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for CONSTRUCTION 


No. 27,594 


Monday June 26 1978 


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C ONTINENTAL SELLING PRICES; AUSTRIA Sch.15; BELGIUM F r ^y. DENMARK KrJ.S; FRANCE FrJ.9; GERMANY DM2.0: ITAtr L.SOO; NETHERLANDS FI. 2.0; NOR WAT 'XrJ 5; PORTUGAL Esc.20; SPAIN Pt=a.A0.- SWEDEN ■ KrJ.25; SWITZERLAND fr.2.0z EIRE ISp 


\ r\VS SI MM \R\ 


GENERAL 


BUSINESS 




crisis 


Premier 



;e Managers 9 COS 


over 



U.8. ai 


mission power 
Hooikc 6 falls 9 


£100m 


talks 


e 


By Jurelc Martin, UJ5. Editor 


BY MICHAEL LAFFERTY IN LONDON AND JUREK MARTIN IN 
WASHINGTON 


Rhodesian Church and political 
leaders have reacted angrily to 
the kilting of 12 British mis- 
sionary families near the 
eastern border with Mozam- 
bique. 

The 12 dead were hacked and 
battered to death with axes, logs, 
bayonets and clubs. The military 
command said Zimbabwe African 
National Liberation .Army guer- 
rillas were responsible. 

The Right Rev Paul Burrough, 
Anglican Bishop of Mashonaland, 
said Britain should revert to gun- 
boat diplomacy and send in 
troops to deal with those re- 
sponsible for the mission 
massacre. Page 2 


9 SALARIES of Britain's execu- 
tives have a lower purchasing 
power than almost all their col- 
leagues in other industrial coun- 
tries and it is getting worse, a 
survey by Employment Condi- 
tions Abroad, published today, 
says. Back Page 


' wp I BY MICHAEL LAFFERTY IN LONDON AND JUREK MARTIN IN 

BY IAN HARGREAVES, SHIPPING CORRESPONDENT tinned here today to probe both , WASHINGTON 

potential American . manufac- J 

u +. + p 1AAm * - ‘ turers of and customers for thciTHE Angio-Americ.in double lac approved in full. 

isnusil MupDIUUaerS cost tnc tsixpsycr more liisn tllWul 111 Its first nine 1 new- generation L of commercial j treaty will probably have to be Nor did there appear to-be any 

months of existence, according to internal, unaudited figures considered by aircraft. ! renegotiated if. as expected, ihe intention that Mr. James 

Rn.rJ O* «# i„ e * ,... 0 i. Immediately after his arrival : U.S. Senate moves to approve the Callaghan should raise the 

the Corporations Board at the end of last week. here j X -sterday .afternoon. Mr. J pact tomorrow after deletion of matter duriug his present visit 

At the same time, the Govern- After being submitted to British ing programme. Callaghan met Mr. Frank . its most controversial clause. to the U.S. 

ment is considering a novel plan Shipbuilders, the target must be However, a variation of this Boruian.. the former astronaut I This is Hau.se 9.-*. which would The likelihood that U.S. slates 
to finance the building of war- disclosed to Parliament. is now under negotiation ! who now heads Eastern Airlines, ; exempt British companies from will be able to continue levying 

ships almost on a “building for Under the terms of the Act between the corporation the {which has contracted to fly the l the unitary tax legisatiun unitary taxation on British corn- 

stock M principle. This could re- the target roust result in' ari Department of Industry, and the European Airbus. .operated by several U.S. stales— panto—, in effect taxing a propor- 

quire an initial commitment of adequate return on the capital Defence Ministry. Ships would This morning, he met Mr. [notably California. tion uF their worldwide income 

about £50m. employed by the corporation.be built up to destroyer size Thornton Wilson and Mr. Tex; The Senate toted on Friday — drew an angry statement from 


• OVERTIME in manufacturing 
industry is at the highest level 
since summer 1974 because of 
the recent upturn in economic 
activity. Back Page 


deepest recessions it nas Known. f u& i Qn cause( i b v the EEC's empioycu ‘v i 1 *® Hunan oovem- oukau-^ iui jcinuu. | >u.v- u ... “-* . u . uus .. *.. u .. ul ui.a fij/vimwh 

AcLual losses for the nine- r^stanre tn the UK's aoDHea* 171 ent - but Defenc e officials have This evening he is to dine at the treaty it would be a severe blow to 

T-™ S C .« made it clear that such a pro- the British embassy with Mr.| In London, Treasury officials UK companies operating in the 

mS??than £45m though tbl the current tof^eSi fund * fframm® would require funds out- Sanford McDonnell and Mr.! have indicated that there has U.S". the confederation said. 

fill side the existing Defence vote. Robert Jackson of McDonnell- 1 been no deal with the Americans British industry would then 

With the »oin« price of a Douglas, whose own Advanced.overacceptingdeletionofclau.se press for renegotiation. “We 
lion s member companies is srill to be found to circumvent thi» Tv __ jo Fri°aTe nbou^rMm the Technological Medium Range \ 9.4. Officially Britain is still shall be keeping u very close 

being assessed and the eventual and a number of other un- - P Jd involve a Iar c e slice Transport is still on ihe drawing • hoping that the treaty will be watch on the situation.'' 

Tn^hion "fcard ^ 3 ‘ E^isSpitl iVadfocal“ board "hut which is interested in 

New York move on 


9 RENEWED upsurge in bank 
lending to the UK private sector 
is confirmed today by the latest 
breakdown published by the 
Bank of England. Baek page ami 
Lex 


Vernal losses for the nine- r^snmTp tn the UK's an Plica- ment * but Defenc e officials have This evening he is to dine at the treaty it would be a severe blow to 

SlrLTitiii tn T» made it clear that such a pro- the British embassy with Mr. In London Treasury officials UK companies operating in the 

Mr. ! have indicated that there has U.S. . the confederation said. 


Argentina win it § j nterest 

ArPATlIins Unllonri 1.1 tuith ^ »LJi* v3l> 


Argentina beat Holland 3-1 with 
two goals in extra time to win 
the World Cup final. Feature, 
Page 8 


rate ‘rise’ 


loss could be much higher. certainties. 

In addition to straightforward 
losses, which will presumably be 
written off by the Government, flllr 
the shipyards benefited last year v ‘ rM1, 
from the £65m Shipbuilding The Govi 


Out of work 


New York move m 


Murder hunt 


Rival gangs of white and Asian 
youths clashed in London's East 
End yesterday, soon after a 
Bengali mau died in hospital 
after being attacked. The Murder 
Squad is searching for three 
white youths. 


• FURTHER increases in short- 1 
term interest rates in the U.S., 1 
including a possible rise to 9 per 
cent in commercial prime lend- 
ing rates this week, are being, 
predicted on Wall Street ! 
Baek Page 


from the £65m Shipbuilding The Government faces a long U1UU1-IC of the discussions to date. He 

Intervention Fund, which pro- and costly haul in pulling British n'lrEl* . , said they had been “frank" but 

vided a straight subsidy on most Shipbuilders back into the black, -lt UD - - 1 ® uia : " oja I were part of. the longer term 

rif tha nrrlarc 1 hoAlrnrl in (hot a NDVV fr T^QUirGmfiDL 1 * AFP TJQt .>.UiaV 


NEW YORK, June 25. 


Peace efforts 


Egypt and the U.S. are 
coil abo rating closely in efforts to 
persuade Israel to take a more 
flexible approach to peace nego- 
tiations. Meanwhile, the Israeli 
Cabinet has rejected outright 
Egyptian proposals calling for 
immediate withdrawal of Israeli 
troops from tho West Bank and 
Gara Strip. Pago 2 


0 li kely help that the TJK 
economy will receive from off- 
shore oil and gas production this 
year has been further down- 
graded in a report published 
today. Back page 


O INDUSTRY paid 37 per cent 
more in real terms for every 
tonne of freight moved by road 
in 1976 than it did a decade 
earlier. Transport 2000, a 
pressure group, said. Page 37 


of the orders booked in that According to the corporation's S , ^| iri ^ q ^l, re v enls 1 , t 2 re _. no { consultative process in which 100^111^3 IfiCS 

Period. 1977 review of affairs published necessarily in line with vessel Mr Callaghan is taking a per- V 

Precisely what proportion of at the turn of the year, its types i provromg the best export SOna j interest because of the 

the £65m relates to the first member companies made a pre- P 0551 ^^ 8 - great implications for the future oy navin lascflleS NEW YORK Tun* ol 5 

nine-month period is unknown, tax profit of £2.9m on a turnover This is particularly true of of the British aerospace in- ' 

but it would certainly be the of £713m in the year to March fast, offshore and fishery protec- dustry. . NEW YORK state assembly approved a Bill t* establish on 

lion's sbare. 31. 1977. tion patrol vessels and the Navy has overwhelmingly approved insurance-free trade zone for the 

The Government's first problem ^t the end oF March, the bas b® 611 und er pressure for T7 aa 4- B ,,-« changes in legislation enabling city, where underwriters wiU lie 

in responding to the corporation's corporation had a merchant ship some time to adopt a faster, more JriaB.lsrc an insurance exchange similar to able to write large and compli- 

deep-seated difficulties is to set order book of 1.5ru gross tons — versatile design in this class to Lloyd's of London to be eslab- rated risks, free from the control 

a target on performance for the equivalent to just over one vear's enable the British shipbuilding ^id tpat “iscns-- *?n» »onin ji S bed in New York city. Barring of the stale's tight insurance laws, 

financial year April 197S to April output— but manv yards will run industry to market an off-the-peg “J- c "““' °‘i 11 “ft ‘J: 1 ' "I unforeseen difficulties the Both innovations are primarily 
1979. out of work before this. vessel for all its customers. dT?rpin- of 1 « chan ^ should begin business aimed ar reviving New York's 

Under the terms of the One of many measures being If the stockpiling scheme is iho Eu rowan summit i next s P rin ®‘ l iUn ? lll - 1U3nce industry, which 

nationalisation Act. this has lo considered to keep shipyards in accepted, the first stage is likely SieStln" i»t Bremen next month The next sten will be to draw b,,s |,, . rt , a considerable amount 
b,- set within a year of vesting work during the crisis is to bring to be 'to place contracts for such T he G™n G?vS up a diart-r for li e exchange for of ^V* 1 aud bu4,ne “ , m ™ c ? nt 

dny, which means by Saturday, forward the Royal Navy's build- a patrol vessel or vessels. pjticular hu" madJ Z b»S state author itiS 

* of its belief that the entire I There should be few problems s,3tc * ov e*- z '-™> l, > ^P* 1 


NEW YORK state assembly approved a Bill t^ establish on 
has overwhelmingly approved insurance-free trade zone for the 
changes in legislation enabling city, where underwriters wiU i;e 
an insurance exchange similar to able to write large and compli- 


future of the European aero- 1 over this, though, since the 


Assassin suspect 


The assassination of North 
Yemeni - -President Ahmed 
Hussein . aPQasbaii is .believed 
-IcT'have been masterminded by 
2A<Uil. Abdallah Abdel Aalem, 
Who escaped to Aden about four 
weeks ago after his insurrection 
in the' Tiaz area was crushed. 
Page 2 


LABOUR ! 

9 PRODUCTION at Langwith; 
colliery, Derbyshire, where- 700 j 


WUIbi.fy *T - IVV 

men work, is to stop on July- 2$ 
. because coal has run out- There 
will be no redundancies. 


T T AVP !• ^ ,n if US Se"uK h iere C,P to j nf h both h Sv , eroo? tr Hu S gh l, Care? ^™\o retire' tHh? dt- CUin ’ 

r-ezimev w dins u .over s i 

n,.: SrSg 

M/lTIl ■ nmCfe pi* use of ’Rolls engines. , n spue of some reservations they believe -i<« enjoyed unfairly 

uoser iiiuib wun ^iiind 

However, the European a Her- # world's insurance" business is 

SsFSS Compromise •»»« -jy 

Airhus— would, it »s Gcnerallj ^he exchange, which is closely counrry. 


Officials killed 


• WORKERS would expect simi- 
lar increases if the Government 
implements the 70 per cent pay 
rises for nationalised industry 
chairmen proposed by the Boyie 
review on top salaries, union, 
leaders said. Page 4 


MOSCOW, June 25. 


xnaaiL W as Boeing. althouah possibly half the 

- However, European alter- # world's insurance* business is 

'fiY OUR OWN CORRESPONDENT MOSCOW, June 25. c^n^tion ComprOmiSC ta'W 

PRESIDENT BREZHNEV of the remarks to discussing recent it will not object, as it had done AIrhus— would, it is generally T h-» exchange which k iloselv cmmtrC- 

Sovi^ Union today reiterated Soviet proposals for reducing its hitherto, to Chinese purchases agreed, leave no role for a mode | le(l 0 n Lloyd's, will coni- John Moore writes: Lloyd's of 
his Government’s warning to the conventional forces in Europe, of defensive military equipment Entish engine manufacturer. • SilJI |j rates hotb hrnL- 2 . s Tendon's lt S attorney. LeboeuE 


mse 


Nine Indonesian officials prepar- 
ing for a meeting in Bali 
between President Suharto and 
Singapore's Prime Minister Lee 
Kuan Yew were killed when 
their, helicopter crashed shortly 
after taking off from Bedugal 
airstrip- 


•- SHOP stewards at Westland 
Aircraft's helicopter plant, Yeovil, 
plan to meet this morning to 
discuss the company's warning 
that it plans to dismiss workers. 
Page 1 


MT. isreannev sain: Attempts urauuus equuuy ciear muruuuu *»■ V fc, -_V“ “‘'T.r'T 7- ^L-inVtr. nmvidf a mirhlle way xo »-ioyas. Although Lloyds is still ciarni- 

are being made Jareely in the to get the process of normalising ago , M. Richard Holbrooke, is ; seek in to pioviue d mmuie laitia] ca p t ta„satio n will total ing publicly that there is 
UJ5., at a, high level and m a relations with China moving S^retary St Jg hnih thc ^ritish and the at least $60m— witii probably 10 insufficient information for it 

rather cynical fonn. to play the again after several years of A«“ “£ **£»* S^SSn dilemma syndicates putting up S3,n e; 


muier i-jmiai iutm, lo i»w «i«= “fa"** o* — Piirnnpin dilemma i avnuicaics puiuag up >otn each to form a view, privately it is 

* Chinese card ’ agamst the Soviet stagnation. . £%£££*!!££ Sit^uSSh HTGaiSfiTS due to have -2£™»W ■» «««1 . u ° d er- disconcerted by the ' latest 


Victor’s legacy 


Virtor, the giraffe who died after 
doing the splits while . mating, 
has left behind a daughter. The 
baby giraffe. Victoria, was born 
at Markweil Park zoo at the 
■weekend. 


• BRITISH LEYLAND has put 
an incentive scheme to unions 
in a move to raise flagging out- 
put. Pago 4 


Union. 


»*! a*?™!? aja&.ffliS'jSHa irsrai** ■« 


l“™. is a short-sighted sod a n‘other"a'ttemp7 pen^fl'y" * tog*****™. ^"pre'sidem SEr. *SS2 && " *Sffta .id 0»t the 

dangerous policy. Its architects discredit Dr. Brzezmski. 'y in Jr e »hp riSinn ino'to Mr. McCaffrey, the two Althouah this is a minute sum reason given for New \orks 

may bitterly regret it." The New York Times reported the tt c th^ Siet leaders will he discussing the compared with the industry's move — to create more jobs — 

rm.. c I j_.. .1 A Jmifi UeiTfttTCH LUC Li IQB OOV 1 UI , (limn,,., Ik.. cehahie'! “ia nr.t onn,! onrl Ant 


Warning on 
inflation 


Improper pasties . SLIGHT acceleration in the 

t» i.o.tiee Kant infrv 


Cornish pasties from Devon- 
shire are not aU they - sho aid he. 
The Devonshire trading stan- 
dards officer says that almost 60 
per cent of the county’s pasties 
contained less than the regula- 
tion minimum amount of meaL 


rate of price inflation back into 
double figures during the first 


double figures during the first 
half of next year is forecast 
today. Page 4 


Briefly - - - 


• BEER drinkers in Britam 1 
downed 112m fewer pints last; 
year than in 1976 — the first' 
annual fall since 195S. Page 3 j 


The Soviet leadership has been today that the Administration TIninn rhina U -inri Vanan “*« forthcoming economic summit in total turnover, the scheme's “is not a good and sufficient 

alarmed and angered by the trip had taken the basic policy I :,.: i„ Bonn next month, the general backers expect it in ?row fast reason for establishing « n 

last month to Peking by Dr. decision to improve relations c ' it c w i„ n 7 h»» n state of East-West relations, and as the exchange finds its feet insurance market closely 
■Zbigniew Brzezinski, National with China before Dr. Brzezinski *k„ Africa. The state assembly has also modelled on Lloyd s. 

Security Adviser to President went to Peking and that this T^D^gble^ F 

P arter - , Y;'*® communicated to the w hj C h involves the continuance 

Mr. Brzez&insJa who has been Chinese leadeship. of extensive trade and com - 

Sharply criticised by the Kremlin . The establishment of full niercial relations but not at 
in recent weeks as a “ cold war diplomatic relations with Peking, Government level. 

Warrior.” has talked candidly which would presumably mean more immediately. Dr. 

about bow. he believes the U-S. the end of U.S. political and Brzezinski has appeared to use 

hand in dealing with the defence arrangements with “the china card" as a way of " \ SM£S 

Kremlin would be strengthened Taiwan, is still clearly some exerting pressure to curb Soviet \ 

1£; Washington bad formal diplo- way off. activities in Africa. X 

matte relations with Peking. Such a step, which is fraught In the past week, however, the ' 

■In spite of the warning in the with domestic political prob- U.S. has appeared more intent 


j; 

W$ iilS' 

' • - 


A major oil well fire inTEuvraits 
Mairo field is not expected to 
affect exports or crude ou pro- 
duction. 


Afghanistan’s new regime has 
released about 1 JMJ 0 political 
prisoners. 

Filipino police and soldiers 

found earning & J al X s hv^firine 
be liable to death by firing 

squa4-. _ - 

W«*ly- £50.000 

prize- won by bond 5DB ^ 989701. 
Winner lives m Dundee. 

Italian Co m munis t Party gys it 

would prefer a man outsldetne 
ranks of the ruling Chnattan 
Democrats as the country s new 
president ' . . 

An’ Ulster Defence Regiment 

private was IdW !■ “ 

Son while on duty in Co. 

Ferznanagli. ■ 

Britons. travelling to “ 

minibuses have been warneu 
that they may he t 111 ^®® fi b if d 
if their vehicles are not fitted 
witbtechograpns. 


• FISHING agreement in Europe 
could come before the end of 
the year if other countries 

realised it did not . 
whether there was an Section or 
not, Mr. John Silkin. Agnculture 
Minister, said. 


,fcpeech, Mr. Brezhnev's general lems, is unlikely to be made on tooling off the recent war of 
tone in his address was notice- until next year at the earliest words v.ith the Soviet Union, a 


ably store moderate than recent and might well be delayed until development which is seen here 

.Kremlin pronouncements on Its a second term for Mr. Carter, as a reassertion of the influence 

relations with the UK. Mi. if he is re-elected- on policy-making of Mr. Cyrus 

Brezhnev devoted much of his The U.S. has told Peking that Vance. Secretary of State. 




Liquor company 
to sack 100 


Changes at Shell UK to ease 


• AUGUSTUS BABNETT, cut- 
^•Ice liquor concern, is 
take restmetering tovomng the 
loss of about 10O jobs. Pas e 4 


burden on CBI president 


1VUW 

M PAN AMERICAN expressed 
^satisfaction with prtee-fixii« 
aiwigements of the InteroauonaJ 
Air Transport Association. Page - 

fffWSSiSPiBSSlfi 

Sarroll off the production lines 
tomorrow. 

u _ «. IH 


by ray d after, energy correspondent 


s."5a5S 

Page 36 


CONTENTS OF TODAY’S ISSUE . 

2 Arts page i0 

Overseas news — 3 Leader page __ 

3lyaagefltegt P 3 ^ • 1 " ' 


— . -^ i 

: . re ^ T 0 B £w- - — — H 

iudustty A«b Emintis - U-a* 

i— » 


ycclatt prOB nas ~ 41 

-■ ■■ -44 weather --- 3 

SSTfesi 4 ISSbb- J 

1 SSBSS-- »1 — * 

Sss^ ' s . A « = ” 

” latest Store 'P ft ° 7!e ^ ^ ~ 


'•THE. ROYAL Dutch/Shell group 
has made top-level management 
changes in the Shell UK company 
to allow Mr. John Greenborough, 
;Sts chief executive, more time for 
bis work as president of th e Co n- 
federation of British Industry. 

Mr . Greenborough will con- 
tinue to be a deputy chairman 
of Shell UK but his position as 
chief executive will be taken by 
Mr. John Raisman, at present a 
managing director with responsi- 
bility for the company’s supply, 
refining and marketing activities. 

In ether changes, that will also 
take effect on Saturday. Mr. Rais- 
man will become a deputy chair- 
man and will succeed Mr. Green- 
borough as Shell International 
Petroleum's regional coordinator 
■for the UK and Ireland. Mr. 
Desmond Watkins, formerly 
president of Shell in Venezuela, 
will take Mr. Raisman’s position 
as managing director. 

The management reshuffle was 
foreshadowed by Mr. Green- 
borough in May last year when, 
after consultation with the Royal 
Dutch /Shell group's board, be 
accepted the position as CBI’s 
d ep uty president. For the past 
six months he has combined his 
role as CBI president with that 
| as head of a company with a 
| £2.4bn turnover. 

1 .** You cannot effectively do 
; justice to two .jobs," he said at 
the weekend, “It has been an 



Mr. Greenborough: staying 
as deputy chairman. 


enormous pressure on the 
system." 

Although he will continue to 
be involved in Shell’s policy- 
making he is cutting himself off 
entirely from day-to-day manage- 
ment in the company. 

“ I expect to spend SO per cent 
of my time working for the CBI,” 
be said. “ It is a very demanding 
role, no matter how good the 
director-general is." 

Mr. Greenborough saw four 
issues dominating his next two 
presidential years: the future of 
pay determination — “ a vital 
part of our social infrastruc- 


ture growing industrial 
democracy: adapting to a possible 
changed political climate — "and 
that might happen irrespective of 
who wins the next election and 
giving the_ CBI a greater repre- 
sentation in Europe. 

At Shell, Mr. Raisman has the 
task of completing the com- 
pany's recovery towards profit- 
ability. Last year Shell UK lost 
£11.3m as against a deficit of 
£32m in 1976. The enforced 
closure of a North Sea produc- 
tion platform last year, heavy 
investment associated with off- 
shore development, and weak 
trading condition* in the UK 
were blamed for the loss. 

Blr. Bauman, who was bom 
in India in 1929. joined Shell in 
1953. He has held marketing and 
executive positions in Brazil, 
Central America, Turkey, Hol- 
land and Japan. From 1970 to 
1974 he was president of Shell 
Sekiyu KK before returning to 
Holland to become head of 
European trading and marketing. 
He was appointed a managing 
director of Shell UK in July'last 
year. 

Mr. Greenborough 's plans, once 
his term as CBI president e.\*plres 
in 19S0, are not known. He will 
be 56 next week and he is 
already eligible for retirement 
from Shell as a result of his 
lone overseas service. 

Men and Matters Page 10 



. -.7, ■’ • ' i-; 'V.; i.y.' ;• ,>'C < : i>' • 







-Our job is :to advise on 
.the ^phoi o e <> f_ m ai 1 u fa ctu i-trig 
. and ware hou sing locations. 
Ho w rue approach the 
complexities of this subject 
are e^tdameti in’ a guide ;• 


. Thfe?<£f\Q»ce’6£ Ldcatibii%-^-aC.'i.4. -vv 
wh iciidslaPailaBie upon^equesf. ■: ; 

Kit fi.il. I I ; ' . 

.Charf^ped purveyors;..' ' V . 

6 10 Brnton St^ London \V1X 8DU 
lei epfigliei^0i^4d9' 71 51; 




■X: v -7 



Chartered Surveyors 






r 



Notice of Redemption 


Santa Fe International Finance Corporation 


9 *h% Guaranteed Bonds dire 1986 


Notice Is Hfiebv Given drat. pursuant ta the provisions of the Indenture dated as of July 15. 1976 among Santa Fe International Finance 1 
C«i»ranon Santa Fe International Corporation and The Chase Manhattan Bank (National Association), as Trustee, 53.000,000 in principal f 
of the above Bonds will be redeemed through operation or the Sinking Fund on July 15, 1 978 at the principal amount thereof together with j 
accrued interest thereon to said redemption date. 

The serial umbers of dm Definitive Bouts to be redeemed, all bearing the prefix M, are as follows: 


7 

1324 

2842 

4174 

5685 

26 

1330 

2855 

4178 

5690 

32 

1357 

2866 

4185 

5700 

36 

1359 

2867 

4303 

5716 

40 

136* 

2873 

4204 

5732 

58 

1366 

2881 

4205 

5752 

61 

1374 

2882 

4219 

5754 

65 

1339 

2887 

4224 

5755 

72 

1409 

2696 

4231 

5777 

7 a 

1429 

2899 

4234 

5785 

87 

1436 

2900 

*236 

5794 

90 

1441 

2911 

4259 

5797 

98 

1449 

2947 

4260 

5802 

107 

1457 

2969 

4285 

5808 

117 

1*60 

2970 

4267 

5813 

123 

1462 

2978 

4£71 

5817 

129 

1465 

£981 

4294 

5825 

135 

1475 

2982 

4297 

5325 

141 

1476 

2996 

4306 

5335 

147 

1496 

3020 

4319 

5860 

MS 

1500 

3029 

4326 

5671 

150 

1502 

3033 

4327 

5877 

151 

1511 

30*3 

4369 

5809 

171 

i5£4 

3093 

*371 

5979 

IBS 

1537 

3105 

*387 

59m 

tM 

1546 

3’06 

4401 

59*7 

'•91 

1549 

3108 

4403 

5351 

£0S 

1554 

3H9 

4*10 

5956 

215 

1555 

3123 

4*t6 

5969 

230 

1556 

3 127 

4*38 

5971 

2*7 

1579 

3130 

4451 

5973 

254 

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12673 
1)666 
13MS I 
13697 
12698 
13706 
13709 
13721 

13724 

13725 
13730 


15046 16532 
15057 16535 
15075 16540 
151**3 16553 
15107 16557 
16110 1c 569 

15112 16565 

15113 16671 

16143 16574 


18067 19429 20706 £2i7? 22573 2514? 2c z3 29007 25222 
18073 19422 20729 22189 £3589 25151 257c 1 23014 29225 

18090 19441 20730 22191 23592 25*63 24800 28037 39225 

18102 19460 20732 22216 23612 25166 2652 1 28045 2927’ 

18111 19473 2074 1 C221Z 23832 2*130 26826 £8049 2976* 

18125 19479 20744 2221? 23637 25223 2664 7 28059 29316 


15156 

15:78 

15136 

1=226 

15227 

15237 

152-iS 

15255 

16260 

16266 

15294 

15293 

15322 

15220 

1533 T 

15376 

16331 

15386 

15397 

15*08 


1*3675 
16578 
16610 
16613 
166 75 
16622 
16629 
1664* 
166*6 
16647 

16670 

16672 

16o84 

16690 

16696 

16697 
16703 


13128 19487 2*1755- 22228 23543 2522* £8852 

13132 19483 20767 22235 22652 25225 2c- 85 4 

13124 13*90 20773 22237 2 3662 252*6 26S-1 

18160 19501 20794 222-L3 £567 1 5ftM9 26878 

19504 20796 22272 £3679 _S£7i> 36662 

19505 20808 22262 23702 25273 26954 

26917 


18169 

18171 15605 20806 22262 23703 
18173 19527 3-3822 22288 23709 25310 
18184 79529 20831 2228? 237 11 252*1 
15203 19533 20-3*2 22296 25717 25555 
15245 19543 20862 2220* 25720 2525? 
1*296 195*5 £0853 22509 23748 £-.27 2 
18298 1958? £0860 £2310 £274? 25285 

18305 19610 20870 ^2314 23758 25100 

18306 J9*5H 20883 22329 23737 25465 
18318 19623 2088* 22332 2379 1 254 IS 
16334 19624 20835 22340 22793 2:-*38 
18376 19631 20902 22346 £3606 25*38 

18379 1964-5 20904 22347 23826 254*0 

18380 19646 20905 22369 £3628 254*3 
18385 19660 2091 1 22375 23835 25453 
1840 1 19660 20929 22378 23838 254S3 


13736 15420 
13778 15430 

13754 -*£-443 

13790 1546J 
13797 15479 
13803 15J86 
138:5 15*87 
12816 15493 
13319 15510 
136J6 1551 1 
12238 15520 
13846 1 5524 
13568 15525 
13371 15628 
15874 15529 
13876 15531 
13879 *5550 
12560 15553 
12881 15560 
13887 15561 
13894 15566 


13900 

13915 

15927 

13931 

13983 

14046 


15569 

15580 

15584 

15588 

15604 

15609 


16914 
16923 
16925 
16964 
15990 
16931 
17003 
17023 

17030 

14047 15616 17036 
14069 1565! 17069 
14077 15656 17076 
14063 16663 17081 
1403* 16671 ‘-7085 
14088 15677 17|01 
14112 15696 17115 

14118 15715 17 1 £6 

14119 15740 17142 

14123 15741 17156 

14124 15754 I7i6i 
141*2 15756 17162 


16776 
16797 
16828 
1b 638 
16839 
1684 1 
16544 
16845 
1665* 

16669 
16398 
16899 
1690? 

16912 16539 19752 21138 

16913 18=48 19754 2114] 


184*1 

1844* 

18*62 

18453 

18*65 

18478 

18400 

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1S4S2 

1S495 

18510 

i35n 

13=38 


16705 

16706 18*05 19663 20964 22464 £3857 25497 

16714 18*06 19669 20971 22483 23879 2SS34 

167-24 18423 19673 20980 22484 £3892 25536 

16742 18437 19674 20931 22494 23901 255*5 

16762 16438 19685 20989 22514 239*2 25550 

19686 £1002 22517 £3909 £555* 

1S693 21003 22519 £3930 2560’ 

19695 £102* 22550 23923 25606 

19696 £1032 22551 £396* 25*25 

19707 £1041 £2553 23957 25636 

19718 2 *059 22561 24008 £585* 

19719 21077 22565 2*031 25-368 

19728 2:079 22566 2*058 25683 


19732 2H02 ..2368 2*061 2=684 

10733 21120 22587 2*067 15635 

19740 3 l 135 22596 2*C6? 25706 

197*2 2H28 22618 2*074 25708 

19746 £1150 22643 24125 -,7i*9 

226*5 £4129 237 !5 
22651 2*130 257 22 
16553 19760 2114 7 22654 24 141 £3723 
18562 19780 21156 22685 2*153 £5745 
18S81 19902 21169 22686 2*155 25764 
18586 l 9809 21173 22669 2<i60 25766 
18567 19313 21185 £2800 £4221 25770 
18500 19822 21186 22701 £4229 2580* 
18605 19626 21187 22704 24 .’4 3 25321 
13634 19833 21188 22710 £42*4 25835 

18636 19852 21189 227 M 2*2*7 £5644 

18637 19857 21190 22712 242*9 25846 
16667 79857 £1195 22720 24252 25853 
18677 19390 21200 22731 £4254 25855 
18687 19901 2I£05 22733 24270 25857 
16=63 199*2 21212 £2739 £*273 25862 
19693 19916 21213 227*0 £4276 £5838 
15698 19927 21228 2 27*4 ’4231 £S3:-0 
18699 13934 21237 22748 2*291 £5302 

18702 19965 212*4 22755 2*318 2590* 

18703 19970 212*7 ££76: 2*326 25910 
10710 19974 21250 22766 2'*l?i 25933 
18716 19978 £1259 22774 24241 259*7 


262 '3 
2bS3£ 
26933 

£69*4 

?695? 

£096? 

26977 

26S93 

27013 

27033 

£7056 

£ T 05£ 

27079 

27085 

£7088 

27090 

27099 

27101 

27103 

£7105 

27H3 
27 1?? 
£7*36 
27153 

£715-4 

27:65 

271-1 

'IT • “ -5 

27 175 
27J9C 
27193 
27201 
2720S 
27209 
27215 
272*8 
27255 
27269 
27271 
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27294 
27298 
£7319 
27324 
27333 
27339 
273*0 


28061 

28070 

23085 

28096 

£8099 

£8106 

23H2 

28113 

26133 

28135 

28136 
23527 
£8151 
2815? 
28162 
28166 
28172 
£8185 
23191 
28201 
£8203 
28205 
28218 
28222 
28Z29 
282 33 

si!.* 


Interest on said Bonds shall cease to accrue on the redemption dale and on said date the redemption price will become due and payable on each 
of said Bonds called for redemption- 

payment of the Bonds to be redeemed will be made upon presentation and surrender thereof, together with all coupons appunensm thermo 
maturing subsequent to the redemption date, at The Chase Manhattan Bank (National Association) in the Borough of Manhattan. The City of New 
York. or. at the option of the holder, at the offices of The Chase Manhattan Bank ( National Association) in Frankfurt/ Main. London and Paris, and 
at the offices of Nedcrlandse Credicibank N.V., in Amsterdam. Banquc de Commerce S.A.. in Brussels. Swiss Bank Corporation, in Baurl and 
Zurich, and Bunque Internationale a Luxembourg ! S.A.. in Luxembourg. Such Bonds and coupons should be surrendered at the c-fficc of (he Chase 
Manhattan Bank, N. A- Corporate Band Redemptions. I New York Plaza, 14th Floor New York. New York 10015 or, at the option of ihc holdcrat 


The Chase Manhattan Bank, NA. 
P.O. Box 440 

Woolgate House. Coleman Street. 
London EC2P 2HD. England 

The Chase Manhattan Bank. N.A. 
Main Office 
41 RueCambon 
Paris 1 ER, France 

The Chase Manhattan Bank, N.A. 
Frankfurt Branch 
P.O. Box 4428 
Taunusanlage I) 

Frankfurt /Main t . Germany 6000 

Banque de Commerce S.A. 

51/52 Avenue des Arts 
Brussels, Belgium 


Banquc Internationale a Luxembourg S.A. 
2. Boulevard Royal 
Luxembourg. Luxembourg 

N'ederlandsc Credicibank N.V. 
Hcrengracht 458 
P.O. Box 941 

Amsterdam, The Netherlands 

Swiss Bank Corporation 
1 Aescbenvorstadt 
CH— 4051 
Basel, Switzerland 

Swiss Bank Corporation 
Paradcplatz 6 

8022, ZGrich, Switzerland 


Coupons which shall mature on said redemption date should be detached and surrendered for payment in the usual manner. 


Dated; June 12, 1978 


SANTA FE INTERNATIONAL FINANCE CORPORATION 
By The Chase Manhattan Bank (National Association) 
as Trustee 


APOLL 



Edited by Denys Sutton 


THE WORLD'S LEADING 
MAGAZINE OF ARTS AND ANTIQUES 


Published monthly price £2.00 Annual' Subscription £25.00 (inland) 

Overseas subscription £2800 USA & Canada Air Assisted 556 

Apollo Magazine, Bracken House. 10. Cannon Street. London. EC4P 4BY. Tel: 01-248 8000 




•OVERSEAS ‘NEWS 


-■ - ■ -- i -r h . -r-Yp 


Rhodesian 
anger over 
mission 
killings 

By Our Own Correspondent 
SALISBURY, June 25 
RHODESIAN political and 
Church leaders have reacted 
with shock and anger at the 
killing of 12 British mis- 
sionary families at a remote 
mission station near the 
country's eastern border with 
Mozambique. 

The military command and 
black staff and pupils at the 
mission said that Zimbabwe 
African National Liberation 
Army guerrillas were respon* 
sibie. The army supports 
Mr. Robert Mugabe, co-leader 
with Mr. Joshua NKozno, of the 
Patriotic Front. 

The dead included three 
men. four women and five 
children who were hacked and 
battered to death with axes, 
bayonets, clubs and logs. 

Bishop Abel Muzorewa, the 
current chairman of Rhodesia's 
ruliug Executive Council, said 
atrocities against children and 
defence! ess people, whether 
they were black or white, 
should be deplored. “1 beliete 
this kind of thing goes on all 
the time, except it seems to 
be more news if it is white 
people. As far as I am con- 
cerned there is no part in the 
war for the killing of children, 
black or white.” 

Chief Jeremiah Chi ran. an- 
other Executive Council mem- 
ber, described the killings as 
the tragic activity of cowards 
and criminals. He said such 
incidents would only serve to 
strengthen the resolve of the 






BY ROGER MATTHEWS 


EGYPT AND the DA- are «£.-&#£■. in with-. 

liberating, perhaps more' closely .... . 

than ever before, in ran effort^ aft&rently fragile mrity^oi; 

to persuade Israel , to adopt a Israeli cabin® 1 - - y y Ahmed 

more -flexible approach towardAV Fo^ tins reason Mr.ISftfet -and fe wf of 
Middle East peace negotiatioi^-ia^rr .-fortagn mtosster, ' yto- a™*? 

After a meeting this weekend w&famined Ibra&m KaBOTi TOH : white i &nerat^;;Ahd-^bunabi 
between President Anwar Saddfe wnt jnie biit the possibility 

and Mr. Hermann Hilts, the t^ween ^sT^iai^ sea^ani^&6^^-^etieral 

ambassador. It was..annouBeeft-«g^g- envoys in 'Ewope- riextr. 
that within the next two ~ - . — - 






replies to two qiiestioiis^^ -» Lon jgjS l y 
on the future, of the 

territories that had been snb^AfroiHy «mfideattimy«r-: 

mitted by the U.S. - ■ : -proposals for an hfxidgh- 

Although senior ‘ Egyptian^ &e West Bank ‘.wd account 

officials have accepted for sodie^ rejected by : tae;»r?^^^ 

time that real progress towawfav.; In • a .move u)patentJy-,on^.ate-to^^5^i#airal has 
a Middle East settlement cannirt* unrelated to either the nverffl b eep, .eff ected., • br-seeg to. 
be made while Mr. Menabem, Middle East 

Begin remains prime minister of ^President Sadat's .domestic- mg .of : ibe vtinghial- Egyptian 

Israel, they are fully prepared.^iffi^il'ties, tbe commanders / of stand. ;• ■. 


Zambia looking 
Slbn more in aid 




BY MICHAEL HOLMAN 


LUSAKA, June 2& 


ZAMBIAN SENIOR officials arid. ‘ ^Zambia’s U-aditional ;aJd 
some 20 donor countries antf-dmiors. including Britain. ■ the 
International organisations begin U.S., Canada, and members of 
a three-day meeting on Tuesday European Community, will 
'to discuss further aid to Zambia's attend, as well as Japan and 
counfry to defeat those benl on hard-pressed economy. •• .- •*. ‘-Saudi Arabia. ' 1 ' • ' ' 
violence. • Tbe meeting, to be chaired by.u Zambian officials say that-uiey 

The Right Rev Paul Bur- World Bank Vice President Mr^-wlsh to avoid re-scheduling or 

rough, Anglican Bishop of W. Wapenhams. represents they.:- • • . jjJJZ 

iUa-vhonland, said Britain next stage. of a large Westerns . 

should revert lo gunboat ; backed rescue operation which. f Negotiations for a substantial . 
diplomacy and send in troops ! began in March vritii an Im^Saudi Arabianloanto^m^a 
to deal with those responsible ; n^uonal Monetary Fund crediti have reached an ad va nced 
for the mission massacre. As 1 of S390m over two years. s stage, according to informed . 

a h uman heinE. he had a deeu i Last month President Kenneth £. sources In Lusaka, : our J tJvfi ” 
wish for Britain to assert he? Kaunda returned from Londdn,-; correspondent writes. If coo- 
3r SStSllv ^ where Bri^Jt Ud Washington with pledges of .- tiuded, it would be Saudi 
nftioiS were cSnrereed. ‘ £15m from Britain (in adcfitiQ^ Arabias first bUateral aid 
Mr John Dean- chairman of 110 esisti ng £17m programme venture In Soutbern . and 
C Roman for and SlOOm from ^. Central Africa and is seeu^y 

c Roman Catholic Justice and V£ over ttirce years. A further diplomatic sources as an: JOB-. 

SSOm from West Germany awaits; -cation of ■ growing ‘s SandJ- 
ratifleation, \'ZZ' : concern about - political 

After this week’s meeting, -at ., developments In Ahe region. J . 
which the Zambian delegation. - £ ar lier this month, thi^. 
will be -led by the Minister.. 6T mnniru opened a mission itt 
Finance, Mr. John Mwanakatwef Lusaka, following a visit -to 
further meetings are likely ft 

artk : 


the 

Peace Commission, said such 
acts of brutality were past ex- 
planation and understanding. 

Reuter reports from Maputo: 
Mr. Mugabe denied today that 
his men killed tbe 12 Britain* 
and said the Salisbury Govern- 
ment was responsible. A 
statement Issued by Mr. 
Mugabe's Zimbabwe African 
National Colon (ZANC) said 
tbe missionaries and their 
families were murdered to 
diiert world attention from a 
barbarous Rhodesian raid into 
Mozambique last week in 
which 17 black refugees and 
two Belgians were killed. 


Lisbon-Angola 
co-operation 
pact expected 

By Jimmy Bums 

LISBON', June 25 
PRESIDENTS Ramalho Banes 
of Portugal and Agostinho 
Neto of Angola are expected to 
sign -d treaty of cooperation 
and friendship tomorrow, at 
the end of a three-day meeting 
in Bissao, capital of Guinea- 
Bissao. 

The treaty will pave the wav 
for increased trade and will 
pledge future co-operation 
between the two countries In 
the technical, scientific and 
cultural fields. 

According to sources dose 
to the talks, the two Presidents 
have also reached agreement 
making possible tbe return to 
Angola of a number of Portu- 
guese skilled workers who left 
Arrica after Portugal’s military 
withdrawal. 

There has been discussion 
here about the extent to which 
the U.S. Administration briefed 
President Eanes before the 
BLssao talks. Increased co-oper- 
ation between Portugal and 
Angola would appear to fall 
within -the context of the posi- 
tive approach to Africa under- 
lined by Mr. Gyrus Vance, U.S. 
Secretary or State, last week. 

ft was confirmed yesterday 
that before leaving for Bissao, 
President Eanes received Mr. 
Richard Bloomfield the U.S. 
ambassador to Portugal. 


order to review progress 
assess aid allocations onde 
Zambia's third national develop? 
men! plan is published later 
year. 

There is no official aid ta 
but privately Zambian ofiv 
hope that the Paris meeting 
help posh the total, including 
IMF credit, to between 
and SLOOQm. 


Jeddah in May by the Gambian 
Foreign Minister, Dr. i SU'etie 
Mwale. .■*"«.* 


v- - deferment of - the country’s 
t external debts, totalling some 
Sl?bn. although diplomatic 
Sources say- that - tentative 
approaches Vere made earlier 
%hi! y&ft to both the British 
•and U.S: Gdvern&eiitfl. . -V - 


■ r i 


Bonn and Paris preparing 
joint policy on ‘snake’ 


D€-« jete 
confirmed 

~ By JW& . Martin : ■ 

. x • WASHiN Gfm, . June 25. 
THE. U.S.:.. Federal.^ AViatioo 
Authority- (FAA) confirmed here 
today -that. 161 Super . DC-S jet- 
liners aiannfartured by. McDon- 
.nellTDouglas’ lwtvfeen J966 and 
1572, . wipi^d he!. Subject to a 
spefiUJ' ' ^ k^pieciioh ^.because, of 
suspected -meUt -TaligUe in , the 
"main - Wtng^an. - ,• r . 

' .The bffldifsaict that Oie FAA's 
"western- -xegionai .headquarters 
had recently ■ lasued th e so-called 
“-siandat^“airwO)tbiness direc- 
taVe wbictj rajuires. the mahu- 
ftfepfifBr - tir gntmd^-the. aircraft 
tor*-; inspection ^aridv ft necessary, 
repairaiThis^will be done pro- 
greSslveiy,- --- with" each; airliner 


£ :W; : i SdO.:'to-, 2jWf) Ifying 

hom^'liependitig ~on : 'its age. - . 

TJfe;KAA spokesman stressed 
‘thitthie; directive bounds worse 
fhaa it actually -is,” and was. not 
uncommon! in .. aircraft. . "which 
Ifave logged Considerable ;«flying 
time. ;. ! passengers r."Syirig .in 
Super- DC-S*-~of the 62^3 series 
— were w !nq! danger, he ;sald. 
while the wing -op the- aiiicraft 
was constructed In such a festuon 
that " strengthening - could; if 
aecesrary; be easily affected^ - 
' As the' ^inspection and over- 
haul. will be conducted over- a 
period of tuae, ho diarh^tims 
to' .tsairlafej ••• .‘-schfeante^^-riw- 
•envisaged.: . 

''1^ -fc- 0 'r.-7':l‘r s - 


BY ADRIAN DICKS BONN, iine 2S. 

WEST CERMAN-and French however, the importance of a 

views on widening the zone of strengthened snake in bringing | ~ «ievu**« u* iu» 

currency stability in Europe are greater stability to lip U;S.r e J e J““ Vfl ^ general assembly 
close enough for the two coun- dollar^ which goes some pay to-l° f ™ e InternatmnaL Air Trans- 
tries to be preparing joint pro- wards acknowledging • tfeserva-f gdri Association due on Friday,, 


under fire from 
Pan Am chief 

By 5tewart FTenjihg 

NEW YORK. June 25. 
WITH A critical meeting of the 


posals to lay before the European tions felt in Whitehall about any 
Community summit in Bremen fresh European initiative^ over 
on July 6, tbe German Press monetary matters that mij^it be 
reported this week-end. construed as confrontation^, by 

Agreement in principle on the U-& • ••;. • “• ' V' ' 

several features of the enlarged The Hamburg talks, with wmch 
“ snake H were reported to have the French President Was re- 
been reached on Friday, when ported to be very satisfied, appear 
President Giscand d’Estaing paid to have brought the French and, 
a brief visit - to Chancellor German Heads of Goveramencj 
Helmut Schmid! in Hamburg, even closer. German ministers 


price-fixing arrange- 


txon 

agency's 

menta-V; 

An sirlrne-,^spokesman today 
dismissed sugg estioiur "that the 
company bad . decided to quit 
LATA btit he made clear that 
Pan Am ^tad strong reservations 
elmut Schmidt in Hamburg, even closer, uermaa ministers jabout. the pricing aspect of 
Although details of tbe two openly express admiration for (TATA’s operations, 
leadres’ talks have not been the economic reform programme i i The reservations \twere. voiced 
published, they 1 are understood for M. Raymond Barre, the] at the weekend by Pail Am*s 
to have discussed the possible French. Prime- Minister, while he {president, Mt- William Seawell. 
role of a joint European inter went -out of his way last week to 
vention fund -to support the express sympathy over diificul- 
worklng of tbe “snake.” lies in tbe way of German 

German officials also stress, economic policy. 


Pin . American World . Airways 
has again expressed dissatlsfac- 
with the ’International 


Mr.* Seawell 'said his. company 
might quit IATA Unless its fare- 
fixing.- agreements were re struc- 
tured. 


Officer ‘behind N. Yemen killing’ 


BY IHSAN HljAZI 


. BEIRUT, June 23. 


Soviet Union 
shifts position 
over Cyprus 

.ANKARA, June 25. 

IN AN apparent shift in policy 
on Cyprus the Soviet Union 
today backed Turkey's position 
that the island's problems 
should be solved through talks 
between tbe two communities 
there. 

A joint communique issued 
at the end of a four-day official 
visit to tbe Soviet Union by 
the Turkish Premier, Mr. Bulent 
Ecevit, said Lhe two sides 
agreed the difficulties should be 
approached through positive 
and eoDstruetlve talks between 
the Turkish-Cypriot and Greek 
Cypriot communities.'' 

The Soviet Union has pre- 
viously called for an inter- 
national conference on tbe 
question of Cyprus, which was 
invaded by Turkish troops in 
1974. Tbe communique sug- 
gested a shift towards the posi- 
tion of Turkey, which has been 
urging a resumption of long- 
stalled intercommunal talks on 
the basis of recent constitu- 
tions) and territorial proposals 
prepared by the Turkish side. 
Renter. 

Editorial comment, Page 10 


AN ESCAPED army officer is issued a strong denial of tbe when be opened it, killing both, 
believed by informed diplomatic Sanaa claim that it. was behind men. ' 

snurces here to be the master- al-Ghasuus assassination. An President' al-Gbum-J^ " aisassj- 

-no ° f “J! rMASS 

Sanaa yesterday of the North had nothing whatsoever to. do assembly elected him President 

Yemeni President LL-Col. with tiie affair. and eight months after his Drede- 

Abraad Hussain al-Ghasmi. Tbe Sanaa authorities yestcr- cessor. President Ibrahim ai 

The sources identified the day charged that the regime of Hamdi, was nrntdared in 
officer as Lt.-Col. Abdullah President Salim Robaya Ali tn mysterious circumstances 
Abdul al-Aalem. who escaped Aden was responsible for the Tn the wake of aiHaindr's 
to Aden some four weeks ago murder. According to this assassination, al-Ghasmi headed a 
after his insurrection in the Taiz account. aKihasrai was killed three-main Presidential Council 
area in the southern part of the when he received a special envoy which .also included Lt -Col 
country was crushed by forces of President Salim Robaya AU AtteSu tKn “ Sander or' thL 
al-Ghasmi. _ who was carrying a booby- parachute corps and Prime 

The Government m Aden has trapped briefcase which exploded Minister Abdel Aziz Abdel Ghani. 

An interest in instability 

BY DONNA THOMAS, RECENTLY IN SANAA ' 

•• NORTH YEMEN will never he (YAM, with its 6m people, "comes m tBe business com 
allowed ■ to develop because swinging decisively in favour of munity Vs recoverfcn^ iu S’ 
other powers have a veiled the other,. dence afterS agination 5 

interest in our instability was . . .... - 

the prophetic and birter Around a million expatriate •? had been m 

comment P of a senior civil *orth Yemenis live and work in .JSJE, 0 * e»c«ihragmg the corn- 
servant in Sanaa last week ,f Vrab ^ They , u 

Saturday’s assassination nF ^uenUy between the two ?,*{?, Jfi, the Yemen ! economy. 
President Ahmad Husain al- countries and could easily Al-Hamdi . was .relying erten- 
Ghasini, only months after iha become » colamn for any. 016 Private sector for 

assassination of President strong leftward Yemenf govern- Ye me ?s P lThi?im« 0 fi ° f W S nh - 
Ibrahim al-Hamdi. was a stron S ”«««># wished to disrupt the 

possibility— an abortive attack tongiom. pre^nted. jn November last year. 

on ai-Ghasml’s life was made Hence Saudi Arabia’s aggrss- mSF-PS fihn 0P S!? S 1 

only a couple of weeks after he sive comments on GhasmPs the P„ ubhc 

took power in October last year, assassination and the - belief in JSrt 0 F 

The powers to whom the the Arab world that the king- vrith finanra* 

Yemeni civil servant was refer- dom at least tacitly approved, if SaSi Arabia and SwSt ^ 

ring arc the Yemen Arab « did not actually assist, the 

Republic's immediate neigh- removal o£ al-Hamdi not so lohe be funded bv - 

hours, the wealthy right-wing after talk of closer co-operation 

kingdom of Saudi Arabia to the between the two Yemens. It .is mto Nmth Yemen^lronf^fhf 
north and the impoverished but also thought in Sanaa that ^patriate worS VSf 

highly politicised Communist Ut.-CoL AbduUah Abdul ol SSS worxers : in Saudi 

fe's ~ “ * ' 


Abdullah Abdul 

Peopfe's Democratic Republic of Aalem, who fled to Aden last 
the Yeman to the south. What m onth, was virtually forced out 
each fears is the possibility of at Saudi’s insistence. 

the Yemen Arab Republic President ai-Ghasmi’s death SS£SSSjSg3f«SSr5 


£r^ SC, i l u :i ??f es - dftily 4 jdkh Son- 

“7* iiiteqiBUoii STuo.i*) 

*■ mwaw. 

ora, N.Y. 




'Financial 'Times Monday Jane 26 1978 


WORLD TRADE NEWS 


Holland favours aircraft 

co-operation with France 



BY CHARLES BATCHELOR IN AMSTERDAM 


HOLLAND is in favour of closer 
►JinJcs between the Dutch and 
French . aircraft industries 
according to - the Economies 
.Minister Mr. Gijs Van Aardenne. 
-■ e FreMh view Dutch partici- 
de ^lopnaeht of the 
essential 
• ls t0 J° in with the 
?■££*£ _ i f irCl H t . manufacturer 

?-S^K^v Pr0 ^ ucing «« Super 
.FtM shret-hanl jet, he said in 
a note to the standing parlia- 
mentary committee on economic 
affairs. . 

■??ie failure oF the VFW-614 
-Bbortrange jet liner, project, 
which was being carried out at 
Fokker s Bremen factory, and 

ore German Government’s plans 
to merge the German side of 
„with Messerschmitt- 
Boelkow-Blohm have brought 
mto question the Dutch aircraft 
industry's links with Germany. 

• the Dutch Government 
sees closer links with France as 
complementing the co-operation 


with Germany rather than as an 
alternative, the Economics 
Ministry said. 

France is willing to take a 
risk-bearing share in the develop- 
ment of the Super F-28 and has 
an engine, the CFM-56. which 
could be modified to go in the 
new aircraft, Mr. Van Aardenoe 
said. 

If British Aerospace were to 
put the HS 146 into. production 
this would be. a potential 
competitor for the Super F-2S’s 
market. Development of the 
HS-146 would run counter to 
European aircraft development 
thinking, he said. 1 ' 

The Parliamentary committee 
will next week discuss' the 
Minister’s note and a decision on 
the Airbus B-10 by the Govern- 
ment is expected shortly. 

A Fokker spokesman said the 
company welcomed the clear 
indication from .the Minister 
that the Government would 
support Fokkert participation in 
the B-10. Government assistance 


AMSTERDAM. June 25. 

will he needed with the expected 
participation costs of Fi 100m 
($45raj. 

Fokker supplies the moveable 
wing parts for the present 
Airbus generation and has 
already done much development 
work on the shorter wing 
required for the B-10. 

Fokker would be quite happy 
for more partners in the Super 
F-2S project. The present F-2S, 
which Is a smaller aircraft 
involves Holland, Germany and 
the UK. 

But while it is true that 
Fokker is looking for uo engine 
for the new aircraft at present 
its thinking is more on the lines 
of a Rolls-Royce engine, or of a 
joint Rolls - Royce - Japanese 
engine. 

Rolls-Royce already has an 
engine on paper but has recently 
begun preparing a new design 
together with Ishikawajima- 
Harima Heavy Industries of 
Japan at Fokker's suggestion. 


Brazil aluminium deal signed 


BY DIANA SMITH 


R£0 DE JANEIRO, June 25. 


Mh?^ e 4inn P n “ e all *minum product con- jecls will be supplied by the 
SU " ers remainder. mammoth TucurulVdroerectric 

now signed the formal The P”* 8 ** are located in toe scheme planned for Para stale, 
ments establishing top r Kfn» of in northern Brazil, requiring an investment of close 

ventwe ° “ J Bauxite will be supplied by the to $2bn, to which a consortium 

' Trombetas mines of Para, in of French banks led by Credit 

Brazils national mining con- which. CVRD holds 31 per cent Commercial will contribute 
glomerate Companhia Vale do (forecast output 4.5m tonnes a S25 °nj for purchases of equip- 
Jtio Doce (CVRD) will hold 51 year). ment from Creusot-Loire and 

per cent of Albras (primary The Albras plant requires a other French conceras - 

P Cr total investment of $955m. the Brazil's National Economic 

AJunorte (alumina). NALCO Alunorte plant. S409m. Initial Development Bank (BNDE). 
(Nippon Amazon Aluuumum output, starting in 19SL will be which, after long hesitation. 
Company) will hold 49 and 40 40,000 tonnes from Albras (rising agreed to finance S513m of the 
per cent respectively. to a maximum of 320,000 tonnes Albras- AJunorte investment, held 

NALCO is a joint enterprise a year), and 135,000 tonnes of back its approval because it felt 
in which the Japanese Govern- alumina from Alunorte (rising too many concessions were being 

ment holds 40 per cent and the to the maximum of 800,000 made to the Japanese partners. 

Light Metal Smelters’ Associa- tonnes in 1982). These reservations have been I 

tion of Japan, and major Japan- Electrical energy for the pro- echoed by private Brazilian! 

aluminium producers like' 
Votorantium. who maintain 
that the CVRD-N.ALCO asso- 
ciation will, on tbe one band 
solve Japan's aluminium supply 
problems at low cost to the 
Japanese, drawing on subsidised 
Brazilian electricity, whereas the 


Lower beer 
imports for 
third year 
running 

By John Moore 

LESS than one in 25 pints of 
beer drunk in the UK comes 
from overseas. And 1977 was the 
third succssive year that beer 
imports have declined But beer 
drinkers in Britain downed 112n» 
fewer pints (some 3S9.1S9 hulk 
barrels) than in 1976, the first 
annual fall in beer drinking 
since 1958 

Latest statistics published to- 
day by the Brewers' Society 
show that beer imports last year 
dropped IT per cent to Z56m bulk 
barrels (some 34 per cent less 
than 1973’s peak figure) Over 
two-thirds of the beer imported 
came from the Republic of 
Ireland and was mostly stout. 

On tbe employment front the 
□umber of women working in 
pubs rose by 5 per cent to 

161.000, while the overall total 
Df employees in tbe brewing 
industry rose by 3 per ccnL to 

239.000. 

The amount tbe Government 
collected last year in beer duty 
and VAT rose by 13 per cent to 
11.16m. Beer taxes in the eariy 
months of 1978 were on average 
of 93 p on the price of a pint, 
says the Society'. 

But although the overall trend 
in beer consumption is down, the 
number of full on-licences given 
to pubs and hotels increased by 
666 to 74.322. 


World shipping 


Casualty on the S. African route 


BY JOHN STEWART IN CAPETOWN 


HK watch sales up 

Hong Kong's export of watches 
and clocks in the first quarter of 
this year rose to £75.71ra. a jump 
of more than 60 per cent over 
tbe £47m achieved in the similar 
period last year. The U.S. and 
West Germany were the biggest 
markets, followed by the UK 
which bought £3.7m worth, an 
Increase of 63 per cent over toe 
same period last year. Sales to 
the U.S. were up 77 per cent and 
those to West Germany by 74 per 
cent 


A COMBINATION of intense 
competition, depressed trading 
conditions and soaring costs in 
seaborne cargo trades between 
Europe and South Africa, has 
claimed ‘its - first victim. 

Enterprise Container Lines 
(ECL), ‘the Norwegian-controlled 
general... purpose cargo liner 
operator, wilt discontinue its 
South Africa -Europe container 
service and its operation will be 
absorbed by the Conference 
Lines. It will, however, be paid 
commission on cargo it con- 
tributes- to the Conference and 
continue its bulk cargo service. 

ECL. controlled by the 
Skjelbred family in Norway, had 
been active on South Africa- 
Europe trades for about five 
years and provided a regular 
fortnightly service which 
flourished in the period 1974- 
1975 when it won solid support 
from many shippers and 
receivers who were impressed 


with its highly competitive 
freight rates. 

It was one of the first- liner 
operators to introduce users to 
the intricacies of containerisa- 
tion with its mixed-configuration 
freighters which carried 300-500 
boxes in addition to normal 
break-bulk cargoes. 

The disappearance of ECL 
reflects tough trading conditions, 
in which only owners with fat 
liquidity cushioning can be 
expected to survive. 

Non-conference cargo liner 
operators trading on the spot 
market may be just about cover- 
ing operating costs but are 
unlikely to be covering depreci- 
ation or interest charges. 

Owners under pressure to sell 
off ships to meet debt and 
interest commitments have to 
face tbe added hardship that 
second-hand prices have fallen 
nearly 30 per cent in the past 
year. 


The passing of ECL reflects, 
above all, the mounting 
ascendancy of conference lines 
since their switch-over in June 
last year to an integrated con- 
tainer service. 

While conference was in the 
painful throes of transition to 
new handling techniques and 
while Southampton's container 
port was strifce-boand (for 10 
months). ECL, a non-conference 
operator, was able to provide 
what was really a valuable back- 
up service. 

Bnt now that conference has 
overcome most of Its teething 
troubles and is providing a fast, 
regular door-to-door service at 
what one conference ship-owner 
describes as the “cheapest rates 
In tbe world," outsiders cannot 
match the conference service, at 
least not at viable rates of 
freight 

Conference members predict 
that as soon as the consortium’s 


CAPE TOWN. June 25.,. 

four RoRo ships are com* 
missioned, probably sometime 
next year, even residual cargo 
trades which Polish, Spanish and 
Portuguese lines are presently 
surviving on, will disappear. Thui 
will mean that South African 
Shippers’ and receivers’ require- 
ments will be served in excess bf 
80 per cent by conference ships. 

in the view of users both in 
South Africa and abroad this 
really amounts to a kind bf 
Government-sanctioned cartel. 
As such it is the target of con- 
stant criticism by shippers* 
Councils who say that, because of 
conference's special relationship 
with the South African govern- 
ment under tbe Ocean Freight 
Agreement, it is not possible to 
negotiate meaningfully with 
shipowners. European shippers 
accuse South Africa ox using the 
OFA as a device to protect 
domestic industry and boost 
exports. 


SHIPPING REPORT 

Dry bulk rates declining 

BY OUR SHIPPING CORRESPONDENT 

FREIGHT rates for dry hulk tion in surplus ships in the Gulf, 
carriers continued their predict- has taken the rate for a small 
able, seasonal decline last week ^ \vci2 31111 for a 
as the volume of grain move- to rt , 

rneat slowed down, but this v °?<£ ^Sb^forM 

h ‘ l Lr n °L S r£J in 1116 Gulf during July and with 
f second-hand bulk some o£ ^ge vessels effectively 

camera. laid u brokers believe owners 

It is too early to say whether will be unwilling to accept 
ship values will eventually follow charters until rates further 
tbe market downwards, but the improve 

sale last week of the five-year-old i Q the Mediterranean, the 
26,000 dwt Cunard Chieftain for picture last week was the reverse 
SWmr-SiOO.OOO better than for 0 f that in the Gulf, with an 
her sister-ship a week earlier — excess of tonnage allowing 
is evidence of sustained confi- charters to chase rates down- 
den ce. wards. 

In the oil tanker markets, There is not much activity in 
brokers are somewhat puzzled the sale and purchase side of 
by a rare improvement in freight the tanker market, although 
rates -for very large and ultra- Bibby Line of Britain sold an 
large ' crude carriers. Inquiry eight-year-old combination car- 
frorn nil companies in the U.S. rier of 113.000 dwt, the Ocean 
and Europe was strong last week Bridge, to the C. Y. Tung group 
and this, combined with a reduc- of Hong Kong for $3£m. 


£12m refinery orders 

BY RAY DAFTER, ENERGY CORRESPONDENT 

BRITISH companies have won 
over £12ra worth of orders in 
Yugoslavia where they will pro- 
vide consultative, and managerial 
services, as well as equipment, 
for toe construction of an oil 
refinery catalytic cracking 
complex. 

Foster Wheeler of Reading, 

Berkshire, has been awarded a 
contract for the engineering 
design, procurement, construc- 
tion, supervisory and commis- 
sioning services by Naftgas 
Raflnerija Nafte Pancevo of 
Yugoslavia. The UK company 
was chosen from a short list of 
four major international engin- 
eering groups. 

The overall cost of the oil up- 
grading facilities is about £29m, 
of which the value of Foster 
Wheeler’s services, together with 
UK-supplied equipment, is put at 
£12.2m. A Eurodollar loan for 
85 per cent of tbe total — backed 


by tbe Export Credits Guarantee 
Department — is being provided 
by Barclays International in 
association with other banks. A 
similar syndicated Eurodollar 
loan will cover the balance. 

Work on site will begin this 
autumn and the project is 
expected to take three years to 
complete. 

Foster Wheeler’s U.S. parent, 
Foster Wheeler Corporation, is 
to finance and own ' a S25m 
(£ 13.5m ) electricity generating 
plant on the island of Kauai, 
Hawaii; a power station to be 
fuelled by bagasse, the fibrous 
residue of milled sugar cane. 
Lihue Plantation Company is to 
provide the fuel and operate the 
facility, while Kauai Electric will 
purchase and distribute the 
power. The plant representing 
the largest single construction 
job in Kauai's history, is ex- 
pected to be producing electri- 
city by late IMA. 


Contracts 


• An order from Russia* for an 7m chicks each year is to be sup- 
bydrautic vibration system plied to Iran by the Norwich- 
valued at £2.7m has been secured based company of Agro. 


-by Derritronto conjunction with • _ Salgo Engineering Inter- ( cost 0 f Japanese electric energy 

tonal has signed a -contract liB the most aggravating f ac t 0 r 


Servotest of Perivale, Middlesex, national 
The contract is to supply a com- with General Ceramics (UAKl 
plete laboratory system for earth- in Sharjah, UAE, valued at 
quake simulation. Increasing £2.5m. The contract is for the 
earthquake activity has been design and supply of a complete 
causing world-wide concern, and vitreous china sanitaryware 
this equipment will make a signfi- manufacturing facility in that 
cant contribution to research into country. 

ways of minimising their harmful • Cryopburts of Edmonton, 
effects. North London, has a 

• A flm order by Argentina for **«»» 

l^h^TStriH^lSvland com 1 State ° Fertilizer Manufacturing 
by r^ °£ Corporation, Sapugaskanda, Sri 

nf Lanka. General contractor for the 
of P ro i ect is Kellogg International 
Grantham, Lrncs^ a member of corporation. The fertiliser 
SP. Industries. production, is due to atari at the 

• General Automation has new facility in 1979. 

received a contract valued at • Wbessoe Systems and Controls 
about £800,000 to supply all mini- 0 f Darlington, have negotiated a 
computer hardware, standard contract valued in the region of 
system software, and engineering £200,000 to supply their 
support to tbe Chinese Govern- Whessmatic 500 telemetering 
ment Radio Administration, system and tank level gauging on 
Taipei, Taiwani a number of oil storage tanks at 

• Automatic equipment worth the Kaduna Refinery of the 
£Llm for 70 poultry houses Nigerian National 
capable of breeding and rearing Corporation. 


Petroleum 


UUorlcf Economic Indicators 


UK* 


HoUand* 

W. Germany 
US* 


France* 

JfP»» 

Belgium 


Italy 


000’s 

% 

000’s 

% 

000 ’s 

% 

000’s 


000’s 

%, 

000 * 

% 

000‘s 

% 

000’s 

% 


UNEMPLOYMENT 
Jun. *78 May *78 

U64j6 1,366.4 

5.7 5.7 

May 70 Apr. 78 

202-1 202.0 

5.1 5.1 

912.9 1,000.4 

4.0 4.4 

*149.0 5,983-0 

6 A 

Apr. 78 Mar. 78 

1,105.7 1,086.1 

5.1 5.0 

1.230.0 1,4100) 

2a 2-6 

280.2 284.1 

11.4 H-5 

Jan. 78 Oct. 77 

1.520.0 UW-0 

8.0 8-0 

* Seasonally adjusted 


Apr. 78 
1,387.1 

5.8 
Mar. 78 

2005 

5.0 

1,098.9 

4.9 
6,1484 

6a 

Feb. 78 
1,0503 
4.9 

1.360.0 
7LS 

290.9 

11.8 

Jul.77 

1.692.0 
SJ> 


Jun. 77 

1,352* 

5.7 
May 77 

202 * 

S.1 

946* 

4J 

6J80.0 

6.9 
Apr. 77 
1,039.4 

4.9' 

1,060.0 

1.9 ; 
252*:. 

9.7 

Jan. 77. 
1,459.0 
&8 


Under the 
provisions of the 
GamingActl968 
a licence has 
been granted for 
THERTTZ 
CASINO 

atTheRitzHotel, 

Piccadilly, 

LondonWl 

opening 

28 d%June, 1978 . 

Members only 


is 

of production costs and, on the 
other, enable NALCO to form an 
aluminium cartel of producers 
and distributors, at Brazil's 
expense. 

Such arguments ore strenuously 
refuted by the Brazilian Govern- 
ment. which maintains that the 
combined projects of Trombetas, 
Tucurui, Albras and Alunorte 
will greatly benefit Para, one of 
Hie nation's most underdeveloped 
areas, and turn Brazil, in the 
foreseeable future, from an 
ahtoiinliim importer into a major 
exporter, thus saving foreign 
currency, 
i 

Ultimatum to 
Japan on 
steel project 

By Out* Own Correspondent 
RIO DF JANEIRO. June 25. 
THE BANK of Tokyo, Long Term 
Credit Bank of Japan and the 
Dai-Iehi Kangyo Bank are still 
refusing to lay out, in one go, 
the $700m to which they have 
committed themselves as financ- 
ing for toe Brazilian-Japanese- 
Italian Tubarao steel project des- 
tined to be set up la Espirito 
Santo state. 

Under the terras of the memo- 
randum of agreement signed 
between Brazil's steel agency. 
Siderbras, Italy's Finsider and 
Kawasaki Steel of Japan, the 
Japanese partners, who have a 
33.3 - per cent share in the 
Tubarao venture, undertook to 
persuade Japanese banks to pro- 
vide' S700m of the total S2.6bn 
Investment required. 

So far. the Brazilians have 
been unable to persuade the 
Japanese . bankers to commit 
themselves to more than a SISOra 
tranche, to.be delivered in the 
next few weeks, or to clearly lay 
down terms of payment and 
interest rates for the full amount 

After two days of inconclusive 
□ieetitngs in Brasilia last week 
with the Japanese bankers, the 
Brazilian Government negotia- 
tors, led by the Trade and 
Industry Minister, Sr. Angelo 
Calmon de 5a, have laid down 
an ultimatum. 

If a positive answer— involving 
delivery of the full S70flm, plus 
watertight details on terms of 
payment, interest and repayment 
of principal— is not forthcoming 
by July 31. Brazil will “review 
the entire part of the agreement 
involving Japan." 


Optimism on 
electronics 

Financial Times Reporter 
THE LATEST round of talks 
between the British and Japanese 
electronics industries, which 
ended last week, has created 
some optimism that Japan’s 
policy of orderly marketing is 
being helpful in curbing imports. 

The talks, led by Lord Thomy- 
croft on the British side and 
Mr. N. Yosfcii for the Japanese, 
led to a confirmation of this 
policy by Japan and assurances 
In particular on small screen 
black and white television sets. 

However, the most significant 
development was broad agree- 
ment closer commercial co- 
operation between the two indus- 
tries, which could lead to 
Japanese companies Importing 
British electronic components. 

Mr. Michael Meacher, Under 
Secretary of State for Trade, said 
this development could provide 
“an exciting opportunity " for 
the UK industry. 


(Advertisement) 


DKBS ECONOMIC JOURNAL 


June 1978: Vol. 7 No. 6 


Labor’s relative share in 
Japan is dne to maintain 

rising keynote in future 


Preface 

The Japanese economy 
appears (o have entered a 
transitional stage after the halt 
of the Jong period of Us high 
growth. 

In the high growth period for 
years after the end of World 
War If, the high increase of the 
real income of wage earners 
was conspicuous. As a result, it 
was possible for the Govern- 
ment to avert the intensification 
of the income distribution 
problem, at least for the time 
being, by dividing increased 
income. 

However, the situation has 
made a notable change. Now 
that the economic growth pace 
has begun to slow down per- 
ceptibly, the upswing of in- 
come has started to dwindle. 
At the same time, the tempo of 
the income growth has become 
conspicuously lopsided. 
Against this background, the 
Income distribution problem 
has come rapidly into the 
limelight. 

Labor's relative share 

Labor's relative share is 
generally taken as an indicator 
of the ratio of labor's income 
(receivable personal income) 
to value added. 

Inasmuch as labor’s income 
includes in its composition 
personal income from unincor- 
porated enterprises (including 
income of family workers), 
however, it is liable to 
represent a different value, 
depending on the process of 
handling such personal income 
from unincorporated enter- 
prises. 

In this report, it is assumed 
that labor's relative share of 
personal income from unin- 
corporated enterprises is equal 
in value to labor’s relative 
share of other sectors. 

In comparing labor's relative 
share in major industrial 
countries, the share on a 
national income basis stood at 

81 per cent for tbe United 
States (1976). 85 per cent for 
the United Kingdom (1976) and 

82 per cent for France < 1975). In 
contrast, comparable share 
registered 74 per cent for 
Japan (fiscal 1976). 

However, labor’s relative 
share is regulated to a great 
extent by such factors as toe 
industrial structure and the 
corporate capital corapositioa 

Particularly in tbe case of 
Japan, the rate of dependence 
on borrowed capital on the 
part of enterprises markedly 
heightened during the high 
economic growth period, com- 
pared with other countries. 
Consequently, the financial 


expense increased shaiply. 
Under its impact, labor's 
relative share resultantly 
declined. This point deserves 
specific attention. Naturally, 
the level of labor’s relative 
share cannot be simply and 
directly linked with the 
problems of fair distribution 
and wage levels. 

In other words, it cannot be 
said that the levels of fair dis- 
tribution and wages in Japan 
are lower simply because of 
the low level of wages. 

Influencing factors 

According to Industrial 
Statistics compiled by the 
Ministry of International Trade 
& Industry, labor’s relative 
share of workshops (with over 
SO workers on payrolls) in the 
manufacturing sector: total 
cash pay divided by the net 
amount of value added) has 
begun to follow an uptrend 
from around 1971 after the 
continued slowdown until 1970. 

Considered primarily 
responsible for the changing 
trend of labor's relative share 
are two major factors: 

—The fluctuation of major 
component factors of labor's 
relative share particularly 
wages and labor productivity 
(that is, cyclical factors). 

—The changing pattern of the 
types and scales of industries 
in the manufacturing sector 
(that is, structural factors). 

With reference to the first 
group of factors, the following 
formula is considered reason- 
ably available by taking tbe 
net amount of value added as 
V. the labor expense as W, 
prices asP, production as 0 and 
the number of employees as L: 

\\7 V =\V/L — ( V/P»0 x O/L xP) 

i Reference: W/V=labor's rela- 
tive share: \V7L=wagc: V/P«0 
=r;Uio of value added: 0/L= 
labor productivity: P= prices) 

In other words, labor’s rela- 
tive share tends to increase (or 
decrease) when wages ad- 
vance (or decline). It also 
tends to rise (or dip) when tbe 
rate of value added, labor 
productivity and prices rise (or 
sag). 

In this coraiection, principal 
factors working to cause the 
fluctuations of labor's relative 
share since 1966 are roughly as 
follows: 

1 1 The advance of wages has 
functioned to raise labor's 
relative share by 7-10 per cent 
Since 1966, except in 1973 and 

1974. 

2) The impart of the price 
advance was not particularly 


heavy, except in 1973 and 1974. 

3) The effect of the changing 
pattern of the rate of value 
added served to raise labor's 
relative share by around 4-5 
per cent because of the soaring 
cost of raw and processed 
materials for about two years 
following the oil crisis in late 
J973. As a whole, however, it 
had no vital influence. 

4) In contrast, the influence 
of labor productivity on course 
of labor’s relative share 
sharply fluctuated in different 
years. 

It thus is noted that the 
upswings of wages and labor 
productivity have had a great 
influence in changing the 
course of labor's relative 
share. In this process, the 
elevation of wages has cen- 


to the second factor respon- 
sible for tbe fluctuation of 
labor’s relative share. The 
sizes of labor’s relative share 
are widely different according 
to the types of industries 
against the background of 
disparity in labor productivity 
(See Table). At the same time, 
labor's relative share is liable 
to be higher in minor enter- 
prises and lower in major 
industries. 

Under such circumstances, 
labor's relative share as a 
whole is apt to be influenced 
by the changes in the scale and 
structure phases of industries 
concerned. However, the 
change of the industrial struc- 
ture has not be exercising a 
particularly strong influence 
on the fluctuation of labor's 
relative share in recent years. 

In this connection, let us 
estimate labor’s relative share 
in 1976 on the basis of the in- 


Labor's Relative Share by Industries (%>• 

Trans- 


Calendar 

year 

Wig. 

Pood 

Tevilla 

Coal & 
oil 

Si eel 

Elec- 

Irics 

port ma- 
Chlnery 

Chemi- 

cal 

1«4S 

3B3 

31.3 

47.2 

16.9 

44.9 

36.8 

38 3 

74.6 



30.4 

30.3 

J7.3 

1*9 

47 3 

35.4 


73. a 

r»&> 

3i.a 

?fi.6 

43.0 

■ 164. 

3S.6 

33.5 

348 

31 5 

I«t* 

□3.B 

*9 D 

44.7 

15J 

47 4 

32 3 

32» 

70 * 

IW 

334 

78.5 

46 0 

16 4 

37 1 

31 9 

35 7 

19 3 

197D 

33.7 

38 « 

4* 1 

15.5 

37.1 

33.0 

34 S 

7(1.4 

1971 

M.B 


eg.4 

fe 4 

457 

37.0 

37 B 

21 7 

IMS' 

37.1 

36.1 

48 7 

1° 5 

*3 a 

36.« 


23 2 

i9/a 

35J 

30.4 

41 6 

15.5 

31.4 

379 

3*.S 

72 6 

1?7« 

37.3 

30.0 

51 8 

13 4 

14.8 

413 

430 

?4 9 

1975 

43.5 

337 

55.0 

18 7 

5L3 

48. 7 

' 46.0 

795 

1974 

40.8 

39 1 

50.1 

15-2 

463 

63.5 

41.7 

2VJ 


•Workshops with over 30 workers on pavroifs. 

Source: TheMinisiryol International Trade J, industry 


tinued to boost labor’s relative 
share by 7-10 per cent almost 
without a break, except in 1973 
and 1974. 

On the otter hand, the in- 
creasing tempo of labor 
productivity has changed 
markedly in accordance with 
the trend of business. It thus 
may be said that the fluctua- 
tion of labor's relative share 
has been more decisively 
regulated by the change of 
labor productivity. For 
example, labor’s relative share 
advanced in 1974 and 1975 
when labor productivity 
declined under the impact of 
the recession. 

As stated, labor’s relative 
share has tended to decline 
during the period of business 
upswing and to advance during 
the period of business down- 
swing. It thus has followed a 
course contrary to the general 
business cycles. 

A decline of labor produc- 
tivity usually stems from the 
gap in the process of adjust- 
ment of production and em- 
ployment in a recession period. 

This serves to indicate that 
enterprises have managed to 
maintain employment during 
the recession period by coping 
with the decline of labor 
productivity by elevating 
labor’s relative share. 

Reference may be made next 


dus trial structure as it stood in 
1975. Assuming. that there were 
no changes in the composition 
of the industrial structure in 
the interim, labor's relative 
share is estimated to have 
stood at 41.0 per cent in 1976. 

Assuming that there were 
some notable change in the 
scale of component industries 
in tbe interim, on the other 
hand, it is estimated to have 
registered 40.8 per cent in 1976. 
The actual size of labor's 


relative share In 1978 
registered 40.8 per cent.lt thus 
stood virtually at tbe same 
level as the comparable sizes 
estimated under the foregoing 
two assumptions. 

Future problems 

Labor's relative share in 
Japan thus has been showing 
signs of advancing in recent 
years on the basis of the gap in 
ibe advances of labor 
productivity and wages. The 
rising tempo of wages is ex- 
pected to slow down ip the 
future. However, tbe ad value 
of wages is likely to continue 
at least at the same rate as tbe 
hike of consumer prices. 

In contrast, labor produc- 
tivity is destined to continue a 
steady upswing in the future 
from a long-range standpoint 
along with the progress of 
technological innovation and 
the intensification of the in- 
dustrial structure. 

From a medium-range 
viewpoint, however, the 
current surplus of the labor 
force is not expected to be 
rapidly rectified in view of the 
established employment 
practice in this country and 
unless domestic business starts 
a swift recovery. 

In view of attendant circum- 
stances, however, the trend of 
labor's relative share starting 
to decline because of a sharp 
upswing of labor productivity, 
as was the case during the 
high economic growth period, 
is likely to weaken from a 
medium-range viewpoint 
Instead, labor's relative share 
is bound to follow a steady 
rising keynote. 

In view of the growing need to 
maintain employment at a 
proper level, it is deemed 
essential for enterprises to pay 
close attention to the policy for 
replenishing internal reserves. 


The international bank 
with your interests 
at heart. 

.-••‘.v.- •* ••••■ ♦'*.* '• ! 

' • » .• . A * f .• ;*'• '*• • . 



Wo have your interests at heart 

OA1-ICHI KANGYO BANK 

London Etacte Fifth Floor. O Bbfci, 122-1 38 Leader* all Lticrt, 

London EC3V4PA, Engtad Tel. (0U-283-0923 

Hood Ptlioo: 6-2. Manmouclti 1-Cfiomr. Ctiiyor* ku. Tofcyo 100 Japan Brandts and 
Agndait: Neva York. Los AngrHrs. Dutwidorl, Taipei. Seoul. Singapore Rsproumdni 
Offlon an Cnrago, Houston. T promo, 5«o Paulo. Me*uw C«iy. Ciktck Frankfurt, Ports. 
Beirut. Jakarta. Sydney SkitxidiarMaai: Oucepa. Amtindam, Zurrd,, London, Hang Kong 
Afilbad and Ainxipud Compaule* Ji: H'O da Janeiro, London, Lu-embuig, Hong Kong, 
Bangkok, Kuala Lumpur, Jakarta. Manila. Melbourne. Sydney. 









> m i *. / h. yag it mi. 






r* v* ’• ’■■ ; •- ' - *_ *- V *"-■_' " '-' • '. ‘ ' 


Inflation rate 
will rise, 
say brokers 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


Cluff Oil Pre-election whistle 
recruits blown by Healey 





» 8 2 f « k « 

5 ? 5 i>r. 


A SLIGHT acceleration in the 
rate of price Inflation back into 
double figures during the first 
half of next year is forecast 
today in two stockbrokers' 
reviews. 

The brokers— Wood Macken- 
zie, and Montagu Loebl, Stanley 
—both expect a buoyant level 
of output for the rest of this 
year with some slowdown in the 
rate of growth during 1978. 

Wood Mackenzie expects a rise 
in real gross domestic product 
of 3,7 per cent in the year to 
the second half of 197S and 
of 2 2 per cent in the following 
12 months. 

On inflation. Montagu Loebl 
expects a rise m the 12 -month 
rate of increase to ll per cent 
in the first half of next year, 
compared with less than 8 per 
cent at present, although some 
moderation is expected subse- 
quently. 

• A broadly similar view is 
taken by Wood Mackenzie which 
expects that the rate will be 
around 10 per cent for a short 
period in raid-1979, before 
declining later. 

On the current account. Wood 
Mackenzie is expecting only 
balance this year with Montagu 


Loebl looking for a surplus of 
£500m in 1978 as a whole. Both 
brokers expect there will be a 
surplus next year with figures of 
£300m and £l$bn respectively. 

A relatively pessimistic view 
of the prospects for interest rates 
and the gilt-edged market is 
taken by Montagu Loebl. 

** Although short-term iaterest 
rates may fall slightly in the 
next two or three months, the 
decline is not expected to be 
substantial. 

••Tbe ratchet effect of the 
artificial manipulation or interest 
rates will probably mean that 
Minimum Lending Rate will have 
to go above 10 per cent before 
the end of 1978-79. may be up to 
12 per cent.” 

The brokers are relatively 
bearish about long-term interest 
rates as well. They suggest that 
domestic credit expansion in 
1978-79 will exceed the ceiling 
of £6bn by £750m. 

The most bearish factor is 
reckoned to be the size of the 
borrowing requirement with life 
assurance companies and pension 
funds having to invest around 
£4.1 bn in gilt-edged stock this 
year compared with the record 
E2.9bn in 1977. 


Linoing 

By Ray Dafter, 

Energy Correspondent 

CLUFF OIL, a British independ-i 
eat oil company, has recruited 
Mr. Matt Linn ins. formerly a 
| general manager of BP Petroleum 
I Development, to strengthen its 
bid to become operator of new 
exploration licences in the North 
Sea and elsewhere. 

Mr. Loaning, one of the most 
experienced operators in the 
North Sea where he was manager 
of BP's Forties Field develop- 
ment. has joined Cluff as techni- 
cal advisor and representative of 
the company io Scotland. 

He retired From BP in March 
after serving as general manager 
'for exploration and production 
with BP Petroleum Development 

Cluff is operator on a small 

concession io_.the Irish Sea- It 
is also a partner in the North 
Sea Buchan Feld, but in the last 
round of licences was an un- 
successful applicant. 

Mr. Algy Cluff. managing 
director of Cluff Oil. has already 
indicated that he is constructing 
a consortium to bid in ibe next 
round of licences. 

The Government’s consultative 
document on possible conditions 
for the round of concessions 
indicates that independent com- 
panies may be encouraged to 
take a stake in future drilling 
activities. 


BY RUPERT CORNWELL LOBBY STAFF 


MB. DENIS HEALEY last nraht 
effectively blew the election 
campaign whistle three months 
early with a savage atiack on 
the Conservatives and the 
promise that Labour would haht 
on a platform of ' unity and 
co-operation. 

With an October election 
looking more certain every day. 
the Chancellor declared Jhat the 
Tories had no policies to offer, 
only division. They were aim- 
ing to “Set community acainst 
community and. class against 
class." 

The Opposition, he told a 

Labour rally in Portsmouth, wa* 

split on industrial relations, on 
the economy and on education 
policy. "They, arc divided 
among themselves, and now they 
are seeking to divide tlte nation.’’ 

Mr. Healey left no doubt that 
doc of the main strands of 
Labour's electoral stratc-’v will 
be io present itself as tbe" party 
of moderation which ha- at last 
set the economy on the right 
lines and the Conservatives as 
dangerous extremists wlm would 
destroy the progress made. 

- Labour, he said, had brought 
Britain through the “ mo?t savage 
economic hurricane" and would 
fight the election on that achieve- 
ment. The three priority tasks, 
for the future were to increase 
national wealth, improve the. 
standard of living and bring 
down uneraploymenL 



Some people, the* Chancellor 
warned, had suggested .that by 
appealing to reason and Idealism, 
Labour would be giving itself a 
handicap in an election which the 
Conservatives wanted to make 
ibe dirtiest since the Second 
World War. But to present the 
facts ** honestly and squarely " 
was a precondition of electoral 
success, he said. 




MP ? s death increases 


Home freezer stocks raided 


BY CHRISTOPHER PARKES 

THE HIGH price of red meat 

has prompted housewives in 
Britain to delve into their 
freezers to use slocks they 
bought last year. 

. During the first three months 
of the year they used about half 
of tbeir reserves of pork, accord- 
ing to figures published today 
in the latest National Food 
Survey from the Ministry of 
Agriculture. 

They also ate more chicken and 
sausages — cheaper alternatives to 
beef and lamb. Consumption of 
poultry was about IS per cent 
higher than a year earlier at 
6.3S oz per person per week. 

Beef consumption slipped 
be'ovj level « reached in th« final 
three months of 1977 but was 
still 5 per cent hicher than m 
the first three months of last 
year. 

Lamb eating was 2 per cent 
down on the previous three 
months but 4 per cent up nn 
the vear. 

The Ministry claims to have 
adjusted its sampling techniques 


to allow for the increase in the 
number of families using 
freezers. 

Its figure* show that allowing 
for the use of home reserves. 
c«ins’jnipUn:i of pork in the 
period under review was 9 per 
cent higher than the previous 

The Financial Times’ monthly 
survejs of consumer confi- 
dence and grocery prices will 
he published tomorrow. 

three months and 2 p.er cent up 
on a >e.«r ago. 

The cost r»f eating in iho U.K. 
rose by almost 2 per eenl.. com 
pared with the last quarter nf 
1977. Excluding sweets and soft 
drinks the average spent on 
food fur consumption at home 
was £ 5.39 a head a week, com 
pared with £4.90 a year earlier 

The amount of many staple 
fno-is consumed has fallen 
People bought less butter, cheese 
and milk. 

Milk orders were cur whet the 


price of a pint went up lp to 12*p 
on January 1. Average con- 
sumption is now 4.45 pints a 
week compared with 4.54 pints a 
year ago. 

Sugar purchases fell by more 
tban 2 uz per person per week 
compared with thp last three 
months of 1977. 

As tea and coffee prices started 
io fall in line with the general 
moderation in world commodity 
prices, housewives tended w use 
mors instant coffee and less tea. 

Frozen vegetables lost favour, 
consumption falling to 3.2t> uz 
per person per week compared 
with 4.59 nz in the same part of 
1977. The unusually high con- 
sumption of a year ago. however, 
can be attributed to shortages 
ei usod hy the drought of 197fi 

Potatoes, which were also 
severely affected by that 
drought, have begui- to re- 
iVtahYnh themselves in the 
national diet. This year's con- 
sumption is almost 3 lh a head a 
week, compared with only 
2 lb 4 07. a year ago. 


BY OUR LOBBY STAFF 

LABOUR'S overall Parliamen- 
tary position worsened further 
at the week-end with the death of 
Mr. Joe Harper, a Government 
Whip and MP for Pontefract. 
Yorks., since 1962. 

Although • the seat, which 
would require a Tory swing of 
about 25 per cent to change 
hands, is on? of Labours -afest. 
the loss of 64-year-nld Mr. 
Harper puts the Government in 
a minority nf 305 to 323 neainst 
all other parlies . with two by- 


elections in Labour-held seats 
next month. ' 

These polls, at Penistone, - 
South Yorks.. and Moss Side, 
Manchester, will be held- oh July 
1? They are aimed at boost- 
ing the Government’s nume-rcal 
strength for several key votes- 
before the end of the session, 
and will provide Mr. Callaghan 
with a finaL test of public 
opinion before the General- 
Five lion now taken for granted 
in October. , 



Fisheries case ‘und 


? ,, BY K^NETO GObDI^v^j^y. . 

ra&ersiaiea ABOUT loo -jobt'wiU be toJsf.-l&ireTi over by a se ven^trongman-' 

mn.mil,, in a aitfor resmetonng z-i& jt&meni committee trade* jOiir 

B ‘Rnl n fhe°NTHnn»i >n FoH a ™riftn Augustus Barnett, the mibpric&;eluurmanship , trf- ,-4G\ <7 
nr HR"** concern whi eh was taJre»‘Barnett, -43. -WhSir.CaamiiaHK, 

tributes 70 ner cent to the merat . e - a year ago.- . regretttngtthe .tedaiHfe^- 

Common Market " fish pood.” Among tihose to leave_tto caries. '* if 
The evidence Is the work of Pany is Mr. Leslie Gtark. ®?. L inamtam andexfepffjt^jeOE 
Mr. Murdn Maclnnes. manaeins'l managing director. wl»has b«s#rive grip on 
d 'rector of a Grimsby small boat with Barnett -for 10 years- Ab^t agp must be 
agency, who has been analysing- 50-.redu«dataaes ViU'be r |jQyoI 
q/flefal catch data for 1974. ' ' Day-by-day Tanning tffil. 


This sdvervyumcnt appears as a matter of record only. 


HR. JOHN SILKIN', the Minister 
of Agriculture, has under-taled 
Britain's case in EEC Erhnries 
negotiations, one of- the UK's 
fishing organisations claims. 

I In his attempt to wii- for 
Britain the major share nf Com- 
mon Market fish resource. Mr. 
Silkin has hased His: arguments 
on Ministry nf Agriculture 
ftqOres which show tie t per 
cent of EEC catches- are from 


March 1978- 






control, .accounting bud admin is- 
Tthflhp-; rftHJajrtmenta. , / * These 
... , iwflEiaaSe; foT-eieh lbwer 
stores.: -XThave 
th&-i^re-organhwtipn so 
;#;• least' a 
to tSO 1 stores wtbo ut 
in .the 

ttgostus .v 'Bariiett^-lias .; 178 
03rief ttienr -opened in 



Mohamad Bin Masaood and Sons 


on behalf of its wholly owned subsidiaiy 


Emirates Air Service 

US$6,000,000 Secured Aircraft Financing 


Managedby 

Khalij Commercial Bank Wardley Middle East 


Limited 


Limited 



N EWS 


: ••• r- 


BY PHILIP BASSETT, LABOUR STAFF 


Union leaders issue 

over Boyle salads review : -l I? Sregfetratto ■ : 

BY PHILIP BASSETT, LABOUR STAFF . : ; r. ‘1^: ; JndusteW CorrBpondeflt ; 

UNION' LEADERS said yester- man and generaj secretary of the Employees, said Out: Lift-: the . 
day thal tbeir members would General l and Miinlcipal Workers' formula the- Boyle reportttiad 

cxDect similar increases if the Union., add- -the government worked-But'Wpfi.gpod emwg&for fngin^h^.'been made fay Lhe 
Government implements the 70 *Ou!d.-not implement- the Boyle those L ai 'thei top.^it vSS? gbod ^J^.^lb^^-Assodiiaon-of 
per cent pay ri«s for rim.Yraen report wtule the^was.a loper enoughiorthose Pf botidm, Vtotessionat ■- w its 

of nationalicpd industries Dm- cent earnings limit. . whose meeds were greater. ■■ e?taence to S» .Moniy 

nospd bv theBovle Tev?ew P of Other .public-sector - union W wfcs dot arguing, that topr Hnniston’gcommitteeof inquiry 
too salaries * leaders, wbo«?" unions are paid? people- did not. Eave a case nito-enguieering. • 

, .. . bo.nnd to. bear the brunt- nf. any for pay- increases; but that Kke _ The association believes that 

The Boyle proposals, which pay policy the Government might them; r : the- "lower-paid pub lie " statutory', registration would 
are being studied by me Govern- try introduce Tor' the next sector . workers- ought .to b© com- hrlng subsfemhd . advantages to 
25SJ reuld ^ ve mes P 0 ^ -wage ronnd, wh^h begins in five pared with private industry. '• tbe country: ip defining tba 

117.000 io chairmen oF aaunna- week^ time, made .direct com- Mr. Ken, Thomas, general sec- engineering \- -.profession : by 
' Dd “ slries aDd “P t ?' about Parisons'.wilh -their members’ retary of L the‘ Civil and Public replacing the -voluntary and 
Eio.ooo tor senior armed forces p a;y> . ; Services --Association, which -in ineffective registers - currently 

omcers. judges and civil Mr. Alan Fi shir, general secre- .common with other Civil Service Sdmiiwtered." -by -the Council of 
servants. tary of .-. thef BSO.OOO^rong unions, .'accepted a 10 per cent Eng7necring'Znstitutldns.> • . 

Mr. David Basiiett, TUC chair- National. Union, of Public settlement for its members, said - Itsuggests that the:present 16 

that ;trade . Unionists would not in«nh,Hn»s c Vim>M 

‘ " listen to the Governments 

T^. t • j • t encouragements to be careful 

New incentive scheme r ni TS^ 

„ these' we&t through. 

puttoBLumons : 

BY ARTHUR SMITH, MIDLANDS CORRESPONDENT T . jyfe 5Q 000 000- U' 

BL CARS has put a new incentive new moves are likely today to ; :6\<? 0 Guaranteed Bearer Notes 1972 
scheme to the unions in a move resolve a strike now running 4 . . . 

to raise flagging output. into its third week. The 80 . uUe 1976/1979 

Mr. Michaei Edwardes, Uie external drivers who walked out c ' " •' 

chairman, has made it clear that after, the dismissal of a shop ™ 

the early introduction of such a steward are expected to be urged - TFT FDYNF 

scheme is “crucial to the sur- by full-time union officials to Zw -kt 

vival of the company ” Broad out return to work. . .. IM JL tKN ATIONAL Pt V. 

lines only have been submitted More than 5,000 . workers at 


Public settlement for its members, said - Hr suggests that the:present 16 
that trade unionists would not chartered institutions should be 
listen ‘ to the Governments combined into one with separate 
encouragements to be careful “ learned society " sections, as in 
and cautfpus in the next wage Australia and -Sweden where the 
round if salary rises as high as profession presents a united 
these w«at through. "Image.” - 


Providedby 

Abu Dhabi Investment Company . American Express International Banking 

•Corporation 

The British Bank of the Middle East 1 Credit Suisse Khalij Commercial Bank 


Midland Bank Limited Toronto Dominion Bank 


Wardley Middle East Limited Wells Fargo Bank, N. A- 


Agenfc 

The British Bank of the Middle East 

Security Agent 


Khalij Commercial Bank 


lines only have been submitted More than 5,000 . workers at 
to tbe unions but detailed nego- bine plants dre already laid off 
tiations are expected to begin by tbe dispute and production of 

□ext week. Rover saloons, -Range Rovers and 

Bonuses are likely to be based Land Rovers is at a standstill, 
on overall plant performance Lost output Is valued at £3m a 
and therefore fail to meet union day at showroom prices, 
demands that payment should be — ■ — : — — 

" 10 indivi - Giveaway strike 

Irmibled^Longbridse^SnC Bir* .EDITORIAL STAFF at the Rich- 
m rag ham — BL’s biggest— are to mood Herald. Surrey Comet and 
appeal today to the 1*0.000 Mid lesex Chronicle newspapers 
manual workers to curtail wild- will begin an* official National 
cat action to get production Union of Journalists strike today 
moving. to protest at plans by the 

Workers will be urged to' management, " Tridant ' Group 
exhaust official negotiating pro- Printers, to turn the Herald into 
cedures before contemplating a a giveaway paper. Ifs editorial 
walkout. staff would be reduced .from 

At tbe Rover plant, Solihull, eight to thrde: • ' 


Westland unions meet 

BY PHILIP BASSETT 

SHOP STEWARDS at Westland it with a Rat rate of pay. for a 
Aircraft's helicopter plant, Yeovil. 40-hour week .in order to solve 
will meet this morning to discuss long-standing pay problems, 
the company's dismiss! warnings Ufa-. John Speechley, managing 
received over the week-end by director of Westland Helicopters, 


Limited 


2,000 manual workers. 


said in a letter to the manual 



Industrial action is unlikely to workers that tbe piecework 
be considered at this stage as system had become uncontroU- 
tbe unions feel that further able and was too costly, 
moves must conic from the Tbe unions say that the com- 
ma nagemeau Pany has offered a basic rate for 


moves must conic from the The unions say that the com- 
ma nagemeaL P aT| y has offered a basic rate for 

Westland wants to scrap tbe manual workers of £71 per week, 
piecework system of payment with a £10 M frozen ** supplement 
which at present applies to half to act as a cushioning effect 
the manual workers and replace against the ending of piecework. 


Dfls. 60,000,000.- - 
;:6i% Guaranteed Bearer Notes 1972 
due 1976/1979 • - 

of 

TELEDYNE 
INTERNATIONAL N.V. 

Curasao: N. A 

T bird annual redemption instalment 
(Redemption Group No. 3 and No. J fell due : 
on August 1, 1976 and August 1 , 1977 respl) 

As provided in the Terms and Conditions . . 

, Redemption Grou p Na 41ns, been drawn for 
redemption on August 1, 1978 and cons©- ' 

. quently the Note which bears number 4 and v 
' alI Ndites bearing a.nomber which is 4, or a 
multiple of 4. are payable as from ... 

August 1, 1978 ; : • - ■: 

... ' at - ■ ■ • ., j': 

. Algenrene 3aak Nedcriffltd N,V. 

(Central Paying; Agent) \ ' : r. .. . 

Amst crdam-Rottcrdam Baak N.V. . * 

Bank Mees& Rope 7SV ; 

FSersoc, Hddring & Pterion N.Y. 
in Amsterdam; . 

S.<3. 'Warburg and Cp. Xinuted - 

in London; •v^'; 

Algemeoe Bank Nederland in derSdrwraAG . 

in Zurich: ■: ‘ v ' ' ' ^ . 

Afeemene Bank Nederbnd (Geneve) S.A. ./ 
in Geneva; " 

Krediethank S.A. Lnsemboogeor'* 
in Luxembourg. : ' 

June 14. 1778: 






















































6 

uittng and M Engine 





US$72.6m irrigation project 


jji 


esigned by Halcrow 



:6m office block 


WoRK. HA? bcjjun on an L- or brickwork and doeble jiased 
'hani’d ninc-si orcy office block aluminium windows. • 

.... v, j if lhl , furarri l-,tpr l h addition tO the DfiV/ bfOCfc. , 

:,l V h , ln i? Willed Will extend the CaoanJ ^ 

r..i.ionj| Ho e| ,n HammerRir.un. i ntenia ijonai Hotel bascifteiit car 

wc,r b park by three bay widths; install ■. c * aa 

d permanent goods lift serving -y^Kt 1 s ® a ' ^8 


London The cuntrac 
nearly ffim i? being carried out _ .. 

h> Wiiielt 10 the design of Lon- the Sni“ : fioor balfrooin 'amt«5? 

rlon arc.mccts T. P. Bennett ana f erencc rooms together with an 



n 


A DEVELOPMENT being jointly 
financed by the Inter American 
Jipvelopmenl Bank and the 
'irti'tTnmenf or Guyana. at ao 
estimated ro?l of U.SS7‘2.6m. 
wifi bring the Abary River basin 
into full agricultural production. 

\ conservancy dam approxi- 
mately S3, miles long will be 
built, resulting in the creation 
0! a shallow reservoir covering 
:«n are* of i:!0 square mifea. 
fiber engineering works involve 
» he construction of u main canal 

25 mile- long, some 19 dis- 
tributor? \vsfcm* o tip head 
regulator and four intermediate 
regulator*. Thr drainage and 

irrigation works will serve ?ome 
JS-.nno acres of land which 
currently come under Hooding — 
in addition. 71.000 acres of land 
writ be levelled and about 30 


miles of access road built. 

For ibis project. Sir William 
Halcrow * ntJ Partners has 
associated with C. A. Llburd and 
Associates, the Guyanese firm of 
consulting engineers who al-:u 
have a substantial practice in 
East Africa and who will play 
a major role in mobiiialas loc«ti 
expertise and participation. 

Tbc team will have responsi- 
bility for the acquisition of 
machinery and all necessary 
equipment for its operation and 
maintenance, It will also super- 
vise expanding ex is lias experi- 
mental stations and will estab- 
lish a tj.OOO-acre plot to grow 

coro and -oy» bean on a double 
cropping rotational system. 
Fanning patterns are to be sei 
up for improved production of 
rice, sugar cane, coconuts, and 


also for improving pastures for 
raising livestock. 

Because the work must involve 
substantial further surveying and 
meteorological, hydrological, and 
topographical Investigation. i« i> 
or considerable advantage to 
Halcrow that the firm i» »*ur- 
rentij carrying out a major 
rehabilitation and improvement 
scheme at Tapakuma on lh»* 
nearby F.sscquibo Coast, and thus 
has available a greal deal of 
relevant information. 

On thp completion of ihir 
project, over H5.0QQ acre? of 
land will have been rehabili- 
tated. Improved irrigation and 

drainage will enable rice pro 

ductlon io bp greatly increased 
(much of it for export io other 
Caribbean countries i and should 
materially assist Guyana in im- 
balance of pajmenU position. 




The -inictur? generally will be tit? wesi-entLor l be hold, 
of ivini-hceil cone; etc frame con- Within tfce-^tfstta^imaltocated •: 
■irim’.isn v:!h reinforced con- ground 'floor a re*, of tire hotels ^ 
rroic mndations. upper floor* five squash courts. changing 
iving part hollow- daywarr and rooms and viewing gallery wifi be 



S m the building wiU : 1 _ _ . 

fm-iSQ mm .of rt* ■££; : : • 2 • v . - . 

^tfrps . 


■*. til hr alternate boritt'Otal hands unit be built at first floor 


• itlun • -< r ‘1 : ■ 

?';S ' £2m for French Kier 


Laing’s £8im wall Tesco award 


A VEtf LA dm plant 
m.iliufacutre of building : 1 
h.v jn-i been brtis'gfc* i 
dm-tion a* Alfrcton. J> ; by 
b;. T-\C i Turn'* r and 
Group). 

The aera’efj concrete s « , '» , 'k-« 
viil or ulFercd main!’. - far *■ !;1 

i-.iviiy wjii«. partition: -* r ^ 
bn low inner leaf ilnmi 

tr-vi l .ind they will 'oc 

auioautod p-oc-jsv tn 

<lurr;. «*r water and I i* TWO COMPANIES in the French take about ta montns- to ..v &an^ af the ftais wrn w.-Mgy»,.T 

mixvj v.nh trmeirt. linir .i:*d •••' K»e r Group ham received eon- compfote. . nsLJSdntrol unto' '*“*** r.iittn mU* 

..lurmonim powder di>;yr i-m. tracl* worth fCm from rim At Maoford Streets Bethnal srtjuas and individual UOUa vrUl 

Tf.i- mi vi ore j< tr^fer^i *•» London Borouah of llcckncy. Green, will be built 3S uW iaS»o52' ^specISc ipewums- * 

moiid- in whu-'n iv •'.id rh<- Greater London Council, and people's flat* and a dubroom. at Rreheated water-frohj.a 

hardens City r»f Birmingham ‘. Djtfinvt a ca*i of £738.303 for the. Greatef"arife-‘'^f 13 sou are 

Curing m a lar;e am-' Council London Council, 

follows u here are eigns The company will const ruci a The construction 

r!a-.c« altfigeihr-Vi .it ll.S l..ir, !•«* HfiSo.143 ■* cor ret- live Hssessmeni facilities- block at ■ -*■<■. tf > •»•*>. ~- — ^ — — r-.-?- w. ■ 

1Je7rccsL.salura1edsiva.il pre- hloek “ and '‘secure block,’* at Poiyteehnte -will cost £606,ns^,tiBej^ i: being supplied by ;Opm- can 

, b'pui-«tawe Ten-ace. Hackney, and The three-storey block is the . fifth. -Ttiepciiti- Solar Energy 0 f . fif Ottfag; : a JU&* -^|CTac» oc. 
The p 1 a 0 r 'a* desiinea and seven staff houses plus a three- phase of a multiphase .poly*- Jwaf.fr.' The paflel 5 - --vril V pt ^hya raUftc raqtqr^fnp ty: W*?bs 
bis;it i-;. A/S S?t»:r. j of lle.’»*ta:"A storey block of six Hals. Work k lechnic which will, by the 1980 b -d&n&cted' to two tanks wjth_a ooly ti.-Acsn easily be 

>o conju.vson w.:h ■t-ifiiiMna ^ue lu crmmence soon and will house about 7.500 students- . 
engineer? l.j'*cy. Rnoerv- I'li 1 ' 


THE AVGLIAN Water Authority 
has awarded an £S’m contract to 
engineering division of John 
l-aing to o-:iend the Thames tidal 
ll*jtid defences. 

Tlie contract calls for the con- 
struction ut a steel -piled wall 
.i^o'it 51.700 metres Ions ar the 
Shell Haven river frontage, 
i 1 her wiih al-.erations to 
r-Msliny Jlnictures. including pro- 
\ 1? ton of gates and associated 
pipework at 10- jetty approaches. 
.Ai.-fi. i he mortification of existing 
pipework, culverts and cooUog 


water outfalls and the demolition 
of mooring bollards. 

The new nver wall, which will 
comprise about 14 .850 tonnes of 
piles driven up to 20 metres into 
the foreshore and 11.200 square 
metres of concrete, will be sited 
about one metre forward of the 
existing river wall and half a 
metre higher 

The project will be run from 
the Laing South East Area office 
in Billerica;-' and is due to .start at 
the end of July with completion 
expected in t*o years. 


to Bovis 


ar.d Horbm-. Main cont.' ftur 
•0 35 Sir Alfred llacA’.pinc and 
Son ( Southern j. 


Mowlem homes at £L7m 


t^y-' -capacity of about: 4.150'' CJ wȣed , .by xwe^jn eu- j Cptrtafli- 
litres. , it *•« foupd that by in* £ ;i»lKBd " bf , 20/50 ^pd -3tv4o 
grouping the solar panels and US me«h Pc Bpers SMBS natural 
Fnmdlue a single array dimoud. toe water<rapled Wades 
-saver* i fiats that the cost at _2^0a: rpm and pro- 


Protecting Sheppey 


S’a'ALE Borough Couneil is 
spending £3m over the next three 
years with Taylor Woodrow Con- 
?t Pul'Ll on nn the project to oro> 
led Minster cliffs from erosion 
b> the sea. a process which has 
b*»en causing considerable cob- 
c.-rn to dwellers m local cliff-top 
hemes on the M*' of Sheppey. 

Piling and concreting work 


has started and the company 
is constructing sea walls and 
gromoes and regrading the cliffs 
on the basis of a survey carried 
out by Lewis and Divivier. 


