insulated keeping pooled liquids lujcdju being of arcmiecvur pf thp nPW venlU re. 

chilled I nnger and, from a miprevi. ■— — - ... 


eme 








f - -p£ 


? J.C. Sheehan, President, 
^Thermo King Corporation, 
Minneapolis, Minnesota. 




•A »* Itfll* uwiwJ *ubNdun mWi-unghuuw; Elwix O’^raiinii 


fJSM 


mm 






a 



progresis 


has been most 1 



ted 


"Since the start of our plant in 1976 wehave 
continually niet or exceeded projected goals 
andare well ahead of the initial schedide. 

The success we have enjoyed m Ireland places 
ithighon our candidate list for future 
European expansions'/ 


Iwestinehouse is typical of the overseas 
corporations which have recently located in 
thl Republic of Ireland-one ot the companies 


tne KepuDuc or uctai s 

■wjnch has made Ireland the fastest-growing 
inius trial location in Europe. 


Ireland has done its homework thoroughly 
jn preparing the way for incoming 
manufacturers. Advance factories and Europe s 
jnost generous package of incentives mean an 
easier and faster operation from start-up to 

S able production. Legislation gives 

cim from tax on export profits until 1990. 
Profitability is another factor which has been 
■winning new industry. Labour costs are realistic. 
Companies coming to Ireland are locating in an 
area in which profits are more than double the 
average within the EEC. 


> The country's Government holds a 
ikte to encourage private enterprise and 
;eas industry. This is consistent with 

anment policies in Ireland for the las 1 25 

i The policy of encouraging investmen t from, 
seashasthe full support of die trade unions 
M as the business community. 


SepabDcof 
ifi^seelwwitwrtss. 

For fu.ll information contact Hugh Alston, 
Director. IDA Ireland, 28 Bruton Street, ^ 


For foil information contact Hugh Alston, 
Director, IDA Ireland, 28 Bruton btreet, 
London VV1X 7DB. Telephone 01-499-6155. 

Or conttvl •vtv ^ viur other offices thitxiyhcK^ ihe world. 

Head L.tnsiovvne House, Dublin 4. Ireland. Td: 10!) 68hK>3. 

JG Paris. Cologne, Stuttgart, Amsterdam, Milan, Copenhagen, 
New Vork, Chicago, Los Angeles, Houston, Toronto. Tokyo and Sydney. 








8 


J. : 


PAR L I AM IM AM) POl.l 1 1 C S 




T— ■< T . . - 


Mortgage tax relief fears 





BY IVOR OWEN, PARLIAMENTARY STAFF 


AN ASSURANCE that the Gov- 
ernment has no intention of 
abolishing tax relief on mort- 
gage interest paid by home 
buyers was given by Mr. Peter 
Shore, Environment Secretary 
in the Commons last night when 
he indicated the housing pack- 
age likely to be presented in 
Labour’s election campaign. 

Among the other contents are 
proposals for providing more 
rented accommodation by 
changes in the landlord and 
tenant legislation to encourage 
the letting of flats above shops 
and of unused parts of owner- 
occupied houses. Guarantees 
would be provided to ensure that 
possession could be regained 
when required. 

Mr. Shore also envisaged a re- 
casting of the local authority 
housing subsidy system in a way 
which concentrates resources on 
areas of high cost and greatest 
need, while at the same time, 
limiting increases in council 
house rents, in any one year, to 
the increase in average earnings. 

The new subsidy set-up, to he 
introduced under the terms of a 
major housing Bill, will retain 
the non-profit rule and give 
local authorities the right to 
settle their own rent levels and 
the extent of any contribution 
from the rate fund. 

The Bill will also confer new 
legal rights on public sector 
tenatns. embracing security of 
tenure and a statutory entitle- 
ment enabling them to carry out 
improvements and apply for the 
same grants available to other 
home owners. 

Mr. Shore promised to safe- 


guard the Interests of people on 
council waiting lists by requir- 
ing local authorities to publish 
their housing allocation schemes, 
and in the interests of mobility, 
looked to the easing, but not 
the abolition, of residential 
qualifications. 

The statutory rights for pub- 
lic sector tenants would be sup- 
ported by arrangements which 
would gi« local authorities 
more scope to devote resources 
to the management and raainte- 
nance of council estates. 

In more immediate terras, the 
Environment Secretary stated 
that he expected the Bill pro- 
viding financial help for first- 
time home buyers to receive 
Roval Assent in the next few 
weeks. This would enable the 
two-year saving period to begin 
in the autumn. 

Some 200.000 first-time buyers 
were expected to quality each 
year and they would phtain an 
interest-free loan of £800 to add 
to the normal mortgage advance. 

Because the loan was interest- 
free, these buyers would find 
their mortgage payments re- 
duced by al\iut £4 a month 
from what they would otherwise 
have been. 

The Government, he said, pro- 
posed to take action which 
would allow authorities to keep 
their mortgage interest rates in 
line with those charged by the 
building societies. Measures 
would also be taken to 
strengthen the power of local 
authorities to provide guaran- 
tees to building societies when 
they made advances to people 
on lower Incomes or who were 


Firm action urged over 
drug-taking in sport 


THE GOVERNING bodies in 
sport should take firm action and 
deal severely with people caught 
taking drugs, Mr. Frank 
MeEihone, Scottish Office Under- 
secretary, said in the Commons 
yesterday. 

In the wake of the Argentina 
World Cup drugs affair, the 
Minister faced a demand from 
Mr. Dennis Canavan (Lab, 
Stirlingshire W) for an investi- 
gation into the use of drugs in 
sport 

Mr. McElhone said responsi- 
bility for controliing the use of 
drugs in sport lay with the 
governing bodies, including the 
Scottish Football Association. 
The Scottish Sports Council 
would continue to advise govern- 
ing bodies on drug testing pro- 
cedures. 

Mr. Canavan commented that 
the drugs incident in the Scottish 
World up squad had brought 
Scottish football “ into even more 
disrepute than the team's 
pathetic performance on the 
field. 

“ It is up to the SFA and other 
Scottish authorities to try to 
rescue Scotland's good name by 
insisting on the highest 


standards, including regulations 
and, if necessary, spot checks," 
he said. 

Mr. McElhone said that the 
international organisation, FIFA, 
had asked the Football Associa- 
tion and the SFA to conduct an 
inquiry fnto drug taking in foot- 
hall. 

“I hope that the governing 
bodies would take very firm 
action and make sure ' that 
persons caught taking these drucs 
would be dealt with very 
.severely. 

“It is important, not only for 
the good name of football, but it 
sets an example to the many 
young people who idolise these 
football stars." 


Mr. Donald Dewar (Lab, Gars- 
cadden) urged the Minister to 
make sure action was being taken 
to see that the “ Scottish football 
house” had been put in order. 
It was not beyond the resources 
of the SFA to clear their name 
and establish proper controls 
quickly. 

Mr. McEhone replied: “ I hope 
the testing will take piace in the 
very near future for the good 
name of football and all other 
sports.” 


burins cheaper, older houses. 

Mr. Shore defended the Govern- 
ment's action in persuading the 
building societies to rut back on 
the exceptionally high volume of 
mortgage lending which had been 
taking place in tfie period hefore 
April of this year. “There is nnw 
some evidence That the 
acceleration of prices Is decreas- 
ing and T do not believe that we 
shall get that house-price 
explosion that many people 
feared a few months ago.” 

Even when the recently 

announced increase took effect, 
the mortgage rate at 9? per cent 
was still well below the 11 per 
cent jn operation when the Con- 
servatives left office in 1974. 

A growing number of build- 
ing society mortgages had been 
made available — 786.000 in 
1977 and 858.000 in the 12 
months ending May, 1978, both 
record figures. 

Mr. Shore claimed that since 
Labour's return to office in 
March. 1974, rents in both the 
private and public sector, mort- 
gage repayments, and house 
prices had all increased at a sub- 
stantially lower rate than the 
cost of living generally, and well 
below the increase in average 
earnings. 

House prices had risen by a n 
average of 8 per cent a year — 
32 per cent since 1974 — pro- 
viding a vivid contrast with the 
period of office of the last 
Conservative Government, during 
which house prices more than 
doubled- 

The Minister contended that 
the Government had been success- 
ful. too. in halting cbe dangerous 
land-price boom oF the early 
1970s. While land prices rose 
by over 200 per cent in the four 
years to March. 1974. in the 
four years to March. 1978. they 
had fallen by 20 per cent. 

For the Opposition. Mr. 
Michael Heseltlne, shadow En- 
vironment Secretary, claimed 
that an average of 40.000 fewer 
houses a year had been built 
under the current Labour 
Government than during the last 
Conservative administration. 

He said the Labour Party had 
accused the last Conservative 
Government of being resnons- 
iWe for a fail in house building 
and promised to reverse it But 
far from reversing this so-called 
fall, the present Government 
had made it a permanent 
feature. 

•' The level of housing support 
has been cut significantly by this 
Government in every direction 

The emphasis had been 
switched away from providing 
homes for sale — which, he 
claimed, were wanted by the 
overwhelming majority of 
people — in favour of council 
houses. 

Mr. Heseltine said this policy 
was uneconomic. “The policies 
we sbal] pursue for council 
tenants are incomparbiy more 
generous and realistic than any- 
thing this Government has on 
offer.” There could never be an 
increase in house building until 
standards of living rose. 


takeover 
of banks 


Sun writer for 
post with 


•V-:- 



tJ- ff-j * rrrf - - 

• • ii •. r ' ’’ ' 


fv-'r.; ■ . .. , 


I - .“ 







BY RUPERT CORNWELL, LOBBY STAFF - . v. 

MR. ROGER CARROLL, political ■ No detailed "brief on was referred^® wj* 


editor of the Sun newspaper for will be doing has jet apparently'!' 


swsp; . 

the past five years, has been 


mjfiA v '.S. ek*?:.- : 

•by Mr. John Hunt, Rail *' < 


chosen by Mr. James Callaghan, 
Prime Minister, as a special 


BY RUPERT CORNWELL 

AN INFLUENTIAL Tory M? 
warned last night that Govern- 
ment manipulation of money 
market interest rates to finance 
its debt was tantamount to 
nationalisation of the banks 
sought by the Labour Left — 
“but with little or no public 
awareness or opprobrium." 

Urging that the issue be 
brought into the forthcoming 

general election campaign. Mr. 
John Biffen, MP for Oswestry 
and a leading intellectual on the 
party's radical Right-wing, 
pinned the blame for the recent 
sharp jump in interest rates 
firmly on the Government's 
excessive borrowing require- 
ment. 


adviser during the next General around the country during the Mw&w also attacked., j uatPS 

Election campaign. three or four-week campaign. shadow Ulster •- •- - • - 

The news, which caused con- expect to "be doing "soma ^eed^nw^^n id close aide of 
siderable surprise last night at writing,” be added - last w<* k : 

Westminster, means that the 35- In fact he may find himself flre( j Labour with. ‘ 

year-old Mr. Carroll, a member taking over some of (be to the^Os. Mr. 


year-urn mr. uarruu, a niemuei iwuug ovet oviuv v» u-*c tn the wus. MX- nri tijeJSta&ti 

of the Labour Party since 1960. tions of Mr. McNally, whoj-hasr^g^^g ought to bear to 

• Tnrv record of the 


will move in alongside the been long searching fOF.a-LahicHit:y j u'iiS^£f. T r L rec ord 
Prime Minister's existing seat to contest He is eurrenrlv «. 


tl 1S2&**®** Tory record ^to^e • 

is currently -Yjwosj whpn Mussolitu was ristog . - wpWt of-J iiiy S ^-7. Lut. • ... . 

political adviser Mr. Tom standing for the nomination a* ^ Ttalv • ' • 

McNally. Ubour candidate at «(**port~^ *7? ,tt It3ly * « 

The appointment clearly has south, where the sitting MP, 7 ^/^Snttivg the entry of I" 

been settled with great sneed. »j •»*_ n ruvi.v •_ fessumni advertising men _ tot® retaliated ~ • 

since the first approach 
made on Tuesday, 
that Mr. Carroll. 

granted a sabbatical oy me sun . journalists auu ***»"“ — A’... ~~ t ' , _ hj r- 7n <- m - -rnn-irrA - - • 

for. the campaign, will return fact tbat the Sun has 5«*?tty pub^city' experts jut to the 

mittee was rapidi? - • . .. 

The r «mijtning flaaayliijn ‘captorE*-"* - 
transfer tax and. ' inisoeUstNtwiuf y . * 


to the paper afterwards. 


But the victims were again 
being denounced as the male- 
factors, he warned, with accusa- 
tions against banks, insurance 
companies, unit mists and pen- 
sion funds that they had staced 
an investment “strike” against 
the Government. 

“Consequently, we are dow 
being brainwashed into accepting 
a high level of Government bor- 
rowing as the natural order of 
affairs and that the institutions 
should enable the Government 
to borrow this money without the 
need for high and fluctuating 
interest rates.” 


Peers force Wales 
Bill change 


IftLL LU4L U«T iwauj 'iJUVllCZiy 

been taking a firmly pro-Tory .■poHSeians themselves. 

seeks halt 


:#r ‘bogus 
Clinical trials! 


•Items. Next Tuesdays £oei^si&± ^ *£■' 
ting will consider .BefVr ~ 1 ”“ — ; 

"put down bjt the 


’ (tn . . . ... 

The 1 Conseryati5nes; "7 " ’ >s ’ 


- sine ndment j in^ an." attempt fca get ^ . i ; 
-ii’BBKto aboUsh “bogus clinical greater; relief . - frdm^ ± r V-" 


tiaS^’tar^nJg 1 * companies was. transfer .tdx for sniaB ’ bo^ness-i-'""- - « 
made^byMr. Mike Thomas iLab; meiL .But the , amendment ntfca 


in the. Commons defeated by ..a- 


: mi 


Mr. Biffen forecast that 
“orderly marketing of Govern- 
meat debt’ 1 would be the Social- 
ist slogan. “The reality, however, 
will be the establishment of a 
Government control over private 
finance to suit the convenience 
of high-spending politicians." 

He acknowledged that there 
was scant chance of an “omnibus 
scheme" of old-fashioned national- 
isation of the financial institu- 
tions. as sought by the Left-wing 
Tribune Group. But the new 
trend was leading to the same 
result without the public 
noticing. 

The borrowing requirement for 
the current financial year would 
be £8.5bn, said Mr. Biffen. “Each 
year it was becoming increasingly 
difficult for the Government to 
borrow on this massive scale with- 
out disrupting the whole finan- 
cial market that embraced 
Britain's investors and borrowers. 

“As a consequence, we now 
have the uneditying and dubious 
technique of the Government 
jerking up interest rates to a 
peak in the summer after the 
April Budget so that they ran 
start selling Government stock on 
the prospects of a falling interest 
rate market” 


THE WALES BILL was further Davies of Leek (ILab), who sald ; ^ “* - (16-12) ^with Mr/ J 

savaged in the Lords last night Tories had implied that _| ven Wye to bring • (UU Down S^-ahdcJ 

when peers decided by three Welsh, as a nation, -were t^ely Jni hed Drugs (Regid* Pardoe, Liberal eed^bm , 

votes to take away from the pro- to be prejudiced against nonr Mon 1 BUl' •- .' / man, both voting /• , 

posed Assembly the power to Welsh speaking Welshmen.* said the Bill’s eminent: \ 

review the local government The remarks were prompted put a stop to pseudo- • - In the .. 

structure m Wales. by a. Conservative oiggestion --^^ “ JL pharmaceutical men t . Is in *9Uhd&tegm.- % 

Voting was S2 to 79 on the which was not pressed— that Li 1 n of business relief on' ^trahsfesr.v^ . ; j ,. 

fourth day of peers’ detailed Bill should include a require - contioilihh shariahbldiiijgk ^ ' 

examination of the Bill -*™*««*» of people. 

Lord Elton (C) said that 
“ there was to be a review 

local government it should Iue a. saying it was a reaaonaoie «nV.winE uic =- . • - 

done on a UK scale, not region and businesslike precaution. If rera^imental period, he added, relief for VHXf4et-oC.«a 

The Lord Chancellor 
Elwya-Jones, said fears that 
Assembly would take over 

Ksr“ t "• wl,oUy ” s 

” _ nC LmSmm miirlit* wn-ir» mwl. "r. ’ 9 %AMk ur»n 

Earlier, 
concern 
Arts Council 
tion, were 
son. Arts 




Council into three weaiver L ' wouia IU*VC W uuu*- wwn.c » 

bodies for England, Scotland and J* Jffi* SS'SJfcw they took the first avail- madeabput the effect of 

Waiac to the Cpmmanseose of the nff tVlD he transfer tax bn k 


cumins W.™... ““jj -^fWharwe.lia.ve dona Jjassw. - . 

interestinc as generous, particularly . in v|ew-<tf'. - - 
wcrtJf a .langua ge ba iU. SS« W l5*8fl» 


uuiu UUUU oaJU LUUC vrcifc I- - -„ j, .y t rriHin isis vviruiu u< 

rumours that the Government t 5j-%#«a(l l but it would 

intended to dismember the Arst jobs much more . in 


Assembly. 


Wales. 

Lord Donaldson said responsi- 
bility for the arts was explicitly 
to be devolved to Scotland and 
Wales and it was up to the 
Assemblies to decide how to deal 
with it. There could be no truth 
to the rumours until the Assem- 
blies had decided + what they. SOUND BROADCASTING ■ of 
wanted. Whether tt was done Parliament to* tfi&y _ tp ' ,'coSt 


Cost of sound 
broadcasting 


;.*bte bottle off the shelf,” 

- ‘ ' " 


small btffimesses.”. • •> t 


he- argued. . . ,, 

From the ‘Opposition. - front ; 

for filmc bench Mk. Nigel Lawspp, A Tdry. :? l 

lUr XJ I lllS Treasury spokesman,. Saw. thisc a»7 ; \0U li l 

-.glj jJ... l further evidence of a split' wrth-" - 

? IO be publisnetl i^ the Gbvemmemr fe; .iflfl lo 

"bi^AILS OF amounts distributed 


Arms exports 


BRITAIN exported an estimated 
total of £80ra worth of arms in 
1977/78, Dr. .Tohn Gilbert,. 
Defence Minister of State, said 
in a Commons reply. 



Yes, there’s good news for Leeds 
savers: from 1st July, the interest rates on 
most of our savings schemes will rise by 
1*20%. That means your money will be 
working harder for you and growing 
faster however much you have in your 
account. 

As the big society for the small 
saver, the Leeds Permanent 
have savings schemes to suit 
you, whether you’ve 50p or 
£15,000 to invest (up to 
£30,000 for joint investors). • 
With high-street branches . 
right across the country, . 
absolute security, easy 
access to your money 
(except for fixed term 
contracts), and now, 
even higher interest 
rates, there's never 
been a better time to 
save with the Leeds. 

Call in today at your 
local branch and find 
out more. 


NOW LEEDS SAVERS GET EVEN MORE! 

Look how the new higher interest rales will make your money grow faster! 


Old Net Rale | New Nci Rate 

Equn.’aieiK Gross me 
lo buic rale lax pavers 

Basic rate income tax paid by Society 

SUBSCRIPTION SHARES 
(For regular monthly savings! 

6.75% 

7.95% 

11.87% 

HIGH RETURN SH ARES 
(Fixed term Investment) 

3year*. 

650% 

2->van 

650% 

7.70% 

7.20% 

11.49% 

10.75% 

PAID-UP SHARES 
(For ordinary sav ings) 

650% 

6.70% 

10.00% 

DEPOSIT ACCOUNTS 

525% 

6.45% 

9.63% 



PERMANENT 

BUILDING SOCIETY 


Head Office: Permanent House, 
The Heathrow, Leeds LSI INS. 


Say 'the Leeds’ and you’re smiling 


through tlie”Arts Coundi 5"« So!ooo”oit oTgublltinSs; 

new body remained to be seen. wiuiam price, Privy Council Secretary, announced last night Chancellor nf the Du^ynf . y- : - 
During another section of the Parliamentary Secretary/ said in In a Commons written answer, caster, were coMWer^ miojex. '. 
debate Lord Moris of Borth-y- a Commons written reply yester- Mr. Meachtur said he had decided able and unnecessary, ny v 

Gest, said there appeared to be day. f that details of amounts dis- Barnett. . - 

mistrust by Tories of the capa- The provision of future perraa- tributed in Respect of individual ‘They are »ctremely .. . 

bilities of a democratically nent. accommodation £pr broad- films from September 25 this year genial to him. he declared- ±te .• •• 
elected Welsh Assembly with casters in the Norman Shaw would be published at regular does' not enter into the spirxt of ^- j 
regard to people who did or did (South) Building was now intervals. His department would the Chancellor of the Ducny ot.. ; . 

not spgak the Welsh language, estimated to total aboat £250,000, be making an - announcement Lancaster and give a welcome; to^- . 
He was supported by Lord he added. j later on the form of publication, the clause.”* 

LORDS LENIENT IN TREATMENT OF DEVOLUTION MEASURE 


■£: 


Scotland Bill inches steadily 
closer to Statute Book 






BY RUPERT CORNWBL 


LIKE AN ungainly oil tanker 
inching nearer its appointed 
berth, the Government’s Bill for 
Scottish devolution is moving in- 
exorably towards the Statute 
Book. The voyage bas taken 
almost two years and— as such 
things are wont to be — has often 
been mightily tedious. But there 
is now every sign that within a 
few weeks, this momentous 
piece of constitutional legisla- 
tion will have received the 
Royal Assent; and the Scottish 
people will have a referendum 
to add to the general election, 
local elections and European 
election they are already set to 
face within the next 12 months. 

However, it will not be the 
Scots alone who benefit from 
the exercise (nor merely 
Labour's electoral prospects 
north of the Border). Ever 
since Parliament returned In 
April from the Easter recess, 
the House of Lords has been 
going meticulously through, 
every one of the Bill’s 83 
clauses and 17 schedules, and, 

in the process, doing, its own 
reputation no little good. 

After the fierce Commons 
struggle by the Tories and the 
hard core of Labour anti-devolu- 
tlonists, and the evident lack of 
belief In the Bill among most 
MPs. it might have been 
expected that the Upper House, 
with its inbuilt Conservative 
majority, would joyously tear it 
to shreds. Not so, however. On 
Tuesday night, as tbelr 
Lordships completed the last of 
18 days of committee and report 
proceedings. Government Min^ 
isters were privately praising 
them for their responsible 
behaviour, and everyone could 
agree that the Bill, for all the 
changes forced upon it, was 
basically the same as when it 
left the Commons. 

The value of the Lords as a 
revising chamber is apparent 
even from the bald statistics. 
While the Commons spent 14 
days and 89 hours during its com- 
mittee stage on devolution, the 
Lords devoted 93 hours over 13 
davs. More to the point, while 
MPs failed to discuss three- 
quarters of the Bill's clauses, as 
a result of the guillotine required 
to prevent the legislation being 
filibustered to death by Us 
opponents, the Lords looked at 
them all. 

Repeatedly In the Commons, 
n nti-de vo lu Hooisu tended to 


make every item of scrutiny an 
occasion for a lengthy tirade 
against the principle of devolu- 
tion. In the Lords, where no 
provision for a timetable motion 
exists, speeches were mostly short 
and succinct, and, frequently, 
highly expert. In the Lower 
House matters at one stage des- 
cended to a squabble about 
whether there were more MPs or 
journalists present for some of 
the Bill's more arcane passeages. 
In “another place," by contrast, 
attendance on the floor, though 
not in the Press gallery, was con- 
sistently higher — though a cynic 
would remark that this was 
because the Lords, for once, had 
something useful to do. 

Next week, the Scotland Bill 
will have Its formal Lord’s third 
reading, cementing the amend- 
ments into place, before it 
returns to the Commons for fresh 
examination by the start of July. 
It is taken for granted that once 
more Mr. Michael Foot will be 
wheeling out his well-oiled guillo- 
tine” to ensure that debate on 
them is completed in time. The 
Bill then returns to the peers, 

who are showing no sign that 
they are in the mood for a pro- 
longed battle with the Commons. 
The last thing the Conservatives 
want is a Lords v People con- 
frontation shortly before a 

general election. 

Neither is there much prospect 
of a last-ditch revolt among MPs, 
although the accident-strewn path 
of an unloved Bill is warning 
that nothing should be taken for 
granted. But the atmosphere 
is now one of resignation, and 
Of a deni re to get shot of the 
whole issue. A whimper, not a 
bang. Is the likely end. The pact 
may be crumbling, but- the 
U-berals will keep their promise 
on devolution, while pressure on 
the Labour Party to toe the line 
will be stronger than ever with 
an election in the offing. 

It is worth looking at the state 
of the Bill, after the main 
changes made by the Lords, and 
the Government's likely attitude 
to them. Some things are 
already clear: the celebrated “40 
per cent” provision for the 
referendum Yes-vote will stay, 
while the Government has found 
a compromise to remove toe 
other major defeat inflicted 
during the Commons committee 
stage, which allowed the 
Orkneys and Shetlands to opt out 
of devolution if they wished. New 



Earl Ferrers 


safeguards have been written 
into the Bill protecting the 
Islanders' interests, and the Lords 
duly took out the “Grimond" 
amendment voted through on an 
angry - Commons night last 
January. 

Of the amendments specifically 
made by the Upper House, pro- 
portional representation Is un- 
likely to survive In the Commons, 
which has already heavily 
defeated proposals for various 
forms of PR: The same goes for 
toe idea of a Speaker’s con- 
ference to consider a reduction 
»n ihe number of Scottish MPs 
at Westminster. Meanwhile, the 
Government has indicated that it 
w>H accept an amendment delet- 
ing the rightiof the Commons to 
override the 'Lords in vetoing 
legislation passed by the new 
Edinburgh Assembly. 

A technicality this" might seem. 
But the original wording was 
bitterly resented by peers, who 
saw it as a stealthy Government 
effort to erode the powers of the 
Lords by the back door. Other 
purely judicial amendments 
made by the Lords are also un- 
to sly to be resisted by Ministers. 

However,. the Government will 
have to decide* in the next week 
or so which of the powers meant 
to be devolved to Edinburgh, but 
k ?Pt under Westminster's juris- 
diction by the peers, will be 
restored. The list is vast, rang- 
ing from ancient monuments and 


r 1 ' 


f 


migratory trout to more pressing ,. .. 
topics like forestry, inland waters 
ways and airports. The -betjfhg- . 
is that the Govenimeht^ '' 77 *-' 
insist on the reversal of at lewt 
the last three named, a nd -pi rpb-TU. 
ably others as well. Abortioti T; 
another area which promiie*3ts2y- 
own special difficulties. 1 - 

Also a ticklish issue 
whether. as the Lords want; toe^-’- 
Privy Council, • and not Jfe -'* 
Scottish Secretary, should ■ 
on the validity of Bills passed-^. >*"■ 
Edinburgh but incompatible vrtth' 
EEC legislation. Here,- too/th^’if •’ 
Government is expected to ^fight^- 
back. 

ITie other changes, .wftfc-.qfcifY- v .: 
big exception, provoke . 
more than irritation over^ql^". 
is termed “ admin(strative’ , tocdb-^ > ^ - 
yemence." “ Apron-siring 'stair?/ .- 
« how Lord McCluskey, SolicitorH 1 '-”. 
General for Scotland, who led^the- - 
Government's team on the Bfff 
describes them. * PredictabTySlBK^- 
Francis Pym, the Tory devolution-, 
spokesman, sees it different^;/- 
The Government could accept ; 
the whole lot and still have theiz/ . 

Bill; without needing to Mam ie.:. . 

Myope," he says. . - *^j-' 

. The exception is Earl FerreriT “-s 
mgemous try at solving the sdv? " 
called ‘West Lothian question sM--: 
—tne anomaly, named after 'otifate 
constituency of Mr. Tam Dalyeffi-' 
devolution s arch Labour foe, W.-w'! 
which Scottish MPs will be abi| .. " 
to vote on matters at Westminster. " 
!?ot C i Un 5 but “O longest/ " 

fnr Vhf T ? arl Ferr ^rs, Whtn&% : • 

Tones oa the Bill m thl/.v'-- 
Lords, successfully ■ moved smv:-- 
amendment whereby the CoS '-' 
wpu!d have two votes?' ’ ; 
divided by a 14-day “thinking 

SSf c£ e fi lod i not dealings 

with Scotland, but carried by the/'/ 
votes of Scottish MPs. * - 

„ . ** en * for tire 1 - 

to -° Reeled IwiEVf 
1° toeir affairs. And so thdT 
Government felt arguing, . 

that it was not for the> 
?“ aaad BiI ! to settle .this 
JE* pprewmg the pious Wv 
that new Parliamentary conve^ / 
tions would emerge toSver-it*^| - 4 ' 

Ereate^ t ci^i ,U ^ question 
f s ngle flaw to.-the 

p, ne .°2 which' the Commonx' : ; r : 

fir « time round: Now: despitd:" 

least’ the 0 !**' m>& sh0 ^havSpr"; 
least the chance- to vote on itM 

the • Conservatives -• hromils^ttfe =- 

champion th e i’errerasuggestio^v, 
vice rendered by the Lords; 

• ... • • -• 


St iu 


:•>*. y:- . 




-. ’.te*;,-. 


Hi:;' 

■ 

(t 

'Mu, 




vlU 


r 




\._ 





9 




. c . ; Financial Times Thursday Jiipe 22 1978 




ing 


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; v ^ ‘*q i» 

?? 535* 

Jir c..*'via 

lL?S 


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«fj ASLEF withdraws 

firemen’s threat 

f,. '...-■ W NICK GARNETT. LABOUR STAFF 

hOUrS !S*! r i!!!** «R«i« those days the 56s, largely bcc 


lechnieal lew: 

HDrTEB BY ARTHUR BENNETT AND TED SCHQETERS 


0 PLASTICS 


: BY OUR LABOUR STAFF ! 

FJ»i ; Brigades Union an d local' 
authority- employers’ representa.* 
Thj «. A “? Advisory. Conciliation ' 
and.. Arbitration Service officials 
yesterday In a dispute over pro- • 
posals - to introduce a 42-hour' 
week'fpr^firemen. , 

^At a meetii^ with arbitration 1 

officials m . the morning fire, 
men’s' negotiators said the- were 
not prepared to put the marten 
to formal arbitration a s' 
requested by the employers. 

- ^9?H. sides then discussed the ; 
possibility of mediation, under 
thR more general powers of I 
Section Two of the Employment 
Protection Act which would not ■ 
involve a formal award by an 
arbitrator. 

_ ® e ° n f° ns . executive had 
further talks with the officials ■ 
later. 

Negotiations between em- 
nloyers and the union foundered 
last- week over the issue of 
manning changes at local level. ‘ 

NUJ threat ! 

to Press ! 

Association 

..'■ftr'.Our labour Staff 

SERVICES of the Press Associa-' 
tiOh are likely to be disrupted! 
today by a work-to-ruJe from' 
midnight last night bv the 
agency’s 240 members of the 
.-National Union of Journalists. 

.A. mandatory meeting of the 
union’s Press Association chapel 
(office branch) was held yester- 
day to discuss the management’s 
annual pay offer. 

A restricted news service to 
newspapers, radio and television 
stations was maintained during 
the .meeting. 

The chapel is claim tog pay ; 
parity with other Fleet Street 
journalists, who, it claims, are 
paid an average of about £2.000 
more than association staff. The 
management feels that to in-! 
crease its pay offer would go ! 
beyond the Government's ten] 
per-cent wage guidelines. • 

Information 


&T NICK GARNETT. LABOUR 

ASLEF. the tram drivers' union, 
yesterday withdrew its threat to 
hold a three-day national Mrik» ; 
following discussions wuJj 
” r 'tish Rail officials over a 
manning and produciivji-. 
dispute. 

The union's executive had 
agreed lhe strike following tin- 
suspension of drivers .since 

Monday [or refusing to lake out 
the new Claes 56 freight, lucn. 
motives without a drivers 
assistant aboard. 

British Rail last night agreed 
to continue double manninc f ,n 
Ioe,,m, >live« at least until 
both sid'-i C11I | discuss Hi..- 
report i,r the Railway Stalls 
•National Tribunal which is, due 
'? consider an ASLEF pn.diir. 
11 vii. v claim on June 30. M:m:i 
ment also agreed to pay driver. 


their basic wages for those days 
inc;. were suspended- 

■M lhe same lime. British Kail 
“a, civeii what it believes is a 
firm commitment from ASLEF tu 
di«cnss the principle »»f single 
manning. 

More powerful 

British Rail says that except 
«*ruin long-distance and night 
work, the class 56 locomotives. 42 
of which are in operation, should 
hr manned by one driver and no 
assistant. as arc the class 47 lncn- 

motive, which lhe new ensine* 
are replacing. 

This would fit national agree- 
mei*t-> on diesel engine man nine. 

The union says that the class 
47 and 06 on sines are not com- 
parable and there should be a 
new manning arrangement for 


the 56s, largely because they are 
much more powerful locomo- 
tives. it is also seeking produc- 
tivity payments, to be paid to all 
foot plait-men, for the operation 
of the 56s. 

The union, which has seen its 
membership shrink over the 
years to 26.1 J0U. j a also worried 
about long-term slatting. 

Tlie new loiomotives. which 
will hi- largely used for coal and 
iron-ore transportation in the 
Midlands, can pull such heavy 
leads that some deliveries norm- 
ally done by two class 47s could 
be dune by one class 5G 

The new engines have been 
two-manned during ia!k* with 
the union nn manning. 

Bnii-h Rail intends using 
more than 170 of the new' loco- 
motives for freight haulage. 


Regular drip all 
along the line 


Telephone engineers start 
action for shorter hours 


USERS OF trickle irrigation 

pipes in gardens and elsewhere 
will know Mia i n is impossible 

to counter the cITcei.-* r.f pressure 
drop as the waler travels down 
an irrigation pipe so that in most 
eases, the a mourn of water 
distributed will decline sharply 
with distance along the hose. 

A Japanese ijroup bas found a 
way to counteract this and 
claims to be able in provide 
equal distribution u;» to lengths 
of 150 feet and nn slopes with 
gradients w» to 6 Juu. 

Sumitomo im-s developed poly- 
ethylene ihcibic-wall piping 
which ha- an c undescribed 1 
internal sirueiuri* io maintain 
:ihc same pres-nre ji each uf the 
outlet boles. it functions with a 
supply cnntrril and pressure 
control vahe. filter. liquid fer- 
tiliser tank and optional injector. 
By comparison "ith other 


• COMPUTERS 


systems of water distribution, 
including overhead sprinklers. 

Sumitomo claims water econo- 
mies of between four and ten 
times with its eons la m pressure 
piping, which is laid close to tlie 
plants in the root zone. Or it 
can cover from four io ten times 
the area with the same pumping 
power. 

A Further extremely important 
claim, particularly for those 
systems t 0 be installed in arid 
tropical areas, is that there is 
much less tendency for salt to 
contaminate soil surfaces. The 
stems largely from the fact that 
the water goes straight where it 
is needed. 

The company’s Industrial 
Chemicals and Fertiliser Division 
is seeking overseas nutlets for 
the sylem and is located at 7-9 
Kihnnba<hi 2-chome, Chuo-kir 
Tokyo, Japan. 


Mini among the giants 


Br OUR LABOUR EDITOR 

the FIRST mass protests by 
telephone engineers in a nine- 
month campaign of industrial 
a cl i cm occurred in Scotland 
yesterday. 

The Post office Engineering 
Union said that UM0 men 
walked out at midday in 
Edinburgh and Dundee when 13 
men were sent home, after warn- 
ings. for escalating their sanc- 
tions. 

They were all expected to 
report for work again this morn- 
ing. but if lhe 13 were again 
sent home, there could be local 
overtime bans or work-to-rules, 
a union spokesman said. 

Engineers are refusing to 
operate all new telecom muni ca- 
tions equipment or lay cables 
in pursuit of their demand for a. 
cut in the working week to give 
them the same hours as other 
grades. 

Their action could disrupt 
outside TV broadcasts, and has 
already created the biggest 
backlog of telephone connec- 
tions since the early 1970s. 

The Post Office said last nieht 
that it “ greatly regrets the deci- 
sion of the Post Office Engineer- 
ing Union to escalate industrial 
action at a time when its work- 


ing week dispute with the Post 
uilii-c is currently under review 
as a matter of urgency by Lord 
McCarthy." 

Since last autumn, the 
enuinoLTing union had taken 
action in support uf a claim for 
a 39-hour week without loss of 
l ay. 

Moreover, since November, the 
union had refused to commission 
new telephone exchanges and 
extensions to existing exchanges, 
leaving same 80,000 customers 
without service. 

** The Post Office does not con- 
sider that the union's claim is 
justified. The POEU members 
current 40-hour week is nn 
greater than that of the vast 
majority of workers in compar- 
able jobs elsewhere, and for the 
Post Office — the country’s 
largest employer — to make an un- 
warranted concession could be 
potentially repercussive intern- 
ally and externally. 

"Moreover, to meet the claim 
as it stands would be a clear 
breach of incomes policy.” the 
company said. 

The Post Office had acted 
throughout the dispute with 
restraint, but was concerned 
about the effects of the union's 


sought 
on low pay 


’ r By Philip Bassett, Labour Staff 
COMPANIES should give details 
in their annual reports of their 
low Wage earners, the Low Pay 
Unit says in a report published 
today. 

The Government should in- 
clude an obligation lo provide 
the details in ns forthcoming 
■ : ‘egislation on information com- 
mies must publish. . i 

' ■ - The Unit will a*k the Church 
- y ; imission ers and other major 
v r arities to request companies in! 
‘ "iv; C h they invest to publish in- 
formation on their low-paid i 

workers. , . I 

Mr. Jeff Honker. Labour MP 
for 'Birmingham Perry- Barr, is | 
prepared, to move amendments 
to the proposed Government! 
legislation 30d introduce his own 
measures on the subject in tne 
Commons. 


Hospital electricians 
continue work-to-rule 


BY PAULINE CLARK, LABOUR STAFF 


THE HOSPITAL electricians’ 
national work-lo-rulu went into 
its third day yesterday, lie new ed 
negotiations between the Depart- 
ment of Health and Social 
Security and the Electrical and 
Plumbing Trades Union (ETPU) 
failed to result in a settlement. 

Further talks between the two 
sides are expected before the 
week-end. however, when the 
union hopes for firmer Govern- 
ment proposals in response to 
its demand Tor pay parity with 
workers in private industry. 

The Government has rejected 
lhe demand as outside the pay 
guidelines but the union is 


believed to be pressing for the 
bonus payment concessions 
similar to those given this year 
to workers in the electrical 
contracting industry. 

Mr. Peter Adams, national 
officer in the EPTU has accused 
the Government of failing In 
honour a 1972 agreement to 
maintain parity between hospital 
and private-sector plectriiians. 

He plans 1 o recall a shop 
stewards’ delegate meeting on 
Monday, when any fresh pro- 
posals from the Government will 
be considered and a decision 
taken on whether to continue 
'industrial action. 


action upon Iclecnumiu meat ions 
servii-cs and offered apolmiies to 
customers already suffering 
inconvenience 

Further action taken liy the 
union against customers includes: 

• Refusal to provide full com- 
munication facilities for lhe 
Royal Highland Show and a meet- 
ing of lhe hoard of Governors uf 
Intelsat in Edinburgh. 

• Refusal to do preparatory 
work fur television and sound 
services for the Open Gnl! 
Championship at St. Andrews. 

• Refusal to bring into sen-ice 
international circuits in West 
London, thus cutiins direct dial- 
ling in Hong Kong. 

Both the union and the Post 
Office are preparing submissions 
of their cases for Lord McCarthy, 
called In by the Government to 
try to promote a settlement. He 
will hear the two sides on 
Monday. 

Booth reviews 
dismissal 
pay with TUC 

By Christian Tyler. Labou r Editor 
THE AMOUNT employers are 
obliged to pay workers made 
redundant and the penalties for 
unfair dismissal may be raised 
by the end of this year. 

Mr. Albert Booth. Employ- 
ment Secretary saw members of 
the TUC employment policy and 
organisation committee yesterday 
to discuss a review he is making 
of these payments. 

At present, the maximum statu- 
tory redundancy payment is 
£3.000, with an average of £650. 1 
Basic compensation for unfair 
dismissal is £2.400. but extra, 
compensation can amount to I 
£5.200. Both sums are calculated' 
on earnings, but with u limit of 
£100 a week. 

This limit, recently raised from 
£80 a week, is under review. 

The TUG expressed concern 
about the tendency of industrial 
tribunals to become too legalistic, 
expensive and protracted. It is 
now comm on place f«-r companies 
lo employ solicitors »r counsel 
for tribunal hearings, which 
were intended to be relatively 
informal. 


Print unions nearer merger 


BY ALAN PIKE. LABOUR CORRESPONDENT 


TWO PRINT unions 

recently as 1976 were en secretary, ihat economic and 
in recruiting conffict, were ^ logical change would 

terday taking an important s ag M forcc un j 0 ns into mutually 
nearer amalgamation. destructive conflict ' unless zuey 

Delegates - to ‘the National caine together. . 

sSS««f!=E JSS-fi-gst-sS- 

SLADE. process workers Corono^ Deco^me^ 

union- iraae* Nation possibly to- 

** ZSP&SZ'Eir ESS f.p- a- 

creating one union for Jbe print- Lnlon^ successful 

£g industry- * llkely 40 *** .JL 5S continue on *r.n? «n«. 

the i 


Society of Operative Printers 
Graphical and Media Personnel. 

NATSOPA was involved with 
the NGA in initial amalgamation 
discussions but difficulties arose 
over the provision of financial 
uiformation. 

' This is now available, and Mr. 
Wade said that demarcation 
problems arising fro/u new tech- 
nology meant that the new 
-union, or the NGA if the merger 
. did not go ahead, would be faced 
With the “stark choice uf either 
amalgamation with NATSOPA or 
becoming involved in conflict 
iwith them.” 

: The NGA had been determined 
not to rush into an amalgamation 


which was ill-conceived and 
would fall apart at the first sign 
uf stress or was based on power 
politics, 

“We don’t want tn conn: 
together to have greater strength 
and unity of purpose in order to 
fight other unions.” 

It was a myth lo assume that 
the present reasonably good 
relationship between the print 
uniuns would continue if they 
did not make quick progress 
towards amalgamation. 

Mr. John Jackson, general 
secretary of SLADE, was 
enthusiastically received earlier 
in the conference when ho spoke 
in favour of the amalgamation. 


A TOP of i!i«- lint- third genera- modified si 
tion HP »i«hi Series computer local system 
system, MPi* HI. has been data ba-e a 
created b.' Hcv\ left Packard to the daia b; 
extend the capabilities of iu application 
data-based man a cement and net- change at a 
working facilities. remote rath 

Now, customers operating with base, 
previous HP :;oou models will be The com 
able to upgrade their systems tn been due t< 
Series 111 imw/ry capacity with scientific ni i 
reasonably priced hdrdwure up- and its aim 
grade kit-. tion of the 

The new multiprogramming claims is : 
executive operating system is cheaper thai 
upward-compatible from versions Is to provide 
of MPE running on HP Series I “substantial 
and 11 systems and includes than those i 
features commonly found only on More frot 

large, mainframe systems, such Lane. Win 
as multi-point terminal inter- Berks, 
connections and private-volume 
disc flies. w 

This operating system, says the | II 

company, makes it possible to X I A 

connect multiple terminals _ 

through a single port into the TYlQ/^r 
computer — now as many as 32 
local terminals, operating syn- twyiay T» Bn , 
chronously or asynchronously, 
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Using HP asynchronous pL ced ir 
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multipoint option on any of the in „ ’ th r 
HP multi-point CRT terminals a S? ° n “ e m c 
single input port can accommo* software < on 
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multi-point line up in 64.000 feet a ‘ ra de Vom 
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Each removable disc pack now tivc softwar 
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new operating system provides a software w 
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large, mainframe systems. MODUS o 

Optional automatic data com- ware com 
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tion links. Typically, data cum- local termin 
presaion cuts ASCII dala irons- are dynam 
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savings of 80 per cent, says the this flexibili 
company, have been observed. utilisation o 

The firm’s award-winning da* - '- po-'nr. 

Icsv nriiiageiiieol scheme. HP CTL, Ea 
Image/Query software, has been Hempstead, 

© MACHINE TOOLS 

Experience shared 


modified so programs on a 
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the data base were locai; the 
application program needs no 
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The company’s success has 
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cheaper than comparable systems 
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More rrom HP at King Street 
Lane. Winnersh. Wokingham, 
Berks. 

CTL’s big 
machine 

DUAL PROCESSORS give a new 
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greatly extended area of applica- 
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three or more multi-ported con 
trollers allowing simultaneous 
DM* ;md processor access. 

MODUS operating system soft- 
ware concurrently supports 
multiple languages, transaction 
and batch processing, spooling 
and virtual memory, communi- 
cations and multiple remote and 
local terminals. Software tasks 
are dynamically allocated to 
whichever processor is free and 
this flexibility assures maximum 
utilisation of available processor 
piver. 

CTL. Eaton Road. Hemel 
Hempstead, 0442 3272. 


• MATERIALS 

Home grown 

synthetic 

lawn 

IT HAS taken <ix years of com- 
bined expertise from 1C1. 
British Rope' and Crowley 
Carpels to produce the first 1QU 
per cent all-Eritish artificial 
grass surface, called TufTurf- 

Primarily developed for foot- 
ball pitches (and particularly lor 
areas where gra.ii is at u pre- 
mium — the Middle East and 
Central America.-, i the quasi 
lawn is also suggested for tennis, 
basketball, cricket, golf tecs and 
subsidiary kick-abnut areas at 
existing football pnrbes. 

The turf can b c laid on patios, 
pool-sides, roof gardens and 
putting greens— maintenance is 
merely a quick vacuum clean or 
a hose down. 

Because it is made of Id's top 
grade, ultra violet stabilised 
polypropylene there is no danger 
of “ bums ” and its moisture- 
resistant quality does not absorb 
dirt ensuing from moisture, thus 
stains and grubbiness are only 
superficial and quickly removed 
to restore the grass lo its 
original lush shade. 

Polypropylene does n»t sup- 
port a flame and should the turf 
come into com act with u high 
beat source it will melt rather 
than burn. 

With the start uf the Wimble- 
don season, the company is to 
carry out testing the new surface 
with internatinnal tennis platers 
Ibis summer io order to arrive 
at what it hopes will be the 
perfect substitute lawn in terms 
of exact depth uf turf. etc. 

'Hie company says that several 
UK soccer clubs and sporting 
authorities have ordered the 
lurf which has been approved 
by FIFA and endorsed by the 
Sporting Council for foot ball 
pitches leading up to World Cup 
Series. 

Further from the company at 
28. Thayer Street. London. 
W1M 6EP (01-340 1567). 

Licence to 

insulate 

pipelines 

McGILL Insulation Group, has 
licensed Precisiun Polyurethane 
Mouldings, Blythe, to use its 
patented Polypayre thermal 
insulation system for under- 
ground ;mil submarine pipelines. 

Polypayre i.- a rugged and 
vapor-proof polyethylene sleeve 
containing rigid polyurethane 
foam insulation suitable for a 
tempera tore range of minus 190 
to 95 degrees Centigrade. The 
licence agreement in eludes the 
provision of technical assistance. 

McGill is at London Road, Had- 
leigh. Essex SS7 2DT. 0702 
553166. 



Tkalemit 

Maidenhead, Berks. 

Fluid Transfer, Control 
and Filtration 
Lubrication Systems 
Garage Equipment 
Combustion Engineering 


£ IS 


ONE OF the problems, facing 
double glueing engineers is that 
the epoxy- poly sulphide sealing 
ascot n.'i-J to dn su man-, different 
jobs and to obtain optimum per- 
formance it is essential for ttao 
Iwn cmitpuncni parts of tho 
resin to lie nnx-d exactly in the 

right proportions. 

A range of specialist equip- 
ment, called the Liquid Control 
Tw inflow mi> t. >s said m ensure 
that the ream is mixed homo- 
geneously tn exactly ihe right 
proportions. Two patented 
Posiload pumps at the heart of 
the unit dispense an exact 
metered quantity uf each com- 
ponent and feeds K to a mixing 
head from which it is dispensed 
into the double glazing frame and 
allowed t*» cure. 

Further from Liquid Control, 
25 Harcmirt Strati. Kettering, 
Nurthants ii)53ti S1491I. 


uses 


A BOARD made of super-enm- 
prvssed rock fibre can be used tor 
fire protection, thermal insula- 
tion, sound reduction, etc., cm 
ceilings, walls, structural steel- 
work. roofs, composite panels 
and door cores, says the maker. 
VuilJ Technical Products. Cecil 
House. Lavaltv Road, Hartlepool. 
Cleveland 10429 71216). 

This asbestos-free lightweight 
cladding, called Alp hi re. is 2.5 by 
1.194 metres, is natural beige 
throughout with one smooth face 
and is manufactured in 14mm. 
lflinm. 17mm. and 20nun thick- 
nesses to a tolerance of ±0.8mui. 
Alphiru ‘D’ is the same material 
but is manufactured to a con- 
trolled thickness of 15nun with 
hoth sides smooth and js 
coloured ulT-whiU*. 

Said to be so easy to use that 
it docs mu require specialist 
labour, the board can be cut into 
very intricate shapes with simple 
hand toots and can be fixed with 
screws, nails or adhesives. 


• ELECTRONICS 


Recorder for tough work 




MONTEDISON 13ROUP 


* 




W HIGHLIGHTS FROM THE 1977 ANNUAL REPORT 

ri ,U _ ,v _ __ _ ... 3 iH nharn nt Ihe Ita 


bP IO reach 1$. 3,511 m., as 
profits mor« *,SJS previous yaar. 

Sired OtJjM®, 1 

me »«Y saUsted^ W L.rtJcu/arty on «®ort martcat* 

Maher wlvnw aaim. i yBcordetUncomparison 
oTltailan domaslic moitat 

ssn zzffta ?ul 

m . in Mlimd in ISTT 
™ 10 “ 
a to i*»rt wo ow»k 

iT^OiSlytofl in tote tha proSwrt# that the 

** SSsJB! SB w,,,e,ul 

lii isSfsg 

SSacn came rilo operation. 

SSS^forfixlW hj»y Into 

A1, «SrI?d«9 wes - druot 1or u» rose 

SP*tfS 0nd T abfMd} ' 

overall W «■ .4 


FarmHalia’s 3.19% share ot the Italian pharmaceuiical 
market ranks jt among tfta leading companies m 
tnls field. 

The introduction of OtutfiS, a new antPrtieumaic agent. 

proved particuiaity auccassfuf, while oilier branded 
augs with a well-ftst&bHahad repuiaaon. such as 
AmpiUaJ. Slrtnlon, ZimOx. AdriMaatin and Exoargri- 
aeovtt continued to perform wail. 

Setae of bulk pharmaceuticals rose by 16.7%. Since 
April 1977 marketing of these products has been tian- 
tfled by the Pharmaceutical Division of Montodison S pA. 
Sales ot veterinary drugs, vaccines and animal health 
products showed a modest increase over the previous 
-year. Until we end of August these (toms ware martte- 
ted by the Ptwmaceutical Division of Monledmon S-pA, 
since when they have been handled by the newlv- 

mcorporeled Group Company VETEM. . 

Intensive research work continued, acliviiies in this 
oroa being concentrated on anti-cancer agents, anti- 
biotics. ergoune derivolives, polypeptidec and fermen- 
tation processes. . , 

FHtex assets rose by over Lit. 10, 000 m., caoital expen- 
ditures being primanty dovoled lo ration alrang plant 
manufacturing high-technology products. 
D e p re dat ion and a m or tiza tion was charged Km 
maximum rates allowable tor fax purposes. Tr, e total 
figure concerned was Ut.^ 12.091 m..ol which Lit 5.728 m. 
represents accelerated depreciation. 


THE SWING to the use of 
micros in numerical control 
systems for machine tools is 
ai.-olciating and experience in 
thnr use is accumulating very 
too. 

Machine Tool Industry 
Research Association experience 
is that users of the CNC systems 
an- enthusiastic about their 
vi rules and have relatively few 
in lisinp litem. 

A '‘Siiinar j> in )■(■ heW l»y 
MTllt' in i-o-oiierattou with the 
British Numerical Control 
Soi mi: to review progress and 
rer-' i rt ibis experience. 

S-u-ii er* at the •ni'.-tlay event 
.in Scpiemhcr ito will ire drawn 
fro ii lire control and machine 
tool industries and a panel of 
users will debate the relative 
merits of the control systems of 
whir It they have gained ex pen- 
cil. ■: 

JUure on the event, which will 
be held at JITIRA. from the 
organisation • at Hulley Road, 
Macclesfield, Cheshire SK10 
2NE. U625 25421. 

Prepares 
work fast 

WORK HOLDING, often 
described as the “ poor relation ** 
of the machine tool industry, is 
colored for with special 
reference to numerically eoa- 
trolled machining centres by the 
Haider System 76 available from 
Eup-kontakt 

The aim has been in develop 
series of standard fixtures 
Ijj.-cd "0 a siot-togelher sysiem 
aliich allows quite complex ji?s 
in he put together or recon- 
figured feimply and quickly. There 
an* seven basic groups of units 
and special attention has been 
paid in the development of the 
.- 1 0 : locking system to rigidity 
and reliability uf the assembly. 

I;t .iddition to traditional 
tiu'chanical and hydraulic 
fi;ni! there uIm> are quick- 
.,-•11!'..- devices ar-iuated by screw 
sj'iudlcs and spiral dam';i<. 

the manufactnrrr claims 
T.in , i! rt HS m setting up ijm*5 
i» ji the ivorii, oDe-twentieth of 


those needed to provide a 
dedicated appU: nee. 

Further details of the Haider 
system from Eurokontaku 3, The 
CuloDnade, High Street, Maiden- 
head. Berks SL6 1QL. 0628 
7071S. 


Electronic 
control of 


DURING evaluation uf tlie Saab 
37 Viggen, one of lhe highest 
performance aircraft so far built 
Tor military purposes. Saab- 
Scania had difficulties in finding 
a precision tape recorder rugged 
enough to eland up lu Lite liigh 
G forces and vibration 
encountered in test flying. 

The company's own electronic 
engineers set to and built a 
recorder to fit the book. U is a 
machine which records PC M data 
in bi-phase serial form on J-ineh 
tape cartridge, using four tracks 
sequentially. 

It has a powerful servo motor 
with an optical high resolution 
tachometer on the same shaft to 
provide very low flutter for the 
cassette drive and the machine 
has high packing density- The 
tape speed is factory set at 1 1 
or 3J in per second or any speed 
in between. 

Though the unit is designed 
for military aircraft, it is 
eminently suitable for applica- 
tion to any industrial situation 
where conditions are particularly 
severe. 

More information from Saab- 
Scania. S-5S1 g$ Unkoping, 
Sweden. 


limits 


MACHINE TOOLS and injection 
ntuuldera commonly use mul- 
tiple limit switches in conjunc- 
tion with trip rails and switch 
dogs to provide distance-deter- 
mined switching functions. 

But if workpieces have to 
be changed frequently, such 
arrangements for switching will 
soon reach efficiency limits 
because of tbe need to reset 
switch points for practically 
every new job. 

To help solve this problem, 
and also those connected with 
restricted fitting space, Euchner 
has brought out its Type PS 
potentioiuetric distance measur- 
ing equipment. With the posi- 
tion of a slider made propor- 
tional to distance, a linear 
potentiometer is arranged to 
provide an actual value trans- 
ducer on the machine- A trans- 
ducer for lhe set point in the 
form of plug>in modules goes on 
the control desk and takes the 
form of an adjustable potentio- 
meter for each switching point. 

Actual and set values are com- 
pared electronically to control a 
relay which has output contacts 
for user circuits. 

This means switching points 
can be altered at the control 
panel without risk of accidents 
even while the machine tool is 
running. 

The number of switching 
points ran he altered at will and 
the equipment is extremely 
flexible in application. 

More from Cole Electronics 
Machinery Divisiun, -lb Church 
Road. Crpvdnn CRO 1SG. ni-686 
73S1. 


protected 

AIMED mainly at lhe process 
industries but likely to find 
wider application elsewhere is 
a series of instrument housings 
that protect instruments against 
extremes of temperature and 
physical damage. 

Unheated internally, or heated 
by steam or thermostatically 
controlled electrical elements, 
tbe housings are available for 
virtually every type, shape and 
size of pressure transmitter. 


recorder or pressure gauge. 
Many accessories are offered 
including doors. instrument 
brackets and windows, and there 
is a model which allows for the 
mounting of instruments and 
enclosures in any position. 

Made by O’Brien Corporation 
in tbe U.S.. the housings are 
available in the UK from Arnica 
Specialties. 102 Beehive Lane, 
Ilford. Ehscx 1G4 5EQ (01-551 

0037J. 


Display is 


easy io see 

REMINISCENT of the “magic 
eye " tuning devices in radios 
of two or three decades ago is 
a series of alpha-numeric dis- 
plays made by ISE Corporation 
in the U.S. and available in this 
country from Norbain of 
Reading. 

Each unit contains cathode, 
grid and anode; the latter is 
arranged in seven addressable 
segments and the cathode, when 
heated by passing current 

through it, emits electrons 
which strike the anode to give 
;■ distinctive blue-green fluores- 
cence. 

The display operates with n 
cathode voltage of five volts and 
grid and anode voltages between 
12 and 45 volts. Each character 
lakes about one railliaiup. 

Available in seven segment, 
16 segment. 5x7 dot matrix and 
bar chart formats, the displays 
consume half the power of and 
equivalent LED unit according 
to the company. Multiplexing is 
possible, and drivers are avail- 
able which are TTL and CMOS 
compatible. A mean time be- 
tween failures of 100,000 hours 
is claimed. 

More on 0734 S&HU. 


• PERIPHERALS 

Fast print at low cost 


WITH ITS operational rate of 
3.000 lines a minute, an impact 
printer offered by Documation 
is said by the developer to 
be some 50 per cent faster than 
anything comparable on the 
market. 

“Impact 3000" uses a 4$ 
character set and attains this 
very high speed because of two 
improvements in design. One is 
the use of a microprocessor 

solely to control the printer and 
lhe other is the introduction °f 
a tough alloy only half the 
weight of steel in lhe type 
hammers. This brings hammer 
contact with the revolving Mci-J 
band of the printer lu only 17 
millionths of a second. At lhe 
same time, integration f, f lhi 
i-imlmllcr with the printer 
fiHlm-es 11 1 m r space requirement* 
considerably. 

The printer npcralor ahie 
to change character sels 


fount stjles in under two 
miuutes. A vertical forms con- 
trol buffer permits very high 
Skip speeds, which is particularly 
valuable when printing forms 
with only a few lines of data 
Spaced down the form. Multi- 
part forms with up to sis parts 
can be handled and a power 
stacker, also micro controlled 
■ controls folding and stacking of 
the paper running through the 
machine, allowing for a consider- 
able amount of skew. 

Documation asserts that the 
equipment provides high-speed 
Performance Tor users with a 
major urint il«*mand— ’ who may 
be oin -uric ring iho use of fast 
laser primers— n one-third the 
c.i't of such printers. 

Liocumation is a subsidiary 
nf the manufacimer. Dociunalion 
Inc. nf Florida, and operates 
front Mill Jleml. Stiunes Middx. 
IWJS4UQ. 0784 51324. 











X-. ■*>- , • -J+* =.■_ ^_. 


WORLD 

AEROSPACE 

CONFERENCE 

ROYAL LANCASTER HOTEL, LONDON 
AUGUST 30-31 1978 


Lockheed imderilgp|iapli 
flies into faire! weathel 




BY STEWART FLEMIN&; £ V'-'. 

'T~" " tlllt thcs® "'f . 

AFTER A decade during which been put together to support the -jet. market. And : they can hope ; Hr. Anderson arg^ „. hat ob^ version. - y 




signs that the company's long about that 
ordeal may be ending* in the are signs i 
wake of a far-reacbina shake up in the U. 


of the board and top manage- about export- financing, and Mr. So -far as the corporate.bribery,’^ cratic.' . thinks these albeit’ at the 

merit. Michael Blumenthal the Secre- scandals . are. concerned, . the , - Eg: >. clearly • t r n fT_ fc > ie<i< j» s 220^eat ihartet 

•Thai- A 1— . rY. * that haSlC tO -iiQCMiecw a . _ j.Vj.,— haliSuafr'irttt 


That decade began for the tary of the Treasury, explicitly optimistic m lew is that all that is. changes are basI ? 0 f£, hnnortaot the industry bepV^jti^jK] 
nation's biggest defence contrac- criticised the RoUs-Royce-Lock- left to trouble Lockheed are au fU^ire. But l 2 JZ gX to m arket-' for- VtBtf fasafiefc^ 

tor with writeoffs of $200m in heed deaiat the OECD last week, internal revenue service. Icandt ^aia-; the signs ‘“J' “5L. T r iStar, bodied 


wiui wrue-oits of sewn in need deal at the OECD last wees, jukwusi w»cuue a^vtce.^taauiazsi.TBe sig«“ fh _. TriStarboaiea . 

1369 on its C-SA *' Galaxy” The sale of the TriStars to Pan investigation relating to ■ j- tax th£:com pan y f, .°® _ S raced- exists. ; ! - - Iv^Cf .<*£ : 

military transport, continued in Am means that Lockheed now issues surrounding the payments, jetpprbgram me is rapiiw . ^ • Jibckaiews-^aN^nttoi^' 

1973 when the U.S. Congress had has firm orders -for 36 of the air- and a Justice Department Inquiry xagy ; . - ' th the gains 1 * - 

•a «a»a..a *t_- M *1.^ aaUa^aa _^uiu -SiL.m 1 t- to HY ■ uiat P- T.- • 


to rescue the company from the craft More important it enables which, on the evidence of.slihllar ; ?That Is not. to say - 7T ■ nroflt-: ifig 'threat 
brink of bankruptcy with a the company to launch the Jong investigations '.at _.‘othmr ^ L U.S-; 1 I!riStar- is going an TriStkr progra m 

S250m loan guarantee, and cul- range version of the aircraft- the corporations, could- result- in ': mater in anythin** *- n( j erS oo thi'o'uflb ' thg ; -fewt=-%rif^ft 

minated in the international Dash-500, which gives it another federal currency or^mail :irautt- accounting se ° s /' Lockheed i970s : is eva'poraf 

bribery scandal which revealed vantage point from which to charges. Again on the evidence, inquire candid LUdl - able . to developM&fiHjr-lB 

Lockheed executives distributing boost sales - in the future. -:.^r ' ' 7 - ^ ^ wth'Sreatei^cd.ufld®^*^; 

S30m of largesse around the it was, of course, the TriStar .- -xir ; terms iqf-sajoailwSpl: 

world including Europe arid which came close - to tipping • RDCAvnAWkl fitt i firi/tJiBPD PROFITS /•ompaziy'' h^ been^sa^i 

Jan an. in search nF nrdprS. T nothaail intn ntmntl^7 in the BKtMI^WWVVPI ,yf ywyivn ■■■"' _■ -iOM '-HlK .«lTn'i 


6 Aerospace Industries, now at a crossroads, have to 
make decisions that will dictate the shape of aviation 
for decades to come. 

# Decisions about airliner designs, fares and noise ... 

9 Decisions about reorganising airports to cope with 
increasing traffic . . . 

• Decisions based on strategic arms limitation 
agreements ... 

Before the decisions, the debate. The Financial Times 
Conference will be guided by speakers of international- 
reputation, representing European and American manufacturers, 
consumers, planners and other points of view. They will 
prescribe on present problems and suggest strategies for the 
future. 

On the eve of the Farnborough Air Show, this conference will 
equip delegates with the contacts and the ideas they need to 
meet the challenges ahead. 


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

10 Cannon Street, London EC4P 4BY. Tel: 01-236 4382. Telex: 27347. FTCONF G. 

Please send me further details of the WORLD AEROSPACE CONFERENCE 

NAME (Block Capitals Please) TITLE 

COMPANY 

ADDRESS 


: ■».. ! -Jr-riv • (m S) 

vm.' \ -ws 

2Jsr£*3Z& 3^87 

82..127:; 747 

20 ;;V -*0 


Earnings . per -share. ' 
Fully Diluted 


uC- 


.**w A- - 


world Including Europe and which came close - to tipping • DpcAvnnWN rtB i nr-ViiePD PROFITS 

Japan in search of orders. Lockheed into bankruptcy in the BrftAISUUWM .yP fcWwIOlfctM since i074 and '.ttira* 

At times it seemed that the wa ke of the collapse of Rolls- \ -- V.. VErrH- ( m S) • • 7 

interaction of these disasters Royce — which makes the engines 197$. •' . 19H&. -1975 W7a ' -»arr ■ contraciB-' by ! J ' 

would overwhelm the company 1971 , . .Safes . '• .,'2J5K i jr.znX : . r - 3J87 3* 203 financial 

and they surely would have Because of the crucial role tr rowamm - profit* - 82 117 : 747 135 - '. l53 - hanct • it has^Habife^ifelifSifewfed -3 

done, but for its importance to wbicb the Tri-Star programme ' ; ln -V - . o -V •. 94 .US P p» ai rh and-dCT^opm^i:^d&dr^*K .“' 

the U S defence effort It gave play ed in Lockheed's finances. PnM . ■/&<* ; *> • , ' . « 

the U.S. Government a reason through the decade, It has been Net income- .... ... HI... ;. -...'jOa'-,- - 45 38 . ^ilnd 550m. and : 

for helping Uckheed and gave easy to forget tha tthe jet repre- - ^ >. “ heavy and devel^^tt ’ - l-' 

^ckheed a base of profitable gents only a relatively small part ' ^ ‘"8 s 4 - ' i*o • 4^': * 3.70 3 -7l SroSamme 

business. of Lockheed's overall business: Fully DQuted _ 3** 

Now. however, there is a Last year for example Lock- V •••'.*. S£- ! ‘ Source; Lockheed m'SiUry c 

growing optimism at the cam- heed reported sales revenues of --- - -- -^ — 

pany's headquarters In Burhank. S3 .4bn. only S349m of which were ^ 

California, an optimism a ppai^ accounted for by the TriStar jeL -;V. L .. . Tor^ ^ ^eonibaBv^aMf^M^e 

ently shared by the stock market On these sales of Tristar’s the elsewhere, neither of these twov£ 7 Rfll never recover wltten^off iard i : 

The company's shares arc cui^ companv suffered an operating threats, should cause -corporate jast costs " on the wide-bodied apprm^aiqiy. 

rently trading around SC3 after i oss (including write-offs of S50ra traumas. . ' ".Jet These currently total -Slbn of ,resear^t .. . 

reaching a low of 214} this year, of development costs which will Behind these optimistic assessr and will add up to $1.5 bm by. work -4?*-.. 

Lockheed clearly feels that it continue annually until 1985) of ments lies the asumptiomhat the. 1985 when the current $50m-a- :It W tTO- 


uubnuccu ut«i jy iceis iimi n cauunue annucuiy unui ±iH>u/ ui uieuu n«t uie asuuiHuua umi uus. ugg wnen v; - -- , luea 7 liij«*nI''RE» 

is close to putting the past $120m. company will not be forced bv. ypar write-off programme ts-conx; techno logica- 

behind it. that the reforms that On the sales revenues of S3bn the Securities and Exchange; .pieted. - Missile Yeio|J H 

have been jiut into effect « t-speci- fromjts^other lines of^ business. Commission- to ham^recipiehts <rf ^foh.the other hand, these write- o 


5ource: Lockheed 


able, to develop ■ 

mmme with -Sri»t^'cP.nfld®#^^7^ •: # 

- Inr’tenns: qf.-sal^.maitbE&.-.fJib. ' 

S company' has been.ma^in^iQi* . 

since 1974 : v 

1 977 'from-brdcD ng Avea ■. e - 

*373 tary ■ cbnrtracts ■ by . V ; 

’ financial plight .". 
J”' hand- if has " 

■ l,s r ese a rch and- deveyopniengpend-^ , 

49 ing-^ nK3ney term.atWsi^-:;t:. . 

around JiSCtau; and •ba s^keffl ^fp ar, y * - 

_ heavy research, 'and de^aptpent 

3.7i progr amm e - on>~ ctsromer^ , c&n- ‘ - 

ced 1 tracts— ?a - ' 

. inclnctes milita ry . cpntracto—V^ r —.- - c ■ 
— Thait- Its 10K xepctf t '^j rthe- ' 

■ SEC says thar 'rf^ng^CT^ind;;^*, ■ 


neither of “these two>y yfn never recover 

iuld cause -corporate jast costs " on the wide-bodied 

. - ■•'-"•XS - purrently total $1 bn of research- and. - - 


turei, will ensure that the com- fits nf S273m. After interest and a year now it has appeared that Vflrain Moreover, with recent c0P ;. 1 ° J °f 
paoy is a good corporate citizen taxes, net income was a whisper the SEC will not press rLockheed'o-d™ there are now hopeB that contracts sucn^:Tue 
and not a black sheep, and that under S50m. for such disclosure. . .. . .reduction of TriStars can be 

the threat of new financial In spite of a dismal first The company must alsa .hope nsamtained at a rate of IS a year, Tnaentmissi 
disasters has receded 1 . quarter, reflecting a strike at the that there will be no further w-which level production stand- ,n return :• j- As 

On the other hand judging company, analysts are looking damaging revelations emanating.. vy 1 ^ oF jggm ^ year yriU e*perij£^ A. staxe^nwi 

from Lockheed's own profits for a similar earnings figure this from abroad where some trials' eliminated. with Exxon and anqu jgLflo 

breakdown large sectors of the vear. relating to the Lockheed scandal .vij—. r . 7070 .m-h ^ deree * v 

company's business, including ’ The company’s debt position is are still going on. " iike?v tote aehlevS ■ th - e f0r the 

missiles, space, electronics and also improving steadily. Total The company has taken steps a^te is ii^eiy w ue acme 1& . scope module. 
shipbuilding, are not particu- debt, which reached a peak of 1 ° learn from its past mistaken ^the current rate is : betw? T he .company > .als^ 

larly profitable. In addition it sgiOm (against net w^th of Thus iu line with recent think- ^ ^ orders for developtag^'Jt^ 

seems likely that in order to $ 27 m> during 1974, is now down ing on how giant comp allies '.’U 1 ® level cou,d ° e maintaineQ - control systems, in 

improve profitability the com- to S470ra. ought to be managed to promote.-;-. 1 ' -It Is on these grounds ' that . countries. including Saudi 

pany will have to stan raising it is still too high. Net worth corporate responsibility, it Jias 1 soitie analysts are forecasting a It Is projects such;- 
its capital investment expendi- j s now S220m which is why the restructured its Board to bring 'pibfits breakout for the TriStar which are ^ cc ®° a 

tures. which have been tichtly company is putting a high priority in a solid majority Of- non^ Tfrograrame in the early 1980s. important to Locklif 

controlled during the crisis year=. on trying to get the equity up. executive directors from • other 'Chairman Roy Anderson is also TriStar "threat ; dlmmSfa 

Mr. Roy Anderson, who took perhaps to equal debt, some time leading companies including: for-prepared to say that the company it is fair to say that at l 

over as chairman and chief ex- j n 1930. In the interim, Lockheed's example, this' year Mr. John cap “think in terms of profits’* the company is sUllconv 

ecutive a year ago after having shareholders cannot expect any Swearingen, chairman of the for the TriStar. Early "in the 1980s." - asSntrt j n g 

been senior vice-president rnr dividends. Board of Standard Oil (Indiana): -The company rules out any progress continues its r 

finance since 1971, freely admits As Lockheed’s directors look It has also appointed a : jjt> SS ibilitv of the production line ment will be faced with 

that part of the optimism stems to the 1080s, they can see at majority of outside directors' to ^ os ing down, but Mr. Vincent strategic questions of • 

from a recent decision by Pan least three underlying reasons for Board committees — in some-tfarafino senior vice president- the path Into the -future. 

American World Airways to believing that the corner has cases such committees are fiiiaqce savs that the company It, for example. Invest the .; SSDShxt 

order 12 new long range L1011 been turned. They are optimistic staffed entirely by non-executive has enough'equity and tax credits or more needed to launch a two- . 

TriStar wide bodied commercial that no more skeletons will come directors. Mr. Anderson draws to'survive even such a crisis. engined version of, the TWStaif 

jets (and to take options on 14 ratling out of the cupboard which particular attention to the. .: The Pan Am order has clearly If not, which markets shqirid lt -s 

morel.. closeted the corporate bribery appointment of a Public Issues! been critical in these assess- aim at? .."'...7' 'i .. . ; 

The order was won in compe- scandal during the rule of the Committee of the Board that has ments, since it has meant that But now at least there r *re 

tition with Boeing and Mr. Ander- former chairman. Mr. Daniel been set up dearly in response Lockheed can hope that for. an fewer doubts about the company^s 

son describes it as a godsend. Haughton. They are seeing signs to its former myopia on ques- investment of perhaps as little future. Some analysts argue 'ffittOS 

He also pays tribute to the of improving orders in bey pro- tions of corporate respond- as"$50m, it can widen the market it Js "beginning, tp: look flkei.A-V^ 

financing package which has grames outside the commercial bility. for the TriStar .through proddc- poteng^^^akepifef taiget ; • 





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: . *t NICHOLAS FAITH 

- THE. BRITISH poster 
<>_,has,.now recovered from 
nervous breakdown . 

.^•iWed it throughout * « lch 

,.v half : 0 f the 1970s?S ® rsl 
^.10 face up to £ yet 

created by the extSt of ^ own 

v-MCOW. The confereuce'it heiS 

• . ; :-r«»ntly IQ Bordeaux display^ 

rfe confiflen ce— if 0 nlv in d 
..-Uhfi some of Lond"nVtofiE W ' 

.IMmrrt by creativ ”&> 

sbnultaneoiiyly underlined “be 
Poster recoverv and 
provided a foretaste of the nrota- 
-lema; to come. * 00 

-'-.-Por their own sakes th* w>w,i. 

: .tbe advertising world, agen 
: ; dgs. and clients alike, should 
; ;tecome involved since the postir 
; r -industry is flghtmg f or the rich? 

' be reco 8nised as 

.•-A^eoefit to the community and 
merely as a more-or-l eS s 
. . necessary evil. ess 

^ mFSSPS!* il is sti ” "mark- 

; V the P 0!?ter industry 

....^Jould have recovered s ‘o 

- •- thoroughly, and so cjuickh- from 
. an unprecedentedly traumatic 

interlude. For the five years 
: •*??*■ J °hn Bentley seized control 
. of one of the two major units in 
the industry it was in a stale or 
. multiple turmoil. Bentiev and 
; his colleagues shook up what had 
—prevwusly been a rather cosy 
’ " and uncompetitive world forcin’" 
;;.Jt to realise the value of the sites 
»t Ead been sitting on for half a 
..century or more, streamlining 
their own interests and rbus 

- allowing room for predatory cew- 
: __ comers, and, by attempting to 

impose a monopoly structure on 
.. the industry, forcing it to come 
•; to terms with commercial reality. 
•1 The climax to the agony came a 
few years ago at a conference in 

• Madrid when client after client, 
egged on by some of the new 

• "entrants, attacked the industry 
for the disgraceful state of so 
vmany of its sites. 

At Bordeaux the industry was 
' more aggressive. The head of 
" the Poster Audit Bureau, set up 
..after Madrid to monitor paster 
. sites, defended his work in so 
Aggressive and convincing a 
fashion that it would take a 
.“brave advertiser to complain in 
future. But the aggression con- 
cealed a certain smugness and 
. .the smugness has bred a restless- 
ness among clients which, in the 
end, they themselves will have 

• .to help overcome. 


sold out and sitting pretty 


SHOW at Elephant and 
*~astie. This saucy lady, 
chicken leg and all, lx pan 
°f a £400$Q0 poster and print 
campaign Reckitt and Cotman 
*s running for Caiman's 
English Mustard via J. Walter 
Thompson, writes Michael 
Thomson-Nbei. WUI she 
Pass muster at the Advert isihr 
Standards -Authority? Most 
Probably, though we shall 
have to wait and see. 
Complaints have Just started 
to arrive at the ASA, thouRh 
as the Authority has not yet 
had time to Inform the agf-ncy 
or client, it doesn't feel able 
to comment. This particular 
poster w as sot cleared in 
advance with the ASA. 
although advice has been 
sought on a follow-up poster. 

As it happens, the Colman’s 
lady coincides with an ASA 
editorial on the use of women 
in advertisements that 
accompanies Its latest ease 
report. The ASA -says it gets 
a steady stream of complaints 
about the way women are 
portrayed in ads ranging rrom 
complaints from sincere 
advocates or unfettered 
womanhood who wax 
indignant about .any ad that 
doesn’t conform to the tenets 
or women's lib ( generally 
because the ad shows a woman 
[n a traditional, primarily 
household, role) to claims 
that a woman has been 
deliberately used by an 
advertiser in a lewd or 
salacious manner. 

Complaints of the first kind, 
says the ASA. tend to ignore 
the fact that the majority of 
women still see themselves 
as housewives and that a high 
proportion of products are 
aimed at women in their 
traditional rather than their 
business role. 






: JL. . - .A.—— 


J 

A>hU'li Au.umtl 


Complaints of the second 
kind, says the ASA, launch 
the argument into the realm 
of decency — “ decent " being 
defined In this case as 
“ conforming to standards that 


are right and fitting" rather 
than to those (hat are 
“sexually chaste.” 

Says the ASA: “We canmot 
agree that any representation 
of an attractive woman in an 


advertKeraent is tantamount 
to offering a promise of sexual 
gratification, ft seems to us 
an absurdly .single-minded 
attitude. While tie would not 
favour in; principle the use 
of a naked woman in an 
advertisement for, say. 
Industrial machinery.’ this does 
pot mean that wc want to 
Object to every pretty girl 
Introduced into an advertise- 
ment as a means or giving 
appeal to an otherwise 
unappealing subject. It 
depend.- on the tone of voice 
of the ad\ cnisement as a 
whole. 

The ASA says it likes to 
stand hack and ask itself 
whether or not a particular ad 
Is offensive. - if the authority 
belteres that a high proportion 
of viewers of an advertisement 
are likely ia find it offensive, 
then wc shall probably -ay to 
the advertiser that while it is 
pot Indecent, it is nevertheless 
more likely than not to he 
found distasteful bj the public, 
and therefore- roniraieues 
the Code." 

In any ca-c, says the ASA, it 
Is not its job (o Involve itself 
in attempting to change ideas 
of women's role in society. 
“An advertisement, if i! is 
going to work, rau-t meet with 
some sympathetic reaction 
from the audience, otherwise 
It won't sell effectively. Unless 
the advertisement is seen as 
relevant, unless the consumer 
can identify with the woman 
in the advertisement, she is 
likely to ignore it.” 

All in all. Colnian's saucy 
lady set-mg safely ensconced 
on her tiger skin. According 
to a riehhish spokesperson of 
my acquaintance: “She 
doesn't offend me hi the 
slightest. In fart she's really 
rather silly.” 


The smugness derives from the 
simple fact that the industry's 
bookings are so good — its sites 
are sold solid, in most cases for 
months, even years, to come. But 
it is alsn hased on an assumption 
that the bulk of the industry's 
near £60m income will continue 
to derive from the four-sheet, the 
bandy poster size developed in 
thet 1960s to fit neatly into shop- 
ping precincts and to match the 
scale of street fumiure. The four- 
sheet is usually sold as a back- 
up medium for television, 
reminding the customer of a 


product just before he goes into 
the shop — the nearest point-of- 
sale advertising, in fact con- 
trolled by the advertiser rather 
than the retailer. 

Reliance on the four-sheet has 
a number of disadvantages, most 
or which were forcibly pointed 
out to the industry in Bordeaux: 
it accepts the industry's subsidi- 
ary role in any given campaign: 
it provides none of the creative 
flexibility required by creative 
people who have come to know 
and love the much bigger, tradi- 
tional type of poster sizes; and. 



Sou * em e« a* bia spe^ almost -^nsumer OfK^ 

far outstrip nahonal average^- ouf of S3 TGI food categories Southern 
rake grocenes, for insta_ Anc j jf s the son#; story in 20 out of 35 drink 

exceeds its share of popu rat eaories, and m all petfoods. With higher 
3 out of 37 consumer dura ABCls, the South has real spending muscle. 


rHERN^TELEVISION 

limited. Glen House, brag n»j — 



for all the industry’s present 
prosperity, its role as a back-up 
medium for TV could be vulner- 
able to a second ITV channel, 
expansion of local radio, or. in 
its role as an alternative to TV 
from a ban on the advertising of 
cigarettes. 

Nevertheless, the number of 
“free" larger sizes of poster 
sites diminishes steadily year by 
year, us what one speaker 
described as the professional 
gentcelism of the town planners 
squeezes the number of empty 
spaces adorned by posters. A 
recent straw in the wind was a 
Civic Trust publication which 
attacked posters en jju.'wnnt as 
likely to hinder the work of im- 
proving urban wasteland, since 
they merely concealed tbe prob- 
lem. paper it over, without doing 
anything to improve the land- 
scape in any basic way. 

Now the poster industry has 
a number of (albeit inadequately 
developed/ answers to this 
attack, answers which could be 
used for positive promotional 
purposes as well as for defense 
against planners, improvers and 
others who would strip the 
medium bare. Tbe precedent has 
heen seen in shopping precincts 
where poster sites are combined 
with clocks, seats, air condition- 
ing vents and the like. and. more 
obviously, in fbe country's hus 
shelters, now provided largely 
free thanks to the posters on 
their sides. And one major con- 
tractor has developed a hand- 
some pillar-box type of telephone 
kiosk, paid for. again, by 
advertising, though unfortun- 
ately the postmen saw in the 
now design a threat to the use- 
ful pi-.eketmonev they pick up 
at the moment from clearing the 
older ty pe. 

These arc all modest example? 
nf urban embellishments whieh 
could be paid Tor by advertising 
posters, and the principle enuid 
he Turther pvlended — there is nn 
earthly reason why a contractor, 
for example, shouldn't be able to 
lake over an acre nr two, Him 
it into u playground, and apre^ 
to staff and equip it as rent fur 
a decent spread of posters. Bui 
the idea of the poster contractor 
acting as a municipal- improver 
requires major efforts of will and 
imagination, neither of which 
are apparent at the moment, fur 
although the poster industry is 
conducting a low-key educational 
campaign designed to persuade 
planners nf the uses of posters, 
the running in public is >till 
being made by anti-poster forces. 

Any real progress demand?, 
first, a realisation by the poster 
industry of the urgency of the 
need for propaganda, an admis- 
sion that the four-sheet lucked 
tidily away in shopping precincts, 
is not, by itself, enough to keep 
the industry alive. Second, the 
advertising industry in general — 
client companies as well as 
agencies— murt understand that 
the poster industry's battle 
against the planners is merely 
Ibis year's instalment in the 
long-running campaign designed 


to show the public that advertis- 
ing has some value, and. in this 
case, that it can be harnessed to 
very obvious social benefits. 
Indeed, because of the very 
obvious connection in this case 
between advertising content and 
social improvement, the poster 
site is very favourable terrain 
for the advertising fraternity. So 
why no attack? 

PETER WILSON, chairman of 
Sotheby’s, is the latest celebrity 
to lend his name to JWTs taste- 
ful print campaign for Rolex 
watches. According to the purr 
of the hndv copy: “ Peter Wilson 
reckons that he spends a quarter 
of each >ear travelling to and 
from Sotheby’s offices around the 
world, so time-keeping is obvi- 
ously critically important to him. 
The watch be wears is a Rolex 
Datejust. On the subject ot Rolex 
and time-keeping it is no co- 
incidence that in every Sotheby’s 
catalogue you’ll find the time 
of the sale is describe das 11 
am . . . precisely. " 

The last sentence is joyfully 
inaccurate, but that won’t worry 
Rolex. which apart from the 
Sotheby’s chairman has signed 
up Yehudi Menuhin 


Hard look at price cuts 


BY MICHAEL THOMPSON-NOEL 


WHEN IS a reduced price offer 
s reduced price offer? Accord- 
ing to Jeff Harris of Harris 
international Marketing. total 
sales promotion expenditure 
ballooned last year by about 
£600m to approximately 
£I,853bn. However, as a result of 
Tesi-o's Checkout campaign, and 
the ripostes of its rivals, reduced 
price offers represented two- 
ihirds of the 1977 total com- 
pared with only half the 
previous year. 

Henre the need Tor a spot of 
redefinition, for as Harris notes, 
moves into prolonged discount- 
style pricing have' changed the 
name of the gotne and the 
figures almost certainly need to 
bp rephrased, either this year or 
next when the impact of policy 
changes as Tesro's and Sains- 
buryV have become more 
established, widespread, normal. 

It is for this reason that pro- 
gressive increases in total 
promotional spending of 41 per 
cent in 1976 and 31 per cent last 
vear may be replaced by a drop 
of around 13 per cent in the 
Harris figures for 1978 — giving a 
total promotional spend of 
£1.64bn. 

Aerordlnc to Harris: “This is 
still very big business; the major 
part of many marketing com- 
munications budgets, and larger 
than display advertising. How- 
ever. the validity of Including 
price t-uls as short-lerm. dis- 
cretionary sales stimulants must 
be questionable when they cease 
to be short-term and when scope 
for discretion is largely removed 


by competitive or trade 
pressures," ui should be noted 
that the total figure for 19 <i 
includes £3 10m -worth °f me di a 
advertising used to support 
promotions.) 

Expenditure on reduced price 
coupons continues to grow, 
though Harris suggests a 

SALES PROMOTION 


Reduced price offers 
Coupons 
Extra quantity 
Banded packs 
Scamps 
Gift coupons 
Free giveaways 
Free mail-ins 
Self-liquidating premiums 4 
Competitions 
Samples 

Point of sale display 
Trade media 
Consumer media 
Sponsorship 
Sales force & trade 
incentives 


flattening of the curve. Extra- 
quaniity' packs are still near the 
top Of the popularity polls 
although stamps, understand- 
ably. have fallen away dramatic- 
ally (see table). 

According in Harris; “ Self- 
liquidating premium offers are 
responded to less than any com- 
parable technique, but competi- 
tion entry ha* increased about 
five-fold, (o 10 per cent, in the 
last five year*." 


(£m) 

78 

*77 

1,260 

14KKI 

30 

25 

5 

7 

5 

5 

60 

40 

1 

5 

2 

2.5 

IS 

175 

iums 4 

3 

6 

7S 

3 

5 

120 

100 

2 

3 

310 

350 

20 

25 

40 

50 

£1,653 £1,641 


In three years, the number of 
people who don't mind if their 
usual brand i- sold at cut price 
has dropped from about five out 
uf ten to about four out of lot 
while the number who make a 
point of buying brands with cut 
price offers has stayed at about 
one in ten. The fact that a store 
offers lots of special offers con- 
sistently rates bottom as a 
criterion for store selection. On 
the other bund, shoppers secin 
increasingly likely to believe that 
a temporary price reducrion is a 
genuine offer, though about four 
out of ten don’t think such offers 
are genuine, or don't know. Of 
those who doubt the genuineness 
of offers, the largest portion say 
they simply can't evaluate the 

proposition.’ Si ill. more shoppers 

do now claim to know the normal 
price of most or sonic of the 
goods they buy. 

According to Harris: "Shoppers 
continue to concentrate their 
shopping at one shop, and to 
concentrate their shopping into 
one trip. It's increasingly diffi- 
cult to switch a mam shopper. A 
steady 23 per cent of people 
claim that nun label products 
affect iheir choice ol shops.” 

An inicresiine piece of Harris 
research indicates it is possible 
that price is at its most dominant 
as a purchasing influence when it 
comes io paper goods, household 
cleaners, toiletries, petrol, canned 
foods, packaged groceries, bever- 
ages and travel, but much Jess 
potent when it comes to clothing, 
bacon and sausages, meat and 
poultry, dairy products and fruit 
and vegetables. 


Y and R come-back continues 


AGENCIES WAX. agencies 
wane, but the apparent revivifi- 
cation of Young and Rubicam 
was confirmed this week with 
news that it had captured £1.3m 
worth of new business from RHM 
Foods covering the Energen and 
Scott's advertising, previously 
with FGA/Kenyon and Erkbardt. 

Y & R chief executive a nd 
managing director Tim Coles 
says the agency's gains since the 
start of the year have eclipsed 
£5m, an dthat on a 12-month 
roiling basis beginning now, the 
agency's billings are gliding past 
£37m. “We’ve had two years' 
reorganisation.” says Coles. 
“Now it's paying off.” 

The .accounts include Scott’s 
Porage Oats. Energen Crisp- 
breads, RHM’s low-calorie jams 
and the canned low-calorie soft 
drinks brand leader, Energen 
One-Cal. 

According to Energcn's diplo- 
matic chief executive David 
Baines: “ As the direction of 
Energen business is being re- 
viewed, we felt the time was also 
right to talk to other agencies 
well in advance of next year 
when our new advertising will 
break. Inevitably the decision 
was a difficult one. Althoueh we 
have enjoyed a long and success- 
ful relationship with FGA, we 
have appointed Y & R as we were 
particularly impressed with their 
interesting and creative response 
to our demanding brief.” 


Shaved of RHM’s £I.3ra. FGA/ 
Kenyon and Eckhardt is now con- 
templating 12-month billings of 
approximately £8nv — but last 
night it didn’t seem to mind. The 
impression was that if Energen 
had problems, thev ran deeper 
than its advertising approach, 
and that Y & R’s gain may not 
be the'bonns it thinks it is. 

6 THOMSON YELLOW PAGES 
is spending £600,000 on a . net- 
worked TV campaign intended 
to broaden the usage of the Post 
Office's classified directories. It 
is the first' campaign developed 
by Yellow Pages' new agency. 
Grey Advertising. 

O NORTH OF SCOTLAND 
Hydro Electric Board has 
switched its £200.000 account 
from R and W Advertising to 


Charles Barker Scotland, based 
in Edinburgh. 

• WITH THEIR BILLINGS 
racing neck and neck, it is 
hardly surprising that the 
current profits performances of 
Co I lei t. Dickenson, Pearce and 
the Saatchi and Saatchi Company 
— Britain's two largest domestic- 
ally-owned, publicly quoted 
advertising groups — should be 
purring io harmony. 

Collett s 1977 pre-tax profit was 
£1.3Sm. For the six months to 
March 31. 197S, Saatchi s has just 
turned in a 32 per cent improve- 
ment to £755.000 on a turnover 
of £24.6m, up 25 per cent No 
douht reflecting the current ad 
boom. Saatchi's margins 
improved for the fifth half-year 
running to reach 3 per cent 



in ov foreign language 

]<Ej« Ifc f»r M . . 

infonnstioiLWe upr 


Teac 

■JSSs2« 




* ~ SwT SOW'* 1 ! 


MARKETING APPOINTMENTS 


i Hcivev6unsl^clfetel?| 

You hare your own group of clients whn have 
been with you years. They spend upwards of £20,000 
each. You show real genius in solving their marketing 
problems and handle them with a minimum of trouble. 

But you’re unappreciated, underpaid and can't catch 
up with inflation. If you would like a real share in 
their profitability, drop me u lino in total confidence. 

I run an agency group that could- prmide you with 
lucrative security. Chairman. Box 0-1920. Financial 
Times. 10. Cannon Street. EC4P 4 BY. 


The Observer has even 
more to say for itself these days 





Britain's oldest Sunday newspaper is 
a]^o its newest. With a newlook. new’ 
features and over 330.000 new readers 
of t he newspaper- and 468.000 new 
readers of the colour Magazine. * 

Even- Sunday They're reading Sunday Plus, the 
expanded review, and enjoying Living' the weekly section on 
the way we live. We've taken on new writers, introduced new 
features, and the Business Observer, with ii sums' T ux Bureau and Company 
Reports service is appealing to morr/md morebu’.ine.-smen. And we have 
the Liveliest eolnur Magazine. WVvegiven Sunday an intelligent new 

appiai.-aJ. Whirl) is probably why the expanding Ohserv vr)m*a higher percentage 
of educated, up-market readers than am' other Sunday newspaper. 




-YflSJi \±-f-Z)ecsr.iv ‘977 


THE OBSERVER 

looks ahead of the times 









THE JOBS COLUMH 



for presidency • 




out 




BY MICHAEL DIXON 

TWO INDUSTRIAL aces are 
wanted by headhunter Malcolm 
Campbell for a £100m turnover 
international company. But only 
.ene of them can succeed as chief 
executive when the president- 
cum-owner retires, probably in 
three to four years. 

, Mr. Campbell, who works op 
the recruitment side of the 

management consultancy side of 
the accountants Mann Judd, can- 
not disclose the company's name. 
All he may say is that it is a 
Euro-American concern whose 
business is industrial consum- 
ables, such as materials for 
repair and maintenance. He 
guarantees to honour any appli- 
cant's request not to be made 
known to the employer until 
Specific permission has been 
given. 

An oddity about this pair of 
jobs, by the way, is that while 
the preferred base is the U.S., 
the employer seems willing to 
be persuaded otherwise. 

WKI the next chief be the 
incoming executive vice-presi- 
dent for finance? After all, a 
good many financial craftsmen 
who are already of chief execu- 
tive rank might well be tempted 
by this particular vice-presi- 


dent' which carries responsi- 
bility for *|* e company's world- 
wide financial planning and con- 
trol, and the development of 
new business, not to mention 
She data processing work. 

My estimate of the attrac- 
tiveness *»f this post is based 
on the salary indication of 
about £ 45.000 which even in the 
US. Is more than peanuts. Perks 
will he commensurate, I am 
told. 

Or will the next president be 
whoever joins as the new execu- 
tive vice-president for market- 
ing. at a similar sor-t of salary? 

This port bears responsibility 
for the overall control of mar- 
keting and sales in about 140 
countries, involving a force 
of representatives operating 
world-wide plus fhc occasional 

licen^ins agreement. The deve- 
lopment of new products will be 
another inip«»r-rant concern. 

Candidates for the marketing 
vice-presidency will need to 

have risen to specialist 
eminence on the manufacturing 
side of industry, and if they 
are qualified by training or prac- 
tice as engineers, so much the 
better. 

The preferred age is 40-plus 
for both these posts, which are 
open to English-speaking 
managers with the appropriate 
kinds and level of experience. 


regardless of nationality. In the 
case of the marketing chief, 
however, language skill in 
French and German also Mould 
be an advantage. 

Applications outlining career 
should be sent to Malcolm 
Campbell at Mann Judd Con- 
sultants. 55 New Oxford Street, 
London WC1A 1BX — TcJex 
23173. Inquiries may be tele- 
phoned to 01-S36 660iJ. 

Straight bat 

UNLESS Geoff Crosby had just 
beat Lancashire single-handed 
in the Roses cricket match. 1 
doubt whether he could reel 
more pleased than lie must do 
this morning. 

The Yorkshire-born director 
of the Government-sponsored 
Professional and Executive Re- 
cruitment agency was able to 
announce yesterday that PER 
has at last come out of the red 
on its commercial, manager-re- 
cruiting activities. The year 
ended on March 31 showed a 
profit of £20.000 over expendi- 
ture of £5.93rn. Losses of ±0.3 2m 
and £Q.62m were made in 1976- 
1977 and 1975-76. 

Eut a qualification is needed 
to any statement that PER is 
no longer using a subsidy from 
the taxpayers to compete in the 
executive-recruitment market 


Holland 


FINANCIAL ACCOUNTING 
MANAGER 


c. £12,000 net 


Undersiudvina the current manager, his successor will supervise a staff 
of 10 in the operational - mechanised systems. Cash management is 
particularly complex with multi-currency exchange implications, and several 
projects are envisaged including contract evaluation and profitability 
studies. The Accounting Manager will be responsiblefor the full function in 
approximately eight months. 

The regional accounting centre for Middle Eastern business worth S120 
million annually, our client is a subsidiary of one of the world's leading 
construction companies. Contracts in the oil industry have been signed for the 
next two years' business. Applicants should be qualified accountants aged 
27-35 with industrial experience. Please telephone or write to Stephen Blaney, 
t? Comm ACA, quoting reference 1/1715. 

EMA Management Personnel Ltd. 

Burne House. 88; 89 High Holborn. London. WC1V 6LR 
Telephone: 01-242 7773 



CONSTRUCTION MANAGEMENT 
AND SUPERVISION PERSONNEL 
FOR THE NEW CAMPUS 


11) Applications are invited from suitably qualified and experienced men for the follow- 
ing posts with the University of Kuwait. 

U:l> PROJECT MANAGERS 

Candidates must be chartered civil engineers with a .good basic University 
degree and not less than 15 years experience including at least the last 5 as 
project managers on major building projects. 

