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FINANCIAL TIMES 


No. 27,597 


Thursday June 29 1978 


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CONTINENTAL SBjJMC PRICES: AUSTRIA Sdi.15: BELGIUM FrJS; DENMARK Kr.3.5: FRANCE Fr.3.0: GERMANY DM2.0; ITALY L.S00; NETHERLANDS FL2.Ui NORWAY KrJ 5: PORTUGAL EieJO; SPAIN Ptu.40; SWEDEN KrJ.25t SWITZERLAND Fr.241; EIRE 15p 



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GENERAL 


BUSINESS 


Vietnam Equities 
invades down 
border as GUts 

waver \ 

IOW» • EQUITIES were in*ctr 


Vietnam has launched a major 
military operation against its 
Communist neighbour. Cam- 
bodia. with heavy bombing and 
artillery support. The town of 
llimoL. six miles inside Cam- 
bodia, was reported in Viet- 
namese bands. 

The Vietnamese were said to 
have advanced in some places up 
to 30 miles into Cambodia, but 
the bulk of the fighting was three 
to six miles within the border, 
north of the Parrot’s Beak 
salient, where the Vietnamese 
have . controlled enclaves for 
some time. 

Vietnam's attack risks further 
angering China. It may be 
merely a punitive action to 
relieve border villagers who 
have suffered severely from 
Cambodian guerrilla raids. But 
it could be the long-speculated 
drive to seize Phnom Penh and 
Jnstal a friendly pro-Hanoi 
government 

Jesuits killed 
in Rhodesia 

Two German Jesuits, the only 
white staff at St Rupert’s 
Mission hospital. Western 
Rhodesia, have been murdered 
only five days after the 
slaughter of 12 British 
missionaries and children near 
the border with Mozambique. 

Mr. .Clifford Dupont. 
Rhodesia's first head of state 
after it broke away from the UK 
in 1965. has died in Salisbury, 
aged 72. 

Phones may be hit 

The Post Office Engineering 
Union has cal fed a national over- 
time Friday night 

which may! severely affect main- 
tenance, and repair work on tele- 
phone and telex systems, as well . 
as installation of new machinery. 
Back TPage 

Caroline weds 

Princess Caroline of Monaco. 21, 
married 38-year-old French finan- 
cier Philippe Junot iD a private 
civil ceremony at Monte Carlo’s 
Royal Palace. AH Monegasque 
adults were invited to a cham- 
pagne reception immediately 
afterwards. ■ 

White’s rights 

The U.S. Supreme Court ruled 
that it was illegal for the Univer- 
sity of California medical school 
to reserve places for blacks and 
other minorities at the expense of 
better-qualified whites. Page 4 

Off the scent 

Labour's -National Executive 
Committee failed to decide 
yesterday on whether to pledge 
to outlaw some Reid sports in its 
forthcoming election manifesto. 
The .issue has been remitted to 
the party’s; Home Policy Com- 
mittee, which may be urged to 
remoye fox-hunting from the list. 
Page 9 '• 

New inquest 

Three 'High Court judges ordered 
a new inquest on ex-boxing coach' 
Xiddte Towers, who died in 1976 
- from injuries .after being arrested 
by: police. The “justifiable homi- 
cide” verdict returned at New- 
castle was set aside. ; 

Briefly... 

Prince -fiOcbaer of Kent and • 
BaronesS Marie Christine von 
Reibhitz arrived in Vienna, 
where they will be married in 
a civil ceremony tomorrow. 

Mrs- Kitty MlHnaire, daughter- 
in-law of the DucHess of Bedford 
and self-confessed gambler, was 
cleared ~iat Knlghtsbridge Crown 
Court on two charges of stealing 
gems from .Cartier's of Bond 
Street. ■ 

PoHsh and Soviet' cosmonaut in ; 
a Soyuz spacecraft. linked up. 
with the Salyut station, joining 
its two-man crew. 

Egypt: Twenty students were 
killed when a mortar shell left 
from the 1973 war with Israel 
exploded in Damietta, KJ0 miles 
from Cairo. . „ ' 


• EQUITIES were inactive in 
this year’s lowest level of 
trading. The FT 30-Share Index- 
closed 1.0 down at 455 Jk 

• GILTS wavered in speculation 
on a further rise In MLR, Jail- 
ing 0.24 to 69.01. 

• STERLING remained firm in 
quiet trading, closing TO points 
up at S1.8545. The';. pound’s 
trade-weighted index; rose to 
61.4 (61.3) and the; dollar’s 
depreciation widened;: to 7.0 
(6.8) per cent The dollar 
tumbled to a new post-war low 
of 203.90 against the vyen. but 
rallied at the close to 204.80 
(206.10). .• 

• GOLD rose $1 to' dose at 
$1852. The New York Comes 
July settlement uas 184.40 
(184.90). 

• WALL STREET dosed 2.60 
Up at 819.91. 

• COFFEE prices . finished 
higher again, the September 


Liberals force 1% 
cut in National 
Insurance increase 


BY PHILIP RAWSTORNE 

The Government bowed to Liberal pressure last night and decided to cut its 
proposed increase in the employers’ National Insurance surcharge to li- per 
cent. 


Councils I TWA seeks 
Swiss 25 ™ transatlantic 

loan loss fares rise 


Ml 

COFFEE 


The plan of Mr. Denis Healey, 
the Chancellor, for a 2] per cent 
rise— announced only three weeks 
ago — was reluctantly abandoned 
a Tier Mr. David Steel, Ihc Liberal 
leader, had rejected a final appeal 
from the Prime Minister for 
Liberal support. 

Provisions for the 1J per cent 
compromise rate, 10 lake effect in 
October, will be included in a 
new clause to be tabled for the 
Finance Bill’s report stage in the 
Commons on Wednesday. 

Libera) JHPs will then vote with 
i the Government to ensure a 
majority for its passage against 
the opposition of the Tories. 

The Confederation of British 
Industry said last night that the 
lower surcharge would be "only 
a slightly lesser evil.” It warned 
that the move could still cost 
some 60,000 jobs and worsen the 
balance of payments by i’lSOui 
a year. 

The increase will raise the 
employers* costs by some £60 to 
about £500 a year for each 
employee. “We believe a 10 per 
cent rate of value-added lax 


would have had a less damaging 
effect" the CBI added. 

The 1 ' per cent rale will raise 
about £300in this year — H40tn 
short of the total needed to 
offset the revenue lost to the 
Government in the tax cuts 
forced by Opposition votes in 
the Finunee Bill committee. 

Mr. Healey is expected to 
announre next week whether he 
wilt seek to recoup this shortfall 
by other means. 

Both the Prime Minister and 
the Chancellor have been 
opposed to any increase in VAT 
or reductions in public expendi- 
ture. and the signs last night 
were that they would probably 
accept the loss rather than risk 
further trouble in the Commons. 

Last night's Government 
retreat came after Mr. Steel and 
Mr. John Pardoe. the Liberals’ 
economics spokesman, hud been 
called to a meeting at the Com- 
mons with Mr. Callaghan. Mr. 
Healey and Mr. Michael Foot, 
Leader of the House. 

The Prime Minister's appeal 
for support for the 2) per cent 
increase in the Commons vote 


next week was instantly rejected. 
But the Liberal leader saij he 
was prepared to ask his 12 MPs 
to vote for a 1 ] per cent increase 
— roughly what ihe Liberals had 
offered the Chancelar before the 
Budget in exchange for cuts in 
the higher tax rates. 

Mr. Steel and Mr. Pardoe 
urged the Prime Minister to use 
the National Insurance sur- 
charge as a weapon against 
excessive pay settlement in the 
private sector in ibenext phase 
of pay policy. 

Mr. Steel said later that they 
had proposed, in tine with long- 
held Liberal policy, that the 
surcharge increase should not be 
levied on employers who under- 
took to observe any Phase Four 
pay guidelines. 

Mr. Calaghan and Mr. Healey- 
agreed politely to consider the 
proposal. 

But it was later pointed out 
that the Government had con- 
sidered such ideas previously 
and found them impractical. 

Other Finance Bill concessions 
Page 7 


Hambros talks on Norway 
shipping guarantees 


Det: Jin Kb Mur Apr pay Jus 

1977 1978 f • 

position closing at £l^Wi * 
tonne, up £17 on the day. 

Rover peace 
hopes grow 

• TRANSPORT drivers at the 
Rover, Solihull, plant meeting 
today are likely to be urged by 
their union convenor to return 
to work, ending their strike over 
a sacked colleague which ha* 
cost £42m In lost production. 
Back Page 

• EEC has agreed to press for 
important cha n ges in rules 
governing world trade in the 
GATT trade talks. The changes 
involve Britain’s main concerns, 
for example, disruptive imports. 
Back, and Editorial Comment, 
Page 20 

• BRITISH CALEDONIAN has 
proposed a joint Concorde ser-. 
vice with British Airways between 
London and Dallas/Fort Worth 
in Texas. Page 8 

• ICI AUSTRALIA, off-shoot of 
the UJv. chemicals group,, plans 
to build a AS500m <£205.35m) 
petrochemical complex at Port 
Wilson near Geelong, south of 
Melbourne, Page 28 

• FORD MOTOR chairman. Mr. 
Henry Ford told a Tokyo Press 
conference that the U.S. industry 
would produce more competitive 
cars to cut Japan’s U.S. market 
share. Page 6 

COMPANIES 

• FERRANTI, the electronics 
and computer group, pr®-j£* 
profits rose 49 per cent to £9.12m 
this year. Page 22 

• TRUST HOUSES FORTE pre-| 
tax profits for the six months j 
ended April 30 increased to 
£12 -2m compared with £20.4m 
which included a £4JLm profit on 
fixed assets and investments sale. 
Page 23 and Lex 

• MK ELECTRIC HOLDINGS 
pre-tax profits fell from £3,86m to 
£3_39m In the year's second half 
to leave the full-year figure to 
April I down from £6.17m at 
£5.95m. Page 22 

» NATIONAL STAR™ 
Chemical Corporation of the u.b. 
said- it received a favourable 
internal Reventie Service ruling 
concerning its proposed IW* 
tioii by part of the Unilever 
group- 


BY CHRISTINE MOIR 

THE NORWEGIAN shipping 
j.diistry. which has some £2S0m 
loans secured by guarantees 
.from, . the Norwegian Govern- 
ment, is anxiously awaiting tbe 
outcome, of negotiations between 
Hambros Bank and the Govern- 
ment-backed Norwegian Guaran- 
tee Institute for Shipping. 

At issue are Hambros Joans — 
thought to be about £50m — to 
the loss-making supertanker 
operators. Reksten. Made in 
1974. the loans were renegotiated 
in 1976 when ihe Norwegian 
Government guaranteed them. 
The guarantees expire at the 
end of 1979. 

Hambros wants the guarantees 
renewed but it is meeting 
opposition from the Institute. 

The Institute claims that since 
it provided the guarantees in 
197B the value of the tankers 
against which they are secured 
has fallen by a third. As a result, 
the Institute is reluctant to con- 
tinue bearing the brunt of sub- 
stantial potential losses. 

Although neither side has 
issued a statement, there Is 
widespread speculation in the 
Norwegian Press that the Insti- 
tute is demanding that Hambros 


take at least some of these 
losses “on the elfin.** 

It wants Hambros to accept 
reduced guarantees and make 
substantial write-offs on the 
Reksten debt. 

In a television interview on 
Tuesday night, Mr. Hallvard 
Bakke. Norwegian Minister for 
Trade, said that he backed the 
Institute’s bard line, a statement 
which has created consternation 
among other shipping companies 
and (be shipbuilders. 

They fear that this could 
create u crisis of confidence over 
all the loans which have so far 
been guaranteed by the Institute. 

Mr. John Clay, Hambros' 
deputy chairman, yesterday 
refused to comment on the 
Minister’s statement. He could 
not say what action the bank 
might take if the Government 
persisted in its attitude. 

However, he did stress th3t the 
issue involved the possibility 
that Norwegian ships could end 
up in a break-up sale at the end 
of J979. 

Hambros has already had to 
face losses of fihn on its loans 
to Reksten which arose from the 
“ Julian ’’ loan in 1974 which was 
financed by a consortium. 


HambA? 'i.-.-I to tai r- over the 
entire lu:.’.. -.-.. u^bl lu be about 
£60m— in I/i5 and made a full 
statement saying that the loan 
was completely secure. 

The security was provided bi- 
guarantees from the newly- 
formed Guarantee Institute, but 
not without restrictions. 

Hambros was required to take 
a 10 per cent stake in Trajan, 
a new Reksten subsidiary, in 
return for which it hud to reduce 
its loans to a level which the 
Institute would guarantee. 

This reduction showed up as 
a £4.3 ra exceptional loss in 
Hambros’ 1976 accounts, re Reel- 
ing a true £9m write-down pre- 
tax. 

In Oslo yesterday, representa- 
tives of the ship owners asked 
for an immediate meeting with 
the Minister. 

While they left the meeting 
saying that they had been 
reassured that the Government 
intended to continue its sup- 
port for the industry, the under- 
lying anxiety will not ubjte until 
the negotiations are over. 

Of Norway's total foreign debt 
of £lOl«n. about a third is con- 
nected with shipping. 

Lex Back Page 


j By Mary Campbell 

' THE Greater London Council 
and the London boroughs are 
likely to lose £25m-£30m as a 
result of the fall in the value 
of sterling against the Swiss 
franc since 1973. 

The GLC Finance and Estab- 
lishment Committee will be 
given details of the loss at its 
next meeting on July 7. 

By March 1977 the GLC had 
set aside some £4m to cover its 
i half share of the loss. Further 
.'sums are likely to have been 
i set aside since then. 

The loss arises from a 
SwFr 200m seven-year loan 
arranged b»* the GLC in Oriober 
1973 About half the proceeds 
of the loan were made available 
to the London boroughs which 
will also carry about half the 
loss. 

Unlike virtually all other 
public-sector medium-term bor- 
rowings in foreign currencies in 
recent years, this loan was made 
without insurance cover from 1 
the Treasury against potential | 
losses arising from exchange rate 
movements. j 

Such cover was not at that time I 
available on Swiss franc- \ 
denominated loans. 

At the time it was made the 
SwFr 200m loan was worth some 
£27ra. Since then the number of 
Swiss francs to the pound has 
fallen from 7.3 to 3.45, with the 
result that if repaying the loan 
today the GLC and boroughs 
would have to find £5Sm. £31m 
more than they originally bor- 
rowed. 

It has made some savings on 
the interest rate. It has been 
paying 7! per cent on its Swiss 
franc loan, compared with 12 per 
cent which would have been 
payable on a sterlinc loan taken 
out at the same time. 

This saving brings down the 
total nominal loss so far to 
between £25m and £30m. 

The loan is not due for repay- 
ment until 1980. so that the loss 
is so far only nominal. 

In theory exchange rates could 
move in the opposite direction 
in Ihe next two years and 
eliminate the nominal loss. 

However, in practice no-one 
expects the pound to recover 
against the Swiss franc to the 
extent of eliminating the loss 
altogether, while it is possible 
that by the time of the repay- 
ment date in 1980 this might be 
even larger than it is now. 

At the time the loan was 
arranged it was felt by both the 
GLC and the London boroughs 
that the saving in inrerest was i 
substantial enough to justify the 
risk of a foreign exchange rate 
mov<ns the wrong wav. i 

j Continued on Back Page j 


BY JOHN WYLES 

A SIGNIFICANT increase in 
transatlantic air fares may be 
triggered by Trans World Air- 

| lines which has filed a request 
to put up its fares by 5 to 15 
per cent. 

The application to the U.S. 
i Civil Aeronautics Board is based 
j largely oa cost increases which, 
it says, have created a “pressing 
i need for additional revenue." 
Since none of these higher costs 
are particular to Trans World 
Airlines other major carriers, 
notably British Airways and Pan 
American World Airways, are 
| thought likely to be tempted to 
follow TWA’s lead. 

While stressing that it will 
retain the cut-price structure 
which has so radically cheapened 
transatlantic air travel over the 
past nine months, the airline 
wants to raise its budget and 
stand-by fares by up lo 15 per 
cent. 

On the New York-London route 
the round trip would cost S289 
l £157) from November I against 
S256 (£139) last winter. 

It is also seeking the first 
increase in economy fares since 
November. 1974. 

It points out that the CAB has 
not allowed any increase in this 
fare in nearly four years, during 
which time the consumer price 
index has risen by 23 per cent. 

The fare increases would apply 
to transatlantic routes to Europe 
but not the Middle East. Major 
cities served by TWA include 
London. Paris, Geneva. Barce- 
lona. Lisbon. Madrid, Rome. 
Milan, Frankfurt, Athens, Nice 
and Dublin. 

TWA’s proposed increases 
average 7.5 per cent The airline 
says that its international pas- 
senger commission expenses have 


NEW YORK. June 2S. 

risen 33 per cent since 1976 and 
that the new cheap Taros struc- 
ture is significantly raising the 
costs of its reservations service. 

Promotional discount fares, 
said TWA, have reduced its 
transatlantic passenger yield in 
the first quarter of 197S by 3.1 
per cent and it argues that thr 
compensating increases in toad 
factors cannot be expected to 
continue at the same rale. 

The airline presents an analysis 
of transatlantic traffic growth 
which it claims is Jess spectacu- 
lar than may at first appear. 
Much of the traffic increase attri- 
buted to discount fares is alleged 
to be the result of travellers 
changing their routes in order to 
obtain the fares. 

If adjustments are made for 
diverted traffic, then between 
November. 1977, and January. 
1978, the actual growth in the 
London-New York market was 
1-L9 per cent and not 50 per cent 
as some surveys have indicated. 
This rate of increase is broadly 
in line with traffic growth in 
other transatlantic markets 
which have not enjoyed promo- 
tional fares. 

Michael Donne writes: British 
Airways said it bad do immedi- 
ate plans to follow TWA’s 
example and seek rises in Atlan- 
tic air fares from this autumn. 
But it is watching the situation 
and will take decisions in the 
light of its experience this 
summer with the cheap fares now 
on offer. 

Privately. BA and other 
scheduled airlines on the route 
say that the TWA move is the 
first indication that the cheap 
fares bonanza coaid well be 
petering out. 

LATA talks Page 6 


Lloyd’s backs U.S. hi 


£ In New 

York 


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BY JOHN MOORE 

LLOYDS OF LONDON 
formally confirmed yesterday 
that it h=d approved the latest 
£24m bid by Frank B. Ball, 
the third largest quoted U.S. 
broker, for British • based 
Lloyd’s broker Leslie and 
Godwin. 

After some relaxation of a 
recent and highly contro- 
versial Lloyd’s ruling, an 
announcement of the full 
terms is expected today in a 
complex package. 

Lloyd’s issued a carefully 
worded statement after _ a 
morning committee meeting 
designed to clarify its 20 per 
cent ruling in the light of the 
Ball bid. 

The ruling, drawn up over 
two months ago, stipulated 
that no insurance company, 
underwriting agency, or a non- 
Lloyd's broker may normally 
hold more than 20 per cent of 
a broker seeking recognition. 

It explained yesterday that a 
principal consideration in 


approving the Hall proposals 
was “that day to day control 
of a Lloyd's broker should lie 
in the hands of those with long 
experience in and knowledge 
of the Lloyd’s market and that 
financial control should no! he 
in the hands of an insurance 
company, underwriting agency 
or non-Lloyd’s broker.” 

Hinting that the committee 
had relaxed the ruling for the 
-bid. Lloyd’s said that 
“allhough flexible wiihin the 
terms of ihe specific case 
concerned, the normal limit of 
the equity holding of any 
acceptable Insurance interest 
in a Lloyd's broker would not 
be greater than 20 per cent.” 

Hall is expected to have a 
25 per cent holding in the 
Lloyd's broking interests of 
Leslie, while Rothschild 
Investment Trust could hold 
at least a quarter and possibly 
substantially more. The trust 
already holds about 10 per 
cent of the Leslie equity. 


UK may accept Senate changes 


SHARE REGISTRATION 

Is it turning your business 
into an archive? 


BY DAVID FREUD 

SIGNS ARE growing that the 
British Government will accept 
the U.S. Senate's removal from 
the Anglo-American double taxa- 
tion treaty of the controversial 
clause curbing states’ rights to 
tax on a unitary basis. 

'At the same time it emerged 
that Alaska, one of the three 
states proposing to apply unitary 
taxation to foreign companies, 
has abandoned the idea 35 far as 
oil : production and transport is 
concerned. 

Unitary taxation is applied oq 
a formula based on a company’s 
world-wide income and not only 
on profits generated inside the 
State. 

The Alaskan legislature bas 
decided that in the case of oil 
companies it is easier to tax on 
Ihe basis of actual production, 
less expenses. 

This means that British 


Petroleum, the only significant 
UK operator in the State will not, 
as it feared, have to prepare 
world-wide accounts on a U.S, 
basis. 

BP is now starting to earn 
profits for the first tiuie in Alaska 
and the new system of assessment 
could mean a local tax bill of at 
least S30m a year and probably 
much more. 

The Alaskan move reinforces 
the likelihood that the UK will 
not try to make an issue of the 
loss of the relevant part of Ihe 
treaty — clause 9.4. 

The options open to the UK 
Government following the ratifi- 
cation of the treaty by the 
Senate on Tuesday without 
clause 9.4 arc: 

-To pass a protocol through the 
Commons accepting the deletion; 
to seek a compensating conces- 
sion from the U.S. Treasury; or 
to renegutiale from scratch. 


Both the last two would entail 
long delays, during which the 
current treaty, first agreed in 
1946 and since many times 
amended, would remain in effect. 

It is Telt that continuing 
under ihe old treaty would be 
as disadvantageous for the 
British authorities and tax- 
payers as for the Americans. 

At the same time, the British 
would be foregoing sums 
estimated to be as high as £50m 
a year by not closing an 
anomaly concerning foreign 
banks in the old treaty. A 
similar amount is at stake over 
capital gains on disposals by 
U.S. groups of North Sea con- 
cessions. 

The feeling seems to be that 
the U.S. Treasury’s original 
acceptance of clause 9.4 was a 
surprising concession and its 
deletion should not cause the 
loss of the whole treaty. 




< r 


i- 







CONTENTS OF TODAY'S ISSUE 


CHIEF PRICE CHANGES YESTERDAY 

■ piece Anglo Amer. .Corp~-* ^ 

BibW Cl . J g| + | S» 

gaSBMSa. jj.f 4, gj 

White lhaak 723 


- : RISES 

.liagiten* and Noakes 
BlundeH-Pennoglaze v 
Central .& Shearweod 

Dawson Intel. A 

Electrocomponents 
Fortmim mid Mason 

LesSe* S Gddwin.. - 
MFI. Furniture 

News tetnL 

Samuel (H.) A •••— 

SilentnisM v- 

Sime Darby 

Smith <W . 

Sotheby FEK ' 

Thomson Drg. 

Trust Houses Forte— 
‘Vforwkk Eng. 


230 + 8 
236 + 8 

: '71- + Si 

62 + 3* 
126 + 6 
443 + 13 
725 + 45 

no + 'is 

116 + 4 

102 + 4 ' 
250 + 5 
284 +7 
IOO + 5 
97 + 6 
106 + 9. 
287 + 6 
.258 

220 +- 10 . 
38 + 6* 


FALLS •• 

Escheq. J** A I 

Treas. 14Jpc 94 -I1H} 

Bett Bros. r _ 

Chubb _ 

Decca A. f S _ 

Hambros ■‘■I® 

Har ris and - . Sheldon— au . 

.UK Electric ^ - 

EZ Industries --r* 

Sabina -Inds. „ 

Utah Muting Aust ... 3'g 


European news 2-3 

American news 4 

Overseas news 4 

World trade news 6 

Home news — general 7-8 

— labour S 

—Parliament ... 9 


Peru's, struggle with the 
world monetary fond ... 20 
Economic Viewpoint on de- 
industrialisation 21 

Business and the Courts: 
importers and Kruger- 
rands IS 


Technical page 10 

Marketing Scene 17 

Arts page 19 

Leader page 20 

UK Companies 22-25 

Mining 25 

FEATURES 

How flexibility helped 
Israel’s exports 20 

S. African sugar: Bleak out- 
look after record year ... 28 

Tourism in Easi Europe: 
Under Ihc socialist sun ... 3 


Inti. Companies and Euro- 
markets 26-28 

Money and Exchanges 29 

World markets 34 

Farming, raw materials ... 35 

UK stock market 36 


Education in China; 

Eliminating illiteracy ... 4 

Ram I fin Lions or Proposi 
lion 13 4 


AppftininHfltt 31 

Appointments Ad* IE. 12-10 

Business Oppts- 31 

Sufin&f Book* 33-33 

CrMsword U 

Economic Indicators 4 
Entertainment Guide 18 

European OpI» 3* 

jobs Column — 12 


Letters - 

L e x 

Lombard 

Hen and Mailers 

Racing 

Saleroom 

Sharp informailon 
To-day'* Events ... 
TV and Radio 


Unit Trusts 37 

Weather « 

Base Lending Rates 34 

PROSPECTUS 
East Anglian Water 2 

INTERIM STATEMENT 
Blundell Prrmgglazc 26 

ANNUAL STATEMENTS 
Dc Verc Hotels 2S 


Elcclrocomponcnts ... 

East Rand Gold 

Nicking Pentecost ... 

London Sumatra 

Paul* and Whites ... 
Robertson Poods ... 

RswUn Hotels 

Trust Honses Forte 


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sooner you can get back to running a 
business. 

Telephone the Manager 
on 0272-297144. 


For latest Share Index 'phone 01--4S $026 


3. NatWest 

mw Registrars Department 

National Westminster Bank Ltd. Registrars Department. 
National Westminster Court, 37 Broad Street, Bristol. BS99 7NH. 


. jfr 












EUROPEAN NEWS 


Holland to go 
ahead with 
uranium sales 


Vietnam bid 
to become 
full member 
of Comecon 


The Giscard visit: co-oi 
' 411*1* ^ conflict in . ties 





jaaggp 


- _ - 




BY ROBERT GRAHAM 






AMSTERDAM, June 28. 


ui aiiiuiii amcs 

become the tenth full member of I 
BY CHARLES BATCHELOR AMSTERDAM, June 28. Comecon, the Communist! 

economic grouping now confer-! 

THE Dutch Government today refused to set tougher terms ring in Bucharest. ! 

defended in parliament its plan although Brazil indicated it was The application had been sub- 
to deliver enriched uranium to prepared to agree to either a milted by Vietnamese Deputy 
Brazil despite its failure to uet permanent or an ad hoc system Premier Le Than Nghi to Come- 
watertight guarantees against of storing plutonium produced cons policy-making council, now- 
misuse. Mr. Dries Van Apt. the from the uranium before in the second of three days of 
Prime Minister, said the govern- deliveries start in 1981. discussions of new long-term 

ment would not agree to go back The government informed development programmes, 
to its British and German part- parliament last week it thought Western analysts believe the 
ners in the project for yet more this met trie spirit if not the move indicates Vietnam's grow- 
talks. Refusal to approve the letter of the motion accepted by ing alignment with the Soviet 
deliveries would do serious harm parliament in January. Union, the dominant force in 

to Holland's credibility as a The Dutch are under strong Comecon, after many years in 
negotiating partner, he said. pressure from the UK and which Hanoi leaders sought to 
The government's success in Genu any to agree to allow the maintain neutrality between 
persuading a majority in the exports. Urenco has a uranium Moscow and Peking, 
lower house to allow deliveries enrichment plant at Almelo in At present Vietnam lias 

to go ahead depends on the atti- eastern Holland and another at observed status with Comecon. 
tude taken by Christian Demo- Capenhurst, Cheshire and has a Other observer delegations 
cratic MPs. Although the Chris- contract to supply nuclear fuel attending the Bucharest session 
tian Democrats are the senior to Brasil. The Germans have are from Laos — also believed now 
partner in the two-party coalition threatened to build their own closer to Moscow than Peking — 
government a large number of plant if Holland cannot agree to Angola and Ethiopia, 
their own back-benchers are the deliveries. The Soviet Union and its allies 

strongly opposed to the uranium The government view is that welcomed the Vietnamese move 
export nlan. Holland would lose any Influence for the potential boost that 

The right wing Liberal Party in the proliferation of nuclear membership of Comecon could 
is expected to support the capacity if it withdrew from the give to its economy — but were not 
government when it conies to three-nation project. Its ready to make a final decision 
the vote although it too wants opponents fear that Brazil would this stage, 
every effort made to achieve firm use the plutonium to produce 'Vietnam's entry could cause 
guarantees. Labour, the major nuclear weapons. Brazil has not Comecon problems similar to 
opposition party, is opposed tn signed the international treaty on those that would arise from the 
the deliveries and is in favour the non-proliferation of nuclear expected eventual entry of 
of a motion making all materials weapons. Portugal anti Greece into the 

likely to lead to a proliferation Continued Christian Demo- European Economic Community. 
oF nuclear capacity subject to cratic party opposition to the Although Comecon has a vastly 
export licences. The Christian governoient s plan could lead to different structure to the EEC, it 

TlAmnni^fc nn/1 T ihnnolc tnoolhop 'A tTlSlS 1T1 tuft six-mnnth- J ... • !1 .Ul _ : _ 



i 


■ 



Premier Adolfo Suarez 
circumspect on Africa. 


Democrats and Liberals together a crisis in the six-month- would have similar problems’ in I 
have only four seats more than old cabinet but political sources absorfaing a largely agricultural 
the combined opposition in the m the Hague thought it unlikely country such a<s Vietnam still 
150-seat lower house and the the pam «nk and file would ^ c U 0 n v ^ a |7^m\lmo^3o’ySrs 
defection of some of their own lake it uns far. nf war 

back-benchers could lead to a 0 The largest ship of the Zee- Th ‘ oraanivition is already 
defeat for the government. land Steamship Company. British stT ™* * milar problems 

This is the second attemut to Kail * partner on the Harwich to ^ ° „ ‘ 


recovering from almost 30 years 
of war. 

The organisation is already 



Government m a quandary over for jts initiatives i* the argument- that-; to? ijffi 

where to put visiting 'heads of Africa. - The Spanish are. sym- ierve to 

State. General Francos former pa th e tic.to the general idea of: process. ia 

residence, the Pardo Palace just M ac jjyj^t French rote in' Africa, -SEC members; 

outside Madrid, was rejected as to protect Western interests. But 

unsuitable. In the end the hold reservations over fES-tve^ 'attitude* 

Government opted for the former ^ which:, fins shreorr'membeishipvvSo.t^hJ.S^ig 

home of the Spanish monarchs ^houhl be public. Yesterday Fr*.. Socialist 

at Aranjuez some 60 tat from the ^er Adolfo' ' Soos' Teamed Save : been I 

capital. At considerable gJS a two-day visit to Morocco 'the attitude 
expense this palace has been wWdl baE prompted- -talk ■ of ^leagues on tnjsy -• 
restored and modernised, and £ Parts-Madrid-Rabat axis Tor-:; ; 3a a 

day opened its doors to itsfiret North Sirica. But although this the ‘Mi ttistiy 

formal guests, the FrenclrPrest- woula be- attractive, to France here, 
dent, M. Valery Giscard ffBstaing lia 

and his entourage. 0 f containing the Polisario ^e groap^s .'fmaSt 

It is highly appropriate that Liberation Movement ih'. th & ■ to . a cce pt’ -ext ; enlargem^^.t>f e . ^ ^ 

President Gisckfd d’Estaing Sahara and of supporting Mauri- Gommumly.-rVh* £|^***^J 
should be inaugurating Spain’s tan ia and Chad, the weak North so far 
new residence for visiting heads African linte dependent upon not 
of state. He was the most senior France— the Spanish have to be. ; of the 

foreign representative present at more circumspect oppbsitiOff :and Its :ihflpence «®ch'vttit^e4TSL^Sid^5 

th proclamation of Juan Carlos - Algeria is an important txa**. official French 
as King of Spain in November, ing partner for Spain and Madrid believe 

1975. He is now the first head is trying to mend fences with cordiality, of . 5420m- fshJppmg,-.-\S>h&&;^ 

of state of a European country Algiers in order to cool the issue.- dehSal vtsit M.^Sfecard-a^staing gjar^iSeat 'K^^3^8raEg 
to come on an official visit to of Canaries independence -and '.^an offer 1 satisfactory iSssurancfiB. 1 ‘egijgraru^-.^etattLamae ^ N ^ 


to come on an official visit to of Canaries independence -and'ean offer satisfactory :as5urancfi6.' emjgran^.jangttauoctt^m 
Spain. Moreover, France and Algerian support for the- small/ -fre decisio^y 

Spain, apart from being' neigh- Canaries liberation movement, for the" purchase. 1 wi. ra-~«aragc J‘ : lo5ramofe* ^ti4jr®i»uta?:3 

hours, are major trading part- MPAIAC. Algeria has strongly ;f- 1 aircroft againsr-^fS;..; com- 

ners. Spanish exports to France attacked the creation of a eloser . petition is seen here as'^a^gestsffE r^ttiCaccoimt-'. 


the re atiTosSp “ not witiSSt f«*ire of the former SpatUsh^e purato^itf ^se^ifitRW 
straiS^ an? there is a *55 Sahara as well as - harden aircraft they do . ei^fifttr.spme: 
between toe eSreSioSs ®of Algerian attitudes to Canaries '.^g in 
- - ■ ■ .. ;^«non-i»nn> -v The French 


friendship and how they are independence. ^v-The French 

translated on the ground. This The French position on Spain>‘ plained of the trabajange-jn -trade hnd busiheSMiadm ^'i^fi^^ 
gap can be found in two prin- entry into the Common Market with Spain. - Last year ;*jpamsn 
cipal areas — foreign policy remains equivocal and, in one exports exceeded. Miports: of thfeeday~ 
regarding Africa, especially the important respect, contradictory.' French pOds- b^.‘Fr ..Lwn-rra iHVestinfent'mqeg^^^rt^^ 
future of the former Spanish France has strongly supported: :major change after:- years ;-cr 
Sahara, and the broad topic of the establishment of democracy deficit • '• 

-rn -rn ■ -m ■■ ■ A 


President Giscard d'Estaing : 
important step for Madrid. 


This is toe second attempt to K r T T- ,, , L caused bv the entry in recent 

get approval for uranium exports Hook of ^“Sd years of Mongolia, another close 

through parlianienL In January service between . B "J““ “J political ally of the Soviet Union 
^ejovemment was forced . to Holland tod a y.She^the9MK) ton Jn China's borders, and Cuba, 
withdraw its plan to give lm- rrinses Beatrix, named a tier toe _ nil „ tinTI nf 

mediate anoroval for the exports heiress presumptive to the Dutch question oi Vietnamese 

It had to go back to its British throne. She cost £20m and was membership is unlikely to be 
and German partners in the launched In January at Verolme finally decided at least until next 
Urenco project to see if they Sheepswerf's yard at Heusden. year* 

would agree to setting out Prinses Beatrix is a two-class which will mark Comecon s 30th 

tougher conditions for th* ship with accommodation for anniversary. But it is more likely 

deliveries. It also asked Brazil 1.500 passengers by day and that Hanoi will have to wait two 
if it would give tighter guaran- 1,026 Ky night. She can also carry or three years, 

tees. The UK and Germany 330 cars. . Reuter 


Barcelona 


to 


BY DAVID GARDNER 


BARCBL0NAV r Jun&28r 


'vta&f. a~ wide /range 

inxipease-io ^^ 
expandi^/ef&Of^rattetL : 

Greece; Arab 

• -More- thap. laptH >• 


ff you make our 

HiOOfl^ht to New\brk 

youllarriveintime 

to catch the dosing prices 
on Wall Street 


(Reuter slow, since May «. to return to But although local Indus- wnen a came wappeu rc.raaui&a 1 •ecoabifc- J »r«»^rf'WQi 

Paul Lendavi in Vienna writes: normal working witbio 24 hours, trialists have expressed growing t0 u® * Gunmen beheved to be Basque investment proiepts ^t:’'; 

Soviet Prime Minister Alexei J he , ultimatum threatens the concern at the possible loss of work iag. separatist HuetnUas . nave Greelt 'businessmen’ art’ « 

Kosygin and his two deputies, dockers with automatic dis- contracts if the situation minu ' es beforehand. . dead a Bilbao newspaper «mtol Arab -. capital e^bea? - ^ 

Mr. Nikolai Baibakov and Mr. missal, and possible charges of deteriorated further the Civil The dockers maintain that . in a new upsurge of -political' ^tuw parilcipatitrp ite^ 

Vladimir Kirillin, called at the sedition. Governor’s decision was unex- their demands were ignored iijviolenee. _ •' i.'-;'- loanS.\'Mahy "of ihe. prefect 

opening session of the Comecon The Port of Barcelona is a pected. Basing himself on laws norms ^ued two weeks ago by- Jose Maria . Porte! 1'. was- cerpeef '• expansion- ofy^ 


ceme'd Vexpaztsioi 


the committee on co-operation imposed by several international docks under para-nuittary police likely that the assembly will the attack pointed to ETA* which > \lta&:ftoject5 .pla^nea^w^ 

in planning, told the meeting conference lines. Two more escort. decide to renew normal working, is fighting to make indepen- agencies such a& the &HOtffit 

that long-term programmes were conference lines— River Plate The two principal demands of and fight the Governor’s order dent, Marxist state of "the /oar ebem i cals CbflJPtet: r jtiy 7 ; 

mmnlorp fnr f„nl (inerfv nnrl IVTurli fjrr, no..n .nil Urn.il Mnrii. Jn.l.nr. ..11 c i_ .1 n.., .... .t r. ._:.L J ,1 f ...k rr^ll T.J 1C 


If you catch our 
1330fiightto NewYork 
yoi/llaniveintime 
tor afternoon tea 
at the Plaza. 