BOVIS CONSTRUCTION, which 
is already working on a £'Jm 
new warehousing complex* at 
Eldoo Wall Industrial E-Tair- ar 
Crick, near Daventry. and a 
£750.000 evleoslon to .< ware- 
house at Westbiiry. Wiltshire, 
for Tescu. has received jnoLh.-r 
cODtrac: valued at around £*jm 
for a project com prising a 10.00‘i- 
square-metre exten-;ion in 
Tosco ‘s Home ‘n‘ Wear ware 
house on the Kilo Farm Ind ur- 
inal Estaic at Milton Kcynev 
The work involve-: enlarging 
tiie existing warehouse and 
offices and provision of new 
maintenance workshop facilities. 
The structure wlil have a steel 
frame with pitched roof and will 
be dad with PVC to match the 
existing Jwildiog. 


^ates £2 jm 

io London 



TWO HOUSING contracts valued tiona? cavity wall construction 
toother ai about £i.7m. in «itb reddish facing brickwork - . 

Lambeth. London and Simon a °d itied roofs. Work has now-W 
b-;.Tvs. hate been wun b;- John fec und completion is dne In field, - 

Mmviem early 1980. . W monitored bv Tbe.-Poiyteetutic • SiraiflnBMlt'AseatTBefe. fflSB 

The Milton ke..nes dp^e.op- , f , hc ^development of B»vlro omen tat fieaign - antf,- 3 ^? -. . >.v, l;' ,. 

u - ' EJect&vic -»»d ■ .. wLL-''-- 

Engfowring. - ' ' ^ BRIEt? : ' ‘ 

Xcsser . haL mtroducbd * now 
■w-'i . j _ Aiuiiding T Astern failed 

r 21 Si Supapac desigxjptT -as a ' iow-cost 



The 1. 000-metre sea wall is 
being constructed in reinforced 
concrete with a hbcet-sicel piled 
base backed by a mass concrete 
flood wall. 


Swiss plan 
Jordan town 


£3m Qatar reservoir 


THE Ministry 0 f ElortrirJly «nd 
Water for the Slate or Qatar has 
awarded n £3m contract to 
tVimpoy Offshore Construction 
nil joint venture with Arabian 
Construction Engineering! for a 
rc nroicert concrete reservoir at 
Wesf Bay. Doha. 


The conird’.-t comprises Hie 
construction of the 27.300 .;uiuii* 
metres capaciiy service reserve/ r. 
pumping station, chlorination 
station. si and by generator 
station, associated pi pc works, 
and miscellaneous sito works. 


THE JORDANIAN Government 
has just cummis-icmed S‘.n« 
architects and engineer'. 
Schindler and Schindler uf 
Zurich, to provide plan-, for a 
completely new town near 
Amman. Abu Xu»eir. 

The plans will include all the 
necessary buildings as well as 
the infrastructure for the town 
which is intended for 40.000 
inhabitants with low or moderate 
incomes. 


ef imorwvciiiem woi*t> ti 
lyO da;v -ituvied i n ti\c-.-‘vrcy 
Mol'kn wnl uke 16 month'. The 
fiats wi;l have central he, ting, 
will be L-ompleielj rewired, -md 
upgraded to provide modern 
kitchens and usthruom?. 

Externally, chimney slacks and 
part of existing roof structures 
will be removed, a new built up 
roof covering laid and new 
refuse chutes" installed.' Exten- 
sive landscapin': will incorrorxi* 
a children's play area. 

The company is also to 
i:wrt-rni<e d*-elling« 21 V.'iM- 
croft Eslati* in the Bnrnugh of 
I'.imden. at » c'.' 4 ! of £I.6*.:i T-'v> 

S4-v.-eck r-onrravl. slariin:- in carried out by Jarvis. 
July, will V carried out v«*l»* 
len.-iniv remain m occupiryn 
Fully fitted kitchen ‘pods' arc 
to be adited 10 IIS houses, .inrt 
10S flan arc to he provided - *lh 
full central healing, new kit.Vn 
and sanitary finings and up- 
graded electrics. Energy 
servation will be achieved by 
roof and wall thermal insu;yJion. 


« T ev ^ ,y ,.»,W S i: 

fief ween lurce and six people 


Alii 


contaimns community facilities 
nd warden's acconrmodatioii- ' 


Desieped by the cornoraiiort's Each flat will be centrally heatedi/CtA pp 
North Milton Kuy-nes Division, and have cither a balcony -or -a Judd Y ILv 
the buildings will be of tradi- patio* 


Uy DER a £l.4ai contract from 
the directorate of ancient monu- 
ments and historic buildings of 
liv? Department of the Environ- 
ment. major alterations »o ihe 
Mono Cole building at the 
-•.«.., r i;, and \ih-ri Museum in 
South Kensington, are ’0 be 


solution to 1 overseas aeccrmroo- 
- dartdrt -preWefn^ in the Mirfd'e 
Kast -;and'->'^ftJcBo'ffhe ; . company 
/also: pqjiojwoe? .'W 
bbuslRg - v ^stein; J Executive, . 
i rpeoiaJiy .1 iorvtrcqsicaL _ Climates. 

. .. for/pdmmirf 'Aad Ttbeir- families 
“.S^EPERT GUIDANCE for Bxiti* J 

l-T^tar GinOpIis, the .* 
ipcrt vesFel owned and 

” r .-' ■ — ~ — - •'• naotuo east w me prpquaa- .wm; 1: -,£»«* rwtuhnrp 

height of tbe five lofty floors of-iisyiw called mme Tint B«JW- . ^carS^wt^SS ' 

the conserved Henry Cole build. . tog Sendee. 7 7 SS“oL : e£, FriS F^ld^The 

ing. A lecture theatre on the ^Of&ces for the gTOup wiH be in . Sm%e 

ground fln 0 r of the.ligbtwell is tij/JfltWah, London and Mandhest#,, .v. ^jatnratjdn itt acre 7 from 
U demolichort as adequate - rod will aim to cope with e two- N orr H*«}: 'Diver? la Star ' iub- 
lecture accommodation already- "■W, flow of enquiries and offer 'SdEBr' ti -^obsiriQh:— 29?tbn 
cwsu in the V and A. ^ *ar fW administrative service ; t<S SgSgte ? ‘ ^n : if $ 

The cwKpaoy will also renovate- -esrapawes joining Che project «- wSS.t?V — P *. •» - 

five fiiuirs uwl~csrry qui ■attaptff-'-.iteH^as-act as ^n expert itnk-for"- 3 ®^ 1 -^ 1_ — ' " ' 


- ■.■'•-•wmpan'ies w»Bnm^-.ao ^ RH^Aouitaiiu 

Jarvis to extend V & A ... ■I’.SSSSS^S 


* be Henry Gou- building w^s t ions ro ibe Henry role building, ibem between the Middle East,-# A sit well Scott has - secured a 
opi'n-'d in 1ST6 as :i science school Immediately behind the stone «nd their British base. cohtract Valued at ' just - over 

und hag been recently vacated by screen of the museum fronting , "2 The project is supported by ' £45&0QO for the installation nf 
Imperial Colioge. Because the on 'o Exhibition Road, a two.. 'flip National Enterprise Boaril . mechanical services ;ln a new 
prims and drawings dopyrtmerii storey building will he coo- which has declined to state -the. fouristorey jbuildinfl -which will 




hnical News 


EDITED BY ARTHUR BENNETT AND TED SCH0ETERS 




® METALWORKING 


Easy cuts by laser 



D«cp hole boring problems, com* £ PROCESSING 
plicated by rhe fact dial the long 
tubes to be drilled already had 
of cross holss drilled and 
into them have been solved 
Gloucestershire specialist group. 

Requirement was to bore and hone 


JJ3 Desalting 
complexes 


agon able 
of 1 
t 15 


situation it would be 
to expect a removal 
square metre in 
minutes. 

Large surface areas are ; 
using fan Jets of 39 agrees 
angle, and their cutting -ortoeel-: 
ing effect is determined bithe 
distance the : nozzle is hcld frbm 


MOBREY 




ARE l« CON T ROL ' " 


J O;: 


DEVELOPED by Messer Cries- distance from th? work by a 

h?im i> a high-performance capacitive sensor system. 

carbon dioxide loser culler with Thicknesses up i0 JO mm can 

rnnimiioit- ouiaui aowera m to be cut by usln ? a looser local 
r-n muon- ou.pui powers up to k< lh a0(!/0r the hi , her powor 

1 bOu A ails mounted on one o' j as “ r 5 

,hr OTI, ^”-' S S uldelt “““*»* A complete m.chtee eon cost 
gjnirie;. over £60.000 and the company 

At one end of the gantry is expects Initial interest to be 
a photoelectric following head shown b3- display sign maoufac- 

which traces out the cutting *“ rers , * et ^ ers an ^ 

... e f 11 < j characters frequently are cut out 

I' Otter, -t front full-sett, e drawujjs bj „ wlaj , nd are tl]f0 clMned 

ur teiTiplales. ruiluwing an up and polished. Often they have 
iden-.K-al path at the other end to fit apertures 10 other plastic 
is the laser cutting head. The sheets, precisely. For reason- 
workpiece remains stationary — able throughputs, the company 
an advance, ii is claimed, over believes that laser cutting will 
most of the currently available sbow overall cost advantage, 
machines in which the work is Messer Griesheini is also 
moved on an X-ray co-ordinate hoping to create more interest 
table. The new design results among sheet steel fabricators 
largely from ihe fact that tbe who would otherwise use expen- 
weight of ihe cutting head is only sive. wear-prone punch tool 
100 kg. machines. 

The machine can be supplied A typical cutting speed with 
with a 250. 500 or l .000- watt laser IJ ram sheet steel is 2.000 mm/ 
depending on the thickness of min using ap oxygen jet to speed 
material 
trie guidance 
supplied 
to three 

£? machine al lowin?‘ overall) Visible material™ For ‘non- both alphanumeric^ and graphic through outEu ropery £M1 Tech- 50211 


removal Group 

the entire length. Normally, such .®* ni D £ ^[L' a ^Otthbd^ 0“ *tattOduS| i fN STRUMlWlPJ 

deep hole boring job* arc carried w- v r abrasives', to Hs high pressure 

out before olher drilling, to elimi- £*.,.?? h n.Y/o Y v, a'er jetstream In order to tackle^ 

- nate possible damage to tools and I j P tough ' coatings-- used on under" 

; distortion resulting from inter- . £ 0 cito nt water structures arid briny to , 

mittent cutting. Tubeboring of ' J..- ta ![^F m * s L e n llp r of Jjj| light critical welds for Inspection {ia]#] 

Cheltenham overame the problem KSi.J'iL 1°.a ■♦votiSSo *S!.i at depths as far down as 200 feet. (|I 11 “I Cl 

by putting back the metal that bad fftJJlrtVde whtS u F .*** Hu ^ he ® ** at Blenheim POTABLE .multimeter from 

been removed — inserting into rhe wm U u« e ihc e t^aSdw«w wheS SUrrW s J'sb-on Donnor i s a »a,lable «tb 




*- — : 


sri ffsaaxrsrs 


boring operation was carried out 


sf-'Hin Atev i n 1979. 


as if in solid metal. After deep 


Tho Algerian company is buy- 


ing tbc plant — costing several 


Laminating 


S' dollars—frora Degrcmont . . 

trrassifejs s&»»a no Problem 


p U .. 7 wr - 1 . ium.> «■ specialists and will lnsrill and ■» - ■ - - in n*e ranges up io fau 

deep boring and operates from Umt ,J iltar|v 0 p e ?af e lt . 1 - d EPOXY ADHESIVE for laiuteat- ^4 resistance from 0,01 ohms 

T e l: ww r 52826 ^ - Permasep separators, based on ylnyi U) chipjward^ been IV. 


a choice of PC accuracies of 
either. O.flS or 0.05 per ceDt and 
with a, choice of current or dBm 
measuring mode: 

The meters can measure DC 
voltage from 10 . micro volts to 
750 V in .five ranges, AC voltage 
also in five ranges "up to 750 V. 

*' " " ■' to 


bundles of fine "hollow fibres of developed for Cabinet ‘Industries Accurate measurements can be 
aromatic polyamide material, are b -" National Adhesives and jfcade of triangular, square or 
lone-lasting and their internal R esins. Important is that the distorted Sine waves because the 
structure permits the nassaae of we t adhesive can be dispersed instrument uses ,a - irue - RMS 

. . r . . 5' ...I ,u l-anvorttr ' On -11 


- w 


• PERIPHERALS 

EMI bid at low end 


.. . . . ^ ... larae volumes of treated water with water from metal applica- converter. On all the models, a 

v,de local processing power with- -fhese Du Pont devices are also rollers. ’ ' choice is offered of -mamrai or 

««.■?- *n what win *be the _ ^bmeUridustnes required an 



ricires of width are available to metallic materials the system £ or ™ s - Ao v a,es * nd ^ enmtom- 

sp-icial order. uses nitrogen a* a shielding gas. hardware modules and software service organ. sa. inn that pro- Q SOFTWARE 

K . . packages is also available to motes many of the EMI Group s 

Sheet already formed (with a More From the comi»ny at [nterface this electrostatic electronics products through its 
U-vhanncl. for example! can be Prospect Avenue, Seaton Delaval, punier to computers and other principal centres in Europe, 
fif.u wnh because the cutting it ley Bay. Tyne ^ and wear, data sources . EMT Tcrhnolo-’v. Dr.ta Pro- 


head 15 kept at a eanstant NE25 ODP (0632 4S0140). 


Data on new (OCllIlOlO^y User convenience has been a 

kev dc«iqn criicrinn fnr ihe 

ISOSTATIC pressing is quickly in tbe production engineering SE1004 as well: it has virtually 

-jinins ground as a method of fi d d who have shown an interest silom operation: paner loading 

r-irminf. meMllic and non- m i^ostatic pressing, but feel a nd toner replacement arc 

shaoes from nnwder lbat Diey ar® not sufficiently extremely ?imn1^: mtrijut formal 

metallic shapes irom powoer thA f « rt f m nMt»v rn — t— s , — u — a 

starting materials 


The SE10O4 Is an all-British ducts Division. SF. rEMH. 

U-incb machine that is compat- Snur Roj»rt. Feltham. Middlesex: 
ible with the Vcrsatec printer/ 01-890 1477. 

plotter. 


Drives and S” ?jI°S 


..u Sl oiiiiniwi iuu -u uKuwna. M or ,3-5 Jargesr p/ant fo tbe D n> adhesive that exhibited low ta<£ JF desired, .the mstsr c&i be,’ 
tern LY^. ^ .• h ® iboar ^ duetto n of potable water from on tiie glue application roller ■' ’with s 'callbratipTr> from, 

displays, processed data and 5a | tv sources now taking sbaoe at bul fiweloped tt fast enough .*“6fl-to_+«0. dBm". in *ve anaiaual ■ 

program? instructions and pro- Ftjy a db< Saudi Arabia On com- wh »st wet to eliminate surface ranges. The facjflty is perticitTarry 

g. The „i aTi/v „ — -~t r._ tim defects when the two layers are useful In eliciting' long: distance 

able to br ougfat together. Common prob- volce circuits. and is provtdfed'm , 

vater a lems *re‘ that pieces of loose Place' of ■ the -'.five ; DCL- aird; ACl- 

cbipboard on the leading 'edge manual current modes- 
The largest industrial desalin- th , e P?? el .^nsferred to one mlerogmp. to rwo a^p^" /- 
ation plant working by reverse ^e glue Hue causing “ pimpres ■» -?wre f*5» th* ' ; eprafM 
osmosis now i n existence u in in laminate, or that other Mary 5 Road^-I^amlnglbn-^Spa,: 
Japan providing a - * Slirfai-* imh»Tf»ptinnc (ii«h. sc' . Wirwi^leo 

day of water fo 
More details 

materiel and. its ■ aoDljratlnns - 

from Du Pont (UKi. Breams P^ uct * on Bne Gabi- A VTT.Ejt' - VtlttBf'< 

Building, Fetter Lane.- London net Indu Y rl « s required dean * Y - r ;J ^S.-v-WSfiS^lL— .. 
EC4A. 01-242 9044. running of the adhesive on the - J "i 

slue roller W allow trouhle-ftee DGlC 'OI*IV’iOT*>- : v ^ 
laminatiag with limited operator “*T^*;*? 
attention. Fast curing of the ad- A PACKAGED, power- isn 


Commercial 


Water jets 
strip coats 


hesive, to permit early handling slon oatt irifli 'atf 
and rapid, machining— with con-drive has ' be^b > iotnjttftc^Lby* 
sequent economies/ was a fur- D-iveyfl/ri.. TTontev^TQrfldf’rfrfielfl'i 
ther stringent requirement.' West Yorkshft^' (Q4B4- : eS3!SS6y. ’» 
A three month development . Any Hat i»i vee-wir effi can 


COBOL is boin? offered by Zilog 
r.n as MCZ-1 scries of micro 
computers. This means lbat 

_ commercial liters, of whom 70 .. .. UMt . v 

aware of the technology' to ceipption ranfri and uncomnli- Per cent operate fn CoImjI. wifi REMOVAL OF old bonded rub- programme aimed at meeting be factory fitted 4nio tbe-robustTv 

, _ . purchase the capital equipment C ated: simuitan**nn? print anrt he able to employ these micros her linings Trom process vessels these criteria has resulted in constructed tot ails --.-enclosed 

Involves Ihe compaction of involved in research or produc- pj 0 r is a «r»m]x p tl feantre: P'pcessor-cunirgma ... ... 

powders into a predetermined ij D n trials. hi°h reliahti^v results from ihr < * fi 1,mn " 1a " n ‘* ir 

shape 11 works by applying fluid powdrex of Golden Green, nr minimum number of movin 

pressure through a flexible Tonbridge in Kent, is making pa^ts. 

mould in a pressure chamber available a high pressure cold «oft*vare i< nffomd r nr , lia , r fc*#in» ,..-r, Vl u*, v «- 

In cold isostatic pressing isostatic press to anyone who T>FC« liv ? nd RT 11. md “ E»roo*> t i Vnd 10T “ r PVC „ L '’' d ‘j“, bo1 P erf ormance or nn nor explosions caused by nesses. The. glue layer of epoxy Units fitted with elettifft motors 
fpressiS at room temperature" wishes W carry out research Data General's RUOS and Ptos. ZtJT* ,nln,com ' \ creates a hart film between the from l hp to S^ hp are available, 

ihe pressed shapes or coropop. work or to use it on i contract At .the »nie time on interface ™“,™ 1 _ ..‘tf ?» b« wfe. y ijfc no tfcww pre and chipboard, reinforcing 



the manufacture of hard metal taken to reach maximum ^cepr dam iq ^on,j>at- components, the *»X'ruiw rela- "ram development; ai 

ports and cutting toon,' pressure is less than l« ibi. or serial fRS Wi form ""ly cool generoie- l^ oo.se Time. s»iuen,i,T file 


wear 
powder 


meiaUurgy preform mioutes. and the complete cycle Technical specifications of the and 'consumes less power than dc-xed ’file access. 


nt; ai ihe same different properties and the pres- departure in lamfnatinc prac- 
file access, m- «iires, volumes of water and type tice. It wilMead to the use of 
s. random file?, ol ooxsbt Ut be used must be pv c as a deed relive finish In 


production in low and high^lloy time 4 oew printcr/plotter include a many contemporary models, it is- program segmentation, library, selected to meet varying condi- arpas”where*itVas Mt previously 


stools, production or ceramic depressurising and unloading printing speed oF. 500 character ri aimed 

s'ructUTal componcutfi. plastic takes no more than five minutes, lines per minute, a plotting speed The digitisore. 

rotiiponcnis. and in bisb- Powdrex at Cryjtalatc Works, or up to 1320 dot lines per *00A, are haMc.-ill- 

temperature matenaf*. Golden Green. Ton bridge Kent, minule. a standard ASCI! %- dhO model v.iTh an iddrd rater*'- ' ZilfL tUK>. Nicholson H»m«c. -judv tn ihe reiiu.isal rate Vfruli- is ars1ou”b l To^T'33494"FabT- 

Tbere are many organisations Tel-. Hadlow (0* 3 279 1 nl. symbol 32-con tro l-sy mho l chardc> processor conlroller. They pro- Maidenhead. Berks. Q61!S 36131. her. Imt perhaps in a "medium" net Industries oh 01-531 3S11-, ' 


inTerprosrjm rommunicatiun. non-. Because of all [he he.pn used. Che eomnanv antfef. 
designated and 13-di?ll decimal and binary ^anablo. thr compcnv pa Tc s ' “ ■ Y 

t ho exisiitic d 3 J a types a rr covered. __ thorr i-annm ho an aceura'P Natmnaf Adhwfve? >nd Rprin* 


FOR VISITORS 
TO BRSTAm 


INTEREST^* in ;• 

' INDUSTRIAL DOORS ■ 

Before ce'tuftjjng /home : * pi ease 
telephone Mr. D. • Arrowsmlth 
to * discuss _ Industrial •’ Doors. 
Sccurfty^ Closures requirements 
In your country'. ' ''. 

Mm irally benefielal.T . ^ v 
SHUTTER. DOORS ‘LIMITED, ' - 

. Wwf ted lBducirli|. I 'tiatt', . 

_ , Pmrton. Motn. NGtft 6LE: 

Tib RlpTcjr Telca; Mllft.;, 


I. 

<1 



"J 








- ... Times Monday June 26 1978 



s and Office World 


u 9 1 j 



* .■ . :: • -f~ •/> ; ; 

EDITED BY C H R I ST O P H ER> LO R E.N Z 


Francis Duffy explains how a much more positive 
. approach is being taken to. property conservation 


^in§it j ^uilding a reputation 



{? v brief 


CASTING one's eye to heaven 
is - a., tricky business in city 
traffic but if does have one 
great reward: estate agents’ 
• fi, *? 5 , ii d * rty windows, and per- 
petually extinguished lights 
reveal how much office space is 
standing empty. And a dispro- 
portionate amount of this 
emptiness is in older buildings 
New. office buildings still seeni 
more attractive to prospective 
tenants despite relatively high 
prices and questionable utility. 
And yet the older, smaller 
more down at heel office build- 
ings -still form the vast bulk 
of office property— and the very 
fabric of our inner cities. 

Te n- years ago there would 
have been no hesitation. Tear 
the old buildings down and re- 
develop would have been the 
obvious course of action. Now 
.the; conservation movement, 
powerfully aided by a depressed 
economy, is more likely to lead 
to a policy of make do and 
mend, with perhaps the occa- 
sional spectacular scheme nf 
refurbishment. An obvious ex- 
ample is the Coutt's Bank pro- 
ject in the Strand (Frederick 
Gibhard and Partners); here 
the facade is retained but prac- 
tically everything is renewed 
behind it 


-do-and-mend 


More loved 


Conservation is a powerful 
movement. Old buildings are 
more loved and more voci- 
ferously protected than ever 
before. We shnu'd be grateful, 
since the experience of post war 
rebuilding has often borne out 
the layman’s fear that a new 
building is always inferior to 
what went before. But con- 
servation has acquired a less 
negative and less protective 
aspect which begins to sound 


very like a feasible poiicy in 
its own right 

SAVE provides an excellent 
example of this. Far more im- 
portant in my opinion than this 
young movement’s spirited but 
unsuccessful campaign to keep 
the Victorian . splendours of 
Mcntmore intact, was its re- 
port on the provision of offices 
for central and local govern- 
ments. Its conservation pro- 
posals have important implica- 
tion for all office users, 
commercial as well as govern- 
ment. 

Growth, new departments and 
local government reorganisa- 
tion inexorably increases the 
demand for office space for 
bureaucrats. Why should this 
demand be met by expensive 
new buildings when “high 
quality office space can be pro- 
vided by conversions, adapting 
or improving existing buildings 
at a considerably lower cost?” 
With considerable flair, much 
thoroughness and some telling 
statistics SAVE cuts a wide 
swathe thmugh the accommoda- 
tion policies of government 
departments and local authori- 
ties as far afield as Hillingdon 
and Argyll. Great stuff for the 
headline writers, but behind 
them is a serious message — old 
property is a resource which is 
cheaper and can be used at 
Least as effectively -as new build- 
ings. 

It is odd that' the official 
response to SAVE’S attack has 
been so tight-lipped. . Several 
very basic arguments could 
have been made against SAVE's 
proposition that reused space is 
always better than new. 

Refurbishing costs are not 
always lower than rebuilding: a 
lot depends upon the state of 
the property, as every owner 
of a crumbling stately home 


knows very well.. Moreover, 
office refurbishment costs are 
notoriously hard to compare 
with building costs, since some 
items like furniture and carpets 
have a short life span, while 
other building elements like 
structure and windows are 
meant to last for a long time. 
Sharp distinctions between the 
two are not always drawn, even 
by building owners and quantity 
surveyors. SAVE’s analysis 
takes no account of this 
difference. 

Location is not taken Into 
account by SAVE— a factor 
which is so important in office 
planning that the grouping 
together of certain departments 
in one place for efficiency, and 
within easy access of public 
transport to make recruiting 
easier, could very well justify 
a new building on a new site. 

Space use is nor considered: 
older buildings have certain 
physical characteristics such as 
an accumulation of small rooms 
which are a direct result of the 
form of construction and can- 
not be knocked into each other. 
These are formidable con- 
straints in office planning and 
might very well rule out cer- 
tain kinds of layout or make 
certain working relationships 
unattainable. Moreover older 
buildings are often extremely 
inefficient in providing usable 
office space. Well planned new 
buildings should provide more 
usable space, better serviced 
with few wasteful lobbies and 
corridors. 

The atmosphere of buildings 
is disregarded: old buildings 
m'"ht «vrabolise management 
philosophies, bad old ways 
a-a-ncf which a new style local 
authority (or a new management 
team) might be reacting firmly 
and finally. Unimportant status 
distinctions, such as rooms of 



How the facade of Coutt’s Bank is being retained while almost everything behind is being renewed. 



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BUILDING EXPB?nSE AS WIDE AS MAN'S imagination 




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varying sizes for various levels more creative design effort as is also here that conventional 
of management, might have be- the cool and sophisticated lay- plan ning and developmental 
come established in the fabric of out planning which is thought strategies came most spectacu- 
an existing building almost in to be necessary in new office larly unstuck in the early 
the way that dry rot infests an buildings. Space needs to be seventies. SAVE’s excellent 
old house. Moving into new pre- matched against requirements work jn drawing attention not 
crises might be the only effec- whether a building is old or only to the picturesque quality 
tive cure short of fire and the new. but also to the utility of existing 

sword. What would advance SAVE’s buildings goes beyond conser- 

Like any new start, a new arguments enormously is a vation. It points the way to 
building may be highly desirable general understanding that such better use of all buildings both 
for all sorts of reasons. I am a design effort can be packaged, old and new bv relating their 
sure that SAVE did not intend Buildings have physical proper- shape to their likely use. 
to interdict all new build- ties which can be measured — So do not walk through the 
ing for all time. Neverthe- they have typical room sizes, city streets with your eyes cast 
leas its report is extremely typical room depths from win- down. These empty properties 
valuable because it draws atten- d ow to corridor, typical entrance above eye level probably have 
tion to a neglected truth — new halls, typical numbers of their uses: can be made tn work 
buildings are relatively few in storeys. The building history of for someone, provided the right 
comparison to the vast stock of this country is. on the whole, way to develop them can be 
existing office accommodation, highly standardised. Old ware- found. This should be good 
The real problem for users and houses, old office buildings are news for those of us — and we 
designers is less to plan new often as consistent in floor plan are the majority— who do not 
buildings than to use what we as Georgian terrace houses. require 50.000 sq ft of prime 
already have more effectively. ^ npner j c Qualities nf these air-conditioned space opposite 
Take small businesses, for ex- DroMr 2 es are ,,!*-! becau ce they th* Bank of England. It should 
ample. Small firms with limited easily be matched al s° be good news for those who 

nan cial resources but a great fl p a j^ Rt eq ua j]y typical user re- th e fabric of our cities. 

nrnnp°rtv eil wihi^h Ca wn^M ^ Quireinents. Small impoverished Francis Dufly. ATtIBA. is « 

enterprises as well as medium- partner of Duffy Lange Giffone 
ESS sized businesses have a range of Worthington, designers and 

nrZn VtltlT WZX requirements which is not too spa ce planners. 

ic innnSn WidK ^ te0d t0 need r00mS 
S? s °‘ °* ce ^ n sizes, typical office 

Wa .“°. st depths, typical entrances and 

cepted^tandards JFJSZS 

or deanllnKS that only implred. raa be ratal ' ogued an fl d matched 
do-it yourself could make occu- againEt ^ kmds of space tt , t 
pation possible. ' e „, u , bl0i . 




to smiil firms 


A DIRECT mall shot by the their problems. It is one of the 
Bank of England is an unusual main themes of the book itself 
event. The decision to buy a that a guide of this kind can 
mailing list and to send out be no substitute for seeking the 
80.000 free copies of its new right kind of professional 
guide to business finance* is advice. 

therefore a good indication of The businessman must also 
the importance which the Bank accept that, even when expressed 
attaches to its potential audi- in oon-technica] language, a 
ence among the small to description of the wide variety 
medium-sized companies in the of forms of finance on the 
UK. market and of the approach 

It is accepted wisdom by now required to take the best adhran- 
that there is a gap in the in- tage of them can be pretty 
formation available to the heavy going. The book, how- 
s mailer companies about the ever, will repay study for any 
sources of finance which are businesraan thinking of setting 
available to them and about how u p a new operation, expanding 
they should set about tapping an existing company or simply 
the lenders. The issue was first looking for an alternative 
raised in the Bolton Committee source 0 f f un d s . 
report in 1971 and since then provides in its final section 
a growing volume of mauily a comprehensive list of the 
anecdotal evidence has under- 


_ _ . , „ , . various sources of finance, 

lined the problems faced by the These e fronj the accept . 

small company sector. in? houses _ the m flight 

U • •, merchant banks — other 

I nOFIty merchant banks and the big 

The activities of the Wilson clearing banks through a whole 
Committee on the financial spectrum of other institutions 
institutions have again brought including foreign banks and a 
the issue to the fore, and a wide range of specialist lenders, 
number Df efforts have ■ been The Bank has not attempted 
made to bridge the gulf which to draw distinctions between the 
clearly exists between the down- individual banks and institu- 
to-earth businessman and the tions in particular categories — 
remote financial forces of the though its section on the com- 
City. The Bank of England's panies which are prepared to 
decision to move into the field, offer development capital gives 
in association with the City some indication oF the kind of 
Communications Centre, em- propositions in which they 
phasises the priority which is would be interested — but it 
being given in the highest City does bring together the names 
circles to easing the path of the which might be useful to a 
small businessman. borrower. 

Ifee fact that this newspaper The essential background to 
has already received many this list is provided by the 
phone calls and inquiries since earlier chapters. The first part 
the release of the Bank’s new of the book underlines the need 
book is some indication of the to understand the appropriate 
probable demand. This will no use of the different types of 
doubt be more than duplicated finance and describes in general 
among other outlets and particu- terms the range on offer. “ Each 
larly in the branches of the big type of finance,” the book corn- 
banks. which have taken a large ments, “can be particularly 
number nf copies for distribu- appropriate for some situations 
tion to their customers. The Jut can be quite inappropriate 
book is being made available for nt b prs - . 

to small businessmen free of Perhaps the ^ 

function of the book, though, 

S may be to bring home what the 

copies may cost £l-«d I th s blIS J ines5inan h *j mseIf may be 

HJJf a i“ l !f ,p .. t0 encourage lts required to do in order to gain 
wide distribution. access to the right kind of out- 

It Is important, though, that ^ finaT]ce 

the small and medium-sized •Mcnep for Business; Bonk 
businessmen should understand Q j England and City CommunU 
what is being offered. The new Centre ; available from 

bonk, like other guides, should ^ p u bn c information Division, 
help them in their financial Bank o] England, London. 
decision-making. But it will not « , D . 

provide the complete answers to IVlicnaei DiaHuGU 


Far removed 


Of course, this is heresy: 
_. . . . „ _ heresy to architects who tend 

■mis is why old mills in Lan- t0 ^gue that each client is 
cash] re and old warehouses in unj Md double h t0 
London are at this very moment deve i 0 p e rs. whose bias is to- 
being lovingly converted for use wards assuming that all user 

. S . nia ■] enter P rises - Llke requirements known to man can 
attrarts hke: small entrepren- be mel b the 40 ft 

:r fi u nd . th ;? a r R Wh,Ch Sl, t deep new speculative office, 

them best. But this concept is £ither £ is an excellent 

far removed from the cautious he sLnce can m ake 

nsk-takmg of conventional pro- possibIe the far more intelli- 

perty development selling of space, based on 

Or take another example: the f capacit f t0 accommodate, as 
typ.cal firm of medium size and „ * s jg lQcation ^ price - 
middle age which is accora- 


better decisions by management 
in choosing space which is 
apDropriate to their needs; 


modated in several older build- 
ings of varying degrees of in- 
convenience. Very probably a 


t oLcp h ic out Vi f th pm , ft n nn strategies which would take into 
leased, is out of the question on aC( . ouat ^ enormously rich 


cost grounds. The property ex- 
perience of such a firm is 
typically a continuous succes- 
sion of adaptations aod renova- 
tions. a Jong drawn out attempt 


resource of - spaces of various 
kinds in our existing older 
buildings. 

Perhaps It is significant that 


to make ihe best of what they this kind of thinking first arose 
have already. when attempts were made to 

The reputation of old offices use dilapidated premises in 
would be improved if small and inner cities. It is here that 
medium sized businesses resources are scarcest and the 
realised using such accommo- prnMems of making do with 
dation requires as much if not what exists are the greatest; it 


Understandingfinance 


A MANAGEMENT report has 
been produced by the Institute 
of Personnel Management which 
aims to provide managers with 
a basic understanding of accoun- 
tancy practices as well as advice 
on how to present financial in- 
formation to employees and how 
to train them to receive and 
understand faefs about their 
company’s financial position. 

The Employment Protection 
Act places a duty on employers 
to disclose information for col- 
lective bargaining purposes and 
an ACAS Code of Practice pro- 
vides guidance on what should 
be disclosed. Furthermore, it 


has become good industrial 
practice in today's social and 
economic climate to keep 
employees informed on what is 
happening in the organisations 
in which they are employed; 
they expect to be consulted and 
able to participate when deci- 
sions arc being made which will 
affect their future working con- 
dition-:. remuneration and 
security of employment. 

The Disclosure of Financial 
Jn fur mot ion to Employees, by 
D. 31. C. Jones, 1PM, Upper 
Wobwni Place. London WCI. 
£10, plus 65 p postage. 


Management Studies at PCL 


MA in Manpower Studies 


A one-year, full-time course with major options in: 
INDUSTRIAL RELATIONS 
MANPOWER DEVELOPMENT 
MANPOWER PLANNING 

Starting September, 1978, for DMS holders. Business Studies 
graduates and others with appropriate management experience. 


Diploma in Management Studies 


The objective is to accelerate the development of chose with 
management potential. A wide range of options is available, 
and the course may be taken as one year (full-time), two year 
(part-time) or three year (evening). 

Other councs include: 

Diploma in Arts and Leisure Administration, Diploma in 
Overseas Marketing for Language Graduates, Diploma in 
Personnel Management. 

Further details from: The Registry, School e f Management 
Studies, Polytechnic of Central London. 35 Marvlebone Road, 
London NW1 5LS. Teh 01-486 5811 ext 253. 




;^gootov^ aridclties 



BARCLAYS BANK 
NOW HAS 
ABRANC 




A branch of Barclays Bank International is now open 
in Zurich. We have had a representative’s office there since 
1%2, so we are already familiar with the business scene in 
this important international financial centre. 

The new branch will strengdien the support we already 
give to British and other European companies in the 
development of their international business. 

Zurich takes its place among our many other branches 
in over 70 countries throughout the world, and is equipped 
to provide a comprehensive range of international ana 
corporate banking services. 

Contact our Chief Manager in Zurich, Derrick Waple, 
at the address below; or in Britain, get in touch with our 
International Division at 168 Fenchurch Street, London 
EC3P 3HP (telephone 01-283 8989, extension 3382). 



Barclays Bank International L united 
Postal Address: PO Box 1008, CH-8022 Zurich, Switzerland 
Street Address: Talacker 41, CH -8001 Zurich 
Telephone: 221.13.35 
Tele\-74#tfrt 






“ -vy fci.s-* • 









LOMBARD 


The election and 




BY SAMUEL BRITTAN 

THERE ARE some ways In 
which the coming GeoeraJ Elec- 
tion is reminiscent of 19<0 anti 
others io which u is more 
reminiscent of 1959. The more 
technical parallels are with 1970. 
The Wilson Government of the 
time had previously suffered 
severe economic crises and had 
been forced to devalue. But the 
economy seemed to have 
recovered io an unexpected 
degree and Labour was set fair 
for another win— which to the 
surprise of nearly all pundits 
and pollsters it failed to 
achieve. 

In other ways, however, the 
mood is more like 1959. when 
Mr. Harold Macmillan won the 
election with an increased 
majority. Then as now a Prime 
Minister with a conservative and 
unflappable image was aoina to 
the country in the autumn. 

In both cases the Prime 
Minister appeared mainly in- 
. leresied in aloha! statesmanship, 
treating the election as a little 
local difficulty to be put behind 
without effort or strain. 

The parallel with 1959 will be 
more to Mr. Callaghan's taste 
and that with 1970 more to Mrs. 
Thatcher's. But no two years are 
exactly alike; and it is better to 
ask whether there is a more 
general theory which can give 
some clue to the outcome this 
autumn. 

A tneory Df political trade 
cycles has been Quite fully 
developed. In simple terms, it 
states that elections are held in 
a period of boom in which real 
income, and perhaps output too. 
rise much faster than the longer 
term trends. The inflationary 
effects of the boom and the sub- 
sequent corrective recession do 
not come until after the election. 
The first part of a Parliamentary 
or Presidential term is therefore 
.'one of stagnation, while the last 
part is one of prosperity. 

Esoteric plane 

The existence of these political 
cycles is in hot dispute among 
.U.S. academics. As usual, 
econometric techniques have not 
resolved the argument but 
simply transferred it to a more 
esoteric plane. The real reason 
for the hostility generated by 
the political cycle theory is that 
it seems a threat to the notion 
of rational Chicago man. For it 
suggests that the electorate is 
fooled by a boom which cannot 
lasr and that it does not learn 
from experience. 

In the UK in the 1950s and 
2960s. the best political predictor 
was the unemployment rate — 
presumably because fairly small 
variations in it were a aood guide 
to the state of the business cycle. 
But with the secular jump in the 
number of workless, this relation- 
ship has broken down hopelessly. 
The best guide now is the move- 


income — that is the standard of 
living, excluding the so-called 
social wage. 

The table shows that the Con- 
servative election victories of 
Eden in 1955 and Macmillan in 
1959 were achieved when real 
personal incomes were rising 
rapidly. When the Conservatives 
lost iii 1954. real incomes were 
rising only a shade above the 
average for the period. Even so 
thr* Home Government surprised 
political observers by the nyrow- 
nCft of its defeat. 

The flr«t real difficulty for the 
theory came in 1970. Labour's 
surprise defeat occurred despite 


Years 


Real personal 
disp. income 

% increase 

Political event annual rate 


1951-64 3.5 

1954-55 Cons Govt wins 4.7 

1958-59 Cons Govt wins 5.1 

1963- 64 Lab defeats Cons 3.9 

1964- 70 2.0 

1969- 70 Cons defeats Lab 3.7 

1970- 77 2.4 

1973-74 Lab defeats Cons 2.6t 

1977-78 ? . S.4* 

* National institute estimate 

t 1st quarter on 1st quarter 

Source: Econ Treed* 


a growth or real incomes substan- 
tial^ above the average for rbe 
period. Mr. Heath's 1974 defeat 
provides little evidence either 
way. Real incomes were rising 
at 'an average rate: and in any 
case the confrontation with the 
miners dwarfed all other issues. 

Will the political trade cycle 
fail to work in 1978. as it failed 
in 1970? Two crucial differences 
between ibe two years should be 
noted. One is that the estimated 
rise in real personal disposable 
money is much larger now than 
it was then. Thanks partly, to 
North Sea oil it is of more than 
Maeroi) lanes) ue proportions. 
Secondly. Labour suffered from 

rising prices eight years ago. 
Although the actual rate of in- 
flation is greater to-day. it has 
been coming down sharply, 
whereas in 1970 it "was rising to 
new heights. 

The result of the 1978 election 
will not be a decisive test of 
the political trade cycle theory. 
For if the Conservatives win. it 
could be due to other factors, 
such as rbe collapse of the 
Liberal vote or other non-econ- 
omic issues, offsetting the benefit 
to Labour of the cycle. If Mr. 
Callaghan wins, it would not 
mean lhat voters were neces- 
sarily fooled by a few months of 
prosperity. Voters might still 
prefer Labour even on a realis- 
tic view of the longer term irend 
of real incomes. These qualifica- 
tions being made, it is still in 
Labour's interest that the poli- 
tical trade cycle should work and 
in the Conservative interest that 
it should not 



J 

V Ra 

d 

iO ^ 


THE WEEK IN THE COURTS 


Employer’s liability for 
a servant’s dishonesty 


IF THE owner of goods leaves 
them with another person to 
Jook after, who Lhen fails to 
produce them when they are 
wanted by the owner, it is a 
reasonable inference that, in the 
absence of any explanation, 
they have not been looked after 
properly. The law sensibly 
adopts that approach and pro- 
vides that the person with whom 
the goods were deposited has 
to show- that he has not been 
negligent. 

A reminder of that simple 
proposition came from the Judi- 
cial Committee of the Privy 
Council last week in a case from 
Malaysia. Port SiceUenham 
.Authority f. T.W.W. and Co." 
In that case the port authority- 
had received cases of pharma- 
ceutical goods shipped from 
Hong Kong to Port Swettenham 
(Port KeUng) in Malaysia. On 
the known facts the cases had 
been stolen, and could not have 
been stolen without the miscon- 
duct or negligence of the port 
authority's servants employed 
tn keep the good in safe custody. 
That, one would have thought, 
would have been that. But law- 
yers are nothing if not ingenious 
or. some would say, dis- 
ingenuous. 


BY JUSTINIAN 


effectively dealt with in a case 
in the House of Lords m TOTJ.t 
The opening words of Lord 
Macnaghten’s judgment m 
1912 case sets out the facts in 
a delightfully written judgment. 
•Tn the office of Grace. Smith 
and Co., a firm of solicitors in 
Liverpool of long standing and 
good repute, the 2ppeilent, 
Emily Lloyd, a widow woman 
jn humble circumstances, was 
robbed of her property. It was 
not much, just a mortgage for 
£450 bequeathed to her by her 
late husband, and two freehold 
cottages at Ellesmere Port 
which she bought herself with- 
out legal assistance for £540 
after her husband’s death- But 
it was all she had. and after 
the order of the Court of Appeal 
reversing a judgment of Mr. 
-Justice Scrutton (who tried the 
case with a special juryt she 
was compelled to appeal to this 
House as a pauper.'* 


Conclusion 


Precedent 


It was argued that any dis- 
honest (as opposed to careless) 
act by a servant employed to 
take care of goods was neces- 
sarily outside the scope of his 
employment, and that the 
master could hot be held liable 
for a servant’s dishonest act un- 
less it was done for his benefit 
or with his knowledge. That 
argument rested on an old pre- 
cedent that said that if the ser- 
vant. sent to perform the duty 
of guarding goods, performed ii 
so negligently that thieves could 
readily srea! them, he was 
liable; hut not if the servant 
joined With the thieves in the 
theft. That somewhat startling 
precedent has finally been swept 
away. 

Why is it that the law does 
not allow the employer to escape 
liability for the dishonesty of 
his employees? After all. can we 
all be our brother's keepers, in- 
cluding those we employ? The 
answer to that question was 


The effect of this simple open- 
ing was to anticipate the crush- 
ing conclusion of the Law Lord, 
after setting out the story of 
the easy-going solicitor (“a 
gentleman devoted (as he says i 
to public works, meaning by 
that I suppose, that his proper 
business as a solicitor was a 
matter of secondary considera- 
tion with him") and of his clerk 
who tricked Mrs. Lloyd into con- 
veying h**r property to himself. 
Lord Macnaghten .then pro- 
ceeded to say that it would be 
“absolutely shocking" if the 
solicitor were not held liable for 
the fraud of his agent in the 
case. When Mrs. Lloyd put her- 
self into the hands of the firm, 
how was she to know what the 
exact position of The clerk was? 
The solicitor "carried on busi- 
ness under a style or firm which 
implies that unnamed persons 
are. or may be. included in its 
members. The clerk spoke and 
acted as if he were one of the 
firm. He points to the deed 
boxes in the room and tells her 
that her deeds are quite safe in 
"our” hands. Naturally enough 
she signs the documents he puts 
before her without trying to 
understand what they were. 
Who is to suffer for this man's 
fraud? The person who relied 
on the solicitor s accredited rep- 


resentative, or the solicitor who 
put this rogue in his own place 
and clothed him with his own 
authority?" 

With that telling precedent in 
mind, the judges have not found 
much difficulty in saying that 
anybody who is entrusted with 
the safe custody of property, 
whether he does so. for gain or 
gratuitously, has the burden of 
proving that the loss of the 
property was not caused by any 
fault of himself, or his servants 
or agents to wham he entrusted 
the property for safekeeping. 
And it cannot make the slightest 
difference whether the servant 
or' agent stole the property hiip- 
seif. or was just careless in 
looking after them. . 

The only qualification of this 
simple rule is that, if the theft 
is committed by a servant who 
has not been entrusted with the. 
safekeeping of the goods, then 
the employer may not be liable. 
If. for example, a furrier had 
sent a customer's mink stole to 
a firm of cleaners and it was lost 
by them, the firm would be 
liable for Its loss if the stole' was 
stolen by an employee whose 
duty it was to clean it 

Opportunity 

Tt will always be a nice ques- 
tion whether the employment 
merely provided the opportunity 
for the theft, 'or whether the 
theft was committed as part of 
the task on which the employee 
was engaged. If. the theft is 
committed by an employee to 
whom the goods have not been 
entrusted, the theft is outside 
the scope ef his employment, 
and the employer is not res- 
ponsible, unless of course hg 
had been negligent in employing 
the servant in the first place. 
The employment ' in a security 
firm of a man with a long record 
of fraud could, for example, nnt 
excuse the employer, were that 
employee to steal anything of 
the employer's customers. And 
if the theft was in some, way 
induced by the employer by his 
own negligence, or by the negli- 
gence of some fellow employee 
to whom the property had been 
committed, the employer would 
be liable. 

• Times Lou Report. I we 71. 197*. 

* ttow d r. ‘ Grant. Smith' & CO. 119121 

a c.7i6. * ".i 


m 


WIMBL EDON REVIEW 



-It 


HE SAID It totally without itin's- mind, a & ‘a 

ceifc “I want to become the best .then 

player in- the world.” .ft was; avff&fc - defertnmatiraaad \ 

simple statement of ambition. Xl-gBsiwere something -to I tp 1 * 

had just congratulated XS^ea^- Members. -- -‘B joru -Md- * 

old Bjorn Borg : on surviving to lift 

dangerously: to win--. the- . lSTE.^ffrimble.. ■ He •••'. ( ,1 
junior event at Wimbledan* Sr— ?;.^asf" r giaarfcahIe-’ ? ' ' V ; ' . 4 r* [ 

M,-7— 5. against Buster arp 

tram, who had i 
match in a tense 
It was obvious, 
shy youngster 


«• logicar-. .• VUIUW.1W 1 ": ^ 

r.~~r~ he started td, ph£ST with-! flKyCi(EPQRIlt 

that match, young Botfdittfayetog^^ Set^a'priS^&om; 
a nerveless, command that -wffiSS? «2£K : a S fei ifi ;! 



talent. Still; only 22.. Borg biftfceiJjalV#^ ydtrtUuI? suphition 

already- claimed .. three ;Frenfch j, ot h' sides foshontafl. . and 'seeziIkS^nitei^ivte.a racket ' 

championshps (the !&*.». original COirth.' : ^Tercr ^zoe 7 
days after bs 18t^birtlida^t»tt.- 1 j^ s6er ^ aad j a ter 3ftralgy|^ a.. dal] 


tte: sense not to interfere 
- •ff t ere uniqne; and 


ngpjjjers'da,.- a -brifc 

4nri»iQ?Jigen^ 





Wimbledon, aad two 
titles, three - consecutive ITS. 

Professional championships, a 
the World Championship 
niscrown. •' ■ " 

This record easily surpasses.lh^^I^gVt iOr.'^adimShSrMr 
exploits of the Australian reanijrtllT r Tt " - That^ts 
"twins" Ken Rose wall and ahmImJ' THfctawtl: ^assetr 

Hosd. in the lSoOs. 

Now that. Borg 1 
that boyhood ambition 
an almost universal cho 

world’s No. l on" last year'jj'^C^entleSS ■ ... 

tsj^ssS*' . 

-I .MI “ta back 

2&* 'SZ‘g£*! 2 l 

iiir. iriS ISSS? 

coach and mentor^-LMn^^f?^? " * 128 ' 

Berrelin who has •.SjWjdy are toina. 1 :^; .ire 1 

large a part in the devetapm«f& w ?fr' : * !r di re eti tfcgl&be st ;q$ ^ytnni 

Borg and his cnach are also : "-i - 

ful that the U.S. Oiien "title hateS? 1 :1 ° cootro1 v ■ ; / Past fortn good . 



ust+'Sssr&yr 


■are 


n caururea. -jt/TT.'vrv-. • • 

contemporary - plays . with'tf B 


i isotvimxnifcTty . Witfi^etenttess- 

mtrfato ! Mr..h. fast 


ry In 


still not been captured. 

Eergelin, a. 

mine' as a player in the 

and alwavs. a shrewd, nuf^ * . .. . . 

player, started working frith and Into court ' — sarr,r 

bov when he was 13 and wiS-&3g0- Tnargin : of error,- and. c > 

rantain of the SvaAHL’.'ITavn^' courts he refhscs best 

Cup team when Bore camelnto'vjmnecessary riska. . <<■ ■fgjmwfrvmaa 
the side two years later. ... insatihle J>ert^chmaplan-- 

Bnre’s flvo-set win- over .; NeSpSbttiy . practice: h^-Wlp^,inidc^.jff^av?QJ , j"'yoara.Lana;n..; -worthy 
Zeaivnder Onny Paruti'. who. had^Btfra a superbly- fit- aiid tiunblei 7 suc^^o^.'^ta_'thO&evr. ^agififl cent 
r«.kon the first two sets of No bpponents pad Itot year s cetytenary 

decisive rubber, stiff ranks h^^R i enduran^. add few - ito. 


T V: 


■: •.•V'-’dT'.V'N r'-i'/vv. -/ 

■ . V .. i v s^r^K-s _ v-/ tf- - 

Wf .IluilM A I r*l. : limi-' : 


WORLD CUP it ANDREW CLAfftE. Bimhos Airtsr jmrJS 


. • •. * • • . 

The magic the 






'.A • -> ■ 

cr.-v-V-;^^- 

• i 3-1 


t Indicates programme in 
black and white. 

BBC l 

6.40-7.55 am Open University 
(Ultra High Frequency only). 
1.30 pm Cambenvick Green. 1.45 
News. 1.55 Wimbledon Lawn 
Tennis Championships. 4.18 
Regional News for England 
(except London ». 4.20 Play 

School (as BBC 2 11.00 am). 4.45 
Great Grape Ape and Bailey's 
Comets. 5.05 Blue Peter. 5.35 
The Womblcs. 

5.40 News. 

5.55 Nationwide (London and 
South-East only). 

6.15 Wimbledon Tennis. 

. "JO Angels. 

8.10 Panorama including Israel’s 
* Secret Weapon. 


9.00 News. 

9.23 The Monday Film: 
" Hornet’s Nc.-t," starring 
Rock Hudson. 

11.10 Tonight. 

11.50 Weather/ Regional News. 

• All Regions as BBC 1 except at 
the following times:— 

H ales — L30-I.45 pnr Piit Pa la. 
5.55 Wales Today. 6.15 Heddiw. 
6.40 Joins BBC I i Wi mblcdon I . 

11.50 News and Weather for 
Wales. 

Scotland— 5 -35- 6. 15 pm Report- 
ing Scotland. I LIU Public 
Account. 11.45 Ne\^ a and Weather 
for Scotland- 

Northern Ireland — 1.18-4.20 pm 
Northern Ireland Newt. 5.55-6.15 
Scene Around Six. 11.50 News 
and Weather for Northern 
Ireland. 

England— 5.55-6.1 5 pm Look 


F.T. CROSSWORD PUZZLE No, 3,702 

ir 



ACROSS 

I MUd Imprecations of the 
longer elements in code iBj 

4 Mysterious coteries In dis- 
guise (Si 

0 What a small world it is! (9) 

1 Disturbing sound of Ibe in- 
former about one 15) 

2 Family doctor round an 
American State shows 
mastery (4) 

J Forensic address concedes 
your right to go first of 
course (4. 6> ... 

9 No, I find several injurious 
f 7) 

6 Tricks I see among the 
. workers (6) . 

9 Rarely do the French turn 
to drink (6) . . 

i A seldom changed girl (7) 


DOWN 

1 Harmful for a mother getting 

on (S) - 

2 Give up South African credit 
if on the rocks (9) 

3 Oriental trillc turns up io the 
island (4) 

5 Girl with sex appeal in 
ancient Palestine l<» 

6 Temporal measure to reas- 
- sure one afraid of missing the 

train (4. 2. 4.) 

.7 Hard cash? (5) 

S We have to weep about her 
fruit (61 

9 Doctor go: up in a bad mood 
(8) 

14 Highwaymen in the travel 
business (4-6) 
of 


17 Buyers of the odd USSR 

EqufjTthe aid feUow^for the 18 Completely lost without a 
final struggle (10) landlubber (3 2, 3.) - 

Doctor and artist cause delay 20 One who won t mind his own 

business sounds fruity (7) 
For a foreigner an untruth 21 Meets death by suffocation, 
has some point (5) the doctor admits (6) 

Capitalists put on among the 22 Empty preserve in unpopular 
lone wolves (9) ta* 18* 

Silver was found on this 24 Cereal for one in a quandary 

Aifer* as* does Russian port 26 How 3 widow drosses betrays 

the frump (4i 

The solution of last Saturday’s prize puzzle will be published 
[h names of winners next Saturday. 


East t Norwich »: Look North 
Leeds. Manchester, t Newcastle »: 
Midlands Today i Birmingham): 
Points West ( Bristol) : South 
Today (Southampton): SpoUiyht 
South West i Plymouth). 

BBC 2 

6.40-7.55 am Open Unhcrsity. 

11.00 Play School. 

2.00 pm Wimbledon Lawn Tennis 

Championships. 

8.00 News on 2. 

8.15 The Two Ronnies. 

9.U0 Colossus. 

9.50 Play of the Week; “ Ordc 
Wingate." 

11.00 Late .News on 2. 

11.10 Wimbledon highlights. 

12.00-12. 10 am Closedown read- 
ing. 

LONDON 

9-70 am it's Life with David 
Bellamy. 9.50 Paint Along with 
Nano*. 10.20 The Undersea 
Adventures of Captain Nemo. 
10.30 An Asian Notebook. 11.00 
Popeye. ll.OS G cost rev — A 
Village. 12.00 Jamie and the 
Magic Torch. 12.10 pm Rainbow. 
1 2 JO Untamed World. 1.00 News 
plus FT index. 1.20 Help! 1.30 
About Britain. 2.00 After Noon. 
2.25 Monday Matinee: “ Fathom.” 
starring Raquel Welch. 4.20 
Clapperboard. 4.45 The Tomorrow 
People. 5.15 Batman. 

5.45 News. 

6.C0 Thames at 6. 

6.40 Help! 

6.45 Whodunnit" 

7.30 Coronation Street. 

8.00 You're Only Young Twice. 

8.30 World in Action. 

9.00 Strangers. 

10.00 News. 

J0.30 Appointment With Fear: 
“ Vampire Circus " .starring 
Adrienne Corri and Thorley 
Walters. 

12.10 am Close: A painting by 
Van Gogh with music by 
Mozart. 

Ail 1BA Regions as London 
except at the following times: — 

ANGLIA 

VIM am Friends ot Man. 10.40 
Anioureuse. 1230 pm The Onto Air. 


L25 art li.i 2.00 Htx»K*pariv. 

tZ-25 Monday Maiinee: " Tti« Paradin.? 
'.a*-.- stamns Cn-any P-i-k. Ann Todd 
and r Juries l.su^nwo. 5.15 Unlrerw^ 

i hill"i;jc 6.00 Aboui An^Ua 10J0 

Sp-.-i-dway. II .00 TV. k*. - Krtjhl." 
farrnu Honor UlacVinan and John 
tirirvioa. U35 am R-. fleet ion. 

A TV 

10.20 am Voona R*HUT‘ 13-36 pm Ttie 
Practice. X.20 ATV Nea-sdesk. . tZ25 
Slavic, to R-mrintr-r: " The Wlusperers." 
Mi<rnna Edith Evans and Eric Penman. 

5.15 Unhrrstty ChaUrnK^ 6-00 .\TY 

10.30 L'-fi. Rich i and CvlUP- U-08 MoMC 
rA Today. . " The Boy tn The Plastic 
Bubble." stamne John Travolta. ' 

BORDER 

10.2D am > I host Bu-JifTS 10.(5 
.Wnourrav 12.30 pm C.anJtmjns Too ay. 
+L2fl Ri-rder Neva. iPO Rous^party. 
t2J5 Matinee: " Tlte WhispefTs." . star- 
rtnp Edith Evans. 5^5- carndek Way. 
6.00 l^soP- around Monday 635 t/nlrendty 
Challeno-. XOJO Scottish Lib.-ral Party 
Conk-re ncf. 11-30 The Strwrta of San 
Kranasco. 12.25 am Bort-r News. 

CHANNEL 

1.10 pm 'Dianne! Lunirhume ffeves and 
Whars On Where. t2J5 The Monday 
Matm-.-e: " Sweet Smoll Ul Success " 

5.15 University uhallensc. 6.00 Channel 
Neu-s. 610 Sklppy. 10.28 Ch.itnwl kale 
News. 10.32 Code "R - '. 11.00 Lair NlftHt 
Movie: " Dracula." 12.25 am News and 
WeaOHT in French follow'd by dunnel 
Cazetie. 

GRAMPIAN 

9^5 am First Thins. 10.20 stamw'dena. 
10.45 Anioureuse. 12 JO pm Home Nurslnc. 
130 Grampian News headhues. t22S 
Monday Matinee: The Whisperers." 

starnna EJirh Evans. Erw Porttrran and 
Nanoiti- Newman. 5.15 Umversiiy 
OhelU-nye. 6.00 C.rampian Tuday. - 6.10 
Too Club. 10 30 Scomih Literal Party 
Couf.-n n»-e Report UJO Reflections. 
UJ5 The Mary TyW Moore Shot* - . 
12.05 am Grampian Lak Nliht headlines. 

GRANADA 

1030 am The Lone Kiu-i r Show. : 10^0 
Journal. 10.55 Kathy's ijuir 12.30 pm 
The upon Air. 1J0 Dodo. 2JS MOnday 
Mniiiiee. - The Storm." 3J0 Beryl a koi. 

5.15 Those Wonderful TV Times. • 6J0 
Crjtiada Kenorl- 620 Tins Is 'Vour 
RUhi. UJO Reports rpltucp. U.06 
Clev- • FiiL-oumors ul Various Kinds. 
12-35 am a Lmic Niaht Music with Don 
McLean. 

HTV 

10 JO am Dynomuri— The Dog Wonder. 

10.40 Amourcusc. liJo pm rite Open 
Air. L20 Repon West headlines. U5 
Report Wales headlines. 2.00 JOb-ltne. 
t2J0 The Monday Matinee; "One. False 
Step." 5.15 University ChaHcnse. 6.00 
Repon Well. 6.22 Repon Wales. 1BJ5 
The Monday Flint: " atorrlns 


Julie Christie. Grorae C. Scott and 
HP-hard i^hamberuin. 

HTV Cymrp.'Wales— As HTV General 
Frrvite. r.v.vpi: 1.2D-L25 pm Penawdau 
Wurddlon Y Drdd. 2-00-2J0 Hamddeo. 
6.06622 V DyJd. IJM.J0 Yr \W:hnps. 

HTV Wan— As IITV General S- mr. 
-vreot: 120-1.30 pm Repon West head- 
lines. 622-6.45 Report West. 

SCOTTISH 

10JB am The Secret Poire. 10.«5 
Anjourefe 12.30 pm Gardenias Today 
l-JS News and Road Repon. 325 Monday 
Madnt-e: •• The Storm." 3 A0 Bervl's Lot. 
535 L'alversiiy f.hallenpe. 600 Scotland 
Today. 6 JO Crime OesK. 10 JO ScottLsh 
Liberal Party Conference Resort. ' 11J0 
Late Cali. -1X.5S The Pnsoner.- 

SOUTHERN 

10.20 am Arthur. 10A5 Am cm re use. 
12J0 pm Kami Progress. L2B SouUn-rn 
Nrws. 2-00 House parry. 225 Souths port 
Presents Cricket Sussex v. tie te Zealand 
3 JO Boryl‘« f^ji 535 Lavemr and 
Shirley 6.00 Day Ire Day. 1030 (JuUtar. 
1LB Southern News Extra. 

TVNE TEES 

»2n am The Good Word followed by 
.Van ft E*sr News headlines. 2029 Wiki 
Coujitty. 10.45 Amourouse UJO pm 
Last or rbe Wild. 130 North East News 
ana Luokaraund. 2.25 Power Without 
Clory. 320 Gen<*raUon Scene.' 3.35 
Cartoon Time. 3J0 Beryl'* Lot. 535 
Unircrslty Challeage. LOO Northern UR*. 

6.40 Police Call. 1CJO Lirestyl* 1L00 
Danger In Paradise. 12.00 Epilogue. 

ULSTER 

10.20 am Lost Islands. 10.40 Amourense. 

12.30 pm The Open Air. 129 I unchilme. 
225 Monday Matinee: "The t ast Satan." 
starring Stewart Granger. 61* Ulster News 
headline* 535 "inlvi-rsiry ChalU-ngc 6 JP 
Ulster Television News. 645 The BrTwPy 
Rillblllice. 6 JO Reports. 10 JO The 
London Rock and Roll Show. UJO 
Bedtime: 

WESTWARD 

1020 am Skippy. 10.40 Amioiireuse. 
1227 pm 'Jos Honeyhun's Birthdays. UJO 
Mr. Speaker. 1.20 Westward News head- 
lines. t225 The Monday Matinee: " Sweet 
Smell of Smvesa." stamns Tony Curtis 
and Burt Lancaster. 535 Unlvmny 
I "halkose. 6.00 Westward Diary. 625 
Sports Pcsh. 1021 Westward [.aV News. 

10.30 Encounter: Robin Maxwell-Hytlop. 
UdW Lale Ft lent Mortc: " Dracula " star- 
ring Peier Cush ins. 1225 am Faith for 
Ufc. 

YORKSHIRE 

24.20 am The Outsiders. 12J0 pm Raw 
To Stay Alive. 120 Calendar News. 
225 Love Story- 320 Stars on Tee. 320 
Beryl's Let. 535 University Challenge. 
6.00 Calendar fEmley Moor and Belmont 
editions' UJO Lifestyle. UflO Cuckoo 
Waltx. UJO Ji*2 Concert. Ronnie Scott. 


RADIO 1 « 7m 

(SI Surcophonlc broadcast 
t Medium wave 

(VHP) Very Hl9h Frequency 

5. GO am As R«dio 7 T.02 Dave Lee 

Travis. 420 Simon Bates. U-32 Paul 
Bum-H uia. I'ldiru 1220 pm Ncwsheai 
2J0 Tony Blackburn 4J1 Kid Jensen 
Including 5 JO Nrwdhgi. 7.30 SporLs Desk 
i loins Radio 3i. 1DJI2 John Peel 'Si. 

12.00- 2.02 am .As Radio 2. 

VHF Radios 1 and 2—5.00 am With 
Radio 7. including LS5 pm C.oud lopminv 
2.02 Dafid Allan «S. 630 Wac-'Othirf 

Wjlft. 4.45 John burnt «S>. 7-00 With 

Radio ;. 10.00 Wuh Radio L 12.00- 

2.02 am With Radio 2. 

RADIO 2 ],300m and VHF 

520 am News Summary. 5.02 Richard 
Yaugban fSi with The Early Show, in- 
cluding 635 Pause for Thought. 732 
Terry Woean «Si Including 827 Racing 
Bolotin and 8.45 Pause for Thought. 
UM)2 John Timpson (SV 12.15 pm 
WeuAOners' Walk. 12.30 Pete Murray's 
Open House 'Si iconunued on VIlFi 
jnrludlru! 1.45 Sunns Desk. 2.02 wrnihte- 
don 78 including 2-45, 3.45 Sports Desk. 
4J0 W sun oners' Walk ias VHFi. 645. 
5.45, 5w45 Sports Desk. 7.02 BBC Northern 
Radio Orchestra <Si. 7J0 Sports Desk. 
7J3 Alan Dell: 7JJ The Dance Band 
Days. 8.02 The But Band Sound 'S'. 0.42 
Humphrey Lyn-.-lton with The Bern or 
Jazz on records fSi. 4 -55 Sports Desk. 
Uk02 Town and Counrry Quiz. 10 JO Star 
Sound. 11.02 Bnati Matthew Intrortiuvs 
Round Midnuht. mrludiiu 12-00 News. 

2.00- 2.02 am lY-n* Summary. 

RADIO THREE TV^O 

RXDIO 3 4 « 4 iu. Slereo & VHF 

*6.5S am ViuihT. 7.00 S«*w*. 7.05 

Overtnn* ■'S S.M X-ws 3.05 Momma 
rom-Tt »Si 1.00 Ni-vs 4.05 This Wm-k's 
Compvjrr. Bariok iS/. 9-45 Talkitus 


About Music 10.15 Joseph KaUch- 

Slvm (S>. U.1D London siufotuCtta 
concert, part I <Si. 11.45 In Short 

■ talk.. ILK Conci-n. pan U0 pm 

Neus. U)5 BBC Lunetiiune Concert f5». 
2310 Music tor Oraou by Durulld ■Si. 
2-40 Ma;iaoe MusiLalr i’si 3.40 New 
Rt-'Lrds iSi 425 Sarx Recital iS'. 
5JS Bandstand «S> S.45 Homeward 

Bound *S». 6.85 News. 6.10 Homeward 
Bunnd icuniinut-d' 6.M l.ik-lmes: Home 
and Family. 7J0 BBC Stonisti Symphony 
Orrhc-sra. V.'jsm r. Jk-cihor«o^ KedaJy 

■ Sj. 8 J9 A ParlLmicni for the. 80s uafc 
hy Bn'an Gould.. 4.io Robert Tear 
pi'ii a I irf son"* Rki-nnin-inu-d hv curtar 
fS'. 4,55 Poetry Camhinlw Report on 
the 1977 Festival, u.05 Jaw in Briiain 

■ S>. 11 J5 News, ll.40-ll.45 Toniahfi 

Schubert Sons 

Radio 3 VHF only— 6.09-7.00 am Open 
Uniivrsiry. 

RADIO .4 

434m. 330m. 2S-im and VHF 

6-15 am Novo. 637 Fannins Wee*. 
6-35 up to the flour. 7jn News. 7.19 
Tolar. 736 Up to the Hour ieondnnr>1' 
including Tbouchr for the Day; 8.88 
News. 830 Today incJumnjj 335 Nms 
heudnoco. wMdw. patwrs. sport. 8-4S 
John Ehdon nth the BBC Sound 
Archives. 9M News. 4.05 Start tM WooS 
with Richard Baker. 10.00 News. 1WB 
Wildlife. 10-30 Daily Service. UjC Mora- 
tns Si ary. U-00 New*, u.05 Paul Jones: 
Terror of the EnsUsb. si a rents lain 
Cuthbortwm. 1LS8 AonnumvtnenlB 12.80 
News. 12.02 pm You and Yours. 1237 
Brain Of Britain isrs 12.55 Weather: 
pwiirammi' m-u-s ijjo Thi. world at One. 
1J0 The Archers 1.45 Woman's Hour 
InrlMrimu 2.00-2J12 Xea-s. 2.a5 Listen with 
Mother 3.00 \e-.rs 305 Afternoon 
Theatre »S • 4.3S Sion Time. 5J0 PM” 

Rijjons. 5,40 Do-.»n the Gardes P»th. 


5-55 weather prtwtratmnc news. 6 JO 
Notrt. 6.38 The SpamfriUcr Alan (S>. 
7.88 Nows. 7.B5 The .Archers. 7Jfl From 
Onr Own CorrespondenL 7 AS The Monday 
Play: "Whose Line Boy An You. Then—' 
by William In gram iS>. 940 from Apes 
to Wartoards: second of two Lairs by 
Prcrf, ssor Lord Zurkcrman. 9 JO Kaleido- 
seppe. 9J9 Weather. 10.00 The World 
Tomcht. 18 JD profile. 1L80 A Book 
at Bedtime. 11.15 Thr Financial World 
Tonlafat. UJO Today is Parliament. 12J0 
News. 

BBC Radio London 

206m and 94.9 VHF 
S.M am As Radio' 2. 630 Rush Hour. 
9.M London Live. 12-83 Pm Call In. 
U) 70s Showcase. 443 Rome Ron. 638 
Look. Stop. Listen. 7J8 Black London-ra. 
*30 Broakthroiuh, 18.03 Late Ninhr 
London. 12.00 As Radio - 12.05 am 

QuestJoD Time from the Rouse of 
Cnnmiuns. LOSClpt-e: As Radio 2. 

London Broadcasting 

261m and 97.3 VHF 
3.00 am Morulas Music. 640 AM: Nun. 
mop news, infonpartoa, travel, sport. 
10.00 Brian Hakes Shim-. 140 pm LBC 
Renoirs, 340 Georg* Gain's 3 0'Clurk 
C«U. 4-00 LBC Reports irnntfnuesi. 840 
After el eh: wliti las GllctinsL 940 
NlgMUne wim 3t»nry Modlyu. 140 am 
Night Extra. 

Capital Radio 

194m and 95.8 VHF 
610 am Peter Ynuna's Breakfast Shnu> 
9,00 MICflAcI A spot- - 12-00 Dave 

Cash 'Si. 3.00 pm Rnxer Soin iSi. T.DO 
London Today -S. TJ0 Adrian lorees 
Open Line .s-. 9.M Nicky il*>rne - V>ur 
Mother Wouldn’t Like It fSj. U40 T-nr 
MyitT's Late Rhine 'Si 2.00 am Mike 


THE FACT that at least One 
British journalist has 'been ushfg 
the miracle of the. lfcecond 
telephone lmk between Buenos 
Aires .stadia and London to ring 
his office and check Vih6 score 
the coals, proves my - starting 
point: that television watchers 
have been seeing tnOre of the 
games. 

Colour transmission, instant 
replays. sJow-motioA reconstruc- 
tions. dotted lines,: so l gather, 
to trace the path .of significant 
shots ... all provide a dimen- 
sion to be envied by those of us 
who have been confined to the 
steep walls of the. stadium, or 
peering up at the ceiling-sited 
black and white screens of the 
pre«s centres. 

So. now this -eleventh world 
Cud is done, ind we Soccer 
writers return home, your view 
on the football jrill be as valid 
as ours. But a; ’World Cup is 
not all about fOothall: it is a 
total experience that cannot 
quite be felt Iff' the roost com- 
fortable armchair .placed before 
th* most- sophisticated screen. 

We will discuss the salient 
shots of this tournament, and I 
shall declare an admiration for 
the hlistering pace achieved by 
Argentina's Kempes from what 
seems a totally indadequate run 
np and swing: and you may 
lustiflahly argue that his bom- 
bardment did no more damage 
than the 30-varders of Rep that 
sent Scotland home, or the 
startling drives from Haan that 
out down West Germany and 
then Italy. 

Rut there were no television 
cameras where T came upon a 
reconstructed 200-year old mud- 
walled fort miles south of Buenos 
Aires, lost in the pampas. I was 
let In by a man with .the sort of 
face that the palisades were 
hunt to keep out . . . anti thin 
Indian caretaker showed ' me 
boredly around the adobe sleep- 
ing barracks, the rusting cannon, 
tbo wooden watch towers. . 

We shall get around: certainly, 
to comparing noaikeepers. the 
gangling German Mater and his 
monster gloves and massive un- 
concern; the languidly hand- 
some Lead, who runs refresher 
courses for referees - between 
saves: the superbly athletic 
Italian Zoff. who probably made 
his best saves look needlessly 
difficult and was no less brilliant 
because of this vanity; and the 
quite dotty Peruvian Quiroaa, 
booked for a foul tackle in the 
opoosition harf. 

But what can you have to 


I.’.j.'.lJ r ". i 

i" s/t ' : • ; V. ' •v j'r ■ .‘V - ' 

compare with V arid T^T^ThaOpuiatiw^' Questions ., ’to -plajje 
is a Place yau^do -not 'SO mnch.Argfeiitina-'Mf-a light that : made 
arrive, at as., fall into: going them gleam ; purely, you can 
across ' a plain near Cordoba, chanter with -descriptrons of 
there is suddenly a vaHey and televised - close-ups of Ally 
in it 'a lake,-' and around' ft a Macleod’s'final second of despair, 
tiny holiday resort that .-ought -of Helmut Schoen's faraway, 
to be -closed for w rater, except fatalistic stare— a Rernmel after 
that this is World -Ci^p year. ■ Aiamein— as - the • rilampions 
And-'-in a cafe nip by a. drifted in I a-: the desert of the 
Uruguayaft who speaks p Brook- defeated. :. 

lyn cab^driver’s Enpli^i you -Bat you haff to be standing \ 
find men of ail natioqp; have : yfitbin a yard of Gordon McQueen n 



cept half - the time you’d be and who wlH never believe other 
wrong. The moustachioed than he coOld.have- put 4t right. 
mountain, who looked Mike “I didtft play in a single, game, 
Sydney ^Jreenstreet . and ^as and.yet' I -felt gvery idek. '~Y6u 
doing a ‘matador’s dance lika'a canna ; know' what 'frsiike. your 
sylphu- was • Mexican without legs, jump ahd.twitch as yoq -see 
doubt’ -But -bis- partner, making the'rooment you'd have .made the 
the -bulhUke rushes with equal tackle . . ; or-gone for the header 
style came from Hamburg, andlyou know, you know; you: would 
eventutdly ..hurtled beneath a cave reached.*. • 
table, and may be there still. l _- The: -hurt of players who "re- 
— t 'L j,- Hyarsed for> Jour years and then 

1 Oufl oeolam ..never set foot on stage, that's 

The 1 'giant in a kilt .was. a ° Cup, too-_. . 
Polski: and had not enough .. exchange jriews on 

English or Spanish to explain fhe strategies .and- techniques of 
bow he came to be so drtesed. this -tournament.' Did the Brari- 
but his adopted nation would h- 111 Dirceu’s ' free-kTck goal 
have been proud of. his capacity 'really dip and bend?";! saw 
to drink native whisky: and it only once, and still rtih dlff- 
three Dutchmen wearing Argen^ believing eyps ■ though I 
tine football 'shirts did a splen- gather, at home it -Is a television 
did mime of how the host classic. How clearly did you 
country, would ‘ lose the final; see that it was the gifted Luque 
and a lovely Argentine lady in began that confrontation 
a Dutch shirt came over to' say with Brasil by trying to malm 
she bad just got engaged and everything that moved? Those 
did anyone known enough Dutch noi limited to what a lens- picked 
to find out about this place U P have no doubt ; T . j.. only a 
Utrecht Where she would be total mystification about the. use 
living?- of such a talent in .such a role. 

Total ear-breaking bedlam. Yet when; ...In coming .years. 
Until' two young men came in People talk tor me of Argentina 
and asked, permission to 'play. 78 I- cannot be sure that my 
One lotfked like an Apache and first mental linage will not be 
bad a guitar under his poncho, of sozoetinng-quiie peripheral to 
The other wore jeans and played the play. 

a thing called a ebarango. which Like the traffic: the apparently 
is made from the shelf of a suicidal anarchists behind every 
desert armadillo, and. his. fingers steering wheel -in Argentina. obey 
seemed about .a. foot long. For only-one TUte ’. if the -front 
the rest of.that night these two of your . car Is. -not. dented, the 
troubadOrs from- the Andes accident cannot 'be ■your' fault, 
played the songs of a dozen Absurd, yet Itworfes.i " . 

nations- and 200 .drunks stayed Or tbfe. unexpected -pride. Fly- 
spellbound. When It was nearly ing qver Cordoba' one night, onr 
dawn they accepted a drink, re- plane •; backed \md -the .captain 
fused any form of fee, and left, came on the inter-com: “Look 
That too, was part of the World to the toft please.’V We did. 
Cup. .... '.In 4; total] y'btack-velvet .night 

We shall talk about - the the soeper .^tadiuiq -atbod out a 
managers, and in exchange for piercing . emerald green, , four 
my ' stories of how coolly miles below. - "A 'Jewel/f said 
Coutinho handled - the. baiting^the-piloL , “I hnpe you cemem* 
Brazilians who loath him. and her the beauty of our country." 
how adromy -Uenotti mahi- 1 for one, will not forget. ; 


RACING BY DOMINIC WIGAN 


Barbablu for Wolyerhamptbn 


NO WINNER came home to 
greater applause at Ascot on 
Saturday than Indian Mark and 
a quick glance. at the racecard 
quickly told anyone perplexed 
by this just why. The useful, 
though far from smart, veteran 
of the four-runner field fs trained 
by 86 -year-old Mrs. Louise 
Dingwall, who was achieving her 
first Ascot success in about 40 

years. 

Mrs. Dingwall who trains a 
handful of horses under what 
many would consider somewhat 
unorthodox conditions beside 


her filling station in the centre Barbablu, in the Medley Midden 
Of Sandbanks, a - sprawling &a-- Staked This half-brother to wo 
side resort near. Poole* shows winners, both hew a nd in Brazil, 
no signs 'of wanting to retire, ran really , well .'bn' his debut 
Another winner given- a : good'~T w fc en going - down hy jastr a 
reception on Saturday wai Noble '2eagfe-to Captain Nick at ¥ar- 
Quillo. following up stable com- month a ^obuple bf weeks ago. 
pan ion TranswotWa victory oF ^ e should vrfn thls less competi- 
a year ago in the Churc&U tice race. ... - ; . 

Stakes. Piggott was seen at his ■ ' WOLVEKHAMPTGN > - 

most masterly on this Vaguely . fi.45 — ErgO . 

Noble cou. - 7.10— Golden Moet V 

This evening at. Wolverhamp-.. . 7.40— SoinetV Heir 
ton. backers may well be fiClO-^Barbahto""'* ... 
best advised to wait for the Luca .. .8^6— Gu The Tuhi“- U 
Cum ani-tr ained- Sauiingo colt - . G}ri*^^> 7 L 






ed 


' ision 


Financial Times Monday June 26 1978 


11 ' 


financial times survey 


Monday June 26 1978 


Federal 







in 





1 


p 

■ 



l 


r ' 

k 


i 


By James Buxton 


r 

I 






THE CTsITED Arab Emirates 
has a reputation for proving its 
critics wrong. Few people ex- 
perienced ia the region expected 
that when Britain withdrew 
from the Gulf at the end of 1971 
tb£ seven sheikhdoms Ivin-* 
between Qatar and Oman would 
decide to form one federation 
and even when the decision had 
been made there were manv 
sceptics who said h could not 
bold together for more than a 
few months. 


Yet six and a-halC years later 
the UAE is a respected entirv 
on, the Arab and world stage 
partly' because it is a major oil 
producer and partly because of 
' its generous aid disbursements 
in the rest of the under- 
developed world. Its federal 
-system of government has 
• gradually acquired a larger role, 
and there is a growing degree 
of economic inter-dependence. 
To an increasing extent the 
people of the federation see 
themselves as UAE citizens 
rather than as nationals of 
individual Emirates. 


of the Emirates, the Rulers 
were all determined in varying 
degrees, to maintain the identiiy 
of their individual States within 
the federation. 

The crmrniuus oil wealth of 
Abu Dhabi, ami the rather 
smaller oil revenue and trading 
income of Dubai, have helped 
the federation overcome snmc 
of the basic economic problems 
it faced (there was. for 
example, no road between Ahu 
Dhabi and Dubai at the run. 
sen. These two economic 
powers have stimulated iho 
economies of the other Emirair®. 
while Abu Dhabi has directly 
benefited them through its large 
contributions to the federal 
budget and through acts of 
direct generosity by Sheikh 
Zaid bin SuiLan al Nahayyan. 
the President of the UAE and 
Piuler of Abu Dhabi. Through 
the UAE Currency Board Ahu 
Dhabi provides much of the 
foreign exchange for the UAE. 
and (he federation is gradually 
becoming one market 


The United Arab Emirates is emerging from a recession. The slower 
pace of development is giving it a chance to review what has been 
achieved so far, but this has served to emphasise the difference 

between the Emirates. 

•neral has enabled the has relied heavily in gover 

fferent Emirates to pursue 1 •. ' n nient on expatriate advisers ar 

■ M 


That is saying quite a lot 
when one considers the back- 
ground against which the UAE 
was established. British in- 
fluence in the Gulf brought 
stability but, accompanied as it 
was by a policy of largely avoid- 
ing interference in the internal 
affairs of the sheikhdoms, pro 
rented political evolution and 
virtually fossilised the status of 
different sheikhdoms as separate 
and permanent entities. Nor 
was there any development 
assistance to speak of, with the 
result, that the UAE began its 
existence with a pitiful number 
of trained and \ducated people. 
But despite this, and the 
different. . economic* strengths 


Mixed 


But oil revenue can only he 
called a mixed blessing, as other 
oil revenue surplus states are 
aware. Money in ttoe bank docs 
not turn a nomad dnto a tech- 
nocrat, nor a tribal elder into a 
competent civil servant, and the 
sudden quadrupling of the oil 
price in 1973-74 has only, accen- 
tuated these problems: Immi- 
grants have poured into the 
UAE from the Arab world and 
the subeontiuent, outnumbering 
the indigenous population by 
about four to one. . .. 


The sudden wealtlyof the 
UAE and of the rogslon in 


general has enabled the 
different Emirates to pursue 
their own development pro- 
grammes with their own money, 
nr with borrowed money nr 
grants from inside nr outside 
the federation, and this has led 
to the much publicised duplica- 
tion of facilities, especially 
ports and airports, in the UAE. 
It has put individual rulers at 
risk to the blandishments of un- 
scrupulous advisers, and made 
possible wasteful competition 
between individual Emirates. 

The fact that Abu Dhabi's 
financial power has become so 
great has not always made it 
popular with the other Emirates 
— no one really likes receiving 
charity — and Abu Dhabi has 
been blamed in the other 
Emirates for the precipitate im- 
position last year of credit con- 
trols by the' UAE Currency 
Board whidi set off a recession. 
That recession has made other 
Emirates if anything more 
anxious to insulate themselves 
as far as possible from 
economic dependence on Abu 
Dhabi— in most ca&es. with little 
hope of success. 

Abu Dhabi has become 
frustrated at the limits to its 
imwer to influence the other 
Emirates, despite its financial 
sireneth. The murder last rear 
of Mr. Seif Ghobash. the Mini- 



8 ;:f 




\%**u 
' :£*»*-■ ' 


•t .a,-- 


' $T' 


Sheikh Zaid uf Abu 
Dhabi, President of the 
UAE. 


Sheikh Rashid of Dubai , 
Vice-President of the 
UAE. 


ster of State for Foreign 
Affairs. by a Palestinian 
terrorist, brought home to it 
the vulnerability of the UAE to 
the imported politics of immi- 
grants. and made it more con- 
cerned about the course or 
development in the federation 
in general. But there is a major 
difference of approach over 
these issues between Abu Dhabi 
and Dubai and this f3ct. 
together with Hie traditional 


rivalry between two ruling 
families. lies at the root of the 
present crisis in relations 
lietween them— probably the 
most seriuu® political crisis the 
UAE has been through. 

Whereas Dubai has developed 
as a business and trading centre 
using the skills of local and 
immigrant merchant families. 
Aiiu Dhabi started development, 
based on its oil revenue, later 
and from a much lower base. It 


has relied heavily in govern- 
ment on expatriate advisers and 
civil servants, particularly from 
the Arab world, and. almost 
without knowing it. let the 
federal government, based in 
Abu Dhabi, grow up on lines 
similar to the Abu Dhabi 
Government. 

The federal btireacracy 
is an enormous institution 
which with the Abu Dhabi 
Government together numbers 
about 40.000 people, at 
les«.r 25.000 oT them expat- 
riates. It breeds a plethora of 
committees, study groups and 
reports, but produces relatively 
in tie action. The rate of im- 
plementation of the federal 
budget has risen only slowly, 
and its actual spending is still 
dwarfed by the spending of Abu 
Dhabi and Dubai. 

While Ahu Dhabi has been 
having doubts. Dubai has com- 
mitted itself firmly to a policy 
of industrialisation. Having 
prevented immigrant® from 
becoming a serious emblem in 
the past Shiekh Rashid hin 
Saeerl al Maktnum is less con- 
cerned about this issue. Dubai 
finds Abu Dhabi's concern about 
immigration -somewhat irksome 
— particularly the federal deci- 
sion taken laie last year to end 
the issue of transit visas in the 
UAE. which has stopped casual 
business visits to the UAE and 


hampered Dubai's trade in par- 
ticular. Sheikh Rashid feels, 
with some justification that 
Dubai can provide what the 
federal government offers more 
cheaply and better. While sup- 
porting the basic concept of 
the federation he is alarmed at 
what he sees as the loss of day- 
to-day control over its affairs by 
UAE nationals. 

The dispute between the two 
Emirates which brought these 
underlying problems to a head 
broke out in February and lias 
been rumbling ever since, hut 
only recently has Sheikh Rashid 
spoken publicly abuut it. appar- 
ently out of frustration at lack 
of progress towards settling it. 
It began with a move by Sheikh 
Zaid which almost every 
observer or the UAE scene feels 
was somewhat tactless: he 
appointed his second son. 
Sheikh Sultan, to the post of 
commander in chief of the 
armed forces as a part of a plan 
to implement the unification of 
the different defence forces 
which had heen agreed upon in 
the past but only partially 
implemented. 



s~-— 

CONTENTS 

The economy 

11 

OH 

in 

Aid 

m 

Gas 

IV 

Industry 

VI 


VTT 

. 

Ports /airport.® 

VIII 

Abu Dhabi 

X 

Dubai 

XI 

Sharjah 

xn 

Ras al Khaimah 

xrv 

Northern Emirates 

XV 

Banking 

XVI 

Borrowing 

XVIII 

Expatriates 

XVUI 

Merchants 

XIX 

Labour 

XX 

Trade 

XXI 

Social Welfare 

XXII 

Education 

XXII 

Dousing 

xxin 

Construction XXIV 


Impatience 


This . step, which may hare 
indicated Sheikh Zaid's 
impatience with what he regards 
as slow progress towards 
greater federal unity, upset the 
hierarchical relationship among 
the ruling families in the UAE 
and appeared to pre-empi tlu- 
conclusion or discussions on iho 
armed Torces which wore 
alreadv in progress. 

To make matters worse, the 
appointment was announced 
while Sheikh Zaid was oul of 


the ruuniry. leaving Sheikh 
Rashid aciing-President — yet 
Sheikh Rashid says that he was 
not consulted. He also says that 
the procedure used in making 
the appoint mem breached pro- 
visions of the UAE constitution. 
Since February the armed 
forces of Dubai and Ras al 
Khaimah. still nominally part of 
the federal armed forces, have 
refused to accept orders from 
the federal commander, and 
Dubai ha® independently 
ordered a number uf British 
Scorpion light tanks for its 
forces. 

Most alarming of at) it has 
also privately made clear that 
it is seriously contemplating 
leaving the federation land 
would in that event probably be 
joined by Ras al Khaimah and 
Unim al Qaiwanj. 

This has aroused regional and 
international concern, because a 
hreak-up of the federation could 
lead to intervention hy other 
states in the region, which 
would he a source of instability, 
and might even threaten the 
continuation of monarchical 
rule in the Gulf. For this reason 
both Iran and Saudi Arabia 
which had reservations ahout 
thi* creation of the UAE when 
it was set up in 1971. have been 
emphasising the dangers of the 
continuation of the dispute to 
hoih Sheikh Zaid and Sheikh 
Rashid, while Britain, which has 


CONTINUED ON NEXT PAGE 



IAIN HAS BEEN IN THE 



AST SINCE 1935 


AND IT SHOWS 


P 10 " til 


Airports 

Bridges 

Complete Industrial Processing Plant 
(Ammonia, Cement, Desalination, 

Gas Treatment Lube Oil and 
Natural Gas Liquids; 

Gas Compressor Stations; 

Oil & Gas Production Facilities.) 
Container Handling Facilities 
Defence Projects 
Dredging 
Drydocks 

Educational Buildings 
Fuelling Depots 

Government & Commercial Buildings 
Harbours 
•' Hospitals 
Housing 

Land Reclamation 
Marine Defences 
Piling 

Pipelines (Land & Submarine) 

Power Stations 
Radio&Broadcasting Station 
Railways 
Roads 

Site Investigations {Onshore & Offshore) 

Sports Complex & Stadium 

Steel Rolling Mill 

Townships 

Tunnels 

Water Supply, Sewerage and 
Drainage Schemes 


H. 


tm 

WMN eWETMI 

•muumuL HWWTOIIII 


cos™ INTERN/mONALUD, 

111 Westminster Bridge Road, 
London SO. 7UE. 

Tel: 01-92S 4977 

Telex: 8811804 CQSDON G 


- .... • 






RH 



If ill I 


THE 







THE UNITED Arab Emirates « boom. Stocks that had been gratuitous Dh 11* or so intff jwjffifr 

anieffv emenina frnm , period trapped offshore by port con* the economy iu si- to* restore Mletion iri S. HSsSiCSJr££2SSSf ■ 


ion causing shortages and ^eSTg ‘ 


; quietly emerging from a period trapped offshore by port con* the economy •?» 
i of recssion which has given it a gestion causing shortages and something like' 

I chance to lake stock" of what speculation suddenly arrived to growth rate.' a i 
has been achieved so far. The overhang the market causing OF Db Ifcdbn ha 
, difficulties of the past year have many bankruptcies, and the and it appear 
1 emphasised the interdepen- cash crisis brought property higher proportioi 
dence of the seven Emirates but development to a standstill in tion tvill be sp 
have yet to lead to r, much some areas, especially Sharjah, year. Abu Obat 
greater degree of Integration, where a speculative boom ended cutting expendti 
The recession was the :ne*'it- almost literally overnight year— -in fact it 

able, if not always . for' ,; etn. Thp credit squeeze was accom- budget- to . spen 


If you could see our whole 
oiganisation,youd understand 
how we can be so helpful to 
you in the UAE. 


HU.V .1 ..u« amayc.ior.-vuw me. « . -r the recession; -.Ttete 

result of the Iianuc are- Hi of pa mod by the customary delays un ooo inis year, mure inair .^{if ic’fn. ?:= *** v 

The years 1975 and 1B76. That in agreeing the federal budget, ever before. It -has said - that, ^^tifin. wa —j;-- t~ r - 'Rw 


The Bank of Credit and Commerce Group has 156 offices in 32 countries. 45 of them are 
in Britain and-no fewer titan 29 in the United Arab Emirates. All your banking business 
can be processed at branch level, no matter how complex it may be. or how wide the 
international ramifications. And you will find that besides our knowledge and experience 
■of commercial banking, we huvearif.vm? commitment to personal service. Our’on-line, 
real time computer system is an adjunct to this, not a substitute for it, it puts our whole 
world wide network instantly at your service. 

Contact us at our Middle East Regional Office: P.O. Box No. 2622. Abu Dhabi. U.A.E. 
Telephone: 21600. Telex: 22510 BCCl AH, or at the address below. 


The years 1975 and 1976 That in agreeing the federal budget, ever before. It -has saidthat- n ega tion. yas a -7; rr. - fti f ~~ rn'lr i^iVkrifTiitf iri hi" i rTi 

growth wa f fuelled h-- two which has regularly brousht an it will not embark; on any actr-egofe a- Mirice - ^ 
things: first. large *«l* .>vrn- in jectiun of cash into the projects in 1979 and wGJjstart Sgg .«*■«* r^jt 

merit spending, the bulk nr ii by economy about the middle of the only a small number n . the fP«aalising in . r W 

the Government of Abii D'vjM— roar. Abu Dhabi had grown in- succeeding two years so as fo -a^yiclal " ^ 

both in the Emirate and creasing!* reluctant to foot the peg development spending at. jjl f Wl |8 gg-‘ ff-'- iTr^i 

through the federal budz-t. tn entire bill for the budget when Dh fi-9bn. but this represents aThafted extent 

which It is by f ar the hugwi progress tu federal unity was a considerable increase eom-lmett. made to' wards air these 

contributor. The Governments slow and while the other pared with last years actutf ggs; the. port is 

of Dubai and Sharjah also Tim i rales insisted on pursuing in- figure of Dh 4-3bn and- this tit»,..^d when the^eg^iiFater/ ; -B^pUb-quKDon£ijg ^f^heT2i»le 
helped lo fuel th e boom in their dependent development strate- roar's budgeted figure of about container port at Knor Fakkait- of an^Qtt. reve nuesu rpfits stare, 
own Emirates, partly reiving on gi-s. While the Northern Dh 5:3bn. It means in «fMt mt-gie Gulf of Oman comesintn and soae rtroatme^yg ■though t 
borrowed funds but a!-o on Emirates argued that they were that total spending couM be up-opesation it will .te : .-m°ro : ,so v - aBorm wbjit,KlHd^ift,:fCTagMn- 
iheir own oil revenue, while loo poor to contribute. Dubai has to 30 per cent higher during ;some_ companies have -.set -iff, 

Has a] Khaimah relied on its in the past claimed that the the coming year than it was' ^eii: -regional headquarters - m^attbn-.of 

own revenues arid mad“ heavy federal budget was spent waste- last year. The emphasis is on Sharjah because- it >&, ■. as. ityT to.-niaienaU^J^'yorui rocessiou 
borrowings. ‘ “ fullv ami inefficiently, and that completing projects' in hand, designers intended,. a. relatively-, hay emgpSisea-' thgwa ^r.tb^t - 

The boom created by heavy many of the services the ‘ /toipensive and,. 

Government spending led to a federation offered were prorided The proposed . .■^ap-_.ihterdepeode ^ to a. .gnat® 

corresponding surge in private more cheaply and efficiently OWCIfUU1 ® centre seems unlikely, ftlWfrA-m* filers might 

spending. The UAE has more within Dubai by the Emirate it- Dubai is also spending moro. to^- become a. , reality ; .bnt. thmK.,v--Apart _fronr.-tne ; role ot 


corresponding surge in private more cheaply and efficiently OWCI1UU1 ® centre seems unlikely, tteg^^thanjoine :nilers might 

spending. The UAE has more within Dubai by the Emirate it- Dubai is also spending more to .r become a. , reality .bnt ifnnk. .v--Apart ^fronr, tne toie ot 
man 50 different bank.*, with self. Certainly, though the on development this year, asisome industry .has ^orne. to. Abu-; 3>aabi lo ;^>^dlxig ^and 
immense competition among federal budget has grown in size, well ■ as slightly more . or re-.-Sharjih. But . the - Eqnr%te-^- -Funding. atom&_6n .the fedcra . 
them for business: this led, in partly, because more and more current items. Total spending, planners took too optimiSUc-a buaget.^H taeiiniirates aepena 



Bank of Credit and Commerce 

T KITE 1 DMA TTr^XT A T SITED KINGDOM M MS OFFICE: 1W l U DESHA LL STREET. 
i.IN 1 tSKiN AI lUIN A. L> LONDON- ECU 3-\D TELEPHONE: OMSJ SS*. TELEX: SiiS'JO. 


-ize of local markets and the it. and partly becau: 
future rate.of expansion in the Dhabi has pledged to g 
demand for goods and services." irs revenue to ft. its in 
Fast monetary growth produced tatinn rate remains Ifirv. 


uchibtiu .or goons ana services, its revenue to it. its impxemen- mg on projects nnancea out. m^esraonsnea u«uiu6 inwuw«.. 

Fast monetary growth produced tatinn rate remains Iriw. the Emirate’s substantial bor-* Sharjah did not .: have ihei ly P int ftiy^fl 1 ^ " - 

shortages and congestion in the } n 1975 0 nlv about Dh 2.5bn rowing, This year .should see- underpinnin? of large re- ; • ^ ; • 1. • ' 

economy, of which tiie most was spent (about 60 per cent of the peak of spending in Duh&l.^ehnes. •* and Its encourage- 1 et- IttTSOme v&ys ; tne -re 

ui: ^ 1 .. .. ... . . . r.. — ir as. .v , a i.h.i au - . _ c ston -.ha's' rhinfncced-imlivic 


B.-incladesh.Civ'niJn I4and-: Djibouti. Egypt. Vrjncs. Guhon. Germany iWestl. Ghana, 
Hony Konjr. India. Indcnc>u. Inin. Kw> CoasL Japan. Jordan. Kenva. Kora (Soulhl, 
Lebanon. Laxtmbcmrc. Maunmiv. Morocco. Nicena. C'man. Pakistan. Scjchdle*. 
Sudan, Swiiaaiind, United .Xrab Emiralcs, United Kingdom, Venezuela, Yemen (North). 


J1 cB^ 

MMLA mm 01 COMPANIES 


Post Box No. 59 Dubai !( UAE) - Tel. No. 221241/42/43 
Telex 5444 ALMULA DB 


■ INCLUDES 

tummn and qsaid almuua 

• Real Estate and Shares 

MOHAMAD SAEED ALMULLA & SDNS LTD. 

Holdiiig Company - 


economy, of which tiie most was spent fa bout 60 per cent of the peak of spending in Duh&I.’vehnes. •* and its encourage- -.Yeb-1^ ^SOme i^aryp ; the ' r ^ es * 

spectacular was at the ports (a t h e allocation) and last year. Itself and on the Jebel Ali dt'jment of relatively unfettered ; Jbiniocced - Individual 

fact which appeared 'at the time v -hen agreement had finally velopments. ' "private enterprise led. td sbmd - Emir ^® s ■^u'-.ineir search fw 

to justify building new ports), j^n reached, with Dubai Spending in Sbariah is run- wry spec uJative ‘ ventureS^^^^ ^. t r P T e - ^ ‘I 

Inflation was estimated by the making a contribution of ning down Utrough shortage of -getting underway, so ; that r “ 

I.urrency Board at 4o per rent between Dh 400m and Dh 500m money (the -Emirate’s oil t ®- 1 Shariah is now a byword in the"; 
jn 19/u and -JO per cent in 19,6. (j ts highest to date), about venue - dropped last year -beUGUif' for unfinished buildings J*® ^ 

y-A . Dh 6.7ba was spent against a cause of lower production! and excellent but very empty : 25.J r 2L"-Ur2l 

OutrUfl total allocation of Dh 13bn. ' I* Ras al Kbaamah spending i& betels. It does have z future,- ^ 

_ _ , , The UAE is noW beginning to g 0 ihg ahead on projects mainly 'Slit unless ft discovery ssub-^ 

Bu». by early 1977 it was clear raove nut of recession. There with bomrwed funds. jrHatfelly more OR- it Is Ekrfy" h a?- m'i ' 

that the suppb’ of properly as are signs that imports are flow- But this continued growtlr'trf be dependent on tbe' ofhfer 
well as of other goods and ^ j n faster a train, and in many ] 00 ^ 5 f airly finite. ; If Abii^eeonomic poles of tbirregtfww: 
services was likely to outrun areas property which has been Dhabi continues spending^Dubai. Abu Dbabi'-antf Safadf 

demand because of the completed since the recession , including foreign aid) « ^Arabia. ■ V’ ‘SSSSSSS.- 

inevitable limit to what a .'el a- j S n0 w being occupied, provided present rate and keeps its limlti' 1 Ras al Khaimah, in : the iforth 

lively small consuming popula- ]t jj .of reasonable quality, and on oil production It may we8 of ^ the UAE, sr fe withouty S'fK'SSSSJS - 

tion could absorb, wbile there the rent, even if not lower, in- bare a deficit next year of 'tHEoKanl resources,^ efren 

were growing doubts in some eludes some services and main- year after, one reason- for i^-oO, on which it had Set its|Wes 

quarters about increasing the tenance commitments. The announcement of ' ranonall^d'for so 'Iongl'fias so laf been'a-7v“? ri® 

population with continued Currency Board has slightly spending. But observers do n^r^isappioin^e^, 


the Currency Board did not bail about Dh 


lii uuaui lvuiu tuipicujciM. All u« TO>aiuii utt>unv natiii" uja- . ■ -.3 

into the future, and the Emirate is covered oil that couid flow at 


OF 

ALMULLA CONSTRUCTION CO. 

Road and Building Contractors and 
Civil Work of all kinds. Operating in 
U.A.E- since 1256. Builders of many 
prestigious buildings in DUBAI. Also 
operating in MUSCAT and YEMEN 
ARAB REPUBLIC. Addresses- <)f 
foreign offices: 


MUSCAT 

P.O. Box 911 a f Muscat) 

Tel. No. 600S03 ' 

Telex: 3205 BINAMEIR >rB 

YEMEN ARAB REPUBLIC 
P.O. Box 031 Sanaa 
Tel. Nn. So 10 
Telex 239S ALMULA YE 


ALMULLA MECHAMf AL & 
TRANSPORT SERMCES 

Fully owned subsidiary' of Alniulla 
Construction Co. Provider Road and 
Building Machinery to the Parent 
Company. 


AIJWULM ENTERPRISES LTD. 

P.O. Box 59 Dubai 
Telex 5444 ALMULA DB 
Owners of Dubai Sheraton Hotel 
which has been built by Almulla .Con- 
struction Co. and was commissioned 
un 20.4.78. 

A LMULLA TR APING 
CORPORATION 

P.O. Box 817 Dubai 
Telex 6259 BAGARA DB 
Tel. No. 471132-4 and 471472 
Established in the year 1975. Dealers 
in Building Materials' of all kinds. 
Furniture and Carpets. Showroom and 
office in Dubai. 

ALMULLA JEWELLERY 

P.O. Box 5111 Dubai 

Telex 5877 JWELRY DB 

Tel. No. 225R70 • . 

Established in the year 1974. Dealers 

in Gold. Watches and Jewellery of all 

kinds. Showrooms in Dubai and 

Abudhabi. 


credit and liquidity in the UAE. inr is that the two richest In contrast Dubai is thinking stone and aggregate for fee lnou^ml 

Some people fell that the Emirates. Abu Dhabi and rather more boldly about its of the UAE, and its 

sudden imposition of all these Dubai, are spending more future and is making, a very plant, npw -being 

measures at once wa* money. Though .Abu Dhabi large investment in Us new- siieeesa. .'It has ’been sne^afitf-- 

too drastic, and i: certainly has apparently rejected sugge*- industrial city at JeM .All in attracting Saudi add KuVaiti - n , q - -*** $•£ *: 

had the effect of killing the tioms that it should pump a where the port, still likely to jnvesOhgnt, and is pxeftipg - re t P j C ^ 

- . ahead^tb its teven i berth SrC 

. - •> rakmiatbd to aWThe pitfajts 

tt :i T7 • • 

I I Til I \/ . . - . refinery that woqld be built’ wif a v P .t! ri,rhai ii 



CONTWD6D FROM PREVIOUS PAGE 




- • put at.arputid£330ra: TheU.S. largest gas reserves in the Girl £ 

strong ties with the l-.AE, has sttuatioo gives, them the worst Rulers Is one of the problems company. Kellogg is making, a jjjj U Oh a t>i; an d Ras-al 
also pressed both parties to heal df both worlds. However, it is that the UAE still has to face, feasibility study of it. Khaimah’s oil refinery plari 

the rift. •• significant that Dubai last year The process of attaining The: three smaller northern dibits the economics of the 

Now that the dispute his contributed between Dh 400 and greater federal unity has come Emirates are more ’• dependent rofeery planned by r Abu Dbabi 


become public there is more Dh 500111 to the federal budget about at least partly as a result on fpder*J • financial assistance- waii js. Att^pts atTdderal 

chance of the two Rulers work- it ,s wrong to see' of successive ■.'• crises over and, ih "a few fcririances, on. the pjani^Sag seem a long* way off, 

ins tn settle their differences, polarisation on the issue of the different issues, of which this generosity of Sheikh Zaid, than ant j thbrp seems no- immediate 


ing to settle their differences, poian.auon o 
Sheikh Zaid recently said pub* r «ceratinn 
licly that the federation bad Ideographical 
been a success. *’ If it had not p ducaied citi 
been useful we would not have a Ir p osl :nva 


purely 


ne ainereni issues, ot wrnen this generosity oi oneitvn taia, roan an d ihfe re seems no immediate 
in latest is simply the most serious. Sharjah and Ras al Khaimah prospect of the UAE Supreme 



the outstanding i-sur? may take f ers. They fend to be opposed hack in the unification process, is building a port Yet it is Emirates, but their -voice. is -Only, 
some time, partly because of 05 policies of separate This may not necessarily be a striking that . the federation is sinwly being beard and they are 


ARABU1LD ( PRIVATE I LTD. 

P.O. Box 1736 Dubai 
Telex 6628 ARBILD DB 
Tel. No. 225271-2 

.Subsidiary of Almulla . Construction 
Co. Fomifd in 1975 in' partnership 
with Br (Jersey) Ltd. of the United 
Kingdom. Operating in the U.A.E as 
Buifriins Contractors. 


UAE with many rew<*r immi- UAE has to solve are major and poverty and disease in northern, functtoii ol politics. 
grants. The blending of their difficult. They cannot be solved villages underscores these . _ ■ " 

aspiration.- with those of ihe in a hurry. Emirates' discontent at Sheikh \. JSIDGS tSUXtOFl 


Despite their di. -agreements aspirations with those of the in a hum’. 

there ar? strno2 reasons ior _ 

both Abu Dh-?h{ and Dubai Stay- 
ing together. A great rival nf the 

trade handled through Dubai is 
destined tor Abu Dhabi, one of . 
iho two h icpt?' t nmrkrti in the 
UAE. while the exi'-'tonrr of the 
fednration preserve* Dubai and 
other Emirate-i from scnon< 


y- • \ 



outside interferen'.** t>; the kvid 
that Wigmeniaiinp mi^hi firing, 
and allow* Puhai to develop it* 
ei-ononiy in pe»i-c Meanwhile 

Abu Dhahi benefits eoniiderahly 
from Dubai’s commercial and 
financial expertise. 



;:* r C^n- 




V NATIONAL BANKOFSHARJAH 

P.O. Box 4. Sharjah. United Arab Emirates. Telex: 8085 N^TBNK. Cable: Natbank. Tel: 355521 lines'} 


*i »•_ 

*1'^ 


Interplay 


GENERAL CONTRACTORS 


Tonnsliip Developments 
Hospitals — Clinics — Hotels — Theatres 
High-rise Apart menus — Commercial Buildings — Palaces — Mosques 
Poiice Complex — Defence Buildings — University Campus — Schools 
Industrial Structures — Warehouses — Factories — Godowns 
Stadiums — Cold Storages — Telephone Exchanges 
Specialised Structures 

ABU DHABI SHARJAH DUBAI 

P.O BOX 6790 P.O. BOX 1596 P O. BOX 5231 

Tel: 29272 Tel: 357037/S/n Tel: 229032 

23489/22735 227348 

TrtPX- .1466 EASTRX AH Telex. S20J EASTRN SH 


DUBAI 
PO. BOX 5231 
Tel: 229032 
227348 


Telex: 3466 EASTRN AH 


Other Offices in U.A.E. 


A LAIN 
FUJEIRA 


A JUAN 

RHORFAKKAN 


UMM AL QMVAIN 
UIBBA 


The history, of the UAE has 
been one nf interplay between 
two very different ^nneepts of 
how the foderanrm should 
function — whether as a simple 
institution thai bandies only the 
foreign policy and defence of 
the region i effecivfly taking 
over the role of the British i or 
a more powerful oroatusation 
taking over more and more 
fun'-tiODs from ihe individual 
Emirate. The strengthening of 
the federation hi 5, been passed 
by all the Rulers moelihffih the 
Supreme Council, hut there is 
little doubt that Abu Dhabi has 
been the driving force generally 
supported by Shariah. Fujairah 
and Ajman. while Dubai. 17mm 
al Caiwain and Ra« al Khaimah 
have been more reluctant, 
areuing that they would gladly 
give up power in S n efficient 
authority but that the present 


Share Capital ! 