. . (1:2) CIVIL ENGINEERS 

(1:3) MECHANICAL ENGINEERS 
1 1:4) ELECTRICAL ENGINEERS 

Candidates fur posts (1:2), (1:3) and (1:4) must be chartered engineers with 
not less than 10 years experience of which the last 5 shall have been in a 
senior management or supervisory' post on a large building project. 

(1:5) QUANTITY SURVEYORS 

Candidates must he chartered surveyors with not less than 10 years experience 
of which the last 4 shall have been in a senior Q.S. position on a large building 
project. 

(1:6) CLERKS OF WORKS 

Candidates shall be qualified clerks nf works v.-ith various trade backgrounds 
and not less than 8 years experience as clerks of works on major building 
projects. 

(2) CONDITIONS OF SERVICE 

'2:1) Selected applicants will be given an initial two year contract. 

Salaries shall be by negotiation but will be very generous. 

(2:3) Free basic furnished accommodation v.i|| be provided. 

(2:4) One return air passage per annum to London will be provided For the success- 
ful applicant, his wife and up to three children up to the age of eighteen years. 
(2:5 1 Leave shall be at the rate of thirty days per annum. 

(2:61 Free medical care is provlded. 

(2:7) There is no income tax in Kuwait. 

(3) Candidates should apply in the first instance in their own handwriting and including 
their complete curriculum vitae to: 

The Vice Rector for Planning and Development. 

Recruitment Section, 

University of Kuwait. 

P.O. Box 5969, Kuwait 
State of Kuwait 

The lists shall close on the 30th July, 1978 and initial appointees shall be expected 
to commence their duties in Kuwait upt later than . the 1st September, 197S. 
Applicants should be reassured that their confidences shall be Fully respected. 


with private enterprise consul- 
tancies and agencies. 

While Us fees from employer? 
for finding and selecting job- 
candidates were up by 37.5 per 
cent on those of the previous 
year, they still totalled only 
£3.25m. Another £ 2 . 7 m of in- 
come was furnished by the 
Government as a grant to cover 
the agency s non-com mervia! 
services such as advice and help 
to unemployed managerial-types 
finding it hard t 0 obtain new 
work. 

Shouts that . this "yocia! 
activity" grant still feather-beds 
PER, are rebutted by t'icolE 
Crosby with a well-tried, almost 
weary defence. 

Of the roughly 200.000 iolv- 
seekers who now register with 
PER each year, he said, about 
140.000 are out of work. A pri- 
vate-enterprise operation could 

not cope with, a canrii dale- 
clientele which was 70 per cent 
jobless, and when the £ 2 . 7m 
grant i.s spread aero-- fix? 
unlucky 140.000. it average.- lew 
than £20 a head. 

Besides which, the headlong 
rise in the “social activity ■sub- 
vention over the agency’- flr-n 
three full year® of operation — 
from £0.82m in 1974-75 Jo 
£2.52 ra in 1976-77 — has now- 
been nearly stopped. Ann the 
PER costing system, has been 
fixed so that staff time spent 


respectively on commercial and 
on social services is now 
charged against the appropriate 
type of income. 

That line of attack blocked,, 
and being a typical Lancashire- 
man, I changed my angle. 

How about the number of 
vacancies which- employers 
bring to PER for filling? I asked. 
“Ah." Mr. Crosby responded 
somewhat edgily. “from the 
levels of 1974-75 those have just 
about halved in total to 20,000-. 
plus last year. But our success 
rate in placing candidates has 
gone up from about one in every 
seven or eight vacancies, to. 
around one in three. 

,! So we're doing much better, 
financially on a decreased 
volume of business. Incidentally,’ 
our average charge per placing 
is now just under £500, exclud-/ 
ing advertising which is charged, 
to the employer at cost.” 

But doesn't that still Indi- 
cate declining confidence among ' 
PER'is original - employer-clien- 
tele. even though at 10 to 12 per 
cent of starting salaries the. 
agency's selection and place- 
ment charges must be among 
the cheapest on the market? 

Geoff Crosby played that 
straight. “Aye. We didn't give 
them an in-depth quality service 
a: first. V.’e weren’t getting 
down to a properly- detailed 
understanding of each job that 


was seat.. to- us- .Bat we-kaow j-'.-iL; 
how that- employers want, de- . "M. 
tailed selection, and, we’re pro- - -*,-■■ •: 
viding it That’s why the sad- 
cess rate^bas. gone up eo -much.' 

.. "For the future., :thoU||h./w£ 

-know we -must. win back those ; J; 
lapsed customers.”. ' , 

With; time drawing on;.I made >i-;, 

a last effort to get past lus .-r^r 
guard. PER”s- cut-price .—•£? 
Ution on the market, X said, bad 
helped to. throw, out of work’ a J;V£ 
good many private-enterprise V^7- 
recruitment -staff.. . * • ... 

But these w.ere' banned ftdih &'.?• 
-finding alternative . work .- with 
the expanding.; (Jovernment- 
backed agency, ' because'- PER's 
staff have 46 be- -civil servant 
engaged through the GF$if- iftr- 1 ;? 'fffr 
vice's traditional channels and '“£.*■ , 
almost always, still, befdre-ibey 
are 28 years old. 

Doesn't .this amount r ;l jujked; 
to a shameful jqbs-only-fo^h e-, £ .’ 
boys restriction" ? , . * ;^T- ‘ c 

v Again Geoff Crosby played if 
cleanly. “In my "■ personal is-/ 
opinion-, if. dees. And it/^axikes 

me- as absurdas welL Why ,ea*£t ) 

we have open ■ schemes turner' 
cro it for the service; 
specialists like TJeraoriieU’roav 
sultants,- but mfddle ' mahagCra ^' Vi r 
from the private-sector,' too?; J->-v , 
Why ever 7 not? ; ; ■' 

“But . it!g - no ^gqod ^skipgme; 
abbiit thaL" he added. “Ask J 
the Civil Service Commission.” : 


London 




■- control pf .tM ,r r «-W 

• This position represents an 

n «,«unity for someone of graven 

opP# -«Sne abifity to .further, aSwiop' 

You will M 

r . n . r for the provision of »U. 

accounting jdpport. 

- fony highly motivated. 

' You v/fn be expecred to. 

training:>nd development 
and 'accounting -staff: • - • J",'.* — 

- • . The flexibility of 

. management accourttine ' 

w-ill assist you to monitor those bodgeo;.^--, .. 
which you deteiTOineMu.importmt'to.;tnt^^ 
successful itnplemenratlon. ofjpur 

strategic' plari?- . ... . r -'- ; V.. 

* The fir«L: wiiLproYrde: rf . wards 
’ ' resufei through top, line salary and. an 4 
excellent benefits package, incfudiqg xojr-up-.^... 

' - pension add free fife', and aecidenr assutande^ 

If you are M years .of.-age yvpijt 
five years previous expeneste of pratessic&at, 

• office managemeht.- a -degre^an d/orv " 

fi n ,nr7. fnanavement QC" JCOO Ufl t» ‘ -Vif 


TAX AND CORPORATE 
STRUCTURE ADVISER 

A major British international group, trading largely over- 
seas with a multi-million pounds turnover, is seeking applications 
for a newly created appointment in its Head Office in London,. 

The international growth of the company, in recent "years - 
has increased the scope and complexity of the Group corporate ' 
structure and its tax affairs. The requirement is for a qualified. . . 
accountant and/or lawyer, probably a member of the Institute., 
of Taxati on , who has had international experience including UK . . 
companies and their overseas activities. Although the post 
reports to the Group Financial Controller in London, the task 
will involve spending up to three months a year in Hong kong. 

Preferred age 30-40. A competitive salary, commensiuate • _■ . 
with age and experience, will be offered plus bonus,. car and .-. .. 
generous pension arrangements., > 

Write in confidence t<f: 1; bscll I r - 

F. H. Scobie j 

Management and Executive Search Consultant . / 
041-643 Grand Buildings, Trafalgar Square, Loudon WC2 j 


Frank Kindred- : . _ 

. _ Cam es St Hoore^ - " ;• * “ 

.“ The- Limes . 

123 Mbrtiake High Stmt; \ ' 

London SWI4 8SH , - 

or telephone Sheanna .Marshall 1 on • 

01-876 0495 for an application' - V 



anagement Accountant 

Salary up to £7200 pa 



Applications are invited from qualified 
and experienced Accountants for this 
third tier post in the Finance Department 

The Welsh Development Agency is 
charged with the iask of helping to 
regenerate ihe economy of Wales. It 
owns, develops and manages a large 
portfolio of mdustrial sites and premises 
in Wales, providing services on major 
estates: invests in companies and firms; 
promotes W ales as a location for 
industry and carries out lahd reclamation 
programmes. 

The responsibilities of the post will 
involve the control of the Agency's 
management accounting function, the 
preparation of financial accounts, annual 
budgets and reviews, and the 
development of computer based 


management information. Relevant 
experience is essential. 

With effect from 1 July. 1978 the 
commencing salary wiil be within the 
range £6700 to £7200 p.a. with six 
weeks annual leave entitlement in . • 

addition to public holidays. There is a 
contributory pension scheme and a car 
allowance. Generous assistance will be 
given to relocation expenses. 

Please write or telephone for an 
application form, to be completed and 
returned by 3rd July, 1978. 

Personnel Department (Ref 429FT), 
Welsh Development Agency, 

Treforest Industrial Estate, 
Pontypridd, Mid-Glamorgan, CF37 5UT. 
Tel: Treforest (044 365) 2666, Ext. 262 


Investment Assistants ; 

British Rail pension -fii nds whose assets are in ekces£ , 
of £800m with-an dnnual in-ffowof £150m, WistytCT 
1 „ make two new - appointments : toV. their- teceritiy 
1 created internal, investment team.This is due tothe 
ex pansion of the funds u nder Management >' , _ • 

Investment Analyst (Reference i : A)- . / 

^ The ideal candidate will be. recently qti5lified-^ iir-. 
accountancy or another appropriate profession, and J 
aged about 25 wfth up' to 2 years* investment or . 
industrial experience. He or 'she will be responsible 
for making, recommendations on specific sectors of- : 
the UK' equity market. We are looking-for someorie; 
J-with ah eagw, ^nc^irih§Jrtclependent mthd, havrng ' 
; initiative, high levels., of energy and 7m ^ilffy tnj . 1 

i. ■ ; ■ » ;T?.‘ I'''' - ' I 

Qash/Fixed Interest Assistant (Reference FI) 

Trt? prime responsibility will be die investment off 
the minds liquid resources in the money markets, 
but rtf /she will also be expected to-deputise for the . 
.. fixed interest manager and. tQ . assist ^hifti ’with ' | 
research 4 . of both'.a specific and a general economic 
nature. The rdeaf candidate will probably have a 
degree/ professional qualifications andrup to 2- years' 
experience with ah institution.. • , . 'f 

The '.remuneration: iand fringe. Benefits for- these- ' 
appointments, will be attractive and - - fully 
commensurate with the calibre of the selected 
-candidates. • ••• . ' 

Closing date for applications 1 1 July. - ~ 

1 ,’i 

Please write, enclosing detailed curriculum vitae, to 
the:-. . • 

Headquarters Staff & Services Manager^ 

' British "Rail ways Board,- • 

• 222 Marylebone Road, 
London NW1 6JJ. ’ 
quoting the appro-' 
r -- .priate -reference. 


Loan Syndications 

Latin America — Caribbean 


The merchant banking group of one of the largest 
U S. based international banks invites appficafcms 
tor the position of Head of the Syndication Unit far 
Latin America and the Caribbean with 
headquarters m Caracas. The successlul 
cancfidaie will manage a team of professionals with 
the major objective being to provide an increased 
return on medium term loan assets by aggressively 
seeking and professionally managing eurocurrency 
syndicated loans on a lead managed or 
co- managed basis. 

Qualified applicants wai have strong credit, 
business development and marketing stalls, 
preferably with experience in loan syndications or 
investment banking; should have knowledge of 
capital markets including bonds, private 


placements, eic: and should have a good 

command of Spanish. 

Base salary wifl reflect qualifications and 
experience, and other terms of employment, 
including expatna le allowances and fringe benefits, 
will be in line with best international banking 

praC&e - Rel:S 2 ? 04 .FT 

REPLIES will be forwarded direct, unopened 
and m stria confidence to the client unless 
t-dtiressed to our Security Manager listing 
companies to whom they should not be sent. 
Thei ■ should induce comprehensive career 
carafe not refer to previous correspondence 
with pa end quote tne reference on the 
t.Jiei’ope. 


PA Advertising 

Hvde Park Huu*e. bOd Knijihhbridci'. Itindnn S\\ 1\ “K. Tel: IM-J \» hObtl Teles: 27874 



GROUP FINANCIAL CONTROLLER 

CENTRAL LONDON c £14,000 + car 

Our client is a noted British public company with a large number of manufacturing 
subsidiaries based in the U.K. and overseas. They have an outstanding growth 
record and turnover of £400 m. 

This position, reporting to the Financial Director, covers responsibility for the 
group accounting function at head office together with the direction and encour- 
agement to subsidiary companies on group accounting policies and management 
information requirements. Consequently strong communication and man man- 
agement skills are essential. 

It is likely thaL the successful applicant will be a chartered accountant aged 32/38 
currently holding a senior line management position in an industrial group 
which has international interests. Effective experience must be demonstrated in 
the areas of systems improvement and development. management reporting to 
tight deadlines and large group consolidations. Some exposure to acquisitions 
will be an advantage.. 

The company offers comprehensive remuneration package including relocation 
expenses where appropriate. 

Interested applicants should forward a comprehensive curriculum vitae with 
contact telephone numbers to Michael L. Page who is advising on this position. 

_ Michael Page Partnerships 

18/19 SANDLAND ST. BEDFORD ROW LONDON WC1 
01-242 0965/8 


All-round 
Bankers * 

Saudi Arabia 

AJsa “4* AlhoIiandL a SaudTbotch banking-, 
corporation, established in 1977, . with which the 
Algemene Bank Nederland N.V. with its Head Office, 
m Amsterdam , has a technical irian ageraent agreement, 
invites .applications from all-round bank offiw5s with 

around 10 years' experience. wmi 

Candidates should be between 30 to 40 yeare-of aa*»‘ ’ 
witi] education equivalent to university levS or AJJ3 

sfjsa r 11 * 10 

with the Importance of these portions. ' M te 
Plea&e send full career details b// tetter to: : 

P ' B ‘ « enk ' Pers °5nel Manager T 

Algemene Bank Nederland N.V. 

... Threadneedlc Street, London EC2P-2HH 


Chief Accountant Liberia - 

- aoWdtoqr M m.jor US. rubber mennfaetnrer 
Responsibility is for both the ooerafm* ‘ . 
investment in community facilities. 6. record. ;am 

* This is a famtiy. posting for a auaHfiari 
early 30s and with recent ind^trial^ 2JSS12P & 

golf course, swimming pool" an d 

renewable contract.. U.K. leave. hospital. Two-yea 

T Remuneration is from £ 12,000 p a anri t h«™ !„■ ■» - 
provident plan: ’ p,a ' and “ore. is also.. ! 

IT you are -interested, please send a hri«f - 

Kef. 7200 to John Nicholson. hnef> r “ l A ' 

ASTRAL SEfllUfTSTENT ASSOCTaTfV"'- r ^ 
Astral House, 17/19 Maddox Street Und 0 nWlk 
Telephone Ql-629 2357. 


i 









ftaanciSl 'Times TBiirstiSy Jime 22r 197s 


ed 



FRN/CD Trader | 

within Us money department ^ Wtebl,sh a "pliable instruments desk 

RefNCP 


Senior Deposit Dealer 

An experienced ....... .TT . 


assume responsibility for tte ISSu ” Wv ,ate 20 ’ s - fe S2?2 
* the money desk of a weil-estabi.shed international bank. 

~ . RefNCP 


Ref NCP 

hSSE^taS^f?^ h, c. £7^00 

SHnenriseasmalll^^^ny^m” 01 ' 9 y ' Xperie "“ d '»™ admin^orto 

Business Development -m non 

«rvicior a 9 MS^ fa ^“ a p n %!^.^ ^ finai1 « a™ fKluitad to mark!* tha 

K=SJSlr — < — -ass? 

and Exchange Control ent accourrts ' overseas payments, starting settlements 

RefTOK 

ASo^ gh A k ^Afsistant c. £5,750 

position in the foBisd e owtaII!S , 3 eney ® dm,nistra,ion fe essential for this key 

aepdrtmentof a prominent internalionat bank. RefTOK 

For further details, 

telephone 01-243 3812 in confidence. 



n~EC2 ; - 7>jypr;ong: : 0:l 248 38-1 2.3 ; 4/:> 



VP Operations 



§•- 


for this fast growing international bank, operating entirely in the 
•wholesale sector, and owned by the seven Arab states in the Gulf. As 
a key member of the bank’s top management, the successful candidate 
will head a large team responsible for operations, administration and 
information systems - including data processing. Additional responsi- 
bilities will encompass premises, credit information and finanrinf 
control. 

Candidates, aged 35 to 45 , must have at least to years’ senior level 
experience in international banking. They must be strong administra- 
tors with proven management ability. Salary is negotiable around 
$ 50,000 tax free, plus free furnished accommodation, car and other 
benefits. Long term career prospects arego^d. 

Please write with full career details — in confidence — to I R Lloyd 
re£ 8 . 1071 / 1 . 


MSL 


Management Consultants 


Management Selection Limited 
1 7 Stratton Street London W1X 6DB 


Finance Director 

Insurance Company 

for an established company created by a well-known City' group 
with wide ranging international interests to spearhead the 
group’s business in the reinsurance marKet. 

Reporting to theChiefExecutive, the Finance Director will con- 
tribute to the business as one of the general management team 
wl will have departmental responsibitay.for the company’s 
fcanceand associated functions; 35 departmental staff. 

j oc ac . hi v chartered accountants, will 


S~S-^^3SrfSSSSSgSia32K 

sssasss S&- «f , r . 

Five-figure salary negotiable, comprehensive benefits, Guy 

location. rnnsdder, in strict confidence, all applies- 

Our * should therefore namt-any companies or 

rups^ch^^apphcauon must t^be revealed. 

££ letter of application and career resume to Dr. E. A. 

pavies ref. B.40330. 

M5L Management Consultants 

ManagernentSe 10 ^^^^^ g DB .2 , 

1 7 Stratton Street lui t,... 




assistant to secretary 

Commencing Salary in the region of £7,500 

LONDON ECS 


.. financial '»& investment Group is to appoint a 
An ^JjVecretary to be Aipistant so the Secretary of Its holding 

company- en£ing rifuy' negotiable at about £7500. Con- 

Age 30-«- f|sjoTi sc heme an4 other benefits. 

tribute P . ntment . | he secretariat at present includes staff 

This IS * ne " nraperty. share registration, pensions, etc. The 
special i* in 8 ,r \- Jl_ e W j|| assist in these matters and in the full range 
success^ 1 “ | functions whicS apply in quoted companies. There 
0 f secreo"" a<Jva ncemei| within the Group, 
is good SCOp further detarts and an application form to: 
please wr J[j392, Financial Tbjes. I CL Cannon Street, EC4P 4BT. 


Applications are invited foe the past of Management 
Services Manager located at 255/279 Cambridge Heath, 
Road, Bethnal Green E2 OEW. 

The successful candidate will .A* responsible to the 
Computer and Management Services Controller f or a 
department of some 60 staff providing a service to the 
Board's senior staff covering Work Study. Organisation and 
Methods and Special Projects work involving Operational 
Research and economic appraisal. The Jev?) and influence 
of the job calls for a person who has experience in co- 
ordinating professional staff covering a wide spectrum of 
the Board's business and. therefore, a knowledge of the 
Electricity Supply Industry would be an advantage. 

He/She must be able to present information clearly and 
conshely both verbally and in written form. Candidates 
should have a professional qualification in {he engineering, 
accounting or secretarial field and in addition experience 
in the use of computers and computer applications is 
desirable. 

The commencing salary will .be within a scale rising 
to £12,410 per annum. 

Applications should be sent to the; 

Personnel Director 

LONDON ELECTRICITY BOARD 
46 New Broad Street 
London EC2I4 ILS 

to arrive not later than 7 July 1*78 quoting reference 
FT / 2809 /678 . 


The power 
behind London 


SHEPRAPPS ANO CHASE 


51omi»<?r.« of The Stock J:\i-sim. 

Opportunities in the 
London Traded Options 
Market 


Our firm has been closely involved in the 
creation of the London Traded Option* 
Market. Following an excellent start, we 
now need more people to join oiu* team. 

The ability to master the techniques of 
this new market is vital. Mental agility and 
mathematical competence will also help, 
coupled with enthusiasm and accuracy. 

As this is new Stock Exchange ground no 
previous experience is necessary bur a degree 
or university entrance qualification may 
assist candidates. 

Salary and bonus will be competitive and 
fully reflect market value. 

Please reply, in confidence, to: — 

M..J. Rogetson. 

Sheppards and Chase, 

Clements House. 

. Gresham Street. 

Loudon EC2V7AU. 


h 


Management 

Accountant 

(Chief Accountant Designate) 


?! 


Richmond 


to £7,500 


An exciting highly profitable, international company 
in the entertainment rndustn now wishes to make a 
new appointment of a Management Accountant at 
its Richmond offices Tnis location is the 
administrative centre of their world-wide operations. 
Responsibility will be to the Chief Accountant, for 
management reporting ro the U.S.A., for business 
planning and f orecasiing, for assisting with the 
introduction of computerised systems and for 
venous other ad hoc exercises. 

This position, with its salary and promotion prospects, is 
likely to appeal to recently qualified men or women in 
their twenties who possess an analytical mind, a 
good personality and the ability to deal effectively 
with the dynamic management of various 
nationalities. 

Write in confidence quoting reference T 874. with 
personal and career details to D. E. Shellard. 

A i i ^ Arthur Ynung Vlanagemeni Services, 

Bolls House. 7 Rods Buildings. 

T Fatter Lane London EC4 A 1NL. 



U.S. Equity Dealer 

We require a Dealer with thorough knowledge 
of the U.S. equity market to head our Trading 
Department (two assistants). You would have 
primary responsibility for supervising all 
transactions. In addition, you would be 
required to familiarise yourself with the firm's 
extensive research product and maintain a 
current contact with your counterparts at 
institutions throughout the U.K.and 
continental Europe. You would also be active 
in developing new areas of activity for the firm. 
The job would command a competitive 
remuneration package with substantial 
incentives for performance. Applications in 
confidence to N. K. Siegel, Managing Director. 

Oppenheimer & Go.Ltd. 

Portland House, 72-73 Basmghali Street, London EC2V5DP 



Corporate 

Finance 


Samuel Montagu & Co. Limited have a vacancy 
for a junior executive in their corporate finance 
division. The successful applicant will probably 
be between 24 and 28, with a legal or 
accountancy background. 

Apply in writing (with curriculum vitae) to: 

J. R. Gillum, 

Samuel Montagu & Co. Limited 

(Incorporating Drayton ) 

114 Old Broad Street, London, EC2P 2HY. 


Financial Controller 


Surrey/ Sussex Borders 


c. £8,000 + car 




A qualified Accountant. ACA, ACCA or ACMA, 30/40. having 
experience in the management of an accounts department ideally in a 
UK or US industrial company, is sought for a leading manufacturer of 
advanced technological equipment, operating worldwide and 
employing 2,000. 

Reporting to the Financial Director, you will be responsible for all UK 
accounting ensuring provision of effective financial control and 
planning data to operational management, organising qualified 
accountants in the supervision of a staff of 20. 

For a diplomatic but determined Accountant, this position will afford 
the opportunity to contribute to the commercial management of the 
Company and there is plenty of scope for a considerably broadened 
range of responsibility. 

Please write briefly or telephone for an application 
form, quoting ref: 470 

Management Ifersonnel 

Recruitment Selection 6 Adverting Consultants 

York House Chert sey Street Guildford Surrey 

GUILDFORD (0483 ) 64857 


AMERICAN EXPRESS 
INTERNATIONAL RANKING GROUP 

SENIOR FOREIGN EXCHANGE DEALER 

We are seeking an experienced dealer with an all-round knowledge of eurocurrency and 
foreign exchange dealing. The successful candidate wll probably be seeking a step 
up from a No. 3 level in a larye dealing environment and seeking increased responsibility 
and the commensurate rewards. 

He/she will be Innovative, adaptable, internationally conscious and willing to accept 
responsibility. 

The salary will reflect the responsibilities and other conditions are highly competitive. 
JUNIOR FOREIGN EXCHANGE DEALER 

We also seek a young dealer with probably 12 months’ experience in international money 
and foreign exchange markets. He/sbe will, ideally, be a trainee or junior dealer at 
present within a large dealing environment who is seeking a more active role and 
increased responsibility in their career. Applicants should be aged 21-24 and possess 
drive, ambition and enthusiasm. Salary and benefits are excellent. 

Please apply in icriting. with full details of experience, etc_ to: 

Mr. E. J. Ralphs, 

American Express International Banking Corporation, 

52 Cannon Street, 

London EC4P 4EY. 



Financial Director 


Up to £12,500 p.a. + Car 


Kent 


An engineering company - pari of a Candidates aged 35-43 Trill have 
major British Group, have a vacancy senior line experience in an accounts 
for a Financial Director following department using computerised sys- 
promotion. Responsibilities will be terns within a manufacturing- ideally 
for all accountancy, financial and engineering - environment. The abil- 
data processing operations of the itv to control a large staff is an 
company. essential requirement. 

Applications in confidence quoting ref: 6252 to Bernard L. Taylor, 
Mervyn Hughes Group, 2/3 Cursitor Street. London EC4A 1NE. 

Tel: 01-404 5801. 



Mervyn Hughes Group 

Management Recruitment Consultants 


Jonathan Wren • Banking Appointments 


Tbc-pcrsoimel c onsul tancy- de i li ng^xdusively witfif the Sa-hki ng -profession 'l; . 


LOAN EXAMINER to $21,600 

100% Travel H-1 00% Expenses 

A major New York bank wishes to recruit an international 
banker with credit examining or credit analysis experience, for a 
position involving 1 00% travel. 

The appointee will conduct detailed examinations of the bank's 
international loan portfolio throughout its global branch net- 
work. This will involve in-depth analysis and evaluation of risk 
assets ^pinpointing undue risks and exposures ; recommending 
corrective action and improvement; and generally assisting in 
the improvement of credit administration procedures. 

Interviews for this appointment will be conducted in London 
and New York. Contact: Sophie Cfegg, or Ken Anderson 

QUALIFIED ACCOUNTANT c. £6,000 

Our client, an international bank, seeks a young qualified 
Accountant, aged under thirty, with some bank experience, to 
supervise its internal accounts function. The position calls for a 
candidate who enjoys working in a team atmosphere. 

Contact: David K. Grove 

STERLING BROKING £ Negotiable 

At present we have eighteen Money Broking positions available 
and would like to hear from Money Brokers with experience in 
interbank. Commercial or Local Authorities areas. 

Contact: Mike Pope 


.2 170 Rishopsgatf London EC2M 4LX Of >62 H266/:7/S/ 4 > 


I 











Financial 





Executive 

BRITISH BASED INTERNATIONAL GROUP 

The purpose of this appointment is to speed non- organic development in new 
areas of business at home and abroad with particular reference to the United 
States. 

The man or woman our client is seeking is likely to be a Chartered Accountant, 
but not necessarily. Practical experience of acquisitions, mergers and share 
valuations is essential. Responsibilities will include the initial identification of 
possible acquisitions and financial appraisal thereof. Thereafter, he/she will be 
part of a negotiating team, following through acceptable proposals to a final 
conclusion. 

A competitive salary will be paid; amongst other benefits is a pension scheme 
■with very good life insurance. A company car will be provided. 

Please write stating full career details and salary progression, stating the names 
of any companies to whom your application should not be sent, to: 

M. P. Wyndham, Managing Director, 

St. James's Advertising & Publishing Co. Ltd., 

Hanway House, 5 Clark's Place, Bishopsgate, 

London EC2N 4BJ. 


p. s. refson &mo. 


v V't * ' • • 

- -f • - 


;• S'.- 


- ■ ■ ,. A . Acciefant Managers 

P. S. Refson & Co. Limited is seeking to anoint two additional ^ . Graduates* and/or_-v^^ 
New Business Department. Applications aitf invited f rora .„ um H J!w have at 
holders of a professional qualification aged between '27 and finan ce.? ^.7^ • 

years' experience in international bankii^ Mth particular reference w : 

For one appointment a knowledge and prac&sd experience of 
SJE. Asia will be an added advantage whilst for fhe other, a c° r P?J“ 
is desirable. Preference wil3,.in both case^ be giyeh to thoseap paean g . . 
more foreign languages and who are available fir travel at short nonce. 


Successful candidates will ' be responsible:-* or :a wide range the- T&Jted^ v' 

development of business for the bank ^nd. ; |ts' Subsidiary 

Kingdom and abroad, credit analysis and assessifieot and general managenar . , / ~ r &_ ^ 
an expanding banking environment V 

The bank moves to its own freehold City prfemiife^hbrtly and the present vacancies 
from its continuing expansion. v . 


Salary, rewards and prospects will, -satisfy ihe ambitious and reject- the lmport^^:. l; 
attached to these appointments. IPleas^reply .mtcbfifidence to: . . - 

• •■•O'" 

The. Managingfifector .* 

P.S;-Refso&&Co: Limited 

; - • ‘ iHobariPface - .. • - v r 'r 


London SWlWOHU 



Automotive Products From £9,000+ car + allowances 


Our client is a major international manufacturer of safety 
equipment for the motor car industry with a multi* 
million pound sales turnover in Britain, Europe and other 
countries. Success to date in penetrating export markets 
has been gained through an established worldwide 
network of distributors and licencees plus direct sales to 
major European car makers. 

The present Export Sales Manager will soon be retiring 
and an outstanding Individual is required to succeed him 
and to spearhead the further expansion in Europe of this 
successful company. Ideally, he or she will be a seasoned 
export sales professional, aged about 40, educated to 
degree level, with fluent German and a good knowledge 
of French, and with experience of the automotive 
industry. The job will be based in a particularly attractive 
part of England. . — ■ 


The rewards will be generous, including a total 
remuneration package negotiable around £9,000 par 
annum, plus an overseas allowance and a quality 
company car, usual fringe benefits including relocation 
assistance should this be necessary. This appointment 
presents an unusually good career opportunity which 
could lead to a directorship. 

(Ref: E5799/FT) 

REPLIES will be forwarded direct unopened and in 
confidence to our client unless addressed to the Security 
Manager listing companies to which they may not be 
sent. They should include comprehensive career details, 
not refer to previous correspondence with PA and quote 
the reference on the envelope. 


PA Advertising 

127 George Stree^Ed in burgh EH24JN. Telephone: 031-225 448 1 


! jjSSSS9e9S6S5066S909eS«^ 

iS Company . § 
'S Secretary g 

!| LLOYD’S ! 

ig o 

•o Underwriting 8 

jS Agency « 

It) u 

i § Previous Lloyd’s experience ® 

' o would be an advantage for Q 
•J* this position. It requires © 

■ o financial and administrative ® 
j o skills and offers a salary o 
I® of £10.000 plus other O 

| ii substantial benefits. § 

j JjFor further information please*! 
©contact Mr. D. R. Whately. o 
I ® WHAT ELY PETRE LIMITED.© 

I ^Executive Selection. 6 Martin 9 
IrtLane. London EC4R 0DL. His© 
'^private telephone number is © 
©01-623-9227. Reference 431. g 

' ©Mr. Whately himself possessesg 
I ©a Lloyd's background. © 

&©s*s©©©©e©©©©©e*a©ec8 


EXECUTIVES 

Over £ 10.000 I 

If you are in the job market I 
now we are here to help. ra 

Our clients don't waitforthat gs 
magic advertisement to |1 

appear-withtheaidof * I 
experienced counselling and B 
the use of our promotional ® 
services they get there first ■ 

Invest in your own future. 9] 


Percy C0UTTS &Ca 


A mrmberoi FA Inn." national 




1 


womrm 


140 Grand Buildings. Trafalgai 
Square, London WC2. 
Not an agency but Europe's 
most experienced job search 
organisation. 



GRIEVES ON, GRANT & CO. 
have a vacancy for a 

MINING ANALYST 

to contribute to their expanding research and 
dealing service in Australian, African and 
American mining stocks. 

Previous experience of this sector is desirable. 

Enthusiasm and curiosity are essential. 

Excellent prospects for the right person and 
salary will be negotiable. 

Please apply, in confidence, to the Staff Partner, 
Grieveson, Grant & Co., P.O. Box 191, 

59 Gresham Street, London EC2P 2DS. 




Executive Careers 
in Oil Finance 

ACA/ACMA/ACCA-Salary range £6,500-£7,500 

An accelerated programme of personal development in 
Financial Management has been designed to strengthen and 
consolidate worldwide integrated petroleum operations 
which cover exploration and development of crude oil and 
natural gas resources. 

In your first year you will be based at the London Head 
Office, assignments are varied and include negotiations 
with contractors in the U.K. and Europe. You will have 
the opportunity in your second year to transfer to the Group 
Head Office in California to complete your introduction to 
the international network of operations. 

Your career options are many and varied, you may 
remain Head Office based, take up a line appointment 
within the UJf. operating subsidiaries, move into Financial 
Management of an overseas operation or further your 
investigational exposure through worldwide assignments. 
This career challenge is open to young Accountants with 
the confidence to develop quickly into Financial Managers. 
For an initial exchange of information contact Robert Miles 
on 01-248 6321. 

PERSONNEL RESOURCES LOOTED 
A member of the Financial Techniques Group 
Hi 11 gate House, Old Bailey, Loudon EC4JH 7HS. 


TRAINEE EXECUTIVE 

with technical and commercial ability wanted for Managing 
Director of TV retail business of the highest stand in?. 
Established 1927. A suitable applicant would be trained to 
take increasing charge during the gradual retirement of the 
present Managing Director. Exceptional opportunity for keen 
and capable young applicant 

Write only, Stating age and details of background and career 
DRAZIN LTD. 

57 Heath Street. Hampstead. NW3 



• -T "• ■■*■= - 1 ■- 


HEAD OFFICE 
ACCOUNTANT /COMPANY 



LONDON c £7,500+ Car 

We invite applications from qualified Accountants for the- 
post of Head Office Accountant with this leading national 
company based in the Baker Street area. 

The main responsibilities will be Head Office accounting, 
Company Secretarial duties including administration of the 
Company Pension Scheme. 

The successful applicant is likely to have had similar 
responsibilities in a commercial organisation, preferably a 
public company. 

The position involves occasional travel to visit our 
branches in the U.K. 

A company car will be provided plus the usual benefits 
associated with a national company. 

Please write with brief details to:- 
J. Harris. f 

HERON MOTOR GROUP LIMITED. , l\r . if * 

Heron House. 19 Marylebone Road. 

LONDON, NW1 SJL. /_ - - 


E3 Reed Executive 

The Specialists in Executive and Management Selection 


Qualified Accountant 


London 


c £7,000 


A large international group whose interests range from engineering to finance 
requires an ambitious young accountant. The Initial responsibility will be to set up 
and monitor a new accounting system in one of the smaller subsidiaries. This job 
may take up to a year and, having demonstrated your capability, your next move 
would be to a more senior line position elsewhere in this very successful expanding 
group. You will have a large measure of freedom to use your initiative in the 
knowledge that success in this initial task will be your passport to a satisfying, 
rewarding career in commerce. 

Telephone 01-836 1707(24 hr. service J quoting Ref: 0463/FT. Reed Executive 
Selection Limited, 55-56 St Martin 'S Lane. London WC2N 4EA. 

The above vacancy is open to both male and female candidates. 


London Birmingham ••• Manchester * IwWs 


CENTRAL ELECTRICITY 

GENERATING BOARD ^ 



Applications afe invited tor the post of Secretary to tHe ; 
Board which will become vacant shortly when the present 
•h'older of the post retires. 

The Secretary Kas the key role as chief administ rator to.. - 
the Board and heaii&a department of some 200 staff located at 
the Board’s Headquarters in London. The nature and scope qf 
the duties, whichcover evert' aspect of the Board's work, _ 
demand a high leyel,of adminisrrative and professional skills. 

The post demands managerial experience.at Board,- senior 
civil service or government level and assumes an " 

understand ing of the role ot large industry within the 
economy; in particular the post requires an understanding of 
the relationship at Government/ industry interfaces and the 
procedural constraints of working with Civil Servants so that 
the Board’s organisation and operational strategy can progress 
within governmental and other social pressures. Clearly, a ; .■ 
mature understanding of current societal values and trends, a 


adaptability to change ate essential qualities for the job holder; 


nor of over-rid inp importance, the conceptual and political 
skills demanded by the job ardof an intellectual leve^equating 
to Honours degree standard, v " "V • * 

The! starting salary for this post will not be less than 
£15,000 per annum (including London Allowance) together 
with the usual benefit^ pertaining to a job at this level. . 

Applications stating full relevant details and present salary 
to the Deputy Chairman, C.E.G-B-. Sudbury House, . 

1 5 Newgate Street, London EC1 A 7AU, byd4 July 1978. . . 
Quote Ref. ST/SB. 


City 


OL 


c £7,500 -bear 


YOUNG QUALIFIED ACCOUNTANT 

Chartered Surveyors 


The Job 


The Candidate 


The Client A small well known City firm of Chartered Surveyois’:aiMi - 
property managers, - J ■ : : ' 

. The Job Reporting to the Managing Partner with responsibility for the ’ 

entire finance function. Key areas are budgeting and the 
• msmihly ^ annua I financial accounts and tax 

The Candidate A qualified accountant probably still in the profession and in 
his or her nud-twenties. Must have a thorough grounding in 
accounting as well as auditing. Experience of dealingwiffihe 
Inland Revenue would be a considerable advantage. Essential T 
aMlty to W ° rk 1 “* l0arn &st airi grow 

J. G. Cameron. The Executive Selection Division - C333 
Coopers & Lybrand Associates Ltd.. Management Consultants, 

Shelley House, London, EC2V 7DQ 


GROUP DEVELOPMENT EXECUTIVE 

«... ^ THE GROUP 

Tne EHerman Group, which is based in the Citv is a mainr . ' - v 

developed interesis in Shipping, Transport Travel and ^ C0 ) mpa ? y „' tfith v ^ iael Y ■ 

Insurance. It is also developing a rai4Sf0tbe?serSe IfilSSlJlSS”? 1 ? rew # a « : 
has substantial investments and or-c-rat!^ overaws manufacturing interests. and- , 

_ - „ THE DEPARTMENT 

icvoi rtSLSsfsStaStri 1 ; Mrzsff&LS"* te r ^ ^ 

national consultancy through narSti. foahliZ ■' naglBg from 

THE JOB 

Suitable candidates are likely to PERSON 

— be between 28 and 35 ve'ars - 

within a Few j"ars in a >™ ■na na ge al en, post" _ 



muim 


™«K , l ll,,n is uolikeiy to be of interest to neonlo. - 

rJ«!L n Sf *'■’** thaa BMO-juA carries a- Companv^r *J 

Head nf m D odern benefits. Candidates should appl? to the T rf, m ^ ' 

Sr an Lines UrtnffiS dSil 










yTlvS ! 


ers 




t Assistant 
tuna Manager 

_ Schlesingcrs w A — 

LOr&narii'iitinn..i , L 2H excenlinnal nnn/viiinliu 


Scblesingcrs 

^pr an additions Asskt^«?i? <ce , pllonal opportunity 

4heif Hanover San-ir* \ nL -Onager, based in 

CandidateV 'tL 0 ^ 0 ,^ ' v » offices, 
minimum of 2 veart^Sl ? ! d " 3us * m usl have a 
degree or professional f st !^ ent experience, and a 
advantage, QuuJii tcaiion would be an 

ambitious! hard-ivoljfn! ng opporlunil . v for an 
and expanding invent ? person to join a successful 
-Funds under man “in ^ mai1 '‘^ment group, 
v'the Schlesinger piiuc CScccd and include 
insurance funds pri\ ■ l i" , H- rusls ' the Trident range of 
Salarv will be ' le,n Pension funds, 
experience and the pushion'i'iv™ 0 " Uh ° se anl1 
; prospects within the compam ■ oulslanil,n S "recr 

i: strictest comidencc ■" '1' hc lrc;11 e‘l in the 
curncuium vhae andsh^^S the first 

IS Bering Street London W 1 


I Executive 

PUBLIC COMPANY 


N.E. Kent (London 13m.) c , £9,000 & car 


4 ^ufactunng group marketing pro- 
ducts worldwide, with a turnover of 
and a reputation for expansion 
requires a qualified accountant. Some- 
one with a proven financial background 
experienced at senior management level 
is needed to replace our present 
Financial Adviser who is due to retire. 


The duties will include financial plan- 
n btg. preparation of accounts, budgets 
and providing the Board with financial 
information. The successful candidate 
will work closely with the Corporate 
Committee and could be considered, 
after a successful initiation period, for 
appointment lo the Board. 


Please write to the Company Secretarv 
for a job specification. 


Box FT/532 c/o Han way House, 
Clark’s Place. Bishopsgate, 
London EC2N 4BJ. 


AUSTRALIAN STOCKBROKER 


INSTITUTIONAL ADVISER 
MEARES & PHILIPS 



A vacancy exists in our London Representative 
Office for an Institutional Adviser. Preferred age- 
25-30 but older, experienced candidates will be 
considered. Knowledge of Australia, its economy 
and equity markets would be an advantage as 
would a knowledge or fixed interest dealing and 
the ability to speak French and/or German. 

Full research backing. Salary negotiable according 
to experience. 

Apply in writing with cv to our UK Representatives 
Euro Australian Nominees Ply. Ltd- 
Suite 114/5. Third Floor, Warnford Court, 
Throgmorton Street, London EC2N 2 AT, 
or phone 01-638 2631 after 10.30 a.iw. 


SECURITIES analyst" 

EUROPEAN & 
JAPANESE SECURITIES 

M II 


(New York Based) 


* , of .h. zsrtsrf 
- 3 ‘ 5 

experience. : nr „„ a rional economics 


?J£2X~*SZ%2. SS \ S 


knowledge oi German. successful hanking / 

As one of ® = f " r thC 

in ,h ' 


<£40,000 RANGE 


*** r Qualified 

■„ Will bo hold in "" MW 

All inquiries win os 



Reed Executive 


The Specialists in Executive and Management Selection 


Merchant Banking 


Executive Potential 


London Based. 


If you are aped around 30 and see your future in a truly International rarrhsnt 
banking environment, this opportunity is well worthy of your cons. aeration. A 
leading international financial institution is seeking an ambitious inai.-idi.nl icr ijg 
corporate finance staff to be groomed lor {he top echelons of the international 
merchant banking fraternity. Clearly some experience ot arranging International 
new issues would be helpful but essentially the company wants someone -.*.«:h !-■ e 
potential to be trained to become a top export m this specialist market, y on will, of 
course, have the attributes needed to generate new business and be able Fc carry 
out negotiations at the highest level m government and commerce. Aiinougn not 
essential, an accountancy or legal Qualification would be useful end lli.ier.cy m a 
second European language would be a plus point. There will be cor.i.^e.aoie 
involvement with European and other overseas clients and this sir o.o-.ice 
excellent opportunities lo travel abroad. Salary will be fully negotiable. 


Salary negotiable P' uS ca 


Telephone 01-836 1 707 (34 hr. service i quot-nq Ref: 0464'FT. Reed c/ecuV/9 
Se/ecbon Unwed, 55-56 St Martin's Lane. London WC2N 4EA. 


The Above lac.iiicy is rpen lo l.otl. n rev. t-'n.alo Candida' 4 


h m* an *^*9* ’*** ‘ n * 

b. fc-* oidhan »tf *ho 

* ■ ■ ir-a *.0 * h, - ,h ' J Grange ot commercial wane's. • 

’. : 7 h ., y*naa. n-j Direct '"~ ,i a d * -S* for ihe co-ordmdi*on or - h - - 

••=* a V-f? '-■»« 'ol <***#"■* ■■ . „ MVa rin salarv and fringe benefits 

“i- ■..- ■.vr.era 

B h hrief personal and career details to. 

Please write with bne pe v . 7R u 


London Bm-ninghem vlAtbchrrstf ~C#»ds 


CsLi 


Oman 



to £22,500 tax free 

+ benefits 


DIRECTOR OF FINANCE 


The Ministry of Dpfcnoe nf ihe Sul ton ite of Oman h:«- he.vlauarters in Mi:..-.tS ,:id 
employe >ome.') .ion rnsineprinz. fin.inn.il ;n;d ndnun<*lioii< m e sta/1. .~-nv t 
post:; in the Mini sin - and in Uw SeivUvi* arc i>:i.n:pi«-<l l«y uspatxintCf. 


'Hie Director of Finance will report to the Director General who is the j- nn.ir.fn: 
head uT the Ministn. and will herc^pnn^ible tin 1 'm.tnvial pliinnin^an'.l voi.iixl. .ir.d 

for the efficient operation of the Awt-uim in" Dim-t'-i-ate. Thervwili I e 

contact with Ministers and tilth senior memUis uf the Civil Svr.T.e ..nd the 

Armed Flaws. 


Applications are invited from qualified accountants a^ed from 40 wjin -uh.-rani I 
commercial and administrative experience. A background in contrdcli’ij ir. the 
public sector ivoujd he particularly helpful. 


TTie salary will be negotiable up to the Omani Rials equivalent of C2‘_ r V | 0 nlu* .1 
terminal bonus, and the initmi cuntract will he tor 3 years. Fuvniiivd. air 
conditioned accommodation and a car are provided, and there is 30 dav-’ paid ieaie 
to the UK. ei'erv six months. Working and living conditions compare curably 


with other Middle East locations. 


Please send brirfhul ownprehensive dcL'tflsnFVaiccrand salary b date, v hich v.-itl 
be Healed in confidt no.-. to: 


E. H. Simpson. The Executive Selection Division -FTT-'T. 
Cot»pers& Lybrand Aetnciulei- Ltd.. Management Consultant*. 
Shelley Hou*e. Noble Si reel. London. J£C2V 7DQ. 



OIL ACCOUNTANT 
c. S. 10.000 

m.i.j- O. Ca 

■-c.- : --..'i-c.' 

IS- i; «.■(*«.*« 

m 0.«' ->j- Dcr. Prc. o-.-- 

. i t* .)f. i.'.'N CiSL'fitn.o 


MANAGEMENT 

ACCOUNTANTS 

lo £7.500 


Mi l- Ca.3Lr\:.on re- 

O'.-c: i >:w.iii>«a 

□i . i : r 'Cy r : 2S>jO- 

10 ?io. jl 

f -J'-: li JJ.--C 

■*.ri *>:'»■; :?> j uw o.' >n 

Ski', Co'3 e omoi.on 

o.-aioc.:. 

AUDITOR 
c. L7 000 

Mt«'< a-«i: A:coun:an: 

.r >■ 'o- t«io.<H) 

C**» .' T < i: )>)..( «viin ■ ■« 

nc«i. ' ej'e.' 

,.CO.- 4 .Me-tii E'COlitf.ii 

-'Ci 


Stephens Selxtinn 

“• Ik-Mf •‘•.ert 1 -tsd-n ft i>. r.K.V 

_ luxniiiiivni t 


ENGINEERING 

ANALYST 


Leading firm of Stockbrokers has a vacancy in 
Research Department for someone to join 
its team covering the engineering and mutnr 
sectors. He/she will be responsible for the 
analysis of major companies in these sectors 
and will be expected to bring a good knowledge 
of accounting to this work. 


In addition to applications from analysts 
working in these sectors, equal consideration 
will be given to qualified accountants with 
around two years’ experience in inrluylry or 
auditing. 


Excellent prospects for the right person. Salary 
negotiable. Please apply to Box C’..21^4, 
Financial Times, 10, Cannon Street, EC4P 4BY. 



ce 


The Bank’s expanding Corporate Advisory 
Division is seeking mo young executives who can 
demonstrate a high degree of ability and 
commitment. 


They are likely to be chartered accountants 
aged up to 27 whose post qualification experience 
has had some relevance to corporate finance 
activities. 


Applications with full C.V. should be sent 
in strict confidence toi- 


Andrew Deacon, Director, 

County Bank Limited, 

1 1 Old Broad Street, London. EC2N IBB 


-:v .".VrSSr" 

- 1 v - - v .r.-v 

~Wr' 


. . - . A ■«« a mm Wav. ■ X~^t . • t^ 3 — ^.1 i irt C • 


£ 20,000 


(BASE COMPENSATION + USUAL BENEFITS 
AND GENEROUS INCENTIVE) 


MANAGING DIRECTOR 


Important international group seeks uutslamlmy. |ir"fil- 
conscious Chief Executive Ullice for its U.K. subsidiary. 
Executives with solid general manageiii^-nl credi ntials. a 
talent fur marketing industrial products and -iip'-iiur 
leadership (|ualities will find this ujvuriumi> hi^hh 
attractive. 

If your track record is exceptional, if ymi an- an a^gn.’.ssivc 
ruanagei" who responds well In challenge and if you are a 
people-oriented executive who has real empatln fur I'cunl .■ 
at all levels — colleagues and custimn-rs alike — please 
forward your resume, including earnings lii.-tmi and 
private telephone number at which >nu may l».- reached mi 
lute June to Ihe Bnx Number indicated bohiw. 


As the prnfesislunal consull an is reiaincd in ussiai nun a ce- 
ment in filling this important \,vs\. we asMirc all ies|.«md< nis 
that their resumes will be prompt Jv atknmvIitlKeri. The 
credentials of a qualified executive will only hr prcn.'iil'.-d 
ro our client after an interview with a in*.'inl.er »f «*ur 
professional ^taff and by mutual agreemem. 

Wrilc Box F.1027, Financial Times, in. Cai.mm Street. 
EC4P 4 BY. 


REGIOfSAL ACCOUNTANT 


A weH-ejublijhet} International service organisation is seeking a 
P.c 2 »onal Accountant (or its European operations. This is a key 
senior position reporting ro the Regional Controller based in 
London’s Regent Street. 

Tiic tuccessi <il candidate will meet most of these criteria- — 

• > Be a qualified acco»n»nt 

2) Be within ch« liLol/ parameters of 29-39. 

2) Have commerci.il e v peiience tn a hard-workmj environment. 
4) Have substantial experience in all aspects. of dealing with 
staff. 

5| Proven experience of rhe production of comprehensive 
management and corpora:: accounts to a ti^ht schedule. 

61 Ability to control the activities cf departments with a 
hiaJwoJtjnie throughput. 

7) Some E.D P cvpcnence. preferably with mini-computers, 
fl) An ability :c relati to ar-d understand the requirements 
Of a perlormance-orientat-.-d line otirjrion. 

9) Have an cnerg/ level and ambition to succeed with 
responsifciJiry. 

*• rcmuner.-.ticn package in the order of LB 000 pa. is envisaged 
• hieh. besides normal fringe benefits, could include a company car 
"Trie job offers the opportunity for real commercial experience in 
a lively results-orientated environment. Prospects in the medium 
trrfli include: growth in the advertis-'d job throu’h our rapid 
e • mansion, a move ineo a financial planning,- liaison role: or a move 
into controller -.hip. 

Interested applicants should telephone Mrs. C. Irving on 01-437 6900 
to obtain an application form. 


ECONOMIC CONSULTANT 


required bv expanding CVnsu Haney in Taylor 
Woudrow Group, specialising in trade ruennnimi 
l international trade, trade centres, industrial imesi- 
ment, urban renewal, the leisure industry!. 


An experienced foreign 
exchange dealer for 
Saudi Arabia 


university 

APPOI NTMENTS 


isitv of pURHAH 

of aCCOUKTARC' 

™ SEaLSrtiiS'S 
S=S £ .Sri » «» “ 


i3tl ^ rr .nsonii’nla- 

. iifirep piusi 

' ° r *K5r^S 

not r oraistrar and 

Kail Durham 
« ^iLr, fKfiw 

rom , Candida^' 

SiS'Vstw'^*- sa&ro,, 


MERCHANT BAHKINi 

^.OOfl^lO.® 00 j 

0ur client. 

Accepting Charterol 

seeks G Commffrcial 

Accounants ana po*. 1 

Liters \ n the prt£ - 

graduate e 0 f aC lea^ 

fession. laneuage would 1^ I 

:SsS--r 

PleMe write: -J 

Eere! f 0 rd A«oc.t=- L’d.. , 

Box A 6395- . S 

Financial E C4P 4&YJ 

J0 f,nn ° n st * ' - ‘ 


To be based at the London World Track- Centre, hui 
occasional overseas travel likely. Preferably graduate 
with relevant research experience and .some know- 
ledge of international trade: good emrmiand nr 
English and experience in project costing; and ability 
to produce dear written argument within agreed 
time limits. 


Competitive salary according to qualifications and 
experience, annual bonus, group pension scheme. 
Please write in complete confidence, enclosing ynur 
curriculum vitae, to: 


Alhank Als.iiidi AUmiLmdi. 
SJUdj-DuU-l: liankinv 
-■..ypurjiinn ^stjuli.shvd iff 

Um ’ with whii-h dli* 

.Mg-ntunv PiunL Xi-ui-rlan.! 

-i i* '■* tcchnicn! miuiageiiH-nt 
.-.-•jvfjneni. requires an 
Mpvniyncod Fuivrjn 
Kv;fiun»e deal it with 
-.n-'-vletlge uf Ixu-k allies 
n]M-ratir,ns. 


Salary and ci-mli linns 
of ■..< uk i r-aid h.mu* leave, 
frrv- hiiujins, furniturv. etc l 
,-.il! hi.* c>nuncnsur:iiv wiilt 
tfi,* tm;-nrlamv uf Ihib 


mi-flical and 

i.-.-:-i*hi>Ji)7ical exaimnaii'-n 

•.! ’)/ be required. 


Pi fa.se $*>nri full career 
delaiU hv Micr io 
Mr. .1. Elzmea. 

IWsftnnei r^D.-u-tofni. 
.M^fint-ne Bank Nedtrlarid, 
\ ij-vlMraai Si!. 

Ain&ifriijm. Hu! land. 


Mr. Bryan Renn i Private Omlklcmiali 
Development Advisory Sen ice 
World Trade Centre 
Ixmdon El 9AA 


'he appointment v. Mh 

■i i- A5J«nk A^.uidi 

‘..'nrtlandi will he r-.r 

■ ,:i penud nf 

" 5 ;Mfs. 


Albank Aisaudi 




Young Management 


; 4Wd» l II f: Tl 


c. £7,000 


Lyons Telley Ud.. pat l of the J. Lyons Group of 
Compands, ate looking for a very special person to join 
them at their Head Office Accounts Deparimen! at 
Green lord. Middlesex as the Budget and General 
Overhead Accounting Manager. 


V ^ v-;-:--, ^ 


>1 you are a qualified accountant with a couple of 
years industrial experience, then what belter than to 
have the backing of a successful household name- 
Lyons Tetley Lid. 

We iviH require you lo co-ordinate the company 
budget, prepare profit forecasts and direct the 
monitoring ot distribution and administration 
overheads. 

You’ll have the personality and communication 
sk ills lo discuss with your colleagues the results oi all 
department in the company. 

In return, we can offer a satisfying and rewarding 
career, with good working conditions, generous 
company benefits, and excellent prospects. Help with 
i elocation expenses will be given it necessary. 

It you think you’re special enough, we d like to 
hear 1 1 om you. Write or phone lor lull details, 
and an application lor in to:- 




Miss J. Parry. Personnel Officer, 
Lyons Tetley Ltd.. 325 Oldfield 
3W Lane. Greenford. Middlesex. 
H&K Tel. 01-578 2345 Ext 290. 


kS- :,v KZ* 


INTERNATIONAL BANK 


Export Finance Executive 

c. E10..000 


A major iiH“inmion?l bank wi-hes to appoint a banker with 
emeiKivc* -j--ii-.il. r in ui-xlmni and long-term export credit 
luvnKegt iu i-ilL .mrtol ECGD i n ocedui es in particular, to 
le.wrl.i team oii^uuj m ECGD- backed credits. 


The sin" niipfoaiit is M>/y to be aged between 
23-35 and h i.i*a merrhant-lwnl inn background. The 

appointment i-.lii.-ii m the City, but na-.el, I.»otIi within and 
outside iIk* Lhii' -O Kminlom, is •=*m isaged. A working 
Knowledge «.xl Fii*n> Ii would l-e a dirt met advantage. 


The va> • iin" .* c-iit-is scope ior personal advancement 
within a lam- ..mi.ini-aiion and thp lynns and benefits are 
those norm.iil- js»l» Mivd with a hrst-cla-fs bank. 


l/Jci, ■sfei/„/»;-.»tvi«/i thonht it we. pivhin full iht.v.'s of 
personal />.<, l.mvund .mo ptotcssionai e.'penence in ths first 
//:r.i.i:io7 n - - 


Streets 


P.M. Johnstone 
Sheets Advertising Limited 
11 New Feller Lane 
London, E.C.4. 


indicating fin- r-.m < >1 anv companies to whom you do not 

Wish your apj iiu .iti> -n- ui be loiwaidt'd. 


Overseas Portfolio 
investment 


A small but oi own io segment of the Provident Mutual's 
investment porn oho is invested in overseas equily stocks, 
particularly m lh-:- USA. 

This is managed m- house and a vacancy has arisen for 
someone who -.vill be capable vvilhjp a short lime of 
assuming cfo;, -to-:iey responsibility tor the Management 
c4 this money 

Applicants wood around 30) should have a minimum 
oi two years perienee oi equity investment in the USA. 
An attractive : .,i!.iry will he ottered. Mon-contributory 
pension etc and later low cost house mortgage facilities. 
Please write giving age ana details oi qualification and 
experience io. 

Personnel Mar-a^r, 

Pi evident Mulu-M U’^- Assurance Association, 

25 -d J Mooroaio, London EC2R SEA 


MIL ASMJMNCE AKiOUATION-FOUNDED IWO 



STOCKBROKING 


Experienced Personal Assistant (age 25-35), male 
or female, required by Partners in medium sized 
London firm. Must be competent to control and 
review computerised private client portfolios, 
prepare schemes without supervision and undertake 
some associated Investment research. S/E examina- 
tion standard essential. 


M’rire uiih dclnils «»/ experience mid rent iwcrnt ion required to: 

BOX A«S5. FINANCIAL TIMES 
10 CANNON STREET. EC4P 4BY 







16 

LOMBARD 


rRiiafifiiaJ' 


Mr Hattersley 
* . . the facts 


BY PETER RIDDELL 


MR. ROY HATTERSLEY. the rate of increase in output or 
Prices Secretary, evidently does factory-^ 1 ® prices is declining 
not accept the maxim “never and. anyway- takes three to six 
apologise, never explain." since months to be reflected in shop 
his speech in mid-month assert- prices. 

jug as a “faef’-and not “a hope or There is a fair degree of cer 
even a prediction” that the 12- tainty about projections three nr 
month rate of retail price infla- four mnnih? ahead with an in- 
tlon would remain around 7.9 per creasing margin of error each 
cent for the rest of this year. he mo nth after that. As Mr. Hatters 
has returned to the issue three | e y pointed ouL a drought would 
times. Mr. Hattersiey's latest jj a Ve to push up the index of 
somewhat prickly contribution seasonal foods by 30 per cent be- 
stows why he should have been f 0 re it raised the ail-items retail 
more careful about bis original price index by 1 per cent, 
choice of words. The real weakness in Mr. 

Mr Hattersley questioned the Hattersley'* speech is that by 
fairness of some nf the Press concentrating oo ibe li-month 
discussion of the inflation pros- rate he was looking too much 
pects While some of his indig- at past influences and not enough 
nation can be partially justified, at current pressures and possible 
he onlv has himself to blame future rise-. nio Bank of 

for 'most of the criticism. England bulletin has been ralher 
Moreover, the public, and the franker almut this— poinim? out 
Eress, are understandably seep- that the recent fall jo the io the 
tfeal about politicians' claims exchange rale may add about - 
about inflation following not only per cent to wholesale output 
Mr. Healey's famous 84 per cent prices and rather less to con- 
thjree-month annualised rate of sumer price? after a year. 
October. 1874, hut also the many Hattersley attempted to 

unfulfilled and over-optimistic p] av down the use of measures 
forecasts of 1975-76. n f {he underlying trend, notably 

: # . i he index for prices except 

Prpnirrion seasonal food? over the last six 

A months expressed at an annual 

So Mr. Hattersley deserved to rate. It is certainly true thai 
he criticised for his statement measures over a short period can 
that the rate of price inflation be artificially distorted by an 
for the rest of this year was a uncharacteristically bad month, 
fact. This was a use of language such as April traditionally is. But 
which so prolific an author as Mr. the rise in this underlying rale 
Hattersley should have instantly from 6.S to S.6 per cent to the 
rejected. The comment about the last two months is at least an in- 
inflation prospects was by dication that the next move in 
definition a prediction which may the 12-month rates is likely to be 
have a greater or lesser prob- upwards, even if not necessarily 
ability of being fulfilled than back to double figures inline- 
other predictions. diately. 

The controversy over his 
original choice of words has m » j , • 
detracted attention from the p re- JyJ OuCrflllOD 

diction itself. The fairest con- iT M 

elusion at this stage is that there On the longer-term prospects, 
is a more than even chance that ail Mr. Hattersley had to offer 
the rale of retail price inflation was the usual plea for another 
will fluctuate around 8 per cent year of moderate wage increases, 
for Ihe rest of this year and In contrast, the Bank bulletin 
pretty good odds that it will was only highlighting the 
remain 'in single figures until obvious arithmetic when it said 
December. This view is sup- the rise in earnings in the next 
ported by the Bank of England pay round would have to be 
in its latest quarterly bulletin. below 8 per cent — implying 5 to 
This is because, as Mr. 6 per cent on basic wage settle- 
Halterslcy has pointed nut. ihe ments — in order tn keep the rise 
main determinants of the 12- in prices next year well below 8 
month rate until December are per cent. The attack on the Bank 
now known. While industry's by Mr. David Basnett this year's 
raw material costs have risen by TUC chairman, merely reflects 
per cent in the last three the current TUC/Government 
months this will take up to a desire to cloud the pay issue, 
year to work through fully. The Mr. Hattersley would have 
fall in these costs up to the early helped the cause or pay mode-a- 
spring Is still the more important tion if he had spelt out the arith- 
inlluence. And even though wane metic on earnings in the next 
costs have accelerated in the year as clearly as he did on 
current pay round, the 12-month prices in the next few months. 







THE HTLL SAMUEL/Bumk-s- viuns decisions of the BGH they are governed 
bank judgment of the Bumlcs- which clearly said that a bank difficulty In common 
geriehtshor (BGH). the West had such duties. However ihe mine the cut-off point, 

German Supreme Court, has BUM decided that the case of difficulties are made 
been made availahle i 
unusual speed 
weeks after the 
of its decision 

Samuel's claim for damages, relationship of trust with the are allowed to fall into the pit neighbour, 
The claim was based on Ihe banks ii?in{! if. this did not 
failure nf the Bundesbank t« concern individual payments 
warn Hill Samuel and 22 olher inio Ihe clearing about which 
banks paying moneys inln the Bundesbank need not. and 
Herstati's clearing account of oflert cannot know, 
its insolvency and imminent On the second question, the 
closure. duly io interrupt a remittance 

The grounds given by the operation was a dutv imposed 
BOH for reversing completely exclusively in the ' interest of 
the two favourable decisions the beneficiary. The complaint 
obtained by Hill Samuel 
lower courts 
pages but these 
the attention 
in* on banki 

insolvency matters concerning money to Herstatt earlier 
Germany. no longer deserving prole 

The BGH dealt, among other These matters were regi 
things, with two questions: Did by the insolvency law a 
the Bundesbank have a con- best left to the author 





ttfe 


BUSINESS AND THE COURTS 

BY A. H. HERMANN, Legal Correspondent 



These problems and the prob- Justice- has ready 



t ractual duty- to warn banks called in administer it: 'he in* State-owned enterprise. It time. There would be a short 


which made clearing payments Federal Banking Office and ihe makes it a duty of the chief moratorium during, which pre- |fe' l - v COnseqU^P ces -pott frepfcfc; -■ 


in favour of Herstatt at a time Courts, 
when it already knew that a The moral to be learned 


as : -factors Id®: 


executive of such an enterprise ferential creditors could; ncit a onW'- in J’vihe E 

... . . , h >; tn inform the group manage- roal^ use of their i^bte. V 0%e as OOL 

rescue attempt had failed ? And banks From this decision is Mat nient. or government department Bill also provides safeguards, f-ot umu. to 

was the Bundesbank not 

to interrupt the remittance 

operation as soon as it learnt . ____ 

that the beneficiary would never and left again. or has spent its reserve fund as THE EUROPEAN Cojirt fe 

receive the money because his * + + a result of losses suffered. The tremely busy, trying to dispose r~ s„ '.jfew ihSrVAt 

banker was insolvent ? INSOLVENCY cases, irr>'-pcv- establishment of a rescue com- of several “ land -mark M cases. ^ATinThevr ease, llkrfy to-be ^ 

? before the summer recess. but • : before the summer pwet- of _ 


' - • 1“ % -I, £ - -T, . 

the. actual : tnaewet mare fwben 


Hill Samuel relied on pre- tive nf the national law bv w hich mirtee can be proposed by the before tbe summer recess, but :.cW.»d ; before 


Buckskin has both the class 
and courage to win Gold Cup 


"-r • 




ENTERTAINMENT 


| CC — Th**» thaatroa accapt cwrMki credit 
card* by tefeohona or «t tb« CKK Offtot- 


WITH SAGARO retired, it will grounds Tnr thinking that Buck- pay backers to row in with _ 

come as a surprise and a dis- skin has slipped from the out- Messrs. Sangster. O’Brien and | gocisium. 

appointment to many on both standing form that earned him Piggcitt, who rely on Strada- 

sldes of the Channel if that olher market preference in front of Vinsky. That half-brother by 

top-flight stayer of the past S3garo 12 months ago and ir i* - Nijinsky to another 2.000 

couple of seasons. Buckskin, Tails oniy the probability of fast »;nn- Guineas winner in Nonoalco is 

to lift today's Gold Gup. ditinns. which he has never be*'n clearly capable of much more 

Buckskin, who swept the board asked to tackle, that seem- to ihan his tenth place in the Irish 

in his exchanges with Saqaro pose scrums doubt about ihe 2.000 Guineas might suggest and 


OPERA & BALLET 


Cmtt canto. 01-240 &2S56. 
Reserwtiom 01-936 3161. 

LONDON FESTIVAL BALLET - 
Ton't. 6 Tamar. 7.30. Sac. 3 A 7.30- 
Sanouina F*n. La CfMCM Etude*: 96 
balcony seats almn available from 
10 a.m. day at p^rt. 

NUHEYEV FESTIVAL 
June 26 to July B wltJi London FnH««l 
Ballet all Mats sold ; except mots. July 
5 A BE July 10 to 15 Nureyer with 
Dutch National BaHet. s«MS *w6tobt*. 


hefore Royal Ascot last summer outcome. 


when trained by Angel Penna. In the belief that bis class .md “world beater” to dispose of 

courage will carry him through, some disappointing opponents. 

1 side with the Yeiapa horse. The . In lwo juvenile races, the 
nne fillv jn the 10-runner line-up. Norfolk Stakes and the Chesham 
RACING Mr. Louis Freedman's R» ; ;,! Slakes^ Sch wen peshi re Lad and 


he may not need to be another I covent garden, cc z* o ioeg. 


BY DOMINIC WIGAN 


a good each 


Hive, has 
chance. 

The Henry Cecil-trained *<jy. 

who will make a brave bid >o 
has made only two appearances give her owner the prize he 
for his new stable, that of Peter covets most after the Derbw i.s 


Main Reef seem certain to start 
at prohibitive odds. The first, 
bidding to become the first 
juvenile to land five events this 
term, should encounter few 
difficulties, but I believe that 
Chalumeau may prove just too 
aoud for the possibly over-rated 


■ Gai-dencharae credit cards *36 BMXnJ 
THE ROYAL OPERA 
Tonight ar 7.30 Madams Bo tloB f. 
To •nor. 7.30 Fal staff. Sat. A Too. (Md 
7.30 Luba Miner- Wed. next 7-30 PaU4M 
•t Mdilxande. 65 Amptil' seals avail, for 
all serfs, from 10 a.m. on d» of oerf. 
Note; Personal.Tel. bfcgs. for July Ballot 
oncns July 1 not June 1. 


idyiuiMT iv> 9630 . 

^T^ib 2 ^^ 4 ' 30 ' * 

- FK*NCtS 

:.- r dODHlEY HAM LUKA 

-.^Twaters of thb 

T-*-’ 7 - .Must driiwiely ckww Jidy 1 


HAVMARKIT. 9632. B« 0»c*_Ne»w 
■ Ode*; Frees. 


Julv 4 and 5 at 3-0- Opens 
July 6. 7.30, 

PAUL SCOFIELD 
HARRY ANOflEVW < 

"A A NOR 

- BRON PEACOCK 

and HtENE HANOL In 

- V ■ . A FAMILY . . . 

Anew Play br RONALD HARWOOD. 

- Directed by CASPER WREPE. ■ 


GLYNDE BOURNE FESTIVAL OPERA. 
Until Aug. 7 wHti the London PhiK- 
narmonic Orchesar*- Tumor. & Son- at 
5.30- Die Zacbernote. Sat. & Wed., next 
6.15: La Boheme. Possible returna 


only. Bos olnce Clvndebaurne Ldwes 1. 
Sussex <0273 812411). 


Walwyn. A well beaten runner- in her elemeni on a fast surface 

up to Shangamuzo over a trip and should have few problems tn ,, . _ . . - . _. . 

short nf his best in the iwo-mile seeing out this two-and-a-ha f- ^ :,in ln t ' ie Ghesham. 

Sagaro Stakes here in April Mr. mile trip, which she tackles f>>r 
Daniel VVildenstein's five-year-old the first time, 
left that form well behind a In spite of the presence of 
few weeks later when outclassing several highly rated Derby 
the opposition in Longchamp's disappointments. including 
Prix du Cadran with a three- Julio Mariner and Admiral's 
tenetta victory over Duky. Launch, in the King Edward VI l 

There appear to be few if any Slakes I suspeci that it uttchi 


SADLER'S WELLS THEATRE, RO M befT 


Ave.. ECU 837 1672. Until July 1. Sraf. 

« In London. 


7 33 Mai. sat 2. ID. First time 
Manolita and Rafael Aguller's 
FIESTA OE ESPANA 
Saanich folk and flamanoe. 


"KING'S ROAD THEATRE. 552 7448. 
• -Mob, to rnurs. 9.0. Fr...-S«L 7;30. 9.30. 
, THE ROCKY HORROR SHOW 
NOW IN ITS 5th HOCKING YEA K 
THE GREAT ROCK 'N' ROLL MUSICAL 


ROYAL ASCOT 

2.30— Ballad Rock-* 

3.05 — Scheppeshire Lad* 
3.45— Buckskin— 

4.20 — Stradavinsky 
4.55 — Chalumeau 

5.30— Hua hi nee 


THEATRES 


I A DELPHI _ THEATRE. CC. pi -BJ* 7*1 T. 



Evas. 7 JO. Mats. Thun. 3.0. 5xtv 4. 

THE BEl^MUSICAL 
of 1976. 1977 and 1978 
IRENE 

“LONDON'S BEST N1GHX OUT.” 

ALREADY S “sEEN JY^OWER ONE 
MILLION HAPPY THEATREGOERS. 
CREDIT CARD BOOKING 014136 7611. 


Party Ratw- Credit 
.3.1i<oift 8.30 • 


IS 


t Indicates programmes in 
black and white 


BBC I 


8.00 Rosie 

R.30 Citizen Smith 

9.00 News 


6.40-7.55 a.m. Open University. 
I 1JS0 p.m. On the Move. 1.30 
Chigley. 1.45 News. 2.00 Tennis- 
Royal Ascot. 4-20 Play School 
as BBC-2 11.00 a.m ). 4.45 Laff- 


9J5 The Songwriters; The story Northern Ireland 


ror Nationwide. 11.30 News and All JBA Regions as linden s. r>u- cxcrpi. UJO-12^ pm Penau-dau 
Weather for Scotland. except at the fiilUiMing times:— aai Y r ’- Y G * ,u 

Norlhcrn Ireland — 1.18-4.21) p.ni. - - * r " ,3sn 


ALBERT. 836 3078. . 
card biros. 836 1971.3 

? .3D p.m. Mon.. Tue*.. Wed. -and 
.45 p.m. Thur*. a. Sat. 4.30 A 
"A THOUSAND TIMES WELCOME 
LIONEL BART'S f 

•• M>R ACULOUS *MU^CAL." ttn. Tlmw 
"f0N R ^R HU Y D O D 0 B ^ U A JO L ^^ T R O N ^ ‘ 

ABLE TO SEE IT AGAIN." Dallv Mirror 


HER MAJESTY'S. CC 01-930 6606. 
■EoFBf net 8.00. Mats. Wed. 4 Sat 3-00. 

BRUCE FORSYTH . - . 

' tn LESLIE BRICUSSE and . 

ANTHONY NEWLE'Y 'S 
TRAVELLING MUSIC SHOW 

■. j.. • with Derek Griffith* __ 

- ‘ ' Directed by BURT 9NEVB.OVE - 

. “.It Is packed to bursting P0H1L wttb *h* 
' - personality and sheer eneray of Bruce 

- Forsyth." Sun. Express. " Ttjn 
. cheered-'* Sunday Teleonnh. 


audience 


LONDON PALLADIUM. CC 01-437 7373. 

NOW UNTIL AUGUST 19 
' Moil. Tises.. Thura. and Frl. at 8. Wed. 
V pud Sats. at 6.10 and 8.50. 

THE TWO RONNIES 
- In 4 Soertacular Comedy Revue 
'Your beat chance to .see "The TVro 
.Dannies Re* Lie " rt the London Palladium 
Is to book now for the u e rt or man ce THIS 
SUNDAY (June 25) at S and 8. 

: SPECIAL BOOKING HOTLINE 437 2055 


STRAND. 01-&SS 

M-t. r*^°ex*&*g* 

WB*RB • BRITISH. ' 

-• THB 'WORLD'S. GAEAT8ST 
LAUGHTER MAK “ 
GOOD SEATS £4.00 


SI. MARTIN'S. CC B3S 1443. Bvs.-6.00. 
Matinee Tues: Z.'ASiSaw^w 5 and 8. 
AGATHA. CfitUSnFS- - . 

.. TWHOUSETfeAP - • 

WORLD'S LONGEST%VER RUN 

■ 2SflKV£Aft: - 


F 


TALK OF THE TOWN. .. CC ' -734 6035- 
8.00 DHdng: Doncfns Wars -op«n- 7.1S) 
9.30 Suoer. Revue • . . 

RA20LE DAZZLE • 

and at 11 ;pcni: ••• • 

LOB BEALES DEL PABAOnyt'. 


VAUDEVJLLE. 036 99M. CC frs- BOO. 
Mat. Toes 2 -AS. Sat. 5 and 0. 

- Dinah SHfRJDAN. Dufcie GRAY 
- Haenor. SUM M£<RF IE LO. -Jatnes GROUT 


A MURDER IS ANNOUNCED. 


. -THE "NEWEST WMODUNf . 

. by AGATHA CHtflSTTE-,- 
" Re- antec - Agatha -wltlr - aooNier - who- 
dunnit Mt.- Agatha -Christie is staOdPto lb* 
West End vet again with another at her 
Bcndbhly ingenious murder myjtrrtaa." 
FettK Barker. Evenfnb News. 
AIR-CONWTION6C THEATRE ‘ 7- 


VICTORIA PALACE. “ ' 

Book Now. -828 47X5-6. 834. IWf. 

SmATFORD -JOHNS ' - ' - 

SHEILA HANCOCK. 

ANNIE f 

IWfm 7.30. Mats.. Wad. and StL LM. 


LYRtC THEATRE. CC. 01-437 3683. 
.'«r. 8.0. Mar. Thun. 3.0. Sat.. 5.0 & 8 JO. 
JOAN PLOWRIGHT 




COLIN BLAKELEY 

■ FI LUMEN A" ' 


MAY PAIR. 626 3036. Reded, price Brevs. 
<43 1 4 El .50) from Mon. at 8- 

: ;- WELSH'f?a , TniY3A J u!%IEATRtl CO.'’ 

1 -DYLAN THOMAS'S - - • 

Und er milk wood 

MERMAID?T~248 7656 


2B3S. 


Restaurant 24B 
Evening 7.30 & 9.15. • 

IY GOOD- BOY 
RVES FAVOUR 

A play tor actors and orches:ra by TOM 
, RTOPPApn * \HDPF PREVIN, sals. £4. 
— r E? »hd E2- "V seems to. sparkle at 


a-Lympios fesrtoon). 

Peter, 5JJ5 Roobarb. 

5.40 News 
5.55 Nationwide (London 
South-Easi only) 

6-20 Nationwide 
6.45 World Cup report 
7.05 Tomorrow's World 
7.30 Top of the Pops 


nf Lionel Monckion 
10-15 1. Claudius 
11.10 Tonichl 

ll.50-u.55 Weather Regiunal 
News 

All Regions as BBC-I except at 



SCOTTJSH 


13 w am hinikv Pi.aqma WM v.n. v privates on parade. 


5.05 Blue the following times:— 


F.T. CROSSWORD PUZZLE No. 3,699 



Scene Around 
and Weither 

Ireland. pn.+.;i RiiMh lim>4 a.4S Kinru-rtlak- 

England — 5.55-6.20 p.m. Look Farm, t.oo Uioui Ar^iia i.»s \rena 
East ( Norwich/: Uok North ".V.fiJ or ,h- D,nn :J ,ur,. ioas ADoai. u.K 

l Leeds. Manchester, Newcasllci: 'surrnM^irvJ fU*i J n£o Andy * party, iijs noumcrpoim. JiJi pit 

Wa.eg-1jq-l.45 p.m ■ Mr. Renn ^ "‘if- L "' nC ^ » W ATmjSL'S? 

* rh “ Mawinrori.nl 5.53-620 c . i ui * AT\ 2.S5 Tb- <"r.-7S. 4.20 Island of Adventure. 

aa> (>OuiIiHinplonl: bpoUlgnt jj.os am /Muo>; ar Hnnwn.wi 18.30 5.15 Carroon. 5J0 Crossroad. 1 ;. 6.00 

Thr Ri-iuiy Pusmoss. U ID Bone.-. S^oi'and Today h.15 Gamack Way. 6^ 
12.50 pin .>TV \ewsdi-sk. 0-20 Thi Gounr World »'np Spwial. 7.15 Coronailon Slmw. 
nf Momo rrj-nn 6.00 ATV Tod.tr 7-15 19-» Whal Abuui (he Workers. UJBO 
Enimerdalu r.irm 11.00 Gardenias World Worth hY..|i:aji. 11.30 Lsie Call. 
Today. 11.30 Dan AiunuL U-35 Tr.,.- Priion-r 

BORDER SOUTHERN 

■UO Tennis: Colgate Interna- lo^M^^u'io S r ^, W, 2S «SS.Z E/'m-Z iS 
national Women's AAA rminu-rnoin:. tu.50 pm p.ord.'r N>in. Andyi Party, u.35 roimierpomr. 12.50 pm 

2JS The Southi m News. 2.00 Women Only *-20 


VTARKHOU9C. . Donmr . 

Garden 836 6608. Royal 

Company.- Ton't. 7.30 David RixMnfa- 
TH\ SDNS OF LIGHT 7* Quite -ootMMMt. 
Ii« " F. Times. All aeats £1.80. Advance 
bka^-AhtnircIr. Stadeac camtirfi. 


4-' 


WESTMINSTER. 01-B3B OSUO. 

. SENTENCED TO LIFE 
“ MU GGE RIDGE’S tnendfiant hnmoar. 
THORNHILL'S dramatic an. 1 : D. Tot 
Intynsclv human, earths dwra." Y. FbN. 


- ‘Tmnemtoui ■_ Impact-’" NdW ' Tl-mm 
- •SlUIttdY" dflOeeB.'^ J. C? '.TPDBNh- 1 " 
ErtK. TASJ Mats: Wed- 3.00. Sats..- 4-BO, 


Paul Raymond 'presents the Sensuioadl —r ■' 
-Sex'- Revue of . aie-'Caoeory- 


DEEP -THROAT 
WINDMILL tHEATRE. OC. 01-437 UIS 


Twice Nightly 6.00 end 10.BB. 
Sundays 6 00 aod B.O. 

PAUL ' RAYMOND pr agm a 
RIP OFF 

THE EROTIC EXPERIENCE OF TM 
^ MODERN ERA • 

Take* to pnoreerdeRted limns m m la 
penWMl tie an oar stage" E»9- Ihss 
3rd GREAT YEAR 


at THE WAREHOUSE 'Sr* under W1 and NATIONAL THEATRE; 928 22 52. 

The Piccadlly Theatre in Peter! PUyiER fopen staoei: Ton't. & Tomor. 


11.05 ALMOST FREE. 4BS 6224; Lunchtime* I 
pm 1 "One OH" by Bob Wilipn. Tuev.-SaL | 


1.15 P.m. Suns. 3.00 A 5.00 P.m. No^ 


7 .30 M acbeth - 
LYTTELTON foroscenium stage): Ton't. 
7.45 PLUNDER by Ben Travers. . Tomor. 
7.45 Bedroom Farce. 

COTTESLOE >smal1- auditorium): Ton't. 8 


WYNDHAM'S. 01-836 3026. Credit Card 
Bkvw-836 1071-3 from -8.30 »JTE, Mov 
Thurs. 8. 'Fri. and Sax. 5.16 and B.30t 
ENORMOUSLY RICH. • ■ ■ 


ENORMOUSLY RICH. 

VERY FUNNY." Evenirw New*. 
Mary O' Mai ley 'a smash hit comart 
ONCE A CATHOLIC-. 

SBpreoie comedy on sex and. n eHg d on." 


and the Magic Carpet, 
and Wales Today. 11.51) \>ws and 
Weather for Wales. 

Scotland — 5 .55 . pm Reporting 
Scotland. 6.15-6 JO Scottish 

Liberal Party Conference ’78 from 
Perth. GJ25 Join BBC-1 London 


South West < Plymouth). 

BBC 2 


.V?. 1 ! 5 ... „ Tomor. I ipfW.i AMERICAN BUFFALO | . - " pi 

ALMOST FREE. 48S 6224. Evemnos Kurt by David Mamet. '• , ■ • ralSturce ' •%.- 

Yonneaut s ■■ Pjaver Plano by James, Many eacellenl cheap seats sir 3 tfteatres lawhter. Guardisp. . ,yj- 

Saunders. Tues-Sats. 8 p.m. No shovrs ! da> of pert.’. Carpark. Restaurant S*« " 


Marts. 


:033. Credit card bkgs. 92B 3052. 


■« ACROSS National Trust finds wearing 

, 1 Camelot in Edinburgh 17, 4) f7j 

, % 7 Hair style making a change 6 Agency typist puts lock on 
•• f3) siren (9) 

.9 Rowdy part of golf course cSi 7 Boat is fit for willing Dicken 

'10 -Interminable month for sian (6) 

: : funeral music (4, 5) 8 See how to become part of 

11 Georgia poet in oriental coat ship (fi) 

: . (91 14 Comprehensive service tabled 

J2 Material to cultivate outside for consumers (6, 3j 
•- Welsh capital {5) 16 Heaven is in procession (S) 

13 Eccenrric led turn to bowl at 17 Transporter in grain i? brainy 


Lords (7) 

15 Bound to be drawn i4) 

18 It is comforting to return 
■ weapons H) 

20 Pledged prisoner, to reach 

• landlord on time (7'» 

23 Rotter about to join nucleus 
(51 


fSi 


19 Key man inclined to become 
collector <71 

20 Man with a power ii> prohibit 
stop at sea (5. 2i 

21 Afraid somebody to begin 
with felt concerned ifi) 

22 Post-Victorian King Lear 161 


24 Fancy having to give details 25 Heavenly path taken by gold 


- (9) 

26 Intelligence by the way 
needed to avoid accidents 

' < 4 - 51 « 

27 Cheese on right of pipe (5> 

28 No good coining back the 
same (3) 

29 Produce you and I will end 

. happily (4. 3, 4i 

DOWN 

1 Claim entrance to Cockney 
public school ( S) 

Without doubt member of 
boat-race crow is loyal (4. 4i 

3 Unnrkeeper beheaded person 

; ■ calling for silence (5) 

4 To sigh is super for a change 

' . (71 

5 HeaitaUoa over poem 


piece (5> 

SOLUTION TO PUZZLE 


No. 3.698 



raSHHSBH 00E3HHSE 
□ q 0 n 
BBgE3g gpgHgQQ 

H 

VJJ 0 

an He a h 


6.40-7^5 a.m. Open University 

11.00 Play School 

2.00 p.m. Royal Ascot 


Open 


Tennis Tournament. 
4.55-5.20 and 5.45-7.00 
University 

7.00 News cm 2 Headlines 
7.05 The Engineers 

7:30 Newiday 

R. 05 Gardeners' World 

S. 30 In Deepest Britain 

9.00 Midweek Cinema: 'Isadora' 
starring Vanessa Redgrave 

11.15 Late \e«s on 2 
1U5-I1J15 Closedown l readme 
BBC-2 Wales onlj— *#5-7.30 p.m. 
Heddiv. 11-25-11.50 The Engineers. 


AMBASSADORS. 01-836 1711. 

Nightly at- 8.00. MatTnoe Wed. 2.45. 
Saturday 5 aod 8. 

PATRICK CARGILL and TONY ANHOLT 
In SLEUTH 

Tfta World-Famous Thriller 
_ bv ANTHONY SHAFFER 
" Saelng the plav again It In tact an 
Utler ind total Joy." Punch. Seat oriew: 
£2.00 to £4.4 D. Dinner 4nd Ton-Price 
Seat £7.50. 


Mats. Thun. 3.00. Sat. 5.00 and 8.00. 
. DONALD 5LNDEN 
Actor of the Year.” Evening Standard. 
” IS SUPERB.” N.O.W. 

SHUT YOUR EYES AND 

THINK OF ENGLAND 
** Wicked ly funny.” Time t. 

ARTS THEATRE.* 


LONDON 


9.3(1 a.m. Element nf the Un- 
known. T0.20 Battle for Cassinn 


2.2S Rural Hichland Show. „ ^ _ ... 

•'rez* 6.00 Lookaround Thurwlpy L30 Dynmiuri tbi Di>b Wonder. 4.4S The | APOLLO i ^ 01-437 _ 2663. Bvontno* BOO. 

Tho PUn«iun*s. 7J5 fcrrmi-rrlav Varm. Iaw Wand* S.U Brfiy Boop «D Cri»- 
XI. DO Datw-r m Puradiw. YUM F.orfer b.OODa? hv pay. (.45 World i^up 

News Jununar?. IS- 7-15 Emnierdale Farm. 10.38 The 

rUAMMLT Prarlior- 11.B0 People Rule! U-30 

Lii.AIiIil!. South, rn New* Karra. U.OO Whal ihe 

12.«l pm Chaiin'i Liui.hiim.; ?:-vi and p»o,-r> Say. 12.00 Stars on Ira. 

Whai s Fin W.iere. b.D3 I'h.mn ! .Vwv. TCCC 

(10 i:ar:r>o'i:nne. 10.2a Oiinr.-' LaN > * 1 trlj 

10.32 The np-n \ir — . n M riue 9-35 am Tin- Hood Word followed hi 
•"■unci'll 11.00 Th- Kli'-. :ri. Th- .nr Show- Nanli Kjm "«>«•; headiinrs W.8B Hone 

i.em- V.il.:-r vll.30 ■ -In; Gnu dawn.!. ‘ i :«inuu>.-hi nr ih- Air.” UIA5 

Of Th-' Siraiuilvr ' 12.45 am '..-.liallUrs Aflu-'il U-10 Andy's Tarty 11.35 
ri Prnji..;noii« Cmmii-rpninL 1250 sm North East News 

f'D 4\f p| » rv; and LnakaroumJ. 2.00 Wmnen Only. 6.00 

... % h lrl North- rn l.ilv 7.15 hmirerdale Farm 

. " m *L ,r<l Th.n< 9.55 "i- Seven iojb n-inhl- Ton UJO f- l-hr.ty Omwr! 

V 1 ' 1 ' ttl'.' 10.2f< *i iMJif- , Xtll Stdaij-. 12.20 am Epilogue. 

'.uirma. 10.45 ihnjr u.lO 'Tnlinpins . C -Tirn 

CaMirmc u.35 rouiii-r Pom' 12.55 pm ULb 1 tK 

.Tramoian ‘.rn-x h-.i-lli— s 7.25 Ko'"*1 10.45 am AAnal. ILIO Andy's Partr. 

H-shlard •‘how 2J5 Tr- r- t.- t.iW JUS ilniiiii.-ri'oiiii 12.50 pm l.un-'liiimi'' 


OLD VIO-. . -.928 7616 

PW»rtCT AT THE OLD VIC 
. June— 5wt Season ' 

- SAINT JOAN • 

” » oren • oerfnrmance." . Tli*. Times. 
Tonight. Frt. 7.3P. Sat. 2.30 & 7.30. 
THE LADY'S NOT FOR BURNING 
bv Chrhtoohrr Frv 
Previews June 2B. 29. 30. ’July 1. 
First nlaht July- 3. - 
■ TWELFTH NIGHT 
'■n outstanding revival.” Th* Times, 
returns July tO. • 


YOUNG VKL 928 6163. N*w eemMfRM* 
New Season. TontaM at’- 7. Sobti ML 
: 7A5 BARTHOLOMEW FAIR ‘ 


CINEMAS: 


..-•-it 


3 : BlblTIS GCl.'Wk. anrf SikL 2.06, 5.9R. 

••■SB. " '• 


MCI A NO 2 SRAFTfSRORY 
0861. Sep., oerta. ALL SEATS 



TOM STOPPARD-5 
.. u ,. DIRTY LINEN 

Hilarious ... see It." Sunday Times. 
Monday to Thursday 8.30. Friday and 
Saturday at 7. on and 9.15. 


OPEN AWL Regent's -Park. Tel- 486 2431. 

A MIDSUMMER NIGHT'S CREAM 

Em. 7.45. Mats. Wed- Thur. & sat. 2-30 

Wtti RULA LFNSKA. IAN TALBOT. 
ELIZABETH. -ESTENSEN. DAVID WESTON 
Shaw's DARK LADY OF THE SONNETS 
01-836 2132.; Tomorrow at 1.1 5 . 

| PHOENIX- OT-836 2294. Eveniim 8.15. 


■CAMDEN 

TubW 4BS 2443. 




ASTORIA THEATRE. Charlno Crow Rd. 
01-.34 4291. MoK-Thurs. 8 D.m. Frl. 
and Sat. 6.0 and 8.*5. (Bunet lood 
available.! 

ELVIS 


Friday anO Saturday 6.00 and 8.40. 
"TIM BROOKE. TAYLOR. GRAEME 
GARDEN make us lauoh.” D. Mall. In 
„ THE UNVARNISHED TRUTH 
. J'" 1 Jf il Comedy, bv ROYCE RYTON. 

"LAUGH 

HAVE D1 

DELIGHT. _ 

CONTINUOUS LAUGHTER.” .Times. 


CLASSIC T. 2, 3, 4 OirtordiStreet-ft*: 
T^enham Court «d.- = Tubrt,- 636-- OwK 
® atC5 -. Jo»Mi Hart th* -shoot 
1 . Ppo ® v , J-n. . 4^5. BAH L. 

Late- show ll.p.m. - VI . >; 

2. Richard Burton.- Lee IMnidr IMS 


Burton. Lee Hwk*. TMB 
MEOUSA TOUCH .A«.-P™ flt , T/lfr. SOT. 
5.00. 8J5. Late show TO.50 p-.m.* 

5; J *rfc .Jones THE COMEBACK „ 
Progs. 1.05. 3.35. 6 0S. 8.35. -•’i 


■H. WHY I THOUGHT I WOULD. Show 11.05 p.m. . - J .- . 

DWO.“ Sunday Times. SHEER 4. Retained -hv. PuoHt T3omabdr^YW 
l?r \ktrk A^ r A-.."4f , - OR,OUS : “WATMER PART H.XrProgsJ iS*- 


? -5.® ? £Hj«r» 555/ i^rs^L^a^Saar^tr 


h-L foot ^emaly an * ; PICCADILLY. 4J7 -L506 T Crrdn card bkgs. J ,V°r3 rf * — CHAIN. 

CURZQfL Curzoir Street, W4. 49*.^ firf. 


iT.lOAn AnTel AcainsV ihc Xi,ht. * - [ UJB *■“ l b " r “oadlin.,. R. ports. 


. .... . - 13 -°° ■ir^mplan 6.20 Hippy Pars. 7.15 Cmm-nLili.- Farm 

1Z.IHI Ijammon ana 2>[lindcn. 14.1-I Lair- Ni^lil h- "jin- S U.OO Gardcnlnt Today. 11.30 HOFan'E 

p.m. Rainbow. 12J50 News plus CRiNini Hern-.-*. 11-55 Hrduniu. 

in . d 4 x - world „ ^Z?Z^ U in .23 thhoii WESTWARD 

Uup is. 3.Uw Alter .>.0011. Z3a surf i:nM-lln i I ri Tu Mar-. ' 11 J5 'flu- 9J5 am Jipon lor All 16.20 Here Comes 
The Crezz. 3.20 Quick on Ihe :.onn Rantfir snow. 12J® pm mil H Ihe Future. KLflO .Lflnaf. ll.OS Andys 
Draw 3JI1 The Sullivan*. 4.2*> Your R-ahi 5.W v ia: ^ v. . s.is crosn- P-»nv u.» r-.uni.-rpoini 12.27 om Giw 

Lillie" House on the Prairie. 5.15 rnad5 - *- M »■■!“*"' 7-15 Hun.-rtuna ehhiHu-s. iiso w.-nward 

World Cup "78. 


£6.00. Half-hour belorc show ben avail- 
able seats £3.00. Mon.-ThurL and Frl. 
6 p.m oer* only. 

BEST MUStCAl OF THE YEAR 
EVENING STANDARD AWARD 
Lunchtime Theatre daily at 1.15 pm 
June 12-23. "A SLIGHT ACCIDENT.” 


E.ey 7.30/ Sat. 4.30 6 8. Wed mats.' 3. 
Roval Shakespeare Company In 


THE OUTRAGEOUS ADUtT COMEDY 
by. Fete* 1 Nicnois 


- I 


PRIVATES ON PARADE 

” FHoroanno triumph.' S Lapmo. 

ȣ5T COMEDY OF THE YEAR 
Ev. 5ed. Award and 5WET Awanf 


C «^*n Rl e?*jfE' *5* 6056. Mon. 10 Thurs. . Flifi v aie UMniTinfirn 

8.00. Friday. Saturday 5 45 and a.m ! FULLY AIR-CONDITirtVED 

, ... IP1 TOMBI ““ 

Evciting Black African Musical. 

The girls are beautiful, bare and 


£W“«lnp." S. Mirror. 

GREAT YEAR 


5.45 News 
6.00 Thames at 8 
fijO Crossroads 
7.15 Mr. arid Mrs. 

7.45 Best Sellers 
9.30 This Week 

10.00 News 

JO.30 Whai About the Workers 

11.00 Kichie Brockelman 

12.00 Whai the Papers Say 


Kmmcrdni" 
Whai 'h» 


Vnrnurhahlcl 

HT\' 

t9.40 am ■' Mon At? met Tfc.- .Run " 
rtorrir.c John P«ni--y ar.d r.-iu 'i.-rshaJl 
U.« Mom 1105 And;. <• Pan; 11.30 
t'awiu-roomi LL50 phi r-puj-i *.i head- 
Ini-S 12.55 report wal.-s li--.vtlin. J 2.00 
Wnm^n •‘inly. 3JD R.-r-.-rr i.-.i 4J0 

>'AHdr>-n m 4.45 Tlir Mni.ninr* lllai UOUn'v 

5.20 Crossroails 6.00 l> --pun V. . .. 6.23 ' 11.18 World 

lt-pori W.II-S. 6.45 W-nrlrt i.'ilp 7-. T.15 Pnnnr 
.... . vi—. n- \ k.- Mr- Mrs. 10.M I-. ».]v.il r- n « Calyndar 

12.1a 0111 Clnse. A paintln_ h> Thl . ljllv J. -Im- • Th, Jlnoi. || •• tiai-nnK Mi«r and H-.-lmnnt 
Conaiable Wlin music oy Eriuard Wuudviard unit .lum- Hiii.liir. Kmmi'rdalc 'Farm. 

