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Business 

in Germany ^ 


tandesbanken. 
Sparkasseri ; ,y. y, 






S3 

& 



Robert Riley Ltd. la Rochdale. 

7e!:4455f 


No - 27,5»2 Friday June 23 1978 

_ _ C OWT INEHTAL ^g. BRS iW fr.25; PBWWIW Kr.3.S; FRANCE Fr.J.O; CERMAWT DM 7 0: ITALY L.SOO; NfWp ifl»S5 V'.Xt ): NORWAY K,J5; POBT Ufl &L bc.tO: SPAIN Fav^O: SWEDEN A rJJS : 5W»ZEaiAWD Fr.2.0: EIRE iSp 



* : GENERAL 


business 


:ana 




1 . 15 ; 


linger plans % 

Scottish boost 




‘*5 .4 •- 


• i 

to;?;-. 



OSS 


2 , 



Medieval j Brailiff gets 

SetoMi I go-ahead to 
at £ii.6m; fly Concordes 


BY ANTONY THORNCROFT 


BY JOHN WYLES IN NEW YORK AND PAUL TAYLOR IN LONDON 



X. 

ms 



Bulgaria has returned to Vest 
' Germany four alleged terrorists 
' including Herr Till Meyer, who 
= was sprang free frcmi Hoahit 
; ‘ Ti Prison in West Berlin last 
;1 .li.e -month. He is accused or taking 
\ part rln the murder of Berlin's 
•" chief, judge In 1974. 

Meyer was spotted hy a West 
- •. Berlfn prison guard on holiday 

■ in Bulgaria. The three people 

. <: arrested with him at a Black 
. Sea * beach resort have been 

* -h- ' Identified as the women respon- 

' siWe for liberating him. 

. » .West German political leaders 

‘ Lr »ndijP prdised Bulgaria For its decision 
.. * ‘ to send the terrorists; hack 

quickly. particularly as Bulgaria 
.- is not a member of Interpol and 

• v does not have an extradition 

treaty with Bonn. The prison 
. guard may stand to gain about 
' £80.000, the reward for infortua- 

fion .leading to the recapture. 

* - ... Page 2 

• • ©gadera fiare-up 

Somali guerrillas claimed they 
bad recaptured Gode, the main 
1 •: town in the southern part of the 
- .; disputed Ogaden region of South. 

- •• . East Ethiopia after a fierce 

battle, in the desert territory. 

\ Although Ethiopia did not con- 
... . . firm the report it is the first 

time since March that guerrillas 
have claimed recapture of a 
strategic centre. Eritrean leader 
on secret visit. Page 4 

Homes evacuated 

Repealed aftershocks threaten 
. ' another earthquake in Salonica. 
Greece, where ail buildings have 
been evacuated and 200.000 
' inhabitants aru now living in 
p?rk5. scjmrr* and nMu-r »ipen 
places: About half a million 
people have fled from the city. 

? la B)%s, South Hungary, power 
lines were cut' and chimneys 
collapsed- wheH earth tremors 
’ were felt: * 

Attack on critic 

A bm>ib severely damaged the 
' ' • Buenrts Aires suburban home of 

• • Sr. Jjuun Alemann. Argentina's 

Treasury Secretary, who has 
been at the centre of controversy 
after claiming -that his country. 

victors over Peru for a place 
i*i the final, spent too much 
i^ianey on the World Cup. 

f Bomb man ]aS§ed 

| A Provisional UtA volunteer was 

' } jailed for five years in Dublin 
- / for possessing firebombs in the 
' -4 city last year.. Patrick CuiTie. 

' Xf 0 f Belfast, told the Special 

3 criminal Court that the bombs 

— "3 were for use against the Errasii 

| furces in Northern Ireland. 

— ~Tj Bungalow blast 

. - An SS-year-old man, who did not 
: • want to spend; two weeks m an 
. Void people's home, was round 
i -hanging In his garden lafter an 
’ • cvplos/on demolished n « 

} ■ bungalow in the Devon 
i of. Teigngvace, war 

l Abbot. Police said the bungalo* 

appeared' to have been soaked m 
petrol before the blast* 

Vance proposal 

Hr.. Cvrus Van'Ce," TT.S, Secretary 
of State, .said ta an interview in 
* French magazine that the West 

Bank of the River Jordan ana 
tiie Gaza Strip staraM l be Imked 

ultimately to Jordan. Mondale to 

aLess Israeli fieri Witty, Page 4 

Briefly - • - 

waCTstan’s - Ambassador to the 

■ v^rLtouSSn. - Mohammad 
Alfbar Khan, has died ia V ° °* on 
jftcran heart attack. 

.S from 

cL-ysler's van factory. 

tone bank rrider 

seriously wounded. ^ ; n 

to 

! LozeHs, Krmto^ n chJ ^ ri 

r path youth. 19, nas e . yeaT ^\& 

wi* found strangled 

i ‘ ^^S'iu the to** on 

* Wednesday.. • S1 a m 

; &^T5S*KSU*r* 

ton, Cofloerti-^' • . 

! CHIEF PRICE GHflSfiES 

j *~»’ssgr—- 

\ Mills ■J .W® 1 11 i I 

: Ricardo Eng»ne c 362 + 4 

5 Tunnel » 30 + 5 

i Vectis Stone •••■—'; 

' 295 - 10 

Vilen Harvey Russ... aj 7 _ 7 
Bnker Perkins 257 - H 

Daily W** 1 C "V.... 37o ~ l 

. gfsSSit' g z 
§S£ A- Sates -: IS - i 

- ^--.1 *5ee<. " 


iiesettled 


• STERLING fell 1.13 cents to 
S1.83S0 and its trade-weighted 
index fell to fil.4 (61.5). The 
dollar ro.Ni- sharply against other 
major currencies and its depre- 
ciation narroived to 33 per cem 
(6.5). 

9 EQUITIES were affected 
b.v poor results from J. Lyons 
and the FT ordinary share index 
closed 2.9 down at 452.7. 

© Gilts were unsettled on 
possibility of a further rise in 
U.S. short-term interest rates 
and the Government Securities 
index dosed 0.07 down at 69.69. 

© GOLD fell S1J to S185I in 
London and the New York Jane 
settlement price was 50 points 
up at &1S6.40. 

© WALL STREET dosed 2.77 
up at 827.70. 

© COFFEE futures price fell 
£59 to £1,494.5 a tonne for 


BY CHRISTOPHER DUNN * - 

C 

Singer, the U.S. multinational, announced yesterday the loss of 2.SO0 jobs at 
its Clydebank sewing machine factory in Scotland. It is part of a four-year 
plan to restructure the operation — but the plant will also receive an £8m. 
injection of new investment. 


fttPOofTHM HHUEES 


Mr. James Milne, central 
mk re la iy uf the Sctiftisii TGC 
i •laid: '‘This is u ciilustruplu* fur 
Clydeside-." Unions ai the ractnry 
de-j^ifted the propnsals as 
" I »- l> unacceptable and im- 
Bui, Sinnei- propn^ils 
’ ihe^fc unions to emm* up with 
■in Tt&yc plans an* thought tu 
have 3^9) some heat tail of Hit* 
situation. 

! Clydebank, the largest Factory 
I in the Singer gioup, accounting 
for a fifth of its world product ion. 
has suffered total jnl» cuts since 
Iasi November of 3.300 in an area 
of high unemployment. Singer 
established itself at Clydebank in 
1884 and the factory is said in be 
the oldest in Scotland to be still 
working. 

Under the new scheme, Clyde- 
bank is to be the tuain production 
centre for a new line of biyh 
volume. lightweight sewing 
machines, comprising four 
models. 

They will be sold in tbr U.S. 
| and Europe and help Singer 
combat the threat front the 
1 ht pa nese. particularly in the U.S. 

But. they trill not incorporate 
I lho new Singer electronic lech- 
I nology for sewing machines, now 
i Injilt into machines made at 
KarUruhe, West Germany and 


on wlm-h Singer is baling ;ta 
grown. Iiujws fur the future. 

Insifjd. more conventional 
electronic technology, will he 
incorporated into lh»_* new 
machines’ speed controls. 

Industrial sewing machine 
manufacturing, badly hit recently 
the challenge from the Far 
East, is tu be phased nut from 
Clydebank b.v 1981 at the latest 
and will then l»c ccmccnl rated at 
the Singer plant m New Jersey. 
Clydebank's industrial sowing 
machine also has been hit 
recent! \ by production problems. 

Industrial needle production 
win be eliminated in favour of 
greater concentration on house- 
hold needles. 

Singer plans to bring Clyde- 
bank into closer contact with rhe 
three other European factories 
in the group, thus reducing its 
self-sufficiency. Nearly every 
step in sewing machine produc- 
tion. from metal casting to paint 
ing. at present takes place in the 
2m sq ff factory. 

Tbe plan was the only way to 
save Clydebank, said Mr. Larry 
Million, a senior Singer execu- 
tive, who announced the details 
yesterday to the workers, after a 
day of consultations with White- 
hall officials in London. 

“ Demand fur household sew- 


ing machine- in Europe and the- : 
LLS. has shrunk from 5.2m 
machines in 1972 to 4.6m Iasi 
year," he said. 

Contraction •■•f major markets 
had led to l.iftw at Clydebank 
fur die last :hix-e ;t-:iri. The 
J&77 loss wa» I'J.flm. The indvw- 
trial sewing aid*- had not been 
profitable thru it ghoul the 1970s. 

Ahnut SOo redundancies are 
expected — less than 29 per cent 
— and the main cuts will come 
through natural wastage and 
early retirement. 

Mr. J&bn KcFadyen, works con- 
vener for the Amalemated Union 
of Engineering Workers, said 
Singer had offered tbe factory a 
unique opportunity. 

He was confident the work 
force could come up with a new 
product to fill tbe gap created by 
the rundown or the industrial 
sewing machine side. 

Mr. Gavin Laird. Scottish 
executive or the union, said: ‘‘The 
unions will behave logically and 
not emotionally." 

Mr. Bruce .ifilfan. Secretary for 
Scotland, said ihai the loss of so 
many jobs at Clydebank. 
Scotland's longest established 
factory, was a matter uf the 
greatest concern. 


ln ,l l in Kurd St'ree^Seri.om ‘in BRAN IFF INTERNATIONAL, about 22 minutes un the sub- 
London yesterday Sotheby's; the Texas xirHnc. last night sonic two and a-ha!f nuiir inp. 
auctioned works of medieval 'beared the main hurdle to its Last night Mr. hanime 
1 fruiti ibe Robert von • plans Tor operating Concordes Lawrence. Eran;ff t-ha:rn>:m. wod 

u-.Uph pftil»pnnn for (between Washington DC and he was wry pleased with lb.; 
‘'15 368150 * ' * Dallas-Fort Worth. Texas, when CAB's decision. He hoped for:; l 

I This was a record for anv single (the U.S. Civil Aeronautics Board govern mem approval :n.ui.: :-e 

session in an auction' bouse. S3 v e the service tentative obtained in lime tu start her- 

I The total also equalled the approval. vices io October. 

sum that Sotheby's brought in At the same time, it was . The airline hopes cu inaudo 
last summer during the week ; learned in New York. British Air Jji orange colour? on :i*e 
1 of the Men; more Towers sale, (ways hopes to start ii direct Concordes used i*n loo runic. 

• In tho afternoon Renaissance * Lond on-Da llas-Fort Worth Con- BranifT expects i.nncor.!i* 
I works of art contributed jeorde service. It w'ill seek flights to Texas via M'jiJnneii'iJ 

j another £SS0.7S8. bringins I he authorisation for the service ai to attract more bus\ne.->i--.en i^ 

von Hirsch total after four UK Civil Aviation Authority 

sessions to £11.666.49$. With j hearings nexi week, when British Carter refuses permission fur 
important impression if t paint- i Caledonian will make a rival aOV ^ military am-rafi »e 
incs still to come, the total f claim to he the designated earner r v s-.„ n . 

initially forecast cauUously by | for the route. h 1 ... ' ‘ m 


Sotheby's at £Sci. could welt British Airways and Air France * p‘ an ., s 

reach Slant. [agreed more than a year ago to . eptemne . 

It was difficult to forecast the, lease the aircraft they operate ““ 

prices for the medieval works from Paris and London io the mute Dallas-Fru-i Worth 
of art because of their rarity, Washington DC for an onward leg the fourth busiest U.S. airport 
hut Sotheby's expected Ger- 10 Dallas-Fort Worth. Braniil and Braniff runs many conneci- 
man museums to be out in said yesterday it hoped to start ins flights front there, 
force. services in October to link the Braniff has other plans fnr 

It was no surprise, then, that city supersonically three times a Concorde, which it hopes ta put 
Ihe German dealer Reiner v*eek with London and three into effect afier gaining nper:*- 
Zietz should pay £lJ2m. (to times a week with Paris. Lional experience.’ Principatij. 

which must be added a 10 per Apart from enabling the air- it would like to lease the air- 
eent buyer's premium) for a craft to win greater acceptance craft to operate supersonically 
Mosan enamel medallion of among American travellers the on ifcs New Yorb-Panama route, 
the angel representing main importance or Die agree- The CAB’s tentative approval 
Chanty, made around 1150 nient to the European airlines is f 0r BrnnifTs application wa> 
probably by Godefroid de (hat it will increase uiilisatinn taken without a formal vote and 
Claire. Zietz was bidding on of their Concordes and take them involves a request to its staff 
behalf of the Staatliche closer to an operating profit. ( 0 show cause why the airline 
Thi« U w-ffihl n .in. Braniff. which seems certain to should not operate Concordes. 

™ , e S ,r ! l «S« e5t r 5J lc 5 be the first U.S. airline operating Assuming that Ihe hoard s 


> 

BNOC makes major new 


Jan Feb Mur Apr May Jau i 

1977 1978 j 

Seyt-.-uiGor Ukutuy ttuc ■■ 

(innin g uiiid weather in Brazil. 

e PRICE COMMISSION chair- 
man has warned that the rate of ; 
inflation could pick up again this , 
winter.. Back and Page 6 

• ELLERHAN LINES chairman 1 
has called for an urgent exten- 
sion of the Government's recent 1 
debt moratorium plan for the UK \ 
shipping industry. Back Page 
and Lex 

© BP CHEMICALS is negotial- ’ 
mg a £20m deal-to buy most of I 
Monsanto’s polystyrene interests i 
in Europe. Back and Page 6 

Q BL CARS is to. go ahead with i 
its controversial plan to import i 
Jtfjnis from its Belgian Plant to 
ip^^t uoy UK shortages. 8 ■ 

© INDUSTRY SECRETARY will ( 
nut intervene in BSC's plans to 
end iron and steel making at its 1 
Shelton plant. The plant will , 
close today for tbe annual holi- 
day and probably not reopen. 
Page 9 

Oil 

& bp has warned that delays in 
the construction of tbe Sullom 
Voe Termini could hamper 
Britain's , attempt lo reuvh od 
st-if-sulbciency b> l fl S0. ° 

& PRESIDENT CARTER has 

warned that be may “gj*™ 
import duty on oil if Congress 
does not pass legislation to bnng 
the price of domestic cn 
world levels. »aU' ^ 

Editorial comment. Page 

• SAlfDS ARABIA has signed 

worth S4Wni for the 

KmS toe 0 ™ » 

« r VST GERMANY has agreed 
© EA»* ilh technical 

to supply Bu.. - for exlra 

expertise f ,n n .. re ‘“ d gas . Back 
supplies of oil anu o- 

Page 

CQHPAMES 

Occidentals. t0 _^ r company, i 

sstesssnu^ . i 

. ASSOCIATE TEIEWWN , 

reports record year to 

£13.7 m up from. 

.ggasirjsrw-: 

• SACAL 

tax profit ros l_^' r d £49 -83m on 
£33. 7m « * "STo«*W“ 

and Le* l_ 

rESTBDH 4 ; 

Lookers 298 - 6 \ 

U/cas IMS. ; 76-24 

Midland Bank 255 - H 

NatWest 243 - 7 

News Inttd. 90 - iS 

RowMn _Const _ 1 5 

Standard Charterea^ 3*0-8 
Stock Conversion ■ s50 - 6 

Oil Bsptorrilon 1S4 - 13 

Anglo United — go 

Central f pa SSj a 390 — 3a 

NorLhsafe £13 - * 

Paiiconbnentai — } 

Randfpnteip -v 410 - 8 

Selection Trust 


dealer" 'almost 'certainlv hiri- would start crew training for needed for the aircraft to be 
dine on behalf of -in overseas Concorde shortly. Braniff will used on a domestic route. The 
cliem han ei'lier Daid£?lm be ab,e 10 Concordes FAA has been cunducting stumer 
for an enamel bracelet renut ed supersonically on the domestic for several months and a cerim- 
tn r hU leen wSn by P th? leg but aims to rty at‘95 per cent cate will apparently be issued 
Emperor Frederick Barba rossu. of supei'sonjc speed, saving short!.' . 

A Byzantine lv«ry relicF 01 

"S Callaghan for American 

while the British Rail Pension 
Fund, which has been criticised 
for investing in art, paid 
yssnooo for a 12th renlurv 
English gilt altar candlestick- 
Only three similar ciindlesticks 


BY RAY DAFTER, ENERGY CORRESPONDENT 


BY RUPERT CORNWELL, LOBBY STAFF 


BRITISH National Oil Corpora- 
tion has made a significant North 
Sea oil discovery with its first 
well drilled under the latest 
round of licences. 

Further wells have to be 
drilled, but initial reports sug 
gest that the field could contain 
between 250m and 500m barrets 
of recoverable reserves. Thai 
would make the reservoir a com- 
mercial size, and quite possibly 
larger than several fields now be- 
ing exploited in the area. 

Tbe find lies in concession 
30/17B, some 2T1 miles east of 
Dundee ’ and just a few miles 
from Shell/Esso’s Fulmar Field. 

Shell and Esso each holds a 
24.5 per cent stake in the BNOC 
concession, so any development 
will probably be linked with ex- 
ploitation of the Fulmar Field. 

Common offshore .loading faci- 
lities. for instance, might be 
used 

BNOC said that oil flowed at a 
test rate of 4.975 barrels a day 
from one section of hydrocarbon- 
bearing rock. 

Reservoir pressure should 
, enable oil to be produced from a 


THE1MA\ l , 

MBUM 

T 22 ANDREW 1 


MDiimoS 




30 , WEKUFJSK 
ALfillSKJQi - S" 

Joseph rw 0 
niuann«-. . 


(•SETM 

" , EKOflSK 1 


■ml 


ARGYU V.B0D-- 
»" 

i jN. ‘ 

i I \ 


commercial well at two to four 
times that rate. Industry reports 
also indicate that the well 
encountered three intervals of 
oil-bearing totk. 

“ Initial evaluation of this 
discovery is encouraging aod 
further appraisal drilling to 


determine the significance of tHe 
accumulation will be carried out 
oo the block,” BNOC said. 

The British drilling ri? 
Atlantic l has now been released 1 
to evaluate oil prospects on 
block 211/18 to the norib of the 
stale corporation's Thistle Field, 
but BNOC is keen to drill uni* or 
twn more wells on block 30/17b 
this .summer. 

B.NuC has two prime reasons 
fnr wanting to evaluate tbe new 
discovery quickf;.. 

Firs., its production team, 
which has just brought on stream 
Hie Thistle Field, would welcome 
a ncv. development project 

Sfi-und. if the exploitation of 
the ci! is to be linked to Fulmar, 
the partners might want to 
evaluate soon the size and type 
of offshore loading system that 
would he required. 

The Government has just given 
Shell and Eesn approval to 
develop the Fulmar Field at a 
eosi if some £500 rn. 

Thi field, with an estimated 
500 n. barrels of recoverable 
resenes, is due to begin pro- 
ducing oil in 19SL 


are Icoown to have survived. Ir MR j A;> |ES CALLAGHAN wlli meet representatives ui 
ts one of the few English l6 j k# ifI \v : a filing ton this McDonnell Douglas, which has 

items collected by Robert von t .t e nH with too VS. industry made separate overtures to Eui-o- 
Hirsch. a German industrialist exevullvci> They may have a pean manufactiiivrs. 
who tied to Switzerland in 19^4 , hearine on wh<*th^r Britain The Government is determined 

and died, aged 94. last Novein- co} j 3borales j n oerwpte* with not to bo rushed into making Up 

her. ... • Bnein" or EEC aircraft pro- its mind or. the questions, whi.-h 

The top price tn the afternoon J UC p r | also concern Rolls-Royce and the 

session W3S the £110.000 paid officials are also arranging for impending purchase of new air- 

enK. hy British Airways. anJ 

Of the Virgin ^nd Child pro- y . receive an award com- decisions are unlikely until after 
duced »n Ferrara around 14,0. SoJ; Jf'^V iMn Snator the Western summits in Wtsi 


Saleroom Page 6 


r in New York 


Symi ' S1.H10-W20 

1 iiu. nih 1 

on'-nOiH 1 ),<&-U0iliii 
It if.ioi lt-*< i^W.:?-il< 


SIAaOS-V&lS 

0>MX£O>U- 

LSO-IjM . 11 - 
Sh.JC’.-J.SO .11- 


liobert Humphrey, ta meet Presi- Germany next month, 
dent Carter Aerospace is likely France and West Germany 
to Feature in the leaders' con- insist on the need for Bn turn lo 
vernations. collaborate with Europe. Mr. 

So for. the Prime Minister has Callaghan, vrbn will discuss the 
arranged to see Mr. Frank issue with President Glscord 
Borman, chairman r.f Eastern d’Estaing and Chancellor Helmut 
Airlines, and Mr. Terry Wilson. Schmidt, emphasises ibat no 
chairman of Boeing, which has deadline exists and that tbe all- 
offered the UK a stake in its 757 important conside ration is tn 
airliner project. He may also make the correct decisions. 



J. Lyons passes final dividend 


BY ANDREW TAYLOR 

J. LYONS' shares plunged 24p 
to 76p yesterday, knocking £10m 
off tbe group's market capitalisa- 
tion, as tiie City took stock ot 
the group's announcement that 
it will not be paying a final 
dividend— after pre-tax losses of 
£345.000 in the second half. 

Group pre-tax profits In the 
year to March 31, 1978. felt 37i 
cent to £62Jm. The previous 
year- XilC group earned profits ot 
almost £10m and this time the 
:Clty had-beeu forecasting profits 
of. between £ll(m and £13lm. 
Turnover last year rose only 3 
! per cent to £790m. 

Mr. Neil Salmon, chairman of 
Lyons said that the group bad 
decided nor to “further erode 
[reserves" by paying a final divi- 
dend. Losses after tax but be- 
fore extraordinary items totalled 
£536,000 for the year while re- 


serves had already been reduced 
by £4.9m — including provisions of 
£2m apiece against the closure ol 
loss-making meat operations in 
France and against (he group's 
investmeni in SpiUcrs French. 

With related advance corpora- 
tion tax the- cost to Lyons of 
maintaining their final dividend 
would have been LU in. Share- 
holders' lunds stand at about 
£122m. 

Food operations in tbe UK 
were worst hit with trading 
profits more than halved at 
£5.7m. The group blamed a 
drop in consumer spending and 
stiff price competition. It also 
bad some sharp words to say 
about the Price Commission’s 
intervention on tea prices earlier 
this year, 

Mr. Salmon said that the dis- 


location in tea trade, caused by 
ituctir ting prices, had been 
" aggravated by inappropriate 
Gmernuiental intervention " 
which had impelled blenders 
rni-ke premature price reduc- 
tions — a month before they were 
jusiiilcd. 

lie -aid that dislocation in the 
lea market had cost the group 
near!: £5m profit — of which 

£ 1 > 111 was a direct result of 
Government intervention on 
prices. 

On the question of future divi- 
dend payments the group said 
lhai it intended lo restore divi- 
dends to at least 1976-77 levels 
— provided that results for the 
year matched current trading 
trends. 

Details Page 23 
Lex Back Page 


& Development Consultants. 
Property Managers. 


CONTENTS OF TODAY’S ISSUE 


European news 2-3 

American news 4 

Overseas news 4 

World trade news 5 

Home news— general 6,8 

—labour 9 

— Parliament... 10 


Making EEC fibres healthy 

again 

Politics Today; the reluriaut 
Europeans 21 

Around Britain : Aviemore 18 


-AppetovncBU 

Appointments Advtf. 

B*nk Rcirtrn 

Banks 

CrrtSWPnl 

Emcrlaiatncu Guide 
Earn. Opffafts Ek. ... 


Technical page 15 

51auagvroeul page 17 

Arts page 19 

Leader page 26 

UK Companies 22-25 

Mining ...' 24 

FEATURES 

Behind the veil of BP’s new 
German partner 17 

Turkey's car makers change 

gear 26 

Energy review: Soviet 
plans for Barents Sea ... 30 


Inti. Companies 26-27 

Euromarkets 26 

Money & Exchanges 28 

World markets 29 

Forming, ra w materials ... 35 

UK slock market 36 


Elections in Iceland: key 

NATO base threat 2 

New Zealand economy: fall 

employment ends 4 

Ft SURVEY 

International frozen foods 31-34 







on 


30 

Food Prices 



FT -Actual les indices 

» 


Lei left 

21 


Lea 

40 

16 

Lembani 

IE 

IS 

Men and Matters ... 

20 

Property 

12-24 

IS 

Racing 

IS 

» 

Saleroom 

6 


Share Informailsu - 3S-r 1 ' 

Today's Events 21 

TV and Radio .. •• 12 

Unit Trusts M 

WcalhCr • *• 

Base Lending Rales 

INTERIM STATEMENT 
Loof>c»s - s 


ANNUAL STATEMENTS 
Arfaathnoi Latham 2d 

Baals Company 2? 

Charter Cen»d 23 

CMS. s 

Ovrapipc IttUH. . .. 2# 

Kwil<fi[ 24 

Lc'-Sh interests . .. 00 

M»k» & Spcnrrr . . 25 

Minster Insurance . 22 


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_ . 1 







bankers meet their match in W. 




BY GUY HAWTIN IN FRANKFURT -v. 

v restricted capital 

JAPANESE BANKING anti paper Handelsblatt. indicates to offer the whole gamut of generally Japaoestf banks^n Ihc have rel f a n tive c om r pe t e with 

hrr.kinc house appear to have considerable resentment both banking services under one rottL Federal .Republic faU into two bases, „ n banks- - 'cnmpfflisfela^i 

mure lhan met their 'natch in the -German bank? and The German banks are major categories. Those interested^ m on _ n ese experience 

W^ Cmuny A rei-emly **- £* u,' '"4*%^^ StSSPtt «•»*“ 

r m sss- - far raore d w i« n&K™ »*Sss ^ 

Sb2&S fc,d “ re ! h " T . raost » f «h. IS iw» SS*S^ V %S?rt5r2 ^ww^urte^d-m 3 

ot ousiness. banks active in th* federal «£T Th** brokerage, the- storir exchange *i ac fc is a very »"*¥ . cvwmath y '**??&* J53 




Europeans a„U 

Americans, so used tu see aggres- very recently. While a number stQCk in maQy unquoted concerns. German •meaning nftoeword for tbe Japanese’s^ Bngn^ ran 

sive Japanese competition, may have had representative offices in J s have ,set up In Frankfurt. 'ennspicous among alHWU8g-*!p 

derive wry amusement from the Germany for well over a decade, w “«e there are many Basically, it seems ' fo -be. -the hankers ^ppea^ed'wi 

u..» T .1 T ... , artnimoTtto fnr thin suctoTn it. -<* -»-« A . ■ ,.■« ■■•- TownwooO 


domestic corporate finance west Germany's “universal porate credit Ja paces ^bankers, t{]e jaoanese bankers- tO'.bevery.^^^'H^^'o’ne leading foreign 
market particularly difficult, and banking S vstcm” seems to have according to the survey, -are irksome— particularly tfe^Very ? 31 ^ “ - in my View it ^ ia‘ Japai 

also appear to have trouble in the lakl2n them by 8Urprisl .. By greatly dismayed Tiy tbe close- ^ Mpita] ^ fending: Ratios -'^ fc . e T , Jp^ier for a foreign sbip^-bt 
syndication of non Japanese conlrast to Britain and tn« U.S., n&ssoftbe- relationship between imposed, : cUBSid^abijr^ 'S?2*£ r J££ In Germany thafl. 

issues. whore depos.t and Tovtstment German compamea and their the aW lrty # -the ^ t0 T" and^Elitl^bgli^^p 

The report, commissioned and banking functions are separated bouse banks. Japanese banks, which, like^ntwtT^ Japan ' h thoutrht time 

published by the business news- by law. German bankas are free Handelsbiatt point out that foreign banking subsidiaries, A. German Danger “**7 : -- - -L/ 


German 


ELECTIONS IN ICELAND 



y NATO base threatened 


Bulgaria 

German 




& r**M8Z*~ 


Artifll 


rron^Bs!" 


BY REGINALD DALE, EUROPEAN EDITOR, RECENTLY IN REYKJAVIK 


•BY LESLIE COUTT : 






NATO STRATEGISTS will have ing lo ihe Icelanders, the ambas- 
their eyes on Iceland this sador is well known to be a lead- 
Sunday, where a general election ing KGB expert on Nordic affairs. 
could replace a conservative- The Russians have recently been 
dominated Government by a engaged in a long, but iO far jgl Mg:. 
left-wing coalition in which the unsuccessful, tussle with the local |2 KW • 
Marxist People's Alliance would authorities in a bid to establish . 

for the first time be the largest a Soviet-financed weekly news •• 

parly. A major plonk in People's umea/ine on the island. BKv 

Alliance platform is the island's There is no imminent danger rap a 
withdrawal from NATO and the of a Russian take-over. The main |V , ' yy*. - 
expulsion of U S. forces from force behind the Icelandic Com- raL*. . 
ibeir important Keflavik base at munis ts' hostility to the U.S. is 
its south-western extremity. nationalism rather than allegi- 
It is not difficult to raise the ance to Moscow. Indeed the 
bogey of foreign domination in People's Alliance claims to have 
a country of '230,000 people so invented something very- like 
fiercely proud nf their history. Eurocommunism a good 40 years 
culture and independence. The ago. Not that it would necessarily Ltij& 

Americans have shown remark- accept the Communist label; the " 

able sensitivity to the Ice- party would prefer to describe 
landers' feelings by eoins to itself as "a socialist alliance of 
extreme lengths to disguise Ihc the Left reflecting a Marxist 
presence of their up to 4.000 viewpoint." 

troops in Keflavik. ills are not The evedt that has focussed 
allowed to wear uniform or even particular attention cm the elec- 
to take goods from army shops tioa was last month's dress- 
on their restricted excursions rehearsal municipal election, in 
nursido the base, and the U.S which the Left made surprising 
cervices TV channel was recently and spectacular gains. The 
switched to .close circuit to dominant partner in the ruling 
prevent the local inhabitants coalition, the conservative Inde- j^j r jj a 

receiving it. pendence Party, led by Mr. Geir nrobiems wi 

Washingtun is offering to help Hallgrimsson. the PrimeMinister. K 

build a new passenger terminal saw its share of the vote fall 

at Keflavik to segregate civilian dramatically from nearly 50 per STATE OF 
travellers from the military, cent to 40 per cent. It lost . 

given that all international control of Reykjavik, the home \ *r mum« 

flights to Iceland have to land of half Iceland's population and 

on the airstrip-of the base. The the party's traditional power base 

offer has been denounced as f °r tlj e Past half century. The independence 
eve-o f-e lection trickery by the Independence Party's smaller (conservative) 
People's Alliance. left-of-centre partner, • the Pro- People < s Alliance 

Loss of the base would leave cres^ive Party, fell from just (Marxist) 
a serious bole in Western “? der 19 P er cent 10 1,tlJ t >o0ve Social Democrats 




probably around two-third^<bf „ tog-yn -recent : : 

of the Progressives, and/amy terr orists. ldenUfied^ as^ three attrAat£rig:tiecd^3»i&tt 

would not loin a coalirianjF s^ne prison escaper and e , co-oneratTdti betw^fettyfe 
main foreign poUcy objectf.S.Woinen who ,M. 
to take Iceland out of it 






Q would not loin a coalman* st«b Hf»on v« v « r.«wjnerat5on betw^eteTafteilt 

I saHHft' 

\ aa~ ss e jgSHwfc- 

| evitably complicated negotiations Spa beach resort after,bem3 ■ 

I preceding the fonnatlon o£,'> Secognified by an official ^ou a 
i new Government 5f it wanted fl»;-WIWay from the very prison ?t the 
| take part in ft. It mightisetGe WhJch the escape took place last state ' 

" for a bid -to revise the defente- month. 

j agreement with the UJ 5 , cutting. : - Herr Till Meyer, was freed . 

£ back still further the nombeh -from Moabit Prison here while F»aerari0nj7.. . 

1 of American troops, on ,;.the cm trial with a group of others Senteyeii Tfi; i 

understanding that- a furttwf sgspected of taking partin' the for days Jn- 
success in she next Tonnd 6^^974 murder of West Berlin he was .toanat{g w .- 
national elections would -Dje Hieh Court Judge Guenter von wiin the ; 

interpreted as a mandate -for. j^nkmann and the 1975 kid^ from • one- ' 

tbeir total expulsion. '• V napping of the West Berlin • occupants^ ■ • 

It would be difficult, td draw poSttcian Peter Lorenz, . ^f2S£- 

that conclusion from a People^ " The embarrassing circumi 

Alliance success tins lime round; stances of Herr Meyer's prison . 

Everyone_ knows the party's break played a part in . the . - 



Alliance success this time rounds jdances of Herr Meyers prison r 

Everyone knows the party's break played -a part in the 

policy on NATO hut the electwh^ resignaUon earlier this month of ™!SSL*«hrr, H 

like the municipal poH before ifc the^ West German Interior ““» ; 

is being fought primarily. Minister, Herr Werner Maihofer. 

on economic j issues.- >Mf. SjTwo women, jjosing as lawyers, .. YuPoslavia 

HailgrmMSim 5 defeat last mqira ^j tered ^ top security prison, EUS p^ed .West.^eiSBi^;^^ 


Mr. Geir Hallgrimsson . . . 
problems wi thin his party. 


Hallgrimsstm’s defeat last memtb entered the top security prison, SUS pe<ded West- ' 

was partly due to leadetship and (hen produced a machine S 1111 rStff-Sow ifl - thei: *■ 
personality problems in Ws nrat^ p f gtG , and forced guards 

“«»■ » band over Herr Meyer. A third gi s eoua® : i ' 

undoubtedly dissatisfactiou with wo man was waiting outside the ports West-Genrianjrih^^W- -j :. 


STATE OF THE PARTIES 
(May municipal elections) 


to get out or nand ana .Uifr Escape van. These wome.n, Ymroslavia is -hcrfdm^- dftt^fteV 
gen etal_ failu re of bw Recording to the -authorities, 


Percentage 
of total 


moment a^r «te P-* SS/StSTS^SMS^S^--- 

months. Meyer in Bulgaria while on a tremists beld in A^est'GexmW;-- ^' 

Inflation, after falling to undferi holiday package, lour. - He The mam stuS^Epg'-hlfci*^^ • 

30 pec cent a year ago, low Wanted women escaped from these negotiatiorer arid : *' ' 

Icelandic standards, is now iwB prison in West Berlin in 1976. slaviaV general - a^ttathife^ itotixm- '■ - - 


a serious bole in Western under 19 per cent Lo imi»>uove social Democrats them and allowing wage settle-; 

defences in a key strategic area. 13 DOr cent - ( left-of-centre) +7. JB J6S meats of more than 60 per cent 

Keflavik is the base for airborne . The People's AlUanqe/ on the Progressives ' over 12-months and -then taring 

and submarine surveillance of other hand, gained 7.4 per cent, (left-of-centre) — 3A 15i to cancel some of the increases 

the North Atlantic approaches points to finish with almost a Others — 3.8 when the inflationary- impact 

from Greenland to Norway, and Quarter of the total vote, and the — became apparent The angry 

the new American airborne early Social Democrats (also left-Of- PtM i n lp . c 4m . nre ininJrio , • unions have, retaliated with a 

warning system (AWACS) will centre) made a similar advance s rri ^/i* nn 3 „lJr Dg partial ban on the handling of 

.?nnn he operating from there. Tt to 16.5 per cent. The small left- PT _ hldw . lin Q nDl exports (to strike at such short 


on the way back to 50 per ceffe V'The speed with which the operaribn- in thic'ftBld 
Mr. Hallgrimsson mishandled jac^nigarians handed over their on makingia-< 
trade unions, first: caving iq?^» - rjriStoseta has been' praised he^"e°ri wta : o£ ; RaCrt 

them and allowing wage settle- Germany, whose’ new the actions of nationSt 

m*nts of more than »0 per. cent interior JM&niMen^ Herr Gerhart movements: , TL-Wi3 
over 13-months and -then trying Baum; thanked'^trigaria for Its* the actions of. liherefl 
to cancel some of the increases “ outstanding cooperation/* . jnmits constituter iegiti 

- West Gerimir. 7 officials are of ’gueiriHi warEaj®. . 
became apparent The apgry • ■ '• y> •• . -v- 7 *- 






already has distant early warn- wing Liberal/Party could muster 
ins radar. Phantom interceptors, dci more than 1 per cent. 


excluded exports no siriu at 

exenmeo. notice W0Uld bave be^megal) 

Moreover, it is by no means a t a time when the balance of 


and listening devices to detect If these results were repeated w ' at J£ e Pattern will be payments is again deteriorating, 
the passage of submarines. RAF at national level, it would clearly repeated. The hope of the bide- ~ Icelanders see a parallel 

XimrnJ.. |.inrl u.„ : L. > * r — TIPTlrtpnrt- PartV 1C that tVinco ICCldilUcra 3CC a VOIOXICI 


Nimrods land at Keflavi 
not during cod wars, ai 
transport planes and 
from the Queen's Flig 
occasional anoearances. 



occasional annearances. forcing- the Independence 'Tarty national poll. vitere a c^nre to v me 

The island s importance is cer- into opposition. But that » by Even if the People's Alliance their touts in a first poll 
taf nly not lost on the Soviet no means a foregone conclusion, emerges as the leading partner aSd that thev^Sll now vote «Sth 
Union, whose ships are making All ^orts of different permuta- in a new left-wing coaUtion. the Seir hiS to toei> the Peorte? 
increasingly frequent visits. The lions vail almost certainly be Americans would not be asked Jw 

Soviet Embassy is by far the possible, and even that of the to leave at once. The Social ? t om a ma3 ° r role m 

largest in Reykjavik, and. accord- Independence Party and the Democrats are pro-NATO, as are 


A name you can now, 
bank on in Ajman. 

■■■ ■ _ ■ ■ m ■ m * 



Naples gun 
attack on 
executive 


Umm al Qiwain 


which we are particularly proud. 

If you’ve missed the boat this time, 
don’t worry. The Sederberg will be 
back for more, along with her sister 
\ container ships she'll be working hard 
i from the outset to provide you with 
1 \ the best most reliable service to 
. South Africa. A service for which we 
at Saf marine have already • 

: earnedia reputation to be equally 
■ proud of- . 

And, of course, the Sederberg 
will open Up even greater possibilities 
for increased turnover and trade by 
both exporters and importers. 

We knowyou’fl be pleased with the 
service. 


56-60 St. Mary Axe, London EC3 8BH. 
■ Tel. 01-2833088 


By Paul Betts 

ROME, June 22. 

TERRORISTS SHOT and 
wounded in the legs in a so- 
called knee-capping attack an 
executive of the state-controlled 
Alfasud car company in Naples 
tonight 

The shooting is the second 
terrorist attack in the last 24 
hours. Yesterday the left-wing 
Red Brigades extremist move- 
ment claimed responsibility for 
the murder of a Genoa aDti- 
terrorist police officer in a 
crowded bus in broad daylight 
A group calling itself Armed 
Proletariat Fighters claimed 
responsibility for tonight’s 
attack. 

Alfasud is the southern subsi 
diary of a financially troubled 
state-owned Alfa Romeo car 
group which has recently become 
the target of increasing terrorist 
attacks. 

Reuter adds from Turin: The 
jury in the trial of 46 alleged 
members of the Red Brigades 
went into its fourth day of 

deliberations today. 

The two judges and six jurors 
retired on Monday to consider 
almost 200 charges against the 
defendants. The verdict had 
been expected today but court 
officials said it was unlikely now 
before tomorrow. 

• A judge in Italy’s Lockheed 
bribes trial, who was once a 
director of a company beaded by 
two of the defendants, announced 
today he was resigning from the 
court 

Professor Orio Giacchi did not 
say why he decided to step down. 
But he stated that he was taking 
legal action against newspapers 
and magazines which have sought 
to link him with two key figures 
in the S2m bribes scandal. 

Sig. Antonio d'Ovidio Lefebvre 
and his brother Sig. Ovidio 
LeFcbvre are alleged to have 
been the pipeline through which 
the U.S. Lockheed Al rera ft 
Corporation paid bribes to Italian 
officials, including two former 
Government ministers. 


These new branches sfafeti^fh^ 
the network of branches 
Grindlays Bank already yi'. 1 
- established in the United Aral* 
Emirates in Abu Dhabi, Dubai® 

: : Ras-al-Khaimah, Sharjah mid 
also in Bahrain, Oman and 
Qatar. 

■ . A >>>= 


Grindlays now has oneof the 
Iar gest branch networks of any 
international bank with 20 
branches serving the Gulf Area, 



23 Fenchurch Street, London EC3P ZtD. 


[ii 


Tel: 59641 T elex: 8220 MINE VA Gj 


PORTSMOUTH 

BUILDING SOCIETY 

Ordinary Shares 6.90% Equivalent . . . -jq 
M onthly Income Shares 6.90% 10 10. 

6 Month Term Shares .7.40% (where income tax 11, 
2 year Period Shares 7.90% “ P^hle. at the 

.L_^— teltratarf33 «i : 


3 year Period Shares 8.20% 


10.30%.- 
10.30%, 
11.04% ; 
11,79% 
12L24%- 


KB 




u 


['hi,- ! 

' '.'If ! ; . ■ 

L'H- t r ' 1 1- ' 


Li- 


■ Ul 


Fixmsoal Times, published dallv exuePI Suo- 
iUM and nnlichys. U S. Mil».rlpiion l.m nu 
Ijlr trelEhii S.VM.UO i:ilr mi ill per anmini 
»OMd clan COH 14 K mm at New Yori.. N.\" 


Member of Building Societies Associstia 
authorised for investments by trustees^ 








**.-■ 



.... 


T , ™ m r, 

Japanese TV companies inj Doubts in 

m • ! TT ^ -» I Bonn aboi 

to curb UJS* sales 



BY CHARLES SMITH 

SUBSIDIARIES AND affiliates 

lirtinACi^ f 1 A m rv-i m.«r. • _ 


TOKYO. June -2. j 
n?Mr:ctcd to 1.75m units per year 


imanesc comBanwc"”:™" -1 !^ reached around 400.000 sets hut r«-Mr:neo to i.om imus per ;x-ui 
Taiwan electrnnirs induct 1 ?. u lne " erc ninainc at far holier levels fur a three year period (expiring . 

&*!!“■ Site ,n »« » f 1978 - >« aw- >*»• ! 

restrain their exports or colour ,n February alone, according The restraint imposed on : 
TV sets to the U.S.. ii was cun- *" Matsushita "Electric, one ol the direct ••xpnrls from Japan may 
ffrmed today. ih» hav« 


Bonn about 
future of 
fibre pact 


| by JAMIE BUCHAN 

THE SAUDI ARABIAN Gu'ern- About 
i mcn t has Nism-d cusur:. d.-> wunh pipeline v 
! s400m (£22Uiii i fur tm- lon.-lru'.- Ainorican-L 
I t ton ol a t-ru>- 


JEDDAH. June 22. 


BO on- -■ •-? PB SS.. f «r&« Com- iS''» 

- w ill ne built b;. an „ v 0&1 ' :n ho r.- minJiblc for exports will duinnisn. 

Am c r i can >Leba nvw consortium ^ana-’cn er^ 'Construction The sudden t-ii-eml.tiiie cm m 
t.i.n of a t-ru» anir;. repclm* — SEDCO t South tasiem £n- l iicned in the national Ludsct 

vi'h ; ch Will perm 1 1 Smith Arabia "inourintj -anti Drilling (-0.1 of “ . ,.“7 SR 145bi> i*.i SR 1301»n. v.-meii 

lu export crude ««.i the Houston and CAT, a Lebanese r - canstruc'um is expected seems to haw occurred :ii me 

l , L oiriocerinn company. Tne Actual conwruc.inn wji h ... l!ftn | h:i[ 

jSh - JTiKJ? S 

fi rU ir.r k m^ml V “S? ' « * «>■■*«> » H~J»£ 


By Rhys David 

THE EEC pact ^iyned 



l .- 


■r J & i 


■r&- 


'Wr 


‘4: 

*1 

• : -i» 

in 

'-“ill 

■ ll) 

-is 

!r*nj 


Hus Z," 4 , V k f eiJ IJ f an orderly marketing agree- 
U f° W l ftl mcn! ,0 -MAi between Japan and 
?5S TJurl r» h t£ ,hv tht ' U s under which Japan's 

U.S. in 1 9« i ore thought to have colour TV exports to the U.S. are 

Zenith decision praised 

• BY ADRIAN DICKS B ON.\*. June 22. 

THE West German Economies European Omirmintiy valtie- 

: Minister,- Count Olio LaxnbsriorlT. added lav rebates. capnai si use in iuiuus i eu-ssnu is m-*i »*-»-■•■ 

today expressed his "great Uuuiq Lambsdorff praised the < '.nr pi. ration. a Taiwan-based j ^ ( ,; t . rmjns an . mnvilhna. 

'satisfaction” at the derision of curl's ruling as a strengthening company which makes sets near-, Jm objections s»mu* — * • il* _ J| 

the US Supreme Court in the r,f Hie l' S. Administrations view mg (he Toshiba brand name Jml, lin;! (lt Sl »reeiiu-ni. dm Pflffc 5IO W OUtllllGCl 

' P , w , U that rebates of indirect taxes on which also exports aclnvly u, l. in i„ from January X TY 

Zenith case, which ruled that vXp0 n«d goods were not to be the U.S. # ri . 1 vulj be ncetb-d. ^ 

.countervailing duties on Japan- regarded as subsidies so long as The president cif i a lung saiuj ^ M!lK ^QJ* ^10^Otl3-lIOOS 


uxponetl goods were noi i«» no ini- U.S. 1 vull bu nuvdi-d 

.countervailing duties on Japan- regarded as subsidies so long as Th-.- president or i along saiuj ' , MilK 

ese electronic equipment should they conformed to GATT reyu- reeenily that his company had 
■ not he imposed.' He hoped -it lotions. .—.i nn »imi uui a 

•VSuld serve >. a precedent lor Mi ' n " isIC !. h,s lhe SCn s S „'; r emc Courl 
4he American tax courts in deal- ruHng Wlu positive cuntribu- 
ing wiHi the pending suit tiem to the successful conclusion 
brought by U.S. Steel against of the current GATT round. 


Lawrence Mills. Hung Kong's: 
received “no slrict guidance"! Di reel or of Trade, said afier the 
rrom the Taiwan Government on 
exports to U.S. This however 
presumably does not rule out the 
issue of an " informal " Govern- 
ment directive to the company. 


-'V 




Narita cargo problems 6 over’ 

Tnicvn .fun 


&— 


first day of talks with EEC; IUREK MARTIN 

officials that he was confident off B J 
settling the problems still affect- j THE LEADING trading nations si 

ing Hong Kong textile cxpuris 10 have pill rc .„iu;i..n of the pi 

ths EEC. hv today. i n i«KiiinK nf «i-b*.-iivL - safeguards, ci 


£15m contract 
for tin plant 

By Kenneth Gooding 

; THU Head Wnghtson Machine 


Plessey wins 
Brazil deal 

By Diana Smith 
Rio DL .1 AN E111U Juno 22. 


OF Bru/.:i. I lie local 
trf Fk-sso Intcr- 


BY OUR OWN CORRESPONDENT TOKYO. June 22. 

JAPAN AIR LINES has been flights on the scheduled depar- the |nclu» l0 " ' ““"“j! 1 co - ? tr f p 
.experiencing serious trouble Jure day^an^having to^bt s^eld “P® d n h ‘ 0 f d . ups or a , , east reduce 
with cargo handling at Narita w a<Sli h Pa vy losses on in- leething troubles when JALrTosi 
Airport tthc new Tokyo inter- comin& ner i S hable cargoes. waned io function, but this; 

national airport). The airline The JAL-Tos system, which proved not to be me case- 

also claims, however, that the uses a Toshiba computer to Problems were far *orse man 
““worst is over" and that cargo control documentation and expected when the nrsi di« 
■handling facilities have been mechanical handling and cost consignments of airlreiRni Degan 
functioning smoothly since the <C0m, was designed to be ready to pile up at Nanta in tne usi 

middle Of last week. in time for Narita's originally ten . A ay * sF^ , ?Sth th P emergency 

. 'Problems started to develop scheduled 1973 opening date. JAL coped with the e i- j 
with JAL's JAL-Tos computer- During tlie five-year waiting by despatching a special cargo 
ised cargo handling system period before Narita aclu jj!!?' jj® ncl,,n 5 t *“* n Juno 15 

shortiy after Narita opened on opened last month some modifi- May and by .sp 8 j. .5 ^ 

May 21. The airline describes cations were introduced. The deadline for claims that 

difficulties as being both modifications were designed to system. The ai ne j£ lant!a u v 
mechanical and human tin that allow for manual intervention in A\>. dwtjjt - ^ 

Sss srs3J?S£ &-”KAS-«!^s b-s aS&i 

fe.“ '•"=« SSKS s 

.■rUSSM 1 i" JM. Xri-tn calculated M na.ionel alrpern. 


WASHINGTON. June 22. ; ^vTaloiT’"^ luo" International 

inner, in the hope of making : has won a 115m tinplate plant | 

progress on v.hat the U.S. order for Yugoslavia in the faLe 1 - ^ V ll| , js^i 3m 

the EEC bv today. '• nroblems of reJevtiv'e safeguards, considers to be an area of over- • f competition from Japan, j ord ^ r for S;ill « new area 

The problems arc mainly ihe I subsidies and vumtervailinj; riding importance. France and West German j. ilra rnc control si'flejji »* a,ns ; l l 

certificate nr origin of textile j duties at th,- l-i- of (heir working Working parties at official level The Japanese price is believed 1 compel stion fioiii A 111 
nrndiiL'ts and their classification. aae nda as the;, attempt to con- Jn ( ; eneva have already begun ; , 0 hav . e been s iij.hlly lower, but | Siemens— Hu* lar.v^ u...i..*vi 
The EEC wants tn he sure Hon=J chlde a bread mtillinal.onal trade the fin .,j pro cess. The current . . ouU . ome wa4 influenced by 1 it# kind m ilk wuriu. 

Kong textile products really . agreement by thy iniddle m noxi j nu . n u 0 n is for the four leading! that Head Wrighlson has I Under the terms of the i*-' 1 ' 1 ' 

nrismate there and are not made; mont h. Ministers, Mr. Strauss, Mr. 1 ihe fact mat «eaa k } 

elsewhere and stamped in Hong Thp - 
Kona. 


Robert Gibbens 

Montreal: The Canadian -u<lfc 

ment has concluded bilateral ' . {>vcring s . a ^ guards, sul) 
agreements with seven fore^n and c0l inler»a;lirg duties, 
countries limiting imports 01 j .... c . t.. .,-in HiiTei 

clothing and textile products. 

The countries are Hong Kong, 

South Korea. China. the 
Philippines, Taiwan. Poland and 
Romania 

The new restraints take effect 
on January 1. 1979. replacing 
quota agreements expiring at the 
end of 1978 and will last till the 
end of 1981. except for China, 
where the agreement ends at the 
end of 1980. The new agreements 
limit imports in 1979 to a level nf 
2 per cent more than 19i5. and 
after that growth will be allowed 
to averaae about 3 per cent 
yearly. Permits will be required 
hv Ouawa for all imparls. 


be locaieu on me — — 

duslrija Zorka site at Sabac, near 
Belgrade. 

Delivery will be in mid-19S0 
and commissioning in September 
1981. About 85 per cent of uil 

SK!FSriJ wftSSSS 

?S-:Srsissi“ d,visi “ n ' 5 ■ 


. ue proved 

position with the developing CCimpe ting imports is taken, thus 
countries. bringing it in line with common 

No specific deadline f-r solv- inrornational practice 

sentalii- 

with M. . 

the EEC Agricultural 


pulers. in San Paulo » busie.'t 
downtown streets and most 
heavily u^ed traffic lanes in otner 
parts oT the city. 

The San Paulo miinieipaliiy 
claims that with sayings in 
travelling time and fuel effeiUd 
bv a synchronised, computer- 
controlled traffic interception 
system, the new equipment will 
pav for itself within seven 
months. The first signals will 
be installed later this year and 
work will continue for Uie nc*i 
three voars. Part of the equip- 
ment will be manufactured in 
Brazil, and the three mini con- 


E d SHH SSjm* i ggc ^ 

Hr Finn-Olav Gundelach. subsidies, divided in 0 g Electrical Projects. Rugb >. ■ the • 

EC Agricultural Cummis- had and forbidden classes. t 



new “no 



From now on. the city can operate on today’s 
information .... today. Not on yesterday s news. 

The reason: Data General Ecbpse mini-computers 
have arrived on the scene. Computers that give you 
up-to-date information when you need it. No waiting 

for batched processed information. 

Among the first to take advantage is Butler i ill — 
one of the city's leading money brokers, handling 
deals ranging from hundreds of thousands to millions 

of P0«^ system automatically updates all 
relevant information on the day s activities as they 

Pf Display monitors give the dealers the information 
they want — when they want it. 

Deals. statistics, rates and other information are 
typed directly into the system so that customer and 
market information is always up-to-date. 

Dealers can forget routine administration and 
concentrate on the essential job of giving then clients 
an accurate, highlv efficient broking service. 

A similar system for Butler Till s sister comply, 
Guy Butler (International) Ltd. is being developed. 

“We decided how we wished to improve our 
services” commented Angus Crichton. Butler s 
Administration Manager. ‘‘We looked for a company 
with demonstrably proven mini-computers to assist us 
in achieving our objectives. We felt that Data 
General’s overall competence suited our requirements 

^Data General has installed more than 47,000 
systems world-wide. Systems that provide exceUent 
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information .... not yesterday^new^ ] 

riljTMaritering'Comniunicarions Dab Genaal Limited, 1 

Westway fW 320 

Middlesex UB69BH. Tel: 01 -578 9231 
□ Please send literature- i - 

j □ Please send literature and have a representative phone me. 

I Name. — - — — — ‘ “ “ " 


Position 

Company. 

Address— 


ITflk 


J ECLIPSE is a miistitud ir»dcroak^I^^G«“^ 

^ "" _ - Q 












f. 




ziim :i 


HOME NEWS 



Mortgage 
curb 6 had 
little effect 


prices 


By Michael Cassell. 

Building Correspondent 

GOVERNMENT restrictions 


General Motors plans! Shetland 
second Ulster plant 


by roy hodson 




I GENERAL Motors is thought to to finance Incoming industrial this year in the form of incoming j tfYll "iVI-O Wl 

!hp negotiating with the Northern projects backed by international investment than i at any time since j VU llxCUl 

I I ** , j rtonarhyioni .r />«m U i>lue chip 1 * companies- the 1960s. when . the major < 

Ireland ° ep of Aid totalling more than SO per chemical plants established them-: 

! merce about setting up a second ceot at prQ j ect costs is possible, selves there. 1 

rm-rovn.T.v-r ■ . car components plant. A raa -; or new industry would Dunng the last few months. Du j 

mortgage lending had* “little or It would employ more than help restore morale in mainly Pa nt - d ^ l ? spCf L d 

no SKt'" ™ house * prices, i 1,000 in the high unemployment Roman Catholic West .Belfast, P 


By Ray D after, - 
Energy Correspondent 


the Incorporated 
Valuers and 


menr. Ho said he believed house 
prices were moderating. 


area of West Belfast. whe^^U^lm^Ioymem ^^Co^STon. the world’s! 

Less than two weeks ago, unemployment has been running ^nlcitor^fbr the ! hinder Britain^ attempt^o 

General Motors announced pUns more than 20 per cent at times embarked ” ^h seSSSadro^S^Su iy 

to set up a plant at Dundonald during the last ten years of manufSsturine i^tfor 600 jobs.? ^ 

W ^trded hint of the motor i fj 

' in Northern 'SSTto ’£5? Mechel™ ^ ^ aod^e^SmS | {Et wSl E^VS^ld 
m Northern yosteTdaiy W Lo™ M®*chetL a has decided to establish a £3m . yesterday flat afthongb the 

. . S^h?ToI?ieachers from^Vest rcseart * and development centre j terminal would be aSe to 

The plant now being discussed at Gnugavon. , receive, some crude oil later 

is expected to be even bigger— a A second General Motors plant ! thH year U would not be ready 

£20 m investment to employ, in j f,!h.« rKpeClS in Northern Ireland would also;. to receive untreated erode 

addition to skilled workers. would improvein future. add weight to the Province's' before about March, 1989. 

hundreds of people with no General Motors may intend to cj a i m to be a major European 1|M termiitel’* 

previous experience in engineer- site tie proposed European plant mo(or components centre. . ; tr^nB^n^n^T 

- ... * to- manufacture brake retarders Related plants include the *; 

♦>,,,♦ (a device to provide engine brak- ford carburettor. Factory, j aua 

3 JJ®* ing- on automatic vehicles) in Michclin and Goodyear in ty res ?£? S3 rtnlent ° r 

«°»Pany ha.’e West Belfast. and rubber. Kent Plastics in dash- ! fneI ne * t 

The group bas.been looking for boards, and Walker Tenneco : ,»P said that late delivery 

a suitable location and has been making silencers. ; ° r equipment- .was among 

giving particular attention to The Northern Ireland 

the UK. authorities see a direct correla- : 

If the second General Motors tion between the rising interest 1 
industrial assistance package is plant is finally secured for being shown by international [ 

being negotiated by the Depart- Northern Ireland, the Province companies in the Province as a < 

ment of Commerce for General will be in a position to manufacturing centre and thr 


according to 
Society of 
Auctioneers. 

A -national survey of estate 
agents carried out by the society 
suggests that the restrictions 

might have exacerbated rather. , , , w . - 

than Improved the price i was welcomed as General Motors’ components 
situation. j first investment — * — — , " J — 1 

According to the agents prices! Deland, 
throughout the bousing range 
continued to rise substantially 
until the end of last month, 
when the survey was undertaken. 

Average prices in the three 
months tn May rose by just less 
thau 9 per cent. 

Some agents arc quoted as say- 

ing that prices will rise further i talks" with 
as the lending cuts are gradually rea chcd a delicate stage, the 

phase oul a conclusion which Department is refusing to give 

enntrasts sharply with this! any details of the proposed 

week's statement by Mr. Peter) Belfast development. 

Shore. Secretary for the Environ- 1 But „ is pr0 bable that a special 


ing or the motor industry. 
Beyond acknowledging 


Slight decline 
in May 
car output 

Car production in May faltered 
slightly and for (he first time this 
year output was below the aver- 
age monthly level of last year. 

The seasonally adjusted figure 
fur May was 106.000 units. 3 per 
cent below fhe monthly average 
last year. 

Output from March to May rose 
4 per cent compared with the 
preceding three months, reflect- 
ing a relatively trouble-free 
period of industrial relations. 

In the three months production 
for export rose S per cent while 
that for (he home market was up 
1 per cent. 

Commercial vehicle production 
in May of 3-1400 units (seasonally 
adjusted) was 7 per cent above 
the average monthly level last 
year. » 


Peers back EEC ships plan 


reasons for the delay but the 
development might still he 
brought back to schedule. 

11 BP fails to make up for 
lost time the Government .will 

— -- „ -- — — — - «- -- ------- — - - - — - — — . , . , have either to allow OH- com- 

Motors. The Northern- Ireland celebrate a more successful decline in the number of violent j panics to separate and born 
authorities have special latitude period of industrial expansion incidents since 1976. ] off gas hi the oilfields or to 

hold up delivery to shore of 
untreated crude. 

That might hamper Britain's 
attempts to reach energy self- 
sufficiency in the next 18 
months, store . the fields 

BY IAN HARGREAVES, SHIPPING CORRESPONDENT j 

BACKING for the EEC's But it says that contraction policy so far — it is best to work j in the North Sea. ^Tbey 
attempts to produce an orderly of the European industry is for an orderly contraction and jnriuoe Brent, Niman, 

and co-ordinated reduction of inevitable and that any attempt “reasonable to agree, the order! Weal her, Hutton, Cormorant, 
capacity within the shipbuilding tn sustain higher output or of that reduction, if not a: PanHo.. • Thistle and 
industry came yesterday from a capacity than the market can precise figure." ; oturauson. ■ 

Lords select committee. bear “can only lead to the con- The problem of allocation anv- Where suitable equipment 

So far. the Cura mission's plan, tinuatioa of aids or protective cu ibacks araon° member state's: has been installed on offshore 
based on a 4b per cent reduc- measures for a considerable i s acknowledged Bul the report production platforms. It will 
tion in the capacity of the in- period of time." savs that if cats have tn be faced ' be Possible to return some gas 

dustry between 1975 and 1980, This would be incompatible an agreement wlthiD the Com- 1 '° . reserv oir and thus 
has made little progress. Britain with the Commission's fourth mun ity would strengthen its • partly overcome flaring. Such 
has been among the most voei- directive on support measures position in wider international fRaipment is being installed, 
ferous opponents of declared con- for the shipbuilding industry ne sotia lions on shipbuilding r f ° r exa * , ?‘ e : “ J** 

traction targets. and would prolong the world capacity within the Organisa- ; biggest field In the North ore. 

The Lords committee on crises in shipbuilding and ship- ti00 fo r Economic Co-operation 1 . The Department of Energy, 

European communities accepts ping. an d DevelopmenL •' although concerned about the 

that the forecast of 2.4m com- If capacity is to- he reduced — _ . • . ■ fresh delays, have made no 

pensated gross tons output for and the report points out that select cotnmtaee on hum-- e0MBeBL However, officials 
rhe Community's shipyards in some contraction has been impli- pe° n Communities’ Shipbuilding; j } taie 10 jd companies that they 
1980 is not necessarily reliable, citly accepted by Government Lords Paper 188; SO: £1. *' 



groups 



BY DAVID CHURtWU. - 

DISAGREEMENT BETWEEN- **In either case the «wtmust 
consumer groups and employers be passed on. to ' -SiiHPSB 
leaders emerged yesterday ever and in some 
proposals to make manufacturers be a very 
more liable for defective “It follows 

Droducts. ness in overseas markets coatu 

Three consumer organlratioMi be' reduced "i23i5Sw5 

in a joint statement, called for harmful effects on profitability 
legislation to make snanu- 'and employment. 
facturert strictly liable fot any 'Hie three consumer organ Isa- 
injury caused by faulty products., tioae— the National Consumer 
irrespective of whether or not the Council, the Consmnera* Associa- 
compauy was ; negligent In : tibh and the National Federation 
production. 1 . : ^ of Consumer Groups— disagreed 

Such a move already has tile wft^ th e confederation over the 
backlog in principle of the Lay potential effects of product 
Commission as well as the EEC^jg^ty, 

Commission, which- has produced C- r *rwev arcued that shop prices 
a " dndt directive advocating 80 f ar been substantially 
increased product, liabilit y. .Tnc raase d by retailers .who . aje 
The Confederatiott 5^ ““^-resnUnsibie for compensating 
Industry yesterday made clear f 0r defective products 


wiiich' increased manufact^^y ^^^^' .. that- all the 
liability wfro Mim Ihi'eaSa 

confederation also vameft mk nnr likelv to 

SifTohn Methven, the con- PSlS^from the National Con- 
federation’s director-generaL said Council. • ■ - 

yesterday that the Govecromenr 1 Oftiy about l pw_c«t J “».*** 
would have to Share the costs oP tojhWea were caused by defective 
compensation from increased products other than drugs 
product liability. - i ' -r' HWly about 5 per cent .of -these 
“The State would have to eases received compensanon. 
carry some, of the cost and It is, which averaged under £5QQ each, 
therefore, urgently necessary for in ^he U.S.. however, where 
the Government to define its product liability laws are 
-policy on this issue,” he said, ./already in force, an estimated 
Sir John said that to proteot-Tm liability cases were filed last 
themselves manufacturers would year. compensation has run 
either have to take out additional into millions of dollars and in- 
insurance or set aside funds for surance premiums have risen by- 
possible compensation. • ' a* much as 26 -fold. 

Gro wn Agents managing 
director is new chairman 


Manx 

centre 

opens 

again 


BY MARGARET REID 


in 


e NEWS ANALYSIS: BP CHEM ICALS— MONSANTO DEAL 

Joining Continental ‘big league’ 


BY SUE CAMERON 


may not assume (hat permis- 
sion will be given for gas 
fiaring if the treatment 
facilities are not ready In time. 


THE ISOM deal BP Chemicals Forth Chemicals* plants, sited 
is negotia ting with Monsanto alongside BP’s naphiha crackers 
marks another step in the com- Grangemouth in Scotland and 
!»"/• to integrate 1U ggjjg 


ci nnamic loading on its basic, 
highly capital intensive, petro- 
chemical plants. 

If the deal goes through — and 


BP CHEMICALS INTERESTS | 



Annual i 

Product 

Plants 

Capacity. ! 

High density 

Grangemouth 

H0.0C0 tonnes • 

polyethylene 

Low density 

Grangemouth f 

. i 

• I00JXK) tonnes : 

polyethylene 

Antwerp e 

150j000 tonnes \ 

Poly vinyl 

Bagian Say 

230,000 tonnes j 

ohloride 

and Barry 

1 

Polystyrene 

Wingles f 

Newport 

130,000 tonnes • 


40,000 tonnes i 


Stroud 

. 40JXX) tonnes | 

Propylene 

Bagian Bay arnf 

500,000 tonnes ] 

Butadiene 

Grangemouth 

1 

Grangemouth 

>J0J)Q0 tonnes ! 


and Bagian Bay 

I 


Guilty verdict 
in dollar 
premium case 


the Old Bailey yesterday of being 
concerned id a Elm fraud plot- 
Barnes, 47, an economist and 
company director, who was also 
known as Prince John de Mari- 


with others 
scheme 1 to 


m a 
obtain 


ment currency attracting the 
“ dollar premium.” 

Judge John Buzzard said he 
would pass sentence on Barnes 


control of the whole of Mon- France. The forthcoming deal 
>;mi/vs polystyrene and expand- with Monsanto wilt mean that BP 
able polystyrene business within Chemicals will now be certain of 
the European Economic Com- having an outlet for almost all of 
niiinity boundaries. its styrene monomer production 

BP Chemicals will also acquire and aC . a , time when the basic 
full, ownership oF Forth Cbemi- petrochemicals market is 
cals, the UK styrene monomer depressed 
producer in which it already has 

Then-iin hern fm^RP is that it sant ® w iU retain ownership of ° n „ 1 . p Pi enllal 1 , cu f t0II L e ^ 3 an £ polypropylene among other 

?nM,?Xren/™?on.°Th^ g^neprod^ .here will goto » E* * -We and tonne* cpacU, „ taMta. 

deal will also pul BP among the M ... .. - BP point out that ethylene is 

lop five European producers of act U?iring Monsanto s technical Meanwhile Monsanto . will be a more important naptha fTag- 
polvstvrene. And. together with s . emces an ^ C0 1 ?* n ® r “* 1 I ,nt . ere *JS S ,ad t0 be reUeved-of Its poly- ment than propylene or buta- 
the' agreement between BP and a result. BP Chemicals will styrene business within the diene but it adds that it “always 
Union Carbide — announced last ,,? ve a JH? 81 i pre f ence m EEC. Monsanto is not fully has an eye on better integra- 
week. it will give the enmpany a i“ c .' c o n tinen tal polystyrene integrated into basic raw tion" and is on the lookuutifor 
Mihbtanliai slake in the European mar,cc ' ‘ or toe nrst time. materials in Europe and it acquisitions in these other two 

plastics market. BP already has a production believes that prospects for its areas. Polypropylene is now'the „ 

rp Chemicals has turn n-mhtha c ®Pacity of 230.000 tonnes of polystyrene production are onyl major plastic material in I the South China Seas in which 

rrVckerS-SaDMha J ^ne nf thp pvc in Wales and about UQ.Q00 therefore unattractive. ■ which BP Is not represented ihe had acquired an interest. 

Iiiiwc nrudiicl, of an on re flr.c?y of biiMuriq. pol,- it awa it has teen tiding it Mr Lon Burcbell. BP 

—and u third cracker, being built •W*"* m ^cotiand. ts deal economically tough to support Chemicals* managing director, 
jointly with 1C1 is due to come wUh Un,on Cart ? lde wlu P u ^ It polystyrene marketing and com- has said: “.'We do not haveMhe 
un stream a t the’end of this year inl ° the low-density polyethylene merctal activities when it has no protection of a sufficient dlver- 
Xaphtha is cracked into a fleId wi,h an annua> production styrene monomer plant or siry of chemicals’ activities 
number or fragments, one of the capacity of 250.000 tonnes a year, naptha crackers in. Europe. which will go on providing profits 
must important of which is BP Chemicals says the fact BP's naptha crackers in Scot- when other parts of our business 
ethylene. Four major polymers that it will be in Europe on a land and Wales produce propy- are having a bad time" The 
can he derived from ethylene — wholly-owned basis and will also lene and butadiene as well as Union Carbide and Monsanto 
jmlystryrenc. high and low den- he producing all four of the ethylene and in these two sectors deals are signs that BP is now 
sily polyethylene and polyvinyl ethylene polymers will put it the company is not nearly so making a real effort to spread 
chloride, better known as PVC. into ” the big league " on the well integrated. It has a produc- its business risks. 


K . tjj L ,.. __ . were convicted of related offences 

BP will take over the entire wnllnenL It reckons the new tion capacity of 500.000 tomes j at an earlier trial. 

Wingles plant and although Mon- moves will make an impression of propylene— used to make Mr. David Tudor Price, pro- 

' "" — ““ — "■ secutlng, said that the plan was 

to gain the “dollar premium ’’ 
on non-existent foreign Invest- 
ments. Had the fraud succeeded, 
the Bank of England - or the 
British public would have lost 
Elm- 

Barn es denied having any part 
in the fraud plot. He said be had 
become the ‘ king ' of Colonia, an 
uninhabited group of islands in 


Barnes claimed seismologieal 
studies bad shown that; there was 
more oil under the Islands than 
there was in the Persian Golf. 
He saw a solicitor, Brian Wood- 
ing, with a - view to obtaining 
documents similar to the North 
Sea oil leases and white he was 
with Wooding, the solicitor talked 
with a man known as Keith 
Gardien about " dollar premium " 
shares. • 


A FORMER merchant banker, became managing director 
Mr. Sidney Eburne, who has been November 1975. 
managing director of the Crown In May 1977 he was appointed 
Agents since 1975. is to become a Crown Agent and a member 
chairman in October in succes- df the agents' board, was well 
sion to Sir John Cuckney. ... as chairman of the board ..of 
Sir John, who is also chairman management, 
of the Port of London Authority.' He has been the lop full-time 
and is to become a director of executive since Sir John’s role 
the Midland Bank and of the became that of partitime chair- 
bank's Thomas Cook subsidiary, man last autumn, 
will be leaving after four yean Mr. Eburne, who will be tull r 
as chairman of the agents.' . jtuoe chairman, has been closely 
During that time, he has pre* J "coricerned with the reorgan Isa - 
sided over the agents’ recover#- tion of the agents— and with its 
from their EE-im losses oh large property involvement in 
secondary banking and property. Aural ia. a subject for which 
. Mr. Eburne. 59. who was a be 1 ,vrtll return particular 
director of Morgan Grenfell, the. resffcnstbitty. ; ■ 

City merchant bank, joined the / It is nor; stated whether a 
Crown Agents as finance director Separate appointment will be 
in June 1975, within a year or made to the post of managing 
Mr. Cuckney’s arrival there and director.- .... 

* ‘ 4 

Engineering orders stay 
at December 1977 level 

BY KENNETH GOODING, INDUSTRIAL CORRESPONDENT 

CONTINUING UNCERTAINTIES down on the average intake last 
in large areas of the engineer- year. 

ing industry are reflected in The high order intake for the 
figures today from the Depart- quarter lifted export order books 
ment of Industry. by between, i and cent. 

At the mid of the first quarter According to the Engineering 
of 1978 the industry’s order books Employers . Federation -the out- 
went unchanged from their level look for the rest of the year is 
in December last year. * for continued slow recovery. 

Over the three months, new . 

orders rose by 2 per cent while 
total sales were 3 per cent better 
than at the end. of 1977. 

- Tbe department notes in the 
magazine Trade" and industry 
that the volume- of home orders- 
on-hand has made r no lasting 
improvement yet from the 
extended trough it entered af the 
beginning of 1977,- 
- New orders for the home mar- 
ket faltered, in the first quarter 
so the provisional estimate of 
trends in March was only mar- 
ginally higheT than the 'level in 
December. • • . ■ . . _ 

The increase ini the trend ot 
new export orders during the 
quarter was 4i per cent, but 
that was partly influenced by the 
coincidental arrival of a few 
large contracts in February. 

Seasonally adjusted fibres for 
January and - March were well 


DOUGLAS'S Summerland enter- 
tainment and spans centre, 
destroyed by a fire five years ago 
in which 50 people died, was re- 
opened yesterday by Sir John 
Paul, Governor of the Isle of 
Man: - 

. The original cost of its re- 
building was . to have been 
G.TSm, hut the final figure is 
expected to be nearer 12.75m- 

The new centre caters for 
more than 3.000 people, has 365 
fire' doors,' 17 main exits and a 
full-time team of specially 
trained fire patrol officers. The 
tragedy brought about new 
legislation on the island on are 
precautions in. the entertainment 
and hotel industries. 

Plessey men’s 
jobs concern 

REDUNDANCIES are expected 
at the Plessey Telecommunica- 
tions works at Edge Lane. Liver- 
pool. The management said yes- 
terday that nearly 200 men will 
be redeployed across the region, 
but shop stewards claim that 
there are not this number of 
vacancies. Plessey has closed 
two factories on Merseyside and 
cut down the workforce after 
contracts with the GFO were lost. 

Transport merger 

Two of. Britain's biggest trans- 
port user groups, the Freight 
Transport Association and the 
British 'Shippers’ Council, have 
decided to merge from the end 
of this year. 

Captain Broadie Hoare. secre- 
tary of the Shippers’ Council, 
said last night that in recent 
years the work of the council had 
multiplied threefold and the 
merger with the freight associa- 
tion would give the council more 
administrative back-up as well as 
helping to. draw new members. 

Air travel growth 

The number of passengers 
using the seven airports owned 
by the British Airports Authority 
is expected to rise from 34.4m 
this year to between 73.4m and 
119.2m by 1992. 

The latest traffic forecasts by 
the authority suggest an average 
rate of growth for the next 15 
years of between 5 per cent and 
8.5 per cent for airports in the 
south-east and between 3.4 per 
cent and 7.0 per cent lor Scottish 
airports. 

£245m contract 

The submarine systems division 
of Standard -Telephones and 
Cables has won contracts worth 
£245m for the manufacture and 
supply of two high-capacity 
undersea telecommunications 
cable systems worth £24 -5m. 
They will run between the UK 
and Spain and the UK and the 
Netherlands.. , 

The contracts. arc for the NG-I 
45MHZ system, which offers the 
world’s largest capacity and is 
capable of carrying up to 5.520 
telephone circuits. 

Times appointment 

Mr. Paul Crowe is joining Times 
Newspapers as Production 
Director from July 10. He is at 
present Deput yDjrector of Man- 
power. at Mirror Group News- 
papers. 


At a Christie’s sale in New 


SALEROOM 

BY ANTONY THORNCROFT 


QUARTERLY REPORT OF THE PRICE COMMISSION 

Weighing in against checks and balances 

BY ELINOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT . »’ 

IT IS almost a year since the icrday that he thought the basic either to a company’s historic are very narrow limits to whit "tion in price. That is tree of tions because the two_ things are 
Price Commission, variously policy was correcL Selective, profit performance or to return he can do about them. ' most of the nationalised in- inextricably ratermesbed. 

described as a ’’star chamber flexible, investigations were on.turonver. It is generally reco-nised in dustries whose profits are below ti is not only in relation to 

with mafia-type powers" and an m ° rc effe ® til f e thp °M rigid Firstly, they protect a com- both the commission and Dbpart- the safeguard levels before the safeguards that Mr. Wiliams 

thn Govern PJ?ce controls— the last, vestiges pany’s profit from the effects of ment of Prices that there is fttile commission has anything to do takes Issue w«b the drafters of 

effective addition to the Govern of which are doe to expire at the a price freeze during one of the chance of switching to dis- with them. . the Price Commission Act. He 

mcnls competition armoury, end of July. commission’s three-month ioves- cretfooary safeguards at this To make matters worse for Mr. also -says in his report that •the 

Marled work. The abolition of margin con- ligations. Secondly they protect' point. AJ1 that might be don® Williams the commission often criteria themselves are causing 

In thai period industry's fears trol in the summer would not, profits from the effects of any is modify them. ' does not know before It has problems during sectoral 

'■limit how the commission he said, reduce the commission's price restriction the commission Mr. Williams 1 first ohjectirm to announced a reference whether examinations. . . 

*' ri ISBnf u on have— effectiveness as most companies might recommend on completion the safeguards is that they oblige the company In question will be Sectoral examinations are 

vro " w tt'serouon nave— were ^ trading way below 0 f an investigation. the commission to calculate an ablo to invoke -the safeguard when, the commission looks at 

with a few exceptions suen as theIr statutory profit ceilings. It' i„ the commission’s view these entitlement to a price increase provisions. This, he says. limits a whole sector rather than an 
those expressed by tee tea would allow the commission to safeguards severely - limit itr against a set of “ mechanistic the commission’s ability to carry individual company. The criteria, 

manufacturers — been largely shed some of its staff however, options. Mr. Williams empba- nijes independent of the out its duty under another see- he feels, are better .salted to 

confounded. So have any hopes Mr. Williams made It clear sised it was not that the-Commis^ criteria ” which are supposed to^ tibzi of the Act which says it has individual company investiga- 
te Government might have had that he was very unhappyabout sion was opposed to some kind of provide the basis of the lezUla- to have “regard to all matters tions- and, ut. an .Ideal - world, 

the commission hitting the «mie aspects of the legislation, safeguards, but that, like Mr. Roy tion.. ; relevant with, a view to restrain- would be modlfled. 

nr me comm»»ioi y u* wbich came jnw effect last Hatteraley. rhe Prices Secretary. Second—and this is probably ing prices/* . . * . Mr. Williams, perhaps 


35 August when the’ old' system of it did not feel that the existing the criticism which "l s likely to / In otber words, the two seo 'seious that . the. commission is 

Hecommenaaiiona nnc , nn nim!c on/terf Wfn numeric .safemiards u fnis» .mm- Strike a svmnatherii* .nth .t a. In Mr hardlv -noonlar .with the Tories. 


con- 


headlines _ 

. “ e ?r ni ™®‘lS, a f CI Sm cost-based controls ended. His numeric safeguards were com- strike a sympathetic choVd“with tions of the wntrols are. In Mr. hardly popular with the Tories. 

V n ^ M “I JC;* 1 biggest worry seemed to be the patible with what was supposed those Labour^MPs who want to Williams's opinion, contradictory has been at pains to try to keep 

nanny ironi page news. profit safeguards which were to be a discretionary system of tighten the provisions — Mr. because an interim increase; out of the main political arena. 

The 10 months nF operations written Into the legislation after controls. Williams says the safeguards once allowed, cannot -be rolled But he Is enough of a politician 

have also given the Price Com- much lobbying by the CBI and Mr. Williams said that the have inUuenccd the options open back whatever the commission e -to know .that the chances of 

mission lime to come to grips which are now under review in commission had Found the safe- t0 . the commission both In discovers during an investigation, getting a ay major-changes to the 

with the legislation it sdinmis- the Department of Prices. guards to be “a fundamental deciding to investigate a cbm- There Is no point in it consider- legislation through the House of 
iits. Judging by the comnus- These provisions, which even constraint” in ‘ some circum- P a oy. and in the conduct of an. ing prices Tf- It knows it can-do Commons are limited, 
sion's report for the quarter la t hos e In favour of precise, stances on its ability to make investigation and the framing, or nothing about them. For this reason, the best he 

April 30. published yesterday. numer jc safeguards admit, are recommendations. recommendations. Mr. Williams also pointed to can hope for is. some modlfiea- 

il is far from satisfied about excessively complicated, protect In some ways this statement What be is saying in effect Is the fact that once tbe old_ .Price tion of both the safeguards and 







Stradivari violin 
fetches £56,000 

WHILE SOTHEBY'S inain sale- priee of fUWR for a George I 
room yesterday saw the impot- walnut tallboy, 
taut sale of the Robert- von . - Adams, the London dealer, 
Hirsch -collection; "the auction paid £2.500 for a Regency 
house took over the Royal mahogany framed Cary’s terres- 
Watercohmr; Society Galleries trial globe dated: 1829. and an 
for a sate of musical Instru- anonymous bidder £L250 for a 
meats which' totalled £204,266. . " decorated 17th century black and 
The top price was £56.000 paid ,W>W lacquer cabinet, 
by an anonymous bidder for a " -- — - « 

violin by- Stradivari, known as 
the Graf • Von Der Goltz Stradi- 
vari. . 

Shimokura, a Japanese dealer, 
paid £20.000 for a Cremonese 
violin, hy , Antonio Stradivari, 
made around. 1670, and- Beares • r . ’ rrr ~~ . ~~ 
of Lqndeu £15,000 tor a. 1675 York of 18th, 19th and 20th cen- 
bY Andrea GuarowL tUPy American, paintings, draw- 
Sh^otoa alw pmd D3.Wfffor lngs and scuIptS on Wednes- 
n violin, by Pietro Lanaoin of day, an anonymous buyer paid 

■ £ 1 2222 for a white marble bust 
oitei* a of Ginerva— a Florentine legend 

of the Middle Ages — by Hiram 
Frank Cobb five-piece tea set powers. 

The ' first day of Stanley 
Christie s South Kensington Gibbons* two-day auction of 
sold 18 #erspnai wrapbooks be- international stamps realised 
longmg^ to .the Hon. C^rlw £20,439. A used pair of French 
Rolls, of Rolls-Royce, for- £3,600. 40 centimes orange stamp of the 
They were taught by Jhe com- 1870-71 issue realised £500. 
pany ‘ - , . An unused pair of Australia's 

Christie’s also held a sale of .1974 30 cents stamp depicting the 
English -furniture and objects of -bush-tailed possum, sold for £425. 
art 'which totalled £52,116. An and au Austrian 1936 Dol/uss 
anonymous buyer paid, the top Seh.10 stamp fetched £310. 

£700 for a Sautemes 

BY EDMUND PENNjNG-ROWSELL 

CHRIS1TETS half-yearly sale of Johannisherger Goldbeerenaus- 
“finest and .rarest" wines yester- lese 1893 went for £155. a record 
day set a number of record for a 19th century German wine, 
pnees, many of them provided The highest price in the third 
by American buyers. session of this all-day sale was 

S^-f^SSrwr^SJ- S» • “a*™™ of Laflte 1870. 
previous record was, £270;- for a 

bond er fta- y,uem ism P! dd asss^i "Srai' 
. I. - and six magnums of Lafite ‘47s 

Another remarkable price, was fetched £600. 

£310 for an ullaged bottle cf Prices or first-growth ,*49s 
Lafite 1875, .which in tee 1070 in magnum were very high* 
Heyrick sale: fetched only £6. Mouton-Rothschild (£490 for 
A single bottle of Verdelho three). La tour (£640 for six) and 
1779, tiie oldest Madeira sold at Cheval-Blanc £260 for three. 
Christie’s since regular' wine . In the afternoon a sale of 
sales began in . 1965. brought corkscrews, - old bottles and 
£120, while one of Schloss viniana fetched- £13,181. 


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SP&aari’efSf Times ”Fridav '.Tune 23 197? >1 - - -: 

Ip? " ’ In this version of the story; 

pty ■ - the potion that turns a rational 

& man into a snarling wreck is a 

& K JT . ^5Sy ^ -v. strong dose of bad environment 
Wh ^ Given the antiquated 

wmjL ' **-? 'r ~ ~ premises that are such a large 

mfiaffi ? ^ part of the British industrial 

scene, managing all too often 

?SeratSi?haVe tSpb™ 

second fiddle to solving today s 
B problems. 

Moving to Milton Keynes won’t bring an instant cure. 

But it will help. A new start, in a new factory, in a green and 
pleasant place, makes life much easier for the shopfloor and the 

boardroom alike. f 

Particularly when you consider all the other attractions ol 

Milton Keynes. „ T . , ... 

^ ^ ^ Like factories, warehouses 


Alii 














a «mi 




1 5 ; * 7 £ BK ,■» 1 

m&.&irn 




i^sss 


Irteesi 


mi 


f3n© 


> V ■« 

.*’*!& im. « 


y And a unique comDmauun 

of town and 

T^ey are all a help when it 

■ t nos to preventing British 

heroming Hyde-bound. 

industry 0FC0 MMERCE MILTON KEYNES DEVELOPMENT CORPORATION. WAVENDON TOWER, MILTON KEYNES MK17 8LXTEL: MILTON KEYNES C09031 74000. 

■ ' osmisim 


m 

im 


i 


Financial 



s 




APPO) 


ENTS 


COMPANY 

NOTICES 


Managing Director 

designate 

for one of the smaller public insurance broking houses which 
operates international!)'. 

. confirmation in the role of Group Managing Director 

■within a year is envisaged. 

• all-round experience at top level with emphasis on 
international broking business development is the main 
criterion. 

• terms are for discussion above ^20,000. 

"Write hi complete confidence 
to G. W. Elms as adviser to the company. 

TYZACK & PARTNERS LTD 

jun.VjEM l: ; t con. . it uv. n t-. 


30 HALL AM STREET 
12 CHAIl LOTTE SQUARE 


and 


J ONLiOV WIN’ bD/ 
LUir.BHKOIt LH2 4 DN 


Marketing Director 


for a jjfaom. company which produces a range ofc packaging 
materials for industrial customer*. 

• supported by a substantial investment programme this 
appointment will spearhead improvements in tlie sales and 
marketing organisation. Emphasis initially will be on 
extending existing customer contacts and markets prior to 
developing into new business areas. 

• A successful record at senior level in a similar role is the 
prime requirement. Experience should have included control 
and motivation of a sales force within a fast-moving 
environment and ideally be based on a sound background of 
marketing or brand management. 

• remuneration: around £15,000. Age: probably 35-45. 

Write in complete confidence 
to P. Craigie as adviser to the company. 

TYZACK & PARTNERS LTD 


30 


.MANAi.EMtNrCUNMJLTANT-. 

HALLAM STREfcT - , LONDON' Wljf toDj 


12 CHARLOTTE SQUARE 


and 


EDINBURGH EH 2 4 DN 


spcdalisistn the management oi private, 
'instituiinnalund pension iutuh 


Assistant 
Fund Manager 

Schlesingers have an exceptional opportunity 
for an additional Assistant Fund Manager, based in 
their Hanover Square. London, W1 offices. 

Candidates, aged mid-20s, must have a 
minimum of 2 years investment experience, and a 
degree or professional qualification would be an 
advantage. 

This is a challenging opportunity for an 
ambitious, hard-working person to join a successful 
and expanding investment management group. 

Funds under management exceed £10Gm and include 
the Schlesinger P1MS unit trusts, the Trident range of 
insurance funds, private client and pension funds. 

Salary will be commensurate with age and 
experience and the position offers outstanding career 
prospects within the company. 

Applications, which will be treated in the 
strictest confidence, must include a detailed 
curriculum vitae and should be addressed in the first 
instance to 

K.G.Hersey. Director 
Bastable Personnel Services Ltd 
IS Dering Street London W1 

Recruitment Co nsultants 

■HnBmraoBBnnnBmi 


PUBLIC 

NOTICE? 


COUNTER-INFLATION ACT W> 
11973 6.91 
NOTICE _ 
uniter section 6*5) 

To: all persons selling ihe goods or 
performing tlie services 10 which this Nolle* 
applies. 

take NOTICE that the Price Commis- 
sion. in eaerdse ol their powers under 
section 6r2i and i3i of. and paragraph i» l » 
and 1Z1 ot Schedule A to. the Counter- 
InlUtlon Act 1973. intend on or after 12 
Juls 1 97B to make ihe tallowing Order- — 

1 ili Suhieci to suD-paragraph izi De- 
low. ih>s Order applies to all goods 
and services sokl or provided under a 
contract which makes provision Jor the 
variation ol a price 'or the sale oi 
goods or a charge lor the provision ol 
services bv reference to changes in 
costs lnturretf or to be incurred m 
the supply ot Ihe poods or services. 
i2> Nothing .n this Order applies to 
any price or charge to wh.ch. by virtue 
ol paragraphs 5 to 9 of the 1977 
Code, the margin controls under [hat 
Code do not aopfv. 

2 lli A Person in the course Of Dusinoss 
shall not Charge a price for the sale 
ol aoods or maVe a charge lor (he 
provision of services (feeing goods or 
services to which mis Order aopiiesi 
under such a contract as It mentioned 
m raragraoh Mi abote which exceeds 
a once or charge determined m 
accordance with the coniran as re- 
duced in accordance with sub- 
paraaraoh i2i nalow. 

• 2i Where, under the contract, a price 
O' 'harge tans to be varied bv refer- 
ence to a change In any casts incurred 
Cf tn be Incurred in the suoplv of 
the goods or services — 

(*» I" determining the amount in rela- 
tion (o which any such variation 
Is to be calculated, and 
(bi in calculating the amount ol anv 
such variation. 

ro account shall be taken ol anv In- 
crease in coots which is under any of 
paragraphs 2!t and ”0 to 76 ol rt>e 
I ? 7 6 COS* and Paragraph ES of the 
1977 Code to be left out ol account 
bv way of Productivity deduction: 
Provided tha* this paragraph does not 
restrict a price or charge to ihe extent 
that a like restriction is Imposed by 
any outer notice or order given or 
made bv the Price Commission under 
section G cf the Act. 

3 in this Order — 

"the 1976 Code" means the cod- 
e 23i , - , rSj ,f L Jhe Counter-Inflation 
(Price Code i Order 197&! end 
" !ht’ 1977 . Code *’ means the code 
contained in the Counter-Inflation 

• Price Code) Order 1977, 

Written representations may be made to 
the Commission In respect ol the Intended 
Order and should Sc sent to Sctreiiry. 
Prire Commission. Cleland House. Page 
Street. London SW1P 4LW 
Dated: 16 Juno 1978. 

Sienod N. E GODFREY. 

nn behalf of thr 

Price Commission 


DE BEERS CONSOLIDATED MINES 
LIMITED „ ... 

ilncomoraied in th* Republic ol 5outn 
Africa) 

NOTICE TO HOLDERS OF PREFERENCE 
SHARE WARRANTS 10 »* *■**■* 
PAYMENT OF COUPON Ho- f.»S 

With reference to the notice a' 
tfou of diriflend advertised ■" t nc . 
on End June 1478. :ne ioila»>»S 
•Isn is oubllshed igr holders oi snare 
warrants to Ocafcr. ... 

The dividend ol mg rand lP1 001 
Share was declared in Souin Air i:an_ cur- 
rency. South African non-resident * 
holders' tax at 15 tenia per Share will PC 
deducted from the dividend datable m 
respect of all share warrant coupon* leav- 
ing a net dividend of B5.00 eeni* rt r 

The divdcnd on Bearer share* will ce 
paid on or alter 4th Augusi 1973 agaiusi 
surrender of coupon Mo 133 detvnco 
from share warrants to bearer as under: 
ia> At the other d the tollowing Continen- 
tal oayfng agents- 
Eanoue Rothschild 
2t Rue Lam tie. 

Paris 9c 

Earnout Bruxelles Lambert. 

2 Rue de la Regcncc. 

1000 Brussels 

Societ* Generate or Banaue. 

3 Montaone du Parc. 

1000 Brussels 

Creel i Suisse. 

Paradeolaa 0. 

Zurich. 

Union Bank or Switzerland. 
Rahnhotstrissc 45 
Zurich. 

Swiss Bank Corporation, 

1 A esc hen vors tad*. 

Basle 4002. 

Banauc International a lu*cn>oourg. 

2 Boulevard Royal, 

Luxembourg. 

Payments in respect of coupons lodged 
a: the olftce ol a Continental pavino 
agent will be made In South African 
currency to an authorised dealer in 
exchange in the • Reoubli; ct South 
Alrica nominated bs the Continent* 1 
paring agent. Instnictlons regarding 
disposal of the proceeds of ine payment 
so made can only be gl«cn '.a suen 
authorised dealer bv the can' ,fl en:ai 
oavma rfjenr concenied. 

•b) At the London Besrer ROICOI.C" Orhtc 
pi Charter Consolidated Luoicil. 
Holborn Viaduct. London EC IP t AJ 
Unless Persons deP05ltlnp coupons al 
such olficc renucii payment in rano to 
an address in the RcducI": oi h 
Africa payment wilt be made m United 
Kingdom currency either 
m In respect ol coupons loaned prior 
to 21st July 197B a: tec United 
Kirtodom currency eoulvalcnr ot the 
rand currency value ol rncr dividend 
on 25th July 1973: or 
flit in resoect ot coupons lodged during 
the period 21st July 1975 io 25th 
July 1978 both da vs intlur*«e '« 
the United Kingdom uurrenev 
eoui»atcnt ot the rand currency 
value ol their dividend on 31« 
July 1978: or 

tuft in respect ol coupons loaned on or 
•Iter Z7th July 1978 at :Hc prevail- 
ing rate ot exchange on me aa» the 
proceeds are remitted, ihrouah an 
authorised dealer in exchange <n 
Johanneaouro to the London Bearer 
Resent:— i Q fhee 

Coupons must nv left lor at least lour 
clear days lor examination and may ne 
presented any weekday 'Saturday ey.enicd' 
between the hours ot 10 ajn. and 5 s.m- 

United Kinpdom income tax will be de- 
ducted from payments m United Kmodnm 
currency in respen at ceuiions deposited 
at the London Bearer Retention Dhice 
unless '.uih coupons arc accompanied ov 
Inland Revenue declarations where sum 
dedurt'on is made the net amount nt me 
dividend will he ihe United Kingdom cur. 
renev equivalent ol EG cents acr snare 
arrived at as under: 

Strati All-lean 
Currency 

Genu pc' Share 

Amount at dividend declared 100 

Lera Sourti Air lean nsn 

resident shareholders’ tax 

at IS". 15 

35 

Lcsr LI.K. .ncome lav al 
19”» an thi- gross amount 
ol the dividend ol 100 
ceils I? 

6S 

Should the amendment to the u.k. 
Finance Bill reducing the basic ra:o a 

U.K Ir^.me ra. *o 53 or sustained 
and ena.-hrd be.'ore the payment due ol 
the dividend a further notice will be Pub- 
lished amending the above figures 

For and on behalf pf 
ANGLO AMERICAN CORPORATION 
OF SOUTH AFRICA LIMITED 
London Secretaries 
u«ten once*. J - c Gunsmith 

40 Holborn Viaduct. 

EC1P 1 AJ. 22nd June. 1973 

NOTE — The Company has been requested 
by the Commissioners ol Inland Revenue ’.a 
state. Under the double tax agreement 
between the Untied Kingdom am! the 
Republic ot South Alrica. Hie South African 
non-resident shareholders' lax anpli table 
to the dividend Is allowable as i iredit 
against the United Kingdom tax payable 
[n r*«ne« o» **» ■*.i-i-~nd The <•»— etion 
oftix at the reduced Vate of 19", in- 
stead of at the haste rate of 34% -cor*- 
mw m allowance of credit at the rate 


HOME NEWS 






\ 7V; cys-'-i .mM &5S 4 {•:&'%.:*? - 

■ i-,- • ',--...4.^, y 'l.tcy-.'-. -'i. r" •' :. 


BT LYNTON McLAIN 

THE UJS. GOVERNMENT has 
refused permission for an; 
American military aircraft to 
attend this year's Farborougb 
air show in September. 

The move is linked with 
growing efforts by President 
Jimmy Carter to remove 
emphasis from the Image of 
the U.S. as a seller of military 
equipment. 

The new policy on military 
equipment sales and promotion 
was decided by President 
Carter last month. In an un- 
published edict to the U.S. 
forces and military equipment 
manufacturers, he said the U-3- 
had tn curtail its participation 
In mill la ry sales shows. 


Participation by U.S. military - 
equipment makers In' an. .air.", 
show sudi as FarnBorough. 
would normally be handles --^y 
ihe U.S. Department of Com ; 
metre- But earlier this year 
the department cancelled Its 
planned exhibition ^avMon '4fcy 
Farn borough on ^be ground 
that costs were too high. 

At the Jast Fara borough 
show two years ago. at least at*' 
VS. military aircraft were, 
shown- 

The Society oF British Aero* 
space Companies, which: 
organises Fara borough.-; said 
106 aircraft were booked, to; 
appear at the sbow in Septem* ■■ 
her. Only one, the Fairchild-; 
A-IO ground attack aircraffj b; 
a VJS. military tyiie, but even ; 


to 'he ofj^RMUt 

-j- - &: ;. -.-b .i; •: * • • 

■ tegiumm 

milltan i'quiP nienl companies Czxt&sfllitftW’ isi Washington 
j SE „ exbihit 

■ approval InUn-tSi!; / 4 u 4 

. S„ce Sccuriff f i ***™* **; *23& 

^fr..ci0Lv 

-Sswra ,. 

StaSi °* Sfi ‘' !K ' ‘ ,!ii 

bad reserved ihe right to 
SSiSt but there was no roai . 

firmatioo which. If any, thejrjr 

- MiiEa.v rime this mouttt Ihe 

■ totter dam™ Representalraes 4bfere is/ 

/STave presented a paper on 
i.Se Hartman 


Go-ahead 
for opencast 
mine in 
Yorkshire 

Financial Times Reporter j 



, 



Minis go€$ 

BY ARTHUR SMITH, MlDlANpIS; CORRESPONDENT; . 

BL CARS, fonnerly the ais of meeting his target of S 19,000 
division oF British Leyiand,* isq units are slim. -. 

pressing ahead with the confnh -". Performance -at - Long oriage. 


’ rHE ^ oarc I k^'vcrsiai decision to import Minifr -the biggest Ley land plant and the. 

been given Cuvernmeni approval ; from its se neffe pIant Belgiam;: one scheduled to benefit from the 
tu go ahead with opencast mining.; tQ meet shortage in- the UTCi.TSSOm Mini replacement,, pro^ 
at Catvker, near Hemsworth, . imports are- now being fed. grain me. has fallen . short 

into the distribution network in, of. target. 


Yorkshire. 

'.Ir, Alev Eadie, Parliamentary spite of an overwhelming vote 7 ^ ^ company toid the- .work-, -- — ...— A r ....... 

Under-Secretarj- of Male foi t0 resist thfi move by ig.flM, ^ce last month that stocks, 

industry, said yesterday that ■ - - - — • WLC ,rtai - -i — 


MilllSt 


Durham^ : ik ,r .',ro; expanded 
becgtiSe'bLfitoiSufeceSS; in attract- 

inginthisog^.- i^TsrBaidrtO hc.the 

bnljvn^vt^wp^-w^.dwed to 

tfcQiimf mofe- laHa b^ffli^pet e r 
5*or e; rteer. Ea viro saiehb - Secro- 


Industry, said yesterday that man ual workers at Longbridge^j.j. ug f, u jj L U p in advance' of 
work should be confined to tbei Birmingham, the home of the introduction of the. .new “T" 
southern pan of tne 24b acres i Mini. ".^Shtraiion in August when total 


site For environmental reasons. 
Authorisation to work the sitei 


LEGAL NOTICES 


COMPANY 

NOTICE 


ECUADOR a"— »2‘: ,, ol SALT LOAN 


oundl ol Foreign Bond h older 5 relc 
innounccinent publisficd on the 7lh 
i> behail ef the Government at 
concerning the oHcr of reoemo- 
oar ol 4 11 outstanding Bonds 
itesi of me a° B iZ'.-Aoi Soli Loan 
rs of ifese Bonds or ol the COuft. 

rtlfuatcs of the Dceosit ol the 
nav. through ihe medium ol an 
Deposuanr. present them to the 
tor r«fe1»FU0" on er alter Mon- 
juty 1973. Am coueons attached 
is should at the same time be 
i io the Council. The Council will, 
•riflcalion. pay the sums Clue on 
Ion, return anv coupons exhibited 
and issue certificates entitling the 
o payment of compensation end ol 
due lor the vears 19 S 4 to 1956. 
II also issue «n respect ol 
with Coupon* Nos. 1-20 attachedt 
ipOnf NO*. 21-40 and 47.90. 
with Coupons No*. 21-40 attactigd- 
ioon* NoS 47-90. 
il l cenihtam o< Deposit-. Coupons 

Supon's 9 a'ml 'merest and Comnen- 
-en.hcatos should then be o"crcd 
irs? Coutt* A Co.. 15 Lombard 

'.OrSSiw- attachedi and Ccr- 
wt Dc&osJt must on lodoed l>y 
depoHiaries together with the 
2. Swig forms, obtainaoic irom 
fcil. and musi not be tent bv post, 
uncii may reau.re to rcta.it me 


nocumems lodged lor an aDoropriate period 
lor cumulation. 

Bond.tolders are reminded that in 
order to conlorm with the rcouirements ol 
the United Kingdom Evehange Control anv 
torcign currency received bv them must 
be dealt with under itic terms ol Ihe 
Bank ol England Notice EC. 7 paragraphs 
40. 79. 30 or SI a* appropriate 

COUNCIL OF FOREIGN 
BONDHOLDERS 

9-1 2 Chevas Ide. 

London LC2V bAB. 

Z 3rd June. 1978. 


ART GALLERIES 


ACHIM MOELLER,, GALLERY. B. Cro»- 
venor Stroet. Oh Bond Street. W-l. Tel: 
493 7611. SclecBon of ittteen naintinn 
bv KANDINSKY and 20TH CENTURY 
MASTERS. _ Modigliani, Leger. Bra quo. 
Mondrian. Ernst. Mlro. Klee. Picasso a-o- 
through July. 


AGNEW GALLERY. 43. Old Bond SL. 
W.1 01-329 6176. OLD MASTER 

PAINTINGS. Until 28 July. Mon.-Frl. 
9.30-5.30. rnur* until 7 


BROTH ERTON GALLERY — WATER- 
COLOUR SKETCHES BY CHARLES 
ROWBOTHAM 11858-1921. Until JOth 
June. M<J"-Fri 9.SO-S.30. Wed*. 7. 
Sat*. 12.30. 77 Walton Street, s.wj 

589 6848. 


BROWSE A DARBY. 19. Cork St.. W.l, 
FOR AIN MOn.-Fri. 10.00-S.30. Sat. 

10.00-12 30. 


I COUNTER-INFLATtUN ACT 1973 
1 1973 c.9l 

1 NOTICE 

| und er section 6f5i 

i w L*L c .ij h . F"^ 0 ; wl, 0 >* " Printer or 
orncer' 4nd Is tw has Been under confriri 
;s the Controller of Her Malmv's Station- 
I cf %.,P ,fl< n t ° r ? er Mateslv's Government. 

I L, e -rice commiisipii, | n exercise ol 
'their oowers under section GiSi of the 
GOunwr-Inflatron Act 1973. hereby give 
you ne'ice a* follows:— 

r. hc ,£Srm |s * i «n Intend on or aHer 
12 Julv 1978 to make an order under 
section G'Zi and i3t ol the said Act re- 
au ring you |p restrict prices or charges 
.or the sale oi good* or the performance 
Of sendees in the course of business. 

«.. 2 - JA C , S K£.I2? t l!£ l0fl Y IH fmvIw that 
tne price charged for work executed and 
J' 1 '"™* '" Ibe period beginning *pn 
*_Ajidu*f 1976 and ending on 31 July 
1977. pursuant io a contract made between 
you 3 J7 FT - hjr Contrclfor of Her Malesty'i 
m?n l r 0n Taif >ftC ? ** Iff Majesty's Govern- 
£«!• t"C price charged 
hjr* 1 ** 6 * tbe Iasi transaction under that 
contract before 1 Auguit 1970 as Increased 
?» ihr amounr ol an . Increase in 
incurred alter that date. 

miY be made 

J 5 JbJ in respect of the In- 

tended order and should be a cm to Secre- 
tary. Price Commission. Cleland House 
Pace Street, London SW1P 4LW 
Daied; 16 June 7 97B. 

Signed: N E GODFREY, 
on behalf si the 
Price Commission 


DAVID CARRITT LIMITED. 15 Duke S!.. 
St. James*. S.JW.I lath CENTURY 
FRENCH PAINTINGS. DRAWINGS AND 
SCULPTURE- Until 7th July. Mon.-Frl. 
10-5. 


HERTFORDSHIRE COUNTY COUNCIL 
Bills— £3m <uued 21 June 1978 due 
SO September 1978 at 9‘i,”n. Applications 
totalled £l2m. Total outstanding £5m. 


NO ndlS17 r.f I3IS 

in ihn HIGH COURT OF JUSTICE 
Chantvrr Divi'ion Omnanres tn*in In 
'he Waiter of STATUS DEVELOPMENTS 
I.IMITER atid- .n the Matter or the Com- 
pt*n*rs Act. IK*. 

NOTICE IS HEREBY GIVEN that a 
Petition for (be u indiniMip m ifei above- 
named Company br ihe ntc.li Coon or 
Justik-c wa*. on ih** Hay of June 1PIS 
presented to the said Conn by th-: COM- 
MISSIONERS OF CUSTOMS \ND EXCISE 
of RinrS'a B»am Hpuse. :i9-4l Mark Lane. 
London EC3R i lit. and Lhar the said 
Petition' is directed to be beard before 
the Court si run* at ihe Ruval Courts of 
Justice. Strand. London WC-'A 2LL on the 
lIKh day of July 1B7S. and any creditor 
or contributory of the said Company 
d'Sirous to suppan or oppose the making 
of an Order on the said PtULlon roar 
appear at the ttme of hearing in person 
or br his CoansH far tbn purpose; and 
a copy ol the Petition will be ruralshed by 
the undersigned io any cre-llior or con- 
in&uiwy of tbe said Company regmnus 
inch copy on payment ol tbe rerouted 
charge for the same. 

C. F. CLOAK. 

Fines Beam House, 

39-41 Mark Lane. 

London. EC3R THE. 

Snlleuor \a (he Petiaonera. 

NOTE — Any person who mrends ro 
appear on tbe bcarinn of ihe said Petition 
musi serve on. or send by pov to. the 
above-named no’tct- m wniina of his 
intention so io do. The nom\ musi slate 
tne name nnd addriuts of the person, or. 
:T a firm the name and addr.-.s pf the 
firm and maxi be sumed hj- in..- prrson 
or firm, or his or their so! tenor (if ansr» 
and must be served, or. if posted, musr 
be seni by post in snfficiL-m lime io reach 
the above-named ngi lar.-r ihan four 
o'clock in ihe afternoon of ihe 7ih day 
of July 197S. 


No. OOISJS of io;s 

In ibe HIGH COURT Of JUSTICE 
Chancery Division Cwnp*nn>* Coun. In 
ih L Matter uf CE.MLEX LIMITED and in 
the Matter of the Companies \..i. 1848. 

NOTICE 15 HEREBY GIVEN that 9 
Petition for [he Winding up o' the above- 
named Company by thr lli^h Coun of 
Justice was. on ibe 14ib day of June 1BTS. 
presented to tbe said Coun by ihe COM- 
MISSIONERS OF CUSTOMS AND EXCISE 
of Ktng’* Beam House. 39-41 Mark Lauv. 
London. EC3R 1 UK. and that the said 
Petlllon is directed ip be heard before fhe 
Court strong at the Royal Court* of 
Justice, Strand. London. WCIA ILL on Ibe 
Jitb daj- of July I9TH. and any creditor or 
contributory of the said Company desirous 
to support or oppose the making of an 
Order oo the said Petition mar appear at 
the time of hearing la perion or by bis 
Counsel for that purpose: and a copy of 
the Pentiop will be furnished ta Lite 
undersigned to any cr-diior or cun- 
Irlbatory of the said Company n-guirin# 
su«t copy an paymeot of ihe resulaied 
charge Tor ihe same. 

fi. F. GLOAK. 

King's Beam House. 

.19-41 Mark La nr. 

London. EC3R THE. 

SoliUtor to the Pensioner* 

NOTE— Arty person who intends M 
appear an ihe Itearituc of un said petition 
must serve on. or scud by po S | j 0 . []n> 
above-named noucc in Mnunx of hid 
intention so to do. The none-.- must slate 
ihe name and addrus of tho p,-rson.. «r, 
If a firm ihe rum. and addrc,v> of the 
firm and must be sunni by tiiu- person 
or firm, or his or their solicitor uf anyt 
and must be served, or. it aoaicd, musi 
be lent by post tn Hifflcient um.- to rcjch 
Ute above-named nor la Kr four 

o clock in me afternoon or ih> 141b 
Of July lfiil. ■ 


ART GALLERIES 


GILBERT FARR GALLERY. 285 King'S 
Rood. Chelsea. S.W.3. NORAH GLOvfeK 
— RECENT PAINTINGS. Until mne 24, 
Open Tues.-S»L 9.30-5.3D Jl,n<! * 


LUMLEY CA 2E L F .T. 24 Da.lc, St .. W.l, 
01-499 5058. MATISSE DraVlrW*. 

prints I fid Kiustraied Egoks. until 28 
July. 


togistration — 

Tke managenient can dravv - .■■&& demantJ is expecred tarise to 
. . ,, . ... - .support for its action from lafmut 250.000 vehicles, 
was jiven onginally b> «he Scc-| figures c i rC ujatin§ within the ^ company said up to.lO.QOO 
rcurj For Energy in April. 19, J. industrv that suggest Tow output nl inhr have to be imported 

f I !lp W hv t, thp Sh Hi-h 0, rnii? 1 t° at A 1,s prcventing the State-owned B clpium unless output 

laier by the Hi r h Court. A concern f ro m gaining its share 1 .^ - ld b 0 increased ^at LongbntJae. 
se..-nnd public inquiry into the of a booming UK market. . SJp ave no accurate figures on 
Board s proposals v*as held at; Provisional estimates show the. ^ pres£ ; nt level of imtwrts but 
ihe end of last year and J 5 **. company has won little more; - t i. P dear that Longbridge has 
inspector ? report recommended; than IS per cent of the S8.700 t he chalTeiige. 
that mining operations should be; sa les in the first 21 days of-JTuinjay - - VwSrtGeW - 

SPaSSk***** '**' m F«l*^'» 

Cawker site. 


: The--t6 wn- ■ wi if‘ : andth er 

475 acres'ce^ anj^fi stag' indu*. . 
trial estate,' ‘ It 

Ls'expected to ereaiS-more titan 

4;0bfr vrfi 'V- 

Mr: Garry : PMUipsbp, flianag- 
idjf directoc d#^Petorlee i ®eyekip- 
ment Corporati o ^ “The 

Government rbas?-aecepled ■ that 
The North East .has ' speciai - un- 
employment . problems -yind that 
a proper 5ob-gettihg agency tike 
we aro most ^ given the means 

well above, ‘ • VfisS&byiiient r’b^risefr-to 


mart 

Council and 
authorities. 


other local 


allowed, subject to Ihe exclusion l Total sales 

of the northern part of the! those of , 2 months ago and put . - rts e ut -^0^ 

iwker site. » the industry on target towards 1 f ' 1 Tvutoed confrohiatiob- 

Objections to the plans were; forecasts of record sales of ■■I*’*” I 

artA by South Yorkshire County . around 1.7m vehicles for 197S-. Ving w a v J"o raise output?' ■ ; J 

o Attempts to increase output 

tTODiem have been undermined in recent 

Not since 1973 has the industry weeks l;y unofficial disputes, 
enjoved such a buoyant demand, Management has brought 'toe 
So far -this month Ford has matter to a head and t will meet 
retained market leadership with stewards iuday to discuss ways to 
approaching 30 per cent of safes ..resplve tbeproblems. 

More disturbing is that importers .Ji" 10 " J* 

are now responsible for the withhold credentials from- two 
manufacture of almost evei^isbhp stewards .wbcr.bave Te_u_ un-, 
other car sold in the UK. ■ offici al stoppages. _ 

The main problem confronting: The risk . pf -jconfitonttt* 0 ^ 
L in its efforts to recapture remans. ,but ittonow UKelji tint 


BL 


Salvage tug’s 
bid l a waste’ 

-tanker mate 

By Paul Taylor, Industrial Staff 
THE CHIEF MATE of the Amoco 
Cadfz told the Liberian board of 

he thought efforts by a salvage; Inst ground is low uurpuL Longbndge wdl ; 
tug to save the vessel were a i Although shop - stewards have accept the Belgian ‘toRorfc. 
waste of time. ; mounted a campaign to aim for Management has already cut 

Sir Gordon Willmer. the , production of lm vehicles’ this 1 .LOO jobs this year as part of a 
inquirv chairman, asked Mr. : year in order to preserve jobs, productivity drive ana were is 
Rosario Strano if in hi* opinion j Mr. Michael Edwardes. .the BL little support aiming thoVwqrk- 
the salvage* tug Pacific “ever did r chairman, tias said that chances force for militant action. ^ 

any goud.” Mr. Strano replied: 1 \ 

1 & 

Research ‘must be more \ 
relevant to industry’ 


9'percent-iri the North -East, but 
in'-'Peterlee the ievet.has fallen 
2 per cent in tbe pasrtWDj>ears. 

Directors join 
new publishing 
venture 

TWO directors and 

sharohoi(tf&t'.?fff . Morgan-Grain- 

Ifia 'rnA»l J A -Vvflflia-yirai y ii > ■ * nllri 


“No. sir” 

Mr. Strano said lhat although 
the tin crew had been working 
” very hard " 10 get lines across 
to tbe crippled tanker, all efforts 
to save the lanker had failed. 

. Earlier Captain Pasquale 
Bardan, master uf the Amoco 

Cadiz, had told the board , _ . .. . , 

that he had arsued with ihe tuj ' THE POLICE of making the weie dropping some of the 
captain over the positioning of I Department of Industry’s six longer-range research, said Dr. 
the tug for a final attempt td tow j research establishments more Duncan Davies, chief scientist 


BY DAVID FISHLOCK. SCIENCE EDITOR 


the tanker away from the rocky 
Brittany coast. He said the two 
men could not agree on the best 
method of attaching a line. Cap- 
tain Bardari said he wanted the 
tug to tow from the bows, so he 
could use the tanker's engines, 
but the tug master wanted to tow 
from the stern. 

Captain Bardari' said the tug 
captain won the argument and 
went to the stern, “which, with 
the position of my ship was the 
wrong place to be.” 

Advance factory 
work starts 

THE ENGLISH Industrial 
Eslares Corporalion announced 
yesterday lhat work had .started 
on the construction of an advance 
factory or about 10.000 «i Ft for 
the Department iff industry al 
Station Road, Liskeard. 


relevant to the Government's and engineer at the Industry 
industrial strategy was formally Department, 
endorsed yesterday by Mr. Les spending by the Department 
Hucwfield, Industry Minister. on researc h and development 
Mr. Huckfield urged companies has fallen from £32m in 1072-73 
to second some of their younger to an estimated £27ni in 1977-78 
staff for two or three years, to But this is the budget of the 
help transfer research centre research centres only, and the 
innovations into production. department has been increasing 
The attitude lhat if industry substantially its funding of -work 
wanted something from these "^h the industrial research asso- 
research centres they must come clar j 0QS ®nd with industrial enm- 
and ask for it. lay in the past, he p ani?s - Financially.- the aim is 
said. Work paid for by industry tr -* maintain the research centres 
in these centres had increased al the l r present level of Govern- 
froni 9 to 13 per cent of their m ' ?nI spending, hut to look for 
budget between 1975 and 1977. = rowf £. from contract research 

“ , Tn achieve this. Dr. Davies said. 

The department s target is tn the research effort had to be 
have 50 per cent of the budget of changed from work tfcit was 
the five most mdustry-orienlated merely important to work that 
research centres funded through was *■ utterly indispensable.” 
contracts from industry. Research Establishments Re- 

The research centres were rf*n> 1978. available from the 
refocusing their programmes on 1/cpnrtment of Industrii Library 


man of Peoguin Books,: .emerged 
yesterday as ibe )jaclsers of a 
new -£5m-.. ; business-and leisure 
magazine venture, ; 

■ A] pane, tbe private company 
tbe three "men ' own. / Terentiy 
acquired a 50 per cent stake in 
tbe fortnightly business journal. 
Investors Review.-j'n a settlement 
with Sir Charles Torte. who 
becomes an equal partner. 

Last year Alpane sold its 28 
r»er cenL stake in Morgan- 
Gramplan - to ; Trafalgar House, 
fsFor a sufm beltevqd. fb . be'r just 
under £5m. Mr.; Abramson and 
Mr. Pegg -then left the M-G 
Board. • • 

In this latest move the .two 
\rili be joined by two -more 
former Matgah : Grampian direc- 
tors who have just resigned. 
They are Mr. Ray Watson, who 
was M-G's group editorial direc- 
tor. and Mr. Stephen .Roe, 
publisher and group editor ; of 
Travel Trade . Gazette. 


GLC saves , 
on fuel bill 

Savings of about £l.Sni were, 
made last year ' on the ;£a)m 
annual fuel purchases by- /the 
Greater London Council, says . a 
report to the council's profes- 
sional and general services 
committee. ... 

The savings wCce made An; the 
supplies department, by' 
ordinating the’ . demand v of 
customers and by detailed nego- 
tiations for fair rebates on bulk 
supplies ■ of . various petroleum 


” h ,# 1,0 3ch,evcd l™l£7£i. J £? c Mip 


next 2-5 years, and as a 


the committee vice-chairman. 


Anglia-Hastings merger 


BY MICHAEL CASSELL, BUILDING CORRESPONDENT 


A DECISION on whether or not 
the proposed merger between 
the Anglia Building Society and 
the Hastings and Thanet Build- 
ing Society can go ahead will be 
announced next week by Mr. 
Keith Brading the Chief Regis- 
trar of Friendly Societies. 

The merger plans, due to 
take effect on July 1. are heing 
opposed by a group of share- 
holders and by officials of the 
Naliunal Union of Bunk Em- 
ployees. Their objections lo tbe 
merger, which would create the 
seventh higgest building society 
in the UK, were put lo tile Chief 
Registrar on Wednesday and 
concluded yesterday -morning. 


Opponents of the plans 
claimed lhat the two societies 
were “empire building" and 
that the move would not provide 
any benefits for investors or bor- 
rowers. The two societies de- 
fended their decision to join 
forces by claiming that a mer- 
ger was necessary if they were 
to establish themselves as one 
of the leaders nf the movement. 

A spokesman Tor the Regis- 
trar said yesterday that Mr. 
Brading hoped In give his deci- 
sion on Monday afternoon, ir 
his decision upholds the merger 
plans, objectors might take 
court actirm to prevent them 
taking effect. 


HOME CONTRACTS 


orders for STC 


STANDARD TELEPHONES AND 
CABLES -(an ITT company) has 
orders from the Post Office fnr 
[transmission equipment worth 
[ over £4m. to develop its inier- 
| national services at Mondial 
; House, London: Lands End, Com- - 
! wall; and the Mad ley s.itefiife 
earih station, Hereford. Tho cquip- 


f"* ot sof tiie authority throughout 

*?® liver y « planned 
for October this year as the first' 

‘ a - development: 
programme, .providing a fully 
integrated financial, land, 
property, personnel., and housihff 
management system, probably 
U*m3 lCL's TOMS databaS 

, .«vvw management system. 

i inent will be commissioned be- w also developing an 

. house-letting system, 

lermioaJs m eight area- offices 

f'rnL^ .“ ?ed to. answer queries 

from tenants and . housing 

applicants on . the. spot. 


tween 1979 and early last. 


Newcastle upon Tyne City Council 
• has ordered an ICL 2970 
j computer, valued at f t.3ra, to 
I enhance services to all depart- 


MAIL GALLERIES. Th» Mall. SWl Soclctv 
Ol wildlife Artists 15» Eah.bltion. Mon- 
Fri. tq-S. 5«a. 10.1. Until j u iv 4tn, 
AdM. 2 Op. 


mall GALLERIES- The Mali. S-W-1. 
Spec I just PrintmiKing Group, Brighton 
Polytechnic, Mon.-F'i. 10-S. Sat*. 10-1, 


Until Julr *th. Free. 


Alcohol sales estimate ‘too high’ 

BY KENNETH GOODING 

THE TREASURE has set jts Budget was the first time since Mr, Hallgartsn insisted that 
sights too high in forecasting 1&74 that duties had not been there was fn Britain a strona 
a 16 per cent increase in revenue, put up. Since March. 1974. the underlying demand For table 
to £2.4hn, from alcoholic drinks duties on table wine have risen wine. Since 1970 th*» number 
this financial year, according to 33 per cent, ihosc on fortified of wine consumers had' increased 
the Wine and Spirit Association, wines (mainly port and sherry) by 45 per cent to around 10m 
The Government would be WH per cent and spirits 75 per people 
optimistic to expect an extra cent l r tlie Chancellor held duties 

£200m or 10 per cent oq last This had helped depress trade sleadv, Mine consumption could 
year's income from this source, to such an extern that the wine double by 1984 Trom the current 
suggested Dr. Peter Hsllssrlcn, sno spirit industry had been 17 bottles a head a vear for the 
chairman of Lhc association, yes- havmy 10 cut. jobs hy about 5 per adult population. That would 
terday. cent a year, or 20,000 jobs in the represent roughly four glasses or 

He pointed out that the 1S'8 past tivu years. wine a week for each adult. 


Air 

Conditioning 


Offices : Factories 
5nops;Restaurants 

Permanent 
or Portable Units 
Instantly available 
. For Safe or Hire 

^Branches 

“voughouttheUJC.. 





y 









Financial Times Fridav .Tunc 23 197S 


!.aboi;r:a;i;ws 



declines to act| NGA will back 

journalists 








Br AWN PIKE. UBOUR CORRESPONDENT 


Notice to Borrowing Members 


Stelwi witan bm '“> M **”**■ 

'Vr Pri-v.,!., i -4 maintained that their plant •iiiii* "it t»i it t“ »». M| . Tunv D„i,i„ nSi a .<>i 

■ ri vir rar w^ 7 ^ Scc ‘ I 1 tii t i U- . and have pressed the 'edit nil.mr ion. . . ! n( . n uraJ MwreLiry. save 

^Betary. and Mr. Gerald Kaufman, tin iv ern men t tn give them ihr Mr. Varlcy was .spejkin„ ' hr i" d rri:«kin’ during a s; 

°r Mimster yeMerday lnnp>prnfni*ed electric arc Turnacc " n,, ‘ , ; i| npcnms <lf ;• L n ipha«Uin!> the print ur 

■ EWtvfi? Unwn ,eaders ‘ Jf ."*»«* baSic *«*■»““"*• ^’Tmper,^ works ;U Am! ^ pum nation tn retain fu 
rummended that the at Immincham on thj- dn( . SroiUnil. 

should meel the TUC f, 11 , vr . have sai “. inv - v Vk, .‘ The development hah doubled 

.try committee again h |a ck i rr -» n ore impnrls in L-ap.ieitv In produce nil- 

nn » symnaihv with thp Shell mi ...... u-hi.-h 


Graphical organised ••'ln-nal dcnaniiwnt 
Hilt con- and new production U-airtnaw- 
would enable an employer l'.< 

keep producing newspapers 
during a dispute. 

The N*!.\ .«n.! o:her print 
unions supported the NL' T »n 
Closed-shop I's.-piii'j at North ni 
England New -.njiiers. Darlington. 
ism slant year. t"i«.nputer-;iased pro- 
;e h duction icchiinsmri could 
undertaking during a speectt |j m j n air 111 m\ jobs* ilmii: t>> 
emphasising the print unions m cnti>erc. and piurna lists. 