Reserves arid unappro- 
priated profit 


Shareholders’ Funds 

Current. Deposit and 
Other Accounts . ... 


Acceptances, Confirmed 
Credits and Guaran- 
tees on behalf of 
Customers 


BALANCE 

SHEET AS 

1978 

Dh. 

15,000.000 

1977 

l)h. 

15,000,000 

7.036.642 

610.697 

22.036.642 

15.610.697 

396.2S0.442 . 

259,395.605 

418.317,084 

275,006,302 

S3.561.006 

69,583.454 


Cash and Balances with 
Banks 


1978 

Dh. 




Statutory Deposits . ...! 
11 Investments 


Fixed Assets 


4.695,332 

13.7.146,7110 

6.889.148 

-500,000 

265.161.765 

* 581.951 

3.342,188 


8,173,9XP 
. 5,059,000 


195,264,145 
■; 626:742 
...882, 505 


.418,317.084 .275,006:302 


CustomersV Liability for 
Acceptances^ Confirmed 
Credits and Guaran- 


sm.sTs.ogo 344.5s9.756 


83.561,006 69 , 38^.454 

.501.878.090' 344-550,756 






Financial Times Monday June 26 1978 


UNITED ARAB EMIRATES III 





* OIL 


l j : « i T . • ■■ 


Preserving a balance 


THE UNITED Arab Emirates 
produces about 6 per cent- of 
• OPEC’s oil. Its 1977 average 
production of oveT 2m barrels 
per day amounted to rather 
more- than 3 per cent of world 
-oU production. 

'Only ...three of the seven 
Emirates are actually oil ex- 
porting States. and Abu Dhabi 
is by far the biggest with a 1977 
ave®sge~ production of 1 7m 
barrels 'per day. Dubai last year 
produced about 340.000 b/d and 
Sharjah. about 27,000 b/d (a 21 
per cent drop from the li?76 
figure). Two other Emirates, 
Eas al Khaimah and Uimn aJ 
Qurwain, have lately had set- 
backs in thedr drive to become 
oil producers, though Umm al 
Quiwain is likely to become a 
gas producer. 

Mr;. Mana Said al Oteiba th* 
Federal Minister for Oil ' and 
Petroleum Resources., speaks for 
the UAE at OPEC meetings and 
is careful to . explain OPEC 
decisions to the other oil pro- 
ducing Emirates. Dubai and 
Sharjah. But though these 
Emirates do pass on a certain 
amount of information on their 
oil operations to the Federal 
Oil Ministry there is no federal 
policy on oil. Dubai is not 
thought to have kept to the 5 
per cent ceiling on oil prices 
which Abu Dhabi and Saudi 
Arabia maintained for six 
months after the Doha OPEC 
meeting in late 1976, and while 
Mr. Oteiba last autumn 
announced a 16 per cent cutback 
in the allowable oil production 
from Abu Dhabi's main produc- 
ing areas for 1978. this year is 
likely to be a peak production 
year -for Dubai. 

The cutback in Ahu Dhabi's 
production, amounting to some 

265.000 b/d, was presented as 
being necessary both for techni- 
cal reasons and as a conserva- 
tion measure, as well as being 
an attempt, c cording to the Oil 
Minister, to reach a balance 
between supply and demand. 
(In practice liftings by U.S. 
customers have not come up to 
expectations and Abu Dhahi 
may fall short of the production 
mamma by ?n.ooo to too. non b/d. 
according to Mr. Oteiba. j. It 


may therefore appear paradoxi- 
cal that at the same time Ahu 
Dhabi is pressing its conces- 
sionaires to continue and even 
step up their exploration activj. 
ties, and the Abu Dhabi 
National Oil. . Company 
fADNiJC) is pressing ahead 
wtth the installation of further 
oil production capacity, includ- 
ing. the 3bn development of the 
Upper Zakum offshore field. 

The paradox can probably be 
explained as a search for secu- 
rity. Abu Dhabi does not want 
to produce more oil than neces- 
sary, but it wants to know v,-hat 
its reserves actually are and if 
also want to have the flexhility 
to meet any surge in demand. 

Until this year's drop in pro- 
duction (about 10 per cpnt. 
belnw the equivalent period last 
year). Abu Dhabi's oil espnris 
had hpen steadily increasing 
though the increase last year, 
around 9 per cent, was small 
compared to the increase in 
1976 over 1975 of 22 per rpnt. 
The larger part of the cutback 
falls on the onshore fields 
where rh»* concessionaire and 
operator is Abu Dhabi Petro- 
leum Company t shareholders 
ADNOC 60 per cent, and RP. 
Shell, CFP. Near East Develop- 
ment Corporation all with 9.5 
per rent and Partex with 2 
per cent!. There are four pro- 
ducing fields onshore though 
the cutbark is spread over the. 
three major fields, Asab. Bu 
Hasa and Bab. 


Largest 


For Abu Dhabi Marine Area?, 
the entire cut of 80,000 b/d has 
fallen on its largest producing 
field, of Umm Shaifi whose 
associated gas is piped to the 
Abu Dhabi Gas Liquefaction 
Company's plant on Das Island. 
Shortfalls of gas for that com- 
pany’s needs are heing made up 
by tapping the cap gas. How- 
ever, work js still going ahead at 
Umm Shaif on a secondary 
recovery programme designed to 
raise capacity to around 390.000 
b/d. One apparent aim of the 
cutbacks js to give a 20-year 
production plateau to Ahu 
Dhabi's oil fields, given the .1978 
levels of operation. ". ' 


The most striking of Abu 
Dhabi's •* investments in future 
nil producing capacity" is the 
work being done at the Upper 
Zakum ntfshore field. This field, 
which overlies the present pro- 
ducing field of Zakum (200,000 
b/d at present), is probably the 
largest of Abu Dhabi's known oil 
reservoirs, though, as a low 
energy field, it has only been 
producing around 50,000 b/d 
recently. The equity shares in 
the development are owned by 
a joint venture of ApNOC (S8 
per cent) and the Japanese 
Overseas Development Company 
(.lODCO), witli 12 per cent 
They in turn have set up an 
operating company called 
Zakum Development Company 
(ZADCO). which is owned 50-50 
by ADNOC and CFP. CFP has 
iso far I no equity stake in the 
venture and is employed on a 
contractual basis tn operate the 
field, for which it receives a 
contra dor's fee and the right to 
buy 20 per cent of the output at 
the official price minus the 
management/operating fee. 

Estimates or the oil reserves 
in the Upper Zakum field vary 
from 40bn to 60bn barrels, of 
which about TObn barrels could 
be recovered with presently 
known techniques. The massive 
water reinjection facilities 
being constructed under the 
development programme could 
raise the level of output to 
around 350,000 b/d, but no 
returns are expected for at least 
three years. If all goes well 
there is -the possibility of a 
further, unqualified, five year 
plan to raise production capa- 
bility to 500.000 barrels a day. 

A number of tbp small fields 
now producing are outside the 
usual 60/40 ownership pattern 
in ADNOC’s favour and not 
subject to the OPEC guidelines 
on operator profits. The Abu Al 
Bukoosb Oil company, for ex- 
ample. which operates the field 
of the same name f towards the 
sea border with Irani has no 
ADNOC participation in its 
equity at all. Tbe company is 
owned by CFP with 51 per cent. 
Sonningdale and Amerada Hess, 
each with 12.5 per cent, while 
Nepco Eastern Exploration has 


the remaining 24.5 per cent. 

The ai Bunduq company 
operates a field which straddles 
the dividing line between the 
territorial waters of Abu Dhabi 
and Qatar and is equally and 
jointly owned by BP. CFP and 
United Petroleum Development 
Company, a grouping of mainly 
Japanese interests. Production 
fell by 7.4 per cent to 18.900 b/d 
last year because of technical 
problems and BP and CFP were 
recently said to be negotiating 
tn sell their stakes to Godo 
Sekiyu of Japan. 


Stopped 


Abu Dhabi, through ADNOC, 
is taking a much more active 
part in the marketing of its 
crude. In the course of 1977 the 
standard buy -hack system, 
whereby the minority partners 
bought and marketed a substan- 
tial proportion < 40 per rent) of 
ADNOC's entitlement, stopped. 
ADNOC increased its own mar- 
keting rapacity and managed tn 
place four-fifths of its 60 per 
cent share of production. U the 
minority partners want to buy 
more Abu Dhabi oil than their 
entitlement, they now have to 
buy at the prevailing posted 
price. 

As yet there are no moves 
by Ahu Dhabi to assume 100 
per cent control of ADPC and 
ADMA. Mr. Mana Said al 
Otaiba has said that Abu Dhabi 
needs the technology and per- 
sonnel from the companies and 
that the take-over will only come 
when Abu Dhabi can manage 
the whole operation. Relations 
between ADNOC and its main 
partners have not always been 
easy as the state oil company 
started flexing its muscles. But 
the tw'o sides have got to know 
each other better and to work 
together with less mutual sus- 
picion. The creation of local 
operating companies, capable of 
taking their own decisions (the 
first of which is ADMA-Opcol, 
has helped in this process. 
ADPC will form a new locally 
incorporated operating company 
on somewhat the same lines. 

Dubai produces about one- 
firth of the quantity of oil pro- 
duced by .4hu Dhabi from two 


offsbore fields, the Fateh and 
the South West Fateh. Only 
one group of foreign companies 
is involved, led by Continental 
Oil Company iConnco) and 
operating through the Dubai 
Petroleum Company and the 
Dubai Marine Areas (DUMA). 
In 1975 the Dubai Government 
startled Abu Dhabi, then in the 
process of taking over 60 per 
cent Of ADPC and ADMA, by 
announcing the "100 per cent 
takeover" of DPC and DUMA. 
Under tbe agreement the com- 
panies* installations were trans- 
ferred to the Emirate for $110m 
compensation, but the com- 
panies retained responsibility 
for exploration, production and 
marketing on behalf of The 
Government. They were also 
allowed to continue lifting crude 
at a price onmralent tn that 
applying m other Gulf coun- 
tries. where (9) per cent par- 
ticipation agreements were in 
force, and were expected to 
continue maintaining the pro- 
duction facilities. 

The Dubai offshore, fields are 
worked by a consortium com- 
prising Dubai Marine Areas 
(jointly owned by CFP and 
Hispanoil) with 50 per cent, 
Dubai Petroleum Company (a 
Conoco subsidiary) with 30 per 
cent Deutsche Texaco (10 per 
cent), Dubai Sun (5 per cent) 
and Delfzee Dubai Petroleum 
(5 per cent). 

Dubai's estimated reserves are 
not published, though informed 
guesses have put them at about 
185m. tonnes with a Life at 
current rates of production of 
about 15 years. Production bas 
risen , steadily in the past 21 
years, reaching an average of 

325.000 b/d in the fourth quarter 
of last year and nearly 350,000 
b/d In the first three months 
of 1978. Capacity is about 

365.000 b/d. but there are indi- 
cations that this Is being 
increased. 

So far Dubai has not found 
oil onshore. A new concession 
has been granted to South East- 
ern Drilling Company and Hous- 
ton (Ml and Minerals to drill in 
both an offshore area of nearly 
5Ci),000 acres and an onshore 
area of )hn acres. Both these 
areas Were relinquished by a 


U.S. gronp headed by Texas 
Pacific Oil after a fruitless 
search which began in 1975. 
1975. 

In nearby Sharjah production 
is running more than 20 per 
cent below the level for the 
corresponding period of last 
year owing to production prob- 
lems on the Mubarak field. 
Whereas total output in 1976 
was 37.000 b/d it has recently 
been running at around 29,0)10 
b/d. Installed capacity is 55.000 
b/d. and the operating company 
is Crescent Petroleum company, 
whose biggest shareholder is 
Buttes Gas and Oil of the U.S. 
Sharjah takes only 35 per cent, 
of the revenue from its offshore 
field. Iran and Umm al Quiwain 
taking the rest. 

Oil and gas shows were dis- 
covered off Umm al Quiwain in 
1976 by the U.S. company 
Zapata Exploration, and an 
agreement was reached last 
December with Dubai by which 
Tbe Dubai Gas Company will 
develop the field at a cost of 
Dh 150m. Part of the gas will 
be piped to Umm al Quiwain 
to supply a power plant and 
other industries, but the bulk 
of it will be exported to Dubai 
for use in the Jebel Alt alu- 
minium smelter. 


The story of Ras al Khaim ah's 
oil is a good illustration of 
the impact of oil on a Gulf 
State's politics, economic ambi- 
tions and ^e difference of 
priority that can occur between 
tbe oil field operator and the 
host country. Hopes of a com- 
mercial oil strike in the early 
1970s delayed Ras al Khaimah's 
entry" into the Federation. Then 
in 1976 renewed signs of the 
possibility of oil in commercial 
quantities rame to light. 

The exploration group at the 
time was led by Vitol. which 
later withdrew to be replaced 
hy Deutsche Schacbtbau. The 
Ras al Khaimah Government, 
probably the richest of the four 
most northern Emirates, then 
took a 50 per cent stake in the 
operation. Since 1976 a further 
two wells were drilled and the 
possible production assessed. 
One well was dry but the others 
between them tested at 6.500 
b/d of good quality crude plus 
17m cubic feet daily ' of gas. 
The Government let it be known 
that it had hopes of starting off- 
shore production at a rate of 
about 20,000 b/d (marginally 
below' Sharjah) in 1977, rising 
to 70.000 b/d in the eariy 1980s. 

The present group exploring 
for oil in Ras al Khaimah's off- 


shore waters (whose exact 
delineation is disputed by 
Oman) includes Demines 
(25 per cent*. Weeks Natural 
Resources (25 per cent) Societa 
Itallane Resine (20 per cent). 
United and Refining. Kewanee. 
Asamera and Superior Oil (all 
with 6 per cent each) and 
finally the operator, Deutsche 
.Scharhtbau. with 10 per cent. 
But in March this year the 
authoritative weekly Middle 
East Economic Survey reported 
that the participants thought 
the finds to be uneconomic, at 
least as far as further invest- 
ment of their money was con- 
cerned. and were preparing to 
pull out. 

From the standpoint of Ras 
Al Khaimah the picture looks 
very different: a little oil. how- 
ever expensive to recover, is 
better than none at all. As the 
Emirate has little money of its 
own. it has effectively two 
choices if it wants to exploit 
these finds. Either its own oil 
company will have to borrow 
commercially on the interna- 
tional money markets nr it could 
borrow from Abu Dhabi, a pros- 
pect that appears unlikely at 
present. 

Doina Thomas 


AID 


The scope widens 


The United Arab Emirates has 
for the past three years handed 
out annually more than $lbn 
in aid, equal to approximately 
a fifth of Abu Dhabi's oil 
income. While the UAE's influ- 
ence in tbe industrialised world 
is based on its position as a 
major oil producer — and one 
that bas so far been prepared 
to take a moderate line on oil 
prices — the federation's influ- 
ence in the Arab world and in 
other developing countries is 
based on its financial resources. 

There is something tediously 
repetitive about saying that 
Sheikh Zaid, President of the 
UAE and Ruler of Abu Dhabi, 
is a generous man — probably no 
article ever written about him 
has failed to use the word, 
usually more than once. But the 
fact is that the phrase is a very 
accurate guide to the UAE's aid 
policy, for there is a very strong 
personal element in it which is 


directly inspired by Sheikh surplus State is fundamentally 
Zaid himself. a fragile institution that needs 

The UAE's foreign aid comes more friends than one might at 
from Abu Dhabi, easily the first imagine, 
wealthiest of the Emirates, and is a factor whlch IS not 

while a growing proportion is always appreciated elsewhere 
channelled through the Abu in the UAE where Sheikh 
Dhabi Fund for Arab Economic Zaid - S mvifl j Bce nce tends to be 
Development, which is now a regarded rather critically, with 
major aid-giving institution, the foreign aid disbursed set against 
bulk of the country’s aid goes the relatively small actual 
through the Finance Depart- development spending of the 
ment of Abu Dhabi, usually on federal government (a result at 
the initiative of Sheikh Zaid j eas t [n part 0 f administrative 


himself. 


constraints) and the fact that 


Often this can be something the President of UAE has 
of an ad hoc process, resulting recently been backing relatively 
from a long-arranged visit to few projects in the north of the 
Abu Dhabi by an African leader country on his own account, 
or a more hurried request made There are certainly pockets of 
in person, but it is said that poverty and disease in the north 
visitors to Sheikh Zaid rarely — in some of the isolated vil- 
if ever go away empty-handed lages. for example— which sug- 
— partly the result, no doubt, of gest that the statistical fact that 
Bedouin traditions of bos- the UAE has the world’s highest 
pitality. and partly a shrewd income per head is pretty 
awareness that an oil revenue academic. 

CONTINUED ON NEXT PAGE 










'-*r t-. 







supplying oil field 

r’l'^ower generation w laving Our ci&fcnt, activities and • . 

: kn r»ower cable laying- ^ 


* in rfude a diverse range ‘ 


: ^ hmisina 

u,. -I * 


«*<#* 






•v •• 




.y 

' ■ • 2E7W.- .... 

. .• ■_ . . 

~ r 

.... 


Sultan T* it»2 CJBCA SH 

Tel: 354243 V"."-. ' ■/ 

^.A^ZmGIBCA AH 
P.O. Box 257u* . . ; . 

Tel: 44286 - . .> •: 

: V.A.E i*. D» 

rk 228480 


ir \ 


nrr 


■: ! o Jf' 

fe. 

■ 

fr. 

.■ .. : 


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. " < ■ : ■I'.-'j-T 

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IC.vL \ ' ■/ 
m- -■ 

:■ Tfir* 1 





m 

ns 




UNiON BANK OF THE MIDDLE EAST UMITED 


Balance Sheet at 31st March 1978 



Dh.OGO 

Share Capital 

Authorised - ordinary 
shares of Dh. 100 each 

500,000 

Issued - ordinary shares 
of Dh. 100 each fully paid 

159.200 

Reserves 

3,100 

Profit and loss account 

470 

Shareholders ’ F uuds 
Liabilities 

167,770 

Current and deposit accounts 
maturing under one year 

671,796 

Deposit accounts maturing 
after one year 

82,192 

Accrued interest payable 
and other accounts 

11,331 

Proposed dividend. 

11,940 

Confirmed credits, 
acceptances and guarantees 
ou behalf of customers 

945,029 

419.SS5 


1,364.914 


Principal Activity : 

The Bank carries on the business of 
international merchant banking, together 
with full retail banking facilities to 
individuals, firms, corporations and 
government departments. In particular, 
special emphasis is given to short and 
medium term finance, promotion of import 
and export trade to and from the United 
Arab Emirates, corporate finance services, 
foreign exchange and money market 
transactions , short and medium term 
lending in local and major world currencies, 
.investment banking, and private 
.placements. 


transfers to inner reserves the Bank declared 
a profit for the first year of Dh. 20,510,000 
(U.S. So ,286,000). 


Shareholders: 

The major shareholders of the Bank are 
Abdul Wahab Bin Ebrahim Galadari, 
Abdulla Hassan Kostamani, and Saudi 
Arab Finance Corporation S.A. In 
addition, there are approximately 130 other 
shareholders drawn from the U . A . E . . 
merchant community . 


Bank Foundation Date and Results : 
The Bank was incorporated in Dubai with, 
limited liability in March 1977 by decree 
of His Highness Shaikh Rashid Bin Saeed 
Al-Maktoum, Ruler of Dubai. After 


Share Capital:- 

The authorised capital of the Bank is 
U.A.E. Dirhams 500 million (U.S. S129 
million) of whieh U.A.E. Dirhams 159.2 
million (U.S. S41 million) has been 
subscribed, issued and fully paid up. The 
Bank’s capital is one of the largest in the 
Arab world. 


Registered Office : 

P.O. Box 2923, Dubai, United Arab Emirates 
Telephone: 435545 Telex: 6425 UNIDUB (General) 6426UNIFEX DB (Dealers) 

Telegrams : UNIONBANK, DUBAI 









. 'vV** • . ■J' . f, ■ 

' -rikt'+n .! -- 


. -j. ** . 

, v* 

















. , ■ • 


Current Assets 

Cash, balances with banks, 

Dh.000 

money at call and short notice 

304.608 

Deposits with banks 

46,334 

Loans and advances 
repavable on demand and 

570,757 

t 

under one year 

Accrued interest receivable 

and other accounts 

7,195 { 

Other Assets 

Loans and advances repayable 

928,894 | 

c 

t 

i 

E 

after one year 

8,280 [ 

Investment securities 

4,S03 l 

Premises and equipment 

Liabilities of customers 

for confirmed credits. 

3,052 a 

945,029 i 

i 
i 
a 

acceptances and guarantees 

419.8So f 

l.'S.SI Od'L' A.f 

JJ.-i . ~,.;s nrpn\< i viiwJ}' 

1,364,914 l 




A 








ULK1CI. me SMpawaiua vl y. a c 


The best use of gas reserves 


safety devires 
failures in vl 



i the (compressors, generators ana the same -/nflDfcr 

wife OB). It was largely prefeh^gS^ pf its 'feEtffiag 


^2“ if ff “5 fS ^ Abu SSi «5^^Ser the 

declination end .lu.nl.tam »** 


cessed gas directly- m the tasker tniu aad.woemJXf sfcHls or workers ta 

Ahu Dhabi’s first Project to discharged “ foreign bedies^iminigraBts) were 
expum SniMb^ftan were found in its pipefli^^ted in- the Butt 
1973 hut it only started meant that the. compai^g^dies. But Giilf. 
producing four years liter. The bad to renew clearance for ^-.%nly three choiw 
Abu Dhabi Gas Liquefaction ships- 

Company was incorporated in Before that, surface crtekB^eaye them, ««e 
1973 with the Abu Dhabi were detected on the cryogenic process ana expofl 
National Oil Company (51 per feedlines to one of the ISqo&^hssession of gasi 
cent), British Petroleum (16.33 faction trains which b ad led . unrruxed bless 
per cent). Compagnie Prancaise a cutback- In production. '-^.T^tsession of on--- 
des Petroles (8.16), Mitsui Then in March of this year ... 

(22.05) and Bridgestone (2.45) was discovered that the O^ T)lffprpT1 1 
two Japanese companies as the skin of one of the storage c 1 • • 

main shareholders. Its function bad developed a leak whictuV..’ ■ )Juba i has tafe 
is to process the associated gas meant that the plant had to 'b^different attitude i 


of 1977, the paanb^kSeting WgfaljPt 

*d by- aggravatafi^aut jn the severe eIImhte:of ■ an : 

roMeas. The Gulf, with- the Jack . 

f gas to Tokyo was- Aistrial background and. limited^ 
er ffilll and wtieiL-lf.- skills of workers ( most .of jSggnie Kfeng 

“foreign bodies 7?-iminigraats) were :un$iBtfe^-;’ZMf 
i in fN rwTw>liw«. ^ahv ( in the initialvfeasteiiifo ^q^«c flgtt -VvM >3 


per cent). Compagnie Prancaise a cutback- In production. .-^ r^isessiuH WiiFfeef aflAs nffl*sr»r indiis^ 

des Petroles (8.16), Mitsui Then in March of this year, jjr.i.- ... •...•■ :-.y.- •S ^ntsHT^- jSctwtS^aL r .tS 

(22.05) and Bridgestone (2.45) was discovered that the OUte(.Dj ffp |*pT| f :■ '-^aaaaesAcnncern & 

two Japanese companies as the S ldn of one of the storage ’ - •^^SSSSS£^‘5tamS 

main shareholders. Its function bad developed a leak whichc',..' jr)Qbai has taken -a.: rather : . j 
is to process the associated gas meant that the plant had to I# jnifrwnt attitude to jjtek -t'^ 

from the offshore Umm Shaif $but down briefly while the ^bioces than Abu ^Dhabi. The isiVe at- A yS 

field at a plant on Das Island, cause was determined anh industries going ahead— the Dr0 S 

Tlie project, while not compar- fepairs effected. The sioragef. power/desalination i com^eac. ; '• t0 

ship fn sire in Aleeria t vast ip i,ma> n) .li.mi.inm' cnultor on/? . . O^gUllUug^ 


~ o Aiusougn a secona tana 15 oeipg .eonsmeraoiy - mure gas . uwr ^The '- opfriect • whirls 

; S ro ^ hM SUffered used, the compel tee Emirate Js .d^nO,. 

problems. struggle to. maintain prOdm^,tq, produce. . , ■ : ' proposed ■ ih T978. is 

rnntrnnf tlpn at 60 P® r cent of eapacity, ; ja December last year .'ffie^Ueqt process apd-exi^rt tbtt; 

UODirdCl a good fifth below the p rodUff-’ Dubai gas proicossiiig compan^'assbciatecTsas from th^ ohshojfO.’ 

A twenty-year contract was ^ on levels that had been hopod:pu gas signed a contract ftWds ctf-Bu, Hasa, Asab aiid 

acraed wi^^hTToSoElecUic foMC * le ^ u> view of top?)** small Emirate of Um^fiBafe w^ich: are /.presently 

pS ?omp^ y S ^ t ■ -^Swain - D hal^ 

biggest utUiS* companies in the . The J ^ estimates preserves, whidi are ^c^ip^^'.Cdnipany-; .When 3 


biggest utility companies in the wni ^ u '“Vf! ***2: P^oiWin,^ .GOmpanT' wnea js 

world) which was to take all the ’""JjJjJ * sale ® the sm ^ 1 ; mooted -the prajek 

plant’s outpuL roughly^ 91m a day, but the miles away front. Sharjah amk m cost- aromug 


severe drop in output distorted shore Mubarak fields Under this -tb& "cost- .an.d 


[ V f tien °P« rationaI xt the eash-fiow projections. ShiSt- -agreement Dugas: is to. i®a Mi AadZi’' mit . - uh hoW' mu^ 
[envisaged that the plant would t erm brideins finance was -fest under S40m oa develbnHte Win MM 4^ JaitnAi 


CONTINUED FROM PREVIOUS PAGE 




How to build a tunnel 
under the Suez Canal, 
a harbour in Aqaba, 

power stations in Oman, 


A 


in Saudi Arabia and 
a auarrv in Maiavsia 


V\fe are currently working on, or 
have completed, all these projects. 

Which gives you an idea of our 
experience and specialist skills in 
all types of building and civil 
engineering. t 1p 


^OMO tonBesof sulphur amd * »n«rt ft«e JonuwlBSS 

HS'irHHS jss a aars gjr-ai,a 

amount of g as T (h e off produc- UndPr discussion. Part of the pipelm* will p .- Negotiations are in progress 

tion ceilings at Umm Shaif aew ? rt U J! d r ,f^T T b.^ . h n^ to fo ™ 8n opiating company, 

would have had to be lifted- *"«//*« company is eapitatewd some « “5 a . 1 " * to.be called Gasco, which will 
and it was uncertain that it « «°5®> a P»P“ed $75m paweT plant ini othen tedus- ^ Adnoc; its majorit -. 
could produce enough asso- Eiu^-borrowing- .. _ tries. SAd another to Jetal - Shelt and CFP: 

ciated gas for ADGLC to operate ^ 1S tt>0 has * fraught Th.e-ag?e^ment is subject Wa. ' ait4ii;e&. te ie 'the other 'inaitC 
at full capacity. gestation period, changing from final test of the field’s reserves... sh[arei}6!ldersL. 'wrth . the.-'-pOjsp^ 

In the event production from a syndicated loan package for The Emirate has also ha^pre^ ’bility of part^'taidilg a'snrSr 
Umm Shaif has actually been SlOQm to a club deal placement liminwy talks oh' bringing gas stake. CTfae njaiaproblem i.i' 
cut back— in the context of Abu for $75m, only ?50m of which from a find jn Oman soute of ^ wze of- the plant and itm 
Dhabi’s conservation measures ADNOC twffl ($25m Burakal to Dnb'^L Pig 

- '\T : GovenHDent , 4^>.'--d^Wdh 'tfe 

* . t .reduce, oil priidticSphr frem-Qife 

A T Ti nMi'uwiM* ' Afidds fi^.which'tbe’>lapt wiE^ 

/\ I I 3 CONTINUED FROM PMVKHW PAGE ; Xbe 1 drawnitg. lts gas.---. . i>.; 

x \ SheU amL CFP ’ arfe bote* 

. . ... ‘ ^areholiderb, in ADPG. ;th*^ 

In practice aid disbursements Yemen, Djibouti, Somalia and, other inh-eountiits took 37*8 other- - -sharehol.de it in.*- the 
out of Abu Dhabi’s income may outside the Arab League States, per cent and non-Arab Asian company; bring BP, Exxon an#* 
well stabilise at around the Pakistan, and in many , other countries 1 ICS per cent. . 3fe|pl. . Iffl'i-tlwL 

present level simply because the Asian and African States. In As for sector priorities the whole AIXPC group. : w^4 fo 
.Emirate's other financial com- some cases, siich as during Fund is notable for the ^ct-tevdl yed. an a -40 - per ' eenT - 
mitments are rising. The actual Somalia’s recent war - with that. Unlike some the other Arab , minority paitrfer iVrth Adnoci.i 
I disbursements rose from Ethiopia (in which tee UAE aid-giving insUiu toons, jt lends but Adpoc deadef'' teat thtj 
Dh 2.lbn in 1974 to Dh 3.8bn was firmly oa. the side of a large proportion of its money flnaneiitg terms wre too macji 
in 1975, Dh 3.9bn in 1976 and Somalia and provided ' limited to industrial- projects— about 45 in. favour of 
Dh 4.2bn in 1977. and are likely military assistance) direct per cent to date. This is partly holders...' Last^. year, - shortly-; 
to be around the Dh 4bn level budget/balance of payments because infrastructure projects pre^i 

this year. support may be give*. are often -financed by. tee UAE l iected: j^ni. 7 j?nterei: j 

But with rising project To an Increasing ex t en t aid Government al**! to 8ou»e extent Bounced rt sTOUld -asiume .coUt''- 
implementation under the commitments incurred and paid the Fund '-and tee Government trot- of the, whole project .ItseEfvj 
federal budget and the still for by the Government are can combine to make a package In Apri I- last year variou?^ 
growing spending (for the being supervised by the Abu An equal proportion of tee construction. eoT>tracts..wPre. lfet^ 
moment) on Abu Dhabi itself, Dhabi Fund — such as projects Fund’s resources are committed prindp«rtiyj ; to tee '' ; Ameri : cai^ ^ 
combined with the current drop l n tee Maidive Islands. Syria to Inf^tructure— mainly power companies Beehteli 'and Fluo'r: -; 
in oil revenue, tee Emirate's and Somalia and the improve- supplies and transport — -and-tee Bechtel ' /ia . to j qonstruetj two’-^ 
surplus is fast dwindling. There ment of the Sues Canal in relatively smalT amount of less . natural gas. ppocessing- plants al^ 
is likely to be greater pressure Egypt The Fund does, how- than 9 percent to agricultursT an. estimated jeosf >61 y400n^^~ 
within Abu Dhabi for tee Abu ever, draw the line at becoming projects. \ while. F^.uory is'v to. .< build aT — - 

Dhabi Investment Authority, involved m certain projects Whereas much of tee money ?250 jh plant" [to pjoduce 500n£>. -- 
which handles the Emirate's which it considers do not disbursed: By tee Government t cubic feet :a-day of L f^ed: . 

“pension fund.’’ to continue to fit its criteria for economic directly is in practice if not in GCntracte yet te be awanfed in-^. 
have its capital increased, if justification. theory on grant tenns, the Fund elude ihef VpipelteEsJ' JnHn j 

necessary at the expense of aid. _ . - naturally - has strict rules on gas fields AbS; 

Since the UAE’s place in tee FvilPrfiKP repayment* terms— and if these nosed ; . i ndusjt^ 

world is fairly well assured ^ are no^ particulariy - onerous Ruwajs and7Tqr-*aFi^OTi?t3? 

there should be few reservations Now under the direction of they are -likely to be enforced, jetty there.. 
on this score from reducing aid Mr. Nasser-Nowais, tee Fund Interest tales range from three I -■■At present, only 
disbursements: the problem is is continually gaining expertise to five- .per. cent , normally,. 1 ‘Stage ... jL. 1 of. • the 1 ' 
likely to lie actually in cutting and has now disbursed about maturities frorn 1210 22.576815, been let-. (Stage ; would 
out specific beneficiaries, esped- Db 7Wm against total commit- and grace- periods from 1.5 to voive-tee 
ally In an inflatonary age. Some ments ef Dh 1.6bn and will eight yews: The Fund’s terms to. etevh 

75 per cent of Abu Dhabi‘s aid soon have to have its capital are decided on the basis of what tain pressure in. tee ; oil weHs) ^ 
Is believed to go to the front- of Dh 2bn increased. As its son of project is being financed, and no -major work has yet 
line Arab States — Egypt, Syria experience grows so it finances rather than on. how poor a taken' place, beyond, site deaF> 
and Jordan (with assistance too more projects on the strength country is. Infrastructure loans aace. \« is!- still. intended ofit 
to the Palestine Liberation of its own appraisals, rather usually carry the softest terms, ciaUy, however, that the plant 
Organisation). This is an item than these of other aid-giving industry loans the stiff est- . should- be producing; in .1 980. 



INTERNATIONAL 

^ginWoiid Construction. 


TARMAC INTERNATIONAL, INTERNATIONAL HOUSE, 62-72 CH1LTERN STREET LONDON WiM 2EL 
TELEPHONE 01-486 4444. TELEX 23713. OFFICES IN OMAN, BAHRAIN, UAt, EGYPT & SAUDI ARABIA. 


.which could prove bard to scale institutions, but like all the 
down — indeed Abu Dhabi may Arab aid funds it sensibly 
shortly find itself being asked relies te a considerable extent 
to make a further contribution or eo-financing projects wito 
to tee Gulf Organisation for the other institutions, and there Is 
Development of Egypt (GODE), almost continual contact be- 
some 15 per rent of whose tween the Arab aid funds, with 
capital of $3bn is paid by the a meeting of the heads of the 
UAE. And though the major funds twice a year, 
outflow of funds to the variety The Fund, which was set up 
nf Inter-Arab companies which in 1971 but did not start operat- 
ive been ret up since the 1973/ ing until 1973, decided in 1974 
19f4 oil prire rise is over, they like other funds to widen the 
could well H e hack asking tor scop* of itc lending from the 
more rnoital which it could Arab world to beyond, and par 
preve difficult to refuse. ticularly to Africa, where it is 

Oteer aid commitments assisting about 15 countries: it 
handled through the Finance also has projects in about eight 
Department and under the A-nan Slates. A geographical 
supervision of the Ministry of break do vn of the Funds com- 
Foreign Affairs include such mitments during 3977 showed 
items as paying for a read in teat while Arab African coun- 
Sudan. and supporting prelects tries took ?6 S per cent., and 
in Oman, North and South non-Arab Africa 21.4 per cent. 


Doina Thomas 




ABU DHABI 

Tel: 23760/ j Tlx: 2669 

DUBAI 

Tel: 665345/6 Tlx: 5594 


_:' i i.; .;;ft rz, 

'-y. ’’‘Kin 

.-a ffeve< 
^ tf. ' 


Tel: 571 Tlx: 9018 





Financial Times Monday June 26 1978 


...tnramg 

resources 

into 

results 




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* < • • V , *1 ‘ * :rt y>» ,*^yS%* ^ 






^^^^^i^$?f^Qw^:corptH^te,majiagemeitt'-poiicy-'''' ; 

assets,; $90 million G; 






KI 


acted annual himbye^idumg l 978.' ’* 
IO0^en;'an'd ;Wpmer\^--:. opr current* * 
^nneislxeT^th G-4' helping-; to tofanv^-. 










^k^^^ageme^t'ted^que^^i 

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Itfe a fact...no other airline 



‘ '/k-' u?r*i i^v* v Ml 

.- -d & s - ’•— VJj'-J . ■ -. 

• V- : r r f ". ;-. v -_ V--:-- .*■•. - f 


■ r nf four Gulf States makes it easier for us to offer the most 
Being tha naUonaJ cam -„ nt t j me tab]e,of direct flights to the most important cities of 
fconwrehensive and-conveme ^ ^ London Heathrow each week, all in the spacious 
- its Gulf- no less than 1 6 °?-P mor8i we operate regional and domestic air services 
'fort of our TriStars. '™ a tres in the area and are Intimately involved in the 
Hnirihgall ths mai ° r , ^rf travef services. Add to all these facts the five-star quality of 
development of h°tf 1 81 ^you’ll appreciate why more discerning travellers choose to 

Golden Falcon service, a 

flypy Gulf Air- ‘ ‘ 1 ^ 




'V 


■I ■mluii J W1V 9HF. ResserwBoiw: Tel: 01-40& 1931. Telex; 28591 A/BGFRESG. 

^ "V * Berkelsy SL, London iry g67 7..G| aaflOTr> 041-248 6331 or contact your local Travel Agent. 

s931 :. 




Sk-’*’ ■ 


JeP^i ti 9 1 




» 

%r> 




e 




A Member of the Hongkong Bank Group 


United Kingdom 
Near & Middle East 
India 

Switzerland 


Branches throughout the 

UNITED ARAB EMIRATES 

Abn Dhabi * A jin an • Dubai 
Fujairah - Ras al Khaim ah 
Shaijah • Umm al Quwain 


Head Office & London Main Office 
99 Bishopsgate 
London EC2P2LA 
Telephone: 01-638 2366 
Telex: 884293 

and at 

Falcon House, Curzon Street 

London W1Y8AA 

Telephone: 01-493 8331 Telex: 27544 



‘V f - ;^.;.‘v..,: 


: r . 





Dubai Pearl 

Deira Dubai 









SifiSWsSSfi 




.‘rt 

" '"' : f 

' ; »!S; . ' • - ! ' : " ;: - 

fcliillii 

i^Sitelllllll 



Centrally air conditioned 
office building on 17 floors 

comprising 138,220 sq ft net approx. 

To be let 

Mezzanine floor let to Barclays Bank International 


' i-v 


Debenham Tewson & Chinnocks 


'CharteredrSurvi 


6x4897 
Deiri . -; : ; jf 1 
;.:D;ubcli--UvS.£. • : 

Jeti|282405 4 

•'7.eJ.ex:6' : 484- • 


I nie rn at ; o n a ! R ea l .E s t a te; C d h s u I T arrt % 

Londpn.^E.*- 

. - 44 


Bahrain r X 

P,0. Box 5084 . .; ; '■':V"l.-.. 

.;Pea'ri -of. Bahrein 'Biji'dincfV;.. 

: . Government Road- Manama 

Tel: 52237 . 

--Telex 8434 '. : ' GT ' 1 '.''-. 


• 'Londdn.WfMdT.B 
Tel: 01^4pB 116' 

: .Tele.Sl22;l;0.5“T : :;.. 

'"'■ --'v- 1 * '-Ttyfsr^T-t 

City tpf ILbndd n Brussels Hamburg To r o iito New Yo rk^ydneyT^G' 


'T' r TE4^.-j5; 

-GET 

•■ 'k' 


. ^ f*<r 








-* l>. ■- . 

S mi w 

iHi 


BANK MELLI IRAN 

The Largest commercial hank in l ran 

Head Office: Ferdowsi Avenue. Tehran 

Telephone: 3231 <60 linen Telex No. 2124$ l & 212SSKI 
Cable Address: Bankmelli. For International Dept.: Intmelli 
International Dept. Telex No. 2134SU. 


Capital and Resenes: 
Total Deposits: 

Total Assets: 


Rials* 


fas at December 21. 1977 » 


21.996,000.000 

597,580,746,486 

777.172,889,638 


Bank Melli Iran handles all commercial banking transactions through 
a close network of over 1800 branches at home, together with 32 offices abroad, 
and its connections with leading banks all over the world. 

For further information please contact our International Department in 
Tehran or any of our branches listed below: 


ABl' DHABI: 

Regional Office and Abu Dhabi Branch 
16. Sheikh Khalifa St- P.O.B.2656. Abu Dhabi 

DIBAI: 

Main Branch, P.O.B.1S94. Deira. Dubai 
SHARJAH: 

• Sharjah Main Branch. P.O.B.459, Sharjah 

FUJAIRAH: 

Fujairah Branch, P.O.B.24S 

KHORFAKKAX: 

Khorfakkan Branch. P.O.B.3156 

BAHRAIN: 

Main Branch. P.O.B.7S5. Manama, Bahrain 

SULTANATE OF OMAN: 

Muscat Main Branch. P.O.B.410. Muscat 


Phone: 43461 
Telex: AH 2400 


Phone 28217 1-9 
Telex: EM 5476 

Phone: 22510 
Telex: EM S461 

Phone: 22551 
Telex: FU 9014 

Phone: S5533-4 
Telex: EM 9030 

Phone: 59910 
Telex: GJ S266 

Phone: 722646 
Telex: ALB 3295 



Also Offices in London. Hamburg. Frankfurt, Munich. Paris. New York. 
San Francisco, Tokyo. Hong Kong, Jeddah, Cairo. 

*1US$= Rials 70.35 


Sharjah Shipyard & Engineering Works Company Ltd. 

A newly fonned Company with International Management and a 
highly skilled labour force which is able to offer you the following 
services: — 

* a Diesel Engine Rebuild Centre with fuel * a Fabrication Division using the most 
pump and injector calibration equip- modern techniques and equipment, 

rnent, engine testing facilities up to 1500 

HP able to cope with many types of + a Machining Division which is well 
engines. equipped and thus able to offer high 

+ a Heavy Equipment Section where precision machining services to all 
repairs can be carried out to a large ■ industries, 
variety of on and off the road plant and 

machinery. ★ an Inspection Services Division able to 

ic a Marine Section for repairs to vessels meet your every need, be it oil field or 

and offshore drilling platforms. general equipment. 


F.O. Box 6026. 

Sharjah. 

U.A.E. 



Telex: 836? SSEW-SH 
Tel: 357813/4 


Gulf Automation Services and Oilfield Supplies 
(GASOS) of Abu Dhabi in partnership with GEC 
Gas Turbine Services Limited announce the 
formation of their new Company. 




GUif INDUSTRIAL 
SCRVKCS COMPANY 


TEL, LEICESTER (ENGLAND) 863434 Ext. 234. 

TELEX, UK 34331 



TEL. ABU DHABI 26732 or 22180 TEL, LEICESTER (ENGLAr 

TELEX, ABU DHABI 2801 

if you are a utility, if you are in the oil and gas 
Industries and if you operate gas turbines, steam 
turbines, diesels, compressors, pumps, generators 
or motors or any of the plant allied to such 
equipment then we can help you to maintain It. 

Our services are available throughout the United 
Arab Emirates and win be supported by facilities 
for all forms of site work through maintenance 
schemes' and the supply of staff. 

Workshops will be available in the new 
Industrial site in Abu Dhabi and will indude well 
equipped machine shops and maintenance areas. 


••• . - •' i. • -•••■■- -s’*' r-‘- 


INDUSTRY IN the United Arab 1 . " - 

Emirates is developing fast but VALUE OF PRODUV HQ^OjP: 

uot along the lines intended by INDUSTRIES 

the Federal Government Large - (Dh-m) 

capital Investment is going into 1972 1 

industry in the different mem- Food industries • JW 

ber states but there is no co- p - lndnstrieB •. s 

ordination, no planning and Press and printing : 30 ' 

widespread duplication of pro- wood fnrnltiire 

jects. Nor is there much sign Petrochemicals and . 

of a change in this trend. chemicals • ; $8 

The Federal Government has Basle minerals ^ - 

not itself started any industries Mineral products , ,41 

(although the Ministry of Fin- Non-mineral products 

ance and Industry was set up in Engineering "j&G 

1973) and seems to have little others. 'V. ' 

influence over the numerous Total value . ■ 

bodies which are involved in Added v&lne 

actually setting up factories. Source: Ministry of HatiQn£:- 
This is unfortunate, because • ' • , . . • - 

there is an Increasing aware- ^ " ’ '■ 

ness in Abu Dhabi, the federal spends time and: vast soma cot no 


L ..j ' ' ■ — <■ ■"-'■■7 r £rqm 'Saudi ' ArabiaLaud 

VALUE OF PROSUCndjijW UAE MANUFACTlffllNO 


ST ' .; ••• : :BJ0C tt'iuftBitiy eowtruct- 

Jebel All for 

^ ^ - - s s cable-: manufacture. This is a 

1972. 1973 1974 1975 . 1*7* 1«7 demure in wWctt the Dubai 
X® .. 131 181 232 288 Govfebimeht his B0 per cent and 

10 12 16 . . ■ - 'S the British company*!) per cent 

: 30 ‘ 40 65 90 115 ■ company plaiis to avoid 

50 70 90 110 15 PcommitmCrttB to tfaeL aluminium 

- • - • . ^. 5 melter for .th& moment and will 

46 40 60 7a 225 Im probably jinfrort copper for ns 

•' : SQ . 35 45 .. 52 -65. production./ The venture is 

41 • . 55 70 85 ." 130 . ISO . regarded^. by : . BICC as 7 an 

f$0 . 80 100 . MO : 300 . 450 ik ^promoter,- Jof : general 

'- 30 45 60 80 120 , - lM ijj th^ regnin, .'though iX 

% 64 78 100 12Y .. 156 aeeep ^ tKatt&e market will be 

im 550 741 . -940 l.MO coii&ied .tO the . 1 tlAE. Bahrain 

230 310 n 390 625 L 2 * 0 Qatar because • potential 

tiring^- ;.:^u marketslike Iran, Pakistan add 


capital, of the pitfalls of in- money trying to prevent erosion lion of *he <7.5 m ^ completed, and 

dustrialisation. The federal Gov- of roadside kerbstones by ap- Nlssho Iwai of Japp- per T^j^ investmenfs is considering 
ernment wants io hold back on plying protective paints, though cent) and ;lw. interests (6 per ^ facto jy for aluminium axid 

activity while efforts axe made with little success). . • cent)^ The. man* < ^ :oD 3^ e ^^ ri 1 c s steel mantrfaettu^. 

to reassess the value and conse- Though cement production British Smelter Construct! ns, - Dabat has been 

quences of the UAE becoming caJ>a citr uithin the UAE is still ; Pushing ahead firmly wiffi plans 
an industrial state. sh £ n 0 f local demand, this may jmpey £e!ectma Trust, a t0 become .an induspdal state. 

Recently Sheikh Hamdan bin n0 i otl g er be the case when the ^ ^■ 1 ” ance t „fT? 1 1 S‘„hn#i>6 Abu Dhafai.has scaled down its 

Rashid al Maktoum. the federal building boom finally dies down. V 1 ** 5 for- the industrial 

Minister of Finance and \*et plans are still being formu- Weir Westgarth of the JpK an complex at Ruwajs. aware of 

nf .CHpith cL a We8t,. German coraortiura rianffers of resdortal- duplica- 


cnucisea inausinaiisauou pun- announced that Kuwait wouia uumwtuuw 

ci.?s in the Guir. “Believe me.” he finance a 500.000 tons plant. Ferostaal and j h f 

said. “ all our Industrial projects justified by the Emirate on the companies) xa doing me carbon inhabited by .immigrants the 
In the Gulf are running at an ground that the entire output plant,. Alcoa of. Amelia rit? <L chief concerns; 
annual lass of not less than 10-15 was destined for export to has a. 

per cent of their capital for a Kuwait-while In each Emirate ««*ly 200 000 tons ofatoa^a had i&s n.WRntfon 1 plant mj 
number of reasons. For whom private businessmen continue to (which, will make 100,000 top® export renn«y,:. a, - urea/ 
are we squandering our money p i an tile factories, marble work- of metal), .and Dubai may biug ammonia plaat^_aji 
on unscrutinised projects? Is it shops, stone factories and the remaining ^umina on spot. cracker B 

only to prove to others that we aluminium extrusion plants with tthM»Wcity qf the ( smelter is ^jftnt Now _it. ■ 
are industrIalising? ,, no regard for duplication else- 13 o. 000 .tons).. Water from be confined, fpr 

But the Ministry of Planning where in the federation and as desalination unltt vjU . be pro- J 
has not yet developed, the teeth though the canstruction boom ducetf at the end oi 1B78. 4he and itiij “wl L 
to stop individual Emirates will continue forever. Pointers ^ produced.. of. wlilch JJ;6Sped^.]U>.oogi& 
doing what they choose, and the to the lack of planning can be late in. wtn production fairly shortly., 

trend of locally and regionally found in the recent closure of start up due m the .aeqpna _ . *• 

uncoordinated investment con- Ras ar Khaimah’s fish rae al quarter, m-jsbi. ■ ■- - ■ ■ pprcitociVP 
tinues. It seems unlikely to alter factory. Ian Lijnngs one, former head t CiSUrtSIY C 

until the - federation matures Dubai is almost in a different of Bahrain talummium plant, is Ghobash, Federal 

politically, and In the mean- class in the scale of the indus- now tnanaging diroctor or uuoai. Minister pf Planning, believes 
time there is a danger that trialisation that it envisages. He believes that, aitnnugn that the -country ia the victim of 
Industrialisation may take a and it could be argued that further finance will ioe requtrea, lhe persuasive sales patter of 
course which could damage the those plants now being built at Dubai 1 ' wit eventually- mase advisers and foreign consultants.; 
UAE economically and socially. Jebel All are finely calculated mnner. swesses me »ni- W bose- "hands, the Emirates- 




course which could dai 
UAE economically and 

Strongest 


Jebel AIL are finely calculated wmey. H* swesses me un- j n W hose- "hands, the Em I rater 
to meet the needs of the market portance of the water pro- b^ve been and will remain as 
in other Gulf stales, or, like the duction. The output nas been long as tiielocal population stays 
aluminium smelter, the world presold .-to_ Alcan ana ■ soutlt unskilled fliid inexpert. He said. 


k M yt>avru^vi3 aluminium smelter, the world pre-sold .-to_ Alcan and. MUTit unskilled fliid inexpert. He said. 

Even in Abu Dhabi, where markeL JSt Jzf in an interview: “In the past 

advocacy of coordinated federal The Jebel Ali project is the metal produced. ine ' j0 . there" was ti.o dear policy* "We 
planning is at its strongest, two largest of Its kind conceived in ment of Dubai <an reseire-ana started without plans. There 
bodies have responsibility for the Third World, a fact brought take 20 per cent of production waB n o monetary policy, not 
industrial planning and invest- home by a drive from Dubai to if wishes. ASRea about tne even basic laws of trade in the 
raent — the Department of Abu Dhabi where the road profitability of so expensive a f ou jr \yeara.' ::This wai 

Petroleum and Industry and the passes mile after mile of earth- project he raid : it ^is nor just responsibl^o? the mtoatioh. : 
Abu Dhabi National Oil Com- moving and construction during a smelter. A. large part oz ine I . believe In f rpa^ jenterprfse 
pany (ADN0C) — and these the simultaneous building of the investment J» for water pro- but j. do.thlnk one should have 
operate independently of two huge harbour, gas liquefaction duction. ^ ltn J| e ar Jilv, controls. r-We are ^ah.- under: 
federal bodies, the Ministry of plant, the aluminium smelter, pluses populated- country- and 3 don’t 

Planning and the UAE Develop- and power station. economies tt 1 build >ou cannot industrialise 

ment Bank, which was never The aluminium plant win be necessarily juage (tne economics )nt& latjohr-Intensive projects, 
very effective and has now the hub of ihe industrial com- nf ^ Examining the i . Gulf we see 

become virtually moribund. plex, It will take feedstock pas way. Th e c oni en ti onat wisdom 5lmUar cinaimstttK!efi/_.We par: 

In the other Emirates indus- from a number of different m J°- 'i*? 1 ! ** nas ilpularly shonld ctanir^to same - 

tries have often developed at sources (including Umm al broken down- .. kind -of cooperation bn petro- 

the whim of rulers and advisers. Qaiwain and possibly Oman). v ^.'.. . chemical development. Vfe muat 

sometimes with atartlngly little generating power from gas tur- Aimc create some kind of integration, 

consideration for even the most bines with an installed capacity jr * M *r*- .We shouW"go tor It^it industry 

basic economic rules like an ex- 0 f 525 MW. enough to produce One- of the aims of the Dubai whlch_wilf :not require major 
animation of mar* els. Through- 25m gallons a day of water Goverrnnedfs investment in uibour ahd'wfl'I supply the 'local 
out the UAE a proliferation of from the desalination units tthe Jebel All is to attract private market." : 
smaller factories and workshops, smelter will need SnO.OUO industry. The hope is that the As pari of its evaluation the 
often linked with the building gallons a day), with power left 74 berth'; port will - draw 1 * n federal Gw/BienmetLi is conclud- 
boom. are developing on the in- over "for other industrial and industrial, manufacturers who i n g surveys of mineral 
Illative of individuals who have domestic requirements in Jebel will he 'able to ‘import goods resources, -wa^er. industries 
until now been unhampered but All and Dubai. Some observers freely through., the port and (with :UNEPO) • and* -tnanpower 
also unaided by basic monetary believe the desalination output develop re*ekpdrt industries, (with the World Bank), There 
policy or even legal guidelines, will be as important in economic using low. cost labour. -. is greater awareness than a year 

The Ministry of Planning re- terms as production of metal. The British company Cleve- ggQ ^ nefi£ j 
cords tfhow that 17 major new since the water will form an land Bridge arid ^ Engineering cooperation- (.Saudi Arabia- has 
industrial projects have gone integral part nf the infrastruc- has already established a joint abandoned plans for its 
into production in the last two lur ? of the entire complex. venture with Abdel wanab .giuniiBijMn smelter Abu Dhabi 
years. These have cost $1.7bn. The creation of Dubai Gaiadari, a local buslnesaman. has ^ fertiliser 

Including a huge chunk of Aluminium (Dubai) has already which is. already producing 1 The ' regional aspect 

5800m for the gas liquefaction caused controversy in the structural. steeL The factory has bs important, 

plant on Das island. region, and - news of Sheikh just opened formally, but it Ws ^ industrial ihCemtion in the 

.After the gas plant the big- Rashid’s plans for an aluminium been producing structures tor a Gulf cannot be dealt with" until 
gest investments have been the smeher were greeted with alarm numbef of projects, including ^ efe j s icterrial coordination 
cement plants in Abu Dhabi. Ras in Bahrain, which built ihe first the aluminium .-smelter, sipee UAE. -THii depends 

al Khainiah and Sharjah, with smelter in the area. The new February this year. Il ls a sma * r ' 0 h' greater politi«tI integration 

Dubai’s shortly to come on- smelter s profitability was imme- factory itatol investment. . occurs there 

stream. Of those in operation diately questioned, particularly Dr. 20m) mh J j WJ seems little peosmmt M an en« 
only Ras al Khaimah has con- when it was learned that the 1 .000 tons a month based for the unplanned and unco-- 
cenrrated on producing sulphur- firsi estimates of the smelters moment on raw -Steel imported industrial r develop- 

resistant cement which is neces- co*' was morn than SfiOOm. from Europe w Dubai. The coin-. 

sary in construction In humid Dubai is owned &) per cent pany already has orders to cover ■■ , 1 -T a »mw 

aaline conditions. (Abu Dhabi by the Dubai Government, with lhe. first six 4aonths of iiill pro-. lYUCu^l-^lUiga.y 






M 

■V, 






■ Tunes Monday June 26 1978 

UNITED ARAB EMIRATES VH 





17. 






INFRASTRUCTURE 


from the 



ng 


THE size of its oil 
- 're^et^pe” the economy of 
^V^ijigsxnaU. The state is a 
jnodel of a coantry 
, from the bottom 

^fmpSryT^ad. the visitor can 
wha t is going on 
- ° Ve< ^°w and ail 


-.^wvflroms is easy to define 
; , ; *fid^wnine. First one must 
iWjFr'fcaC physical infrastructure 
-l.i^p^^rTvateir, electricity; then 
Social infrastructure 
. hospitals, schools; 
; jgpagjE ae v&pp the human infra- 
^naijtsffe-^-educate the people 
adminster the social- 
^Ojjdjnic structure that has 
r ftfeqn' built. ' 

jjrin: the UAE political circum- 
stances affect the process. The 
model Is marred by physical 
.infrastructure often ‘of unsuit- 
able scale and by unnecessary 
duplication largely because 
the federation is not yet a 
unified entity. Absence of 
effective central planning means 
that Emirates may not know or 
care what their fellows are 
doing. Inter-Emirate rivaLry 
often spurs rulers to vie for 
the most prestigious project. In 
some cases rulers are unwilling 
to rely on the federal Govern- 
ment for a service which might 
give “an outsider” a hold over 
them. 

Development of human 
infrastructure - is the most im- 
portant phase, hence the Gov- 
ernment's stress on education 
as' its .first priority. It is also 
the most complex. The advent 
of money sent UAE society’ from 
camels to cars overnight. 
Education may well transform 
nomads and villagers into 
people unsuited and unwilling 
to be the humble functionaries 
of the economy. Much of the 
economy's value added, and 
what might be called the 
“social value added." will 
always be provided by- 
foreigners since education will 
not after the local population's 
minority status. Universities 
may create a nation of assistant 
deputy under-secretaries. 

Completion or virtual com- 
pietiorr of the road system is 
the single greatest physical 
. achievement in the UAE. The 
network, to which finishing 
rtojicTies are still being put. has 
already had the most profound 
/effect on the lives of nomads, 
farmers and fishermen.' The 
isolated oasis dwellers are now 
linked socially and economically 
- to. the towns. A1 Ain. once an 
isolated group of oases, now has 
a 'Urt versity and has become a 
Stopping point for traffic en 
route between Dubai or Abu 
Dhabi and Oman. Development 
• of the road system permits the 
development of an industrial 
complex like Ruwais. which 
itself will have a profound 
.• effect on economy and society. 
;Ah Emirate like Has ^ 
Khaintah, which has had an 
existence economically and 
- socially independent from the 
-hther Emirates for hundreds of 
years, and was first linked by 
jroad to the outside world ten 


years ago. is now only an hour 
or two away from the main 
population centres; it quickly 
became chief supplier of farm 
produce to the Test of UAE. a 
town like Dibba., located in the 
north-easternmost point of the 
UAE, will benefit' from 20th 
century amenities for the first 
time because Fujairah's road 
network has been completed. 
Without the road' network con- 
sideration could hot have even 
been cast- at a plan, suggested for 
federal water supply involving 
a huge desalination plant at 
Dibba. 

Water supply is the most 
critical element of infrastruc- 
tural development after the road 
network. The UAE- has no co- 
ordinated water policy and bas 
not completed a federal water 
survey. The Federal Govern- 
ment has not begun to come to 
terms with the water supply 
problem. Planners have 
recognised that the developed 
socieiv will require mure water 
than the finite supplies available, 
but not Emirate is yet willing t>*> 
risk dependency oh a federal 
water grid. One hydrologist said: 
'■ It is hard To convince different 
Emirates that they are drinking 
from the same tap.” 




■WJI 







The new Dubai Municipality building, currently 
under construction. 


Fertile 


Most water is drawn by wells 
from a central aquifer running 
north from Al Ain as far as the 
fertile Digdaga area- in Has al 
Khaim ah. The UN Economic 
Commision for West Asia esti- 
mated that the underground 
reservoir holds between 160 and 
270m cubic metres. Two years 
ago consumption had reached 
164m cubic metres, a year, 
according to qnaFlied estimates. 
Aquifer replenishment is esti- 
-d at ltWm cubic metres a 
year. . . 

Just as in the cities there is 
little control mechanism to pre- 
vent property speculation, so the 
Ministry of Agriculture' and 
Fisheries cannot prevent indi- 
viduals from drilling wells 
where tbey choose. Indeed it is 
bound to supply water to any 
citizen who applies for land, 
something which the Govern- 
ment is encouraging— the 
Bedouin nomads to do. .The 
result is a rising water table of 
increasing salinity, which is 
spreading inland from the .west 
coast. Farmers have noted salt 
content of up to S.000 parts per 
million in bady affected areas. 
(The maximum acceptable 
salinity for irrigation is 3.000 
ppm.) To minimise wastage the 
Government has introduced the 
use of sorinkler systems at farms 
like Digdaga and is experiment- 
ing with drip and trickle irri- 
gation. which can cut wastage by 
up to 75 per cent. 

Unlike Saudi Arabia, towns in 
the UAE could be wholly 
supplied by desalinated water. 
Urban populations are small in 
an absolute sense. Abu Dhabi, 
which used to take most of its 
water by pipeline from the wells 
of Al Atoi. is now dependent on 
desalinated water. The UAE 
has the money to buy power and 


At Your Service 

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: r TOu'with prompt and punctual service. 

&C.., - Your satisfaction is our motto— 

consider acting as agents lor foreign compand 

HADISON 

CLEARING & FORWARDING AGENCY 


•?r^v 



P.O. Box 281, Dubai, 

United Arab Emirates. 

Telex: 6560 HADIS EM. 

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^ r^e ma* Establish**^ 

^ - / .-.te.rtbgr of 






VI; i-. 


rs.rj. -- 


sr-iii. 


HL-fllflillD L0in|B* 





* ' relep^J^B . 

=;7^S326 fLondon) 

'.Telepbo^i®^ggi36Sl G 


desalination units on a large 
scale. But water costs far more 
supplied in this way and the 
UAE will have to ensure that 
its income for the post-oil period 
is large enough to use this 
source in the Jong term. Dubai 
is a good example of the 
manageable size of urban water 
supply (provided the money 
remains available). By the end 
of 1978 Dubai will need 23m 
gallons of water a day. This 
will be near the limits of pro- 
duction of well-water, which 
currently produce 13m gpd. But 
the desalination units at Jebel 
Ali (whose first customer will 
be the aluminium smelter) will 
have a capacity of 25m gpd. 
most of which will go to fill the 
gap in Dubai's domestic needs. 

What the UAE will probably 
discover, as plans for power and 
desalination stations go on 
stream, is that adequate urban 
water will be available but -the 
reticultioo system in the towns 
will be overstrained. The U.S. 
Bureau of Reclamation bas been 
studying water supply for the 
Federal Government and has 
recommended that wo dams be 
built in the northern mountains 
at Wadi Bih in Has al Khaimah 
and Wadi Han" in Fujairah. This 
would temporarily prevent huge 
water losses through flash floods. 
If V northern dams and the 
suggested Dibba desalination 
programme are ever imple- 
mented the administration will 
still be left with two problems 
-r-^the\ unwillingness of . the 
rulers\to depend on . federal 
supplier and the inability of the 
urban reticulation system to 
handle Water pressures from a 
national grid. 

. The problem of electricity 
distribution is no easier. Each 
Emirate is developing power 
generation „• capacity with 
insufficient thought for the 
distribution network and less 
consideration of a national grid 
system. Until a national grid is 
developed, resources will be 
wasted by duplication of 
stations. Sharjah, the Emirate 
most conscious of the need for 
urban planning and one of the 
few which bothered to lay 
drains, water and electricity 
supply before constructing city 
blocks, is hampered, now it has 
enough generating capacity, by 
the absence of an adequate 
distribution- network. 

Destruction 

.‘ Implicit in the development 
of the UAE is the destruction of 
the- nomadic way of life. 
P lann ers see the social change 
as a fair price to be paid for 
the greater economic and social 
benefits of- housing, health and 
education. The target of housing 
schemes by the federal Govern- 
ment and individual Emirates is 
7,500 homes a year. The UAE 
federal budget includes pro- 
vision for 2.500 low-cost homes 
in Abu. Dhabi's Al Ain and 2,000 
low-cost homes (the term is 
strictly relative) in -the poor 
Emirates. However, in Fujairah 
for example, "where the majority 
of the rural population is noi 
nomadic but settled in farming 
or. fishing villages, the carefully 
designed prefabricated single- 
storey houses have been 
rejected. The people find their 
own' designs and life-style 
preferable to the electric- 
powered air-conditioning units 
supplied by the Government. 
.Those that do opt for the 
modem life prefer to migrate to 
the-cities. Nomadic bedouins 
have even less incentive to 
settle. Some even by-pass the 
system by accepting bousing and 
farm land allocated but leave it 
to. be tended by imported 
foreign managers and labourers. 

Each -of the Emirates has 

suffered from uncoordinated 
construction of apartments, 
offices and showrooms. Local 
chauvinism and the intoxication 
of the boom meant that Emirate- 
govemments did not see fhe 
relationship between nationwide 
construction and the develop- 
ment of buildings in their own 
Emirate. The UAE does not even 
have a system to monftor let 
atone- -control or prevent 
individuals from building. The 


building or have built too q}any 
hotels, offices and apartments. 

Construction of too many 
buildings is a consequence of 
unawareness by individuals and 
administrations, but much of 
UAE’s infrastructural duplica- 
tion is caused by old-fashioned 
rivalry. This is one reason why- 
all the Emirates are building 
ports with * a capacity far 
beyond the requirements of the 
region. A recent estimate was 
that the Gulf has 150 berths 
in. 15 ports at present. This 
would rise to 476 berths at 
24 ports if all plans were com- 
pleted. The UAE has more 
than its fair share with a pro- 
jected rise ion paper) of 40 
berths to 213. 


While port development is a 
partial consequence of the 
notorious port congestion in 
the early days of the boom, 
development of airports is more 
closely connected to Emirate 
prestige’and rivalry. A small 
country with good roads does 
not need four airports, let 
alone the seven or so which 
could eventually be built The 
ultimate in oneupmanship is 
Has al Kbaimah's earth satellite 
station,, which connects that 
Emirate’s few hundred tele- 
phone subscribers to New York 
while they cannot dial direct 
to other parts of the UAE. 

The third reason for infra- 
structural duplication, fear of 
becoming dependent on a 
neighbour for services, has 
been dealt with in discussion of 
water and electricity supplies. 
It is generally agreed that 
until this hurdle is overcome 
federal Government will not be 
able to impose comprehensive 
planning on the country. It 
is also probable that the rulers 
will resist federal control of 
water and pmver supplies 
longer and harder than even 
the total unification of The 
armed forces. 

When the physical and social 
infrastructure of the UAE 
model is completed the human 
infrastructure will still be 
under construction. Social 
problems -with significant 
implications for the system 
have already been encountered 
at village level. In the country- 
side once-isolated villages now 
linked by roads provide school- 
ing, for the youngsters. Parents 
are given grants to persuade 


them to leave children in school 
beyond the age of 11. though 
the drop out rate remains high. 
Those who do stay on leave 
school with certificates and 
aspirations to match. The 
children learn by repetition and 
rote — what one teacher calls 
“the Egyptian shouting method” 
(a reference to the number of 
Egyptian teachers;. They go to 
the towns with inflated 
ambitions, anxious for fast 
promotion to be boss, mayor or 
cabinet minister. In their 
lodgement jobs like trading or 
driving a taxi are for the 
illiterate, and manual work 
something worse. 


Escalate 


The problem may escalate as 
the number of youngsters with 
secondary education grows. AJ 
Arin university has opened with 
400 boys and ISO girls, aJJ of 
them justifiably aspiring to posi- 
tions of leadership in The com- 
munity. As the education 
machine gets into gear one 
must question whether the eco- 
nomy will fulfil the career hopes 
of ali of them. 

At worst this will become a 
potential cause of instability. At 
best the UAE will have changed 
from a society run for a 
minority of locals by a majority 
of foreigners into one run by 
a native elite controlling 
huge foreign workforce. Neither 
creates the prospect of a well 
balanced society, but the sur- 
plus revenue oil state is e new 
phenomenon in the world, and 
it is difficult to predict its 
future. 

Michael Tingay 



Emirates 


Company 


General Agent for 
DAIMLER BENZ A.G. 

Sales, Service and Parts for 
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P.O. Box 6300, Aba Dhabi 
Telex: 2849 (MERCED) AH 
Tel: 77363 



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P.O. Box 6193, Abu Dhabi 
Tel: 26585—44206 
Telex: 3220 JALLAF AH 

Branches in Al Ain 
Dubai 
Sharjah 



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Established 1963 under charter granted by His Highness Sheikh Rashid bin 
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Paid Up Capital 
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Dh. S6.878.360 


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IMPORTANT NEW 
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Port Rashid now has two 35 ton capacity container cranes 
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ttie Gulf, with modem marine and cargo handling facilities rendering 
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’ "Fifteen cargo berths are provided for ocean-going vessels and one oil 
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AT ONE time': eluting 1576 it ■ 
seemed as . though. the UAE 
would - . have - more-, - shipping 
berths than ; It had • bank 
branches' which.' -fora chronic- ' 
ally overbanked country, would 
have been quite a feat How^ - 
ever, the '-.business slowdown 
during i977 r which.- gradually, 
cleared the congestion at the ■- 
UAE’s ports, also relaxed the ', 
pressure On the planners. . wfeoT, 
had been -bemused by a" more : 
than 600 per cent increase in the - 
value of imports gncel978/$eF 
imparts (that is, imports minus : 

re-exports) into .the UAE ln-‘. 

1977 Were - valued at-roughly" 
53.5bn, about 54,000-worth ■ of . 
goods per head of population. 

The first of the- Emirates tor'.: 
scale down its -port development' 
plans was Abu Dhabi, whose 
port takes in about a third of 
the Federation’s imports. The 
expansion and contraction of 
Abu Dhabi's plans more or less 
followed the econohuc pattern. ~ 
Until about three years ago Abu 
Dhabi was content to plan for a 
port with 19 berths. Then as , 
demand for goods escalated and 
port waiting time increased, 
successive plans for a new outer 
harbour and increasing the 








>v ' .. 


- ■ ■ .*■ 






Dubai's Pott 


built by. 


•• -- • v4974 

inner harbours number- of ^ 

berths were put -forward. 


UJV.E NEIMMPORTS 

1974 

3,654 
500 

at -one point in 1977 there was 

talk of Abu Dhabi port having ^ R 

63 berths. Now it looks as . £ At, 'sS r * " >L6 

though 19 is once again lo. be" . *A*-Cmmdcj JB oanL 

the maximum: the first 16 are 
finished and Die last three near- 
ing completion. In September 


* -■ 


: is: situate* *-* ..... 

in rs- aerns nea r--' 


up h :u*- 

' ' aiajfcar. ®nd “ 


f 'Adjusted net Imports pxdadin g recorded an<f * 

export, from Abu Dh^ebd Dubai. W ^ - ^ 


1976 ' at the' height of -/the 
Gulf boom when 


. far vtke; /^^mei^rvi they an._~ 

.-v. ; ^ _±4akifig- mto-;«cca.aHt-'ih e fact tha > . .: 

^ -/air by ove 

tvv^en 1969 am 



of last year -the outer- harbour- ' 
plan was definitely shelved and m 
tlie expansion of the inner . ... 

harbour is no longer a priority, seemed possible, appears . - 

The main entrepot for the proceeding on schedule. Wheat. ^ include Medtaiaer which ,operr-.V:;The^hevk AlHi-fDhabi Inter 
UAE is still Port Rashid in il 13 completed about lOOm ates the container /berths ; and. nhtibnal^iAirpi^' (known a 
Dubai, although neighbouring-^ 1 !” 0 of. sand ani Jr^k offers the feeder line- sertrice^ Naiha 'for, sbprt>,;5s being con 
Sharjah is mounting an aggres- wm have been dredegd aynay and the American container ^txat^^v^^u^.Xo a desigi 
sive marketing campaign lo b >" the;.. n«in. dredging:-, ;B0h^liiie, Seatrain. ^ by :. AeTbpOTt”^ 8e ^>Paris alon; 

match it as the freight centre tractor. Gulf Cobla, and two- Sharjah's international . air- sinutar^Bnes io‘-Pans' Chari e 
for the Emirates. Total imports subcontractors, resulting hi./* port, which is part of the pack- de/Gaiille/airport The- presen 
into Dubai at the end of last new. artificial creek and- a-Tt age of Sharjah as -a . freight: airpojt- at Ahu Dhabi has beei 
vear came to $3.3bn of which- 16 -metre ■-cfeep^Handling centre,' and wa 

probable fifth was re- channel out to sea. -' The .{port 4he city and just over a . year planned To handle four airline 

exported. In tonnage terms this will have - 2,200 metresL'-^oL old. The project (s. g^t.yet with. about 4-5 flights a day; it 

indicates a throughput of 6m wharfage hna 15 km or epay / finished, with the cargar/feheds 1978^4. airiineS'have regula 
tons a year with 1 Jim tons being ’ success of and new passenger ^ Tmhinal. f]ights^. ; *liich are up 340 pe 

for destioations other than All will uepend very greatli/ffe < cost £2iin) yet UJ-:bC>-rom- t^^^S. Although the an; 

Dubai. the marketing of Jebel Alf as pleted. The runway, which is port- was isnended during 19 1 4 

The Dubai Port Services com- an industrial site for . -the 3.750 metres long, and the ter- Abu Dhabi's airport authentic 

pany is now operating 20 region. The success of Shar^h‘s/ minal buildings have : been decided in. 1975 that a new air 

oerths. 16 fur general cargo and ambitious freight handing designed to handle aircraft jxjti was Leally needed..; " 

four for direct delivery. plans wiU depend o n .Jhe carryin g up to lOm passengers Aiy airpom^thodty.will b 





depend on The canying up to 10m pass^gers 

Another- T7~berths arqr -under 

rulKi^iTi^fin liV TTO EnSlslff- — ;.:.n •«* nnpTations "in "1977 Wltff .Oliiy tfeie hid 3) irporT), whipfi vl'tll'Ka ^ 


cuiislfuctiOn by tBJ CoSialn- authorities ss" v.-efl as operations -in ...... 

Taylor Woodruw joint venture management capabilities two airlines calling; now there 3 runway long enough to ta< 
(which is building the drydock for have bot}l t0 woo new are seven, averagln* 30 flights Concorde.- Plans for further a& 
next to Port Rashid) and these , 0 offer crete a week. A. number of cargo ports at A1 Ain. in the inter#! 

should be ready io 1980. The auVwltases 0Ver Dubai's lines fiuch 33 JAS * Tradewinds, fl f che UAE, and at Fujairah $ 
port authority is expecting the etfioent ^ established Port Martinair, Carcgolux and Cargo- the Gulf of Oman coast, .a$i 

joint venture to hand over man are regular users of the being stduied, but consultant) 

another lour completed berths r ' conce{)t 0 f Sharjah as a airport have not yet been selected 

freight centre, both for air and ®«5 Dubai. too, has sm vmpres- the Al. Ain project A Canadig 
sea rareo is a seductive one **** International standard air- consultancy.' Aviation Planniflj 
The plans tc^have W coa- its . *• ^ ■** ^n up designs 4 

ventional berths operational by has been in S ^ i j5 h,s f z ty°*r ‘ f • _ T 1 

19‘/9 and seven are already than that of Sharjah, i Dubai In. the far north of the rAfc 

operating. Berths one and two airport handles over 230 fegular Ras Khaimah’s airport, tiff 

to a container line flights" a week from ovjr 26 largest^- ^ UAE. ban*® 

which also operates a feeder iutKoational or regional air- less than a dozen schedul*: 

line service to other Gulf Modern cargo handling flights a week. The Emirate $ 

Port Khalid was techniques are used at the 'i&ir- completing a port developmenj 
a port and further improvements early next year. .. It will has’ 


this summer. There has been 
tremendous growth in container 
carried cargo to both Port 
Rashid and Shariah’s Port 
Khalid. In 1976 Port Rashid 
received only 400 containers a 
month, but last year the total 
was 54.000 (more than ten times 
many) and the expectation 
for this year is 100,000. In April 
this year (imports in the UAE 


Po ™ £ r S “^ r *S n K. for ^ 1 

pfaiming to add cold jjj 


foot equivalents, the stan- “”^ w ca ^“j ty to 7ts" general increase in airfreight tonnage-' general pjrgoand two. forcojf 


dard container is 20 foot long). 


!ontainer 


Of the new berths to come at 
Port Rashid five will be con- 


warehousing. (Halcrows.is aJsty iOTpflubai in toe past two years, tainw traffic: toe consultants 
the consultont to this.project official figures have aze^erwMiddle East 

Duoars arch rival " Rt- - tirade to : .be s trq8tod with caution as '.^ er ® . are eight airpor^ 
matters.) Sharjah is also build- the arriyal and departure of either built, irnder constructing, 
ing a deepwater harbour and TMA^a. major regional cargo on the drawing board fftjt 
„ container terminal . at Khor csfffieli ^isforted the natural 1116 -- UAE—total 
tainer berths equipped with con- on ^ ^ of Oman, growth pattern 

tamer handling equipment. * ■ • • 

(Last year the port bought two 
£lm Tango 80 cranes modified 
for container handling on 


number 10 berth.) April was a 
good month for Port Rashid; 


which should be ready by the 
autumn of this year. 

The argument put forward by 
Sharjah’s port managers is that 


Shelved 

At ^bhe.' lime a new inter- 


populatiqg; 

800,600 plus, total land are|| 
32,000 square mties. At preset 
it seems that tot frenetic lev^ 
of- activity that :■ jammed tlfe 
ports and airports of .the U. 


■ c u . ... — during 1975-76 and.. early . 191,1, 

Sharjah is the. ^ natural ^tiopaliairpbn.was planned by are not jikeiy t0 recur. Tf ” 


K 


SVJUU UIWIIUI iUi 4 Viv Jaw Pvnrritlld ‘ -T^v" .r * " ' , . . «IC UUl -XUWIJ IU iCLUI . 1IU 

tonnage handled reached a high freight ( ^ ntT ® J to serve. the future Jebel aew airports and extended port: 

for toe year of 666,000 tons (of because it is (aVphy 5 ™^ cen ’ Alt^ndustriai complex, but this likely To be under-utilis" 

which at least 33,000 were tral and connected into tne appears .to have been quieUy for some years to come. 

cement in some form or other) developing Arabian road net- shelved. -This is hardly surpris- 

which was- also a record for the work, (b) has toe only deep- u^.^or^ - Ahu Dhabi’s plans for - . - .1/. 

port to date. water port in the UAE at Khor 

Both Port Rashid and Port Fakkan which will be a spe- 


Kbalid are p lanning more ciaiist ’container port. (cV has 
facilities for roll on/roll off one. pf' tiie most modern and 
traffic, which is also a growing flexible "60076111101141 ports at 
part of Gulf freight business. Port Khalid in the Gulf and (d) 
Sharjah Port Authority already has ah. -under-utilised inter- 
nes one ro-ro berth operating national . airport The port 
and believes that ro/ro traffic management wants to persuade 
has the greatest growth shipping '.lijo.es. lo. unload con- 
potential of ail forms of treigbt talriere 'from the larger vessels 
iraffic in the Gulf. Sharjah also at Khor Fakkan Tor tranship- 
offers ro/ro lines for their own ment by eitoer. feeder jyesscl or" 
stacking lines for the goods truck to other Gulf destina- 
offloaded. tions; or to take smaller con- 

Dubai’s posperity was built ventional and container vessels 
on its port activities, starting to . Port Khalid for tranship- 
With the dredging of Dubai -iuent again, either by feeder 
creek by Shaikh Rashid some vessel, or by truck, or by air 
20 years ago and the more frum Sharjah International air- 
receot construction of the port. 

original berth Port Rashid. This means persuading ship- 
Port capacity, therefore, has ping lines to offer a sensible rate 
an emotional importance to structure for transhipment, and 
Dubai which may explain why to persuade airlines to call at 
the State is persisting with its Sharjah’s international airport, 
ambitious industrial port plans There : is a'feeder container ser- 
in spite 0 fthe economic slowv vire operating from Sharjah at 
down in all the Gulf States, rhe moment, but it is compare- 
Mina Jebel Alt will .according tively expensive, for example, 
to present plans, become a 74 it costs about §2,000 or so to 
berth deepwater port to serve bring one 20 ft container from 
the fledgling industrial h inter- Britain to toe UAE. now. so the 
land. The project is likely- to Importer is; going to baulk at 
cost in excess of-£400m and paying- a- further 5500 or so to 
will be complete in two years, get bis container from Sharjah 
A special company has been to. say. Doha which is just up 


set up to build the port Mina 
Jebel Ati Construction is a 
joint venture between Balfour 
Beatty. Duba Transport Com- 
pany and S levin Construction. 


The Gulf. 

Shsi^ab’Kport 'authorities «n 

so far-: chalk up ■ one notable 
success. Some 200.000 sq ft 
of storage space have been 


The ubiquitous Halcrow civil leased- to .Lteagh Uglund Auto 
engineering consultancy has the Liners behind . the ro/ro berth 
overall consultancy contract for f 0r the storage of the. vehicles 
the* project. The construction it brings in. The line is now 
contract, which was awarded' importing in around 3,000 units 








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THIS IS a time for reflection 
in Abu Dhabi. The surge of 
construction work is nearly 
over, and the transformation 

from a desert sheikhdom based 
on a few oases and nomadism 
to an urban society bat'tfd on 
oil revenue is almost complete- 
Behind the apparently mature 
facade of the town of Abu 
Dhabi, many of whose wide 
boulevards are already disturb- 
ingly empty of traffic, the in- 
habitants are asking serious 
questions: Is this the place that 
we wanted to create? Where do 
we go from here? 

Oil revenue surplus stares ^ 
have to face questions like this 
at different times; but it is par- -• 
tjcularly traumatic for Abu 
Dhabi because, unlike Kuwait 
or Saudi Arabia, the process' of 
transformation began only very 
recently — with Sheikh Zaid's 
coming to power in 1966 — and 




- =• 

r 0m •; - 

Central Park, Aba Dhabi , and new cbmvte^^'brwer blocks. ' -. 7 aft 




5Ti5.SrW« « «H* Islamic traditions JJ* V * 



needed.- Apart from develop^small local m arket, reuance_ ^ : 

ments at Abu Dhabi and A1 Am. • immigrant labour and. tbeJEact - 

other inhabited parts of the;- Oat 



pl'ace iiTthe past four years with cohesion. His views, which less 

?ave 0i ™d b 2r^t C ?ha" ge it £tmed *£.&' 'SSL not “pnijeets ^ 

has been difficult for people to officially repudiated, and are needed.- Apart front devdop>^>ll local 'irttt 4wT 

keep up with them. shared by many of the most 

Wbat strikes the outsider is senior people in the Emirate. — -■ ^- =4: . 

Sffi .. 

fundamental S fif £2 D>gfej, U ' ' 

ss ~ \ 

~i££j&jss 

In the initial rush of develop- depend largely on the non-Abu a large enough scale tt wj?l tom- industry naturally , puts ba^J^^rudi^p^^andy as 

• v, Hi' rvotw c ■ ■ mpfi nHahian market Thev know change the climate and jpvft .mpi-p importance on the Abu. .. ■ ■ ^uK»nMfihn^'’TnB8snrs T in? ’ : 

SSSSH ««** 

stations, water plants, etc.— for the Government pumps money ^^^«»dufflng^aap 

SSHES SKSsTS SS? «SS 

S-tfiJSWSS aanm to R ZttJZX&Z SUS&. Ab “ 

create large scale, capital inten- most of the construction 
sive industrv which would at workers and those who provide 
some point in the future take them with .services depart, 
over from oil and gas as the leaving only civil servants, oil ----- 

main source of revenue. men and bankers as the core of 

Now oversupply and credi the economy pumps 

restrictions have fo. Uje Fortunately, however, the drip line irrigation systems^ Audios bonds.' property* '.atfa~rf habi .Mn^wST afford'- at t&t* v. 
moment ended the pwp«J dilemma does not have to .Jj'VEB is planting 80,000 trees relatively small .tbhtt Neatly itfSS,; 

boom, and the end of mft* faced iimnediately. TheAbu ^ ^ on 1(m acres at Arafr ^ ■- 

structure spending is in siJA. Dhabi .Government, recently nbayathi in the western .tr^ ti j Q - uAE itself/ ' ^ ■ 

In the less hysterical atmosphere announced that it province of Abu IMufliL : ;Tftcs>%i*iie- ‘the .AlttA:- 

zjgs.7s£E r sLi sstssu a“«-nrare sfesaSSga- 


— ■' — — — ... uwn — — — - areas of the 

by immigrants from the sub- two years in order to Peg sadiyat island 
continent and the rest of the development spending at towu ln ^ 

Arab world. They do. after all. Dh 6i9b n, the level projected 

ess tx -TJs sysr bo“' .’s^rs .***• 

s5 sMua.'s asw a ass w — 

machinery of both the state 5 3bn (compared with last retained by ^DNOG after it has 
and federal government and of year - s actual total of Dh 4-25bn) paid tax and , /?npr 
the state oil company. ADNOC. w - n rise next year; and a ™ ^the 

i.-.arJMSSS swir no * rSHl?S2 

-rrr,s SSSwsaanK 

ffiolSrtPlmlnSlur isKed “t g and ,te-Dh 4 bn on aid. le,v- 

rSSssrS g^SSSS 

don't want to feel as if they’re wafi t0 let it concentrate ment AuUl0nt y- 

in a foreign country every time J n pro j ec ts that are For the current year income 

they walk outside their home. def way - and wbose implemeB- is Ukely to be about 13 per cent 
He might have added that the tatton ^ slipped behind less because of the cut in oil 
murder by a Palestinian last scbed(J i e . as a Government output The federal budget has 
autumn of his restive, Mr. Saif officia i put it. 1979 should be been agreed at Dh 10.5bp, of 
Ghobash, the deputy foreign the „ ear for thinking. But it is which virtually all is likely to 
minister, brought home to the a comttmn vj ew in Abu Dhabi be contributed by Abu Dhabi, 

.whole DAE its vulnerability to by time the main and it is probable that it will 
outside influences in the Arab j n the pipeline are absorb more than it did last 

world and the underlying pre- finished there will be relatively year, while the Emirate’s total 
cariousness of control by UAE b 'ttle that the Emirate will need, spending is put at about Dh 8bn. 
nationals- By early in the next decade it With aid at about Dh 4bn Abu 

So it is not surprising that have a new airport Dhabi is likely to have only a 
strong doubts are now being (designed by the deslgrffcrs of slender surplus this year -and 
expressed in government circles Charles de Gaulle airport in possibly a deficit in 1979. This 
about Abu Dhabi's industrialisa- p^), the new Olympic-sized is another factor .that must give 
tion plans which, capital inten- 2a id sports city, two large new pause to the Emirate’s financial 
sive as they are, would hospitals and two power stations planners. 

certainly lead to an increase on Urrnn an-Nar island: and a g^g plans for large-scale 
in the immigrant population Qew airport at A1 Ain, the industrialisation have been 
and will involve only minimal inland oasis town where many drawn up. An entire industrial 
participation by UAE' citizens. j^ c h Abu Dhabians have houses C j^y has been - planned for 
Mr. Saeed Ghobash confirmed and enjoy the cooler and less Ruwais, about 240 km west of 
his doubts about this in the humid air. Abu Dhabi has, ^hu Dhabi . near the ADPC 
same interview, in Which he however, . sensibly dropped crV de oil terminal. The master 
declared himself in favour of plans to expand further its port, plan, drawn up by the U.S. con- 
fess industrialisation, less When these and other ma l<> r sultan ts- Arthur ■ D. Little, 
materialism, only moderate projects are complete the envisaged a population of 
economic growth and much Emirate will have laid down between 40,000 and 80,000 
greater concern for Arab and most of the physical infrastruc- De0P i e ^th its own port power 
— i station, water plant and housing 


vjfc.-.*- . . '«• -u 


W-V • 










area. The main industries pro- 
posed were a gas liquefaction 
plant, an export refinery, a 
urea/ammonia plant, an 
ethylene cracker and an iron 
and steel .plant The LPG plant 
is now in the engineering phase 
and is expected to go ahead ai 
a cost of’SL’rbn, .with the U.S. 
companies Bechtel and Fluor as 

the main contractors. S n am 

Progetti is doing the engineer- 
ing work on the refinery, whose 
size has been scaled down so 
that it is likely to serve only 
the UAE market and have 
130,000 b/d capacity. But the 
urea/ammonia plant has been 
postponed for the time being, 
as has the ethylene plant, while 
the steel plant which would use 
imported ore and local gas in 
the direct reduction process has 
been effectively shelved, subject 
to a final feasibility study. 

Thus the size of the Ruwais 
complex is likely to be far 
smaller than once planned and 
the population is not likely to 
exceed 40,000 or 50,000. Mean- 
while some' small industrial 


The Guthzie C«rpoxation LJd - one ! 
international trading organisations. ^ 

Hcm the resources and cap abili ties 'eft Ihe^e ^4.; 


% - r 1’' 




jnajor companies have beenUnked in' a ppwed&jTneyr - 
trading partnership " Gushrie Galadaii'' ■* v , ; ■ j 




TWE SER VICE - , 

From its-base in Dubai, Guthzie Gftkdari 'fife'* •- 
facilitate every aspect of r A ' K ~ i - ■*•*»*&* a • 

the Middle East markets, 




'r'i' 


transaction. 

We have a modem and efficient diatiibuti^ne tWork 
to take care of every, detail Eccoathe' fectory ^br td j 
the retailer’s shelf,. . - ; ; . ;. v .;:?■* _Jj v 'j ; 

THE OPPOItriljciri' ST ■ ' , L‘ 

If you’ re nptacMeving*your'pzvp6rshareirf&& : ' - 
growing Middle EaSHmarket, novryou cando. 
something about it Make contact 5 /itfi C uihrie 
Galadariat either of the addresses bek>w.:X€iiir ojvn,: . . 
Middle Eastemtradhj^.fo^ce is muting; . v e '.- ■ 

Guthrie Tracing (DE) Ltd . 
BalKHodsfe ; * ; T . • - A , 
S3/6G Holism. Viaduct . J 
"Lcnadon EC1 A 2ES . „ 

Telephone: 0I-24S76T1 
Telex^i^'GOTHSYG;- 








Guthrie. Galadaii 
EjD. Box 138 
Dubai - 

United Arab Emirates ■ 
Telephone : 664000 
Telex : 5443 GABROS DB 


V 












21 






Attraction is not always 
a matter of strength. 


Our position in the worldwide staff is trained 
world of banking is more to respond flexibly, even 
than just a question of to the most demanding 

volume. Both at home and requests, and to make 
abroad our accumulated decisions quickly, 
experience in universal . ■ 
banking, backed by serv- " Our detailed know- 
ice and a tradition dating ledge of what’s happen- 
from 1870, has made us mg in world markets, our 
what we are today. long banking tradition 

and excellent contacts 
As a universal bank, we have created our inter- 
are familiar with the ins nationalreputation.These 
and outs of all aspects of contacts can be passed 
international financing; along - to the benefit of 
we offer tailormade solu- your business, 
tions to your problems, . * 
as your partner both at 
home and abroad Our 

Central Office: FiankfljrtCMain)/IWisseldoEr 

Deutsche Bank AG, Repre sentative Office Deutsche Bank AG. Representative Office 
B. L T. Building Av. Karim -Khan Zand No. 78 

RadSolh Street P.O. Bax 11-710 (AEGBuilding), P- O. Box 11-1873 

Beirut, Ttelefoo: 2A 2189 Tbheran,Tatef0ttB3l272,83G343 

Deutsche Bank AG, Represe n t a tive Office Deutsche Bank AG. London Branch 
23. Kasr el Nil P.O.Box 2308 ID, Moorgate, P. O. Box 441 

JCairo, Telefbn; 97464L97 4373 Lcuidon£C2P ZAT, Tblefon: 60544 23 


Deutsche Bank 


DUBAI 


Economic revival 


DUBAI IS easily the most 
' ■ vibrant. of the seven Emirates. 
OneJcan stare for hours at the 
muddle. ot activity" in the 
Spi^aJQ^. creek as ferry boats 
dhpWS, oil platform supply ships 
and' -snjall freighters churn up 
th^azrire.water in the fresh sea 
breeze- There is something awe- 
va&ito&r jt a little frightening, 
about the immensity of the 
JebeyAli developments on the 
road from Abu Dhabi. And in 
Dataiitself the fierce construc- 
tion activity, happening noisily 
in a far more compressed area 
thap in most other Emirates, 
might lead one to ask: “Haven’t 
they heard about the reces- 
sion?". * 

lhi)>aj suffered its recession 
along with the rest of the UAE 
last .summer. From Augst on- 
wards trading turnover dropped 
as the effects of the credit curbs 
brought an end to the UAE 
boom. The smaller and less ex- 
peoenred merchants found 
tbmhaelves.. overstocked and 
many: went bankrupt, leaving 
the larger- merchants supreme. 
The end of exponential growth 
brought oversupply to the pro- 
perty sector, and many business- 
men' bad- either to sell out at 
far less than they had antici- 
pated or hang on waiting for 
better, times, typing up their 
capital. As some of the larger 
projects neared completion con- 
struction workers began to 
depart, and early this year 
Dubpi airport reported, for the 
first time- in years, more people 
departing than arriving. 

-Now there are signs of .an 
upturn in business in Dubai. 
Although trade is 20 per cent 
below the levels of last year 
letters of credit are being 
issued on an increasing scale. 
Merchants are begining to build 
up fheir stocks again after run- 
rung through the large inven- 
tories. they acquired last year 
after the abrupt ending of port 
congestion. The property mar- 
ket' now favours the tenant 
instead of the landlord and the 
inferior properties are difficult 
to let, but there appears to be 
little difficulty letting proper- 
ties at the higher end of the 
market so some businessmen 
now have greater liquidity. The 
continued spending of Abu 
Dhabi is an important motor of 


growth, since so many of Abu 
Dhabi’s imports come through 
Dubai. 

But it is not dear how strong 
the revival In the economy will 
prove to be. With the comple- 
tion of two superb -new hotels, 
a Sheraton (with a waterfall in 
the colossal lobby)' and a Hil- 
ton. dwarfed by the Dubai 
Trade Centre, the tallest build- 
ing in the Middle East, it is now 
easy to get a hotel room, and 
indeed the new hotels have so 
far (by recent Middle East stan- 
dards) had fairly low occu- 
pancy. The Trade- Centre, 
owned by the Ruler, Sheikh 
Rashid bin Saeed al_ Maktoum 
himself, will add mightily to 
Dubai’s office space and accom- 
modation. as will (a little later) 
The complex now going up on 
the Corniche in Deira, which is 
to contain 401 flats..-a Regency 
Hyatt House hotel' with 475 
rooms. 80.000 square feet of 
shopping space, 35.000 square 
feet of office accommodation, 
and sports facilities; including 
the region's first permanent ice 
skating rink. These buildings 
are monuments to Dubai’s 
future. 

Certainly there seems little 
reason to doubt the continued 
success of Dubai's -trade,, upon 
which its initial prosperity was 
built Imports for the UAE it- 
self have come to amount to 
about 90 per cent of .all the 
cargo handled • legally through 
the ports, but this can.be ex- 
pected to decline gradually in 
the coming years because of 
the near-satu ration of .' the mar- 
ket so Dubai will be forced to 
rely more heavily on its entre- 
pot trade. This is both diversi- 
fied and highly efficient with 
Iran (taking Dh489m last year) 
Saudi Arabia (Dh279mj and 
Qatar (Dh235m) the three lar- 
gest markets, but with Oman. 
Kuwait Bahrain and Pakistan 
also important. Now that Port 
Rashid is uncongested (and still 
expanding) Dubai is becoming 
the warehouse of the. Middle 
East: recently, when there was a 
shortage of timber in Saudi 
Arabia's Eastern Province, sup- 
plies already in Dubai were 
able to fill the gap. far faster 
than a shipment could have 
been ordered from the Far East 
dr elsewhere. - 


The gold trade and other 
illegal commerce with the states 
on the north side of the Gulf 
and India are thought still to 
account for more than 15 per 
cent of Dubai's total turnover. 
With the backing of its smooth- 
running financial system and the 
UAE’s good, communications, 
Dubai is now moving logically 
to third country trade, whereby 
a Dubai merchant arranges and 
a Dubai bank . finances trade 
between two other countries 
without the goods ever touching 
Dubai. 


Dimension 

Oil income ( productioirbegan 
in 1968. and last year averaged 
about 320m barrels per day) 
has added a new dimension to 
Dubai. First, it has enabled 
Dubai to make a much bigger 
investment in its trading facili- 
ties, both directly by expanding 
Port Rashid and indirectly by 
improving the infrastructure 
and making Dubai a more 
pleasant and sophisticated place 
to live and work. But second; 
and more important, it has 
started large scale investment 
in industry, which is more con- 
troversial, both in. the commer- 
cial sense and in its implica- 
tions for Dubai's future 
population. 

The most obvious symbol of 
the new Dubai is the dry dock, 
which should be finished early 
next year at a total cost of 
about £250m — compared with 
the 1976 revised estimate 
of £162m. So far the Ruler is 
still negotiating with four dif- 
ferent companies to take the 
management contract.. No one 
in Dubai expects the dry dock 
to be profitable in the initial 
stages of operation, partly 
because of the depressed state 
of the tanker market and partly 
because of the relatively high 
cost of building it. 

But the most striking expres- 
sion • of "Sheikh Rashid's 
ambition to make Dubai into a 
major industrial centre is Jebel 
Ali. Here, about 20 miles down 
the road to Abu Dhabi, a creek 
has been dug into the desert 
and' an immense harbour is 
being built out into the Gulf 
with ‘breakwaters which could 


allow for up to 74 berths, on- 
shore, part from tbe . infra- 
structure, the heart of the pro- 
ject is to be a gas liquefaction 
plant being built at a cost of 
about £425 m by McDermott 
Hudson Engineering, which- will 
supply gas for the Dubai 
aluminium, smelter, as well as 
producing natural gasoline, pny 
pane and butane. The smelter, 
being erected by . British 
Smelter Construction and ex- 
pected to cost well over $6O0m, 
will also be combined with, a 
power station and desalination 
plant, being constructed at. a 
cost of about £150m by Mit- 
subishi and Sumitomo. 

Apart from tbe problems of 
commission! og and running a 
highly sophisticated piece of 
technology in -the very severe 
environment of the Gulf, the 
chief difficulty at present is the 
-shortage of gas an Dubai to fuel 
ft, Dubad now intends to pipe 
gas from reserves discovered off 
Umni aJ Qaiw&in to Jebel Aid 
(a second test of the field is 
to be made shortly), and it fs' 
also hoping to bring gas from 
an as yet not fully assessed field 
in Oman. Bu-t it is not yet cer- 
tain how - much 3 as these 
sources will provide, and there, 
could be problems in blendang 
the different gases to power 
the plants. 

Already the first industries 
are being attracted to Jebel 
Ali: an aluminium extrusion 
plant is just opening next to the 
smelter: the British company 
Cleveland Bridge has just 
started production in making 
structural steel; BICC is to build 
a cable plant in partnership 
with tbe Ruler; Tube Invest- 
ments is contemplating a fao-’ 
tory for making aluminium and 
steel goods; and other com-, 
panies have expressed interest 

While the aluminium smelter 
is aimed at the world market 
the other industrial plants arc 
looking beyond the UAE market 
to sales elsewhere in the Gulf,- 
notably in Iran. Saudi Arabia 
and even Iraq, while Cleveland 
Bridge has just secured an order 
in Egypt. 

But at this stage there appears 
something disproportionate 
about the scale of the industry 
so far attracted to Jebel Ali 


The Sheraton Hotel on Dubai Creek , which opened in April 1978 . 


compared with tbe number of 

berths which the port will able 
to provide. Originally the 
concept-- 2 ^ 50 included a totally 
new airport, which would only 
have- been about 20 miles from 
Dubai’5 1 .existing one: tbis has 
now been abandoned. Projects 
for a refinery and a steel mill 
also appear to be very much on 
the back burner at present. 

Dubai" has. already spent more 
than Dh‘2bn on the port and 
infrastructure at Jebel Ali 
(which is being paid for in cash) 
and the total cost of the port, 
assuming the 74 berths are com- 
pleted, is roughly estimated at 
Dh 6.5bn and is scheduled for 
completion in 1980. The 
Emirate’s expenditure has been 
rising sharply in the past three 
years, especially on the develop- 
ment side, and it is estimated 
that leaving aside projects 
financed, by loans last year 
recurrent spending was about 
Dh 540m, while development 
reached Dh 3.12bn. (This com- 
pares with figures of Dh 425m 
for recurrent and Dh 1.48bn for 
development in 1976.) With 
revenue last year estimated at 
Dh 4.8bn (principally from oil, 
though Dh 287m came from 
customs) the Emirate still had 
a respectable financial 
surplus, even after paying about 
Dh 500m in loan service charges. 

Tbis year could be a little 
more difficult, though since 
there is no budget the figures 


are largely conjecture. 
Recurrent expenditure is not 
likely to be less than Dh 700m 
and development spending 
Db4.1bn; assuming an average 
level of oil production of 
360.000 h.d. the Emirate should 
have an income of about 
Dh 5.3bn, but there is unlikely 
to be much surplus after loan 
sen-icing. However, as things 
stand 197S is likely to be the 
peak year for development 
spending, as a large number of 
projects, mainly in infrastruc- 
ture, are due to come on stream 
either this year or early next 
year. It would also be quite 
possible to cut back spending 
at Jebel Ali (by. not converting 
breakwaters Into berths,, for 
example), though this, would 
mean some loss in utilisation of 
construction equipment, which 
has already been paid for. With 
its lean and efficient administra- 
tive system Dubai's recurrent 
spending. though rising, 
contains little fat 

Externally 

Much of Dubai's development 
has been financed externally 
with borrowing on the Euro- 
currency market, and the 
Emirate's outstanding loans 
total about £340m and $1.1 bn. 
The first loans are beginning to 
mature this year and next year 
is likely to be the peak year for 
servicing costs, which are 
expected to total around $400m 


both then and in 1980, after 
which they will decline 
gradually (assuming that no 
major new loans are taken on). 
Estimates of oil production 
capacity indicate a ■ gradual 
decline from 1980 onwards 
though the latest indications 
about tbe offshore oil fields have 
been more promising, while a 
new search is beginning for 
onshore oil. While -the ratio 
of debt service costs to oil 
revenue is likely to be about 
'30 per cent next year and in 
1980 there is no reason for real 
real concern, subject to -certain 
conditions: first, that there is 
no disaster in the oQ fields; 
second, that Dubai does. not take 
on major new • spending 
commitments at this- stage. 

What is striking, however, is 
the degree to which much of 
Sheikh Rashid’s spending has 
little to do with tbe Creek and 
the traditional heart of Dubai’s 
success, commerce. .Naturally 
Dubai benefits indirectly from 
the construction activity at 
JebeL Ali. but some merchants 
have been known to complain 
that the oil money has not been 
channelled more directly to 
them.’ However, commerce and 
industry are . sufficiently 
separate for Dubai’s trade to be 
mare or less immune from any 
possible Tailure at Jebel -Ali. 
Anyway the feeling in Dubai 
and elsewhere in the Gulf is 
that if any state can be success 
ful in the almost uncharted 


waters of Gulf industrialisation 
it is Dubai, with its financial 
sophisticaton. efficency and 
speed of mobilisation. 

Apart from the questioning 
on economic grounds by some 
of the merchant community of 
how the Ruler chooses to allo- 
cate Dubai’s resources, it would 
be wrong to suppose that Dubai 
is totally free of the self-doubt 
and uncertainty that afflicts the 
rest of the UAE. There are 
certainly Dubaians who are con- 
cerned about the fact that Jebel 
Ali will boost the number nf 
immigrants in the UAE by at 
least 100,000. So far the 
Dubaians have not allowed 
themselves to be swamped by 
immigrants despite their great 
preponderance in the popula- 
tion: while tbe lower grade 
ini mig rant construction workers 
are kept firmly in their place 
and repatriated to the sub- 
continent at the first sign of 
trouble, the more able and 
sophisticated — mainly from 
Iran, Pakistan and other Gulf 
states — are given a major stake 
in the Emirate’s prosperity 
through being allowed to 
operate freely in business there. 
The system has so far worked 
well, but it is being questioned 
whether it is really desirable 
for the future cohesion nE 
the Emirate to create a large 
permanent proletariat of immi- 
grants. 

J.B; 











TOTS 


A young Company In a hurry. Sounds familiar ? 

Our record proves itself. And we have big plans for the future. 
Not fancy projects but solid businesses based on stark realities, 
professional management and an insight of the area. 



Caron* Qpf jBop* 

EMhft M DhMwi — nmbw Md CvmcflL 

fl rf nmohBa DftMon — Soft BflWfli In tfw Gulf tor PUMA Can 

Pdnti pfyMofi — InduatrM Chemicals. Aerosols. Caulking and Sealants. 
Anrtc nHurcl DMston — Solar Energy Irrigation System, Shade netting*, tartlbsera, ate. 

AaW Vonturaa — Shotfiefd Insula liana {MJE.) Ltd. 
end several oinara under negotiation* 

YOU’LL HEAR MORE ABOUT US 


GROUP OF COMPANIES 


P.O.Box 1854, 5HARJAH, United Arab Emirates. Tel: 355131/2, Tlx -.8062 M1LIC EM 


A 

J* 


SjUdtt ^iLsslI 

Safa'a Trading & Refrigerating Co. 
—COLD STORAGE IS OUR SPECIALTY— 

In addition we are involved throughout the Northern Emirates in: — 


— food retailing 

— processing dairy products 

— bakery and patisserie 

— mechanical spare parts 


-fibre glass production 
—petrol stations 

— advertising 


Head Office: — 

P.O. Box 1932, 
Sharjah, U.AJE. 

Tel: 355071 
Telex: 8353 SH FADJ 



Brandies: — 
Fujairah 
Khorfakkan 
Has A1 Khaimah 






The Trading & Industrial Equipment Co. (Dubai) W.L.L. 


AMERICAN 


UA..E. DISTRIBUTORS AND STOCKISTS OF: 

Garage Equipment and 
Accessories 


Hoists. Crawler and Truck 
Cranes, Power Hoes 


KISMET 


BAND-IT 

CIFA 


Banding Tools and Supplies 


Concrete Transit Mixers and 
Batch Plants 


CLEMCO 


DIA 


Sandblasting Equipment and 
Accessories 

Dewatering Systems and 
Pumps 


PETTIBONE Hydraulic Mobile and Truck 
Mounted Crazies, Forklifts, 
Carrylifts 


WAUKESHA Diesel Engines and Generator 
Sets 


FAGERSTA- 

SECOROC 


Rock Drilling Bits and 
Steels 


WIWA 


Airless Paint Spray 
Equipment 


AIRPORT ROAD. Tel: 226251 and 226254 / 5 . TELEX: 5595 DB. 
CABLE: “TEECO” DB. P.O. BOX 5291 DEIRA 


UNITED ARAB 






L" -J.‘ \ .• 










new 






v'-S?; .f-t 


T!i* 

*oe 


SHARJAH IS where debate 
about the use of resources 
begins and ends. The Emirate 
is a standing testament to the 
vulnerability of developing 
countries to the assaults of 
irresponsible development 

Sharjah town is physically 
the most striking capital In the 
Emirates. Its neatly laid out 
streets and buildings are prob- 
ably better designed and 
finished than anywhere in the 
Gulf. It$ hotels are among the 
best its port the most modem 
and efficient The Emirate’s east 
coast port at Khor Fakkan is 
one of the most visually delight- 
ful spots in the UAE and poten- 
tially a winner. Sharjah's 
newly finished Souk i? one of 
the most beautiful buildings, 
ancient or modern. in the 
Middle East. It has everything 
except people. 

Economically it is a near- 
it 




mrist ctbe . -eagkfeed v. && - loans 
. Jfif • 




.SOT^saallrWt&s nnd-.’cofr- 
fttciieHon. - sulW»iiliWtoiv.' bin 

gorier- to 

-.fug cascs -vdiero 

stives’ gang mrjwli*: -v 

tragiq wartt 
* ’ .tit ^woiareei .'in* Starjah part, of 

been 

faZSUecL ‘Stoujabfca* .exceeded 
A in ^ ati r ac t iD g fgunpany ^ bead- 

"HoneyWtit?. ^Bechtel; v. Westing- : 
ImUseT^ , Armco; •' Steet - BICC, 


is 


y i; tf3 ggcVfr, • 

-r—— .• ;5 _v - , — r. : — 


.Helicopters aa3 vBritfsfe ; Bern- 

&rc«l febnerefift^ ’Its industrial' 


catastrophe, not because , - ... . . : — — — 

the place in the Gulf hardest f or the ruthless competitiveness International Annport iia P^^cent). 

cession t which it and greater resources of Dubai sent a simple single story bufifr in 1977 were estimated at l-Sm. realised : th«e. & y jsome light 


hit by the recession 


is) 


L ***'• * wvvwv.v- « 0UU 51CQLO! iWVU*\.Vij V* ^ J 

but because its planners nes t door, which in so many ing complex more thao aaeqpafe'iparreis 


reserves 


Tealised: thercT, & sbraeHgfct 
^ InBrnd ry in the -‘tnw?! tthd'Tmore 


.s}£ 0* 


have created a state infrastruc- ways shariah aimed to emulate- for the seven airlines which iun.<fc500 bn. cubjc feet is - bn "v-V‘ ■ 

an economy to drop into place. (Egyptair, Air Fiance, Imnafi^. „wtoch exnmp^^devtio^.a pril 

i tcPrttrAT* ® . . ** — 4 — AiaSiKma A£w* “xOA 




47 


. >c<ua dgu, icnjut w«a iuoi oiguii — _ ■ . • : •«) i*ui n/n oy XiMf, jo ui, . 

that the framework does not L of Sq mucil were shaijans and Yemen Airways and A1 ^^I'Q^cpiient quality (gfi api). with: K 1 * 4 ** -wnihr 

The tragedy Is that socially expatriates alike bound up in —Ceylon Air having sulphur content 6£ 

■ cent. 'L'hls oflrtlv offsets . . ^_r ... — ^ • »• j 


Oh' a 


and politically Sharjah is the the boom that development fed suspended its service). 