And if you take our 
1630 flight bo New\brk 
youll get to Broadway 
in time to see 

’XDnthelwentieth Century" 


Paris daily French Cabinet approves 

closes down 3 ’ 8% rise 111 basic wa § e 

BY DAVID WHITE PARIS, June 2S 

r avid w J”te FRANCE'S BASIC wage, the the company production of 

ANOTHER FRF NTH natTnnai SMIC - « oe s up next month by 20,000 cars at Flrns. Talks were 

newspaper bit the dust today 3 slifihtl ' V lar S er ex P e ^ ed suspended pending a return to 
P n P IrH D i l pJ. # ' y : margin of 3.S per cent. normal working. 


fi 


hr ting^projgct^e^W^j 


NOTICE OF HEDEMPTION 3 
To thejHoldeiB of 


BY DAVID WHITE 


P.\R1S, June 28 


ENTE 


Only Ran Am 
can giveyou three daily 
^TstoNewYork. 
Pan Anfs People 
Theirexperience makes 
thedifferenca 


The Quotidien de Paris. at , norm a* working, 

centre-teft tabloid just over four During the night, about 30 

years old. left the scene with P n? S Jsv strikers who had reoccupied the 

something of a whimper In an ^iuiinum hourly rate at FFr p ress .stH)p after riot police witfa- 

edition of eight pages. iu.53 iti.-ei wringing ine drew on Tuesday were evicted 

Its fragile finances, over- over the last 1- months j n a scuffle with non-strikers 

shadowed by more sturdy com- Yl 14 i 161, ^ ent K0,n P!*red with a armed with crowbars, 
petition, finally gave in under 10 P" C |Str There were cl ^es today at 

the pressure of a strike yester- SMIC. whi\.h represents pi cket y nes - m M 0U u ne:t 

day by part Of its editorial staff. ^ OOO^ FrenSrTm? immlennt strike ' where “anageraent and 

As M. Philippe Tesson, editor- Fren '- t1 , jnd imniierant un j ons yesterday failed to reach 

in-chief, said in his parting workers, is automatically in- ggreemenL 

editorial, the Quotidien was creased with every L per cent . 

always “more of a promise than r]se 10 inflation. „ Tn* strike movement In the 

an accomplishment.” Its print- Tht! latest rise means an effec- ? n^nsvsMr ar c P th?ni 
run after the first few numbers f - ve increase in purchasing . a “® I " a Si yard*, now mils ttard 

was never more than 35.000 and power of 1.7 per cent, compared Y° ek ; shows no slgn 01 

its circulation was at best 25.000 with just over 1 per cent when A poll in the arsenal at Brest 
The Quotidien was distin- it was last increased in May. yesterday showed 76 per cent in 
guisbed, if by nothing else, by But is is clear that the Govern- favour of staying out. 
a flair for headlines, cleverer, ment is expecting part of this 

apter and above all briefer than gain to be eroded when this . ne i. 

other French newspapers with month's cost of living figures Vjermdn living COSES 
serious pretensions. This morn- come through. The May index 

ing’s was. however, just a went up by l per cent after price Wes t German cost or living- 
melancholy “ The Last increases for public services and £■"* 

Quotidien," echoing the last bow this month's index has to take 

in December of the short-lived into account increases on tobacco from to e° Federa™ Statistics 
J Infonne. and Patrol. Reuter reports from Wiesbaden. 

J Informe, set up as a pro- In a batch of labour conflicts- The index (base 1970) showed a 
Government alternative to the the only sign of progress is that 2.5 per cent gain this month over 
evening Le Monde by M. .Joseph Renault is hoping for an early June last year, after a 2.7 per 
Fontanet, a former Centrist resumption of talks with the cent year on year increase In 
Minister, lasted three months press-shop stri kers who have cost May. 

NOTICE OF ISSUE ABRIDGED PARTICULARS 

Application has been made to the Council of The Stock Exchange for the undermentioned 
Stock to be admitted to the Official Ust. 

East Anglian Water Company 

{Incorporated in England by Special Act of Parliament in 1853) * 

OFFER FOR SALE BY TENDER OF 
£ 2 , 000,000 

7 per cent Redeemable Preference Stock, 1983 

(which will mature for redemption at par on 30 th June, 1983) 

Minimum Price of Issue— £97.50 per £100 Stock 

yielding at this price, together with the associated tax credit at the rale provided for in the 
current Finance BUI a$ amended, £10.71 percent. 

This Stock is an investment authorised by Section 1 of the Trustee Investments Act 1961 
and by paragraph 10 (as amended in its application to the Company) of Part II of the First 
Schedule thereto. Under that paragraph, the required rate of dividend on the Ordinary 
Capital of the Company was 4 per cent, but, by the Trustee Investments (Water Companies) 

Order 1973, such rate was reduced to 2.5 per cant in relation to dividends paid durino anv 
year after 1972. a . J 

The preferential dividends on this Stock will be at the rate of 7 per cent, per annum 
and no tax will be deducted therefrom. Under the imputation tax system, the associated tax 
credit at the rate of advance corporation lax provided for in the current Finance Bill as 
amended (33/67ths of the distribution) is equal to a rate of 330/67ths percent, per annum. 

Tenders for the Stock must be made on the Form of Tender supplied with the Prospectus 
and must be accompanied by a deposit of £10 per £100 nominal amount of Stock apolled for 
and sent in a sealed envelope to Deloitte Haskins & Sells, New Issues Department PO Box 
207, 128, Queen Victoria Street, London EC4P 4JX marked “Tender for East Anglian Water 
Stock , so as to be received not later than 11 a.m. on Wednesday, 5th July, 1978. The balance 
of the purchase money is to be paid on or before Thursday, 3rd August, 1 978. 

Copies of the Prospectus, on the terms of which alone Tenders will be considered, and 
Forms ot Tender may be obtained from:— 1 anu 

Seymour, Pierce & Co., 

10, Old Jewry, London EC2R SEA. 

Barclays Bank Limited 
62, High Street, Lowestoft, Suffolk NB32 1HT. 

or from the Offices of the Company at 163. High Street. Lowestoft, Suffolk NR32 1HT and 
l__ 84- York Road, Great Yarmouth, Norfolk. 



vY-v^ 




(National Hydrocarbo^ Au^ibrity) 

6 % Sinkin g Fund Debentures diie Fdtniary 1 , ^$1= 

NOTICE IS H E REB Y GIVEN that, pursuant to toeproviafons of toe Slaking FimiT far 
lures af die above-described issue, Morgan Guaranty Trust Company oi N«w iork, as Fiscal A ,^t;V 
has selected by lot for redemption on August I, 1978 at toe prindipnl amount tferteof 
prinripai amount of said Debentures bearing the following «wrin l nnmbens; 

DEBENTURES OF UA $1,000 EAfep Y; . Y -'Y: -T 


¥3^ n 

*P:- j 



157 812 1603 2361 3167 5124 

16® 816 1610 2363 8169 6127 

205 833 1617 2382 3170 9131 57 

836 1619 2384 3218 3136 

849 1631 2394 3222 5138 

861 1635 2409 3224 3171 

875 1645 2414 3226 5180 

1652 3431 3241 51 


325 ?!E? an 74ia at» £ 



4+ivi 

rprji- 


Yt : J 

* •~T M 


; yf-j| 

Vrl-P’H 


ilr'ttr'-Tjt't’.T'i 




«S «58 m TOW 8683 7SS& 1 


Fv- W 1 

pvt' 


F-^r? 

rryfi". 

■ * A 



ti . . . 








iv.* 



iT- * • 

t. * * ‘ wf 


't tS n 

■ 


| J jL 





W 

fy i . 




1 v.' iHV 

Vf- 

f.jlt A 




(r 

f i lY. | 





YtCt j 


*il: r f ^ j 



tii)' i 

trtirrj 



9 1 • *< k - T 

[i ( ' - 1 1 . c 





Li); -j 

tl: t‘«3 



*' '5 





On August 1, 1978, to ere will become and be doe and payable upon each E 
amount thereof, in such com or currency of toe United States of America r - 
aor toe payment therein of public and private debts, at toe option of tie 
poraw trust office of Morgan Guaranty Trust Company of New YoA 
j orx , n, j# ttnUo, or ih) subject lo any jaws and regulations applick 1 -'- 
paymenr, ramney of payment or otoerwise intoe country of any of the 
? ,7"“ “ Banca Nazionalc del Lovozo in Borne or die principal office of 
w Milan or toe main offices of Morgan Guaranty Trust Co m p any of Jfe^ - - 

IS? 1 ^ Algomeae Bank Nederland N.V. 

SJL Lnxantoonrgeoise in Luxembourg- Ville. ' ., 

^Debentures surremteed for redemption toould have attached afi-uhmatnret 

SK2 S. a! 0 -^ atoi ? a T f e detMh& i and caflectediiik 

From and after August L, I93B, interest shall cease to aoente an the 
redemption. ... 

ENTE NA2IONALE 3 

Byr MORGAN GUABANTT 
Jnne29,3978 T ' ■ 

• — • ~ • • -• -«f?a 

NOTICE. 

pa 3i£ n,Win| IWjentllie6 previonsl7 ^ te? redemption 

DEBENTURES OF US. «1^08& EACH- 

18170 


M-1908 1995 2084 4583 
1912 1897 2098 4584 
«« 472S 
I 3821 2012 3102 9008 

L 1929 2028 2188 9106 

r 3931 2037 2173 9177 

L- 1960 2046 2195 30267 

i 3980 2050 3204 10271 

1982 2062 4581 10273 



I 


r 






Financial Times Thursday June 29 1978 


*t] ' Parties still at lodds o 

QftJ» t \ 

to -'ij, * new Italian President 





Parties Still at odds over Moscow-based U.S. journalists accused of slander 

'i V ^ MOSCOW, Jt 


BY PAUL BETTS 

ON THE eve of the first ballot 
of the Italian presidential 
election there still appears to 
be no all-party consensus on a 
candidate to succeed Sig. 
Giovanni Leone who resigned 
earlier this month. 

The sudden resignation of 
Sig. Leone following a series of 
so far unsubstantiated allega- 
tions of corrupt practices has 
presented the main political 
parties with a decision they had 
hoped to avoid until the end of 
the year, when Sig. Leone would 
have completed his seven-year 
term. 

Coining so soon after the 
kidnapping and assassination of 
Sig. Aldo Moro. the former 
Prime Minister, the presidential 
elections, which are likely to be 
a protracted affair, are expected 


to act ns a further ‘t serious 
obstacle to the attempts; or the 
Christian Democrat minority 
Government to introduce its 
long overdue economic and 
social recovery programme. 

The first ballot also falls us 
an International Monetary Fund 
learn led by Mr. Alan Whitlwnp. 
the Fund's European . director, 
arrives here to review the 
Italian economy and open formal 
negotiations for a npw^standby 
facility of some $lbn. The Italian 
Government is understood to 
have hoped to negotiate’tbc new 
facility before the 2 August 
holidays buL with the presi- 
dential elections, tins Hooks u 
remote possibility. - 

At the same time. $e main 
political parties directly sup- 
porting the minority ( Govern- 


Use of bio proteins to ffeed 
animals officially limited 


BY OUR OWN CORRESPONDENT 


HOME. J dine lit 


THE ITALIAN health council 
said after a meeting here tonight 
that bioproteins could only be 
used at present to feed animals 
not reared for human consump- 
tion. 

The council’s decision now 
awaits formal ratification by the 
Health Minister, Signora Tina 
Anselmi. 

The bioprotein issue, and pos- 
sible health hazards associated 
with the substance, have been 
the subject of heated debate in 
Italy during the apst eight years. 
At the centre of the controversy 
are two Italian chemical groups 
— the State-controlled ANIC con- 


cern and Liquiehiinica — which 
have been awaiting permission 
to produce bio proteins a l com- 
pleted plants in Suqjbnla and 
Calabria. i 

However, since 197$ the two 
groups have been authorised to 
produce not more th*n 40,100 
tons annually of biopjitieins on 
an experimental basis; and Dot 
for commercial use. j. 

Repeated delays by the health 
authorities in ruling;. on the 
issue led to a decision: this year 
by ANIC and its partner. British 
Petroleum, to liquidate their 
£40m joint venture at, Sarroch 
in Sardinia. « V 


New chief for Communists 


Bank of Italy 

By Our Own Correspondent 
ROME, June 28. 

SIG. CARLO CIAMP1 was 
appointed Director-General of the 
Bank of Italy today after the 
resignation of Sig. Mario Ercolani, 
who is about to reach the retire- 
ment age of 35. 

Sig. Ercoiani's decision to 
retire is widely thought to have 
been taken to ensure an internal 
nomination to his post and to 
avoid outside political inter- 
ference. 

The new Director-General, who 
is 57. was formerly a deputy 
Director-General and has worked 
for the bank since 1946. It is 
understood that Sig. Ercolani may 
join the Treasury to reinforce the 
team of— the new Treasury 
Minister, Sig. . Filippo Pandolfi, 


may run f 
San Marine 

SAN MARINO. Jane 28. 
SAN MARINO’S Communist 
Party was today asked! to form 
a new Government after the 
Christian Democrats failed to put 
together a centre-left? Admini- 
stration. v 

The two Captains-R {gents nr 
the republic, on the mils near 
Rimini on Italy's Adriatic coast, 
banded the Commutists an 
official mandate and asjted them 
to report back by Jure 5. 

It is the second timrithis year 
that the Communists Save been 
asked to form a Gotarmneiu. 
Their first attempt failed .and 
led to inconclusive general 
elections in May. 

Reuter ... • 


ROME, June 2S. 

ment, clearly do nut want to 
Precipitate a confrontation over 
the presidential elections which 
cuuid have serious repercus- 
sions on the fragile governing 
formula. 

The Socialists and The smaller 
parties have been Irritated by 
what they regard as a lack of 
consultation over the resigna- 
tion of Sig. Leone hy the two 
largest parties, the ruling 
Christian Democrats and the 
Communists-. In turn, the 
Socialists have insisted on the 
nomination of a Socialist Presi- 
dent. much to tho annoyance of 
the Communists, who have been 
forced to harden thexr line 
towards a Christian Democrat 
candidate. 

However, after the initial 
sparring, all the parlies appear 
intent on avoiding an acri- 
monious contest, although they 
alt want to demonstrate— at 
least on the surface — a degree 
of independence to their respec- 
tive electorate. 

At tomorrow’s first secret 
ballot, the main parlies are 
expected to pul forward wlial 
arc generally regarded as their | 
token candidates, merely to lest 
the mood of both houses of Par- 
liament and the 58 representa- 
tives of the regions who elect 
the new President. 

Next week, after the first four 
ballots requiring a two-thirds 
majority of the 1,010 voters (630 
deputies, 322 senators and 5S 
regional representatives), the 
names of the more likely presi- 
dential candidates are likely to 
emerge, if an inter-party agree- 
ment has not been reached i 
earlier in the course of the tradi- 
tional frantic lobbying. Subse- 
quent to the first three ballots, 
only a straight 51 per cent 
majority is necessary to elect a 
President, leaving a larger area 
for party manoeuvres. 

Of the possible candidates, the 
names consistently voiced in the 
past days are Sig. Benign o 
Zaccagnini, the reformist 
secretary-general of the Christian 
Democrat Party. Prime Minister 
Giulio Andreotti, Sig. Antonio 
Giolitti, one of Italy’s two EEC 
Commissioners who would have 
Socialist backing, and. less likely, 
the veteran Republican Party! 
leader, Sig. Ugo La Malfa. 

9 A seaside villa owned by tbe 
son and daughter of former 
Deputy Premier Ugo La Malfa 
was d am a ged today by fi re 
bombs, police told Reuter in 
Rome. 

Sig. La Malfa. wbo uses the 
villa south of Rome, has served 
in many coalition Cabinets and 
supports Communist participa- 
tion in Government austerity 
plans to restore the Italian 
economy. .. 


THE MOSCOW CITY COURT 
today .served two U.S. 
correspondents wilh a writ lor 
slander in an unprecedented 
action against Western 
journalists. The action involved 
the reporting by the Americans 
of a dissident's televised 
confession. 

In the writ brought by the 
state television committee, Mr. 
Craig Whitney of the New 
York Times and Mr. Harold 
Piper of the Baltimore Sun 
were accused of publishing 
false information and siauder- 
tng television employees. 

The suit was the first con- 
nected with the work of 
Western correspondents in the 
Soviet Union. It demanded a 
printed retraction of articles 

EAST GERMANS arc displaying 
a yearning for far-away places 
that has made this country's 
citizens the leading travellers in 
COMECON. From the beaches 
of Bulgarin to Soviet Central 
Asia, East Germans are making 
up for the many years when they 
could only leave their country 
with ihe greatest liifiieuliy even 
for other CotmnunUl countries. 

Frau Hanna iler>euiann from 
Dresden has ranged farther afield 
than most East German holiday- 
makers, but she does illustrate 
Hie Wanderlust at large here. 
This past winter she look a 
cruise to Cuba and this summer 
she is off with her husband to 
the Caucasus Mountains. As the 
wife of a plumber with his own 
flourishing shop, there is money 
to be spent. There is, however, 
one place Frau Mersomann says 
she would like to S<> but no 
amount of money will buy her 
a trip there — West Germany. 
“ Just for a week to see ibe Rhine 
and the Alps,” she says wistfully. 

Out of a population of 17m 
East Germans made nearly 12ru 
trips outside their country in 
1976. From other bloc countries, 
the Czechs came second, with 
trips abroad for 54 out of 100 
inhabitants. Then come the 
Hungarians and the Poles and. at 
the bottom of the list, are the 
Romanians with two trips out of 
the country and Soviet citizens 
wilh one trip per 100 inhabitants. 
That Soviet citizen is likely to be 
an official on business. 

The East Germans make 2.8m 
trips abroad, many of them to 
West Germany. This, however, 
is almost wholly accounted for 
by pensioners who are allowed 
to visit the West for 30 days a 
year once they reach retirement 
age. Far fewer Hungarians. 
Poles or Czechs reach Ihe West. 
But there are no age limits for 
shorn and qualifying is largely a 
question r»r obtaining enough 
hard currency. 

Mass travel across Eastern 
Europe's borders began in 
January 1972 whep East Germany 
and Poland dropped visa require- 
ments for each others citizens. 


written by the two men, which 
quoted the dissident’s family In 
Tbilisi, capital of Soviet 
Georgia. The action is the 
latest development reflecting 
the recent dip in relations 
between Moscow and 
Washington. 

As Mr. Whitney and Mr. 
Piper were in court today, the 
U^i. embassy was dealing with 
I he case of seven Soviet 
PenlecoslaUsts who dodged 
past Soviet police outside the 
embassy building to seek UJ5. 
assistance. The Pentecostal Ists, 
wbo ran into the embassy 
veslcrday and spent the night 
in armchairs, said they would 
not leave until the Soviet 
authorities £ a ' v them permis- 
sion to emigrate. 

Embassy officials said today 


that the Church group — five 
members of the Vashchenko 
family and another Soviet 
woman and her son — would not 
he forced to leave. However, 
when the group does leave, 
which is probable eventually, ii 
faces almost inevitable prosecu- 
tion. The dilemma of the U.S. 
diplomats is all the more acute 
in the light of President 
Carter’s criticism of the Soviet 
record on human rights. 

Another U.S.-Soviet wrangle 
was somewhat defused yester- 
day by a three-prisoner agree- 
ment between Moscow and 
Washington. One of the 
prisoners, a U-S. businessman, 
was resting today after being 
released from a KGB security 
police jail. 

The two correspondents are 


accused under an article of the 
civil code giving citizens the 
right to receive a retraction 
from someone who has 
impeached their honour and 
dignity. They must now 
appear in court on July 5 to 
hear the complaint that they 
"denigrated the honour and 
digniiv of members of the 
State 'Commit te for Television 
and Radio.” 

In tbe articles cited, the 
journalists quoted sources 
close to the family of dissident 
writer Zviad Gamsakhurdia as 
saying they believed the 
authorities bad fabricated the 
televised confession. Mr. 
Gamsakhurdia was one of two 
members of a Helsinki accord 
monitoring group in Tbilisi 
sentenced to labour camp and 


TOURISM IN EAST EUROPE 


Seeking a place under 
the Socialist sun 


BY LESLIE COLITT IN EAST BERLIN 


Last year Poles made 7m trips to 
East Germany or 67 per cent of 
ail the foreign trips made by 
Poles while East Germans visited 
Poland on 4ni occasions. Poles are 
attracted mainly by better 
slocked East German stores than 
by the scenery, and restrictions 
have again been imposed on their 
travel to East Germany to 'pre- 
serve shop inventories. 

Currently Poles who buy East 
German currency must pay a 23 
per cent fee for East German 
marks while East Germans get a 
14 per cent bonus in zlotys for 
their marks. The Poles are also 
limited to a fixed amount of both 
East German marks and Czecho- 
slovak crowns each year and 
there is a thriving Polish black 
market In both currencies. Czecho- 
slovakia has also dropped visa 
requirements but limits the 
amounts of crowns which East 
Germans or Poles may buy. One 
reason is that more Western 
goods are available at lower 
prices in Czechoslovakia than in 
the other two countries. 

East Germans travel to Poland 
and Czechoslovakia on week-end 
trips and summer holidays with 
the great majority making their 
own arrangements. Hotels are 
especially scarce in Poland where 
the existing rooms arc taken up 
by Westerners. To the younger 
East Germans the exposure to 
Polish ways is a revelation. One 
East German student says that 
crossing into Poland is like taking 
a breathiof fresh air. He praised 
tlie relative freedom in Polish 
youth hostels where young East 


Germans can, meet Westerners 
and other East Europeans and 
mingle with them as is not pos- 
sible at home. 

Older East Germans often only 
seem to find their preconceptions 
about Poland confirmed. 

For citizens of Poland and 
Hungary there are fewer political 
barriers to travelling to the West 
than monetary ones. Citizens of 
these countries can get permis- 
sion and exchange money for 
travel to the West every three 
years on average. In Czecho- 
slovakia one can buy a maximum 
Of S220 for the trip which is the 
equivalent of 2J months’ average 
wages. In Hungary one can get 
$200 and in Poland $130 which is 
the equivalent of 1 J months' 
wages. 

Package tours to the West can 
also be booked through the state 
travel agencies but only 3 per 
cent of the Czechs who travel to 
the West do. The reason is that 
a two week air trip to tbe Costa 
Brava and Madrid with hotel, full 
pension and S60 pocket money 
cost the equivalent of six months' 
wages in Czechoslovakia. 

East Germany's state travel 
office this year offers several 
trips to other Socialist countries 
ranging from a two-day excursion 
to neighbouring Lower Silesia in 
Poland for 278 marks to a 14-dav 
grand tour of the Soviet Union 
for 1.610 marks. For years East 
Germans avoided travel to the 
Soviet Union but now a growing 
number of them are taking in 
Sochi on the Black Sea. One East 
German sums up his impressions 
after a trip through the Soviet 


Union as “overwhelming, but 
naturally you can't compare their 
way of life with ours.” 

East Germans wbo stay at 
home during the summer try to 
visit the Baltic Sea where over 
2.5m of them spend tbeir holi- 
days at trade union homes or 
camping on hopelessly over- 
crowded grounds. A 13-day stay 
at a union home costs 50-52 
marks with full board for an 
adult and 30 marks for children. 
Rail fares for the holiday trip 
are reduced by 33 per cent. The 
many others who do not get a 
room near the Baltic either try 
for a trade union home at the 
Lakes to the nortb of Berlin or 
in wooded and hilly Thuringia. 
Summer holidays go on sale in 
the dead of winter and the 
queues which develop are 
reminiscent of those outside 
shops in the early postwar years 
when bananas arrived. 

National enterprises are also so 
eager to build holiday camps for 
their employees that Govern- 
ment planners complain that con- 
struction materials are being 
haphazardly shifted from one 
part of the country to the other. 

One factory in the Leipzig area 
in the south of East Germany is 
heing criticised for shipping tons 
of building material and equip- 
ment and sending dozens of its 
own workers to a lake in the 
north of East Germany where 
they erected a holiday camp. The 
bungalows have been completed 
in time for summer occupancy 
while an important factory 
extension is said to be hopelessly 
behind schedule. 


MOSCOW. June 26. 
exile last month. 

About 30 correspondents, 
representing most of Moscow's 
Western press corps, waited 
in Ihe anti-chamber of court 
while Whitney and Piper 
received the writs. 

The Soviet authorities have 
recently stepped up harass- 
ment of journalists covering 
dissident events, an activity 
the authorities regard as 
hostile. In recent weeks, 
reporters have been subjected 
to intimidation in the streets, 
photographed and filmed at 
close quarters, and hosed down 
with water. Today three 
correspondents who covered a 
dissident trial returned to find 
that a lyre on each of their 
cars bad been let down. 
Reuter 


NATO fears 
of Soviet 
arms offer 
to Turkey 

( By Jurek Martin 

i WASH I NGTO N . June 28. 

! THE SOVIET UNION has offered 
| Turkey arms supplies not avail- 
j able from NATO sources, the 
allied commander in Europe told 
Congress today. 

General Alexander Haig was 

testifying, with Mr. Cyrus Vance. 

Secretary of State and Dr. Harold 
Brown, Secretary of Defence, as 
part of the Carter Administra- 
tion's drive to secure repeal of 
the partial embargo on arms sales 

to Turkey. 

General Haig said he was con- 
fident that when the chief of the 
Russian armed forces visited 
Ankara last month “ there were 
blandishments offered for items 
no longer available through 
western sources.” 

He predicted that if the 
embargo were not lifted and 
Soviet-Turkisb relations conse- 
quently improved, as many as 50 
Warsaw Pact divisions could be 
redeployed away from the Bal- 
kans for possible use in Europe. 

In addition. General Haig said 
that Turkey would expel U.S. 
forces stationed there and 
would itself re-orient its own mili- 
tary resources away from the 
border with Russia to the fron- 
tier with Greece. 

In that event, Turkey would 
continue to work to prevent the 
reintroduciion of Greece into 
the integrated NATO military 
command structure. 

Mr. Vance agreed that ending 
the Turkish embargo would 
impose new strains on American 
relations with Greece, but he 
said he did not think the sta- 
bility of the Greek Government 
would be jeopardised as a result. 


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AMERICAN NEWS 


f OVERSEAS NEWS 


Producers Supreme Court bans college 

face quota admission rules! dollar 


at steel 

imnort lCVfil yj*' Court today the fact That the nine justices of “J 

T V1 resolved one of the most contra- the court today wrote six of hi 


Sheikh Yamani warns ot sharp 
increase in oil prices in 1980s 


BY JURHK MARTIN, U.S. EDITOR 


WASHINGTON, June 28. 


By John Wyles 


to a po^-wsr record low of 
203-80 yea on the foreign 
wAun mtket here. Dealers 


rallying atightiy to Y204B5 in 


THE U.S. Supreme Court today the fact That the nine justices of “Justice Brennan, with three TOKYO, June 28. 

resolved one of the most contra- the court today wrote six of his colleagues concurring, said xficE ttanfr of Japan stepped In 
versial cases it has heard in different opinions - on various that the ruling today " affirms prop up the hard-pressed 
years — concerning “reverse dis- aspects of me case. But — on the the constitutional power of di&ar 'today after it slid 
NEW YORK. June 28 crimination" against white two key issues (upholding Mr. federal and state governments to to * postwar record low of 
ALTHOUGH U.S steel imports Americans— In a series of tuI- Bakke and the lawfulness of the act affirmatively to achieve equal 263-80 yes on the foreign 

declined last month. U.S. steel “B® which, taken together, use. of racial considerations)— opportunity for all" . exchange market here. Dealers 

producers are complaining that degree of the court divided five to four. Justice Thurgood Marshall, the said the dollar responded to 

the fall was far -less *ha« they satisfaction to ail sides- Last year. Mr. Bakke. who was only black on the Supreme the Japanese bank purchases by 

expected and- are raising The court ruled, by five to twice denied admission to the court.. agreed that race should be rallying aHgfctly te Y204AS in 

Questions about the adequacy of four, that a state university in medical programme^ at "the a factor in. university admissions hectic morning trading. - 

protection afforded by the Gov- California was wrong to deny .Univeraxty of California at Davis, programmes, -but dissented from “ — *- ’ — ' — * 

emmentfs trieger-price system, admission to a white man, Mr. 111 M* 73 add 1074, won his appeal verdict that the Californian 
Mr Frederick Langerberg, Allen Bakke. because it reserved that ^elusion- in the university practice was unlawful, 

president of the American iron a certain number of places for *** bought that countless names at various races, as me 

and Steel Institute, said y ester- members of minority groups. bend government programmes might doBar fluctuated. This repre- 

day that much of the Industry But, at the same time, the “ - nnmSw ™ be advers ely affected by the seated a new method in end- 

was “alarmed and surprised" at court, rtrted that it was proper race verdict. tost te its previous practice of 

the volume of imports in May, for institutions to take into But ti^yjufftiee l2S"s Powell Four « Part, took a buying dollars through odoeted 

when the trigger-price mediae- account racial considerations in “t t^y, J^s PtweU narrow view of the hanks. ■ . . 

iAm wm pxnpcteri to have its framing admissions policies. * e "_ P^f* ?/ tne . leadJI ?B Bakke case. They concluded that Th« hnks nmi far fk*> in- 


BY VICTOR MACKIE . . 

SAUDI ARABIA'S Oil Minister. - But Sheikh YamanT wan^ 
Sheikh Ahmed Zaki Yamani, has that the soxplw -was only tem- 


ineritabla by the end . of the said that new energy sources are 
1980 s. . .. aaiikeiy to meet the tatik.ef 

Sheikh Yamani was in Ottawa iff J55S" 

today, conferring with Mr. Karte ,^ q ” g . eq u 

Trudeau, the Prime Min£ter>Awrplus diminishes, • the ^ world 


Hs purchases through several 
different J a p anese commercial 
banks at various rates, as the 


and Ms! Alistair Gillespie, the ft.£3S£? 

Energy Minister, on. the global 

Yamani addressed the . 
meeting of the Cansdiah^det* 

of Petroleum GeoioxtoU .te *3 K 

decided to refrain from 

ing oil prices for the time beia%. 

La view of the surplus tff yori fa fed 

oil auppUes. meeting, .mat. beeause of . the 


ism was expected Co Slave ats framing admissions policies. JJLJi Bakke case. They concluded that The banks used for the in- 
fin* signiflSmt impact. "We While the court declared Invalid £S e d o tte 1984 CivU *&** Act “«“* tervcitSn^Sd^d^t te 

thought imports would be close the quota system operated by the SLn JS«r ^Kf the State Ks » a canODt b® the basis of ex- give any details of the een- 
to lm tons,” he complained. Caiifonuan university. Its ruling JJgjgJS -.“A 1 *££ lerit? ? iudl , n? an , yone from participat- trai bank activities. On Jffon- 
Instead the Institute’s figures would appear to leave intact the matefvrn av tase rrod bv a iag in a i aderaIly funded pro- day, the Bank of Japan bought 

pointed to a volume of 1.51m considerable munber of public p™?iydCTised admissions pr^- These justices voted in a fairly huge amount of the 

tons of imported steel, 30 per and private “ affirmative action • ' favour of admitting Mr. Bakke to TJJL caraway, estimated by 

cent lower than the Anrll figure programmes at many levels of IraTonsSeratton $ rSeand university but, in the words some dealers as approaddug 
and 17 per cent down on May society which seek to promote ethnic oriein.' 1 °f Justice John Paul Stevens, gZOOm. Bat that intervention 

1977. opportunities for those who have .justfce Powell rejected as dissented from the judgment “ to only succeeded hi slowing the 

Some of the steel industry's suffered discrimination in the “seriously flawed" the univer- the mtrent that it purports to do decline of the dollar, which 

indignation can be attributed past because oE their race and s ity- s contention that its admis- aching else." ' aecderafted this morning as the 

to its desire to maintain pres- sex. . . ■ sions programme — which But civil rights groups rush to exchange dollars for 


* \ " "OTTAWA. June 28. 

devalued dollar and inflation, 
the current price of S12.3TD a 
barrel was worth, only $7.iO at 
J075 prices, 

. When .compared t® the pnee 
hr $19B3 set in January, 19 14, 
tins current price shows n real 
deterioration or 29 per cent, he 
toH the Prime Minister. 

■, Sheikh Yamazti said that, con- 
trary bo p^rnlar misconception, 
the flow' of capital dollars to 
OPEC, countries is not what it 
is assumed to lie, and some 
OPEC oountnles “are even bor- 
rowing {roan -the international 
financial market, thereby reduc- 
ing their ability to grow at a 
satisfactory rate- 
. ‘"Hue so-called transfer of 
resources from the industrialised 
countries to the oil-exporting 
oountries, initiated in 1974, has 
reversed since 1875," he said. 


! prJ | ■ 

;i/g 


** { 1 




TT1 


Some of the steel industry's suffered discrimination in the "'seriously flawed " the univer- the •***« 

indignation can be attributed past because oE their race and ^ contention that ^ its ad^L anything else." 

to its desire to maintain pres- sex. . . ' sions programme — which civil rights groups ■, w.. l>c 

sure on the administration to The Bakke case had been o£ reserved, in 1974, 16 places out generally were relieved today yen resumed, 
reform the trigger-price system, cons umin g interest to the U.S. 0 f 100 for ^tbkue minorities — was that the court had gone so far — .• 

but on the surface it seems Government, to minority groups, only way to achieve ethnic “ te address itself to the legiti- % « . 

posable that the Institute may educational interests and cml diversity He cited other univer- macy 0 f the race question. NOTfl9tl flPtPOl<J 
be correct in forecasting steel libertarians. It had been per- sities, including Harvard, which The head of the American • 1"^. uvivvio 
imports for this year higher than ceived as one of the great Litmus took raeial considerations into Civil Liberties Union took simi- KpnVQ 

the 14m tons predicted when tests of the legally-backed pro- gccoont. without making them a lar .consolation and estimated . IVCIlj d 

the Govenvment's plan was gress towards equality of oppor- so ie criterion for admission. that 90 per cent of existing affix- By John WomA 
unveiled late last year. tunlty in U.S. society, in which . a parallel Opinion, extend- mative action programmes another htcwranktnc 

In a dash to get under the great strides have been made -log the principle beyond the would not be affected as a 

trigger barrier, importers placed since the famous Brown versus university sphere, Justic William result S 

huge orders for foreign steel at Topeka, Kansas. Board of Educa- Brennan stated. “ government In San Francisco. Mr. Bale he's ” 

the beginning of the year, so tion ruling in 1954, which out- may take race into account when lawyer said that this constituted Eft*! 

that in the first five months of lawed discrimination on racial it acts, not to demean or insult a personal triumph for bis client, tj ^Z t, - omiaui » 

1978 imports totalled 9.43m tons, grounds iu the public school any racial group, but to remedy and that be would be entering tnit-Tf 

which is 51 per cent higher than system. disadvantages cast on minorities the university medical school in "‘t’ 


Somali defects 




asgeaga 



the volume imported in the 
same period last year. The UB. 
Treasury's view is that the May 
figure was infla ted by the late 
arrival at the customs service 
of import documents for steel 
which was actually landed in 
April. As a result, the Treasury 
believes the June figures will 
show a substantial decline. 


This interest was reflected in by past racial' prejudice. 


the autumn- 


U.S. in Pretoria nuclear talks 


BY DAVID nsHLOCK, SCIENCE EDITOR 


cendnetiag a “reign of terror 
which has made several edu- 
cated Somalis flee for safety 
to foreign countries.” 

Be said President Barre was 
at “supreme dicta tor” who had 
trampled, on the basic rights 
of the Semaif people. In April 
this year the former Somali 


* qSL ^ imnnrtTijt attri CRUCIAL TALKS between the signing the treaty. But South this reactor, has authorised no Mmbuatiu to Kenya, Colonel 

The bulge in imports m atoi- ujS. Administration and the Africa also wants U.S. help in fresh deliveries since the end of Hasseta Dnateh. 

In *£,,! South African. Government open restoring its seat on the Board of I9B6- defected to Kenya after -desert- 

in Pret °ria next Monday, aimed Governors of the International As a result, it is believed that brUanleTa the Ogaden. 

? fiSSJ ef h3 e A J S5rS at pwwwtas South Africa to Atomic Energy Agency (IAEA), the power level of the 20 MW J'greup rfartn, 

Sign the Nuclear Non-Prolefration “watchdogs” on proliferation. (thermal) reactor has had. to be defected to Kenya earlier tUs 

Thiswas a position it held reduced to a point where it is --** ** 

Confirming this yesterday. Mr. until last summer, as the most no longer a useful tool for r™ • • • 

Februao. the mechanism sets Botha. South African advanced nuclear nation in tlic nuclear fuel development. 


if then 

new head of sfc 

rime 

Mohai 

TTTT1 

usier, . bil r. ■■ 

ed, was she 

he Centra! 

1 Committee 



V- , - .» . . ■ . uiu u., uuui laoi guuiiun, ub luc uiv» “v 'Ml i'iui 

sels Pik Botha. South African advanced nuclear nation in tlic nuclear fuel development, 
mmunum prices for steel im- Minister for Foreign Affairs, said African continent, but which it The U.S. Government hopes to 

' 6 *b fi discussions would be oo lost to Egypt on a political vote, persuade South Africa to accept 
world s nmst .efficient producer: matters “of mutual international The vote was re-affirmed earlier a less highly enriched fuel — 

concern" in nuclear energy. this month. , 35-40 per cent instead of 93 per 

mgjrer-pnce is liable to South Africa has apparently The enrichment which South cent — than it has previously 
accelerate a Treasury anti-dump- supplanted India as the UB. Africa wants from the U.S. supplied, 
mg investigation. Administration's prime target includes fuel for its first two • The U.S. Government is under- 

among the nations with nuclear power reactors, under construe- stood to be about to make a 
weapon potential which have not tion at Koeberg. formal offer to Euratom to 

yet signed the treaty. Even though South Africa has reopen negotiations on UB. 

Mr. Gerard Smith, senior State its own supplies of uranium and enrichment supplies. « A formula 
Department official dealing with has operated its own enrichment is being offered which will allow 
questions of nuclear proliferation, process on- pilot scale since 1975, fresh discussions on supplies to 


Entebbe raid 
passengers 
sue airlines 


Africa with the U.S. response to reactors will be delayed by that all Issues under discussion 

a package of demands from the several years if the U.S. Govern- as Part of the two-year iuter- 
NEW YORK, Jane 28. South African Government meat reneges on an earlier national -nuclear fuel cycle 
PASSENGERS ON the hijacked Mostly these demands concern undertaking to provide the evaluation will remain outside 
airliners stormed by Israeli com- guarantees of assistance over enrichment initially. ‘ their scope until the INFCE 

mandos at Uganda's Entebbe uranium enrichment a crucial Still more urgently needed, exercise has ended, late next 
Airport in 1976 have filed a civil step in the provision of reactor however, are supplies of highly year. 

suit here claiming S130m in fuel. enriched uranium for South The new formula, therefore, 

damages from Singapore Airlines The view in Washington is that Africa’s only existing reactor, goes at least part-way towards 
and Gulf Aviation. The suit filed if the U.S. Administration accepts the Safari research reactor. The meeting French objections which 
In Manhattan Surpreme Court these demands. South Africa will U.S. hitherto sole supplier under bave prevented discussion for 
on behalf of 194 passengers and be pretty firmly committed to IAEA safeguards, of all fuel for some months, 
the families of four passengers, 
claimed that the two airlines 
were accessories and accomplices 
to the hijacking by pro- 
Palestinian guerrillas. 

It said investigations had shown 
that the airlines allowed the 
hijackers aboard flights from 



Malawi Voting in first general 


.'-■V 


Dr. Banda : sober and puritan 
ruie~.’- 


BY YICTOR MACKIE 


A GENERAL ELECTION is a 
decidedly rm Familiar experience 
for Malawi’s voters. Polling today 

OTTAWA Inn. 9R . I™ 11 marfc the first ■“* Went 
OTTAWA, June 2& 4 1 17 years. It is only the second 


A FUND Of Mbs to help trade among nations, such as is certain industries. The, council Malawi’s hrttory and tiie first 
tff^uerrSSs ^uded^a^&S industries In Ontario and Quebec being negotiated at Geneva, will also proposes that the rate of since Independence m 1964. 