.li.iiTim nation it* retain for its ...i r .HKini' -ir.tT :.iul other 


Provincial Budding Society herebv gives notica 
that the scale ot interest rates applicable lo its 
various classes of mortgage accounts is lo be 
increased by *.25*® with elect Irom 1st July 
1978. Where a mortgage deed specihcs a 
period ot notice before such increase is to bo 
effective, fhal period will commence on 
1st July 1973. 


Under the Society s scheme lor anunlly 
recalculating mortgage repayments no 
adjustment to current monthly repayments 
ic required. The increase in interest charged 
during 1 97S wit! be taken into account when 
calculates lhc new monthly repayment 
lor 1979. The revised figure will be notified ill 
each borrowers annual stale men l of account. 


i— . ...... 

UeU* nn i nation t« retain fur it* at i v p r Hsing 

member* the right In feed em p|oyeex >.in mak.» direct 
material into new rrntiputer- . ^ ls mi,, il,.- sy-iem 
based newspaper protlucucm 'n M » Assfi-i;.ii.m was fated yi'h 
systems. a direct eliallenge irnm Time- 

1 1 was clear. Mr. Dubbins said. Newspapers, which was insisting 
that n.i one union wui. Id be able that a new r^duenon H 

tn control new technology WIS hed to introduce must iu\c 


thfrdiicTston ” in “ re place 'buic' stcelmiiiVig."^ de\ cl.ij.mrni. scheme ..l Hrilish 

They recommended that the 

corporation should meel the TUC .. , ..... 

steel industry committee again . iron ore imports in p.si L-ap.iCity in jiruduce ntl- 
but.it was not clear yesterday £ - vrn / ,i,lh -' with the Snell mi W0J | lJIS , n y. a" market in which 
whether that could result in a “ , ° r ' iers . and driver? at 1 mining- j ls >.i rvnui h is increasing, 
reversal of the closure decision. f1ain and Grimsby are threaten- i i <» r i ( f» visited the Chrysler 
-The Government appears lo ,n S not to move finished slr«*l p|. jn j ;i | Lin wood, where he ntel 
have decided that the corpora- Products, 
tion bad not infringed procedu 
by .declarin'* «-*■* '- r >• 

Shelton 
spite 
promise 
broken ... 
completed. 

Iron and steelmaking will shut would continue. Mr. Hnufm.in •• Bui we do not expect losses”; The absence m an :\v.i viosvu J d ,. the cmitn.l 

dnwri today for the annua! two- will I vail the discussions. I,.. S :n>t. "The Sunbeam and. shop when the new eummo-v [ ,. n1l ,, n llf j| U . original Ve; ■- 

week holiday, and unlikely to Mr. \'ar ley denied that Mr. Hi If Avenger are good models, the: is introduced a j- . . in nt In r than i:oniposi tors ” 

resume after the break. Sirs, general secretary of iin- fi-uuesti.- market is hnoming,. and i only to Ih' 1 nr \ lt ‘ “ The c-»nfer«-nee agreed m 

The 1,600 workers faced with iron and 51 e*'! Trades Con fete r«- ■ '.hosier, together with other UK ; ability o* organise a ' : reu j a i c i«, ,,u braneiivs a dis- 

redundancy will stay on 90 per ti«u. had id that there wouM .mc |*r<.diu-ers can make head-; reasonable wages anu . i ,.,ivsion paper i.n new technology 

■cent of earnings for 10 weeks, be no further co-operation mi vav against imported car?" • for journal tsts mu » osj.. ^ u ,j } | |„. as a I«*ms for 

I da ii go x to .mmilini! meiuhers' opiniuns t*nd 


[j'\c/&&&( Investment Rates 

New investment rates from 1st July 1978 


Postal engineers 
broaden action 


BY PHILIP BASSETT. LABOUR STAFF 


Fair wages 
claim put 
by company 


I lid i “ • 1 '' - . 

-,1s,,- sounding member# opiniuns and 

Tmi!S.!? 3 "a S oi.,i- developing fn.nre pnhev. 


PA staff works to rule 


BY OUR LABOUR STAFF 


By Philip Bassett. Labour Staff 


pppcc A^uciVriuV racing Fleet Sued journalise. H*p> 

PRESS AbbUUAilUA raui. „ 1C 11)an;i . cincm u , , m . 

services In ncwspapirs. radrn ^ ils 1( , per wo , p ; ,y nflcr. 

engineers Posi Office s refusal lo movr .\ COMPANY will try to win a j^Jtd TV slating wrto ai^ii j^ which includes cnNidcraliuii 

for ils workers next yesterday uKuubC 01 .1 wors « pnsstl.U- product ivily deal 

claim rota fair wages 'rule by 240 members of the ^ ^ lix . :illin . ll|nn ..r tlm 

r working ago had Ivd 10 an explosion . awarf) u j,as lodged with thejNam>nal Union of .louin. . 

indefinite among union members. i central arbitration emit mi life. News sendees were ailed u 

throughout The membership was deter- w. B. Parkinson Cowan, of I u. a lesser extent. The main The management reels man | 

•• • - - - Li - kl (clays in the racing department any jncrea.-e in the niTer would 

were lo lists of jockeys, course take it beyond ihc Government's 1 
jps and belling forecasts. pay guidelines. N" talks have 

i «as«- ...w.®— . • i The journalists claim lo be yet been arranged in resolve 

! fun I of the Government's P^’paid about fJ.tiOO less than other the dispute. 


POST OFFK'.E 
extended their 
industrial action 
support of a sh( 
week by starting 
overtime baa 
Scotland. 

The action 
. about 20.000 
of the Post 

Union, follows a walkout of 1.000 longer nours tnan oiner ien.~ , rout oi u 
members in Dundee and communication workers; th-y guidelines. 
Edinburgh on Wednesday after have a good record on proUuo- i t has J' 
f'"* 1 * U15 1 w 1. nou- f.-r-hnolnev lid Ilg r-H linrif 



Bringing you better sen' ice. 


rl.M* | I * 11 , a I 1 - . J l.ll £l'«l-ll'»l '■'I. 

ri-j.iifc.w- !tju-u=i-*i: : iOl INLlfhfU-w^: ' 4 • 7 ^ 1 


*un(trre(RdCl.DO 0 million. 


Owi-rTJO fcronslw~«il.reo>l»utrt , *UK 


T'diiihuroh nn Wednesday after have a good record on prodtic- i t has lodged a claim for an 

W men we?e sent home, after tiv.ty: new technology hen-* | mrA under the 1946 l an- Wages 

•cam in"# for broadening hrnught in will have an effect on . R L .rfolutton. which slates that 

* nouns' jobs: but the Post Office is n-.i workers employed nn Uotfern- 

Tkfi 13 workers returned to prepared to recognise their [ , m -nt contracts must be Maid the 

wt^k G yesterday but were sent efforts in the form of a shorter i sa me rates as other workers m 

h °T^»r?inne repair and inslalla- W Tbe'aJioak'as well as hilling i^The company is employed on 
li/^wnrk^iiT nat he dune oil- telephone work, is a further j «,i nc Government contracts, and 
lion- Aork will no . Threat tn nut 4 !!!^' TV hroadciKls. 1 ihe Fair Wages Resolution ts the 

side normal hours onlil tbe Po^t hr a, to out uk w oroa ^ ^ ^ Ulldcr .htch com- 

Oflice allows the 13 men to return hsh|p aL St * Andrews. ; antes can approach the arlmra- 

,# rAwn.». from .he ..nlonj. '«Sor. «m«IIM»ld 

j®” 1 * •« 10 * , SSeS HttfSUiSS fftifi! 

action was planned. Sim for j 35 -hour week without j contracts. , 

The umongjve fuU^aclunglo ejnn. to ^ ^ bc a ^ar | 

award would be granted or 
indicate the level of any award. 


i 'ts «.« ~«s 

strength of feeling that exists 1 * n L d Wc carihy. who 
.mona imiun members Tor “ R° nda t , J een r°Ued in by the I 

'\ n T r r le Brv^ Slln]ev "he U nion- S Cvernmen, .0 try U. prnmo.e a 
go^al ecreur . «ld that the settlement. 


Plea to save docks jobs 

BY NICK GARNETT,. LABOUR STAFF 



general secretary, to »■ s*™ Mr . Willis, is a 

Shore, the Environment Secre dockIan ds joint i-nmmiuec. sa>. 

tarv urging the Government »n deeply concerned at tne 

IpfV-l U can to save jobs within facin? the- dock com- 

the Port of London. munity. f ,,. n .. nd on 

St— ! -"U rS c 

-^h?Pt.ft of London Authority Pj‘'V;rdl"'MP]>t 
V 5 du= » meet onion nfficta.a ,n «l»™ SvcnuIienl c3 ,h injeeuon 

•Firpiiieii reject arbitration 

WFeOltU * employers' continued stand 

THE Fire Brigade Union on ^ issue nf man mn^^ ^ 

.indicatjed to enu - en ic r into Talks ^ earlier this month 

- d*™.-* ^,y d oTr pn.dPl« « 

^a Soor'w’S because of nin s chances. 


Meeting today 
on Rover row 

HOPES OF a settlement to ihej 
strike that has halted production 
at BL cars Rover plant, at Soil- 
hull. rests nn a meeting to-day 
between full-time union officials 
and shop stewards. 

« Efforts will be renewed to 
reach agreement with the SO 
drivers who walked out io prut esc 
at the dismissal of a shop 
Steward. Last night 5.000 workcre 
at nine plants had been laid off 
and lost production is costing 
£3 in a day at showronm prices. 

Consultants 

back contract 

BRITAIN'S HOSPITAL consult- 
ants yesterday voted ovcrwhelm- 
incly in favour of a new contract 
thal will give them more pay for 
extra National Health Service 

W °About 70 per cent of the 12.000 
consultants who voted approved 
the contract, which will now go 
io the independent review body 
nn doctors pay for the exact 
money terms of the contract to 
be calculated. 


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S«3»- 

mrTX , DIRECTORS 1 REPORT TO THE 




ts t° r Sf^S"“ u «K 

* JSy&JrtS 

SS « ^ To' 

stands ■" & * t0 the 

,ptati Si °P era fl n a - 

as? in n Belatan "Ar. 

IS fl-'-'f they p™ ve , ' 

“etSs besrshle derutR 
profitable. pe rtnitteil 

me ^ rV T rt F the recession 

the ^nd. the 

ent- has not 

jndu^ry jj s hopes 

Sany tn % fleet 

development 

ns. . iq77 hv s»v; 

in.reased l"A*' sh ips of 
m-pvrpose carr ieis 

Tuf^o ^ 1 pn " cy 


,-,,R during the past year was the intrn- 
V^rinn of the container on several nf 
*■ ^ in ,°p«ular lines and their gradual 
• l5 rr-Vation in a door-To-dour transport 

'. h a 

S ,-si^S. Kir^rll 

American seab a Europc^ouih 

Ag-rTSt « cellular ships also 
made their appearance. • 

j- 1 ¥K! " 

number oL>e ■ - d especially, with 

or new countries ana. ^ 

cS^lvoirie” c de Transport Maritime. 

gainst BF170.532.411 for 

wT ,ie °u F q-q j 3 i i5A The nei dividend 

* bkw. »*..»« 

pi’tJSO. 

rM p. n.v- St. Katelijnevest 61, 

ANTWERPEN 

BELGIUM 


The Nuts and Bolts of the Economy 

Seminar brings together lop decision makers from business, trade unions and politics 


to talk about the way things are in Britain. 

Thc\ debate the key problems *»f economic irnm ill -iml i.i hour rchlinns, 
ramrins from ihc effect uiVlais prejudice on industn-jl pcrlumwnce 
to the likely results of putting worker directors in die b«urdr<n>m. 

Within the structure ofsix weekly one-hour pn«r.immcs, iltc 
discussion is conducted in a relaxed and frank atmosphere. 

This unique event will be cm cred each week in the Simla)’ />«« 
by publication in the Business News supplement «*t the specially 
commissioned paperson " hieli each discussion is based. 

The Nuts and Bolts of the Economy Seminar 

Starts at noon on Sunday -5 Junconilie i l \ network 

*'&l GRANADA TELEVISION 


Those taking part, photographed sdw e, arc (lclllo light): 

Lord Armstrong th-iiriiiau nf Vie Mall'iiii/ G>mk 
Rt J-lon Joel Barnett MI\ Chief St\>r>.:. r-fibr Treasury 
Sir Christopher Cockerel], invalid ••! h" rcr: r,J f l 

Charles Dumas, «i planner wjjJi CV.. r > ».// .lltf/wj, A cw ) a> 

I a r\' Gold ring, brottJai stcr andf' /•'•' ‘ unit's n-r 

Juhn Grccnborottgh , Jcpniy iluiirn:.. n >»hl 1 1 or i h ( ) 1 

tinJ president if l he CnijcJcrjlim oj Ur; f isl: InJnsIr Y 
Tom Jackson, *c, ter, V secretary Tfhc l «:« tf™ W* " 

Lord Kearton ^.irniw* aft he ftnUsh S^vMOni.^m 
Lawrence B Knuisc, senior felhr^ H,*'i-iupJMH*lW U oslm^tnn DC 
him s Lee, prim: pal, .Ui k'inscy C C> 

jack Leonard, cmpl^rei^tir, eh>, if’ he firhifk Steel Li'rp'nutw, Shutlon 

Sir Dsn id Orr, i Aii.v wi/ii i»/t mlreei U>t 

KtHun lames Prior MP, SlniMnr Spohrsmaa Iwpl'iymHf 

Hugh Stanlon, i >fiU <■ «'™ ,,f Lvgmccrm* If orters 








shins talks 


BY 1Y0R OWEN, PARLIAMENTARY STAFF 




BY JOHN HUNT. PARLIAMENTARY CORRESPONDENT 

THE COMMONS yesterday gave not moving fast enough 


on tion, they still wan Led such would lake out 70 per cent 
measures adopted. This was r*lr. Judh'S Johnson tLaf 


MFJ SOTIATrOXS are in progress The Minister contended that it as a whole. hv^lertimi^ at 
i*i seciu’e more contracts for the was already clear that -Britain s . As the recent Ti-miiton had 
Marathon oil rig building yard offshore supplies mdastry had Garscadden and “ ar JSa beten ^TKE^S hBBSb^ 
•n l he Clyde. Mr. Gregor ; built .up .the Ito • «* 


full hading to Mr. John SilKin. conservation - --. 

it: Is...,- :,f Agriculture and “We are in complete agree- another argument for doing it to » said .here was deep 
fur the tough stance meat in resist m 5 proposals which “ at the soonest." __ ^ thefinu ^ 



V SllVin told the House that Minister had not come to the be comprehensive in their scope, called «!£! 
in ; he absence of an agreement House immediately prepared w Mr . Silkin added: “toe must our J J J5 r *- 


partners 

tailed equal shares 




liu oouuouj V« 1 i.vj t v 2)1 ueiCu iuc , , « -. 1 . -A - XL -V \ . 1 • 'J * -i T 

- — - - .. x , , x , .... Government mismanagement of to establish a development fund, ' i faMhg h special oil fund but naa .plaints: 

at the Lu'i'Mnhnure talks. Britain put forward definite measures see k the approval uf the umnni*- 31r. Ha^ihael Tuck .(Lah. ;-~ l - Xlfrth Sea oil resources. amounted to “one of the: decided on balance, that, the partisan a^cShwM 

qn ahead with on conservation to be enforced s ion first of all. But if the fordi sa>d that the i.mi'tci - Ir .Mackenzie said that greatest swindles and frauds of creation of artificial machinery. : 

once. . .. , Commission does not give us desened the congratubtiop^ aMOr<] | n{ , w t h e estimates of the the Scottish people of all time.” W0U w be the wrong approach ..to- that. -a\rp?MrsM, a r ., 

Mr. silkin reminded him that approval, we can still go ahead. f ""- lil ^ Ghsgr.wljased Offshore Supplies There had been a “ ruthless' country's problems. ... . ; . 

e Govern in cm had to follow tmder the stipulated pro- superb sb.ml , ne has mao-.- ._n somy 60 per cent of ^ and unscrupulous rape " of their • jk£j 0 cjiniond (L, Orkney apd 

the UK sector of the resources. Sheflahd) reinforced ' Spu^SR* -1 

are now placed in He condemned the ineffective- that the oil revenue could pe put 

ness of the petroleum revenue to best use. »- tf lions; 


now intt-ndj in . 

unilateral ni * , ;»s hits to cnnservC ^t^nnce.,^ 
%iin;k> in uiir fishing -rounds. 

the 







scale but, 


tion measures 


fish 



to Mr. Silkin said that the Cnm- 30 per cent of the catch. 

mission's proposals for a common The exchanges ended vsth 

Very painful decisions had to fisheries policy were that Mr. Haniish Walt (SNP. > ht ,.- hv 

the hope or a decision nest week- h in3 V T iie fishing industry. Germany, Denmark France, giving his blessings to Mr jib:-n ^ Vrl-ing' to' hotter the’ thp 

The tluvernment is anticipating ^r.lnth inriuKirv iinibnri .mil Relnuun. who ran- for a fruitful lournev m \niMi;? -uiiuj uymg «o no tier t.ie in? 

i ha l the Commission >M1U » „ - - - 

m the proposals bui. if not. Mr. ^ . ^. 0U | d SU ffer from conserva- Community's 
.Silkin still intends io press ahead 
with them. 

The measures are likely to 
include a i.an on herring fishing 
««rf (lie west coast of Scotland, an 
cnlargument of l lie ” puut box” 
in th'* Nurih Sea where fishing 
is forbidden and stricter control 
ef rlie mesh sizes of net*. 

In a statement to the House. 

7iP- Silkin said that despiie the 
v ‘Hingness or the UK to he 
lU-Mhie in the search fur an 

jgtvement on a rnmmon policy. THE GOVEENHENT faces the Mr. Healeys most obvious Mr. Callaghan retorted ;n:-t 
tiie other members of the Euro- increasing prospect of a escape route is to increase the the surcharge was only necess^.' ' 
vn.-an Community had shown no humiliating defeat or a climb- National Insurance sun-barge by because of changes tu « '>.• 
readiness in depart from the down over the -1 per cent. li per cent to gain Liberal sup- Finance Bill. which 
portions they had adopted in \atioQ 3 l Insurance surcharge port and to make up the Thatcher supported. “It : " 

January. Consequently, no pro- when the Finance Bill returns difference by raising tobacco ur no part of trie Governing :i;'s 
gress had been made. tn the Commons early next other excise duties. original strategy to in trod U'.-.- 

He confirmed that ihe Council month. On paper, he has not got the ttu t:,:: al, -‘ he said - 

of Minivers had agreed in ex- The Conservatives have Parliamentary support to secure On whether the Governui.-n'. 
tend fur anot her month the decided to vole against the stir- the 21 per cent proposal. intended l» go ahead with tip- 

r'-etpmeal fishing arrangements charge, which means that defeat In the Commons yesterday. Mr. proposal, the Prime Minister 
in Norwegian waters, with a seems probable unless Ministers Callaghan placed the blame for added th3t tiie Commons wouh' 
riuola tr»-nsui-e that the UK main- can reach a compromise with the the surcharge squarely on the debate the i->-ue in the nm-u-al 
u in-, i is share Of .-.id a r.vl haddock Liberals or the Nationalists. Conserva lives because of 1 he way as an aiiv.-ndment to -a. 

■Miches m tiiai area. Liberal leader.-, now having OOOm cuts in income tax they Finance Bill. 

Bui. said the Minister, the t d |ks with the Government, forced through lh e Commons Mrs Thatcher replied l hr. 

Couio-il had failed to agree on insist they will oppose the 21 per against the (lovernritem . 

Cuniiiiissiun's proposal u» in- cent increase, but tbev might be “ e IDVI t e d the lories 





SlTtSuscE rSSmSnn^lS ^ ^lecisions had ,0 -We 

ion next week. h(1 " dp Tiie fishing industry. Gerraanv, Denmark France, giving his blessings to Mr. Svvn \? n t T t u l by C ® D ’ .Labours propaganda beloreof -ensuring that ^-E^eats^ 

s anticipating 'i.. d j_ rT t », P Scottish indnstrv. Holland’ and Belgium, who con- for a fruitful journey to 'Cm-.-. ay kianilj trying to better the the last general election, Mr. money was ploughed back in wittr 
on will agree hLd assured hmi that although tributed 2ft per cent oF the when he goes there for fiiiii-.g i*«f« r »iance and competitive Wilson maintained must now locaj communities 

.. . Oad assure a .u at duauu n n 1 - • resources talks shortiv. imsi lion of our industries.'’ have a “sick sound "to their theactiyities of oil companies, surest 

Mr. Mackenzie stressed the followers in Scotland. Amid and. for research into otter party 
Government's confidence in the cheers from his SNP colleagues; energy sources including sun, ana generaily^ tares.we^^u ould.: 
■.‘■ng-term future of the Marathon he declared “We are asserting and wave power. ..he. a separate 

:-urd. based on its performance, the moral and legal claims of " A motion, tabled ' by the 'Scot- One' ciearty.%7w m<^ -jQay; u ^pnia ./ 
but did not disclose any details Scotland to the oil revenue" : tish~ Nationalists, seeking to. con-, hope to win. . - 3^eyF.^ufe'.' Vtot v 
vf the further contracts now Mr. Mackenzie accused Mr..4Temn' the Government for i Es • changes, m .tte ■ pg^n i..yalley, - 
under negotiation. Wilson of returning to policies ^mismanagement of Scotland’s ann^ -soi^ ^armngefceB^ of^tter : 

It is understood, however, that which could only have the effect- oK.' resources.” was defeated by. Brppttfe3_JlKganftjwat8i.;. . 

roiale to projects in the of separating Scotland from the J32 votes to 14, Government Tpnes’havd same - 

Middle East and in UK waters. management of the UK economy majority 117. about -;\dSvi5«Ki^r..-!ln; - 

.. ■? - ‘ ^reater J^a^H^and' ^^n^-:-- 

_____ • ..Tv- tion of sotn.% fOnstihi^hcips from v 

Wales winning 


BY RICHARD EVANS. LOBBY EDITOR 


. among: others, 

• the ‘Parliar - 


powers 


defeat 


industry, MPs told 


THE IMPORTANCE of an inde- 
pendeiil role for the Comptrol- 


BY IVOR OWEN 


Marg^trXtejieher.'TUie- OpiibAi- ,• 
tion leader. ' :. : • : 

both -Ihe .liig vpartfes > »££ •• bro- 
noBnepjg : Tteia*e!^'t?e^oiwWy 
satined ■wit^rthe. oi^m&afion of 
the ^ui^s^fe^ Eh^Iaod . and. 
Wale4 ^ected 




ppipo-al by Lord Cnilen of Ash- Jones, Welsh Under Secretary, communities can be written off.. 
’Guru? fCi on the committee in 5 debate on the ‘Welsh know the fear experienced 


T-- •"* - 


□t's wishes. , Mrs - ‘iiaicner replied l.u. s; a gc of the Wales Bill that the economy in the Commons last jn.- nlaccs like Ebbw Vale, ytlaxttCjShS. 
ies to vote t° ^ some aourif Ceai pi roller could only be re- night. libcaiKe thev know that when ' 

le Finance as “wved from office if the Seen- He said ttere had been a these.' industries end there is h ^f 1 ^ e ( ?^ v . busmess next-. week 

Max- to Us lul T ni . blate. after consultation marbed im p r0 vement in the very -great doubt as To the mqnd^V: Debate on . trade, and 

• ,L“p take-np of advance factories. OB.-gQing viability of that whole r the prosperity of . the nation, . * 

spokesman Mr. repaying ^ntl- ^^“wigley complained that T ^^t^hSn P BSr en Ho!S^of_ 

io between pressed for policies designed is iinnlnim,.,.) In Ikn nmnn.ilfiiml Dsn nnnn ^ Tl fU * 


fiT.diii«- a ban un further catches nrcoared in iw^k rh^ Gnrornmpnt for aniendnienl.S to the 

nr herring off Mu- vest of Sent- Sr Jbs fa. n should fhe JurelSw Bill to return income-tax to Us 1men"‘ u. "the CBl^ami S "the ^SemblS Tademh marked improvement in the W .-great «ouot m to me mqnD AT?: , Debate on- trade, end 

l .nri ik*«;re clear -v.dence that be reduced. previous level. This would avoid ^" pu int^n en vlm sa d V f?rr r niendauln t'o 'tbe Oueen take ’ Q P of advaDCe factones - OP-'gOiiig viabihty of that whole J tte prosperity of lhe aatton. ' 

this high l> Important stock was The Scot, Nationalists, who the need to increase the ;Z e ^ ne M ,uld hil jo i» s ;«; Pul v " TiSeSSf ° 

in danger As a result, the voted with the Tones in the cen- surcharge. an d small businesses. Caruiiess Stci 

^der rn uVien»b- 0U *vhat a 'c«iitfd tP be cenor^nf^ih^^EsL-heliuer Ch )ast Opposition leader, had challenged' The Prime Minister replic.S: '■*. relalmnship between pressed for policies designed ly employment in the agricttlUical Pacliamehtary-- Pensions i BfiJ,’ 

For ihe Opposition. Mr. John ayainsi the Government when the whether he was still determined things before. Lmblerl eS is nossible fhe task of overcomSs unacceot- purc ^ ase °f b ? *'5^." 

Peyton, xh ado w Agricuimre Mini- report stage of the Finance Bill “to go ahead with a 2|. per cent A way out of the dilemma vai 1 — _u... — -institutions and people from out- contracts^ nego-. 

^ler. endorsed Mr. Silkin's hard opens in the Commons on July 5 extra tax on jobs” when school for the Upp 
line bus complained that lie was or fi. leavers were coming on to the amendments 

unemployment register in that would 
increasing numbers. . the position 

' ' J"'V' ZuUu T.rS.7\A 'W..« ms me expenonure ox xaoui uau waicnr were avauaoie, and mere- rnrrrtMrtnr- z ?-'rTriH- c ■ - 

£ a mhiv d o^P r resulted in the saving or creating were examples of firms which,. JSJSK.; 

io assume the functions' of cer- of 60 - 000 i° bs - ?.? e jL 3 yea ^ v ha ^ packed FRlDAYi-TMoiat^S' _ 



it file institute of 


qb 4^i,Sth,6th July 78 


For three da vs we are presenting Swindon’s 
advantages as a growth centre for Industry and 
Commerce at the new Institute of Directors' 
headquarters, 116 Fall Mall, London SWI. 

Presentation <»pen from 



'j 10.00 a.m. to 7.00 p.m. 

' .Refreshments and buffet. 



Hywwouki like to attend 
phase tde^one 
MrsAimHd! 
st Swindon 

(0793)26161 







Hope for improved differentials 


tair. bodies. 


Mr. Daffyd Wigley 


THE PRIME MINISTER repeated number of his own.* supporters Baroness Elies tC): 


_ : ^orthem 

Ireland:- (Emergeacy Proviswxisl ; - 
Act 1S7R (Continuance Harder 
end oii Northern. Iftl&od Act"' 
1974 .(Interim - .Period 

Extension) . order. . - 


Dividend co 


Ft: 1 


ii 


(Plaid VP “d gone. ' - \ 

There Cymru. Caernarvon) said that the . W8 F " „ Qle Ir< ,. C ; on ? erv ® Uv *f- *?• 
yesterdav his hone that future whose only hope was M.e pvlicies seems to be no limit to the num- run-down of major industries. the 

MV rounds would brin- on of l 1 "-' n«t Tory Coi'ernminr. ter or bndios which can be in- and »h. failure i« ensure ihat '° r v "™, e ,f n s r „ e ' 0 “ m,<! «}“«» 

pa. rounds would ftrin dn Mr. Callaghan replied; ' 1 hope eluded in the scope r.f this clause others were developed in their for Wales s problems. V 

1 "V?r°Y t:,ne ° t m differentials fur skjned V /orkers v -.n t have t-. apart from *he fact that tbev place had led to “ economic ... T . h ® oal y wa Y t0 stanulatevhe 

skilled workers. wait as long as all that. must he established by statute.” blackspots" being created in Welsh economy was by creating 

Mr. Peter Temple-Morris tC.. “I hope wiih succeeding pay Although this power could Wales. the right climate for businesses IVpW 

Leominster) claimed that Phase rounds in yearly pay bargaining only be exerted with the Welsh people had seen a w tbnye. ana the Government J 

Three had "definitely failed nn that this <huation can be approval c-f the Secretary nf collapse of the coal industry had failed to achieve this. % __ •' •' '■* i-.^" %'■ •/ 

differentinfs." He said Mr. improved. We must rec«ignise State, hv had to take into which meant there were now He believed that free market \ C2il ; J"GJGCtfiQ' 

Callaghan had let down a large skill as far as possible.” account the Assembly’s view. only 35,000 people employed in forces were much more likely to \ J. ~ . 

produce results than the “isola- CALLS FOR . the' estabJishipeBt 
tionist" plans proposed by the of ; a Department.- of:* S mrltte"' 
Welsh Nationalists. Affairs were '.rejected' byT;^* 

the real future for Wales lay Prime Minister in ihe Commons 
not in “ grandiose " plans for the yesterday. • • " ' h -■ 

economy but in small businesses Jfp s from both sides 'suggested 
BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT that could react to demand and changes in the way -fishery jirbb-. 

provide a living, dynamic le ms. tanker 'disasters, and* oS’ 

THE PROLONGED guessing prube further. Mr. Pcler Hnrdcrn interpretation on the words I Mr. Joel Barnett, Chief Secre- ^ c<mom - v - development are administereci^.- 

garne over the future of dividend iC. Horsham and Crawley i :-i?kcd used. A statement will be made tary to the Treasury, said in a 
coolrols was kept up by Mr. if the fact that there would be at the appropriate time. written answer. “None. A slate- 

Michael Foot. Leader of the no legislation meant that there “A number of factors have to went on the Government's 
House, in the Commons yesterday would be no further dividend be carefully considered as. part intentions when the present 
when be came in for intensive control. of the Government's general powers expire oo July 31 will be 

questioning by the Conservatives. Mr. Foot rclnrted: “ 1 don’t approach to counter inflation.'’ made at an appropriate time." 

The controls, which have been believe there will be any ik-ccSt ht* said. Richard' Evans, Lobfcv Editor, 

in force for nearly six years, lapse sity for fresh legislation. The Yet another theory was pul by writes: Ministers appear to he 
at the end of July unless the Government is still considering Mr. Kenneth Baker (C.. St. holding hack from a final deci- 
Government brings in some form the matter. But how v.v. could illjrylebnnei. He suggested that sron on dividend controls until 

of legislation to renew- them. make a statement io the House;’! js Mr. Foot had said that sub- they have further talks with the tnc, i^ttiisKAL PARTY has The rnnf^rpn**** urin .Lv 
Mrs. Margaret Thatcher, leader am not in a position yet say " standee legislation would not be unions over counter-inflation learned a hard lesson from its a lr t ence 
of the Opposition, reminded Mr. Mr. John BifTen iC.. Osw-.-siry) needed to extend Ihe controls, policy in general. “unhappy experience” of the t- Ke ^ BOte sP^h from- the j; 

Fooi that a week bad passed since said that Mr. Foni’-. c-irlier ihcn ihe Government might be A persistent theory at West- Lib-Lab pact, according tu Mr. L ^eral leader. Mr. David Steel, 

he was Iasi questioned on the answer might have gi.un un- intending lo «Jo so l>v introduc- minster is that the Government Russell Johnston. MP, leader of anc * debate motions on the 
topic. She asked again whether intended impression ihe ing a new dausu to the Fioance might not renew the legislation the Scottish Liberal Party. Conservative Party one of which 

it had beeo. decided that dividend matter. Bill. after July 31, hut wiU warn com- It would be much tougher in “ deplores the idea" that fh* 

limitation would be reintroduced. He asl-eci: “Can > ••:» •••nfinn The leader of the House lold panics that excessive dividend any future pact whether with i i iho-*i<. ^ ■ - T\ - 

The Leader of the House sur- that without further le-si. tion him. ‘There are various pos- levels out of line wiih counter- Labour or a Cmiservative 7^ « d C ?.’ operate 

prised XfPs by replying: '‘The the exisung con trots hips-- and xilulities. t have nothing iurther inrtauon policy would he met by government the present racialist, repressive . 

Government has not made a final therefore the only inierpr. i.uion io add. -- Government retaliation. Mr. Johnston was speaking illiberal Opposition." 

decision on this but we don't tu pul on ymir i-tn;.rt .< i- that The Government kept up its The major question is whether before the opening of the Scou However it is expected that 
believe it will be necessary to any future dividend . .ptrol stonewalling tactics in reply io the lapsing of the controls wi U tlsh Liberal Party’s three^loy this motion will be defeated in 

have fresh legislation on the would be a rr.atu-r of a vo uniary Mr. James Mllars tSrni 1-ab. be acceptable tn trade unton conference m Perth. He refused favour of one which 

"“Her' codeundnotasia.utMi-yone?" South Ayrshire i who asked what leaders when Ministers are ex- to be drawn on any conditio^ c^oMraUon with- th? ' 

Puzzled by this answer, a sue- .Mr. Fool replied: “ I don't easement there had been on hortmg them to restrain wage which the Liberals might impose condition that fiSv 
cession of Tory MPs tried to think you should ;<ui an- -inch restrain! of dividend payments, demands over the coming year. on any future partner. P their Policies ' ■ 6y modaate 


::>■ ' 
■'■V ' .{ 




¥ * • 

V. * 


i-v- 


’ * ■ & 
■-U-J' 


Liberals will be tougher 
in any future pacts 


• ^ . * 
r jt . - 
r ' i-v 




-V- 




BY JOHN LLOYD 
THE LIBERAL PARTY has 








'01 


) ff-i 



Prospec 



GHH is a leading engineering and plant construction group 
_ world-wide. Its turnover in 1976/77 was approximately 

£ 3,000 m and orders in hand stood at £ 3,500 m at the beginning of 1978 - growth resulting from the wide 
range of products and services. Of the 85,000 employees, 4,500 are engaged in the research and 
development of new products and processes. Over the past five years £ 375m has been invested in the 
current modernisation of its manufacturing shops. GHH welcomes opportunities to be a partner in clients’ 
projects of basic materials and producer goods industries, the chemical industry, the energy sector the 
processing and communications'sectors, transport and traffic systems and for the civil engineering and buildinq 
sectors. GHH plans, finances and supplies special industrial equipment and turnkey plants. It also undertakes 
contract research and development work for the energy sector, for space travel materials, transport, 
environmental protection and the infrastructure, including logistics systems. In addition to being a producer 
and supplier, GHH offers a wide range of possibilities for co-operation in Africa, America, Asia, Australia 
and Europe. 


-'1 

' • i 


II HH POLAND 

unn Offset 


Guiehoffnungshutte Aktienverein- Press cn.-J Informations Dept.- EssenerStrasse- D-4200 Oberhausen 1 


3 ' 


STERKRRDE 


mtu JR ENBS. ESWH^ FERROSTAAL KIRCHFELD M warni C£HW 



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„ .. . everything that BMW does lies 

^SSsaaBsar 

zs^gSsss&st* 

*ggt*gSS&-~ . 

■ « t*i tmlnv’sfinancii 


luxury cars. BMW is both unique and highly 
individual. We alone produce a range of 
exceptional cars along v;nh what are 
almost certainly the best superbikes m th 

W ° r * This profession, and the use of power 
and imagination to improve the wayandthe 
;«i whiph wp five, is essential to BMW s 


and imagination tv imp ~ ™ laiurw’s 

style in which we live, is essential to BMW s 

philosophy. It is something we believe we 

share with those who own a BMW. 


P f4249 320 - £5,349 320A - £5,729. 323i - £6,249. 

Motorcycle prices: R60/7 - 

R100/7 - £2f099. R100/S - £2,499. R100/RS - £2599. 

ill par nrices include front and rear seat belts, 

^ to andVAT Number plates and delivery extra. 

- Prices correct at time of going to press. 


— «n<ip share witn mose who u w ^ ** * 




W<3& 


. _ ( ,B1 Ltd., 991 Great West Road^Brentford. Mid^e.Oi^^xpori 

gMW Concessionaire^ — > — - — 


NATO and Diplomatic: 56 Park Lane, London WL 01-629 9277. 

















3Y JOHN BRENNAN 



glimpse of the 



TJTUROLO GISTS HAVE gained 
more respectful audience since 
omputer programs took the 
■lace of the crystal ball. But 
be audience at St. Quintin Son 
nd Stanley's summer reception 
t the Vintners Hall last night 
light well have preferred a 
heeringly fictional view of the 
uture to the Tather depressing 
icture of industrial decline 
•ainted by James Morrell, Direc- 
or of the Henley Centre for 
’orecasting in ihs paper “The 
'uture of The Property Markets." 
Looking at property as one 
spcct of the economy as a whole, 
fr. Morrell gave his impressions 
f the present and future shape 
f the industrial world. 

In the recovery phase after the 
lecond World War the indus- 
rialised nations embarked upon 
□ uniquely sustained period of 
a pita] expansion. Between the 
arly 1950s and the mid-1970s as 
nuch as 25 per rent of the total 
oitput of the developed world 
/as ploughed back into invest- 
lent to the point where, in Mr. 
ToreU's view “we have now 
cached a stage of capital satura- 
ion.’ T 

The Kenley Centre is sceptical 
■f inter-sovemment attempts to 
sad the world economy out of 
ecession in the near future. But 
' there is no industrial renais- 
ance on the horizon, at least the 
technological revolution provides 
ome glimmer of hope. 
Energy-related industries, elec- 
ronics, and chemicals all receive 


Mr. Morrell’s seal of approval as 
growth sectors. And new markets 
opening in the developing world 
give him some grounds for 
fonger-term optimism about the 
prospects for economic recovery. 
But any future expansion will, 
he believes, depend increasingly 
upon industrial efficiency. And 
as far as the property market 
is concerned Mr. Morrell com- 
ments that, “the severity of 
competition and the threat to 
survival will constitute a major 
incentive for industrial building 
investment in coming years, for 
the good reason that fairly pre- 
dictable and substantial cost 
savings will be attainable.” 

A declining population in 
Britain cuts the need For a net 
increase in the stock of houses, 
schools, hospitals and roads. And 
Mr. Morrell believes that, “ lower 
population levels will ultimately 
ease the pressure on land re- 
sources" even if rising living 
standards result in greater 
demand for recreational and 
house soace. Taking account of 
the fact' that land prices will be 
influenced by the speed at which 
redundant buildings and land can 
be brought on to the market, 
Mr. Morrell anticipates that 
“land prices may rise more 
moderately jji future in relation 
to other prices.” 

On specific sectors of the 
market Mr. Morrell believes that. 
*■ In terms of dynamics there is 
little doubt tbat the vital sector, 
offering the best prospects for 


growth in demand, is industrial 
buildings." Demand for office 
space, “will reflect the ‘keeping 
up with the Joneses’ law of fore- 
casting. Today's ‘best’ will be- 
come tomorrow’s ‘Norm’.” And 
to the discomfort of shop 
developers in his audience Mr. 
Morrell argued that “retailing 


accounts for a declining share of 
consumers' spending. Therefore 
shop development offers afl un- 
exciting prospect." 

Overall, he believes that there 
has been, ** a profound change id 
society in the 1970’$." Inflation 
accelerated from 196S to 1978. 
and in that year personal taxa- 
tion also reached a peak. Now. 
4 * both inflation and the tax 
burden are in decline and British 
society is moving gradually in a 

direction of anti-bureaucracy, 

anti the corporate state, anti 
state welfare, anti-bieness. 
which may ultimately be re- 
flected in a more entrepreneurial 
society. In such an environment 
the gradual relaxation ip iaHa- 
tion and interest rates is cer- 
tainly plausible and presents a 
scenario fur more favourable to 
the property industry than in 
recent years.” 


Fmandkl 

Towards standard ‘ 

accounts ' 

THE BRITISH Property Federa- rftecmldng. Accoostlpg g&^ ;7 : The~ BRF-. artjgPg; 
tion's consultative paper on aids Committee’s tensi on Jast ^^iajeraal valuer 

-wno»h- pmrinamr awniintins* veaP — a deCUUOB impressed SPQ& 'able •■Iff C32TV OUt 




counterargument to the acroun- English .accounting o ogy— t o independent e&eru** .. - 

tancy profession’s calls for port- defer application of new ftecona^- at least every — 

folio depreciation. But there viR iug standards to property -invest- . pWfrimotfc in the 

be a few raised eyebrows over meat «nnpames whpb. : Mg*~ a ^**B* 

the BPF’s defence of capitalisa- 1979, pending a full Investigatiag- ^ ?f profits and 

tion of development, outgoings, of property accounting- -sales of 7 investment 

particularly after the apparent The BPF’s recommefidationsrlie .tfealt with in the 

lead given recently in the which are now open for com- loss account are also . -fronT ISsref 

accounts of Land Securities, ment from interested ' parties by the BPF. Xt 
when the giant of the sector took w jtbin the ' industry, provide, a articles." of assocjatf 
the first step towards abandoning comprehensive ■ pattern for -property company, 
the capitalisation principle. property accounting practice. On distribution of capi 
The BPF’s report is the pro- depredation, the BPF. argues ito ^areholders, the_ 
perty industry’s reaction to the that it is unnecessary, and, he granted the CXWB>,W 




FORECASTS OF a critical under- full review of the City market 
supply of City of London offices, for IS months, 
and a consequent explosion in Ellis's City Accommodation 
City rents, are dismissed by Review, published this week, sug- 
Ri chard Ellis in the firm’s first gest that the overall supply and 


Total 

Availability 




/FORECAST OF' I 
^OFFICE FLOORSPACE 
AWLABIL3TY TO 1981 



BaSunce Between Mew Supply & Taker 

1 1 1 L. — I L_ — 1 1 .If J. fU 

1070 73 74 76 78 '80 *" P 


take-up of new offices will move 
into balance over the next few 
years. Although new building 
forecasts suggest shortage of 
prime modern offices in the 
central banking and insurance 
area of the City by the end of 
1979, there are no signs of a 
repetition of the general under- 
supply of offices that caused the 
dramatic upward surge in City 
rent of five years ago. 

Some 15m sq ft of new offices 
have been developed in the City 
since i960. But this supply of 
new space has come onto the 
market in three distinct phases. 

Between 1961 and 1969 devel- 
opment completions averaged 
S00.000 to 850,000 sq ft a year, 
roughly in line with letting 
demand. By 1970 the supply was 
being affected by Government 
restrictions, and the rate of com- 
pletions between 1970 and 1973 
dropped to an average 400,000 
sq ft a year. As that fall in 
supply coincided with a strongly 
expansionary period for the 
City's financial sector, rents rose 
sharply 2nd new developments 
were initiated. 


This additional stij 
space eventually flowed 


supply . « snticlpites » ‘ a '‘ e - u S t 0 £,??*S? ■ 

ed ou to: a :2.75m and 3m - Copies vi ; 

: J A,,:. . .11«.Hna fnr SWCe V. Vi 


of 1973 as development com- falls back more 


,uStrihV?u^e^ 


SJ& s-ae. 

^se . 

StaSfkt, y«B. EUifl ,: f “ rea ®® ; %u 

rntii 188?^ A 1 farther ^sharper. rental putes:a&dmanag^ 

I.25S scTmS be comSeKd prime; space. problems. >fhSeh ”" 

Ellis doubts if there will be of - de^on .td ; «^:ba^ 

sufficient letting an* rental There. is just 500, 000. sq ft,. of . fstaad^^ 


PU1UVIVUV 1CLLLU5 OIIU 4CUUU *UWV-.« jw*/- — ' 7- • •* . .. 

pressure to justify bringing for- net 'lettable new space due for odds 

wad these schemes. completion in this inner financial. " : 

On the other side of the nrna <001 and that is 63 management ./■ ttf : Batotf gtam^ ig-- . 

equation, letting demand - is 4r ?® ,b *f ore 1 ^ 1, - f *v^on. ,To^s A!MjJrovidea 

Spected to ease slight^ From Pefcneut less than the take-up qf a .f oram fp^a.-faH:airlns of -fce : 

the historically high levels of development space there overtne. ^natter and an cpportiimt^tdKa. : . 

the past winter, and the firm past fbuy years. ; ■ the rumoura bnCe aStt for:'aH- : v ?, 




USTRIA L 





i ^ ^-&d£VeI6 prnent 


illliii 


r-mrnrnMm 




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mMrnmmMSM 


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• ‘•if' ..v S'.Sv' 


fetfeS 








miiam 




ESS P 


C'rfi.iV j 


.w 


for Industry 


CAMDEN TOWN NW1 

Warehouse premises dose to King's Cross 

16.375 sq.ft. - 

TO LET 


CHELMSFORD 


New Single Storey Warehouses or Factories 
13300 sq. ft. and 6,450 sq.ft. 

TO LET 


GUERNSEY 


Warehouse/Factory Units 
to be built from 3,000 sq. ft. 
TO LET 



HEMEL HEMPSTEAD 


1L550 sq. ft 

New Warehouse/Factory Unrt 
TO LET 


HOUNSLOW 


■Him! I ^ ^ 2 { 

i.^UETl 


Prestige Office & Factory 
105,000 sq. ft. 
LEASEHOLD FOR SALE 


LEWES, Sussex 




New Factory /Warehouse Units 
3.850 sq.ft. -38.000 sq.ft. 

TO BE LET 


MILTON KEYNES 


3,000 sq. ft. - 100.000 sq. ft. 
New Factory /Warehouse Units 
TO LET 


TAUNTON 


4.350 sq.ft. -8.700 sq. ft. 

Factory /Warehouse 

TO LET — IMMEDIATE OCCUPATION 




ffllMARTINS HWii 


|MMERSMITlli 

I# Air-conditioned 

Quality Specificatio 

ffefemaining 56,700 

iWLETsM 


King 8*00 

Chartered Surveyors . 

1 Snow Hill, London, EC1 
01-236 3000 Telex 885485 
Manchester, Leeds and Brussels 




irtl imj 1 1 nl 1 1 


Central Location 

□ 6,000 - 8,000 sq. ft. 

□ Modern single-stgrey 
warehouse 





J oint Solt-Abtfiits > 




Urgently Required by Industrial Concern 
SITE IN W./N.W. LONDON 
To Develop a 70.000 sq. ft. Factory 
Details Please re> Retained Surveyors: — 
BRENDONS 

1/3 Ashbourne Parade, Ealing, YfS 
9V8 2711 


tan McDouqarll 021-300,7136' 

. 'fcc*«us:r>a! --.'roni-dor. -Omce-' 


irwjuslf ia! locabons 
information sarvicc 



LCoun4 


& Baker 




Estdbt&N&cf-lfBO.i! 

Z9jSt:Geonge Stieetf HanoyerSqiure, 

' Lo n d o n W1 A 3 BG ; , ' - Ot-629 9292 

•lebilP^Sab sr^er Icxoew'feciM'safi 
f^?«-eFi-|SseLS & jstosv; 


JOHN D. WOOD 


2 3' 6er ke ie^S'g uarei-t^bn cf on^VV^?©AII-| 
■ TefePhone 01-629 



Ljljg 

|a Ft 

jrn 9 lyjj- 8 ? 








m 



Sole Agents 


Chartered Surveyors 






75 Grosvenor Street, London WlX (MB. 
01-499 0404 Telex 8812560 
and in the City of London -Kensington -Hyde Park 
Little Venice -Cheisea 


: ;> w 

^Corner 



71,000 sq. 

To Let 


Faciiory/ Warehouse 
with offices and yard 


Joint Sole Agents 



WF 

5-09301070’ 



Estate House 
130 Jermyn Street 
London SW1Y 4UL 


SO High Street. Dudley 
W Midlands DV1 IDE 
Tel: Dudley 59541 


Industrial f ^ 

iPro^rtH K 


at the touch of a button. 


Maidenhead, Berks. 

Warehouse + Offices ToLet 53,000 sq.fL 


London SW19L 

Warehouse + Offices-Lease for Sala 
10,000 sq. ft 


Winchester, Hants. 

Factory/Warehouse with pot entiaihigh 
office contenLFor Sale or To Let ■ 
44,000 sq.ft 


Southend-on-Sea,Essex. 

Factory Premises ToLetl7,095 sq.ft 


Fitherland, Merseyside. 
Factory-f- Offices on 4 acres to Let 
55,43 7 sq.ft 


Bury St Edmunds, Suffolk. 
Warehouse Units to be built To Let 
7, 000-37, 000 sq.ft 

Industrial Property Department, 

33 King Street, London EC2V 8EE 
Tel: 01-606 4060.Telex: 885557. 

Industrial Property 
OoerfthelLWCoiiipirtou Services 


AylesfordjKent 

Factory/Warehouse Buildings for Sale 
16,800 sq.ft+29,000 sq.ft 


IMIS 


< 














Pv 
.*991* 


* F *“» I 

■ i - * i 


1) National Charity Headquarters 
Approximately 30,000 sq. ft. 
Central/North-West London 
Freehold or long leasehold 


2) Self-contained office building 
6/8,000 sq.ft. 

Close to Law Courts 
Freehold/Leasehold 


3) Office Sites/Refurbishment Propositions 
Central/West London orSuburbs 
Any size considered 
Freehold or long leasehold 


4) Industrial Sites/Refurbishment Propositions 
London and Home Counties 


Agents retained if necessary. 
AH details to: Ref: p.ll or p.s, k. 


Estate House/! 30 Jermyn Street, London SW1 Y 4UL 


ON BEHALF OF 





lili 


LONDON SW3 
Preliminary announcement 

DEVELOPMENT SITE 

WITH OUTLINE PLANNING CONSENT 
TO BESOLD BYTENDER 

HaCe rt^nsrSdenMd workshops 
Re°Sto bl^ld by tender ill fog Autamn of 
R t5s year, unless sold privately. 







Howto 


One of the best dislrlbutioncenb-esin the South 
Woolwarths. BQC rans famous rames 


TlfC By Order of Williams & Glyns Bank Ltd 

Prime 

Freehold Bank Premises 

101/103 Baker Street, 

London, Wi ^ 


8®®i 


"S^awsassas? 


«ntf with22fteav ? ^ e ^ Si ^^^^ cj „ 
■■ V IStS'Furthfflr Information, from the joint agents. 
m fl H • a nmmioDment by 


• ■A - ridlft J /L Baylis & Co. Ltd. 

rtttuwMttens U**®- 

‘onnem®^ 

n i„Bm Estate Bristol 

""SSSS unit, ,agwac«m«. „ 


SngieySjater&C 0 - gfe 


Of particular interest to Banks, 
Building Societies and similar users 


gpt Tel: 01-530 1.030 • 


Hi£ST EMB ISfffIBIS 

• j Uu 




U ANTED 

Borough S.E.1 

Offices/Workshops 

« 10 , 000 - 12.000 sq.ft. 


Far Sale By Tender 


on Wednesday, 26th July, 1978 

at 12 noon (unless sold previously) 


Chartered Surveyors 
75 Grosvenor Street, London \\ IX 0 J6. 

01-499 0404 Telex 8812560 
I in the City of London-Kenaington-Hyde Park 
Little Venice -Chelsea 


Wcw©®s$B© up©aa Y^n© 


Ground floor 
Showroom premisses 

in superb City Centre 

location with 

self-contained 

car parking 

Unique opportunity to acquire a 
■freehold property in the centre or 
Newcastle upon Tyne. Immediate 
occupation, (with office premises if 
required) in Renaissance style 
building with basement car parking. 

Also available on lease. 


Write or telephone : . 

F J Hi.ich.ns, F.R.I.C.S., Managing Director. 

BARR ATT DEVELOPMENTS (Properties) LTD. 
.Windrow House. Ponteland^Road, 
Newcastle upon Tyne NE5 3DP. 

Telephone: 1 0632) 86681 1. 





Queen Street EC.4 



freehold may beouaiioble 

Joint /ole agent/: 


Antholin House fe a self-contoincd office building 
situated at the junction of Queen Street and L.ueen 
Victoria Street which demands, attention horn any 
organisation requiring representation in the heart 
of the Citv of London.Thc budding comprises 
approximately 1c- 000 square tect ot open plan. . 

air-conditioned office accommodation, together 
with *• 6 J 0 square feet of lower ground floor and 
basement storage.The ground floor, 
which is approached direct from Queen Street, 

is ideal as a Banking HalL Mansion 

Bank of England ! Haase 


The amenities include the following! 

a Htah^SwH^wn automatic passenger lift 
a Fully ca rpeted office floors 


Fully carpeted office Hoors 
Suspended acoustic tiled ceilings 
High level intensity fluorescent lighting 


Scar spaces 


Stock 

Exchange 


Royal 

Exchange 


sum mb r«ii ss 

9/10 Fenchurch Street London EC3M 3BE 01 623 6644 





VtfeatheraH 

±2=A Green & Smith 

24 Austin Friars, London EC2N 2EN 
Telephone: 01-6389011 


Richard Ellis 


Chartered Surveyors on* -ram 

64Comhill, London EC3V 3PS.Tel: 01-2833090 


I\*nsance,Corrwall 

Penwith District Council seek E n Organisation which w, 11 

carry out a major town centre scheme for a retail store 
and multi storey car park on a prominent comer si . 
about 3,557m 2 (0.878 [acres I «n area. 

" or" invited, in the lint in»an«. to n*»r thar .nicrct 

The Chief Executive. Penwnh Oiiuicv Cau" 0 ' 1 . 

St ClafC, Penzance. ComvwJI TR1S 3U ■ . valuers 

And TO seel' lurthff paiiicnl.trc n™ ir, g - -mw 


f jjipsturi 

ge 

1 Chartered Surveyors 

■bNDSmP: 



CIlBftS 


.L &■’<**** 

T” r T 


Site— 2 J .-3 Acres 
or 

Factory 50,000 sq. ft. 

King & Co 


SHEPHERDS BUSH W12 
Ground Floor 

I FACTO RY/W ALEHOUSE 

I With O frees 

. ! Heating. Close Tube 

EDWARDSYKIMO^S Teiote^MM 

I r=3n r*i r\ (1 E>l 




Chartered Surveyors 
1 S.-^cw Hill, London. EC1 _ 

Telephone 01-23S 3000 Tele* B85485 
•.lincncsltr • Leeds ■ Biussels 


56'62Wiiion Road. Lond on SW1 V '> 


“"I"' INDUSTRIAL AND BUSINESS PROPERTY 

APPEAR EVERY FRIDAT 

31 rtwnu. uuna. FSF ur conditioning. R^tCI £l4 per single eolumn centimetre 

For further details contact Diane Steward 01 - 24 S 5284 


2i i"-246-7755. 


LUTON 

Offices 
To Let 

7,850 sq.ft. 




PiOGRBILLY RBEA 

Offices 
To Let 
500 sq.ft. 




Offices 

Long Leasehold 
For Sale 
1 4,200 sq. ft. 


New self-contained 
Office Building 
To Let 
7,500 sq. ft. 


I 















....... 


fe^-Cr' - 

Uli 

l^Sgs*®** 



'tmk 



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Wm^ 


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^11™ ill HI 






Extremely well filled lactones available singly or in multiples 
of 3,000.10.000 and 20.000 sq ft in ideal location, with superb 
connections to national road system. 



Large pool of local labour. Housing guaranteed for existing employees. 

Ring John Cass, Chief Estates Surveyor 




or write - Peterborough Development Corporation. PO Box 3, 
Touthilt Close. Peterborough PEI 1UJ. 





Agents on the 


COMPETITION FOR prime shops 
is forcing surveyors into the 
takeover business. And the 
agents fur both Harris Carpets 
and th^ Owen Owen department 
store group have just lined Up 
corporate acquisitions as part cf 
their clients’ search for addi- 
tional shops. 

In a Jt-3m deal, Owen Owen, 
advised by Cunrad Ritblat. has 
bought Suters Limited, n family 
company with stores in Slough 
and Uxbridge. The Liverpool 
based retailer paid cash and un- 
secured debentures for Suiers, 
and takes over a 60.000 sq foot 
store by Sr Martins' Queensmere 
Shopping Centre in Slough's 
Ilian Street, and a 30,000 sq ft 
unit in the pedestrianised section 
oF Uxbridge's High Street oppo- 
site Town and City's shopping 
centre. 

Harris Carpets' takeover gives 
The group its first Scottish cut- 
lets. Harris, advised by Smith 
Melaack. has resolved an IS 
month search for Scottish shops 
by acquiring J. Ros-s and Com- 
pany (Carpets). Harris paid 
1450,000 for the company and’ has 
taken responsibility for debts 
which take the total cost of the 
purchase to around £lm. 

J. Ross has -6 shops in 
Scotland — which will continue in 
trade under that name — and a 
further 5 in the North West— 
which will come under the 
Harris banner. 

© 

.A 5.7 PER CENT initial yield «n 
the British Broadcasting 


Authority's £14J5ra purchase of 
the 145.500 square foot SL 
Catherine's House office blodk in 
Kingsway. WC2, looks like 
another indication of fund man- 
ager's judgment bowing under 
the weight of investable funds. 
But n isn't. That yield, based on 
the Department of the Environ- 
ment's average rent of £5.75 a 
square foot, looks ahead to a full 
rent Teview- next March and to 
further five yearly reviews until 
the end of the- present lease in 
1999. . ' . ■ , 

On that basis' the purchase, 
from a Brandtis-led banking 
consortium through Jones Lang 
Wootton makes considerably 
more actuarial sense. Knight, 
Frank and Rutley acted for the 
BBC fund. . 

m 

IBM HAS paid around £3 a 
square foot for 58.260 square feet 
of Commercial Union Fropmrties 
recently completed 147,000 
so u are foot office development 
at 54. Haglev Road. Birmingham. 
This first letting -just below the 
initial £3.25 asking rent, leaves 
joint agents .Tones Lang Wootton 
and Edward Bigwooii and Bewlay 
with the scheme’s 88,878 square 
foot. 17-srorey tower to market. 
Weatherall Green and Smith and 
Ralphs and Janes advised the 
computer group. 

• 

HASLEMERE ESTATES and 
Friends Provident Life Office 
have now let their 18,000 sq ft 
Spacer House refurbishment on 

Wilson Street, EC2 to BP Trad- 
ins for around £6.60 a sq ft. 
BP was advised by Knight Frank 
and Rutley, and Richard Eltis 
acted for the refurbishers. 


CLASSIFIED 
CCj 




.- r r« 



lifHV J|p r y. j. j ■ * . • 

:, r 2' X'-S g v,; . ■ 



Tiinbrid^ Wells 
16 , 850 s^i TOLEl 

A Kully cdrpcuxjpi)i.jenreas. , ■: 


;i^Qn'si?e car parking. • ''' : 

P- v ^ Do rails frbTffy. ■' i i 

^■*1 t r .* •. r \ Vty \ ■:< 



Grand Metropolitan will un- 
veil the results of Its £lm 
conversion of The Ritz Hotel's 
former Grill Room and down- 
stairs bar with the opening 
of The Ritz Casino next 

Wednesday. 

Grand Met has set up a 
separate subsidiary to 
operate the casino, and has 
negotiated a 21-year lease on 
the space from the hotel's 
owners, Trafalgar House, 

Trafalgar, which paid just 
£2.75m for the hotel in 1976, 
and which is reported to have 


Trevor Hvmvlmea 

ignored countless higher 
offers since then will now 
have the Casino trade to fur- 
ther bolster interest in the 
four shops it has built into 
the hotel's Piccadilly colon- 
nade. 

Letting agents Healey and 
Baker have signed up tenants 
for two of the four 500 sq 
foot units at “Bond Street 
Tents," when shops of that 
size can cost around £50 a 
sq foot - 

JB 


CENTRAL 

BRIGHTON 

SMALL OFFICE : 
REDEVELOPMENT BUILDING 
FOR SALE 

A period building in a prime Pqwaon 
m £ flaw* uid la need. of *m« 


00 $ flow* Mid In .nwd.of «m« 

modernisation consisting: . ! 

Approx. 2,000 it), ft. Office Space 
2 Residential Unit* 

Fall pluming and bonding coaaaot 
available. Potential for redewfopmept, 
resale or long terra investment- 

FREEHOLD £32J50 


behwardthorpe 

t Rafl7r»t a 


19, Chesham Road, Brighton, BNZ INft 
T«fc 0273 694997 . • 


OFFICE SUITE 

1,558 SQ. FT. ■ 
WESTMINSTER^ 5.W.fc' : 
TO LET' 

£5.73 .per sq. ft, 

‘Lift. Cent./Htg., Carpet* 
Joint Sole 1 Agents:— " 
BROOMHALLS 
01-222 1324 
CHURSTON HEARD 
0M09 2199 


Modern 

Office Building 

WITH STOWAGE AND CAR PARKING 
MORYVELL STREET, W.G1 
foff Bedford Square) / 

Vacant possession <.000 m fL 
Further 1.000 eq. fL let 
Centra] Heating 
Ground Lease 42 gears la ran 
FOR SALE 

BROOMHALLS 
fll, Petty France, S-W.t. 

01-222 1XM 


NEWPORT PAGNELL 
MILTON KEYNES 
FOR SALE 

TWO TOWN CENTRE SHOPS 
With Extensive Accommodation 
Prestige Positions and Period 
Buildings 
Details Fran:— 

JACKSON -STOPS & STAFF 
20. Bridge Street. Northampton 
Tel: 32991/4 


- CLIFTON, BRISTOL 7. 

v -Business fiats available, 
tdgefiier with accommodation 
call : 0272 34563, or write .to; 

■ CONSTAPLES, 

J: Harley Place, Bristol 8. ” 


WANTED 


> i WANTED 

50,000 sq ft V 
:RR1ME OFFICE SPACE 
v - ; with car parking 
;vrnthefodowing area 


Qwgh Wycombe ' \ 

1 Hammerarnifri# J 

''■y \«Sbogb^-. — - — 

> • Write Box T4907, 
Financial Time 

10, Cannon Street, EC4P 4BY 


KINGSTON TOWN 
CENTRE 

20,000 SQ. FT. 
PRESTIGE OFFICE 
TO LET 
May be divided 
Cotton Commercial 
01-543 1231 

Oar naw office Htt Is now available 


LE1GH-ON-SEA — Main road development 
site 150 It. frontage. Planning shoos/ 
commercial 1,300 I x. £40.000 or offers. 
0702 73600. 

SOUTHEND-ON-SEA — Showroom let et 
£3.750 PAX. with 5.SOD fj. incom- 
plete offices above at Plaster and Floor 
screeded stage, omccs to let or at 
whole lor salo ireenold. All ofters- 
Invited. 0702 73600. 

GUILDFORD. 3,V5CrSF. New Office hi Town; 
Centre. New Lease at £14,000 per 
annum. Details from Clarice Gammon. 4S 
High Street. GuHdtord. Tel. 72266. , 


TTwi*i* 


I -1 q >■; 3 'J JV-l 3 : iajjufci ! 





WANTED 


reclamation sites 

Wanted, unproductive, derelkt 
land, mart.bote.-qoarrids etc, 
for return to", agricultural . ysej 
lease or freehold purcltisej . ■ 

' ' Write Box T.4^^7 7.-7. 

Rnanrial Times, 





SSSEElSiS 

W^^3§^Svrr\lGEPJT STREET 
[®i¥GU-ASGOW '77l’-C32 /5GI W; 

11^04172^0 i32ST 


iiiRii 


il • 

TT| 

11 

Lu 


DACRE HOUSE 

TO LET 

Prime Air Conditioned 

Office Building 

11 , 255 SQ.FT. 

Every amenity inc.Car Parking 

MirHAFl FITZROY HOUSE 

i Alinir r CRAFTON STREET 

LAUKIC CJ LONDON W1X4DD 

PARTNERS 01-493 7oso 


MAIDSTONE KENT 




WEEK STREET 

Prime Shop Let to Multiple Tenant on F.R.I. Lease 

FOR SALE FREEHOLD 

Joint Sole Agents: 

_ * CLOKE & SONS 

Biarraws & Day & 2Si Glbrieii Hi n. Maidstone 


Clwyd 

at the peak of 
Welsh potential 


With its large, multi- 
skiDed workforce, proxim- 
ity to major markets and 
nationaldmemational com- 
munications networks, this 
progressive Welsh county 
dominates the north-west- 
ern development scene .The 
news in Clwyd is about 
sales, not strikes - and 
it’s a great place to live, 
too. 

Talk to us about the 
low-cost sites and factories 
plus extensive financial aid 
available to incoming in- 
dustries - well make you 
a deal you can't refuse. 
Contact Wayne S. Morgan, 
County Industrial Officer, 
Clwyd County Council, 
Shire Hall. Mold (tel. Mold 
212!) for free colour 
brochure. 


IMMEDIATE POSSESSION 1 

• Within minutes of the City and West End ■ 

9 Close to major British Rail Underground Stations and H 

Freight! iner Depot I 

9 Excellent loading and parking including covered bays 11 

• Roof Car Park ai 23,500 sq.ft; a 

9 Concrete Floors O Up to 16 ft. Headroom H 

• Ventilation System 9 Gas Heating fl 

• Sprinklers, Fire Alarm and Fire-Fighting Equipment I 

• Electrical installations including Fluorescent |§ 

Lighting B 

.■jowM-Agcs Chaii ! s>erlain 

&Willows 

Tel: 01-437 0483 

01-8824633 

TUellotM r«™ LB»LomloB*.' rjFT&Tdoe :*U« 


Just the ticket^ 

2pmihtites fronitown 
RefurbishedOffio^ 
12^00sq.ft^>lM 

■ f a 25 Car sp 

-Central Heat(rig;’^p^: 



aPrestige Entranc^tiaUg; ' 

.Suworci^Ci:,^^ -|- urna || House 


„a Integral Ughtifig 


BETWEEN MIAMI, FT. LAUDERDALE TO PALM BEACH 
NOTHING COMPARES \ 

VILLAS FOR SALE... FLORIDA ...CW THE < 


...ON THE OCEAN 



PRIVATE OCEAN. SINGIJ^FAMILY, CONDOMINIUM HOMES TOR SALE 

Located directly oq the beacb and intra-coastal, in the most prestigious area qo tire- 
Florida Gold Coast. Luxury 2 storey' single fatnily 2 or 3 bedroom, with 3 baths,' private 
yards and garages, with occupancy in 78 at introductory prices from £70,000: -with mort- 
gages available. These units offer future capital appreciation .and- we will assist .in. 
off-season renting. For brochures, information telephone the President' with, toofe than- 
20 years experience of building many thousands of homes. Charles Watson, London' 
01-235 8050 or write: 

Peel Properties Hillsboro Beach and Yacht Villas Inc. 

1194 North Ocean BJvtL, Hillsboro Beach 33062 Fla. U.SJL 


assn. m<m: 


Chartered Surveyor! 

40 . £*rl Srrtet. WiidiBM 
Tel.: ( 0622 ) 


Tel.; 0622 53911 and 51252 


BOLTON 

PROMINENT 

SHOP PROPERTY 
FOR SALE 

APP. 20,000 SQ. FT. 
ON FOUR FLOORS 
(THREE FLOORS VACANT) 
£65.000 

BOLTON 23171 



Parkhill House 

-.-PARK 

LIVERPOOL 


Appraxinwiefy 45^)00 equate 
fntwffn sutjsiamial Ofv*.ilc pamirg. 
SulraJMe for offices, warehousing, 
indusirlal. mad order, educsiional, 
lOCTWJkmal. whofssale cash 
and cany users. 

Fully seK-COMainfid wiih 
central tooling throughout. 

Fd QtfflH I hDffi. 

Mason,Owen& Partners 


Tl Unon Court. CMM SMHL Uvpni S 
T*ap»*>n«.*V2».»Il 


[SVKK lURTERHOUS^ 
itommERnfUnmiJ 


220,000sqft. 

(May divide) 


mtiVti Avii 


1 mile A 627 M 




ALBANY, NEW YORK 
20 Storey Office Building 
six years old, six levels, garage 
space 500 cars. 

Gross area 950,000 sq. ft. 
Net returnable area 
837,094 sq. ft. 

12.5% cash flow on down 
payment 

Price: $35,000,000 total price 
less $20,600,000 credit for pre- 
sent Mortgages = $14,400,000 
cash down payment 

EQUITY INVESTMENT 
SERVICES, INC., 

5133, II. CENTPAL AVE- SUITE 107. 
PHOENIX. ARIZONA 85(02 
Tel; t«4KZ> Z77 Z7M 


COTE D'AZUR. Retail Wine and Spirit 
Business In busy Riviera harbour position. 
Leasehold premises 460.000 If. Further 
details contact Pearsons re. AW.0Z64 
2207. 


INTERNATIONAL 

PROPERTY 

This survey appeared on 
Monday 5th June 

If you would like reprints of this 
survey please write or 'phone: 
Terry Druce, 

Financial Times, Bracken House, 
10, Cannon Street, EC4P 4 BY, 
01-248 8000, extn. 7196 


Offered: 50% participation in development : • 
Plantation Business Campus 
New Orleans, Louisiana, U^l. A* 

Joseph C. Canizaro Interests, the successful developer of -the 
Canal Place project (costs US$ 500 million) has recnitiy 
started developing 882 acres, close by the MississiDDi. iri^a 
Business Park. 

Projected are light industry, office buildings and shopping 
centres. Distance downtown New Orleans, circa 20 minutes! 
to International Airport 8 minutes. 

Cash investment: USS 75 million. 

Documentation on request obtainable from: 

FOREIGN PROPERTIES B.V.. 

P.O. Box 7000 ^ 

1007 MA Amsterdam - . .V- 

Hie Netherlands . • . . f \, 

Telephone: (0) 20-448882 ‘ 

Telex: 13462 



•Yaiar^ 


•‘.i i 


























J®arieial Times Friday Jiuie .23 .1973 






EMJHJ BYARJHUR BENNETT AND TED SGHOEIERS 





; 


■ * : *■' 1 '■"-■•fc'S 












fcfilEO 


iimim sis 


*. : L-; i 


i.\ 1” i v 


V 




V 




S PJ 


Exists 




rl J ' 


• SERVICES 

Guides would-be 


• INSTRUMENTS 

Analyser meetsmanyneeas 


e ELECTRONICS 

Micros come 


•• - - 4 -l 


micro users 


WITCH MAJOR interest, both 
industrial and political, focused 
at the moment on the micropro- 
cessor and the intricate memory 
chips which serve it, the 

fluitriml Rudirnli Agfita 


cnips wiucn serve it, me 
Electrical Research Association 
is seeking to draw attention to 


siVvi: 

4C-- -- * 

»• ”• ■* ■„» ■ 

- “* “ t- * 

h +;]+* 

i* ? 1 it' . v :■ 




15 gecjkiug tu umw aiieniion 10 

the protracted study it has been 
carrying out on behalf of some 
50- -sponsoring companies on 
what it takes, from the user side, 
to make sure a microprocessor 
application will work. 

Two sections out of the five- 
part study, which began nine 
months ago, are completed. They 
cover the economics of develop- 
ing systems and a study of 
development systems, with an' 
analysis of available software to 
come. 

This will be followed by 
examination of the integration 
of -hardware and software; a 
study of quality assurance as 
applied to outgoing systems and 
software and an examination cif 
what designers could come up 
against in the field — high current 
spikes. excessive heat and 
excessive moisture, inter alia. 

Completion is scheduled for 
a further three months and 
additional sponsors can sain 
access to the wealth of docu- 
mentation arising from the ERA 
work for a £1.600 entrance fee. 
This may seem high, but it is 
a little' known fact that develop- 
ment costs on a system huilr 
around a micro intended to 
replace existing discrete logic 
can run as high as £40,000 simply 
because the cost of producing 
the special software demanded 
for efficient micro operation is 
much higher than for minis. 





And it must be said that since 
there are still not enough train- 
ing facilities to enable engineers 
to move over to micros, there is 
a risk that development could 
go down the wrong path. 

Interestingly. . ERA re ‘ 
searchers have found that a 
micro solution can pay off even 
in such low numbers as 100-off. 
They have examined the options 
of custum-designed logic, uncom- 
mitted logic arrays, hardwired 
logic, programmable logic etc., 
compared with using the micro 
and the conclusions or this 
chapter will be of considerable 
value to any production manager 
' who has a number of difficult 
decisions to make In this area. 

ERA wants to continue its 
work, particularly along the 
lines of what forms of support 
might bo provided for users or 
microbar ed products. 

ERA research staff see the 
present concern with large scale 
integrated circuit memories as 
inevitable since the more power- 
ful the memory, the easier n is 
Jo program 3nd operate the 

micro. And they ore nut 
theorists only since they have- 
developed a micro-based cash 
dispenser for Scandinavian 
hanking a micro-based terminal 
for □ Spanish engineering gr..up 
to h.- used in supervision of high 
voltage networks and 8 micro- 
based information rei ricval 
unit for a UK peripherals com- 
pany. 

Further details of the ERA 

study from Cleeve Rnad, 

Leatherhead. Surrey KT_. «bA. 
Leatherhead 7415L 



PRICE redUL-;;oas of abour 30 
per cent, and in some cases w 
ncr cent, have been announced 
bv Fairchild for its Ffr'SOn range 
of microprocessor products. 

The company states that toe 
reductions are the direct result 
of the major investment it has 
made at Us ^ufactur-ng 
ulanis at South San Jose in 
Cahfornia. The new facilities 

include computer-controlled pro- 
jection alignment, use of tour- 
inch wafers, and ion :mplanta- 
linn: production y’.e.ds have be n 
“well above” original expecta- 

^Examples of the new prices at 
the onTto rwo doren level are 
£6.77 for the CPL and H.2S for 
the FUS10P random access 

memory. . „„ 

More from tne company on 
Potters Bar 51111. 


the trigger can he delayed jio to 
99,990 Cluck periods after tne 
event. Thus, a “ window ' can ne 
opened up on the operation ot 
anv micro ur mainframe at 
exactly thy time point that tne 
engineer requires. -„ inn 

The company is also offering 
the MBA-1 -Micro Bus Analyser, 
mainly intended for trouble 
Shooting microprocessor system* 
in the field, am! a number or 
digital circuit modules. 

More from Microsystems. Duke 
Street High Wycombe, Buck* 
(0494 41661). 



KGELLTD 

Kennedy Tcwef. 

St. Chads Queensway, 

Birmingham B4 6EL 


Analyser 
war hots up 


Feeding commands I. Urn new spccm>me,cr dnongb . keyhoard. 


WOULD LAUNCH takes place 
today of a complex piece ni 
analytical equipment employing 
the latest technologies hut 
aimed by its originator. Mm 
Philips company, at a much 
wider range of companies than 
earlier machine* .of this 'VP®- 
Even small industrial organisa- 
tions will be able to use the new 
X-rav fluorescence spectromeitr 
u S a p radical analytica tool the 
company asserts. juMifym- thi 
claim on the basis of groat 
improvements in price/ perform- 

ancc ratios. 


The PW1400 spectrometer has 
virtually no manual conirols. AH 
n s functions are pre-prograni- 
mahle and commands art. 

enh-n-d .hroneh a keyboard 
printer or a di-i»la> l,n ‘ l - . , 

V There Is nnl one * ,nale 
‘ h-ne but a carefully chosen 
set of build. ne blocks which 
permit some 50 variants lo be s 
Sp. This provides a very close 
match OF a large number of 
renuiremenis 

Improved counting electronics, 
fast-actim: vacuum system, and 
a new continuous-feed .-ample 


SG 


• TEXTILES 

Non-crease linen 


linen is a comfortable fabric, 
but it is generally quick to 
crease and hard to iron. To put 
this ancient natural fibre back 
on the same footing as the easy- 


UC oflutv: fcvvh»**o — — ------ 

care • man-made^ fibres has taken 
years of 


U]-Uiau& v j — 

yean ui work. But now. Lintrend 
says it has found the key pro- 
cess to do this. 

This process, developed by 
the company's managing direc- 
tor Dr. F. R. W. Sloan, can give 
a pure linen fabric the same wet 
crease resistance as polyester/ 
cotton. The treated fabric 
creases only marginally m wash- 
ing and yet retains all the 
absorption and coolness proper- 
ties which are the hallmark of 

U T^v explanation of how the 
process works lies in complex 
organic ebemistry-~what it does 
is to create extra links between 
the long ceilulosic molecular 
chains in linen, but without era- 
hrittling the ‘fibre as other pro- 


cesses in the past have done or 
tended to do. They thus were 
never really suitable for treat- 
ing lightweight summer Tabriz 
because of the lowering of abra- 
sion resistance this would email. 

Lintrend. which, is launching 
the fabrics under the name of 
“ Elite '* is providing two weights 
—154 and 174 grams per square 
metre. 91.5 and 114 cm wide re- 
spectively. This is 41 ounce 46 
inch, and 5 ounce 45 inch. Ten 
colours an* offered and nisi 
sampling is already under war. 
in the U.S. for spring 19.9. 

The Linen Industry Research 
Association or Lambeg, Northern 
Ireland, has made an indepen- 
dent evaluation of 4hel prpeesa 
and will be responsible for set- 

ting up quality control sl.in- 

^For data on the process and 
the product. Dr.. F. R. W. Sloan 
Is oS 61-629 1618 at Lintrend. 
55A, Duke Street, London W.L 


-"■fSrsssw^S 

handle most transactions a i Ig nn . line . ,he programs 

cashier's windows, including the Inaded through a central 

rsrzzxE* « 

can operate « ii„.<rn>lccl Tor nnice<--inc. M^'« the n».*w Ivnmnal 

on-lfnc bier S?t * 3?iffire r Ir'^acTionf' In 

capture capabiiiucs Sdilion. it can permnn ipwwt 

P«™. “ hich ,h “ K™ n :,ni''™^nia'iSiy 'pro- 

i.-iih''. ai cIiv'iuvk. 

V ’ - 


svstem give hi.h rr.easunns 
s'necds ar.*J bin pie ihnm^hputs. 

' internal a-uipL-rature control 
pcnuiLa in*- equipment to oe 
used in laboratories '.'here there 
is no air conditioning. 

To simplify the incurporation 
of the equipment into evisnna 
laboratory* or produciton line*. 
The company is providing a 
universal interface so that the 
user's own enmputer can be 
connected ins mediately without 
problems. 

At ihc .-ante iinie. full soft- 
ware «upp'iri i* provided on the 
machine 'nr Digital Equipment 
Corporation and Phiiips minis. 
If users wish, they can reduce 
outlay to the point where they 
obtain a basic printout of intensi- 
ties through a programmable 
calculaior connected to the 1400. 
At the nther end of the spectrum, 
the machine can be linked into a 
company's central computer if so 
required. 

Though the 1400 has been 
design'd with the metai- 
produr-mv and processing indus- 
tries *n mind, il is alsn ideally 
suited 'nr mining operations, 
ceramics and general industrial 
application* including such 
things .-»* the deiermi nation of 
wear me'ai. in lubricants. 

M.nixiir.-- a i'd support oF the 
equip nr. 1 ni r. Briii-m l* hy Py« 
Unic. i 1 .:. Vnrk Street. Cambridge. 
02 ?. ■ 


ADDING itself to the half dozen 
or so coatnamea already offerme 

logic analysers :n the L . K - 
International of California sa\s 
that it spreading its win 
because hy 1<*0 the murket for 
such product-; wm have tumped 
fr.int S50m »h:s year w 

A.-porl’n i’ is offering its 
product-? through Microsystems 
Services of High Wycomhe in a 
nricp h racket spanning 53.000 m 

ss.non. 

A tnaior ba*t!c is brewing 
according to EH. for the in- 
creased ntarkeT for analysers that 
will result from the d-mimsmng 
use of nscilloscnnes by the data 
processing hardware fratermtv 
and the need tor quick and con- 
venient means of testing micro- 
processors. Before ions, says 
th»* company. 30 per cent of 
the 5600m ascii inscope market 
will he replaced by logic 
analysers. , . 

One of the company s mam 
products is the model tSoO. which 
can deal with 18 channels at 50 
MHz. giving it more scope than 
manv testers already offered. 

It ‘can he set to triaadr on an 
external event and then capture 
tho data that led up to nr 
fr, Unwed, that event. Once cap- 
tured the data is read hack in 
hexadecimal or octal form, as a 
timing diagram, or in a matt 
domain diagram. 

tin to -MO IS hit words can he 
acquired and the triRger can be 

generated the first timi lb 
trigger event has occurred or up 
to 0.099 limits after. Additional l> 


IN BRIEF 

• Hewlett Packard Is * 

new linear microwave b»P£ ,a ^ 
transistor which is rale M l 

of one watt arid has good T ain 
and efficiency up to 5 UMZ - 
Wokingham 734774. 

• Miniature chrominance -delay 

lines for colour * el l f' ,, g°P 
receivers are announced by »ul 
lard measuring only 3i -> *■» -J 
■•8 5 mm. They are designated 
DL700. 01-5R0 6633. 

• Lniel has a refresh memory 
unit giving four bit rescltUion 
pirture elements for fa 5Eer ^2 
CRT terminals. More on 0S6a 
771431. 

O AMI Microsystems has Intro- 
duced two fully static 409b bit 
random access memories for 
microprocessor applteati •"*- 

designated SH114. More on 0.0J 
31345. 

e Low-pass and band-pass filters 
fabricated u>ing charge transfer 
(“bucket firmade"l techniques, 
made bv Re: icon in the b.S. are 
heing supplied by Herbert Siqrna 
of Letchwor.li. More on 64b-6 
3841. 

a Siemens is offering light 
emitting diodes of only 1 mm 
diameter loving high luminnsitj 
hut low current consumpuon. 
093 J7 S5691. 


the conversion uni’ can easily 
be fitted imu any current produt'- 
lion vthlcle by adding a special 
gas/air mixer t ( » the existing 
L-arhuretlor and lastallins; a gas 
stnrage tank with separate pres- 
sure lines, a regulator, and fuel 
selector switch. No modification 
to the actual engine is necessary 
and the conversion unit c an 
easily be removed and refitted 
when ilcei cars or vans are 
changed. 

Since the system operates nn 
pressurised natural gas. an essen- 
tial extra is a compressor instal- 
lation linked to the mams gas 
suppiv. This can operate in two 
wavs either as a direct feed 
line svstem where a number of 
vehicles can be connected and 
filled directly, or as a method 
of .-barging reservoir storage 
tanks which cap supply the gas 
already pressurised. 

The running co«ts of operating 
on natural sas have been care- 
fully anal?, sed uy American 
np-.-rntors who claim that a tjpi- 
cal 23- van <J -livery licet \v«uLl 
provide a pavlvu-k on investment 
in two vears. with a subsequent 
SO per cent saving in running 

cos; - 

Fu—bor from Inievnalif>nal 
H-n \ .,^-j I’Pei’^t-rTid R o.id, 
Camber lc>. Surrey i«C’B 20036). 


ft lighting 

Lighting 


® transport 

Driving on 
North Sea 



gas 

A DUAL fuel conversion unit de- 
signed to permit a vehicle to run 
on either natural gas or P^rol 
has been fined to over 30.000 
vehicles in the U.S.. and proved 
to be a viable system, says inter- 
national Gas Apparatus who is 
to make it available in the UK 
on the conclusion of an agree- 
ment with the manufacturers. 
Dual Fuel Systems or America. 

Designed specifically for use 
by fleet owners and operators- 


ii" 

MADE TO be installed speedily 
iu any restricted space where a 
wide spread of illuiuinauonis 
required is a fitting called SKW 
Skeleton Strip from Ltnoltie, 
Pier Road. Fellham. Middlesex 
TW14 UTW (01-S90 S142». 

A choice of pull-cord or push 
button switching is offered and 
the white lampholders are 
mounted on a ready-wired 
aluminium spine. It comprises 
□ three-way terminal block to 
reduce wiring time to u mini- 
mum. a cable clamp, and » 
“universal" switching unit- In- 
stallation is by two fixing screws 
and it is available in four sizes 
to accommodate both 1—1 _ mm 
and 284 mm strip lamps in single 
and double lamp lengths. 



A 


V 


f© 


e 


jLml- 


• OFFICE EQUIPMENT. 

Control by microphone 

MTr>w/Sr>TTnNrE station equip- special -J 01 


MICROPHONE Station equip- special instructions for the-tran- 

ment that provides remote access 6jgnals also warn 

to cassette desktop dictat on wb?n approaching the 

systems has been mailed Qf a casse tie or when there 

“TTiought Station by Dictaphone cassette in the recorder. A 

SdffiS executive desktop umt ^ ^^Vature enables the 
with a hand hilcrophone *na «! : c 0 r ™ , tlI)ne t0 he used for can- 
cradle, including P , f eren ce recording. _ nmoatih i e 

‘^microphone, remote!, con- w ™““*^ c ^ 0 °Se-' S S "tEM 
trols every dictation fuoction— — Models 255 and 260 

5Smr£ng7fart forward, reverse Matter ■ »oae ^ be 

gSSgg »r* 


M 


H •- life. - ar 

NEWTOWN 

anrt <;prviced 


^!ew leasehold factories and serviced sites 

*S 25 S 1 ' 

■ * New Town 

- rail or mOt° rw * i * 


OFF-LINE EDITING and *#r 
boarding and aopb cat ions wbure 
Ris either impossible «.r imprac- 
Hcal to interrupt typesetting oai 
put is the purpose of an euttiog 
terminal by Itek. 

A screen displays keyboard or 
tape S cassette input and *»b 
mSSmeuST By simply tm-ss.nv. 
a button the operator can sc ri I 
through an 8.060 character hie. 
'displaying up to 15 lines of lex. 
at a time and making cdntni: " r 
additional input decision al uiH. 
This means that any s cti:o 

SSST 1 & 

jShfwbe dipUMieS'wfihoul re- 

Cn A^scarrh and revise t-apabilUy 
enables the operator to 

requiring change and correct m a 

S^ed an iutomaticaU r y C withmi» 
in^further instruction from th. 

0P By* tl estabIishinR and stonne 
formats the terminal allows tej.t 
to be arranged automatically 
any desired layout— imporunt 
where columnar or other difficult 

formats are concerned 

Itek Graphic Products 
Itek House. Mora Street. London 
EClV SBT. 01-253 30S0. 


Success brings Confidence. 

Proof: Our Ttenord of Achievement 

■ ■— * 



More power 
provided 



g^Loodon by W >rl! or 

.ssas^-ssssss-sst.. 

ave 45 ; «o ^ 


asssSEKj-giasss^ . « 

2g^Z£iSSS&'‘ 



WflJes * 




. leC tricalwj& 


ON0 HlHlHUtt 


•NO 


MINIMUM 


LENfiTB 


nNDOtf . trtsTER osl ‘872-49 








ATKINS ON-LINE is the new 
□aine chosen for the or S» n 'J?JL"" 
resulting from the recent mere ur 

- ° 

One of the first extensions of 

the UK and Holland. 

The combination or Atkins On- 
Line and On-Line Systems Inc., 
in terms of resources vujj iwj 
works, provides a complex of 

more than 20 computers and an 
frray of communications units as 
2S y S ™ network operating 
throughout the U-S. the UK and 
In Canada and Holland. 

The UK cod sain a preat 
deal of power when delivery is 
rfiflr, in P e*irlv 1979 of the first 
ram 256K word DEC system 10's. 
?hewwiU be based at Epsom in 
addSon to the two Sigma 9 s. the 
firrt DEC 10 becoming opera- 
uonal during the first quarlcr. 

AWns Online S lo W 'provWe a 

fe E nSe =° f v" f - " 

the”.S. market Simulianeoue , 
Ptirnne of the management mior- 

Sy Mnm from Atkins On-Line at 
FoomoJW, lowest Street. 
Epsom. 0372' -96io. 



1977 was another successful year 
for the Landesbank Rheinland-Pfalz. 

Despite very difficult economic 
conditions, expansion continued - 
a good reason why more and more 
people put their trust in us. 

As one of the large West- German 
banks we present last year’s 
financial highlights. 


In million DM 
1977 1976 + 


Volume of business 

Total assets 

Loans and advances 

Securities 

Deposits 

Bonds 

Capital &reserves 
Fiduciary accounts 
Building society 
Profit after taxes 
Number of employees 


20,424 

18,077 

19,678 

17,384 

14,160 

13,002 

1,659 

1,295 

8,250 

7,057 

7,995 

7,321 

369 

322 

2,067 

1,947 

835 

566 

43 

28 

1,700 

1,659 


+ 13.0 
+ 13.2 
+ 8.9 
+ 28.1 
+ 16.9 
+ 9.2 
+ 14.6 
+ 6.2 
+ 47.5 
+ 53.6 
+ 2.5 


Tf ~ou wish to learn more about us, write to us and we shall be 
pleased to send you a copy of our 77 Annual Report 



fyl We give credit to the fata®. 




i 





■ rw i i. '<*- war ' ■*■ ^ 


msm 




BOOKS 






BY C. P. SNOW 


. his country- They are that (a) accept, had wide and wild 

Bonaparte by Cor re LLi ^Barnett. be betrayed the principles of strategic visions, but not much 

Allen and Unwin, £7,5U. --■* th e revolution,, and (b ) he was else. Nor. so far as can be 

pages totally indifferent to the true judged from the gothic report- 

' . interests of France as a nation. Jngs of his entourage, had Hitler. 

Mr. Correlli Barnett s_ study of ty e u f there is something in each Barnett draws implicit compari- 
Napoleon Bonaparte is some- of those charges, but they can- sons, not over-stressed, between 

thing of an oddity. Not tne nol be sustained at the same him and Napoleon. As a rule, 

physical book wnicn . time. Certainly Napoleon Napoleon may have operated 

well designed, splendidly lJlu^ j, e trayed the principles of the nearer the plane of reason, but 
trated, and an example oi revolution-— though not always he too had periods of blinding 
accurate printing. All this is nf the Enlightenment and and self-deceptive optimism, 
what we have come to e::pcri lbe Romantic Movement, of .Maybe without that fund of 
from a Rainbird production such Xytric ^ be vas the child and gambling hope neither of those 
.as this. The nudity resides m became a symbol. He didn't two would have been able to do 
• the text znJ in s betray the revolution for high- anvthinc at all. 


■ . . . . T .'., I*. >• * aniLumt: dl dii> 

attitude to his sunjec:. we has rriindefd or even ideological n _ t>ia n , 1P _i v .-iiitarv 
aimrtet no mip for him at e I. emu* ilk* ,ii 0n roe purely military side. 


almost no use for him at a!!. reasons, since like almost alt D.„,,f e nrn P J,;!!; snZ fonvinc 

Barnett does allow Napoleon leaders who emerge _ from ®" tt 


a = EpS credit as =, he was swe^loog S JjJ 

an opportunist politician. As a ihv lid.-. But if he hadn't j 11 ; ' ■* dazzling da rice and 
soldier, though, he emerges us i, a posed or. France an auto- decisive' ™ cm 

a slapdash gambler with only cratic regime, and so given S R ,.7 If r hisincistir* 

occasional flashes or militory Barnett so m unmoral pain, the ^Suchto rhancoEarl? i|S 


occasional uasnes v. ftarneu. s-j ujc -„.u .u, ni , n jr 3r lv tfttK 

talent, someone who in the last country wnuldn L have lasted Sarhid 

war might have made a hit or ]oD3 . The England of Wit and J Ld b e l 

miss corps commander in the lht . ca rly industrial revolution, J ?n to 

desert In other respects, as lh(? Russia M f Alexander I. the n °^JJ‘ L , e J* 1 m l J?5 t 
man and thinker, Barnett judges Austria oF Mettemich. were not **™ed by ° n ®. 
that he was superficial, vulgar. so sensitive as Correlli Barnett a m0 i t -® Qt ,J >e3, J )n ,H SU ?5 
third-rate, his chief accomplish- abou t t h e sanctity of revolu- | T, ? nd *" tbe , fie d ' “.51* 

ment being bis ability to tionary principles. It is desir- J am, - V beyond one mind alone 
rationalise, and so glorify, his able to recall the Holy Alliance to supervise the backer jund 
own exploits after the event. looming just ahead, A genuinely w urk. supplies, intelligence, staff 


about : 
ridiculous 
Napoleon 



bv'rachel . 


* eri^irviHe by Susan : 

..It is 'wry «*.; 

Aviating biography 

Mmt to be the Jjjf 0 !? Lady 

I Sad •’•.romantic noveT^as- 


She “was 




spotted, hut -her. £ - 

inward , gaiety en *^i*£Ja V i Meanwilife--' 

have;, tailed to, 1 JJJjLf. V . 'jwwpe& -aiph£teSS»^a^ 
Rudvxcd Kipling . * rr 9 te -‘ 



an-; . Offenbach opera • and. was - ssttffc; to&ku 

blutevriter conjures eonuneBts, ‘ ‘ =1 - 

of fifinaerella. but for-a *amd 

make 'any self-respecting xeSder andl'p^iso^^^^tmd^y. 

^ffiSSSK 


eympatlrise J to& rttSESSjt&BWS* 
Alsbps "repeated tt m&irSe 






E aP iiS4Sn7 Ur t? n rth could havr- bSrt established entire operation under his own 
Barnett also 1 takes “ Sew of France in military or economic control. Berthier vasn t a chief 
Kutusov ver? similar to term?, then- has never been a of staff in ihe modern sen-e but 
KSl he mav have been realistic answer. an efficient headquarter* 

dronSn b!' : . dTssioated. but he Yet a good deal of Barnett’s assistant just obeying instroc- 
was in' their judgmem. both accusation stands. None of the turns. It isn t surpnsmg that 
cunning and S and his areat military conquerors seem there were so many loose ends. 


Christina Rossetti and hsr mother drawn -by Dante Gabriel Rossetti, an illustration from the 

book reviewed below. j , ■ : 




BY PETER QUENNELL 


strateav was the ri^ht one in haw had any conception of including, as one can s<.e fiom . — — real talent and evsntuallv wisov 

%amett brings ”&ong argu- what to do with their conquests. Stendtar* _ personal «?««««.. Four Ross et.is: A Victmuu. Kclme^ . n un; while “SEIi *n?‘ 
ments and considerable technical except to launch off into some a i.tal lack o « . 1 i.’- developed into a learned man of frailt 

skit! to justify his dismissal of more. Alexander didn’t have toe armies growing mw lie tgub. V. n. Alien, £a.9o. oA> letters P 0n Dante Cabriel and than 

Napoleon. At times, his con- faintest idea, nor did Julius hundreds of thousands. ^Uej-l p ? es Christina Rossetti, however, a cruel 

tempt gets too much for him. Caesar: it «as i»>.t to Augustus un^oritrnllable by Ihth e ntur VVbl , r in Aprl| lglti spark of imaginative genius fell. . - - 

and be overstates, or confuses, one «i the gn*:n»*?t and quietest administrative proc .sc.. ; lack England for the last i n - Though Dante Gabriel was amor 
his case. For instance, he bring, of political amuses, to create ^ fU^nSLn achieved vf/ii him travelled not onh‘ ll.s neither a brilliantly dis- lack 

two main accusations against the Tin man Empire. Napoleon, bonder is that Napolem acli e\ed yietcbcr and hi? snarir'-- tinguished painter nor a richly thing 

Napoleon as a tolerable ruler of and this Burne.i makes one go nu»»o. ^ partner Bob Rushton but" In’? Sifted poet, he was one of the here. 


'fejgt* 3 ® tune to ****% n ^j ■: her ■ owix ; ^lms»Eif|^eea^e v 
■: TC fie" . facts . are as follow?.. afaaiff eA-tfcSt^he 
laofiel 5ackvl if e ’Y-^Lrtit bis lover aind ^r.beJ^ed^^ble,. 

cortex British arid; -goM . t&go&ipi&Skfci a-', 

fifth s . sot of the Fiftb ^Eari ca. .B*^toa-®J08ss 1 «o?ripeEted : 
■Wott; form s -a passiormte Uaison ^ bnfe lat^JR^^etaiSSr' , 
■«dtfrthe already EdwarA Lntyens ; 

dancer, Pepita, whose ™other\J^ Finally, after -deatii,' i^c^hej . 


tn havi* h:iri any 


Napoleon as a tolerable ruier of and 


“Ilr,?* t developed ta Ti .e^ed~ $$£Z ' 

ThnLand" Utte^v nu4s ^ ^ oJ,> letters On Dante Gabriel and than did his lusty ballads *bout : the ^ght-and-a-toU-yeawrtdJTro. 

thousands, utterly pages Christina Rossetti, however, a cruel -and beautiful, womeln .tor^.She is put intoa convent 

rn nroce^sc? or lack When, in April lSlti. E- /on ^nark of imaginative genius fell. . - - ? How can^ Swu^orrlrfs and more or Jess aban ‘ known - 

Pnvhaos the chieF left England for the last t; :n - Though Dante Gabriel was ^oro^ dithyrambs attest to his donedj 2Hplomatic^oct^?«E^Sfeii6>:Js ' 

nn feon a c! i i e ved with him travelled not onh ''is neither a brilliantly dis- lack of genuine virility? Some- ,.At: eighteen, she is removed 

tl p valet Fletcher and bis snafrir.c- tinguished painter nor a richly thing surely has gone wrong -fto^the convrat tolff she a IVitarJa'^fed^'as 


the i; i. man mi sure. :vapoie.jn, ™ Fletcher and bis sVir-ii— tinguished painter nor a richly thing surely nas gone wrong from, the convent. w« du«j» wMdh'3VifeJi'adted ^^ vs 

3 Hd th, s B.rdPii «.k.« one 50 \ ^ Bob »““« «£;}•'•;•, „*« poe,.%e » ope of Jde »«*. ,. jWg^Wor ■ 

— * private ined/ea! atiendact i?r founding fathers of the Pre- Nor i« Professor Welntrau b a brought to Enjrland. She ^ 

-w -a f* 11 Polidori. whom John Murray i?ad Raphael ite Brotherhood, and perceptive literary critic. Chris- . by her a »" t - 3 £ B !jri? hpr an F.nelish reader^haYi^EnPlirii 

F*msm *^.-nA- 4 - TV* A -fr s^iA-asi/* s~%-a /9 n AS / / offered 500 guineas if he could sponsored a new mood, a new tin a Rossetti was an inspired BM&E who oeciaes to seno uv ^j dwanfiail aristowat^fttfliay. i 

S FI ^ V$ I / 9 T irifllflf \ sill produce a day-to-day account of attitude towards the visible religious poet in the . great 85 ho fj, Ifte chapt^ 

A. a L k3tf !(// V LA t / \A • i i *3 Childc Harold’s latest pit- world, in the history of English English 17th century tradition; v?-°^ tbe ® nt * s * 1 ®* n ^ StCT cases are ineva^Mr iaaiiihwtiBC 

mJ grimace. Polidori — poor dejr art. and. besides her devotidnal -verse, n „rnrn^ntiQnaI^ ^with actoad^wdr^^^: Smith 

surorisin" that there is so much and II. and finally ‘ Callaghan. “Pu My doll r-ww presently sent Four Rossettis u a study oF she gave us “Goblin Marlcet.- a if^“e beUeof many -and Edwm^d C«®r^T6& 

pressure for basic reform of the soiid and homely for a drab home From Switrer.and, hir the wb oIe clan, and includes strange symbolic masterpiece rece \ ves 12 proposals, our heroine' all. 

pressure tor dusic reiorm 01 me fat9li . lir a?e . - enternal nonsense and tronw- nnrtr.it* of th^ir friondc that portrays the conflict between pond heroines feh<^dTT,r_ “r .. 


The Performers: Politics as pressure lor basic reform of the soiid and homely for a drab home From Switzerland, hi-: the wbo j e C [ an ^ and includes strang e s ymbolic masterpiece rece , ives 12 proposals, bur heroine perfpnnMi^^a^ ail 

Theatre by Norman Shrapnel. _j L , and fatalistic age. enternal nonsense and frnnw- detailed portraits of their friends that portrays the conflict between | Tn ^- a frnm the President good heroines shori^. '- ^T- r .. 

Constable £4.95, 213 pages P ,_ ' , _ L . Shrapnel deals with them all. ^ L havirn proved in mjcr- d alli ^ iRusiti ^Swinburn e. innocence and . expeilenc^-or £ ™v, d Hp° and one filot of But^ ^as Victbrfa,^ "«rts^Vlur:Riid. 

None of which, of course, in and conics U p with a Parliamon- able: but before he left be had Meredith< as wcJI M Burne Jones. °J between maidenly virtue and from a Red Indian, her eccentricities^ ^ beebsttfr^tere 

The Commons is shown off any way dlmmishes Norman t aty sketctl of 2 2 years of British confided a significant note to his Holman H unt. William Bell d^ams of serual love-as it mm ind hanatal 

best in the British democratic Shrapnels argument that the history, witnessed from the Press diary He was describing the s that noble figure ^nnents a young girls mind. WfJJ” oouS ca? dl sgrace, Otiiers.Ms. 

astern when the country is con- drama has been hest acted out llery perche d above the Party s arnvai at Ostend: - As William Morris. Here, toof we Tb« Professor makes 1 no .toU g “Lf^tter's pouucan msgrace, t . to ■ : enJof ^ ftWe .. TOa . 

r.^ii4L A i narrow -1 lit icc in th si <*h net-1 n f fSnthir S : _ ajji.. ennn hp rpnrhprf Hiq rnrmi « . . . .. «H-am nf tn annrppiafa tha wnrir*R Ocart lice- ^ * ’ 


system when the country is con- drama has been hest acted out „ a i, ery ' perched above the party's arrival at Ostend; “As ^ iniara Morrls Here _ too; we The Professor makes no 


reverent to 


^faree^vata 


ment by and large is a pretty is less exciting. British poJitirs Macmillan and Butler. 


uninspiring place, peopled by has 
the grey doctrinal armies of pro 
Left and Right, waging endless Chi 
jnd unbearing war. Hardly all. 


remarkable ability to Butler, of the round expres- annoyed the poet, a* 


in.,,.,,. . .. nil'iiafliiws uus,uhi». iuu ri>nre<c;prt anil iiniwntrnicprl cousin. Uionei oaCKVUie-wesi uie . >*»= 

nnnlpa ^ ih° ^nn^T mu!.-- ' ,an °. v Morris, the object of his SlSfihSh I WW-.’ who will, inherit Knole ttTspeh k ^ot^tion^ ipye 


personages 


L® # r suo V ,ua, - 1 . wus,iy after, her father's death, falls affairs-; vriuelr_ -are r -not - even 
' : ' madly in love with her. hinted at- flj Vitas book.; • $he 

Webafraub .also v^They marry. Vito Sack^Il4- also has thp'^jognipberi&igreatBSt 
ina with “lurid #*stir. brilliant and beautiful, is friend, ..^ xe^Jyv-; .intonate, 
«s." and quotes a ^nW- Aii seems sunny. But there -unUterary i diary .* In • :; vrizich 
author- of a book itorms Ahead: .two famous Victoria- viVidly record! . suA 



- . ... . >, Cki.».rnnl -h — r*- L>UI UUIUlUir Ul T VOUUUO ?C IJ IA?Ut.C3 U1UJI V> UlltailJI >RU0UIU. 

S fessor of Italian at King’s Col- th 3 t defy analysis. IVhat does The P re-Raphae tit es 'always 
correctly obrerves, to try ana ] e ^e. London — contributed some- the Pro'essor mean when he re- loved a - ifce. Rossetti once nearly 
make himself conspicii.us oy {b in" to the literary evolution marks that the Polidoris “ w'ere rolled out of bed when he heard 


, . . ! . , fnill . nnfl ale** a iiiisra uiai urc 1 vuvtuiu »cic iw»iru uk. uk ucu nucu uc urdlU 

doing what neniy eyeT o e e jjj s nephews and his nieces, nnt the Harrying type, leaving a story nat he enjoyed. <Some 

“J?* Everyone else, ot t urs«. Among that remarkable group, the Rns*?tti children with handy of Proteisor Weintraub r s and 


...| t Urn, * 4 ,- -..Inc rtf P tvu.BM.uvuP b‘ u ‘T» 1117 ivn. Tiu (.UIIUIGU WHU HOI 1 U* U 1 A i'JtCi 3 U 1 TV C 1 UUAUU 9 dUU 

Sffi«-ES y *.t,,H r ?HnnpVismnri.s the f ,dpst - Maria Francesca, recourse to such uncles and Miss Mows glosses would have 


CUnnnr ionnnc irivuiac sulii uiiLira dMU muot a giuaaca ttuluu Utf>C 

r i* atauS th0u s h she occasionally wrote aunts as survived "? Or when he brought tim tumbling to the 

them, not so much m tne abuse verse had smallest share of writes of Swinburne that “ a floor, 
aimed at nominal friend ana roe 


Boardlng ^by jam^ Leaser. $S£%iBS 8 £ 3 & 5 & 
Hememann, £4.90. 204 page* andpartjesT 


Dour Dulles dynasty 


BY GEORGE MALCOLM THOMSON 


Q: In these days it is hard to estimate what I 
may have to leave when the time comes. 
I want to be fair to close relatives; but I also 
want to benefit a cause close to my heart 
How can I best ensure both? 

A: Most of us have a similar problem, with 
inflation. The sensible course is probably to 
leave fixed proportions of your estate to’ the 
individuals you wish to remember — say 20% 
to one, lo% to another and so on — and then 
the residue to the cause you wish to help. 

Q; I wish to remember" old people, since they 
seem certain to be in continued need: 
but their needs may change. How can I 
anticipate what they may be? 

A: Help the Aged has a justified reputation for 
keeping well abreast of the needs of old 
people; and has pioneered a great deal of 
much-needed work for lonely, sick, hungry 
and despairing old people. Their trustees 
are especially careful to make maximum use 
of volunteers in daily touch with the elderly, 
thereby ensuring the most practical response 
to need and obtaining the utmost value for 
each bequest. 


dlUieU At UUUilliai llicuu auu iwv ■ ■ ■ ™ „ * T • • • - • ..S. _ .1 . v . 

nlikp hut because of the Mr. Leasor builds up the whole 

Gratuitous offence he sometimes 1T\ 11 1 j „ £ .a ricb story, very stoiy— slightly siowly— witbgreat 

Dour Dulles dvnastv ^ ^^^ **-*?* 

suited to’ a moment when Parlia- KS Is* 1 JLS l/l/t & \s kj V / t W-U V V mitter was wOT’krog from a Ger- At a reunion of -the, CLET =In 

mentis standing has rarely been ^ ^ wb » c ^ alo .ng with 4976 at the Albert Tavern, 

lower. - BY GEORGE MALCOLM THOMSON • r!? - •S rt0l, ? i the 

RUPERT CORNWELL roe neuwal harbour of Goa and bers -present were 4qlff ri of the 

— r — r r^: — - T — T~ ^ — Z — TT fascioatiog are his revelations Allen Dulles’ first bfe coup in ^ Iljed shipping in. the Indian now-published book, The story 

Fo / the Record by Niki Lauda Ditiles by Leon.ird M ns ley. about Mlea DlU!es intelligence ocrurred during the 9 ceaa be^g decunated. One was news; -it did- explain the 

William Kimber, £4.95. 222 Hodder and Stoughton. £,.95. Mos , ey had ^ good idea waFi when a German official th ° usand four hundred unwritten chapter. ;in the. CLH 

P a e es 530 pages. writing about him to Kim Philby Fritz Kolbe, brought him a ? rl l s aWay JS. c ? j£Utta . were official history -^published in 

It should be 111 pages. The i* ,„ 00 ^ in Moscow. That card-carrying brief-case containing an immense solicitors 1957V. “This portieit r of .the 

firex ha 5 if the book contains all Sv th? CI,eep ' who had known Dulles store of top-secret documents. gf. d S2SJl 0 ^I#^^BS lS r«uIS»5i Hwtoty is suppreswad^ ^for -reasons 

iTraeat recording the peaks "SfifEL? *J55" well, thought him a “ bumbling ” What is more, the German went Calcutta *>f security/’ : . :The -^orce; was 

and ti-oughs of Lauda's years 2g£* SSL 0 * l ™*: n Fr t ? m So s °rt of man. He should, have on providing this treasure month ,o r dow-ta-MW^ U-e * ■; • :. . 

with Ferrari. The language is t0 r known that the Dulles’ were after month. The tale is of how 18 of those - Tb& origins of the CLH gd^ '-ba6k 


with Ferrari. The language is T„mK r ™own that the Dulles' were after month. : i ub urigms ui me go oacs 

I straightforward, honest: the style wSiSnown^sSdipr^ko 0 ruled never so dai> eerous as when they Dulles had only one moment *' I? 1759 . w ^ en „ irregular .cavalry 

terse. Lauda describes his many seemed to be vague. In fact, of crisis with him: Kolbe pro- JPA som f 'Sf , Calcutta Sc ot- were_^ raised . tojrtem tthe dep- 


terseT Lauda describes bis many the U S with a Number Twnirmi wemed t0 be va ^ ue - ln fact - of crlsi « ^ ^ Kolbe \l?X a ra,se ^ tJfte “i 1 *' 

triumphs, including the fight ^ e „ wasps had noT vet lost their Dulles had already rumbled posed to give up this enormously | P^ 1 fo rmed their own board- reflations of- the Dutch upon- the 
back from the brink of death viohnom ^.*0 


oam irom <ue urtw ui ueaui Btin® Vietnam w« still • Philbv, warned by another CIA valuable work to join a plot to *Tj m ^ oc ^° * n British settlement. at T J Calcutta.' 

after his Nurburgring crash. cSniry!rSch^c^cl- f timf man, James Jesus Angle ton. murder Hitler. The plot was {J® It w^neyer meant to^ondtict 

simply and factually. Epl-JI! One day. on their wav to sure to fail (it did); but Dulles 5 t*® brnlt in amphibian warfare and itofl The 

He made a remarkable re- Buckingham Palace where Philby bad the greatest possible diffi- SSSEto M J e Last ActiotzofThe Calcutta Light 

~!5? S .J5L% “* Ae 'best'" bedroom! nT'lJl was to be given the QBE. Philby culty in pereuading Kolbe to 


VUVC 1 V. UUl Uiu TV*!* LUC ,1 L. L 

championship that year, for he Sf Ilhl l £l t J “fr” 0 ™’., 1,01 e ? en had said: What this ’country keep out of it t. no 1 ?P iy ~ v er nopper puoucJ 

withdrew from . the Japanese J™*' !?? n SL hUS? cr I l,Tlt 15‘ needs is a good dose of “Suez”: Moslems account is Jjjjjp Sj?? 1 !® 1 ". ? afc ? ! .^ nd Prabk. 
Grand Prix. A suggestion comes P an ®> as one hostess coin plumed. » p or hf>nc ho thn..«ht somewhat different from the most people Oniy joined these 


home. A Hooghly River hopper publicly put down to a dr unk en 


Grand Pm. A suggestion comes !m- Sodalism." Perhaps he thought somewhat different from the 

from the Ferrari pit: We 11 pre- 'J£, d erj „ an n Q uJv wa/i‘rr^ i^n^ he should have had a Knight- accepted version. Both Dulles 
tend you ve got ename trouble L f rfuK* elaV h d hood - M an ^' rate - the evidence, brothers were Involved. John 
But Laudas response is typically WI “ e i-uncs ciau. althougn flimsv, was cnouch to Foster promised Eden his moral 

honest. He considers the water- There were three of them. convince Angl'elon that Philbv support, and declined to be told 
covered track too dangerous. l^Tohn Foster D., a Presby- ’‘sounded like a Commie." He anything about the Anglo-French- 
This is his decision. He wants ien aa Talleyrand who mistook passed an his suspicion fo P lao - The CIA pleaded with 
n0 r-™rf' Worl i Council of Churches Dulles, who shared his doubts Eisenhower to see that the plan 

Ferrari s reactions to Bis with- f or yjg Communion of Saints, with William Jacksun deputv succeeded. But rke, advised by 
Srith a thp°tMm StCS i 00k ®i d * fter foreign affair5 - He director of the CIA, 'Jackson John Foster ^ and others, was 
riiimniQn 1“ 3n ^he ^ext vear u . hard r t0 distinguish ordered that henceforth certain afrai d that it might lose him 

bJfSe breitina With S Christianity from Success and im- delicate information should be Reflection. He must “know” 
His of the nTessure ^ ^ W^vle with bis withhold from Philby. "oRlng- But says Mosley “He 

verted w K nf intSSTi™ mo ? 1 lulh ® n S r were Philby immediately sensed the «° u d have spoken out for or 

trieues and rf' Enzo FrtTarrs q “i te surprised when his knife change and. moving fast. agai " ^ the ^electorate 

£S“»]ain! Whv Lauda ™w ff 1 * be ^T e ° tbe ‘ r Moulder arranged for the immediate ™ d , bave f *>«» him , their 
one of Song line of drivere who 5 lade ?' dangerous to removal to Russia of bis accom- wholesale vote of approval. His 

UIIC VI # ll/MS mre Ui Wffrvis wuv AfnpriP.M c unorn dc .. u later indlim AflftH Was niirA 


PAbffiLA ]UDG£ 





Edited by Denys Sutton. ' f ; . 




They publish two useful guides for those 
considering their wills: find I often commend 
these to clients to studv in advance of consuiti.n" 
me. Copies may be obtained free on request by 
writing to: Hon. Treasurer. The Rt. Hon. Lord 
Ka^brttv- Kins;. TIc!n the Aged,. Room FT5L. 
FREEPOST 3ft. London W!E 7JZ. (No stamp 
needed.) 


generates raio i»euuo-ps..cn«iog.v. director ot the L1A. pursuing the s W I- - vvar! » davs is j renorted meetinP 

examples of fan-letters and a agents uf Hitler, and later the bef,3re lhe Fore, S n oir,ce were hetweei Fdon^nri T rririHl Hart® 
description of tile Lauda home. |KGB. with the enthu.^asn/ of a ri? ariy tn arrest him. Which was ”®J, miiitunpvnprt 


The world’s lecidhip 


BRIAN AGER j deineotcd buy scout lnio whose lon ,ate - **1? military expert. Eden had 

I lap untold milhuiis m dullars So. if Kim Philby had been :-V. a !?_. 0U 


L ThV; ,Sll: C 1 U T\-' U ? ? ihad bAn poil'^'bTi.a'Irdu'ilijS giv™ hi/™ Itere^mS h/v" ^ ln”SBi.C' Affir'H.'rt had 

The Salomons by Walter Lord, i ' ■ 8 r nr, iM>irn-in« mninrk nut. sent ^ ,ln fo ur which were ail 

Allen Lane._Ja.aO. 322 pages gou{ (psycbosomatii:). TiltT an *We Buckingham Palace and . . . 

Gu^rvsfTht: sis sxa ^mst 

were, in 1942. Australia's last which can fortunately be com- Philby. KCMG ? There have been g” J , *8“ ■ JJJJ ’ J* 0 * 

line of defence against the bined with an active life as head stranger turns of the wheel. „„ on fl, „ ”** u ! e . n 

,rmlac nf Iv»n Fnp tha nf a wnrlrf.iuiilc .2 An tha TT-* "ifTaif Mnslav ic thrCW 311 inkwell 3t-- hiS 


magazine 


armies of Japan. For the of a world-wide network of O n the U2 affair, Mosley is j?rf-^ or ,, i a h j in .??* at tT ^ 1,s 
.Tapsnese. they were the jumping- bribery, spying, undercover work equally informative. The plane f , f;'“S“ ,snea visitor. Hart 
off noiat for the conquest of Aus- etc. which could fly higher and l anim e° a waste pa per basket 

tra . lia _ . - 3— Eleanor Lanainx ^ raraitlj 


Arts and Antiques 


As Tojo's modern Samurai (sister^ vas head^of^hf Rpriin rdown T ° ,hc n,3kes °f car in an ^ JJ' a ^ ed out ! ^2?*?*®’. I 
5 van red. the rush to escape ,'u. ^ _ ® er * m the Kremlin oarkin? lot) than . anyone thinks that 


LOCAL 


Every Saturday the Financial Times publishes a 
table giving details of Local Authority Bonds on 


advanced, the rush to escape des i. _/ lh ci-.ip tw'..» » Kremlin parking lot) than .... . anjone ininKs that 
from the Solomons turned to to the hamr nf Vhn F^mH.TJSSi any before, was financed out of *<»«> if a monopoly of the 
panic. Refugees broke anus and “i.?™ ^ n ! , ‘- v - £* Dulies’ funds. RAF pilots were British, let him read about the 

lugs struggling to board the last evcQ ErBater hnrrnr' ° ^ ltle operation. One in- Ba - V of disaster in Mosley's 

boat for Sydney. Those who maiied him h Th . f , hl ?u fire of the intrusions into P^s. The warlike Kennedys 

stayed became the Coastwatehers. r._ vi ,i .oi nT ,rfi 1 „:.„ ‘ r Russian airspace ten# British. were a | much at fault as any- 


For further details please ring 
01-24S 8000 Extii. 266 


In Admiral Halsey’s words. n f h Zn ,.L, Twico at least Eden authorised one. But it was Allen Dulles 

“They saved Guadalcanal, and vxclut.ed rmin ov ,, r fl V j na 0 f Russian territory, who took the blame, at Bob 

Guadalcanal saved the Pacific." "TTjJ 100 n,uch - acd wmauued vvTi'ile it lasted was a CIA Kennedy’s insistence. Eleanor 
Today, the Pacific has returned SUICiae - success, even greater than the ^ osl ber job soon after. It was 

to its dreams. Hardly anything In his thorough and enthrall- Berlin Tunnel, dug Into East the end of the clan's era of 

remains to commemorate the ing investigation or these three Berlin to tap ihe telephone ex- power. Tbc “Irish Mafia" took 

Coasi watchers. Walter Lord's • remarkable Americans. Leonard changes of the Red Army. over. 

book closes the gap. It is | Mosley brings to liuhi many facts Eventually the tunnel was D was, as Dickens said, the ago 
destined to do well, ‘that have been rnrsoltun and hetraved to the Russians by the n > wisdom, it was the age of 

JOHN DUNSTAN I some that were unknown. Moat infamous George Blake. foolishness. 


Published Monthly price £2.00 Annual- Subscription £25.00 (trtland)' 
Overseas Subscription £28.00. USA & Canada Air assisted 
Apoflo Magazine. Bracken House, 10, Cannon S 1 treet r LortdOfr.’’- 


.fiOlP 4 BT. Tei: 0 N 2-18 BQ 00 


*r m -r 
I frse!: 


i _ 




i 



Veba, the Dusseldorf-based energy, group, last week unveiled a £21 Om deal with 
British Petroleum. Its chairman disclosed his strategy to Jonathan Carr. 



s Germa 



Germany’s leadin; 
energy strategist 


UNTO, last Friday when V. h a 

jounced a Z2U} m deal 
BP. this g.-a nt West German 
group was relatively unknown 
-outside its own countrv, arm 
even in Germany there VtUl 
remains the impression that 
.Veba is principally an oil 
concern. 

But oil is only part nf the 
story — and as far as Veba 
profits are concerned. u 
singularly unhappy part. Veba 
is a group active in almost 
every energy-related fiieid — 
with a sizeable interest -n 
hollow glass as well. Through 
the BP agreement, the Veba 
management has nulled off a 
coup chiefly | n the ..il sn L -t, ir 
which alters the enmpanv's 
structure and should greaiiv 
improve its long-term prospects. 

Inauspicious 

But Veba had a somewhat 
inauspicious start. It wa > 
founded as “ Vereiniut* F.lek- 
trizitaets-und Ecrgwerks A<’," m 
Berlin in 192S t«, act as a 
holding company fur :h«* 
Prussian government's indus- 
trial interests. That was the 
year of the “ great crash." and 
the joke then was that Veba was 
formed largely because the 
government needed a way of 
paying the salaries of some of 
its civil servants. 

Today the Federal German 
Government has 43.7 per cent 
of Veba stock — making it much 
' the biggest single shareholder. 
But few joke about the com- 
pany's role any more. It is fair 
to describe it as the nucleus 
around which West Germany's 
energy plans revolve and 
through which some of them 
come to fruition. This is no 
laughing matter in a country 
with few indigenous energy 
resources, and where a voci- 
ferous internal opposition to 
nuclear power has recently 
developed. 

Last year Veha’s group sales 
totalled DM27.1 bn, making it 
much the biggest company in 
the country in turnover terms. 


BREAKDOWN OF VEBA'S GROUP SALES 


(DMm) 


197$ 


1977 


Change 


PRODUCTION ' 


(Provisional) 

per cent 

Electricity 

4420.3 

5,071.1 

-h SJ. 

Crude oil, natural gas, and chemical* 

10.025. > 

9,661-1 

- 3.6 

Hollow glass 

470.5 

466.1 

- 0.9 

Other 

347.5 

362.8 

-1 4.4 

PRODUCTION TOTAL 

15,643.4 

15.561.1 

-- 0.7 

SERVICES 

Trading 

10.065.7 

9.970-8 

- 0.9 

Transportation 

096.0 

1,366 A 

-1 5.4 

Other 

203.9 

160.8 

- *1.1 

SERVICES TOTAL 

lU4S.fi 

11,497.9 

- D.fi 

TOTAL SAUE5 

27,229.0 

27,059.0 

' - 0.6' 

And of that total, DM11.5bn. or 

The main 

Veba fioldin 

gs here 


more than 40 per cent, ratnu arc the Preussenelekirii i-uin-crn 
from services, chiefly trading wiili its associate.-, and snb- 
anri iransport. In Thai >wior sidiarics. scrvmg an area nt 
the key Veba holdings* arc Hugu North and Central Germany 
Slinncs AG of Mulheim. with a population uf ahmii 12m. 
acquired by Veba in 19G5. and and the Veba Kraftwerkc Ruhr, 
Raab Karchpr of Essen, which which is a uiajur supplier ii»r 
was owned by Gel sen her” and the Rhine and Ruhr region. In 
cairn.* to Veba in 1975 as part of all. the Veba group atrmmiy far 
n c<»niry-.ersial merger. The about 15 per cent uf West tier- 
run together control a suhsirin- many's electricity uinptii. 
lial inland waterways fleet and Roughly 17 per cent nf Veba's 
ware hou-mg companies. They electricity is generated hi 
also trade in coal, fuel oil. nuclear power plants, a niurli 
petrol, steel, chemicals and higher percenlage than the 
fertilisers and their activities io national average. If German 
some extent parallel one opposition to nuclear energy can 
another. It is not then so sur- he reduced, and there have been 
prising that this was one of the some moderately encouraging 
aspecls of the controversial signs nf this over the last nine 
Veba -Golsen berg merger — a months, then Veba stands in 
move which was to create an gain. It is also worth noting that 
internationally competitive Preussenelektra has a parlicu- 
German oil company — which lariy high proportion uf fariff- 
atlr acted the attention of the rale customers, that is clients 
German Monopolies Cnmmis- whose electricity consumption is 
sion. Nor is it surprising that above the national average. 
Veba is relinquishing part of Prospects for strong growth are 
the Stinnes empire in the deal therefore good. 

With P'P. But the gloom starts with that 

Apart from services. Veba sector of Veba activities which 
sales front production last year embraces crude oil/natural gas 
totalled DM15.6bn, of which and chemicals — together 
about one-third came from elec- accounting for sales oE DM9.7bn 
trinity supplies. Although the la.st year (including mineral oil 
sales figures might seem to belie tax). It is here tand to a much 
it. electricity was, is and is lesser extent in the glass sector) 
likely to remain the core of that the main reason for the 66 
Veba's activity. It accounts for per cent drop in group protit 
the biggest single slice nf Veba's to DM77m Is to be found, 
profit and roughly 70 per cent The contribution of chemicals 
of its investment expenditure, to profits dropped for those 


FINANCIAL RESULT5 
(DM m) 

1976 1977* 

Profit before tax (an 

income and nirti) 635 669 

Tax 507 522 

Profit after tax 328 147 

Minority interest 103 70 

Group profit 22S 77 

“ 1977 results are provision al. 

CAPITAL EXPENDITURE 

1976 1977* 

Electricity 1,141 945 

Crude oil, natural gas 
and chemicals 250 218 

Hollow fibst 25 24 

Trading, transport and 

other 207 170 

Investments 210 172 


TOTAL 1,833 1.529 

■ 1977 results are provisional. 


rea.-ons familiar io iln* industry 
throughout Europe — low sales 
uf uranic chemnal*. over- 
Mipply of pla ne, ami reduced 
t-atiiin-j-, from fibres. Against 
Thai in it -it he set relatively 
fmuijiii .*afri uf inorganic 
ch'-mj'als and the nau-Jaciory 
use of i'upai'ily. And Vena is 
opimiislic about the long-term 
ire ml. 