UAE’s most attractive environ- on itself exponentially, 
ment. Its ruler Shiekh Sultan measure of the magnetic 
Bin Mohammed Al-Qasimi has au^ infectious optimism 

acquiesced more constructively place that many people ^ «- *~sr;m.oaL ui «« «« « - — ^ . .= w 

than any of his fellow emirs in s till not recognised the simple withstanding file trannaHBty: members of the consortium and -gP??y 
the principles of federation. To fact tjj at Sharjah may wtil wiiich re igns for most of the 24exporfed to ‘the UH. The rest ■f^?52^ ll ?S5i5J22S 
encourage businessmen he main- never complete many of the houis in the day, the oonHactoc is exported to Japan under an 

tains the least amount of red hundreds of blocks of offices Khansaheb Gammon is : nressfa* agreement signed in 1974 wifii theJUAE’a fir^_ wntemer berfe 
tape and runs the most relaxed ap ar tments which continue temSe 1 Japan line. «;• • 

state in the UAE. His main t0 mushroom along the boule- « temman^ In April this year 

comfort must be the trust that van is.) Had plans gone ahead ^ to «anrfete it hii Sultan decided tn raise ^dne^ for com- 

Abu Dhabi’s Shiekh Zaid wiU shariah would have had 23 first- SiSi*. ^tax on crude frtim 55 ta77per^^a^ themfimnn, tiwuld 

back him for his loyalty. class hotels with 4.000 rooms. scncQme 111 ' T^ .cent and the royalty from T2.& he: sncc6«ful ^«id; the airport 

In many respects the original This has been cut back to 14 The Souk is the refinement ^ j^g p eT cent. According td-lfe ;; -efficien t and' jhti spare 
concept of the new Sharjah was hotels and 2.000 rooms as finan- of all shop ping centres. On»^ president of Buttes Gas and r : capacity* 1 - j. ; ' 
a serious attempt to make the ders and hoteliers have regis- traveDer described Sharjah'^, these rises involve payment v'Sharjah^ ^ i faas immense 
best of the Emirate's resources tered the excess and backed Souk as “the most beautiful 0 f arrears by his company*pf-' attractions as ajlace to live. 'It 
in the fairlv unruly develop- off. The graciously designed building in the Middle East '$8. 75m and by the. whole grir^J is not jdst pleasanthirt inexpcn- 
ment environment of the UAE Meridien Hotel, put up with after the Ummayad Mosque tn. of §34. The Emir’s dedsion has give, both '.fprSaccommodation 
and the Gulf. It was largely private capital from Abu Dhabi, Damascus.” The Cyprus cent, been contested by Crescent -and -domjesfic ' hfllp— consider^ 
devised by the American ~ad- has just opened with an occu- tractor Joann ou and Parasto Petroleum, which has said ItYrifl ably below Dubai/ 'fw: whidi it 
riser to the Ruler, Dr. Bart pancy rate of less than 10 per vaides has completed the £Wto‘ resort to arbitration unless * makes- an-excellent idattnitory 
Paff whose aim was for Sharjah cent. Overlooking the newly complex, which was designed compromise, is found. . . . town, only 20 minutes away by 

to concentrate on doing a few opened Marbella dub, a sister by White Young and Parto^s- Sheil 4 Sultan’s decision to caf. -The Emirate is tackling 




i-vl 


v-.£;utt 

’.CMOCN 


IJr: 




things very well, 
oil revenue «u 


a uw*u e - -IT ' , ’ : , . - UUVUVH MUALUUO (i MvtMuaww ; iw . , . ; r L ’'-r- • . 

The Emirate’s club to the popular establish- of the UK, and contuns the oil taxes reflects: the-problem of powe r Qrt &. _As. 


ou «v eu « «« smaU, so it ment in Spain developed by titops. Jte resembles ; the l^ shaijah’s acute . ' shortage '.'of ‘ part",flf,->fcs infira^aamtra^ . ptC- 

needed to diversify. "It should Prince Alfonso of Hohenlohe, Great Exhibition building, out liqifidity. T.erm debt is so high 

make use of its two coasts to the gleaming tower of. the Holi- is splendidly finished with gra<»~ on ^jme industrial projects-^: fi^ ih -estahUshing water sapplji 

become a cargo-handling centre day Inn has less than 0 per ful blue ^ roofing '5™ the cement factory aiid paper ^aans and eftewteknty lines in 

for the federation . and the cent genuine occupancy. 


per ful blue roofing crowned with 
On the traditional foor-sjaea wioa factory— that they .are sustaining the best planned ^sections .of the 


IOt Ult* . “““ * a „ -r- . . . atoll ...... M.VJ ».V KUt jnwuwi —-V 

region. It wanted to become a the other side of the Musan- towers of the region. These will se ious losses on capital invested.- city before the streete were laid 


business and financial centre, dam Peninsula, where C. lioh's provide through draught of a^r The Government hasheen three- and buildiags constructed) ^ the 

— • ■ — * te a giant container cranes have just for the interior walkways. The f our months behind on paying Emirate ias installed . new 

that been delivered for Khor Fak- proven natural ajWMnditHming suppliers and up- to sfe months power unlts with two ZlSIW gas 

V.n -nr» nmiTMEc An mn Ka rvl pmpn f fff ALT- U.LI.J — r —* ' r ■ V- •_ I: -1 ' nirinir .1 3 - 


uleasant environment inat u«cu ueu»ww raw* J" 7° suppu&re auu up iu sbl uiuuuis power trmts wnn two: gas 

would attract expatriate com- kan container port, progress on can be complemented by ’ur* behind with major contractors, turbines andtbree 33MWdiKeI 
oanv headquarters and a num- a partly completed 250-room conditioners “t each shop, The Emirate had borrowed by units ia cGmmissioD. papaoty 
ber of light capital-intensive in- hotel seems to have lost its for- according to the wishes of the tb e end of last year |l20m in is now more than adequate but 
dustries Sharjah hoped to lure mer momentum, while row upon owners. Most of - the old souk tb e international . , Randal . severe'problenis wifii distribh- 
visitors to the central part of row of elegant holiday villas was bulldozed to make way for markets (unsupported -out- tjp n -remain. • 

The UAE to its hotels and in- line the coraiche round the bay, the Boon Avenue development, side guarantees) whem Abu 
tendidTo develop a tourist in- empty and sand-blown. Obser- and 300 traders have already Dhabi came to the rescue 

tended to aevemp « vers ^3^ that at present paid deposits on the shops, thiff year with a guarantee for *S?SS5SS 

for the Guit regi ^ project-abandonment Grindlays Bank, which lent a 3200m loan from a consortium 

the Emirate will stabilise with money for the project, btiieves of bairks/led by BAIL - Despite' . ^ Ai m ratejis .^ n(yupa|- 

eight first-class hotels. The ail the stores, will be filled, the difficulties, it is pointed out UJgon coiuplctiDg^wiiOT^-^ec^ 
Tmnlaucihlp Grand Flotel, a converted ferry noting that there were 2.000 in Sharjah’s banking 

IDipidUMUIC managed by Holiday Inn and original applications. However, community that the Emirate % 

These were not completely un- moored in Sharjah Creek, the opening date has been post- fias always met its international "f™ 
alistie aims, though the con- closed last month and is up for poned from February this year financial obligations on tiink .t£° 


W4A- 

-• - . 


in- 


dustry 

general. 


• . 
32 \ 




Tourism in Sharjah, despite 

e attractions of Sbaijah town bankruptcies as might be • 


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HAMED AL MASAOOD 

GROUP OF COMPANIES 

DUBAI GENERAL TRADING CO* 

-SHIPCHANDLERS-SUPPLY & SERVICES 

SARILA U.A.E.-FITTED KITCHENS 
SPARES CENTRE 
IIANED-INFIS-FE^B 
F.E.E.L-MIPOLE EAST 


zabeel road, dubai side 
p.o. box 169 dubai 
telephone 470755/56 
telex 6G39db, cable ‘marina’ 


■ijig©®®©®©©**®®**®®®®**® 0 ® 0 *® 00 ********®®*®**®® 0 * 0 ®®*® 0 ***** 0 ®****** 0 ® 0 ®®®® 0 ® 00 ? 80009 ®®***.^ 


cepts of becoming a financial sale, 
centre and a tourist resort were 
always implausible. But the Qj e 

plan depended heavily on a con- a0J j eastern coastline, was 
tinuation of the Gulf boom at always ill-conceived. 

in“i^l975 n TnV h 397?wbeTthe The only exception may be C SR Celled 
decisions were made, and even the comfortable Marbella Club, ^be 1976 census results 
had the boom continued, and which offers a particular style s ^ owe ^ Sharjah with 80,000 

the Emirate's oil income pro- of relaxation and could attract inhabitants in its 1,000 square 

vided a rather greater under- members from Dubm and Abu m ij eSt including the eastern 

pinning of the economy than Dhabi. In the UAE it is un- enclaves at Dibba, Khor Fakkan 

has been the case, the imple- realistic to expect expatriates M( j Ralba. About half the 
mentation was flawed. The plan to drive to a neighbouring population lives in Sharjah 
bad to accommodate (reluc- Emirate for weekends at 5100 town and local rodents believe 
tantiy. one assumes) the fact a night for a bed. in the Gulf tfaat legs 2 o per cenit are 
that the Emirate was already foreigners and Arabs a l^ Ke nativehorn Sharjans, although 
committed to building an inter- tend to 1®®^® the f° r Government estimates are much 

national airport only half an vacations. There might be some Oilier. Budget spending in 
hour from Dubai's. In the com- scope for Gulf weekenders, but approached Dh lbn, most 
mendably open business atmo- of all the Emirates only lower ^ was capital expendi- 

sphere which Sharjah was so priced Fujairah can provide a The 1978 budget, thought 
anxious to create, it was hard to real change of environment to be of a similar size, is said 
restrain local businessmen and Europeans and Americans can- ^ financed 20 per cent from 
ambitious newcomers from com- not afford to holiday in the non resources and 80 per cent 

mencing far more projects — expensive country in the world, f^erai funds, 

such as hotel schemes — than Jo drive the point home, the ^ Emirate’s own recurrent 
made sensq. And the planners UAE has never issued tounst ^ dropping as 

may not have fully accounted visas, does not r^rd the seo- sKSikh Sultan continues to hand 

t0r ? SFJS over responsibility for local 

retxntly put a stop to transit r 0 ^jj e federal Govern- 

™*- Taik ° E “ ent Sharjah, which in 1975 

V f l0p ^^! hauled down its flag and 

of arbitrarily constructing a a ^ opte d f^ e federal ensign, has 

framework and then searching ^ded over its police, national 
for an economy to put inside, guard, customs, education, 
To estimate the find totals of health and telecommunications 
apartments and offices and their to the UAE administration, 
future occupancy is not easy saving, in the process, more 
because many Mocks have been than $50m. 
left unftnisbed, though one esrti- The main local revenue comes 
mate is (hat if aU buildings from the Mubarak offshore oil- 
under oonstruetum were com- field, which is shared with Iran, 
pleted Sharjah would have Sharjah earns less' tiian $50m 
100,000 spare office and fiat from the field, of which it gives 

30 per cent to Umm al Quiwain 

„ , .. and 5 per cent to Ajman under 

One of the more startling a compromise worked out in 
developments more than hair ^97^ ^ solve disputed claims to 
way to completion is the Booij ^ field. 

Avenue complex, a twin row of 
20 identical 11-stsrey office 
blocks detigned. to be the WaH LOHSOltllllH 
Street of Sharjah. A local 

SSL cLSSl summtly: Oil was first product ta July, 
“Completion Is not currently Jp 74 Crescent Petroleum 
_ F Company, a consortium of U.S, 
*• v compos including Buttes Gas 

enmnent priority Non^te- and p ou which operates the 
^ thecom^^ beflmshed concession (257 ^ cent)f 

late in 1979. but tiiere seems Ashland Exploration (25 per 
scant prospect of Shanah be- cenL) SkelIy 0il {a subsidiary 
ooffmng a financial centre. of Getty Qjj) t 25 per cent) 
The airport vies with Boon Kerr McKee Corp. (12.5 per 
at tile brad at the category of cent), City Services (10 per 
ID-chosen developments. Fifteen cent), and Juniper Petroleum 
minutes out of town Sharjah u Buttes subsidiary) (1.8 per 


But the huflding activity is ^erSni d^T- 


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3344 URQUFX AH 

P. K. HEALEY — Vice President and General Manager 


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INTERNATIONAL DIVISION 

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FOREIGN OFFICES 
LONDON 

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8 Laurence Pountney Hill 
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BOS KaSs Westminster Overs e as Ltd, P.O. Box 3168, Doha, Qatar. Tel: Doha 26828. Tbc 4364 Dredge DH 

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P.O. Box 333, Al- Khobar. Saudi Arabia. Telex: 67023 
PJO. Box 121, Sharjah, UAE. Telex: 8014 CAT SH 
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♦ «« 


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ONE OF THE FOREMOST ARAB COMPANIES 

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Your Business is well cared for by us 

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FOR SUCCESSFUL BUSINESS IN U.A.E. 
LET US BE YOUR 
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Contact: SAEED BIN AHMED AL OTAIBA & SON 
Trading & General Service Co. 

P.O. Box 467, Abu Dhabi. 

TeL 41289, '41548', 25742— Telex 2329 SAMTAIBA AH 
Cable: SAEEDOTAIBA 











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CLEANING SEEViCES 


RAS AL KHAIM AH has a 
history oC dogged independence ........ 

dating hack to the days when it 
was capilal of the Pirate Coast. 

The Qasimi tribe controlled 
navigation in the Gulf, a state ■ ■ * 
of affairs which ended only in i: • 
1819 when, after years uf 'tirA 
skirmishing and sea battles " r % 
with allcomers to enforce lolls wi . * ai 
(the British called it piracy l. v -. . 
a British expeditionary force .. ,-Y ■ 
captured Ras al Khainiah and j _ 
rased it to the ground. Ironic- 
ally it was a Has Al Khaimah 
seafarer. Ahmed Ibn Majid. ^ 
who gave Europeans a political 
interest in the area when he f:':. 
showed the Portuguese explorer 
Vasco da Gama the sea route to 
India. 


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tthft 

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'it Vfe i 'oTOed'‘lsy^td^ Khtued / 
'-til > Jasnp 

local -Xbusmessman , 

^viead^^^ : ; 




LTTrtt^Viyas:^ : feeL v Tpaa wffl i nwn t. 

^ff£rac& iiid b^peft’tO- opea= in . 
^tar^^:^.:the. ; I^aiday 

j . j.u-.a—l— ' t a : fe mwi- . 


Lahej Harrisons offers 
a comprehensive range of 


services. 


The Q as im is stay tme to tegu^ 
their hi.story. Sheikh Saqr Bin “SulUgj 
Mutiamed al Qasimi. the ruler. 
held hopes of going it alone 
when the British pulled out of g aSp E 
the Gulf. What tempted him jjvw| 
was an indication that Ras al vJTi^ssJ 
Khaimah might have oil in com- 
niercial quantities. The search % v « y 
for oil offshore caused him a -.\djj$fl 
major problem last year when 
Oman unexpectedly claimed iCjfC 
sovereignty over Ras a) Khai- 
mah's northern coast. His diffi- jk.v?-, 










trying -to-.. 

boaaSW-' on-^fao 510™ - hotel . 
i&pfrtaji ntfciiut success)-'.: Land- 
. can: ipake a 

"■profit v ^TOri : l^SO vxiper t; cent 

wb^^abqut 

j current? vjK’rjflfe;. Ras . Ail 

:Kbaima$. - hotel, 5 
obezr Hi the Einirati^^L;- " ■ \ ■• 
Z. BechlePof tlS 

y»ar ■ frofrreomrife Han ay -?•■ >-•• ^ 


%R 


*r**i 


Si :-sl pi 


mah's northern coast. His aim- 
cutties were aggravated by his '«* * 


relative isolation within the ■.•,.»• 

UAE and steady bickering wilh 
the federal Government. In 
1972. two months after the 

Federation was formed, he commercial 

accepted the political necessity 

of joining the U.VE and last disputed area. 

vear. after Oman's annoitnre- Until oil u 


‘1^ 


Most of Has al Khai mah's population lice by farming arid 




imbibe 

is 


in commercial quantities in ihe Oman's Musandam Province to 

disrmted area work in Ras al Khaiman. about 

disputed area. Ras aJ Khaimah has always the caj 

Until oil was discovered m has great hcipes 0 f finding oil. plateau 


Hamranieh Airport, ^instead of tarmac. _eB : -somb 
mmi.tiK rfrivp -Fnvni' -anii roach roads. ' .Electricity- 




abound 


nUREfl 


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TEL IAN l«AGKESZ:E.0i-2«D 5211 TELEX: Z45W 


year, after Oman's annnunre- Until oil was discovered in ^ hopes of jading oil. plateau, opened two years ■g?? * 11 "** •— £,( some SS“iS^ESi£a;^SrSd. 

menL he was obliged tn turn the ri?5 ioa, borders had little In jqjq Union OQ of California. The airport is not expensive Khilnufli 

federai Government to fi-ht ^ the Ullsandam ^^ U had beld Ras a. Rtai- run but ueiaer does * . ^tej3ifeafeg gBBg 

the claim. »-„i-„ai- - u .u« d nu .n in mah’s offshore concession since much traffic (about • 10^™. *****“ '• 


Sheikh Saqr has reason to be 
sensitive about territorial dis- 
putes. having lost the islands 
of Greater aod Lesser Tumbs 


Igijur**-"— ; 
fjfimt- -■■ 



puies. navuiy »i«c txih«»<;men tn whom they *n wnai w«ia uren — vv esi v>c(iu<luj ' . ■ - r - • *. 

of Greater aod Lesser Tumbs t® 1 g 7l whe J biggest drifting platforms m tne £6 . 5m earth satelMte station, went to the maitet for a^ 

which were occupied by Iran JJJ, d -‘ CommuSst ^reat was world. It turned out that the which opened earlier flus yearfcEuroioan managed J&Jgg 

when Britain withdrew in 1971. oil was not in commercial QDerate d by Cable and Wire-- officially for ofl «ploretK»a 




H ood ' [ «V and 

saw hi, owu Qasimi tribesmen " «S* ‘i 1 ! f - *?S.,5E 1 1 ^ h ,rZl 


^1 




Williams Hudson Group 


ejected with considerable force worried bytroubiesome.rlhe, ™'- 0 ™heTpem^' hui it » ■» «*« 

S^.h^.’'?^ Buihha w,? g iv f eu to O-an b» i . “n^ie^lfSS ^?hrough°" “eh «**&;: 

la^tveir bv drMlinsaetlvitv on its inhabitants left the village would he uoeeonoun^ it ^ mmmimicatl<m , 

j'—jgrs isrissrtLSx.^, 

SSr°SSSi?»S? flatter Si'^Si'olIJ'hrtE' StJ "t"w« tSSSSL **E33M g 

Stag tadled through diplo- significantly he offered and *°“ Dd a 6 ^ m V. r d^ PWoStTon. the .UAE . federal triecomntul- it 
SjS le hJSaS ltu.ll SonsThuu^edtiStbe^ Tha ™ r is now intending «so r.TSeSn; to^B . 
ciear that oil is no. lo he found men who .eft the mountains of » ^ hopcs — fi* f°S 


- r-v'-S-T.iy? A -7s , -'’r': :JlT- . 

■*. -*•/,- • ' .-. ■}■*££# ^'r.y 

faiee giw4r^^3»ray 
Astranlntematumal 


atflaapo**’! 


|WbBiKSIJJ : 

j - --— - — 9 — Jll-L —--- : 


i.Galadari &Brothers 

. _ w.. — . — A 1 an.A nt N 


r OWNED BY ABDUL RAHIM E. GALADARI AND ABDUL LATIF E. GALADARI ) 

more than a century 
of business knowledge. . . 

DEDICATED TO THE GROWTH OF THE 
UNITED ARAB EMIRATES 


Iberia ui?t. v* r* — * Ado «u lvucuimui 

of becoming an oil producer. Sharjah and Dubai, which have 
and because Sheikh Saqr has ^ connected through manual 
successfully attracted assistance opera tor exchanges. Last year 
and investment from other raKTA bad 70fi telephone 
states, notably Saudi Arabia and subscribers. 

Kuwait, the Emirate has pushed j n th e past Sheikh Saqr was 
ahead with development on a a bie to turn away from what he 
grander scale than its resources regarded as federal encroach- 
would appear to justify, even ments on liis independence by 
though these are quite substan- approaching King Faisal of 
tial: with relatively high rainfall Saudi Arabia, who usually gave 
the Emirate has agricultural him a sympathetic hearing out 
wealth: it has valuable rock, of motives that included distrust 
aggregate and other mineral of Abu Dhabi add awareness of 
resources- tt has a relatively Ras al Khaimab's potentially 
large indigenous population and. strategic position at the 
hv Gulf standards, an impressive entrance to the Gulf- It was 

level of education. The Emirate the Saudis who financed Ras al 
has produced several of the Khaimah s firs t road and_ th- 


The Middle East 


□ WeSrebeeoapemifli^so^in , ^®® ddl » 
.East for nearly^ years. In fact we*acmeered direct 
overland services to thetirea bade in 1963. 

□ Over the.pasB,2 years we fiave inade a detailed - • 


Biuujr u» u»c uo.Hvj.ny i " ! ~ ~r — ~ - 

between The UK,5Westera Eutope andThe Middle 
East We’ve pul mkd into key areas ctf The Mddle 

EasttofcIlbwBiid'4psesstestdiiinrimrtsbynew ■ 

routes and to develop our ownf a c ffltifw indmBnig 
a vehicle fleet based in The GuIL. • 


O Our MBnagemenfteanrlias probably got'n 
hard-earned years of Middle East freighting' 

■ L ^ ■- .. h, »V« TTfi 


Abdul Rahim E. Galadari & Brothers, headquartered in Dubai, 
is a modern expansion of a centuries old family tradition in 
' the world of commerce. Today, it is a multi-dimensional 
enterp.-ise actively engaged in Banking . . . Construction . . . 
Hotel development . . . Engineering . . . Contracting 
Real Estate development . . . Trading . - . Manufacturing and 
Distribution . . . 

With the Emirates assuming greater recognition as the centre 
of trade and commerce in the Arabian Peninsula, A. R. E. 
Galadari & Brothers takes on an increasing responsibility as 
one of the most diversified business organizations in the U.A.t. 

As major partners in multi-national projects with American, 
British, Dutch, French, West German and Japanese firms; and 
having more than 4,000 employees, plus an experienced 
international managerial staff, drawn from various professions, 
Abdul Rahim E. Galadari & Brothers are committed to the 
future growth of the area. 


federation', most able men. King was usually willing to 

provide money in an 
. emergency. The Saudi 

r arming connection, which continues, led 

® to the closure two years ago of 

The Emirate has a population ^ caS j 00 i n the Ras al 
of about 60.000. of whom baTT Kh a i ma h Hotel, which used In 

... -a Dm- «hl TThuiman ■_ 


Farming 


Call our .• . • 

Ejgx^ ShipE^Deparftnent . ' 

oh West; Mailing (0732) 844444 

Asnuuiavm mtinmukiEGmixP . 

AtbonteittTheSffiddleEaat 


MkidloE«F«igtaTonrto*l MOb^taa KtWBliuHBS'XMf 

TtLUBWWiHIWwiWa* 


Abdui Rahim E. Galadari & Brothers 

POST OFFICE BOX 133 DUBAI, UNITED ARAB EMIRATES. 
TELEPHONE : 664000 / TELEX : GABROS DB. 5443 / CABLE : ALMUNTADA 

NEW YORK : ( 21 2 } 688 - 6920 






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"i awui vw.vvv, ^ V ,7lT i fviiaiinan il j 

are citizens of Ras al Khaiman g encra te substantial inronie 
i many of whom live by farming f rom gamhling. Sheikh Saqr was 
and fishing). The Emirate s obliged to submit tn a proppr 
the biggest agricultural pro- interpretation of the Koranic 
ducer in the country and is a injunction against gambling in 
significant exporter of vege- re t, jrn for assistance, 
tables to the other Emirates, while Sheikh Saqr has looked 
Unfortunately marketing is not to Riyadh for aid he has also 
sophisticated, and Ras al sought investment from other 
Khaimah buys many of its own Arab countries to compensat*- 
vegetables re-exported from f or the reluctance of the federal 
Dubai where the merchants buy Government to support his 
up all Ras al Khaimah’s farm projects. Kuwait will become 
produce in advance. One excep- the largest single foreign 
tion is the herd of 300 Freisian investor in Ras al Khaimah ii 
cows at Digdaga which have now planned projects materialLe 
become profitable. This followed in May, 1978, Sheikh Saqr 
successful efforts to became self signed agreements for a cement 
sufficient in feed by growing plant, an alkali and lime far 
Alfalfa. Also at Digdaga is a tory. and an oil refiner?,’. A 
federal farm project for modern variety of Kuwaiti interests 
vegetable production which was have agreed to finance thr 
started in 1954. It is run in cement plant, which will prn- 
co-operation with the FAO. duce 500,000 tons a year when 
Industrial activity includes its three stages are completed. 
McDermott’s Steel railing plant, the output is to be exported 
a factory producing 220.000 tons Jo Kuwait ^ will be built near 
-I- r „i™v,,ir roerataiTf the port in Khor Khwair along-, 

a y T ■«* tha alkali plant. The Ras al 

cement a bwlding blo^ factory Kha j ma h Noora company is 

and a hmeston e qua nr expected to produce 150,000 

exports (high qualify stone from tons of a]ka]i a year _ 

Khor Khwair to Dammam and The surprisin g development 
Jubaii in Saudi Arabia. The was jj, e agreement to build an 
cement plant is owned by Union oi j refinery, signed with Kuwaiti 
Cement Company and operated interests and Kellogg, which is 
by Norcem of Norway, • The doing a feasibility study. The 
Ras al Khaima'h S-leel Corpora- refinery, which will presumably 
tion which used scrap imported import crude from Kuwait, is 
from Iran, went bust in 1977. A to produce 100,000 b/d for local 
government-built fish .meal plant consumption and export, 
completed only last year dosed The price for Ras al Khaimah’s 
in February, 1978 when it was style of development has been 
realised .that the right . sort nf the accumulation of outstanding 
fish were not available in suffi- loans. Financial difficulties 
dent quantities. The six began last year after 'the UAE 

vessels of the company are up £ a " king Ra L a l, I ?? a,m .*J 

for sale. MeeLwhile the Korean had negotiated successfully wnth 
„ Alh enichinp the UAE Currency Board for a 
company . "5 loan of Dhlbn. repayable over 

a new h eight >-ears. When the head 0 F 

Sham. About one^fUiof the tfce Currency Board le£t office 

local labour force as employed ant j cre ^[ squeeze imposed 
in fishing- _ the loan was withdrawn, much 

to Sheikh Saar's bitter dis- 


rii ii^iTolf °" l ^l g n ‘ rfiv 


|||| 

MIMWWBIJWEITI^^ 

'i|i’ 


BUILDIHB CONTRACTORS Mill SUPPLIERS OF 

FURNITURE 
ELEVATORS 
KITCHEN FITMENTS 


F.O. BOX 3742. ABU DHABI UAE 
TEL Mill TELEX 2927, AH DEVELP 



RAIS HASSAN SAADI 


si- t . uic iu ou vyaa niuiuianu, J li U VII 

The Government as financing to Sheikh Saqr . s bitter dis . 
and building a hospital, office appointment and financial dis- 


& CO. 

P.O. Box No. 7 

- DUBAI (United Arab Emirates) 
Phone: . 431754. 431752, 432084. 431669 
Cable: RAISHASSAN— Dubai-' . 
Telex: 5522 RAIS DB 
Shipping Lighterage : 
Tanker Services hisniiince 
. Gearing and Forwarding. Agents; 
General Merchants % . .. 


blocks, -two power stations and corn f or t. 

two hotels. A new seven berth Financial stringency has led 


deepwater port has alranst been to modification of the design of 
completed at Khor Khwair {-the Khor Khwair Port according to 
vital functions were finished in reliable sources. It will now 
December, 1977) at a cost of make do with graded surfaces 


Abu Dhabi Offiee ■ L-x;'; • .. 

P.O. Box No. 465 AbuDhabl " 
Phone: '22925 (United- Arab .Emirates ) ; 
Cable: RAlSHASSAN^-ABU DHABI . 
Telex: 2477 RAIS AR \. 




25 


K. % 



financial Times Monday June 20 1978 

— ' UNITED 


^ • 


ARAB EMIRATES XV 


J#J>I ir tj 



the northern emirates 


A trio of 





ed outposts 


'v . : * : 

rs-m 


n-i r_ 4 


atisEai ‘ 

pear 

soke ^3 

‘East 




1 he professional freight forwoj <iing Bgen'ts 



. £ 


THE" EMIRATES of Fujairah servi 

Umm aJ Ouiwain and Ajman* ^ ere - *** few 9 raan before doubling back of 11 berths and dredgfpg .to and asbestos, but the full com* 

are smaller, poorer and less th* projects and inland. 11 metres. As an insurance mercial potential of these will 

'- B BS S ^eir fellow often slSw e Earti 0n Eni^ ^ As a non oil producer aeainst future difficulties on the not be known until Hunting 

iSf^?^»^ d « E1Ve ^ Ioseratten - anywaylrioM? tri' (Reserve Oil and Gas is exp lor- « h er side of the Hormuz Survey* toshes . * basic study 

^oonjto tnbal ties. Fujairah has mnet Ir a ™ OH ? t0 111 ake the mg, so far without success) Straits, provision is included for of. Fujairah as part of an overall 

-to economy based oTiSSE 0St ° f ltS own reaources * Fujairah is fependenT on two oU ranker berths. survey of UAE mineral 

2“““® *” which many T7 ■ • i federal funds for development. plans 10 build an airport seem resources. 

“® ve only been con- .T Ul 31 11 which is beginning from t0 have been shelved, apparently Fujairah has escaped the wild 

■ngetea ^by tarmac road to _ scratch with infrastructural because federal planning is construction boom — most 

■Fujairah -town in the last two Fujairah is the Emirate most projects. When the road net- developing more potency in buildings are single-storey and 
.- ^cars and the Emirate itself . dlvorce d from the popular work, the port 'and power grid dealings with the poorer the ney/ Hilton j s only three 
10 -the rest of the lmage of oil-producing city- are completed there is hope for Emirates like Fujairah. Suspen- floors high. The new hotel 
^AE; By-road in 1975. Indeed. !! ate - Sheikh Hamad . Bin modest and balance economic s,on of the project seems likely stands virtually empty most of 
- tot -irn tri 1952 was the Emirate Muhan rad al Eharqf, ' youngest development because Fujairah 10 preserve the down to earth the week, as does a Lebanese- 
feeognisetf as a separate entity of ^ UAE rulers' and a has certain advantages. These charm of Fujairah, which so far ; managed motel up the coast But 
■%3r-^.- British after consulta- g raduat ® of Hendon Police are: a sedentary population has avoided the trap of white they fill up at weekends as 
'.Sons .with other tribal rulers. S? Ilege ^ London, heads the (mainly .farmers and fisher- elephant construction. people' 'living in Dubai and 

HJmm al Quiwain has fewer re- •'i* 00 °- s trong' Al Sharqi' tribe, men); reasonable soil, heavier Plans for power were made Sharjah drive east to get away 
source® onshore but it has 7116 P^P 1 ® are'^not confined rainfall than elsewhere in the before the shelving of the air- from the d esc rt-sky scraper l&nd- 
lecently discovered gas and normally defined borders UAE and agricultural potential; P° rt and 1116 scaling down of scape of the west. Plans for a 

receives nearly a third of but are s P read over 450 square and mineral potential yet to be 0Iher Projects (the Ruler of tourist Hotel and villa complex 
Sharjah's oil revenue. Ajman's mi,es of hills * valleys and properly assessed. Small-scale Abu Dhabi cancelled an offer known as the Garden City pro- 
land ^area is so limited that it is F oastal P lain in ' settlements manufacturing and production of a 320-bed hospital, suggest- ject. which is still thought of 
-•regarded as too small an area located ia defiance of attempts based on local resources is be- in 6 instead a smaller version locally as a viable possibility, 

:on which even to prospect for by modeni ' mapmakers to ginning. Fujairah also hopes to more realistically tailored to seem unrealistic unless it is 

^fiydrdcarbons. regularise' boundaries. For use its more varied environ- Jocal needs). tailored to the weekend trade. 

''■Here the r- Sheikh Hamad's administrators raent to encourage specialised Two diesel stations in Only a few miles away in Khor 

Kent's • 5rifEr»L v ern_ to visit all his subjects thev tourism like the week-end Fujairah town and Qidfa cur- Fakkan, part of Sharjah, which 
Hnbst * obvious in -^ een mus t not only cross territory inter-Emirate tourism which is renU >' Produce IS MW of elee- has a : beautiful bay, holiday- 
telecom m mlLtinn! d !f 2 b f lo "* ir ?* to Sbarjah and Ras already fUling the newly Jnc Hy. By the end of this year tyfee villas on the se* stand 
Ration, electricity and^’nfh 12 " I Khaimah but in one case opened Hilton Hotel two days a * ou f ® ^\V gas turbines will ominously empty. . 
aSSSl eiecmaty apd other follow the coast road through week. be ^nstallecT, more than enough 

The greatest change to life hosp^ dl and h ne W p °ew a ?e e pS Unim al Quiwain 

and economy in Fujairah came v” i* p *rZl. ~ 

with the completion of the road Unm ^ aI QuIwain ls ttny “* 

which brought Dlbba and the senous P™em_ is > distributing mere 300 square miles. Isolated 
northern communities within pow : r . to Fujairah s 43 com- at the end of a spit, its creek 
easy reach of the capital, a “""SSL ^111“ partially silted up. the town 

journey which until two years {® ? hi ! ?J P 3 escaped the worst excesses of 

ago was measured in hours. ““ W *^ ,U property development and spe- 

Fujairah is now only two hours b “\ ““ in *! J l “°“f culabon which struck else- 

by road from Dubai and the J? .«,!lJSS where along the west coast The 

Emirate's internal network will ma ^ es a fuI1 gnd very unecoo °- Emirate is run by Sheikh 
be completed this year when a ______ Rashid, son of the Ruler Sheikh 

final stretch through the moun- , In “ eff ° rt ke . ei> peop l e Ahmed bin Rashid al Uualla 
tains is tarred. It is the road at work m trad,t }o na i J° b » 9 1 ® (who has been the Emir since 
svstem which has facilitated Government subsidises farming 1929 but is effectively in 
more efficient marketing and ? nd .. fishing ' . Wlth granls . for retirement). The Emirate 
export of farm product and P^ 8 * eng, “es receives a 30 per cent share of 

fish. It has also made possible and techn,caJ help ' Th ^ sect ? ra Shanah's petroleum income 
the building near Dibba of a are im P°rtant m the tiny from Abu Musa. So far explore- 
marble and tile factory, and a ^onnmy. Fujairah s 1.700 farms tj 0I1 f 0r 0 ii has been uusuccess- 
rainerel water bottling plant P^ dd « d 4.3°° lons 1Q ^ _l ege ' ful but Umm al Quiwain 
due to open later mis vear. with labI . es f . or sale J " 19<6 : 7 ' as recently discovered gas. Its 60m 
an eventual capacity of 66,000 W( : 11 as la ^ Be ? uantltlcs of frui ] cubic feet per day output would 
bottles a day (citrus, dates, mangoes and n( >t normally be enough for 

The next great change will g^ava). Meat and milk produe- commercial exploitation, but it 
come with the construction of Uou ^ 1 ““. iled Joca | consump- ^ negotiating with Dubai which 
Fujairah port an f80m tl0n and 15 stl “ A wants to purchase the gas and 

federally funded project. Work feasibilit - v stud J' being done pi p e it to the Jebel Ali indus- 
is due to' begin shortly when t0 investigate poultry and egg trial complex as part of the 
the best of 40 tenders is Production lor the local market, feedstock for the aluminium 
selected. The contract is for . ‘^ b,1 . pt one Pr ^ wd T ks - 

two breakwaters, construction duce exported to Dubai and The major project in Umm 

— ■ ■ . - .I — .. - I . ..... the other Emirates. The true 3] Quiwain is the construction 

agricultural potential will not be 0 f the sea-wall and development 
known until a water survey is an d dredging of the harbour, 
done. However, a major step The current £7.5m stage of 
was taken last year when creek development is being 
Joannou and Paraskevaides carried out by Liiley Inter- 
started a modern farm in con- national, .which is completing the- 
junction with Fujairah Govern- wharfage and dredging the 

ment. The Fujairah Farm Com- harbour to five metres, which 

pany now produces tomatoes, will permit berthing of the 

potatoes and a wide variety of largest dhows and small cargo 

vegetables for the local and vessels. The other important 

export market infrastructural project is a £15m 

A parallel attempt to modern- turnkey power station with, 
. _ _ m B ise the fishing industry is also three gas hirbines producing 

■ ...better, faster, weekly RO-ROserviees rafssr s,,^ . - < Srs?%M 

- m. ■ 11/ ffmma m xl local raarket . lea ve substantial dRsalination. A hospital and 

' from UK/CUrC06 to til© M UULt tAb I quamities B . f< ? r exp °* 10 lbe government building are 

- ilwlll w m iw DIIIWM. " western Emirates and supply planned. Sheikh Rashid has 

FOSS- is the^rket Leader in Roll-on, Roll-off liner , ® c ® 1 needs for fertiliser. Along ordered a six-storey complex of 

shipping services to the Middle East offering an unrivalled the coast fishermen lay out tens shops, offices and flats and the 

combination of strengths, mobile and non mobile cargo Sales enouiries hnnkinnq etr tn ^ thousands oF tiny fish for Ruler (his father) is pursuing 

. : handling experience, and in-depth knowledge of Middla ® ' y * 9 5 exc *' TO three days in the sun, which plans to build a £6m asbestos 

East ports and markets. UK General Agents FOSS Shipping Limited causes sufficient decomposition cement factory. 

.Thisunique capability includes: PiereyHouso, 7 Copthall Avenue, for them to be applied directlv 

LONDON ECZ.TOI: 01-628 3351 Tekue 889T5S to rh P land A 

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^ ^61 Aisosr.- Fujairah will never be a L 

H 61-65 NBwStrwt. 8 inninoham.Tai: 02 i- 6 <i 3 29 S 9 b manufacturing centre but it is Ajman. just 10 minutes drive 

■ ironm^wm* Kuwait H 02i-6«3 3408 Teiax: 33 7025. encouraging small-scale deve- from Sharjah, has the distinc- 

. ■ - m H Giowr BnuhsTs (London} Lid . 8-9 New Strpat. lopment of local resources. The tion of its Emir being the 

■ ■ _ a Rotterdam ; n Bis^epsB®*. London EC!M 4UY.7ei:ci -6231311 bottling factory for mineral worlds longest established 

■ g Tetea: 886907 water is one example, and the ruler. Sheikh Rashid bin 

■ v : B Antwerp Av BBOAW N m u d ^ c . Fujairah marble and tile factory Humayd al Nu’aymi took power 

U» I Dm* owne* lor tt._n.ler Ir , IBS . «d ^though bi, «. 

. .aJr^ Br m. and J ust starting production is Sheikh Humayd, conducts mnst 

^ W- • Jeadah J > ^ I MMliiM'ilwTHr/Km ano ?, er - ^ ssesees “LSf?’ H “ is Z"'"* 

Mi Feii«»ow.Sut»ofc.iPii 8 xf.t»i: 039-42 78344. marble, limestone, gj-psum, bearded swashbuckling figure, 

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OX-584 2531 (20 iines>Tclexn 917927- TRflNDX&rv. 

Cables: FRAXEOUT LONDON SW3 ‘ Tf '>- ' ' . •! 







FOSS - is the-Market Leader in Roil-on, Roll-off liner 
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021-643 3408 Telex: 337025. 

Glow Brother* (London} Ltd . 8-9 New S treat. 

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Telex: 886907 

Port Agents: Immingham 

Tor Line Lid. PXL Box 40. Man by Road. SouRi 

K'llinghplme. Tel: Imnengharn 7316 Telex: 52710*. 

Port Agents: PkHxstowe. 

Fred Olsen Ltd. Anzani House, Trinity Avenue, 
FelKStowe. SulIoBc IP1 1 &XF.Tel: 039-42 78344. 
Tele*: 987219. 


and regales visitors with splen- 
did gory talas of the not so 
distant past, remains titular 
head of the Emirate. 

His son Sheikh Humayd, 
however, has come fully to terms 
with the modern era and with 
Ajman's position as the 
smallest, poorest, oil deficient 
Emirate. Ajman has about 
10,000 inhabitants, including the 
people of Manama (on the 
central Sharjah-Fujairah 

border) and Masfut (30 miles 
south west of Fujairah town) 
and just 100 sq miles of terri- 
tory. Sheikh Humayd is totally 
committed to federalism and 
does not regard Ajman as an 
independent entity. 

Ajman's unpublished budget 
is probably about Dh 250m. It 
receives 5 per cent of Sharjah's 
Abu Musa oil receipts, while 
the rest of its revenue comes 
from federal funds and alloca- 
tions given personally by Sheikh 
Zaod of Abu Dhabi. It is almost 
entirely a service economy, 
though there is some dhow 
building associated with the 
small fishing community, and 
the 300 people of Masfut hare 
sufficient water from wells for 
virtually subsistent agriculture. 
There is also a mineral water 
bottling plant called Gulfa 
Water at Masfut which started 
in 1976, and a quarry for 
marble. 

One thousand Ajmanis are 
employed in some capacity by 
the Government, including 
those working for Ajman Heavy 
Industries, which owns the dry 
dock witb Mitsui Ocean 
Engineering Development com- 
pany. The Japanese company 
owns 20 per cent of the project 
which started work in 1976 and 
is considered the blue chip of 
Ajman development The creek 
is now in the fourth stage of a 
Dh 32m dredging and develop- 
ment programme being done by 
Liiley International. By the 
end of 1978 the creek will take 
vessels of 2,000 tons (with 5,000 
tenners at high tide). Industrial 
hopes include proposals for 
paper and cement factories, pro- 
jects in which the Ajman Gov- 
ernment intends to take a 
minority shareholding. A 
realistic note was struck with 
the recent abandonment of plans 
for a 400,000 tons p.a- fishmeal 
plant. Office and apartment 
blocks are under construction, 
though not so many as to cause 
major financial difficulties if 
they are not filled: 

The Government is now pre- 
paring itself to relaunch (under 
another name) its bank, the 
Ajman Arab Bank, which went 
under last year with Dh 70m 
outstanding. To exorcise this 
ghost the proposed new bank is 
intended to have a fresh title, 
and new participants, includ- 
ing the governments of Libya, 
Algeria and Kuwait, as well as 
the National Bank of Kuwait 
and UAE National Bank. 

Ajman has borrowed twice on 
the European commercial mar- 
ket taking a total of $7m in 
loans arranged by Morgan 
Grenfell for port development 
and S5m in a single loan agreed 
last month from Grindlay*s 
Bank. 

The most modern enterprise 
In Ajman is the Laboratory 
complex of United Colour Film, 
which has the best operation 
of its kind in the region. It pro- 
cesses still and cine film from 
all over the Emirates and has 
the most modern film and sound 
studios available in the UAE. 

M.T. 


■■ 4- jtf 5- 






- 1 ’. --v *- 7 j. 



Wardley 
Middle East 
Limited 

A Member of The Hongkong Bank Group 

Merchant Banking Services 
throughout the Middle East 


Beirut 
• Amman 

•Caro 


» Baghdad 


Abu Dhabi 




» Jeddah 








Raising of Capital • Project Finance 
Corporate Advice 
Joint Ventures • Acquisitions 

Wardley Middle East Limited 

B.B.M.E. Building 
- P.O.Box 4604 
Riqa-Deira, Dubai 
United Arab Emirates 
Telephone: Dubai 221126, 

Telex: 5806 VMardub, 

Cables: Wardley Dubai 


FREIGHT TO THE U.A.E. 

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anywhere U.K. to UJLE. — £5,500. Groupage 
£300 wm. 

^ Where speed is not so essential container 
groupage services are available at a rate of 
£65 wm with a transit time of about 35 days. 

.... contact the reliable one 

^ _WBG*IT MANAGEMENT UH. 


Falcongate 


Deck Road Sontfi 57 Norm Qow 
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Tales: <37291 


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the processes, valuable commodity, 

w ^ instance, from oil: crude fractions, 

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o lefin 5 ' aromatics, Qj. tJie equipment for the cleaning of natural gas or the producing of fibers and non-wovens. . . 

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26 






UNITED ARAB 


Ejaandal ^ ^ 


Bank of Oman 

One of the largest 
local banks in the U. A.E. 
Soon in 

LONDON 


And Hong Kong. With branches in Qatar, 
Egypt and Pakistan and 
twenty four branches in the United 
Arab Emirates. With an 
authorised capital of U.S. $ 38 million and 
assets of U.S. $ 1 billion we are one 
of the largest local commercial banks in • 
the United Arab Emirates. 



BANK OF OMAN 

LIMITED 


P. O. Box 1250. Dubai, United Arab Emirates 
Tel : 229131, Tlx : 5429 OMAN A DB, Cable : BANOMAN 





• • :v(c- Mia 


THE FIHST half of I97S h3S 
seen few excitements on the 
UAE banking scene and for this 
jnosr of the banks, and the L AE 
Currency Board, are profoundly 
thankful. Last year, with the 
May Currency Board crisis as 
the climax, was as action-packed 
as any central monetary 
authority or banking community 
could want. There is only one 
unpleasant spectre and that is 
the extent to which some local 
contractors are indebted to local 
banks owing to the failure of 
their clients to pay up. 

At present the banks sre pur- 
suing a policy of masterly in- 
activity — not bankrupting con- 
tractors who owe them money in 
order not to set off a chain 
reaction of bankruptcies — 
which they hope will see them 
through. 

Bankers in the UAE think it 
highly unlikely that the Federa- 
tion will be able to boast a 
central bank by the end of this 
year. The final draft of the pro- 
posed Central Bank Law is yet 
to be considered and approved 
by ail the Rulers. It contains a 
number of provisions that some 
of them will find hard to 
swallow, ft is accepted among 
UAE bankers that a Central 
Bank is needed as much for 
public standing outside the UAE 
as for internal morale. 

The main fear among the 
Emirates is that a strong Central 
Bank, acting as economic 
advisor to a federal Govern- 
ment would reduce their eco- 
nomic autonomy. It is aware- 
ness of this feeling in the 
Emirates (particularly Dubai) 
that makes bankers so 
pessimistic about the prospects 
for a strong Central Bank, or 
indeed, any Central Bank at all. 

The focal point of fears by 
individual emirates of a Central 
Bank is article 41 of the draft 
law, which concerns the relation- 
ship of the proposed Central 
Bank to the Emirate local gov- 
ernments. One provision of this 
article deals with the securing 
of foreign exchange from the 
Emirates to support the 
dirbam. Virtually the only true 
source of foreign exchange for 
ihe individual Emirates is their 
nil revenue, and only three 
J Emirates are oil exporters, Abu 



: ^a Dhabi 


counted, tommy aww*; 

the total lent in Abu Dhabi - ; The Cua^c^Bcara -M keen 
’ i construction iforv 

. -one-fifth of : ; total the 

■mrJSibai: (And 

&•- Emirates. • 

fliflng • as jam . popping, UAE 

i m*aaent office, block? 

" iitier - although nbt as many as and need 'to-adff to'fte akilfepf. 
yp^ar jnh.) .•> • 1 tBeidcal ‘hanking fraternity was 

■ ‘ Borrowing to finance building one of t fag ’ t e Sstfa g' ^ted.fgrthe' 


m 





forms 
V&tjtecfl Qian-dEEering: 


baied banks at the end pf-S 
s SEfa ti 3977-^vrtdch must wn; o«Js6 

tfiat'banks outsuie-tiiie: ShnnaXe tfim® , ... 

r irB- -'financing a considerable to licence 

tSSfeor the cbnstfucttoh..l9ita^g^ ^ 

* shmrjah is the Emirate ^that • e 

ibaff^nffered first, and __ __ . . 

‘QUthxfhave suffered mo^,' of •' 

vt&e ; gradual erosion of alz-Ma 


■*S 




■H'-J 


- s 


■-s ia .s^ .ac 


,,'inaiket' values. - They-aiai^ gn^rj^^gKi^-oifiginal a? 
U jw i mn' m outstanding aftHe^esri: 

“lof’-September last was $1465m. ^^ 1 ;. were ; free. v : The other 
'■Tirade finance in ; Sharjah iicen^^ye^ lap«d; 
•^iy*nnnt ed for barely ft fifth. °f .Thbv affy’ ‘0 the... 

r- .f *be borrowings then, u : Goyern^ol&fr is ‘that lie 

X-L^finent borrowings also vary -be- ; ntcbtv have^ ft .foreign esebaag^ 
-*>tweett the three principal ‘bpbiStion.- of ^ome^fespeqtahle 
-Emirates. At the end nf ' last = siae, BLBs 1 th&hselves are 

-September the Sharjah 1 Govem-'n^j^ • mlfefMfed ^in ~ various 
rmmt bad borrowed ^ ra^je+^fiaance ln ; the 

m /..In? •m — 




'from the banks basedm its the -Emirates, 

"igtory. The Itabai toyunnii^ 

’.accounted for nearly: 11 P^. : iao^}y^medIuiii'’ter5i business, 
'cent of the credit extendedby;** Wher© : vre -‘cniitrarate to the 

. • ■ a fiiiW tVA • ’ti: - m: ■ 


'per cenL ^^hf^it^vffiffliinanajger, “bor- 

6 '^r.' . . - ■ - . . Vivi^diigi ^in ^eVJWgger banks 

Aar rowing “ smaller.^ Retail 

Mi V ; bankers pAE-bdieve that 

In Abu Dhabi; the National tbe.^B concept wili be allowed 
The Bank of Credit and Commerce building,, Abu .;>■ Bank of Abu tj^e as dis- 

Dftahi. was designed bu Fitzroy Robinson and .'^department and uie Abu dso begin 

Partners and built by Bernard Sunley, at a. cost of X' &■' ^ 

tj. i lo-ro _• growing rapiaiy. xney «re-cwn .r. V ^-. T .. 


Ui 


£4.5m. It was opened in February, 1978 . 


-• peQtors in spite ;,of common 


The results of lending to the 


Dhabi to the tune of $7.6bn last slightly early- in 
year, Dubai with S1.4bn and merchants panicked-: 
Sharjah with about §30m. The “recession”); 
possibUity of having to give up Aa a d vances to 
a stipulated proportion of their ^ Vln „ of 1( j(j pe r 
oil revenues is not popular with recommended: 
them. 


1978 

over 


shareholdings; Se Abu-Dhabi ^^^^^^ 


the 


snarenoiamgs, uie xwu- xnmut. - .-3. • -i- - . t - 

ix^stmern 

« s Pp.^ lbl ^ f ° r ^ zon for tbe^AE banking com- 

Dhabi’s surpiusj owns .66 bjgSilty.’ The' Jan^^Bank. 
deposited cen t of .**; wiffi more 

ce M ^ :ST 


inj/i . ire business- again:- and it is 

. . Foreign banks were requested 10 pe ^ viiwi?#. vwtfric'Rfcely that' flie .. Ajmaii-Arab 

The run on the dirham m t0 establistl a capitai base in the^^eral Abu 
e ^ ly i 9 Jl- WaS 7 UAE and local banks were asked r^nan^b^/Tmdeirt: a .new 

Abu Dhabi and Dubai is un- l(y keep their capital accountat 'name. 'Ajman at the moment 

- - -— ftey have been ^ ttoat » 

Audited statemeuts were to& ^ liar HAE 

presented more promptly — Investment department is stfll 

accurately. . 

The Currency Board, under its 


place 
the Currency 



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willingness to 
currency with - 
Board. 

Another aspect of the Cur- 
rency Board’s role that has to 
be reassessed before its trans- 
formation into a Central Bank, 


new managing director Abdul- 
Malik al Hamar. is attempting to 


volved in a number. of .IocaL . . _ . 

regional and international bor- Even if no Central panic 
rowings. " ’ • emerges from lie body of the 

There are a number of loans Currency Board this year, UAE 
in which they have acted as co- bankers, like their counterparts 


is its “development” activities get banks to comply with these 

which, before they ended last principles by persuasion rather ^ 

year, occasionally made it un- than diktat “We don’t want to manmmnjTl’’ for’- ^the JRepubUc elsewhere in the Gulf, will con- 
popular with Abu Dhabi s. In be aggressive,” says al Hamar; f Venezuela ($350m)f . for tinue to expand their business 
the past the Currency Board - we want to restore normality ^ mirtP i th e i OC ai teloommu but on much more sober lino* 

WJKE2flJ5lKS,^ S^SISSS^-S^S ^oi^oritym^and than in the- past. - - 

Buard regulations. The Cur- both are currently woridng on 
rency Board is treating each of the 550m rather more difficult 


(from those wealthier Emirates) 

to certain of the poorer 

Emirates, and placed funds with fhe 51 operating ‘banks on an 
j._ . j* individual basis, and some have 
asked for an extension of the 
time needed to comply with the 
regulations. The -capital/ 
liquidity ratio could have posed 
a problem to some of the locally 
, T-..- ■- - incorporated banks, who would 

the Abu Dhabi Gove rn- jiave j 0 raise money from the 
and its investment shareholders, as could the credit 


some banks, in order to provide 
finance for housing and other 
infrastructure development The 
loans, particularly to the 
Emirate governments were 
long term. But the Currency 
Board's own funds (principally 
from 
ment 

authority) were short-term 
funds — in months. 

While awaiting its transforma- 
tion the UAE (Currency Board 
has considerably curtailed some 
of its activities though quietly 
expanding its staff and recruit- 
ing people with a wider range 
of skills. During 1977 the 



ratios — many of them are 
heavily invested in long-term 
property lendings so cannot 
easily reduce their credit ratios. 

As the Currency Board, with 
the assistance of two IMF 
advisors, has been preparing to 
become a central bank, the 
National Banks of Abu Dhabi 


balance sheet totals of the Cur- Diibaj have effectively been 


rency Board were virtually 
halved, from $2.Sbn at the end 
of 1976 to $1.5bn at the end of 
last year. Tbe Currency Board 
has got rid of $18m worth of 
investments (unspecified) which 
have been sold to the Abu Dhabi 
Investment Authority. 


Liabilities 


The main change on the 
liabilities side has been the 
reduction in demand deposits— 
again mostly Abu Dhabi Govern- 
ment money — and time deposits. 
Total deposits at the end of 1976 
had been just under $2bn and at 
the end of 1977 stood at $8.7 m. 
Foreign currency liabilities 
during the first five months of 
last year had increased sub- 
stantially and these, presumably, 
were dollars to the Currenot 
Board in exchange for dirhams 
under tbe swap arrangements. 

However, at the end of 1977. 
foreign currency liabilities were 


acting as Government bankers 
in their respective Emirates. 
Out of the -51 banks in opera- 
tion in the UAE, these two, 
with a few others, dominate 
the banking scene. According 
to Currency Board figures at 
the end of November, 1977 (the 
latest published), when only 49 
banks were in business, only 
two banks had assets of over 
$500 m. A further six banks 
have assets of over $200ra but 
less than $500 nr; 15 banks have 
assets in the $3Sxn to S90m 
category and nine banks have 
assets of less than $12m. 

The picture is not very differ- 
ent on tbe deposit side of the 
book. Two banks account for 
42.S per cent of all deposits, a 
further three account for 
another fifth and 17 banks share 
less than 2 per cent of all 
deposits. Total deposits at the 
end of November, 1977 were 
$4.9bn. 

The expansion of credit to 


Dh lbn less than at. tbe end of private sector in the UAE 
1976. in spite of the increased wag sharply curtailed in the 
requirements from local banks.. second ^ ^ i977..0yerali the 
On the assets side the currency lent ;to the private sector 
Board has substantially reduced slood at $ 4 ifibn> an increase of 
its foreign exchange and gold gg p^ r cent over the previous 


holdings. Deposit and current 
accounts have, on the other 
hand, incerased as the Currency 
Board required increased 
deposits from the commercial' 


year (compared to a rise of 84 
per cent in 1976 over 1975), but 
the increase in the second half 
was only 14 per cent Almost 
two-thirds of bank credit to 


- f • In «-PT __ J LIYU'UUi un Wlx UOMIV «*A*»%**W LU 

banks in the course of 1977 res idents was to residents of 
resumed its activities as lender an[ j Dubai banks 


of last resort 
The main measures 
duced by the Currency 


Intro- 

Board 


accounted for the larger part 
of the increase in lending. 
Dubai's main preoccupation is 


in the course of 1977 in order to trade: almost half of ail the 
regulate the banking scene borrowings by Dubai residents 
were: are trade related. Even their 

A moratorium on the cement imports are more likely 
establishment of new banks or to be for resale rather than use. 
new bank branches; new In contrast, Abu Dhabi 
branches could only be opened residents borrow mostly to 
if other branches were closed; finance construction: at the end 
Reserve requirements in oE September last year nearly 
dirhams were raised from 5 to 45 per cent of all borrowings 
7.5 per cent and from 1 to 5 per from Abu Dhabi based banks 
cent on foreign currency (the were for construction purposes, 
dirham requirement was eased 36 per cent for the construction 


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THE MOST frequent visitor to 
the international capital markets 
from the UAE has traditionaiiy 
been the ruler of Dubai, St.aikh 
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sought funds in the Euromarkets 
for one ambitious development 
project after another. 


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The picture these days is far 
more complex. The range of 
borrowers from the UAE has in- 
creased. The smaller Emirates 
and the richest of all. Abu 
Dhabi, have begun to tap the 
markets. The private sector has 
overcome initial doubts about 
borrowing and started to resort 
to Eurofinancings. At the same 
time, however, direct borrow- 
ings by the rulers of the 
Emirates in their own names 
has tapered oft. as international 
bankers have become more con- 
scious of the political differences 
that still linger among the 
Emirates, such as the row over — 
the amalgamation oT the T, 
defence forces, and the failure 
to push ahead with converting 
the Currency Board into fully p 
fledged central bank. 



sevttr years at3perceritoy«r ;V:" 

fiSm/foT AbdeWaUT t 
aniLSohs by ; ; ; - 

fcteWCompany f« -the ; •- - 

jfe*r:l>brrowers .from ' 


toeSUAE or Abu?DJwbiG 0 yMa-- • T^usesryie# Ar^t^M^-riSks » 
. meats. ADIG was.- .set. up^p^ _«jy4af^&as tfwat-, other fatter- ., 

^-jFebruary. 3977. -hut- If %a»j P&ffa - s - 
qlrejidy- made its :mxjfc;xmi0e it^'i^^^^t-:«uto»^*ca 8 y ■ - f - 
Mriefs. ■ lead^managipg, ' *J&r4b " 1 - 

Paging and ^rtcipating^ii*'^ v 

hiitfc Eurocredit? ‘ap'd Eftrobohctf S^ndtaSfe-that ; . j ■ 

for borrowers as> yrfijle^ heftfrSr'iADie; I'EBAE? nor GIB - 
v^^.-^pfead 'as Mexico, Philippines ' yif^ipsktica^ 

lahfl Hungary, as? . ■' .. 


The new 
built 


Government -r ba&W-alsa 


ew headquarters building for the UAE Currency Board which is beir&.&±&centiy begun . ta bid & . foVtbaift ^ • f." y t 

ilt bu Costain International and is due for completion in September. - - 1 ^fively for loan mandatea. thpi^. jjcdi^c^&t^^:i^Mi5BTfle 1 ; 

57 -off on the two - tristitutfons end“TTAR. *. v Th«:r- ; i : Qlerr. > ''.-Qf --' Ttas - . 


-veo years previously _ did .lunMu. projects as seen. 

not suffer sign ifica nth. possible because of cost o»er- fact that amounts of. these ■sa^gvT 1 ^. rjhahi Gas ^odef^‘ 1 ' 

Abu Dhabi itself has just runs, the Ruler might find the had to be syndicated at aU say£ “?o- ao f 

made its loog-arvaited debut in- «!«■* !«. «»» «l»» something about , the - 


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not suiter significantly. possioie oecause or cost o»ct- ««« «<*■ ““w : AV ,.. rjhahi Gas 3iaaefas;- 

These uncertainties are cloud- A ' ,u Dhabi itself has just runs, the Ruler might find the had to be syndicated at all-sayy;^- deals If two sdciti juudcsr 
ing the climate for borrowers made its long-awaited debut in- «;clcome Jess warm than pre- about - f«jt : : Abd.: 

from the Emirates, especially to the Euromarkets, with the viously. and this will show in regard ihe wnaU .«^ BL u ^ also a;*«^hplderi' 

the smaller ones. Abu Dhabi announcement of a $50m credit the rate he bas to pay He Emirates and setthmr - Govemnept' 

Clearly retains the banking com- for the Abu Dhabi Gas Lique- might get round this partly by It is unlikely that these ndeni g r01 ^ Bahrain-baaed- Gulf -: 

munily's confidence, and by the faction Company over eight using a surrogate borrower, could borrow at present in “^f .jwernatfonai Bankl which in the: 

same token a federal body years on a spm spread itartins Significantly, imports of aluinma own name on terms that ^ ; 

like Emirtel - the telecom- at 5 P» cent. for the aluminmm plant n be acceptable tothem. More h , WMa«. *m.-*»i* 

munications company — is seen „ Dubai, in .the persooage of being financed by a S2om credit porate bomiwers aK and Thirnpean bankers ^ irittnttn} 

as an excellent risk because it Shaik Rashid seems to be opt- to the Dubai Aluminium Com- be seen., however , for two local houses rnr&g#. hmw- • 

has the full backing of Abu mg out of direct borrowings pany ^ Dubai), which is SO per projects. An epimpTe is b V seve» GuU novenir ... 

Dhabi. When Emirtel — 60 at present. Last year, the ruler cent-owned by the Dubai Union Cement. Company’s^cur^ iwAl ;, afag . SaTlflt 
per cent UAE Government and four major loans in quick Government / Ru er. Signin- rent oper^ion for a 3Pg K um^ as veU as the 
40 per cent Cable and Wireless succession. $225m. S230m. cantly. too. hanks which had amount of S25m and KDlLTin,- TjTir W * - 

and 1AL was introduced into SlSOm and S200m. The first previously been prominent in lead managed by the Industrial- ‘ I—' 

the Euromarkets last vear uith two — both over six years lending to the Ruler — notably Bank of Kuwait and the Kuwrnt ; • A • . > : ; 

a loan for SlOOm. it* was the at H per cent above Libor— Morgan Grenfell and Lloyds Foreign Trading, Contracting / . _>/_.V 

\bu Dhabi Investment Com- were f<,r the aluminium smelter Bank International — were and Investment Compsmy. .--i , \ - f. ■. 

pany (60 per cent owned by and the gas gathering and pro- absent from this latest three- UCC— some SO per cent ‘ fif-iTinTJlil 

the Abu Dhabi Investment cessing complex, respective! v. ■ year deal, which formed the owned by Ras al-Khaimah . flL l lll. tll|j 

Authority) that acted as guaran- Of the latter two— announced Allied Covernmenr/nder- needs Q» ; J 

tor. For its recent second the space of a week in July management. Sheikh Rashid will money for phase two o£ itS er r 

borrowing of SlOOm, Emirtel —one was a general ourpose probably get by. but more pansion which will -take plftSL: . v . .. -../•if.!-’ 

was sufficiently well-known and loan an d the other for Dubai bankers are prepared to ques- capacity up to lm tons^a ye?tri - - . . 

respected to do without a Electricity, and both were over 0on ^ ™ of some of hls The proliferation of projects ;ib 

guarantee, and the rate it paid three years, raising the question u: or u “ p *? d ce ^ e ? t on ^ ’ 

—! per cent above Libor for 1° som e hankers’ minds that . 0n ^“ a nah. hankm 0 opinion ,n neighbounng Emirates: pr , 

two years and % per cent for six perhaps Sheikh Rashid was hav- much more clear-cut. It’s -in States has not apparently 

years, against 11 per rent over 'og cash-flow problems. Others, dee P trouble.* said one major affected the way the loanTis 

- — however, considered that it was ? ank w hich refused to take part regarded by banks, because , 

simply a case of Rashid seeing * n t^ e recent S200m loan to UCC is generally regarded aft.a : ' 

BT the opportunity to get some rescue the Emirate on the high quality producer. ',cA* 

cheap shorter-term finance to grounds that the risk was too borrowing by the. comply. fell 
fulfil distinct cash-flow require- great even with the guarantee through last year at an advanced 

ments. of Abu Dhabi. Another banker stage because it was to be 

Qorvi/'inrr commented, *T doubt if you’d guaranteed by the Currency 

aviVlUlIg find a bank in the world willing Board and lawyers for the.lend- 

Whatever the reasons, last to lend to the Ruler of Sharjah ing institutions were not satis- 

vears borrowing added a hefty in 'hi.* own name" But backed fied about the Board’s legal 

chunk on to Dubai'? total debt by Abu Dhabi, the loan drew a authority for doing this. The 

and its debt servicing needs, good response. The spread at 1 new deal is not directly related 

Even before the 5150m and per cent was well below the I| to last year's abortive one. There 

$200m deals, debt servicing was per cent Sharahj paid last year, is no formal guarantee this 

reliably projected to rise to but was generous for what is time, which helps explain the 

S260m in 1979 and $273m in essentially an Abu Dhabi risk, relatively high spread- being Asubdriiarycf &e ' • 

1980. But adequate financial in- Borrowings by other Emirates’ paid on the dollar portion of .Al_- Futtaim Group of 1 

formation is hard io come by. rulers have tended to be for 2 per cent over Libor. Cmwpanies engaged in ; 

Several major bank-? refuse to specific projects or contracts. A number of other borrowers emamiciion throughout r ^. 

lend to Dubai for that reason; Ras al-Khaimah raised S20m last —usually members of the ruling Ac Middle East. £• 

others by now must be reaching autmn for oil exploration and families or prominent mer- 

their limits on Dubai. setting up a lime kiln. Ajman chants — have been using the " complete construction seffc 

Thus, if Dubai does need raised S4m and $2ra at the end Euromarkets to raise small ke: <an be provided fr«a 

extra finance from the Euro- of the year to assist the amounts for their own private J* 16 a project to 

markets for the dry jock and financing of contracts awarded projects, normally in the real u 


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THE UAE has become a very 
comfortable place for. the 
western ejcpatriaie to live, with 
all the advantages of living tax- 
free in the Arab world and very 
few of the disadvantages. 

Those who were here before 
the boom might complain that 
lhings werr bener in the old 
days when the pace was slower, 
life tougher and people had 
nlore time for each other, but 
for the average expatriate who 
does not want to forfeit bis corn- 
flakes or roast beef when he 
goes abroad, life is pretty good. 

Most expatriates — there are 
about 20,000 in all — come out on 
two-year contracts, and the fact 
that many decide to stay for a 
second term is not just due to 
their bank balance. 

Ten years ago the majority of 
westerners were heads of com- 
panies running small offices but 
the cross section of society has 
broadened now. hastened by the 
construction boom which 
brought out expatriates from all 
walks of life. For many it is 
their first taste of life abroad 
and some find it difficult to take. 
There are the coffee morning 
moaners who complain about 
their husband’s hours and the 
cost of living, but one suspects 
they would probably moan 
wherever they were. 

Working hours are long— it is 
a six day week and most men 
work at the very least an eight 
hour day. There are special 
frustrations for those who like 
to get things done in a hurry* In 
the summer temperatures are 
unpleasant with the heat budd- 
ing up from the end of April 
onwards to around 120 degrees 
Farenheit with 90 per cent 
humidity In -Tune, July and 
August cooling off again 
around October. 

The heat is tiring, but with 
air conditioning in homes, 
offices and most cars it is bear- 


able, and there are plenty of 
expatriates who ignore it and 
continue to play sports all Lhe 
year round. 

The most obvious reward for 
working in the UAE is money, 
with the average salary twice 
the UK equivalent but of course 
not taxed and with the added 
benefits of free housing, car, 
schooling and air fares provided. 

Most companies give local 
leave in addition to annua] 
leave, and a growing number of- 
people are taking the oppor- 
tunity to visit other countries, 
including Iran, the Far East and 
sub-continent. 

While most people — at least 
if they are honest — will say they 
were initially drawn to the UAE 
by the salary, many will also 
add that the extra responsibility 
at an earlier age and the 
challenge of a competitive and 
stimulating business environ- 
ment were other important 
factors. 

The influx of foreigners in the 
past few years bas been tremen- 
dous and the effects have not 
always been for the best. Five 
years ago UAE nationals were 
more accessible in both offices 
and homes. Now there are too 
many people, the place has 
grown too quickly and attitudes, 
too, have changed. Both for 
the young Arab, who can go out 
and buy a Trans Am at the age 
of 17. to the expatriate who can 
save more money in two years 
than he would earn in one year 
at home, it is a money-oriented 
society. 

There is plenty to spend 
money on. with restaurants, a 
thriving night life and expensive 
boutiques. Alcohol is available 
in hotels and, with a licence, at 
home. But the majority of 
expatriates come with a view to 
saving, either for their first 
mortgage or to buy a bigger 
home when they return home. 


The average expatriate tends 
to lead an unreal, life, -barely 
touched by the Moslem culture 
around him. He meets very 
few Arabs and mixes in his own 
circle, probably with -his own 
company. There is little inter- 
change between the different 
cultures. 


Please address enquiries to-; The Commercial Director. - 
A1 - Futtaim Construction. 


But those who do make the 
effort to penetrate the Arab 
circle find they make a friend 
for life and one who is likely to 
be as curious about them as they 
are about him. However, it is 
unlikely that many western 
males would enter the iimer 
sanctum of an Arab's family 
liFe. or meet his wife. 

For the expatriate wife, 
living in the UAJE presents no 
particular difficulties. She can 
drive — and most families have 
a “wife’s car”— she can shop 
in air-conditioned comfort, buy- 
ing almost all the goods she 
could buy at home, she can 
work and move about in 
Western dothes, unmolested. 


P. O.B«sJ32, 

Dubai, UAE.''. 

Td : D ubai 2268» fV2, . 

228817 ' 

Tdes : 5977 BUELD DB’ 


There are unpleasant occa- 
sions when she may be stared 
at by the numerous Asian 
Immigrants, especially if she is 
alone in the souk or on the 
beach, but provided she is 
sensible she is unlikely to 
suffer anything worse than 
looks. 


As elsewhere in the world, 
food is probably the biggest 
item on the family budget, and 
this has been hit by inflation 
and transport costs. The 
average family food bill prob- 
ably comes to around $600 a 
month, and more if they enter- 
tain a lot— and most people do. 
Until recently fresh meat and 
dairy produce was something of 
a luxury, but six months aao an 
enterprising English couple 
began weekly airlifts of fresh 

CONTINUED ON 
NEXT PAGE 


ELLIS GULF LTD. 


DUBAI 


THE LEADING CONTRACTOR FOR 
BUILDING SERVICES IN THE UAE 


Contracts in hand include ^the. prestige IfTTER- 
NATIONAL TRADE & EXHIBITION : CENTRE and 
THE GALADARI -CORNICHE - COMPLEX, • two 
outstanding landmarks on the ever-changing face of 
thfe city of Dubai. 



Specialists, in. the design and mtattatidn pf : Air 
Conditioning, Beating, Ventilation, Plumbing, 
Drainage, Fire Protection, Electrical ItistcdlaUon^ 
and Planned Maintenance.' . 4 


London Office- 

Ellis House V 
11&220 Garrett Laht 
London SW1S 4EF 
Tel: 01-874 0411 
Telex: 828300' ELKEN G 


DubaL Dffice • f t 

P.O. Box 22 • • 7 

Dubai : . ’ .. 

United Araii Emirates .. 
Tel: Duhai 435713 
Telex: 6423 EMSINT DB- 


.. A member of the BU« Group ©/ Companies • • ; ;j 







THE MERCHANTS OF DUBAI 


New markets for c 



*" *■! 




It * . 




..TgfKB ARE no published 
Rustics about exactly how 

*3Sf!SSiSn F* man ' w °“ian 

.= Dubaian nationality 

by the merchant 
last year, but a rough 
baaed on 80 tons ot 
. »d the average watch 

^ighjng 1 ± ozs, would suggest 
--that 50 was about the right 
/ ***$**■ Re-runnixjg the figures 
■for the total Dubian population 
_ ; -:of 5ome 200,000, wo3dm°e 
wound.. -ten watches per head 
;.gj' V*? 1 ** calculations would 
, _j*ow> that Dubai imported four 
transistor radios- per head, three 
radira-emu-sound recorders oer 
heed, and one television for 
,eyery two people. Likewise the 
. average adult female resident 
^ tn 1977 appears to 

have got through the better part 

- of ^ gallon of perfume. 

‘ V Jn ^colder economic terms 
. Dubai e enormous sales of con- 
sumer goods mean that in 
^recent years the State's imports 
rhavfe been running at well over 
twice the value of the imports 
of . any other State in the lower 
Gnlf, . including Oman. Apart 
:frpni; Saudi Arabia, of course 
. .Wily Kuwait among the Arabian 
Peninsula countries last vear 
.Imported more than Dubai. 
Kuwait's imports ran ar some 
Hfibn, against Dubai’s $3.3bn. 

tfiPart of the explanation of 
tws. extraordinary pattern of 
jtffcde is that many of the goods 
imported by Dubai are sold in 
4he Northern Emirates or Abu 
..Dhabi.. Many of the bigger 

- jOierchants have agency agree, 
jhents which take in not just 
their own Emirate but all of the 
JUAE. For example, the AI- 
^rttaim enterprise, which 
markets Toyota, Honda, Hino. 
r^hiTSfor, International Har- 
vester, Toyo. General Tyres, 
National Panasonic. Sanyo. 
Toshiba. Seiko, ITT, part of the 
f&ilips range, and Timex, and 

.jprobabiy counts as the biggest 
merchant group in the lower 
Gulf, has every one of its 
agencies on a UAE-wide basis. 

More important for Dubai, 
.though, is the re-export busi- 

- .ness, which over the past five 
.. or six years has undergone a 
.^significant change m shape. In 

fte years up to the oil price 
explosioh of 1973-74. the trade 
phased on the commercial 
reexport of goods in bulk by 
*j.^^^®erehants>- partly legiti- 
via^riy and partly as contra* 
The smuggling business 
^involved the sale of cloth, 
-medicines, and cigarettes in 
.. Iran and the sub-continent, but 
above . all it concentrated on 
shipping gold bullion and gold 
. pitches to India. The trade 
tteached its peak in 1970. when 
Dubai’s gold imports totalled 
tonnes, or about 20 per 
Cenr Of new gold mined in the 
that year, but there- 
vattttilt declined rapidly under 
Vtite'jtepact of the soaring gold 
;^e .and the more effective 
-pwemitions being taken by the 
r. Indian-' coastguards. In June, 
fttSlWSt: imports dropped to zero, 
-kud^ibce then the trade has 
i^Bws^riiesally recovered. Last 
year ; imports were 41 tonnes, 
rajsbtiithe early months of this 
ts known that there 

iw^re several successful carcoes 
jSfe^iped io. India— together with 
■."•wm*' iV. tva coins; across the 


signs of a ., a , nd market for electronics goods do not sell, as they do elsewhere At present the merchants’ 

smuggling ‘ ,n ‘«uies and watches par excellence — in the Gult, on the basis of their business in Dubai is predomin* 

Th *' these items being' regarded as having a long- established repu- antiy matteT of importing, 

trartif- 0 , r of Dubai's Prestigeous possessions in Third tation. of the sort which may stocking and then wholesaling 

thei 0 ”- re " ex P° r t business — World countries. Anyone who buffer a brand against competi- and/or retailing within Dubai 
th trade built on has looked around the inside «»f tion from superior and/or and Abu Dhabi. A small volume 

finri ' UbB1 raerchants ’ s kiH at airports in the Gulf when a PIA cheaper products, and make it a of goods is smuggled still, which 

■ a 1 n ® n,ore popular and or Air India flight is due in very lung process for such pro- calls for specialist expertise, 

whni PeF i soods t0 .^l 'ban "'ill have noticed that almost duels to break into the market, and larger volumes .are re- 
_ s « a ers , in neighbouring every waiting passenger has a The reason is not that in Dubai exported visibly to neighbouring 
*h«i t — bas n ° l declined m large and expensive TV' or tape the advertising used to intTO- countries, which calls for a cer- 
tenns but has been recorder with him. ■ duce new products to consumers tain -knowledge of local condi- 

awarfed by recent develop. However, Dubai’s trade is is of a higher standard than tions In thoie markets. There 
J"™ L * st y e «r -Visible suffering at least' a temporaiy elsewhere— -it is not. ev£n are also just a few cases of 
re-exports of this -type ran to setback because of the ending though TV advertising is merchants dealing at arms’ 
ntaH U 2i?* r 5300m — of which or . short stay visa* by the allowed for three minutes in the length;- buying, say. scrap iron 
neany ao per cent went to Iran, Federal Government laic last hour whereas it is banned alto- in London and then reselling it 
aaum Arabia and Qatar. y ear . This has effectively ended Esther in Saudi Arabia. Nor is directly to a buyer in Karachi 

What has changed so mmh ™ost of the shopping ‘expedi- that people in Dubai are very without-it ever touching Dubai, 
since 1973 is that Dubai is now t*ons from elsewhere in the mu ch more responsive to adver- A few merenams have sold to 
used as a shopping centre bv region to Dubai, and reduced tising. The explanation lies Iraq and Oman on ibis prin- : 

hundreds of thousands iir 'he number of businessmen raainl.v in the very big turnover ciple, and it is known that the 

visitors and immigrants, which making visits. In some quarters population and visitors. Union Bank of the Middle East, 
means that the bulk of the goods «i is claimed that the new rules »*»«* makes a reputation hard owned by Abdel-Wahab Gala- 
re-exported «q out quit*; have cut Dubai's sales by about tD establish In the first place. dari, has cone some arms- 


™ per “ ni " e more - rjxrsx&v in ^'zz SSSSE 

Consequences 

numbers of people from Qatar For the Dubai merchants, one imagine, at specific racial/ iTSSm? 

(and Abu Dhabi) who 'want to of the consequences of this cultural groups. In part this is Uh»w°mp£hant^ hn^P^wui'hnv 
shop m Dubai, but since the oil pattern of trade has been the because the media is nor as ™ h . e IfiSSTSi ■VJJIJSr .iSi, 


tions the Dubai merchant houses 
do not aim. as outsiders might 


and far between. Certainly there 
is none of the merchant]' ng of 


boom and -the population need to 1 
explosion the invisible nationally i 

consumer re-export business has through re 
comp to dominate the whole vclopraents 


■the population need to be extremely inter- much divided up according to a uL P m 

the invisible nationally minded and to think consumer groups as it is in 

rpnrt business has through regional economic de- Western societies. Tliere are LJ3S , ?«£ Sill TZll 


. .- — - ' 1 -raiMuri.w «i. remarkable also problems of a more or „ m „ ra nrp.» nf intporirv 

business scene in Dubai. One depth. A hypothetical example less technical nature, such as f thonm/im-s ® ^ 

way or another it is reckoned of this was suggested recently the impossibility so far Df p 

now- that about three<iuarters by a marketing manager selling finding a Dubaian girl pre- j; 


of supply and using their names 


v '-inti Hiiac, JOJ uuu. mumij cnuaia.r autai m ^ 

counters of Dubai- and Abu “X” is wanting to buy a French Dubaian ladies. But most im- -.'.hi!* JLU "SSf, 1 h 

Dhabi find their way out again, nuclear power station, then the portant of all it is felt that {£?“*' “J, 

Among the items mentioned more astute Dubaian business- it would be politically awkward f Hn^it^hnuiS 

above, the only partial exception man will make a particular to be seen to be aiming an ?" d JlfJupic 

to this rule is perfume, which, point of monitoring develop- advertising campaign overtly at Lfil; ' t 

as anyone involved .in the ments in the sale, in case the a minority group. If there is any °f, e J a ?^ r n ^ 4ll i' 1 . 1 ® 

pharmaceuticals or beauty French succeed— as they have racial /cultural bias in Dubian lIJp r S r i?^ nn^dav 

business in the area will testify, done in the past— in in corporal- advertising, it is towards the MmolniTs^att^rlie 

Arabian women consume in i ng the sale of their own SECAM Dubaians themselves, because it ££5 iS, uJUIUJ nnr n „ a ’ 

truly staggering quantities. colour television system, as part is felt that it is best to try to ff&i li«n/ 

As far as Dubai’s otber major 0 f a package. If this happens it harmonise with the indigenous S Pe LJ??™ h « 

.consumer imports are con- inav be that the businessman culture. n2»2 

cerncd, as soon as any-economy should look into the po&sibilirv T . . . those associated the namt»> 

in the Middle East -or south ofbssdlincT?' sets^redio " 0 "T nl ? dver ^ in S ° f ^ Drc -\ u f’ ^unge Rail, 
Asia begins to close -its doors ,o theSE^s^emin 0 addition nv ofS.^SlS 

SfSMin '? the . country— -because^ in n.-™"’. would 

an almost universal nattern | L K ^• vs ?® In Il , he alrcad. . If years the market has expanded ably be the establishment of 
cilizen> of India Pakistan and ‘7 dc,L ’ ldes 10 ^' our ! {J^ so fast tliat roerchants have had one of tile big international 
the noorer Arab countries work- h,ea ’ t * ,cn " l!1 want °. c little need to make their market- houses in a partnership with 
in" in the UAE buv the soDhis- a . rrar,sin ^ tlte appr ® pnar f. aS rf n ’ in 2 competitive. From $605m in one of the local Dubain houses 

ticated Western omsiimergoods 197S - Dubfli ’ s impor,s doublcd J«dine Matheson has re- 

which thev cannot "“t at hom»* mand actuall.r materialises. , n ig74 mcreased by 50 per cently bought into one of the 

hilt which in inntt rauntrie* Because of its cosmopolitan cent in 1975. and increased by a biggest Saudi merchant groups, 

thpv arc allowed tii hrinc in in Population combined with its 20 third in both 1976 and 1977. The albeit with different purposes 
^mati nnantitiM for their tradition' of trade and last of tiie.se years was one in in mind. The Government mighi 
■* ncr«nnai hu ■■ when thev liberal government, Dubai is a winch Dubai was felt to be going help by cautiously encouraging 

r.— very ‘much more competitive through something of a reces- the establishment when the time 


«5i! nn*nHfl« for their **** tradition' of trade and last of tiie.se years was one in in mind. The Government mighi 
■* nr>r«nnni hu ■■ when thev liberal government, Dubai is a winch Dubai was felt to be going help by cautiously encouraging 
roHirn hnmr» rinrp thrmiph much more competitive through something of a reces- the establishment when the time 

U.SnL in hU own countrv the Abu Dhabi - People sion ’ wh,ch ™ 11,051 ap P arcnt was ripe of trading associations 

mi iiminp workers <p 11 =' v. ai'fe-Xery price-conscious (partly in the property market. In and exchanges for different 
r,S £ a black market n « n» bt because they are look- recent months, however, the types of goods, 
price high enough for him to ,n S tmmaxiraise their profits on consensus has been that busi- lt ,^ oef> without saying tiiat 

nav for his month’s holidav out tbe whereas in other nesa is modestly on an upturn, developments of these sorts can 

pay ror Ills monui s noima? uui .... D _„ 1Tiail | n n «» -t atl .c r . nn . Tlie nrnnertv crisis has cased. ... «..w 


price high enough for him to in S W.maxiraise their profits on consensus has been thar busi- , t ^ Qef> without saying tiiat 
fnp f,{ E mnnth'c hnlidav nut r^alc). whereas in other nesa is modestly on an upturn, developments of these sorts can 


^jp.jtTvT • - two going 


nav for his month’s holidav out tbe r ^ a,e >- whereas in other nesa is znooesny on an upturn, developments of these sorts can 
Sf the profit Indeed the closing Arabian Peninsula oil states con- Tlie property crisis has ea,ed. onlv wrae stow]y - Dubai 
of an e^orioinv in the region not sum'ers' are surprisingly un- gjvmg a good many businessmen aJregdy has a domestically 
on » v 0Detl s th’e way Tor this sort price-conicious and ill-informed better cash while bo.h or i en tated stock and commodity 

ni mn° a c!ion bv n.iion^ <« "h*t >^y ftimMbe the Abu D.^b, and Dub aJ -ov- elccll ,„ st aod „ „ ot rery 

alreariv working 'abroad it Poking for in the goods they ernments are st.H spending al aC jj ve . o n the other hand the 
nositivelv encourages its people buy. Products are much quiyker a nigh rate. As a result Ihe development of an interra lional 
fn cmisrate bv providing them w acceptance in the Dubai raerchants are more confident. tra dj n g business a« a divcrsifica- 
Liih a material incentive in market, and so merchants who audit seems that they are open- away f rom 0 ji would prob- 
addition to the higher wage b ®ve a UAE-wide agencies will i°S more letters of credit. ably uke no longer than it will 
rat •<; available in the UAE. o; f ten introduce- a new line in But the q a /?stJon has to be take Dubai's heavy industries to 
raiL " . . Dubai to test the market's re- asked of what will happen to become viable — and it would 

The returning workers mar epoxise and the success of their Dubai as a business centre in certainly be more in tune with 
is supplemented by business c ^ rn p romo tion before they try the more distant future — assum- Dubaian society, 
visitors and b >‘, .. . it id Abu Dhabi. ins that political stability is « , P . , . 

who come to Dubrn fo bu. - ft folJows lhat in Dubai goods maintained? Michafil Field 

io resell to pilgrims aunn*, ui". — — — ■ —— 1 — ■ — 

Haj — though most of the Saudis’ 

^urchases show op 






CONTINUED FROM PREVIOUS PAGE 


* 

\ l 


l ’ v, -. .. - 

the UK and prices 

lave come down. 

can be frustrating 

i-; ^occasionally a partic “* 
fkl itMror brand wlU run out com- 
i this used to happen 

b when port c< ^®. 

tV - tiqa *r»s at its height and goo 
month*- Food 
always arrive in rne 
;^>*d«dUion it should. 

! -T aje^t Sd flour and rlc M*. v 

‘r.;® ;bceed ° n /J ^ok 

rtirns to sift flour » 0D - 

ifnne uem 

cACttUnnKWation is n 

} vV.Qf- fj Expenditure riirecl iv. 

expatm e d ln \, 

v i eompany n 

■'v;^vf<iSf«:jsenerosit.v. In 

Mtewtr la h - choice is 

»s 

■msBts&rsni 

lh e com* 

this IS 

mid farge ^ 

mo& @£ sJ?i 

«xpatt«^ children 

= i- 1 -wMttrtfe’dfe a* 1 ® 05 ..-.striate con* 

J* •SS 1 Employed 

built 

v ;> The mo>t r / capJta i 

a debeo* 

for ^ c - 
Sflte soW wrte, i 

fCaa.-tSe ^ f 




pupils and Should move into 
permanent- premises 
Januan-. It "ill complement 

the English P r ‘ ma ^' "? Jj,." 
the Emirate and prov.de- U tevei 
led eventually A level courses 
?o the University or London 

standard. 

With a six-day week. 

W J .* Fridav weekend 

StrSS-T-f major ai E m«cance. 

ailing, •-"^ nJ re ' r a , i „r haa 

In recent > ear* re* ^ with 

es e SSshe q d ' olub % ai [ o ;; s Cd 

&"«“"“ loca,spo " sor ' 

s,liP ' tj... hie annual 

There are ti t l|nfajr 

events, but it tr j atPS live 

to gnflflwt tMJ p - ^-isjeni-e 
a British R»J ' *• p b ® v working 
-they are w° ^ -.„ sattf for 
f 0r mat. 10 upiiievs and 
the home-made 

Ascots * h<kr * ised by bands 

equivalents orsani^i|. e - c mtsra 

of eniluij*?*“ . f these m 
bers. pr,n 5n P Annual Tennis 
Dubai ar ® ! b u* -is played al 
Open with its Court, the 

me British Embas^ cou 

Busby Sevens, compi v and 

jnassed haPjia - 0 ^^ Raa; . which 
police- and tn *« d raism g day 

is basically ? , ub afK j coi^ 
for the f00 £! JJwUftf rountf 

a specially “ c n druu ,s. uaft 

r a f?s made of expatnat^ 

&d^o--h ^ ^ 

Such e ^ n ^. hit is hazily 

relaxation Environment- It 

l, a rd-wo rkine f f cdom «h‘rt 

coun Ceiia May 


.23 TO MAH. 3, 1979 
EXPO CENTRE 


SHARJAH 

UNITED ARAB EMIRATES 


INTERNATIONAL expo centre : 

A nE CA IB 750,000 Sq. Ft. SITE, 

TRADE mlK 120,000 s q . Ft. > n 

The largest Exhibition facility in the Pavilions plus 300,000 
Gulf invites you to display paved extenor space, 

your PRODUCTS. PROCESSES & Lowest rates anywhere. 

TECHNOLOGY TO THOUSANDS OF Wr,t ®- cal! or te, ® x 
READY-TO-BUY CUSTOMERS. for Literature and 

E X P O ’77 drew 151,327 Trade and information : 
public visitors, INTERNATIONAL cvuflnmrtJM 

SPRING FAIR ’78-72,420. 

CZECHOSLOVAK TRADE FAIR *78 - MANAGEMENT CO. 
65,582. Exhibitors wrote over P. O. Box 1145, Sharjah, 

260 million Dollars in collective United Arab Emirates 
business in these highly successful £ e ( : 357302 

commercial trade fairs. Te,ex : 6306 EXP0 SH 

Ratron: H.H. Sheikh Sultan bin Mohamed al Qasimi, Ruler of Sharjah 
^ Official Hotel: MERID1EN • Official Carrier: AIR FRANCE 


GULF 






Dolphin Heeler Lines Co. 


For regular and faster sailing 




The link 
between 

Northern Europe. 
U.S.A. and 
the Gulf 








Dolphin a unique U.A.E. 

based ref rige rated 

L shipping company.' 

with a monthly* 
service to major.: 




ports in the 


U.A.E. 

P.O. Box 5B21. 

Sharjah. 

Tel: 357743 

Telex: BD96 DOLPHIN SH 




For bookings 


Europe 

P.O. Box 375. 

Sentrum. Oslo I. Norway. 

Tel: 334180 
Telex; Oslo 11205 


•JiTTt 


That’s how we’ve become its leading 
commercial bank. We offer more than 
just finance. We can give the practical, 
down to earth advice and help needed 
for success. Help with the local laws, 
rules and regulations. Even help with 
finding the right partner. In fact the 
sort of help you would expect from the 
businessman’s bank. 

If you think that’s the sort of help 
you’ll need, why not contact our Head 
Office or our branch in London. 


U.A.E. Head Office: 
Sheikh Khalifa Street, 
Abu Dhabi. 

Postal Address: 

P. O. Box No. 4. Abu Dhabi, 
United Arab Emirates. 
Cable Address: 

Almasraf, Abu Dhabi. 
Telex: AH22G6 and 2267. 


London (City Branch): 

90 Bishopsgate, 

London EC2N 4AS. 
Telephone: 01-626 896L 
Telex: 885782 Masrafg. 
Cables: Masrafdty. 


Extensive branch network 
in the United Arab Emirates. 
Overseas branches: 
Alexandria. Bahrain. Cairo. 
Khartoum, Muscat, Port Said. 
To be established: 

Amman, London (West End), 
Paris. Port Sudan, • 

Sanaa Tunis. - 


NATIONAL BANK OF ABU DHABi 


‘ The businessman's bank ” 


7i lal c arete at 3!si Dtcember 1977 Dk. 7 4,005, 704,326 {US^I^Dirkam 4 apprvxino .1 









AH’LAN 

MEANS A WELCOME IN ARABIC /J^|^QUR 

BIN HAMOODAH : 

MEANS A WELCOME IN BUSINESS A J-g Q 

ou can be assured of both when you come to X a. V/ V Y XXI 





U!.- - ■ .- v ’ 

^ "JrV -UV«> •- 


You can be assured of both when you come to 

BIN HAMOODAH 

We are active in all spheres and can offer: 

Representation 

Agency or Sponsorship 
Contracting and Sub-contracting 
possibilities ins 

— Civil Construction 
— Mechanical, Electrical 
and Instrumentation 
— Fire and Safety 
— Transport/Catering/Insurance 

We can supply: 

— Motor Vehicles of ail kinds 
— Communications Systems 
— Building Materials 

We can assist you with: 

— Office accommodation 
— Secretarial Services 
— Government formalities 
(visas, permits and the like) 

Your problem is our interest. One of our Divi- 
sions has the knowledge and the contacts to 
make a success of your venture in the United 
Arab Emirates. 

YOU SUPPLY THE TECHNICAL KNOW-HOW 
WE WILL SUPPLY THE LOCAL KNOW-HOW 

BIN HAMOODAH 

P.O.B. 203, ABU DHABI 
UNITED ARAB EMIRATES 
Telephone: 22180 
Telex : 2328 AH : HAMOODAH 






YOU CAIV see shop-signs in the 
UAE with the legend trading, 
shipping freight and labour 
supplies.” Labour is regarded 
as a commodity in the Emirates, 
procured, handled and packaged 
with the minimum fuss, the 
maximum acceptable profit a ad, 
many in the West might be 
tempted to say. mi nimu m 
dignity for the workforce. 

The UAE boasts abundant 
supplies of relatively cheap 
labour, yet has few workers of 
its own. The latest official 

population figures are not 

released because of their sensi- 
tivity. but from recent state- 
ments in the federal National 
Council and information from 
well-informed local officials, the 
1978 population can be 
estimated at 630,000 foreigners 
and 210.000 nationals. This 
means that three-quarters of the 
people living in the country are 
foreign. 

When the business com- 
munity speaks of “good labour 
conditions.” a phrase which is 
frequently beard, it is an assess- 
ment strictly from the 
employers' viewpoint. Foreign 
workers do not have much by 
way of rights. Strikes are 
D legal, as are attempts io 
org anis e labour unions of any 
kind Troublemakers are 
identified and deported swiftly 
and without fuss. One stabilis- 
ing factor on worksites is the 
traditional mistrust between 
Indians and Pakistanis who 
together form about two-thirds 
of the foreign labour force. This 
may be one reason why there 
have only been three publicly 
recorded labour disputes in the 
last two years despite low wages 
aDd debilitating conditions. 

The federation is only begin- 
ning to come to terms with the 
implications of the society it 
wants to build. In many quar- 
ters industrialisation is still seen 
as the cornerstone of socio- 
economic development Im- 
ported labour, whose existence 
would change the market the 
factories produce for. could 
eventually become the key 
element round which society 
will have to adapt itself. The 
foreign workforce is the single 
most important part of the 
country's infrastructure— politi- 
cally, economically and socially 






Mk3 
























V . < >■ — ■ -d- 






The Dubai Dry Dock, being built by Costain/Taylor Woodroic at a cast of £162m£$ 
was hit last year by a strike for better pay and accommodation. ! p'\. 


CONSTRUCTION 

UNITED ARAB EMIRATES 

HUHSAHEB GAMMON 


m 


P.O. BOX 1912 : SHARJAH : U.A.E. 

Telex: 8109 KHAGAM EO Telephone: 22760 

General and Public Works Contractor 
Civil and Marine Construction 
Commercial and Industrial Buildings 
and Mechanical Erection Main Contractor 
Joint Venturer Sub-Contractor 


A MEMBER OF THE GAMMON GROUP OF INTERNATIONAL CONSTRUCTION 
COMPANIES TRADING THROUGHOUT ASIA SINCE 1920 


AN ARAB JOINT VENTURE COMPANY SPONSORED BY THE 
KHANSAHEB GROUP OF U.A.E. AND, THE GAMMON GROUP 
OF COMPANIES REPRESENTED BY: 

GAMMON (HONG KONG) LTD. 

GAMMON INDIA LTD. 
GAMMON EASTERN UNION LTD. 

For other Middle Eastern countries The Group is represented through: 

gammon services ltd. gammon midest ltd. 

12 Lower Grosvenor Place, P.O. Box 1912 
London SWIW 0EZ Sharjah, UJLE. 

Telex: 919258 Telex: 8109 

Phones 01*828 0106 Phone: 22760, 22325, 356487 


as important as oil reserves. 
The Government is gradually 
recognising this, but only slowly 
— possibly because this is almost 
the first time in history such 
circumstances have arisen. 

The most important section of 
the bulk labour force is from 
Pakistan and India, making up 
an estimated two-third; of the 
unskilled workforce. Workers 
are paid about Dh 25 a day. 
which provides them with a 
surplus for sending home only 
because of the unpleasant con- 
ditions (living often five or 10 
to a room). 

Some big contractors provide 
workers with food free of 
charge and maintain site can- 
teens which get through vast 
volumes of rice every day and 
provide workers with food free 
of charge. The motivating 
force to persuade labourers to 
work unprotected from the heat 
and humidity of the Gulf is their 
ability to earn just enough to 
save. The alternative to the 
steaming primitive shacks that 
the less fortunate workers live 
in is to return to the sub- 
continent. usually to no job at 
all. Employers have a consider- 
able hold over the workers, who 
cannot leave without a letter of 
release. If they do so their 
nest employer often pay? them 
less under threat of closing 
them for deportation. 

Recruiting 

The system for recruiting- 
workers involves agents in 
Pakistan and India liaising with 
brokers in the UAE who supply 
the requirements of the big con- 
tractors. There are many honest 
brokers. Many of the big con- 
tractors are, by local standards, 
honourable, fair employers. But 
workers from the sub-continent 
are frequently treated out- 
rageously. Sometimes they pay- 
huge sums to employers as 
surety from which the employer 
can deduct money or threaten 
to do so. Sometimes they pay 
large sums, often borrowed at 
high interest rates, for spurious 
formalities. In the aftermath 
of one short-lived strike it was 
claimed that workers were 
being asked to pay Dh 1.000 
(one month's unskilled wage is 
Dh 330-700) as surety for visas. 

These are the lucky ones. The 
most unfortunate workers from 
the sub-continent make illegal 
crossings to the east coast of the 
UAE sometimes paying hun- 
dreds of dollars to the Dhow 
owner. Some arrivals are not 
even aware their entry is HlegaZ. 
Others arrive with no more than 
a scrap of paper bearing the 
name of an acquaintance and a 
few rupees in their pockets. In 
more tragic eases the dhow 
captains drop them off in the 
coastal waters off Fujairah 
leaving them to wade ashore, 
sometimes with wife and chil- 
dren. In August 3976 a massive 
attempt to smuggle 600 Pakis- 
tanis into the country failed 
when cue of the boats went 
aground off Fujairah. Those 
who were caught included many 
women and children who were 
deported the next day. Last, 
year 170 people are thought to 
have drowned in an abortive 
attempt to cross from Pakistan. 
The crew of the illegal vessel 
allegedly forced the passengers 
into the water at gunpoint as 
UAE gunboats arrived. Those 
who land successfully are some- 
times unaware of the geography 
of the country and are soon 
parted from their remaining 
savings by taxi drivers to pay 
for the trip to Dubai. 

Last year the Government, in- 
creasingly aware of the immi- 
gation problem, made efforts to 
stop 'illegal immigration with 


coastal patrols and a clamp 
down which included an 
amnesty. But the economic 
attraction is great for both em- 
ployer and employee. While 
economic demand continues un- 
scrupulous brokers will always 
find - a market for the Dhl5 a 
day worker who will keep his 
mouth shut for fear of depor- 
tation. Last year’s two-month 
amnesty was successful with a 
more privileged category of 
immigrants, those who arrived 
illegally by plane (taking advan- 
tage of a 96-hour transit visa 
and leaving their passports at 
the airport). Early last year Abu 
Dhabi announced that it was 
bolding lti.Oou such passports, 
while they were being left at 
Dubai Airport at a rate of 1,000 
a month. The amnesty required 
people giving themselves up to 
present a sponsor’s name to the 
authorities. For this reason ic 
seems unlikely to have dragged 
up many of the less privileged 
illegals — and officials still stick 
to their conservative estimates 
of 50.000 unlawful immigrants, 
which coincides with their esti- 
mates of numbers unemployed. 

Last year’s clampdown was 
followed by the cancellation of 
the transit visa system, imposed 
in the wake of the murder by a 
Palestinian of the Minister of 
State for Foreign Affairs, Mr. 
Saif Ghobasb, an event which 
stimulated some very bard 
thinking about immigration. The 
move has had a serious effect 
on business in Dubai,, in parti- 
cular where hotels have lost the 
trade of casual western business- 
men, while the Souk has had to 
go without the stimulus of large- 
scale shopping expeditions by 
dhow from across the Gulf. 

For the first time since the 
oil price rise boom more people 
have been leaving from UAE 
airports than arriving. About 

50.000 resident workers are said 
to have left last year. Others 
cannot leave because they can- 
not afford the fare home. One 
driver from Kenya said he had 
been unable to leave after his 
company went bankrupt because 
be had not received the compen- 
satory money allocated to him. 

Because of the lack of educa- 
tion among UAE nationals and 
tbe development of local and 
federal bureaucracies, almost all 
the skilled clerical and adminis- 
trative staff are foreigners, 
mainly Levant Arabs, Pales- 
tinians and Egyptians. From 
the social and cultural point of 
view these immigrants adapt 
better to conditions in the UAE. 
They are vital for the 
administration of the country 
since they know Arabic (which 
only a minority can claim). 
Officials say there are about 

70.000 foreign Arabs, of whom 

30.000 are Palestinian with 
fewer Egyptians. A number of 
Lebanese businessmen have re- 
mained in the UAE having 
arrived during the Lebanese 
civil war. 

An incidental quirk of the 
UAE's population pattern is the 
age and sex ratio. Unlike most 
developing countries the 
broadest part of the pyramid is 
the adult category, with young 
people under 15 years oltj less 
than one third of the total. 
There are no accurate estimates 
of tbe sex ratio, but since most 
of the foreign labour force is 
single and male there may be 
a male female ratio of 70:30 or 
even higher. 

One of the unknowns of the 
future is tbe point at which 
industrial and construction 
labour will begin to cost signi- 
ficantly more. Wages have re- 
mained low for years despite an 
extraordinary rise in the cost of 
living. Until now there has 
always been a substitute em- 
ployee just down tile scale as a 


Lesson 


In Abu Dhabi, both at the 
federal and tbe Emirate level, 
there is now considerable 
questioning of the nature of the 
industrial society to the creation 
of which the UAE seemed only 
recently wholeheartedly com- 
mitted. The murder of Mr. Seif 
Ghobash has forced tbe authori- 
ties to see that imported labour 
eventually means imported 
politics. The lesson may appear 
less stark in some of the other 
Emirates, where competition 
with Abu Dhabi and each other 
is more important and where 
the rulers may feel they have 
tbe immigrants under control, so 
opinions about the future vary. 
The government believes it has 
the security situation under 
control because it sees it as a 
monitoring task— -tightening the 
borders to prevent terrorism. 
But more and more of its 
members are aware . that the 
problem is a more complex 
development question— who is 
developing what sort of society 
for whom? 

Mr. Saeed Ghobasb. Federal 
Minister of Planning, maintains 
that the degree of dependence 
on foreign labour depends on 
investment policy. He points 
out “ unskilled labour consumes 
more than it produces. You 
could extract a large population 
from the labour market and it 
would have no economic effect 
They send money home but they 
do not spend.” He also 
recognises that building fac- 
tories has not reduced the 
problem of unemployment of 
poorer, unskilled UAE citizens, 
since labour is imported. The 
answer so far has. been to con- 
centrate on education in order 
to build the local human 
resources for the future. • 

The task of building a balan- 
ced modem industrial society 
in UAE it seems would be im- 
possible without major changes 
in attitudes to .the labour force. 
Even when the local population 
acquires the skill and education 
to run the machine there won't 
be enough nationals for the job. 
A balanced society requires 
integration of the labour force, 
politically, economically and 
socially. This would only be 
possible with a loss of identity 
which until now is quite un- 
acceptable to the local 
population. ]yj j 


. . ; . ( j. *' r _ L l \ 






B ^»noreJUVl| U3RAiw£jjRM 


replacement when the -em- 
ployer’s costs have risen. This 
principle applies from the top 
(where employers faced with, 
rising accommodation costs for- 
a professional European began 
to employ Indians -when .tficl 
annual cost reached' £35,000/ ju 
bead) to the bottom (where^ 
costs can be cut in construction; 
by recourse to . illegal imgd- 
grants). •' 

There have been three 
publicly reported labour. d& 
putes since 1976. but strikesare 
wrapped up so quickly there is; 
little reason for them to <be 
made public. One involved 
workers for the Costain/Taytar. 
Woodrow joint venture at the 
Dubai dry dock project wSur 
declared a strike for higher pay 
and better accommodation. 
Another concerned 200 Iranian 
dustmen in Dubai- who briefly 
called a strike for higher pay 
but called it off on being given 
promises which in the event 
Dever materialised- A third in- 
volved workers at OTAC. the 
sewage treatment plant at 
Dubai, when 500 labourers 
stopped work demanding a rise 
from Dh 15 to Dh 25 a day. 
which meant parity with other 
Indian and Pakistani workers. 
The ringleaders were rounded 
up and deported 


& 


ABU DHABI W. 87230 P O^Bcx : 441 Wf 2259 !. 

BAHRAIN Tel: 713606/8 . P.O k Box:53SI;.B^«inBOia-^iihj , Bln.' , SfcbcQJ .8296 
DUBAI TeT 680253/3 RO:Boxyil7d>dA* Ooijaf,.TWftx:D B 5 MS. - . 

KUWAIT Te 1:810855 P.OiSox: 148 .Salat fttet:2302 
QATAR Tbt32f7W7 RDB6ie:2f7H>oha CW»,'WDtrDH42» 

dh OASIS TRADING&fQlHPBEWT £3. 

OMAN Tet.702885 P.O.Bqxa«82 ^trah Oman,Totex:33^. AHjSbiMB 


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P.O.Box 476, EXjbcB.U Tel r22717l,Tbc:575 
For reseriatkxnscan^ 

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r- V ^ancial Times Monday j m 26 1978 

UNITED ajrab EMIRATES XXI 




trade 



surplus 


“^ Ter * «+« 


on in the Federation" ^ 7m€n J t5 .? a ' 1077 was 




^■^jK?|1tire trade balance wilo1iy exoeptaoriai; 

year, about th* fST* as 51.fi 

1974, there would l?!, 4 '-. * ba , Dbabi w gem 


the 

fibn in 
generous. 


I^he ho thing to discuss f™ 1 rt 15 ® 5so * -large-scale j n - 
^. agnres newly collated eSt ? J r ’ both in 4he western 
Published by the warW “** “in regwnaJ Arab 
Currency Board show that or S*»isations. winle the cur- 
^wpraH balance of payments 2; nt accounl balance indicate* 


lus of $2bn in 1976- has ^ e . co ® 1 j n foreign exchange i»f 
"8ro for 1977. ^ajruainin^ ail economy such as 


- - economy such as 

consider. ££ °f lA E. npn.1 
account shows, the 


led- to $3 
-tlie- UAE is a 

! exporter, producing “ tvDur * 1 the limited 

:« per cent of OPEC’s oil °f STe€ to v/ bich oil revenue sur- 
3 t ih creases in tlie per barrel F ,u * stjaA€S tan employ theiir 
?; have compensated for the .? d# al horue - and reflect.-? the 
sive increase in imports aJd ,pa -' n,eTlts w 'h.:ch are to some 
fr 1874, from Sl.Tbn to ejcteat incumbent upon such 
Ibn last year. Oil income in states - 
| r fflme period has risen from 

* 9b u,’ thUs Producing Slimline 
comfortable trade balance. OUi P*«5 

jilt last increasing cash out- For ahe Emirate odT Abu 
rs on current account — “in- *>babi itself, the balance of pav- 
^e. imports such as sen-ices, nieoas picture shows a comfort- 
> pm^ate sector capital trans- able surplus of around S4.8hn 
^nsnittances by the half inti- for -the first three guaner? of 


■ _ .» •*•»#* 7.. x" '.“*i „ 

;•>; ■X'rl-XI.fe-'' 

*Vt . •^-■Va • V . v • ■■ \ 

«• f • v ' • •;. ■ '■* ■ 


-;"*•**« 


u 


lUsr. 