£ e u J3S n RJSr^ R a competition JZS&J1L& JSLTkSftMStt 


hiteSeTit r to ra EntebbT D S5 ‘developing wra advantage over Canada developing countries ‘.should be ****** «™r h« gripped fte 

SSmvKm? 8L mSS?* „!f a i S recommended today hv the m th . e P««b»ction of goods that moderated. country. There is excitement, 

hefore^srae/launchS^ Vraidto Ec° nooi ic Council o?Canada- ?* e t i*^^ i 2SS5* e ? ld baSCd S ?^? g L“ “A |jrods would be but that isratiifer a foretaste of 

wmre isidei iduncaea 11s raia 10 on to-day s technology. applied a different manner next week^s celebration of 

free the passenger hostages. Part of the 15-year fund couia Trade liberalisation threatens For MPnKilIv riilTiirenh nnnu,^ n MrIiwTk Fnfinwruifln'pp annfver- 


„ee xne passenger nostages. ran of tne 10-year tuna could Trade liberalisation threatens KwtkSy 1 dlSrlutmSS* SSfawrT^do^eS^re ' inhfver^ 
Singapore be used to create a development Canadian manufacturing in tex- The encouragement of *^ustry sary and of the return to the 

MssaSuSS HKsa z r^,z 
a.'SSSS 3 ?? ar 1 “-*.*^5 

France ^led in'chicanH^bv^q by *“ c0n “ l1 “J 8 - that 250,000 jobs are at stake, turing in Canada. - ” ' Every main road has been 

£££.£?» SehiSd ffiehr Quebec and ' 100 ’ 000 in ** threatened 'job. Hned with , thousands _ of Bag 


aided and abetted the hijackers.” competition, the report prepared t or7, tb7 reDdri sTvs Tt claims i„h 1 ^ ' 

France ^led in^ChieacJ^hv^fl ^ c0n ®* 11 “J 8, that 250,000 jobs are at stake, turing in Canada. - “ Every main road has been 

“J™ Chicago by 45 its report. ‘For a Common 130,000 in Quebec and .100,000 in The 250.000 threatened lobs Hned with thousands of Bag 
P-*S?,V ae "r the hiJacked Futere." assesses Canada's rela- Ontario. represent 15 per cent nf tbb polbs flying. the nSSai colouS 

Reuter p diag ' . * lth If * e developing The$ton fund would be used manufacturing labour forS and Even the smallest road from the 

n uter t countries. It says that freer to restructure and reorganise 3 per cent of all jobs in Caw^a. principal city, B1 an tyre to Jhe 

7 | ■ new capital Lilongwe can boast 

RAMIFICATIONS OF PROPOSITION 13 1 half a dozen flags.- The same red. 


black ^ and green festoons *m 
major - / buildings,' , vdMfA* 
factories, shops and hotels TOoSe 
portraits . of the President, 
ubiquitous at ordinary/ times, 
have been set into 4raunc*al 
arches at the entrance Ao each 
town. .■ 

• Something of the fetive. air 
has probably rubbed off on the 
election, which might otherwise 
have been -something of a non- 
evept. Fpr a start it is a one- 
party election, with only 
members of *be ruling Malawi 
Congress Party allowed to stand. 
Moreover, -there are contests in 
only 47 constituencies, and 33 
candidates, have been declared; 
elected unopposed. 

All electioneering is forbidden. 
Instead, the candidates, two and 
sometimes three per constitu- 
ency, axe formally 1 introduced 
to their electors at meetings 
called by district officials of the 
-party. The voters are urged to 
choose the men they consider 
“trustworthy, loyal, polite and 
hardworking” as their Members 
of Parliament ' 

It -is. all a -serious affair, in 
keeping yith the sober and 
puritan rule of President Banda. 
Anyone who attempts 'to win' 
support by buying favours faces 
certain political extinction; “If: 
anyone gives you money to vote 
for him. .you should report to me* 
and that person wilL be finished,’* 
the President told'a rally last; 
week. Candidates have: already, 
been . vetted, by the • Resident 


ice 

n 

it 


The California cuts 


EDUCATION: IN CHINA 


BY MAURICE IRVINE IN LOS ANGELES 


IN ALAMEDA COUNTY, near 
San Francisco, the chairperson of 
the local Yes ou 13 Committee 
visited the nearby branch 
library to borrow a book and 
found the librarian receiving 
books but no longer handing 
them out The library will shortly 
be closed because of the 
economies enforced by Proposi- 
tion 13, the tax-cutting Initiative 
approved in California on June 6. 

In Oakland. 16 police recruits 
received their diplomas and 
posed for the traditional Police 
Academy class portrait All 16 
were handed dismissal notices 30 
minnes later. “Sorry.” said their 
chief, “it’s a Proposition 13 
economy.” 

In Las Angeles, Mayor Tom 
Bradley and the city lathers tried 
to refuse their next pay increase 
and were told that such an 
action was barred by law. They 
can take the money, then hand 
it back. 

In these and 100 other ways, 
the impact of Proposition 13 is 
being felt around the state. 
Although the full extent of the 
ramifications cannot be known 
for some months, it is already 
dear that a great deal more than 
aurplns trimming will be excised 
from state and local government 
here. 

In the state capital. Sacra- 
mento. and in city halls through- 
out California, officials are 
struggling with the painful task 
of deciding what services to-cut. 
which workers to lay off, what 
charges to increase. One of the 
first casualties was the entire Los 
Angeles summer school pro- 
gramme. Some 350,009 students 
are without classes, while 10.000 
teachers and school employees 


have been sent on an unpaid two- 
month vacation. San Diego fol- 
lowed the lead of Los Angeles 
and, according to the education 
chief, “dumped 45,000 youngsters 
on the streets.” 

On Saturday, the motion in 
Proposition 13 goes into effect, 
cutting more tban 37 bn from 
local tax revenues. To offset 
this v loss, the California 
Governor, Mr. Jerry Brown and 
tbe legislature last weekend 
came up with a stop-gap pro- 
gramme, under which local 
authorities will be handed S5bn 
of the estimated S5Bbn now in 
the state Treasury. 

Schools and colleges will 
receive the greatest slice of 
relief — &L3bn, enough to keep 
their budgets at about 8530 per 
cent of normal. Cities and 
counties will share 31.71m, with 
the legislature directing that 
whatever funds are required be 
used to keep police and ‘fire ser- 
vices at present levels. 


Teachers 


But this aid is only a temporary 
cushion. By the next fiscal year, 
the surplus . will . be wiped out. 
The State Assembly Speaker, 
Mr. Leo McCarthy, warned that 
the real day of reckoning lay 
ahead, and predicted deep local 
spending cuts and more wide- 
spread lay-offs. 

Already, some 3,000 public, 
employees, nearly half of them 
teachers, have been laid off. and 
current estimates are that at 
least 75,000 more will join them 
in the coming fiscal year because 
of public spending cuts. This 


has led to angry demonstrations 
■ in several cities. 

In Los Angeles County, . Mr; 
William Robertson, head of the 
AFL-CffO labour branch, said 
that he would call for a work 
stoppage if massive lay-offs or 
a wage freeze for public 
employees were announced. Mr. 
Robertson and - a coalition of 
state employee groups are lobby- 
ing for new tax legislation which 
would benefit homeowners but 
exclude commercial interests. 
Some S4.5bn of the property tax 
savings resulting - from the 
Proposition are expected to go 
to commercial and industrial 
property owners. Homeowners 
will get the other S2-5bn. - 

Mr. Brown has promised lay- 
offs will be “minimised." But, 
with the legislature working to 
slash a further £lbn from a state 
budget already pared from Sl7bn 
to $15.1bn, more dismissals are 
likely soon. 

The governor has been warned 
that 'he -would, lose Jtbe black 
vote in California if he failed to 
support proposals to exclude 
business from the property tax 
benefits of the-J’ropasJflkm. The 
National Association for the 
Advancement of Coloured People 
claims that- 90 per cent of all 
-lay-offs caused by the Proposition 
would affect minority groups. 

Mr. Howard Jarvis, the 75-year- 
old miUionnaire who co-authored 
the initiative, retorted, “one 
result of this tax rebellion -is 
tiiat blacks and other minorities 
will get lower rents, taxes and 
utility bills.- It's the-best thing 
tiiat ever happened to them.” 

One campaign promise by Mr. 
Jarvis was that utility rates 


would be cut by 10 • per cent 
if the Proposition were passed. 
But electricity and gag, com- 
panies say that savings to con- 
sumers will not be substantial 
— “less tban SI per mojito -for 
each customer.” said a Southern 
CaHfornaa Edison official .And 
there are few signs ttw* land- 
lords intend to . pass on vHeif 
savings to tenants by redaetog 
rents. An isolated example was 
that of the owner of a Sacra- 
mento medical building- who 
offered to cut rents paid by 
doctors if they, in tarnareduced" 
patients’ bills. The doctors said 
that they would cut their S2l 
office visit fee by $1. 


rv- ' - 

after their names ifira stibmitted ftfl money . management and 
by district comrancees of the prompt debt paying: Develop- 
paitf. ‘ ment projects, too, have gener- 

In previous years, President ally been on a scale likely to 
Banda has allowed- only one produce real benefits for tho 
name tola forward for each con- local population, and not merely 
stituency %and this person was window - dressing prestige 
automatically Pelqrsed to Parlla- Although - President Banda 
ment. This, time rte has allowed continues to . remind his 
two or thrte candidates and audiences of the dangers of 
voting for them. Tfie only real rebellion and subversion, such as 
indicator to Emerge vrom the occurred immediately after his 
election *03 bA the percentage accession to power at indepen- 
prit- whits might" be taken as' dence. there is ho sign of any 
some guktedto the enthusiasm of organised . underground resis- 
the . electorate : 1 ; -V ' "Wee. . '. 

- The' fade 'that President Banda Plplomats in Lilongwe believe 

has allowed an election to- take that international opinion has 
. place Suggests that, he is - pre- had some effect on the Presi- 
pared.' ajbeh.with great caution, dent’s actions. -Although no 
to pursue a. little further the western country has actually 
path of liberalisation.- He. began .withheld aid because of human 
last year when he released vtr- ’ rights considerations, concern 
tually aQ the country’s political has been expressed .about the 
detainees, thought to have effective suppression of dissent, 
numbered ^000. This year he President Banda’s senior 
has - snowed: ■ several, iorefen advisers, many of whom are 
journalists L siting- ~ with other expatriates, have undoubtedly 
foreign- guests,, to-' enter the been; pushing for some relaxa- 
country f Or thfe first time since tion - in international relations 
1978. and Press relations, if only to 

It settnsHmBheiy that internal publicise: better Malawi’s 
pressures have ; brought about - economic', successes- Moreover, 
these mures. ’..In spite of his .although he has done nothing to 
autocratic ralev oiost observers loosen bis trade and diplomatic 
here believe./ that . President ties with South. .Africa, the 
Banda : npttljfe - the support of President does, appear to have 
qjdat of population. .His' been attempting .to improve his 
regime •fcas^preduced economic: relations . with black Afri ca- 
pability and . growth an tod rere - But the effects of one-man rule 
in Africa* ■-.{ remajn much the same. All 

viiit«MttouaI-/ai4j45nora/hjive* government decisions of moment 
almost 'fallen ovec;eacfr Mfeer to- : mnst, -carry the - presidential 
help, de^tte^ by Jttarafcra- care- approval.. 




BY JOHN flOffMM lH PEfclNG 


Matching 


A sideeffect of the' Propose 
tion whdeh annoys Cafflfo mtane 
of aH political persuasions. 
Including Mr. Jarvis, is. Pyat 
S2.4bn will flow from the state 
to Washington in added Income' 
taxes es a result of smaller 
property tax .deductions here. 

Mr. Jarvis and Mr. Brown 
called - oh- President Carter- -to- 
refund this windfall in the shape 
of “matching funds" which 1 
could be. passed back to Local 
authorities. But the White Bouse 
was quick te tell the state that 
no help would be forthcoming 
from the federal government.' 

Another point which etarms 
many here is that, as ---local 
governments look more and more 
to- the state for moaey, so local 
control declines. “We seem to 
be handing over everything but 
tbe keys to the courthouse,” 
grumbled one county official .. 




THE ELIMINATION of Illiteracy 
over tbe next eight years is one 
of the goals in the reconstruction 
of the Chinese education system. 

It may be the easiest to achieve. 

Some 95 per cent of China's 900m 
people are. said to be literate; 
mid nnivCTsaJ- compulsory school- 
ing, already virtually u fact, is a 
matter of simple administration 
in China's- closely supervised 
society. • 

It .will, be more difficult to 
improve the quality of education 
and - resuscitate a .system of 
education almost - destroyed 
during tbte ten years of Cultural 
Revolution and the Gang of . 

Four's capricious radicalism. In 
thoise tormented times, universi- . 
ties were closed, books banned, 
teachers ■ vilified' and students - 
encouraged* to turn -their backs - . _.. 

OQ-Jeazning. '-Intellect was held . . Lcanung English In a 
inc ha tem p L . L v. - • • . - ^ ’ 

" Half a geheration of Chinese ing to primary and middle sdiooi 
emerged from those years with educators. Teachers- -will have 
an - Inadequate education— end full-time training, but the em- 
many of them .are today's school- phasis will be cm training of 
teachers. Retraining is given, a teftchefs. .already, at work wffh. 
hi^i place in a .reform pro- Instruction given bt experienced 
gramme- recently announced in teachers - .and ’* through radio; 
Peking. 1 The Minister, of Educa- televiston- : and correspondence 
tion, ; Liu -Hsi-yao;. said at a co arses. 

national - .education .‘conference Teachers with' high academic - 
i that a teachers’ federation, would ; . achievements . wtU . be given 
Ibtr ertahli shed to . study major ■ special -assistance so - they can- 
^ffia^tian problema. - devote themselves to. producing 

“ The Minister also gave details new textbooks and -developing 
of otber - specific measures' new education theories.' Teachers ' 
designed to Improve the quality will be guaranteed five-sixths of 
jof education. Teachers’ .colleges their time for teaching . and 
will be 'set up as quickly as research, a proportion - that, 
possible to give advanced train-, daring the Cultural Revolution, 





school- 4 mfgtoe Beking. - - 

was taken •* up . with physical 
'lapote- ..and ideological study; 

. Mr.j Lih also, proposed regular 
competency tests vJor teachers 
and u .'system- of: grading and 
promotioh. - based . ,o£ . ability. 
“Teat&rg With outstanding per- 
formanefr can . skip grades, irre- 
spective" " of ,** their .academic 
credentials’ o?.seh|ority,” he said. 
Mi. Utfaratatemeat £*"«» echo 
-of a . mtomisff made -two -months 
ago- ns "Ten^ B^o^Ing, the 

Vice-Brepaler. . . that . teachers 
would be' given higher status 
and higher pay. to encourage the 
effort to improve education. '. 

China has strongly emphasised 
the- rehabilitation of intellect 


Educators have been told that 
their task Is "to produce a vast 
army of working elate intel- 
lectuals equipped to carry out 
' ChinaZs 20-year ; modernisation 
programme. Higher education is 
to get special attention, with the 
establishment ' of new colleges 
.and universities and ' more ex- 
. -perimentation in course struc- 
ture. • 

China, with one-fifth of the 
world’s population,, has fewer 
.than, lxn students above 
secondary school level." Enrol- 
ments -are expanding rapidly and 
education, administrators have 
-.been ordered to recruit more 
students with special talents. 
Next- month: a standardised col- 
lege entrance examination will 
. fe*. given throughout China — a 
further reform of the old dls- 
: credited system- of enrolment by 
recommendation, usually on the 
basis of political suitability. 
Examination results will he 
-posted in public for the first 
time _and candidates will have 
. tiie right to inspect their marked 
papers. 

At.’ all- levels of education, 
.taatitutions which record high 
academic performances will be 
desig nated sis “ key schools ” and 
given priority. In the -selection of 
staff mid students and the pro- 
vision of; new textbooks and 
teaching materials. The Miniate# 
of Education says that key school* 
are the backbone of the educa- 
tion system, producing gi ftg d 
graduates and giving guidance to’ 
less expert, institutions. 



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Financial Times Thursday June 29 1978 


»ftRLD TRADE NEWS 




to 


enry Ford expects Japan Ship purchase plan 
lose U.S. market share to reduce surplus • 


BY ROBERT WOOD 


TOKYO, June 28. 


BY CHARLES SMITH 

THE U.S. motor industry expects 
.soon to be building cars that are 
" significantly more competitive ** 
with Japanese cars, the chairman 
of Ford Motor Company. Mr. 
Henry Ford II was quoted as say- 
ing in Tokyo today. 

In a. Press conference open 
only to certain members of the 
Japanese Press, Mr. Ford said the 
prices of Japanese cars sold in 
the U.S. had “ risen radically ” in 
the past nine months as a 
result of yen revaluation. Mean- 
while the U.S. industry was 
reducing the size of its cars. The 
result, said Mr. Ford, would be to 
lower Japan's share of the U.S. 
car market from its peak level of 
20 per cent to something less 
than IB per cent in future. 

Despite his confident forecast 
Mr. Ford warned Japanese motor 
manufacturers against exporting 
loo rapidly and against embark- 
ing on production increases that 
were not related to the growth 


'of Japan’s own domestic market. 
He also called for better access 
for car imports into Japan 
referring specifically to the com- 
modity tax (which penalises 
large cars) and to Japanese type 
certification procedures, which 
Mr. Ford said should be simpli- 
fied and shortened. 

Mr. Ford said his company was 
not currently interested in 
acquiring a capital stake in 
Toyo Kogyo (the number three 
Japanese car manufacturer with 
which Ford has ties) because 
Toyo Kogyo’s stock was M over- 
priced ” on the Tokyo Stock 
Market Ford would remain 
uninterested In a capital tie-up 
with Toyo Kogyo for at least 
the next year, Mr. Ford said. 

However production and sales 
links between the two companies 
would continue to grow follow- 
ing an agreement on the manu- 
facture of ** manual transaxles " 
by Toyo Kogyo for a projected 


TOKYO, June 23, 

new Ford small sized passenger 
car. Before the transaxle 

agreement was signed (during 
Mr. Ford’s visit) Toyo Kogyo 
had been manufacturing 

"Courier” pick-up trucks which 
are distributed by Ford in 
North American markets. 

Mr. Ford is visiting Taiwan 
before returning to the U.S. and 
spent three days in China last 
week. He said his visit to Peking 
has not produced any business 
but had provided indications of 
possible future business. 

The Ford press conference 
was held under the auspices of 
the Keidanren press club, an 
organisation of industrial corre- 
spondents of major Japanese 
newspapers. A spokesman for 
Ford Motor Company's Tokyo 
office told the Financial Times 
that, for this reason, foreign 
correspondents could not be 
invited to attend the press 
conference. I 


Cool response to Tokyo import centre 


BY ROBERT WOOD 

ONE OF Japan's first major 
import promotion ventures is 
bavin® difficulty even giving 
its services away. 

The Japanese have allocated 
2,500 square metres of free space 
for developed countries to 
promote their wares in Tokyo's 
world import market, scheduled 
to open in October. 

But so far only the United 
States has accepted the offer. 
The import market is located in 
Ikebukuro, a neighbourhood 
about 20 minutes from the 
centre of Tokyo by subway, 
known until recently only as the 
junction of a half-dozen train 
lines. 

The Japanese are trying to 
develop it into a major sub- 
centre. but European business- 


men and diplomats doubt buyers 
would travel there to see their 
goods. 

The world import market is an 
11 -storey department-store-like 
structure owned by' a private 
development consortium. It will 
include shops, restaurants, a 
travel centre, an aquarium, and 
a planetarium. Most of the space 
will be rented on a private basis, 
but several floors will be rented 
to sera i-G overrun enta] business 
promotion organisations. 

One of these is the floor for 
export promotion by developed 
countries. The floor below is 
devoted to developing countries, 
who are generally eager to par- 
ticipate because the Japanese 
Government will pay all their 
expenses. But developed country 


exporters must themselves pay all 
operating costs, and many doubt 
it is worth it, 
many doubt it is worth it 

Diplomats from the UK. France 
and West Germany said they had 
passed the Japanese invitation to 
their respective Chambers of 
Commerce. 

Mr. Bernhard Grossman, 
executive director of the German 
Chamber of Commerce and 
-Industry In Japan, said German 
businessmen who conduct trade 
fairs in Tokyo fear the centre will 
attract only consumers. 

“ They don’t want to see 
families with their babies and 
never see anyone to whom they 
can talk,” said Mr. Grossman. The 
attraction of the centre for pro- 
motion of consumer goods is 


JAPANESE SHIPPING com- purchase the ships, they will 
pamum will receive special low- cease paying the chartering fee 
inane to bnv their to U** subsidiary or affiliate 
*? t e ? gt . loa ?5 *° EE abroad and replare much of the 

chartered ships from their ^vith Japanese. 

foreign affiliates, officials said Thns the arrangement anil not 
cere. reduce Japan's balance of pay- 

The plan is aimed at reducing menu surplus, is the long run, 
Japan's current account surplus mid may in fact increase it. 
this year, perhaps by as much . tbe Purpose of the plan is 
as Slbn. The ships will appear hdpSg' Upm dS 
In Japan’s trade statistics as their current surplus crisis while 
import, although actually many longer term measures are taking 
will continue to be operated on effect ' 

the sante rentes they had beat. A offlcUl 

The foreign registration of the said, the plan has no Ki gnifleaiw 
vessels was itself a means of advantages for the companies 
avoiding the use of expensive except for the advantageuos con- 
Japanese crewmen. Foreign sub- ditions of the proposed loans. 

sldiaries of Japanese shipping ' — . . , , _ . • 

companies, or related foreign , o£ 

shipping companies like £? ney . at per 

Y. K- Pao’s world-wide shipping J*?* 

of Hong Kong, ordered the JapMi 1x35 beea 71 

vessels, then they were chartered per cent rreent ^- 
back to the Japanese shippers Some of the repurchased ships 
| under foreign, flags. might be scrapped after 

I When the J.penese shipper, 

suffering losses and eliminating 

j them would reduce the world 

shipping glut. 

V'Mi U. V* But Export-Import Bank 

officials were reported reluctant 
TOKYO, June 28. to l«nd money for ships that will 
[be scrapped. They were also 
limited by restrictions on direct \ reluctant to finance ships that 
sales to customers there. ! they had already financed once 

Mr. Taira Nozaki, manager of {already. Mast flag-of-convenlence 
the semi-governmental organisa-i vessels chartered to Japanese 
ti on through which Japan is try- [owners were financed by the 
ing to give away the space, said ; Export-Import Bank when they 
the Japanese have issued [were “exported" to their normal 
invitations to 16 developed [ foreign owners, 
countries besides the United j „» 

States There is no official estimate 

Mr 'Nozaki was hooeful that- 0 ? how man y ^ P“> 

Swlden. 

Ireland, or Canada might answer 
favourably within the next lev j ^ 

The Japanese had originally j ^“rad- 
planned to give the space only; "The arrangement is called 
for long-term exhibitions, and to j "ShUcumisen.*' Press reports say 
require that countries rotate in the Government hopes companies 
the space every six months, bat I will bay as many as 50 of these 
they have eased their terms [ships at an expected cost of 
considerably. " : $20m each. 


Quebec to i 
aid paper 
industry 

' By Robert Gibbens " 

MONTREAL, Jane 2S. . 
THE QUEBEC Government has 
come up with its promised sup- 
port package for -the province’s! 
pulp , and paper industry.. . i 
Though the industry’s fortunes 
have improved greatly over the 
past XS months, with the help 
of a depreciated Canadian dollar, 
the Government's programme is 
aimed at reducing production 
costs. 

The Government estimates that 
newsprint production costs in 
Quebec are $52 a ton more than 
in the southern U.S. on average, 
though it does not say whether 
the fall of around 11 per cent 
in the value of the Canadian , 
dollar has been taken into ; 
account. 1 

Quebec miiTs ship most of their 
production to the UJ>. market 
and receive ILS. dollars. The! 
Government also estimates that 
the Industry provides exports of 1 
about C$1 .8 bn a year and its 
activity represents about 10 per 
cent of gross provincial product 
It 'estimates about C$1 -lbn is 
needed, to modernise existing 
mills, achieve environmental 
standards and save energy. 
There are about 60 mills in 
Quebec, half of which require 
argent capital spending, and this 
would qualify for between 8100m 
and 8175m in Government grants 
and incentives. 

Speed-up of existing machines 
could add $ 00,000 tons a year to 
existing newsprint capacity. The 
Government proposes to expand 
the grant and incentive systems 
and operate an “investment 
fund” buQt up from industry 
taxes and used for investment 
in "approved projects." 

Woodlands operations benefit 
as well as mills. The Govern- 
ment argues this will trim the 
difference in costs with the U.S. 
by C323 a ton. It will back, 
thermo-pulping as a way of mdng 
more locally-produced electricity 
and less Imported oil. 


IATA meeting may 
bring changes for 
world’s airlines 

BY MICHAEL DONNE. AEROSPACE CORRESPONDENT 


MAJOR changes in the way in 
which the world’s big scheduled 
airlines conduct their affairs— 
and particularly their attitude to 
fixing passenger fares and cargo 
rates — are likely to result from 
a meeting in Montreal . which 
begins tomorrow and lasts 
through the weekend. 

. Called by the International Air 
Transport Association, which in- 
cludes more than 100 of the 
world's biggest airlines among 
its members, the meeting is ex- 
pected to sweep away many of 
the past restrictive practices 
under which the association has 
operated. 

It is expected to introduce a 
hew two-tier .category of member- 
ship. and. to abolish the old 
unanimity rule in voting, which 
should make it easier for the air- 
lines to reach agreement in 
future on new, innovative fares 
policies. 

The meeting is critical in that 
a number of major airlines, in- 
cluding British Airways and Fan 
American, have already indi- 
cated that they would be pre- 
pared even to quit the association 
if the changes, which they 
approve, are not adopted by the 
rest of the member-airlines. 

The U.S. Government, in fact, 
is understood to be ready to 
order its flag airlines to quit 
IATA if the meeting does not 
approve the radical changes 
proposed. 

The changes have been pro- 
posed by a small (team of "five 


wise men." set up by the associa- 
tion last November, which 
included Mr. Ross Stainton. chief 
executive of British Airways. 
They have been approved 
already by the association’s iop- 
level pobey-m along Executive 
Committee. 

Mr. Stainton ' said recently 
that while IATA had done much 
to help develop the world airline 
industry In the past, “many of 
us believe It has reached the 
stage where it has either to 
become a now and different kind 
of animal, or go the road of the 
din&oaur. 

“A forward-looking, flexibly 
organised IATA that can func- 
tion effectively in a fiercely and 
increasingly competitive environ- 
ment. could have a great deal 
to offer, not only to the industry 
but to its customers, without 
whom we shall none of us be in 
a job anyway. 

“But if the proposals are 
turned down by the an dust ry os 
a whole, then I think IATA as 
we understand it today is in 
trouble, -and I personally would 
have great difficulty in recom- 
mending to my' colleagues on the 
board that we should remain 
members. on the present terms.” 

Pointing out that BA’s “biggest 
single battle” over the next few 
years is to get costs down m 
enable cheap fares to be offered. 
Mr. Stainton said that the airline 
“can't afford to be hobbled by 
other people who can’t or won't 
keep up with us.” 


African nations discuss 
plans for common market 


jNEW ISSUE 




All of these securities having been sold, this announcement appears as a master of record only. 


$250,000,000 

CHRYSLER 




CORPORATION 


10,000,000 Units 

consisting of 

10,000,000 Shares of $2.75 Cumulative Preferred Stock 

with 

Warrants to Purchase 5,000,000 Shares of Common Stock 


Merrill Lynch White Weld Capital Markets Group 

Mtaffl Lynch, Pitwt, Fmnar & Smith Iae at p uut iil 


The First Boston Corporation 


Bache Halsey Stuart Shields Blyth Eastman Dillon & Co. Dillon, Read SC Co. Inc. Donaldson, Lufkin SC Tentette 

IncMPoMtod Incorporated SwuuSh Cocpontioa 

Drexel Burnham Lambert Goldman, Sachs 8C Co. H. F. Hutton. QC Company Tty -, Peabody & Go* 'Lazard Fretes SC Go* 

Incorporated Incorporated * 

Lehman Brothers Kuhn Loeb Loeb Rhoades, Homblower 8C Co. Paine, Webber, Jackson « Curtis # Salomon Brothers 

incorporated Jnoorptxattxd. 

Smith Barney, Harris U pham SC Co. Warburg Paribas Becker Wertheim SC Co., Inc. Dean Witter Reynolds Inc. 

Bear, Steams 6c Co. L F. Rothschild, Unterberg, Towbin Shearson Hayden Stone Inc. 

Alex. Brown 8C Sons First of Michigan Corporation. Manley, Bennett, McDonald 8C Co. Thomson McKinnon Sectaries Inc. 
ABD Securities Corporation A. E. Ames 8C Co. Atlantic Capital Robert W. Baird 8C Co. Basle Securities Corporation 

Irarpoated Corporation Incorporated 

Bateman Eichler, Hill Richards William. Blair 8C Company Darn, Kalman 8C Quail Daiwa Securities America Inc. 

•■fflijkand Incoi]ioal*d 

Dominion Securities Inc. F. Eberstadt 8C Co., Inc. A. G. Edwards 8C Sons, Inc. Eppler, Guerin & Turner, Jhc. 

EuroPartners Securities Corporation Robert Fleming Greenshields 8C Co Inc Kleinwort, Benson Laderiburg, Thalmann 8C Co. Inc. 

I“ £w P««t*l Xaeotpoatad. 

McDonald 8C Company McLeod Young Weir Incorporated Moseley, HaUgarten Estabrook Inc. 


New Court Securities Corporation 
Oppenheimer 8C Co., Inc. Piper, j 
Wm. C. Roney 8C Co. 

SoGen-Swiss International Corporation 
Ultrafin International Corporation 


on The Nikko Securities Co. 

In te rnational, 

Piper, Jaffray 8c Hopwood Prescott, Ball 8c Turben 


Incorporated 


Rotan Mosle Inc. 

Stuart Brothers 
Wood Gundy Incorporated 


Moseley, Hallgarten SC Estabrook Inc* 
Nomura Securities International, Inc. 
The Rohinson-Humphrey Company, Inc. 
Scandinavian Securities Corporation 
Tucker, Anthony SC R. L. Day, Inc. 
Yamaichi International (America), Inc* 


BY JOHN WORRALL 

THE TLAN to establish a huge 
preferential trade area for 
eastern and southern Africa got 
a stace further today with a 
meeting in Addis Ababa of trade 
ministers of 12 of the nations 
Involved. Countries represented 
at the meeting are Ethiopia, 
Kenya. Lesotho. Botswana, Mada- 
gascar. Mauritius. Mozambique, 
Swaziland. Tanzania, Uganda, 
Zambia and Malawi. 

The ministers are to wort; out 
details of the plan, which is seen 
as a form of common market 
without duty or reduced duties 
on goods originating from 
member countries. The meeting 
is a follow up of the ministerial 
meeting, held earlier this year 
in Zambia, which signed an 


NAIROBI. June 28. 

agreement of intent and commit- 
ment to establish a preferential 
trade area. 

The plan is being sponsored 
by the Economic Commission for 
Africa, in Addis Ababa, which 
has sent missions to all the cout- 
tries involved to discuss guide- 
lines for negotiating what many 
people optimistically see as a 
new 11 community of African 
states." 

The last attempt to create a 
regional African common mar- 
ket the East African Community, 
comprising Kenya. Tanzania and 
Uganda was abandoned last year 
with considerable ill will after 
10 years of mostly successful 
operation- 


Soviet trade with LDCs 
rises to record level 


SOVIET trade, with the world's 
less-developed nations reached a 
record S12^bn last year, giving 
the Soviet Union both a hard- 
currency trade surplus and In- 
creased access to valuable raw 
materials, such as oil,' iron ore 
and phosphates. 

This trade represents the fast- 
est-growing sector of Soviet com- 
merce. It represents about 14 per 
cent of the Soviet total, com- 
pared with 29 per cent With 
Western nations and 57 per cent 
with other Communist countries, 
mostly those of Eastern Europe. 

According to a new study by 
the Central Intelligence Agency, 
business with the less-developed 


NEW YORK. June 28. 

lands last year gave Moscow a 
S1.2bn hard-currency surplus, due 
mostly to sale of weapons— par- 
ticularly in the Middle East — for 
cash. This was up from an SSOOm 
bard-currency surplus in 1976. 

Overall, the Soviet trade sur- 
plus is even larger. The CIA 
study says 1977 Soviet exports 
totalled $7.9bn, while imports 
were only S4.3bn. Much of this 
exchange was through 
barter arrangements, but the 
agency says Moscow is clearly 
moving towards . less complex 
hard-currency deals that give the 
Soviet Union cash to spend in the 
West for finished products. 
AP-DJ 


Boycott Office change 


BY ANTHONY McDERMOTT 

MIL MOHAMMED MAHGOUB. 
the Commissioner-General of .the 
Arab Boycott of Israel Office 
since It was set up with its head- 
quarters in Damascus in 1948 has 
been succeeded by his deputy, 

Mr. -Sayid Barki. 

The new appointment, 
announced recently, is not 
expected to indicate any change 
in policy towards the use of 
this - economic weapon la the 
Arabs', conflict with IsraeL _• 

Mr. Mahgoub had had his 


appointment extended twice by 
two years after reaching retire- 
ment age. Mr. Barki was 
appointed his deputy some five 
years ago. Previously he had 
been director of the finance 
department of the Arab League. 

It is of note, however, that both 
Mr. Mahgoflb and Mr. Barki are 
Egyptians, and that Egypt is 
currently at odds with the Boy- 
cott central office over negotia- 
tions with two blacklisted com- 
panies, Ford and Coca Cola. 


Contracts for Sweden 


BY JOHN WALKER 

THREE DEVELOPING nations, 
Iraq, Tunis and Liberia have 
placed orders with Swedish 
industry valued at a total of 
Kr 4S0m (about £60m). Iraq 
has placed an order with Granges 
Aluminium for aluminium sheet 
valued at Kr 50m. The material 
will be used in -the construction 
of 400 large chicken houses 
which will call for investment as 
For tiie whole project amounting 
to Kr 500m. 

S k a n s k a Cementguteriet, 


STOCKHOLM, June 28. 
Europe’s largest public works 
contractor, is to supply control 
equipment for a large irrigation 
scheme. The value, of the Skanska 
contract is said to be Kr 380m 
and work will commence In July, 
for completion by the end of 
August, 1982. 

Gotaverkan Motor has received 
an order valued at Kr 50m from 
Liberia. The order is for the 
supply.of two large diesel engines 
for driving two generators which 
will be connected to the national 
grid. 


Finnish ship orders transferred 


BY LANCE KEYWORTH 

THE LEADING’ shipbuilding 
company In Finland, Oy WartsiLa, 
hap now transferred the contracts 
for two 75,000 cubic metre liquid 
petroleum gas (LPG) vessels to 
the -Norwegian company Sig Bei- 
ges en KY. They are due for 
delivery towards the end of 1978 
and the middle of 1979. 

Originally, these ships were 
ordered by Fearnley and Eager 
of Norway in 1974 which subse- 
quently got into financial difficul- 
ties. Of the five LPG tankers in 
tiie original order, one will be 
delivered to a. Japanese company 
and two have not been started 
yet. . 

Finnish shipbuilding yards 
have been Mt later than others 
by- the world shipbuilding crisis 
because of their specialisation 
and the big and repeated orders 
they received from the Soviet 
Union. However, few new orders 
can be expected from that guar- 


. HELSINKI, June 2S. 

ter until the new five-year trade 
agreement begins in 1981. 

Hence, the yards have been 
looking at the home market. A 
striking example is the SF Line 
In the Aland Islands (an auto- 
nomous province of Finland). 

_SF, better known as the Viking 
Line, invited tenders for a new 
passenger-car ferry. Japan under- 
bid the Finnish shipbuilders, 
which caused an outcry from the 
unions and other interested 
groups, because of increasing 
unemployment in Finland. 

Finally the Government 
stepped in with the offer of a 
subsidy Of FM 17m (about £2m 
at currem exchange rate), 
and Waraila got the orders. 

This is the first time that the 
State has paid, a direct subsidy to 
the shipbuilding branch which 
claims to be the only shipbuild- 
ing Industry tn the world with, 
out direct State support 



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Financial Times Thursday June 29 1978 


HOME NEWS 



■ 3 ? ■ ■ 


Tug captain denies 
Amoco Cadiz threats 


BY LYNTON McLAIN 

THE ARGUMENT over threats 
to abandon the Amoco Cadiz oft 
the rocks in Brittany in March 
revived yesterday when a Ger- 
man tug captain attacked the 
captain of the supertanker. 

Captain Hartmtit Weinert. or 
the rescue lug Pacific, said that 
accusations by Capiain Pasquale 
Bardari were incorrect, 
unfounded and not borne out by 
a minute-by-minute engine-room 
and bridge records kept by the 
tug. 

The Cadiz captain, he said, 
had made sweeping allegations 
against the tug master and the 
motives of his company. Bug- 
sier of Hamburg, at an earlier 
hearing of the Liberian court of 
inquiry sitting in London. 

Capiain Bardari's allegations 
had been supported earlier by 
Mr. L. Maynard, a safetv 
adviser from P and 0 Marine- 
Services Division. 

He said that the mg captain 
had threatened to drop’ two tow 
lines unless a Lloyds open form 
salvage comract was accepted 


by Captain Bardari. 

Thi s was denied strenuously 
yesterday when the tug. captain 
said that in passing a rescue 
line to l he Cadiz before agree- 
ment had been reached on the 
salvagn contract he haS gone 
further than his company rules 
permitted. The )inc iafer broke 
in heavy seas. •V 

Earlier the Cadiz captain and 
other witnesses from the ship 
hud said they were rattler the 
impression that after Zhe first 
rurn of the tanker bow the tug 
bad stopped pulling, 

Captain Weinert denied this, 
saying he applied SO *er cent 
of the mg engine power. He 
said he had warned ihU Italian 
captain in English 3{ heirs after 
sighting the ship that ft was in 
danger. £ 

He said his message vtts: “Cap- 
tain, you are in a very&ad posi- 
tion. You have a verylbis ship, 
the weather condition" bad. We 
must have a Lloyds sajvacc cun- 
trai:!." ■' , 

According to the tui captain.: 


Move likely today 
on State industry 
chiefs’ salaries 


BY JOHN ELLIOTT. INDUSTRIAL EDITOR 


Ship steering gear 
changes proposed! 


BY CHRISTOPHER DUNN 

BRITISH SHIPBUILDERS is 
reviewing the steering systems 
used in its ships. Mr. George 
Snaith, research director of the 
State-owned corporation said 
yesterday. 

He was speaking to an all- 
party committee of MPs looking 
into ways of preventing tanker 
collisions around Britain. 

The review had been 
prompted by the recent Amoco 
Cadiz disaster off the French 
coast. 

The corporation later said 
that the work would be done in 
conjunction with leading UK 
steering gear manufacturers, 
including K and L, a British 
Shipbuilders’ subsidiary based in 
Sunderland. 