Setback 



They do in Cleveland 
They'll give von the answers 
to questions you may not r-ven 
know you should ask. You'll be 
surprised how they can ! 
smooth out the red tape and 
get down to action. Fast. / 

These could be some of the 
reasons why over £2 .000m is being 
invested and 40 companies have set up 
in the county in the past year. 

If you are thinking of - 
. . relocating or expanding; 
start by talking to John 
Gillis or one of his 
industrial development 

| Sand me the baste 
> facts about Cleveland 


sense? 


specialists. They have the experience 
arid they understand your nerds 
and your kinguagr. 
They'll tell you nil about 
Government grants .cvailiible 
land and factories, the county's 
pool of labour anil iis go. -d 
record of industrial n-latiuns. 
All you need iu know, in 
fact Not forgetting 
Cleveland's beautiful 
countryside and coastline. 
Telephone, telex, or lil! in 
the coupon fora businesslike 
response. 


Post to John Gilds, Gurney House, Gurney Street, } 
Middlesbrough, Cleveland TSi 1QT i 

Telephone 0642 248155. Telex 58439 (Ref. Plan) 



On July 3rd 
British Caledonian 



[British 

[*pp Priority 

n +#i 


British . 
Ca!edonian t 



The biggest setback came in 
the crude oil sector where 
losso art- described as similar 
tu those of the disastrous year 
of 1975. This happened despite 
the marked weakening of the 
dollar which cut Veba’s oil 
impurt hill. Went Germany's 
consumption of crude oil fell, 
there were fewer opportunities 
for petroleum products — and 
Veba's refineries were working 
only to 66 per cent of capacity 
against 71 per cent in 1976- 

It might well be asked there- 
fore whether the creation of a 
German oil group via the Veba* 
Gvlscnhcrq marriage was not so 
much a milestone as a mill- 
stone. Was it for this that the 
two companies merged to 
become, among other things, the 
biggest single refiner in 
Germany (just under 20 per 
cent or the market) and major- 
ity shareholder (56 per cent) 
uf Aral, much the largest petrol 
station network in the country? 

The answer is not that the 


merger shun id nut have taken 
place hut i hat :l would have 
been ben<-r had it done su 
sooner. Had it been up to the 
excut he chairman uf Veba only. 
Rudolf vii'j Ucnnicien Foerrler, 
it would have done so. Restruc- 
turing *!2»-e been far 

easier l>.-i m,- u il ctims. Bui 

the whole merger process took 
time and arroiiieni. It finally 
went thnuiun m (b-.* except inn- 
ally tlilheiili market conditions 
of 1975. va> hard to see 
whether liiv merger provided 
npporlunii.e-. for rational is„- 
uon bui .,1 -■* bargaining count- 
ers for i he jMiur,-. in retrospect 
it is easier tu >ee that in the 
wake <>( :h ■> acc- »rd wilh BP. 

Veba hu-. had three medium 
term ob.-c •:i.v- a f,.r its nil sec- 
tor. H vi ijiied io strengthen its 
crude m! con by obtaining 

two tfnr.i, .if its needs cither 
from i v. n foxiuctiun sources 
or from !.i:u-:.-rm enn tract* ;.t 
compel i ti’.e prices. It planned 
to cut surplus refinery 

eapaciiy ■•.I’.ie ennceiii rating nn 
the pr.»,i--*ing of refinery pro- 
ducts. aim. il to step up 

its activuv Tint only in petro- 
chemical.* i.::! in the chemical 
sector generally. The BP deal 
was nui il;..* ,-i2r; iff these efforts 
blit it ha* .arried Veba consid- 
erably further along its chosen 
path. 

Veba already has partial 
access l*. North Sea oil via us 
54 per cent, slake in the ex- 
ploration company, Deminex, 
which ii.-eli has an interest uf 
more iban 40 per cent, in 
North Sea’s Thistle field. Now 
under the new agreement, BP 
promise* tu supply Veba with 
3m tonnes rd crude annually at 
compel irive prices up to the 
year 20U0. 

This takes Veba more than 
half way in its target of 11m to 
12m tonnes annually — two-thirds 
of the amount required to feed 
its refineries once the accord 
With EP takes effect. Under the 
agreement. Veba is selling to BP 
holdings in refineries in Bavaria 
and Baden Wucrttcmberg, thus 
cutting back its refinery eapaciiy 
by 5.3m tonnes to 18.8m tonnes 
a year. Veba expects its use nf 
refinery capacity to rise to an 
average S5 per cent. 

Willi the DM 800m received 
from EP for the refinery and 
other interests. Voia will be able 
to intensify not only its own 


search fur sr/irc crude oil but 
aisn its activities in the chemical 
icctur. It has recently taken a 
big step :n this direction wilh 
the ffr^; stage of us acquisition 
iff Bayer's stake :n Cheniische 
Wcrkc Huels. one of the 
country's big -test chemical con- 
cerns. Veba now has 62 per cent 
uf the finds stuck and will take 
the remaining Bayer stake at the 
end of :Jie next year. Thus in 
i he medium term Veba is build- 
ing up a comprehensive 
•chemical base, with big sales 
outlets anti refinery output 
tailored to :is needs. By soiling 
tu BP both St i n n cs-Stru moyo r 
BrenRstuirhanfici and (if final 
details are ironed out) the 
Stinnes Fanal company, Veba is 
losing a big fuel trading 
organisation and around J.fliWl 
F'anaj petrui stations around the 
country. Veba's market share of 
light heating oil will drop from 
22 to 2.5 per cent ana uf heavy 
heating r,:l from 25 to 15 per 
cent. Competition authorities, 
whn will .-i.-rui’nise carefully the 
deal as a whuie, wifi surely have 
reason *.o applaud the SLinnes 
iran*arl!un. Meanwhile the 
entire trading operation of Raah 
Kareher remains at Veba's 

disposal. 

Heavy price 

In one sector — gas — it can be 
argued that Veba has paid a 
heavy price. By disposing to BP 
uf ihe Cel sen berg 25 per cent 
share in Ruhrgas, the country's 
biggest gas distributor, Veba 
appears tu have retreated from a 
profitable growth path. Perhaps 
this was just the painful part of 
a necessary price for the 
package. Or perhaps Veba has 
its own ideas on the future 
profitability of gas. 

Whatever the explanation, the 
carrying through of the BP 
agreement seems bound to make 
Veba a stronger concern overall. 
The oil sector losses should be 
sharply reduced, weighing less 
heavily on the profitable elec- 
tricity sector, whose future in 
any case seems assured. There 
appear to be big opportunities 
for Veba in chemicals despite 
the present depressed state of 
parts of the industry. And. not 
least, there are good prospects 
for more co-operation between 
Veba and Britain — and not only 
in oii. 


ElJXff.F V. >\- EEXNfGSE.V- 
FoERDKR could well be 
described :i; Vest Germany's- 
leading energy strategist. 
Certainly h: s interests go far 

beyond tbj restructuring of 
Veba, il?*.- energy group of 
which h“ is executive chairman. 
The new at.-i.ord with BP. which 
he was in-irumental in carry- 
ing tiiriiuu.'i nn ihe German side, 
fils well inio ihe strategy— but 
;t is only part of it. 

Ii could bo suggested that 
strategy in so crucial a field 
mu;ff cum*' initially from the 
Federal Gmc-rnnient in Bonn. 
Besides lift- govern mem has a 
stake of 4-1.7 per cent in Veha 
— much i he biggest single 
shareholding — * and has re- 
presentatives cm the super- 
visory boa: cl. This is true, hut 
it would be wrong to suppose 

that the Government simply 
proposes and Veba obeys. ir 
can jiL-t a- well be argued that 
Veba'-* **v. it energy schemes 
h-cd more easily into aovvrn- 
nicnt p,i|,i-y because of the 
close tic*, between ihe two 
sides. 

Mr. v< !i Ben niyscn-Fucr tier 
knows a !.*: about the relation- 
ship hciv.-.-en government and 
industry :*-v>:n the m-idv. He 
was horn in Ift26 in Berlin ( three 
years before Veba was founded 

in the same city), .studied law- 
in Germany anil Switzerland 
and entered the Finance 
Ministry in Bonn in 1957. His 
special field was leea! aspects 
nf gnvcinr.icnt holdings in in- 
dustry — experience which 
stood him in good stead when 
he went ;» Veba in 1959. He 
became chairman in 1971 — and 
thus has guided the group 
through .--Ofiie «f it s toughest 
years, through the merger with 
Gelsenhcrg. the cartel problems 
associated with it and the oil 
crisis. 

His main experience has thus 

been nn the legal and financial 
side — not directly on energy. 
Yet he has a clear concept not 
only of where the European oil 
industry should go but what its 
relationship should be to other 
energy sources. 

Fur years he has been urging 
closer "co-operation between the 
European oil companies — not 
only the better to defend their 
own interests against others hut 
to work more effectively with 
the developing world. 

He secs the future <»f the 
German oil sector tu be in a 
move away from simple refined 




t'- ■ 




Sit} V" v 

- 1 : -A"! 

Rudolf von Bennigsen-Foerder 

products and tnwar*l« a high-' 
degree of conversion — n’»r 
sophisticated prudiK-i- c» hjih- 
from the mu-i modern ie>-fin< 
logy. The BP ileal helps Vcl> 
do just that. In hi-; \k-.v ih: 
nut only mak-.-n sou so hocau- 
the oil-pruducmg i-uiniir.es ui' 
sci m be insisting that liii'-y wi : 
only sell crude u! iiiu.-ig v.it 
product.* they ii.iv.- rclim-d i 
solves. Hv also il a* p.i: 

•if an efftrlm* <1 -veiiipiji-'r. 
policy, a division i-f lahuur undo 
which ihe European*- niui’c » 
in higher lechimincy and th 
OPEC -stairs dovcJop thci 
refinerj- induslrj - . 

This might seem tn make f<- 
a diflicult relationship with th 
British. Indeed Britain a.* but 
a developed indusinai naiiu 
and an uil producer, occupies 
special position. Bur <*vr 
Britain's insistence that Demin- 
(ill which Vc-ba holds 54 p« 
cent) must land 50 per cent t 
its oil from the Thistle field i 
Britain does not seem t'» hnv 
unduly upset Veba. On the e*u 
trary, there seems m he a 
appreciative recognition tin 
Deminex has actually bet- 
treated rather better than som 
other interests. 

In fact Mr. von Bennlgser 
Fuerder spoke with the greater 
warmth about co-operatinn wit 
the British even before the B 
deal was announced. Clear! 
West Germany's leading energ 
concern and Europe's leading o 
producing nation a tv natur: 
partners. Beyond that there ai- 
close personal relations betwe- 
members of the Veba bo?i 
and their British negotiatm 
partners. 


Business 


A guide In the Government’s 
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Syjfleaianflcs, by John Gall. 
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An insight into how systems 
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Comparative Industrial Rela- 
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examining :« number of dif- 
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svstein. 


Many exporters to the Middle East 
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The international insurance group. 


a long way to A 








IS 

LOMBARD 




BY JOHN GRIFFITHS 



. . ’_ riHon . of Aviemore ;®Kf- owns 

THE CLAN ?.IacDulT in the hotels, restaurants, spurt and has reached 1,800. It is still for many years W rttojE .the. tenant. hote k ; -ar« ! -saf the 

18th-century dealt with an up- leisure facilities has injected rising. While a dearth of Jobs arrival of the Aviemore Centre Centres own e y£ include r-Pflst gtftt^a^snd T bdA 

5t31‘t sheriff by turning hiin fftiSll ■ ■*»'*■■ ■■* « .... hoe l\aon a niarcinni^l nraKlom tn nlflPA if f>fl 9 fllllV COHlRlSTClfll CStfiFlZlE. W Bv U * ,»• ^ _.Ji - P ?kJ n nA A.'ki* 

into soup. A small proportion ness 
of the long-established rcsi- and 

s of the Scottish Highlands' you. .... . . 

rugged Spey Valley were in- the area. The centre is paying its ployment" 
dined to do much 
the proponents 
tourism centre 

sprouted 0 chunk -uwuisv ^ - “•«*» a uhk-uiv.. renny employ aooui osu — uau — — ■- . .. of espiururg; ae sueuulr..- : - -— -V 

tural Americana, near the foot period since w e opened that we the t0wn - 6 working populaUon. tiieatre. cinema, mdoor swuwn- ■Jyrfvflff sil Cain- 

of the Cairngorms 11 years haven't hud the builders in” says Th e majority have come from ing pool squash courts, dry &l- tt « er v e .‘ a h<l' ifce : nation 7 ' 

ago. managing director Mr. Morris ‘-outside” some only tempor- stop?— “d 

A few still feel that way. But M ars hall it is hovering in the arily. but wit 

the majority of the 40 mile ^Jack . r3l ^ er than taking setting down 

Ion? valleys' population of £ na fcia]J.v. The centre’s Istest start everybody 

9.000 has welcomed its arrival i^s Clan Tartan Centre y r Marshall 


BY GEOFFREY OWEN 

IT SEEMS that trade union ask wbeLher existing UK capacity 
opposition lu the Tenneco hid is sufficient to meet present and 
foe Albright and Wilson, which future dom-jnp whether the 
was discussed in this column last investment *“* deveiup the 
Friday, has been partially skills of the <-<K workforce, pro- 
allayed The American company vide Jong-ictm employment 
is expected to give undertakings include research and develop 
about maintaining the British ment pro-rai.uuc, result in a net 
management of the business and increase m .jow* and lead to 
about investment, exports and Import ^ubauiution and p an m- 
employee participation. If these crease in e-'-p'-'r 15 - Acquisitions' 
are satisfactory to all concerned, as well as f J2® nei * should 
the Government should be let off be subjected to the same tests, 
the hook as far as a reference to The implication i* that if, say. 
the Monopolies Commission is Hitachi hough, a British TV 
concerned-and it will no manufacturer the proposal 
doubt be relieved about that should be referred to tne Mono- 
However. the issues raised by polies Commission or some other 
this affair ore likely to come up body to sec •* nc-ther^ the deal 
again. Opposition to foreign was in tlw_ ocsl interests uf 
take-overs, whether from em- British industry, 
pioyees or from other sources, ^ 0D r. sense this is just an 
may well become more vocal, attempt by one company tu pre- 
The Government may have to serve its market position against 
decide whether to deal with the unwelcome competition. But 
opposition on a □ ad hoc basis, philips ji j large and important 
within the general policy of company. Us altitudes towards 
encouraging inward investment, Japanese companies are shared 
or to modify the policy. bv many European businessmen. 

The paper nuts particular cm- 

Indiscriminate ^.{tfirwsaa *?, 

There Is a group within the predatory and unfair— “the 

Labour Pam which is worried selective and relentless attack on 


target markets at prices well 
below the level of viability of 
their coiuperiiars. if not also 
tbeir own." Mallard argues that 
the investment in the UK by 
YKK. the Japanese zip fastener 
company, has led to u net loss of 
also* *a* *' f eeTi'ns *" "i n~"pa r ts” ~ of jobs in the British industry and 

has not achieved any worthwhile 
balance of payments_ advantages. 
The inveslmeni by N5K. the ball 
bearing manufacturer, is criti- 
cised on similar grounds. 

Undertakings 

Tbe document seems to call 


about the influence of foreisn- 
owned companies over the coun- 
try's economy and would like a 
review board, along Canadian 
lines, to examine whether each 
pronosed investment is in line 
with national objectives. There 
is 

industry that *he Government 
has been ton indiscriminate in its 
wooing of foreign investors. 

Some years aqn the British 
fibre makers were noi bapny 
when American rivals like Du 
Pont and Monsanto were invited 
to spi up here, with considerable 
aid from the taxpayer: there was 
a fear that these investments 


would create over-capacity. More for responses, one from the 


recentiv there has been stren- 
uous opposition lo some oronewd 
Japanese investments. Lnbbvin* 
bv the domestic industry- frus- 
trated Hitachi's nhn to build TV 
sets in the U.K. There lire 
rumblings about a sueacstion 
that Komatsu, the manufacturer 
of construction eauipment, might 
set up a factory here. 


Government and the other from 
the Japanese. The Government 
should re-stale its attitude to in- 
ward investment, making it quite 
clear that while u win wish to 
take a view about tbe value of 
any proposed venture to the 
economy (as it does now) and 
seek undertakings where ap- 
propriate. it has no intention of 


Ironically, a leading role in making it more difficult for 
the fight 'against Hitachi was Japanese companies lo invest in 
played by a f ore ign -owned com- the UK than it has been. say. 
pany. Philips, whose operations f or the Dutch or the Americans, 
throughout the world depend on Secondly, it is time Japanese 
a liberal policy on the part of companies woke up to the fact 
national governments towards that they arc li>sing ihe propa- 
inward investment. Philips’ sub- ganda battle. They may think 
sidiary. Mullard, has just put out that all they have to do is to 
ii document on the future of the produce goods which people 
British electronic components want to buy. But in these days 
industry. Among other things, of high-pressure lobbying that is 
the paper calls for an " urgent not enough. They have to con- 
J-eappraisal ” oF the criteria used vince governments and the 
■>y governments to assess inward public that their trading methods 
investment projects. are reasonable and that the com- 

■ Mullard would like to see the petition which they offer. 
Opinions of the established UK whether through exports from 
manufacturers given much more Japan or by direct investment, is 
weight The Government should fair. 


:-i 


and the fact that it has where the origins of S.000 businesses such as craft shops daore with the end of 
achieved most of the goals first Scottish names can be traced by an d potteries have proliferated me r now stay open all- year 
set for it in 19*54 bv its chief ton ]P uter . h ®s just opened, and 0n t h e pack of the Centre's own Tourism officials say tJiat tar 
instigator, the late Lord Fraser a P lanetanu m is on the way. 



• facilities . 

At the moment ahotiC 


.... _ _ .. say taat far- * Mn m»nt about three- tuonenr year.; w 

presence and now account for f rom visitors away fipm 

an increasing share of the the smaller traditional hotels 
town's employment.” A few w hicb line the vaiJey, the Avie* 

small factories have opened, more Centre has helped fill 

iPL _ A .. but industry as such is neglig- them. centre’s" facill- lateroatioaaJ :Mdtpr;SaUy:.;; 

net: to give Scotland a strong has been dramati^ Eleven - ears lb 'f n ° r d would 3t be mdely Apart from the three further ties-are underutilised, ^ 

new lever with which to crack “o ft Vi a declS W weIcoined - hotels planned eventu*Uy;*tf V^ otfils "are ^ 

open ths international tourism m ' UI1 jtv of 60U its main Drop The j™P^ct made by the the 90-acre centre site itself, m QS t of thV yearr.genSral-'lito^ 

market: and tu provide some ‘ ]ts ro ] e as ^ important centre has rippled out along cluster of new developments * cru “« ouu - - - *Hm.y*>**«****~ 

of economic base to help railway junction innv iinu-e 


of Allander. then head of the 
House of Fraser Group. 

The declared brief was to 
create a domestic tourism mac- 


V ■ . - - 

year, some to stw» many the centtt . 

merely to spend the ..day. At tfimal. 

.. - Minfrn': fa rill- Tntprrratimial Motor r 5lallv. ' 


kind 

stem the seemingly Inexorable 
drift of population from the 
Highland.?. And. of course, to 
make money. 

The first three 

have met with almost unqualified have been joined by over 300 mainly of 12 weeks during the 


railway junction long since the Spey to affect the w^nle of various operators 

chopped away by the Beeching the valley. Tourism for a long Automobile Association .~-. muiIlU a. -w . 

axe. Today, its old. grevsume time has been the valley’s main the Forestry Commission are at s^Mz^tely from . ^the^ -efintte. 1973, Avheo-^tiie 
houses straddling the uia'in Ay occupation, with forestry aud various stages in the pipeline, HigbJand Tourlst 'CCauii- re^rded VTSito^-preria^aUne 

rnsdlink between Inverne-^. 3u farming as also-rans. But a There is increasing emphasis garni.-. Development) . jointly £80m-^)m, -_m-^!^ra3aff\^for 
objectives miles to the north, and P-.-rth decade ago the season consisted on self-catering; for the Spey owned '"by Scottish -and Newr. Scafiana; 

Valley’s appeal is mainly that castle Breweries, leanest Gale- -yaHey 


success. The complex of five new homes aud the population summer: skiing had been there of the outdoors and to the -self donjan L and House" of .Fraser, 


for a surprise 


BOOKMAKERS, who can have length for his fourth consecutive 
few complaints about (he first win. 

three days of Royal Ascot p ast his peak when beaten a 
results, may do even oetter this | on g wav uu t i n the ‘William Hill 
afternoon and ! virtually scoop the ^yddle Park Stakes on his final 
pool for the Kings Stand Stakes, juvc-nlle appearance, Mu»ic 
For in this event, Solinos. con- Maestro has run respectably on 

two starts this spring without 


RACING 

BY DOMINIC WIGAN 


sidered an Irish banker for the 
O’Brien-Piggutt team by® many, 
could meet his match in New- 
market’s Music Maestro. 

A powerfully-made Sons colt 
from Michael Stoule’.s in-form 
Beech Hurst stable. Music 
Maestro, a stable companion lo 
Shangatouzo. who pulled off a 
surprise win in the Gold Cup 
yesterday improved 


ROYAL ASCOT 
2.;t0 — Ardaluan 

3.05 — Classic Example 
3.45— Soft Pedal 
4.20 — Music Maestro**-* 
4.55 — Nonchalant* 

5.30 — John Cherry** 


recapturing his former brilliance. 

In the belief that he is now 
back to his best and will be 
suited by any further spells of 
the heavy raia which lashed the 
course yesterday, it should be 
worth taking a chance with ihe 
Newmarket three-ear-old. 

Solinos. whose stable lifted the 
race a year ago with Godsw&lk. safest bet in 
is probably a good forecast bet. Alexandra Stakes. 


Piggott. who has had a quiet 
meeting by his own exacting 
standards, should have few 
problems later in the afternoon 
on John Cherry, the meeting's 
the Queen 


£250,090 aid for abbey repairs 


THE GREATER London Council one of the best known and loved 

— subject to the approval of its buildings in London. It is 

freinen- finance and estab/ishement com- certainly one of London's 

dousiy towards the end of last mittee — is making a grant «.f greatest treasures 

summer. £250,000 towards the restoration " It is undoubtedly our duty to 

In Doncaster's Flying Childers of Westminster Abbey. help with the preservation of 

Stakes. Music Maestro came Mr. Horace Cutler, leader of these symbols of British culture 
through strongly inside the final the council, said: “We have had and tradition. Far too much of 
furlong to bent the fast Wragg an appeal from the dean ann our national heritage is being lost 

fillv bv three-quarters of a chapter of the abbey, which is through neglect” 




ENTERTAINMENT GUIDE 




CC — These theatres accept certain credft 
cants by teieonone or ac tne Dm QIBte. 

OPERA & BALLET 

COLISEUM. Crcdic C>n». 01-240 5256- 
Keserrat.ons 0l-c36 3i61. 

LQhuOM rtallTM. BALLET 
Ton't. 7.30. Tamer. 3 A 7.30 Sangisne 
ran La cructe. Etudes. 36 naicony seats 
aiMays availaole ir«im to am day 
perl. 

NURETEV FESTIVAL 
Mon. next to July S wim London Festival 
Ballet all seals sold lexcept mats. July 
5*8. July 10 to 15 Nureyev with 
Duich National Ballet, seats available. 


CO VENT GARDEN. CC. 240 1066. 
(Gardendurae Credit cards 030 0003.) 

THE RdVAL OPERA - 
Torus ht at 7 30: FaluaS. Tomor., Tne. 
A Thur. next at 7.30: Luisa Miller. Wed. 
next at 7.20: Peiltas et MUhande. 65 
Amptii' seats avail, for all perfs. tram 
10 am on day of perl. Note: Personal 
Tel. blcgs. for July Ballet opens July 1 
and not June 1. 


GLTNDEBOURNE FESTIVAL OPERA. 
Until Aug. 7 vritb the London PhD har- 
monic Orchestra .TonignL Sun. & Thur- 
next at 5.30: Die Zauberdote. Tomor. 
& Wed. next at 6.1 S: La Bobaimc. 
Possible rebarns only. Box Office Clvnde- 
bourne Lewes. E. Sussex (0273 61 241 1 J. 



t Indicates programme in 
black and white. 

BBC 1 

6.411 am Open University. 12.45 
nr i Teilhi'r Tie. IJ5 News. UU 
low Do You DoV 1.55 Tennis' 
loyal Ascot- 4.18 Regional News 
or England (except London >. 
-20 Play School. 4.45 It’s the 
Voir. 4.50 Take Hart. 5.10 
fabitha. 5J5 Roobarb. 

5.40 News. 

5.55 Nationwide (London and 
' South-East only). 

6^0 Nationwide. 


7.00 World Cup Report. 

7.30 The Wonderful World of 
Disney 

8.15 The Black *.*nd While 
Minstrel Show. 

3.00 News. 

9.25 Petrocelii. 

10.15 Shades of Grey i BBC prise- 


winning artists and shousi. .Scotland. 


for Athletics. 1.00 am News and 
Weather for Wales. 

Scotland— 5.55 poi Reporting 
Scut land. 6.15 Scottish Liberal 
Party Conference '7S from Perth. 
6.25 Join BBC 1 London for 
Nationwide. T0.15 The Bepchgrove 
Garden. 1U.43-1046 News for 


10.45 Regional News. 

10.46 Athletics: The Nationwide 
Building Society A.4A 
Championships. 

1JJ55 The Late Film; *’ Ro-zue's 
Gallery,” starring Erian 
Don levy. 

AH Regions as BBC 1 except at 
the following times:— 

Wales — 1.30-1.45 pm O Don Y 
Mor. 5.10-5.40 Teliffant. 5^5-6^20 
Wales Today. 10.45 Kane on 
Friday. 1L15 Join EEC 1 London 


F.T. CROSSWORD PUZZLE No. 3,700 


7 

8 "■ 


pH 








Nnrlhern Ireland — 1.18-4J2Q pm 
Northern Ireland News. 5.53-6.20 
Scene Around Six. 10-15 Life- 
times 10.45-10.46 News for 
Northern Ireland. 

England— 5.55-6.20 pm Look 
East (Norwich!: Look North 
t Leeds. Manchester. Newcastle): 
Midlands Today (Birmingham): 
Points West (Bristol): South 
Today (Southampton): Spotlight 
South-West ( Plymouth ). 

BBC 2 

6.40-755 am Onen University. 
11.00 Play School (As BBC-1 
4.20 pm). 

2.00 nm Royal Ascot. 

4.30 Tennis: Colgate 
national Women's 
Tournament i semi-finals). 
4.55 Onen University. 


Report West Headlines. 12J5- Repan 
Wales Headlines. Z.00 Women Only. 505 
Tfce Undersea Adventures Of Captain 
Nemo. 5J0 Crossroads. LM Repon West 
60 S Repon Wales. L30 JSramerdal* 
Earui. 3.00 The Incredible Hulk. 10J3 
David Nivens World. U.00 The Sornh 
Bank Show. 

KTV Cy mru' Wales— .\s HTV Cenerai 
K, c-lo^r Service except: IL50-I25S pm Penawdau 
12.40 am Close — M usk, by Elgar, rj ew>ddKin y uydd. Camau 

painting by Constable. camamu. loo-lu y Dsdd. iojo-ilw 
A ll IBA Regions as London Ouiionk. 
except at the following times: — htv West— a.-; htv General service 


7.00 Winner Takes .411 

7.30 The Pink Medicine Show. 

8.00 Hawaii Five-O. 

».00 People Like Us. 

10.00 News. 

10.30 Police Five. 

10.40 The South Bank Show. 

11.40 Baretta. 


ANGLIA 

<IJ0 am Man fro a. 9.55 Richard Kcaree. 
10.45 Safari In The Cil>- U-10 Raser 
UTii (taker Show. U-30 .'•bout Bmam. 
» w pm .VnRlia News. 5.15 CliauerboK. 
bjn About AnBliA. 6.00 Tlic incrodlUIe 
Hulk. 10.30 Probe. LLOO Th; Sonil. Bank 
Show, li.no Police Surseon. 12J0 am 
Your Music al NikM. 

ATV 

30.20 am E’riends OI Man. 10.S5 The 
Rise .VJid Kail <Jf Laore Ashler 1Z_J5 
The Rouer Whittaker Show. 13J50 pm 
ATV New»desk. 12L25 The Movie 
Matinee: “ The Straw Man." surrinE 
Dermot Walsh. ClUonJ Evans .-.ini Uioa 
Morris. 3.45 The Sullivam. 5.15 Break- 
awji. 6.00 ATT Today. 6.00 The 
Tennis Incrvdlble Hulk 13-33 The Snuiii Badk 
Show. 13.30 I'll Get You Into Pictures. 


Inter- 


ACROSS 

L Bachelor Briton using 

cockney vulgarism (6) 
l Frenchman surrounded by 
boyish voices shudders (8) 
i Unlike a harp it requires 
little pluck (7i 

l Topical variation that is 
visual (7) 

l Doctor on a satellite (4) 


7 Colonel returning to us in a 
place (5) 

8 A drop of soda-water to throw 
about (6) 

9 Exploiting you and me in 
Greek capital (5) 

14 Lisp mimed in Pet arrange- 
ment (10) 

17 Cheer about one minute and 
kill 19 j 

. Against essay on a theme? W Insensitive viewer (5-3) 

No. just the opposite! (10) w Apprentice going round Fleet 

i Vaporous side in Surrey (6) Street district is unbecoming 
I One more that's different (7) fS) ' 

i Soak the French and race if 22 Mark on sailor could be a 
chase follows (7) beetle (6) 

. Movement from one in part 23 Half-crazed with ring on your 

of London <ti) head (5) • 

'. What Army officers get as *5 Make a plan of the rrench 
additional payment (10) w? od (5) 

: Invite Eastern leader to wait 2< River in Ellis Island (4) 


(4) 

• Salesman allowed Oriental lo 
he completely filled (7) 

i Snend time in a journey (7) 

> Whispered about article in 
food (8) 

. Agree when posted (6) 
DOWN 

Member of two unions could 

be a criminal (S) 

* Psychological condition of 
person in Rover in race (9) 

: Always tbe night before the 
start of Ramadan (4) 

Soldiers going to the east and 
rising again IS) 

Lighter game to tolerate (10) 


SOLUTION TO PUZZLE 
No. 3.699 


flQHnaaHHanEteQEiQ 

rmmmm mkvnnmxm 

n 

n b □ 

nmmmmua uwm 

Brass rasaanfaa 

• ra.-o o*%y?:0^i3 

aranraa unmmmmu 
n ra q ' q • 

H 0 Q - 0 - 
0E30_BBQaHnBn0HHI 


except: U.S6-3.DO pm Report West Head- 
lines. 6-254.33 Repon West 

SCOTTISH 

1J5 am Funky PhantoriL 1025 
Dynomuu. :hc Do*; Woudw. 10J5 Salart 
id Uie City 11-05 Tbe Roger Wbiuafcer 
Sbow. 23-35 About Brllain. 12-50 pm 
Ntw5 and Road Report. IDO Mr. and 
Mrs. 545 CaHood. 520 Crossroads- 6.U 
Scpllaud Today. 6-38 Eranierdale Farm 
LDO Quinoy. IBJO Ways and Moans- 
13.38 iAle Call. iUB Friday Cinema: 
” The Bravados." siarrina Greeorj F«A- 

SOUTHERN 

9J8 am David Nivens World. 5-55 
Nature ut fluius. u.® Salart In The 
City. » in Roser Whltiaker. 3JJ5 Aboui 
Briiain. 1233 pm Southern News. 2^00 
Women Only. 500 Weekend. 5JO Cross- 
roads. 6.00 Day By Uay. 6u00 Scene 
SouUi EasL 6J0 SurvrvaL 8-00 The 
Incredible Hulk. 10.30 The SouDi Bank 
Show. UJO Southern News Extra. 31^8 
Richie Brocklenun Private Ere. 

TYNE TEES 

q_ 2 S am Tlw Good Won) roUowed by 
NorUl Easi Newn Headlines 9.30 Big 


SADLER’S WELLS THEATRE. H 

Ave.. EC1. 837 1672. Until July 1. Eros. 
7.30 MaL Sat. 2.S0 First rime In London 
Manolita and Rafael Aguller’s 
FIESTA DE ESP ANA 
Spams'! folk and tlamenco. 


THEATRES 

s , .o”Ll 6 Vo. 

LONDON'S NIGHT’ ' rOUt.'^ 

A LR EA D ^ SEe OVE R.ON E ' 

MILLION HAPPY THEATREGOERS. , 
IKING 07-826^7613. 


CREDIT CARD BOO) 


AL3ERY. B3G 3878. Partv Rates, 
caro Ukas. 836 1971-3 IronrBJO:.., 

8.30 p.m. Men.. Tu**» Wed 'ena^ 

T.J5 em. TViurs. & Sat. 4.30 A/8-0. 
• A THOUSAND TIMES WELCoffr . IS 


UON a\W£? r * 


theatres 


8S8 7755. 
2.30. 


GREBimCH THEATHt. 

• . . nmiil June 28 

-• Eveiuiips 7 . 30 . M«l Sat. 

THE GOLDEN CRADLE 
•Plays by Yeats, avnije and La» Grepory 
For 2 .weeks, only. ’U*** 1 

on. 


beSL** -W ?? fc Tlnies. From. 
YvAKES bv Stanley 


.... wed 

Koueltto 


HAYMARKET. 930 9832. Box OffiCe ^Now 
Open. Prevs, Julv d and 5 at B.O. Opeos 
• • Julv 6. 7.00. . . ■ 

’ ’ PAUL SCOFIELD 

HARRY ANDREWS ■ 

. ELEANOR TREVOR . ’ 

- - flkON PEACUCK • 

and IRENE HANOI. In • 

A“AOW PIBV bv KwNAUJ jhARWODD. 
M- - ‘Directed b» CASPER WREDE. 


HER^MAJ EST Y ‘5. CC. CH-930' 6606. 
E.*enRws o.OO. Mat*. Wed. A ^at. a.QD. 
f BRUCE FORbVTH 

- to LESLIE BRICuaSE and 

-. ” ANTHONY NCWLEY’b 

- '- TRAVELLING MUSIC SHOW 
with Derek Grllttns ■ 

. Directed bv BURT SNEVELOVE 
“ It Is packed (o bursting point with the 
peroonalitv and. sheer energy, d Bruce 
Fonyfli-" Sun. Express. * The audience 
cheered.'' Sunday Telegraph -- 


KING'S ROAD THEATRE. jS2 7488. 

Mon- la Thurs. 9 o. Sri., Sat. 7.3*1. 9 JO. 
■ . TNE ROCKY HORROR SHOW 
NOW IN ITS Sth ROCKING YEAR . 
.THE GREAT ROCK J N’, ROLL.' MUSICAL 


LONDON PALLADIUM. -CC. Ol -43 7 7373. 
- • - . NOW UNTIL AUGUST 19". ' - 
rTucs-. Thurs. ind Fn. n *. Jv«d 
.’Jk am Sets, at &10 and 8.60. . 

j THE TWO RONNIES 
’ •: Ift a Spectacular uonteoy Revne 
Your beat chance to «e " The Two 
Ronnies Revue " at The London Palladium 
il-to book now lor the performance THIS 
SUNDAY (June 25) at 5 and 8. 
“ECIAL BOOKING HOTLINE 437 2059 


SPECIAL BOOKING HOTLIN! 


IE 437 


LYRIC THEATRE. 

Ev. 8.0. Mat. Ttwra 

JOAN -PLOWRI 
COL I nr BLAKELEY 
PlLUMENA - 


S :.. 01-4X7 3686. 
O. Sat^’3.fl-a B3Q. 


ABLE TO SEE IT AGAIN.' -Dell» Mirror. 


ALOWYCH. 836 64Q4. Inlo. 836 ,5332. 

- — -BARE COMPANY In 


834 

ROYAL SHAKESPEARE COMPAN . 
repertoire. Tonight 730 -CORlOCANUS 

•• An evening of rroe theatricaf gkJrv.’.’ S. 

Time*. With: Strindberg a THE DANCE 

OF DEATH next pert 29 June.- R5C also 

at THE WAREHOUSE csee under W> and 
The Plccad^lv. Theatre To ■ -Peter 


Nichols’ PRIVAT 


ON PARADE. 1 


ALMOST FREE. - 485 6224. JJmehtlmes 
’One Oft ’ by 'Bob .Wilson ; Tues.-Sat. 
1.15 p.m. Suns. 3. DO .* /S.00.‘ D.nT. No 
shows Mona. • 


BORDER 

7.00 News On 2 Hejdlines. S.JO am Flyiaj: Jewels. SJ5 Certain 

7.05 Thais The Way The Money women. 10 .* Safari in The Cliv u-lD 

/■;„_ TJio Rusw Whittaker XhuW. 1X35 About 

Bmam 112US) pm Border Nl-wk S15 
^JCHSajv. The LinvolnshJre Show. 6.00 L<^.iaround 

o.l -j Hie Muney rrogramme: today. 8.00 The ln<.-re>l>me Hint. KL38 n 

Small is Bountiful: starting M-rry Neel. ILOO The Fnuih Ran): Show. M arl»Ie ^9^ Aroavaur— Yesterday 

new ventures. IiW The rractic*. tl2^5 am Lorder AVhe 1 lvas ' Vouns. 10.«5 Satarl In Tlw 

9.00 M.H. JfeSp' Fivenenny Pici-e » C1 " S Siuimiarj 

CHANNEL 

1X8 pm Channel Lii.i-.liii:iiO f 
Whol '- On Where. 6.00 Rcpuri 
8. CO The Bionie Woman. 10.2E 
IjIO Nen-s 10.32 Summer «■! 


with Mike Haniina 
9.U0 The Great Fnclish GarHen 
Parly: 100 Years or Wim- 
bledon (Peter Ustinov 
looks bark i . 

10.20 The Devil’s Crown. 

1 1.15 1 ale News Dn 2. 

11J!5 Rueby Union. Australia v. 
AVnles »hirrhlishis). 

12.10-1220 am Closedown 
in«). 

P-P.f-2 V r nlrs Imlv — 7.0.1-7 20 pm 
Hertdiw t2.10-12.S5 am Thai’s The 
Way The Money Goes. 


;e- ■. and 
Al SIX. 
Channel 

■ 1X80 


The Souih Bank Shun iHa! Ttiikvi. 32.00 
News and W-»alher in Frnneli. 

GRAMPIAN 

9.45 am Flrsi Thlnp. 9.50 T> chno- 
Sash. 1045 The Beacheomu.-r. 

(read- Satan In Th>.- Ciry. 1X05 

Whiiraker. 13JD Abnui I'-nt.nn 1250 pm 
iTramriLin N I’m'II •' ■ '• Vl "3 .■ •- 

r*.in Todiiv. 7.00 The EnlcrlJiiivrT- The 
I’je-nNa p.v.f <ir*:he^in. ':.t, m- 

cr<'riihle Ihilk. 10 30 Rellvelmn: J0J5 
Pnnis N"rih. 1X35 Hiiehle RroeVleman. 
12.35 am itrainpian Lore Nulu Head- 
lines. 

GRANADA 

9-38 am Sesame Si reel 10.25 •’The 
Contest.'’ starring Eleanor Parker, coinu up or David Lev.- m un-uu Town 
Bob Cummings and Louis f,nd Clair* Blnom. 1XK Rriurn To The 

Tiurrlan 11 tn Inner Snare 1153 PUnei Of The Apes 12J3 pm Tins la 
■louraan. ll.«U inner anace. Yqur RjghL 2J5 Fnda>- Marine-:- peier 

A- n< ? Sf'll Cartoon. 12.00 Ustinuv in " Hul Millions ” 5J0 Whal’S 
A Handful Of banss. 12.10 pm New. 505 Crossroad*, fc.oa rtranada 
Rainbow. 12-20 News plus FT Repina, ua Mr and Mrs xod The 
index. 12J« Help! 1.00 The Better incredible Hulk 10.30 R>*iwtn> F^cua. 
Sex. 1 JIO Crowm Court. 2.00 Money- 17,6 SouUl Ban,: Sfx,tt 112 -“ ,;ireat 


LONDON 

9-10 am A Diary Of Civilisations. 
10.20 “The Great .American Beauty 


Go-Round. 2-23 Rawlings Queen’s 
Club Tennis. 4.13 Golden Hill. 4.43 
Fanfare. 3.15 Emmerdalc Farm. 
3.43 News. 

6.00 Thames At 6. 

6.23 Crossroads. 


Kirk Duu^iiL-,- In 


Film.* Or The Ceniury 

- Paths Of Glory " 

HT\ 

19.30 am •’ Sirvcn Sinners.” ..i.-imim 
Edmund Lowe pnd Consiance Cniiu-unRS. 
10.80 Safari in The Cih’. U.K Ruger 
Whmaker 1X30 Munnr Sieu-on ij.m pm 


City. 1X10 Ru«er WTiliialier. 1X35 Aboul 
Briiain. 1X50 pm North Basi News and 
Look around. 5X5 Mr and Mrs 6.00 
Northern Lire. EDO The Incredible Hulk. 
10.38 Spurt-sllme 1X08 The Souih Bank 
Show. 124)0 The Practice. 12.30 
GoUogiip. 

ULSTER 

UJS am Safuri In The City 1X55 
ROftor Whinakor UJB About Briiain 
10 OD 17 4n pm Lunclillmc. 9X3 Ulster Netrt 
Hoar Headlines 5X5 Klinislones. 6.00 Hetwris 
6.25 Police Sis. 8.80 The Incredible Hulk 
10.30 The Souih Bank Sliow. 1X30 Police 
Woman. 12J25 am BcdUinc 

WESTWARD 

9.S5 am Gcnrse Hamilion TV. 1DJ0 
H->re Comes Th** Fulun? 10J5 Safari In 
Tbi-- C.iiv. U-05 The Rosrr Wh II laker 
Sbow. UJQ About Britain 12JJ om Cub 
Hoocyhun’s BirUidava 12-50 Westward 
News Headlines 6.80 Westward Ularv 
and Sp-'rts Desk XBB The Blnmc 
Woman. UL2S Westward Lair News. 10.30 
Summer of '78. 1X00 The Souih Bank 

Show. 1X00 Fallh For Life. 

YORKSHIRE 

9 JO am Choirs Of The World. 9JS nn 
Seven Hills They Bidir A Clly 1IL20 The 
Outsiders. U-in World Leaders Winston 
Churchill. 17 « pm Calendar N“ws 1X25 
Friday Film Manure: “The History ni 
Mr Polly." stAiTlni! John Miffs. «Jfl 
Cartoon Time. 5X5 The Lincolnshire 
Shnw. 6.00 Calendar iGmloy Moor nnd 
Berlin nm edlHonsi. X03 The Incredible 
Hulk. 10.30 Tbe South Bank Show. 1X38 
Rafferty 


247m Introduces Hnimtf Mirtnlchl. ir.riudlnc RADIO 4 

1X00 News. XOMJB am News Rmnmary. K 434m. 330m. 285m and VHF 
RADIO 3 ^Wm.Sleren & VHF- 6.15 am News. 6.17 F.irmlrut Today 


RADJO 1 

fS) Suareplwnie broadcast 
5410 am As R.uiui X 7412 Dave Lee 
Travis 9.00 Simon Bales. U.31 Haul 
Burueit iccJudim: 12.30 cm Newsf«a( 

24)0 Tony Blackburn. 4L31 Kid Jensen 
metudinu 5 JO NewsbeaL 7J0 The Mld- 
mre Follies Orchestra iSi. ijuins Radio 
St. 10.02 John peel 1S1. 1X004L02I am 

As Radio X Horn And Sfrimts (Si. UiO Young 

RADIO 2 J-5«»=r “-a vhf SSS, 5S?'l: 


(I Medium Wave only) 
t 63S am weather. 7.00 7^5 

grr.;.’ , 4^£r^‘S3B .» 


6.45 Uf> To The Hnnr. 7JB) Ncvrs. 7JQ 
TOtljv- 7^f t.'p To The Uonr 1 continued! 
tncluduiK ThnuBhi for the Day. X08 


SUM am News Summary 5L82 Ray 
Moore with Thu Early Show fSi. inr'ud- 
uifi 6.15 Pause for Thought. 7J2 David 
Allan iS 1 including 8X7 Ramrui Bulletin 
god 8-65 Pause for Thought. 10412 John 
Timpson (S'. 12X5 pm Waproners' Walk. 
1X30 Fele Murray's Open House in New- 
quay 'S' lnclodlns X45 Spans D * 
X30 David Hamilion 1S1 indudinti X45 
SportH Desk and Racing from Royal 
Ascot. 430 Waexoners* Walk 1C Sports 
Desk. 459 John Dunn <S) incfudiac 5.35 
Sports Desk and 64E Cross-Channel 
Motoring informal inn. 6.33 World Cop 
Snons Desk 7.02 The Midtnie Foiling 
Orchesira and Sweet Subctiitne In Band 
parade, including iS> 7.38 Snorts Desk. 
8412 Nell Richardsun cnnducu the BBC 
Radio Orchestra 1S1. 8.45 Friday Niuht 
Is Music Night 1 S>. 9 35 Spans Desk. 
1D4B Free Spin. W-ffl Let’s Go Larin, 
with Chico Amez and the Cabana BraSH. 


~rt Orehestra S . 10 JO Omnu-i.i For Ched( p Blrit . 19.50 Dully Service. 

1445 Morning Slory. 1X80 News. 1X05 
Analysis: Asacnbling ro Disarm. 1X50 
Letters From ETerywhere. 1X08 . News. 

ip pm You And Yours. 1X27 Quote 
. . . Unuuoie 1 S> 1X55 Weather pro- 
gramme news. X00 The World At One 


Uffl 


Ne«-s. xus Playbill iS>. X2a Midday 
Concert part 2: Ponlenc. Ravel 1 Si. 24)8 
Music For Chorus And bra.-n pan 1 , si. 
X40 luierval Beadin«L X4S Music (or 
Chorus and Brass, part " a.33 Bat* 

violin sonau »Si. 3J5 The id 


X38 The -Archen.. X® Woman's Hour 

from Bristol, including Z4K-2.02 Newn 
u-ckii CnmnetUiun ,Si e_« t*'* 2-®S Listen With Mother. Xflfl News. 3J5 

s'.wtsxs’ji'a sssrsss: tw-'! 

Hshim: and the oil industry. 4X5 Andre 
prs-vui looks back over his career 5450 
Pit Reports. 5.® Enquire hHIhln. 5J5 
Weather proftramme news. 6.H News. 
6J8 Coins Places. 74W News 7.05 The 
Archers. 7J0 Piet Of The Week hum 
BBC Radio and Teles Won tS). XU ThP 
Philip Jones Ensemble ISi. 8-30 Anv 
Questions? 9X5 Letter From. Amerlra. 


ALMOST FREE. 485 6224. Ivenhlgs- Kort 
Vonne^ut's Player Pfano by- James 
Saunocra. Toea.-Sau. B p.m. No mows 
Mona. 


AMBASSADORS. 01-836 1711. 

Nightly at 8.00. Matinee Wefl.'3<45. 

■ _ Saturday 5 and 8 
PATRICK CARGILL ana TONY AN HOLT 
in SLEUTH 

Th* World-famous Thriller, 
by ANTHONY SHAFFER , 

" Seeing the o|av again M In -fact ao 
utter and total lay •• Punch. Seat prtcer- 
E2.00 ro £4-40. Dinner and. Ton-Price 
Seat £7-50. 


APOLLO. 01-437 2663. . Evening* ,8 JK). 
Mats. Ttmn 3.00. Sat. 9.00 and BOO. 
DONALD SJNDEN 

“ Actor 01 the Year." Evening -Standard. 
“IS SUPERB." N.o.W. 

SHUT YOUR EYES AND 
THINK OF ENGLAND . . 

'■ Wickedly funny," Tlmt=>. 


MAY PAIR. 629 3036. Reded, price pries. 
-£3 & £1X10) from Mon. at d. 

" Open* 29 June at 7 
WELSH NATIONAL THEATRE CO. 
DYLAN THOMAS'S 
UNDER MILK WOOD 


MERMAID. 248 7666. Restauiunt 248 
2835. Evening 7.30 A B.15. 
EVERY GOOD BOY 
DESERVES FAVOUR 

A olav for actors and orchestra by TOM 
STOPPARD 6 A MORE PREVIN. Seals £4. 
£3 and £2. ** It seems to sparkle at 

almost evary turn with tbe author's 
theatrical and verbal wit" □ ' Tel ‘ No 
one who hjvea tne. English language fthd 
the highest comic art can possibly miss 
this play."- S. nines. • 


NATIONAL ' THEATRE. - - - 92V 2Z5X 

OLIVIER lopen stagb): Ton't 7 JO. 
Tomor. 2.45 730 MACBETH. 

LYTTELTON, (proscenlom siagel. Ton’t. 
7.45. Tomor. 3 - & 7,45 BEDROOM 

FARCE by ■ Alan -Ayckbourn. 

COTTESLOE tsmair auditorium): Tcjra. 
& Tomor. 'T1 - (pravs.) AMERICAN 
BUFFALO by Oartd Mamet. 

Many excellent cheap seats all 3 theatres 
day Of . perl. Car park. Rudcaurant 928 
2033, Credit card bkga. 9X8 3052. 


•: ’ ..4, . . .. • 

SAVOY THEATRE. 88 tB. 

... TOM c ttgr . 

WHOSE LIFE .IB IT j ANYWAY Y 

"A YOU 

. TO S8E tT.^’Hdh. 

EYB*. at 8 4). '.Fit A Sat. «- BAS. 


SHAFTESBURY. CC^L v ’-836-6SW6. 
Shartesbury Ave.-WC2’.UlllH» Hotoorn cadi 

' *T -“ ^ 

” This ■ musical hes -nemftio.'r MirT ’ 
Mats, .NOW TVJE%. 8- SAT.- r.O‘ 

All Sega at -v 

- .. Credft Clrd ,-Beofclzigs:, ’8R> 6SH7, . X- . 


SHAW THEATRE. ; - ^ .v DI -SSS .7394^.-- 
Evemngs 7.30.* Matft. Wed. UO, 

I’M TALKING. ABOUT JERUSALEM ' . 

- bv . A RNOtXX- WtSKBR ^ 

Its - duality.- is irndlnrtnl3hed.~ -5, Tknes, 
Low ■ Prices- • '6WT P^dUnflt ’ 


sp.. 


Strand. 01 jsfi i86d. 

Mau' THnrs.' 34). Sets. . SJO^and 

N0 5EXRUOF . .. 

• WE’RE BRITISH . 

_TH£ WORLD’S -GREATEST- 7 J 
LAUGHTER -MAKER. - -' - 

* : GOOD 'SEATS'' -Xd-OO-EI .OK \7: ! :1 


ST. MARTI N-S. CC. 856 1443. . An- CQfl. 
Matinee Tubs- 2^45.- , Saturdays 5 -ano-a. 

• -’AGATHA -C HRIS TIE'S- y.;?",. : 
’ ■ • THE MOUSETRAP A-.. . 

■ WORUa-S LONGEST rEVER RUN 

■ Mm YEAR . ’ ,_^s -r 


TALK .OF YHE TOWR-. ee 734 SOST. 

DHMng: Dancms 'tfenr-epenjVSj.- 


8.00 


. _ cpm' 

930-: Super. ■aanV- : J~ 

■ juzm dazzle,; . 

-• : And m. 1 1 njn. 

LOS REALES DEL PARAGUAY.,' 




ea. cZ?»5.S£l : 

Mat.- Tuea. 2.45^ - Sat. “ 


VAUDEVILLE. 


h e 

. _L 5^ amalRi- 

Dloabu SHERIDAN. D Hide. G*AY_ 
Eleanor - SUMMERFI ELD--- JariM GROUT 
' A MURDER IS AKOfOUNCED 
'. THE NEWEST WHODUNNIT . 

• by AGATHA CHRISTIE 
“ UMiWr AgJtha wlttt another nylio- 
dunnlt Jilt. Agatha QirlaUe U stalking the 
West End rta again with another of her 
fiendishly .Ingenious murder mysteries. 

. FnHx Barker. Evening- News. 

AIR-CONDITION EC THEATRE 


Victoria palace. . . 

Book Now. 828 473S-6. &34 1317. 

1 STRATFORD JOMN5-- 

SHEILA HANCOCK 
\ ■ ANNir 

Evenings 7.30. .Mats. Wed. and Sat. 2-45. 


WAREHOUSE, Dooour -Tbeatra, Corent 
Garden, -836 6608. “Royal Shakespeare 
Company. Too’t, Z.30 David Rudkin's 
THE SONS OP LIGHT "milfe outstand- 
ing.” F. Times. Alt .aeats £T.BO. Advance 
bi-.g. Aldwych. Student standby £1-' * " 


ARTS THEATRE. 01-836 2132. 

TOM STOPPARD/S 

DIRTY LINEN 

"Hilarious . . «e It." Sunday Times. 
Mondar 10 Thursday ; 8_30. _ Friday. ai?d 


' Saturday at 7.00 and 9. IS. 


ASTORIA THEATRE, Charing Cross Road. 
01-7M 4291. Moiu-Thurs. 8 p.m. En. 
•’nd Sat. 6.0 and 8.45. tBuOet food 
available.! 

ELVIS 

"Inlectloui, appealing, loot-slomping and 
heart-uiumping,'' Observer. Seats £2.00- 
£6 00. Haii.uour del ore show best avail- 
able sears £3.00. Mon. -Thurs, and-Frl. 

6 P.m. pgri only. 

BEST MUSICAL OF THE YEAR. 
EVENING afANDARO AWARD 
Luncnumc rheairo oallv at 1.15 p.m. 
June 12-23. "A SLIGHT ACCIDENT" 
CAMBRIDGE 836 G0S6.~ Mon. 10 Thurs. 
6.00 Friqjy. Saturday 5.45 and 8.30. 
, IPI TOMBI 

Exciting Black Amean Musical 
“Packea with variety." D Mirror, 
Seat prices £2.00- £5 SO. 

„ third great year. 

Dinner and Wy-arkt seat fco.75. I PC . 

CHICHESTER. 0243 BTSiT 

T?"la h .V. June 2a. 26 A 27 at 7. do 
THE INCONSTANT COUPLE. June 24 
i! ..Juh* 29 at 7.00 A WOMAN 

Oi NO IMPORTANCE. 


OLD VIC. ' 928 7616. 

PROSPECT AT THE OLD VIC. 
June-Sent. Season 
SAINT JOAN 

" a great performance/' The Times, 
Today 7.30- Sat. 2 30 S."7/50. 

THE LADY'S NOT FOR BURNING 
by ChrlJtopher Fry 

Previews June 28. 29. 30. July 1. 

First night July 3. 

-TWELFTH NIGHT 

” an outstanding revival. ’ The Times. 
Returns July 10. 


OPEN AIR. Regent's Park Tel. 486 2431 
A MIDSUMMER NIGHT'S DREAM 
Eyas. 7.45. Mats. Wad . Thur. A SaL 2.30 
with PULA LEN5KA IAN TALBOT. 
ELIZABETH ESTENSEN. DAVID WESTON 
Shaw's DARK LADY OF THE SONNETS 
Lunchtime Today at 1 15. 


WESTMINSTER. . . •: '41-836 02M« 

SENTENCED TO XlFE 
"MUCGBRIDGE’S ' fpenoumt ’ . bwnour: 
THORNHILL’S dramatic . art/' ' Dl'/TeL 
.'■Intensely human, caring drama/’ ~Y\PoS< 

■ TromrfMtous Impact." NoW. -."I was 
sharply moved. -’ J.- C.: Trewlo 
EvgS- 7.45. Mata. Wed. 3i0O. sets. 4.30. ' 


WHITEHALL. W-830 '6092-7765’. 

Evga. 8 30. Frl. and Sat. 6:45 ana-9-OD. 
Paul Raymond presents the Sensariooal 
Sex .Revue of the Century . • 

DEEP THROAT 


WINDMILL THEATRE." CC. 01-437- 6JT2. 
Twice Nightly B.OO.and 1 0-OO. 
Sundays 6.00 . and 8.00.' 

PAUL RAYMOND presents " -'*«■ 
RIP OFF - • -. .. 

■THE EROTIC EXPERIENCE OF- THE 
MODERN ERA - 

■ akes to unprecedented limits' vrtsat la 
permissible on our stage.’’ c«g. News. 
'3rd GREAT YEAR 


PHOENIX. 01-836- 2294. Evenings 8.15. 
Friday and Saturday 6.00 and 8-40. 
"TIM BROOKE TAYLOR. GRAEME 
Garden make us laugh." D. Mall In 
„ THE UNVARNISHED TRUTH 
The Hit Comeay by ROYCE RYTON. 

“ LAUGH. ' WHY I THOUGHT I WOULD 
HAVE DIED.". Sunday Time*. "SHEER 
DELIGHT." L- 5Undaro. ' GLORIOUS 
CONTINUOUS LAUGHTER." Times. 


OMEDY. 01-930 2S78. 

For a > '">^ E ^« 3 -* Er -n«*l July 16 

ST. MARK’S GOSPEL 
An unparalleled tour de farce." S. Tms. 
Tucs. to Sat. at 8.0. Sun al 4.30. No 
pis. Moil Seats E1.2S. £2.25. £2.£o 
L.. OO Latecomers not admitted. 

CRITERION. 930 32i5."CC 035 IOTTIx 
E* 9S. 8 0 Sacs. 5.30. a.M. Thurs. 3.0! 
NOW IN ITS SECOND YEAR 
LESLIE PHILLIPS 
u„. E . -4" SIX OF ONE 
MAL _~: 00zfcN LAUGHS A MINUTE 
SECOND HILARIOUS YEAR 
_ ^_VERY £UNNY ■■ S. Tel. 

. 0, S3G 8’ »»■ Ere?; 

e 1 531 5 -° 

a S2 B 8243 Mon. 1«T ThurT 

t» L»' a^- 6 ' s * 9 “ : 
T " s "tn iirw" w- 


PICCADILLY.. 437 4506. Credit card bkga. 
,836 1971-3. 8.30 a.m.-B.Mp.m. 
Evga. 7.30. Sat 4-30 & 8. Wed: mats. 3. 

Royal Shakepeare Company m 
THE OUTRAGEOUS 'ADULT COMEDY 
by Peter Nichols 
„ PRIVATES ON PARADE, 
n 1 or oaring irlumptt." S. Express. 
BEST COM/DY OF THE YEAR 
E»- Sid. Award and SWET Award 
FULLY AIR-CONDITIONED • 


WYNDHAM'S. 01-836 3028. Credit Ufd 
Bkgs. S36 1071-3 from 8.30 ajn. Mon - 
Thurs. 6. Frl. and S*t. 5.15 and 8.30. 
" ENORMOUSLY RICH. 

VERY FUNNY." Evening Newt. . 
Mary O'Malley's smash hit comedy '• 
ONCE A CATHOLIC 
' Supreme- comedy on sex and rehglon-J* 
Dally Telegraph. 

' MAKES YOU SHAKE WITH 
LAUGHTER." Guardian. 


YOUNG VIC 928 636,3. New Cooipeny— - 
New Season. Eves - 7.*5. wed- mat. ' 
3 Dm. No oert. Ehii.Thur. 

BARTHOLOMEW - FAIR 


POLtSDEN LACEY OPEN AIR. Great 
Bookham. Surrey. HENRY V 28 Juiw-1 
Ju[v THE TAMING OF THE SHREW 5-8 
July ar 7.45 (Sat< Matinee 3.00) 8DX 

5Z2 C 41 10 ' 7 °' n ' W “ t 1 ° -m ' > Boofc:,, »l"' 


p «!NCE EMVARD. CC tFormerly Casfno) 
9 lr} 5877. Mondav-Frldav crai! 
8.00. Mac Thur. 3.00. Sat. 5.30 and SJO. 

Sv: J' rL5!5*nI11 A . l W ew Q ‘- lovd Webber. 
Wjb? ElaiM Antf Joia 

AcktArq. pfrtdgd by Harold Prince 


PRINCE OP WALES, CC. 01-930 8681. 
Monday to Friday at. 8 DJti Saturdays 
_ at 5.30 ana 8.45. 

LONDON AND BROADWAY'S 
COMEDY MUSICAL HIT 
1 I WI HI WIFE 
«*rTino ROgsef - askwith ' 

ALL JUST GOOD CLEAN- FUN.t 
: Dalfy. Express. 

^CRtDn CARD ..BOOKINGS 930 'OB47. 


- CINEMAS 

ABC 1 5 2. Shaftesbury Are. 836 B861. 
Sen. Perfs. ALL SEATS BKBLE. ■ 

1: THE COMEBACK. (XK.Wk.riK Sun: 
2.00. 5.10. 8-10. Late show SaL, 11.10. 

? L , l S? Oth WH.-^Sun.: 2.00; 5.35. 
8 .JS. Late show Sat. '11.20. 

C T?55 ,: Sbs'25« «pp. ‘ CunTOen -Towr: 


CLASSIC 1. 2. 3, 4, ' Oxford Street (Opp-‘ 
Tottenham. Court Rd.-. Tutwi). 636 .0.310. 
-J- Alan_ Bates, joM H«rt THE shout , 

ttiVo^n 

6.00. 8. 25. Late- anew 10 60 .p.mT- 
Proo^i n? n “, ,1“^ COMEBACK’ fXJ.r . 

6 60 feature 3.25, .7,13. Larp- ^iow 7 1 • 


499-3737. 


MASTER- 


DUHE of YORK'S. 01-B3 6 ~ si ~T 

Evenings 8.00. M«L Wod.. SDl. Vn’ 
JOHN GIELGUD 


Julian Mitchell’s 


Bound. tt4£ 
News. JbJB Homeward Bonnd (con- 
Imiiedl Cl 30 Lifelines: Lolsuro And 
Recreation. 7J3 City Uf BirminKham 
SjTnphorrc ■ Orchestra pan i: Tmpftt, 
Bm1i« 1 S'*. X30 Caihohcmi) Between 
Luther And Yuliaire ualk by Dermot 
Pen ion). 8J9 CBSO pan U: Tchaikovsky 
•SI. 9X0 The Dead Havo Remembered: 
the poetry of Tadeusz Hozevics. 9JB 




Franca Be: Kotiks of Claude NotLuiro iS). 
1X35 News. U.48-U.05 Tomghi's Sdiobert 
Sons iS*. 

Radio 3 VHF only— tno-TTIQ Ju| 


1X02 Sports Desk. 31X5 Peter Clay Loo 5.45-7J0 pm Open Universiiy. 


Tbe World TonUShl I0L3O Week Endlne 
, . , 1 Si. 31L55 My DeliPbt wilh Mlkf 
Sion. 1X08 A Book At Bedilme. 11X5 The 
Kin an ria I World TonlohL 1X50 Today In 
FarlljmeoL 12.88 News. 


FORTUNE. 116 2730. EvTTod. ThurCj. 
. . fal 5.00 and 0.00. J 

Murim Bavlow as MI5S MARPLE in 
CHRISTIE S 

MURDER AT THE VICARAGE 
Thirg Great Year. 


“S. .15. THEATRE. CC. 01-836 4601* 
*5»vru J^ al ’ Wed. 3.0. Sal. 5.J0. e.3o‘ 
TIMOTHY WEST. GEMMA JONES 
MIC HA El KITCHEN 5 

Ml HAROLD PINTFP'S 

JHE HOMECOMING 

BRILLIANT — A TAUT AND EXrei 
LENTLY ACTED PRODUCTION." D Tel' 
I!i%HAUST1l»LY RICH ' WORK*" 
Gtfn. NOT TO BE MISSED." 7 I ib w . 

CLOSE THFATRE. 01-437 1S9i 

Evus 8.’ 5. W-d 30 Sat Be a lit 
PAUL rnpiNGTON. JUUA MrtKENZI°E 
BENIAMIN WHITROW In C 
ALAN AY'-KB'i'iPNm n™ cSm«v 
„ T ^. TEN TIMES TABU 
rnit mu^t ne thn hapmeir Uuohtar- 
D. Tel "An irrosii. 
Sunday Tlmrs. 


•raker In London." 
ribly eniovablc evening.’ 1 


-"m Vl§; 


QUEEN'S THEATRE, . 

Evga. a.OO.vWNr 2.00/ Sat. S 
= ANTHONY QUAYLE - 

FAITH BRDOK. MICHAEL ALDfQOGE 
and RACHEL KEMPSON 
in Alan Bennett' $ 

THE OLD COUNTRY 
Piavi and Players London Critics Award 
BEST PLAY OF THE TEAR 
Directed -by CLIFFORD WILLIAMS 


WORK’ 1 ' Thy Obscrrer' 
ADVENTaBE 11 - 
BEAUTlFUt"- .... , 


Spectacular 

Sundar.^fBeS "VERY 

MSkraS-r. ‘ HAUNT. 


Late show 
seat* mar 


"AYMOND WVIJEBAR. CC. 01.734 T593.I 
At 7 p.m., 9 P-m_ 11 p.m. >opeq SanaX 
PAUL R AYMO ND presents ^ 

THE FESTIVAL OF 
EROTICA 

Fully alr-eondlUonea 
Zl*t SENSATIONAL > EAR 

R ? VAt ALBERT HALL. SB9 8212. 

EU9 y/OBLD'S 5 GREATKT AlXfs M ’ 1°^^ 

TNE CHINE5E ACROBATIC 
THEATRE 

From Lltonlnfl,. Oilttj --- • 


Frl. ane Sat. ' 
.be booked In 


11-43 . 
.advance 


ROYAL COURT. ..7JUL -1746- A)K Cond, 
- ■EVes.-ff. Sat. 5 6 d 30 
FLYING BLIND 
bv am Mormon 


*E%£k Ty ^ Cnan P r 0»- 01-4JS 8004. 

Monday. Thursday Evenings 8,00. Friday 

s.io and 8.4 s. Saturdays 3.00 and 84W. 
.....London critics vote 
BUBBLING BROWN SUGAR 
- 8w» Musical o* 19T7 

gpgy/ na* accepted. Major .credit. card*, 
apeaai rcaucw,. rates tor- matinees (tar 
a limited -period onlyX , 


jy Sun. No fate show boSki^T 

stWb 1 ® "S’ 

SS ■ 

IK air ni- OrorsmS 

a.ttw.'s.wjtdS.. 

OOpBH 
CLOSE 

"mk 'AJ- SOP. prajn. 
onen 2.15. 7.30. 

1.05. d. 15 . 7 S 3 . 


A Sun- JJpeW 
.Late show Frf, 


okbfa: - 

re C 1 rOo 5 5 L H1GM L PjaXKTY 3 | A' 0 
£?£** Ofy iiitc Sun) ?-ap « 51 A* % ' 

ter Frl "*.*■* 


t 


1 






: g. 






- R. t . 


. . 

: r !. *' * 

_ '*• 

- •' y. ' , 


* > s-rs ' 



V — T 


a: . . j: 


SI. John's 250th Anniversary 
celebrations continued last ni?ht 
m -the youthful hands of Diverti- 
mcnti. a chamber orchestra 
conducted by ihe experienced 
Lionel Friend. Last things first: 
ihey concluded nobly with 
Richard StTauss’s troubled vale- 
diction Metamorphose/:, & "study 

for 23 solo sirin Ks." The piece 
runs severe risks: its luscious 
chromatic texture curdles with a 
smepvcm or mistuning. and u the 
conductor lets its dranmi.- ar-h 
sag it suggests what Stravinsky 
felt (unfairly) ,n Janacek-fi 
operas— toothpaste squeezed out 
or a very long tube. Almo-t 
every player carries so ijip solo 
burden, for Strauss did not .-h«ai 
hy giving all ihe work io jhc 
first desks. Finally, the acoustic 
balo of Si. Johns was a polen* 



Financial Times Friday June 23 1978 

St. John’s, Smith Square 




Divertimenti 


by DAVID MURRAY 


supplies the suspense 


Ua! threat to the clarity nf the 
proliferating voices, without 
whi.-h they blend into sludge. 

Mr. Friend and his players 
"urniounied all those dangers 
with great credit, and the result 
was both moving and beautifully 
shaped. Divertimenu’s Gnu 
desks are strongly manned (hy 
both sexes), out none of the 
rank-and-file was content lo 
coast along. The ojuMc gathered 
tbc hroad impetus necessary to 
match its ever-richer lexturi*. 
and rose 10 a keenly sustained 
climax; the dyio» fall was peug- 
naniiy measured, though per- 
haps Friend was too anxious not 
to over-insist at the lasl citation 
ftom the fvroica- All the playing 
uas so clean-hoed that the heady 
acoustic only Haltered u. wuh- 
t*t:t smudging. 

The earlier half of ihe conccri 
mitde a scrappier impression. In 


Ba*h's Cantata Xu. 170, “ Verg- 
il iigie lluhY* the string and a • 
chamber organ win* unearil; 
mated. and in place of ihe umu| . 
(doubtless unuuiheniici con- 
traliu solmst wc had John-Aiigoin ! 
Messa na’s hiqhly-xmiug counter-; 
tenor. He wax miellv tried i»yj 
the xerntid arij. which mal-e- ■ 
evlrenu* demands on breath con- 
trol. though he recovered hue 
aplomb for ihe sturdily reasMir- , 
mg une which ends ihe work.: 
The witty edge nf Slravin<*kyV 

*" Ragtime " and hts sccund Little 
Suite was blunted in this hall. • 
desjiiu* Divertimenii's crisp] 
attack. The protracted rcdislri-j 
buuon of the orchestra >»rion* ; 
each nf ihexe Irille.x took longer : 
than the music usolf — .md ihe; 
interval pas-nd more slowly th.m 
fhe subsequent ! WeniiM«»r|rfu»M.*ii. 
ton Celebration* should not lifi 


NIGEL ANDRE 


Oxford Film Festiu! 

The Stepiurd lViiex <A.\» 

I'ansl'ulluiyu a:id I'lri.-nr: 
Tfu* tli'iliisa Touch f.li I'm.'.d 
Tin* Lmiiebaek i\> 

At'*'; Shallc-hun Avenue 

.:»(! lien*. riil J«VIi.*:im' 


so lei via rely. 


Young Vic 


Bartholomew Fair 


Michael Bogdanov, the new Ni-htin-ale 


hallade'T Jenson comedy is l« be duuc in 


For thr iM.-t \ .. >• vn’k,. 
England’.-; city ui dreaming >:ufo 
has ln.*t*n m<-l:iiiui»|-iuisi-il mlu :i 
city of hustle and ithii-livii.'y. 
Tins i, ihe l.isi wccl: •■) 1 he 
second tear nf i In- ' luter- 
iiaiiuual Film F»-str\j| ■ n »• no- 
un S mula v siijh:*: a:i e\vni 
begun »n FWiru.ii* 1 P 77 mib <h" 
la 11 1 l.i Mi- aim nf . upj>:.v:i-. uv 
mi.NMtjg link h-t'l t:t i.V- Hrnn-h 
r<*«!ivat circuit !■; I.*,nf!>,n :,:iil 
Edinhtirgli. <if ihev.* n-. u -.frictly- 
ll>Mh**-di'\i)li.v lc:lr- i!>. i 1 lie t.- 
;i t.itiiraiinii m-w-iti ui ■ I y«-.ir’» 
mill, ally Ui.-.-l-.iei'luiiiu-d 
lh*- .iltier a %Ii*i:i!j. SiWish 
ilciiitiiisi ration of tl.r ; »vi net ; 

I ha t cinema is i-duc.iitou ISr-i. art 
• second, and '.-iiii. i i'1.i:ii!ih , :iI a 
. humbly irailuu ilmil 

| Tin* m home i n g. ' i!:e nl in unlh 
ca.ics is gl.iiii»ur. aoJ nut ■% Hu- 


France's r.V.- <-;r. t-ieel’s 

ffockiNfli!-’" i ,n The 
('anno.' Ij.iv. ;..iv Fortnight! 
and, the v; i.- j -rr.*^ Liza 
M nielli in \ .*JJI :er •>' Turn*. 
directed f»; ii*.-;- f.iiher Vireontu. 
(luJside the cy’.ap -'jp »n. which 
vlipuIaU'S !:iii in ;:iu c l he 
iWafi* «n '« . r: •<!* pby, 

art* a hu-ti -ii liriamai wo» 5 >> 

recCivm-’ ri:-«: Brilix/i 



l!i .ti !tion‘ 
KiPu’.iin:, 


the edges, but weak ai ihe h °rw dealer, a Petticoat Lane Cokes each emerge with much V j-d'u'-urL.:. 

centre. AH energy ,< ..„ n . * wv Vllh ^ colourful tr*> nf it;- ncdil. But the rest opcialc m ;, , I t . .-'r'l' i 

centrated on side-show ' effects in = h,r ' 1 '- ^ in0 ' 0 E lb ^ and fits and starts between the gogs. ^i-ui in li^ i i.'.-,* -.7 i ,. i , 
and they begin in ihe pub nevi Cadd, > '*>*■ “*omc?SInYi-- fchi Th.''' l“iV 5 h ‘" 

friepbral dirictor t v° , in t h a if n3 a 3 °l. hcr ‘ ;har:,cters wi!l nm giicn '.s reason al.lV" full, with a ' Misj-.-ns,-. Will :h«- now liiiu- 

the Barthofomew^ ?a«2u!!f riw m {? th,£ SOr * of ra,ldo,T1 Unr amount t.r tulcnhle m. inm r K •'« fi.- major 

r VrsMla piR-WOman. for damn* in ihe manner of Peicr JiMnr.ni -r*; |i..n.tur ih''ir r mn.i-..- 

SSJSH,®* f /f!|L of ‘? c insiance. caunol really be Barnes. 1 miss, above all. ; nut w. o».-n i he la^xi l —J »»i‘ « 


•.r-recnine 
WertmuHi"’- •; 
Paul V;. 

tl'miau. •» 
C-layhur^ti 
award ai F ine 
lb,.* sup'.*'"- X;; 
shown .d ' .ii:: 
.Unin. 

The f- •• 
m .iddjij** - ' 

’- •• 

anlhtdoc* 

together 

». i* (•» : 

intlocny . : *. 
».,-fnre. •( ! ; 

V.’.ir Tvi " ! 

the 1 ^-- 
Vosf erni'i 
I- j 
Uttlcr. 
in Nati ei 
i.'iti.are! 

For jtt 
further'! 
reeded 
'if film '. ■■ 
'VslIVjl 

;irent)i*r<' 
tlurt'oi 
i»v F’i - . • 

Redsr.n 
.•haired 
fesliv.il 
night c 


:t - 


hc*n L:n^ 
' ih t in i nl 

l nrrjiimVd 
III , i-’ar Jill 
P-i'-i Act res.* 
'.a;.' ;• car, and 

i‘. j;i S!:u. ills'* 

In Scorch «>.f 


r .• i.i—n ijing. 

.i--*; <C' '' ,-M-t 

' .:.•••» ^1;. :<n 

l : 1 ::i g;*l )»*•:'»•») 

• .,*!•• *■ rii***il- 

t l :-'.o.- tig til" 
r . i -nen* i 
.10 .«:* ter »V.irM 

' • fur>li 

. n in;. nave ? eeh 
‘.he rise of 
i !_•:• r-:L>>- 

: ii *' i-.iisrn Js 
=■• P-irJcr 

: r.‘. MUt'.c '.ud jet. 

-c-i .*};»• 'UC- 

" ■ . .. f.! •' •III"*. I 

..... | fie 

... .r’- Rr.ii-h 
- .i . iv:‘i".ht«'< 
.i"*"oUa 
.r-l V 

V- ;i O'"!' 

• ■*. c:t the 

- ■•■o-:nc 

!■■• a Jt'- ruled 



The Scepfoixi Wives 


i l.eviii. 
;.i:ar. a Jo _r.ii 
early w 


! < R’ i^ennii ii .i 

one of t 

liappics! m:irria_v- 

a-. *.ngde three 

mat recv!H 

. ,:ienia has given ur 

, ent mo'l »*f il*s 

Lciwei-n -i- 

:i.:*tv-ficlioa fanL-y 

l--l)naidereil by 

and social 

.-.gory. 

. ar-ie leicviMun 


•» 


Vilier • 1 

; e StCjifind U'/rv* 

• ad: entities *«f 

nI!U,i> Il"V . 

... an adult and iir .«■ 

Va.-r v -V :.U-1 

gin -.ill Vl- .: .; 

..•--.ich can tr:ii::f..|'iii 

i’aij,' Wliu 

e-iuiu. eri 1 

•mn ic-iiu king. The 

1 »i;- . vnh 

,’i/fdit •»/ 'I'"-, 

, ii show? u? e*-::Uu-.-r- 



with punk punks, baton -wielding descends on the scene with indelihle impression as Knockem ! the globe.’ 
policemen, and gymnasts on evangelical furv in regulation the horse-courser. j ri, c an.*cui*r. al.i*. Inv i vidc.i 

large balls and tall sulu. black trilby and frock coal. If a MICHAEL COVENEY be in. in •'< nnny raw.- :<> 

yes. Films have armed i.'ii*-. 
disirihuiors hau- IUmujIh twice 
j about the apocal »'f pivintefiilg 
their wares uiiiMde London. ;:t)d 
. this venr’s ini"mi»il VIP Hn.i 

oldest dereefci on the evenina of Friday, (double bass) collaborate in 3 . Havvvurili. .-Inli-d for ihe role ..f 


St. Bartholomew's music festival 


One of London's 


““"“w" * uiucsi ueieiM uu ;ne evemnsoi rimjiy. mounie oassi tuuawuiaiv in a i Hpvvvnrlli, lor Ille role <il 

churches, the Priory Church of July 14. with the composer con- lunchtime programme inducting iiuiinrarx '^rciidcni of i !i»- Jutv. 
St. Bartholomew, founded in ducting the London Chorale and works by Guy, Michael Finnissy. I dil] n „, ', urn :I rt :,j 

1123, will be the venue of Lon- the Royal Academy of Music Barry Anderson and Xenakis. > farpti wailed nj.tuuiit nally f'>r 
dons first festival of 2urh cen- Symphony Orchestra. It will in- The Wren Orceslra coniiiidcil ! / R . ( . flfl r h t - ,<i i njord's 

tury music. dude the British premieres of by Howard Snell gives Slravin- • K an (ln!ph Hotel. 

The festival, from .Tulv 4 t o his De A«t«ra Sonoris 1. Caprice sky’s Octet and The Soldier s Thai chmnick* uf it# lud*. hi*w- 


15. will represent the work of 32 1°L, 0boe and Caprice for Violin. Talc and Walton’s Facade on 

« ... . r . 'T’V.n r<vriir,l nnan,. ii-ifh Tulir ft and nn .In(v 10 F.lw-trlf 


British composers and 16 coun- festival opens with July 8. and on July 10 Electric 


ever, lakes im a*-ruuni of 
Oxford’s impi'fi* enu-m in per- 
formance and a ml*' i inn ihw jear 
lover lasi». ur uf th" ile'.crnnna- 
iii*n diming Iwhind ibc 


tries, and there will be 27 Andrew Morris conducting the Phoenix interpret Stockhausen, 

premieres in the 23 lunchtime and second London performance of Gage and cuhers. 

evening concerts Taverner’s LUtimos Et tos and ihe British premieres of works by 

n k a c ...following evening the Koenig Stachowski. Fukushima. Acker | rimmed -pcc la d*-s of 23-;. car-old 

. l l n as been organised h- v Ensemble will play works by and Sobal feature in the Loinanc! festival organiser Pli.'lip Bergen 

Andrew Morris, the church s Pau , ZioIo _ Colin Maiihews Ensemble lunchtime concert on' ’ 

fiTganijSt. .and will embrace the ( „orld premiere!, Jaroslav Rybar July 5 and the SPNM concert in 

three -Otn century music orgont- an( j j anai;e k. the evening conducted by Lionel 

nations in London SPNM. the 'The ^ as h Ensemble offers Friend will include ihe world 
Park Lane Group and the New Messiaen’s Quartet for the End premiere of Harold Allen's 
Macnaghten Concerts. 7 j„, c 0 n July 6, and the fol- Blame Not ill p Lute with 

.Among the highlights is a con- lowing day Jane Manning Timolby Walker the guitar 
cert of works by Krzysztof Pen- (soprano) and Barry Guy soloist. 


I.v J** a.'i-n ' • "eii. ‘Tc.i'tiij'hcr 
Pliimiiii"'. V.'.i.iJu.in and 

7Ci-\T <• n\ h<c l ii.-->, inc 

festival • H *"!.;*. nearer luv.^nJ.' 
fulfill in- c:iunur<:;s j-nu-ntial 
the cvi-n' ?*a.- ar u in u vie vel- 
ingcliici' — .uni that uxbird it>uif 
has a ivn:*-. Ti.:- arcb-'ecfural 
and scjuM-lie uj-ii. shucmerini: 
within i '.vac': Lotulon. 

ihe per i'*-: i s-.-mnj for a fi-Miva! 
aimed ruuch ai The Jouri-t 
and ib- i-a-u.i) vi-Hur — from 
home >>r ovyr- a.- — :u at the 
mode adc.-oriad" Sexi year 
Bercsuii :s bimuij to hold the 
festuai ,i auuk «.r (*.Vu laler. 
when univer-iiy term has 
ended :.n<» ti,. ‘■..nul.-itinn ati 
Oxford ii'i!e'j(. ti* hou-e 'guests- 
Such a jpi.'.i* vviuld draw foreign 
louri.si- — n..i Last Americans — 
like ;.i !•_ runs to a new shrine. 
England a fcaliv.il with a 

dash of ulamour and flamboy- 
ance. and oxford is hu*y answer- 
ing iIi'im- re(|Uirs.‘uu*nl«. 


in Ass:- 
h ci<:*.e.-r;> 

•i .. "'inv c 
n: other ir.av 

Illijl'V* il’j.'l - - - 

husband -r.d i '.uw, *.■. lake cia! uo>v.<.-;:i ikmg in r.u.: a 
up sx-s id -no s«(:i fij;n i*; ..'n r,. 'irons silline-s in 
!,■ rcu charms ->1 S:cr<K*rd. Cun- m hn.-h a Ft; Fain seenunglx tiuiH 
ncetiail. a -,na(; tuwn m eiUnvl; <*f wurlst siere*** 

— London buses, friendiv 


Book Reviews appear on 
Page 16 


In the teeth uf mpiuus unhclnful 
ness from fureivn distriluitors 
and lenaciuus rivalrj finiu the 
London Film Fe.'lnai. Berg* mi 
has pul together ih«* fotlval’s 
first com pel tli ve event and has 
found some worthy films !'* put 
in it: Australia's The Irislnnnn. 


And in t*i Lundr.n. The Step- 
ford \i .!•.■.{ nicelj 1 1 lust rmes ihe 
Way ruheal uncial movements 
gradual!* ills or through to 
popular an. Mr nut s** gradually 
in tin, case, since Brian Forbes'* 
highly iTr.erLiinmg imprnnipm 
on ihe ihetne of Women’s Lib. 
scripted by William Goldman 


America's equivalent uf tin- Hume 
Counties cum muter oelt. Here 
peace -*nd composure are ulniusl 
sini-terly umniprisont: au« leasi 
in ibe Placid counie nances af the 
neighbouring wiic? wno all -*.«!k 
jbuui. in !.;ce pinafores and 
coilTcd hair, iike auund-up man- 
nequins. 

Miss Boss's un'v consul ji ton 
and all* is bvr *erewbal! neigh- 
bour Paula Premiss, whose kit 
clien an exemplary mess, and 
who combines a foul mouth with 
a healthy coc tempi fur ihe male 
chauvjni.-m and female submis- 
siveness ail around bur. However, 
when Miss Prentiss soes away for 
3 week-end with her husband and 
returns behaving like ihe Ideal 
Wife, purrine recipes ani domes- 
tic bromide*. Miss Ross knows 
that something very sinister is 
gwnji on. . . . 

Visit ihe movie .md uncover the 
my s levies yourselves. Though 
made airieiiy within u cummur- 
cial format, the film is a spry, 
v.itty and hugely enjoyable fable: 


type-. 

bo l.«h io-. n iya I occasion ■> — i> 
terrunsed ; *y the supernatural 
powers uf Hiehard Burton. “I 
have a g!:l fur disaster." stiy-t Mr. 
Buriun,' :m d demon sir sites ii by 
such Picturesquely antwncial 
acti ;i> pu.-hing his parents over 
,i t-Jjff. oununs down a school, 
causing a Jumbo jet to crash 
into a London skyscraper, and 
persuading a well-known Encli-di 
cathedral pi crash io the wind 
during a visit by the Oueen. Thi, 
Iasi siuni recalls ihe British 
emurna’-; ruinous anti-inunarchUi 
coup of some years hack, when 
Rod Steiger as Hen h ewe;* tried 
ti* hlow up the Queen in the 
House of- Commons. Mr. Siciser 
failed con-piciiously: Mr. Burton 
ahiiosr sun-peds: who is next in 
this assassins’ geometrical pro- 
gres4l»m7 

<*n h.uul to combat Mr. Bur- 
ton’s " Medusa touch ” are Lino 


VcmiuM as a French detective. 
i:n probably operating in Britain 
on si Common Market exchange 
basis, and Lee Roiniek as an 
even more iuiprobjl/Je px-y/-ho- 
annly-d. " 1 was expecting a 
in3n." says Mr. Ventura on iheir 
first meoitna; “And 1 was expect- 
ing an Englishman," says Miss 


Gfyndebourne 


La Boheme 


bv RONALD CRICHTON 


rji Boheme is an unlikely 
choice for GJyn debourne, not 
because of the company it keeps 
there (the opera apears more, 
not less, admirable as the years 
go by) but because it so oftpn 
turns up elsewhere, while other 
works by Puccini not often, or 
happily attempted by the larger 
companies might be considered 
stronger candidates for Glynde- 
bourne’s ensemble methods— 
iWancm Lescauf, for example. 
None the less. -Boheme was 
chosen, just over 10 years ago. 
for a production by Redgrave in 
designs, by Henry Bardon and 
David V/ alter. These are used 
again for an otherwise new pro- 
duction by John Cux first seen 
on Wednesday. 

‘ The result looks perfectly 
fresh — there is no feeling J 
re-vamped show. Mr. go* * 
direction, is unobtrusive hut 
sympathetic: tus , u ' eatQ ?^ nt na 0 r . 
the four Bohemians, jd par- 
ticular. is beautifully rfuraLA 
young cast spares w ^ 

gambols from heavy middl^ed 

tenors and ban tones. Except 
that thev are an uncommonly 
weD -favoured lot the yoimg 
people are totally c 9 nv . I ° d i ne a ' 

SySS-- r Ch ^rA>y 

Sou* Wi Momus ore 

ra,Dor isns.j5pft.--s: 


msm 


rigltity in — And 

rtasoMbly be street mm^or the 

SSj St securely this needs 
The emptier, not only to mark 

the sea50a *° d b - 


point in Mimi's and Rodolfo's 
fortunes but to make the 
sharpest possible contrast with 
the contented crowds of the 
previous scene. 

The girls are both American. 
Linda Zoghby’s aquiline, drawn 
features easily suggest Mimi's 
fatal illness. She has dignity 
and simplicity, and she sings 
well, though even in the last two 
acts when the voice gains body 
and warmth, there is bo far no 
very strong personatity._ So 
vocally, though not dramatically, 
the portrait is slightly negative. 
Ashley Putnam comes with a 
growing reputation. Her Musetta 
holds the stage without the tan- 
trums to which _ more mature 
sopranos are easily tempted in 
this role, and with only 
occasional resort to shrillness. It 
will be surprising ir we don’t 
soon bear Miss Putnam in more 
important parts. 

The young Italian tenor 
Albert Cup id o is a find. He 
looks weil and moves with easy, 
unforced distinction. His lyrical 
singing at this stage has a touch 
of rawness : the voice still hasn't 
filled out. Vet there are 
musicianly qualities rare in lyric 
tenors of any age. high among 
them a winning way of Phrasing 
quick music so that the words 
lie perfectly on the notes (oddly 
enough in slower, more straight- 
forward passages Mr. Cupido 
once or twice showed hazy ideas 
about rhythm). The Marcello 
was Brent Ellis, excellent singer, 
physically much better suited 
here than in the daemonic world 
of Don Giovanni. The silence 
after the tenor and baritone 
dueL admirably sung and 
directed, so full of sadness, and_ 



Festival Hail 


Cherkassky 


by DOMINIC GILL 


Wigmore Hall 

Chilingirian String 



Albert Cupido, Linda Zoghhy and Ashley Puin.im 


dashed hopes, may be taken as 
a compliment. 

The quartet of Bohemians is 
completed by Alan Charles a* 
Schannard (a good performance 
that nevertheless dues not always 
make one aware of the musical 
riches Puccini slipped into the 
role) and Willard White as 
Colline. Mr. White's farewell to 
his outer garment is one of the 
expected pleasures of the even- 
ing. 


Mivola ItCM-lvina vomluris. S"in-- 
of the first act -ua-vsti'il ihai 
were in Tor a hieh-preSMin- n-a«:- 
mg. though ihe L'liulnn Philhar- 
monic "as nut f'.iiind wanting, ti 
turned uui lu be a lively bui n**i 
rushed Hot' cine full uf "k-aliiiliJ 
detail, with a bloom on the 
orchestral tunc, iliv strinei 
•"specially, ran*!} hr j rtf in fhv 
dry GlyndelKiiirno uii. b.-JM of alt 
on first niahw. 


The soloist l»ir th«- Gru-v cun- 
c"r»»> in last nimbi's !iP«.'> concert 
tui'ler Lawn, nee Fos’ur. framed 
!>y MenileUs-ihn’s Hebrides nver- 
HiiV and Rimsky's Scheherazade. 

• v as Shura Cherkassky. Bui 
in use who expected a whipped- 
cream confection as filling to 
ifeir popular von ccrt-sandwich 
:»ay have heen surprised. 
Ciierkassky's Grieg fto pursue 
the culinary metaphor is no mere 
(litiwy: every Cherkassky 

a;-pcarance is a feast of a kind) 

. a s fresh, tart fruit with crystal-. 
I • ne spun-suzjr dressing. He 
■ • tinned in the vein of his last 
I .uii don redial: each foreground 
-lure elcheri quick and sharp, 
v.i-.' middle and back-^rmind of 
music a swirl of shadow and 
m-liin? eolr.ur. 

Ihe first inmviiieni bluz- 
" ‘aves were slave urn and hngbt. 
almost enttrclj unnedalled: in 
lb " first subjet t after the upeii- 
jf 4 flourish, both hands, an 
«. uve apart, spoke jndepen- 
d'-ntly — sudden, magical ennver- 
'. nun; the cz > denza uvigbiy. 
i ai j spnn;. In ihe link* 
.: . «'4io, ihe colntirs burst infn 
! »■!-• Ifiant sunl'i-jhi ai major— ■ 
ai’ i stayed there. C.hcrkiissky's 
iir. .de was -.lurni:-'. inn wiihoiti 
yo.- trace t>r dark i-luml>. full nf 
, 1 1.. .thing ha>c-eolour>: stern but 
| t.-v iling illumination. (Better 
if the rclliaJ had been per- 
. -is. ded tu arlicuUie '•nine of his 
- - line under ihe piano's solo 
-l.Jcinem uf the central iaiei- 
tii»!v — even single notes can 
. r.i.'kc an expressive accuinpani- 
nufil.) Foster’s partnership was 
ri itised and aiienlivc: once or 
i • ire, niaj'he. a decree luo polite. 


Tbrpe Schubert programmes 
by ihe Chilingirian Strinq 
Quartet iiiit- others are on Mon- 
day and Friday c-enings »f next 
week i begjn on Wednesday with 
D.bS7 in G. which musi be one 
i.f the hardest of all quartet.- for 
the player? u« Marl convincingly. 
Such a precise balance of lOMru- 
ments is required, such a deli- 
cafe articulation of quickly 
repeated tremoltmdo notes, such 
an exact pitching of notes lo 
assure the listener of the in- 
tended conflict between G major 
and G minor. The youthful 
players of ibis British quartet 
almost if not quite, achieved 
conviction here, though it was 
proper that they availed them- 


selves Of Schubert's repeat and 
made the passage still belter the 
next time. 

If Schubert's Ninth Symphony 
is his “Greal G major.' surely 
1 his? quartet — exceptionally _b.ng 
exceptionally rich, and with a 
finale in the same galloping S/P 
—is his “Great major.'* These 
players paced u excellently, 
always with room for individual 
lift and grace. For a young team 
their unanimity is remarkable, 
their tone imposing. A disturbing 
fault, however, was ibe un- 
reliable intonation of their 
leader, Levon Chilingirian, io 
higher passages, both here and in 
the “Trout" Quintet. 

The assisting artists In the 
Quintet were Clifford Benson, an 



i ©ririte&ui t h re^^miependfeh ce^aSd^emo cr.dcy'-' 




ART • MUSIC • FI IMS <MQ KS :j€XHIBITIONS : 


Only airline 




on-leddah. 


saudl 


SAUDI ARABIAN AIRLINES 



■tdeiRione.^** 101 ' 9957777 ' 


Baiiifci 




-A.Z): 


\ j-: .. ' 




Reu.|. nmc/! foy lhat. ond 

M.i in ih*- :iiv.l nnpluii-ibihty. 
The Is 1 *», v. Ik,'. •. s .1 > from 

on.- v i*!i!it- i..‘ : nii ile i-tree of 

ac/i'-n >r -n.-c a;i**i !«•*'. 
••'UlVlsilIf' l-".ii ".ill'll i'v !ini!ll"!l- 
1 lor. at i'liv in uve iiftin 

'?av.’- :.-,i ' • .i.n appai im-: 

np 1 . i' '..'li.cV. d.i-hoav* • 

U-.'.i a: 1 *. .•;i tin. - * 

■Il-.i.-.irc*. winch ir,e 

in.'- :lU-j,nJ- 

i lirii' i uf . :i:*di.*i' ■■•* :il«T jutig- 
;*on.* ut.'fJc.'i. The HMn k "piv- 
.'"nit-d !*■ ’ the redoubtable l.ori l 

GVioJu. v h" .? ’.-as: (hc-u slays 

ining to -hut. ,*\ciyune ihal 

Britirii cr.ciii.i cin hold itx »v.n 
in tiic i<»g . •"iiuu.-j-i i-.il world. 
«in ih(* <A id-". icc -if ihi< fl!iu an.i 
i:ii prcdocc'-ui's < I'liwiur **i" the 

D»rw I. 1 ■ .Nii'llivfJ' > 1 

■iU'Ouct ihai he has ihu Medura 
touch. 


More modusl in i*‘u;»e t»ut far 
more ettevtivc is i'ue Cum chuck. 
Jack J-mt-r play-? a Bnn?b-ba>cd 
p..p star returntnc to hts singing 
career after a six-year ■■retire- 
ment ’’ He rents an old mansion 
in ihe (auiniry t whence to 1 - 0111 - 
mute i" his London recurding 
s'.miiiii but finds ibat peace and 
iranqiulliiy '•hide him iberc. 
Things nui only go bump in the 
nichi. they scream. wail, 
whimper, and present themselves 
in the form nf decomposing 
eorpse-r outside his bedroom 
door. The film has a Fxnriio-lifc'.* 
force and immediacy in its shock 
urn men 1 *. and all hough there are 
boles in ihe pint. Pde Walker's 
li’re-.vion hurries one so swifil; 
:f|*i:rg ihai they blur iota ihe 
general texture of Gothic 
menace. 


alert and suflicicntlv command- 
ins performance, and Rodney 
Slaiford on the double-bass (no) 
at. his iict 1 . 1 think). On the 
whfile ti v.-j> j well-shaped and 
well - com lasted pert'ormanve 
wilh one or two variant reading* 
which made me wonder wheihci 
l lie 1 1 Li} ers have access 10 a 
Miurce unfamiliar lu me. c*r were 
possessed by an imp of improvl 
SJlion. For an encore there wa : 
a pleasing and rathei 
Beelhoven-ish scherzo of whicl 
we were not allowed to know 
the composer until it was over 
“ Hummel.” !i1r. Cbilingiriai 
then announced. and iht 
audience smiled its approval a' 
the end of an agreeable evening 
ARTHUR JACOBS 


4U 




I 





20 



BRACKEN HOUSE. CANNON STREET, LONDON EC4P 4BY 
Telegrams: Finaniimo. London PS4. Teles: 886341/2, S83897 
Telephone: 01-248 SWlO 


Frida' v Jujie 23 197S 





fibres 


again 


BY RHYS DAVID, Textiles Correspondent 


YESTERDAY'S reports from 
Washing ion that President 
Carter is oo the point of decid- 
ing to impose a surcharge on 
imported oil if Congress con- 
tinues to drag its feet over his 
energy programme, were favour* 
ably received in the foreign ex- 
change markets, where The dol- 
lar immediately strengthened. 

America's growing dependence 
on oil imports is a major factor 

in the enormous current account 
deficit, which is forecast by the 
Organisation for Economic 
Co-operation and Development 
to rise S6!*n this year to S24bn. 
and the outflow m turn is a 
major factor in the weakness of 
the dollar. 

Oil shortages 

Tlie news will also be warmly 
received in the capitals of the 
m3jor industrialised countries 
whose pr^me ministers will he 
meeting at next month's 
economic summ>. in Bonn, since 
it sharply improves the possi- 
bility that they could put 
together a package which could 
be labelled a success. During his 
recent visit to Washington. Mr. 
James Callaghan, the British 
Prime Minister, said that a cut- 
back in U.S. oil imports was 
an essential ingredient for the 
success of the summit. 

In the longer-term. America's 
voracious appetite for imported 
oil could, if unchecked, seriously 
aggravate the dangers of a world 
oil shortage in the late 19S0s 
or early 1990s. Recent U.S. 
forecasts suggested that the 
country's oii imports were likely 
to rise from Am barrels a day to 
11.5m barrels a day by 1965. 
aud not decline to 6m barrels 
as provided lor by the Carter 
energy programme. On the 
basis of these and other esti- 
mates. the International Energy 
Agency calculated that there 
would be a world "demand gap" 
ct between 4m and 12m barrels 
a day by 198a. 

Determined action by Presi- 
dent Carter to curb oil imports 
would obviously help to alle- 
viate. or at least postpone, the 
dangers of such a “demand 
gap." But from the point of 
view of next month's economic 
summit, it is the. short-term 
impact on the foreign exchange 
markets which is likely to 
prove the critical factor. The 
German Government has been 
fur some time under pressure 
to stimulate its domestic 
economy, as a way of helping 


the world out of the current 
recession: but Chancellor 

Schmidt has made it plain that 
There can be no question 
German inflationary moves 
except as part of a package, one 
important ingredient of which 
would be action to stabilise the 
foreign exchange markets, and 
especially the dollar. 

At this siage, President 
Carter is n»t firmly committed 
to an import lax. since he still 
hopes for early action in Con- 
gress on his energy programme. 
But the simultaneous announce- 
ment that iho Energy Depart- 
ment has prepared a petrol 
rationing plan goes some way 
m buttress the credibility 
what is still in the realms 
kite-fiyins. 

Meanwhile, another economic 
summit kite was flown yester 
day. when Mr. Rainer Offergeld 
the West German Development 
Minister, declared that a pro 
posal for transferring SlObn « 
year for several years from 
developed to developing coun- 
tries, would be on the agenda 
at the Bonn meeting. This 
particular kite appears m be 
rather less firmly tethered to 
the ground, since it does not 
have the endorsement of the 
German Government, and is 
discounted as fanciful in other 
capitals. Undoubtedly the 
problem of the non-oil develop 
ing ».*oun tries, with their heavy 
accumulation nf debts, must 
coine up at the summit, and 
the participating countries may 
well agree nn some sort of 
assistance programme. It 
ranch more doubtful if they 
will agree on a programme on 
such a large scale. 

Currencies 

Yet there could be a case 
for considering a massive 
transfer programme, not merely 
for the sake of the help it 
would provide for the poorer 
countries, but also because of 
its potential usefulness in 
currency stabilisation. Major 
aid transfers by reserve-rich 
surplus countries like Germany 
and Japan, coupled with smaller 
commitments by weaker indus- 
trialised countries, should help 
alleviate upward pressure on the 
Deutsche M’ark and the Yen. and 
make it easier fur Chancellor 
Schmidt to give feasibility to 
his plan for an enlarged Euro- 
pean scheme for currency 
stabilisation. 



THE EXTRA costs that could 
fall upon manufacturers if the 
law relating to liability for 
defective products were to be 
1 changed in line with the recent 
recommendations of the Pearson 
Commission has aroused con- 
cern in many industries. As 
the Confederation of British 
Industry has acknowledged in 
its latest representations to the 
Government, valid comparisons 
cannot be made with the situa- 
tion in the United States since 
; the consequences of product 
liability litigation there reflect 

• in large pan the peculiarities 
. of the American judicial pro- 
cess including, in particular, the 
system of entrepreneurial trial 

I lawyers. But the CBI does 
question whether the balance 
i between the costs and the. 

• henefiiR of a chanse in the law 
i in Britain has been sufficiently 
; considered. 

\Stiffer test 

The costs to industry would, 
: however, depend to some 
extent upon how tile new law 
■ was drafted, while the argu- 
ments in favour of a change 
would appear to be consider- 
able. A person injured by a 
defective product has at present 
two ways of claiming redress. 
He can sue the seller under the 
law of contract, or he can take 
out an action for tort against - 
the person responsible for the 
defeet. It is rare nowadays for 
final users to buy direct from 
the manufacturer and in any 
case the law of contract gives 
no rights to third parties who 
may he injured, such as the 
purchaser's family or passers-by, 
while to claim tort the injured 
person has to prove negligence 
which is a far stiffer test than 
the strict liability available in 
contract law. As a result only 
a tiny proportion — the Pearson 
Committee hazarded an esti- 
mate of 5 per cent— of injuries 
nr deaths arising from defec- 
tive products and services 
attract compensation. 

On grounds of equity, there- 
fore, it seems only right that 
the costs of hardship in personal 
injury cases should be borne, 
nnt by the victim as largely 
happens now. but should be 
shared out either among tax- 
payers through snme form of 
State compensation scheme 


based upon the no-fault 
principle or by consumers gener- 
ally by making it easier to claim 
compensation from the firm 
responsible For the defect. Of 
the alternatives, the latter 
would obviously be more sen- 
sible as it would give the maker 
of the defective product l nr 
component) a greater incentive 
to control quality and safety. 
Whether compensation was paid 
by the firm or its insurers, the 
costs would ultimately be 
passed on to users in general. 

Of the various ways the law 
could be changed, the most 
logical would be to extend strict 
liability to actions for tort, as 
proposed not only by Pearson, 
but also by the English and 
Scottish Law Commissions and 
the EEC Commission in its draft 
directive on preduct liability. 
Limiting strict liability to con- 
tract law may have been accept- 
able in the days when producers 
and users dealt directly with 
each other, but not in this age. 

It is however not only a ques- 
tion of deciding whether in prin- 
ciple the law should be changed 
but of deciding the many de- 
tailed legal issues that such a 
change would involve. Judging 
from" the National Consumer 
Council's and Consumer Associ- 
ation's joint submission to the 
Government, there i<s some com- 
mon ground between industry 
and consumer bodies. But some 
of the more contentious matters 
—such as in particular the stan- 
dard of proof that would be re- 
quired— would have a consider* 
able influence upon the magni- 
tude of the costs that would fail 
upon industry- and thus upon 
users. There is also the question 
of whether compensation should 
cover property damage, non* 
pecuniary loss as well as injury 
and whether— a point of special 
concern to the drugs industry— 
there should be a legal limit to a 
manufacturer's liability (as 
there is normally in his insur- 
ance policy)’. There may per- 
haps be a case for the State to 
top up the compensation avail- 
able when an unforeseen defect 
in a product approved by a 
Government-appointed body has 
catastrophic effects. But. other- 
wise, The cost of raising product 
quality and safety ought to 
fall on consumers as a whole. 


FTER NEARLY nine 
months .of negotiation 
and some. intensive 
diplomacy by top EEC officials. 
11 major producers in Europe's 
fibre industry have this week 
completed the first stage of a 
new agreement aimed at restor- 
ing the sector to health. 

After losing between S2hn 
and $3bn over the past three 
years as a result of massive 
over-capacity, low plant utilisa- 
tion and weak prices, the EEC 
fibres industry- is planning to 
work together on a series of 
measures to bring capacity and 
production into line with 
demand. 

Under the arrangement tlm 
procedures will, during the 
next three years, first 
stabilise capacity at levels 
prevailing at the end of last 
year, when the present talks 
began, and then reduce it. 
During this period — though 
with the exception of the 
Italians — producers will be 
expected to maintain the 1976 
pattern of deliveries for all the 
main fibre types. neither 
gaining nor losing in relation to 
their competitors. Any increase 
in the market up to 1981 will 
be divided on the same basis. 

The agreement is an excep- 
tional measure intended to deaf 
with a major crisis, and still has 
to overcome two possible 
hurdles. 

Though the arrangement has 
been backed throughout by the 
industry directorate of the EEC. 
with the Commissioner, 
Viscount Etienne Davignun, 
himself playing an important 
role at various stages in the 
talks, it runs counter to the 
competition rules of the Com- 
munity. and has had to be 
vetted by both the EEC com- 
petitions directorate and the 
authorities in the individual 
member countries, including 
the tough German cartel office. 

The EEC has already rejected 
a proposal that the agreement 
should represent an informal 
understanding among the pro- 
ducers and has insisted that it 
be brought under the formal 
rules laid down in Article S7 
of the Rome Treaty. This could 
involve the drawing up of 


special legislation which would 
have to be approved by the EEC 
Council of Ministers. 

There are signs too that the 
German authorities with their 
dedication to free trade will 
not let il pass lightly. In Bnun 
yesterday there were reports 
that the German Government 
was unhappy with the provision 

in the agreement setting limits 
on deliveries by the individual 
producers. 

Nevertheless, though further 
bargaining between the Com- 
mission and member govern- 
ments may still have to lake 
place, the need for the agree- 
ment has persuaded the pro- 
ducers to complete their part 
of it. and to proceed, after Talks 
earlier this week with the Trade 
unions, To the formal signing 
ceremony. 

Indeed, as a result of the con- 
tinued slow world economic 
reL-overy from recession, the 
need to act has become even 
more urgent, according to the 
fibre producers, since negotia- 
tions started last autumn. The 
graph shows consumption of 
all fibres was Slowing at a rate 
of about 4 per cent per annum 
from the mid-1960s but fell back 
dramatically with the oil crisis 
in 1973. A recovery took place 
in 1976 but this was reversed 
again in 2977. 

This figure for final consump- 
tion includes imports which 
were proving, especially at the 
end of this period, at a very 
rapid rate. The impact on 
domestic fibre producers in 
Europe has as a result been 
even more serious, as the figure 
in the graph for mill con- 
sumption — usage of fibre by- 
textile producers in Europe— 
shows. After growing from 
just under 3.5bn kgs in 1965 
to 4.7bn kgs in 2973, con- 
sumption of fibre was down by 
the end of 1977 to 4.1bn kgs. 

Behind these figures is the 
massive shift that has taken 
place in the distribution of tex- 
tile aud clothing manufacture 
during the present decade. 
According to figures from 
Enka, the Dutch-German fibre 
arm of the chemical group. 
Akzo. Western Europe 


FIBRE CONSUMPTION IN WESTERN EUROPE 



MN KG 


Ail Fibres 



Mill Intake of Fibres — | 

COTTON. WOOL & MAN-MADE FIBRES 


feOQOl 


i I .1 i 1 . It l i l i i i — i * 

1965 ’66 ’67 ’68 '69 TO ’71 ’7Z ’73 -74 75 ’76 77 


Son-i h-'p nwfs 


accounted for 31 per cent of 
man-made fibre production in 
1970 but only 22.5 per cent in 
1977. The U.S. marginally in- 
creased its share from 27 per 
cent to 28.5 per- cent, while 
Japan, like Europe, suffered a 
drop in its share, down from 
IS to 13 per cent. The rest of 
the world — low cost producers 
in the Far East, South America 
and Comecon— increased its 
share over the same period 
from 23 to 35 per cent. 

The result has inevitably 
been over-capacity in Europe- 
estimated currecitly at around 
30 per cent — and continuing 
losses by ail the major pro- 
ducers in fibres. Furthermore, 
there is not too much comfort 
to be drawn from the projec- 
tions of the likely future size 
nf the market which will be 
available to European pro- 
ducers in the years ahead. Id’s 
estimates show that if demand 
rises throughout Europe at an 
average 2.5 per cent per annum 
rate between now and 1985, 
fibre consumption including im- 
ports in that year will reacb 
6.05bn kgs against the present 
4.S5bn kgs. The amount of fibre 
which European producers will 
be able to sell is determined, 
however, by the level of im- 
ports. Tf these grow at the 
same rate as in the three years 
up to the end of 1977 — roughly 
15 per cent — European pro- 
ducers could be left supplying 
only 2.55bn kgs our of the total 
usage, and even this assumes a 
fair increase in exports from 
Europe. 

On a less pessimistic assump- 
tion — a 6 per cent per annum 
increase in imports — European 
mill intake in 1985 will be 
4.73bn kgs. If the present 
round of the Multi-Fibre 
Arrangement, signed at the end 
of last year to regulate textile 
trade internationally, proves 
fully effective, and imports 
grow at only 4 per cent per 
annum, mill intake could reach 
a.Oobn kes. The capacity prob- 
lem is given a further dimen- 
sion, however, by the improve- 
ments which are continually 
taking place in man-made fibre 
production machinery, making 
it possible for the producers to 
increase significantly the out- 
put at easting plants. • 

So the need for co-ordinated 
restructuring action by the 
sector to meet new market con- 
ditions has been apparent for 
some time. The negotiations 
have been able to proceed only 
slowly, however, because of the 
precedent such an agreement 
could set for other crisis-hit 
industries, and more particu- 
larly because of the conflict of 
interest between fibre pro- 
ducers in different parts of 
Europe. 

In Northern Europe the 
major producers started adapt- 
ing several years ago and 
have already eliminated targe 



'amounts of capacity. Thus ICI i 
has shut down plants, in this".' 
country at Wilton on Teesside 
and in Germany at Offenbach 
and has trimmed its labour 
force by 30 per cent/ Hbeiftgt 
in Germany has also' closed 
plants and reduced its ■ total 
employment by 25 per cent 


- . - , done- so Those ' that*, .bavg 

while Akzo, too, has embarked aone ^ - S0 ‘ - - — -«■ 


■. Viscount Etienne: : ..... .. , 

wi- n - ’•••• 

' .that*- 

afrSady "brought their cecity pitting .up 


New capacity 
levels 


on major surgery. 

The Italians, who ' have 
lower share of the total 
market than Britain or Ger- 
many, while at the 
possessing a very large 

and clothing industry, have = aja, to reiaiifc &eJes*A ,. 

been insisting on their riglt -to- S to -i«k'- 

catch up and at th^STltalians will be aSowSl' J&bWtWfa 

self-sufficient in synthetic. flbre -“fitte ltalians - p roduction by^l98^were tfrawn 

production. As a P^TstS^ 

time when other producers/«“Jated 
have been cutting 

Italians, whose fibre mdus^ ^^at date t 0 ^sq xg* . tion s bad & .ittMDB&Sixm.: ■ 
has also been making the . suppliers win : 

biggest losses in Europe, have; share of ^ 8 f h ? U Lf>f fi°ures-’ t6 

co-operation has resulted hf tfgg-K thwr aumnt. Ur 
compromise which does go cenrt share of the European. ■ . - 

some way towards meeting their to 21 per cent • - >*, . • jfri-tfcW- ■ ariv • 

aspirations while achieving the /.The rules also prevent , 
overall objective of a reduction export to; domestic 

in capacity. markets in the event of a down, M .per 

' ttm tin demand ou tside Europe; anse if fflQffjfr: in 
pr* jn creases in capacity • “to is at -a ; 

serve’ expansion in ' export ‘expected; tbe- 

mackets. Investment in nfew proposed r-transfe)-- ^ marker 
capacity to replace old will still to? 

be allowed, though clearly this ... There. ls- Sfisn ^ie. question: of 
. . will be closely watched. - V tire attit^^t0f!3^jpbrfm;^iion- 

The first mam element in signing of the agreement signatories; .-. wlip '/arS . • in . a. 

agreement is the setting of new al0ao jj ne g follows a position' tb' r -^iieiK5fr\ develop- 

European capacity levels for of ^ard bargaining, witi' ments Mrt^O^^pr ffiirkCt The 

six main fibre groups — nylon thb : producers naturally anxious two vlbS.^^rdduce^, 'Du. Pont .* 
textile and nylon carpet fila- ^ see an> . of their rivals and^ Mfio^td/i^riTbafred by 
ment, nylon staple, polyester g^jp^g any competitive advph- X2.S: apti : trusf : 4 egialjitvon.;|rem 
textile filament, polyester staple.- : from the deal, whether participatinsTbiitv lave been 
and acrylic staple. Total jf wor £ will only become - kcpt.'ijDfipQ(AiedJip^un arid some 
capacity — currently put at. ^ experience of operating EFTA- - countries also, . have - 
around &12bn kgs will be ^uyeemenr- without parallel .' fibre 
reduced as a result of these sb ;£a r within the EEO-is .eapadts/bW- tb&:assumption^ ^ is . 
measures to 2.72 kgs. . .= obtained. being .mafle; that ^^ wjiL not 

At the same time the pro- - /On- this point, however, there’ : tise; v* Th© 

ducers are being divided tnto ’'as some confidence on. the part arraaget nppt . . • \ • 

two groups. Non-Italian pro- of. the fibre producers, who — _!The ^ prqduqers - ^■■arg. V-^ alSo 
ducers will be expected ta believe a degTee of common ^xpecOTg^ the' £pmin»sfon to 
reduce their capacities by mid- purpose has been established in JLfty 41 .wjdET-^^t^^-Jdeiteiy 
1979 and hold them at the new .the talks. The participation of Supervising - amt poticing -the 
level until 1981. The Italians' the Italians was obviously- 'OffreemeiiL' The.-Jeductibna: Ijd . 
will also be expected to reduce crucial and there are signs that capacity ( axe. .ukely^ to - have 
their capacity in the short term tile -task of rationalising Italy's unportant economic Jiadr social 
from 600m kgs to 515m kgs, .fibre sector is already being cohsequenc8s;'ajKl re sources will 
but unlike the other producers tackled with great vigour as a have Jfo be Tnade avaltatue^ to 
they will be able to raise it result of the , deal. The new help individuals and regfcjas .Co 
again to 600m kgs by 1981. ’management, whicj hgs: taken, ^Pj-' ,'4, 


This will enable the Italians to ovef at Rhohe-Fdulenc, . the .the CommisMpn S wII 
replace older capacity with French, chemicals, fipres and do so is beipg loi: ' 
new, and compares with their -textiles, group, .is also moving Perhaps the-biggestimponfferr ' 
original plan to boost capacity ahead with its. programme of able of alii hqwever is thes likely 
to 800m kgs. ; restructuring, and these moves performance over toe next few 

Within the new overall in Italy and-. France should , years, of the fibre indnstry’s . 
capacity levels for the varibus bring both countries rivore main customer, the textile and. . 
fibres, individual companies will closely in line with progress clothing industry- It. has been 
be expected to follow the output already made in Northel^ very largely the vulnerability of 
pattern set in 1976, when total Europe. y these two sectors to imports 

deliveries throughout Europe At the same time, the\whicb / has "caused the fibre 
amounted to 2bn kgs. This prospect of stronger consumer producers ,4d Jose outlets in 
provision means that signatories demand later this year coupled Europe. The. fibre industry's 
to the agreement will not be with more stable market con- chances of returning to viability- . 
allowed to increase their ditio ns. through implementation is . still as likely "to depentT On " 
market share at the expense of of the Multi- Fibre Arrangement ihe measures which the textile 
their competitors. The formula also appears to be giving pro- industry takes - to . strengthen : 
also places the onus for making ducers some of the confidence itself as on the capacity, and 
capacity reductions on com- needed to take the measures pr^ction agre^ , . 

paries that have not already necessary to strengthen their now . been worked’ out ’ . 



Street cleaner’s 
lead in GLC 

A small victory over the visual 
vulgarity in London's West End 
has just been achieved by the 
GLC. After a refusal to renew 
its licence, a sex-cinema in 
Brewer Street. Soho has re- 
moved a lurid display on its 
wails. "It now looks almost like 
Presbyterian church.*' says 
Bryan Cassidy, vice-chairman of 
the GLC's public services and 
safety committee. In the year 
since he was elected as a Tory' 
councillor for Hendon. Cassidy 
has led the "clean-up-London" 
campaign. What vexes him par- 
ticularly is the hyperbole of the 
posters outside London's sex 
cinemas and strip clubs. "Hav- 
ing been in a few. I think it's 
high time they were prosecuted 
under the Ti-ade Descriptions 
Act.” 

Cassidy, a 43-year-old business 

executive. say s it is high time to 

end the “chaotic state of toe 
law" over censorship. But his 
views may blow a few fuses in 
toe Festival 0 / Light executive. 



" It's fantastic. I've just 
had a £I-million hid for 
my hammer! " 


because Cassidy thinks Britain 
should have "P for Porn" 
cinemas on the Continental pat- 
tern, where any legal sexual 
act can be seen: "The parallel 
with gambling is very close-^lf 
you want to place a bet you 
know where to go." But the pro- 
viso would be: no offensive 
nudity’ on tire street billboards. 

Needless to eay. Cassidy looks 
forward to a general election 
victory by the Tories later this 
year. He recalls Willie White- 
law's promise to reintroduce the 
Cinematograph and Indecent 
Displays Bill, which will make it 
far easier to "clean up the 
streets.” When that step ha's 
been taken, affirms Cassidy, the 
end of censorship will follow. 
"Live and let love is our aim .” 


Up against it 

Rough days for Lloyd’s of 

London. First New York is 
making threatening noises about 
setting up a market to compete 
wiih it — and now New Zealand 
is doing the same. I learn they 
are fed up down under with the 
number of Lloyd's salesmen 
sent over to sign up new names 
for Lloyd's underwriting syndi- 
cates. Denis Adam, chairman of 
one of the main insurance 
brokers in New Zealand, tells 
me these “itinerant salesmen 
raise some eyebrows,” He 
resents the way that "our 
capacity is being used to expand 
a market 12,000 miles away.” 

Adam is now a member of 
a committee advising Welling- 
ton on how to establish an insur- 
ance exchange based on Lloyd’s. 
It is a move designed to reduce 
the NZ insurance community’s 
dependence on a market which 
Adam feels ta too inward look- 
ing and "thinks insurance 
begins and ends with London. 
With this we cannot agree." 
Will tow news make Lloyd’s ring 
the Lutine bell for the business 
they may lose? Let me reassure 


you. Premiums from New 
Zealand may amount to £14m, 
but the Lloyd’s total is £2bn. 


Gem for Jonas 

Museums and collectors of the 
world are homing in on a newly 
discovered Brazilian treasure. 
But Brazil means to hang on to 
the amazing find of farmer 
Jonas Lima. Not long ago, Lima 
was poking about in a cave on 
his property and found a rock 
which has been described as 
“ almost pure shafts of rubel- 
litc set on a base of bifurcated 
quartz crystal surrounded by 
modular crystals of lepidolite 
and microcrystata of aphrizite 
and epidote 

In layman’s language, this 
amounts to a very large piece 
of rubellite, almost as hard as 
a diamond, weighing 25 lb, 
more than 50 inches long and 
a foot wide. Mining experts 
say it must be worth several 
million dollars. 

The Brazilian Institute nf 
Gems and Precious Stones says 
it will match any foreign bid 
to prevent toe stone leaving 
the country. Farmer Lima has 
just hidden it in a secret place 
and announced that all the fuss 
has made him so nervous that 
he plans to escape on a trip 
to Europe. 


English version of The Reserva- 
tion. his latest nightmarish 
novel. 

Ruyslinck has found it less easy 
to penetrate the literary iron 
curtain here. I learn that the 
hook is only appearing because 
the Belgian embassy has pro- 
mised the publisher, Peter 
Owen, that it will cover the 
translation costs. 


Toeing the line 

Dr. Dickson Mabun, Minister of 
State for Energy, yesterday put 
away his Portuguese phrase- 
book and cancelled his air ticket 
to Rio de Janeiro. He will not 
be going to the “ Offshore 
Brazil” conference, where he 
was to have promoted business 
for Britain’s oii industry. 
Instead he will be obeying a 
Labour three-line whip for Mon- 
day, to attend the Tory supply 
day debate nn national trade 
and prosperity. 

Mabon is reported to be 
almost as angry as Energy Sec- 
retary Anthony Wedgwood 
Benn was last month, when par- 
liamentary pressures of the 
same kind stopped him going 
to an offshore conference in 
Texas, Both hope that the 
-impending general election will, 
one way or another, put them 
out of their misery. 


The other side 

Belgium's best selling novelist. 
Ward Ruyslinck, is baffled be- 
cause his books keep on being 
published in Eastern Europe. 
Hta theme ta always the destruc- 
tion of individuality by oppres- 
sive bureaucracies — scarcely 
one likely to please communist 
regimes. Yet the requests for 
publication rights keep coming 
in from such countries as Poland 
and Romania. “I think the book 
editors are using me to make 
oblique comments on their own 
societies,” says Ruyslinck who ta- 
in London to help launch the 


Not a chance 

A colleague tells me that while 
caught in a traffic jam at Hyde 
Park Corner yesterday he 
shouted to the driver of the car 
beside him: “Drives you mad, 
doesn’t it?” "Yes,” the other 
driver shouted back, “but what 
can one do?” 

“Write to your MP," my col- 
league suggested, only to be 
told: "Don’t be daft, old boy, I 
am my MP." 


Observer 



moving tip 
the MI 

Actually we told Mr Bkjggs, he peedn't bring toe building- 
with him. Since 1 970 Northampton has created about 5 million . 

sq ft of additional industrial development. Many mterndtronaliy- 
known concerns have already relocated here. Wa have unit 
factories already built in sizes from 3 000 to 40 000 sq ft. . 

Off-the-peg factories can be ordered in multiples: of ICrQOOsqJf ’ 
and virtually unlimited sites are immediately available oh four - 
new employment areas. Some sitBs can have private rail si'dinos ' 
if desired. : ^7 • 

As well as its central location, affording ease of access 
and distribution via the motorways to all parts of the country,. 
Northampton has tremendous advantages to offer firms Wishrna ' 
to relocate their factories and warehouses. As well as economic 
rents and a first class labour relations record the expansion erf ;i ’ 
this historic county. town means excellent homes for your' staff to 
rent or biiy. new shops. new schools and new community 
facilities. Most important, however, ft means that Northampton'- 
offers new opportunities for growth and success. ' ^ 

For further details phone 0604 34734 or write to : - " 

L. Au&iin-Ciowe. Chief Estate Surveyor, * 

Northampton Development Corporation': 

-2- 3 Market Square. Northampton NN1 2ER. ’’ 


f 




Letters to the Editor 


f . •• \ 



Surcharge on 
employment 

From Mr. E. Whiting. 

Sir. — May i add a few further 
points on the effect of the 2* per 
cent surcharge on employment. 

Part-time work, carrying earn- 
ings of less than £17.50 per week, 
will be even more beneficial for 
employers and employees who. 
between them, will be saving a. 
total 21 per cent contribution to 
National Insurance (.which will 
be payable on earnings over 
£17.50). 

Overtime for workers already 
earning £120 per week will be 
similarly very profitable as com- 
pared with employing a new per- 
son. An extra £10 earnings at 
this level will be National In- 
surance-free; £10 paid to a pew 
worker will suffer contributions 
of £2.10. 

The advantage of self-employ- 
ment as compared with employ- 
ment by others will be further 
increased. At the upper limit of 
£6,250 profits or salary a year, 
the self-employed pays National 
Insurance of £312 a year, while 
the employed will pay a total of 
£1.312 (assuming contracting-in 
to the stale pension scheme) . A 
self-employed person in a small 
business with good potential will 
be then reluctant to form a 
limited company necessary for 
expansion because of the very 
heavy National Insurance 
pepalty of making himself ana 
bis partners into directors, ana 
therefore employees, of tbe com- 
pany. 