££ .r : ,mmigrants - ett — Ias * year. < Later figures ; for' the 
w? *he current account sur- Emirate were not available in 
£■*? to half the trad, ti™ for u^ ra on ™£fcur" 


;,* Uns ? F rentJ Bo^Ts "la-test* quarterlv 
aftt! a drop oF nearly report.! Even if \bu, DhaKi-? 

r -fe , thJ , mfn5 n - ,n ? rtabIe generous aid disbursements 
^ut in Abu Dhabi* 


money given or lent by the 
letioiL- could accentuate j" ^ W - epe 





leave a balance of S3bn or there- 
. , ”“ s . - 3 ' ear of un- abouts over imports of around 
f ^activity ,n , a °y the SSSftm for the first three quaT- 
Tnreign exchange consum- ters of 1977 


- , . . — Abu Dhabi ‘itself 

Al. Imugb imports is only directly responsible for 
• ukn ^ tfl $4 3p n fTom the about a thdrd <A the UAE’s 
»n of J97tj. a similar bUlmn total import bill, 
ir increase was recorded in 





Sf^J, 


Any attempt to draw 

. ... ...enningful trade balan^. 

trie fact That an. un- Dubai is difficult because of the 


yL . , ... . "lU' fllinilfll .*9 Uldtl up a 

lfg3. over 1974. « 1976 itself, m t or t e d bv^--- dl *‘ me yningful trade balance for 


h" po^ ZT'^ prnporUon ° f fact that "many of its ~ imports 

so congested that it took Doha,. thTmam* port of Sc 318 ^ *** 

to deliver cargoes), federation. 


a' .-n 


UAE BALANCE OF PAYMENTS * 

(8m) 





ise Trade 


' BEarjah 
- IS as exports .. 
Otter exports 


mm »Mr:S 


| r ^O 


cif 




? t ’ r* 

5\> 

! SL 


account 

f ^^iaJance 

and official 
ers 

, 0£daJ_ grants, loans 




borrowings 
.Xlfitepal . direct invest* 

• • 

f Ofli*iai direct parti ci- 



L.y^seetor 

^ T .Cj^laJ^acvount 




1974 

19 75 

1976 

3977 

+ 7.0H9.6 
+ 6.071.1 
+- 9fiS.fi 
+ .10.5 

+ fi.9fiZ.fi 
+ 5.523.9 
+ 999.7 
+ 79. L 

+ 8.413.1 
+ 6.976.5 
+ 1.354.3 
+ 82.2 

+ 9.155.9 
+ 7.669.0 
+ l'ASLS 
+ 64.7 
+ 33.5 

+ 440.7 

+ 465.9 

+ 645.4 

+ 905.9 

+ 7.530.4 
-1.739.7 

+ 7.368.8 
-2.724.5 

+9.052.5 
— 3.389.2 

c 

+ 10.095.4 
- 4.368.8 

+ 5.790.7 
— 2,150.5 

+ 4.fi«.3 
- 1.731.7 

+ 5.869.3 
-2.185.8 

+ 5.726.5 
- 3.219.3 

+3.640.2- 

+ 2.912.fi 

+ 3.483.5 

+ W07.2 

- 54fi.6 

- 191.5 

- 985.0 
+ S2.5 

-1.030.1 
+ 204.1 

- UJ4fi.fi 

— 257.7 

- 261.3 

- 61.3 

- 250.3 

- 103.1 

- 53.1 

- 584.7 

- 154.9 

- '299.4 

- 248.5 

- 173.3 

- 593.0 

- 128.8 

- 1 .637.3 

-1.419.3 

-1.196.1 

- 2.237.6 

2.002.8 

1.493.3 

2.287.4 

377.8 


cause part of its trade is un- 
recorded. while the absence nf 
accurate data makes the com- 
pilation nf a balance of pay- 
ments table almost impossible. 
Dubai's total import bill for 
the whole of 1977 came to just 
over S3bn. Against this should 
bp .*.et . its recorded re-exports 


The Dubai International 
Trade and Exhibition 
Centre, the tallest build- 
ing in the Middle East, is 
being constructed by 
Bernard Sunley at a cost 
of £W9m. The complex, 
which was designed hi/ 
John R. Harris and 
Partners, includes a 352 
bedroom hotel . exhibition 
hall nuci 500 apartments. 


re-exports, which 


64.7 probably make up about a third tf*r al !° T hlf f d n f a _ b ,? 1 “1- 
mrtri' »Han th* y-a. ^ irtually half of all the 


than the recorded re- 


S4.7bn 
money | 


borrow-ed in Dubai is used to 

■’J^u itnmV finance trade in some form or 

of rSnch. items as gold, gold AKt . 

objects arid’, to an increasing 2t?! >„-!?”* n!r" 

“is* 25 colattug down lo Dubai where i( 

iitipitiv pars for the in, P° rls anting 

pharmaceuticals shipped illicitly , hrnugh PorT Rashid. Depen- 
onetsHpunna states. Leanng dence ° lin Abn Dhaljl a> a .^Srcel 


deficit of si.fibn in- 


• the other Emirate* to a greater 
19 V nr lesser decree and is a bey 


its. deficit in 1974. 
But it .would be 


wrong fd 


When work on Abu Dhabi's 


deduce From this that in the 


a totally independent 


(albeit on 


■state it would suffer critical 


scale than 


a more limited 
was iiriginally 


eventuality a considerable pro- 


to it, thus cutting Dubai's role 
as the main port for the 


Xr Exnlraies 5* «»ly «f foreign exchange 

dSSFS*** t” E SSS n sr 




figures based on 
r . iBEdmates. November. 1977 Bulletin. 


l?AE Currency 


SlA 

iti 


3,»S=SL»0. 




u l 





- DllI •. wnicn are nm airecieu inwai 

drop. Bui it is a mark of the .. Dh b 
interdependence of the 
Emirates that Dubai's readers A? m the calculation nf 
take up two-thirds nf all the Dubai's payment situation, rh* 
bank credit extended in the is obscured by nnceriamiy about 
UAE, which in Xnvember last Us invisible earning* from emu 

merce. and about its invisible I 




wmrn- 


~™jpg3SSS?««. 

steel b*W9^. 


21 


% 


* * 







«/e offer you: -- 

■ c *SSg!^ 




g® ^gtjpn"unrte<TAra"b Ernjrates 

AbU Dhab SitraPower Station, Ba^rain^ Emjrates 


ln Abu Dhabi, UniK 


iW.tim? 






9 


feV-jaSa. 




^70 A-1051 Vienna, Austria' 


payments, though these must I 
make up a fair proportion of] 
the "Other current account' 
item in the UAE's balance of 
payments labie, which amounts 
io S3J2bn. The question of the 
Ruler or Dubai's commercial 
borrowing (debt servicing costs 
now amount lo shout SO per 
cent of oil exports) is. from the 
point of view of lenders lo 
Duoai, largely a question of 
sorting the Ruler’s debt service 
costs against his oil and otber 
revenue, and this is dealt with 
fully in ihe article on Dubai. Ji 


Partner 


The L'AE’s most important ! 
trading partner is Japan, which 
.buys 26 per cent, of the Federa- 
tion's oil. is a significant partner 
in the Abu Dhabi oil industry 
and supplies over a fifth of the 
Federation's imports. Japan's 
exports to Dubai aione were 
valued at S654rn al the end of 
1977, while exports to the whole 
UAE were Sfilftnt in 1976. The 
depreciation of the dollar dur- 
ing 1977. the currency in which 
oil ls priced, and ihe steady 
rise in ihe yen coniritvuled their 
mite lo the erosion of the sur- 
plus. 

The UK's share of the UAE I 
market (that which i= imported) 
through Abu Dhabi and Dubai) 
has gradually shrunk since 1970.1 
when it made up 26.5 per rent.) 
to about 15 per cent in 191 
Naturally. »if course, the value 
of British exports lo the UAE 
has risen enormously . reaching 
£4nom in 1977, compared villi ■ 
£32m in 197(1. Britain is in ai 
respectable -ccond place 
among the UAE'* supplier.-. | 
followed by ihe.U.S. iwitli about: 
in per com of the markon andi 
ih**n Italy and France. Despite) 
the coming on stream nf North: 
Sen cii! Rnfi-h import* from sh* 
UAE rose from SUflni in 197«! 
to £259m in 1977. 


D.T. 




The Amsterdam-Rotterdam Bank N.V. (Amro 
Bank), the leading' commercial bank in 
Holland, now has a branch in Dubai. United 
Arab Emirates, with Mr. Alex Gillies as 
General Manager and Mr. Haris ten Cate as 
Assistant General Manager. . 

Amro of course has been providing its 
commercial and investment services for 
quite some time in the Gulf Region. But 
with trade and investment increasing — in 
an area where personal contacts are of 
crucial importance — Amro how intends to 
extend its sen/ices through a local branch. 

The Dubai Branch is well placed to assist 
business and industry in the Gulf Region 


with services like foreign exchange, trade 
finance, money market transactions, 
interbank lending, euro-currency credits, 
syndicated loans, guarantees, bid and 
performance bonds, documentary credits, 
coirections, mail and telegraphic transfers 
and trade promotion. 

To discuss these services in detail, please 
contact: 


Amro Bank (Dubai Branch) 

Chamber of Commerce Building.Third FIoot, 
P.O. Bdx 2941. Dubai. United' Arab Emirates. 
Telephone: 222283/4/5 
Telex: 6778 am roem.. 

6777 amrox em (Foreign Exchange) 


amro bank ® 


amsterdam-rotterdam bank nv 

Head Offices: 595 Herenqracht. Amsterdam, Telex 11006 
1 19 Coolsingel. Rotterdam, Telex 2221 1 
London Branch: 29<M King Street, London EC2V 8EO, Telex 887139 
Branches, subsidianesor representative offices in Antwerp, Cuiacao* 
Dubai, Jakarta. London, Tokyo and aftiliales in 21 countries. 


RANYA TRADING CONTRACTING 


AND INDUSTRIAL COMPANY 


OUR BUSINESS IN THE UAE IS : — 

ELECTRICAL TRADING.— ELECTRICAL CONTRACTING 
CIVIL CONSTRUCTION 

APPLIED SPECIAL BUILDING 3IATE RIALS— Le. CEILINGS, FLOORING and ROOFING 
HOSPITAL SUPPLIERS and MEDICAL GOODS 
TENDERING FOR GOVERNMENT CONTRACTS 


LET US BE YOUR RIGHT HAND MAN IN THE U.A.E. 


SERVICES CONCERNING JOINT VENTURES. SPONSORSHIP, REGISTRATION. VISAS 


Ranva Trading Contracting & Industrial Co. 
P.O, Box 602 ABU DHABI. 

Tel. 224X6. Telex 2386 AH. RTCC 


. Northern Emirates 
Ranya Trading Cp. - 
F.O. Box 1433 SHARJAH. 

Tel. 57347. Telex 8292 SH. RTC 








32 


U.S. $ 4500 
million 


-the estimated 

werthof 

merchandise 

unposted 

hv the U. A. E. alone. 
What was 
your share? 


The worlds hipest 
per capita income 
consumer lives 
intheU.A.E.,and 
Middle Ba^ Bank 
can help you 
reach him. 

Make the right 
connections for you. 

Advise you •.£ 
on the local scene. 
Because we’re local. 

A part erf U. A. E. 



The “Friendly Network”. 



Middle East Bank Ltd. 

Incorporated in Dubai, U. A. E. 


Branches in Dubai .Sharjah , Abu Dhabi, 
Rasa! Khaimah and Al Ain 


Head Office: P.O.Box 5547, Dubai, 
United Arab Emirates. 

Tel: 220121-7. Tlx: 6074 MEBNK EM. 
Cable: MEMAINBANK 


We are specialists in Cosmetics. Perfumes* 
Soaps. Dry Battery Cells, and can provide 
technical know-how for setting up new 
factories. 

Contact 

M. I. ALLAWALA. 

Post Box 7450 Karachi. Telex: 2765. 


UNITED ARAB EMIRATES XXII 



SOCIAL WELFARE 


:fc r 










PhSt ]■ 

-et 4I3?64116?«2S« V : : , ; • .> : 

pier, sm- MASTOTt-AH r - ' . 


w r j s-g- i. — * , y v : n» -* v.r-sv ■* ’ ****'ST!W* 


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Ji - y»» * 

FT TR nM an unmnirTinp sight In 
spi? a slp.iminc nnw Mr*rr?dc« 
mjlMrto a ■simple hi.iiise in a I'AF. 
tiilncf* — With tin* "Viifr'i snal-s 
t lamherirti all over it. Win Jo 
iIip 1'AE‘s upaltli has prrrnlaiod 

(Diivn mi .«»nir mrrn In Ihn 

poorest ntizen. it is aoins to hr* 

[rw more year* before many 
adjust lo lh*» nr*iv hfp. Thr 
omptoto sori^l upheaval r*f ilm 
Iasi Jen years nr is some- 
thin? no nation roulri absorb 
without some painful readjust- 
menty It is perhaps remarkable 
I bat the reunify has been able 
to absorb -so many changes «n 

SU«*h a short time 

l : AK nationals rerpiv* free 
medicine. hnu«mu and ediira- 
non and if t fic> feel ifi**y hxve 
personal grievance ihe»- ar*= 
always frpe to V|S|I Die Ruler ;»! 

Ins daily mail is in air their rpnv 
plamis. 

<'»eoerall> n i« the federal 
Ministry of Sonal Affairs u'hii h 
deals with welfare eases, mafcmz 
payments to certain catccnrips 
of citizens. indiidins widows, 
divorced or desprrpH women. 

children \ fanulv niav'rpcpivp In b?P»sf-fre<? !•••■* n- wiri? frequently encounter such dif- - 

no in m? i kiu) i cj no > . n L,,, l"iis repayment terms are siren ficultirs. Even when they hospital expansion in the UA£ 
.LZmwu rttv parments. "nrf !" =«vvrnmen» employ ^ to manage to locate the house they In Abu Dhabi itself a SJWpJ 
av ordin- in r.ffi«';ai statistics l ' u|lfl lhp,r r,wn home'', and land may well be refused entry by hospital is under construction 


■;fx> 





DKV.JIW 


Airal^ ^ 

TOBbx. 

Tel ex : : 


^BUREAtf 

■ * I.'.' •* ’ 

V .-*■ . / 

(£>>: ‘ 










“rr:- 


' ' •.S’r.Ti 




The 400 bed F.niud Hwprtal m Du hoi. built in 1972, is currently beiffg & 

extended. ■ “ .» ' 


FO Bex52^7-ABIJ:D1 
limited Arab 
Tel: . 413 <0- ■■ _*> •-- ■■■ r'-vv: 




- 72'* 'a - y 


ABU DHABI AlUMEtfUM^ ^ACTOBYirC 


Certainly there is no IsOrof j 


is als<» ziven for s«df.buiid thr suspicious family. 


in Malraq. 40 km from AJost;l 


pnpiilatum receive surh allow- 


5eheme.s with few r-:*iru:Uon« However, in zeneral medical Dhabi. Work on the nospitiu 


an res. 


on 


si*e 


and 


s* v|p 


tfa% UAE is one which will cost $58m, : Parted.] 


• ... . treatment in ioe u.-ui is uoe ,» — - — — -- — ^ “T^-vT 

Much nf the administration m ! n // iri ! [, " n fr ' n f the relative success stories last October and .it shoW 


the sn,*i;il service .lepartment. P*- ,ns individual Em; r ..«-* have pf OTHntry ana lTadL tional ^ finished by October . im. 
as in other cover notem minis- ! hf,,r ,1 "' n } \ h T for “ V "T fears are squally beinp ow The majnnj of patients vp. 
tries. ,s undertaken hv non- h««»n? and also make periodic rfJfni , a< mm belween doctor come from 5.W0 new 
nationals because there are nor , ,n ‘ <han *>' and patient is bum up. About township on the Abu Dhab^ftl 

enough locals who are able or ™ the ed ? e of and nh „ 5llm ($87in , was allocated Ain road as well as from -Aha] 



: 29282 AirportVTO^ P% } k£:k-x : ’•/ 
ex: 2249 MASTT^aa^V - *(/r 


willing to take such jobs' This. P rovMe ^thing m-r- per- fnr health ^ year in the Dhabi National Oil Company's 
coupled with the large number wa^nt than jyst c-rni?oled fl . dcra , bud?e t. an d the eventual new offices nearby. . v:?- ; 


of western expatriates who have rnn an ^ * ,aras,tl - aim is to bring the ratio of la Sharjah the .190-bed ;^U 

come into the country, has T>*£C* if doctors to patients to one to Qasimi hospital which opened, 

created social difficulties Tor the JL/ii: ICUll 1.000. over a year ago, has overcome! 

poorer Arabs. Not only do they H , pr a hnuse Jnd c2sh i n Abu Dbabi there will be the majority of its teething 

have to deal with a new way ar<? pi)t coin „ ^ tur2 3 bedou a total nf 14 hospitals at the end troubles, which stemmed mag& 

of life imported by the tnbesman into a mndprn citizen nf the year when two new 320 from overcrowding. Allied 
foreigners but they also have to ov(krn Jl h [ ^ nd careflil h<?lp hv bed units open. Most are Medical Group, which manege* 
turn to strangers for guidance. soci ,, ° workers is n „^ ie d tn staffed by British and Asians as «. ts seeking compensation fpc 
In the last 10-15 years, new help fara »iies adjust. This can well as foreign Arab staff. T hl\f 

schools, roads. to%i-nships and be difficult, as barrier- of sus- although it is becoming more two and a nait tunes tpe 

hospitals have advanced info tlte pk ., nn t3ke a | nn « tini M m break difficult to find suitable staff, number of outpatients planned 

traditional desert existence. dj>irn and many families resent Recently the Director of Over- Jor • A . wteLj* 130.WJ i » **re 

forcing even the most confirmed vhat jhey see as po'in- by out- seas Health of a major hospital *** ™ L; 

bedou to adopt new hre styles. Slders a problem made worse management company warned pow piMned to e«ena « 

A major drive has been made hv the fact that many social that if the present rate nf oospitai-^ntn a tanner iu D« 

to encourage the Bedou tribes- workers are foreigners. hospital building in developing Dubai retains control nf>*fts 

men to give up their nnmadir There u another difficuliy countries, especially the oil own medical facilities outside 
existence and settle in town- fnr social workers visiting these states, continued, in five years the federal network. Both hos- 

ships. giving the growing -han'y towns: th..t of locating the entire spare resources nf pitals. the Rashid and Al 

generation the benefits n’f the riglit Hi.p/e, ■».- there are no the western world would be Maktoum. are in the process of 
stabilitv, education and medical address, road layout or reco?- exhausted. However, the L AE being extended at a' cost >»f over 
care ‘ nkahle landmarks. The mass Health Minister Abdul Katim SlflQm aod a new-- 638-bed hos- 

Tlie Fedora* budget la--t year of harasti huts on contain any Jaffar scotched this suggestion, pital is being built. A modem 
allocated Dh fifOm 1 5144ml for number of people and animals, commenting: “Working abroad central services complex was 

housing through the Ministry and keeping a check on them has always appealed to doctors finished this year, capable of 

of Public Works, and the must is almost impossible. and nurses. We can offer hetter catering for an expected popu- 

concerted attempts at a Health visitor? trying to keep salaries, and promotion and lation of 400,000. in 19SU. 

rehousing police have been in contact after a paripnt has specialisation are often . • «. 

made in Abu Dhabi and Al Ain. been to a clinic or hospital quicker.” Leua May 

Poor families are net only re 


V '-u 

• .' f.- ~ Urr, - j •. ... .• 




AL-ABv J -A'C v- - : 

Ahmed Bln Jama Bid®. ' - - L AirportRoad - 

Tel: 41423*0 Box 1241. Box 3945^: 21702 


SHARJAH • . '<HAS • ALrKHABftA •*• 

Al-Ornba Street - ■* Hals Road .. 

PO Box 390-Tel: 22737 > BO*Ox 173-TeL 848^ .r.x 


ITU AL-QIJWA1N 
PO Box 107-Tel 


». u £ 7^- -, • * •*..■“ 

wain. v*y . ■ • - r : : v ... : • • 

•Tel: 6615 






s..y. .J-ry.Avh • •:*: 

■ - • • ■ - .. • • 





GROUP 


housed but are provided with 
free services including water 
and electricity and financial 
hf Ip tn buy furniture and other 
household goods. 


EDUCATION 


While low rncnim* housing. 
*ually in one- >t two-stnrey 
concrete block*, is provided 
free for rbn<e in need, en- 
couragement is a l«o given for 



ABDULLA BIN AHMED 
ZAR0UNI AND BROS. 


WE ARE ONE OF THE FOUNDER 
LOCAL COMPANIES OF ABU DHABI 


LET US HELP YOU ESTABLISH 
YOURSELVES IN OUR COUNTRY 


J— CONSTRUCTION 

Sponsorship 
Joint venture 


TRADING IN 


2— LIGHT INDUSTRY 

Joint venture 


3— HELP WITH ALL 

Government legalities 


—Construction Machinery 
— Generators 
—Tyres 

—Road Construction Machinery 
— Pumps 

—Welding Equipment 
— Compressors 

—Material Handling Equipment 
—Transport Equipment 
—Specialised Equipment for 
Industry 


ABDULLA BIN AHMED ZAROUNI AND BROS. 

P.0. Box 2S3. Abu Dhabi. Tel: 41823. Telex: 2351. 
Branches in:— Dubia and Al Ain 


Heavy spending 


ENTERPRISE 
FOR THE 
ECONOMIC 
DEVELOPMENT 
OF THE %• 
EMIRATES 




THE UAE univrrsity at Al Ain. 
which opened last year, crowns 
an education v;n-m built from 
virtually nulhing in less than 
20 years. The university is now 
tn open an engineering faculty 
which is an important step to 
keep pace ivllh ffie growing 
technological needs nf the 
if»uni ry. 

F-din-ation nHnirils from ihe 
Minister dnwiiwards are proud 
nf Hie univer>ny. which has 
incant that students now no 
longer have m go abroad for 
furl her education. When u 
opened Iasi Sepipmber 300 
students were, expected *«• 
pnrol. but in fact nfio arrived on 
thf find day. Many of them 
were girls wh.i would almost 
certainly never have had the 
opportunity oi continuing 
higher education ahrnad. In 
addition i" ;iving them 

edneaiiijn ih*- university has 

opened the door to 

emancipation. 

However, a university is of 
little use unlc-s || 1 « supported 
by effi:»' 1 ive srhnnling lover 
down ihe -'air. and the UAE- is 
making a determined effort to 
raise standards nil round. 

An inerea>mg slice nf the 
btrdcri i« uow heme spent on 
education in 1872 only 
Dh 82 5m was spent, while the 
current figure is DhSfiflm. 
Development allocations have 
also risen dramatically, from 
Dh 14.2m in 1973 u> Dh3D9nt in 
1376. And this year the 
Ministry uf Pnhlic Works set 
up a special com mi (tee to look 
fur sites for no new schools 
which u is planned to build at 
a mst of more ihan DhSStim. 

Indeed, for the construction 
industry, build in s schools is an 
important cmwih area, and 
there arc often over 3d 
companioN tendering for every 
new 

There are now . IXJS schools m 
the UAE, t.hp majority in major 
urban areas bin increasingly in 
the more remntp northern 
recionc. Formal education has 


been rnmpulsory since 1971, 
although there are still 
youngsters between six and 12 
who do not receive education. 
They are generally from those 
sparsely populated areas where 
there are no schools, and 
parents are often suspicious of 
boarding facilities. This is one 
reason why such determined 
attempts havn hpen made to 
settle the bedouin. If families 
are still leading a nomadic 
existence there is small chance 
of getting their children into 

school. 


Incentive 


Cash grants of up to DH Jfih 
a month for a sornndary school 
pupil giro parent*; added incen- 
tive to send their children to 
schnol. However, there is no 
real system nf insepettnn or 
enforcement, so ir a faiher is 
determined to keep his child at 
hnmp there is nnl much the 

authorities can ri« — if they ever 
find out in the first place. 

Somp older i : AE narinnals 
still prefer to bring their sons 
mlol he family business al n. 
believing that he learns more 
in the world nf commcrcR than 
from reading books. However, 
the total student population has 
more than quadrupled in the 
last seven years. Official figures 
show that 97.000 children art* 
at schools, compared with 

24.000 in 1970, and this does 
not include those at private 
schools. There are also 300 
si u dents studying abroad and 

15.000 in adult teaching centres. 

Schooling is provided in Three 

stages: primary, for children 
from six to 12: preparatory 
from 12 to 15: and Rpi-nnrUry 
from 15 to IS. Primary educa- 
tion is compulsory and the 
teaching of English as a second 
languacp hccins m the third 
year when pupils are aged nine. 

There arc now two print ary 
crbnnl teaching traintns col- 
leges in Ihibai and Sharjah, and 


Dubai also has a commercial 
and industrial college, while an 
agricultural institute has been 
established in Ras al Khaimah. 

An Ain University, which has, 
a curriculum based on the 
American college systom. 1 
should hefp to give nationals | 
the necessary skills to run 
l heir increasingly technical 
country, but u wrll hr necessary 
to send "students abroad for! 
further education for . many 
more years yet. However, 
encouraging youngsters to take 
the right sort of subjects and 
then seeing them through to, 
graduation is vital »F the coun- 
try is ever to reap the rewards 
of its investment Engineer- 
ing. medirine and commercial 
studies are the most widely 
read subjects, and m addition: 
to undergraduates studying 
abroad there is a continual 
flow nf working professionals 
to Europe and the U.S. For 
specialist courses. 

Dubai police force ts a good 
example nf this trend. Large! 
uumhers of local ofllrers have 
studied at Herrdnn College in j 
the UK and specialists, ih illcj 
criminal investigation and 
CONTINUED ON 
NEXT RAGE 


AJumtech (UAE) Ltd 
Architectural Consultants.-' 
Biakedown (Gulf) Ltd- 
Bucomac Ltd 
Bukhatlr Mackinnoq Ltd 
Conferee (Gulf) Ltd 
Conmnr Limited 
Eastern Contracting Company 
Errutac Limited 


Euro-Arab Investments Ltd . . — 


Flotilla Ltd 

German Gulf Enterprises Ltd 


international trading & . 

Contracting (Gulf Ltd 
Marbefia Club Sharjah Ltd 
Modern Hotels Ltd 


Aluminium Fabrication 
Consulting Engineers 
Landscape Consultants . 

Gvij Engineers and Contractors 
.Shipping and Travel Agency 
Civil Engineers and Contractors 
. Readymix Concrete and. Mortar 
Civil Engineers and Contractors 
Airccmditioning. Specialised 
Electronics v : *■ 

-Property Management and 
Development 
Hotel Ship; ._• 

Heavy 'Machinery. .Engineering 
Consultants 



National Hotels Limited 


Turnkey Projects and Trading 
Luxury Villas and Club 
•‘NpvptelT Sharjah Beach — 140 
looms . • j . 

“Holiday Inn* Sharjah — 250 




Nrtco-MiOer Ltd 
Pludfoam (UAE) Ltd 
Sharjah Real Estate Company 
Terrazo Tiles Ltd 

Trade House Inc 


CfViiEhgtooyand Contractors 
Polystyrene, and' -foam products 
land Development . 

The factory 

imports. Building Materials and , 

. .jCoDsuveoop .equipment ._ 


^aal 


BUKHATIR IN VEStMENTS 1IMITED 


P O. Box 88. Sharjah. UAE. 

Telephone 2440 1 - J 
Cable: SALAAM 
Telex: 8033 SH BUBKA T 





life 


Established In 1976 
and successfully blending lubricants for all 
requirements in the local market to internatibnSL^f 

standards - . 


’Sir , 


P O Box 
Sharjah, 

U A.E. 


IS7S, 


Prompt antf free delivery: 


Telephone: 3564SS..2S441S & 3SS3J4 
Cable:- SHARLU > _ 

Telex: 8091. SHARLU SH 







33 



Etanriail Times .Monday June 2& 1978 


UNITED A RAB EMIRAT ES XXIII 

HOUSING 



f r!‘> 



boom collapses 


fi**. 


'iv. 


’i, 


tn, • 


THE UAE's feverish property 
boom is over. There is now "' 
overcapacity in-some sectors of 
the market, rents have begun to 
fall and the tenant is at last 
getting a better deal. 


■'X> 


': f ?S 


* 




r *\ 


V:\ 


l Ai 


Mr* 





shanty towns, basically occupied 
by Asian manual workers and 
poor foreign Arabs. Their 
presence embarrasses ■ govern- 
ments and there have been 
attempts to dear them and pro- 
vide low cost housing, especially 
in Sharjah and Abu Dhabi. 
Thousands of low cost homes 
have been built and given away 
to UAE nationals who are also 
given furniture, free electricity 
and free water. Other local 
nationals are given plots nr 
land to huild their own houses. 


Budget 


The effects, are most obvious 
in Sharjah, where there is an 
almost embarrassing number, of 
empty buildings, but Abu Dhabi 
has been affected and so. to- a 
s ‘‘ slightly lesser extent, has Dubai. 

Yet in all three.' centres building 
" work on apartmenj. buildings 
' and offices is going ahead, 
pitting more and more property 
on to the market. 

Easily available credit spare — mi — ■■ini ■ — _ mi,., , _ ... 

cash and the self-generating ly The Ministry of Public 

effects of a boom led to fantastic tVnrk^ announced a budget of 

. growth of propei^y building— in ronsiderobfr' ^more* 8 than ^the 

obtain -title to some land and to was ?PL 

get a bank loan io -build on ■' ~ 5 hsj<fflfg3fBij|B3Bg5ggBSra Individual Emiraie* also take 

The result was that last year an some responsibility Tor building 

unfurnished villa in' Jumsirah. ,ow cn<? f homes. Abu Dhabi 

the most fashionable suburb for lnstanre - budgeted a total 

of Dubai, could cost up to . * “'"■■■■ nf jjj m $ n 1975 compared 

Dh 140 000 ($35 oooi a vear Atew towers blocks on Zayed the Second Street in Abu. Dhabi du-arf immigrant dwellings. with Dh »i.4m the year before. 

while a flat in Abu Dhabi rould Eve " P rires *' CTe 

L cost around Dh 50.600 'C$20,000). ' ™**‘I ^em^f & 1 U^udz^nn 

What is more landlords the_ landlord is making a smaller tually be occupied- There are forced landlords to reduce may fall there are sail people housin'* & 

would provide nothing, 'Often profit ..(and he cannot usually thought to be 1 around l.tKK) rents for Government employees who are nervous to move from This^has now fallen in dto- 
not even air conditioning units, obtain- rent in advance*, empty flats in Abu Dhabi, and by one fifth, imposing a Dubai to Sharjah. Last year the portion to income partlv 

and they would also demand Property is being advertised for by the end of the year a further Dh 50.000 ($12,000) maximum Emirate suffered regular power because housing is now shared 

rent in advance. It was not the first lime and may even be SuO will become available as new* year the Government's total cuts, leaving homes without air between local and federal °ov- 

nnknown for companies to* pay' tet on a daily basis. A demand buildings are completed: Typi- housing bill was DH Sim conditioning for up to eight ernmem While announcements 
five years rent in advance, has arisen not just for small- cal rents in the capital are rent for civil servants. Lasi miserable sweaty hours a day. are made re n ularly about the 

although it was more usually time maintenance men and job- around Dh 50,000 ($12,000). for f$23ml.' Their action has had li is something people do not number of homes to he built 

two years. Moreover if the bing builders but for profos- well finished apartments plus «ome effect on the rest of the easily forget when tempera- j n any year it is difficult to 

ceiling fell in or rain gushed sional advisers on property another Dh 5,000 ($1,200) for market but not as much as lures peak at I20°F in the (heck on whether the tareet is 

through the roof during, the. letting, and .servicing. The central air conditioning. might have been expected, summer. actually reached, but it is 

winter the landlord would as British company Gluttons has a in Abu Dhabi the- arrival of although there have been other However, Shariah is a busi- probably onlv in Abu Dhabi, 

likely as not say it was the growing business both in Dubai numerous Frenchmen to work beneficial results such as higher nPSS centre in it* own right, where the money has been regu- 

tenants’ problem. Most com- and Abu Dhabi in surveying. on the CFP contract ' for the standards or maintenance. and many people prefer *its larh- available, thar projected 

sanies bad to foot the bill for valuing and advising companies development of the Upper Rents tend to be determined atmosphere to that of Dubai, figures have been attained. A 

interior decorating and ail on finding accommodation / for Zakum oilfield, the completion on g j ze of propertv and number which ' is busier and more scheme is underway in Abu 

other extras. ' ■ their staff, and claims to-havc in the near future of two new 0 f bedrooms! not necessarily by developed. There are also those Dhabi and AI Ain to build 5.000 

The boom- collapsed last -sum- introduced to the UAE The con- hospitals and the growth in popu- demand. There is a suspicion in for whom price is ihe major homes while Sharjah's plans to 

mer partly because it was cept of the service charge In lation associated with the both D u b a j and Abu Dhabi that cntcrian who are forced to put build several thousand low cost 

gradually realised .that -ihe blocks nf apartments. y developments at Ruwais (even landlords have formed a kind up with the twin agonies of homes for teachers foundered 

' "’market was- becoming over- Both in Dubai and Abu: Dhabi though this has been scaled of uno ffj cia ] cane] l0 feeep power cuts and the highly dan- through lack of funds. 

supplied and partly because supply is still tight at the lop down) should keep demand rPnts U p. Provided ihev all keep'gerous Dubai-Sharjah Road. The problem nf the shanty 

die credit restrictions imposed end of the market — the villas reasonably steady. their nme lt mav * on work A g!ance „ p at the t . lirMm . >™*ns and labourers' camps »s 

by the UAE Currency Board m Jumairali at Dubai,' for _ • .. since foreigners are unable 10 window "mmanv Tthc a ^orny one since in general 


own 'any land or properly. new blocks . of fiats wliich have lh *>’ a , re „ no1 copied by 

The situation in Duhai differs been huilr in Sharjah in ihe “^hrell Sf fire°such 

From Abu Dhabi in that there I** * months is h reminder nf ^ disease and threat of fire such 

(he embarrassments some land- 

has been little real attempt to 

Despite iKe wealth of the dw anylbin S about lhem ^. f 

C.iVi. 


TIR 

MENT5 


jt.May sharply curbed econo- example ..— and as European I^vnancjfYn ’ 
mixf-growth: With buildings still expatriates upgrade their a'cetim- L ' A F WUJ1 ' /, ‘ 
coming on to the market rents modatiun so Asian and other Tn Dubai some construction 

stabilised and in some cases expatriates move into tbe less projects are running down— «u«i the cm bar ragmen tVsnm7’[andi bara5, » townships present an 

dropped, so that landlord! who lavish houses and flats which notably the dry dock and the have been no d " cl Govern- h n > n .. . t . m and obvious hazard, but so Tar there 

Wr-Hopea- td"make a fast ther have vacated. Alias' Mn Por^ Rashid - extension-but rmni controls. But the Ruler mis are raur, with their hank K .. u „_ 

stum on their investment Jumairah are still going for .tlicre^ is considerable expansion of Puwu 1. .Sheikh Ra. .hid bin - . - 

ware disillusioned. Because of nrnre than Dh 100,000 a year in at Jebel Ali and .elsewhere in Sae « Al Makimim, tries io hold 

the oversupply of property some cases, hut the greatest the. construction sector, while / l f a ^y by building low- V AE ,horc are, <tili numerous 

U^aioros realised^ that They ' cfcmaiid' is 'in the Dh - 8§f000 to the. mabaganent of projects now Sf l »afSf 

would have Io provide maip- Dh 90,000 bracket. Two bed- under instruction will create Db lo.wO f $4,000) ®f ea ° ut [®' v 

tenance and Services if -they runmed Hats Jn peiA can he a demand on accommodation oth ® r landlords take the hint, 

were to keep their tenants from rented for about HU' ‘50.000. but just as it is beiog, vacated by J^® rerrU ]S l ‘» ™ € top 

moving out to more desirable there has been ’a lendency to people coitaected with construe- * na 0l . ine nouMn r niarhei. 

property. - - ; - movcaway^frvmThe'City centre, tlon.-. , In Sharjah thn property glut 

-The resul^- fs' that the more. whjch is Beginning fa Suffer the Apart from the relative drop has roaehnd acm» proportions 
Recently completed Hauildiiigs western’ * malaise • (if- parking in demand there have been spe- and rents have plummeted. Ii 
trie of a better standard, while problems and traffic jams cific moves to reduce rents is now pusstbic to move nun a 
ihe older ones are in many Rotfi in Abu. Dhabi and Duhai botii in Abu ptiahi and Dubai. Hai fur a& hrile a* Dh 12.000 
rases being upgraded. -The new-- accommodation is still in Abu Dhabi,. the Government (53.0001. However low renit 
enant may not in every case be being completed or under con- 


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AND MAKING THE BEST 

OUT OF IT 

YOU HA VE ONE NAME— 
THE GROUP OF 

BANQUE UBAWUSE POUR 
1 EC 0 MMHCE 


SANQUE LIBANA15E POUR LE COMMERCE SA.L 
HEAD OFFICE 

Riad El Solh Sir«ftt— P O. Box: 1 1— 1 126 — BEIRUT/LEBANON 
Cable: BANCOLIBA— Tel: 240820 (7 lines) 221020 a 3 lines) 
Telex: BAUBA 20703 LE— General Management 
Telex; BALFOX 21565 LE— Foreign Exchan £ e 

And a network of 30 branches 


8ANQUE LJBANA15E POUR LE COMMERCE (FRANCE) SJV. 

HEAD OFFICE 

7. Rue Auber— 75009 PARIS 

Cable: BANCOLIBA— Tel:. 742 33 894- 

Telex: BANLIBA 220214—680415 

BRANCHES IN 
UNITED ARAB EMIRATES 

ABU-DHABI BRANCH 

Al Khalifa Street— P.O. Box: 3771 

Tel: 25260/20920— Telex: 2862 BAL1B AH - 

% \ 

DUBAI BRANCH 

Af Maktoum Street — P.O. Box: 4207 
Tel: 22291/28171 6-Tefex: 5671 BALIB DB 

RAS-EL-KH Al MAH BRANCH 
Al Sabah Street — P.O. Box: 771 
Tel: 29S47— Telex: 9174 BALIB RK 

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Al Ourouba Street— P.O Bo*. 854 

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9. Place de fa fgsterie— GENEVA 

Tel. < 022) 21 501 1— Telex: 22924 BALIB CH . 


laying a lower rent but be is struction. hut provided n is nf 
Getting more for hifi money, and sufficient quality it should ev<?n- 


>- 



your friend 
in the gulf 

r To reach a number of ctmojnen, 

ii . wa.'eow hare as niany as 

in the UJCE- and two in tbe Sultanate o» 

Omai: . 

MAP ■. 

'ABU DHABt: (2) RAS-AL-KHAIMAH 
.r.DElKA ' ' UMM-AL-OUWAIN 

-DUBAI . - * FU/EIRAH 

■SHABJAH 

- 1 SULTANATE OF OMAN 
• 'MUTftAH RUW* 

. ' Alrcauipped to i*™* . . . _ ... 

IHa seme* »• too^snul^ » x - no P ,w ro ° 

■- .‘-Wherreer jrou »i r ». 


Om.0. UAE U-fc. 



i-i J 




For Complete Shipping Service 

CONTACT 







: (fi p Charten°fl«nd Ship B.pkers, 

j- . - ICori t a i n erR . O . - R . Handling 
- 2. Independent Terminal Handling 
3. ' Door to Door Delivery 
c.;;> ^/-Freight Delivery . 



« 9612 


EDUCATION 

CONTINUED FROM PREVIOUS PAGE 

druB5 dftpaitmcnt frequently their own teacher training 
attend courses in the UK. . colleges ami ihose abroad turn 
All. students studying over- out more leacherv Federal 
seas are sponsored by the schools arc si 111 overcrowded 
Ministry of Education and and tend towards a traditional 
given . monthly grants, as well approach 10 learning. I'rnbJem* 
as reimbursement for fees, are further encountered by thr- 
books and clothing expenses. multilingual nature of l AE 
For older ciiiwns who missed society and language problems 
out! on' education when they can aris»‘ Arahir j«; J Ij#-' fir.-J 
werd young,' there is increasing language, but 1101 all school- 
Opportunity for adull educa- children are Arab*- by birth, so 
turn;. Classes for citizens unable they have m master ihe 
10- read and write arc held language before leaching <-:«n 
regularly', and there are now begin. However, as so «ft«*n 
over JOO centres attended by happens in a developing conn 
over lO.OQU people. fry. ihe children rapidly become 

J&sr Tti'M 

DhaJii. and DubaL plays an ^ hop ' °,. s .. . ■ , “ ' . 1 „ 

important rale here in teaching ^ h» S U,h >i«n, lor ins 
English to adults, foreigner? moinc • 
and-.Arabs alike. The classes »■ onfIM n#Tnc 
are extremely popular, so much Ldil^Uugt.> 
so jhgtjhe^ritish Council in , difficulties have 

puba,- . deeded to close the - promp l e d the opcninc -f pnvale 
h aH -**. - P-Wk: schoo » s .n a variety of 

as .locally -. produced amateur lan?uages UK .| U ilin- Urdu, 
dramatics in order to give more mill> French, -tr. 

urae Tor its. prime role or ^ nalJona ,i lic _, .have cstab- 
• fished their own schools, but in 

Thc^ majority of teachers in general fees are high. and. par- 
local'-.scliools are foreign and as ticularl.v in 1 he case of 
yet there are few who are UAE Pakistani and Indian school-, 
citizens.:' This will change a.- pressure (or places' results in 

overcrowding and fierce com- 
petition. Private schools at tract 
local pupils a> well as 
Foreigners. Dubai has a very 
successful bilingual Arabic and 
English school which takes all 
nationalities and Follows an 
English system. The child 
spends part of'the day learning 
in one language and pan in the 
oilier— an experiment which 
seems to work very well 
Dubai recently announced 
that it will open a new inter- 
national school based on Ihe 
British vduL'uUon system and 
taking children up io "O” and 
ultimately "A” level. IT will 
start with temporary class- 
rooms and approximately SC 
children, but by January should 
move tnio a new purpose-built 
complex- It will be the first nme 
;n Dubai lhar a 't-hool lia.- 
offereri a totally British style nT 
education (or children above 11. 
Annua! fee > of DHT.OHO and a 
debenture oT DhJU.fiuft -Iuva. 
however, that private educaliuu 
is costly. 

CM. 


JAWAD ABDULHUSSAIN 
SAJWANI GROUP 
OF COMPANIES 

Head Office 

JAWAD HAJT ABDULHUSSAIN 
SAJWANI & CO. 

P.O. BOX 178. DUBAI 

Telex: 5583 SJWAM & 8764 SABAH 

Tel: 225203 

Directors* phones: 2331)99. 226385 &: 322650 

Importers and Exporters of Commodity Item*. 
Rue. Sugar. Canned Foodstuffs. Dairy Products. 
.1 1 tires. -Squashes. Jams. Jellies. Cement and 
BuiMing Materials, etc., etc. 


Branch Office 

JAWAD HAJ1 .ABDULHUSSAIN -SAJWANI 
i: CO. 

P.O. BOX 730— SHARJAH 

(Telex: S460 NTPC— Telephone. 

Imports. Exports, General Trading and t.’yptractinR 

l.undon Office: 

AL-SABAH 
ENTERPRISES LTD. 


^ Maddox Street 
Mayfair 
London. WM 
Telex: 29S81B SABAH 
Tel 01-493 9251/2 


Singapore Office: 
SAJWANI TRADING 
COfS>. PTE. LTD. 
25U6A Clifford Centre 
Raffies Place 
Singapore — 1 
Telex: 2559S ZUIIA1R 
Tel: 374411 


Associalr Ofliccs in UAE 

NATIONAL TRADING & DEVELOPMENT 
CO. LIMITED ' 

P.O. BOX 730 — SHAR.IAi I 
t Telex: S4B0 XTDC— Telephone: 354)86 1. 
Importers of Aluminium. Class Sheets. Building MaJnnal* 

PARAGON CENTRE 
P.O. Box 336 . - 
Sharjali' 


EIFFEL CUSSTUl CTKiS Oj 
P.«.». Box 73«» 

Sharjah . 


Bmldinc ilnnirarbirs 
Cm) Engineers 


and 


Importers of all types 
electrical items, electronic 
goods. air-conditioners, 
washing machines, tape j 
recorders. TVs. 'Cameras 
and allied equipment 

Karachi Office 

TRADE MARINE AGENCIES LTD. 
36A/2 Lalazar Drit'c. Karachi 

■ {Telephone: 551-253) 

Shipping Agents. Freight Brokers and General Merchant* 


77.7s announcement appears, isa matterof record only. 

A.W. G ALADARI HOLDINGS (PRIVATE) Ltd. 

DUBAL 

Swiss Fr. 40,000,000. 

Five years fixed rate loan. 


Managed and provided by: 


Swiss Bank Corporation 

Bahrain Branch 


Amsterdam-RoHerdam BankN.V. 

Dubai Branch 











•" ■■ '* ■ j. i 'f t 


FinaiM' 


^ j construct] J 

SIX CONSTRUCT LIMITED 
U.A.E. 

SHARJAH P.O. BOX 1472 


TELEX : 8013 


. 3SSS75 

TELEPHONE. 23453 
I 35-4136 


ABU DHABI P.O. BOX 226 


TELEX: 2339 


TELEPHONE; 12579 


branches 

THROUGHOUT THE U.A.E. AND THE GULF STATES 

CONSULT US FOR ALL YOUR REQUIREMENTS IN 
THE CIVIL ENGINEERING AND BUILDING FIELDS 

HARBOURS - BREAKWATERS 
JETTIES - INDUSTRIAL PLANTS - REFINERIES 
FERTILIZER -CEMENT -POWER PLANTS, ETC. 
ROADS - PILING - BUILDINGS - QUARRIES 

The com pan/ is fully basked by 

SIX CONSTRUCT INTERNATIONAL S.A. 

5 Avc Galilee. 1030 Brussels. Belgium 
with affiliated tom panic:, and branches «n 

FRANCE. IRAN. IRAQ. OMAN. SPAIN 
SUDAN AND MANY PARTS OF AFRICA 

Parc of the S.B.B.M. group of companies 


UNITED ARAB 


CONSTRU 












LAST MONTH the biggest 'nip i 
exer to clock at Dubai’s P»*rt ] 
Rashiu. the o 7. 404- ton *>*ka- j 
registered Sun Dragon, came in ■ 
bearing 44.1HHJ toil* bagvd 1 

cement: Dubai bankers have ' 

been reporting a recurrence of I 
what hats been called lb* 1 
“Dubai disease" "ho<e 
primary symptom is a ru>li by 
every second souk trailer !» 
open j letter uf credit in 
favour of some fardliuig cement 
supplier. 

Though this raises memories 
of the speculative over-ordering 
„f cement which ended in a 
crash !»>■, than twn years ag*\. 
the fad is that — despite what 
social gossip wnuld have one 
believe — then- i' slill a • • n- 
otnieli'ui hnum in the CAK. 
Private sed ur building t* 
rapidly dying down alter l:«-t 
year’*- recession, but iioi.h 
Dubai and Abu Dhabi arc likely 
ip -pend record amounts on 
development this jear. while 
the implementation ui the 
federal budget - is con.-iaiiMy 
ri a ing. The total value uf firm 
run tract a m the northern 
F.miraier: alone i> more than 
rjj.Bbn. and Abu Dhabi i* pro- 
posing lu spend nearly I3bn on 
development during the next 
three years. 

Nevertheless development 
i spending is likely to peak dur- 
ing lire next two years anil 
‘ decline steeply i hereafter, few 
new contract? arc being lei. pro- 
ject* are reaching completion, 
there 3 re few major intraitruc- 
mre improve m e ills envisaged 
for the future and governments 
arc finding their expenditure is 
creeping up inexorably on their 
revenues. 


Contrast 


'•< -S' ’*'& ' ' •** ry 

v^i- S : I 



:. : V o ', CAroOu-j r* ! T2” - r 

: y-;ur :u :»•: l e 

!' I” r' 

- ?!■’. :•* to give j :• j ■ jzhv . ■- ■ 

. : ei Be > 3 u> : ■ e •: v 

'Jo liitc see i - ■ . j 


' AIR SERVICES TO RELY ON 

IML Air Services Lid., IML Air centre. Dolphin Eslaie 
Windmill fid. Sunbury. Middx 
Tel. Sunbury 85599 Telex: 881 ><.*3 (IMLAIR) 
international offices- Duba'. Lagos. Kano. 

™ IJ Amsterdam. Hong Kong. LusaKa 


|pT*p| 


1^| 

I itoi j 

I 

I vr - - 


DESIGN YOUR CUENTS KITCHEN 
WITH THESE BENEFITS IN MIND 

#ah w sw-efwcn rasrosER 

VA4CH Pi.nr. AN END TO 
a»T CUMULAT cD POOD WASTE 
• fljl CXE H.O TAP WHICH V.1LLCAL 
MX' TEA QUALITY F*jT WRIER WSTWil/ 
AT THE TWlCT OF A KNOB 


FOOD WASH!, 


" ■ 3 im 




mwmm* 

I .y/yr ‘"'My 


.\^ in other fields of business ^ 
activity in the UAE there is a 
«harp contrast between prav- t , 
tices in Abu Dhabi and Dubai. c 
while the other Emirate.- are | 
levs ea\v io vategorise. At one fi 
time during the Gulf boom it v 
seemed as though Sharjah s' 
would assume a strong and ri 
separate character, but the i: 
Uxioni collapsed before the ti 
Emirate could complete its deve- h 
lopinents. arul Sharjah now is w 
characterised by a.s many un- s 
finished buildings as un a Holly- 1 
wood film set. v 

Of the twn major Em i rates. n 
Dubai’.* fiinstructiun scene is 0 
probably the nixisi active at 
present. Tlie mduslrial zone and ' 
purl ai lebcl Ali appear to he ^ 
yriing ahead according so the j 
original mammoth plan, and . 
Shaikh Rashid, the Ruler of J 
Dubai, his close relations and -■ 
other prominent businessmen , 
are still ime rested in private ] 
^eelor properly development. ( 
But the conditions under which j 
contractors now have to operate i 
in Dulrai are gradually chans- I 
iiig. There is a x-mitpicuous Lack i 
of new projects of .lebel Ali . 
-i/.e, or even »f large-scale resi- : 
denda.l developmenls. and the 
bidding for the work available 
in Pnbai has become, more 
intense. 

The authnriLie? and private 
Mients m Dubai used to follnxv 
the international FIDIC 
standard contract terms but 
1 his is now chansing. Some 
of the terms of an inter- 
nationally known FIDIC con- 
tract are being strengthened in 
order to protex't the client 
because the client is tending 
to select i he cheaper, hut less 
experienced, contractors. Thn 
cl inis are demanding **t ifF^r 
term* un performance bond*, 
for example, because they are 
chnnsins contractors whose 
lock uf experience is quite 
likx»!y to lead In problem.-, uor 
least the underestimation of 
[he costs and difficulties of con- 
st ruction in the Gulf. Dubai 
clients, n*. wilh others m Gulf 
>i.i* i\s. are only -lowly learning 
:hat. in con«!i ruction tprnis at 
le-:i.»l. cost and competence are 
directly related. 

Ai present bid builds in 


L'ubiu sL*nd at 3 nf tl0 J 

the contract value PCI- 

turmant-x' bonds v;,r. ber-'-een LA 
30-15 px*r cent, depending on mg 
the contractor. The &i zt ‘ . ot 1110 
current projects i* causing nui 
problems for some contractors ioa 
because of the commensurate Rh, 
ii/e uf the performance bonds eX j 
that have to be raised. Different 
trcaimonts of these bonds by anc 
accounting standards in \% f 5 
various countries add “i e Co: 
i. .»m plications. Fortunately- so }l0l 
tar. mi bond in Dubai has yet rGS 
been called. In 

A noticeahle contrast hi r 
between the Abu l'nabi and hn 
Dubai rosntruction market? is v -oi 
[lie relative absence of niter- an 
national rontractoi- »h •' lMI thi 
Diialu. parux-ularly Bnti-h ones. 
Bernard Sun Icy i s a prominent 
x-xecption io the rule, but the ^ 
other contractors are mostly lp ‘ 
wifll known regional firms or 
luva! joint ventures. Abu Dhabi 
k considered to be more • 
difficult market in i*oih the 1 
private and the public sectors • 
than Dubai. Dubai ha- always 
hart a more open approach to 
• nmmerx-ial matter? and lias not ^ 
been -o protective towards its J e 
own nationals. in 

Jn Abu Dhabi, for example, f|[J 
tcreign contractors have to hire ?] , 
: fib per cent of their transport d ‘ 
‘ i'rom locals. A noticeable s 
! feature of the Dubai construe- 
. non scene is. the dominance of * 
the Haluuw civil engineering ^ 
consul la ncy either as Sir 
' William Halcrow and Partners P' 
' or as Halcrow ^IiddJc East, te 
Among oilier projects the con- m 
s sultancy i- advising the Govern- F 
J nient ul Dubai on two oF its e: 
r biggest projects, tlie 74-berth tl 
,1-ijel Ail port and the dry dock n 
yard. ° 

The drydock construction 
contract i expected to cost about 
s £250mt is rapidly nearing com- ll 
a pi et ton according to the con- ■ 
tractors, a joint venture of 
'• Costain and Taylor Woodrow 
e intx'rnationai. and should be n 
e finished to plan in February, u 
t 1979. Visiting the site is a « 
h strange experience as one » 
d remembers that as yet there * 
e is no management to take over 
e the spanking new yard with its 1 
e- bright yellow. polythene J 
is wrapped machinery: a slightly 
*. strange experience for the con- „ 
Km tractors also, not to have lite j 
client breathing down their s 
s necks asking when they will be p 
, ’ off the site. r 

' The port of Jebel Ali is alio | 
ri in a somewhat unreal, situation. i 
, There has been talk of scaling \ 
\ down the project, but Shaikh ] 
Kashid still appears deter- ; 
,f J mined to stick to She original ■ 
n \ plan for 74 deep-water ber’hs. . 
1(1 The cost was originally ■ 
- n estimated to be around £400m . 
te but this is now being revised 
upwards. The plan is that the 
L 'h purt will be used by the Indus- 1 
le try in its immediate hinterland, 
is- but so far the only industries 
ck definitely to set up at Jebel 
Ui Alt include Dubai’s aluminium 
si- smelter, the gas processing 
he plant, a cable factory, an 
de aluminium extrusions plant and 
i ie a structural steel plant. 

The gas plant is scheduled to 
be completed at the end of 
nw this year and its major customer 
UC ,or natural gas. the aluminium 
3l ,t srueltcr. should be completed 
me autumn 1979. Most of the 
er ‘. contractors fur ihe aluminium 
on . plant an? British, including 
i n British Smelter Constructions 
en t for the design and building of 
ing ihe plant. Hawker Slddeley for 
the power Mipply and -luhn 
hn Brown for turbines for the Weir 
ffrj- Wesigartii dc-alination plant. 
i 4 s But as Abu Dhabi has found 
aj-e with its I.NG plant on Das 
n <c Island land iiatar with its 
life natural liquids plant at 

not Vinm Sairit ifipro are more 
0 f problems in I mi Ming prnress 
■ on - plant in the iiulf States than 
ibai elsewhere in the industrialising 
Julf-v.nrld. 

linn Mn-t residents nf the DAE 
at helinvp that llmre will be a rnn- 
are linuing demand fur high-quality 
office and rc»idcnlial accommo- 
in dation, so this area of construc- 


tion activity i? iikely to seep 
ticking over. But many o£ ihe 
CAE's private clients are find- 
ing that they cannot fund their 
more ambitious projects J* 
number are raisins syndicated 
loans. Sheikh Mohammed bin 
Khalifa al Maktoum, for 
example, is aiming to borrow 
S16m for the Deira Bazaar shop , 
and fiat complex and Abdul 
Wahab Galadari S50m for his 
Corniche project comprising an 
hotel, offices, shops, revolving 
restaurant and other amenities. 
In Abu Dhabi Shaikh Suronr 
bin Mohammed al Xahayyan has 
borrowed 319m for his trade 
ventre and Abdul Jalil al^Fahim 
and Sons have raised $l7rn for 
the Holiday ion hotel. 

Obtaining contracts in Abu 
Dhabi is. acenrding tn con- 
tractors. a more difficult and 
lengthy process titan in Dubai. 
The private sector, with the 
exception of prestige projects, 
tends to buy the cheapest and 
to be suspicious of newcomers. 
The bureaucracy of the public 
, sector and the high level at 
■ which decisions are taken often 
leads to long delays in award- 
ing contracts. Government con- 
tracts in Abu Dhabi arc 'if* 

• tnally always fixed price imnp- 
: sum contracts and many of the 
1 civil servants are highly sus- 
! picious of contractors’ motives. 

I suspecting padding at every 
, possible point In a contract. 

I In Abu Dhabi public sector 

5 projects normally go out Jo open 

tender (resulting in 4f docu- 
I menis being issued for the 

- Fujairah harbour project, for 
s example! . though some of 
i the larger projects are 
t restricted t* 1 n smallish list 

of pre-qualified contractors. 

When the shurt-list gets down 
J to a small number of contrac- 
, tors the real haggling begins. 
I and in the past the Abu Dhabi 
f Government has been able to 
^ take advantage of contractors- 
e need for work. However, its 

- insistence on price as the 
a * dominant yardstick Tor judging 
e a bid has kept many oF the in- 
e ternational contractors away. 




l4 

. Tfit a-rr--*-- 

iy ' If 





fm§m 











s-v*x i ; fi?.. 

/■ I?' 4 ' ^ 








The Inter CtiWneiitai Ptot. liMer coitsprai^n. 


Difficulties 

Delays and difficulties with s 
some projects have ted the Abu * 
Dhabi Government to invent a s 
short cut system, especially Tor 
socially desirable projects. A ■ 
number of these projects have « 
been negotiated through the « 
Amin court and its chairman. : 
Shaikh Suronr. who is cm- ' 
powered to sign contract* him- 
self. Contracts handled through ! 
the Amiri court tend to package 
jobs, with a limited number of 
contractors invited to present 
their design and construction 
bids. These are evaluated by 
consultants Sir Alexander Gibb 
and Partners < whose relation- 
ship with the Abu Dhabi govern- 
ment is similar to that of Hal- 
emw and the Ruler of Dubai) 
who then supervise the contract. 

Tender bonds in Abu Dhabi 
are a firm 5 per cent of the 
contract (valid for 90 days) and 
performance bonds are 10 per 
cent, callable upon demand, 
though as yet none have been 
called. There is a trend among 
some consultants working in 
Abu Dhabi to try to set an 
absolute figure for the tender 
bonds so that the more enter- 
: prising contractors da not make 
‘ a tour of friendly bankers to 

■ discover the bid range. A re* 
i cent Government contract did 

■ specify FIDIC conditions which 

. local consultants think may be| 
I The beginning of a break- 

> through towards universally 
5 accepted standards nf tendering 
i and awarding contracts. 

> Because or the greater den- 
5 sltv of bureaucracy in Abu 
i Dhabi, and the higher levels at 
5 which decisions are taken, it 

has a reputation Tor being a 
£ slower payer than Dubai, 
i- though payment do eventually 
y get through. (The Dubai Elec- 
i- rriclry Company was declared 
;- by one enthusiastic contractor 


to be an .** immaculate ” 

When the economic slowdown. _ f 
reacbed the Emirates at tbeiwii 
ginning of last year man y 

private clients also became 

notoriously stow payers. ;l jAE 
though there have beenTHO, 
really large -• bankrupta« 
among the contractors based, in, . 
the UAE. it is . known that; one 
or two are so indebted to their, 
banks that the banks caimOt 
afford to bankrupt them.. - .:V 

The roost telling - oalpbt 

mon inherits to the private 

sector's overbuilding during .the 
boom veers of 1975-76 are tO;.be 
found ’in Sharjah. . Row upon 
row of partially occupied- blocks 
of flats, a great number of 
unfinished buildings where poor 
quality blockwork is already . 
beginning to crumble, elegant 
but very empty hotels— -papstjof 
Sharjah are like a ghost-twn 
that was never in habited- in. the 
Hrst place. The - Shariah 
Government Itself fas opposed 
to Us private sector) haafrwqn 
some admiration by itr.-flisr 
cutting back on spending as. t he, 
slowdown became more sqvere. 

Some of those buildings in 
Sharjah may be finished, and 
of these some at least will be 
occupied if business picks up 
a sain. Certainly -thc increase in 
cement imports and ihe slight 
increase in letters of credit 
opened, particularly in Dubai, 

, indicate that business confidence 
. may be picking up. But local 
observers feel that the heady 
two vears immediately after the 
1 nil price rise are unlikely to be 
repeated!. There will be more 
1 construction projects. and 

■ euntraefors (skilful ones) will 

• still be able to make money in . 

the UAE. Newcomers, however, 

I are advised to go into joint 

■ ventures with an active local 
i partner. ** Lack of local know- 
? ledge can be very expensive" 
j comments one respected 
r consultant. The construction 
\ % industrv is the UAE (as else- 
a where in the Gulf) has an addi- 
3 tionai -function— it is through 
fj Government projects that ojl 
n wealth percolates down to the 
r citizens. 


' :f< v» : y 

?-x3S&l 


B 





% , . .. . .• ./•y. .»,•*.<,%■ 

- ••* • • *’ * *• ! 


JP O. So 




ABU DHABI 

TELEX 2884 AH 




. tv .. x?’ y 


: ■ ;• <. 


THE SUDAN IN 


D.T. 


^«3saso3eeoss9sss 

o 


a®5sssss>ow-— 



AT 


JEEVAN 

TRADERS 


3opp05 


Kilchgn^ C«il9nr>J Eaxmr* 



9 STEAMSHIP AGENTS 
9 CLEARING & FORWARDING AGENTS 
9 FREIGHT BROKERS 
9 PROJECT CONTRACTORS 
9 F.C.L.-L.C.L. DE GROUPAGE FACILITIES 

"AND SERVICE IS OUR BUSINESS" 

AGENTS FOR MAJOR CONTAINER & RO-RO. 
OPERATORS-BREAK BULK & REEFER LINES 


TEL 228093, 2202G1 
TELEX. 6144:6398 


P.O. BOX 1579. 
DUBAI. 

U.A.E. 



Turnkey Projects 
Construction and 


UN TED 

ARAB 

EMIRATES 


Labour Recruitment 
Hotel Furnishing 
Fast Foods 


PO BOX 6200 ABU DHABI U.A.L 


■- ■- * s 

’ • - 'L V 

'? : 'C 

■ J. ' 




=7-.7',i ■ fi. 


Tel: 26584 


Telex: AH 3219 


Photograph* in this Survey wer* taken by TERR7 


^©©OSOO«©OOS e*090G93009990*0*Qe*90009009000»900e6099*OOS90990e099»t 


. . . * . ..-J'. . -? t’v-t 1 LL -1' ' '\:i 















FSaanqia] Times Bfooday Juae .26. 1978 



bids for 




3-5 


space lead 



BY ROGER BOYES 



THE SOVIET UNION’S latest 
Soyur-Salyur space link-up is 
being watched with particular 
interest by West era experts 
who believe that Moscow may 
M -about te take a crucial lead 
in some parts of the space race. 
X The current mission appears 
'fanoceat enough: the two-man 
iaiew "was transported last week 
ta the Salyut-six orbital iabora- 
■ <ory twhere. according to the 
Soriet.; press, the cosmonaut* 
will process certain materials 
oadet^,gr?vi^r-free conditions, 
take photographs of the earth 
ind • jsairy out some routine 
1tests. : , -.Buf spaee experts in 
tiaclBa and Washington be- 
lieve that the. success, or other- 
wise. of the mission will show 
irj/etlier the Soviet Union has 
•ally overcome the technical 
sad psychological problems 
ieh until recently hampered 
„ manned satellite thissiohs. 

: TMf'Tdevelepment of large 
j ffWIaJ space ^tionsr-the ul ti- 
V" :, ‘ of .these link-ups— 
^^■'Tr'^rabftjed with Sevier expertise 
the -S«r4 hiihter-killer and 
idar^rveHUmee satellites-^ 
, sol^-.'-greptiy advance Soviet 
apahiwty- -in the inilitary 
- so of puter space. Talks in 
-.TelstUki between the U.S. and 
he Soviet Union, scheduled , to 
sd this week, hare been aimed 
{.working out. tight controls 
ter the deployment of killer 
stellites. A total ban en these 
jHnanned vehicles is thought 
j be- unlikely to emerge. 
Earlier Soyuz missions have 
een plagued with docking 
-T^^oblems. Landing techniques 
ave.beea.' at best, haphazard, 
be recent Soyuz vehicle 
ilasfa^anded in a bllzzard- 
rept- Siberian lake, apparently 
sreral hundred miles off 
Wf?t. Another landed on the 
mountain, almost in- 

to rescue teams. The 

|iyejiologi«il difficulties caused 
t prolonged space flight hare 
sq, caused some missions to 


be called off prematurely. The 
last link-up. however, went off 
smoothly, .the Soyuz-28 cosmo- 
nauts spending a record 96 days 
m space. 

The success of the last mis- 
sion was particularly signifi- 
cant from the military point of 
view. Western space experts 
believe that Delta, the auto- 
matic navigation system tested 
by the cosmonauts, will be 
applied to a Soviet space 
shuttle system, currently, being 
developed at the Central Insti- 
tute of Aero-hydrodynamics 
flSAGT) near Moscow. The 
computer control of the space 
shuttle vehicle— dubbed the 
“ spaceplane M in the West- 
may be si mnla f to systems used 
in the Soyuz. 

Spaceplanes have .already 
been_ released from Tupolev 
Tu- 95 heavy bombers In glide 
tests. Orbital test missions are 
expected soon. The spaceplane 
would have a mainly recon- 
naissance role and is quite 
capable of flight over the’ LLS. 
and China, hut it could also 
destroy U.S. satellites in orbit 

The U.S., too, is working on 
a type of spaceplane — a reusable 
space shuttle ship which, it is 
expected, wiU cut the cdst of 
satellite launches— but it has 
played down the anti-gatfeUite 
capability. This month "it was 
revealed that the White House 
had ordered that all future U.S. 
satellites important to national 
security should be protected 
against anti-satellite weapons. 
The U.S. is the moving 
force in the talks at Helsinki 
“ Washington,” . one . space 
systems analj'st said in London, 
“ is way behind nn satellite 
warfare and is scared that 
things will get out of hand.” 

Besides the spaceplane, plans 
for a network of large orbital 
space stations may substantially 
increase Soviet {Military poten- 
tial in space. According to 
Western intelligence expecla.- 


tjons, the Soviet Union plans 
during the 19SQa to launch 
advanced space station modules, 
weighing between 75.000 and 
100,000 lhs each.' with the 
regular Soyuz space shots. 
These modules would then be 
put together by manned and 
automatic means to form a 
large space station complex, 
made up of medium-sized and 
larger components. 

These complexes could then 
combine several reconnaissance 
functions — including the sur- 
veillance of missile silos nn 
earth, early warning, naviga- 
tion, mapping, communications 
and control — through directed 
photography. The scientific 
information gleaned could also 
hav? strategic value such as 
weather forecasting, fnr In- 
stance, or crop prediction. 

Spinning wheel 

One possible design for such 
a complex involves linking up 
and welding together station 
modules to form a wheel-shape. . 
Additional modules would furm 
the spokes of the wheel. When 
the station rotates, the cos- 
monauts working in the outer 
rim would be able to work 
tindnr artificial gravity condi- 
tions, derived from the centri- 
fugal force of the spinning 
wheel. There would, however, 
be a vacuum and zero gravity 
in other parts of the complex— 
hence the emphasis on weight- 
lessness tests in the current 
Soyuz programme. 

The Soviet President,’ Mr. 
l^onid Brezhnev, has described 
the projected network of such 
stations as ‘‘man’s highway into 
outer space.” The plan is to 
arrange the stations so as to 
accommodate both relay-type 
missions and extensive refuel- 
ing operations. The complex, so 
the Russians believe, could then 
act as a platform for lunar and 
interplanetary missions, apart 


from having military functions. 

“Soviet space stations." a for- 
mer space engineer says, “will 
play the same role in space that 
American aircraft carriers cur- 
rently. play on earth. Soviet 
hunter-killer satellites will play 
the same role in space that 
American fighters play on earth. 
The Soviets are well on their 
way to achieving superiority in 
space.” 

It is clear the U.S. is rapidly 
losing the dominant position in 
space exploration that it 
appeared to have achieved 
after the Apollo moon landing 
in 196B. The primary reason, 
of course, is financial: the Soviet 
Union, it is believed, spends 
three or four times morp on 
space exploration than does the 
U.S. 

The U.S. space programme 
secured huge budgetary alloca- 
tions after tUc first shock of she 
Soviet Sputnik launch in 1957. 
The Sputnik, along with some 
other notable Russian “firsts' — 
first satellite to carry an animal, 
first photographs of the hidden 
side of the moon, first man in 
space. Yuri Gagarin and the 
first, and only, woman in spare. 
Valentina Tereshkova — gave 
impetus tn the U.S. programme. 

Thr funding, and main thrust 
nf U.S. space research wa> con- 
centrated on the “winnable” 
goal — that is a goal apparently 
out of reach of Soviet tech- 
nology — of landing a man nn 
the moon. In many ways it was 
a dead end. The U.S. did not 
have the hardware to follow 
through after Apollo, and the 
programme was dismantled. It 
was never really dear during 
this time whether the Soviet 
Union aNo intended to put a 
man nf the moon. But what- 
ever Russia's lunar ambitions, 
it was unquestionably pursuing 
a comprehensive near-earth 
manned space programme. 

The Russians gained raluahlp 
near-earth experience. <et 


SUNLIGHT 


MAIN MIRROR 

/ 


HABITAT ;><■ 
SOLAR POWER 
CELLS 



10 km 

TRANSPORT 

TUBE 


SOLAR POWER CELLS 


Aii American proposal for a space station — an area in which 
the Russians may be ahead. The main mirror reflects light 
on to the habitat mod ale which simulates gravity by spinning 
in space. - • Surplus heat Is dispersed from the radiator, 
energy provided by solar power cells installed at the end 
of a ldlon connection. The main wheel of Ibe design 
would be about 1,800 metres in diameter. 


records for spaceflight missions 
of long duration, learned how to 
manoeuvre and earn- out space 
flights, and focused much 
research on manned spacecraft 
and space stations. The design 
of the U.S. Apollo spacecraft 
by contrast is not Teadily 
adaptable to exploiting near- 
earth space for «ricmifir or mili- 
I ary purposes, though its Saturn 
V launcher was rebuilt as the 


Sky lab research station in the 
early 1970s. 

But the main Soviet lead over 
i he U.S. at present is in the 
field of unmanned satellites — 
specifically radar scanner and 
hunter killer satellites. The 
growing role r»f ncean-sranning 
satellites received attention 
early this year when the 
nut-lea r-pnwereri Cosmos 954 
rraslf=-d in northern Canada. 


The satellite was one of a series 
used to chart the movements 
of naval forces and merchant 
fleets. With the rapid expan- 
sion of the Soviet naral power 
such satellites are essential 
bath tactically and strategically. 
They can report the position of 
enemy ships and estimate 
accurately the range of targets 
from Soviet submarines. 

It is the bunter-killer satel- 
lites. however, that have caused 
the most concern in the West, 
primarily because their sole 
function is aggressive-^to knock 
out orbiting U.S. reconnaissance 
and communications satellites, 
thus “bl-inding” the Americans 
during a possible nuclear war. 

The Russians began testing 
their current generation- of 
hunter-killers in 1976. Shortly 
before leaving the White House, 
President Ford ordered a U.S. 
programme to test and deploy 
a similar weapon. President 
Carter vetoed deployment, but 
allowed development to con- 
tinue. The U.S. is debating two 
types of killer satellite, but pro- 
gre.-s is hampered by the 
Administration's uncertainty 
whether to push ahead with 
development or to seek a treaty 
banning the weapon altogether. 

The Soviet Union has carried 
out several hunter-killer tests 
— all apparently successful. 
Last December, Cosmos 970 was 
launched into a low earth orbit, 
and then boosted another 600 
miles to catch up with another 
Soviet satellite. After travelling 
alongside the target it moved 
slightly off course and blew it 
up. 

According to the Stockholm 
International Peace Research 
Institute, the Soviet Union has 
been testing foqr types of inter- 
ceptor satellite. They are the 
perigee matching satellite 
which catches its target at the 
lowest point of its orbit: the 
co-orbitaj satellite, which tomes 
in on an orbit similar to that 
of the target: apogee matching 


satellite which by-passes Its 
target at the highest point ef its 
own orbit; and tbe so-called 
“pop-up” satellite which enters 
an orbit much lower than its 
target and is then boosted up 
te target level. 

It is thought that at present 
these kilier satellites could 
catch only certain VJS. vehicles, 
and that technologically many 
targets are still out of their 
reach. This leads to two lines 
of speculation: the hunter- 
killers could be simply a way e£ 
defending Soviet satellites 
against UJS. attempts to jam 
Russian surveillance; or Chinese 
satellites could be the main 
target. 

Soviet satellites are often 
launched shortly after a new 
Chinese satellire has entered 
orbit, and the orbital paths of 
Soviet satellites are close te 
those of the Chinese. None the 
less Western space experts are 
working on the assumption that 
the bulk of the Soviet military 
space programme is Aimed at 
the U.S. and that it is basically 
designed to fight and win wars. 

Certainly the combination 
then of iarge orbital space 
stations, the “spaceplane,’' and 
of radar surveillance and 
hunter-killers adds up to a for- 
midable Soviet space potential. 
Much of it is barely off the 
drawing board, although the 
unmanned satellites are in an 
extremely advanced stage of 
development. But a crucial 
advantage has been established. 

President Carter, faced with 
the problem of controlling the 
arras race on earth, clearly does 
not want to become involved in ' 
a dangerous and costly arm* . 
race in outer space. Yet the 
current treaties outlawing, 
nuclear weapons in space— . 
assumed in 1967 to be sufficient 
to de-militarise space — are evi- 
defflly lagging behind develop- 
ments in military space 
technology. 


Letters to the Editor 


6r?‘Vr?,' 


An unselfish 
Community 






■-v 

% 





article is its failure to comment of what percentage ef generated 
on the lack of choice which Will electricity going into the network 
still face parents while our is derived from the wind, 
-schools CreaHy education fac-. The cost of energy produced 
tones! have such large numbers from the wind per unit of energy, 

om the ChairmarL, ef. pupils. "The remedy is, of in the simplest terms, will be the 

ndon Europe Society course, to provide a coraprehen- interest on the capital cost (plus 

Six— Mr Newton Jones (June * ive education in schools of a amortisation) divided by the 

Itikes the now customary line much .smaller size. A far number of units produced. This 

' “r* anti-marketeers of stronger bond can then be forged figure must not exceed the cost 

‘“T. Furnnean Com- between pupil and teacher and of fuel required to generate elee- 

iSp Ss l^disllk^ school and a far better identity : tricity for the system to be 

livp In 2nd of objective achieved. viable economically. Of course 

3 r m ^ rnJ P r n 1 nen t. Given a wlder spread of this a great deal depends on what 

■ MMU* parents axe likely t. be happens to oil prices 

* iStolSfnn whether Of aWe t0 maJre * real choice stage f cannot say 

between schools of different whether a scaled-up arrangement 
.. 0 r ™ standards and convenience. . of the AlHbofpugb aerogenerator 

«to*s farmers, i ao myseu. 0 y r children this, and to the metawgtt range and at a 

iis be really- going \b iohow per hap&, we shall haveja giimose cost eompaYable to electricity Is 

hi|i S ®dgb his argumente to their Qf the education Utopia which either possible or viable. I can 

• *' real conclusion and say uiat we j,ave all been promised for so see ao problem with regards to 

ge. chunks of Western . makine. it strone enough, and 

t HI steel industi? should M B ‘ Alton.- I- 

\ hi allowed to go out of business ffeatfc Bead.-- - 
ahse .of a world economie Poiters Bar, Herts. 

and the undermining of : — 

Community market by cut- 
te Imports? Does he Bot 
3d the social consequences of 
ting principles into dogma? -rirvtvar 
not have enough un- 

ptoyment already? How, in Frvm Sir Henry Lowson-Tancred 
Mgrlod when industrial conn- sir— In view of David Fish- 


Windmill 


making." it strong enough, and 
none as to reliability. But it is 
very early days and hidden 
detrimental phenomena may well 
present ihemseiVes. 

Henry Lawson-Tancred. 
Aldborough Manor. 
Borovghbndge; N. Yorfea. 


Non-executive 

directors 

Managing Director, 



tbe fascinating 
the rolp of 

„ beards, ddd- 

. r disappear an ee of capacity meT] t s . executive directors and worker- 

3jjidl need when the worm g y inference he asserte that j directors. T feel that my basic 

* ■ v r jjbiey recovers. The EEC has j,ave been involved In nested point has tended to become lost. 

hily taken the sensible debates" and see “almost no j n brief, t contend that while 

I j | / l Spires we should have had to j iai jt s ■' fo the use of windpower. main boards may — and dp — 

^ ** g’ ourselves if there had net Neither is true, as far as I am recruit lion -executive directors. 

*ia Gouununity fereign trade concerned- since sutfcompantes have 

ay. We should be grateful j, may S eera strange that as a authority; responsibility and 
t- the EEC. through iu great pioneer of the art in the UK at accountability as profit centres, 
gjasing power in world trade. anv rate — mine is the largest j t follows they should have, and 
jo far been able te preserve aerogenerator to be operational employ tbe right to elect non- 
staftiallv the liberal frame- a i ige moment-^-! have always executive directors if tbpy con- 

world'tTadinfi system, seen only -a very limited scope S jder they will be cost effective 

. ^---'''''jhrinty a small number of f 0 r these appliances, here mine j n contributing to the company's 

•- : mtidnal actions to safeguard UK. Why then, did obieettves. 

- Stries(e^- steel textiles) the considerable task or toe m this war one may optimise 

i<r threat of massive closures* design and construction of tne tbe employment nf the bram 
Sih regard to New Zealand. Atdboroush aerogenerator. powerjlrtt is available In and 
Se who,: tike me. has a What have Mea™tfromthcev • - - 

A A concern and affection for renpuce: What are my vi 

0 Pcoun^ Will want the aboot the future of tbs 
^ Goverutnent to ■ ensure ■ wi . rdfi are 

ISI - SR in°6» Mtw™ 

gg v?e w* undou btedl y U ^vl r o urn e n t al : - - 

foroo?^ that th satisfied thftt this prob- rtcil ro n on 

CiHfimuaMr oel only offshore rCinSUranCe 

^ most -liberal tradln, can je overco ^ H ^ ejy |0 be Ffwm ^ chairman. 

ftU .oF aU the werlds major oh fw itlve overseas there are Merreit. Dixey Simdicafes 

bat ? many countries which haye cood sir.r-i .fiopC that you will 

4be worlds largest pro i r s . (eg ar]d the-environroent all0W ^ the opportune to com- 

to the developing countne^ . s ^ e not an se and I -ihlnk on John Moore’s jntpresl- 

:Ae biggest importer or tneif tJ|>| ITiaI1 y will have aero- ins piece ,Junp l”i offering 

that it applieo JJ generators built en them- Th>s son , & clarification on what is 

^ailreed' scheme of P re * e r. en ^3 cnunirv can not afford to be len inevitably a very com plicated 
'r’illltUStHsI - . prodllCvS »l,|<- likelv lucrative rilcnnto inH nn* uihsrn Iho 


in Industry . 

M. I. W(*W>-Bftwra. 

35-39. X tfddor Street. WI. 


cate bad thus been impaired, 
prior to the denial of liability. 

Den Har Underwriters is not 
tbe American underwriting 
agent -of the Sasse syndicate, 
though at the time it held a 
binding authority from the 
syndicate. 

It is not alleged in tbe affidavit 
that the claims were in areas 
where " no commercial insurer 
would generally give cover " The 
relevant- part of the affidavit 
discussed lhe way in which the 
fair access to insurance require 
ments plan \s designed to pro- 
vide insurance at bigb rates in 
such areas, where otherwise 
cover would not be available. 

It is not alleged in the affidavit 
that Sasse cancelled Den Haris 
underwriting authority "when it 
became clear that Lloyd’s 
tribunal approval would not be 
gained such a suggestion of 
a casual link would be quite 
unrounded, and the -affidavit 
merely draws attention to the 
time sequence. 

My interest in this matter is 
that my company is now 
responsible to the members of 
the syndicate Tor all matter* 
concerning the Den Har con- 
tract. 1 am noi attempting here 
to respond to iho affidaw’l. nor 
to correct any errors that ma} 
exist in it. I accept ■ thj? thi« 
situation is so extraordinary that 
it is entirely proper that it 
should he subjected io the 
sort of -responsible investigative 
journalism generally apparent, 
and merely wish to point out 
that there are some matter? 
which Mr. Moore appears to have 
got slightly wrong. 

It would also be insulting to 
the solicitors acting fnr IRB to 
suggest that the affidavit was 
Other than a partial document, 
designed to show their client in 
the best possible light in this 
dispute. There witi nut and 
cannot be any response jn detail 
or otherwise to the affidavit 
from the plaintiffs, the members 
of the syndicate, until the trial. 
Stephen R Merrett. 

Lloyd's, Limt! Street. EC3. 




Complexities of Local authority 


\S 


w r- ■ inrvuaujj 4 Vfiv vuiUHiiL'JLcu 

this likely lucrative dispute, ^4 one where the 61s- 
’ cussiop is. ipade for the time 

learnt th?t it ts jnurej 1 bpjng mare difficult by some 
steel “sub judiue." 


!0 


^heiri- ^industrial , r 

ite wiy other ceuntrles: that bufi - iftwa> 

W massive provider of fooa f IeflrDl u « .[““""i being more a 

■#hd that ft has 9 remarkable possible to use struct tirdl stce| ma tters being 

Warship with - SSL developing eS pt r tisp in place of tne aero -|-},gr C ar e a ' number of prrors of 
rainy- of them amonq ee expertise used by owj- fact, ..of ..varying degrees of 

fteorest — tinder the - nr < ae hieve the same end result, imparlance. - 


1 t-r >* 


:s!i£ s 


A 

H 


. ■ space expenife- . i«i, .. «* 

\% poorest— tinder ^®. sn d achieve the same end result, importance. 
ff:Conventi*re- The most vital.param^er of 3 The document front which 

Q- is not for the h«f in east— being the benefactor o> Moore quotes is not an 

oossible worlds. t h e structural steel approacn. j nst ltuto Ressequros do Brasil 

iftrase- -the -Buroaean ^ n m- aerogenerator mu3t u. affi d aV ii: jt i s the affidavit of a 

Wot ffi*Tselli*h. ultra- ^'Sed as a «w* bulWnfi n«t parlner . : n _ El bo me Mitchell 
eptioplst- grouping .is surely ^ aeroplane.- T r ^^ na !ife fsoiicltors to IRB In Hus matter) 
wUre Wflnstice. ' everything made ; under made not as a defence but only 

• |S“tiUe 7«ractijral steel- m o P po S itipn to the plaintiff's 
X*gUmAt>*iiie.SBS*. work” has «1«J 'JSgJ" ^2 application for zuroroary judg- 

— • " - - - : . . inwest cost per ton ment. 

J- . eenerators must not he, 9P cx- There are not “ claims on 1-tOO 

option." if they. aye 06 - contracts "there were appar- 

mercially viable. cntly 1^00 risks 


^ucafioh 

uchers 

fclfr. IlL- Al ton. 
er 

0)6". state: or (una m® Tr,;i>V»c stvnotcate 

w u>» vuiiotiT which l ^ tj da] power) no u ^ intolerable pnsiui 

ffor some Itae* • wind power can re “HS?_- innocent assured 

i only. It tvr on Lioyd', 

-to ■ ’ 1,a , .ore ihwefore hei 


contracts 



letn. 


were appar- 
invoivcd. on 
were 


klpg. but U &rOiXSftt to ^ eauipineht" ^ m ^J rf ro P ro- *'*re therefore heing i 
atcamplfcte lack'df abu ? . ft _is coiwni ,tl r ® P, J fj et l: the Committee or 
« ehiUTs parents io t*he d ^ JSSSA Ud . m-. December rt.. 

■tw *cilon.ro-ipipro>c ^u a er capacity ■ iJ5ltrSf?on declined pro fewfi^c 

standards d r -* 0 ^ n ^f 9U |e ienreeiafidn and adralni.fraj^ ny f„ rt her payment Th 
w hrolesr - against - • a!w .« gpina to m «,diate solvency of tbe 


4 h 


puplesi against 
w-efer jeower.** 

S" 

••-.V--/* 

&s-:: v>."\ • ■ 


clear 
The 
an 

position bemuse* 

had valid 

policies and 
mdemni- 
Llujd'fi 
hvo IRB 
mak«? 
The itn- 


thfe 


Apnreciation anu _ t h j any rorw»«r 

"San? “od p«'>'We re/sral«s melute solvency of the worn- 


accounting 

From Mr. R. G'.xlni 

Sir. — Your repnri **r -June 21 
tHage 7> dyf’s noi qualify m** 
m say vihciher thv Urea ter 
London Cotim.il •’scandal” is 
such because of its ■fi/e, or 
bncause it occurred at all. My 
question is simply “ Why ib it a 
surprise? ” I would truly love tn 
believe that the army of 
account an is in County Hull was 
from an early stupe advising the 
responsible -officials regularly of 
potential overspends and that the 
much vaunied internal audit at 
County Hall was raising similar 
reports. 1 suspect, however, 
that subsequent investigation 
will demonstrate that neither of 
these, parties were organised 
other than to act as retrospective 
” bean counters ” or as historic 
auditors of the final accounts. 

Such ” scandals'* are. or 
course, .not unique to local 
authorities, but former col- 
leagues do lead me to believe 
that the approach to project 
accounting . is such that it Is 
probably of far greater propor- 
tions in tbe public sector than 
elsewhere. 

If only all the talent currently 

pngoged in drawinc up standards 

exposure drafts and recommendy 
lions could he anplipd to actually 
saving- money fnr the lax paver 
or rate paver, my beloved profes- 
sion rniilri oner a trim hprnmr 
re^oecteri ni this field, t'.'h.pn 
viU wc accntint.int^ wake up to 
ibe commercial world around ik 
by pronhesying rather than 

.^PQIr'g^Stn^' , 

R K. Hudin. 

‘J(J. Potcerscraft Roan. L-5. 





Today’s Events 


GENERAL 

■Mr. James Callaghan. Prime 
Minister, due to meet President 
Carter in the U.S. for discussions 
on aerospace: Mr. La! la chan will 
receive the fir-i Hubert II. 
Humphrey award for inter- 
national statesmanship from the 
National Committee, on American 
Foreicn Policy in New York. 


Quarterly analy«i* 
advances ( mid-May > 

of 

bank 

Two-day 

meeting 

of 

EEC 

Foreign 

Ministers 

opens 

in 


Litxembourj. 

Lord McCarthy hearing of sub- 
missions rrem Post Cfffice Engin- 
eering Union and the Post Office 
on industrial problems or tele- 
phone engineers. 

Trades Union Congress flnance 
and general purposes commitiee 
meeilng, Congres? House. Ixindnn. 

Captain Harmui Welnrrt. 


master nf the salvage tug, ex- 
pected to give evidence at 
Liberian Board of Inquiry nn 
Amoco Cadiz disaster hearing. 10. 
Upper Beigrave Street. London. 

Mr. Edmund Dell. Secretary for 
Trade, meets delegation from 
Instiluie or Dirertors io discuss 
industrial democracy plans. The 
delegation will be headed by Lord 
Errnll nf Hale. 

Two-day Financial Times con- 
ference opens nr University of 
Edmburah on Scottish Finance 
and Industry — chairman or the 
four sessions wilt be Lord Thom- 
son of Mnnifieth. Mr. Alan R. 
Devereus. Mr. Ian R. Clark and 
Mr. John B. Burke 

Annual meeting of Inter- 
national Whaling Commission at 
Mount Royal Hotel. Marble Arch. 
London, open* with address oT 
welcome by Mr. Edward Bishop. 


Minister of State, Ministry of 
Agriculture fends June 30). 

South African Government 
plans to start registration of votes 
for Xamibian constituent 
assembly i continues untij Sept- 
ember 22). 

Chancellor Helmut Schmidt of 
West Germany starts two-day 
visit to Xiaeria. 

Three-day meeting opens in 
Athens organised by the HeHenic 
Chamber nf Development and 
Economic Co-operalion with the 
Arab Countries, to attract . Arab 
capital investment to Greece. 

Southern Gas Consumers’ Coun- 
cil annual report for 1977-V8. 

Canvey Island public meeting 
on Health and Safety Executive 
report on potential hazards. Tbe 
Paddocks. 8 pm. 

Queen begins visit to Channel 
Islands (until June 2B>. 


Prince Charles opens “The 
Richer Heritage ** exhibition. 
County Hail. SEL. 2.30 pm. 

Publication of “Britain Today 
anil Tomorrow” book by British 
Council of Churches. 

Lord Mayor of London attends 
Girdlers" Company dinner. Gird- 
lers' Hail. Basinghall Avenue, EC2, 
7 pm. 

PARLIAMENTARY BUSINESS 
House or Commons: Debate on 
trade and the prosperity Of the 
nation. 

Rouse of I-ords: Debates nn 
Official Secrets Act and on 
monetary muon in EEC. 
OFFICIAL STATISTICS 
National Food Survey repoft 6n 
consumption (first quarter). 
COMPANY RESULT 
Trident Television (half-year I . 
COMPANY MEETINGS 
See Week's Financial Diary on 
Page 39. 



Antony Gibbs Holdings Ltd. 

Merchants and Bankers 

Founded 180S 


Antony HofJ-rgs Lumted 

Abndaect Corr.cPdaied Bslarics Sheet 3 

1st December 1977 

' 

Sr.are Capital anti Reserves 
issued share capital oi Ar.ior.y Gibbs 

1977 

1976 

Holdmos Limited 

5,062,500 

5.062,500 


8.768,500 

8.655,500 

Sharei'.-jider^ Funds 

' 13,831,000 

1 3.71 8.000 

Mi r.c tit--- interest in Subsi3:arv Corneanies 

1,937,000. 

t. 081, boo 


160.460.000 

136. 155.000 

Ac,o<=p:a r, :ts on Lehalt c! Ci-sionrisrs 

45.634.000 

£221.862,000. 

36.966.000 

£187,922,000 


161,721,000 - 

132,043,000 

' LiaoiUoe* Customers for Acoeptar.cES 

45.634,000 

36,968,000 

ln« , 55irr.-?'-t«: 

.^"-sociatej companies 

2,266,000 

663,000 


3,400.000 

1.738,000 

Fixed Asseis 

Premium on Acquisition of 

6,950,000 

14.634.000 

Shares in Subsidiaries 

1,871,000 

1 .876,000 


£221,862,000 

£1 87,922,000 


From 26 June 1978 our new address is. 

3 Frederick’s Place, Old Jewry 
London EC2R 8HD 

Telephone and Telex numbers are unchanged 

Telephone; 01-588 4111 Telex: 886720 


a 










Norcros expands to record £14.51m 


FOLLOWING A £Im advance at 
halftime to £3-54m Norcros 
finished the March 31 19 <S year 
ahead from £12.09m to a recH'd 
£14. 51m, which included a lower 
contribution from associates of 
- fn ‘rim compared with £1.43m. 

Sales increased by £22.6m to 
tou >*: associates share was 
' £16.83ra against £17.5m which in- 
cluded £6.86m exports, and £3.46m 

overseas. 

Staled earn mgs per 2ap share 
' are up from 15.93p to 14 tp and 

the dlridend is stepped up w ^2p 

' (3.96p) net, with a final of -82p. 

An analysis of sales and pre- 
tax profits shows; UK operations 

construction £5L77m f £41 Jam) 

and £3.77m <£2.%m): consumer 
and allied products £31.92m 
(£34.49m) and £l.Sam loss 
(E2.53m): engineering 
’(£31 52m) and £2.11m (£2.1S_m) 
and printlna and Packaging 
£33.09m (£282 1 m> and 
f£3.22m): overseas CwJPrn 

' {££ 0.85m) and £4.34m (£325m>; 
' and head office and associates 
£1 6.83m f£17.5m) and £2.0ara 

('£3.01 m). _ , „ . 

\ Profits were subject to tax of 
«'£52Sm (£3.49m) and pre-acquisi- 
tion losses for the period of 
« £6.000. Also there was an extra- 
-ordinary debit f° r the year of 

■ £0.76m against a £93.000 credit 

■ • .last time. , 

• ■ Surplus for the year was down 
-Jrnm £7. 76m to £7.4Im but a 
smaller transfer to reserves of 
£4. 95m compared with £o.abm let i 
the available nrofit up at £2.4fim. 
” As at March 31 assets totalled 
1/ 011. Mm and net current 

■ assets stood at £43.09 in (£37-. 

19# *-78 lJ* 1 ! if 

£0Qn moo 


board meetings 


in; following companies hiv» noilfiwl 
rtai.'S of Board um-iinus to the Stock 
Estian-e. Soch meetinss ar<s nsnaB? 
h.-'lri for the purposes of tonsidcrilM 
dividend?. Official iniUcauons are not 
available wIMkr dicidi-mte concerned 
a r« Interims or finals and ifai sub- 
rii visions shown betun are based m .-.lnlv 
0 - !j« scar's timctaMe. 

TODAY 


Interims — Cron He, Trident Television. 
Finale— Canie'5. Somic. waller and 
siaiT. WhBoerolt. Wilson Brothers. 


FUTURE DATES 

Interims— 

GrautW Trust 

.Variolic Capital 

Trust Hwscs Forte 

Finals— 

Caird ‘Dund<’"'- - • - 
C ills pur 

Circsham Houre Estate . 

Jarvis 'J.i 

7>1 onk l A. i 

National Carbonisin* . 

Precdr 'Allred 

Wharf Hill tiirnv*ln.is 


... J'ine ** 
. .tun-.-?? 
... June is 


. . .7 nr... ;r 
.. .tun. .’■» 
. June 
... July 
.. .nil* - ' 
. .. June 

lull’ IT 

.inn..- :<» 


• Gronp sales 

UK ■ 

Exports from UK 

Overseas 

Associates .. .. ; 
‘ ■ Tradlns surplns ... 

Associates 

- Investment Income 
{ .Interest parable 


19S.M3 173.973 

12* "SO 119.13* 


27.1531 1*473 
25.790 20.849 


]« 832 17.493 

16.938 13.065 


3 portion of the profits from the 
Iraqi turnkey railway sleeper 
factory contract — anorher plant 
has now been sold to Zambia. 
The window side has been busy, 
a } t *o aided by a higher proportion 
of overseas business. Meantime 
engineering featured a good per- 
formance by the crane interests, 
thoush this division was held 
back by a loss oF near £200.fH)0 by 
the scrap operation. Norcros is 
currently negotiating the acquisi- 
tion of several other engineering 
businesses. Conlinrng with the 
pood news, the UK printing side 
enjoyed a record year. 

There are also some black spots, 
however, with the Hyaena 
kitchen furniture subsidiary 
further hit by a late slump in 
demand (which continues to be 
very poor in the early months 
this vear) while a £0.3ni loss was 
contributed by the French print- 
in'. associate Nor SA. which could 
well be in line to be sold. The 
balance sheet remains liquid, with 
cash nearly £4m higher at £14.4m. 
anil Norcros is anticipating 
Turther growth. At S4p the shares 
are on an undemanding ratine, 
with a p/e of 5.5 i after r.fi per 
cent tax) and a yield of 8.3 per 
cent. 


Advance by 
Continental 
& Industrial 


to this success aith?u?n L^man 
fids had a difficult year due to 
extreme competnici'- 

Capua! expend ini" 11 new 
asset* in the cnuinoering com- 
panies are expected l 1 ? cost 
falinjmkll while another £60.000 vnll 
he spent on alioratinn.*. The 
Escitlgh Foundry di“ oiopmcnl is 
nuw £ii0si.r*0ti ivzainst llitt 

original plans which w^uld have 
cost £450,000. 

The chairman refers to the 
acquisition of a mj.i |, r interest in 
Be re ke ley House, an office pro- 
perly in Exeter, a minority 
interest in a computer software 
innovation and substantial 
interests jn a const' "Hum drilling 
for natural gas in the U.S. 

Mr. Amorv expresses confidence 
that JP7S will >ec tin* continua- 
tion of the group's success. 


With total revenue higher at 
£2.473.720 against £2.22LS94. pre- 
tax revenue of the Continental 
and Industrial Trust advanced 
from El.tS6S.232 to Xl.Slu.5f'.> for 

the year ended May r.i. JflTS. 

The taxable result' was struck 
after expenses of £157 .265 
(£llrt.71Si and I516.S6I) i £442.944) 
interest. After rax of £634.27(1 
<£644,174) and preference divi- 
dends. available revenue expanded 
from £!i8a.o?S to Xl.12li.S25. 

Stated earnings are fi.B3p 
i'5.S2pj per 25 p -hare and ihe 
dividend total is stepped up from 
3.75n to 6.4p net. with a linal 
of 4.1ap. 

.Ner asset value per share at the 
year-end stood at 259.4 p i24U.4pi. 


Normsod 
shuts down 
in Canada 



mm 


; ^ fC \ r r'^ \ rEffiVJtt.M 4*i 


flT & I- ?4 


■ of' ,VrtCB&t&Q 



jangegro .. 
piated a striK(g,t!. 
in the oll M^gas 
turning tffnqj^'“ _ " 

longer term/ k. 

-*\Ve- espedisawa . 

business _ . 

foture as we ■cam-rSe&^’Rb: 
L.., .MaH. llnT'.^.TtW> iWMltDl 


inifres' - • , n nan 

Profit before tax U.BW 


Tax 

'Net profit ... 

> Pre-acquisition tosses... 

. To minorlilcfl 

' _ , 

pref. d/vMenils 

" Exiraorti. ttobu 

Leaving 

To n' serves - — 

Available — 

ln»#>nro ord - 

Proposed final ■■ — - 


Expansion by 
Datastream 


Continued 
progress 
for Lowman 


• comment 

With full year pre-tax profits up 
a fifth, following the 22 per cent 
interim Improvement. Norcros 
has lived up to expectations. 
There has been a soTid advance 
by the construction side, aided by 


Datastream International, which 
supplies financial and economic 
computer-based information and 
computation services, is to acquire 
Inter-Bond Services for a 
maximum oF £300.000. 

Inter-Bond provides computer 
services on Eurobond and gilt- 
edged securities to dealers and 
stockbrokers, and has close links 
with The Association of Inter- 
national Bond Dealers 
Bond's directors and staff will be 
joining the Datastream group. 


The Tiverton-based Lowman 
Group, which has interests in pro- 
perty. investments and engineer- 
ing, achieved a pre-tax profit in 
1977 of almost £1.5m compared 
with just over £l.lm in 1-76. Tax 
amount to £630.000 compared with 
£315.000 and cn-partncrthip paid 
to employees exceeded £75.000. A 
similar figure is recommended as 
dividends to shareholders of 
whom approximately 40 per cent 
are charitable trusis. 

Mr. Ian Heathcoat Am my the 
chairman states in his annual re- 
port that all sections contributed 


Despite ciose supervision from 
the UK the Can.idi.:'i venture by 
Normund Electrical Holdings did 
not come up to Manned per- 
formance in 1977-7A md been 
shut down. The company, formed 
in Toronto to hand!-- group sales 
in the region, had 4-43.000 in 
the previous 12 month!*- its first 
year of trading. 

The market has remained very 
depressed ami n:> additional 
import duty was implied covering 
the group's range «»f products, 
which include elecLru. motors, gear 
boxes and electronic and marine 
equipment. Mr. J. Bondage, 
i he chairman, tells members that 
the registered comp-”.- in Canada 
is being retained if. case it may 
be used profitably a; some future 
date. . 

The group has recently imple- 
mented a substantia! programme 
of updating of manufacturing 
processes and machinery, a pro- 
portion of which will be financed 
by leasing to assist cash flow. 

The group's new South African 
company began irading on 

March 1. 1978. Backed by a great 
deal of sales promot.on it got off 
to 3 “flying start" and should 
be contributing to .roup profit 
in the current year, he say?. 

Meeting. Kensington Palace 
Hotel. Vi', on July 20 at 11.45 a.m. 


for truly VKSm& ‘g tamr *4 
■Could be fegffllFf <?*!-» 

Argo's capital #enaniE 

next five yea»-vrat|Jie&oa 
bbs explorstitui 

? --.4. m! 


Mr John V. Sheffield, chairman of Noreros— grocp battfnw gas explorati on^atid .prp 
sheet at March 31 remains .Uvridj] with ; coh .nearly 

higher at £I 4 . 4 hl ; - profits., :';-.V. v ^^§Sg 8 


Parkland 


but warns on imports 


HYXJlVDAI atvb 
NSW -C^AE; 

The r*w WfleibiKd 

coal miner. 


'3 g©ar -earlier twi expl 
X^dswqr«iyr^^!^e«LTnaiia|j» 


.ALTHOUGH EXCOUBAGED by 
the first few months, of trading: 
showing increased turnover Mr. 
Jack Hanson, chairman -of Park- 
land Textile (Holdings)* expresses 
great concern in his annual state- 
ment over the effect of cheap 
imports on the UK . textile 
industry. ' 

“ Given a fair chance to ■ com- 
pete. 1 am optimistic that your 
company will continue to prosper 
in the current year,” he tells 

shareholders. 

Nevertheless, he says he is now 
disappointed with the prospects 
for selling products in the 
Common Market. The oppor- 
tunities. he adds, of a much bigger 
home market in the EEC seems to 
have become, “opportunities for 


the StaMMMntroHed cwintiai^^id 
the TTtinT World ." •' *■?•<<" 
As reported ah June T.-.P&k- 
land, one of B ri tain’s oblgEe^r 
producers, of worsted eloth fOf tnB 
men’s wear trade^aclu?ved, r»otd 
pre-tax profits of £22m {£l&lw) 
for the March S,' 1978. ynar ou 
best-ever sales of CfStm). 

Mr. Hqpson points outSfcat 
throughout the yearj there 
heavy pressure on the edaq^ys 
■business with the jsutt£ple': ; goSi-: 
ing trade whlch itself idff.nifeen 
affected by cheap ' import* -^>Our 
industry still : faces • imjjsjSjsifile 
competition from' cheap- imports 
of - basic products; in spite \-M the 
renegotiation of "the inulf(-£bre 
axnmgexnentr he.’ sutest/.^ 
Margins .were > again .^Under 
[pressure throughout the ‘.yeteV he 
says, both at home and" abroad, 
and the combination 
factors made it more dlfflci “ 
the chairman .had- anticipa.u_ . 

' Funds generated from . group 
operations during the y&tfc^came 
to £2Bm and- £L4m was-;spettt. on 
capital expenditure, ■ representing 


Peking partJcipafhwi in 

coal mine Korea 

Hyundai InterahtioniiL 
^Aocdrding:v5o: .^portoT rfrora 
Seoul, Korean 4 

the GoverniiMfnf 

consider a jili' 

inject A$45m ( 
mine. .. 

The Korean officflals said - - . _ 

of this sum* A^lOm virdgldrcWsmine 
equity vestment- .Jrot. 1 .1667:-®®^ 
not make 'clear; vrhetoof - f 1^fo 
equitv would '.be' aane'.wcj^jrti. 

in Whi te . Iiilusfri es, 
said. -.’J’-V.' '1 ■ jA -' 

White l&dostines said. a Kopewt 
electricity- corpora tkm 
tfaf niissidlh Vfhlck~ visrted- 'Pie 

mine in 1B77, advised it ttogUfjfo t 

coal was suitable, a., would he 


Wesfemj'Ao^t 


1 JU tOOKUWo. muuw 

in QdEBfic.*!^^^^a!s?2assw 

The- Jaimes Bay- ‘ V./ ' ' 



IDB- junta . _ 

Corporation, a Qu&ec Govern-, ^ahead arid tatt _ 
meat agency in charge of iirini^^tan^attitme-that 


■mm* a'afv^^niv^s ««M'J i 
IJ iRu 1 0 


panlritiff on Grindlays means more than taking advantage of the 
Group’s network of branches in some 35 countries. It means working 
closely with our specialists in such fields as export finance, foreign exriiange, 
eurocurrency finance, and corporate banking. They take full advantage 
of the regional knowledge and support provided by over 200 Group 
branches and offices located in most of the major world markets. 

This teamwork provides the right financial products and 
packages at the right time* 












rDTil 






1 < [4k : ? >'-» t > 


i Imp 


1 * 'L-l’U 




mmmmm 


MW 


Members of the Group’s Export Finance Department 
discuss various forms of £CGD finance with a major 
U&. exporter. The Group can now handle ECGD 
buyer credit business in U.S. Dollars or Sterling and 

can also arrange the financing of supplier credit business- p 


In India, Grindlays has over 120 years of hanking experience 
and a network of 56 branches serves local and internationai 
companies. One important international customer of Urmniays 
in both India and London has a subsidia r y which operates 
fhig audio factory amongst its worldwide activities.^ 







been ac 
3S7.420 Si 
The offer 


LOCAL AUTHORITY BOND TABLE 


Authority . 
(telephone nwrrber in. 
parentheses) - :■ - 


‘Annual 
j gross 
Interest 


Interest Minimum Life -. 
payable -sum box 


Barking <01-592 4500) — 

.-'Barking fOl-592 4500) 

VBarnsleyjJtfetrp. (0226 20823ZV 
Khowdey'(051 5486555) ._....tv 

Poole (02013 '5151) I........,'... -1. 

Poole (02013 51511 
Redbridge (01-478 3020)—-- 
Sefton Met BC (051 922-4040) 
'Thurrock (0375 5122) 

Thurrock (0375 5122) 


'% V 

_- v. 

;; ■£■■ 

Yea 

-m 

'.^-y€ar; 

‘ i.o6o' 

*8 

m 

*-ytar 

5,000 

. 4^6 

• n ; - 

4-jreatu; 

■„ -259.. 

; 5-7 

in. 

i-year 

•LOW) 

5-7 

101 

fyuur' 

. Soo 


m - 

t -J-year 

— 580 ’ 

6-7 

I H\. 

4-year 

• 200 

57' 

4H 

- ?-year 

' 2J300 

^-71 

. m . 

1-year 

• 300 

* 

115 

•1-year 

300 

3-8 


SI > I CO. MO N E V FUNDS 

Saturn ln%eslment 
Management Co. Ltd.' . . 
CANNON STREET EC4.M 6XD 
Telephone; 142? 



Races pud for W/E 25.678 


CiH 7 day 3 month 


%. p’A. % p.a. 

^ pA. 

Mon; 

10.886 10.502 

- •• 

Tues. • 

10.440 10.558 

— 

Wed. 

10529 10.823 

9.625 

Thurs. 

10.423 10.725 

— . ■ 

Fri./Sun. 

. 9.782 10.561 

— ' ' 



FtNANCE FOR INDUSTRY .TOR AI DEPOSSn)? 

Depcstts - of £1,000^25.090 . accepted . for fixed -terms of 3rH , 
years; Interest paid, gross, half-yearly. Hates for.'aeposs* %. 
received not later than 30.6.7S. • 

Terms :(yeara) 3 4 ; 5 . 7 r 9 : 

Interest 96 101.11 : . [lljl;. TO , 12 ^ 

Rates for larger amounts oin tequesc r Deposits to^and. Rficp • 
information from The Chief '< 3 a*Ae^-®nanM f 0 j'Indti^^ n *t L 
lahnited. 91 Waterloo Road, -London SE1 8 XP (01-928 78U 
Ext. 177). Cheques" payable -to u Bank of ^ngland,' a/c FF , Lfs * 
FF7 is the holding company for 'JCFC .and FCL * 3 .. 