Elgar HTV Cymru Wales— \* hty <:.-ncral Paradis. . 


THIRD 

_ Plti ner J n d too-prlra seat £8.75 Ine. 

Firm 10JB '.iW: < in, uj» Nrvs li.-adlmts 6-00 W«*siward Diary, j CHICHESTER. 

Paper* Saj -1120 Th* 715 Mr and Mrs. 10.28 WVsrward Lair I Today 


sA^MiwSCoi*; 


'Fu'Jv Air Conditioned Comfort) DCF 
UZAEA .(rn- In TOT'otm. (EnglMi 'i 


POLESDEN LACEY OPEN AIR. Great 
Bookh-xn. Surrey- HENRY V 7 8 June-1 
J“'r THE TAMING -OF THE SHREW S-* „ 
Ju<r at 7 .45 (Sat Maunee 3.00). Boy I lei 
O fSe lo-T pan. iSat. 1 p.m.l Book ham | 

3 ---4 1 . • I 


,?Y^At« RA KU ROSAV 

dall/' S 2? R /nn CE y / 6*WllM 'Nas**. .Flint ' 
Si’‘r at 2.00,. 5.00 and 0.00. Steix 
BookaWe at tz, SO, . . . ■ ' , 


N- v.-s 10 JO The ilpcn Air o'llh Clive 
Giiim--il. 11.08 Thr- Hiecirie Theatre Shnw 
irton.: Wild-r • . lUJO t-'oanin- Film- , 

"lirin Of TIi-; Simicl-r." siamnc Eons | . T. 

Karlaif. Z3-« am Fairh tor I .Hr. 

VORKSHIRL 


the 's® “ss?* susxe. “ssi 


TH EAT ltt ®JO 5257) : 

■5-3 


For a limited engagement °umH 3 Juiy S IS 
4LEC McCOWEN'S 
-a- ST MARK'S GOSPEL 

9.M am Choirs of 1h, World. Co rtf I Tu^l ao" Sun.'m^'lo.^o 

R.irt-a^M iS.inltPia.. 9.5S 11 r Abilily | di. Mon Seals Cl. 25. £2 25. £2.50. 


JLIR. 
4dYano* fbr 

. EVITA- .. " . I _■*”«* Suni No If te sboW boo 

I W-m 'Dartd'teS; A £alS' PaSe* amd*Joii I io'--273«-277T); 

- bv Haro* Prince ' 


PRINCE OF WALES. CC. (M-930 8681.! P't- 2-30. S.45. B.4S. Feature DlyJ 243 
1 Mflnciy to Frida* at 8 o.m. Saturdays ! 6-00- 9.00. AH seats bfcble at theetre^ 31 
■t 5 30 and 8.45 i — . - 


10.20 Th-- MIHSi-l-T-i. I £3 00 Latecomers not' admitted 


,'nrld Luadi-rs: Boow' oil— The criterion "eTn " r r~~ mT.™.- I ! 
Brtutrt Iho Sm.k-. 12J» pm ^ S 9 .?f S \ 0 B \%™ 7 VS' ! 

1 News. 6.00 I'alrndar «Kmk'V NOW in '175 SECOND YEAR '! 


r-dlllnirti. 7.1S | 
LOG Duiuter In 


. , ITS 5ECOND YEAH 
LESLIE PHILLIPS 
m six or one 


LONDON ANO BHOADWAT'S 
COMEDY MUSICAL HIT 
I LOVE MY WIFE 
Marring ROBIN ASK WITH 
*' ALL GOOD CLEAN FUN.” 
Daily Ev cress. 

| ...ETE.DJT CARD BOOKINGS 930 0847 


ODWN LEICESTER SQUARE. 1 930 6111.) 

Of. THE THUUk 

1 05 i ts TO*- °1Y. Doom open 

4.T 5, 7.45. Li(e sHOiv Fn. A' Sit. 
S??* .“PPF 11-1 s m. AH seats may be 


-T,y 

"4 


booked. 


Oanin 1 247m 1-05 Schubert r-iann .s US Ripnnt. S-« S. rmdlplr. S-55 Wcailitr. -- , 

KALMU I ... church .’lu'ic nf Urn Ru. n Fanulr pan. I programme wks. 6.00 News. 6 JO Brain ) ii? NIE ; 

(S) Stereophonic breadcast .s >. 2JB Words .. Halt.. 2.2S church or Rrtinin I97S. 7.C9 News. 7.0S The 

5.00 am As Radio 2. 7.02 Dave Lc n .\iu-.| L of The Ba-.h l-unul> p^ri j 1S1. Arclu-rs 7J0 rhi-ckpoim. 7.45 P>>dai 
Tram 4.80 Simon Pales. 11-31 Paul 3.15 M. Ewan Mcnior;al iV-ii. -r; ” IJ77. Pow-r: A ifb-braiimi or Iho blcyi-lo 

Bunvn 1 rw Indict 12-30 pm NewshcaL par! j. Wilson. Mnscrju- i>rr 15 •. 4J» S.» Pay «5nsUna wirlr ihi* BBC Suund 

2.00 Tnn> Elj.Sihum «J1 Kid J.-nt-n j n ^horl ilolk*. 4 JO M-niiiri.il runiil-rt Arrhn-5. 8.© Aualyvls- As^-mhllnk tn 
in-'ludjnk 5 JO Nov.--cn-.ti. 7.30 Gouniry pan 2: ilainilten. Mrt'-inr- tS- 4.5s PB'-' DKami RJO K-Eli-idnsi-nrH' 9.99 Weaihrr. 

Cluh 1 S 1 -Joins Radio 2 -.10.02 John Pi-<l K‘r fsh Symphony iircfii-si ra >s. 1S.4S 10.00 Tflo World TonlRhr 1AM Any 

S-. 12.00-2-02 am As Radio 2. Hunt- ward Bound 15.65 jj. 10 Answr-rs- 11.00 A R.mk a i RiHlInn- 11.1S 

VHF Radios 1 and 2— S.DO am With Hum-uafil Round ii OiiIi;ui,-i|. «.3fl Tile Finont-iiil Wurl-I Tmiushl. 11.30 Today J duke of YORK'S. 
Radio ? m-'lndinc U5 pm Giwi Lisicmm; |.i|. l-.n-.-s. The Wider Wi>rM 1.50 Aide- In P.TlIjniem. 12 00 N- ws. 
la.M Wr.h Radio 1. 12-00-2.02 am With hurrfi festival 197K pan I nayiln. nor n.j;- t 

lladiu 2. MindcLsMhu 'S-. 8.1S Th- I'oll 1 short uiSi. nZlUIO UOnuOfl 

RADIO ■> UOOm and VHF s '°h?H- f ,,30 ,c AI ' 1 '' blJ , r 'i ™ Tt s - L’Ofim ard «M.9 \TTT 

IU v“. <• „ A. " ub „ ’-f*, I-|- Jiniinv AM am Push Hour 9.00 London I.iln. 

5.00 am hen's Summary 5.02 Bay Williamson h? Dai ul I'.h.iihIi 1LM 12.03 pm Call In. 2.03 206 Shon i'js». 0-DJ 

Moor.' i.S' with The Early Show, including Ulurlrs Ivt 1S1 11 IS Arnrmd 'miTK-nn Home Run. 6JDI.iMik.Sinp I.15I111 7JB 
6J5 Paus*> for Thnusht. 7J3 Tcnr W'osan Thcairrs ■ talk by Philip hrin-.h- 13-35 mark London, -rs S.M Snul rs. 10.03 
S, inoliidina A27 Racine Bulletin and Ni-un 11.W-U.J5 Toiuk-hi .s Si-hubor utr Xiehi London 12.00 As Radio 3. 

.05 Fausi- for Thouaiu. 10.02 John Tlmr- Snntf '5, 12. OS am Oiu-MIun Tim-.- from ihe Hnu-e 

son iS*. 1215 pm Wactn tiers' Walk. Radio 3 VHF an ly— 6.00.7.00 am and pf Commons. UB Close: As Radio 2. 

12J0 P>-H> Murray's Op*-n House 'S- in- 5.05-7 JO pm Open UmwrMiy. 

RADIO 4 London Broadcasting 

■ludiiiK u-nnis. sol/ and cricket rv-u v ajo 4 Jim. 530m. 285m anrl VTIF 261m and 97JJ VHF 

Wasconors" Walk. 0.45 Snorts Dusk. 0.50 etc ... u rtfS tie f,™,.,,. 5JB am Mornlni: Music. 6.00 AM: 


MALr ;?;R°i£ N laughs a minute 
SECOND HILARIOUS YEAR 
VERY FUNNY.” 5. Tel 


■— \ a PFS£i GARBLE ARCH. (723 


j 


2014-2;>< 

EvoT. 8 00. Wrt- 3.00~ SalV 3.00. fl.3o' ■ «!•»' 'Ai. SecT’^ws-'lMai^Ftl 

AHTHONY.OU.YLE . ^ - 


Faith BROOK. MICHAEL ALDRIDGE 
and RACHEL KEMPSON 
|n Alan limu-H'j 
THE OLD COUNTRY 


a LINE I me wsu lugnini 1 PPimtb j-m -7-. j" , — 

aw'SS.SS.aa.*-", 

Show Frl and S4L, 1 1 .45. Srats Bkbie. LHr3 


. 01-936 6108. Every I 

tushl 8.00. M.iirtrm Wed & Sat. 3.0 : 

A CHORUS LINE 
A rare >e -r- 

ftunner " Sunday 1 _ — 

- — — ! . °ire tled hv CLIFFORD WlLLI AMs_ 

Evemnfls B tW." FriT’">la|."'ElS * 9 00 , "f TMONO REVUEJBAR. CC 01-734 isns' ! B". 
,, OH: CALCUTTA! 1 Ar - ' 0 m . 9 an.. II D.m .ooe-i Suns.1 | 

ThA NiMH y Is uunnl-ig * Daily Tel I PAUL RAYMOND presents I 

ath Sensational Year ■ THE FESTIVAL OF , 

| EROTICA , 

Eienmo. e nn ' ”'w . 01-336 5122' Fully alr-cordiirotiaRj 

Evenings 1-00. MMJJw. 5a,. 3 0. ! =1« SENSATIONAL YEAR 

JOHN UiELGUO nnv . . — : ; 

In Julian M>lchell'» ( ROYAL ALBERT HALL. S89 82T2. 1 

HALF-LIFE 


■. .a 
- 

,-i 

- "j 


?_■ 


Hr-, 


ROYAL ALBERT HALL. 

1 E *S; 7 30. Sundry next until Jan- jn 

•NfTlONAL THEATRE PRODUCTION I WOO D'S GR e ^T£ST AC PORATS 
Bnllisrrly -i| tv ... no one should ' THS CHINFRC ACROBATIC 

miss It. ' Harold MobM»n lOrama). |ns??m THEATRE 


credit card reservations, 
ToD-pnee Seat £7.(J0. 


□inner and ' F rom LUodng . China. 


FORTUNE. 836 2238. Evs B-OO- Thurs. 3 

. - al . s 00 and 8 00. 

Muriel Pa.low as MISS MAAPLE in 
„,1 *GATHA CHRISTIE'S 
MURDER AT THE VICARAGE 
Third Great Year 


royal court. 710 1745. Air Cond 
Eves. 8-- ‘ Rat. 5 A 8 SO. 
FLYING «'.'NO 
_• b» Mill Morrison 

royalty: 



Information, travel, spori. 
Hares Show. X-M pm LBR ; 


GARRICK THEATRE. CC 81-8J6 46oT 
Evs B 0. Mat. Wed. 3 0 Sal. S 3D Bin 
TIMOTHY WEST. GEMMA JONES ' 

MICHAEL KITCHEN j 

‘n HAHOLO PINTER'S 
THE HOMECOMING ' 


- - Credit Cards. 01-405 8004. 
rJ^P-Tliuniliy Erenlngi 8J)0. Fricav 
s 30 ano 8 4S. Saturdays 3.00 and 8.00 
London rtirirs vote 
BUBBLING BROWN SUGAR 
• , Beef Musical of 1977 

“??■ "m aueoted. Malar credit <anto 
*«>*'-a! reduced rates for marinees (for 
- limited period anlvi. 


CLASSIFIED 
ADVERTISEMENT 
RATES ' 


• -o. 

1 h 


- - '"-"li ■ 


Calf's S o'clock " BRILLiant— a taut and excel savqv ^r,‘_ . _zr — 

Brhons icomlnuesL B.N !,^ n TLY a«-Tfo pa^piUCTinN.'* D t«i" I Y ™ CA -S55 rnun S?‘ 

.9.02 Foikwraro iSi. 9SS Spans KrilimcnL »'»' KewiT* .« Th'^YW W„ EW,, . ll . ,n, i! IJn , Gilchri Vkn Gd". * dm' TcT’S^Mr'sHi ■W*-’* * WHOS * UFE K AT ANY 

Pnk. 10.02 Wits End. UL30 Slar Sound HaV( . Lajed <S- 10.00 \i-w"" W idJS SiRhlltiw wslh Brj'n Jones. U» am _ _ TO BC MijS &O 


838 8888. 

ANYWAY 7 


h P ' frpr /'a* 1 ^ I nirtjd ulcs proryi owOva ^rre.wdcnV. iojq iSiS Nu,hl Exira vrt[h Adr,an SwH - 


Esira 

?Sy« MK5ni ? , » Kcws Service. 10.45 MonHna Srgry .' ''ulw nJw'c. rnniial Radin 

2.06-2.02 am New« Summary 1U}5 Down Your Way. u_4S an.. w and AflUIO 


with JANE ASHER 

URGE. YOU 


Times. , „ ^ „ 

TRCA-rne. 01-037 iigT * momentous play. 

PAui - am T ^ whrl&J *'** N *'° E i - -* 1 A 8 45 . 

RADIO 3 Wm, stereo 4; VHF L „ a „ .. 

(Medium Wave only IVVaihcr, proaramni.- rwns. l.oo Thr- Stow 4JW Mkhael Aapel «S> 1200 1 makra J Lonoan -^n 

t6J5 ant Weather. 7.00 News. 7.05 World al One. 1J0 The An-her;. 


it Onr. 1 JO The An-hen:. l.C Dave Cash 'S-. 3.00 pm Ri.iCer Seoft i Si. t:bl> enlevable cvemne.'' suniwy 
Overture iS' 8.00 News 8JKS Momlnc Con- Woman's Hour inclmiliu 200-202 News 7.08 L"r<I ri.-oir-'-Brmvn'< rapiinl Com- cjj eenwTch "theatre — - 


ccri *S>. 4.00 News 9.05 This Week’s Coni- 2.45 Diuen wnh Mvth-.-r. 3.00 3,10 nr-niarr . *S*. 7.10 I nttdwi Today 

noser. Cherubini 'S-. 9.45 Violin Reeiiil QiiestMi* m 'he Pr'nir Mimst-r "rise" 7.M .VHrinn lai-n's niv-n Hu< - 'M* 9.00 

10 J5 John Dow land ‘S' 11.05 Bnurn«- irnm ih" House nf mnintnn« 3.35 wild- Nicky linrnr s ymir Mniher n'milrtu » I IP.** 

itimilh Sjmphnny OtrH-sfro, part t- Ilf*. O.Ofl ?.*«•< 0.05 .?». k n» Manln if 'S’ 11 - 00 T "P>' 'Ivan's l.ai" *hnw 

Wanner. Per* iS-. 11-55 iniffal R*a<|- prcei*fl" a.J5 The Bnif nf Wai r % frmn 'S 1 - Mika Snillh* Nifhi EluJit 

Uu, UK Concert, Mil L UO pm KewA PoutBWOti <4 P fnmsen n u wy. up pj( (S3, 


THEATRE. 

. until June 24 ■ 

Evenlnqs r.30. M ,t tar. s tS0 . 
w THE GOLDEN CRADLE 

Im"'- amt 1 any Groonm 

f ,r . ?. w mek*_only. ••The lri»h I,. 

Frt-ni ywed HINOLE 


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tel 


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£ *aa. ai 8.0. JOHN . REABOON in 

. KISMET 

'•■is musical hai mwihino." S Mir. 

Mats. HOW TUES .& r-AT. 3 0. 

^ 4H Seats at £3 « El. 

... C'lfljl C ard Bookings 636 65*7. 

SHAvy THEATRE. 


hi»»" r. Tms 

WAKES by S*-lBlaY MmMba 


t - — . 01-J8B T394. 

, 7 30. Matt. Wed z.so. 

' M TALKING ABOUT JERUSALEM 
„ , bV ARNOLD WESKER 
'»» nut hty ,s undhrinnhcd '' S. Time*. .; 
Vow Pnsea. ' Easy Parting. . » 


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For further JcbuU trrite to; . " 

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Manager, i T'' : - 

in r, Fina ^ iaJ Times, . - . 

Cannon Street, EC4P 4BY. ; - *' - 


\ . 
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"tr. 


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Financial Times Tlrarsdav June 22 1978 



Record Review 


Turangalila 


by MAX LOPPERT 


■ * : • wo w I .• 


y 


— — rt'aniour" is not defused by the picai solidity the enterprise pro- 

Messiaen Turangalila Symphony, cuol dchr.icy. tres modern, Ires vides thorough testimony. His 
Berof t piano », l.nnud fondest tendrc a: tin.- score directs, with playing sometimes lacks the 
Martcriut i. Loudon Symphony which orchestra. ondcs Marienoi additional degrees of character — 
Orchestra f Previn. EXil HMV (Jeanne Luriorl. .is ever) and greater playfulness m Prokofiev’s 
SLS 5117 cl records m box), piano arc -.ombined. Go ihe cod- third-movement waltz rhythm, a 
£7.95 trar>“ il' F sharp major delights more throatiiy passionate 

; Prokofiev Third Symphony, are headier than ever. As an response to Bartok’s folk 
Scythian Suite. London Phil- intmduciion io .Messiaen, ibis influenced finale— ihat would 
harmonic « irchcsira/Wellcr. could hard?;.- !j* hi- lie red. ! wish transform the record imo a bold 
Dacca SXL 6S5L’. £3.99 Mr. Previn would now tackle exhibition or violin virtuosity, 

! Prokofiev Simula- Reger CfcronncftruiH?e Even so. it offers substantial 

I diaronne Buriok Sonaia. Prokofiev'- Third Symphony. rewards. 

| Holmes I violin i Argo ZK 36. with i«s massive orchestral forces The HMV record or Shostako- 

, 13 50 working up a huge head of steam, vich's Suite on Poems of 

; Shostakovich Suite on Poems of must be no less difficult to cap- Michelangelo. Op.145. in the 
.Micholungelii. Shirley -Quirk ture on d:- ihjn Mesiaen’s sym- composer's later scoring for 
(liass-bariiunei } Ashkenazy phony. The Docrj issue- proves no singer and orchestra, 
(pianm. Dacca SXL fiS-tfi. £3 99 less spectacular ir reproducing reviewed las; year on this page. 
— Maxwell Dailes Dark Angels. De US full orcadlh and thundering .NowDeccabnngsforwardaper- 
P«er Postlethwaite, Mamw* SheWin. Ewan Sfeur.ry » l. > » » '•o.iwiJ umi ilaelani Oucz/ni / Hhiglia depth— only in the thickest r.irmance of the original version. 

mmn, ewan arowart and Rachel Bell (guiu.i i IVernirk Sonss of Instrument;.! aggregations of flrsi with piano. The merits of both 

p AU4 i a . Rciucmbi a nee. I)c « laciani/ and last movement* is there ever a re powerful. and equally 

noyai uourt Wes! lulHM 1 Olc t. Nonesuch W* a ,!,u 'b "f runswtinn. In arguable. The piano, especially 

^ 1 1-7 1WJ, 13.99 more i’n|"-i lam w.i>s. however, when so authnritativeiy played as 

I i | _ “I • "t - ,hc P^rt ,,r m ani l- cjd he deemed here hv Ashkenazy, is the 

p I \ / 1 f| ft ft-< I f H - or 1hp I . l. only a :-..nu; >ui-eo<s. Waller “black-and-white” or the music. 

r Hlg mma by MICHAEL CO V E N E Y - SirES 'Su’SSTSS.'LZ 

BiU Morrison's s ! &*!£. ,Kf £1 ^.V^. 

as r*? 4, t t r rt sss-™-: » r,w«ss: 

my ears at the Liverpool Every- Phone and yelled his cmn* 1 IJ0! ' froui 1-12 0 lho res,dt>n • oUen >neim:d a° innsici'an in f ! W w? - hi lnr ^sirumenta raf f lai i ce of th» last. “Immor 
mao last November, a second Pinion’s name 14 times until th« linage nanny. = w-hnin deddnan :«r.ife-,innjli<m , :h, ‘ ful '5 r era , <,llon: i 1 

viewine. in a peoole left The sexual intrigue is further ; nrcsiilp^ mor i.>h,.r kind of «■..«. •.•-mi it., inform?, the rsn ?e of tne orchestra is we l 


l.iVwliJ Unit 


Royal Court 


Flying Blind 


viewing, in a new production bv pe £P ,e left. The sexual mlrigue is further: proves over uiher 

Alan Dossor, does nothin'' to r»^ hal scream * s re-enacted bv cum plica led by the intrusion or live qualities, ti w.is 
diminish my admiration. °The at play's end as Cn^ fail- a nymphomaniac neighbour; predicted that he w»n 


■ inrorprcla- 

.i.< n«u lu lie 
until n»e to 


hero, Dan ‘Pools is a oharma-* ln ® marr i a 3v.* is patched u;« m tstrungly played by the excel-; a 10-iiinvrmcnt .syuijihnrm- cele- 
ceuDcal rep unable to cope wiih an ^ ,rlones< iue finale of carnage, lent Rachel Bell) who lulls Liz brut ion of ” l.nvi- r.imi . . . 
terrorism on the doorsten mit n . udl, y and recriminatory explii- or a bizarre conjunction with irresistible. iranM'cnding all. 


lenrorisra on the doorstep and . Q,, 5 :,n d recriminatory ex pin. or a mzarre cunjunciion wun irre.-i>iiij;e. Iran-. -ending all. 

domestic strife within ^ ®* v lhis ^ me * D:,n best an equally married, equally Mijqiressing all uiii>uio it." a 

I likened him to Sininn rravv rrien d. a disillusioned Labour frustrated, oppusue number. She work m which iln* union nf 

character in Othcnrise Eiigt ed p ^' htkian who has eounicred utnkes a bee line for the lecturer religious rapture, vxual ecstasy. 


- - ■ - — - enme. In either manifestation. 

Rnnkc Pnr»P u ill annpar Ih,? Suire is e.vr-erieaced as one 
KOOKS rage UNI appear of Shfislaknvir . hs consummate 

Oil Frida V masterpieces. Bur the HMV disc 

* k. in one re*'DecL unsurpassed. 

.tclhn Shirlev-Qiiirk'* .coft-centred 
lyncai hiiimc t.iuove all the nag- ba« s .bjri'nne can hardlv match 
•gins, f-m.liy exotic l;ne.% of the ntajesiv of Yevgeny 




recording of PnrJfl,, n * with ■" unloaded 

resoS. 8 mo« cSiiv 15 y ulver \ has symbolically f; 
Patnv -Dr! J ’? lfJ make contact between 


Peter Pnwl*thwaiia“c ... Z. ? nial;e contact between ihe u 

Derformanpp e irCb e r superb sheets upstairs with Dan's wife. A 
penonnance, t 0 Charlie Parker. | D tura . Li , Pao i *•« si2n ^ f n.r sr 


He rppoiinte t e f-. er ' ,D tura - Liz P00t5*s Slgf 

“ J“5L«l ri cken help to an old university 





Leonard part 


Manolila and Rafael Aguilar 


avins °f aUpn* oiu ^as resulted in the descen, on a Wendy House while the action record. The prey,..,,. of the jff: Set £!! “ "2fi 'Si 


Sadler's Wells 


havino f s tt an ^ ~ V V resuneu in ine descent on a wenuy House wnne me action iviuni. > nv oi me 3_ n -. ,v,p Suitv - . A — '' j . 

stand 8 i*.ith en tw Ut ° n l he ^ ar ? d ‘ Paralysed household of an accelerates to its macabre, very' symphony, in which the Tnrnmo d . . . ' H r ' ho ,_,. f f\ii. U n ‘Iff n . ! f te na *“ re apl l , 

stand with the great pianist earnest sociology lecturer who funny, conclusion. ‘T ™ ^ U f«? Z 

... positions. It is wonderful to hate; 


Festival at St. John’s 


by MAX LOPPERT 


Tht> ^ld..:,i.encountcredPn.ko. [ he ‘ pi ^ tru , y sung, from the 
nf mi'lndir line *• bur for an flc - sr,r,;,l: ‘ f ? r •. 0, ° vlohn - ‘] p - top to the bottom of its two-and-J 

overall view uf ..ne .if the c< n- ll3, ,f °. f af,f: ' rc,; V n h , : ' ,,!t ‘; a-half octave range, by Jan de | hv C L I 

turys in 11 .-, 1 erneruiis musical out ^an-sparem lyrscssm. dr.«m..d uf ^aetani— and sung, moreover, in. PV V. L I 

nourmK ihf* t so Vontk-rin- a,rnosl ever > harmonic and lex- doating. disembodied tones of a; 

sweeps' a 1 1 J »ef /, i-e m " J ural bariuruy nf earlier limes purilv r3rp i y heard in eon-: The first ha jj o{ ft, 

At the hean of the perfor- >" « nmnn-r typical ,a ‘ c temporary vocal music. iThe fspomi. installed in R 


Fiesta de Espana 


bv CLEMENT CRISP 


On an evening such as Tues- for 


mam.e lies the ma^ierD assump- Prok"H*‘\. " hal -PPo.irs thin in American accent is strong, and on un ' ti | 

aad on-hwiN. bers of the orchestra Th» lj?» 2 f . ?g"!! J“',' odd ?.3.hlr.i! 0, li *7 d &SS" , ^ ! !? <1B }N. l, ».‘ ». 


alf of Fiesta de that quality nf dancing that 
[led in Rosebery transcends all barriers of style, 
the end of the and nationality. A brilliant 
lot to recommend quickness, an electric response 


more pertinent reason for doing of wind sonorities, tune of the seventh A ETiDoins succession I r» n -* shmnnenng mmur in ms I IU I S, ‘;- “L* 1,1 11 Da ' n-ni>pir«.u. »> ««.u 

*n: the building was consecrated Ihlngs for which the SL John'. ^ "TvXesirf eS™ SSTiSei*®^ The “Jardin du som.ncl Ralph Holme*. 10 who,e lech- pulentialiUes- 


250 years ago. and a ten-day fes- sound has proved not absolutely SCl |nj sLs * s essentially self-coin - 1 

• 4i-.l1 .. r r. ^/T rtoniPV nr.oi. Klpa! K U rlf'HT HplinPallOfl 111 i n .D..lmnr I 


by MICHAEL COVENEY 


u a. uoppmg pcasanis. 1 caslanels chatter. The second 
lend to suggest that time is par , 0 f 1 j 1(? ev ening is the obliga- 

rf \ S!rH ,or >‘ ^ucidro Fla in en co. with a 

restaurant. But 1 can record deal of stiiniDin 9 <, lower- 

that the present ensemble has ins f rom under matted lucks by 
an unspoiled air. and the items L -haps. and swirling ruffled 
are none of them too Jong. skirts for the girls, ft is good 
The ostensible stars are Mano- of Us kind — as is the whole even- 


tival of music and poetry com- ideal is a clear delineation of mun i ng personality: imitations A lharv restaurant. But 1 can record sre ’ a1 j (lf Sl im 

memorata; the anniversary. The mner parts in classical j,y the string section; a kind of **iuery that the present ensemble has , ns from unt j e r mu 

attractive list of programmes has synt phonies. I - percussion barracking: the cast- _ _ < ^ an unspoiled air. and the items thf , L .n aps . an d sW 

been devised to display to advan- The small amount of in? of a double bass (Barry T I I t t H Hi , . t-t it r - -kt t - xr are none of them too long. skirts for the girls 

lage the many kinds of music Schnittke's music that we have rluy) as leading opponent. All I ) \/ I I I II II I [iv MICHAEL CU \ E N E 1 The ostensible stars are Mano- of Us kind— as is th 

accommodated by the reverberant been allowed to hear to this the roles arc bitingly eharac ^ a j Ula a dlgn j fied performer after inc — and the a/i 

but not over-reverberant Sr. country suggests that hrf Is ihe terised, with the gift of concern the fashion of Pilar Lopez, and need no urging to 

John's acoustics and welcomed most substantial compose! or ihe truing instrumental dramatic Pai . Un . . . , r nKiir , n monni.i-HP* (Uliian Burns 1 Rafae( A?uiIar - interest bonus to the peri 

within its intimate and civilised Russian middle gcneratuV per- gesture that puts one in mind or Wcrd.ij lunchlime. Ro> Hudd h«e to offer an unsu. peetmg m rw ., !!' a " liscait ■«- Vl ‘ as far more be,d hy a > ouns Humphrey Bassoon 

space. haps even ihe most sifTtfcant the ve’ry different senes of con- led an innocuous tittle pro- pubfic [i^h JJ nreHbid.iC 1 dant ‘ cr identified for me as dance music on 

jss.«rs: cofo« zr&ATss&K ^ \ ^ & « zsss, t«l* 

m?hefe S ti>m«^3n'd ( r 1.! fon- hid ... for rtttM i J™°J h ?hT*b tti&Mu!TBS?StaS n 1K.W tod “vSn*,! ! «*»"■«« ^ h ' demonstrated dances very much, 

dio tor. John Lubbock, it under- forces . ninK- ^hSSS? iSm a slow.Mhe Half Moon lost out un the ■.•nulled u> m<»re than Mr. Hudd \ ictoria s “The Jilted Bride (orr- — ■ - 


lila. a dignified performer after ing — and the aficionados will 
the fashion of Pilar Lopez, and need no urging to see it As a 


Yesterday 


ft Sr-S - mm 55S, h.<> 


takes rhe opening and closing inipre*»i«i 
concerts. On Tuesday, the prim of us unt 
ciual orchestral business of the form rec, 
evening was the accompaniment tional < 
of the soloist. Gidnn Krcruer. organised 


Church "t in lull. 


of the soloist. Gidnn hremen dramatic confront*- port Tor Mr. Lubbock and his. win many now friend.- by stub .eer and -v banger is rather half- 

in three works — two vio m lr*sls and draiiianc wniranu por^ iur « i moribund displays of what they hcartedly thrown in. The crucial 

morceaux tSchubcrtS Polonaise tion» between soloist and mem orenestra. p t h madP ljV evnkm; the 



point is made by evoking the 
ghost of Gus Elen (uf ** It's A 
Growl Big Shame” fame) 10 
remind us of the umbilical cord 


Resident 

dramatist 


The Arls Council has approved 1 


of Cockney . onu^t between a per- t , granl l0 Hampstead Theatre 
former like Elen and his tnr ,. r .h* 


Leicester is just 87 minutes by hourly Inter- 
City from London, an hour by air from 
Europe, and is at the heart of the motorway 
network. 


.nriiier iikc r.ien aim ma ... . , , h amjt iinlment nf the 
audience. Su- h contact no longer ^. ,u ° . C n .11 a 

e'.iMs outside a minority caucus p a *! ir t s a 1, D HallmeI1, as 
of the nostalgic Faithful. residenl dramatisl. 

A red curtain is slung across David Halliwell was born in 
the Oliver set and footlights Brighouse, Yorkshire. and 
in -tailed onstage. Mr. Hudd i.- his studied at the Huddersfield Col- 
ii.-ujI. engaging self, resplendent lege of Art. which provided the 
in a large pink tie with pin. But inspiration for his play. Little 
In- only conies into his own wiih Malcolm end his Struggle 
• nine delightful Billy Bennett Apaiiut Ihe Eunuchs. 


Enquiries la : Gordon K Smirii FR1CS 

IndiKirijl Development Officer 
Telephone 0533 549922 Ext. 6/00 


LU 


or John Brown FR ICS 

Industrial Promotion Officer 
Telephone 0533 549922 Ext. 6 260 


LEICESTER 

lhgHaUhe<xttB 


Leicester CilY Estates Dept., 
New Walk Centre, 

Leicester LEJ 6ZG. 


These Shares have not been and are not being offered to the public . 
This advertisement appears only as a matter of record. 


NEW* ISSUE 


June 15, 1978 


1100 , 050,000 


United States Filter Corporation 


OsvaJdo <tf Pianduni (centre) in 1 The Gipsy Baron’ 


Vienna’s other opera house 


6 % Series A Convertible Preference Stock 

(convertible into common stock at $23 per share) 


has been sold to 


Squirms _ar p?nb 8 aWy 

ssrs? }: s 

mdnn institution^ bul ^ 

n P ,e s . h ?*v3fcsSper flourishes. 
cnn a international 

^ U ^ Se r fl a na°s[ S-SS 

ntral ar ^' ri de or a rather ett- 

mute tram ride > or ^ y ou 

nsive ti^ because even; 
•Itfomd. no ^ least carrieS a full 

inted P ra .^™ oT \; in English* 
nopsis. of tb °. s a bout £lp- 


some and strung-voiced fe^or 

lead - .. . ^.-niircnner prcsenls'as. 


■'wt «- vjjgr jsssSs 

*"* n L*„ with h a range fftm 


^ softh : t TSsabo^no 

PCS » as at 


Ui* 1 

sr. S^ of 'T 

oper ' rhristmas r0Dllp, U K 

[y 3S a Cdnswa^ 0p6 rjs 
gnghsh - w horeas the 
pacb. . ‘^» 5 iDS to have 
5 audience see Sll iiivaa 

d »P‘“S e i^ducuon 

in an JJJr patience). a 

John nf mixed - age * 

,e<;e 3udie nce n 1 recent 

"£« ’dim -"1 

a v night *0 th f johann 
rfousne-'S Baron- ;vltn 


n,»y ,35 

Mozart jo B natural^). 

Hernng tin ^™ fieV - s Love# 
Next J, promised, with 

’ n,ree . 7"S5ibh0lc or Prague 
jaroslavHromo ^ Georgi 

as conduce , Bolshov, 

Ansimov “ rodac er. Throteh- 
Moscow. as Pron t fa 

out. the 1 'S^er an oured ^ us 
repertory >* . b tional Owra 
while the Eng'isD /fmolad 

w y S l et . itself into 

Aida has b j B .opera trtm- 

aD aiterns^’ « dg of iis mbre 
pany b> j sister. £he 

a « rap len % 
Volksop**^®® eom pany ns* 

tary ^ger b * 5 ' 

aS London &ver enjoys.; a 

Volksoper mor auditorium 

moderate «) in whiel S 1 
“£S r° ord«r to -ilbttattd ae 

orchestra- atld Volksoger 

The State Opera Austr ^. s 
both comf “ . re a d minister- 
central Slate thea Bur „ t beafer 
tion. as ‘!o« Jjf qj n * 5 Natioju 

1 equivalent of , ccnt|l 

Theatre - - sc enery . and 

workshop • t0T $ 


costumes, and the contracts of 
certain singers provide for their 
appearance al both opera huuse*. 
The presence of Walter Berry, 
known internationally as well as 
at the State Opera, sharpened my 
anticipated pleasure io what 
must count as a rarity for any 
non-Austrian o|«crj-guer. Franz 
Schmidt's Noire Dome. 

Anticipation was unfulfilled. 
Noire Dame (first performed in 
1914, In Vienna) is as bad an 
opera as 1 have ever seen on Ihe 
stage of any major theatre. 
Imagine Richard Strauss without 
any of bis harmonic twists and 
you may imagine this predomin- 
antly slow, irredeemably dull 
piece. As composer and joint 
librettist, Franz Schmidt (1874- 
1939) gave no character a suffi- 
ciently forceful and continuous 
interest As the hunchback or 
Victor Hugo’s original story. 
Walter Berry walked unconvinc- 
ingly and was not in impressive 
voice; more urgency was con- 
veyed by Ernst Gutsiein as the 
villainous, guilt-ridden Arch- 
deacon of Paris- I liked also the 
youthful tenor of Josef Hopfer- 
wieser. The evening's most 
striking feature was the realistic, 
.snlld-seemlng scenery of Gunther 
Scbneider-Siemssen. whose Ring 


designs fur Cment Garden ate 
well remembered. 

The opera v*as slackly con- 
ducted by Franz Bauer-Thous-d. 
a veteran of ihe house v.lm ,il>-i 
delivered The Cipsu Bantu 
demon-uniting his confidence in 
the performers ;it one point h> 
simply folding his arms ami 
beaming. Confidence is all vcr> 
well: ragged orchestral entrir* 
are not. But the true, unfurie-l 
Viennese lilt nf Slrunss's vr/cal 
melodics came over delightfully, 
with a vast (hat was agreeable 
in voice and pood lu look al. 

My third evening al the Vnll-s- 
oper proved ihe most enjojjbli* 
yf ail — a channine nt-rformani— 
rif Slippv'^ Hnrwrtti. a Cla.-«ii 
operetta of Slrauv's own period 
0879). It was not hurl by being 
produced wiih one or two deli- 
berate anachronisms, even a 
reference to Austria's poor foot- 
ball performance in the World 
Cup being inserted by the .ocenpi- 
plishcd leading comedian. Erich 
Kuehar. Using a doubly reviv- 
ing stace. the r.perena was P’*'- 
turesquely slaved with irener;. 
hy Waller H»e-*- c -lin. and -plen 
dirlfy conducled by Heriieit 
Frikopa, lu-rfer known as one nf 
the rouipanv': principal cornu- 
terrnr singers. 

ARTHUR JACOBS 


Friedrich Flick Industrieverwaltung KGaA 


The undersigned acted as financial advisor to 
United States Filter Corporation in this transaction. 


H The First Boston Corporation 


NEW YORK ATLANTA BOSTON CHICAGO CLEVELAND DALLAS 

LOS ANGELES PHILADELPHIA SAN FRANCISCO 

LONDON ATHENS CALGARY GENEVA MELBOURNE MONTREAL SDiG-ABORE TOKYO ZURICH 









•1 •. - -' •. - • ;•, • , - : •■ /-• i. ' . 1 . „r* i*# 


FINANCIAL TIMES 


EEC ministers yesterday foiled to settle the | 




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Thursday June 22 197S 


John Silkin:; pike in 





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ill 




- ' , r~ x £'*. a. . •••■ , . 

BY MARGARET van HATTEM in Luxerabourg:%4^Sgv 


IT IS now clear that trade union The TUC in its turn is very 
demands for measures aimed open-minded in its own annual 
at work-sharing will form an economic review about the 
important part r»F discussions possibilities — a shorter week, 


HE EEC Fisheries polio' see ihi« development, and that 
is in a me-ss. Negotiations they had, in effect, given away 
for a common policy have far more than they ever 


leading up to the next pay earlier retirement, extra been stalled since January he- intended. Moves for a new com- 


round, as similar demands have holidays, sabbaticals, or readier caUi?e of British demands for mon policy which would take 


done in Germany, Belgium, the release for further training are a uar antees in black and while into account the 200-mile limits 

U.S. and several other countries, all canvassed. However, the of permanent preferential treat- began in 1976. but have con- 

Th e basic logic of the idea is unions warn the Government to menL $ 0 f ar not much harm stantlv grounded on British 





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perhaps clearest in countries be involved even though it has bet;n d0 n e hm things are demands, based on the a ran 
where there appears little hope rejects Government dictation of } Ee trins worse. The absence or ment that 60 per cent of EEC 
of restoring the growth rates the next pay round. This makes 


getting worse. The absence or ment that 60 per cent of EEC 
a formal agreement means that waters come within the UK -00- 


.. 




experienced since the war: here sense not so much because the raem hor states of the Cora- mile limit, and that Britain's 
it makes obvious sense to con- state is a large employer as unity' are not legally bound to share of EEC fish should reded 


sider taking part of the reward because 


Government. respe J t quotas and conservation 


of future productivity improve- through the potential savins in measures tacitly agreed among 


ments in greater leisure rather unemployment 


eight of them. The Irish and 


than greater output per man. It Manual sum according to official D J tcb fl ee ts are currently run a national policy — under a 
is not surprising that the idea estimates — might be able to reported to be cleaning up the thin community smokescreen if 
is under study m the EEC and offer some fiscal sweetener. |, err i ng grounds off the west the others care to provide it — 


the OECD. 

Flexible 


This would reflect the fact that coast of ‘scutland in anticipa- and equally strong German 


the cost of a shorter week to the! £ 0n 0 f a i ian . Dutch. French, determination to prevent it. 


The British record does not. cost to employers. 


whole economy is less than the Dan j S }, and British vessels are Observers suggest it may also 


said to be having a free-for-all have something to do with the 


unhappily, inspire any great While the economics of any in the North Sea. No one knows political position of Mr. John 
confidence that the productivity scheme to reduce hours must be how much they arc over-fishing Silkin, the British Agriculture 


improvement which would mam- hazardous, certain guidelines because no one is obliged to and Fisheries Minister. It is 
lain real output in a shorter can be suggested to avoid the keep an overall count hard to see how British fishcr- 









mm 


week can be achieved: but since more obvious risks. The first is EEC ministers who met in raen benefit from the present 


any job creation saves subs, tan- that any concession should take r ..vembour* this week to sort stalemate. Virtually all major 

tial sums in the public sector, a form which nut only mollifies th ;‘n D c nut narked un within ,J 4 British quota and conservation 

the idea could still be worth union officials. who like demands put forward at the 




; ‘im. 


the idea could still be worth union officials. who like L ® havina made ‘ 0 n roaress demands put forward at the 
pursuing if it produces returns numbers and slogans, but is felt and knowing that they are un- be 8 innin S ^ 19”8 have been 






in other respects — notably a as a real benefit on the shop , ik . t0 “ ke anv ; his year met and British fishermen stand 
more reasonable attitude to floor. In ibis respect the ‘ community level Ei 0 ht t0 ,ose more 1113,1 anyone else 
money wages and a more 38-hour proposal is unfortunate. mem j, er states are expected* to from the inevitable over-fishing 

flexible attitude to productivity An extra day nff every month. nY . under the present lax arrange- 

rr <« .-imnit- tn ...... ij continue muic ur icoa iu j :Ti . 


Mr, Gundelach (left), the EEC Commissioner, and Mr. SUldn, 4 $hle British Minister «f Agricotture aBd-^Fi^eaS^iafettOT^/^v 

meeting in London ^ on 7 . June 12. * - 1 *• ^ v/* 


itself. If it simply adds to costs, or an extra two months paid 1he ..„ en tiemen's 

on the other hand, a shorter holiday every fourth year- ^ Rerfi 


. ments, and from the possible Strasbourg speaking to the negotiable. Bat they will not, necessary and the country that there - misht be sop*®/ 


work week is just as infiatiunaiy closely equivalent in percentage 
as any other excessive claim, terms— are much more likely to 
and will destroy jobs rather be felt as a real gain. The 
than create them. second is that a spillover into 


mem” reached in Berlin* last L ' ol,a P se of the present tenuous European Parliament he said under 


January, under which 


arrangements 


third once again that “farther modi- away 


■r any circumstances, sign imposing them must first " t hinkin g aloud-”- 'about . thfe - , ^ 
f these fish stocks penman- sCek the approval of the. Com- bossibilities of ~ bilateral - . 


At first sight the discussions overtime, which would simply ‘ ‘ nartv’to this' i«w>- tinental fishermen, Mr. Silkin r p, L ,, u , j,, L u e . , W -would almost certainly get Gundelach- lost no tinie -wanmig: ^ 

■ cni l« be getting off to the gear up any rise in wage rates. IzLl'L enjoys wide support. In the **$*. Gundelach will not Members of seveml_. nahonaI.«8 E™ -sudh a deaL formal dr 


worst possible start. The TUC must be prevemed so far as 
sometimes seems io regard the possible in negotiation. Some of 
38-hour week, with 35 hours to the thorniest problems could 
come, as a philosopher's stone, arise where there is already a 
turning confrontation to har- shortage of important skills — 
mony and wealth: the CBI is the result, partly, of pay rigidity 
deeply suspicious that the whole in the past, 
exercise will result in noching 2r/fl/ 
but an extension of overtime _ 


... , , cni Civs wide sunnnrt Tn the DUl uunueiacn win uul memoers or several nanonai — » — , „ ■ t+wat :«,wh a ^4i»l -fArmitl rtr 

ment, has indicated clearly that SJ 3 -* * „ , j! over-ride the letter of the law. delegations for ail their h nfflru* Commlsa ion approval if care- tnat sucm a deal, to xm*i pr 

..-.ii r« nr t tr. naHnnai Commons debate on fishing last u>c ‘ c - 111,7 ia ' uciegaumia, ior au uiwr aumi® . They include infonaal. wxiuM be .referred 

week, Tories. Liberals, Labour In essence, Britain is asking and puffing in public, under- ...vj mes u s i zes imm edlateLv tn the European 

mea ‘ MPs and Scottish NaUonaiists for written guarantees that from stand Mr. Silkin's political prob- • ■ herring fishing off the Court of Justice. And it 

British es SKI! sy MMiS-sj- — - 

entry M ^ Cora “ 

So after almost two years, the - stocks ^ nug ht y accrue from Parliamentary seats attached to **?* f or s P e . c, ® fi L us ® d ** But Norway, Sweden and f&i? 


working. Both sides are lobby- 


Provided suitable care iil attempt to put 


British 


A year ago, it might have stocks that might accrue 


mg intensely 


taken over these and other pit- 


man fisheries poli 
and manage stocks 


However, on closer inspection raile Community 


the positions are not so rigid. year— biiV not corae t0 nothin 8' Ei S ht y earS n-h™ VSn, 

Tha prt ,ic ahnvp nil anvimte oar^ainin^ uus >ear out not, miirv .ri.taii in fish come from 


The CBI -is above all anxious for ***• - common poUcy existed in ^01 the increa^ln Saric **** to Ubour would bring w r™ i . ' ^ of Vthe. present- infonialT f • ' 

that the Government should not ® entra]l - sed oli . Only careful 1116 then six-member com- f^ ird y _ £ “ stocks (mackeral herriM irnd ft five .seats. : . yHft. f^niirf - ... ones. Moreover, the absencfr'of ^ C-.. 

shor !r ? atio,n ^ trial will show whether leisure munity, coverin? coastal waters aft#r move t0 2 00 sprat) together with a share of Whether Mr. Silkin or anyone ‘ *** 7 . • 

objecrive m the next paj round. is an acceptable substitute for “P V miles. It was agreed m m y e t], at British the remaining increase roughly who might succeed him Would , ®“t_; tba Comnrisaiou _ the HECT eahuot 'enfbrce 

W hen so much hinges on nego- money, whether an improved 1B»0, just as negotiahons for demands for jtneter conserva- in proportion with its quota of give ground after the ejection * lraost c^rtamly refer to tee in the fish stocks^long the '62nd . ' .. 

nation, this is obviously sen- working atmosphere results, and British entry to the Common tion measures are most j y jj us ti- overall stocks (for example, 73 is far from clear. Last.%eek’s European ‘.fourt measures such parallel, ah area .jointly 
sible: if the next round is to be finally whether the supposed Market were beginning, and ^ ^ and that British fishermen per cent of the haddock). This debate in the House <& Com- as a larger extension of Uie managed with Norway. . .. ' - • 


flexible, as everyone seems to benefit in terms of new jobs is man >' considered it a pre- s b 0d j d « e t the biggest quota in share-out would be protected by mons shows much ignorance as P°“* ban oa carrying Though Mr. Silkin’s tough 

v.-ish (but as they also wished actually achieved. It i* a matter emptive move designed eventu- t ^ e EEC pond . The Commission * ratchet mechanism so that if to how the Community works. nats of differ^pt me3h tizes on 5^^ early- in the negotiation* 


wish tbut as they also wished actually achieved. It i* a matter emptive move designed eyemu- the EEC pon d. The Commission a ratchet mechanism so that if to how the Community works, nms of different mesh sizes 1 on early- j n the negotiatioha 

last year and the year before) for trial, not for doctrine from 3lJ >' t0 secure access to British and oyie , r e j 5ht mom bers stocks decline again other Several speakers called for a grounds tmt they would be won y^^le concessions . to 
it should be as flexible about either side, or blue-sky commit- waters for other Community have made i arse concessions in member states would carry the 50-mile exclusive coastal zone, a discriminatory rn effect though Retain n 0 further significmit 
, hours as about pay. ment from Government. fishermen. lhe pa?t 12 m0Tlths and are losses. demand which the / British not formally so. f - No member concessions appear possible.' IT 


ment from Government. 


fishermen. 


The West and 


Many also felt that the British prepared to concede de facto 
Treaty of Accession to the EEC, preferential rights to British 
which allowed the UK special b 0a t S in the. disputed 12 to 50 
rights in coastal waters until mites coastal zone through the 
1982. but not beyond, conceded uSe of fishing plans, to license 
too much. The move to 200-mile boats for specific catch quotas 
limits for fishing rights, which j n specified areas. 


Government itself abandoned a state has ever defied the court's Britaih ^ genuinely interested 

JUSt 3 bit year I s0 ' .speakers rulings. Any British attempt to i n a common policy he may have 

t9 U31 a UIl assumed, wrongly, that Britain do so would provoke a crisis far over-played ' his hand : The 

too far’ can impose aU *** .nation* 1 Mwer than the issues would strengthening British hostility 

1UU 141 conservation measures it wants, seem to merit towards theTkjmmunity Se 

What makes this impossible is providing they apply equally to Unless the argument is fisheries issue inay hot be. easy 
not the quantities of fish everyone. National, measures resolved, the dangers of over- to control: the mail "who 




/% a came i“to at the begin- Mr. Finn Olav Gundelach, the involved; the other eight are have to be ‘non-discnminatory fishing and of damage to ultimately negotiates the settler.;-, 

i n a a oing of 1977, has changed the Agriculture and Fisheries Com- already prepared to allow e r e . 85 as in wording, relations with third countries ment may find it hard tp;- 

whole picture. The British feel mission'er is willing to give a Britain more than three- wD,c “ 15 not tte same thing. can on jy increase. Though Mr. dismantle ■ tte L defensive 

that they have been trapped by flexible interpretation of the quarters of the TAC within its National conservation measures Silkin dropped broad hints at structure Mr. SiQdn is 'badly 
THE AFRICAN policy speech the West's longer-term interests agreements which did not fore- Treaty of Rome. Last week in 200-mile limit and the rest is also have to be . demonstrably his Press conference last week, erecting. ... - 


The oriental 
eyes on Emma 


It will be such a typically 
British middle-class wedding at 
St. Mary's. Henley-on-Tharm-s, 


which was delivered by air. in the Continent. It may be that 

; Cyrus Vance, the U.S. Secretary Castro, the Cuban Prime .. 

:o£ n.*.. In Atlantic at, on 5f™SS' PM- S' ha ^ MEM AMR MATT 

Tuesday constitutes an import- done muc t, more to prevent the If 1 fall V gj IvIlD B S I 

ant step in clarifynne U.S. policy Shaba incursion. But it was too 

in this newly strategic area of readily assumed in some jl- nrionfal 

the world. If we read Mr. Vance quarters that the Soviet Union ■ UNCilWl 
right— and unhappily there are was the sole motivator of the „ C m mfl 

still some doubts as to whether rebels, and this prompted a ©yS5> Ufl biuuia 

the Secretary nf State was speak- debate over whether the West If ,,, h _ _.._ h a fvn ; t . a i| v 

all Hi. shou , d ~inler«ne- a ™ un ,cr. “ »‘ l ‘ * W cd d l . ‘ « 

makers in ;he Administration— weight to the perceived Soviet f f M a ^\ d Heniev-oo-Tham.-s 
the U.S. would like to keep the threat. The only intervention J* Fvp „^ hp namP J 

: African continent out of the so far has been humanitarian, ttw Saturda.. Ev^n the na . 

“cold war" arena. The U.S.. Mr. but the immediately hostile ,lf ^ r !5l e 1 emu h* 

Vance indicated, would not try reaction of Tanzania'.-. President Lyle and .Nicholas Talbul-Smilh. 
to "mirror" Soviet and Cuban Nyerore— whose relations with m ’S ht have come from a John 

• activities in Africa. Instead, it the West had hitherto been Betjeman poem. The rural dean 

would pursue wide-ranging and warm — to Western backing for w *ll 1,6 \ n the pulptt and down 
positive policies which would be a Pan-African Defence Force P n the river the regatta will be 
designed to strengthen African was but one indication of how * n ttll s^mg. lhe unusual 
independence. As evidence of independent Africa felt, about as P eLt W1 ^ ^ tte way in which 
this, Mr. Vance has declared the Continent becoming a “cold 23 Japanese business executives 
' that economic aid to Africa has war" arena. will watch the marriage with 

jbeen stepped up. And. he said. The aim of western dip- rapt attention from two pews 
ithe U.S. would like to improve lomacy in Africa should not at the back of the church, 
its links with Angola, both for be to attempt to match the Having flown all the way 
the sake of U.S.-Angola rela- Soviets but, listening to what from Tokyo for the occasion, 
tions and because Angola is Africa itself says it wants, to the unlikely onlookers will also 
strategically placed to influence aid African countries to find be grateful Tor lhe lecture the 
events in Zaire, and in Namibia, their own stability’ and their rural dean, the Reverend 
its southerly neighbour. own prosperity. It would be Michael Payne, will be giving 






the ' Reverend 


Overheated 


own prosperity. It would be Michael Payne, will be giving 
idle 10 pretend that this is an them after' the ceremony. For 


“ It’s cither a cry for help 
or he's bidding at the von 
Hirsch sale ! " 


easy policy, if only because t h e 23 are leaders of 


The producers sidled -dis- I said I would not presume 
creetly from one darkened to think any such thought, tben 
chamber to another, monitoring asked if it were true, as Wilson 
the temperatures of the specta- claimed, that* many of ihe sale- 
tors. When the showings halted rooms’ senior .staff had been 
for lunch, the three groups ate trained in museums: Wilson 
in different rooms. But m the suggests the auction rooms 
British section there was at feast might like to return a little of 
some overlapping. Sir Harold the museums' ' investment in 
Beeley and Sir Anthony Nutting, training through reducing the 
strong exponents of the Arab controversial buyer's commis- 
cause, chatted amiably over sions. Christie's were not 
coffee with Viscount Samuel, impressed by this claim. They 
who commutes between his assured me that only one of 
Jerusalem home and the House their senior staff had been an 
of Lords. assistant keeper at a museum. 

The programmes will be *' We to ttain our own 
shown from next week — at 10.30 P eo P le - 

pm. This is over an hour later I was then given a long 
than originally planned. Thames explanation of why they and 
have decided that it would not Sotheby's bad felt it necessary 
be popular — or hopeful — to introduce the buyer’s 
enough for their peak viewing commissions. This boiled down 
time. t0 tte high costs of their 

operation, not least the need to 

s P end £700,000 on catalogues 

each year. However, they 
. , . „ . assured me that they sent free 

ItS 3 Tine art catalogues to major museums. 


h- • 

' Jt 


-X;, P 


r. Vance's statement is wel- economic aid takes time to pro- j apanes e wedding industry. It j n j apa n that a man from De A,so ttat they were friends of 

e not only because it helps duce results, and Africa's j S the dream of today’s young Beers has just been over there As the s ® vcn '^ a y o f tte various museums and contri- 


to clarify U.S. policy towards record so fur is nut particularly | coup i es in Japan, so it seems, selling diamonds for 

. - . 1 — 1 _ _ hannv in Hue l'Kni*i-t HuT I . . ■ ■ ■ - 0 . 


Africa, the subject of particular happy «n this respect. But t0 joined together — give ment 'rings, 

confusion in the last few months, ' , '' e,ster r' countries have to or take a few religious nuances 
but also because it introduces remember that every African — j n uie style of Emma 
some coo! and rational analysis Government is nationalist first and Nicholas. Companies have 


von Hirsch sale ensures buted heavily to the National 
aas ‘ another boost to the profits of Art-Collections Fund. They told 
our art auctioneers, the Director me that they give no less than 
_ of the British Museum, £10,000 to such causes— 0,24 per 
Professor David Wilson, has cent of their pre-tax profits. 


some VUUI «1IIU i a liuiiui aiiai‘313 . , B11U ILIIUI«- r • J I , . 

to what has been in danger of and client state l of whatever sprung lip . in Tokyo and else- Divided We Watch ° iade a sobenng appeal for a 


becoming an overheated debate bifn-i second. where, to lay everything on in little charily from the two main ... . n . . - - — 

on overall western policy in the Tlie ' Vest . ever > now\ has a the English manner, from top- The Israeli ambassador to Lon- sa l e ro y ms. Speaking last night 

area. The physical threats Pre- sroat deal more a'wdwm in per s and bridesmaids’ gowns lo don, three Arab envoys and the tte NaCional^ Art- Q ft »j n ,, n 9 

sident Mobutu’s regime in Zaire Africa than he Sotiet hloc. and the coofclti and lhe wedding Palestine Liberation Or^nisa- Collections Fund, he said; " The OOIO a PUP . 

nosed last month by the Shaba ,h ere is certainly sense ln the cake . lions representative were all razzamatazz now inherent in the 

invasion undoubtedly faced wes- .\ ar ^ y remarks of Mr. Andrew __ .. H _ n i ev soeciacutar" has under the same roof wstcriiav. ^9 great salerooms has driven System X, the Post Office's new. 


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nivcLMi.Ni .. .. TTC , The "Henley spectacular" has under the same roof yesterday. _ . - . A ^ .- . -- 

tern countries with an acute }‘ iun |: 1 * ro been oreanised bv Katharine Not for secret peace talks but P rices h ’^ e L‘ ' ' At the same electronic Switching gear, is 

dilemma which, despite the rc- effect that i the \Vcst plays AJl W ho runs' a London to see Thames Televisions’ pre- l ,me , a btiyeriscomraission has none too popular with the PO's 

rrpat of the rebels, is far from card s r .*S ht - lh at goodwill bureau She Was view of next week's 000 becn whlch can make engineers, many of whom fear 

treat ot tne reoeis. is irura wjn ren|aif| ln str(mgthen Dureau. bne was . w ridiculous holes in the museum’s they will be out of a job-and 

=rri£ ”3 SSHSfSS STr “=F3S £c£s- 51&r 



d-ifficui,t TO another Shaba invasion, the test- programme^ about waive commission to answer tale: 

use of their ne v ai , a d ground for the future nf Fr °m the church she will lead B U t even the silver screen museums who spend more than im. Bl 
if they cannot do that, and western- African relations will the visitors and their interpreter failed to bridge the gulf which say £50.000 on a single lot?” "i,’ 5 , 1 ,! 
persuade Mr. Mobutu to intro- undou btedly be southern Africa t0 ti 1 ® el i le Phyllis Court Club was the subject of the pro- A reasonable point, you might 1 10 

duce political and economic re- Here the West lfid by jg r | ta | n to watch three wedding reeep- gramme. There wore three 6ep- think, given that in 1977 A man an 
forms, the regime will continue and America, can only pursue ti° ns - The club’s manager, Ian arate showings — for the Israelis, Christie’s and Sotheby’s tte 

to be in danger from its oppo- attempts to secure negotiated Bulloch, will give a talk on the the Arabs and for the rest. The reported total pre-tax earnings To feed tl 

nents. settlements in Rhodesia and finer points of such events. “It’s latter was the largest and most of £9m- When I put it to Why the c 

But serious though it was. Namibia while remaining aware a splendid time for them to historically interesting in that Christie’s, their spokesman said j 0 stop 

tlip Shaba invasion’ prompted that the problems posed by come," he told me. -Henley is the audience included many for- imperturbably: “l don’t blame the mac 

responses from certain Western South Africa arc in the end looking very regatta-ish.” mer British officials and soldiers him for having a go.” But he 


To find out more get in touch -with us. 
Write to or telephone 
Bob Richards (01-283 4622) 
or David Andrew (061-236 8192). 


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capitals which could be harmful likely to prove even more Tt seems that the wedding involved In the last days of the insisted: “Don’t think We don't 


not only to Africa but also to acute. 


business is on such an upswing Palestine Administration. 


help the museums.' 


Observer, 








-•i -vm 


f>V : 


22 i,,, 

u, 5 




Financial Times Thursday June 22 1978 1 


ECONOMIC VIEWPOINT 






sky 

3SS 


Co 



on ground on incomes 


the^lramL ^ t PUt S^v 88 It cai3ed an !n comcs •insalss.faciory, but to form the major industrial countries sof- 
rw»»l« and orkjn § , he £ e }S ef{ discussion. I would suggest that ferod from a price explosion in 

to -*5? /r h “ n« mu^h C nM°t nollff in the .sen.se u» mid-1970s: and all Have 

fSSu L 2- Earl of J! 1 .h “ ,nR r wh,lh divides people consuls reduced Vheir Inflation rates - 

Gowone, speaking for the Oppo- \™ omes *»>«T the mere pub. of: although rmlv Germany and 

siUoa an a Lords debate on 1,fts,n & of a tar ? et fi ^ re for Mie c , _ )an , n ' ' w. r ‘ 

Monday. Rarely can a wish n*v. average increase in earnings, or • Sanctions or enforcement Japan among ilu br.er c nun- 
been so speeJly mmed Fo? eren Ihe canvassing of that mcehamsms to back up a pay mes have approached price 
on the vc^ sa^ dav the fi Surc with the TUC and oth.-r norm - a "d "**'*• 

Department of Employment bo ^ ies - German politicians and • An attempted deal with union t ‘ ,e countries shuwn on 
published its July index show. eCon O®7Sts confuse the Wtie organisations in which the lilv t’hart, the L'K and Canada 
ing that eaminss had risen hv Government undertakes poll- have had pay controls for most 





V— : y?** 






Stage Qm 


14 

t \- ' 

74 

12 

. Currant Round^/ /' . 

12 

10 

? - 

TO 


ES33 

/ average 


\ S 
\ % 

1 

* l \ 

..France \ 

/’ \ 


'StageTwo 


JASON O J F MAM J J 

Sana OW»< 


norm- and siafclniy. i2Q- Japan-^ / ■/ \ - r unemployment oume 

nr th*. MIIW h- . . ^ . / v H of these measures aim to raise 

• An attempted deal with union Of the countries shuwn on real wages relative to profits. 

organisations in which the Jh° «™ rt - «*? LK and Canada » ^ttaly A; This may be all very well for 

Government undertakes poli- have had pay controls for most / • V §= those who retain their jobs, but 

ties, which would otherwise of the period; rhe U.S. and Her- t'-« - : / * \ t\ _g the net effect ie to reduce the 

be considered undesirable, lo many have not. The Americans 1 / f \ \\ K demand for labour here and 

ensure union acquiescence abandoned Them m 1973. ,- HBBI v v - rif now. Even more important is 

in a pay norm. France. Italy and Japan are g|g .,/ # / \ S the longer term effect in in- 

The wav to establish ground wore diflicuU lo classify. France .jig / // / « : s \\. . France » g creasing the uncertainties sur- 

is 10 shift tht! focus of the has had price controls and i£gg /j/'7 rounding investment 

debate from inflation to unem- tom pled pay controls, which ^ < > / / / / Canada-^C ^ Organisations such as the CBT 

ploymetit. The one intellectually brcndi goveramenls have ihem- ^ ^y' \ ^ ^ or German leaders who give us 

respectable— although in my spJves regarded is disappoint- -t^ 2 ....-JX'/ — -1 economic lectures would like to 

view false — case to he made for 'in their results. The Italians - ■ ^ ^ \ _ 2 have the wage restraint without 

pjy controls is that they might have centralised pay talks W. Germany-^ \ s the distortion of relativities or 

in ideal circumstances reduce between employers and trade ^ ' us -i the accompanying policies. This 

the unemployment rate. After union organisations on matters ^ is crying for the moon. Why 

all. proponents of such policies sin-h as cost of filing adju.vt- ^ , MC .. . *12 months to April g should union leaders settle for 

frequently say “monetary policy meat. Japan dues mu have ; - ^ ess l ^ an they could otherwise 

can control inflation, but at an either .pay controls or a centra- — **»« yet, unless they set some other 

unacceptable price in unempioy- J.ised pay bargain: but there is measure in return? 

ment ami lost output. endless argument about how yraint aluu>- in wild have eo.^t ally below 10 well above the There is a plausible case for 

Let us accept the argument on Ms economy aciuaMy wurks. mo many job., the argument is OECD average. savins that in a pay policy of 

these terms and ask whether The U.S. and Germany had a at least s-wir.-nM hack 10 die There is no choice then but ,he short-term emergency type. 


^ W. Germany " v ^ 


*12 months to April 


13.9 per cent in the first nine /T. \ r l vies, which would otherwise of the perinil; rhe V.S. and Her- « ■ / / \ \\ the net effect tn reduce the 

months of the Phase Three pay EMIlWBSAWIlfHlUC I^) be considered undesirable, to many have not. The Americans 1 / / \ m ^ t \\ S demand for labour here and 

policy, during a period in Which ensure union acquiescence abandoned them m 1&7S. - 7 / v SH \\ f* now. Even more important is 

prices rose by only 5 per cent. Stage Ofle in a pay norm. France. Italy and Japan are jgg \ | the longer term effect in in- 

l^is ratio is good for living 14 " f N.^M Tlie way to establish ground Inar e difficuH to claaSHy. Frame jig ////r; v^V. France x fg creasing the uncertainties sur- 

standards, but not susuinable 77 . Currant Bounds / / r is ,0 s l> ,f t »h‘ : focus of the has 1,311 P nce wnrMa and /j/tf rounding investment 

for more than a few months. We 4 // ' TZ Uebaie from inflation to unem- «it«ni>Uid pay controls, which +*''//'' Canada"^ N O l ‘- r>l Q. Organisations such as the CBI 

we, as I explained in more detail in /«•*’ ploy mem. The one intellectually rrcneli governments have them- ^y* or German leaders who give us 

in Monday’s Lombard column 1U ’ J ' TD respectable— although in my swves recanted as disappoint- ^ . — -I economic lectures would like to 

enjoying an old-fashioned homes b - jf /'**'. « 'icw false — case to be made for in€ 'in their results. The Italians g ' ' - > N \ « 2 have the wage restraint without 

market-led boom of the kind we /*" b^y controls is that they might have centralised pay talks W. Germany-^ \ s the distortion of relativities or 

have not seen since the early 5- T J -B ,n it,eal circumstances reduce between employers and trade i|gg US the accompanying policies. This 

■1970s. But this time the / *' ° 1ho unemployment rate. After union organ isatiuns on matters ^ is crying for the moon. Why 

stimulus has not been budgetary- 4. - . -4 *1*. propomuls of such policies sui-h as cost of firing adju>t- ^ , lfC . . . *12 months to April ^ should union leaders settle for 

or monetary or anything that /// StagaTwo frequently say “monelary policy ment. Japan dues mu have yg ff 1 ... - Vinr 7 v^ , - - r -7 7 _ - less than they could otherwise 

tile Chancellor has done 2 - ft*’ - 2 wn control mfiatiun. but at an either .pay controls or a •.-en-tra- 4974 — ^ yet. unless they ^ct some other 

directly. It has rather been the Jf j unacceptable price in unemploy- J.ised pay bargain: bul there is measure in return? 

hl?M sterlin ? in 1977 which d Ta c o^'oVr^wi Vrj 0 m ° nf and ,osl ou ? put - endless argument about how , r aujt alt would have io.t ally below 10 well above the There is a plausible case for 

uDwarri™ P nces + d ? 5 Plte the ««. Let us accept the argument on Ms economy aciuaMy wurks. too many j>.i.-, the argument is OECD average. saying that in a pay policy of 

costs but °wdi?eh nt hi n a ir ,tJ rf h ' {,te>,e lermjf an(l ask whether The U.S. and Germany had a at teast haJk 10 the Tiiere is no choice then but lhe short-term emergency type. 

eone’inM Das alread > r . pay controls really do lower the much tower inflationary peak in right pla-v. d..-« income policy :o nl) back lo first orinciples. lhe beneficial main effects re- 

■ coreverse - muhUly when they use in- unemployment rale— not only j 975 4han ^ lrK w uhout the a How « h -* '-■vm.iny 10 hr Aftv . effect of pay policv straining awraee wages may 

Opponente of incomes policy J;? 1 ". 65 P° J,C - V . to descrjDe this the transitional unemployment benefit of pay ctirvtnilb and sub- operated :»■ .« lower level of m "reducing average earnings outweigh the harmful distor- 

will see in the latest earnings 101113 of suiding light usually associated with a reduc- SWJO pnMy moved down t» lower uneraploym eit» or (Joes ii nol? w] |j a |^ 0 reduce unemployment tlons - Th bs the case for the £6 

•£ U ?fin-*l Ur ? ier illustratiQQ bf Such a guiding light may he a lv 1 in the inflation rale, but Jevels ^ inflation lhan we dld . Hafi then oav policv lowered below what it would otherwise pay Hruit of July. 1975 was less 
its futility. Supporters of in- good or bad idea; it is a matter *■*> a "d more fundamentally with controls, has iinemployiiK-ni? The difficulty of have been. On the other hand wCak rhan T ^ ach ^ lta 

comes policy will regard them of tactics not strategy. It is an Ihe "constant inflation. or moveA parallel lo the l : .S. but the question n that there "are the micro-effect of pay policies successors. I vviU not go beyond 

as one more piece of evidence of fact an appallingly bad idea in "minimum sustainable ’ level of t consls i en uv hd-'her inflauon so many lliou-aiuis uf influences "> n interfering with relativities 3ess ' vcak - because a single 

bow desperately important sach British conditions, as any norm unemployment at which the “ th uni'nipJovirent rai« that and differentials raises the un- P has f. C3nnot judged in 

a nnliim u 1 , _ , _ . . V.™ ,' n tl.a UJI 1 H u_- II.-. 11 1 III. mai. “ icrtlitlnn frnvn woe litolv- 


ence on employment arises from 
the policies by which union sup- 
port for pay restraint is bougbL 
Price Controls, dividend con- 
trols. or disincentive personal 
taxation may make the more 
affluent unhappy. But they also 
increase unemployment Some 
of these measures aim to raise 
real wages relative to profits. 
This may be all very well for 
those who retain their jobs, but 
the net effect jti to reduce the 
demand for labour here and 
now. Even more important is 
the longer terra effect in in- 
creasing the uncertainties sur- 
rounding investment 

Organisations such as the CBI 
or German leaders who give us 
economic lectures would like to 
have the wage restraint without 
the distortion of relativities or 
the accompanying policies. This 
is crying for the moon. Why- 
should union leaders settle for 
less than they could otherwise 
get. unless they get some other 
measure in re (urn? 

There is a plausible case for 
sayine that in a pay policy of 


bow deapemely important sach British conditions; as any norm unemployment at which the - -umauun ^ and dlffer entmis ra.ses the un- P h ff »»»« bf Judged in 

a policy is and how much har- is regarded as a minimum nego- economy can be run m the j n , iminedla teiv be said it is diffieuii lo wolaie any one employment rate. Attempts to |* Q,a )\ 0 " from v ' hat w »* > 

d tL™SJ° ^ t0 ° b i ain {t J tsat3 ?S objective by all unions, longer term. tha ' t VTK pa TpohS shouW^ol of them- If w, to attribute raise the relative wage, of lower \%JfZ 

Why not, however, move beyond as the 10 per cent one has been. How about Hie many other- be judged hv avoidable past mis- to pay policy the lOfl.non drop P a ‘d workers above the market- " .-suredK- PhlS One 

^ 11 als ° leads t0 . a 5 “therwhcuii- wise -intelligent people who rakes . B ,„ ^ want j0 djscuss in adjusied uiiemploymont since clearing level will price tiiem e( a s{eD towards a 

at .It S S a COm - n r* Sir Z sp0lIlght on „ br ! ach ! S believe it “ obvious " that pay better policies why stick to those last year's peak, can we absolve out of jobs. On the other hand n * a J; ep 

mon ground rules for discussion of that figure, especially In the polk . y brought down the rate of involving pay controls? Whv not that policy from the earlier rise shortages or skilled workers. Permanent penny, 
between the two sides? public sector. .. inflation from 24 per cent in look at the general eco.iamic of over olK'.-K'U from the be- who are paid below the going In any case, the longer a pay 

The first requirement for sen- But well advised or not. the 1975 to around 8 per cent now? policies which, wilhout such ginning of Pha*? One in July rate, will reduce the level of policy goes on. the more the 

sible debate is a reasonably promulgation of a central figure It only British data were avail- controls, enabled the U.S. and 1975 to an all-time high of activity to the detriment ox em- specific distortions predominate 

restrictive definition of incomes is not the key part of incomes able this mdgbt seem plausible. Germany 10 avoid also a British nearly Hm? And in ihe pay Payment. over any overall restraint and 

policy. If every conceivable policy, in the controversial But the larger chart reminds type peak in 1975? And if you policy year*. Briti.-h unemploy- Another and perhaps even the more dearly harmful the 

policy which influences pay and sense. Definitions are .usually us of -tihe world picture. AH say that overall monetary res- ment has moved from suhstanti- more important adverse influ- policy becomes to employment. 


Indeed it is extremely doubtful 
if there have been any benefi- 
cial effects on average wage 
settlements after the initial 1975 
clamp down. 

All the Signs are fhat Phase 
Three has led and that Phase 
Four will lead to a larger in- 
crease in pay than what we 
would expect from relying 
exclusively on monetary and 
fiscal policy. Let us suppose Ihe 
Bank of England were to have 
its way with an $ per cent eam- 
mss limit which would 
soon become a settlement norm. 
On top of this would come 
normal wage drift, plus the 
catching-up that the public 
sector unions are demanding, 
plus the very high cost of even 
a small move towards the TUC 
demand for a shorter working 
week. The Prime Minister's hint 
about more scope for relative 
adjustment will further push up 
the average. 

If we Ju.ik beyond cyclical 
ffuciiiaiwns. the level of employ- 
ment depends crucially on how 
dose wages are tn market-clear- 
ing levels. I; also depend^ on 
whether there :s en-mch indus- 
trial and other capacity to pro- 
vide fu!' employment. Of 
course, the labour market works 
very imperfectly even without 
pay controls. But can one 
believe that existing pay con- 
trols which bring politics, horse- 
trading and consideration nf 
face into every wage decision 
make them work any better? In 
any case the beginning of 
wisdom is to rea-lise that in ihe 
longer term at least, pay policies 
have nothing to do with infla- 
tion and are to be judged by 
their effects on the labour 
market and on employment 
levels. 

Samuel Brittan 


Letters to the Editor 


Pnrffinov reflects the money wasted in try- one hand and of income-tax on As I suspect that neither 

V^Um?IlL j ing to make scholars and pundrts » h e other. Saturdays nor Sundays are 

otaliili+Tr of academically ungifted children ( d !^!!2L" g A JJR m £2 regarded as “ workin * days " 3 

Stability who will never learn more at Lnoueh^n delation m rorewa- lelter can in facl take Six dayS 

From Mr. W. Grey school than the three Rs. and tZfaT he wmes“ ove°r ”?p° a st ^ "tore, to deliver which in 

Sir.— Those who plead for ° ugbt 10 leave when the* have few m(jT)tbs wUb lhl? i ncrea se in todays fast-raoving and techno- 

greater currency stability ? one ., so ’ init .? ad of . beill 8 Xe Pj> Hie sierling exchange rate im- logical world, is little short of 

through membership of the bored resentful P n »D*«- en ; ports have become less expen- a disgrace. At my place of 

existing for a reformed) Euro- «P^. lat€>d » n uncomprehending slve in ms country.” From H . ork> we regularly receive letters 

pean currency club do not. as t uU,,l y- where do these thus cheaper Friday which hear the pre- 
suggested by Samuel Brittan Since a growing population had imports come? vim.c Mondav’s nostmark How 

(June 15), favour 41 forcing ex- to be fed. our forefathers had no 1 know of no country except V° us “® nd *> 3 

change rates back” into a strait- choice until the Corn Laws Were Norway and a few id Latin long will it be before even this 

jacket They. favour, on the con- repealed but to cultivate \bad America against whose cur- appallingly slow service is 

trary, a style of economic manage- .land: but we are under no Jtike rencies sterling . has risen in stretched to a week or more ? 
meat aimed: at continually compulsion to till the stony 1978; on the contrary, against T - nQ CODSDlation ^ be 
balancing the economy in such a patches of our educational fields, the yen and the Deutscheinark . h p . offi e lbar 

way that exchange rates, left to By insistence on ceasing to do so its devaluation since the lurfn of ^ssured by (be Fost Ottce inar 
themselves, are by and large, or we could liff a pressing weight the year has been an average of our delivery service m tms 
as nearly as makes no difference, of the rate burden from our long- 16 per cent, while even against country is second to none. The 
kept stable. suffering shoulders without any weaker currencies, namely, tbe f act remains that we used to 

Steering the economy by the visible diminution of our .S. dollar and the Italian lire. It have a much b elte r aod quicker 
exchange rate, and making its national education levels— which has fallen by around 5 per cent. . . s a „ 0 and it j s 

stability tbe touchstone of are certainly lower than they J. A. de Havilland. riMihpr-itelv helne allowed to 

economic policy in this way— were 50 years ago. BfcimpHnp Hn«. deliberately being 3 d 

rather than the other way round of course it is anathema to Burp St. Edmunds. Suffolk. deteriorale. That is tnc scanaai 

of making the exchange rates our socialist-minded beaurocraey that we should he looking at very 

the economic whipping-boy — to admit that one child is tflV seriously indeed, 

should also dispose of the charge naturally a belter scholar than TT 111 Cl 5 ioa , c B 

that advocates of closer Euro-’ another. In the daylight of that- ‘ ' . . . „ 

pean economic and monetary admission the moral indignation lO iCQUCv • Traherne Lnrigc, 

union are putting the cart before 0 f socialism tends to evaporate, vrom Mr s w Pemcill Walpole flood. Tccidmolon. 

the horse. Indeed, just as a stable leaving an unlovely residue of ' • ' ' _ hl . Middlesex. 

exchange rate is the hallmark of envy and the sense of inferiority- SIr * ™ r - T - Mussen, wnue — 

economic virtue (both of living But it happens to be true: by to some extent correct in his C fl , Tm7£4rQfl r A q-m A 

within one’s means and of pressing on with the contrary letter of June 19. simplifies iJc t* tid^C dull 

making the .®f. 5 hypothesis we set no limit hut raa tters too much and arrives at ,, r _ 

resources), so its discipiine pro- our patience and our pockets to ^ solution. WfllGr CliargGS 

vides tbe most powerful possible money. we can waste. ; th a mrartnr nf Finnnre 

incentive for countries to keep In the first place he ignores From the Director of Finance, 

their policies, and not merely Hubert C Bier. the fact that the existing high Thames Water 

their currencies, in line with Jf>, Lullington Garm. . — rates of taxation do discourage Sir.— Mr. Tbirkell in his latest 

each other . ~ endeavour, even in the so called 3 ® ller . l °. Jf ? e m v^i*.fir l fn 

3faJcing exchange rate stability. "E^nSinPP fof .“working classes” who often JJ 31 ipL't^httbriDfuT He ha° 

-I* .‘sss?* 1 ! t ,,na pc e ior find it e mote preBlaWe take ,S ,be 3 P H“ck by sot 

""priori'* ot so economic small firmS °® tr ™. ,b tir 1( °“ cial ^ »««"« <** '«“> ll, F 

management is best calculated ^******* and spend it “ moonlighting. • ft my letter were intended fe 

moreover, to forestall the very From Mr. Roger H ■ tmnroy. x-ertinly, to my personal experi- deceive. May 1 make tbe follow 
things — official 'intervention, sir.— For two and a-half years ence discourages entrepreneurs mg comments: 

sshs’ ass&fft&sp j, b r«sSf£S (?r,s. ! r <*• «*■'**% - jh s & ™'z. 

SSSmSSh^JuS S Mr. Brittan dation looUnn at the pr»6/em, <W«tHy b*s an effect en employ- ren( , c .r is 7.2 per cent. The 
“ Z htl v abhors. Can we ask for 0 f financing smaller businesses- ment. >ncre;.se in charges for 

more ? and we have just published our T he mere reduction of cor- individuals services aie Aaier 

tV Grey ■ 140-page report entitled ‘ SmaU o tj f Jf wilJ DOt of itse j f supply lO.o per cent, and sewci 

vv . urey. .’ • - _ A Fair Crack of -the r . .. age 4 per cenL 

12 , Arden Rood, Finchley, N3. whip." We have reviewed events cause corporate bocties lo invest The above charges are 


GENERAL 

Presideni of Cyprus Spyros 
Kyprianou arrives in L'K for talks 
with Prime ?.linis!er. 

Japan-EEC “ high level ” two- 
day con^ullullon^ open in Tokyo 
on trade and economic relations. 

Sir John Meihven, director gen- 
eral, CBI, addresses annual meet- 
ing of Engineering industries 
Association. Grosvenor House, 
London. 

Scottish Liberal Party confer- 
ence open?, Penh. 

Research Establishment.- re- 
view by Depart mem of Industry. 

Wine and Spirit Association an- 
no uncemenl on future plans. 

Mr, Rulent Ecevit. Turkish 
Prime Minister, in Moscow Tor 
talks on economic and political 
links with Russia. 

Crown Prince Fahd of Saudi 


Today’s Events 


Arabia on State Visit to Bonn. 

Second day of conference of 
European .Ministers of Justice. 
Copenhagen. 

Institution of Mechanical Engin- 
eers seminar on Engineering and 
Britain's Problems. Birdcage 
"Walk, London. 

Lord Mayor of London leaves 
for visit to Edinburgh. 

British Army Equipment Ex- 
hibition continues. Aldershot. 
PARLIAMENTARY BUSINESS 

Flonse of Commons: Debate on 
“ mis-manasement of Scotland's 
oil." Debate on need for balanced 
economic order for Wales. Gen- 
eral Practice Finance Corporation 
I increase of borrowing powers) 
order. 


House of Lords: Adoption Bill, 
second reading. Wales Bill, com- 
mittee stage. Consumer Saftey 
Bill, second reading. Home Pur- 
chase Assistance and Housing 
Corporation Guarantee Bill, com- 
mittee stage. 

Select Committees: European 
Legislation. sub-committee 1. 
Subject: Sheepmeat marketing. 
Witnesses: National Farmers 

Union. Consumers' Association 
cifl.30 am Room 15). Race Rela- 
tions and Immigration. Subject: 
Effects of EEC membership on 
race relations ami immigration. 
Witness: Mr. D. Lane 14.30 pm. 
Room 6). 


OFFICIAL STATISTICS 
Car and commercial vehicle 
production (May-final). Finished 
f'teel consumption and stock' 
changes (1st quarter — final). 

COMPANY RESULTS 
Associated Television Corpora- 
tion (full year). Baker Perkins 
Holdings I full year). J. Lyons 
and Co. (full year). Racal Elec- 
tronics Hull rear). 

COMPANY MEETINGS 
Booth Internationa), Piccadilly 
Hotel. W., L2. House of Fraser, 
Glasgow, 12. John Laing. Heme! 
Hempstead. 2.13. Maiiinson-Denny, 
ISO, Hackney Road. E.C.. 12. Marks 
and Spencer. Hotel Imer-Conti- 
ncntal. \V, 12. F. Miller Textiles. 
Glasgow. 12. M organ Crucible, 
Cafe Royal. IV.. 11 SO. Mother- 
care. Winchester House. E.C., 11. 


J AteK&vES ld5percent - service years ago and it Is 
flfcimpKup Hfl«. d ’ deliberately being allowed to 

Burp St. Edmunds. Suffolk. deteriorale. That is the scandal 
that we should he looking at very 

: Which tax '" dccd - 

. A. L. Berry. 

to reduce? 21, Traherne Lodge, i 

: From Mr. S. W. Pemcill Road ‘ Tcridm(jl <jn. 

Sir.— Mr. T. H. Russell, while WldtiUucjr - 

to some extent correct in bis C our ora QA and 
letter of June 19. simplifies oeWcldgC dUU 
matters too much and arrives at wa f ar pk^rapC 
an unrealistic solution. Wdltl LlIAlgCb 

In the first place he ignores From the Director of Finance, 
tbe fact that the existing high Thames Woter 
rates of taxatioa do discourage Sir. — Mr. Thirkell in his latest 

endeavour, even in tbe so called ,aller l ° l fn 

m , . , „ . .w, that he did not find my letter in 

working classes who often lhe lea:Jt helpful. He bas 

find it more profitable to take returned lo ibe attack by su?- 
time off from ibeir official jobs jesting that both the leaflet aod 
and spend it “ moonlighting.’ 1 ft my letter were intended to 
certinly, to my personal experi- deceive. May 1 make (be follow- 


IE3H3® 


mmSaaoS 




then if should be on service that 
you fudge a bonk. 


rizhtiv abhors. Can we. ask ior 0 f financing smauer 

m ore "’ and we have just published our T he mere reduction of cor- individual services^ aie .vaier 

w Gl l y , . 140-page report entitled ‘ SmaU o tj f Jf wilJ not of itself s “J p l y r cenL and sewci 

v* • «rey. • - «-i~ c __ a Fair Crack of the r . .. . age 4 per cent. 

12, Arden Road, Finchley, N3. whin “ Wp have reviewed events cause corporate bodies lo invest (2) i^ e a h OVC charges are 

: and research findings since the. in unnecessary plant— and they payable by all sectors or the 

TTUrt AAeilv Bolton Committee made its will normally replant whatever community including industrial 

IDc LUjIIJ recommendations in 1971 and- the rate oi tax, but because of and commercial customers as 

•It _ despite tbe continuing dearth of high taxation are often forced well as householders on whom 

illusion facts about the dynamics of the. to borrow, from banks or by Mr. Tbirkell has concentrated 

.. u.ihari miner small firms sector we have ined 1 rights issues, to do so. New entirely. In fact, in this year. 

From Mr. Hupen u .-.* 0 trace cause and effect in tht.^pigat. usually means improved jusr under 50 per cenr of our 

Sir,— On' scanning my rate J . aching the right con- ^ Reaper methods of produc- income will be raised from the 
demand I note that fay far the .*'*j ons an ^ recommendations. ti 00 ca used by the saving of domestic sector, 
weightiest component m that v anfcs M . e n be luo sreuntj^ labour aDd mjtiaDy. if i t j S to (3) Because changes in our 

engine of oppression against tne u5 when considering have the desired effect on the charging policies were applied 

self-respecting and independem med [ nin .tenn loans to f®*". economy, means temporarily t h «s year, there are neccssani:- 
is the bill for what is described - rjB s. but it is Mr. Healey and adding t 0 unemployment until increases above and below thi 
with bland official effrontery as r^ v9r who have the power. ^ reduced costs result io average quoted in Hi. as well 
*■ Education.” But my experience w crefl te the necessary added demand. Tbe Govern- as reductions in some- charges, 

is that most shop-assistants ran - ent j Ves . . - yroent apears at last to be giving f4) At the time Thames \v»ier 

not do mental , arithmetic “ d ec ^ t budget Proposals Up service W the situation but agreed fo, ■ 


B-ank c-i fission Houses 5 Cr.ecps ic’e, EC2. 


IS tnai lUUSV . j Ceutives. - ■ meat apears ai last utr .... 

not do mental arithmetic “““ — recen » -budget proposalstiip service to the situation but agreed 

must needs ciphet-.'with pencil, ; Th little to tap. some of the trades unions still it was stated that it was eati- 

and fuVrewed brow; rthat are MgNWim * (pe n^ have to br5ng themS elve 5 into mated hat average house- 

no-one under 4ffis likely to- have th^ saving^of the private mdi-.-tbe second half of tbe 20tb hold bill in 19iS/i9 would m- 


no P one timder ^1 is likely to have *^5“ private initi-- the second half of tbe COLb bold bill in 197S/79 would in- 

French or German, tdmjmngsai v** r en-'Ventury crease lo £37.50 for water supply, 

any f re T^ itv to write vjdual. Also, w n« ^ to - ; sewerage and environmental 

nor yet tbe a . ' p^cisjon courage lar ff profitable- S ’ W^PenwIli, services and land drainage. This 

EagJisb w phrase: that hive pff p -? e JlL within thetr- 25S. Fenchnrch Street, EC3. is an increase of £5.50 over the 

and apt chotee « our senior small businesses » 1 ™ 1 " ' br -_ average bill for 1977/7S. equiva- 

face of farcically nri ??A r ?' S present beneficial:. •Cp/> n vi|l plocc lent increase ot 17 per cent 

scholars in we xac computa- outsiders. The prese .. ^gCOJlU UdSJ) for these essential services. Suh- 

Simple. MrttaMjp 1 ^uj^«.ti0^roWsinn^an«r h e' w- sequently. following the mter- 

lions is. a 2j5f- r anintadver- restrictive . preV 3.11(1 WOTSC vcniion or the Price Com mission, 

wearisomely res^ Companies Act IMS- ^ n , npa ^ t . „ 7 lhc iDCrcasc 10 ,he avera?e 

5 ion in the a Latin venta the use of a Joan to b rom Mr. A. C. Ber y household bill was restricted to 

anyone able to J** 11 * 1 hove his assets as secuniy ) r of ; t s Sir,— One of icn bears ihe Poit f4.50. an increase of 14 per cent 

inscription Stanos ent;li assist m the P° fnj - tra te the Office proclaiming the speed and 0V er the previous year, 

fellows with di«- JJgJ? *? shares.coinbineto'^n nf soma efficiency of its first-class letter (5) Thames Water does noi 
msenifleenee. the sublime des j ra ble frag ment a « UKV service but seldom a mention is j Uir rover ihe London Boroughs 
solitary splendour of wets giant organisann _ _ t ma &g 0 f the much more widely There arc. in whole or pari, 

his column! - • t0 high level ot ‘ duccd as used second-class service. Tbe 50 nio 94 rating authorities in the 

Yet our collective tnDu tration nee - m!° latter according to my personal ar£ . a andf in selling charges. 

Minerva is no light on& ■ 600n as possioie. ■. an ^ business experience, is consistent policies are applied 

An we lav abundant offering * Ro <, er H. Stanway. - ^ slowly but surely deteriorating across the region. 

?he feet of the goddess ofiea - " The Business ilnlo a third-rate imitation of t 6i In order in. meet what 1 

wisdom and the arK Association Study « wl , at it was originally supposed believe is Mr. ThiritelFs point. ■' 

risTbly reap so llMeo! «ny« ™ a 0 ® Financms of SmaU. tQ be . would hare been necessary U. 

[hese things? -SM* JJ 0 j Firms. ^ *; When the second-class service issue a separate leaflet to each 

f.Teld* a Clue. In the^cllmaw nr . sW?- was first introduced, the public customer, showing thqir mdm- 

'afting wages in the w^e of the ^ jerntyn. Streep >as nn t ^ repre . ^ ual percentage increase an 

v»noleonic wars, bread oe«m Rented, an average, one extra impossible task with over 3-am 

eruSlS expensive for TfhnOrtS ^day’s delay in the delivery of bills being issued. As it w. 

Ii classes. Ricardo exp**™*, IIIipUlW *** ^ he mai }, i. c . two working days eacn customer who received a 

S 2fv the high P rice - « rt t.nn(TP TSltBS ; 3rom the date of posting. It was hilt from Thames Water received 

the costs tjwhgl g exchange idle* 500D discovered that the a leaflet giving some mtormatior. 

I r f.?5rttfng land so poor »n de Holland ^ ormai transit time had about the Authority how the 

CU *V, Tries when popuIation Fr(mi jif r . J* you lengthened to three days and. income is spent and how indiu- 

L F less cogt?B h'T P n left Sir.— In ^ r le „% lr T. H. -tiow, by the Post Office's own dual bills are calculaicd. 

fees U beD K ' IS » 'Cr H SSrlU. j 

rss « a •y.fffflys f«jf% ££.& « « ■- r** “ dE,,ver - R0,ebETW ^ E “- I 

j^SSn^ our a^onhiU * f . . _ • J .... * 





We've spent 56 years in the Cify, buildingan organisation fo 
cater for the toughest judge of all: the financial professional. 

That's why The Bank of Boston's account officers prefer long 
instead of short-term relationships. Why they stay with their accounts 
longer than their counterparts at other banks. 

Why we have an exchange specialist based on the dealing 
floor devoted exclusively to keeping corporate customers abreast of 
developments. 

Why our two hundred people in London aim at the highest 
standards {if you give the best service, you’ve got the best bank). 

And it works. 

Our dealers have put us among the top banks in making 
markets in all major trading currencies. 

And six out of the top ten companies in the 
prestigious The Times One Thousand * are our customers. 

Do you put a premium on service too? 

We look forward to meeting you. 







bank for 
rofesdonaSs. 


•! when the second-class service issue a separate leaflet tn each 
'-was first introduced, ihe public customer, showing thqir indm- 
“ ; was led to believe that it repre- dual percentage increase, an 
isented, un average, one extra impossible task with over ?.am 
jl$ay’s delay in the delivery of bills being issued. As it was. 
^the mail, i.e- two working days each customer who received a 
■UErwn the date of posting. It was bill from Thames M ater received 


boston^ 235^ 

THE FIRST NATIONAL BANK OF BOSTON 

Bank c f 3*Jc n He j«. 5 Chccprice ler.dr n EOP 2DE (Tel: 01-236 23881 Also ok 31 Lov/ndes Sfreel, Belgravic tordor 3V.TX 9HX (Tel: 01-235 9541). 
**3sN7i? I* f a Hi; ;i r- r_u ; t < t -r . , ; f .•.por.ro:/.': xcam F£Pi je uc ff/.i orri.y-rtv- kcwg kgw» 

IkA'-J* JAtAj-j, LEfcAi :CN; LU/i;.’i-CUr,3; FrJ IN.'J-j iiNC-ATOli,- SfAir-Jj UX,- UJAj Llr.'jirL'Alj VtNiZ'JsiA. 




DIVIDENDS ANNOUNCED 

Date Corre- Total 


Current 
payment 
L 2.09 
. 0.39 


Transitional costs keep Tesco in check 


DESPITE non-recurring owls of 
over £3m. iradin? profit or Tesco 
Stores (Holdings) for the year to 
February 23. 1D7S. was ahead 
slightly from £34. 59 m to £34.S5ni 


INDEX TO COMPANY HIGHLIGHTS 


Company 


but after a £1.4m reduction in t~.. V v 

receivable interest to IJ.SSni. pre- 

tax prods finished the period Avana_Group_ 
down from £30.1 9m tu £28.36m. goer’s Stores' 


Page Col. 

20 3 

20 6 

after £lfl.28m against £10.1Sm at "I” - 2 3 

halfway. Brown & T awse 20 4 

In .June. 1977. Tesw cut its 13 Burnett & Ha llamshire 20 5 

year link with Green Shield c^trol Securities 22 3 

Trading Stamps and adopted its — 

cut-price policy. During the year Durapipc In ti. 21 2 

direct costs totalling some £2ni cniott fB.) 30 1 

relating to the launch of "Opera- — -- ----- 

tion Checkout" were absorbed Harrisons « Cre meld 2 1 S 

against proliis. In addition, the Kenning Motor 21 1 

considerable increase in business «— . - - 

generated by "Checkout" created Lindustries 20 7 

unprecedented demands on ihe _ 

croup's distribution network, par- 
ticularly in the laaer pari of the 

year. This resulted in extra non- final payment of fl.fliTip. 
recurnng costs retelling to the In the current year Tescn 

hire of transport and temporary plans to open 16 new stores and 
warehouse accommodation which three nwjnr extensions. This will 


Co mpany 
Lloyd (F. H.) 


*Lofs * 

23 

4 

Northern Securities 

21 

2 

Provincial Insurance 

23 

& 

Rivervlew Rubber 

21 

3 

Rowlinson Constr’ctn. 

21 

3 

Seafield Centex 

23 

5 

Tesco Stores 

20 

1 

Thorgmorton Trust 

20 

2 

Twiniock 

23 

5 

Westbrick Products 

23 

4 


Anglia TV' int 2.09 

Avatui Group 0.39 

Baker's Stares int. 0.3 

Brown & Tawse 3.64 

0 *__ _ "I ^ H Burnett & Hallamshire 

1FI rnPPK 2nd int L43 

111 VllvvIV Control Securities 0S3 

Comercroft ... Jut. 1-23 

stream u 28 per cent stake j pre- J™/** 5'S 

sents an unknown quantity Tor ,5* 

profits but overall the foil year Globe Trust -j 

pre-tax figure is unlLb to be *«“«»* MotQr int - 

Page Col. much higher than £3'.m.' At "Ip ^industries 6 

the prospective p/c of (fully H. Lloyd 3-ef 

4 taxed i and yield of 10 per cent Northern bees. Tsl 2.4a 


of spending 
payment div. 
July 28 1*7 . 

Oct. 4 0.53 - 

Aug- 8 . 027* 

Aug. 10 334 . 