The argument is advanced by 
Mr. Healey that employers 
National Insurance contri buttons 
are much higher in other Euro- 
pean- countries than In the ui\ 
and therefore we should he able 
to Taise -our contributions with- 
out any deleterious effects. 

Other countries, however, have 
not increased theirs recently be- 
cause oF the known effect on em- 
ployment. To give two examples, 
in France employers taking on 
new young people were exempted 
from National Insurance contri- 
butions for. a period; m.ltai} 
there is an increasing movement 
towards “ fiscaJisation. i.e.. re- 
placing National Insurance con- 
tributions by scneral ta? 

Sir/on “o £!. £*£& l 

NatlontJ 1 S 
ance contributions in other 
m tries tend to be more com- 
prehensive. To Britain w f . 

firt sir wa®? 

have a 44 per cent surcharge 

f0r r rworrSr D 1b: 5 e' ai S rel3? 

lZ\n™e National 8 Insurance 

limits. - - : 

Edwin Whiting- 

( Lecturer in Managem 

gs&ws** 

Board room 
politics 

gSLft.asa» 

pondcnee coluoins. ba ve 

ssJO^Strss 
pssttt 'SS— 


lightened, flexible and full of 
good ideas. Some or all of these 
adjectives certainly apply to the 
most successful British com- 
panies. aDd the fact that they 
apply is probably a reason fur 
I he success of those companies. 
Would that there were more. 

Mr. Webb-Bowen stated 
nothing new when he drew atten- 
tion to the failings of British 
management. He suggested some 
ways in which a wider use of 
non-executive directors could 
help in inject fresh thinking into 
the board room. Anything which 
will bring o breath of fresh air 
into some of the fustier board 
rooms of British industry is to 
be welcomed. The suggestion that 
the financial establishment of the 
City should east its rrt wider in 
.selecting non-executive directors 
is a good one. Companies can 
only benefit from inviting on to 
their boards experienced senior 
executives from outside. Surely 
more use should be made of 
“head-hunters” to find the 
right candidates. 

Mr. Webb-Bawen was also 
attacked for recommending the 
merits of the two-tier board. The 
system is now so well and so 
successfully established through- 
out Europe (and not just in 
Gen □ any. as one of the contribu- 
tors to this correspondence 
alleges). It also exists • de facto* 
in the U.S.A. Compared with the 
unitary board it has the great 
merit that it strengthens tbe 
power of rhe shareholders. I sus- 
pect that this is often overlooked 
bv those who see the two-tier 
board merely as a devlc* for 
achieving ‘employee part/iipa- 
tion.* 

Bryan Cassidy. 

Members' Lot? bit. 

County Holt. SEl. 


should show that they have this 
knowledge hy qualifying as 
solicitors. 

Alan D. Roper. 

Court Chamber.-:, 

3. Vittorio Street, 

SL Albuns, Herts. 


Intangible 

quality 


From Mr. A. Roper. 

Sir. — Tbere is a fallacy In 
Professor D. R- Myddelions 
argument about professionalism 
(June 21). 

Mr. Myddel ton's c r n Jh?f!l2 
lake no account at all or the fact 
that in certain 
nublic both deserve and need 
full protection against datgfW 
of which they are not even aware 
2d ?hT»»tun of 

not appreciate -.V'tiiout. 

sarsawf ivi 

SafflSffSS 2 

Cessions (and vie * 
fesion ■»»«,“'„ another) 

3^ps«--jia 

Jy5gs-irjr«. 

interests. thc same 

As to “V/ 1 Monica Vincent, 
page from Dr- tb3 t. with 

it seems quite c«- ^ ^ 

no disrespect t ^ the com . 

very little know led^ fC]3tini? t0 
plexity of the tl)e var ious 

real property }a w which 

other aspects conveyancing 
are involved « certainly not 

transactions It rtnveya nelng 

correct that mo t w hich 

tan be rtduced * ? $$ know- 

;ers thf?aw could follow, 

led |rbe f fillacv in this argument 
and the t.ii> dC - v u . qua iifietf 

is that It needs * '"^jed 


From Mr. C. Jackson 

Sir.— The director general of 
the Institute of Directors (June 
19) is of course quite right lo 
distinguish between the back- 
ground knowledge required lo 
perform successfully as a 
director and the intangibles that 
make For good performance as a 
director. 

I am glad tbat tbe Institute is 
considering means or assessing 
supporting knowledge, but he 
does me less than justice in over- 
looking my contention that know- 
ledge of management techniques 
is of far less importance than 
the intangibles of “director 
quality." 

To say that qualities of 
“business acumen and leader- 
ship cannot be tested in the 
examination hall " is true in u 
sense, but to wait until they are 
tested in the market place may 
well be too late for th“ company 
on whose Board the failed 
director serves— 30d for British 
industry. 

My contention is that means 
of making valid assessments of 
potential and of predicting 
ultimate performance have been 
developed by the armed forces 
and by the civil service in this 
and in other countries, and in 
industry in the selection of 
management trainees. 

My plea to the Institute is that 
it should set up a working party 
to outline a specification of 
director qualities. available 
means of assessing the potential 
director-qualities of those who 
aspire to be directors, and recog- 
nition of that potential- 

T join with Mr. Hildreth in 
abhorring that a person “ should 
he debarred front serving on a 
Board of directors for lack of a 
formal qualification." but believe 
that many would welcome a 
systematic attemnt to examine 
the problem in depth with thc 
aim of improving the average 
level of director-qualities on 
British Boards. 

Clifford Jackson, 

Paul E. Ray International. 

25. Old Burlington Street, \V1. 


A wage for the 
unemployed 

From Mr Ft. Mmgrave. 

Sir, — May J second the pro- 
posal made by Messrs. Nason 
(June 16). namely that un- 
employment benefit should be 
used us a wage for the 
unemployed and in payment for 
useful jobs which should be 
found for them? It is a self- 
evident truth fhat there must be 
some sort of solution for 
unemployment along these lines: 
furthermore, it must be possible 
to do better than the job creation 
schemes mounted tu date. 

Messrs. Nason suggest, as 
people usually do in relation to 
schemes of this son, that the 
jobs concerned be “ socially use- 
ful." But ir we try to absorb 
lm unemployed into the socially 
useful sector of the economy, 
rather a large number will end 
up doing futile tasks like raking 
beaches. The commercial sei-uir 
nffers a much wider .scope, 
though the problem here is that 
demand has to be raised io create 
jobs in the commercial sector, 
and it is reasonable lo assume 


tbat demand is as high as it 
Can go. 

Thc solution to tins second 
problem is not too difficult, how- 
ever. and it goes as follows. 
Under thc existing .«omewhai 
rigid wages structure marginal 
costs rise very rapidly as full 
employment i.s approached. This 
is because lhe wage for a sivi-n 
joh is fixed liy union rules or 
similar, whereas the suitability 
of the unemployed fur a given 
job deteriorates rapidly as full 

employment is approaibed. But 
one can quiu* easily set round 
this if one reduces these 
marginal costs by subsidising 
(with “unemployment benefit") 
the labour involved. 

The above is. 1 believe, a very 
brief summary of an important 
missing link in conventional 
economics. On the basis of the 
above it should be possible to 
arrange worthwhile jobs for all 
the unemployed. Such jobs 
would obviously be temporary — 
as temporary (for the individual 
concerned) as unemployment 
itseir. The jobs would also prob- 
ably have to be part time since 
if a wq?e of unemployment 
benefit proportions is paid, it is 
only fair to ask for correspond- 
ingly short hours. The low pay 
and free lime would ensure that 
neither the motivation nor oppor- 
tunity Tor these “ unemployed ” 
people to find proper employ- 
ment was impaired. 

R. S. Musgruve. 

2-T. Garden Avenue, 

F ni nurellgate Moor, 

Durham. 


EEC textiles 
battle 

From the Xarionnl OJJJeer. 
.■\sxociution of Scientific. 
Technical and Managerial .Stuff.-:. 

Sir. — Although I have no wi>h 
lo overstate my case. Dr. Richard 
Mayne’s Hut i - til no 21 ■ is >n- 
a ecu rate. The Commission made 
an agreement with Portugal 
without the knowledge of mem- 
ber slates— this information was 
given lo us by a Government 
department. When ir was 
learned that the Commission had 
made this deal, our Government 
and others hjuerly complained. 
Tbe proposed deal of the Com- 
mission is now under discussion. 
]n the filial paragraph. Dr. 
Mayne states that as far as the 
Community's policy on synthetic 
fibres is concerned, the trade 
unions have been, and will con- 
tinue lo be. fully consulted. The 
Comm lesion's definition of con- 
sultation is entirely different 
front what many normal em- 
ployers would define as common 
industrial practice. 

Several days ago I represented 
my member*, along with a num- 
ber of European trade unionists, 
when wc met Monsieur Lbnignon 
and complained bitterly at the 
lack of involvement and lack uf 
consultation. We were told that 
the employers and the Commis- 
sion had reached agreement 
which would be signed the nos l 
day. After signature uf ibis 
document il would be released i" 
member stales, and eventually tu 
the unions concerned. Both the 
Commission and the employers 
refused in give mrorniaUun to in? 
trade unions present and we are 
aware that member states have 
also been treated in tins shoddy 
fashion. 

By all accounts, although 
nearly 40 years laie, the new 
order has armed. '<n doubt m 
the ensuing months tve Will see 
other agreements between the 
Corn mission and major national-’ 
multi-national producers. 

Roger Bcson. 

Eusf Food. Lowjxight, 

Manchester, 


general 

Statement ay Pre-.ideni Sjiyrns 
Kypriunou «<:' Cyprus following 
hi* discu -.-:**»»*• with Mr. James 
CallO’-h.in. Prime Minuter. 

Mr. Dr Mr.' -{eel. .'IP. addresses 
Scottish L:V.ra' Party Conference. 
City Hall. Perth. 12.15 n.m. 

Meeting o t.-.ocn management 
and simp .-lev ard- ;ti BL Cars. 
Longbrub-c. Birmingham. iu 
discuss probU-m of unofficial 
strikes. 

Full meeting of Pori of London 
Authority ,.nd the eight dock 
union* i<» agree a joint rescue 
plan fur i 'le Lp'-cr flock.* in 
London' • E.-; End. 

Second of -l.ipan-EEC “ high 
level" i.-.T-u'iaunns w Tokyo on 
trade au-i economic relations. 

Iron and ste-»2. making closure 
expected .it Shelton Works of 


Today’s Events 


British Steel Corporation. Stoke- 
on-Trent. 

Mr. Eric Variey. Industry 
Secretary, addresses Industrial 
Strategy Conference. Albany Hotel. 
Glasgow. 

London Chamber of Commerce 
and Industry email firms group 
meeting nn " Employment Legis- 
lation and Small Firms.” fiW, Can- 
non Street. E.C4. 10.30 a.m. 

British Army Equipment 
Exhibition continues. Aldershot. 

Cor federation of Health Service 
Employees conference end-. 
Scarborough. 

National Graphical Association 
conference ends. Die of Man. 

FA R LI A M ENT AR V B CSINKSS 

House of Commons: Homes 


Insulation Bill, remaining stages. 
Iron and Steel (Amendment) Bill, 
i-emaininu M.iges. EEC documents 
on European foundation and 
cultural sector. 

OFFICIAL STATISTICS 
Bricks and cement production 
tMayi. Noii vehicle registrations 
i May). 

COMPANY' RESULTS 
John Brown and Co. i biU-ycar). 
Nnrcro.% t full-year). Rcdtffusiun 
i full-yean. 

COMPANY MEETINGS 

Bulrttr and Lunib. Bradford. 12. 
Coats Patons, Glasgow. 12. Horace 
Cory. Nathan Way. S.E.. 12. Helene 
of London. Berners Hotel.* W.. 12. 
House of i. ero>e. Royal Garden 
Hotel. W.. 12. 


SPORT 

CricUel: Combined L'nivcrsities 
v Pakistan. Cambridge. Tilcmi 
Trophy final. Harrogaic. Athletics: 
Nationwide A.YA Championships. 
Crystal Pahce (evening i. G»!t: 
Sumric Tournament. Qucci.N 
Park. Bournemouth. lenrii-: 
Raw lings Grand Prix. (jurco's. 
Women's lniernatinnrd Ser:e%. 
Eastbourne. Cycling: Manx Race 
Week. Isle of Man. 

LUNCHTIME MUSIC 
Rand Concert. Tower Pl.ir 0 , 
Malcolm Bu mock. V2-2 p.tn. 
Paul's Cathedral, orc.tn r> , '.').d, 
Barry Rose. 12.00 p.m Si. Stephen 
M'albrook. organ recital. Af..ri::i 
Hall. 12.30 ji.ni. Guildhall Stlu<*4 
or Muhic. Barbican, recital hy 
French Song Class, dirccinr Rohm 
Bowman. 





v ^ *TJ W ^ 




3 






ATV on target with record £13.7m 


IN' LINE with lhe forecast of 
profits not Jess than I13ra made 
at the lime of the October, 1077, 
rfjjlits iixie, .iswc lated Teic vision 
Corporation reports a record pre- 
tax surplus «f Il'l.Tm For the year 
m March 2i!. luTS. compared with 
the previous year's £ 1 1.16m. At 
niidu.>y. the _rt*sull was slightly 
down from £5.17ni to 15 dim. 

Turnover For the year rose 
from i'SS.ftm to £1 13.61m and 
profits were subject to tax of 
£5.75 m t film i in accordance 
with ED 1». Alter ext mord inary 
ilems nr £149 .Will l £345.0001 and 
minorities, ariribulable profit was 
be tier at £S.0Sm (£7.72ml. Com- 
parisons are restated. 

Stated earnings advanced From 
a restated 14/«Sp to lfi.SJp per 
2.ip “A’' share. As forecast, the 
lota I payment n» increased capital 
if* lifted to the maximum per- 
mitted 6.34Bp f5.422|U_per "A’' 
share wilh a final of .‘t.iiTp nel—- 
a tin* I of 15.168 p on the ordinary 
c.ipilal makes a total of 26.1'J6p 
t216S8pi per 11 share. 

The directors say that if the 
rat? or ACT is reduced before 
the ACM on September 14. they 
will recommend the payment nf 
an appropriately increased final 
dividend. 

The amount released from 
deferred tax. together with the 
share premium obtained on the 
one- Tor-four rights issue and a 
surplus arisine on the revaluation 
of properties, has comribuieri to 
an increase of £24m in the group's 
reserves. 

A -Iced about Llie current year. 
Isird tirade, ihe chairman, com- 
mented: “There is only one word 
for ii— sen.salional. Capcricorn 
One has opened in the U.S. and 
took over USsKim in the box offices 
in l he first ten days. It is going 
in be a really big one — our fir.-t 
really big one. 

Wo have several other very. 
ver\ big lilin.s and we. are very 
buoyanr about ihc films section, 
tip believe we have got this off to 
a line art.” the chairman added. 

For the rest nf the business 
“Every division looks outstanding 
and we arc confident our results 
will exceed last year's figures.'' he 
staled. 

Ansa Tone, which made a loss in 
the previous year, turned in a 
profit and " is making grett 
strides.” 

Lord Grade said ATV' was still 
on the takeover trail, but there 
was no deal in prospect nl the 
moment. '* We are very cautious 
when we go into ulher businesses 
fur we only go Tor those with 
growth poicnlial.” he said. “There 
will be several other things in due 
course and we arc investigating." 

® comment 

The marker expected ATV' 10 top 
last October's profit forecast of 
over £J.*lin by a bit more than 3 
per cent. Television advertising 
revenue was buoyant along wilh 
The rest of the sector and Ansa- 
fonc turned into the black with a 
profit or £400.0011 compared with a 
E'.R.OOO loss. Films, however, did 
not present such a bright picture. 
Though i he overall contribution to 
profits held up live new films 
released within the year failed to 
live up to expectations and write- 


INDEX 

Company 

Arbuchnot Latham 

Associated TV 

Baker Perkins 

Beechwood Con struct 
Boots _ _ _______ 

British SI cam 

Crest Nicholson 

Edbro Holdings 

French' (Thos-) 

Hampton Trust 

Heinz _ 

House of^ Fraser 

Investors Capital 

Kwik Fit 

Laing (John) 


effs have been made for un- 
recovered production expenses. 
Meantime the record business has 
remained sluggish, though music 
publishing continues strong 
iproliis around £2 ml and the com- 
pany has long-ierm hopes here 
wilh a number of new writers 
developing under its umbrella. 
This year as advertising revenue 
slows' down TV contracting may 
onlv turn in maintained profits. 
The first half should look good 
against a period which bore Ihe 
costs of ■■Life of .Jesus” but the 
closing months of The year are ex- 
pected to see increased programme 
expenditure. Several now films are 
unlikely to have much impact this 
year Though “ Capricorn One " 
might make a profit in the second 
half. Overall pre-tax profit could 
toi» 115m. Meantime the p-e is 6.2 
and the yield is HI per cent at 
lOSp. w hich is a fair enough rating. 

Sheepbridge 
static in 
second half 

AN ALMOST static second half 
at Sheepbridge Engineering 
resulted in pre-tax profits being 
only £fl.2Km ahead at £5.5tini Tor 
the year to March 31. 197.8. after 
£2.3 m against £2.»Wm at halfway. 
External sales advanced from 
L>1. Km to £58 1ft m for the full 
period. 

After lax of Elm, compared 
with £2 74m. and minorities 
£83.000 I £48.000 1 the attributable 
balance came out lower at £2.4Rm. 
against Ci. 4»m. and on capital 
increased by last year's one-for- 
four rights issue,' earnings per 
25p share are down trom 8.4p 
lo 7.4p. 

The dividend is stepped up In 
4.25p (3.4475p». as forecast at the 
time of the issue, with a final 
payment of 2-23p net. Also an 
additional n.rcj38p will be paid, if 
ACT is reduced, with the interim 
dividend for the 1978-79 year. 


TO COMPANY HIGHLIGHTS 

Page Col. Company- Page Col. 

23 7 Lee (Arthur) 22 4 

12 1 Lesney Products 24 4 


1 

Lonsdale Universal 

23 

8 

2 

Lookers 

22 

4 

6 

Lyons (J.) 

23 

1 

1 

Marks 8c Spencer 

23 

4 

3 

Mersey Docks 

23 

7 

A 

Racal Electronics 

23 

6 

6 

Randalls 

25 

& 

5 

Sheepbridge Engg. 

22 

2 

8 

Tebbitt Group 

23 

3 

4 

Trans Oceanic 

25 

3 

7 

Tunnel Holdings 

22 

S 

4 

Vectis Stone 

25 

2 

6 

Wedgwood 

25 

1 


DIVIDENDS ANNOUNCED; 

Date 5 Corre- Total 
Current of spondi/lg Tor 

payment payment dhr. year 

Arhuthnot Latham 6.2S Aug- 3 5.61- * 10JB 

ATV -A" 3.7ST — 3.15 B.ao- 

hbw Eaker Perkins 2.4 Aug. 17 2.23 42 

j wj Beechwood Constroction . 12 July 28 1-3 l*o ' 

/l|| British Steam Sped 3.R4 July 24 324* 5.1* 

Crest Nicholson int 1.5 Oet-ff 1- 

Edbro (Holdings) 42St Sepl. 1 -*.S3 .6.31 

increases are running at around Estates and Agency 0.45 — 0.41 04a 

a tenth. Otherwise property Thomas French inti 12 July 10 1 . — 

development chipped in around Hen levs int.f 3 Aug. 9 2 ' — 1 

£70.000 (nil in the previous investors Capital TsL int, 0.7. July 3 0.6 — = - 

period i to group profits. Engineer- Arthur Le'e int. 0.44 July 21 0.4- . — . 

ing aciivmes also showed :« puod Lonsdale Universal ...inL 1.67 Aug. 7 129 r-' 

improvement now that Lanwnn >S Lookers 0 99.' — ' 0.91 — ■ 

fully integrated. Buf vaclu build- * i r* .... Nil — 5.54 2.07 


Total 
last' ; 
year-' 
941 
5.4g ' 
32S - ‘ 
. L8. 

. 4.6*';'- 
323 . 
5.65 . 
0.4i * 

6 Mr 



to 


7.57 -S at a pr ce of 

028*. TfThe com P rwny has oJso"mM. 

is 


fully integrated. Buf yacht build- j Lvons and Co Nil -r 334- 2.07 .7*7 a price of lOfogacftoy* '• 

mg interests arc still a Hu-jCWh Rac i| Elect. 2.!Sf — OSS*.. 3-8S . 0.38 V ~Tbe company 

performer. On present prti<pocN Randalls Gr oup Nil — 32 1.45 4 ® . h^ ye^. figures to March St. 1^., . 

the .shares at Sop stand on a Sheepbridge 225'if Aug. 1 2.18 425 3.45 • whicbshoW pro-tax profits -Of. 

prospective p,c of 72 and yield Tunn P el Holdings 7.62 July 31 8.7B 10.97 928 . ^gSj compared 

6.0 per cenr. A rating which Ye eiis Stone int 0.7 Alls'. 11 .0.6 — . 1.4B- •aiPUm front *71 m 

jjjj much pf Dividends diown 'pence per share net except where otherwise stated-,' The directors 

T h n,en .' n .?* * Equivalent after allowing for scrip issue..- tOn cafttaL-^ntoftm'. dividend of Sp^.-net- /peTk* - 

h 11 h b en taken 1 increased by rights and /Ur acquisition issues. J1.6p net .final forecast, and are forecasfing ajflta 

acc0ll,,t ' ,i For 15 months period- J Forecast 2.4545p gross final tnaWng l 3p. equal te,18p. 

:i Additional 0.033Sp if ACT is reduced. viai increase of 30 per c ?f^ - i r Wr -:«j t r 1 A^' 

T nnl/Qi’o T-anltal in 1964. 


Lookers 
£0.8m at 
midway 


^capital in 1964 . 


Upsurge at 

Crest 

Nicholson 

WITH TURNOVER up Trom 
£1 1.83m to £16.84m taxable profit 
of Crest Niehnlson jumped from 
10.4am to rt.nini in the April ol'. 
11>7S. half-year. 

Directors say the substantial 
growth in full year profits pre- 
dicted recently is well within 
grasp, and that the improvement 
is coming from all parts c>f the 
business. 

The properly division is 
expected to produce an impres- 
sive improvement in profitability 
for the year while the marine 
activities, although busy, are not 
yet- achieving full profit potential. 

Orders for tennis courts and 
other playing surfaces arc ii oil up. 
which will result in improved 
>ei-ond half profits. All industrial 
companies have shown an 
increase in activity. 

They .say the Bnard continues to 
seek further opportunities for 
expansion. 

The result is subject to tax of 
£fi52m (10.21ml and minorily 
interests nf £25.000 (£!».1W0>. 

The interim dividend is lifted 
from lp to 1.5p. Last year a 
2.3284 p final was paid. 

0 comment 

Full -year pre-tax profits from Ihe 
housing to leisure group Crest 
NichpLson look to be on target 
for the £2.fim expected by some 
brokers earlier this year. There 
is a strong xecond^iaff bias, par- 
ticularly in the building activities, 
both on the housing and leisttre 
fronts. Profits from housebuikl- 

1 ng have risen f mm around 
£214.000 to around £440.000 due 
to a firmer trend in the house- 
building cycle. Crest's own house 
prices have been outperforming 
the national trend, rising by well 
over 15 per cent on the com- 
parable period, while cost 


final quarter setback 

A MARGINALLY lower second -this subsidiary is estimated to" feye*. of trading antF ^*W*'fr-fe;-S5»iS®&SSiSSSSfiSS?: 
hair surplus of £3.48tn compared produce a net profit of some ithe'.patTem of bulk depoatAAeM : acqnta£to*^TW4!Mro^Eg^ -7 

uiil. OJSm save Tunnel Holdings. 00.000.; £hieie mernfactnreK. 3SKSSsSS5Sb£‘iS^SgS;: 


FIRST HALF results of Lookers. hair surplus of £3.48m compared produce a net profit of some the'. pattern of bulk depoatf:«jeI|: 
the motor vehicle distributor and u - llh £3.am save Tunnel Holdings, £50.000,. . Chicle manufacUirtSHL 

engineering group, are a record , he cement, etc., manufacturing Certain propertira In GlantitWTj ^tors are also considering jJriwagooniW^ 

and the directors are also expect- CTOUp . a pre -t a x total of £6.52m have been revalued at Ti^rch |L ^pDort U nities for acquiSibort^ ^ .Ulscesstons. come 
mg a peak result for the current for lhe 52 weeks lo March 26. 197S to show a S urplus-of £2S.(*p - C flmmentin?: o» the^Wt*® [..;g , &^®SSSSSSS*E&.' 
year, to beptember 1978. v,7S against £64Sm for 1976-77 which has been credited to capital .results, the chairman. Mr. 1 It . nwe . 

From higher turnover nf External^ ^t?rnover shows a smiii reserve. Net assets. « March. .31-S^F^ ^s.ys that 


rrnm mgner turnover nr External turnover shows a small ‘VS’S-.USl — “—-'*v w;nanaier > say.-* _» ■ n^-T , 

£2.. 69m against £20.«2m. pre-tax f isi Trom 133.58m to £S4.84m with were £9o4,72o («o02al), f. . - «eeptinn of *>"*** 

nroiiU for the first h.iir tended . — mioa.. /fiojimi vli.tmr 7 n'r areas have commuted, pnsiuet ... .■ 


Chandler. 


profits for the first half ended a further £24 29m (£19.4Im) 

March .,1. 1ft, 8 rose from^iWit.M.J . rjTn j nc f rom associates, 
to £8X1.420. in lUTfi-77. the „ „ 

group reported full year profits Full-year earnings per aOp 

of r J 44m share are given as o6.«p (2S.opJ 

The interim dividend is lifted !?fj jre extraordinary items and 
from 0.0073 p tn 0.0!t«25p and if . ,3 ,°kpi after such items, 

lhe ACT rate is reduced, a sup- The 1,naI dividend is ..h223p net 
piemen t ary dividend for the pro- f° r _ 3 maximum permitted 
vious year will be paid with the 10.9723p tft.S-j89p) totaL 
inlerini on Sepiemher 2ft. the l9T7-n> 19TB-T7 

directors say. Laxt year's final r »w £Mn , 

1 VjijTii FtTtrrilJil iilvs ~.ja3 

' _ ^ , Share assoc late*- sales =4.2S6 1S.W8 

PrOht 111 rhe first hair was Depreciation .._ 1.515 1 .559 

Si ruck before tax Of £44:;.7“8 Krom aisoi-latus 2,240 2J52 

(£315.581 1 and extraordinary >««■ «ivinWe — W5 1.N6 

credits of £7.584 .£74,358 debit.. '££^2!**- “ ^ 

The interim dividend ab>nrhs p,.h imprcsi ig? ig9 

£74.008 i£K7.280j. Pro- a* P r«m - fc^TTS 

All trading department.-, con- M 2j ?r s,09 5 

tributud -satisfactorily during lhe From miodrinw =4 6 

period. New ear sales have been Exinorri. credits t.9» 274 

buovant and in addition parts R-iain.-d 4^9 tin 

operations vehicle leasing and Extraordinary eredifs ennsisred 


■> .. ilHj rarjpg areas haw contabutiw. Jg . 

satisfactory improvement, anc 


»mi,M rer W ThOS. Freilrfi' jKSLjS TSJ* - 

ordinary items and F" A . -•■: . current year ending September a bgmper.year'rrs^i^r^^_ p^9te 

i aTter such items. 4- 1 1 K/llTl Hr ^-30^ The directors aniicipate tbar bre-^SV 

idend is 7.fi223p net UtJL dl _ ’’.brofite for the second, half will at*dnc'.rtfae- tfivfaleh<£=- 

axinium oermitted -.1 aiwf -nHtch the dutstandfrtj* 'rietts ■prospectiW^'yTeW-' r Of^vXif^ i - 


3lKa‘:7 


six months 

aUArllllliJ “'"The nresent authorised'.capital firsr. .half: .w^?Rig;. : 

Ls adequatc to permit the rights Leyla nd\d mhjbljtiiyq /M. a^y^dje:; . : 
PRE-TAX .PROFITS of Thomas- issue but this would only leave >.- though- ^r ^-Cyclical ^ -.| 


1977-re 197B-77 
ID00 £000 
i 35.555 


^ 7 jjT £ogJ8m. to 16,/om. For the 15.-y.-v-_ ' • '‘•iv : - ' V v 

J ' J 

■lain ;U 4^9 *.471 “ ’ ^ \ -V.^. V-p -1 -t --JS: i/v*-"-!, •- 

Extraordinary cr.diBCdnsia.Wl c JSj. to'ttJTtaJSf.l £^ftl Tiref. DlaCW£[ = 

a net surplus on the sale of conpHcates comparisons with . - 


i-u.i tract hire, and Vommcrcinl 0 f a ret surnl us on th e sale of chan5 i e to «« > 

vehicles .sales have shown good "inTestS - 


results. ri^m (£3fl.tMH)i and associate nil K 'hllf-ve^has“acmunted - p Y ERIC SHORT 

The agricultural division main- i £235.000 1 less goodwill written f.2 *,1' 5 h^r fh- ' 


1", in - s ‘^ t - Parent group previous periods; ttadilionally ihe/ 


■ ; - ' : -f ^ ■vii'- . --i ,J=r, :‘j K - \ ■ 


tamed its turnover, but profit a xubsidiao £200,000 (nil). Ecclesiastical Jnsurancc no.^bfcms^^W’ar^ to-rte'; 

margins have been under .. T n R . . * .. . ' * for *?VfcI-0«ee. a small composite, insur- : futirreyrgga«toa isp.lyeTicy.. . JThe.^ 

pressure. Mr - ' T °' ® l . rkin - the chattman. remits for the two halve* tn the smce^companv, is raising f3in by issue—of-:,pireferenc&.'capit»l Is 

The .second half has .started l J“ l }j; a g dri Jr L r pr jS t 8 * „?■ TaS *- . . ... . a- p!acing P of Sm 10 per cent accentob^to the- Department^ " 

reasonably well, but hieh- r ' oar - c P r-qoX, pe .L l J^„ r .H ,hl The intenm dividend is lifted redeemable second cumulative Trade-^sdlrency. purposes, .but 

merest rales will raise coMs, the ™,r lul from lp nel per l0p share to l 2p preference £1 shares at par. . does . .OQtr,; remove any: . . voting; - . 

1 1 rectors state. year saw an intensification of the absorbing: £45.000 f£37,500) and ■” v __ „„ power .from: AHcburcbes. A loan . 

J ’ readv poor trading cl. mate in the directors hope to recommend : ^^ co / np “ n n 3 ' 7f ^ a * HSJSSlS stock bsde would 'AOt ba^e been 

lhe construction and building a 1>6p final— for the 15 months i° i^! pr fa ^, accepfaWe -add' “A w share .eqOtty . 

materials industries with weather a M> con( i interim of l_25n and a 10 conserve for church purposes . out JrfTavotfr • - 

A ULiik T aa conditions being responsible for a final Sf-oJJpwM paid '•*««# arising from the insurance^ 

Artnur lice particularly bad March quarter. ^church property. Its; ntatfnr ; The- edmpahy hAs the ptniorito 

J 111 JJVV The "rowing costs of the In 0,6 UK lr adlng conditions share capital is. -'-owned ■.by^T^tfpenU-lhe ^eeond- preference 

__ ^ ^ _ SinhiPT fiK- inri mipmsimnai ri^. improved somewhat from the very AlIrhnrches TrusL a. company ^tadui. at-sm.v vtime-CH^’dc: «fter- 


Arthur Lee 

tallS £0.3m naT^ume ^rSmenT ha ve' 0 been recovery in demand has 'not be^n T^f^fpred "as a" "charity. The W premfum .•?fffT-^loiyy : ' 

absorbed The plani at Thurrock 2rMf - but French has been able surplus profits of ETO are anpliedRefiemption- in. the>S&r^ &S3 to 
,1 up will he opened bv The Prince or to ,ake ful1 advantaee of It. and^for Church objects, -including 399^ In t3 lislve- • Qi*-. k H>" . 

Of Ii Q It \)| 7 O V -\vales on Juiv 7" some sectors of the business have pensions for clergymen and- slnce/peS: cent.-’ In - -I993T^^o'-f.^l9^- ' 

£U lltlJU TT CLj J ' jp-eatly improved their contrlbu-, its incorporation, the company.- Induiflve Jt ,Iq : 7} v tetmj 

. tion- ■ "has paid out a total of £4.75ni by . years lM8 t<k 2002 r 1iK l IdsH«e:it fe . 

INCLUDING A £0^5m relea.se of •comment Overseas, there has been no wav of charitable grants and 5 per ^ent - In - y^ars. 20ftS"to " 

provisions no longer provided and f r( ,. llIts frnm recovery, they add, and- covenanfs. .. 2007 Inclusive it is 2j pes 'cCpt 

after associate company losses of H „lHir^L>ro f r .h^, results have been less satis-: The j 977-78 report and accounts arid the premratol^ ' 

f nsairgt proDB BC.U.W ^ “TitoS faetory - In ,he shor ' ««■ -pw«2? itai aM'.to'Wtt KMlOSjP 

last time taxable profit of Arthur problems t still depSS f* y tb ^ y W expect some sliffbt ^-^ overall profit after tax of. outstondingttoi^CKmiKr^M^^ 

Lf® “ d S“* dropped from gJSldSS cud* and unusuX^ad ^PWmenL except in South £347,000 after - an ^m*derwrltmk--will beVedeeineti: 

£I.03m to £0.67 ra in the March 31. #h- Africa where conditions have been 7^ of £155.000 v and that its _ : - " 

l«S- to**". 2SST, (d Sod tK°“o LS5 fxcePtloHally .dtIBcuIt a=d SSS? jSl. igLwR: ■; ™»’ 

The result is also after addi- JJJance to P a Merely token level £o ren»«na» for some ume.-gg per cen L . But rhe company • 

tionai depreciation of £0.37m pre . fax A weaker^ performance , Pr e-tax _ profit last time was has embarked on a - programme 

1 some £0-Jm ) and is exclusive of the n «nciate level has not ?. 00ste ^ J^.-S 580 ^ 3 ! 68 « ,ntr ’bu- of expansion outside tradi- ^ ' 

realised slock profits. «hnro rirnRlc foil su'av lion of £13.560. Net profit cable t j ona j role of insurintr church f aI1 is- comfortably accommodated . _ 


S tables UK and international de- improved somewhat from the very^ ^Allrhurches Trust, a. company ■ -ahaA»v.ati;5 


-vd^eocitfter--- 



veloptnent programme for indust- depressed levels of last year. The limited by guarantee .. at ■ 

ri.i . m im. n > h,» hnon recovery i rr demand has not bean reeisfered as a Charity. The with- a - premTUm . ■ A? i '-ToIIou.'S- 


nssociaied 
Rods — ha-. 


operate ai a loss. manre « CvinS Asbestos MinS ‘jn^^Sed extraordinary deb. Is of fh e small office and other smah expanded ckpita). -base should . 

m -uu. f -i cU 1 ri ri" 0 peTa t to n s° 1^ 'bei ng ri SShire ^ mpan * manufactures “’"SSh! S’ * 

alfwied l hv ad ver« l market con Meanwhile in the hnme cement c V r,ain products and now was a good time to underpin \ The shares have : been placed - 

dUtoi? but the Moi-kSoldtoa market market share eonUnnes ^'^c surface heating products, .ho capital base to ensure lhat with- ma^^naricialyliis^pnxv . 
division continues to produce to slide. At the besinning of its ’ 

.satisfactory results. financial year Tunnel started with ' *>•’■’ 

The group's 50 per cent interest 10 ® per cent of the market but MUk A : y •/- 

in SA Actors Alexis has been "«w holds nearer 10 per cent. .W^ JB ^ a .r ... 

disposed of and the release of Meanwhile the cash position of a H 

provisions came from this source, ^he eroup is strnngat £l6m— I 

Turnover for the year wa* equal to around two-thirds of the ■ B ■ ■ ■ ■ ■ 

virtually static at £32.97m i£33m), prouns market capitalisation. For ^ M. I ■ 

but directors say that volume the longer-term there is bound ^ ™ 1 L 

showed some reduction, and this, t0 be speculation about what the . •••*•. i. 

with higher costs in general. kt°. u ?.? entnr into waste disposal W ’- '".V- . 

affected results activities will have on eamines Q . _ _ ....... 

« i|f UlSUTBllCC M .-s^- 

M rd,na ° profltS shareholding hy Thomas W. Ward " ™ ' • '- :TO| - . 

f „ , , Rnlh farlnrs coilM provide fiJfi ‘ : ' " 

Earnings per 12!p share are s „ nnrtrl ror the " B "* shares & \ * ;-T • 

shown at 1.73p (1.4lpi and the ^landing a| 2R2o on a n ■> of 6.9 SS ' . . [fr-- •' - * • 

intenm dividend is stopped up and y ic | d ing 6.5 per cent. S 

frnm 0.4p lo 0.44p. The rate of B W W M V ■ S f4‘^=L3*wjl.iTOlMHDiC? 1 

final dividend will be decided in M ■ B HR H ■ » ii 3 nu flltoll ' ' DfIKT’TlIl l J ! 

SSS.'ir’SX Reduced loss S. 

1.05p final was paid on profits of A- r-. . f - ■ 

£2.S6m. _ i tt j. " ;BH M i-OCvlKT 


man ufacliiring operations is being an adverse iniDact elsewhere. 


Alfear of Progress 

Highlights from the 
Chairman’s Statement 


• Total sales increased bv 20.2'\‘, 
to t'SS vSni and about 1 1 of 
our sales are now made in. 
countries other than the UK. 

• Group pro tic increased b\‘ 
17.4"., to £107 m. the first time 
more than L lOOni has been 
achieved. 

• We succeeded in making real 
volume increases in sales on both 
sides of the business, but the net 
pro tic result was below our 
budgeted expectation. 

• A Tecord was approved 

and committed during the year 


tor capital in vest men c project? in 
the UK! and abroaJ. 

• At the vear’s end' we were 
employing ti 7.000 people in rhe 
UK — 1,500 more rhan in 1977. 
Wc were also able to give special 
employment ro 325 young people 
under various government 
schemes. 

• Our company is strong finan- 
cially and we shall continue ro 
invest in improving and extend* 
ing our facilities so that we can 
make full use of the present 
opportunities and be placed in a 
good position when the recession 
is behind us and our customers 
spending potential is restoreJ. 


Expansion 

prvrif inilPC A loss or £11.(194 compared with 

LU1IUUUC3 a previous deficit or £93.659. has 

Y- 1 *. been incurred by Hampton Tmst 

KWlK-r ll for ihe year ended March 31. 1978. 

111 Turnover amounted to £335.664 

At the ACM of- Kwik-Fii (Tyres apninst £327.196. 
anil Exhausts) Holdings Mr. „T-f„ mfertwt of 

Stenson. the chairman, said that -34. o 1(1 l EKlftfta) but til5' rc *5 no 
fitting stations were now the f as charge this timo (£fi-_j There 
principjl aclivily ami ihe expan- an extraordinary loss of 

sion of this division continues, “"r* 0 - , lin „ rnB ,. h . ft 

Plans are in hand for iho opening . w The 01 y un P r, ? fi,a ble part of 
of 10 new depots which have been =™ p «* 
acquired and new siu-s were r LlIfn ?n hS tn ! ^ 

0 s,'r k ' rt it e m™pMed ™’ n ; “ vrsTviSsS 

J.v-tinrflrf fh^tornr ihS ^ that all th(»c will be sold by 
extended throu^houl the UK. December 31. 1978. This being sn. 

During the first three months the Board considers that no fur- 
of the current year sales from ther loses will be incurred in this 
retail depots nart >ho-.vn an in- development, 
crease of almost 50 pt-r cent, and Apart from Cherryfields. Ihc 
the chairman was confident that group's income arises from rents 
(his division would bee a further received and interest on deposits, 
upsurge of profit. Resolutions Ghnthnm, which was acquired on 
put to the shareholders at the December T2. 1977. contributed 
EGM were approved. £13.0fln net profit. In a full year 


Reduced loss 
at Hampton 
Trust 


Insurance 
Group m 


llte 


Final Results for the year ending 31st March, 1978 



1978 

1977 


£m 

£m 

Sales (excluding VAT) 

883.S 

735.0 

Exports trom UK 

44-4 

36.9 

Profit before taxation 

107.0 

91.1 

T axation 

■ 56.0 

47.o 

Profit after taxation 

51.0 

43.2 

Profit attributable to shareholders 

50.3 

42-4 

Dividends: 



Interim paid of 1.0779p share 

Second interim declared ot 1. 918.3 p 

3.8 

3!4 

per share 

Provision tor third interim ot 0.0290p 

6.8 

0.1 

per share 

0.1 

0.1 


Copies of the Report and Accounts arc available from the Sec reran-. 
The Boors Company Limited. Nottingham NU2 3 A A. 


Riada&Co 

STOCKBROKERS 

are pleased to announce 
that they will be commencing 
business on June 26th from 
their Offices in DUBLIN 

Address: 25/ 29 Grafton Street Dublin 2. f 
Telephone: Dublin 778060/778551 
Partners: Frank Shanley, John L. Gageby. 


Su7?inuxrv of 1 977 Consolidated Results and Points 
from the Statement by the Chairman Mr. Donald S. Pearce 

Pre-tax profit of £4,143,478. 

3|£ Premium In come £43,460,743. ■ .. ;V • ' 

Book value of total free resents £20,599,318. 

Taking into consideration the market value of quoted 
~ng free reserves would have exceeded 

•)($ Total assets exceed £ 105 , 000 , 000 . 

Policy of developing non-motor portfolio, both, tome 
and overseas, being successfully pursued. 

Confidence in long term prospects. : \ ... 


Consolidated Results and Balance Sheet 1977 1976 

.£’Q00 ; : : jffOSQ. 

Profit before tax a -r ax e. acc 

Profit after tax 2 097 ofA 

Book A ^ SetS f f • 105*270 87^782 

Book Milue of free reserves 20,599 i/c nno 


5,466 
.2,244 
87,782. 
16,03 S 



Minster Insurance Co. Ltd., 

Hie Contingency Insurance Co. Ltd., 

^ Malvern Insurance Co. Ltd,, 

The National Motor and Accident Insurance Union Ltd 

Minster House, Arthur Street, London EC4R 9BJ 


i 




23 



■ -im. 

' • • ' - :« ,‘j h . 1 

; vX* 


toil) 


€nt 


**$■ 


c ; 


V. 

* 

■j »,"» 


■ •• ic* 

^ X’ 


r 



* ^ * ' 



Finaacial Times Friday June 23 1978 

Second half loss from 
J . Lyons— no final 

ISSSi .•F'PS.f ££ c? ‘55?^. . „ Qn “i^strous. 



a fOiSm lass rcsutiiaa' in^lfVJl? Slra ’* ;ir of _ Inprovemem bvans Uti tu ccntimiL-r resistance 

rear’s downturn from £3 asm In 5 - nofehJy in the U.S.," a nd boih insumt cotTcv intd 

- ■ 10 they r-dij ground coffee suit's declined 


£6.23m. Last year's figure was 
after an exceptional debit of 

£3.63m. 

The KTOUp is also passing -the 


Directors say that while it ■werply, they ;idd. Unnswiijuion 
would he injudicious lo forecast incrcas’ng fuliovinu a 

the fun year’s results, their ex- ienos of price reductions, r«ull- 

fiiud dividend payment so Penertce so fur in 1978 and Indies- ,n= from a fall in bean costs, 

total for the year is 2.06Sp net Uon> rrnm the market- place. Hombun:. the uroup’s mojnr 
per £1 share compared v, it h 7.572n P .k ^ i’ ,hem 0131 lhe recovery pig-mcul operation m Die Nciher- 
for 1978-77 which included a 5.535*, . 1C ** l " e - v Planned and expected, lands, made a recovery front a 
find. But directors hope to restore 15 on,v delayed and that the depressed level of performance 
the dividend for 1978-78 to at least CUrrent year as a whole should and the North American busi- 
the same level as 1976-77. see a marked improvement in nesses nttnin performed well. 

T F wer ^^1977 -78 was ahead " r °up PC r formatter. aMhouch their contribution was 

by fZlm to £790m, and loss per . V? analysis of turnover and .iflVcicd by the fall in the dollar. 


as 1.44 p 


fl.Sp profit of Sfi.flTm 

r IS. 1 72ml. v. -is ^fir info l*K :md Tun-twe 



Racal expands by 52% 
to record £49. 83m 


compared WITH las; Decern- “ * l ^“ maximum allowed under current 
Iht's forecast of profit' exceeding OAADQ MEfTiNGS lecislatum. , r . 

£Vsm Racal Electronic* achieved OUHKU BlttlHlua Abuthnoi Latham and Lo . the 
pre-tax nroufe up by 5- per cent Toi' ijUmcue cunipaiM'. ha«v iwtiffaii merchant batik. (.*r<rclucen 

Ir.r. Trn In ■■ rn.-nrrl f J'i k'lnl 


ui) turnover abetiil by i'ilm 
nxj.wm. 


from r« 7 m to a record f 4l* Sim fc**rfi m- -n. ; , m mu siouW increased profits alter taxation 

ended March III I97S e**a**. Sa,h i:. an •« uiv and transfer to inner reserves, 
mr.hi . tar er.(,td u» , for of ia os«icni« ; ,nd A rhuth not Insurance Service -c. 

Sj prmnf* insurance hrobn* 
3T-; jniL-nm* ii r ta: jjid the ssin- sine, hud another record je.ir. 
ai-.-r.iam. shuun u lirc taiwd roaiuiy The ir.icximcnt division .ilsn 
ud last year's lini.irfh:-. contributed to iht- growth in 

today non-bunking earnings. 

Iitterlms: i.ardi:! MjC./jj. News lnior- 9 

oausnai 

Finals: E. Aus: in •Lr.i.o.im. Joha Browu. 

y.'Wp ’not' with o finarpayoent of hnrtTUS ^’future ^dates 
— .ISp. 


Interim— 


share is shown 
earnings). 

that in r^T^ 3C 1n - T - K : food products 

particular the efTect of rt-duved -- n r\ fL?7rrt>) 3 nrf f.i 7| m diar- of J:! .v-s 

consumer spending on food was otorlns 'I4m IfISmt " av, h'r 

exacei h ated by the fierce price fo -2m r£o j«mv property 

wmpeUtion between food Sm fflmi and (1M (102^ rK ,” . 

ae? J&vTZiiSrT * And ™ £-*«!-«.. m saas 

afl5?JK ?, U I^ :,C OSTm (EJlftral :-nd MiVi n »- .. " 

(L drmks S-iShi f£4.4m); in U.S. £17Dm ne*. nwaL wrrrtm .. 

businesses, and in France the price (£l"0m» ind £ia_i3m (Q2ii5mi‘ F.ma.mi. *-bn* .. . 

control regime contributed to other *»,?„ , r .t»nh.«iw.- foss .. .. 

increased losses ip the Revhier iri i« • , ' £ *?*, and £0.C.m r- r ..r .i,^ 

BnBsarsjsasr^ - ^ 551 • - 

They say that these difficulties JfJJJ .^' ( ?. f bX11 i£Xm) and * »<Mrd fn ’xiimi lor .ftatuv m 

could have been more easily faced t- . u 1 'U-t-rn-rt u*. a»t lor ciu««^ 

ft.-wt it. not been for the serious ,l0 *- K th«.* increase in cop- m Irv^Uurin »f tm^himeniK in contpxdits 

dislocation or the UK tea coffee Sur ?* r * f i» #, odin« on food Jn the o »"- iwimt rrunii o at. mmkIii,-. ivrnfli 
and Instant coffee markets which rnn«! 7 0 £ Ihs ° r y ? a I )’ :|S 'There was a reduction m 
followed - unprecedented com- £ d ? r a 'lenifiemt decline reserves of I4.87m (fSgtuni) which 

modity price movements This 10 demand, which picked up only was principally from a Cim 

dislocation, aggravated bv p’Ti ■ 0 crifl u ,^ e ye , ar - wrilc-off from goodwill following 
"Inappropriate Government inter- w°* 7n ? 3 ° r * r clos-ure of ihe ioss-inakiiig fresh- 

ventlon'' significantly reduced rlln u u °f ,hc ^®,r' , nnK » operation which was pan of 

group profits: the directors csti- ,n latter half thereby rhe Reybier business, and a £)m 

mated by nearly £5m below what «U^ n, ' nin " ,fie number of weeks provision airmnst ihe possiliihty 
could reasonably have heen corer , represented by pur* rh:,i the group’s investment in 

expected in more normal and niadc ^ . wor d Spillers-French might need tn be 

stable conditions. ?^f e f„'. vere V ?TF h»Rh- In Augusl t written down foil owing clnrifica- 

However, the directors remain ro» t -,i) 3r " J J n i m nc i°hef of 1977 ihe t ion of that company’s position, 
convinced that there has been no d eman d he-a n iT immiv^ d *** Tho directors continued to give 
adverse fundamental change j n p P - nn n „ nA _. pnorKy to reducing the high 

the underlying strength of the al the endTf r?niIa^?9?S a7S spring of the group and reduced 

^They tS 2? ag th!f ,t nM modest f °» a r ? dup,, *' n on ground-, ^vmilf'parl of which results from ™ E CURRENT year at Marks directors tuid.mw.l ’io bv 

uptSS in'lXK facis^eTr^ors^? m^cmenS. and Si^ncer has si.ruuMcr, well alert Cor r,v ...-,«rtum 

at last appears to be resulting in tliat the effect on sales was See Lex 


i,I 19 75m> and aFter minorities the 
attributable balance emerged at 
£gS.5m jU'JJjai.i. 

The group has entered into a 
contract iu sell Racal's per 
cent interest of Racal Electronics 
South Africa, rons^; :ng of Si. WO 
iirdtnary shares, la Grinaker 
Holdins.« oi Johannesburg for 
R7.540.OOO li4.7IS.OOOi. 

Grinaker has also agreed to 
pimrhastf tiie remaining 12 per 
cent from the minority holders, 
add. 

The contract also provides for 
redemption at par of the 
y,yi )0 redeemable preference 
hares held by o subsidiary of 


Gilktt tiros. DiscOKt.i 


.... July 

M and i' Dual Trin: ... 


Juno ii 

Finite— 



CaiiS 'Frank iJ.i . ... 

-M 

... iuir * 

Moss 


Juihr 50 

Ki-nwick . .. . 



.... Juno 57 


Lonsdale 

Universal 


Latham 


increase 

and to the repaj-mem of WITH XTOS.Odti axainsf £67 1.«0», 


. ■•■.'•7sati'‘S5Kv* K ‘ , al un v 10 -« e repajTTieni oi WITH £7US.0Wi against i.ww, 
r iCvJ’V hi-ns and other indebted ne-s to comine from the banking itroup. 

n:hcr members of the Racal and i'dsr.ooo a.x.insi m>2.(KW. from 


Mr. Ni-il Salmon, chairman of J. Ly«ns — .I jijii uf lr;i 
and coffee markeli in I K. fullnwing cwnmmlity price i:mu- 
meats, cut prolife by some L.7n>. 


Substantial progress 
being made at M & S 


PRE-TAX PROFITS up from 
£.->$5.1100 Jo £747.000 on iu mover 
uf £l-J.G7m asain-.l £lX.7iSm are 
reported by Lonsdale Unit coal 
for the first .'is months jo March 
31, 1S7S. anti the dircciors are 
expecting current trends to be 
substantially maimainud in ihe 
M-cond half-year. 

The interim dividend K rai-ed 
from 1.392 to l.l»7|» per 25p share. 
T his increase — -^omo 2U per eenl — 
is greater than that which will 
be perm'll ed if current resula- 

^roup, ant'iuntln^ ; j R I .SSI .800. other group companies, protite min-, remain in force next March 
Tilts contract 'i .-■jbject to ron- afier lax of Arhurhnof Lalham ^ hen the final is ronsidered. the 
tent nf Hie Bank of England and Holdings rose from I1.05m to directors -ay Subject t hereto, the 

me Treasury, and. in South fl.4m for the >oar to March 31. final hill be increased by a sinnlar 

Africa, li- the approval of Grin- 1978. percentage. La.-.i \ ear's final was 

aker shareholders and lo the After taking into account the yvjiHp. 

'.•on-*L*ni of the Re&crvc Bank of share of profit oT associated E ]n ^ n share in ihe lir't 
South Africa. . w von, pan.es ami MgM« loan ^ ^ \ n 0 

At M.'-n-h JI. 1973. net tangible m erest and mmorities. the eM||> lax cliar . 1(k js 

n s scfe of Ravbl Electronics South at P m?arv ferns' , HoSsni »’ ri'WiWi . 1122.01)0 1 and £443.000 

Africa a:rr.bu:ao!e :o ordinary ordinary items, i* £l.lm t£0ham». r; < 5n{l 

n increase o: ts per cent. ■* 

Earnings arc shown at 15.fip Lonsdale U an indusirial hold- 

with subsidiaries 
ice xtalicmery and 

dividend is &23p per share printing, bookselling, retailing 
See Lex making lO.Usp I.3.111pl , the and property management, etc. 


_ . .. .(«'•! i is retained. 

.'hareh.ilders amounted to 

K.>^9£WW and pre-las profit for “ri xhare undiluted ifiu company i 

to^RS SO^OW ‘ nal d d and I5|» 1 12.8p > diluted. The final operating in ofli 


Baker Perkins turns in £8.93m 

\ ™ n r sslssprje” sslms.jhs h U .» , ,«*»» «, ^u. «■«. 


AFI1SR A marginal increase from 
£3-45m to £3i>5m in the first half, 
pre-tax profits of Baker Perkins 
Holdings finished the 


Holdings mushed the year to continuing businesses increased continental Europe. This enabled rep, ' y ?° p ,nn , c vi l, v ’. 

March 31, 1978, ahead from £7.92m by approximately 12 per cent. BPs division making laundry the c , nrTipany r s att ' tu Uo towards |*hvad by 
to £8.8Sm on sales Of £86.5m, ** ’ - - - - - W 9 «* B |.-.n« nf rr..H» .■•>«!< x.r nrnfits at 

against £8L42m_ 

After tax on the EDI9 basis 

£L94m (£3m) full year earn in .. M1 „, 

are stated .at 2fl^p (I9.7p) per 5(h) countries throughout the year, he the overall division broke* even 
sh8re arid the dividend total is considers the result a creditable after incurring a combined loss 
ral<5ed from 3.8S4p to 45p net with performance. On the likely out- of £1.6m last time. Equally the 


on the 

Spencer has sierlcd \crv well alert lor r*.-.- .i. i>oru;nit»?s lo 
with substantial progre-i m h.nh extend nur :»;.d since 

turiiovcr and profife. the chair- publication uf t-.i- annual accounts 
man. Sir Marcus SiclT. told further ac*|i:i >iinr,-.. r • < t recorded 
yesterday’s annual meeting. thi-re, ha - .c bi-.h under nogoiia 

“The hope i.x that in 12 mnnih 
time 1 will have a better report 
than today's, in present to y»u 
he said. In 1977-78 the reiailin . 

ijding Sir Hugh .... 

f o r chairman, told shareholders at of September, 
reported yesterday’s annual meeting that 

n TO Ik* .inneirlaCiKlo nrfMrrpec M hflC hpf*n 


John Laing’s property flotation 



a final of 2.4p. come for the current year he tells food processing and packaging 

1& Su? **2im members the mood of uncertainty machinery division was able to 
si -us in Ihe markers of the world seems mark time Jn spite oi a UK 

W3 to be greater than 12 months ago downturn in demand for bread- 

215 and business confidence is at a miking plant. Bui the chemical 
|.W lower ebb. machinery side’s profits were a 

* 007 Baker Perkins started the year quarter lower due to increased 
with a somewhat lower order book expenditure on product develop- 
4.914 than a year ago and there is still menf. However, the order 
med amt a noticeable hesitancy in finalising so far 

wmpinmwi adJnsW f Credit orders. This has inevitably poor and industrial problems 

The increase in interest pay- causet j a slow start ro the current the associate in Germany 

ments reflects the cost of servic- year an ^ j t } s unlikely that the March will reduce the 

Uig the loan raised last year to [ or the first half year Investment income. The 



1&77-7S 

1978-77 


£000 

tooo 

Sales 


81.41$ 

Investment income .. 


9fi3 

Interest 


21 5 


8.032 

7.917 


... . 1.93$ 

1.997 

Extraordinary debit .. 

591 

TC2S 

To minorities 

... — 

234 

Attributable 

6.703 

4.914 

ED 19 and 21 .have 

been applied and 


Advance by 

Investors 

Capital 


Pr SiV r M a urire Laing The’ araup's areounlinB period around the end the Board accepts the proposition 
sir .uaurice me 0 "’«i'> • - there are still possible difficulties 

over the type of development for 
which the local juthorities are 
prepared to rive approval. 

Whatever the outcome of the 
present negotiation u sale of 
property is not currently 
envisaged and it will he some time 
before revenue from building 
leases becomes receivable, he 
added. 


to be -- considerable progress " has been 
i" i;'-' 1 ' t-ent net ma( j e towards a separate property 

ahead ty US per cent flotation. Lairg has now received 


Mersey Docks 
still chasing 
extra trade 


Gross 

months 


■ • . , . . has now agreed in principle to 

profits -h-'W s subsi annul proceed with a scheme of arrange- The general cargo trade Is 

increase. Tbv .•ir-iypiirtur per- menl un der Sections 20S and 208 continuing nr a low level Sir 

fnrmance shr»- s that we have had of thc 13 4g Companies AcL Arthur Peterson, chairman of 

some sticci'> . in reducing^ ihe scheme being considered Mersey Docks and Harbour 

s<».T«m.i1ii> of our profits " he wou j(j involve bringing the con- Company told the annual meeting, 

raid, but he noiruod out fhat by s truction. homes and construction Some trades, however, have 

far the lartrivi propori mn is m3t erials side of the business tnio picked up. he said, and the 

earned in the last four months olie new companv. John Laing directors are continuing tlieir 

six or the year and though iho direc- Limited, and the formation or a efforts to obtain more trade for 

at tors were optimistic u was too properties Limited which the port. 

_ tn fti.-i.-n »nv fnrnnas. i the group’s investment He warned that the directors’ Company, the food group, dipped 

Both companies would efforts at controlling costs will from £17-27m to n6.16m on the 

the Siock Exchange not be helped bv the imposition April 30. 197S year. 

... shareholders would of the additional national After tax or £&27m (£S.73mi 
one share jn each new insurance surcharge which starts net profit came out at £7.SWm 

for every ordinary or in the autumn. In a full year this (£3.34mt before extraordinary 



H. J. Heinz 
declines 
to £!7.3m 

Taxable profit of H. J. Hein* 


return on average capital 

ployed of profit before interest and msch j aery for the bakery. 

and taxation on the histoncal cMt biscuiL chemical and printing l ncc PYPPPflc 
basis was 225 per cent compared jndustries lllM cAlttUS 

With. 21^8 per cent in 1975-77. mausinw. 

Sales increased by 6 per cent, comment £Zl4 000 

with the proportion outside the ® 

UK similar to last year at n per J52 r ^2S5^wttk I «ie 0 5OTimin» , « p oI/owin K a tumround from a maiched the directors' best exnec 
cent. The increase understates £20.640 profit to a defieu of ta(i0Tls wit h dividend increases 

the actual improvementactue^ ani aout nmm ofa slugs isb sian H at ha jr wa y. Tebfaltt Group from equity investments and 

“• * ”® d n e J? JL 1 “Saffit ?|J the !SES? fell W1 deeper into the red in the rather more earned than anlici- 

year’s sales values to reflect the 'he market second six months to finish 1977 pal ed on cash balances, 

disposal of the laundry machinery 7p to 97p. - — — with a pre-tax loss of £214.442, On the basis of the current in- 

' compared with a £24.588 surplus come estimate for the full year. 


holdings. While asset value per ^ S 
share has risen from 95.4p to- 
103.0p during the period since 
November, the market indices in 
the U.S. and UK are on balance 
Utile changed. 

Income received to date has I 


and the scheme oil! need to be deposit 


K 


Olivetti International S.A, 
914% Guaranteed Notes 1984 

Notice is hereby given to noteholders ofthe above loan that 
during the eleven-month period beginning on 1st July . 
endifig on 31st MayJ978, US$ 4.161.000 nominal amount was 
purchased on the open market. 

TJS$ 35 . 839 - 000 .- of the Notes remain outstanding. 

Union Bank of Switzerland 


last time. the directors expect to recommend 

At midway, the directors said an increase in the final dividend f 
that since the group bad come not less than the 17 per cent inj 
into new ownership, a thorough the interim distribution. 
assessment and reorganisation 
had taken place and they were 
confident that the benefit of this 
would be felt before the year- 
end. 

Loss per lOp share for the year 
increased from 0.S9p to 4.73p and 
again no dividend is to be paid 
— the last payment was 0.87p net 
in respect of 1873. __ 

Turnover for 1977 dropped acquisitions by House of Eraser j 
from £226m to £1.6Sm and the may soon be heard, was si ten 
result was before a tax credit yesterday by Sir Hush Fraser, the i 
of £33,437 (£36,433 debit) and an chairman, at the annual meet ins 
extraordinary debit of £25,863 in Glasgow. 

('£3.693 credit). He told shareholders that tho| 


J* 


More deals in 
view at House 
of Fraser 

A hint that news of further I K " 


Cl 1 





This 'announcement appears as a matter of record only. 


European Coal and Steel Community 
u S $50,000,000 8f per cent. Bonds due 1987 


ganca Commercials Italiaua 


Banque tte Paris etdes Pays-Bas 
j^materdam-Eotterdam Bank N.V. 

Basque Internationale 4 toembourg 

Deutsche Bank' AWengesellschafi 

Morgan Stanley Satemational limited 

god6t6 G^n^rale de Banque SJL 


S.G. Warburg & Co. Ltd. 

Panca Nazionale del Lavoro Banco di Roma 

Credito Italiano 
Dresdner Bank Aktiengesellschaft 
Merrill Lynch International & Co. 
N. M. Rothschild & Sons Limited 


1978. 


'(.a 

i'v; 


Points from the Review by the 
Chairman, Mr. Murray Hofmeyr 

Earnings 

Earnings after tax and before extraordinary items 
for the year to 31st March. 1978 increased by 
32*10 to £25.4 million (equivalent to24.26p per 
share) compared with £19.3 million (equivalent to 
18.4Cp per share) for the previous year. 

Extraordinary Items 
Provisions under extraordinary items totalled 
£21.7 million including £8.2 million to cover 
currency movements. £7.5 million against our 
investment in Cleveland Potash and £6 million 
for Botswana RSI 

Cleveland Potash 

Progress in the development of Cleveland 
Potash has continued to be slow and costly and 
production has only recently risen above 30,000 
tonnes per month — just under 40% of design 
capacity. Considerable progress has been made 
and there are no longer any known geological or 
other purely technical factors which need 
prevent steady progress to profitability. However,, 
the overall level of performance is still much 
below forecast and a far more effective and 
sustained commitment will be needed if success 
is to be achieved. 

Tm Mining Interests 
Charter’s tin mining interests are now 
concentrated in the 28.6% holding in Malaysia 
Mining Corporation and we received our first 


dividend from this company in January, 1978. 
MMC Group Companies produced nearly 25,000 
tonnes of 70-75% tin concentrate in 1977 — Just 
over 10% of the world's known production. 

Industrial Companies 

We have been working to expand Charters U.K. 
industrial base. M.K. Refrigeration is now a 
wholly-owned subsidiary and we have 
accounted for five months’ post-acquisition 
profits of £1.1 million. Charter’s other wholly- 
owned industrial subsidiaries continue to make 
good progress. 


TURNOVER OF MANUFACTURING SUBSIDIARIES 


£162-4m 



We are currently investing substantial amounts 
to expand the operations of our industrial 
companies and are continuing our search for 
further opportunities to enter other industrial 
sectors with encouraging prospects. In this way 
we intend to achieve a more equal balance 
between our industrial and mining investments 
and between our U.K. and foreign earnings. 

Meta! Prices 

In the short term the prospect for a substantial 
increase in base metal prices is not encouraging 
but in the longer term there is no doubt that the 
demand for metals and minerals will continue to 
grow. The mining industry must meet the 
challenge of providing for this increased 
demand but the investment necessary will be 
made only if investors have greater confidence 
about prices and about their ability to achieve 
adequate protection against major political risks. 


Copies of the Annusl Report and Accounts can be obtained from 40 Hofbom Viaduct, London EC1P 1AJ, 
or from P.O. Sox 102 Charter House, Park Street, Ashford, Kent. TN24 8EQ. 




Consolidated Limited 


24 


* 


Financial.. 



5Y KENNETH MARSTON, MINING EDITOR 


modest rise in profits 


LONDON’S Charier Consolidated, further - 

the UK- mining finance arm of appears w be J*\he cards. The 

South Africa's bis Anglo American -shares wert 139p 3esieaJiO- 

Corporation, is still treading its 

way carefully after having sur- —< • j i , 

vived major and costly disappoint- § grg § GcDTS 
merits, such as the ill-fated 

TenK-Fungururae copper venture CANADA Tara Exploration and 
in Zaire and the disastrous invest- Development has tentatively 
ment in the Botswana RST agreed with the Toronto-Dominion 
nickel-cop per operation. Bank f-T a revised repayment 

. . 1 1 „ l;ij schedule of :hv senior debt of the 

wE5T JSSTJSSL ’ n £%} reimnnwd Tar, Mi. 


success in Western Mining’s 
efforts to find under acceptable 
conditions a joint venturer for 
the company's gold mining leases 
in Western Australia. These leases 
remain intact and unencumbered 
under the latest deal. 


Cleveland 

Yorkshire 


Potash 

which 


operation 

written 


m which operates the big lead-zinc 


TWO MORE JOIN 
W. AUSTRALIA'S 
DIAMOND RUSH 


Yorkshire which was written *■* ... iivlnnri 

down by fT.-im last year, lias only pi Toj 

wwirtili.- -> nroriui-rinn nb * UJ 



Chemical Industries to support P ™** 21,3 


revised ca>h flow 

the struggling operation. ^TTie 'rn.iJt> r Portion of Tara 

Charter's chairman. Mr. Murray Mmei - sc . n io-- debt advanced by 
Hofmeyr. says in rhe annual lhe Toronio-Dominion banking 
report that at least there are no Clinsnrtiunl total* USSlORSm 
longer any known geological or | i ]n , 

purely technical factors io prevent ^aVa g-.pjoraiion is 10 per cent- 
Cleveland's .sleody progress to 6V/ne( j j, v \ lt rthgate Exploration 
profitability. But labour problems u f,ich also held its anruof meet- 
remain and Mr. Hofme;. r cannot ifl „ jn j or onti. yesterday. The 
see a rapid improvement in the p r esl<leni. air. Fat Hughes, said 
price of potash while sub<tanUal t | iaI a f lcr ji u - profits setback in 
stocks overhang the market. tjic quarter of this year 

In the past year to March SI, which reflected low production at 
Charter raised its earnings to the Tynash lead-zinc mine in 
£I 5 . 4 m from t'r.l.gm thanks to County Gulvay. output had 
increased dividends front Anglo recovered in the -second quarter, 
and the diamond interests coupled It is running at an average of 
with higher share-dealing profits, above rjiJ.ntlO t»ns of ore a month 
At the same time Charter's which is the level needed in order 
diversification paid oft in that to avoid operating losses. Mr. 
higher income from tin, wolfram. Hughes mentioned the groups 
diamonds, sold and platinum various e.vpforalion srilvifles. but 
Cushioned the fall in earnings had little to say regarding the 
from the depressed base metals. Irish uranium exploration of the 


Australia's Hanma <<olrl Mine* 
with North WcM Mining have 
joined Western Australia's dia- 
mond ru^h. They have been 
granted throe largo temporary 
reserves in the West Kimberley 
cold Held, reports our Perth cor- 
respondent. 

The areas involved cover 524 
sq km and a Hanma announce- 
ment describes them as being 
“adjacent to Corrcinc Ricuimo of 
Australia's diamond tenements in 
the Lennard River area." Indeed. 


, uroun's 24 ixr cent-ownod Anglo 
Much nr Charier * strength is Development 

drawn from its major invest- v 


major 

men Is in other leading finance 
houses, this source providing 
54.2 per cent of lit 77-78 invest- 
ment income compared with 
43. ft per cent in the previous year. 
Among those holdings, that in 


K.4JLGOORL1E 

SOUTHERN 

Australia's KuJguoriie Southern 


one of the five areas is within 
block being worked by the Ashton 
joint venture which CRA is head- 
ing. 

Hanma and North West plan an 
airborne geophysics survey over 
the area. Carr Boyd Minerals is 
working nearby, and the group 
that includes Otter. Spargos and 
Bamboo Creek Is operating 
farther south around NullagLne 
in the Pilbara. 

Among the international .groups 
that have followed the Ashton 
group and Anglo .American Cor- 
poration subsidiary. Stnckdale Ex- 
ploration. into the diamond search 
are Selection Trust and A max. 

Diamond prospecting has de- 
veloped into a mild frenzy 
reminiscent of Poseidon nickel 
boom times, helped by rumours 
that the Ashton joint venturers 
have discovered diamonds of gem 
quality. 


Selection Trust has been reduced Gold Mines has now averted the 
to 25.8 per cent from 28.1 per cent threat of a v/inding-up. The 


HYUNDAI COAL 


a year ago while a sizeable sale suspension of trading in the 


has "been made of shares in Union shares has abo been lifted follow - 
aeration. lug shareholders approval of the 


Corporation. .. „ . 

. , . _ ... purchase for A?l.Sm (fl.lmj of a 

At Hu same time t-har^er is 50 per cent stake in Three Springs 
its Ul\ Talc from Universal Milling. Three 


seeking to expand 

industrial earnings base In order ^Bn* 'earned ' ' MsSfittotol 
to achieve a more equal balance v i ar ICl } ,,, i un ,. 
between industrial and mining Western Mining owns the other 
investments and between UK and u„,if nF . 1 ,,, nio nrodueer As 
foreign corning* lost vcor South J&U “"nn'^A, ,vketn 
Africa Provided S..9 per cent of Mlnln £ and Gold Minos of 
frnm nue ^Tt - Cuv Kalgoorlie have sold their respec- 

npr Lr,i- *0 if*! ratlin rh" 1 *! f- r live interests of SU.S3 per cent and 
percentage of assets in th. Lh. 2 7.17 per cent in KalgoorJie 

Mr. Hofmeyr ventures no Southern to Universal Milling of 
forecast of current year's Perth and are waiving debts owed 
prospects but the revenue pattern to them by Kalgnorlic Southern, 
of winners and losers may not be Kalgoorlic Southern faced 
greatly changed. On this basis a winding-up following the lack of 


Hyundai International of South 
Korea has applied for Australian 
Government approval of its plan 
to mine coal in New South Wales, 
jointly with White Industries of 
Australia. 

A spokesman for Australia's 
Ministry of Energy and Resources 
said that the Government would 
favourably consider the plan 
which calls for investment of 
A843m t£2Sm>. including ASKim 
in equity investment. 

The Government has been 
encouraging Korean firms to mine 
coal overseas to supply domestic 
power plants. One source said 
that While Industries will control 
SO per cent of the joint venture 
and Hyundai, 20 per cent 


:• -••fc’-f H\ 


BIOS AND DEALS 



ystery approach to 



EY JAMES BARTHOLOMEW 


Shares of J. B. Eastwood were perhaps a North American com- The Eastwood board - -wffi 
suspended at 90p vesierday pany. probably require a bid price well 

follow iny a bid approach from an The poultry indusliy has not m excess of me jTOPer snaijp. 
undisclosed source. The suspen- been healthy recently— except in valuation wt the market before 
sion price values the eags and comparison to the red meat busi- commending an ^r. In tto 
poultry company at m-m. ness. But recently there have 
In the stock market" the first been signs of improvement 

name to come to mind as the Meanwhile, eggs have bad a 5*? 

likely bidder was Imperial Group difficult time and are regarded as ^ 5*P ly 

which has substantial broiler a tricky cyclical business. The j™ ? ' hoW 
chicken interests already- But bidder is therefore expected to ualanee sheet at f235m: were lmt 

Imperial's stake in this field could be _ a fairly sizeable company IgSJEVS 

bu too great for such a bid to get which knows the area and can values have more or less doubled , 1 
past the Monopolies Commission, afford to view the ups and downs WTOte gir John ’ ■ ‘ ^ 

Eastwood and Imperial have 38 philosophically. Over the last five years, 

per cent of the chicken market imperial Group is the only Eastwood has diversified both- by- 


between them. 


company which would be likely product, and by country. K has 


.Among the other mnoud can- to run into monopoly difficulties, entered the turkey " and • jpigj 
didates, Unilever, BAT Indu-'lrivs, No other company has more than businesses and obtained .sub-. 
Borthwicks and Northern Foods 5 per cent of either the egg or sidiaries in Germany, Holland and 
all denied that they are the poultry markets. Eastwood daims France. In 1377, the company. 

bidder. Other suggestion* uere 10 have 14 per cent of the former invested £9Jm in fixed assets. -Its 
Linion International, Dalgcty or and 13 per cent of the latter. pre-tax profit was XS^m. ■ 


Lesney expands further in U.S. 





“Ayear 

and profit 



Extracts 

MirAlec 

“Group proMeforei 
amount 
:;fromthedisf 



.- - ... -, . 



Lesney Products and Go. is sen ting about IS per cent of the gas engineering. The two coni' 
making further inroads inio the U.S. plastic kit market. However, panies are already associated 
U'.S. toy market with the arquKi- the company incurred a pre-tax through a joint company, Gibson 
tion of most of the assets of AMT loss of $0.39m, against 3 profit of Liquid Gas, and the acquisition is 
Corporation. 3 publiciv-quciod St. 19m, mainly due to industrial intended both to strengthen -the 
manufacturer of plastic model problems at tbe Troy factory. existing association and contribute' 

Mr. Tapseott said that the U.S- to Runciroan’s expansion in. the 
plastic kit operation will be con- liquid gas field, 
ducted entirely from short-term 


kits, for SS.bom (£4 Jim 1 cash. 

Plastic kits account for around 
a per cent of Lesney's current 
group sales: and currently sell 
within a price range of 44p to 
■£3.50. The acquisition will add 3 
range of toys in the more 
expensive bracket — from 82 10 
S15-— and. according to Mr. P. M. 
Tapscott. chairman, lift the ^hare 
of plastic kits to 15 per cent of 
group sales. 

At present around a quarter of 
Lesney's profits come from the 
U.S.. which represents half the 
free world's toy market. 

As a result of the acquisition, 
Lesney hopes to be able to 
improve its profit margins on 
plastic kits in overseas markets. 

Up to now it has been expen- 


leasehold premises in Baltimore. 
.After write-offs of around Sim for 
moulds, he expected sales of about 
S13m and pre-tax profits of around 
SI. 4m in the first full year. 

AMT has total assets of SlOm 
with net worth of S3.7m. 
employs about 300 people. 


MEPC IN MAJOR 
FINANCING DEAL 


D ALGETY PAYS 
£6.9 M FOR 
MALTINGS 

Dalgety has fulfilled a plan to 
It use part of the proceeds of its 1 
£l2m March 19~ rights issue ttH 
increase the malting capacity of 
its subsidiary. Associated British 
Maltsters, by acquiring the mail- 
ings of Inver House Distillers, a 


The sale was disclosed last 


- • UK subsidiary of the ILS. based 

In a major property financing Puhlicker Industries, 
deal MEPC has arranged medium- ^ DUCKer “* QUBmes - 

£syv ? •rss tt'zSLrSfi&s- 
Esszsrssrs “ a tormal — »■* **? 

sive to ship plastic kits — a low 3bJe” interest rates enabled y ' . 

weight but high volume toy. Now, MEPC to start work this week on _ A recent study by the broking 


Lesney will be able to fly moulds its partially pre-let 150,000 sq ft firm Hedderwick Stirling Grumhar 
\tinntin in hntk Hir&i-. Ciiiidfnrd .<honoinc centre. And and Company suggested that the' 



across’ the Atlantic in both direc" Guildford shopping centre. And and Company suggested that the 
lions and manufacture the entire a separate loan agreement will demand for malt for brewing wiD 
range locally. enable the group to build a grow at a rate of 2 per cent a yea 

Thp ic h»intr finineni 44J00 sq ft shop, and 41.000 sq ft for the next seven years while 

hw T ^ e ‘^2rfi,‘,m ‘vfnii Office scheme by the Bond Street the demand from malt whisky 

irf-. * ™tZTJ erm d U b k tube station in London's Oxford distillers wifi be running at S per 
man in tne u.s. Street. cent. 

AMTs directors will liquidate ME PCs success in arranging The acquisition, which wifi com-; 
the corporation and Lesney's bank finance for the schemes, plement Daigety’s existing] 
U.S. subsidiary. Lesney Products which are expected to have an Scotland-based plant wifi increase 
Corporaiion._ will acquire all of eventual capital value of around total capacity by 50 per cent and 
its assets with the exception of £25m apiece, stands out because position it to take advantage of 
a factory at Troy, Michigan, with of the extreme rarity of this form the better growth trend from 
effect from August. of bank finance for developments malt whisky distillers. 

For 1977. AMT’s group sales *n recent years. Tbe arranqe- 
totalled Slo-oSm 1816.7m). repre- nienls mean that tbe group has 

avoided trading its equity in the 
schemes in return for financing. 



is too simple a description 
of the services we offer. 


Clothes on hangers 
or in cartons 


These extend well beyond the movement of 
clothes on hangers for which we are best known. 



Reserved storage areas 


We also carry them in cartons. And offer short 
and long term warehousing facilities with garment 
call-off systems if required. For multiples, this pro- 
vides an economic alternative to holding back-up 
stock at branches. With Tibbett & Britten rapidly 
replacing garments sold, the floor space saved can 
be more profitably used to extend the selling area. 
Equally, clothing manufacturers and shippers 
rely on us to handle all their Warehousing and 
distribution. 


ASSOCIATES DEALS ‘v 

Hedderwlck Stirling G rum bar 
a ad Co. bought 30,000 Wood and 
Sons (Holdings) ordinary shares 
at 54p on behalf of associates of 
Newman Industries. 

Rayner and Co: 
has acquired a 51 per cent interest bought on behalf of Petford 
in Liquid Gas Equipment of 10,000 W. HenViaU at 25p. Petford 
Edinburgh, a privately-owned now owms 260,000 shares UO.f 
company specialising in liquid per cent). ... j 


RUNCIMA N BUYS 
INTO LIQUID GAS 


The Walter Runciraan group SeJigmann 


Customagic chairman 
quits Mooloya Board 



Whilst operating a regular distribution network, 
costed on quantity and distance, we also offer 
contract rates for bulk and will gladly set up 
special collection and delivery systems to suit our 
clients* needs. 


Security is an essential of our service. Our 
record in this is unrivalled by any other transport 
system. 


The 'Clothing Transport People' is too simple a 
description of the services we offer. Call us . . . 


Efficient warehouse call-off systems 



Nationwide depots 


350 vehicles in operation 


Domestic. Continental 
and world wide service 


691/697 High Road, Tottenham, London N17 8AZ. Tel: 01-8083040. Telex: 267547, 


Sir Cecil Burney is ta resign 
as a director of Mooloya Invest- 
ments with the company jn tbe 
middle of a £Im bid for Custo- 
magic. Sir Cecil is also chairman 
of Customagic which has been 
split by the 20p-a-share offer. 

Sir Cecil's resignation comes at 
a time when the City Take-over 
Panel has said that it is seeking 
further information from Mooloya 
regarding a contract with a 
Jersey consultancy company. 

The contract refers to a £38,625 
fee to be paid to Gras d’Eau for 
procuring the transfer of l.4m 
shares to Mooloya from certain 
Customagic shareholders — includ- 
ing four members of the Terry 
family who between them con- 
trol a 26 per ceDt. stake in Custo- 
magic. 

Mooloya has also entered into 
an agreement with Mr. Maurice 
Prax. a Jersey consultant who is 
to make his services available to 
Mooloya Tor £7,500 a year fee 
conditional upon Mooloya acquir- 
ing over 50 per cent, of Custo- 
ms sic. 

The agreement to run for five 
years slates that Mr. Prax’s 
services will not be required 
outside of Jersey and in the event 
of his death his fee will be paid 
in full to his estate. 

On April 30 this year Mr. Prax 
initialled an agreement by which 
Mooloya conditionally acquired 
6.58.000 shares in Customable, 
representing a 124 per cent stake. 
Mooloya currently holds a 47 per 
cent slake in the company, includ- 
ing the Terry family interests. 

A further agreement involves 
Mr. Bernard Terry who is to 
accept the appointment of director 
for Custamagic's Mail Order 
division, for £15,000 a year, the 
agreement to run for six years 
and provided the bid goes uncon- 
ditional. 

The bid bas caused a split 
between the Terry family and 
other directors of Customagic, 
including Sir Cecil Burney, viho 
are opposed to the offer. 


performance bas been reflected 
in tbe market value of the shares 
over the last five years.” The 
highest price, after adjustment 
for scrip issues was G2p in 1973. 

Mr. Murray produced the tradi- 
tional “ assets can only be 
assessed by reference to the level 
of profits consistently earned by 
them ” to counter the argument 
that the offer is below the net 
tangible asset backing. 


Advice to help 
small companies 


THE WELSH Development 
Agency is to expand its help and 
advice service for small com- 
panies. 

Its Small Business Unit will 
provide a counselling service nn 
business life to assist companies 
employing fewer than 200 people. 


> n&tforthe prewousyear. : j 

; 'Capitalisation i: 

:%ffinoverfor., , 
and profit by 96% compared 

ry/an Rooy Dorsman.the Dtifch 

: attribution 

*1978/79 Outlook - . . 

; retail outlets for lh< fir^ 

Year show an jncrease ot apprt>??hnatetY ^>% 
over fast year. 10 
in various stages of. develO&rni^ 
sites are continually be? ng sou^rt a^part;of 
the expansion amine: tb^-o^»ftdvrtgo 

TCwik-Fit service - thrc^hputj^^^i®ted^ 

Kingdom. .' . . p.L' 



I February 197Bcfin,ba0b!aI^llfane»: • . 

Company Secretary at Bead Offkai&JS^Ma&r Snwqt, 
BroKburn.yykjp Loihian.^-' ' J A 


| UKTOWTi, unrujii.^ : 

• ' •• : V- ■*; •• 


;4 pAM 




- r ^» y-^yzSJi •• M - . : ■ • : 


. • •• -V.-'j 




' I'M i 





The Chairman 

"once 

are a considerablelmproyeiheBt , ^ _ 

overall pre^o^;f 7 ;\- : i-; : ?^^-^ 5 ; - 

. years with profits up * 


. di -> AM -'-.-i:' 1 


Pre-tax profits- v 


i,ios,236 r: $27 am? 


• Turnover . \ 

3.264,071 ' £.497,136 

• Export turnover \ 

2,62fi/337 ;2,ifl7;547 ; 

• Retained net profit \ 

- 611,857 1 . 649,012 - 

• Net asset value per share 

127.30p 114.85p 

• Earnings per share 
-before taxation 
-after taxation 

22ilpr ^>T8.87p 
16.53p • ;v 16.90p.: 


Pre-tax profit to turnover {U.K. Companies Only) 14.156" 


The Report and Accounts can he obtained from: ' 
The Company Secretary, : . V ' 
Durapipe International Limited, : 

Norton Canes, Cannock, Staffordshire WS1 1 3NS 


The Annual General meeting will take pteeb at the Waldorf 
Hotel, London, Wednesday, July 19th 1978 at 11.00 ajn. 






REDMAN/SPOONER 

A former chairman and manag- 
ing director of Spooner Industries 
has endorsed the Redman Hccnan 
offer of flop cash for each 
Spooner share, Redman’s chair- 
man, Mr. Angus Murray claims in 
a letter lo Spooner shareholders. 

But while it may have the en- 
dorsement of a former Board 
member Redman has the implac- 
able opposition of the present 
Board, which has described the 
offer as ^ completely Inadequate 
and totally unacceptable.” 

The detailed reasons for tbe 
present Board’s rejection of the 
offer wDl be circulated to Spooner 
shareholders in the near future 
but essentially they relate to the 
fact that the price is below cur- 
rent book asset value of 69p a 
share; below the revalued asset 
backing and at a p/e of G.8 Red- 
man would be buying earnings 
very cheaply. 

Mr. Murray pmnts out that 
Spooner's profit record over (he 
past decade has been erratic and 
that the prospect for the latest 
year’s result was of an improve- 
ment on last year but the size 
is uncertain. 

He adds that this “indifferent 


Preliminary results for the year ended 31st March 1978 


‘The group’s profit for the year, after taxation, totalled £1,395*000 
(1 977: £1,053,000). After taking into account the share of profit of associated 
companies and deducting loan interest and minorities, the attributable profit 
before extraordinary items, works out at £1,097,000 (1977* £928 000k ' ■ 

an increase of 18 per cent over last year. ' 3 ” 

We are proposing to pay an increased final dividend of 6.23p per share 
which is the maximum allowed under current legislation. * 

.Mr.B.M.P. Thompson-McCausland and Mr. F. C. Saviile have been ' ' 

appointed deputy chairmen ofArbuthnot Latham & Co., Limited the " " ' 

merchant bank, which produced increased profits after taxation sndtransfer to 
inner reserves. 


Arbuthnot Insurance Services, which comprises the group’s Insnimice briMSnff 
interests, had another record year while the investment division also contii-T 5 
outed to the growth in non-h anking g ainings . 

Over thelast two years, total profits of the group, including acqmsitioiis,have 
increased by nearly 60 per cent, whilst earnings per share show an xncrease df 
17 per cent over the previous year.” . -“wereaseor 


A. R. C. Arbuthnot, Ghaxnnait 


The Annual General Meeting will be held on Thursday, 27th July 1978 
Copies of the Report and Accounts will be available after 5tk July from the 
Secretary, Arbuthnot Latham Holdings Limited. 37 Queen-Street. - - -- 
London EC4R1 BY. h 




<V - - 




. I-.. - - 


4 . 

- *•, i. 


■•i '■■r. 


-i y* 

i. * - . 


I 1 '-:?: 









■Sis 


■^2=' 

*«.>^ 

S; 

2:s v._, 

"-,C„ ^ 

^ *+ l."' ■ ■*. 

'"'^ as H 

CiUarterH 
a PProxi® r of* 
SOcts 5 

sS °Pment 5^ 

3 SOu 9lvi t a 9 '^ 
"!« to >: 

9noy t «?JJi 




Dnrapip- 

^rnaiional 

Limird 


war's results 

■ smprovc-meat 

?V>0’JS 

> up by 13' ; ," 




not 


Financial Times Fridav June 23 1978 


K y>y\ u 9 G 


Wedgwood expansion on Edwo recovers Boots set for further 


,irt>U rchlSl! 


tarset 


MOST OF Wedgwood's recently 
extended reatiufucturint; facilities 
are . now m production and 
beginning., tfl. wake a useful 
contribution to output. Sir Arthur 
Bryan, the chairman, sjys in 
annual statement. Oihe- 
expansions arc also either i:i the 

course of building or under 
negotiation. 

Provided there is no return to 
excessive cost-push inflation he 
anticipates that ihc group v.j!J 
come close to achiovirg uC 
amhlUoUa . targets set for is 
factory and sales forces in the 
current 1 year. he. says. 

./'.Wedgwood is making a one-thr- 
one scrip issue, and den lings j R 
the new shares are expected to 
besia on July .24. 

. is iirtViousty reported. Pre-tax 
profit in the April 1 . vjts year 
advanced S per irtnt to £Rjt3 m 
after exchange losses of £(>.77 m 
(£l£4za profits). 

The weakness of the American 
dollar had a considerable besrin" 
on the- sales figure of £73 . 4 in 
faJSfig am short or target. Sir 
Arthur says. 

Ihirlng the year its share of 
world markets increased 
particularly in the l-.s., Canada 
and Europe. 

A current cost statement show s 
the profit for the year cut to 
£8.4&m iE4J}7mi by addition;)! 
depreciation of £fi.fi3m t > 
and stock replacement of £j.7.=;ni 
l£3^9m).. offset by a fn.Sim 
(£ 0 H 2 inj gearing orfjuMni'.-ni. 

Al year-end_ fixed assets v.cre 
X2229m (£17.4ami and net current 
assets £2U. It m (CtS.ami. 

/ 'Sfoutloc. 34 Wigmorc Street, W., 
July W at 11 u.m. 

G A partner 
in Saudi 
Arabia venture 

A new insurance company, Pan 
Arabian Insurance Company, has 
been formed jointly b>- General 
Accident Fire and Life Assurance 
Corporation ■ arid Sheik Abdul 
Karim El-Khereiji. the principal 
of .the International Corpnr.it ion 
for Trade and Contract Services, 
insurance agents in S.iurli Arabia. 

The new company js a joint 
. Operation. in .which. .the -Sbelk.-hx*. 
the majority ■shartholdins, while 
General Acc'dpnt and tin- Insur- 
ance Company of North America 
hold substantial minority 
interests. 

The new company, with head- 
bliarTefs Tri El-Kheretji 'building, 
Dammam, will write all classes of 
Insurance, including fire and 
allied . lines, ocean and inland 
Jjnari.ne,;, contractors’ all risk, 
general 'liability, worker*’ com- 
pensation, accident, crime and 
motor. 



in second half capital investment 


Pan Arabian *as! 1 be rt-pre-Senl&d 
by tlie international Corporation 
for T;_-du and Contract Services, 
an agency which has represented 
Henorai Accident in Saudi Arabia 
since 1*.I75. Thu agency's head- 
<juaricr> arc aiso if* Oaiamam and 
h.i, branch ufiices in Ru idh 
r.mi Jeddah. 

Brit. Steam 
advances 
to £2.27m 

A SECON'D half advance from 
JEI.nom to £l."Gm at British Steam 
■Special tie* Group lifted tin* full 
yvor'.i fipuro io March si. HITS, 
from f).7?nt to a record £2.27 n> 
on turnover of £31. 14m a^aio^t 
£27 24m. 

Si-iud tMrinnss per 2 Do share 
ore iJ„>p (S.fip) and the dividend 
»* effectively raised Itodo 4 .«p io 
5.1C7f> net with a final payment 
of ::.G3Tp. A 1*0 proposed i\ a 
one -for- ten -cr;p issue 
Tjs for ihe .rear took il.lvm) 
i£n.u 7 ni f asm i he amount ret^in-.-il 
earne om at £u.t>m {511.4m after 
an extraordinary credit of 
£33.000 1 . 

The 14 roup manufactures :,n>l 
supplies pipeiip..- oquipnieitt. 

Vectis Stone 
well ahead 
at midway 

Intiiidmu three months* ixmiIi.- ■ 
f Mr in Ce-ric Oi» Supplies, laxalil*- 
profit of Vcetis Stone Ciruup 
r! imbed from 1128,513 ta JE2V3.4&<« 
in iht March 31. LOTS. half-year 
on rumovor up E3J29m l a S&.’JJn: 

Directors sjy the group has con- 
tinued to be busy during the 
summer and that profits for ihc 
full year are '-.v peered to be well 
in cvcc's of last year's record 
£404.3u2. 

Firer-hulf protil is subject to in:: 
of 1110 730 iffiiUSS). 

The interim Ubidend is up from 
Oiiji jo 0.7r> n«*l per 10p sbare. 
Last year ,i ft.SS4p final was pawl 
Group interests: include fra - . el 
rxiracrinn and larmacadum manu- 
facture. civil encineering, plant 
hire and petroleum product-- 
distribution. 


Beechwood 

£ 88,745 

downturn 


A second half fall of £27,fi26 :.i 
Beechwood Construction (Holri- 


RESULTS AND ACCOUNTS IN BRIEF 


Haukcis 

Hewrvc'.JtOitacr; 

Aass ' 


£60.4-1 9.W - 
LGrTivt.^ >' ^74^.87.039 


CATKINS ‘'BRbTHeRS (HOSIERY!— .tnnuan- 71 afi^r Jane SO. I5»7S. vVn a] 
for rear ended Mariii at. I 0 JS. sert-n-morjh per.tid «ill end on Jantrjr, , 
b'p>iritd Jane 7. t'i"cd p^-els. n.tJm "j 107P. Change found occeMry Ik-iuu ^- i 
<£ l.39rw». Nci correm a"-ci-» K.ri?ni ji , 5 , Jifliviil: iv suit i-fivviiwly >11 Julv ' 
itl.S5i.ii. Increase :« vmrfctiie capusl a«vl a-.ibiist l< r a i.-nribinatfitn of 
E3nUU l£13->.-T24i. Citnpsny cununuc'. i- H bina ..nj uih-.-r viiJ-«r-yc»r work <11 
policy nf ■ rr-t’duiPPdW enJ rwreini'irt^ addition 10 ihc unrniai day rodav running 
where noctrfsry. ■ t-radual i-xpanvinn con- 0 f an «in<uni urjuutsjdon. 
pouos and chairman u cooflUcw ill Chn- cn __ u li4uircTMI =„ T twikst— 

oany’a ability u> hold t>r imnrovc pojh _ view forth investment trust-- 
unn. Meeting. -Hinckley. July 1 “. at Rcsulta lor renr 10 lUnh 3t rep^riwi 
anon . -- .June ft. Qu>ui-d invcwiyn-nLS on British 

“ BEALES ASSOCIATED COM- Sinck Exchanges iL»7m «£1.31iu<. qua-ci 

nSuLSSuf to lK U n» w inner whaun £.C 7 m .tO ffim. 

wMrtedMur IS Fw*d aw*tt fi.4Iin unnnoied. at directory' aaluntlon fi«U3S 
S 1 , M £, eonvnt Jsou iJiSm «eiMW>.. Cum.u mm P.49.137 (Cnu.'JSa.. 
cafflwi.' £787.000 < ££49,000 < increase 10 llaNUtto m.539 iCC.OJft,. London aind 
RorKtiK capital Upturn in offtake Hives Manchester Assurance company holds 
rwnwjr W confidence if it is sustained- l*"« per cotp. of ihc cuuliy. Meeting. 

§^: N«rfSn July H. a. noon. Edlnbureh on^July W a, to.15 a.nu 

i, CHARTER COMSDLIDATED- Results nmiDAl 

ter year to March 1975. already, knowu g fiv R fclTU R N 

tfiied, a'serj MS.JHm •M.?nn. N»i . .. . . .... 

dcrrrPnf ^ aws £39 9S*m ‘ETT CSmi. Invc^*- — " | h» . *'+' •* 

diesis Jl 82 r 82 w . 'n93 97m*. M.eeUnft. _ ! 1*"..— . 

Winchester Hno?e. EC., on July Ik- »i vr.« Mi-week 

^ENCLiSU . :AI|P INTERMATIONAL RlVV|\fi DEPARTMENT 
TRUST— Resuns year. |.. 4pnl J. JS.S. BAARIAU ULrftniMt.ni 

already tawwn. Listed UK inveyimwils . . . . .. A - h - 

JSJ3TO 'ff:07m4. elsewhere U.Wm ^ , v %. XjeV) 

<£4.35mi. Unllfted In eaunr «!-|. ! ®» ’ iV™,,,*... 24.vwi.aos* Wff.ffio 

rnit.«5>. In other Investment I0.W D ‘ ,\ u „! fifrt.rCi.iXK) -5'A.SOft.OOO 

IIT.M0-. Net currenr a>^ £LSft iu... ^ - 

tea Tin . Dircetnrs have deeded lo retain Huukeis. ^ . 

substantial degree or overseas invstftmeni Kesene- iL _ s’t-h.fi 

and this policy mil be continued durwe Aon aou- is- _ 

cpmina . J»«r, At .May =1- FredujUa : l.G7a.E7t.ft>»-741J.B7.l 

Ascwranee Cwnpevy held B.Gj wf fs"; . 

nf Qtpiitr. Urmni-n Premier Investment 

Trust fl.9t. per cent and Drayton Consolt- A s^ETS ’ - 7Q , 

dated Trust per cenL MeeUnu. Hi. Ooct. imviHt »3.OTM 
OM proad Street. EC. July M.. al Al j v-n .^i4iitiM’ 
a-JO pm. - • - _ __ ins • WLVfcSSv— St*J.<«s,i 

; ESTATES AND AGENCY HOLDIRC|^ 

Turnover— m.1 rents rcceUaWeprar 19. ^ mher Se«- .. ..;■ 

FJ15..7W f£S9.J£C>. prollt £46.03 1 . £42.380' - . i lM,:.lit — i2.JJ7.fl 

8 tfore l^f2«.«» <£2= 437b Surplus ion I^.ftr,- 20.1 

sale or freehold prooerij- IS.-fjft >E TSfij — 

From mioonrirs K-WI mill. Net Pro/ 1 |.«4.S(4.^50- »«Ij87.( 

Cri.4&7 <C1.7T4). reuisned flS.922 i£9,Mw>. j 

Earninps per 23p share' own -in.up«- 

mvulend 0.4K7SP • MON W imvt&ct HSI'K III- »*' IH '» V* ' 

■PRNGRESSIVE securities invest- - - , — 

MEHT— Resulw .Jor rear to Msrrh ^31. jjahiLI j lha - 
I9JS aln-ady Itnowm. inveetmcuts n.Mm . ■cnrr.r 

lEUWrn'. Do realised deficit on ccm of x,ue» i»«ned 7 a 

taveum»nu at March si. WS £lT*jWt In r 

(£141 110k Al ycan-end. ne» a.wia n.Win i u &,,,ic ishei*. JfvH/.'.'i- u.au.d 
(SS. ft. per share, apainst O.Ofitn t^.SPj- 
Trnsiee* ror Roman Catholic Purposes .vssfcTS - 

Jtwdstercd and Sun Uft Assurance ' bold SnvK ji e hw f ^4"10 

•2J7 per cent and B.92 per ™ Dt _5 r oilier 4W-1. ’!*&•». r «ftV-l0 
shaww. - Meettee - *, Uoorgafe Place. EC. t „ |, er a tvu tit n> • • S».l &>.■* •- ' Wl& - a l - q 

JV ^MJDHURST n ’ MARKETING— Acrount- S.I76.tOC.*>J * 24.000.0 

lq^ -dajji' fl>-.be duuwett hum June 3D m .- 

1 LOOKERS LIMITED 

.. Motor Vehicle Distributors and Engineers 

S- interim report 

:>■. The nirectors announce the ^lIow‘n 3 unaudited results 

M'-y™ •£££ a £ urm 


turnover • V" 


ended 

31.3.78 


ended 

31.3.77 


£27,692,008 £20.fi'-0.758 


-T .' .. oM 420 DWhTJS 

s €^o'up Profit before 443^778 315,561 

Ration ~ - - ^ 

'Gionrr'ProBl after Taxation r ’ 3g4 (74.35S; 

-Extraordinary items — — — 

•'|i^ att^Uiutable to' Shareholders = «W26 jMUt 

«f “■ 9 « 825 p sl,are 

■ rproposem (M.9.77-0.9075P per ^ fSTJSO 

Corporation tax has been charted gaifyte r| 

:•*«. Impleraentatinn oMhe £ ^ effective charEe for Jhe 
Referred tawmop ™ at a rate Io«r IMP 

; yoar betas, as In the previou * maX j W um permissible 

The interim dividend propo§etf ^ advance corporation tax 

However, '*'e antl ^ compauy- 

' another record r. E. Tongue, 

• 32 nd June Chairman. 


606349 

315.561 

291.288 

(74.35S) 


£417^26 i'2 16-930 


£74,008 fo7.3S0 






in®) foilou'ed !* finer half 
(U.v.niurn fri.m ri'.ir..K-il t.i 
il34..'c*2 :uid fur Jlit- Mi jtv.r 
ended Murch 31, ltlTS fht« tnil 
and mcch;itiie:ti enunufrinL' 
xruup unm>UTu-Cft a Tall in i:<x:ili!«_* 
r>riUit.s fmm £4WJSl>b U> Eil2,ira. 
Turn.ivcr fur ilu» |ii‘riud \%as 
.‘i.'Jvail .21 Xo.2J0« I7 .LV.ih. 

Earnin':-, per lup share :i»t* 
■viiuv.n as Lf.riji {.".j|»; ami the 
Ui-.idt-m! i.-> mam tamed ;il 1.<S|» n.-i 
KHli ::n uiichaff^etl final nf I.3p. 

Prc-lhS prolll wo* struck nficr 
fivpreci.ilwn J4S3.VI8 l« 2 l,.Sf«i», 
and inu-rciil payable £lao.'644 
1 f. Tax li.uk £ i T-l.lfij? 

t£*2U3.1 .uid .trier i-xltnordtnar.v 
flebil* nf £].>.-}otl (njl. .-inU 
minorities prolil £146 (£20,109 
the aUrjbutflble buluni-c 
came nut al £141, 5M1 against 
£217>32. 

Midway rise 
for Trans 
Oceanic 

A tier interest ami ni:«iijrp?nio»» 
c-x i>en sts of I525,4«fl. av.rfinst 
£41*7.000. prp-L'jx income of Die 
Tninx-Mreanie Trust itn|iroved 
rreoi £ti7,iiOD to £323.400 for Die 
six mnrilhs to .April 30. 1978. 

A'.aiiable revenue hmlu-r 

.•1 t'Wi.’Ou (£262.100). An .nteTini 
• lni.lend ».f J.5p tsamr-i nei h.is 
already hut-n paid m the current 
> ear— lasl year's final w.ia *.3p 
fnini Xfin'J.OOn taxable reveuiu-. 

Mel usscl value at the half-year 
1 . .hull 11 at (212 tip) per 

23 p -hare and assuming full ton- 
vei-aiuu, a I 227.4 p (2CHj.7pl 


AFTKB FALU.VG from £J.77m. 
to £1 13m in the first half, pre-tax 
profiis of ihe Edbru (UnldinpM 
enKinecrins croup recovered in 
flic latter hair and tlni.-'hcd the 
ve.>:' to March 31, HITS, ahead 
(rum £1.61 m In 

Karnin^s a:e slinwn at 44.5p 
i.il.lpf per 23p khuiv before tax 
Ml iO.iRUii Him), ami u2.jp (37p.» 
after lax. The issued capiiai was 
un.Tca.sed by iDm.w 'hares on the 
Li-quisuion of Lunsfon Xfaehinrry 
Supplii':- Inst Kcpieiubcr and by 
1.03/H sliarrv on the acpuh/ihon nf 
Kdbi'o (Scoiland) last November. 

The del final dividend, bused 
on j 32 tier cent tax rate is 
4.2S43p Sur a maximum ptrmiHad 
e.3143p l3.ti34Jpl loi.nl. 

The diri’eior;, .-.r. Dial u> lb»> 
absence uf further Guicrriincm 
uiudaiu'e, the final dividend »il) 
be intre.isvd la 7p pu-r share, 
muk.nx a iui.il r.f a.o:;nip by ihc 
dcelaranon or a scemid interim 
payment on Au^U-l I Of 2 7l56p. 

If the rale of tax remains at 
34 per rent and there is no 
rl.jrvj*' m dividend vuntro) the 
proposed final will become 
4.2?firtp. ihe maximurr. permitted 
under current legislation. 

1977-78 197.1.77 


acquisitions nhich all came in 
the second h’.ll, taxable profits 
would have been nearly 19 per 
cent down but :fap company bus 
incurred redundancy pay men’s of 
£200.090- Lack of orders, short 
lime working and bidustria! un- 
rest hit the first six months but 
an 3& round improvement, both 
at home and overseas, helped 
make up much of the shortfall. 
Two trends are apparent in 
Edbro’s future ^rov-Jfc pattern. 
First. Uw eomnany. U now con* 
cenrratinp on ,i narrower ranqe 
nf products rather than produc- 
ing to cuilofii'T ypscffications. 
This involved the pj.-vha'-c iasi 
year of a nvv v.irc*o-«u*v -n 5 J«r- 
chesier and .-nm c further 
crease in stuck' wiich puihcil 
the overdraft uu £2r.i. jlthuuah 
this is still only ir, p L -r n n: uf 

, r- .• )•.. 


Turnuf. r 

till, and il,v-b fid. 
lllli.-nM tllJIK'h 

Pre-tax erora . . 
TjX 

T<» nuilurlllrs 
H.'Mill.-J 

• comment 


idiii’ 

2ft.:-- 1 CC.717 


ndhro's c.iuuun of year aeo 
was well juftl Hied .md after ; he 
poor lies i lull' the company, bai- 
bicred by acquistlions, ha*, done 
well U* Jlibl be.ii the preriuU*- 
pi'c-l.ix proii: figure. F-'wludini: 


next yoar i* likely to exceed 
£I.5m. W>ls throc-qyar’.erx of the 
home murkv. r..r hydraulic tip- 
ping pear already under .'s belt. 
Edbro's thrust - ill have to be in 
the toush o-erseas market's 

where penetr.»::nn >s veak. At 
15Wp the shares s!:!l ha-, e poten- 
tial on a P e of 4 S and a yield 
of 6.1 per cent. 


LWT/Hl'TCHINSON 

Acceptance- rc-rc.ied bv 1AVT 
l Holdings) ..nyv.nt :o 9 ?:.<XHI 
shares 9S..’« •> .r tint of Huirhin- 
sun ordinal"- .. •; ,r : ,-i«6 prior 

to the capit:-(*:: m: . The Mfnr i*? 
now uncot: i;t soni i-'l remain’' 
open. 


THE .STRONG financial position 
nf the Boots Company is 
empha*is«*d by .Hr. G. 1. Hobday, 
the chairman in hi* annual 
report. The "roup » ;?l roniimn? 
ro intest in irr.nrovin-* and 
extend in j fa ci?: tier fo make use 
of any npport unities, he says. 

This will place the zroup in 3 
very coot! pnsAicn “31 Ihc time 
when recession is behind us and 
nur customers' -nenii}T.2 potential 
is restored." Mr. Hobday adds. 

The indication 1 * arc that con- 
sumer spending will become more 
buoyant in the VK .Jurins the 
current year arid »!■«.■ croup is 
ticll p.fi i'J to f.::J ^:\\-jatazc 

»>I tius in ••* 

The 4ubsvnl:r! cap::?,! invest- 
ment programme continues Ta be 
dt reded towards :r.cre.-.sir.c Boots 
share nf ;r:a ; riant rcTr.il and 
indu^irt.il marheta in the UK 
and the w'-tid at lar^-e. particu- 
larly the SE*2 .inti N‘-;.r\h America. 

A record £3om --'a? approved 
and committed durmc the year 
for irp.fi’.mcn; u rejects 

in the L"l-t :.i:! abroad. Hn" ever, 
actua! expenditure. rfthourh 
hicher than :ha n-e"ious year 
v.is Jou or (h.m pf.’nrerf Awin'* 
tn delays arid -nm»* difficulties in 
the bmlfi’-np industry, the chair- 
men says. 

Future capital evnpnriirure 
.ip-irovcd b. 1 the direc’.Ofi hut not 
nrovrded for «hr*-. * contracts 
placed nf CJ^firr irid.fimi ?nd 
enn'ric's no: niared, flT-Sm 

irr.rtTT.'. 

For 'ho per e-r.^ed March 31. 
If;7s pro- 1 . is pre-i:* -.-.ere up frnm 
£Il! lm to r. record itfiTm nn «ale<; 
•*f £>’ r A s? m iTT'!*in 1. The dividend 
■- 2 33'.'?' A fit-rent 

e 'UPT.-vr: -her.-'* a doprcc?"- 


Don adjustment of £lf>9m. cost 
of sales, £0.7 m ,*nd a Rearing 
adjust men 1 nf lowering! th® 

pre-'.ax profits 10 £ys:tm. 

The 2 roup's own brands 
continue to -.tow, says Mr. 
Hobday. During :hc currenr year, 
new laboratories v ill be opened 
at a capital cn-u ni jftra to assist 
in the quality control of own 
brand development*. 

Capital investment In new shops 
has remained -n :■ hish lew* 3n " 
amounted to £21 m. A total of 37 
eftemtst shuns he replaced or 
enlarged, with no-v stores beina 
onened m Hancbc^fer, Ta union. 
Kettcnna. Leimin’ton Spa ano 
Ccjichesfi*.-. 

On chemical- runufacturc. the 

chairman - if is now 
impractublc to ?onlract further 
plants on the Nor^nuham sire nnr| 
aijreetnon! recently retched 

10 buy !•• ?>»i ■»? Craailinaton. 

Northumbvr'.i’v •■•.*> which future 
chenuen! ni:>su( acture will be 
sited :n the V!* 

Durin? th" yerir. work was 
.Aaned on :i ne 1- . extension to 
ihc group's lahor-t tors’ facilities 
tn provide -.-enificant increase 
iw .-pi'.-e for medical and 

pharmacetM’c-? r c--earrh te.ttns. 

The integration of Rucker 
PharTnccti! Cni?ip?ny of fhe l ! S. 
is precoedin 1 : satisfactorily and 
the devetowmer* of this company 
into a vehicle for the market inc 
of Bools orori ':«•:« in the U.S is 
a major objecive. the chairman 
S toted. 

M(-efmc. 2». Aldcnnanhury. 
E.C . July 2n. at J1.00 am. 

IlOF'S meetlng 

The annual ncctms of l^ndun 
and Overseas Frcichfcrs will be- 


held ai the Balhc Exchange '<t 
11 a.nt. on July 17 and not July 11 
as reported yesterday. 


Randalls 

slumps to 


THE FINAL dividend has been 
omitled at Randalls Group after 
it slumped w a £403 .(Uil) loss in 
the second half of 1377 to leave 
the pre-i:i\ io«> nr E254.3&7 com- 
pared with a £7152*17 profit pre- 
viously. Turnover clipped from 
£22 »Vim to £2£.3fini 

At halftime when profit was 
down from £224 4aP to £J24.no3, 
Mr. C. R. Randall, the chairman, 
reported that there »• .is a drastic 
loss of profit in boih the merchant 
and retail areas of the business in 
(he second quarter, and revere 
disruption an*m2 from ihc 
clo-iure of a factor} h id e.iusert a 
trading loss at Randall" Fabrica- 
tions. 

For the year exiraordinnrv 
debits were £7l>?5K24 1 £23.1 11 1 and 
look ihe overall lox-- to £] n:tm 
(£2S5^44 profit) after taking 
account of a tax credit ef £22.115 
i£:is:i.674 chary 01 and minority 
interests of EiS.TTfc itJa.lDS). 

Mr Randall S3» that far 
this year pniurcss has been sativ 
faciory and he is ri-asonably con- 
lldcn! the croup uifl make a good 
rrcovcr>‘ over thr year. 

Willi ihc final omitted, the diii- 
dend total si.-inds al 1 452p net per 
2ap share compared wilh 4 63::«p 


Oocl ^o*uHt »«»>.. LMk.481. 0S< —S^3.9W.99B 

401J5U»'-ST.).7«aW 
PmntMn-.Kquic’li ■ 

ir Sew --f ‘SwJrn.: iSSTjS 

cX.:::.::.'::.::.. w? 

‘t - 7* 1 2*7.089 

1 -tSI'K IH I' tin MKV I 
TTipTCTTiiS" ~ * 

x.sr« i»«nerf e : 

lu tfn nk'ie I >eiii. Jfi.fi7ft.M- - L.2MI.0M 

ASSETS ; . 

Govi. I ‘chi'- , rlV-iiJ'? f=.o’r'l 066 

UlhtPMKurhm-' -W M-Afltt 

: ?.I7B.tOC , .t»:' * Ci'.OinLOOO 







The financial year endins: 31st March 1978 
STATEMENT BY THE CHAIRMAN 
The Honourable Sir Marcus Sieff, O.B.E., B.A. 



Mr. Michael D. Sieff retired this year from ihe Board after 
serving 49 years with ihe Company, having been a director 
since 1950. Mr. H. B. Freeman also retired this year after 
40 years, having been a director since 1965. Mr. J. Leu , 
who joined the Company in 1949, and has been a director 
since 1967, has tendered his resignation. 1 thank them for 
their contribution to our development. Mr. R. Greenbury 
was appointed a Joint Managing Director. 

CONSOLIDATED RESULTS Our consolidated 
sales reached £1 ,254,055.000 and our profits before tax 
£1 17,915,000. After taxes amounting to £53,736,000 and 
the adjustment for minority interests, there remains 
£64,535,000 for distribution against £54,668,000 last year. 
This figure is after the deduction of £1 .925,000 allocated 
for the first lime to the Employees Profit Sharing Scheme 
and an additional payment this year of £1,588,000 to fund 
the increases in pensions awarded during the year. We 
believe that our staff and pensioners should share in the 
success of the business. 

DIVIDEND The Board recommend a final dividend of 
2-5443 pence per share which makes the total distribution _ 
for the year 4-2443 pence per share compared with 3-83S l ’ 
pence last year. Tliis is the maximum we arc permitted to 
pay. 

PROFIT SHARING This year l have simplified my 
statement to make it easier for shareholders, staff and 
others to understand better our developments and policy. 
We value the interest in our progress shown by many of 
our 234,000 shareholders, whose numbers will now be 
augmented by 17,000 of the staff who qualify for our 
Profit Sharing Scheme. It is a measure of our staffs 
involvement in the business that over 1,500 have 25 years 
or more service with the Company. 

UK SALES Our store sales in the U.K. have grown to 
£1,134,543,000 against £954,599,000 last year, an increase 
of £179,944,000.'SaJes of both our textile and food 
divisions continued to grow in real terms in spite of 
inflation and the recession. We concentrate on quality, 
good value and good service. We have a high quality 
operation but there is no room for complacency and much 
scope for improvement. 

QUALITY We achieved our results' because of our 
commitment to quality in al) aspects of our business. 

For half a century our policy has been > 

to improve our fabrics, design an J * 

make-up- During this lime standards j&jreg ? v 
of living for most people have 4 ^/ 

risen steadily despite periodic 

real income have created i '■ 

demands for bener jgSHBp^M , -'yjsM} 

quality goods which \ 



STAFF We are fortunate in having high calibre .>taff. 
Each person is treated as an individual with prospects of a 
worthwhile career commensurate with his or her abilities; 
there is a general willingness at all levels to accept 
responsibility and obligations; staff stability, productivity 
and loyalty are high. 

T thank the members of our staff who are in direct 
contact w ith our customers for maintaining high standards 
of courtesy. We value our customers’ constructive 
comments and criticisms and act on them. We are 
shopkeepers and our sales depend on satisfying their " "•» 
demands. ' 

BRITISH MADE I thank ihe management and staff 
of our manufacturers for their collaboration. We have the 
support of many efficient and profitable British 
manufacturers l someof whom have worked with us for 
fifty years or more. They produce 93 per cent, of 
“St Michael” clothing, footwear and home furnishings; 
they understand our approach to quality and our method 
of operation. Through our stores they are informed of 
customers’ requirements. 

STORE DEVELOPMENT During the year we 
opened 4 new stores and 8 major extensions. We improved 
the shopping and working environment in 14 stores (over 
300,000 sq. ft. of selling area) by installing air 
conditioning, wall panelling, carpets and upgrading staff 
amenities. 

SOCIAL RESPONSIBILITY We are concerned 
m ith the shopping and social environment in the areas we 
serve and support ihe national policy io protect viable city 
centres and to rehabilitate inner urban areas. Businesses 
such as ours have some experience which could be helpful 
in dealing in a practical way with these problems and we 
are considering how best to help. We donated this year 
£638,000 to national and local charities with the emphasis 
on social well-being, rhe arts, education and health. We 
encourage our management and staff to take pan in 
communal activities since local personal involvement and 
help are important and valuable. 

Some two hundred thousand people in the U.K. are 
employed in producing and distributing “Si Michael” 
goods. As J said, 93 per cent. of our manufactured goods 
are made in the IJ.K.. but I regret that, in some areas, the 
British textile industry fails to encourage innovation and 
investment. We import only a small amount of finished 
goods but we and our suppliers are compelled to buy a 
substantia] quantity of high quality woven fabrics from 
high wage, technically advanced producers, mainly in 
W estern Europe. North America and Israel. Much of this 
could, and should, be within the capacity of British firms, 
to produce; but they do not. This is a challenge to die 
industry. 

M & S OVERSEAS Exports of “St Michael” 
. V**? textiles and f oods have grown by £ 1 2,764,000 
- ’ 1^ . to £53,212,000 (32 per cent). They have doubled 
(Ja Jflfefe in two .rears but the rate of increase 
has now slowed down. This is partly 
10 8 enera l recession and 
\ nllili* partly to unilateral action by a 
L" number of countries who have 

restricted or banned many 
^ categories of goods w hich w c 

JpL ' export io them . W e arc reassessing 

||Py,\ -• ; our priorities with emphasis on 

' * those markets which oi ter more 

■' S rowt ^ and stability in the 
A 1 f¥.V- • • "longer term. 


In France, we opened a second store in Paris, in a 
suburban shopping area, and are enlarging our store in 
Boulevard Haussmann from 27, 100 sq. ft. to 57,700 sq. ft. 
In Canada, we have a chain of 54 stores in the 
Marks and Spencer Division after opening 7 in busy 
regional shopping malls and main streets and closing 
19 in the original downtow n locations. 

THE FUTURE There is much scope for furthet 
development in the U.K. in both existing and new 
departments. Our development plans for the next four 
\ears envisage 450,000 sq. ft. of new selling area and an 
investment of about £200,000,000 including improvements 
to our existi restores. 

It is in the interests of our shareholders, staff and 
customers alike, for us to support political parties which 
are committed to a profitable free enterprise sector within 
a mixed economy. There is a need for a strong, united 
representation of British business. In addition to our 
continuing support for the Retail Consortium we joined 
the Confederation of British Industry which now speaks 
for commerce as well as the private and the public sectors 
of industry. Together with other major companies we 
founded the Indusiry and Parliament Trust which offers 
Members of Parliament, of all parties in both Houses, 
direct experience in industry and commerce and helps to 
give business management an understanding of 
parliamentary and legislative procedures. 

GOOD HOUSEKEEPING Twenty years ago 
Lord Marks carried out a simplification of the business 
resulting in the elimination of many wasteful or bureaucratic 
practices, which led to increased productivity and 
individual involvement. In the intervening twenty years the 
growth of the business and government legislation has 
created the need for another “Good Housekeeping 
Campaign”. 

What was appropriate for the sixties and seventies will 
noi do for the J980’s. A team of directors and executives is 
now reviewing all our methods of operation and 
administration. It is already apparent that this review' will 
improve on our efficiency, lead to greater job satisfaction 
and to more attention being , .-J 

given to our customers. •U / hJ^Tcyf/ 


E3 Turnover (excluding sales tax) £ million 
BB Profit before ^a v £A 


1974 J975 J 976 1997 J97S 

What happens to each £1 put in the till. 


TSIpIlOlp j 5 p I 4 lp I 4 p 1 2 !p d 


Goods Salaries \.-\l Taxon Re- Dividend 
and and profit investment 

expenses welfare - 






A copy of the full rerort can be obtained from; 

The Secretary (Room Cl 39), Marks and Spencer Ltd., 
Michael House, Baker Street, London W.JL 





ibur family is our business 


r 






y-M. 




: Hss- ' O' t^o f ’ «• 


iiA. -CL&V • .T. v .'j5S 



NEWS 


MC&TH AMERICAN NEWS 





BY JOHN WYLES 


ni irkVt share with RCA Corpora- he saving w siv.wu a year mourns oi uus year, compared «o» uccuiib mancemv m » Our Own Comnpondwt 

?inn N oosin- as a -reat a prob- in average labour costs per with Zenith’s 21.1 per cent. Last second half of the year, l ben the * NEW YORK June 22- 
IS? for Zenith Radio Corpora- employee. year. Zenith had a 2 per cent domestic U.S producers may w^Nit le^ed *e 

tion. the leadina U.S. television Mr- «?jk Hassenberg. an lead and the year before 3 per implicated stein .of shared 

manufacturer, as competition analyst with Oppenheimer and . . . ... . h %VX J2S? J’SSSS ownerships involving Tyco 


NEW YORK. June 22. 

its current pace. If it 
cline markedly in the 
alf of the year, then the 
1 U.S. producers may 


Leeds and 
Northrup 

stake sold 


imSOM 


Hi it 


from foreign imports of colour Co., says that R( 
television sets. helped raise the 


iithnnoh Zenith is clearly un- ability instead of passing on vir- that the strengtn ot colour teie- aneau «i ---- Cutler-Hammer 

h.'SS^.SS lo£ jSSfttf* n»!ly ■“ ° £ "» ■»*««•« 1 * e “. l S Bdl H -”'2, ttStt had sold 

Supreme Court ruling against savings lo the consumer. But both the industry and its t J "{g 1 ";; f0 r a handsome profit its 335 

levving countervailing duties on mosr analysts agree that RCA is analysts. three vears* Thp industry per cent- stake in Leeds and 

Japanese colour sets, its most bent on toppling Zenith from its While last year's total colour ™ r jm th : * £ j™ n 2J pro- Northrup. 

immediate preoccupation is the — sales oF 9.1m were the second ™ e l0 "J D d un s£« The purchaser, for S5Z.07m f is 

impact on its profitability of a COLOUR TELEVISION best ever, sales so far this year “ Ul ± ia £ u th kS --, n and General Signal, a Connecticut- 

....r L Til-" A 7.-.Tiiih ..V. uADII’rr nunf- V. .... rifa nf “ uul i\Uiean _ r .nH 


RCA ought to have RCA’s battle with Zenith has This is because colour imports CuUer-lSmmer and 

be industry's profit- been greatly helped by the Tact up to the end of April w fere mn- Narthroo was about to 

1 of passing on vir- that the strength of colour tele- mng -f-‘ P er cen t ahead of last « j Cutler-Hammer 



price war with RCA. Zenith ex- I 

peeks some of this pressure lo 
vase later in the year, when it 
starts to enjoy the benefits Zenith 
expected from switching produe- RCA 
linn from Chicago to Mexico, hut Sears 
in the meantime it is struggling Magnavox 
with the difficulties of having Sony 
lost price leadership to RCA. ge 
T his is a result of a radical Quasar 
cost-cutting programme intro- Sylvania 

duced by RCA. which has 

redesigned its colour television perch a. 


MARKET SHARE 


Connecticut- 


June 1978 

% 

21.15 

205 

8.55 

75 

£.9 

£.5 

S3 

35 


bre ii“' Taiwanese subsidiaries in order producer of electronic and 


July 1977 10.8m. which is 1.3m more than hydraulic control systems. The 

* the peak achieved in 1973. Th.s l^^mcn^which c'™ 'eti liser may well be Tyco 

22.0 volume has helped prevent a pff e cr last Julv Laboratories, which sold «s -32 

20.0 total erosion of Zenith’s margins. Colour television ininonc from per cent holding in Cutler- 

9.0 but the company still only Ta j van h J ve rise ° n 326 p fi , er cent Hammer to Eaton Corporation 10 


out me company *u. uno Taiwan have risen 326.fi per cent Hammer to taum *- 

managed a net profit of Sl.lm in th|? first four monlh ^ (lf the days ago 1 V? 
in the first quarter of this year voar and 155 4 from shP ulated that if Eaton took full 

compared with 8bm in the same Korca . However, analvsl, expect control of Cutler-Hammer it 

period last year. RCA. which is t j,at the ven's recent stroo" would sell that compands Leeds 
a diversified conglomerate. does .nmwiarfnn ii<*» nc r th„ rinllnr and Northrup holding to Tyco. 