Manufacturers welcomed the 


move since most of ftem had 
already started an ^internal 
review of their own manufactur- 
ing methods. \ 

Two leading steering gear 
manufacturers.. Rrawn\Brotbers 
and John Hastie, part of Vickers. 
said in a statement last night 
that they were about submit 
proposals for safer steering 
systems Tn the Department of 
Trade, and probably the Inter- 
national Marine Council, after 
talks with Whitehall. 

“The proposal is toaconsider 
modifications which would he 
required to improve tfie safety 
of steering systems under 
certain failure conditions, 
similar to the Antogo Cadiz 
situation.'’ the two dbmpanies 
said. h 


Groceries go metric 

BY OUR CONSUMER AFFAIRS CORRESPONDENT 


THE long-delayed plan to replace 
imperial measures with the 
metric sysetm took another small 
step forward yesterday when the 
Government -published, proposals 
for phasing .out imperial packs 
in two sectors of the grocery 
trade, 

Both orders deal with products 
which can only be* sold In 
quantities prescribed by the 
Government The first will allow 
manufacturers to sell instant 
coffee in metric sizes, as well as 
imperial onfes, from July 1, 1979. 


At present only imperial sizes 
are prescribed. 

The second lays down, cut-off 
dates for the use of imperial 
sizes on certain pre-packed' 
grocery products which' at: the 
moment can be sold in either 
metric or imperial packs. Under 
the draft order published yester- 
day, pasta, flour and flour 
products would have to be sold 
in metric sizes from the end of 
August, and dried fruits and 
vegetables would have to go, 
metric by Lbe end of December. 


Captain Bardari repeatedly 
replied: "No.” 

This prompted Captain Weinert 
to send a 22-wurd telegram to the 
local Brest radio. A reply culled 
for the Cadiz captain to accept a 
Lloyds nu-cure, no-pay contract. 
The Lloyds salvage was finally 
accepted by Captain Bardari Tour 
hours uKer the tug first sighted 
the crippled vessel. 

A second attempt was made to 
get u line to the stom of the 
Cadiz. The tug captain said 
there was “difficulty in getting 
the iinc aboard the tanker. It 
was clear that the Amoco Cadiz 
could not find the line.” 

Ten minutes later, the 263.000- 
tonne Amoco Cadiz crushed on 
the rucks. 

Captain Weinert said through- 
out the hearing yesterday that 
the Cadiz capiain had refused in 
give him the position of the 
crippled rudder, which eventu- 
ally caused the ship in founder. 

Fire damage 
costs rise 
this year 

By John Moore 

ESTIMATED FIRE damage costs 
in May show that the sharp 
upward trend in the April 
figures of 47 per cent has 
slowed considerabley. the British 
Insurance Association reported 
yesterday. The May estimate of 
£22.4m was only a 13.7 per cent 
increase on the previous month. 

Even so. fire damage figures 
for the first five months of this 
year at £120.Sm arc still 28 per 
cent ahead of those for the 
corresponding period last year. 
This year's fire damage costs 
have been inlluericed by the fire- 
men's strike which lasted until 
January 16. 

The latest figures have been 
adversely influenced too by two 
large fires, one at a supermarket 
and office block in North-West 
England costing £2.1m. and 
another at- a hardboard manu- 
facturers in the South-East cost 
irtg flm. There were 12 other 
fires where in each ease esti- 
mated damage was more than 
£250.000. 

There were 27 large fires esti- 
mated to have cast over £35.000 
in public places such as cinemas, 
schools, shops, social clubs and 
theatres. 

Fellowship for 
Margaret Reid 

MARGARET REED of the 
Financial Times has been elected 
to a one-year journalist research 
fellowship at Nuffield College. 
Oxford. Mis Reid joined the FT 
in October. 1973. having been 
previously; deputy City editor of 
the Birmingham Post. 


■ THE CABINET is expected to- 
'day to consider whether to phase 
uver two or perhaps three years 
pay rises of more than 70 per 
cent recommended for chairmen 
and Board members of nationa- 
lised industries. 

Minister first considered the 
rises proposed by the Boyle 
Review Body on Top Salaries, 
last Thursday. As a result it 
seems clear that there is little 
or no chance of more than the 
present 10 per cent pay increase 
limit being paid immediately. 

The Government is lorn be- 
tween worries about the impact 
that large rises would have on 
their plans for a further phase 
of pay policy and an awareness 
that the nationalised industry 
people concerned have not had 
a major salary review for 

Severn! years. 

Some Ministers, including Mr. 
Michael Foot. Leader of the 
Commons, are thuugbt to believe 
that working m the Slate sector 
should be regarded as vocational 
public service Tor which high 
■salaries are not needed. Union 
leaders have also opposed large 
rises. 

The Boyle Report proposes 
that payment lo chairmen of 
major nationalised industries 


Impressionists fetch £2. 
in Sotheby’s auction 


WHEN THE final session or the 
von Hirsch series of auctions 
ended at Sotheby’s on Tuesday 
night with a grand total of almost 
flRflm, the audience, packed intD 
the numerous small salerooms. : 
clapped wildly. Yesterday, things 
were back to normal.' 

Sotheby's held an impfirtant 
auction of Impressionist and 
modern paintings but prices were 
in line with -forecasts. It seems 
that a work of art which had. 
belonged to von Hirsch com- 
manded a premium. 

Even so, the morning session 


SALEROOM 

BY ANTONY THORNCROFT 


did well, totalling. . £2,737,300 
with -22 per cent bought in,, not 
a bad unsold figure for this 
sector, although significantly 
higher than in the von Hirsch 
.Impressionist sales. 

Top price was the £250,000, 
plus the 10 per cent buyer’s pre- 
mium, paid for a Courbet por- 
trait of 1856. It was Demoiselle 
des Bords de la Seine, and an 
auction record for the artist, 
beating the £112,676 paid in 
New York last October. 

-Japanese buyers largely out- 
bid at the von Hirsch sale, were 
more successful on Wednesday. 

Ofcada acquired a Monet. Le 
Bassin d’Argenteuil ou Coucher 
du SoleH, for £145,000, . while 
Umeda gave £130.000 for an- 
other Monet, Nvmpheas. The. 
London dealer Y, Tan Bunzl 
secured a / .Toulouse-Lautrec, 
Luciew Guitry et Jeanne Grenier, 
for £120,000. -■ • 

Other top prices were the 
£100,000 from a private German 
collector for Renoir’s La Ptape a 



The £250,000 Courbet. 


Pomic. and £05,000 from a 
French private buyer for yet 
another Monet. Bordighera, la 
Maison du Jardinicr. Hahn, the 
New York dealer, bought Le 
Moulin Rouge by Utrillo for 
£ 86 , 000 . 

The main disappointments 
were a Picasso (a doubtful mar- 
ket these days) Tete de Fer- 
nands, a gouache of 1906 which 
was bought in at a high £165,000, 
and a Braque Nature morte d la 
Guitare, unsold at £52,000. 

The sale suggested that the 
demand for Impressionist pic- 
tures is improving, hut. that von 
Hirsch prices were not true 
indicators. • ' 

On Monday -night, a record 
price of £300,000 was paid for 
a Cezanne watercolour. Nature 
morie au Melon Verte. while 
a. Van Gogh watercolour Mas a- 
Sdintes-Maries also set a record 
of £205,000. ' , • 

Prices consistently beat their 
forecasts, . mainly because the 
von Hirsch Impressionists were 
“ fresh " to the market, but also. 
because he had an eye for par- 


‘"Funds heeded to keep art works’ 


the COUNTRY’S art galleries 
and museums seed more funds 
if the -drain of works of art ouf 
of the UKis to he halted,' says 
the Reviewing Committee on the 
Export of Works of- Art in its 
Sffi report, published yester- 
day- -• - 

for 

fkSVT *- £ “-MS 

JmlJert that -they stay- in the 

“xh?repori! sajr&tbat there is 
ag^n^ Sattheiob the com- 


mittee is doing is “reasonably 
effective” in protecting the highly 
selective group of works or real 
importance to the national heri- 
tage. “Nevertheless, not only 
have there been losses of irre- 
placeable works of the highest 
quality, but tbe underlying trend 
is worrying, and there is no room 
for complacency. The commit- 
tee has recently withheld licences 
on two -..Canaletto paintings of 
Warwick Castle to ■. 5 'Y® t Sal- 
mingham SJuseom- and Art Gal- 
lery the chance of- buying tbera 
for £550,000, 


licularly pretty and intimate 
pictures. 

- In the afternoon session 
devoted to Impressionist and 
Modern drawings and Outer- 
colours, which totalled £619,860. 
a watercolour by Picasso. Le 
Marchand de Gui, sold for 
£63,000. Another Picasso. Tete 
(f Homme, went for £48,000 to 
Waddington and Tooth. 

Danseuses, by Degas, realised 
£29.000 and a private South 
African collector paid £26,000 for 
Villa in Tal by Paul Klee. 

At Sotheby's auction of photo- 
graphs. set of 87 of the Crimean 
War by Roger Fenton, sold for 
£11,000 and another set of 67 for 
£4.000. Twenty views of the 
Middle East, taken by Francis 
Frith, in 1858. sold Tor £6.500. 

Christie's South Kensington on 
Tuesday night secured an auction 
record for a paper photograph 
when a Nubian Model Reclining, 
by Fenton, sold for £5.400. 

Prints by Hans Sebaid Beham. 
collected by tbe cataloguer and 
collector Gordon Nowell-Usticke. 
realised £62,675 at Christie's 
yesterday. 

Both Beham and his younger 
brother Barthel became known 
as “Little Masters," because of 
the small dimensions of most of 
their output The chief mentor 
was Diirer, 

Many of the 148 lots were 
tittle bigger than postage stamps 

Boerner, tbe German dealer, 
paid £3.200 for a prim of two 
street players and a girl. A set 
of 12 engravings oT the Labours 
of Hercules went to an 
anonymous purchaser at £2.300. 
while VarnholL another German 
'dealer.- paid £2,600 for a set of 
10 engravings of The Peasants' 
Feast, or The Twelve Months. 


such av g as. electricity, coal, 
railways and airways should go 
up from their present salaries 
of just over £23.000 a year lo 
£40,000, an increase of more than , 
70 per cent 

Larger rises of up to S0-90 per i 
cent are proposed for the chair- 
men of the National Enterprise: 
Board and the British National! 
Oil Corporation, whose new rate,! 
it says, should be f60.OGO-I65.000. 1 

Smaller rises are proposed for, 
other top public servants such as j 
senior armed forces officers.; 
judges, and civil servants, who 1 
bad a major increase in 1974, 
when those in the nationalised; 
industries received nothing. 

The report was sent to the 
Prime Minister three weeks ago., 
and is likely to be published; 
after tbe Cabinet has decided 
what to do with its proposals. 

The most popular idea being, 
canvassed is that those involved 
be given a total nf 10 per cent 
to cover the present round of pay- 
policy. and that the rest be 
phased over too or three years. 

For those :« the nationalised 
industries this would involve 
an immediate, relatively small, 
topping-up rise, since they re- 
ceived between 5 and 10 per cent 
at Christmas. 


Broking firm against 
demand-led 
economic growth 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


ACHIEVEMENT of sustainable 
economic growth depends on 
control of the money supply and 
on the introduction ol a wide- 
ranging package of measures to 
improve supply of the economic 
system, says W. Green well and 
Co., stockbrokers. 

The brokers put forward an 
alternative strategy Tor the UK 
economy. They say that Keynes 
was right to argue for policies 
to prevent a deficiency in de- 
mand, but neo-Keynesians have 
been wrung lo argue in recent 
years for demand-led economic 
growth on the grounds that it 
cannot be sustainable. 

The firm say control uf the 
mney supply is tbe harsh and 
negative part of the correct solu- 
tion although it stresses that 
inadequate or excessive monetary 
growth should be prevented. 

The brokers propose in a 
special monetary bulletin a 
series of macro-economic 
measures intended to influence 


the supply side in order lo 
improve the efficiency of alloca- 
tion of rosuurces. in particular 
industrial efficiency, and to 
reduce the natural level or 
unemployment. 

They suggest that this positive 
side of the solution should 
involve removal of artificial 
restraints on trade, including »he 
dismantling of international 
barriers such as tariff controls. 

The bulletin argues that an 
“ all-out war " should be declared 
on high taxes, monopolies, 
restrictive practices and bureau- 
cratic constraints which are the 
domestic counterpart of import 
controls and tariffs. 

It also suggests that taxes 
should be reduced and maintains 
that this need not conflict with 
the objective of controlling the 
money supply. 

This is because a reduction in 
very high tax rates may boost 
revenue and this move should, 
anyway, be accompanied by sub- 
stantial cuts in public spending. 


Trustee 
Bank bid 
to woo 
students 

BY MICHAEL ELAN DEN ! 

IN AN aggressive move to attract 
new customers among tbe 
student population, the Trustee 
Savings Banks are offering a 
package of cheap banking terms. 

The move announced today is 
part of the development of the 
Trustee Savings Banks towards 
becoming full commercial banks. 
It lakes them into an area in 
which the big clearing banks 
have long offered competitive 
terms as a marketing effort to 
attract customers when they are 
young. 

The banks said that the new 
terms were designed “to 
challenge the dominance oE the 
student banking sector by the 
other main High Street banks.” 
Tbe new Trustee student account 
includes four main aspects. i 
First, it offers free banking] 
provided the account is kept in j 
credit, in contrast with the £50 ■ 
minimum balance which other l 
personal customers arc required 1 
to maintain in order lo qualify ; 
for free banking 
Second, a temporary overdraft • 
facility is available in certain ; 
circumstances for those aged i 
over IS and ihe free hanking 
concession — apart from over- 
draft interest — will still apply 
where the overdraft does not 
exceed £50. 

Cheque card 

Third, students will be offered 
a £50 cheque guarantee card, 
subject to the branch manager's; 
discretion, or alternatively a 
facility to withdraw cash at 
another bank branch of the 
student's choice. 

Finally, the Trustee Banks 
are offering a guarantee of a 
further years free bunking after 
leaving university or college, 
provided the account has been 
operated satisfactorily. 

Tbe Trustee Bank's arc ex- 
pected shortly to extend their 
marketing to tbe younger poten- 
tial customer by introducing a 
further package for school 
leavers. 



on expanding 
higher education 

BY MICHAEL DIXON, EDUCATION CORRESPONDENT 


OBITUARY 


Harold Bell 


THE GOVERNMENT’S plan to 
enmmit £240m -j year to further 
expansion of higher education 
over the next decade is 
challenged today- in a report by 
the Conference of University 
Administrators. 

The report on a two-vear study 
gives statistics disputing lbe 
Government's forecast that 
student demand will rise lo 
about 600.000 places — compared 
with 560.000 planned in universi- 
liP'! and polvteehmcs for 19S1 — 
bpfore falling sharply from 
1994 through reduced birth 
rates. 

In February the Deoartment of 
Education and Science put for- 
ward five possible strategies for 
rooing with the “hump" in 
demand. 

Bur last month Mr. Gordon 
flakes. Minister of Suite for 
Education, indicated that the 
Denarii lien r favoured one par- 
ticular strategy. 

This was \>y raise the estimated 
lOSi expenditure of about 
H “bn nr universities and imli- 
technics by a hour £240m annu- 
ally and provide permanent 
caoaciiv for finn.OOO full-time and 
sandwicb-cnurre students. 

"When the entry of lS-vear-olds 
— about 70 per rent- of whom 
come from middle-class hack- 
grounds— bec:*n tn fall from 
1994 the excess caoacitv would 
fi*’ filled bv encouraging more 
older and. where possible, work- 
ine-rlass students. 

The Conference nf University 
Administrators noints out. how- 
ever. that the forecast demand 
nf fiOO nOO depends on the pronnr- 
tinn of the nation's 18-veqr-olds 
pnterine hieher education 
inereasinc from 13'. per cent at 
present lo IS per cent. 

The Department admitted that. 


unless this “participation rate” 
increased beyond 15 per cent, 
the 560.000 places already 
planned would probably accom- 
modate ihe “hump." 

But the administrators' study 
suggests that even ihe 15 per 
cent rate is “ probably an opti- 
mistic figure.” 

The report adds that most 
other industrialised countries are 
snaring the planning problem nf 
a “ hurap - in the number nf 
teenagers coupled with static 
rates of demand for higher 
education. 


Options 


unly ir, Germany is the 
demand rale still rising. But it 
seems Germany plans to cope 
with it not by providing extra 
l>criii:incnt student places, but by 
furnishing temporary facilities 
fur the peak numbers. This was 
one nf the options originally 
staled by the department but 
evident!* now discarded by 
Ministers. 

Calling for further “sustained” 
public discussion on whether 
extra expansion is needed in 
Britain, the university admini- 
strators vtarn that there are “ no 
short-cuts " to boosting the 
historically low entry of working- 
class people into higher 
education. 

“The only solutiun is lo 
improve substantially tin? educa- 
tion service as a whole, starting 
with free nursery education.” Ihe 
report states. 

Final fieport ou Forecasting 
and Unitersitp Expansion. Con- 
ference vj V niter sit ii Adinini- 
.•.-(ratorN; The Registry. U nicer - 
sit a o) East .Anglia. Noncich; 
£130. 

Jobs Column, Page 12 


Graduate parents ‘defy 
principles in 


BY OUR EDUCATION CORRESPONDENT 


Top economists give 
gloomy forecast 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


THE MOST pessimistic analysis 
so far of the medium-term pros- 
pects for the UK economy is 
published this morning by a 
group of leading Cambridge 
economists. 

This view has been presented 
at a two-day conference by 
economists from the Cambridge 
Growth Project at the univer- 
sity’s Department of Applied 
Economics. 

They are working under the 
direction or Professor Sir Richard 
Stone and Dr. Terence Barker, 
and the team is separate from 
the economists working with Mr. 
Wynne Godley. 

The £p-oup w'arns that even 
substantial reflation ary action 
such as a cut in the standard 
rate of Income tax. to 20 per cent 
(from the present 34 per cent) 
or the abolition of Value Added 
Tax would leave unemployment 
at 2.7m by 1985 and would not 
prevent the virtual collapse of 
the vehicle and electrical 
engineering industries. 

However. ” the performance of 
industries such as vehicles 
would remain poor, strengthen- 
ing the argument for specific 
industrial policies. 

“The cost of devaluation 
would be that real consumption 
growth would have to be held 
back to 2 per cent a year, frus- 
trating the expectations raised 
by tbe development of North Sea 
oil." 

The projections i - re based on 
a new economic model which 
builds up a picture of the 
economy from the accounts of 40 
individual industries. This sec- 
toral approach differs from the 
more familiar short-term fore- 
casts which concentrate on the 
overall prospects. 

If present policies are retained 


with no increase in public spend- 
ing or real value of taxes and 
benefits, then, with tbe help of 
North Sea oil, Britain would 
develop trade surpluses rising 
from £2bn a year in the late 
1970s to nearly £7bn a year by 
19S5. 

But there would also be a loss 
of more than Ira jobs in primary’ 
and manufacturing industries, 
only partially offset by 500.000 
new jolxs elsewhere so that 
unemployment would be over 
3m. 

The Growth Projecl also con- 
siders Ihe impact of massive 
reflation and says this van only 
solve part of Britain’s economic 
problems. 

it claims that even the most 
effective package would leave a 
9.7 per vent annual decline in 
the motor vehicle industry 
between now and 2985. with a 2.3 
per cent annual decline in elec- 
trical engineering and a 3.3 
per cent yearly drop in the iron 
and steel sector. Chemicals 
would grow by 2.7 per cent a 
year. 

Another conference on 
Britain's industrial problems 
has also been under way and 
ended last night in London. 
Organised by the National Insti- 
tute of Economic and Social 
Research, tbe conference dis- 
cussed 10 papers on the causes 
and possible solutions for the 
UK's industrial decline. 

An introductory paper by two 
of the institute’s economists 
suggested that there was no 
evidence lo support tbe view that 
the UK manufacturing sector 
had priced itseir out of world 
markets, but it noted the 
evidence showing structural 
weaknesses in UK manufactur- 
ing. 


MR. HAROLD A. BELL, chair- 
man of the Gateway Building 
Society, has died at his home in 
Chiddingfold, Surrey. 

Mr. Bell had been chairman of 
Gateway since July 1974, when 
the society was formed as the 
result of a merger between the 
Temperance Permanent Building 
Society and the Bedfordshire 
Building Society. 

He was appointed vice-chair- 
man of the Temperance 
Permanent Building Society in 
1962 and became chairman on 
January 1. 1974. 

He was a vice-president of the 
Metropolitan Association of 
Building Societies, and a solicitor 
with a practice in Ewell. Surrey 
and Honiton. Devon. 


PRIVATE PREPARATORY 
schooling is chosen by many 
parents in Che "emergen! 
middle classes" (character- 
ised by Tat hers with university 
degrees and mothers who go 
out to work) in defiance of 
their principles, according to 
a survey report published by 
the magazine New Society 
today. 

A study by two sociologists 
at the Central London Poly- 
technic found tbat at least two- 
fifths of "emergent’' parents 
with children at prep schools 
wonld prefer la hair sent 
them to state primary .s-ehuois 
if those placed stronger 
emphasis on rormnl leaching 
anil academic achievement. 

By contrast, only 2 per rent 


of the survey’s sample of 
parents in more traditional 
uppcrelav* occupations, such 
as ” the City." agriculture, and 
the Army, had ever consult re 4 
sending their sons to stale 
schools. 


raises 
Beta prices 5% 

LANCIA is to increase the prices 
of its Beta range by 5 per cent 
from July 4. except for ihe Manic 
Carlo. Prices or lbe recently- 
launched Gamma range are un- 
changed. 


Finance Bill concessloi 
head off confrontation 


World energy demand 
increases by 3.5 per cent 

BY RAY DAFTER, ENERGY CORRESPONDENT 

WORLD ENERGY demand 
increased by 3.5 per cent last 
year, with ooiy the nuclear 
power industry increasing its 
share of energy production, 

British Petroleum reports. 

Nuclear production rose Trout 
tbe equivalent of I02.2m tonnes 
of oil in 1976 to 12fi.5m tonnes 
last year. Even then, nuclear 
power output accounted Tor less 
than 2 per cent of world energy 
supplies, measured at almost 
6.7bn tonne.*. 

BP's latest Statistical Review’’ 
shows that world oil consump- 
tion last year increased by just 
over. 3 per vent in almost ffbn 
tonnes, although most of this 


increase was in the Soviet 
Union. Eastern Europe. China 
and the U.S. (the world’s largest 
oil consumer). In the rest of 
the world, the increase was less 
than 1 per cent up-on 1976 levels. 

Western European oil con- 
sumption declined by 1.9 per 
cent, not only as a result of the 
continuing low economic growth 
but also because of the 23 per! 
cent increase in hydrcwpleetricity 
generation, which- had been 
depressed in 1976 because of 
drought conditions. 

* fip X la rest fen I Recieu: of Ihe; 
World Uil Industry 1977 : British i 
Petroleum, Britannic House, 
‘Moor Lunc, London EC2Y 9BU. 1 


BY DAVID FREUD 

THE GOVERNMENT has made a 
string of concessions on the 
Finance Bill at the Committee 
Stage, which ended in the early 
hours of yesterday morning. 

The changes come on top of 
the majur Tory amendments on 
tax levels passed in the com- 
mittee of the whole House in 
early May and after the pro- 
posed rise in the National 
Insurance surcharge 

When the Finance Bill come 
before the House for final 
approval, probably next month, it 
will be quite different from its 
original appearance. 

However, there were no out- 
right defeats for the Government 
on the Committee Stage, unlike 
previous years when Labour 
defections had an impact. This 
year the Government was swift 
to head off potential confronts 
tion by making concessions. 

The most recent of these were 
an extension of tbe time-limit for 
a reduced rate OF development 
land tax and a Capital Gains Tax 
concession for those living in 
tied cottages who are also home 
owners. The Government also 
announced that disabled drivers 
eligible for tbe mobility allow- 
ance will not have to pay the 
£50 road tax. 

Also in the most recent session, 
the committee approved the 
Government's new clause to 
double the threshold before tax 
is payable on redundancy pay- 
ments to £10,000. 

Mr. Joel Barnett. Chief Secre- 
tary to the Treasury, emphasised 
that this meant that, because c*F 
the way the redundancy tax .pro- 
visions' worked, a married man 
who earned no other income 
would not have to pay tax until 
the payment exceeded £19.000. 

Tbe Government introduced 
the amendment so that workers 
made redundant from groups 
such as British Steel, Briti^i 
Ley-land and Swan Hunter, would 
not be taxed on their large 
redundancy payments. 

The reason tax does not take 
effect until a much Tvigber level 
is because the “ top-slteine " 
provisions assess the whole addi- 
tional payment above the thres- 
hold at the tax rate into which 
the first sixth fails- If a worker 
is not earning anything further 
in the same tax year his tax-free 
allowance could cover up lo 
£9.000 on This basis. 

There have been several con- 
cessions over Capital Gain s -Tax. 
Mr. Baroeit said he “would take 
steps to give trusts the same 


exemption on tax gains up to 
£1,000 a year already awarded to 
individuals in the Finance Bill. 

The Government also held out 
the prospect of relief from C.GT 
for irrecoverable losses on loans 
to traders made after April 11. 
1978 and guaranteed payments 
in respect of such loans. 

Other changes will affect 
closed companies. Mr. Barnett 
said a less restrictive definition 
of a family company will be 
written into the Bill at the 
Report Stage. 

The change will reduce the 
voting rights in a company an 
individual has to control hefnre 
it can be defined as a family 


company From 10 to 5 per cent, 
and the voting righis of his 
family from 75 to 51 per cent. 

The Government also agreed 
lo a Conservative amendment 
bringing the self-employed into 
line with employed people when 
they spend lime working abroad. 

The Finance Bill proposed 
that rhose self-employed who 
spent a qualifying period of at 
least 60 days abroad couid, for 
tax purposes, deduct 25 per cent 
of their profits for the days 
spent abroad. The amendment 
firings tiie qualifying period 
down to 30 dajs. the same period 
granted to employees in the 1977 
Finance Act 



It has been decided topostpone the launch of the 
17th Issue Sales of the Jtedi Issue will continue under 
the existing terms except that die maximum holding will 
be increased from £1,000 to £3-000 on 1st J uh- 1978. 

Investors are reminded that the 14 th Issue will give 
them an overall compound interest rate over the 4 year 
investmentperiodof759% ayear free of both income 
tax and capital gains tax. 

Improved extension terms forl4th Issue have also 
been announced. For 14th Issue CeruSciues maturing 
on or after 17th June 1978 there is a tw o year extension 
offering the equivalent nf a 75 S% a year tax fret 
o impound interest rate Holders need only retain their 
certificates^) benefit. 

ISSUED BYXHEDEPARXMEiVT F0RMH0MI SAYINGS 


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1IOMK NEWS 


Caledonian suggests 
link with Concorde 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 

CALEDONIAN Air- Avialion Authority in London at least under present arrange- 
“second force" inde- yesterday that its plan for a joint meats, 
fli airline, offered Conco^pe^^dprovxdc “ 


BRITISH 

ways, the s«i> |, u =“>«■ Concorde operation could provide •Mr. Brock Adams, U.S. Trans- 

pendent flag airline, orterea ^ wav ou t 0 f a possible dilemma portation Secretary, has pre 
yesterday to join British Airways f or jji e authority, if the question dieted that only a handful of 
in providing Concorde services 0 f Concorde flights became U.S. cities will be prepared to 
between London and Dallas/Fort crucial to the licence decision. take Concorde services, apart 
■u/nrih in this year Mr. Adam Thomson, British From New York and Washington 

Irr^mn^tine fftr Caledonian chairman, said: “We -including Philadelphia. Dallas, 
l n X rnnS. British are discussing *h e joint operation Fort Worth. 
ral/rinnSn already onerates from of Cuncorde -in other areas of He was commenting on new 
rX* ?n wSon^nd isriahn- the A ' orld and we feel ^ a{ an a11 " rales ’ ?ffective Jul >' 31. aimed at 
imf toe DriJas/Fort Worth roiTe British service between Texas and controlling supersonic operations 
it^fiMrnmniementthe the UK could take preference in the U.S. These set noise 
pristine Texas^ervice 6 °” r other P ^0 P IJSaL,, standards, prohibit sonic booms 

British Airwavs has said it British Airways, however, over the U.S. land mass, and put 
would 11 be* prepared to fly it already has a leasing deal with curfews on night operations by 
hutialiv with S Concorde sub- Braniff International of tie U.S. supersonic airliners. 
m ideally between WastSngton which also intends to fly Con- The new rules exempt the 16 
an? DaHas/Fo-t Worth toerebv cordi? subsomcally between Wash- Concordes built so far from the 
extendin'* the existin'" super- ington and Dallas/Fort Worth, regulations applied to other jet 

sonic Concorde service'between with approval m principle already aircraft but they must not be 
London (Heathrow) and given by -the U.S. Civil Aero- modified in any way to increase 
Washington Eventually, it would nautics Board. their noise levels, 

offer a daily TriStar service non- It is understood that this agree- Moreover all 16 aircraft must 
stop from London to Da Lias/Fort ment precludes participation by have logged “flight time'' in 

a third party, so that it seems passenger service by January 1. 
British Caledonian told a pub- unlikely that the British Gale- IRSO. to qualify for this 
lie hearing before the Civil donian plan can become effective, exemption. 


Birmingham £30m 
inner-city 
scheme approved 

BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 


[ BIRMINGHAM has approved a 
30m three-year programme for 
its inner-city area, Mr. Reg 
Freeson. Housing Minister, 
announced yesterday. 

Mr. Freeson is chairman of 
the partnership committee set 


Compulsory purchase 



Ministers 


by Highland Board 

BY JOHN LLOYD IN INVERNESS 

EXTENSIVE NEW powers, Lindsay Hamilton, Highland 
including the right to force land- executive officer of the Scottish 
owners to sell their land and to Landowners Federation, said the 

are being deliberately neglected ^^e board's plan is based on 

depress! tig ^ec^o^errqdoj^nent toJSl commv £ 

TS i J^%^«nS U BSS P ut forward a proposal 

sSsfe in 1965 baVf f ' sy « ass 

The Boards proposals, pub- ti°o wou!d have to be approved 
lished in a consultative document b > P®r cent, of the commumi^ 
in Inverness yesterday, will be after which a local advisory 
passed on to the Government and council would monitor develop- 
it seems certain they will be me ° l P la P s : ... . , . 

accepted. Mr. Bruce Milan, the Ad official hearing would be 
Scottish Secretary, yesterday Held if the owner of the land m 
"warmly welcomed" the pro- question required it, before a final 
p 0sa is plan was drawn up. After a 

"Land is a fundamental public meeting, the plan would go 
resource of the area, which should 10 toe Scottish Secretary, 
be used to generate as much Sir Kenneth Alexander, chair- 
employment and Income as man of the board, said that he 
possible," he said. thought that in the course of this 

Not surprisingly, the pro- procedure most landowners would 
posals are likely to meet some reach agreement with the plan 
opposition from landowners. Mr. being proposed. 


directors 

By John Elliott, Industrial Editor 

MINISTERS made it clear to tbe 
Institute of Directors at a meet- 
ing last night that they were not 
prepared to budge from tbe prin- 
ciples of legislation on worker 
directors laid down last month in 
a White Paper. 

The Institute is now to pre- 
pare detailed comments on the 
industrial democracy White 
Paper. 

Lord Erroil. president, and Mr. 
Jan Hildreth, director general, 
pinned most of their opposition 
on the fact (hat companies could 
be compelled legally to have 
trade union-based worker direc- 
i tors. 


CHANGES IN EMPLOYMENT 
IN BIRMINGHAM AREA 
7971-76 


Change in population 1971-76 

Number 

up to co-ordinate tbe efforts of Vehicles —14.962 

Government departments and Metal manufacture 
local and regional authorities in and metal goods 
urban aid. Birmingham is the industries 
first of the seven partnership Mechanical and 
areas to have approved a pro- ' electrical 
gramme. engineering 

The city has approval to spend All 
£I0m in each of the three finan- manufacturing 
cial years beginning nest April Construction 
Projects will qualify for at least Services 
75 per cent Government grant. Agriculture, 

The money is to supplement mining, etc. 
programmes under way and Total, all 
enable public bodies better to industries 


—76,545 —19.8 


— 11,962 —223 


-52293 
- 2982 
+ 5JJ11 


-223 

—74.1 

+ 21 


- 209 -620 
—52-473 -10.4 

Sourer: Dr&artmrnr of Employment 


■towards the 


co-ordinate policies for re- 

generating the central area. - 
In the five years to 1976, adjusted policies 
population in Birmingham's common aim. 

inner area declined bv more The county council has changed 
than 11 per cent, to 291.800. and its five-year transport plan to give 
about 52.500 jobs were lost. In greater priority to two evpensive 
the vehicles industry, the work- road schemes that will open, up 
force fell by nearly 30 per cent areas for redevelopment. Govern- 
ment support is sought for funds 
I7 01 , to enable the eastern section of 

Ivey areas the middle ring road and the 

Mr. Freeson said the agreed Small Heath by-pass to go ahead 
programme would provide as soon as possible, 
guidance in which industry, Birmingham Chamber ofCom- 
commerce, voluntary bodies and meree is supplying information to 
community groups could best tie the partnership committee about 
in their "efforts with those of the needs and aspirations of 
central and local government local industrialists. 

Initial efforts would be con- Work is in progress on schemes 
centra ted upon a few key areas, worth £llm in the current finan- 
Handsworth and Sparkbrook, cial year, under the Chancellor 
with their acute social difficul- of thq» Exchequer’s £100m alloca- 
ties. would get attention, tion to aid. the construction in- 
Industry would be encouraged dustry. Tbe largest project is for 
at Deritend. Duddeston. Saltley 35.000 sq ft of small industrial 
and Sparkbrook. units and 550 rarparking spaces. 

There are also hopes that with The inner-city programme 
only a modest injection of marks only a tentative beginning 
public funds the Small Heath to what is recognised as a daunt- 
district might start a sustained ing task. Further study and de- 
programme of economic re- tailed work is required upon what 
generation. is envisaged as a 10-year pro- 

Uader the partnership agree- gramme to prevent industry from 
ment, the City Council and West drifting out of Britain's second 
Midlands County Council have city. 



BY JOHN LLOYD 

JOHN BROWN ENGINEERING, The bulk of the £10m will be 
one of the largest employers in raised from retained profits, 
the industrially depressed area of 

Clydebank, yesterday announced n 5 „ 6 on ^turnover oPm.2ra. 
a £10m investment in its plant compared with £2.7m on a turn- 
there. over of £52-lm in the previous 

A leading manufacturer of gas year- _ ...... ... 

turbines, it is to invest in a pro- Mr - Strachan said that while 
gramme aimed at replacing older output remained the same, there 
machinery with modern equip- "“uld fae n0 ne l d for extra 
ment. but it has no immediate The com KL ha 1 ? r0WT1 
plan. ,0 i,=rea M ite wM-JJ 

Singer company ajinounceiTntare ““ “ 

than 2.800 redundanies over the “ last 1 J 
next four years. 

The John Brown investment £9m Orders 
programme, spread over several , , . . 

years, is designed to increase I^ st week it announced orders 
efficiency rather than capacity, worth £9m for four gas turbine 
though Mr. Graham Strachan, se ts for customers in Holland, 
group managing director, said Dubai and the UK. It also signed 
yesterday that the company a 10-year manufacturing agree- 
hoped to increase its market bient with the General Electric 
share in the long run. Company of America, covering its 

The company's share of the LM2,500 light industrial gas, 
international industrial gas tur- tu E5 me- .- - x . „ : 

bine market is about S per cent ^The creation of John Brown j inn non , 0 --hprt 

Major competitors include Hita- Engineering was an attempt to ABuUT 100,000 teacher^ . mem- 
phi of Japan. AEG of Ger- move away from a reliance onjbers of tbe combined National 


Dialogue 

They also queried the effective- 
ness of the White Paper's ideas 
for a form of two-tier company 
board structure. Lord Erroil 
said that such an arrangement 
could be cumbersome and impede 
companies which needed to be 
M quick on their feet” 

Mr. Edmund Dell. Trade Secre- 
tary. and Mr. Albert Booth, 
emphasised the voluntary options 
in the White Paper, and the 
Institute's representatives agreed 
I to put forward their detailed 
views later in the summer. 

Our Labour Staff writes: The 
TUC nationalised industries 
committee met chairmen of 
nationalised industries in Londun 
yesterday in what it described as 
a continuing joint dialogue on 
proposals contained in the White 
Paper on industrial democracy. 

The TUC said before meeting 
that the committee was seeking 
" faster progress " in drawing up 
jointly gareed plans on industrial 
democracy by August so as to 
meet the Government's require- 
ments laid down in the White 
Paper. 

Shortly after publication of last 
year’s Bullock proposals, the 
union leaders produced a series 
of their awn recommeudations. 
These included a demand for the 
right to initiate the process of 
introducing worker directors on 
to company boards, with union 
representatives being selected 
through the joint machinery of 
recognised unions rather than by- 
ballot. 


Complaints against 
gas boards fall 10% 

BY SUE CAMERON 

COMPLAINTS AGAINST area customers can be telephoned 
gas boards have dropped by ten and told when a fitter is unable 
per cent, over the last year, to keep an appointment 
according to the annual report “ Most people today are on tbe 
the National Gas Consumers' phone and most consumers are 
Council published yesterday. • prepared to be tolerant — pro- 
Tbe report shows there, were vided they know the reason for 
43.700 complaints to regional gas the delay." 
consumers' councils in 1977-78 The council's report says 
against 48,600 in 197&-77. that slot-meter consumers still 

By far the highest number tend to pay more for their gas 
of complaints— 33 per cent— than those who pay quarterly, 
were over sales and service Demands for a fairer deal for 
standards. The council says slor-meter customers will be narf 
British Gas should make more of the council's five-point policy, 
effort to ensure that customers Tbe council will also call for 
are not inconvenienced. free appliance checks for all gas 

Sir Mark Henig. deputy chair- users, a more realistic approach 
main of the council, said yesler- to connection charges, no gas 
day that nothing upset customers price increases until April 1980. 
more than having to take a day and Improvements in tbe code of 
off work to wait at home for a practice governing disconnection 
gas man w-ho failed to appear. to make it fairer and more 
"We keep telling British Gas effective, 
that the problem is one of com- The council fears that some 
munication and information," consumers who genuinely can- 
Sir Mark said. not afford to pay their gas bills 

“ A fitter may find that a are being disconnected. Two out 
particular job takes longer than of every three cases referred to 
expected, but all fitters are in the Department of Health and 
radio contact with their offices. Social Security as potentialiy 
" Surely, in this modern age, needy are not accepted. 


Teachers end 
meetings ban 



Steelmen 
reject 
attack 
on wage 
controls: 

By Christian Tyler, Lafaoor Editor 


STEELWORKERS 

to pre-election fever yester- 
day by committing their- mans-, 
trial and financial soppdit for- 
the Labour Party and rejecting 
a Left-wing-backed assault bn 
wage controls. 