• - " - - Financial Hmes 

#::EindnstrMp^S: -y 




Aug. 7 


Aug. 11 Nil 


Sept. 1 
Aug. 2 
OcL 20 


OcL 2 
Oct. 2 


finished the up Has been sattsfect^; ? - 

I978r: with taxable prottis up^row.. -gjtfsngg per-~*iP>v£”*» «e 
mtim to ’T Was ■' 

by, nearly iww Old forecast jt. ' 

' At. 'the SSdihSf nosed 


- the ^nd-half posed 

4 ^ 2 .. -directors some impanfe --tiw - , - > . 

la? -results to A h <^ Johe'wit fcrT»^^WWSWCStea.-.,.'.. - 


July 20 


-resuits ^tatter 1 “Srtf iK.fc 

mpnt on the latter n &t final . ^ r; • 


is not an expensive rating- e' - e n Row, l n *°" Constructions l.< 


in this cyclical industry 


Brown & 
Tawse up 
to £3.3m 


Scottish American ...int. 0.9* 

Sutcliffe Speakman 1.07 

Tesco 0.92 

Throgmorton Trust ...int. 2- 
L'.S. Deb. Corp inL 1.13 


July 31 


2L2£ of turnover grid There •wasy -a&L^fe^O'T^DarY 


July -29 
Aug. 4. 
Aug. 1 


Dividends shown pence per share net except where otherwise 
* Equivalent after allowing for senp. issue. 7 On capital in 
by rights -and/or acquisition issues. $ Based on 33 per cent 1 
increased to reduce disparity. S Dividends of .not less - than 
forecast for I97&-79. ? Directors hope to maintain final at 17fp 
total 2.6p. . . 


..U’5he directors 


exceeded £lm. 


increase selling area 


store improvements and refurbish- ,be !! rnn rwh^nh- m - 
menl was accelerated and all stores diqmred from Debenhams, 

\flvi mrml n thP &rn in %. 1 up«p<; 


final payment of flJBWp. A I * 

In the current year Tescn /\ 0 j f fl 

plans to open 16 new stores and 
three nwjnr extensions. This will rri i • • 

increase selling area by over I jft I /A\7| Cl OM 

500,090 square feet which includes X V^JLV- T Ak2Ivll 
the \ ; oitingham and Walkdcn 

stores acquired front Debenhams. liAnrlll^nv 
Next month the group's largest ilvwll Tt (X j 
store will open at Pilsea. Essex. . 

v\ith a celling area or SS.OOu TttE six months pnded April .50. 
square feet, with the addition of 1975. :il Anglia Television Group 


AFTER RISING from £!>“m 10 
£ 1.62m in the first half, pre-tax 
profit of Brown and Tan>c. steel 

and tube Mock- stockholder and 

engineer, ended the March 31. 
1M78. year £0.27m higher at a 
record £3.33m. 

Turnover climbed from iSS.llm 


profit 

t. Pa rticuiarly gwj. _ 


• -< - -Op^ runt PartICiu«u^J -r — .“ rubber oami- wai ; {iro- 

wie“aciueved by the companies SStttoM x»f sli • 

motor vehicle .com- ■ oT-.-esi»ctatioxt»"3>ecatHfirnf 


rs£ 


by over 
includes 

Walkdcn 


24% advance to- 
Burnett and Hallamshire 

. premises in Cumbernauld, -which “paniMi showed a decline of w- per >taWedt :^,, . cwwgiSS^frQ® 
■TTH TURNOVER 31 per cwi. be early in 1979. "The-eent. . „ h 

i aggregate value' of the ^jMW-t^oagh good ™g*r. 


revenue costs incurred in con- . Nexl -Mi°'\n h n i h L 8 D?. l !.«« 
neclion therewith were charged st ®.r c * *«?’ l-^nmi 

aearnst profits in the period " ,th a , ^' l,n ? area or SU.OOU 

__ square feet, with the addition of 

The directors slate lhai 1977-78 a petrol station and garden 
was a year of transition. They say centre. 

that their aim was to relaunch Beyond 1979 I he re are planned 
the business and establish it in new store' and extensions in 
the forefront of the supermarket excess or 1.U00.000 square reel 
industry, and lhai with a much- selling area, directors stale. 


augh pood results - were . re oTbpanie® n*ere. tfexk 

!d by three : 

companies 

hpw sar. and- two made r 


viou< year-. — net profit entergea 
31 Il.TSni f£1.5hml. There were 


Mr. Nigel Swiffcn, the chair- region of' £500.000. 


garden resulted in a rise in pre-tax extraordinary debits of I7-2.000 man. says the mining division 


profits from £l.3m to £ 1.9ttni. t££J.OOOi balanced 


extra- achieved a 43 per cent turnover 


The directors ‘■ay that although ordinary items of £.12,000^ ^ f.iW.WOO/ grow th in the year and that the 


revenue continue'' io exceed Iasi transferred to reserves divisional turnover mix was in 

year's level, ihe rale of increase The final dividend of'.T.KJ.Tp net line with forecast. The group 
has slackened. At Ihe same lime pej- 23 p share takes the loial profits mix also followed forecast 


improved trading image and well ,\s a l February 25. 197s! group ‘here is a planned expansion of front *4.37Bp to 4.S14p nci Earn- with the mining shares at 68 per 

in a .-nnce r* f 1 tlih ni'uT » 1 r U v _ _ . _ _u t — H i'fin f 3 IMP milimPlTldi 


in excess of l..iiio.OOO extra propertv valuation amounled to programme production and there- inss per share arc shown :o t7.6p ^9 n . r -. all t h ?. u ^ h 

customers i>er week, ihe launch nsim. ‘simwing a surplus oier fore it is unlikely ihm resulLs for compared with 15.7p Iasi nine division failed to match expecta- 

of ".Operation Checkout” has book values of £94m. The ‘he second lulf will match ‘hose 

proved lo be a tmai success. previous i .dilation carried out as for ihe first. Last full j ear's q comment 


Record 
£2.3m for 


lion -year they say. and ■ two maoe » i 

flfefosstone due to where . .votorne-'^iin^a^,: r^y 

lems. with the supply ol ra ^ around a wntfeiha .ifiM)j^is.w<ere 
^-v material. y.^ ru ;. a „A almost .11' 93Tie 

41: Severe compeOtion in home ana j^ffortnec hert^iwffil^n- 

\- ^ereeas markets regnctM-.The 

" SfibnU-ibution of tfae^ te^le^com^ ^^^000^- 

.Vjwmes. and >" adaiUon, «ai?gw »_ rn th^ current yea r cqnffltlfeSfTrin 
- ^change rates macJe export. £ n ^ ue to be dimc^t i^ ^diri- 
. 7 : .-trading more difficult. . . w-Hh-'-thfi' “exceww&a'm; eh- 

; A t.- .Overseas subsidiary companies ( n^vfn s. which- ’ shbt^ -BfeOem 
^-'ihbwed a slight improvement;. the 


proved to be a tniaJ success. previous v.ilu.ition carried oul as for ihe first. Last full jear': 

They are confidem ihe new at November 30, 1072. showed a pfpfii was £2.77 in. 
trading strategy will result in a surplus of £57m. FirM-half car nines per -op snan 

satisfactory rate or profit increase S.-p Lev ^ ,al °d at lO.O.ip io^Spi am 

.. L* . . ■ ■’<■1 » i hn ntni-im Hi i. 1 iHi-nrl IS ' Pnnvi 


trading strategy will result in a 
satisfactory rate of profit increase 
which is borne out by the trading 
results for the first quarter of the 
current year. 

Turnover for the year advanced 
from £72i;im to 1979.3m includ- 
ing VAT. £2S..Mm r 120.01ml. The 
directors say that a 42.95 per cent 
increase was achieved in the 3S 
weeks since "Checkout" com- 
pared with a 14.43 per cent rise 
in the first 14 weeks and a total 
increase of 35.77 per cent for ihe 


are slated at lO.txip (6,?9pi and t rom other steel stockholders 


9 comment The future for the mining 


Throgmorton 
Trust ahead 
in first half 


»r was 2.3032!ip. 

comment 


last year. Volume has been static section was strong and partially halfway profit was ahead froniii. 
but since January the impact of offset the pressure on margins £0.57ia to £D.77 hl • - - V I; 


w,™ tu™:. up '^riK.sr«~ 

£23. 7m to £29.61 m taxable prdfitr-jmanufactures Bsh net set a ne\ ,per . - 

of Avaua Group, cake manufac- 

mrer. baker and cxmfectianer;-f«^i^ 

SSS?w f, SS ICCIJF NRA/S ' |f 

At halfway profit was ahead from||.v | O O U L- HI— “ _ . .._ • 


w on' { he ' Davignon plan has held and felt in the civil engineering and - llw _ -• .-- - 

Anglia has had a bumper hr»t j n „ ome cas;es even improved building departments. >>. , ¥•£•£• O • T,. :; ^ ' 

half with profits up by 31 per margins. Demand Tor sice) tubes. The commercial division result o^?f n iSt new 1 iTP SllPB KIT! 2H II2ltR 

cent pre-us. Advertising revenue which account Tor half B and Ts wa s affected by a disappointing 0f ^5 ,tal - C h* 

has been buoyant for the whole business and where the denre^cd performance on the commercial FaLories which h^ ^aken DlaM "c* ,.-«■« q nf . a kman arid Co. is The directo^^y -^f^teios 

vehicle aide and by once and for gSgSVSS t£r 5SS. ^ riSi. tisue than 


The dfrecloW 


K. - • •-'rsT T Trq 1 1 min hv a ri D bts issue tnan ion* 

+ • ^ lshlg .03? dJdinar? share to make a forecast 

tradm^lOf ..one ne v .sp ordmary snare ^ they expect; IU b^w " .'• 


m the first 14 weeks and a toial has been buoyant for the whole business and where the depressed performance on the commercial fa« ol i es whidTh: S taked blare '■ c * wakman arid Co. is The directotsr «y . . 

increase of 3o.i7 per cent for ihe Gross revenue or Throgmorton industry and Anglia, with turn- heating engineering Industn is a vehicle side and by once and for naVr fn^fr ^Sutdiffe Speawman : Dh} . i i sue than itu«' month*- it »jtb^.^aaaj 

full year They add Uiai the rate Tnisi increased from £1.38m to o'er up JU per cent, has managed big customer, has been dull. But a i| costs arising from the duru, 8 ““ past four yea ^- ^Ishig £344.000 oy^a ri nis is a forecast 

of increase in turnover and £l.3Gm in ihe first half-year ended to keep ahead or Lite sector How- the stainless steel side which takes reorganisation of the oil distribu- Reasonably stable trading Of .one new '.S “ ri»M« year but they expect^ Ute-eigi»M 
lolume since last June has con- n . , u ^ a . f ,„ ever, advertising revenue has in 13 per cent of sales is tion corapanias. Further improve- conditions coupled with an for .every two nem. ine.^igms ^ last yeftf. '--SvheQ " ' 

linued in the first quarter of the h^'h e ? at ri 31m a^ainsi taik,d off ' In A|lriI ,nduslr > beginning to pick up and *omc m ent is expected from oil improvement in the value . of price is 30p. The shares^ moved part wra/^TBeA^th? 

current year r, 1Km Thn nrei^ fi>w P in hfsures show frowlb of 109 per improvement can be expected distribution white work needs to sterling resulted in a sfowhw. 3p higher m the market to oSp. _ Mnd j, a ^ jp be ? :rep«ttetf^fii \ 

The group's new trading ~ u -»< "’T5m c '-‘ ni » nd ,n 11 " as d ?" n t0 9 here in tlic current year. Mean- be done with commercial vehicles, down in tbe rate of raw material Slltc ii ffc has also released full the current year td;TfeteSk-'«WH . 

philosophy has enabled ii to con- ' The interim’ dividend is a-ain l ’ er cenL An = H f. Ba - vs ! [ . he J “ ne V h . ile *. ,r j ce '^ cr ? ases ar «. dl : 0 ,n he says. price increases and this helped. m- fi-ures to March 31,.shbwing i e vel of activity has . baS^ttl- ' ' 

sol id ate Turther its position as -ip_ja s /y c '^ %ial\V3S-»37jP h - ures u ar f looking better, but July although he groups l^rge For the Tuture Mr. Swiffen the achievement of ■ . more ^profits higher by two- tained and prospects: espediffly . • 

leaders of the multiple grocery EaTninss ner 'share forthefi.si «"*»o“biedly ihe trend has flat- number of small customer' may believes profits will be harder to realisUc rate of profitability. .. s .5u>iTat £306.000. Tor Solvent Recovery Pkmt-aW .. 

trade Grocery markei share half are show n aiSlflp c 1.79ii). S ‘ 'ehed out consider;, bLv. There- show xomo resistance to the rises , earn in 1978 and 1979 as little The major part of the turooVriir ^ lh e three years to last Active Carbon, are prom^tog^:" . 
based nn AGB fieuies has moved Nel ass?[ v<l | Ue per 2.>p share. [‘V, f J f h rnn^J ^ assistance is expected from increase came from higher volume March, working capital require- Machine No- IB— Seaaer 

from i .9 per cent pre-" Checkout aiiowm” fnr full loan stock ar ess ^ ra ‘ ni, l |f - .!‘ , ' er ‘ upturn m demand and a little economic recovery. production with new- products «»«>’ increased by around £lJm *• ... 

to currently over 12 per cent. conversion and valuing prior SCriS ' P r OK ramme s ? e:t guarded optimism in the -ecior. After tax of £Ci.<mi t£1.25ral — making a significant contribution. 1 u-hirh has been partly financed rurnr.i pr = '- r ^sS -- OSS- ■ 

After lax. on the ED 19 ba-is pharces at nar is 91 against vlva have peaked out and th«' profits could be pushing i.m m which was reduced by £0.S3m by The policy of continual - plant h® rotained earnings and nartly TtwIiik orofit ■ -J.. ‘SkV- ' ■ 

of £1 1.54m t£15.I8m. Mated earn- ^ K n€ n fi “e-up w ith Trident io promote the current year. At 93» ihe ED 19-net profit was £2251* 'ISon anri TenTaoeS!^ , ea SL'£ 2 - 


based nn AGB figures has moved 


half are shown at 2.flPp (l.79p). 

Net assei value per 25p share, 
allowing fnr full loan stock 


net profit was £L3ln: modernisation and replacement, through bank borrowings which Interest ".: ^ 

tnnl^Mti nnn 3r minor1 ^ provides a considerable profit ^er S he same perioff Increased'. ' beror f ^ ■ 

«o°km.000. potenttal which will be realised ^ gflkSo to WoOO. ^“3=. . , M&S . ' / • 

;f Sfi in ^ ntn. an rt mer nest year or so. they say. DLrectors believe it i s apiiro- Mioorta inis., 


rrom 7,9 per cent pre-" Checkout ” a ||owin" fnr full loan stock v,i|1 bc far ,ess river- upturn in demand and a lm»e economic recovery. producOon with new pcaducte 

to currently over 12 per cent. SJvenrton and valuin'* prior ^Programme sales of 'Mir- guarded optimism in the -edor. ..\rter tax of £0.77m t£1.25ml— making a significant contrihuti^ {SJ! 

After lax. on the ED 19 bans charge's at nar is 91 ‘•n’ against vlval have Peaked out and th*' profits could be pushing Uni m which was reduced by £053m by The poluyr if continual plant ? 

of £11. .vim tn-TISm. Mated earn- llt '-up w ith Trident io promote the current year. At 93p the ED 19-net profit was £2251* modemSon and replacemlnt ^ y rn 

ings per an -share are 5.38p t4.73pi St Novem?er Jti 1977 P otfier I ,ro?rammes ovcrse;,s "iH shares seem fairly rated standing i£1.23m'i. Last year minority provides a considerable profit 

and the dividend is stepped un a * - 0 uer • * • not bear fruit until next year, nn a p e of oJ! and yielding almost interests took £29.000. potential which wSl be realised ? 

in 1.6297p 1 1 .4592 p j net with a hlatenient Page 22 The diversification into Soda- 8 percent. Earnings per 23p share are over the nest year or so they say 

shown at 4fi.lp t24.01p> and ^ _ * . . . . P“ 

. would have been 29.56p under a Guirent trading is buoyant and prlat 

Active second hElf lifts B. Elliott to pcsk £5.6m fu s ‘js^S'intemn dividend ot H" 


Statement Page 22 


reports that all LK duMont ano i her sound performance by the policies, 
improved their performances am operations and indications are 
the integration of the Nevall ,h c overseas companies will f 
Machine Tool Group has gone rccover somewhat this year and Vernal 


* UM.ll HAW «.v |#V M » i .427Wpn« lifts the' totil the better than last year: The. progrte tw in Leig^ Lancashire, and ' . 

A PARTICULARLY acthe second In the machine tool manufac- minorities, available profit jumped ance was the only blight on am S’f-'iSlTtQ 2 RjSSun^shouirf hSE co n tirfued" a^d 3 it ff M^SaldS |ffl V |t£? n Sve^^p^Uc a ll^5 ‘ SOUTHEND ^ 
half, with a sharp rise in demand luring figures, sales of £SJ17, 000 30 per cent to £*98m. otherwise excellent set of results 2J°Sf sul * ^Onablfcontibutfon to groS? '•' P ^ : Souttomd^-Se^^^^fe-C-.- ■ 

Huripd U ?n S r* -°L eliminate fntansriWe items ^rom from machine !oofs and general stantHIK- modified a third interim profitability and seeking to widen v^ot the year ended March 31, dosed yeaterday. irmniing^^wSr: -.... . 
c ' uded ' n "W* ,°I l « fh- hiSici !h£t .nd The or£ engineering group, B. Ellioit. The will be paid. *ts area of operaUons. 197S, the recommended final divi- per cent of the. V .. 

ouisition miuJtrnarau^ion"- .ncludim' ^all North Amer.can *nd A us- .Utcrtax,of;,nJ51m/(£0^8m)^^^ l.0682p'net for ? total 

The group has Marled the cur- that arising on the acquisition o? tralian operations were on a par • comment • "*« J*”v fit Ss? rie^Sn Stated^arning^r •'a'lTsharTare ^ 

ni year with order books at the the or^i? " hh lhC prcvious s . ear but tbe BuTnen and Hallamshire'.s open- Sra are shown 3.52p loSp iSspt. ■ £981 S? eenMookid^f^Sto •. 

C0 H d ? l rl nc e -£t71 s *1™ rSJinJJLm-J filiJS* yr?ESS?^T Sou,h Arncan acUv,lies only cas * minin ^ activities conrtnue to compared with 4.01 p I»t lime. Subjecfyio a satisfactory level start to have its terms pitched 

suits for the fir-ircw weeks aie Comparative fi^uie» for L*6-<« managed to break oven against a ihnve and Us coal and clay Th n=;san pf profits, Vhe directors say they rather tight, and any weahirtsff:ib , 

cnuravms. Mr. Ru^ell vay «. h.i'e been rested lo ' refleu vaIll#ljte conlnb m.on la-l year, opera lions now account for 68 per The Anal d v ‘dend- of O.o8flp i ntcnd to rSoramend dividends of the market was bound itOMflWrt" >31111 

Thu». the directors would expei i the ? e changes in accoumm, <rhe domestic performance was CPlU ° r Krou l 7 P‘ - obts (up 24 per n ! % ola .!,hiih "tin * ahsnVh not ,ess 2 623 P ncr on the the result. . . 

oi her sound pcr.ormance by the policies. boosted bv the inclusion of cc,ntl compared with 37 percent f£Li2?Vn!m47n h abs b enfarged carnal for the current .After opening: the appLfofibh 

\°ihn^ ,0 ™ a n . d T n« n « I"n u.nn Newiil smce July 167^ Stripping » 'ear ago Helpful factors have UM.™*- - year. \ list at lo'a.m.^it was 3 hSl5 ‘ 

" ! ' U r - r -^ 'urnij-..'r ri.iir .w. i.m ,1 out of the machine tools' figures hcon a fiw-time contribution _ The announcenient shows 1977- 10.25 P.m. with application*, for 

L-o\er somewhat thi* year and F;„ crna i mmnr W'M there is still a t2.R per cent front its Sheffield operations while •comment 7$ turnover up from £7.54m tn only £630.000 of stoefc 


■SILTS 


Cr->« >urno-..'r 


rbe 0 . ^ . l L.. disa|^l , > " i,1,m f^ , ou*^ a useful contribution to Tra^rJs'yuralus^ 


M !*» there is still 


• comment 


year. \ list at lO .a.th. it was closed -at 

The announcement shows 1977- 10.25 P.m. with application* for 
7 j? turnover up from £7.54m tn only £630.000 of stoefc .- * 


was the contribution from the „ rulip resu lis. D , -pr.»-,jimn 

group's overseas companies. stated yearly earnings rose SJ^ r4 ' ' 03,s . 

A breakdown of external sales Trom 22.49p to 2S.S3p per 23p K ot pr *“ 

and pre-tax proiii un 1000's) share and the dhidend total is Mmoroy Imscs 

shows UK manufacturing coni- lifted lo the maximum permuted Available 

panics: machine tnols I1S.128 5.3238p (4.772p) net. with a final Dividends 

l £8,346 ) and £2^33 (£1.047j, of 2.S67Sp— should dividend regu- BrouEbffonvanl 

general engineering £8.333 lations be relaxed, the directors m sicrim? 

(£7,0571 and £427 i£156>. UK intend to increase ihe amount i a iuo or iiv<M 

merchanung companies £26.040 paid. A 33 per cent rate of ACT Pr-m. on hi.^uisiuoqs 
<£ 2033) and £2,i>S7 t£l.S82). over- has been assumed for the final. .oJJi 


D'-pr.-'-unun 
rose ‘"‘errsi rosis 

Profit before lax 


increase in .turnover and an 11.9 product inn at Wigan reached iis Sma ,j food manufacturers, such j r*!- 3,,D,> witb ex Ports rising from When dealings start today a 


discount in the regioii 
£1 per cent can be expected. 


2.IU7 ' ya y tWUp *».w k-- _* j an auuiuonai aufamuge in uiai, 

*M* wnt but trading profit rose less of A 0 nculture and lhrough its fruit j uice operations. 


an additional advantage in that, 


seas companies £17.115 r £18,372} 


Li-dvnu 

■ Profli. f lULTL-asc. 


and £73 (£960 1, and parent com- i£J.45m> is in accordance with a 
panv and consolidation nil inil) change of accounting policy to 


and £17u i£ 258 i respeotiwly. 


pro i io juh. 


” b t “ • comment 

After The overseas companies' perform 


SHARE STAKES 


Sale Tilncy end O*.: Mr P. H 75. now holds 730.3UO f> 
Gwyn. a subsianti.-rl shareholder, second cuujulalive 
has sold 3U.U00 Urdinary shares, stock units. 


Fiahprioc imuugu I la UUli juitc <a uuua. 

than 2 per cent. Tne second-hair . , , .. it is well placed in one of the 

s ur " e reflected a sharp uptium in „ r !ws h ofher act Profit! major food growth markets. Fruit 
demand, which helped to reduce Krodts j U j ccs are traditionally thought or 

" iI1 stocks The shares rose 4P to 114P JJJ « > as a a a sea ^ aI commodity 5 but 
yes) erday giving ape of 3-S5 and and^e conin^^veMde Avana’s fruit juice sal« In 
a yield of ,.3 per cent. g J e s *J d affSted ^v suiolv Februar y and March 1978 were 

rm- Statement Page 21 problems while the construction betl ?h tban thos f {f a C t?- rt i e ^ ^ ur 

interests are still operating in a ,^ Q The , , ??' 
iess than favourable climate. j ime - ■■^ 7a . na has mer “}* c ^ aJ ' 
However, with the ma.ior minin? L en3 0 e „ risin S raw cost ^ 

interests strong the shares moved bv concentrating oo quality and 
In- Hubert (both directors} has sold up 7p yesterday lo lS4p putlinc 


A MESSAGE 
TO EMPLOYERS 




DEDUCTION OFPAY.E. FROM 
EMPLOYMENT AGENCY TEMPORARY- 
WORKERS 


^"V 


reducing his holding to 4.09 per 
cent. 


Anglo-Argentine Tramways Com- holds 
pany: Davis Investment* (Jersey) Lor 


per ceul Randall* Group: Ferguson In- Hubert ihoth directors} has sold up »P yesterday Jo lS4p putlinn 

preference duslriaJ Holdings has bought a total or 30.0UD ordinary shares, ‘he group on a p-'eof 6.1 on a 

40.0U0 ordinary shares and now .\s a result of LhO'C- sales, thoir fun lax cnarje. The yield is 

i wavs Cam- holds 223.000 shares (S.9 per cent), respective boldine* are now as only _.4 per com but if dividend 


moving its cake products up- 
market. Jt has received valuable 
support for this tactic Trom its 
major customer, Marks and 
Spencer. The current year has 


Harrihons and Crosficld: .sir ho ‘ds 400,000 ordinary shares 

Leonard Falon is nnvi beneficially 110 P er cent> - 


interested 

shares. 


Ordinary 


Bunzi -Pulp and Paper: Mr. 
fi. G. BunzJ and Dr. F. A. «.!. 


a total interest of 7,0112,300 shares p ’ ar * ,,n ® ? C ,f h j >USh , ' i,! r .' May 31 ::3.330 ordinary s-hare.s cenii. Britannic As- u ranee Com- Stoddard Holdings announces , OJvr rrnrncu 

(7.82 per cenii. 'Mm U *rn-’ ^ t v. ret,or ’ na ' s (4.54 per ccnn passed from the pany now huld-i hcneflcialiy That agreement has been reached LCHx. jLUilljn | 

Fedcraied l-ond and Building so| o -°- uuu orainary snares. benelicial ownership of Mr. B. A. 950.000 ordinary share- (9.74 per in principle for the acquisition The acquisition by London 

Company: Mr. P. J. H. Meyer. * Sellnpourt: Mr. D. V. Pick, a Brownhill to the beneficial owner- cent}. of the trading assets anti under- Scottish Finance Corporation nr 1 

director, has sold 2MU.UM0 shares director, has sold 23.000 ordinary ship of Mr. T. R. Waite. Both are Spooner Industries — Redman taking of John Lyle Carpets (in ihe ordinary and preference share i 

lo a family trust. shares and Mr. L. Lurie, a dircc- directors. Heenan International now holds receivership). The acquisition capital and the unsecured loan I 

Invcresk Group: tandon and lor. has sold 50.0UO ordinary S. and W. Bcrisford: Trusts con- 484.163 ordinary shares 1 11.41 per will take effect when the under- stocks or Dupont Brothers has j 
Manchester Assurance Company shares. necred with Messrs. A and \V. I centi. taking has been relocated in new been completed. j 


STODDARD 

HOLDINGS 

Stoddard Holdings announces 


mg levels within the industry h 
makes no allowance for the recent 
strong performance by Avana 


LON. SCOTTISH 

The acquisition by London 


There is a small number of British employment agendas which • 
supply temporary workers to work in Britain with British clients . - • V 
WTTT-iOUT deducting PAY.E. from such workers. AND in'some' ^ 

cases also paying such workers without deduction of PAY£throu^l 
companies abroad in locations outside the U.ICincomelaxarea. 

This Federation deprecates this practice as one not in foe interests 
of employers, workers, or private employment agencies. 

Furtrie nnore, this practice exposes the employer/user of 

ternporaivwoikerefiTxn such agencies to a contingent , 

their PAY.E We wish to bring to the attention of empfoyere the'- - " • ;* 
fo fowmg s tatement issued by the Inland Revenue in April 1973, ^lf 

the fareign agency does not have a branch or permanent agent in the 
Unrted Kingdom, operating P.A.Y.E., the person engaging the vwxter ■ 
is responsfcie (or applying PA.Y.E to the worker’s remuneration". 

Inserted by the 

Federation of Personnel Services of Great Britain Limited. * 
120 Baker Street, London WtM 1LD. 


•"nn i 
I IfcSiTSg- -. 



Annual Report 1977 


1977 


1976 


Maximum permissible increase in dividend 
recommended. 


Net Rental Income 
Gross Profit 



Value of Investment 
Properties 


£5,413,000 

£2,284,000 

£98,944,000 


£4,525,000 | 
£1,955,000 
£83,796,000 ! 


Earnings per Share 
Net Assets perShare 


3,84p 

132p 


3.11p 

98p 


I Surplus of £12 743,686 from revaluation of 
properties. 

I Funds available to finance all current 
commitments and to undertake further 
developments where suitable opportunities 
arise. 

Copies of the Report ond Accounts for 1Q77 may be obtained 
trorri The Secret ary. 22-24 Ely Place, London EC IN 


A 


Internationa! investors in commercialproperty 








21 


4 ^ 


:r. 4 M:.wS - 
. « *>«/" 

■•■ -^~;,rW r v 


B t ><Oty UP 43— ^ 

Financial Times Thursday June 22 1978 B , .-.J... 1 . 1 111 ^ 

Kenning Motor reverses Downturn at 
forecast with £0.1m rise F. H. Lloyd 

_ . . nutr £lm. lower ana the current 

SSFITE A March prediction of IcdVinc a net prolit of Iliifl.Ml PRF TAX profils >rn. •'••' lrat jinS picture is slightly worse 

fall, pre-tax profit of Kenning a ap*pTiftire Balance hruuchl for- £ 3 . 71 »m. for ine year e a - > ■ -n-urevalPd by five weeks ol 


• r -‘:r.- ,1 Wia *4 
■•• 6 V ^ 

r K f In* 

V \ 

‘ ‘ii! ■■ 

-'ihU 


- a*:/*** 


. •••^1.* -'It:-' 
• . ,,- :• ■ E-t • 

.r J'' :,rr ' 


."^Si 


tr..d :or Hi- jwnw^ ; \vi .isst-K wr share al balunce announced r»\ the hii.ne% •«!. ,Jp oner * 

SSSf r ^Sj‘ j£S££ umJ dale w.-re lW il»P». including founder, re-roiler and maker yw!d 0 f nearly 12 per ccr.t. 
j:c i!fr.iris 'ot fin*!* and u>-* the full investment currency engineering^ products ,1,77.7s etnercd twice. 

<i-.mior.< ^hi.«n hflow are. bsi*d m,:n!y - The prolit r«rMW » l,r ■ , ' . Statement Pace 23 

ua Ism >nrr. niecnhW fallows ttu? cLiwi.nirn in the swwnum fage « 

T0-OAV months from 12.34m to B.l2n»- 

Interims: CnM Mtlwlson. Ttnn.as 'j’w 1 ■ „ N « r Robert H. Fmlcr. ehft liman. 

Rowlmson swinnir at 


FUTURE DATES 


Construct, 
off £0.3m 


pik months from 12.34m to 

Mr. Robert H. Foster, chairman, 
says that although W77 7S was a 
difficult year in which the inter- 
national economic environment 
adversely afTcc-ied the foundry, 
steel and encmeennn industries, 
the very sansfactory contribution 
to group profits front the engi- 
neering companies und associatou 
company. Uoy d Cooper. enaWed 


1 i». 


DESPITE A March prediction of Irovmc a net profit of Ilafl.MI PRE TAX profils 

a fall, pre-tax profit of Kenning on ad n mETCTINAC UlNUUOi. Balunce hruught for- Ci.7!»m. Tor the yv.tr ei. 
Motor Group rose from £2.65m DvAKI/ ffitt I Irlua uanl was £2”.liBD IfSMJSHl and 1M7S, arid r.ur:iin, ■' 
to 12.73m in the six months to n,,. foilwina r.ou«.ij after dividend nf £130.727 fits m the first , half of 

March 31. 1078. on Turnover up daws or Board men mss 10 the v*ti- tIJ14.6SHl the atnoum earried (or- year emnpared w .in 
£10.39m to £10.i.97m. Exchaoe-. Sodi bmw ar.- uwait- Uiir ,j rjme , 0 £3o:t.ns:i (£27j.«fisi. poiuting period ’’ 

r VonniBn th „ .. beM frt- >.ei .issfis IH'I- share al balunce announced by K II. 

APnning, tho chsintssn, diMdcrdn. «>!tVc3^i ind*c^ti07is HTV nni | 1;.)- ii k iRm jni'hiilhin frtim<h i r rtf-rililcr urn 

says Tyre services were seriously avadahv r.hrthrr div.donds d-l* n lain W». nrsdiiets 

■affected by cheap imports, with a.ier.«is or fie*!* a "^ ‘ h '' lh? ful ' investment currency , p ‘JJJ,, 

e C9^'P CT marsln.i Belter results to-dav m/mths from 12.34 

t& LSTl'Mi ^.“ri.nSvrs J2ss Rnwliimon 

sss- , aasr csssss 'i™ kow husuii ■;*- 

Sr* sssa ■sk.'sss sssas at rnndmet issaf » 
fS5“r“ ““ r ' su,is ror w ' sss .a* u , . , s:a - n 5r J . sr. Construct, .» ? » ri 

Interim dividend is increased S”TrllSI. n Timei a " , *™ te ff U A 'lm !o'«roup I'rolils fro 

irom l.op 10 l./op net per 25p future dates ATT +1 1 |f| neenng companies jr 

share to reduce disparity and is inwrimt— __ Ull enmnanv. Lloyd Coo 

based on a tax rare of 33 per lavenmrw Tnm ~ 3 ; DE spitE MID-TERM assertions the croup m achieve 

t^ e ? n,n ^ am,cipal< v: WtoUtnai *> El profit would be little parable with lhai * 

that the total for the year will FjMlI _ 1-han’ed ure-ias profit at Bowlin- allowing for a short fa 

s a a- *s»-aanr s r ss ssts 111 * ,n u,e " 
r “° rd pre ““ ssa-cj» w *r - '. , r!- JK-i fi-ss. 7..“ r. mi»!s: -" ssi’in ~«>- 
.^.^S ieefierdeprerie-^ri™ ^ jgjj BS?!— "" 

«p. f ™ m , £2: , 10m u to w , 5n1 ■ ■■ Troliis in the coming year are fjcclme »n ihc 

Other charges took the total to ! esnected to . be considerably urdcr bool., say- ih«? 

£3.S4m compared with £2.63m InVer follow m« the company's i: n „iinuin£ saiisf:. 

After tax of £3 .48m i£\4..mi XJ/ici’ AVPI* deeper involvement in property. f r ..m ihe cngineerir 

net profit prosressed from £1.2m UCSl CVC1 Mr y j Kowlmson. the chair- and aM ociai«!d camt 

to£12/xn. Earnings per share are ■ sav5 , hc cnm pnny »s offset the depressed 

^iown down from o Sp in 4 fip p -g ^ 1 becoming more propeny dl | i( , ns m ihc steel l 

basic and from 4.ap to 4.2p fully AT | 1 \Y\ Of oriemalcd and is buildinR up an fcWel r,. r ollma and “ 

d, ur d v.nninn nnin ,« ** ** mminicni portfolio of its own lhc fir <, hair Ol 

Mr. Kenning points out that rndusirwl and commercial lrtdinp year are ex 

motor depots- produced record re- YA nroncrlies anni-eeiably lower 

suits due to a buoyant new and jjlITHDlDG “We are reluctant to dispose nr s ™e period last yea 

second-hand market. Contract 1AJ. snmt . uf our newly created leases 

hire also again showed record c- R{ - «. n*,c-c -r cb’tgm azairKt and consectuenlly group profils .,^ e dividend ton 

results while car hire wa« mar- ™"' SALES o* -*-*™ »vneried to be cons derably aC ainsi ■ 

fwHr* «&=■= 

Parts centres, truck centres and -« a ™ . 31 -. ,J7h - ** r ' „ e tition in the year with narrow flS 1 

specialised services all improved P™h>s m the current year so rar Jj iarM|ns r ur thcr eroded by wet 

markedly combining to help make encoura-tng and tte dlroctor^ ^ . Jhe ha jf. E«wm*i wi« ■ 

up some of the ground lost by are f- 8in looking for a recoid vf " r tas 0 r 1516,952 (£6885flOI H'undne- a -mvk 

the tyre business. Profits in the 1977-78 first half and extraordinary credits of T S P raiit 

Profits on service improved . J®"? 1 “ ll J® „««£* in £16 503 tnilj the profit balance T 7-Dundn« a 

“SvTs.r-ssar^ftSi- jsrvsr 1 . ~ 


■:ir ciniiii .vpi i» "“^.vated 
iny „r lower pro; a*E tJ. 


B. ELLIOTT 

MachineTools 
- a record pr 



Outlook at 
Harrisons & 
Crosfield 


Best ever 
£l.lm at 
Durapipe 


the sice I foundries' 


Syntheiie 
ip Stahl*' 


e.-ent umi-ual!>' 
for long-term 
it»cl of natural 
T 1‘rentice. the 
iMin< and Crua- 
I ^taiemenL 
r is no loncer 
d commodity 
he. he says, for 
major L‘K nr«- 
■ir price* Ihree 


1978 

1977 

(restated) 

£■000 

£'000 

69,627 

54,068 

5,603 

4,303 

3,978 

2,581 

28-83 

22-49 

5-3678 

473 

51 

4-7 


aku expected to be considerably u ,- dC r bonk, say- the chairman rh e slahl.- pri.-.-d commoun> , 
lower following ihe company's mums «.i.sf:.ci.».-y »hirtj« u- y.t 1.. !» he wy». for 

de«-per involvement in property. f n .m ihe engmeennu companies , n Ibis held. lb. n.ajw l ^ r 
Mr p J Kowlmson. the chair- and associated company will not dKm rn-d ih*ir p . fS , .,75 
man savs the company is n iT«l the depressed trading w"; times during l«i.. mak.n. a .ot.il 
becoming more property dlli( , ns m ihc steel foundries increa se for ^vrene-Butadienc 
orientated and is building up an riee i re rollmu and ' uyoiip prufils rubber of -I r per vent, 
invest men l portfolio of its own , n , ho first h.itr of ihc P^sent Member. ,r«- « -Id .hat L is 

industrial and commercial Iradmp year are expec-ed )o he re j, i0 nable to nope that a sal1 ^ 

nronertie* anni-eriably lower than in tho factory return v- again be 

- \Ve are reluctant in dispose or J™ e last year. " Mr. hosier rece j V ed h.v oi! palm growers 

some or our newly created leases rtal( * durhiB &•<. 4r,l that they wil! 

rnn.L'r. itpni lv~ croup profils ,1,,-idend total for I continue t-i ha'.e n:t:e dilTic'.iltJ 


comment 


The final dividend is 3.117p. ; U, . e . r _ T« 


ian rights 


b. a didirdi, first ".S' Lr i" 

half btrt M least it has managed 4.079p net per 2ap share. Earn win aosoro a F . lir .Drt. 

some profits growth and not The ings per *hnre. before tax. arc B*Unt-« 

dovreturn it had anticipated shown ai 22.3Jp (JSSTp) and T) LrAM/iaw ^ ie * 

earlier. Problems centre around 16-33P liMpi net. - • KlVeFVieW sirong 

the tyre side of the business. An Excluding the first ! h ,e ^ contmu 

influx of cheap imported tyres Rubber 

disappointing 


,rZ cimecTn *untri™ from arc secscnallv pnor perlorm.nc, 

■gras stSat"" s-ss.'irr ■rrsasirsf 

hiss . s i ' -rss f-r. 


•Ihe dividend total for ip-.-i* con tinue t. ha-.e u:':e dil.ictiiij 
, 3 31 lop against 4.KOfi2p preii- j n dispoum. of The growing 
lUS lv with a final of s KSl.i,*. volume of product ion 
Warnings per 2Sp share .ire staled He add .- u,.,t the encouraging 
is Up ( 1 1 .t*p t . tea prici-s >.f ihe previous year 

p 1*77 7H W j,| hate :.'-sisied eMates in 

*3.706 financing fc-lihscr requirements 
External «*»« ■ "tm which should load to cron figures 

I- mindrie- A ** ■ being maim.i.ncd in l»78. 

rradhnf profit ^ JJJ- However, a further marked 

Koundnrs * •'men incr ease in crop is not anticipated 

F.nans. *nd *«i — 1 and with ihe present pattern or 

iihrr im-onw • — ;i; a yearly increase in world con- 

lniere*>t • — vu tr.T sumption, a ri*e in prices in ihe 

“ShbSlrE^rr . ■ second half of Ift7<i is a real 

M MV* I* sy* ; possihiliiv. Mr. Prentice says. 

\pi profti "*-# Severe weather conditions in 

Minontiv* _ 3i i the first i wo months of T97. c 

F.nraorti. cmdw M SJJ 3 it* serioudv hainpnrori the construc- 

B *The croup has maintained it* linn industry and buiUlinc : pro- 
c.r^oi. liouid position despite a cnmimes. and the nut look for the 
^SuS- programme nf high res t of tlf- year » that d-mand 
continuing p 1- c .ivs. r«r imfiu-nnrf :ind nther maierials 


Comparative Results 
to 31st March 

Externa! turnover 
Profit before tax 
Profit after lax and minorities 
Earnings per share— ponce 
Dividends per share— pence 
Times covered 


E^acis from the preliminary statement by 
Mr. ,\\crk Russell, Chairman and Chief Executive. 

Record profit for 1978 after tax and minorities represents an 
increase of 50% on 19771 

All U.K. Divisions improved on previous years performance. 

Current year started with order books at the record level of 
£29 million. 

We expect another sound performance by the United Kingdom 
operations and a useful contribution from the overseas companies. 

r T-.-T- - -.»-re!ar,: E. Elliott S Compcn Lini!-d, " | 

9 IB-HI a KCHV^VWortal^UHwN-V.TCWK I 


5 1 =| C] 

the b. eluott group 

international Machine 
Tool and Engineering 
Group 


f t*A c'snd me c cop/ of ywr 15*70 AfinLcI F.cpcft 
v.-her. i; becomes c.-ailsble. 

t 'Sarr:*: — — — “ 1 

Address- 


^ * = _ = _ == £^ 


WEE HEW SAYS 


major divisions have been show- \T rtW iL AHn Cant- anpuinting Jk77 year; with profits ~ ” tradim: climate in pianjatmn mi i 

i??e S S, fn d rhe gr rond P fi™T% h ™S NOfthem bees. Jfic.^nnfy four per cen. «. U.m = 

SS hT" contlnue Sa 'bunya'n| e . dOWfi but S "SS "VlS “h 'if-V-? 

though much depends here nn - . s results, the directors than «“* j " lhe t?n o, n eerinE n™er*1 'Wive held i.ft per 

^nd's abihty to -nta.n pay§ mQK - « " F r ^ 

dealers are report me bumper 2.4. ip nc ' Ptr ^op snare for ^ curre m year is un- profits w nan ha , been ihe HtAVIlKtfc 

u'Allirf d( hit nS t'llf lector's tmal^oTth^March^ 1978. year , h *Sf :r ^JSi«5S d proSlx mainstay of iHffi BREWERY 


...... r 0 u hv ks ner cent encouraging _ . . L .„ i~,rtinn lhc ocuii>. _ 




F.\ chana 1 -*. 


Hit Mi t LOP 


in 1B7B wo 
profits. Kern 
past that i 
slnrms fairl; 
accounted fi 
jirofits — ami 
defensive q 


HEAVITREE 

BREWERY 


HEW 


"Profits up again - 
^ £4,590,587 from 
^ £3,498,630 -and the 
^dividend up for the 20th 
Hime; it really is amazing " 

For copies of the Brochure and Accounts write to 
"Wee Hew" (or phone 041 -221 -7331 ) 


shares stand on a hisstorlc p/c ni±. la r nrofiis c:ime out or the company s pronis came b encountered on the -, a *c a record £445.fi03. ^ 

dividend * F^-^VwTeMs low «n? w sSWrWW ' foundries, second hair profits are v ^^4 compared ^jlth 

9.4 per. cent - • rl'iv7.B1«T. The interim dividend 

RESULTS AND ACCOUNTS IN BRIEF ^ ^ 1Cinl ,. „ r * «. .» riH* '“™S” ! ^ 5?™;™ "-"-K-" 


iiiv-sinn 


kGE 

YERS 

.. 

THyrC^'- 


rir-wers. *r. — Re*mw . w > 
January 31. IBfS- rvponcd Mai 1 
prcli muiarv Ma'-mcnl w.lh P 
Gruoo fixf-rl a '■'•el' 4 ®-4 ,m su . 1 , 1 

current as.«?i« & ' i{, on r ','' 

TuntJs mcrraM-d by n.Mru Itm 
Mettiufl. Huneypot Lane. ■»' 
anon. 

aS!!« Sni-a* = 

(lifis.396'. Increiev in workuu. 


,-ip .h*T6 0 150 V K TuC." n ' “cu'mMi *"■ 

_RCM.I1. for ikt « 5s®| , a* , . e ulSi; 

JSs .rs-yrs r 


rinT.fiim. The interim dividend 
i . iii.dniii'ncd at Bp P>*r £1 ^” ar, \ 
the company ta unqtioicct ana 
Im- flnsp tiatus 


Plant Hire-Nationwide 

135 Buchanan Street, Glasgow 



Il^.nhru*. 

inv.^imi ni nIR-.-c S 2S PJ-r 
41 fn*h«pMi»iv. tc. July i- »' 

•T TIN DREDGING BERHAD- 

r 10 yar.ti Al. P re ' a A 


as"«5r»fs ssr' sstrts-- ss;i*i:*s.sri= 


*‘ , *==.-ga*aa ^c -rs ,T «"’r"-g 

Mrs £sa™^»S“ois: a^-sr^?a*raaS 

Horn*. EC. July II. af noon - p-snun.1-*. Mceun* 9 w»»a> JuI - ■ “ overall current orterta 

.bcuupr AND CO. 'general v»k- , fl-43 „m. . ,,. factory anil actwin 

^ BR f^ H R«ajUs year to January .. h ebreaD ROBEY AND CO. 'bujjd- maimairnsJ. lutan Inw* 

housing yei ‘ d aMe ui £5S4JI« CAKEBRBAD Ro hilnIs . archl- gj? per out ot i 

1 97S reported Ma>3^« C.i2:.3«l Ins maienria. onitHT wor k — m-«ulis Waldorf Hoiel. we. July 

'KlS-MBi- *>ank Tcvturaji and shevi ^ i? Cmup fixed W *. GOODKIND AND SI 

fE2.44t.3M'. »ort renn^ h X2».4M for 19 ‘ ' , net current iwtt ^ previously reported 

hat.'cres. end cask, omitm.- , „ nIS f, w m ^ t * ,ni r-w,. n^i nirrt 


&arsfear«ir-s- 5^s »r^PSr r ss- raa 


factory and actwny 


i-simem Company aic-W n n- P r:,:t ,,n c " ,n,; e nlra ' e p " r 

y IS^K’ 


Property management hasn’t got any easier this year. 

r It stili means wrestling with rent reviews, trading down good semes staff, mastering 

ve? more legislation. ... 

Av a do-it-yourself aclivit/ it hasn't much to recommend it 
Indeed there's ar. increasinaly sound economic case for treating P^^rtV 
management as do other professional services — Isgai. financial, architectural. — and 

h^cem^riSte St Quinti n .v.ithnearV150'/eaisrtpropertymanagemert experience, 

are an ° d vvi[h properl \, surveys, anci condiai rent re '™'*' ^ ^ ^ 

A 

tinroughoutthe UK. 

A service such as this is the most efficient wa/ — /&S§. 

to make sure a propariv really earns its keep. liANPMws I mm 

As well as to free yourself irom the - fa', / .. > LEAP '•>' M 

problems that car. drive the test ot managers to the brink jg%y>- * Jffi 


' 3 BRITISH . AND AMERICAN JjUj proB1 klDJ 




proflr a fillin' «nd tinulifnr of ,h * , J?, ou 5. 
Ittater Flnnnct ta»W< i «-■ _“* r .Vj" 1 
emmr. Mwim*. Edlnburrii. July 

"mORAN TEA HOLDINGS — Cl win* f«> i 
driay 171 mviviiw Ji-coumlng infonna 

IIOO 'from India on Moran T, -» C>™iP»W 

ihc groMp'f pnncpal ’nlina 

X fZiany no " "uT V lb-- 

as sjrrsA-"S- ™ ..... 

0 ' ROVfTOR MOTE LS-R *W 

a 




J llM ITEP Manufecturers 


SflSir Product? 


“A very cr 

tiading co ndltLons ;._.^ 




when real economic 












ssa ss” 


M m M nr divided rTip n, - lk,r "' - w , , 

M - M TIME PRODUCTS <wai.li ami **»cl' 

1C* II M M dWrtburmi! retail Jew^lk V-K.^i IS f»r 

W ,ndrd January 31 i*^ 

L J Mar 25. wnti Ilinrior* comnwnis on 

B & prospei'is. «'.roup fumd 

=■, '. ,n uirii Nd mrn-ni »wwi*. fi. o.m 

and !r*gsmi' Vfi-Itn*. ounnaualw Buomi. 

: pro<Sicts ,«V CO 

trmgnce in difficult. -Kt 

"t 

-- . Pamiri: vi<ar prKli^i MircB i.« 

hae r,si.r::= 

“Your company has " 5 ^^* ™ 

demonstratea 11 s ctumky ,^“ rud Jun , , n ^ 

trt withstand downwsxd ®j3jf ^iw n11 nh> ms 

XO WiUBlCUl'* v. sf#06 “ruMin .-wine by a»wulr 

economic trends and CaIS Rw * 

whdn real economic ^ sar-J JEL 1£& 
arowth comes we have a isssjlo.# 1 ™i« nl .ii""' ‘Jwdrajf i 

sound base from which to ks-jp-- -» - -53 

fA-rmard. ,> wot**. M-rtina. stipmaW. July . »t 

9 • ; . Sir! Frederick 5™!^ 

■ ■■ j . ' CWWmxKt, Chairman jjja-* 

i . «ws p 'a'sr , -cft“ tsuist^ 

i ■? . a Rt-Miiin »>nded Sf.*rih jli •“* 

! gS^beoSedfroinae 

s i^ssslm r 




“Your company has 
dentonstrated its ability 
to Withstand down^rarcl 
economic trends and 


groWttt comes we have a. 3 

souiid base from which to « 







■v : '. 



Ill til 111 

-Soit'A-SotuH 


Chartered Surveyors 

Vinip,’ Hous* Outen Stteet Pia*-a, 

L--t ide-n CC4R 1ES 

Tetephonec 01-236 404D.Tdex: 8312619 

and at la Park Placet Leeds l Telephone: 0532 460235 


St Quint in 


me Joseph H 36-38, 

1W0 Bruc^TvIeph^: 010 322 213 32 88 






A 


.'■c . 


a 



mi ' nr or i»r< 

I FCflL NOTICES »* lh '’ C ?. URT *** jl'sticf. 

WfcW Hh rtiait- •«•:■}■ D.'.*ioa Cumpani..', Cuun. (n 

I ■■ i|ji„ M^r-r ol J CAULDWKli. W\LKRb 

H.miTKD aii.1 1 ^ ■ V,Jtu-r tf The 

m the HIGH C'\- RT '»F n.'STirE camajn:-.’ ;V- : - .!*»■ „ 

tun«-r.v Diwsiwi Companies Court In ’tOTICE ^ GIVEN, ihji a 

c Mantra of Pennon nit in. Gindina up nr iht- ahon- 

•:«. omsj4 of J®f s iiam-.-d I’viniwro - by ih- Rich courr of 

EUROPEAN CHEFS iCATEFING' .1 lienee i.is ep the H:h dav <■( .lun.- 
LIMITED IW>. n-'-' n:« J lo lh- i.,id i.-oiiri h> 

No. iK»Ki'. nr l«r- t-.H.VPM !*• *«**• " R'V.Tri'N • LiMITF.ri 

J. v. JOYCE. I I.MITLti ■ih«»wr rv-'.-'-- rv't uflk* w simai-. a 


MINING NEWS 


FjjianciaJ Times 

Reports to Meei 


. -\*s 




Qisneery Division Companies couri 
the Maiiera of 

•:«. 0015^4 of JOTS 
EUROPEAN CHEFS . CATERING 
LIMITED 
No. Ml nr i**r- 

J. K JOVCK I IMITLt! thiMc rei'» ••'■;■ “'ny •* smiai-. 4 

•; 0 ,»r?.T7 Iir iPFi Tamil nnfl Crnjdo.i Surrey. 

R1-.55AN BUILDERS LIMITED RinKW* Mi-rth.inls. and :har flic *auj 

Vo OflrtjS of 10TN Peilncni '* dir fi»ii iq u,- |,.. an i b.-fuiv 

OiRSL'TO LIMITED lh.- Cour: f»:siK at rh-.- Koval Conrn uf 

Sn. 001559 at 19D' lueuv. 5;r.>ud. London wci\ jll oh 

PfUTAM KEWALRAM ■ l.'.'N DON * fh».- lfrn 0.1.- "f July lr.s and any 

LIMITED ■ -Tivliior of crrr.ouiory of (hi «Bid t.or.i. 

ynd tn the Mailer of Thr Compands | pany dv«iroiw -1 aup-wn n r oppose, in.,- 
Xc: 1949 ' mahin: of an "™>'r on me said Pennon 

n’iITH'E IS HEREBY GIVEN, dial j 7n.1v aptk-ar ai the imm u r h.-armK. In 
Peuiioiu for ihe Windins-L'p of lh-' above- < person or V h-s vounsol fur ;tiai purpose: 
ramnd I'omwinies b> ihe Hifth Coun of 1 and a eopv of <lic ^ Peiiriop mill he furnished 
Jusrico nerr. on ihe UJIh da? of June|hy ih> umler -if nre id any er.'diinr or 
IN? nr«*s.'nied ro ihe said Court by eoninbiiior." of '.hr said Cortpan; requir- 
THE Ci'MMISSin.NF.RS OF CUSTOMS jji S «ueli eopy an n.tjment or ;ht reiulolod 
AND EXCISE of Klnjt's Beam House. ebarRC for 'Ww. 

3641. Mark Lane. London ECSR TILE. BRABA * WALLER, 

and that ihe said PciiDons arc direcud 2 Hind couri. 

to bn heard before the Court siinnt H.-« >:r< «- 

yf Hie Fiyil Court* of Justice. Strand London FL.-i.\ JDS. 

London WG A 2LL. on ihe ITih day of Ref: * TTll. Tel: ni.59; wil. 

July 1ST*, and any crediior or cuninbu- Solicitors for the P- utioner. 

tory or any of the said Compa nies desirous NOTE — Any P 'fson who mieniii In 

to support or oppose ihe makina of an , appear on ihr liearin^ P f (he sa id Pennon 
Order on any Of the said Pi'iltlom may 1 must s'rvt on- ur smd by pos! 10. Hu- 
appear at the umc of neanmc in person j abovi^uam.-d dfl"W in hticdc of his 
Of by his Counsel for thai purpose' and , mention su t“ do. 19i« nolice mu«n s; t ie 
a cony or the Pennon mil b'> fumish'-d • ;he nann- and J-Jarcs* or ih« person or 
by ihe undcraiened HJ any iretluor or ; ir a Ami Hi.- twiuc and addn -it of Mi-, 
rnmr bulory of any or thr said Companies firm and mu*' h> signed by ihe p^rsrnn 
requirinq suih copy on payment of the j or Krm. ur his "r (heir snlielior «il any 


BHP’s A$350m coal sale 
to Korea’s Pohans 


Hawker chief on comp«isap» 

■’ -■ ^ . : ;'■* ^5 '- w r l # : -* • ^ -• •- • "? ' - 

/. •; , . Ua tinri ^sed -to tie : 

>gal compheations are faoldic$ -to.Jtls company wee*.., I- 

mmnph.ution for - Hawker ilrcratt- and ship® •• - j “ A 


Legal compilations at 
up compensation for 
Sfddeley's nationalised 


_ r .Hawfcer .iUrcrsJt- and .... > T ir t u. 

Sfddeley's nationalised aircraa^^gfi*?; - >b _ r s jddelev Kas W' -C .T~&' » - 

interests, the group's .cbainfaB«^^»J* a H “i 0ta | 0 C ! Perfo^ntoce^^^T^^jfet- 

Amold HaU said yesterday :r*£$S& tor the J%Z is.a^ad . 


BY KENNETH MARSTON. MINING EDITOR 


••• wwuiu; ■ rriy agro- - Mr 

•Wdresang *g*ol4^i>t M' Jt& jUS. More imponaalfc. 
annual meeting Sir Arnold blaraed imer ^ s - ' amounting to fr^ UA»«f fa 

s he t I97 Zw‘h ait w HDtt ® 1 JP b ‘W 1 S : - fSStiave bcen repaid ]q jje; ^ '. 
Act. wHiich he desenoed as one - V 3 > e “V-Hne FoUowtfiS. - ' ‘ v. v 

•of great complesity.'* - Meetii>Ba:- l 8 gg f i g° e British -Aw .• • 

to disetfss terms .for future jiajv diseussons ^ mnaI1 y iias. also W Al/tlAltt ^ 

ments, however, have, now .hpwf.gS^;™- repayment'.’ of Mr/ 


AUSTRALIA’S Bnikrn Hill 
Proprietao - has obtained a major 
new coal contract worih more 
lhan ASS.iOm if219mj for its 
Crecory mine in (lueenAland. 
reports James Forth from Perth. 
The contract « With Pnhang Iron 
and Steel of South Knp.Ni and 
pro\ idCb for the supply nf 7.1m 
tonnes of eokina coal over lo 
years .start me in HiSfi. 

U is the tnrcesl tinsie ovi! 
contract signed by Pohanj:. The 


t.tah Mining croup rccrnfly 
obtained orders for smaller 
tiliCf of coal for Pohanu while ihe 
Korean steelmaker also retvnily 

obtained apuroval jo take a -* 1 per 
cen stake in a coal pnijvct »i 
Mount ThorJey in \ew South 
Wales, m exchange for euaran- 
tecing 10 place significant orders 
01 cokina coal from tite project. 

The Pohan.s: deal is ihr third 
Ion 2 It-rm contract obtained by 
BHP for us Gregory project wjudi 


i« due to start shipments in I98h 
And accounts for virtually the 
entire proposed annual output of 
:5m tonnes. 

The first contract, which _ was 
obtained last August, was with 
Japanese steelmakers and was 
valued at about A$1.25bn. The 
second contract was signed earlier 
this year with the State-owned 
holding company for three of 

Brazil's large steelmakers, and 
\«dh worth about A$250ra. 


— vi.tu, uu-v.w., Ml. .r ■ntnn _ | - . r n raan «r tHTi f > .tv gr. • 

arranged and these w-ouM. ,|f™ 0 £4- 3 m 'on the 

place next month, he added: w ui more appror 

Sir .Arnold explicitly excused the : ,^>mtely be deatt with m tct. 

Rni-Arnmml’e npimrintnrc f «Vrn' - r»#»rf<3ffrt r» nCffOtiatlpn? ../OT. . naff 


Government’s negotiaton; mj^^Raffon negotiations ... v . 

his enuusms. It is not theif.. Stores' ‘ 


rccuiaiort charsc far the same. 
r. V. CLOAK 
Kins'? Rvam Uouw, 

19 -U. Mark La nr 
London EC'iK. TfTK 
Sllin'or for thr - P-’tilion*rs 
VOTE.— Any t»-r<on m 1m mi-ndf M 
apb'-jr «m tbi* n* arms uf any «f In- said 


.ml miwi bv ■*■ " -"fi. or f pnsii.-il mn«: 
h,' *mi, hv nwi in tiiiTU-K-ni 1 lino id 
roach ih- .ib» - .> -namvd noi later th^i 
fnur n i-im-t: m "h- afu-rnoun of ih..- 
I Hth day -V 'uiy I9TS. 


\n. 1HHW4 nf I0TS 

In rh. un:il COURT IIR .1 fSTICE 


P-::non« muii << r\ e ,>n .ir *i-nrf b' - h y , Chanr-rr D: - .''' ,, n ConiDanu * 1 luiiri Id 
P' li: 10 ihe ■lhiiVv-nami-'t. nrt;ir.- in v nunc . M.,11. r ol '•‘■'RDEi? H'VfE DEOip 


Gold Fields plans to drill 
in the Highlands 


Only la 
chairman-, 
ing group, 
petty, pj 
treatment 


1977, ACt— for 


of hs irm nnon w dft. Th - tm:i.--- i.imITEH ami 'he Mait-r «•( Thi Cnin- 


rnin: s.aio ih* ram- anrl addr«-»s 'if :U- p 3! „... ,\. 1 IW - _ 


r--rs.in nr. if a firm Hie nam- ami ai1-tr.-«s NrtTn'F If HEIi FRY niVKN :hal .1 


of ib- finn. and inns: h- iuu-'I h v ih- pn ji ,. n f-r ih- winding on uf rh. *»».« .-.. 
p-non nr lirm. or hn nr ih-ir Snl:i - :’,Dr | rnumun !>v rhe UiKh Conn 01 

■if an:- >. and miiM h- <-r\ M or if no- . <1 ) .m ;h-. I 3 ih day of Juii- l“> 

m>l<: h- *i»ni hj pin r jn «nffiivii a nn,- pr<^-ii.d :■> ili> laid c'.iiin h: - R\f. 
in r-a.-h ‘hi- aHni.-.nam-d mo laivr man \ ^ i.'\D| H«i|.I.A'-D f.K.. a DuL-tt linn. 


four nV-lork in m- aPernnon of rhe | .rad me a> “K 1 .'•'•’iisinsvin Hish Srr-i-i 
14»h day of July IW. j f.nndon W* ASA nianufa>'iur-r- .if uall- 

| paper and :ha - rh- said p. n:ion is 

j .Iir>:>--.| to ii- !i. ar-i b.-‘orc ihe Cnnri mi- 
,\o MIMI 4! IPP- , iinu .11 >h* - R- v -'i Courl.-. of .ln*!i. ■• 

Jn ih- ITI'JH Oil KT nK J l STIPE Strand. I.i>ii-l-ii W'TJA "JLL on ih. Kill 

rSijnceiy Divwian i.'dnipanii-s '..iur: In day of lul: - 1**^ Od any iT.'d!iDr or i nn- 

the Mailer of CROi LAND PLUMKING j inhumr- -f ih- -J-d UomDaiu - d-simns ; p 
LIMITED ami in ihe Mailer The 1 support nr opp«- m 'i* niakina of an Order 
Compam-s Aci 194 S j -n ihe sjid P, - : con mjy app. ar at Du- 

NOTICE « HEREBY (Ul'E.N. Hiai a I nnir ef »■ j.-m- id p-rsuo ur tty |u» 

Ten non for the W.ndms up of ih- 1 - jbnve- | .-nuniiet. for iha'_ purpose: and a copy of 

named Lompiny by Ihv Hiah Ct>iir: of : ih^. p-n'.inn t»- lurtush.,-d by ilic 

Jusucy u as on the 9 ih day or lun- I un-li-rs.’anvd <•> ’aj cr-duor or con- 

1PTT pr> v-nted n* ih- said Coun bj I mhuiory id ih* -ud Company r-oimm: 

BAJIBER'IEKS (EASTERN' LIMITED | seen >.vpy on p.i<mi«ni uf Oic reinlaied 


u-hose reaiiiered oltiee is siiuaie ai • -harge fur ih- 4 mi-. 

M 7 -J.il. London Road W-sicd.lTe-on-S a. 1 LEF. k PL Mt'-ERTuNS. 

E?«..'S. Timber h Builders Mep.diaiiis. | 4 .L Pom *' - r , ;i 


and ihal Ihe said P> tiiion is dlr-el-d J l/indon J-WiK oRX. 

]., br h-ard before jh- conn mi.'ina si ; Solrrnors f-u ihe Petuioner. 

th- Roy-i Courts ol Jusii>.e Siraiii ■ NOTE — Any per-.in '.-ho intends lo 

J-nndon XVC 2 A -LL. on ih- Ifth day ni J app-jr on lb? heannp of the said P-mion 

July 197 V and any crcdiinr or ron: ribii- ! mnsi serve on or send by mi it 10. Ihe 
lory of the sa.d Companv deslrou-. :o j aboie-named non., m uriilna of his 
aiippon or oppow ih.- niakina of an imenuon vo :o d >. The uoi'ee mils* s(a>.r 
urdyr on ihe sold P-rition may appear .the name and aJJr.-n of Ihe person, or. 
ai the ume of hearing, m person or by if a firm ih* narti. ar.d address of Ihe 
his eounsel. for ihat purpose. - and * copy [firm and miisi be siined by liic person 

of ihe Peillion ulll be rumish-d by ih. or nrm. or his or lh-ir se.Kiior iif auyi 

imdersUsn-d 10 any ereditor or eonr.bii- [ and musr be seri-d or. If pusk’d. musi 
lory of the said Cooipaay reauinnfi such : be- sem by posr In .-udluleni umc (o r-.-fi 
copy on payment of the reculatcd chare- | Ihe above-named uoi larcr than iour 
for the oeioek in ihe aficrruoa of ihe I 4 ih djy 

BR.VBY A WALLER. of July 187 b. 


CONSOLIDATED G<»LD FIELDS 
is sevkiiij pfjnmnc ]iornussi,-,ii ro 
drill Tor base nmj preciniis meiali 
at a s.ite Hi miles snuth eiinl of 
C In 1 r loch in the 1 1 in h In noi- of 
Necitland. a eumpany tfpuk^#m;in 
si id yesterday. 

Its plan is 10 diamnrvl drill ion 
holes, c-aeh 10 n depih nf nh.-ui 
inn nie-lrc-. hetveen August and 
ilic wimcr mumh=. 

Gairlitch •> nn ihe ueitfrn 
mast of Scotland on The Minch, 
about 60 mile.> m the nest of 
Inverness The sue is heiueen 
Loch Maree and L*ich Torridun 
in an area which has not been 
designated either as a national 
pack or of being of outstanding 
natural beauty. 

However, the scenic attractions 
of Hie area are such a, lo draw 
in tourists. But both Gold yields 
and the Highlands and Islands 
Development Board, v.hic-h t> 
charged with the economic wel- 
fare of the area, point out th^t the 
site is not clearly visible and 
drilling is unlikely to have any 
impact on visual ameniiies. 


The local planning auf-hnntv iv 
the Highland Regional Council, 
alihonsh the Secretary of Stale 
for Scol'idiHl ha? the" powr lo 
call in applications for enn-alera- 
lion if lie so desires. 

Gold Fields has been seeking 
minerals jn Scotland for -ome 
years. It fir-u ramc acro-s ilo* 
Gairluch sue la-i .September .mil 
since Llien geophysical ami uoo- 
chenncal work has encourai: ,-| l ,f - 
10 embark on a limited drilling 
programme. 

Present indications are ihat. 
even if ihe drilling is suecO'-ful. 
only a small deposit will h.ive 
been discovered, on rouchli ihe 
same scale as a Cornish tin "mine. 

The HIDLt is in a position m 
niler Gold Fields financial 
assistance in it- exploration, but 
so far has received no appfic - <vrcin. 

In recent years Scotland has 
been the subject of considerable 
investigation for minerals. The 
HRC last year asked Rlulinev. a 
subsidiary oT Rio Tin(u-/inr. m 
re-evaluate sun - eys alreatl.i »n 
existence, but by November the 


work had been abandoned. 

Until three years ago. indeed. 
Gold Fields and RTZ had an active 
jnini exploration prnjraimue 
hased nn the work of Exploration 
Veniures. 


Provincial 

Insurance 


rtOfily . matter of comodenre. s „„ eiolim -VT««a, 
• • • • prospects • Sir Groajx.vcfted 

' w d Se CU, and 


"-ties over 


MINING BRIEFS 


The combination in the ivrainc of the ncAt erec- of the earreni 

quarter of last year of adverse tkro were aU factors ^Sht 01 nil?' ito& 

weather conditions and the" fire- adlecting the company. J***? 1 ™!* J^h. d ^ incP - 
men s strike made a su^ntmT.^e SSw 

inioact on the nroeress of Prana, plojeiw -Nation" ««ct sw rfne tn helODened OVeD Hfer 


bisichi-jantar— A onl oirpui 'innresi- 1 
-n -.l.sj. oulumbtii.- 'fi 1J Four niomhi io 
im 15s ir odi'imbiic 149 73 Prc- 
:m 147.PI i-nlumb.'e 1M.37. 
ELECTROLYTIC ZINC— 

Four week* orvled 


Rinlon Works: 


May 31 May 5 
<IU 5 id roruie*' 


/.Hi. 

West Coast Mines: 

:^.liS 


'T',- mull'd 

jri.732 

«.37j 

I.i.ad «.on<:cn<rM[c .. 

912 

1 HM 

Zmr '.om.-o rural- 

. .. ... 11.018 

l’.lw 

Copp<-r ^unccniraic 

3.!«i 

2.5T4 

NEW GUINEA 

GOLDFIELD! 

s-iUr 


urouuclion: iJold-.-n RidicS Mill— Tons ore 
ir-.-41-J '5.K7i assaying iou per roai 
n U.14. fine void oroduc-d .oaiioisi 373.1.1 
Hm silw.-r produced < ounce*' 377.!. Edic 
•7ro'V - .Mluvials— Fine cold produced 

■ oun^ev 2I.S line silver produced. 

■ unne-.s. .1 - J. 

AMALGAMATES TIN NIGERIA — Pro- 
riucimn ol isinui-niriii-s lor M-y: tin 134 
IUU11.S 'April IC4 :onnos>, columblte 38 
Iwiil'S 1 Apr. I 15 loniics*. 


viu.llldlio OlUlCJii CU L, DUWS W ”T' v *. .'TV _ ■ L.J 

out thar the company aimed to/ ‘Arnold said he ex pe c tea 

improve home underwriting i-~ - • 
results during 1377 to a break- 
even sltuatioiL At the end of si£ 
months this looked very likely, - : 

despite problems, in tie compel y ■- 1 I I m g r* x 

hensive (household contents). •; 

account Then came the ppoic : -i 

results in the final quarter. 1 ■ ■ . 

The substantial home motor .vSnmTnarv of ReS 1 


The substantial home motor ,v N umm ary of Results 
account grew strongly during the r or lhe year ended 31st December 1977 

year and produced a useful profit — /■ fllcJ • — 

Air. _ Shake rley expects that, - und 




-19TI' : r 


for me sam<-. 

BRABY i WALLER. 

2 3. Hind Court. 

FI'. ci Sum. 

London KC4A 3DS. 

Ref; F RH RP. Tel: Ol-iK 9511. 

Soltcuors for the Pviiiwncr. 

NOTE. — Any p-rion who im.-ods :o 
Appra r an the hcjnnx of ihe said Pctluan 
must wrve on. or send by pos: to. the 
aSovc-njm-d nonce in \,riUna or hi* 
intention so ro do. The noittr ntu*r jijie 
the name and addrei-s of ihe person or. ■ 
if a firm the name and addrvn of ihe : 
firm and miisi he siened by the p:r«un , 
or firm, or hi* nr ihctr foliuior "f any. 
and mosi be s-rvrd. or if posted, muti : 
be s-ni bv po«,i m mifTl-i-iii umc io 
reach the abov— n^med no; Mi-r Jhan 
four a ciriL+ In ihe, afternoon of ihe , 
• ih d»y of July 19D>. 


COMPANY 

NOTICED 


Midway grow ; th 
for Baker’s 
Stores 


BRASlLVt&T S.A. 
SOCIEDADL OE 1NVE5TIMENTO 
D.L. 1401 


?C0 O0IS.4 Of 1979 

In lhe HIGH COURT nf -ILSTICE 
C!ianis>ry Divs.uii '/oninanie-. tour:. In 
th- Maucr or ADRIAN HOBBS • PIK'TO- 
CRAPHYi LIMITED and In lhe MaUvr 
of The Companies Ati. 1S« 

NOTICE IS HEREBY ODEN that a 
Pennon for ihe winding-up of ihe above- 
named Company by ihe High Coart of 


NOTICE IS HE HE BY GIVEN that ih e 
rcoarl and accounts ol lhe cannoned 
company, lor tnc oeriaa ending March 
XI. 1 97B arc available to lhe 
holdcrs at the oIikps ol Morgan 
Guaranty Trusi Cv. o' New York in. 
Brussels. 35. atenue des An*. 

New York. IS. Broad Sireei. 

New vs'ir toms 
London EC3 33. Lomaard Sneei. 
Zurich. CH B022. 

Sroenersirassc J8 


CANADIAN NORTH ATLANTIC „ 
WESTBOUND FREIGHT CONFERENCE 
NOTICE TO SHIPPERS 


The member Lines ol Ihe aDne Con- 


J on Ice was. on lhe Gib day of Juii* Moronic operating sorr.:cs bouveen the 
1979. prewnted to Lhe said Courl by United Kmggm and Ih* R«nub"e ol 

™« ™™" 8S l? X H S . °L J !:, VS J^ S i?S!»VtS? ili'd^alVat w’lTw 

A.ND EXLlbF. of King* Beam Housr . ^vlse shippers ihal. duo to she continually 
39-41. .Mart Lan-. London EC1R THE. increasing costs ol handLn? .a.*oo In rhe 
and Thai the said Pciluon is directed I U.K_ they have been comcelied io 9ive 
in be heard hefnro rhe C.mri sltilna ' 


a lh- Roral Cr iurtk of lt.-J.r- Klranri • *»'"<* rolled In respest Of palletised 
ai th" Royal Courts Of Jlisiice. strand. .j, nd nnn.patieilsed cargo ihioncd in con- 
London UC2A 3f.I.. on die I.ih day of 'teniional vessels and it has seen decided 
July 1979 and any er-duor or con'nbu- 'that, wim etieci Imm is: Ottooor 197B 
tory of the said Company desirous 10 ’;2*” t S Kl, i 11 i fra, Sir i 2i« ! L. WJ V„ b *„£2: 
snpnon or oppose ih- m.ikma of r."fo li .“wd*n:c with *,ne 

Order on the said Pennon may appear ; re rvite under which i; mo-cs. ..e.. heuse-'.o- 
ai the lime of hearing in person or by i house conta ncrs. hou*e-:o-picr or o-cr-to- 
his Counsel fnr Ihal purpisr and a cep- [house containers and pler-Lo-oicr iramc. 
or :t,r Peutlon will b- rumished by rhe ’ -VJ.'^rimn oi . B e ra,so ^i sn?«-d 
undersigned io anv crediior or -nnmtiu- Canada the maior.ir of s.djcvj win 
wry or Hie said i.ompany nq'iinna such - no: be affeiled thereby 
ropy on payment ol Hit- regulated charge Atlantic Container Lin- G I £. 

for lhe same Canadian Paclhc Sicamshios Ltd. 

uie saiiic. Di/t ContalnerHrc Companv Ltd. 

i: - h . l, J' OAK b Hanag-Llovd A.G 

L.uss Ream House. Manrhesier Ll"ers Ltd • joint 

29-11. Mart L an-. Golden Cross Line Lid t Membership 

BSwTihpTS-iMner. Er r 'c^^m tl jrar. c^f^ght 

'ffiTE.— Any person nlio iniends to | cunarp Building 
appear on the hearing of the said Pcuuon Liverpool L3 IDS. . 
must serve on or s-nd by povi io tin- [June 197B. 
ahovc-named tioHc- In tvrc.ns of his i 

iniemion so to do. The nouce mu«t siate : - — - _ 

ihe name and addr-ss of thr person or. . 

if a firm, ihe name and address of the , PlIRLiC NOTICES 

firm, and must b..> signed by ihe o-.rson. . 1 WDLIW 

or firm, or his or ih-ir Solieiior r if any* 1 
and must be sen tit or if poeicd. musi i 

be sem by pos: in sufiieum Mnn- io t .A , j , J5P^S? 1 DiSTRi CT CouNC IL ^ 
reach Hie above-named not later lhan ; “ 5 ?o 0 P® ■“^-“iS'S'Va jf oVj ^ amTI 

«?h 5" ,i-e af,tnl0on of ,Jlc I cation walled £3.4 5m. n 0 other B.lli 

loth day of July 19, 9. 1 ouuunding. 


With trading profirs ahead by 
SO per cenf io X2W.0M7. Baker's 
Household Stores (Leeds! reporLs 
an advance in pre-iax eamiuss 
from £136.3Rn to £2IS.7 h 7 Tor ihe 
■:k weeks to April 1. 137S. 

Mr. B. Baker, the chairman, 
stales (ha l trading in Ihe second 
hair has continued ai a sain* 
factory level and he ha-. Ihere- 
rore. every confidence thar lhe 
company will be able to announce 
record results at ihe end of the 
year. For all 1D7H-77. a peak 
taxable profit of 1223.101 was 
arhJevcd. 

First-half sales rose by 26.4 per 
cent to £1.66m from ihe same 
number of units as the corre- 
sponding period. The chairman 
adds ihal now the move to a new- 
head office and warehouse has 
been completed and the company 
has all the necessary facilities for 
further expansion, lhe directors 
are making every endeavour fo 
acquire further units, and so 
ensure ftiiure erowlh. 

After tax of £114.001) ( £71.000) 
stared eaminzs increased from a 
restated 2.1gp to 3.3p per lOp 
share. The interim dividend ii 
stepped up to i).2»7p (adjusted 
Q.27p> net, costing £3.460 (£4.964 1 
after a waiver by the chairman 
on 1.161.334 shares — for 1976-77. 
payments lotallrd an equivalent 
0.3G.Vlfi2K7p adjusted for a one- 
for-two scrip. 


Turnover for the year was 
£340.912 against £350.004. The 
profit compares wlih a Io - *? pre- 
viously of £94.374 and is ;tfit*r 
intercut of £140.909 ( £204.407 1 Hut 
includes a share of associates 
profits of £502 tnil). Tax charge 
is £4.122 (£11.127 credit). 

There are also extraordinary 
credits lolalling £298.985 against 
a £302918 debit previously. 

After deducting a revaluation 
surplus in 1972 on the “oxchan-je" 
already credited tn capital re- 
serve of £140.803 (nil) and a debit 
transfer to capital resent* or 
£4.9511 last year, a pmtit or 
£149.1157 is retained comnemd with 
a loss of £118.411 in 1976-77. 


Ai May 22 Lhis year, 
Throgmorton Trust beneficially 
owned 13.85 per cent of the 
croup. Meeting, Exeter, July 14, 
at noon. 


Air. Shake rley expects that 
despite Hie tendency for claims In-' 
ci deuce to increase, this account 
should continue to produce, a 
modest profit The fire account 
had a marginal loss after the 
November storms and a ‘sharp’ 
rise in fire loss wastage during 
the firemen's strike, while the 
accident account produced a small 
loss due to a poor result in the 
yacht and motor boat portfolio. 


Twinlock seeks 
damages from 
Investment Co. 


Improved 
outlook at 
Westbrick 


PUBLIC NOTICES 


Control Secs, 
back in profit 


sevenoaks district council 

£350 000 BUIS Qtlc-ca 14 .6 ?£ lor Day- 
.Tien/ 1 9.6.79 due 1B.9 73 at 9 i. Ao/tl,. 


A HNANCIALTIMES SURVEY 


ACCOUNTANCY 


Control Securities, property Id- 
ling: and development group, is 
back in profit with £43.681 before 
tax for the year ended March 31, 
1978. following four successive 
years in the red. The directors 
arc recommending a dividend of 
D.S25p per top share — the last pay- 
ment w as 0.91 S73p in 1972-73. 

Earnings per share arc shown 
at l.Oip /234p low). 


It is alrr-w<- clear that actions 
taken to dale will faiounibly in- 
fluence the results of Westbrick 
Products for (he current year 
and will arrcM the- alarming cash 
outflow previously experienced. 
Mr. J. W. Sutherland, chairman, 
says - in his annual report. 

The current -year has opened 
with a sal Lsraci or> trading per- 
formance. Mr. Sutherland stales. 
Sales have exceeded budgets for 
lhe first 1 wo* months, order books 
overall renjnhi sound and there 
has been a healthy cash inflow 
during this period. 

Durinai'ihe current year, a con- 
centra :ed effort will be made to 
reduce Stockholdings, particularly 
in 'brick activity. This will have 
the effect of releasing cash during 
the second six months. 

For (he year ended March 31. 
197S. pre-tax profits were £331,000 
against £206.000 after exceptional 
losses or £194.000. The dividend 
lor.il is l op (2.92-lp). 

A current east statement shows 
a depreciation adjusinicnt of 
£124.000. cost of sales. £168.000 
and searing adjustment of £58.000 
giving a pre-tax profit uf £72,000 
after exceptional losses of 
£219.000 — this figure includes an 
additional £25.000 Tor plani write- 
offs. 


The one-third National Enter- 
prise Board owned Twinlock has 
begun proceedings against Major 
G. L. Webb. The Investment Com- 
pany and another claiming sub- 
stantial damages arising from the 
acquisition or The Shannon. 

Proceedings commenced in 
March it is shown in the directors 
report with accounts for the 
March 3, 1978 year. 

Major Webb is the chairman of 
Investment Company and is 
interested in 52.3 uer cent of its 
Ordinary shares. The Investment 
Company owns 3.4 per cent of 
shares In Twinlock. 

Shannon was purchased by 
Twinlock lute in 1974-73 and in 
that year Twinlock's profit rose 
front £0.97m to Xl.Olra. The follow- 
ing year it stumped to a £0.fi4m 
loss and before this year’s £9.64m 
profit a further loss of £0J6m was 
incurred. 

Mr. A. K. L. Stephenson, the 
chairman, says the return to 
profitability coupled with the 
maintenance of market leadership 
in key areas of its business 
encourages directors to view the 
current year with optimism. The 
emphasis continues on improved 
use of funds. 

Shannon was acquired by 
Investment in 1972 and following 
the amalgamation of Shannon and 
Twilock in 1974-75 Investment 
acquired an 11 per cent stake in 
Twinlock and Major Webb became 
deputy chairman of Twinlock. In 
1970 Major Webb was resisting 
attempts to remove him from the 
Board. He is no longer a director. 

At March 3. net current assets 
of Twinlock. a loose leaf equip- 
ment, systems and filing products 
group, were £3 44m (£3.39m) and 
fixed assets I5.74m I£6.12m). 


The comprehensive . (household 
contents) account produced, the 
most intractable problems, des~. 
pite considerable success in per- 
suading policyholders to accept 
index-linked sums insured, urj 
Shakerley points out that such a 
system can only be successful 
if the base sum insured .-is 
adequate and in too many, cases 
(his was nor so. The all-risks port- 
folio was disproportionately 
adverse producing an exceptional 
increase in claims incidence and 
drastic action Is being taken. r 


4 .Group Profit Before Interest and .- 

■> . Taxation ' : - 

• ' Group Profit Before Taxation 

v jGronp Profit After Taxation , . 

.?■; '(before Extraordinary Items) — 

Warnings for Ordinary Shareholders , 
v - (before Extraordinary Items) — 

Attributable to Ordinary Shareholders 
. (after Extraordinary Items) — — - 

: Ordinary' Dividends-.^ ^ — «■ 

[Retained in the Business . . 


24*81# 




^ • r - ■ ^ __ S : _r_ - l* - • 




4^>z'-2$i2Z£:-. 


'i. 


Business in the fife subsidiary, 
Provincial Life, was buoyant tviftr 
life funds increasing by £5m to 
£17.4ra. The actuarial valuation at 
the year-end showed a substantial 
surplus and as already reported a 
reversionary bonus was paid to . 
vrith-profit poHcyholders -:frr the - 
first time si nce" 'the cbm party was' 
formed In 1969. ’■ ' * 


Ordhtan Drvideed ... I..-. - 

Final dividend 17.4p per share making, with fhe mtcnm of 4.3sp- - ■ 

- per share. 2L78p per share for 1977 (33p per-share incItHfing ; ,fwr-j^ : 
credit at H'66ths). This represents an i ricreasc^ of - 

w ith the adjusted total ordinary;tfividend for 1976. .f; : ■ J; 

Events in 1978 :■•■■■ ; ' 

-. Since ihe end of last year the Group has been enlarged and 
. ■ strengthened by the acquisition of Malayalara Plantations <Hok&gs^3 - 
itd. and Harcros Investment Trust Ltd. More. 

Announced on 6th June 1978, the Company’s cffer fw^l&rasoiii;-^: , v 


■sionarv haniio was nairf to rfc unai uiviuciiu ui p«. anutr. wm uc 

profit ^poHcjSolrfCTS the . Pcdfpary Sha^^o.be aHottedpttrsuant to the offers for these 
time since ‘the com party '•was'- Companies. 1 

ed in 1969. - • • ■ ^ >• • - ' 

- _ \ " . i_i. .. - ' 

THE THROGMORTON TRUST LIMITED - 

j - 

Interim Revenue Statement 


Company for the six months ended 31st May, 1878. . 


GROSS REVENUE 

Less: Administration and Interest 


Six months 
to 31.5.78 
£ 

1,558,679 

208.816 


Less: Taxation 


1^49,803 

466^34 


Unappropriated Revenue b/fwd 


883.529 

681,139 


Less: Preference dividend 

AVAILABLE FOR ORDINARY DIVIDEND 

EARNINGS PER SHARE 


1,564,668 

38,063 


£1.526,605 




JULY 6 1978 


The Financial Times is proposing to publish 
a Survey on Accountancv on Thursday June 
29 1978. 


The main headings of the provisional 
editorial synopsis are set out below. 

INTRODUCTION 

THE STATE OF THE PROFESSION 
INFLATION ACCOUNTING 
ACCOUNTING STANDARDS 
THE NEW AUDITING STANDARDS 
TOE NEW EEC DIRECTIVES 
THE REGULATION PROBLEM 
EDUCATION + TRAINING 


For further information on the editorial 
content and details of advertising rales please 
contact: 

Mike Hills. Financial Times. Bracken House 
10, Cannon Street London EC4P 4 BY 
Tel: 01-248 4864 or 01-248 S000 Ext. 388 


HNANCIALTIMES 

EUROPE’S BUSINESS NEWSPAPER 


The content and publication dales of Survey* in the 
Financial Times are subject to change at the discretion 
of the Editor. 


ThUailicriisvrocni jprearja.'.a nwimC rccwdonlw 


A 


BANCO CREFISUL IH! INVESTIMENTO &A. 


SVO P\L LO-B5 \ /I L 


US$20,000,000 


MEDIUM TERM LO\n 


Arranged «nd piv. i Jed by 


Grindlay Brandts Limited 
Security Pacific Bank 
AL-UBAF Group 


ORDINARY DIVIDENDS 

Interim S.0"& (1977— S-O^l 
Final — <1977— g.o^.i 


810^18 


Unappropriated Revenue c/fwrl 
NET ASSET VALUE PER SHARE 


£ 810,218 
£716,387 
91-2p 


filed Revenue figures of the 




.Twelvk-. 

Six. months 

.month's, to- - 

lo 31.5.77. 

30.11.77 •;. 

£ 

* 

1,381.955- « 

• 3.220,262 

222.103 - 

474^8&^J' 

1,159.852 

2.745,896 

415,031 

943.885 . . 

744.821 

uosmi 

6S0.165 

680,165 

1,424.986 

2.4EHOT‘\ i; 

38,063 

• 76 ;i?8. - 

£1.386,923 

£2,406.051 

1.79p 

4.3Sp . . 

788,531 

788.531 i 

- — 

- 936J381 

£ 788,531 ' 

£1,724,912 


£ 68LJ30 

• 67.5p 

80.5p ' 


N B. 1. The net asset value allows for Tull conversion of the S4% Convertible 
Unsecured Loan stork and values prior charges at par. 

2 ‘ 5* Board 'o f Directors today it was resolved that an interim 

dividend 1 of m, (1 977-8.0% 7 be paid- on 4th August 1978. i n rMMctofihe 

1978 ° 30lh N ‘ ,vt ‘ l,,t,yr 1978 \ 10 shareholt l crs on the register as at 7th°JulyI 


s - increascd b> - 1116 — t 


21st June 1978 


BURNETT & 
HflllflMSHIRE 
GROUP 


EurO'Latmamerican Bank Limited 

-EIXABANK- 

United Internatioiial Bank Limited 


Grindlay Brandts Limited 



TENTH YEAR OF 

RECORD PROFITS 


Turnover 

Group profit before taxation 
Return on cspitsl employed • 
Earnings per share 


1S78 

1977 

food 

£000 

37,392 

28,623: 

3,075 

2)474 

. 34% 

34%’ . 

46-1 Op 

24-0lp 


Continued growth fc anticipated and the standard achieved over the tart 
ten years is one whit ft tve would. Wish to uphold. 

Nigel F. Swiffen, Chairman’ 


'Copies of the Reponiand Accounts may be obtained from th» Sccr^a-v 
h urfiett & Hal! amshirc foldings Limned, IN Peal frr. Lane. Sheffield Si/S Y' 





23 


2 1 ) - 

- 




” % 


Wi 


-•r -tJA 

.'••I >S. 


‘ f V. , 

! ■ * ... sh/H* 1 




•*n.. ■« 

’ " r ‘ >2 ! 

’ . . - ■• IN , 

: :'r. I** 

• • > * & 


rs 


r *i 




: S 


:•• 'f- „ 






IMIiED 


Financial Times Thursdav June 22 1978 




Redland expands in 
with £14m purchase 


U.S. 


An air of gloom 
at ‘Lofs’ 


That is with P«We Trujt in Juiy !a«t year 


NOT EXCOUBACKG. ■ »“« " a'mainiained dividend ~tm higher 

Basil Mavrolcon. chair- * nuuu nswie 


! how 
I man. 


Mr. nasn iviavroii-uu. •• --v_ , ...« nr-'innaieri 

C-scrlte .... .ull.ok at .. Plttl *« 


Basic 

5.77op 


u d“ SfS 3SK? a id r :..4«j2p rc i 4.«S P ; , 'fun? 

siatt-mrru he was faced diluted. 


BY JOHN MOORE 

Re d l and , the UK based building and 


wil h ^ he * problem of whether or Tas clurse Tor the year 
not to lay-up the MfijOHMon jrg.ostm (t>-^nn and minonlies 
tankers on completion of their £743.1557 aeamsi £tL:USS. 

__ j ™ m. «-=.=. ■-*■•■■■•■■ .0 pay a fee to Gras d-Eau Con- _.. rron , vayaocs. A11 things xet asset-*; per ordinary 

f “ t d 1 “dusiries. on behalf of associates sultants or Jersey, “in the event SJnsidcred he is hopefu! that they arc |53iP «Mlip» and 

82,3111 of Newman *“«8 M d. 000 Wood that certain shareholders of JJJ"l be ahlc to be kept tradinc. (\37jpi allowing for 

™f fasten- and Sons (Holdings) at Sstfp. CustomaRlc accept an offer by but he adds that it would be inversion. 

Announcing Barclays Bank Trust Company Muoloy afor their shares." __ foolish of tiim to predict any 


Co., brokers to Newman 


share 
151 ip 
full 



HOLDINGS E? LIMITED 


GROUP RESULTS 


log 

the 


manufacturer, 
intended bid 


RMll»nfl «ia 1 yesterday has dealt in the following Mooloya Is biddinu £lm for substantial improvement in the 

agreement securities of The Investment Trust (jusromat-ic and its agreemcni ^ome of their operation during 
nan Been mochas principle Corporation: On June 1 j sold w ith ~ — .iouicbhil 


Principle Corporation: On June 13 sold with ’ Grits "d*Esii was mentioned 

SffeTSf Sa^r C » U IS T 6 an f 2 2’°°° shares at »* ^ L°" 0u In the company’s offer document 

TnT-"i_-r 2 n !j r ea S? &hare of shares at 2i5p xd, 2a,000 shares st . m r 0 Customagic shareholders 

Aunmaated Building Components at 27Rp xd and 35,000 at 2np xd. t his week. 

*o¥ ten 2* 4 On June 15 bought 3.6S2 at 275p ims 

. f" e Automated board, which xd and bought on June lfi 350 
Bolds around 54 per cent of me ordinary stock units of Barclays 
equity intends to reco mm end the Bank at 326p and on June 20. 
bid once the necessary formalities sold 1.350 ordinary stock units of 
have been completed. The group Barclays bank at 312p in each 
reported sales of around S49m, case as custodian trustees, 
and a net after tax profit of S3.1m 

DECISION ON 
TENNECO 
EXPECTED SOON 

The Office of Fair Trading 


BARCLAYS TO MEET 
HOLDERS ON 1TC 
BID 


the current year. 

Nevertheless, he is (irmly nf the 
view that the future profitability 
or Lors depends mainly on the 
Inrce tankers. ... . 

Mr. Mavroleon explains that in 
limes of depression — which he 
thinks mar continue for another 
couple of 'years — tanker Iossm 
are substantial, but when rales do 


Seafield 
Gentex 
cuts loss 


31 


for the year ending January 
1978. . 

Jn the U.S. Redland has sub- 
sidiaries engaged in traffic 
engineering and traffic control 


Barclays Bank is set to meet its | ^ lo pmiUabk- level it is the TRADING loss at Seafield 
shareholders ni an riGra-ordinoiT | ‘^“isin- how small an inere- Centex was cut from I2-tfi.7fi3.to 


meet ins on in * freight in" 

as Investment Trust Corporation nr nrlniv an enormously v,,ir year. 

Milano Ka-ninns 


- ‘ ,nu March 31, 1078 

to | raie^can' pVoducc an enormously ha lL year. Reflecting the^ disposal 


«nd Castlc- 


{grt- *5 -^ted.omake iu^mend:. 

•5® fiTlancial 7 ear of around tion today or tomorrow on 


shareholders are to meet ._ d nro i]t _ r 

SP^er Barclay # eon trovers, a! some improve- ° ua rd' Textile C*< turnover fell 

bid for^the trust. men[ , n hMh , an ker and dry- f rom £5im to Lfi.53m. with 


^ . whether Tenneco's Wd to acquire 

ni3?t JS 1 d ®f cribed r 1pf!l the 502 per cent of Albright and 

niT y as p . a r, 0 f our Wilson J] does not already own 

p ap , - _ to . establish 1 a should be referred 10 the 
2EE»er lmsiliun m the I.S.. Monopolies Commission. 

hBV T, b f en t,uu « The Prices SecretaT^ Mr. Ku;. 
smalL RedJand sees Irttle grow-th Haiterslev docs uoi have m 
poteunai in the UK 


The bank. wh«eh s ^‘“* , d _ r H cargo freiphr rates since the end £j^ m against «.4::ni 


related to 


There is already some insti- j’~ ~ n company’s fleet 

luiional vpiionition \o the deal already reported, after 

"Ilk’ll has promoted the launch dispo.,1 of 

nf a s necia JinvesirEatinn hy the sun 


worried that con- but political pressure is in favour of ihr National I (his compared with a profit 

Kive'^/SV 0 .^ "JiS — ■«!«»»» '«■ «* 


building accept the secret rceonrmendutii.n L” V C .^l " 1C ration 

t? „ , --- now Him the unions have concli- . Parruy.-. sain yc.NterU.ij: •h. , t it rnonths _ nearly all of which vvni worthwhiU- irrpr.-vc 

European markets so now we are Uonally accepted it. nt tended -. Jhnrv- attributable to vessel disposals. ini; conditio;,- dep 

IV? 1 , i"* at1en V on to ,h ^ Shares of Albright and Wilson extrm-d^ mart tnertin^ 10 . .4(JSI of the mmoanj vlll i m piemen 1 a n.-n of : 

tw jumped lOp to 175p yesterday ho ‘ ll , e ^ T r- m e-eTi nc on luiv 12 he held at the Baltic Exchange 
following the news that the ^■ t _. l 5v , I£,rTho!d"rs° n win‘ be EC. on July II at II am. 


roinminee I vessels a £3.2am v.as incurred 

r.mnmi«ice| |hp , 0 March 31 . I97S: 

of 

12 

months — nearly all of which v\a; 


U-S" : Other acquisitions 

cxpcclC’d ■ to be made. luijuwiir^ iiib news m««» mv — - - - , . , 

The group has not decided on unions had been won round to the ordinary shareholders 
tl J e < -u pa L-5 na t ncin C arrangements rie al as long as Tenneco makes a -sked 10 

of the btd. In the last balance number of commitments. „ parl 

sheet borrowmg at Redland was Mr. David Warburton. national director* who arc to retire as pa 

deal 



we seek formal confirmation from 
. Tenneco that they will under! 

RACAL RAISES to pursue x policy to main! 

STAKE IN AD WEST = ood industrial 

. „ . . operation*. 