ImWBr' 


BY WILLIAM DULLFORCE 


SH 


fost-riutjns programme intro- Sylvania 35 4.0 a diversified conglomerate, does appreciation against the dollar and Northrop holding to Tyco. . w . . 

duced by ECA. which has not publish separate profit wi! , force Japanese companies It can be assumed that Leeds .2.^*1 | a W>; 

redesigned its colour television perch as the U.S. industry's figures for its television manu- an( j producers in Taiwan and and Northrop, a Philadelphia ; I vV : - 

range, eliminated some materials largest producer of colour sets, facturing subsidiary. South Korea dependent on electronics company, is not un- T " . 

and standardised more of its and latest figures suggest that. The surprising strength of Japanese components to raise happy with the sale, since it had •: ;-■/(. \.j 

production. Since it is already with a little help from imported consumer demand, at a time their prices significant^. an agreement with Cutler- BY WILLIAM DULLFORCE ' V 

prodtieinA offshore. RCA also has brands, it may be close to doing when consumer confidence is In April, imports from Japan Hammer which gave it substan- ■*..-■ - . .. ' > ■ . " ".-L . 

the advantage of cheaper labour just that. said to be falling and consumer were higher than the yea r before tial delaying powers over any STATOIL, the Norwegian state first production from a .:fie«r in JttftCCT . 

costs than Zenith, which Is only According to the trade maga- debt running at record levels, for the first time since the disposal of its stock. The com- oil company, made a' loss . of' which Statoil has an _o wn ersoip j*ea^- ^ __ ^ 

just starting to build up its pro- zine Television Digest, RCA had raises some doubts about marketing agreement went into pany has made no secret of its NKr 112m (3205m) last year, interest. By the middle of tfrgroy 

duction in Mexico. Recent a 20 per cent share of the colour whether sales volume will con- effect. anxieties about the future This was less than budgeted. 'and .1980s. however, ‘the : eompaHy. 'Kr.jIJin rap^sera;^ig^-.iaaiB: 

should Eaton Corporation even- NKr 22m less than the loss matte -expects to have an annual erode from i thfeiS tatfi.' “ J 

' tually acquire full ownership of 

corco profit gales growth slowing at IBM s H~r^r e l 

tmv IVfiCBV manufactures electronic control 

*Ul IvJ tiaj' sy’stems. revealed late "today that 

n. y a vTiivr.i it , no ■}•> BY OUR OWN CORRESPONDENT NEW YORK, June 22. it had purchased its Leeds and 

SAN ANiumu. June U. Northrup holdings over the past 

A MEETING of creditors of A SLOWDOWN in the recently the result that product sales have evident m the first quarter of year and a-half for S30.4m and 

Commonwealth Oil Refining high rate nf growth nf sales leaped by 56 per cent and rental this year when earning per had sold the entire block of close 




Jjarf.' { .t j 1 


lilBBi 


i. 

lipiSSvT^T 


were fli-ini ur iu cents a snare this year man mey were in is/,, pany m me long term, surging no expianauon for the antici- tax profits of S9.5m. 

after an extraordinary credit of says tbe company's chairman Mr. sales have clearly had a more pated decline in sales growth None of the companies were 

S378.000 or 2 cents a share. May Frank Cary. immediate effect on the com- this year but he did say that he commenting on this surprise 

revenues amounted to 897.5m. During tbe last two years. IBM parry's balance sheet and helped did not expect sales revenues to development this evening. Tyco 

Commonwealth Oil said the customers have shown a much account for the 15 per cent fall out of the 26 per cent tr. 42 h a d built up its stake in Cutler 


mm 


purpose, 


fi-'urpV'^'hich'^werp 11 ^nhiper l ^n S reater inclmatlon to purchase increase in earnings per share in per cent oF. gross revenues Hammer after" the latter coin 
: j rather than rent the company's 1977. bracket that has existed since nanv had thwarted Tyco*! 


ii jsfmi-.ni ineinAr- ' shnut ramer miiu itm me i'fui>au« a xm ». mdcivcL uiai has existed since ngm- had thwarted Tyco’s 

*350.000 of amounts* previouily data P rortSsiQ S equipment, with The slowdown in sales became 196S. attempt early last year to 

accrued but now added to income acquire Leeds and Northrop. 

as a result of the recent Court-' __ _ _ _ ^ 

Peak income at Beatrice Foods 

However, the figures do not brokerage house, reported 

include amounts "the company CHICAGO, June 22. earnings for the third quarte: 

expects in recover from business AMERICA'S largest producer, the highest for any quarter in dustriai .and the chemical and ,5f n lf Q , a Jj 13 ^ jO? 

ce m C ^ vei J n * Beatrice Foods, reports net in- the company's history. allied products units also showed XJ® 1 ^ J.,1 “revenue 

and explosion "on Feiiruary lA™ come for the **** quarter ended ‘Sf JJUJXhS SLh S12“-m compared with S60_ 


Rhone-Poulei6 cuts loss 




BY DAVID CURRY 


PARIS, June 22. 


EbiuR^iv^; . 

tESff&yyj" 

1"- •' -.r> • 


income at 


S^ean Witter uoturn 

Dean Witter Reynolds, 


OPERATING losses at the where new spending is. being 
the chemical fibre subsidiary of.' concentrated, and a further 


92 cents a share vs 62 cents, montns since tne annaancemenr Arras, wucuj- 

Total net of S7.4m increased of a drastic reorganisation in a -workforce has also fallen 


and explosion on February’ 19- 


CORCO has petitioned a court 


May 31 of $62.19m or 65 cents a 


was attributable to particularly Sales revenues moved ahead 


5^ ! T Ja , GandoU, ^ J-5 ^tS^SSS^ 


amounts for later periods. The 
company also petitioned the 
court for authority to accept 
SI69.I71 in settlement of pro- 
perty damage losses caused by 
ibe February accidenL 
-AP-DJ 


Woolworth hopeful for second quarter 


. quarter of last year and were the remaining 2,000 will bave to rates v o£tme. perc^xrtage ^hiifv 

Mo^son diSDOSal running some FFr 15-18m . a be offered new jobs on former . Aluminio ^paiK^' is ^ Tsohi- 

Molson Companies the major month less than the 1977 average, textile sites. 

hr° Wine. industrSal and construe- However, he held out no hope; The improvement in the com- tb e ne w SBjelter.-lt isS3 recent 


NEW YORK, June 


brpwine, industrial and construe- «»wever, ne nem our no nope, me iojp«u. K i«.rui tne newiSWerteiVJ 

lion products group. Ls sell tee its of a retu ^ t0 Profitability ft* pany's fortunes is not. entirely owned byEndas 

^2- Vilas furniture division to a ^ 'ue-PouifQC LTextile i until [ tte ; dim to its own; ^efforts state alninlaUmi.fe 


Premier 

dividend 


THE MULTIPLE store trader this increase as completely satis- Meanwhile. Robert ‘ Gibbens Quebec-based group- of furniture star “ d ^dSwte^Si teSrowa^ausB 

F. W. Woolworth expects factory, noting that domestic reports from Montreal that the manufacturers. Norca Manage- . textile onera- of the more restrictive bilatend Straiw SSShtw 

domestic earnings to show a earnings were down and that the national catalogue retailer. ™ent Rnhort Gibbon writes year the textile opera-, of tne more restrictive oiiaierai severally guarantee 


domestic eS^ ehX a Srnitfgs ^rTWnandTharthe rouifi” ment. Robert Gibbons ^ 

ssasasss:* carae from foreisn srrafMK'xs: jmljssss; 


VAUOuUVEP, June 22. 
PREMIER ' CABLEVISION said 


the chaiiinan. Mr. Edward F. subsidiaries.* * STS TbnrThe dialogue show- plants in Quebec and is a leading W as a vmme mamgea /o 

i na* * I ‘reDDrS! d Reiit, p " from Tw mZ b Stor”V f ihf'llW “Sfui™?" “Si' ‘ fusing' ’ cjSe deficit of FFr 364m Id of the Multifibre rgreetoent. p^%nr) A]cm (35^r 

v 0 ; t reports Beutec from issnsztZn&fiSSK ^ssa^<&«2i.5SJs h,K«s;s n ° f F y Rim 

?. or, i°"n "! cu J.“™ er . : r .l? i , , .. lr T: 08 .tT e "^.. .. SSaSbS. 15 So f»r thi, >-ear', s „ mi i/dM0di reduce ea^city ty 2oVrteent **55 ,W the^SSOm lau. is 


PREMIER CABLEVISION said Some portion of the improve- customer credit arrangements. stock. iinai ““™ o 1 tne mo us try is non 

liie Toronto Stock Exchange ment may reflect recovery of Gross margins in the stores Consumers would issue prohtabie. 
incorrectly and improperly re- consumer purchases postponed have been corrected after a between 1.5m and 1.6m Treasury ^ 11 L J 

ported that the company’ was from the first quarter. In the troublesome period in the first shares to May which operates 70 Cara we!! ahead 

omitting a dividend payable in first quarter. Woolworth earned half of last year. catalogue stores in the U.S. at Cara Operations, the airline and 

May. and also incorrectly stated 32 cents per share compared with Woolworth plans to open 13 present These stores reported general caterer, earned C$1 in 

that the omission was due to anti- 21 cents in the 1977 first quarter, stores and 20 Woolco outlets in total sales last year of almost in the fourth quarter ended 

inll-ilia.n hM.il rulinne M. fikUw. *1 — Tie th!. ..... u S SlOOru u l a. : A ra ee>- ins - 


So far this year, some FFr260m reduce capacity by 20 perkcent About half the .S50m loan. 'is 
of investment, has been com- to 1981 and had fixed production expected to "be sold to banks 
mitted to nylon and polyester, quotas. ' \ 1 generally. 


inflation board rulings. Mr. Gibbons did not regard the U.S. this year. U.S.S100ru. March 31 against C$ 

Mr. Stuart H. Wallace, presi- — vear earlier, equal to 

dent of Premier, said: “No divi- share against 30 ee 

$¥Xn r € 5 Increase in Petro-Caeada’s budget ^r? ar ^ 

and added that Premier has or C$ 2.56 a share agaii 

never established a semil-annual OTTAWA June*” or CS1.W. excludi: 

dividend policy.” The company ordinary items. 

" could not pay a dividend in THE Federal Government Other changes include a reduc- Fanarctic— Cominco. lnco and 
May even if it wanted to and approved an increase in Petro- tion by CS40m to CSlOOm in the Noranda Mines— declined to sub- 
this point was expressed” to the Canada's 1978 capital budget to funds to be used for exploration, scribe for any units. T ”»9L Opt35T!!SI!C 


Increase in Petro-Canada’s budget 


March 31 against CS 557.106 a 
year earlier, equal to 57 cents a 
share against 30 cents writes 
Robert Gibbons. The eatings is» 

for the full year were C.S4.8m ajiev spe wsz ...._ 

or CS 2.56 a share against CS 3.1m Australia sipc iras 

c?1 - 6 7" ^eluding extra- 

oral nary items. Rowaiur 9ip o iw? 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


Can. N. Railway 81 pc 1986 941 


Credit National SVpc 1988 . 

Deomarli S4pc 19S4 

ECS ape 1993 


Ports Antonomes Spc 1991 
971 Prov. Quebec 9nc 1995 ... 
W Prov. Saskatdnra. Si pc '86 
931 Reed IntEmadonal 9 pc 1987 

C71 RHM 9th- 1982 .._ 

951 Selection Trost 85uc 1939... 
971 Skand. Ensftllda 9nc INI... 

93* SKF Spc I8S7 

Mi Sweden I’K'donl «ipc 1B87 
SSi united BIecdUh 9dc 1989 ... 


Sintasr Sjpc 1982 
S. at Scot. Blec. Sh>c 1981 
Sweden <K'domt'7ip<.1982- 
SwxhPsIi State Co. 72pc *82 
Trimes 9tpc ISM _ . 
Tcnncco 73pc 19S7 Mar — 
Volkswagen 7] pc 1987 ...... 


Toronto Exchange. CSS20m from C$3Q7m as part of an increase in the contribution Industry observers said the FMC Corporation expects second ecs sjpc 1997 .! 

He said that the earliest date the preparations for the Govern- for the polar gas pipeline con- three mining companies did not quarter and full year net income eib gjpc law . 

that Premier could declare or mem-owned oil company’s snrtium of CS700.000 to C$2.2tn participate because of limited to be greater than a year ago. E ^ 1 aiK 1988 


Volvo Spc 1987 March 93 


that Premier could declare or mem-ownen 011 company s snruum ot lstuu.uuu to participate oe-.-ause 01 umitea to be greater than a year ago. ^Vrua' S'< 

pay a dividend under AIB Divi- planned takeover of Husky Oil. and a rise in the Syncrude cash resulting from general Mr. Robert H. Maloti, chairman ewospc wi nov.”"!"” w» 

dend Compliance Period rules is Most of the additional Canada investment by CS12.6m. economic problems in the mining arid chief executive, said in Los nt. Lakes Paper «j pc ibm ot' 

October this year. He indicated C$512.Sm will go towards to CS64.5ra. industry. Angeles today, reports AP-DJ. 5?J" r, lSS 1 5J" c . I? 2 ,™ Si 

that Premier may establish a development and uiosL but not Pctro-Canada raised its interest Panarctic plans lo use the Last year's second quarter net ici ™i P e wot “* m 

semi-annual pavment poliev at all, of the funds are to be in Panarctic Oils to 48 per cent CS 12m raised from the sale of income was 638.7m, or 81-17 a ise Canada itnc iflsa 103 * 

that time but declined to com- arranged through additional debt from 45 per cent following 960,000 units to help finance its share. Net income for the whole Macmtiian Biocde! spc wm m* 

ment on a possible rate. financing. Panarctic's latest financing issue, exploration programme in the of 1977 totalled $120.6m. or S3.60 1 ijjiJi 

The last dividend was 24 cents Only C$4S4m in new funds are Fetro-Canada contributed Arctic Islands through January a share on sales 0/ S22?9bn. The Midland rm. Fm. sjpiPai 94; 


NOTES 

AUfitnila 7ipc 1984 


96i B^U Canada 7lpc 1997 


Br. Columbia Hyd. 7jpc TS 


971 Can. Pac. 8* pc 1884 


that time but declined to com- 
ment on a possible rate. 

The last dividend was 24 cents 


in Novemher. 1977, the maxi- to be raised by debt financing, for C5 9.2m to purchase 736.432 units when another sale uf units slated chairman added that FMC had a Najional Coal Bd. sw IW7 

mum allowed bv the AIB. Prior a revised total of C$504m. it said, of Panarctic at a price of CS 12.50 to raise an additional CS 17m is record S1.6bn order backlog at Ku wsmSSmSpc *m -b’ 

lo that, the cnmpanv paid 20 The Petro-Canada budget also a unit. Each unit consists of planned. Petro-Canada plans to May 31 and that group capital NewroundUnu be ims . 

cents in May. 1977 and 17.5 cents would require the issuance of one common share and two guarantee and second financing expenditures will average S200m Nordic inv. Bt sine tss 

in an initial payment in Novera- CS205m in new common shares warrants. by purchasing more than its a year over the next five years. lass 

her, 1976. Trom tbe Federal Government The second, third and fourth allotinent if necessary. against SI 50m a year over the Norsk Hydra s:pc ims !" 

AP-DJ and C$64.5m in preferred shares, largest industry shareholders of Agencies last five. osi« 9pc iosj 


Dow Chemical Spc 1986 ... 

ECS 7: pc 1982 

ECS Sipc I8S8 

EEC TJpc 19S3 — 

EEC 7ipc 1984 - 

Ease Gutzeit 81pc 1934 ... 

Coiawrken 7} pc 1882 

Kodnims Spc 1983 

Micbubn Si pc 1983 

Montreal Urban Sjpc I9S1 
Ni'wr Brunswick; Spc 1SS4 ... 
Nw Prans. Prov. 8 Inc "S3 
New Zealand 8i pc 1986 ... 
Aortic Inv. Bk. 7Jpc 1984 

Norsk Hydro 7;pc 19S2 

Norway 7ipc 19S2 

Ontario Hydro Spc 1987 ... 


941 STERLING BONOS 
#8 Allied Breweries 18} pc W. 87} 

B34 Cltkorp 10PC 1993 901 

Courts nlds Mpc 1989 SSi 

ECS Dtpc 1989 ! • 94} 

94* EEB Bloc 1988 W 

m BIB Sjpc "1992 . 92* 

S3 Finance. (dr Ind. SSpc 1987 -"-BO* 
971 Finance tor Ind. 1 lOpe 1389 ' 9li 

99 Fuwns IQipC 1987 «} 

951 Gesietncr llpc 1S8S OTF 


3-U INA IBM TO 88 


Rowturee 10* pc 19SS 

Sears lOlpc 1983 

Toul Oil' 9iPt 1SS4 ■- 


DM BONDS ' 


991 Aslan Dev. Bank Side 1388!' 


BKDE 6}M 1988 SOI 


97 Canada 4«pc 1983 ...'. — .98 ' .. S84 
100 Den Norake Id. Bk. Ope ’SO 83} .- liny 
98i DentBchc Bank 4fpc lfl83._ : ;'97* r *8i 

93 ECS 5ipc IMfl i '■ -Mi .955 1 

M} EIB 5* pc 1990 91* 90} 

S3* Elf Aquitaine Kbc 1988 ... 9j ... •r.SSi 

94 Source; Wblto Weld Securities Tam rirmi- 


O THE TOP management of 
Oyak-RcnaulL the largest car 
manufacturer in Turkey, is today 
i facing a characteristic dilemma 
of vehicle companies in the 
developing world. It wants to 
expand. The market, it believes, 
1 is there, and the skills to back 
: up a fairly large-scale develop- 
ment are on hand. But the 
financial position of the country 
makes it difficult for Renault, 
i wbicb has 44 per cent of the 
joint company, to go ahead with 
any confidence that it will be 
able to repatriate adequate divi- 
dends to France over the short 
term. 

Turkey's balance of payments 
problems blew up in their pre- 
sent form after the oil crisis. 
They are now so serious that 
they are threatening to bring the 
process nf industrialisation, 
which depends critically on 
importing foreign technical 
skills, advice and manufacturing 
goods, to a shuddering halt. 
Several West European exporters 
to the country have stopped 
supplying products like engines 
and tools because they cannot 
be assured or payment in hard 
currency. 

So far. Oyak-Renault has 
avoided the worst of these diffi- 
culties. While tbe rival Tofas 
company, run by Fiat, has cut 
back production this year, 
Oyuk's output has gone up, and 
work on expanding capacity with 
a big new paint plant is con- 
tinuing. The ability to continue 
on an even course has depended 
partly on Renault's own financial 
strength, the fact that it has 
made good profits out of Oyak 
in the past, and some trading 
deals by which Renault 'has 
taken pavment in kind. 

■The question now is what hap- 
pens to the plans for further 
growth-— Renault has. - in- fact, 
already drawn up a detailed pro- 


gramme for expanding the 
present capacity of about 40,000 
of rhe R12 model, a year to 
between 80,000 and 100.000, while 
introducing its new car. the R1S, 
at tbe same time. The idea is to 
present this plan formally by the 
end of this year, but in the mean- 
time, Renault is manoeuvring to 
get assurances on safeguarding 

its investment It wants, says M. 
Maurice Fertey, the French direc- 
tor general of the company, an 
agreement on the repatriation of 
profits, the abolition of price con- 
trols, and concessions on royalties 
and management fees. Everyone 
at Ovak-Renault seems confident 
that ’ these concessions will be 
forthcoming in the longer term. 

The company will, however, 
have to change its marketing 
direction significantly towards 
export sales. The Government 
has already indicated that an 
export target of about 5,000 
vehicles a year must be part of 
an v development plan, on the 
grounds that the overseas earn- 
ings are needed to balance the 
import of equipment needed for 
expansion. 

“Our crisis is not caused by 
inflation or lack of growth, as 
those in Italy or the UK," says 
one of Oyak's senior Turkish 
executives. “It is simply that 
all of our manufacturing effort 
in the last seven years has gone 
into import substitution in 
Turkey, rather than exports. We 
now need to earn more overseas 
to pay for what we are buying." 

With most of the rest of the 
world's motor industry preach- 
ing a similar export message, the 
idea «?ili obviously not be easv 
to follow through. But Oyak is 
hoping that it will be ahle to 
find markets in North Africa, 
the Sudan and the Middle East 
Despite the tentative moves 
Turkey has made towards union 
with the Common Market (trade 


Turkey’s car makers change gear 


“Once you plant the automotive virus in a 
country everyone catches the fever." s-iys 
M. Maurice Fertey. the French head of the 
Oyak-Renault business in Turkey. Mis 
words could stand as a statement of the 
principle behind the increasing efforts 
which are being made by western Europe's 
motor manufacturers to pnt down roots in 
the developing world. These are the areas 
where ihc 8 per cent growth rates which 
swept through the European industry like a 
bush fire 20 years ago can be recaptured. 

The change of emphasis in world vehicle 
production has already, in effect, taken 
place. Since 1970, the largest percentage 
gains in world output have been made out- 
side the traditional manufacturing areas. 
The eastern bloc (U4 per cent up in the 


seven years;.. Latin America fnp 70 per 
cent) and Spain (dp 113 per rent), stand 
ont as regions wbicb have ail made 
significant advances in this period. Daring 
the next 10 years, sHU “tore “e* territories 
will become forces to be reckoned with. as 
production is expanded in countries like 
Iran, Souib Korea and Turkey. And they 
will probably be followed by African 
slates. 


Tiie attraction of the developing world 
docs, however, carry dangers. In Turkey, 

for example, motor mannfactnring in the 
past Tew months has been undermined fry 
the foreign exchange crisis. This has meant 
that European partners have no assurance 
of being able to repatriate payments for 
supplies and services. Mannfaetnrers also 


have to race higher costs, political un- 
certainties, and trading climates in wbicb 
semi-political considerations play a big 
part. In South America, for example, pro- 
ducers have to buy virtually everything 
locally, whatever the price; and in Eastern 
Europe, governments often insist on buy- 
back clauses which mean that the western 
partner has to promise a certain marker. 

Nevertheless, the western Europeans are 
still driving ahead towards manufacturing 
projects with overseas partners. Within the 
past few days, for example, Citroen has 
announced a deal to set np a new transaxle 
plant in East Germany, and Renault to 
double its output in Romania. Flat and 
Renault are also negotiating for a new plant 
in Algeria. 


with the EEC has expanded 
considerably in the last few 
years), the company believes 
that there is plenty of scope in 
the vehicle industry for develop- 
ing trading relations within the 
immediate geographical sur- 
roundings. 

On the cost and labour side, at 
least, Oyak-Renault seems reason- 
ably placed to exploit its position. 
The local labour force adapts 
easily to making motor vehicles 
(any of the West German manu- 
facturers, which are so dependent 
on Turkish labour, will vouch 
for that), the unionised labour 
force sticks to its two-year 
contracts, and labour costs are 
about a third of the Western 
European rare. 

Productivity is also high. Oyak- 
Renault produces 40.000 cars with 
a workforce of 3.100. giving an 
annual output per man or 12.9 
cars, which is twice as high as 
some UK plants and as good as 


many in France. More of the 
product is made outside the plant 
than in European works, but 
there is stll) great scope in 
increasing productivity by 
improving mechanisation, even 
if working hours arc brought 
down from their present 4S 
hours a week. 

For the Turks , these improve- 
ments will be all part of the 
process of indusrrialisation. For 
Renault, it will fit into a grand 
strategy of internationalising the 
company which has been visibly 
pushed ahead in the past few. 
years. 

The French company, now the 
biggest exporter in Europe with 
lm vehicles last year, is also 
rapidly building up it s overseas 
interests. Turkey is just one 
of a range of projects which 
extend through a plant in 
Romania (now being doubled in 
size to 80.000 unite a year), 
Mexico (where investment is 
also being increased) and the 


U.S. (a deal with American 
Motors to assemble and distri- 
bute cars locally). These are all 
investments which challenge the 
American approach of total 
ownership and control of over- 
seas subsidiaries. If the con- 
cept works out, they will set 
Renault clearly on the path to 
becoming a multinational. 


TERRY DODSWORTH 


• CARS ARE in great demand 
in Turkey. To buy a Fiat from 
the Tofas factory in Bursa, the 
former Ottoman capital 100 miles 
south of Istanbul, one has to wait 
for between six and 12 months. 
There is a similar waiting period 
for Renaults and Anadols. the 
two other locally manufactured 
cars. It was therefore something 
of a surprise to discover about 
2.000 Fiats, representing 40 days 
of output at the current produc- 
tion rule, sitting * around the 


Tofas factory under the hot sun. 
From the dust and mud which 
covered most of them it was 
apparent that they had been 
sitting there for several days. 

"They are not completely 
finished,” explained a Factory 
executive. “ Some don't hove 
rear-view mirrors, some flashers 
and some dashboards. We are 
short of spare parts.” 

The Fiat 131, which is mar- 
keted under the brand name 
Murat in Turkey, is about 85 
per cent, locally made, with the 
remainder of the more compli- 
cated components coming from 
Italy. 

Until last year the six-year-old 
plant had no spare parts supply 
problem. From an initial S.000 
vehicles a year its output wem 
up to a peak 30.000 in 1975 when 
it switched to the bigger 131 type 
rrom thc original Flat 124 model. 
The executives were hoping that 
tne switch to a plushier model 


would be the beginning of a 
period of expansion encouraged 
by strong demand. 

Last year, however, they were 
obliged to lay off 500 workers 
and cut down production by a 
third lo 20,000 vehicles. They 
consider themselves lucky to 
bave remained in business. 

What xame close to crippling 
the Bursa factory was the foreign 
currency famine which hurt 
almost every other industry in 
1977. the worse economic year 
the country experienced. Starved 
of foreign currency in February 
1977, the central bank stopped all 
but import transfers for 
emergency goods. Since car 
spare parts from Italy did not 
come under this category, Tofas 
cnuld limp along only with spare 
parts supplied on crediL 

Tofas, short for the Turkish 
Automobile Factory* which is 
capitalised at around $lSm,owes 
Fiat of Italy Slfim from last year 
and is in need of $2fim worth of 
imported components to be able 
to function at full capacity this 
year. 

The biggest of Tofas's share- 
holders is Fiat of Italy which 
holds 41.50 per cent of equity. A 
state-owned industry concern 
and bank about 22 per cent each 
and Koc holding, the biggest 
private industry concern in 
Turkey, 22.50. . 

Koc co-operates widely with 
Fiat in many other automotive 
activities and the company set 
out to convince Fiat of the 
advantages of continuing to 
supply spare parts on crediL The 
parent company, worried about 
the general economic situation in 
Turkey, had stopped supplies. 
Earlier this month a high- 
powered delegation from the 
Istanbul-based group, including 
its president Mr. Vebbi Kocv 
went to Italy for some tough bar- 


gaining. They came back with a 
credit facility, of around $30m. 

° We told Fiat that if they left 
us out. in ': the cold iii our most' 
difficult time we 'would do the 
same to them when better days 
came,” said a Koc executive. “We 
reminded them that when they 
came to os in 1953 to offer "co- 
operation they made S100.000- a 
year in Turkey. In the last five 
years they have made something- 
like S330m.” • 

Tofas executives are now con- 
fident thta they will continue -to 
have spare parts for a good part 
of this year operating at around 
50 to 60. per cent of full- capacity^ 

For the future, Tofas may- face - 
problems on the labour front, -the 
only input, in which Turkey has 
* advantage over Europe, . 
Statistics show that the advantt 1 
margin . is quickly -eroding 1 ^ 
At Tofas- the -.average per hour 
gross wage has more than 
doubted between 1976 and 1978 
(two; - dofiare) . and 
further increases are on the way: ' 

But on the prices front, which, 
has caused a grear deal of trouble •= 
m recent years because of 
government controls,., the - rar ; 
manufacturers have now . -won 
some liberalisation. -Undetj^ijew: 
agreement they -can put up. 
prices in relation to cost,- while 
limiting them to a 9 per eent' 
profit margin on the basis of'in* 
anotnal costs. Consequently- a 
very much relieved Tofas; has 
55“ * bl ® t°. put up;tfte price :bf - 
ft Murats from ,TL 125.000 ' 
(S5.000) to TL ■200,000 " 

This should, the company ■ 
hopes help it to : break .• btrt^pf 
tne spiral of declining results ih*' 

Tr C d!i!« a ^<»s of-. 

tl I7ra in 1977, it is hoping to be 
back in profits this 'year; ■ 


METIN MUNIR 










* V 



Financial Times Frida v June 23 1973 



IMIKNVTIONAI, TIN AN Cl AL AND 


t. " r ^ - j .. 

Merger proposed by two 
major Dutch contractors 


V * 

;v ' A 

; o.?l? 

■ . 

.:r^- 

- s 

£ 4 


cast 


BY CHAMPS BATCHELOR 

TWO DUTCH construed 03 com- lii 
panles, Stevln ' Group and Royal ct 
Adriaan Volfcer, are considering fg 
a -merger which would result in se 
the third largest construction i< 
company in Europe. hi 

•Hie. -companies, which in the ^ 
past lave been involved in many ir 
joint ventures all over the ni 
world, bad -a combined net in- h. 
come' last year of some S32m. v. 
Their combined sales in 1977 ^ 
were $L26bn, while year-end P 
order books totalled S1.67bn. u 
The first round of talks ha^ C . 
been completed. The two com- 
panies' combined workforce is % 
22,000- Initial talks have been 

held with the unions and the 1 
works councils. In accordance T , 
with the Dulcb merger code, tho c 
Social . Economic Council and n 
the Economics Ministry' have 1 
been Informed. u 

Stevln expects turnover to be s 

Earnings fall 

at Michelin 

By -Pur Financial Staff 

NET PROFITS a tenth lower on u 
rise of almost an eighth in sales 
axe announced by Michelin.' 
Group earnings have dipped to 
FFr 675m ($148m) Tor 19 1 < from 
FFr 754m with the company's; 
lyre and rubber interests turning ; 
in' net profits sharply lower at ; 
FFr 35.4m against FFr 115.4m. 

'Group turnover last year wasi 
FFr 18.1-bn compared with •. 

FFr 16-2bn with cash flow emerg- 
ing - at FFr 2.37bn against i 
FFr 2.42bn. 


little changed this year. The 
company took on its present 
farm through the merger _nf 
several building groups in 1971- 
1973. Sieving largest share- 
holder. the Dulcb businessman 
Mr. Pieter Heerema, was 
informed yesterday of the 
merger plan and the company 
has i he impression his reaction 
was pnririve. a Sievin official 
said. .Mr. Heerema. who sur- 
prised the uunpany In February 
with the disclosure of a 42 per 
ent share ho L ill ns. has not been 
involved in ih>.* discussions. 

Volkcr. which only came io the 
Amsterdam stock market in 
April is ihc smallest hut 
perhaps in<w profitable of the 
major Dutch contractors. it 
ex peels to at least maintain 
profits in the current year. Tho 
company has been particularly 
active in seeking new' partners 
and is currently holding talks 


AMSTERDAM. June 22. 

Willi HVA, a group with interests 
in consultancy and aptO" 
industrial projects. These talks, 
aimed at a possible Integration 

of suinc activities, are unaffected 
by today's announcement, Volkcr 
said. 

HVA is still adjusting to the 
nationalisation of its extensive 
operations In Ethiopia three 
years ago. 

The form or the merger 
between Stevln and Volkcr has 
not yet been decided, but the 
intention is to Leave both com- 
panies with an equal status. 
While Volker’s talks with HVA 
are formally aimed at “ the inte- 
gration of parts " of their opera- 
tions a complete merger is not 
excluded. „ . 

The shares of both Volkcr and 
Stcvin. suspended on the 
Amsterdam Stock Exchange 
today, are expected to be 
. requoted tomorrow. 


Cardo beats forecast 

BY OUR OWN CORRESPONDENT STOCKHOLM, June ii. 

rviiDO ’he investment company The result ix higher than the 
which ■> wri* the Swed »sh sugar SKr Wild forecast at the e.ght- 
c„nv»anv ru-reiuied its earnings jnnnlh stage. The improvement 
bv 44 o'er Jen: .luring the fin an- over 107B derives 

cial > Cai ending April 30. The company, which benefttednoro a 

preliminary figures show n pre- larger sugar bett haijest a 
tax profit of SKr 187m (SW.rnu higher sugar content, increased 
cm a turnover of SKr l-2bn output and larger exports. 
i$260nn, up by 14 per cent. Earnings of the Hilleshoes 
The Board proposes to. pay a see[J compan y. which has been a 
dividend of SKr 5.75 a share on , rofits earn cr for the 

isS^Ers 

previous v«r. The corresponding investment m res-earen 
dividend in 1976-77 was SKr 5. development __ 


Small rise 


in profit 

at Shell 

Australia 

■„ s ^. EV a , 
SnELL AUSTRALIA. Dutch- 
owned and the large*.! producer : 
and distributor or Petroleum 
products In the country, lifted 

earnings only 3 per cent, from 
A£52.5m to A 554.101 
1“ l977 ' Th J 

protit improvement Iwr™ | 
behind sales, which rose I*. 6 I 
per cent from AS8l3m to 
ASOSfim (U.S5t.09bn). . 

The return on shareholders 
funds fell slightly, from 10.9 
io 10.7 per cent, reflecting the 
higher capital Investment made 
during the period, it laiT6« pro- 
portion of which djd not 
generate Income In 1977. 

In the previous year earn- 
ings rose .VS 15m. However, the 
chairman. Mr. L- T. Froggali 
warned in July last year that 
industrial disputes and plant 
breakdowns in the last quarter 
or 1976 had led to shortfalls in 
production. These had had to 
he met hy high costs imports, 
and would affeel the results in 
the first quarter of 1977. 

The results or the m? 1 ** 
„ operating company. whicn 
, e supplies and markets fihell 
petroleum products fell from 
11 a&U.Iui to AS42uu But the 
ir directors considered that this 
3 sector or the group's huMnwv* 
,3 had enjoyed a successful year 
“ given ibe flatness or thi 
economy and Govemmeni corn- 
's irol on prices, 
a The directors polnled out 
ie that if current cost accounting 
to had been adopted the group 
“ profit would show a rise of 46 
!d per cent from A$22.3m to 
A$32.C5m. 


ilSUZU MOTORS 

Caution after a half-year surge 

TOKYf 


BY YOKO SHI BATA 

the latest half-year results 
from HUM Motor*, one of 
Japan’s smaller truck and pas- 
sender ^ manufacturers and a 
34 per ceflt-owned a.^sueiaie of 
General Motor* of the U.S.. are 
a good deal better than forecast, 
fin-rent profiLs are Y3bn ahead 
of target and the net level Y2.5bn 
over for the business term ended 
last April. Oc the Jlrcagth of 
brisk exports of small sized 
1 trucks to CM and a sales 
recovery or lara^-sized trucks 
I with high added value as a result 
of the active expansion of public 
■ works since the end of last year, 
l isuzu Motor-' current profits 


shot up by S6.7 per cent jo 
Y12.66bn. Net prohts ended loo 
per cent higher at Y7.392bn. on 
sales of V27S.7bn, up 22-4 per 
cent over the same pence :n the 
previous fiscal year. 

isuiu is a recover?' situation, 
in October 1977. the company 
resumed dividends for the Erst 

time in seven years. 

The number of vehicles sold in 
the half-year under review rose 
bv 13 per cent to 2L.60O or 
which exports accounted tor 56 
per cent in unit terns. 

According to the company, the 
improvement in operating ratios 


offset an increase in fixed costs; 

management also achieved J 
Y2.5bn reduction by streamlining 
production lines. 

lsuzu's exports in value 
accounted for 36 per cent Of total 

In terms of value, lsuzu's ex- 
ports accounted for 36 per cent 
of the sales total. Since most of 
lsuzu's exports were invoiced m 
yen. direct exchange losses on 
its exports were marginal. How- 
ever the company's overseas dis- 
tributors requested reductions 
on transfer prices to compensate 
for yen revaluation which cost it 
Y1.4bn. 


Asahi Insurance reconstruction 


BY OUR OWN CORRESPONDENT 

SS-SS^r. 1 K25. £ "cHs 

as sssa,syn«.;*j* .id 

of a, AnalS n »rd“ in .b. com- 
its top manasemvmu-am. Merger patty almost certain!*’ an. 

| with a larger insurance company cient unrealised capi.al .Jin* in 
u also possible. its Y12bn secu.rtics imrilolio to 

'riie cnmpui:;. na» run into cover the current losses *«nd ®ny 
problems fnllowinc the sharp additional losses durin* ret on 

« -MS V& “SS o^***™™ 


TOKYO. June 22. 


1 1 ion a l nolle:. protecting small 45 per cent ui .Jr'rf 

l insurance companies. .Ar.al>sts income, the highest proport o 
said reconstruction moves were a n Japan's 40 non-li.e lasuranc 
i^ible « at smallest campaW Premmrn meome 

non-life 


ibiruL'iiun ui'J'ls "f* 4 - uii " X ■ - 

t Japan's six smallest companies. premium 
insurance companies was Y22.6bn in 19 <6- 5 


-OIUM-TEpu 

'•■pinivT 

■'i-K-iu-r Inas' 


Sharp falls in Eurodollar bond markets 


non-life insurance companies was y^.ddh h. " 

dealing with the public. The six smaller insurance 
have annual premium incomes have traditionally P domed 
ran-ing from Y6bn to Y37bn essentially the same 
(around 530m » - or about a as the large insurance companies. 

sixtieth of that of the industry and have sufrered n f rom nn a e “ t ^pg 

stated stockholders' equity. and J ,r ^ ioance Ministry pro- 
according t" too N!hon KeizaJ d jj insurance com- 

SSTfi JbJJSS P.“« Ju« •« «• by 


allowing them to introduce new A 
types of insurance ahead of b 
other insurers, and to keep b 
insurance premiums relatively p 
hiah. But under pressure from c 
consumer groups f° r s f 

premiums and from Forei 0 n 

companies for liberalisation of 
the market, the Government has * 
changed its policy. Officials now 

■ sav that small companies which 
cannot keen up with the indus- 

! try should merge with others 
i which can. 

[ Asahi's three largest share- 
! holders are Nomura Securities. 

■ the Japan National RaiJways. 

’ and the Daiwa Bank. The P«si* 
i dents of the three have endorsed 
c reconstruction moves, including 
f reorganisation of ^e company s 
h branches, reduction of other ex- 
g penses, and channelling of 

| anee business to the companj 
,f by the three shareholders. The 
ie company handles much of the 
national railroad's business 
a- already, but its problems are not 
a- reported to be linked to those 
iv uf the railroad. 


TOKYO. June 22. 

For the current six month 
period the company expects to 
suffer an additional cost burden 
of YSbn for the same reason. As a 
result, current earnings are 
likely lo show a fall during the 
second half of the business year. 
Profits for tbe year as a whole, 
however, should still show u rise 
or 40 per cent over 1976-n. 

Despite the improvement Isutu 
is cautious, citing uncertain 
future business prospects and in- 
sufficient international reserves. 

U plans to declare an unchanged 
dividend of Y4 per share of Y50 
par value this year, including an 
interim dividend of Y2. 

Agreement on 

Sasebo HI 

TOKYO. June 22. 

,- a SYNDICATE of IS Japanese 
F banks and major shareholders in 
j Sasebo Heavy Industries Lom- 
v pany have agreed on full cth 
i SperaUve efforts to salvage the 
r shipyard from financial difli- 

n cu ^® s asreement em erged from 
, s a meeting of banks and share- 
w holders to bring to a conclusion 
h three-month-old negotiations, m 
s which the Government has 

” "SS the a^ement 

Sasobo aopears well placed to 
C- 0 t,iain YS3bn for severance pa.s 
?s. t.o 1 600 of its 6.600-strong work- 
's force The workers ure being laid 
si- off under a three-year reconstruct 
ed tion programme proposed b> tne 
ng Transport Ministry. 


The Japanese Finance Ministry 
is considering applications from 
Bank BumiputTa Malaysia. 
Anistcrdam-Fotterdaui Bank and 
Societe General do Bunque 
(Brussels) to open branch offices 
in Tokyo, 

Beutcr 


BY MARY CAMPBELL 


THE Eurodollar bond market ’ 
fell very sharply yesterday while . 
other sectors, although less badly i 
hit, were also weak. The D-mark ' 
sector fell slightly under the 
impact of a second consecutive 
very weak day on the German 
domestic bond, market Sterling 
denominated Eurobonds were 
about II points down. 

Two hew dollar issues were 
offered yesterday however, a 
$20m placement for the Danish 
Cement company . F. L. Sraidth 
and a $25ro floating rate note for 

Arab. International Bank. 

The F- L- Smldtta placement 
offers 9* per cent for ten years 
(average lire 6.53). The coupon 
is payable semi-annually., appar- 
ently -because, that suits the 
borrower’s cash flow. Chase 
Manhattan- Ld<L is. lead manager. 

The $26m offering for Arab 
international Bank is f° r fi ^ e 
vears- The interest rate will be 
3 per eent above LIB OB “J}* 
ceS whichever is the higher. 


Managers arc UBAF and Libyan 
Arab Foreign Bank. The latter 
owns a substantial minority of 
the Arab International Bank, 
with the rest being owned by 
Egyptian investors. There is a 
management group of some 15 
banks. 


twu - trance issue on the 
New York bond market bavc 
now been fixed. The coupon 
on the $20m five-year notes has 
been set at K per cent and the 
issue price at 994 to yield 9-47 per 
cent by IABD standards. 


The Deutsche Mark domestic 
market was weak for the second 
day running as the Federal 
Government tried to sell schulu- 
scheine at rates somewhat. above 
the market generally. This was 
interpreted to indicate that it is 
well below target on financing 
its deficit. Yesterday the Bundes- 
bank bought some DM 200m of 
Federal govemmeni bonds ioi- 
lowinc DM 1 60m of purchases on 
Wednesday to help support 
prices in the domestic market 

The Deutsche Mirk foreign 
bond market was weak In these 
circumstances 'thougn by no 
means as weak as the domestic 

Terms -'for Ito-Yokado’s 


The S50m of 15-year con- 
vertibles will carry a coupon of 
V nor cent. The conversion 
5 pdce h» S«n set at Y14.73, a 
premium of 9.1 per cent over yes- 
terday's closing price for the 
stock'of Y13.50. For the Purposes 
of the issue the exchange rate 
has heen set at Y213.5 per VS. 
dollar. 

In the yen market, the Indus- 
trialisation Fund of Finland has 
launched a Y5bn 12 year issue 
(average life 9.06 years) via 
Daiwa Securities. Coupon is b4 
ner cent and issue price 99^- 
Further details of the calender 
nf future Issues are now avail- 
able. Next month’s issues will 
be augmented by a 1- year 
placement of YlObn for 


Indonesia. In addition to the 
previously reported Y30bn for 
Electricite de France, there w ill 
he a Y30bn issue for Spain ana 
a Y20bn issue for Pemex in 

Se SmIte/ r reports from Tokyo 
that these bring the total value 
of issues in the first half of the 
laninese fiscal year (Apni- 
September) to Y58.2bn <S2.7bn) 
up from Y12bn in the same 19n 

pe A°new floating rate certificate 
of deposit (FRCD) issue was 
launched yesterday in the Asian 
dollar market while the Indus- 
trial Bank of Japan has more 
than doubled the size of lh« 
issue it launched a week ago in 
London. 

The new issue in Singapore is 
$15m for Overseas Union Bank. 
The three year issue will pay 
interest at a quarter of a point 
above Singapore inter-bank 
offered rate via Singapore 
Nomura Merchant Banking and 
• Asian American Merchant Bank, 


Jock Kim bid for FEDH minority 


BY H. F. LEE 


THE SINGAPORE hotelier and 
publisher, Mr. Cho Jock Kim. is 
making a fresh attempt to buy 
out minority shareholders of car 
Eastern Hotels Development 
( FEDH >— the owner of the 
Singapore Hilton. 

FEDH said today that it has 
received a formal notice of a 
takeover offer irooi Invest 

merits Privaie Limned (Fopill to 
jenuire lS.S2m shares of FEDH 
—the shares noi held oy _Fepii. 
International Holdings Private 
Limited ( 1HL) and Mr. Cho Jock 
Kim— at SS l.lS a share m cash. 

Mr- Cho — who is also chair- 
man of FEDH— and bis associates 
control 1HL and Fepti, and 
collectively own 2I.18m FEDH 
shares or 52.9 per cent of the 


company's issued capital. In an 
earlier attempt, in October last 
v-ear Mr. Cho through another 
of his companies. Fep Inter- 
national Pte. (Fep). offered to 
acquire 16-32m shares held by 
minority shareholders, also at 
the price of SS 1-16 P*r share in 
cash. 

Fep International which is a 
subsidy of 1HL, however, failed 
to proceed with the offer within 
the statutory time limit as it was 
unable to complete financial 
arrangements with its bankers 
in time. 

Mr. Cho then withdrew the 
offer and substituted it with 
another for the same shares, at 
the same price, hut through the 
: parent company. IHL, to facili- 


tate financial arrangements 
between the IHL group of com- 
panies and their bankers. 

The SIC in December repri- 
manded Fep International for 
breaching the code on bikeovers 
and mergers. It then ordered 
Fep International to take all 
possible steps to proceed with 
the original offer. 

In his latest attempt Mr. Cho 
has secured the agreement of he 
SIC to the withdrawal of the 
original offer by Fep lnter- 
nationul and substitute it with 


the offer by Fcpi!. . . 

Fepil. which was formed for 
the purpose of making this take- 
over offer, appears to have 
secured financing for the ma 
from Singapore International 
Merchant Bankers (S1MBL). The 


SINGAPORE. June 22. 

offer is not conditional upon 
acceptances being received in 
respect of a minimum number 
of shares. Chartered Merchant 
Bankers is acting for Mr. Cho, 
while FEDH has appointed 
Morgan Grenfell Asia to advise 
minority shareholders. 

FEDH. which was put into 
receivership one-und-a-half years 
ago bv the Overseas Chinese 
Banking Corporation over deben- 
tures worth some S$12ni, is still 
in the hands of the receivers 

The company was also involved 
in a protracted dispute with the 
Stock Exchange of Singapore 
over its accounts and a number 
of questionable transactions by 
[ the company. Trading in . its 
I shares has been suspended since 
s January, 1976. 


THIS ANNOUNCEMENT APPSAKS AS A MATTS* OF KSCOBD ONES 


TBJS ANNOUNCEMENT APPEARS AS A MATTES OP SECOBS ONES 


Ps£iCES 



pnF 


BANC A FOPOLAKE DI BERGAMO union explosxvos BIO TINTO, S.A 


yrmitng TEEM LOAN 


US $70,000,000 

medium term loan 


MANAGED BY 


MANAGED by 


CITICORP INTERNATIONAL GROUP 


trade development 

A LONDON BRANCH 


BANK 


CITICORP INTERNATIONAL GROUP 
COMPAGNIE FINANCIERS DE LA DEUTSCHE BANK AG 
COMP A. BANK OF MONTREAL 

BANKERS TRUST INTERNATIONAL LIMTED 
CANADIAN IMPERIAL BANK OF COMMERCE 

CHASE MANHATTAN LIMITED 

NATIONAL WESTMINSTER BANK LIMITED 
UNION BANK OF SWITZERLAND 


^SIp PROVIDED BY 


citibank. N~a. 




. LANP 


BBBAIiatffiS. 




BERLINER RANK INTERNATIONAL, 
SOCIETE ANONYMS 

•pAMQTTE INTERNATIONALE 
A LTJXEMBOURG, S .A. 

toade development BANK 

LONDON BRANCH 


PROVIDED BY 

COMPAGNXE FINANCIERE DE LA 

CITIBANK, N. A. DEUTSCHE BANK AG 

BANK OF AMERICA NT & S A BANK OF MONTREAL COMMERCE GROUP 

ssaassa MSL - 

^^TION^WESTMINSIEK^KIIMIXED S.A. 

the BANK OF YOKOHAMAMMITED ^RomtN ARAB BANK CBRUSS^Sy^A. 

CLYDESDAISBANKlJMrrED l^QuimTESNATlONALE A LUXEMSOURG S.A. 

SOCIETE GENERALE DE BANftUB S. . ITALIAN INTERNATIONAL BANK LIMITED 

FIRST NATIONAL BANK IN DALLAS 


CITICORP 


jjjrjrgjjNATIONAL BANK LIMITED 

AGENT 


DE LA 


COMPAGNIE FINANCIERE DE 

AGENT 


DEUTSCHE BANK AG 


APRIL 21.197B 


MAY 19, 1978 





23 


As Newark’s oldest bank, 
we financed the trade 




we are 

i 



Our international involvement began early. 
Soon alter our nation's hulepcn- $ 
deuce. The Bank of New York was \ 

founded to encourage the growth of 
America's fledgling commodities trade. 

That was only 
the beginning. 

Through the ensuing years, we 
have grown from strength to 
strength. Today, we have an im- 
portant global reputation for 
both the quality and scope of our 
services to ourcorj>or:iic 
customers. 

We cin boast a uniquely com- 
patible relationship with scores of 
correspondent banks, both at 
home and overseas. 

And we sen e the diverse 
financial needs of American 
corporate clients and their over- 
seas subsidiaries, as well as local 
businesses all over the world. 

London Pride. 

Our London Branch at 







147 Leadcnhall Street provides the full range of com- 

j mercial banking services. 

It is actively involved in corpo- 
rate lending, ex]x>rt-import 
financing, Euro-currency parti- 
cipations, leasing, cash man- 
agement, corporate trust and 
investment management 
services. 

I.i null m is 1 1 mi [.demented 
b\ the International Divi- 
sion in New Yoi k the Bank's 
i 41* branch oil ices throughout 
the eni ire Stale ot New York 
and a complete branch in 
•Singapore. 

Merely the Very Best 

The Bank of New York has 
never sought to become the Very 
Biggest. Our aim is merely to 
be the Very Best. 

In fact, we take pride in our 
rank as America's twentieth larg- 
est bank. Not its Mass Monev 
Mover. But its Finest Financier. 



T£ 


There is only one bank this old. And this new 

THEBANKO 


Member FD1C 

*11976 1HE BANK OF NEW YORK 


London Office: 147 Leadenhall Street, London EC3V 4FN 
Main Office: 48 Wall Street, New York. N.Y. 100 If* 
Incorporated with limited liability in the State ol New York, U.S.A. 


A FINANCIAL TIMES SURVEY 



The Financial Times proposes to publish a major Survey on Aerospace on Thursday 
August 31 1978. The publication date of the Survey is just prior to the Air Show at Farn- 
borough and will therefore provide useful information to both exhibitors and visitors. 
The Financial Times is also sponsoring the World’; Aerospace Conference at the Royal 
Lancaster Hotel, London, on August 30 and 31 1978. 


The editorial synopsis is set out below. 
INTRODUCTION The world’s aerospace and 
airline industries are now moving through a 
critical phase, with some major decisions on 
new civil jet airliners likely to be taken in both 
Western Europe and the U.S. this year, that will 
determine what airlines buy and flv for the rest 
of this century. At the same time, spending on 
military aircraft and guided weapons continues 
to increase. Overall, the outlook for the world's 
aerospace industries is bright, although com- 
petition will continue to be fierce. 

BRITISH AEROSPACE A year after nationalisa- 
tion. How has the British Aerospace Group 
performed in its first year or so of State control? 
What are the problems facing it in its second 
year? 

THE AERO ENGINE INDUSTRY As new air- 
frames emerge from the project offices, so must 
the aeroengine manufacturers move to meet 
the changing patterns of demand. 

THE MARKET FOR HELICOPTERS Rotarv- 
winged aircraft are increasingly yi demand for 
an ever-widening spectrum of jjisks and the 
demand for civil types is expanding rapidly. 

THE SEARCH FOR A NEW GENERATION OF 
AIRLINERS As the world’s aerospace indus- 
tries converge upon Famborough, one of the 
major discussion topics is likely to be the 
progress made in settling the new generations 
of civil aircraft. What are the projects on offer 
and what is the current market situation? 


MILITARY AIRCRAFT MARKET With 
spending on armaments continuing to rise, 
there is a demand for new types of military 
aircraft, even while existing types continue in 
quantity production. What is the current state 
of the military aircraft market world-wide? 

SPACE RESEARCH AND DEVELOPMENT 
After more than 20 years of active development. 


space research has come of age and is now 
being ‘regarded more as a tool for the use of 
mankind" than as a glamorous new frontier of 
adventure. In particular satellites are being 
used increasingly in an ever-widening variety 
of role. 

THE WORLD CIVIL AVIATION SCENE The 
world's airlines have had a difficult time in 
recent years, with rising fuel and other costs 
eroding their profitability. They have also been 
facing the growth of consumerist pressures 
which have forced down fares levels on some 
major routes and which promise further to 
upset their balance sheets. 

THE BUSINESS AIRCRAFT MARKET One 
area of civil aviation that has been crowing 
rapidly is the use of aircraft for private business 
executive transport either on a direct ownership 
or charter basis. 

THE EQUIPMENT MANUFACTURERS The 
heart of any aircraft, civil or military- is the 
equipment that goes into it. representing at 
least a third of its value. A big industry has 
evolved, serving the manifold requirements of 
the a irframe and engine manufacturers. 

THE RAF With increasing pressures on the 
defence budget, the RAF has been obliged to 
cut its spending on new aircraft, but it remains 
a vigorous force. 

LEISURE FLYING Flying as a pastime has 
been increasing in recent years in all areas — 
gliding, hang-ffliding. power-flving and even 
ballooning. What does it cost to participate in 
these various leisure aspects of aviation, where 
does the would-be participant go and what are 
the prospects for further expansion? 

AIRPORTS FOR THE FUTURE With pressures 
on land and environmental difficulties, there 
will be few. if any. new airports in future and 
all the expansion will be within the areas of 
existing airports, posing problems for planners, 
airlines and Government bodies. 


For further information on advertising in this 
Survey please contact: 

Neil Ryder 

Financial Times. Bracken House 
10 Cannon Street London EC4P 4BY 
Tel: 01-248 8000 Ext. 520. 


For further details of the World Aerospace 
Conference please contact: 

Diana Whittington 

Financial Times Conference Organisation 
Bracken House. 10. Cannon Street 
London EC4P 4BY 

Tel: OJ-236 4382 Telex: 27347 FTCONFG 


FINANCIALTTMES 

EUROPE'S BUSINESS NEWSPAPER 

The content nod publication dales of Surveys in Uie Financial Tunes arc subject to chance at the discretion of the Editor. 


Currency, Monev and Gold Markets 



*7? 


Dollar improves 


on oil news 


June t2 


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■ 4 14 59 • .. 


The U.S. dollar rose quite on Wednesday. The U5. currency 
sharply in lace trading in the opened al YSlhSti, and • rose as. 
foreign exchange market yester- high . as Y21O.80, before filler 
day, following reports that Presi- selling pressure, fed by exporter, 
dent Carter is prepared to raise pushed the dollar ttra low point 
oil prices in mid-July through of Y209.7Q in tire_ afterno on. - - 
increased import fees if Congress The Bank of Japan intervened ) 
is unwilling to act on domestic in a small way once 
oil taxes. estimated at S20m to .jffiOm, 

Market sources nisoM that 

SS- Sy -»T3S 


cvci , bLuic a l me inner ciusupcau 7 — ,r . j - luin .i. 

centres closed there was no indi- tiding $605m 


cation of how any new measures *Ef tiSS!3!m£ 


would be introduced. 

The dollar improved against the 


was suggested that there "is- lttflel 
the authorities can do to stop; the 
appreciation of the yea, although. 


if the dollar approaches Y20O. 


D-mark to DM 


Y210.65 previously, and also 

sained ground acainst the German • 

omk f r o m FRANKFURT; . The dollar 

2.08SO from tQ DM 2 .0888- ta - fete 

trading, following news ' that 
President Carter may announce 
higher import fees' to reduce oil 
imports. Trading was quiet before 
lunch, but was described as some- 
what hectic in the afternoon. The 
U.S. currency was fixed - at 
DM 2.0808, compared- • with 

DM 2.0778 previously, and She 

Bundesbank did not. intervene 
The dollar’s rise from an opening - 
level of DM 2.0795 was also partly-} 
the result of expectations of-jra 
increase in U.S. prime rates to 
9 per cent from Sf per cent- Tb»f 
Bundesbank’s trade - weighted 
revaluation index of the Debark 
against 22 currencies was 145.7 
(145.8), up 0.9 per cent from^tbe 
end of 1977. . . -_V: 

The yeo touched its highest 
level this year against the Gernsin 
currency, but the Swiss franc 
DM 2.0745. The Swiss franc declined to DM 1.10B7. from 
finished at SwFr 1.SS00 in terms DM 1.1 12S previously. .. r ' 

oC ihe dollar, compared with PARIS: The expectation of-'.a 
SwFr 1.S640 on Wednesday. move by the U.S. 

The dollar's trade- weigh ted redace oil Imports pushed the 

depreciation since the Washington dollar to its highest level of tnej 
Currency Agreement of December day in late trading. The U.S; 
1971, as calculated by Morgan currency rose to FFr 4.5812} tn. 

Guaranty of New York, narrowed terms of the French franc, com-, 

to 64! per cent from 6.5 per cent pared with FFr 4.5700 early in 
Sterling declined with most the day, and FFr 4.5770 at the 
other currencies against the U.S. previous dose. The D-mark fell 
unit in late trading- It opened at to FFr 2J955, from DM2J2065 on: 



THE POUND 


‘June 22 


[BbjjET 

Tt 


DayV-i * 

Spread 




GIhb.-. 


ssH f«a^(siaF 

tiaUdar « « } BfW24Bt5f - 

10.66- 1C-* 2 ' 

x MiB-L'lfif ( S.S5J4f.B4f- 

146.30-M8.5Si HU6- 145.56 
j,577-i;«5 
3.324-3.974 
lj.4M.48i. 

MS-H-68 
3S5-5S3 ' 

27.46-27^9 
3.4344.40 


Uaxider 
BeMdan Fr.‘ Slj 
Oa troth fid 9 
DtSJk* [ * 
fort. iJ*,-. j lg 
opan- Ptei. | 5 

Lba" MM* 

jSrwga^'ltrJ 7 
K^ocbyr.l 8 1 * 
rjwedtehKr.i 7 : 
Yen" • SXa; 
iiatHaSdil 5>2 
SvtKVr.. 1 I 


457^-71,680* 

a.4tbM2*i 

ififlj-Sss? 


27.6M7.05,i1WE. 




A AS ^ Q' .. 


gaj-rtffa* pmt: M4 - • teg ; 


jwrrUB -4 - lfc : 

oaf* 









JfiE DOLLAR 


Day's 

spread 


dose 


Caaad '0 8* 
Ooliiler ■ 
Jfcfeiafl'Fr 
.Danish- Kr 

D-«arX 
Port Es 
Ian- 

Rnrsn. Kr 
'ftcndi Ft 
S wedish Kr 
Yen . 
Austria Sch 
Swiss Ft 


7LZ2»2J35S ~ 

32jM-32.72 

IBIStSLBttS 


855.aO-8St.45 - 
4JI35A577B 




2 Ifl- 


s s a sstm 
imszsm 
■«£»««* v 
asdsasdft.-; 

<L53fr4£7«5 . 
,45CS»«9»n 
2HJj»t2UL55 
U.97-1A48 ' 


JJ665-«IO 

U^S. cents per. Canadian ^ 


i.-.cM-j -r- . • v-- 

■ ■' J*r ■? : yv.tjj’f 1 . t ; •*.-v=- V- 


v'rT ‘ 

Ora* urWrt b- 

Ml3j3c 





OJSa^flqpu-. 


VJ&dsOnf-ni SsVfc. - 




E5ZU2cd»- : 


— i ; ' 




CURRENCY RATES ^ - 


June ZZ 


Special 

Drawing 

RjjMr - 


tt«r. 


0667674 

U3386 

U9487 

lajerm 


StferUna 

VS. .dollar — - 
Canadian dollar . 

Austrian sctulOnn 
Belgian franc ... 

Danish krone .... 

Doatscbe Mark . 

Ctdldcr 

ftracl franc ... 

Lfm 

_ Tc*. 254344 

President. tbIS™! 68 ' 130 kro110 -■ &jejTS 


0.669461 
%23ta .. 
13308L . 


6.9532S 

2J56S4 

2.75481 

5.64342, 

1656.25 


Si. 8475- 1.8485 aud touched a high Wednesday, while the Swiss franc 
point of $1.8 KO-1. 8510. In the declined to FFr 2.4&S5 front 
afternoon the pound fell to FFr 2.44 65. ! 

SI .8375-1. 8385. and closed at that AMSTERDAM; At the fixing the 
level, a fall of L15 cents on the dollar rose to FI 2.2345 from 
day. Sterlings trade-weighted Fl 2J2300 on Wednesday. ' 
index, on Bank of England figures. MILAN: The dollar and Japanese 
Tell to 61.4 from 61.5. after stand- yen were both firmer against the: 
ing at 61.5 at noon and in early Italian lira at yesterday's fixing.- 
trading. The U.S. currency improved to' 

Forward sterling was firmer, LS5&.S0. from Wednesday's firing ' 
with the three-month discount level of L856J20. and from an 
against the dollar narrowing to early morning level of LS55.9Q.' 
1.35 cents from 1.53 cents on The yen rose to L4.072 from: 
Wednesday. L4.045. regaining the ground lost 

TOKYO: The dollar closed slightly on the previous day, while other, 
firmer on the day against the yen, major European currencies held 
nt V20D.S5 compared with Y209.55 firm against the lira. 


p&eta : W-4268- 

SwriJsb krona 53 6 5 0 . 

Swiss franc - 238738 


ffitauz 

6.973M. 

. 257389 
.2J6288' 
-SMsm, 
248138 
260. «« 
63TH3 
-1TM7* 


231239 


Sum* 22 i 


" BndT " 

Cnn^- 


Sterilns.* ■-fcOs'-'VfflJ'' ■” ' 
OS.- tfrihrr.;Var^4'/ t «Mr i%63 1 r- 

Capailiaii /dirilarj.vi.. ■ 

&u£rrlBa,^cUntSK: ■ MU9... «• 

aelgtni - ftw-ri ■■ :MZ36 - --M2jT > '■ 

Danish fair -i- '. U&iB- U '* 

Dentsthe-' Iflu* : . ^i«t33T * . 
Swiss . franc- . i^gs. T B L32 1 . 

French -ttaac ' • 
Lit*-: -.L ... : 
Ye n 

Washlrwum agreazmir- £ernnbcg.- J J»t- 
; ' fBanfc L pf' Brotond ■ 



6THER MARKETS 


Arueatinn IV*"... 
Australia [i. .|lnr.. 

FnUainl Marl>kH.. 

Hrazil'L'ni7cin> 

Q IWtV Uew.-)ii7in 

Hqbjc Koni* Li-iiA 
Iran Rial ; 

Kuwait L1lniti'' > KL>i] 
Lucinhocn: Fran* 
Malayala Uelliu...... 

Sew Zp«iRiiill»,.|frtJ 
SmkIi AraMH Ki \-wJ| 
Sfnxnpniv f. ini Mr., 
ekmth Afrlinn i.'nni 


1.455- 1,457* 
1.6089-1 6350ji 
7.8560-7.8550*1' 
58.10-33.10 
67.555-69 JBBS| 
8.5414-8.67 
186-132 


60.22-60^2 

4.3675-4.38001 


-- 




TaaSS-TSRI^AOstclfc'iii^i-Li- i^71«-2a0 : 

0^714-0^790 ^fiOJSlia 

4:280O^k262a • 

17.46- 18X1- 

36.75-37.68: ^ 


Omimatc., „ ±I 

|4.6S254.6546^y'If W5_r ^ 


68.56-71.62- Mstff. 


0.500-0.610 KI.272CM3.2774 1 


32.79t32«8r 

12.3770-3.3790 


1.79 19-1^099 0.97034X9790 
6.31-6.41 3-43-5.48 U. 

4.2675-4^900)23200-2^210 


1.5981 


-4^900 0- 
.1.614910. 


869543.8788 iXnjpilAyjA 


5i»ten9Wia_. 

ISonwys^-iki 


fOru^EBl-- 


jhrp t hr lM HtL.:: 

DHftiXl.Slatefl.. 


r-Slottw tlue 


lQ.3aiO.45 . . 
|U-2.4Oa50- - 

-3:003-85' - 
visaaisao, . 
''•.390400 
,'4v054.15 '• 

• S.85.10jn,:. 

- -4W.84 •••—• . 
L4^a-l-46l* - 
. 2*03.50 
' 2:84-1^86.:.^ ■ 
> -34=36 - 


Rate given far ArgendnA.ig 'ecee r xate.'! ' • . Y ; ". 
• Rsv ror Argentina on Jem e?l shbnU'havB.'been t4&4 ’452-' 
t Rate for Argentina on June 


EXCHANGE CROSS-RATES 


e 51 Ehoiild. have iietin ! TSLCtplm,' , V...i '■ 

. " ’ ' .’ ’’ ,‘^7 r *\ • - *- V 1 ' • 

! ^ L • - •’ . •’ 


■June 22 

Pm. n.l 3 ter! inn 

C.tf. Ueilar 

Lleuti.-iu.' ilitrk 

Jainneae Vert. 

French Frew- 






I 1 Merlins 

L'.l. ll.illHI 

1- 

0.544 

1.633 

1. 

5.638 

2.088 

387.8 

211.0 

i.lf 8J418 
y t 4.680 

5.458 

1.881 


-1580 

85»-4:7::; 

‘.MJaSjrV 

%m27=x 

;.;;Wr8^79.' . 

ii-ni i-in- Mr.rK 
Ininm.^H Vt II l.W 

0.261 

2.579 

0.479 

4.740 

1. 

9.897 

101.0 

100D. 

8.193 

0.901 

8.917 

1.072 

10.61 

.• 4ii.e. 
4074. ’ 

• 


French Kmuc lu 
•iwiwi Franc 

1.188 

0.289 

• • 2.184 * 
0.533 - 

- 4.569 
1;110 

• 460:6 
1X2.1 

■w.. 

. 21435 

.. .4:108 '-o 
' 1. - 

.4:889 : -v 
_ 1.198 ; 

.:-''-i»7e- 

456.^;; 

wm 


Lhiwh titnMer 
liHliito Lira i.Oft- 

0.243 

0.633 

0.447 

1.164 

0.933 

2.430 

94 25 
845.5 

-.- : 2.046 - 
.f 5.329 

0.840 * 
2.189 • 

: • i. • 

7.8.606 . 

383.8 ' ■ 

_ 1000. v-..' 

~ 1 0:502 

"• 1.407. • 

yv '38116- • 

lAimiiutii Umier 

iVJ'iian Fran.- 100 

0.484 

1.659 

0.890 

3.050 

1.859 

6.367 

KH 

mm 

1.675 

5.737 

L993 

6.828 

763.0 ' 
2621 


- . - /• 


EURO-CURRENCY INTEREST RATES* 


Thr following nominal rates wen? quoied Tor Lordon dollar conj6«ies u! deposit: One month 8.05-S.15 per cent: three months 230-8.411 per cent; sta in«ahs 8.79826 
per corn : one war 9.00-9.10 per <.enL ■ o.ru- ji* 


closuTr*™ Eur0ljDllar deposits: Two rears 9i-9i per cent: three years W-9i per rent: ftrax years 94-M per cent; Bve years 9S-91 per ^cesk. •Rates «re 


Shon-rerm ra'os are call Tor sterling. U.S dollars and Canadian dollars: two dan' nonce for gall tie re and Swiss francs. 
Asian ravs arc closing rates in Singapore. 


INTERNATIONAL MONEY MARKET 


U.S. rates continue firmer 


There was again strong upward 
pressure on U.S. interest rates as 
the authorities seem more deter- 
mined to limit the money supply 
growth. Although relatively small 
in size, a number of banks have 
already increased their prime 
rates from 8} per cent to 9 per 
cent. However, credit demand is 
strong at the moment, which has 
introduced the necessity to in- 
crease rates to maintain profit 
margins, in fact further increases 
were seen in broker-loan rates, 
which are generally seen as giv- 
ing some Indication as to future 
prime rates. The firmer irend 
was underlined with Federal 
funds quoted at 7 J per ceni with 
some sources suggesting the in- 


evitability of a rate of S per cent- 
to Sj per cent in the near future. 

Thirteen-week Treasury bills 
rose to 6.84 per cent from 6.77 per 
cent while 26-week bills were 
quoted at 7.33 per cent against 
7.32 per cent One-year bills 
were firmer at 7.67 per cent from 
7.62 per cent. 

Paris: Short-term money market 
rates showed little change with 
day-to-day money slightly easier 
at 7.5 per cent from 7.625 per 
cent Longer term loans remained 
static at 2.125 per cent for the 
three-month. Through to 9 per 
cent for one year. 

Brussels: Deposit rates for com- 
mercial francs were firmer at the 
short end with call money at 4-5 


per cent. One-month money was 
firmer at 5±-5g per cent from 5A- 
5, s „ per cent while the three- 
month rate showed no change at 
5J-5} per .cent. Funds for six 
months were also unchanged at 
&4-6S per cent and 12-month 
money firmed slightly to 7^-7 i 
per cent against 7-7i per cent. 

Hong Kong: Conditions were 
still generally tight with call 
money at 5i per cent and over- 
night business dealt at 5 per cent. 

Amsterdam: Interbank money 
market rates fell to 2} per cent 
from 4ft per cent for call money 
while funds for one-month eased 
to 4* per cent against 48 per cent. 
Three-month loans were un- 
changed at 4J per cent as was 
the six-month rate at 5ft per cent. 


UK MONEY MARKET 


Extremely large assistance 


Bank of England Minimum 

Lending Rate 10 per cent 
(since June 8, 1978) 
Day-to-day credit remained in 
extremely short supply in the Lon- 
don money market yesterday and 
authorities alleviated the 
shortage by buying a large amount 
of Treasury bills direct from the 
houses, and a small number of 
local authority bills. Total buying 
was large. In addition, they 
also lent a moderate amount 


to 2 or 3 houses at MLR for repay- 
ment to-day. Total assistance 
appeared to have been overdone 
with discount houses paying as 
little as 5 per cent for secured 
call loans towards the very end. 

The market was faced with a 
slight net take-up of Treasury bills 
and the repayment of Wednes- 
day's extremely large loans. On 
the other hand, banks brought for- 
ward balances above target, note 
circulation fell, and Government 
disbursements exceeded revenue 
transfers to the Exchequer. 


In the interbank market, over- 
night loans opened at 10 - 10 } per 

cent, and touched lOj-lOi per cent, 
before easing to 9H0 per cent, 
where most of the day’s business 
was done. However, towards the 
end conditions became more re- 
laxed with closing balances taken 
at around ,9 ‘per cent. The Bank 
of England announced yesterday 
that Minimum Lending Rate was 
unchanged at 10 per cent 

Rates in the table below are 
nominal in some cases. 


GOLD 


it*: 


Weaker 


Gold traded fairly quietly m the 
London bullion market yesterdky.. 
It opened at I1S5-1S53 and was 
fixed at $185.55 -in the morning- 
The metal declined to' $lS5.3tt-at 


Bullion u i run] 
nun- hi 

1 ipeniiis 

it. it nine lulus.. 


Vllernr-in tlxilu;..., 


I'wbl l'wni..„„ 

' <!■ in ii— -I bnlj v 

Ki Luerraxul ...... 


Sew Snrereigns 


Gold CVrtni 
"intermit inanity 
Kru*ten*ib1 — - : 


Junes! Junefil- 


SIMi-IK* 1&1K4-1BH - 


S185-I8SJ 
Sias.es 
[l£ 100.4611) 
S1S&JD . 
i (£100.245) 


SIM-1863 
SIM. 10 
(C100.S1S)- 
S1HB-J& . 
(£ 100 . 888 ) 


S191-183 . .18194-186 
vfiiosjaG-ijvusnB-HH)- 


SS4448i 

(£294-504) 

$56-57 

(£5W1) 


863-67 
(£29i-50j) 
SfiG<-&7* 
(£80-51) 


Sew Suvemunt.. 

OW Sovendxua 


.181801-182* 61814-1894 .': . 
1(£ 1854-1044! (£1084-1044): . 


320 bogie*... 

*10 tingles — 

s" p- 


■iSSSSB 

(£282-29^) 

-855-61 . 
Ucao-sn : 

-ffewro 
-.,6156-169 
-jSW-IK -■ 


368*441 

(£284-284) 

■SM4-674-'. 

r£40- 51} v 
82774-280*- 
8104-166* 
898-102 \. . 


LONDON MONEY RATES 


June J2 

ll m. 

M ■■riling 
i emllinlc 
ui iier^Kii^ 

liitrnmik 

Licai rr,.*l ,\uth. 
.1 ii tin inti ) iiinturiaiiii* 

<li.|a«ll>i | l-illilo 

F;uan> , e 

Hui'ii 

Hcl**ili 

f‘,in|ianv 
Dvf— U 

Ol-CTUIIillt 

_ 

8-lOij 

- 1 

— 



10i 4 

. .tflVr lull IL-t.. 

— 


XO-lOi] ; 

- 

— 

- 


— 

- 

— 

- 

— 

10&a 


— 

10 lOifl 

10 is 1010 ; 

— 

105n 


. illu moiilli.... 

lO.L-OTa 

10- 10.'. 

1 U -104 

10-10U 

105ft 

10ij 

tun umiitti-... 

lU-9-g 

L010l d 

- ■ 1 

9i|.Wi a 

10*7 




10-97.] 

10-10i« 

9J0-9’. 8 | 

9f,, 97 B 

10sa 

11 

ix in, mil 

10,19::; 

10-lOifl 

9;? toia ' 

9U 9'i 

lOis 



10,'i-Sv; 

10,’, -10,; 

- i 

9*i 10 

10*, 


i ini' i 

iOA-9a 

10ft- 10ft 

10- IQ's ! 

9>r >0 

10>, 

-- 

. »•> i car 



loss ICMi 



— 


•-''■xi min 
1'iirkel 

'l--LJM.ll 


5-10 


i Eligible 


I rs-iun 
BH- * 


9 JS -95» 

91-958 . 

9'2 | 9lfr9„. 

9ir-9S8 


9.1 


Hllix ■]■ 


9lS 


-9Hr 1 •7o-10 

9;.: -9:.; 

9;;.-95i 

S \i 


FinrTnyiP 

Uilist 


105* 

10i, 

10>g 

10ii 


Loc-.I anthortm toA Hnance housM w-n-n dars 1 notice, orh-re >^ren daw flspd. Long-rJonn tonal auilwmy mnnoam. 
nominally Ihrec yean Ui-UJ per mu: four nai> • UJ-12 per ent; five wars lSI-lll ner cent? •aSk wn 


buying rales f w prtnuf paper Buying rates for four-monih bank bins 9»,s per cent: fhnr-month trade bUb iflfl w Z 
Approxuiute sclUius rales for one-momh Treasury bilJsjMijj. per cent: two-mnnih H-B'w per cent; and three - mamh vZSti 
per mail. Apprnslmaio scUini raic for one- mnmh bank bllL- 9* per rent; and rwo-motuh 9'iiUn per coni l a^ Oireivm^ih 
month 90i6-W per «nL Omndb M m» M per nni: iwo-nionih 10 ) per cent: and aST ASta 1M K 
Finance House Base Rain ipublldwd by Uj.- Finance Houses Association) S) pe: cent from Jme 1. TffM anarina i Bank 
Deposit Rams (for small *“*« aI J “J *» s ”**•, '» wr com. Ctoariu Bhik Base Rmh far leS: LO cbm 

Treasury Bilh; Average tender rates m dtscoum 8.134S per cunt, . ^ “*”■ 


the afternoon fixing, and closed at 
81843-185*,* fcifof *\\%rxht 
day. The firmer tendency 'of the- 
dollar was a factor behind the 

overall weakness of goltL ~ ■■■ 

hi Frankfurt the 13* kilo bar“ 
ivas fixed at DM 12,415 (SIS5.85 ’ 
per jHinee) compared urith DM T 
12,465 (8186.63) ■ previously. 


MONEY RATES 

NEW YORK. 


Prune katc „ ^ 

Fed. Funds 

Treasury Klik m-'wcbfc>' 
Treasury Bills (25-treek) 


8.75 . 

7.75 . 
<84 ” 
7J3*. 


GERMANY 


ntscouai Kaie ... 
OvcmiKtu 

unc RhMiUi i._ 

Three months 

Six months .......... 


•'W5'' r - : 

.3^5 

•88F-'--' • ; 

■«5 


FRANCE 

Discutnif Rare 

OtltturIh ... 

One month 
Three months ■„ 
Six months 


7J 

737 ': 

.7375^.-. . 

80X5, J 

. tans- - v. 


JAPAN 

Discount Rate _ 

Fat) (UtKoaUdboali 
BIDS Discount kale 


“i 







'i c *- 


t.*-. 


V: 

■ 

h 


■w.Aja, : c ,. 


-1^ 1 
1 * 4 ,. 


























































Financial Times Friday June 23 1978 


: -mo? 


'* {}$£• 


•: /-»V' ■ 


* •.* 





Hvy 




WORLD STOCK 


and bargain-hunting lift Wall St 



funds ran- from 74 to 7f per vent rosn in modern ! p trading, the d eel u red an initial . se 5 n ^r"“‘ 11 ‘^AmonR th, -‘ lowers Tallici 

• up *» 147.18. dividend. rose a cents to \a--iv. 



Tokyo 


INVESTMENT DOLLAR 

PREMIUM making tht' 'outcome of r yester- index closing b.is up at 147.18. dividend. 

*2,80 .to £ — U 1% (1121%) days report uf less concern to The* siveragi* price per shun* Husky Oil. _ t lie 

Effective S1JB3S0 491% (Sl%> the market gamed 2 CftM*. d nut rial, gained LSI 

FIRMER dollar and bargain- AU«*Kheny Airlines was a stand- Stuck volume wa:i down slightly ii-i.im shares, 
hunting helped halt the recent olu performer, jumping $21 to at 3.22m ta.eum) with losins 
slide on Wall Street yesterday, m heavy trading. Allegheny shares ahead of rising ones 324 
leaving stocks posting small gains said it knew of no reason for the to 274. tI 

at the dose. rain but its air route 10 Atlantic Resorts Internal Iona I "A 

The Dow* -Tones Industrial Lsiy ar.d its sharply bichcr earn- .spurted sT to STB in first place, iLs 
Average finished 2.,, ahead at in^s reported Uus week may have "b" slock rising S3] to SIS'. 

S27.70, while the NYSE All Com- teen influential, 
moh stocks index ended with a Gaming stocks continued to 
gain of 16 cents at $54,07. aitrwct heavy interest, some of 

Volume, at Lr.lfioi shares, wax which miyhi he the result oT :■ ,ri,|K picked up SIS to ®24l 
down nearly -m on Wednesday's ru^h by speculators who # 
level, while advancing stock* oui- shares short to cover 
numbered declining ones * 
first time in six tradin_ 

Of 1.S52 issues traded, 
and 653 feu, with 452 

on the day. IMHIWI , 4 

The dollar sirensthened on re- Ramuda Inns— a^ain the volume 

pom that President Carter was leader S' to $■$' 

prepared to impose fees on im- Gulden ’ Nuhrcu on the Pacific 

exchair.c. added S} to S24t before 
• ratlin" was halted pending a 
nows announcement. 

Hu ward Johnson jumped SJ1 to 


■ ■ ■ i , ■ . nil -i Miuetsa Mining \ol to 

.nitial sem, .annual NIUeon R ^ , 0 < er5 Tai 

cents to Cb-.40- • Kilsha Iopi Y30 tn YL2MI. 

most acme In- »«»» ^j Bpan Y 24 to Y726. 
:$li tu LSa2l On ys to YU 15. Kokujo 


Australia 

Prices cased sttsin, EHP losing 
JO cents to ASOdtt. 

Bank of NSW fell 2 to ASa-W. 


NEW YORK-nov jokes 



Husky Oil. in second place, added 
to $4KJ. 

International Systems and Con- Prices closed a 

3 ----- :,nd moderate trading, repeating the 



little higher in 


Paris 

The trend 


the 


also cased. Bougainville dipped 
1 cent to AS1-23- 
Amonc the gainers Coal and 
Allied put on S cents to AHA 
market was Thelss 3 to AS2.63. and the NSW 
r.o specific ancinccring and coal group. 


Tram p«rt... 
L'uln.e- 

Tnitfinjc VOL' 
u>j'» : 



ported oil if Congresx foiled to 
enact an equalisation tax to brm * 
the price of domostic oil up to the 
world market level. 


Spcculal 
drew much 
addition 


of the 


The bargain-hunting was iris- SHI and Dri'is. Webb fli to S221 
gered by the short-term oversold in active tradin'* 
condition of the market. More Sony picked Jp SI to SRi- Ycs- 
than 1.000 issue have declined in tertiav the VS Supreme Court 
each of the past five trading days, rejected a Zenith Radio plea for 
After trading ended, the Fed countervailing duties against 
reported that U.S. money supply J sparse TV imports. 

M-l had fallen Sl.lbn in the latest Atlantic Richfield moved 
reporting week. si; m r.r.i — it expects it 


Canada 

Prices weakened in busy trading t£J 
on Canadian stock markets ■ yes- on speculation that 
lerday. Toronto SLock Exchange niorc profits as oil storage 
index dropped 2.H to 1.12M jjnh promoted, 
the Montreal composite Indus n.8l p an K »r Tokyo was also buu. 
to 19U.5U. 

Hold* pave up G.2 
.Metals and Minings 

but Oils advanced • 


Cars and 

Johannesburg 

- - Gold shares were mostly easier. 

■ for the year mixed- PclrokK C P relleciing the lower bullion trend, 

it would take C «h tre < to Mining Financials were easier in 


investor ^^/°Jd!anced against the 
japan Line was bought heavily general trend. Electricals were 
hit a new “ hi-h ” for the year mixed 


w£ were «ns leading shares to ” 

weaken, while ! homson Brandi^ E!scwhcr e. De Bcrrs conti 

isht Ft rod ^head *,1 r ' ‘ to gain on mixed demand, fo 

«b’s f.monC some ,Jin.n r Ln 6UL_. . ,'C i-.-AcMnum mimr.Pi 



among leading shares 

continued 
follow- 
ing L'.S. investment comrr.enu It 
put on 23 cents to Rti.65. 
Platinum share.- - . were a few 
Pre-natal, corns lower :n quiet trade and 


Laat week fears of tishtcr 
monetary policy were heightened 
when the Fed reported mono:, 
supply unchanged from the pre- 
vious week’s jump of $4.3bn 
On Wednesday the Fed 
appeared to boost the key Federal 


coal mine m produce 20m 
tons a year by the mid-1980s. 

Holly Sugar advanced 
S27<— u said a private inve. 
propn-'-d to offer S36 a share 
il'. stc-L-V: 

tin The AMERICAN SE price 


B1 I.W SMJ4 : «U2 856.S?. J44.S5 HUI 
67.eE 55.s: 89.C2 «-« «7.M 87.S5. 

CD.IB ii:.K 521.17 222.54.. 222.34 =S.4S : ; 2il ; g 
UK.EH M«.H 104. ZE !0*-97 lOfi.ie V&Al 


747.12 
s.-.sfl i — I — 


tsi.51 
-i* Ij 
102.24 


1 2f?.86 li-* 5 

:!■>?! lie 

. IsS.lJ i lfl-56 
f25-- •«-. 


27.160 25.103 Z7.5S0 35.5M 2T.6S0 25.2M - 


nut.-! 


1:0m Awjiifl -* 


J«mr 


Jiim - 


t.1.1. -i’T. JU- -I 


5-58 


5.43 


5.SU 


4.79 


aTAKDARD AMD PClORi 


JllllF 


Jiim- 

l*s 


| Jun- 
. Is 


;lu-lu*tri»l* 10b 


7i 15Ts‘ 1DMA w»-7> W.M. wa.ro ii-Jj* ; 
;.:4 Si a: 9SAV 97.49 97.42 ai.34 1M.55- 




IVir hi!-. *i i e-. 




S.T.S.l*. ALL COMMON 


Ris^ p i |,B ,, . M ^ 

lui-..--- Icr-eit JjnrJO 


1*1 1 


f- ; NEW YORK 


Ji!«t J-.nc 


M-v*,: 


Stock 


Jnrwr 

20 


June 

at 


Abbott lAbfl 

3350 

33-0 

AddiemoKraph ... 

Z6 

2ais 

A«lna LlfeiCas.. 

3956 

40 

Air Products 

281* 

28'* 


aO 

so 

Alcan Alum 1 nlu m 

267b 

£-650 


43 

4iU 

AUee- Ludlum ... 

ia 


All«beny Power 

177 B 

1770 

Allied ClicmicaJ.. 

39 

3850 

Allied Stores 

Z5 

Z2?* 

A Ul> Chalmers... 

3U, 

341+ 

A31i'X.....j_. - 

551* 

33 ^ 


Aratr. MrllDCS...i 
Amer. Bmwl*.....: 
Amer. Braadcasl.. 

AnMT. Cun 

Amer. Cv»naraiiL| 
Atner. Elie. Pnw; 
Amer. Hxpresi>.. ..i 
Amer. Rome Pml| 
Amer, Medical— -j 

Amer. Motors 1 

Amer. Net. On*.. 1 , 
Amer. Standard.. | 

Amer. dtum - 

Amer. Tel. 4: Tel. | 

Ametek ' 

AilF — - 

AMP 

Anipex 

Anchor HocUing-l 
AalieiwerUiJMSh.., 
Amw 6wel • 

; 

Awniem Oil 

Anna* 

Ashland OH 

Atl.Ulehtielrt 

Ante WOT Pro..... 

AVC 

A»w 

At on Prorfui-t* .. 
Bait Una filers ...- 
Bank America.... 
Bankens Tr. 24.Y 

Barter -Oil- 

Baxter- Trow* w'l.- 
Beatrire Fond—..; 
Berti-nnicaenmn 

Bell A Howell ■ 

Bendix 

Beogurt -C'-onff 'U . 
Bethlehem Steel. 
Black A Decker... I 

IkaliiK 

Bob* Laacaide 

Borden 

Bore Warner.. ... 

BronHT tot 

Brosean'A’ ; 

Bristol Myers i 


117,-. • 

BO it • 
*4-378 I 
423* ■ 
89 

ZB la ' 
351* 

201b 1 
Zfiifl ' 
b I 
41'-; ' 
454 : 
id ia ! 
60l B I 
331.1 
17I« 
3»l| 

14 m 
Z*\ 
23S, 

29 >b 
20J, 
I41 a 

15 
iB5« 
an-* 
Jl>2 

9 s? 
242, 
531s 
zsi a 
23 
SBi a 
27ls 
41te 
2b 
S6's 
ZuW 
3814 
37 b 
ZZ\ 
13*8 
50lj 
Z7 
;Oi, 
aOU 
15 
141® 
obie 


lobe > 
32 
143* 
18-4 
6I4 
381b 
73i, 
o4J, ! 
I6I1 
I07 8 ! 
z7?b ; 
lzU I 
175a 
55 >4 
34A* 

CelaaweConm-.' 39 

Central A 6.W....\ 10U 


Brit.' Pet. ADB...j 
Brock ny Gla^.- 

Brunswick ) 

Burynis Krle 

Balova Watch.... I 
BurllUKton N thn 

Mnm>u£h.» 

Campbell Soup- 
Canadian Pacific] 
Canal Randolph— 

Carnation 

Carrier* General 
Carter Hawley... 
Carerjiillar Tracts 
CBS 


Hi, 

50 

475fl 

42>I 

29U 

zz 

i6>t 

20lj 

Z6U 

6 

407 a 

45 

5514 

bOi, 

a3 

17i 4 

i2S, 

145s 

29ie 

23 be 

29S e 

I37 a 
15 
29 
50Je 
*112 
9^4 
24: e 
52 
ZoSA 
23 
35>2 
27. 
41U 
23 U 
381a 
ZO 

aaiA 

4 

2Z3a 

ihjb 

497a 

281* 

oOSe 

*OU 

15 

14-'; 

v6 

J&5q 

5314 

14J, 

19 

65b 

38-'* 

73U 

*4S* 

:6sa 

10ig 

z7 

idle 

1712 

64 i b 

045fl 

39Sa 

loM 


t'.iiiiiiw r.i« »... 
CPC Ir.t 11 I 

»r*Hc 

• ‘n^keii ,\al ...... 

cw r\ /.••Uvrl>».'i: 

\ i.,it*i:iii* Kneriu 
< iirtl * Vi'rt^l.S... 

Iienii 

Pert Ji..ii.»:o. • 

iHWTO. . ........ .. 

Drl J|..|itc 

UvU-na 

IK'iii-i.Iy Inivr .. 
Uc»r..i| i;.ti ..n. 
tiiati.-.ri'i Mmuii'l. 

li«i*l-li-inr .. . 

L'l^lla K.iui|i 

Dirnvj 1 '.fa Hi.. . 

Duvei 1 or|.n 

I low Clivniirnl... 

l*r*v..> 

Prefer 

hiifvDt 

U.VIUO llldllelril- 
EjrIc Pi.-Ikt .... 

Kant Airlines 

Taetnmn Kr-iak..' 
Ii*ivn 

K. fi.fiO 

Kl l'iM> Sat. On* 

Kins* 

Kineivon iHwinf 
Lmciy AirFr'i«lii 

Kmhart 

b.M.( 

Kng. lluir.l 

Esmark 

Ethyl 

Ks.M'Ii ] 

Fairvlnld Cunuial 
Fed. He|il- Sinic*. 

FirrtmieTire | 

Fsi. Net. lViKtiei.' 

Flexi V«u 

Flint kote ' 

Florida I'.iwer ..' 
Fiu-r 1 

F.SI.l* • 

Ford Motor. 

Fureniutd- Xlek....; 

Ft»xl».'ro ' 

Frank tin Mrm.... 1 
Frce|w*t MincJali 

Fruehanl 

Faque lads * 


S51, 

o2if 

26 >2 

27 
30'i 
307- 
17 

ibl; 

-315- 

iZU • 
26*? 
11 iH 
22:* 
15.^ 
25!, 
J4J. 
481* 
41 
4 AS* 
Ztl; 
Z6 Sb 
<i4 

115k 

ad-4 

:!’* 

54 

.-El* 

25*, 

lets 

56'i 

i! 1 - 

■ 5b 
22 ?e 
505* 
2B-. 
*i4t a 
3158 
*61- 
14.‘, 
281- 
2usa 
^7»e 

293, 

*63* 

24 5e 
47 
201 1 
36U 
8S, 

243, 

501, 


Stork 


J»m-. 

21 


56aa 
51 'b 
EB i, 

305;. 
39 
17 
27 
411, 
32 1 . 
261; 
10:, 
2273 
151, 
255, 
15 
471 s 
407g 
44 .0 
251(i 
26 se 
44>o 
114-', 
AO -i 
*27i 
11^, 
rA 
*75» 

1 25 
iei* 
311, 

k35e 
37 
-Ij 

: 

i j05, 

I 2i!Sa 
’ 445g 

; 

. *6!a 
14i 4 

: 1.81, 

1 z0 
. 255, 
a- 

1 *6i9 

• 24 
. i65a 
Z01« 
: * 6i, 
. 9- 
231, 

• 30 

107i 1-lOTg 


sO'. 30'; 

br-4 bo .4 
l- 9 . %e>, 

;4ij 345fl 

25 Z4,g 

32 3J’i 

23!. Z3-.S 

IJin 1 Z'b 

Z'S> r 2 'St, 

43 M 43-in 

32i.i : 321= 

455a 46Ih 

22 21», 

4*s n US', 

331, 33*, 

32V 321* 

351- 33 »B 

2'Cli . 27 

3li- *1*) 

-S'. 4St* 

k2i* ZZVg 

VZI4 215, 

20 191* 

IV I; lfllR 

ill, £l«e 

39^ 395b 

1 14 

7.„ 71, 

III, IH, 

41 415, 

*6 -6 

*i iZig 

-6i. 46-.* 

.4;^ 145g 

24 2316 

SiRlSiS «- i 85' 

*bi- 
al^, - 
231, 


JllllUnMlEl' lli>‘ 
Johnson .li.liii — «i 
Jpluuon Ci-iil •■•I. 
Joy Mauuiai-I in 'f. 
K. ?Iar t'urfi ' 

KaiterAI'iiiiiiii''n 
IwIKT Itnlu-I i'll- • 

Kiilicr Slwl ■ 

Kay— I 

Kenuiiiiti 

Kerr Mf«i«*. . . ] 
Kld.le Walji-r.. . 
Kinihrrly CI«5.J 

Ko]ipers , 

Knur 1 

Krr^ecCn.. \ 

I*.wae«»yTivii...| 
Lcei Slnmi'i. . . .] 
LibbyOw-Ftnul..! 

Unset Gr 

Ully 1 Ely 

Litton Indnii.. . 
i*vkhred Arn-r'n, 
I*me Star indii-.| 
Lung Jilanii Lid. 
Uiulniiuxa I j«ii- U. 

Lubrlwil ; 

Ijujkv SUirci. j 

L'ke VungsiVii.; 

MacMillan 

Maey IL B ; 

.Mu*. Haunter... • 

Mr. pro 

Miiroibnn uil 

Marine Ml< timid. 
lianbaU Field .. . 


SUtrk 


( .1 i»ne 


Jltllr* 

21 


jifi-'k 


Jniie ' J 1 1 III* 

1 * 21 


II,-s 1- -II 

HcyimMi. Mel air.] 
Ki-nuilrlh H. J. ...I 
Rlcli'-nn Jlenvll. 

Ui-kvi-ll InliT.. 

liflun .1 Hh«> ' 


l.-rWHl > 

irl'K • 

Bum, Latr. . . , 

| : \ <J«;r SjMflrl. .1 
Safeway Si.ai- ...| 
S|. Jtre .M iiu.-rw b.i 
St. Ui-ui- l*»|a r . 
■Sauls Fe In.l-.. . j 

.-Bill !mi-»l j 

•S>\nn Iml, I 

St-lilli* tirenln^..] 
SfliliimluTKer .. .' 

SUM 

So it I I5 »|»t j 

S-rVil Mix I 

ane WiiialiT ! 

Sea Cmitaincr. ...I 

SeHKmm -.-| 

Svwr'edl.n.) 

Sutr* Unci >iiek....l 

oKUCO | 

Shell l»i» ; 

Shcin'mn-iaat...} 
Sienal.—'- ; 

Cur 

Siinjilii'ity 1'ai —l 

ain^w 

Sim III Kline | 

aniUnm 1 

Snilthdirwi! 


481* ■ 
29*1 1 
r 3Sg 1 

255, 
311, . 
34 | 

t-e.*, 

15 

13 

<3 

411, 

37 >, 
*41* 
b 

b', 

' 3 <n 
805; 


G-A.F ] 

Gannert ! 

r.eii. Amer. Ini.. 

G.A.T-V- 

Gen. Cable 

lieu, ltynani 
Hen. Klo*rb*i....i 

lieu- FftalX 

liemral Mill? 

Ocnt-itil Sluiors.. 
tieu. Pul*. 1*1 H~.J 

i^n. SlBTial , 

Hen. Tel. Klevl... 

Hen. Tyre. 

Henesui 

ijtorel* I'aelOe. 
Hetty Oil 


SOLD 


Weaker 


tr* 


CTiCi 


Certainiecd ! 

Cesana Airrrofr..-i 
Cfaus Manhattan! 
Chemical Bk. XV: 
ITwsebrgU Ptni.l.| 

Chettie Sytuai'-., 
Chicago Bridge— 1 
Ctuy** er — • 

Crneninia \ 

Cion. SlUawon ... 

Citicorp 

Cities Service 1 

City. im-BtioK— , 

Coca Cota 

Colgate Pal 01 • 

i .ilhnw ASknutn-i 


21>S I 
36 I 
sOi* ; 
38Sg I 

a-VU 1 
*01, j 

&45s i 
11 : 
**se i 

2BS, I 
Z33, : 

49 : 

157s ! 
415 b 1 
ZlU • 
1158 I 


Colmnhia Gas 

Columbia Piet.... 1 
Com.lnsCb.orAm; 
Coffltrustlmi .Eng.; 
tVxnbnatlnn R<1— 1 
Cm H-’th Edison.; 
LV’di Di> Kef ' 
Comm. SauelHie.' 

OujpurerSolenr^ | 

Conn Ufa Ins — | 
Conroe ......... ri: - 

CotuEdlioa N.iJ 
CmiboI Poods- —• ■; 
Convd Nar. Gtas-J 
Consumer Power, 
Continental .Grp, 
Continental OH.J 
Continental Tele. 

Control Data— —l 
Cooper Intlna ... -1 


Z£sz 
195a 
1BJ, 
*0 "8 
155c 
8756 
3 is 
395, 
105* 
351* 
E150 
23 
*5 
387a 
zsie 
305 b 


53 i; | 


M07£ 
3810 
3159 
3956 
2456 
30l£ 
=4», 
21>, 
*»!* 
28 ig 
£3>B 
48!, 
153; 
415« 
Zl 
115, 

18 7 8 
*85, 
4158 
l5ia 

2714 

21* 

385, 

l0?B 

SB 1 , 

aisa 

225, 

£3*4 

3958 

22*6 

31 

27 

155s 

337s 

S370 


Gillette ••■•■■■I 

Homlni-h B. F....J 
G-naiyear Tire....] 

Grow W. K-.....! 
(I* Allan Fac7e»' 
Grt. North lrou.i 

Greyliond 

Gnll ft Most era. I 

Gulf Gil 

Hnliburtun i 

Hanna Mining...! 
HomlnohfVK'-r-..! 

Harris O-rpn | 

Heinr H- J 

Hi-ithiein I 

Hewli' FVkHni-.-- 
Holiday 1 iw> , 

Hoioe»r«kr 

Honeywell , 

H. .IVIT •••■ 

H«|<.C«ti»-A,iierj 
liuurtun Xat-HaH 
Hnnf (Ph-i'ri'* in, j 
Hutton rK-F.i- 

I. i.', liHluarnes 

IN A .• : 

Ingersi'll KaJJiI. 
Inland Steel.... 

icsilee 

loKiwnt Energy 



loll. FlavoJn. 

lull. HarvesUr -. 
IniL Min* CUem 
lntl- Mult'foroU. 



lull. Papei 

11'Q 

tut. i{«*«' fl ® r -;- 
Int- Tel- ft Tel— 

Invent— ■■■ 

luwa Beef..-- 

IC Inreruatitnial] 
Jiu, Walter. 


135s 
43 ; 

I-jU 
271, 
167g 
771, 
50'* 
b He 
eOl, 

60 
13'! 
a £U* 
£870 
25*4 
big 
z5.b 
1495, 

29i, 
2zi0 
165a 
297g 
z71g 
75g 
235« 
likt 
lOSfl 
Z3 Ig 
C43* 
321* 
165, 
935, 
37'* 

27 5a > 

7958 : 

1770 

343, ( 

b7Je I 
la 

*25, ; 
k47g , 
10 «, : 
I57g I 
Z47g 
415g I 
&6>, i 
37*4 I 
15 ! 


7 

466.37 
■e4i» 
065g 
385S 
£0 ta 
16 >4 
40is 
361* 
1156 
30*4 
1 

3554 

ll't 

3050 


131, 

42*, 

1-lB 

.75, 

ies B 

14*0 
*0 
biia 
*o 
59 la 
i*h 
30>a 
Z^ig 
Z55, 

6 

t 5i* 

I49't 

Z9 

22 

I6&e 

29)= 
i67a 
71= 
Zota 
loi, 
l i3 ? S 
1 Z3'a 
625 b 

325, 

l656 

94lg 

o7i, 

i.753 

79U 

*71* 

351s 

t6i, 

12 

315, 

24>, 

10», 

16 

251, 

415s 

67», 

37Ig 

147g 

7 

267.87 

241, 

*6M 

3656 

Z01, 

16lg 

tO 

*.55, 

HU 

301, 

1 

355g 

IH* 

30*4 


.Mi-DenuoM... 

U.- Donnell H*atg 

Me Oran H11 

Memoiex 1 

Merck 

Merrill Lynch.... 

>!i-a L'eiroleuiii. 

I MUM 

1 Minn Ming AM'li- 

M.d.HCnn ] 



Morgan J.l*.— •• 

Molurola.— J 

Murpby Oil I ^8 

Nabileu I jl S 

Nak-u Chemical J zt'j 
National Can I 17‘*j 


Zbv. 

. 2 )R I 
taia • 
41*4 • 
l&h I 
16^; 
«J»l 
-81- 
a4i* 
obi, 
-03f, 
4556 
46*4 
38 


i 6 ;j ; 
105, 1 


285g 

<.3U 

14*s 

13 

35 

*25, 

39 lg 

*»6!a 

3756 

I35g 

iOl,, 

i4« a 

278 

3Z 


47?B 

0956 

54 

245, 

31&B 

34 

rB ’e 
• 5 

13 
23 
41 It 
,21- 
275, 
34r^» 

5’o 

6', 

14 
785b 
161- 
16-4 

kD5; 


W.K.Iuurtli ..... . 
Wylv... 

\rri1 ' 

/nj«la 

/■■ii ilh IJsiliu .. . 

r.s.Tun’ W.l?*' 

I '.Treasl.WbTl 
r,s. iX 1 .ihi 1 ■•■ii-. 


185, 

3-J 
6ir.t 
!6>a 
141, 
,94 : 
; 30 Ai 


]8 jB 
3 it 

blTg 

U'l, 

14.-4 

- IV] • 

iaoi. 


6.79 (. 6.8U 


CANADA 


AM, iln l',|wr.. .' 
5 ail l— L«*'lr.. ' 
.\l.niii\ltlllliniu<ii 
.\la>Hun SikL... 

A-tlL-it.'*- 

ltd Ilk "f M< Hit rial 
IImiiL X»ih be*'! is 
llnsu* Ih-'iiirt-.. 

Ill ll I I'-ll-pl !•»„.- .. 
U«n Vall<-y Ind... 


12 ’* 

6.12 

*0', 

el>, 

:42J; 

cJ-'Jh 

'05a 

4.20 

-.6»i 

291- 


.-H,iiuiliemC»l.K*l! <:6i, 


.Vat. Distillers...-; 21*2 
Sal ben a-e lnd. - , lo 

NHlimiai Steel 30lj 

Nauiinas 1 ^CSa 

x< | ?4», 

, tune Imp *'■', 

V -•.* hi, gland El. ZlSg 
* Li land 'IVI i3lg 
\..-^.Hr.i M.ihawk *■♦ 

Nil. ar.14 l*l.a IV.... lOln 

.\.J« lu.Sn- 1 riea...* 
X..ii..lkA\V«-teW ‘-'5 
N.ilth Nnl. Uaa...' 3916 
Mbn.MBti.-l'wr «.E'a 
N Tlroi- 1 Airlines 2714 
Mlmu-t Zaiu-irv ^4*s 

N.,rt'inSniioil _ 19 

t.inidental I'ctrol, a3>. 


t»ailvy .‘iHtlier—.j 

Oh 1.1 lilivtii, 



Oversea- tflitjo 
Owens Corning _[ 

Owens Hfimta 

I Wei fie G«s 

Pariil.' Lighting. 
1’i.u Pni.ft Ud. 
Pan Am W.«rd AiH 
Paikrr Hannifin^ 

I'o-i-'iy !»i- 

IV11. * Ii- 

IV:mv J- c 

IVun/eil 

Ptsiplea Drug —■ 

I'er.plcs • *■' 

IViakw 


Feral ■■ Elmo - , 1 

Pel 

i’lt/.T 
|*| itl je Ilmlge.... 
FhllB.lelj lila Kle 
Philip Jli.rrla— - 
I-hllli|M l*ctro m.] 

pjbJairV 

Piun-y Bmw».... 

nirsl'in 

Fle-wv Ikd ADKl 

Polaroid - J 

I'lllnlllllf llW. .• 

IM'tt 1 mins’ nes, 
pive'vr fianible . 
pul. ^erie Elert, 

Pull mall 

Pure' 

Quaker Oats 

Its pi* I A inertenn, 

I (at ihct*!’ 

Ifepiil’lw bleel—J 


36 
18 1» 
14?b 

z5ie 

291, 

*.1*8 

*3Sa 

19i0 

nils 

61g 

aSla 
24 U 
HOC* 
357g 
291, 
U1 B 
341s 
291- 

£4ig 

SO', 

a3 

z2' B 

1<>4 
657s 
1 2's 
3978 

i3'; 

21'0 

17 


41l a 
57 i 8 
IBM 
-3 'a 

C4lg 
60 1, 
6010 
461- 

365fl 

ZOl- 

1*856 

18 

2Hs 

Ibis 

r0 

395, 

l4 

*B 

ZiBg 

35*8 

14 
10>S 

19 

ZSlB 

ab», 

*5's 

265, 

*35, 

1» 

2 85, 

56 

IB 

15 

247g 

29 

dl's 

237 B 

1970 

ZOTg 

67 8 

25 

241a 

Z0»6 

afit, 

Zw', 

1110 

i45g 

295a 


Sum liem C< 
dtlm.Nal lb-*.. 
SiHitliem Pari he. 
a'.niiheniUaUwMj ; 

Seilllilanil | 

o’w’t UanNliattf... 

8|«rr.v lluli-b 

Sueriy ItanfL ; 

Squll j 

StauiUtnl Ummls.i 
Sul. r>j|Califi<niia< 
Std. Oil IndiaiiB.; 

Sl.l.Oil Oliin 

Srauff Chemimla. 
Sterling Drag. 

Stud «U> Iter 

Swi Co 

Sundatrond .— 

Syute* ;...- 

Teehu icolor 

rektmnix 

Telolync 

Telex j 

I 

Trturo Pvitvleuni; 



TlOCHi^ulf. 

Tt v,h lur.l'ni... 
Tru, Hill. Gaa..| 
Tvtaa lUlln ie*....' 

rimer In*- ] 

’I nner. .'•Ilnur 

Tiuikeu 

Tmne 

Tnuiamerka. 

TnmaCti...'. 

Tran* I'nluli 

Tnui- wy luu'u.i 
Troua World Air.’ 

Traveler* I 

Tri ContinBOtal ..! 


lv 
a75g 
3U, 

40 

Z9I, 

4.1, 

-25a 

*61, 

£t>!y 

41- 

4BI, 

• 27a 
40 ' j 
■ aU 
e5 
4250 
945, 
60 
lira 
-ii, 
11214 
t,l, 
607 b 

105e 

2448 

185, 

79&a 

aZ 

JO 

405fl 

295, 

ol 

i4*g 

in>« 

Lo*2 

4610 

*65, 

195( 

a57g 

19 


28 

^31, 

I41g 

26 

*4Tj 

625, 

3*5fl 

■.9M 

375, 

13«, 

1948 

.45, 

27 0 
3 k I, 
L&50 

1- 

36Sg 

:lh 

4B'« 

i9'» 

-lie 

17'* 

-2 

3450 

t6U 

4156 

48 

t 2 

385, 

10U 

t2>, 

4256 

*»45b 

30 

*15, 

411- 

112 

5', 

3USs 

10 

x45, 

19 

79la 

*.i5a 

ZO 

-01, 
295s 
497a 
c4i, 
Ibl, 
I0'z 
3eia 
Z&5, 
185, 
a 55, 
19 


151- 

tfw 


HI* Canaita ’ 

_ 

1 t 2 a 

CalgHrv P. ever...; i7I, 
Cdiiitti.w Mine-... 

Canai la Celiieul.J 
Canada N\V ivui.j 
Caiu!iii|iUk.Ci,m | 

I'anailH Imlliat ..., 

Can. Par. IK- 

I'dii I'aellW luv..| 

Can. Sii|-*r Mil...; 

I. nrlitig M'KiVli'.. 
Caaaiar AsU^tu-.l 


is«, 
11 
11U 
20’* 
1 20 'a 
]8>2 
J95, 
o7i* 
4,aU 
11 


39is 

I- 6g 

27 
Z5£a 
it 5g 
295s 

251, 

1056 

445, 

2712 

235* 


*356 
491* 
aKU 
2 Ha 

1.10 
6550 
£27* 
397g 
Z35g 
ZO50 
1710 

38Se 

*400 

26 1? 
t6ia 
ZaSa 
295, 

1.10 
aa'u 
101, 
44 
271* 
Z340 


T.n.vr 375 b ] 

20. b Century Fn\ c4 

1'i.A.L. - 28 J» 

liAltCO t.45, 1 

CGI | 

Unilever ' 

L'clIevcrNV -4's I 

Unkm Uancurji— . | 

Cliiun Carbide.... 381a ' 
Cuu m OMnmm.fl ■ *» ; 
C itiuii Mil Cal if. -j 
UllkMI lVllK I 45'* 


Cnlm.val 

L'uitOil Uremia.... - 

l.'H Itmii— rp 

i:» GypfcUiu 

U6 SIi.iv j 

L'S Steel 

US Te>-JnHilugie». 
UV linliial re-. 1 — ‘ 
Virginia Elect.-..' 
Walgreen ' 

Waiucr-Coiiniiu..| 
Warner- lauibert.] 
IVas-t e-Man' incnr ( 

Wella-ftiifcO 

Western llane» r|«J 
Weatem N.Amer: 
lVeMern C11i1.11... 
WeaLiughu: Elec, 


Wmiucu ! 

Weyerhaeuaer .. ..j 

Whirl, >ol ] 

While C-<n. luil...] 

IV II Liam Cn 

IV 1st- main Elect.. 


7in I 
e5, ■ 

295, . 
2556 - 
-45b I 
<65, I 
4250 
■rt *6 

141a ■ 

• 41* J 
4058 
291, | 

-bn ; 

Bt'4 1 
35** I 
475, ! 
1 6** 

*1'2 I 

* B-; 
24lo 
*1', 
z2 U 
181- 
IlB 


375, 

345g 

2b', 

245, 

Z 

i7-. a 
=45, 
23 1, 
37', 

.Vg 

481- 

46 

75, 

85, 

295, 

.51- 

Zb'g 

.5', 

-25$ 

19 ‘R 

I 3 70 
14 
39 *g 
ay's 

c2 

3*1, 

£6 

271, 

1650 

2150 

255, 

14i, 


Clileflain I8je 



C..II'. Ualliii'-' • 

1 '.•iiMiiner t iH**. .. 

Cieeka lle—llti-e- 

Ci >11 am ' 

llano Heiel 

Ueini'"' Mmi-.. - . 

I •>•111 Mine- 

lioi.it Pein-Ieum 

l'kiniinii.i, Itrkhee- 

D-imiar. 

Dili* -ill 

Fa k- m'ge Nil Lrl*. 

Kurd Muujt Cau ; 

Ttennl ar ’ 

Claur YePw h 11 lie; 

Hull Mlll.tamuia... 
Hawker ssul.Oan.J 

Hcillinge, ; 

Hi mtc Oil •A".....* 
Huilwm Hay Mii< 

H 11. t hi in Bay 

1 1 11, 1 m .nMlI A Oar 

i 



IniinTrlBl Oil 1 

l I 

India | 

I ilia, lit Nat. Him- 
Pipe Line] 
Kniaer Hew .nn-vr: 

Idiun Fin. Corp..; 
Uililaiv Cum. -Ii'- 1 
M. .null’ll IHiK-l'.; 

Mb'- uy FcruiiMiii: 

Jlelmyre I 

M. mv Ci*nin 

Mi.ui,Mi,«hi0,eli>, 
Surdii-lrt Munr....J 
Xunxii Energy... I 
Slim. Teleo.in —I 
Stiniae Oil i ,*"* 
unhwosl IVlrl ml 
Paeinteo|i|«.-r M.| 


i73* 1 
271- 
lt 'a 
S’* • 
125, ; 

i j 

r2la I 

245, • 
I7»a 1 
15'a . 
-25a 1 

*7 I 

29i, 
*27, 
<7 
8 
35 
41 
*rl 2 
xOig 
-3'2 
i9l, 
NT 70 
.85, 
lbig 


121.. 

6 12 
29>g 
alia 
43 
*2l S 
20'* 

6 

= 67g 

29iS 

14 7 9 
161- 
:4.6j 
38 
l5Se 
1070 

mi 

Zbbe 
23 
jB5 fl 
195, 
=■9 
4 45 
10*0 

, 1B5, 

1 .8 
27 Ij 
lb I, 

o'* 

' 12': 

! 91, 

74'- 
fc6i = 
62', 
35 
*7 a « 

l:i-i 

231; 

76i* 

29 
13ig 
27 
77g 
= 5'n 
40's 
*756 
21 
-35, 
18 .a 
id 

IBS* 

1B'« 


a tpchnlcal reaction to recent 
Cains. The generally dcprcaked 
mood on the bor.d market also 
undermined .-cniinient. 

The Commerb/ank index fell 
6.S to 7U2.4. 

All sectors posted declines ex- 
cept for Banks, uhicb edsed 
slrchlly hiulu-r. Cummer/bank 
earned 00 prennic-s 10 DM223.10. 

In Chemic.rlh. Hoechst lost 
DM2.90 U* DM I27..'»(l and Bayer 
40 pfennig to DMl.7S.70. 

In Elect ru-jls. .V£G rciroaied 
DM150 to DM77.30 and Siemens 
so pfennius 10 DM2SS. In 
Engineerings. KHD dipped 40 
pfennigs in D'llSt.10. while in 
Motors VU" cased D312J10 to 


DM210. 

The bond 
weak, with 
issues losing 


sector continued 
public authority 
up to 50 pfennigs 


clo^ins 9 points ahead at 549.72. 

The market opened veak and 
share prices continued 10 retreat 
in early trading. Buy in; orders 
soon increased, though. 3nd a 
rally developed which continued 
into the afternoon. ProflHaking 
ir, the late afternoon, however, 
trimmed some of the early pains. 

Among sainers. Hone _ Kons 
Bank rose 30 cents to HhSlS.IO. 
llonu Kong Land 20 cenis to 
HKS9.30. New World 12j cents lo 
HKS2.175. Hutchison 20 cents to 
HKS6.13. Swire Paelfic “A” 10 
cents to HKSS.10. Wheelock "A 
10 cents to HKS3.1I> and Jardine 
10 cents to HKS13.S0. 

llonR Konu EIcciric gamed 3 
cents to HKS3.D3. China Light 10 
rents to HKS23.30, Hons Konc 
Telephone 50 cents to HKS34.30 
and Hong Kuns atid Kowloon 


22 71 

"m!c? 53.31 M.K M.7e 


M0KTSEAL 


Km', 


despite DMItilm-worth or Bundes- Wharf HKS1.10 7n HKs.3 00, 
bank purchases compared with Ttimover totalled HK6l< 1.43m 
S35m on Wednesday. (HK$165.fl9n»). 




‘"nSi -rrrS Shi «««. i»e. m 1 nB ,”"n‘" 

H^-iSrSSSiiaa 
iafc'ss.raTss'aa smvwSjSs. 
Harrs « 

„t Kosoenalon n Flnnnx h Srinllittus 
v>iiib OivinpTiA 0«i« Donrtinn 


scrip issue 
"law* tnrroaard. 


t *numrf 
«f| R- livUIMirl tc 
sa E* all * Interim since 


ln-l.i*!r-ai 

l-.iiUiii^l 


bb.SD 

te.fil 


181.69 

190-M 


43.ll 

w*i 


l,«ii« xrs ie** 

. 1.832 1.871 1-8 « 

747 =>4d 407 

*• 

V- .11. 

653 1.151 1.095 

r in* 

Cn li .TMi’l — 
Npi, llurle .. ■ 
Noa • ... ■ 

452 574 411 

21 774 ; - 

42 355 I - 

" l-i: 

hi.- • .line 

l' 

ii.... i— 


133.29 191.3s 193.90 
131.37 192.11 142.99 


lds.03 l*t| 
1*4 GO v, 


!e.‘.sll lc.-‘ 
l/O.t.2 r 1- : 1 !• 


ZOKOKIO 


_ Lu”^ I.12« -8 ”i»-7 1 142.3 »«.S lUi.Q.l:. 


—9.2 isj !• 


JOHAKMESBUHG 


223.1 

240.0 


224.9 
24 l.fi ' 


223.6 21r.5 
212.2 25*1.7 


224.9 -;l i*i 
nj9.2 i^. 1 *'*! 


i - Jj J - 

lj4. j 


AusUTtiia ■■ . 

Belgium f 
Donmrk i**« 
France 


Holland Ci 

Hmn» Kong - *49.72 
^ ,*r- 

lialv iii' 61. £3 




lari ; 

ro,*' 



Hist' 

Ijun 


491.49 

=81. .« 

,41.1 + 



l li.fr i 


Solo 

94.91 , 

Ul.lt 

9,1.45 



at* i 

Ui.* 1 

9o.->* 


de. li 



iu, li 



f9.6 

712 




(AJSJi 

U £ 

iiC.l 

199.2 

slz.1 

i:j,4 


! ilO.-i* 

lli.v' 

S6.6 

65.7 1 

.-7.U 

lt?j 


i9fr* 

(UAi 


l.-ia 
11 mi, 


Ij |.1 


bp.uu *■ ■ 
Sweden •• 
Switreri'd* 


295.4 195.3 


llV.lt rl.il 
I AM 

siti.rfc . m: i« 
U- 1 • 

.I-*.* 1 


THURSO ArS ACTIVE STOCKS ^ 


=40.72 

iliff., 

R2.ll : -~-to 
liflfibi 


,19 1> 
=t.4S 
llC, 1 1 


Japan 
Suunporr 


fo, 41L73 411.89 'Ht.ll 


, 4.1ft 


' 330.99 230.46 . 33>.» Al/J 
i/i ( 22,% , it*'. 

Indices and base dates (all bai* values 
100 except NYSE All Common - aO 
Standards and Fours — 30 and Toronto 
^OO-l.UOOi the Iasi named based on W<5'. dam. 
t Eadadlns bonds. J 400 Industrials. 

1 480 Inds . 40 UuliUcs. 4" Finance and 
20 Transport. ,2 1 Sydney 
(*[» Belman SE 31 '12/63. 

SB 1'LTJ. m — 


Mucks Closins 
traded price 

Ram. id a Inn' 71.^01} SJ 

A 11 earnin' Airlines . luU.oiJO lu, 

Pip* bn}' Emcrpriics Kj-ini -j- 

Suuibb Sk'.tuO «*« 

Hurrah^ *>00.600 ss: 

lln'.vprd Johnaon ... .D,.4ft0 w. 

JIitcuIw Vi 

Amer. ll.uii- Prdsii. S-o.MO -ri 

Del E. Webb 23,-MO =■- ; 

Sum- 234.000 S. 


nu 

djv 

+ 1 

+;i 
+ 41 
+ » 
+ 4* 
+ 11 

+ li 
+ ; 


All or*!, 
i—i Copenbs+'ii 
Paris Bourse I«t. 


Commerzbank Dec., 1PM. '!>' Amacr. 
didusirul isrro. p;;iejnK Sens 

R-uiik 'hh »«•" SI -73. *•' T *J* 

New bE 4,1. 6 { . ih' Siraiis Tun-6 W^- 
ir. Cliwm. id. Madrid SE 31.-1-.77. 
ici «,ocWu»lm industrial 1-*1'3S. « 1 1 SiviSS 
Bank Coru. ro* Uuavallable. 


GERMANY ♦ 


AfaU 

mnx Vw>ict>- 
MW 


H.\ei.Verwn>lis.| 

;ihal,u.N».t.«T»' : 
uimmerrlanl, 

.id (aiimn, 


iZ'a 

18*6 

k7i, 


I*m-lii. ■Fi-m.lcuni' 
I'ho. Can. IVl-'ui.j 
I’ami'i 

Feu I'll— t'e*.* S.. _ 
I'Uii'ViuA OH. 
I'Unvrl’eVeli.Jiin,. 
Umwerl-in-miCiij 

Pllix- 

i*,iil— .-luruv— " 

tf«iii:**ri 'll | 

Hue.' 9>liavi 1 

Hn> Aim an. I 

U..\al Ilk..., Lmii.' 
lni»« 

s-e|4,t-U'M.un— | 
aniiUmuih I 

shell Chiim.Ih I 

Sli.-mU't. Min.— I 

sHefi' "■ (» J 

»i„il»nn I 

*ireei| m Canada —1 

Sleep Itii-'k I1-111..I 
TfJm” Cana* In.. J 
Ti-runlii LsiuiJJk.i 
Tran. Caul*i|*Ln| 
Tmii • M.miiOjei 
In.o- J 

I iii.mlm-- 1 

Ci'i.-i-.-w 'i*'"'-; 
IValkur Him in. .. 
\\ *», 1 i«ilTn»i,'.l 
WtT-lroi 1 iei* 1 


,2 j 
1070 

14.0 

.5', 1 
Ble • 

4 00 • 
» 1 
12 I 
t-3’l 1 
p71: : 

e.6 J I 

.43, : 
1.', 
4OI2 1 
r4 | 
4 OS | 

2.00 | 

e&i, 

5s 

.6 

,-.75 
1.00 
21<b 
. 6i a 
*a<* 
1.35 
3 j'i 
iOU 
all: 
:2i- 
: 19'; 

i»H 
. Big 

l5'» 

i'» 

29', 
’* 
z5's 
i. 75 
&s, 
193, 

, • Ta 
9 
lu 
j 1 

,1, 

= 3* 
1j|, 

171, 


12', 

11 

1+!', 

I5'b 

8Tg 

4.00 

Id 

12 ), 

1a3Tb 

3740 

3.60 

Z5i; 

loss 

31 

335 , 

4.2 J 
1.78 

cS»4 
33 ig 
16 

h.,5 
1.00 
ii 
lr/g 
*350 
1.42 
; =37 
luU 
; al'g 
:2'= 
I fi87 8 

O 

1; 

ols 

29 


k5 

2.76 

38's 

20 

la.'g 

d 

113 

11 

'4 
331, 
1 » la 
17', 


June — 


Pn.-e 

Dm. 




TOKYO U 


77.5-1.5. - 

487.5-2-5 31.2 3.2 

943 ■— 0.5 '2B.U8 5.6 
|43 5 6 7 

138.7-0.4 ia.7S 6.7 

' aai.S lT l.a 2B.1S 5.0 
314.5 -1.5! 18 , 2.9 

J65 1 1 — 1 — 

225.1 +0.9 17 I 7.6 

76.8, + 1.8 I - - 


LMiinler Henz ; 8®?^S.™v 


.1 uni* 22 


■ p, i,.|h 

Ten 


+ ur Dlv.T 1.1 


,-tli. -J ....... 

. 



1 1 men - 

■n, N i;.|»«n rrm' 


ZB.12: 4.6 

- ; ft? 9 '-® 1 ! S B 

^.,.i.l„B« , k..-30 2 1.8 , d ........... J* Jl 

un w-j 1% 

..'14.04! 5.B 


iii.|,.4lmiiitf 

H "‘" Si 


;»io.7a 


5.5 

7.3 

4.4 

3.6 




5.2 
8.7 

4.3 
5.0 


Imim-ii’-' J 294 + J , 

iJn-i.... 1 ?I-®-£-2 ,,a I b 

! 131 +0.5 1 9.361 

u.. ..,..1 S«. t | 137.5 -0.5 14.u4| 5.1 

m,i-1h..' 1 321 ,-2.5 20.44 3.7 

nuilli'.i ~-i 22-.S —0.5 j 18 72 4.* 

iv ,s aner DM lw.'..| 5.1 

95.0-0.5 - 

242 ’ — 6 ! 25 

1.400-32 | 26 

110.5- 1.0,9.36 

197.5 - l.Oj 12 . . 

158.2- 0.3 |lMs, 5.4 

215.2- 2.8 1 10 2.4 

54B -3 1 18 ] 1.7 

129.2 * 1.0 I - j - 

115.2 r 0.2 - - 

189.5- O.a j 45 ; 6.6 

266.5- 2.0 2r.lr 5.3 
288 —0.51 lc , 2.8 

243 2t.56 5.4 

117.6 —O.l I/. 18 7.3 

175.5- O.b 14 1 4.0 

118 ^0.1* la 5.0 

290 —2 ’ 18 3.1 

210 —2.2- 25 6.0 


337 
477 
612 
355 

H, , Nipi-w min 535 

/u ,i 55h 

■lna.'lu — — 434 

rlurela Meluro 576 

i"iu*e K.»*> 1.170 

ii.el'iAMi. 1.350 

- . 655 

i.A.t 2.570 

.-lira 1 Kl6'l. Fw.l 1.140 

I. .mu 1 tu..— 346 

a. Ii <M....... 281 

.yron-Cenunu.- ...,4,U10 
niwi luin M — • 717 
■|i|.,llnrhi Bans.. 278 
■Hi uhi-.ir Uetr, 125 
iil-nUi^bi v. rj*. 