Tbe- effect of a- decision hy 
tbe Iron and Steel Trades- Con 
federation third annual - con- 
ference in Scarborough wots 
to put the union among a 
minority prepared pubticty to 
tolerate another Government' 
decreed pay norm, provided 
there are concessions on . pro- 
ductivity bargaining and a 
shorter working week 

A resolution from Cambus- 
lang, Scotland, opposing -‘'any 
further period of pay ristrfc 
tfons" was lost 82-43. - The 
Left took some comfort from 
the vote, since s' similar reso- 
lution last year, was .over- 
whelmingly defeated. 

The need to sustain Labour 
at all costs was the main argu- 
ment deployed, against the 
militants. But the conference 
was also reminded that if It 
had not -been for the 10 per 
cent pay guideline . of - the 
present incomes policy* State 
steelworkers would have, been 
unlikely to win snch an 
Increase from British Steel 
Corporation. 

Confidence 

The delegates’ vote will 
strengthen the already high 
confidence- oF Ministers that 
their discussions with the TUC 
over the next few weeks will 
produce an unwritten under- 
standing for moderation In pay 
claims when Phase Three ends 
on July 31. 

The party can also count on 
a substantia] election donation 
from the confederation’s politi- 
cal fond. 

Mr. Bill Sirs, general secre- 
tary, reinforced Ministers’ 
optimism by saying that while 
a few union leaders were 
pubBcly in favour of further 
pay planning, more -were back- 
ing it privately. 

Other speakers claimed that 
to support free collective 
bargaining would be to play 
into the hands of Mrs. 
Margaret Thatcher. 




t bnMHin g — . — 

yesterday ^eld : back'tfrom 

ic« the --GdVBEnment’lr ^ . 

W&y because' trtytte .ffrerfMfc - 
gouge it ■ Si- ■’ 

J»'-forthcotoltis , GeumiBection.-meti^4«ere' 

,, ;-Mfimbers-o£the- 

which- represents - '-23a>. woritors, J saiI;hdme^^ 

■dosed, raaks behind - ^rJ'^es-v;;^^* 
tsateff han 1 - 9?! ’ ing ir rtowton, - 

threat of a <>oMunra!tiye,;*wstw 

at jt he widely , predicted autn&rt. qqilgctwe + — 
polk v .v : . . • -i" 

The decision will -.'sattsff-.nte- responsible 
KPrime Minister, * who; win speak ^ -j oarcea-: to}- - 
■to the c'jnfederatiou’s -conference tbb'' 
la Sastbotime tomorrow;.-.. ^wbyeai 

But tbe tredeVuman / 

merit's Arm aim of achieving - -a j^ond 
shorter •• ■working/ - week was 
emphasised 

Hugh Scarflon - , -outgoing.; presKjugs; an4 ^ 
deat of the Jimalgaihated Union, of: m pez-ve& fbr, 

.of Engine^lrig Workers; Helptit ^tb. : v , jieiewi 

it at the -top of the. cometiei^a- : other. .workers. ;'>a&*{£32pg„ . 
.tipn's shopping list fm: the; next 

pay round. . . . - . . ; rCea tag^ ^ syaeitT^mmreritSKlv 

The movement against : ; Tmnimnn> of 

attack on - , the 


officer oi me- general : y 

dpal Woritors^ Union. ,Bntem^ - 
tiS-d-Iar^est trade uniorf.-. . . .-■ 

He said: “The Tory. Par ty wdl . 

be .delighted for MPg 

to accept " any motion which .TTansporL aua ueo araj.- . 
might be an embarrassment 
tbe Government: If 

to • be accepted; , -Mrs. . workers. . .; Jn - - 
Thatcher would be delighted.” - abstoned- jrgm;, the^confe*^ 
He was backed by Mr.: Roy tipn T s otherwise Unanimous stify 
rantham, general . secretory - of for 


manv. Fiat of Italy, Brown marine engineering and ship- 
Boveri of Switzerland and Rolls- building. In 1968. John Brown 
Rovce and GEC of the UK. Shipbuilders became part of 
Mr. Strachan said: "Tbe gas Upper Clyde Shipbuilders, which 
turbine business is a highly com- i& turn was liquidated in 1972. 
petitive one and any company The old John Brown yard was 
seriously engaged in it must be taken over by Marathon, a U.S. 
prepared to make a substantial company specialising in the con- 
re-investment of its profits in structlon of oil rigs.. Tbe corn- 
order to keep its plant and pany closed its marine engineer- 
machinery up to date." ing interests in 1970. 


Association of Schoolmasters and 
Union of Women Teachers, are 
to resume attendance at out-of- 
hours functions such as parent- 
teacher meetings. 

The union has called off its ban 
because 60 of tbe 104 local educa- 
tion authorities in England and 
Wales have declared that out-of- 
hours functions are not part of 
teacbers’ contractual duties. 


Liability law proposals 
attacked by doctors 

BY DAVID CHURCHILL 

BUREAUCRATIC delays for doc- jected an attempt to exclude 
tors in dealing with patients drugs from this recommendation, 
would occur if the Pearson Com- The college, however, is con- 
mission proposals for increased cerned about the effect of a 
civil liability are implemented, change in the law on doctors who 
the Royal College of Physicians use established medical drugs 
said yesterday. rather than drugs which are on 

The college, in -its comments on trial. The college argues that it 
the Pearson Commission's report, would be necessary for doctors 
warns: “ Safety first medicine may to carry out strict documented 
result in fewer accidents but it procedures to prove that patients 
will also result in fewer cures, have been told of the possible 
and the balance of advantage is consequences of the drugs, 
unlikely to be in favour of - in the absence of such pro- 
patients as a whole." cedures doctors will be exposed 

The commission’s report, pub- to all manner of unjust claims by 
lished earner this year, recoin- patients, whose self interest may 
mended that producers should be impel them to forget any oral in- 
strictly liable for damage or per- structions/wamings they mav 
sonal injury caused by defective have been given" the college 
products. But it specifically re- says. 6 


Murray 
challenge 
on "list’ f 

By Our Labour Correspondent 

HR. LEN MURRAY. TUC 
general secretary, yesterday 
challenged tbe Economic League 
to publish any list it might have 
of trade unionist f political 
affiliations. 

Mr. Murray, commenting on 
newspaper report that the 
league, a free enterprise organ i 
sation funded by prominent 
companies, was providing 
inquirers with the political 
and trade union history of job 
applicants, said: “People who 
present themselves for jobs 
should be considered on merit.” 

The suggestion that people were 
keeping Lists "would be depre- 
cated," Mr. Murray added. 

The league's director of re- 
search and information was not 
available for comment yesterday. 


His reinstatement would he a 
Jsood^ thing for the Financial 


Protest at length of Tether tribunal 

FINANCIAL TIMES REPORTER 

THE AMOUNT OF TIME an travesty of justice calculated to While Mr. Fisher had shown had not “married up" with the standin* The Financial Tim« 
industrial tribunal had spent bring the whole of this procedure his willingness to accept that he standard he had expected. no matter what it thought ^ ; 

considering a claim by Mr. into disrepute." had made mistakes in the execu- There was never any ground his work, "could not 

Gordon Tether, the former Finan- The commission had suggested tion of his editorial, function, or for thinking that Mr. Fisher had come to the conclusion rhaith^M 
cial Times columnist, that he was that claims for unfair dismissal might have made mistakes. Mr. feelings of “ obsessive hostility " was anv reason for 

unfairly dismissed was described should.be lodged within five days Tether did not and could not toward Mr. Tether. my emnlovineiit" Lerminaim * 

yesterday by Mr. Thomas of dismissaL and suggested that accept that he " bare any blame About 46 articles bv Mr Tether 

Morison. counsel for the Finan- a necessary part of a satisfactory at all." Mr. Tether did not accept in two years were "banned - ' by 

cial Times, as - scandalous.” procedure was that it be con- anyone as his superior or accept the editor either because of t- - j 

Mr. Morrison made his com- ducted " speedily.’’ any criticism of his work. quality or because they fell out- ,„!, meS ’ ■?.. w0 ^ d show the FT 

meats about the length of the Throughout the case there had Mr. Morison suggested six side his range of subjects. f* 8 . ^. J . Ul0 2 tQ ‘ bu ry the 

tribunal hearing when he began been a danger that over-indul- areas the tribunal should con- Mr. Tether’s claim that there Qa „ et- 

sum ruing up, on the 44th day. gepce to an unrepresented sider in making its findings, was no consultation before a . He .accused tbe newspaper of 

The tribunal Is considering a Jitigant (Hr. Tet her) on the one Among these was Mr. Tether's directive limiting and confining handling the dispute in a manner 

claim from Mr. Tether. 64, former hand mal * produce an unfair- distrust of all in authority over him to a range of financial sub- calculated to inflict the maxi- 
Lombard columnist, that he was “ e respondent (the him and his “irrational view of jects, said Mr. Morison, was mu ™ damage.” His reinstatement 

unfairly dismissed 20 months ago. Financial Tunes) on the other, the dispute. “sheer lunacy.” on the Lombard column was the 

He is asking for compensation „_ Th ® . onl >' . WJ° compensate Mr. Tether had no ability to The very reason for the direc- only way "completely to repair 
and reinstatement ^ mai L c,a J J 1 ®** , c ?“V?™ ra il e - to , adnm 1116 P° s ’ Uv e was that there was no con- ^e damage to my professional 

u MwicMi tnirt th* H-iht.nat unfair effect of the length of sibility of his fault saltation, and the directive was reputation," No other column 

headed by Mr William Wells’ t 5 e Preobedings " was to award Mr Morison, while stressing intended only to ensure that ^ould give him the same “job 

SSS ** on* rase m « life wtaffi ® ISffSZA £sg 

-V s ? soffit- real,y ~ 

and Trade Unions, which formu- Mr. Tether, he said, had made Onmisinr’ Mr Torh-rv «!„;», _ or a .reasonable editor to have ,_*re reinstated after the 


■ t 'or a ™ro„Tmredi,o? reinstated ..... _ 

latea tne un»;r uolluo^p •«» /“B uewspager for reinstatement. Mr. Morison faiTh Sat It^ou^have been "eet ° on ^ 

amounted Sr *$&??**£ SilT " “ “* made in 80M VT "H 

me mechanism for decidins Financial Times editor to carry Mr. Fisher senuinely believed Srides P “ bUs ° tr I heteH^fn ' h,?‘ ed th e- he c0 ?‘ 

these disputes,” and was “a oot hrs ed.tor.al duUes. that some of Mr. Tethers artieies He was a columuist of loop We case eoodoSes toda™ ’ 


New dock labour 
scheme draft 
goes to MPs 

■ By Our Labour Correspondent 

THE DRAFT of the proposed 
new dock labour scheme was laid 
before Parliament yesterday by 
Mr. Albert Booth, Employment 
Secretary. 

The intention of the new 
scheme is that ail registered dock 
workers should be employed by 
individual employers and, in a 
substantial departure from the 
existing scheme, there is con- 
sequently no provision for a tem- 
porally unattached register. 

Workers registered under the 
1967 scheme will qualify auto- 
matically for inclusion on the 
new register. Others whose jobs 
will be classified as dock work 
for the first time would go on an 
extension register initially and 
be transferred to the m ain 
register within two years. 


o- 1 • ■ ; : . ■ y ■ \u - j- y ,--5*.^' /. sr./s 

- ■ m.-.v . ; 



— — ’ 1 — Tlu'ivisi.-i'i 


l'*< 


v • .v - ■ r*.— • i -: - -Jv 

■ ■ ■ ■ — - — — ■— ■— * r ArOifkl-thBi ’ •ftviwaM’ ri 





- '1: 



BY NICK GARNETT, LABOUR. ST5M?- ^ 

JrMANUAL . WORKERS at West-Om-'-- - ^ ‘ 


1^ 


Aircraft’s Yeovil factory PtbpobAl^ 
yKterdus .reafBnued Hm? ' 

sition to the company’s intention no further decisttm emlheniitJw. 
of scrapping piece-work. ' .•■:•■. since -the dismissat yanu^s^tft-' 
'They also deeldefl/ almost T the stewards 
unanimously to withdraw their notices to be sentrshbz^«>^'' 
labour if the compefay - imposed. /. Westland', believes that- 
pay and working conditions that doning piece-work would 

had not been agreed by- the toe^campanrtmt ofitKfifflc 

unions. ^ ^ and secure helicppttt - : U’ydiiibro-. 

• Westland, wMcfi says.tfiat lbrig-. turing at YeoviI. s Tho.'^tt^fe .’ 
standing . pay wrangles - r < are Believes ^-'tne proposal ^rwnhkL' 
seriously jeopardising ife -pkrimr catise to'seriocsri^hcfiUtt^lnf 
jjnance, has- written : - to --The : ryy 
wdrker^jthreatenihg .them with > Mr^^ofo yM c Cusk e^ g as istM 
’ ' 'tosalnptlceddf tieritliefaSftire* gfeneral^aeesrfetakFi 'VaRAeii’aflab: r 
negotiate '"jl .new - wage clatinri of . Sci&atifiev. Tedmtesl 
structure. \ . - . , and Managerial ^StafeJ.tbMtaw ;«'■ 

Show T stewalids said yesterday Confederation _ihf Shipbtfilflirig . ■ 
that with^rawai\bf labour might and Engineering. Unions jested | 
involve a- x strike, a sit-in or -day that the unidn would.^e 1 
simply accepts nce^of dismissals:, approaching the .- ' Governmeift 
They do not. intend action over soon to. .ensure ..that finaraqal- 
the warning of \ dismissals, difficulties at Wetland' 
although flie\ attitude of the bring about the collapse .'-oMljfc' 
workers appear^, to be hardening, company, • - . .... 

Mr. Mike \Webbor. the The eorifederation callci foE ; 
stewards’ convenor, said\hat the . the Government- to reOdssidet -| 
meeting, at which only a handful the need for nationatismg ^e ; 
of workers out of more than L500 helicopter industry- by - int^v. 
voted against withdrawing po rating.: it into: British Achk 
labour, produced, a greater space, * . 

■ ^ . 

Unions near accepts :ic£- 
of ICI wage offer v 

BY PAULINE CLARKr LABOUR STA^F - - ' Lc. V 

UNIONS representing 55,000 ICI . still waiting ' for. a : foraisr 
manual workers' are moving response from craft wqAaS[^o’: 
towards acceptance of a company kpPe to win eventual acOept^Ser- a 
offer within the Government’s ?■ a proposai_ to forgo wnsdl®- 

pay ““ d f nes ’ «“ 

resistance from a section of shif t xnise .the. amount .of " new csgfe 
workers. _ available tor all workers. : ./ 

Mr. John Miller, national- Most rejedlontf-oE the 
fnSlSS? in fC thP chemlcab offer are said to come &04a r sl^t 
J5j£y H 1 . !5 e Transport and workers, who want fuH consolida- 
General workers Union, con- tion. of th^ last' two years’ 
firmed yesterday that indications . suwfiements- - : '7. . t . - 
from report-back meetings so The ICr staKi etsvriads*'f^cw^ : 
far were in favour of the major bined committee-, derided' tlfis , 
part of a 10 per cent deal, week to . launch -a -pmgrarisiiB.{ - 1 
although negotiations would con- of selective industnial , i 

nnue on the introduction of a the Issue^ ^ariwag. JsiwieMwniftws ' 
35.bourweek. - in three planto iitjn«Klhes6ire ' 

The union negotiators, who are and Manchester. 


Doctors give warning 




BY DAVID CHURCHILL 


Fifth fewer days lost 
through strikes 

BY NICK GARNETT, LABOUR STAFF 


beginning in 


WORKING DAYS lost through stoppages 
strikes in progress during the first period. 

five months of this year showed Provisional figures in the 
a drop of about a fifth over the ® m Ptoyment Gazette’s June edl- 
same period last year, falling atrikes ^ginning 

from 3.6m to 2.8m. £ April ^ “ against 293 

The number of workers in- Working days ' lost In all 
volved in stoppages over tbe same strikes in progress last month, af 
periods also fell byjLS per cent 414.000, were also down on the 
from 452,000 to 383,000. The April total of 573,000. The num- 
fSPmSZtM i stoppages her of v/orkers Involved in strikes 

fell slightly, from 1,188 to 954. in progress during the period 
over January to May this year, however was about tbe same at 
disputes involving pay and fringe just below .85,000 for each of the 
benefits totalled 577, involving two months. 

143.000 workers. — 

The next two main categories 

were disagreements over manning U V.CI Li fUfi 0011. 

IrlSw'S- JSssssf2L.t5r.SB 

pages with 17,300 workers in- clatmThe tocreuM li- *- 
volved. Working conditions and involve a compile ^i!} 
supervision formed the only other voluntary overtime and 
area that caused more than 50 journalistic work. 8113 n0n “ 


BRITAIN’S 24.000 family doctors conference in London yesterday* 
8® v ^ a ^ear warning dverwheimingly passed^S3£v' 
to the Government not to delay tion warning ■ ' 

implementing 183 per cent pay tions if the pay avrard' was hdtn 7 
nses whjch are due to be phased, honoured^ - 

^ earS- , The doctors are yrarrififf tiwL ^. 
me doctors, at their sectional as lots happened before, a phased - 

— — . Pay rise may be blocked hy'a® r • 

- • future rigid pay policy. - Vc.v" 

— The family doctor* deadsd iwt-: 

■ to support . the. jnnjor -'hb^SlriV;^ ; - 

doetors in seeking- separate ; .pay. , T 
negotiations with. the Departoieri -S-; f 
of Health - ' and Serial Security.' V" T ‘ 
Wiile sympathising ^ 

- colleagues, they a'grmd.. that- tite- . 
Review Body Wag 'toe best system " 

the at present . . v;: 









§hai 




■y- 


eee-workst 
er workers 


k:jr uc^cpta® 


1.1 i" li'icf 


.W. • * ’ * " 


t . > rr‘in« 






I 5 SV, 


PA Kl I AM I N AND POLITICS 


EEC proposal Tories want Foot beaten in vote 
on dnnrcfpn i Kde on party document 

tJlvP J BY RUPERT CORN WELL. LOBBY STAFF 

sales attacked 


BY RUPERT CORNWELL. LOBBY STAFF 


Britain 1 
has more 
than 41m 
voters 


By Philip Rawstornt 


BY RICHARD EVANS, LOBBY EDITOR 


BY IVOR OWEN, PARLIAMENTARY STAFF 


"■ m . MR. MICHAEL FOOT. Labours NEC. the Leader of the House .. ~W% £ 

fi W ' ■ |v Jr*. By i° hn Hunt. Parliamentary deputy leader and arch-uadi Lion- arsed that the document, which By Philip Rawstomt ll/fl V III 

I ZfW I ■ » • 1/ Correspondent alisi, yesterday suffered a heavy demands reinforced Select Com- « P|T . TVC _, lc1 . rw i _ n( . r<: W* m *’*J ^ 

klCUV^ cl 1 1 am I ■ K l!M I „ defeat a* the Left-dominated mittees and lighter legislative •/ M. 

V J.& VII. DEMANDS THAT the Govern- National Executive Committee scrutiny of public spending, be Sc ?otai on b &e r?«Ser5 BY RICHARD EVANS, I 
* ™«.nt should lake a much laugher adopted as party policy a docu- demoted to liter status of a mere “ a “ “® 

BY IVOR OWEN, PARLIAMENTARY STAFF f attitude inwards Soviet involve- men( calIinR for a sweeping “ advisory - paper before the * JjL* 1 *;!-. V eneral Elect,D0 m _„ ADD 

E mem in Africa were made by the reform of the House of Com- party conference, with no official *’ ,d , cr * Ip* 1 *. A SHARP DIS1LN 

PHOPnciTs nv , • Conservatives in the Commons mons . blesxinz from the executive Electoral statistics published between pay bargaining 

EEC l - on, ‘ ° r paper. “I don't jail that yesterday when Dr. David Owen. si r p QO , i ea Her or the House by Ine Office of Population private and public sectors 

lift.™ 11 s consumer documentation. I calgit Coni- Foreign Secretary, faced ques- ., n ^j fornu»r’«:tandariI.hp-iiv*r r.fiho Eoth 3l U Ut * tJ if iujplc- Censuses and Surveys yesterday a Conservative Goverome 

f-? s ?. ards , a ® ainst doorstep sell- inuuity confeui” be declared, tinners. ‘t-.r. in u-iriiamoni has aiw.vs n,t?nled * document would show that the registers which drawn yesterday by 

i^So Str « ns y opposed by mail Alp Fr «■» -.ivn^nsisiont Mr - Richard Luce, a Cnnscrv- nnDnsed t-minerin', with lhe makc ** much inure difficult for a came intn Force in mid-February Margaret Thatcher, the 
and insurance in- , h atiL ?, r J5fte ‘‘Sd Vm aUvc f"™gn affairs spokesman. SE5SS2™ of S cimmS ind Lahour Government to carry in- contain 41.1S7.752 names. The Leader. 

I?H r ! l r-r^ CQndemn . ed oa aJl apDly io int^r^ce con^cK " demanded that unless Russia J2Xa||Janv movetostren^tKn to law man,res ’ n com mini tmcnis total rn October. 1974. was She confirmed during 
sides in the Commons last night. aK oi t il5£ shwild mcnricd hpr W* lhp Wc ' st 5E SSe« S SHect Commit jnd ilP,ns of pjr,y P aJ,t - v - *"1 40.072.071. election tour of Pet 

Mr. John Fraser, Minister of not be conirul^overh^e ‘hard s,10u ’ (1 retaliate with economic yesterday. however, at i^fuli ” r ‘. «?. lk!,rd0, i iP L . f ? r Included in the current elec- Yorks., that there would I 


Mrs Thatcher 
outlines her 
pay policy 


Mr. John Fraser. Minister of no be «niwl over *o "laS shou,rt ,1!,aliatR wili ? economic "'VeM^aV hmveverTrfiil! Mr ' 
Sg? u f0 J f 0 ™™' Affairs. seU ‘of ^nstmincc °on #Se ^fr- mJeu^o? thena^nji executive. ^ 

5S2S *5, J? sl «P- ‘h«t should be the P ,£ he clashed with Left wingers, in- 


irty conference with no officTal Oc1obcr - 19T4 - A SHARP DISTINCTION hope people will set wage 

ess in™ from the executive Electoral statistics published between pay bargaining in the increases by increasing prnduc- 

b hy the Office of Population private and public sectors under tiviiy and efficiency.' - 

Eoth argued llial. if ample- Gensus.es and Surveys yesterday a Conservative Government was Her tough altitude toward the 
ented. the dwument would «bow that the registers which drawn yesterday by Mrs. public sector means that the pay 

ake it much uu ire difficult for a came intn Force in mid-February Margaret ’ Thatcher, the Tory negotiations are certain to be a 

ibour Government to carry in- contain 41.1S7.752 names. The Leader. live issue in the Genera! Election 

law manifesto commmitmenis total rn October. 1974. was She confirmed during a bv- campaign. Mr. Gaily chan is 

id Items of party policy. But 40.072.071. election tour or Penistone. expected io underline the Tory 

r- Ian Mikardn. MP for included in Ihc current elcc- Yorks., that there would be free attitude when he addresses truth: 


fivt Sen «« dra /*^ a " E ££..fe subject of an ent.rel^separaie credits to thc eluding Mr. Anthony Wedgwood 


live on contracts negnUated regime ” 

b “ sine « Premises Mr. Fraser was 


Soviet J-'mnm Benn.° Energy Secretary .""who In the event, Mr. Foot's pro- nc J‘ ^bruarj'- nationalised industries or other ““?ag ed redlslnbubon ^ Tf 

Mr. Lure a.ke ^. Onen^to Mr Font's stand as a posa I was voted down by 13 to 9. Kn ^ e nl ^!S^LJ Sj ■“ ° f thC PUh, ' C . wealfh raticr Iban p"?in“ Stteo- 

■ and that d'rect negation or the pro- and the NEl then adopted the eSe lo vote if ^ Genera! ln . Ihe nationalised industries tion i 0 creation oE wealth.' 
should be P°^ ls - . document b;- 1J voles to 5. If Fiction cal ed in October pay increalie s would depend on -y ou cannD t make ;« nation 

ontext or Bucked onl> by Mr. Michael approved, by the party eon- ^aiiea m uciooer increases in efficiency and pro- prosperous unless vou have ihv 

Ihc Soviet Clocks, Government Chief Whip, ference it will join the abolition ^Dlhe reSJTare duc . livi . ty - while in local fncentive to do so.' I am arraid 

who, exceptinnalfy. was present, of the Hous^ of Lords as official “baby' boom 1 *5 authorities, ihe Health Sennce the incentive is just not there." 

time had although nut a member uf the Labour policy. ihc laie ’Sfr; and earlv ’60s ar ! d . e ducahon they be kept shl? suid : 

e ^ es ‘ er, ‘ More than 553.000 were resist strict spending limits the she was convinced that “ihe , 

r ? , r . obUflt T 1_ J. j 1 lorod in 19T7. Tories would impose. johs of tomorrow” would conic •' 

I anmir TO rPfir^lir ln aI! parts of the UK. there But Mrs. Thatcher insisted that from the small businesses. If 1 

r aesiruc- ajur/vmi *■ ” * wbaa has been an overall increase in she was not going to lead an elec- you were going to dose larcc 

P™- v ve £ V a ‘he number of electors. turn nn threats. *’ I believe we plants, you had to sow thc wds 

n Tor ni)n Oil IllOOff ^tfiorrm TO beep UP with electoral Will be able to get reasonable of tomorrow's businesses, which i 

rUmnU ■ 1.0 indatma of another sort yestcr- and coinmonsense bargaining. I would be small. r 

'K®!' BY RUPERT CORNWELL day. the Government published 

InnH ihit a t0 i 11,0 '’* 1 * 12 ior increases 

: La hm T i.n L n the campaign .expenses of I 1/ 4-^v nMArio fU OJ £ 


Tower Hamlets, warned that to tnral lists are 576.306 young collective bargaining in the ‘ ,ruon conferences in the next 

downgrade Ihe suggestions would people who will reach the age of private sector, but that this wee "^; . 

be tantamount to burying them. is before the registers expire would not be permitted in the Thatcher went on lu 


* ruuL Dusin eis premises Mr. Fraser was alsp critical whether' he aereed that described Mr. Font's stand as a posal was voted down by 12 to 9, iome fv.o-iniras or th^se 

” ac T c h epl t a i. e J as,s ,f op of .he attempt mad?, in ihe Sen e w? s inrtivisiblHnd that “direct negation " or ihe pro- and the NEC then adopted the ■ v " u "* vole « are expected to be 

JL8“£ “f directive to sUpulatcca lower o^ Afncnn Solides should be P osals ' document by 13 votes to 5. if *V s, H le l -° vo ,“V? tb e General 

^nfirpfv 18 8,1 cash limit for doorstep trading. in j he w j der context or Backed only by Mr. Michael approved, by tho party eon- Electmn is called m October. 

ely new approach. g ven though the initial figure \ynsiern relations wilh Ihc Soviet Cocks, Government Chief Whip, ference. it will join the abolition The numbers o£ young people 

n^t i *-“ ,D,5ler ******* « n of £17 had been amended, the Son relations wnn wil0 , exceptionally, was present, of Lhc Houso 0 f Lords as official f 0 ™'"." “I- 1 ® Jt e K™^ Ste,S ™ a ^ 

POTS?" ™^ n,cni urs ’P 3 Government believed thal this }(e jhou™ht that ihc time had although nut a member uf the Labour policy. tj!* (Rn ° r 

* h . e was another matter whkh should co "* fc r °Br?i,in and the Western ?*ll y JSl 


would not be permitted in the aiwu-uvr u uu u 

nationalised industries or other altac k Labour as the parij 
ar »e r,f ,h«. nuhiii. engaged in redistribution of 


withdrawal of the Commission's he^ te ft o the natVonaMudgment ^"rd To s mw "e r hu 

undertook to 0 r each member-state . ! SSUh to the sS? Union 

sonieth i n J^nnrp = h u”! ,v, S While admitiina ihe . need for IF they persisted in their "deslruc- 

GovernrnS X ° ^ improved consumer prnteLlmn live policies” in Africa, we 

Go rn meat and the House. over cash doorstep sales, the Prime Minister's speech in New 

a,-?**. Minister ronimenled: i“ If the supply them with privileged 

,a ,‘ ed commission had not intervened credit facilities or grain supplies, 

nature of the draft directive. u - ljh ^e draft directive, we in reply. Dr, Owen took a 
embracing doorstep sales of would have probably Jlegisla ted cautious line. He agreed that 


Labour to redraft plans 
for ban on blood sports 


BY RUPERT CORNWELL 


-r» a ?j a i? d effiGTgfncy help already to deal with cssh leans- detente was indivisible and did LABOUR HAS sot pre-eleetoral Mr. Callaghan lert no doubt Purtiamentarv eandidares; 

provifleti bj* electricians and actions as well as credit trans- nol think that thc sort of cold feel over its plans to make he was wholeheartedly behind a -ryj- Rnnr’espntaiinn nf 
£-.^-"1. a ?^-, ;^ C avlionb.” _ . h , adventurism^ we bad j sccn__in a ban on all bloodsporls. ioclud- ban on slag hunting and hare- p vop i e Bin 'provides for new 


breakdown service for stranded Action had already been Africa could he excluded from ing foxhunting and ha recoursing, coursing. Significantly he omitted i. m i.c rt r rirgn D i us •>* Iftr _ r#>rv 

motorists, was compatible with j^ken. providing t^at from this. We should, however, he official parly policy on which lo in mention foxhunting, and there nipi-ior in countv consULuencies 

theCommiss.ons role. July \ anyone selling ^onds and very wary of thinking that Afrcan fight the next general election, was a wide suspicion last night ant i ji.j, r nr „ ven . c i ec t or jn 

Matters m lb |!! directive services In the UK orf-the door- problems were an East-West At a meeting of the National that this may be dropped from hnrou , *h constituencies 

? ar jf ‘ nvo *y® intra- GommunUy step on credit would need a issue. They should be s«n Executive Committee jcMerday. the revised proposals. These compare with the 

“Boe. ne said. special licence. . i . . . , primarily in an African context. par i y v bicfs decided to rc-draft The Prime Minister premised, present limits of £1,075 plus fin 

With support from other anti- Subject to certain liripls. dents \to had already made n j n considerably nn Icier term.? the however, that ihc amended pro- f nr ererT s j_ v electors in the 

Marke leers Mr, Enoch Powell incurred by unlieensm trailers response , , b - v ' T . Jv cl , , n3 „ ^ original document approved posals would stand a very good counties and 6p for every eight 

(UU Down S.) seized on these or through unlicensed brokers strengthen the NATO alliance and j- pv Home. Pnlicv Com- chance of adoption into the electors in the boroughs, 

words as possibly marking a might well be irrecoverable. l0 increase defence expenditure miuee 0nJy lhen win t jj C pro . man ifestn when thal was drawn The changes would come into 

significant chance in the Govern- Leading the attack ontbe di.m in the face or the steady incrasc posa j s s j an( j a chance of finding up by ihe joint committee of ellect for an October General 

ment a approach to the EEC and directive from the Opposii ion xn the strength of Warsaw Pact way inl0 lhc maQ ifcsiu NEC and the Cabinet. Election if the legislation is 

perhaps indicating a new. deter- front bench. Mr. GUes-Shaw (L.. .. »— _-v Paviiinn\ Objections to the original Earlier. Mr. Anthony Wedg- enacted hy the end of the session. 


UK to press EEC 
on farm prices 


BY REGINALD DALE 


peruaps muinung a new aeier- tront nenen. mr. uncrBU" tr P:iui ,i n „x Objections to the original Earlier. Mr. Anthony wedg- enacted hy the end of the session. Treasure, assured MPs yesterdav. ni „' Vu'-'.i: J 

mination not to allow Parliament Pudsey) scoffed: ‘Thisf- seems In Mr. Jnlian Amery (C. Pa n) documents were led by the wood Bonn. Energy Secretary, No changes are proposed in This could be achieved bv ‘ ht * n, [ ,e Mimsetrs nf Agriculnire 
to be overruled from Brussels in be a big sledgehamaicr with a former Minister of Stale at the " . L'. , ,i..“ „ii„i o... , h . n mnn «.i. m Cl i“~i ue a 5 m ! ve °. uv by refusing (o accept estimates 


by refusing to accept esti males 


He instanced the disruptive Italian ice-cream sellers Jibing detenu?. . would hP 

influence which the Commis- their way through IUmcorobc; __J?_riPd -it “the "reen’liEhr for 
sion’s proposals would have on Mr. Shaw welcomed die robust Jf^ a aS ahead with Soviet 
the agency-operated and cata- attitude taken by theTMmisli-r. Mjww » « *jn Africa ind south- 
logue-based mail order business and urged MPs to endorse the adrenturiui an Africa and souui 
which already provided consumer Opposition's amendment and so ei n wrao a. ff j snoke^ 

safeguards -going far beyond deal ‘'a firm and final; blow to forufn spokes- 

thnse rectuired by law. thc directive a , , lh _ t should test Ihe 

■ J 5 S S 55 «S in Kra| 3 S SSyb 

L> rr " e? “ fo,,= 

bution of i90m additional pieces time. Riiseian* wnulri -nrohablv deny 


Healey in weD-matched 
TV confrontation 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


UK ECONOMIC INDICATORS 


Russians wouki probably deny 
that they had any involvement in a 


TELEVISION discussion 


lhat area. Yet we knew that they between Mr. Denis Healey, Chnn- 
did supply arms to the liberation cellor of the Exchequer, and Mr. 
movements and this gave them William F. Buckley Jr., the enn- 
v great deal of influence. It was servative U.S. commentator and 


' rf-riic.Miir a mviTV— indices of industrial productioo.-ncinu- movements ana tms gave tnem william t. KucKiey jr.. me enn- 
ELONOMIC ACmm —indices ot inousmai p^uu^^v ^ Ig70 _ a great tleal nf influence. It was servative U.S. commentator and 

' ' lflov registered unemployment important that we should try to polemicist, can only he described 

OLSSS'jaa yfcetw. .by .h.»prt- »f in WWi-fiStfS 


(excluding school leavers) and unfilled 
. seasonally adjusted. _ . „ . 



The effect of such an exercise Community. The esscniiaT aim 
could well be lo reduce the mnsl be to change ihe Common 
overall size of the Budget, nf Agricultural Policy in the 
which about 70 per cent goes to Council or luinisers oF Apri- 
agriiruliure. Br. Barnclt said. culture, and this the Government 
He certainly hoped that the frying to do. 

197R Budget would be less than Mr. Barnett warned nf Ihe 
the Commission’s preliminary danger or ' allocating mnney In 
draft estimates of almost £10bn non-agricullural policies like un- 
tabled at ihe end of last month, employment and jndiis1ri.il 
On the basis of the preliminary investment without sufficient 
figures the UK's net contribution fore thought, 
would he about Ilbn, Mr. Barnett He would want lo he «ure thp 
told the committee. money was nol going to he 

He stressed lhat the Budget wasled. or duplicate national 
was most unlikely lo be so high pfforrs. “Simply throwing 
after its passage through the money at a problem does not 
Council of Ministers, due to start necessarily solve it," he said. 


output ordeT 


Retail Retail Unem- 
voL value ployed 


1977 
1st qtr. 
2nd qtr. 
3rd qtr. 
4th qtr. 

1978 
1st qtr, 
Jan. 
Feb. 
March 
April 
May 
June 


OUTPUT— By market sector: consumer goods, investment sootte, 

intermediate goods (materials and ».®?l£r(197 0 -® 

metal manufacture, textiles, leather and clothing (19«0-10tJ). 
housing starts (000s. monthly average). , 

consumer Invst. Inlmd. Eng. Metal Textile House J 

goods goods goods output mnfg. etc, starts | 


humantlarian assistance. To use the wards "iocerview" 

Mr, John Stokes (C. Halesowen or ** dialogue ’’ would be too mild. 
Vacs, and Stourbridge) asked the The exchanges disclosed more 

Foreign Secretary to comment on about the style of each partici- 

na the speech by Mrs. Margaret pant than the substance of his 
lia Thatelier.Vhe Conservative leader, thought. But there was a rare 
i 5 , In Brussels last Friday in which and revealing insight into Mr. 
157 slic called, on the EEC in take Healey 's views on the role of 
Western qefence interests into ideology in politics. 

Ig* account id; reaching economic The meeting occurred in Lnn- 
{bq decisions. \ don earlier this week when Mr. 

Dr. Owen tthou ght it would be Buckley recorded an edition of 
196 unwise to h«ve a situation where his weekly hour-long “ Firing 
inj membership \ of the EEC was Line” programme with Mr. 
9 \n firmly linked with 'membership Healey as his guest. This will 
217 of NATO. We should see them as be shown early next month io the 
—-z — two distinct organisations which U.S., but not in the UK. 
lOds, many areas of common in- The protagonists were well 



Lynch urges UK pledge 
on Irish unification 


FINANCIAL TIMES REPORTER 




M-M 


1977 
1st qtr. 
2nd qtr. 
3rd qtr. 
4th qtr. 
Dec. . . 

1978 
1st qtr. 
Jan. 
Feb. 
March 
April 


matched: neither man makes a 
fetish of modesty while holh 
have an extensive knowledge of 

Cfnfp inrllictrv history politics and literature. conimrntaLor. whose exchange of views were recorded earlier terrorism laws were now more h M » . , ri 

kjlalc 111 U 11^1 i Y enjuy dialectic nod have a well- - ... k severe than any other country in neither he nor Mr. bnai bad 

developed taste for the hnrbvd 1 "cik. Western Europe. bceninvolvedinanyfurthercun- 

OmKllHcmQTl remark. .. . Meanwhile, Mr, Scan Mac- rccentlj. but 'j 01 * 1 were 

UimmUMlldlt The appropriate metophors for r '^'- n - was cm.- hut m Rigii-win= niovementsat Bn(le , the Nobel Pcate Prizc willing lo become in velvet again, 

lhe occusmn were iho^e of Tcnc- to b e bright and [hen rherr death. Mr. Buckley dts- w i nncr , involved in last year's ,f tl }* paranitlitanes (houeiil they 

Hill SUDDOrted inc Since, for once, the view of a . s an . . ^nted. talks between thc Provisional ]RA c «' 1,d useful and were avail- 

Mr. Healey as the boxer was not J corked intellectual for falling Mr Healey added lhat he and Protestant paramilitaries, has alj * c 10 1-e 5 nn] P discussions. 
WITHOUT A vote MP« veslerdav Quite appropriate. nj ^ believed that socialist theory suid that the time is probably 

annrnved in orinciDlp esiablisfi- Mr. Healey countered rnnn the ■' l i KU remarks h crc prefaced on j v sel a scn£P 0 [ diree- right Tor another attempt at a 

mSrt Of JD an Pn ombudsman S tn start — perhaps, ai limes, ^ J,h li«*n. He also argued against cease-fire in Northern irefanri. iCCFS dDDFOVG 

investi n aie Britain’s nationalised strongly lo win uver his audience. r>-.pi.ci... defining ihc limits of the size of Explaining remarks be made t . . . . td-ii 


The appropriale meiophnis fnr -_ n • 

iKnec i»f four. CCMed 


■*•** MR. JACK LYNCH, the Irish between the two sets of para* 
Prime Minister, yesterday called militaries Iasi year. 
on the British Government lo Although iboi attempt failed, 
declare its interest in the Mr. MucBridc said yesterday lhat 
eventual unification of Ireland. both sides now realised that 
In a speech to the Dail. (be neither could win and that the 
Irish Parliament, he said thal a question should be settled hy 
lasting peace could be obtained l ri fh people, ralher than the 
“only by a coming together of British Government. 