■^-al Electronics, whose pre* represent a in 
Hmiuary results are due today, information 
has increased its holding in m ent 

Adwest to 7.71 per cent. seeks assurances bn job 

Racal’s interest in Adwest, an an d a commitment that Tenneco s,alU! ' ** 
agricultural. automotive and will not adversely interfere with [V“ ni 
electrical engineer, first came to the progress of the industrial P°“; 1 

liah, Itict Aurnict Rn .Isnnan, fhic • »kn rhemiml WllOIC. Or 


y pet onlay, can «P«t ' \ sav whether or not ,he*.c improve- The imiwiwunsens :n the trad- 
with its own shareholders to bet^ ;m , , jbety l0 bt , of a last- loss is exp.-cted to continue 
faiHv stormy. nature in relation to the f 0r ihe rvin.nnUcr of the year, 

■rn, — « some in«U- nj.u . « -• however terminal losses and re- 

dundancies jt Lasiteguard and 
other comp.iniea .i:e expected 10 
be abd'ut D'.'jin 

Mr. R- I>- 1. 'M. the chairman. 

says that in s.-.n’t- 80 per ccn of 
group nirno'vr :* in exports anj 
worthwhile improvement in trad- 
depends on the 

he Muili-Fibre 

Agreement and on recent !tu«d id- 
ea linns tn the Temporary Em- 
ployment Suliddy. 

-* it seem« tha; i: will not he 
possible lo a-se.ss the bene 1 it> 01 
these change until probably the 
beginning nf I'.iTll." 

He the imprevcmem in the 
first half came as a result of 
Gross revenue of Globe management action, as normal 
Investment Trust amounted to trading condition?, nave yet to 
m m nded March reiurn rn the groups .sector of 

p textile industry. 

After loan 1 merest of It 7.056 
ly inlerP«-is 
attributable 

£88.494 


to 1TC 


Globe 

Investment 


ILL. V" The kev to fhe bid. hnuevnr. is ng.-Wm in the year ended March reit 
? n the PnVr Offi-e Si a IT Snner- 31 . ,.,78 ag:.in<i Ilfi.SSm the 

ainiam anmomern 10 ..mviniict,. Xoi e:ir»iinas - were A 



1 

1978 

7S77 

YEAR TO 1 APRIL 

(52 weeks) 
£000 

(52 weeks) 

£ 000 

External Sales 

66,622 

63,706 

| Profit before Taxation 

5,1 56 

5,793 

1 

Taxation 

2,456 

2,936 

Available profit of the G roup 

2,648 

3,116 

Earnings per 25p share 

11. Op 

J7.6p 

DIVIDENDS: 



1 Year to 2 April 1977 
j Supplementary final 

0.0507p 

— 

j Yeartol April1978 

i Interim paid 

1.63p 

1.46p 

: Final recommended 

3.681 5p 

3. 2955 p 


Annual General Meeting . . . 

The Report and Accounts will be posted on 3 July 19, 8 and tne Annual 

General Meeting will be held at 12 noon on 28 July 1973 at the Albany Hotel 
Sma/lbrook Queensway. Birmingham B5 4EW. 


FHJL r. H. LLOYD HOLDINGS LTD, JAMES pRIDGE STEEL .,R. .-ED-t^oUnf. w iAriS. 


light last August By January this strategy 
year; the stake had crept up to industry. 
6.51 per cent. _ Tenneco 


in 


the 

expected to agree 


an authorised invest 
mem trust b.v May l. 19'.®- At 
it would retain the 
■ substantial part of 


chemical Jhe inve , lir i en t portfolio, and ITl- 
would be wound up. 

The option 


agreement with 


A spokesman for Racal yester- t o make these commitments in Ba ‘ r c , | C ays “^”'depcndent upon the 


day . reiterated previous stale- addition to others which 

ments that, there was no inten- Department of Industry is asking "‘r^rthe issued ordinary 

tion of making a bid for Adwest f or . These include giving the P" cent 011 
e also pid plat Racal is making fullesl possible information to the ^ J a^ ume n t also reveals 

other share investments which do work / 0 rce and involving them m th a, Barclays earlier this month 


of the companies concerned. 


not come to light because the decision-making as far as possible. L" a n „££? ^ ^ncements for a 

stakes are less than 5 per cent ^ DO i is a i so asking for the ? i»taei!?of SFr 60m of 4i 

majority of British directors on £ t P oles 
•n x nr r»ir * f the Board to be maintained, a ppr 

»A1 LltAL - stated intention to maintain the 

GOING WELL positive balance of payments for 


Bridgewater 

r — ... With the restore’ inn yesterday 

RAT Industries said vesterdav and an a Krcement not to ^ shares of Bridgewater In- 

P s rJ s fcrSiws c °~' «- st 

2JJ5SSe Sal bs S end of appear tough. Tenneco is. wpa- o{ aifton Inveximents- Ma pcr 

d 1 by ““ rently Willing to accept them ^ stake, to. Saaest. the Swiss 

tins njontfL, . because they represent little Jhat company bidding for. Bridgewater, 

a CCrWT A TPQ riFAT is different from its normal has gone unconditional. 

A^OejATE^ DtAjLa* decentralised method of opera- At the same tune . Safest has 
Robert - Fleming - and. Co-.- on Also some of these condi- issued its offer document m which 

June 16 bou^it for HOdUN T before, in 1974. it^ays it intends to get approval 

being discretionary clients 5,682 in nnw rnr Rridoewater to be an 


Investment Trust Corporation at .. . f ^ voaT of the deal because authorised Investment .trust • J 

"a™. r co. ^ 3*0 

Ooraercroft at 86ip on behalf of investment in the UK 


Oornercroii ai " can investment in the uk. in 

County Bank, assoaate of Corner- Mr A]an williams. Minister securities. 

for Industry, who has Tt ” " ,n,n 


croft 


lit Bridgewater’s existing unquoted 
Itslnam. priorities, it claims, will 


■row. OOd Pit».n.Hur«*owo SSfBSf Tenneco/ ta BHTJS 

bought for a discretionary in ease, recently went to ontwiaments 


bougnt tor a Albright case, recently went i« .-“ Hs own dividend entttiements 

vestment g5"f_ * the U.S. to encourage business- u ach ieved. It also pro- 

t?nn»bar to invest in Britain. poses to inject long term loan 


Hedderwrck Stirling Grumbar 

and Co. brokers , to N«™“ MOOLOYA 


poses .. 

capital into Bridgewater. 

”r- aocoriattjs iYiuwL.v*r» The document also contains 

IndiKtrtes, on behalf otasawjarea Take-over Panel con- details 0 f Bridgewater* resu is to 

of Newman has bought 20.0W “jj ve g t erday that it was seek- March 31 which show that ‘here 
Wood and Sons iHoldings) at arm fu ^J ther information from were pre-tax losses of £9,<*88 last 

^Hedderwick Stirling Grumbar Mooloya regarding an 


of 


Sunderland and South Shields 
Water Company 


were pre-tax 

agreement, year compared with profits 

£4.742. Income was £42.000 
(£46,4001 and management fees 
were £35.368 (£28.805). 

Sagest is offering B.6p in cash 
for each share which compares 
with stated net assets of 5.6p in 
the unaudited ba'/.nce sheet 
accompanying the offer. 








The Annual General Meeting of Allied Irish 
r’c Hotel. Ballsbridee, Dublin 4 on Wednesday, 28th June, 19 * 8 at 1- o clocK 


Of Mr. Niaii Crowley, Chairman. 


noon. 






RESULTS MAINTAINED 

AT SATISFACTORY LEVEL 

, the statement by tne 

feK«“S^ ri soo f6% . 

..Derwent “satisfactory- .... 

mmmm 

SifSlSi 

assurecHintSltheea yy catis fa C tory .There 

-gj^jsssgjtsigssa 

March, i when the u|t the 

and char9es 

35 st March th.s year. water - industry «« 

A w ^'u^*nJuV^^^^^™^h V u^^e n nafionat?sed, but 

s-sgs^-artasit-r 

gtf^tass«-« r - - • 


CORN ERCRO FT’S 
REJECTION 

Cornercroft has rejected Arm- 
strong Equipment’s £1.6m cash bid 
as inadequate on the grounds that 
it is substantially below the asset 
value of Cornercroft and that the 
price offered ignores its potential. 

Cornercroft said in a circular 
dispatched to shareholders yester- 
day that its ner tangible assets 
at September 30. 19<«. amount to 
about £2.4m or 96p per share com- 
pared With Armstrongs cash 1ml 
of 65p per share and us_slter- 
natlve share offer worth £t.«m. 

At the same time, Cornercroft 

reported group P r t; tax 1 P r 2? ts ,K 
the Erst half to March 31, 1978 
-up 19J per cent to £136.000 on 
| a turnover increase of 12.7 per 
cent to £2.51 m. 

The improved performance 
reflected a tumrnund bv Comer- 
; croft- Encineerinc and better 
results from its pumn manurat- 
| luring subsidiary. James Beres- 
[ fprd and Son, and Cornercroft 

(Agriculture). . ■ . , 

Witb eroup -order book at June 
standing some PC net cenl 
I higher at £2. 83m and sales for 
the first eight months rising lS.n 
tper cent to £3.«5in. Cornercroft 
j Is expecting the full year s pre-tax 
Lprhfits -to be- higher than tne 
["£259.716 in 1076-77. 

.Cornercroft also said its Boarri 
expects .to recommend a fina' 
dividend for the current year of 
'2 92 75 p net which would repre- 
sent. together with the mienm 
dividend of 12232P. a.wW D"' 
fiend of A1527D or nn increase of 
30 ner cent over last year. 

The company added that it ha* 
.no objectfon in principle to bemc 
taken over by Armstrong and. n 
a fair price were offered, tne 
[Board would recommend it. 
IComerrroft’s Board will not 
accept in respect of its holding 
of 9.4 per cent. 


Results 

In this my first Annual Statement to the 

Shareholders as Cliairnwno:' A. !.B. I am 

happy to report another su cccvMu 1 year of 
growth and profitabil ire. Thanks to t he 
ground laid by my predecessor. Dr. H. M. R. 
O'Driscoll, sve haw ’-'uilr on. the solid 
luundationM ofa^noti! and united hat-king 
group and achieved -.hi -factory progrt-.s in. 
all sectors of our businc.-*. 

1 appreciate greatly the confidence which 
has been shown in me personally by my 
appointment as Chairman. I am deeply con- 
scious of the responsibility of the ta>k ahead 
and I hope with the aid of my colleagues 
to tackle it resolutely and imaginatively. 

It was a good year for Allied Irish Banks. 

I am happy to report that we had a very 
healthy increase in our deposits and in 
our lending* and, as a ret-ult, our profits 
increased by so",, to {. ^j.smibclore 
taxation provision o: i i :.”m!. Changes ia 
interest rates during the year were a 
significant factor in that outcome and I do 
not, of course, envisage that our profit 
increase for chi- year will be so dramatic. Ac 
the same time. I erm u."ure our shareholders 
and customers that wc have been gearing 
ourselves for the furu-.e .it home and abroad 
and. despite the uncertainties oi u’orid 
economic condition-. I ••n: confident thar 
our Group svili make -tcmficant prorres- m 
the year ahead and will rn? its full part in the 
national programme fee •-■conomic recovery. 
In the vear under review we have been 
greatly helped by a substantial increase in 
shareholder-.' funds, through the largest 
ever I rish Rights Is^ uc or £ lym and a 
revaluation of premise? . i herefore. despite 
the shortfall in retained profits in meeting 
the 6. s".. ratio tlte addition of the item- to 
which I have just referred has placed us in a 
strong capital position v;uii a ratio ot t.i ... 
Wc appreciate the po drive res pom e from 
our shareholders to the ^Rights Issue. A.I.B., 
i common with other rjoks, hnds it 



costly exercise in a labour intensive industry. 
The maintenance of the Group’s growth in a 
climate of continuaJIy rising costs is a 
challenge to our operating efficiency’. The 
answer for banking as in every field of 
economic endeavour is in ever increasing 
productivity. I am glad to say that this is a 
shared objective of management and staft 
as is evidenced by the terms of a new’ 
productivity agreement recently concluded 
between the Banks and the Irish Bank 
Officials’ Association. 


Mr. Niall Crowley, Chairman 


necessary in thc--c inflationary time- to rai-c 


JOVE/fONGSIDE 

Offers made on behair of Jove 
Investment Trust for Ringside 
Investment C«W 1™* 
become wholly tincnndltional »nd 
vriil remain open for acceptance 
bntil further notice. Offers ha' e 
been accepted in respect 
8.607,669 (93.49 per cent) ordm^ 
Kincsirie shares now converted 
into deferred shares and 
new Klngside ordinary shares 
/95.49 per cent) being, the new 
ordinary shares atoned by jsv 
of capitalisation.- The ca ^J’? ffer 
Which has been accepted 


Tfcsnect Of B.575,1 74 new Jove 
ISSSS shares and 6573174 new 
JbVe capital shares, has dosed. 


additional capital perioe.ic.illy. Vi e are. 
however, reluctant tc- go wo lrequeiujy to 
our ‘hare holder-, and therefore, we -cok outer 


ways and mc.in> oi’inereJ-mgour capital r.n<v. 
Itwai for this reason that "v raised 53cm by , 
wav of Floating Rate ' -c w in March, io” • 

TTic recommended r.n.il divi dend is 3--7r- j 
v hich. togei’ncr, witi: the interim o, ~--s - 
will give a total of 30 \. n' r theyuar. 1 his is 
-5 l, « "upon last year’:- payment. 


Economic Trends .... 

The cconomv of the Rcrurfic is expected 
on best forecasts to grew at on annual average 
rateoFovcr 5'*^ in the period 197S 101983. 

A sustained growth rate 01 -his magn trade 
will call for an mcrea-e ,'•! the order ot 70" . 
in investment in real term* ■ The achievement 
of this high growth rate * necessary if 
unemployment andi : con-cquentscaal 
evils arc to beefiective"-’ t.icklcd. Tnc very ^ 
large new investmini. upon which increased 
productivity and valve jii'-ed depend, mil 
be feasible on!v if sociei’- accepts the need 
for on adequate level oi prosit m the pnvatfi 
sector. It is vital for sfti* sector to have 
available an adequate suppiy ol captal. Ths 

^i/.c of the poo 1 cf investment Binds ti 

limited- U is ussemia! to ensure that 

Government -.pending- pcn.tiaaland 

necessary as u is in the • hori term, should 
not sualiow up an undue snare of investment 
fund - to the detriment 01 private mduun- 
which i:. the nuinsspnnisoi the economy lor 
continuing longer term gt"- -h- 


In this context. I would like to pay uibutc 
to the major role which the Industrial 
Development Authority and other liovcrn- 
m :nr Aucncic- play m uitraciing overeats 
investment and eneouragicg home industry. 

] am pleased that the Group has been able 
to co-opcratc fruimdly with the IDA in 
providing finance and, through our offices 
in Brussels. N’cw York and Chicago, in the 
search for new industrial investment. 

At this st age, there is a vital need tor a 
united commitment by all sectors or the 
community to the twin priorities ot the 
encouragement oi indur-trisl growth and ihc 
provision of iobs. ... . , 

Tiic economic problem* or Norrncrn Irclana 
are even more difficult and daunting than 
those in the Republic. Over the years. 1 have 
visited Northern Ireland many times and 
have been grcitly impressed by the courage 
and determination of the people in coping 
with the grievous prot lems witli whtch they 
have been faced lor nearly a decade. Vi i’.fi 
ihe aid of that courage and determination, 

I would hope and .-spec: that eventujlly- 
v. hen more peace! ul conditions return, the ^ 
Northern Ireland economy wil! grow rapidiy. 
We in A.l.B. will be there ready to play our 
part in that economic resurgence. .Mean- 
while, we will continue to conmburc as best 
we can to miintaining economic activity in the 
present difficult environment. 

Our contribution to the National Economy 
and to our own growth and pro; Ferity is 
through the services wc provide to our 
customers. Our constant aim is to be 
sensitive to their changing needs and to 
adapt our services accordingly. In this 
context I am referring to the Group as well 
as the parent Bank and in particular 10 the 
special skills 3nd service* which our 
Industrial Bank and Merchant Bank provide 
as part of our comprehensive Group 
fad lines. 

I am confident that in this era of strong 
competition our repuraiionfor that cr.tra 
degree of service and courtesy will continue 
10 prove one of the Group’s raosr valuable 
assets. I n particular wc arc aware of 
customers’ need* regarding branch opening 
hours and this question will be kept under 
review. 

Bringing the convenience of banking tu every 
corner of Ireland 1 and further afield 1 is a 


The Staff 

Another key objective is the encouragement 
of trust and confidence between Staff, 
Management and the Board , which will I ^ 
believe, lead 10 a bencr climate of industrial 
relations in our industry. 

Banking generallv has come through a period 
of rapid development in the last decade and 
the stresses and strains caused by the pace ot 
change did cause periodic problems. Never- 
theless, it is only right to emphasise that 
withoutthe strong commitment of our stuff 
in every sector of the Group wc would not 
have achieved thv: fine results 10 which I _ 
have referred. The achievement of goals m 
even- field dcpinds on the skill and hard 
work of every b*»dv in our large organisauon. 
This is par lieu la riv so a- we provide .1 people 
intensive st-rna-. and the image ol the ^roup 
in the eyes of our customers is proie^icd by 
our staff. I am ; uro that our bhareholdep- 
will join me in congratulating them on their 
verv successful achiiri’cmenL 


if! 










it* 


:.}■ 


* ■**. 
•t'js 


. 5 


Board and Management 
I am happy to record my appreciation ot the 
enthusiastic support and encouragement 
which I- have received from my colleagues 
on the Board since I assumed the 
Chairmanship last October, and of the 
constructive role which they have played m 
the development of the Group’s policies. 
During the year we were happy to welcome 
on to the Board ot the Bank. Air. Ai. W. J. 
Smurfii, who as Chairman and Chief 
Executive of rhe Jefferson Smurfit Group of 
Companies, is one ot the most highly 
regarded business men in these islands, 
and Mr. M. J. Murphy, who is already well 
known tovou as .Managing Director of 
Allied Irish Investment Bank Limiced. 

I record, with regret, the death in August last 
year of Mr. R. T‘ D. Langran, who was a 
former Chairnun of" The Royal Bank of 
Ireland Limited and u founder Director o», 

our Group. 

Finally, on behalf of the Board and our 
shareholders, 1 wish to pay tribute to the 
man ag ement to whose initiative and energy 
the strength and progress of the Group owe 
so much. 


y/. 

4 


FEATURES OF THE 
CONSOLIDATED ACCOUNTS 

Year ended 3i>,i Mur eh J97® 

£0 OO 

Issued Capita! J5i°4S 

Share I V emium and Reserves 1 »9)4F 
Total Assets a,X2D,h$s 

Current, Deposotund __ 

Other Accounts X;93“,3-3 

Advances to Customers uni 
Other Accuuar.i, Lu-'ss 
Provisions 

Group Profit before T ^ 
and Special Provision 
Fmfit anributabje to 
Shareholders 
Earnings per 2 jp • hJK 
Fully Diluted 


1977 

£coo 

zi^iSS 

72*378 

1,74*^36 


i,6o6,Sm 


1,009x47= 

35456 


790,537 


24^8 


21.616 

4I-9P 

36.7P 


14,395 

30-9P 

aS.Sp 












) 


/ 

1 

V 


it,. 







INTERNATIONAL FINANCIAL AND COMPANY NEWS 


NORTH AMERICAN NEWS 

Kennecott Q 

victory 

challenged 111 

By Our Own Correspondent 

NEW YORK, Jane 21. BY 

THE Cartiss-WriKbt-Kennecott THE U.S 
Copper Corporation proxy Griffin B> 
battle plunged Imo even deeper industria 
eon fusion at the reconvened ' ms , tn tt 
Kennecott annual meeting LTV Cori 
yesterday, when it was unclear poration, 
as to whether the company's reaching 
list or directors had actually u.S. stec 
been formally re-elected. companie 

Although Curl iss-W right is merge la: 
not apparently disputing that „ „ 

the Kennecott fist won a * "■ .. 
majority or shareholders' votes 
at the Hay 2 annual meeting, it 
is disputing the 1.6m vote mar- l dv ' 

gin reported today by the °** na< *T 
Corporation Trust Company, f““u™ 
whose officials are acting as , “ 
Inspectors of elections. nnlltlcal l 

Ai the reconvened annual 
meeting to accept the tnsper- , f 
tors' report. Curtiss-Wrigh. ***** 
moved the rejection of the •. 
reported ballot result and , p ‘ 
claimed that it had won this in the < 
vote by 12.057m votes to this mor 
12.054m. However. Kennecoff’s between 
chairman Mr. Frank Mililken. seventh a 
had previously ruled that this panies co 
challenge was out of order, of the " f; 
although the subsequent vote tio° to tl 
was judged by Curtiss-Wright said that 
to have overturned his ruling, concluded 

As a result. Curtiss- Wright is run out 
claiming that the Kennecott second h: 
board has not yet been form- by March 
ally re-elected, and that the panv’s dt 
annual meeting is still open or perha 
and pending. Its opposition to amount, 
the inspectors' report is based Lykes' 1 
on a claim that some £30,000 at Youngs 
votes originally cast In favour g5 m 3 J ^ ( 
of the Kennecott list of dlrcc- market 
tors were revoked the day capacity 
before the annual meeting, but note£ j an 
nevertheless included bv the appeared 
inspectors of election in the cant impi 
Kennecott ta iy tion. wbic 

Curtiss-Wngbt s main objec- pa ny “ wo 
tire now is to seek a re-ran of bu t to c 
the proxy solicitation, either 
through negotiation with the 
Kennecott management or 
through court hearings which ( T pn 
start this week. The chances of 
success by the first route are T Tf Sli 

remote, but a court upset in U 1UU 

Curtiss- Wright’s favour should 
not be ruled out. P> 

• Reuter adds from New York: 

Kennecott Copper said that the GENERAI 
vote at the annual meeting was poratiou t 
proper. Even if Curtiss- five moni 
Wright’s objections to the vote $57 o 
were upheld and it had been 
allowed to use 800.000 extra p * rea 
votes, Kennecott would have ®bare. haL 
won the ballot by voting Um $508.o9m. 
votes otherwise disallowed, it f® 51111 8*’ 
said income foi 

Mr. Mlliiken said that the orS2.43a 
only business properly before ? r S..D- a 
the meeting was stated in an ^creased 
agreement signed by both Meanwh: 
parties on May 2. It reads company ] 
**the final reconvened meeting tinn repor 
will record the vote certified by for the la- 
the inspectors and will conduct against SI. 
no other business.” period las' 


Government 
merger of L j 




Director 
resigns 
at Husky 


Loss^I^^ 


■ ■■fX . 


; •• -j, -VrJ'-- ; 


"fears rj 


By Robert Gibbens ’ r . . : • . r 'V-.. .-- . • s- .* V- : j - . . 

kyiohnwyik ■ r BY OUR OWN COkRBPONDEPff' - ■=•»- V? ' 

BY JOHN WYLES NEW YORK, June -1- MONTREAL, June 21. jslT kiK S " with the 

THE U.S. Attorney General. Mr. assets.” However, he questioned that the Lykes-LTV union will MR. GLENN NIELSON. Chair- orr-a contract- for 

Griffin Bell today ended a major whether assets could be sold be followed by several other man of Husky Oil. has denied an after taX: loss <rf ; jg ^ 

industrial clifF-banger bv agree- quickly enough to do substantial acquisitions which will not help reports that the Board was a. result of a setuemeot settlements involve" the .- -Navy, ^eCP g r ^ 

ing to the proposed merger of good. the cause of anti-trust in one of seriously split over its decision US. Navy 

LTV Corporation and Lykes Cor- Describing it as a very tough the country s most important t Q accept a share-exchange bid - e |r f? pue K ? ■ js,; nl?5f Kriri-'iinff £&&& *[ 
poration, which could have far- decision. Mr. Bell acknowledged industries. from occidental Petroleum of a $l-0®hn shiphuudihe, .nontwet, ^ g&id -last- niiibT .. 

reaching consequences for the that his anti trust staff and Che Apart from arguing the “fail- the U-S _ and reject the offer In the wake of the SOttleinCTl y^^i.-., company wouid 

U.S. steel industry. The two head of the Department's anti- ing company ’ case. LTV and f ro m Petro-Canada, the Canadian announced yesterday, ■ !oss this year • 

companies originally agreed to trust division, Mr. John Shew- Lykes sought approval for the N at j 0 nal Oil Corapanv. But it chairman, Mr. Charles •Th6mfen,^_l^ i _ }nfl the 3200m. 

merge last November. field., were opposed to the merger, merger on the grounds »f mi- was later confirmed’ that Mr. warned that instead of the record.;'^Z^!. P nt and S133m.la-fitaDrt-afrjEJt»o 

Mr. Bell made his announce- But lhc weakness of Lykes' proven efficiency. It was said Ward c . had resigned earnings expected, 

ment this morning after wrest- financial position * led me to ^uld be from lhe Husk Board late on diversified company. .there gWpyfirt. ‘ 

ling with the problem for many conclude that Lykes faced a 100 Percent ^self-sufficient »n ™ Tuesday. now be a ‘substanrial loss VftffiUt-d the company to 


ling with the problem for many" conclude that Lykes faced a 100 per cent self-sufficient In > rf >° Tuesday. 


Government 


political prooiems ior the Carter ■FS. u,rt “*S : ^ ' .. ... all those present to approve me muance. 

Administration if Lykes. as a I Thu 5 * he Government has At the same time, lhe Occidentals offer, when made." This settlement 
result of a veto, was forced to cleared the way for a combino- companies steelmakm“ and ^ 53;^ 0 t *jj e twelve rfav<i after an azn 

declare yet more redundancies at tion which will create tne third finishing facilities were claimed were abiat for^lear Similar dispute 

its Plants in Youngstown. Ohio, largest steel company in the to be complementary. An LTV o ne an iSerican NavV and Genend 

In the event. Mr. Bel] revealed S^hem ’ St it SlSSfifS S' aw°re’of the b?& S JSSd taSST 
this morning that the merger Jd "La^hiin gin ^oildbe2p?r C enhi?h e r floured Occidental:^ othera General Dynamics 

.rilT .ndPi/htli Steel company with L?kes' as a result of savings which cou Id fRnadgm uwas abno ^because 

S ^!fp Jk COm " Youngstown Sheet and Tube be achieved through the merger. Brm * Pitfield Mackay Ross, rep- 

hrings together two loss-making Department of Justice approval resented Petro-Canada in its TT C 
Hnn h to rh businesses whose managers are for the mercer was needed under off ® r 10 Hu5 £?!’ . , . | J 

25 * h optimistic ahout turning around the terms of a consent decree However, 'it was a shock and W 


This settlement comes instil stemmed from 


■ /. , r ■ : The dispute with tnp wavy r 

ustviJ stAmmed from a $1.09bn..coa- - - ' 


panv’s deficit might be S13nm. 
or perhaps even twice that 
amount. 


Lykes" tndianna Harbour Plant siblc for killing off an already Tne m 
at Youngstown was losing S4m to maimed community. gest in 

S5m a month despite favourable However, lhe Department of company 
market conditions and high Justice's anti-trust division is of mure l 
capacity utilisation. Mr. Bell believed to be gravely worried funds of 


U.S. Steel debt 

1 to flod Mr. Ward C. 'rV?" '.'<■■■ • nrsnir '• 

e of Husky's director's. BY STEWART FLEMING g . ^ . .. /• J'ti * f~ ^ 

the other side of the FURTHER EVIDENCE of the from single- A to A-mtaus. ‘ s ™ i - 

senting Petro-Canada.” longer term financial problems Mr changes were made 00 the levels ^Decau^ or su^aoraiin- 
exception of Mr. Pit- facing the steel Industry came ^company's pollution control .and .creases in 1 
the Husky directors today with Standard and Ponr'k'undiiistria! revenue bonds. • , . ‘Pv^toe pas.iwovy^ML^- : *-- 


in the area and the Carter the pa*t IS months and Ow two field, ail the Husky directors today with Standard and Popr.>:Jndustriai revenue .■9 v SZI° e -g5® i v«S*S3&i' 1 c Jim 

Administration understandably companies last year regisiered a favoured the Occidental bid. announcement that it was -I qwbf*?.:; S tandard and Poor’s. comurenc- ^tne - reung 

does not want to he held respon- combined loss of 8249m. In Ottawa, the Industry ing its ratings on United Statea-ing on the. decision, ; ^saitt nman 

siblc for killing off an already Tne merger is one of lhe big- Minister Mr. Jack Horner, said SteeJ.'s senior debt issues. .-. r . -although the compands OP®™ 1 ' .W- 

est in U.S. bistory crealinq a the Oxv bid for HQsky will Ratings on • senior debt areffng i^ults are showing a ^img drtt ^^tb^'Woti^athqrtriBe 

w,, !l <•**>•. M»|» “«rt<gi«r •>*!»» 1SSS.71SS!!. 


UUIV 1 1 ” *’V 'LI . MU * 'IIV Wt KJJ LVIVI(IJU> **1111 IfC *7 djJvlJ MB » V IV \ V uiv vv.v. v «.v-v.v •• •— U • • . i j ft f ClCCn ”f|tv 

high Justice? antitrust division is of mure than S3.6bn. shareholders the Foreign Investment Review double-A-minus, and on thfc/years immediately ahead its Key creasea .ppwsqre.po 
Bell believed to be gravely worried funds of more than S9O0m. more Agency for a mliDg on whether company’s subordinated 'debt .financial ratios would return to pany to improve Tt*, p. 


noted, and he added that there about the precedent which the than 80.000 employees and com- it would he of significant benefit 

appeared little hope or a siguifi- merger sets since there are bined sales last year of >6.4bn. to Canada. 

cant improvement in the situa- several other steel companies The ranking of the combined 

tion, which meant that the com- with out-of-date plant, precarious company in the Fortune list of 

pany “would have no alternative balance-sheets and uncertain top 500 companies at the end of TTIAVA ftTl 

but to dispose of substantial business prospects. They fear 1977 would be 23. -k™ AuL UlUYC. UU 

Bache deals 


/'"I _ _ D„L]' Tm A j wa ' ,uv ul,a<J the " Fe^raf^CommuniraitittnS definitively whether It plans a This represente art^ ixwrea»e- ; 8f 

\jrCll* i UDilC riftSlfim r^OOI*fl Bache Group's repurchase of Commission fFCC), Chris-Crah Fox takeover and charged that <2,000 stares 8incrFox > 9' petWbn 

tt,,,,.. mj. ViY|«v i vvv/i vA. 560,000 of its shares at a premium industries denied any plans to the diversified pleasure boat and to the FCC when it wa^ stated 

1 NEW YORK, June -l. of almost Slim above the market seek control of Twentieth broadcasting concern, had “pre- that Chris-Craft^ownea- wtJHJO 

FAqTFBN A1RJ INFS pxnecic s prnnri ouaripr Pamirs will P rice ls beln 8 examined by the Century-Fox Film Corporation sumptively embarked on a share or. about; 8^ per-cent ;qf 

NEW YORK. June ”1 record^fitsn 1978 andhS be ^ the best the New York Stock Exchange for and reiterated its contention that scheme to obtain control of -Fox the film eompan^scbrnmotLina 

IVEW yukk. June -l. record prohts in is,» ana dopes oe tne nest in the compan, s possjble vMxLion of big board its Fox holdings are for invest- and its television stations.” subsequent filing Srith the SEC, 

GENERAL Public Utilities Cor- modest dividend programme on second quarter hst year E-istern rules - reports AP-DJ from New ment purposes only. But Cfcrl*. Chris-raft responded that there Chrts-Craft. said' dtaeqait^the 

poration had net Income for the SSSSnrtSTS KH « eaZd * Jork. Bache had said that the CraR disclosed that it s hoMfeg in- “wasn't a. 

*91 ,.r ufa r a.-onrri tn<> » n Mr p„ni( «4QS deals we re made to expunge the Fox has recently been increased Cevidence to support Fox s Hay-25 and Jud^lS trn the -open 

five months ended May 31 uf pr. atcor Ua« to Mr. Frank m. threat of a takeover bid. It is to over 9 per cent of ItaTcbarges. As of June 15. Chris- -market at pricesrran^ag-' fiTim 

b5/./2m. or 9b cents a share com- |i^ a oaid a cash j U tc are follSwiM the SitteSl understood that the big board is common stock. . . ... Craft owned 716,500 shares or 8W7S;to S37^5asb a re.-f:-;;v * 

pared witt b5i ; 14m. or S1.03 ^a d| J5 e e ~” f pa 1 5J '£^ A sh \ r T& %%%% in'iS S* r ?vemm *£™**l* ^ 0n JuQfc7 ‘ F “ asked ** FGC .* bout 93 per MQt of 7 l 7m AP ^.- 

tAn^iom aleS »n eV «sl*<r-m Se Th^ August 1969. Eastern's previous passenger miles. Bookings for ll™ 1I ! t,h l r ®, A of .^ ac ^ e — : — ^ — : — T — ~ — I— — — • . i- . '_/ ; ,£ .<[■ 

$508.o9m. to $555. 67m. T^s record net profit was S45.24m in July and August are even higher ^ T 0 . 11 ?. ,_ hold ,? rs J _ .“ b . B .,! D . O _ I • J ■ A’-HD. ;£> 


Chris-Craft denies Fox plans 


NEW YORK, June 21. 


IN YoE move on . — • ' 

• • ' .. T NEW. YORK,- Jn^2l, 

Bachp deals IN A further statement filed with to order Chris-raft to state Fox common shafes :out?to»Bng. 

the Federal Communications definitively whether It plans a This represent* aa^Mrease.-^f 
Bache Group's repurchase of Commission fFCC), ChrisCraft Fox takeover and charged that &.000 stores since'Ftnrs-petititm 
560.000 of its shares at a premium Industries denied any plans to the diversified pleasure boat and to the FCC when it iw&smed 
of almost SUm above the market seek control of Twentieth broadcasting concern, had “pre- that Chris-Craft ^ownw- f&kJS)Q 
Price ls being examined by the Century-Fox Film Corporation sumptively embarked on a share or. about; 8.5 -;per-;eent;qf 


to support Fox's lIay 25 and'Juhe,15 0n the-op€;n 


3555.67m. 


holders 


Solid 


1 iKn °ess outlook was good, and was from discount fares but ;i<.'rass 

increased from s»U3bn to S1.3bn. expected to remain good at least the company's entire sysrem, in- F),, Pont chnnrp 
Meanwhile, the small computer through the first half of 1979. eluding business markets. t r ll4 “s € ' • 

company Data General Corpora- He pointed out that the airline Mr. Borman said that Eastern ou Font will phase out over the 

tinn reports per share earnings increased its capacity by S per is filing foi new routes, with the sever al mourns the manu- 

for the last nine month of $2.60 cent, and recorded a 32 per cent aim of making St. Louis and » artur e aQ d sale of powder made 

against $1.89 for the comparable increase in revenue passenger Miami important route centres, fl \. on * surlyn lonomer because 


. market rate. * * City of Kobe \ £7- “ ; ■ _Nfy^ Yqrk; J utt;ar 

Du Pouf charge apfc miYPrl T- .fURTHER sounds growth - is Of. business . showing a i(^;per 

Du Pont will phaseout over the • ^ported by ^eritafiTedephtoe 

next several months the manu- rPCnOTlCP jind Telegraph, with net eardlngs ‘ * l J V" " 

facture and sale of powder made- .. .... . ^-amounting to W5bnf -or, 81^2 n- J- ' 

from “surlyn" ionomer because B y Mary CampbeH , > ' " shareMor the'Three inofifhs ended 

result vrifl t&econdVJle? THE dollar sector of the Euro- ? r aj si ^ & ‘ 

charge 'of STSm* or C 16 cents a bond market ^ flat yesterday , "*J e C0CTBS " share for the . previous yeat^ 

share reports Reuter from Wllnv w,Ih P nces general Jy oft perhaps P dl gVnod of 1 . Operating, /revenues- 

injjton P uier from vvnm an eignu, oi a p0U1 t, on average. Operati* revenue totalled "S38*bn against : ?34^bn 'pre- 

Hydro Quebec was? quoted at $10.14bn, against S8.97bo pre- viousiy.. ‘ 

ExXOIl loans 972/i most of the Way by the viously, witl^the overall volume AP-DJ...! ... . . — v- 

Exxon Corporation will need to lead marmger.S. G, Warburg ’ ‘ ' “ 

make substantial borrowings in f? d at a 

the next decade to finance rest of the market, it had 
developments such as oil shale, * ,eeD Priced at 99* and was 


t ■ -• 


period last year 


Reuter 


gets mixed 
response 

By Mary Campbell , 


New Issue 


These Bonds and Notes having been sold, this announcement appears as a matter of record only 


Jane 1978 


National Westminster Bank 
Limited 

t 

U.S. $75,000,000 9% "B" Capital Bonds 1986 

and 

U.S. $150,000,000 Floating Rate Capital Notes 1990 


the chairman, Mr. C. Garvin said. 


been priced at Mi and was 
opened by Warburg’s on Tuesday 


reports Reuter from Washington, at 98/81. 

Return on investment would not First reactions to the City of 
be sufficient from some future Kobe's D-Mark issue — the first 




developments. straight issue in this sector of 

Ti.nn ... • tiie market for well over a 

f Add Opposition month — were mixed. 

The Financial Accounting The demand for Japanese con- 
Standards Board's move to draft vertible issues soared yesterday 
accounting concepts for Govern- in line with demand for the cur- 
ment units and non-business rency. la first time trading 
groups is considered certain to yesterday, the ASICS issue was 
run into opposition in the public quoted up to 104, though it 
hearings set by the FASB. the ended the day slightly lower. It 
senior rule making body for cor- had been priced on terms which 
porations. reports AP-DJ from were notably tighter than had 



New York. 


been indicated. 


County Bank Credit Suisse White Weld Orion Bank 

limited Limited Limited 

Basque Nafionale de Paris Banqne de Paris ef des Pays-Bas 

Banqne Populaire Suisse Girozentrale nnd Bank der Osterreichi sch cn Spark asseu 

S A. Luxembourg Akticngeselbdraft 

Sodete Generale de Banqne S.A. Swiss Bank Corporation (Overseas) 

Limited 

Union Bank of Switzerland (Securities) Westdeatsche Landesbank Girozentrale 

Limited . 


Credit Commerria] de France 
Morgan Stanley International Limited 


Aha tHMM Ln c alMil Company 
Afctbfi Bank of Eatnft fK^LC.) 
j\lgnMC Bank ISedaiiuid N.Y. 

A. E. Ames & Co. Limited 
Amex Bonk United 
And mfcun-Rotl erdan Bank N.V. 
,\ndeU»nken A/S Daaebank 
BancaComnwraale Italian* 

Banea dd Gottanlo 
Banca Naajonaie deU'AgTicrttm 
Boies Urtpdjo Hisputo Americano Xindled 
Bank of America liltniatiaaal Lioriud 
The Bank of Bcmndn, Ltd. 

Book fur Gemefamtsctaft 
AkdoqiHdlsxkaft 
Bank C«trwfl*er. Km, Bungenor 
iCHtntoj Limiied 
Bonk oTHtfebld Limited 
Bank Julios Barr International Limited 
Bank Lea International Ud. 

Bank Mees ft Hope NV 
The Bank of Tokyo /HoUandj N.V. 
Bankers Trust Imermtknal United 
Bavpe Araiw ct latentadmtale 
d’loTefirtgaaent IB A. LI.) 

Basque Rmtiks Landbtft SA, 

BanqnF Framaoe dn Commote Esterienr 

Baoiac Framnbc dc DcpAis et dc Hires 

rtonano Cberale ilu Laxaiboorc S.\. 

Basque tie ITDdodune a de Soez 

Baoqrc Intenwfooaje a Laxanbeorg SA. 

Banqne Lwns-Drejrfia 

Baaque dc Nenttiie, Scfahmfacrger, Mallet 

BnmacRottecbild 

Baaqae de I'Uoion Enropicwn 

Burdoys Ds^Tohnatitmal Limited 
Bang? Brothers & Ce^ United 
Bayeriscbc Landesbank Gnoastnlo 
BajeriscbeVcrdnshank 

Bergen Bank 

BcriHur Handds- nod Frankfnrtcr Batik 
BByth Eastman Dillon & Co. 

Ipltt auli ooal limited 
QuaaeCartratedaSanqDciPnpokrircs 
CacM da Depots cl CotaienaUans 
CazcaaTe&Co- 
Ceelrate Rabobank 
ffai infaanJeWiri I iowrf 
Chau Manhartan Limited 
Chemical Book lalenwdmal Limited 
Citkorp JntenwUowl Ciroop 
CtaridenBaok 

Coomcrainiik AktKnpesdbdtaft 


Cwti P- 1 * 101 IlRoofc Lknlted 


Handdsbank N.W. (Overseas) Limited 
Naiional Bank of Aba Dhabi 
S. G. Warburg & Co. Ltd. 


CoMnhajsen Handdsbank 
CWdil Agricote (C.N-C-V.) 

Credit lodnstrid ct Commensal 

Credit Lywnais 

CWdit da Nnrd 

Crcdho 1 uliam 

D>i«i Eunipc N.V. 

DBS-Daira Securities Idtcniati ft *KiI 
Umiied 

Delbrtck & C<x 

Deo Datukc Bank af 1*71 Aktiesefekab 
Deo Domke Pncktstmik AS 
Dutmnkc Creditbanl: 

Deutsche Gimustrate 

- Deutsche Kn mimwllia alr - 
SC BANK Dcatseke CraoMemchaftsliatd: 
Dilluo. Read Chcrseu Corporation 
Sresdner Bank Akttengesellscbafl 
KfTectmb&ok-VVartmrg iVkdcnResdlKliafl; 
Lwoges SjL.\. 

EnrotnobiKare S.P^\. 

CompatsHcEaropca Intermobliara 
Earnpcan BankJic; Compcm> Lhnilrd 
JFfrw Ghicsgn IJmltat 
Robert Fleming A Co. Limited 
LH5ii>s«tsdiaftlicbe Zentraltank AG 
Mem 

Ahiony Cibbs HoUms Ltd. 

Ciobal Bonk .Uiti ainael la fa B 
CoktmMSAdBintcnalieaaJ Cap. 
OrvecsUfikb Incorporated 
Craapcoent des BanqakrsPihcsGettCVCia 
The Coif Bank K5.C. 

Hambrus Bank Limited 
Heesisdie Landabaitk 

-Giroztsinte- 
HIUSbchkI & Co, Limited 
K- F. Hntion & Co. N.V. 

IBJ Inlcmalkmal Limited 

JntowioB-BaBqae 

.lardlnc Fkaniitg & Company Lind ted 

KsittallivOmkc-Pankkl 

Kteomnrt. Benson Lfadted 
Kredicthonk N.V. 

krcdkrhsnk S. A. Loxembnargeobe 
Knhn Lncb Lehman Brothers Into na t i onal 
Knnail Furrign Traflop Ccfltradinc & 
im esimcnt Co. t‘S.AJv.1 
Kacaii fntenuttfnoal Imrertment Cn. mi Jl 
K u«-iii Itncsfabcae Company (SAJL1 
l-'anLairalwt RgnUtrs 
larnrd Drnttaers ft Co^ LimHed 
Lauid FrereseiGe 
LJosds Rani: IqiCnbUraml Umiied: 
j'tetwflctartn, HtmotcrLAn/led 
MeLtvd, Yoa&s, Weir brimndioml United 


Kidder, Peabody International Limited 
N- 1VL Rothschild & Sons Limited 


MetrBI Lynch Tofemalkma] & Co. 
Mhmtiishi Bank i Europe) SLA. 

Samuel Montagu ft Co. Limited 
Morgan GrenfeU & Co. United 
The National Bank of Kuwait SAX 
Nederlaodsdie Middearfaodshank N.V. 
Kedertamfse Credietbaak nr 
KesbilL Tbnrason Umiied 
The Nlkfco Seettriltes Co. (Turopc) Ltd. 
Nippon European Bank i\. 

R.Nitison ft Co. 

IVonmra Europe N.V. 
jVorridentsdie Landesbank drozeatnle 
Sal Oppcnkdni jr. ft de 


VONTOBEL EUROBOND INDICES 
14-5.76=100% 


PRICE INDEX 20.6.78 
DM Bondi 106.25 

HFL Bonds l Notes 105.01 
U.5. 5 Sere. Bonds V9.I5 
O n.-DolUr Bondi 100.02 


AVERAGE YIELD 20.6.78 
DM Bonds 6.521 

HFL Bond: ft Notes 7.428 
U.S. S Strt. Bonds 8.846 

Ctn.-DolUr Band a 0.284 


Orion Pacifir Umiied 
OrierTCre h tat te Lunder 


Orierreie h ted ie Londerheiik 

Pterson. Hefdriitg ft Pierson N.V. 

Pnstrpaakkj 

Rea Brottos Limited 

RmhwhiW Rank AG 

Saudi Arabian I ti ie slui e i X Co^ Tne. 

Stand inn van Bank Umiied 
J. Hcoj Schroder Wapj; ft Co. Untied 
J. ft A. Saimgcour Limited 
Slmndiimriska EnsftiMa BaokcQ 
N.V- Slavenburji's Bank 
Snuth Barno . Harris Uphaa & Co. 
Jnauporaicd 

Sodotr Bancalre Bandays (Soier) SLA. 
Sodett Generate 

Sodef e GenerBle Abariennedc Bjnqoa 
SociM Sequanabede Baoqne 
Strauss, Tnrnbtdl ft Co. 

Sun Hong Kai Iota lutional Limited 
SiensliU Hondctshankcu 
Trade Dcidopntcul Book, Lonriun Bnwch 
Tradition Iniernalimul S^VLausauiK 
Triuknnsft Bnrkhardt 
Trust Oiqmrafim of Bnkamas 
Lister Invest meat Bank Limited 
Vpion Bunk of Pmland Lid. 

Lh’wo d« Bawpies Arstbes ct Franpaise*- 
L’^AJ. 

Cnilcd Oerseos Bonk S-A. Genera 
Veriund SdtnlyrivlKr KantoaaJbaiilctn 
YatntHmd AVf^hank 
iVkikfccscUsdaft 
.1. VonlnM ft Cn. 

Wardky Until cd 
A'olLB Asia Llmiltd 
AYilliams, Glvu ft Cw- 

Dran witter Rcjmtidv JntcraaUnal 
Wood Guo df Limited 
yjmaxM Imcnatknu} (E srope) 

Limited 


U.S. $25,000,000 Floating Rate 
Notes Due 1981 

For the. six months • , 

22nd June, 1 978 to 22nd December, 1 978 • 
the Notes will carry an ' 
interest rate of 9$% per annum. ' '* -i * ' 

Listed on the Luxembourg Stock Exchange. 

By: Morgan Guaranty Trust Company of New York, tondofi 
Agent Bank 


Friedrich Flick 
Industrieverwaltung KGaA 

has purchased, for an aggregate price of $100,050,000, 

4,350,000 shares of Convertible Preference Stock .of 

United States Filter Corporation 


We acted as financial advisor to Friedrich Flick 
Industrieverwaltung KGaA in this transaction. 


Goldman, Sachs & Co. 

New York Boston Chicago Dallas 
Detroit Houston Los Angeles Memphis 
Philadelphia St. Louis San Francisco 

International subsidiaries: ' 

London Tokyo Zurich 

June 15, 1978 


tt® 


t 






r; 


Financial Times Thursdav June 22 1978 


sJ^/ 1 . 


Ruhrkohle confident of 
longer term outlook 


PUK sees 
slight sales 
increase 


'■ i.v,. 

. h. 


BY ADRIAN DICKS 




• 2 i &! : 

-"g - ; ^4 

:'.V r 'S 

•. P ^ 
; ■■■'■ w- ,J " Sfc 


DESPITE-. VIRTUALLY stagnant 
sateB and disappointing financial 
results in the short term West 

.Germany's biggest coal minum 
, group. .Ruhrkohle, i s confident 
r ^ ^ both adjust produc- 
:5? n sailes and also now under- 


' investment 

needed to ensure 
- in the 19S0's. the 


• ;rt , ‘-s** • 


i V-.:: v®; 

. ■* ■•K 

iC O «! • 

; •• 




•: _Tr.jr « me 1980's, the 

^Butokobie'l^nvestilieSt 1 P h£J 
-v"» . the agreement bv ffae 
' federal government and the 
.authorities m the coalfield states 
' t(? provide some DM 583m a year 
nn development subsidies to the 
.. industry m the period 1978-Sl. 


'vhich should allow* it to over- 
come chronic short-ierm cash 
problems brought- about by ih<- 
sborUall in sales to the steel and 
electricity industries. 

Of this overall sumJluhrkoiile 
expects to receive about 
DM 430m a year, and for the cur- 
rent year is going ahead with in- 
vestment plans totalling 
DM 480 ni including DM 147iii fur 
research. 

In addition. Ruhrfcoble wit! 
pres? ahead with the - develop- 
ment of three new pits and with 
further exploration of depnsiis 
m the Ruhr area, as pan. of Us 
continuing policy of closing 
down older, less economic pus 
as the cuy] is worked out. In the 
short-term, capacity will fail li% 


ESSEN, June 21. | this year 


Continued profits growth 
forecast by Rossignol 


the company carries out already 
announced plans lo shut down 
Iwu older piw this year and next. 

I'Or Die time, being. Herr Bund; 
made clear, Ruhrkohle remains 
troubled by over-capacity. Tuial 
sak-i, of coal and coke dropped 7 
per cent from 62.5m tonnes in 
1976 to 58m tonens in 197T, with 
those to lbi» steel industry rluurnj 
nearly 10 per cent lo 29m tunm-m 
and those lo electrical utilities' 
down lm to 21m. This year, thi-j 
company is expecilng total sales] 
of about 61m tonnes. 

Ruhrkohle ended 1877 with j 
operating losses of D.M 525in.; 
these could be covered only by 
drawing down reserves huili up 
largely by the DM 423m profit 
earned in 197C. 


PARIS. June 21. 


i * Merck off to good start 


PECHINEY Ujctae Kulilmann. 
ihc French aluminium and 

chemicals plant eni isiges a 

slight Increase hi consoliaaicit 
sales this >car from the 
FFr 25Hhn recorded in 1977. 
President Philippe Thomas 
lold shareholders that domestic 
operations ” will not benefit 
In the short-term from the 
govern meat’s recent decision 
lo Tree industrial prlres. and 
their earnings may register a 
certain decline." On the other 
band, the .subsidiaries abroad 
should continue turning iu sat- 
isfactory results. 

He said the significant 
recovery hud been expected in 
rerenl 'mouths had failed lo 


j BY DAVID CURRY 

| SKIS ROSSIGNOL. The v*ur)d 
Deader in titc ;:ijnu:.icMre of 
&Kis with 21 per c«*n: uf the 
world market, i.s fare casung an 
: IS per ci-ni sntrvjje >.i sales in 
the financial -.ear in the end* of 
! March. 1979 and a 13 per cent 
’rise in iron *4 i da ted profit. The 
j apparent iWnr..< m the profit 
I margin «■« <W to the prognosis 
for its ne'A Canadian subsidiary, 
which is c -j-.-civii in opfrale at 
un initial 

The gr.'iij. ••‘.-neeftnu tr* 
: improve -is la >! i nvit from 1.6m 

■ pairs of ek.? in 1977 «u some 


l.S4m and lo sell some JAn 
pairs agj:fl?t 1.5m. 

In the financial year y.ist 

ended, the group recorded sales 
of FHr 527.5m 1 8115m t. repre- 
senting a 18.9 per cent improve- 
merit leading to a group profit 
of FFr 29.34:ii f?S.4m > which 
was itself some 26.7 per cent 
higher. 

in a business which depends 
heavily nn the promotional effect 
of snece.-- in competitions and 
nn following fashion, the group 
made a special effort in the rela- 
tively new erase for “ski de 
fond " or crosscountry skiing at 


PARIS. June 21. j 
the expense of the development j 
uf its tennis racquet production.. 

Capacity wjs increased from 
2m to some 1.7m pairs of skisj 
by the end of the financial year 
and there is scope to lift the] 
total lo 3m pairs of skis annually' 
without substantial further] 
spending. 

Parent comnunv profits werei 
FFr 9.14m and the FFr 26 per] 
share dividend t.. being main ] 
rained on capital increased by a; 
one-foraix scrip issue. Somei 
FFr 10.5m is expected in the 
current year. Investments of I 
some Fl-'r 69m are planned. 


Biirmeister 

and Wain 
share price 
steadies 


By Hilary Barnes 


.BY GUV HAWTIN 


>'vew 


; : ^n 




plans 


\I\T 


981 


dinan; 


E. MERCK, one of West 
Germany’s leading pharmaceuti- 
cal concerns, has made “a 
relatively good start to 197S " 
S^les during the first half have 
shown a marked increase and the 
management hopes that it will be 
able to . maintain the growth 
during the second half. 


FRANKFURT, June 21. 


with turnover up by 10 per cf-t:*. 
However, the group's chr-nm-aN 
sales have followed the norm bli- 
the industry ihis year and ban- 
ris^n by 2-3 per cent. Cornell- 
dated group turnover rose 
about 5 per com during the liisl 
six months. 


Y: -.Merck,- which Is based in 
pa r mstadt said that tn contrast 
'J® “je dtMppoin ting; performance 
in 4977, the current year had pro- 
-dneed. a considerable improve- 
■ :ment in business. World sales 
-during, the opening six months 
vfcad increased by about S per 
■'Cent,; with domestic and forei' , n 
'turnover equally contributing "o 
growth. The trend, however, was 
for domestic sales to do rather 
better-.tban those abroad. 

Pharmaceutical sales have 
shown the greatest improvement. 


According to the Merck nuo- 
agenit-m. 197S should see a return 
to ^normal after the disappointing 
1977 business year. It remain.- 
uncertain whether an 8 per r*-nt 
growth ysie cxn be maintained 
in the second half. Aitbnuyli itn.- 
final six months could prove more 
difficult lhan the first half, ihc 
group is hoping to cling oo to its 
current growth for the entire 
year. 

Oo the earnings front, Merck 
j.-. ryihr- mnre non-committal. But 
the 1978 results may well offset 
the attrition to profits reported 


t 

during the past couple of years. ] 
iJcimObiic investment remains 
"!t\fly" and is expected to reach; 
DM 60in compared with l977\si 
DM 75m. Group investment 1 
should remain relatively un- 1 
changed. : 

Sales cxprciaiiuns in 1977 were 
not fulfilled, according tu the 1 
Merck management, which said j 
earlier that it was not pleased i 
with rhe concern's performance J 
The parent company's turnover, 
••veluding VAT, rose from 
DM S51.1m to DM 866.9m 
< ?4143m). At the same time pre- 
tax profils — described as 
“meagre" in February — were 
maintained at the 1976 level and 
totalled DM 22.5m. Group sales, 
includin’ subsidiaries in which 
Merck has a minimum 50 per cent | 
interest, saw turnover increase 
by 3.3 per cent to DM M8hn< 
(S707.1m ). I 


maii'ria1l7i-. 

Pl'K's consolidated earnings 
more (ban doubled to 
FFr 377m in J!»77. Parent 
rompauy profits came to 
FFr 142m. auaiti-t FFr 112in. 
C« in so Hi la led uniss cash Unit 
amuunled to FFr l.jhu, rum. 
pared with FFr l.flJlHtn in 
1976. 

AP-DJ 


NEHEM problem patch 


Esso AG lo improve 


Medium term credits 


Major Kuwaiti Dinar loan syndicated 


Willi losses per ton uf rvliited 
oil expected tu almost liahe. 
the results of Esso AG should 
show an inrprou-meui in 1978. 
shareholders were lold at the 
company’s annual seneral 
meeting. Agencies report from 
Hamburg. 

“We arc confident that from 
1979 to 1990 (ha! our oil busi- 
ness can achieve at least a 
balanced result.” Esso AG, 
which is a subsidiary uf Exxon 
of Hip made a loss uf 

DM 50m In 1977 on sales of 
DM 12 .fi bn, compared !« a 
profit a( the nel level of 
DM 2 1 8m In 1976. 

The group planned lo iuicst 
over DM oftflm in West 
Germany this year, up from 
DM461 m in 1977, reflecting 
confidence In frlure develop- 
ments. 


BY CHARLES BATCHELOR 
THE Dl"T»'ll ri. -truc'unnA com- 
pany, NEHEM. . 4 -; un ssx > ears 
ago to r>?««: ■.■.ip.ih* itidu -tries in 
dirticulue.-. i.,» run - , n;o 

problem- '1 refusal of the 
Economies ni--»r> tu gran; 

greater er*- i -• N’L'HE.M and 
difference.. -.I'Frieen tie-* union- 

jnd cm :»l< hjve prevented 
it from d->;ti_- -i. jo>». in oru:n:n- 
in g (he re-,. 'll a; ion uf Mr. ft. 
Wijksda. '<r.e <if tht- compan;. - 
tun direi'>'<! 

NEHEM -<-i -.ia ,i« an 

independ.-n: >.-aant.-ai;*in run bv 
the cm, -dm t;i»* unions and 


the Govern men t. and ;s currently 
engaged in studies of (he cloth- 
ing. carpel, iron foundry, ruober 
firoeessir.g and crane l.titldine 
sectors. 

The Economics Min:«iry 
refused to transfer The activities 
uf it-, miresu which handles the 
pr-j helms of imit'-iduai firm.? lo 
NEHEM a-. .vas originaliy 
ppimisori. Mr. Wiikstra said. Tin* 
.Ministry ai>o jr.crcasinjiy took 
on the restructuring uf entire 
sector? — ?ucb a- shipbuilding — 
instead uf referring them to 
NEHEM. Companies v.Tre able 
to ao direct i>> the ministry for 


AMSTERDAM. June 21. I 
heln. thus bypassing the rc- . 
structuring company. Pjimcipa- 
liun in the reurganisaiion pm- 
grammes i> voluntary and com- 
panies tended io puli nut when 
their own pu-niun improved. 

Disagreemen*- between the 
unions and employers' sides led 
to (he union*- refusing to co- 
operate in committees handfinu 
ihc* problems u; various >’ccior* 
of industry. 

Those problems must now be 
sorted out by the Govcmmeni 
and this will mean an end tn 
the independence of NEHEM.* 
Mr. Wijksjry ? a*d. 


Half-time sales 
down at BASF 


Banks block Boussac plan 


feY FRANCIS GHIL6S 


rQSlE OF THE UrgesL syndicated 
-Joans denominated in Kuwaiti 
Dinars is being jointly arranged 
by Chaae Manhattan and the 
National Bank of Kuwait The 
amount of the loan is KD14m 
($50m) for four years with 12 
months' grace. The borrower, a 


private company, A. A] Babtain, 
which is the sole agent for 
Datsun in the country, will pay 
r %f- spread over the Kuwaiti Dinar 
‘- interbank rate. (Libor) of 12 per 
cent There is no guarantee. 

: 4tfjsutico. i continues actively to 
^taise' funds.' Nacional Finanriera 
“praising S265ra for ten .years 
with four years' grace through 
. a group of Japanese banks led by 
Bank of Tokyo. The borrower is 
paying a spread of 14 per cent. 


This is the first loan to a Mexican 
borrower arranged exclusively 
by Japanese banks. Chase Man- 
hattan. meanwhile, is lending 
S50m for seven years to Mexico's 
Agricultural Trust Fund. 

Two large loans for Latin 
American borrowers have just 
been signed. One is the S70 /)r? 
for Mexico's Banco NacionaJ de 
Commercio Exterior which was 
increased from an initial S250ni 
Lead manager is Bank' or 
Montreal and the lernvVare 
unchanged from those fcniffally 
announced, a spread of 1 per 
cent for the- firsi three years 
rising to li per cent for the 
following three and 1J per cent 
for the remaining four. 

The other is the 8300m 10-year 


U.S.S75, 000,000 


HYDROCARBONS BAM IIMTEB 


Floating rate notes due 1982 

• Irrevocably and unconditionally 
guaranteed by E.N.I. 

In accordance with Condition 13 of the Notes, notice 
is hereby given that for the six-month period 

_ .r i ,-»r» mTO 1 10*3 Ao\-ci tVlP 


loan for the Brazilian State ship- 
in^ comany. Sununtam. Lead 
manager is Bankers Trust Inter- 
national and the spread being 
paid by the borrower is 14 per 
com. This loan carries a 
sovereign guarantee. The Chilean 
State electricity company. 
Endesa, is raising $90m through 
a group of banks led by Citicorp. 
Terras are not yei available. 

Algeria also continues as an 
active borrower. The State steel 
company SNS has recently signed 
for a Sl3.7m six-year loan (with 
two and a-half years grace l on 
a spread or li per cenL Lead 
manager is United Bank of 
California. 

The State electricity company. 
Sonelec. has jusf signed a loan 
worth DM 4Sni for six years wilh 
2i years' grace and a spread of 
T4 per cent through a group of 
hanks led by UBAF Financial 
Services. Both loans have a 
Banque Nationale d'Algerle 
guarantee and the fact the terms 
are more onerous for Algeria 
than those of some more recent 
iuans stems from (he fact lhat 
they were negotiated some 
months ago. 


Daimler-Benz outlook 

Operating profit of Daimler- 
Benz this year will be below 
the 1977 level, but net profits 
should be broadly maintained. 
Turnover In (be first file 
months of this year v*as 
DM lO.lbn compared wiih 
DM lOJftbn. In statistics 
presented lo the aunual uteoi- 
Iiir. (he downturn was caused 
by (he labour disputes in the 
early part of this year. 

Parent company turnover in 
the firsi five months Tell in 
DM 8.11 bn from DM 8.66bn n 
year earlier, wllh 41.11 per ceoi 
lieing exported against 47.1 per 
cent a year ago. 

Schering decline 

German pharmaceuticals group, 
Schering. recorded lower first 
quarter 1978 profits on group 
turnover of DM 561m, down 
from DM 6fl9m In lbe opening 
three months of last year, the 
j company said in a share- 
! holders letter. It gave no 
i profit details, report* Reuter 
i Trom West Berlin. Turnover 
- growth should improve during 
Ihc rest of Ihc year, however. 
Foreign turnover was hit hy 
seasonal influences and hy ex- 
change rale factors. April and 
May showed an improvement. 


LUDWIGS! I AFEN*. June 21. 
BASF, one iu the v.oridN largest 
chemical (•■■iiipami-s. has -yen 
first half cni-.: i,l; da ted turnover 
case 2 pec cent to DM lH.S5bn.. 
Parent company turnover was. 
off 4 per cent in (he first half 
at DM 4. Shu. Managemem board' 
chairman. Mr. Matthias Secfeldcr 
said *■ we aie Placing some hope 
in the second i.alf year." 

At the annual meeting, 1 
Seefeldcr said that cramped by, 
falling prices, profits for ihc 
first half also declined. But. 
aided hy ^ heller tendency in 
foreign mari-ss, exports a* a 
proportion mrnuvcr Improved 
from lh*.- -1-5 4 per cent of 1977. 

“It is rum apuaitni that 197S 
will nr* i bean ta>v war ' Over- 
capaciiv. ini:i!.«ri and price pres- 
sure and risinv costs were 
unfuvriui'iiiilv ;:flW)inu results 

In 1977. the BASF parent com- 
pany harf a nr*( profit nf TjM 2Slm 
comnared with DM 356m. • 

AP.Dl 


BY DAVID WHITE 

M. MARCEL BOUSSAtrS 
dramatic offer to give up a large 
pari of his porsnnal fortune to 
save the textile group he 
rounded received its evppcted 
answer tuday. The pool of 
creditor banks turned it down. 

There 'are two good reasons 
why the banks should not favour 
the Rft-year-otd M. Eoussac's bid 
lo save his near-bankrupt textile 
empire from bankruptcy. The 
fir«t i« that his personal holdings 
outside textiles are being used a< 
securitv asztimr outsLindins 
loans, and his nff»*r entailed The 
hanks* acccntance that they 
w-mild free ihese assets. 

The second is that even Ute 
iiihsmntial fund« M Boussac is 
,.iro.-j nr - jr, channel intn the 
grouo :<re not rnnt'flcwrl onoiich 
m null ii and >ts It.snn cui- 
i>|i“-,*u* '■.m of tnmhlc. 

ti„. R>.i|.s-ic proposal v.as 

•uaHo vesterd-c m lh*' Paris 
fntnmnrcjal Tribunal «-h»cb k 
now rt-vina to sort out what can 
he saved nf the group. 


PARIS. June 21. 

If. Boussac was ready to place 
immediately at the group's dis- 
posal rhe proceeds front sale of 
his newspaper interests — the 
daily L'Auroro and the racing 
journal Pans Turf — and one uf 

his champion racehorse*. 
Between them these are valued 
at about FFr 130m tS2Rm>. 

Since 1970. M. Boussac is esti- 
mated tn have put up more than, 
four times this figure in efforts 
to Prop up his textile factories. 

The most valuable sideline of 
the Bon?* at- faniilv is the 
Christian Dior fashion business, 
the perfume activities nf which 
have alreadv been sold. 

Assets already pledged rn the 
hanks include M. Boussac's 
famous .lardv stud-farm, valued 
at FFr 79m. Among idber private 
possessions, he has another siud- 
furm in Normandy, a racing 
stable and a 7.000-hcciare 4»ro- 
periy. Under his proposed offer, 
he would still keep his chateau 
and land, as well as the 
Normandy stud-farm. 


COPENHAGEN, June 21. 

SHARES IX the Burmcister and 
Wain shipbuilding and indus- 
trial group stabilised today, 
after falling heavily yesterday. 
Tho drop of around S per cent 
on Tuesday was caused by a 
newcoaper report claiming that 
a liquidator’s report to the 
bankruptcy court on a company 
in which E & \\"s majority 
shareholder and managing 
director. Mr. Jan Bande 
Nielsen, was once a partner 
would be critical of him. 

The report has not yet been sub- 
mitted to the court and it has 
not been published. However, 
after market hours yesterday. 
Mr. Bondc Nielsen released a 
statement. In it he made it 
clear that he did not use his 
shares in the Inundated com- 
pany as security for ihe loans 

be u>ed to buy his way into 
B & W in 1974. 

The li<;uidat»d company was 
called DCK International, a 
holding compi'ii.v for a group 
« h,vh produced seedlings tn 
K**nv:i and m ark vied them in 
Europe DtiK'i operations 
wort: :iianag«*d from the UK 
from 1974 onwards. 

-Mr. Bunde Nielsen withdrew 
from the management - of DCK 
in 1974. when he took over the 
B and W shipyard. In 1975. he 
sold his shares in DCK To his 
partner since 1972. the late 
Mr. Bruce McKenzie, former 
Kenya Minister of Agriculture. 
DCK International went into 
liquidation in owing credit 
tors more rhan DKr 50m 
(S9.]nii. mainly to European 
banks. 

Mr. Boode Nielsen's statement 
said that the European 
tniercsts or DCK were wound 
up as part uf an operation to 
insure the continuance of pro- 
duction in Kenya, where 5.000 
people are still employed in 
DCK*s operation. ‘The winding- 
up was carried out hy the liqui- 
dator in such a way that . there 
will be no claims left on the 
estate, other than an arbitrary 
tax assessment." said the state- 
ment. :• 

The liquidators report was com- 
pleted at the beginning of 
March, hut has not yet been 
submitted to the court. : 


iVlonteftbre decision 


Consul), the Italian state body 
for control of stock markets, 
will decide by next weekend 
lbe possible suspension of quo- 
tation of Montefibre shares, 
AP-DJ reports from Milan. 


(f IF IMA] 


rwwws 




Societe Anonym© 


Summary of the 1977 Annual Report 


June 22nd 1978 lo December 22 1978 U83 daysi the 
Notes will carry an interest rate of 9.S7o u „. 


Weekly net asset value 
r ^ on June 19. 1978 
— - i Tokyo Pacific Holdings N.V. 
U.S. $55.92 


Highlights of the year 


Finance 



Relevant interest payments wiU be as fallows: 
Notes of US? 1,000 US? 50.20 per coupon 


CREDIT LYONNAIS (London Branch) 
Agent Bank 


Tokyo Pacific Holdings (Seaboard) N.V. 
U.S. $40.74 | 

Listed on the Amsterdam Stock Exchange 


Nel income 
Cashflow 

Sales and other revenue 
Duties and laxes 

Fixed assets inei ol depreciation! 


79,981.000 

194,785.000 


r*o 350.000 

r.Oo -J55.000* 


3,450.469.000 3. 1 5*4 1 6-1 000 


888,300.000 

1,523,600.000 


792.0*55, C*T0 
l/Sre.-tf-i.'.'-O* 


Ini prma non : P,a»son. Holdnna S Piwson N.V, Herp/ififarW 214. Amswd^mJ 


Operations 


Production of exude fin thousands of metric tons] 

Crude oil processed in Ihe Group re I ineries 
(in thousands of metric tons) 

Sales of finished products {in thousands of metric tons] 
Safes of natural gas fin millions of cubic metres} 


'7,135 




Friedrich Flick 
Industrieverwaltung KGaA 


Report oF the Board of Directors 

Pwoiir.3 i-c -i ; .d <y! or:.; : r . 

rrulirii S<=i-'--u. ■■'•■r*: •'= J-. * "•'*''5 _ _ 

d£.---'U-.if - - : ’ - ' 


has purchased, for an a^ggre^ate price of $100,050,000, 


4,350,000 shares of Convertible Preference Stock of 


'i I-.- •' - - c.-i j' ver? 117 Iho-ij-ir.-f 5-:.i'0P 

C?. ? -T-0 ' 0 1 -- - "-rri.r.-a >;•' V; ■> *j "*■ Bt-i sf- '-i 

r^Js'-yi '.'r. :,e-ire. rn-> Lur.sy^fcVJ P-cJii n-p- 6i=*i’J4 --■■j 

T'-.-? : <y.ui; - *:■? -'I 

* >5 , oni!i , \ji v.':.'*iri!!:*y'5 ■!'. a«".-f ;!'.«? f ’i* the 

tioi'-ar'dunnr: the -■» v. -.vh.-.-h ;vio !;K.n:-rs a‘?ne reducec Ihe profit ny £n * 
amcAint - M ‘ -■ — — 


T**» : n,-o'1r;1ort W. 
c >- --.J- >MPf8 

*. • •••: .•.**:•: ".v! :>» 

n 

V.. r--f 'to .-|fr r ,-,1r , - 

: *• - • 4 *. V - 

r- -.i ivv* 

i -■ ■ -i/ri‘*ji<.**. - 
i* •" -• <:<• • 

h • ■ .,: v i- • 

fiv. - I -.'3 <* , c-'li*-s- ! 
a>..cvi--:: u-i ihe ,e^r • 




■* "Of? rrvf'lrn 
r - Ez'gan 


'•ii :e'i .n no 


’ :»r I i37p. 

'-a u- -.a 

•• . 'e.' .‘iisypirt. 

- * - •!> • -.1 
■* " .* !• ‘ -1 iCf 


United States Filter Corporation 


Financial Review 


* ck if. . 7 - ‘'d K n- ■. i.% : n" r ■ * in ihe comni'i- 

inrJann.i cm;..;--" fie fr-'-n : *- '-•* *1 • | 7".' . 

♦ a :*ivro „■ ,- t ■ -r -,-i ;* v . *'i r- C ' !.- r :>e d. 


■ We initiated this transaction and acted as financial advisor 
to Friedrich Flick Industrieverwaltung KGaA. 


irvj i>-.- --- : — : i. *i --.i 

L’u.'.r.o ‘ "nr 

the if’ *i- ■*. • i- • 

rexnx: •*’ -•* i .■ 1 * ■ • I ! 

ej vy ;..t ,r- ; ' v . -..-* ,fi i 
v.iv 2 :.n i.i'r 

!;« M * 

She : vi 


‘--r I 1 '.-' - ■ '•*! : n " I-- VI 'v "<? ‘I 
si. -. I: i -■-...J* L l P'OOU-.I-.’J' 

- ,- ■ .->'•• i \ m : *re - I-.: . f--i ni nr:'. ±- ik-'.kv - 
.-* i fj h ' t ~ 3 v: .e r-: ■■■I - j-.* ••'ii the '.'a r 
- . . 1 1 .: r ‘ i ; i • pri . e-it 

■: II e- «..t: r F C* l-t*L?' i ■■ C-':mn 


She-Mi r.'rt 

A--.fl trcri • .*.:: • ,.r* -re- i Drii .*i '*> in the i !<: ch - *?•!. the >■ :r *.'.rt5 
mait-jL-.- 


. 3 0 Broad Street, New York, N. Y. 10004 


* r-n n-><.'-.P\V>-n r. : .;.;ir t&ic *’ !n *-? r«a*d of ^•■r'-rv.ion: 

* fro 'r:;..r:,Te''.! c 1 ■ ” ir r»r 'i •.*■ :i- f. to sivt *b-: ■ •: .rrurr - tr.n- 

c«. in pi'-* zui'-r iiv iros *."■!•'* v suv.j i-.uw 

locaieU i'-cp-tI'.i*. - -.' 1 / in Co'AiiO. t "tro?.?. and i-lount P easatv. Te»e *j, 
and bv ,)••!» cisr* .: : .t'n ur.i ,;i ^hGifir-cl* 

* invr-.nire.V.'f.iixIo'b.cr rr/ufurjeta^cn to r.v.« energ; and reduce 

Duranpnn=N 

In ci-.erruc ?.in. our pri;t f,, rene planfs are uncfer?o;n9 ccrr/errion to 
np.k<? shem nx ■zorr.^rti.ve. Ai Feluy, in Belgium, the buibrg of a 
new priytxQpvi-sne p!«r« r.n? begun. 

Surplus catw*::ti botn o* reur..rg and of marine transport - due 
essentially io irw t-- r. no; nic ciS'i - and the glut »n c t ude ol stccl'sbave 
harta depr*?«rir..i e;:ect *:n once? Thi-t wnsihs reason tor hoa*/y losses 


The insiat«lity of the nv-neier.- mart e: compelled us :o cover Qijr 
cwrenc/ exebanqe nsks. ccew j7 us reariy iOO million Belgian francs 
{L 7. .150.000!. whilsi ihe i.ri c-i (he doiiar agamsi lh? Belgian franc 
(c ompo; «i v.iih ir^ r.y m re-: c -r.ber 1075 t.»;h even then, was very 
fo.v: *,((.■- ued our con-...; ..o,-;- ••:. n-?r -ncom? un.o/Ot/raof)* Pi SfCOt 550 
m* on Seiman Irani's r. T -« > *> f- •. 

Tre rev: Beiniin t^.-i ftnnusl 3 O-'C-UTis futures b»nce- 

fc-r.-.tiid. the fialahce i w *.!' a -.n no alier ;h-: diic-.'-ai'On of protu, 
Cleswe the iacl ln?.t pfrice nr>; tOAH'ds. the muddle 

o) ir»- io*i» :>iv> r tK) hmners! - »* i h- - coix (i-i:iv4 ’•e’.ii , re sneei has neen 
prc-x-Titac ,n tli .3 torin I'.* 1 !C f . fl'-C ' .'L-irJ firiai'y reducing Ihe 
«ftsi** , vwd?T^ , .e-guii-' a.vi i 11 ' ■.ii*;- irn < 'c*c-.r. - ii For pyri>:«&as ot cempa- 

n*.: , n. T«- cc>nio!'ci'> , oij t - .- > i.-.'i ji Hie enci of f-'76 has been 

aiiwejaoTorcfcnqi/. 

l >v- i rai m&imrn arrl ‘>'n: 'o'lr.i v.o*re mods during ihe wsr. 

Fr* .:n to ,■ i'v* H;i? eciuir.’ plus loriQ- 

lerrn d.;t.i :ntreo'-^ :r .-.n v- '' tn.iiion Belgian iranc-s 

(t ??B OftTj i.-, ii ** ■ : iiv.uMiv.f rvificm Beto.in francs 
tu1.7jO.5-iii.WOl Shart'i’.' 1 !-'' ?'=*ou >- mcr9:i-.ed iiOTiJf-.T Thousand 
n'iiH ‘00 B-Iqioo francs f 1 ' '-‘-' 0 1 'iXu f*-’ - 4- *• iiT-.-ur-and ntllicn Belgian 


corresronds to a qross dradend of 2.90-3.482.875 Belgian francs 
[Z 47.122,000) on which a withholding tax of 592,696,575 Belgian 
francs (£ 9,424,000) is paid by ihe Comm on behalf of the shara- 

llOftf&fS 

Coupon No. 72 Wfll! be payable as from May 23, 1978 at the rale 
of 180 EF net after tax. 


I'OU O LTyiT';)' - * ►.if. I % I I 4.1 '*T? I ' " » »■ IV iViJs-wi i 

marl*? in the w *- <■ i.r. i *•<• r'ot or-f'C *.r -i */ in Eur-x*?. 

Prnn^*.y ;-.;/*.•»• i . * :' *C; ?mnfC urcif Toncinnt cfircus- 

£?r n *..,iii ii'.ii i t ■*, •c' 

Ir..*- ir. •> .• •- *'• . itvc-'.-iikJ ( o 14.1^0 m'li-vn 

Br 1 ’ -in *; .ti" ■ •' i-.’” *.VIi, ‘ ;.f 

ToiiC". ; -.'ll 


‘Conversion of Bektian francs into £ at the exchange rate of £1.00 

= BF 62.89 


Cores of ihe English editio'toCte iS^Anmiei Fteoon anr*‘ Accounts 
am .=t.»i» 5 re on' eppi<':.r:co V Fs'rjif-a ii \: ’J-.'. rV *.-*.*'- ^ House. 
Yori: Ruud. LaxJon &Ei Si'JZ 


JrtiV.M* 




i?r*3£5S^: j 


Financial TiineS 




INTERNATIONAL FINANCIAL AND COMPANY NEWS 


New 


BY JAMES FORTH ; 

AUSTB4LLVS two accounting preparation for a considerable occurs, where it is impaired a 
their recom- time. The _ earlier CCA pro- loss is incurred. 


Further 
growth 
seen at SA 
Breweries 


JAPANESE COMPANIES 




Syndicate sells stake in 


f\!i 

’M 




. BY YOKO SHIBATA AND CHARLES SMITH : •- V- -vL’V \ ^ be&^nn < 

\ CROUP of Hong Kong busi- Wang’s original investment syn- of Finance. Bl SfSy' st^tetL the ixn^e^nt atiro^ .a-^o^ . 
i: & Mr Tane rtirate. • •* never * been omciauy m^ra- ■ olaa -fitf'StockpiiJDg' Qu^ih 


meodathfnT on 'lht KSotaSoIi STiooal standard did not S 

JrtSS. «* «•»<•«■« J 5 ? 


I lirou/AKiAr : * CROUP of Hong Kong busi- Wang’s original investment syn- ot finance. stated, the 

SYDNEY. June -1- ! BrCWCriCS i ne^men headed bv Mr. Tang dicate. : . aewr.* •*« r \S?Ur W&fr- 

. . . ■ -1 . . _ .. -Hsian- Wang has sold the bulk The Wang group began invest- What seems banning- ’ 

preparation for a considerable occurs, where it is unpaired u B y Richard Rolfe (of its 131 per cent shareholding ing heavilyv tn Japanese BhaJBsrWsnag*tf acnviOesj^ 

time. The earlier CCA pro- loss is incurred. JOHANNESBURG. "l. in Oil Paper. S leading Japa- in 1975 when iL bought a jnajor to attract 'SaxkeF 

visional^ standard did not deal Monetary resources for which ,. omrD F 1 ^TT Vre h inese paper company. Mr. Wang stake in Kao Soap wfclch^ was .ftbm tbe _ Ja P T h e . . Gov^mment .pr^n^tely- 

with monetary items. The suc h gains or losses need to be! CROIT EARNINGS at aT1( j his associates bought their subsequently resold at a .50 per last •. on'- Large-scale avertg&^of . - 

exposure. draft is open for com- brought to account in the profit Afncau .Breweries ^ould |J " wtaUing 37.2m cent profit. After ^ moving out^f |?parently f J^/£olpaDeai 

mom until October 31_ -.ra mnn^mrv improve in the current year, . . u » half Kan Snnn Wr. Wane -■ ■■■nut: :his ^rieenlative buying w«ns . 3 freTte -nassed;^®WSBdrTtiie 


dea ‘ Monetary resources for which 
The suc h gains or losses need to be 


By Richard Rolfe 
JOHANNESBURG. June 2t- 


improvc in the current year, 
after rising from 20.2 cenis a 


f rnA, techniques. expo&ui* iu* cum- brought to account in me prnm '“7 

.(LLAjiecnnq m cot until October 31. nr account are monetary improve in the current y«« r » 

• The bodies— the Australian The essential aspects of the working capital and long term I aflcr rising from 20.2 cenis a 

Society of Accountant and 1 the exp06jurc draft are that the monetary assets and no gains nr >hare to 22.4 cenis In the year 

Institute of corporate entity is viewed as -n losses can 0CC ur within the CCA to March 31, according l* Dr - 

.ants m Australia— have as^eu econnimc unit which raises and framework in respect of any Frans Cronje, the chairman- 

for information relating io accuim ,i a ies funds so as to “funds employed" bv an entity Dr. Cronje says iu his annual 

current costs of fixed assets ana aCquire resources (monetary or t0 SUD pnrt operating capability, statement that “the foundation 

. inventories, depreciation cnar te es _ K ., . «/.. i ha« now been laid rnr » new 

and costs of goods sold, to be “ ~~ “ . For tbe purposes of a CCA ^ ora of 2 row .h" in South Africa. 


shares during the second half Kao Soap, Mr. W^ :^ :h»^e«mjative ™ ia^ora 

of last year, apparently in the funds into Ajmqraoto, ; &£*%*$** by domestic 

hope of realising substantial Japanese monosogum^ut^to.-^te syndicates- 

eaoital gains manufacturer- This transaction Japanese 

in £ event the group also realised a substantia prefi.t> 6 ttg^.in closely smB**™??; 


supplied 


supplementary jjjc latest CCA proposals 


information with accounts pro C01IItf against strong criticism 
pared on an historical cost basis. from ifungerfords, the lead- 


The bodies strongly recommend 
that listed companies and public 
corporations publish the inform- 
ation on a memorandum basis 
jas notes to the accounts t for 
accounting period; beginning on 
or after July 1. 197$. 


ing international accounting 
linn, on the eve or the Perth 

Congress- Hungcrtords called 

for the immediate abandon- 
ment of the CCA principle, 
which was described as lack- 


nieiisurinH monetary items should : T he h • ar >’ i Predict! un 
b. the amounts at which they “**?•« ™ w ""'Sj 
were initially brouEht to account. *•** f 5 —JIS."®’ ^ 

7 S ta £ 

carried at an a mourn greater! has become e\i dent. 

than is expected to he recovered la ?4l toS. 4.1 in 

Milnc, 4 ‘ liSe?1,hiu.d a t i 

staled at the amounts expected- eontSf 0 f o7c 

i^i^ h / n ^ ^!" l S I =and S InlSVoiSs. 


This is a switch from an earlier j ng objrctirity and unaudit- 
nrooosal for companies io supply a ble. •• The accounting bodies 

1 ....Mini, ot Ih.'i . _ r 


« seven 
: investors 


Japanese institutional eight major Japanese, have»deiileafand : Nei?^o^^p = ^M- 

i headed by Mitsui Banfc Sights pCp- :SSSBSiiSSS& 


supplementary accounts at the havc nu mandate from their are diseharged. nains or losses, rurnilurc foolwea J ani | ban k- 
-■end of next financial year, and mpm hors or the basinets holding ^^iiioneljri , inR _ But the breakdown of 

■ have historical cost accou nts con)mun j ( T to enforce views Jj™“r nt „ r l< mSSl-- divisional results shows lhat 


All Nippon forecasts 


: }tSaudt^?t^Li: ; 


replaced by CCA in the follow- Hi 

ing period. circular t 

The latest proposals were a circular 

announced at the Golden Jubilee 
Conference for the accounting non-m^netu-". 
profession, which is currently provide th? 
heing held in Perth. in? caps Win 

\n exposure draft on mone- vant specific 
larj’ items umler CCA has also ability of th 
b»e’n released along with a resources to 
«iunuiarv of a working guide on in? capobili- 
CCA, which has been under capability i. 


.. - „ . " j . , - only in respect or monetary : 
hy hat. lIun e erfords said in working capital and Ion? term! 
a circular to clients. monetary assets. The working 1 

' guide is designed to explain how « 

hy nature i which CCA may be brought in with; 


| . ' .1 ” ' TOKYO, , Jai» 21:* : 

the ii«juor interests, embracing ! iipiv-c largest domestic air estimates that revenues - will rfoly. Jhe company is currently :cop- pr LHjK ^t^ptoisf.^ppunced 

wine and spirts as well a-, liccr. carrier au ° Nippon Airways crease some 16 per cent ^o^tnicting a motorcycle . plant -ra earlier^this yea^.-SaOm.^Mteh 

siiii fonirihnte the lions -hare ffJ/JJ' „' e cts net profits to Y26S^bn. i - - .iSio, which should be ready for Bank isto tak<^a^ r,^>Sffln 

or profits, accounting for : - 4 p er ce nt to about The company currently Iw* Jto'-m^aucUon by the spring of .Arabian 

RoSjJm last year out of net : v i ah ' , 0.0 i n the current plans to buy Airbuses from/Au-. vcar Bank ;0f ^be'JsUQaJCvASwi-jEroni 

profit or net- 9 m (871ml. fi ^ cal V ear to March 31 ■ The Europe because of orders already-^.; J motorcycle productions; July £. t^d 

The chairman says thai new . lir | ine ’ p | ans t0 expand domestic placed with Boeing Corpora&Qig/ • oetg UQ der way- we wtil. SMngbal ,Bmi^ii^Cp^|tIbii 

in vest men 1 will “in the main’’ routes and to enlarge inter- It is considering the purchase of. - how ‘well we doan d deter- said today. " 

be confined to the liquor indu>- , n-Tiionai chartered services in six Boeing 73/s, to replaca.:;?^. . hethcr aC d wheii wfr-will • Saudl-'.^Britisfr^Baifej&teTSfea 

try. bccansc of the need to ' south-east Asia currently-operating 737s. . • '- : ’. ,,7 start automobiles In ' the U-S.” get 'up. as'ra Satydl. Arslan S joiirt: 

follow market growth, and which now nwns °5 ANA has eight major autimr^V-. .. deputy ' generW stock. ; comply. 

R»M5m will be spent on Ihe plants ised trunfc m * ht Unes . *** ^>8 g r said. ‘ capital of IO0m ri^P^ied 80 

litinor side thic year. Some ?«? e j r f s ' P i ® Bo"ein- 737s and local air service routes in_ Japan, • forecasts 1 -world- per cent .by 

R23m is earmarked ror Hie n-si TnS ars l Boein Y^ anQ It has ^ Tnuwpott£;3J® “ m, SL ffig' year^ ^ of 40 ; per-Cent-4iy 3BMK^£e: : Hong 

or the group, mainly for OK R^?n^? 47 SRhimbo M^'stTy to authorise t^emorewdecar^.^ year. Rong batik stated.-.AN 0 ^^ustbcr 

Bazaars. In addition, net mail1 flight roQtes iXOm ^ nte S^?^nf S X Sies growth ls detaSs were -laHue^^jKliall- 

working capital needs will . jet ^J n the ne * 1 tWD “ scal y *^”; International Airport to connect °{ “ e e s *®f f£; m the able., . ;BB_ME ;is^a. suhsidiiry ; of 

require a further R4flm. These ! ^The compaxty is to a total w jth Tokyo and major metro- fgP ect ^ d j^ act j^ mar ket, while Hong Kong md-.Sbkii^baTlBaink. 
.sums will be funded by a-^set 'of DM 100m in convertible bonds po ijtan areas such as. Sapporo; do forecast a t 2SOO0O Mr. Peter:. Hanancaidr 

disposals, cash flow i» net m August to hdp finance : pu^ and Fukuoka, -the biggest^; ^ 1 “ ar ® 

Rfittm lasf VMn and honow- chases and tO construct a citv in KMlShlL . .280ilKW, G 17^0 irntiar :nnH jshnnQbaT^I&nk. 


Israeli life 
insurance move 

By L. Daniel 

TEL AVIV. June 21. 


ACI revises Vulcan offer 


BY OUR OWN CORRESPONDENT 


SYDNEY. June 21. 


Australian Consolidated Indus- A$2. 10 a share i Ihe highest price i 
tries, the major glass, packaging paid »n market purchasesi \ 


R3(t-3an) will he spent on the 
liqnor side this year. Some 
R23iu is earmarked for the re -1 
of the group, mainly for t)K 
Bazaars. In addition, net 
working rapital needs wilt 
require a further R4flm. These 


R60ra last year) and borrow- chases ana to construct a city in Kyushu. ... f .. eL J .i-... 

THE ISRAEL life insurance com- ! and'pUsticrcroup.is nowoifer- Vulcan shareholders are also, ‘"nelped bv last year’s 1 \ cents raisin?™ funds "n the domestic AF ‘ DJ * * * -..^Honda expects t ° F 1 In 

parties have approached I the: „„ shareholders of electrical S?Jf n^ci" ! dividend increase, to u‘ccnis. j market through a Y2obn con- Honda Motor foresees a M slfflit '?"$ “ a ?H t 11 J 1 ^ rc ri M ^16 ^ pennlf Saudi 

SSS' S-r SiT't^nt shares’ for ^very le^i’ Vul'can. AC ‘ ! ZT,or ,ho ffcca, iTT^i f FjSZ-IS ^ gS« 

KSS^^^rW I# aM-Miy *ACI i ;hTS ^ W »^’ KSSrf;*. 

surrender their policies for at announced an offer of one ACI Die 13 for-10 bid is worth A?2.12 Bndgei at the end of March. ; Y3.79bn a year earlier. Revenues comDany raised consolidated riefc^ le ma riujJ has_ fallen s j, ort r v in Riyadh, nrobablv 


[Hong Kong-jaztd. Sb^igb^|r3BkDa^ 


least ten years. share plus 45 cents cash Tor each an d j Pe share plus cash bid is . yhc^ 

Man- life insurance policies Vulcan share, which the Vulcan u -orth AS2.00 per Vulcan share. • 1977 
are linked to the cost-of-living Board said they intended to When the bid was first jiti-; 
index (as are the premium pay-; recommend. nmmeed ACI shares were sell- 

ments) which constitutes a t»mp- Thp rtav 3 f fer ACI announced ing at A3J.7S. putting a value 
tat ion to surrender the policies lts ljjd ,h c group began buying of A $2.22 on each Vulcan share, 
with a proportion of the link-. Vulcan share* in the markcl. + * + 

a?e gains when the holder is in . which automatically meant that r , .. . , ri ■„ u rticnissin" 
, M dof cash for other purposes. cash offer -™M »l» l»« » fSe'^ 


They have risen from ihrir 
1977 low of 74 rents to 141 
cents and yield 7.8 per cent. 


VfciSbn a year earjier. Revenues comDany raised consolidated I nelr^ 1 ® but ^ company shortly in .Riyadh, probably .fek 

Iasi year rose 15.< per cent to profits 13.9 per cent ta.YWjMbij.*' P*I- Spcain at least a: 50 per lowed . by ; other braift*hes»:-,te 
Y29l.S9hn. from Y200.479bn. f SI 15ml. Sales increased 1 D the Set addet V ’ • r. ■ 

For the current year ANA per cent to Y985bn (SAlhnL.. cent share of t he market. — . .. - _ ■ -g-gg gg. 


SELECTED EURODOLLAR ROND PRICES 
MID-DAY INDICATIONS 


US $10,000,000 




a.ee 0 cas or 0 er * a cash offer vvrjiild a^so hui e to , he poss ji,| e restruemring nf the j straights 

* * ^ be made, at the highest price j- Mart ( Australia) joint venture I 'lean Aiwniit s;pc is ?3 9 : i 

City Hotels has announced thai P»W l " a ^ake’o^almost^e per i?c h ? . < r ar P° ratio ” , of ,he h^i.a%iec’ , ';w: ..' ' k! 

the scheme of arrangement Tor ^‘‘V U : p n J thronoh P ilJ UlS - but declin / d 10 «V lbora te. Australian m a-s.91poV 2 sei 

Hongkong Land Company’s offer • cen \ ,n v “ lcan inrougn ils R evi t er reports from Melbourne .Barclay* flank r*dc i»— - 2 * 

for the minority shareholding in i market purchases. Thc j oint venture is owned 51 per Bgjr«*«r j^.i^pc issa ” 

the company, has been approved) ACl’s Part A statement was cent by K Mart and 49 per cent c-*iit National sjoc i«s-; »si 

hv its shareholders. Reuter re-| released today and disclosed that by Coles. II operates 36 stores Denmark smk- e<j 

ports from Hong Kong. in addition to a cash offer of throughout Australia. ecs »£• «m 


This announcement appears as a matter of record only. 


PETROLED BRASILEIRO S.A. 
PETROBRAS 

us$ 35,000,000 

LineofCreditfacility 
to finance U.K. supply contracts for 
Petrobr&s 1 expansion programme 

guaranteed by 

EXPORT CREDITS GUARANTEE DEPARTMENT 

arranged and provided by 

LLOYDS BANK INTERNATIONAL LIMITED 

A Member of the Lloyds Bank Group 


' KCS Slpc 1997 Mi 

E1B Ripe 1M? ®*l 

KM I #lnc 1988 « 

KrtoiwOTi 8{oc l® 1 ™ W 

Esso Soc :9«6 Xov. ... Ml 

Ci. Lak*5 Paper «."pc 1954 9'l 

Ham''rsl»v Bipc 1997 ... IP] 

Hydro Qu.-bt-c 9pc 1992 . WJ 

ICI SI pc 1957 W! 

ISE Canada 19S6 l® 5 - 

MarmiHan Blovdcl #n- i?9? 9^1 

Maawy Fcrsuson 9rP’. 5»i 
Midi' Tin 91 pc 195S . ... IfrH 

Midland Trn Fin sir-' M !»il 

■Canons' Coal Brt. >n.--ip‘: 9.1 

'-Vinnal W«nm«r 9p'- « 95: 

Xail. Wsmwstr 9pc *-! ’B' 
v:-u-foiindland 9pc 19S9 n^r 

\nnlic 1m Ban'/ Slpi- 1 9 i < S' 1 '! 

\onu.« Kom. Bk. Sipc iP92 WI 

Nornip^ S'.pc 1W9 . ... 5C. 

Vorst Flj-dro 5'pc 1991 ... 

Oslo sipc T9S5 j 9'i 

Fons AutonomK 9nf 97 

Prov. Ouchnc #r ! i993 
Pro* - Subaidiou CTpc 971 

Rri»il Ini.-rnEilonal 9P'.- 19’>7 ! " 

RUM Opc 199'.* P-" 

"••1-t.iion Trn-: SIo-.- IP*" .. n ij 

Stand. EnskiWa 9pc 1991 97 

SF.F Rpi-/«9«7 °G 

S'.red-n rV’dnmi 'ini' 1957 
rolled (M«1'||IK 9o-- 1999 ... 

Volvo snt- 1W7 iiarcb . ?c 

NOTES 

\UMra1is : Ol 19*4 . . "i; 

H.-ll Canmla :.pi 19:7 . **"•: 

Br. Ciilmnhfa T .n<? V5 52 1 

Can. Pa.-, f -pi- l 0 *-l . 97 * 

non- Ch-micai >p.- 
ECS ;i|.i- !9?7 . ... "j; 

FCS Si IK 1°S9 . ... 91 

EEC 7!pr 12*1 . . 

EEC 7.01 19.- : . . -M: 

En«o fiK'-n *;or I9i4 9.:; 

Cni.i r^rken Itn. ;***2 •'!. 

Kn-'-'iini* *in- I 0 '’. . . . . n -i 

Mu-h-lm 5^0*' 19 s ". i ,; . 

'lomr-i.il Urban : 2n-.- 19 s ! 

New Bnnwrick 5 pi.- I‘ JS - 
X<iW Bnms. Prnr. $■{»• ‘n2 !«i 

Now Zealand 4 i p.' 19** '»"■ 

■2onJic Inr Bk 7‘p.- I!K1 i;. 

Norsk nrdrn JIp.' I'fS n.V 

'.nr.vay 7! pc 19*2 

Ontario Hrdro s pc 19” . . !•'" 

Sumer 5;nt .. 

s of San. El-.-.-. *‘in vj-; 

*.,--.dt n ‘F'dmii V.k- ;?*.■ 9 - 

s-i.-di«h Siaii- i p. 7 ,p.- ’*7 
T-'ln>.-x 9Inc 19W . .. '■*. 

TcDnvRn Tip.. 1957 Mu ... ■ 

Volknrasvn I9i7 9."; 

STERLING BONDS 

Allici Er-.-w.wn-' lOioi- •! , iJ -t7; 

Cilu-orp lOpo 1991 9; : 

CnurtaiiMs nine 19V* .... *> 

ECS i:pc iw 

E1E 9ip.? 1959 U 


FIB 9£PC 1991 97i 

97 '• r ir.»nc-? for Ind. 9!pc 19S7 90 

9") Finance for Ind. I8 dc 1989 9I» 

!>'•• Flwrns Mine 1JLS7 851 

or; n»-<Kcincr upc 19SS Oil 

9*1 INA lime 19S8 B0{ 

971 Rpu-niron IDInr 19SS S8 

Wl Scare lOlpc 1BSS - 99i 

9-i Total nil Btpc IBM 904 

951 

DM BONDS 

sc Aslan Dev. Bank ajpc 1998 Mi 

BADE Mpc 19SB Mi 

Canada 41pc 1883 88 

.Sf: Don Norsfce Id. Blr. «pc -80 881 

Denuscfw Bank 4ipc 1983 ... 97J 

inoi ECS 31pc 1990 945 

F.IB 3! pc 1990 94! 