I'l-ili 1 ' 

l'1-.i— 1,1 

*.|i|».n I'rtiui 

nip'll 9i iimn, ■.. 

i nn Mul..r 


-B 
, + 2 
> 15 
-3 
-2 
-1 
tE 

+ 7 ’ 


14 
1Z 
25 
20 
IB 

15 
12 
18 
3s 


2.1 

1.3 
Z.O 
Z.8 
1.7 

1.4 

2.4 
1.6 
1.6 


12 I 2.6 
50 i 1.1 

13 ! 1.0 


AUSTRALIA 


June 22 


4-u* 

lurt. 3 — 


-5 

i+20 ; — | - 

!+10 ! 10 f 4.4 
-i . 18 I 2.6 

: IB ' 2.7 

-10 1 3S 0.4 


K HL'. 

"II- 

u»*‘i' 

u-Mi.nl. in, i ICO.- 

I.A1H lun-i .... 

•1AA 

danliu marn— . 

.,U-'MI.1*U ■ 

tliineiieuel l(uck.| 
..•ekuriiwnn — ... 
He.i a: L'XI 10U 
itiieinW,- 1 .Ki(ul.| 

III.- 

icini-n 

•u-i /.,iAi*i — .—| 
tli\ ul" A.U ...._. j 

• ’“V" I 

. I 1-.A.. .... 

t i-reni-.V. "u-l Bl[ 
. .. i 


ii.iiuw . 
".»" L 


in- .... 
ill I’r-'al ... 

uni 


. n.. Mi 
Mill t ' 
■ •h 


line. 

. mm 


431 
319 
575 
1.400 
726 
797 
1.7 1J 
Zb 6 
880 
1.090 
1,693 
Za6 
375 


- 3 
..... 

— 1 
-1 
-1 ' 
-24 

’Vao” 

'*4 
+ 29 

-T. 

—2 


Ha i i.4 
10 l.b 


..... 3.000 -50 


Mai me.. 
. I i I'.'i 


.SV". -'.ii"iuri 


IZO 
493 
1.010 
503 
. 145 
143 
970 


-2 


-18 


12 

13 

14 
UO 

15 
12 

16 
48 
12 
30 
20 
40 
11 
15 
30 
10 
11 

8 

12 

1U 

lu 

20 


4.8 

1.5 

2.2 

1.7 

U.5 

0.8 

1.0 

1.4 

2.0 

1.7 
J.W 
l.Z 

2.3 

2.8 
0.0 
4.2 
1.1 
4. LI 
2.0 

3.4 
' i.o 

1.0 


AMSTERDAM 


Jiin. 


Frr.fr 

Fla. 


+ or 


D,v. Y. ' 
t 1 t 


I . 


t Bid. l Asfcefl » traded. 
(1 Nhw sinck 



EUROPEAN OPTIONS 


r*rr 


m , f ! 



BASE LENDING RATES 


A.BJ^- Bank 10 % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 


10 % 
10 % 
10 % 
10 % 
10 % 
10 % 
10 % 
10 % 
101 % 
10 % 


Amro Bank 

A P Bank Ltd 

Henry Ansbacher 

Banco de Bilbao 

Bank of Credit & Cracc. 

Bank of Cyprus 

Bank of N.S.W. 

Eanque Beige Ltd 

Bunque du Rhone 

Barclays Bank 
Barnett Christie Ltd.... 11 % 
Breoiar Holdings Ltd- 11 .o 
Brit. Bank of Mid. East 10 % 

■ Brown Shipley £ 

Canada Pemi't. Trust 10 % 
Capitol C Sc C Pm. Ltd. 10 % 

Cayzer Ltd. JO % 

Cedar Holdings ......... 10=^ 

■ Charterhouse Japbet... JO ^ 

Choulartons * 

c. E. Coates 3i % 

Consolidated Credits — JO a 
Cooperative Bank — JO % 
Corinthian Securities... JO % 
Credit Lyonnais J« « 

The Cyprus Popular BL. 10 

Duncan Lawrie 

F.agil Trust 

English TranseonL ... 

First London Sei.^ 

First Nat. Fin. Curpn. 

First Nat. Secs. Ltd. ... 

■ Antony Gibbs 

Greyhound Guaranty...^ w 

Grindlays Bank -Jg » 

■ Guinness Mahon 10 o 


10 % 
in % 
10 % 
10 % 
11 %' 
ll % 
io % 
to % 


Hambros Bank 10 % 

riTIII Samuel MO l o 

C. Hoare & Co tlO % 

Julian S. Idodac 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. or Scot. 9 % 

Keyser Ullmann 10 % 

Knowsley i Co. Lid.... 12 *'o 

Lloyds Bank 10 % 

London Mercantile ... 10 "o 
Edward Mansyn & Co. 111% 

Midland Bank 10 % 

I Samuel Montagu % 

1 Morgan Grenfell 10 **, 

National Westminster 10 % 

Norwich General Trust 10 % 
P S. Refson & Co. ... 10 % 
Rossnti ustcr Acecpt'cs 10 % 
Roval Bk. Canada Trust 10 % 
Schlesinger Limited ... 10 % 

E. S. Schwab 1J!% 

Security Trust Co- Ltd. 11 % 

Shenley Tnist 11 % 

Standard Chartered ... 10 n 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. ll % 
United Bank "f Kuwait 10 % 
White:' way Laidkiw ... 101% 

Wi Miami & Glyn’s 10 "T, 

Yorkshire Bank 

H MiiiUJ.'r- »ii the* Arccpnnv 
Cimuiiitu'v. 

- i-.ljy (knoslis 7 - 3 -iH‘jnih Uepiniti 


10 
IlDILlUS 


, h ..,.l It.JJI — 

I 

V Ki-iii lint iFilftJi 
\ m tv *r .ioj — j 

\,nr..iniiK iPi^3ij 

.I.WlU+1 

■J. .kl • W ta-l "in tFlO). 

1 1. 1 r I ■ i in IviKHilt 
KiM-lki ' ,F..IAll.t 
.mu -N V.uounii 
.unii. ..I:' I' 1 F'. tCl 
IN ilnan nili lL"j 
ll. -II lOk.+l' tl.*l. .1 

...im. .e Ja: 1 

l .1111 .'I L-- 1‘ .lLA.. 

...ii. ip .IM...; 

ill. Ilu.11'1 1AI..I 

nnl irll I S’ -Wl... 

+,.:«■ .in .if l 

e-li/ft-l 5MF SX 
ml Ml.! 1‘li'F J« 
Mx (*■'. 1 

nu l ijuiii*ricO— 
'.Kli n.' I P . !SJ,.. 

1n-,|» .t' 1 - *°i— ’ 

,! in— .-Jl,x liiFi.bXI 

■(uL-vi.if- :A 

Miillri- ■' '■ SLri...' 
< 1'.. 3ft...; 

;..v« LiuIvti.'F jOJt 

n.fll'-U'i! ! 

U-l ,1, ti ! *' I'l.AJjl 
iii.i • IV. H-Ua.:| 
.in .-,*1 .p-. 4,i.j 
i ► ii i^ l.V- . I U=S I I 
,1 m.:Mu'.a:. iVn).; 


sZl 3.4 


28. 5. 7.H 
M j 6.2 

23.5 5.=* 
2 p • O.B 

8=1 | b.5 

Zb i i.i 

27.5. 2.U 
37.1, 3.3 
i*4.o 5.1 

24 | 6.2. 
14 3.H 


106.4 +O.I 

29.8 — .4 

363.6- 0.5 
80.6(0 —2.1 

76.0 -O.l 

si ; 

1Z3.9.-O.I 

73.5 

277 -I 
ia7.0 

67.8 -r 0.3 

36.5 

104.6- 0.2 

34.0 -0.4 

25. 1 +0.3 
132.0 -6.2 

48.2 

36.5 

105.6- M 

63.6 

187.= +1.8 
155.1-2.1 

143.0— l.a 
38.0—1.5 

c6.5 

85.6-1.4 

170.5 

130.3 

122.7 - O.l 

130.1— 0.6 5i.Fr 

252.6 + 0.4 is 
145 ... 

119 

122.2+0.1 4z. 

4 1 .... 20 

403.B+U.8 43 


Source Nllcko Securities. Tokyo 


BRUSSELS /LUXEMBOURG 


J nil# 12 


T’nce 

fr-. 


Dir.’ 

+ nr- Fi-. i Yin. 

: - • • .Not ; 1, 


1Z 

a 

Zo 

12.5 

• 


aS 

If 


+.8 

5.5 
l.s 
3.3 

4.5 

s's 

4.6 
4.6 


17 6.4 
\25t 7.5 
14 ' 5.8 

0.4 

7.5 

27.. 4.1 i 
du U.c ( 
7 U • 
l.Z i 

4.o ; 


ViVl'nt 1 " L-iiiV’'.. . . . 1 .645 >5 72 , 4.4 

efcvn •■U" i.f30 -30 lie . e.O 

i-nwri.- 1.160rt -14 1100 . o.6 

,, Ken *20 — IJ i — : — 

kub. — j.z&o^ +il 177,7.9 

.-..r-lndwi 6.440 430 6.7 

r+onqiip >ai 2.695 -56 170 6.3 

.,.r. Inn. +U*n.... 2.135 f+20 jl50 j 7.0 
jpiMtTf- -1.308a] +t4 I 85 6.5 

:::::: 2.250 ■-« ,170 1 7.6 

uiieri.ni 1.740 !+ 10 ,142 ; 6.2 

6.750 
5.550 




M. MIL Vi: 

A on m Au-traua I 

\ .i», Mnu. Inu. I«i» *1 

Amt^H li\,. orol 'mi— I 

A»i|«i l'«pi"ii«K j 

\ mht. Mineral 

1'iilji tV|/er SI I 

\ *w= On. Iniii-tne* 

Ail- 1. Freiutatlnn tnvrw.. • 

AM— 

Auiimcu..— — 

\i|nI. (I, Alia 

Unnibfri Creek GoM ‘ 

ktiwiliu mi...— 

Boiqretnvine Cop**r 

iln. ken Hi' Fwipneron, ... 

,tU >.uib...„„ 

;«r:tuo Untied Brewerv...j 

' V < 

Coe b burn Cement 1 

ii..naii«.., A„-( I 

.'•inainei 'At, — I 

.-I, zinc Umtinio ! 

.•■Inin Anetroii* -■! 

l>uiiIii|. l(n,0«r (St, m.— — i 
cbLUIl 1 

..MCI 411111 h— j 

•1./.. Intiii-i rles 

jrn. I’r..,«n» trufct 

Hnuiereiev - 

tlmiKer — 

•el Au^iro'lH 
ll,ierLll|.IJ« 

1 eii iiiii^p liirtuMnee - 1 

■ ••ne* [Lk,vid>... | 

•trial,. Lx; rant inn....... ...| 

JIM U. .1.111101 - 

U*ci fmfiuniim. — -I 

xe-A-n. • 

.ML-iKilOi liiienmlpnutl 

.van, Uiubei, b‘1,ne« ■=•»• 

anin It' 

Oil Mui-li I 

Ciller h^vlukulliiiU — ; 

I'li.lkWl LOncrMe..- 

.(roklll A l-.iiimn • 

• I. U. Jlilirb 

.jiu Ilia II. I MlllllUC-. 

.|«n.vt Ls*Jorolinn_.— -•’ 

u-.lli (Si — 

tin linns... 

iVoii-ni M, nine K>0 cent a I 
M’n.liii.nli' I 


(0.65 
rj.b4 
iZ.05 
(1.25 
til.80 
11.14 
tl.28 
,1.63 
*1.03 
11.53 
10.4Q 
10.48 
10.18 
tl.lS 
il.ZS 
16.92 
11.15 
,1.80 
11.96 
12.99 
1 1-30 
13.2J 
12.37 
12.40 
-,1.40 
tI. 35 
10.90 
i2.2E 
t2.37 
1 1 .56 
12.40 
10.71 
,2.18 
=0.28 
,1.15 
tI.25 

lO.Zl 
(0.25 
1 2.1.6 
tl.7a 
,2.23 
10.82 
,1.28 
(1.78 
( 0.11 
(0.52 
(1.35 
12.92 
,0.69 

lO.Jb 

10.30 

Tl.SU 

10.94 
,1.51 
1 1.60 


-U.OI 


OSLO 


.'uni .- 


I'rice 

1. 1 <.ii.'i 


+ Ul, 


»D.Q2 

+I1.D1 


i+O.ftS 

+6 !m 

:+o.02 

;-0.05 
i-D.nt 
- 0.10 
1+ 1.« 
-0.D2 

:-o.ot 
.+ (.1*5 

j-illb 

i 

:-0.06 

+D.D5 

'i-O.Ol 

+0.03 

- 0.0 1 
+U.U1 
+3.01 

+0.04 
- 0.01 
+ 0.01 
, -3.05 
;-o.o4 

U9M 

i-j.iI 

Vo’. 03 

40JU 

+0.03 

'+4L05 

.-.0.01 

,-o.o: 


'+0.04 

:_o.oi 

'+0.01 


•u , i null I’ii iik 

J*.rre=4iir : 

.Hill'll. 


92 

63.5 +0.5 

105 • 

215 .. 

areulba -v'l lu 2^5‘ + ?-l 6 !J 

•tur-li Hv.1nair.pl; 178. S -1-5 12 
iuretiren.1 92.5 — 0.75 9 


11 

20 


\ ..i. 


9.B 

9.4 
9.1 
10.6 

5.5 

9.5 


BRAZIL 


Jinn 22 


l*ri u 
L'rui 


4- ui I l»iv.. 

— ! Onii 


.Vxstla 01* 

xiiiv iu Urnzi .. i 

rtiuiv Iron | 

elZk- Minuuxi.il . 

Aitie>. *JK. 
■‘einilm FF...„., 

.'lie- ii 

tun + * i ur Ml*... ■ 
Uuip FK ; 

. . i; .. ii • i i • 


1.03 

2.03 
1.25 
2.15 
3.1 B — O.OB' .+ 
3.18 ’—0.01. .la 
1.51 : + O.0l .16 
Z.B0 -0.01 .2a 
5.65 —0.05 .Zt 
1.20 —0.01, .it 


1 ..l. 

4 


11.65 

18.37 


-0.Oiii.lt 

I .17 

j.47 ;7S.8D 

-0.02 . c ,5.72 
16.29 


4.09 

10.60 

18.21 

,4.42 

15.00 


Turnover: Cr.SS.8m. volume .17. 7m. 
Source: Rio de Janeiro SE. 


JOHANNESBURG 

MINES 

June 

Annlci American Cornu. 
Charier O'.nv.iliiljicd .... 

Lasl Dririoniem 

Elrbiin, 

Horn, .my 

Kinm- 

Kl.i..f 

Ru-..irnbur4 Plaununi .... 

Si. Helena 

S'liiihvuu! 

t •■■Id l-ieldp f. 

Umnn iV.rp.irolir.n 

De Beer-. Del erred 

Hiwrinniiizielir 

Kauri Ply 

I'rv.-mlciit Hrand 

lTeMdVIi! Siejn 

S'lirnnieio 

W.'lk.im 

V.'e-r Dnc7i>niein 

iVi”'tn HnVl'nti 

Western Di vo 


PARIS 


June 22 


.•nM'i-l !«,"(> 

Kiiyitie ll 

,'rii H.i. :in" 3.640 

I'Hll.lllbi 3.o80 

-■x* iii-ii '.■ii.|’i--.Z.9b5 

1.9J5 

• •iiim — • 3.105 


:+ 40 290 

'-10 .*345 

• ..62.28 

-10 174 

Z05 

. 140 

-10 i 15 


Prirt 

Fix. 


(fcv.Vi.l. 
Yn. \ 


2.355 «C— 5 \ 2 ldl 8.9 

■ roc, • K ASM • 170 ’ b l 

. 1 , .ll7,i. .1 I-’. 7I0tf-20 50 

li^i c Alonlujiii - X.S10 10 _l _ 


SWITZERLAND 


Jnni 2? 


Pri'X 

F». 


file. YU. 


744.5 -0.J 

— 3 
•-U.1 
-14 

— 1 
-17 


—9 


COPENHAGEN + 


— 

I’rie** 

+ *T 

J 

iiif- i'+ Knmer 

— 

in -■ • 

iiHii+.m ... '.+41+ 

-1* 

.,11111*’ 

ri V. • 440 

-30 

Hill. *6 

11+111* 1 122 s * 

_!* 

•-*•1 V 

■t.ili L !>.... 1 1621; 


rinni. 

— . ' 130 

— Ij 

ra. U 

, ;^. ner..... 361 


rur. 1 

»j"' 1 (51= 


rlnn <i 

■l«iiK 123 s * 

-»* 

o..N'n,'nHjl»r(*.i 267 

-1 


L iininmiHi.. ... 

•m.-A 

Ilw Itel,., 1 1 1 . • 
,K.. I’urt. Ceil 

u. . Itac 

. ,i II, +IJ1-— .... 


Urir 


uiv. YM. 


11 B.2 

15 1 i.4 
13 ‘ 9-c 1 

12 1 7.4 I 

13 10.0 
12 1 i.a 


.Kill* I 

. I,|.-lnli.-|h 

.■nvnilriiiH 

1+1,11 l|,-!TI„h 

k. m-rv»i'-+u. 



VIENNA 


193t, - 1 * 

75», - 

It9 .. .. 

1*5 

402 -1 
179J, -t * 


12 

12 

12 

12 

11 

11 

12 


8.9 

4.0 
6.2 

8.3 

8.1 
3.- 
6.7 


1.270 ■ 8 

1.653 ' 10 

1,130 +5 22 

850 | . •• . 22 

598 22 

2.185 -15 • 16 

1.750 . .. 10 

,„ £>D0 — 1U 5 

.*1, PH.Vrl .74.500 .—2501550 

.... 7.450 —60 55 

,:,, r ,,...iO 3.80J ■ 

| C .||,«.'| ;F’i UJ| . 1-430 
\e-llciKi. 1 I."... 3.420 
1>.K lie Z.a05 

. ier iD.-ud/e.r -• Z.ja5 

Fire.ii 3IP.I-1-* .289 
H|llft£iri. iWl.. 3.9SO 
un. run * ia5 

1 300*11 

iiii+ei Lip ll .llAi' *49 
•uisMir «Fr. 6W 
.uiui m,i!£if.l.X 383 
juipk file. K. wit. 4,750 

cRini, U,nK 3- tdO 

..urifh lH'~ 10.600 


.leiilc 

Milijue'i Cl ■ 3B4 

\| IJ.,.ni 1 288 

488 

Ii- ^19 

•.’••m^iic 831 

.'.N.fierv, 343 

.arrriroi ............. l."43 

..U.L 354 

■..I.i A -ro 1. 76 

. ,e tiniio.,ip alZ 

7.01* Me'iiru 396 

..pin O.111 l-r' 119 

v ■i’ll''' I'll',- 7a 

.iiiuii St 740 

F>. P.ii.«e 137 

i-n. , 1 1 'enl-i 1 
: mein. 

I'ni'in i'"iiv*.... 

Lniicr • — 

liUlWMl 

j J i U^lHll.1 

js'r, I 'Niip+ip PueniK. 
j]i, | iliclieMu ■•»'*..... 1.3B3 !- 9 
z!b i *l*'4 Hlflll,l+.nv , ... , -(76 l— 12 

I .ll.llllllr-y 

1 I'l.llMK 

ivriui.e, ! 

.'crii.-l-l.'i.-xr.' ... ■ 

lit. +11. 

cin'ii 

lil.lh* leclilll-IIK-. 

..el' .UK- 


Rand 

S.M 

S.,4 

112.SU 

1.90 

ti.10 

5.95 

9.1U 

1.40 
14.iO 
S.3S 
22 SO 
4.SH 
S.b.t 

*5.F3 
4 65 
15 <0 
It. 43 
4 S3 
4.K0 
W.OO 
.. '!»».!* 
.. 13.65 


+or- 

-O.IB 


-8.0S 


- 0.10 
-o.vn 
+■0.93 
+ U.'.’3 

-0.05 

-nco 

+1)05 

-D.B5 
— n 
-0.35 


INDUSTRIALS 


41 < O.o 
>81.13 a.5 
16.5 5.7 
+.4 

14.03 Z.7 
4'2 < 5.1 
4J.5 /.a 

73 4.9 

•31 .5' B.c 
/s.flU 7.1 
Li 3.U 
._4.B X 1.2b 

,-jj. 7 12 I J.l j 


... —1.4 

189.7/*+ 1.7 
bi.qr-i.s 
114.2T-J.O 
199.51 -0.3 
,69 l + a 
I.r32 -4 

940 —25 


1725 33.75 4.6 
l4.lv Ij.3 
6.2r 4.= 
9.2 


3, , 

16.11 6-4 

11.11 Z.Z 
3o.f3 2.3 
39.j 4.Z 

11.11 i- 
12 .*: Z.7 

144k 5- 5“ 4.,“*J 

loti 1-U.4 la.» 1^.5 
8J.1--1.9 7.3 0.4 

BDC.E'-6.i 7.3 -.9 
37B.= I -7.0 l/.2o 4 6 
214 : + u.i - 
4£0 '— ! i' 1 °- 3 

o45 !_fi ZV *4.9 


AECI - 2.90 

xnylu'Aincr Todu>irUl ... lfl.9’ 

Karlew P+nJ .. ”.®4 

rv\ imvsim'HS tt.JO 

Corru- ruunce - t-*® 

Do Boer.- Indneinaf 111.00 

eiK*r< C<'n*(4itf*l«8 •«*■ 2 -° 

Fitcar-- Sinr-c 7«.00 

RvvRparty S\ it.ro 

i idceale Velk-|be!o— 1KR'' • > •? 

,'tc j»epn>jn« S:ores 
lineeuii As'.urance iSX* 

M*»V"i 

LT* 

'liVrilit Ririvioi" 

x.-IB+pU 

•IK H.V.M” 

I*r..i.»i- r ll, p= 

l-..|..f:-4 Ce.+enl 

p'..i.*n " •Mine* 

0. .nri *.,,ne. | ,es ... 

4. ••>*»* +(*+' r.r.itm . . 

1. -lei, 

Sdce Mi.MlPO* 

5. U'PI 

r C. 5m*,h «tis»r 

r-'-.ri.-. . .. .. 

+.e.+ ,ij,s +nri Nail. Mis 
Once.' .. _ 

Securities Rand U.S.S0.72 
< Discount uf 37.4 %t 


>.ST 
1 fl* 

1.9‘i 

O.en 

743 


1 ••*» 
•.♦. 0*1 
3.90 

1 '..i 
•.* 07 
M 90 
• IT 
*(100 
1 10 


+n 03 

-n.n<! 
-n.n: 
+0 at 
-no.» 
-n.e". 

— 0 35 
- 0.15 

— fiCl 
-0.05 


+nn.* 
-it .03 
- n.jn 
- 0.05 


J up. 

Uiilitl 

Balic • 1'ilb.io ••• 
K:i!-.-n ai 1 111111*0 ,l.oih'» 

k.hu-u r-mrel 

Uaiivu F-vcrmr 



SPAIN • 

Trr cent 
120 
20J 
236 
300 
2M 
232 

isa 
Jis 
137 
204 
222 

Banco Sjoiander i3»' “2 

Uaneo llrcuuo <1.0001 2W 

Banco Vizcaya 

Banco Z.araxozano 

Bankun'un 


MILAN 


June til 


Price 1 + ur U'V. ' 1 
I.tc ' — . Lnv, 1 


VU. 


\ ;-d;iy U’TWHPi^ 
and under 
and over £25.UPi' 

1 Call Ui-i-oslK o’ *T £10M t - 
1 Demand dupoiiu* '• *• 


sums of tiouna 
iu ia;.ww 7:'.» 


\.\ji .. 
•* i m- 


\ . Ill MIM 


IlMlO IIK'Ml... 




in- 

34 a 

i IU J.P 

tli.llleillNi.il . 



• y 4.+ 

. i» .-lli l‘r.« 


bys 

At B.2 



88 1 - I - 

I'tieiH >i« 

n.i'i-r .... 
;in •'*. ■■■ 

185 -2 
239 

: 8-- 4.5 

14 ' 5.9 

*nl"Vl-«re. 


99.25-0.7? - - 

455 -7 ' - - 

1.770m -10 8.5 

I. 430 .i+3 10.1 

1k-0 — 5.75 — * 

II. 7S0-Z2C 2U0 1.7 

195.5 —3.3 ■' — J — 

53.050-60 ; laSSUD 1 3.6 
•148.25-0.75 - - 

\ 9B90 *4 — 7 

1 u68 —27 1 130 6.3 

953 + 2 

I 716 ' 


AUA At'ibf.sJl— 
A.mLavni ,-<kr» 
VsLA •,Kr.:-.‘ l i.,... 1 
Aluu Lu|«.MlKr— ll 

.iiterii > J 

W'liir- — -J 

. cl>U>ii —I 

r.iwl’iuv *1 iK.*Gi 
m»ii4i •l•‘lKr.'^• 


8J 8.4 


a pii -n“ z‘,8 

4 1 • 

^3 

+ 3 • 

MHirot' llif.7 I... a> 1 

+ 1 , - 

ll+ii.i ! 333 

+ 1 » 

ll Mi'll* 'HI IGj 


aI-* <■*.-<> f* III 1C ’ 62 

-1 

Mii-itn X. 2=8 

■ - 1 »■ 

■*.K.r. ■i'" Ivi ; 65 

+U.5 ■*- 

'Kail i Ku-hi-ila.. 1 e* 

+ 1 

thfiri-llk ‘IF Kr<l 73 

-0.5' 

C.liiphi.-in s 5 

*1.5 

Ynlvn ,Kr. Odi^...: 69 

+ 2.5j 


hi ; 

_ I Kr. ‘ H I Eanus ,Vndalucia 

— — — ■ \ Babcock Wilcox 

8* ? I CJC 

4*3 Dr-sartos 

! inniubantr 

4.6 e. 1 . .M*aconp?a5 

3.6 ' t>.nanoM Him - 

a.b > v«pi Kin Tinio 

4.3 [ K.'i-'..t ■ 

+.4 | i-, ;..j<.? ii Wilt 

4.6 I 1 IM. Pn-Ii.idos 

4.5 1 "»inn Vi.ldzaui-s tWtt' 
ilidr«l:i 

l»'•■^•tll^10 

iii.itra 

IMP- liT.is Ufumd+S 

■ •..itviib. r .. 

tVlfiillMS 

erm I’ap.tlvfn 

lau. ■* 

*..!». li.-J 

0 4.Z | J, i 0 i mJ 

6 ; 6 3 1 Terras Hns'cnvJi . 

- • - I TubacC* 

6 ! 8-7 : Lnjou filcc 



2.9 
+.3 i 

i.! 

d.'.< 1 
- 1 

£. 2 : 

#.0 1 

:.■£ 1 
' 6.3 I 


224 

254 

M7 

3N 

29 

SO 

275 

7b 

54 

102 *d 

02 

70.25 

14 

76 

US 

BJ.75 

85^5 

112 

72 

122 

201 

5630 

5C 

130 

28 

9b 

IM 

7* 


- 3 


- 2 

- 2 


- 5 

- 2 

- 0.75 

- 0.25 
+ 030 

- 2 

+ 0.25 

+ o.a 
+ a 


+ 125 
+ 030 


- 025 

- 1 

+ 025 
+ 025 


4 . 



ENERGY REVIEW: SOVIET OIL 


BY RAY OAFTER AND ROGER BOYES 


Barents 



problems 


THE POSSIBLE involvement of 
British Petroleum in the Soviet 
Union's plans to drill for oil 
and gas in the Arctic Barents 
.Sea has provided a new slant to 
the strategic, political and in- 
dustrial importance of this 
region. 

Clearly, the Russians regard 
the Barents Sea as an important 
supplier of fuel for itself and 
its Eastern European neigh- 
bours in the longer term. After 
all. the Arctic Basin is seen by 
many in the oil industry as 
probably being the most 
important of the world’s remain- 
ing petroleum areas.* Large 
oil and gas accumulations have 
Already been discovered on the 
North Slope of Alaska — where 
BP is also heavily involved — in 
the far north of Siberia, and on 
the Canadian Arctic islands. 

But Norway also has aspira- 
tions for exploiting the Barents 
Sea: so much so that there is 
a long-standing wrangle over 
the possible median line be- 
tween the two countries. 


British Petroleum made it 
clear this week that it wilt not 
be drawn into any exploration 
activity in an area which is 
under dispute. Indeed, it was 
at pains to emphasise that its 
discussions with a Russian dele- 
gation in London some three 
months ago had been purely 
“ exploratory.*’ “ BP has made 
no commitment and no firm 


pledge Has been made by the 
Russians." a spokesman said. 
*• We have nothing in hand, and 
nothing is scheduled.” 

He added that, the possible 
development of the area must 
be regarded as a long-term pro- 
ject. possibly taking 10 to 15 
years before any oil is found, 
proven and exploited. 

Dr. Djerman Gvishiani, de- 
puty chairman of the Soviet 
State Committee for Science and 

Technology, who led the talks 

with BP. recognised that the ex- 
ploration nf Arctic regions was 
not urgent, according to Novosti. 
an official Russian news agency. 
However, the Soviet Union was 

“now ready to negotiate in speci- 
fic terms on the (Barents Sea) 
project." he said. The stage was 
now approaching when oil and 
gas resources of the Barents Sea 
could be developed. This 
“offered possibilities" for 
foreign companies, including 
those based in Britain. 

If the Soviet Union opens up 
the Barents Sea to Western oil 
companies — and this is an in- 
triguing prospect in view of the 
strategic importance of the 
region to Russia's military might 
— then BP would be an obvious 
partner. BP has experience of 
Arctic conditions but. more sig- 
nificantly. if is one of the leaders 
in offshore drilling technology. 
This is why the Russians have 
been negotiating with BP about 


the company's possible involve- 
ment in drilling activities in the 
Caspian Sea. Those talks have 
been continuing for the past 
three years. 

It is generally agreed that 
geological conditions favourable 
to large future discoveries exist 
in many of the Arctic offshore 
regions, including the Barents 
and the adjoining Kara Sea. 
Oil and gas reserves have 
already been found in onshore 
regions. However, offshore 
exploration in severe weather 
conditions will pnse many tech- 
nological problems — a point 
made in the Central Intelligence 
Agency's discussion paper on 
Suviet Petroleum Production 
published last year: “The tech- 
nology to cope with pack ice 
such as will be encountered in 
the offshore Artie seas has not 
been developed as yet. even in 
the West. Thus, development 
of these areas is unlikely before 
the end of the 1980s at the 
earliest." 


meet its increasing energy 
needs and obligations by the 
mid-1980s. 


Remote areas 


The problems associated with 
finding and exploiting reserves 
in the more remote areas uf 
the Soviet Union, coupled with 
the decline in production from 
a number nf existing com- 


mercial fields, led the CIA to 
question Russia's ability to 


Russia is the world's biggest 
oil producer. According to the 
Oil and Gas Journal its output 
last year averaged 10.9m barrels 
a day. some 2m b/d more than 
the estimated production of the 
U.S. or Saudi Arabia. Eastern 
European countries have been 
heavily reliant on this nil: 
indeed the rapid expansion nf 
the Comeeon chemical industries 
the mechanisation nf its agri- 
culture, and the modernisation 

of its transport and metal- 
lurgical sector has largely been 
due to the supply of Russian oil 
and gas. 

The CIA predicted that 
Russia might he able m teach 
a maximum output of between 
11m and 12m b/d by the early 
1980s but that this rate nf P rf> * 
ductinn could not be main- 
tained for long. Consequently, 
the Soviet Union and other 

Eastern European countries 
would have to import oil just 
at the time when supplies of 
free world crude might be 
beginning to he tight — in the 
late 19S0s. This was also the 
conclusion nf a report published 
in May by the Vienna Institute 
for Comparative Economic 
Studies. In fact, a number of 
Eastern European countries 
have already made serinu.- - over- 
tures tn oil and gas exporting 


countries in North Africa and 
the Middle East. 

Mr. Jeremy Russell, deputy 
head of Shell International's 
East Europe Division and 
author of a book on Soviet 
foreign policy* has reported 
that the Soviet nil industry is 
faced with the task of provid- 
ing between 2bn and 4bn bar- 
rels of extra oil every year 
until 1985 if its production 
targets are to be met Taking 
the lnwer figure, that challenge 
is on a par with discovering a 
North Sea Brent or Forties 
Field every year. It is an awe- 
some prospect On the other 
hand, as Mr. Russell points out, 
the Soviet oil industry has a 
fairly good record in meeting 
its five-year plan targets. 



y j- . - 

' i' •' " Whs ’-.TS - 


Enormous 


A Swiss publication. Energy 
In Countries With Planned 
Economies, reported earlier 
this month that last year the 
Soviet Union produced 546m 
tons of crude, including gas 
condensate — some 573,000 tons 
more than demanded by the 
five-year plan. During the 
year 5,144 new wells were 
drilled, again 4S9 more than 
planned. 

There is little doubt that 
Russia is putting more emphasis 
on exploration. With 65 per 
cent of the total area of the 


to be enormous, iris a .ques- and eastern 

tioh of whether the- Russia tforl shore regions such; af • 

industry can find anfc/^folt^rents Sea. ■’ 

the new reserves m id! . > But the v- 

offset the impact jrfvliSfi inff Barents Sea explortatiorr-go^r 

production in older producing; hey ond energy 

regions such as ■ the. ’.Trains i^e area gives Russia 




r r 

B( 

£)V 

/ri 

na 


andspa< 

Our involvement includes 
insurance cover for some 

mm ^ m m m m 

:e 

k 

1 

ft 

w 

■■■■ 



valued at over $1,000,000,000 


Pioneering the insurance of space projects is an outstanding 
example of Bowring leadership. 

We began as Jong ago as 1965 with the Early Bird programme. We 
have since played a part in developing, planning' or pjacing the 
cover for every insured satellite — pre-launch, launching and 
orbiting risks. 

C.T. Bowring Space Projects Limited, our subsidiary, is organised 
to follow up our spectacular growth in this field by arranging 
insurance for present and future programmes such as the new 
Space Shuttle and a wide range of commercial, governmental, 
scientific and research projects. 


Once again we have been able to extend the boundaries of 
international broking. 


The reason? We have the skill, the contacts and the unique world- 
wide resources required to handle complex insurance running into 
millions of dollars. 

Moreover, we are members of the Bowring Group whose 
international services include not only insurance and reinsurance 
braking but also insurance underwriting, credit finance and 
leasing, merchant banking, shipping, trading and engineering. 


Bowring 

Insurance brokers to the world 


C.T. Bowring (Insurance) Holdings Limited, 

The Bowring Building, Tower Place, London EC3P 3BE 
Tel: 01-283 3100 Telex: 882191 


A member of the Bowring Group 


<%> 


jvin luiia — sjuiue. . nve iu.- -.uen na&e ai .77 — ~ -sjcx 

times the total proven resertres^jbint BP-Soviet Union-4ariIlmg ^rt^~^^^xi^rt^tb"V; , wo%-L;the 

as at the end of 1976, depending ^reject could bear on relation- . 

on whether you use the *I6w> sWps between Oslo: Md fifoscw 

reserve estimates of the CIA or^xrnd indirectly have, an impact- 

the more optiinistic figure£*if on global strategy. "' . : 

BP ' and the Oil and: Gas> " No fwa y and th e Soviet ‘tfru.on - t( j 
Journal. By far fte - great^toye heen in dispute- for, 

~ years over the development of 

the offshore regions; in tire^&wiet': ’< 

Arctic part of the Barents S£a^ Unix^'-'-'-'^ i ^sWa^i^’bowCTer,-l 
OAo has been pressing for_-lhe- 
Barents Sea to be divided: in- 
accordance with the 1958 Conf 

JUnental Shelf Convention which jt -has^in?^ ^XClaa^ei ; bright: to 
favours the drawing of a prosbecf-tiiBi'e.^ 1 
-median line at ± a ^SSSrlSd 

HfJSSKJS St® 1 ": 

tlie other hand, wants a sectoral 

wards f t ron ^ . o th . e - bja§e;iiasS«rthe, Soviet Union 

to a £5J* ^^to-.^Sitrate>ts-biggest iikval 

3E its proposals, 


3* 




Under its proposal, u Je ou * tuc , 

Union would be able to control 

a much larger section of the; •' 


fTTnTTTr 


-'the force, consists. • 
carrying 


-r-. ]V * A ’■■'•AV/SSrN-d. grange 

FuUy stretched 


J , • - . ranse, 

Norway has so. far avo i d ee ; Kaye ■ ’fresuftiitly - to’ 
iploration In the Barents Sea ES&.ffilS 


exploration in the Barenta bea t he Bariforts Sea^traurfoT 

principally beimuM ^economy the . 

is fully stretched - exploiting stjat^cally •■■£ .* ’• 
North Sea resources, but also • - ^ ' 

partly because if is reluctant to . Even with tiw 
prejudice future’ talks on .-the -longer .. risw tba 
drawing up'pf a demarcation greats Sei. wteiMMikWe Qf 
ijtkc. According to. one Nor-- 
wegian cfSciaf. fit, London the 

Soviet derision .to so ahead witb :Yet : Moscow s nee^^j^ipa^d'' 
exploration- could- seriously “its oil regime may;fo retr.nt to 
affect the talks, f. ' re-examme;some ofijtw strategic 

There are two other disputes assumptions about ^fhe neu-’ •- 
in the Barents Sea whi*h may trality of the sea and- may even 
have a bearing on ’ thA Con- force it to push-ahead . foe a . 
tinental Shelf talks and oil ex- quick settlement with Norway 
pioration. The first concerns on the vexed problem of how to 
fishing in the disputed "grey exploit the Continental Shelf, . 

zone” between Norway and the ■ ' . : — t 

Soviet Union. An agreement last -rMiiictfai W uic ' wmu. bv e.' . n. • 

year established some sort of. 

. ■ . . .. ... _ * jsuefu. ♦Euctob., ta a-jacwr: w 

modus -r-iiwidi. allowing Nor- - poacu, i^ leremu RrawB, p««b- : 
wegiao^and Boyict patro 1 hohts “gSSJTirfE, WTSsSSWStit : jRST ' 

the right to. police- fishing in the mixui. Fimrtivrpiigii, . k<hie . : 


APPOINTMENTS 




Main Board post 
for head of IGI 


fibres division 


uses: 


Dr. N. K. Smith, chairman of 
!CI fibres division, is to become 
a member -of the main Board of 
iCI from September t. Dr. Smith 
joined the fibres division of the 
roup in 1954 and in 19B5 Mas 
made textile development 
and sales manager 
(weaving trades*. He was 
appointed a member of the fibres 
Board in I9Gfl and three years 
later became deputy chairman of 
that division, taking over as its 
chairman in 1975. 

- * 

Mr. Frank Stanley and Mr. 
John L. Gagcby are commencing 
a new stockbroking partnership 
in Dublin with effect from June 
2S. The name of the firm will be 
RIADA AND CO. 

★ 

Management changes by the 
MORGAN GUARANTY TRUST 
COMPANY OF NEW YORK to 
take-effect from the end of this 
year Include: Mr. Robert G. Engel, 
a senior vice president heading 
Morgan Guaranty’s banking oper- 
ations in the UK and Scandinavia, 
and its shipping industry busi- 
ness world-wide, will succeed Mr. 
DcnnLs Wcatherstone as execu- 
tive vice president ond treasurer. 
Mr. Weatherstonc is to be vice 
chairman of the bank and of its 
holding company. J. P Morgan 
and Co. Inc. Mr. Jcan-LonLs 
A. n. MasureL, vice president and 
genera) manager of the Paris 
office, will become a senior vice 
president and head of the bank's 
British Isles, Scandinavia, and ' 
shipping business. 

★ 

R. B. Edge has been 
appointed production and tech- 
nical director of BLEY, a mem- 
ber of the IMJ group. 

* 

Sir Cecil Burney has resigned 
as a director of MOOLOYA’ IN- 
VESTMENTS. 

+ 

Mr. Jim Jackson, manager, 
customer services, has been 
appointed io the Board of COM- 
PUTER TECHNOLOGY, the first 
time a divisional manager from ’ 
within the company has been 
created a director. 

* 


.Mr. Waite reports' to Mr. Maurice 
Rrotnilaw, food division- control- 
ler. • - V * . .t. • 


Mr. H. W.. Dean -has " teen 
elected, managing director -1 of 
PULLMAN. KELLOGG, -Wembley, 
•and. vice- president of the Pullman.. 
Kellogg division of -Pullman in- 
corporated, ’ Houston., He is. the 
first British natlonal -to become 
chief _ operating -officer'-'- of -UK--, 
operations for ther international 
engineering, con traetdr . organise-' 
tion.- Three other' senior manage-"- 



i?> - 





Mr. BUI Watte has become gen- 
ral manager of the distribution 


- Mr. H. W. Dean , - 

'appointments' live 
made: Mr. Paal WiUlanis, - mgnag- 
of Kellogg --Conti-' 
Amsterdam,. is : now 
aiao a vice president of PuBindn 
Kellogg division of Puttmam’.jji/.' 

responsible lor; 
Netherlands operations;- . Mr; 

Lambrix becomes- vice 
president and- general, manager '' 
of Houston . operations at puD- • 
^ n ^^ra’B“hefidqua*letsr- ind' 
\i T ' ^Afflbrosfo.ropiacoS; 

1 ^? br ^ as; .Vice -president^ 
ana general manager of the 
Northeast Operations • Ctortre - m 
Hackensack,- New Jersey. -; 


J 0 

j fn 


-•‘VP 

• fils 


Mr. Denps Statham; oF Sal trace, 


Pot. 


•atairSBitoMW 










The frozen food market has proved itself to be one of the most 
consistently expanding sectors of the grocery business. In virtually every developed 
country frozen food sales have grown faster than the total food market. 


keep 

on 

growing 

By Elinor Goodman 


When after the war Unilever 
and General Foods decided to 
abandon their join venture in 
the British frozen food business, 
not even Unilever, which took 
over the Birds Eye name out- 
side the U.S., was particularly 
optimistic about the potential 
for quick-frozen foods on this 
side of the Atlantic. Like many 
of the other companies which 
went into frozen foods in the 
early days, Unilever probably 
saw it more as a way of protect- 
ing its existing canning interests 
than ft major growth area in its 
own fight. 

In Britain itself very few re- 
tailers had the equipment to sell 
frozen foods and only a minority 
of homes had refrigerators. 
Even in America, the country 
where Mr. Clarence Birdseye 
started it all with General 
Foods, the market was in the 
doldrums. 

Thirty years later the frozen 
food market has proved itself to 
be one of the most consistently 
expanding sectors of the grocery 
business. For its part. Birds 
liye has become one of the three 


largest dirisions in Unilever’s 
British operations, and ex-Birds 
E\v executives are now running 
frozen food companies aii over 
the world. 

In Britain alone the market 
is now worth over £700m and i< 
expected to top the £lbn mark 
by the early l&SOs. Worldwide, 
according 10 one estimate, the 
total market is now worth £201>». 
Frozen fcn»d cabinets have be- 
come us) integral part of every 
supermarket and a quick glance 
at any display cabinet will show 
just how far the range of frozen 
foods has developed swee the 
days when quick freezing was 
largely seen as a means of offer- 
ing seasonal products like rhu- 
barb ar unseasonai times of the 
yea r. 

In virtually every developed 
country frozen food sales have 
grown faster than the total food 
market, and while sales in the 
established markets. like 
America and Scandinavia are 
no longer leaping ahead at the 
rate they did in the early days, 
they are still showing volume 
gains in most years. 


Last year volume sales in 
Britain dropped sharply for the 
first time since the war but that 
had probably more to do with 
the relative cheapness of fresh 
produce than with the country’s 
overall economic state. Inter- 
nationally the business has not 
been entirely immune from the 
effects of recessinn— especially 
in those countries where per 
capita consumption is already 
high— but in most countries it 
has been less severely hit by 
cut-backs jo consumer spending 
than other sectors of the grocery 
market. 

In a World where convenience 
is becoming increasingly 


important in the whole food 
market frozen foods are no 
longer generally considered the 
kind of luxury which can be 
dispensed with when money is 
slvjri; indeed they often offer a 
cheap alternative when fresh 
fond prices are high. 

F riven fish has become an 
international commodity, and 
thanks t« l he developments in 
'-(•ntomorisation frozen vegr- 
mhlr* arc shipped round rbe 
world. It is not only in this 
sense that the business can be 
dcscrihed as international. Most 
of the companies which 
dominate the various markets 
around the world arc multi- 
nationals. fn Europe the big 
names are Nestle and Unilever. 
In some countries, like Britain, 
they compete against each 
other as well as with national 
groups like the Imperial Group 
subsidiary Ross Foods. 

In other European countries 
like West Germany and Italy 
the two companies have formed 
joint ventures— which in the 
case of Germany have to fight 
strong local opposition. In- 
creased competition could be in 
store fnr the future if the dls- 
cu si sons between ITT and Heinz 
over the sales of ITFs European 
frnzen food operations hear 
fruit As a major canner, Heinz 
has long had its eye on the 
frozen food sector, which over 
the years has taken sales away 
from canned goods. 

In America the market is 
more fragmented but again the 
names which dominate it in- 
clude some of the biggest com- 
panies in the food business, like 
Green Giant, General Foods and 
Sara Lee. 

As the Monopolies Com- 
mission found in its report on 
i he British market, the frozen 
business is an expensive one to 
penetrate as a branded maau- 


INTERNATIONAL CONSUMPTION 
OF QUICK FROZEN FOODS 



Tonnes Kg per 
000s bead 

Tonnes Kg per 
000 s bead 

Tonnes K 
OOUs 

S per 
head 

EEC 

France 

220.0 

4.3 

240.0 

4.5 

290.0 

5.4 

\V. Germany 

320.3 

52 

344.9 

5.6 

N/A 

N/A 

Italy 

73.0 

1.3 

103.0 

1.8 

123.0 

2 j» 

Belgium/ 

Luxembourg 

50.3 

4.9 

57.5 

5.6 

63.5 

6.3 

Nelherland 

I1X.9 

8.7 

124.7 

9.1 

133.8 

9.7 

Denmark 

59.9 

12.7 

68.2 

13.3 

70.0 

13.7 

Eire 

9.C 

3.1 

11.1 

3.5 

11.7 

3.7 

United 

Kingdom 

747.0 

13.4 

764.0 

• 13.7 

731.0 

13.1 

OTHERS 

U.S. 

7121.6 

33.3 

7527.fi 

35.0 

N/A 

N/A 

Switzerland 

4G.6 

7.3 

47.7 

7.5 

52.7 

S.4 

Austria 

30.5 

4.0 

41.9 

5.6 

45.6 

6.1 

Finland 

25.o 

5.5 

29.0 

li.1 

28.3 

6.0 

Sweden 

139.G 

17.0 

155-4 

18.7 

155.4 

18.7 

Norway 

40.4 

10.0 

43.7 

10.8 

N/A 

N/A 


Source; Birds Eye 

facturer. But this did not stop 
companies trying when the 
market was growing ai 20 per 
cent or more a year. Behind the 
Nestle subsidiary, Findus. which 
vies with Ross as Britain's 
second largest frozen food pro- 
ducer, are a series of mergers 
which brought together four 
different companies over the 
years. 

And though the three major 
British manufacturers — Birds 
Eye, Findus and Ross — account 
for well over half the retail 
market, there are many smaller 
companies around which, as the 
development of the home 
freezer market five years ago 
showed, can catch the big boys 
off guard. 

The growth in sales around 
the world has not by any means 
always been matched by a 


growth in profit?. Frozen foods 
are traditionally a high-volume, 
low-margin business. Despite 
the often clo<=e links with their 
suppliers, the frozen food com- 
panies are vulnerable to sudden 
swings in raw material prices. 
Moreover, as will be spelt out 
graphically at next week’s 
International Frozen Food In- 
dustries Conference in London, 
the profits of branded manufac- 
turers can be seriously under- 
mined by competition from com- 
panies prepared to supply own 
brands foods ar a discount. 

America is still by far the 
largest marker anywhere in the 
world. No other country can 
compare with it in either the 
volume of sales or the range of 
goods on offer. In 3976 the 
Americans spent £8bn on quick 
frozen foods, more than 10 


times as much as their nearest 
rivals the British. Per capita 
consumption was also wsy out 
in front at 35 kilogrammes per 
head as against 13.7 per cent in 
Britain and 18.7 per cent in 
Sweden, the country where 
Findus originated as an offshoot 
of a confectionery company. 

The American market is 
generally considered to be at 
least 15 years ahead of most 
European markets, and even 
farther ahead of some of today's 
big growth markets I.k* Japan. 
The American manufacturers 
adopted a buck-spot approach in 
new product development right 
from the start and bombarded 
the U S. housewife with a huge 
variety or produets. The result 
is that today, with a vast amount 
of retail cabinet space ar their 
disposal, the American manu- 
facturers offer a sraggering 
range of frnzen products. Just 
one Washington supermarket 
last week was offering no fewer 
than 6S different kinds of TV 
dinners and the space devoted to 
desserts alone would have 
accommodated the entire range 
of frozen foods sold in an 
average British store. 

The growth in frozen food 
sales is obviously connected 
with the rise in living 
standards and a consequent 
increase in refrigerator owner- 
ship- But this does not entirely 
explain the different times at 
which different markets round 
the world have taken off. 
Urbanisation and the number 
of working wives also play a 
major parr in determining de- 
mand. After the Americans, 
the Scandinavians were the first 
to discover the attractions of 
frozen foods, thanks largely to 
Findus’s early efforts In 
Sweden. 

The nest in were the British 
and in the late 50s and 60s fbe 


British market was increasing 

at the rate of 20 per cent or 
more — and that was without 
1970s style double digit infla- 
tion to bolster i he figures. In 
the 1970s the British market 
has been given another boost 
by the increase in home freezer 

ownership. 

The French and German mar- 
kets did not really take off until 
about ten years ago, when in 
the case of France Nestle 
started investing heavily in the 
market. Nov/ the markets 
showing the biggest percent a ee 
gains are those like Italy and 
Japan where per capita con- 
sumption is relatively low — 
ttaoush in terms of extra 
volume an increase of 2 per 
cent in the American market 
is still worth more than, say. a 
20 per cent increase in the 
Irish market. 


Distances 


The growth rate Is obviously 
partly dictated by the retail 
trade and the amount of space 
it is prepared to devote to 
frozen foods. A highly frag- 
mented retail market like Italy 
does not lend itself easily to 
mass frozen food distribution. 
Nor of course do the enormous 
distances involved in distribu- 
tion in countries like Brazil. In 
Britain Birds Eye is now con- 
cerned that future growth may 
be inhibited by the lack of 
back-up storage space in super- 
markets, while the development 
of the catering market may 
well be restricted in the short 
term by the lack of adequate 
storage facilities for frozen 
foods. 

But the most important fac- 
tor in the British market over 
the last eight years has been 


the increase in home freezers. 
It was not a development for 
which the .American market 
had prepared the Eiritish-manu: 
facitirers. In the US refrigera- 
tors had long been sold. with, 
ample storage space for frozen 
foods and the manufacturers 
had gone into big packs in the 
early days. American consu- 
mers buying foods for the^r. 
freezer compartments either 
went to their usual supermar- 
ket or had it delivered to their 
homes. 

In Britain none of the com- 
panies involved in the frnztfff 

fond industry — ‘ whether 
refrigerator manufacturers, foqd 
companies or established 
retailers — was really prepared 
for the way demand fur freezers 
suddenly took off. Families 
bought huge coffin-sired freezers 
and looked around fnr suitably 
scaled packs t<* fill them. Tn 
begin with, j* was not generally 
the established companies which 
filled this need. 

In the High Street Be.iam 
pioneered tlte concepr of the 
specialist freezer centre which 
sold both frezers and the food 
to till them. A number of other 
chains '•prana up with similar 
kinds of stores, while indepen- 
dent freezer centres, some of 
them operated by farmers and 
other producers, also pro- 
liferated. OF the big super- 
market chains the Co-np was the 
first tn get the message but it 
was not until about three years 
aso that the supermarkets really 
started making fn-rnads into the 
specialist freezer centre's share 
of frozen food sales. 

Anri ju«t as the established 
supermarket groups were slow 
to see the potential of the home 
freezer market, so to were the 
big manufacturers in recognising 


Continued on next page 



rd post 
f ICi 
iion 


p. . *1* 


O ptimum insulation ^o ptimum cube, j ^ TjTj (j|| 

. t o ptimum h yg iene. And a savin q_ofup tof^ton. 

How's it done? . _ . 

Like its illustrious partner the. Freightmaster, the Fndgemaster is 

a very simple, basic concept. 

The trick has been to manufacture a self-strengthening body thus 

theproces^meet the most severe class of ATP standards* of 
"■■'■'•insulation and hygiene* 

^i^^germster has been designed to meet current and anticipated 

International requirements. , 

■ - AndtheFridqemaster is built to last. , 

Anrototype completed the equivalent of five years very heavy-duty 
‘ ; : trailing on the test track of a major motor manufacturer, without a single 

. in relation to capital goods, but it 

% ; :: ; s;is justified in relation to Fndgemaster 

1 -''.Set 1 . t bu i k j iea( j and thedoors are all at least 75mm 

*S ■ ■ c - 



sheet barrier from flying stones and gravel. 


• ** ■ In the construction, specially designed continuous sealing strips 
and cornice sections give both a compression seal and an edge seal, to 
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3 





32 



international 






LAST YEAR the volume of 
frozen food sales in Britain Tell 
hy around 4 per cent — the first 
significant decline since the 
market look off in the early 
1950s. It was not so much a 
reflection of Britain's economic 
state but a reminder uF the 
simple fact that sales of Frozen 
vegetables can be very badly 
hit if fhcrc are plentiful 
supplies of cheap fresh produce 
around. And vegetables, 
together with fish, account Tor 
well over halE the British frozen 
fond market. 

The result was that manufac- 
turers started this year 

overstocked and sales of 
vegetables so far this year have 
not been very encouraging. Fur 
Birds Eye' the Unilever 
subsidiary Which is Britain’s 
largest frozen bind producer, the 
year began badly with a pro- 
longed strike at one of its 
factories, and in its annual 
review the company talked uf 
the concern in the industry 
about the ability of frozen food 
manufacturers lu earn the 
returns from their investments 
which were anticipated in the 
heady days of the late fibs and 
early 70s when the increase in 
home freezer ownership resulted 
i in many new companies 
[entering the market. 

But if last year showed that 
frozen foods had lost their four 
star growth rating, it also 
showed the strengths of certain 
sectors of the market. While 
vegetable sales, which had been 
inflated the previous year by 
the drought, fe/i away, sales of 
prepared foods like cod in 
butter sauce and frozen cream 
cakes continued to increase. 
Even under financial pressure 
ihe British housewife was not 
prepared to sacrifice the 
convenience of foods like this. 


rtiich supermarkets have ' graduMly ingiy 7 favoured fridge; frwzej^; 
food vron back some of the sales front-- ■ ■' V- : '*■?•* 

,.-oc v«i- bn' ~ ' v- ” * ^ea-WTtbyJts SBsfl*siH®e;^£4fae 





his: 


following year sales irtcrea' 
by over 5 per cent in real 
as the shortage of fresh produce 

created bv the drought sent market, eejam. wmen uus yea* »m«- yaw aycvumnj cy.-»w» ,-gwucm. **» "*-sj~r.-. -rr ~ ~ -gu.? 

people flocking to the frozen celebrates its 10th anniversary for the freezer. Since then, tHe.^e/jOunger 
food cabinets for their started opening shops which 
vegetables sold both freezers and the 

in WTt, vnlume sales e .lw<1 .w » W in the®- Jhe food was the specialist freeaer centres but 3 

further onlv to fall back tn sold in bulk packs and though these stores, which are . a,-^" 

heinw their' 1975 level the ful- s,,me leadin S brands were uniquely British phenomenon-; i rtrtsV- trend towards fi 

lowing year. The fall in sales, stocked, the emergence of still sell anund 35 pec eenfroZ matter' freezers ^ 

coupled with the intensification Bejain ^ 

i>F the price war among the palgety 
supermarkets last year, has independent 

meant lhal rhe big three inonu- ‘‘P tbe way . 

farturers — Birds Eye. Findus ^ ood producers to get into the expected 

ami Russ — have* enme under market. (Ironically, it was 0 f ^ households 

increasing pressure. Supremely, shortly after this [that the Gov- Already freezer owners buy some people #« *w. auwmt .va . 

in view of the American ernment asked the Monopolies jj ore half the frozen food query whether the' 

experience, there was no Commission to examine the so j d jn this country as wClF/as^free^er. centre has a. .•Tgrig-tectn.-J y^fg^^u 

.significant increase in tlie snare market.) creating new demand for home -future in its present. fonxuCep- . - 

taken by own brands— at least Ir m nnt until a b ou t four packaging products like foil taittly .some of the anaEge. ^ 

in standard packs sold through years ago that the established trays and freezer bags. /ppefetive shops dosetf last tfts t 18. 

supermarkets which remained companies— both retailers and But the trend is now a war 'but ihe big chains ..like. 
at about li per cent, and the manufacturers — really caught on 
line-up of the leading manufac- t0 w j, a [ was happening. The big 

tun.-r'i ha i stayed much the same supermarket chains like Tesco. The average size of freezer now 

respue the m-roads made into Sainsbury and Co-op also started bought has declined steadily rot. other groceries aswell ax . 
BtrfK l-.yp marker share in some 0 p Pn j D a their own freezer orer the past five years. 1975 -ftffijen foods, 
irni i vicinal tors. centres— either in-store or as the average capacity fur 



or 


Birds Eye’s share of the 
market i,* far .smaller than it was 
in the early sixties when it hold 
over fid per vent. But it still 
claims to veil over 47 percent of 
all frozen fond packed in 
standard sizes and .sold in super- 
markets. On this basis the 
Nestle subsidiary Findus is the 
second largest brand with just 
under 16 per cent and the 
Imperial Group frozen food com- 
pany Rtr-s is third with just over 
4 per cent. 

These figures conceal the 
shake-up in Hie market for hulk 
parka. In this sector Ross, which 

has h„en relatively ^ TS. ‘ deS 



chest ;.'. Though the big manufacturer* v 

M W: • 

111 

found that average ; diets;' that; 'the-igrtn^ng; u^ : of 



IN COLUMBIA. Maryland, a any case sales recovered welHa'.iiiryey 
growing prosperous “new 1976. and in 1977 Supermarket- 
town." Giant Food Store offers ing magazine was expecting 

its customers 6S different TV per cent increase over — ..... ...... . 

dinner combinations. There previous year. ' On -tbe whole, industry' execn- -■ -ffist 

are five-course “hungry man" Growth of the SHbn-a-year^tfy.es say frozen foods .are stJIL Mono^ical and^M^gy-cfficient 
platters Tor big eaters, two- industry shows no sign of ^*fiot.* : Progressive . Grocer in; ' m^z^-jif.^QOff^.pre^arattori^is 
course entrees for small eaters, abating. Americans have thej&prfl published a poll, of chaia'ra 

highest per capital consumption, store executives in which 53 per -' ’ 


Shortage 


f„ r Ll^ n,y and fillets for seafood lovers. of°frozen products — they eat Jcefit said that frozen food * ■ i-' ..-. - 

a small i^ rd interest in the \\' e ig:h t Watcher dinners for four times more than -, the . achieving “better than, average” iPJ ,i975niici» i ymve,6TeTS bad 

' S ° Ve i dieters and Bavarian. Chinese British, says Mr. Hugh Symons, .growth, -M?*. T,_ .. _. - 

_, !?!; r'' er ^ 1 ',o ^ 35 a f ainj? i and Mexican meals for ethnic a research and technical con-. VTh 1976, 

BlJ'.IS Lj-CS x.J.r per cent, and f nn j onUmciactc cnltant n-irh Rirdc TToo llK' ti'hn fha mnet 


At Birds Eye the view is that 
last year's fall in sales was 
nothing more than a hiccup. In 
sterling terms sales increased 
in 1700m in 1977 and the 
ompany is predicting that the 
market will be worth £1.2bn 
by the early 19S0s. with 
products like cakes and snacks 
setting the pace. 

Even so, the rate of growth 
will be much slower than in the 
late 1950s and 1960s when the 
market was increasing at 20 per 
cent or more a year. The 
growth rate had slowed down 
hy the beginning of the decade 
tu 3 per cent In 1974. The 


find ns’s :?.5 per cent. 

In some sectors bulk packs 
now account for almost half the 


food enthusiasts. 

Near the TV dinners are the 
Pizzas — ranging from giant to 
bits of hors d’oeuvres — in 


■v'pejv.cent 

the year for which. accord*' 

sultant with Birds Eye UK who the most recent figures are cTeport.' 

is doing research on the. available, frozen products made . whif±i^^^^cted'.-4^- 15 -.par cent- 
industry here. In 1942- the the highest sales gains of all . market ifenietra tionf.; by.;-. 4579. 

n diet' enn- food items, after . refrigerated inicrck^yes. r are 


here. 

n 



marvel of" American merchan- figures show annual consump- Besides pizza, ethnic foods, hig- : and -producl^ Ier. inicro- 
dising. including what seems tion rising from 4.8 lb per are achieving wide-spread popu- wravcS^on^gpinn^ wdll , be 
to be every possible packagable person in 1942 to S9.7 lb in 1975. larity in the nation of multi--; diniinated*— saaliiat te# varieties 

Except for World War Two, -nationalities. Italian foods like, have already ^begixn 4 to appear 


in packs of 24. This trend is r*f 
course a reflection of the single 
most important development in 

British market since frozen ve - eta j,j e and a ncw Birds Fye 

l..m«i v Ca th« «rllth ,e i« n, w r ( ! C m!; Hoe of mixed vegetables lust- frozen foods have mad e _ steady nnrioli and lasagna, are big in supermarfeet- dfeidaS 
r r Jp, f ‘r owner hiti rh^ roi,sI - v Jabled— San Franctaco- progress since Mr. Clarence sellers, and oriental dishes are W ' v 

development has Stimulated sty,e ’ Pennsylvania Dutch, Wis- Birdseye began developing quick, avail a hie in wide variety. tOSB - i? v - ^ 
frozen food sales Imt it has also consin Country. New England, freezing processes in the 1920s. 1 9<< Americans are expec- 

Mr. Birdseye's interest have ^«.$850m on 

established operators. Bavarian and Hawaiian. 

In 1970 only around 5 percent 
of families owned a freezer, and 








An empty plate is proof that someone's just enjoy- 
ed a good, nourishing, well-prepared meal 

We atFindus axe concerned to brmgyouthebest 
food to serve onthatplate. 

We ]ike bringing out excitmgnewideasforfaniily 
meals, always carefully preparedfrom the finest 
ingredients. 

Often usingnewtechniques to add to our already 
considerable expertise. 

Our ideas and our expertise are just two reasons 
why we're still the fastest-growing frozenfood brand 
intheworld, 

Wliyyoukno^sryouHenjoyanyofourwiderange 

oftop-qualityproducts. 

And whywe saywehandyou J Success onaplate r . 



ccessona 



The' increasmg”«!w -qi frozen' 

aroused, so the story goes, while Mexican foods, of which frozen products by institnt^diis. . and,; 
It is in towns like Columbia fishing in Labrador. There he iteps constitute percent restauOTte;^5t^'fte;ni^. 

that frozen foods enjoy their saw fish caught and frozen in a^». “ * •*. . , *f*T to even greater .: 'As 

greatest popularity. It is verv raid-air in 50 below zero /Despite Its- position as the • labour costs Ctlmb-aod-tfaeayaik 
much a commuter community weather. When the fish thawed /world s leading producer of able . pool . <^ -SkUlediWii*;ers 
with a large proportion of work- months later some were stil/ frozen foods, the U.S. export shrinks, institutional buying is 
in? women who have little time alive. Mr. Birdseye then began picture is not particularly on the up-swing. In 1976. of 
to devote to food preparation, experimenting with fowl, otjaer stable. Tariffs imposed by Com- the 5bn Tb of prepared frozen 
Iis residents can and do afford game, and cabbage to develop a nmn Market countries h|Ve foods produced., 3L8bn went to 

limited trade in Westerp retail customers and ,1.2bn to 
Europe, says Mr. Martin, and., the food service, market The 


to pay the somewhat higher process which would retain the 
costs of convenience foods, flavour of fresh food. . ~ 

With more than 50 per cent of 
American women holding at 
least part-time jobs, industry 
specialists expect frozen food Development faltered during 


of course many of the under-^U^. Departinent of Agriculture, 
developed enuntries do not have gi a limited survey of food pro- 
file demand for refrigerated qpssors, foqnd that between 1968 
products. Sales of frozen beef .abd 1973 about 4,355 new frozen 


one out of two meals away from 
the home some time in the' near 
future. 

Despite the current rise in 
food; prices; which some expect 


production to continue to climb the war yeans but in the 1950s. and veal fluctuated from 1971- food products were introduced 
as it has every year but two as Americans moved to the 1975 but steady gains were to the food service, Indus try. 
since 1939. suburbs, food chains moved with m^de in perk 034m lb in 1975) , The restaurant business' ,1s 

Giant Food, despite its exten- them and frozen food pro- an d chicken (126m lb) salmon, doing well, and frozen foods 
sive array of frozen foods, is duction tripled — jfrom 2bn to vegetables,- fruits and orange will profit by-it. Fgst-fpod out- 
one of the few chains to have 6bn lb. In the 1960s Americans juiw. . - lets are drawing more and more 

cut. back the space it allots to began watching the box with TV Industry sources are talking- families out ■ to dinner.- Ameri- 
frozen products. Us managers, dinners and meat pies. The 3h n ut new developments in cans are expected, to he eating 
says Mr. Barry Scber, director wide acceptance of prepared three distinct sreas_ fish, 
of public affairs, noticed a drop foods took production up to foods designed for micro-wave 
in demand when food prices nearly 12bn lb. Today ovens and , Institutional food 
leaped 31.5 per cent during Americans have available almost purchases. 

1973 and 1974 and since then anything which can conceivably Although Americans in 1975 

have cut hack frozen food space be packaged and frozen — soups, consumed some 120m lb of sea- may turn many consumenT to 
by about 10 per cent. sauces, candy, noodles, sand- food through retail outlets, lower cost canned goods, frozen 

But as if to confirm that wiches, quiche, com dogs, pud- much of-. this total included foods are expected' to- have a 
Giant's cutback is not typical of dings, even snails. shrimp dishes, crab, clam cakes, bright long-term future- " The 

the industry, Mr. Sam Martin, Along with the spectacular fried scallops, fillets, fish sticks trend towards smaller families, 

publisher of Quick Frozen Foods growth in product types, the and chip dinners. “Americans the rise of single member house-* 
Magazine, asserts that while industry has spread to include simply haven't started eating holds, the increase 7 in working 
some producis were hurt during some 20.000 companies, of fish properly, says Mr. Symons, women in higher paid jobs* the 
the recession years, others which about 150 account for 90 "They eat seafood but not the emphasis on leisure time ’pur- 
spurled ahead. He predicts that per cent of production. mundane fish like cod." 

the present leap in beef prices Nationwide, grocery stores In a paper to be. presented 

(a record 6.6 per cent in April) have been reserving increas- next month, Mr. Thomas B. 

will move customers towards the ingly bigger spare for frozen House. Pr«ident of the Ameri- 
cheaper frozen beef imports. In items. An A. G. Nielson Go. can Frozen Food'Institute, pre- 


suits, the growth in disposable 
incomes — all. these augur welL 
for the future. - 

Nancy Duane 


Sales 


CONTINUED FROM PREVIOUS PAGE 


the demand for bulk packs to 
fill the freezers. 

Groups like Bejam stocked the 
leading brands like Birds Eye 
but they also sold many lesser 
brands packed in the sizes which 
the housewife wanted. The re- 
sult was that Birds Ey<? did not 
do as well out of the early free- 
zer boom as it probably could 
have done. In 1973 all the big 
manufacturers went into hulk 
packs. In retrospect they almost 
went too far. as the trend to- 
day is away frnm the Riant 51b. 
packs of say, peas, to medium- 
size packs which are better 
suited- to the new smaller 
freezer. 

Birds Eye now claims around 
14 per cent of hulk pack sales 
as agajnst 47 per cent of ordinary 
packs sold through supermark- 
ets. Of the established manufac- 
turers it was the third brand, 
Ross, which did best in this 
sector. It was already well 
established in catering and with 
only a very small share of the 
retail market it had little to lose 
by attacking the catering sector, 
"in the future freezer owners 
look like playing an increasingly 
important part in the frozen 
food marker. Already 35 per 
cent of all British homes own a 
freezer as against nearer 5 per 
cent in 1970, and almost half of 
all the frozen food sold is bought 
by home freezer owners. By 
1980 another 3m families are 
expected to have bought freezers 


but it may well be that they will 
buy most of their frozen foods 
from supermarkets rather than 
the specialist freezer centres. 

The feeling among frozen 
food manufacturers is that the 
specialist freezer centres will 
expand rather more slowly in 
the future unless they start 
selling bulk packs of other 
groceries as Bejam is doing now'. 
In 1977 llie share of frozen food 
sales taken by specialist Freezer 
centres eased from 36 per cent 
lo 35 per cent last year while 
the multiple's share increased 
from 48 per cent lo 53 per cent. 

The increasing trend towards 
home freezer ownership has 
been evident throughout most 
of Europe. In some Scandi- 
navian countries over two thirds 
of all homes already have a 
freezer while the proportion of 
families with freezers is greater 
in both France and Germany 
than it is in Britain. But in 
most countries, it has been the 
supermarkets— or more specific- 
ally the hypermarkets — which 
have benefited from this trend. 
Only in France has there been 
anything like the specialist 
home freezer centre interest 
there has heen in Britain. 

If the increased ownership of 
freezers is partly symptomatic 
of the housewife's desire lo free 
herself Trom the tyranny nf the 
kitchen, the increase in the 
number of meals eaten away 
from homes could be said to be 


another aspect- of the same hall 
game. As such it could provide 
a mixed blessing for the frozen 
food manufacturers. In the 
U.S.. where this trend has gone 
far further than anywhere in 
Europe, both the food manu- 
facturers and the retailers are 
alarmed at the implications for 
prepared food sales of people 
eating more meals in restau- 
rants. . 


Emphasis 


But against this, many manu- 
facturers think that the cater- 
ing sector could provide a major 
growth market in the I9SGs. In 
Britain Ross Foods is putting 
particular .emphasis on this 
market and companies from out' 
side the frozen food industry 
like United Biscuits are just 
beginning to move in— though 
margins on catering products 
are generally lower than on shop 
sales. 

For the foreseeable future, 
however, it will be the shops 
which provide .the main battle- 
grnui\d for the frozen food 
manufacturers. In 1974 ■ the 
International Trade Centre in 
Geneva predicted that all Euro- 
pean. countries with the excep- 
tion of Switzerland would at 
l?ast double their consumption 
of frozen foods by 1980. The 
signs are that many countries 
will achieve this. There are no 
uhviuus technical developments 


In any. other sectors of the 
food Industry which . .would 
appear seriously, to challenge 
frozen food’s role is the con- 
venience food of the future. 
Indeed. developments like 
microwave ovens may ' even 
help the. Industry. _ 

Even so. in most of the estab- 
lished markets the -growth rate 
is likely, to be slower -than it 
was in the 1960s. Most of the 
basic foods which lend them- 
selves to quick freezing have 
already been marketed- in this 
way, so new product develop- 
ment in the future ..Is likely, to' 
be mainly of prepared foods 
aimed at particular segments of" 
the market In Britain, for 
example, Findus is now hunch- 
ing a range of calorie-controlled 
products, for slimmer®, while 
Birds Eye is aiming for quite 
a different market with its new- 
range of desserts. 

As one frozen food -industry 
executive says: “ We . are not 
going to invent another .frozen 
pea or fish finger overnight but 
there is plenty of room left for 
the right kind of new. product’* 
As he points out, volume lines 
are not always th'e most profit- 
able. Over the* past few 'years- 
it has been’ gale's of . the-" prepared 
foods which have risen, .fastest 
while the comjnQdrty-type lines 
like peas have been stibjeet.both 
to the vagaries of /fluctuating 
fresh food prices and to com* 
petition from cheaper brands. 



ESfaactel ITOay Jime 23 1578 


INTERNATIONAL FROZEN FOODS III 




The costs of raw 


"THERE IS no problem of raw q 
material supply for frozen food a 
manufacture." according to one r 
of Britain’s leading producers, 

“ but- there are serious price fi 
and demand problems.” And tl 
as in other sectors of the UK ii 
food industry many of these ii 
problems arc blamed on EEC r 
membership. j 

Raw materials for two of the a 
Industry's major sectors — meat c 
and: vegetables — are in basic 
oversupply, and though domestic f 
supplies of fish — the other major * 
sector-have been cut back ( 
. drastically, worldwide avail- * 
ability is more than adequate. 

In, value terms fish is still the 1 
most important sector of the 1 
quick frozen food market, with 1 
sales iu 1977 totalling £187m J 
or 35 per cent of the market. In 1 
volume, however, it shares * 
second place with meat products £ 
with a 22 per cent share. • 
The problems of the UK fish ' 
Industry are well documented. 
Loss of access to the lcelandic 
fishing grounds, inadequate 
quotas under the EEC’s 
common fisheries policy, and 
reduced fishing opportunities in 
non:EEC waters following the 
general switch to 200-mile 
national - limits have all 
-contributed to a serious decline 
in the UK catch of the white 
fish on which the frozen fish 
industry depends. 

The" British trawling 
industry's catch declined only 
3.5 per cent in 1977 but this 
disguised a much more serious 
fail in. cod landings. Out of a 
total catch of 900,000 tonnes 
cod accounted for only 146,000 
■ compared with 212,000 in 1976 
and 345.000 in 1970. The total 
catch level has been boosted 
. meanwhile by a big rise in 
Landings of mackerel, a fish little 
used, by the quick frozen food 
industry. 

• As cod represents three- 
quarters of the frozen food 
industry’s fish supplies the 
decline in catches has led to a 
dramatic increase in imports. 
Latest- estimates put the 
proportion of fish that some 
larger companies now import at 
'more than 50 per cent compared 
with a " normal " level of about 
10 per cent. Cod landings in 
the UK during the first quarter 
-of thS year were 54 per cent 
-' down Von . the corresponding 


quarter of 1977 and if this trend c 
continues imports will have to ti 
rise stilt further. fi 

UK consumption .of frozen t< 
fish is expected to rise by more U 
than 60 per cent by 1985. giving 
it about 33 per cent of the total b 
fish market. So if. housewives t 
remain steadfast in their s 
insistence on cod-based products \ 
and the fortunes of the British j 
catching industry do not 
improve dramatically, the frozen * 
fish industry will have to change j 
from a largely domestic t 
operation to a costly import- , 
based industry. I 

There has been little sign so 
far of any substantial. change in . 
the public taste for frozen fish, 
however, and while uncertainty , 
remains on the final form the* 
renegotiated EEC common " 
fisheries policy will take there | 
seems little prospect of a , 
substantial improvement in the j 
British cod catch. 

The vegetables group occupies 
second place in the frozen food 
sales lahle with a 1977 total uf 
£J60m. equal to .30 per cent uf 
the market. In volume terms it 
is the clear leader with a share 
uf 50 per cent. 

The clear leader within this 
sector is the potato. According 
to Ministry of Agriculture 
figures 142.200 tonnes of frozen 
potatoes (mostly in the form of 
1 chips) were produced in 1977 
representing a sharp- cut-back 
■ from the 1976 record of 177,100 
r tonnes. Birds Eye believes the 
1 cutback was even sharper and 

5 estimates output at about 
1 120,000 tonnes only. 

s This reduction reflected 
} partly the large carry-over from 

* the previous season when 
1 housewives rejected high-priced 

* putatoes t resulting from the 
1 drought) and partly the realisa- 

tion that these same high prices 

* were likely to lead to excessive 
plantings and a depressed 

>- market. This assessment was 

6 fully home out by events and 
e a further large surplus is 
a believed to have been carried 
i. over into this year. 

e The problems of plenty which 
n are besetting the frozen potato 
it market are also, though less 
d severely, affecting sales 
it prospects for fruzen peas. A 
n very low crop in 1976. when 
>r only 75.600 tonnes of peas were 
it frozen by the industry," led to 
«, excessive plautings last year and 


eventual production of 128,900 c 
tonnes. This proved too much s 
for the market and about 25.000 a 
tonnes have been carried 1 
forward into the current season, v 
The manufacturers have cut i: 
hack contracted acreages for ci 
both potatoes and peas this c 
season in an attempt to clear T 
these surpluses but there are c 
fears in some quarters that 
many farmers may go ahead \ 
with their crops anyway in the ] 
hope of finding buyers later. If i 
this proves the case these extra j 
supplies will obviously depress i 
the market further. I 

In 1977 sales of frozen meal ■ 
products totalled £139m— -a 26 1 
per cent share — hut this is the ' 
most buoyant of the major ] 
sectors and receipts are expected 
lo climb to £l0Bm (27 per cent 
of the market) this year. This 
growth is expected to continue 
and Findus has forecast that in 
volume terms meat products 
will be- sharing the market 
; leadership with vegetables at 
ahnut 35 per cent each bv 1996. 

But this is not to say that 
| the meat sector is suffering any 
few’er problems than fish or 
. vegetables. In fact it is pmb- 
] ahlv suffering more through 
; Common Market-inspired mar- 
\ ket distortions than either of 
p the others. 

Beef is by far the most impnr- 
. tant raw material for this sector, 

I with purchases currently run- 
, ring at about 60,000 tonnes a 
j war. and it is the beef market 
r which has been most severely 
affeetpd bv the EEC’s common 
I agricultural policy, 
i Commodity membership has 
i cut the manufacturers off from 
1 many of their traditional sup- 
e pliers mainly in the Cnmraon- 
i- wealth and South America, and 
s forced them to rely heavily on 
o EEC production, 
d Birds Eye estimates that 
s amund two-thirds nr the Indus- 
d trv’s beef supolies are imported, 
is with about 15.000 tonnes corn- 
el ing from African, Caribbean and 
Pacific countries under the 
h Lome Convention and most of 
o the remainder from 1 <• her Ero- 
;s countries— mainly West Ger- 
?s many, Denmark, Ireland and 

A France. . , , 

n Many people in the industry 
■e are bitter at having to pay what 
■o thev see as “artificially high 
id EEC- prices for beef when 


cheaper supplies of meat more 
suitable to their purposes are 
available from third countries. 
There are arrangements under 
which third-country beeF can be 
imported tariff-free but these 
operate in a way that pre- 
cludes the frozen food manufac- 
turers from making any signifi- 
cant use of them. 

Manufacturing meat can only 
be imported directly into the 
EEC duty-free if it is to be used 
in products using a very high 
proportion of meat. This clearly 
rules out the beefburger— by far 
the industry's biggest meat pro- 
duct — in which a high propor- 
tion of meat "extenders are 
used, and effectively limits this 
meat to the relatively minor 
“ sliced roast beef in gravy 
market. 

The other way of importing 
manufacturing beef from third 
countries without paying duty 
is through the so-called 
■* .lumcnage " system. Bui this 
involves buying equivalent 
amounts rrf beef from the EEC • 
intervention stocks at "inflated 
prices. Since this intervention 
beeF is not suitable for manu- 
facturing purposes — it needs 
too much trimming and prepara- 

■ tion — the premium effectively 

■ applies to ihe third country 
imports, removing the advant- 

■ a ge of duly-free access. 

' While EEC support prices 

' remain at a level which encour- 
I ages over-production these pro- 
, bTems are likely to remain, 
i The remaining frozen food 

products, consisting mainly of 
s confectionery and desserts. 
i account for about 6 per rent of 

- the market. But this is the main 

- growth sector and the market 
1 share is expected to have 
1 reached 12 per rent by 1996. 

These products are obviously 
less dependent on any single 
J" raw material than the major 
' product groups but some manu- 
rt faeturers have experienced pro- 
e blems over the rising price of 
,f cream, partly because of the 
C EEC’s dairy regime. Artificial 
r- cream seems, judging by bouse- 
d wife reaction, to present a quite 
acceptable alternative, however, 
y so these problems are unlikely 
it io prove insurmountable. 

’ Richard Mooney 



* j 


. v r t 


.* l Z, * 




' 11 4 ■■ ^ 

' A “"‘t. ' 

\ 

• \ ''A 

. - V- :K\ 









sa»?a*3saae>w..*i:-aij 


h~X'- 

* .A**.;-- 


A large Jrocen food store. 


Retailers devote 
more space 


FOR A NATION where shop- 
keeping has always been 
something more than just a 
tradition, it i.s hardly surprising 
that Britain leads the way in 
one of the retailing phenomena 
of the 197cis: the home freezer 
centre. In no other country- 
including the U.S. — has the 
home freezer centre assumed 
such a prominent position in 
the retail market as it has in 
Britain. Only in France has 
the retail trade set out lo 
establish freezer centres like the 
internationally-known company 
Bejam. And that in France has 
happened only recently. 

Yet according to survey 
carried uut by Birds Eye. the 
subsidiary of Unilever which is 
the world ? largest frozen food 
group. Britain only achieved 
fourth place in the international 
consumption uf quick frozen 
foods league tabic. The l.S. 
is wav out in front, followed 


by Sweden. Denmark, and then 
the UK. 

Within the UK market home 
freezer centres are the fastest 
growing sector of the retail end 
of the frozen foods industry*. In 
the past year the share of the 
market captured by freezer 
centres has risen from 16 per 
cent to 19 per cent But the 
main outlet for frozen foods io 
the UK still remains the 
multiple chains which account 
for some 40 per cent of trade. 

The Co-operative stores 
maintained their share of the 
market at 12 per cent with the 
symbol-supermarkets accounting 
for 9 per cent. Independent 
grocers and other types of si ore 
accounted for the rest of the 
market. 

Over the past six years the 
number of shops, excluding 
specialist freezer centres, with 
frozen fnod cabinets has 
; slumped from 122,000 in 19i2 


to 98,900 in 3977. However, 
because multiples nowadays 
usually insral three or four 
Frozen cabinets in supermarkets 
total in-store frozen fond 
capacity has risen substantially. 

Allocation 

Retailers' allocation of floor- 
space to frozen foods is about 
four square metres on average 
in the UK. In the United States, 
where frozen food sales arc 
much higher, the allocation for 
frozen foods tends to average 
about 10 per cent of the total 
retailing space. UK retailers, 
therefore, can be expected to 
increase their allocation of 
freezer capacity as demand 
grows. A recent survey, carried 
out by Birds Eye. reinforced 
this trend out. 

Sonic 200 store managers 


front ton top retail chains were 

asked how much arl'hi'.u-ml floor 
space for frozen fnuda would 
be needed by 19$0. 'Over -4*1 per 
cent said that frozen foods 
would account for to per cent 
or more of overall floor space 
by 1980. Up to 25 p«r cent f- lt 
that as much as a fifth of their 
floor space would be devoted 
to frozen foods by that tim- — 
and some pm the total ever, 
higher. 

The retailers were also given 
the chance to say which of ilic 
main categories or frozen food 
would demand tin.* g roe test in- 
crease in display by IftS-X The 
four categories are fr-iren 
grocery foods, ice-cream, v.'-.in 
3 nd dairy foods. on-* in *-■> 
of the 2011 rot.iih.-i'* f-:t 'h.'t 
frozen foods would not requns 
more space by lbSil. 

Of I he majority- !i'V 


CONTINUED ON NEXT PAGE 




Pi 

1*^ 


tim 


!>7v 


:*r:i , 


if 


«• 


I 

M, 


- - r , , aet the Birds Eye view on Stand 24 at the very first 
t ^ational Frozen Food Industries Exhibition to be held at 
Si® tent W 25th to 29th. 

° ^There vou'B 6nd out flat we at Bird, are the number- 

° ne ^Xnj'lso how rebuilt the UK frozen food market into 

u^Spend moreonsmrket teseatch and advetthing 
, if die odrK trotea foodt manufacturers put together 

.*» a ! 1 S how all tlietinie,tec developing, tmptovuig and 


Lidding to our product range. So we can offer you a range that 
no-one can equal. 

From Black Forest Gateau to Bronchia and beefburger. 
From creamy cheesecakes and curries to fash fingers and F on 
Orange ] u ice. \\ e cater fo r all tastes. 

And we export to no less than forty 'countries. Including 
fish fingers to Australia, cream cakes to Ho lland and even Ch ina 

Come and see the Birds Eye 

Stand number 24 tor the whole stor)\ 




24 


INTERNATIONAL FROZEN FOODS 




• -• -M -'--' • -.i ; -. -'^ • %?-F J j/ >~f . •.Jr 

.. ,*• ■■..^.■^ancr.v. :>.-v-a^^-ga^r4.-. 8 r 

fl< 


BOC 

engineering group, 
announced a slightly surprisin 



INTERNATIONAL, the wants to u?e this expertise to the market tn the independents, has freezer 
recently penetrate one of the biggest possibly because of the high stores. 

rowth areas in the food in* capital costs for both retailer ASDA has freezer 

outlets. S: 

„ [reez „ me «, ' jsrs £E s^sr. ...... . 

Of 13 per cent. some years ago on the back of centres, and has another 24 neatly in accent survey on the tion company, has : ' ‘ ■ 

Tn \Tj»v ir revaiPd nlans to But the P recise areas °f ex- its boom prospects, has seen integrated within supermarkets, frozen food market: Because tomes to deliver Ao^p^;.to^el o 
in May it revealed plans to |# frQZen fQOds gjye sales rocket t0 nearly £S0m Other leading multiples like ol the present fr ozen food duett 

BOC s move an extra strategic since it was set up in I9GS. 



probably 
battle in the U.S. 


« up a nationwide chain of ST ^JTJTS^" ^vZTSL ESXT^Z market' stoVou't bSSn'S » ^..fitter »PP>*« 


base in 


., - ;; T7K- from , BOCs move an extra strategic since it was set up in isbs. Fine Fare. Key Markets. Allied m *uu F r^, — " Tnf the tr^eVv'B^^'at ; ?OT«^fci 

cold stores m the : UK from a ” J WI1CC The rcal „ rowUl in B ut as the independents have Suppliers. Caters, Gateway and three major companies and the ug food pnM, IWS Alp«e...^ : ,pa^ of 

Km 0 s L. • . . ■ m ., r L-,n recentlv has ramp crown, so the larser multiples Macfisheries are also heavily intense competition in-store, Refrigerated Deliveries. jomtiy^Eye S\major _v_ • / a -£o mi . ~A 


mv. , L... h , tnhoH in the market recently has come grown, so the larser multiples Macfttheries are also heavily intense compeuuon in-store, leeingeratea ueuveriea . jumuyvw^.inaju* 

The P 8 m ! Li? i.? f I fSJS from spending on freezer funds like J. Sainsbury. Tesco and the involved in the freezer market, distribution has become a major owned with J- Lyons, whi^h^.Fffldus and S|a§rih^£d£l 

conjunction with Anglia _ i. p;»n ««;ji.. r*.nit how er.->»-fo/i f/> .id/l **zi rwr nt »h« himnn fropipr flexible factor to increase sales 60 depots, 600 lorries, andr.ser- suRpiying a preduetiyang^pffllg 




grand la. bulk storage operators. 
The chain should be completed 
by the early ’80s. 

Tlie idea is to provide freezer 
food chains, supermarkets and 
cash-and-carry stores with a 
faster and more hygienic ser 
vice. — ■■ 

from several manufacturers, 


— . w ,u« w,wu vuuvtu. . : j : .parable to that of Birds^Eyt ^jd.;nay:i , ^ ^ 

rozen " . ■•..*. .'^-auniber of smaH^-compaw^^^ 

they faWlarinn - '• ' 

ictive V-'diCUiallUll brands.” / -JHo^zoiE^. : Jtbe,.j 


. which has risen so rapidly Co-op have started to add "Most of the bigger freezer flexible factor to increase - 

Foods, the p es. . ” ' ^ UI .j n n [h t . past ten years that free/er centres to their stores chains have continued to expand by all involved, treater sales vices 60,000 outlets. - 

it is now within sight of over- in a hid to compete in the despite difficult trading rondi- depend on getting the frozen 

haulins expenditure by non- market. Effectively, the mul- tions and increased competition goods to where and when 

freezer owners as the main con- tiples have declared war on The from grocery outlets.” notes ar ® needed at a cost-effective — ,-i^ • . a - 

■Jtituent of total outlays on independent freezer operators. Birds Eye in its annual survey, price. The changing nature of other frozen food companies ' ^Entry into the rettfl. xeefgc - 

frozen food. A recent list of spending plans it calculates that Bejam. sUli the market place from mde- use a combination of direct te-^ihe market woifld seem ^st-.tg at--ttigr^R g- 

Figures produced bv Birds of the operators gives an ini- the largest freezer operator, pendent small retailers * 

^ ■. .. Fve Illustrate the point. Last pression of (he scale and in- opened 17 new branches last superstores and discount 

Bot *‘ 1 !-; r * year- spending by freezer tensity cf the competition. year, and has 20 more planned Plus the rapid rise In transport 

inTrhi-wW helD ^Jie quality of owners reached £245m. or about The Co-op. which has spear- for this year. Daigety opened and storage costs bmuu that b d 

S,lr«IU»"rfirt f40m '«• th “ ,he £2S8m bv h*ad«l the iavoli-ement ol two new ones, and has ei S ht » ■ » »«» distribution 

.iinhtlv non-froewr owners. In 1972 2 ro«ry chains, has 121 separate more planned. Manchester- Skater effictencj m their 



figures were freezer centres plus 235 in-storc based Cordon Bleu also opened storage and distribution 
outlets. Tesco. now launching a two. and has another six ,n nr,> - Economies of scale can 


Thu move hecomes slightly 
Jess confusing for the corporate 
analysts when they realise that i30ni an,:l - tlb *_ n - 
BOC has been distributing Initially, indep 

chilled food For Marks and retailers like Bejam serviced has three separate 

Spencer via another subsidiarv. must ..f this market. Laryer centres and is considering the second largest freezer 

the early 1970s. It now retailers were content to leave developing more. But it also centre chain with 57 outlets. 



i costs. com P anjes 

^ their own distribution sales vr 

only be quality. 


■suppliers compete in;. ppdocl: ;^oj:wi^l 


IS another six in pre- M uw»v -- xnarkettn" service. -.quality, in discounts, 

independent free7er b.g push to get mto .he market, poration. Dewhurs, added 11 ’ZZLSSZLZ! A recen.-calcula.iou eaHmitedife 5 - . 


freezer branches to retain its place as 


since 


Retailers 


CONTINUED FROM PREVIOUS PAGE 


greater sales in smaller areas.” a recent^ -calculation esnnrateu-.j^ * product development as - 

BOC's move is clearly well that there were about 10O coId:^Q ^ price, tiie. J s|XlJMtf(nsf.--a’ 1 v , xia$tfM^4e^]S 
timed relative to the require- storage depots in the UK. cover- ^ far as pr i Ces are concerned, p mht p . f . . . ^ 

ments of the market. It will ing over ,130m cubic _ feet pf been characterised:. In. thev wnuTd ^ ^ 

compete with a number of well- space. The largest included ^ one 0 f pri ce Leadership ^ 'fferm ac^eiez^titig’ dttittf tro o£le; T 
established major operators. Christian Salvesen. Union CiM-^ ^ part 0 f Birds - 

One of the leading distribu- Storage and F rigoscandia. ■ ‘A'^influs ' and Ross generally T 61- '• 'jwr Jgi^.Jii i • 

tors is Unicold, formed by Birds Intense competition -at .-the- ^ gyring its lead. . Birds 

Eye. the Unilever subsidiary, retailing and distribution see4'la*ger sales and hanoe - abweaf iimii 

with SPD transport another off- tions of the business- possibly. tfched position in’ the ret^r .dlsMurage:^? 
shoot of Unilever. Unicold has results from the monopoly, bide- give it important adyan- ni n Wjj g h-Axrtn^ , 



nearlv two-thirds put frozen Bill O'Gorman, chairman of Excise. In the past five years. j nj? costs with better tempera- 
grocery foods at the top of their W. H. O’Gorman Ltd.. Britain's imports of display equipment ture control and improved 
lists, with dairy foods second, largest refrigeration contractor }, ave outstripped home prndue- reliability. ^ 

The bulk of those surveyed to supermarkets. "Twenty yeas t - iin O n the consumer side, 

expected to sue a sharp rise in ago 3n average new supermarket research has shown that buyers 

the number of different pucks had only about £7,000 invested But British manufacturers 0 f frozen foods tend to shop 

of frozen foods stocked by i960, in display casts and cold rooms, are experiencing increased a round for either price or 
Given this optimism by now it's more like £150.000,” he demand and are beginning to variety. A study over an eight- 
retailers it is surprising that says. “ However, there is still a be more aggressive about niar- W eck period shows that only one 


there is not a greater incentive lack of back-up storage in many kciing and publicity. Mr. Philip major multiple or symbol group 

s. Retailers Liunmins. sales director uf Lsr- pveiiiHino frep?pr — ■ — . »-■> ■ 





a sharp rise in the number of COMPRESSOR and condenser was a household name in hohib ' which is for the food industzy; .abt:;-? fi2ni^.-^ndlic J ^- ; ^eeSr rijuritSt 
fridge freezers being bought, units are the guts of any re- refrigeration but the pressure Recently it CDnrpdeited instalta- grbnjpa^ c*^-' 

‘ jtftrFranee 


to make more efficient use of of the larger stores. Ketauers oumimns. saies director or oar- — excluding freezer centre. 1 - 
frozen food cabinets. Many tend to consider storage and ter Refrigeration Display Ltd., appears tu attract more ihan 
retailers have insufficient back- cabinet space on the basis of which manufacturers super- | ta jf 0 f jj s customers' spend- 
up storage capacity which pre- forecasts for only one year market display cases, explains: Jn „ „ n frozen foods. The 

vents them from restocking ahead. More often than not, they "In the first half uf 1978 we average is around 40 per cunt, 

top-selling lines quickly and are buying short” due tu c«rry om froze n Another lrend apparem frciin 

using the remaining space for food d.splaj case installations in research over »]j e Dast vear ^ 

a wider range of products. PrpfprPlTlCG supermarkett altogether worth a ch!IVT ^ rico in „ r 

In a survey of .2.500 super- 11 bt ‘ r £500,000 which is about 

S^*WiS l Ew. , '?«nh , SlS reall^to" ^TfiSSwSK m?« P l-o m p e Jr a 1 1 v s ur es * ’in l his _i s ” f Motion system and radical of foreign importe. partTciaafly- Jon^'rk on the Bristol Carre- 

found not to have any back-up view or the market. If they want real terms.” 
storage for frozen foods. Mr. t" look into the future, they have Dusseldorfs Euroshup 

Albert Heijn, who runs Hoi- lu first Ir^k tnti' the past and exhibition in April showed that marxets demonstrates. Unc unveiled by a British manufac- explained: “Importers wer^-prepa ration areas add 700 thH*d* v Eilrdpean 

land's biggest food trader, told a the growth uf ruzen s es the major refrigeration display effect of this is tn narrow the turer. It has been designed and selling fridges cheaper than? linear feet of display a&es. ' . pranned'Tfar 

reucnt grocery conference in speaks tor useit. case manufacturers have distinction between retail and Heunlnned hv ProcrenlH Wntd- Pr«fenid nnuM mn tbuim *v — .... i _ . --.*s --c* .• 

Ireland that limiting the range British retailers, however, invested heavily 
of frozen foods being sold, be- seem tu have a marked prefer- Improvements 

cause of lack of space, did not enue for imported display equip- and styling .« uu«u id uu paC K S Py freezer owners. group, formerly the Special hermetic -compressors .to Vr^ii tfoo- docbie sEeel- 7 1 

make sense. ment aecordms to figures cases. T echnjc»l changes have n -j p. .;,. Products Division. domotle 'iiUge .'nmubemnih' 

lhts view was echoed by Mr. published by the customs and heed aimed at reducing operat- Uavid UlUrClUll FoUowing field trials this like Thom, although LEC eon- Ihene^or " W 





Look around the frozen food market and you’ll find Ross. 

A centrepiece at the supermarket. In the freezer centre. 
Sitting in the comer shop cabinet 

Mum home from work, the factory canteen manager, the chef 
of the grand hotel; they all know Ross. 

And we know them. Which is precisely why we have such a 
complete understanding of everything frozen foods can offer. 

Around the world, from Paris to Perth, Ross offers a first class 
service to ALL sectors of the frozen food market. 

Come and find out what we can offer you by visiting us on 
Stand 28 at the International Frozen Food Industries Exhibition, 
Olympia, June 25th - 29th 1978. 



MODI 
MIT 1 



aw ay from vertical dispLay cases 

taces of both the hermetic and gave up making compressors in set as<ainst ^ in<! 7T~ in^de the -stores- the -major 

open compressor while avoiding Britain and instead is now buy- Qnce the plam ^ lnsla ii^, trends are.jowards more auto- 


the disadvantages of both. 


ing them from Prestcold for 


, , . _ . ., , Prestcold has 800 radio-coztV forms . of storage- and 

The company has spent £lm sale under the Frigidaire name, vehicles operating 0U f. meefiaiucal handling. Christian - 

eve lop ing this multi-role com- "« of more than 50 depots to pro- 'Salvesenbas introducedmobile 

w h!Si?lwph arp SJ ride a maintenance service. jadring *»to^spme, of : ifs,-^eld •' > 

set, both of which are said . . . - .scores .and- ftwldiff ahd • pedes— w - 

to be related to the pressure fo^^owltore^ trian stadkere areTS^lj to he ! 

for space saving. One is the m = eranqn pianc ior cojo .stores . nartiallv-^ilacBd: hV -f ' . 

move awav from chest freezers U P *° a bout 0^.5m Cubic, feet -il . •- . 


developing this multi-role com 
pressor during a period of trends 
worldwide depression in the market, 


industry. It is hoped that it will 
have uses both in the refrigera- 
tion industry and in the grow- 
ing market of air-conditioning 
units. 


move away from chest freezers 
towards upright versions and u - s, p 2 
the other, more pronounced ser ^ 5 - 


open compressors in ov * r bead cranes.-. 

Above this size com- Uespite.the depressea state 
like Hall-Thenhotank »f the xefrigeratiaxr eqrjipinent—- - - 


_ J trend is towards fridge-freezers, pames ‘lute uaa-TnennotanK 

inSSdehs«bili“ «o funcUnn 3 S Fibres produced by the Food can provide redprocatmg_com- 


Freezer - and 


Refrigeration pressors up "to about 750 hp. areas ef expanaon-r-air-cohdl-i 
a gas motor as well as compres- c 0UCC j] f or April this year show Other forms of compressor like boning- and heat 'xecov«y 
sor and it, h.gh volumctoc ZmSZ the screw corepressor are also equipment took > 

' • - " — - - ” storage further step " into • the .‘air-, 

conditioning market in 1876. hy 


S P theureof' low dSSt^reWg^ Britain nw have a fridge. Home “«* for 3arge ^ 


erants and has wider applica- 
tions as a high temperature heat 
pump. 

Prestcold is Europe's major 
industrial and commercial re- 
frigeration group, with more 
than SO per cent nf the UK corn- 


market sales of fridges, includ- plant 


1 Ty- 


ing fridge freezers, totalled over In 1974 there were 100 cold - 

1.5m last year and British manu- storage depots in Britain, with - 6 ^ n0 f2 ’T l1 * . 

facturers exported slightly more ahnut 134m- cubic ’'feet capacity; investment pro^a^oe at’rits. 
than 250.000 units. The three largest operators are j?*? 01 - ^ baTenam, Hant?., has 

1977 one in every four Christian Salvesen. which owns flowed.'--' 7 


*MPAP 


In 


about 40m cubic feet. Union 


The demand for mere- effi- 
cient use ; of - energy- - is also 


C'H. 


»•■•••• mv (»»■• vv ... w v»\ ium- families had a freezer, this _ f ..~ - , p . _ meuc use o? ■ pn 

pressor dud condenser unit mar- figure is increased to 36 per cent Co ' d “ d Fn S oscancBa - Uke]y t0 mak - ft th £ ^ ^ ^p. 

ket. The company also claims if fridge freezers are included. ChnsGan Salvesen s chents meat for extractine beat -it 
40 per cent, of the European By 1980 it is estimated that 50 include Marks and Spencer, growth area Priistcold sees 

market for semi-hermetic com- Per cent of all households will Sainsbury. Kraft and County jj eat recovery for example 

pressors and 5 per cent of the own a freezer or fridge-freezer. Fare. The company at present ' the ; heat extracted in u 
hermetic market in Europe. Sales of freezer units appear J* 3 * *2 depots in the UK with store to- rioen fruit ' in 

In Europe the main com- to have peaked in 1975 at about nv0 under construction, and an other store— as one of the 

panics producing hermetic 0.85m and last year fell back to w ®rks on a basic storage unit main areas of future devrfon- 

compressors include the Danish about 0.75m. The drop is more of 1 - 2m cub 111 ' eet - Its largest men -L ' 

company, Danfoss, the Spanish than compensated for, however, S° ld stor ? is near Grant hara 
company, Unidad Hennetica by increasing fridge-freezer * n Lincolnshire and consists of 
the Italian ‘ ** ** 


and the Italian company, sales, which grew by 34 per cent 
Necchi. Japan is an increas- last year to reach 570,000. 
ingly important market, but Domestic fridge and freezer 
while the U.S. remains the equipment uses hermetic com- 
biggest market for hermetic pressors — sealed units which 
Prestcold because of licensing must be replaced if they fail', 
compressors it is not open to Prestcold manufactures a series 
agreements. of these units at its Glasgow 

Prestcold shares the Euro- factory. They range in capacity 
pean market in semi-hermetics from a fourteenth of one horse 
with companies Like the power to 3 horse power and have 
German DMW, which also has many uses besides domestic re- 
plants in Belgium and France, frigeration. These include use 
Prestcold exports half of the in air conditioning equipment 
production from its four UK and ice-making machines. Com- 
factorius to more than 90 mercial and industrial refrgera- 
countries through its subsidiary tion demands that the units 
Prestcold Searle International, must be serviceable and there- 
It has subsidiaries in Canada, fore semi-hermetic and open 
South Africa, Germany and compressors are manufactured 
France. Like its competitors with capacities ranging from 
in Europe Prestcold has been 0.25 hp to 70 hp for the larger 
hit by what it describes as ” a open compressor types, 
very depressed world market." Where large storage or sales 
However, turnover rose last areas are involved these units 
year by 38 per cent to £61m, will often be arranged in series 

of which £13m came from in a plant room circuited to dis- 

direct exports and a further display cases in a supermarket 
£6.5m from its overseas sales play cases and culdrooms. The 
companies. Profits before tax often reflect only a fraction of 
and interest were £2.5m last the store’s refrigeration capa- 
year against a budgeted £4m, city for there may well be a 
reflecting falling prices and series of cold stores and prepara- 
squeezed profit margins. In tion rooms behind the sales area, 
spite of this investment has Refrigeration has applications 
been maintained, with £4.5m not only in the retail sphere 

spent in 1977 and £5m due for but also in catering and in 

investment this year. special settings like hospital 

Prestcoid’s dominance of the bloud banks. Prestcold acts as 
home market is reflected right refrigeration consultant, in- 
across the range of compressor staller and service engineer in 
sizes and condensing units and these markets and is the main 
the company therefore provides con tractor for many of the big 
a valuable insight into the stores and supermarket chains, 
equipment market at both the The company claims 70 per 
retail and cold storage ends. cent of all UK retail, contract- 
Unlil the mid-sixties Prestcold ing work, more than half of 


\ 


V 


Paul .Taylor 



READ AND INWARDLY DIGEST 


One of the leading suppliers to Bri tain ’s top • • 
quality, high street storesi airlines. andhote^ groups. 
The company is also one of, if not THE-largest,- 
exporters of frozen vegetables from the UK, • 
specialising in size graded peas. 

Visitors at the exhibition will be welcome at 
STAND NO. 7 where a full range of home 
produced and imported vegetables, friiit ahd pasta 
products are on show. . - *. - -L - 


FROZEN QUALITY LTD. 



Saits Office. Bolnhurst, . 
Bedford MK44 2ET, England 
Tel: Colmworth (033 062) 46L 
Tele: 826229 




GENERAL FRIGO SPA-: 

Bitonto (Bari) . Telephone: 080-615312 ! 

will be exhibiting at the . ~ ,--J‘ : 

1st INTERN ATIONAL -FROZEN FOOD' IND USTmES^'r 3- 1- 
CONFERENCE AND EXHIBITION.. 

, . . .. ‘ . . -STAND 'l23/<7 vv 

between June 25-29(h . 

General Frigo will present their production of -frozen: 
vegetables: artichokes, capsicums, peeled tomatoes, tomato 


■fi 




6 - 




cubes. 


•tV v! a 

•5*1 V 




... ■■ - • iX ■ 




t 





Financial Tunes Friday June 23 I97S 


farm ing and raw matekMW^. 

^ V/'i’.'V'VA • 


EEC opposes 
world zinc 



cartel move 


BY. MARGARET VAN HATTEM 

THE EEC Commission has pro. 
posed Community approaches to 
President; Carter, asking him to 
reject demands by U.S. zinc pro- 
ducers for restrictions on im- 
pons ana a sharp, rise in import 
duties, which would hit Com- 
munity producers hard. 

It also hopes to persuade 
other major producers, such as 
Australia, Canada. Spain. p£ 
land and Norway, to “ take a 
global view and avert a move 
towards protectionist measures 
However, it considers that the 
present -crisis in the zinc indus- 
try. which is causing Community 
producers losses of about S2m 
a year, is cyclical not structural, 
and indicated todav that it 
would .oppose any attempts to 
form a -crisis carteL" 

The Commission's proposals 
forwarded to the Council of 
Ministers last night, aim lo 
form a united stand among the 
Nine before the special meeting 
of the International Study 
Group for Lead and Zinc, lo he 
held in Vienna on July 3.5. 

According to lhe Commission, 
the present situation in the 
.industry, with world zinc prices 
at about $550 a tonne and EEC 
production costs at about S75o, 
is mainly due to over-production’ 


BRUSSELS, June 22. 

A slight recovery in zinc con- 
sumption in 1976 and 1977 from 
the depressed levels of 1975 was 
misinterpreted by producers, 
whose stocks had risen to 845.000 
tonnes by the end of last year, 
from 212,000 tonnes in 1973. The 
cost of maintaining these stock- 
ts causing heavy losses. 

U.S. producers are seeking to 
bavt: imports restricted to 

350.000 tonnes over the next five 
years, and to have import duties 
raised to 7 cents a pound (27 per 
cent of the price) from the 
present 0.7 per cent. 

Though the U.S. International 
Trade Commission has rejected 
iherie demands, the ultimate 
decision rests with President 
carter, and is expected u-J Lb in 
a month or two. 

Approval would hit Com- 
munity producers' hard, the 
Commission said today. Not only 
would it severely limit Com- 
munity export potential < last 
year in per cent of EEC produc- 
tion went lo lhe U-S.) but h 
would also encourage other 
major exporters (such as 
Canada. Norway. Finland and 
Spain 1 trj try to offload on Com- 
munity markets what they couid 
not sell to the U.S. 


Europe acts against 
chrome dumpers 


EY OUR OWN CORRESPONDENT 


BRUSSELS. June 22. 


THE EEC Commission has 
decided to impose provisional 
anti-dumping duties on imports 
of ferro-chromium from South 
Africa and Sweden. 

This follows complaints from 
German, French and Italian pro- 
. ducers. whose output fell by 
about 17 per cent between 1974 
and 1977, while the Swedish and 
South African combined share 
of Community markets increased 
from 19 to 45 per cent. 

Commission investigations 
have shown that Sweden and 
South Africa have been dumping 
ferro-chromitim at prices about 
10 per cent below those they are 
gettine on their domestic mar- 
kets. The new duties will be cal- 
culated to make up this differ- 
ence. 

The Commission said today 
that price-cutting by Sweden and 
South Africa had depressed Com- 
munity prices to such an extent 
that EEC producers were do 


longer covering production cosls. 
Several plants in Italy have been 
forced to close. 

The Commission said the situa- 
tion had deteriorated sharply in 
the first few months of this year, 
following a spectacular increase 
in imports. 

The new measures are aimed I 
primarily at South Africa. Total 
Community imports of Ferro- 
chromium in 1977 were 300.000 
tonnes, of which South Africa 
accounted for 159,000 tonnes. 


COPPER SALES 

Sales of blister copper pro- 
duced by O’okiep Copper are 
being handled exclusively by lhe 
company and its South African 
subsidiary. O'okiep Sales | 
(Proprietary). j 

The sales agency agreement : 
between Ametalco and O'okiep i 
Copper is now ended- 1 


Eire threat 
to block 
fish deals 

By Our Own Correspondent 
DUBLIN. June 22. 
THE IRISH FSsh«*rio*i Minister 
has threatened lo veto fishing 
arrangements between the EEL 
and non-member countries, ami 
to close fishing grounds off 
North-west Ireland. This is in 
response to lhe continued 
failure to achieve an EEC fish- 
ing policy. 

The most immediate problem 
racing the minister, Mr. Brian 
Leniban, is the threat hy Mr. 
John SUkln, the British 
minister, unilaterally to close 
the Scottish herring grounds. 
He fears that boats fishing 
there will move south lo the 
grounds off the Donegal coast. 

Sir. Lcnlhan plans to close 
these grounds except for the 
inshore belt traditionally fished 
by Irish boats. 

His more general problem is 
the need to operate lhe fishing 
plans be agreed with the EEC, 
despite considerable political 
opposition. Mr. Lenihan needs 
to have these working, and 
seen lo he working, and hopes 
his threat of a veto on (bird- 
country deals may got the 
stalled talks moving. 

Such a veto is Ireland's most 
effective weapon because, with 
no deep-water Heel, it has no 
interest in third-country deals. 

Delays may 
hit Colombia 
coffee sales 

BOGOTA. June 22. 
COLOMBIA'S COFFEE exports 
could be reduced because uf port 
congestion at Buenaventura, 
normally the country's mod 
active port, according to the 
Colombian National Association 
of Industralists. 

Sr. Fa bio Echeverry. head of 
'be Association told President 
Lopez Michelsen: " Indications 
arc we will not be able (o export 
more than 500,000 sacks of coffee 
per month apart' from exceptional 
months." 

He said 10 ships were docked 
at Buenaventura, 10 more riding 
anchor outside waiting to dock, 
while six scheduled to call and 
three due to unload continued 
their voyages because of lack of 
facilities. 

Port warehouses are practically 
full, so the National Coffee 
Federation has suspended the 
granting of customs permits. 

O On the London futures market, 
meanwhile, prices fell again in 
response to the continuing mild 
weather in Brazil. At lhe dose 
September coffee was £1.494.5 a 
tonne, down £59 on the day. 
Minimum overnight tempera- 
tures in the coffee areas were 
about 13 deg. C. on Wednesday 
night. 




to fear’ 
amb plans 


BY CHRISTOPHER PARKES 

NEITHER BRITISH consumers 
nor New* Zealand lamb exporters 
have reason to fear the Common 
Markers plans in reorganise 
Community trade in mutton and 
lamb, according in the National 
Fanners' Union. 

Oft the other hand, bringing 
the trade under the umbrella of 
the Common Agricultural Policy 
couid lead lo a 20 per cent rise 
in UK sheep production over five 
years. Mr. David Parker, chair- 
man of the NFU livestock com- 
mittee told MPs investigating 
the EEC's ideas. 

There was scope for ihis expan- 
sion without harming New 
Zealand, he said. 

Mr. Parker complained of the 
4, un accessary barrage" of reports 
on how a common regime govern- 
ing l.-imb would pui-h up consumer 
prices. 

" There is nothing in the pro- 
posal? that will cause the price of 
Iamb id rise any more than it 
would otherwise do." he said in 
evidence to a Commons com- 
mittee. 


Advantages 


The Ministry of Agriculture has 
suggested a time rise of 10-15 per 
cent. New Zealand shippers fear 
;• jump of "5-lu per coni. Mr. 
Parker said thm even without a 
cmnmuii sheep jinfiey (here was 
hound in he some natural harmo- 
nisation of prices in lhe EEC. 
This ;.as already happening to 
some extent. 

He made clear for the first 
time that the National Farmers' 


Union would not be satisfied 
with a simple agreement be- 
tween France and Britain allow- 
ing free trade in Iamb between 
the two countries. France might 
soon face action in ibe Euro- 
pean Court of Justice over its 
periodic buns and heavy taxes 
on imports of British lamb. 

Sheep farmers wanted the ad- 
vantages gained for other major 
commodities through the 
mechanisms of the CAP. It was 
only logical. Mr. Parker said, 
that lamb should be treated in 
the same way as other farm pro- 
ducts. 

Mr. Philip Butcher, an NFU 
commodities expert, claimed 
many people had wrongly 
assumed that harmonisation of 
lamb prices would mean only 
price increases in Britain. 
There would be reductions in 
France, he predicted. These 
might help boost consumption. 

Commenting on reports that 
consumption could suffer drama- 
tically from price increases. Mr. 
Parker said that the price nf 
lamb in Britain had risen 50 

per cent in ihrec* years while 
sales had dropped only 9 per 
cent 

Mr. Buie her stressed that in 
spile oF all fears about inclu- 
sion of a “safeguard clause" 
in the proposed EEC lamb 
regime, GATT conditions ruled 
out any import controls more 
onerous than the existing 20 per 
cent ad valorem import duty 
charged on lamb from New 
Zealand- 


New boost for cocoa 


BY OUR COMMODITIES STAFF 

COCOA PRICES on the London 
futures market yesterday 
resumed lhe upward trend which 
had been interrupted by Wednes- 
day's sharp sell-off. 

Reports that a serious oil 
shortage bad brought commercial 
( activity in Ghana almost to a 
i standstill triggered a £40 perrnis- 
Isible limit advance soon after 
[the opening and nearby prices 
made further gains during the 
morning. 

Values cased back early in the 
j afternoon but a renewed 
upsurge near ibe close leFt 
! prices near the day's highs with 
I the Scpienibvr position quoted 
a l £1.812.5 a tonne, up £48 on lhe 
day. 

The Ghanaian Government 
said the nr | shortage, caused hy 
the failure of a contracted ship- 
ping company lu Iifr crude nil 
from Algeria and Nigeria and 
deliver it to Ghana, has reduced 


stocks by 25 per cent. Road 
transport from up-country farms 
has been affected badly and it 
is feared that cocoa shipments 
may be delayed. 

In London, however, the trade 
did not seem loo worried by the 
news from Accra. It was tbe 
speculators who were most 
impressed, though even they are 
thought to he maintaing a fairly 
cautious attitude to the market. 

From Kuala Lumpur, mean- 
while, Reuter reports that 
Malaysia's planted cocoa area 
is expected lo nearly double to 

60.000 hectares by 1980 from 
about 33.000 hectares currently, 
according to lshak Bin Pateh 
Akhir, secretary-general of the 
Malaysian Agriculture Ministry. 

He fold a cocoa planter's con- 
ference lhai the planted area 
was expected to rise- to about 

250.000 hectares by tbe turn of 
the century. 


CHINESE AGRICULTURE 


Pilgrims flock to 
learn from Tachai 

Br JOHN CHERRINGTON, AGRICULTURE CORRESPONDENT 


TACHAI IS the best known 
village in mudern China. It lies 

3.000 feet up in the Taihang 
mountains in Shansi province, 
some 300 miles south of Peking. 

The landscape at the Time of 
liberation (the Communist take- 
over) was unpromising. A series 
of steep ravines, with no more 
than half an acre of level land. 

The fields. 4,700 of them on 
the 130 acres, were tiny and 
sloping, so that they were unable 
to retain water, earth and fer- 
tiliser after any downpour. The 
grain yield was 0.3 of a tonne a 
hectare. Today it is 7.5. 

What with tbe difficult sur- 
roundings. ibe sufferings during 
the Japanese invasion and the 
alleged extortion of the land- 
owner and three rich peasants 

the inhabitants had literally a 
very thin time. 

Today after nearly 30 years of 
quite remarkable effort and 
many setbacks both 'climatic and 
political, the village is providing 
for 450 inhabitants in reasonable 
conditions, with new housing, 
school* and all the appurtenances 
cif modern Chinese living, austere 
as they are. 

The villagers were led for 
much of the time by a local man. 
Chen Yung Kuei, nn\v a vice 
premier of the State Council in 
charge of agriculture. 


Impressed 


In 1984 Chairman Mao visited 
Tachai. and was so impressed 
with what he saw that he issued 
the call “Learn from Tachai." 
Ever since then the village has 
been a show-case farm, visited by 
up to half a million Chinese 
annually. and by many 
foreigners. 

During the day I was there, 
more than 1.000 Chinese arrived 
complete with notebooks and 
cameras, plodded round the hill- 
side roads, visited the new 
housing and other amenities and 
returned to their distant homes 
to spread the gospel. 

Tbe message is quite simple. 
If China's present scanty food 
supply is to be increased, more 
cultivable land will have lo be 


provided and more irrigation and 
fertiliser used. 

Over the years the Tachai vil- 
lagers have created 1.500 irrig- 
able terraces, and since 1970 
these are being reconstructed 
into larger fields. This has been 
made possible by changing from 
the old system of flood irrigation, 
requiring absolutely level land, 
to the use of spray techniques 
which both save water and do 
not require such critical level- 
ling. The larger fields also allow 
for tbe use of some mechanisa- 
tion. 

Tachai is lucky in its sur- 
roundings. The steep and eroded 
mountains of Shaosi are covered 
with loess soil to a great depth 
over rock. Loess soil, which 
covers much of Central China, is 
said to have been blown from the 
Gobi desert aeons ago- It is an 
extraordinary soil. In can be 
tunneled into — in fact many 
people still live in caves in it-— 
but once broken down and ferti- 
lised becomes good friable soil. 

Carving the hills into terraces 
provided few problems, although 
subsequent floods washed many 
of ibem out. Today many o£ 
the terraces have been rebuilt 
with granite retaining walls. 

This work is still going on all 
over the area with a little help 
from tractors but mainly by 
hand. In fact tbe landscape 
has been so terraced that all the 
contours are on the square, a 
most extraordinary sight. 

How much more scope there is 
for making more land by ter- 
racing is impossible to say. but 
I saw from the train plenty of 
land which would have been 
made more productive hy the 
use of spray irrigation, without 
excessive levelling for growing 
any crops, except rice. 

It is not generally considered 
economic to irrigate cereal crops, 
hut Chinese farming cannot be 
judged by normal economic 
criteria. The crops are desper- 
ately needed. So the cast of 
bringing water to tbe more 
remote areas is. in terms of 
resources used, not really 
counted. 

There is ample labour. Water 


and power to pump it are ade- 
qiiaie. I was told. Although 
distance from water is a problem, 
there arc no insuperable 
obstacles to bringing it and 
spray irrigation would probably 
materially reduce the quantity 
needed. 

One of the lessons or Tachai 
is the emphasis on fertility, and 
particularly the need for humus. 

which js met by composting 
almost everything: dune, night 
soil and so on. On one inten- 
sive farm. I was told, that they 
used the dung from six pigs an 
acre and would like it to be 18. 
But of course there is not at 
present the feed for such num- 
bers of animals, most cereals 
being reserved for human food. 
Bur in practical terms lhe supply 
of humus is nol as critical for 
production as that of fertilisers. 


Formula 


Nitrogen is increasingly used, 
hut even on Tachai. the applica- 
tion per cron is at present about 
half ihal in Europe under similar 
cropping. 1 was told in Peking 
that by J9S5 there would be suf- 
ficient nitrogen, and a large 
number of fixation plants are 
under construction. Phosphate 
and potash are apparently avail- 
able. 

Chinese farm output at present 
is estimated at 2S0m tonnes of 
everything including a formula 
for calculating potatoes, pulses, 
millet — everything humanly edi- 
ble in fact and the intention i* 
to increase this to 400m tonnes 
by 1985. 

1 see no reason at all why this 
should not be achieved as long 
as the water, irrigation equip- 
ment and fertiliser arc made 
available. Because where they 
are already orovided. as at 
Tachai. the Chinese certainly 
know how to use them. 

1 won't forget Tachai. The 
beds in the guest houses where 
I spent two nights were just 
boards with a blanket over. At 
5 am I was quite ready to get 
out into the fields to join the 
other visitors. 


World sugar crop estimates increased 

F. 0- LTCHT, in his fourth and This was much in line with 6.9m from 6.2m tonnes. Earlier 
final estimate for 1977-78. put expectations and had very little this week Cuban President Fidel 
„ ® l,g ® r production at jujp ac t on sugar futures. Castro said be expected the 

4bi?d 5, ^luiate neS of aBa 9 , 2.449.W)0 The *"««»* ° ver ^ third Cuhan cr °P ,0 exceed lhe 
tonnes, and 1976-77 production of estimate was mainly due lo planned target or 7.3m tonnes. 
87.452,000 tonnes. revision in Lhe Cuban tonnage to Reuter 


COMMODITY MARKET REPORTS AND PRICES 

BASE METALS 


Kerb of £718. Turnover 27.400 tonnes. 45. 50. 55. ML Kerbs: Stand-in! Iftrse 


COFFEE 


COPPER— Lost around on ibe London ibai in ibe morning three months i*ir«v 
. IteUl Exchange foUMcmg ibe lower New bam traded a: Rlh. 16. 15. 14, u. 12. n. 
Li Ydrtt Jmxtmt oreralgin. Forward metM 13.5. IS. 14. 15. 14. 14.5. 14. 13. IS. 15.3. 


- « IriS tan when stow were 16. 16.5. 16. /Cathodes: three months Hiirh Grad’ V 
-> touted Off at SSI slid to £713. Consumer £712.5, £712. Kerb: Wircbars cash £892.5, LteJJ, . 6660 



. ■•• • £ ; il ■ 

'Wiaebsza' „ i 

Cash ‘ 696* .5 —10 

■ i months*. 716 .5 ,-10.5 
- -bKftfmliur 696- 5 . — 10 • 

Cathode*. 

Laafc,. 

£ arm til*. 

jutt'M'st: 692.5 — 10 1 — 

— • -66.5-68 . 

the weaker trend. But the decision of 
Sosjcom nor to change its force majeurc 


■ .111." 

TTN Omoifc' 

+ or p.re. «+*-r 
— 1 UuntHc 1 * •* — 

High Grad” l* ■ 

j 6660-5 

& tnontd*. 6570-90 
smtem'A. 6665.65 
Standard 1 

: 6635-65 

J idouUisj 6540-5 j 
5euieiu't.| tb65 1 
strait* K .. 1*1725 1 
New York) - I 

£ : £ C 

-100)6655-70 -S7J 
-fib 1 6575-90 -72.fi 
- 100 - 

102.6 6650 70 - 79 
-1A2.5 6555-60 - 70 

-100. - * 

7). - • 


Vrl'i.lni'- • 

CUFPtt > C, ~- .:+•"! Ui_r-.ni.->» 


|C |*+ i 'line 


— Uuiir 


£71 3.3. 14. 14*. 13. 15.3. 16. 16.5. 

£ . I TIN— Easier as forward nu-ial 

1 down from £6.5611 lo K.51D in 

683.5 3 -B.76 trading. The East was lower uvcrujsht „ h 1Vl . f 

713 .5 —(6 -s and the martt-i was loBudHcd by Ibe . J 1 *“?.• 'J?': , . K ??T!? 1 r l 

iall in copper. Buying acuuM physical fhi- maln mHpenre. Hna >rJ I'KUl U.ju 
business in the U.S. vied mull Mop- loss iL l«MlW,»w» tjf lb* f 


691-2.5 -50.26- 669-91 ,15.25 and dl- nisi seUIn j. but ... «he aflenwon N 32”vffl 

no.s i -i6 *•* 

at K.IWO. Turnover 1.903 tonn-i. *« rniS - Turnover C-haO «w»r«> 

.Morning: Standard cash K.sbP. three 
mouths 16.520. 10. 20. 40. 05. «• 43- 


*nS an ewetaaoa of lower warehouse Kerbs: Standard three months iO.SO. 
stocks riurad a raijy lo a dose on the Afternoon Standard three months is.jjQ. 


I XL index Limited 01-351 3466. September Cocoa 1807-1818 

29 Lanxont Road, London SW10 OHS. 

1. Tax-free trading ou commodity futures. 

JL The commodity futures market for tbe smaller investor. 