> the people or this island, in peace He saw in this a basis for 
and under agreed structures." neyoliarion. although he dicl not 
Mr. Lynch also claimed that maintain that agreement would 
Mr. Healey and Mr. William F. Buckley Jr. (right), the VS. I*»e .Irish Republic's anti- he furthcoming in a mailer of 

com mcnlnLor. whose exchange of views were recorded earlier terrorism laws were now more ''L';,. h ,, , , ri 

this tvn.-t severe than any other country io . wenner ne nor mr. t* iai baa 

tins « ci tv. Western Europe been involved in any further cun- 

„ .. . . n . 4 t Meanwhile, Mr- Scan Mac- , « l * recently, but both were 

in* 3 pmrn.diM was cun- hut in Right-wing movements at gnde. the Nobel Peace Prize ."iHioy lo become involved again. 


Peers approve 

“• fii'JJ 0*0 1060 lM.O 78.6 100.0 15-3 mvesUgaie Britain's nationalised strongly lo win over his audience. ^“ rcjl r<->pvct... defining ihc limits of the size of Explaining remarks be made f n .„ 

/ b - IJgS qq' ft irta’o 101.0 78.0 101-0 20.7 industries His approach contrasted with Ute Mr. Healey look ihc uppor- the public sector by law or in earlier, be said he knew contacts GlCCtriCitV Hill 

-larch 1A0-V • inen 100.2 gl.O 102.0 25.3 But thc Bill introduced bv Mr. outraged, or more subtly do fen- many in explain some »jf rh«? advance, and was pleased lhat the between thc IRA and the 

tpnt . — r — — i t vn i ume ~ xonv Durant «’c. Reading N) and sive stance, adopted hy some TV mysu ries of Brilain in a U.S. UK did not have a referendum Loyalist paramilitaries were con- THE BILL giving up to IfiOm lo 

EXTERNAL TRADE — indices pf export ana impo i alven a first reading has guests in response to .11r. .-uidienee. British politics, be said, device like the lax-cuUiug propo- tinurng, but he did not know how thc Central Electricity Genera t- 

(1976=100); visible balance; current balance; on aaiaiiLt. practically no chancet of beconi- Buckley's distinctively Right- bad always appeared dvficicni in silion in California. far they had gone. ing Board (0 compciisalp i( for 

of trade a?TS=100); e«han B e resents Terms Resv _ fog law at this late stage in the. wing arguments. sysiem n* outside til servers since Defending the Labour Govern- In a varied career. Mr. Mac- thc early start io the Drax B 

Export Import Visible Current uu * «jssbn* pa'rliamentarv session. • The Chancellor presen ieil him- it had few theorists. rmmt's policy. Mr. Healey pointed Bridge has been chief-of-staff or power station at Selby. York- 

volume volume b alance balance oaiance — u Durant said that stale self as a practical man of affairs In a passing reference to the out that thc relative industrial the IRA, an Irish Government shire, passed its remaining stages 

-ray r-: : " ' ' industries in ,i monopoiv and compared this with lhc dif- conservative revival in the U.S.. decline of lhc UK had lasted a Minister and UN Commissioner in lhe Lords yesterday. 

St qtr. US- }0?.l -«7 Zilt H55? iXS'S 14.9 position, used vast sums of lax- rerent roles and responsibilities wilh which Mr. Buckley is closely century, and that more, not less, for Namibia. He took part, along The Nuclear Safeguards and 

nrintp 1I&0 109^ . —794 —365 — 745 JtW.3 payers' money and did not lake of the commentator. irivniiiicil. the Chancellor awried attention had been devoted to with Mr. Desmond Boa I. Belfast Electricity (Finance! Bill bis 

rrinTre 124 i 106.4 4- 54 +357 — 602 10L» as much account of consumers as He noted that while the pnli- that thennsts nourished in Left- material things in lhc last two lawyer and former Unionist MP. already ben through the 

thqtr 117-3 l 02 - 6 + 45 +486 “ 657 103 1 20^56 Private industry. tician was concerned with being wing movements at their birth decades. in talks aimed at a cease-fire Commons. 


EXTERNAL I ------ - - ve a firsl reat |j n g has guests in response to .nr. anaiencc. 

11976=100); visible balance; current ^balance, oil balan . prScaUy ro chanrot or becom- Buckley's distinctively Right- bad :.lwa> 

of frade ( 1975 = 100 ); e*chMEere5erv|-. ^ Terms Resv iog law at , his !ate 5tage in lhc W inp arguments. 

Export Import Visible Curre . . rradp USSbn* narliainontary session. ' The Chancellor preserueil him- it hud few 


1977 
1st qtr. 
2nd qtr. 
3rd qtr. 
4th qtr. 
Dec. 

1978 
1st qtr. 
Jan. 
Feb. 
March 
April 
May 


120.3 ' 114.3 
1KL2- 314^ 

127.4 111 J 

121.4 l«k9 
126.1 - 103.0 
120J llW 


20.63 JOHN BOURNE REVIEWS THE MEMOIRS OF THE FORMER TORY CHANCELLOR 


ssessaswasasSsK' 


Maudling— the Prime Minister who never was 


in societies- net 

^?r?^- d m^new ^edit^ seasonaUy adjusted. Minimum 


inflow; HP, new creoic an 
lending rate (end period). . 

. Ml M3 advances DCE 


SIGNIFICANTLY, IT is a tion. thc reply of most senior to he one nf the Tories' most tories. 
cartoon of Reggie Maudling politicians in h«nh major successful Chancellors of the 


HP 

lending 


1977 
1st qtr. 
2nd qtr: 
3rd qtr. 
4th qtr 4 
Dec. 

1978 
1 st qtr, 
JaD- 
Feb. 
March 
April 
May 


as lively, perceptive, and amus- lies fur which he w;k to pay spent ... — *«« sumeumes acuie =■„...«= v.»-. ^ 

The cartoonist’s captiun— in „ as Gibbard's carluon. But such ;i severe penalty wtMP sat on b. v everyone else (in the political perceptions will not contest was in progress. I could 

Everyone likes the Prime jtuill tell them li I lie more than known only to himself and those rugbyscrumj .. .1 UiinK my endear him to some of his not help from time lo time, 

[mister who never was ’ —was they a i rt;: ,dy know or guess who were participanis in them.” sole cUstmc non m the on, was colleagues, particularly lo Sir particularly laie at nicht. 

■ 23^2 17-& - TiA . 258 3B» an acu t e contemporary comment a h 0 ut what made one of our And ef Hoffman. Mr. fainting on Parade on6, alter- K e jth Joseph, Mr. Powell and brooding on lhe responsibility I 

Si' '■ ^.8 • 25^ JM !:• 963 353 418 . 6 a on l ^ e shrU3§i ng acceptance of JS* intelligent post-war stales- Maudling records that within a Kb. Thatcher: - There are was seeking in undertake. 

Ureh 25A ^2 . |jf Jes 7 his 150-133 vote defeat by men tick, or— more apUy—not fewwiionths of hearing disquiet- enjoyment of the l^ch hour I many problems ^ do not yj eW -‘ Ir is one thing to be leader 

Sril iki - -'iS -212 9 Edward Heath in the first ballot dck ing news about ihe financier's ^ at the^ sehool Ujck t0 logic< but there ^ few lhat of youv C0lllltry becau>se V0lir 

jay 132 ^ - .J: — To vfi^lfiQI. b i ri c " for. the election of the Conser- Thcre are, or course, activities in the . U.S.. he s J op ; , ,, ? 03,1 **“ so,ved b y meGiods that supporters wish you to do it. 

INFLATION— Indices of n/ mannfactnred products vative Leader in 1965. With ape^otal sidelights and resigned as a' director of i_ a " owl 1 “* b,alantl y illogical. This is Then you can sleep easy with 

materials and fuels, whotesaje FJgL®* rfScSSSw); FT such a narrow result (Enoch cogent ] V argued passages about Hoffman's organisation for £ as . d ™ s ”jJ. w t e b S one reason ^ 1 have always your conscience .. . It would be 

(1970=100),' tradeweighted value of Powell was third, with 15 votes) his p 0 j* it j L . a j philosophy which collecting overseas funds for Perhaps thl ® ?J[ as ^ disliked the extreme in politics, another thing to sleep easy with 

commodity inrex_AJUiy | - 1 Mr. Maudling could have run tn hcl _ focus more clearly Mr. buvinq real estate in America, occasion on wnicn 1 Degan 10 -phe present truth always lies your conscience in the dark and 

Sterling vrheale. FT* a second ballot. But he did not, Maudlins's double image as a Bui lhe memoirs do give a acquire my reputation for steep- somewhere in between, as party dangerous days that ineritablv 

■""SIS’ Sus.*' mnfg.* RPI* Foods* coniilty. Strlg. a piece of inaction which He j OV q a | ^tty lin( i inicilectual closer insight in lo some aspects “P- J? r m 011 ercn ces are never prepared conic if you know y.m Iiad 

• ' . fl1 a dismisses in a typical throw- bon yj veur am i a s a gentle of Mr. Maudling’s character— All goon Biuy Hunter sturr. nut t0 recognise, and future pro- assumed the responsibility 

•Ji!*. iias 341^ 248-® 174 4 JS?*? .' oSi n 61 fi a wa y Phrase: “There was not m a nl or Ihe Tory Left wing. But for example, his repealed K makes it easier to 1 understand gress should be the purpose of because you had wanted it, 

miWtr xSS. 347.4! . * 259^ ISo 6L8 much point in askinc people t |, e enigma remains. denials that he is lazj— as well w „ h - v m«ny Top' MPs regarded aurait contradiction. The fought f»r if, campaigned and 

rdatr" ' -lrt.l 340il 267.7 . l®*- •_ 2^0 63J to say the same thing over | fnw n f hh ability ns confirming his considerable l V s tongiie-m-cheek banter as a Hegelian process of thesis and contrived fur ii yourself." 

S3?: »»-9 SS-f ini mi m2 K 6W ism” ». First in C«»tt *1 Oxf..nt repuwton u cither .. jwn th« h. tacked pohucal antithesis lMding , wnjhe,l« 

tec. 121.7 328-0 2732 IS* revealing how- and one of the Tew people «b» innorator. or an important >»««• 15 the essenDal principle of J ^ r - Maudlin* 

1978 mi 126 7 273.0 190.6 197.3 23|-6J . ^ e ver is S.c author’s comment mild have argued Winston influent, in his parly's ;.li itudes Mr. Maudlins' “s is the soil of human progress.” , (Mr : d'finft 

s.t qtr, 277-1 189- 5 W6.1 226.JJ S*X printed ^ below the caption of Churchill into deleting a towards economic growth, wit which might well have led Maudling was a fervent rnn 

am JS? - ’SS" 2 792 WM-'Mgf 111 the cartoonisL Leslie Gibbard. favourite passage from a draft incomes policy, ihc trade ihe redoubtable Lord Salisbury Hegelian at Oxford). -in f he Con^ei vative parly. 

® b - 725*0 331.fi 280.6 ' 191-8 6L8 This is' "Could any puiitician speech) fail to try harder for unions. Nor I hern Ireland, the to repeat the words he first politics it may be called Lhe Memoirs, by Reginald Maudlins: 

5Sr '1275 -337.5 : 282-8.- 61.4 1 bnoc for more from a cartoon?" the supreme political office ? Middle East. Russia and the applied, in a very different cun- Middle Way. Butskellism. or Sidgvvick and Jackson, pages 

gy 1 ' -341- g - Werc^ this not a rhetorical ques- .And how did (he man destined former African colonial tem- test, io Iain Macleod: “ He is too consensus. By any name it 2So. £7.95 


■ 17.5 +1,819 


13J! r-lSJS 


1,049 2^60 6 

388 439 6 

353 418 . 6 

308 413 G 

335 463 7 

212 9 

1976=100), basic 


Si I Minister 


clever by half.” In his memoirs, makes sense lo me.” 

Mr. Maudling remarks — in the _ .... 

best style of the Oxford Certainly in his two unsuc- 
University Union; "We have ce « f “l l,,ds for lhe Tor y 
had Selsdon Man and it took leadership, he willingly accepted 
some time to gel over lhaL We l ' ie c or ts^ nsu s i»f ins parly, 
do not yet know the full a,thou £ h hu adn,Its that “ ,he 
measure of Selsdon Woman.” weight that sits on a Prime 

Minister's shoulders is an awe- 
Also his sometimes acute some one. While the Heath 
political perceptions will not contest was in progress. I could 
endear him to some of his not help front time to time. 


one thing to be leader 


•**?• w 


i-Eam-. 
in gs* 


matlk*' mnfg." RPI* 


1977 
1st qtr- 
2nd qtr. 
3rd qtr. 
4th qtr. 
Dec. 

1978 

1 st qtr, 

.Tan. 

Feb. 

March 

April _ 

May 


341.5 248.0 

347.7. ' 259# 


276A 
250.0 
239 JJ 
234J0 
23430 


63^ again.’ 


Even more reveafinff. how- and one of the few people «h» inn oral or. or an important 
ever is the author’s comment mild have arqued Winston influence, in his parly's all itudes Mr. Ma 
printed below the caption of Churchill into deleting a wwunls economic growth, wit which 


TNot seasonally adjusted. 




r 









10 




•Firs 
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Jim, 1 
inn. 2 
July! 

V N 
Pram 9. 

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certai 
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Accou 
was . 
both 
With 
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were 
trend 
not o 
home 
pre?si 
resist 
led 1 
showi 
early 
Vie 
was i 
tnda> 

tan E 
were 
pres® 
cnnsi 
lack? 
after 
short 
even 
close 
the 
folio 
their 
Eq 
with 
acco 
Selll 
— ba 
the 
Acer 
gem 
drav 
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calc 
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ratit 
wid> 

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fednical Pan 

EDITED BY ARTHUR BENNETT AND TED SCHGBBSS Hi 





© ELECTRONICS 




speed with 
hest accuracy 


MANY FORMS of speed detec- Output is a strong signal and 
tinn equipment exist and are the electronic circuitry embedded 
a R.,t thfl h.jii m the plastic disc forming one 

=* "'T®s5jSS ms mmts 

a IlJtnmie 0f ^stntor b called interpretation outside the device. 
"KT over 3 the « »'$*£*** » 

SaJSSyS ^ 

producers. RHP at Stonobouse in * *'* " e . ™ ' J 7.r y K hrT „ 
Gloucestershire are only just into a single hybrid in- 

ro .hfli ° * J tegrated Circuit with compara- 
bc innm^ 10 realise tiv^lv few restraints on what can 

Very few pieces or equipment be a ' sked cf lt> olher than cosc> 

in any industry come without wb [ c |, implies mass^roduction 
drives of one form or another and and nia _ ss application, 
their drive shafts are invariably Aad |j ee;luSH i be application D f 
carried in bearings. There is elect ruoics. including micropro- 
thus always a place for a Revtel cesscirs , - K spreading rapidlv to 
tu measure speed with absolute most f onns 0 f control processes 
accuracy, ur angular displace- t , ie Revte , is a natural « com _ 
inent. or acceleration ^J.d ^n^the p 0nenl •• f or suc h work. 

In speed regulation and con- 
trol loops, the unit will prove 
invaluable and several companies 
in the UK are already looking 


future — many other parameters 
of machine functioning which 
could include temperature and 
vi h rat ion and possibly torque. 

Bringing the speed sensor into 



• SAFETY 


Survival in a 



extreme 


BY THE very nature of their plus a tube and wre assembly- and. 
construction, vaults or strong The blower unit is “ 
rooms are effectively air-tight, a cabinet containing 
security measure which often mechanical components 
worries staff and employers housing a. flexible -hose.- These 
because of the possibility of two items are installed adjacent Mgjg 
persons being accidently locked to each other on the insjde wail . w 

in. Should this happen, the air of the room, but where there* n*m J-gd WSf 
will soon become unpleasant and, access to the external surface of 




bo, access to the external, earns# ™ 



•I-™ ™>- ^ ^ -MsrMr 


and costs of secondary drives lo 
separate lachogeneralors do not 
exist. 

Internal structure of the Revfel 


The reason why the company 
moved away from magnetic and 
inductive sensing lies in the fact 
that these methods were un suit- 


have in pay to stay in business 
through innovation in the face 


able for use on bearings. RHP tions 


and resists damage. Tempera- 
ture opera nog range is typically 
from minus '20 lo 

degrees C. based on massive production. 

Typical cost for mass applica- UK and foreign paient rights 


: typically tnrouen innovation in the face j oc ; nna j { „ r 
plus 120 nf severe foreign competition 

room, comprises 


depending on the' number of - - ■ , 

people incarcerated, the oxygen 

content will be exhausted after a to provide protection equal to or The company.'., demons w^aieU 
time, causing death by perhapssuperior to the wall con- th&resistauce:Ot tiiqsys^x 

suffocation. structioh. ' '? week" when, jhiader ;wh at" T ^ 

The problems of rescue are In use, the core, is »nuwefl ■ 
the same for bona fide staff or from the tube by withdrawn}# ny rS iffirTiri 
those involved in criminal the locking pin with the band* gnU* 
activity. Increasing pressure on provided. .The . flexible hose is 
management — not just from taken from the 
staff _ associations, unions or blower unit and pushed through ^ a 


social conscience, but also from 
implications of the Health and 
Safety at Work Act — - means that 
extra effort must now be made 
to guarantee the safety of per- 
sons where vaults and strong 
rooms are used. 

An 

system 
but 

people „ 

criminal attack, and does not partly - pressurising the strong 
detract from the invulnerability room The external diameter of 
of a vault or strong room, has the hose is less than the 3 inch 

been launched by Security Lock ... — «- -» 

and Safe and Mather and Platt w 

Alarms. through the tube effectively 

The system, which has been providing adequate air change to 



Further- frOm - Si.- 


, k »,.u 6 ... would lie in ihe order ... 

is mechanically simple. The spends a lot oT time eliminating £5 per unit whieh means bearing 
stationary ring of the bearing, magnetism from its bearings and anfl sensor. For more esoteric 
inner nr outer, carries the device. t0 induce it through a sensor uses at high speeds— say up to 
The rotating ring has fitted to it wmJ ld shorten the life of ihe -0.000 rpm— costs would be of 
a toothed disc which passes close un j t very considerably because ihe order of £100 to £200. 
in a proximity dc lector which is we ar metal would be attracted No exact figure can be put «n 
producing a field, modified each to the roiling surfaces. developments costs to date and 

time a tooth moves into it. This The coil around the sensor some support has been forth- 

nieaus that the detector emits a probe therefore operates at coming from the Dol. A figure 
pulse corresponding to each radio-frequency so tuned that or around £200,000 would not 

tooth and it follows that speed the probe becomes very sensitive appear unreasonable and while Department, RHP 
measurement is absolutely accur- to metal at close range. this may appear high linked with Bearings Division. Slnnebouse, 

ate since there is no slippage and The sealed structure of the a product which seems so simple, Gloucestershire GL10 3KH! 

operation is at electronic speeds! Revtel prevents ingress of dirt it is the price UK companies 045 382 2333. 


of have been obtained or applied 
for. 

One interesting development 
that has already been brought to 
the prototype stage is a portable 
electronic tachometer incorporat- 
ing iLs own Revtel and power 
source which is accurate up to 
19.000 rpm with a resolution of 
± 1 rpm in a 10 seco'nd period. 
Further details from Revtel 



• COMPUTERS 


HARDWARE AND software been redesigned in magazine' 

enhancements have been form in a sliding carriage arange- fjiyy \X 'M lX -2 -^w *l 
announced by IBM which extend ment^ which accommodates .23-,;. •' . 


li - that- it ; - <apx;: be- u^ett^ wbau vS 1 

HANDUNjG v • - 2!;i • !close -'-vveight.;^ aneC;'.‘ : vo^ ; -_ 

IBM mini’s new powers^, 


the power and distributed data diskettes, any one of which may 


e COMPONENTS 


Longer life 
for car 
heater hose 


© METALWORKING 

Small gas cutters 

TWO NEWLY - DEVELOPED with up to four, single torches 
portable gas-curting machines or two triple torch ' assemblies, 
from ESAB nf Gillingham. Kent. Straight, circle and shape cuts 
arc simple, but robust, and meet as well as various weld bevels 
industrial demands for portable and scarfing cuts up to SO degrees 
gas-cutting equipment capable of can be carried out. A special 
tackling many applications. track fnr straight cuts is- not 

Thyristor-controlled drive ISSS? 1 !’ „!?“, hines P an . be 
enables a cutting speed to be s, i np e a !15, e ir 9P 

achieved of up tr. 1.250 or 2.500 f aboui ?0 hy 5 mm. The wide . - 

mm/min respectively, in forward' v ^ e L ty Df L ad ditinnal equipment called Fibreline, says the maker. Advantages claimed over 
and reverse directions The y vh,ch can be supplied for hand!- BTR Hose. Centurion Way, rubber hose is flexibility through- 

machines are available for all different applications fulfils Faringdon, Leyland. Lancashire, out the range of working tern- 

customary gases and can also be a, n? ost al ' possible demands The hose is manufactured in a peratures. resislance lo heat, 

used for plasma cutting and which . can hc expected from a single operation by extrusion cold and ozone, and a manufac- 

wetdins operations. po ”abIc machine. through a diehead which simui- turing process which promises 

- . . OArtrt . . . ESAB. Beach in gs Way. Gillrng- taneouslv orientates the micro- an improved weight /strength 

itfiiu” r . CUn *i 6 K ® nt - MES 6PU - Medway scopic fibres in a circumferential ratio and a uniformly strong and 
wuh one or two. the Pilot 2000 <0634 1 344 55. direction. The extrusion die and reliable reinforcement 


the treated fibre have been 
developed by Monsanto, while 
BTR claims it is the first manu- 
facturer io bring t£e technology 
into commercial production. 

Following a test-marketing 
operation ihe product is being 
supplied to the replacement mar- 
THE USE of a synthetic rubber ket for car heater hoses and the 
reinforced with short fibres of "Jg* 1 * «J5hSli t S t r 2 f.IJi 
cellulose gives a significant -“Si “*.„?!£ “ P P dU fa0tt 
improvement in life to a hose ° ,odl? ' s lj - r th 15 * 


'produrt-UL-hto^ 

■.c^iimensirai4l C-stahiliiy,c ,• 

_ _ _ Orff ^l^- 7 '■ ' •' ^ diracnsiohal atablJlty ofSj 

1 rack-mounted general purpose of three drive slots. Data ratesy-V-V :f .■ !-..o , . 

computer. of up tii 125k- bytes/sec have-TQ. WINv^o^lFreiicii" 

The new processor, 4955E has been -achieved. _ .A^choip^;^^, >r»derigpcd its: 

twice the main memory of the Prices for the disc drives will . automatic, J front, loading -vehicle rating are blgh^jt 

previous top-of-the-line model be from £6.496 to £7,632 while mounted jaqhUe ws<Bte 

and 65k bytes expandable to 262k the diskette magazine unit starts tion . systefia-reqnippmg. It. witii . ot L. 
bjtes in 65 byte increments. It a t £3.089. • .seltlevellinjj - ; .Arms and • -.a 

will be available in December on . . nrthpr dpvrionmpnt is new ^ -capacity, than any- 

• purchase^ at the „ A“ &' 


sub-system 4963 has an updated System 370 models. Storage-to- ,-v- . . . - . , 

microprocessor to deal with its storage communications takes.. U P. tp 1W. close, .^at : relauvely 'jrijiir'- 
housekeeping and is offered place at 300k bjdes/sec. . - -.-atoaU^ separate collection points., 
basically with capacities of 58 n . - *> j s^d-ejun mates the. - conventional--^, 

or 64 megabytes. These sub- 0“er introductions are aft-.peed for main separate compac-r^v-^.: 
systems can be attached in mul- intelligent terminal sub^ysteH^tnr/coatainer installations. Ut.-ixi ' 
tipi- form to the processor * graphics package that. can besaflso-niore economical to runj iftanr*^* 1 
enabling over 1 000 Mbytes to w** 11 non-IBM video devices: * fleet of • nrpltibucket. : skip*;^..* 
be added to a Series 1 machine, “d a number of real-time prq-.joaders operating with «Pte!ft|p:{W 
The diskette unit has also been ^“““5 enhancements. : ;, ^ips In a confined araa^ 
made more capacious, having More on 01-935 6600. 




?. --c 'j:'-.One man can picir 

.'. ■‘r^eharge, the - contents- -o£: apsa 

--felled ’ ' 


A FINANC1ALTIMES SURVEY 



The Financial Times plans to pubhsh a 
editorial synopsis is set out below. 

INTRODUCTION The jolt given to the country’s 
self-confidence by a period of economic reces- 
sion and political controversy; renewal of 
Mr Malcolm Fraser’s mandate as” Prime Minister 
after a well-timed general election; risking 
higher unemployment to keep inflation in 
check; closer relations with Asian states; 
disputes with the EEC over trade barriers. 

POLITICS The Fraser Government’s expecta- 
tion of a long period in power: change in 
leadership of the Labour Party with Mr. Gough 
Whitlam stepping down and being replaced bv 
Mr. Bill Hayden. 

THE ECONOMY The Government’s success in 
holding prices in check; record unemployment; 
manufacturing badly hit by the recession.” 

THE 197S BUDGET The August Budget as a 
key to the Government's intentions and likelv 
success in holding down inflation, maintaining 
the exchange rate and strengthening the base 
for future recovery. 

URANIUM The importance of the controversy 
over mining and exploitation in a country with 
more than 20 per cent of the Western world's 
uranium reserves. 

MINING A vital factor in Australia's balance 
of payments; cutbacks in iron ore and coal 
demand from Japan's depressed steel industry. 

MANUFACTURING The Sector of the economy 
hardest hit by recession; long-term trend 
towards a smaller contribution to Australian 
GDP. 

FOREIGN INVESTMENT One of the keys to 
economic recovery; slow increase in a number 
of new ventures; incentives again under review. 

MOTOR INDUSTRY Two of the worst years on 
record for 16 car makers despite a Government 
policy guaranteeing from 20 per cent of the 
domestic market; lo 
for help. 

TRADE Pressures on the Government from the 
ASEAN countries for greater access to the 
Australian market. Strains with the EEC and 
in the all-important relationship with Japan. 


SEPTEMBER 18 1978 

major Survey of Australia. The provisional 


FOREIGN RELATIONS Despite his criticism of 
the previous Government, Prime Minister 
Fraser has increasingly turned his attention to 
the Third World. 

BUSINESS REGULATION With an agreement 
now between the Federal and State Govern- 
ments. a nationwide system of regulations fur 
the stock exchanges and companies will be 
operating in Australia next year. 

POPULATION Despite high unemployment 
there are still many influential advocate's of a 
resumption of a high-level immigration 
programme. 

FEDERAL RELATIONS The federal system has 
had another testing year, marked by serious 
Federal-State disputes over policies towards the 
aborigines, development projects and taxation. 

LIFESTYLES Whatever the general economic 
problems, many Australians can afford 
expensive recreation activities, creating boom 
conditions in some of the leisure industries. 

FARMING With pockets of severe depression, 
as in the beef industry, the rural community 
has become increasingly politicised and vocal. 

SECURITIES The shake-out of the securities 
industry has continued but many of the 
survivors see brighter days ahead in the form 
of renewed signs of foreign interest in the 
markets. 

BANKING AND INSURANCE The Financial 
institutions; a nervous year in some respects, 
especially with the Government’s determinedly 
interventionist attitude on interest rates and in 
view of the extremely tight money conditions. 

THE UNIONS Facing as many problems as the 
business sector, the unions have been 
increasingly looking to mergers and reorganisa- 
tion as they contend with high unemployment 
and falling membership. 

NORTH-WEST SHELF A progress report on 
Australia's biggest development project. 

For further details on advertising rales in this Survey and other advertising requirements please 
contact; 

John Hayman 

Financial Times, Bracken House 
10 Cannon Street London EC4P 4BY 
Tel: 01-248 8000 Ext 263 

FINANCIALTIMES 

EUROPE’S BUSINESS NEWSPAPER 

The control and publication dales <rf Surreys m tfie Frnandal Ttraro arc subjvcr w chan S - ? at me discretion or m- Editor. 


looking to foreign partners 


Group Engineering Insurance, a data. 

plan lias been introduced by Many of the exclusiena-fb 
International Computers to pro- in policies of this type ar£ 
vide “wide yet economic" omitted and the ICLt/plan 
coverage of customers’ machines, recognises that if a conxwfei 1 is 


ICL says that it has had in- knocked out expenditure must 

rred immediatily 



Tie -' normal 


S theak 



creasing demand from customers be incurred 
for advice and guidance on speed recovery, 
insurance and risk 
new plan will offer 

combination in three main areas may oe spent in we urst uranm Authority, 
of cover: “all risks." including or so is absent 28 Firth 1 

breakdown, of damage to equip- Reconstitution of record* from Livingston 

data processing media; ur 

additional expenditure incurred allowed for 
in maintaining or recovering the cover against malicious 
data processing operation after tion of data, 
damage to equipment or media; More on 01-788 7272. 




- ;• :•*•?> .eras'* 

r— . • ;* • ■- .- 

-• \r- .■*?• _ -v-#y ^ 

V-v 

j - - . “TWa^istah;^ - 

examination of jft^riais raqgtpfL : 

from r -;irtqeIs\w^id£pttdpw-Juei ’ 
cores, cferandci- - 

l r*ihnri-r , i -ir~ -f*— -»«“»• «*on, of ‘I tifajnrces.:: ; 

' Sferiaf .d^' ^enJtfc r .phbto- 
lSiil® flrapfosja a;fleid Rowing 

me n t or data proving tpedia: unprocessed • r»' ’ *JM V 

corrup- 

Don of ceiling panels an 

!S!!Sm « 

■ PrMSr ia ivSfS i S m «a I Xl sistero diltes 

from otiier- equipment now avail-.. 

and • also satisfying the J 

ruling which is intended to 


• PERIPHERALS 


Display’s many functions 


VT100 TERMINAL from DEC 
has a detached keyboard, 44, 66, 
SO. or 132 column lines, double 
width and height characters, 
smooth scrolling, and a variety 
of video functions. 

Characters are generated in a 
x 9 dot matrix, and can be 
altered to reverse video, blink- 
ing and underlined, as well as 
normal video at dual intensity. 
The terminal is designed to 
drive an auxiliary monitor en- 
abling information to be shown 
in larger groups. 

A composite video input is 
also available, permitting a com- 
plex incoming video signal to 
be combined with text on the 
terminal's screen. All functions 
such as band rates, tabs, and 
parity, are set using the term! 
nal's keyboard. 

The functions are stored in 

Gathering 
the data 
anywhere 

PUT ON the market by Base Ten 
Systems of Aldershot is a micro 
processor-controlled data collec- 
tion and recording unit which 
can be programmed to suit the 
pplicatioo. 

Called mDAS, the equipment 
is ruggedised for use in the field 
and In vehicles. It will accept 
up to 228 single-ended analogue 
innuts in the range 10 mV to 
2.5 V full scale and up to 24 
eight bit parallel digital inputs 
which might be multiple event 
markers or discrete values. Built 
In is a $ inch magnetic tape 
cartridge unit to record the data 
and play it back. 

The use of the -micro means 
that customer requirements such 
as random channel access, 
engineering unit conversion, 
linearisation and transducer 
correction, level checking, peak 
detection, counting and alarm 
monitoring can be provided as 
needed. Connection to a remote 
modem or Interface is possible. 
Scan - rate is up to 25 kHz. 
depending on word length and 
processing overhead time. 

Operating from U to 30 V DC 
or the mains, the unit in its case 
measures 8J25 x 16 x 10 inches 
and will operate over the tem- 
perature range -5 to .+45 
degrees C. 

More on 0252 31291L 


mm-voWHe memory in the ter “bin iriJShfl 


minal, or are sent from a host 
central processor and stored in 
the terminal's volatile memory 
section. Tbis eliminates the need 
for separate mechanical switches, 
thereby increasing terminal re- 
liability. 

A universal power supply per- 
mits the same unit lo be adapted 
to a variety of different voltages 
and frequencies without remanu- 
facluring or use of adapters. The 
VT100 has been designed to fit 
on a standard typewriter table, 
and can fit easily into an office 
environment. 

More details from DEC at 
Digital House. Kings Road, Read- 
ing. Berks. 0734 5S3555. 


re.extraet&n v-thatrji,- 
pickings ouf^from tin? ww 
*ag ®r .of the. particular' .features. 7 
__ jto ... _ — *t r -wai be of intBresf-^-is per-- • 

for four fo^ed by software in a : d*fc. 

tor tour to five minutes m tfi e cated processor. ‘ . 

event of a fire following a “sur- . Joyee-Loebl, Marquisway, Teaia ’ 

Valley, Gateshead NEU OQW. / 
OB32 829111- 


fbllowin^ 

vzvable” crash. . : - 

More on Livingston 3512L 



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Bfl.sinijitoke^Bir'minjham. . . 

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and Shcrffietd. 


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including £92m exports from the UK 




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Fs 


THE JOBS COLUMN 


Footholds in Whitehall • The £240m 


BY MICHAEL DIXON 

IT TURNS out that the Civil 
Service Commission was even 
more upset than I was nine 
weeks ago about its recruiting 
only a single new mandarin 
from industry and commerce 
last year. 

Moreover, the other private- 
sector applicants for "mature" 
entry as principals lo the ser- 
vice's elite administrative divi- 
sion were not. in the main, 
rejected by some holier-than- 
thou interviewing panel. They 
failed in the later practical 
tests oF their ability at impor- 
tant aspects of mandarin work, 
such as an “in-tray" exercise 
and a simulated committee 
session. 

The fundamental rule or Civil 
Service committee behaviour. 
I'm told. Is never lu show 
emotion above the table top. 
When fury or the like is strain- 
ing your impassivity, you have 
to dissipate it by kicking your 

legs about. The corollary is 
that if you want to know how 
civil servants are feeliug. you 
should look under the table at 
their legs. 

Since the Civil Service Com- 
mission experienced a similar 
dearth of acceptable external 
candidates for the older man- 
darin entry in 1978, a glance 
under its table at the moment 
would no doubt evoke memories 
of the closing stages of the 
Tour de France cycle race. 


The reason for the current 
gnashing of toes is that, of the 
25 openings for principals aged 
28 to 52 which have just come 
on to the market. 13 are in 
departments heavily involved 
with industrial and commer- 
cial affairs 

Most of the jobs, like about 
40 per cent of the present total 
of 746.000 Civil Service posts, 
are in London. Some, however, 
will be at the Scottish Office 
in Edinburgh, and there will be 
one for a person with experi- 
ence of computers in Hastings, 
and another in beautiful Nor- 
wich for an adept at industrial 

relations. 

Candidates do not need to 
have a formal qualification, but 
as usual the commission de- 
clares that they should be of an 
intellectual standard equivalent 
to that of a “good honours 
degree." Quite how they 
measure that. I do not know, 
especially since these days I 
seem to be coming across more 
and more *' good honours gra- 
duates " whose most noticeable 
intellectual trait is a tendency 
to confuse whatever just hap- 
pens to come into their heads 
with thinking. 

Depending on their ex- 
perience the recruits for the 
London posts will start at a 
salary somewhere between 
£7.255 and £9.190. But they 
apparently will not be chosen 
in the first place unless the 


selection board believes that 
they have the ability to climb 
to the rank of at least assistant 
secretary, where the salary^ in 
London is currently £12.375. 

I detect, by the way. an ex- 
pectation among the commission 
that a fair number of the 25 
principals’ jobs will go to 
women, who have increased 
their representation in the Civil 
Service as a whole from two in 
every six employees five years 
ago. to two in every five last 
year. 

Since it seems to me to be 
in the national interest that the 
mandarin ranks be enlightened 
by more people from industry 
and commerce. I hope that the 
desired crop of good external 
candidates will send for an 
application form to the CSC at 

Alencon Link. Basingstoke. 

llants RG21 1JB. telephone 
Basingstoke (0256) 6S551 — 

quoting of course the reference 
A/R51/FT. 

Given an end to the famine 
of the past two years, the com- 
missioners will undoubtedly 
celebrate with a right knees-up. 

But there is a snag, especially 
since most of the jobs are in 
London. It is the Civil Sendee 
rule that removal expenses may 
not be paid to anyone joining 
the service from outside. 

This rule is not to the Civil 
Service Commission's liking 
and clearly, if the country is to 
have more industrial and com- 


mercial experience among its 
top bureaucrats, the rule needs 
to be changed. The cost of 
paying removal expenses to 
new recruits would be fairly 
heavy, but it could surely be 
covered by savings in public 
expenditure elsewhere. 


Waste not 


AS IT happens, an impressive 
document published today 
indicates that the necessary 
" removal expenses " money not 
only could, but should be 
saved. The economy lies in the 
Government's scheme to in- 
crease public spending on 
higher education — already 
planned at roughly £l,460m for 
3981 — by about a further 
£240m a year. 

Whitehall's reason for this 
proposed 16 per cent boost of 
the taxpayers’ bill for graduate- 
production is an impending 
hump in the number of British 
youngsters reaching the age of 
18. at which about 131 in every 
100 currently enter full-time or 
sandwich courses of higher 
education. 

Now, in February the DES 
came out with a “ discussion 
document" arguing that student 
demand for full-time and sand- 
wich course places in uni- 
versities and polytechnics 
would rise beyond the 560,000 
student places planned for 
1981. 


Between then and 1994. the 
demand would increase to 
about 600,000 places' worth, 
before declining again sharply 
in line with the reduced birth 
rates since the mid-1960s. 

The DES offered five 
strategies for accommodating 
th is hump. But Gordon Oakes, 
Minister of State for Education, 
has since indicated that the 
Government is firmly behind 
just one of them. It is to pro- 
vide universities and polys with 
the permanent capacity for the 
600,000 students and, as the 18- 
year-old age group subse- 
quently declines, to fill the 
excess places with older, and 
especially working-class 

students. . _ 

So it looked as though the 
extra £240ra annually was as 
good as pre-empted, until the 
arrival of today’s comprehen- 
sively documented counterblast 
from the Conference of Univer- 
sity Administrators. 

The Government’s figures pre- 
dicting a demand for 600,000 
places were based on a rise in 
the proportion of 18-year-olds 
entering higher education from 
13J to 18 in every 100. Indeed, 
if this “ age participation rate " 
did not rise beyond 15 per cent 
the Government conceded that 
the 560.000 places would be 
about enough to accommodate 
the bump. 