„ F.lf Aquiline 3lp- 1998 „. « 

Furaiom .Mpc 1997 SSi 

, 5 Finland Sfpc i9Sd 9i; 

« ForanarkA 3!pc 1990 97! 

.^7 M'slco fine IMS M 

Xorcoin 3'pc 19“9 100 

Xnr.-ay 4 - pc 19«n .. m 

iu N .nray 4.*nc 19S3 97 

inn P* Bank* n 3!o-.- 96 

n<> Pror Our Mec 4pc 1990 97 

S,, Rstpamukki 3:pc 1958 95 

snatn i'.pr IMS 95! 

Trondheim Stnc JOBS .. .... 96! 

T VI Power Co. -ip- 19S9 .. 97 

Venezuela fipr 19"9 97 

World Bank S2pc 1990 98 

mi FLOATING RATE NOTES 

94 ) Bank of Tokyo 1954 8 ! pc . W 1 

9S1 BFCE u*54 ?:ne Ml 

9 ji rvp jmt, sii..ni- KWi 

ja' , BQE Worms l o; 3 9pc ... 9SJ 


Offer BM I 

M3 CPF MS SJpc 99* 

91 CC31F 1934 81luPC 89* 

92* Crediianstali 1884 Slpc 08* 

Ml DG Bank 1982 Bpc 103* 

92! RZB T381 81 is pc Ml 

912 Inil. Westminster 1984 Spc 99* 

89 Lloyds 1983 8*5«pc 100* 

80) LTCB 1883 Spc 99} 

81* Midland 1937 SOispc 99* 

NV1 WsimnMr. *80 OSupc 891 

OKB 1943 7|pc — 99i 

*7, SXCF 1989 8(pc 991 

Stand, and cmrd. TM Slpc 89* 
gsi Wma. and Gtyn'a *34 8M6PC 991 
100* Source: Whiia Weld Securities. 

98* 

95} CONVERTIBLES 

951 Amo nr an Express 4|pc Vt M 

932 Ashland 3 pc 1088 92 

99 Babcock * Wilcox 81 pc '97 1844 

98! Reairlce Foods 4*pc 3992 87* 

95* Reairlce Foods Upc 1882— IDS* 

96i Bcerham Mpc 1992 -Mi 

IMi Borden Spc 1883 ,101* 

100 Broad nay Halo 4H»C 1987... -. 70 

97! I'.irnallon 4pc 1M7 . 77* 

953 Chevron 5pc 1938 Jl-52 

»«i Han 4Jpc 1937 73* 

951 Eastman Kodak 4»PC 1988 87* 

96* Economic Labs 4!pc 1987 77* 

9~! Fircsioile Sbc 1986 81 

971 F 0 rd Spc 1988 85 

9*! General Electric 41pc 1987 81* 

98Z r.nirfre 41pc 1937 ' 73 

Gould Spc 1957 111* 1 

Gulf and Western 5pc 1888 87 

100 Harris Soc 1995 174 

TOO HoimwO fine 1986 - 84* 

lCOJ ICI 6IPC 1992 69 


Floating Rate London-Doltor RTegbtiaJbler y;-*: 
Certificates of Deposit, dp 6 June,‘i 98 p. - - 


The Sanwa 


laONDOIX 


In acogrdance with the provisions of the Certfficafes, V 
notice hereby given that for the six months interest ;« 
period kom June 22nd, T 978 to December 22nd, 

1 978, the. Certificates will carry an Interest- Rate .of - 
9f% per annum. The relevant interest pay menf date 
will be December 22nd, 1 978. 

Credit Suisse White WeTd LinMtecT " 

.Agent Bank - ' 


Source: Kidder. Feabndr SciTuntJes. 


7 HE f APPEARS AS A MATTER IF RECORD ONLY 


FOAIDO ESPECIAL PARA FINANCIAMIENTOS 

AGRQPECUARIOS 


U.S. $ 5 Q 000,000 

MEDIUM TERM LOAN 


BANCO DE MEXICO, S. A. 


AS TRUSTEE. 


CEDiV .'D FRCT/CiD ci’ 


THE CHASE MANHATTAN BANK,N.A. 


JUNE.1S78 


LAFARGE 

28, rue Emile Mfinier, Paris 16e 


Dividend for each share of 

F.Fr. 100 in respect of 

the year ended 31st 

December 1 977 1 1 .1 8 

Avoir fiscal (tax credit) ... 5.69 

Gross amount 16.77 

The dividend is payable as from 
4th July 1 977 against presentation 
of coupon number 35 or of the 
Sicovam coupon certificate or 
upon endorsement of the registered 
certificate. The dividend is payable 
at certain banks and credit institu- 
tions in France, a list of the names 
and addresses of which is available 
at the offices of Kleinwort. Benson 
Limited, 20 Fenchurch Street, 
London. EC3P 3DB. 

In general,shareholders who are 
not resident in France suffer with- 
holding tax an the dividend at the 
rate of twenty-five per cent, and do 
not receive the avoir fiscal. But. if 
the benefit of the double tax treaty 
between the United Kingdom and 
France can be claimed by a share- 
holder (and in general terms the 
benefit of this double tax treaty is 
only available if the shareholder is 
a resident of the United Kingdom 
3 nd subject to tax in the United 
Kingdom on the dividend) <i) the 
rate of withholding tax is reduced 
to fifteen per cent, and (ii) the 
shareholder (being an individual 
or a company) may be able to 
recover from the French authorities 
the amount of the avoir fiscal 
reduced by withholding tax at the 
rate of fifteen per cent, of the total 
of the dividend and the avoir fiscal. 

Thus, in cases where both tha 
payment in respect of the avoir 
fiscal and the reduction of with- 
holding tax to fifteen per cent, can 
be claimed shareholders will re- 
ceive, prior to the incidence of 
United Kingdom taxation, an 
amount equal to 1 27.5 per cent, of 
the dividend payable bv Lafarge, 
being ihe dividend together with 
the avoir fiscal as both are reduced 
by withholding tax. 

Claims for lelief under the 
double tax treaty should be made 
on the appropriate forms obtain- 
able from the Inspector of Foreign 
Dividends. Inland Revenue, Block 
Z Lynwood Road, Thames Drtton, 
Surrey KT7 QDP- 

Shareholders who are in any 
doubt as to their individual tax 
position are strongly advised to 
consult their professional advisers. 


Notification of Dividend 


The Annual General Meeting of the company on 21st 
June, 1978 confirmed a dividend of DM 6.00 for. each. .. 
share of DM 50 nominal value for the fiscal year 1977. ' 

The dividend will be paid from 22nd June 1976 less ■ 
25% capital yield tax against submission of dividend 
coupon No. 34 at one of the paying agents listed in .. 
the Federal Gazette No. 113 dated 22nd June, 1978. In 
accordance with the English-German Double Taxation 
Agreement of 26th November, 1964, as amended on 
23rd March, 1970, the German capital yield tax ts 
reduced from 25% to 15% for shareholders resident irt 
Great Britain. To claim this, shareholders must submit 
an application for reimbursement within three years 
from the due date. This application is to.be addressed 
to the Bundesamt fur Finanzen, Koblenzer StraBe . 
63-65, D-5300 Bonn-Bad Godesberg. 

In Great Britain, payment, which is free of charge, will 
take place through the following banks: 

Kleinwort Benson Limited, London 

S.G. Warburg & Co. Ltd., London - — 

The dividend payment in Great Britain is. made in V 
Pounds Sterling converted from Deutschmarks at the ■ 
rate prevailing on the day of submission^ the ’ 
dividend coupon. " "V 

The Board of Executive Directors . . 

BASF Aktiengesellschaft 

D-6700 Ludwigshafen/Rhine, June 22, 1978 • 










^Financial Times Thursday June 22 1978 

APPOINTMENTS 

EMI 


f ‘*a 


group 

reorganisation 



15-YEAR MORTGAGES 
INTEREST 12% FIXED 


JiS-ii* | A number of senior executive 
">j -r chan ses at EMI come into effect 
» from July I as part of a group 
Vp'r.^-o reorganisation scheme. 

In addition to present product 
operations. It has been decided 
to unify the group’s music 
interests under Mr. Bhaskar 
Mown, with offices in London 
and. -Hollywood. 

Mr. Menon, a director of EMI. 
is to be chief executive of two 
main operational units, Eiri 
Music Europe and International, 
in London, and Capitol Industries- 
EMI,-, in Hollywood. 

Mr: L. G. Wood will continue 
as -a member of the Board of 
! EML BdvisinR on music matters 

He win relinquish the chairman- 
e / v-aitjs , ship of EMI Records OJK) and 
be succeeded by Mr. Leslie Hill 
(director, group music; who rakes 
over that position in arirlit inn tn 


, 

-V, ’ 

* ! 

; 

*• ! 
, /. ' 7 ■' W,** ! 

•- /j| h , a ■ 
•* 'lio l '■* 
ir.-.: t-YV ► 
ini? 




British 

onned 


- j 


v>! 

• : 

■ ;r h 

' -'vt! 

«>i* 

■ ■ 


a.. 


» director, group music; WHO rakes 
over that position in addition to 
his present responsibilities. 

Mr. J. BE, Kulpers, Dr. J. a 
P owell and Mr. R. L. Watt, at 
present 'group managing direc- 
tors are to become vice-chairmen 
or the 'EMI groun, at the same 
time retaining their functional 
resuoruibilities for personnel, 
technology and finance respec- 
tively. T 

ie 


A Mi. 


id 



Mr. Bhaskar Menon 

(Credit Suis.se White Weld) 
chairman: Mr. A. A. D. Montague 
Browne iGcrrard and National 


. ... . 4 . Browne iGcrrard and National 

™ ™ . me _ Minister has Discounri deputy chairman: and 

appointed M r. G. S. Downey to Mr. A. C. Paterson (Union Dri- 

count Company of London) 
STAFF to succeed Mr. C. R. Ross honorary secretary, 
who. . on the Government s pro- 
posal. Is to be a vice-president nf * 

,Ua Itlrn-nnesn Invoetman, u 1 ^ . 



GRESHAM TRUST 
LIMITED 

Permanent and long term capital 
for the successful private company 

Also a wide range 
of banking services, in eluding - 
Selective finance for property development 
Commercial and industrial loans 
Bill discounting 
Acceptance credits 
Leasing 

For further information 
please telephone 01-606 6474 orwrite 
to Barrington House, Gresham Street, 
LONDON EC2V7HE. 

G resham Tnist Ltd., Baninprrm Hw. Gresham Street, London EC2V THE 
Td.tIl-uUGiH-4 

Birmingham Office: EdmmiJH-u^-.NWlid 1 Street, Birmingham, E33EW 


EXPORT enquiries invited for 

ELECTRO MECHANICAL 
EQUIPMENT 

We are manufacturers of Generators up to 
1,000 KVA and specialise in supplying Dorman 
and Ruston spares and others. 

WHY not TRY t’S FOR PRICE AND DELIVERY 
19, Downing Street, Sutton in Ashfield, 
Notts, England. 

Telephone: Mansfield 55922 or 574S5. 

Telex: 377725 -CEDS U. 


^™tSt°or V «°occupation 

QUICK DECISION 

Please Phone or Write to S. A. PARNES 

J3, MANCHESTER SQUARE 
LONDON W1A 2DD 
01-486 1Z5Z 


Please Phone or 

druce# 


ACTIVE PARTNER REQUIRED 

Well established Australian Company, specialist applicators and 
manufacturers of protective coatings. requires capital for 
further expansion in the surface coating industry. 

Approx. SA200.000. 

Proven and prof, table performance ovor 27 years. For more 
details a PP J y 'n writing: “Active Partner, G.P-O. Box 2422. 
Sydney, N5.W. 2001. Australia. Director will be in London in 
August. 


COMPUTER SYSTEMS HOUSE 

A quoted 

SKEJSESl ?£££%$&* sys.ee, s for use Id, 

mini-compulvrs. . . . ,.. . 

SraS.agJ®£S&s^ 

S&SSKSrSSS 

entrepreneurial decisions. 

Please enclose a copy of your annual report w en * 
in Box CJ130. Financial Times. 10. Cannon siren, 
EC4P 4BY. 


puisat. is iv utr a vice-presiaenr nt , 

Ihe European Divestment Bank. Mr. T. D. Lccce has joined ihe' 
The post in the CPRS is at deputy main board of JENKS AND 
secretary level. 


board 

CATTELL. 


Mr. K. M. Parker has been Mr. Keith G. Wood, company 
appointed vice-chairman and secrelary of E\KERS HOUSE- 
chiBf eXPCiitjve and Mr. F. R. Ud- HOLD STORES i LEEDS) and Mr. 

direcI £ r . of ABM smart Niman and Mr. John r. 
CHEMICALS, a member of the Hachctt have been appointed 
Dalgety Group, from July 1. executive directors. They have 

.. ★ been with the company for a 

T&eVbiFand marine division of num ^ er °f ycart. 
the DUNLOP INDUSTRIAL * 

GROUP has made three appoint- Mr. a. D. Ursich, formerly, 
ments at its Grimsby site. Mr. £|-oup foreign exchange manager. . 
John .Ambrose, previously techni- has become deputy general j 
cal. .director of the division, manager (foreign exchange) ni] 
befcomes deputy director, with STANDARD CHARTERED BANK, 
special responsibilities for diversi- Mr. j_ a. W. Maxwell has been: 
ficatfon. Marketing manager Mr. appointed foreign exchange | 
Frank HamiR is now commercial manager and Mr. P. A. Wilson 
director in. charge of marketing chief dealer, 
and .purchasing and Mr. Brian , 

EastweU. previously commercial x 

manager, has been appointed Mr. R. Woodall, at present ex- 

manager. new products division, ploratioo manager and chieT 

geologist of V^TS STERN MINING 
-1‘. CORPORATION, has been 

Mr. Erie McCann has been ap : ap0(l j n ted to the Board as director 
pointed -a- director of DEREK Q f exploration. 

CROUCH (SCOTLAND). He 

joined the group in 1969. w _ . 

Mr. Jeremy Martin, who recently Mr. E. Cednc Muxlow, who 
returned from the U.S- has been recently retired as general 
appointed managing director of manager of Yorkshire Bank, has 
CHEVIOT LAND and a director been appointed as a airectorol 
of CHEVIOT HOUSE, the parent the MANCHESTER EXCHANGE 

Aiun imvtt.STMF.NT BANK 


SOUTHERN ENGLAND 

PRECISION ENGINEERING AND 
MACHINE TOOL COMPANY 

with extensive modern plant and small skilled 

seeks merger (outright sale may be considered with large 

organisation i. Turnover approximately 190.000 p.d. 

inquiries invited from public wm panics Write Box G.2129. 
Financial Times, 10. Cannon Street. EC4F . 


SINGAPORE 

S 3 rc. 4 '.»U *11 *«M"» ^ trad *- R * ?lie ' Y 

10/4/78- M.D. ».ii S< ».i.t.n£ U*. July. 

W,lce Sc C.CI12. FlnaiK,al T.oiel, ID, Cannon Street. EC<P 


£250,000 GASH AVAILABLE 

for the purchase of an established company with 
sound profit record in S.E. England. Management 
retained. Alt replies treated in strictest conndence. 

Write P B ox °G.2123, Financial Times, 10, Cannon 
Street. EC-iP 4BY. 


PARTNER REQUIRED 

CITY-BASED SOFT COMMODITY FIRM 
wishes to incorporate as a aeparate company one of its existing 
well-established departments. 

A corporate partner is retired in the ne- tompeny wh,ch will 
have an equity base of £200.000. 

Write Box G-2139. Financial Times. 10. Cannon Street. EC4P 4BY. 


company. 


Mr. Richard MacDonBeU has 
oiqlcu baumja — _..ecior w been appointed the INDEPEND- 
'ORVALE HOLDINGS. He was JJJj. BROADCASTLNG AUTHOR-! 


Mr. Hairy P. Lee has been ap- 
pointed group finance director of 

TORVALE HOLDINGS. He was 

iviously a divisional director of ‘""4giooal executive in 

Oker McConnelL Bristol. He succeeds Miss Clare 

* MnlhoUand. who is now regioial 

Tho SUN ura.. ASSURANCE officer u. 0» Midlands. 



has become 


INVESTMENT HOLDING 
COMPANY WITH 

UNREALISED LOSSES 

for Capital Gains Tax purposes 
of approx. £140.000 required 
immediately. Asset to which 
unrealised losses applies should 
be quickly realisable, e.g. 
quoted shares or shares in 
company about to go into 
liquidation. 

Write, in confidence, to: 

Box FT 533 do Hanway House, 
Clark’s Place. London. 

EC2N 4BJ. 


£200.000 REQUIRED 

for part interest in *c»er*l hisMy 
profitable multi-million dtTlar export 
dealt now nearing fruition. Moner «t 
needed to recoup beairy invetimcnt in 
tine, trawl, telephone, telex and to 
finance further dealt. 

Write Bor G.JM9. 

10. Cannon Street. E CAP 


STOCKBROKERS 

Medium firm based in the City with attractive offices 
has vacancies for Members with good Private Client 
business. We would be interested to hear from 

small team or individuals. 

Write Box G.2102, Financial Times, 10. Cannon 
Street EC4P 4BY. 


ITALIAN INSURER 

with full technical Mid caoimwcitj 
experience in ill branches, well 
organ lied, it into retted in obtaining 
AGENCY for the Julian mirkecof* 
finc-clais British Inturanee Company. 
Excellent reltrencei callable. 

Ready, if necettary. to visit the U.K.. 
Please writ* to Bor F.102«. 

Timet. 10, Cannon Street, EC4P 4 BY. 



. |wr iiuuu -y. . lh(k 

-StFSJMBPS'SS CO.. s.ocH.roaer, 
.^mo S B^lowHold , n|S^r r Mr. Cvrll Freedman has been 

i&UdH orth. BTiow .pSnSTchW 

Group. 


r “- Gral, ” , r 1 "" 


LIMITED COMPANIES 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHS 

EXPRESS CO. REGISTRATIONS LTD. 
30. City Road. EC I 
Of-428 3434/5/7361. 9936 


MANUFACTURING CO. 
SURREY AREA 

^Um^OITIOHALCAWCITY 

At present tub-contracting L\ 0^000 
of srettwork per annum. >urrey- 
i-TK? preferred . «- 

details of capacity available, e.g. 
presses, ctt. 

Write Bo* 

10. Connon Street. EX.4P <*T. 


DIRECTOR 

mid-40t with 8 years bo.rdrodfn 
experience with blue chip C “"'P*"'* 1 
available for non-execuuve *"■*««£• 
ships, eontuluneies and short-term 
assignments. Marketing. busmew 
development, project management and 

information systems background with a 

good appreciauon of high te.hnologie*. 
Write Boa G.Jt28. FumcMl Tfme.. 
f0. Cannon Street, EC4P 4Br. 


CLIENTS ARE SEEKING 
U.S.$ 8.5 MILLION 

for medium term to explore 
Gold Mine in Canada against 
mortgage on said mine. Please 
write lo Box F.1026, Financial 
Times. 10. Cannon Street. 
EC4P 4BY. 


PRESTIGE CARS WANTED 
TO ALL CO MPA / DIRECTORS 
TRANSPORT MANAGERS AND 
PRIVATE CAR OWNERS 
Are you ootaming the best price fo- 
f our low-milnge prestige motor-carf 
We urgently require Rolls-Royce. 
Mercedes. Daimler. Jaguar. Vanden 
p|a». BMW. Porsche. Ferrari. Msserati. 
Lamborghini. Jensen Convertible. 

Rover. Triumph and Volvo cars. 
Open 7 days a week 
ColtvCtion anywhere in U-K. Cash or 
Bankers draft available. Telephone u* 
for a firm price or our buyer will call. 

ROMAN OF WOKING LTD. 

Brook wood (04867 ) 4547 


AMBITIOUS COMPANIES 
REQUIRED 

AS SOLE DISTRIBUTORS 
tN DEFINED AREAS 

for specialised prsduci rapidly estab- 
lishing itself as a braivl leader in 
floor and general cleaning maintenance. 
Approved at all levels. Established 
accounts availablo for servicing in 
certain areas. Suceesslul applicants 
will receive full training and sales 
assistance. 

Write for full detnfli. literature and 
samples to.' 

Box G.2U4. Financial Times. 
tD. Cannon Street. EC4P 4BY. 


Financial help for 
malitechnicai company 

A diene is interested in invest- 
ing £ 50 . 000 -£ 75 .COO in a small, 
private company concerned with 
the technical aspect of com- 
puters or related equipment. 

The company should be prefer- 
ably operating in, or bordering 
on. Surrey. . 

Both the client and his wire 
are experts in the field of co™* 
puters. particularly the provision 
of software. 

Clients would require a non- 
executive directorship. 

Replies to: 

CLARK PIXLEY (J.L.) 

Chartered Accountants 

4/10 Eldon 5*.. London EC2M 7LU 


-NAMAC- 


’fSanc? 13% 

Medium term bridging and ■“"'•"SEE 

is»or 

Induttrial properties. mm. 
£i°o.ooo in aei K A 

SEYMOUR ADELAIDE i CO. Hr- 




DYNAMIC ENTREPRENEUR 

Possessing varied professional contacts 
in Trad*. Industry and Central G?’ , « r "- 
menc department, owning office .nuw 
heart of New Delh. with telephone, 
telex, office staff and conveyance, is 
interested in re presenc-ng any overseas 
manufacturers of Industrial and Con- 
sumer Products as *2*"“ 

Parties interested, may ^.kmdly cor- 
respond with detain to: K & £ -«er- 
prise. 7. Berkley Crescent. Moseley. 

Birmingham ti 4VD- 


TO SELL OR MERGE 

your company to your very best advan- 
tage, you need the profeasional exper- 
tise of the National Association of 
Merger & Acquisition Consultant! with 
40 member firms in the USA and in 
Europe. NAMAC has had particular 
success with firms having a NAT ol 
£100.000 or more. For a member firm 
near you who can arranga a discreet, 
confidential contact with a qualified 
buyer, write NAMAC, 42 55 LBJ Fret- 
war. Suite 2 B2Y. Dallas, Tesai 75234 
Uj A 


UNUSUAL OPPORTUNITY TO ACQUIRE 
RECENTIY-OUTFITTED EXECUTIVE JET 

GULFSTREAM II 
AVAILABLE u 
IMMEDIATELY 

WITH NEW I.T.C. 

Thii is a unique opportunity lo take 
dehuety ol a n?w Gulistieam II (C N tin) 
in only weeks instead oi yfdrs. Aircratl is 

neaung outtmmg tomplelion vnlh lull 
cemplemen; ot dual avionics, primarily 
Collins, plus Dual Delco Carousel N-A 
INS. Global VLF Omega. RCA Primus 
color rad3t. other advanced systems and 
instrumentation. !2-passeng?r conlig- 
u i at ion includes lull -service galley, 
lelieshment center, lavatory, walk-in 
baggage area. Handsome mlerioi com- 
bines earth tones plus charcoal and gray, 
accented by rea carpeting. Exterior paint 
scheme can be deleimiiwd by new owner. 
All-inclusive Gulisiieam.ll purchase 
package includes factory warranty, crew 
tiammg. Giumman American Compuler- 
ired Maintenance Progiam. Flight man- 
agement contract available, extremely 
favorable insurance alieady arranged. 
For complete specifications and price, 
please call Gulfstream International 
Sales. (312)964-3292. orwrite: 

GRUMNMK AMERICAN 

a.,. aMAti nnnflftBITIIll 


OVER 40.000 SCHOOLS AND EDUCA 
1 TION ESTABLISHMENTS ton be 

hH? ,,, Mr M te. Se Rm- SSK 


P.0. Box 2206. Savannah. Georgia 31402 


Merstiiam 


*. Marlborough. Wilts. 


nc ,rr e s c< «*/.! , “ .saw, 

I Sweatham High SWI6 gi-.cv 


FOR SALE 


RUSINESSES FOR sale 


/ipfehy Harris, J® and Mr. ogc Internationa 

jitlii tr 

SStsSf 'E« - 

apponited manafiws GaIllver con- * * 

Mr. 

* has been *PE® u,te Qp FOREIGK 5 

S® t S p«W rep£- Signed- * 

^■nie - fotloNNing °®” r3 IN TET^ s« c *J e ^5f Se^-^socia- 

year - 

03S1ON: 3W- a . 


GROUP OF 
PRIVATE COMPANIES 

ssariawpS 

Would coniider lower r, *“ r “ 'L the ™ 
ant idequira unreahied profin 
ponnuaa. 

Principals only G1 ' 26 ‘ 

Financial Tfn»r». 

JO, Cannon Street. EC4P 4 Bt. 


ATTENTION EUROPEAN 
EQUIPMENT 
MANUFACTURERS 

FasTeit System specialising in the 
sales and servicing of environmental 
and computerised test equipment n 
seeking European companies wincing 
U*C Tcprosentition on similar products. 

Write Pnth / all company und 

products to Box C.2I It. 

Tfmei, fO. Cannon Strret. EC4f’ 40 1 . 


ELECTRIC 
TYPEWRITERS 

Factory reconditioned and guarinieed 

by IBM. Buy. save up to 40 p.e. 
Lease ? years Jrcm £3.70 weekly. 
Rem from £2^ per month. 

Phone: 07-641 2365 


SPORTSGROUND AND LANDSCAPE 
CONTRACTORS 
FOR SALE 

Past tax losses of £40.000 available. _ t 

Write Box G5096. Financial Times. 10. Cannon Street 
EC-5F 4BY. 


CARAVAN MANUFACTURING COMPANY 

Profitable north-west manufacturer of mobile h °'" es * nd 
caravans; turnover in excess of i million pounds, lar 8 e " 1 , 

freehold factory premises with good access and convenient for 
motorways^ rales P to export and U.K. markets: invites offer* to 
purchase share capital. 

Write Box G.2M3. Financial Times. 10. Cannon Street. EC4P 4BY J _ 


AUDIO PUBLISHING 

Audio publishing company with tax JJ2f s JgL^ 
specialising in spoken work on cassettes, extensive 
catalogue of own productions. Located in North 
London with fully equipped modern studio. 

Write Box G.2142, Financial Times, 10, Cannon 
Street, EC4P 4BY. 


BUSINESSES WANTED 


CAN YOU USE 
UP TO 300,000 SQ. FT. 
of single storey warehouse ■ 
light industrial space on 
20 acre site near Glasgow 
Excellent parking •"! *2376 

10, Cannon Street, EC4r 4B . 


AUTOMATED 

FOUNDRY 

Complete with land and buildings for 
sale, ready for production. Box i«ae 
1150 v '•00 * 700/300. tunable for 
large Tractor or ..mllar «»'-"*[- 
Locoed in development area of Scot- 
land. Good labour force available. 
Please telephone 0BS q 3 3fl4f or 
OBB93 4638. 


1QL1QLY -ESTABLISHED PRIV&TE CLIEN T 

PORTFOLIO MANAGEMENT BUSINESS ^ 

lor !,l« ^ suitably q»l]l | «l ‘ " under"' ^lull° n di?cr«ion, r y 

approximately £li million, pr nc p 7 involved in sale. 

pra^5£ ! '^ 


.-p 




SPECIAL NOTICE 

^STn=S.. Princip.l* 

only- 

.Write box C ” 3 J^ F '?W4b?' im 
10. Canaan 5ireet. tt,*r 


NIGERIA & V/KT AFRICA 
FOR EXPORT 

ssssrszi ^ 

ordir lfl Font pK mondi 
Tell St. Helens 2318V 


record company 

Independent Record Company ie«k» 
■nvriBnent. £ 2 D.OOO-£SO.OOO. for 

marketing and development of fir« 

class products in UR. Participating 
or non -participating Investors welcome. 
Write Baa G.2t37. Financial Time i. 
70. Cannon Street. EC4P 4BY. 


14 


2XLCI y 


Pauline Marks Lld-aranow 
operating the arat fnll-k»e 
relcphozie seUIng service 
operated totally In-honi* 

By full-time people- 

I Tel: 01-348 4294- 

40TottcnhaniLaae,Loa6onK8- 


SUCCESSFUL 
MANUFACTURING 
COMPANY (T/O £1-5rn) 
,«k. additional lin«. invent’oni. » 
buiineti or joint venture » *“P'^ 
well established brand name in DIT 
and Hardware field*. 
please write Jn strict confidence to: 

P. Angel. Esq-. 

Manehci * Co.. 

10. Duke Sticet. London WIM 6BH 


FOR SALE 

limited property 

COMPANY 

in .000 £1 fully-paid 

shai'es 

No liabilities or loans 
2 Freehold Properties 
Prospective rents 
approximately £12,000 

Accounts audited by 
* London Chartered 
Accountants 
THOMAS PATT1NSON 
& SONS 
57 Grey Street 
NcwcasUe-upon Tyne 
Tel: I0R32) 2652 S 


IMMEDIATE SALE DESIRED 

GOLF COURSE, 
LEICESTERSHIRE 

CLOSE Ml 

18 Holes. 120 Acres. Tennis 
Courts. Swim. Pool. Luxurious 
Mansion House. 2 Bars. Dming 
Room. Functions Room. 8 Bed- 
rooms. 2 Bathrooms. C. Heating. 
Air Cond. Freehold Assets Co. 
Sale. Beit Offer over 000.000. 

CHRISTIE & CO. 

31 Baker Street. London WIM 2BU 
Teh 01-486 4231 


A Speculative House-builder is required for 
Purchase in the Midlands 

A small to medium sized business (turnover of a minimum 
of 100 Units per annum) is the ideal with a Land Bank for 
some two to three years. 

Replies should be addressed to the Principal Box G.2134. 
Financial Times. 10, Cannon Street. EC4P 4BY. 


BUILDING COMPANY 

A speculative housebuilder is required for purchase in 
Kent. 

A small to medium sized business (turnover of a minimum 
of 100 Units per annum l is the ideal with a Land Bank for 
some two to three years. 

Replies should be addressed to the Principal. Box G.2135. 
Financial Times, 10. Cannon Street. EC4P 4B\. 


partnership/ 

DIRECTORSHIP REQUIRED 
Full-time wo/kine »n Engineer- 
ing / Scientific / Technical com- 
pany. Equity participation 
offered. North-West preferred. 

Write Box G.2145, 
Financial Times, 

10. Cannon Street. EC4P 4BY. 


MAJOR SPARES AND 
ACCESSORIES BUSINESS 
FOR SALE 

W*tt fsEiWuhed. T/o well i" 
ol £150.000 p.i. Own well eq'J'PP*® 
com'pTebi-'U'** workshops. J-** 1 ” 
Br.ital Principal* only should reply. 
Wri:e C2f5f. Financial Time*, 
ffi. Cannon Street, EC4P 4B» • 


I.O.M. PROPERTY 
COMPANY FOR SALE 

Goad opportunity “ pjrchaw caeellent 
inwiuneni in the beautilul and peace- 
ful I.O. M. with all the tax advantages 
of NO Capital Gams Tax. NO Eitatc 
Duty and ONLY 11%. Income Ta*. 
Very eatilv managed with good pros- 
pects of furthe- profitable expansion. 
P Present Income ... £15.M0 P-a. 

PRICE ...— £110,000 P-a- 

Further detail*: 

Win-Stone Property Co. Ltd-, 
145. High Street. Blackpool 
Tel: (0253) 20087 


OLD 


FOR SALE U.S. FIRMS 

ifjm specialise in the sale of A™* 
located in the Southern Calii. » r * J ol 
the Uni-.tO 5 cates 10 foreign invesw't- 
Wt have * wide range of catcgorie* 
23 213-540-4177 

or write deraih to: 

AU5AEY YUEN & ASSOCIATES 
ATT: Mr. Earl P. Gilbrech 
3858 Cerion Sc. Suite 210 
Terrance. Calif. 90503 U.S.A. 


PLANT AND 

MACHINERY 


-GROSS FUND rtaulres J? r r ^ 

oft” KSLiff “ I«fc 1«. 

Cannon s i r i%A^AGrt**|N T - Lei vs 

DESIGN and MANA^ your offit* 

west* * JfiSJT 5 t«P. »««urani 
recnrtlv". JSSttSE?' elan and manae* 
• • or h®** 1 . JS e *4S "curt » h^ish. Phone 
vow ProfSi J ^?^&oue. Ot-995 544 G- 
LlndMT &'»v? “| investment 

■; ArSitarr »»"■ LOO<lon ’ sw '* 


GENERATORS 

Over 400 sets in stock 
lkVA-700kVA 

Bur wisely from the manufacturers 
with M* 3fur u,t * **"*• 
CLARKE GROUP 
01-986 8231 
Telex 897784 


ESTABLISHED 
WOODWORM/ 
DAMP-PROOF 
ORGANISATION FOR SALE 
AS GOING CONCERN 

f,ve b-an^bM. Turnover £1 50. 000 p.a. 
,po, 0 r. Member B.W.P.A. Principals 
0I) |y please apply m itriet confidence 
to: Bor G.3IJ3, Financial Times, 
10 , Cannon Sireet. EC4P 4BT. 

MIDLANDS. FOR SALE, Business ol Pre- 
ceuo« T o°’ Makers. Freehold premises 
el arpi^r. JO. odd sq. lent. Heaimv 
er<ier ntv>*. nationally known customers. 

write Bo- 6.7111. Financial Times. lO- 

Cannon Sueet. EC4P 4 BY. 


PRINTING WORKS & SHOP 
IN NORTH LONDON 
m let *t £500 per month. Rental 
include* premises. pl»nt. 
md emitting clients. Ton only pay 
telephone and electricity. Works fully 
equipped and operating now. Plant 
includes iloupr.ni. 

Camera. PlaU making and thermo- 
g-aph facilities- Tremendous Pownuil. 

Available from I2»h |u ,y . 1478. 

PHONEt 01-3M 4115 


FOR SALE 

Small Data Service Bureau 
situated in Home Counties. 
Good Industrial Connections and 
excellent potential. Owner 
retiring. Principals only. Write 
Box . G.2MI, Financial Times. 
10, Cannon Street. EC4P 4BY. 


has funds available to purchase 
for cash a profitable business 
making up to £250,000 P.A. 
Details will be created in sir,ct 
confidence by principals only. 

Write Box G.2120. 
Financial Times. 

10. Cannon Street, EC4-P 4BY. 

OFFICE EQUIPMENT 
BUSINESS WANTED 

InvMOnent/Purchise or 
m tailing importing/eaporting 0™* 
Furniture snd Equipment. Location 
London ares, or 20 mil* radius 
City. 

Write Boa G.2146, Financial Trnies, 

10 . Cannon Street. EC4P 4Blj 


ESTABLISHED EXPORT 

MERCHANTING COMPANY 

based in London seeks to diver- 
sify its interests by the acquisi- 
tion of a small manufacturing 
company in South Ease England. 
Involvement with Engineering 
products and/or goods with 
export potential would be pre- 
ferred. Funds of circa £250.000 
readily available. Write in con- 
fidence to Box G.2M8, Financial 
Times ,10, Cannon Street. EC4P 
4BY. 


WANTED TO PURCHASE 

An established company in UK with 
surplus working capital wants to Mir 
either directly from principals or 
through agents/consultants^ in view pi 
purchasing controlling interest in 
companies engaging in ih* following 
activities: 

C.T.N. Distributbn/Wholesalc. L-.T.N. 
detail 5 hops. Advertising Agency, 
Vending f cigarettes). Warehousing. 
Ail replies will be treated in ton- 
fide nee. Price range between £20.000 
w £300.000. Write Bor G.2T3Z, 
financial Times, 10. Cannon Strqet, 
EC4P 4BY. 


INJECTION MOULDING. Small Cmjwanv 
lor sale at Doing concern. 2.000 to. «• 
N HamoNnlre. ! Dresses hi 
oven, colour . mivino nMt ]lL n 51 v^irSs 

ancillary equlnme*il.„eK. O"or»7 Price 

negotiable. Tel. 0420 82128. 


S 


PLANT HIRE COMPANY 

An established Plant Hire 
with particular tmphiiii on scans ams 
is regUired preferably in the ffor*'' 
West of ingisnd. although Midlands. 
North East and South Central Scotland 
would be considered. 

Principal! only please write to: 

Bo* G.2144. Financial Tfm**» 
tO, Cannon Street, EC4P 4BT- 


WANTED TO 
PURCHASE 

Companies involved in the 
Importing. Exporting, Retailing. 
Wholesaling of Car Components. 
Write Box G.2147, 
Financial Times. 

10, Cannon Street, EC4P 4BY - 


"i 



(. 


Tighter money and weak $ depress Wall St 


NEW 


INVESTMENT DOLLAR 
l'REMll'M 

55.60 lo £— 112J% (1141%) 

Effective S1JM95 51% (51»%1 
INDICATIONS of a ''~ h,t T 
monetary stance b> the !• cooral 
pi c.serve and more pres sure on tn j 
dollar pushed slocks loner in 
active trading. 

The Fed apparently notched up 
the Fed funds rale lo 7J per cent 
from 7 i per cent one day after 
iU open market rnminiUffe nivei- 
jnsf. Dealers will look Tor enn- 
firmalion of the 7} per cent level 
later when end of week settle- 
ment* 3 re complete. 

The dollar, which hit a new low 
acainst the Japanese yen earlier, 
remained weak despite Japanese 
Central Bank supporr. 

Adding to ihe market’s "loom, 
two small banks in New Orleans 
raised their prime rates, one to 
9 per cent and the other lo HI 
per cent. A move to 9 P*r cent 
by i he major banks, from iheir 
current SJ per cent would be the 
highest level in three years. 


WEDNESDAY'S 


ACTIVE STOCKS 

Change 

Sloths Clo?:iK «in 


Us mart* Inn*. . .. 
D-l K WVbh .. . 
Pli» boy F.ni. . . • 
Caesar's World .. .. 

Mfo. C« - 
Ha Won Purina 
AhhoU Labr 
t.itlon Indu-me? . 
I-Twport Min. 
Disiul Equipment 


> roiiod pr 

::t.(n*o 2 " 
26i.no ^ 
joi .100 2 ; 

2M SCO 
:WM(M 15 
1 W MU *" 
isr.jw 
i%;.w 
1S3.+W .« 


price day 


The l ! .S. Commerce Department 
reporied the first quarter pay- 
ment.-- ileficir widened to a record 
Sfi.yshn from a revised $8.93bn 
in the 1977 Fourth quarter. 

The How Jones Industrial Index 
finished -i.ll points lower at 
after being down seven 
jn*t ."fier the prime rale 
announcements. More than Llkifl 
issuri lost J-ound fnr the fifth 
straight .-e-Sion while just over 
son mlvanced. Volume of 29m 
shares lopped Tuesday's 28ni 
level. The Transport index at 
I'jS.sS losl -.29 and Stocks fell by 
T.7I5 to 3*3.13. 

I j lion Industries Inst ; tn 
after hit til'" SSHi at one point. 
Lull? luc.-day. the UJi. Navy 
agreed to M/ttJe disputed cost 
Haim* tilth Litton by paying' S-MT 
nf the disputed total of roughly 
tfl.lbn. 

LTV Corp- and Lykes Coni. Bletl 
proxy si moments for their pro- 
posed merger after ihe Justice 

Department .said it would not 
oppose the merger. LTV lost : to 
S7J nnd Ljkes added ; to $7.\ 
U.S. Sled fell si to 8252. 
Standard amt Poor’s Corp. cut its 
ratings on some of U.S. Steel's 
debt, citing higher debt levels?. 
Philip Morris dropped SI: in 
The company filed for an 
offering of 2ni Common shares 
and stoftm debt 
The U.S. Supreme Court turned 
down a hid by Zenith Radio to 
hate irnun let-vailing duties 
imposed "» Japanese TV set 


s=“.sm s?. Tt ss-j srs^& ss 

SttfiL&S ^ uu ,nto " ,si 13T 10 “iSMS*.--* ^SC^i 8 b,SS 

chase uf HJ per con) or Fox was Versatile Manufacturing amon ? t ||t, i 1 ®™** 3S blanie<i fW . 

strictly for investment. Chris- „| lcd 03 L . en| l0 S1JV „„ dropping Did n.aO and DM 4 dechne. -. - -r; 

£ w; '« iffSTUSS 


June J«T» 


JOU^.jXUli 


■■ laws * " "ro-vsed Slum m’iis first ‘S V o L ®™ a ‘ ’.’j 1 "-L. Benz Inst DM 3 to DM 30fi. Other to HKS 15.70. Hone Kong liana, 
three diiv-jT skidded Ml to S4AI clun t J ni »i«. C«>niJ > ^ j^eg were Degussa, and Kutehison Whampoa 20 e?efr utimte 

'"rLH* ’ ton* Jin tec! tiie )'™£ r Shareh0lder5 ' ,pprmel NrrkenmuMi and Kaufhor. ,0 -HKSMO.and^HF^.r^ 

arfi-e ii-.t ' "lo Sh 1 Del E a , ^ ■ livdy. Wheelock Harden lost IS- 

Weh£ a5dS "V S2lL !Piiyb«i> , . n,p T r l a - f C * nml Pans to HK83.00. but Swire Pacific im* 


Paris 

vontnd The wr^jrrojn more * g™ 

tT£7t S>t r® 1 Kt&K 

S22? in heavy trsirttn”. D'mie Pete W!M: >' " no specific reason Tor the ¥ 

American Stuck Exchange ‘^ 1^1 v” $ 7 9; ’ improved lone. The j point cut JohaQn&DUTg - 

prices also dropped sharply in it'M st u. o_i.. Northcm 1 cicu»m- jn cal i money today was dis- The Stock Exchange was mtaed 
moderate trading The A mix retreated ».i cents to «1 regarded as just bringing the m moderate trade, with dealer^ 

Index lost 1.17 in 1 47.u5 Volume “ A =’ ,u?<1 50 wnls iv S< s -. rale back to levels before Tues- anticipating a consolidating 
was :i«i shares against 3.33 on Ru > al Bank was dcm n Si W-:* day’s technical rise. Motors, period after the big -'recent 
Tuesday. Volume totalled 3.M9.S2:! shares Rubbers. Foods and Chemicals advances. Gold shares tended- 

'Wang Lalw*rauiries lost Si I in again-*i a,lun.U8a on Tuesilaj. were -sieudy to firm without softer during the .afternoon 
S 22 ; and ihe *’B'' slock slipped In .Montreal the decline was less making any really substantial session, reflecting bouts oL profit-' 
oil cents to S20 in active rradino. drastic with the Itidustri:>t Index yains. taking. Mining Fianaals. shadowed 

despile a forecast nf higher year jiM 1.BB lower at 182.29. Banks Banks. Engineerings. Construe- holdings^ with Anglos 10 .cents! 

net and announcing of a new pro- insi 2.30 in 27fi.3fi and the only tions. Oils and Stores were mixed off at Ra»0 and Amgo M 3 0 oil at 

duet. Topps Chewing Gum index m point rractionall*- higher while Electricals were the easiest R2.980. The recent firmer trend] 

climbed 515 to Sio; after repori- was Papers. sector. U.S.. Canadian. Inter. in-De Beers was halted pdriie. 

mg sharply higher first quarter national Oil and Gold Mine shares share shed 9 cents aL.-RSw. 

profile oennany cased. Afrique Oecldentale gained Platinum shares wete. & fraction 

Share n rices wpaten.-d on Fr 4 to Fr 387, while Carrefonr lower on balance while Copper*., 

f on _j. nro tii-iykin' 1 a her rect-m gains put on Fr 10 to Fr 1,543. Moet inclined higher. The Industrial | f ^, b.. b .i went 

Canada r ^n.rh,ncd lo Hennessy rose by a sparkling market w-as mixed-following thfe' ,l “ R - — 


29,100- *7.9» 


Exchange 


t pita Sb dipped sharply in *''"**"*” in e 

il moderate trading The Aim-x rttreaied ia cents to All j re » al 
7 index lost 1.17 in 147JI3 Volume d'ed ■»" cents lo «J? rale 




ing sharply higher first quarter 
profit^. 




Canada 


which were in part attributed to M enn , e * s y ro |,- a * 5 ® r yi!J? 


CANADIAN SHARE prices closed disappointing report by Herr Fr 12 _ to Fr 


sharply lower in active trading. Walter Cipa. AEG managing mechanique noti 
The Toronto Composite Index was Board chairman. He said the Fr IS to Fr 740. 
off lo.fi at 1131.7 — its largest company was unlikely to pay a Tnlrvn 

fall since January. The MeraH dividend <>n the 197S results. 4 'r* v j'r 

Index, down 23..i at S 2 .».S had its making five consecume years Shares closed 


mechanique notched up a rise of 


Tel£- recent firmer trend. 


Australia 

Markets closed mixed, altbL. 
some shares recovered start 


Sh »r«. .S55!? Sfti 5W!f £S 


NEW YORK 


.Inn*' June 
21 CO 


Abbott Labs.. ■ 

...1 

Lii^.V 

\ir . . 

.I 1 I 1 D 

Aljm-Muniinium 

(InA. 

A I l«fu- Lh’II'I " 1 
Allegheny IS«i*r 
,\llie<} cLeiiKinl.. 
A I lie>l Slviv! .. 
Mlis l.'biJnici 1 . 

A 31 AX 

Amtndi Ub'... 

.\m». Virlir»r« 

.»m-r. Kun.l-.. . 
Am.'r. Rpjulnb-r. 
Ainer. >'an . . ■ 
Ami-r. 1 ymiauKtt 
A met. Klw. hi* 

. Xint - r . K . 1 ) iIVM . .. 

.\mi'r.n<j<ne Pn»l 
Anw. JI*<in 3 iJ. 
Anier. 'LuVors... . 
Ai-ier. .Nil. if*.-.. 
Ainu, ^tau-lanl.. 

A Aturw 

Anier. Tel. & Tel. 

Anutel 

.IMF 

AMP 

A ni| 

Anirhor H(<:kins;. 
A nbeusor Bu 5 >:li.. 

A rroev tsteol 

A.*A 

A<«iD 4 ni Oil 



Ashland Oil.. 
Atl.MirbKeM... . 
Aiitn Oau Pm.... 

AVf 

A»e» 

Avon Proluui * .. 
Balt. Gas Blei't ... 
Bank Ameriua. .. 
Banker* Tr. N.Y. 

Barber Oil 

Baxter Trarennl. 

"Bearrirw Frnl 

BmontlKkMiwn 
Bell A Howell.. 

Ben'li s 

Benguet C'.'na 'R‘ 
Brtblehem duel. 
Mac* A Oerker. .. 

»*Hn!r 

B*iise Oascade 

Bonlen 

Emg Mainer 

Bran iff Int 

»r*«»n-.\' . . .. 
Bn »tril Myei--... . 

Bnt. Pm. ADR . 
Bioukney Ola.-*.. 

Bi-umwuk 

Biu-rm s K'ie 

B'lUwa W'nlrh. .. 
Builinjtl.-.uXtUii. 

Bwn»iii|rti* 

I aiii|ibe)l si'iiip... 
Ijioaillan PaL-ilii- 
Canal HandulL'Ii- 

I "arna'ii.n 

1 nrltri' O'tnMal 
t a liar Kan ley 
I'alerpilla r Trail r. 

CELS 

< elane&el'»I'rn... 

I eolral s 5 .W. .. 

reitaiuteed.. . 
Ceisna Auvtair . 

1 liasr Manhallau 

• fiemiva/ Sk. X f 

• hesehrgh P**n»i. 

1 ')ie«ie system.. 
t bii.-at! i i ■ 

« hry'ler 

L meraiiia 

1 'ini. Milan on.... 
1 JtiiTirp 

1 itiea Ser\ 

1 u»- lm ■■Sima . 
C.«* Lula. . .. 

I vlual*. IViIpi.. 

I. .illin.N AiLmaii.. 

(..ilillu'.ia lia- . 

1 . iiIiiiuMa Pi'-i . . 
i ■■ni.!n<C».i'l'Ani 
l'..inlni>.ti.<n Kni.' 
4 .inibu-l lull E>| 
i"io'o 'lh Ivli— ■". 
V 'm'w'OiUil )<et. 
I'omni. Satellite. 
I'i «njpii|»-i sfrieiit e 
1 ‘unn Lite In,.. 

• onrai . 1 

1 . ..n.tdiv.n X.t. 

l'ml> . .. 

I 'lnfiol Xat. Ga-.' 
1 ,'ntiMirner Bon er 
L 'TUi neural G-|- 
r oQiinenlal OH.. 
font mental Teh' 
I'onirf'l Data.. . 

ln> 1 ii' — . 


L.'ramg (> U .->. . 

I I'I.: Ini 'ii'l ixiitil 
’ 1 t'nuje 

1 I Rtekell Xal .. . 
L'lvs " Stelh'rtan li 
. Cummin- IliiKlnr 
Lams- U'righi.. 

rtana 

. [tart IdikM-tri'-.. 

I kWI e 

l>el M.'iite 

' IMlioia 

Uenl-i'l v I un i . 

I ioiii.ii KI 1 — 11 . .. 
i I'iam'Hl'ISl'aiiirL 
lii-lai.lii.lii- 1 .. 
in-ira K||<II[S.. . 

! OUnO VI Walll.. . 
I'. n erLiiri.il. . . 
]l->n ( bt'iniisl... 

Dntr 

Iffeaser. 

■ lll'l-.UI 

h.vmn liiiln>tnii* 
I liable I'irliOr .. 

; Ka-t Airline* • 

. fiaMIIIBII K-alak.. 

, to 

K. O. a i< 

' Kl I'atv ,\ai. has 

KUra 

Kmnr—'ii Klet-lm- 


JimervAIrFe'luhi 

23 Ja 

*3*1 

r.iuh.-ii 

37 

37 

K. xi .1 

■6b 

2*8 

EiijfpJJiJinl , 

21 , 

22 ij 

E-ana rk 

30-U 

3 Ha 

Ktlitt 

22 sa 

22 *, 

Kx\-ii . 

44;-, 

44»« 

k*I|!:liii.l L»mi-n 

il.r 

32 

PCd. Ur|H . .Slant- 

36 s 

57 V 

KlrM.iii— Tire 

14'/ 

14>, 

F?,t. >at. H.r. 1 /ri. 

*B-» 

* 8 =, 

Hc\i Vmi 

*0 

*0 

Plmtk.aH .. . 

25-i 

*61, 

Kl.,n.lii P.-m- ... 

30 

29«+ 

T-’limr 

36 >3 

47 'a 

F.M.C 

24 

24L 

F*.p| Mi*'< 

46.* 

4e. B 

P.irvnur-l 

ZCl, 

20 .4 

F'lxlmpl 

361/ 

37K 

i’la uk.iii Mini. . 

9 

8 ; 1 


’ F ree| v-r tliimial 
| Fi-iU'lianr . ... 

; F*'|iie Jn*l* 

0. A.P 

Oanueu 

ti'ii. Amer. hit.. 
O-V-T-A 

Mien. Cable 

■ livlt. U.VUiMII ' 

Ihii. Kbs I rl-->.... 

. Isvll. F.—l, _ 

1 1't-ncial .Wills.. 
Oc-n-rsl M-t'ir-.. 

,'ivn. I'll'-. I'lll... 

lien. .smilBl 

! l>eii. Tel- hkrt .. 

■ Oen. T v rv 

j t»L-ne»i" 

j Gel l.v Oil 

I liillrtie 

J livalrirli U. P. 

I Ibjvlvrar Tin:....' 

Ii'.uld 

j 1 ■' raw.- W. II 

J r;i. .it (an P«<- Tea' 

I lift. Vim III ln«li._ 

! O rey ln'in I ' 

I < Mill .v Western.. 

, ! 'Milfoil 

1 | IIbIiL'hh.mi . 

; Hanna Ml nine... 

1 Uanii-i-lne-ei .... 

• Him* C.*r|Mi.. . 
lli-lii- II. -I.... 

I lloul'kin 1 

llcsrh* Pai-knnl_, 

- N-.liilne lmr .... 

1 1 -■lies take . •• 

j H«nerrell 

! II..M. . . . . 

. U.l.l' • '■>! |l. \|>H-I 

: IliMlMMlI NhI. La . 

' M mil * 1 •!■. \ .rinn 

■ llnii - hi 1 i:.K.... . 

1. C. I ii- In-mi--. 

I.Vt 

1 lii~er->ll Half 1 - 

• I iiia ml Sres'l.. . . 

; In-Hi-.... . . . 

I liilvi.-Mil Knrrm 

IUJI I 

lull. KlAMMir- 

) 1***1. II ane-lar . 
i Inti. '1 111 A l l«eni 
I I 'i«l. llnUii wIs. 

1 lm- 

1 hill. I'atiar 

1 ICO 

I hit. Keelifier. 

1 hit. I-'. V T-l..... 

Intent 

I lost a He>-> . .. 

1 II lutcriiati>.i>al. 
'J mm Waller 


I 7 
7;265.87 
1 24 •* 
a 6 i-. 
47..; 

1 £Q, h 
16: a 
40 
56 
12 

, SO'e 

Hi' 

35-1 

111 , 

30i- 


EUROPEAN OPTIONS EXCHANGE 


\rr 

A IT 
AIT 

, • iiii-.rp 
' ’ll if- 11 1 - 
, f. k'l.iiab 
K. 

K. Kurlak 
F. K'.-laV 
ksAun 

K'":-n 
I. II 
r. \J 
t. M 
IHM 
IBM 
IBM 
Seara 
Se*** 

Sta- 

Muemen* 

A Igeniene 

Algemene 

Algvinenr 

Vnitsi 

Amin 

Ailin' 

kl-M 

KIjM 

KLM 

KLM 

k'L.M 

KI.U 

Aar VisI 

_\ai Ani 

A hi Awl 

I'llllifra 

BUi Ill's 
Bbilip* 

O. Shell 
HI ft. liiwii 
R. l>. .Sh^n 
I'DilCser 
I'd! later 
L'Diles-ei 


l'n.y 

-lu 

l.'l||-J> 


, 

1. line 

ft 65 
soO 
S65 

S20 
•■25 
ft40 
•-45 
ft 50 

5'* 

19 

]iy 

6 1 i 

ft 60 
.“40 

Je 

5 

2i* 

ft45 
ft 50 


— 

-■ 

-> 60 


— 


sod 




S70 

... 

-- 

As 

ft 340 
ft 260 




*■280 

2m 

s 

7ft S 

ft 20 

__ 




«ZS 




530 

_ 

.. 


K330 

32.50 

2 

-- 

F340 




F3S0 

15.50 

4 


fa 60 



9.00 

F70 


-- 


K75 

KB0 

P160 

6.00 

- 

12.00 

ri7o 

2.00 

34 

7.60 

KlBO 

1.40 

21 

6.50 

F190 

0.60 

47 

5.00 

F 200 

0.50 

4 

3.50 

K220 

-- 

— 

— 

FI oa 

- 

— 

10.00 

illO 

-- 


4.50 

t'tao 

- 


1.00 

1-22.B0 

— 

— 

— 

1-25.00 

2.00 

32 

-- 

l'27.50 

0.20 

50 

1.10 

VI 80 

11.20 

3 

13.00 

KUO 



5.50 


Vitl. * I'f e V-ll. eh 14* 
“1 • -. _ SfiOJ 4 


I F140 
! F HO 
F120 
F13D 


1 A.SO 11 
5 50 13 


Ho 11 


12.50 2 


19.00 1 K 156. 50 

9.10 7 ” 

0.00 4 

o.uu 4 

3-50 4 


3-30 J2 
1.90 1 

14.50 7 F 130.30 


50 n 
5 


M.22. 64.75] 64.80 6fc.» 


j Johns Ham ilk- .. 

! -loliDfi-n Jr/hn-ni 

I Ji'lniwn Ci,utr-I. 

■ Ji»v Vuiih'itui'j! 

K." Mai l. - i*(i. .. 

. kai-i-r Vln in lui'iri 
j haiser Iniluatri'- 
Kai'is- S|(-.| , . „ 

' hat 

1 Kmiue.-iit 

• Keir IMie* 

. It iitilf Walter 

; kiiiile-rty L IrrL.. 

■ It • W*r< . . .. 

1 heart 

; Kisser 1 ■■. . . 
l».(«*y Iran-.. 

j Lri i 

| LiW.v iiu.K-mI.. 

I 

■ Uiutei niaHI|».... 

I JJHy 1 Bit ' ... .1 
1 Fjttitn I ml 11-1 . . 

; Ltcklieed Ain-fit' 

1 l,>ut Star liilils. 

| l,m- 1 -la f^ii. 

■ la.-ui-iana l>ml..' 

! laitirisul 

: [ndu'iMmis . , 

; l.'ko Vnuj:«t'«u. 

Mar Mill 

1 Mary IJ. H 

j Milt. Haunter.... 

Maia*i . ...: 

Mural hi. u 

Marin" Mi- Male I 
.Man-ball Fi»W — ' 

Mnv llf|4.Ai>ir> 

MC * 

.... 

, .Mi.-iAmuell IAhii! 

I Mr (s nut Hil.. . 

. Udiint 

Meti-k 

Merrill Lyn.4i. . 

I Mesa Belt'iletni.. 

MCM 

I >11 11 11 Miuui M'a. 

! M..' '.ii i\i iv 

’■ 

tlur^im 4.P 

. M'.ti.mla . ..■ 

. Mnrpby '»'l . . .. 

' 

' A alis 1 ' h-inu-al ..^ 

. A aunt in I Can ] 

T Aar. OiatHCer* 

I \al SiTiini I 11 J. 

I Aaiinml Meet... * 

• Animius 

• M l? 

Je|.iune lu'i' . .. 
■»|«' Kll-lau.l Kl. 

! .Veil Kii-I*n.| Ter 
I M*cam .MiilianL 
! Niagara Sluats;— 
A.L. luiiitflriei... 

I 

■ A.irtli Aal. tin*.. 
Ailin. Sraies Pur 
Atiiuest \irllnp* 1 

1 Atl'Uiii fin iks in ■ 
Avri'in simmi.... 1 
; "•--aleilial Beits'l 
I u^iliy Matlier...., 

( ill in luliM'ii 

| Ml in 

1 ivem-a- Ship*../ 
Ilia eit> Curnlun •• 

. 1 in i-it* llin- >if... . 
j I’a.-ilii' lias 

. 1’41'iln' I . kill in- . 
I’an l'*r._A Lid.. 
Pail Am If'inl Ail 
i Pa'Ac-r Uaoititln. 

P.wl«*lv lilt. . . 
j Pen. I'a.A u.. . 

| I 'ell ll>' -I. ■ ' 

IVllll7"ll .. 

Pi.sifili-s I >Hi2.. .. 
I’nijile- til- 

■ IV/»|iM 

I'-' MII Fllllei . .. 

I\l ... 

I'll.sl 

I 'lll-l ■< - I'.'ljf... 

I'lilUik-ll'tila Rle. 

. Iliili|- M-hti-.. . 

. Ptuilit- IVtni'm. 
Pil-lsut .. . . 

Pi I lie V Un--t-.. 
Plll«l"ll . . 
i llesar Lid \ |i|; 


I Piilar-iit . . „ 

! P'dnllliir Kl*s-. 

: ITt. I ini 11 — 1 1 le— .. 

' Pnaier t iAiiiI-Ip . 

1 serve Kiel.- 

I *i/l I lilfl II ‘ 

_ Purr 

■ vnaker 

(i'*['i-I A inerieau.. 
- Iinyibc"ii 

■ l!-|.i|li|ie Med- • 


321? 1 32i* 


30 >4 1 lie' l"<i 

81 ‘4 i llet'ii' 'III* MeLalr. 
29 l:. \ le-kl- l:. -I. . 

35 ■ UL'li’-'-n Mem- II. 

25 !« * l!i«*«.|| I mar .. 

32 ’g 1 li.'lim A H«»- 

2 1 

24 ( K.'X'al |ii , 1 i-h 

i 2 .t g ; wfc 

22 ' a I lii its I*n*. - . 

44 U [ ll.Xilor Sy>(e 

3 l»l; iSairnai .-Iiuts . 
46 U Sr. Jia-' Miue'ais. 
22 '- } nr. Keifi, lA*lar» 
4 B j , 1 -iMina Pc I ml-.. . 

33 >fl | i'lnfil. ■■ 

32 i« iSavm lu l- 


331* [Si-hllt; Brew inc.. 14 
27 *9 , S4llilU|ta-lgrr. 78 w 3 
SCM lb'-.- 

3 ^., .-i.s .11 Bair 16'|? 

SSf* »•-"■ il Mr-J llQ-t 

SI; » 

?q] R j Sm i.i*iiaiui-r. ... 2 B 

101 1 3tsx^r*iu ie3i« 

!*ei«lffii.lM. ... 14'j 

Seen K.iH'i.t*. 23 

l»ir -4ii 

*5r* -Shell I'll 52=1 

Shell Iraobl-rt.. 39;* 

42 , ai?nal a5i« 

37 * SicumUC'-tp.. . 37*a 

a,.*' .Slruulii.it 1 Pal .. 13'* 

Hi Silver 19 >. 

, h ,“ smilli Kliue f4-\| 

ni-i Syinmu a;* 

3,1 i Snijilaiii-ss n .. ._ 3k'< 

I s.iniirti'-siCnl.Kii «s5r« 

241- j A-utlWnl'i'.... lb 
Jl I Still. Xat lies.. 46 .* 
261- I Snutlmru Pa-lli-. 4l»x 
I ."onUieru Hail • «\ 481j 

231* , 

=of® J Switlilanii.. . . «9-T 

so^ ' S'u t BaibLate-.. 3 *'i 4 * 

.s perry li.. * > ' ; 

???* I S|<errr JUu-l . . . 41 j* 

W|.ii'. *5 

Stainlnnl Bnnul-. 26<a 
8 !>I.I.OtlCalll.Knia 424* 
rr - s».|. Hi) 48i* 

MiLOHnin.. r 3 

istaxiirv'lnintisils. 3B-» 
2 ®; s | Sterling I'.-ii-.,.. ja'i 
2-*i l -i) uiVlnkvr 62 : 4 

fni s i 4aii » 

lau Sunilitiaiul 443 „ 

l.*xntif\ ! 30 

? i = |'l ak-l.nka. 1 . *r : US* 

iTektibnlv 41*- 

Tebilyn- US 

22 ! 4 Tek*x 5': 

5 |J : Tvuei-j 30 if, 

fi’? : n— ni« Pet n ileum 10 
£ l T «-" 

to * 'Tews lusl'm 79 U 

be,, ;iv.x*-iiiUii»'.. 3 i»* 
52 ;* Te\ 4 > I lilitusi. 20 

Tim.'- in- sou 

Tim..- Mins . 1 2y'-a 

ti f Timken ‘ 49T e 

Trane .. s4ij 

9 X 1 . Tnnisineriox. . .. I5U 
! TntUHs. 18is 

in,. T«n» l- mi'll. .. . 3b l* 

... Thui phi iiilr’ii.' 26>» 
4 Tmnr W..M .1 Air. lBh 

_ rraveller* 1 

Tn Liilineiilalii .. 19 


xv...lwnli ISu. 

Wyly 5 - 

-\ur..\ 61 '-i 

Z*l*ra le h 

/.■uilli 14 !» 

I .s.rini-»° t IScV ttM. 
ISTiea-*rt,^«5 t80l 
I S. May bilk. 6 . 8 1 _ 


\P I CANADA 

23 U ' 

27 is 1 \imii-i Paier... .- 12 1 -. 

44 i* . X-ui. - katilr.. 6 12 

b Mi-muAIiiiuuiiiuii 29 . , 

6 i? Ala a Steel cl.’. 

14 i A:leitHi ' 43 

79 . UauL hi M-ntrmt- i 2 l- 

lb>i hank Alisa .-iniia' iiUU 
171 - . ha.il- lle-iHin^k.. b 
2033 j llell Tel »( ill. mi'.. i&-x 
tii . B..* Valley hid... 293 - 

'IHTaneda 14 .; 

]d,i. bmn.sin 161 ; 

22 *: . Brine.. :... C*. 6 u 

.Calvary Pi«xc-r_. 38 
321* , 1 nnnJ'ie Midc«... l&v 
iq,; < ' mia.la Cement.. 107 ; 
5 = ’ ' 1 . aiia-la XW lm. 11 ';. 
>>7 ' ; L'au.lui)i Bk.C.-m iib±t 

{ I aimda lmlu- 1 ... 23 

io , ! ' an. PariH.' ' <Bs(. 

74 ,. • an Paelli.- I nr.. 19 >, 

| c*n. bujarr «nl .. &9 

3 Z'« ' 1 arJJnj; irKen*. 4 45 
255 j ] AiisaaUk,. 10 .; 

i ' h'ettain . — . . 18 -i 

»>» L 18 

1 m». biltiiii-r ia«kr 
48 j a I C.iumuK-r Lia,. .. Ifc'i 
^Ci-eUa Ui*iHiive«l Ll* 

29 jc.-iam 12 «- 

27 i.j hami Dc»el 9 Jj 

* 7 i» I I 'etii-i'U Mine-... 74 »t 

41 ; Ui'iii Mina t 6 'v 

343 a j pel tu leu ti 621 ; 
26 ' Ik. 11 , in j. .11 llridtje 35 

42 *« j Ik.-mtar. # 7 S; 

47 A* hiipodt 1 - »? 

*3 Paksin>> Vh-ltel. U 3 I 
3 B 7 g I F.ifl Mnfsr Can . 76 '- 


June June Jiiue. Jwj** 1 ' 
51 > 20 !• 19 1 W 

182.391 1B5.5& WMB,. 184^ 
181 J/ 1B2.BIJ l32JS[ 133 -22i 


: in fairly active trading, led by to AS7.M. toe ANZ 

Specuiatives and Petroleums to i^3S. and tte-Ruik 

S ' hrivNr^ 

B, **» uere priJS^ V , 

”*■' issues. riSe incIudirtg CXP0 3Ia'tCTwMto F!acifi ^™J e So’Sffi^S TORONTO l..oi|x^' iW.T. 114 2Jj »4R5i 11 

Electric Industries and Pioneer S 

Electronic, were lower. In fact A ^ rt niA 3 8 fn 

all electronic issues declined. 'Jlo 

.. ,ih Sana- leading the wav AS2.42. But North BH Fell a cent 

1Zl > Snecuhtives includta^ \ ik . to AS159. IQ was unchanged at 
H 5 ^roS 'R.£ i To?o }S210, while MM : share) 

-it* Kog>o were bought selectively. Jcam'Tfis f e l I 4 cents to MUll. . 

4 ? ,( Chemicals. Foodstuffs and AlllStern am 

io v Machine . T "ol4 rose T as did ?hip- share prices were narrowly 
zli ninss including Japan Lme. j n qu jet trading, with' 

« i Nippon Oil rose \ 14 to YM«. Hoogovens, Shell and Unilever 

- 9 ‘ ? Tokyo fiogvo put oa 1 14 to \ 4V, firmer blit Philips and Akro-frae-: 

hut Sony fell Y-tO to \ 1.680 and tlonally weaker in Dutch Eofer- 
14 “a Pioneer Electronic Y70 to ^ 1,690. nationals. Banks were hi ghe r 
. u t,— while most Insurances and Invest-! 


Hoag Kong 

The market closed easier 


meat Funds eased. HVA gained 
six guilders to FI 58 in active trad- 


active trading bur most leaders ing and RSV also firmed. ' 

MOTES ; tive rf*«> Drills «itn*n nrlnv and 'or spnp issue, r Bet share. I ham 
-iHi»v S Drvnuum RpIuui ' fUvtdpiuia o Rraa <It» %. *i Aawm*d dlTUrni aSni 
,tp ader wi'WwiWia* 'ax srno and 'or rtshts issue * After lnna». 

4 r»MM <tpnotn unirsn citwntix^ natMi. raxes, m % tax Free, n Bnnesr imSmHns 
na kis naspi on net rtirtrtettrts olui tax. UmUc dlv p Mom. n Share split . « nfv ’ 
V Pias ion (tenant, unless niftrnrrsr Staled, and yield exdude spec Is I Garment, r lm If. 
\ Kr HU rtenam unless otherwise s’ s fed, cated die. n Unofficial tradina n Minontx 
? Krs 3ur> denmrt and Rearer sharps hollers only, u Menur penduig. . * AskwT ' 
■inl<>s 9 ntherwise stated. 8 Yen SC rtervom. t Rid. i Traded t Seller . r ASBrnned 
■inli*«« otbprwise watert i Price at ?bne »r Ex rlchts. *d Rx dividend .tcri 
■>F suspension n KlrtHns. h Srbtllmes scrip issue xa Ex all. ■ tntertm trfncr 

l-nnX Hiv'd end «h»r nenrtlnv -■■Uf inrreased 


64 I iJen-tHi .. 29 

42 14 I Uiant Yri'n knit- J3> 
45ij jijull l.'iKaiiaJe..] i" 
30Ja ’ Haw ker X'l.lAui.' 7 <4 

115J . H.illmp r ! z5h 

42M ! Hume A* .. 401- 

110 'j ; Hu-iron Ua.r M'iy. l»ij 

B-s I Hu'li'-u Bay 21 

30'a A J 3's 

I.A.C 18-8 

JOJx • -4 

24 >* | f triin.-naf f FiI IS-* 

19'- ! In lB'e 

™»i I 1 "’ 1 " ,Z, « 

KOI, InhuJ X*l. . 11 
4 ijj I l*ir*i'. '• I’li— iji’i- 14 'j 
29 J. : K»i>r Be— ut*i- 15 U 
b/JJo , lean Hi'. ' 9u 

iE,' ; l.ii 'law •.«!«. •»•*. 4. Up 

7 2,: ! IM.»-:i. l» 


! GERMANY • 


AfcG 

A uutr Ver-ieb 

"Hit.... 

• Abt 

navel 

itavet. HV|«>..._ 
my r l.v ermn-b 
■.Ihalnt.Nwt.ert 
ooninierzlmtik.. 

L.mi Cnirami__ 
ibimie Vtnr... 
llotium 

."■msx 


TOKYO ^ 

Pru-e ■ 4 - or 'Dii. Th! ’ * Price* + .» ; Dlv.TI4. 

L»m. j — % % .Tune 21 \ 3'en — | % 

79 —2.7 — «mui. Uirm. 1 337 1 14 I 2 j- AL-M I L (2B oeoi) 

4B0 ,-l ' 31J- 3.2 • am in ' 485 ; : 12 ' - 

243.B -5 5 2B-UB 6.8 .aaa. J 610 ,-5 i 25 

139.3 — 0.2 18.76’ b.7 .hum ! 340 -25 . 20 

139.1 — O.S IS.75 6 . 1 ihu hipt«n Pnn. 688 +5 IB 

280 -2 28.12 5.0; riiji Phra- 552 —» 115 

313 -4 18 2.9 rfi'm-hi.. ' 255 +2 ; 12 

165 ' - - rfiaula M .«.«», 574 ;-3 IB 

ZZ4.2-1.6 17 7.6 i,-a-F.«.i .I.17U !+Z0 , 35 

75 4-0.6 - . - . Il«h : 2*2 ;+l 12 

306 -3 28.11 4.6 lUhVeka.!.. 1 1.350 i 30 

260 —2 17 3.a| ■«-!• a > 660 V+12 ' 13 

158 -J.5 14 4.4 i 1.4.1 2.650 l - 


AUSTRALIA 


10 

io*i ' 

*41, 

24A* . 

19 

19i- I 

79 U 

791; 1 

alas 

a 2 >a | 

20 

* 01 ; 

40U 

411, 1 


291* ; 

*Ke 

nob . 

541, 

351- j 


19 . t I 20 
fcO«i . 21 '1 


j T.K.'V 

, 2 Mli t'rntnry K«» 

! I .A. I- .. . 

> I ' \ K'»i > • 

! 1 c:i 

: 1 up 

1 1 pile* it 

I'llileWr A V . . .. 

, I ill * hi IIan.i 4 |i. 

, I ninii 1 arl.i'l-.. 

I I'ui.'i' ■ .iiiiiue|i-e 
I iiii>ii 'Ail ■ aln 

I I (ii"'l Psi ifti-.. . 

! I niri.y.il .... 

I 11 iiv - 1 liniuii . . 

, I 1 

1 * ■" '■A rum. 

’ I S -li.» . . 

, I > Slwl 
, I .< T<i4iiin|iq:ii>. 

, I V I fi'lii-l r ii'-.. .. 

■ V uxiina l-J.,4 . 

" al-mii. 

, II ai lli-r-i i4i.ii.li . 

; "Wu-r- Lanuli-ri . 

1 Wa-lu- Mnii'iiii-ui 
.' ii'rtl* Bars- • 

. Wi-ilrtn lUmi.iii 

II l-it.nl Xl.iri 

1 We-leni I ’in-in 

I II i-iiiuU*..' Kki- 

• Wr-.v- . . .. 

; Weycilmi.ii.er. . 

: W|„rIiH..l 

[ White ' mi. | in I . 

! William I i- 

W i-ii 'll -111 KIM.. 


iVm J 351 , 
33' 9 ! 34 
, 6 ■ 

4 /5 I 4.70 
1.G0 j 0.99 
! !s 2 '- 
lr .» : 17 
133(1 I 131- 
1.42 ; 1.41 


lbl- •''••'"III " i , ' , »’.i. 

l ti l ' Vis— <•% BeCJ"-'*" 12 '* 

36i, ' M' liityw 7^5*e l 14 

V 6 : .| l M.-r/«'i'r|.|i . ' 371 , 

185 i MiiiiiiiMin?*ia»vir- i. 6 Q 1 

• 351 , I l« Mmu-- . IS'; . 
i 10 1 . ; .Wiwn h'nets* .. l.St • 

1 All'll. Ti-Ii.him .. 31 •’ 

— p • Aiiiiup- * ' il J 'ii- S3-, 

' t 5 ” ;»iak*...IP.rtrl'.,i 4.23 j 

Is?- I ^iirn'O'iiTM. 1.78 | 

^4-, ] I'ai-iii*- I'HMh-iii- iS'i ' 

“0 Pan. «.au. IV I'm. 33ip - 

! f*aini". . /6 ! 

38!^ ; it-J.1 ■? . 4 /5 I 

55's • Pia—I au.A .III 1.00 I 

231; t I •?*.,. . Ii. 1 -in'. in 1 jii ! 

37 >i I r'.,r. r r-l-n lr .* ; 

1 I Tr — .. I33e I 

* 91 ? ym-W- m nf —ii.,. 1.42 . 

4c'< kallS'l "il. i37, 

' I."'' ■*'«* It I, ; 

?. 1 Ur > 3 1 ', , 

® '* : Ihe * 1 » »n :2'= 

Irn-I .. .- 81 ■ 

1 ; 

k6i| ; i«*s'>Mf" • •• j 

42 1 . M»IU »n*h 1«- ' 

fculi -.ll.illll li. Mi'ii". o'; 

13 1, - Mi-Ui'- 29 | 

24,. . . r*| I 

39 >1 |iti-| .H I MHili.. 2S'i 1 
291. , Nt>i'|> Ijhii.. 4.76 ] 

23 TV. Bn* I ai'h-la . J8'a | 

2#.', • I'cnMI-'lkii/.IV. 20 1 

351 , . 1 i*ii«l anPi|«-l .11 16 , g | 

27 —. Iii" M-iint ' '|~ I 

17 .; ■ in-.i' . . Us ! 

22 1 hi’ 11 '•**■ . 11 ■ 

' I l>l.!?is'i«- 'inn-. 7', 1 

25t a , Wall.r' Hiram. 331a- 


i.'piii-che hans.... 301 . 64 — 3.9 28.12- 4.6 1 »*n«ai K'e t. P» ] 1.130 11 10 

.irMlnei hank.... 238 .--2 28.12' 5.0 | "i-.mauu 1 347 j. 1 . -18 

.iwmieil / mm.. 1 . 9.38, 2.5 j 281 '4- 1 .15 

>,..ie*a«n „„ e 205.5-1.5 iU 2.9 , f4.u2u <-70 • 35 

'l»|4- L*n\'.l«„. : 142 -0.5 14.0415.8 j n ....; 720 |- 9 I 20 

ilan«ne>.^ I 293 — 2.5 »lB.7l 5.0 4i<-iiN*lii bank. . 278 ; ' IO 

H.ierh-i 130.4-0.6 lo.7a; 7.Z diiMildSlii H««v ; 124 |— 2 i 12 

■L«ie.i — ! 130.5-3.5 9.361 3.6 ,|,|.„i 1 u j 320 1-1 14 

kau hip t .-Mi-., — 138 ....... 14.04. 5.1 .1 ii*,ia>elii .J 676 : i 20 

kar-ia'ii 323.5— -2-5 2J.44 3.6 1 -1.420 — la . 15 

kanitt.a *23 -Z 11-7*14.2 »i W ,ai bbiiimn..! 750 +2 ! 1* 

k ivkne. IlMI *,.- 90 — 1.5 - »i.,an M..t„ r .... ' 797 i— 5 ! 16 

KHl»_ j 185.5- 1.0 18.76 5.0 : 1.69J —70 i 48 

[ UI, H •S.S-- 1 - 1 . -1“ -III)., h.nin *62 i-l | 12 

Limp - 348 —1.5 25 , 5 0 .^t-ui Br-lal.._.. 851 -14 ‘ 30 

Ummhth |,u... 1,432-3 26 8.7 ,,,-ai.i.. 11.090 i+lO 1 20 

laili Italic I 111. a 9.36,4.2 ,1.680 l— 3u J 40 

•1 Aft | 1U8.5— 0.5. 12 3.0 iii-la. Mail'ie *ft8 +2 • 11 

ilaiiDe maun 158.5 — 1.5 17. le! 5.4 1 afc«»a l hemwa 375 , — 5 . IS 

Ueia ixe — . | 2l8 +1 j 10 2.3 .Hh> >1,950 —60 . 30 

iliiik-iienwi UiHA.i 54 p 1 18 ■ 1.7 , _ . |n 

le.-aerma.m 128.2-1.8 3|° — 1 • J? 

• ■mh-KUMhiJ Ha -1 - - * L-i?'»;!ioio 3 

.;..emWe-i.KH.i.! 190 -1.5 25. 6 6 ,’2te "a" .5 

vnei.ua ■ 268.5-2 26.1* as: k \’ ’ ‘ • fit “I • \Z 

.emen 204.5-1.7. 16 3.0 “ v ’ n h " mun - l + S }m 

matbivbbi ' *43 KJA, a.4 I «3 . ..... 10 

i , ..V'«nA.li | 117.6 -O.b 1/.18; 7.a :1 - 986 ~ 3 z ? 

*«ila 1 176 -1 • 14 4.0 Sourue Ntfckn Set'urtnea. Hikvo 

t kUA 117.9 0.1 12 5.0 

UumlUViHi. 292 ... 18 3 . 1 ■ 


li.ei'hl 130 

Hiaevti..— 46 

H.irlm — .i 130 

kail ini . 1 -mu......' 138 

kar-ia.ii 323 

Kaiiitea 323 

k ivkuei IaMI-C.i 90 

k/i>|.i. .....I 95, 

Utt".- _..J 248 

l^-nwii'.iaii IAL...I 1,44 

laili Italic 1 111 

J Aft | laB 

ilaiiDe maun 158 

ileia ixe | 2l8 

iliiiK-iiwnti II nek. i 54a 

in- ker mat 11 , [ 128. 

1 Mrll— Hi- u.M l' A,. 116 

ihieiiiVVe-i.Kevf .1 190 

‘ 268, 

•emen ! 28d, 

-Ihl 3lH-kbl *43 


281 

[+1 

J4.u2u ■ 

-70 

.! 720 | 

- 9 

. 278 ; 


j 124. | 

-2 

! 427 j 

+ 1 

J 320 1 
•l 576 - 

-1 

■1.410 : 

— lu 

.! 750 

+ 2 

' 797 i 

-5 

•1.69 J ; 

-70 

. 262 ! 

-1 

. 861 

-14 

11.090 j 

+ 10 
— 3u 

,1.680 1 

*a8 

+ 2 

375 , — 5 

j 1.980 > 

—60 

,J 1*0 . 

-1 

•i 492 


■ 1,010 . 


305 , 

-a" 

; ms | 

+ 5 

■1 143 1 


• 988 ' 

- 3 " 


.: 12 1.2 Actew Australia....— .... : 

! 25 ' 2.0 A-kM MttR. Me. It »6 SI, 
20 . 2 3 \riibof Kxponitlfto..-...— -I 

'IB , 1.7 kiU(kH'Pclrn«uin_.-— 

; IS 1.4 intiJI inerai. .......l 

; 12 2.4 Aasoc. ffulp Paper £L 

15 • \ l V-«». Co^ Irviunrle" 

' 12 « 2:7 V'V' Invert.... 

f° J'q V>i'timcw>....\|"!'_ !.... 

_ 1 ° Vu'l.lh V «S ' 

'10 4 4 Banih^. Creek M 

1 r a ft B-I» ««a I \ i 

Uiaisainviilp u<pprr I 

■ 15 ■ 2.7 iifken Hil Pn.pnelan ...! 

' 35 . 0.4 KU S- an) 1 

I 20 ' 1.4 Lar'bsn United llretverv ...1 

IO 1.6 U. J. Ode I 

j 12 4.8 'K Sli...._ | 

I 13. ■ 1.6 Coirkbura Cement 1 

14 2.2 li'lit. \n «1 1 

,i 20 1 1.7 Container i*li.._ I 

i JS j 'iixi tie Kl«Hlnio j 

i . ,’S l u*l a 11 Aumjk lui ' 

i 4R ! J 4 Wiiutai M u>m - eriSli : 

: ii ! 2 I 1 

1 an ' 1 « t. Mei -Smith I 

1 *0 i oS ImlU’d rie* ' 

1 40 l ’5 ^**>4rtKY Tnirt | 

! 11 «'« rianiermlbv 1 

}s in “«*« i 

in H n ' Aurtr.',, 


Rank n/T/ 64 . IBB) Milan 
Ne» .SB tprstmu. 

lei Opsed- <d» SB 

rat StocKbohn tmiDsntii VT/3& //l^wtas 
Hank Cnrp ■;(a».llrui iM il lAl i l »’i >1 


to.66 ;-IU2 AoodtoOP^,.4 A.WO 

10.84 1 ^afiuo-K* Hrazt .... 2.0J-4— 

♦2.10 !-O.Oh IuUo,„.; n - 1.2a : ^ 

♦ 1.25 '-0112 uefcL*Mlflrtm 1*1- 2-17 

♦0.79 '♦O.ttT Uu»a Ainei. t*i*.-.; 3^6 ■~^QXV : . 

♦1:14 '4-0.04. Petrohm- 3.19 jOtaJd 

ti.28 ' , t*in8ut.i..:..-:._> l.m> ! — r.]ff 

nairt Lrur OP^ -2.81 -0-R^.83-^J9 
M OO -8 09 Lolp PK 5.70 ~-ai68J»->.39 

♦0.38 I-4.M Turnover: Cr.m9m. V^umc ^Mnu - 
♦0.48 ; ...... Source: h» a« Janeiro SB.- - 

tO-16, -0.i9 - ‘ 

:L16- .-o.o* no rt ' 

ti.24 ;+o.05 ^ - - - . ' - ■ 

t7.0Z T 7 j Pru-v ' + or ; Wv-iYfiC 


♦ 1.13 j-ttjjl 

♦ L82 1+0.02 


14 2.2 
20 1 1.7 

15 •' 0.5 
12 1 0.8 

16 I 1.0 


♦ 1 . 9 / ..... .lenten uona 92 

♦2.96- 0.02 »xre»uu«»^.— . 65 

♦1.30 ; .. ... Credit lam k 105 

t3-35 -0.05 iko>niir"..^^........J 215 

♦2.37 1-0.0J ure-liikb-ea 103, 

♦2.46 1+0.04 ''■f' 1, HvTunkr.f' j 180 


TWw'.'^'a-slHf^iw i. . 

. 1 -. [ %> i*. . . 

92 J + 06 ; 9 

.' 65 4l.5'}-^-.: 

105 1 f u - -sji - 

215 ■ 2ta 9.1 .. . 


215 80c 9.1 .. . 

103.51 II 10.6 

180 2^ 

07 OB . O Q K - 


tl-50 i ... ■i**reii!diii .‘1 9S.25|.. 9. }^^ 

♦ 1.32 1-0.06 . ' '• '• 

jo.91 j— 0.02 JOHANNESBURG. .. 

♦2.23 '40.01 • HINES ' ^V-VV - 1 

Jill [** June 21 ’- , M ^ 

,241 Anglo American Corpo. 3.07 

♦o 70 — ooi ? aner OBuoHdiitdr — . - 3,60 . - 

tS'TS uZl) S 351 Oriefonteln ■ 12M --. : 

Etsburs IJH ” 


10 4.2 

11 l.l 


e 4.o 
J2 2.0 


taiil !+«ui iS«S rief - ' “JJ . - 

I'NIM atavhll- ■ 11.24 ) Klool : 9.1# -t-QJS 

La-juinM l*M— — t 0.20 - ...^. Rusienbanr Plaunum - ; i.46.- 


176 - 1 . 14 4.0 1 Sour-Le Ntfckn Set'irrtnea. ruKvo 

117.9 0.1 1* 5.0 

292 ... 18 3. i ! 

212.2 - 3.6 23 5.9; BR USSELS/LUXEMBOURG 


r *5 | i* 
2 Slj i *51, 
* 76 ! *-81 
38 >3 | i0'« 

20 i 20 1 8 




AMSTERDAM 


Vlh-i.l i Kl. J. i 
Vkr-'M.a.- 


I - 1 ) 11 . 

; + Kr- V 

■ — Xt-i - 


■pn.+~ +.i “w^vrn. i 

i % / iiekeri "8". 1.S60 -10 116 5.9 ■ >V.ti ■-» *"’ 

— • U .fc.K. Cement.... 1.174*0 ;-16 '100 8.5 r iV.-Jcm 'Miiiitui' chiiV 

>21. 3.4 l«* ken- 4a0 —20 — . W.miu'.nha 

- : - I Mik- 2.25010 1 177.7.9 F, .T.J7!Tii.av.-4-::'-:.- 


in i U-»«ieta»— i 

5'jc ' La-lUiani Ou 

•“ ' Ilrlalb K*h-orai hil I 

' 'till UuJiHnjk. ! 

Ijm Kimanum 

_i^r -vtm 

.MLimiaa Ifllia-nalHwinJ 

'•*15 Uroken H*'Hnu« icCe 

• *Hkt*idue — 

•hi 

.. I • M 141 bxplnrxrii'nl ■ 

l Peaieei UMKHte,.,.; 

I kl. I backlit A tail nun 

'j ii. C- ncisU 

- - . ’laiUiZimtl Minniu 

- •|«iw» Kanlwrxiiuu....' 

4 -4 i....ihi>i : 


106.3-1.2 
50.2-0. i 


♦0.28 +0.QS Sc Helena 

♦2.10 ; South Van! 

11.75 ! ... . Cold Fields SA- 

♦3.25 Union Corporation 

tO-83 i-0J)i De Been DercrreU . 

♦ 1.30 +0.04 BlyvoomilzR-rit . .. 
rl.75 —0.05 East Band Pty. ... ... 

fO.lO -0.01 Free -State GedaM ., 
♦O.o3 ... . President Unind .:. . 

♦ 1.55 -0.D1 President Sleyn 

tz.ao -h.us suiiomeia .. 

*0.70 • ... ; Welkom 

>0.28 : West Drlefomcin ._ , 

t 0.30 -rO.04 | Wesiurn Holdings ... , 

■ 1.08 I Western Deep 

♦0.90 -0.04 ' INDUST 


_ B. 10 -+Q4S 

, 14.73 - -r43i:.i - 
. 8 43. ~03o'' •. 

. C3.W1 -+B.1S-: . 

.- 4.75 ,-Hr.W ••• 
*.«. -^O.flS 
. • 3.W • - -> • 

. s.w •• . 

sr.eir ' d-oja^ ; . - 

. . I8.W) •• - .+!»■ ..' • 

. 12.00 - .!•'• 

. 4J|»; ;-*B.Ifr- ‘ •' 


KIB -L -0 .44. 
14.00. -152 


■ I |>l. >l?*7a' ii in r . 
25:, . Walke. Hiram. 
SSi* . II V . 1 1 '.««l I rail-. 

22 Ip >vu..ni;,-.. .. 


X-B+n. HnkiKtli*.', 363 +0.5.28.8:7.9 •"U'lr«.l^'.„ M 6.440 -+2 430 ' 6.7 

AMh\ iK-.Ilt— .. 82.7M -0.8 50 16.0 KaliiHiue ff«i 2,750 i + 35;170,6.2 

\im<d<aiik iF'.AJi! 76.1 -•0.3 '25.$ 5.9 'i.ll. I lira eRin.... 2.115 ! — IS U50 ' 7.1 

i.erik'.rt ; 91 .,0.2 ( Uo J 5.8 i.vraeil ).284rt —2 ! 86 ■ 6 e 

iW.k.'West'niU'k'i 1^4 l 80 j 8.4 IJ.u.ikni '.Z.255 —40 1 170 '• 7.7 

lliirlnni leiu-n.lt-' 73.5— 0.5 , *6 7.1 nitet'iHii 1.730 '—10)142 18 2 

K'"P'ierXiP.Jl.i>.. 276 .-4 27.5 Z.O t 1 , 

hiiula X. V.lfoarei . IftT.O, 37-S a.5 if' 112 i + ?2 ,2 a5k' 2 • 

kunri.'iinl'a, Ki.l- 1 67.5; + 0,® I on » «. d l kuyaie lime*.. ,5.560 ,+ 10 i«3*»' 5.8 

/ini br'»n-io»|KlL , i 35.51 


SSt” 1 IJ| ?" ■ ;2 ™° ; 5 !o| Hiun, 


I li'Hlif 4J,-> 

' + 20 i290 1 4.3) XiiHiueLi vi iV • 
!+ 10 i«3*Si 5.8; '!■ Uvut-l 


HeiitekrntKi-9'C J 104.ai.."!""l 14 3.4 I l*’’ 1 i + b 


t bid. : Vdtcd t Traded, 
t: ,\*'r stock 


BASE LENDING RATES 


A.B..X. Bank 10 % 

Allied Irish Banks Ltd. 10 w, 
American Express Bk. 10 >7, 

Amro Bank Ju ' 7 ,- 

A P Bank Ltd 10 

Henry Anahachcr 10 % 

Banco He Bilbao 10 n ,‘. 

Bank of Credit & Cmce. 10 *Vi 

Bank of Cyprus JO ’7, 

Bank of N.S.W 1ft »;» 

Banqne Beige Lid lei ‘7, 

Banque du Rhone 

Barclays Bank 10 ‘V, 

Barnett Christie Lid.... 1 1 
Brcmar Hnldmqs Ltd. 11 "T. 
Brit. Bank or Mid. East Hi 

I Brown Shipley 10 % 

Canada Perm't. Trust 10 *V* 
Capitol C tc C Fin Ltd. HI % 

Cay/er Ltd 10 ”, 

Cedar Hnldinys Ifti".! 

I Charterhouse Japhet... in «r 

Choulartons 10 

C. E. Coates 11 <7, 

Consolidated Credits ... 10 
Co-operative Bank ... 10 % 
Corinthian Securities... 10 ".i 

Credit Lyonnais 10 'V, 

The Cyprus Popular Bk. 1ft % 
Duncan Lawrie 1ft % 

Eaaif Trust in ‘V. 

English Transcnnt. ... 10 % 

First London Sees 10 % 

First Nat. Fin. Corpo. ll T, 
First NaL Secs. Ltd. ... 11 *7i 

I Amony Gibbs in % 

Greyhound Guaranty... 1ft *o 

Grind lays Rank ?10 «?, 

I Guinne>5 Mahon 10 % 


.... 10 % 

10 

10 ^ 


I Hambros Bank 10 % 

l Hill Samuel Sin 

C. Hnare Jc r M f io 

Julian S. Hmi”c 11 «?{; 

Jlunqkona & Shanghai 10 % 
Industrial Bk. nf split. 9 

Key-ier Ullmann 10 % 

Knmvriey & Cm. Ltd.... 12 

Lloyds Bank 10 % 

London Meri-aniilr- "" 10 "f, 
Edward Man'oii & i;n. 11*^ 

Midland Rank 10 % 

I Saiuupl Montagu H) 

i .Moruan GrortMt 10 ^ 

National W^stminsicr 10-‘7» 
Norwich General Trust 10 *Vt 
P. S. fietaon & C... ... 10 % 
nnssminsier Aeeept'c* 10 ^ 
Bo.vai Bk. Canada Trust 10 % 
Schlwinaer Limited ... 10 % 

E. S. Schwab ll‘% 

Security Trust Co. Ltd. 11 % 

Shenley Trust 11 *5 

Standard Chanercd ... 10 % 
Trade Dev. Bank ..... 10 % 
Trustee Savinas Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 ^ 
Whiieaxvay Laidh-.v ... 10*.°S 

U'iRuniif & Gl.vn’/s 10 ^fi 

Yorkshire Bank 10 % 

| .U^ni'Hrc nl ili>' Amptmc Houses 
nommuico. 

7-0 jy dcposiii i\. i.monui iteposlls 
*, • 

7-rt.i'" rt-nosit' mu •Jiiit-r of fin (Kw 
jihJ unrtir ii‘ . up c^., ckhj 7i\ 
^na filer U* "i orn 7;-. 
fitll di' 0 Cu>i:-> n'.er H n.ii» ; .. 

0*IIMW1 'l*’B*» c lt« 7i'. 


'IHWIL'U iKl.Jl) 

■ ijHi'i u.iK .lotr 
a.I-M. 

tut. .'I IIIIlT 1 1 JMt.. 
inaei+ji if'.l'J)..., 

lu-.'Fi', 
\qill nil Ml. Ki.iJ. 
\ort MmI Kk iP'.dl* 

■ iKi. >Xi, 

I'm 1 >miiit-i*rii 

r’nklb+'l I*., Sn.. 

I '1 1 1 1 • | r- ,|1. ,.Ji... * 
li|IIH-|lVl 1 lJ.|.|'... 

Jm... iKi 3m_ . • 
■I'liiiii' i Ci. >jj . 

4 ':. oOi . ’ 
ilMXn'UuMuP ..I 

-xtrnlnirp..... 

I vi in Urpit.^].- 
l"llV"IS.-. Hull-.' 


34.4 + 1.1 
24.6 -0.1 
1S8.2 —0.9 
48.2 * 0.4 


12 4.9 

a S.i 
2b . /.9 


a I ? - ii.e-i—. , 2.560 l _5 

86.5+-J.2- ML& «.5 |, L „ , 980 u 10 

' - - 4 J* ^- 5 Lu Mm. 1 1 |i>i ! 730 x 1]— 10 

ill:! , 0.7 i , : ii 

X 57.2 — 1.8 3 b , 5.6 

'mII ' ? . -** • S : b SWITZERLAND • 

ibis - a.I 17 i 6.4 pS^-'-v-- 

87 r S - — ! V™ : + 

170 . 5 — 0.5 \*bb 7.5 .l'iue -I rni. . — 
130.5 1 — — 

i® it* «5» : iS s.rv \jbJ-* 

5|-* + g- B ZX ^U^»VK,Xiu9w-Jur 

it! -i « '3:i » 2 r 


, ■’ Ii'So ,w INDUSTRIALS . v...i,v - o 

‘«" ,r H • • • AECl n» .. 

Ji.-' 1 ?. .r° 01 Aaglo-Amcr. indtwtrtaL ... lu.W 

Barlow Rand 4.0U — 0,io- 

cna iavciiiHMiu* uo . ,+o.es^ , 

Cu/tIo Finance . a.n- --’r— fi.W-.- 1 

Prt** . + ■«♦ UirjYM. De Beers Industrial jJi.DO- -- 

Kr*. ■ — ; tv.., ^ Edears ConsoUdated lnv. S.29 ’ 

— — — ' , ' Edgars Stores ;.... SOM - -* ! r , 

1 i~L '—4.3 1 4>s 0.6 Ever Ready SA 11 .TO ' 

4 f 7 +4 '* 1.15' 3,5 Federal? Volksnelegglngs . . tL85 .'.HUl'-- * 
288.1—0.9 16.51 5.7 Creatvnnans Scores 

i :2ft.2S| 3 .Z Cuardiair Aasurauce fSAJ 1.95 . '>» 

5?0 ! -13.95 2.7 HuleitB. .: LW . r 1 .'- 

848 ; ; 42 4.9 i*TA ijfl 

5*6 :-Z ' 4U.&I 7,6 McCarthy Rodway bk 

645 ; + 10 ; 75 I 4.9 Ned Bank 2 7S .x g « 

358 > 1-1 3l,b B.b OK Buzaara I— K.no +• « ’ v 

'~ 2 . M - M 1-0 Premier Milling ..: 4.10- . t 


1 «. c.rn Ka/ I i(iii-.^2.9E5 I >*05 ; 6.9 U.eu K ,uf- 848 • ....; 4Z I 4.8 2>TA ... V 75 S - 

i' i Ii .i' |ie. t M t iM-;1.905 h -6 1 140 7.4 ii.-.N.i^etn 5*6 -2 1 40.ii' 7.6 McCarthy Rodaray ’7.. ”.” 0^3 ' "? 