COMPANY NOTICES 


CHARTER CONSOLIDATED LIMITED 
NOTICE OF ANNUAL GENERAL MEETING 

- fcjorirv it ueaeav GIVE N char efw thirteenth annual general meeting o 

sSSttM ? astfArf! «« 

72 Boon for tbe loUow'ng purposes: , fo . t k. r . ur 

u To -'consider the a«oun» and the report of the director* for P 

~is .March 31. »97B. 

• To declare a final dividend. .. . M . , w Owiton. 

■ ATTvffl" W it"' - - 

■,y • jaUK-aodnara and audio i** ene oa , j. cntlt icd to appoint 

. : -A- member entitled- to *" d poll, co vole iiutead of him - A 

ent^ar ^Ofe ■ pfOXits to Ittsnd and, on a pm., 

be .a member of die company. ^ ordcr_of .tbc^board 

T; : -V • Q. 5. • “ 

. ..T-;; .“C.-'.. ” Secretary. 

48. Kartom Viaduct, 
towhU'ECIP IAJ. 
jute .22,. 1*78. 

■ 

■ V;? 3ES rssfsStrws s x ta* . 

. fctthinae tp be from 40. Hoibom Viaduct. 

■X Copin of the annual report arc 

, * London ECt* 1AJ. ' 


AUTOSTBADE , 

51 p C r Cent Guaranteed Bonds 1972/ 

•. * RNAL REDEMPTION jpoy<s(Bent)0ntd 6 ond* 

... A&'XX&Z- » ita „ * 

A* — - - - — ’ “ 15 „ ,.7.. 

o> •»“ — *S. G. w-rt-u'C « C-. Irt. 

— „ Principal ?*V"t 
Jw. 1*78. 


" iiiirni7nT , ^-*‘ °n ^? i S i 1 f A r R t" ‘ 


l l 976 FU 'Sfl' “ 


Coupon No. S' *• Yrust companr of 

“JSSS jn/gEw. Pn»s' u 

3S London 

JSSSo-lffl^L -Lsi! 



DEAD | 

I ' a. in." ,+ «r; 
| 1 1 men: — j 

1 1<.e<- -r “ 7 

l iii'lli. m! ■ — 


' £ £ | 

1 a c 


300-.5 -7 . 

; 302-3 -fiifi 

i lTH<ntllr_ 

509,5-10 — 7.S' 

513.5 -4.5 

.fcWt'un ut 

aOO.5 —7 j 

•- [ 

O.b. bpiiu 

I* ..“"•J 

! 31-33 1 


J.ur 1581-83 -59.0 1625-1555 

-rii.inl-r..- 1494-95 -59.0 1625 K6S 

14i'.>03 -SO 1435 1!65 

J^nth.i 1S4547 -M.0 1550 1SHD 

328o 93 10.5. 1300 025 

3Uv «... 1336-60 -42.0: 1348 1500 

Jnii 1215 40 - M.0|120C 115D 

Sah« '>.0*7 iitTu> l-jt- nl 3 Imoih-i. 

AKtbica* acre dull Clow mi urh-r 
I Hive r. irthT. lnibiii 1 'A -I un.. 

isti.w. ifti.tw. - .\iaii rm.w. i “.‘■.no. 
171.09. I: «f i I.V Mi In! on. — : D.r 
U4CI. — 1--.-I*. 140.00. I5i). iq. — ; 

acn! la.rtu Hi OH Juu. iM.u*. 

nt.no, — . Salt*. : "ui- ini of 17— ju 
blink 

ICQ Indicator prices lur .Inn.- ” ills 
tears rcr ■•••iiii-J • tTolonibiuii MtM 
Arabti-a' ifl.iQ unr.ash-.rt 

Arabiejs 174 kj uibvr mild 

arabivas ULVoT ••).••• «">: RnhusUs. 14ijtt 
r 1.70.1)0:. Djify au-ftki 1 155 jl> >1 5o.5t>/. 


11 OTDiag: cash E1K.5. 1302. £201. Ihrru 
months mo. iz.. 13.5. it U3. li. m->. 
Kerbs: three months £>16.5. 11 Afternoon: 
Unw months X31T, 12.5. 13. Kerbs: three 
months esu. 13. 


Of 130S.5. Turnover 4. 100 tuniits. 

( -f «>i - p. in. 


GRAINS 


WHEAT 


BARLEY 


ZINC 


■.oi. 

UftMal 


3 nj'»mU>...:a06.a-.75 -5.62 oOa.c-9 —8.5 
K'nituL....! 297.5 —9.5 - 

tatuVrul — _ 29-31 .. . 

Morning* three months £3us. 7. 6. 7. *>. 
8 j. 8. 7. 7.5. 7. S.5. 7. 6.5. Keros three 
months C307. CW.5. .Ulcmoo^* cJdtt I2T9. 
three months Cvvu. 6. G.5. 7. 7.5, $.• 9. s.5 
Kerbs; three mooibs QE. 

Cents p^r puuurt. * ■‘■n previous 
Official close. 7 UJ per picuL 


prevail- 

M'ntlr 



— 


: — 

.-U 4c.it n 


a+.6J 

-rO.20 

79.45 

+ 0.a5 




•-u.u 

B2.15 

+ 0.55 



S-O.IO 

-l). 16 

b+.8s • 

■ +- 0.3S 


'Ur. ' 

9^.7. < 

- u.29 

c7.45 

^■O.ja 

i+t ,r 

>U< 

B9.3J 

, 0.29 

bv.95 

.-*0.15 

tel — 

IMPORTED— VVlieai: < 

:.*VKS Nn. 

1 1:1: 




II. .Iiui.' - 

11.00 Tii-Vir, . l.S. 

Dnrk 



:.o. v 

11 |wr ci-«(. 

. .luii.- 

1.5 -8.5 

L 4 75. 

Jil’.r I-.' 

Ol). Au e 

. l*3V3 irjluulp- 


SILVER 


. Silver was fixed 2-Dp art ounce lower 
for Hpot delivery la the Lcadun buUi"ii 
market yesterday at SSS.lp. rent 

e<J Bivalents of (he fixings were : Siui 
533.1c, down 5.1c: Utrev-nionth 
down 4.8c; HX-munlh 533Jic, down t3c: 
and 13-moruh 574.0c. down 4 Jc. The 
metal opened ar 2£S.4-2S9.4p '5321-5341' ■ 
and cloved al M7.B-:8a.0p i329j-531c.. 
M/'c No. 10 — Seager — — — — 


SILVER 

- per 

trey nt. 


Bn I lion or' L.11J-L + 

ftvnqr ; — ‘ ckwe ; — 
Jirtdiic S i ■ 


awn -aae.ip —5.0 2st«5 ( . -415 
a monthr.. : 295. 75p -3^5 295.4 5; • -4.05 
» moot hr _ j 503.5 p —3.45 — - • 

l&in-iitlik. . 520p —3.5 — .. •• 

" LHE—' Turnover” l*fl "*77 1 lot- of in sap 
nzxL 31 urn i wr Three m iiiiJi, 'Jij 7. OS '. 
KUL «.9, 29S.1. 9i:*. Kerb-.: Tlir-,; 

fitoiKhs 2tW. 3W.I. .\/lern-«'n C."_»i 

2S7.4; three :itnnili--> -'C, 5 -• 5- '- • 
5.8; 5.3. 5-4. 5i- Kerbs: Three mouths 
285.4, 5.5, 5.4. 

COCOA 

Continued shorlrovcmc alb»d with 
mode El consume r interval h*ld pre.vs 
tnenrty through (he day, C til anti Ouilus 
reported. 


HI' :■! E.-> SI f.0:i-4. 

Waite: f.S l-r.-ncb June illli.io, July 
liwi.Ov Ai-e- iSW i.-airJ:ip:iuni Ea^t 
t'juV.. s. ,\in-.!i.i iVhi:., .time •Ana. r7s.;,n 
I'iatguf. ?. Mric.’ii YJlirt Jun.-Aug. 

L7iO*l • ,i - vuw. 

HCCA— L>»*al'u:i rt-iann «r«.*i pn>i.v. 
Feed wncat— S"i,:h !. •no.-iu n;.id. Feed 
ba rley-is-vjih Lituvlu i i* It 1 . lVllwIun- 
rs: o». 

Th-: >IK iik'ii tjry cvdi.reit for the 
«,*rl: b-.^mn-r- ’ m..- 2t« is u.p'diil to 
n-nuin m icho.'.K.J 

Kusin. si rtniK — Vftteai: X»T«'. -4 3V--4.*L7. 
-No*. >1 >'i:u Jjii. Mil 15 -a‘j.W. li.irch 
9J.fi'>ai.oti :>L'- — ■Ja'i - 1'4. Barley: 

Sap: 73 J'l-rs ;■>. r. j-j.a' su«n Jon. 

oo.t>'i-'S4 7u. 3lorch !*7.."5->7J^. Xijy — . 
Saws: G.: 

EEC IMPORT LEVIES: ElK-aivc fur 
.lane i: m orkr •;urn-n: h-vy plus July. 
Aug. and Svpi. premiums i previous in 
bjr+c75i all ft unit-' of aciouni per 
turn- . Common hheat— >7S7. rest nil 
.>7 43 re-»i nil". Durum whom — iro.79. 
rest ml ■ l”.7a. rvol tnl*. Rre— >7.u4. 
rvn nil t-7.61. n*st tub. 

Earley— bl.6<:. re-:*: nil itl.«. rest nih: 
Oats— 7i-.CC. p.si ml tTO.n:. rest nr! >: Maiic 
(oilier ihon hvtvrld :.ir re-edme — 7G.S':. 
res: ml t7h.fi. re-M ml-: Buck wheal— All 
a:) toil i»i,. Mu lei — : -vm uu <m.P4. 

r,-« cil,. Crain Corphun*— -.".* j:. r< si i<:I 
i sn >C. r,<t n.],: Fleur Levies: wheat or 
mixed wheat and rye four— 21 >1U5CI<: 
Rye Flint— 1:4.51 lill.W*. 


RUBBEZR 


aSS'JT USCKAtlSSD "H 111' 

lxnUJ:i piiy.i. a; "i-rk- : >:,■•■ I mi. r- st 

ItiTDnjhmi: ' li-- -Ij: u uti .- ’ I. 'O-Iv 

(jii-i . I«*.II* .'T.ii I'i.i! :■ Ii.ir'evl a 

M.il.i.-sijii ■I'.lu'.'.'i i-riM ui -2:.- 1 ii'iiLs 
a 8.;l>, *hii;.T. -I »l> -. 


MEAT/VEGETABLES 

MEAT COMMISSION — Average fatsim-k 
priii.“. a( repre-vnioiive mark vis nn 
June C B Otrtle 72.S2P per S«. J.ir. 
1-f.S:*. UK Sheep 1«7.7p per Fj?. cst. 
d <-11.11, CB pic, K.lP l»er hit. I.w. 
i -rli.li. Eng tend and Wales— CalUc 

number* down 12.0 inf rcnl. avcnnic 
prn.e ntCp i - 1.03 1 : Sheer- down 12.1 
per cent, average pruv M3.3p t 
Ft,- .ip S 3 per ■■ent. averaini on-.v Kl.ln 
t+H.!i Scotland — Caule numbers down 

11.7 iht cent, average prUm 7T.4:ip 
'-0*1,. Sheep dinm 14.7 per cent, 
asvraue prut UB.lp •— ‘.*K.Bi. 

SMITH FIELD 'Bence per poimrti— Beef: 
Seel el> killed sides 7m. U to 59.0: Ulmer 
hitrl'tuaners 73.0 lo 75.0 funnunrirn 34.0 
to .% f: Kin* huidoiwners 72.0 lu 70.0, 
for-umirt-.T* 3X0 to :« 0. 

Veal: Dutrb huids and ends S4 U to 
84.it. 

Lamb ■ English small MO to &> 0. 
p.ua'iNn medium #0.0 io 6C.0. lmpurh-d 
(rtii.'n. Xi PL 52.3 to 53.0. NZ PM 51 .3 
10 

Perk: Endtsb. uinJer Itxj ft 3, .0 to «.fl. 
IU0-V”' lb 30.0 10 43.0. 120-160 1b 35.0 io 
COVENT CARDEN t prices in sk-rlmp 
Per peekacc except where Staled-. 
Imparted produce: Oraascs— Cypriot: 
Valencia Lates 15 kilos 4JOU1: S. 
African. Navtds 4.00-1.60. Lemons— 
liali:-u: luu. 120s ik-w crop 4.O1M.20: 
Spuntj Trays l-26-l.'JU. large boxes 3.00- 
4. On. G rapefrailr-s. African: 27-72 3.40- 
4..7n: JalTa: 20 Kilos 3^0-4^n. Apples— 
iTeiJ-.le C olden Delicious 20-lb S4s 3.00- 
5 20-3.90. tumble bnXes. per Ih 

O. trt-U.17' W. Australian: Cranny Smith 
•t.2u. TaMiunian: Granny Smith 9.0«: S. 
Afnean. Oramiy Smith 9.30. IVTuic Winh-r 
EVarniaiu 7. 50-7. M. Stark tnc Deli. iQUS_h.20- 
x.vi. ituM-it Delicious b.rtd-S.st). Yorks 
f...:u-* ■ t- Chilean; Grjmiy Smlili S.0tK-..Vi, 
S'.irK :r- ■- ! 0-0.30: New Zealand: Siumwr 
ri|,rin.< l -Cl 9.20. I7 j 9 lu. t’.rjnny Smith 

P. -Vr. Italian: Rome Beauty per lh 11. 17. 
t.urdeii ! ' . lieioos 0.13-0. 17. Jorulhans 40-lb 
!..*». Pears— S. African. Carton*. Paeb- 
hatn'c l riunph 9.00. Winter Kills 7.SO-5.00. 
J«s--n(|ii- «■ 9.50. Peaches— Spanish' Stan- 
il.trd ir.es 2.00-3.20: Dalian: Standard 
:t.ne-t French- 1.99- 7.do Grapes— 
|M). 'i P'-rletle 5.UQ. Plums— Spanish . 

1, tins .Ijps 1.00-1.20. Sanla Rosa 2.411- 
::.un Ap-i cots— Spanish: 5 kilos 2.99-2 wi 
Bunas — lainaK-JUi: p.r lb 0.15. Avocados 
— e.iivj Faerie 14 -'U 4.SD-I.M. S. 

AlrieJIi Fuerte 4.30-1.HJ. Strawrberries— 
t'h!:furni.vt 0.90. Cherries— I'n iteh: P-.r ll> 
•jh-U.lP. Italiao 0 55. Onions— Canary 
IHih h 130: Israeli: D.nu: Texas: 
4 .:u: Eoptian: 230: Spanish 230. P»ia- 
locs — 1 — wnoi • a AO: Brlltany: 5.30: Jersey: 

0. 117-0't-- 

English produce: PmmubI— fit 56- lb 

2.30-369. Lettuce— per 12 #.00. Ops 0.911. 
Webb-, o.rn. Carrots— Per lb 1. no- 1.40. 
Onions— per Wb L50-1.M. Rhubarb — Per 
lt>. nuiduor 0.03. Cucumbers— Per trap 
li 24s 1 20-1.30. Mushrooms — Per lb 0.30- 
n.46. Apples— Per )b Bremlry's O.iO-li.ilt. 
Tomatoes— Per 12-tt) English 4.40-4.60. 
Greens— Per crate. Kent 1 00. Cubhpce 

1. nn. Celery— Per 12<1S 2.50-3.00. Aspara- 
gus — l'-.r 'lundle approx. 2-lb i,SO-].*.0. 
stratubcrrics— Per 1-lb 0.16-0.20. Caull- 
llnvfcrs — P- r 12 Llnroln 2.00. Rcnl 3.00. 
Brnad Beans— Per lb 0.05. Peas — Per lb 
O.Ji. 

soyabean meal 

<l:,r In which vatm-s c.is, rt 11 
■ iP‘-mti£ k.-v,-|<:. I ou-, r prm-s 
hi'-aao markpi i-onuihii'.-il In 
He* clgw nn>l Insv-s rme.-H 
11.50. SNW Laniniudiu,-> 


355 0-354.2. in: March SSS.2. MS c "W..V 
359.3, 4. May 7S7.U. 343.5. jM.0-rJC.ri. IS: 
July 365.0. 365.5. WLSJBS.n, 14: Ocu "67A 
369.0. 3H7.0-367.0. 4: Dec. 369.5. 3703. 
270.0-270.il. 7. Total sales: 74. 

SUGAR 

LONDON DAILY PRICE traw oopart 
05.00 i Same > a innne cif for June July- 
Aumis; shipment. While sutar dally pri« 
van hxed «*I non. 50 1CIOG.5O1. 

After bvuumninK lh - day un .1 steartirr 
naii*. the nurki-I drilled id rairly ihm 
child nluru- The initial steailmi-ss was 
ihousm 10 bi- a •omhinaiion of iiiiccriauinv 
about yrft'.Tdar'J Kenyan buying und*r 
atid cummer rtm-i nations. A rallv in lhe 
early alien iron failed lor lack of lr»*sb 
huyiiie *1 the bishcr levih and .inal 
trades left tire- market ahum imchunped 
uii the day. The LDP was DlK-haiwefl ai 
9-7 #0. LPPi W 1 w as redutvil by rl lo 
1165.50. C. Czanukow reported. 


PRICE CHANGES 

Prices per lottne unless otherwise 
Staled. 



-(-■•r Month 

— | ■Ke 


I'rcs. 
L’-nim. 
4 'mm. 


Ytf»t«il>i.v ui Pfih«i» Uu-iihib 
I llinr J t.'hwa ; Ui'ue 

' ' - 


.lop. .. 
4.M. . . 
Dec-.. . 
Mur.-b 

ilav ... 

\nu.._ 
«Al .... 


-r 

1' fjcr l■,u^^■ 

; 9B.50 08-60' 97.5J 37. 
10, .40-100. 5: 33.56-99. 
laS.n-D2.70 101.40 01 
JllO.bO 10.06', 103.69 09 
112.46 15.25 


SO 93.40-97.95 
M 101.00-od.10 
.46 105.25 31.25 
.70 I1I.6j-U 3.60 
(I2.2j-l7.ia 114.00 12.30 
116.8# lB.3Sll16.25 l5./iU8.75 15.75 
1 120 25 20.40) 1 13.4a- 19.65, 120.40- 19.00 

Safes: 2.441 t.U>Uf< lots ol 50 tonnes. 

Tate and Lyle ex-re-hnery Mice fur 
era nula led bases while sueur was 124^.4# 
txa&re'i a lotiue lor Du me trade and 
i'l»5.vd (unclianpi-rfi f or i-xpori 

jr national Sugar Agreement price 
tor June 21 L S. cents per pound lob and 
stotvTd Caribbean port- Daily 6 .'j 6 iB9.li. 
lo-rtay averam 7.:il >7.271. 

EEC IMPORT LEVIES— Khedive today 
f»r Ueiia'.urcil jnd n»irdenauiml *uyir in 
nnii'. i,f atvuurii per 100 Kilos tpitTmus 
in hrAcK’.’lsi, While 27,25 ■ 27.11 1 . Raw 
22.45 'sJinci. 


Metals 1 ' 

Aluminium.... _. .. |£680 

nuiikei i,.-i-.j,.~i.050 40 
l.’iipf^ri-UTli lV.Burslt662.7b 
A in- ■mh* il». il> i. ;C7 15.15 

t m-Ii L'nilKule £690 

A in, mill* ,l». ,li,. ;E710.75 
fn,l, I . ...Tri,\* iv.ieluS. 125 

land Cre-I, -EJ02.5 

5 ni>ini hr {C5 15.25 

Nn-kei 1C2.666 

Krev Unreel ii.'ifi il>i S1.85 

I 1.95 . 

1 ’Ini inn in I my tv. Jl: 133.0 
Free Marke-i. . ,.-i!liO.J5 
l/unlikilter i761|i.l 51Z0-d3 

-iiivei invtW. iZ83.li> 

5 1111,111 h> iS95.7 5;i 

Tui [JUb.660 

j imutlir !tb.557A 

'V, iiirnin 22.U4lfx.il, SI 30/5 b 

Ziue ensh !£299 

5 nurtilti* I£508.75 

Pr»«iuw* :S65b-6fiO 


. . .. L’eeo 
* 10.0 s loan-io 

- 15.75 £740.5 
-16.0 £760.75 
-15.25 £752.5 
-15 u £752.76 
-1.75*181.123 
-5.26 £304.25 
-4.3 £314.25 

SI. 95 

2.05 

. X130.5 
-5.65 1-136.4 
h 125-30 

- 3..« 486. 5|< 
-3.26d93Jp 

— 70.0X0. 3 70 
-70.0 £6.307.6 
.... S 132-37 
-8.5 £323 
-8.5 £355.26 
S55Q-6D0 


Oils I 

<>>->>uu( (Pftilj .. ..jf 690^ 5.0 5600 

1 rnumrtmit !S7i:4 £749 

Uir«,1 1'rutlr 11-1. (£577 ... . £365 
l’alni Malayan S600A —5.0 6615 


Seeds 

l'»|>in Philhp l34S0t *417.5 

xynlicnu tC.s.i... |S290.5~ —4.5 ?5U0.S 


goes for 


\ 1 in i- 

Iri.pi Mi- 
in :h- 

•• . j'- II— ■ 

f»>»in f2 

r p>ir:<-rt 


Yeti erelny 4. , 
I'liw — 


Itii-iu,*.* 


Vr.l ll-IIW 

il. >.4 in 


I 'l»-» I, -,l“ .‘tll-HIl-v 
lUrtn- 


. Yeitenlay's + : Uu-inev» 

COCOA i Close ' — . Uw 


A'o.htrrror'lJ 

July 1855JJ-J7J1 

»pt 1811.B-14J} 

Dec- T7B5.0-65.0 

l l,H*h I7E.U7J 

ilav J1T23.U-8M 

July ; T?1CL6-14 j1 

^,4 13M.0-M.0 


la-59.0485a.6-nM 
’ + 43.0 1625.0-1753 
- -r 60.0’ 1774.0- 25. D 
, T 44 .5- 1743-0- 10.0 
: t 41.5 1735A-03.8 
; + «2.0 1722.0- 18.9 
.-45.0, - 


Sales: 5.109 16.726 1 tola at 10 loom*. 

Intwuatisaai Cocoa Organisation *l-S- 
Cf nre per poondf— Dally price J'»c 
139.45 1 133 8T1. indicator prices June 22 
15-day avivixf 152.73 iia.2S>: 2_-day 
urenUK' 133.7s fl£l.73i. 

VEGETABLE OILS 

LONDON PALMOIL: C lose: J«-“ SIC l» 
aj on, July 306.08-sn uO. au?. i>*u-:;i».w. 
SeoL 29fl.0MM.90. Oct. SHl-On-riWO Nuv. 
S3JK1500. Drt. 1M.0IMS0.M. Jan. uu- 
ouoted, Feb. unoontt-d. Soles: mi. 


.lulv S8.5DbS.25 5B.i5-58.40 5B.93.5B.50 

Aug 58.03-50. DO 53.DO-Ss.5D' 60.00-59.50 

JIV-BcM 69.93-60. 00 59.U0s3.iD B0.D0;9.15 
I'l.-r- i*c.- b2 5tl 62M BJ.4jSl.5fl 62.r0-50.90 
Jsii* Mr. 54.55 -.4.4S 6i.4U-ui.5D 1 4.60<2.40 
Aiir-Jn; fci 7j--5.8'i 64.65-64.56 iS.Sd-t-’.DD 
J.1-.S..I I 67.15 67.20 S6.15 bfc.2s' :7.2s-t6.S5 
Oil- L'i.- b6.40-wi.5li 57.60 67.60 ijS.rd 1,7.50 
Juri- I-r ti.i5e9 9u a 3 .00‘;.|ti' -9.90-tS.25 
” sitl’S *i7J <3'.7> hits of li tonnes and 
3fl Jo;s ol 3 luvmvs. 

Phystenl c'.or.i:tj’ p.-il- j >b:i>i-r;> ax-re: 
sdlii ij>c>. July aus- 

59.jp i£? -i-. 

JVTZ 

DU!4DCE JUTS— Pirn* b'lf W ■'ff'-fi 
hi- in-- n, i.i- it--. :r. Ih'hinij!. 

Cslcufta b**o-Js Iirm. -,-i|,i:.,li"i’ia ."#1 ‘ 

L K i-i .‘dt; ?:;ir»lfc n: In ■>? 4" i» 
iS.'tj. 7. ui *7.77 ■» r !■ “ :ar*I* ,lul' • 

EtJ.'i and 17 -. ; *1 ri : P 1 . - '-, .n.| 

rr •• e ” im/i'is: r:: ■*: .mil 

1 ■ ; ,.j |j, -ui r- .-ii.ii-'-i i" rl'tip 


i-'lvmuir 

Junr. • •— •• 1 — .... 

Allan* 1 ’18.03 20.0 - l.gj 121.30- 19.00 

I'l'tfi — 121.93-22.1 -r 1.40 122.20-21.00 
lie vr,iii-r.... 110.10-20.5 + 135-120.50-13.50 

IVinutv 121.50-22.2 4-0.00 — 

A|>m I23JS-24.0 +0.56 - 

3 un-.- 1 24.60-26.0 +1.0 ;i26. 20 _ 

Sales: 72 lots oT 1M tonnes 

WOOL FUTURES 

1 Pence per ktlo) 


By Our Own Correspondent 

DAILY SALES of liquid milk 
in England and Wales continued 
downwards again last month, 
falling 200.000 litres to 17.9m 
litres compared with IS.lm a 
day during April and IS.6m 
litres in May Iasi year. 

Because less milk was drunk 
the amount diverted into the 
already glutted butter market 
increased again. Use of milk for 
manufacturing was 9 per cent 
higher ihnn in May 1977. 

Milk production during the 
month was also hichcr — 3.2 per 
com up un May 1977 at 1.27bn 
litres. 

Biggest increases came Trom 
the Norlh of England and South 
Wales. The rise in output was 
mIsu above average in lhe South 
West. Production in the South 
EasL was unchanged. 


Grains 

BpCi* EEC 1 ; 

Hwim- Kmiirpfc.... £82.15 ▼ 

Mm.-* . .. 

Ftrctu-lt Si.1. 5 A III £1Q3. 7a - 

Win* i • 

-N>«. I lltrt -* i prtnu-£96 
N».litUn|iriiiMr' ; 
Kti«li~li Millui)i-:£ 104, S . 

t'w-m Shi|au,+il £1.907 , 

Ktiiiini sm. |B l£ 1.B12.6 + 

t-'ltrt Future 

>f|4 .[£(,494.5 ~ 

«. -illi.il -A' lurtes.— !7Z.3r 

li',iM«rkilo !68.S6|> - 

■"‘■war tlfrea-L ,£tfj 

Wruiin^ Mr kilo... | 285).' 


* Nominal. t UnquoiBd. k ausuxi 
m June-August. nJuly-S-pi f July- A vs. 
it July, i June-July. i Per ion. 


0.55 £79.93 
. . . r 106.0 
0 5 £98.5 
CIOZ 

57.Ofl.eZ8 
4B.0 £l.7b7.b 

59.0 £1.576 
71.&-* 
0.25 56|. 

.. ..£101 
.. 'J80)i 


Aii*irili«i< lY«4Mrt , 55-4. 01 

buMuess 

i.tmn " ■■1] L'kne — 

Done 

July !zifl.0-£2.D ; 


1 1 1 240.M2.0 . 


f 

— 

M-nrti P 4fl -0-«.O ' 

\UV 246jL88.li , .. . 


- 

-I:ii\ t246.(M8.0 ' .. 

— . 


n-l'.rei . P-4T-0-50.0 ; ; I - 

..prt.O-5Lo i .. . - 

Ml-:< :-'il 'tali lota of 1.50D kilns. 
SYDNEY CREASY— In nrth-r huyi-r. 
>• il- r. nn*ili-vi. Micron Canlract: 

Jill: — l-V '4 *-5. 346 o-hl-i 5. ii: IVt. .1*7.5. 
u. j49.8*“A5Ji f 17; Due. J54.1. 35J.5, 


£lm investment 

MIDLAND-BASED St. Mod wen 
Securities will invest more than 
£lm throughout Cornwall in the 
next three years, developing in- 
dustrial sites in the main 
population areas. 

The company is seeking the 
support of local authorities in 
the county. Meetings are planned 
witii council officials, with the 
aim of launching jnint schemes. 

Mr. Michael Mulinicr. St. 
Modwen's managing director, 
said: *' riiir initial aim is lo pro- 
vide smaller firms wilh new 
premises, as speedily as possible, 
and at the same {unc help to 
crealc more jobs in tbe^e areas." 


FINANCIAL TIMES 

Juni’22 ; Juo?2l'j’Uonth _ H"' ■' l'tii‘r«r 

846.041247^17* I ZS1.48 . 35*J&_ 
(Base: Juiy l,'is3S=IMi 

REUTER'S 

■f line -I iiiic 81 ID, >11111 Tvif «s» 

1493.1 1406.6, 1491.8 4 569.2 

tDa*-c: Septomber 15. )9'.l = h 1 # 1 

DOW JONES 

I •■■re ; June I .linn. • MmiiII'' ' • -nr 
J-*n«-> 88 I 21 i «^>> > 

'|-i . .. 565.56 364 39.&61 IS 

f inure-* 552.86 549.91 S^a.84a^2.22 
I Average 1924-95- 1# = !»#■ 

MOODY’S 


9l<rdy'« 

JiiiiuIJiiuc t|i*illi5eaP 

52 | £1 < «sv ’. iu " 

bple l -*ninil> 

919.3.923.8 91*7.7 874.6 


i December 31. 1931 =T"'> 


COTTON 

LIVERPOOL COTTON— Spot and »0ip- 
moDt sales smiHinted io 700 ioniic-s. bnitf- 
ititt the loial for (he inwk so ,ar 10 
771 tonnes. F. W. Tanersall rep'-md 
Pronnunced upsurse In fins in l-.-. covered 
a wider ranee ol American i:pc 
S dpppn vrax also ovidcnL in Africa u and 
L„ini AiiKTlran Krov.ths. 

* 

GRlMSftV FISH— Supply solid, demand 
B»od. Prices ai ship's side u«udw*w ,1 > 
l»cr slow Shelf cod £1.40-14 2'l. cv'rtlltliS 
ir.-ai-f:: 20. Lnrsc haddnrt £4 40 m diuai 
£i:in-fti..v0 small e«n. p.M i Medium 
plilii •• L*,39. best unalJ 

.shinned doxtish laxsc £S.M. nit Hum s'-'.vt. 
L-mun sole? larse £7.00. mcd:im< 
rtotKfish £2.i»-£2.b0. Reds Xl.jMJ W- 

iatihi 11.50- £2.59. 


Metals hold 
steady, 
sugar eases 

NEW YORK. June 22. 
Cl) l’i 'E It CIX>>ED l»wer on renewed 
.-.uci'ulalive lleuidatiun and Mup-lo*s sell- 
ing. (TiCluU , nre-lals el'i *:il on a steady 
ii»tc mi renewed Cumini-Muri House bav- 
ins and shurt-KiYermt! despite a tlrunricr 
li.S. tinUar Sucar eased on trade hedae 
'tiling and IocjI :huri M-Uitot. Cocoa 
revcr.i-d je-sierday'* dichne.-, on fresh 
soeeubuvi. buying dc-Kpiii- trade rerbltraxc 
•ell me. Barhe repun*. 

Cocoa— JuLv 149J0 1 145.(41,. Sept . 143.90 

• 139.fc.il. Dee. i:w.50. March 115.30. May 

135.50. July 131 .fcO. Sept. 129.SU. Sales: 
l.l-M 

Collcis— ” C " Oniiraei: July 163.75 
i1*>2 60). Sept. 1 19 .iv U9.I-0 i14K.3m. Dc>:. 
13S..W. March 139.50. May 135.00-127.00. 
July I2O.U0~ITJ.0u. Sept. Il4.85t70.a0. 
Sales: TOO. 

Copper— June 58.70 >59.50i. July 55^0 

■ 0.70 1. Aiik. 59.30, Sepl. bO.IO. Dec. 61. SO. 

Jan tu.iri. March . May 61.40. July 

65.40. Sepl. 66.40. Dee. A7.W. Jan. 68.40. 
March G9 40. Sale-.: £.700. 

Cotun— Nn 2: July 30.90 iSO-foi. Oct. 
ir:.::6-n2.45 kq.isi. Dec. 63.73-63.77. March 
64.50-64 90. May 55.6fl-liB.0U. July C6.lO-Wi.Jo. 
Oei. U.T+lkJS, Dec. 65.00- w. 50. Sakj: 

8 250 bi)i~>. 

'Gold — June 19K.40 1 163.901. July 166.70 
< IsA. 10 1. AUfi. 1.44.00. Oct. 190.90. Dee. 
194. nu. I-'i-b 197.10. April 20UJ0. Jane 
2IK.30. Aug. 200 40. DC). 209.30, DPT, 
212.60. Feb. 215 70. April 218 SO. Sales: 
9.100 Inti*. 

rLrerd — Chvcaurt l„osc nut available 
1 22. Hi r. MV prune aieairi 24. U0 rwm. 

■ 24.00 iradcdi. 

tMalze — July 2.79: -2591 iSSiJi. Seal. 2601- 
ffiOi i?37'i. Dec. 2623-263, March 2G9i- 
•_'7« May 2ri:. Jub -.'rs:. 

5 Platinum — J»|v 244.CO-243.Ml i24l.50<. 

I'ICI. ■J46.3(l-;47.e(l 1245.101. Jan. 249.50. 

April 252 18-232.30. July 254.80- 233.00. nn. 
237 :i0-237.50. Jan. 2E0.30-2C0.50. Sales: 

I. 967. 

1 Silver— 'liine 311.40 <521.90,. July 532.48 
1533.40 1 . Alls. 336.10. Sew. 539.70, Dee. 

531.50. Jan. 355.30. March oS3.M. May 

572.40. July 5S1.2A. Sepl. 590 -20. Dec. 
WI3 90. Jau. 8n6.no. March ElSiO. Sales; 
it. OHO. Handv and Harman spot bullion; 
32S.3D < 535.801. 

Soyabeans — July otifi-rs? <fi76i. Aub- 6721* 
871 <082! i. Sept. 650. Nuv. 027J-B2SJ 
1 6231 1. Jan. 632-633. March 639. May 
641-842 July 641. 

Soyabean Oil— July 23.4n-23.45 ( 25.20 
AUB. 24 63-25.70 (24.30i. Sepl. 24.00-24.10. 
net. 23.10-2:1,33. Pec 22.63-22.53. Jan. 
22.30-22.25. March 22J15 May 22 00-22.10. 
July 21.90-21.95. 

'Soyabean Meal— July 176,80-176.30 
/!77 4#f. A Up 173SD-J7AKU < 171.40 1. Sept. 
l73.Sn-176.IW. Oct. 172.70 Pee. 170 00-179.48. 
.Inn. I7<) 88. Mure! i 171 80. May tTJ.SO. 
July 175.00. 

Sugar— «•> H )ol< fi.yJ < 6 91-6.9.7 <. 
S<-p| 7 Il7.-r.ns 1 7 09-7 10 ■. riff 7.19-7.30. 

Jjn. 7 ;.*.7.7.5 Mnr.-h 7.03. Slav S 12. July 
S/VS..17. soul. SSb-8.190. reel 5 78-8.72. 
•tele-. 1.130 

Tin — 554 UO-Shl.flU a-fccj '.73 7 00-360.00 
n.f-ri- 

■•Wheal— July 32TTJ2 '31*: I. Sepl. X'S- 
3-ji; ,.r.< j. Dt-c. 33o ;-::io:. March jso.'-ss). 
Jla< TS-rs:. Jnh :120-321. 

WINNIPEG June > -Rye— July 

106.70 bid ■ 106.50 bid". Out. 103.70 bid 

• 186.10 bid'. Nu*. 103.80 nuiu . Dee. 101.69 

J. -1=1*1. 

ttOals— July 77.00 bid <77.00<, Oci. 15.00 
asked <75.00 1. Dec. 75.50 asked. March 
73.40 a.cCcd. 

rtBartey— July 73.10 bid Hm»i. Clef. 
73.10 bid <75.5# i. Dec. 75.10 asked, March 
73.40 atJted. 

V.FUniWtf— July 233.00 bid <239.00 bidi. 
Oct. 237.90 t240.H0 a*kcdi. Nov. 237.50 
a^ked. Dec. 234.70 bid. 

"Wheat— SCWRS 1D.5 per cent premia 
content of St. Lawrence 163.01 1 1<S.7t i. 

.Ml ccnis per pound es-K-arrhou'ie 
unless otherwise stated. ' Ss per troy 
ounces— mo ounces loi4. t Chicago loose 
3s per 100 Itvs — Dept- of ab. pnres pre- 
vious day. Prime steant fab. NY bulk 
rank tars. I Cents P r -r .56 lb bnchr l es- 
wnri beu-e-. bushel lots { ss n-r 

trnv Oil"* e (nr 3(1 uz nulls of w.o tv-r 

■ ■.lit purity di-llvi-n-d NY 'Corns nt r 
iruy eun. ■ rs-warchnus,-. !l New ■■ B ‘< 
iwumcf in Ss J sh£»r/ njn ‘or hulk loin 
iif Iflp shcrl tuns deUvi-red f o.b. ears 
rhrea+o. Tulctlo. St. Louis uitil Alton. 

' Ci-nlS P*.r (fi) lb bushel In store 
CcPis p. r 24 lh bnsfn-I. • ' Cr-iil* p,-r 
44 ]i> hu c -H fx-ti arrhousi*. '.I Ci-un P<-r 
y. lb hir-hi-l px-vrarehonse. 1.0Q0 bushel 
juts. 'I JC per tounc. 







.tv 4*;: 

ANGE 


Wilpiiliig 


Equities down again but pressure begins to ease 

Funds unsettled despite rally from lowest— J. Lyons weak 


, .FINANCIAL 

fwint^ — xs - 'StS' "SS^Siw^- 

! “ i ■ 

yoUJ Mines.- ' ^l-- 


yC 


Account Dealing Dates 
Option 

* First Deelara- Last Account 
Dealings lions Dealings Day 
Jun. I'i Jun. 22 Jun.23 July 4 
Jun. 26 July « July 7 July 18 
JulvlO Julv 20 July 21 Aug. 1 


ission Cro« h, UU. W-, «&«'*!*: 

met, at 2S7p, Capital issues had III and G 3)nal toaity turnover £® ••• j ^ ^ 

previous day’s 4 off at 10op and City and Com- mMsiu&mv*** 

HaenitA the itiarnid A rhARivr st IDSn. aqmry ™R ! : >• -• ini: 11 am . 452_t 'Soott' 4®dr^.‘ WU. Wt&r .- y 


Egg 

pm? 


New iimc aeai«»s mw hm p higher rate 01 11J 10 no; per »■*« -yy "V" Hawker steadied 2 "it’oiun Else- second-halt periormanue uusclubu immediate progre 

frwi. 1.M .m u» buNness days ea ni C r. before steadying lo close Marchwu.*! Shed b to JOJp. In HjjKer s«aowd i A ^ai 2'»n. ™ Li ndustries. which receded 4 to SSit of the 

Stock markets failed to shake 3t m per cent. aJos s of i; more further ivactior i to *JJ5 ‘ JSton in reaction to the^isa room ting 134p. and small offerings ahead of Eto^Kong and i 

off. underlying uncertainty on {hy day. Selling released by P ■ ■ ■ qfl s d f» e ' ec h W ood preliminary profits and accom- next Tuesday's armual^resulte teft however, were in 

which has charactcnsed went arbitrage operations in Hon? ggPgJJJJ / S/”o p;mying sta ement concerning LC Gas 3 easier at 3aip. 403p in line wit 

ireSd®* m j& ns ™ js arrs ss n»s vu p ««u ^ a . 1 

SZiSloX SSSSl%SiSS!S SSSSR SE r cou?e%i 0 rS r ._„ ■ .- ... - -_■ _-- .. SE vrith W S? “yailh 

with the possibility ora briber 'Jfgfc fe m ~ 1 i ™*JS^JX2 


immediate progress in the deve-1 ^ 
lopment of the south docks.'| *= 
Hoag Kong and Kowloon Wharf, -I 
however, were marked up •2ftIAa:| 
405p in line with Far E&sten^f ■, ■■ 


easiness. 

in factor 


Mining ; markets were 


1 - - 13TO ~ . v ~ ;lUiOOB,Jp<Pftt^»qqV y-'/V ,‘s jAV-i- V- 

•Tl/.;- Mimm H* > 

rtsat ^-. .. w«i m v «J8- 'segst^t^s US* 


rist* in short-term V.S. imere.-l cent of the business 

rate-*. With conditions remain ns J^/jn the Traded Options 
thm and sons. live. .shore -dated [. rj "^! J ^„ ns done in two slocks, 
.slocks were rjui'-k to respond Mnimootilan rernrderi nn 


Kr.-Ar.THAR Its INDIA 


maluritics followed a similar highest since the beginnm* of 
pailern. but here the recovery June, 
was more marked and prices • 

eventually reverted lo overnicht BfiJlnS SUCCuUlD 

levels with che aid or bear closing. .lUnlvveri resilience lo 

r ^ r,led , '“' se, Is : f TX d ss7n T,7Js° 

i in U tally. The Iona _ lap. ‘ n . c . r-l^rin,. hmks 


- following last months tower pro- ^ jQwe - r inre stament dollar.' : 1 <»»« . 

duction figures. RcMa .nt - premium, affected sterling prices .fiadJm.-. 8i.a7 t ■ 

to 10ip awaiting tod*/s and there was little stimulus ftom_ , ^ 1 ’ <6 ^' ,“V 

— figures, while Group the metal markets. . ' iiaLDnL 487.5' 435.4 Mfl-ffj i s^ai. lAt-y " •' 

and Rolls-Royce, 92 Pl both closed °7“ - ' M.Drd..... ^ ^ {gfiJS® r' 

1 around 2 cheaper. Components Trading w*as drab amonir Aus- . • • uoj. ff'i ~ at k- ^ w f jro ^ *. ] 

— had a couple of dull spots in rrabans. The domestic markets- .GoWMmw. &8. -*‘r ; 

nmviv. 3 off at 199p. and Lucas were quiet overnight in advance.. •.■;.• . n CT--: tC- 

Industries, 6 down at 298p. but of the end of the tax year a ud l j .. . .• 

- an isolated firm counter in Dis- London prices were lowered..-- ^-;- . • ” r : ’:Z : --K r =:. - '■ 

tnbutoM was provided by Eenlys further because of the pnmimab^ J .. • ... . y — V -‘.. 

I ui.t o-:.i i o »• i?in fall OnA nr two <mnl" ^mipki' •• - - 'i '. 

AC1JL y *j- , jf«5t •'•! 

Denomifta-* ; <rt’,- : Cktstag.'. : ;• 

tioa ; jaarks onday 

n- j'‘ n • • sm. ~ • • --t 


* m mail?. m;iJ1 ,r clearing banks 

Kvchcquer. VI per cent JOU-L ,.«te«l: iv . Thr 


which finished 2 harder at 131p fa». One or two small -«eUe|&. ‘ 44^1 

on the dividend-boosting rights helped Central to ose^M. - ... , ALII 

issue proposal. Higher first-half to 490p but most other falls were - -. .*,y 

profits failed to sustain Lookers, caused by marking down. •'. •;•: .; Denomina-*': 

down 4 at 62p, and Kenning Fan continental were J soffer .at . titm 

shaded 2 to 731 n on further con- n z, Conzinc Riotinto fell 7 4p * SI0CK £U 

si deration of the half-yearly 223p, and North. Broken ETUI at pir ■-■ ct . 

re[>ort. Apple.vard lost 3 to 92p jisp and Peko-Wallsend at 4S8p 25n V 

and Adams and Gibbon declined were both 4 easier. gg? Transport... gp,,.._ 

4 lo 69p. London Financials tended lower, .-inos. • n l ... ■ 


.‘A- .-, . ' 


-• ,i •> V> 
,{< •■ - 


Jlct- ^au r Hcc^ Jan _F?b :JBar -vapi^ 


Jun - 


LU Oiiji. LUIIUDII r Hitf uu<ua icuuru mnoi, |tim.:: I i .. 

Persistent small selling loft moving on the back of the «R|gSffiS5 ^ & 


wIS’ohS industrial inariseL In a T^cDoh 
fails. Daily Mail A retreated 11 “ 


ease. Ai on*- 'taue a modcsl rally 
goi underway, but ibis was 


been unsciiied recently by grow- ... .. . . . . 

ing criticism °f its proposed blone provided a bright 


So* underway bui ibis was " h ; lw nf invest mem Trust 30i«. up .>. «m the impressive first- news am. Arthur Lee li 

^r ^'nn^l Corpora lion rum cash resale lo h :.lf i.rotilx. while Tunnel B put do» n al fnllowin-; 
omi.sszon 3fid the poor jnnusl n. c » i”i ftirp Pension Fund « r n,iu r .l a first-hjlf inrnin^i. Lo 

results from J. Ly.»n». which Po. t ■ J r ■ fn 31n ; ®« J or so were recorded i 
slumped 24 tn 76p. Down 3.2 at c,. in riard Chartered results. Elsewhere, small new -time Hattersky, iniip. Spear 

its lowest of ihe day. the FT 5maiS?V n iffer at aSn dowS dcmi ‘» d lirtcd Ti,bur y Conlracting son , 124 p. and 31 L. Hold i 
30-Share index rallied to show a romameU on oi fiei at 3MP. down 4 , 0 « s2p _ bul suibu^ ft ..u S Jo ' „ r . - , 



is 0 :: * 


ioib of 1 S al noon, hui closed 2.i» J 5 - Discounts mirrored events 10Sp ” a " rt ‘ profit- taking set in The omission of a final dividend properties moved sharply lower premium. Only be Beers stood E,- 
off on balance af 432.7. The state- *" ^ ng the recent results ** ?" .. J>**°*! out ugalxurtthe^d wiftarinfe 


. Only De Beers stoOdf ; . " -7 . X 

syf-'TS highs and Lows^atnjM^o; ; - 


t? 1 lt *V- 


ded Land steady in New York. 1 -Th k " securities quoted'-' in ' uu^: 7 V‘- : ? ^ :i’y ' - 

it 203p, and Gold shares moved quietly, ^nSormatlon^sSilee vartenlay i.’Friucfc.&^l 

\\“D at 240 p. responding to the bullion price 'Wjaiocd ikw Hiflhs and Lows for -107®. C^eesoo (ML!-* . • • 

o SOOp and which finished $1.73 lower at Vl. new HIGHS (25) ' • . V rn &gW&tVr y. •." : ■ 

s lost 4 to $183,125 an ounce. Prices were \V7* -- WIS,W K r** ^ - C ?5i98f5- "**-*&&'*- \¥‘ ■ - - r~ • ' 

Hasleraere generally lower, led down by. • _ Americans m .■;•*.• ./- v -foK-ic!aNBirttitt»*S '/' ■ 

toerty Part- Randfontein which fell J to X343. ^ It '. Sw,te,, ’ s ^?mdians qi 

her on bid Also among the heavyweights, H^hsoor loiaorfHat Gas-;'..'.; ' 'iv-., 

property Buffelsfonteln at £10i. West Dries ^ Sl0nc BUIU3INOS m : - % . ■ • " 

o lUp and at I22i and Western Holdings at chemical* <m Ca'ewdal - v .„ " 

:ted back 2 £182 were all 2 lower. Aibrtsht * cnginelring w Mawri" ’ 

frisb-Canadians went lower as «w * smii* w*stow-E»aM V » i* - : 

ipproach to stock came out on end-of-account. 7**** Fw,, ?tSousTRiAis m “ 

nnlvs-tvrene considerations, but the market e»er ( c.» s turns -wara* - ^SP? P?T --' ' 

“geSSed *»*» ~t busy. NMM. lost » S»«u' ^T?%Z.ioo £ ■ 


wnt decline to -iftAB in tne r i • Jhc latter amount lower at 43p. figures. on light profit-taking following the sr , C culati'on and the property Buffelsfonteln at' £1 

.4« luaricx All-Share index. Falls aioo r|4a | r STcrcanlile tourhed a A quietly dull trend obtained in record results, while small selling ' r SJL a |i 0 n cased fi to lUn and at £22 i and Westei 

were in a sharp ^x-to-one ,r, 7s lovv of sp before closing a Stores. W. H. Smith A declined clipped 3 from Linfood, at H«p. cnnlrn I KiS drifted back 2 £182^rere all 8 lov 

"a»7V,,? w nses m FT - tlUOt ° d °enny off al Pn. Among Merchant 5 to 14fip and House of Fraser and 4 from Cluchirt Coufct- Swunties dnIted b3Ck i 

inaii«.i rials. Banks. Arhnlhnot Latham held cheapened 3 to 133p. Elsewhere, tionerv. a t lttSp. J. B. Eastwood stock came out on 

First-time dealings in Southend- firm at I37p following the resulls. Allied Retailers gave up 7 nt Mvr c suspended late at 90p pend- Bntish Petroleums a PProach to cons = d era ri ons bu 

on-Sea 12 per cent. 1987. were Losses in Insurances ranged lo 256p. while Lee Cooper receded 5 in g he oCtco me of a bid approach acquire Monsanto’s polystyrene ™ id era do ns. 

few and. as expected or ,.n issue R with General Accident closing i 0 143p in a thin market. Home from ^n unnamed party business within the EEC generated jvas not bug/. NOf 

largely IcTt in the hands of the that much easier 3 r 202 d. Charm, 170p, and Forminster, Miscellaneous Industrial leaders htUe interest and the close was Canad **' United contMaed " motors »i» 

underwriters, the stock opened Breweries continued to give I38p. lost 4 apiece as did mail- retained their easier tendency in ® « J. up ‘« ®f n EJ ni h 2SL r JnJf to ftlL droShig 13* to SS? ■ yerman Smith hiusts is> 

at 9i. u discount of ; m flO-naid ground and Allied lost another order concern Freemans, to 3l4n linhirr mriinn n„iw»r r.maheH Shell regained an early fall of p • cianmi islands Cao. Sb*weli 

form, and driried a shade ea-sier j> lo SSp in further reflection of Raf _, E , Mfw , ni ~ PP ,icfp.l ihe 10 lower at314n and'Dirner and 4 to f.nu?h unchanged at the over- _____ _ . ¥ T _ - 'Mam Authorttv inv. 

to close at 0. Other recently the interim figures. Whitbread ensier trend in Electricals -md Ncwall <*uve up 4 to 170p ns did n 'Sht level of oSOp. but Burmah RISES A1VO FALLS ffff-.J a P an rubbers cu 

issued scrips turned lower and “A" slipoed a like amount to SSp, cpmpd a net 4 taetter at ‘’-tSn after Reckltt and Co I man to 473» Tove, cheapened ^ to 62p Specu^tue ’VTTC 'f'C P T"! i \7 _ consid. 

Greenwich 11 J per cent.. IMS.;. whUe City of London deferred. SSfin a ?i the betVJ 'r-toan-Sceflri h^^ver were firm among favourites Siebens (UK) and Off YESTERDAY w™ w a ms. ' ' 

S h C d J I.. 471, in HO-paid form, Sli p, and Boddiigton-S. „ rf figure, nmmll issues, rising 3 to Op 2 D T*T r^m, Com. M ' N ^D^Beer* DHO. 

— Hrose 10 further to 370p following in response to speculative bid F ™L S „„~ ^ “ 34 ® 


• -EMdiKEXRlMO « V O ' • ' J J-- - 

! Vft'v H4a* ^Mosorjp- . • _ 


£■■ RMoam-->- v ■ \ 


■ -'EoWriod «i-p-.v7 .jtiuit-a 

} ■ MzttfaeMK WrlBWatll . ,C. " ‘ 


;*■ .. J; 


FOOD PRICE MOVEMENTS 


rose 10 tunner to UiOp following in response 10 specuiauve o.u comraenl with a rise of 4 to 32Sp comm. Dom. »d 
Press comment on the company s hopes. Lonsdale Universal . t th i atter me t with small fowIsb BomIs 


June 22 
£ 


Week ago 


Month ago 


BACOM 

Danish A.l per ton 

. 1,090 

1,01111 

British A.l per ton 

. 1,075 

1.075 

Irish Special per ton 

. 1.065 

1.085 

Ulster A.l per tonS 

. 1.065 

3,065 

BUTTER 

NZ per mnne 

. 12.31, 12.62* 

— 

English per i.-wit 

. 7] JS.i 

* 1 .S3 

Danish salted per iwtf .. 

. 7.I.9S 75.44 

72.83 


press comment on the company s nopes. Lonsaaie universal . t th i arter me t with small fowIsb Bonds 1 21 

prospects, bur Thorn Electrical hardened 2 to U2p following the * 1% 8 1 _ 2230 1-dnstrfais lor vn> 

came on offer and finished 7 increased interim earnings but - eujn ~ anu Financiii and Pro. m 31a 

cheaper at 325p. Philips' lamp Randalls dipped from an initially Investment Tnists “ ade SL^-" — i 7 

reflecied overseas advices and the higher level of fi6p to dose 2 another drab showing. Alliance "SJ'U™: 4 n 

lower investment premium with a lower at a 197S low of 62p afier Investment reacted » to 223p. Recent liiun 3 20 

fall of 15 to 935p. news of the profits setback and while losses of 3 or so occurred Totals 1» »T7 


OPTIONS 


news of the profits setback 3nd while losses of 3 or s o occurred Totals 

] LONDON TRADED OPTIONS j~ 


1 21 45 * — 

£35 Si' -' BRITISH FUNDS 121 
19 314 1ST : lYen. 91, pc 19B3 Troas. 74*4 

l U K- ' - FOREIGN BONDS (V) 

4 T a] .Ireland 7i-pe *' r ' 

A go »»• -••• BANKS (2L 

i S 5^4 Sh * XSOn B E E R5 M m° ate ' 1 

139 W7T U13J Burner CH P.l . / 


Ocean TTaoBOOrj ;^ 


' .V-vVis 


1 1.41/11.52 
69.R1 


CHEESES 

NZ per lonns 

Enqlifh cheddar irade per 
tonne 


1,1 64.30 


1,190.90 

1 ^ 02.10 


1.161.50 

1,240.78 


EGGS* 

Ho me -produce: 

Size 4 

Size 2 


BEEF 

Scottish killed sides ex- 

KKCF 

Eire forequarters 


2.25 ri.Of) 
:t.y» 4.70 

June 22 
p 


2.4U-3.40 

3.60/4.51) 

Week ago 

P 


2.70.3.40 
3.90 4.50 
Mouth ago 
P 


DEALING DATES 
First Last Las! For 

Deal- Deal- Dcclara- Settle- 

ings ings lion ment 

Jun. 20 July 3 Sep. 14 Sep. 26 
July 4 July 17 Sep.2S Oct. 10 
July 18 July 31 Ocl.L2 OcL 24 
For rate indications see end of 
Share Information Sen'ice 


ui* 

HI’ 

HI* 

lit* 

L-'in. I'liri-n 



■lull 

«M'il*r . Jnmiacr 

ti'we 

O-^iup 

Cluing , jCl.alng 

. prire 

.•li cr V..I. 

i-ffcr Vul. nffer Vul 

750 ! 

96 - | 

113 3 133 — 

• BOO ! 

40 15 i 

72 • — 92 ! — 

850 

zo : 10 1 

36 3 64 | — 

1 900 

2 -■ ; 

20 . — .42 - 


banks ( 2v ' :■ 

EEEKs'ru' 1 *** Mer<U ■ v ■: 

• •' ; ;• : Bflwinnto 


These indices are the joi 




■* A ' * . • . - S' ~ ’■ 

and the Ftthlty of Actnaries .... - ' 7-;, 

■ • • • •• --V • -•••-' ' 


• y-r- 

•i£u-. ■: 

■Xt- 

,bS*t.- v 
Sts' 

-i*.‘ :ar 
■*» 'J~r 

.‘jjff*';:." 
. 'a~‘ -r- 


C-in. I 16Q 


56.0 59.0 
33.0 .36.(1 


53.0 '58.0 
34.0 -'36.0 


54.0 38.0 
30.0-3S.0 


LAMB 

English 

NZ PLs-PMs 

MUTTON — English ewes 
PORK tall weights) 


60.0/BK.fl 

51.5.53.0 


60.0/68.0 

50.5/52.0 


50.0. 51.0 


35.0-44.0 


35.0/43.0 

36.0/37.5 


POULTRY — Broiler chickens 36.5 39.0 36.0/3 1.0 

* London Egg Exchange price per 120 eggs, 
t Unavailable, fi For delivery June 15-Juiy 2. 


360/45.0 

35.5/37.0 
\ Delivered. 


Money was given for the call 
of Premier Consolidated Oil, 
Dawson International. Lars, 
Gronp Lotus. James Cream Duple 
International. S and U Stores 
preferred. Orme Developments, 
Shaw Carpets. British Land and 
P and O deferred, while a put 
was done in Brown and Jackson. 
A short-dated call was transacted 
in J. Brown. 


C..11-. li-M ISO 

! lao 

O-urlMHl.l-t 1 100 

t',im miiMv : x io 
, l‘i-iii M11I1K 1 120 
Cfiinmlil* 1 130 . 

■3Ki’ ; 220 . 

«W | 240 1 

GKO 1 260 

liKO i 280 

■inui-l M«*l. • 100 ! 

Uinii-i -Met. . 110 * 

l.imml Jlrt. 120] 

II -I I 330 • 

II I 360 , 121 

K’l 390 21 

n:i 420 ■ i is 

bm.lSe.- 180 I 25 

i^iii'l Sr--b. 200 ■ 5 1 

LhihI S«v 220 | -4 

Mark»4 8|,. 120 J 20 

Mark-, i Si..- 140 \ 31 

Murk* .V Sji. 160 i; 

Shell ‘ 500 ■' 30 

Sli-.-ll 1 550 4» 

shell , 600 : 1 

T..MI- 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 


„ •' , nmin %' 1 - WedL’.j; ToieB^I JMHtz f' -FttZ 1 .Year 

Thurs, June 22, 1978 N >»“ f ^ 


Figure* in parenHieses show somber of I 
stocks per section 


JEsL Gross Esf. .« - • rijj -.Irt .••.■■.Jurt-*,' 

Earubuts Dlv. P/E ; s' \ \ '■ S - :,-U .ilT-l ; j ' ."l 

Index Day’s \7eld% YieldK Ratio Index index Jndekr Index. .^adeK . 

No. Change (Max.) (ACT (NeL> No. *N6.~'- - i N<fcC' ::35ps:'. : . 

% Gorp. at M%) Corp. / - 

TnS% TtaSB* . • ■ ' ." 


i-.v - . 

V S?-' : . 


110 1 U2 
180 I h 
330 > 33 


21; 20 


53* j i6 i :: 

49 [ 12 | 366p 

30 i 13 .. 

191; ! 4 i „ 


30 i 13 
191; J 4 
12 • — 

33 I — 
19 j - 

9‘! I 5 
26l 2 | - 

14 j - 
8 3 

62 - 

34 - 

17 ! 21 

' 117 



DECENT ISSUES 

EQUITIES 


1 CAPITAL GOODS 11711 

2 Bail ding Materials C28). 

3 Contracting. Construction (28) 

4 Electricals (15) 

5 Engineering Contractors (14) — 

6 Mechanical Engineeringf72)— 
8 Metals and Metal FarmingUBb. 

CONSUMES GOODS 

11 (DURABLE) (59 

12 LL Electronics, Radio TV (15) — 

13 Household Goods (12) 

14 Motors and Distributors (25) — 
CONSUMER GOODS 

21 (NONDURABLE) 075) i — 

22 Breweries (ID — 

23 Wines and Spirits (6) 

24 Entertainment, Cuering il7) — 

25 Food Manufacturing (22) 

26 Food Retai li og (15) 


20838 -Off 18.13 
187.85 -0.4 18.59 

333.91 -L6 20.74 
439.65 -Off 15.65 
309.81 -14 1938 

167.59 -LI 19.04 
160.99 -0.7 17.80 


7-70 21015 212.85/ 21405 2LU7 ; t«J3r- 
7.74 18856 190 J2 4905Z; ~ 

7.01 m2Z vm 34Si3? , . 

9.06 44234 45M9 453UB", iBSffk 5»JS 
687 31 AH: 31716. ; 359.45; 3MH? 2513T - 
7.05 16938" 17252. iBffl 074J6 ;^&07 
7.66 162.08 362.99 36353 lfi53» '14822 


’■.JSfii 

i . 

#Ve- 

-■* ..L • 

5h i r.vrj 
•y-j-.- 

.:h. 


— 193.09 -1J 17J29 

— 227.71 -0.7 1534 

— . 17453 -0.9 16:43 

I2L68 -L7 20.C 


8.12 19521 19757 19914 199.85 16659, 

9JL9- 229.42 233.02 23AS4 2352T -1^99 

834 17604 17651 17857 27921- HW7 

6ff8 123.72 12450 12571 12656 11031 




— 194.91 -10 1656 

— ... 219.11 -Iff 15.64 

24632 -1-1 16:42 

244.02 -0.9 16.01 

..... 19157 -Iff 19.93 

197.62 -Off 14.71 


879 M653 19918 28054 W& TfttE 

9.10 22156 225 47 ZSM 22753 33$H 

9.24 24911 2S05& 25414. 2W5S .18851 

9.05 24631 25060 25204 ;^25453- 28673 

668 194.77 296.45 197.12 -Iff 31 27242; 

9.42 19919 W954 202.46 20237 16637/ 


32 Newspapers. Publishing (13) — 356.27 -L2 1121 3.4a 12.73 36657 36356. 37851 L3K.4iri 2W.99 


= - . 7 i : I r io 

1 1 flic : - ■— i = j 

l'rn-i- =— J Z — 
r : "■ ~ •' Hi k I. . I- 


33 Packaging and Paperil5)~. 


- 133.06 -03 19.98 


= ?--• '• =;= w Stores (39) 174.11 -05 12.05 4.69 

lli vj'i icS!-=>-5 3S Textiles (251 171.46 -15 19.02 8.07 

b \z< :* u f , 36 Tobaccos (?) 242.77 -Off 22.77 7.71 


70 I .r. 3D/6 


I'.C. 5-7 . 1S9 

h'.K - 


, . 37 Toys and Games 1 6) 

S'*! D«»IH«II ««-**•' , ft Q Z'lt « OTHER GEOUFS (07) 

9 U: bnftlieroi -162 —4 A 2.fi4 3.O. B.4.16^ „ i„-i- mo, 

IK ,v Tlmmw Plyu.^l 34 1 1^2.0 ■ 2.3l 8.9! 7.4 **- Chemicalsll»_ 

■■ - i._, i — ■ ■ — " i- 43 Pharraacenticai Products (7l 


— 104.01 —0-6 1 1955 
— . 191.87 -0.7 16ffZ 


273.66 -.8.7 1H22 


19.98 7.95 6.60 133.42 13459 13551 13654 1X929 

12.05 4.69 12JL9 17556 T77.41-. -17956 17*83 14241 

19.02 8.07 6ff2 174.14 17740' 179.47 180J0 • &GS 

22.77 7.71 5ff2 244.77 24753 .24853, 25239 20feffl 

1955 650 6ff5 10456 1K,« T1D673 -111751: #SBX t~ 

1652 5.97 7.79 193J5 .19550 197.26 ■ il96J27 176,75. 

1H22 6.38 .7,45 27555 27872 282.48 28479 


FIXED INTEREST STOCKS 


44 Office Equipment (61 

45 Shipping(lO) 

46 Miscellaneous 1 55) 


249.72 -05 1L83 4.10 1056 25055 254.95 25658 257.76: ,. 6.00 

128.90 -0.9 1859 5.04 6.37 13612 132534 -13358. k 23354 97.67 


... 414.96 -03 19.69 
- 198.74 -0.8 1759 


iipip 

mmm, 

mm 


fi . '£§£! !3ic 

~-l -A”: Hi K Ii[ r*-'\ 


S*M 

E * 1+ nr 
C-r 1 - 


49 1 iNDLlSTRlALGROUPHaS) I 204.01 1 -0.9 1 17.06 


5L Oils (5) 

58 5M SHARE INDEX, 


=- 474,81 -Off 1555 
226.48 -Off 16.83 




100 »M\ l"u. k •*). , ,\ K rtv. u*.rt- ' m. l*«Ue )(«!>. 19K5 

** K. I*. >21.7 -Mil .tutwMMrtive Pn«l-. S»^ I’reJ 

cae tio tv * r_ • c, twravi li.tu^i. m» 

** , f.l*. H.’7 ' 9 ; i. Clive 9;^ Cun*. I ‘rrl 

• \>i 1 - 9'?|n i*. i» Crell'm 12*1. I’rfd. WJ9— 85.... 

• • . K.l*. 7.7 SR)|. 9i|. IVnMfst (I.J.>a.Ti V-.mi. I’iv( 

ClOO I — I - i lO.'Sfl' IO'.; Krilnbnruh (Ct»> «l) Vm. IUi« law . 
HARASS r It* 28,7 . li IOl4 Kw* W«« 1% tU-l. IVti. 1«« 


; S9u;-,u 

j 96j>'+ I 

10V— u 63 Discount Mooses <10i 

9a i>‘ 64 Hire Pure base (5 a. 

Bim.-- 1 - 65 Insurance OifeillO) 

100,'”— ,'j. 68 Insurance (Composite) (7) 

11 > S7 Insurance Brokers 1 10l 

no" — J* 68 Merchant Banks 1 14J 

47*1-4 ® Property (31) 

OO 70 Misceiianeoasr7). 


61 FINANCIAL GROUP) 1 Ml 157.191 -L8 


62 Banks* 5) .177.59 -2.7 1.26.65 


9.09 7.66 63 

759 6.59 7.6 

7.06 5.88 73 

555 4.16 6.9 

6.83 5.62 7.7 

— 6.02 — 

6.65 6 32 5.6 


635 416.13 41714- -422,92 419.92 ( 49K21 
7-60 26027 20L76 2D3JS2 28456 I 170.98 


26550 I 208.27 1 20986 1- 210.99 1-17730 




205.14 -2.1 


- I 8.43 ! - 


— 160.09 161.24 . 263.94 164.71- 136.52 

5.68 182.45 182.43 1B45Z 18624 | 152.93 


20951 209.75 21130 I '22556 i 17856 


139.86 -33 13.97 5ff7 1050 144571 245.05 -M7fffr| r l4756 i 13639 


129.60 -15 
120.90 -Iff 


322.16 -LX f 2453 


7.03 — 

— ' 7.05 — 
1453 4ff& 9J 


7931 -Off 
226.86 -Iff 


— I 6ffS — 79.80 7950 f .805l , 881fl [ £6J8 

3ff7 ,46ff8 230.97. 2B59 23567 ■ H5ff7 ' 19048' 

7-75 5.44 107 JB 10905. -1B954: 31022 89ff8 

4.74 30.75 212.06 213.00 '21434 215.15 165.06 

7.06 6.88 9589 18824 . 99.98 MOOJ3 . 8M6' 


— • 13L5L. 133JH .135.76 . 236.95-. 10577 

— 12238 12359 12fc7D : 127J3 'UA45 
979 32587 32753 335.9S 33S1S ZS631y 






K.P. '21:7 %i> - ??j. :\©» Neweagcm»a%Cntu. Pref .; 9Zj^ { 71 I Investment Trusts (50) — , 


SRliiliiiS 



Trekking is for weekends. 


lJt>|.. — 23-6 toj,. : Fittsm ,-«« Ujmi. l-n 

• * r.r 30. 6 luf i H.. 1 % % O.m Pref 

• • r.P. 7-7 lU" f. i* ii It U <H. i J.* 1051 I'rl 

-.109 t'.t’. - KP| i\W»- l(.J»inM>o Urns lift Pivf 

• • ’ h'.V. 21»7 ' 1" i -J.'t | Smith -I .tuhvnUi'St'iifn. P»vi 

i.-98t< CIO — 'Ji% 'I •HMUlica'inm 2 % KvJ. 19C7 

t*99 11U 21,7 1 lv: 'n? .^iiitd. I‘vuc>hlc 11;% kv*l. WWi 

L I , r.r. iO.6 1*11 ;C U-*.>t Ift^tuv. t«». Ln.lUW 

C98>ji:50 1.9 twi.. | vmv k Wrot 12% l<^». l«t< 

r l*. 16 6 I*' 1 ! •- ■ iV.. Ic I '»it 10% l*'el 

:96U C25 - »-*•; a Kvtu W.iw 1C*, iv-t.. t'Zc 


96fM 

....‘106 Ui 
....I 99 I 

... 109|< 

.... 9?»5l' 

....j 9| ... 
.... 9*8 hi 

...J 96 >*2 

...J 48tj.-ls 

.... 99,. 

.. 2S — i* 


Mining Finance (4) 

Overseas Traders (IBi „ 


— 226.% -Iff 351 

— 104.15 -2.8 25.45 

— 209.20 -L3 325 


9852 -1.4 1755 


i 306.68 I — ■ 


: *** ... 
'*v- 


99 j ALL-SHARE TNDEXI073) 1 208.86 I -Iff' 


- 5.70 - 


7J5 I 30656 I 30857 I 31127 T 31052 j 2683T 


21059 ) 21Z93 J 2H76 ) 215^1.18559 




Xv 5 


FIXED INTEREST PRICE INDICES 


FIXED INTEREST 
YIELDS 

Br. Govt. Av. Gross Red. 


Thurs. Wed. l'V«o»: r 
Jufro Juno I age . 
22 .21 , 


Finish with the long trek to 
the office and leave commuting to 
others. Re-locate in Newport, the 
friendly and established town with 
excellent communications, fine 
leisure facilities and attractively 
priced homes. 

With direct motorway links 
to London, Birmingham and the 
North, Newport commands a work 
force of well over a million within a 
20 mile radius and is a natural 


choice for industrial expansion. 

Add to these benefits the 
wide range of available sites and a 
really helpful council and it 
becomes easy to understand 
why so many leading companies 
have re-located there. 

So take a ride to Newport and. 
find out more. Contact the Chief 
Executive, Civic Centre, Newport, 
Gwent. Tel: 0633 65491. 


“RIGHTS” OFFERS 


Uie-i 

lii'llllln'. . I1(i- I 

Dhii. — — ] 

0 W Hi^li Luw j 


ClMting|-f- ur I 1 

Priro - , 

PJ I “ 


( AO i F.P. 1 13/6, 7.7 HU ns Hn?mC lif minis - — 189 -1 

45 Ml — : — , l jpml lt|im OrHnb T«r Products 11pm 

afi • .'il 9*6 7,7 | a Ct-iiim MmniiacUinnc — BB —2 

| 70 | F.P. 16 *6 21*7 100i = l » iilotmnn Park Indi 100 +Hs 

— i — 30(6, 25/8, lli 111 iFain’ie’* Eat*. Ill, -] 

1 82 j Nil — , — ' 22r>m I7|im llartwells.. 17pm —I 

04 ,F.P.' 2B.fi. 19/7 Ti « He*uir.. 96 

14u | F.P. i 16 6; 21.7 lffi 164 !Hi>«i?d (Ah-Madfri 157 r— B 

69 • Aii , 3(7 ; 28:7 LJA|inv8»?jHn|IU'i'i«u fl.&U.).. — • 13pm — J s 

j 92 ; Nil — ! — SOpmi Ir.pm Sketch lt\v....„....... 15pm 

C\i i ' fii6* 17; i! icais; "lla.'V t ■• cm....... 21 lj — 1* i 


British Government j 

Tburs. 

June 

52 

pays 

change 

% 

id ad). 
To-day 

*d adi. 
1878 
to date 

1 

Under 5 years.™..... 

10437 

< -020 



. 4J1 

2 


113.25 

-0.06 


5.95 

3 

Over 1 5 years 

11932 

— 

_ 

7.02 

4 

Irredeemables 

123.83 

— 

_ 

639 

5 

AH slocks. 

UL82 

-0.W 


5J2 


4 Medium 

5 Coupons 


7 High 

8 Coupons 
ft 


5 rears 8*2 87T- ' 70' 

is years. 1182 il02 '"2134 

25 years J.-1L7A; .. a36 ; 412.48V 

5 yean 1153 1142 ; . ’■ 

15 years, — . 1123 . 1222 22.B - • 

25 years. . 1234 1237 K ^79 -j . 

5 years.-.-: — ...J .an 1163.1;' 1108^ ; : 




'■i '• - . 

. .. u — v . 


5 vests.., 1163. :'WX 

15 years 1 12.71' _12.7l\ . \ 

2S 12.99 1237 ;1146'-V.V 


5J2 110 1 Irredeemables. 


U89 1 ^ ?m;\ xim:/*; 



NE’WORT 


where business has room to boom. 




Kcnuiicuimu naiu usually iai,i rtu* tur ncollnn rres of stamp duty, ft Ktnures 
n,r)'il o;i imiiiu-ciuf ./simiji^. u Aysunteti nivulfiiil am* field, u * r *r«ast mum end - 
covft rijNrtt on pm iiiu% » c.ir's L'anunvs f DIvuietHl amt yield baflad pu tmmjweius 
or o'Ii.t iiiti, i j, uir 1VU3 ulirtws r l-'inures asaumed. i t!wf» J*" 1 *'* 

(ur tniivt-rsion oi Kiurin imi now raninna lot tuvlrtcml or ranking odly lor resrlciea 
iiivuivi.d^ i piji'iiiu tiri.-i tn ■jutiMk' wi Kviilv uuitah nthcrwise mdiuiuU. li iswuun 
hv 'hiiult •• r.ni.n n io nn(,Vrs >'i OrriiiiHm shared as a “ rlRWif ’* ** K-'^d 
to vat of capualts.mon. ” Aiimmum fender once. Reintroduce^- Bl Issued 


j Tliun.. Juno 22 

Wed. 

Tuesday 

Uuoday 

Friday jTbnr#. 

| Judes 

Yield 

21 . 

20 

-la 

• W | ib ' 

1 Xu. 

IV 

. <■ • 





•M 

M 


« a 




-\>yy 
■ ^ 


17 iGoinl. and Indl. Prcfs. (20) 70.63 ' :3.io 7i.« 71.17 71.55! 71.59 i 71.68 f .71.74 h'wof 


3 1 52.75 j S2ff4 •62ff4J^ffi'.WL' 

3 j 71.62 » .71.74. 71.32 ILs&T**.' - ", . 


. VI. 1 


***-•-• • 


«<•.« Of .;ap>iaf«.«»»on <■ .vtimmuru fenrtcr once. H Rrtnlrodwced. P »»» r RodcmnfiM yield. HrsAj and lows retard, base daw* and waluor and . . 1^./ /T T! . 

c».nn «MH reor-ani^aMnn monscr of taKentvrr ||<i Inirodujtiuii.^j Issued .«u«« a a«w l*sx ef ih c canytimenls b available irom the Pubnshrrs, On? FlpSS!S^rLm^*'n^*i?^ 
imn...f Pjvl.*r..m-. hulJ.f> ■ Alimn.cnr Vu.-rs tor hilly- W00 J. • Prowsuwul Land on. ECap 4BY, pHce Up. by PM | 22p. ^ Times, SraekeB HtMfc CwilUb’SMtt •• 

bar u> -pi id aDouneot lotu-rs. * wiib warrants — — — — I — ■ - .' / > v -fT--.; • 


• 1 v V, - 

•vK- ‘ 

.. >'<i .•* * 


• > 

y't'.x 




j ■ - Lv.'.^a Jfc.' —v . 'a ^ 





S5i 


•3 ~Qa 


mrr: 




* : J •„•' 

., ■•’ -• 

■ .* “ " 


Financial Times' Friday June 23 1978. ■ 

—■■■ i — , i 


INSURANCE, PROPERTY, 
1Z_ BONDS 


fj’fijtl ty t 



Abbey. Life Axsnranre Co. i tn 

£^^^ B, * ch<nTh >'"'d.EC6 ni.,'. 


Equity Fund. 

Equity Act^ 

Progeny FA.—.r. _ 
Jtypmyte,.. 
.SMethv Plind ... 

Contwlihle Fund 

WnwIM. 
yens- Pro gen ; 
Pen*. Selective 

Pens. Security. 
Fnu, Managed 
Pens. Equity. 
VFxop. Fd. Se. 

VUan.FH.Str. 

VBquityei. Ser. 4 
VCon*. Fd-.Ser ? 


77*- General portfolio Life las. C. Ltd.V 

vl-2480TIX 60 Hanhoiortvew li, Waltham Cross. WX3I971 

— PonJolio Fund . _.| 1365 1 1 — 

“ «wtft*liotapiiai_|ll7 43.81 1 — 

-■ — Gresham Life Ass. Soc. Ltd. 

' — — 2 Prince «il Wales Rd_ B'nwulh 0002 7ST6S3 

..!! Z {•I'CithFund M65 1*1 bl _ 

.. . Jjl«Equll> Farid... 1057 lm| .. .. _ 

__ g I- flit Fun/l 110 1 115 91 . .. _ 

.... H Fund _ US* 126-2 _ 

— Growth ft Sec. Life Ass. Soc. Ltd.V 

__ Weir Hank. Bra; -on-Tbamen. Berta 
... _ ftauulile Finance ...I UJJM I .... | _ 

. . . ; _ touuUmnlc Sera ...I 55M I . I _ 


SBS&dS M~A~ j^EJESLWJ ■:.] e 

rrmi ai aone Valuation normally Tuegaay. Super Fd £7954 T J _ 

Albany Ufa Assurance Co. Ltd. Guardian Boyal Exchange 


3LCHd Burlington St.. Wi_ 

1K&B£!=BK 

*££8SSK%£r. Vft 

FctAce. 10B.1 

Inv. Acc.._ „ IM 5 

Peo.FdAec. 211.9 

lAUlM 172 2 ' 

G’tdJBonJ'en.Acc.. 128 a 
led JltT.papaAcc„ Ulo 

pnaTWAn 122 1 

ITpMlnvJ’ciLAcc. mi 


0I-4373W 5"?“ l Exchange. ECJX 01-2837107 

U-U7.M2 property Btrads-. 11748. UZfi .. | _ 

Hamhro Life Assurance Limited V 


— ■ OW Park Lane. Lundon/Wl 

— FiaM Int. £lep _ .. 0252 

— Equity . 1742 

~ JJopeny_ r 162 0 

— Ms nap co lj,, U85 

“ Manned Ace 170 8 

— Overseas. URq 

— Gill Edged . 123 0 

American Arc ._ M0 

~ P6P.P L [lepiCaii. .. 1275 


Ol A» (031 

I i-OU - 


-Zt - 
-3 4 _ 

— I 2 _ 

-3 9 — 


AMEV Life Assurance Ltd-V gja.FLnSiwtV.BSi* 


AHEVMgd.*B .. 
AMEV Money Fd 
A MEVEq UijyF 
A 3fE4- n«erfTn 
AStEV Prop. Fd. 
AKEVMgiCPenJi-d. 
AStEV Mgtl.Pen.-B 
Flcxlplar .. 


122 .C ... . ~ 

110 4 ... . _ 

1153 Z 

* 6 « ..... _ 

102.0 _ 

102? _ 

1S35 _ 

W3JJ ...... __ 

Arrow Life Assurance 

30. Uxbridge Road. W 12 T400 . 

tS-2 I - 

bsuu*Jb Has: 

Barclays Life Assur. Co. Ltd. 

SSSSK^Sih 0, T“ 
*tes=Sgl i|^ = 


ren. Prop. Acc. 260 J 

Pen- Man.i'ap 2063 

Pen. SUtv. Acc 2653 

Pen- fill! Edit Can . 12X7 
Pen Uili E de. Acc . 22U 
Pea B.S. Cnp. . ... 123.9 

Pen.BJ? Ac.- iaqj 

PcaD-VF.Cap. II 

Pra DA.F. Acc II 


=• 


103.8 

Muue«l 1S7J 

Money . 98.6 

Man_Peosy.ee utn. ,. 77 1 

DO. initial WO 

CUtEdgPenrAcc.. 44 B 

Do. lnjtnl 92i 

‘wac^R? 


1095 

mo -08 

103 B *oj. 
1023 

100.0 .... 1 

9711 ... 

105.6 

1026 


"Currant unit value Juno is! - 
Beehive Life Assur. Co. LuL? 


I — Pen-D-VF.Cap f 10 L* J .1 _ 

— Pen. OAF. Acc | 1028 | 4 _ 

— Hearts of Oak Benefit Society 

3S-J7. Taiirtork Place. WCIH BSSf 01-3875020 
01-7480111 Ciab — _{36 4 3SS| .. | _ 

I — Bill Samuel life Assur. Ltd.V 

i'2Z ~ NLATVr.AddlumntK-RrLCroy. 01-ff<64355 

-L21 _ Jf^tjpony Units ,_|1529 160M — 

P r,v perf> Senes A _ 10D9 106J . _ 

d. Manace^L’nlu.___ 16J3 1720 -12 _ 

U-niwi JJanaged Senes A . 164 10X6-0 7 - 

oi-WS M44 Managed Series C. 942 493-0 7 — 

, — »«tey Units 085 . 126 7 ..... — 

"H — Money Senes A-_ 97 2 1024 _ 

-03 — FiandlnLScr. A .. 9X9 46J .... _ 

-*■« — Pns- Managed f up. |40.7 MB.... - 

"21 - P^».Mfcna*«l Alt. 1485 1562... _ 

*0J — Flu. (Tteed Cap U51 U8.7 _ 

— Pns (J'leed Ace .... HOB X16.7 — 

— Peru. Equity Can 97 7 1029 ... — 

— Equi:> Acc... 98.0 1032 _ 

_ Pns-FxdJid.Cap 94.7 49.7 — 

— Pns Fed Int Acc 95 0 100.0 — 

— Pros. fTOp. Cap 9S1 1002 .... — 

19. Pens. Pr*'p. Acc...„ 95.4 10O.< .... — 


\'Pf Pensions Management Ltd. 

4«. iSraeechim-li fit.. EC3T3HII 014C114300 
Mim.icitl Fund -J144 9 156 1J | — 

ITlcct June 1 Next dealing: Jul; X 

New Zealand Ins. Co. lU.K.i Ltd.V 
MM'lOhdHour.e .SnuUiendSSl&J< 070262853 

Hlu 1 h*y inv H.-in 7425 1«6« .. . _ 

Small run Fa.- . D83 427 — 

TerhutlnuM . . ?q 1 WJ -*7 — 

Extra Inc 1-U 84 0 43 7 _ 

Amenran Kit 101 9 107 3 — 

Far East Fd 1C 13 106 6 -1.2 — 

•Jiit Edited Fd 103 J 108 7 . — 

(■-n.Depo-alKd _ (<5*5 1015) .._. — ! 

Norwich Union Insurance Group 
pi 1 Box 4. NorwiL-h NR1 3NC. f«ro ’J?iMi 

Managed Fund ._ . 2tffl2 219 1 -1 2 — 

Equity Fund. 333 8 351 3 -29 -. 

i^uperty Fund 128 0 1347 .. — 

Fixed Int Fund 1495 157 3 -0.7 — 

Fund .. 1055 UXO ..„. — 

%or Unit June 16- 200.1 _ | 

Phoenix Asaurunce Co. Ltd. 

4-5i Klnjc B 4F4JIR OI-fCMBsTB 

MNl'hAn. 11110 116.91 i — 

EliT. I'h As- 77.7 1 __ 

Eh-r.Pb.Eq-E. |76.1 M.O) ... .J — 

Prop. Equity & life Ass. Co.V 

1 1 9. Crawford -Street. W3 1 1 2ASJ. 01-4PQ08S7 

R Silk Proi». Bd- _ .1 180 8 I . ... I — 

De Equity Bd 745 — 

Fle< Money Bd l 1496 | \ — 

Property Growth Assur. Co. Ltd.V 
I «in House. Crtndon, CR9 I LU 01-tMI i«W 

Property FUnd 10X3 .... — 

Property Fund IA>.. 174 8 — 

Aitruuttural Fund. 757 7 ..... — 

Acrli’. F\iml/A« — . 7515 — 

Abbc> NM. Fbnd .. 1534 — 

Abbey Not. Fd * A). 1532 — 

Imestmenl Fund... 675 -0.6 — 

iQmimentFd <Ai. 673 -03 — 

Equity Fund US 7 - 1* — 

Equity Fuad I Ai 1651 -l.t — 

Money Furul 139 M « ... — 

Mane;- Fund 1 \i 139X . — 

Actuarial Funt 1172 — 

litll-edEcdKuni) 13X5 -0 2 - 

<:HM5dje*dFd.lAl. 1215 -02 — 

OKetiru Annuity 181 7 ... — 

■*lmmcd. Aati'ry- 1435 .. — 

Prop- Growth Frodoae & Anadtln UL 
All VTther Ac Uts. 120,9 XJS.U .. . — 

VAIlWetiiherL’xp.. 1220 12X4 — 

Vine. Fd Uls 1370 — 

pension Vd. Uts 129.7 „ — 

Con* . Peru,. Fd. 1462 — 

*'«*. in* Cap. Vt 13ZZ — 

Hon. Pent. FVC 143 9 _ — 

Man Pros Cap LU. 13? 8 — — 

Pmp. Fcbr Kef • 145 8 — 


Ahbey Unit Tst* «grs. Ltd. lai 
73 ft?. Cafehmse Rd . Avlnoun-. KK •‘ i Wl 

AnbenapUel ,.1318 3JS _ S-51 il? 

Abt«n Ikwhd . . |30 4 40.B -0 Jj 5 91 

Abbe- Ibx.I’M Fd..|»7 SS'S-J i % 

AbbexOrstlKt- 1*1.1 «6 9|-!>.»I «-W 

Allied Hombro Group? tang) 

Hamhro Km-., nation. Brent-* udd, fc 
PI -Mb a*S>l or Brcniuood i0277) S11469 


Balsa eed Fuodc 

Allied Wt . 163 4 

Bru Indr. KumJ - Mb 
■7rtb Alur - .. >362 

Meet 6 Imi 1*1 3? 2 


68 41 -D U 5 55 
64 0U| -d « 5 17 

3EBJ-91 5 91 

34 3 -0 3l 5 13 


«l 21 -0 V 
3&i| -9 fij 


Z Allied CopiUl 69 5 

_ 1 1lambrn Fund 1005 107 Sri -1 1 5J0 


Hamlin, Act Fd. (215.3 

! lacuoie Fonda 


MlCh Yield Fd 1*42 

Hlsti Income SJ4 

.Lft 14 Inc .-J37.8 

latenudlueal Fuads 

Jniemaiional (2*2 28 0{ -0 3j 2«J 

Pacific Fund M3 7 . ( 213 

Sera rif 4menca .pi 7 57 5 ji - 0 W 2 CC 

l’.S A Exempt* 195.0 2000) .] 150 

qperlalU* Fundi 

Smaller Cn'sKd.... 35 0 37 51 -0 3 4*7 

2nd Smlr ■ n» Fd. .. 433 4* » -0 ; 514 

Recovery ''-ila - 8X5 6 II 

54«.Min.6i'."cll; J“B 42ij-Q5 5 37 

fiverxeas Earning:. 555 594^-0 5 4.71 

E*W- imlr Co s *21*2 2276\ -I if 527 

Aadrrson Unit Trust Managers Ltd. 

J.lBFt nchlWThSX Er3M6AA 823*31 

Anderson U.T. ...|47 3 53 1| — | 4.35 

Ansbacher Unit IttgnU. Co. Ltd. 

1 Noblp-Sl . EC2V7JA. Dl-B2Jd776. 

Inc Monthly Fund |165 0 175 01.. | 8 95 


28 0( -0 31 2 43 
46 IK X13 


57 5iJ -0 

2000 ) .... 


42 W - r J ■ 

59 4di -0! 

227 6 1 - 


j art more Fund Managers V laiigj 

2. St M»ri ASX'. BC&.\ bill*. D1 2Kl 3531 

1; .American Tsl — IjJl XI 3d -0 7 0.12 

BruunTyi iAw - « 3 5Bd 341 

Corrnu.ditvAlip'-.- 'J5 7 IS. -2 3 2 72 

Eu'raJncnnie T::. 125 0 — , 92s 

^i&rKaS!.Tn.-X l?49 37 5 . a 02 

lUyh Irveruce I s -:. Ml *2 5l -|j i 8 53 

Income Fund |<1 4 ,7b • -B 4 b 62 

Inx. Aficnt ws - ... ;13 47 1; 47, - J 1 } 3 B 

loll Ex-mpi Fd . SB3B 4121-0 8 6X4 

(iiIntL T« <A.> . . ,iZ3 i 36 i| -0 XZi 

Gibbs I Ac tony 1 Unit Tse. Mrs. Lid. 

Zt Blomfield b!_. F.<'XM 7NL. 0I-U84U1 

IOJ All. Inv.rme- |C2 2 45 2] _... I 8.10 

ialA.t;. , in"«hrr ._,Ja2 41 oJ a» 

wbtG.?wEa.«- 12 J 7 25.9J | 030 

TJejI ng -TJC5. f+VtVi 

Caret t (JebnlV 

77 London Wall F'“2 01-5865620 

S'iildr. June V4 1170 9 J47 6rf .....I 197 

IKj. Adcliia L1.1i . U08 2 1773 . — | 1.97 

Nert rt.'.l.-i, .Jay June 30. 

Griereson Management Co. Ltd. 


01-5865620 
,™.| 197 

_-4 L97 


TX._LMBlnrdSL.EC3. 01^31288 Houie, Guildford. 7I2S5 

Bit Horae June l_l 12SJ5 1 1 _ Growth F<L Jooe JO72.0 7A3I I _ 

CSMd. life A.»an.«. Co. t “-' '-ffijf dSS. P«S - 1 - 

r ", w ® sasw-ft » if = ) = 

SA Hz ISSEE,™. K »SH = 


Imperial Life Ass. Co. of Canada 


Arbnthnot Securities 

37, Queen Sit. London EC-iK 
Extra Income Fd . [184 4 
Hiait Inr Fund . . 48 1 
6>Acctim I'niL’i . 552 
i®i"i U"drwl Uls.i 55 Z 
Preference Fund 25 2 

lAccum Ucllsi 27 4 

CaplUl Fund - _ 14 7 

Conunndrtv Fund .. 54 E 

lAccum. Intel 66 0 

■ UPaWdru-ILLi 52.3 

FioAProp Fd !7J 

Giant, Fund .. — . J9 2 

lAccum. Union 45 J 

Groixtb Fund - 32 4 

Mmw Unit; 1 — 38 2 
Smaller Co' n Fd . ... 265 

Eastern* lull. Ftl. 27 0 

16% Wdrwl Uls-i 212 

ForciKii Fd. 14.1 

N. Aacr. St int. Fd 31.7 


Ltd. label 

I tJV 01-236 5281 
112 31-0 4 1JJ7 
43 7 -0.: 9 23 

56 8 - 0 2 423 

56 B -OX 423 

SJZ X2M 

40 3 Li JO 

210 . - 

65 0 -it 52S 

415-2 1 5 25 

S » -L4 5 25 

7 . 3.C5 

413 -3.4 167 
45 2 -PI 257 
33.9 -0 1 3 02 

412 -0.b 302 
28 5 -0 ^ 4 52 

24 1 .... 1 33 


34 1! -0 5 1 00 


44 41-0 31 3 62 
«4 V -0 £■ 162 

33 9f-0j| 6X2 

633J-0H 111 
5033-0$ eu 

2551 -0-3 449 
28 Si -0^ 2 98 

91 61 -0 91 2.74 
34S-B2 15b 

80.5 ....n «55 


36 2] -02] 

nei -01J 
7s ol -o il 
«; a -0.7 


Cannon Assurance UdLV 


IH: 


Secure Cbp. F«L [95.9 

Equity Fund B6 0 


Irish life Assarance Co. Ltd. 


1. Olympic Wy.. Wembley KAS0NB 014XJ28878 11 • Kimhary Square. FC2. 


EqiiiO United 

PtbpwwllBlts 


.10680 - 



Blue Tbp. Junes- 171.7 
Managed Fund . 22x6 

Exempt. Man. Kit ... 10X3 
Prop. Mod. June 1... 177X 

Prop. Mod. GUl P93.1 

Bing & Sbaxson LUL 

52.Cornhill.EC3. 


01-8288253 

SI - *” 


01-QZ3M33 

Bond Fd. Exempt .1103X6 104.771 -0.081 — 
Next dealing dote Julv 5 

Govt Sec. Bd... (llT-W 125.7*1-0211 - 

Langham Life Assurance Co. Ltd. 

L-iDyham Hi Holmbroob Dr.NWt 01-200 5222 

Lancham A-PUm-lbSS 67X1 I - 

JProp. Bond llAU 148R - 

Wt*p iSPh Man Fd [783 B2.«| j - 

Legal & General (Unit Assur.) Ltd. 

Krcgswaod House, KlnKBnood. Tadwnrth. 
Surrey KT206EU. Burah Heath XH56 

Cash Initial »55 18661 J - 

DoAecum. 971 Utl3 ... 1 — 

Equity Initial™ U6X Hz3-l.ll — 


2adEq.PensJArc- 
2»dPrpLPenalAcc. . 
2nd MsdL Pens/Ac 
2nd PenJewAcc 
2nd Gilt Penal Ace. 
L*E5J.F— 
L&SSXF.2. 


40.3 ^0|J _ 
28.3-03 - 


Cuit « oL value June £L Cash izutiall. 

Capita] Life AssnraaoeV Equity' Initial. 

Ccniaton House. Chapel Aah W3on 09Q228311 

Key Invest Fd. t Mia I .1 - 

PaoeroaVerUrv J'd .( 102.03 | J — ESiT^KV" 


n s. nvimzmxm uc,r> rra. vj-ouu j 

am A' P Inn.- 163 J 67X1 I - 

.Bond 14X3 148 71 _ 

iSPi Man Fd 783 B2.tl - 


Fixed Initial USX 12X2 

— Do. Arcnm. .1171 X23J 

“ IntL Initial —97.9 , UUJ 

Cbarterhease Magna Gp.V £LStaUiei~' las ml 

JR Chequers Sq.Cxbrldse I'M 1NE 32181 Tm Accum. . 1176 1232 

OuthOBEnerCy 08.4 4041 — Property Initial..... 990 3MJ 

Chrthse. Money 79 4 3X0..... — po.Accum. IMS 106J 

Cttzthse. Managed. 384 <0.4 — Less! t General a ail Kearaa Ol 

Ctathae. Equity — .35.6 57.4 — Exempt Cash Imt- 196.4 10U 

Magna Bid. See 124 .6 - Do.Arcum 18 0 1931 

Mama Managed.-. 1500 .. ...[ — Exempt Eqty lr.lt... 121 9 128.4 

C*«y of Westminster Assur. Co. Ltd. EwtPMiiiLimA 

Riaosteed House, 6 HhiCeiwrM Road. A crura. UL 4 


-H z 

12X2 -03 - 

123J -0 4 — 

unx -03 - 

1033 -03 — 
1217 -D.7 - 

1238 -0.7 — 


12S«.-. - 


Croydon CHOU A. 
West Prop. Fund 
Kenagedriiod 


iffll:”.; 

w.a -xi 


01-084 6664. Exempt Meed. lniL|U9.9 

1 Do Acrum. .121 8 

_ Exempt Prop Jnit. 96.4 

-.’"nl _ Do.Accum.. 98 0 


• 774 _ Legal & General Prop. HL M&rs. Ltd 

67 ? ^0 ? ~ IXQueen Victoria SUBC4N4TP 01-345 K78 
1713 H — LtGFtp^d. Junes 195.0 WL7| — | — 
122.4 . ... —. Nest wit, day July X 

J26.1 . ... — Life Assur. Co. of Pennsylvania 

S'S ~ 33-43 New Bond Si_ WIT ORQ. 01-4838185 

S A -Xb - LA COP Unit*. -1«7 UB6( 1 -i 

.r, Lloyds Bt Uiilt TsL Mngrs. Ltd. 

204b"’ [ Tr.tewbaniSLECa CJ -523 1=88 

SES“2f ta^sm-lu. 1 


Gat 

PUU4 _ 
Pt9B.llBiM.C3JI. 

nsiXOtpLAcc 
rims. Money Cap. 
Petra. Money Aec. 
tax 


natormEnibi 


130.4 +01 
1M4U3J 


9 5S Ml 128.41 J - *)t aifion.St. GC&A 4MX 

property cnit. 1 §5 57^ “-'J - ■ ?s.|i23 B 524 ^) +6i ' ~ 

Cosanercial Union Group Opiiptn-Juaenr. 127.6 -33 — 

• St-ife!«£i'fl.l.l'Dd*r*tiait.EC3.~ 01B837500 r?E*!5*s^ 3SS 22 ' iSo 136-19 — 

+^1^ I7 i !■'» -0*1 — 0pL5 DepLJune22 . 12X5 127.51 +0.« - 

fe- AWfeh .- S* W - LoD*m latfemnity & Gal. Ids. Co. U d. 

Confederation Life Insurance Co i8.ao.Thc Forbory. Readin^ssMii. 

,mCT«l*ceiyUoe.W&VlHE. 0l-2««S2 M«neyM an 35er._.-g33 K H -021 X. 

VEanterlritotL-; — 11516 1592{ . ..J - M.MFle>*bIe 095 3lJ -0J| — 

UMegagad Fluid -B7.1 U6.<| . ...J — Fixed Interest..- — 04.1 3*0/ .... J — -. 

Penanal Pen FtL_ 


B-e.l.U««ler*haft.EC3.. 01-3887500 fEJJS^sSSSa" 'MV X^fc] -l^j ~ 


357J -021 X. 

~ M.ML Flexible 1 795 3lJ -0J] — 

— Fixed Ir-terett &4.1 3*0| .... J 

Z The London & Manchester Ass. Cp.V 

— . The Lea*. Folkestone. Kent. CQ03 57383 


Prop. Fens, rtf .148 8 I...1 — 

Prop Pens Cnp Ute 152.4 [ I — 

HditK Sue Pen. UL 130.8 — 

BtdR. Soc. Cap. L't .. 120X J .. .. J — 

Provincial Life Assurance Co. Ltd. 

232. Pirhopswrtc. ECi 0I4.M76533 

Prov. ManoKcd FU..IU3.2 11931 — 

Frov Cnfli UL 104 5 110.1 . .. — 

GIF Fund 2D - . _ U46 120 7 -03 — 

7*rupertr Fund 95.4 2W.5 — 

Equity Fund 979 1032 .. . — 

Fxd. Int. Fund 953 100^ - 

Prudential Pensions Limited^ 

Holbom Bnrs, EC] N 2N H. 01-405 B222 

Equ/t Fd.Jt|De21. .162159 =535] I _ 

Fxd InL June 21 €18.72 1897) J — 

Prop K. June 21 __l£25.78 2658( \ — 

Reliance Mutual 

Tunbridge Wells. Kent. 089222371 

Bel prop. Bd*—..] 1963 I I — 

Rothschild Asset Management 

SL Swllhins Lane, l^mdt>n.ET4. 01-0364350 

.V C. prop. Mar. 3L.U143 12X6afl | — 

Next Sub. Day June 30 

Royal Insurance Group 

New Hall Place, LlverpooL 0613374422 

Royal Shield KdL - /U95 24X2J „..J — 

Save & Prosper Groupf 

4. GLSLHetcn'F, Lndn.. EC3P 3EP. 01-554 8880 

Bal.lnr.J7d P26.7 X34X -0.6/ — 

Property Fd.- 1527 16X6 — 

Gil; Fa U 82 124 5 -0.4 — 

Dx-po.lt Fdt 123.1 1296 — 

Cump Pens.Fd T 20X5 2122 — 

Equity Pens. Fd 1786 1881 -23 — 

fTopJ a ensFd.'._ .. Zlfl3 2305 .... — 

Gilt Pens Fd. 92.0 964 -OX — 

DcposX^nsFd.t- HRS 103.7] +0Xj — 

IV ieex bn June =0. 

Weekly deallnfi*. 

Schroder Life GcoopV 

Enterprise House, Portsmouth. 070527738 

Equity June 20 .1 225.9 -13] — 

Equity2June30 — 216,7 2282-29 — 

Equity 3 June 30.... Ua3 1245-1.6 — 

Fixed TnL June 30. 13S 1 1425 -21 — 

FuedinU June 20. 145 X 152 7 -25 — , 

Int ti June IO . 137 7 144 9 -14 - ! 

K« SGHt June 30.. MIX 1441 -09.— 

KicSc3une2D U9X 125 7 -0.7 - 

Mn?d. FIs. June 30. 1305 137 5 -12 — 

Managed June 30— M3 6 15X1-1.4 — 

Money Juoe2d 1075 112.9 *01 — 

Mooey‘3 June20 1173 123.4 +01 — I 

Property June 20_ 154 7 163.0 +0^ — 

. Property 3 June 30. 1524 160 4 +4)1 — 

BSPnCpB Jane 20. 120.8 !26l +0.2 — 

BfiPnAccBJune*. 13X2 137.B -OX — 

MaPnCpB June »- 1985 209 0 -2 2 — 

MnPttAccBJuiwai. 235.7 2482 -24 - 

.FwUnLPen.CkaB. 993 99.4 -IX — 

FxrUnLPn ,4ce.B- 94.7 . 99.8 -IX — 

Prop. Pan. Cap B— S.9 30X0..., — 

ilnp- Pen. Arc B_ 962 . 18X« +0X — 

UWMyFen.Cap.B- 953 1065+62 — 

MtraeyPen- Acc. B.. 95.7 100 8 t02 — 

■ Oversea* 4 »84 1037i — Ti — 

Scottish Widows' Group 

PO Bo* 902 Edinburgh EH165BU. 031-6356000 
tav.Plyieries L_H055 10551 — 1 — 

l«r. Ply- Series 2 — 99 6 1045 -...] — 

Inr. Caob Juno 15— 17.7 1029 1 — 

ExTJtAcc June7 — 138.7 I486 .._J - 

ExUUncJuneT — 1351 140.9 .._. — 

Mgd-PeaJunei5_&6.0 266 .fl J — 

Solar Life Assurance Limited 
10/UEJy Place Lcndoo ECJV47T. 0X2422005, 


— Arehwav Cnit TsC. KfM. Lid.V (n<cl 

Z an. Hich ilnlbcro. wriv tt;i. oistnc=73. 
_ Archway Fund 180 4 861^-2 7) 61a 

— Prices at June — Next sub. ilar June iSf. 

Z Barclays Cnicorn LUL faiigiVici 

Ualcorn Ho. 252 Romford P.d E7 0I-5WS544 

**• _ Unicom Anwnca„L32 4 354-5 -0 7] X12 

76533 Do.Auxt.Acc - Ri 7*21-1? Ifc3 

_ Do. Ausl.luc (556 60 14-: 8 168 

_ Do Capital — _ ,..p4 4 65 U -0.7 4«3 

— Do. Exempt Tst p05 3 109 7| -OF 660 

— Do. fcrtra 1 erode „|r7 4 29 tl -0 3 8 54 

— Do Financial 581 62 frit -0.7 5 35 

_ Do. 500 71 3 77.11-0.: 685 

Do. General.. ... 335 33W-0.: 6 26 

Do. Growth A ;u. |M6 <2 0-0 4 4 37 

C no— < Dti.lncomwTsl . . .183 0 B9 J -05 b 21 

‘Do. frf A na tit. ,|137X 144 3. 5C2 

— Prices at May 30 KuC sub dav June X3 


SIX -0 0 293 

310-0? 4B4 

94 7 -1 2 4 87 

27 5 -OX 7.97 
541 -Ob 5X9 
MSm -0.2 BXO 


2222 -291 
1245 -1.6 
1423 -21 
152 7 -2X 
144 9 -14 
1441 -0 9 
125 7 —0.7 
137 5 -IX 
15X1 -1.4l 
112.9 *01 


— 1 — Do. Sccarorx- MIX 44 71-OtJ 5.8J 

-I — Oo. Trustee Fund [110X 1191 -0 « 519 

Do ITIdwide TrusdrtS 535) -0.71 1 51 

BISLinJilne X60.9 b? *\ -O.bl 4 98 

0892 32271 Do.AccOd. Jb97 726| -Cl.b] 4 9S 

1 — Baring Brothers A Co. Ltd.V laHxi 

ent Ba.Leadenl>aUSL l EC.2 01-688 2830 

014X 43S6 Stratton TU. 11694 J76a| .... ./ 435 

I _ Do. Actum. |21Q0 2150| J 435 

( Next tub. day July 5. 

Bishopsgate Progressive Mg ad. CaV 

D5 1227 4422 9. BlsbnpaBaie. RCX. U1-588S2B0 

J B'xalePr. "June 20. pfl'J.4 195.4n3 J 346 

* Acc. L’t* ** June 20. Irt9 6 23ig 366 

B'ltaielaL Junel3. 1E01 1=1.H 124 

nt 000a lAccum.1 Janel3_ I198.B 21151 .. .1 1X4 

_0 y Next sub. day ‘June 27. -July 4 

-v,.- — Bridge Fund Managers^ ianc) 

z EJng William Su, a.'4R OAR ni-B23 4«l 

_ American & Gen.;. 25X 265 -X5 X<3 

-2J _ fortune- 50 5 24 9 6 52 

_ Capital loc.f 35.9 782 121 

-OX — Dp Ace 1 39 6 42 7 3 21 

+02 EsCmptt 1360 1440 5.56 

M lateral! fcc.r 165 17 6 3.45 

DnAcc.r Jia.l 14 3 ..n 3X1 

Dealing -Tues. ffted JThurs. Prices June 
20 2? "Zl. 

ff?os 37738 Britannia Trust EjaaGgcment fa) fg) 

Z 3 London 17*11 Buildings, London P*M. 


” Londao EC261 5QL 

_ Asiete *64 7 

Capitol Acc ,‘50 6 

Co— jn X Ind ... 54 8 

Cotn-upditv... 765 

Do me 5 tic. [Mj.4 

Exempt..... _ (113 3 

_ Extra Inca me [38.9 

_ FK-Eu! -fc! 

— FiTiancicl <et» M.5 

_ Gold * General C3.8 

_ Gro+th 172 4 

_ lac. ft Growth U1 4 

__ lnl'1 Growth “-IbXr 

_ Inro«LTst.Slia-"e*_i<aO 

z la'Sfcsrztel 

_ New Issue — .|34X 

_ North Amentia .. | 790 

— Profe+aional....— P72.4 

_ Property Shares ....113 .0 

Si*iSd K42 


OHO® 0+S3JW7B 

75 ft -0.71 5 >2 
54£j-CiJ <11 
59«-nt! — 7C 

EljJ -C2 5X3 

35 ::d -o.J 4.<5 
124X1 -0.41 JZ9 
•3.3 -OX! 9 76 
2LS+0 7 3 

66 3rf -ii.» AS? 
9553 -n.3 3.01 
64.42 +05] 4 W 

76 fl -0$ 7.52 

66M-0 4) -Z.*- 

?i?i -t 71 s>: 

i? J] -021 1 < 

6.62 


1 — u— .» t 

et.a 6 . 6 ; 

36.3-0 51 4.75 

SO 3 ? 13-1:1 111 


Cap Growth Fund. | 
■“ qFlex- Exempt Kd. 


fixed let. risn. Fd. 

. Maaexed Fca. Fd.- 
Prope r ty Pro Fd—. 

VProwewd In. riA 

CwuWn lusuranee Co. Ltd. 1 

■ S^CornhQLECJl 0!45»5410 Inv. Trust Fund ) 1364 J — ••} 

Can Fete June 15 ^1123.5 — |+15j — Property Fund .... ( 4.7 | J 

'«msdBi »J3= 

Credit & Commerce Insurance p-ra.pen»itm— -..[asg ~ J •• 

laUtofeatSt.LoadonWlBSFE. 01-43S7081 g»nvJ[>cpowi; _ . JU7 9 1S| . 

w-i- SWWP“Hf - -H 

Crown. Lffe Assurance Co. LttLV — K?x U2.b ~ 

Cieen life H*e,Wobxcs.GU21 IJnroWJE M3 3 i^wrrvUnl. Eond*'.UW 9 108-J -17 — 

Fdtail— ■ fg* J2?aT?3 Z EvYieklW M* (857 ^3 ■■ - 

566 — 

567) . . — 


rtjarty raAt 
‘EqaiC^FU taaB- 
santarFd-iori— • 

Property Fd, Acc 
- Property Fd- Dicro 
• ■— *“»fd Ini* 
Kd. A*C. 
TW.Vd.Inem. 
._ Tet.Fd.LfiZ . 
Flutid lat- Fd. Acc 

K«t.Ir,tFd-IpCm 

bswrilFd-Acc- 
Jrdert. Fd. lw» 
KtLAcc.- 

CMmBrt-lnv'A 


101 3 -XX 
m.7) —3.3 


1x| 5.13 


MO* ..... 
003.7} -J- 


i - * !ESS r AttVf|| || ' = 

“ Merchant Investors Assurance ; 

— 125. Hiph Street. Croydon. 01-880017 

_ Property.. Jg-J Z 

_ Property Peru- — _ “Y — 

Equity Pens. r*? ? *■“ _ 

« SSgJStfc:: = r 

- §1 — ™* 

irtl. Equity 10|“ 

4MHI feU- Managed 1637 . 

_ 1 NEL Pensions Ltd. 

■ Milton Court. Dflrkiafi, Surrey'. am. 


Crusader lasaranee Co. Ltd. iSdiSSnased — 1—\ W3 - 7 * — '7 

T7hMtaHotuw.TtororPL.EC3 0I-SW8031 pcnsions L td. 

«dtPrap.J«uiee- P8J \ . Md , on Court. Darkiop. Surrey'. SW 

fSSilSi”"™ ssaa atar-fc “21 ^ - 

‘ a .SSS’SS%-6I Si -- - 

'•■WW* to. Ufc Aa. ssaisas. Si r 

aimeAiatnrTtaad NelMxd.Fd Cap.. g, ’Zl — * 

■^SaifrR* Sid = "SK yss-jswjysf- - 


COMPAN-TNOT8CE LEGAL NOTICE 


irayiai..i>inn . _ NO. 001907 of 1970 

'irinnflH'Tf’ V™ ELECTRON to! m.-o COX'RT OF Jl’STJCB 

■iBBWPSfeLf&Ks "S«su » 

. ss&a*ttWv«H 

«.aunss «?, kssA ft*, 


lor in* ft IS! wrttYl'iXr ires.®*-*™' "zr-,y 9 Fn'" r™. "“"T 

■ ^aq- Ma ron . f Sl gl jmauat ol com- !M.iritcl. Sh< Mld PentHm U 

-9^^*p£^ipTS » .dTriSg |n I Strand. '' “rv d any creditor W 

OtwHiiify u ^nrfuwigd bv j day 1 o/ij ComP^ desinws* 

[ coDD-ltKJtory Of marine of an- 

'•5SgWSa& B SSSrt'»S tf ~ ^ WW4flB I id «*wnt « WJ 

.enter iqTS. . m ,t£D. 45 order on ,be , 6 £., PI V.- in person or by 

?-&37'S2£|tl£L 4 CO. Ufig* 2 LX. O. t hO tUM Of 0c* ind 4 copy . 


1 SotarManafiedS— |US6 -X« — 

, Solar ProperteS. — 11X2 1J7X .. .J — 

1 -So Ur Equity S 1575 245 8 -1W — 

SoJarPxd. Int, S-_- U4X 120 4 -O.jl — . | 

Solar Cult S 99.9 1062 +fllj — 

SoUr IntlS... 99 0 1052 -13} — 

Solar Managed P-. 125 A X3i0 -Ul( — | 

■SsaT^:B!| Sti ^3 = 

•iSZWRZz:. «0 825 4:3= i 

Solar UiiXP |99 0 1054-151 — 

Sun Alliance Pnnd MangmL Ltd. 

Sun Alliance Haase. Horsham. 040364141 

Eap.FdJotJune 14 (050X0 X60.OW . >..( - i 
. Int. Bn. June 20. | 04X3 I .. ..J — 

Son Alliance Linked Life Ins. Ltd. 

Son Alliance House. Horsham MU3 64141 

EquiMFund RXSX J214 -Xtt — 

KteedfnterattFd . 1019 109 c -62 — 

Froporty Fund — 1WJ 1343 . . — . 
Internationa; Fd - 107.9 113.6 -IX — 

Depceil Fund fb4 10L7 -0J — 

Managed Fund- -(lM O J13 7 -R7 — 

Son Life of Cansda (U K.) Ltd. 

2.3.4. Cockstur SL. SWIV 5BH 01930 WOO 

Maple U.GrUi 1 J943 ]-49| — 

Uaple 12. Manpd. ...I 1335 I ■ — J — 

««5Kf=l 855 Ud z 

Target Life Assurance Ca Ltd. 

Tareet House. Gatehouse ^Hd.. Ay leggy. 
Bucks, Aylesbury 'OS8|SW I 

Mm Fmd lac nous 1062] —0 9J — 

_ 115 7 152.4 -X0 — 

Prop. Fd. Inc. 107 J 1X42 — 

Prep. Fd. Arc. — — 13A0 — 

Prop. Fd. lev. —— 108 ... . .... — 

fSSj IBL Fd lac. 1060 1U5 H)5 - 

Deo. Fd Acc. Inc... 98J6 W.» +0.1 — 

Rel Plan Ae. Pen. . 710 770 -0.7 — 

Het.PlBiiCap.Pea.. SB 7 63.7 -O E _ 

RelPlBnMJa-tcc._ 124 0 1312-10 — 

ReLPtaakUa-Cap.. U42 120 8 -X0 — 

Gilt Pen. Acc. 128.9 13b J — 

- GlitPen-Cap. 1220 laa.ij - 

Transinternaltonal Life ins. Co. Lid. 

2 Bream Bldgs., EC41NV. 01-KB649T 

rhdlp Invest Fd_UA20 1493..-. — 

TuDp Maned Fd H3 0 Ua<H — 

•Man. Bond Fd 1165 1227 — 

Man. Pen. Fd Cap.. 119 9 12621...- — 

Man. pen. Fd Acc.. 127 J 1339} — 

Trident Life Assurance Co. LttLV 
Booslade Boost. Gloucester 04523S5I J 

Uamnd [122-7 X29.V — — 

gd*ted 1463 1549 - 

Property-—- — i4Sj i5*s . . — 

EqTBWArnerican_ 842 .892 -0.7 — 
D-K, Equity Fund _ ltai 1097 -0.9 — 

High Yield 13&1 1462 ._. - 

G® Edged 120 B J27.9 — 

Money— 122.7 129X ..... — 

Itunnaliocel 12U 107. D -1.1 — 

Fiscal 125.4 1X2.3 _.... — 

Growth ‘lap 12J2 U05 .. . — 

Gtwth Acc. 126a 1345 ._ . — 

Pen*. Mngd Cap... 123 0 1197 ..- — 

Pens. Mngd Acc. — UX.4 1»5 — 

Peru. Gld-Oep Cap.. 1319 107 9 — 

Pens.GtdDepAcc. 1M.8 1121 — 

Pens Priy. Op 1129 1194 — 

Pans. PW Ace 1173 124 2 . . — 

TrrSt Bond 35 8 37.8 -0.4 — 

4M.CX8nd.-lfJ,,-, - — 

•Cash value for 6100 premium. 

Tyndall ABSurance/PenstonsV 


1X2J -05 - 
104.1 +0.1 — 

770 -0.7 - 

63.7 -O E — 
1312 -X0 — 

1208 -10 — 
1362 ._... - 

128.8 - 


1097 -0.9 — 

2462 — 

127.4 ..._. — 
1293 .... . — 

307.0 -1.1 — 

2328 _.... — 
1305 .. . — 

1345 ... — 

119 7 ..... — 

1243 — 

107 9 —.. — 

112J — 

1242 . . — 

37.8 -0 4 — 


is] CanyngeRwd Bristol 02T2223U 

3-W4r Junes! 123 8 -0M — 

■BquilyJurvtS!...- IgJ — 

&omJ June SZ.. 1648 -101 — 

Property June 22 — JEi “2 a — 

Deposit Junes _ 1275 -03 — 

3-«rayP»n.Ma>S_ VM *07} - 

rvjcaalnv June IT. 77.7 +0X — 

Mn-Pn3-W June 1 169 6 — — 

xw3 :::::? = 

Du. Prop May 2. „ 854 J — 

Vanbrugh life Assurance 

41-48 Maddox Si- Ldn. W1K 8 LA. OlriPO 4023 

MscacrdFd M 3.6 UL3-0.7 — 

Eou-b-Fd.. 224-0 2253 -2X — 

Sri Fund. rtZ.. 100 6 105 9 -0 6 - 

Fixed Inler&lFcX— 163.9 272 6 -0.4 — • 

pranerty Pd.-.-—— 1435 147.4 +05 — ■ 

Ut “ 

Vanbrugh Pensions Limited 

41-43 Maddox St. Ldn. HYH8I-4 01-4894803 

SSKfrrrrJH iSad| = 

' Gnornnlecd see !r-« Base Bales 1 Utle. 

Welfare Insurance Co. Ltd-V 

Tfc« Lei*. FolhCSvne, Kent. 530X57333 

M-nrymfekrr Fd .’ I 1013 _J • I . 
For other iund*. p.c&«e ro.er .u The -iu,joo & 
Maacr*aer v*roup. 

Windsor Life Assur. Co. Lid. ■ 

I Htgt.S:reet 1 irind=.«- WisiwWI'W 

Life Tin. flans . ■ l*J „ M 72 * • - 

i autre »s-c G'*-*' *0 W I Z 

fie:. Assi Hew — I i-5.09 J — - “ 

fl^jr IkV-Gtpp-Ji— ilDhO HJ-ol — 


v-tfsk, as-rc srh&r??*%i \ r s ^ 

■ a S 6000 F« nk I^^mgiwd JO r^pany reqosrmc 

sssfit'ggz ’ 

rife's 

nxr&t OF 70^7° ^y.J worc Rond vJja intends in 


rarauw. 

llwa^ frCTO 


- ~ u fia+eet [ 


^anow IC2* 


aMraThm.ge-_.-g5 X* -M 559 

Unrv Energy — _ — PX4 33.0| -O.-i 252 

The British Life Office Ltd.” fai 
Reliance Kse . Tunbridge Well*. Kl ?7?2 22ST 1 
BL British Life 143 4 51.2] -0 i] 5 73 

HI. SJfsnced*. .. — (46.1 4931 ... .1 SH 

BL Dividend" l«4 «5.4| .. | 9 10 

■Prices June 21. Nest dealinc June 28. 

Brown Shipley & Co. Lid.? 

Mngrs Founders Cl. ECS CU-AiKIP-Saj 

BSVnilxJuoeon .IZU.a &9<* . ..? <75 

£>a.iA«c..June W.. 1266.4 2fiP.4| ] 4JS 

Oceanic Trails lal 151 

Financial Ij 3S 35.fi— 0o( 

General i&l 193 -C-’j 394 

Growth Accum ..—148 4 47 11 -0 4[ + £:. 

Grtmth tneone — _ )X35 37 * “S-'l ' 

Hich Incrrae .29.1 31 71 — u»] 9 71 

LTC 70 b 21 91 -C 3 !B 

Index jp.9 26 Oj -0 3 4?9 

Overseas (19 } 20. -0 'A 3 19 

Performance [566 ”2 

Recovery 1XJ 22 l.sj -OX 5 "3 

Emifd Jun.* 12 (57? o0J<^ .... ) « 85 

Canada Lire Unit TsL Kngrs. Llti.*’ 
2d Hlpn Si.. Fc.fierr Gar. Berts P. G&.-5T12J 
Caa Gen In: . - |37Z 39 2i-9 4| 4 4J 

Do.'Jea Accdm .. . [152 47bl— W <+» 

Do. Ir.i. DiS'. — .p?6 3J-3) -c J; 7 51 

Do lac. At cum 142.6 44 9] -Del 1 

Capel Ijaarsl f.Snst IXd.V 

100 Old Broad SI. ECSN IRQ- 01-9SM10 

Cspl'.si (83 X HR 71 .. . I 

Income (73 7 - j P) . . ! 7 2E 

Prices on June 51- Ncvt d«allr.« July 5. 

Carliol Unit Fi Kgrs. Ll£.V (cilci 

Milburn House. Ne-+vaslle-upor.-Tyne 2i J65 

Carliol . — .16® 6 72.11 .. ...1 371 

Do Amur Tnlte -J83 4 85 9J ..... J 3 e » 

Do High Yield |«L7 L?> 

Do. Accum. Cnitr j51 9 5c <j . ,.| S.J3 

Xrr. dealing date June 28. 
Charities Official Incest. Fd$ 

77 London Wall. EC2N 1 DB. Dl-MS’.615 

tncomeJunelli 1132 4 — 1 -2 f] b 77 

Accum. June 2P 1 253 1 — ] c; — 

OLcauin. Only a>-ailsble lo Keg Chintivi 

Charterhouse iapbetv 

1 , Patera ost er Rcw. ECX P!-2?3'9M 

CJ. Internal! (23 8 2S 4f .. 1 SS 

I Accum I nils. 26 0 . 2=8 - L?? 

I CJ. income Ijfb SSJ. . ... 7 7- 

CJ.Euroriu— .SoJ 2T-J J 

I Acccra. Vnlto & 6 32 bf 2 fc 

|CJ.Fd.ic-..Tsi — pi 39 6 •• 3«j 

Ac cum. t'nite )31 0 ,34 Cl - u 3ofc 

Price June 21. Nutl dealing Jure -i 

Chieftain Trnsi Managers Lid.V-'i?* 

11 New St EC3SHTP 0I-2332SW 

.‘aSKnccn br-231 24 S' —0 -j 2.1? 

High Income kl l 42 4- -0 ;.£: 

Intoroatlcnel Tft- ;-iCi.4 + 6— f -6.-1 j 

Basic Resrtc. Ti:.|2a 4 «X4 -211 4-« 

Confederation Fluids X 3 L Lt-iV iz) 

1 5-7 Chancery Lane. W n\ ] KE 01-252 0382 

j GrowthFund -.|4XS 436| | 425 

Cosmopolitan Fund Ksccger?. 

1 3a Poet Street. Xoadoo SWLX0EJ. 01-235 8515. 
Cosmopotn.GliLrd.H".* lf7J-0XI 453 

Crescent Unit Tst. Mgrs. Ltd. taKgl 

9 MerviUeCres- Edinburgh 3. 03i-3Si48T<! 
Crescent Groeth— a 7 2861 -0.11 4 23 

Cre*. LnternafX — j/ 9 b2X] -C.“ O.rS 

Ckx High. DWL — 42 5 «.H -OX 5 S5 

Cres Rcser.ei-— _ S9 2 2^5, 0 1 2S 

Cres Tokyo — 2£fl - I l5J 

Discretionary Unit Fand Mcna^ers 
22. Blomfield Stl EC2M 7AL 01-B3S-M6S 

Diae Income _ --.R£i5 17151 . ...! 5 2? 

EL F. Winchester Fnnd Maet- Ltd. 
Old Jewry. EC2 U!-«-J2!97 

Great Winch«ier ..|18 0 19.6J ..._ 1 6 £4 

GhWiMirer O'toaslSC 3 K.Bl I -V.50 

Enxaon & Dudley Tat. Mugmnt. Ltd. 
20. Arlington St .S.W 1 Q1 Wjrtf-T.1 

Emson Dudley Tsl..|675 72 ii 1 3 30 

Eqntuu Secs. LuL la) tgl 
41 BlsbopsgBtc. ECS 0 1-50S 2651 

Progresiire («.4 64.01-0 C I J33 

Equity & Law I'D. Tr. tsuhuci 

.Vmershais Bd.. High Wynambe 04>4 SJ • • 

Equity ft Xjw— _ .JKi 67 Si -S 71 &J0 

Framlingtoa L'nit Mgt. Lid. 121 
S7. Ireland Vard. EC4B5DH. o:-:4B6P7! 

Araenraa. ju a 55 ej ] 1 EC 

CiplLoini-Z 1 116 4 123 a-: 4 192 

InWttieTst hois 100 23-20 J L5 

lalGroa-h-d jtWO J113-M 2- 

Do. Accum.— |1052 ll»5)-5e| i» 

Friends’ Provdl. Unit Tr. Ks«.V 

Piiiian r.si. r«rfc 1 ng. <^5 ^ 

Fncnd 1 Pro- I'ts . j<I 1 - ? r( 7 ?? 