So it will hardly be to White- 
hall’s pleasure that the burden 
of the university administrators' 


impressive argument is that an 
expected participation rate of 

even 15 per cent is„“ probably 
an optimistic figure" 

They go on to show, too, who 
benefits from the expansion of 
higher education. Despite a 
tripling of student numbers- 
since I960, the proportion’ of 
university students .from., the 
manual - working, semi - skilled 
and unskilled classes — which 
ma k e up about 64 per. wot “ttf 

the population—- was only 23 .per 
cent in 1976. The correspond- 
ing proportion of polytechnic 
students was, in 1972-73, only 
28 per cent 

True. Mr. Oakes’s stated plan 
is to increase the intake of 
working-class students after the 
predominantly middle-class 18- 
year-old contingent begins to 
make way for them 16 years 
hence. But the trouble is that 
the only evidently serious 
attempt to open higher educa- 
tion to children from poorer 
homes, in Sweden, has failed 
signally. :■ | 

A top Swedish manager I met j 
recently commented that even i 
worse, the expansion of degree ; 
courses there has increasingly 
closed off career progression to 
people who are not graduates, so 
further reducing opportunities 
for worse-off youngsters and 
thoroughly diSmotivatiiTg them. 

Perhaps we might ‘do better to 
devote most of the £240m * tor 
stead to providing incentives to 
work by reducing tax levels.- 


B&NQCJET 

r! 

c- i ■■■V^TOCSSffl 







’ ; ' . .Vi'S; jv c-t'. 1 *.'' i.- 

Preferably aged betwe 
should- have J 

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customer contacts irvthf 
essential and-a working 
an advantage.- 

The Job oilers goodcaree 
compensation. ‘ ... . 

Application^ giving fofl d 
career lb date, will be hek 

and-shoiiW be senttoMc - _ - 

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responsibility and the opportunity to contribute to business development. 
Responsible for accounting, management information and the development 
of computer based systems, the Accountant will be expected to show 
conriderc&ie flair in the management of the finance function as an 
operational area. 

Probably the UK's fastest growing independent leasing company, 
operating in several European countries, our client has developed an 
enviable reputation through the entreprenneurial skills and aggressive style of 
its young management team. Aged 23-27, applicants (male or female] 
should be chartered accountants with major professional firm experience 
and should telephone or write to David Hogg ACA quoting reference 1/7713. 

EMA Management Personnel Ltd. 

Bume House, 88/89 High Holbom. London. WC1V 6LR 
Telephone: 01-242 7773 



Life Assurance 
from £10,000 plus benefits 


This life office offers an unusual 
opportunity to influence the 
direction of its thinking at an 
important stage of its growth. 
The Marketing Manager will be 
responsible for all business 
development through control of 
the sales force, new product 
formulation and marketing 
strategy. Candidates, male or 
female, probably aged over 40, 
must have substantial experience 
in these areas within a life office 
together with the ability to take a 
total view in developing the 
business and its people. Starting 
salary is from £10,000, plus car. 


mortgage assistance and other 
excellent conditions including 
generous relocation help to 
Scotland. 

(PA Personnel Services 

(Ref. SM45/S471 /FT) 
Initial interviews are conducted by 
PA Consultants. No details are 
divulged to clients without prior 
permission. Please send brief 
career details or write for an 
application form, quoting the 
reference number on both your 
fetter and envelope, end advise us 
if you have recently made any 
other applications to PA Personnel 
Services. 


PA Personnel Services 

127 George Street. Edinburgh EH24JNI. Tel. 031-125443 1 . 



■ ' f’icmce.’OfP- 1 . international 




Philips and Pye PenskmFurds 
Central London 


We wish to appoint an additional Analyst in our Investment 
Department Applications are invited from men and women under 30 
years of age: experience of the North American market an advantage. 

We offer opportunity for job development, salary commensurate 
with qualifications and experience. Benefits include 4| weeks annual 
holiday, contributory pension fund and life assurance, interest free 
season ticket loans and subsidised lunches. Assistance may be given 
towards cost of relocation if necessary. 

Please send brief details of education and experience to: The 
Deputy Personnel Manager. Philips Industries, Arundel Great Court 
8 Arundel Street, London, WC2R 3DT„ 



PHILIPS 







ssfstant 


c£7500 


ICL’> sut cess and continuing growth have led to a 
heavy increase in workload for its Group Secretariat 
We are therefore looking for an additional, highly 
professional, qualified Assistant Secretary to join 
out -mail dedicated team in 1CL Headquarters 
at Putney. 

You will mainlv work with the Deputy' Company^ 
S* - ret dry to discharge all Group Secretariat 
responsibilities in relation to overseas operations^! 


extension 4355, or writeto him for an application 
form at International Computers Limited. . -- 
85/91 If pperRichriiond Road, Putney. — V - 

London SW15'JTE, quoting reference FT19Ub. 


ri-punsibilities in relation to overseas operations^' 
the ICL Group, which now produce more than 50% 
of our turnover. Additionally your responsibilities 


.ivin - 



mniivi tuiuw i im im .-o? t« iiti-- 


We are looking for a Fellow or Associate of the 
Institute of Chartered Secretaries andAdministrators. 
You should have had at least five years' experience, 
sin. .,- qujln\ mg. some oi which will preferably have 
been in a major international company, and you 
v. iff probul ilv iu\ o a d« -go v. 

I 'lease teloi.'hi .in: David Mark on 01-738 7272 


think computers - think ICL 





MANAGER 

London & Quadrant 
Housing Trust 

This is a job for a qualified accountant, accustomed 
ro normal brisk commercial disciplines. 

The T rust exists to provide needy people with 
good homes. Over 5,500 have been completed and 
are now under permanent management. Another 
2,000 are under construction or planned for 
completion in the next two years. 

Financial management is at present one of the tasks 
of the Deputy Director. His role is to be enlarged 
to that of General Manager. The T rust therefore 
needs a qualified accountant (male or female) to 
take over from him the primary responsibility for 
finance. 

Managerial experience in a lively business is much 
more important than detailed knowledge of 
housing association work. Experience of financial 
control of building operations and some 
acquaintance with e.d.p. would be advantages. 

Age at least 30: starting salary about £8,000 p.a. 

Letters will be handled in complete confidence by 
the consultant advising the Trust: — 

- " M. J. Graham-Jones, 

The Faculties Partnership, 

/Management Consultants. 

/77 Vauxhall Bridge Road, 

London. SWIV IER. 



inSTITUTCD 1 179 ' 


TRINITY COLLEGE OF MUSIC 
LONDON 

Accountant 


Trinity ^ College of Music (founded in 1872) is one of the 
country’s leading Institutions for teaching music and also 
provides a world-wide external examinations service. 

Due to the retirement of the present Accountant, the College 
is seeking a qualified Accountant (preferably in September) 
to be responsible to the General Administrator for ail the 
work of the Finance Department of the College. This includes: 
the preparation and review of management accounts: the 
operation of a conventional book-keeping system: the payment 
of fees and salaries; the collection of external examination 
fees (c. £400.000 p.a.) and payment of Examiners and 
Representatives; the preparation uf detailed information for 
submission for Government Grants; the preparation of annual 
accounts to final stage. 

The position provides an excellent opportunity for an 
experienced Accountant seeking a post with considerable 
independence and particularly to someone interested to music 
or higher education. 

The salary will be £6,150 to £6,750 and Is related to NJC scales. 

For further details and application form please write to 
Assistant to General Administrator, Trinity College of Music 
11-13 Mandeville Place, London, w.l. Closing date for 
applications 14th July. 



Supported by well qualified staff, you will be responsible for the pceparatkxvofc 
monthly and annual accounts, forecasts, cash flows ete to strict timescales: '- : - 

Probably in your early 30s, you shouklbe a qualified accountant with good mart 
management skills and the abilityto write dear, unambiguous reports fori " ^ 

presentation to a Board of Directors. Drive, enthusiasm and initiative are esseh&ff? 
personal qualities. ...... 


Accountant 


\ B 

to 

n 

>> 

£ 

lilaill 


To be responsible for all aspects erf financial control in respect of production and 
development contracts, the management and direction of a team of Management 
Accountants, liaising with and advising Senior Management. . 

You should be a qualified accountantwfth previous experience of large engineering 
contracts and be prepared on occasion to spend short periods of time overeeas. 

In addition to the salanes indicated, benefits are those normally associated'with a 
mapr company. 

Please write in the first instance withiull personal and career details to Ref MA 141 
Robert Marshall Advertising Limited, 3Q Wellington Street London WC2E 7BD ’ 
Ptese list in a covering letter any companies to which you do notwisKyour * - 


Robert Marshal! Advertising Limited 



v" Lcndori- WCTV 6 QA 


07 -405 3499 









f i 
. t . i *M \ 

?% 

^EHI 

S,fe 

tme 8* 



Financial Tim es Thursday June 29 197B 

Junior Management £8,500+ 

INTERNATIONAL 

BANKING 

Rapid expanson is causing our clients in International Banking to seek a number of 
markers to 5upport lhis continuing 
i he posts offer excellent career prospects and there will be opportunities to serve 

salay of £8,500 win be enhanced by fringe benefits which include a 
??2?° n scheme, a favourable house loan scheme, and free 


examination. 


Applicants should write providing c.v. , salary progression 

and any other relevant data to The Managing Director, 
r - - MLH Consultants Limited, 148/150 Grosvenor Road, 
f Bg London SW1V3JY. 

SliouU Oicte be any ionic u, which opptor/Sdo ik« mWi 1 hex -detail* In be fonasrded. 

Kg she outside c/aiirttBrnaleriivkftccddnnKixl to Ihcrxeuniy' 

BB trai-j^ciiiv abate actitcx, s 

'Consulting Croup of Companies 


Finance 

Director 

London to SIS, 000 + car 


The UK subsidiary of a large multinational food group wish to 
appoint a Finance Director. 

The person appointed to this key position will report to the 
Managing Director and will be responsible for directing all financial 
and accounting activities of the company, with special emphasis 
on the development of management information systems. 

The man or woman appointed will be aged over 30, will be a 
qualified accountant with a thorough background in accounting 
and finance, and will possess self-confidence and leadership skills; 

recent experience in the food industry or a consumer goods 
environment is desirable but not essential. The remuneration and 
benefits will reflect the importance of the position. 

Please write in confidence, quoting reference TS75, and enclosing 
concise personal and career delate to D. E. Shellard. 


Arthur Young Management Services 
Rolls House, 7 Rolls Buildings 
Fetter Lane, London EC4A 1NL 


'V- - ' _ '+". : 'v. '■* * 



' y;- : ' , 





Corporate Finance 
Executive 

This appointment is with Williams, Glyn 8t Co., the merchant 
banking subsidiary of WHiiarns & Glyn’s Bank, and is based in 
the City. The successful candidate will almost certainly be a 
25^30 yeaF old Chartered Accountant, having at least two 
years’ post-qualification experience, possibly in the inves- 
tigation department of an accountancy firm. Working as part 
of a team, the successful candidate will become involved in 
all aspects Df acquisitions, mergers and newjssues. 

The work is interesting and exacting , calling for meticulous 
attention to detail. It requires a professional approach and the 
ability to identify and follow up new business opportunities 
as well as to communicate at senior levels. There will be. 
some travel to clients in the UK. 

Salary «s negotiable and should beof.irrterest to someone 
earning at least £6,500 at present. Excellent career prospects. 
Generous fringe benefits include subsidised mortgage facili- 
ties and a profit sharing scheme. 

Applicants should write giving full career details and quoting 
reference B.896, to: M. T. Brookes. Williams & Glyn's Bank 
Limited, New London Bridge House, 25 London Bridge Street; 
London SE1 9SX, 


WILLIAMS 6 GLYN’S BANK 



International B ankin g BAHRAIN 

CREDIT DEPARTMENT HEAD 

Up toUS$ 3(M)00 tax free 

Our client is a rapidly growing international bank with multinational Government backing 
which wOlultimately provide a wide range of merchant and commercial banking services 
in asteadSy increasing number of major world financial and trade centres. 

The present requirement is for a Credit Department Head in Bahrain to manage and 
develop the department with immediate responsibility forall aspects of crediianalysis and 
administration relating, for the most part, to major international loans. 


relCTanrexperiS^ ’in arnedium international bank are invited ic write in confi- 

: "denc£ for further particaiars to: 


• Mjfes’Wklkcr ; 

MSMS INTERNATIONAL LIMITED 

EtacativeR^ 

IISMoimtStreet 

London . 

W1Y5HD 

Tel:tl-4936807 


CHARTERED ACCOUNTANT 

MERCHANT BANKING 


^Saint:"SaIary c. ££500 to £7,uuu t 
benSS?Tel./write in- confidence. - _ 




SPRECHEN SIE DEUTSCH ? 
An E.C.2 Bank requires an 
ASSISTANT LENDING OFFICER 

with a minimum qualification of 
*A ’-level German, The successful 
candidate win have 2 /ears’ 
experience in Loans Administra- 
tion, Balance Sheet Analysis and 
A.l.B- Parr I or manasement 
training. Highly competitive, 
negotiable salary. 

L|A BANKING APPOINTMENTS 
D 1-283 9951 


Deputy Company 
Secretary c.£6^oo P u». 

The Property Division of the Rank 
Organisation, Rank City Wall Limited, 
wishes to appoint a Deputy Company 
Secretary at its Headquarters in London 
S.W.3. 

The position requires the successful 
candidate to deputise for the Company 
Secretary in his absence in aO matters 
including attendance at Board meetings, 
there will however be specific 
responsibilities which will indude 
ensuring compliance with statutory 
requirements by all companies within the 
group, dealing math the legal 
implementation of transactions affecting 
certain of the Division’s properties and 
instructing solicitors, etc. 

This position would ideally suit a man or 
woman in their early 30’s. Salary will be 
negotiated according to your background 
and as pan of the Rank Organisation a 
first-class benefits package is offered. 

Please apply in writing giving brief details to : 

Valerie Apps, Central Services 
Personnel Manage*; The Rank 
Organisation Limited, 

439-445 Godsione Road, 

Whyteleafe, Surrey, CR30YG. 
or telephone for an application form 
on Upper Waifingham 3355. 



THE RANK 
ORGANISATION 


W/J 


Assistant Partnership 
Secretary Guildford 

c £ 6 ,ooo (including bonus) 


Due i*i rapid growth, a wdl established firm of solicitors, 
with uflii.es in the City and Guildford, specialising in 
shipping, insurance and transportation work, wishes io 
appoint a voun? Accountant to assist the firm’s Partnersl up 
Stvrvtary in a wide ranee of activities. 

Reportin'? to the Partnership Secretary, the candidate 
appointed to this new position will be responsible for 
the preparation of the firm's financial and management 
acu turns and the .id mini « ration of the Accounts liepart- 
ment. Additional duties will include aspects of office and 
personnel administration as. well as the transfer ol 
managerriem iiuVirmalion from its present mechanised 
form to a computerised system. 

Suitable applicants will be qualified accountants in their 
early tveemic:-. Ideally, they will have worked in a profes- 
sional environment and have the ability to work effectively 
with senior management and staff at all levels. 

A salary of £5.5uO plus bonus will be offered, together 
with other triage benefits. 

Please write with adequate particulars to Diana Ashman, 
Personnel Services Division of:- 

Spicer and Pcgler & Co . , 

Management Consultants, 

Cm 3 Bcvis Marks, 
raSftir London EC3A 7HL. 


CHIEF DEALER 


Experienced dealer aged 2B/35 required in Gulf area for 
major Bank, initial contract 3 years. Free accommoda- 
tion and car, 6 weeks leave p.a. to indude one free 
return air ticket for dealer and dependents. Attractive 
tax-free salary; other details negotiable. 


BOND DEALER 


City-based overseas Bank requires a Eurobond dealer 
experienced in foreign exchange and deposit markets to 
join their dealing-room. Age 26/30 years. Excellent 
salary negotiable with usual U.K. fringe benefits. 


YEN BROKER 


Experienced top broker required to head up Yen Team. 
Must be fully acquainted with personalities of all major 
banking houses dealing in Yen exchange and deposits. 
Probable age 32/42 yeats. 'Top salary negotiable with 
usual fringe benefits to suit. 

AN replies in confidence Co Cedric Masterman 
Dasstngton Limited 
49/51 Bow Lane, London EC4M 9DL 


ENGINEERING 


Leading firm of Stockbrokers has a vacancy in 
its Research Department for someone to join 
its team covering the engineering and motor 
sectors. He/she will be responsible for the 
analysis of major companies in these sectors 
and will be expected to bring a good knowledge 
of accounting to this work. 

In addition to applications from analysts 
working in these sectors, equal consideration 

will be given to qualified accountants with 
around two years’ experience in industry or 
auditing. 

Excellent prospects for the right person. Salary 
negotiable. Please apply to Box G.2124, 
Financial Times, 10. Cannon Street, EC4P 4BY. 



Chief Executive 
Underwriting 

m 

c. £25,000 per annum 

A major Insurance Group is seeking to appoint a Chief Executive 
to manage and develop its non-Lloyd’s Underwriting activity. 

Reporting directly to the Group Managing Director, the Chief 
Executive will be responsible for creating and implementing an 
expansion plan to increase further the profitability of the Group’s 
Insurance Companies and Underwriting Agencies. 

This senior appointment demands considerable managerial and 
technical expertise preferably acquired from experience abroad 
as well as in the U.K. It represents an appropriate career advance- 
ment for a person with high level general management experience 
in an Insurance Company, who now is seeking to influence strategic 
decision making at top Board level. The rewards for success in 
this challenging role will be considerable. 

For further information please contact Mr. J. J. Gardner FCII, who 
is advising Whately Petre Limited on this appointment. His private 
telephone number is 01-623-8430 and strict confidence can be relied 
upon. Ref. 435. 

WHATELY PETRE LIMITED, Executive Selection, 

6 Martin Lane, London EC4R ODL. 


Financial Analysis 


Circa £7000 

Our client, a major international 
company marketing business 
equipment has a vacancy for a 
financially orientated analyst in their 
Financial Planning Department He or 
she will work as part of a dynamic, highly 
qualified team appraising and controlling 
large scale cost and revenue budgets, 
analysing product profitability and 
assessing the financial implications of 
proposed market strategies and pneing 
policy. • 

The appointment calls fora person of 
keen intellect with an eye for detail and 
the ability to solve practical business 
problems in financial terms. There are 
very real prospects of rapid career 
development into line or functional 
management coupled with the 


Management Selection Division 


Home Counties 

opportunity to acquire invaluable 
experience in a large, modern and 
progressive company. 

Candidates should be in their mid- 
twenties with around one or two years' 
commercial or industrial experience and 
hold a recognised qualification in 
accountancy and/or a degree in business 
studies, economics or other discipline 
calling for a high level of numeracy and 
analytical ability. The remuneration will 
be about £7000 p.a. together with 
normal large company benefits. 

Please apply to Phil Hyson on 01 -437 
251 5 <24 hour live answering service) or 
01 -7344777 for a personal history form 
or send your curriculum vitae to the 
address below quoting reference: 
261/FT. 


T.D.A. Lunan & Associates Ltd. 
1 Old Burlington Street. 
London. W1 XI LA. 


Finance and Administration 
Manager 


S.E England 


c£9,000 + car + benefits 



Our client manufactures and distributes ethical pharmaceutical products and requires 
a qualified accountant with relevant experience, aged around 35, to report to the 
Managing Director on ail financial and administrative matters. 

The company has an annual turnover of £3 million. Accounting systems are operated 
on the inhouse ICL 2903 computer and the accounts department produces monthly 
management accounts, profit and cash flow forecasts. The successful candidate (male 
or female) will be expected to develop the reporting and planning function and 
contribute to the future profitable growth of the business, especially overseas. 
Accordingly experience should include corporate and export financing with an 
understanding of the taxation implications. 

With prospects of a board appointment as Financial Director, candidates should 
possess a strong commercial flair and should be Interested in becoming a key 
member of the small management team. 

Please apply in writing, quoting reference FBI 02, to: Stanley Cbesler, 

1 ^ Stoy Hayward Limited, 

— , . Management Consultants, 

— ■ — — I — 54 Baker St, London, W1M1DJ. 


Jonathan Wren • Banking Appointments 

.|®3| personnel consultancy dealing exclusively With the banking profession 


BANKING OPERATIONS 

Our client a North American banking and financial 
institution, is seeking an Operations Manager. 

Priority will be to supervise a study of the company's 
systems requirements with particular reference to 
banking operations, board recommendations, over- 
seeing and directing the design and application of 
new systems. The successful candidate should have 
a thorough knowledge of computer systems and 
be fully familiar with U.K. banking practice. 

This senior appointment will command a five figure 
salary and appropriate fringe benefits. 

To discuss this appointment in confidence , please 
telephone: NORMA GIVEN (Director). 


170 Rishopsgatt* London HC2M 4LX 0L62 > 1 266/7/8/9 






This is a new appointment in London for a major inter- 
national trading group already engaged in metal 
trading. 

The requirement is for a person who has already filled 
a senior managerial appointment and has had long- 
standing experience of trading in physical metals. 

Candidates must be capable of extending the Com- 
pany’s existing world-wide trading connections] they 
should be aged 35 to 50. 

Terms by arrangement, but those qualified are 
expected to be earning up to £20^000 p.a. currently. 

Please write briefly with relevant career details — in 
confidence - to S. W. J. Simpson ref. B.38283. 

Thii appointment is opfa to men and zw&pitf. 

M5L Management Consultants 

Management Selection Limited 
1 7 Stratton Street London W1 X 6D B 


Director Designate 

Finance and Administration 


for a private company established in the UK by its overseas 
parent group in 1967, and now numbered amongst the top 7 
importers in its field in this country. The company also trades 
extensively internationally, acts as importer and distributor 
and conducts third country deals. It employs 70; turnover is 
£35m. and it is profitable and currently negotiating further 
acquisitions. 

Candidates should preferably be chartered accountants, age 33 
to 45 with five years* previous experience in a similar business.. 

Initial salary £10,000 to £12,000 plus car. Given success early 
appointment to the Board is intended. 

For more information and application form please telephone 
(01-629 1844 at any time) or write - -in confidence - to 
G. V. Barker-Benfield ref. B.8145. 

This appointment is open u mm and women. 

L Management Consultants 

Management Selection Limited 
17 Stratton Street London W1X6DB 


Accountants 

; Management & Financial 


T. J. & J. Smith is one of Britain's long 
established manufacturers, publishers 
and exporters of social stationery leather 
' goods and diaries and has recently 
become part of an expanding group of 
companies with a current turnover in 
excess of £5 million. 

A Management Accountant is required 
for its H.Q. to play a key part in 
developing financial control. This 
involves preparing and improving 
management reports and budgets. An 
important addition will be to set up and 
administer a computerised stock control 
system. Candidates with strong 


c£7,000 


personalities must be qualified and aged 
between 25-40 ideally with 2/3 years' 
experience in an industrial environment 
on standard costing. 

A Financial Accountant is also required 
for this firm's H.Q. to prepare quarterly 
and annual accounts and to provide 
management information reports which 
will include budgets, forecasts and 
monthly board reports. Qualified 
candidates should have either been in a 
Chartered Accountant's office or had 2/3 
years' experience on financial 
accountancy in an industrial 
environment. 


For both positions prospects are very good for the right people. 

Contact; Graham Edgar, London (01) 235 7030. Ext. 312. 

Professional ■ . .. , 

& Executive H AppI,cat ' ons ars welcome from both men and women. 

Recruitment m 



Department 

Head 

Sugar 

to head the Sugar Department of a major international trading, 
and manufacturing organisation, whose activities are spread •. 
throughout the world. It operates several commodity divisions, 
amongst which the sugar division is one of the mostimportant. . 
The requirement is for a first class departmental manager having 
active contacts in international sugar markets. Responsibility 
will be ro the Directors of the Main Board. 

Candidates must beable to demonstrate several years' succesriiil 
experience in a similar position, and should be in the 35 to 50 
years age group. 

Salary and emoluments negotiable around £20,000 p.a. Or. 
higher. Usual benefits^ Location London. 

Please write briefly with relevant career details.— in confidence— 
toS.W.J. Simpson ref. B.38284. 

This appouantM is open to mm and •cornea. 


Management Consultants 

Management Selection Limited 
1 7 Stratton Street London W1 X 6D B 


Financial Services 
Manager 

Computer Bureau 

A major computer bureau in London with a turnover 
approaching £10m.and with over 500 employees has 
been expanding by 30% annually. Management re- 
organisation has created a need for a Financial 
Services Manager, reporting to the Managing Director 
who will have profit responsibility for the sale, systems 
design and programming of real-time services mainly 
for financial companies and organisations. Candidates 
should ; have similar management experience' in 
computer bureaux or in data processing management 
in the financial services industry. 

Salary around £12,000 plus car and attractive fringe 
benefits. 

Please send brief details - in confidence - to David 
Bennell ref. B. 435 43. 

This appointment is open to mm and women. 



bWSIBh Management Consultants 
Management Selection Limited 
1 7 Stratton Street London W1X 6DB 


E3 Reed Executi ve 

The Specialists in Executive and Management Selection 


Financial Controller 

S. Oxfordshire to £1 5,000 + car 

Faced with the commitment to a high growth rate, largely through acquisition, and 
the provision of ample funds from its $b American parent, this young company 
supplying health care products now needs to further strengthen its highly 
motivated management team. The requirement is for an individual (ideally mid 30s) 
who will take full responsibility for aU aspects of accounting and financial control 
and also play a significant rote in new business development. Essential 
prerequisites include a formal accounting qualification, real breadth arid depth of 
experience — including costing, but particularly the personal ability to make an 
effective impact in a fast-moving, dynamic environment. Remuneration, including a 
bonus element, is for negotiation. 

Telephone 01-836 1 707 (24 hr. service J quoting Rdf: 0544/FT. Reed Executive 
Selection Limited , 55-56 SL Martin’s Lane, London WC2N4EA. 

The above vacancy is open to both male and female candidates. 


London Birmmgham^aricfteste^TC^ 


INSURANCE 

SPECIALIST 


Panmure Gordon & Co. wish to recruit an analyst 
specialising in composite insurance, life assurance and 
insurance broking, to assist a partner of the firm. 

The ideal candidate will be an actuary, a graduate or have 
another professional qualification, with a proven research 
record and a working knowledge of the insurance industry. 
The position will involve regular contact with insurance 
companies and will require the ability to communicate 
information, both verbally and in writing, to the firm’s 
clients. 

The remuneration and conditions of service will fully 
reflect -the status of the post. All replies will be treated 
in the strictest confidence, 

please vrrite to: 

C. F. Hailwood Esq„ Personnel Manager 
PANMURE GORDON & CO. 

9 MoorfiHds High walk 
London EC2Y 9DS 


SAUDI ARABIA 


Kawneer Company ine. has management respon- 
sibility for an architectural aluminium Company in 
Saudia Arabia. The factory, consisting of extrusion 
press, anodizing, fabrication and casting, is now 
being built at Jeddah. 

The Manager of Accounting 

will have responsibility for financial planning, co- 
ordination and budgets, credit management cost 
accounting, preparation and presentation of 
operating reports, departmental expenses, capital 
expenditures, financial and income statements 
pay-rolls and supervision of administrative 
personnel. 

We are looking for: Qualified accountants with at 
least three years experience in industry. 

After training in the USA, the accountant will move 
to Jeddah in 1979. The contract period in Saudia 
Arabia is three years. 

Interested applicants should write, giving full details of 
personal background and professional experience to: 

AaU Tanna Alum ax International Limited 
Marlow House Institute Road 
MARLOW Bucks SL7 1BN 


CREDIT ANALYST 

Iran Overseas Investment Bank 

Blnk L " 1 - is ■" consortium 

Bririih lSrh ta (5f rt- ,S i arC ten m2Jor iBWmitior » l American. 
Lriv P h ‘ Jap / ne5e and ,ranlan banks. The bank is 
acrive in the management of major international loans and syndi- 

ZSSlb* * Pam ° f lhe -d - internS^U^ 

L he ;.? a | l « ,nv l te5 applications for an appointment as Credit Analyst 
in its Loan Syndicates Department. The person appointed will 
anait XpeCted -. t0 underc ! ,le international banking and investment 

Ssvsr jstmsjs — 1 

fe- Had tra,n,n 8 ,n mu, «inational account management! 

TZSEi S'"* or pra,cct «*» ■ 

Weu« reply by letter with detail , of CV end present salary to: 

R. B. Taylor, Secretary, 

IRAN OVERSEAS INVESTMENT BANK LIMITED, . 

120 Moorgate, London, EC2M 6TS. 


■ FiUi ii i ii‘Ukn 

1 1 ll - IU* j] CTjy? t |VVt | 7 r r 


\ 1 ^ 




m 

“TB 










( » r r ‘ rrrn r- M'TTTBrtt 









■,!iX5rl 





The Britannia Group 

Of INVESTMENT COMPANIES 


requires ap 

INVESTMENT ANALYST 

•ad inumqca companies wd pf?v*to' diems. : 

Application*. which will 1 - bit in j.. : ■ l.l -i,i- 

give da alii of education. Smari+nAirS -“Tl* 

addressed to: ... “P" 1 ™* “d sate 17 progress wu and .be 

' • - ■ . e ' \ ' .. ”■ 

Tbo Investment Director . 

BRITANNIA FINANCIAL SERVKEH.TO. ! V* ^ 'ti? 
3 London Wall taUdittgs, loodoa KIM SQL'- ' 


l 


i 1 j 9 I *1 


uj 

1 >1 g fl J 


MAJOR LEADING NON-MARINE LLOYD'S SyNDi- 

CATE is looking for highJynjotivBted 

writcr. The ideal candfdgte wili 

there is great scope for advancement v^ic^waidepond 

on performance. It is .envisaged tha^YnftMyth^dari - 


LH-jl’ll I’-i ' J 


■j) 










_ -4 

Accountants fir major 

exporting growth company 

up to £9000; BuckLnghamshire 

These opportunities are withal science-based Company, a world leader in its field. 
Turnover is around £33 million, 80^ from export. Annual growth has been about 
20% and a continuation of t&u growth is planned. 

As a result of this expansioirthe finance function is being re-structured and the 
following new appointments arc to be made at the Company's headquarters 
in Buckinghamshire. 

Site Accountant — Management Role 

to be responsible for the planning, financial control, accounting services and 
purchasing functions at the Company's major U.K. manufacturing location. This 
is a key role in the management pf the site. 

Planning Accountant — International Role 

to be responsible for the preparation and co-ordination of the Group’s short and 
longterm plans and the appraisal of major capital projects. This is a policy making 
and strategical role involving extensive contact with the Group's overseas 
subsidiaries. 

Candidates, men or womens must be experienced qualified Accountants in their 
30's with the intellectual capacity to work with highly qualified professional staff 
from other disciplines. Career development prospects within the organisation 
are excellent. » 

Benefits include assist ance,where appropriate, with -the cost of re-location. 

Please telephone (01-629 I?44 at any time) or write - in confidence -for 
information. Ref. B.8J42.,;' 


FI CONFIDENTIAL n stratton st. London wix bob 

Lb A member of MSL Group International 


Systems Accountants 

West of London 

Our Clients are a major division of a leading multinational company involved in the manufacture and marketing of 
sophisticated technical products. They are in the process of rationalising the financial reporting systems currently in use at 
their international manufacturing and warehousing locations, and want to recruit the following personnel. 

Systems Consultant 

to £8,500 

Acting tor user finance departments. Tie/she will interface Business School Graduates, with at least four years detailed 
with Head Office Systems Department in identifying, involvement in the use of computerised financial systems in 
defining and implementing financial systems. Applicants multinational companies. There will be frequent travel, both 
probably aged 25-30 will be qualified accountants or within the UK and Europe, Ref: 241) 61 FT. 

Systems Analyst 

to £7,000 

This is a group financial role involving the maintenance accountants with at feast three years detailed involvement 
arid control of financial systems operating throughout the with computerised financial systems. There will be occasional 
group. Applicants, in the middle 20*s will be qualified travel within the UK and Europe. Reri 2411 7} FT. 

C G. Moores, 

Male or female candidates should telephone in confidence fora Personal History Form to: 

. MANCHESTER: 061 -236 8981 , S un Life House, 3 Charlotte Street, M 1 4HB. 


a iviniiuiiu 

fata* 


'*~*'*~* Executive Selection Consultants 

BIRMINGHAM. CARDIFF. GLASGOW. LEEDS. LONDON, MANCHESTER. NEWCASTLE, and SHEFFIELD* 




INTERNATIONAL AUDITOR 

West London leased circa £10,000 

Our client is an American controlled international business, manufacturing and marketing a sophisticated 
range of electronic, audio visual, video, photographic and business equipment; distribution is through an 
esta blis hed network of overseas distributors fod subsidiary companies. 

This is a new post based West oi London and reporting direct to the Corporate HQ in Chicago; the primary 
responsibilities will be for financial and operational audits covering mainly the European Sector. Duties will 
also include special studies and investigations *wid recommendations on policies, procedures and programmes 
concerning relevant legislation and the development of management systems and controls. 

The task s are very demanding and requires high level of initiative, co-operation and commitment in a multi- 
national environment involving considerable overseas travel. The prospects are excellent and the right man or 
woman may expect promotion, in Europe or theU.SA., in approximately 2 years. 

The successful candidate will be a qualified accountant probably aged 26-35 with post-qualifying 
experience of internal audit in a commercial/industrial company, Of? in a practising firm where full exposure to 
major operational groups and sophisticated reporting systems has been gained. Knowledge of current American 
accounting principles and techniques would be an advantage. 

For an application form and more inf ormati on please contact Peter Dawson or Nigel V. Smith A.C.A.. 
quoting reference 2181 . 

OxmierdamtJStrtaDMston 
Douglas Uamblas Associates Ltd. 

AccounlOBcy&MaiuvcoMai BaaintsBat Coowltanls, 

4 10. Sa*nd. tendon WC2B0NS Tsk 01-836 9501 
12 1 . Si Vlnnol Street GLugow G2 5HW. T«?L 041-226 3101 
3, Caal«( Place, Einbrn^h EH3 7AA. Tot 031-223 7744 


GUY BUTLER 
(INTERNATIONAL) LTD . 

Due to an expansion in our foreign exchange activities we require 
the following staff. 

Experienced Spot Brokers 

Trainee Link Persons/Dealers 

Telex Operator with a 
knowledge of Foreign Exchange 

apply in writing in strict confidence giving full details to: — 

Miss Karen Smart, Guy Butler (International) Ltd., 

Adelaide House, London Bridge, London EC4R 9HN. 



BANK OP ENGLAND RETURNS CLERK 
with federal report* eicp. reqo. ov Inter- 
national Bank in the City. Age range 
20*. Salary c £5.000 + Excellent 

Perks tnc. 2i-«» Mortage Utilities. 
Ring 283 E02Z immediately for appoint- 
ment. VPN Employment (Agency). 


X 


CHIEF 

EXECUTIVE 

I NEW IRELAND 

New Ireland Assurance Company Limited, with Head Office 
in Dublin, is one of the largest assurance companies in Ireland 
with assets in excess of £75 million. 

The Company invites applications for the position of Chief 
Executive who will participate at Director level in the 
development of company policy and will be responsible for 
the overall management of the Company in accordance with 
the policy agreed by the Board of Directors: 

This is an exceptionally challenging positon and requires a 
highly qualified and experienced person, presently holding 
a senior administrative position, preferably with an Insurance, 
Actuarial or Financial background. ; : 

The post carries an attractive salary to be negotiated and 
excellent fringe benefits. 

Please telephone on confidential line 755652 or write to 
M. Spellman, in strict confidence, quoting Reference No. 
■T59S/G at Harcourt House, Harcourt Street, Dublin 2. 

Stokes Kennedy Crowley 

.MANAGEMENT CONSULTANTS 
DUBLIN, BELFAST, CORK. 

& LIMERICK. 




West London 


to £8*500 


„r A vacancy exists for a Financial Controller within a large, well 
established, computer backed organisation. 

The size and complexity of this company and therefore the 
resultant sebpe of this particular job demands candidates who 
2e Stature, qualified Accountants, with proven experience at 
fdrildr level in a large industrial organisation. Salary is negot,- 
Sleatthe £12,500 p.a. level (at current exchange rate) The 

initial contractls fo.r three years. 

- Attractive* expatriate inducements form part of an overall 
package which is very-rewarding. 

Write with brief details of your career and background to 
Jayand^J International Ltd., 10 Wailside. Barbican, London 

EC2YSBH. . • 


We require a dealer with at least two years* experience 
in Euro-Currency Deposits and Foreign Exchange 
Dealing 

Salary will be negotiable entirely dependent upon the 
person. In addition we operate a House Mortgage 
Scheme, Non-contributory Pension Scheme and free 
Life cover 

Please write giving details of your experience and 
career to date to:- 

The Assistant Staff Manager 
Kleinwort Benson Limited, 

20 Fenchurch Street London, EC2P3DB. 

KLEINWORT, BENSON 
— "Merchant Bankers - ~ 


YOUNG QUALIFIED 
ACCOUNTANT 


Required by a U.K. based Knitwear Company with overseas 
operations, for position as Assistant to the Company's Group 
Accountant. Wi(f be required to assume varied responsibilities 
within the Accounts Department based at Sanderstead. Surrey, 
reporting to both the Group Accountant and the Board of 
Directors. A salary in the reigon of £7,000 pa. will be 
offered to the successful applicant. Please apply confidentially 
in writing to the Financial Director of: 

MARY FARRIN LIMITED 

at Westgate House. 

Chalk Lane. 

Epsom. 

Surrey, KT18 7Aj 


A rapidly expanding international group who provide services worldwide to 
the offshore oil industry, is strengthening the management of its 
administration centra This is now being relocated to pleasant offices 
conveniently situated in West London. 

The Chief Accountant will be responsible to the Financial Director for 
financial and management accounting, budgeting and planning, cash control 
and various ad hoc exercises. He/she will be supported by a small staff. 

Qualified accountants, probably aged 28-35 with relevant commercial or 
professional experience can expect to enhance their career development 
and personal prospects by joining this enterprising and successful 
management team. Benefits include relocation expenses where relevant, a 
substantial bonus and an early salary review. 

Write In confidence, quoting reference T878/FT and enclosing personal 
and career details to R.J. Mooney. 


Arthur Young Management Services 
Rolls House, 7 Rolls Buildings 
Fetter Lane, London EC4A 1NL 





FINANCIAL CONTROLLER 
CHIEF ACCOUNTANT 

LONDON 

U.K. Company, part of an International Travel Group, requires 
a qualified accountant with specific experience in the travel 
industry. 

Areas of responsibility will include:— 

• Financial Control 
n Cash Flows 

• Accounts and Administration 

• Systems Development 

A knowledge of computers and computer application will be 
an advantage although not essential. 

Excellent opportunity for an imaginative young man or 
woman who seeks expression and fulfilment in a dynamic 
and exciting environment. 

Replies with curriculum vitae to: Box A.5403. 
Financial Times, 10, Cannon Street EC4P 4SY. 