^ ,nilA * 2- ±15 ' — I 5 215 ; b.s* •- 1.&45 i + 10 ' 75 I 4 Q Npf]&mk « 7< r 1 

HS - ,-? 1 .'£"1 £ 9 '-1 : iib l a:S oSc-ftSkar, t^z IS 

ra.ii"T, h.e,.i M ...,2.560 ^-S 170 6.7 • -i.KA.^ie Li-83 —z 7 «.m| 7.0 Premier Milling ""l 

\ x " - i 25S J J2 I Brt «•’ Haiioilie 312 — 1 1* | a.B Pretoria Cement ttW-'+fu '- 

Ln Mm. 1 1 »'h ; 730*4-10 50 6.9 • -i>v Mwiite* 400.8 + 3.8 , 1 |.2b‘ *.b Proiea Holdings ’’ lin ■ . f 

v ^Vi* LM u ma* ,, e,l.S2° i-15 - . - .te-ni l<mi KrV 119.7.-0.3! 12 iio.l R-nd Mines Progenies" 'B •>.' »>’. , 

■.ie.i-rt Lit ip 7a .. . ■ _ _ _ Rembrandt Croup !" ’ asp a.« •; 

1 Ju met. 76a ^ 18 3S./5; 4.4 Heteo ij m -. 

SWITZERLAND • ■ ^8.4 ll.w iu .2 Sage Holdings -..“.-.“ir tlTO - 

o -1 lent. • 188 : 8.251 4.4 SAPPI " J 3M ' ■ %0& \ 

1 ,.| 1 iP"** : + ,ir ! f‘ ,v ' > M. I lieu 1 — ■ 65.1—1 0.3 -• 5.7 9.0 J- G - Smilh Sugar -... .TilO -^IW8 

-I i™. . — . v l^cauea Horel. 114.h _ x *> SA BrewcrnMi , ia " 


1 1 imeiei U'i. si-.; 122.1 +0.5 42.s • 7.0 


1 iKiui£llc>.lni¥l : 
liwIhi/'-lii.lMni' 


41 -0.1 
4C3 - 0.5 


30 1 1.2 
63 4.0 


COPENHAGEN + 


I'riif 4 . ..I 

kllMKH' — 


\u.<nif*iitiirii 134 5 , 

rtuuii > 'n W : 470 

Iiauikr Uaiik.... 1 . ' 123 j 

Ka-I A.uiti |.% % ... 162','-- L 

t'limii liuik.rii 2301*' + 2i, 

a*. Ik eiHiM.... 36 1 +1 

for. I’»|nr • 15k; —1 

HaiL-ticOMuk 124 

d.y'lh'llH.lKp*.';; 268 ' — 12 
.Nt>pi Katen i93>i r — 1>: 

U'iclid'nk. 755, + 1 

/‘muriatni, ■ 1*9 > . . , 

tV'ttivlwftl! 13o . . 

T**fili. Rerert'lf+rt. 405 1 

’iij»*rr«> ‘ 180 —1, 


75i, + 1 
1*9 ■ 

13o . . 

405 1 

180 -i. 


11 : B.Z 

15 3.* 
13 9.6 

12 7.4 

13 ;IO.O 

18 3.3 


.V "imiiiiiiii' 1.270 i— 10 8 3.] | l Ararat 

lui "- 1 1 1.653\r 10 5.0 tUww. Ptieuix. 

. Citwl.eii:\iKi..Li. > 1.125 m - lu 22 l.y • Mli-helin “ll".... 

Ik', ran. ten.. B60\r .... 22 2 ,b : Mi« Utunwwv.. 

I Uk Ik* - 598 ,-2 . 22 5.7' Houliuex 

1 1 leilll 2.200 —6 16 3.b ' ‘'irlla- 

! Kicii'iaaii 1.750 I .. 10 2.9 i’pHi liter 

fl-tm+i ifm+.+i. 660 --10 5 3.8 ,' i'enn«i.Kn'Anl ... 

dofi man mien .74.750 -500'530 0.7; i'biiac«-Urrwn. 

IS', miwiiu... 7.500 25 55 • 0.7 i , '«laln.- - 

I iti'.-iiivi » 3.800 j— 50 21 • 2.8 > Techninue 

J '+vih 41 1 Ft. ij), .1.425 • 21 i . ,3 ■ nedoui* 

NiTaleiP:. |'Th...'3.425 ,—5 ,«B5.b 2.5 ; ll '‘"iii: PfHiicm- .. 

l fc L Ilex; 2. *10 I jiiS.7 3 . 9 . ’> • U«i*iin ...— « 

I ■ 'vrul»iiU.. t .s.ji,2.S20jfl 15 15 i ‘ku Kiweianoi — 

I’ltvili.-'ll'il.ior 2B9 .1 ,15 5^2 ' ' , '^ r - 

klH'«(Kr. aN..1.90O '■ 50 26 . 1,7' ' '"emixeni^iie..., 

Ik*. ISrtn Certs. 483 :■ 4 26 Jj,'/ I * Ih-nisun H»niU 

s luiiilntUi'ld,; 295oi; + J 12 ' 4.1 1 1 *ln»« 

^iii/et Hi (P.K'O) 350 i—l 14 , 4^0 1 

,1,| “" lr 'ft. ml-'I 856 ’ 10 4.1 1 STOCKHOLM 

HinkrK.l'X'' 383 1-4 10 2 6.' 

■">'« •«*■. 4.725 * 40 2 , 1 j ' 

*.-IIHrti Unuk 3.105 , — la 20 3.2' June 21 

'-nr Id 1 III* :10.B7Sir, -25 I 44 ‘ 2 , 1 1 - 


» l*cd>ieji Hotel .... 1 114.b'_ 3.5 _ ; _ | SA Breweries ' 1 42 B « 

I l.*|pinje : 200 ;*i.s 1B./7 8 . 6 1 T ‘w r <»*W aiKl Nat.^ MUte! JOW ^EdHT.j 

, , i i' 0 ** 1 -: l~4 lb.97‘ 2.8 1.16 i -V,: 

ifteTisasr-SBI :.1 yVMt 

l.y • Mi.'henn -u- 1.39* : + 2 32.55 2 ^ (DlseOUOtvOf 36.^%^.^-* 


16 3.b ' '*'»tllrt« - _ 160. t 1 +o' 3 la »S 12 4 I ^PAIN V 

2.9 I'eri'lutn- 91 7.S. a.3 1 June 31 j 

5 3.8 ! I enhiLllleaiif ... Z61.5i + Z.6 7.6. 2.0 . AcL.ua/ 

530 0.7 ; I'eiiacw-Utm+n. 37^ .5, +4.5 17.25,4 7 Banco Biih»n””’-““’""' 

« t|! s ;iS;l : 2 , • ^ KSS SSST 12555 

* -U, *Vii S 2 sS:iP 

"fi‘ il l ifl if g^f S 55 . ci.N 0 ! 

zi .O 740 ill*; 25 *i 8^ ^MedHerraneo 00 ' 

1 li /, l' 3 o 1&,s ' 81 |«wd'p oSS rp *^!:; 

12 4.1 nrr^r- -. \-±-2 — 1 — Banca Samander fjati 


~ 1 — Banco Allantioo "< 1 .M 0 > 

27 6.3 Banco Centra] 

27 ] 4.9 Banco Bztertor ^ 


1 "'rmmnHfue...^ 
ilh-ni».n umnni 1 


12 • 4.1 1 1 '*"*» — ' 

14 , 4.0 1 

2- 1 1 STOCKHOLM 


B.e I . . . ] I , 1 I All A AlrfhL.7"/.,. 

1-1 I ! ''IlLtiil l.lKrN 

8.8 1 ! l"*hA,KivNlL„.. 

U.1 ’ MILAN 'i'*' LoptnKpB 

i i ! iiioixi 1 . 

6.7 j i Pri<* + «[ Iliv. yTT. ; ''"tori. ■ 

I June ^1 j Ijrc | — . Lire “ : -anlo 

' ! ■ 1 — , . •- ei'nit+e j 

i ' I L ! 100 ;+ 1.76- _ _ j hlect'<iu'L"fK9C| 

. ■! -4.121 


206 

Ml +1 
80 1—2 

123 ' . ... 


* a Banco Poonlar 222 

~±-“ — 1 ~ Banco Santander ,f 2 S 0 )‘ 714 . 

Kanro Uromjo tt.ooo) . ' 2 W 

Banco Vizcaya -2® 

— — Banco Zaragbano 2S4 

+ «» 1 1HV..YM. itankunion ,ri ' 

“ ! Kj. . % Banus AndaKivia 2M 

Babcock Wilcox 

■ 1 • 5 1 3.-2 Pfagados . - , wn 

-* | 5 6.3 Imnobsnj ^ 

' A"' 6 : *-8 ® *• ^f^Wnesas • jq.-j 

4 5.7 Espanol* 2 jdc . ; m> 


For -coot ' ; '^Cp 
■ 12 L -• 4 > . 

- » ■ 

J 2 9b. .. i; . 

. 3» . • - 

. 253 •' 

. 282 2 - 

» in : 

218 
* IN 

. 299 r Z£.i- 

■: 22 a.. 

J ;71A. • -i j 


— '226 — ; 

— 2S4 .. 

- 

..+ 2 M • ■: --T- 

tf . la.'* 

— .> 280 ; . 

- 78 

—1 54.75 025 

- 182 — 

- n^A-r— 

W45 Mr 
« • 

- 78 ;• —x • 


.j v4 3.6 i Expl. Jtia TlMo "_I 
1 10 1 4.9 1 il.OQO) 


228 [+a { 10 i 4.4 1 Fanosa fi; 08 m 


VIENNA 


-■‘4"8 | - i n60 1—0 1 _ - I h.nc9ori»'J' a ilki«(j 13S ' + 1 

'• 'I.YWxe-30 . 160 8.4 ■ -H n - 277 i+H 

I MB«— RLS 160 10.1 1 " '. !* 3 


rm -Kifi 1 105.75 + 3 . 75 - - - ; ;; 

fnw -... oiv^l mi. iiaicvnioiii ‘ 1 1 ,98o - i 3 Q 200 1 7 j *»S 

une 21 • % ' *■ i tl.ta. e+n , 199 li . _■ *•' • flnnH-e-NtBSPn...! . 332 

— ■■■■' : — ““i 33.no . . 1200 5fii ' 

I .mi'UiHi,.! 34* • - 10 2.9 H.mt.-.hw, 149 - 2 75 _ T' 6 j ’ 1 W * It., 03 

I'Mniru'iw Z62 &- , 3.4 • ivHti l*ri, 983«fl Q j l •* 259 

ty, 187 -t :B- 4.4 . nlB , ,.1^;-" ! « ** -n^f.k -H' K« ' 73. 

Veit ifiwtnvBii- 239 , . . ' 14 5.9 ! • B I .1<1rii.»m -..-"53. 


262 

695 -1 

.. .. 
187 -t 
259 . . 


Or , 3.4 
58 9.2 


8- 4.4 

14 S.9 


■ ivHti l*rii 

I'uei'i A i '.. . 

r'liwtli 

*nln V i.i^mj, 


MMrct lux'i' iKaC 137 . + 2 ; 6.3 ' 4.6 gaL Prociados IZ'-* '^7 . 

- j ^tk.-*vw 'I' lh'rrtJ 13S ' + 1 i 6 4.7 Gnn» Vdaaioez rffiaT -'tm- '■ ii - ■ 

\ ,®- 4 fc-pue J- 277 }+2 I 8 2BiH. W £? ,a X330, ' — 

> L7 rt n nd«.Nms«,.’.' . 332 j 16 4^ I Effi SP* *"■!*■ -» Jin' ■ 

- .ura..u, i ioo «. • a© i ESSES? — --.-l i»: +2 

J 5.6 ll-iieii |h. u . ic., o3 , + 2 - ; .M9.Tr~- l.7i! 

. | *.K.I .-IV KV - 63.51+0.3 i 4.5 • 7.3 Ifc .!» « 4 

j rkaihl Kn-kiaia.. 153 ] + J 1 8 . 5.2 1 ■ .i-'J It 

1 B 4, UndLin, -H- hn 73.51 : 6 6.8' 1 -K'-BJrf'JV 

- 1 I -l/Mhom ' • '53.5U 1 y _ - - SIS.® - H «*ttndi 97 - ill! 

— . «■ -u Bark;-- — *g». 




\ 

/ 









33 



Financial Times Thursday June 22 IgTS 

INSURANCE, property 

BONDS 



Ahhey;Llfc Assonmc* Co Lid 
, iff*- Paul* chniEbwrd. nc* ' dT~ w 9I . 


Equity Fund 

EqShyAK... 

_ 

WWBiM....- 


Saleciire Pond mj 


_ CfflWwtiW* Fuad 

; jvpfimay Fund , _ 

pen*- n»pert> 

P*px selective.. 
T«S.3«Tlrily . 
Mjmoged 


fr*azfcFd. S«r, 4_ . 
:«faD^U S«r 4. _ 


.4„ 


ueyF45w *.. 



.... c w’4fr ? , ™ w. 

™ '■""IshQFuTj --WBlltMmCw* V-Uiert «'_.ia.'«etorei 1 si.B-j|-uill m cl 

*‘"rtfolioCaj>iii.l 43 Sj .| - 

J-resham Life Arji.Soc.LUL 
f'"*® of ■>»■*;« hi . B omuUi CGI TK55S 
: '^Fuiii ...J96.S 101« *0 2] - 

>"U«I has 7 U3.S-J* . 

5; i *i .1 ^S n,< hiO-i llS.g-8,1 - 

’■ *- In 1 fin,,! Ixxaa 


. J"«» Fllhd 
l.?p;v Fund. 



«7?BK 


fell [ raTWaUuneM.Veiaiscn nornSllx Turn,,., 
'' p AJfany life Aftcaranc* Co. iaa 
[ .31, OW Bndington St. w j. 

■ fKquits FA. Atx ..-ttaa.0 
V*FlWdTilLAee._- 1389 
F'WMumcrFd Ar . 1U1 
;,WnmUn.t8.\nii. 1054 

t ppn».RtAcr ioai 

! osTpie Jo9. Arc ... 163.0 
v EarntyPTr-Fd-Arc 214 5 225 if 

S^STUmAM.-. 17S.2 1M3 

t JnUJdnJjftFdAccZ mi if 7 1 

£S?p&/Iljy3W AeeT|l99 0 JOT I 

fjtMEV. W* Assurance Ltd.9 
AlmaHse^ Alma Rd, Relgaie. r,,-., 

MU 


sv siai 

biMik & Sec. Life Ait. Soe. Lt<Lf 

If Rink. Brav onTI-.BmM. Berts 008 14284 'i* 1 * Ed<«t i*il 
t U’ttbleFna.-Cr I nou I ( ' Ml mpaNO il 

/■•"drta’ifc Sec- J sSJW 

.• S'i?¥ >k Act UA* 11* j| 

'• AiA S.pe-1-d ; 17 95* " 

Guardian R ov *l Exchange fund 

J-v'aJ Kir **Bte Ml nj 2B? no: rawptfuTund ‘ 

I'xedlhi Fund 


Ma-urni Fund ,1*91 154 H 

PniTi I jnr 1 Nnu dealing liilt J 

Nrw Znaland Ins. Co. HMCl Ijd# 
Man | an d Ilnur rxouil.a-nd hStSJ.t 0702«0 a9 

Ki“’ Kr, in. PUn 

•’mall ..'« .. Kd 
Tcchnciorv Fd 
Evfra I nr F.l 
American EH 
Far r«M IM 


1425* 



AilradK 

to** 

4fl9 

Ul 



BrlL IlirL Fun.1 

61 0 

UK 

948 

14 0 *0 5 


.iron 4t Inc. 

3ft* 

Ja ' 

in 



Elect- * Ind !»*•' 


341 

ton 

107 JJ -1 7 


Alllril LapHol 
Harenm Kunrt 

I0| 

75( 

1801 

US i< -1 6 



Ml 6 b 

nan 

fits 

)08 7| 1 

181 X 

— 

llunhro \ri- I'd 

1nrom> 6u»d- 

11&9 

124 0) 


Norwich Union ln*u route Group 

rri Bn, a Niqwirh nri nNC oanjiraM 


l-rnpri-x &, ni . i 1TtB ir? f 
Hamhro life Assurance Limited ¥ 
London, wi ni-tMM.li 


Fund 
•nr l m> lune IS 


tt«Jj 

3542 

U*J 

isao 

in 8 


?.5i 


-0 


iaBWgi-.IS!' 



104 B 


FU._U094 


FtU.Jwi 


.FcL 


Fto^lplai> r ; .. . .J97 9 


MIDI 


I _ 


£.«■*! Ins D™ 

Pmpvrii 
.<ifcnaErt'.3p 
Mu-lacrd ice 

‘■ll; Kdfli-H 
Afnrntan i. . 

Pen y j riet » 

prliKUMikAe? 

Tin Pn.p i. jp 

Pen i*»x»p Ar r 
P«n Man Cap 
Pen Man Vc 


(12S.2 
,177 b 
1419 
140.4 

an 2 
1221 
;12il 
,101.7 
>127 5 
11E.4 
202.7 
250.0 

-2003 

7453 


2001 

Phnenis Assurance Co. lid. 

Rlncli-i!l,aa>si.Ei-4P4HR 01 «aSWT« 
-v*- 1111 0 114 41 - 1 3] 

W. r Q, a-» r 77 7 T 1- 

Kt.rrhEqF !74 1 OOfll | - 

I‘rop. Equity A life Ass. Co.p 

II" 'VawfnrdS’rmi.tV JH2AS. 01 4S80II.47 
n S:UPmp Rd I ISO 8 
inilt M. 1 


7*5 


913 


W7 




_ Pen £i 


ARuw. life Assurance 


laO.nxfarl&eRMd.W 12. 

_ssss^feiR \%$ 

| Barclays Life Assor. Co. Ltd. 

nif.il 


r!ii t2 K r *P 1217 
f ■ »! ••ll* Fdc Ate >12*1 

p-n bs r a £ J555 

n'li | K , i L *' Jl*0.7 

H ■•■op 1013 

Pen V.,.r \ r r I 102.8 . 

Hemrts or Oak Benefit Society 

T^^irrlc riaee KV1H3SV 01-787 


_ fVopertv Gratttk .Isstir. Co. Ltd.? 


1 - 


I - 


Fir.o-nj Fund 
PrmpertvFUnd.A . 

Sanrvlttiml fund 
t?nr Fund A> 
Abhe; Val fund 
*U>bes Nal Fd >A. 

7»7 »_ |r.e-»menl fund 

u . T 7 M0 Di'^tiaenlFd JA- 

„ IJ* 4 503t t — F(|u:<t fund . . 

Hill Samuel Life Ass nr. UH.V 1 

T. ;'Cdi»cun»be Rd.CiW- . 01888 43K Ma&jrSSt,.*, . 


H.740H1 1 ; Means ai Oai, 


I •“'ll Hnu.c (.reidon.CRO IJ.U 
1011 
1790 
757 7 
7515 
1534 
1332 
483 
401 
1471 


»1 680 new 


jaiBomtordBd.ET 
f BArCUytKJods' -p25 2 
t EqnttT — 


•; 

f Man . Peng Arcum. - 


l 5 

a« t Bo. inloal I 





£ f K0Bey.Pmi».Aer 

% f Do Initial. ... 

* I • -^Current u 


niao 

I1B97 

103 8 

ONI 

983 

1971 

195. B 

W48 

r92i 

100 3 

^7.4 


131 q 
1201, 
1153J 

uj| 

1J3N 
183 r 

102 3 
180 g, 
99 q 

47 0 
105 U 
102 U 


lit 


- 0 (J 


f Proven I !. mv 

imprtf Sr-rjr-i 

JJanaEerf Unit 

Manacrri Shcppl A 
JJtMfM Series 1 
JJOnrv Cmu 
Munej Smr<. A 
rived Ini Mer \ 
Prr. Mansard Cap 
frii ManarriiArc 

1, lend Cap 
£n : •Vleed Acr 
Pen* Lq.-iij rap 


Pen/ &?H||r.4ri 
1 - Fvid 


-^Current unit value June 1 

Beehfre Ltte.Assur. Co. Ltd.* 

71. XwMiordSL. BCa. m 823 X2m 

RUe. Horse June 1 . | 128 74 | ■ _ 

Canada Life Asenrance Co. 

24 BISh.St, Potters Bar. Herts PBar Ml 22 
EMv.GthJUJaneS ] 40 3 ] 1 _ 

^tFad.Juwfi | 1193 ! ~ 


Pi - F.%d Ini.'Tap 
Pn-F.cLlni.A-i- 
Pen* prop l ap 
Pen* Prc.p w . 


m 

17313 - 

X Sl 


mi \zn z 


102.4 

94 tj 

uoi 

124.1 

102.4 

1B3J 

9*7 

1004 

1M2 

18041 


-3«j 


-0.21 - 


CaanoB Assurance Ltd.* 
bOtimflCWy^ Wembley HAB0NB 


Eqnitr Units 


'CIS 91 
IQOU 
nl33 

k03 30 


TVnli 

Eli DdTEierUnjL (£23.02 

BepwUBond p0.9 

EqiriiyAccinn. l _ 

'7 Ace tun.. 


tecum 

ally... 


2nd Property 

2nd Managed — . 


Tod BQ Vcns-'Arc. .m 3 


jAct 


. Pu*.'AecH9 0 


2nd Dep Ppfi*'Acc.l 


. 2ad Citt Pens'Acci88 7 


LABS.LF 

Lfc^aU.2 

'7 . Current 


01 «!2 8876 


1L99 
14 87 
13 78 
117 4 


110 1 
1019 


riQ7 9 


8‘i 


ID 41 
93.9 
4QS 
28 S 


-o.od 

-c.aa 

-C.il" 

-0.04| 

*0.: 


-HIT] 
-0 61 
M 


Msa-*oj. 

93 « ~L0 


11421 -1.0 

km q -oil 


:s. 


value June 20 

Capital Life AuuraoeeV 


-3 5 


;iszf 
•IMS 
144 5 
912 

.mi 

LM3 
Wj 2 

91 9 
1407 
1483 
1051 

not 
*7 7 
Nit 

9* 7 
<*S 0 
. 95 1 
954 

Imperial life Ass. Co. of Canada 

Imperial IlMm 'iuildford TlZX- 

WK'w* J^SR’ISS Uil-'l- 

taNr;; 1 ^^ 0 
riM-dlnr l'il !o 57 *m 
keeuracap fd Jos* ua 1 
Equity Fund [44 0. lllfll 
Irish life Assurance Co. Ltd. 

II F\ru-l>iiry^i.i)-c p;; 

Rl-irChp Jufir 16 in l 
Manasnd Fund Iz2& 3 
E>«mpL Man. Frl [1013 
Prop Mud tupe I |l77 1 
Prop Hod Gjjj (1931 
Ring St Shaxson Ltd. 

AZCurnhlll tj.-3 
Bend Fd Evrmpi 110327 
_ _ Nes.1 deal in 

Com S«c Bd 


in uanal Fund 

r.ili^djed fund 

'J'i'>d*edFd.'A 
oHrnre Annuity 
a framed Ann'lv 


144 7 
139 8 

MIT 

1217 

1317 

1433 


I - 


fr*4 Grialh m* 

\ll iTUirr v* 11a 
V Alt Weather Cap . 
Wav. hd Cl* . 
Prr.jlpn I’d 1.1s 
I’rn-. Prci VM 
i.'r.« Pn- Can l I 

Man Tmk Fd. , 
Man Pan* Can Ft 
Prop. Pena fd . 

Prop.tVaa I'jh Ft* 
Bdrc So-: Pen Ft 
BM| Sor Cap Ft 


0 


a 6 Annul llr* Ltd 

, 9 13541 

1297 
1442 
132 2 
1*3 9 
132* 

1458 
137 4 
138.8 
1701 


Ua 

1: 


Provincial Life Assurance Ce. Ltd. 

Sn Btrhoptcate EC S 01 1*47 4633 

Pr<K Managed Kd IllJ 2 119 3 

fro. CubFd D845 1101 

'Jill Fund S8 . ni4 8 Ul.il -0 2[ — 

100 .: 

103. 


Property Fund 
Equity fund 
Fvd Int Fund 


1M< 


Prudential Pensions Limited# 

BI-02R8J53 Hulbom Ban. KC1N 2\H 01 495*322 

f « «0 Equll. Fd Ua. 17 IC24.59 

1 F*d loLltari? (aa.72 
- Prop F Slav i: . R2S71 


v -vn *v.» v— 

IC24.59 25.357-CAM - 

taa.77 11 97^-0 oj{ - 

[5571 2* 5S-0 J4| - 


144.8SM1D] 

1, -’fM“*i® 7 ....i - 

Langfaam Lire Assurance Co. Ltd. 

Lanrhamut Holmbcook Or. W4. flJ.W3r.2ll 
Tarngham-A Plan . Idle 47.U ... I _ 
JProp. Bnnd . 14U 148.7] ... I - 

Wivrp ,sr Man Fd|783 *2.6) . .1 ..■ 

Legal Sc General fUnlt Assor.i Lid. 

Kiograrttod. Tad«orth, 


Coqlaton House. Chapel .\*n Wion hm:c8S11 

Kev Invest Ed J 10121 I ; _ 

PseetUBkerluv Fd. { 10203 f .. [ _ 




Chart erfaoase Kagna Gp.V 
18 Chequers So. Uxbrtdcc UBB l N t* 
Chrtiue Energy '. 

Chitaae. Uoncr .. 


12191 


[384 

40.41 

214 

31 0l 

314 

Ud 

356 

.. 


Quttoe- Mawwed 
Ckithae. Equity .- 
Magna Bid Soc . . 

Magna Managed. 

(Sty of Westminster Assur. Co. Lid. 


124 6 
1500 


>2JA 
MTeacPtoo. Fucd 
HanagrdFunri . 
Equity Fund .- 
Farcuand fund -. 


Bn wo, 9 UOtltehone Rn id 


KingBuncd Htm>c. 
Funxv KT208EU 
Cjih Icidal 
tv- Acrura 
Equlrv Initial 
Do ACeum 
Fixed Imlial . . 
£>o Arcum 
Inti Initial 
If* Irriim. 

Managed Initial 
Do Accum 
Propvrlv Initial 
Do Aciim 
Leaal K Trenml 
Exempt Caa It lr.it 
Do Vccum .. . 
Exempt Eqt> Inn 
Do Arcum 
Exempt Fixed Inii 
IV* Air cm 


) - Reliance Mutual 

T .in bridge Welt*. Kent. 0802 22271 

01-6235423 R<>l Prop 8ds . I IN J I I - 
Rothsrhild Asset Management 
Si Swtthlnn Lane. London. EC4. 01-628 4336 
.V.C Prop. Mar 31.. (U4J 12U4 . | - 
Next Sub. Day June 30 

Royal Insurance Group 

Ntx Hall Place. Liverpool. Ml 337 4422 

Roval Shield Fd. R33.5 14121 . I - 

Save St Prosper Group# 


Burch Heath 53158 *• CLSIJtelen’i. Lqdn.. ECU* SEP 01-564 1 




Petu/MoReyCafL .. 
tYsiMnwyArr 
fYc#: Equity Cap... 
Enna. Sqoitj- Al- 


‘-TWd wtnenll r ' 
n.t'nU - • 



Exempt Mnjtd Inn 


Do Accunv 
Exempt Prop fnit 
Do Accum. 



RaI Inv. Fd. 

Property Fd.-. ... 
■Jilt Fd . . . ... 
Di-ih»II Flit . . 
Comp. Pen* Fd 1.. 


0273 
,1527 
118 4 
1231 
bou 


EquilvPenaFd.- 




Prop Pens.Fd 

(■ill P-ru- Fd „ 

D»pru Pen* Fd 1 -JNJ 

Prices on June 20 
rWrcUr dealings 


134.7 -05 
1416 

U4 9 -0.1 
124.6 

2122 -l.fl 
198.9 -1.3 

2385 


103 il 


-0: 


Schroder Life Group# 
Enterprise House. Portsmouth. 

227.2 


070927733 


Opt it} June 13 
Equity 2 Iune13 _ 
Equiti 3 June6 . 
Fixed Irt.June 13.. 
Fixed fix/ 3J-ifteU 
lai IT June 10— 
K &S Hilt June IS. 
Kti^Se. June 13 — 
Mngd. Fix. June >3 

Legal & General Prop. FdL Mgra Ltd 


014 5 
1119 8 
1371 

Wz 

1391 
I142J 
1128 1 
lm.7 

Jl44 4 
|U7.1 


~ n. tiueen Vlciora SL EC4N iTP 01-2489678 MoncyOJune 13 11172 


lAOPrp Fd June? 195.9 1017] 

Next -.ub. bar Jnfy 1 


..l - 


IMA 


Herfcrm 

Cfty.snffesUuinster Assnr. Soc. LttL 
= rcta«hne Pl-684 BBS* 

FlrstUiilW*- . .1122 3 128 4] . ..] — 
Property Unit*. — (545 57 2J -I - 

Onmenhtl Union Group 
St Helena. 1 .Udder* haft. EC3 
VrAqArULJnnr 1 7. | 54 96 

tto. Annuity VB - I IBM | J — 

Confederation Life Insurance Co. 

-Ml Chancery Lane. WC2 A 1HE 0I-242O2B2 


Life Assnr. Co. of Pennsylvania 
3IM2 New Bond SI , W170RO. fll-483 8»S 

LACOPVnlu.. . - H87 38341 -1| 4 

Lloyds Bk Unit TsL Ttogrs. Ud,' 

71. Lombard 51. EC7L 
Exempt . m 1 

Lloyds Life Assurance 
20. Clifton SL. EC2A 4MX 


Property June 13... : . 
Property 3 June 13 1523 
BS r*n CpB June 1 3 1294 
RSPnAreR Junel3 . “ 
AtnPnCp.t« JunelX. 
r-tnPnArcRJimelS. 

saatssssie: 

1032] B, f J 7W ®5S:Sfc. 

1D3.2J ...J 7 09 Money Ran. Cap fi. 

Maser Pen. Acc B_ 
Ov«mea54. 


231 1 
1241 
144 4, 
154-3 
146 J 
145*| 
124.4 
13I.7J 

12 3 J) 

1U -S 

ih.? 


S 751 


1L2 

250.4 

g?s 

i8K 

1037] 


Bli tJ|h June 6 
Dpi 5Prop.Juncl.4 
Ppi^Kqly June 15 

oj-auTsm gg 

- ( — «>pL523opr.J<vne>5. 


— Inv 




m m 

172 6 7273 
1984 
1B34 
1304 
374 0 

Cornhin Insurance Co. Lld- 
32. Ctsnhin. E-c j. . m-MffMio 

-- ■ D 


fOrnfly 

S£Kf]&&: 

fSSfSSSXki 

Mamged Pen Ftf 
Property Pen Fd 
OProiecied tn. Pol 


132 45S 
IZ3.7 IMJ 
130.8 137.J 

155.0 1612, 

1477 1M3 

2214 127 S 

London Indemnity A- Gnl. Ins. Co, Ltd. ^^^7 
18-20. The Forhury. Reading 5WSJ1. Mgd- Pen June 13 

Alnnev Mauagrr . 133.5 If 3 1 

MJ1 Flexible B9 7 5H ~ B 

Fixed Interext .. |3«1 36 


Scottish Widows’ Group 
PO Box OOZ Edlnburch EH 18 5BL 031-8558000 


'.Series I. 
.... . ./.Serin 2. 
Inv. Caah June 15- 
SxDLAce Junel 


1M3 

99.6 

97.7 
13*7 
.1353 

(2440 


105J| 
104.4' 
1824 
144.1 
IN 4 
244 0 


Z The London & Manchester Ass. Gp.# ^ojar Muaceds 


Solar Life Assurance Limited 

10/1* Ely Place London EC. IN 6TT 0)2422*05 


The Leas. Folkestone. Kent 


<00357332 


— Cap Growth Fund. 


- SR 


ex Exempt Ed 


9 Exempt Prop Fd 
OExpLfi 


J 


[1480 177 

Credit & Commerce Iosurance 
12tt Regent Si , London W1RSFL 01 4397081 
C&CMngdL Fd .- 1122.0 Hi8| I — 
Crown Life' Assurance Co. Ltd.# 


7*i. K«L 

Flexible Fund ... 

Inv Trnxr Fund . 
Property Fund 

M & G Group# 

Three Qua**. Tower Hi: 


2241 
133.4 
19 9 
349 7 
312.3 
134* 
827 


.1244 

211.2 

159.2 

,1147 

991 


Solar Pro pertyS , 

Solar Equity 5- . — 

-Solir FxdlcL S 
SfolarCaah S . . . 

Solar JntlS . 

Solar Managed r .524.3 
Solar Property p - 

Solar Equity F. 

SoUrFwtfnlP. 


EC3B BBQ PI *M 


iSr*^" - 


13B.9 
1589 
114 4 
99.7 
. 1H« 


133.31 -02 

117.1 

147 4 -0.7 
120.8 -0 7 

186.1 

1867 -10 
133 D -0 2 

116.1 

167 3 -0 7 
1284 -0 J 
1054 

1867 -tfl 


pro Pension" ■ 
CVuiv • Depwll" 

Equity Bend" 


123 aj *0 1 

144 a 


Familj TM?* 
FamilT 81-88- 
Gtli Bond"' 


Crown Life H.^e . WoWing, CL'SH XW MM2 N03 |^ ((vna)n ) Bond". 
Knif'd Fund Ace (300 6 WSB-Ofl - Managed Bd’" 

Mana-dFA tnem .(100 6 105 8| -? 4| 660 ProDCrtV Bd— 

_ 1M : 


'Hang'll Fd inf* 
JKane-dFdlcIt 
Equity Kd ' A‘« 

gaga SET:-- ®s 

FropeTty Ftf Are |95 4 
?ropei>>Fd tn-rra *6 


d SI 


Pmpert* Fd. Ml 
lilt. Txt Fd Act . 197 X 

Ins'. Ta*. Fd. Incm N?.! 


Ins'. Tat. Fd- Icon - 
hW .Tacmtnll . (96 9 
FlxedJM. Fd. Are. . 96.3 
FM.IoLFd.lnrm J63. 
HAa ACC . 1M 5 
lalcev Fd. terra .W45 
Vb«£5-Ab — g{ 
ramo/Pd Tnrm - gf 
DVat-Bi Incas . ... 99 6 
Crows Brs-Ir.v.’A'. 1396 


wm 

105 0 -1 3] 

IOC hi 
100 H 
iwJ . , 

IBS -0 ; 

IoL?-fli 1220 
UD.IH -31 
llfJ 0) -3 1 
1MI 

iSSfe-oM 


propeny Bd' 

Ex Vieid Fd Bd ■ 
Rerover* Fd W 
.Aden tan ha Bd 
Japan Fd Rd * 
FYires an ’June 


228.8 
B17 9 
,137g 
1565 
183.5 
187.1 
1045 
13*4 
1543 
80 7 

63.3 
530 

: | *-jun» 'lh'—lune «* 


112.6 

1098 

ISi 

44 6 -0.51 

*Ui 


otartnd.P 
Son Alliance Fund MiogoL Ltd 
8un Alliance Houce. Ilorxjixm. 
Exp-Fd-tnUunrlA (nSOJfl Ufl. 


D4UIS4I4I 


Int Ba Juno 20 ... I 114J3 

Sun Alliance Linked Life Ins- Ltd. 
Sun Alliance Hotue. Koraham 9403 S4 HI 


-- fssaJssSim-liw! 


— I 


J10*« 

BS 

108.6 


1224] 

109 t\ -0 * 
u«| 
114.3 -o 1 
101 tf 
114 4] -0 3 


515 


Merchnt Investors Assurance 
125. High SwwirCWFdsn 


4 24 


875 

727 


Crusader insurance Co. Ltd. 


Property _ 
Property' Pen* 
Equiti 

Fan Hr Pen^ 

Money TAartei 
Money- VDP Pens 
Dept*' 1 . 
Deppstf Proa 
Managed - . 
Managed Peni . 
Inti gjuilj 
Inti- Managed 


VtticniAtfcmse. TcirerPI.EO 0l-6W««f NgL pensions Ltd. 


152 7 

159 3 
574. 
164 6 
140 6 
111 5 
1284 
1396 
1043 
135 7 
105 6 
103 7 


FUnd* 

_ __ lit Fund .. . 

Managed Fund 

Sun Life of Canada H'.KJ Ltd. 

ni mftflin 3,a.4.cockspurSi.SWlYSBH W-BMWOO 
’ 1994 J ( _ 

1335 l- - 


Mamie U. Gith— . .. 
Maple Lf Maned 


HapteUE^fv. - 1 1281 


Perant Pn. Fd . .. . ] 2832 I I - 

Target life Assurance Co. Ltd. 
Target Horn*. Gatehouse Rd Aylc sbutv 


BK^Slaf lundMIdkad Ass. NriexEq Gap- 

r ,-. 01-488 1=72 Nelex Ea AC«« 

L T&roaaneedje sr, r. _ r» u 6 24 

RaglqWld Cr.ua -<« 6 “ 51 W 


xfl lion Court. Dorlnng. Surre • 
WJ 
au j 

413 


Van. Fund Oar — 

Man Fund ACC. . 

Prop fa. Inc 

; Prop Fd. Ace. 

Prop Fd. Inv. 

Sptl' Fixed Int Fd Inc. 


EfiptHFic Law Life Ass- Soc- ^ LtAf 


E«!:; M ?E, c n c ?r«.K8 


Mnwhatu Road. Hfah wvconjhe 
Fixed"of erc^j^ — JoJ 



ua i -i i 
us 
U? 


Nelex Mon Arc 
Nelex Gth Inc ACC 
Melex Glh Inc '.ap 
NelMad FtJ.Cap 

Ncl M*d. FJ n Acc <ilr Mar J-S 

F 'Ba^^^cWW , 4^% , »** rM^,,, 


m 


Dan Fd Acr.lnc. 


.-J. Plan. At. Pen 
RelJPlroCapPen 
RoLPtanSTan Act 
.R et.PIanMsn Cap 
GlKPeo Ace.. . 
GiUPra.Cap .. 


A^cwNiryiOSPSi.SMl 

,ioi.i 107 n 

036 6 123 4 
ff078 U4 2 

1381 

sw. 1UI 

1044 
788 
44J 
132.2 

inr 


1869 

18.5 

718 

a% 

115.1 
128.9 
122 8 


136.21 


-l Z 

-0 4 | - 


-13 


12881 -W 


Translate raai Umal Life las. Co. Ltd. 
2 Bream Bides . EC41 W PI «00S AT. 


't ^ 

IN* 


HE, THE 

limbless, 
look TOW 

FOR HELP 


.ran 

„ A\y Fund.. 


„ Edged 

'Money 

fetarnouonal . .. 

[Growth Cap 


Vie vow fro" 1 K a^ff r om 0W«T- 

Aden. Cyprus . . . •• ■***" w Jess 

SSSSSSSCHTOi**- 


T --.i-i v : 




Ttonatfonsaod inforrastrtw* 


Kaft-Ssa 

iSdted,»W^&mlW« 


WbSfromallU«S^ ,|Ces ' 

cncoura^nWJL or ^ or oa 


iS5¥clA?DX. 


sssssss^- 



Ex-Semce . 


anddigfjiiS 


meed mon^dfispe 13 ,^.. ^ 


promise you, pot apw^w 

& waited* 


Tulip Invest. Fd 

TuHp -Mangj Fd . . 

Rom 


Stan Pen, Fd Cap -1114 4 


Wan. Fnn. Fd Acc. 


mi 

0144 


[127 J 


Trident Life Assurance Ce. 14rLV 


iReMtode House. Glouceaier 


0432? 


Pea*. Mngd.Cxp. . 
Pen*. Unad Act 
PeaA-Gtd Dcp Cap 


PDW Gtd Dap Acc 

v cap 


Pens Rpf 
Pena. Ptv Acc . 
Ttdt Bond 

TNl.GI Bud 

*<.'a»h xi 


[122.7 

129.9 

-1 5 

1*6 3 

154 1 

-2 0 

3482 

3561 


34 * 

894 

-i 1 


1104 

-0 4 

1381 

1462 

-1C 

1288 

127 4 

-If 

1227 

129 J 

-0J 

1022 

-188.1 


125.4 


- 1 J 

1232 

130.5 

-If 

126.8 

1343 

-J 1 

1130 

119 r 


117 4 

1242 


181.9 

10S.8 

1129 

117 3 

363 

973 

187 91 

ul* 


lor non premium 


Tyndali Assurance/PensionsV 
38 Canyngr Road. Bn viol 


A-Wn-imelS — 
Bqultv June 15. 
Bend tune >5.. .. 

Propenv lane IS 
Hepoai( June IS . 
IT way Pen. Ma* lfi- 
il sea* Inv June IS 
MnJ’O.S-W June 1 
■June 1. 

Do Bond 
Do. Prop' May ? 


124 b 
1481 
1451 
185 1 
127 3 
146 2 
77 4 
1496 
2438 
174 8 
85* 


re 7? tad*! 

i 1 


Vanbrugh Life Assurance 
-43 Maddo* St . Ldn VlftbLX 


Managed Fd. 
“■ultrW . 
lulnl Fond . . • 
Fixed Intent Fd 


Cash Fund—. 



WJ 
,.2261 
. LOU 
164 J 
1«« 

, fil8« 

Vubnzgb Pensions Limited 

41 43 Maddox SL. Ldn IVIPBI.A fll W-tflii 

Managed 

rtStf'lnlernt , g] 

ftapeny I* 7 »bj 

Guaranteed «*' 'I"' BB ' r R " l *“ , * hlf ‘ 

Welfare Insurance Ln. Lt4-# 

TtoLea* Folkestone. Kw' rafllj.^ 

S5T3 SffiE rii- * 

KanctwAiei hilup 

Windsor Life .Asbur. Co. U* 1 

l High Streel. ^ ir.tl5"r sal 44 

LAInv.Piw- : -j H, aM 7Z ^ ' Z 

rsafflsssfsl *s : ; ; 


& J 


tav. Growth. 


AUTHORISED UNIT TRUSTS 


Ahhrv I n it Tsf.. Mcr« Ltd. u* 

7"-m ■-IWi'x:^fii1 ■i-lr-iiir ••SF'i 'pAI 
Abbey I.'upilnt |J2 1 J4l( -07| 429 


\r>hv 

Abb*-, 

AH 


HJ'l.apllnl 132 1 

xri ltwnmr 1 30 5 

»*■» lt>> Td I H 3*0 

■pV G* ii T»l |M S 


t.artmflre FuimJ >J anagrr* V fangi 
: M Mary Axr t - i \ ntti jsi IVH 

t lAincf iron Tvl [T9 8 Kta 0 4; 


Allied Hamhro GroupV i*Hgi 

lljmlify l[-c ftuvmr Riwilvwl. Lori 
UI-fJH 3JOI nr Unnl*‘i»d -»'JTr- OIH.'A 

■abanri bund* 



I 1 " — * 

1'nlu.hT* 1 1 y • 
LunmvdUyJ^-y 
ixini InnxtJJ’ 1 
I -. Far Earl Trt. l 
High In'otocT-J 
{nc"«eP»w) 

in- Aflrwte- 
Inti Rb#Tup> l r ' 1 
•{■IniLTaiiAix 


;«i 

irsr<i 


9 B 


58 i- -J 7] 

’69 7 ci . r J 


714 
11(4 
1 34 5 
;>»4 


3?;: 
t: X' 

T7 J, 

:<6; 

9!l' T.9 
i*9. -7 4) 


■ j*: 


e 12 

3*1 
? 49 
923 
ere 
8*8 
659 
J 28 
608 
121 


Perpetual 1 nlf Trust .Mngmt » iat 
iailanb'. Ilcrlcvri- i-d/qt- 'HLilSdatiX 
i' ■»:>• 39 5 42 8 : 3*1 

ItcradiMv I'mt T. Mgra Ltd.¥ laKbi 


OFFSHORE AND 
OVERSEAS FUNDS 


V- ir ! ■ 
r .1 r* : 
Viull ' 

-I- 


- tl -r 1 1.-. 1 

128 9 
I369 

F'-iid :« 9 


■i-iiiu- •*- - — »« x, .-.-oj i xi 

Gibbs lAnfonv > l oit 1st. Mrs. Ltd. 
a BlomllvIdM E*'0*47'.! .,< 

; I! 


33* 

J9 bi - t • 
iACiy 
-7 3vJ T 
J7 S> -54- 


45 : 
*i a. 

:i . 

•i'Aro 


'.1 


410 
* 90 
030 


799 
-0?l * M 



IflfihVwWFd 
HlEhlnnar 
V.I1 F<| Sim 
I uta-TuxUaaxJ IiHi 
I nlcmHUonai 
Parlflc Funrl . 

Srr. «if Amcrict 
USA Exempt* 

MpcctaUM Fund. 

Smaller C» > Kd 133 1 
aid SiiiJr. i.'u - Fd 05 
B«n'rr> Mb 0 5 

Met Min At'dlv <81 
OMr-ruFUtTilnEi 540 
F.xpt hmtr r. , *017 7 

Anderson I'oit Ttuai Managers Ltd. 

IMFIcnctiur. t\St ECSVflAA KBPZ31 

AndC-mii f T |49 3 S3 If I 4 35 


14" bH 
177 j, 


1 } 5Z 


37 -0.1 «.bJ 

444 -02 310 

HI -41 60* 

42 9 -01 533 

594a -77 447 
229 2 - 0*1 5 23 


Ansbacher Unit Mgmt. Co. Ltd. 

I Noble Sf . OTV 7J.4 Ol 023 (TTO 

In*- Mnnlhl, Fund 1145 0 17501 | 890 

Arbalhnot Securities Ltd. i*hci 
. 17 (Mem SI Land* r RC4R l»Y o l r .»l 


... A»; Imxxnc- 

.*■ Mi tw** 1 

WO’ 1 , — 

• -Dealliig ■".* 

tiovett (Johnl¥ 

TJ. landau ¥ all f. ’ - 

-■hldr June !* I}* 00 

Lv. Arcum Lm’- '**8 7 

Next dcj;.u. is.,.. i„-* -..-i 

Grieveson Manacecirnl Co. I^d. 

fl*iiroshamSi-t:i rr To ■■■’ -sna 

:uii-:9j *52 

229»-.i;( 4 52 
isi a; 7 as 

213# I 7 85 
-Oi J1 SH 

212 51 204 

XZJd 280 

1C* z. 2 80 
73 lj -l ll 393 
7*8! -0 3 3 93 
I 'nil Mftrs. Lid. 
. ■liSAHK'H 

ijSMiUdTW" 1 *’■ i“« w L -06| 445 

Henderson AduiinixtrationV tattcHgt 
premier UT Admin fu.lc; '■ *•-» •*“■ 

Brcnnvoml.EAx-v 


!.-| in-. A \U i 

'-■Mull' t ji.a ;J4 3 

'■ TJti't: Fu. -1 -M ” 

T>.iniv^F.i.l 154 4 

f.rEa-'Fd MB 

ltrcih. 1 !! iZ3 8 

Practical Invest t o I.u! 9 lydn 
*4 Hl-miroJ^nx U«'! aSRL uztssai 

i'txltialJjv 7. 11514 ltl?i*0 9| 4 16 

2279!-!:' 418 


url -Dl! 
r*',sai 

25s.d -■:?( 


iCU'Vr.-. 

: 534 | 

*. 4W I 
304 
4 41 1 
358 ! 
* 34 ! 
1 70 . 
- 50 I 


Arbnlhnot Securities •f.I.t Limited 
P«' Rr. r«4 v; Hr: 1 r 963472177 

. at, 7-' ■ 115 3 _ 1M8! 

h^.lllr.n i ■ '■‘i’ ‘‘iSI ft"* “ ' 

*.i .t . 'ji 

Australian selection Fund XV 

i - Voiinff * 


4 17 
300 


.Varsu'. • 

>‘.j:hxbs:i- ITT Kc-.'. k 
t'MH-LaM 3 


il:.t- 


!'.6S 


King & Shaxson Mgrs. 

1 ‘"ijr.n; Cti*! .■<: ![.•!!*-. Vprv .0534 7X741 
V&l'ic H e. St Pr:. r Peri. 'H*! M™ 

I "TFenia* Strerl Iicucla; 1 0 VI 
••Sit Fund- lent*. ‘916 
iMtTrti*! T b.W • ‘107 7 
V. ill Fr.i. u'lcnsf' .9 36 
loll Govt. Srcr. T« 
r :tm Slo-l-ne 18 57 

Fir- 1 l.-.:i IE; lb 


? I 


17 30 

. i: w 

948 -!r; 12N 


9 ’Q. 


IBS)' 
186 19 


Z J 


IT. 


•i: 2»7*.'o- 
1' -5 3: 3 10 
:i3Z of 745. 


.‘*i.resnanim-r.‘ -i 

mrnngum June y 
.Airuro I bIw ;.14» 

p int IlYdJunc) • AT7 S 

larcum Fnit*' [Sf 1 
Kmleav- JuiieSi I96 0 


Q 

1362 4 
i»rr 


■ A.vum l!nflv 
i.rarMrJBBri# , 
i vccum Csjtv .01. 
l.nABnlx. Juitr Jl ,tx 4 
. Vccum UsU* 1 1 73 3 

i.nir/tian R«}jl i.'l 

IIuvaI ExchaiBc 7-t • .ii 
.xc'riuanlhdl T-I |B8 0 


.. . L.-C. I r.!t 1214 8 227 9! 

Provincial IJfr Inv. t o. i.idU 

li: Mi-noc-;.!* 1 ■ _■ 

i-r-.iiti*- ■ ;U2 

Hipl. ’,i.- "tnf >110 3 

Prudl. Portfolio Mnzrv. Lld.V lartbucii 

tl.4lrr*- Rxr- kJ';vev.|/ ■■t-tn> ftK' 

m.1rr:tal ',1230 1365 ■-[>•! 4 55 

Qullier Management Co. Ud.9 
T-e>IL Kv F-rose S.:v|W r.;j»04'77 

I>k«frin1 |en krt J107 J 140 Jj j 460 


•M 


Dank of America International S.V. 

J5 hnuleiarrt Rt* jl I T.-T.pours uP 
Wilimvs: lr.r.-.ni> 1 5' 'T. 1 .*’ lUJt' .1 645 
I’rn". j' J-'ic :T .' ,-.r. ll*-. :an«- -1 

Rtik nT l.ndn. & S. \meric* Ltd. 

viAi l/u.—i. I I "j iil WTII’ 

licixrid*- t .-.'I .*:1| '--0 211 — 

'•• ■ a- -V' ... I ,171' » J 

Ranqur Bruxriks Lambert 

1 r-j.. id !!.■;• *.. ■ ftntyiel* 

RevtxFxmff.F .18*4 2 822> ■*»> 'K 

Barclays Unicorn Int. iCb. Is.* Ltd. 

1 i.li.rinei ir-. >! Ili-.-r- . ^. 053173741 


Kloir.viort Tim von limitrd 

j 1 .*. f. v.'vi.Ti-i >’ ii. : ; ■■:. 

. Iflbi . 

M i 5: r; - 

1 78 9 rjs. 

■ SLSU55 i 
SLS1I7I | 1 

il .'12 57 , 

Ti'-CC •■Bill 

Tbm 


e'JP-iUv! Lu F 
|7 lx— 1.«. In 
Dm .VviTblT. 
KBFartJitrd 
K'RfrH Lund 

HI". J.-.,:,i 1- .rd 
K R 1 ' - iju 


F4. 


L-M 


'KB jrt j.. Ltibdnn ptuic 


3 19 

4 10 
410 
121 
I 94 
3 77 

0 7 S 

1 RT 
Bb7 




Road 11 utter 
CC77ri7-JCT 


Exln Inrimv Fat 
Hlghlur Fund 

♦ Arcum 1'nll* 


W.-“v MTrtrwl [la i 


Pwilrrence F und 
■ Arcum. L'iuLm 
■T apllal Fa nut 
I'onunudiP Fund 

l Arcum I'nUa* 
il0*«W'rini1 1' ■ 

Fin AProp.Fd 
Gumlx Fund 
i Vccum Unit.-, 
tliovnli Funit 

i Amaru I'niU* 
SuxlltrTD'kPd 
Lu(>rn* lull I d 
lO-.W-rfrul ft- . 

Fi'P*ifin FA 
S Amer 1 lut Kd 



i ’ip CnMt h !/>■ (42 5 

a -xi. uroarib -Va-a. 1*7 * 

Income A A#r*i- rJJ I 

High laconic Fund* 
llich Income - IS? J 

i.'abol Extra fnc fS5 * 


X»7! -/'7I 3 58 
43 4; -C 21 358 

l 21 -C v| * 27 


*3 8i C L 
58 8.9 -Oil 


804 

858 


, »*om 

ijiurtririiciion* 112. • 

RHianCf I'nit Mgr* Lid.* 

Ri-I^.- . a- It -a* Tunr-i -UrW-il-. V: aflre 

'wajiuii Fit 165* W*| (5 38 

vUMJrl ua- '.417 *4* ! 5 75 

RekSaarirT In. UO 6 *3 1 -31] 5 76 

Ridgefield Management Ltd. 

3S-4U.Kcr.neiy M N*rvnt>*er * : S36 te?: 
riide-tieH i-.i t T iioio ic’Oia i 262 [ 

h..f|f».facl>l Incon.c !5JO 4*H I 1049 

Rmhn-hiid Asset Management iRi 

WHO Il-a'chou— r.n *.».». enn CLS6MM! 

F.iuttt run-i 1 166 2 176 9, -39J 3 06 

\ ' ' Er.o • ResT^ ;110 0 117 0 -id 251 

%•' Inca-me Ftnif 'i*46 


iXcrveB . Ir.ci.r*e .43 7 51 3! 1 77 85 

IVuli'llarTniae •%- -iSM I'.sS-CKiAM- 
■.>..! i>ad Tr>:. I ! !£:: liliH ! 800 


Sahhaci ia lee jr.'l > '.-.holding Utvw 
Barrlavs Unicorn Int. ll. O. Man I Ltd. 


Llovrfe Bk. iC.Li l .T Mgrs. 

FP Bi-. 1W S» Kc!ir.- Jrr.-c. 5S3IJTM1 

Lin, ,|. IV >:■ ca- I SB 4 67 4: : 1 24 

.'c«! drxI’.Ri; .1)» tin-, i- 

Llovds International Mgnmt. S.A. 

7 Riii* du Rhone. P*3 Pnx ■ TR. !25l (ewi» 51 

I In.ds !r.l t.rrorih SnP-*5 160 

IJoi’d, Int Icrotnc i-rJTJJ: J55B;-?£i' 610 


-i ; 


/ inan-tat & ITJ 

OII6NM On :-•* 

Inu-rnartraixf 

IrLrrrvanonxI IJ2 9 

WrtdWlAclu-'c '.f ',756 

Oiaraam Fohdv 
Auvtr alias 


- - I5jte;-79| * a* 

\a.' Inti Fd -Ir.HJ9i9 9*?-!:: 1 J* 


25 71 I 4 46 
28 7» -53 196 


. B> - 1 :l 

162 21 -0t l 


MS- S 71 

359 *?9| 155 

W 9< 1 455 


Furopaozu - 
KarEaat 


18* 

507 


North An*/ . - - 

ft AM tirxxJunr/S 128 4 
I'ahotAiner Sn ■ '■• 1 52 


36 0. -’.01 

*:5-c£} > b# 

77 31 -Oi 3 50 
42 9| - 0 tJ 1 33 
a a-a ■* 


“Ml 


Archwav Unit Tat. Mgs. Ud.¥ ia#ut 
317. Ilich HolH.ro V*VI\ 7NL HI CTioSU 
VrchuavKW 1*3 5 84 8.il I 5 83 

m-a. >1 Juw IS Na*xl -III, 1 1.1 lunar Zi 


Barclays Unicorn Ltd. faMgf#ief 

Unicorn Il«» 3: Rmnl<ir<1 ltd K7 Oi M< rou 


. 31 

- .... Oal is: 

HIU Samnei Unit Tsi. Mgrs.r tat 
4S Beech t» • F , '=f 7: A 

ah- linu*hTru-f [14 a 4 

. gi Inti Tnirt |3. 7 

- c. iwuurTni-' 
bii.'jpiW Truj>: 


Unicorn Amcri- a 
Do AuxL Act 
Du .AuM Inr 
no Capital . 

Do C.vrnp<Tai 
Do Extra Iiv.aimc 
Do Financial 
Do Sf« 
lii. (iene-Ml 
I/o brditth Vi 
I Hi IncaWia- Txt 
■l» m Vnx.T'1 
Pner- ul Mm 3u 
lu IlMfUTcrr 
Do Tru-lce Fund 
Do Wlrtuidc TnuJ 
Flat InFdltK 
Do Aa.*CUt11 



I-4lSI f*iti 
157 2- 546 
42 4 1 -> 4- 3 18 

8191 -’. 3 295 

31 31 -J « B0 
95 4? -9 A 4 ll 


Rothschild St Lowndes Mgmt. <a< 

At S-Ail'm-Ie-.e iri-. .Eari v!«iS4aM 

;.x-*a.'l Lxcrapt >025 0 132 0i I 3 54 

'■Tire aar, 1yna> i.‘ ‘.r>.t wuv ' j'.> 57 

Rowan Unit Truat Mast. Lid.Vtai 
■ "ii, ■«■!■• Mae Fiu»laurs ,vq . E< 7 CIA* :iV* 
Xrr.-ru.-ij, JulM- !:■ rtl 3 740* ; 097 

•~rinlilii‘'JunrTri I253D 177 0) 4?*> 

lliSf.Md lunelS 153 2 55 91 1 7 68 

Xrclin I ntr». 751 7BW .! 7M 

Merlin June 21 (79 3 83^-Lw ISO 

. v> cum l r.il>. (9* B 101 7J -2 *1 3 80 


27 s: -3 31 7 89 

54R-04 534 

37 0.3( -oij *15 


■■I 247 726! 

92 Jt -0 N 6 55 




Baring Brothers St Co. I.td.V ibhx) 

OR. Leaden halt SI . FT C.3 Of 5PO Z830 

StrMtooT.1. . . 11694 176*1 -0 bl 43S 

Do A.Tinn .. . lilOO 219 0} -DEI 435 

Next >ub day July 5 


BishopsgUe Progressive Mgmi. Co.# 

8. HLxhopuaie UCS ni.raROan 

JI'*»rePr.—Junr 20.1164 4 196.44 } 366 

Acc I’M -June 30,0311 237* ..I 3*6 

RgMelnt June 13 .060.1 191.7 | 1 24 

(Arcum > June LA . . tM t 211-51 . | 124 

Next Mil. day -June *7. --J*j|, 4 


- bia.'Jpltal TnjjC 2" 2 
<g.a F'Hianciaf Tni / (84 a 
■i.ilncnineTru 4 .^4 

ihiSecuribTru i 52 l 
■bi High Vlelal T*l 1284 
Intel.# tan gi 

i '■ •'hri-aophcr .-i-a— • /. 

Intel lav Fund 185 5 

Key Food Managers Ltd. f*J»g» 

IMIUkSI »>-'■ MK <.'J<ia7C7n 

Kcj In 1 '74 7 

KeyEeuiy 
et» Kxoave * d 

Key Income Fur,-1 
Ki>;- Fixed Ini *-.1 .. 

KeySmallUo - F-J ^5 9 
Kleinwort Ben -on Unit Managers* 
-jj Fenchurrh Si L i ./ fll J523 WOO 

KRUnlintlr, 16*4 42. Ij [ 509 

*KRL aUKd.V ;X0*0 115 S 509 

K 8 F4 !fl« T»(. (55 2 59*1 } 4*7 

LAC Unit Trust Management Ltd# 
The Stock EchacHr Err* Dll' m-’ta 2800 
LJiClnr T6 . 11373 KIN .1 761 

LAC I Ml* Gen Fd |99 2 1D3X I 217 

Lawson Secs. Ltd. vuhci 


81 6j 

-07 

71 a 

-05 

162 71 
R Id 

-0 3 

I^S 

-0 1 


3*8 

488 

633 

83* 

1220 

6 78 


W 'll I 

7 ®2 ! 

1017} -:«l 
Koval Tal. Can. Kd. Mgr>. Ltd. 

"H la-ilmn^fTr 1 > V. \ >' '• * 21 - H2-2 

''jIUbIV-I M* 73 5' 1 155 

fn- a»mc Fd ifl 9 75 Bi (7 43 

;t i .-xr- ,.i Vox !•«: ^m!is; *--rv> y< 

Save & Prosper (iroup 

4 ’•real Si llrlr.i. tjru tn- i'Of IKP 
•S'. Til Vi^a/n Sr Edinhurfh F.H2 D't 
I >ei.|iiaC !■• 01 !M OHS i nr rtl! 328 7AM 

Save & Prosper Securities LUi# 
Inimtlisiiil Fund- 

■ jprln! (36 3 

IT l 25 3 

Vnu '.MM/. |66 6 

Inrrva-lnR tiacuar- Tune 
Hiv-li-VlHif ]51 9 

lltxh IncxmK Fund- 
Hl.-h Helurr 


71 


-oq 2 16 
-0 2 4-37 
-1(4 301 


55N-0R 7 45 


(65 4 

i*17 


1*2* 


r* 


l«9 6 
.176* 


Bridge Fund ManagersViaHci 

King Wi Ilium St ET4ROXR >i|A2a4KVl 


American A lien 1 
Income- . „ . 

CajHtul Inc T 
no Acc I 
Exempli 
Iniemtl Inc i 
Do Act » . _ 

Dealing "Toe. xtved *Thui 
»>-JI 22 




W 8 

433) 


« 7 

466 

x'jflUb Fund 

55 5 

605 


bl 2 

667 

rrij'ift .md Berrj.il/. 

37 2 

407 

lAmeriean Fo 

240 

2b t 


350 

27 t 

—High VMM 

482 

51 f 

••■ Accum t. nr '• 




-oil 


625 
625 
3.25 
325 
Lfl5 
0 50 
030 
U.0O 
U-00 


Intomc 
l‘.k Fun<U 
UK Equity 
fli«nn> Fudun 
Europe 

la ton . — . 

U -s 

Sector Fonda 
Cnmroodity 
Encryy 

Fl nan.*' el Secs 
nMb-Mlalnin Fonda 

Select Interna/ . 1256 1 , 

StM Income |52 1 5* 9| 

Scotbiis Securities Ltd# 
Stalhili [33 7 

ScMvwWi K8 4 

Scaoharc- 156 J 

•Sarol E.-..Ulh*6 124*5 

Seed Ex.Ylrt'6 |167 2 

rnce* at June U Next 


71 W3 


B 5* 
905 


4*0t-03| 48* 


3-2 

077 

122 


42 71 -0 1[ 

'sui 

[754 ' SI 0|-0 3J 41« 

1*4 2 74.41 -flJ| 178 
|71 9 773d -lil 3D> 


27021-321 2 28 
-0*1 75a 


41 6 -0 *] 3.88 
52 3 -0J 759 
05id-03l 442 


60 

256 Did ] 188 

17S14 ! 6.93 

Ilf. da, June 'JR 


Britannia Trust Management tai igt 


3 London Vi.il Bulldiuc/. Lmdun Wull. 


London E'.rv Nil. 
Aoxel- 
CapUal A Ci . 

I’mnm A Inal 
Commodity 
Do roe: -tic . 


Ex*mp( 
Extra im 


Extra income 
Far East ._ . 
FlnirKialSeex 
Gold A General 
Growth . . 

Inc. & Growth 
Infl Growl Ii. . 
Inve-iLTxCShare- 
MineralF - 
N«L High Inc . 
New tow 

North American 
Pmfcnlotnl 
Property Shxrtn 
Shield. . 

Stalni Change 

Unlv Enenty . - 


704 

512 

55.4 

767 

368 

113.7 

392 

704 

62.1 

895 

7*0 

719 

623 

4*7 

371 

7*3 

347 

293 

9975 

U2 

*47 

30* 

318 


fll -HOT iMT8 U47P 
75 7 -fl.7 527 

551 fl.’ 406 
59 6 0 * 4 73 

825c -01 509 

396a -03 *39 

119 7 -0* 726 

*21 -0 2 930 

225 -0 2 321 

66 8a -0.7 4 77 

962a *33 2.9* 

83.9a -06 *32 
77« ~0J _ 
673 -0.2 
52/ -D.4 
39.9 -12 
843 -0.6 
37 4 -flj 
31j6d -0 4 
512.9a -33 
14 2 -01 
4*1 —03 
332 -0* 


Legal Ot General Tyndall Fund# 
is. Ciroyncc Road Brui.d iC72^S4i Srhleitinger Trust Mngrs. Ltd. (*Kil 

Di* June 14 is:; 61 2[ I 5» -InrurpoiaMaj Indent Tru.-V 

.A-cum.LniK [72 4 7*U -I 5 26 no. souli. SUeet Dorking 

*.e.'- at. da, July 12 Am. Exeni 

Leonine Administration Ltd. 

2. DukeSt.. L/isdn:, HTMtUI* 0l4imsWl 

U-oDlst.-- 174 4 7*31 -02} 506 

Leo Acctnrv 181.4 85 H -0 3< «62 

Lloyds Bk. Unit To. Mngrs. Ltd# fa; 

Rretxuar'.v D-pi . Grrin;-by-Se*. 

Worth tog. VC«-a Su»se- 


l-’irrt i Baird 
Do.fAccum.* 
Second ‘.Cap a 
Do i Arcum.- 
Third ilncmnc 


r.I«n I3« 


74* 

234 

338 

326 

862 

4.69 

186 

*82 

ztn 

4.45 

5*3 


r«,x ra 


Ktamh 
!«• a.Acc 



Am lir.roT 
Exempt High lid 
Exempt MM Mr* 
Extra Inc Tri 
Intume Di-l 
fur 10*. WVJm-i 
Inlnl Growth 
In' T«i Unit- 
Murkei tx-k-Jer. 
Nil Vlelal' 
rrvi.A'Jtlf Tnift 
tTorarn, Share- 
Special Sit T ‘ 


I Ii Grih A. cum 
fK Dub Div 


121 fi 

2301 -04 

:7 5 

2T0 -06 

258 

273-01 


2b 3d -01 

24 1 

3LS 

33 4 

*13d -01 

SI 

113rw1 -01 

33 7 

&2 4| -0 8 

255 

27 4d -0.1 

2c 3 

jo ad -o: 

27 4 

29 ff —0 2 

231 

2*3.< 

254 

27 0 -03 


21 a -02 

r» mJ a * 


rao«.aM4i 
285 

184 
546 

436 
955 
10 02 


22BUV-OJU 527 
20 2w -Cl) 5 27 


263 
421 
4 61 


1250 

2.43 

260 


Lloyd's Ljfe Unit Tst. Mngrs. Ltd 
-l?m . ' Jncehaaxe Rd . Ayle-hur, 'I’JSd 50t | 

Equity Accm [153 0 161 01 -4 54 4 17 

N &. G GraupV (vile Mi i 

Three Qu*" Tower FL-71. K3II *TU} 0l«*t <W8 
Sec also Stock Exchange Dealing- 


J. llenry Schroder Wags & Co. Ltd# 


I2ft •'l.i-ntwidc C(- 


34^-031 259 

The British Life Office Ltd# ta) 


Reliance Use.. Tunbridge Well*. KV (*H2 22271 
BL British 1 jfe [49 0 

BLBalanceal' M6 1 

BLOirideml* }42* . 

-Pliers June 21 Nevt dealing June at 


inniig^ nctu*. t\6 iq«w -wwt § - | 

[49 0 518) -0 a 571 ■* 

46 1 44S | 5 hi ^ 

424 *54| I 910 O 


Brown Shipley & Co. Ltd# 


"!3 . j 


2861 


nl490U*5UO 
*75 


475 


r«« 


3 * 4 , :Si! 


Mugn. F«amdcr> Ct D.7 
BX tip its June 31 1213 • 

Do. • Acc i June 20 (2*6 4 
ncraalr Trnata lal 1*1 
Financial 13* 

Genural 
Growth A ccum 
Growth Incnine 
FUjjh Income 

Index - . — 

Oversea-' 

Pe i for m ance 
Rccovm 
Exrapl June 12 

Canada late Unit Tsi. Mngrs. Ltd# 
2-0 ItlxTi Si . FiHler. B«r HcrG- r B»r5ll2! 
I'bn 'fen Iil-t |J7 * 39 

Do. Get. Ac urn Wl 4* 

Do Ira lltl 3* 

Bo (tie Grunt p?9 45 

Capei ijamest Mngl. Lid# 

100 Old Brua.l SI WUN IDO "I WWW 

SSSK Bf S 3 ?5a 

'calinc Jul> 5 


il 

196 

570 

fill 

579 


145 
475 -OS 
379 - 0^ 
32.4 -Bl 
22 2 -Oil 
263 -Oil 
210a 
6L6 -OS 
226s -01 
603dl 


I 311 

392 
483 
«.8* 
9.70 
3J6 
4.19 
338 
4 4* 
590 
419 


lW«-a »n June 21 Nr,t ricallliy.' 


Carlioi Unit Fd. Mgrs. Ltd# faiici 

31 llhurn House '>». a'lle upa'n-Txtw Sllbl- 
Onriml (6* 6 72 1J [3.92 

Do Ari-.im I nil* W3 4 659} 1 3 92 

OoHlffhV/eM Ml 7 44 2 

Im Aerum I’nib 1514 54 4) 

Next drnllnc date tune 3S 
Charities Official Invest. Fd* 

T7 London Wall. ECSS IUB nt .W 14(6 

Income May 14 1135 2 -- | I l» 

Accum 3ta» lit [25o5 I I 

OL'naiith i.mlv amllable to Reg a.'harltiev 


American 

(Arcum Units) 
AmtralnnM. 
i Aerum Unn«i. 
Community . 
i V'Y-n/n i nlla* 
Compound Growth 
Cfn, cr-inn Growth 

• •i»c.ver»in-i Inc 
1*111111-1111 
i.Arrum Umui 
Kurnpeac . . 
a .Acrura I’m* -1 . 
Extra T let. I 

a Acrura. I '1111*1. 

Far Fj.»lcm 
i Arrura Unit.. 
Fundo* I in. Txt* 
i Accum T’nitsn 
i <ner.il 

a.VrrURa l mi-> .. 
Hish Income . . . 

■ xav-ura I 'mix. . , . 

Japan Inownc ' - 
(Acx-urn l'mi*< 
Mamnm 

. .Vcum 1 him. - 
Midla-d . . 

■ .Va cum nnxi 

ItnaAVr .. - 

i'.nuni i niiii . 
he- oral ' 

. \ax un l'r.ii-i 
SlWii--! _ 
i 4rcum T cjl a 
hpaK’lallwd tnndi 
Tnirlic , 

• Vccum I. f.il'-i 

i. horif.-r.rt June SB 
iTirrtlal »:i-ir20. 
'Ac. urn t vif 
Peru- Ex Juier 18 


[SOJ 
5L8 
S42 
551 
76.7 
826 
1061 
UJ 
M 0 
U55 
719 0 
492 
499 

ns 

U21 

02 

b21 

768 

1672 

2553 

1000 

16a* 

1546 
1560 
ZC7 7 
Z590 
1096 


5»1[ -0 51 
55 2 -Od 
57 7 -0^ 
5*7 -orf 
817 -0 4 
• 2.0 - 0*1 
1141 -0^ 
-fl 3 


683 


683) 

124 Zd -1.3 


235 3 -1 9| 
52*1-01 


53 1, 

89 j! 


boa 


ms 


1682 
2555 
16L5 
203 2 


10*5-. 

1793 
164 63 
i66 y 

277 J 

180 6, 
299 ll 

86 a 
«7 a 

1B23J 
277 2| 
17Z.0| 
216 


U9*| -O b) 
Dbt 
-flS 

- J -0J, 

-0 7 


-1 


:?3 

-0 2 , 

31 

il 

-oi 


174 

174 

157 

187 

433 

431 

176 

Jflt 

33 

801 

346 

346 

8*0 

8.40 

J* 

208 

449 

5S 

5-87 

854 

854 

1U 

113 

390 

’.99 

675 

675 

450 
J50 
535 
535 
418 
4 IS 


r'ar-ital June an 
i A. cum • 
lnrorrw June ia 
.Arcum I'naLvi. . 

■ rt-neral June 14 
i t«xr«n l'n/i> 
Europe June l.A 

■ Arcum. I nit-. . 
-rcnAvTiiarFfUriai 
■Spec Es Jun» - 
-Re-mer, JuneT 

•For la, • 


105 9ut 
1281] 
188.9m 
23C 7] 
87 91 

ion! 
33.o) 
365 
171. jj 
250.0 
195 5 


Cat 34U3434 
237 
2 37 
716 
716 
355 
355 
2 21 
2.17 
4.44 
373 
497 


4 1 - - C 
■i Cl 

85 

40 

33 . I 


6 53 
653 

10.84 

7 84 
7 84 
587 


■JJ 

>33 


14J1 1524 -101 

Z76 2 294 1| - : 1 

1100 

146 3 148 

1M11 184 

[135 8 143 

ManuLife Huugejnenf Ltd. 

.41 i ■ veree • way. 5i*-i«r**c r«;w : rtini 

larrrdh I r..'- (510 5*51 J 4 21 

Mayflower Management Co. Lid. 
UTaGw'h.aiaL.tEsv'TAt nt-aw/wwu 

Inu mclunrao . |187 7 1U4| II 33 

a.encTbllu.e-20 169 B 7351 | 5 31 

Mercury Fuad Managers Ltd. 

■IP .:r-.r.-n. -i .BC3P2EP i.t^Miasra 


1022 
(123 7 
1123 
270.9 

1 *14 
10*0 
311 

£b 4 7 

2431 
(1995 

-rmpi :un«.- imly 
Scottish Equitable Fnd. Mgr*. Ltd# 
3HV VrirtrewxAl Ijllnburc.’. itff-8M|M«l 

lr.rr.me I. nil- |« 2 52 31 J 537 

ACVUni Unit! p61 59 0 I 537 

Healing >J-» ffrrfiHxdj} 

Sebar Unit Txt. Managers Lsd.9 lai 

PUPnx Ml Br-.lbr, H ., EC* ll-tSMaonfl 
Seh.i* i/jpil*.' F»l [»8 34.3j ^ | 387 

Sflw-Im'.lM Fd [302 310 -0l| 8.27 

Security Selection Lid. 

if- IP Lno'lTl - Inn Field* W'r^ 01fl3l«C»-S 
l-'nxl UHiT-t Acc 124: 25 R 1 229 

I'ml'llh T.l Inr |21 1 225«i l 221 

Stewart Unit TsL Managers Ltd. tai 
AT* i'hiarlu/ieSq. Edinburgh 031 2203271 

tAiewjri American Fund 
S>»n>lard I mu [67.8 72 41 

Vrciina t'ruU [73 0 78J, 

Uil|.»(r!iw..( L'nil- |54 1 57 9| 

94nW1 British Capital Fund 
m nndard [133.4 14*91 

Vrrum Units 1 152 8 Mill 

[lealinc »FT. '*« 

Sun Alliance Fund MngL Ltd. 

••un Vllinnxr Kxe Horsham (HaOBtl4t 

TK Junp 1411231 0 3? 3 - J 


133 


«35 

435 


WiMSftffiW -o*| 

Target TsL Mngrs. Ltd# faiigi 


nl '!r»sharai t-7 ,F<.'2 


Tawei Uommodiiy 
TlKrt Finn-.na! 
Tarfcl Equit, 
Tareel Cx June SI 
♦no Arc Univ- 
7>r-o* ta'/M fund 
Tnnjel Growth 
Tarpetlnti 
Do Rein, Unit- 
Tarprt 1 n> 

Ti? IT June :l 


Charterhouse JaphetV 
I. PaterniMer Row. Ei'4 


• 'J ImcrnalT 
Arcum I'm i* 
rj, lnm-nc 
CJ Euro Fin 
vcvnm I'nivr 
UJ Fd Im Trf 
■Vccum Uniir 


1238 
28 0 
126 
264 
306 
278 
JIfl 


fll ISfl JOP? 
25 4 - 0 6) 1.85 
298 -ft 115 
34 1 . | 0 7 74 

21 l 316 

32 6 3 0* 

296 -0.2 3 66 

340 -A4 3 66 

rria-c June 21 * J exi dralm^ June 2« 

ChiefUin Trust Manager* I id#i*Hgl 

1 1 New Sr EV2M4T7’ .-J 2K1IStE? 

American * ;5S S 3 l M 

!mmuSS|1V4 26 8 -M 317 

Bbaic Uesrrc T*i.|26S 2B5|-D1| 4 36 

Conlederarion F'sindi Mgi. Lid# 1*1 

aonumeeryl-me TVTtvillE ill =42(1782 

I'.n.-lh VUid 141.5 416) I 


Me.-. hiacZI (1839 

W fl- Jisi-eai 238 9 
Men .’nr l-nr2l. 64 9 
Arcm Ut- Dine 21 69 b 
Mcr. Kr.1 M.--. 23 214 1 

v.-cum 1 L * ’.pc 27 B553 


195 

2541' 

*9 

74 

223 

266 


462 
4*2 
233 
255 
442 
4 42 


IP Inc 
Tc ITe! 


1357 

^ 3 
£os I 
:=re* 
2132 

B7.6 

ran 
305 
31.2 
156 0 
212 

(IBB 


Pnllnp IB045R4I 


SJ 

32 ft 


31 4) 

xsT 
20 21 


■ 0 . 1 ' 

-00 


4 „ 


-D^ 

-04 




- 0.1 

-01 


3J» 
438 
617 
582 
5 87 
3.00 
4.18 
164 
164 
363 
435 
826 
3155 
421 


Midland Dank Group 
Unit Tni-i Managers Ltd# ia» 
i 1 ™*. sllter Surry llewd 


xhelfi-id :iRD 


Trl |T74= Tflac 


4 35 


Coiunopolitan Fund Managers. 

llatVinl Sired Loi.dain SW1X PEJ (Jl '43.*. RSIS 
• ‘•nmupoln (ilh Fd 1175 18 8) -0 1| 4 70 

Crescent Unit Tst. Mgr*. Ltd. tang) 

4 Melville I re.- . Edinburgh I ini aSCOI 


i.'nm ranrti/-. * '<en 

K9 

701! 

-Of 

Do VTiin 

760 

BlfU 

-01 

lirev a|i 

571 

39 

-0 5 

Lm xa-i u"i 

39 8 

*27 

-nf 

>.>piial 

206 

30 (B 

-0? 

ros lime. 

30. B 

33 9 

-03 

liven. - 

513 

349 

-03 

rv. iffiui 

S84 

625 

-04 

liueroMi-r ■! -- 

<81 

52 IS 

-0 6 

Ho in ui'i 

EC 

56 3 

-0 7 

HiCl.Y'ild 

613 

h5i 

-0 5 

la- Vrcur i 

Ul 

b9I 

-0 4 

tquifx Kuans’* 

To. i-ura • 

-ITIre. a "»( 3 

1036 
103 6 

N>Y! 

iSil 

nf RffriU Juff 


551 
551 
315 
315 
3 19 
71? 
65* 
654 
2 17 
217 
839 
839 
5 49 
5 49 


Ct t. x ccu t Growl h 
LYrv Inkernal 1 
Ure*. High l/i-/ 
i re. Rixern< 
i ’rex. Tobjr. 



Discretionao' Unit Fund Managers 

22. Wxnilirld Si . KVJM TAI. nj ^ i4A. 

(law- Income 1162 5 173 3) I 5 23 

E. F. Winchester Fund Mngt. I.Id 
DM Jewry. Ei .11 ^x-.-i.t: 


■Jreal Kmrhr Q8 0 
imrhrr /'"•rn P0 0 


il Vi 


111 ) 


Emson St Dudley Tst. Mogtnnl. i.id. 
an. .vrlincton w .- tt 1 .n "HriT.-.-.l 

EaV>on Dudlra T»i J67 5 72 6| I 310 

Eqaitas Sees. Ud. tai igi 
41 Be-hcp-gair »“-* 1,1 rj * ^ 

tTogreoNne [68 1 64l(-fl6[ 4flf 

Equity St La« Un. Tr. M# laXbKei 

A me P- ham hd . Hu;l> *.'■ ,'mbe H4W 333 .7 

Eqnr.yfllm. |65 1 6* SI -AM 476 

Framliagton Unit Mgt. Lid. iai 
r-7. Ireionrl Vnrd E«'4R.y>H ni ?*X0r.l 

1504 S3 6) | 100 

1188 126.2) 385 

1016 1102d 7 07 

111 0 mq 132 

1144 1216) I 731 

Friends* Provdl. Unit Tr. Mgr.*# 
nxfaamKwi I '.rtmc Ichri ?* '■ 

FnendrlT... I la 0 dUg-OSI 

Do Arcum 153 8 57 5) -fl 7[ 4 39 

G.T. Unit Managers Ud# 

lo. Kln-hun ('in u* M !31 71 if» 


Minster Fund Manager* Ltd. 
Mm-ierM-a- VrthurSl Eft H«l* 

'Tin.-i**r June IJ ,1333 37 31 I 5 57 

Kxemr* :-U m fig 7 94 7( [ S« 

MLA Unit Trust Mgeuint. Ltd. 

' Ud Sfuer-. > imw*.sW|]| A). , ll Fjn T.tt,. 

311-iUlKl ■ 139 9 41 9 f I 4 79 

Mutual Unit Trust ManageraV tang) 
1-A.a.fW-i-ati ■•• * D*2R TUI. Ill rW VTO 

Mutual IT”* [510 54b-rf | 640 
Mulu.ilir. T* (674 
Mutual RIm-. uD fe 7 
Mutual ll.k*. • I" iSS 7 
\ationa! and Commercial 
:«l *1 \iulr-w Sniutro. FaJl u t alri lh ivll 
liMaamcJuir- l‘a [146 « 15181 I 6 12 

• v,-. un • r.i* COOb iOSfl I b 12 

■'jn J.ina- ■- [12b ■ 

V, inn; < ni* (1541 


54 6.3) 1 6 40 

7i3(-G.M 737 
47 5 -0.T 631 
51 7| -0 H 8 70 


a nvne xartiwi h Fd 

Target Tst. Mgrs. iScoilandl in rfh> 

19 Vthol 1 Vm* bdin J Ull-SSBOI 1 

Tnr^n abh-t E«clc|27 4 29 54 -0*| 13| 

T^r«,- Thi-Ur >91 42 -0*1 5.13 

Krirta I Home Fd .|5B5 MJ[ - 0l| 
Trailrs Voion Unit Tst. Managers? 
lflfl. Wood sireel E' Z «l«au»ll 

TUtTJunrl 150 1 53*1 I 5 30 

Transatlantic and Gen. Secs. Co# 

♦HOVrrUnilni; R.I '. heliralKdlQtiilUl 

' 558 
558 
433 
4 74 
4 74 
578 
57a 
716 
7.1b 
530 
530 
266 
2.66 
349 
34? 
8 65 
6 55 
655 
5.2b 

>M 

849 
841 


BJart>icor. June fl 
. vccum I'nii/ • 

7* I 

114 8 

BBS 

1217 


Bnrh E»rt May 3! 
Tlurlnn June 13 

55 8 

884c 


507 

S4 5n 


.Aicum I'nltF 
.'clemo June 16 

1000 
126 0 

104 fl 
JJ2 7I 


i Vcrum Unib> — 

152.0 

lbO.l 


a'urrhlil June 2! 

503 

53 5 

-OP 

..Vccum Vmlei 

55 1 

503 

-pi 

<I|en June 20 
..Vcctira l.'n.L-i 

US 

57 tt 

tj: 


M*r|horo J'/ne'JO 

k: 

542 


a Vrrum L niL«i 

515 

61 1 


Van (Wi June 2" 

, Arxiun L nil,. 

1 h 

SIT 
61 Jj 


Va^lblnne 13 

Til 

75 9 


Vang rw.luiell 


45 Sri 

-10 

Accum L'Rib ■ 

*5 1 

47 a 

-1 9 

’An-Vr lune l.x 
•A'rtiix I'nii,. 

ki 

644 

764 


8>k |a. June 14 

Mb 

688 


lari .vcum 

74 0 

78 1 



Tyndall Manager* Lid# 
Id. I'.injnP" Haa*aJ Rn-ic! 


National Provident Inv. Mngro. .Id.# 


4»a VTTF.1HH 

M-r dial 7-4 l«: 481 

V> ii.”. 1 ni!*' [55 2 58 

Tru-i 0246 111 

. \.mni Unit " [1321 140 



IlMCall- JUlaC Jl 

• Wum L'mif. 
a'-aplbfl Jmu 21 

• \<viini t m'-. 
F*emp- Jiim--I 
. Ii-curi I ni'. 
In! F:.rnJu!,a* = ! 
i Imiin 1 ml - • 

IT ei jure 2i 

•• Varur. I’nil- - 
a-axaUrl’u,' I.IIH-V 
■ V'.cuiii * r:i- 
*..4 In* 


■t7= 7=241 
102 0-2 21 830 

187 4 .4 2 

33J b -7 ^ 4 28 
183 >! -*?! 

515 


--JTic-v 'lay 25 Next H-.-a'.im; Juih- J» 
• pria'e- I::ne 14 Ne«i alrjlir., lutic St 

National Wesimtnsi*r#i3i 

l»ll. iTv.lt 1 :>ic. U5V 5EL lllrtifl HI rill 


A men cun 
U.iplUl Tst 

Inxvmc Tsi 
Int Growth Fri 
Cm Acrura 


I'-.plLil V, 

E,lr.. In. 
FlIUlH'l-O 

i.fawTS Ir.' 

riHima- 

IV-ti-li"' Da", r-1 
I"l1l'a-r*aal F'l 


64 Tag -or 
M2 -0 5 
37 7 -9 5 
93 9 -06= 
J77 -Oj 
71 54 — fl e 
65 W I 0 


4Z9 
792 
5=1 
510 
6 74 
548 
2 23 


l!T I "Ap Ina- 

Dn An 

UT Inv Fd Ft, 
liT (' v b i ten 

i; T Jkiwn&Uvn 

sail tVn-.ENFd 
i;T Im I Fund 
il 7 Four Yd: Fd. .. 15* 1 

G. 4 A. Trust 'SHgl 

5 Rayleigh Rd . Brentwood 
G.fcd— P1J 



,0-er 2--T"' 
»74 -DJ} 4.92 


(644 
Me 
35 1 

874 

JS1 
67 B 

. Koi 

NFl. Truy« Managers Lid# laKgi 

'allll-T. " a'alri '"‘Ulllt SUH»! .'Call 

■.rlxlait . [M 1 ‘ 63 a « A 4 74 

Nel-iarliulilb* 150 2 52 B I 8 6* 

For 'ea < nun Fond Manager* Ud. 
see Rnthxrolli! Aswt Manacereem 
Norwich l’tii®b Insurance Croup ihi 
|-ll »:■■' 4 \aar-l.-ll NRIUMi l»la. J»»1 

■ :ra*«pTai F.’ 1340 7 358 W « 14 

Pearl Tru<i Managers Mil 
iCtin:? jia.D-- ■>. w ivtejx - 

}22S 2*3 ”1 

y..un.> a I’- 2*8 39 -ft t 

I**.r!'R. Ill 2 33b -fl. 

Pe-rilm’T-i 3** 37 0n-fliJ 

-.V lum ffii’* I - * 4 tf 7 j] -{> J) 

Pelican tnils Admin. Ltd. (RHv 
ii * •' Man'irtiiar roir.tr ***.', 

ytUlL'J IBL7 87.8) -Del 3.17 


lAodoc Wall i.rau 

•'uuilul '".rtiwlH 
l«a. v.iurr. 

K airs In. i.r.iuTn 
lx. v. ..ain 
I’liiun. ul IT rx> 

(4. !■ rum 

lliKhln,' IViori^- 
Inlertialionul 
spaaflJl Mil 



T-Sft I'nii Trusts iji 

I l. h.’-rlri Wj, , >1.!". l" 


resaitlBS 


lae.llllie- 
h 7>U»-eti«-ral 
■I'lfa. ,V.i uni 
la. T*!!l ln.-a.mi- 
■ |. I a. \, n:m 
Till x.-ioij-., 

• t ■ - I “■ \ia-ur-. 


la. ‘Sit iZ-i.C .1 


{J1J 47 6j -1121 3 th 

56 j 60 -A -o iu 

57 4 01 7*1-0 730 

fc)4 M:-}-03 750 

82 8 bb: osi 

94*1-0 0 


34 0 ; -.. A) 5 4] 


mu gnu 


533 
5 03 
h BO 
520 
5 ZD 


Isa 7 

l later Rank* iai 

toaVUarSirea • 

• lul L-KTi.raawT!. [36 J 

I'nit Trust AruvilM & Mgmt. Lid. 
KiimuiIIuq.*'. t> 4i; ,, vn 
hiilH Hw F-ipil [153 0 
Wirier i aril: Fi.d 2 e 3 
D- VriJO. :34 0 

Wielcr t'.rowlh Fund 
Kit.; v illiaams.' Er-irFvP. 
lrra-, I n ,.* ;« 5 

A;euK. I Aj1> 13* 2 


2 84 
2 8 * 


162 0] 
30 4 
35 81 


«S»-W5: 

f *!9 
4 3b 
1 436 


31 J ! 
3!rD) 


n:jcr w; 

I *33 
.. i «ja 


l Them# ' Si . Dr.-eL- I c 
I'y.iDnAu-i Ex! [55 t 
IS. Alia: Min . 33 3 

Do t.rr Pjnlix- ,62 2 

Do Inti lr.ri.mi. 38 S 

Lh. I ot Man T*: to 9 

is. Manv MiilL.il .26 1 

Hishopagaie Commodity Ser. Ltd. 

Pli fm- « Is-Jjl- ,I"J! 0624-2341 1 

ARMAy ■JunrS _ ,*^| - i — 



M & ii Group 

■Hirer s|U4,s. Tower |l:ll EC3R SPi? 61428 VfS 
All3f»llcJiine2p . jj'fl B !» 


.vusi Lv June :i r. *27« : 5Ji-3 rr - 

<2nfd Ex Jam? 21 'S’. xJM »22[- t >22; - 

Island . [126 3 134 4> -I it 93 

1 Aocan L'nilf • ‘173 6 190 D 1 . 5| *3 

Sanmel Montagu Ldn 
Mix-Id Brr4d.Si.EC: 

Apollo Fd !une 1* l*ri»M 
Japfext 1 une 15 . ®'ISH 
:I7 Grp Ma, 3i -5'. Fl « 


LANRHO 
M*'J 
•rcina.l 

Bridge Management Ltd. 


155 1.225 

U*1 H - "ilfl 


i'NT”Juftpa ;cr sir 266g _ f| l .1 97 


I 00 


: 17 Grp .. _ 

1 17 Icr.’cr Ma,'3l ICS 86 

>,icrjune7 [£i:.55 


5 J 5?| 
13 201 


35 71 


!fl : 


400 
1 CO 
1 50 
IK) 
12 CO 


pai H.-s M8 1 '.rand Ca/lMn Ir. 

A baatn J'jnrt MS 330 I i — 

a", faj Bo, Hi.ac 

NiPper.Fc June;* .6* : *.*Ba 17 HI -05.: 0 70 

F.x >?.«. ■ ^p!:{ 

Rriiannia Tsi. Mngmi. iCJ) Ltd. 

X1Bx.!iM N iial.rr Irr-, 1»V47“IU 

Si rr I Ina Dcnaailaalrd Fd* 

Crow-.: 1 ln,x-si - 

fn'Jil Fd V> 7 

I erne, Knercv 7- L’t b 1*7 

Ic:vjI ST-t .*'■: |£2:i 

HiCll lr.l 8:14 T-‘ 'icsr 
(.X Dollar Drotmaalrd I'd*. 

l , |rinVcT?rl.T't 'V.-cV tfili I ~9 0 

Value ; ic- !C ?■,-* rtealmK June 
Brown Shi pie, Tst. Co. t Jersey' Ltd. 
P a.i Ba.v C A1 *• n’.-lcr Ic-xev MMWTT 
sieri.np Ra-nd Fd ;• 10 07 1D121 I12M 

Butterfield Management Co. JUd. 

Po R.i, iso tl6F.1l los Urrmnd*. 
nJir-T->Equ::, 121b 24« j 1« 

B j II rev* Ir.raraia ll9J 2 Ml . .5 85 

rrifft- a: >Ja» 1: > -ub A at JoJv :0- 

Capital International S..V 
37 rue N.iirv-L'iimc LJAa-irOoilfT 

i.'ap:tal In! I'm ■ 5L'S17>0 ) I — 

Charterhouse Japhet 

I. ITi'cmo'ier ht.« E<’( 


! IT Ir.*' 

Murray. Johnstone 'Inv. Adviser) 

185. Hope Si u!a,(o«. 17 
" Hope Si Fri 


156 
1 . 0 « 
199 
0 7b 


■Murrav rir.rt 


I'.MISJ 
SISll 17 
•NAV Mac 15 


I - 


H-xpuimr. B-raCa. 


VLirrpa 
Ad; verba 
Fnndak 
Fnnil'« 

Emperor Fund 
llvxpan 


012483ft» 
5*831-0 IC| 5 49 


Negit S.A. 

lfl.i Fo>j!r,ant Rn j', L ixeniTPLCE 
v\vi-jn»i8 I 51*510 64 ! 

Negit Ltd. 

BapV n! Rerraudfl 3!d;< 

NW l-jnefl !i5JJ - •' ! — 

Phoeniv Internationa! 

p*i ju- ~ Peje- ro: 1 . ‘iuem-rv 
lr:or DcNar F";nd 'S237 2.5bi J 

Properly Grottlh Overseas Ltd. 

2Eln- , ’Ti'«j Gibrallar r.ib 8'uT8 

I'S Dollar Fund 1 SI 535 89 j | — 

Reliac Turd j £123 77 I — 

Quest Fund Mngmnt. 1 Jersey) Ltd. 
PO flo< IftJ. Si Helier Jcr-p.. 00342714: 

S .c;i SiUFvdlr.il : J 

lire Ini I >rrs 51.'^ 

Oucv.lml E-l I 51 '5 I 

friref ■' nett dealing 

Richmond Life Ass. Lid. 

4« Mh"l Slrcc. DougIr- I O.M 



2 B 0 


■7-Jt ’.: 

/,-/««« 

'."VCfl’-D 
Irij21 tj 
[ 51*291 
)lt:393 

Clive lnvesltnenis 1 Jersey 1 Ltd. 

PO So, 320. :>/ I lvl:er . Ivitef 0534 37361. 
rSiveCIII Fd o' I • 110 05 10 07] -003 11JI0 
ClivcGih Fd >J*. )1C 03 Ifl Offlxfl 0f| II 011 

CornhiU Ins. iGuemsey) lid. 

PO Box 157 M. Peer Port. OuempP.- 
Mnl K*n.hd 11430 IUjOI . .. I — 
Delta Gronp 

PO Bo- yji: Nas-D'i. Paharaas 
IwlialJlv June 13 !41 85 1 941 -I — 

Deulscher Investment-Trust 
Ftalf/ioh Bipl.erM.-r 8-10 OOOO Frankfurt. 
Cmeeatni a wi-o .0) - 

im sentMornnai- ;r»*iu*3» nsn i - 

Dreyfus Intercontinental Inv. Fd. 
PO Bov N;‘.7I2. Banarnax 

\AUJunec iji •!«*? U»( I — 

Enuoa & Dudley Tst-Mgt.Jrsy.Ltd. 