DO Art urn - -|f3 2 5ta -0.1 

G.T. Unit Managers LliLV 

15. rir.vKitri Crvcs EC2MTDD 01.28;.::: 

GTiTerinr 122 8 £311- | J3« 

to-Ar.-' .. |W» JV.H | ?>\ 

G.T Irr Fd r. . .,161 6 1^ ^ 7 S3 

r-T.l 3 t. <* n ....iJiJ 4 .56:1 ] -®3 

1. 7. Japu'j i ‘rvs • 

vjt Pens E^.Fd .. .(-32 9 Ij5 5i ...j -.jJ 
i 5.T In-: Find. ..:136 9 Ijif - if? 

GT. F«.rYd+fd. lF4i 5-t| 1 . 

C. Si A. Trus*. is-.i' 

S. R-te !-igli Ri. oec 

C.tt A- XIX 23/id -OX! AST 


56 Crc»hum S' . I ' ”P 21 ifi. 0 1-S0B 4433 

Bernoaca J»or ll'ZDZZ 2113 .... «-52 

lAccum roil- 219 1 220 0 .. 4.53 

Rlng-H.YdJui.--r: 174 3 1831-2# BOZ 

. Accum. foil - 1*11 2105 -33 8 02 

Kndeb-Juncl'-. . .(’*,£> 2355 ZC4 

1 Arcus L'biL'. ..2fi9 2125 204 

GtticlP'.r Jum I'J *97 7 1021a 2 80 

inccam I’nib’ IJ71S J0e2 ...„ 280 

Ln fcF.r.15 Jur..-2. l',9 71? 393 

(Accum. l-'niL' . i!;j 750! 3 93 

Guardian Koval Ex. VuS: Mgrs. Ltd. 
Rovol Ezchan- . t apjUX. Ol+ESfUtl 

■afuGuardhiill" IC7« 90 SI -0 1-| 448 

Henderson Adniisisf ration? faxcMgt 
Premier IT Adm-i, 5 Ra> k-:cb Ro*i Hution. 
BjrDlwooJ. Ev^-v. 0277 217 2M 

t'Jt Fuad* , 

Cap tirowt hire '4,7 *441-031 362 

Tat* Growth Acv 1=2 2 «4 V -0 3.62 

lnronw4A*4rt .315 33 9( -0j| 632 

High Income Fund. 

Hithlccoroc .. IS9J 63XJ -5 H 111 

Cabo: &tra Inc _,|f5 4 5833-0$ 8.66 

Sector Foadi 

Financial t ITT — 124 0 2551 -BXf 449 

O. l ft Nat Rro !ll.7 28 S! -0^ 1.98 

lelrraaUoBcl 

Cabo:. ..[36 0 91 U -0.9* 174 

JclcrrJUioo.il. -317 X4B-0X 15b 

Wrld Wide .'ane 16 ,iS a 00.9? ....7[ 455 

Cvertnc Fundi 

Aiwlralian — — -'3? 9 36 21+02] 137 

European HI 41 3 -01 5M 

Far Bttt — '72 5 7S 8 +3.1 3 *7 

North Atner .. -y-S 42 2-0.7 135 

K Am.Cn: J j- 2? '^1 2 126 33- 7.0 233 

CsbotAinerSriv'n ;si5 54 01-1.1 X34 

KlU Samuel I’aiL Tst. Mgrs.t («i 

45BeectSv L-r.i LI r 018288011 

iblBwrahTri: . 1L45 4 155 6) -1 W 553 

i+itaHTniri .77 3 W * -0 5 322 

Iji riollarTru.’. !77 5 813] -0? Z93 

tbl Capital Trn'- . ;s9 310-0 1 4B4 

ihiFi6an«i8lTm-=: JU5 94 71-1? 4 87 

itilfnrose .rite' .3)7 275] -OX 7.97 

ifiiSrtrtiriy.Tr--.-. {505 54 1-0 b 5X9 

thi Hish Yie'.d T.- ]t£ J 3Bid|-0.2| 0X0 

Iciei.V (an Cl 

15.Chrtstc.pl -..t .-••r+c: ECi. 01-2477243 

Ia!eL Inv. Fur. i . Jf-7 1 9X5] -0.0 6 65 

RrT Fuad Maats«v L^L OKg> 
s. uuk su ecr. oi-aoe7o?o. 

Kn-Eeeri: :-) f.l £75 a B3.H -XfH 356 

Krytauil>6’-."i IN, 6 70.7] -07 4 94 

PKc-iXTCmn; Kc IXi? 0 162.71 .. . . 633 

Kevthcome Fv-c 17:7 815 af -0.0 S42 

Kev Fi.cd :tv F-!.. IK 4 642].. . 12 20 

He; Small .- J Jgi 10X4j -0.6| 6.23 
Kletnwor: l 'til ManegersV 

20. Fhnehu r. h Su F I.' 3 Q1-S38000 

K.E DnJlFo I.-u . IV.9 9231 — -J 5.09 

aK-B. I’ol^o -r llUO 115 21 I 5.OT 

LB-Fd.liu.T -* _ |552 59-3 1 4.47 

Li-c l ei: T*u$: Management Ltd-V 
The Stock X\:ito«e. EC2N lKP. OI-5B8 2800 

LiClae.Fd 11373 ICi.6| | 7.61 

UC InU ft iJe-r'J 194.2 W2.K ( 2.17 

Lcwson Secs. ltd. Viatic) 

83 Geonc S : . iuit urrh HH2 2JC. 031-226301 1 

*Raw. M&lert-lv 139 3 43X1 ...... 625 

jiAcetim l’s- !44 7 48 6 b-g 

■Oiwtb/Unj .- (55 3 605 .. — 3JS 

•■Accum l':.' 1 : .. . jt.^2 66.7 3.25 

ttOUlandV.STTar 1*72 40 7 ..... 1.B 

lAmericaii i'A 12*5 266 050 

5.AccimiGr.r-.-_ .1^5 "7 6 050 

-kEghVie.c -147 6 51.7 -0.1 U.B7 

■T Accum X'r.ivri. >66 3 7251 -0.1 IB 87 

Deal. JCtfnii. 'Tuva ttWed. flburs. “Fn. 

Legal & Go2#r8i Tyndall FnadV 

rot CaafUfr Ro:.’!, Brill oL 0272 32241 

Dvs. June !•* TT 3 6L3 1 526 

(Accum. L : 5K:-. ..--|72.4 7fc3 1 52b 

.t ijb. ear July 13 

Leo nice .-.icni aist ration Ltd. 
ZDnteSuLcddonWI-MOlP. 01-488 5001 

LcoDiV. 174.1 70 0} -0X1 508 

Lso Aceu.^ — - _ 161-1 B5.9j -0X| 4.64 

Herds Bk. Vail TO. Mogrs. LttLV W 

Reucu-ar : Coring-by-Sex 

Worth In'. 01-S231288 

Fint.Bal-.c5 f 5241 -a 4{ a 64 

Do <ACCur+ bo 6 /Lb -Ob 4 6+ 

Second ' Cc: 523. 5* W -0.6 3X4 

Ho f Acc-.-.T. W e9 3 - 8.7 324 

TtardiTtvir.." . . 19 S S5 7 -0 7 6.41 

Do 1 Act ui: box 317.3 -0.9 S.U 

rtarth-E-'sc.. — g.S 6X/« -D4 B 28 

TK-rAtaim.- M.4 7DJ| -05 8.29 

Lord's Life Unit Tst. Rlcgn. U± 

72 a-j Caieb'-iM Hi . Aeksborr. 03M S«I 

EcuireAcetim ....|1530 16L0| .^...| 4.17 

:r i G Grt>--:p? •ydeUzt 

To .>c wuira. Tbver =lilL B3R 63Q. 01028 4S80 
Sev alto S(oek Svcbange Deallnaa. 

American SOI 534 -02 177 

■Accum. Usitai— ._ 5U 54 4 -O.e 1.77 

Aalr-lJ'.lan 53X £6 8 -0 9 137 

lA.rUTi I'aitel E4J 57£ -0 9 107 

Cr.vr.ic-iity- 7o2 012 -05 440 

.atam. .-btJ BJ 5 -05 4.40 

t -n^ondGrarth 135 7 113 6 -05 3.57 

C. r.vL*rr.:oo Graanu K 4 67.9 -BA 3.09 

«.*■ * •• er.-lPB tac. ‘3.7 67.1 -0 4 8 61 

P. - '.cr.d 1X4 S IV- 4u -0.6 8 08 

i/.v .n Units. 1X76 S3? -15 fi.0« 

luT-.ran 4=1 52.31 -D.l 3.43 

iA?c. ; ro I'nisi W 7 529-02 3.43 

E VraM. S3 3 B8 7 -0 6 0 46 

«At -:1» Uml*l_ .. 1314 110 6 -0 8 0 46 

Fir io^ora 371 60.8 ..... 2 05 

j.WJS i‘«6i (62.5 66 6 -0.1 205 


> erpetcal Unit Trust MngtaX.V (ai 
4B Har: S: . Healey on Thames iMFlCfflSS 1 

FpetimlGp Gib 1399 4L8i..._| 3.41 

PicrzJlUv L'oit T. Mgrs. LULV ttHbl 
Wnrdg'lc Hrc..5b? l»nd»n Wall E'72 SUOMI 

Extra Inev. me .. .."28 9 Mil 9.90 

‘ mall lV kIU 36 4 34 W .. 5 34 

opnal Fund .- . . . *1 7 U bd -0 <. 4 08 

Ini Fra, ftAuelf « 1 47 It?, ..... 3 04 

Private Fund. 34 2 37M-0X 4 41 

Accumlir Fund . ._ .58 7 52 Bt 358 

Tectinulvai Fund...|54 * 57 £5 . 434 

l ■3- Eo-.I Fd. . ,_[261 saw +0.4 150 

Amncin Ft=d. |2J 8 25 64 230 

Practical Invest. Co. LuLV U'llci 
44, Bliwmsburv Sq. Wrj.\ ZRa 01B23 8883 

Practical Jure 21.... 1151 9 

Accum. Unite ;2X4 0 2279] ] 4X8 

Provincial Life Inv. Co. LldLV 
222. Bivhopvitnle. EC S 01247 0533 ' 

Prolific l rJte |B23 88 21-1.7] 313 

Hi&b Income 11090 136 B( -1.4] 7M ■ 

PrudL Portfolio Mcgrs. Ltd-V laKblic) 

JfOltaKB »«3. ECl.VZMI 01-4050222 

Prudential. [121.0 128fl -Z0| 462 

Quiiter Management Co. LULV 
TheSlk Exchange. EC3S1HP. 014004177 

OuadrantGen Fd .U07 3 110.71 I 4 60 

Quadrant Ucoitr— (127.7 13171 - -1 7.91 

Reliance L'oit Sign. LttLV 

Reliance Hse. Tunbndce Wells. Kt 088322271 

ssssa^sfec^ sa -nA i” ! 

SektactMT lac |«Q.4 43 2| -OX] 5.79 

Ridgefield Management LUL I 

38-10. Een r.edy SL Manchester 061 238 R52l 

Ridgefield Joi.IT. J10X0 3D7X«d J 262 

Ridgefield lncome.|93 0 99 0^ -....( 10.49 1 

Rothschild Asset Management (g) 1 

72-80, Gairtonre Rit.Al'frahnrv. 0290 594 1 1 
S.C. ‘Equity Fund. . 1545 175 0| -X* 309 

X.C. Engy.ResTC 103 7 115.9 -14 254 

K.C. Income Fund. W34 2S75d-L$ 7 00 

N.C. Intu Fd. 1 Ire. I 89 8 95 9 -1 Vi 1.76 ' 

NX Int l Fd. 'Arc 1 99 B *5M -1X| 1.76 

N C. Smllr Coys Fd 151X 160 « -L4J 4.64 f 

Rothschild & Lowndes Mg ml. (a) 
SLSwilbin* Lane. Ldn.. ECL 01-8284358 

NewCXZxetr.pt. ia2S0 132 D| .. . 1 354 

Price on June In. Next dealing July X7. 

Rowan Unit Trust MagX Ltd.Vfai 
City Gale ttee . Fins hurt Sq.. ECS 01-830 1088 
American June 22.. U 5 7151—25 0 97 

Securities June 20.. 1680 1778 .... 420 

High Yld. J use 22... S3 2 56 1 -LI 7.79 

(Accanvl'niUi 75.0 790 -16 7.79 

Merlin June 21. — 79 3 833 _... 3g 

(Accum. l ottii 958 10X7] 3.80 

Royal Tst. Can. Fd. Mgrs. Ltd. 

51 Jcrmvn Street. S W.L 01-629 8253 

Capital Fd (69 6 73 M I 3 55 

Income Fd |7L9 751 ■ ... I 70 

Prices at May IX Sen dealing June SO. 

Save it Prosper Group 

4, Great St Helena. London EC3P SEP 
88-73 Queen SL Edinburgh EH2 4 NX 
Dealings to. 01*554 Q8M or 031-228 7351 

Save & Prosper Seeoritiea Ltd-V 

XnternatEonal Fopda 

Capital 135 9 38 M -0.41 3.J9 . 

LTOXZI 25.0 26S-0fl 419 

Xipiv. Growth |65.9 70$ -D5| 2X3 

XaensatlBg Xacnme Fuad 

High-Yield |5U 5511-0.7] 754' 

High Income Fend* 

High Return _(64.0 695] -0.71 853 

ta^ne pox 44A| -0.4} 9.13 . 

US. IWa 

UK Equity |42X 45 Xj -85] 4.W i 

Overt cos PaodcfQ 

a— B m 


if^= 


OFFSHORE ANP 
OVERSEAS FUNDS 


Arbnthnot Seenrifies iC.I.) limited 

P.IJ bmai St I lellrr. Jcrsrv 053475177 

Cap. Tot d r wii. [UfaO la00| .._. | 457 
, Neal Ueblimt date July A 
East ftlnU.TnJ ,CI, |U6o UiOJ -Ifi 3 ® 
Next sub. July B. 

Australian Selection Fnnd NT 
Market Opponurulie*. r o Irish Young 8t 

Oulhwallr. 157. Kv-nl Si . ^dney. 

USSl Share* j U'SIS* I.—4 — 

-hH- A.Mt*i V 4! ue June w 

Bank of .America International S-A. 

35 Bouleiard Huyjl. Lu\,-mbourK G.B. 
Wldinreal Income .(Halil V 112.881 — -1 £*5 
Prices ai Junr ls». ,V\i icub. day June M 1 

Bnk. of Lndn. & S. Anencs Ud. 

aOOS.Que+n V Mnnn St EC4. 0l«JQ2313 

Alexander Pu»d . (V. v*9b _ J 1 — 

Net a.\wi iiiiue June -I 

Banqne Bruxelles Lambert 

2, Sue He la Regent* B 10W Bruusel* 

Renta Fund LK — |1.0b7 L925] +31 7» 
Barclays Unicorn lot. iCh- l«-> Ltd. 
I.Chariny Crova. S: llelier.Jngr. 003473741 

Overseas lacome —148 7 SIX ] HS 5 

UBidollar Trust -..WAU» 1U8 1 4 20- 

Uaibond TruM (XIMM29 Wtn -- -I «•« 

•Subject to tee and withholding taxes 
Barclays Unicom Int. 0L O. Man) Lld. 
1 Thomas St . Dougliaa. 1 olM. . 

I'mcoro AuL EtL 153 1 S7.ll —22 1 60 

JioAual. Milt 310 JJ5g " 0 ■ , 170 

Ikv Grtr. Pacific. 62.2 66.91 — . — 

DOilntl. Income — 385 4X*1 ■■ — 5 7? 

Do. I of UanTsl .... 45.9 

Do. Man* Mutual- (265 28.31 — J 140 

Bishopsgate Commodity Ser. Ltd. 

P.O.Box 45. Douglas. I o M. 08S4-23S11 

ARMAI—Junea M*S34lb SM) — 

CAMRIliV *J une5.. tl.155 1-223 

COlThT-June5_ .|5j512 ZbtM .-..1 2.11 

Ongiaally isroed at -510 and **£i^xx 

Bridge Management Ltd. 

P.O. Box SOS. Grand Cayman. Cayman 1*. 

NTteahiJuneZ .. ,| V15X38 1 \ — 

r,J*.0. Bo* seo. Hone Konfi . __ 

NipponFd. Jun^I 1 OX® 

Britannia Tst. Mngml. (Cl) Ltd. 
30BaUiSt.,£>t. Hctier. Jersey. 0534 73U4 

[StcrUns DmralBiM Fd*. 

| Growth Uveal ISS.O 33 7] . — .1 4b0 

'UtaLFd MO 2 86.7t . — J XflO 

Jersey Eneray T m. . R5b 6 147.3 — J X58 


King & Shaxson Mprs. 

t cii.irtnc '"nw -J I It-her. Jersey I0534 i 73T4T 
t«lk+ ll .r ei P»lrr P,,n. viroev. >0401 1 247>+'. 
1 Tlionur >lt»++. l—n'lj-v, i.ii M ' |I4M>W4 

GiKKumf .(otto., (416 9I4f .. M ..f 3203 
i„UTrii-l,l r. m’> 1027 10537*! ..-..I a® 

Gilt Knd. i,UL , rn*rt'|956 9 40j .—..| 32.® 

Inti (mm. Vo. Tst 

Kir4 Merliu>:_ 11857 1863! .....1 ~ 

Kirn ItelX [lib 16 106X91 1 — 

Klein wort. Benson Limited 

20. Fem-hurrh St.. E*r3 OI^riRrAO 

Kurin- vst lux. F. 1.064 J 3 39 

•iuemrevinc 63 9 67 7 4.10 

Du Aivurn. 78 9 83 61 4.10 

KE Kir East Kd S"K1155 .... 121 

KHInll huitd ._. SUzll J6 -0^5 201 

KBUpjn Iund 51.-S32 57 0.77 

K.F. I'll Gwth 1 -t St SIX “6 ...... 0 75 

S:;-n«.,l Hi-nnuda. . V — -003 3LES 

*t mfonils' OM> . ISM 19 601 8 67 

■KH act as l.mdan M.vn* aeveta only. 


Si's'll J6 
SI.-S52 57 
St SIX "6 
1< “4 78 
ISM 19 


1864-0.41 3.19 
2bS -0 4| 419 
7D.fi -Ofl 283 

5511-0.71 754 

695] -0.71 053 
44.fi -D.4J 9.13 

452j -85] KM 


01248.T9W 
[ .-J 5.49 
-02M 5.1b 
..Z] 5.92 
-olia 5 .7o 


406 ...... 6.25 

605 3JS 

66.7 3.25 

40 7 ...... 1.85 

266 050 

27 6 050 

51.7 -0.1 19.87 
7251-0.1 10 87 


Pggd| 

Cominodicy (746 80Xt -65{ 

Enemy...— 1®2 _7j3 -l.il 

Financial Sees (70.9 7654) — l.fi 

Blgb-MInlunin) Fapda 
Select Uteninl. — 1253 5 
Select Income 1515 




Scotbits Securities Ltd-V 

Sc Dibits (38.1 40 91 -0.71 39S 

Scotyield p0 4 52.3-05/ 756 

Scotsharra 1555 59.74 -04 4.48 

See*. Ex. Gth’6 12445 256 On* | L08 

Scot Es. Yld ‘6 — .II6IX I75Xa| | 6 93 

Prim at June 14. Neil sub. day June 28. 

Schlesinger Trust Mngn. Ltd. (a^z) 

Ua corpora line Trident Trusts) 

140. Sovlh Street, Drafting. RI3O01B8441 

ja8SSftr-=:ft q«| xS2 

Exempt High Yld ...125.6 27.9-0.2} 3 53 


Exempt . «kt Ldra . 

Extra lac Tst 29X 3X3 953 

IncomeDiM 130.1 41.04 -03 10X0 

tor. 10"+ r.’drwi — H09 SXlvw -8 2 — 

In ml. Growth - 1*0.1 51.7 —0.7 257 

Inv. TW. Units aS.Z 2714 -0.3 426 

Marhei Lea-lers-. 128.0 3CJa -03 4.b6 

■Nil Yield' ..St A 245 ... . — 

Prcf. ft Gill Trust —iZJ 1 243a ... 1250 

Properly Shares „ .1253 272 -0 6 248 

special SiL TsL J».9 209 -03 26 8 

uS Grth. Ac cum. [210 226o -82 535 

UXL Grth. Dial (1B.5 19 M -03 535 

J. Henry Schroder Wagg ft Co. Ltd.V 


103081 88441 
-031 2*9 
-0_^ XB6 
-0.2} 353 
-0J 440 


524] -0 4T 
716 -Ob 
5a W -O.t 
691 -fi.: 
85 7 -0 7 
1173 -0.9 

^|:8J 


“ 1 : Z j“ 237 1 


578-0 9 187 

012 —05 <40 

El 5 -05 4.40 

y 8\-- 8* US 

c7.e -0 4 8 61 

IV- 4« -0 8 8 08 


52$ -0.1 


17 -OX 171 i .'.v'-ro tentiai i^sip c,sa-i.« 

-19 -CJ 3 IH Hi.T. -reran* ro* 205 M -0W 

50 -03] *29 iAt.-jiiUnUs» 167 3 17621 -111 

SdM’J 214 J^cr. raceme ,2f*7 to 3 7c -d|| 

_0<1 ' ts >,V ' -m XHuSl. _ [is 1 l££il-0.^ 


.. .IT'JTS V cuts ■ ItuLa 

“> If c' tnv.TSte. [bl 5 

lA-vi.t 'Jolts' t5 5 

0*wj! [l«il 

i.V.v'.ro Vnitei__. i3S3 6 

Hi.t. Vcome pa* 

lAx-AXUbUSI 167 3 

Jupcr. raceme .!:■ 7 

i.V -_ra DtuSi. _ T551 

: i-ir.ura 266 3 

<A..-<.m.Unitai 257 2 

J.V ar. j 16P 5 

■A in L'nitai )2T9 3 

: ere |21I 

•A -."a l altri [2: 0 

F-* , : ,;*n |357 6 

•.V : L'nltf. 3545 

i: Doff 9 

Unite 1.. j;524 

J ; ed Faods 


0x2 -05 
1601 -l: 
275 2 -10 


-06 0 59 

-XI 859 


to3 7c -0 « J 92 
lA5il-0.9 jej, 

220 7 -1.5 3 99 
275.2 -1.9 3.54 
279 4 -12 601 
2571 -10 6 81 

Bi.« -0 4 *53 

07? -OS 453 
1B1 6i3 -0 7 5 J 6 
275 ij -1.1 5 36 

171 r -ot 4.20 

ZI5l-D.fi 420 


_p«2i 2 

;A.-, - Unite. 1274 3 252.1 -2.0 6 Sfl 

t --.r-.r.d JuneZO UO.O ... 1054 

1*0 5 7 69 

i-nitti ...iru ’.8io 7 at 

Pvr.; uAJunelB. . 1X35.8 145.3] 537 

.Vca-LIfe DLana^ciccnC Lid- 
si M-'tite'i Way.Stveenage. 043858101 

•3-!>v:.i '.'nite. . |SJ i J4.S| ) 421 

Ka: "6wer Kaaagement Co. Lid. 
ia :. .-sf.haaSx. ECTVT aL’. OMWfiOTw 

it- v "1 : June SO [1C T 7 113 41 . . 8X3 

■Jc'.v'h Jane2D.— |S9fi 735) ( 533 

Sri ?r: ary Fnnd Mxnagers Lid. 

St. LG2P2EB. Dl-ft'O 4555 

x:;s- -,.a. Jure 21. 1P3 * 195 6 ... \ *62 

. :c. ; . • June 21 _ 2309 25*iJ *62 

r: . .Juae2i_W9 65 C .... , 255 

u- Junr 21. H b 74 0 .....] 2.53 

U::r: Star Z5_. 2141 223.0 4« 

..e-:-'.-tte.AprJ7 2555 2t4X| ( 4.42 

Benk Group 

'Jz.L Trasl Managers Lld.V <at 
Oojrt .-ed Uou*e. Silver Sirv^-L H+s>J 
Sr.-:.'. . 3. SI 3P1\ Tel: 0792 79842 


15X31 -I !f 
252.1 -2.0 


120.Cbeap*lde. EC 2. 01-240 3434 

Capita) June 20 — =« , 

(Accum. 1 123.7 lc0.1 237 . 

Income June 20 U2.3 188 9c 716 

lAccum. Unite'-. . OT.9 280.. ...... 7.1b 

General Junell. BZ.7 861 —11® 3 57 1 

lAccum Unite) 10X9 1061 -22 3.57 

Europe June 15.— - 3X1 33 ■ 221 

(Accum. VaitMt. 34.4 36J 2X7 

:E££%2«.M1 W- 

■Be«neryJune7._|lB9.5 1953 497 , 

•For lax exempt funds only 

Scottish Equitable Fnd. Mgrs. LULV 
20 SL. Andrrwa&q- Edinburgh 031-568BIUI 

Income Unite I49X 52.M | 5.37 

Accum Unite 156.1 59 u] .j 537 

Dealing day Wednesday. 

Sebog Unit TsL Managers Ltd-V (ai 

PO Bor 5H. Bcklbry Hse., E.C.4 01-238 5000 
Scbac CaplUl Fd. - W.1 33.61 -0.71 394 

Scbe* Income Fd. _P? 9 313] -03] 834 

Security Selection Ltd. 

15-10. Lincoln 1 * Inn Field*. WC2. 01-8318808-9 
UnvIGlbTtt A«— (2<2 25^ .... | Z79 

Utt+l Gth Tst Inc |2L1 2X5W I 2X9 

Stewart Unit Tst. Managers Ltd. la) , 
45. Chnrloue Sq.. Edinburgh. 031-2283271 

tStewazt American Fnnd 

Standard Unite (64.7 69 1| - J .31 L4fl | 

Accum. X ( nite —169 7 7 45] -5.6] — 

Withdrawal l’nite pl.6 55.3] -2.6| — 
•Sewart Britiah Capful P’nnd 

Standard &334 144 91 1 4 35 ' 

Accum. Unite [152.8 166J| | 435 

Dealing fn*. ‘Wed. 

Sun Alliance Fnnd Mngt. Ltd. 

Sza Alliance Bse~ northern. MO08M41 
EAt, Eq.TatXune KiOlLO 2g2 ....J 434 I 

WThe Family Fd. — 1943 100.5] -0.fi 337 

Target TsL Mngrs. Ltd-V faitgl 1 

3X UhImbSL, ECZ. Dealing*: 00965041 


Jewry Energy TM. rt36 6 W7.71 J. xrai 

UnicsX STsL Sic. — (C221 2^ — ] 

Hlgb InLSUt-Tst _ . (£0 97 L01J — J 3ZM 
I'Jt. Dull or Denominated Fd*. 

Uqynl.STat ftl'SSW 5«| — -I — 

LotMIRh lot. Tar pt'a4f7 IK] 1 “0 

Value June 16. Neat dealing June 38. 

Brown Sbipley Tst. Co. (Jersey) Ltd. 
P.O. Box 583. SL Heller. Jersey. 0534 74777. 

Sterling Band Fd. ..100.07 U32] .....\ 12.00 

BuOerfieid Management Co. Lid. 

P.O. Box IBS. Hamilton, Bermuda. 

Buttewaa Equity — BJ6 2.44] 1 194 

Burtrera Income JX97 2M] 1 505 

Price* at May 12 Next sub. day July 1IX 

Capital Internationa] SJV. 

37 rue Notre-Dnme. Luxembourg. 

Capital InX Fund 1 SL' 51730 l — J — 

Charterhouse Japfaet 

X. Paternoster Row, EC4. 01-24B.T9W 

Adlropa DVJLU 32JM 5.49 

Adlverba M00 5^-020 5.1b 

Rmittfc PU32X8 3380] 5.92 

Forth* DUZX6I 22JK-0J0 5.70 

Emperor Fund IUS2B. 3JU — 

ro?pani> - -(Sam 4Xiq — 480 

Clive Investments (Jersey) Ltd. 

P.O. Bos 320. SLHelier, Jersey- 053437361. 
ciivc Gin Fd.tc Lt.Do.o5 long J n.00 

ClixeGitt Fd. Uty.i.pOM 10-05] -~.J XLOO 
Cornhill Ins. (Guernsey) Ltd. 

P.O. Bo* 137. SL Peier Port. Guernsey 

IntnLltan. Fd. 1168.0 1H33| — 4 — 

Delta Group 

P.O. Bo* 3012. Nassau. Bahamas 
Delta lav. June 12 -15X85 X9fi — 4 — 
Deatscher Investment-Trust 
Pustfach 2085 Biebersasse 6-10 moo Frankliut. 

Conccnlra |DH19U SW I — 

InL Rentcnfoncb ..|bMVJ> TXSfl ( — 

Dreyfus Intercontinental Inv. Fd. 

P.O. Bos 773712, Nassau. Ba ha ma s . 

NAVJune20 BU5UO 035|-030| — 

Emson ft Dudley TsLMgLJrsy.Ltd. 
P.O. Box 73. SL Holier, Jersey. OS34 2U691 

EJJJ C.T. - (121X0 1270) | 300 

fr. & C. MgmL Ltd. Inv. Advisers 
1-2 Laurence Pounlnoy Hill, £»'4R ORA. 

01-623 4860 

CenLPd.June M — .] SXIS538 ) | — 

Fidelity Mgmt. ft Res. (Bda.) Ltd. 

r.O. Bus CTO. (lanullon. Bermuda. 

Fidelity Am Asa —| '5US25.4J | J - 

Fidelity Int. Fund.. 5US2202 I J — 

Fidelity Par Fd — 1GS46J7 | .. ..J — 

Fidelity W rid Fd— | SUS1435 l-0Jfi - 

Fidelitj- MgmX Research (Jersey) Ltd. 
Waterloo Hu- .ImnSL . St. Heller. Jersey. 

0534 27561 

Series A > Inlnl.) — I £3 90 ] — J — 

Senes B (Pacdici.._| IBM I — -J — 

Series D i Am Ass.)) £Xi.*6«l i 4 — 

First V firing Commodity Trusts 
S.Si. Georcr's SL. Dougins. 1.PJL _ „ , 

0624 4662. Ldn Afils. Dunhar ft CO, Ltd.. 

5X. Pall Mali. London 5WI 7 &JH. 01480707 
FSLVth.CmT*L_BI.O 40.fi +0 J| zm 
FsLVjLDbl.Op.Ts*.. (74 0 79oS| X70 

Fleming Japan Fnnd SJL 

37. rue Notre-Dame. Luxembourg 
Flnm.JuocZl 1 SVS4 932 ] ..-.J —. 

Free Warid Food Ltd. 

BuOerfieid Bldg.. Hamilton. Bermuda. 

NAV May 31 1 5USI7935 | 4 — 

G.T. Management Ltd. 

Park Hse.. 16 Plnsbury Circus, Loudon ECL 
TeL 01-628 813L TLX 686 1D0 
Loadon Agents lor __ 

Anchor -B' Unite.. Bran 0« ..._ L.75 

Anchor Gill Edge^ £974 9 80 ~0« 1296 

Anchor luL Fd JTS435 4 41 +0 02 1.75 

Anchor in Jsy. T*f . 2U , 27.9 ..... 280 

Berry FacFd. 5CSA5 05 +X« 039 

Berry PacStrlg 27500 208 DC +U« IK 

i',T. Atria Pd_ SHHI3 ila *031 X66 

G.T. Asia Slerling— 03 67 14 71 +0.25 1.41 

GT. Bond Fund SUS12 85 +0 « 4.90 

G.T. Dollar F± SUS 72b , 4.99 

GTJtecincFd SUSU.40 +6X3* U5 

Gartmore Invest. Ltd. Ldn. Apis. 

2. Sr, Mary Axe. London. &33. 01-2833501 


"KB Jet as l«iul>)n aRe da only. 

Lloyds Bk. ir.D VJT Xgrs. 

P.i *. IV+j lllft.sa. Hel ier. Jei>rt . 0S34 3^61 

UoydsTi.1 n +eai. |58.4 6Lfi J L24 

.‘•wl d nUintt date July 17. 

Lloyds International M grant. S-A. 

7 Rue du Rhone. P.d. 80* 179. 1211 Geneva 11 

U oids Int. Growth. l«niLS 3550] J 160 

Lloyds InL Inrome . (aK3C5l IBJfi — -1 63C 

M ft G troop 

T+nve ttuxy*. 7u»er Hill P^R 6bQ OJJBr. 4563 

Atlantic June 20. . Ill SJ B2 ml .... — 

AuiU. fi. June 21. S'. Sfirt LSZ ... . — 

1 .old F.\. June 21. BV44*0 1022 — 

Island .0255 133 6 -0.6 9358 

, Are urn I'uitei ]1773 ISC oj -10 9353 

Samuel Montagu Ldn. Agts. 

1 M. Old Brood Si. El'i WJE8rj«4 

Apollo Kd. June H |SK48 40 52 l5M 336 

JaratraJunclf, PHMJ)33 117JI ..... 1 09 

1 1. lirp May 3 1 . .UI4U« !1« 198 

117 Jersey' May 31 . (£506 5551 0.76 

117JnyOsJunr7._|£ULS5 13Xfl — 

Murray, Job ns lone (lav. Adriser) 

163. Hope SI. Clantcw. m Ml-ZllOSSl 

'Hope St. Kd. 1 SL-.S33.b3 1 | — 

•Murray Fund .( SL’SIXU ( > — 

•NAV Mas- is. 

Negit SJL ' 

Ida Boulevard Rc^-at, Lu+rtnhourg 

NAV June 1C [ SUSXQ.64 I J — 

Negit Ltd. 

Bank of Bermuda Bld», HnmlUcm, Br-idz. 
NAV Junes (£5X3 - / ( - 

Phoenix International 

PO Bov 77. W Peter ri'rt. Guemser. 

Inter- Dollar fund _tSX33 251|-OOH — 

Property Growth Overseas Ltd. 

IB Irish Town Gibraltar (GibjClCO 

I’.S. Dollar Fund...] SI.SS5S9 I | — 

SfertiocMind ] £JX3.77 f. — 

Quest Fund Mngmnt. fjersey) LtiL 

P O. Bus UH. SL I teller. Jr racy. 0XH27+U 

Que^t StlcFvdlnll £ ] I — 

Vuest lull, ficc* 1 SI 'S i [ — 

Woesliall. Bd. j 5L'S | J — 

Prices hi next deal i eg 

Richmond Life Ass. Ltd. 

48, Athol street. DouRJas. I.U.M. 0824 23914 
iifTbc Silver Ti-uq. 11093 11L9' -1 1 — 

Rlrhmond Bond 07.U73 J 182.499 10.B4 

Do. Platinum GtL-..(l24.0 135 7^ -3 C — 

Do. Gold Bd. 106.7 112X] — 

Do.Em.67/02Bd— |l695- 17Ej| 11.47 

RoiluchUd Asset Management (C.J.) 

P.O.Box SB. SL Jul tana CL Giu.-rnf ov. 0481 2BZ1 

O.C.EJq.Pr. Slay 30_155X M71 2.77 

O.C Joc.Fd June 1 _ |l47 1 1559c ...jj 7SL 

U.C.lnll Fd t SI 28 134 -007 L3 

O.C.SmCoFdMv3l>.|l46 3 155 6 3 25 

O C. romiDoditj* . 1134 6 142 b 452 

O.C. Dlr.Comdly.t —B26 11 27 77 .... 0 72 


-eel. Douglas. I.O.M. 0K4 235*2 
r Iraq. 11093 11X9; -1 1 _ 

tonri 97.11733 182.499 20.8 

n Gd (124.0 135^-30 — 

106.7 112X] — 

Q Bd — 1693' 17EX] 11.4 


O C.EJq.Pr. May30_tS5X 5971 2.77 

O. CJpC-Fd June 1 _ 147 1 1559c ...jj 7SL 

U.C.lnll Fd t SI 28 136-007 X3 

P. C.SmlVFdMy3l„ 146 3 1=5 6 3 25 

O C. Oammadily* . 134 6 14! b 452 

O. C. Dlr.Comdty.t —K26 11 27 771 .... 0 72 

•Pnre on June M. Next itealtu-j June 30. 

1 Paces on June '2X Next dealing July 7. 

Royal Trust (Cl) Fd. Mgt. Ltd. 

P. O. Box 194. Royal TsL H*v_ J ersey. 0S54 27441 

K.T. lni'l. Fd |K'95S 974] J 300 

R,T.Ial'I.(Js'.i Fit. (94 98) J 3X1 

Prices at June la. Next dealing July 1-1 

Save ft Prosper International 

Deal Irn; 10: 

37 Broad St. St Hel ier. Jersey 0584-30991 

I'.S. Dollar-dnwniiaatetf FUad* 

DlrF*dlnr“Jun21..|9.19 9 75rf ] 7 13 

InternaL iJr.*J 704 7 62) I — 

Far Eastern-*. .. 4X49 44,85) J — 

North American *4 3 79 4 10] I — 

Seprn**; 114 M 1534] .| — 

Sterfiux-denaminated r-'unds , ... 

Channel i.'apitolt .12305 -427] —3 3] 165 

Channel islands^. nc77 159 5l -X7I 5 16 

Conunod June! ....(123.1 32971-13} — 

St. Fixed June I (ill 4 117.91 -I 5| 11 79 

Knees on ‘June 19 “June Li. "•June L2. 
Weekly Dcali op. 

Schlesinger International r.Sngi. LUL 

4 1. La Mcatc SU SL Heller. Jersey OSa4 TJStfX 


SA1.L. H , 

SA.O.I SO 84 

CUtFd 22-4 

InU. Fd. Jersey — - 103 . 
IranLFd 1 jembne . . S1056 
"Far East Fund — )9S 


83 .... 3 S3 

oe=-aoi 506 

226 ... 1217 

102 ~1 3 A0 

Uil -O M — 

10C 3.00 


Anchor InL Fd 

Anchor Jn. J*y. Tsf . 
Berry PacFd 


C. T. Asia Fd 

G.T. Aaia Sterling— 

G T. Bond Fund 

G.T Dollar Fd. — _ 

G T-PscificFd 


.3 240 

+0.071 5.70 


ibftai .. .. 
31.fi —0.4 

zap] ^02 


-0.4 828 

...... 1X55 


l-v.£ 

■<-■ a:._.-h 170.5 

tip V -ii.tv.-ZZ7 m 

;--.-..-n ,-.iOTa| j 


3; M -0.4 3 23 

&s 6 -OJ 658 
tZlj-DC 6 99 
513=2-0.7 2 23 

r-J T- 515 55,51 -(1 8 2.20 

V:.:d :-l5 65? ._. . 655 

-...a 651 5? >{.... 2*9 

E-jLi- F-empt*-. - :a;fc 1M5 — 5«9 

i.c JUL- 103 6 lfriil .... 549 

•r'r't--- r.t May 3) r.Vif dealinc June 36. 

; Lz-'.-r Fund Kan&gcn. Lid. 

;.Lh- tv.- n »e^ AriburS' . E.L'A. 0141=3 1050 
5Tsel2_lS55 37 3f...| 557 

r.tera?:.tav3L (05.7 94.7I J 5.48 

y.U- X’nit Trust Mg e ta n t. Lid. 
i!J';--."!nSlreeLSWlHPJC-. 01-0307333. 
Ml-*. I. ..tte 134 9 4191-1 929 

X-i--' Unit Trust ManagersV iai(g) 

If. ■. 11 Are., &'2R73U. D1«W4803 


N-:!i:*at and Corataercfe) 

5..i, v-drewSqutre. Edinburgh 021556 8151 

ir..t to • .' Jne 15 1*6 4 1S181 | 612 

...o . v atte; 2006 MSO i 612 

Ca?' -ert U 126 B U14 .[ 3M 

■ A«<-r. tftitoi 1540 160 b| ...| 3.b4 

Ns:.' 52=1 Prnvide-al (or. ftfogrs. Ltd.V 

4" G hutch St.. R|?3P 3 HH D14C34200 
K Uu.T*t.. H5Z 401rf....| 405 

t .— t - . '-la** .. 55 2 5 3S . . .( 405 

TTOra.-hlO • 13X9. . 2 60 

■.nCLiz •.•nitei'-^. |1^9 i«0 7 I 2 60 

-• Stay 55 Nest dealing June 2B. 
w June 1A Nn: desling June 2d 
Vi.dr.sl Wwtminsier^Iai 
lit • v - '.'tode. ECS*-’ a£V. bi-838 a»>. 

-vTcumt. ,|64 5 69;^-0.4l 4 51 


3L GttrshamSL, EC2. Dealings: 09*65041 
Targei Commodity. (35.7 3fi.fi .. . J 389 

Targe: Ftnsncta) — W j* 63$ -OB 4 43 

Turjtel Equity .. ... 36 2 38 » +0.1 6X6 

Target EkJuneSl - 2081 21564 5J7 

pDo. Acc. Unite— ... 28X6 792. W 5.B7 

Target Gilt Fund . .113.1 118 9 -OJ J« 

Taryet Growth 273 29«-05 5 03 

TarcellsU... - Z7.6 29.71-0.4 X67 

Dev. Hein v. Units — 30 1 32.fi -0.» 167 

Tarera lne... 10 8 .33-l| -0.4 3.67 

TgtTr.Jui»e21 15b.B lM.g ..... 435 

TgL Inc 28 8 3I.fi -0.4 83 

TgLPr+t 15 6 15.ll 1XB 

CP)'hc Growth Fd. - 18.6 20- 6] -Oil 4 2S 

Target Tst. Mgrs. 1 Scot land) t*i(b> 

10. Albai CreiCeoL Edln. X 031-229 882US 
Target toer.EaRlettTX T^fld -051 154 

Targei Thistle |3BJt 41 7] — 0 ji 5.9b 

F*tra Income Fd. ...|S8 6 63 3| -0 3J 10X3 

Trades (.taion Unit Tst. ManagersV 
IW. Wood Street, E.C X 01-6288011 

Tl' IT June ] 150.1 554J — J 5 38 

Transatlantic and Gen. Secs. Co.V 

ill -BS Neu London Rd. CbelnraTord 0245S1B51 
Uarblcaa June 22 ...P4 1 .73.7] -* II 5.69 

‘Accum UniU 1. — 11X8 UU -3.1 5A9 

Derb£xpt.Mfly3t_ 85 6 884« ... 453 

buckra. June 22 796 3* 3a -*2 4g 

■.Arcum Unite' 47 3 10X9 -3.7 4 86 

ColcmoJuoelB — 126 0 132.7 5.n 

lAccam.VaiUi 2520 2601 571 

Cumbid. June 21.. _ 505 53 X 7.16 

1 Arc urn. UniUi .. ~ . 55 1 585 716 

Glen. June 20 53.7 57 0 550 

1 Acrum. Unite! 69.0 7X2 558 

Marlboro June =t>_ 52_1 542 X66 

lAccum Unilst— - 59.5 6X* 2.66 

Vaa.Gwth. June 20 53.8 52.W 3.49 

(Accum. UDi tei 61.4 64.7 3.99 

VaD'HyJune 13 72.1 75.? 365 

VangTTee June 21 . 05 452c 655 

(Accum Unite 1 — 4il 475 ...... 6 55 

Wlcfr June22 ,59 3 6X5 -19 5.44 

'AccumUnttei 70 3 742 -22 544 

Wick Di. June I8- . £4 6 . M.8 ..... 849 

Do Accum. 74.0 70.fi 3.49 

Tyndall Managers Ltd-V 
1 a Canynge Road, BrlstoL 0272 32241 

lncomeJuneai (976 

lAccum Unitsi ....... 178.9 

Capital June 2t IPS! 

(Accum Unite) 175.0 

Exempt June 21 UO.b 

'Accum. Unitsi 156-0 

InL Earn June 21 ... 243.6 
■Areura Unitsi—... 27X0 

Peel JuaeZl- 99-2 

'Accum Cniti*. .. . 12X2 
Scot*. Cap June 2 1 136 4 
■ Accum. Unite] ... 162 4 
Scot. Inc. JuncZI ■ 165.4 


10X4 -X7 486 

1317 5.7B 

1601 5.7* 

53X 7.16 

iiS 

Si :::::: 158 

6X8 2.66 

5 13 3.9* 

rai :::::: jS 

^ ::::: IM 

625 -1.9 5.44 
742 -22 544 

68.8 ..... 849 

70.8 3.49 


027232241 

I *50 


Gartmore Fond Kdp. fFar Ea*U taL 

1503 Hutchison Hse. 10 Hareouit Rd. HJionc 

HK&ynr. (,'. TsL JJMtG JC J«( 4 Z40 

Japan Fd. 

N. American Tst. 

IntX Bond Fund.. 

Gartmore Investment Mngt. Lift 

P.O. Bos 33. Douftlaa loM 0634 2»Jl 

Gartmore IntL incTou 22.7] -0 lj 10 90 

Gartmore totX Grtb|65.1 695] 4 40 

Hvnbrt Pacific Fund Mgmt. Ltd. 

2110, Connaught Centre. Houtf Kong 

FsrEutJiweSU. .02X2 12591 .1 — 

Japan Fund |Ktt.3 7UJ 4 — 

Hambrfts fGnenjseyt LtdJ 
Hambrtt Fund Mgrs. (C.l.) Ltd. 

P.O Bos 80. Guernsey M81-3SS21 

CJ.Fund 1140 0 14911 3.70 

Into). Bond SUsg05.03 10838 X50 

InL Equity 5USD8S4 11 Jg ••• 7^ 

InL Svgs. ‘A* SlISQ. 82 X03 650 

tot. Srgs. *B" 3USD09 l« ..-■4 239 

Prices on Jane 2X Nest dcollnj; June 28 
Henderson Baring Fund Mgrs. Ltd. 
P.O. Bax N4723, Nmibu, Bshumas 

Japan Fd. KJJSM35 HH»-059( — 

Prices on June 21. Next deabng dale June SB. 

HUD -Samuel ft Co. (Gcerasey) Ltd. 

8 LeFebvre SL, Peter Port Guernaay. t'l 
Guernsey TsL — ...|145.4 1556|-lfi 3.65 

BUI Samuel Overseas Fnnd SJL 

37. Rue Notra-Dame. Lusejr.twurg 

ISLB.73 19481 -0.4] - 
Internationa] Pacific inv. Mngt Ltd. 
PG Bos R237. 58. Pit! St. Sidney. Aura 
Javelin Equity TV.. (Sa 2.11 2 28 —4 — 
iJE.T. Managers (Jersey) Ltd. 

PO BO* 101 Boyal T*t Hie, Jerse>D534 27441 

Jersey ErtmL Tit- 1163 0 17301 1 — 

A* u May 31. Next sub. dur June 30. 

Jardfae Fleming ft C«- Ltd. 

46th Floor, Co ana light Cerate. Hong Kong 
JardjoeEns.Tri._l 5HK25436 l . - Vl .| 
JarttoeJ’tm.fli*-. SHK35L 15 Lauf 

JardineStA. SUS16 24 1+2®1 L90 

Jardloe FlenUnL_| JHK9.70 .] — J — 
NAV Juno 35 l 'EquIraJent SU57X0S. 
Next us June W. 

Reyselez Mngt., Jersey Ltd. 

PO Box 08. SL Heller. Jersey.. iEne- 01-B08 WTOi 

Fonaelex piiMU JM ■ -\ *•« 

Bor.dsBlez FslUN KB — 

Keyselex Inf'l 06.61 729 ... — 

Keysetex Europe— 0.96 4 46 ■*■*0 

Japua Gth- Fand_. SU525H — 

Keysets* Japan — £1258 1552 . — 

CenL Assets Cap. _ EU3 C *0-<o1 


'Next suli. day June 28 

Schroder Life Group 

Enterprise Rouse. Portsmouth. 070527733 

International Flush _ ... 

(Equity — J119X x26dj—Q3t — - 

5 Equity 1126.0 134 « +0.61 — 

CFlsed interest 1136.1 144.71 -O-fi — 

3 Fixed Interest JlW fl llXfi -0^ — 

Olanaged (1504 13.0 .... j — 

bManagcd [1152 1225] +02J — 

J. Henry Schroder Wagg ft Co. Ltd. 

12n.Cheapside-E.CX Ol-MB-MOO 

Chap $ June =U 1 SI 1 135 231 

Trafalgar May =1 J 5L S119 <1 - 

Aslan Kd. June li-klSUfl 17^ .... S81 

Imriing Fnd. . _ ...KAX84 195 . 5.20 

Japan Fd. June IS _(sl'SX54 7.811 0X4 

Sentry Assurance International Ltd. 
P.O. Box 320. Hamilton a. Bertnada 
Managed Fund (5V31K53 I — 

Singer ft FTiedlander Ldn. Agents 

SO. Cannon St-, EU4. 6WO 

Dukafonds |nU2S « „ J 6 » 

TokyoTal. Juries — | JIJS35 00 ( | X>. 

Stronghold Mutagcreent limited 

P.O. Box 31ft. SL Helier. Jersey UKW-TH^O 
CommodiD' Trust _(92 28 97.14] i — 

Surinvest fjersey) Ltd. fsl 
Queens H«. run. R»l Si Helier. J-?. K&l 27543 
American I od.TsL. .118X2 S 491-0 i2J — 

Copper Trust..— .(£10 82 IJ, 071-0 — 

Jap. Index Tst [U2 00 1X251 -0 07] — 

TSB Unit TrnsC Managers (C.E.i Lti 

Bagatelle Rd_ St. Scuom. Jursej 85347:406 

Jersey Fund J47 I 49 M .. 1 4 54 

Guernaej' Fund ... (47 X 45 « .. . i 

Price* on June 21. Neal auli day June JL 

Tokyo Pacific HoJdinss K.V. 

lnLLnnx Management 'Jo. N V.. Curare*. 

NAV per share June 13 SUSSS.lC 
Tokyo Pacific Hldgs. rSeaboardl N.V. 
toll mu ManSRomenl '.'o N V. Curacao. 

NAV per shore June 19. Sl'ȣL74 

Tyndall Group 

P.O. Bex 1256 ReslHau S. Bctmnds, S^TKI 
Overseas June 2J — pi SI 10 l£j \ 6.M 

lAccum Unitsi B'.'ftlJB X5M-0D11 — 

3- Way Int. May 18 ..(tl'ftZJB X7I{ 4 — 

! New 6L.SL Belter. Jersey _ ...GS3437XU/3 


TUPSL June 22 . 
(Accum. Shareji ... 
American June ta 
(Accum shares) 
Jersey Fd. June 
INoti-J . Ace. Uts _ 
Gilt FUnd June 22. 
{Actum Sfcnresj 


TV 825] ^ 

1 90 IXafiriMH 
831-10 

son -xo 

20 6l« +6 6 

290.41 +0 e 
icatwl -ix 
70 139 buf -lb] 


Vlctary HeuM. Doudmu Isk- a Wan. 062' [24IIL 
Mhtiaeed Moj- lfi.„.fl2S.O U5.fi I - 

Utd. IntnL MngmnX fCJ.l Ltd. 

14. Mill caster Street. FL Heller. JencV. 
tlB. Fund JUUM16 satotj ... I 316 

United States TsL !nt*. Afiv. Co. 

14. Rue Aldnorrr. LuaemViuri:. 

Di TsL Inv. Fnd SUSIPV [ ( 0.*S 

Net a* set June 29. 

S. G. Warburg & Co. Ltd. 

SO. Gresham Street. F/JJL 0WJ»4S» 

Cov.Bd.Pd. June21.l 5UF96I I'lOll — 
EitcyJnL Jime2l ...| EUS17.35 -0019 — 


Mr£ur. Junetl IH51U5 U«t)-uiM — 

Warburg Invest. Bagf. Jrs7. JJi 

I. Charing Cross, S’. Heller. Jay Cl KT4UM1 

CUK Ltd. May 2S- . 5VMLH EJ^| — 

OUT Ltd. May 85 --.. SIAM 1X90 — 

U^UilsTii. June 16. £12 17 22.4* .. . — 

TMT Junr 8 — M.’SBJ ■■■• — 

TMTLtd Junes 08.63 10 56] — 

World Wide Growth Management* 

JOs, Boulevard JtoyiJ. JourmbrairL'. 

Worldwide Gth Fd| SI'SIMI |-0 £8| — 


NOTES 


Prteesdo not include $ minima, except where Indicated I *. and are m 

l%iSSXiiX'£&Z l 


657 -0.: 
37 4 -0. 

2 -o ; 

373 -0.1 
7D 9rf -O.l 
Mfi-XI 


-0.5 7 97 

-Oil 53* 


leaden Wall Group 

Capitol Growth 80.4 

I«o Accum. ... . B2.Z 

Extra Inc Growth... 36.9 

Do. Accurl 42.9 

Financial Pr'rty .. 1KB 

Do Accum .. 13.0 

High Inc. Priority- 68.6 

Imernalional 39* 

Special Sit* — 306 


86.0 -U 6.02 

ST 9 -L3 — 

39.6 -0 « 9 98 

461 -0.X — i 

ill I 4 *! 

p5 

32.71-4X5 521 


l . iFdid, ..(5*5 5xfi-l.fi 2& 

N— w Truci Xauagprc LuLV it;igi 

Urt.fe+ldnc. Surrey. 5611 

'■■.--I 159 2 62 5] -O.o] A3!i 

,r- Chin* |s? 7 52J| -0 7] C 16 


TSB Unit Trusts (y! 

21. Chantry troy. Andorer, Hants: OSH 82188 

Dealings to 0384 B3432-3 


(b)TSB General . ..I43.B 

. bi Do. Accum |55 5 

fb> TSB Income. — 157.4 

i hi &n. Accum 594 

TSB Scottish J8L9 

•b> Da. Accum. — — IB7.7 


<6.9] -0.7 3.91 

. 594 -4).? 391 , 

UJa -O.t 7.58 
63.7 -0.6 758 I 
B7.2 —0.9 2.87 

93.4 -LO 2 87 I 


156 :°3 

j.i- =i ; 

139 5) . .. i iSl 
ij . ... j T SO 
ST.ii J 7 20 


.; - 3 i. cion jcktirartCE Group lb) 

-\i '• A Verwreh. Nitiar.'i. .xuiSZSW 

r-n. - rfd . IS37 0 5536] -5.fi 5.18 

r?2-: Trust Staaate*^ Ltd. caH&Hzi 

^ :i-ib7rn. v.*u :ra ci-»nfW4i 

r. thhd. !?7J :4’]-C2l 507 

.r. • . .. ‘255 ;s t.1 -C -•! 5 07 

7-;. . - .*1 . „ 1*4(1 3e its -C Jj 5 55 

.J.— -.. > r..’- . .i*=0 tnj-p*! 5i5 

r. units .'tin tic. Ltd. iEhsi 

j:: jL. Itanchaiter udl 226 SfA5 

i'AKslito- [6L2 Z73\-9M 522 


Ulster Gantfi (a; 

VannsStraet Belfast. 023235231] 

ibiL , lsier<iro»tb.„|36.I 38.fi -4)2] 544] 

Unit Trust Account ft Mgmt. Ltd. 


King William St. EC4R8AR 
Fnara H*e Fund _ [153 0 
Vt let- -Orth. Fad. [29.3 
Do Accurl ..]34 0 

H’iefer Growth Fuad 
KjHE William Si. EU4R BAR 
Inrnmern-'ji . ..«..J25.5 
Accum. L : bi3 [34 J 


01-S23 4851 
162.0] .... J 4.19 

30« 4.36 

354 ... . 4J6 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave.. London EC.3V 3LU. Tel.; 01-283^1101. 
index Guide anal 20lh June. 19T8 (Base 100 at H-l-' . 1 

Clive Fixed lnieresi Capital 

Clive Fixed In gres; Inuuuie iilbu 

C0R.VL INDEX: Close 452-157 


insurance base rates 

t Property CruVlh 

t Vanbrush Guaranteed •■■■■ ■’ • 

’ iddr-is. *h«i> her luaurane- and Pr.'.pcrir P.r.n l TjM — 


aj 


01J23 tof.1 
...I 4 35 

J 453 I 






&l5»f. 


I 


Heeity & Bloker 

Established iB2G<nLandon 

21s Si. George Street Hanover Sq«a rff - & 
London W1A3SC ■ 01-6299292 | 

City Of LOfiOOn IIS OLD BROAD j7F£E j I 

LOilDOH tC,'K iAP 0I-5-S J Jt 1 § 


HectncWiDc T*vT9 


!asur'»-4pc 

(l liljjr ISKf 
nrtincSjpc 
“isuri'Bijjc 
ndini. fj^pc 
.■»ur>-Tiipc 
innm.’l 2pc 


f i 


m 


FlresloceTire n 
Fiisi Chirac .. 
Fluor Curp. Si. 
Ford McturSL.. 





no. 3>jpelre4 


N.Z.4pc IP7W78 


12.69 11.84 
13.82 1300 
1340 12.82 3U 
6.76 11.00 1 

821 1160 ^ 
12.05 1300 1» 
12. 71 13.40 50 
1334 13 80 255 
1133 12.75 ,29 
1171 12.90 120 


HO L«W 

20* I 17 





MinsonFin. 3)p 


1160 «> 


39* 
62 
<X 
70 
94 
215 
66 
82 
90 

15 
69 
24 
22 
41 

■ 25 

16 
41 
31': 
55* 
29 
40 
65 

75 
33'; 
32 
78 

205xrf 
67 

£310 
IIS 

76 
76 
69 
24 

132 
£65 
124 

& 

177 

Minnas SAC SO. | 110 
92 


FINANCIAL TIMES 


BRACKEN HOUSE. 10, CANNON STREET, LONDON EC4P 4BT 
Telex: Editorial 886341/2, 883897. Advertisements: 885033. Telegrams: FLnantimo, London PS4. 

Telephone: 01-248 8800. 

For Share Index and Business News Summary in London. Birmingham, 

Liverpool and Manchester. Tel: 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


Mot Engineers 






EDITORIAL OFFICES 

Amslerdam: p.O. Box 1298, Arr_sterdflm-C. 

Telex mil Tol: MO 555 
Birmingham: G«orcc Houjse. George Road. 

Telex 338650 Tel: 021-1&4 0922 
Etinn: ITesshaua II '104 Heus&allee 2-10. 

Telex 8368M2 Tel: 210039 
Bnreelu. 33 Rue Tlucale 
Telex 2X183 Tel: 512-8037 
Cairo- P ft Box 2040. 

Tel- S.W5I0 

Dublin: 8 FitzwjllJam Square. 

Telex 5414 Tel: 785321 
Edinburgh: 37 Geo rue Street. 

Telex: 724S4 Tel: {01226 4120 
Frankfurt' lm Sachsenlager 13. 

Telex: 418283 Tel: 5S5730 
Johannesburg: P.u. Box 2128 
Telex 8-5157 Tel: 838-7545 
Lisbon: Praca da Aleeria 58- ID. Lisbon X 
Telex 12533 Tel: 362 5U8 
Madrid: Espronceda 32, Madrid 3. 

Tel. 441 «72 

.ADVERTISEMENT OFFICES 

Birmingham: George House. George Road. 

Telex 333650 Tel: 021-454 0922 
Edinburgh: .17 ifeorcc Street. 

Telex 72464 Tel; U3I-2K 4139 
Fr.:nfcfui* lm Sachsenlauer IX 
Telex J62S3 Tel: 554667 
Leeds: Permanent House. The Hcadrow. 
Tel: 0532 454909 

SUBSCRIPTIONS 


Manchester Queen's House. Queen Street. 

Telex 66G813 Tel: IMI -834 9381 
llri> wi- sadovo-Samoieehnaya 12-24. Apt 15. 

Telex 7900 Tel. 2M 3743 
New York. 75 Rockefeller Plan N.V. 10019. 

Telex 66390 Tel. i 212 i 541 4625 
ran-; :* Rue du Semier. 75006. 

Telex 220044 Tel: 2365743 
R»" do Janeiro: Avcntda ITes. Vargas 416-10. 

Tel: 253 4W8 

Rome- via della Merced* 55. 

Telex 61032 Tel: 678 3314 

Morkhulnr ro Sseaska DagbladeL Raalamhsvaeen 7! 

Telex 17603 Tel 50 60 88 j 

Tehr.in- PO Bo-c 11-1879 
Telex 212634 Tel- fiaaaw 
Tok>-c,; 8th Floor N:hnn Heiui Shimbun 
Building. 1-9-5 Dtcmauhi. Chiyoda-ku. 

Telex J 27104 Tel; 241 2320 

Washington: 2nd Floor. 1325 E Street. 

" . Washington L ' •' yiag 
Telex 440225 Tel: 1202 , 347 «T76 


Man. -hosier. Queen's House. Queen Street 
Telex SQS813 Tel: 061-KH 9381 
Neu- York: 75 Rockefeller Pla*a. S.Y. 10019 
Telex 423U25 Tel: i2I2> 489 8300 
Pans: 36 Rue du Senlier 750iKb 
Teles ZXim TeJ. 236.86 01 
Tokyo- Kasahara Budding. 1-6-10 Uchikanda 
*- hiyoda-ku. Tele* J 2T11M Tel. 23c 4050 



106 
£27 
75 

HansrenTci lOp j 200 
Rtntokil lQp I 58 



1418 
b633 
22 
Q*23 
1033 

tsfi.6 
1639 
6 94 19. 
-1 2.36 6. 

+1 253 2 

-1 13-93 2. 
1L65 L' 


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lol 111 ON E9 ^2 


169 1142 lAie* 

133 iff? 

91; Pi 

106 87 

45 37 

63 42* 

58 38 

53 43 

17* 

TO 1 ; 59 [Binnid Qalcast 
84 58 

101 58 jB’toaPaHetllJp 

35 21 

17*2 15 
39 


r* I 




12 
a. 

3.4 .73 '6.7 
95 (5 If 
5.9 52 
4.21 3.9 
2 
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Bolton Tol. sp- 


ill 
39 
38 
160 

otrb Eng 12 -p. I 97 

S3ri 

jmell Dress 5p. | 12* 

9S 


lyr-ST 


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F 




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6.9 3 5 
4.1 9 0 
4.6 82 

9.9 41 
12.216 9 



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261 


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123 no 

116 225 

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83 35 

3.1 

153 30 2 
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9-4 69 
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152 85 
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72 65 
38J 24* 


115 {HaQiteS^i 

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m 


14 
69 
29 
75 
16 

99 

Op- 56 
op. m 

251 



Qcct'comps Ida 
Eleclromc Mach. 
Qec. Rentals (Op 
Enfri5Serw Wp. 

Farnell Elee.20pl 
Fi.JelUjRad. 10p| 


Yi'iftf r 1 1- 1 

I .T ' LI t 


HuuaDdEL20p 


CSSUSCALS. PLAS 


Copies obtainable Irum newsagents and bookstalls worldwide or nn regular subscription irom 
Subscription Dcparunenl, r inanaal Times, London 


£11* 60A 
173 86 

K5 253 
97 84 

90 61 

79 60 

£57 £40*; 

122 
-191 134 
25 19 

'39* 45 
14*4 10* 
41 27 

49 44 

£95 C89 
£99 £W 
£9&; £91 

79 64 

75 59 

74 57 

23 19* 

60* 43* 
'31^4 16 ; 
|57 46. 

44 36 ! 

394 325 
2 -t 4 134* 
1223 156 
'534 376 
I £125 £11?: 


AKZn 

AUfich: Wsl^jn. 
.ilJanoicln<v . 
Alldufotk iup _ 
AU’d'.eifeni f"? 
AiKtiw.bcm. - 
Enver VI MM 50. 
iBiwtenNcrtes. 
Brcnl'Ticnr; Kip 
Rnl Bcnail !0p 
Em Ta: Primp 
Burrell -ip.. . 
Cjntist'ipel lOp 
fja!:n 

CltW:’-'. T.*: Ln 

i< ‘Mlne'.Tiera .. 
|C cs'e.- fcre-. _ 

! ;y, \\ .... . 

li'u^'Horareiip. 
k'lKih'* pip. . 
'CixstotSeSp . . 
Fru!'>n PlustiCf . 
Fiml evo . . 
Fisonsii .. - 
H-'tH'tsqJ :1I4> 

litiTL ttcich3«4i. 
HveCibl I'llS. - 

P.FuiiftLltia- 


£ll's 
178 +3 
265 
86 nl . 

78 *1 

63 1 . ... 
£541; 

228 

189 

19 -1 

- 1 ? 

ift-a 

32a 

45 

£92* -I 
£93 -1 
£91 -* 
65 ul -1 
68 .... 
67 
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46* -1 
17* .... 
46'-fl .. 
33io 

353 -3 
22* -1 

190 -3 

495 -19 
£123 


134 
39, 

67 
125 
32 260 
105 86 

25* 201 
54 42 

19 14 

133 122 
76 146 



w Francs 3)p 


m 



WeBco Hldi 5p. 
Hestinghouse.. 
Whitworth EL 5p 
Wblcsale Ft^aip 
|WlgfalliJi>- — 


47 -1 2.13 
16* +* 0.66 

132 14.79, 

210 -2 K33S) 


Sx[& 

685 

72 

36 
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109 

81 

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40 
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135 
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73 
67 
126 
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96 
202 
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1 r(366 
4 51 

fJoti <h 
1285 31 
r0 32 31 
thjaii 8* 
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IQ1K- - 


ENGINEERING 
MACHINE TOOLS 

112 105 ACFMKbiocjT.. 112 

,223 ISO A-P.V.Mp 207 -5 

116 104 Arrow 110 

93 68 Do 'A - J3 

272 225 iVimjsl Group — 252 

163 159 Alcan AlumiLina. 159 

£159 U 16 tk' fee Com — £355tf 

65 55 AllcniEiBudaur SB -I 

56 37 Allen W tl 48 

ISO 10S Amal. Power 132 -1 

64 46 .4ndotS'rfVde_ 63 -1 

43 32 Apcl'tSww 35 +1 

125 111 AatfcLvj- -- 124 d6 63 

8* 5* AstEnl^h 7 

38 1» Assre Tortuu:..- '37 ..... 

Z3 181; AsmintfllDp- ^2 -* J1J1 
100 7« Aurora Hid! .. — 89 -2 5 28 

115 92 Austin'Jamcsj- 105 ...... 15J | 


Hi » 

6.0 Q4 

, 83 4.7 TO 
33 6.9 4.9 273 
3.7 6.1 6.9 71 
2.9 5.5 9.6 to, 
29 9.7 m Is ~ 
15 


361 9.W All 1** 
22| 7.6| 9.11 35 


POOD, GROCERIES, ETC 

112 [Alpine SnftMOp.- 134 
70 Ass Biscuit Mp.. 78 
53 Ass. Bril Fds.5p 68 

205 Als Dames 220 

43 Ass. Fisheries . . 48 
28* AtunaGroupSp. 363 

72 BanfestSido^Ci 74 
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174 

103 

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103 

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75 

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Do. Cap 4p 

£Lbn.50p. 


Man. 

Mel drum Inv 

Mercantile lnv_ 
MerchartsTst... 
Mbuks Driest..— 
Mont Boston lflp 
DaWriU £L- 

Moalcyaiili 

MooTjjaleln. — 
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MSASSI.- 

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DaCap.:! 

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laaiwest 
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NtbaAn(erican. 
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'Outwicnlir. 

FtaUand Im. ... 
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iPWvinoal Cities 

Raehurri 

Reabrook Inv ... 
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| River 4 Merc. 

River Plate Del. - 
RobecoiBr iFIM 
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346 

296 

360 

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Investment Trusts 


52 

141 

111 

96 

222 

124 

187 

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49 
116 
551; 
77 
193 
115 
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Atlanta Balt lup. 
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Bankers Inr — 

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£:J-.u|Bj!2k Pmp . 
BishopseateTs. 
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2 taril ?undCr£l 
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iBremarTst— — 
Bridfesater l"p. 
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50 

137 

107 

95 

223 

118 

182 


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lav . . 
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1* Capital Sty-, 

Anhnr v lot. int J 531 ;h) 
Dn tip. ..{ 57 
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102 

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5.15 


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106 

153 

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£_1C5 8*;% Loan .. 


11! 


Tor. lpvesL Inc.. 


£e. Cap 

Oceanic .. 


Trans. 

(Tribune L-nest .. , 
rpievejtlnr aCp J 

twttopitaiu 

Irurilnion 

[TniiteesCorp_. 

':>nriide[nv 

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Klo'r’i id RntSecs... 
1? il':d L'apitali ... 
50’;]l i Deb. Corn 
Ib3 !' > A General 1 st 
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tl b7 1.1 3* 42.8 




5.6 26 0 


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123 0 : 


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7.^194 


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4.«275 


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1*35 

2.28 

h475 

1.88 


43B 

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0.49 

5.0 

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439 


137? | 

Hish In 


Stock 


Pro- 


Net j Ctri Dr's | P/E 


17 

ilrim£fiatte20p- 

22 

-3 






Hirahro Trait - 

28 


11.64 

43 

6.5 

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43 

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315 


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215 

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£54*o 


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45 

10 

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11 


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46 

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1^4 ?5 



85 

51 

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56 

-1 

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21 

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7-4 

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£44 

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64 

900 

fta-r 'ICtTfl Ip. 

£10U 


V® 

16 

♦ 

?i 

Wsct Select. 20p 
r.M.dafEmdana. 

25 


2 2 

T?7 

7W' 

54*; 

-i 

IT T3 

37 

Ifl 

63 

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71 


L39 

3.8 

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(Attack 20p 

SnL E>:>rrieo ICta . 
[Sr.i Pmol'm. Ll 
DoF-.Pf.il — . 
RurauhEI . 
PftSoLnRlBfi- 
rtlVTf.'tn >«£!-! 
Century lup 
ChanerhaD ip._ 
■'■eFr FVtivivfB. 

irflulIOiiil 

mlidePelroilJ 
£hde3innra0e_ 
h'A 


306 178 
10 12!; 
£2&*:l£l a£ ' 

1*: ' '• 


LVSMO 

LASHO 14%:Sftl-S3, 
LtSM''i-*ipf*10p . 1 
■/j.-n?: Slefalr tor 
irJHj.pl 10 p.. 
tTeimur Cons. 5pi 

rbnter Oil 

Reynolds Dii lc 
KyLDulchrii) 
Sveun Res - 
Shell Trans Heg 

!»TSJT.£1 . 
•'SirceEiil K-'il 
TeiXoWlCnv. 

Tnttnlrol 

litranar— 

Dj 7pf Cm £i_. 
v.eet> Nat. 10 c>. 

Do Pfd Old Iifc-1 
WoodgdeASOc.. 


Va 

800 

53»d 

21*; 

£24 

400 

1' 

146 

£ 1021 ; 


86 

154 

846 

70 


dl 


228 

15'; 

£241 

£47? fi 

580 

530 

61 

32B 

£57*; 

172 

252 

142 

175 

175 

68 



__ 



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1.5 

6.6 

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22.10 

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4.0 

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12.1 

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— 

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2+5 

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OVERSEAS TRADERS 


?65 

??4 

Mncac Lakes... 

265 


h3 57 

19 0 

2.0 

mi 

W) 

Ausl Acne Sir 

105 


QS.x 

J.l 

?1 

140 

% 

fUrafordiS fcW • 

130 

-7 

Th4 i 5 

4b 

411 

75 

48 

DcnrEKkiThKiity 

50 

+ 1 

b .2 

1.1 

189 

45 

?5!' 

RnusteadilOpi. 
FirJayiJas iaOp. 

45 


1 MJ 

♦ 

5.0 

390 

?5fl 

375 ni 

-7 

(ISO 

♦ 

61 

77? 

190 

■jill&Dutfits 

? 6 ft 

-? 

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32 

5(1 

fftfi 

f49 

ik SUm. £10 

£65 

-1 

01 

24 

1 9 

525 

325 

HTu ns CTos £1. 

500 

425 

♦?1 7E 

22 

6 h 

90 

66 

ReuaumtiS.i 

85 


4?A 

21 

76 

445 

IhR 


408 

-2 

1150 

32 

i.b 

39 

?! 

jMfcttlR - - . 

28 


ZObt 

63 


19 

9 

faiEsica Sugar... 

WI» 

-I, 



— 



78 

60 

Lonrho 

60 


6 55 

23 

16 5 

49 

40*, 

Mitchell Cotfe... 

41', 

+ 1 ; 

34 

L7 

1?4 

775 

m\ 

Ni Sen an Dec £1 

250 

13? 


8 3 

107 

68 

xeanWlsns.aip 

86 

-4 

7 88 

* 

57 

F?9 

175 

Paison. 2 och.i 0 p.. 

1»0 

-5 

♦/./ 

75 

66 

??5 

165 

[nx'AW.'YlOp . 

1/5 

-5 

♦7.7 

75 

6.7 

54 

27 

SangeriJillOp 

31 


♦4.43 

1 J 

♦ 


tt 

Sena Sugar 50n . . 
4 Sime Dartn lOp 

b'; 

85 

-7 ' 

R— 
hi 7 E ' 

?3 

7? 

?08 

175 

Steel Bros 

206 

■rl 

65 

4.4 

4 B 

60 

40 

Tozer Kems. l!0p . 

55 


3 W 

77 

85 

f94 

M7 

Do.BpcCnvUl . 

194 


OB*. 

180 

(8 7 

73 

41 

LMTri'Jteff. lOp. 

65 

-1 

♦h0 75 

11(1 

1 7 

72 

41 

Do. !0pc Ln. I^j 

65 

-1 

f3 4 

312 

£ 2.8 


, 2.6 
447 
49 
£9i 
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4 
8.1 
22.8 
9.4 
77 
10.0 
43 


l?.0) 

<5.8) 

4 

1.1 

3.0 


203 

70 

52) 


79 


RUBBERS AND SISALS 


1978 | 

High Low 


Stock 


Price I — 


♦ orl Dn. 
to 


YM 
Tn GCs 


Anqjp-Indonniii— 
EtertamCons Hip-. 

Bird I Africa 1 

BradualllCp 

Castiefieid lGp— 
Chcnonese Jtja— - 
Com Plants 10p . 
Fraud Central IPp. 

Guthncll 

Knm-flibVI'.G* lc? . 
Highlands l&A 


KualaKegongMSi. 


tiKulitn 
LdnSutnairalOp.. 
MalakcffMSL-.... 
MaarRiier lOp — . 
Plaata*jnnHld2s.!0p 


37 ISungei Krian lOp — 


99 

94 

-1 

,1 

275 

3.5 

!> 

16 




— 

501; 

j.i. 

17 

1 (1 

260 


.■=2.8 

1(1 

42 

-i 

hi 38 

1? 

38 


hpJ.O 

1.2 

10 


0?5 

± 

268 ri 

-2 

15 0 

qlb 

98 


414.0 



113 

-1 

Wl-DSv 

— 

70 

-1 

oi:'-' 

1 5 

521; 

-z' 

Qii 5c 

0.8 

353 

«4 0 

* 

97 


Cf20c 

IS 

45’-; 

-1 

h0.43 

31 

72 

r2 - ' 

42.18 

2.(1 

62 

bu> 

19 


12.0 

83 

8.5 
6.2 
40 
39 
48 
4.1 
44 
14 

4.6 

3.7 


TEAS 

India and Bangladesh 


a fully inlegrated banking aervlea 



Head Ollice; Osaka. Japan 


1K8 

High Low 


MINES— Continued 
CENTRAL AFRICAN 


210 

14 

BO 


90 

41 

16*2 


*2 

|122 

73 

32 


Stork 


FalmnSh 50c 

Rhoi ni'orp IfPjp 
Hojn Cons M .. 

.TjncdrritaoOp. — 


Po. Fref S0o . 
2ol Rh 1 


IWanbeCoLl 


10 [Zam.Cpr3BD0L2t... 


Price 

+ or 

Dh. 

Nn 

C\T 

na 

CTi 

185 


Q50c 

11 

?3 1 

171; 


036 

71 

4.8 

70 

-3 




146 d) 

-1 

Q10 0 

12 

6K 

90>d 



16? 

80 

36 


14 

175 

13 



— 

— 


15 

132 

125 


820 1150 


245 

72 

138 

40 

220 

39 

Si 

16 

178 

48 

£14*< 

40 
538 
300 
160 

70 




. AUSTRALIAN 

10 lAcmevtSc. — 

Ewi?3[mtllr5flTcca 
BN South SO; - . 

Central Pacific 

fnnjrir Rintinlfi .AOc 

U.M. Kalpax'itieSl 
1 lantptn. Areas 5p_ 

Metah Ex. aw 
iHJ.M Hides 50c _ 

Mourn Lyell 25c .... 

Newmrtal Idt 

North B Hiil.W-.... 

Nth Kalcurii. 

.tokbndceS.Al 

Par llir topper 

Pancon'.l 25c 


Fannja MfrE\ 5p.. 
Pcko-Wili«ndijc. 


Southern F30ific ._ 
Westn MiruneiOc.. 
(tVhimCreeiLUc 


13 

113 

106 

490 

225 

54 

120 

23 

194 

30 

4*4 

318 

13 

169 

34*; 

£13 

371; 

488 

185 

140 

50 


-1 

-60 

-7 

-1 

-4 

-2 

-7 

-2 


-4 


Q8c 


QlOc 


L45 


Q9c 


Q8c 


tQllc 

-iy - 


Q15c 


?Q6c 


1 A 


221 


41 


1.7 


*5] 


3-n 


40 


1.4 


4.4 


28 


1.8 


2.9 


42 


4.1 


*9. 


TINS 


30 

360 

60 

290 

145 

10 

290 

165 

9? 

11 

75 

490 

400 

70 

62 

215 

61 

61 

205 

310 

226 

75 

100 

100 

220 


24 

1240 

45 

200 

,111 

s 

10 

68 

450 

|280 

40 

50 

1165 

49 

47 

140 

1230 

,134 

55 

05 

74 

148 


\nwl Nigeria . 

25 



t? 51 

16 

15* 

\rerH 1 tan 1 SMJ — 
BerallTin.. ... 

355 

53 


19 ? 

Si 

ilI 

SerjuntaiSMl 

isr.or 

285 

132 

—5 

~3 

rtJUOc 

h451 

u 

5? 

told & Ease Llv-D . 

9*2 





GcipengCons. 

285 

-5 

15.0 

ois 

3.1 

lotwkonc 

165 







dnslOp 

88 


12.0 

1.6 

21* 

'anlar l?-p 

10 





liamuntinsSMOSO. 

75 


70’. 5 3c 

0.7 

44 

killiDphall 

480 

-io 

0125 

A 

76(1 

Malay firedcui; SHI. 

395 

-5 

1u95c 

08 

5.2 

iPatanq 

69 



05 

lftf 

[’enqhalen lop 

6thd 



13 

Petal ins SMi. ... 

215<d 

+5 

♦080c 

rl99 

16 

85 

Suinl F'inin . 

50 

-1 

46 

60 

Sr<aih Cndty lOp — 
'r'ulh KinLa SMuiO 

60 


H4.13 

15 

10 4 

205 


(C/77 Sc 
igUe 

14 

8? 

ti to Mai araa 5311. 

310 

+5 

U 

9.1 

Mio;-ei Be-ti SMI . . 
Supreme Coni SMI 

225 

75 

-1 


* 

2.9 

Tanjnnc 13p _ . 

Tunckah Hmr.SMJ 

92 

96 



0* 

16 

i0.7 

TroDOhiUL 

210 

-2 

Z088c 

L6 

9.5 


100 


COPPER 

70 [NtesiMlia&O _l 90 )-l ltQ30cl *9[ * 

MISCELLANEOUS 


17 

300 

465 


220 r<ms. Murch. 10c _ 


245 


234 TL64 


90 

£12 

45 

180 


30 

750 

43 

120 


Burma Mire* IT)# 


NorthMIeCSl 

Jsjbira lncb.CS 1. . 

rr^raEjcnin SI 

(Tehid; VMorraD top. 
lYutarn Cons. C$1 


14 

250 

390 

219 

58 

£10*4 

43 

180 


-1 

-5 

-35 

-3 

-5 

-h 


tQ30c 


95 


133 

Q7c 


2M t 


2J» 6.6 


4.7 1 

lit 


NOTES 


I'dI*sk oili(r»lw ladtcamf. prices and net dividends uni hi 
peniv and 'V nominations are 3Sp. GiUmnl prlrrffmlnfn 
rorios and rmers are based on Intest usual reports and accounts 
aniL nh'ri- pmlble. are updated on hall-rrari, fixnrea. PIEiiit 
ralmlaird on fbe basis rt net distribution: bracketed (iguren 
Indicate in per crnL or njore ddfrraice it calculated on “all" 
dtaribulnrn. rovers are based on “maximum" dbtrlbaUta. 
Yields arr based on middle prices, ue Krona, ntfusted to ACT of 
34 per rent, and allow tar valor of declared dlatribntfnua and 
righu. Securities with dcitoml nations other than sterling an 
quoted Inc! us hr of the intea men l dollar premium. 


Assam Dooarsfcl . 
Assam F)ronfier£l- 
Assamlnvifl- — 
Empire Plants lOp. 

■lokaiEl 

Luaj!lyiume£] — 
McLeod RusaelCl . 

Moran £1 

Scnglo Hldgs lOp - 

Warren Plants 

WflUamsooIl... . 


235 

305 

1Z3 

28 

340 

360 

233 

375 


247 

171 


-3 


♦9.53 


5.9) 6.1 


|hl6Z5| 4.9) 81 

7.0 

♦1-98, 

<■ 12.00 

♦ 10 . 00 ^ 

03 5 
15.08 
♦FI 72' 

14 67 

9.0 


3.71 8.6 

3.fl 
6.« 

11 

♦- 
4-71 


10.7 
5 3 
42 
88 
6.1 
10 4 
9J 
3.0 


Sri Lanka 

HQ 1123 iLunuvuU. 1 175 1 l 53 1 13] 4.B 


Africa 


Sue Estates. 


600 

185 


50.0 

13.0 


« 126 

* 10.6 


MINES 

CENTRAL RAND 


[140 [Durban Deep Rl— . 


lE.H5tRandPrp.Rl- 
[Rrnidfmit'n EsL R2. 
West Rand Rl 


223 

-15 





276 

-23 




£34 ? i 


WMc 

25 

114 

-5 

1M13c 

6.7 


EASTERN RAND 


4 . 534.6 


57*; 

[Bracken 9Cc 

76 

-3 

1025c 

18 

East Dacca R 1 

-?Z*2 

-i% 

KKOe 

N25c 

23b 

EJLG.O R05O _. 

369 


76 

Gnwtviei30c 

112 

-b 

♦019c 

271 

Kinross Rl 

345 

-8 

1034c 

lb 

Le tie 65c — 

46 

-1 

1Vi3c 

6/ 

MarievaieHfl50 — 

107 

-1 

1046c 

31 

S AInccn Ld. 25c _ 

51 

-I 

— 

37 

VJakfenteinRI — 

54 

-2 

Q25e 

517 

WlnkdhaakRO — 

678 

-15 

♦'/86c 

31 

Wil. Nigel Sc 

55 

-2 

— 


FAR WEST HAND 


32.7 

453 




129.4) 


ID 


288 

B(ytw25_ 

333 

-7 

06 3c 
yl70c 

4 

M 

BulleU 

£ 10 *, 

~h 

4 

71»- 

DcelfcroalR'JJS — 

80 




214 

L'oornlimtein RI .. 

308 

-16 

Q50c 

4 

589 

Easi DrieRi . . . 

738 

-21 

W78c 

17 

263 

EPothrsadM SV- 

203 


— 



92 

□stars Rl — 

109 

-2 

tQOiSc 

lfl 

m 

Hanel'eestRl ._ 

£14*4 

-61 

0250c 

4 

408 

Kiwi Geld HI 

527 

-6 

*/40c 

yieoc 

4 

«£? 

LiKnnnR] 

563 

-14 

4 

419 

Sc'Uthraal 50c 

487 

-5 

t,' 21 c 

lfl 

706 

^diontemSOc 

247 

-3 

tw 22 c 

OllSc 

2.3 

£11 

Vaal Reck 50c .. .. 

£141; 


3.3 

123 

VentervDost 81 

2Z7 

-7 

Q25,' 

4 

U 6 i. 

W.DneRl. 

£22*9 

- 5 a 

Q185c 

* 

152 

Wert cm .Irens Rl 

168 

-1 

toil-; 

27 

589 

Western Deep R 2 _. 

811 

-19 

0825c 

2.4 

163 

Zandpon Rl 

231 

-7 

0415c 

* 


12J 

95 


10 b 
6.? 


10.9 
4.3 
115 
26 
5 5 
4 7 
7.1 
115 


6.3 

U3 


116.0 


127 


O.F.S. 


883 [703 


Free State Dev. 50c 
F-SGeduMMv . _ 
F.S Saaiplaas Rl _. 
llarmum 5»c 

LoraireRI 

Pm Brand me 
Pr« Stein -Vn ... 

M Helena Rl 

Crii'H 

ttelkinnSOi 

M Hold mgs file 


80 

Qllr 

14 

£.15% 

.. .. 1Q240c 

2.7 

as 

-3 - 


357 

-12 Q55c 

41 

96 

-2 Q6c 

05 

923 

-20 ;Qi30p 

26 

698 

-16 rQ 2 ft- 

99 

862 

-9 tvs'; 

25 

174 

_ 


268 

-3 tQ35c 

19 

£18S 

-<8 ttjKOc 

1.5 


FINANCE 


3.b5 1.0 7.3 23.5| 


21 0) 
21.9 


242 

12 

44 


13 

145 

r.9 

£15 


-Oi 


Finance, Land, etc. 

'A^-dS-niUKTi 

<'JrTsL !0p. 
nil to 3>n 
Brimnnn Arrow 

|i.'r..n'i(afev 

l-lh-ncti.’rpFl 
h-rteriioueCip 


jc: 

14!; 

1* 

193 

5b 


£20G ,: '■•r ciKin MU ip 


:-a 

s'* 

43 1 


TwliMltl 

Dr'-'.d.v Day _ , 
riiiili'-sweija 
=:.!n ind - ] | S ,p 
£« nr.- vliniac 
:i"'.jncHnuse - 


, 15 ) [F.'S.ueJslim 
2 -'z U; j: •'■t'Jir.Kv 
ISO 1 !' ” 4*j»r >r 

: <1 , n • - ■ i Irjt 


■i'lrn1 ‘tip 

2p3l 15” i [I-. hr.csi„_ 


222 


200 

4.7 

137 

1C 


— 

— 

— 

44 

f 1 *■ 


— 

— 

14*, 

-£*; 

— 

— 

— 

18tf 


♦— 

— 

— 

143 


0121m* 

SB 

49 

66 

-1 

13 3e 

M 

79 

£12'; 



1 J 

.’1 

232 

-2 

111 76 

Z.fl 

6 3 

41 


ti.0 

3.7 

3.7 

27 



— 

— 

14 






57 


■i0 99 

63 

It 

40 

-i 

172. 

21 

b 5 

24*, 


1 L* 

4 

11 .* 

27 

117 


(J04° 
4 94 

63 

12 

2.8 

b.j 

27 

-i 

10 

19 

8» 

12 

fa 

— 

- 

— 



424 

AneAm OvilWc_ 
Ando \nwr lfl, 1 . 

585 

330 

-15 

-6 

Q60c 

0362c 

3.4) 

♦ 

U4* 4 

Ang Am itoldRI .. 

£17 

-rt 


1J 

621 

An?’. aaJ ffle. 

780 


f>ll 5c 


Ilf 

harier''ort? . .. 

139ul 

-2 

83 

HI 

164 

I'cms 1 told Helds . 

174 

-2 

19 05 


cart Rundlun. Wp 

171; 


1 (lb 

1.3 

£14 

■ ton .Mining R2 . 

£17 '4 


UL'ilbc 

2.2 

£1(1*4 

Jrid FieM«S V?:, 

fast 

192 

33 

4 

OllOr 

17 

E10 

138 

•j. 

,'rthurcCnns.m. 
Middle Wu Sc 

MirkurpLTrf.- 

-*/ 

gi70c 

t’2>- 
tl 75 

22 

?9 

li'b 

MinorcriEP-D'I 

194 

-2 

012c 

3 4 

9b 

New It it 30c 

114 

-b 

Q15c 

06 

HbO 

PaurmN'VFliS.. . 

£U>4 

— 1? 

C/C-50r 

* 

W1 

Rand London lac .. 

54 



.3 0 

37b 

SderlvnuTnirt .. 

410 

-8 

11 

161 

'tontnisi TOc 

219 


W 

<♦ 

2«t 

Sihenmik.'sl.'jip . 
T tul.CorblAivl- 

45 


17 

£11 

£15 

-'4 

t095r 

34 

182 

1 ' (' lmert P.l . . 

234 

-4 


1 ? 

238 

1 niow'njpjLSHjc 

278 


Ik 

40 

vugdsi;iv:.._. 

62 


Q7ljv 

1.C 


61 

68 

6.0 

92, 

90 

7.9 

9.1 
76 

4.9 
73 
GO 
57 
3 5 

7.4 
2b 

111 

5.2 
85 

8.4 
3.8 
7.7 
82. 

7.2 


DIAMOND AND PLATINUM 


£30 

AncIn-AmlmSto 

£41 


«6f«0ei 1.11 

t>4 

Bi>r‘>t. ciie 111 luc. 

84 

-1 

-V? 

obi .S' 

ID 

2?5 

1 v Beers HI .V- . 

383 

-3 

33 

925 

rm 4rtp." ri R; 

£il\t 


o:oot. 

JWf, 

54 

! iTtonlvurt' I'-'^c ._ 

62 

-2 

♦02 Ir 

10 

70 

fills. 1'iiL IUr 

82 

-2 


14 


as 


a Sterling denomi noted tetunlies which include inverfmaol 
dollar premium. 

• ‘ Tap" Stock. 

* Highs and marked thus have been adjusted to nOow 
tor nohls issuer lor casta. 

t Interim since increased or resumed. 

* Interim since reduced, pawed or deferred. 

44 Tavfrec *0 non-residents on application. 

* Ki cures or report awaited. 

IT Vnluted w<nint>. 

a Price at time of suspension. 

1 Indicated ditufend alter pending scrip and/or rights 
cover relates to previous dividend or forecast 
** Free of Stamp Duty-. 

♦ Mercer bid or reorcsnisailoD in proKreia. 

♦ Not comparable. 

♦ Same Interim: reduced final and/or reduced 
indicated. 

♦ Forecast dividend; cover on earnings updated by 
interim statement. 

I Cover allows for eon version of shares not now ranking fart ' 
dividends, or rackina only tor restricted dividend. 

ft L over docs not allow tor shares which may also rank for 
dividend at a future dote. No PIE ratio usually provided. 1 

* Excluding a final dividend declaration. I 

f Kesionsl price. * 

II ho par value ' 

a Tav Tree, b Figures baaed on prospectus or other official 
estimate, c Cents, d Dividend rate paid or payable on part 
of capital: cover based on dividend on full capital, 
e Redemption yield, f Flat yield g Assumed dividend and 
>ictd. b Assumed dividend and yield niter scrip Issue. 

j rnjmcnt ( rom vapllal sources, k Kenya, m Interim higher 
than previous total, n Rights issue pending « Earnmga 
baled on preliminary figures r Australian currency, 
v Dividend and yield exclude a special payment- t Indicated 
dividend, cover relates lu previous dividend. r»E ratio based 
an Intent annual earning*, n Forecast dividend- ctnvr based 
on previous years earnings. * Tax free up 10 30p in the £. 

» Yield allows fnr currency clause y Dividend and yield 
hared on merger terms * Dividend and yield include A 
special payment: Cover does not apply to special payment. 
A Net dividend and yield. B Pneterence dividend passed op 
deferred. C Canadian. D Cover and P'E ratio exclude profits 
of r K. aerospace subsidiaries. E lyjue prirc. F Dividend 
■md yield based on prospectus or other official estimates for 
1377-78. C Assumed dundond and yield after pending scrip 
and.'or rip his iraur 11 Dividend and yield based on 
prospectus or other official estimate* fur 1978-77. K Figure* 
based on prespedus or other official estimates for *978. 
M Dividend and yield based on prnapeeiu* or Olher official 
estimates ior U>78 N Di< ideivi and yield based nn prospectus 
..r other officioJ esLimalea Inr 1979. P Dividend and yiel d 
based on pr<x.pectiis or olher official estimates for 1977. 

U tin®, T Figures assumed. U No MUnlllcant Cerporailori 
Tax pevaUc. Z Dividend l<^al to dale. 44 Yield tdued ox» 
airmmrtJhn Treasury Biff Rate stays unchanged until maturity 

«'f TtflCh. 


Ahhm i at ton*: nlex dlvf rtend: w ex scrip issue; v ex rights; x« • 
all. tf ex capital distribution. 


Recent Issues ” and “ Rights ” Page 36 


This service is available to every Company dealt in on 
Stock Evchflnqes throughout the I'nited Kingdotn for ■ 
fee of £400 per annum For each secur.iy 


REGIONAL MARKETS 


The following toil selection .*f l-emlno 'inoiation* .if ..hares 
or<". mu>]v I toieri null in r>.EiAn.il nurkt-i . t"rui- of frith 
i-. .-n- mi.-t of .vhirh an- not officially ii>icd 111 lj>ndon,, 
nrc .iv quoted »n Hu- Iri'li <• »eli:iiiei- . , , , 

Short fl-irvhmi I 52 ' * 

amduJI.Um .. 100 


A.li 


uiiiniii-^ . 

I. -rt.in: 

I'.'F -'r K-'i 'IT' 
rl'ivil v 

• r ilk’lic Rom- £ I 

I- •■•n-M \ ' ' 

I lit . }. Me I Id.. 
r.->i 

r i-riv . 

< .. no: -'p 
•C >" ■ 1 1 1 1 f.l . 


I *:!■ 


ilic- 

r ■ 


Hr 


\! >!ui f 




r ~ . »iifi' 

Si. v-:; iv I * Brick 


23 


45 


"■*1 


270 


26 


445*11 


37 


E >1 


ia 


50 


34 

*1 

154 


73 


150 


263 


55 


165 


20 


45 



+ 10 


IRISH 


Conv. P^i 'BO 82 
Alliance via;. . 
Ami'll 

I’urriillil'J ■ . 
r't«in<lafkin... . 

1 uncrete f’ru<f ■ 
H« iton.liidgu 1 
In- I'erp 

Insli Hope.' . 

1 . 

.viiiiS».iim . . 

T1Hi . 
I'nufari- ... 


£90'; 

73 


340 >J 

42 *; 

-4 

95 

130 

-2 

44 

149 

-1 

130 


65 


30 


170 


90 



OPTIONS 
3-moatii Call Rates 


Industrials 
1 rir-"' • - 
.4 I' ■ emeRS 
h'.:-. J. 

It.'l" 

h..r. 1 . 1 . • Sant. 
Bee. h.im 
It.".' • I '''uC . 


K ’• T 

liri.v -i 
Hu:'. 1 


f.'l-tiB-r. 
fl.ii.! -I* 

— E 

t. Vi 1 . 


(tor 


ir.'l: 


l.'l I' 

*; k 

I la 

»>•- 


^»ii«l 



T,'| 

20 


Imp, 

& 

13 

I L 


9 

InviTC-k. . . . 


IT 


3 

25 

Lad broke . 

1/ 

35 

IdCgnl&'rvlI. ■ 





16 

f.tovris Rmk _ 

22 


••u*t> 


6 

1 j.ml'in BniK 

5 

20 

ia-urh'i. 

s 

12 

laicfif (ndi.... 

2b 

5 

l.>Mns'J '. . 


10 

"Mum.* . . 



Mrk." St Spnrr 


15 

Ml • Hand Bank 

2b 


NET 

12 

11 

: v.'.-i Punk 

22 

14 

f/n ’.Vnmtnf, 

ID 

17 

(■(fci'I'W 

B 

18 

I'Uv^v 

B 

40 

Kll M 

5 

Q 

KanBdru \ 

lfl 

20 

!I 1 ti.n.l 

12 

13 

Fpillvn- .... 

3 

77. 

1 .•'«■*! . 


20 

Th. n* .. 

23 

V 

Tnt ilourt” 

15 


Tube Invest. —J 30 
I'nolf-'pr |35 
i 'til Dr.-ipoO - 1 '"7 
Vicketo . 15 
tv'culwnnhs .] 5 


Property 
hni l-ind 
1 '.■)• « cinitiej. 
h. C 

hit r< -iii'i) jean 

i -ill 1 • 

Mh I" 

IVui’lu ’ 
v.niiu'l I’n-lvi. 

Town 1 Cits - • 


Wtv 

Hill rrin-leam. 
Hiimiaf)' 'll .. 
t'iiur:urii,'il) 
sn..-ll . . ■ 

rilr.jiii.il - 


Minn 

iTinrir-ri'i'n*. [ 12 
• .m. i.itld j 14 
Bin T 2i 11 c . .) 15 


sel 


1 1**1 ■ el • *| 


•n ti.o 


L.ndvn htiwk t-schaiigv Kvpurt pa£e 


-J 


■£/7f 




y : ■ St, 


»*-r 












iJMwWi 


mB 



:***& 

•SCOTCH WHISKY... 



B^| 

IVlfl 

■ 

■ ' Bm 

Wk-Z ■ 

■ > 1 

■ 5;-| 

pp ,;.i H 

W ™ 


Li.V4 


iimi 


BY ANTHONY ROWLEY !N HONG KONG AND CHRISTINE MOIR 
IN LONDON 

SIR .1 Lines Goldsmith has traps- in'esfnio^ Sir 

rorrnd to Hone Kong effective James l’ 01 ' 1 * 5,1 Per cenu 
control of Generate Occidentale. Trocadern owns IS per cent . 
his French empire which em* of Occidental. Argyie is now 
braces Cavenham Foods. General to increase its stake m Trocadero 
Alimenlairt’. Braque Occiden- to 49 per cent, and wiU also 
tale, and Lloyds insurance brok- ljuy ou ins hr from Troca*ro S 




hid 



4W*.a:^ 


iroce interests 





l 

1 -a ' 




fy 


BY SUE CAMERON 


BP CHEMICALS is ne-.-ntialing wo« d be Monsanto s po^rs^rene 
a SOm deal to acquire nearly all marketing and cunraraal in 
the U.S.-based Monsanto groups terests and .its European tech 
polystyrene interests in Europe, meal semces Vpsterdav 


g ou -a itii fu/t 


proved too' much- : Podlowipg _^ : '>: 


ers Wit-ham Poland. 


per cent of Occidentale. It will 


At the end of a laneled web a i s0 have options over a furthei «pe 
of manoeuvres, details of which substantial stake. supp 

were announced in Hong Kong Argyie. whicn also has sub- in ■ 
yesterday. Generate Oriental, the stantial c3*h assets, some resi- e c0Q 
Hon a Kong quoted investment dual UK properties and a house- Mi 
company in which Sir James building company called Maiden- East 
owns just under 74 per cent, head, has now been sold to bridj 
will own 35.1 per cent of General General Oriental by Even. Sovi 

Occidentale. Oriental is to pay for Argyie rear 

Sir James's own holdings in by wav of the issue of S5_5m year 
Occidentale will be 9.65 per cent s bares'at HKS 1.60 plus USS 1.5m T - 
anil General Oriental will also 0 f | njn stock for which Evon wjdt 
have options over further sub- w jj] subscribe. .... . 

.stantial holdings of Occidentale oriental thus becomes _ an “> |h 


convertible loan stock of investment company valued ai 


BY LESLIE COUTT 

EAST BERLIN, June 22. 
EAST GERMANY, Cummiifs 
leader in adviinced technology, 
has agreed (o supply the 
Soviet Union with technical 
expertise In return for extra 
supplies of Soviet oil and gas 
in an important series of 
economic agreements. 

Moscow is also to supply 
East Germany with credits lo 
bridge its deficit with the 
Soviet Union, which could 
reach 3bn murks (£750in> ibis 
year. 

The agreements, part of a 
wider package reached here 
by lop economic officials from 
both countries, represent a 
further Soviet attempt lo 
integrate more closely the 
economies of Comccon states. 

East Gennanv has agreed to 
make wide-ranging concessions 
on its range of products to hi 


pyrene .merest* in = ^caiS said yesterday 

Bi Chemicals expects toe deal . th _ Monsanto acquisitions I 


— 




BP Chemicals expects the aea ^ Monsanto acquisitions „ nths to March’ £> 

company s £220ra purchase of the . j ethvlene ami benzene, have cost about £3|m 
j U.S.-ba*ed Union Carbine's mam materials from which unrelieved ACT — Iws i-.^SSP |L 

European subsidiaries. **{«* ^: re ^ mcmoni er and then poly- omitted. The shares, wteck ., & 





cuiL>pL-.iu ouwjiuwub. stvrene monomer ana xnec poiy- ommea. xna 

was agreed in principle ast » - e are raade . The deal Hav e been relatively- strong . ^ • 

week along with a L.0f.m deal • d j it a substantial stake plummeted by ; 24p to,.76g ; 

between Deutsche ^BP and Veba. u the European polystyrene H _ ews . - --L ^ . 

the leading West German ener^. _i. e * and strengthen its posi- ' „ , .a i-m jin-Ari - 

concern. The two BP Chemicals market ana sire e a ^ ago, a ^ ^ 

deal-? represent a further step »" 1 Vf er uonD y was pa id on the assumption tfiit. • 'TO 

its bid fully to integrate itsmaiheis. profits in 1977-73 could double;; - 

petrochemical activities. rnmmihnpnt to £20m or more but ih; 4 ffie\ f:' 

If agreement is reached on Y, ! into event the pre-tax figure emeaseS : ^r.' 

this latent set of- nesoriations. Monsanto b not integrated nearly two-fifths lower at £6JflLv- v : 

Monsanto will sell BP Us poly- basic “ajemte m Eurge. "“J™™* m l9 7T. ; CUl'i ^ 

styrene plant at VV«n? «*. near Ai . a r«u it sees 1 ine cream amd'aoff^ ^ 










'rfk&lQBep$ 







Occidentale. nearly £20m. • Its last balance j nte „ rate " niore closely the 

. sheet showed that it was worth ecoi f om [ es 0 f Comccon states. 

Contingency less than flm. East Germany has agTccd lo 

It is widely” exoected that Evon intends to distribute w idc-ranging concessions 

Oriental and Sir James will 23.56111 of these shares to outside on k s ra ngc of products to hi 
eventually together hold more shareholders, to maintain Onen- t j, e neet is of Soviet industry, 
than 50 per cent of Occidental's j a p s publir listing in Hong Kong. g U | E ast Germany^ has 
shares P Some 6.28ru shares wil be managed to stand firm in one 

It had been known for some allocated to existing shareholders cruc jai industrial area micro- 
montbc that Sir James had made on the basis or three for une at e | e ctronics. 
contingency plans to transfer HKS 1.60. _ on „ a „ n ilv Lal e »■»! 


m 


South Wales. BP Chen 
already owns the remainir 
per cent of Forth. 


SS IT1 resulLit sees the S bad summer m i9W. ; 

ts S3 per "for its polystyrene activities on profits on ice cream aad ^°.x : 'Y : ' JAa FEB mAs *** 

hen i cals the Continent as unattractive. drinks by £2m or WfflSj;?;; '-f '-- r J.YtoTftjEvfe::^ 

company But the company said it would margins have been squeezed Jy pmwth -stock 

m S"»? is £ ZSSSZJZSi 

S4S^S*2Sm*»- 


But East Germany has 
managed to stand firm in one 
crucial industrial area — micro- 
electronics. 

Late Iasi year East Germany 


L-ontingencv plans 10 hm i.w. l , Bn3 r»ntlv Law bm 

control of his business empire The remainder have apparently aQd the s ov j et Union agreed 

to Hong Kong. already been plated b> stock- ^ clW)perate in research and 

Hi" bad expressed bitter dis- brokers Joseph Seba,,. with what produc t| on j n the electronics 

catisfaclion with the degree of were described ai Industry. In most cases Ihis 

restrain is on business in Britain “European meant a transfer of technology 

Jnd with the political climate The result will be to dilute Soviet Union. Since 

in France Sir James's own holding in then Rll!5S i ans have been 

It emerged yesterday that General Oriental to 65 per cent. at t cmp ting to gel micro-pro- 

those plans were set in motion In a separate but simltaneous cpssors i nc i u ded in the «pree- 
] a jjt March when Argyie Securi- deal. General Oriental will issue meat P ut the attempts have 

ties the former quoted U.K. a further 10.i5m shares to been ^151^ by the East 

property company, was sold by independent suareholaers ot Germans . 

Occidentale subsidiaries to Evon Occidentale in return for a Xhe reaS0 n is Uiai 
SA the Panamanian company in Turther 3.1 per cent of Occiden- Germany Is working ha E*J 
which Sir Janies is a substan- tale- , _ n7 nor ae«iu'ire micre-prore-sor know- 

tial mionntv shareholder. Oriental already owns 0.7 per ledgt . froni the Yt«sj : w J"* 

Immediately following this cent Together with Argyie s hope 0 r becoming prc^mineni 

deal Ar°yle acquired a 20.7 per direct and indirect holdings in ^ this field within Comecon. 
Tent siVko in Occidentale. It Occidentale. Oriental will there- The East German and Soviet 
also acquired a 20 per cent stake fnre have a minimum stake or commissions op * co '*®“ , 5 SjJ 
in Trocadero. a private French 35.1 per cen t in uccidentole. scientific-technical cooperation 

also signed an agTeen.eni rn.ru 


saiJr- 

after the Price Commumwi ®at all Uu ^? / f s 1a c ° ni ! n ^ h ^:: 
report, Lyons Was impelled^ Spsiness ^ h ^. se P t^ngibVe- 
cut tea prices about a monat;h«lance si hee: t - 

before its commodity cosls came .shareholders funds . ® 

down. Profits on tea alone W-»n> i ^isn- V UW ,- k 

hv about £5m in the fixt^r" On a share price of - P ffia ttf-^-gnarter 

quarter of tTe year. tb. ^ ,, 

This has come straight --.is; now £282m. This ! compare?. va«4. r ^ ; >. , 

through to shareholders’ equity W 

lem— with all of earlier this week were.^ 

earned overseas, the tax Teported earlier = -loafc^feH-:lw5»-.fifia3lS ; , : 

works out at 85 per cent,- and P .... front- .tfieir"- w^UbmK'^ead' «--.i 


Rate of ififlation 
6 cotild rise 
again this winter’ 


BY ELINOR GOODMAN. CONSUMER AFFAIRS CORRESPONDENT 32"^^ ■ m addition. thga'^^^ * “St^yeir' 

. . . ^ are provisions of ..about ^ 


THE R4TE of inflation could rise to five months to work through to each P gainst Spiners-FrenSh notary radio 

th.r Mr Charles the retail price index, wbicb Jmn>nv . ■ tinued to be the -star P^rfhm^V 




also signed an agrecmciu ms « Williams, cb airman or tnc mn ITTZ “ ~ ThP re<mlt is that despite some - W,U1 

on further co-operation in commission, warned yesterday, are not covered by the cob- Theresult .is hat aespue som ^ 


communications 


extended moratoriuin 

BY IAN HARGREAVES, SHIPPING CORRESPONDENT 

SOME OF Britain’s biggest ship- companies with strong non- 
ping companies are pressing for marine interests ruled out from 
an urgent extension of the tbe present moratorium, said the 
Government's recent debt mnra- industry faced severe dislocation 
torium plan for the industry. if help was not given. 

The plan, announced last Ellvrman Lines, like most of 
month, involves shipyard debt the other largo British liner 
repayments being delayed for companies, has found itself sup- 
three years, with Government porting hefty debts on ships 
guarantees for the banks in- being delivered but which were 
volved. But it is limited in scope ordered in better times. 


machine tool bnilding in which 
East Germany will contribute 
the lion's share. 

Similarly the East German 
chemical plant construction 
industry is to provide new ways 
of improving output in the 
Soviet food processing 


There was every chance that m efien S this* 1 tini e-lag the cc 
inHatum would stay near it. mission fi gures suggest that 


down to this level in the medlnm “'"t.™.™ 1 ST, thin, mg roughly mm of.gondwjll)- 


r,4l(CT:ii2rTlCT. 




Soviet food processing «■* — though the u-momn nguie . . ".T~. • nowevw. . - ^ - 

industry rv. • the July RPI might show an Although trading profits are now w ^, pre the shares are » on- . ap-- 

Th?East German printing Shop pn CCS increase because of the very improving wid the group hopes mu itip le orubout AI', rs fairly 

machine industry has agreed to Mr Williams did not comment small rise last July. the dividend can he at least fu n y taxed, is also 

a ** division of labour” Ur pro* dire[ .,[ v nn rr. recasts made by . . . restored this year, the target of tQ look ^0 far into, the wide trwiff apd.tte^TOp^r 

dneing components Tor sheet- Mr P ^ v Hatlersley. the Prices Critical a 50:50 debt/equity ratio must blug yonder. - pal-fall ip 4pK..1hte^^ raregf 

fed offset machines. East g ecreta J- v , that inflation would The profit margin controls on be pat back to 198L . J esseui ng. Even . itJthe auttorl- 

Germany is the largest slay aU about, its present rate c0mpan ie.s. which have existed Meanwhile here is a business TTT r cut Miuumun ^peiiding-J^te 

Comccon exporter of printing fl)r the rest 0 f the year. But be since 1973 are due to expire at W j t h ^es 0 f nearly £800ra, and 'J*'- Snipping over, the- next yffew _yreekB.4t 

machinery to the WcsL seemed less happy than the thp end pf July Mr . williams mar ket capitalisation of just if EHerman Lines, a well run woiHd probably be .view ed^wilh 


and aimed at small tramp-ship 
companies. 


Ellerman has eight ships 
worth more than £S0m either 


Owners are saying now that delivered or on the way. All will 
these concessions should be be British-built, except the City 
available even to cover their of Durban container ship, which 
debts with foreign shipyards and was built in Germany, 
that the larger companies with Mr. Martln-Jenkins said there 
extensive non-shipping interests was no reason why a moratorium 
and alternative cash resources should not apply to ships con- 
should not be excluded, as they traded in foreign yardf if the 
are from the present scheme. basic objective was to assist the 
If the Government agrees to UK shipping industry, 
these requests, which have been 
discussed informally between the Instalments 
General Council of British Ship- u- c tiiL-rvi tn its 

ping and the Department of The company has talked to its 

Trade, it would require access bankers about rescheduling the 
to section S of the 1972 Industry debt, bat clearly feels that 

Act, rather than the Act's section Goveromeot guarantee on defer- 
10 used for the original red capital instalments is 
moratorium plan. This scheme necess ^y- statement 

Syjffif 31 Sma11 - ,o”eS“si5roap 

So far the general council has the group’s non-shipping 
been coy about the desire among i nte rests, but _e_xtr e mely g oomy 


a ** division oF labour ” Ur pro- 
ducing components for sheet- 
fed offset machines. East 
Germany is the largest 
Comccon exporter of printing 
machinery to the West 
An agreement was also 
signed on cooperation in 
satellite exploration or the 
earth's raw materials using an 
East German mulLi -spectral 
camera. The MKF-45 was built 
by Carl Zeiss Jena in a crash 
programme at great cost and 
was successfully used in the 
Soviet Soyuz 22 in September 
1976. . . ^ 

Selective cooperation is to 

take place between the East 
German and Soviet photo- 
chemical industries to 
“ improve the quality or photo- 
chemical products ” and to 
introduce new lines. 


eventually feed through to snop statutory prom ceilings, 
prices and could result in a rise In the commission’s report for 
in the rate of retail price the three months to the end of 
inflation. April, published yestenlay, it 

The commission's own index of was critical of the profit safe- 
nrif*t» increases notified to it has guard written into . the price 
been SSananmuli^S enrols. 

nf ihmii 7 oer cent for the past which are being reviewed by tbe 
four months. Mr. Williams said Department ?* 
that the June figure looked like report said, inhibiting the c 
being about the same. missions work in certain key 

Movements in the commission’s respects. _ 

index usually take two and a half Quarterly Report, Pa 0 e 


strictly speculative. wants a ■ three-year morotonum. mick. Aner.jtaeir-rereuuruuoM. 

ori its debts, the plight of the handling, •_ iiwtitetK)nai r /-fMid 
Racal UK liner shipping industry managers ieefl ;.tq b_e^ -treated 

Racai, the market’s only real must be worse than ipost had gently. !.-> -7~; y. 1 




Callaghan says 35-hour week 
will not solve unemployment 


BY PHILIP RAWSTORNE 




ueeu tujr flwui me- ------- ehinnin-i There were 

fmore wiS-ran f ^“rtTeme? bSt SSerent disadvantages in the Minirter indicated more likely to increase uncin- is to secure a new understending 

SSRaasr-s S£«S4 jss grass some ™ w, ° ,haD SS 

tssss aS'o jswptfs 


A summary of the Statement by the Chainnan.Mrs. Joan Agar, for the year ended 31 srtMarchl 978. 


chairman 01 E.uernio,i h , , e _ y. ad introducuon 01 a snorier wui 1 ue ivv. kuviiw, ' nv-i v that the mainten- 

s er ^ ■srasfw ...big. «* <- «- ■* ««• » f ^ k- ar, k ^ro, 1, ^ 1 2 th ro 0 ? h %ui U n, 

SS5S? a ” nual m ° etiD3 iZs Z 30 per S “mos. of TOC leaden see reduced beers t0 halp Z£SS 

1 Mr."* MartioJenkins. .whose the ships .sold «ro old vessels pf_ work a_s the best way o secor now ap- be taken as read. 


romo'any is one of those larger, making way for those under iug union support for a further 

™°i P „mi y „antlv liner shlpplos eonstroction. period of wage restraint. 

— At a meeting today with Mr. 

Denis Healey, the Chancellor, 

Carter renews threat to 

«1 • _ . _ J , reduction as the first step 

act against oil imports «, a 

w, „,nev uadtim us editor WASHINGTON. June 22. Commons question, confirmed 
BY JUREK MARTIN, US. editor w ^ ^ issue would be discusse( l. 


pears likely if the Government 


Parliament, Page 10 



„„ u.pT,u us EDITOR WASHINGTON. June 22. Lomimius cnannei islands: 

BY JUREK MARTIN, us. ed that the issue would be discussed. gunnv intervals showers. 

unFqTDFNT CARTER again dealings with a Confess whose but warned that adoption or a Max tfC-lfiC (50F-61F1. 
warned Co n ere <;s todav that he dilatory . approach to energy 35 . hour week would not provide E NE, Cent N England: 

imno£ fees on “ imported matters is well k ™>wn. an easy solution to the problems Sunny intervals, showers. Max 

Sffr'SW™.™*! p-s- h „ s a J SMon? y mSh a ! restrarat or l, “ cmpl0J " ” c ,57F ’- 


SUNNY intervals, showers. 
London. Cent S and SE England, 

Midlands, E Anglia, 

Channel Island*: 

Sunnv intervals. showers. 


ffSffSjK? * i*7%ss zssrux «*■ 


crude to world levels. fSulv.Bm it wfll clearly no. f There was a - vjjj S ood case - " " slieU^dV " 

However. according to include the most controversial f?r a shorter working w Wk Pr V'dav | JS0L Cloudy, rain. Max 

Congressmen who had breakfast item; crude oil equalisation ” d ^ n J} Mvments ?c -k (52F-54F). 

in the White House this morn- tax des i{.ned to lift domestic w rajn £, hP^r-Pssa rv hp Amsidm r u s: Madr.a s a n ■ Outlook: Little change 

ine he stopped short of threaten- prices to world levels. The Prcsi- It would al *° Aihi-ns s r.i ?>■ Manthcstr cbm p 0 n en count: 17 (low). 

S? Sf “rt before the economic SenT wUl therefore have to go said to ensure that unit costs of Bahrain s m it u. ^urno c w ~ ™“ n C0UUl 

summit te Bonn next month. t0 Bonn with little to show fox PfjMn ^re.not mcreased gg*. r - vgg* c. J Jj ^ HOUDA y T e^ 

Dr. James Scblesinsen Energy ^ong efforo rorb «« I S S 

®"boug r h y, tbe Sa p reS iK would “T^Sd^'^xSfSS “t"™ T bbad „„cero SKS— c 3 5? SSS* I 8 S 

f iss 1 B b" “do- "s seS 0 'A Teio d o m, “r a irs, a rrs is. s s s s «* s t s as s s s s%. 

first i ? s s » \n~L 


BUSINESS CENTRES 


V'dav [ 
Mid-day] 
r t: ‘K 
R » 37 : 


Y'day 

Mid-day 


SW England, S Wales: 
Sunny intervals, showers. 
Max 14C-15C (57F-59F). 

N Wales, NW England, Lakes, 
Isle of Man. 

Cloudy, rain. Max 13C-14C 

(55F-57FJ. . J ^ a 

Borders, SW Scotland, Cent 
Highlands, N Ireland- 
Cloudy. rain. Max 13C (55F). 
NE, NW Scotland, Orkney, 
Shetland: 

Cloudy, rain. Max 11C-12C 


=c -v (52F-34F). 


• Outlook: Little change. 


...Mintn Ho iiuDlied that any that the U.h. Government is industrj- about the impact of a ^j ro * 
nn moort fee or required by law to have ready. cut in working hours on cimjiff 
SSfS- «irhs onft™Rn oil would It can only be invoked in a industry's unit costs and com- Chicago 
ot £J b !S unS then national emergency created by petitiveness. S'X 

prdbabjj W4 t tnen. interruption lo supplies and V Confederation leaders warned iSm 


K in sn Moiureai C 13 BS 

P L.1 ;j Moscow C 17 63 

F 23 72 Munich S 40 6S 

C 57 jVwcj S tic R 54 
C 16 61 New York s 2R n alacdo 

R 15 58 Oslo c :i 70 

r 23 n Pans R L» 50 

S 15 SJ Ptrih F '« n BlaSSrt 

S 4D ir. PrartU c P * B SSSS 


HOUDAY RESORTS 


CoprihaSL-n S 
Dublin C 


firm 'renorted that the President plan drawn up by Presi den* Ford a c ut in hours if the Govern- J a£S0W 

- iwJ-iriv nreoared’’ to act is t0 base the lssue of rat,on ment supported the proposal as Helsinki 

imnorts But Admini- conponS on registered owners ot a general entitlement in a Phase h- nm 

rivbiely m“n- «n "thev tb«, on bnlders of Fo'ur pay acreeroant. fifi? 


la > i Paris A u " Blarriu F 20 W Locumo 

h S'-" 11 ® 1 ” Blackpool C 12 34 Luxor 

4D .r. Prartuc F * l - Bord^aicc C 2ft «P Majorca 

l.i 59 Kt-ykiavik. S » « Rouloenc R l£ S4 Malaga 

\ Kin dc J'o 5 -I ® Casablnca S 21 70 Malia 

C I- » Romt- S -J Cape in. S 17 63 Nairobi 

S i‘J IS S'luaporc 5> J® 2® Corm S 26 79 Naples 

C J-1 53[sic«:kholm S 53 sj i-j 73 Nice 

C 52 -VI 1 si r.nsljnurtf C ™ Florcaw F 24 73 Nicosia 
K 5ft te Sj-dn-y C U *j j, U[Ist , a j F 20 6S Oporto 

F lift k* Ti-hr.m S 27 h0 R|bpjl | lBr s 25 77 SalzbocK 

R .4 371 Tel Aviv s -2 90 guernsey F *4 37 Tangier 


officials privately main- 

S^nlf bce S n used as a 5orer in Eflitoriul comment Page 30 


cuui aRiccmcuu Lisbon R « 

They claimed that, contrary London r k s« 
lo the TUC view, the move was Luscraba k u a 


K 2ft W Ti-hr.in S 

R .4 57 1 Tel Aviv S 

F 24 77i ; Toki 11 C 

f* 12 SftjTnronio 6 
S 15 59 1 Vn-nna F 

R I? ai | Warsaw H 

R 14 3i; Zunch F 


Y'daF Y'day 

Mid-Car M.d-d” 

•C "F c F 

F 23 73 Jersey F 15 58 

S 37 SILM PlmS S 22 72 

F 20 W Locarno C 21 70 

c 12 34 Luxor S 44 111 

C 2ft «P Majorca S 24 75 

R 12 54 Malaga S 26 79 

S 21 70 Malta S 26 79 

s 17 S3 Nairobi S 31 69 

S 28 T9 Naples V 24 70 

S « 73 Nice S 23 73 

F 24 75 Nicosia S 28 S3 

F 20 6S Oporto C 16 SI 

S 25 77 Salzburg F 20 68 

V 14 57 Tangier S 21 70 

F 22 72 Tenerife C 18 81 

R 11 52 Tunis V 27 91 

C II 32 Valencia S S W 

v IB 68 Venice F ’4 ii 


Profits before tax, at £861 ,520, are 469& up on last 
year. 

Dividend Afina! ordinary dividend of 2L33p per share 
payable on 27th July 1 978 is proposed which with 
the interim of 1 .30p gives a total for the year of 
3.63p(19770.975503p). 

Expansion of Leigh's proven and established activities 
has continued both within the main Midlands base 
and into other geographical areas. 

Sealosafe -the uniquetoxfc waste disposal process 
pioneered by Leigh— has worldwide potentisI.Twa 

plants are to be wmshucted by licenseesin Japan; ' 

now Leigh has formed a partnership whtiRTZ 
Overseas Holdings Ltd and Tunnel Holdings Ltd." 
under the STAB LEX name, to extend the process to 
the major North American market. Leigh's new . 
Sealosafe plant on the West Midlands 'Emprre'sfte 
opened in April, and the Sublex (joint Loigh-Tunnel 
Holdings} plantatWestThurrock started operating 
this year. Another Sealosafe plantshould be 
operational in Yorkshire in 1379. 


m Specialists in the Dkpo&K 
V Treatment and fl&covefy °f m 

r Waste and Effluent Ms&iais. 

Builders’ Merchants .. 
Quantorsand 
Fuel Contractors. 

Motor Vehicle Dealers. - 


Leigh's 'Empire' Seta The i^quisitioriiri AptB.of 
brick-makeiB Barnett & Beddows adjoining Leigh's 
existing Empire site opens up exciting prospsctsTThe - 
enlarged site win offer a complex of fBcilhies^ 
including the two Sealosafe plants rtfra qianufaefure = 
and sale of high quality specialised bricfcs;thesalecrf" 
msri; and facilities for the disposal of waste matariate^' 

Other Acquisitions dim'ngtheyear in related; 

businesses have IncludodGifeso/j WsstasManh&r ' > 

. Brick.and certaJneroeTspfJohn Hodspn . 
(Birmingham) limited iEfftuentTankers ^^has taken .'V 
over the Hudson apedatfsed waste tankerfteeLsrid 7 ^ 
Leigh Flexible Structures now dperateBthsljej^a : 

dams and bam" bts activity^ " - ‘ -i. ; - 

Management High-calibrear^ntraer^shave.. 
bean madein the parent arid opei^ng companlftS i 
to meet tbe challeogesoT expansion: : i v; 

.Outlook Afterthe fiisttwa months of . 'V' 

year, alldhrisiontfreporta highetvolumeof'-oetiyityj. 7 .' •! 
. andthe Board looks forward again with efi nfujefib^ ~. J 
to producing satisfactory results. . : L ;r . r :fA 


Summary of Results 

Turnover 
Profit before Tax 
Profit after Tax 
Extraordinary Items . 
Dividends 
Retained Profits 
EamingsparShare 


1377/78-1876/72 

• LOGO'S V£000 r ft 


14>337 
861 
385 . 

rea 
• . T9S 
' 183 


,.279' 

r'K3&> 

M7- 




We will be pleased to send \rou a ropy of the full Report and AccOuptsonnsquestti'^ V- 
. The Secretary, David Phillips. . 


LEIGH INTERESTS LIMlfEB 


Wharf Street, Birmingham B1&5HY 


c ® » ISSSm r 22 n Teacrtfc C 18 81 

« £ S Inverness R 11 j2 Tuws V 27 « 

l ® A 1 1. Of Man C 11 52 Valencia £ ^ fc 

R rj S Wauftul K IB 68 Venice F '4 «. 

* K— Fair. R— Riin. S— Suirny. C— Cloudy 




Resistered at the Post Office. Primed, by SL Clemenra Press lor aoff DnbQshed -- -'.ft. 

by thej'lundal Tlnu.-s Lid., Bradtcn House, Catmon Strer.t. London. EC4P r 4- 

C The Flnaoclal Times mfc, tans ' ‘• r -. - -V~a