This Advertisement is issued in compliance with the requirements-'*# i.tHib'Coaadhrv^-^be- 

Srocfc Exchange. It does not const ft erte an rnWtotiontoony person to .subscribe foror purchase 

. any preference Stock. : : ; ■: ■ ' ^ ’-‘.1 ” 


ALUED LEATHER INDUSTRIES 


Capitalisation Issue of £600,000 9 percent 
Cumulative Preference Stock 






The above securities have been admitted to the Official. List ahrfd^Rhg^*;' N' 
in them will begin on 26th June, 1 978. ; - v • ; 

Particulars of the Preference Stock are contained on cards 
Extel Statistical Services limited and cotjies may B&obt® ed darif^- ' 
normal business hours on any weekday: (Saturdayiarid public frpfidays^ ^ . 
excepted) up to and.inciuding 1 0th. July, .1978 from:— ^ V 


FIHLDffl^»EWS8R4MlTH&t!0^ 


I nniinn CPW 7WY 7 . .. 


Garrard Haase, 31 Gresbam Street UadpflJEjC2y^C: 













Financial Times Monday June 26.1978 

iJPending dividends 
^timetable 


- - - . 

The dates when some of the more mwortont 

^ll t owi^g 1 tahie y DatS C ^^ “e^ho?!” y2S ^nSmwrne^ 

astSSS 
saw mm 

pro41 fisures us “»Ujr accompany anal dividend 


S v : ( Date 


ViAwtt- i«fc- - ■ July is 

' -•-■ Discount.. July 3 


Announi-e- 
mt'Oi uk 
year 
Fins] 6 
Pinal l.OJfi 
Final l.;S32 


Dale 


. . Jniy 22 


Vhmm London- . 

.' -.»*■*" v ■ Pcoc-rJim- a- 

__ 1 vaj}^io..^ineric«n . 


-£v. Carpo.' Grp.~ July U 


1 st. O 
Final 4.5799 
Oivs. doe 


Sees July 13 1m. 1 


i_. ; * '^»^Sewsp«l« 8 '-|iii» 


, -^Bueiaj*. 'Ba**— inly 2S 


■ ■'VSasseO' iCec.V^-Jnoe 2 s 
.- v •'• yw^ anA - 
_ Pwdaqii... July a 


Final UU 
lot. 5J 
Final 4.033* 


.= StrOBd 
> ..vQoaicast— July .13 


iaL.1.5 


v»bj>b rads-- ■ .—.Jaws SB 

- rBAT. Tn^a. — ■ June n 

. .? «cWW>. — ...VJijue 28 

.VT-Baafe " July 14 

- /jiaibt Mail and 


Inc 1.35 
See. hit. 3.42* 
Sec. me 4 
Final J-S355 
Final 1.7875 


( ‘ 1 . ""I 'Z~.rGea±ftL.^JWy s 

Vllilfl.. '-‘■o*n-3n- — ■ July a* 


" J ldv, ( 

II, I \ J mm «■«« --pune i* 
'V i f.-, , rtvrt* .?iy. — July 21 

TNFC- .r June 27 

C t? Filch Uwll ... .July 27 


j>*« . Hu. •--. 

Sil'f Diaflltora ■ July 14 
’'lift, uteons Photo -,-Au*. 3 
.Boijnw Park -June 14 


General 

v Stearic.*.. ...July 3 

July 13 

ae. 

Sros. Disc... July IS 

ijjraarta. ■ June 34 

July 27 


Final 7JI2 
Final s.8 
Final 4.49289 
Final LSi 
Inc 0-23.1 
Final 7.2 
Final 6g» due 
Final 2.518 


Final 1.802 
Inc 1*25 


' ‘'&£&83ELZi~ 

- Stores.. July 21 
* “ i'HlfflireS Tat. .. July 21 
- ■^•Bainbroa — —July 7 

■*■•*!£: "Gas, ...r. June 27 

'.^nilMwonb 

Morris.. July 2S 
..^.•Jjnuerial Orp. ..July 13 


Inc 8.6 
Inc 1. 0648 
lut. 0.5 


Final 4.155 
Final 1.12 
Final 3.075 
Final 5.27857 


lochia pe 

Jo' Hurt ' 

, Consolidated. June 9 
J ehtuun- Richards 

Ttles . July U 
Ceir.aci Inr. ...mi*. 2 

.IK 119 B * nk — 21 

LRC inti. ...July 29 

Magnet and 

Southerns.. July 19 
Mcrcnn- Secs. ..July 21 
Midland Bank ..July 2 ! 
•MK Eieertric . ..June US 
■Natures! Bank July 29 
^«0send July 23 

Presdse July 28 

•Prop.* aids. and 

Inv. Tec... J une 27 

g*®* Or* July IS 

RedUud July 21 

“Reno Id June 29 

Rothmans 

international.. July 7 
fwthscbiM Jnv.,.Julr IS 
■Scoc and Xwcatl. 

Brew. .July 6 
Scot, and L'niv. 

« rR l°v. July 14 

sur June 27 

•South' Crofir ...Jiin< < 2s 
•Standard 

Chartered June 27 
■stanhoose .. .July 2 d 
Stk. Conversion 

and Inv ...lac. 2 
Taylor Woodrow July 26 
Thorn Elec. .. ..July 6 
•Tran Rouses 

Forte lune 28 

unfttate July 21 

•Union Discount.. July is 
Vaux Brews. June 24 


Announce- 
ment liK 
year 

Final 3.45 


Inc due 


Final as» 
Final 2.011 
.Inc 3.7X3 
Final 2.179 


Finals 
Final 3*3894 
InC 5.75 . 
Float 249 
III!. 5.1*5 
Final *0937 
lnL'1.73 


Final 3.70S 

tut. 2 .U 3 

FtnU£942 
Final 5.9527 


Final 1.1815 
Final 427 


Final 1.952X5 


Final 2J7 
InL 2.5 
Kraals due 


Final i*-S05 
Ini: L85 


Fmal 8.99 

me i -K 
4ev;inc 4.33S2 


me 2.25 

Final 1.5672 
bn. 45 
See. me 8 .H 


Final 9.47 
Inc 2.25 


' Board meetings intimated. 1 Rights 
Issue since made. - Tax free! i Scnp 
issue since made from reserves.. 


IM F RNATIONAL COMPANY' \ EWS 


Growth at Swedish E>SM closin 
investment group 


or 


BY WILLIAM DULLFORCE 


STOCKHOLM. June 25. 


fertiliser 

plant 


THE SWEDISH investment 
company Promotion reports an 
increase in earnings of 54 per 
cent for the year ended March 
31 and the board recommends an 
increase of SKr l to SKr 10.50 a 
share in the. divideod. making a 
total payment of- SKr 9.9m. The 
pre-tax" . profit of SKr 53.1m 
($11.5mj includes minority 
shares of SKr lJBm adjusted earn- 
ings per share come out zt SKr 31 
against SKr 24. 

Promotion owns 12 small, 
highly, specialised operating com- 
panies. the . bulk of whose pro- 
ducts; is exported.. Their com- 
bined sales increased by 27 per 
cent to SKr 1.29bo ($2S0uu last 
year with earnings rising slightly 
faster -to SKr 44.1m. The income 
from Promotion's in vestment 
portfolio was SKr 6.1m. an in- 
crease of SKr 5.4m from the 
previous year, when the income 
reported was exceptionally low 
owing to the. change in Ihe 


financial year. There was also 
jo extra dividend income from 
unlisted companies of SKr 2m. 

The increase in earnings by 
the operating companies is due 
almost entirely to rhe improve- 
ment in thp performance of 
Hiab-Fuco. which is the world 
lcintor in lhe manufacture of 
hydraulic cranes for trucks and 
Promotion’s larges! subsidiary. 
With an increase in sales of 33 
per com to SKr 539ni. Hiab-’ 
Foco was able to raise its pre-tax 
profit more lhan five limes to 
SKr 24.7m. 

More disappointing was the 
performance of ihe second 
largest company in the group. 
Linden-Alimak. a crane and 
construe! ion lift producer which 
returned almost unchanged earn- 
ings of only SKr 12m despite 
sales up 46 per cent to SKr 249m 
The Kilaberg Property Company 
contributed a substantial 
SKr J 0.7 ui to group earnings,. 


Tax recommendations 


iiPublic Works Loan Board rates 


•• VC" - Yew* 

^JptO 5 

V-Owr 5, up to 10 
“flW lO, UP to 15 
-«Ov<er l5, Up to 25 


Effective from June 24 

Quota loans repaid HtB-ouoia loan* A* repaid 

at 

manimyS hy El Ft 

Hi 124 

12S 12J 

12j 12| 

13 134 

13 33 



AX 

124 

12* 

134 

134 

13J 


malar hyl 
121 
134 
• 134 
131 
is! 


? Orer 25 i _ 

t Non -quota loans B are 1 per cent higher in each case than npn- 

. pcfirota loins Ar f Equal instalments of principal. ? Repayment by half- 
gyteudy annuity (fixed equal half-yearly payments to include principal 
; ,and interest). • § With half-yearly payments of interest only. 


£ RECENT 


ISSUES 




ref- 


EQUITIES 



F.l*. -50-6 

ilM F.P. by 


r554 '^F.P. ; 38 


M 2 

66 

Krflmal! 

• 86 

(4.5 ; 3.l( 7.7i 4.8 

: 169 

1 *' 

KurvLbt'Tti 

162 


38 

S3. 

TTiamea PIvn-oM. 


H2J0 ’ 2-3 '83: 7.4 


4’ Ni- 
V i f \ 


FIXED INTEREST STOCKS 


^ u ' 0: 






r;j£io , 22.9 

F.P. .14/7 
. Xd - 



f;p: - • 


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r.p. , 7 7 102 . 


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84 jiHir.it lot Ljqv. Liu. Ln.ltUU 

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fuuy-pgldi^pr^ooal 

Hr ’oirtly-nM.il dlhwiMBt jgto* » With warran t. — 


TEL AVIV STOCK EXCHANGE 


Chans* 


J78 


:«!.i . ”• . . ■ ... Juntas 

vjartrinfl. foawwe '.and fence 
Lemoi le-lirael &7 

E m^ v ^*^lrhpWkTtf ■ 4SStS- 

e ^wnllm ..... ..’438 ... 

— ,,' Uofon Bun 0 : Israel ■ ■ . SH 

~ > ai. 3 mH .4tlaHiW Bank .,. 24* .. 

' yiBtsswk^towtOTpe -• - 7 ” 

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•v^HetaBai* -Man:. .Bank «3B 
• ,-Cahd Oeve t o p mc ot . . . ' ’ 

■--'towa Jarael InveSL.. ... !■*» . 
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Rrepeijy rtur Baumne - 333 


week 


+ 3 
+ 9 


470 

388 


+ '2 


-r-48 

-I- 4 

- 4 


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+14 


public rawer 
Israel Bectrtc Corp. 
litvetuoenc compaoiee 
Bank Lfiaml Invest. ... 

ctal ’’ Israel Inv csi. 

Cemmerctal a*uf lodratnai 

.-nm 

flWSJSP-B-'”:'® 

American Israeli PaP«r g - 

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Tfiva Reg- - 

Feel and oil 
'Ddek ’. 


+ 3 
+ 2 


V 8.3 
- 1 


- a 

- fi.8 

- s 
-26 


39 3 


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BASE LENDING RATES 

1 mH3at,rn ™ 
■ 5VAftied:ItMli'««aks UJ- g 

* Americrair Egress Bk. 10 % 

v -r-Anrq Bank -.- JS k 

1 V - H«wy+Ansbacher 10 J 

2 • Banco:- de Bilbao 10 % 

+T7Sfanlf «f CredK* Cm«. ™ £ 

’“Bjmk'-of-Cyprus 20 ^ 

Bank of N.S.W. 10 % 


Banhae Beigc Lt*--- « 5 
“■ t. du Rhone 


Mione JJ4% 

Barclays Bank *, «■ 

■; ;Sirh«t Christie Ltd..-- u 

iBrcqmrVHdJdiass^ U» 

-WR. Ba»tp£M«i- East 10 % 
■M Brown Shipley ■----; ^ 2 
/ (ZiaMa : Perm' t- T™? ?o S- 

: Capito|,CAG Fin.Ltd. io J 

V vCayjerEfdL - 

Ced*r Holdings ---- 
’■CShaittiiOase Japhet.. w ^ 

' Choulartons £ 

r C.-E/ Coates * 

- f^usotelatftd &0<Ws 1 

i'^SStSSU : * | 


■ Hamnros oau*. J 0 % 

C. Hftire t Co tJO % 

Julian S- Hodge 11 S 

Hofigkong & Shanghai 10 % 
■lnduatriaJ Bk. of Scot 9 % 
Keyser Ulbonaun ......... 30 % 

Knowsiey & Co. Ltd.... u j 

London Mercantile ... JO % 
Edward Mansou & Go. Jit% 
Midland Bank ™ * 

■ Samuel Montagu JO % 

« Morgan Grenfell 3U g 

•National- Westminster 10 % 

Norwirti General Trust 10 % 

?• s. 10 * 


EoSsni*insfer..Accept*« 10 - 
ShyalBk. Canada Trust 10.^ 
ScWesinger Limited — J® J 

SSSfe’®5 sr:gj. 

TvStieth Century Bk- JJ J 
uSitMBank of 
WWte» way fdlaw ■■ V 
wmitoi&ey® g \ 


> ThpC.yprus io % 

6 ““T.» ^ % Yorkshire wd* ^005*. 
: Trast tQ or tb* Accbpms 

• WiSS..:" 1 ® 56 w .tjodBtt fei— 

First 5e^. - 31 « . MlS dapMU ^ 

. First Nat, Tin. Corpn. ^ mi _, 0( osmb. 

>. Fitst Nat. Secs. U & * wwjffiW? !Tf® ** n " 

KAittoay ^ «J gSfoH* »*• „ 

rr.fifeyhound^Gw^^-’jio % ; SI A*#>* a over 
GrUwHeys Bank •—•-•■ 1fl ot.-f- x>cin*«ra 0 pn*nfl »■- 
feGtrimjesa Mahon I 


A REPORT prepared for the 
French Government saggests 
that companies should be allowed 
to offset against tax all dividends 
they pay. 

The report on the long-term 
financing of companies, prepared 
by the Finance Division of the 
Economic . and Social Council, 
also said companies should be 
able to issue bonds that would 
give the holders the right to 
subscribe 10 future capital issues. 
Company borrowings in France 
should be made on a “ more 
flexible basis,” with more possi- 


PAR1S. June 25. 

biiities than at present for early 
repayment of loans and for bor- 
rowing at floating interest rale*. 

Tbe report added that stale 
aid should he restricted to i-aso* 
of urgenl need and should then 
if possible lake the form of 
capital injections rather lhan 
loans. It suggests workers in 
and associates of small companies 
should be able to provide loan 
capital in accounts that would 
be blocked for five years The 
interest paid on these accounts 
would Chen be given the same 
tax advantages as bond interest. 
Reuter 


By Charles Batchelor 

AMSTERDAM. June 25. 
DUTCH fertiliser group. Ume 
van Kunstmestfahrioken (VKF). 
plans to shut down plant in 
Holland ' with a capacity of 
100.000 tonnes of nitrate ferti- 
lisers. 

UKF. which is 3 subsidiary of 

the DSM Chemical* Group, 
announced in April j S4fim plan 
to expand its fertiliser plant at 
Ince on Mersey-side. 

The company plans to shut 
down a nitric acid and :< nitrate 
fertiliser plant at Geleen. which 
is part of DSM's headquarters’ 
complex jo South-Eastern Hol- 
land. some time next year. Talks 
have begun with the works’ 
council about the plan which Is 
expected to lead m ihe loss of 
150 production job-,. The value 
of sales from ihe plant is 
F!200m (S90m> a year. 

The shut-down has been 
brought about by the decline in 
demand id Western Europe. 
There is good demand fur nitrate 

fertilisers in the Scandinavian 
countries, where quick-working 
fertilisers are particularly useful 
in the short summers. Transport 
costs make it uneconomic to 
export from Holland however. 

With total capacity of around 
4m tonnes. L'KF is one of ihe 
largest fertiliser makers in the 
world. It has large-scale plants 
at Geieen, Ijmuiden. Amsterdam, 
and Pernis in Holland, and at 
Ince in the UK. as well as 
smaller plant in Belgium. France 
and Ireland. It is building a 
nitric acid and an ammonium 
nitrate plant at Ince and expand- 
ing fertiliser capacity lo 720.000 
tonnes. 


Swiss Bank manna! •• | Hoffman la Roche 


SWISS BANK Corporation has 
published a new edition of its 
manual of Swiss shares, writes 
John Wicks from Zurich. The 
manual, obtainable in English 
French and German, gives 
details of operations and 
accounts for 83 companies listed 
on Swiss bourses, with charts of 
stock quotations and dividends 
for major companies. The book- 
let also includes data on the 
development of the bank's share 
index over the past 20 years and 
for the first time a list of out- 
standing convertible and warrant 
borrowings of Swiss companies. 


RESULTS of F. Hoffman la 
Roche for 197S could be less 
favourable than those for 1977 if 
the monetary position does not 
change,’ outgoing chairman Adolf 
Jann told the annual meeting. 
Last year the net income of the 
Roche/Sapac group fell to 
SwFr 336m from Sv Fr 475m. 

Shareholders were told that 
the company has been seriously 
affected by fluctuations in the 
level of economic activity and 
conditions in the monetary field, 
but there were few changes in 
the timing of the investment pro- 
gramme and research is con- 
tinuing without restriction. 


Rorento listing 

AMSTERDAM, June 25. 
DUTCH INVESTMENT fund. 
Rorento. has listed its shares on 
the leading Swiss Stock Ex- 
changes. The funds shares are 
already quoted in Holland. 
France. Germany. Luxembourg 
and Austria. 

Rorento. which is the bond 
fund of the Rotterdam-based 
RobecD group, recently an- 
nounced that its issued capital 
more than trebled to FI. 945m 
($422m) in the 12 months to 
February. 

• Royal Ncdlloyd. Holland’s 
largest shipping line, has signed 
a medium-term roll-over loan or 
SoOnt. The 10 year loan will 
partly cover Nedlloyd’s invest- 
ment programme for 1978-79. 


MINING NOTEBOOK 


Metals Exploration set 
on the recovery road 


BY LODESTAR 


AT THE EXD of May T was giving 
st gentle warning here about the 
dangers of rushing "-indiscrimin- 
atelv into the new iy- fledged 
Australian mining share revival. 
Passions have since cooled, al- 
though next month could well see 
new excitements 

One of the shares tiled ih.u 
seemed to have been carried up 
willy-nilly was Metals Exgdnration 
which had quadrupled to 40p. On 
Friday iltpy were 27j». 1 pointed 
out lhai no drum? lie improvement 
lo justify the ri.*e appeared in 
have laken place in the fortunes 
nf the company’s major venture 
ihe siruggiing Greenville Imeriiic 
nickel operation in Queensland, 
where ihe n. inner is America’s 
Freeport Minerals which also 
holds 20 per cenl of Metal* 
Exoloratton. 

It was 1 bus a timely moment 
Iasi week 10 have lunch with 
Metals Evplnr-ition chairman Mr. 
Rec Hare who is over here mnkinc 
arrangements Tor UK share- 
holders to he more fully and 
promptly informed about the 
company's activities. 

He made no hones about the 
fnci that in j depressed market 
for the nteial Green vale is still 
going through a thin time How- 
ever. be though; that the worst 
nitiv now have bepn seen in the 
nirkel market and made the point 
that at least Greenvale has no 
problems in financing unsold 
slocks a., virtually all its output 
is snld forward under variable 
price contracts Furthermore, the 
mine's production has improved 
10 9-1 per cenl of capacity in 
recent months. 

He also pointed out lhai Green- 
vale is a maior producer of cobalt, 
the price of which could slow 
fresh strt-ncth when the supply 
m j»el 1 tie Trom the sirife-hit mines 
in Zaire runs dry. Greenvale’*' 
annual oumul of SO tons could 
ihen provide a useful cash flow. 
Even so. he still feels lhai it could 
take up lo five years before the 
overall operation will be able to 
reoay its total debis. 

In the meantime. Metals Ex- 
ploration has fully written down 
its investment in Greenvale and 
is thus in a position to rebuild 
its own fortunes ” now that we 
are ovpr the worst.” This will 
naturally require fresh funds in 
addition to the hoped for work- 
ing capital of some SA3m <£l.Sfimi 
by the year-end. But the chair- 
man does not envisage making 
any call on shareholders. 

At present there is a cash flow 
from the small but high-grade 
Nepean nickel mine in Western 
Australia, which still has at least 
a seven year life prospect. An- 
other paying proposition is the 


Ruxton alluvial tin operation in 
northern Queensland. But the 
sparkle in Mr. Hare’s eye is 
prompted by the 40 per cent 
owned Longos gold venture in the 
Philippines. 

This is the first ore body in a 
field that may hold farther 
deposits. H has a po lent in! mining 
life nf 10 year* in ore grading 
half -ounce 10 lhe ton. Projected 
annual out pul is Kj.noo ounces, 
and costs are assessed at only 
SU.S.7Q an ounce. The time 
needed to reach production is 
reckoned to be two years. 

Lnngos is “ready In go.” but 
first there is a linle matter oF 
SUS.irjm i£8 1mi needed for pre- 
production costs. >Ir. Hare sees 
no real problem in raising the 
money Metals Exploration may 
already have other new ventures 
in mind — tin in Tasmania -has 
been the whisper— and the com- 
pany can now be said 10 hare its 
root on the recovery ladder. But 
Mr. Hare makes no pretence that 
it will be a fast climb. 


it is argued, should allow a more 
generous profit pay-out in the year 
10 June. 1979. 

The March final Tor 1977-7R was 
30 cents, surpassing the chair- 
man’s forecast and milking a total 
of 55 cents i34.3p> against only 
25 cenls for the previous year. A 
September interim of 40 cents or 
more is being looked for in some 
quarters. 

Harmony is a low-grade gold 
mine and its shares “thus rank 
among those ihat can be quickly 
responsive 10 upward movements 
in rhe bullion price. Uranium 
revenue, although subjeci lo sharp 
fluctuations, provides a very use- 
ful insurance clement in the com- 
pany's fortunes. The shares are 
3 j7p giving Harmony the added 
mark.il attract ion of not being so 
heavily priced a> so many of the 
leading sold stocks these days. 

■ ' ■* * + ' 


Harmony hopes 

The price of gold behaves well, 
and may be in ihe process of 
establishing a new trading range 
in the SI 85-8190 area. But it is 
uranium that adds fhaf extra 
louch of brilliance to many of 
ihe South African mines. As re- 
cently noted here, the generous 
final dividend pay-out by Harte- 
heesi was partly prompted by the 
rill 6m customer loan ihat 
accompanied its blest long-term 
uranium coo tract, in ihat this 
will have reduced lhe proport ion 
of earnings needed to be set aside 
for capital expenditure require- 
ments. 

Harmony, it is now thought, 
could be another such example. 
It is also receiving an interest-free 
loan as an adjunct to a 'uranium 
sales agreement. The money is 
to be used to finance the erection 
of a new uranium plant ai the 
mine's Merriespruil section. This. 


There used t' 1 be a wise „ld 
mining market saying back in the 
gold boom days lh.il when Ameri- 
can buying rushes a share price 
up. ’Let ’em have ’em" 1 was 
reminded oT this bv Friday's jump 
of 24p lo 412p in De Beers, which 
was Ixrgel.v inspired by a sudden 
surge of U.S. demand Enough 
said 7 

* * + : 

While there’s life there's hope 
department : I henr ihat Bridge 
Oil is making a hid 10 tbe receiver 
into whose hands that relic of 
the Iasi Australian mining market 
uproar Silver Valley has fallen 
10 cents for the fully-paid shares, 
and 22 cents for the panly-paid. 

The company was last known 
for iis Slaw son coal and real 
esiate interests in New South 
Wales, but it is presumably fhe 
tosses that must have butii up 
that are also auracting Bridge. 
Last year Horn pi on Areas paid 10 
cents a share for an 18.7 per cent 
slake in Silver Valley, which also 
has an antimony property in NSW 
being worked on a royalty basis 
by a subsidiary of Vam. 


INSURANCE 


How to safeguard 
employees’ health 


BY ERIC SHORT 


Currency, Money and Gold Markets 


Papering over the cracks 


GOLD 


' V*y COUN MILLHAM 

-INFLATION and monetary condi- 
tions bkve given rise to some con- 
cerrrmA both sides of the Atlantic 
recently^ and there is a general 
feeling hj financial markets that 
little is being done to correct the 
fbetofs leading to tbe over&U 
malaise.- - -. 

Tbe giJt-fedged market in the 
UJC has run out of steam, after 
the Initial bout of activity when 
Minimum Lending - Rate was 
raised. 'to 10 per cent., while tbe 
U.S. authorities also seem .to be 
lotting .towards higher interest 
rates as a possible way out of 
their; economic problems. 

- Expectations of a further rise 
in New York interest rates, have 
led .fO: suggestions that the Bank 
of- -England has only a limited 


.■mi* 23 •tune 22 


opportunity to bring down rates dollar, but in recent days the 
in London. But, at the same time Bank of Japan has had a much 
it is probable that merely lifting more difficult time than the 
U.S. rates will do little to dispel Bundesbank or the Swiss National , 
fears about the economy and the Bank. A,,w " uo r ‘ sms ’ - 


(••*1 Bullion IH till!- 
•nin-ei 

V lone 

(•peniue 

VIc.miuE iixiiuc 


underlying 
dollar. 
Several 


weaknoss of the 


feuve'etgn*. 
UM W<rietn> .. 


CioM l-ilii* 

min tin I him l< v 

Kiniivi-rnnii 


CURRENCY MOVEMENTS 


J«b*2T 


Ink or Hutu 
England Guaranty 
Index change* *■ 


SrerUn* — UJ7 -*u 

VS. flnJJar'.— I7-7J - - U 

Canadian dollar . — 4X0 -I2.T 

Austrian schilliot ... 140.0* +M.7 

Belgian Crane UOJS +123 

Danish krone 115.15 + 5.9 

DdffiKhg Mark 1403* +3*3 

SKto; ftwnr — ' 14237 +74.2 

GuOdec. 1M35 +10.* 

FrMifl franc — . 4*37 — 43 

Lint 5M0 -4*J 

Yin _____ ... 102* +415 


The Japanese authorities may (;„m 

have been reluctant to intervene -inmem.* in- 
different factors have wo heavily in the foreign knwcimm 

played their part in inttuencuis exchange market, in fear of 
trading m Money markets and Ihe criticism at the forthcoming 
foreign exchange market recently, summit meeting of major mdus- 
but most of the interest appears * r ial countries, but rumours that 
to centre around events in Japan, certain European central banks 
and the U.S. may have bought yen against 

The continuing trade balance their own currencies only adds 
in favour of Jaoan and aeain-tt welsh * lo the suggestion that 
the r pushcd P *ihe 3 yen 3 to Its * ei £ * h f ^ 0rit }^ 

highest rate against the dollar ,D Tokyo can do lo Slop the 
since the Second World War last appreciation of the yen. 
week, but the U.S. currency did ** central banks have purchased 
make a partial recovery on news ? cn ra . r ,ft an dollars as an 
that President Carter is prepared intervention tactic this only adds 
to raise oil prices nest month 10 Japan* problems, 
through increased import Tees if 

Congress is not willing to increase THE DOLLAR-SPOT 

domestic oil taxes. This was only 

short-lived however, with rhe 
dollar/yen rate back ju record 
levels again on Friday. 


S1BBM86* 
S ItB- 186.‘ 
*18538 
il' 100.674) 
Mt5.55 
,rib0.5S6. 


S 1844-1 Hi 
5185-185* 
S 185.55 
i£100.48S| 
S 185.50 
iX 100.2451 


S 1992- 194.' 
ii.-1041-lOS, 
-<5<;. 55; 
<i2cJ-50«> 

ran 

.£99.-30:. 


*1*1-196 
i-iBHBi-iO*!-. 
554; -S 6 i 
>X99A &0p 
*5551 
.85031 . 


.New r*.\rrt>icn«. 
>il«l M'ir>i.i K n> .. 


W 1 Kart’- 

SU- knell** 

V h* 


5isovie2-: 
.£•105; Mil 
S5S-55 
.£2 0l 2S,. 
>55-57 
.£2°: SO;. 
i?275. 278.‘ 
!* 15a,.- 158- 
S3-;-i02- 


s iso; 1m; 

<£(066 104(1 
S55-S5 
£28i29;, 
*•55 57 
.£60-31. 
5-75. 278; 
SUE 1S9 
S«»-10J 


FORWARD AGAINST $ 


against 

banks 


the dollar, the central 


isolating itself as the world’s 


B*8&1 lAo trade weifhicd chaoses irom 
WMhi04t6fl 


agreement December. J971 
IBank of England lsdexslH. 1 . 


THE POUND SPOT 


their respective levels against the 

FORWARD AGAINST £ 


June 23 

Day's 

spread 

Claws 

One month 

0 

p.Ba 

Three months 

p-a. 

Can-do 1" 

N.B5-M.03 

K.H5-88JS 

0,01-0.03c pm 

0J7 

fLOM.Mc pm 

0.U 

iiuildi-r 

2.2J34-2.2U2 

2.233+2JM0 

6.754. 7Bt pre 

3.88 

2-36-2. 21 c pm 

S.40 

Ri'i&lrfii fr 

32-53532.765 

32.U5-32.70 

8.757.75c pm 

3.06 

25231c pm 

2.63 

K.r 

5. *330-54415 

54330-5.4345 

— 


— 


D-U^rl: 

2.0315-2. B855 

2. 0*15- 2.0625 

0.S5-C.XOpf pm 

4.74 

2.76- 2. 72 pf pm 

5.23 

F*i»n. E* 

— 

45.75-45.95 

— 


— 


Lira 

£57. 20-357. fO 

XS7J0-C57J0 

2.W-J J9c die 

-4.13 

8.60-5-JSc d.s 

—4.69 

r.rwcii. h r 

S.3S&3-5-41SQ 

S.4125S.4150 

— 


— 


From-Ji 1 r 

4.567S-4-S7VO 

4.5570-4-5*90 

0.52-0. 62c dis 

-2-94 

1 -50-2.7BC dis 

-243 

Swedish Kr 

•5W4JW 

4-5*1*4.5436 

— 


— 


Yen 

206JWD9.* 

207.40-207.60 

6444.74y pm 

4.0 

2.70-2-55* pm 

4.82 

AuMria Scb 

— 

15.61-15.02 

— 


— 


Swiss Fr 

4JV90-4J4W 

4441W4430 

1.16- 2.65c pm 

6-55 

3J7-3J2C pm 

6.T7 


- l : _S com* Per.Canadi.in S. 


OTHER MARKETS 


JUnfcS 


"(Eokf 
rat 




Day’* 

Sprout 


ClAM. 


Une month % pji. Three rnnntbt, % pji. 


£ 

.Nr-U-r Jtelp 


C/uaKdkn fl 
Girilfler 
BetBirFr:! 
Dvmah ICr^ 
D-iUrk ; 
CfertJ'Bao. 
•SpaorPOa. ' 

Ura- -' - 
.N r»gn. IvrJ 
Prtootl fir. ; 
JwrftrtKrJ 

-_ 'j 


98.22-88.32 
18.40 k- 10.41 i 
3.93,-3.04.1 
84.3S-84.85 


7 PJ4S9- 14580 '}.S485-!.9«» 

gl r '2JW75-2-Q8M 2.0770-2.0786 
4 ! 1.11-4.14 ,4.1138-4.1238 

file! B8.26-60.se 
9 j 10 J7*- 10.42 
I &.I6JJ5* 

18 84.00-15.00 . 

8 I 145.55-146.06.14S.7S-145.SS 
111ft S 1J77-1A88 1.5654-1.585 

M 

31-f 
Bl« 
r. 


9 J4* 18 J lil 10.086- 10-01 4 
8.41-8.45 1 9.42i-9.44jf 

B.486-8.496 
; 3825-384: 

! 27.6S-Z7.70 
• 5.442-^.456 


MHJI 
S80-3E9 
27.80-27 J 8 
6.436-6.47 


0.47-0.3 Ir.aut 
0.57-9.<7'-.|-ni 
2 i< 

60-20 1-. f.m 
U-3j ore 'll* 

3 2 |il nia 

15-185,-. rti. 

par -100 ■-. . 1 i« 

p»r-3 lire .lie 

i- 2 ; "re tlis 
1 i-i v. pn. 

ljor»- luii-jul tr 

2.50-2.40 v. pin 

13-i ||iii pin 

31ft-2lj i-.pui 


Bel^an rue Is for convertible franca. 
Financial franca 69 . 46 * 0 . 60 . 


2.75 

.1.42- I.Hi-.fin' 

2.86 

3.00 

1.73-1. 63.-- }.i.i 

4.23 

6.55 

"7 aft fi-jg r.|i«i 

8.92 

4.98 

30-80 i\ ]>in 

5.64 

— 2.88 

Ji-S* Min.lla 

-S.26 

7.11 

*4-7i 11 I 

8.33 

- 12.77,75-475 .-.pm . 

— 13.00 

—4.11 

35-175 ■ ..Ii, 

-1.74 

— 1.14 

'■Jfr- 6 * III* , 1 i» 

• -1.27 

— 1.56 

!|iai -2 ilia 

—0.40 

1.07 

-32,. |>ii. 

1.19 

D. 1 S 

3.--J Arr pm 

0.90 

> 7.66 

7.3S-7.45 ctuiii 

7.97 

3.47 

'35-25 aiu pm 

4.44 

9.15 

Mz .--|.ra 

9.57 

forward dollar 2 .TS -2 

66 c pm. 


A. 

.lU'lialw I'-ill**. . 
1 'iniMnii . 

Hra -.l L ■ .' '-'i" ■ — 

liwr I*. * I '. II". ■ 
H'Hj K-a.j Ifciita.. 

li«n Klal 

K.mail L>..l»i -KL* 
Ijitnul-'n.: I 
MalRycH l , --:l«i .. 
New 

San.|i \:nl.<a l!i\*> 
.-■intapnie I^lla: . 
S-u.iS \iiw-«.i l'*n«i 


1.456 1.460 
1-6039 1 6199 
7.88-7.861? . 
32.58 33.58 
67.706 69.378 
8.561; 8.59 
126-132 
0:600-0.510 
60.22-60.32 
4 J7 -4.381; 
1-7925-1.8104 
6.31-6.41 
4.28 4.300 
1-5938-1.6106 


787.45-789.62 lu-lra. 

0.8708-0.8784 .-i 

4.2710 4.2730 iDm 

17.62- 18.16 k'laia-r 

36.62- 37.52 (.■<■■ nmny 

4.6500-4.6520 Ualv 

60.15-71.40 Jaii.ii 

0.3704 0.2758 .Nriimlatkl .... 

32 58 32.60 

2.3755 2.3765 Italneal- 

0.9731-0.9817 *,», n 

3.41-3.47 *<vii7rrlan-l .- 
2.3285 2.5235 l nn^i Male* 
0.8620 0.B710 .Viift'— la>la_.... 


27ls 28.0 
60 6U* 
10.30 10.45 
. 8.4D 8.50 
3.80-3.85 
1560 1590 
385-595 
4.06-4.15 
9.85 10.00 
80-84 
1.43-1-46 
3.40-3.50 
1.84-1.86 
34-36 


Rat* Riven for Arcenuna is Ire; rare. 


12-month 5WJ.90C pm. 


EXCHANGE cross-rates 

' JtmoSZ 

Pound Sterling 

G.S. Dollar 

X/eui*c2)e3dlrL Japanese Tftn | Freni b Franc 

swi». Franc (Dutch Guilder 

Italian Lira 

|Cana<1n Pi-Mar 

Belgian Franc 


1. 

1.849 

3.840 

5B3.B 

8.432 

3.449 

4.119 

1684 

2.078 

60.27 

U^bcritar. 

0.541 

1. 

2.077 

207.5 

4.561 

1.865 

2. 228 

856.8 


52.60 


■ 0.260 - 

0.482 

1. 

99.93 

2.196 

0.898 

1.073 

419.6 

0.541 

15.70 

JaQiooaeTen 1.000 

2.606 ■ 

4.818 

10.01 

1000. 

21.97 

8.987 

10.73 

4128. 

5.414 

157.1 


1.186 

2.193 

4.354 

455.1 

10. 

4.090 

4.884 

1879 

2.464 

71.47 

SwiM Fra* c i 0.280 

0.536 

1.113 

111.3 

2.445 

1. 

1.194 

459.4 

0.602 

17.48 


0.243 

0.449 

0.932 

93.17 

2.047 

0.837 

1. 

384 .6 

0.504 

14.63 

ttailfta Urn LOCO 

0.631 

1.167 

2.424 

242.2 

5.323 


2.600 

1000. 

1.312 

3B.04 


0.481 

0.890 

1.848 

1B4.7 

4.058 

1.660 

1.982 

762.5 

1. 

29.01 

Belgian' Praac.100 t .- .1-659 

3.068 

6.37 L 

636.7 

13.99 

5.722 

6.834 

2629 

3.447 

100. 


MOSEY RATES 

NEW YORK 


LONDON MONEY RATES 


Prftne ’ Rata 

FM. JTinxU 

Treasury Bins (liwlek) 
Treasury Bills iZfrwaab 


*-73 
. MB 


Jane 23 

19T8 


Strain; 

' l*i lift rate 
of 


Inlerbanb 


Ln«l 

Aijibani'V 

JepIlHlhl 


nee-Miai'-e 

iirtn-i* 


FloeDi-e 

Hi.'u.'e 

Oepc*w* 


• L'oinnany 


[■Uwim 

n.arkel 


- Eli«lMe 
1 reflatin' 11" dL 

B.t/- <f BH'* + 


• Fine Tni'lt- 
lilf lb 


7-3a 


GERMANY 


Dfeccnnt Ru* 

OrarnlaM - 

One. 


-ttea* nwnrtba — : --- 

six tAum 


5 

3-B 

3-55 

US 

3.75 


Oremmht... .- 

2(ta» Pdtu-e- 

7 day* .>r , 

7 4ar* nofit-e.. 
One month....! 
Ivo ntamti-...| 
Three monih>.i 

^11 nSonthr....' 

N ine month?. 


9i;-10 


9^e -10 


— I 1' 


10 


9B7e — 


10-9 ’b 
10-9 / 8 
10-978 

10.;- 10 
io.-^-io,* 


FRANCf 

Dtseounr Raw — 

QvendsSt — 

One- mmwh - — - , 

Three . months 

Six. msnUu - - 


line yea j 10 > 4 - 10 ,* 

Two rrar- ! — 


. 95.-101* 

9 if- MM. 
! 3 :;- Writ 

, 9.4-10A 

10 - 10 ’a 

, io r ;.-ioi 4 
JOJ vlOig 


07 b .IO 

91J-10 


978 

9Tft-iO 


9.6- lose 
IChr-lOii 


WU-IOsb 

9-i-lOti . 10la-10s« 
gift-ioiBtiOie-iose 
9lft-97* ‘ 10i« 

91^-9 13 . 10l<-10lft 
9';- 10 : IQs, 


10l« 

101 ft 

1038 


91; 9s, 
»«a 
91; 
9i; 


9ii-9,j 

9.V9* 


9?8-9s, 
S'; -9‘lg 
9^-9,' 
9 ■ 9 } * 


10 v< 

io>« 

10 s, 

IOjb 


9--j -101 b J 10 *8 






7J 

7-375 

7*125 

lOB 

•JUS 


JAPAN 


Local pnibnrliy and finance hraises vevpa diss 1 nnuce. others seven days' Dice. Lnnser-term local auihoniy moruage rate 
nominally three years IlHi: Der cent: lour years !:«-rt per «aai: net yean. I'.'rirj per ceni. 9 Bank bill rai&s in table are 
duviQf: rare* fnr prime p*per. Buying rarcb fnr h>ur-iii* r *i« i IA n per cnii: luur-n^nlh frjHe bi!U 1 ft? pur cenl. 

ApornsJmaic veiling raie-s fr.r nne-mumh Treasury tHlh 9’.:-9j per cent: two-month Si- 83 16 i»er rent: afth ihree-monih 
93 ib - 9 ft per cent. Appmxinikie ^iLng rate for one-monin bane was 9' 'iw-si per ccni: *od two-ni»n>h •“■a pit win: ana 
ihns-ranmh 9i>u4'lm Per cent Ont-mosih trade bilk 10'* ?* r cent; iw-n-mnnih IDS per cent: and *|w« ihree-nuinili* lOi per 


DJeumjW Rate 

can ' JOflcsnStdraun . 

Bill* Diamwl B*w • 


.JJ 

•J* 

4X15 


Finance House Base Rale* ■ published by 'h' T raance • Av.^iHhMH per cmi Irnm In nr 1 . iq7r Clearing Bank 

Dopesii Raws .Mr small -nm* ai ;e»en days' n-sne»> «!•» 7 +r cenL Ctaarlnf Bank Ban Rales lor lending ID per cent. 
Treasury Bills; As erase tender rales of discount 9.:'-4S per cent. 


WHEN A VITAL piece of 
machineo' is suffering from a 
certain defect, it is sheer 
common sense to put it right as 
soon as possible with the mini- 
mum of disruption tc. output 
aud the Row of work. This 
principle certainly needs to be 
applied when employees engaged 
in key functions within a com- 
pany are mvolved- 

A key employee suffering from 
a minor, or perhaps not so 
minor, ailment can probably 
still do his job, but it is unlikely- 
that it will be with 100 per cent 
efficiency. It make® --sense, both 
to the company and to himself, 
that he should be attended to as 
soon as possible. But using the 
National Health Service facili- 
ties often means joining a two- 
year queue. 

The solution is to make use 
of private medical facilities. The 
employee can have the necessary 
operation and medical tieatmeni 
in a private hospital or the 
private wing of an NTIS hos- 
pital with a minimuni of delay. 
The arrangements will be made 
by the employee's own medical 
adviser in conjunction with the 

consultant. 

The employee will have a 
private room and this means 
there is another big advanlas* 
as far as the company is con- 
cerned. Once the post-operative 
period is over — usually -4 or 48 
hours after the operation — the 
employee will be able tn under- 
take some of bis normal work. 

Because be has a private room 
with its own telephone, visitors 
are allowed to the hospital for 
most of the day. Work can be 
brought to lhe employee ai the 
hospital, his secretary may lake 
notes, dictation and letters 
during the day. The employee 
himself can keep in constant 
contact with his colleagues by 
using lhe telephone. 

In any case, the provision of 
private medical facilities, with 
the employer meeting the cost, 
ran be a valuable fringe benefit. 
But it is not lax-efficient simply 
for the employer to pay all the 
hospital costs direct as. they arise. 
Such payments, which can run 
inio hundreds of -pounds, are 
taxed as a benefit in kind on the 
tax assessment of the employee 
concerned. 

The solution is for the 
employer to take out medical 
insurance on behalf .of his 
employees. Then under, present 
tax procedure only the annual 
contribution paid in respect of 
each employee is taxed as a 
benefit in kind. . So under ibis 
system, every employee covered 
by tbe scheme is taxed each 
year, irrespective of whether or 
not be receives private medical 
treatmeni during the year. But 
the actual contribution assessed 
is likely to be less than £ 100 . 

The medical insurance market 


is dominated by three non profit - 1 
making provident associations — 
British United Provident Associa- 
rion. Private Patients Plan and 
Western Provident Association 
— which between ihem account 
for 98 per cent of the market. 
Crusader Insurance is the only 
insurance company to be at ail 
active Hi this field. 

These associations aimed 
originally to provide private 
medical insurance facilities, but 
the recent high rates of inflation 
have resulted in a sharp decline 
in the numbers of individuals 
taking out medical insurance. 

Over the past decade there has 
been a strong growth in em- 
ployers establishing company 
schemes, with often the employer 
paying the whole of the contribu- 
tion. The associations have been 
extremely active in redesigning 
new schemes for companies, with 
the aim of keeping contributions 
down to a minimum while still 
providing the necessary cover. 


Rebate 


Where big companies are con- 
cerned. the schemes can be 
designed tn meet the individual 
requirements of the employer 
and the contributions can be 
varied to reflect the company's 
own experience. ' This latter 
feature can take tbe form of 
some kind of rebate, which is 
set off against the following 
year's contributions, after ascer- 
taining the claims and cost of a 
particular year. With smaller 
companies, however, the schemes 
have to be of the “ off-the-peg ” 
type in order 16 keep down costs. 

Now that medical insurance 
has become accepted as an 
employee benefit, the employee 
benefit consultants regard it as 
part of their duty towards tbeir 
clients to advise on this type of 
market, although at present 
many schemes are still sold by 
direct contact between the asso- 
ciation's representatives and 
companies.' The growth in new 
group schemes since last August 
has been gratifying, even though 
these benefits are subject to 
Phase Three of the pay policy. 

Employers have to decide 
whether their schemes should 
cover all employees or just top 
executives, senior management 
and other key personnel. These 
schemes are quite common in 
the U.S., and U.S.-controlled 
companies in the UK tend to 
follow the parent company prac- 
tice and insure everyone. 

While one may .find it hard to 
imagine a blue collar worker 
making use of private medical 
facilities, the associations are 
finding that shop floor workers 
are indeed showing an interest 
in. private medicine. Tbe extent 
of such benefits is a matter! to 
be dclermined in the negotia- 
tions between employers, trade 
unions and other employee 
represents t i ves. 1 - 


Government ‘encouraging 
increase in road freight’ • 


BY IAN HARGREAVES. TRANSPORT CORRESPONDENT 


INDUSTRY paid 37 per cent 
more in real terms for every’ f° n 
of freight moved by road In 1976 
than ii did a decade earlier, 
according to a report today from 
the Transport 3000 pressure 
group. 

The report, written by the 
organisation's director. Mr. Mick 
Hamer, says that th : s trend Is 
due to the rapid increase in the 
average distances over which 
goods are moved as industry has 
re-organlsed itself into larger 
manufacturing and distributinn 
units. 

Mr. Hamer says that these 
changes — which have also been 
associated with a switch of lung- 
distange freight traffic from 


waterway and rail lo hfr^vy 
lorries — are the direct result- of 
Government policies aimed at 
reducing the costs per mile of 
road freight by allowing bigger 
lorries to travel faster on better 
roads. 

Consequently “ we are now 
paying more for moving '.ess 
than we were ten years ago." 

Mr. Hamer believes that this 
pattern of development is un- 
healthy for several reasons. It 
is wasteful of energy — >n 1966 
1 ton of fuel moved 290 tons 
of road freight, compared with 
215 tons in 1976-^and it has led 
lo pressure for more roads and 
more lorries, with resultant 
damage 10 the environment. 


,-4 


33 


This advertisement is issued in compliance with the requirements 
of the Council of The Stock Exchange. 





Ecclesiastical Insurance 
Office Limited 


HiC?*M'awi , i , Er , ''3‘ ,c,jrw,r,h, Cn r ipainrt5A&l9 <362 Id 1386-Hh i*36?' 


Placing by 

ROWE & PITMAN, HURST-BROWN 
of 3,000,000 10 per cent. Redeemable Second 
Cumulative Preference Shares of £1 each of 
Ecclesiastical Insurance Office Limited 
at £1 per share payable in full on or before 
28th June, 1978. 


Application has been msoe to the Council of The Stock Exchange for fh? 
10 per cent. Redeemable Second Cumulative Preference Shares of 
£1 each r Second Prsierence S hares" i to be admitted So the Official 
List. In accordance vviin the requirements of the Council of The Stock 
E/change. 300.000 Second Preference Shares are available to the 
market on Tuesday 3 Tin June. -9? 8 and dealings are expected l*‘* 
commence on Wednesday 28th June. 1978. Particulars of the 
Company and of the Second Preference Shares are a variable rn .‘ho 
Evtei Statistic al Service *nci are obtainable until 10th .Juiy. 1973 f; yn - 


ROWE & PITMAN, HURST-BROWN. 

1st Floor, City Gate House. 39-45 Finsbury Square. 
London EC2A1J A. 


APPOINTMENTS 





posts at Vantona 





Robert oven fi** been 

Hired m^na^iru director of 

S-oii :<nrl Snrith ilreup. Ihr tov/pj 
division of VAXTONA GnuLP. Ho 
v.as prev;ousJv i;Ji Uourwiulds. 

• Mr. Or» file Hudson h.is boon made 
m.ni;i 2 :ns director os Albert 
i fa n k-y. member of 'h? printinj; 
division of Yfcntonn He u *w with 
Hen [on .Hills Priming. 


Mr. Geoffrey Wood- venior l«- 
1 Hirer m bank in? and internation;.l 
finance at rhe fit-- L'niversity. i* 
. joining BCCKM ASTER AND 
MOORE, stockbroker-, as an eco- 
nomic consultant. He vIH be 
working with Dr. fan Richards, 
■hv firm's gili-edicrt economist. 
Ur. U'ood is currently completing 
* one-year apnoinimiiit os Yisitine 
Scholar -a i Hie Si. J.«vn# FcderpJ 
Reserve Bank. Mr. Mark Rngcrson 
is joining Buckmacer and Moore 
a* a senior gilt-edgoti jli!p 9 execu- 
live on .\U 2 Usr 2Vi. He D at pre- 
son; -a producer amt presenter of 
l he BBC Radio * programme 
Financial M’orld Toinghl.’* 


Mr P. A. K. Carr, group por- 
--onnel director o: PEBEXHAMS 
has become a direv^r of «ubs'- 
diarios H. and M. Fljyne. Hardy 
\mies and Deb<*/>]i..-!»? Inc. Mr. 
D. F. 1- Jaggs ha- been made a 
director nf member company 
Har-. e.i- Nichols :,nri i’n. and Mr. 
F. A. Ruyne .• director of 
11 and .11. Raine. 


Mr. F. Tilbury hits been 
appointed chairman of the Board 
nf Management, TRUSTEE 
SAVINGS BANK— South East. 

* 

BOOZ- ALLEN AND HAMILTON, 
management consultants. New 
York, has elected Mr. R- Keith 
Oliver as a vice-president Mr. 
Oliver, who is based in Booz- 
Allcn's London office. leads the 
firm's manufacturing practice in 
Europe. He is a specialist in' pro- 
duction control and systems de- 
sign. 

+ 

SHELL CHEMICALS UK has 
appointed. Mr. J. C L. Cox ■as 
nersonnel director. He succeeds 
Mr. R. H. T. Kingston who is 
taking up a senior appointment in 
Shell International Petroleum 
Company. 

Following 'the appointment of 
Mr. A. W. Mabbs as Keeper of 
Public Records in the PUBLIC 
RECORDS OFFICE. Mr. E. IV. 
Denham has succeeded him as 
Deputy Keeper of Public Records 
and head of record services and 
publications division: Dr.- Patricia 
M. Barnes has succeeded Mr. 
Denham a* records administration 
officer and head of records 
administration division. 

* 

Mr. Donald D. Belcher, vice- 
president and general manager of 


Peter C. S. Mere, chairman ^aht 


rvm m. v. — — — v— — A -. 

president of Ext el jCorg o rat hgT^ 

-a 


Avery Label Europe, has joined 
IPE as vice- 


Mr P. tv. llove 1 ms he*>n 
appointed financial d::«-c;or of TT 
CHESWfCK SILENCER* 


Mr. V M. r. Hall ha? been 
apnuimed 10 the Board of 
ARTHUR i >L I.V>.ESS >i >V AND 
CO i PARK ROYAL i Mill: effect 
from July 1. He wiii Hie 

pn--i : ion of finance director, 
retaining his prc-c.i: re-|ion- 
sibdiiies as financial controller. 


FASSOX EUROPl 
president and chief executive. 
Mr. D. Kcmher. general manager 
nf FassonV UK production plant 
in Cramlington in the North East 
or England, has been appointed 
siec- president and general 
manager, graphic am division. 


appointed chairman of TRANKESL 
COMMUNICATIONS wrtfc 

* • . 
Godfrey F. La urea ce, a director, of, 

Exchange Telegraph (Hold’ 

becom in g deputy chairman. 

Will tarns E. . Bates, a 
president and Mr. Robert E p J.- 
Compton, a director- -of Igrtet 
Corporation, arid Mr. User 

Nelson, a director .."of v3 

Exchange Telegraph Company,; a 
subsidiary of Exchange Tefegra#t 
(Holdings i, become directors: " ■' 
* ' - - 

George. Wimpey .aatt .Ccr/,- hits, 
'acquired the Beatwastc-ahdlaa^Sr 
trial Services divisions : cC^Bje; 
pollution . control actinij 
Powell .Duffryri. Tb e hoA td. flf;-the 
new company. 'WXUPEY 'WASTE-- 
MANAGEMENT . consiStg- ,7 s ofL 
chairman. Mr.’D. Wight (m“ — ’ 
in* director. - George V& to* 
deputy chairman; Mr. A. 

Morgan; Mr. H. Norris (finance 
director, George Wimpey);': A n(L 
Mr. F. Keen .{ transport cotrijs:. 
trailer,. George Wimpey). 

* ” 

Mr.- Alistair Gregory-Smiflr. tea: 

been appointed a director - sit 

TOWRV law and co, msirarice; 

brokers, and Mr. Khushroo Jtasfem 
has been made director of Totjp-y 
Law and Co. ( Northern! / ‘ 

Mr. Roger - Mathews, executive 
director of Express Cream&dest 
and Mr. Christopher Neistm, 
executive director of Eden Wgle, 


Grand Metropolitan’s foods dm- 
sion. . CA-'’ ■ 


Raicn 


Mr N. J Raid! ii :« 5 
appuin’od 3 dsrcvlor 
EYEILXRDS BREU’ERY. 


been 

of 


With ihe completion of formali- 
ties whereby* The Exchange 
Tc- lepra nh Company 1 Holdings) 
ai-quircs a 45.0o per cent holding 
in Transtel Communications, the 
Slouch-based subsidiary of the 
Ex tel Corporation of .America — 
a xcparaie and unconnected com- 
pany manufacturing teleprinters 
and telecommunications equip- 
ment — the following Board 
appointments are announced: Mr. 


TTie governing .body ofi .‘IM- 
PERIAL COLLEGE OF SCIE&GB 1 
AND TECHNOLOGY has. BWhrfri- 1 
ted Mr. John H. Smith asf sec- 
retary of the College. and <3erk 
to the' governors, from July ■ I'in 
succession to Mr^ M. J. Davies, 
who is retiring. Mr. Sraifir T ^* ( 
been Governor of the Gilbert 
Islands since 1973 and -entered:- fhe 
Colonial Service, in 1851.; ; ■a-';.-- ■ 


, M ANUKACTU RERS HANtll’ER 
TRUST COMPANY ha? promoted 
Mr. Andrew Brrrf m b--* \ice- 
pre«ident in London Mr. Brett is 


a »rommerciaI lend:n~ officer, and ' 
rC'-nonfiblc for a range of; 
•.•or’poratc accounts 


NOTICE OF REDEMPTION 


'-"•Tuy 

•V ’■ 




To tbe Holders of 

Honda Motor Co. r Ltd, p 

71 / 2 % Guaranteed Sinking Fund Debentures Due 198T 


‘r 


CONTRACTS AND TENDERS 


PLANT AND MACHINERY 


f 


Democratic and Popular aepuUiic ol ftiueria 


MIMSTERE OK L'HVDRAl L1QL E. DE LA 
WISE E\ VALEI R DF.S TERREN El 
DE LA PROTECTION DE L’EN V1RONN EMENT 
International Imitation tor Pre-selection for 
the Project of Sanitation Improvement 
of the Town of Algiers 

The Ministry of Hydraulic Engineering. Land Develop- 
ment and Protection of the Environment ■viih-.s 10 inform 
companies, member countries of llm Bar. quo Inter- 
nationale pour la Reconstruction ct lo Dovoloppemoni 
f BIRD 1 . and nf .Switzerland that they will undoilaf-r 
important works on the Uucd El-Ilarracli ic-c-voii in the 
Greater Algiers region for sinilatioi) wtpro.u.vim. 

The work includes the constri ction of 
— A main sewer nf approximately 7 km' i-'i :i>cd water 
and rainwater along the lef’ bunk of Mu*il El-llairach 
Ground excavation of approximately 3SO.OOU cu. in. and 
:>5.500 cu. m. of concrete are planned. 

— A purifying station for ihv treatment of duim^Uc and 
industrial wasir waters for a population nf approxi- 
mately 750.000. The maximum flow of purified v.au-rs at 
the station will be approximately 4 cu. 111 . /sec. 

The Algerian Government has obtained a loan from 
Banque Internationale puur la Reconst ruction el Ic 
Dcvcloppement for part ef the financing of this work. 

The Ministry of Hydraulic Engineering. Land Develop- 
ment and Protection of the Environment Invites ion- 
tractors in this field nf activities in submit ihcir 
uualificatiuns for the icalisalion nf the lw«i works 
mentioned above. 


1 


The pre-se lection Hies may be obtained from the Direc- 
tion dc I Hydraulique. d*i la Mise en Yaleur dc; Torres 
ct dc la Protection dc J’Envlronncnieni Je (a Wilaya 
d'Alger — Immeublc **La P^piniere" — R.N. 5 Cinq- 
M a iso ns — El-Harrach — Algiers — .ALGERIA, .ts fro w 
15th June. 197S. 


Interested companies should send ihcir d*-*<i icr-. 10 the 
above-mentioned address b\ tilst July. 197 s ^i : 'n<- latest. 



The Burma Ports Corporation 

propose to purchase 

WORKSHOP TOOLS AND EQUIPMENT 


in connection with a project -for the rehabilitation of 
the Port of Rangoon, including: 

fuel Injection Pump Testing Machines. 

Injection Nozzle. Lapping arid Recondition: us Machine. 
High Pressure Washing Plants f Garage Type*. 

Battery Charging Sets. 

Steam Jet Cleaners. 

Mobile Air Compressors 

Picsel Engine Driven Welding Plant. 

Transformer Welding Plant. 

Oxy-Acetylenc Gas Cutting Machine 

Portable Cylinder Boring and Honing Machines. 

Automatic Coil w r indrng and Taping Machines. 

Electric Baking Uvens. 

Varnish Impregnating Plant. 

Portable Solid Spray Painting Machines 
Gas Cutting Torch Sets with Accessories. 

Various Tools and Equipment including Hydrauiir Lifting 
and Shifting Jacks L0/50-ton capacity-. Hydraulic Ram. 
High Pressure Greasing Units etc. 

Payment for these purchases will be made from the proceeds 
0 f*a Credit provided by the International Development Associ- 
ation 

Tendering is open In manufacturer;- and their bona fide 
approved agents from World Bank member countries and 
Switzerland. 

Applications for tender documents should he made 10 ihe 
following address: 

The Crown Agents for Oversea Goicrnmcnts & 
Administrations 

4 Mi II bank. Westminster. London MYl. England 

quoting the reference E5B/BURIDAPORT 7/I5I7R and should 
be received at the Crown Agents' office before lUth July 1978. 


CONTRACTS AND TENDERS 

CONTRACTS AND TENDERS 

Rate £ KLUO 

per single column centimetre 
For further details comae!: 

FRANCIS PHILLIPS on 0M48 S0Q« Ext. 436 



Description 


Telephone 


100 TON CAPACITY COINING PRESS by 
Taylor and ChaUen—vtrcuiHy unused— fully 
automatic— 160 s.p.m. x 2-4 mm stroke. 

IN UNE MACHINE for simuhaneous surface 
milling both sides of continuous and S 2 mi-_ 
continuous cast non-ferrous strip up to >6 wide. 

9 DIE. 1750 FT/MIN SUP TYPE ROD 
DRAWING MACHINE equipped with 3 speed 
200 hp drive. 20" horizontal draw blocks. 

22" vertical collecting block and 1000 lb 
spooler < Max. inlet ? mm finishing down 
so 1-6 mm copper ana aluminium, i 

8 BLOCK (400 mm) IN UNE. MONSUP WIRE 
DRAWING MACHINE in evee lone condition 
O ' 2000ft/ min. variable speed 10 hp per block 

( 1968). 

34" u aMETER HORIZONTAL BULL BLOCK 
By Farmer Norton I 1972 V 

SLITTING LINE 500 mm r 3 mm x 3 ten c-.paerv 

TWO VARIABLE 5PEED FOUR HIGH ROLLING 
HILLS E- 6.5D" wide raror blade strip 
production. 

MODERN USED ROLLING MILLS, wire .od * -.d 
tube drawing plant — roil forming machines — 
slitting — flattening and cut-to-lcngth lines — 
cold saws — presses — guillotines, etc 

1974 FULLY AUTOMATED COLD SAW 
by Noble A Lund with batch control. 

1970 CUT-TO-LENGTH UNE max. capacity 
1000 mm 2 mm x 7 tonne coil full/ 

- overhauled and in excellent condition. 

1965 TRE8LE DRAFT GRAVITY WIRE DRAWING 
MACHINE by Farmer Norton 27" — 29” — 31" 
diameter drawbacks. 

STRIP FLATTEN AND CUT-TO-LENGTH UNE 
by A. R. M. Max capacity 750 mm y 3 mm 

6 BLOCK WIRE DRAWING MACHINE equipped 
with 22" dia x 25 hp Drawbacks 

2 15 DIE MS4 WIRE DRAWING MACHINES 

5- OQOftiMin. with spoolers by Marshal Richards 

3 CWT MASSEY FORGING HAMMER 
— pneumatic single blow 

9 ROLL FLATTENING MACHINE 
1.700 mm wide. 

7 ROLL FLATTENING MACHINE 
965 mm wide. 

COLES MOBILE YARD-CRANE 

6- ton capacity lattice jib 

RWF TWO STAND WIRE FLATTENING AND 
STRIP ROLLING UNE 10" x 8" rolls x 75 i.p 
per roll stand. Complete with edging rolls, 
turks head flaking and fixed recover, air 
gauging, etc. Variable line speed 0/750 Ft/ mm. 
and 0/1500 ft /min. 

NARROW STRIP STRAIGHTENING AND 
CUT-TO-LENGTH MACHINE (1973) by 
Thompson and Munroc. 


0902 42541/2/3 
Telex 336414 


3902 42541/2/3 
Telex 336414 


0902 4254; '2 3 
Telex 336414 


0*92 4254 1/2 '3 
Telex ’36414 
Qm 4254^/2/3 
Telex 336414 


0902 4254! '2/3 
Telev 336414 


0*102 42541:2/3 
Telex 33641 4 
0902 42541/2/3 
Telex- 3364 1 4 


0902 42S4i/2'3 
Telex 336414 


0902 42541/2/3 
Telex 3364 1 a 
0902 4254 1/2/ 3 
Telex 3364 M 
0902 42541/2-3 
Telrx 3364)4 
0902 42541 • , 2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 4254! .'2/ 3 
Telex 3364 14 
0902 42541 ’2-3 
Telex 336414 
0902 4254/ ('2 f 3 
Telex 336414 


NOTICE IS HEREBY GIVEN, that One Million Two Hundred r Eighteen 
Thousand Dollars (St.21S.0O0.00i principal amount of Honda Motor Co-, 
Lid. 7> Guaranteed Sinking Fund Debentures Due I9U and besxia&uie. 
toll o«in= serial numpers. base been drawn l'or redemption foe account at the 
Making Fund on July 15, 197 S at the principal amount thereof and. accrued 
interest to that date. ' 

DEBENTURES IN DENOMINATION OF $1,000. EACH ' 


56 

S- 

S3 

47 

56 

72 

73 
SO 
92 

102 

113 

120 

123 

140 

149 

160 

1?0 

198 

:o: 

22"* 

cjT 

25-1 

ZiS 

•7-8 

251 

259 

267 

273 

231 

291 

323 

357 

264 

372 

396 

457 

478 

481 

490 

499 

509 

614 

525 

532 

5J2 

560 

578 

589 

604 

637 

644 

S48 

658 

679 

696 

703 

710 

716 

726 


0902 42541/2/3 
Tele 1 * 336414 


0902 42541. -2. 3 
Telex 336414 


BAR PEELER — A CENTRELESS. Reconditioned 


BENDING ROLLS B' x 


Excellent. 


CONOMATfC 6 SPINDLE AUTOMATIC, F illy 
reconditioned, will rurn and index to maker's 
limits. Capacity 3J” bar. 

SCHULER 200 TON HIGH SPEED BLANKING 
PRESS. Bed 4fi" x 40" 200 spn. 'Double roll 
feed stroke 35 mm. excellent condition 

TAYLOR & CHALLEN No. i DOUBLE ACT /ON 
DEEP DRAWING PRES5. Condition as nc*. 

VICKERS 200 TON POWER PRESS. Bed 40" > 

36". Stroke 8'’. NEW COND. 

MACHINE CENTRE. Capacity 5fi x 4ft x 
3ft 5 Axes continuous path 51 automatic tool 
changes. 5 tons main table lead. Main motor 
27 hp. Had less than one year’s use and in 
almost new condition. For sale at one third 
of new price. 

WICKMAN 21 6SP AUTOMATICS 1961 and 1763 
EXCELLENT CONDITION. 

4.QQQ TON HYDRAULIC PRESS. Upstroke 
between columns 92" x 52" dayli;ht 51". 
stroke 30". 

COLD HEADERS BY NATIONAL 
r and ; • DSSD EXCELLENT 

ANKERWERK 400 TON INJECTION MOULDER. 
Reconditioned 

UPSET FORGING MACHINE 
4" 750 tons upset pressure 


01-928 3131 
Telex 261771 
01-928 3131 
Telex. 261771 


01-928 3131 
Telex 261 77> 


01-928 3131 

.Telex 251771 
0J-928 313J 
Telex 261771 
01-928 3131 
Telex 261771 


01-923 3131 
Telex 261771 
0»-928 3t3» 
Telex 261771 


01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 
- 01-928 3131 
Telev 261771 

01-928 313! 
Telex 261771 


WANTED 


MODERN USED ROLLING MILLS, wire rod [ 

and tube drawing plant — -roll forming machines 
— -slitting — flattening and cut-to-length lines— 0902 4254' '2/3 
cold saws— pr«s«— guillotines, ere. 1 Telex 336414 


743 

749 

757 
765 
757 
772 
752 
7*9 
610 
816 
SSI 
S65 
874 
33f 
SE6 
,191 
9 01 
905 
922 
935 
941 
959 
966 
972 

986 

1000 

1047 

1052 

IOSS 

1077 

1084 

10°+ 

1101 

1109 

U 17 

1126 

1129 

ttr 

11-10 

1145 

1152 


1164 1947 

1171 1952 

1178 1956 
1182 1962 
1200 1965 
1217 2009 
1221 2017 

1220 20Z7 
1264 2035 
1273 2039 
1382 2058 
1290 2063 
1302 2069 
1308 2103 
1315 2104 
1326 2113 
1331 2180 
1334 2187 
1341 2t?+ 
1350 2232 
1353 2247 
1367 2263 
1373 2264 
1378 2274 
13e5 Z279 

1393 2231 

1394 22B5 

1401 229 7 
1405 2307 
1J-09 2325 
1412 2382 
1415 2339 
1419 2343 
1421 2357 
1427 2374 

1438 2378 
1«53 2381 
1459 2335 
1471 2392 
1503 2402 
1515 2418 
1520 2422 
1534 2429 
1537 2440 
1540 2445 
1551 2451 
1558 2454 
1 367 2458 
1575 2483 
1530 2466 
1583 2463 
1587 2476 
1 7 59 2481 
1493 2485 
1603 2489 
160S 2491 
1613 2503 
1627 2511 
1635 2518 
1643 25 Z* 
1657 2531 
1664 2549 
1678 2552 
1635 2570 
1700 2578 
1703 2533 
1705 2583 

1715 2613 
1717 2617 
1726 2630 
1731 2634 
1735 2639 
1740 2643 
1747 2648 
1750 2666 
1754 2671 
1766 267S 
1788 2533 
1791 2696 
1799 2703 
1831 2710 
1330 2712 
1834 271* 
1341 2738 

1S49 2736 
1853 27J9 
1859 2766 
1861 2774 

1868 2301 

1S7-* 2803 
1578 2805 
1680 2822 
■7*56 2826 
1892 28*4 
1901 2870 
1907 r»7 4 
1913 2876 
1915 2389 
1929 2S02 
1*30 289« 
1935 2*13 
1942 2924 


2936 
2339 
2946 
2956 
2960 
2963 
2971 
2978 
2966 
2989 
2994 
2998 
3004 
3009 
3015 
3017 
3025 
3931 
3C36 
3<S2 
30«6 
3CW9 
3057 
3068 
3 OSS 
3103 
3115 
31 22 
3130 
2133 
3137 
3146 

3152 
3164 
3173 
3180 

3153 
3159 
3195 
3202 
3207 
3224 
3233 
3239 
3245 
3251 
3281 
3287 
3295 
3304 
3315 
3325 
3347 
3332 
3357 
3365 
3370 
3396 
3393 
34 JO • 
3118 
3425 
3429 
3442 
3448 
3456 
3462 
2457 
2469 
3473 
3473 
5*82 
3484 
3493 
3407 
3502 
3520 

3553 

3559 

3537 

259* 

3548 

3611 

3651 

3623 

3631 

3653 

3674' 

2683 

36<>4 

3702 

3806 

39?5 

3847 

3860 

3S67 

3X83 

38S5 

3523 

2205 

3899 

3909 


3925 3547 S957 6788 
3927 5055 5966 6793 
3938 506* 5970 6806 
3952 5088 5976 6818 
3967 50rt S9S0 6S54 
3983 5081 5987 6879 
3932 5063 5994 6892 
2993 5090 5996 6934 
4004 509S 6000 6946 
4033 5105 6005 6982 
4042 5108 6010 6991 
4046 5124 6013 7000 
4060 5131 6026 7023 
4071 5142 5041 7026 
4079 5158 6043 7030 
4087 5176 6045 7037 
4C93 5185 6053 7043 
4093 5139 6059 7050 
41C5 5’93 6063 7064 
4113 5199 6066 7076 
4123 5234 6069 7080 
4139 5246 6072 7083 
4151 5235 6076 7092 
4184 5257 6031 7095 
*1? 1 5262 6005 7105 
4262 5268 6099 7132 
42SS 5260 6093 7144 
*775 5231 6111 7132 
4291- 5287 6120 7185 

4505 5311 6123 7200 

4J14 5320 6132 7303 
4319 5329 6142 7220 
4329 5336 6153 7227 
4:32 53-«0 6168 7239 
4339 5345 6172 7246 

4350 5351 6176 7262 

4*12 5361 6179 72*« 
44:i 5*15 6182 7272 
4424 5425 6186 7281 
4430 5436 6188 7297 
4439 544i 6190 7313 
4442 5452 6194 7329 
444* 5466 6201 7355 

445* 5471 6211 7368 
*469 5479 6213 7372 
J*90 5486 6215 7383 
44*9 5500 6219 7388 

4506 5508 6223 7394 

*51* 5510 6227 7408 
*520 551? 6232 7415 

*5?8 6530 6238 7418 
4532 55*0 625* 7422 
*537 555C 6257 7*76 
45*7 5560 6275 7*80 
4573 5559 6285 7502 
4275 5580 6200 7507 
4581 5593 6309 7315 
4590 5601 6221 7321 
4593 5608 6337 7532 
*603 5611 6346 7534 
4612 5625 6364 7546 
4620 563a 6280 7562 
4626 5646 6395 7666 
46*7 5650 6428 7585 
4653 56$7 6430 7599 
4666 5732 6435 7603 
4672 5734 6*39 7616 
4690 5744 6442 7640 
4700 575 1 6*49 76*4 

4705 5725 6456 7650 
4714 5759 6461 7639 
4722 5764 6470 7663 
*735 5757 6490 7669 
47*8 5769 6561 7676 
477 J 5771 653} 7 SSI 

4765 5776 6593 7694 
4800 5779 6601 7708 

4802 5781 6612 7716 
4314 5786 6618 7725 
4826 57?Q 6622 7728 
-M39 5795 6630 7732 
*54* 579? 6639 7738 
4658 5803 6645 7744 
*864 5806 6649 7747 
*875 £808 6653 7756 
4820 5812 6658 7764 

J901 SeiK ■ 6666 7773 
4914 5220 6670 773* 
4922 5822 66S3 7810 

*923 5955 669? 7S19 
4950 5872 670B 7827 
4927 5S77 6710 7329 
*954 58*0 6714 7888 
4952 5894 671b 7846 

*971 672* 7262 

J?B2 5r>OS 6730 7869 
4439 5911 67.13 7880 

5001 5914 6738 7881 

5005 5920 6745 7569 
5014 59.11 6753 79,11 
5«* 5936 6765 7913 

5042 5950 6778 7918 


7525 

7940 

7945 

7952 

7961 


8143. 

8152 

8167 

8201 

8512 

S518 

8522 

8532 

8535 

85*1 

8542 

8547 

8558 

8584 

8595 

8600 

8607 

8611 

3617 

8821 

8629 

8637 

8642 

8656 

E66Q 

8669 

8578 

8687 

8691 

8702 

8710 

3718 


9445 . 10925.. 12282 
9467 11015 >42299 
9478 11020 >.12308 
9513 11026 12329 

9558 11tt» >'12333 

7979' 9567' 11040/12339 

7988 9583 11056 .'-12350 

7994 9594 11077-12358 

8004 9697 11128 12362 

8010 9598 1 1TT*. .12385 

8016 9601 IMSjtf 13582 

8136 9605 11213, 13403 

96T4 11220 tlWI? 
9624 11237 .1W«g 
9630 11245 / 10427- 
9660 11049- 12431 
9664 11252 12486 
9670 11275 12439 
9674 11281 124*5 
-9688 11307 12*51 
9691 11528 12463 
9696 H 344 12470 
9707 11349 12474 
9711 11354 1248* 
9721 11360 12491 
9737 1136S 12*98 
9749 11370 12502 
9760 11881 12506 
9771 11387 12803 

9779 11416 12983 
9786 11427 12993 
9797 11437 13011 
9300 11453 13060 
9811 11523 13206 
9817 11533 13258 
<WM 11539 13283 
9873 11548 13361 
9888 11551 13403 
9897 11562 13461 
990$ 11368 13508 
9914 11S73 13537 
9927 1153B 13600 
9987 .11594 13614 
9954 11597 13667 
8727 10004 11604 13711 
8731- 10013 11607 13769 
8737 10026 11S09 13968 
8790 10043 11634 1*18* 
8784 10081 11636 14273 

8801 10069 11696 14489 

8818 10087 11699 14510 
8824 10115 11707 14550 
8834 10127 11716 14680 
8841 10139 11730 14765 
8861 10160 1174* 14856 
8879 10168 11780 1498* 
8381 10187 11762 15241 
8887 10196 11779 15540 
889* 10208 1178* 15715 
8902 10222 11793 15856 
8910 10329 11813 15919 

8900 10239 11834 16050 

8928 10234 11839 76208 

8943 10268 1134* 16287 
8959 10276 11854 16339 
8971 10285 11865 16383 
8986 10293 11878 16*23 
9003 10299 11893 16*69 

?021 10312 11901 16609 

9036 10319 11920 16718 
9045 10330 119*1 16783 
9074 103*6 1J956 16857 
9081 10356 11986 16993 
9096 10394 11991 17159 
910* 70397 12018 77356 

9115 1 0402 12022 1 7421 
9119 10411 12035 17499 

9132 1 0415 12043 17598 
9127 10419 12046 17716 
9130 10427 12051 17845 
9138 10433 13077 17956 
91*5 10*86 12030 18051 
9167 10463 12085 78117 

9190 10486 12096 18284 
9208 10494 12102 18368 
9221 10510 12112 1S417 
9229 10512 12117 15471 
924? 10568 12129 18548 
92*7 1C6Q3 1213* 13599 
9266 10616 12140 18629 
9278 10623 12155 13632 ■ 

9292 10630 12164 1S7B1 
M83 10668 12172 18851 
9312 10672 12190 13962 
9320 10701 15202 19Q3S 
933-t 10865 122 20 19143 


. - : ' ■ "'-res •• ■ i-\4. >- 



Horvuji ✓:.?$- 

jjpjr. t tliceorury . 
tFTipIe iiam’thB'piflr- 
i-j :/ii p«wir •i.l.'i 
the >ol«rin boajr 1- 







a cceptaric-e af tb is r^fe : 

par t of tK.eir : t>aa ting se^rvfcpA?. -j-W' 
D a iwa Vtl i e o hiy'jfi pan e^i xihy .fonl&tifc . : v •i > ;‘ - 
combine ibatikVngartd ; ’ 

thus a (ullylnjf^rajh^iJ^r^u^JItetit^tionc. V.;- v 

triisfv non<tinn 6 % *" 


i nis iniegraitqn wuugeiLurcLUiitniii out. 7, 

bocial respb nsi jii Htv c^Siste^t society’s... : i ' 
needs in a cb rite : V" ?! 




•• -iiv 


a fully integratedfeankJn^^Tnce 

rmsw 





Head Office.- Osaka, 1 j? ' . • * 

London Branch: Winchester Hdose, r7'Londcm W»iCTdn36ri 

EC2N TBD " : • •' • ;v> ; r-. : '. "S~: . - ■ lv • . ' ~- 

. ■ i r ■ - MWV-r IX.LL 


I rankfutt. Brapch: r — - ^ ^ 

.un-Main Ce.-rdariy—-.’:- ‘V' -•-? 

N-jw Ywk arid toi-Arreeles Agencies. , : . : r . .- 



^Irfternationar-Crie^iE 

•-L .... i L : '. zi ;;, . / ’ ; 


COMPANYNOT1CES " 


CITY OP COPENHACMir; . . .o 7 ' 

Notice -is hereby give a to Bondhotdfirs.ihat, during the twelvi 
month period ending June M; . 1875, >rio. Bonds have bee . 
purchased. t •' ' ' 

Outstanding'amount: UA 19,250,008. 


LiLremhouro- June 26,1978 


TBE FISCAL AGEN 
• KREDIETBAN^ 
SX Ltixambourgeak 


TRANSPARENT PAPER LIMITED 
ORDINARY SHARES - 


7^ .. 


The FhMl Dividend in respefi oi .iho year 
ended 1st Aoril 1978 al 3.25SP per share 
on the Issued Ordinary Share! at the Com- 
pany . Is payable on 4th August 1973 to 
siwtfl ofde--* on the registers u at 10th 
July 1978. 

By Order ol 1h*' Board • 

P. Maclean.- S ecretary. 

Resisiered once. 

BrUec Halt Mills. • • - 

■uni, Lancashire. 


THE TOR INVESTMENT TRUST LIMITED 


NOTICE IS HEREBY GIVEN :l»t the 
R»fl Jeters ol-the 'OeUenturjJ-'Stiicks will be 
CLOSED horn 8th to 2ist July 
Inclusive. . 

, 8y Order Ol the Board ... 

■ ‘ J. TODD: Secretary. 


LEGAL NOTICES 


LONDON. AND LIVERPOOL TRUST 

LIMITED 


NOTICE, IS, HEREBY -GIVEN that the. 
Register of the Ordinary- Shares 'mill be ‘ 
CLOSED from 10th to 21st July 197*. 

Inclusive, lor the prcoaratlon of. Dividend 

Warrants- 

.By Order ol the Board. 

J- -TODD. Secretary. 


BUSINESS AND INVESTMENT 
0PPSHTUN1TIES 


OPPORTUNITY SOME 
PREFER TO MISS 


9337. 10859 1S234 
9345 10921 139-51 

4.1«4 1093 S 13249 
9372 10»W 17256 
9*05 10963 12261 
9432 10974 12272 


EXHIBITION AT DUBAI TRADE 
CENTRE OCT .-NOV. T6 
A young 'Businessman with 1 I years 
experience, in cha United . Arab 
Emirates, holding a British Passport 
f Muscat origin) would like to repre- 
sent and promote valet of UK - pro- 
duces and or services on -behalf ol 
.reputable manf /exporters of comtruc*- 
[' tion and building materials and allied 
produces. Contact: Mr. A. (after,' 
?.O.B. 1127. A| tm. Abu Dhabt. 
U.A.E. Telex ?535 ALNEXP. 


No. 001933 ijf 1978 

la the HKtH COURT OF. JUST v 
Chaaeery Oivtsloo Conipanfep Coart. ’ 
the. Man or - of GILBERT- A SEA * 
"LIMITED, and ", In the Matter of 
COKPAfilSS ACC 3 Bff. 

-Nona? IS HEREBY GIVEN, ih .- 
-TH-.utHin -ftr. the Wtodms up of. -. 
Bbovn-nanied Company br tbe ffigfa C , 
.oLJasilce was oa the 10th day of..- . 
i978llftieL. prABt-ueif- -to - ihe said Cood : 
XTRA i UJC. iEASiNCi LIMITED W 

'reiiWcriKt oflSce. Js. situate, at: N. 
House. On^ar, .Road. Brurtwood. E: • 
Lpa*rr>. 0 f; Trdfiflf Ewihwwnt. and 
■iiw Mod K'liUon -js directed to be hi. 

before. Ibo . Court sllUnn at Ihe H " 

Courts of .Justice-. Strand. Loudon. Yi . 
3LL od the -?4lb' day of Ji8y 1978, - 
any creditor or contributory oT the % " 

CotriiaJir desirous to sop per i or op 

the inaklng. .of ao .Order on the 
Petition mar appear at die' lime.-t.-, 
bearins. In person .or br HM counsel — 

that purpose;' and .a copy of the Pet,; 

siH be rundsbriJ by ihe uodersiane - 
ady .creditor or contrlbotory of- the . 
Comoany requhlnR such copy on pays. 

of the- regulated charge for the sam> 

BRABT & WALLER, 

2 5, Hind Court, 

. Moot St/eet. . « ’ 

London, K.C.4. 2- 

Ref.: FrtTH-. Tei.: 01-388 8H 

Solicitors for the Petitioner. 
NOTE— Any person' who InleB 
appear uq - the' hearing of the 
"Petition must Kervc on. or send by 

to. the above-named nodee in aridity!, 
his lntL-tidon so to do: TTie notice :*|Sl 
staff the -name and address, of 


j person, -ori -if a -BruTthc' name 

faBdress-uf ..the. firm; and.- must, be si 


hy .ihe person or. arm. or his or 

l uotkiior -if xnjir' and must be aei 

or. *7 pofireit moat be scot by po: 

sufflevnt ..tame to - reach the- aboye-uc 

uof Tator ftiaji ftjur-o'clocft In the after 

of tbc 31 st day of July 1078. 


MOTOR CARS 


HnWcts pf the above debenture* «-ho»ld present and surrender them for 
icdcmpiion on or jficr July 15. 1 *j 78 wiili the Jamnrv IS: 1979 and suk4e- 
qnrnt coupons attached Dt The Bank of Tokyo Trn«4 Company- 100 Broad- 
ya>. Ne»» York. N. Y. 10905. nr at the office* of The Rank of Toky o. Ltd. 
in l.ondoh, RruvseS and Paris, or ihe main offices nf Meet & Hope In 
Amsterdam. Morgan Guaranty Trust Company of New ^'ork in Frankfurt 
Ranca \ nn»lllcr & IL S.p.A. in Mdan or Baniiur Geoerale do Luxcntbovra 
in Luvcmhunn!. Coupons payable July 15. 1978 should be dciuchcd and 
(.(.-Heeled in the usual manner. 


iniercst on the debenture* so called for redemption will cease to accrue 
from and alter the redemption date, to nil, July 15, 1978. 


THE BANK OF TOKYO TRUST COMPANY 
as Trustee. 


June 12. 1978 


NOTICE 


The fpn*jwinj coopoa Bunds proiously calied for redemption have not 
as yci been presented for payracm. 

48 

2260 

25S2 

4792 

5073 

6224 

7505 

3195 

9926 

12414 

15247 

18400 

123 

2280 

26U 

*79* 

6897 

6263 

7553 

8911 

10071 

12421 

157*0 


700 

2283 

2633 

4842 

59<E 

62na 

7581 

8921 

1C132 

12424 

17407 


/OS 

225? 

2«? 

*8*5 

5966 

6228 

7620 

9012 

10162 

12430 

17409 

19634 

74S 

2295 

2731 

48*7 

6029 

6591 

T6?3 

901* 

102*1 

12433 

17417 

1300 

2296 

ass 

509* 

6049 

677 5 

7700 

9068 

102SJ 

12440 

17427 


nrt 

2358 

3*82 

52ifc 

6056 

6SS8 

7743 

9075 

10296 

124*6 

1747R 


1**9 

2370 

5999 

542b 

6129 

7065 

7766 

9297 

10429 

1Z45S 

17506 


1*39 

24DO 

*130 

5*53 

6166 

72*9 

7777 

9559 

1125* 

13037 

17759 


1673 

2*27 

4731 

5765 

6191 

7251 

7783 

P7Z3 

11338 

13670 



1535 

24*7 

*77-3 

5301 

6816 

7290 

7S35 

9812 

12338 

14688 

IKfW 


18*7 

2579 

4736 

5S66 

6220 

7364 

7S*7 

9919 

123M 

1*819 

13396 



*" No. 0B1M6 of JWS 
in -tl» HIGH' COCHI -OF JCS' 
ChaaccEF. J3 Piston Companies Coort. . 
ihe Metier oL THAMESDALE 'BU7U : - 
COSTRACTORSi LlMlTTb and- In 
Mntier-.of-THE COMPANIES -ACT, 1» 

. NOTICE 'IS :JIEREBT GIVEN, fh ; ; . 
Pndrlon For ' (be . 'Wlndlnit up of 
l. above- named Company by (he. Hist) I 
of .tnsrtee- -wes on the. 36th day of 
1979,- presented- to Hie Bald. .Coori 
PETlKUtS ' LO(l TED . whose . rest* 
office is stnats? ai: Cobtree House, 

Road. Arlesford, 'Maidstone. KeniT Tr ■ 
Merchants; and-ttui ihe xald Pedth - 
directed m .be - heard before the- < 
eUtdnp. at '.tho Royal Courts Ot'3u, 

Strand. Loodon; WC3A iLL r on the i , 
day of -inly 1978, and any .credit* H SJ 
/foulrilfl»ibr2..PtLfh* SAW Company, des 
lo . auppor? or oppose : .tlK making .o _ 1 
Order ,flo .the said PedflOB nuy M 
al the time- Of hearing, in person- o 
his raURSel. for that porpow- 1 'snfi a 
of ihe PrlitJoh will be fnrnhdtBd In; 
iinderacned^ to., any cpedltor .or. ‘ 
frtbatory-of the said Company p?cd. 
such copy on. -payment of the l«3» 
dorse. far the same. \ "/ .' 

FOR SALE LOCATED IN ATHENS- DoOqe ! . . ■ ,. 

-Winnebago -Mobile Home. 107* Model, . “Sr -• ; 

SiKos 6. Low mileage, excellent condi-l . bttea, 

lion, recently overhauled, air-condition. London. E.C.4. ' . ■* 

mg. IcehoK. shower, toilet., flaller. Ideal'. . Ref; T/TTH, Tel: ’ ;v > 

for mhni» fist. Contact _Alan Walker. | - SoJiriiore for the Petitioner. \ 

NOTE— any .person' who 


I -M^rcredes,-B?rc: Dsaie-ra 

CLOVER LEAF CARS 
230-4 1976. Topaz brown. .hanboo 
cjx. Allto p**> I owner, 26.000 
[-miles, radio. £6.250. 

.ZI0E 1973. White brown rex. 
Auto' p». Radio. '46.000 miles 
£4,2 » 

ThfecSin? DaviS Jsbcbs 
■ n^567i 122^4 




for rlrelAy. Offers over L20.000. ™ -WJjpn aroo 

FOR SALE. New vom> zm gle Saloon, 1 3onuar.oa. the. hearbiK of -fte 6610 W'. Af' 
Manual with o»e»«-iw, air.comUfienjne. |-DU»l serre as., or aend 4® • >* 

s% , esaur«A.^uas f ' 

.MOhft, Ltd.. *.,«burv 5 M 4.ar. 20014. 

~ ■' a finn. lhc'.name mxl^jddJY^ o 




“gar 1 Inqin/^B^nm-cwSti Rw «?c. 1 Er 7’ 3I ^ 'mn3t "br »l?iJrlJ "by foe.P 
onioned Engine. Swo stereo M.s. , nr * /Sm _ „ hi*, solicitor (ff 

1B66 MORRIS MINOR 1000 A-door ‘ Of I a,H} *n*wt ■ fc. arinced. .or, • V . posted^' 
Linn. One. lady owner. 22.000 miles. {.be SeUt.by- MR'.'jit JUiSU-leDl OT 

W feDan«rf,eidS«rii'C^ SW> 00 ^ :JCfl ^ -**™*™ 1 ™ W 

Bristol 566373 


fnw *5 ' jock, iiritbe ;*fternoSn „ 
SIS! 4sy of .JofcdS&i. 








-? Fin ancial Times Monday June 26 1978 


'Ll 





*T 


INSURANCE, PROPERTY 

BONDS 


AUTHORISED UNIT TRUSTS 




Abbry Unit Tst, Mgrs. Ltd. <■) Gorin** Fow* Managers ? faHg> Perpetual Tale Trust Mngmt.f ia| 
TC4Q, Gat* house Rd_ Aylesbury. WSS.Wl it. jury Are, SOA 8BP, 01J83M31 4H Harrs; P»1=S»S 

1 0 12 P peniakipGtth— -P9.9 42 B| | 341 



ms * ==» 
— tei 

:|gt 




asH 

142.4 
OS 

tna 

227.5 



,^31B71 4H Grace* hureh St- ECSP3KH. D]-8S3<800 

Man ucd Fund J144.9 156.1) . i _ 

PHcos Juno 1. Next deaHnf July ft 


unrt t ^ w«uae« C im, 

BSeftaBar|M“»«|di| = 

Gresham Life Ass. Sac. Ltd. , , , 

- f 1 ']®'* of Vales Bd.. B'mouth. 0202 781055 ^ ea * #n d Ins. jCo. fU.K.1 Ud.f 
C-j. Cash Fund . _N6 5 in u ■ Majtlnad Home, Southed * 

U=J = *si bmk&is,* 

tflSWBfcdE* SHE] = iSSTfflS&rB-i 

* s«:- uie am. soc. Ltd.* jjffSftS™ S5.1 

SR5S , W. t ? J ?' WgttkrW 


Abbey Cap iro! __| 
Abbes' I ih»nc.._ 
Abbe&Iirv.Tti.Fd. 

AljbojCon,T4l«., . 


Allied Hanbre Groapf (iXfl 

. H a abro Hoe. Hutton. Brentmed.EMz. 
01-888 2881 nr Brentwood iQSTT) 2114M 


l£fc *a«tJgn* 3a Valuation noi-mari v Ti'^yt, r 
Albany Ule Assurance Co. Ltd. 
<ftOld Bodineboo St. W.L 
- br Fd. Acc_pB8J) 

Hot Act g».9 

rFHtAc-g2C2 


f4BdbaiisecsM~| *^2o | :± \ Z 

”"wHd = 


iw n.' « « ijw I B i l nw l IW« 

Allied 1st „ 1M 7 

Brit. locU. Kuod_ . *0 4 

one. u in*. — Si.* 

Elect, fa tort. Dev. 322 

Allied (.'apical M3 

llamhro Fund 1002 

Kcmbro Are. Fd ill* 7 

luemuu Fonda 


taodbaokEca Act lltt 
<*• fc s. Super Fd. _| C7.95* 

Guardian Royal Exchange 




tunnaw B»W> Exchange. ET3 

~..7| _ Bonds __p7a B ZC^f. | _ 

HBB»ro Life Assurance limited * 
01-4000031 


01-2837107 SSfflL-® 5 


'££!& ■KESSB"- 

jaaaa-- H 

Overseas KtaS 

CUiEdterTr^'^BJ 

American Acc. Rao 

Poo .FJ.Dop.Cap_. 137 S 
j ^a -FXDcp-Arc— .048 

Ala*»t, Atom BA. Mp* R«iipd.«Dl<tt. KS:pEEa2!~ 


Fiaodlntftad.^ iSi 

DepwrllFund 185,6 

Nor. Unit June IS.. 2801 



Hlah Yield Fd M 1 

Hloh Income 03 2 

A-H.BO Inc. -- P7.« 



3ix&-Ufe. Assurance 

30. Uxbridge Road. WOi 

■ ”■ Jtefe -» 

Lj tteP» 


saw 

- 

1833 
103.1 


Pen- Man. Cap. _ 

goa l CHI Edf^ 

pmld.aj'.SE.— 


182.6 

, 182.8 . , 

Hearts of Oak Benefit Society 



Phoenix Asm ranee Ca. Ltd. 

4-ftKln* WlUUMSt, ET4P4HR. 


Wealth am.. . . 
Eb r. PKJSL. 



. Ml 
. 343 
. IU2 
.28.0 
. M* 

. 57 9 
. 711 

lot. ABendes--— • ■ 1A ■* 

InU Ex«B0tFd.r— JJQ 
izilntl. TM. MM > — P3* 

Glhhs (Antony) Unit TO. Mgs. Ltd. 


1 1 1 Amei-1 ran T*L — 
Hr 1 UahTa.iAce.i~- 
k. oramorflly Sbara 
Estr»IncoroeT3*-~! 
f'lh'irEuiTruX 
Hlfh IttconwTM.— 
Income Fund- — - 


3Ud 



-0.5 

J75 


6 22] 

—0 3 

764 

-04 

14 4H 

-OOl 

913^ 

-a 03 

36 U 



2 72 Piccadilly Unit T. Mien. Ltd.V faHbl 


nr Wardctr Hne,. 3 aa London Wal LECS 


ss 


Extra In-'ouie 

l u .Small Cob Fit 

3 38 t-'apUal Fund. 

bit Ipi Erns i AatU. 
x n Pmolr Fund 


Accumltr. Fund-... 


SMUomfleM St, EC2M 7NL 
(■■AG-liKOaNr..— £L2 45 

>»> A C». OrewthTT—eJ 2 *1 U 

laiA-U-FarSaat*— 1&7 25 

Dealing Tues. ttV* 
Gorett (Jaha)V 

U-.UondoaW»n.EXC 


Torhnoloc FUndLlSO 4 


01-S8B4H1 - S i 


American Fund .. 



.1 810 *“ 

• - j g g Practical Invest. Co. Ltd.? (yXc) 

— I OJO 44, Blooouhnry WC 1 A2RA . 01-8238881 


Praitlcdl Juoabl — 11519 . 
Accum. Cults RUI 


»l"ri 


Do Ace uni. Deit -.Jltaa 177jj ...| 1.97 =52. Bi. hop* Site. ECi 01-S 


l«JS 

403 


Neat asm day June 3a 

Grievesou Management Co. lid. 


Prolific Units 1823 

Huh Income., |U9-0 


3176333 

adl=i 


39 GrethanSUECSP 2D5. 
BamngMa June 2J|202.2 


HT W .H.YdJUB4a. ■ _ 

■ Accum. Ctnlt*> }2'2 

Srtdcav. Jane3B.. r . glj 

i A ecu si. I'niaj *02 9 
cirnchBtv. June S3 - 2' 

< Act-urn. Cult*)-—-. J8 b 

I Anderson Unit Trust Managers Lid. lAitwi'i'nlS ^. . m 


21L3 
229M ..._ 

my .„.. 


SJDS 

205.3 

212s 

993d 

im.T 

731 

74 M 


D14D8443S Prudl. Portfolio. Mngra. Lld.¥ CaXbgei 


13 S E 

m 

Norwich Union Insurance Group 
PO Bo* 4. Norwich NR I 3NG. 0009X5200 

Monssed Fuad p8B3 2M.8J -Oil — 

inta mat! Dual 1243 

Pacific Fund M3.7 

Secs. Of America-.. B) 8 
U Sa ExcmsA*. ,.p.9 
Specialist Funds 
Smaller Co 'a FA.. .0*9 
m .-..n.,.1 XndSmlj'.Ca-sFa.- U1 

01«»087fl ReeouctyRIla ... fi.9 
'Mct-Mln. faCdtji ... 34.7 

Eh'r. rtiiqE ,™z}7b.i 0o.e) rr'r.j _ 

Prop. Etfolty & Life An. Co.¥ 

. 01 0687 issFonchurch st. EC9M0AA 0539331 Guardian Royal Ex. Unit Mere. Ud. 

j - AndcrepeD.T....„|«* »u I « JSKwiM. Sf 3 ^ IS 

FknMwyBd | 149 4 | “i! | — AnObachcr Unit Mgnt. Co. Lid. (aKii:ui»rdhlUTn...ia7a 9031 -OX 449 FekfordeT.Inc..— |40A «« -0-2J 531 

t Noble st, EC2V7JA. 01-8238378. Hmder*o» Administrationp i«HcHg) Ridgefield Management Ltd. 

Inc Monthly FUnd.(U&e 175 H ] 8.90 Premier LTAdsdn, 5 Rolei oh Road. Hutton. 3M0. Kennedy St, Manchester OOISWRUI 


:3J 


4j52 Hoi born Bora, EJ-'J.V 2NK 
fS Predcsual ..- I128S 


01X030=22 
12081-031.439 

a n Quiltor Management Co. Qd.f 
2 552 Thu Stfc Exchange. ECSN* JRT. 0141004177 

S-H Quadrant Gen, Fd. .11073 118.71 | 430 

290 Quadnnl Income .~|U7!7 ..~~| 7.91 

l « Reliance Unit Xgrs. Ltd.¥ 


01-74B8U1 

»> ''jMv * Ufe Aasnr. Co. Ltd. * 

-41 . xttKorafozd Rd, E.7. 


Property Fond 

AariC-Fued fAl-..„ 
Abbey Nat. Fond. _ 
_ Abbey Net. Fd. r/u . 

Hill 8amuei Life Asrar. Ltd.¥ 

M-A Twr^ AddlKombo Rd, Crey. 014084385 mSSS PuSdfAl^: 


IToperty Growth Amur. Co. LUL¥ 
Eeen Botua.Craydo<].CB»lUI 01-8800808 



ubj]-o 2 

132J -Oi 
183.8 Ri 
1823 

1WJ3 
.998 
1 97,0 




^opertr Delta ...nsz.9 

».«.»< tesissfcgi 

teSix- S?j J 

gtssarg^a i 

Phs.CTeed. Aec no R 

Praa. Equity Cap pjTj" 


rPenaAce. 

m»u— _ 

■Ourent unit, value June xb. 

ledrin Ufe Assnr. Co. Ltd.f 
n.LonbardSL.BCS. 

t^PaDBi ' i aftaeF--h - 128.76 
flgM l i^CIf fr Aagmrancc Co. 


fex»^.rr“ 


. , _ m 7 

BnFJdiBUct S.S 

gwe. Prep. Cap — 83 
Pena- Prop. Acc__ 95.4 


K3I 

ljSi -12 — 

108.9 -0.7 
’ -A8 



Actuarial Fund. 

§i!!tS5SS&: 

« Relic* Annuity 
Olmaed. Anety 


— Prep. G rewtft ; 

— All WtberAc. 
.— •AilWcolWf 


■AC. UU 

kW £L“^i 

PanBireiFaUta.— 
Conv. Patu.FR.~_., 

EitSk&S, 


Imperial Ufe Asa. Co. ’of Canada 
01-8S128B imperial HenaaGoildionL ' ' 'TUB 

' • ■ - ' - PSTSSiSSSJSi 513 ail = 

Unit Linked PcttUt -- 

-£J%£ Sr£2?? **«■ am SfeSSRCc. 1 fS~K -* 

: ^SSSStl |”::|= tSSSKirB 

^WOR Asaomiee Ud.f Irish Ule Assurance Co. Ltd. 

^.ObmptcWy, Wembley HA00NB 02-0028878 1,1- FlMbtiry Square. BC3. 


Man. Pena. Cap. Ui 


Prop ^Sf'cipuflS! 

- Ut. 



Arbuthnot Seenriurs Lid. <aMc» 

37, Queen $t- Dotulen EC4R1RV 01-23BXW 


Extra Ihtmm Fd ... 1042 
iSSh Inc. Fund-,- 40.1 

fa.xcciun. Unitak... 53.9 
[8W WdrwUJU.1 53.9 
P re f er en ce Fund— 25 Jl 

(AccnsL Ihdta] 17.4 

Capital Fund 19.7 

Conorioditv Fuad „.(9*x 


(Accum. Dolta; tafcO 

no%WMrwt.U.j I 


. - S23 

FlaAProp.Fd. ».s 

Clan la Fund 39 0 

(Accum. Units) tt.l 

GrewthFund 325 

(Accum Units) 38 a 


(SmBllarCa'aFd »4 

I . nrn fa i mi. re. rr o 
IS*. WdrwI.UIl 1~_. 212 

Foreign Fd M2 

N. Anjer. it lat. m 31.7 


112.1 

4U 


MU 


272 




s| 

18.7 

41j 

48B 

34« 

41,0 

2S4| 

* 24.3 

34JJ 


-0.3 1139 


:SI 

-oj 

-D.l 

-o Ji 


425 

9.25 

9.25 
12 J 0 


Brentwood. Essea. 
I'X Fond* 

Cap. iBiowtiilPC— 
Cap. Growiti Arc — I 
IncemcfcAauSa,-' 
High Iscwsa 
High Income . 
Cabot Extra tat 




44 S 

sl:“- 

sfa^i 1 


3070*2 I 

■' -.. 4 10 49 


232 


Sl_ 

5.25 

5.25 
3 05 
2.M 
2.88 
3 03 
303 
435 
123 
123 
120 
108 


Financial b ITU. — ^.9 


Oil fa Nat. Rea 
Interactional 
Cabot 


-m 


International -U2.B 
MS~(73b 


Wr|d Wide JuacStnli 
O w na M Fonda 

Auatrellui S3 8 

Ruropefln »» 

Far tii 24 

North Aster - JJ 4 
N Anuuntc JimcXX U12 
CabctAmcrSmCo. pl.« 


361 
412 
7a 2 

124*30 

Ml 


0277.317=38 Ridgefield Int LT-MLO . 

Ridgefield Iseemc (932 ' 99Ds4 

3^| R ot hsc h ild Asset Management (g) 
422 7240. Gatehouse Rd-.Acleabury- (QM9941 

N. C, Equity Fund... 1646 1732) +0.11 309 
113 NC. EngyJUa.Tja.109 8 1UJ1+L2 L51 

867 N-CIecomeKuod M3 6 152 Td -^L2 6.99 
NC. IntL Fd. llacj 90i 95.¥ -04 1.79 

an N.C IniL Yd. Ciec.i 902 95« *0 4 . lis 

19} N.C. Smllr C051 FdJlSO b 1683|-oif AM 

... Rothschild & Lowndes Mgmt. (a) 

1 12 Sl -Sotthins Lane. Idn, EGA. 0i-eSB496« 

447 NewCT. Exempt _ .(£125,0 132.01 1 354 

Price on June 15. Next dealing July ]7. 
Rowan Unit Trust' Mhgt. LULVfa) 
346 City Gate Hae, Fln&tMir? Sq ,ZXti M-MaiOSB 


2S4[ —0.11 
28*1 *0.l| 


91 7t *8.11 


i 


♦0.1^ 


1-53 


Archway Unit TbL Mgs. Ltd.¥ fai(e) 

317, Hlsh Hoi born, WC1V7NL 0l«lfiSU, 

Are£Sy FUnd -~J8B9 Hid- I 614 »^’hTntft_- 

— 1 SSL NW * 


Hill Samuel Unit Tst. Mgrs.t (a) 
45 Beech KL.EC2P2T,Y 


__J | Prices at Juna : 


Prnvfecfnl Life Assonnce Co* Ltd. 



222. Biahopsgate, E£A 
■ftw-.J&nawdFd. 

Pro.. Cash fd.. . 

Gin Find A 

Pro — 


_ Property Fond 1 

_ Equity Fund 

_• Prd. tot. Fond 




— 1-007] — BlueChgLJiuieaa- 


gf a _ 


171-7 


Exempt. Man. Fd 
Prop. Mod. 




prop; Moi cth*- 1 ” fini 


F8 (kL~ 

Prudential Pensions Limited^ 
01-8288283 Holbore Bare. EC1N 2NH. D1-409B22Z 

KqulL Fd. June 21 

Fid. Ini. Jane 21 [oa.72 28 

Pfop.F.JimeXl — ^78 



. 96.4 
. 96A 

f’lnd feq. PenBjAec. . B.O 

thcsu.?- — 




Current valae Jane 

life AwuuecV 

Roa0B.au pel Ash Woo 

hpeaLPd. 1 un n 1 

“intrPU.I 10X03 j 

lie [Bagiaa Gp.f 
equereSq, Uxbridge UBS WE 

'.Wferg! S3 ::: 

Managed.. pS. 4 404 ...... 


000228311 

d- 




.aw-Soc.. 

Managed. 


^IRU 57 * 
330.0 


621BI 


King & Shaxson Ltd. 

S2.CbrohUI.EC3. 

Bond F«L Exempt,. DflNIB _ _ 

langhnm Life Assurance Co. Ltd. 
Langbam Ha, Hofobra^rDr. NWC 01-2036311 
Lngham'A' Plan-. I63S 67J1 1 — . 

>aa,= 

Legal A General (Unit Assort lid. 

ESBeHr-wta 

Do. Accum. 97J 182.3 

Eqitity Initial 1139 122.1) 

Do. Accum. .. 1110 12q_» 

Fixed Initial 115.4 tTt - ? 

Do. Accum. U73 in? 

TnU- Initial W3 

Da Accum 97 J 

Managed Initial— 235 b 

Do. Accum. 117.6 

Property Initial — 99 J 
Do. Accum. 1ML0 


fbl Ftjunclal Tni*. 

(bi Income Trnat- 
(biSecan^Tnat 


1.U 

} “ InKL¥ feK*J 

13. Chnatopber Street . tc S. 
InteL Im-. Fund f*4 6 




Next sub. day June =8. 

Barclays Unlearn Ltd. (>XgWc) 

Unworn Ha 592 Rotnford Rd. C7. 01-934 3944 (bi Tneome IVust- 

, Unicom America-, n.6 361^*0 2 

01-2470882 1 Do. AuaL Are- - 7tu 763-05 

55.4 59.9n —0^ 

WJ 64.3 -0.1 

se. Exempt TiL IBS 3 109 * -05 

Do. Extra Income - 172 24.4 -CZ 

□aFlnmaal 57.9 62 Ab -Oi 

Do. 300 712 77.8 -03, 

De. General 30 4 32.9 -53 

Do, Growth Arc. J15 42J -03 

Do. Income TgL S2.4 89.1 -06^ 

Da Prt. A'na. Td. _ PJ72 1*42] ....4 

Meet at May 30. Next sub. da* June 30. 

Do. Recovery 413 447 .. ...1 5 JO 

Do. Tnmee pond-. 187.7 1165 -7 7 S U Key Small CD's 

Do. Wldwldc Trust 49.6 536 *oJ 1J7 

BIMJaPdiaC 60.7 63.2 -53 4.99 

080222271 Do. Accum __M4 7L3 -Ojj 499 20.FeocharchSt.EC2 


1454 

153 61 



393 


ulfl 

831 



30.9 

-0.1 

879 

94] 

-Oh 

arm 

27 4 

-0.1 


54.1 



30.74 -0.1 



• 97 
420 
7.79 
779 
330 
330 


lit 

332 


Key Fund Managers Ltd. (a«g) 


627 

438 

676 

5.62 


2a,MilkSt,EC3V8JF 
Key Energy In.Fd..)75 4 


IM Amcriran Jone 33-1683 
2 B Sac unites June JO.. 16aA 
High Yld June XL. B2 

«.\ccum. Unit, 1 75 j0 

Mcrl tn Jonell 793 

<11-4=88011 (Accum UrHtai — [968 

Iff Royal Tst. Can. Fd. Mgrs. Ud. . 

2 98 54. Junnyn Street. 1. 01-029C62 

466 Capital Fd ..1 1696 78* 3 3 

4.98 Income Fd.~ [71.9 754 _ ..} 743 

(jj Prices at May JS. . Nest dealing Tunc 30. 

■ a Save & Prosper Group 

4. Great SL -Hdetu. lenxkm BOP 3EP 

Di-i77sn 68-73 Queen 53 .Edinburgh EH2 ANX 

91J? JiU Dealt ngs to. 01-534 BU9 or 03I-22S 9331 

Save & Prosper Securities Ltd.¥ 
Intematioutl Fund* 


Key Equity bG^.W! 


•Key EiiempL Fd- -U53 0 
Income Fnnit. [76. 7 




80 2 —0.4] 
703 -0? 
1*2.7 
II 5a 
647 

loo a 


01-0087070. 


360 

498 

*33 

3.42 

1278 


Capita P6 0 

Univ. Growth. —.[*61 

increariag r » F aiM ’ Pnnd 
nlgh-Yield 151.4 


318 


■W^JI 421 
71 iq +0.4 . 2.82 


EB.UaltFU.Dte— JM9 
6EB. UnltFlLAc— [106 0 


Legal 6 General (iWit Penal 
Exempt Casta Init. - W6.4 

Do. Accum 'B.Q 

Exempt EQty.bdt- 12L9 128.' 