FO Box 73 St HcIrtT. Jertev 0106 2Ti3Pl 

J.'D.ir.T 1130 B 127 Bl -0 °l 3 B0 

F. & C. Mgmt. Lid. Inv. Advisers 

I 1 Laurence Iv.unlnrx Hill. EFtR "B v 
Ul -823 40*0 

r«nLFd June U I JUS558 [ I — 

Fidelity Mgmt. &■ Res. tBda.i Ltd. 
PO Bov 670. Hamilton. Berm.,.la 
Fkfelifv An. A/v [ « f Sg.« |-C°9| - 
Fidellix InL Fund SUS22 02 — 

Fidelity Par Fd SHS46.37 - 

F)dchlx UVIdFH 1 SCSI* 35 Mill - 
Fidelity Mgmt. Research 1 Terse vj Lid. 
WnierlooHar DooSi-Si. Holler. Jersey. 

PiU £7581 

S«Tir* A ilnlal 1 0 90 | J — 

Aerie* I? 'Flic 1 Hr . [ {3 05 j I — 

Sene- p 1 \m v*x .1 C1766.1 I-3S11 — 

First Viking Commodity TrusLs 


■x.r/ie Silver TruM 1110 3 
Richmond Bond 97 |I733 


Do Fla'inum Fd 1370 

no iTcM Sd. 106 7 

Do Em 97 07 Bd 1693 


0874 223*.* 
D37|-5« - 

112.3 -Oi - 
17B 21 -*0.51 11*6 


RnLhscbild Asset Management tC.I.t 

Hfl Box 54. SI. Julian* Cl. Uuasmsev. 0481 28331 

277 
751 
123 
3JS 
4 52 
0 72 


O.C Eq.Fr May 30_ 

OjT IneSd June t 

DC.IoD Fd.r In 35 

O O Sml*oFdMx3l... 146 3 
■'i l". CocinodiLy* . [13* 6 
O l Dir Comdty.t _ 
•Pnce <xn June l 
/Pncn on June 


552 

58.7 


1471 

155 9sS 


5135 

1*1 


146 3 

155 0 


134.6 

142.3 


526. 11 

27 7? 

*03) 


Royal Trust (Cl) Fd. Mgt. Ltd. 

P 0 Box IM. Roval TSL ILxe.. Jcrser. 0534 2744) 
RT lull Fd . [51 54 35 4 7«t ( 3.00 
AT mi l iJs* iFd [94 1*1 I 3.21 


Price* al Jure 


97« 

til 

Sex! dealing Jc 


ly 14 


0534-30591 


Rave Sc Prosper International 
I .calms to 

37 Broad Si Si l*cl;av. JerK’ 
l .S. DavHar-itemnuIncled Fund, 
OirFxdfn!--Jim^I [9.19 9 75irf-J.fll| 71* 

tnlcrna' r.r "7 |7 0* 7 62 . 1 — 

FarEa.-:em- 1*1.49 i4 86 1 — 

North Amem-an*: 13 79 4 ID | — 

Sepn>"i .)J4 04 15 J4 -DO) I — 

RtrrllnK-driiominairif Fond> 


162 

510 


... . US* 

Prices oa "June u» *-lune M. •••June 1.4. 
tttoeUy Dealings 


Schiesinffer Jnfernafional Mngt- Ltd. 
41.LaMoueSL.Sl Kchct.Jenr.' 053473W-9 


S A1J- 
SAOL 
r,m Fd 


Ini). Fal Jersey . 
i»rt 


lelnl Kd Lambjg . 


-Far Eax: Fund 
•Nan 


- 1 ! 


80 K 

0.85 0 10 

274 27 b 

tioa ion -1 

S1059 IL15 -0 05 

J95 IM 

ub d ay June SB 


8 53 
500 
1217 
337 


JOB 


B. St. < Jewry e -x Sr. Urn flax, l.c V 
. — ^ujjnar 6 Co 


WE4 46S3. Ldn .V»U. 

M PaMMafl. London 5W175JII 


. . Lri. 
01-3307657 


Fxl.Vik.r-m T*i |17 7 39 71 [2 20 

KxJ Vk JJI.I Up Tsi |74 0 79 0^ -3 fl) 1.70 


Fleming Japan Fund S.A. 

37. ma- Noire Dame. Lu^emh,*unc 
l-ln-r l-m.-Sl | SI '*49 82 I • ! 3*' ^ 
Free World Fund Ltd. 

Hu'/’.T / ielri Bide . Hnmilror. Bermuda 
NMVMdvM I SIIS179 25 |. | — 

G.T. Management Ltd. 

Par* H*c 16 Fiaabury a'i-rus linden EC2. 
Trl Pl.B2BBl.il TUL 88S;90 
f-ar-don .Ageo-j. lor 
Anchor 'If i.'mw .. BTSt W 9 

C9 82 9 

1SFS4J3 i 

261 27 

26900^276 

ffl? 

SVfill 77 
*r.=7 2b 
SUS13 35 

G art more Invest. Ltd. Ldn. Agls. 

2 Si .Man Axe. London. BT "I SO BBl 

r.nrimorr Fuad MngL iFVir Finn lid. 


Schroder Life Group 
FJitcrrrtae Hnuae Posumouih. 
laieroallonal Funds 
{Equll; 

SEqoltv 

CFiaed Inter ett . . 

5 Fixed Interest 
CManaged 
SManaccd 


0705 37733 



1195 

1271 


XM.8 

133 4 


1368 

1?55 


105.1) 

111.6 


1388 

1391 


115* 

122 3 


J. Henri' Schroder Wagg * Co. L Id. 
120.Cheapiide.EC2. P1-HB4000 


■ 'haps June J0 


S'.'SU 55 
?L'5U9« , 

ISALM 1^3 
1515654 70lf 


-0031 


2 51 


Ul 

520 

01* 


A lie ha>r fill I Edge 
Anchor Int Fd . 
•Vne per In J*v T«r 
Berrvrac raf 
Bern PacStriK 

'J T VitnFd . 

■7 T V<:uMerling. 
1; T Bond Fund 
UT MnllarFd . 

• T ParllieKii 


J.ri 

12.85 

L76 

2.80 

ci: 

171 

L94 

999 

499 

116 


INtt tluichi*on Hxe ; JO Harxourt. nrl KKpnj: 


HKA Dae l' T< 

'apai. Fri - 
!. Ararnca/i T« 

Inti BspdFund 
Girintrr In. c I men I Mast 
P I . Box :c r.nuffla- loJL 
■7a n more Ini) Inc |Z1 0 
Unrlniorelnll G-bhlbS 1 


jjA 0.60 

llS15j-S“v( 15 

1S«I I 5 70 
l4d. 

I'riJI ZVH I 
218) I m 90 

69 31 I *0 

Hamhro Pacific Fond Mgmt. Ltd. 

SI W. f'nnnaught Centre. Hem: Knne 
Far Ea: : June 21 |12J2 12S9I I — ’ 

'apart Far'd [SCSI 25 7 IS 1 — 

Hambras iGuernseyl Ltd./ 

Hamhro Fund Mgrs. fC.I.J Lid. 

VO Rrti «. Unvrnbe, rwm.WASl 


J«l| -2 9) 
JM.tg 


370 
B 50 
250 
859 

:5o 


•71 Fund 

ltinl Rrtnit JUS 105,05 , 

Inl Equm SUS 10.84 11 I8| 

tol s,-s* 4 SLS 1 02 1 05l 

Inl Srftx B Sl’FlOl 1 721 
Pr.rn i<n lune 31 Next deal- nr Dine 2fl 

Henderson Baring Fund Mere. Ud. 
P 0 Box N 5723. Nassau. Bahama- 
lipnnFrt Mffi il Il: ; i I — 

T'n* #i r»n Junr 14 N##t 4 m1w nak" i'jn** 21. 

Hiil-Scmurl Sc Co. (Goerpscyi Lid. 

a lyFeb. rc ti . Pe'er Port liicratev. | 
nucrnxev Tx; 11*6 9 157 2! -1 21 3 61 

Hill Samuel Overseas runrf S.A. 

27. Hue Noire Dame. Luxeral-ourL 

H18B7 19 621-0 ;:! - 

inlernafional Pacific Inv. .Tod Ud. 
PO fwx niu rc vm si. s>dnc. au/i 
■ ax.r lin rat’i.la Tri ISAZU 2M I — 
J.E.T. Managers (Jersey) Ufl. 

PO hov. 104. Rmal-Txi H»e . .ierv',0634 27441 
I.Tf v? L’tlrnl T.xt [163 0 172 01 I — 

V.- jt 11 Next Hib il3'- Jun* SO 
Jardlur Fleming & Co. Ltd 
JC'h Fliavr Tonnrtuehl Cenirx. Hone Non* 
lardmeF.qn Tx- | SHK254 36 j i 
■arriln- » pn Ft! ■ SIIK319 04 . 0 90 

'jnf.nc* f- .» j SDSM22 J 2M 

Jjrdinv Flea Ini .] 6HK9 70 I — 

N W Un- 2" 'Rqulvafenf Jl 'Sh-d 5 

Next auti June 15 
Kevsele* ,17ngL, Jersey Ud- 
IXihmia VI lia-I.rr lopri iFri I'l.V'tW' 


Tra^UarMayJI . 

■Vrian Fd June IS .[irJUri 
Dari me Fnd. 

Japan rd June 15 

Sentrx Assurance International Ltd. 
1*0 Box 328. Hamilton 6. Bermuda » 

Managed Fund |Sl'S17« 1«N[ I — 

Singer & Frjedlander Ldn. Agent* 

20. Cannn/1 SL EC4 l>t-2480648 

Dckafondv j 051 ? 5 * 4 , »W-0ail 6J4 

TokxvT.-i Jnne2 I 4US35 00 | I 1.77 

Stronghold Management Limited 
I’ll Bo* 313. Si Helier. !«•!*-*,■ 0&34-TI40) 

.'oniraPdii, Tru-'t [92-28 97 ) 4) | — 

Sarin vest (Jersey) Ltd. 1*1 
Qucx'n* l|j-e Don Rd S' Holier. J»," 0934 77340 
American Inri Ts' |£8*4 
Fnppcr Trust JDD 97 

Jap IndcxT*: 1(3207 

TSB Unit Trust Manager* iC.I.) Ltd. 
HaCA'ello Rd Nl Sa,x>i-:r .lorsoi Il53l 7J4P4 
Jerouv Fund . M7.1 49 61 . | 4.8* 

Giarmaetf Fui'l |<7l *90 I *.81 

Pnccj «m Juno 21 Nexi tub da, June 38. 
Tokyo Pacific Holdings NW. 

J mi mix .Manaeeinenl Co V V f urwao 

NaV per j.harc June, fo SL'tSSBl ■ 

Tokyo Parlfie Hides. /Seaboard! VV. 
inliraix Manaecmeni Co X V. Clinee* 

:.AV per -hnre June IP JU'S4(>74 


I ri.jpv iWU'xM 

ifwg = 

12321-3IW - 


Tyndall Group 

Pri Rail 1254 Hamillrtn S. Rerminia. 
■> cneav J unc 14 [*' :si 18 1 »[ 

> Accum rmts- ..Bl MSI 191| . 
fl-Wov Inl Vfar IR /S' S2 SB 3 ill 

: New Su S. Heller. Jenev 


:-Z7$n 
1 bOO 


TriFSI. 'line 1 1 
i Accum. Shares! 
Viwnun June f 4 
c Aeeutnahnrex. 
JnwrFd June 1 1 
■NoTiJ Acc I'la.' 
Gill Fund June 14 
• Accum Shaps- 
V'lclrrr lianar, feu 


,17 65 
,ai9D 

n.f 
194 2 
273 2 
197 2 


825, 
22.70 
89 0 
69.1 
206.1 
W9ti 
ioi 


0524 37331/3 


600 

200 

165 

10^99 


1386 !«J2) 

is. Itlr of Man. 004 243 IL 


viiinag'ed May IF *»r- 135 n i - 


l s ld. Inlnl. MngmnL iC.I.j Ud. 

14. Mulea/lcr Street. SL Helier. Jersey 
i'ir Fund isi Min Hisd I 816 
United Slates Tnt. Inti. Adv. Co. 

14 Rue Afdnncer. Luxembourg 
US Tsi In, Fnd | jrslD.48 |-"li| 0 95 
Xri j««ei June Sfl 

S. G. Warburg & Co. Ud. 

TO. Gresham StrcrL KCS1 
I'm- Bd Kd JuneSO. | J1 SI 62 
KnA.v InL Juno20 I SL'517 44 
Gr Sf JFd M»» 31 S7'S7.09 

Mr Bur Juno 14 ISt'fll 35 U 

Warburg Invest. Mngt. Jrsy. Ltd. 

I Chanr-eOn.. SI Hcli.-r. J'> Cl 0634 73741 


■*'1-600 4555 

*no:i - 

-3JG 


fVinarlp, 

lbod'-ln 
Kr ri..(r\ Ir.i f 

K." xi-in I ur. . 

Japan '.lh Fund 
Ke>*vla*c .'apu?i 
I'xOI V-XI'I.V’AP 


p<- 


PrltU 
rrlUH 
(6 61 
(3 96 
Il«UO 
mi* 


XU3 29 


1UM 

L5':-J 

7 2*1 

4*61 
2b :7j 
13 33 


390 



World Wide Growth Management^ 

HM. ha>jle..irj Do-. fll. Liu.rmbc.urK 
ivnrftfwiifr Gih Fif[ JL S1497 — 


NOTES 


Pri™ .In r.m m,liid- s premium .-.it-: ■*n , .cc : id ' r *nd are in brief unless oilieror* 


-nd'cBirri V irid, \ i!*)iw"vrra’'m’’i.Vr: allow :..r all bu« -n- a-xpenn-j. a DHcred_pnce* 

i urinate all fxpenxex h Tb-dar.- rrici.a r Vielri Svvd rn mfrr " ' — 


.... pm-e d Eriiraaied e Tb-dA' 

; l.xxa-- p Pt-'Ji 1 prem:i;pi ins j ranee plan." a Single 
n. li.'k-x all a-xpenflex except ageni’* romnnition. 


ix-mng pnce h Dlnnbulion free >■' 

pirminn inrurancr x uf[ercrt i.--. , ■. - - - - . r - 

x Dffori-U price include* all rin-:.-- il I'Ui.ch' inmuch managers t Preiiou.' M) l pree 
f Net O' lav on realised comtal trii; unit - in.licalod by p 4 i..uernwy Cross 0 Suspended 
• Yield h< :,.-i Jersc"* (a-. ♦ Kv-yuMIrtKaM 


CLI\X INVESTMENTS UMiTED 
Boy a l Exchange Air.. J.ondun EC3V ^Ll>. Tel.: (II-2S5 1101. 
index Guide as ul 20 iU .ftiur, 1978 I Base 109 at 14-I.J71 

Clive Fixed Tnieresi Capital 

i’livr Fixed Iniercsi iPeon’p 


123.91 
l i 4.90 


CORAL INDEX: Close 4S3-45S 


INSURANCE BASE RATES 

9j^ 

n ft 

1 n 

it.-I Bnufl Tab)’ 


* J’rupem C.ry/ih . 

: Vanhrugh «iuar.'nierd ■ 

• Artiircf.v xjimiTi under Irt-urir’-c 


i • 
> 






ewe* 



fe'’*'* ■ V" " .. *«". 1 " :' " ' ,'•'“> T '-*i^ /• SZ ■■ .. "- 

' t *.-. 4 y v - y -i*:*;* v. : •.,*. ?*• .■ -• •, : 


*378 

• Hip Low 


“BRITISH FUNDS 

I r M 


Stock 


V't!d 
InL i ?.-tL 


9«- 

1 03'S 

“7 
TO K 
104 » 

M3>j 

lOZi? 

9?% 

?&% 

liDV 

row. 

91% 

191V 

St 

«:JL 

i.i 

9°>, 

Ea5. 

115* 

W, 

96% 

10CV 

04?, 

96'i 

11#. 


“Shorts” Gi*es up to Tiv? Years* 
9SV 
101/, 


95*. 

101% 


94V rticisurv apr — 

rtn In.. ■ _ m T ■ 


“5% 

1100 

*4% 

07,'. 

TO, 

TOf. 

w* 

ins,; 


38V 


Ml, 

?«* 


E'.rb. 5fc 76-7BTT 

TreaStLT ll%pc 


95^ 
95V 
1001 
% 
97^ 
53 
93V 
93V 

EL.Uwquc: lap* - ISffriri 1^3 V;. 
Treasury I ! 1 JW 133IS • | lOOg? 
Tiwur, tfjE i'/IP3! . 


rVtn.-^ir 74-73..... 
Tr^tur- W:y TSs _ 
Ec’:tT!i , 5-':P- > ■^•79 — 
Tre.tfurS:*'. 

Totmii) Uhs — 
lTrei-ur ?';rT ir-A* .. 
FluidiRS^fV’ 


9fc% ftrc.i5ur SVwlSSlJf - 


L'li'iiCspclSHl.— 

E-ch. wjr !GSi 

Esch. ^r< iST.! .. . -- 
mw VjruMe’BIfJ... 


ft 

96*. 

95,; 
Eb : ; 
% 

MSA 

92'ri 

S4v 
M7 k 

m.% 

9yz* 

92 -r 
92V 
90!.* 

20% 

101% !Trr astir- "-'pc 10^— -I 1*31 v 

Fire to ? ITieen Yes 

ITretourySlipi El --I 90- ! -m 
E:rf II.C 1 "Sk** 14-V 

,r LTBlir,p StffK 1 81 s - m 

fTroa-ni“ fl%pi TitJf'iC. 
FundiwO.pc PAE7— 

T,-e»'if> ;-,pcT5f-WS 
[Tr3im.inr,pL-Ti>e8 — 
[Tratiin-V’i ^30 .. 

Treasur;- Bp? I'SnS— 
TriueuirEVfiTPOi:... 


lC2*i&.ct 11V 1^1“ — 
oil. Tre%M.iPf8M2S — 

83V TrejriMj L'pe 

iQo% Trcnir, - l?pe £iri — 
' TTreat- Ian 2 *i !c IE}?... 

Trcar'irSVpc S 1 

E-.ch.9'i|w ISC 

t'.-iOVo’ iSfiS. 1 . 

90% Fa ■ is.SVpc 1983 

7^ uai.'ff 'J- • !»•■ 


E&T 

921 , 
**2% 




3 l- 1 

j ; 


fe 72 
7 51 


10 49 : If 21 
! t-’J 
1C 65 
1C- r” 
772 
3/3 
1106 
11 13 
2.07 


j-:- 

9 2*. 

C n? 

7 7 r 

iJM 

11 a; 


10 !0 ! ii 

9 5E ' 11-0 

oHl'142 

5^! 303 


ifi.6* 

12 31 
= 19 
3.K 
12.02 
1013 
9.05 | 
10 Dl 
10.01 
9W 
37? 
U 79 


• 0 ; 3 
11 4 ; 

11 10 
£ 06 
1LS 
11 ;3 
ilCi 
115- 
11 56 
II *1 
T 15 

11 "r 


ears 


Freaniiy 1 1 !»pc ISO 1 - 
37-91“. 


ET»=rf 

73". 

8C'4d 

62VsJ 


oc>; 

I0Z"’J 

75'j 

9«i* 

88 

101 


TrcAiur- lCip>: E^._l 
TrV.’K'Jr- lOpc 1592—^.j 
E 4 ch. 12 '.pc'a 2 1 

Over fifteen Years 

Trerur. ; «'- : k ro%.. 93^ -d I 

Funwnclp* - iSC?-^. — S2?5| 

TrcKniy Krlpf t??37; 10 / 

”f.:.,--un 115ij 

12 ' ; k !9W 1 C 2 V 

Trea- up upc ‘W 79 

r 7 i’t;t*r- 7‘Jor Vr 941..J 

■lv.~y WX5 

L-/. *1 WafclftS 


1MI. 

lDl's 

421. 

102i« 

36 


E.c:lieq jer iy 4 p>. "SW 
Rfdoip'.wn . 

TYcas-urj I3/.-PC XU , 

,E;i v squer!V;pc 1997 



Trii'ur.-Sl'pclSi?^- 

Trei’ur- 1C-®— 

■A t. Fu'ri'n;3 1 ;pc ._ 

67?* 7ria'ur? 3p.’ , tt; j >— 
TrM'un-SLpc'W-ISS 
65V r,e-i-u.T7-'jF<: 12 -Iit;., 
13 1 ; lilitLlCpc Ui7'£'.6pj-«l 

Undated 


E3v"S 

101V 

79V 

117'.-- 

1M»S 

102 -e flJ 
8^4 

77 

6 Hi 
121V 
55 V 
7B!-si 
?5V 

& 
63^ nf 
14 


+ J 5 


32U 

2 °V 

53 


CmM<h-tpc- 

v7aib?'jn3|jcS 

iConvliVpc TRAIL — 
21 V iTrearan .’.pc ®s Aft 

17», [Co.Tjt'ly^.-C 1 : ... 

15 V iTreasuySaw- 


32i-t 

30 


UV 
20V "i 
20V 


1C 15 
10 56 
6 7’ 
? 63 
cJ= 
557 
4 31 
7.67 
12 54 
10 45 
1234 

896 

12.65 

11.21 


12 64 
9 64 

12 "4 

13 06 
1272 

11 52 
12.69 

c CJ 
210 
12.74 
1172 
13 20 

12 33 
7.07 

12 £4 
1251 
II 7S 
11.13 
13.17 
12 . 6 ° 
12 07 
12 35 
?.3D 
12 00 
n.ew 
120 c 

12 64 


17 67 
12.75 
1054 
12 71 
12 ,3 
12 70 


1153 

2152 

•OZ: 
2 f “5 
V. 02 
B7I 

10 23 
12 I’- 
ll 51 

11 r 
12:7 
1214 
12.62 

12 5E 
21 ■'« 
12 5 J 
12 £4 
12 75 
17 39 
1270 

9 75 
12 74 
12.73 
12 22 
12 ^3 

“9 04 
11-30 
12 55 
12 24 
12 C-0 
12 ?S 
12 75 
1255 
12 rr 
1103 
1221 
12.08 
12.17 
12.54 



BONDS & RAILS— Cent 


1978 

High Low 


SB 

91 

375 

87 

160 

s£ p 

DM9! 

% 


85V 

79 

1265 

70 

145 

&& 

DM $1 

94 


Sort 


Do O', pc : 
lapanApc in a 
I f far: 8W4L 


TurinS 

iTurnf 


Price 

* orj 

£ 

- 1 

83V»d 


81 

IV 

365\d 


71% 


155 


75 p 


594% 


DM91 


46 


exclude tnv. 5 


— Gras 


FHL 

Yield 

UBS 
12 B9 

1 U 0 
195 
8.67 
9 52 
10.70 
390 


AMERICANS 


2iS 

172 

/iai.Rk \m SAl . 

223 

-9 

iQU’.-i 


:u 


Na 1 ’. air * .rp„ 

69 



46 



Wt,i (i. 

766 

+1 

1 ) JO 

4 2 

Wl 

m 

«chi , *i‘. , r>tl 

400 


1153 

— 


190 

Sft.«wfa - ’I*, ii. 

220 


11 '4 

— 

“‘r* 

7ft 

S 1 r.i 1 hS.Anh 

78v 


401 

— 

477 

47R 

Stand d * hart f.1 

400 

-10 

117 59 

19 

591, 

3V 

Trade [*.-. Si; fl 

59*' 

Q55c 

3 2 


7»0 

1 . nw»n IL-.il. „ 

320 


h 15.81 

_ 

4R 

Td 

L [>1 

17 




'?4 

£15?4 

v*.?l!,F:r^.Si_ 

£224 


51.40 


67 

60 

WinLUAL'Ilp .. 

61 

-2 

3 03 

— 


1978 

{filth Low 


17% 

£ 

32 

53V 

15% 

29V 

19% 

32g 

illi 

J? 

48 

42% 

4S% 

27»s 

22 

11 

21V 

14 

25 

iav 

47% 

26 
255, 
28 
46V 

32V 

eblj 

40 

12V 

183. 

3S 

44% 

24lj 

48 

% 

m 

976p 


• 11 *, 

17U 

!? 7 ’ 

2 !% 

SS 

19% 

J 6 >, 

% 
1 al 
=7jp 

4C 

5;% 

241 . 

17“ 

“6 

975p 

U 


13*j 

bOV 

-in 

213, 

11 

%9p 

lw 

S 4 

13 

625 P 


Sock 

ASA 

.VMFKcConv 
AmasSi. 
.American Express. 
Vncr Medic 
.Aidfivinc. 


Dh. rid 

: Grow Cvr GrV 


ChrjlerS&c... 


COBt. Dili? 


umark. 


Ford Motor SI., 


I ITS 


Geodr- On 
Berh.srecl 

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S.E. List Premium 51%'V (based on 92.0726 per £> 


BANKS AM? EIRE PURCHASE 

1+ orj Jlir j 
Price | — | Net | 


IKS 

High bin 

1300 
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£133 
334 
197 
165 
£20l» 

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21 
170 
572 
315 
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530 

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106 

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187 

157 


373 

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6.4 


FINANCIAL TIMES 


BRACKEN HOUSE, 10. CANNON STREET, LONDON EC4P 4BY 
Telex: Editorial SSSS41/2, 8S389T. Advertisements: 585035. Telegrams: Finantimo, London PS4. 

Telephone: 01-248 8009. 

For Share Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester. Tel: 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


EDITORLAL OFFICES 

.Amsterdam. P.d Bov 129**. Amsterdani-C. 

Telex 12171 Tel: MO Km 
B irmingham: Georpe House, George Road. 

Tdcx 338650 Tel: OZI-1M C023 
Bonn: Presihaus ll<ir*4 lieussallee 2-10. 

Telex satSWCi Tel- 210039 
Brussels: 33 P.ue Ducalc. 

Teles 232S3 Tel: S 12-U0C7 

Cairo: PO. Box 3M0. 

Tel: 938510 

Dublin: 8 Fitrunlliam Square. 

. Telex 5414 Tel: 765S21 
Edmburch: 37 Ceonio Street 
Telex: '<:■»* Tel: *701-226 4lCO 
Frankfurt- Im Saehrenlaper 13. 

Telex: 41*5263 Tel: 555730 
Johannwburc P.O. P ft .\ 2133 
Telex B6257 Tel. 838-7545 
Lisbon - Praca da Aleeria 58-ID. Lisbon 2. 

Teles 125.13 Tel. 382 &03 
Madrid: Espronceda 32, Madrid 3. 

Tel: 441 6772 


M -inrhostar Queens Ffouie. Queens Street. 

Telex 606813 Tel: 061-S34 9381 
Moscow: Sadoro-Samotechiu^ 12-24. Apt. 15 
Telex T90O Tel. 294 3748 

No - - YnrS 75 Rockefeller Plan X Y. 20010. 

Telex »*39n Tel: i212i 541 4WS5 
Pan- 33 Hue do Rentier. 75002. 

Tele:. 220044 Tel: 236.37.43 
Ric* do Janeiro: Aveuda Pres. Vargas 418-10. 

Tel: 253 4BW 

Rome: Via della Mercedc 55. 

Telex 61032 Tel: 678 3314 

Sir--t;holm. c.'o Svenslu DacUadct, Raalambstagen 7. 

Teles 17603 Tel: 50 80 88 
Tehran: P.O. Box 11-1879 
Telex 212634 Tel. 682688 
Tot’-o 8th Fluor. Nihon Keiiai Shimbun 
Building. 1-9-5 iltemachi. Chiyoda-ku. 

Telex .1 27104 Tel 241 2920 
Wa - .*nnpton- 2nd F1'X>r. 1 325 E. Street, 

0':,ritincron DC 200i»4 
Telex 44U223 Tel: (302i 347 8876 


ad\xrtisement offices 

Birmingham - t^jciree Houm. 1 . Oonrge Rnad- 
Telex 338650 T«1 021-554 0922 
Edinburgh: ,"T Quorcx K'lvet. 

Telex 72484 Tel 931-220 4139 
Fronldurf in* Sdchnenlaver 13. 

Teles 1K8J Tvl. 554667 
Le»*d-;- Permanent House, The Hcadrow. 
Tel. 0532 454969 


Mwehwier - Queen; House. Queens StreeL 
Tclev n'«Hi3 Tel- 061^334 9381 
N.--. - York 74 Ro-:kel iller Plain. S.Y. 10010 
Telex 42'WLl Tel - iV!2! 489 8300 
Pa - 1 .. :<6 nue du Sentier. 75U02. 

Tel-.' 220044 Tel- 236 86.01 
T‘'‘ky->: Ku.-.ihara Butldmi;. l-ft-10 TTchikanda. 
C hiyiclj-ku Telex j 27104 Tel. 295 4050 


SUBSCRIPTIONS 

r 0 nies obtainable iron: neu.'-asonis and bookstall, uorldu-ide or on regular subseripuan from 
Subscnptiaa Department, Financial Tune6, London 


1PW J 

Pi^h Lira | 


BANKS & HP— Continued 

'* or| nii - 

- j Net 


Sort 


Price 


rid 

rvT r.r'j P/E 


Hire Purchase, etc. 


38*j 
£61% 

2-i*llll 


30% 

48*; 


31% 

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9.6 


6.9 6 2 
- 18.1 


BEESS. TUNES AND SFIBITS 


158 


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163 

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BUILDING INDUSTRY, TIMBER 
AND ROADS 


9 

57 
69 
76 

272 

64% 

104 

38 

125 

61% 

58 
184 


33% 

26 

48 
58 
82 

58 
300 

41 

71 

99 
73 

105 

220 

72 

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16 

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280 
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147 
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170 

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40 

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Baageriiise Rrk . 
Bailey Ren lOp .. 
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1 Do/A'lOp 

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42 

26 

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41 

48 
74 
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21 

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11**2 97 I 1 ii i • 


■ 60 1-1 

•120 !.. . 

; 147 i . . 

’ e 3 ' 


>ES AND LEATHER 


xhwHW . 
h Mnin ' 1 > . 


h 'IninT • . 
ucnr Inr ’ 
prScmhlnir 
ilar; Sloop . 
jnsaip.. - 

ure. - 

StnllUiSp- 
MdfcRurtn. 
criili'.V— . 

ini Grp. 

id ScSira'.V- 
41 c t Fisher _ 

0 Shoes 

ierV.fcE10p_ 

■rt While 

irrn l'.>p. — 


.... 10 

-1 4 39 
..... t«13 89 

550 

123 

. .. 4.90 
-2 t2 27 
. ... 3.17 

-ij Z60 

... . 1.87 
-1 2.77 

thl.92 

14.24 

-1 1.72 

hl.M 

-K M3 96 
...:.. 131 


2 . 0 1 sqa* 
3.4 1L<* 3.7 
2 4 10.4 6.2 

41 69 47 
7.9 4.2 35 
2 jl &.1 82 

5.0 5.1 4.7 
2 5114 5.4 

3.0 8 5 5.9 
2.7 3.9 9 5 

42 7.6 4.7 
16 75135 
1410 7 6.0 

3.2 4.411.0 
36 5.8 6.9 
B 1 7.S 40 
Zj 6 7.b 7.6 


! #±f 

| 68 :.- - 1 .. 

ill . • 
65 

,1 65 '-r. -... Tra-t 75 -j 

1051; 90 >K '.Jr -4 

95 67 Gi^plri-’.ir 85 

65 56 !*--!!■.«• -1 

65 48 i.piup :r; M;;:' 64 ; . 

93 78 li.x'.rc 93 

39 26 1 : I m ’.Op 3o .. 

1 E 7 1 M *l»-I-r-.::p 176 -2 

78 69 lniH>-':.i. 10 

76 68 I* - "I" - ,4 

£&«j [rniur.-.! . S^4 

b70 6 M I* f > i M0 -• 

S2lj 42 T « lneiiV.:i..!i.'-:r 51 .... | 

77 V, 65*: Wens J Mir. . .6 

143 ‘ 107 in-. iT.*u“J«»- 1 « 

86 621; n-.-^r-j:?.. 83 -1 

278 174 ir. - ; Jt i?-'T «3 ■‘■1 
142 M3 JcM.ne'awn... 137 -5 
1431- 70ij laifi-rt* . ;4|l 2 .. .. 

167 “ 103 ler-v E. : pf !p M3 -4 

248 223 Ji-w>'jeavl.— 238 

49 41*2 J»s H>nd:rtS_ - 47 

51 44 jM4lir-.ins.ibp 4S*’ . 

6 h 4 ,6 - 

; 140 125 F.-i*:;:*'- ?T- ■••• 

1 91 75 Lite Inc- 89 -1 

r 44 38 Lane t lW* lit.- ,42 

I 104 87*; La". Iwwnmra. 104 ... . 

£11% Qlti tesreRle 'Re HI 3 : 


ertrr! ■ 
'c rdeavre" - 

'r. - . 

»■ ■: :»• 

,r:iv . • :• ■> 


I ICO I 8.6 i'silL* 

[♦01 | 4 - Ob « 


£\Sl :'■> 




■j|r>; 

MTres?. n< 
r r*c T’ii-.il 
W*«=f.v it 

i' visnar. . 
lie Tp<:C.Tr • 
IWeek: Nil I 0 t 
’ F-'i r -rt '.(■ 

Uft — . 


Q 14 % - 


LU| 30 1 4[334 


6 *t 1 '? 

143 79 

lb »’ 
178 117 

48 30 

D4% 7s0 
40 12 

538 310 
300 50 

8 A 

TO 35 


122" J j-i QS-r 15; 40 


j-r tQUc 1.9 4.1 


-2 j Q15e 4 ol *9 

l 2 °l*Q 6 c 5 " - 


2.41 5 5! 8 0 


TINS 


411 45 5.4 


4 9°p 1102jU.4j -1 

1 O4\ 0 o — £241 — 
l 132 5-Bl 1 ,1*16J 


[J2 5.B "1.1*16.0 

" 7-4 275 To — 


m :4 
360 240 
60 4 5 
290 200 
145 HI 
10 81; 
290 220 


" qisjjc - ? ‘ — 


165 130 
93 78 


11 10 
75 68 


OVERSEAS TRADERS 

^VlH lidSffiPHliWl 

1 50 6 5 0 * 


490 450 
1 400 280 


, ”4 

5^4 

600 .... 


;ODTH AFRICANS 


?reomRfl?n_ 

bvRl 

jTr'ilud.SOc 

corks Kk: 

dF 1 rfs.P. 2 * 2 C 
dims - .-V 50c — 
ldl'sfpn.RL 
Bazaars50c_ 
nniwlOels... 

, Ttnacfm • V5#r 
LBren.a-.Mc— 
sn-LiaisRl — 
isce — — - 


109 +2 4Q2«c 
575 ..j... Q63c 
130 +2 y 20 c 

80 t*J4c 

82 Q 8 c | 

135 :! W 


1.31 <.. 11 II 


450 l+lOl Q58e 


«-W 

OUc 

! 10 


2 . 4 J 6.3 62 1 

2.9 3.0 115 
1.2 5E137 
0.6 t 9.8 
« 15.1 * 

* 11 
0 W i 22.6 

4.3l0.5 14 

* E.1 * 

* 52 6 
12 9.1 9J 


L 6 4 0 ?8 0 525 .-23 
1.0 5.5iZ71 90 66 

6 i 24.2 445 !?=0 


Lerinlr.-.lncjjp 35 

D* '“a? =P — 


31 I 26 leVallniwljn-. 


TEXTILES 


lirdT^sdile — . 
kmsBriw.^— 


laics \J )20p — 
idananA-iOp. 


dawm A- (0p-l 
ackuwid Mon 

mdSlFab-inp 


rieraj-Grp Sp- 
rit Enkal.cra — 


ntEokalon — 
BntSWair-— 
miner fob 20 p- 
jirdiDnndw- 
arpctsim-MTi. 
MT'slnUydia. 

Caiwkwlnd 

Coals Fainns 

ijrah ..-. — 
uunauWs, — ... 
Do TMiebU'. 
iT^rtheriJj — . 
owymlntl . ■ 
Da A' ■ , - ■ 
HKUl'tlawqi - 
jrl> 1 ‘7 6 1 1Pr 
r.-*er'.lohm — 


lacVOf- iJ.’lOp _ 
licLricP'rt Wp. 
IieldBrtb.ap - 

ilchams 

Hollas Grp rp 
Hendray .. - 
JI'eannhAI 3)p 
iw -A’acp. .- 
InoaniH '1‘ip- 
IctonwiHlder •- 
Leeds Djen 
Leich Millf - - 
L*ie\5p - - - 
Lisle- -. - 
We-S.?ip 
Martay Huah 
jLtkinnonbMie 
daruni.A.Jip- 
Miller vF 1 lUp— 

Mdmlnn 

Notts. Mart !? -- 1 
Nm-ajcnC; 3Jp-, 
ParVianc .V .... 
Pi-^ie* 1 W . 1 & 1 0 
Iw \4'NV I0p_ 


M4 

5W 

67 ..... 

h?- 

29BI -*2 

9 

16 +1 
45*2 -*2 

S 

w± 

30 ..... 

71 -1 
3Z*2 -1 
116 -3 
E74 . .. 
35 si ...... 

123 -3 
122 -3 
70 ... 

27 

37*2 . -- 
105 ... 
85 . 

H 

51sl -1 
57 -1 


3.5\ 6.8J 63 
2.4llD.7| 5.3 
6^ 6.5 29 
L9I103 78 
l.a ±jii42> 
j 3.W13 J 32 

♦ Hj, 


it in 


H ±1 


2.4D.1 5.3 
34 7.0 43 

3.7 8.6 4.2 
13 4.9 ( 1D2i 

» 2 fil - 
— 2_8 — 

* 47 * 

2.6 521L1 

2.1111 64 

2.8 10.1 5.4 
20 0 L0 7.8 

13 11.6 9.9 
Zb 103 5 8 
30 89 56 
Lb 11.1 i72. 
1 0.9 11.64,337 


^ 

64 55 LiT-.v.’.inlic .. 64 c! .. .. 

138 103 !/.n_ 4 usi.lnvSV. 137 

67 53 Uin./.Gart.5>p- 66 .... 

114 95 I '.ir t.- lpei- • , • 

86 61 L 1 W.& Lenox... 83 -1 

26 16 LrT.&Li.lOp.- 24 ... 

73 59*; [en.tUT»nd- 73 

186 157 Lon. tMomrose. 184 

112 93 Lnn.&PrM— - • . 

75 64 L»n Prudenlia!- 74 -1 

4 ; 34 Um.£; 6 ct*Je - 4>2 • ,•■ 

19S 173 UmTrtMd.., 1?7 -1 

5’ 48 LcslarJlm - . gO — 

195 178 aiCUn*llnc.Wp IW ... . 

119*r 90 Do Cap U>- . . 109 -1 

89 74 DaSsI&tvx l"p 85d .. 

22*j 164 Dn.Can4p .. 20*.’ -■ 

zr :0 •Jan&fxjL.’Op 23 

a -0 MeMmmlm ... 44 .. . 

AO ?3 Mercantile ln\ . 38*4 - - 

74 o2 MercbaiUsTU. - • 

591.-41 Stoli In-est- | 0 nl ... 


i 

_u lE«s<oad- 10 pi 
^50" Jr — S’ iJaf.iaOp. 

4 I*',.- Mfcn i!" 

> ];r:.f is ■-:;•* £i 

66 iioimuigiM-- 
!?:0 iLntl.Cijeil.. . 

1 Lacks ‘>iri -. - 
0 Jjanffiraiurar- 
73 69 Jlonrl»- jj..— 

± 01 ’ •M.iiwIUor.s. . 
220 " Sueriar. 0 ec.tr 
68 'VeanWlnii 2 up 

5 I'a: :‘JP- 

5 rwA'NVlOp- 
7 Srr.“t-"<J-E*iOp. 


70 40 

62 53 


Ana! v.oena — I 
AserHturaSi:! - 
EeraliTin 

&?r.unla:5111 

Gte-er. 

Gold £ Base U7‘±P- 

l>penj C'MU 

Hnnrtcni 

IdnflOp 

Imiar D 3 J — — . 
KamurtiiuiMOiO. 

KTll:nthaIl 

Mala' DrcdpEfiSMl 


25 

355 

. 53 

290 

135 

91; 

290 ...... 

165 

88 

10 

75 -1 


1150 * 60l * 

8 71 3.2 4 3 . 12 


8 71 3^ 4 3 8 ^! 

qi:* s L4l 1 8123.1 
♦n.7E * 7.2 

426 21 7.6 W 

H50 12 5510.0 
20 60 63] - I 43 


210 165 
61 49 

61 47 

205 140 
305 230 
226 134 
75 55 

100 B5 
100 74 

220 148 


iPahanA , 

renrtauen lOp — 1 

PetaliMSHl 1 

SaiziFMan —I 


490 

400 

■ 69 -1 


<*oih Crafty i0o_ 
South FLldUi 5151.91 
SthnMalas-anSMl . 
Sunpei Bed SMI — 
SupreroeCerp.SMl 
Tanicn?l5f>. - 
Ti'O^Xan Hrhr. SMI 
rronohSMl — - 


Mrf* . .. 
210vd 1—2 
51 ..-. 


60 

205 

305 .... 

226 t 2 


0.7 4.4 

* 253 
0.8 51 

0.5 ; 

13 lb.7 
It 8? 
4 b 5.4 

13104 

1.4 8.2 
LI 9 2 

* - 

- 2.9 

08 107 

LW 8.5 


2.3 Ib3f3.0i 
L7 12.b (5.7) 
* 83 * ! 

<•> 49 4 
75 6 J 31 
75 65 33 
L3 t 5.6 


10 O 170 


Svna.-eiparaOp - 
(‘Sine I*arby 10 p( 

Steel Brrs - 


'rcer Sens 20 p . I 
r«-. 8 m. Cm. - I 


r*r. SpcCm.f 
L'.i'iP "cn 1 1 ( 
Do fOpc Ln. 1 


3.3 3.1 20| 
44 4.8 6.9 
27 8.5 M 
18.0 18.7 — 
1L0 L7 8.0 
312 £2.7 - 


17 9 

300 220 
465 245 
234 164 
90 30 

£12 750 
45 43 

180 120 


COPPER 

IMcsrinaBHaO — 1 91 1*1 [tQ30c| 

miscellaneous 


Burma Mines 17*3). I M ...... 7 - 

Con 5 .Mnreh. 10 c —I 255 +15 *Q30c 


UHP./iuu u. “ 

NorthcdeCSl 

RTZ 

Sabina lads. CS1— 

rara&c«n.5l 

MudvlfineralflOp- 
Yukon Cons. CS1 — 


425 -10 - 

222 -2 95 

63 -U - 

flTV — 

43 i53 

180 . — Q7c 


y lb 


rubbers and sisals 


NOTES 


1978 

Bieh Low 


Low I S»«* 1 

75 I.Ajiclo.’.ndones'n— 
b5 iBerumlonilOp.. 
1H» Bud'AIncai— - 

II ' Bronwall IMP 

o5 KMiefield itjp — ■ — 

76 Cher^ney* 10? .. 
233, JC'Airianalup 
Bit Grand'. encraUOp- 

■ll Guthrie £i- 

65 H^rv^iC- a' :UP 
56 i; Hi^tlandardaOc - 


Ptk* M S |cJ 52 

^ l:.::::l z 3 7 l I U S 


41K Koala iwp«dcM51. 

29 TiKuhmMruc 
b9 Ldr, ^uiriaira IOp _ 
48 MalakaflMS^ — 
30*2 Muar Riser IOp • - 
55 Flar.iatv’r.Eato ;0p 
37 SuaseiKnaniOp-. 


100 

93 

16 ... 
50 .... 

260 +5 

43 . ... 
58 

10 

Z70td . ... 
98 -2 

1*5 

71 ... 
52*2 ....! 

155 *2 
97 -1 

W* 

72 .. . 

60 


17 1.0 5.2 

sia LO 1-6 

hL38 12 4.B 


hep 12 12.0 
05s I *.| §5 


055 * 85 

13.0 qL 6 8.4 
♦14.0 - 62 
Q20Bc - 3.9 
ar:-c 15 3.8 ! 
Q1I& 0.8 4.Bi 
♦4.0 4> 4.0 

O20c 1.9 4.4 

hO .43 3.1 1.4 
rib 20 4.6 
bl5 191 3-8 


Unto, ihOTtoe Indlbtcd. Urtgb 

_____ JmnUafil — nr asp. Eulimua P nCT r ™ lu T: 

E!^»3lr^««Dcbaard on laLest unnl mmrt* and 

dt npdmlcd on b^-v^rllfro^rPSsarB 

SwJSSTKto? I** a* ^jsssTJssstJfSr 

ssscarest zrzs'rzz ttggt 


U srertin* deuoitunatrd secwnUrs which include investment 


dollar premium. 
•‘Tap" Stock. 


TEAS 

India and Bangladesh 


¥ H VeS&r'l 12 L 


235 175 AwnnoMRAl-- f35 ^-5 

385 280 As-mFYonUC-D 305 *3*2- 

123 104 AwantlrnsJ 1 - - .Vi- 

Empire Hams !0p. ^8 JgR 


DO -v Bviii. •• . j - - 

44 3 Do Writs £L 35 -1 

71 42 Meter'Ll. - - 71 *2 

g; 78 Moorsatelni- — «2‘; . . 

04 34 MoorrideTnuS 94 


u q 1 o-« iwiuiuTiiu.-* •- 

835 cOO NesilFASl.’l 770 ■. • 

2*!-* 17% XewThroilcc. ISnJ 

118* ! 70 Dn.Cap £! - .. 1^2 -- 


2 ‘j ]1 Do.N'wWnts. 17 •• 

4 ; 31U NY'.&'iaririntc 40 1-1 

’18 133* lSBIipes:-. - 217 -1 


7 Bi; iNUi .AllinceAfcl 94 


100 %. "9;; Nlhn Aieri 
luT ' t5'-i Northern *t 


will .] 99 -% 


31 6.8 64 5 ; 
31 7W 62 j; 
1511 7 8 6 7 


t 5’-; [Northern -xs 
rl Oilfc.VsjfV'Im 


50 

63 .. 

19 

3 -1 


3 W 84 50 
5.ffl 3 6 71 
2 s! 8 4 6 5 


R.K.T Iftu- - 
F!,vlk"' Fashions 
Ri.^drF.m. 1 .. 
Rrh jo.t; rDii'A’p- 
HirhiU* IOp. — 
S EZ7 3'T 
Scolt Rnbenmn 
Seter-lnLllip.. 
Flia«i'£rper’ IOp. 
Bhitoh Spinners. 
5 : rtlawlnd*.*lp 
Sirdar _ 
small ficTidtiwis 
Mi-VrreiaLItt! 
Du Pr»i Ua*'.. 
Spencer [Gen i-... 
SiMdarrt'A . 
StrauS Riles Dr u 
Twn'oiwilJi' 

TesITriJr? ,0 P 
TomluiL<»n.< 
ToeuI - 


Trifl"rdCai7«s 
Tncmlle IOp — 
Viu-TesCCp _ 
y.tfi» F«*».30p 
Ycughal . . — 


35*; -1 . 

97 

45 

6i . . : 

122 -s : 
43 -2 

75*d -2 
14% 

10 

92ri 

50 

87rt -3 

42 

21 

59 

47 ... • 
281; •• - 
39 . ... 

29 ... 

89d -2 
67 -1 

30 .. ■ 
701; *1% 
45 

45 

28 

32 . - 
58 .. . 

23 

« -l" 

ll ;\: 

64 .... 

42 

. 43 ■ - 

. 34 -1 


- 0.3 - 
15110 9 4 
0.9(11 2 15 J 

5.4 7.0 4 5 

4.8 5.3 4.1 
3 5 4.9 8 8 
2 2 8.7 7 7 
48 4.0 66 
7.6 1.8105 
4> 6.4 4> 

2J 7 210.0 

2.110.4 b? 

35 7.7 5 6 
31120 41 
* 7.7 d> 

19 10 4 3.8 


5 ?'., d; Oubrehlm .. - 55 -*2 

121 50 Penaamilm 119>d ** 

75 r-5 Pnij. y- icr .*®P 70bt- 

;f.u 23't frimncirtCitie* 5 b — I 

327“ ! f *4 Rbehurr. . .- 126 : 

41 J7 Reabronkln-. 38 

71 n RiehUilj'Cap .31 i*l 

172 *1-S Rhertllen: li- 

142 i:3 Rner Plate rjrt 


JUA AWIBIIWli ■■ .tgg 

20% Empire FtoSslOp. Vc" Ajm 

I iStoi: | *W 

__ 22 SinsloWte-K*- _?& -i Tta 

244 181 Warren FlSnls 244 +3 14.67 

172 138 [HilluunMHU.1 — I 71 

Sri Lanka 

210 ]123 [Lunutail l 17 ^ J 1 ^ ^ 

Africa 


* Hislis an^Litw*. marked thnshmw h«en adjusted 10 allow 

lor right* iw® e “ h . 

r Inierim blnn? merease*! or 

* Interim since reduced, pr^'cd or . i ^™- 
** Ta> free 10 r.on-rcsiricnu on application. 

* Ficuros or report n waited, 
tt Unlisted Mcuntr- 

; rcripand iw 

esner relHles to previous dividend or torecart- 
— Free of sump Put*. 

* Merger hid or reorganisation In progress. 

J S^TS^redueed linal and/or reduced earning. 

f FSSJSrtdrvldend: coicron enrnitiGs updaicd by latest 

: cSSlfiST' teTcun*™ ol share* nee ranking lor 
dividends or rankinc only for redrteted «* |W M*end 

* Cover does, not allow Jot 


690 7°0 IRUigTcil I W? h |S'2 

165 130 |Suo«ia«.— -I 185 * 1 lxu 


50.0 \ * 112-6 

13.0 1 « 110.6 


L9h04 3.8 


3 01 9 0 6.7 
9.21 4 2 S3 


2 5 S.B'52 
* B3> 6 


13 8.5 M.0 
1 5 10 2 102 
48 64 39 


lfJlO.li 9 2 


1W 8.7 8.7 
4 5] 71 5.3 
7.5 4.0 3.7 
50 *3 5 J 

09 6b 25 7 1 
IjUlOl 112 
1.91 B4 9 2 

10 2.0 50.4 
i.euj: 7.5 

6.2 43 32 

2.2 117 6.0 
0.2l 6.4 - 
— 1 9.1 — 


£« j --■3-4 r.nillirn riM. ’tTT - \ j 

437 Ijlf Do Sub. >n ■ Kb. 481 -5 

oil, J 71 RonmeyTrust _ 9* j 

50 * 52 Rosedimortd Tnc. WiJ... 

75 -a Db-Cap — -. 73 J — 
144!, I=a RiCtisduldlii.vJp. 185 I. ... 

71 “ 5 - Sairsuaid !nd - ,71 , • 

123 K1 St .Andrew 1 «t . *1 

c 2 74!; Sot Am. to 91 

74 -:‘2 ScMiCciaL Im . <4 

IS! 1:1 Scut-Ciliet'A— 160 

142 l'-4 Scot Eul m - . .. 140 -- 

j ;4 Srrt. Eup'p'i’Ti - 33 ■ • 

i0' ' C L ;■ SreOishlir. - 10O’'«4 -* 
Hj:,i : : SwtM.in.iTf: ll-» -*:• , 
147 ’lr.5 scotNaii'cinl . I l*b -p 
1P1'— | Scot Non hern [10-;; -*: 
114 SoA fniurv- . j l“l*i -1*; 
7 Si- xntl'lriin-. 1 77'-;: 

o£,'l7:- : xntueiftrn.. 1 9*jd 
a-: | e'- ScW «estn. W 92'c -*-a 
ini tic'. .MllicreTi' .J 192 -J; 

S3 i t; s« Gn>ji ? ; lim 88 

67 * r( ftJ-P’ Ea -2 

I ion.' .;4: ; SecuniitfT S<- 189 -- 

1 4b(. ' 1 : 0 f| vjfF.'.AlT a*'. 432 
! l o I— : |5hir«ln-. Vp 135 
! 71 , ISucaeillUp . - 7- 


MINES 

CENTRAL RAND 

l!-n IDunan r*epRl - 238 1*3 1 - 1 - ] - 

j24J E-.4P4nmFn.Rl. 299, -2 I r-_. T. 

- j£29* a Rardfanl r. EsL R2 £35^ \~h « 

178 ' J 781; fXal Rand Rl Ill I" 1 17* 

eastern RAND 


^blasu? t? 


57*5 BroctenWc — 
28 Eafi lotta w — 

235 E RG Ci. TO 50 

7b Groan IciSJc 

271 KtorwaRl 

2 35 L«]:e(&r- - - - 
67 Mine, ale ROW „ 
!, 37 S.AIncanLd 35c - 
37 MaUontwnRl . — 
760 517 WrokelheakRO — 

63 31 WiLSlp4l5te 


W Excluding a final ditirfend deciaraiiun. 
t RTgioniil pnev. 

a Tax free ‘“b FiKunm based on prospectus cr rther 
eslimaie. e Cent', d Dnnier.d rate pjirl or liable "" WJJ* 
S «n!ul ewer tansed or, dividend on lun -.apitnL 
Red am pti onfield, f Flat yield K Avsume-i dmden.l and 

ISSHSsis 

and 'ield based on pn+poctus or other official crtimai-w for 
?5rr.™ C^n.roed P dirtdend andj |'.eld 

IfDhiSSXa'y'Sui based on or ■"Mer^r.rtj. 

?rt5SSfor N Dividend and field bosedon pro^cjU* 

, IrfOc i a! e d. 1 mates for 1979. P Dividend and fieM 

6 iJJjSptloo Treasuxy Bill Rale stay* unchanged unlit awtnnty 
9 Of rtbcfc 

4 Abbreviations' «fex dpidend; wexsrrfp wstieiirexrlgMr.oer 
alb rf ex capital diftnhubon. 


J86c] 17 ) 74 .« Rgccnt Issaes ” and “ Rights 1, Page 32 


FAR WEST RAND 


TOBACCOS 


346 267 BATlndv. -. — 324 -4 1301 114j 61| 56 

S l|p SBfc*: % : 3 - IB U»i t* 
h i BSiw: I ^ J 5 joI i* 

8b 55 IbsemiMciln IUd - ™ v 1 ' 


166 J-l 

74 I -. 

62 I 


TRUSTS, FINANCE. LAND 

Investment Trusts ■ 

49 Aberdeen lm-: 50 ... 235 10 4 A 25.5 

I1B AhwdoenTrust . M Bg Ij 5735.0 

iu Ws Aij”lnv . - IW “ 2 81 ' 

% 77 A iianwlm . 96 f q 4.7 30 9 

228 1°3 .UliaWTrud 228 i-lS io 10 713.7 

124 115 Altifunrt lnc.Wp JIB "¥" Say 03 — 
IB? if? T»n#*XF- ^ - 1 ^ !2.7 7 

621. 53 AflHBSPmt ^ _ _ _ 

83*1 V I"* l -'ar - »‘2 , ■•• , « . . 4 - 31 9 

46 37** .VrtenrnnTnki £5 * - 4 1.35 _ _ | 

n SS ; f J « a ^ 
s S: a? site 

{I Pii Cap. S t — » ' '■ 011% 1.1 

b -.rpnXm 1 'jJl'- " ?04 l.o 50^30.6 

A VslinMUb IW 1 • ■■ ,T, 1 . s . .In o 


in ii4; ht^ri Hir'd . . 172 
■ir * 7ii JUxiaorttr It. 94*: -f: 
* 5 :; ; f.i Ted-xoln^.- . 9- 

Or E;.; Temple Bar. . ?Z -1 , 

26 I Thwa Grn«3. . -3 .. . ■ 

101 DaCapil . . 93 -1 

73 1 Ihrapnonoii ... ~ [7 

ril£i— 05 DdBI^Lmi £109 -2 

'r? 1 7i Tor. Invest Ire. 73 -* 

.15 j Do Can 102 -J 

167 ll-' Tram i.wani*- - 16o -1 

74 ! 5+ Tnbonelmc.::.. 74 

66 1 :,3 ‘: Trp!r»" ; '-lr.- ■•.’p . 62 

157 I'll Da.Cbpi'.aI£l 135 

ip.j, I -1 TnriL.non - 102 

li5 11-0 TnultvCorp 131 -1 

*14 1 tJ lYrnturie Int 112 

‘tiO I 53 Iptonlir. 58 

■,15 I '.Oo'-; L'ld.Br.t See. .- 125 
to i Iu jVldCapilal' .... 19 

07 ".- 1 JO'; VS Deb f'nrt. 96*; 

155 ' Hr-’ CS luererJT' - 186 ■ 

9C0 Icbo ICrTnflF’jsdSS- BflfJxfl ••••■ 

09 ;- T* Rc~mrr- 91 -1 

£4' 5 1 '; 1 B 76 . . ■ 

307 >273 (««liQmiir.£l 302 -= 

icb j*7I I'iimerli-C'jm 196 .. 

go I o^i-. WiUnlr... , . 87 -1 

1 eg ! o? I In 'b . . . . 84 -1 

170 !4C |V».inynIn. . 166 -1 

1 i! 1 2p [York* L L:-r,is . 30 

21 * •• • !Yuri:r>;ii Jftj- 16 

' 72 i >ia- 77 [-1 


1B6 .... 


84 -a 

166 '-I 


; 258 Blr-TorTa — 

r-l7b« I'ddBel' - - - 

®6 ' 1 71 reellSTjal ROa). . 


: ',214 Dr-ireii ntcmEl . 
i IpC? liidlirieKI 
i <163 lEHr.'iTir.d'jid 'J* 

5 o? ELixin: ?-! 

4MP90 H^neuitS'Rl 
5 * U03 HswfRcldRl — - 

» ]4J2 Li baivin R! 

7 419 South* aal 50c 

282 206 Snlfonteir.aOc. — 
L14i, £11 Vaal Reefs i*c — 
259*1123 VsniermwlRl — 
2 h - 1 A v.lmcnl — — 
1*152 B'edem :■ ireasRl. 
83* 589 Western Deep RS- 
B {163 ZaadpauRl-- 


340 -3 

£1D' S -'a 
80 -1 
324 -2 

759 -9 

205 -3 

111 -1 

£141; 

533 -4 
5B2 -4 

492 -4 
250 +6 

£14i. 

234 -3 
£22*2 ...... 

369 -1 
830 -t 

238 +3 


This tereire Is available to every Company deal* tn on 
Stock Exchanges throughout the United Kingdom for a 
4 , n; 1 fee of £400 per annum for each security 

♦ 47 


REGIONAL MARKETS 

The [ollowtnc Is a relection of London q u otn liOBn f » 6 are « 

sssrs»iia mssct*® » *— >■ 

are as quoted on the Irish e s ^5f 52 | J 

Albany Inr. 20p I 23 J. ..-I SlndaU (Wm.t_ I 90 | I 


O.F.S. 


FreeSaielVi 

• TJ iTedDldSOc . 

1 F5 iaaiplaajRI - 

Harmrei* SOr 

Lorain? ill 

Pres Brand Sue.. ■ 
Prc: SiejiiKlc .. - 
hi. Helena Rl- ... 
Vwsel - 
Wei item SOc. 

. ■4.H'dd:ngs»c ... 


B 0 

£15's .... 
86 -2 


Aiban>;Inv. 20p 23 
Ash Spinntnfi... « 

RertaiiL-. — ... 

Bdc"«tr Est-SOp Z70 
Clover Croft ~. 2 b 
CroiRAHoset* 
fh'son lH- A-l A. 37 
EillsfcMcHdy. 61 

Evered— J® 

Fife Force— 50 


I Kmlay Fktt.Sp- _ 
ItiralRShlp.El... 154 . 

Hicson*Brcw._ ,7B -2 

1.0 M .Sim. £!.... 150 .... 

Bolt'JOf 'Sap.;. 2 a -Z 
;>-thn Goldsmith ES ^2 
iFcarceiC H 
Feel Mill*- — M 
Sheffield Bnek 45 . ... 


369 +2 
98 +2 


943 *3 
714 -4 


37 .... 

61 .. 
18 .... 
50 . .. 

23 .... 

154 . 

78 -2 


071 +4 

174 -2 


271 -1 
£19 -1* 


IRISH 

Conv. P"4 'BO.’BS. £90% *.*— 

Alliance Gas — _» J 

Amort — __ 3*™ 

Carroll '.PJ.i — ^ -i- 

Clondalkin.—.. 97 -I 
Concrete Prods- *3" ■ - 

Helton 1 Hid ps. 1 « +1 

Ins.Corp Wj{ 

Irish Ropes — 130 

Jacob. » 

I Sunbeam ao 


T.M.G 1 IIS 


Uoidare .... 


FINANCE 


Finance. Land, etc 


i ^ — Ts 1 iilHl 

lb AimaBalL *«p ®5, jv i D j« 4.5|0 b|53 4 

111; All.** Ert ’ ■ - I'nj ID 4jl J54 

'3 4iM i lid -^p 3 S®,.L s . !?V ' ■/ 70 tf 

13 Banker hr- • |-.,?o 7 ; 1 0 2 li71 0 


If*; ErtijTnifi 
8 r.-i'T— i' '?■[ 


j' V 'id87j LOj 21*710 W5 

1 i j c .111. 7 ■" 


6 SnM^ 2 * jus I 1.1)1 6 2123.5 ;F , 

34I 2 BrL Am &'«*-• ^9 I;'," -”201 12 -JI331 -■ I 


rsittfirfl^SL 

SSIBft 

^3 iSsSEk* 351 - 


fllBl 

..UThiiu u-o 

2.71 t 1M1 J122 


tAmjilSwHheri 1 222 ]. 

I.AnaturTfl l'ip. j 10 • 

'.Vtilhor-?- ir.-. : : ip j 43*;; 

{Rnunnir J 26 1 
i'.hn*ij?-|ei I 18? * 

{' h&Jltn.v' irii: ; M3 -1 

'tTiirti-rwim • ir 67 , - * , , 

a!*>52!»l,lS*-i|.lil2«.-! , Sv- 
*ilMi-;f £1 1 284 -2 Jill •Ol 

■ *S*ann,v. it,, 1 41 I 1 11 0 
' '“iwl.. v.e!!:i 1 17 I . 

rjJlr.lp'i: J4 j 

ri f W;!;r.,r.::'l 57 . 

LPflCUttHC-l.-i,-] 41 5 . 
Lv.LiMliltip 14N .... 
E-slcrftrr.1,4 >?.{ n .... 
FfJWra-HLjs . 117 j-l 
■r.virc L J.-1 '.it I 28 * 

;r .ISO} In; | 12*; | f « i 


3 O: - 01 68 


1 a * bli.- 

1 1 : .1 » 

2 0 6 31 9 3 
37 37 30 


600 424 Ans. Ant Coal 5Cc 

340 246 AndnAmer H>.' 
;17*-. £14*, Ani Miua4dRl 
:G0 6ul An.’VaalSuc. — 
30 119 Ch3iterC(uw . 

IM 163 Celts. GoW Fields . 
25 17*4 East Rand Coo 10p 

.17'* £14 i^n Mmmv'R2_- 
iKHseVMP-MfbASv. 
:14* 4 £10 In burg Cow. R2 . 
I<*5 138 HicdkWii2a-._ 
34 22 MinrtirplSjp-.. .. 

195 *126 jliw.wSBUi.40.... 
[22 93 Nr.Ri(»E _ 

•IP 4 1960 P-uw NT rl# s - 
56 j 50 RandLi'flOOnlae- 
;36 *375 St-lechonTraSt.— 
22? 161 < 'cifir , r* W"' 

?o I 29 M!.erT.:n-' 2-3> 

£ i 4*r |£ 1 1 T'.ial I'u.'i'* 1/1 1' 1 

:» is: I'l. Ir. *;.-?! Rl , 

ja; *735 'I'mnnucpsi rSw 
W S 40 ]Vf*i?l* l-c 


600 -‘•IS Q60c 

336 -4 Q362c 

» % ■ 
141 d -i-1 BJ < 

176 W.05 

17*2 1 05 

£17*1 -*4 Q225c 
£13 5 4 -'4 QllOr 
CM -*« ftlTOc 
192 --2 Q25c 
33 -1 U25 

196 Q12c 

119 -2 015c 
£11*? -*a QC50c 

54 tOlOc 

418 . ... 14.0 

221 -2 Q30c 
45 -5 2 5 

£14*4 . tQ95c 
238 +4 O30r 

278 -2 038« 

62 .. qrv 


OPTIONS 
3-month Call Rates 

[nihuiriali . 1.C.L-- 1 » ftfeM 


[mhutriali l.C.I..- 1 20 “l 35 

X S I r V r r J*iT' & l\T 20 Utd- Drapery.. Th 

AP.Cement- 18 |— f vicker* p 

S/fc. u kca^Ii- 3 wooiumths.... 5 

JSSST*:. S » "y-v 

KtwS*'". f Counties. 4i; 

; Rriush Osyper 6 London Brick. 5 mireuropean 4 

i nrhwniJ i - 20 U>nrho-. 5 Land Seem — M 

i 2, Uteri' A' -.._ 12 Luca.lnds. — 25 vrEPC...— — 12 

i Tad hurt* 5 Uyn-'i’ - 1° PuJChyv- — . 8 

* jitlrii 10 "Msdti* ;« Samuel ProiK.. 9 

’ rMWrharu". 8 Mrks &Spncr 10 Tou-n It City. J V* 

> sssr . u 

\Bib r I a 5S.3JSIP sssassil? 


m r ,, 

12' 64 19.1 

191 *4! BE 


“^1 S-::! 

diamond and PLATINUM 1 I! 

sspswj *8 mbs aa^T«- 1 feT= = sssscig 

m . h Kf^LKBSTm- 12 TpurtHouacs - 15 R,DT2inf -- u 


B BurmBhOtl — 5 I 
a ChnnerhuU .._ 3 
| Shell ... .. - 20 
IB Ultramar 20 

l 2 Mine" 


"So n >9 |Eai'^s;* K . H: Iw- 

■85 2S5 tieBwriK j. — 
■Hi '925 1 LmtfpcPJTLi .. 
71 I ss i Lwwi'ijn: 

96 J 73 jS'us Flai 10c 


B5 1071c U 5.0! 

385 +5 Q?25c 33 Rl 

£11*4 QJOOc. m 10.2 

M tQ27e IJ i 

84 -1 JQ2*2t 1.4 ; 


ielertior, nf Oplintts traded is given ri n the 
1 London Slock Eachanfie R^po*'* P^t'® 


W 
























































































36 


&V 


■ 1 .- ■ ■■ ;-; :. ;?-.* -;« r^- 

• • • - 1/ ■ sty -* -~~ -’ ‘ : .'1% =>■ 


Hnsaftme AfJ T SWER fl YOUR PHONeI 

week 


| From only £1.50 per week 


7i?ljpp6r;Bfook Street,- WtY^HS 

01-6299232 



Thiu>dyy June 22 1978 





'«rC 

0 


' 

-1. 

^V-t 

COLLAR- 

-2 

- V 

rtMgtBlMUr tom 





| 


-3. 

V 


-5. 


rtyir 

-6 

— 

v y 


1977 

1978 

-7. 

A 5 0 W 0 

J F M A M J 



chairman ur 




bank 



BY STEWART FLEMING 


WASHINGTON, .Tune 21. 


New 
for yen 




i MR. G- WILLIAM MILLER, Foreign bangs ha «e greater free- operation by foreign brinks rn 
■ Federal^ Reserve chairman to-day dom in this respect several Slates. 

! urged Congress not to continue However, pressure is growing Mr. Miller also strongly urged 

i to allow foreign commercial to enact legislation to tighten the Committee to amend "rhe pru- 

j banks to operate deposit-taking controls on foreign hanks, posed Act iq provide f«»f firm 

j branches in several states, as especially in the wake oF a rc- Federal regulatory examination 

'permitted by the International cent wave of planned US. of foreign hanking. 

1 Banking Act. acquisitions by overseas backs. ^j r 

! , . 1 , _ . Both National Westminster . ’ 

i In hearings before the Senate Bank and standard Charicred 
Suo-LcunmiTiee on . Financial Bank have proposals to acquire 
I Institutions. Mr. Miller said that y.s. banks. 

Mr. Miller and oilier witnesses slluervi< ; I(m 
Today urged Congress, which has nn ! rar1 ; nc 
bren considering foreign-bank 
legislation for several years, to 
act immediaiely. 

On the issue of restricting 
foreign bank 


Art sale 
total now 
estimated 
at £12m 












BY ANTONY THORNCROFT 


WwS^SSmei 

. . ~ - v : • •' jr~ 

With growing douhtS: abdut.".""" 0 . - Acz > :• i^g ? » - 

the prospects for di7u3end; ; ^Aj ex feu 7.0. tOr* a ^ i 

Frrtxinm m 197S and f OF- : - - ! — ' A*: '1' 


freedom hi 1978. and fop.pr.ofttfS 
the l growth in 1979, the FT-SOtShar^*^ 


AFTER only two days. ... . m 

..... . , „ estimate for the outcome of the {index has now fal len '"by 1?. ■£_’ 

Miller claimed uat the Robert von Hirsch sale al points in the past -sis'- 


J The : hejt r $£ | Bg'^ 

is .-to" 


nivp the^prf authoHrl J nmiiipn t -i Solneby S| Loildoni *“• been *“■ days. - ■Business remains slate 

SiSte \uh S^ISSZ^SSmE* creased by a thinL The r ek - however, and ^ lax Xhn m^, 

Siirjie W in us respnnvim lines . »vni»prf*ri to . ' LI t 


BY MICHAEL BLANDEN 


TBE JAPANESE yen broke 
through ihe Y21V lo the dollar 
lei el yesterday Tor ihe first 
time since ihe Second World 
War. 

Pressure on the U.S. cur- 
rency was eased later, how- 
ever. after a statement by Sir. 
Teiichiro Morin aga. Governor 
of the Bank of Japan, hinting 
at the possibility of renewed 
substantial intervention to 
hold back the rise in the yen. 

In London foreign exchange 
market dealings, (he dollar 
dropped al one ,$lage to a new 
low or Y208.70. Thai followed 
a further decline in Tokyo 
dealings, with the dollar losing 
more Lhan Y2 lo close at 
Y209.55 in spite of limited 
official support. 

The governor’s slatement. 
after the Tokyo market closed, 
brought a sharp recovery in 
the dollar, which picked up to 
Y212.30. Laler i( slipped, (o 
close al Y2 10.65. sllll lower 
lhan the previous dav's 
London close of Y21 1.125. 

The weakness of the dollar 

extended to other Ipading cur- 
rencies. with its average 
depreciation widening from 

6.4 per cent lo 6.5 per cent. 

The pound gained ground 
on buying from New York, 
moiing above $1.85 at one 
stage and ending the day with 
a rise of 93 points at $1.8195. 
Us weighted index Improved 
lo 61.5 against 61.3. 

• Our Tokyo Correspondent 
writes: The Bank of Japan 
bought dollars on what was 


the rapid growth of foreign 
hanking assets in the U.S. was 
one of several factors demand- 
ing that foreign banks should 
not have privileges to open 
branches forbidden to U.S 
banks. 


because Die emphasis is on State l'®?* “*• '! has done nothing more «i: 

of fore un-bank morehanlSm^conipared m(we down towards thebotom^ 

" P T°° S - a, a , ! £ far ‘CSnSMJSS. «* - * 

* The need Tor a direct federal ( £4_35g 4Qo j t was pu t together moved sideways for tnt . pasr. , 

presence in the evamimuion or j,y Robert von Hirsch. a leather four months, 
foreign -bank operations ‘ manufacturer who escaped from' 

Germany to settle in Ferranti :.y ■$.!£ 

the early 1930s rvLl ***“ ‘ ; : 

in November, aged Next Wednesday ■Ferrajm. 7 '. 

Houie of Renreieniative^ and IS l,K •w®*-*-'-- *"“ ,u ---• - 94. announces its profits for -'tUivJ 

now hein ’ elamin^i bv thc would f ? v °V r cr,r,tmum ? 10 J ‘ |r, V A * . we, ‘ a * * ,vm C ,h '- F?d . Already several new land- year t0 end March and by L :j 

SMTP's uh!ennTitfpp ‘ He foreign-bank awnciw-honk authority to impose re-erve re- mar k s in prices have been estab- 5 " - 

bendtes .■ub-comnmtee. u.b. oRlc „ lhat do nol la ke *~ — J - K 

amend men l business was confined to inter- cial lending companies of foreign I Thi«s was almost £500 000 more tbe P revl0US year, FeiT^intl-Vril 
In general, domestic U-S. national business banks, the Fed should be able to ^oected and was paid b° a >n 1977-78 could showr A'.r 

banks are restricted in thcii The Fed would not. however, impose reserve requirements on : Swiss dealer at an exciting open- near 40 per cent rise to around-.^T" 

freedom to open deposit-taking oppose legislation allowing foreign bank susbidiaries in th *j j n3 session on Tuesday night £8.am. The following Mondt&^? ; 


11B11 ^ a . ..... branching patent." he said, because "f the ^- a?i 

The international Bankin" ^ct Privileges. Mr. Miller did nfft-i world-wide nature of Hi-' optra-: Switzerland in' 
iioTS'i hj'J bee? oasid bC the onc compromise. He said lhat turns and the need to Uf* th and who died it 
(l. na . neen parsed pj tne lhe Federal Reserve Board overseas regulatory auih'<ruies. 04 


. . .091 

accounts they should be 'goqcjEk- 
ceut gaid^' 


,£m. 



1973 ’74 


75 7B 


T7 78 




■" ■sOa.way ' .friKP.~- ^ . f% 

-1 . |- packaged ^ 

' 1 * higher - 3 

: nonfood Salfesr?^33^;<*^ 

•viiivbe for: 

.oh: to • its ■ 
r retafliug ■ 
same -tiine : 

jpriice- catting. -j? ivlWv 

this- inirket 'x^tcaip^r^ 

and ' : SbL . -Vi ■ 
,eoimter-attaddri^: ; ^nfh*efc^^-^r, 
.'-•other 

- . ... i- . ’f Mb* ■ffiEZb. x ; 

OUti: -• 

■--- 'Against this 
grounds ihatlfej: 

current year 

range as] .high: as -£37n^But>; 
shares iwfc luliS:'.vap§a^ 


! branches in more than one State' relatively unrestricted agency U.S. . I '"^^prizesTn tbr^OWot^collec- the” annual" report and accomn^^iiU. has to be agreed), will be^_ — ^ ■ ? -'- 

lion celebrated for its intimate will reveal that Ferranti will .fe-Aat -Ferranti will emerge ^ , a ’ v j v kf 

and attractive items, include ‘Old applying for » listing ot.^asr-imBlicly quoted company -. mLIOjP - ~~ 

Masters. Impressionists, bronzes, shares on the Stock TC r^hap^ Siyhinh thp NEB has a half share. Thg' JioviA^ .i-^wo^jrAiast.^:-'-: 

; drawings and medieval and Th e j ewe i j n ^he NEB’s croWh ‘^though the company is nbw ^ corne a 
Renaissance works of art - - -* - !j — J — 4 — - fc 


EEC Ministers agree to 
extend Norway fishery deal 


is finally going to make. ;.ite. : Bouhd by dividend controls ^ -when: 4ihe" - ! - 

r . . public ddbut. have something to say . deseribed ^-6 ’• 

‘although not to the same extent! However, instead of going tprj^put . cent increase -- '• 

afi in thp nnpninp U fullv-fledced offer for sale orb its forthcoming _prospectus , -- -as ' a - n f 


i Prices yesterday were also 
: comfortably above target. 


as in the opening session. |a fully-fledged offer for sale “ 5 - V? , “ if ot l pnpswpl? ship -as'a-"f ormiddpeSi^ft^;,; 


BY MARGARET VAN HATTEM 


LUXEMBOURG, June 21. 


;EEC FISHERIES Ministers Mr. Finn Gundelach. 

I averted a crisis today in relations fisheries commissioner. 


The top price, and in line with {.placing 
; estimates, was the 
I tbe 10 per cent 

: paid by tbe Norton Simon Foun- , 


as - once 


• auvi IU Wiui uiaLUig • uuLt t ■ . , , m 1.*- j:^-r «■- M mcMWJi&ioiuiy r V A 

the £500.000. plus Ferranti - is contenting itself Fterranti could be headmg^for^ 2977 1 

buyer’s premium, with an introduction, arid wilJ^e '.^atTungs per share of -CiOOT to ^ p B r vreo^ jn l97a, a^sgoiwi£^r 
rtnn Simon Foun- i : WTn m the current • year. . :i _■ - 


no new . shares. T^ef 50P 

"is September 1977 catch! _".hich ! So Bl?l had toSiV^^at w^bS^* "^y** 1 ? 11 ** 


EEC shared out on tbe basis of Ibe ; of ^Angetes ^For ,thej ETftrtltwwW' !lnbM 


! averwu a crisis ioaay ia reiauuiw ubuci ,c> ^miuwwui.*,. >a r.irtuanni ili Panin nan io issue cmuijf ai weu ubiqw, : 7, — -- „ ins! ' - 

: with third countries by extend- thought to have been deep y would give Britain about .0 per W an aSin record its net asset value of roughly ^ 5 n could afford £ to pay ■ 

I ins for another month the in- concerned about the possible cent of haddock and cod. the *** easily an auv-uon remra £4 ^ O byioody HuTTcort lnrg^ iw around 14p net. 


the species in which it is most in 
tercsted. 

This extension expires on July 
31. but the Commission has 
agreed to present proposals on 
third counrry ararngement-? to 
the next Fisheries Ministers’ 


formal reciprocal fishing arrange- consequences of aiiowin 
1 ments with Norway. Sweden 3nd arrangements to expire. 

I the Faroes. The exclusion of Community 

They conceded British and Norwegian vessels from 
i demands that ihe EEC share of each other’s waters could dis- 
; fish in Norwegian waters north rupl seriously the fishing indus- 
'of the 62nd parallel should he try and provoke bad feeling ™ Illlv 

i allocated lo the interested which might be reflected in sub- i" vriJelv expected the council 
1 member states-Britain. France sequent negotiations. reieet^ oro^sal? for a fnn on 

and West Germany— on a quota Moreover, it was suggested herring fishing off the wesi‘ coast 
. Dai,i&. . that any resulting scramble for 0 f Scotland, where scientific, 

I Previously the fish were shared the fish, which would otherwise evidence from the International! 

[out under a licensing system have gone to these third coun- Council for the Exploration of 1 

| which, the British said, led to tries could have weakened the the Sea indicates stock.-: are ! 

! overfishing by the other two accord reached in January by endangered, 

while UK fishermen were the eight other states— excluding Mr. John Silkin. UK Agrl- 

supplanted. the UK— to observe the Comntis- culture Minister, indicated after 


Britain had refused to agree sion's quota proposals for 1978. the meeting that be was consider- 


rl escribed as a very limited ! t0 an Y extension of jhe present Quotas for the next month will ing introducing a nation;-! ban 


scale, after virtually no inter- 
vention since March. Its rc- 
artion was considered calm 
compared to its response to 
earlfer sharp Increases in the 
yen’s taliie. 

Sir. Morinaga urged traders 
to adopt a cooler altitude. 
Althoueh he noted that ihe 
hank had been criticised for 
its massive interventions in 
March, he said if would act 
In future “as the situation, 
requires.’* 

In what appeared to be a 
veiled hint of future action by 
the bank to control the yen 
rate. Mr. Morinaga said there 
were many ways of coping 
with excessive fluctuations in 
the exchange rale. The Bank 
or Japan was not prepared to 
disclose what action it might 
take hot “excessive fluctua- 
tions “ in the rale were defi- 
nitely not desirable. 

The governor's statement 
follows a week of extremely 
Sharp appreciation in the ven 
rate coupled with very heavy 
daily turnover* on the Tokyo 
market. At least 40 per cent, 
of business on ihe spot market 
during the past two days is 
understood to have been trans- 
acted through foreign bank 
branches in Tokyo, with a hand- 
ful of big banks playing a 
dominant role in Ihe market. 

Beatings were $793m. slightly 
higher than yesterday. 


arrangements, due to expire at cover one-twelfth of the total and it is generally felt that this 
• midnight tomorrow, unless this allotted to the EEC in Norwegian would not be legally challenged.! 
demand was met waters for this year and will be Feature Page 18 I 



industry plan 
‘could cost £2fbn’ 


BY MICHAEL CASSELL. BUILDING CORRESPONDENT 


LABOUR PARTY proposals to tating indictment " of the whole increase rather lhan cut the 
restructure and part-nationalise conception of nationalisation of range of difficulties it already 
[the construction industries could the construction sector, and faced. 

[cost as much as E2?bn to ini pie- called on the Labour Party to The report says the industry is 
iment according lo a report re-think its policy. not beiog “altogether perverse” 

published by the Economist The Party's proposals were in fearing that the plans repre- 
intelligence Unit yesterday. approved bv last year's annual sent “a recipe for creeping 
The report, commissioned by conference "and include a new nationalisation.’’ 
ihe Campaign Against Build- State corporation, based initially It calculates lhat to nationalise 
ing Industry Nationalisation on the acquisition of "one or the 10 largest rontracturs would 
(CABIN), also suggests that the more major contractors.” cost £724ra. whereas a Slate take- 
plans would involve running nationalisation of the building over of just Wimpey and Costain 
costs of anything up to £50(lm material producers and the exten- would cost over £X0Um. 
a year. sian of local authority direct Fur1h e r costs would also be 

Construction costs would cpn- labour departments. involved in raising the funds to 

sequently rise unless a dramatic According to the unit s report. for lhe acquisition pro- 
increase occurred in productivity., the plans would reduce t>»e gramme. Nationalisation of a 
Announcing the unit s findings, industry's flexibility, increase f^ r „ e part nf the materials 
Sir Maurice La mu. chairman of costs and ™uld prove ind *^ str> could cost up lo ElJJQbn. 
(John Laing and of CABIN, economically dangerous Pufcfir Ownership in ihe Con 

emphasised that the report It claims that while the con- s f ruc n on industries. Economist 
represented a completely unpar- struttion industry does have /nlel( j„ eraC£ . -j- j ame t 

tial and expert assessment of the many problems. Labour s pro- p . London SWi 
Labour Party’s plans. posed solutions had not been ’ , . . _ ' 

He described it as “a devas- fully worked out and would News Analysis Pa-jp 6 



the 


management's min d * put tile sftares 

ion the NEB . 

on keeping its stake at" 50 pei'-°r' i ust 


At 3 60 b this rassuig as too tsjtfe -^-. flWjgkM; ’- 
•es 0 n a yield expt*ias &xe , 

, ■ -1. Jjiniwnwin -^51* .mmssSiaA*™?®.'’.'-. - 


a.d^NS-«55W*! “ ’Ze^l 


[cent, which reduces the attrao- ^ m . s . t0 ^ ave 
tiveness of the shares to .some - a ® out ris * lt ’ 
investors. ' 

Anyway, Ferranti is not par- l CSCO 


got the price and undenwraeffs 

.. ,to hold itaje .r grioivrtlL''- of / o^efe ; 

' rapatsfety ' in : 'Mofrc wa^i ? 

; ' their, inisboess'.’ tfie - ^ 

iver hinwal&i^ly - 


ticularly hard up at the moment yesterday’s full-year figures howev er .TtawaOfa t^y . . . p ._ _ , i- .. 
After last year’s refinancing^'# from Tesco confirm that ' the 
has debts of roughly £20 rn and group has been successful in - [Reasons 


group nas oeeu successful *u — -tt t . ^ 

shareholders’ funds of aroun^. ^ stated objective of .pushing pat aaena6er^^toSgfc^.|j- ■ 

£50 m (including deferred ta$^ u „ its market share in the over- a sequence of good-lt^er^g'-,:^: 
With profits heading towards- gupphed food retail market. In - P«»fits,v'the . ' . 

£32m in the current year it can ^ ree months before the f«wu?b of o®«;' . 
afford to bide its time. .launch of the price wat Tesco’s ttssete;^ -«ie. : 

Once the listing is out of the' salts, volume probably declined, majginaltex payer 3c. ■. 

way, the NEB, as agreed at the.^^gg in gg weeks since more peaialVinaiCes, an H 


time of the 1975, rescue opera.- Opei-a\on: - Checkout began - the- the measures: wteefc-- d 

tion. will offer shares L3ra (half turnovA increase has been hoi rfceM " has^ ■•4n6en.--(6p:- • 
of its holding of restricted vot- j ess tha\34 per cent. This appeal. ’ . - :r m y\r# "fyj£ .. 

mg snares) to other share- sug gests average volume growth There are piieced«|^.> te.^i:S3S.'> - 
holders In Ferranti. Ihe rhi« nninit -was an' llrmro. mxSlmirKte rm 'smut m fl mftw a hrtt- ■* • 


_ . . .. , . . .. for this p'dklod was an unpre- restraints on new. meafi»eraihQk 

formula is rather complex but it ce dented 25 \ 30 per cent. (it happened in gieearty 1960s) v- 
will be rather like a one for Sofarsowwd. But tihe move *nH rhi».v ntf niwint-ar. saw*.. -4 


Tbe Branchini Madonna sold 
for £500.090. 


. . . . . , , „ . . „ — 0 wJd. But the move and they are not popular, aaee 

“IS? nrirp nf has 1101 been witllout its P*»- they put new syndicates at^ ' ^= 
Sn 1m l mfta? L fhlit P Pvktini bIe,ns * To staw with, Tesoo’s. ddSarivaiWAge to- flhear * 

shareholders be Offered pre “ tax ^ have «*-tohed’ rivafa. ' -HW« ' S' ; . 

shares at lMp.^No wonder there *f«# +■**&**£&>*■ 

has been such a queue of would- that net ^ **** fonma-T- «r*mn xn it«w>-TO»*!r u 


be investors trying to get their chopped from 4.3 to just 3 per or so, and to jpdge by the.vray. . 
for the arti$|, beating a previous hands on Ferranti stock. The cent - Tesco is going -to great that competition @md- ~ 

best of £60,000 set at Sotheby’s shares have more than doubled t0 ^“Pbasise that profits mg is spreading' even .. 

in 1973. over the last few months. for 1977-75 have been struck non-marine classes, ther^ must’. : . 

Another auction record was the The end result of this compli- after deducting non-recurring be a fair chance. -fo* 

pa '- ti Essoldn Fine catet j exercise (compensation costs of £3m associated with ttve forces wifi relieve .tSre _ 

Art. dealers in Paris ana Lonaon, for ^ £ 10m transformer losses launch of its price-cutting cam- mlttee of an -uomhdicome .task.'. ', "v ^ . ■ 


Continued from Page 1 

Shore 


Shelton: Varley may intervene 


when they lent to people on lower 
incomes or to those buying 
cheaper and older bouses. i 
It was intended to provide! 
more rented accommodation b> 
changes in the landlord/lenanl 


BY PAULINE CLARK. LABOUR STAFF 


MR. ERIC VARLEY. Secretary full pay before going on to a the consultation procedure had 

for Industry, gave unions hope guaranteed week a l SO per cent not been completed He had 

. vesterday of a last-minute of the basic rate. urged Mr. Varley lu "remove 

legislation which would encour-' 'reprieve for the Shelton iron and , T _ Varlev’s nrnmise tn con- th * closure plan in allow proper 

a?c the letting of fiats above I steel making works in.Stoke-on- , id er inij^tion emeroed when ne ^ otiahons 10 ^ke place, 

shops and Of unused parts of ; Trent where workers have cam ^ ^ leaders fed bv Mr 
owner-occupied houses. ; paigned for eieht years to save B ill Sirs, general secretary if the 

Legislation would confer new the plant. Iron and Steel Trades Cnnfedera- 

legal rights on local authority He told leaders of the TUC Uon mel lhtf Minister to protest 
tenants involving security of ' steel industry rommlttee yester- t what thev claimed was the 
tenure and an entitlement to day that he would decide within orarion s rai i ure to follow 
allow them to carry out improve- ; 24 hours wheiher to intervene a?reed proC edure on the closure 
ments. They could apply for the tin the British Steel Corporations J an 

same grants as owner occupiers, plans effectively to rea.se produc- M ’ . .. , 

Recasting of the local author- tion at the plant from tomorrow .It is not certain Mr. varley industry, 
ity housing subsidy system when the workers’ annual fort will decide he has the power to The corporation claimed yw-| ^l*eA Uimumn '’ w “' 

would concentrate resources on . night holiday begins. lnlerrenc. The unions are hoping torday. however, that consults- J p q t .■ «h aPes have been b. ."m 

areas of high cost and greatest; The 1.600 workers were told that he will insist that further ij ons on the Shelton closure bad j ’ d ?, - . v May „ en4 i. Cairo 

need and. at the same time, Mast March that production would J^SOtiations must take place been going on since March. Iij-“ nmnnsals related lo an 

increapcs in rent would he ' not he restarted after the holi- before production is halted. was “satisfied lhat i-orrect P r °- ■ acquisition amid speculation that SEv 

limited on average to increases! day and that they would remain Mr. Sirs said yesterday lhat the eedure for consultation has been-“ ; ? , connha. 


"There will he no talks on 
redundancies until lhat hap- 
pens.’’ he said. He gave a 
warning that if the corporation 
did not ” fall in tine with its 
commitment to consult the 
workforve first.” u muld affect 
the unions' approach to any 
further plans for cuts in the 


for The Virgin as Queen oj 
Heaven, painted in 1514 by a 
pupii of Durer. Hans Baldung 
: Work by this artist also rarely 
appears at auction and the 
previous record was the £224.000 
paid in 1969. 

An active buyer was Ovsigusky. 
a London dealer, bidding on 
behalf of an anonymous con 
tinental collector. He bought for 
£120.000 a picture of the 
Annunciation of St. .4une and 
SL Joachim by the German 1 5th 
century artist. Bernhard Strigei. 

Men and Matters Page IS 
Saleroom Page 6 


Weather 


Argyle cash 
injection 
for Oriental 


By Christine Moir 

THE CASH shell of Argyle 
Securities, once a UK publicly- 
quuied property company, is to 
he injected by Sir -tames 
Goldsmith into General Oriental, 
the Hong Konp-quoted company 
of which he owns 74 per cent. 

Oriental’s Hong Kong share- a™ 1 ™™' 
holders will be told to-day that Bahrain 

conditional agreement has Haro-iona 

already been reached, whereby ^{™‘, 

Oriental will issue shares and RuiRrade 


U.K. TODAY 
COOL, showers in some areas. 
London, SE. Cent S. England 
Mostly dry, cloudy. Max. 19C 
(68F). 

E. Anglia, Midlands 
Cloudy, rain. Max 17C (63Fi. 

E m Cent Nm NE England 
Dry, rain at times. Max. 15C 
(59F). 

Channel Islands, Wales, SW, NW 
England, Lakes, Isle of Man 
Cloudy, rain at times. Max. 15C 
(59F). 

Borders, Cent. Highlands, NE, 
NW Scotland 

Dry at first, .rain later. Max. 
13C (55F1. 

SW Scotland, N Ireland 
Cloudy, rain. Max. 14C (57F). 

Orkney, Shetland 
Cloudy, rain at times. Max. 11C 
(52F). 

Outlook: Little change. 


BUSINESS CENTRES 


loan stock for Argyle — recently 1 Berlin 


acquired by another of Sir j 
James’s private investment coni- 1 ™ 


in earnings. 


(or ten weeks on 90 per cent of union leaders were angry that carried out.” 


Chicago plan for CD forward market 


BY MARY CAMPBELL 


Sir Janies intended to inject into I SSUSS.”" 
It substantial asseLs ,Dub,,,, 


At present, it is a relatively Frank run 
small investment company, with <*mva 
net assets or under £lni. il2E 

Last year its net profits were h Kona 
less rban £300,000. although this .m uiira 
represented a f.i50,000 turn «•**?» 
round from 1976 losses. 

By acquiring Argyle, Oriental 
oppor-J would be gaining not a property 


Vdasr , Y’dar 

Mid-day Mid-day 

“C 'h | *C -F 

IS 68 1 LlOKOlbre. C IS 66 

■-7 81 1 Madrid F 11 T.l 

.18 100 ! Manctistr. B 11 ^ 
72|Mclbaiinie C 14 37 

11 «] Milan S 21 70 

I" 34 , Moniri.-ai C 17 bt 

19 68; Moscow r. is fit 

« 72: Munich S 20 ks 

IS JfflNeircjsrlc’ R R 5.7 

14 3T : New York C 22 77 

F 20 BH'Oslo C II U 

C 51 rolp^rb y is nr, 

S 12 j.1 1 Pi-rU] S 17 in 

S is 1WI 1 PraeiiD C. 22 72 
r. 14 5? I Reykjavik F 7 4i 

5 -.'O fiS ; mo lie .I'd C 20 7A 

C U11 88 Rome 5 2:, 77 

S 19 M StaE.iporc S :io 87 

R Id 39 Stockholm 
ftiiiihurali R II .12 jsirasbre. 
r 52 75 [Sydney 
f -0 fis Tehran 
R 12 .vl Tel Aviv 
S 5.1 TT.j Tokyo 
S 27 Ml | Toronto 
S IS Ga | Vienna 
F 20 68 ] Warsu'w 
R 16 61 * Zurich 


I- 22 72 

v 21 rn 
S 11 so 
S 29 84 
S 28 yj 
C 50 SO 
C i s a.% 
R St 7.1 

V 24 73 

V 17 Bi 


HOUDAY RESORTS 


deposit (CDs). There would probably be rout mere are some a&ron worm tar rates is covered by the for- holdinj 

L rnt arp np"of iahip specified delivery dales a year, of CDS outstanding in the London ward market already in existence [ £10. 7tn 

ipf^prlu iiued bv banks io Much woz ? * ,iU t0 f?r commercial paper. -with A 

‘ on lh ? project. The launch is CD dealers in London were sur- The 'latter market has not been! £8.2m 


S 21 73 1 Las Plms. S 31 7t) 
S 25 niLocurno F 21 TO 

F 18 64jLintor 

R n 55 Majorca 
F 20 GS Malaga 
R M 55; Malta 
F 20 M Nairobi 
C 1C 61 1 Maples 
S .20 W Nlw 


THE CHICAGO Board of Trade The delivery dates would CDs and dealers to hedge against IL considers that the 

plans to launch a forward market initiaUy not extend further into changes in interest rates in the tunity to hedge a&ainsi changes i base, but cash. Aiaccio 

in Eurodollar certificates of the future than about 1» years, period until their CDs mature, in short-term domestic U.S. doi- Last March, Argyle’s property Aimers 

flpnnsit (CDs). There would probably be foul There are some S22bn worth lar rates is covered by the for- holding subsidiary was sola for ^"“T 112 . 

d p :<S - J .rrn S «.tc,.-tn,i.,h.t«nH»- — ^ -""m to the Cavenham Group, “gg 

Argyle retaining a further poufatm,- 

- Ann : * - - - — w irauwn ,u wu,»wu nviv au>- xuc win, iiih,pui nu<> ucvu ■ 3$ 3 final dividend from CaablflCJ. 

j.onaon. not likely to take place for at prised by yesterday's announce- very successful, but rhe Exchange I its subsidiary. . „ 

This would be the first roriviird least six moniii.s. ruent It is understood that the hopes to launch a contract for f Evon later bought the rump of p U brovmk f m 75 ^ xi.^iH 

market in CDs and. a rare As with Chicago’s futures Bank of England has not been 30-day commercial paper soon. j Argyle from the two General | Kioi**nc v c 21 70,000^0 

example of a forward market in market in -U.S. domestic commer- consulted, but that its approval It feels that a major reason for ~ :J! 

the U.S. involving delivery out- clasl paper. Hie board wouid would probably not be necessary, the relative lack of interest in 
side the country. establish a list of "deliverable Tbe Chicago Board of Trade tbe commercial paper futures 

The contract would call for names"— probably five to 10 ton opted for a market in Euro- market has been because the 90- 

delivery in London of CDs with U.S. banks tmiidily. dollar CDs rather than U.S. day contract does not offer the 

about 90 days maturity in units The aim would be to provide domestic CDs (a much larger market the maturity 
0 f si m , opportunity for investors in market most needed.- 


Occidentale subsidiaries,. Belve- 1 £“ nch . al 5 5? 83 i Rhodes 


dere SA and Anglo-Continental. ciSL-J r S SjKS? 
which jointly held the equity, innsbrurk ft 2a w Tcnonio 
Evoo paud £7 .9m to Anglo for £ JJ 54 1 Tunis 

its 47 per cent stake, but the price Smum R 
which is i for Belvedere's controlling in- .Trrwoy 

tereat was not disclosed. s-sumv. r-ruh. f-fut. c-aoudy 


52 Valencia 
S \A 73 Venice 
C 15 39 


S 4ft 189 
S 23 71 
S 22 72 
S 24 75 
S IB HJ 
S 24 76 
S 21 70 

S 2.x 62 

C 16 61 

s 21 a 
s 20 Hi 

S « 52 
c 13 59 
S 27 SJ 
F 2h 79 
C 22 7* 1 


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