Westminster Assnr. Co. Lid. ^^^'^xodioiL wi m . 

id House. 6 Whitehorce Road. Do. Accum — .. 133.4 137 

CR0&IA- 01-6840084. Exempt Mngd. lniL 119.9 



-03i - 


Do. Accum 12LB 

Exempt PrepLlnlt. 96.4 
Do Acrnm 98JJ 


Relisnee Matnal 
7*unbridgeWeUs, Rent 

■ bi4j05m Hal- Prop. Bda 1 19H 1 r — [Baring Brothers A Co. Ud.9 (sKx) 

U45^-^Hi — Rothschild Asset Managemeat I as. Loadcnhaii st, ecj. oi-anssn iCB.rainy.TWs.-j55.2 

Sl.Sw(thtn. Lane. London. BC4. 01-8284338 SHapoaT* 

N.C Prop. Mar. SI— [134J 12U4..~..| — 

Next SubTDay I ~ L&C Inc. Fd— -1(1373 

Royal Instuanee Gronp [BiEhopsgale Progressive MgrnL Ct.f LAClnti &GenFd.|t92 

New HaD place, UverpooL 061227412= jg.Bnho pnga<vEC 7 OIJBBfiOO LatfSOD Sees. Ltd. ¥(agCI 

Royal Shield Fd. — p3X5 1AL7] 4 — * 

Save ft Prosper Graapf 
4. GUSLHelen-a, lAdn, EC3P SEP. 01-8M 


A2I High iMonw Pundx 


552|-M>.1| 763 


Kleiawort Benson Unit Maoegers¥ High Retan— — [M.7 


01-6238000 


Income. 


-|8L3 


8 M 


8.64 

913 


H=f 


^09 UR Fond* 
3.09 UK Equity- 


4 47 Oi ererre FundsOO 


-K2-2 


53| +0H 4.92 


L — SS5 nW i 2 J5 LfcC Unit T™ 51 MMa 8« oent u*' SSSKL= :BB 

Nert iiuUdny Ji£ £ 4 The StoekEchanga & IHP. oi«b cam U.IT [75.3 

Szil :;::i 




(B'C*SePr.**JiiDe 30. 

I Acc. Uts —June 133- 
| B'sntelnt. Junel3-. 

I (Accum) June 13— &90-8 , 

Next suh. day ‘June =7, **, 



B3 George St, EdtabnrKb EU22JG 031-3282011 


IQ Sector FUnda 

Commodity....— — . ... 

Energy [603 

Financial Secs. 70.7 



Deposit Fdt— 

Cprrn.Peaa.FdJ, ,t 

Bqu l(y Pena. Prl. .. r .. t . 

•Prop Pena Fd-* [2183 230 • 

GUtPwFd. N2J ■ 971 

DepoaPenaJd.t— r*3 1837 

- - •Prices on June 30. 

tWeekiy dealings. 


Bridge Fund M— agersffsXc) 

rang William St, EC4RBAR 

American fa GenJ-DSJ 26J 

lacoree- 50S 54.1 .... 

Capital Inc-T B.9 387 — 

Do. Act t — Mi • <2.7 _.. 

Exempt! 136.0 3441 .... 

IntarntLInct 163 17.6 

Do. AtX-t 111 19J 


Schroder Life .Gfunp¥ 
Enterpriee House. Portsmouth. 

Equity Jun«70 2239 

Equity 2 June =0 — 2167 
Equity 3 June 20 .... Wi t 
Fixed Inf. June 20.. 13U' 
PIxedlnLS June ar.tiifci ■- 
Inc. Ut Juue20....— 

K t S 1 jLH June 20_ 

K6 Sc June 20 [U9J 

lined. FT*. June 20. 11303 


•Raw. Materials. — pto 
xtAecumUslti)— 42 7 
•Growth Fund— — 553 
afAccnm Units)— 612 
rtGUt and Warrant- 372 

^American Fri 14.0 

01-623 4031 fiAreum Units) B0 

- 343 “High Yield [478 

*32 


439 
486 

M3 

66.7 ...~ 

48.7 

273 J 

SU 


, -r Blfd^BUoimv FteidH 

675 Select Internet.. 054 JL 

375 Select Income —.[512 . 


268.1] +031 
. 54fl -Ml 
Scolbits Securities Ltd.¥ - ----- 

40.1 


~ 1 1, Queen Victoria St, EC4N 4 IT 


«««.. SSSSSk 


0872 

0173 


LACPrpJd. June 5 195.9 101.71 J — ‘ 'Properly June»_p<,7 

Next sub. day July 1. . P«yjcrl»-3Tune20.fi5Z4 


m . 

sLar.T-aurTSrrS 1 - 

1 Westminster Aasor. Sac. Ltd. 
flU-8M88S4 

. Union Group ' 

K^H-SLliDde'rslinh. EC3. 01-7887300 

' Hr. 

iTife Insurance Co. 

?Upe.WC2AlHK. ' ' 01-2420282 

2273 ' 

MM 
1814 
130.6 
3710 


Life Assnr. Ca of Pennsylvania ••UffiSSSEUftBS! 
3042 New Bond SL.W170RQ. 01 -488 *986 MnPnCpB Jnne20_fi«3 

LACOPUnits. (987 1036] J _- MnPnAecBJune3g . fe.7 

Lloyds Bk. Untt Tst. Mngra. iA£.y, 

71, Lombard St-ECS. ‘ 0WBai388. 

Erempt [W1 739 

Lloyds UCe Assnraace ■.;■:/ Moccr Pen, acc. b, p?.7 

OveneacC - ■ 



20i CURcm St, EC2A-4MX - 

BlLGth Junefl j- - ' IMP - 

Opt3PropJuae22. 1253 .13M 

Opt3EqtyJnue22. 1276 1344 

Opt. Hy3ime22 1533 . 361J 

Opt3 MAn. Jane 32~. 145.9 ' 1531 
OpcJDepLlune22_ 1213 . 127.4 

London Indemnity & GnL Ins. Ca Lid. 
I860. The For bury. Heading 583S11 

aiffiSCL- 

Fixed In 


142N 
IHJt .._. 


14491 

144.nl 


■::::: 

15U 


122.9 

123.4 

u 

1373 

286 2 

99.4 

narf 

lELg 

100S 

• 193.7] 


I Dealing Tuos. fwed. tThma. Prices June (Accum. Units) r72.« 

80121/22 Next sob. day July 

070837733 1 Britannia Trut Management fa) (g) Leonine Administration Ltd. 
Is r^«Ai Wall Bundtom wan 2, DnheSt, Louden WTM6JF. 

| London EC2K SQL O1-SBM78/047S 


135 

050 Scntblts (38.1 

050 SeMyield (48.4 

... 1037 Scotsharct B5.6 59. 

« ISt«fcgBa.«Rr:J « 

Legal ft General Tyndall Fnnd¥ Prices at June 14. Next rob. day June 28. 

3 <s lft Caayaso Road. BrisinL 10723=341 Schlesinger Trust Hngra Ltd. (aK*> 

331 Du. June I* g73 6ia J 336 (Incorporating Trident Tnutel 

J 4 *; 4 536 140. South Street. Doddog. -j (0300)86441 

O' 1 - Am. Exempt 121.8 22.41 *0.2| 237 

Am Cnmtn lz7.4 


_ I Aaaete 


Capital Acc. GOA 

Cmmnfalnd ST? 

Commodity-,—. [763 

raraostlc- 


1693 749 —831 536 lee Accum 


Exempt Uft7 

Extra Irenas: nl 

FXr East Z13 

Ftamrial-Sere- 603 

Cold fa General 842 

Growth 783 

Inc. fa Growth. : 713 

InTl Growth 642 

Lnve»t.T»CSliBres _ 473 
Minerals ».7 


Nit. High Inc-... — 747 

New Issue 142 

North American— 29.1 

Professional, 085 

P ro p ert y Shares _ 12.9 
Shield <M 2 


— Scottish' Widows’ Group 
1- P0 Box M2. aUnbnrgh E3UB5BTT. 031-8556000 

— , In v-Fty-SerfriM J — ]W29 182. 

— ■ lav. Ply. Sreleefi— S3 


hisss r—w 






U471-a6j 
«uJ +d3 


223 

65.4N 

94«ri 


764 

66.0 

Sfl.9 


■47 

36J 

3L3M 

3047* 

SI 

ss 


da 

-06 

+0.4, 

-M 


-ON 

-0^ 




WTMftir. 01-488 »»1 S 7 

(80 J 843) — 0.9| 4.69 income Dirt. 37.9 


•Q Llayds Bk. Unit Tst Mngra. Ltd-V (a) inc.ioswdri — 


479 

501 

4.44 

732 

932 

339 

437 

333 

4.87 

736 

239 

3.48 

339 

457 

436 


Ve^nsarr. 


Regirtrar'a . 

Worthinc. Wi 

First iBalncd.). [433 

Do.iAccnm.1— — 664 

■Second (Cap.) SI 1 

Do. (.tecum I—, M3 

Third (Income) 796 

Do. r Accum) — im 0 

Fourth flESdncJ__ 373 
Do. (Accum) (6SJ 


GoriDg-hj-Sea. 


5L9I 


Mf* 


69.1 

E53 

117.1 

6L6ti 

703 


- 0.2 


Intnl. Growth 983 

Inv Tst. Units 25.1 

’■*? Market leaders—. 28 0 

4 AS -Nil Yield 1 273 

4A5 pref. fa Gilt Trust. -223 
331 Property Sbarea B l 
3.11 Special SU. Tst _ — 263 
6.0 LJC lirth. Arcnm 28 9 

S-S UJC.Grth.DtUL |u.4 

830 


.. 295 4-0 2 Las 
"26.9 —03 "836 
26.0* -0.1 4.41 

• 313 933 

40.8b -03 10.15 
J0.9xw -03 — 
5L9 402 2.66 
27 0* -03 4 27 
303a 4 6b 

293 eO.l — 
24.0* -03 12.63 
27.0 -02 230 

28J -03 263 

• as —03 5J8 
19 8 -03 538 


-03/ 830 J- Henry Schroder Hogg ft Co. LUL¥ 





Arbothnot Securities (C.X.) United 
P.O. Box 284. SI. Helivr. Jersey . 055472177 

C»p. T*L iJepiey 1... IUS 0 131 3] 1 437 

Next deal me date JuU- 4 

Cast Alntl.TsLiCl >. 116 0 123.M I 3j05 

NeM sub. July 8. 1 


Australian Selection Fund NV 


Markrt Opportunities, r.n Imh Yoouf J* 
O uthw mlle.' IZ7. Kent Su Srifnet. 


L’taJl Shorot -1 .1 "sTsl M ^ | — 


Gucnv«>' Inc 


Net Acwt Value Jan 

Bank of America Intern ational SA. 

35 Rnulersrd Royal. Luxembmirc G D. 

Wdlnvesi Inrmne .ISrsUltt iri»j*(L3^ 645 rta"Acaiin''"~~Z 
Pnc« at June 5i Neel sub. day Juna 24 XB ForEja Fd 
Buk. of Lndn. ft S. America Ud- 

4PO0. Queen Victoria Sl. EC*. 01-030 2813 K_B I'S Girth. Fd. 

Alexander Fund.. |Sl'S*9& — | ...~.| ' — Sienoi Dertrada 

Net asset value June 21 ■LoifonaaiDM'- 

Bnnqae Bruxelles Lambert 
2. Rue De la Regence B lOOfl Brossela 

Rerun F and LF. — I1.B6S 1.9231 -2| 7.82 

Barclays Unicom fat. (Cb. b.) Ltd. 

1. Charing Cress. St- Helier.Jrey. 0534737(1 
Orarceos Income ._M6 8 50Bf-13| 33-25 

Lnidollar Treat.. . H511* I1M ..tH 4J0’ 

Uni bond Trust . .-[llTlMn HU)).....] 400 
•Subjecl 10 fee and with hold Inc taxes 

Barclays Ualcorn Int (1. 0. Map) Ltd. „ . _ 

1 Thomas St. Doaclai, fe.VL 06344836 _ “ . Group 


3:-cark? 


43C 


Ung ft ShaxsoB Mgrt. 

J ChontipCrees, Su Heher. Jerarv. fOJPtiTX.; 
Valler Hiti. Si Peter Pert. Git?.'. iMSli 
1 Thomas Street. Dcjpljr I 0.7 iOS24-a.7r j 

(■ill FundiJersevi-pls 919* ..-3 32.: ■ 
Gill Trust (I o M . ... 302.7 33F 3-!' 12 P) 

Gilt Fnd. Guernsey ]93» 9.4C-1 21.13 

IntL GerL Seen. Tst. 

First Sl trims |1=57 HKI I — 

First IntL llSfl 16 15» IM _Z[ — 

Klein vrort Bencoc United 
20. Fenchurch Sr. 5X3 
EunnvesL Lux. F. J 1.063 

1639 577 

73.4 3i.d| 

SCSI: 55 
SL'S)146 
s;’- 52.57 
St<!flL96 
r'94 79 - 

;13 65 19<ci ... - 

KB set a& London parity; aeon ts ohIl. 

Lloyds Bk. IC.I.1 U/T Kgra. 

P O. Box IBS. St. Heller Jct*r. OSUgZ-si 

UoydsTst. P*«tjs . (5S 4 62 Cf ( J.i,’ 

Next deal-.ng date July 3i. 

Lloyds Intern ali on oi STgrini. S..V. 

7 Rue du Rhone. P.O Bnr 17P. in ! Seven . L 

Llcwds 1st. Growth |SR1!!9 ti£ 51 1 It) 

Lloyds Idl InL’pM.I.in'.'iJ J33.- [ j 6.7r 


1 Z51 


-6.3.1 ill 

.4 L-.i 


Unicorn A111 L Exl . 

Do \aa. Min_. 

Do GrtT Pacific— 

Do IntL Income. 

Do. I of ManTsL. - 
Do. Manx Mutual-. 



1A0 

3.78 


858 

8.90 

1.40 


Three Quaye. Tower Hill E'^S 8FQ O’. S: 

AllnnbeJune2U [S3 *52 S2 

Ausl. Ex. Junc21_..|S)'M:4 


Gold Ex. June 21 

Island . 

l Accum Units' 


,124 0 
1764 


Samuel MoeeaRu Un. Agio. 


1.97 


124. Old Bros-J St, El' 2. 
Apollo Fri. June l-i.ISFii U 

Japfesi June 15 laEiB 

H7Gn> May 31 — HL51P3 
117 Jcnov May 31.. ti3 05 
1 17 JrsyO'&JuaeT ._.]l12^5 


2551 .. j - 

i?4-pr|^r., 

137.7} -13, IZzZ 

lE-S- 

i? 5JI ... .J 3pt. 

ii^l :.:::: 

5^5) I j.j’h 

3*B| J — 


Murray, Jobtwtcnc (Inv. Adrirer* 
183. Hope St , Gi fT. W-’-CSli 

■HopeSi rd | SUSSI o3 1 ... .1 - 

•Murray FUna.. . .1 5i.T-il.J7 > ......| - 

" N A V jLy iH 


4 00 
100 
2-50 
U» 
12JD 


(j<vc7io<'Vir>. 

5L'S2fl 6T- [ .. 


Biahopsgate Commodity- Ser. Ud. 

P.O. Box 42; Douglas. tx>.M. 0«V239U 

ARMAC'JuneJ — lir*»tt Mid I — 

CANRHO“June5..RU55 l?® 1 * 

COUNT— June 5 . [£2.512 21. 

Originally Isaned at *510 an 
Bridge Maaagemebt Lid. 

P.O. Box 60S. Grand Cayman. Cayman Ifa 

Vhashi June! | 135 J 33 | | — 

G.P.O. Bo* 580, Hone Kong ' 

NipptmFd.June21.pD7N 17ll| 4 0.78 

Ex-Stock Split. 

Britannia TsL Mngmt. tCI) Ltd. 

38 Both SL.SL Holier. Jersey. 098473114 Neglt S.A. 

Kidlx iwari.M ii r+m 10# Boulevard RciaI 

Growth rnresl Sl_5 34.01 -1 71 

Intnl Fd 79 8 865 -?.« 

Jerjec Osergy TsL. 1118 14J 6 -1.1 

1’nlvsl. $ Tsl Stg . .. £2.11 Z2Z -Oil 
High IlU.Sllg.TsL. ,|l0 97 1^-DJU 
UK Dollar Denominated Ffe. 

UmraLSTct |S1«A* i IV -0AJ — 

InLHIcnint TVt. . ..|5US»n l Ol ....-[ 9 R 
Value Juan 23. Next dealing June SB. 

rn»!»rtF Growth Overrecs Lu5. 
RO. Box 583. St Helirr. .lerecr. 053474777. j-.u-i,,. 

Sterling &nd FA _|OOJ!7 11U2| 1-1288 =« Insil Town. G.braior 

Butterficid Management Co. Ltd. 

P.O. Bn 195. Hamilton. Bermuda. . 

Hu UreM Equity .. .[256 2441 J 194 

Buttnus income .. H 97 2M| } 5.85 

Prices at Slay 12 Next anb. day July JO, 

Capital International S.A. 

37 me N'otre-Dame, Luxcmbourg- 
Capitnl inL Fund. . | srsJ7J0 | — 

Chorterbotiee Japhet 

01-248 3989 


NAVJunolfl | 

Neglt Ltd. 

Bank o? Bereiud.1 E'cgr.. Hsaul’.cn. Tra-io. 

WAV June IS. 1^.41 — _ 

Phoenix fntemr.ti.insr 

TO Doc 77 Si. Pcicr Por. Cuerr.icy. 

Inter-Dollar Fund .[JS 73 2 =2| . .| ~ 


51*3*59 79 * 
112371 I 


fjiroC. jj 

1‘ 15. Dollar Fund 
Stirling Fund . . 

Quest Fond IKngzszt. ijers?yi Lrr.. 
P.O. Box IW.St. Heller. Jersey. 053«S75-li 
Quest StisFtdlnll £ I . | — 

Quret IntL Secs . .( SUS j . . I — 

QneatlnU Bd. | SUS I 1 — 

Prices sl sie-.l di’Jtlir.r 


1, Paternoster Ron . ETC*. 


Adiropa— . — .. 

AdJverba, 

Foodidt 


Fondis 


Emperor Fund K17S391 

Hlspano IHSKT* 


M3UB 
DM4599 
DK3U5 
Dim. 78 


?77? -OJIH 
52 C +ftl« 
33^0 ....._ 
EW+OJl^ 
5 51 

n.r. 


5 JO 

us 

5.92 

5il 


288 


O.CJnuFd Juncl.. 
DC lull Fd.7. .._. 
O.C.SmCcFHUj3L. 
O C Comniodlly* ._ 
O.C. Dlr.Cocidty ?„ 


Clive Investments tjersey) Ltd. 

P 0. Box 330. St. Heller, Jersey. 0934 3738L IJE-gl-ri Jf»9 ■"» - 

OKeGUtFd.iCX».aBA5 19.07) .] ZJLD0 

Cllre Gilt Fd. iJfy. 1.128.03 laisj | 1X00 

CornMU Ins. (Guernsey) Ltd. 

P.O. Box 137, St. Peter Port. Guernsey 

IntoL Man. Fd. pfa n ihj.dj .,.,.4 

Delta Group 

P.O. Box 3012. Nassau. Bahama? . 

Delta Inv. June 13_RU5 X94| | — 

Dentseher Investment-Trust 
Postfacb 3885 BI ebergnsre 6 -10 OCOO FVan kfnrt. 

Conrentre [DJBMB 28?M I — 

InL fteotenfonds — IdhM.U 7L5§-fta>| — 

Dreyfus Intercontinental Inv. Fd. 

P.O. Box N3712, Nassau. Bahamas. 

NftVJuncZO ISTSHO UJ5f | — 

Emson & Dudley TfcLHgLjray.Ild. 

P.O. Box 73, Et. Holier. Jersey, OKM 20501 

EDICT. 1120.0 127.81 | 300 

F. ft C. Hgxut. Ltd. lav. Advisers 
2 Laurence Pounteey Htl L EC-4KOBA 
01-823 4880 

CenLFd. June 14 | SUS5J8 | | — 

Fidelity Mg ml. ft Res. iSda.) Ltd. 

P.O. Box 670. Hamilton, Bermuda. 


Richmond Life A&s. Lid. 

40. Athol Sired. D^urlnr. I 0 M C-5J* 23T1 . 

ix)ThcSil>erTni:L(lf9& Ur.Jf 41 -- 
Richmond Band B7 l?.t3 191 drti . f • i '• 

Do. Platinum 3d .1X3 7 Uil -f Jl - 

Do. Gold ba Ji»i a iua -n.;i - 

Do Em. 97/02 Bd. .. |l4£B 177 :| —1.1; 71 

Rothschild Ascet ^Xtn2Sen?cui :C.:.» 

r.O.Box 5B. SL Julian: Ct.Gucrere-i o-Vll 2 Lj, i 

Sft 

1311 

JSZft 2. _ . 

Price on June 14 Ne-.t dcjlir- Jcci 
fPrlccs on June 2L Ncii dtiT-n’ ,’u!/ ;. 


.Cl 1 155 7 . 

■: a i-'i I :x? 

L467 15' m I : :: 

Jl i 3 S 6| I -' . 2 

Bill i” 77| I c-2 


Royal Trust (Ci) Fd. Lt:l 
P.O. Bos 1«. Royal Tst Mm, jer 0K-, -.7 ■ 1 
R.T. Int*1. Fd . ... [RCTl-S 57* - - > ' "■ 

R.T. Int'LfJsr.iFd. [94 T| . 1 : 21 

n-ices ut June IS. Next oenllnt Jiuv 17 


vm-z:: 


Save ft Paras per IcterLBliasEl 
Dealing (o: 

37 Broad Sl. SL Keller. J;r5“" 

I'A DaUxr-draoiniruite<! Funds 

•sa- 

r» . .. 

? 

Seprb**t“__. ..{14 04 15 34| J 

Sterilng-deBiiailrsled Fucda 

Channel CaplUi#.. [22fl J 2«C.: -351 3 V 

Cbsnnd Islands*. Il427 35J 'I -03 £ 

Conunod— 1271 135 7}. .1 -- 

SL Kited"*. .. .lUl A U7.SI . .1 L7: 

trices an 'June 19. •■Jut.- "*Jur.c LI 
iT.retly Drai.njtb. 


Fidelllj Am. Ass_. 
Fldeltir InL Fund. 
Fidelity Par. Fd._ 
Fidelity Wrid Kd .... 


SUS2S49 
SUS2L 
SI.IS46 ; 
5USI4JS 


i \i z 


4.91 

ZK 

4J0 

ilQ 

2A2 


Lloyd’s Lire Unit Tst. Mngra. Lid. uftCtaomde tea 
7S80. Gatehouse Bd- Ayiesbury. 0298 SMI U "! ^ m 7 

Equity Accum. PS3.0 16U| 4J7 Income June iio — 1823 

M ft G Group¥ <yMc>«) SKiV 

Three Quer*. Tcmer Hill, BC3R 6Bft 01888 4S80 (Accum. Umt*r;- 1019 


inv.Caata Jnne2S_|^A 


:UlACC Jim© 22 ^ 
.yuov time 2 



The British Ufe Office Ltd.¥ (a) 

Retlnnce Het.Tunhrldjre Walls. KL OOS8Z^1 
BL British Ufe. — 

BL Baja need' 

[BL Dividend* 

■Prices June SJ. Next deallns Jane 8ft 


»»» II 

Ale m.4 • SL2j J 3.78 

d- Ufa! . 413 -J 5.61 

4* fOA «¥ J 900 


_ ; ' SoiarlUfe ’ Assarimce Undted 


Brown Shipley ft Co. I4d-V 
Mngra; Found er s CL; EC3 01-800868) 


Hie London ft Manchester Ass. Gp.f |°}Vg£^g’£-~|gH 
The Lrax. Fntkretene, KenL _ 030862338 ISS ifapS?? grii 


~ Cap. Growth Fund- 


Insurance Co. Ltd. 



8CA , . 

FEE Jhriie 13- [1233 

■.Jus H-i tea 

LB 


♦Ax. Exempt ra. 

♦Exempt Prop. Fd. 

♦ExpL lev. Ttt. Fd. 

Moxible Fund 

01-8385410 Inv, Trust Fund... 

P r op er ty Fund 1 

M ft G Gnrnpf 

Three Quays. Tower Hill EC3B BBQ OldM 438B 
-Pars. Pension"* — [ 

Coov. Deposit* 


i78.J+iii| — 

ft Cenuaerte Insurance 

01-83B70U 

,.B22P 1320) -—-i — 

_ Ufe' Co. 12d.¥ Family Bl-88**.. 

5033 SteSffl.’tosr 


2Z4J 

1334 

& 

w 

827 


Iff 12iay Place London ECJN STT. 01342 20® | gs Unite June 229A | — j 4.75 


Solar Fxd InL S — HAS 

Solar Ifld-P 993 



| Do. (Acc.) Jane 30. 

i tel 


4.73 


[Financial. 
| General — 


Growth Acmnn. y 

Growth Income f 

High Income .( 




Fd-Arer. 

TftTjfcm..- 
rajwL„ 

iSn- 

__.Fd iacm,- 
ThLFM. Itatt.— 

PdlurSL— 

Fd-Ace 

Fd-incnt— 

■— riM-'d. facet. .. 
ftfrijarLInr^A'.. 

fenoifer lemitoee Co. lid. 

!&0cuAa Bocsc, Tower PL, ECL QL-83SBBS1 
^Prop- Jnne0~-I783 7931 ~~.J — - 

Wfe Star Ijisar/Midhtiui Ass. 


Managed Bd. 

Recovery 
Amaricaa Fd. Bo. 



J 7CRSmsrf&- .e^sUhl SBBSQSSrr: 

Merchant Investors Assurance 


Stm AlHnnce Fund Mnngmt. Ltd. 
Sun AlBaocaHoos*. Hmsftsm 

- 

Sin AHIucc Linked Life Ins. Ltd. 
Son AUitoee House. Jftnsfcnst M0384141 
EqoiLyPund.— — [1MJI Uftf -031 - 

Fla«a0t»ertFd.._B04^ 189.71 +0J| — 

= 
113. 


Nril—s et-. 

BcnqJcSmo IslTlf 


353 -CJ 

192 

473 -OJ 
373 -<U 
31.6 -0.1 
n.i -cz 
26.C ..... 
287a +0 2 
60.1 -0)3 
22L2o -0.1 
♦830 


431 

3.94 

435 

445 

9.72 

339 

A2B 

3J7 

«.<a 

3.93 

439 


S«a also Stock Exchange 

American SCO 53 

lAcrifflj. UullSI M.9 54 

AutnligUn H 

(Acemn-Umts) 53 56 

Cnowwdlty FSJ BO 

H3 86 

Compound Growth. I0«3 122 

CYmraralMi Growth 613 6* 

Conversion Inc. *2.8 66 

Dividend U33 1223 

(Aecum. Units] -.. - ZI5.7 231 

European 487 31 

(Accum. Units) — 493 32 

Extra Yield. B23 88 

lAmmL Units) 110 4 117 

FarSastem 164 60 

(Accum. Units) 614 63 

Fundof Inv. Tju. _ 6U 63.7 

(Aeeum. Un!i&t. .. 747 8fl 

General _ 164J 178 

(AreumUnitsi. ... 2315 272 

Hi(h Income SS4 1044 

(Accum. Units)..— .. loftS 176 

Japan Income 153.5 1635 

fAcrum Unite).. _ 1544 164 

MaEDum 2033 217 

(Accum. Units) 2533 271 

Midland. - 1673 178 


o«nB 4 i«j iCanada Ule Unit Tst. Mngra. Ltd.f Mccwn. units- — 27ft» 

38 High St- Potters Bar. Herts. P. Bar 51 132 SSSftrilte.'jr: I 

Can. GenDtsL 073 39 3J *OJ| 4.44 Second Ger . . 166.0 

Do.Gen. Aceum _.W3 4771 +011 4.44 (Amira. Units: 2S2.1 

Da Ire. Dirt U2J 345^ 736 Spedril 1593 

Do. Toe. Accum. (42.8 4SJJ +02J 736 i Accum Units) . ...200.2 


105. 9rf 
. 128 lj 
18ft9d 


01-2403434 




237 
237 

. 716 

716 

337 
"337 
222 
237 
4.44 
3.73 
4.97 


Europe June 15 [11-1 

142 (Accum. UniLs) .04.4 

142 *PoofaCharF(Un» 066.7 1714 

290 *Spoc4x.Jun47 — P431 25861 

1.98 *RecotrervJune7.-|lBft5 1953) 

4 40 ’For tax exempt funds only , 

3U Scottish Equitable Fnd. Mgrs. Ltd.¥ 

J « *» SL Andrews Sq, Edi nburglf 031-6508101 

Income Unll*.~ 1492 -S2S\ ... J -.537 

Accum. U nits . .~.pU 5».6| . „d 

5-g Dealing day Wedncsdsi. 


'537 


3.44 Setag Unit Tst Managers Ltd.f (a) 

i ll PO Box 51 1 . Bcklbrv Hue., E.C.4. . 01-2308000 
248 Setae E Capital Fd S3S(+0 2| 3 92 

ire Sebeg Income FtL..R94 -0j\ 836 

43S 


1.40 


Gapei (James) Mngt. Ltd-¥ 


100 0M Bread SL. EC2N 1BQ 
Capital 133 


Hpoctallscd Fund* 
Trurfee 


II W 6 


01-588 6010 (Accum. - ..(2713 


•• -i ?•« 


|ta*w»e., .p87 ISJ( .. J 728 

P rice s on June 21. Next dealing July 5. 


7 n 12ft High Street. Croydon 


tom 


_1 Properly 


Property Pena.. 
Equity.. 


152.8 

1594 




1281 

1389 

182.9 

134.8 
1843 

182.9 


Equity Pens...-. — 

lton^Marirct 

Soney lOL Pena. .. 

Depoalt---- 

Deposit Pena 

Managed 

Bwafc=. 

Inti. Managed- 

NTCL Pensions Ltd. 

Milton Coart. Dorking. Surrey. 

01-888 1212 Xjriw iq' A«umT- 3^-| ^3 

~m * * sui+oji ^ m o 

■ft . Law life Ana. SOC. L* d.¥ NricueGthtacAce- g-6 |H lo 

I mitvul - N « IMwLF ^&lf-diyJ«u«a 


Snn life -of Canada (UK.) Ltd. 
2. ft ftdockspaeSL, SWIY 5BH 

Maple LLGrth .) 194.5 

Ma&eLLMrogd... 133.5 

jeawfcd sk 


Carltol Unit Fd. Mgrs, Ltd-f (»Mc» 

0 1-030 9400 j MUbum Hmue, Newca*Ue-upon-Tyne 21 185 

CarHol {69.6 72.M | 3.92 

De. Acctun. Units ...M3.4 85.9{ | 3.93 


CTiantrtnd June 20 
Oisrifd June 20- . 
(Accum. Umui 

rVtii Vx June )J . 


1463 

1812 

1558 


.1300 


MannLife Management Ltd. 


Security Selection Ltd. 

5.93 15-1B, Lincoln's Inc Fields. WC2. 01-831 6938-9 

5.93 Unvl Glh Ti* Acc _|242 2Sff 1 2.29 

855 Unvl Gth Tst Inc—BU . 225^ } 229 

He Stewart Unit Tst. Managers Ltd. (a) 
198 45. Charlotte Sq, Edinburgh. 031-2263271 
3 oa ISmort American Kond 

Standard Units [64.7 69. 

656 Accum. Units 169.7 74 

*39 Withdrawal Units _|5L6 S3, 

439 Ulrmit British CapUal Fund 

5 41 sundard [1J3.4 144.91 1 435 

5 n Accum Unite 1 1321 U62 | 4.35 

J-g Deellng ‘Fri. -Wed. 

San Alliance Fund Mngt Lid. 

bun Alliance Hoc.. Horsham. 0MBM141 
ExpJEn.TstJune I4E211.Q 2S2X ..1 434 
VTno Family FA _|943 iw3 338 

Target Tsl. Mngra. Ltd.f laKg)- 

Dealings; (K36 5Bt 1 
3.90 
430 


Target life Assam noe Co. Ltd. 
Tuwa Boose, Gate h ouse Rd, Aylesbury, 
Burro _ Ayfe3bnry(QV8)5Ml 


| Da High Yield 

I Do. Accum." 


Yield MZ.7 44M..J 

m Units. -pL9 54.4| .... ] 

Next dullng date June 2& 


833 

833 


Charities Official Invest. Fdf 


666 
6.66 
1004 
784 
7.84 

5.87 .11. Gresham SL. DCV. 

Target Commodity. [35.6 Jt3| -8.11 
TftTCOf Ki nanrial ... 50 f»3.0 — 0 4l 

St. George's Way. Stevenage. 04.W361U1 Target Equity. 363 393s *0.41 

Growth Unite !«U 52.71 -If 435 Turgot Ex June 21 _ 202 3 2156s 

Mayflower Management Co. Lid. m! iwi *oti 

14fl8 Gresham SL. EC2V7AU. 01 -696MGO Target Growth Z7J 29J —0 2) 

Income June 20. ..[1077 113.41 .. J BU TarertIntL rr 27 4 293-0^ 

General June ft), ..|69.8 733| . . .] 533 LD.Rerov.Unite-.~B9 9 322}-0.2| 


jajWSlditeedloSLi'ECa. 
^le-VklCntts 



■fo'-ij - 


Map- Fund Inc 
_ Map. Fond Act 

- RSSgSS,^: 


PHL,|7ft5 


117 31 ■" ..’ 

uall ...... 


kpen^. 


Ace.~K40 


vCap - 

Gilt Pen; Ace- 

GUiProCap 




ESI 


761 _0.4 
633 -0.4^ 
1X2 
1203 


1 77 Umdoti WilL EC2N 1DB- 
IncaineJnne2D— . .0324 — J . . ..J 6.' 

| Accum. June 30 1253.1 — I . . .f — 

qUnauxta. (sir available to Ron- Charities. 


oi 5fw ibis Mercury Fund Monagera Ltd. 


6.7D 


Charterhouse Jsrpfaetf 

1 , Paternoster flow, EC4. 

CJ. Internet 1 03.8 

Accum Units BS.0 

CJ. Income 132.6 

CJ. Euro. Flo 126.4 


01-248 


Accum. Unite DBA 


For New Com* Property eee un der 
BattacUM Asset “ — — — 1 




FINANCIAL TIMES STOCK INDICES 

s j ■■ - • •■•!. , i r 2 . Inna i June I A year 

Id 


j. Juoe. 


..now n~' ®9J1; 

. g fegw t a ■owtal y - j. 
wdj 

s.i9 ; 

fett a»igyytnil)|e)l 16.74. 

8- 01 ' 
. 4.436. 

M. jm i y i' i?X aT.-- .! — 




mgu 


69.941 70.44: 
72.29; 73.52; 
467^}j 470.6) 
160.1]- 157.9J 
5.661 5-B9( 

16.3 1} 15-39 
8.23! 8-t6 

4.400* 4.24 U 
56.12) 64.8a’ 


67.98 

68.01 

449.6 

lio.a 

6-23 

15.79 

9.23 

4.456 

64-68 


- xm 433J7 Noot 'MAT. I tm *oU. 




♦ Nil=TM- 
Ind. Ord. 1/7/38. 


- Latest Index 8M46 !®®f^ 

ram 

^Actl«ts JUIF-Oee. 134-- ACTIVITY 

IliGHS AMO LOWS S.E. ACTIVITY 


Gold 




l 


c r* • 7 if - r 

gf!?'*-}; 


-in?* 




a&79 




>?-: • tz.t- «/«; ;) 

ifep m ■■ 1 An 1 ? * i ssj.4 1 640. if_ j 

SSf 1 18 *-” I 

■S' - nvr- '-iS/3* .1 reW' 


UxFl [ W.IMW ] 

70.75 ! 15w.4_ i - , 

j ' 49-4 

t Wt 


—uot/y 
Gilt-Ws** — 
Industries'—.; 

apart tan vo--j 

. Totals---— ~ 
^yAv’ragv 
Uiit-Kdged 


132.6 ! 142.5 
1SLS 177.1 
59.7 , 46.1 

101.0 l 111-® 




=SS 5S , #S» 1 S! 

BSSdjWviiiM^ 


,fa4. , 

ft-actuariesindices 


Juno ) 


^ Z06.27["z09-86; 910-90 178.67 


**** •*£ JJ3 »».« 



2l2.0i : 214-76. *15-9«- I#8;7B 


Traodfeteraational Ufe Ins. Co. Ud. 
2BrengBIdgg,BC61NV. 0M058«? 

TolipInvmtFd— ,[M2J 349. ' 

TaH ptojaFd-. miJ nA 

i2fi. 

Mbs. Pbs-ra Acc. R27J 13ft 1 
Trident Ufe Aasnrance Ca Ltd.¥ 
Renal sdeHcuset Gi gg ler 


CJ. Pd. In*. Tst 

| Accum. Units DL8 

Price June ZL 


B- 


283 

nS 

3A-NI 


135 


2M.9 

649 

•9.6 

2141 

2555 


1956 
2S4.1 
690 
74 B 
223 0 
2661 


.Next dealing June 38. 


Do. Aeemn. 
lifWClL 

I Chieftain Trust Managers Ltd.¥(aKg» do. Accum.' 

II New St EXSM4TP. 01-3832032 V£p*£!:.i 

Amariran kr 123-3 24 H L|3 

High Income W3.1 43. 

Internal 1 anal Tst. .WN* 2* 

Basle Rearre. TstJz6-3 28 


3ft Gresham SL. EC2P 2EB. 

Mare Gen.Juno21.Ilg9 
Are. L-te June 21 
Merc Im. June 21 .~ 

Amn L’ts. June 21 
MereE.xLMav».. . 

AtcurlUIs. AprJTT. 

Lg Midland Bank Group 
jZ? Unit Trust Managers Ltd- 9 (a) 

Courtwoorf llouvr. Silver S tr ee t- Hoad. 

Tel- 074270042 
71 aj -DJi 
82 2 

39 4d +0.11 


Target Inv. _.{33.5 . 

Tgt. Pr.Juno2l^_h56.0 


01-600^555 TpLinc. 

’ 442 Tct. Pref 

4 62 Coy 
155 


pi 

neCrowlbFd. . 187 


iz.a -ojJ 

1 m- 3 .. ry 

30.fl-0jJ 
15.1 
eo i -ri)jf 


600 

S.I7 

5.87 

300 

5.07 

148 

148 

3.70 

43S 

8J4 

1155 

423 


3$ Sheffield. SI 3RD 
346 Commodity 0 'len 





QrewtbCAP-'-; — 

Growth ACfc_._u__^ 

Pens, Magd.Cao.~- 113 0 

PWW-iBSBL Acc.- LL7g 

" 1IK B 

P5ns.Ppfy.Qtp.L~. 129 
Peas. Hy-Ace— U« 

^rwt^LBood Pj ... . 

-riauh value for. £100 premtum. 

Tyndall AaOBrance/FeiiaiMUf 


mM 

127-9 
1243 

1072 *02} 
1328 mmk 

1585 
U4J 
119.7 

1.171 
114.6 
12A2 
370 


Do Aeeum 
Income . - 

Do. Acrum 
Iniernetional 
Do Aeeum . 

049238341 [Confederation Funds MgL Lld-f (a) 

SO Chancery Lane.WCS.MHE 01-2420X2 Kqulty Exemri 
Growth Fund. HI 3 4344 • i 435 Do. Accum ’ 

_ ... __ . “Price* irt Vm 3 

Cssntopolitan Food Muagere. 

3a Pont Street. London SWUtOEJ 01-3350321 
CODmopolb-Cth.Fd.fl73 116| -0 1] *93 


[39.3 
2S2 
,30 4 

50? 




522i 
55 fl -0.1 


64J 

682 

1093 

1093 


-0b| 

-0 


if! Target Tst. Mgrs. (Scotland) 

4« 19, Athol Crescent. Edln. 3, ' .08l-C988SJi3 

Tarcrt Amer.EajtlB»7.l 29.1st -0i[ U* 
Tarflrt Thistle. ..IBBT 4Lfl -0.1 5.97 

Extra Income Fd... [583 62.7| -DJl 10 28 

Trades Union Unit Tst.' Manageraf 
-Jr 1 OO. Wood Sired. EC 2. .01-8283011 

151 TlftT June 1_.. . -|501 53 4f .. ..I 530 

3 u '? rax>sa M an U c antf Gen. Secs. Cb-f 

3 23 


DI-fl0 New London Rd. Chelmsford 00*651081 


852 

549 

549 


descent Unit Tsl Mgrs. Ltd. rang) 

4 HelriUe eras. Edinburgh 3. 031 -238 4231 

Creacetil Growth- B6.7 2841 

CrrolnternatT ... 57.9 - 68lj 

Crew Mich OWL.... *15 <5.3 

Crus Reserves — r>2 42. B 

Cm. Tokyo — 25 ft 


420 

075 

905 

446 

0.58 


Bi 

- 1 

1CJ* 

|155 6 

Next dual Ini: June TO 
Minster Fuad Maaagers Lid. 

Ml nsler Hir . \rtfcur Sl, ELM. 014123 1050 
Minster June tr — U-J 373) I 557 

Exempt May Jl — [90 7 94 71 | 548 

WLA Unit Trust MgemuL Ud. 

Old Queen Street. SWI H BJG. 0I-KJ07333 


Barblrsn June22. 74 J 
■Aeeum. Unite 1. ... 11L8 
Bart' K.M Hwsu B5 fl 
Burkin June 22 . — 764 
Accum. t nttei 


3.23 
6.63 
6 63 
z :o 
220 

( 32 CeIemoJunr33. 


(Accum. L' nils 1 1484 

i"utnbkI.June21 . 50 3 

(Acrum Units) 55J 

Glen JuneU .. . 53.7 

(Aeeum Unitei 69 0 

Marlboro June 20 . 52.1 
(Accum. Unite) _ 59 5 

Van.Cwlh. Juna 20 SOD 
■ Accum. Unltei . .. 614 
Van’lly June 13_. . 72J 
Yani* Tee JuneSl 435 
Aceum. Units 1 .. 1451 


7871 

11a y 


Mutual Blue Chip 
01-6384483 Mutual HlEtiY)" 


lft CaoSWJtpad, Bristol. 


027232241 


tSsfi 


3-way Pen. JoanE. 


Ojeai Iw June 22. 
MaPuJ-w 


Do-Etpu jy J roel — 
Da Road 

Do. prop-3<m* > — 


123.1 

165.7 

1645 


77.7 

169 6 

'263.8 

1748 

-85.4 


Discretionary Unit Fund Managers 
22. BJomfleJd SL, EC2M TAL. 

Disc Income [160.B 1715) -Lft 526 

E. F. Winchester Fond Hogt Ltd. 

Did Jewry. BC2 01 -BOB 2 Iff? InromeJu 

Gnu- Winchester- 1180 1961 .... I 624 'Accum. L 

CLWineh ec O'seasOS.a 2li) .. I 4 50 


MLAUnlt- [39 9 4191 i 4.29 YiVfcTJunet— .B9.3 

Mutual Unit Trust Managers? Ibk*> tfSSSrBt jJSSSff" ".M! 

15. ropthall Avc . E'.2H 78U. Uia064A03 Du A 1 rum . . .[756 

Mutual 1 ire.'rjte 1^6 5 *713-0 J 7.2 Tyndall Managers lid-? 

42 9 46,7 ] — 0 J| 6 40 ia Cam-iire Road. Bristol. 

.38B) -0 s| 890 inmmcJune n — 

National and Commercial i Acrum unit*-. . 

31. & Andrew 


823s 
10L9 
1296 -3.11 
1565 -3.« 
532 
SS5 

57.0 
732 
542 
632 
52.7 
647 

4 Jti 
475 
625 
«2 
67 3 -15^ 

77.1 -3.7 


. 5M 
■J 569 
433 
466 
406 
615 
6J5 
716 


716 
530 
530 
26* 
266 
349 
3.49 
BAS 
655 
655 
5.44 
544 
■ 72 
872 


Cap! June 
lArenm. Units 



— j Emson ft Dudley Tst. MngmaL Ltd. National Provident Inv. Mngrs. Ltd.? prut. June 21 . 


20, Art In pan St, S.w. 1 
Eroson Dudley Da |675 


01 -< 
72 6| 1 


Vsabrugh Ufe-Aasorance 
4 1 -43 HnddOx St- LdO. WtRBLA. - 

kifu — jw* 

S5S7Sfc=:BlK all 


8118818m 


7351 48 Graceeh lurch Sl . EV3P3RH 
3 B0 N P.I illli I'nTst |«S2 481; 

>Arcum.L*niU>* 552 38 

Nn iVseax Truii 12f b 131 
3851 lAmna Vniu." . 13- 9 140., , __ 

414 ”ITice» on May -■ ash oeaiiru; June 2 P. 
■POccr «n June 14 '«ext deatam; June 28. 

Equity ft Law Un- IT. M.? (aXliXci National Westminsterffai 

Amenham Rd.. Kish Wycombe. 0*0423377 ioi. rhmsifa. »*JV 6EV. 01-fftB fa.rtn 


Eqnllas Secs. Ltd. (a) (g) 

41Blsbopigrte.EC2 01-58 

Praerwdve (652 68 81-0 2) 



*ieuni Unite! 


Sccxfa Op Juno 21 

.Vrcum Ui 


1976 
378 4 
325 2 
175 D 
110 6 
1560 
283 6 
2710 
992 
123 2 
1368 
1624 
(163.4 



EquttyfcLaw 1645 67ft .. ..{ 450 Capital < Areura 

Framlingttm Unit Mgt Ltd. (a) K^nc?ai 
M. Ireland Yard. BC« SDH. 01-3*88071 Growth lnv 


_ | Americati (504 


Vanbrugh Pensions Limited 
61 -tt Maddox SL-Lds-WiSBLA 014884883 

fMaitegcd--- 1^7 

Guaraofaed w Tofa Vase lUlex 1 table. 

IVeJEare IhooioaM Co. Ltd-V 

n W ! - wfaR»l*dtOM.ffUiL 03S 87333 

IfaflsynvtJerFd ~ I ■ IBJ . 1 •■-"■i 2~ 
huidfl.-plnM refer te Tm Leodoa ft 
. • MtaeUmW Gronp. 

Windsor iila ftssut- Go. Ltd. 

I Rijh Street Windsor. OfiadaprWiM 

ffi® I §Ka:Ui a ' l, Wd 


Capital Tst 

InromcTaL — 

Ini Growth PU 

Do Accum. . ' 



150 

3.92 

713 

2.48 

244 


*4 4 
6J8 
387 
36 7 
34 8 


«2tiJ -0.1. 
685 -ail 

i»3 -o.r 

932 
37.4 -oy 
70.88 -0.1 
6411-01 


Intis 

Scut Inc. Junc2 
Umdiu Wall Gronp, 

•~aplul '“.rowlh . 

Tip Accum ...... . 

F.iD-h Inc Growth 
Ix> Acrum . 

Flnar.rial lYrt.v. _ 

Do Arciun. 

Kish lor- Priority.. 

Imernauonal 
Special Site ~ 

555 TSB I'nit Trusts (>■» 

2.26 at Chantry Way. Andover. Hante 


8 32 
8 06 
535 
5.18 
6.80 


192.6 
1874 

131.6 
1838 
1162 
isa.o 

255 S 

284.6 
1042- 
129.8 - 
143 8 
1706 
1716 


0*7232341 
850 


515 


5 59 
885 


Waterloo Hsc, Don St, SL Holier, Jersey. 
0534 2758! 




-0.J4, 


SchJes?9ger lotcrcotioiifti Knpt. 1: - 

Al.IaMottc Si .St. Hciicr. Jersey. Sii&i 7:.t ' . 
SAM .*£1 r> 

Fidelity Kgmt. Research (Jersey! Ltd. Gi'it rd..".' 22r 

InU. Fd Jersey. ...bi t I'-™ 

Inuiirau-.inbrc . Ip0i3 JL1J 

_n_- 71 •For Eas: Fund ..._P5 .. 

Series 0 1 PociRr “![ JR05 i ~. .. 1 — ' * r ' c<t :ur '- t; >' ; “= c — 

&ri« o i CtaJi8B.il 07j*rt - Schroder Life Gnm? 

F^rst Vi king Commodity TrOEtS EnUrtpn.c House. Fort^uti). 

e. SL George’s SL. Dougina. Lb. M. i.i~«h~,.i 

otol 40B2. Ldn. Arts. Dunbar fa Cb, Ud . tetrenaUooal Funde ^ 

5ft Pall Uall, London SW176JH. 01-0307857 .--IJif? 

KsLVUt.CntTEt._eB0 40^ . — | t20 


07.)ii:..: 


X.70 


Fsf.VtDbIdpLTst.rKP 
Fleming Japan Fund S_A. 

SI. rue Notre- ['Am e, LmemhoBiy; 

F-]irnJune21 | SUS4902 | | — 

Free World Fund Ltd. 

Butterfield Bids, Hamilton. Permndz. 
NAV Hay 31— | 5CS17925 | | — 

G.T. Management Ud- 


SEquittr 126.3 

EFixcd Interest 1351 

SFLtod Interest.—. 1348 

fManager! 1394 

SManafied 115 2 


355 5 
344- 

SI 


J. Henry Schroder 7ia£Z « Co. 
12fl.CheapMdc.GC2. Cl- 


Chans June 22 


Tralal^- May Si - 


Part Hm, J 6 Flnrbuiy Cirrus, London ECZ. 
Tel: 01-628 8131. TLX: 8E8I00 


Asian Fd. June 
DcrlincFnd 
Japan Pd June 13 


3USI153 J-O.Oii 2ii 

, SUFU94i I . . . - 

.pISISfi lire . . Lei 
L32 ITi'-OO: r:r 
R'.Ml5* 7J1, .... 1 5:-. 


London ACcnls for 

inpkpr'TJ' Tlnlfc M 


Anchor 'B' Unite 
Anchor Gill Ed*e. ■ 

Anchor loLTd 

Anchor In. Jsr. Tst 

Berry Pac Fd 

BenTPar Sirtg... . 

G.T.AriaFd. 

G.T. Asia SierUnE-. 
G.T. Bond Fund ..... 

GIT. Dollar F<L 

G T.PaslficFtL 


•s 


SBft-ooai iz.g 

ITS 
279 


rO.y 


ttJS88» 

C982 _ 

BL'SUS ml 
26.2 2ftffl 

5US458S 1 
288. Sa 

|flLJb7 IlTfl 
susires 
SUS7.09 
SUS15.48 


_0j; 


1.75 


0.89 

20B 

168 

141 

«.« 

0.70 

1-15 


Sentry Assurance IsteTtti’tioiiai L.lL 
P.O. Box 22ft Hamilton 5. Bermuda 
Managed Fund ...... iHslIW l'«! ? - 

Singer ft Friedlanuer Lcla. Apc-r.:: 

20. Cannon SL. EC1 0M4S".' -‘ 

DeUafond* ... -^...IDIO.W ZLnj | ; ;-‘ 


Gartmore invest. Lid. JLdo. AgLs. 

2. SL Mary Axe. London, BC3. 01303531 

Gartmore Fund Sard. (Far Cast) Lid. 

1503 Hulchlion Ha<" 10 Haicnnrt Rd. HJGpM 
HKfaPac.U.Drt...|inSSIH 3 8351 *0 0351 230 

Japan Fd BVSJBS IMfl . J 0 60 

N. American Tst ..teoiW liW f 15 

InU. Send Fund ....[Sl SUie llilft ... . J 5.70 


KCLTi-Ki 

1 _ 


Cortasre bmlanl Mifi, Ltd. 

P.O. Box 32, Due cl avion. 
Cartmorc Inti. Ine_ 213 22.7 

Gartmore InU Grth|65J 69J 


tnc-,ssn 
I JO 90 
. . I 4.D 

Bambro Pacific Fund Rigntt. lid. 
211ft Connaccht Centre, Honq Konc 
Far East June 21 ...|1Z22 12M 

Japan Fund iSl'SMZ 7ti| 

HotnbrM fGueroseyJ LtdJ 
Hnmbro Fund Mgrs. (CX) Ltd. 

P.O. Box 86. Guernsey 


Tokyo Tsl June 2 . | JL-iC5 05 

Stranghola MaacgesjcC iias!J*d 

PO. 30K3I5. &L Helicr Jjbh. 
roaunodjly Trust .f92.23 5“1"J 

Sarin vest ijerseyi L-i. (s» 

Queens Hm Don. Rd.St. Heliur. 

Amancar Ind TsL C »i*j— o.-a“| — 

Copper TruM ISLC B7 — 

Jop Index T*l.. -. |aL% 1S»!-8*S| - 

TSB Unit Trust Kaa35ers iC." L'.L 

BsJEaleUe Rd . 5t Sa) >«or. J*7) w 77- 

J ersev Fund . i471 47 6| .. ,| 4 I- 

“ ri._.>7l 


47 6! 

Cuentcer Fund — i’ll «?5. 

Price* un June 21 Ne't ruh '(•>'■ Jur.c- 


J-rt is) - 


CJ. Fund 

Intnl. Bond SUS 
InL Eqnity SUS 
InL Srps- "A* SUS 
InL Srro W SUS 


250 

250 

230 


180.0 
10503 
10 S4 11 
102 3.1 

J . 

Price* on June 21. Next dealtcn June 28 

Henderson Baring Fond Mgrs. Ltd. 
P O. Box N4723. Nstiau, Bahamas 

Japan Fd (H'OUf 15UJ | - 

Price* on June 21. Next dealing date June 2B. 

Hill-Sasutcl ft Co. (Gnernsey) Ltd. 

B LeFebrre St. Pner Port Guernsey, C I 
Guernsey Tsl. H45.8 15S.&I ... . | 3.65 

Hill Samuel Overreas Fond S.A- 
37. Rne Notne-Dnmr. Lunembonrg 

1518-80 1955), 0U7| - 

International Pacific Inv. Mngt Ltd. 

PO Box R237. 56. Pitt SL Sydney. Ausl 
Jatrlln Equuy Tsl (SA2.07 2 JR-DXWI — 

J.E.T. Managers (Jersey) Ltd. 

P0 Box UM. Royal Tst. Hse, Jerret0534 27M1 
JerrevExtrnl.T't. J16I0 173.0) .. I — 

Ax a{ Mar 31 Next cab. day June "fl. 
Jardlne Fleming & Co. Ltd. 

48th Floor. Connaught Cwitre. Hong Kenr 


Tokyo Pacific BcSdinrjs S.V. 

Intinc.i Management Ce N'.V . < i mo*. 
NAV per share June IB OUSE-5 

Tofcyo Pacific Hldgs. t5(*=bi>Lrdt ? V 
04BI-SS521 Jnljnu * Kana^ctnent (V> I-'.V . C.-trc.-.e 
3.70 ■* 

3 50 


NAV per rbarc June IF. " l-S-vH 7-1 

Tyndall Group 


P.O. B*r 1856 Hamilton 5, CPrtSra'ft 


...! - 


;•} 


riierseosJuneJi 

■ \=cum. Unite' BlV.3 

I -Way InL June Z2.. [ilT! U5 
7 New SL. SL netler. Jeroev 

DtfSLJunei2 IC7.73 

(Accum. Shares) }3J SJ 

Amcrlcon June 22 (325 
lAceumsharesi.. ..|in5_ 

*rw Frt Junr 1 
iNon-J Acc 
Gdi Fund June: 

(Aeeum Share. 1 
Victory ilnnse. BocnliLs. Islecf I.-: u.C I!-:; 
Manaeed Junc?2 ..TU7 h L'^;! •' =! — 


JCS* 37CC: f * 

£L : i j buj 

1265; | - 

fV3| . .| 2J0 


fresi. . .. S25 ^C| .... [ - 

Junv 22 . IWfl 2ti(. J . . 7 :2 

: l-te l. .. 2T3.e ,293-5 . . | — 

IUne22.IC6 9 -ES;- . | -1-^ 

(are.'-. . 137 0 li : — 


GO 

lU 

190 


Jcrdme Frftn Tm 
J ardine J’pn.Fd 
Jardine S.E A . . 

Jardlne Fie ml nr . 

NAV June 15. 

Nc> l suh June 30 
Keyseler Mngt- Jersey Ltd. 

PC Bo» SB. Sl Heller. Jcrw«)-.. iBne 01-806 "-''"0 


5HK254.36 
SHX333 25 
SUSIE 24 
SHK970 . ._ 

•Equlroleot StiSTl bd 


Uld. InteL "lingimic. ;C.l.i L-'-J- 

14. Mulcasier Sirifel K: Hel:< -. J- r. ./ 
i i u Fund i si •■■«?* !::t-i . i 

United Stoles Tsl. Cnt:. .‘.ti 1 '. Cc 
14. Rue Aiflnnscr. Lovr-rrbcc.T. 

U.S TVt.lm.Fnd | SUS10 25 ) . .. ,| 

Net as*ui June 2ft 

S. G. Warburg i Co. Ltd. 

TO. i.-rc ;hhm Slrce!, EC2 Ot-'i 

Tn 1 Bd Frt June 221 51T-1F5 !' f ' ,! | 

F.h nv.’nl June 22 - | Jl’.*i7 32 J-3:: 
firSt 5Fd.Mai31 . i.’Vftf! 

Mr Eur Jun>'2l . . JjITIB 3i D-*:! 

Warburg Inves:. Zir.zt. Srsy. i.*.L. 
J. Channc Crc«. S t Heli--.- J.< OSS-72'- 


I - 


Fonselex 

Bondaeler 

Kej-relex Int'l ... . 
Kevsele* Europe... 
Japan Glh Fund . . 

Kwvrsalea Japan 

CenLA5seteCap 


Fr.Uli IBS 


f -11690 13« 


£6« 7 J9 


L3W 4 SQ 


91733 ZIU 


02.78 1392 

*060 

033 as 

♦0 DJ 


2 °0 


■.-MFLlH Ma--05 . 
«'NT l.td. Mar 23 
Metals Tsl June 16 
7 Mr June 3 . 
TMTild JuneB . 


1232 

£12.17 
1- 11V 
£1(1 S3 


.»•> i 

_'-i 


i - 


!j::| 

ic r ~J 


World Wide Grovib «2r:rr-.K:ea:^ 

Ida Fculevar** Pc-nl l.ui<mh.-eri 
WurMwtde C*h Tnl MV.Z4 C- [ I — 


NOTES 


798 
U 5 : 
368 
428 
ME 
180 
.. 604 
. JO 7 
.130.6 


asj -0 7 

87 2 -0 7 
395 -01, 
46 0 -01 


1 ncome . .. 

T-orrfollo Im- Fd 
llniversal Kdjri- 

NEL Trust MnnJgers Ltd.? faHgl „ - 

Milton Court. Portanf. Siirroj- SOU ” 

friend.’ Provdt. Unit Tr. Mgrs ? , . - H* -0 JJ 4« jgftj KSfe: 

Pixhara End. Dorklnc. (0085065 Jrotijor Hl.h Inc r» 4 »*ll-*4 820 <h, De. Aeeum 

rtxnara w. For Sew Conn Fuad Haugen Ltd. Tsb Scoitteh 

sec Rothschiid Asset Xaaa^tnjeni (b>Da a»ub . - 
Norwich Colon Insurance Group (bi Lister Bank? lai 


it a 

64.4 J -0 a 

33 « *01 
■K a 


607 

,10 00 


802 

766 

521 


; Friends Prov. Ute. -Mil 
Da. Accum 1531 




4J8 

4J8 


mb 

- 46 91 


555 

594 


572 

60 94 

—0 2 

596 

635 

-Oi! 

BIS 

871 

-0.1 

87 7 ■ 

93 3| 

-ftl 


■ 311 
301 
7.60 
7.60 
287 
2g7 


[G.T. Unit Managers Ltd-f 

IS. Finsbury Circus EC3M7DD 


G.T. Cap. Inc no 

S l. Arc.. . 972 

T.lnclU Un.,.- 1593 
GT.L'.S faGen ..._ 1424 
,G.TJ»pnn fa *>«—■ 104 7 
.♦GL Fens Es.Fd._- 5329 


U T. Inti Fund Q20II 

G.T. Four YdsK(L.-lS4.1 


eoa-i.9j 

103.4 -2.4 
1695 -2 4 

151.5 ->J 

320.7 -6 5 

139.5 ..... 

377.7 -*0J 

57 .6 


OUEHBLll Bov4.NortletLNKI3.NG_ twnasawi v.rlnE Street. Bcltori 


3B8| 


02323:031 

I 584 


3 JO r 'P’ u pTrt. Fd .. 1337 s S55 3| -OJJ SU (biUbter Growth _.|361 

» ZXSZ532,’* SS 5 . «■ Tra!l MemI - «* 


290 
1JB 
4 M 
200 
720 


ISii 

as n| _ai 


G. ft A. Trust (a Kg) 
5. flavlelgh lid.. BrenMccd 
G.fad 1>U 


-Q1 
-0 2 ) 


Pearl Grcuihf-d 
Arcnm Units 

Pearl 1 nr 

Pearl UnirT.-f J3" SWi 

(AreUpS. Urtllf. . MSB 47 H 

Pelican L aits Admin. Ltd. (gifs) KinEUiiiiaraht.E>~4nf>AF 

rtrrrisrraro BlFnunteir.SL.Mar«-he-!«r cei 36 XB5 ln<-nmo Unite : 129 5 

UJtt-dUI 4.98 Peiiraa UaiLi [8LZ 87 J) ^ $J0 Accum. Units [542 


._ Kinfi William S5I.EC4R BAR 
FrUrallse Fund..|l530 
Wider >irtli. Fnd.,.|29J 
5 I ui. Accum .... .. . . (38.0 

527 ffieler Growth Fund 


01-SUJ-405I 
162 0) ... | 419 

30ft 4 3b 

35 sl ... . 4 J* 


014U349T-I 

31 1J . ..[ 8 33 
36.01 i - 8J3 


Prices du not include 5 premium, eceepi where indicated -r and arc :n p-rc. nr.!;'A.oiu.*.!., 
indicated. Helds •)(. .shmm in last column- Jlln^ lur all bu.i.inr exponp.-s a I'On.'Vi-.-i-. 
include all expenses b TiHbrt Prices, c 1 leld bored on offer pnee rt f-.licr.i. -’l M ,- o-.l - 
PpentDE pnci- b DtrtntiuUaa fire of L’ E. i.nc : p Periodic prunuum liuirn ore plim: ■ .ri-.r 
premium, insurance, x Offered price includes Jll espen.e-: escew .i,’eu(:. 


i Offered price includes all e'epensea if i-vuelil llireuc.i minarers r Pmi«- ■i-i' > l*i* .. 
♦ Net nl las nn realised capital sains nnlcr-s mdica'ed hy •> 9 Guernsey firt-ir. ' hu.-ra.-:;-:. j. 
i ♦ Meld Beloit) Jersu- tax- * E\-suhtli vision. 


Tijrpp ms ii if) Tin iv'iV-oJr..” 


!.G. index Lira Iiod 01-351 3166. 

29 Lamoiit Road, London S1V10 OHS. 

I- Tax-frpp trading on com rami it y fu*are»:. 

2. Ttar comnodlly futures market for Mie .miu!!>t 


INI-ESTiWENTS U3nT=l> 

■1 Royal Exchange Ave.. London KC3V 3LU. T^i ■ IM-jW : -01. 
Index Guide as a{ 20lh June. If»T8 (Base TWf r! s-LE.TT) 
Ciive Fixed interest Capiial 

Clive Fixed Interest lncnine 1 ‘- !,s 


CORAL INnr.X; l-lose 453-i5:» 


INSURANCE BASE EA7S3 

t Property Grriwth 

t Vanbrugh Guaranteed * 

1 Address slin-.cn under lrsur.nr- j-i i — , n. r— Br.r'.--! Tcb ; -- 






n 


r 







Henrv Boot Construction Limited 
Sheffield Tel: 02^6-410111 


FT S 


BONDS & RAILS— Cent. 

* i « irifiKia 

WBewei ssjfl si as 

1llII.-.MHtJn-'lllAs£.._ 365*4 5®! — I 


si M 




Dividends 

raid 


BANKS & HP— Contianed 

*i — ^i«| $ !«!«!« 


CHEMICALS. PLASTICS— Coat 


Dhidends 

Kid 


2 rat 
S3 
17M 
36M 
1M 
ISM 
.3-4 
14-J 
JaL) 
151 » 
2SM 
JU 
IS\ 
1" 
120 
4H 
IIP 

1TM 

SIM 

1SJ 

1SV 

36s 

i e -r» 


♦‘BRITISH FUNDS 

Wl I i nice llJ'lj ^ 

I Stock 1 - I c i l fll - 1 

‘'Shorts’-' (Lives up to Flit Years) 

- -»•* =ii5 35 j 


10J 10JUHwmTL*JS« «d M Tp 

1H IK] Do 9%pc 10-96 JO 3 [ * ^3 9 4 3Z ' W 

IJ IliUapanlpi'WAs... 365*4 2«j — . ,r 10 

fflJj 3ir>|lw«irS3# 71<; 31 6 

1\ ill Peni.ViiUpc 355 34 3 ».g 

31U SinfeGlfiljpcISW— 75p bjr jg 

May 1 gunntpcIHl — SW«; ** A , ,2 §5 

ISA iriOiTunncipP-' I3M.~ DM91 17^ |J: “70 
1F.M.A N |l ‘nwM&pt — % H 3U 390 

LiJi, s i L)M jiriew exclude in*'. S premium 


Apr. Nov. Icp-Chem^L— 370 5-3 Iff* 

fA.au- dFsiasl- ^ =tZ M 


?! « sfc i"? i-Sfesp iSltfS*?? 


AMERICANS 


lun. Jnr.hii 'jnv Hi ii 210 
So\\ JiinelSiri^ M Xus' 7b<; 

.Uni. .-iuilSi:iiv.i.MunU 385 
,IUnv frr.rk‘1--. Sl*‘ S9i ; 
jji-n!. Mar|L-fl'-nli--.-£l... 315 
_ >. :>.T .. ih 

.1 A..I'*. I - * ! I l-ir^S’. £22 
\‘ev. jlarcnl'-'-is™ i - 1 "! 1 - 61 


_ q bi \"«»v, M ir.|Vir-ii HivLS)— 

_ 100 - F.-h. JulyjFJjsu I'fe—-- 
sc hoi 4(1 \nr Sent KjnsnmftC.l'Jp 


17 T.!-r'«* 3 si 6 91 50 \pr! SqrtpnOTn 

- i — i' 1 ' i n nl col C C Vfit- RBr.fr.t 


i 32 5.8 5.5 »f 

t 301 l.Vc's.11 — 7.b - July 
S ^T- . f _ - 10.7 Fol.. 


IJ_ 127 
- 77 
10p 200 


Hire Purchase, etc. 


! ifcj] 51 -O i — 29,— 

jiujjcv. i- <4 — 


Aw. Rer.totllOp— » 
N««. Iterttcs. » 
Nm >.<J. L: iriii. £1.. 220 

?ita. .gSt/cMl 111'! ii"'- -4*: 

i ii'i.'T'cijrPi-cCT “ 

*vi Ward t ISer'l'-T- 2? 

Jlav lVftlsler.hi;’me-- 2to 

Uii U'riu' -tens — i » 


106 JlSBJi t- 

ZZ7 a*P$£.* * 
77 di3& ♦ 

200 135+179 7. 
S B5iL61 2 

65 22|h334 1 

220 1521 liflt 1 

’42 Z72i + dL31 5. 

"» } 330$g 3 

2(Pjt 272iL27 2 

205 1 \ 

95 3.4*4.77 1 


UBtl Dh 1 IS 4 !-, ■#*•! 

^ j Net {C»cjGfs!8f8 P®i- 

2S 6JB1 73 Bee. July 

Mill.- Nov. M» 
♦ I 41 6 Ayrtl. ■ 
351 S.fl 93 Fea Tax* 


Ditidmds 

Paid 


SBSEiwih.SpoTB-^t-.- 

9M 1 rro>uT. 1 1 — 

ITS TrwTjSpc ^ 

26S E]eciric4 : «pi' 

IN Trea^ur. 

15 N Swim I'.'iw 

P.M — 

14 M Tica ur> 9C;p*: 'ftp- - 
15J Trei-urj 3-fl J* ■ ' W-- 
15J rumlillSj^P'Ti’-SE 
25'.' Ei-clwjuer Jape 
lfda TreibUtvIJLpc iMlTJ. 
lAF TnMsutj'I’-.'P*' WW81- 

I A In;jsiir> 3’ibc 1U81?- 
1111 Ejch-fi-jpc- ISTl — — - 
4 A an.-h.9!;pcl*I — — 

21 A Ej^liOp- IS8! — — 
1?V Tw». Vanabl^7l9{_ 
23N Bftdt C14W — 
15-ia Trea*JSjpc»>«~ — 
15F Hwftir.-.p».T«- — 
JfiM Treastcy Hpr eSt..-. 
;fO rrtai Variable ‘SSl-- 
5>ju Trcsfur- Jfc 


n? i ti'flll ^ S 43 Apr. • Ck-t ASA... — --- 
Sc'- f l jy 6.75 Sertemher AMI .T*tnpv.lSr.. 

2?;- 4 ^ 7.95 Mj.IuSc.I*. .\na\SI v 

S 7 ‘ 23310 51 10 52 JaApivO. American E\wp*5. 

Mil 3 63 654 \pnl Anwr Medu W... 

o? i( e 23 10 95 De-.-cmb^r .V--drculiic . -- 

?2. *2ll iS in on Vu bjw irir.i , .'nrr 3! 


* AfariL BaarfrabaJi 
28 ! 4 Ifty Nor. BaaroODns! 
23 95 jiw. M2? BarUffl£»5 
dli« May Dec; BeaofariHk 
7 I F*«b. -Oct Bmb.'&EK 
• 831 7.9 Han Sept B&nKM>®6 

7.55 M An& Feb. EttamWW 
9.a.M June Dec. KaslsrtUO 
;a 7A Apr. Sepl BccferEa^: 
7^i Dec Booted g® 
Feh Sept ba&mHDI 

4 TV IS oRtoab^ 

" * » j an . July BraswayWp 

9.0 53 jau. Joly BTnweDud 
.95.0 AtBilT BrisWCbaa 

as 05 jnly Dec Bri&b3M 
65 93 Jan; An& QftSUanU 
_ M3 jane Jm 

9.1 07 Fek Nov. BnM'sQst. 


I- • itat D*r 

MwxMW^ -20V- m 

gsais: ■.■Soffit 

BanontSwiSa. t- 55 ■ -34 h272 

BeaufardKta— ' .49 17/ d3M 

OEfipH -Ml - 8i jl|3 
; jQ£lea5£ n H; 27i 4.4fr. 
BanStaS&U T74 32J2 4j42 - 
EOsaPBOetlOp 95 1M 5.6 
Wflrin tmitewg - Hjb 2f 6199 

f 3QK 34 L*L 

fetUrtWerm! ilDz rD.WhLOT 

Btd&ain . ^3i 


X1S8&M 

Isa. JW 

sgSI 


sGteefcU 




SS? :S 

KSEr 3?S 




tisfi 


ssisi 


loUf) 255 90e 
30" c al fat S228 
18i id 4fc 5100 
lOiid 156 40*; 
1 1 184 70-.- 


7 6 |nov. 


fad SI 28 - 4 2 
4 fcr SLOO ~ 31 


BunwiJis<'orp.Si’' 


ii is 

59^ 50. 
44-; r? 
42U 27 

44-4 1°. 

25 » 


BEERS, WNES AND 


SI 00 — 1 0 Sfnr. Mar I Hrev. •. - J 84 




95-; iO-l'1005 1079 F.MyAuA. l -^^ rw ^'r 5 - ^ 

in??! *;3l259 I 1166 Mr.Je.S.p. '.jMhiwKbSl— 

2^2 925 ' 1138 MrJnAD. Chiyder»«. »P 

“4.S! 11 ii In a -LI MvAiiVF. Lilu <irt>S4 4?N 


5.1 SJuprcafur. «■*?*■ ^ ,5, ,000 1L7B Malu<el«e. LoUliut 51 — 

2>M 22S EKh.& 1 »f>; 1^-; ’it 2 ^‘icco I 13 81 M*-\3iFh. ConUlInxH-'SW-. 

2ilf 22S IK-'. ■■-•-— " Q7 , i 1 1165 MrJeSD lontWlii — 

SJu SJ E.*ch.& l jf»'13rt3 90 J 3 7b 1 , ^8 32 ApJyA'Ja CrwraMI.SS ..... 

CIA 2lFEv93pc«---.-- i'Sniffi 1L 7 0 MJn.S.n. f.uikr.lljnuwrSa 

ITS nalitiasuiyJiVciaai;-- 1^ l 8 - ,u - 8 ° ' nu\. Eaom.rp »* — 

Five to Fifteen Years .1 \ .i.oEsmare 

T nr tf ■« S97..rt 1- MJO 23 ! 11 S3 MrJu S.D. &ai«li 

1BJ laTuTreaMioM; ■«•--- _io66 ! 11 5b .T.ApJy.O. Fli«none7ire|!._ 

y±i JSUl.xL.'tiH “ ij 8h 6 7i I 9 93 \D.lyO.Ja FirslChlcaso 

jrj Jila rundir.s>cpc+2-S- |l^f“ °75 10 94 j .\ P . .tv. U»HunrCorp 0> — 

ini 1“'! ¥* > ? uy a 7i? Mil a-w 10« Mrio S.D. FVrtJW*r» 

IN 1M £u«iin.'6i;p*'^^- 70> a 11 13 Mr JnS.P. 'JATX 

»U 26Ia Tnosiuj 880 Apr. w.-t i>nEI«LS2L.— 

. 1J l.Ju Transponap*^® .- 61 d - 0 :J 7 f ? 1035 .Mr.JuSD iMIeiieSl ._ . — 

33A 1!W Treasuri g y u is 12.53 Mr.Ju S.D. Huneywcll SI NI— 

• 1W laJaTreasuiyn^. 1 *^- 10Z*1« o Dio a9 11159 MJSJ' llotk-nEF . . — 

15.r» l.-j lrewun*«BT»5~. 7Sj - ?7 Sr.* B r v i RM.CMr.S3 


i Mill 'j . J.J. iw .iik.ju >* -v; — 

iofafa!ll5fa J.ApJv.O. FlnsnnncTire li- 
st, 6 76 1 9 93 \D-lyO.Ja FirMChicuso 


lam Trete'uj llkpr Wi- 
fi V Kunriinualspc oT9l- ■ 
22.1 n T:ea«aiy I'Apr - 


2lFjTrejsuri wp- I9S2. _ 8# ■; 

25AlExcb.t:4|-:KJ -I lM‘4l 1 

Over Fifteen >ears 


lb in 91 i 1247 iirJc!? t*. i"l T Inivinaliunalll 
lSfl‘1 W1 12 74 12 83 F MvAuN. lJL*er Al S: . - 
LUU 4 1 .. i Xniui.ua Mad Han UK* 

I ears Ju Apjv.«> Mr-run JP>LSS2 i 

97 —a 7 fall2 76 12 Bl ;; F.Mv! au Svror.SipjElrf.s: 
fcJ'j 63 9 91 115a MJn.S I. 1 . -weib-JU £1 Sfc-. 
106‘-. IT i 13 05 12 92 j u .*icJ..V QuaVeTMaUl'SSa. 
H4? 4 2311517 12 96 March Reliance S0J5 — 

101% lb 1,12 84 12.88 j.A.l.O. Rep NY.Lorp.S5.. 

78i‘> 104 1161 12.19 f MyAuN' ResnnrdSj-.--- 
93i, J( l >4 e 1270 12 82 s.l>.\lrJu Kchdm-JnlLSIU 

43^ 2651 6 93 10.05 Mr.lu.SU S«iJ'RF.i5L 

83‘jd - 12.21 125fc Mr.lc S D Shell OH 91 

lC0 r t ’.d 12.6b 12® Mr j e F I*?e. Sinser -SlOi. 

7J3j o21131 1232 All N.r.AK. Sperry Rand SOSO - 

Hb" 22 3 13 30 13 10 viijuj:, [w. TRW Inr Sl'i 

103^ 10! 12 95 1290 r«irftO._ ... 

42-; Si 711 9 91 .| U ne Dee. i» W; In *3 814» 

l01L<d ijt 12 95 12 92 j. Ap Jy. O Trvml- IMulP. - 
flfi'i; 161 1142 12.67 MrJe.$ D. IrtaiiS 1 ® — ■ -- 
76i ; 1 11 87 12 35 MrJu.S.H Time Inr.... 


l-MulTreasur. l^p- - 
1SS Funding At" - - 


17\l 17N Treasun Spc at, 

' £SJ U 25.! j Tn-af-uo lyx' !>' 

IN lMji 7 a , SpcV 53 — 

2IJa L'l.I Euh HUp-l^ 

ISM InS Tteasur- l--*EL* , ’“ - 
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-1 15 S 13M E«.hequer l^pc ^ 

LX 10 RwiMspkiinJsx i»« - 

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2IA 21 F Exchequer !'*:(* 1*^ 

3 %l IS Treasury fr’.p IPTjV - 

TV I M Treasu A-ti-«P* D*-»= 


12'4 S1.00 

21 2831 52 

17ij 1°.4 SI 00 
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23*. 285 SI 32 
211, “J 51.40 
24i . 4$ S1.90 

43 255 SL40 

30’i 35 S22S 

24 7 «nl 136 SL84 
36 95 S3.20 

12 30 3 S1.10 

17>4<d fab SI .00 

29-4 285 SI 20 
38 S3 S3.20 
22> 'ri 1 6 S2.50 
4l«tf 26 52.20 
■23% 26 4 SI 50 
4*i, 223 SI 40 

13 145 SO 68 

215% 95S1152 

46 105 53 00 

195b 268 25c 
9Up 95 90.- 
26^ 9 5 S1.6Q 

29% 30 3 52 08 
36% 153 T> 
15% 25 7b..- 

17% 4 5 hSl.Ob 

20' ■«! 206 SL04 
24% 93 15l- 

2B>-.d 12* SI 00 
lS% 9R B8e 

207, U5 90e 
486 p 1174 — 
26% IT liSl 60 


5 4 April .\u„ LulniePN T • ..- 133 
"3 \-ijuhI KennnwrH«i . . 154 
■*2 V>b\ A ilC '.‘iv I f .n iVl . — 57 
31 \pr. • i»; i ilnrk'Mai;}K* , _ 132 

3.0 Keh. t»et. h.«l!lir:3.b.. 174 

A 4 _ inT-i-in I. Kly. . 24 

1.9 N. ip. July ■■-■.ithPi'’ ■■ ?.<u 45 

4.1 \uu. K".‘t> ' Ifi’.'.uil ’'Lit Icy 111 
4.2l*.ji. Kel» KroenvL.11--.- 263 


— 50,xim. I - V , l).Kciftr...S' - . 163 

— 5 2jjn. JiilH!:i-li!' , il , i- 1 'JT* 129 

5.;. ]l|7.-.T0 , C^‘H .. 99. 

— 2 ? Auc- I-Vb llr^l I'TiUll.j.-- . 154 

— 4 7 April 7 ..... I'.l>.ai!iii 'ilen 320 

— 6 3 June .(an Miirlannil .... 475 

— 3 0.l:m. JiinohijiHirticiii . £7 

— 3 6.\l,iy .Mj- Is. ..I! S. 3i»p. 65 

— 2 7 1 let. Apr T.intdiii — 112 

— 2 9 \},,p t aucK -Vi • 114 

— 2b.|jr„ .luf'A-hilhr«.i.!-V — 8fi 

— 3 6 .Ian. .luneK’-.'L Ixil'e. .. 207 

— 0 7 DuC. JuJ.UaB6iClW.V9Ol- 1/5 

— 5 fa 


and stores 

258 Z72 d8.7I * 5 

39 i33(MI« 3.0 7. 

39 ZSIaJ 3J 5, 

33l» 2JL53 3J 6 
20 47A33 1Z „ 

31% lfaijhdP57 9.0 2 
1« 2 25|3.07 b5 Z 

US =asZ32 46 i 
31 i7^U8 £5 5 

18% 87MLW 0.4 8 
321, III 0.93 3 J 11 

10% 21^0.62 U, 9 
53 15fj5B2 1-010 

162 153627 2.0 a 


155 3B2 1-0 10-’ 

153627 Z0 aJ 

ji 1 ?? - % 

174 15 — 2.. 
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38 1551 £2.15 4.4 S.( 

154 541 357 7.3 3i 

97 17.-3224 3.7 5. 

Sid 72.fajdO.4S 9.4 0. 1 
121, STfcl — — .— 

100 153 7338 43 4 

1W M*g Al 4 -l 3- 

21 rTTi+fO 46* — 

86 14iy 53 17 9. 

58C 17!flhl32 5.0j 3. 


BUILDING INDUSTRY, 
AND ROADS 


3ostk» isawBas — - 

20N E,eh lOpcIES# „ 

15.1 a Trciirury S*;s»: . 7 

KIM rrensutj Wj* ISW. _ , 

141 u HiMir-Sjpr aWn 3 

KiTn.-asuryarKHJ-fj^. - 
IDS Treasurynjpc TB-L3;. 
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Undated 

l.\i'nii?*>li4r*!— - — - 

J D Wot l <on:t an:- 

m» om :s*:pc>,l 'jl 

5* » T reasmj iip*. ® All — 


2? "'ll 26 ' 12.11 J3 Ap.lu.Li 7nm.umerita5L... 
21211327 I 13 09 MarJnSpf'c L'tdTech STS5 — 

11*7 l V* n-l «a. . . . I* r, »'c Ci.nl Cl 


95C — 12 77 12 84 ‘fijr.JeS.n. I'SSeclSl .. — 

77%/d 8612.14 1246 MrJe.S.D Kodwonh-SW;.-.. -- ,, 

35ic 12112 50 12.M ApJv.OJ. XePK' orp Sl I 42*d 253 &00 — l‘7 Jan> July Brownie- 61 

35' -d 7.6 9 88 1116 _ X«mslnc.Wc — 810p -J ^1'- — I S-f Dec. .May BryanUndif-- 47 

67V, 151211 1232 njaApJv. ZaiwU , .'cirp.25c — I 13d[ L-6| s30c — Jan. BunwU&H— . 1|1 

i: 11-96 1219 S f Lisl Preminm Wc based on t'^31.8480 per £ i-vl Apr bun BeuUontl- 170 

2* S3 Si L, b l factor 0.6666 10.6663, igu ^ 


J6% l q 3 60r 
34'-. 283 51.12 
3OJ4 95 51.80 
25 *15 52.00 

1S2xiS 30 5 10S 
840 p 14 fa — 
20 33 52.00 

33«a 222 S150 
12% 303 BOv: 
34i;d 22.5 SI00 
2l*g 15 5160 
154 133 51.40 
42 j 3 25J 52-00 
BlOn — 7i’>: 


*- • .tune Vw \6#TiWriCeiL4 90 

— V- -Ian. .I-Jlj Aiicnlu.-L '.Vn 197 

— VT Fe'i. ■ M Mh-xt PU 11 T W»Pl 15 

— 3.1 b'ch. 'A’t- Vnr.:lJJfSI:i:i.c, 67 

— Au'i. liTP-lmt; Tflp— 217 

~ • ~. February Baurtn.K.vBra.. 31 

— v, Muy lHrc.Psr.Wv Beil,-;? - 10 

— 7 a. I an. A-pL Budier.W- . - .50 

“ liec-bJiraalV.IOp. *-M 

— Feb. Auf Recrhw«-,J Kip . 24 

— 5 Rculi'S.vp. . . 16 


t? AUC. ••VVJlMW.MV.-S-j ‘7 

- - i.'cL Ala> Dlu.;''u>i*.-il_ ^36 
Apr. 6b 

uct. Apf.|BTe«!"n Lme... 104 


nrt Bert'CifM lup - 
A UK. Leu Box •> — 
I Id. BlotUc’.iiPn... 


_ BnL rTC.lKir: 34 

, “ May Mor. RnrJ-Ti -Ikyn. ^.ip 117 

i Z Jnri. July Brownie*- 61 

"■5 Dec. Mac BrranLindK*. — 47 
13 ..... i.,BamiKitll-. 181 


174 1’ B '*r 31| 57 8.5 ' BlkjaatCot2to- Sij 

24 37 J — 1 — 1— m Feb. Sept. BouniJMniWsp -VlOfel U' 

45d 12h 2?? 1 9| *» - 7.0 .i in . June Bol urn T«4.jp_ 

111 w I \ i -i2 ' J 1 3.610.4 Itec- Ma* Bremiwr . ,|3 i-S 

263 ielltc"; 2 al 3.8147 j jn . Julv BriLH vine 9rf- 182 1351657 2.0 

163 fa[U-'V 241 6bl 82 Fvb. -W. Brown .N ; 3Jp-- » ,3^ “ 

129 ’74 25 3417.9 ij-.-t. Apr. Burum 1JS ^-^1 r= 

99m T'd2':> 5 3.4 f UlL Apr. DO. ANT5C? 110 

154 JliS ffa 5: 4 21 3110.3 \iav TVo*. riators'A 20p— 34 j 1 ! 

320 Jila al! 2 31 2.2 231 June Dec. C*kenS'. , Mp— ® ^ 73 

475 70 5 12 a? 2 o -4 0 14.4 ih-l Apr Church 154 / 3 

57 171!;:’ <t- 6.1 + N.H-. July Con*. Ens. Ii:p. 97 J '-J si 

65 rr^vi 20 7210.3 jan. July Cepe SoonslOp. Sid gM d0.43 94 

112 ?il; C,0 2.o 4.113.9 _ ConjeUDres.^ ^>2 

114 30 a t: M 2 4 3 3 11 7 May Nov. Conti \n 1M 

88 Mi 3 C_ 1 2a 6 8 6 5 June Sept- Lnrr.?.— --- 1” ^3?1 o£L 

207 td 126 »* 71 2 0 J 2J?? Jwfy Jan. Custonjiac 10p_ 2x vj 

175 d nd 3.15 ! 33 2.8] 15.6 j an . July Deheduw. — 86 53 17 

Mar. OcLtoSwoiep l|T ^J2J8 « 

lUSTRY, TIMBER *4- jSBfeSSa: 1M 2 « 

ROADS fj % 

>s | §5? i 3 ! fi y as aasara J 1 % 

J ^ f.’fU.SS-WJSSSSra 

Is mw# .111® 8 §K I; 

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w fa ? \ ■ m 4 in a June Nor. iTraRanWi-R— Ub k 556 2. 

16 fnajl ^ 71 - Mar. gj g k 

id £]*& s ?! a ® | c Igi 5 z 

IS SJ v t i \\ K 64 Ja sep? CL _mi 2 g 0.67 V 

104 ^4 5 '•* j? go 112 -rune DecitJC.12pcLET.Pri. ^ ^5 1^.20. 

M 1 r in E» 1 =1^ | 

m 1’V *“7 2.1 5 8123 Jan. June EepwodiJ..10B_ 60 ZiUJ 4. 

“I %tU- n i 2 2 94 Apr. OcL Hume Cbcra lup 170 2^^362 4. 

& « €. & ii j, isiassssE % |a i 

m If l ll u *u-#r.BMae F Istfa i 


M ■ May Deep 
<2 Feb. AniB 

° _ June "FeE 
| 52 i jan. June 
a 7.6 53 inn. June 

I 5.9 83 oct iiay 
it 6.0 83 Feb, July 
2> i 5.6 Feh. July 
3 2-7 W OcL Feb. 
3 U 55 Jan. May 
6l j.O lfl.9 _A 

5j 5.810.6 Aug, Feh 
■S f-6 40.6 Aug. -Peb. 
? June DW- 

II Q f 149 o.l b-L 


m 4.gi f, 
Bl 2 8JS- I, 
301 t6J.fi 51 

1 -63 4 

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326 L8 ‘ f. 
126 tL29 L 
3.1 031 5 
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23 7 10 59 
151236 
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23 2 12.88 I 


CANADIANS 


rjaAJu M. k *->• 5™ 21 

l.\ lOiTreajir.-Jjy; J 20 I ‘-M**- 8 * > 

^INTERNATIONAL BANK 

15F 15A-[-ipc Stock Ti-S- 1 1 M I tlj 5.95 | 

^CORPORATION LOANS 


MaS.JTi RkMonrrealSi.... 
F My Ao N Bk"inav'"l 
\ .1 v i.i Ja B**Il‘ uniriaiii.-. 
May No-. &*■* L allejll- — 
m-i lsnucorti 
F MyAuN i/JnlrpH* C — 
July Jan. .<r, Pjciiii-St - 
.lull* .Ian l«» 4p: Dfah £190- 

.I.Ap Jv ',1. > iuli i'll •-’an.F 

Ap-l-.DJa Hawk»;rSutCunll. 

l- r Mv.\uN. H'MIinKrrSi 

Apr. • vi. Hurl.'in s Bay II — 


jA IBirm'liam9 1 jpc7Ml.-l 95 | ,311 973 11-17 j 3n ‘ JuiyjUud.B.0i!C. 

I N Bns«ol7%pcT981 1 .90':* B-4.|§? Mr4e5».D. Imperial MW.. 


IMv 1 N Brawl 7%pclMI — 

25M 2SS U LC. tSflrW. 

I0K lOAu'i rw.l^jpcBffl-— 
liMy 11N ■■.la^oiwfaijp.-WMC--, 
22M 'JUS' !lens. r ''jp , "nmt' 


101% 2241234 12.07 janAftJ.0 Inco 

1041; 1011249 12.48 FAv^U-.V. Id. NatUiisSl— 

91*i 20410.11 1176 Mr JeJ>.D. Massey FemH 

90% 2J! 5 79 10 oS June Dec. Pacitu-rcuSI 


16 274 51Jtt 

14,» 293 9fai 
40 -e 14JS4.2 
21% 3 5 IT', -V 

11% JU SllO 
20% 293 51 44 
13, \ 2912 97 f 
31% 51 

19% 15 SL14 

545p Mil 40c 
25v 251 52.06 
1411 S3 69c 
304 MU SLfaO 
ISC 2B2 86A: 
13 4-5 80c 

760p 12 80c 
850p au — 
25lr 18 916c 

22& TlO 5103 


Ian. .1 iilyjA'a-T *.1olir* 

June JanpJ-nun — 

M:r. T.o\ .]■ KSi-rtlhuhl'-i'v 
31 .lan. July |'.on'r^n',p 10p 
: 0 Nm. July l'tfalainr. . ... 

45 <w«Fl. Apr |i'uuiJrys''i , i-''P- - 
0 0. May <>clJ'.1vs<!o"RIu-.- .. 


90 15514.:- 

[47 155 6.7 ^ 

15 132 3.T1 

67 Z!2 J.. 7 

117 25 U +r 5? 
31 31 2J. : : 

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200 15 t£ 06 

24 21 1.W 

16 F75 10 T5 

49 174 111 

65 30 1 ill 7 

iaxll lit 582 

36 17.4 9 ; 4 

6b =01 28? 

104 34 5.r 

34 1176 T0.5 

117 17 4 13 

61 1 212 227 

47 17! 72.7o 

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33 30=165 

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80 54 h: -5 

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274 19.9 3.4b 


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244' 2j 1.90 L 
164 r. 4; 4.82 2 

37 6« — - 

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16 32 116 # 

49>; 305 L83 2 

27 Bi* h2JC2 1 

138 31 td3 78l 6 

118 305 285 3 

310 2 5 £ .94 4 

33 1257 1 

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11 UCj h0.75 3 

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274 ltJ t7.43 3 

266 161 77.43 3 

46c 133 tl_75 3 


133 d2J21 J 5.i 


0.4i 8.6 40.6 Aog. -Feb. C 
3 Jj 13-9 J.0 June Dec. C 
LI 9.0 14.9 peb. Sept 
L010.91M1S: A^riC 

HdiWES 
= a = fa s 
U &«&£ 

4 1 3-3 Jj3 Jam July 

3.7 52 7.8 OcL Apr 

94 o.9 wj|S2f. cS: 

— .— 22.0 February 

43 48 65 jan. June 

42 3|lfl3 J |?b.Juto 

— i — Mur -i nfu 

17 9.7 {781 OcL May 

i ? is a J? 

121L8103 Deg May 
26 45 13.0 June Dee. 

— — 57 jan. OcL 

4 110 * Feb. July 

117 j jan. Jane 
26 55 10.4 jan. Aus. 
L4113 95 May oS 
62 43 5.9 Jose 
37 32 112 Aug. Min 
4M 29 114 Mar. Oct 
19 113 7.9 Sept Apr. 
i J, 92 * Feb. Auft 
33105 45 Dec. June 
25 73 9.0 jan. June 
3J 41119 ncht. June 
32 42 32.6 Jan. Auft 
j 5 55 (55; June Dec. 

H Tn May“ Oct 
7.9 5.4 4.0 Nw. June 

20.7 9.7 — jiay Jan. 

5.4 45 4.9 Aug. Jan. 


atyBmwT '45 31 

EKfil^ 

entAWfci ,161 ,21 543. 

tw.sfcd.^* 28 lUMJi 

SBK 9 sat 

nerajaa^fc. -3a 22 

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mp^TB^L- £98 30S Q^ 3 }* 

a&sGaneddt ?67 ,32 215 

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BUisJJCMB- C41 305 12.8 




5.43 * 

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72.39 3.4 


M4.15 M 
2.42 12 

h3.03 1,9 

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•3.7 Apn-, 


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55 32^ 3.49 

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140 1^424 

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1 10 — 3 v i.vt. ApnllCrwhiriiJir 91 

144 — 33 May "'•l .n-m+i'lr-up . 70 

97c — 3.4 Apr ncl. M 94 

4% — 128 April "cL Dv.ninc'i H.oop 215 

L14 — 2.8 Mar. Sept lEpfak- I'V - -- 6b 

40c — ? 5 Fob. LH-L £Jli'iE-. .Tjr J- gl 

2.06 — 3.8 Nw. May criiii.. 90 

69c — 2 1 ivjc. June F K A • ww4 n._ 25 

L60 — 25 rww. JuneFairiliwvJi'.un*. 69 

b.4e — 3.1 Jan. July Fehlnll Wp. — 24 

80c - 2.6 jan. July Do M I Dp 22 

80c — 5.0 Nov. May Fea Land L Pld. 41 

— — — — Fiilan'Jnhnii%- 

1.6c — IT — Fn>r.c:-.PRr ICp. -;6 

— — — October For-.M'IF. 41 


faSM'.Ml 71 3 2 6.6 Un. July Lee i ooper J« 

Si+Zc* lllb«.-U8 May Nov. Liberty.. — 1^0 
1 Z? 55 56l.77i Mav Not i*.\v= Vii'TL. 150 

126 1 TO* » fail * Sept Apr LmercltK- 1 |> P~- ^ 

19?L4fc 124 1 fa 6.1 Nov. Apr.MriFtr^ac']? 94_ 

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ik ii thi s- W 

ifait.r.V:- 5.4 5.o! 5 6 - >Cctael-3'1Cp_ 11 


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4J7 29 5.4 .«SSS( 

d3.92 25 11.4 62 A pr. S« 
♦— — — 29-4 jan. J 
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w ?TO1' 305 4.49 2i 

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one Ecs-CartOctt; 1232 « 

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Oct 47 17.4 AU9 3u 

runeG«SSc5Cl;65 17.4 424 2a 
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isaa^i | 

fent HaTTltivyfai . -- J.43 152 15.8 3. 


101 '5* :.- 4 */„:■! J! 

102 IL9 W 
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65 ;&2 Jan. June 
S3 4J8 OcL - Apr; 
63 4 Mar, - OcL 
72 ¥ n Feb, Oct 
4J 5.0 July ^iiec 


15? bfti Li 5.4 5.0 56 
13' tlQ ;a 3 4 T3 5.1 
al .*% L5 fa 4 4.7 
132 5.0?- 119.6145 

34 5- 3 15 92 113 

310 C 5 3 8 5.0 7.8 


34 75 5.1 Feb. July Mid EducaLWp. ,93 
15 fa 4 4.7 July Jau Mdhaeareiop- 156 
11 9.6 14S July Feb. NSS News Mp_ 101. 


33«24 2J 6-' 


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5-1 <53 54 1 


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1.2m 7.5 Jan. -Apr. PunMnwiOp 

lil2i 6.8 — Potty PwklOp— 

13 8i 73 Feb. Sept PreedyuAJIrrtj- 
_ I „ __ Dec. June Ramar Test. 5p- 
„ _ — Mar. SepL fLtoerslOp— . 
1W13.1 72 Mar. OcL Raybeeft lup_— 


lOlx: 3i 
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23 13 L 

40 1?: 

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155 292 31 

3d5 1212 5: 

25 285 3: 

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4 S Oct Apr- rent 
ft-?! 9-2 June Dec Hopb 
29 83 Nov . Mar Horai 

9.6 30 May Oct Sow# 

23 9.4 jan. June Johns 
— ~ Dec. June Jones 
69 8.8 May OcL km 
2.B 153 June Nov. Lart 
3-2 8.7 oct Anr.Ldsei 

5.6 72 Dec. May Law I 


22 

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35 5.6 73 Dec Buy 

— — 382 July Feb. 

43 32 83 a£ j& 

52 52 125 jS: jS 
48 43 (L 81 jan July 
125 0.9 66 jiar. Sept 


neayUM. 35 

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ai 57 Dec jsassaKSispz: »|i5» 

b ; B4 Julv Dec. Seed Austin -AV SI IDJ4.36 


fM «i,pi »W.i. 


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— — OcL Apr. M«arat3p_-. 

— — Apr. July MHflaad Indt-jp. 
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-8.9 65 j go. June 
-35 7.9 Bay Nov. 
■3.4 44 Ma y-. Oct 
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ISM 15SlWaro:«.iit5: c »l£llw — | 102 1 Wl|12.25 1 11.45 Paul | Sock | Pnce 

Jan. July .WZSA! — ... 278*d 

COMMONWEALTH & AFRICAN LOANS ,® SSSTmiS yi 

I* sal a 115 1 iSiS & J*u£ JKSi 1 Sg 

■ ' ,’4 .K S-x,?.- Ml, m 6-61 1101 Dec. June ArtUthni* L £1 - 157 

1 2 97*1 :l 4 4.11 Star. SypL B-nUmer SI ® £18n 


15NlWare.-.tiLt:!; c B !!fiu_. 


14 1(12.25 I 11.45 


K.H-'USL Mj>:TS-T3 

1.1 ‘•lto.lijpcD-8'i 

noi'-E*-. .iLprti-ei — 

J 1 lH r 'Nil4pc IST6T8 

28A-'Pa6p-.76« 

151' "I w Ti’p: 8386 
lNIfaih Alrua9iipcT98L 
H 1 Sth Hh*d Iw-TO- 
15J Du.tiptTitl 


07 f. ’15 411 9.96 Star" SepL B-nk tmer SI 56a £l|5a 

44i: 301 647 10 85 July Jan. BtlrelandEI... 375 
83% 155 902 10.63 Mnr. Sept. Do. lOprtmji- £175 
*K% MJ. 10.16 1188 May Aua. Bk Leumi If I L - 18 


AQaeT.1^ 55- 1 

aWE:'S:: 

□ttatos ^27- - 

S5 • 

rpoJsWhtaOp. 34 
rown Bw. Kent -«- 
rnntonsfMassL. 10? . , 


tL42 6.9 3.6 5 3 Sitv. June Broofc Whtajp. 34 25S&* 

0.CL 83 ZO 62 Dec. July Brown Bw. Kent 52 155122 

715 19 8.4 -U ilcL Mar. BnmtmsfMussL. 1© 3.4 T8- 

416 22 9.6 73 Feh. Ndv. BurcoDean — ^ rad 326 13-J2 

1294 L7 105 8.6 A pP . . Dec. Brnndeneflp.— Wj 25 tLM 26 

M638 ZB M.O 46 May- Nov. Bun*An*bl^. -39 ; D4 1^45 4-9 

t364 Z4 92 7.0 Smi Feb. C.D.lntftalOPL 32 1212 tZO^ 60 

10:62 57 22 85 Blit Nov. G»mpri2%^-. 116 r U3 1183 a 3 

41357 3.4 5 5 5.9 ■ — - ■■ Bulk... .- ... .■ 1™ 

769 A 78 *: May Nov Camre*20n — . 60 677, 3.96 


m= 


3'fafa — 
lltS - 


LOMS 

Public Board and Ind. 


- Jan? July Bit! YSttSAZ 550d 126 - July ' 

'.Pi. May Bank Scotland El 275 17.« 10.89 3.6 6.0 7.0 May. . 

A. J. O .Ja Rankers Nl 510. £28% ri t'9 T* Dev. 

Apr.Oct. Barclay* £1- -. 312 53 6.4 53 y 0 ,._ j 


Jan. " .liilyjBiwn Shipley £1_ ^9.77 — 

Jan. JulylCMcr Rufcr£l _ 295 30^1933 - 


IJ Aarlc.su f-pc 

31 C* Alcan fyjpcW-M 

IS**3IetV.d 3pfE‘ 

31 D U.S.M.'.' 3pc I9C 

3 ID Do. wilhoul Warrants- 


Financial 

30J 3W|' 4 FniSpc‘8I 1( 

MM 15N|Pc. Mpc i9 V 

2ai 20DI».Hnc83 1M 

31 Mr 30 SWTl'fac ■8082- 
3 1 My 30NlLlo. P.p-’Mi -ai-ftl—.- 

ll.t LLIIDl*. lOijpc (.'Qs.Ln.Bo- 

1U 1U Da.Upcl : nsLn.'88 — 

11J 11J Lw.l].’4pcLTis.LaW- 

30 Je 31 D Du TuprADeh. W-ftL- 

31 Mr 30S D0.T4pc.ADb 91M-> j 

31BU30S r»9pcV9194 

28 F 31 A Du.F’fpcU.'ffi-dT 


60 L 

BXi'd 15. 
29 1 

133ri 15 
88> 2 d 15. 


L l.lun. July Cwcr8fdCT£l_ 295 

1*11191 1L45 May Not. nueliLi'nfjnp . 75»c 

'5 12.88 13.30 Feb. RepL Can I Au&tSAIi. 218 

L31067 1236 May L'om'ibk PMlCii - S17 1 ; 

6 77 - March ^HbLKrlft] 08 

is 1017 12.60 July OcL (.vmnthian 10p— 20 
1 May i.-retl France F^ £21»» 

Jan. Apr. Danes <uHi. — 41 

IU12.75112.G6 — IwfcctoEmiDSCfl. £117 


M 7- Dei-. JulyLafar:eSLUI.« EM 
U3.0B 55 6.4 53 ^ llv _ j une ljir,c jnhn.'A . 173 

9.77 — 6.1 — j. in AuC- Lai ham * J > £1 ... - 113 :*_Uth6i 

lfa.33 - 9.9 - mSvNov: LawrcnwW 1 _ 68 \\jl 65 

4.78 — 10.1 — j J«ec. Lwtli'^m |»-*11 fa.00 

»®6c 2.6 45 35 XpfT Sept Le-laml r'ajnt... 72‘; 5 j 3.70 

416^- - rl - s5h-. June Ltllft M.i: 68 25 

QIZ^b — 6.5 — jan. July London Bnvk_- 67 | iO 3.23 

0.7 731 53 3 -^ Anr. Nov. Lovell'S. I ■ — 84 j 3.89 

45 riT7 — 
178 I y> L 18 0 
48 ! ii f Z79 
83 15 254 


’=|tZ06 IB 98 M 
f ?! fjli 7i"c 33 55 4.8 
15 5! 3.12 6 8 27 t2 

9 fa 9 0 65 


MA 1| H ELECTRICAL AND RADIO g^j 

H 7? a i!s iiaiesSSS'S 


43 33251 4.9 4.1 gj Dec. Apr. wane tng grap. 

102 3.3}h3.23 35 45 82 July Jan. R-HJ 5 — gf z 

241; 1275i — — — ■ 240 May Not. R'n»TOesNin.U 260 

24 2311144 15 9.1 112 Mar. SepL Ratchfle bids — .70 

71 M <1521 2J 10.9 6.0 Nov. May Ratcliffs 91 

651; 1331 4-28 13J 9.7|1L7 Oct Apr. Record Ridpray. 73 

Apr. C& R'dran ITnan lQp 56 
r ABim OiMA AtllL Feb. Re •■'id El 119 


111* 759 <6 

IS* 5S 4.1 
272 451 Z( 
132 b5_28 21 
305 011%% — 
■ 305 tZ72 L 
132 0.87 li 
305 3.84 Z 


f: May Nov — 60 . 6T7 3.96 

Dec. July CaimhwflSJW- ,61 33. 353 

(55) jan. May Capeluto^riK- 128_v g-J f." 


34 1352 1300 — F C Finance— 

225 13.40 12.82 — Fust Nat 10p— 

H2 6 85 11.20 — Do.Wms.i583. 

17 4 8 21 1160 — Fraser Ans.lOp~ 


7.4 8.21 1160 — Fraser Ans. 10p- M' 

511Z05 13.00 June Dec. ‘Terrard Nad.... Mg 
3 1 12.71 13.40 M ay Nm . ' iibbs 1 A t - « 

3113.31 137® Mar. Aitc. Hdleir tot» £1— SCO 
Lit 1151 1300 June HwdeTnitiy 5p 21 


65 25 ZOO 

2>’ 974 - 

10<2 876 0.03 


FOREIGN RONDS & RAILS 

Icfpst 1 1 Price . jlasl|nhr r v| M. 

SIT Sink £ M li*l 


Anloljcnur Rly — 
• Ll r*u. Ape Prof. — _. 

I.i Chilean Ml \ed 

J R German inc.4 ! ^K. 

IN HreekTpc -W. 

]AI*iGpc>yjb..4«~ 

lUl«o4pcML\ed.V‘S.. 

' 1 Hunfl. 7M An 

31Dlcdandtf’pi:'8M8 


63d 12.1: 1151 13 00 June Goode mMiy5p 21 

63 1321191 13.15 .Vnv. April Crindlays 103 

74N 132 1251 1320 April Cut GuinnesiPeat— Z34 

721’ 16.1 1Z88 13.40 Tie*.-. July Ibmhras-- 188 

11^:. July Dill Samuel 87 

. - —k . « O — I>: WarranLfa — 375 

1 & RAHS Sept. Mar. HimcSjncE-50. 311 
. ^ June Not . i es«l Ttynhee ... 58<c 

. '** fe? nu ■' iin - J ime Joseph iLeoi £1 190 
j id 1 brass l*lo Koh Auy. Kejuer lllraann. 49 

,, B-nl _ - -'une Pee. Jtinfi tShaj 20p 56 

5 InM _ — May Noe KlemwoftRL — 98 

a id 3 1310 Auc. Apr Lloyds £1.—-—.. 252 

li 6 S.00 luly AprM^Sar 


23 8.17 — 6.9 

15 2.20 — 7.9 

772 1518 — 10 5 
174 013 — 09 

34 275 7.2 4 0 

301 tlOO — faJ 
mil 1952 — 7.7 
mu 4.90 — 8 8 

23.3 hQMc — 22 
15 hl.27 - 85 
28 11 13.01 - 6.4 
305 0.66 — 10 


201; 87D 

^ m 

405 d lb 

54 25 

51 12 

43 34 

55 25 
65 uJ 305 


■Ian. j tine Inseph iLeoi £1 190 2811 13^01 — 6.4— Jan ; July HolJ . 
Keh. AusJ. Keyser lllraann. 49 305 0.66 — ^.0 — . A ug. Feb.N«t»irii.i)p.- 

.1 une Pee. Jtinfi fr Shax 20p . 56 15 j 3J9 — 9 — Apr i»cl rkmeDeis Wp 

May Noe tvleinwvt B. L — 98 J3 23S — “! 7, Nov. July Parker Timber. 

AuC. Apr Lloyds £1 252 272 909 55 |5 51 Fwb- Aus. PboenifaTimber., 

Jan Sept. Marewn Fin 20p. 45 391 15 -lubr l>*Allu 

Sept. McnufySecs. — 110 25.7 3.39 - 4.7 - lune Pe.;.R_iu 

Julv Apr Midland £1 342 2 j 14.75 4 3 o.5 5.4 j ar _ y,-l Renland 

pci-. June Po.T ! ;*b 81®_. £79d 126 QW* 21.1 19.5 — OcL May Bchds. Wall Wp 

June Tier Du 10Vfa93-B8^ £Wr ^QtA-'a.leU. - July 1 m?c. Roberts AdlarcL. 

Jan. July Minster Assets— 56 305 3.55 2 5 9.fa 6.4 _ RuhaniJmip. v . 


— 6-5 — ,i 3n . July LonijnBnvk. - 67 

13 5J 33 Apr. Nov. Lotell'S. I ■ — | 84 

— 3.0 — ., u |y Nov. McNeill Group -I 45 

— — — Apr. Aug. MJineHSthn*. 178 
T. 7-9*r. Jan. June Malhujvn-Dfnif 48 
Z.6 4.7AZ4 mov. June MawiersiHidvi*- 83 

— — — pee. Apr. Mjrchwie! 292 

— — ” Auc. Mnr. Marlcy — <5r 

— 0.4 — Mar. Oct. Marshalls 'HD;.- 93 

— 6.9 — j-yh Au^. Myr fc Haskell- 64 

— ,'■£ — Mar. Auc Wears Bttk . 19 

— 10 5 — j a „_ July Mcl'.llle D 40 

~ ~ , Feb. Sepl. MeyerillonL L-. 81 

7.2 4 0 3 6 ,>l Keh. ilillun 100 

_ bj — ip r _ Nov. dbller iSiam 10a 11 

— iJrt. Apr. MiMuncrete . 63 

— 8 8 — Nov. May :*yL Encinecrs - 37 

— — — Jan. July Muik'A' 9j: 

— it — Jan. July MwieinM. ...... 109 

— ?5 — Jan- June NenarttnllEI ... **9 

— 6.4 — j an- July Noruesi Hojst . 96 

— 2-g — - Auc. Feb. Nog Brick. Up.- 230 

— 9 — ..\pr. «fcl rirme Devs 10p 4? 

— Ti NO’- - - July Parker Timh-r. 9g 

S,’?iFeb. Aus. PhoeiusTnnher. 155 

15 9 4 .July - itefcllU 15* 

t. 7. June I'e-. . UU . r 

53 o,5 5.4 j aPi _ y c t Redland 130 


4.3I 5.61 63 January Audio FidelilylOp « 

3.7 73 52 Nov. May Auio’fed Sec life 76 

3.9 7.0 <4.0| July Jan.BJCC5te 1-7 

_ — Apr. Nov.ESHlOp 100 


178 1 ‘-’OJtflO Z7 6.8 B 2 OcL Mar B«t& May ]0p_ 
48 1 i-!]Z79 20 8-ff 6.1 Jan. June BowOiortielOp— 
m “3*'34 31 4.411.2 Jun Nov. Bracks lop 

2 ?Li M#** “ a S -SS 

is "Ijsm 1 r *1 67 Jane Lamplwtllsnwd. 


e(La<fe>F. 
r Eng's lOp 


13 j td5.24 28 8-1 6.7 , Jane CampheHlshrt- 
51 +2.79 40 6.6 4.3 July Dec. OdwideCrpt 106 

•tOl 178 0 4 14 2 i675> AuC. Feb. Oune! R St r. ap _ 178 

1? 5 170 2 0 10:2 75 April Nov. Ctapramc 10p . 26 

11 1418 3 5 7.8 4.7 Apr. OcL Lrellon lifl> 15*r 

£• 480 * 75 « Pee. May Dale QecLlUp- M6 

25 d075 1-2 103 11.7 Apr. Dee. DnB- — 

ii 119 19 7 7102 Apr. Dec. Da 'A 420 

15 n;n 171L0 80 Feb. July DemtronlOp _ 
ll th339 3.6 5.1 8.2 SepL Apr. Dew hursi-.V lilp X3>; 

■ij'ifc 33 90 5.0 May Pee. Doudiru! i Z np. 25 

-3J4B4 70 49 44 OcL June tnwmlandlOp- 29^ 

& tsT. i 7 2 * J-L SS?“S ap — , 11 * 


272 4.13 Z4 9J (531 OcL May Robinaon iTbnj 

m.U dZl 33 U-0 4Z not. Jane Ratork I Op 

25 132 33 Z6 (13.91 juhr Jan. SambramlLnw, 

155 7.05 15 9.1 95 Mat OcL SaviUeG.(10p)t. 

13.3 4.77 25 7Z 65 Nov. Jane Senior Eng’s lftp 

301 J274 Z4 7.4 8.6 Feb. Aug. Sack 

155 1.62 43 5.0 5.9 OcL Apr. ShakespreJ.5p„ 

155 3.40 Z1 7.617.6 Jan. July Stow Frauen 20p- 

155 131 18 8.0 10.6 jan. Aug. Sheeptaidge— 

272 t3.3 14.6 6.912.6 j a n. June Simon Eng’s — 

305 Z90 10.1 3.4 4.4 Aug. Jaa 600 Group 

mil 5.14 qL7 7 6 A August Smith rwhlU5p„ 
mnthtCM 4.6 3.010.7 Jaa. May Speari Jackson, 
an lsl.45 23 85 75 July Mar. Spencer Clkatp 

59 — — — “Jan July Spencer Gears 5p_ 

!3U0 g272 4.1 2814.7 nov. June Sptraa-Sanu 


an fsL45 23 85 75 July Mar. 
59 — — ■ — — jan July 
IU0 B272 4.1 2-814.7 N ov. June 
133 1107 3.1 3-8U.9 July Feb. 
133 T10.7 3J 3.912.6 Hay Nov. 


149 I :^d4.B 
96 -si lid 458 


430 133 110.7 3. ; 

4Z0 133 tl0.7 3. 

151; aD 1056 MJ 
IP;. 301 053 IJ 
25 23 1L08 2.. 

23k 155 B1Z7 3.! 
19d 126 90.99 1. 
135 155 9.24 l. 1 

£96 31W6Z7J 

428 2311 1456 6. 


diflistGJLi— 91 
mdRidgvay. 73 
mnlTiianlOp 56 

»ld El 119 

bards of Lei C_ 80 
FnsWesLaOp— 61 
dnsoniTbww .75 

torklOp 222 

denonK^rw. 61 
raieG-OOpH-. 23J Z 
iior Eng’s lOp "&i 

■ck 81 

ikeapreJ.^L 31 
(wFranas3)p_ 2S 
tepbridge— 69 
non Eng’s — 2S 

Group 82a 

pth(WhiL)5p„ 9% 
ear & Jackson. 324 
encerGk.20pL 31 
mcerCearsSp- 15*; 

iraa-Sarco 150 , 

oonerlnds— 77 
ntrite20p 78 


17.«381 

574453 

MUL 

Md257 

m|43B- 

132(dl46 

2SU7 


d938 L«1JJ 
d239 Oil 


6-16.6 1 July Jan. SLndff Indf.El. 268 
9,3ll32 1 nov. May Stooc-nat! -1 116 


#^ 5 h atssfcra 1 

5-3544 3.5 8.4 5.2 Feb. UCL Hect comjK life. 428 145 

- ti 41M n? vs 21 — Bertram: Mach. _24 V75 — 

MW* M 3 3 57 Mar. Aug. Elcc. Renrnk I0p 219id Ufa 5.0 

17415 77* 2.9 75 6.6 Jan. Aug. EHi*ri<dn.Mp- ^ M 

34 4.4 a.9 July Jan. Ever Ready ----- 157 30.5 4.28 


21 66 105 OcL May 
3.2 6.6 55 Apr. OcL 
1.9 7.9M1 ja^ May 
1-9 ^0.4 7.4 j on . July 
7-3 192 7 Feb. SepL 
65 1.6 143 Ma y 


esiDenry) 96 

28 

lv»Pallistec. 93 

a (emit 133 

LAbnB.10p_ 57 
^senDmlO 910 


IB 

3d! +264 
VJ t3.48 

SI HP 

37.4 32 
113 125 

17.4 4.48 


Z0 10.9 (55) jan. Ma> Cawlnrtjrtri®- j 
23 10.0 d 5 Feh. lune CaptaiFruElOp. lOOri 
— 017 — Mar. Sept CanwanHM.ajp 68 
14 114 9.8 Jan. June Carton lad s . — 190«1 

15 9.8 8.4 F^. Aug. Cawwds. • , ■ 136 . 

Zfl 10.7 7.1 September Cdestionlnd-Sp .34 - 1 1L, 
Z9 8.1 4.9 JanT^Sy Cenii^Mt ttp. 34 | 22J 
* 102 * Dec. JulyCert.Sbeerwd.5p_ 3B»2 
87 32 52 Sept Feb. Cent rewy SO^— 234 
23 UL3 72 Dec? July ChambertireCp. 46J; 

5.E 5.0 33 Jan. Aug: Ctemblaa Eh. tOp. 4^2 
U 10.9 (6.61 Mar. . Nov. Change Wares I9p. 21 
55 7J2 42 March. DaCflWPiBJtWp- .21 
17 313 3J Apr. Oct CliririBc-TJflp — 72 
3.4 63 66 Nov. May CbrWieslnLMS ,99 
72 ,3-0 6-2 Dec. Aug OiubbaOp--— M3 

1710.9 7.4 Feb. Juitt OarketdaneniJ 71 

L9 9.4 85 June Dec. Ode (Httl 111 

2J 75 72 July Dec. CaptnWebb20p. -34 

17 122 78 5&JaS.D ConUGrp SI- £24% 

25 9.4 64 Apr. July Cu&SMion’y Wp: - 36: 

16 143 62 June Feb- CopeAH:i*:in5p_ 60 

t> S'Zite&BaGttte;# 

4 75 _♦ jan. July Cb snlt : 81 

3.9 t — May Dec, ftoitayProeap- 1 57 

Mar. OcL 0»Mde3£.llH?-. 64 
17 117 7.6 July Jan. Cremu.ISfa — 154s 
35 53 82 Apr. Nov. CrertNutoflOp- ffl 
2J 45 114 Nov. -July iTosby Howea. 157: 

li to 11 Jaa 

43 6.8 52 jan. July DariesSPTflsiHi. 136s 
J- li ^ Aug.DeLaRue — l 3«» 

l’ a y as- sisrcss 4. 

3 ? ^ 5 ii Feh. Sept Diamond SLilOp .. 38. 


sr IM 


- ert.Sbe«wd5p_ 38*2 
letfrewaySOp— 234 
JhOT^er&uGp. 46^ 
ICtonblao Hi. tOp. 441; 
pangB Wares I9p. 21 
DoCmCrtaltWp- .21 ' 
birisbe-TJOp„ 72 ' 
IcbrisbeslSlOp 99 

DaiteldanenD 71 

Medial 112 

inpDiWebbatp. :34 
:<mtl&p.SI__ £2fi» 
jjoLStatkm'yWp, - 36: j 
3ope Adman 5p- 60 

I® i 

Oo ai lt- ^s -^. 81 
:«utmPope^iJ 57 

SS&i' £. 

Crest NicMIOp- 
I'roibyHoaaeEL 157: 


225 C O 4: 
155 235 Z« 
131 110.98 4J 
155 2J6 2J 
121 214 4 

<77 (0.5 - 

al 12% - 
131 429 - 21 
175 32T 3- 

14-11 355 3' 

15! 226 3: 

25 3.71. 5. 
155 1 27: Z 


4.4 ; 

li -■ •- 

W : 


155 13.45 3i 8 .T 
.155 224 * IDj 

25 6.0 N fj 
305 SOT 55 5J 
3.4 J238 31 b: 
303 FZ25 5.0 5J 
126 18.45 3 7 8: 
27-2 t!36 22J 6: 
3J0».41.- j 
1212 065 5. 

125 730 - 0.9 8. 

126 9.9 q4Z 4. 

303 5.44 02 


4i 7.6 Apr. SepL DiptonrtlnvB—-. 161 
73 9.0 oft. MarD&PaW « , 
3.2 314 jan. July Don HWgs. Iflp - 83 
5.0 16 MaJuSeDc DorcrCorp CSSI- £36 
81 + Jan. May [wirai Strrgl. Wp 39*z 
.9.1 (43) May Oct Dday Bites. IDp 

4.6 45 Not. Apr. DuobeeCuflilOp 3^- 
8.4 58 June Feb. Dunaoman2Dp_ "_51xi 

7.6 75 Jan.' DopieMSp — 16 

.9-2 5-6 Aog. Apr. DnrappaJ^— 1W- 

11.3! 60 — . .. Dwk<£oap-10p- 9 


116 1174 5.77 
130 JMU 73.51 
7E I 174 d4 5 
9b | 155 432 
S6 I - 25 

90 *, II 12 d2 43 
31 30b L50 


FINANCIAL TIMES 


BRACKEN BOUSE, 18, CANNON STREET, LONDON EC4P 4BY 
Telex: Editorial 888341/2, 883897. Advertisements: 885033. Telegrams: Fmantimo, Ltadon PS4. 

Telephone: 81-248 8808. 

For Share Index and Business News Summary in London, Bir m i ngham , 

Liverpool and Manchester, Tel: 246 8026 
INTEBNATIONAL AND BRITISH OFFICES 


_ Ruhanilrouo- .. 86 J„ 

Dec. July RijwlirL-'jn IOp-> 90 .. 1*. d-- 43 

July Ki'.. R'.’..-o'rf;»up — 31 Ai L50 

N’ov. Slay Rube rend. 3o 1/4 Zj.6 

Jun. June Bu-'byP LemviU 7u 25 10.9 

Apr. LK-t yTBtu^- 156 H2 525 

Dec. July Safth Timber l»»p- 3»t ^5 L63 
I.K.-L May Sharpe t Fisher. 42 305 hl.89 

Doc. June Smart iJ l HTi 41rfl 12 b tdZ.00 
OcL May Snul^mCna-.p 6‘; 477 —■ 

I Nov. Julv Strcrttff I"p — ,25 ,’LIO l.M 


34 4.4 8.9 July J art. [Ever Ready --- ui 
22 8 3 (6 It June Nov.IFanielinec.20p 238 
Z7 b.8 BZ July Jan.lFidebri Rbd.10p 79 
32 3 6 125 May Nov.lFuiTOnlTech.50p 123 


3 6|lZS|.vlay 

4 21 * iMar. 


OcLkLEC 


30 S 150 2 3 7 3 8.6 January Hi«hlMd£La)p. 35 

17 4ZJ6 1-9 9.9 82 'XL Apr. 1cmjaar.jua — 84 

? fa M3 9 25 7.9 7.8 Jan. Jua. hodelaL—- — 119 

Zil52S 35 51 9.1 Mar. Uet JjureuKebroU^ 106 


EDITORIAL OFFICES 

Anuterdam: P.O Box 1296. Arnslerdam-C, 
Telex 12171 Tel: 240 555 
Birmingham: George H °Ur s ?-SS )rse Boad * 
Telex 3396SO Tel: 021-454 0922 
Bonn: Presshaus UrlM Heuseailco S-10. 

Telex S80854Z Tel: 210038 
Brussels: 39 R«c 
“ Telex 23283 Tel: S124W37 

Cairo: P.D Box 3H0. 

Tel; 838510 

Dublin: 8 FiUwilllam Square. 

Telex 5414 Tel: 785321 

Edinburgh: 3T GwrgC 5^ct . 

Telex. 72484 Tel: 031-226 4120 

Frankfurt: Im Sachsenlagcr 1Z 
Telex. 4I826S Tel: 555730 
Johannesburg: P.O. Box 2128 
Telex 84057 Tel: 838-7545 
Lisbon: Prato do Alegria 58-ID, Lisbon & 
Telex 12533 Tel: 382 50B 
Madrid: Eapronceda 32, Madrid X 
Tel: 441 6772 


Manchester: Queen's House. Queen Street. 

Telex 666813 Tel: 061-834 9381 

Mo-cow. Madovo-Samolechnaya 12-24, Apt 13. 

Telex 7900 Tel. 294 3748 
Mew York: 75 Rockefeller Plaza. N.Y. 10019. 

Telex 08390 Tel: i213i 541 4825 
Paris: 36 Rue du Senlicr. 75002. 

Telex 220044 Tel: 238.37.43 
Bin rte Janeiro: Avcnida Pre*. Vargas 418-10. 
Tel: 253 4848 

Bnme: Via della McrcCde 55. 

Telex 61032 Tel. B78 3314 


July Nov. Tanrocanp — 150 
July Oct. TaxliirW«wnw 3n2 
May Oct Tlihiii}Cts£l. - 233 
May Oct TVansi Arnold, lal 
Feb. Auh Tunw.4B5.ip — 260 
Feb. Aug ITM Group ... 65' v 
Aug. Feb. Ywli*M0iie Wp 31 
Mar. Met. Vilrtwplanl — 372 

Apr. Oct. Ward Hldi* lup . 33 

Dec. July Wjirinj-lin" _52 

lulv jSinv. Wjrif Blakv . - n0 
.lan. July Wesrai'.krn«L- 40 
,ijn_ June Wedem Rn •*-- 93 


41 ci 126 tdZOO 4.1 
6U 477 — ■ zr 
23 SLID l.M 3 ' 

JO 26 9.80 2. 

Ia2 174 7.bQ 5. 

!33 171 20.W 2. 

L"1 25 d3.81 6 


155 6.6 3.6 

305 5.13 14 

25b6.7 11 

3dJ 1364 7Z 
3Ufl dL07 18 
722 4.24 3.2 

3.4 4.7 3.0 

13 Z $5.0 3.0 

17.4 dZ59 5.0 
3J b5.80 3.8 
305 t5.0 3.t 

305 5.0 3.7 


4J 7 0 44 June OcL LeeRdrit- 69 174 dZ59 3.0 3. ( 

22 6.8 8.1 Jan. July M.E.Dertric — 17| 3J b5.80 3.8 4. 

4.6 7.4 4.9 Jan. July Muirhcad 375 W5 t5.0 3o j- 

_ _ — Jan. July Newman I n*.— 79 IQS 5.0 3.7 9. 

3.4 9.1 a.9 Mar. UCL Nemnark Louis- IM 301 t602 5J a.i 

22 9.9 71 July Jan. NomawlELSIp. 44 nl 126 283 ♦ 9. 

55 3.2 86 Mar. Sept. Pert® E c»t-I«_ £84 132 04% 144 f4, 

2.510.7 54 Jan. July Petbcw Hid dfnp 224 3J dl61 « 6 

6.2 4.4 5.6 May Dec. Ph} ipspn-^A ^f 3 liv 7ft ^ 

4> 6.6 4 Hvc. May PhibreLp Fin_ 955 LJ- 017% Z.U 4. 

21 9.9 13.3 Apr. »VL PifcoHl^iSOp- 92 17.4 t2.7 4.9 4. 

25 1A 8.2 -Apr. Ocl. Do -A'»p W 174 +27 4.9 4. 

IB 8 410.0 July Jjn.Hesw>5Up W 25 5.41 + 9 


65M LLI 4 V) 21 9.913.3 Apr. *lfL PifcoHlto.3)p- 92 

M 1148 Z5 14 8.2 Apr. Ocl. Do'A'»p M 

372 JMftfJ* 18 8 4 10.0 July W 

Vi '7 3 ri264 1 0 12.1 <119i Apr. Nov. Pressac ;»«p OT 

\\ ilIxB * 91 * Apr. OcLPyelJldW « 

110 171 1080 3.8 3.9103 Fek Aue. toral QertiKi - 252 

in -i rifc 1 5 3 7 * 72 Jan. Jub' todillua'in— _ 93 

hfc 42^7 07 3 2 94 £ Apr. OcL fWWnw'/K-lup 53 
42 til 7 57 20 93 5.4 May N.-v Scbnlw.UD 265 

30 'JJ OJL ii 5! S5 , ?EL£. c . h SEWfe *5 


Slt-ckholrr c o Svens ka DacbladeL Raalambavagen 7. | lul „ tVi : l.\l;ii:STe in-1< -.! 265 


advertisement offices 

' Birmlncham: iJeorge Hojraa. Oe«rge Bond. 

Telex 338650 Tel: 021-454 0922 
Edinburgh: 37 C««o Sgwt 
Telex 72484 Tel: 031-226 4139 

Frankfurt: 1m Sachsenlager 13. 

. Telex 16283 Tel: 554667 

Leeds: Permanent House, The Headrow. 

: Tel; 0532 454869 


Telex 17603 Tel: 50 80 88 
Tehran: P.O. Box 11-1879. 

Telex 212634 Tel: 682688 
Tokyo: 8th Floor. Nihon Keizal Shlmbun 
Buildine. 1-8-5 Otemachi. L'hiyoda-fcu. 
Telex J 27104 T*L 241 2820 
Wu-Uneum: 2nd Floor. 1325 E. Street, 
N.W.. Washington D.C. 20004 
Telex 440225 Tel: f20Zi 347 8678 


Manehester Queen's House. Queen Street. 

Tolev 666813 Tel: 061«H 8381 
New York” 7S Rocltofeller Plaia. N.Y. 10018 
Telex 423025 Tel: t212i 489 8300 
Fans; 36 Rue du Senticr. 75002. 

Tele* 2200+4 Tel: 23&86.01 
Tokyo: Kusahara Building. 1 -6-10 Fchlkanda. 
(Iviynda-ku Telex J 27 UM Tel: 293 4050 


m. Waft? Hake. - JiU Itw to ian J.ifv RniitfiKKW 93 

ilyWesraii.krwL- 40 <i 17b L5 3 7 - 72 Jan. _ July KediHra ^ 

^ t *Z?r Vr %- So a9Jiif'8t!SS5Si2 M 

Apr-Ffpj ^ ^JSS 4J 5 0 5 6 July Feh SonyCo YM) — 645 

\ov. ■ w^.^.JvlrVun 24 -A’ *155 22 98 70 Lietnher Sound hfhn 5p 43 

Mar. irt »!2um! 'm lup 24 d- J 1 » “ ? S 54 A pr. Xov. relefusionap— 38 

"l l- July WiWWWllJ- 1 J 56 !>c riAR^ 15 1 L4 73 Apr. Nov DaA Vl'np._ 37 

May OcL ttimpei 75 ^ijO.68 15.1 Lfa j une TeIe.K«iial- _ 128 

. ' Mar. 1 icL FfciTn EHert .. 324 

CHEMICALS. PLASTICS ^KEhuS.*** m 

• ... (icL Apr. l : id S» , H j mific-. 297 

May AK7." ill si? T, To To Fell. UvL WarfMWd.._. 88 

May \jhncH’Ail-an. l*o I?3 j 44 61 3 3 4 0 99 j Aue. ttcHculll*- ap- 20 

m-. .Alsutmindfa 265 1 issdU.96 2.1 8 0 7.® Map (H A. Wistintthmiw ... 46 

me ■Midal’s-.l-' I'Jp 86'^ Mr-, a a ?'n i?5 December Wnlnonh EL 5p 16 
..J MM- nllwe (|R» 771- IQ] ttfHlW 44 P.a Jlo. 135 


132 Q4% 14< 
31 da.61 <t> 

155 05%% — 
12J2 017% Z 
17.4 fl7 4. 
174 +27 4.‘ 

25 5.41 +, 

34 127 3! 

34 357 4J 
12 12l3.88 q63 
1212 4 79 * 

27 Z 16 3.1 

34 16.65 12 
142 Q50% * 

19? 1.09 5! 

133 tL17 3.1 

13; tl.17 3.1 
15 5 5.84 2.1 

301,tht.37 5.' 

34 ti 47 s: 

132 13.62 2 1 


— — Apr. Oct ronddnsF.H.5p. 23*2 

6.4 * Jan. Au(L Triples F dries.. 90 
3-1 + May Oct Tube Tmesis. £L. 350 

34 -.2* Jfun® Ttariff. 77 

3- 512.0 Apr. Nov. lVzacfciWAtlOp Z3 
If 10.8 Jn[y Dec iftd. Eog’g uin_ 44 

16.4 jjjy Feb. I! Id- Swing 10p_ 27al 
2-2 97 j u |y jan-UtdWireGroBp. .63 

4.6 17.9 jan. June Vickers £1 163 

7 7 52 Apr. OcL Victor Products- 138 

6.0 6.4 jan. Aug. W.GJ 104 

72 7.1 Nov. June Wadkin5(k> 113 

5 7 5.4 Mar, OcL WagOQ lndustr'L 128 

4.9 8.0 Dec. July WatterCAWj. 125 

4313JJ Apr. July WartUT.W.l 72 

9.6 3.1 Dec. June Wane WriahriCp, n 

4- 6 58 SepL Mar. WnrickEng 20p 271; 

9.7 4 jan. Apr. Weeks Assotlflp 28 

(4.8 — jan. May Weir Group 121 

60 ♦ Mar. SepL WeUman Eng’s - S?* 
HD — Jan. July W.BroaSp'g. 1^>_ 29 
45111 July Feb. Westland H I* 

4.4 7.8 Dec. Aug. West'n-Euns38ji_ 102 \ 


132 *0.96 
J8H 4.63- 
14 20.95 
155 Z35 
155128 
305 Z22 
126 IMS 
155 4,69 

155 9 li, 

333-1303 
1212 5.8 
25 5.86 


133 3.45 . 
161 M.O ■ 
[212 (54-64 


12.77 3/ 

4.9 4.6 6.6 jan. June Whessoe 69 3M .J4A 38 10. 

♦ _ J, Jan- Aug Wbeway Wlsaap .17 Jg2tUB J 8, 
3 5 4.7 92 June Whto-bOuse50p_ 90 lf5 §2^9 « 3. 

45 6.1 5.6 jan. July Williams iW-5_ 24 155 3113 45 7, 

«^2 2.4.* jan. Way Wins & James- 78^ 34 Z45 4.9 4, 

8 2 *. May Wolf Elect. Toob 83 3 U-27 76 2, 

3-5 4 fa 7.4 July Jan. Wolsl; Huies_ 189. 155 16.70 3.8 5 

1-3 9.5 125 Apr. Nov. Wbnell Fdy.lOp 21 17-4 12 Z9 E 

:♦ 09 * a£ r , AuR.WoodiS.wT3Pp- 45 132 d3B7 Z4 13 

\ 1 55 it Oct- A P r - Wh'SfiKwn UJyi 30 ■ 52*2-32 ( 0.6 11 
35 4.7 165) October [Young.Ysfo&y S3 ,22^th3.(J7 b2.ll .5 
3.6 48'64i 
2.0 691111 

II 1 ii FOOD, GROOTOES, ETC. 


0.88 * 8 .. 

SS 45 }\ 
Z4S 4.9 4. 
hl27 75 21 
t6.70 3.8 5. 1 
12 Z9 E 
d367 24 13 J 
-Z32 05 11. 

♦h3.(J7 bill .5. 


9-1 5.9 Feb. Aug 
33 114 A pr. Oct 
8.7 6.4 Apr. QcL 
7.9 43 

82 8.7 Dec, 

73 52 joly. k*. 
8-| 83 April Nov. 
7-8 42 May Jan. 
4-7 * Jan. July 
7-0 |2 July jaw. 
6-5 52 jan. June 
f-7 &8 jan. June 
55 * Mar. Dec. 

C9-^ May SepL! 
4.1 §-7 February 
102 3.9 July April 1 
Si 5 M3r. Nov. 
3? }_ Jan. June 
J-l 42 Mar. Sept 
4-7 || Feb. Aug. 
23 '8.6 jan. Jiu. 


3.4 lxl.41 
17 4 538 
126 213 
!212 1059 
131 4.08 
305 020 


W«u i 27 . 677 — 

iSsotU.AJ.)— 69 132 t3.6 

L_ 56 132 t3.6 

EC.CasesHki— 15 976 — 

Eittteni Prod fi)p- ^99 305 435 

£ ■ a 

vwTll V - - 42 .34 ttU-75 

gectlnEs^I 5112 25 Z99 
HijMtnrro.i&L- 19 a? jzi9 

hsofl&nofabim. wild .126 tiB 

bsfist'di-^ar 

Eib&.ttb&fii 

China Glaj* 75 272 t3 .91 

fcmrtraaia^L 125 301 15.B8 

lurtFerria--, 1211; 155 22 ^ 
btrieHklgs.20p 36 132 hU4 

(l:ier Gairge lOp 353>xd 12.6 L4 
IStel 10S 305 5.42 


J229 1.5 
13 33 4.1 

# * 


Jan. Junej.MidalbvklOp 
Apr. SepLj.VlId'. failed hip 


.lulv Xi.iv. Anchor item. - 69 

i. B f m ™ 

a asaas.^ | d k a s 

sss asttasa W 1 & - ® ®ifissw= * 

imium 1 15S 


ijct. Apr. Biajwen.wiKw. jj 
N’ ov. Julv Brent O km lOp 187 }' 

Mar. SepL BriLBrtiro! hip- 20 6 

Feb. Aug. RriLTarFnllOp 5oir 12_ 
.i.m. July Burrell Sp-- 11 c 


llh b32 * 

303 tdljlS* 44 

15 d4.16 2.4 

30.6 }■* 


9 7 53 May 0cLph1e»Ief:j.31p- 135 

laal April (WigllUtlLl zio 


153 M6.0 85 3.1 12.0 ^ Ju ,.. 

4affiia»gg 
hrJifi saag^l 

13 z 1® 79 2.9 5.4 93 cV^ 

ni3j 2.51 vm §SS* nK; 


ENGINEERING 
MACHINE TOOLS 

A.C E :J orhinetr-] 110 j 13 J 3.38 | 


SUBSCRIPTIONS 

Cooles obtainable from newsagenL? and h.wlulall* worldwide or m nRutar subscription from 
Copies oBiaro-iu jjutmjripUOP Dcparuacat, financial Tunes, London 


.lan. May CaUlin — ~ « 

Dec. JuncLihaiiij i-i «lJi £91.’ 
Mar. SepL W £90 

Mar. Sept.ta’f^.^^ 93 £ H 

i.naliUM hem — o5u) 

Jan. July '.taw* Brre. 68 

.lan. July po. VNA--- 67 
Sept. June toiy-lltorai'Pi-Tp. 23 
Jan. June ' Tftda Ini. l/'P- jw- 
Mav Ciy.dalaletp — 27 
Jan. Auc "Eiiiilon FlMist. 46*4 

.lan. July ram frjwrt Mni 

Jiin. July I.Lfn-n 3 60 
May Nov.Hklitvwl'I'l'Tp 22 
Au ; r IVb.iiteiWdriiai^. 190 
l IOC. Mjv llotiMW -j-- 493 
June jitar, DvjiL2CtLiii.l i322 , 


333 Q8%’o * 

126 278 ? 

38 5 3 76 Not: FeK AllenlE-BnUour 58 
na 067 53 4 4 61 Oct Apr. AJleftW.li...-.— « 

J *5 2.19 31 7.1 5.6 Jat- July 132 

5 < To 66 6.2 3.7 8-2 Feb. Aug. Ambn Silyde- 6| 

fa 7 2 2 -II 8> Jan. Julv .Vsuv-Ttwline-- 37 

* ?5 $32 3.7 ZZ UBj -ran. mMaMi )0p . 20' 

lr of 6% * 4-<2 * May Xuv. Aurora Hlds.— . 89 
&! 21o* I 02 - JJ8T. ScpLlAlcUftUuiDteJ-. 105 


M s i 7.7 .III 


* L " {VcanAJkiiiMium~ 158 

7.7 I.i une JNw. ft* St* 1 '.‘ont — £J55. 


134 12U d6J0 * 

72 15J 3.19 3m 

67 163 232 4.0 

222 33 h0.78 19.4 

48 133 3.0 35 

74 ““J W 33 

LING " Apr.”Oct BaxrS-G?^^ ~ «Sv-nc si 

- June Dec. Barrow Milling 

OOIS Jart. Aug. Bassett iC«o»_ 

_ w Feb. SepL Baxleys' York lUp 

13^ 3.38 2.9 4.7114 ocl April Be lam lOp 

17.4 5.71 44 43 7.4 May SepL BibbyUjEl Z19 .13 mou B g-r 

132 2.28 3 1 3-1 12.8 Jan. July Bishop'? Slores„ 155 1212 d239 3.9 

35 2 2.28 3 8 4.1 9.8 jan. Julv Do NrK.Vs— 125 12l|dZ59 3.9 

17.4 MOO 3 J 61 75 Apr. OcL Bluebird ConL_ 367 "P4iB„ 45 

- 990 2 9 9.5 55 sicpL Mar. BriL Sugar 50p.» 108 * 35flth4.75 4.9 


I ? }, Jsn- June EnroFemeL— 1211 
7-1 4| Mar. Sept E\t*teFMg&.20p 36 
2’i S, Fe,J - Aug. Era Gorge lOp 35*>i 

23 8.6 jan. JiJ Extd IflS 

5-3 72 cm. June FaubainjLawaML 54* 
.|^7 6.0 jaa. June Feeder lDp — — _30 
13-0 4.9 Aug. Jan. Kenner.i£lIJ — 130 

1 H’3lrf ian “ Jufe' Fenwnfilnil— 1W 
.5.611ZB jan. SepL Festfem&n20p— 29 
May Nov. Findlay fAJU_. .34 
lune First Casiie 10p- 40 

Apr. Dec Fitzailun i. 42 

^ July J3n. ntxdlol'.fcW:. 60 

_ Nov. June FogartyfEi 123 

I 7.7] 4 Dec. July FoseraJfiaiep.- 162 

bJjtSJtD lan. May FotteraUHarwi’- 101 


29 3U Z035 — 
75 . 272 13.9T Z! 
125 301 15.08- Si 

mh 153 Z 8 4 

36- 132 hU4 .?■ 
35>>xd 126 1.4 $ 

105 30 5 5.42 4> 

.54*2 153 MS. 00 Z> 


lfaj 232 «.i 5.4 6.8 UaJoS&De Franklin WnBU 710 

3J 00.78 19.4 05 14.6 Feh. Not. French ThiB.10p 63 
Hi 3-0 35 95 4.6 Ort. Apr. FrUafland Dct^_ 96 

14 JJ L09 ' * 45 * July Jan (jRiHda$iSCp_ 470 

«Sl 6 33 7.4 5.9 Apr. SepLGestona'‘A , _ 193 
67* — — — — Sot. Hay GibboraDadLey. 73 

1£J B215 43 3.9 93 Nov. June i:ibbon6«Sl-— . 171 

305 tQB3J 17 20.5 45 July Dw.Giere? Groups. 81 


30 153138. 3.: 

130 U12 16.7 Z 
108 29.11 L0. « 
29 111(02710. 

34 155 1.90 .. 2. 

40 155 198 . U 

42 TftW 3* -.— 

60 1212 12.76 3; 

123jc 17.4 h2_55 9.' 

162 153 458 2. 

101 25 6.21 X 


101334 U20 5 
£15 31 55 

td331 1.9 9.5 
}hL45 4.0 3.6 
U£ 6.7 4.6 


.Q9%|25^e.b[ - jMar. Not. B nt. Vends UlpJ. 30^1 l?9|f>&L 


ffaZi Jon. Aug. Gillspurlto.^ 

8.7 April . GIm* HeUi 5%„ 

7.7 Jan. Oct Glaxo 

42 October GaeroemitrWp 
10.9 Hoy Nov. Goldman (H; Up. 

8.8 Jan. July GomrneHlds— 
6.6 Jan. June GrawisaHdga. 
35 Apr. OcLBnuiada'A'._^._ 


305Q30e 
.50.1 &80 
31 333 ■ 
355 118.99 
132 3.95 
3.1 1S3 
J7.i 3r 
155 4.47 
1212 1264 


3.03 < 4/ 

itl027]-4; 


3.0 M 

fell-. 

* SS**. 

$A 13-*' 

31. 6.9; - ; 

H 

u 7,5; V 
- 6.71' - 
33 7.1._ ■ 
9.6 30;.'. 
W*S' 

IS '93 
_ Z4 ' 
43 65 .- 

'44 *.%: - 

55 61. 

.7.7 3-1" : 
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33 I* 

■a®--. 

Sfs-V -' 




2811(440 bL4 115 82 Jan. J une! Brooke RwkJ 
272 v282 35 89 53 pec, June 

25] 5 28 54 6.1 35 June Jan. 

51 2.83 4 7.0 li May oct. 

1?1 (Ifti3 24 a"l 74 Doc. May 

fa’fcfa) B — 

301 23 


—.1 — l*2-S| Dec. MaylUu. 


Oil tan. 


en?ajp_^ 
-.vattp 


lush A. I) A ll 114 


x\ Ijfej 1 III 7-5 H tct Ded EijrateWBjap, 
34)528 1 3 Bl SOI 4 1 1 _ Edwdf'Liin..-5p-. l 

, **-3 t5J 1 22] 7.6! 3-1 1 Jan. J unftjEjlaail iJXj 5p 1 


25 1276 3.3 
25 3.04 II 
126 1263 3£ 
17.4 191 4,t 

17.4 1.91 4.f 

25 432 4 

25 4.32" , « 
17.4 6i4 3. 


42 6.6 Jan. JunqGrwpian Hdgs . 

6.7 32 Apr. OcLBranada .. 

26 80 April OcOilrippenuAsJOo. -44 . '272 236 •] 
95 - 3i Dcl JuneWimebeflGiiSjL ; 36'. '155 100 1 
92 (70i Ian. AticteJSaiaSlrsfMp. 30 117 EB.26I 

8.7 35 Feb. AuKjHalnailOp . 63. 16.1 tL25 

5.9 55 Sot.. Apr.lHajrilMr® 

8.0 40 Dee. . Apr.|Hjfliine\Ga2ae. 


133(057 r - 
3033.(32 ; 19 
17 4(3.99- m 
3011 144. Al 


. Apr.pUnimev Gp. 


; 36'. '155 IOO ' Z" 

30 217 E8.26 f! 

. -63. 16.1 TL25 4' 
"• "29, .34 b0 .84 > 


&8 : J 
10 A.r : 
■-3.0 :. .; 

■83- " 

f V; 


'eb. JulyiBcnson Trust -_L' 131s!Ll2ti 




90rf 501 43.92 
8*z 474 — , 

29 EAlAt 


"* Mar.. SepL T*oTP:pt l’ip SMJ 
.4.9 Jan. July HargreKesSOp. 
08 Jan. Alul Harris (Hu 20ji— 
18.2 May Ndv.HaRuthWtton- 

65 U uly FchJiiaskititlqisfflL 


£8T 133QW£ 
57- 12J2I& 
67 • ,-162 3.89 
.54 17.4 Z97 

6Bid 12i 3.99 



INDUSTRIALS — Continued 


Mi- i 


Wa 


VI 


INSURANCE 


43 


tTTsOTInSp | a 

.Dec. .nme Bu g" - 

yjuafl‘Nw. tawBtfaCfant. 

•'net Jane BwUit_ 

-y^Mer Hmrtaowp 

\!»:SaaS§£: 

is&SSS®: 

_ Oct" 

•’-DflC. 

PrOWL JulytHiHtfngAMOcTI 


WSttF* 



Nov.iHunSgJgti I0p„ 
fSfeLj 


fitertiKlffloifeL 
JnTX : Ji5p| 41 


i 4 ' ‘ - 


- 
3.00 
12.6 W.95 

174 43.3 i 

f^ri 

*8?" 
zu lb 

,7, h33 
J6J T4.D3 
12i 7.00 

1|5 W£.M 

Ugf H .71 

na 


IcvjShjroj 


DMdaub 

AM 


ICL£I 


Indiutriegfl_| £ 20 i s 


_ _ - Imp. Coni. Cas £1 

Nov. Ensaninds-IOD. 
jan. Ang. Initial Smites— 
fwc. Jnne lntorCity 20 i>— 
r. Dec. fenes'Johnj 




j<o*. June tontine: 

jkpr. Dec. Jenhqoe. 

.V — Meson ABmes- 
Act Apr. Johnson Oms-J 
fab. Aut fctasocMUw.a' 
L&ct June JwndanfrTlOp.; 
rtUf Dec. KatommoolfipL 
Swe to gtWggtTT 
Dee. KemetfySnt 10p> 


.April Kershaw {A)5o_ 

Ang SQeenJ-lgffldes. 


•• Jin. Ang LCP.Hlds 

■■.Dec: Aug LK.ludT.lms_ 
.^Apr. Jim. LftC.InfclOp— 

' Wjv Jane Lawtex— . 

Ja& Not. Lead laris. 

-Jan. ; Aug. LeakniuIIS 

■-■ Oct May LeBasfEdi 

"Xor.-Mar. LebefiFobellDp 

• ^ < April LebusHwris— L 
/.Jan; *ily Leigh Into. Sp — 165 
Jov ‘Ang Leisure Car. I 0 p. 130 
:.»t Ort; LepGtrmplDp_. 240 
-jan. July lessee Prods. 5n 75 
-iffcb. Sept LetrasetlGp^L I 32 

•.•-'A — Lhfeo 3Dp IB 

'TRtSr Ucw, Lindsay iWns_ 

Kar Lindualrier 


j \ ? .! t 


■V» 



Mee 


IW 


PROPERTY— Controlled 


IN?. TRUSTS— Continued 


Dhr 

Nrt 


1 M QZOc 


-Feb UmJcNUaiGrp— 
June Long Bmhly. lOp 
OeL tojtan Trans — 
.:■■*. Aag Apr.UmsdaleLmnsU 

-Dec- Juw Low&Booar5ftj 
"'t- Dec M.Y. Dart. Mp_„ 
rjtdyP&HmeLdii. ftp J 



23 

QSL52) 
303 t7.J2 

2 ft taxi 
3.4 4J.88 

w. 

ili 1,?2 td2.47 
,1?4»|M12 ZdO 5 
»« 

.iH™. 

1232 m2 

Hi 8 

2|3|t4L 

SSf 0 

3.4 2.91 

»3J£ 

305 182 
2 ail +1.62 
13.2 327 
an 436 
1212 4.48 
33 73.3 
15i dZ90 
lo.l b5.39 
3(5 

,25 3.00 
132 90 
305 2.0 

30 S* 
Si 15:11 

25 t2 14 
126 ZOO 
g 2 3.94 
17.4 3.84 

17.4 hl63 

3.4 0.25 
212 Z64 

17.4 dZ70 

30.5 15.61 

8J 1536 

1212 db0.92 


5.6 Jan- 
9 9 Jaly 
10 5 Jan. 
i 9.4 get. 
26-1 Oct 


Mar.lBeeS Robinson _ 
■.IHowdenf.tijOt. 


, - Apr. 

_ pec. June Legal fcGen.5p._ 
7.4 Sept. June Las.4Gdora.lBp 
6.3 Toov. May Lfltt.4 Jiin. 5p__ 
* Oct, Apr. lowJon U-cHed 20p 
127 \or. July vsafcew *r 3Dp. 
— Nov. June Minei Hid B^2C*p 
48 Mar- Aire Horan uTbki top J 


54 3-3 _. 

.i4iu|ocl 


Jus« 


LB 




49K 

135 

27 

37 

61 

91 

173 

57 

21nf 

94 

70 

Z35 

14i 2 

60 

93 

70 


Apr. Medea* LA 

'-■Aug. Mar.MatjAossMfDj. 

J4ay Sept Magnciia “ 

June J«tl MngmtA 
- Oct Apr. UUL 6 hm& > £il 228 
Jeh. *t WninSW JOp. 23 

35l J^Masb^Sil 15Sxd| llilrij 9 

-4)ec. M^y HartiD-BIari— _ 54 1 ^ — 
•>;•- '.••—• KAbesonsTVpc- £110 
,4m>e Nov. Maynards 2 fe_ 131 

■SVpt Dec. Medmm^ eriOp- 24 

'-Mr Feb. Mferttnnre 5p 74i, h?i« 

dSnL June Metal Fox El SlOd lZM 

■S June ifetal Closure*... 98 
^K-.Jraie 62 


25, 


ill 


,'N0v. Bixln. Slrstrs. 50p. 197 
'3S& Dee. UiLC«as.Tr5p l - 79 
L ys5r. •. Oct irs«nito5pca:^- £115 
.• Momnnent Kip... B 
Am, July HDrganCrar.de 115 

fjQdi- -Apr Marrafl >.Abel> 48 

June Moss (RobLllOp- 

- MtMtexlOp 

JunejMyspnGp 10p__ 


fif 

3.4! 


4 00 , 
•4.86 



June Naliian 
Aug SaLCrb’njjlOp 
”tnr. N.CB.4*68398_ 
XeaettiAZantoa. . 

_ XSiEp’nrerlOp 103 
Apt St* Qpdp.lOpi- 16 

Aug Norma — 84 

•Apr. Northern Eng_ 103 
Sept Mffitm&ffr’t.lOp- 183 


Oct Nome Secs. I Op. 19- 3.4j 

April Nu Sviitsp-.— _ 25i 2 113 
StaiuQre Finance Cv„ £97 15.5 


33 
33 
57*2 
127 2 
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Nov. 

15J Jan. 
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129 Sept 
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June Dec. Sanli&iSp 

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H MOTORS, AIRCRAFT TRADES 

II Motors and Cycles 


|rw 

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021 
148 
202 
212 
317 
243 
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27.0 — U'nanrtrrP 20p. 

July Oct Wins on Esti 


— I Mar. Sept Do. . 

Sept De.HhOMr.B5 

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— Oct Mar. Lend Lease 

— Dec. June LoaPrarSbplOp 

— Apr. Dec. Loo. Shop Prop _ 
,24 Apr. Sopc Union 
10.4 bee. juae UEPC. 

89 — MaierEsuiea— 

— Mclaeraey 10p— 
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— Apr. Nov. KdhuraKKIflp— 

9.9 April A ur. Moon (new 5p 

7J Jan. July UnekloviAAJj 
IA Apr. Oof. .Notion— 
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6.2 27 Jan. Julyl 

10.4 53 J«c- Aug 
5.0 39.7 (Jan. June 

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August 
March 

Jan. Junej 
Jan. July 
1 j Aug Apr. 
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9.3(121 May No 
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5.6 73 Jan. July 
4.9| 9.0 Apr. Oci 
2.5|14.7| Z 0 OcL May- 
122 j Oct April 
45 52 May OcL 
5.8 6 Aug Apr 
(.4 47 — 

5.0 45 September 

7.4 52 Dtc. June 
flfl« _ May OcL 
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125i I Mar 


2.21 


NEWSPAPERS, PUBLISHERS 


Jao. 

Nor. 

& 


K Oct 
Segt 


May Ass. Bet* J 
Dec. BPlDDd* 5 
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May 


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Collin 


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i ? 33 Qct June towraEtaalfip. 
f, r, Mar - Sep(. DmaCorp. 

22 l finii'fc Jan. June BnrniSnrffli 10p. 
HS 2‘? ^ Mar. Dec. 

S o I? m «F Dec. Lucas lads. CL_r 
6.9] 5.1 (Oct July So pra Group 10p. 


Components 



Jane Dec 


Dec. JtweJStfu Hunter £1. 


June Dev. 


Jan. MayjiamnrJftj 


IHMihore L50p. 



I 


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Mar. Sept OS'* Coalae. 


QtyJb. . _ 

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Nor. June City NOriorti 

Mar. Sept Qnercaue50p. 

-JT^ Chfion Inn 10p_ 
'Jau.^May agMd aletor- 

^i-asssiss 

Mar. AagCmsirian 

January CsnBlaalnr_ 
Feb. Aug DaBKflne.lf50p) 
, - Do.(C«PJinp_ 

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May Dec. Da Com. __ 
Apr. Ang Da F»r Eastern 
Apr. Aug Da Premier — 
Not. Apt. Doaheti toe 39p 
_ do. Capital £l_ 
Jan. July Dewfce*Loa._ 
April EdinbmxbAa.ItiJ 
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Jan. July Heetraluv.TSL 


Feb. AusiEtedACtn 

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lriSBg*bum3iL 
Oct April)Eflf.ty.VTns— 


SHIPBUILDERS, REPAIRERS 


,Vo;ptr 



1M BlJlOA 
451 42 61 
26 9.0 


Feb. Turn f rlff g 
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58 
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112 
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Mersey Dt Lulls 


Jbly haifbrd Docks £L 
». MsyfOcein Transport 


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35 

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220 

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Jeuups lto. 

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Lnm 6 lynii — 
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Nelson Darid! 
Pennine Mtr. I _ 
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122 

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9.7 1 Nov. MayjHiliow 20p _ 


15 j Sept Apr.mmjerWiEltlpj 


4.6 Sept May} 
721 February 
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13.1 


SOUTH AFRICANS 


^]Apr. Septj 


Sc^tMar. 


65 Feb. Aug 
4.6 May Not. 
3.4 September 
60 July Dec. 
3.8 Feb. Aug. 
26.6 Dec. May 
— March Sep!. 
34 ~ 

49 Dec. July 
55 May NotJ 


21.4 May 

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AbercomROaL.. 
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Not. I'nisee. 


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Sept Mar. 


Oct| 

May 

Feb. 




4 .j Oct. Feb. 


5^8 (April SepLjWUion Bret. 30p 
5.8 


Independentf.. 
AprJL pool D. PbtifBp 
JulylHarshall Car 10 
'Vnaslal. 


PearMfllengman 


Sharpe! 


sfcKP. 


Nov. JunefTld. Newspape 
ersPub.I 


Websrersl 


360 

2tK 

15 23 

4.1 

5.0 

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7.5 

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30 JJ 
155 
?05 
2811 

305 


304 


135 

155 

305 

34 

22 

494 

155 

131 

17.4 


303 

Ml, 

gl 

1331 


301 


133 

126 

133 

215 


30i 


272 
13 2 
126 


♦594 


69.90 


3.85 

285 


L40 


+L01 

552 

3.75 

4.7 


4.0 

335 

27 

24 

tl.66 


17 


5.00 

1.8 

2.1 

T3.87 

L45 

CL82 

Tl.71 

270 

3.75 

0.85 

7.9 


272j t3.71 


020 c 
Q949 
175 


133| 262 


2.90 

tlA5 

tQ47c 


Q130 

(1)2.05, 

3.50 


6.0 

4225 

240 

LB 

4.5 

27 

277 


LM 58(25.9 
10} 5.4 222 
14 4.6 26.7 


ail 


ill 


lo| 


LOl 


11 


IK 


L4j 


Llrf 


LW 


LI 


LO 




11 


iK 


IK 


iK ; 


101 


L0 


LI! 


Llj 


O.T 






IK 


LO 


24| 


Lri 


LO 


December 


1.0 


LK 


12 


LI 


68 

5 3Z7.7 
51 226 j - . 

87 163 Feh - “ft 
5.0 24.7 
7.4183, 

3.9 3451 **•+ 

26 46.3 
63227 

3'J«!6l 0rt ' ***■ 

miiS:8S|ssje jgf 


11 


IK 




Ltn 




L2j 


2K 




LI 




12 


L0 


LTX 


11' 


IK 


1M 


13) 


13 


11. 


IK 


2.0, 


L3 


11 


Ll| 


LO 


11 


25dl.5 


2.33 

3.0 


10.5 


12U3.60 


25 


31(059 


24 

t525 

3.40 


30.5(2.85 
+L38 


3.4 


3051 


25 


16J 


12 


U5.06 


305) 60.98 
1.05 
115 
26 
L6 
088 


3.4 


3i| 


126 


3051 


2211 

1212 


0.40 
8 75 
2.7 
285 
345 
+3.98 
L53 
<115 
280 
tl-35 
t3.70 
+106 
012 
813 
,625 
293(0256', 


29 

1075 


10-75J 

27 : 


1 33 


2B1V 


27? 


nil 

17.10 




S3 


126 


as 

81 

184 


Tr-U >-:i be ’Op J 
rfe UPiUinJ 


[Do.-; L cs.-'n — 
Tniiii-iivorp —| 
rine : :'tv inv— 

l/pdCUTl lor 

L'ld. BnL Sees.— 
Uld. Capitals — 


t'S Deb. CmP — 
acnl TiL 


I'A L Genwal TrtJ 

PSTnurFundSl— J 
Tiling Bewmces. 
|ff.Gd.fcTeiajI9pj 
Wemyns Inv.EI — 

WintrrbaUom ' 

WiiM tor — — 

Do. “B" 

Yeoman tnv.— 
Yorks. 4 Land— 
p'oriegreen IDp- 
Dec, JuaeiYoungCci'slmll. 


430 

Z35 


7l»a 

108t> 

356 

56 

105 

171 

93 

95 
90 

99 

71 

£108 

77 

101 

165 

73 

61 

134 

101 

229 

111 

58 

125 

20 

96 
185 
840xd 

89 

75 

303 

1% 

86 

83 

165 

30 

16 

37 


u.; 

1411' 


2721 

Mil 

1331 

27 


17d 


305 

303 

301 

3K 


825 

£5 


+507 

♦4.75 

Qllc 

L54 


VS25ift( 

s— 

R — 

265 

4.18 


558 
3.6 
4.15 
C260 
1.2 
80 
4.05 
15 
+256 
15 330 


♦3.45 

336 

410 

hLbO 

220 


+5.67 

+1.79 


6.10 
Q25c 
8.46 
1.5 
3.3 
(9 19 


78 

+5.3 
1235 
2.28 
h4.75 
1 88 


305) 4 38 
1«J0J 


0.49 

50 

hl3 

439 


34 
t4 06 
3.85 

a 25 
h4.03 


25(0.94 


13? 
30.1 
126 
15 5 
172 
155 
301 
305 
305 
212 
3051 
1075) 

305 


3.52 

t5.94 

V 

0.75 

10.81 

4A 

23 

0X6 

759 

g!5 


365 


l.Oi 


to 


0.9^ 


L0 


L0 


10 

20.8 

L2 


12 
15 
bl 1 


LCH 




2.7 


85223 
LO 4 I 
5X2SA 
5X3021 


55 260 
53 2S5 
60 23.0 

1L0 « 


60 245 
95 15.7 


-5A' 


83 225 
7.6 19 A 
7.0 214 


43.4 


a 25 5 

30 .7 
26.6 
Hfas 
^22031 

I4.7332 
io.i| Ml 


6022.9 

9.2MX 


63 fc 
55 244 
53 255 

3.4 40J2 

5.4 26 2 
122 6 


5 7 257 iDea Jnnel 
13 835, . . 

45 31X1 Jn *F 
7.0 4> 


3 ^.i 


i|m|Apr. OetttezacoftSeCht. 
Dec. July rrirenrrol 




£121.4 
5.8 25.8 

L8H29 
3.7 36.4 
23 441 


3.7(«X M>7 

7 01 * June 
4 »24 6 Apr. Oct 

Slip ? 7 Jao- July 
-jijit a Not. June) 

4 6|Z65 D«- 

a piRi, r June 
53)26 2 AUX- Dec 
- Apr. Sept| 
Sep. Apr. 
January 


6.2 23.7 1 
3.6 4. , 
69 2L9 
7.5 163 


8.1] 


64 


LO 


9-H 


FINANCE, LAND— Continued 



Oct lfar.^ lire bLhg. £1 


Feb. Sept|toietimesl 
Feb. Sept KitamkS-_ 

— Ctch'iL'EsrtorlOpJ 

September S»akal0p 

August Lament HlnllDpi, 
Jan. Mny Lcn.Knro.erp-- 
3 an. Nor. Len. Men*anl_ 
June Jan. K.& G.Hldg3-5p. 
November Middle tors, l 
Apr. Oct Martin OP.) 
MrJreSJX MassMitfcB' . , 
October \5LCJmxl2Vo 

■ - 

May Dea Par* Waeetov— 
Jane Nor. PeroonSiSoo J 
May PrerihlS. Fis25D_ 
Nov. July St George Rip — 
July Dec Scot & Mere. ‘A 1 , 
Nor. May S£ £ftpe Amu- 

Mtreh Ocl Smith Bits. 

— Stim. Pec. HE50C 

June Soezna.NF100. 
April TnsiiaLltt. 
Apr. Aug VTstaSdecL 
filar. Ocl Westof Eogli 
Apr. AiiglYiileCattolOp— 


1073) - 


30K 


246 

Z72 

228 
301 
135 
19.9 
1L7 
1 155 
1212 
■125 
1433 

I 3-4 

173 

228 


i 


7RTI 

117.4 

27X 






Dh 

Net 


ttH 


■v 

L65 

03 

05 

+L25 

3.46 

0X8 




81 ■ 
1496 } 


Wf 

3.02 


Q4J5 

14.91 


+138 

139 


Cir 


4 31 261 


22\ 23 225 
33) 7.9 5.7 
7.0 61] 
22 3.0 


13.0 

19.0 


13)10.91 


0.7^ 


23 


ru| 

GriallTE! 


4.7( 1 9) 9X| 
42 

a 


Serving the world 
with 

financial expertise. 


SANWA 


10.9 


1.9 12X| 
4.3 88 
15 3941 
+ 7.01 
6.5 
10.9193 


BANK 

Tokyo, Japan. 


4A 73] 
42 9J( 
45 
6.6 221 
4.6 193] 

£ M| 

M. 4 * 1 


OILS 


“ffl* I !U 

^fel N ‘ , W B pSSS c ,^ 

— Roan Cons. K4 

Det July Taoganrifca SOp 

Jao. July Da PreLSOp— 

May Wmlriiii-nl.Bh.l_ 
Zam.Cpr.5BD024_ 


MINES— Continued 
CENTRAL AFRI 


3.«10.6| 

3 . 0 ] 92 I 


Nov. 


janony 

May Dec 


Not. 

Jan. 


MaylBr.L Petral'oL £1 


July, 


Feb. Ang 


, Do.r.pia-, 

[BonnU (I r „ , 
DaB^LoXllSS. 
itCCPVJLSeaUJ 


JOtarte: . , 

JOcPr PrtxalaBj 

ttCToffOilD 

HClyde Petrol □ 
Endea roar 20c _ 
KCA 


tLASUO 
US)6)14*;ii8123j 


July 


AHocilOp 

BriLBoroeolOp. 


CesiurvlDp 

rfaaUSp, 


LASWO-Ops'l^ 


Urals 
pLlhp 
[Premier Cons. 5pJ 
Sanger Oil 


Reynolds Div.Jc. 
Byl Dutch FL23, 


(SceptreRes.. 
iSheUTn 


Dans. Beg 

Do.T%PtD 

HSiebeu iCX] £L 


TT lteamir , 
DaTpcCnv.O— 
Weeks Sbl lOcts. 
D8"Pld. Onl I0e_| 
WoodtideASOa, 


156 

850 

70 

63 

£60?* 

800 

58ul 

zu 2 

£24 

400 

ns 

19 

27 

146 

nn? 

325 

22 

240 

1X>2 

£24 

ll* 

VUh 

580 

547 

61 

328 

£57 

172 

254 

141 

175 

175 

69 


674 


3.4] 2230 


1212 5X%^ 

1074 ^ 




m 

J67 
57 QlUlr. 


2032} 


163 


D.4j 




17.41 

1 155 
1T65 

■31 




263 


LOO 


♦01 


Q149J 


231 


QBJ5%} 


157 , 
4.99U 




7%i 


Q15fce 


L5| 661155 


sn| 


1 -^ 


8M 


3.0 


2-^ 


1 43 
TIB? 


5-4 


245) 


li3“ 


09^ 


**Z Oct 

5U September 

105 Doa-Apr. 
112 


7.ri 


13 


o.« 


ellfl 


L3) 


S1A 


ita 


73 


52 


Erics 



AUSTRALIAN 


_ ( Not. Apr. 


[Actnex25c. 


Jane Nov{: 


_ June Not. 


~ Apr. 


Oet 


_ Oct. 
7.9 


May] 


_ nlleSOToen 
BB South 50e. 
Central Pacifi 

■ Wny fCngiTinr fli rtfrntoff Qp 

IGLM. KalgwriieSL? 
Hamptn Areas 5p- 

birtahEx-SOc 

wj.mndgs.50c_ 

Umnt LyeU 25c 

hVcwaetal 20e 

'North B.HiU5IJc_ 
{Nth. Satourii 

fonlcbridgeSAl 

.Pacific Copper 
(PaBconrilSc— 
ParinsaUfcBzXp- 
iPeito- WaUsend Me. 
[Soothera Pacific _ 
Wetin.Munng50c. 
IWhim Creek 20c 


5X 
— Not. 
— Apr. 
— Apr. 
157 Jan. 
55 Feb. 


Apr.[AoaL Nigeria 

Oct Ayer Hi tom SMI — 


TINS 


Oet BereltTIa 

July BerjutWSMl 

Oct Geerar 


(GoldfcBaseUfep- 

— J June DeagopengOmn 
-JM8F WjStffc 


OVERSEAS TRADERS 


Oct Apr 
May 'Jan.| 

Apr. Novj 

54 263 B**' i ul ^l 
64 243 Apri Dec 
3+457 A P r - Dec- 
33 MX *“• s3q 
3.9 375 KMr 

0.9 1380 *”■ 

& 

tr&i&M 

1LB 138 a£ar - ^P 1 -! 


Ftolar Jas.i 


Gl Mho £10- 


HniCDUDg'S.'. 
InrhraptO— 
Jack? Wit 


Loarho 


(Steel Bros._ 
ITreerKeBt.2 
DnSpcCnr. 

C. (2y Store. 10a 
Do.lOpcla.l 9 


285 

m 

1l352 

190 

2-0i 

105 

17.4 

?35r 

11 

71 

129 

117 

r 64.12 

46 

4.q 

51 

Kll 

6? 

LI 

18 b 

44 

15v 

1 50 

♦ 

5? 

367*d 

176 

1150 

4> 

h? 

265 

j 5 

871 

3 ? 

50 

£65 

105 

01?*i 

24 

19 

475 

II If 

♦71 n 

22 

77 

85 

132 

426 

21 

76 

405 

1#.' 

mo 

32 

5.6 

2B 

1212 

20.66 

63 


14i 2 

rib 

— 





60 

117 

655 

71 

16 5 

4H a 

17 J 

3.4 

L7 

124 

250 

111 

13.2 

4 

8? 

84 

7011 

288 

* 

5 3 

175 

if 

#7./ 

75 

67 

37D 

3< 

$7.7 

75 

65 

30 

81 

+4.43 

13 

4 

&2 

671 

B — 

_ 


86 

HA 

hi 75 

33 

3.1 

206 

?S 

65 

4.4 

4.8 

55 

2.5 

3.10 

77 

85 

£94 

123 

08% 

280 

fB.7 

64 

14 

rh0.75 

110 

18 

64 

272| 

B.4 

31.3 

f 28 


Dan tart _ 

3ML50. 

Jut JolylkUD: _ " 

April |lialir Dredging SID ,j 

Is Pahang 


44.7 Mar. Sept PenrtnJen tflp 

4X June. Jan. Pdallag SMI 

70i Mar. Oct SaintPiran 

fc February Sooth CnritylOp 

<t> Jan. July South Kioto SMOXO 
8.1 June Jan. St ha Malayan SU1, 
22 8 — Sungei BeriSMl — 

8 9 — SupreJneCwp-nn 

7.7 fila* Nat Tanjong top 

-9.9 Sept. MS?, rongkah Hit r. SMI 
45 Apr. OctlTronoiiSJE — . — 


13 
114 
109 
500 
230 
54 
121 
27 
194 
30 
4 l r 
119 
13>2 
165 
40 

□23* 

38 

484 

190 

143 

50 




14.3 

667 

25.7 




155 


u 


199 


3-4) 


Q6c 


QlOc 


145 


Q9c 


QBc 


tone 


Q15e 




14 


2Xi 


4^ 


17| 


151 




4-0| 




44 


27 


18 


-2.9 


42 


42 


L9 


2L8" 



GO) 


COPPER 

15 81 June Dea[MesstoaH0SO ( 92 |1212(±Q38e] L9( t 

3 % MISCELLANEOUS 


29 

Aug Feb, 
10 . 5 1 N'ovBraberl 
7 jj | Jan. June) 


— (Barymin. 


7B Not. 

October 


Bnrrna Mines VTfep. 
Cans. Mitrcb- 10c _ 
NorihfialeCSl — 
RJ.Z 


5Bbuntods.C(l— 

fraraErptn.51 , 

JnlylTelr.d/MueialslDpj 
VokonCons-CSJ 


52 

14 

295 

395 

221 

62 

£10% 

43 

180 



* 


U 


2 XI 65 


47* 

L8 


7.0 19.5 
6 0 29.9 
43 34.7 
65 221 
6.7 21.3 


RUBBERS AND SISALS 


Din daub 
Paid 


Stack 


11 8 124 


August 

ScpL 


7.2 203 
4.7 20.7 
0.7 1295 1 

47 32.21 


June 

Apr. Nov. 
Nov. June 
May Dec, 
Jan. Aug 
Apr July 
April 

r n r Nov. May! 

% 

Aid t ^tober 

U 5!o^ 5 »“• Jnne! 
228 


HI Jsl 


6.4)215 

9.W169, 


November I 
May Not. 
March 


Andu lndan?sn„ 
SenamCon;. 10p__ 

RirdAfnra- 

bradirallKto. 

CfiSUrtield )0p — 

Cberii+nese 10 p. 

Cml< Plane Hip— 
G rand Central JOp- 

Gu(hnc£l 

EinuoaiJflT.EaltoJ 
Highland* M50c.- 


iKnalaKepcngUSL 


ttKulim 
LaaSnioatiaUp- 
UaJakotfltSJ— __ 
liunr River lOp— 
,PlanttiioQHUt&10p 
JSunga KranlOp— 



Ian 

Hr 


Price 

A 

Net 

Crr 

98 

257 

2.75 

♦ 

93 

223 

3.5 

L5 

16 

764 



S0> 2 

25- 

17 

LO 

260 

272 

*2.8 

LO 

43 

34 

hL33 

12 

38 

34 

hQ3 0 

L2 

10 

1212 

0i5 

* 

272m 

12 b 

15.0 

<|L6 

98 

1 33 

♦14.0 


114 

34 

Q20.Bc 



70 

51*2 

27 2 
13.12 

& 

L5 

OX 

153 

88 

♦40 

♦ 

S 2 

155 

330 

oa»c 

h(L43 

1.9 

33 

S'* 

310 

133 

S 8 

2.0 

1-9 


rid, 


NOTES 


I'nlwi aUicndte indicated, prices and net di v id e n ds sen In 
pence and dcaDorinalioss are 25p. Etitmalcd pdcdmlagi 
rMlu and ewers are based on latest anneal report* asdaccnoidn 
and. where possible, are □ pda led an half-yearly Itfina FIEi are 
rale Dialed on the basis o t net dlatrlbanea: bracketed flgm 

so “nd» 


Indicate IS per craL or more dlUrreaCC If wrieaiat—i h “nfl , 


4.8 dfstrlbntiiMJ. Carets are based so “ntaxlnotni" dtstribnttsi 


120 

83 


\ldds are based m mhtdle prices, are gross, adjusted ts ACT n£ 
24 per ml and alio* tor talue of declared fiatrfbotlana and 


_t os I rights, fiecoriiies wtifa denmdnaUaiis ether than darting are 
— I 62 qHMcd i “ cl0 * i « 01 <bfl lorvureu dollar pretai 


Slerliug denomiiialed securities which teeiw^te j 
dolls? premlosL 
"Tan" Stock. 

Highs and Lows marked Urns bare been nefloated to aBmr 

for nehls issues for cash. 

Interim rinre increased or resumed. 

... . Interim store reduced, passed or deferred. 

3.7 f J* Tax-free to non-restdenu oa application. 

6 Figures or report awaited. 


6 -U| 


65 
53 2*3 
55 27.0 
48 
23 


TEAS 

India and Bangladesh 


1 1+ Unlisted security. 


256 
-J3A 
05)1915 


13.4 


4.4! 


4.533.0 


5-« 


42 H 0 4 Miry NovJBluhTea. 
285 Feb. (kaJBaoEsmes. 


521. 


6 . 1 ) 22 . 8 ] 


7.3)19.0 

20,2 


5-1 


4.4| 

1L7 


3ft 


3 54 


December 
. 1 March 
c?a| September 
” * Mfir Sept 
‘November! 
Jatioaty 
November 
May Nov 
. .Jan. June) 

I A P r - 

_ j September 

1M9 
24.0 


.Msam Down £1 — 

240 

3110 

+9.51 

5.5 

.AsskmFroatierlL 

305 

UJ 

hit.Zi 

4.9 

Assam lovs O 

122 

ilb 

1 LM 

3L7 

Empire Hants IDp. 

28 

J/.1U 

+1.98 

Lb 

lotaiEI — 

340 

14 U 

♦12.0(1 

3.5 

Longbonnieil 

360 

3110 


60 


230 

1/JO 

1135 

27 

Jforaotl 

375 

*3 

1508 

4.5 

Smglo tfiags-lOp- 

26 

mi 

♦KL72 

32 

ffairen Plants 

249 

132 

14X7 

♦ 

BrlTlianmm fl 

170 

m 

9.0 

4.7 

Sri] 

■anfca 





67 

10.7 


69 1 


3LB Apr. SepULomrea SL. 


.( 175 \ 133] 55 | L5f 4X 


Africa 


600 

185 


17.3 

29.3 

31.4 


MINES 

CENTRAL RAND 


3f9 Aug Feb. 
1-9 Aug Feb. 
— Aug. Feb., 


DnrijauDeepRi 


Ebb Rand ftp.RL 
1 Ext 32. 


RssdTonL'n 
WetiBaadfil 


31.5 

13.0 


EASTERN RAND 


27.5 May Nov. 
18X February 
273 — 

33.8 Aug Feb 
46 0 May Nov 


17.7 j Oct. May|Lesijc65c 
32.0 Aug. 

22 0 , 

34.7 Aug. Feb 
346 Slay Not 

37.8 


5J29 4 
32.7 
46 7 


Bracken 90c. 


EsslltieaaRl 

j.oTRtt.iO 


Marievnle RB 50— 
&.\fncnLd35e_ 
Ttokfonleio R1 — _ 

TYmielhaatRO 

WtL.\’ije]25c 


75 

27l 2 

369 

112 

345 

45 

IDS 

SI 

55 

682 

54 


p Price at time of suspension. 

9 Indicated dividend after pending scrip sad'or rights luuc 
Cover relates 10 previous dividend or forecast. 

** Free ol Stamp Duty. 

♦ Merger bid or reorganisation in p o p a n . 

Not comparable. 

Same interim: reduced Baal and/or reduced — ming a 
indicated. 

Forecast dividend; cover on earnings updated by »■»■«* 
interim siatenenL 

Cover allow* for conversion of shares not now ranking far 
dividends or ranking only for restricted dividend. 

Cover does not allow lor shares which nay also rank (or 
dividend at a future- dare. No PIE ratio usiiaiiy provided. 
Excluding a final dividend declaration. 

Regional price. 

No par value. 

> Tot free, b Figures based on prospectus or other official 
estimate c Cents, d Dividend rate paid or payable on part 
of capital: cover baaed on dividend on full capital 
a Redemption yield. ( Flat yield, g Assumed dividend and 
yield h Assumed dividend and yield after scrip issue. 
1 Payment from capital sources, k Kenya, m Interim higher 
17414011 f A M 3 t| than previous loUl. a Bighto tome pending q Earnings 

Vi jI v- 1 ! 1 2 I™?) based on preliminary Genres, r Australian c ur re n cy. 

*'■4 I 9 JJU.OJ s Dividend and yield exclude a special payment t Indicated 

dividend: cover relates to previous dividend, P/E ratio based 
on latest annual earauiRs. n Forecasi dividend; cover based 
on previous year's earnings, v Tax free up 10 30p in the £. 
w Yield allows for currency clause, y Dividend and yield 
based c-n merger term*, z Dividend and yield include a 
special payment: Cover does not apply lo special payment 
A Net dividend and yield. B Preference dividend passed or 

— — deferred. C Canadian. D Corerand P.'E ratio exclude profits 

— — ol U K. aerospace subsidiaries. E issue pn«e. F Dividend 
25 63 and yield based on prospectus or other official est lamias for 
67 7-0 1877-78. G Assumed dividend and yield after pending scrip 

and'or rights issue, a Dividend and yield based m 
pros per i us or other official estimates for 187B-77. K Fignma 
based on prosperlos or other official Mumales for 1878. 
M Dividend and yield based on prospectus or other official 
1 9 1199 cstiaudes for 1978. N Dividend and yield faasod on proonactaa 

1 7 or other official estimates for 1979. P Dividend uri yield 

_ <n based on prospectus or oilier official estimate* for 1877. 
j a in n Q Gtost. T Figures assumed. U No significant Corporation 
38 69 P a%, A6Ie. Z Dividend I otoi lo dxLe. if Yield bWM id oa 

12f 

26.2] 

— ( Abbrn i ari ony >4 os dividend: ■ ex scrip tosne; a ex rifhfa; a ac 
27J? i all; gt ex capital distn botion. 

7.5 



II 

14 

3.4 

3J 

676 

3.1 

34 

fji 


LO 


, . , assumption Treasury Bill Bate stays unchanged turtll matadtr 

4-8 1 of stock. 


“ “ Recent Issues ” and “ Rights ” Page 37 


Feb. Aug 
32J | Feb. Aug. 
445 


FAR WEST RAND 


Feb. Aug. 
Feb. 


29.1 Aug- 


* Feb. Aug. 
3 gt Feb. Aug. 
30 4 Feb. Aug. 
Ig 5 Feb. Aug. | 


2.0 
10 
13 

0.9 12.71 


10. 


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26 7 Aug. Fe 
8)305 Au ?- Feb 
flags E»b. Aug. 
an x Feb. Aug. 

J7.6 Feb. Aiif 


BlyvnorSS, 

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DedkTOlROXB-. 
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EatiDrleRl -. 
EbDtUandGId 3>C— : 

EUt-urg Bl 

Hanebeest Rl — . 

J Kloof Gold R1 

LiDancmRl 

Soutfavaal SOc 

SiilfoatriaStc 

Vial Revts 50c 

V enters po*i Rl 

H'.DneRi 

tt'esiem Areas Bi- 


12 7 Feb. Aug. [Western D«pR2.. 
_ Feb. Aug.)Za&dpao Rl 




Q63c 

0170c 


pr 



312 

31 

R23I 

746 

3J 

+v78c 

203 

— 




[QS.45c 

£14 

3.1 

07 Mr 

52/ 

3.1 

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568 

31 


487 

3.1 

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260 

3.1 

tQ22c 

CUP* 

23p 

£22 

3J 

31 

3.1 


167 

1212 

tQ13c 

■-2M 

31 

3B75c 

235 

31 

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This service Is available to every Company dealt In on 
12.4 } Stock Exchanges throughout the United Kingdom Ear A 
fee of £480 per annum for each security 


9.5 1 


10.4 

62 


(113 

4.8 

1L5 


REGIONAL MARKETS 


2.6 The following ir a r election or London quota dons of share* 
52 previous! v listed only in regional markets. Prices of Irish 
48 issues, niosi of which are not officially listed In London, 


16 0 


12.6 

,7,| ScpL Feb. 
Jun. Dec 


O.F.S. 


313 
42.2 

13.9) JIay 


Oct, 


27.9 


301 


Jun. 


265 


3.3^30.7 


May 


Dec 

Dec 

Not 


i? J™- 

266 Zttet- 
27.3 


Dec. 

Dec, 


[Free Stole Dev. 50c 

80 

132 

Ollc 

L4| 

FS.GeduldaOc 

£36 

25 

lQ2«k 

27 

F^.SaaiplaasRl.. 

83 

97b 




HsmonrsOc 

357 

39 

Q55c 

47 

LoraiseR) ....... 

97 

9 Tb 

05 

Pres Brand 50c 

923 

25 

+til?5n 

76 

Pre< Sirin ate 

69B 

2b 


9.9 

St. Helens Rl. 

87Z 



25 

Tnisel .. 

172 






KeliomaOc 

268 

25 

tQ35c 

L9 

R’Jfoldtogs50c 

OB?, 

25 

TQ280C 

L5] 


. Albany ln> 20p 
7'flAfib Spinning., 
,"■5 Bertom... 

LL3 1 Bdg'ulr. E«l 50p 
Clover Croft 
Crajgfcfii.se £1 

I Dyaon(R =- ' A. 
Fibs fc MeKdy.. 

Evered I 

Fife Forge 

nnfayPkg. 5p. 


ij Hlgsona Bre»', 
* I.O.M. Stm £1 —| 
i 7 HoltiJoa.iSSp... 
fi N'Um.Goldsmllii 
Pearce iC. H.>~ 

— Peel Mill* 

7.8 Sbefflnld Brick 


23 


45 


22 


267 

-3 

26 


445u) 


37 


61 


18 

— B1 

50 


24 


154 



78 


150 


363 


55 


165 


20 


45 

— 


SindailiWnU 


syjii=i 


dish' 


Conv. P'S '00/82. 
AlliuneeCaa. 
Arnoit.. 


Carroll fPJ.) 
Clondalkia- _ 
Concrete Prods.. 
HeiiontHJdgs.) 

Ins. Corp 

Irish Ro pes — 

Jacob. 


Sunbeam.. 

TJM.G,— 


Uni dare. 


£9V2 

73 

34IM 

96x1 

W 

130 

44 

14B 

238 

65 

38 

170 

90 


I w 


669 

Apr. SepLl 
2?t|Jan. Junej 
Aug 
Feb. Aug. 


FINANCE 


♦ 


210 


Jan. 


21.9 


2L8 


Finance, Land. etc. 


Slav Dec 
July Mayl 
Oct May 
Mar. St-pL 
Feb. ivt 
Aug. Feb 


Feb. Julyl 


Jao. Aug. 


OcL 

Mar. 


Mar 
Aug. 
Sepl ember 
July Nov. 
Apr. OcL| 


August 
October 
Dec. July, 
Ocl July 
October 
Dec. July 
July 


AkrordSmuhers 
ArtnourT#* I0p 
AclhoriP la» SOp 


Britannia Airor. 
(Cbaddesley • - 
CballeoErCrpSl 

|irhanertiouie Gp 

.Common MkL tp- 
Dalgeh'El... — 
Danv Day 

trpojofueila — 
Edin. Ind'I TZ’a*. 
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Ex Lands IQp — 
ExplotationioSp. 
Fe-hii»c4Grt.ap.. 
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[FiUroi Invtti— , 


222 

155 

200 

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2 *( Mar Sepi 


3 b November 
— Jan. Juli 
“ -lug. Feb 
r H 'toy <«cl| 
July Jan. 


Ang. Am. Coal 50c_ 
'Anglo Amer. lOr 
'Ang. Am Gold Rl- 

Ang Vaal 50c. 

Jul^TiarterCoas. 

“ (Cons Gold Fields. . 

East Rand ConJOp 
Gen Mining R2 _. 
(Gold Field? S A 2Sc J 
■o'hurtCons R2__ 

Ibddle Wu Sc 

SDncorp IH 2 P. 
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l*»iinoNTFU.5 _ 
Rand London 15c_ 
Selecncm Tnisi__ 

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A Mir Not 
'*2- Sept, liar 


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328 
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192 

34 

194 

115 

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219 

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132 

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272 

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4 68 
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3-month Call Rates 


& 0 |lwhuMala 

L3I o l I A. Brew 

23 7.7|4-P.JJ«Bent>. 

22 JJjgfbcock"—! 
* aoli arcl i ,1!B * n,c 

10 Cfcl2 eeCh * ,n 1 

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86 7.8 B.A.T. 

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4 85 Cadburys , 

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if gassaed 

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Jan. 
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Not 

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Mny 

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84 

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412 

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33 

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62 

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1.0 

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82 

477 

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Gen. Electrical 

Glaxo— m J 

Grand Uet 

85 C.lI.S.'A', 

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j 0 ? Hawker SUM- 

| House nf Fraser. 


LC.L- 


Ladbroke 
Legal * Gen. _| 14 
Lev Service — 
Lloyds Bank— 

"Lots" 

London Brick. 
Loarbo 


Lucas lads. J 

Lyons 1 J j.._— .1 

“Mains'' 

Mrica. & Spoer 
Midland Bank 
N.E.I 


Nat. WesL Bank.. 

Do. Warrants 

PfcODfA 

Plenty 


R.HM. 1 

Rank Org. 'A'. 
ReedlntnL—., 
Spill ers ... 


Tubgj^yesL — 
UnUBtfhr 

Utd. Ehrapery- 

Vlchera- - 

Wool worths— 

30 

35 

& 
5 j 

Property 


BriLLand— 
Cag. CooiiUea. 

¥ 

Intreuropeaa 
land Secs.— 
fiffEPG 

4 

16 

1? 

Peachey— 
Samuel Props- 
Town fc City— 

B 

9 

M* 

OUs 


Bril Petrolama. 
Burmah Oil— 

Chaitwriinll 

Shell- 

« 

5 

3 

28 

Ulbmiwr 

Hines 

20 

Charter Cons.*. 
Cons- Gold— 
RioT.Zincl— 

121 

14 

U 


gSafor*: 






3 







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44 



THE MOST 
EFFICIENT «ift 
WIDELY USED 


LOADER 


BOO 


GEORGE COHEN (MACHINERY ITC 
23-25 sunbeam roao lbnBQN 
HW1Q 6JP TfiUPNONfi 01’9oS toB3 



1AL TIMES 


Moiidav June 26 197S 


j ! * 



/ % >. -i' 1 !??- ;L 5 " r> ! I'r ' -CyTlp3 




er rises 


BY JASON CRISP 


THE SALARIES of Britain's paid around twice their UK of these improvements have 
executives have a lower purcbas- equivalent and are. therefore, occurred in other countries." , 
ins power than almost all their eligible to pay more tax. Employment Conditions Abroad | 

colleagues in other industrial Tin 4 sap is Jeasr tvide _ when is an independent non-profit- 
countries 
according 
today 


interest 
rates forecast 


BY STEWART FLEMING 


NEW YORK, June 25 



of U the 'uK ^xecutive^ sat has proved in spite of a less able from Empl^mem Lon- 
of the Uh executive s salary mis str , c . incomes poncy< a reduclion dl|ioW5 .-ibr 00£ f DeroiuMre 

in income tax rates and lower House, 1.7 Devonshire Street, 

inflation, is because “some or all London WIN IF.S. 


fallen 10 per cent in the year up 
until the end of March. 

This, according to the survey, 
was because the comparatively 
higher rate of inflation in the 
UK and the hardening nf sterling 
had reduced the advantage of 
Britain's relatively low cost of 
living. 

The most recent tax cuLs 
would reduce this decline to 
6 per cent, says Employment 
Conditions. 

The survey compares the 
salaries by job description in a 


a aioiico uj jvm uv«u| 2 uvii «>■ m R i* - i m 

□umber of companies in each Belgium 


sterling. 


UK and other countries is tvberc Spain 
the salaries are measured in 
gross terms. Surprisingly it is 
less wide after tax. implying a 
lower tax on income in the 
UK than elsewhere. Employ- 


saying overseas executives are 


EXECUTIVE SALARIES COMPARISONS 

Crou Net What Cm, Net 

Pay Alter That pay Aher 

Tax Biurs Tax 

t E £ E £ 

What 

That 

Soys 

t 


8,700 

6,450 

6,450 

12,100 

8.145 

8.145 

OTHER COUNTRIES 

Australia 

J 5.087 

10.435 

9,317 

20.688 

12,081 

11,591 

Belgium 

27,272 

17.432 

1L621 

40,085 

22,619 

15.079 

France 

21.172 

17.836 

12.301 

29.641 

23,781 

16.400 

Nethtrlands 

23.S7G 

14,392 

9.407 

34.000 

17.866 

11.077 

Spain 

15.878 

11,390 

10,079 

22,793 

14,610 

12.929 

Sweden 

19,097 

S.078 

5,689 

25.602 

9,015 

6.349 

Switzerland 

J 1-23 7 

22.613 

12,157 

43,775 

29.520 

13.871 

U.S. 

22,143 

14.670 

13.840 

30,385 

17,967 

16.950 

H'. Germany 

27,910 

18,865 

11.718 

38,232 

24.010 

14.913 


Street. The forecasts are based occurred will do little to check 
in part on the strength of credit the growth of money supply, 
demands in the economy but Over the past six months 
also on the evidence of growing money supply on the narrow MI 
concern at the Federal Reserve definition has been growing at 
Board about the surge in the 3 per cent, well above the upper 
grow th of the U.S. money supply end of the Federal Reserve’s 
in recent months. long-term target of 6* per cent. 

The minutes nf the May Monetary policy is based in part 
meetine of the Federal Open on the evidence that too rapid a 
Market" Committee tFOMC* growth of the money supply 
which decides on Fed monetary tends to Intensify inflation, 
policy disclosed that on June 16, Even if the Fed does not 
only four days before the tighten credit policy further, 
regular June meeting of the however, demands for credit in 
KOMC. a special “ consultation " the U.S. economy are now so 
of the committee was held strong that this alone could 
because of concern about the force rates higher. Dr. Kaufman 
growth of monev supply. The points cut that in its latest move 
minutes were released to the the Fed does not seem to be 
public last Fridav. leading market rates up but 

Jn the wake uf the June seems to be following them, 
meeting last week it became On Friday of this week the 


Bank loans 
to private 
sector 
show rise 


By Michael Blanden 



[raising its target for Federal prime rate. Only a slight firming 
funds reserve banks lend each of commercial paper interest 
[Other from around per cent rates is now needed to ensure 
j to 7; per cent. that the formula Citibank uses 

Now money market economists to trigger a prime rate increase 
such as Dr. Henry Kaufman of indicates a rise. But it is po&- 
Salomon Brothers ‘point out that sible that another major bank 
such a small rise in the Fed could lead the way earlier. 




five-year peak 
as upturn starts 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


in i 


E"^aE WED upsurge 

bank lending to the U.K. private I OVERTIME working in inarm- The increase in overtime work- 
sector which was one of the faemring industry is now at the ing reflects the usual response 
- ’ - 'highest level since the summer of companies to an upturn in 

of 1974 as a result of the recent demand— they increase the use 
upturn in economic activity. of the existing labour force be- 
This will be confirmed by new fore starting to take on large 
figures to be published on Thors- nu n?bers of extra workers, 
day in the Department of Nevertheless, month-to-month 


doubts cast 


on North Sea aid 


BY RAY DAFTER. ENERGY CORRESPONDENT 


main reasons for the recent 
official measures to control the 
growth of the money supply, is 
confirmed today by the latest 
breakdown of bank loans pub- 
lished by the Bank of England. 

In the three months to mid- 
May. the underlying increase, 
after allowing for seasonal 
influences, appears to have beeD 
about £1.5bn. This was nearly 
double the rise recorded in the 
previous three months. 

The figures confirm the 
evidence already available from 
the monthly banking statistics 
that the rise in lending has been 
mainly concentrated outside the 
manufacturing sector. 

The demand for funds by 
manufacturing industry how- 
ever, may be understated 
because of the substantial 
amount of resources which has 
been made available through 
leasing operations and which axe 
only indirectly reflected in the 
figures. 


Employment's monthly Gazette. 


Seasonal 


The quarterly analysis shows 
that during the three-month 
period sterling advances to UK 
residents on an unadjusted basis 
rose by £1.23bn compared with 
£1 JL6bn in the pervious period 
All but about £50m in each 
period went to the private sector, 

In the February to May period, 
however, seasonal factors may 
have depressed the total by 
about £350ni, where as in the 
previous three months the 
seasonal factors were the other 
way. 

Two main sectors accounted 
for the bulk of the unadjusted 
increase. These were services, 
which took £692m, and personal 
borrowers with £278m. These 
represented rises of 9 per cent 
and 6 per cent respectively. 

Lending to manufacturing 
industry rose by only £52m, or 
1 per cent. But this was after 
including a fall of £150m under 
the vehicles category reflecting 
repayments of borrowing by 
British Leyland after its recent 
rights issue. 


Services 


Advances to other manufactur- 
ing categories rose by £202m, 
or 3 per cent There were 
notable increases in food, drink 
and tobacco (£62m or 5 per cent) 
and textiles (£53m or S per 
cent). 

Within the services sector 
significant rises were recorded 
by retail and other distribution 
—up £302 in or 10 per cent— and 
local government— up £H2m or 
35 per cent. 

The miscellaneous category, 
which includes leasing com- 
panies and the motor trade, 
showed a rise of £210m or 7 per 
cent. 

Id the 12 months to mid-May 
sterling advances to UK resi- 
dents increased by £4L35bn, or 
17 per cent Manufacturing in- 
dustry went up by £997 m (15 
per cent) of which £406m was 
accounted for by electrical and 
cither engineering and £118m by 
food, drink and tobacco. 

Advances to the miscellaneous 
services group rose over the year 
by £697m (27 per cent), to ogri- 
culture, forestry and fishing by 
£403in (33 per cent) and to the 
personal sector, other than for 
house purchase, by £703m (24 
per cent). Advances to property 
companies dropped by 10 per 
cent. 


Evidence of the impact on era- reflected in the new figures since 
ployment and the labour market f be April total for overtime 
generally of the recent rise in *''>'?* worked, on a seasonally- 
output is also expected to be adjusted basis, is likely to be 
included. slightly lower than in March, but 

Mr. Denis Healey, the Chancel- “ uri » than at the end of 

lor of the Exchequer, told a yea }‘- , ... 

Commons select committee last . Th e : April total of those with 
week that overtime working had jobs in production industries— 
increased by 5 per cent in the just Over two-fifths of all 
last three months compared with employees — will also be pub- 
the previous quarter. lished in the Gazette. There will 

The official figures later this close interest to see whether 
week will highlight this under- fractional rise in -the first 
lying iacrease which, along the three months of the year has con- 
buoyant level of retail sales, is tinued or accelerated. The March 
an important indicator of the total of 9.12m. seasonally- 
marked recovery in economic adjusted, was less than the figure 
activity now under way. with between February and Sep- 
total output probably rising at tember of 1977. 
an annual rate of at least 3 per The overall level of employ- 
cen.L ment has been fiat since last 

The monthly average of over* summer and there has been 
time hours ‘worked of about puzzlement in Whitehall about 
16.2m in manufacturing in the the contrast between these 
February to-April period is more figures an d the steady fall in 
than a quarter higher than at unemployment, for nine succes- 
the low point of the cycle in sive months, and the increase in 
autumn 1975. notified vacancies. 


THE LIKELY help that the UK than expected because of com- 
ecouomy will receive from uff- pressor problems, while British 
shore oil and gas production this National Oil Corporation's Thistle 
year has been further down- Field did not begin yielding oil 
graded in a new North Sea in commercial quantities until 
report, published today. April instead of the expected 

Presenting the most pessimistic start-up date of November 2977. 
view so far published of this it was also unlikely that Occi- 
year’s economic impact of North dental's Piper Field would reach 
Sea production, stockbrokers an average output of 300.000 b/d 
Wood Mackenzie said that tbe ^is year , so Wood Mackenzie 
contribution to the UK current have estimated an average nearer 
account was likely to be £l.ubn 250.000 b/d. 
rather than the £2.7bn forecast Apart from a slower-than 
in their December report. This ex pected build-up of oil produc- 
montb brokers Phillips and t j on _ ^ trade balance Forecasts 
Drew downgraded their February have been hit bv higher costs 
forecast from £2.2bn to £1.7bn. an ^j s [jghtlv higher import levels. 



The company sector has' toes 
passing through one of 
financially relaxed 
emerges from recent official;:, 
statistics that in the fiiw-quarter . 
of the year cwujsmies 
their liquidity to unnsnaS^J^^:: 
levels: according to the stttygyi." • 
by the Department of Tnrtnatoy- 

of 228 large compames, cnrrestf ' 

assets were 152 per cent of cur- . 
rent liabilities, a' 'higher ratify ' 
than the previous peak inflate 
1972 and early 1973. Companies^ 
in fact, were sufficiently &sks 
with funds and impressed’;^'- 
the dearness of stertiz&Vtb 
indulge in a Kttife stnckpHfeg 










Adyance^to nja - i- 
were - quit^ : .,sa 

■* h- . 

■ sector’ 

of ; 


of imported raw tnatead^sJ.- -^ '. pressure (though -- - flefeiXecfc nhwtlikcly^to bec^e ihere i 

Change in trend ' . 

x '. able). Wholesale ? prices, were 
end . rf tli.e-^»t.. UD 0 ' nIy Ebout I2feSw:iBn™:7feB 
quarte r, how ever, were.- have. a year earlier, wl^e ^wajgS costs- - : &thi^ ;gqp!tes £ -‘the corseT 
been tensive s agns .o f a ebagge a(xelera±ii^ a jiittlfe;-v Bftt" ^imTartc&at^ c ' 

of trend on the comp^ tttjtar. tte increase in the' fcoqk - • 

The sha rp rise m the- level ‘ of of stocks ’ eased,' further— rfo- ' am 

interest ra*tes end the noticeable vsegm — anrf 'the figbn ‘KpttiFrip?- mmw ihc> c 

increase in back len^mg to. the additions to &fod^ Capital ; 60 <^rL j^^EPlte >iiormai • 

private sector tend' to bOI ^Ss- n o higher than 4he - a? era® . ii T of . anfocoufttnib cy 

cussed in the City in mainly the two pre vi mrs; Jy in rp*r<?. ^ •. tn ^Tfe.d^feg^^'tash iSgaeezg - 
technical or political terxQfi.-but these conditions -imfustpy-: i 

they also reflect shifts wifttta able to build V its ‘ 

a real economy. . Meanwhile !tbe. further. ' •_ Commisi 

fluctuations in the ijnflbffifi f What has happened ‘ ^|i(^ \^^ aht^patipft'^ome'-acceis?^! i 
the simp jump ihwage^^s- then, however, is ' that-' Costs ^h.ofwhol esale prik^stows’ 
and the - pdck-tbp r ifi. >^sshave b egan . ^0 - acegforate - r 

domestic product alK "lanns output prices have • ^ 

important liapU caiti ciPs fbr.cojqi- to rise at a, very MoiteMitii 
pany finances, 
background the equity 

creasiogly hard. earnings index, for April ThjffgfeF 

Thirioo 1077 the Gnanrihi reflect bunching and ha^4^aflha.®®^; 
trend? m^mnndly%£ but this is stfll 
able for the company aector. home. The. raw materials 

Although profits of Industrial moreover,, jumped S As 
and commerciar Companies cent 1x1 '<&•*'. nrntfiS - . 

were not particularly str^foa the : g^cial Me ftifefiroqi brtS. 

■ _ hp stpartiPr ' nnur that’ , eteTHn» VawrairA- 


Wr,od. Mackenzie's jr ven so . Wood Mackenzie 


Taking 

.tip m a 1 • Ijl cu OUi II t'UU »l»«V4WU4MV 

, at rl 5 e„M Hu Snninr expects the North Sea current 
IS seen 3S a result of disappoint- account t0 stabilise in the £5bn 


- J . I r illVUUHL IV PUUUU3C Ul^ 

mg production levels. Latest tQ £ 6bn 3 year range during the 


Government figures show that , .kw,; 

North Sea oilfields are now pro- 

during crude at the rate of -about F: ‘fjjf** JJSjSSiiS^rlnSS 

lm barrels a day, equivalent to 

about half of tbe country's rate Statistical Office show that even 
of oil consumption. But the pace ' v "\ lh the revision of estimate, 
of the build-up at present is th«s years contribution of the 
slower than previously forecast. North Sea towards Bntarns 
although tbe Department of trading balance vnU be very 
Energy still expects energy self- m «ch higher than last years, 
sufficiency to be attained in 1980. In 1977 the direct contribution 
Wood, Mackenzie believes that to the current account was £907m 
the average production rate this as against deficits of £lQ5m in 
year will be 1.19m b/d instead 1976 and £546m In 1975. The net 
of the 1.3m b/d forecast in benefit to the current account in 
February. the first quarter of 1978 was 

Today's report points out that estimated to be more than £450m L 
Occidental's Claymore Field pro- some flOOm more than in the 
duction has built up more slowly fourth quarter last year. 


a reported historical cost basis be steadier "now that ^tertini'. oot, 

—gross trading profits fiefore stabilised -haanimimesrs,^^ ®enenrf <; . 


The imjriacat^ <rf €h^ cask/ ’ 2 $ 


stock appreciation rose hy some - r ... - . „•, 

13 per cent— the gain w&inore P fAce Patterns as; '1 ^the can .; predac 
like 40 per cent net ^ arwum fetiustry is inwesdng ip WaRStrflSfi^^ 
appreciation. '• its stax&ff is ' 'now '.TEtang a gain, kHteissdve-; tTw a a nfe w ^’i unt yW. - - . 

Output was sluggish, ;&d the while revwases are sUQ . .quite" gob&-'ter t ;. ; 

strength of sterling % mto shigghftL There is afao». how-. 

export and overseas I’rAts. ev«^ ' 

But in the domestic njstrftet, .levels wbk*f wflfl have Same Jmutiacce ' ' _ 

wholesale prices of manufac- efiect 

tured goods rose by just over costs: ~ a r v,- ■■ \ceCT>o^ » ti6b-^^-,-^^ ' . . 

15 per cent while wage earn- , •' proportfon coiiW^ ^wfeJai»hdg 

ings increased 10.6 per cent and MOeK appreciation - ThA BMuten feeing 

rawznaterial co$ts actually fell ■ Essentfl&Hy the squeeze wiS «M3>otare^ec3»r:m tins fesl 

fractionally. Meanwhile the ^ ^ re(il pj^-gf marg5hs: Con- is.ttiat the scmdiaige^s 2»4 
extra cash invested m stocks by ventional reported, profits- in- proofed' in tite way 

4316 sGock appreciatLon cocf»ratfon <sx has osaeOa 

December This was enough^ weH im?HWe ‘^o^ tbe -. The OzancedaOT has iar j 

Slow me' industrial and com- f 

mercia] company sector to to ^ naher. pa/teh^ '-fir-.ftB 

swing up out of deficit into consumer boom wfcdch; is baihg panios-to tfce ^ voaoShs b© ' 
rough financial balance during eapemtenoed. In *caai terahs, the^ Bndipet ; n»fces~ r 1toem j 
the second half of 1977. however, compandee axe Hkebr able to pay. But thotas hafi 
By the first quarter of this ®fedttng CQndBJiidhs less «xtfe sun^aiige is~ii 

year industrial and commercial .favourable. Ibb Bank "of imposed. 'in Ocfobei^ at a>1 
company profits appear to have -Ei^gitend Bnlfetim last^ ^.wefik coin- when- - collocate liquidity 
been coining under slight sidered - ' that “ the company lafceiy to be; id decSi 


Oil companies silent on sanctions claim 


BY BRIDGET BLOOM, AFRICA CORRESPONDENT 


oil to 


FRESH ALLEGATIONS that at this stage. inquiry, which, it Is widely Petioles, to supply 

British and French oil com- Dr. David Owen, the Foreign believed, was set up precisely to Rhodesia. _ 
parties continued to supply Secretary, announced *n April avoid difficult questions being • A British Petroleum spokes- 

Rhodesia long after the imposi- 1977— only hours before his first asked about sanctions during man said in London yesterday 

tion of UN mandatory sanctions visit to Africa and after tough what are considered to be dell- We have absolutely no comment 
received a tart “no comment" African criticism of the Rhodesia cate negotiations for a Rhode- to make. The situation is subject 

last night from the oil companies role of British oil companies — sian settlement. to the Bingham inquiry." Shell 

concerned — including BP and that he would appoint an Inquiry The burden of 34r. Jordon's also refused to commenti 
Shell— and the Foreign Offices into alleged sanctioos-breaking. allegations, which were pub- birnilarly in Paris, M. Rene 
in London and Paris. Mr. Thomas Bingham, QC, was fished in yesterday’s Observer Gramer de Luliac, chairman or 

The charges made by Sr. Jorge appointed just over a year ago to newspaper, 'is that Shell as well the Total Group, would neither 
Jar dim. former personal adviser conduct the inquiry. In recent as other multi-national oil confirm nor deny that his com- 
to ex-President Salazar of weeks, the Foreign Office has corporations continued to supply pany was involved in cuvert oil 
Portugal, seem likely to increase counteracted questions concern- oil to Rhodesia aFter the intro- supplies to Rhodesia. He said 
speculation about the outcome ing oil sanctions by declaring duction of mandatory sanctions he was awaiting the outcome of 
of the Bingham inquiry into that the Bingham inquiry will jn 1968 by using a circuitous the investigations into the corn- 
alleged breaches of oil sanctions, soon be reporting to the Govern- route through their own and pony's operations in South 
All the British Foreign Office raent, although apparently no other oil company subsidiaries Africa, 
would say last night was that the date has been set for the submis- in South Africa. Total's parent company, Com- 

Binghara report was in “ its final sion of the report, and it is not Mr. Jardim's book specifically pagnie Francaise des Petioles, is 
stages of preparation.'* and that clear yet whether the Govern- alleges that Shell's subsidiary in 35 per cent State-owned. The 
therefore no comment on ment intends to nublish it. South Africa arranged to use French Foreign Ministry said it 
detailed allegations of sanctions- There is increasing sceoticism Total, the marketing company was unable to comment before 
breaking would be appropriate in Africa about the Bingham of Corapagnie Francaise des examining the latest reports. 


Lords urged to act on devolution 


BY RUPERT CORNWELL, LOBBY STAFF 


THE Tory-dominated House of a conference in Cambridge of ing rr.le in prompting thinking tral issues’* of taxation powers, 
Lords, which has treated the the Left-leaning Tory Reform on this matter.'’ he declared. and the so-called “West Lothian 
Government's Scottish devolu- group, was winding up a discus- It would be pointless to question, 
tion proposals with some sion on possible constitutional “ rush into” a detailed considera- This is the anomaly— described 
restraint so far. was urged yes- reform, of which devolution tion of PR. since a large majority by Mr. Pym as the Bill’s - central 

terday to dig in its heels and (though not the Government’s of MPs in both major parties defect "—whereby a Bill affect- 

insisi on its amendments to the version of it), was an important opposed it. he said. But the gulf ing only England is carried with 
which are inadequately part between "Westminster and the the aid of Scottish MPs who can- 

The dll “ ShS-h^f^wntpd During his speech he dealt with people was one cause of the not vote on the subject for 

could orovok? a MMtimtiSnal the ““e o£ reform, bit- malfunctioning 0 f Parliament- Scotland. So far it has not been 

confrontation between^tiuf two terly attacked Labour for Mr. Pym identified three main properly discussed. 

Houses of Parliament came from destwytog t* e fragile mstihi- areas where the Lords bad The Tory spokesman promised 
Mr Fran eta Pvm Conservative tionai baian ce by bending Pariia- strengthened the Scotland Bill full backing for the partial solu- 
spokesnian on devolution and a me ?^ r 7 nd«® for its own by their amendments, which will tion proposed by the Peers, that 
vigorous opponent of the P ol,tic *[ f’hdf- ^ spoke out once again be subjected to the for any measure passed in this 
measure as it stands sympathetically on proportional guillotine procedure to curtail fashion, there should be a fort- 

He praised the Deers for their representation, an idea detested debate when they go back to the night’s “ thinking-over " period, 
carerul and 6 constructive"^ Mra* Thatcher, the Opposi- Commons at the start of ,July. Over the Wales BUI which 
approach to the Scottish leeisla- ** on l ea « er> Scope for conflict between has been much more violently 

tion— which receives its Third Although PR was often over- Edinburgh and Westminster savaged by the Lords, the Upper 
Reading in the Lords tfafc week sold, he said, it could have the would be reduced, be said, while. House won even more fulsome 
before returning to the Commons overriding merit of reflecting the secondly, unlike the Commons, praise from Mr. Pym. He said 
—and urged the Government to basic unity of the people that the Lords had examined in full that the Lords, in dealing with 
accept all the changes wrought was obscured by inter-party the list of subjects to be a measure that was no more 
by the Upper House— and there- feuding at Westminster. “ I devolved, and made the changes than 4 a costly exercise in 
by secure an Improved Bill. would have liked the Conserva- it believed best. And thirdly, bureaucracy," had admirably 
Mr. Pym, who was addressing tive Party to have played a lead- the peers bad tackled the “ ccn- fulfilled their watchdog function, 1 


Weather 


UK TODAY 
COOL: rain in places. 

London, SE and Cent England, 
E Anglia, Channel Is. 
Rain at first, sunny later. Max. 
19C (66F). 

E, Cent N and SW England, 
Midlands 


Mostly dry, sunny later. Max. 
18C (64F). 

Wales, NTS and.NW England 
Lakes, 1 of Man. Bordens, 
Edinburgh, Aberdeen, SW 
Scotland, Glasgow, Cent 
Highlands, Moray Firth, Argyll, 
IV Ireland 

Mainly dry, sunny spells 
Max. 17C (63F). 

NE and NW Scotland, Orkney, 
Shetland 

Cloudy. Drizzle on coasts. 
Max. 15C (59F). 

Outlook: Mostly dry. 


BUSINESS CENTRES 



Vday, 

Mid-day 



C 

"F 

Arasdm 

C 

19 

fri 

Athens 

£ 

na 

85 

Bahrain 

S 

is 

91 

Barcelona 

V 

SO 

« 


s 

21 

71 

Belfast 

c 

U 

» 

Belgrade 

s 

27 

81 

Berlin 

y 

IS 

SI 

BrmfUcn 

c 

U 

01 

Bristol 

V 

15 

a 

Brussels 

p 

14 


Budaaast 

V 

at 

-71 

B Aires 

c 

>0 

SI 

Cairo 

s 

aa 

w 

Cardiff 

5 

14 

3V 

Chicago 

C 

24 

7 ! 

Cologne 

c 

15 

S 

Concilia an 

s 

M 

61 

Dnblln 

u 

IS 

bi 

EdlnhurcB 

c 

Jfl 

61 

Frankfurt 

■V 

14 

W 

Geneva 

F 

14 

35 

Closeout 

C 

14 

37 

Balstmd 

F 

22 

7t 

H. Kong 

U 

31 

» 

JatxirB 

S 

17 

« 

Lisbon 

s 

20 

fif 

London 

F 

17 

w 


year 
Miff-day 
”C “F 
Laxemb'g F 12 54 
Madrid S 20 63 
Manebetstr c 13 SI 
IfeTbomna C 10 50 
Milan F 23 72 
Montreal S 22 72 
Munich C U 52 
Newcastle rub 
R w Yoric s 23 77 
Oslo F 17 6S 
Fans- - F 13 59 
Perth C 13 59 

Prague c is sa 

ResiqartK C 8 40 

Rio de fo S S3 73 
Rome S 25 77 
Singapore R 39 H 
Stockholm F SI 70 
Stnubrg F is b> 


Sydney 

Tehran 

Tel At»t 

Tokyo 

Toronto 

Vienna 

Warsaw 

Zorich 



HOLIDAY RESORTS 


Vday 
Mid-day] 
•C -F 


Ajacdo 

F 

23 

73 

Jersey 

1 Algiers 

S 

27 

a 

Las Fins 

Biarrits 

F 

17 

63 

Locarno 

Blackpool 

R 

11 

S3 

Luxor 

Btotfeanx 

C 

W 

61 

Majorca 

BOOlOtOM 

C 

14 

57 

Malaga 

Casablnca 

F 

31 

78 

Malta 

Caw Tn. 

S 

Ifl 

« 

Nairobi 

Curio 

s 

29 

34 

Naples 

Dubrovnik 

s 

24 

TJ 

Nice 

Faro 

s 

22 

73 

Onorio 

PTutokw 

V 

2 S 

73 

Rhodes 

Funchal 

c 

20 

BS 

Sahburg 

Gibraltar 

s 

=3 

7t 

Tangier 

Guernsey 

s 

13 

X 

TencrtUe 

Innsbruck 

p 

11 

S! 

TuuiE 

Inverness 

R 

It 

a 

Valencia 

isle or Mn C 

11 

H 

Venice 

Jvranbul 

s 

28 



S— Sunny. 

F— Fair. 

G— Cloudy. 




EQUITY & UPE BROKERS IXD 




High Rate Taxpayers still need to increase ; 
their after tax income' to counter inflati on 
an3 this year’s tax reliefs are. of little real -, • 
heJIp. Selling capital oil a‘ titular- basis to - ... 
meet an income defidt is.unsafisficfegy a$ A 
marketsfluctuate. • 

The newcapital gains taxccmcessioris make 
-it possible to realise previously loc&edrin 5 


investment porudscan iiKTease income sub- 


selling the casting. Mdicgs can often be 
avoided. T * 


Alternatively, guarani^^^ ^ 
appr opriate for those needing moie income 
witiiout risk. Retnmsarea to 7% 


more than the tax-free ncHip available on 
gilt-edged stocks. . 


As brokers we specMse m finahci^ blaii- / 

- nit^. Our .ptospecte 
of the services we offer Hease wrtte dr 
telephone, . - 1 : - S 


Ta-MR. J.C.T. D AtTONhlfrtfjTr 

THOMSONS EQUITY AND LIFE BRCSCERSm). ■ ‘ 7 * 

8 Somhanipton JPlgce, LoiglonWCl 




i; 


Name- 


Address- 


Vday 
KM*d«y 
‘C *P 
S IS 37 
S 23 n 
F 19 «e 
S 38 100 
F 25 77 
S 29 84 
S M 82 
C 21 78 
F 35 77 
S 22 72 
F 17 03 
S 2S 82 
R 10 50 
S' SI 79 
P 17 S3: 

S 29 84 
V 29 771 

P 20 68 'WBcc. Prated- h, St _CW** Pass- for and 


Abr appiicabietoEirc 


VjFT76/6r 

■ ? -i 


\ 


Tbe -nuandal Hues