The Specialists in Executive and Management Selection 


Company Secretary Designate 

Northern England c £8,500 + car and benefits 

The client is an old-established public company with a healthy growth and profita- 
bility record. The vacancy occurs following the promotion of the present in- 
cumbent and the appointment covers the full range of statutory and administrative 
responsibilities including substantial involvement with the legal aspects of 
property. The most suitable candidates will be Chartered Secretaries or possess a 
Law Degree and should show evidence of progression and success in a related 
role. They must also have considerable conciliatory and other interpersonal skills. 
This is an opportunity to join a congenial and successful executive team and there 
are attractive fringe benefits. 

Telephone 0532 459181 (24 hr. service ) quoting Ref: 3354’ FT. Reed Executive 
Selection Limited, 24-26 Lands Lane, Leeds LSI 6LB. 




The above vacancy is open to both male and female candidales. 


.Lonqon.,v r Bifi-p.inqh am w.Man Chester-. ■; Leeds 


FOREIGN EXCHANGE 
BROKERS 

require 

TELEX DEALER 

Salary negotiable. 

King for appointment. 

01-588 6306. . 


1113 

TME 

NTS 

:rt 

ISSN 

G 


AKE CONTINUED 
TODAY ON THE 
FOLLOWING PAGE 















RECRUITMENT ADVERTISING 

35 New Broad Stir eeti?lEan do^E — '"' " " 
^i*oi ; 5a&3^sS^^^saS5i 

Telex Wo.8S737a-;. > X ' l?- * ^ : c - “ - : J , 

■::■ n :■ r : . - > •; ? -•- • X * - ;•■ £ --. gtMa&'s y 


£6,000 - £3,000 


INTERNATIONAL CONSORTIUM BANK 


We invite appiiracions from candidates, male or female, aged 23-27. who have acquired between 2 and ^ years’ experience 
in Credit work and documentation associated with Eurocurrency credits. The successful candidate will be responsible 
for regular credit reviev/ on existing medium-term loans, as well as new proposed facilities, etc. A personable manner, 
pl-is a flexible yet commercial outlook sufficient to warrant further promotion is important. Initial salary negotiable 
46,0Q0-£B.Q00 -r hcuse-loan facility, personal loan facility, non-contributory pension, free life assurance, free family BUPA. 
Applications in strict confidence under reference CO 10386/FT will be forwarded unopened to our Client, unless you 
list companies to which they should not be sent in a covering letter marked for the attention of the Security Manager: 

CAMPBELL-JOHNSTON RECRUITMENT ADVERTISING LIMITED. 35 NEW BROAD STREET. LONDON EC2M TNH. 



Divisional 
General Manager 


TRADING 


Yemen Arab Republic c. £18,000 fax free 

plus benefits 

For the Haye! Saeed Anam Group, a major and diversified 
organisation with manufacturing, commercial and trading 
activities, employing about 4000 people and operating 
primarily in the Yemen Arab Republic. 

Reporting directly to Ihe chief executive he will have full profit 
responsibility for the Group’s trading and commercial operations. Me 
will work closely with the general manager of the industrial divifion, 
the group financial controller and the group personnel and admini- 
stration manager who come from the U.K. 

Candidates, ideally aged *50 to 45. must have several years genei 
management experience in a similar organisation and should have 
worked in a developing country. The ability to speak Arabic would be 
a distinct advantage. 

In addition to the basic salary, generous fringe benefits are offered 
including a rent free house, electricity and water, car and annual 
Iea ;e with return air passages for the appointee and his family. 
Write in conf idence, quoting reference 3062/L, to M. D. O'Mahony, 

:.t.iaLiw j Peat, Marwick, Mitchell -5 Co., 

U Erecu : i-e Selection Division, 

165 Oueen Victoria Street. 

Blackrriars, London; EC4V3PD. 





FORIEGN 

EXCHANGE 

FOREIGN EXCHANGE & 
STERLING DEALERS 
(with gilts exp.J 

age 25ish, £7.000-£s.000 

FOREIGN EXCHANGE. 
STERLING. INSTRUCTIONS 
& SETTLEMENTS STAFF, 
age 20 -h £4.000 

For these uvd manu others 
Call DELLA FRANKLIN 
24S 0071 or 23* 0601 

ALANGATE 

EMPLOYMENT 

AGENCY 


^"^15 


eeSc © 




Ci ly based UK Merchant Bank seeks EX. Dealer with 
at least 2 years experience. 

Salary c.£10,000 + usual banking benefits. 

Eor further details please telephone Yvonne 
Emmerson-Fish. Ref. 1070 


BERMUDA 

K'.T: Nu. -.U>7ol 

Major Insurance Group 
requires a qualified 
CHARTERED ACCOUNTANT 
for rheir Bermuda uPice. 
E.vwlJenf conditions of 
service. 

A.;.- jTwup ippiuximately 

27/35 years. 

Salary .<18.u00 p.a. 

Pic isu telephone in 
lw:/uI<:iuv: — 

EJLEEX MILLER 
I.P.S. Group 
i Eiiipinymvnt Onsu Hants) 
01-481 Sill 


SETTLEMENTS 

Sorrier Manager C.D. Settlements 
to establish and run department 
m U.S. company. 23-35 J2.00Q+. 
Eurobond Settlements: Experi- 
enced people. 20-27 for leading 
Bank and Broking Houses. 
£5.000 -r . 

MONICA GROVE 

Recruitment consultants 

U 9-6542 


ional Savings, 

ntree Mackintosh, Scholl, Stela Art 
ois, Sharp Electronics, Reckitt & Col 
leman, W. H. Smith, Smirnoff, Time 
e, Thomson Holidays, White Hor 






They’re ^st some of the famous 
names who advertise in Weekend 
Magazine and reach nearly 3.5 million 
people^ a third oftherain the 15-34 C j 
C- group. 

Weekend reaches more ABCs 
than The Times, or The Guardian. 

Yet it costs only 95p per thousand - 


I I I II 


to advertise in colour and 63pper 
thousand in mono. . • “ ; , ; f 1 

And every adverti$enienfis:ii u 
either facing or amongst oiiireditem^^ 
content. • • : ;• r >; 

If you’d like to joirrthe lis^ c^l 
Laurie Large on 01-353 6000 for alt ' 
the details. 


1MI3 






DOCUMI 

CREDITS 


We are seeking an experienced Documentary- Credits 
Clerk to work in our small but expanding Department. 
Aged pi your mid-20's you should ideally possess several 
years’ relevant experience of opening credits and pay- 
ment of documents. On occasions, you wouldbe expected 
to deputise ; for the Supervisor: 

An attractive saJaiy will be negotiated; excellent fringe 
benefits. 

Please v.-rite statins vour current salary and enclosing a 
detailed c.v. to:- Chris Taylor. Personnel Officer, Saudi 
International Bank. $ 9 Bishr.psgate. London EC'2M STB. 

i 

Saudi International Bank 

AL-BANK AL-SAUDI AL-ALAMI LIMITED 





GILT SETTLEMENTS — E'D. Clcr. :o <j; e I 
over Jest. ipr Institution?! Co. Ej» 
Mljni A per VS. Pnenc Mr. ftobson 
». 8. Pe-5tnnrl 01-JS3 3641 


£7,000 to £S,000 range 

The.-e appointments, which are aimed at candidates in. the 25-30 age bracket, arise in the 
Financial Controllers Department of an international retailing organisation and wifi be 
based at the Head Office in Central London. The company holds a leading position in high 
.-tree: trading and is currently undergoing an extremely interesting phase of reorientation 
and image development. 

ACCOUNTANT - U.S. Reporting 

A young qualified AccounLinr is required who is familiar with American style accounts 
presentation: a knowledge of U.K. tax would be an advantage. This role is seen as a 
stepping stone into the broader reaches of financial management, administration and 
planning. i 62-54 1 

FINANCIAL ANALYST 

A University education in economics or finance followed by two or three years in the 
co'-porate finance or corporate planning department of a large company is the minimum 
«*vnt ial requirement . Responsibilities will include monitoring of capital expenditure, long 
and short term pl ann i n g and financing, financial modelling arid analysis of trends and 
variances and their impact on trading and profit etc. (62551 

Applications in confidence quoting appropriate ref. number to E. C. Smith, Merwn 
Hughes Group, 2/3 Cursitor Street, London EC4A INE.Tbl: 01-404 5801 124 hours'). 

ftervyn Hughes Group 

Management Recruitment Consultants 


COMPANY NOTICES 


CREDIT LYONNAIS 

% % 

USS30.00p.000.— . 7977/83 
FLOATING SATE N^TE ISSUE 

Bondholders are hereby informed char 
coupon no. 3. .wpreicn^ng the ' 
third six-month period of -Jncereit 
starting from 24 th June. 1978 to 
13rd December. 1978 inclusive will 
be payable as frem December ‘24 ih, 
1478 at a price of $47:65'.. per 
coupon. THh amount correspond! - . to 
a yearly interest rate of 9.3 war fad 
out on a basis of l83/2fiOih. 

The Fiscal Agent. 

CREDIT LYONNAIS-LUXEMBOURG 


EAST RAND COLD AND URANIUM 
COMPANY LIMITED 


Matthews Wrighlson Holdings Limited is 
a major international group of companies 

[\ ~ operating in Insurance Broking, 

— ] pn | = Insurance Underwriting, Shipping, Air 
U l— 1 ! Broking and Rural Land Use. 

Income for 1977 exceeded £65.5 million 

and profits approached £8.5 million. 

As a result ol the continued growth ol the Groups activities we 
wish to strengthen the Head Office accounting team with an 
additional professionally qualified accountant. 

Reporting to the Group Financial Director the Management 
Accountant will be concerned with : 

© Monitoring the performance of the non-insurance 
businesses. 

© Financial planning for the Group. 

^ Cash flow forecasting and control. 

• Taxation planning. 

^ Financial project work. 

Overseas travel from time to time may be necessery. 

The role requires: 

Professional qualification - CA or AC A 
Allround accountancy experience in a large professional 
Office or similar experience in the Head Office staff of a 
substantial Group of Companies. 

It is likely therefore that suitable applicants will be around 
30 years of age. 

The appointment offers genuine opportunity for career 
development in an exciting and demanding environment. 
Salary will be around £8,000-00 per annum and, in addition, 
the Group offers attractive benefits. 

Applicants should write, giving details of their career 
achievements and aspirations to: 

K C F Lathrope Group Personnel Director 

Stewart Wrighlson (Services) Limited 1 Camomile Street 

London EC3A 7HJ 


VACANCIES IN 
BARCLAYS BANK LIMITED 
INVESTMENT MANAGEMENT 

Overseas Portfolio Manager 

The Pension Fund of Barclays Bank Limited has a 
substantial involvement in overseas stock markets and 
requires a portfolio manager to undertake the da’v-ro-day 
management of these investments. 

The successful applicant will probablv have a 
professional qualification but certainly will have a wide 
knowledge and experience in the major overseas 
scockmarKcts. 

Salary will be around £9.500 p.a. and the many fringe 
benefits include a non-contrihutriry pension scheme, and 
house purchase and profit sharing schemes, plus a company 
car. 

Fixed Interest Portfolio 
Manager 

_ The Fund also has a large involvement in all varieties 
of fixed interest securities. A portfolio manager is required 
to operate the day-to-day managerial functions of this 
portion of the Fund. In addition, ihc successful applicant 
will provide a back-up to the management of the Bank’s 
portfolio of British Government Stocks. A sound knowledge 
of the fixed interest markels is obviously essential but 
experience is of prime importance. 

Salary will be around 1S.350 p.a. and the many fringe 
benefits include a non-co ntributory pension scheme and 
house purchase and profit sharing schemes. 

Replies in confidence can be directed to: 

Mr. G. E. Hall. 

Investment Manager. 

Barclays Bank Limited, 

54 Lombard Street, 

London £C?P 3 AH. 


BARCLAYS 


SALES MANAGER 

TOOL AND HIGH SPEED STEELS 

required by U.K. subsidiary of leading Inter- 
national manufacturer of special steels. 

The successful male/female applicant will be 
based in the Midlands area, aged 35-40 years and 
have an intimate knowledge of the U;K. market 
with respect to tool steels high speed stock. 

Applicants should be self-motivated and capable 
of organising and controlling national sales staff. 

Salary is by negotiation and the successful appli- 
cant will have the use of company car and will 
enjoy the appropriate benefit associated with the 
responsible position. Write Box A6404, Finan- 
cial Times, 10, Cannon Street EC4P 4BY. 


CLOSING OF REGISTERS ! 

For rh- surpove of live innu«t general 
meeting and general meeting oi East Rand 
Gold and Uranium Comwnr Limited to 
be hutd at 44 Main Street. Johannesburg, 
on Fndav. July 2t 1978. a: tno times 
i rated below, the transfer register and 
reg'S’^rj ol members or the comsanv will 
be nosed from July 15 lo July 21 1976 
both days inclusive' 

Time of annual general meeting 09H30 
Time ol general meeting 09H45- 

• or immediately ralionine ate termination 
ol the annual general meeting, whichever 
« the later. 

Bv order of the Board 
Anglo American Corporation qi 
S outh Africa Limited 1 
. - Secretaries 
Per. J. E. Townsend 
Senior Divisional Secretary 
Transfer Secretaries: 

Consolidated Share Registrars Limited 
62 Marshall Street 
Johannesburg 2001 
Postal address: 

. P.O. Box 61051 
.. „ Marshalltown 2107 
. , __ If.K. Transter Secretaries: 

Registered Olbce: Charter Consolidated 

44 Main Street Limited 

Johannesburg 2001 P.O. Bov 102 

Posi.il address- Charter House 

P O. Bo* 61567 Park Street 

Marshalltown 2107 Ashlord 

. Kent TN24 8 EQ 


, „ _ BAYEK A mtChirzEg Tri crua^l 

_ PAYMENT 6F fNVlbEijb 
NOTICE IS HERE8T GIVEN JATtoe- 
hoiders that tallowing- a resohrt>ai*j>Mm4 
at the Annual General Meeting- ouftace- 
I holders hr Id on 27th- June 1 976 a'-DMUl 
tor the year 1977 ol DM. 6.oo eer-.atwtw. 
'Of DM.50 nominal wilt be paid as" from’ 
28th June 1978 against. deJirerv;_tf 
Coupon No. 34. v. 

' All drviderds will be subject to OMUC-: 
tion ol German Capital Vlelcb Tax of 25%-‘ 
The net . amount ol dividend ii navarne, 
in Gcroian Marks. Paving Agents OubrOC 
Germany .will Pay in the ajrrentv in Which 
me coupon Is presented at the' rate «f 
exchange of the day «i ' presentation -- ~"- 
t-^-Don No. id may be tntMOdTetf' as 
Irorn 2Etll June. 197B at the. LOOnrlnr's 
Paying Agents in we United Kingdom r— 
Hambros Bmh* LlrnlMd. 

Hill -Samuel & Co. Lhnlted. 

^ Klein wort Benson Limited . . . 

. S. G. Warburg g. Co. Ltd- . r- 
from whom claim terms may be nbtatood-.. 

United. Kingdom income Tax- -will, be 
deductcsl-. at the rate ol ig"!*, ilS oonto 
in the £i unless claims are accompantad by 
an aifidarit. ■ 

— 5SP n £. n SS 1 ’ 41 Yields Tax deducted In 
S' , I C SS? ? ’So recoreraole nv United 
-JJ h9dom residents-. The Company's United 
Kingdom Paying Agents will, upon re- 
Quest, provide authorised depositaries 'wftii 
tne aporoprtaw form lor such recovery. ■’ 
Leverkusen.^' ER AKTlENGE5£USCHAfT 
29lh June, 1978. . . 


June 29 1973 


PUBLIC NOTICE 


NOTICE 


To whom it may concern. 

NOTICE IS BEHEBY GIVEN flat 
Mr. Di Medio was never" nMniimir and 
legally authorised by our ctffiwiuy- 
lo act for or on ui behalf. Ottr 
company, iberefore. will noi be bangd; 
by any asreemeata/lnsinimiaua - por- 
ponedly coiercd jnio by Mr. Dt Itoto 
on behalf ol.ouc company, 

Bancom International Limited, H JC." » 
28ib Fleer 

CoAnangbL Centar 

Hong Kong 


EVE. 189. Regent Street. 714 0557. A la Bill* amounting 
Cur-rc or AM-in Menu T.iree Spectacular 
Floor Shows 10-15. 12.4S and MS and 
music ol Johnny Hawkeswcrth 4 Fncnds 


HT1LPP BRADFORD 


GARGOYLE. 69 Dean Street. London. W 1 
NEW STRIPTEASE FLOORSHOW 
THE GREAT BRITISH STRIP 

Midn.gnt and 1 a.m. 
Mon.-Fri. Closed Saturdays. Of-437 6455. 


APPOINTMENTS 

WANTED 


YOUNG MAN 22. Ol good educational and 
commercial background rcouires demand- 
ing and rewarding employment oppor- 
tunity. Write Bo* A. 6400. Financial 
Times. JO, Cannon Street, ECJP 4BT. 


NON-EXECUTIVE DIRECTOR 

London based, available lor long or 
short term board appointments cover- 
ing Britain and the Continent. Experi- 
enced Chartered Aocouncant (48) 
■ amliiar with financial and buclneu 
problems would be glad to hear from 
interested parties. 

Mfritc Bos A 439 8. Financial Timet 
10 Cannon Street. EC4P 4BT 



Conference? Seminar? 
Company Meeting? Reception? 
Rim Preview? 
Advertising Presentation? 


There's no need to hunt around the Wfest 

End for a suitable venue or viewing theatre. 

The FT Cinema, here iivthe City, offers seating 
in comfort for 50+ people. Full 16mm film 
projection facilities. National Panasonic Vz" colour 
video tape and PhUipsl501Mwdeo cassette 
viewing. Electrosonic : 3'601 slide presentation 

system. And luxurious private dining rooms wrtii 

extensive catering facilities. . 


FINANQALTIMES CINEMA 

. All enquiries tothe Press Officer, - 

Rnanjal fimes, Bracten House, 10 Cannon Street, r ;• ‘ 
London EC4P 4 BY. TeJ: 01-248 8D0Q (ext, 7123) 









j^j t> i ;! 


“Financial Times Thursday June 29 197S 

Royal Shakespeare Theatre 


Record Review 


* i' :>• : j*. ..«*>. . 



irs, 


*” -J.i :i 


s. r w f is] 

,: tr -V .-Jv tJC ft| «K I 

i * ^aift 


ivt-’S 


vjrifi 


" ^r?~± . 

«• ? 
: -' ' sy-*T” 

.*■ T’rr- 


Measure for Measure 


by MICHAEL COVENEY 


The neo-classical style 


The Royal Shakespeare Com- 
pany's Vienna, as designed by 
Christopher Moriey, is a dull 
black . box whose fourth wall 
rises dramatically at the end Tor 
the Duke’s return. Within it 
are contained many doors 
through which characters slip 
on . and off, disappearing down 
corridors like obedient .demon- 
strators of an unpalatable text. 
Before the action, a figure of 
blind Justice flies out of sight 
why does the Duke retreat? 
Michael Pennington, offering a 
•’indy in devious coni similar to 
bis uncspressive.MiraheH, leaves 
us to decide whether he acts out 
of- cowardice, defeatism or sheer 
exhaustion. 

Barry Kyle's production is 
similarly undefined. Jonathan 
Miller set his version firmly in 
the Vienna of the 1930s, with 
unexpected rewards; at Strat- 
ford four years ago. Keith Hack 
read the play from the stews up 
in a mood of excited, gaudy 
Brechtianism. This most eva- 
sive and puzzling of plays seems 
to work best through a straight- 
jacket of directorial imposition. 
Wilh an infuriatingly private 
Duke and a confused stage pic- 
ture — Lucio in Carolinian 
leather., the law's representatives 
in Cromwellian black — it is even 
harder to penetrate than usual. 

The tattered system of justice 
that sends Claudio to prison Tor 
sleeping with Juliet. that 
rounds up the whores and finds 
employment for a bawd in the 
role of executioner’s assistant, 
must be seen to operate through- 
out the social layers, all stem- 
ming: from Angelo's peevish and 
ill-timed . decision to punish 
Claudio.. That spring, at least, 
survives vividly in Jonathan 
Pryce’s desperately fastidious 
assumption, of an office .into 
which he has reluctantly backed 
with a look of sheer terror. 

Mr. Pryce, at least, leaves you 


bv DAVID MURRAY 


zm 




\ * 


•■ST: . ' 


& 







Michael Pennington and Paola Dionisotti 


/.l until (4 burl 


in no doubt as to what Angelo 
is doing, with the odd result that 
he emerges as the sympathetic 
centre of the play. He did not 
ask for the job; he does; what 
he believes is expected of hint 
by sentencing Claudio and. the o. 
shut up with the suppliant 
Isabella, he stalks her on spindly 
legs us the blood rushes 4o his 
head. No underhand lechery 
here, but an honest expression 
of lust as he realises whirls hap- 
pening. Given the lac&ustre 
tnterpreration of Claudio and 
Mariana, and despite the obvious 
efficiency of John Nettles'' spry 


Lucio, Mr. Pryce is the only 
actor on stage who behaves in a 
recognisable human way. The 
fact that (he Duke's tactics are 
inhuman does nut mean he is no 
more than a cadaverous enigma. 

Over Paula Dionisotti’s 
Isabella, 1 am totally confused. 
One minute an innocent prig, 
ihe next a mock-pious come- 
dienne. there is no consistency 
at all in her reading. The pro- 
duction suggests that she. like 
the Duke, is a callous dissembler, 
hut that makes nonsense of 
Shakespeare's idea of chastity as 
a virtue in whose name crimes 


arc committed. The prison scene 
with her brother becomes an 
excuse for a display of cynicism 
rather than of a horrifying 
immutability. 

Despite al] this, there is a 
genuine tension to the final 
scenes, as the Duke switches his 
ground and plays one character 
off against another in a show of 
tyrannous muscle-flexing. But 
the attention is held by Mr. 
Pryce. completing a superbly 
rounded interpretation with a 
vacant and terrified stare of 
panicky regret while awaiting 
the final adjudication. 



Eden Court, Inverness 


Hansel and Gretel 


Rudolf Nureyevas Romeo 


Coliseum . 

Romeo and Juliet 

bv CLEMENT CRISP 


Rudolf Nureyev is Installed 
at the Coliseum during the next 
three weeks, in partnership with 
Festival Ballet for a fortnight; 
thereafter he is to be seen with 
the. Dutch National Ballet. 

This marathon of perfor- 
mances has begun with 
Nureyev's own staging of Romeo 
and Juliet Cor Festival Ballet, 
a production' which, after the 
passage of a .year, has not 
gained in interest for me. It 
has vigour of a. particularly 
frenetic kind, but no emotional 
development— at the end Romeo 
and Juliet remain as shadowy 
as they do at the' ballet's start. 
The choreographic . texture is 
dry, busy; the dances impelled; 
along with a nervous energy that 
is restlessly determined that 
inanition is fo be avoided at all 
cost*-- 4n one of the great love 
stories, love itself seems absent; - 
instead; physical bravura re- 
places passion, and a. feverish 
unease is offered instead -of 
lyricism. - = - 

This impulse towards activity 
rather than expression seems to 
me to . be central . to Nureyev's 
own performance. -At a time 
when most male dancers might 
feel that care and a husbanding 
of forces "are . necessary con- 
siderations, Nureyev appears to 
drive himself harder than ever." 
His stamina, and the sheer 

ferocity- of wjll‘ that is manifest 
in his dancing now, are extra-: 
ordinary; he. flogs himself into 
hi 9 dances with a flaring energy. 
The result is a quality at once- 


coarse-grained and hypnotically 
dramatic, but it seems to have 
little to do with the character 
of Romeo. Almost we might be 
watching a man exorcising a 
personal demon — and ultimately; 
I suppose, that is what a star is 
supposed to give his public. The 
catharsis is shared, and the 
theatre rings with cheers. 

That the story of Romeo and 
Juliet is involved becomes, on 
these terms, almost incidental, 
but I have to record that 1 find 
ihe Nureyev version over-long 
and inexpressive. That Nureyev 
is a good producer is clear; the 
start of the ballet with tbe death- 
cart taking away plague victims; 
the Sienese flag sequence; the 
death of MercuLio splendidly 
done by Nicholas Johnson, who 
revels in the best-argued role in 
■the ballet), are all fine. But tbe 
symbolism that clutters the third 
act; tbe absence oF lyric effusion 
for the lovers: the incessant 
showing-off that Nureyey-as- 
ohorepgrapher provides for 
Nil reyev-as-d a n cer — these are 
hard, to take. 

1 must salute the appearance 
of Elisa betta Terebust as Juliet. 
Tor she brings an eager youthful- 
ness to the role that Is authen- 
tically Shakespearean. and at the 
darkest moments of the drama 
she achieves a ringing sincerity 
of manner. The score, I thought, 
sounded less than compelling.-! 
Festival Ballet's artists gave of 
their very best. 


The two-year-old Eden Court 
Theatre in Inverness, built in 
the grounds of the former 
Bishop’s Palace overlooking the 
river Ness, and linking the Vic- 
torian Gothic Palace of pink 
stone to the cluster of glass and 
steel hexagons that forms the 
modem theatre, is one of Scot- 
tish Opera's newest and most 
Popular louring dates. Stage and 
auditorium— it seats 820 — are 
intimate enough for a chamber 
work such as The Turn of the 
Screw, while the pit can accom- 
modate the large orchestra 
required for Hansel and Gretel. 
A new production of Humper- 
dinck's opera by Peter Ebert, his 
first since becoming the com- 
pany’s 1 general administrator, 
opened SO's one week season at 
Inverness on .Tuesday afternoon. 

Mr. Ebert takes a matter-of- 
fact view of Hansel and Gretel. 
as unsentimental an approach as 
the piece allows. _ The children 
are normal. • exasperating kids, 
ripe for mischief when bored, 
genuinely scared by the terrors 
of the darkening forest one 
minute, dancing wilh delisht at 
(he discovery- of the gingerbread 
house ihe next. Peter and 
Gertrude are equally natural, 
helped by Tom Hammond's 
English translation which plays 
down the whimsical side of 
Adelheid Wette’s text. The 
angels, seen through the 
children's eyes as perfectly 
ordinary people with gold wings, 
are a major success — one urchin 
thoughtfully leaves a toffee apple 
for Hansel to find when he wakes 
up. 

The Wileh. cast as a tenor, is 
more problematical. 1 found her 
neither funny nor frightening 
enough, but the children in the 
audience did not share my 
reservations and screamed with 
delight when she got baked in 
her own oven, ignition with a 
most satisfying explosion. Sue 

Wigmore Hall 


Btone's sets and Maria Bjdrn- 
sem's costumes combine the 
imaginative world of Grimm’s 
Fairy Tales with the realism of 
every day in exact proportions. 
The’ Forest trees, with twining, 
arm-like branches, are especially 
atmospheric, while the fantastic 
creatures who haunt the wood 
stem very much at home there. 

Mindful of the Wagnerian 
dimensions of Humperdinck's 
score, Scottish Opera casts the 
piece from strength. Della Jones 
as Hansel and Laureen Living- 
stone as Gretel have voices that 
ride the orchestra without strain, 
and they are both credible as 
boisterous children. At the 
evening performance, of which 
I saw the first act. Hansel was 
taken by Cynthia Buchan and 
Gretel by Marie Slorach; they too 
combine strong singing with con- 
vincingly juvenile appearance 
and behaviour. Judith Pierce 
makes a warm-hearted Gertrude, 
whose anger at the broken milk 
jug quickly subsides. Malcolm 
Donnelly, swaggenngly jovial as 
the drunken Peter, relates his 
story - of the Witch with chilling 
effectiveness. 

Francis Egerion as the Witch 
does not yet extract all the 
dramatic substance to be round 
in the role, though he sings it 
with the proper seriousness. 
Linda Ormiston is an excellent 
Sandman, and Una Buchanan 
sings neatly as the Dew Fairy. 
The Angels and Gingerbread 
children produce Ihe accustomed 
lump in the throat and pricking 
behind the eyes. Alexander 
Gibson, conducting the Scottish 
Philharmonia, balances stage 
and pit skilfully and gives glow- 
ing accounts of 'the overture and. 
esnecially. thf» Dream Panto- 
mime. The afternoon perform- 
ance was the 1300th riven bv 
Scottish Opera since tls estab- 
lishment in JPfiJ. 

ELIZABETH FORBES 


! Bartok: Sonata for 2 pianos and 
percussion. Stravinsky: Con- 
certo for 2 solo pianos. Sonata 
for 2 pianos. Aloys and Aifons 
Korrtarsky - and percussionists. 
DG 2530 964 <£4.351. 

Bartok: Concerto for 2 pianos 
and orchestra. Poulenc: 2-piano 
Concerto. V. Lejsek aod V. 
Lejsek and V. Lejskova. Brno 
State Philbarmonic/Milos Konva- 
| Jinka. Supraphon 11020 74 

(£2.99). 

Bartok: Piano Concertos nos. 
2 and 3. Gcza Anda. Berlin 
Radio Sympbony/F riesay. DG 
Privilege 2535 262 (£2.59). 
Bartok: Violin Concerto no. 2 
Kyung-Wha Chun", London Ptiil- 
harmonic/Solti. Decca SXL 6802 
i £3.99). 

Schoenberg: Wind Quintet op. 
26. Vienna Wind Soloists. DG 
2530 S25 (£4.35). 

Brian Ferney bough: Sonatas for 
String Quartet. Berne QuarteL 
RCA Red Seal RL 25141 <£3.99). 

The “nco-class ical" fashion in 
music of our century has been 
I under- described. Few com- 
posers whose careers extended 
between the wars remained aloof 
I from it, and ihe characteristic 
i gestures are familiar: closed 
I forms (especially antique dance- 
forms), double-dolled rhythms, 
forma/ ornaments, linear counter- 
point. lip-service (generally 
ironic) to the old tonal conven- 
tions. But that is a catalogue 
of symptoms; was there a com- 
mon core? The proselytes of 
seriaiism used to maintain that 
neo-classical composing was an 
admission of impotence, a mere 
retreat for want of constructive 
ideas: others saw in it a healthy 
reaction against the “excesses” 
of romantic self-expression, a 
renewed respect for music as 
a disciplined craft. Yet Schoen- 
berg's own first essays in 12-note 
music were cast in neo-classical 
forms — and the toughness of the 
old tonal disciplines was. of 
course, utterly compromised by 
a style which licensed any 
amount of self-conscious wrong- 

Stravinsky's famous dictum,, 
that music expresses nothing 
(except itself), may not explain 
the neo-classical impulses, but it 
helps one to understand it. If 
the medium is not exactly the 
message, the way in which the 
composer exploits it is meant to 
supply its own interest and point. 
On a severe reading, the ideal 
performance would then be ;.n 
ultra-lurid rendition of the 
score, without further emo- 
tional suggestions or expressive 
nuances: what feelings that may 
cause in the audience is an 
extraneous matter. The new 
reeord by the Kontarsky twins of 
Stravinsky's Concerto for two 
solo pianos and Bartok's Sonata. 
Tor the same plus percussion, 
offers just such performances: 
massively clear, superbly honed, 
inhumanly dispassionate. 

They are extraordinarily im- 
pressive and daunting. They suc- 
ceed. because these are works so 
richly complex that there is 
much for a brilliant clinical 
exposure to reveal. The Kon- 
tarskyx add virtually nothing to 
what the primed scores demand, 
but they are acutely aware of 


how much that amounts to. and 
technically able in make it all 
excitingly plain. Perhaps only 
highly articulated masterpieces 
can survive this X-ray treat- 
ment; Stravinsky's smaller, 
milder two-piano Sonata sounds 
merely dogged here. 

One suspects that the 
Kontarskys would have no time 
at all Tor Poulenc's two-pi ami 
concerto (with orchestra), wit 
and sentiment ladled generously 
into a vaguely Muzartean mould- 
The husband-and-wife team on 
Supraphon. Lejsek and Lujskuva, 
bring the proper affection tu ii, 
and the result is duly affecting as 


twltcn he was a dying man) for 
his wife: despite (he athletic neo- 
classical manner of the one and 
the autumnal mellowness of the 
oilier, their solo parts are 
assigned almost Romantically in- 
dividual voices, developing the 
musical material in personal 
veins. Geza Andas I960 perform- 
ances of them, with Ferenc 
Fricsay. arc welcome back on the 
Privilege label: candidly personal 
readings, lithe and elegant. The 
new recording t»F the Violin Con- 
certo by Kyung-Wha Chung, wilh 
SolU and the LPO. is quite dif- 
ferent. Stupendously faithful, 
magnificently executed and roar- 





L. ' • 




Brian Femeyhough 


well as engaging. They haven't 
quite the authoritative finesse of 
the composer himself and 
Jacques Fevrier in the old HMV 
recording, but their coupling is 
a special attraction: Bartok's 
arrangement of his Sonata as a 
Concerto with normal orchestral 
accompaniment. The substance 
or the work remains firmly with 
the pianos, the orchestra provid- 
ing discreet background colour 
and reinforcement at c/ima.ves. 
Less steely than the Kontarskys. 
the Hungarian players are as 
idiomatic in the Bartok as they 
are in the very different Poulenc, 
and some listeners will feel more 
comfortable with this coloured 
version than with the stern black- 
and-white original. 

Bartok intended the Sonata, 
and the “ Concerto.’’ for himself 
and his wife to play. Of his solo 
piano concertos, the Second was 
written for himself and the Third 


vellous to hear. Miss Chung's 
account suppresses any persona] 
note, like a narration in which 
the narrator is not involved. She 
rarely suggests a private second 
thought nr introduces a new 
perspective: curiously self- 

effacing brilliance. The whole, 
with Solti's Feral energy, is 
memorable nonetheless. 

Rather similar things could he 
said of the Vienna Wind Soloists’ 
version of Schoenberg’s challeng- 
ing— and formally backward- 
looking— Wind Quintet. It' is un- 
commonly attractive, shapely and 
transparent; any risk of suggest- 
ing stress or friction in the music 
is expertly evaded. This is neo- 
classical detachment with a ven- 
geance. though it will surely suc- 
ceed in making new friends for 
the work: the lines intertwine 
smoothly, and the level or con- 
trolled dissonance is made to 


seem the most natural thing in 
Lhe world. 

It is not too fanciful to detect 
the neo-classical impulse at work 
still, wherever tbe banner of a 
purely .self-contained musical 
craft is raised. The 35-year-old 
Brian Ferneybougb has come 
belatedly to notice in bis native 
Britain, and large claims are 
made for bis highly-wrought 
music: Harry Haibrcich calls bis 
Sonatas for String Quartet, five 
years older than tbe staggeringly 
complex Transit performed here 
recently, “a worthy succesor to 
the lute quarlels of Beethoven." 
Its 24 continuous sections (hence 
“sonatas.’' in the old sense) 
occupy a whole record, magis- 
terially played by the Berne 
Quartet, but Ferneyhougb does 
not aim at posl-Rom antic monu- 
metaUty There is no overriding 
dramatic curve; instead, quite 
simple musical elements are 
intricately. discursively 

developed — sometimes succes- 
sively, sometimes at once. Unlike 
Transit, everything here seems to 
be open to the attentive ear. The 
variety of treatment is remark- 
ably assured, and the level of 
strictly musical invention is con- 
sistently high. The question 
"But why so much of it?” is made 
to seem a bit Philistine — the 
implicit relort is that such 
intensely thoughtful exploration 
of the quartet-medium needs no 
further excuse. That may be: in 
any case, the music declares a 
craftsman of notable powers, one 
who is fiercely determined to con- 
struct bis visions solely from the 
notes. 

ENO’s new 
season 

English National Opera will 
mark ten years at the London 
Coliseum in August with a new 
production of The Seven Deadly 
Sins, the last Brecht/Weill 
collaboration. 

The opera-ballet has been pro- 
duced by Michael Geliot and the 
cast includes singer Julie 
Covington and dancer Siobhan 
Davies making their ENO debuts. 

Seven Deadly Sins is seen in a 
double-bill with Colin Graham's 
Gianni Schicchi. new last season. 

The Magic Flute opens tbe 
1978/79 season on July 28 with 
Eilene Hannan making her ENO 
debut as Pamina. 

La Boh&me is revived on July 
29 with Lorn a Haywood as Mimi 
and David Kendall as Rudolph. 

Eiddwen Harrhy will sing 
Micaela in the revival of Carmen 
on August 4 with Ann Howard in 
the title role and Robert 
Ferguson as Don Jose. Rita 
Hunter will sing Santuzza and 
Lorna Haywood Nedda when 
Cnralleria Rusticana and 
Papliocci are revived on August 
31. 

Iain Hamilton’s The Royal 
Hunt of the Sun (produced by 
Colin Graham) received much 
critical acclaim at' its Premiere 
in February 1977, and is revived 
with the same cast on September 
27. The conductor will again be 
David Lloyd-Jones. 

Business Book reviews 
are on Pages 32 and 33 




Sorabji 

by MAX LOPPERT 






Yonty Solomon's espousal of 
the . piano music of Kaikhosru 
.Sorabji continues. On Tuesday, 
as tbe second half of a recital 
which had begun with Bach (the 
Goldberg Variations i. he intro- 
duced to an attentive audience 
(these Sorabji concerts seem to 
have attracted a following) the 
Concerto per suonare da me solo. 

Since the composer has so 
enthusiastically given his sanc- 
tion to Mr. Solomon’s perform- 
ances' of his music, the title of 
the Concerto is now. in a sense, 
invalidated. In another, more 
important sense, of course, it 
remains meaningful — indeed, it 



I 

, i 


Continuing, action in culture, independence and democracy 

VENEZUELAN CULTURAL EVENTS 3 JULY— 29 JULY 1978 

coni memorating the . ; 

167:h Anniversary of Venezuela's Independence - 7'. 

ART * MUSIC • FILMS' • BOOK^^^XHIBHIOIMS 


is helpful in a manner not 
always given to musical titles. 
For the work proclaims itself, in 
its every bar. not only - to he 
played by me but also, ns it 
were, "written for my own 
exclusive delectation." 

Encountering this extra- 
ordinary 40-uiinute pianisiir out- 
pouring — supposedly a concerto- 
without-orchestra in three dis- 
tinct movements, though the in- 
ternal demarcation liDes are not 
immediately obvious — is like 
overhearing the delirious mid- 
night improvisation of a bril- 
liantly eccentric pianist-composer 
who had breakfasted on Liszt, 
lunched on Rakhmaninov. supped 
on Skryabin. and rounded off his 
Feast ings wilh a nightcap of 
Islamey and SYurbo. The notes 
come in a torrent, fantaslicated 
into exotica lly ornamented 
streams, punctuated by ouibursls 
of martial pianistic gesture, 
occasionally and only briefly 
interrupted by a pause for air. 

The torrent flows so fast and 
so insistently that the effect is 
soon, paradoxically, sialic. The 
ear soon loses all grip on the 
passage of musical events, on 
rhythmic movement, on harmonic 
progression, and surrenders 
itself to a whirl of sound the 
meaning and the purpose of 
which it little perceives. The ex- 
perience is extraordinary. 
Elating — there is obvious and 
exhilarating mastery, of an un- 
exampled kind, in Sorabji’s 
command and fusion of virtuoso 
piano sonorities. Buoyant— it it 
hard for the senses nnr lu be 
dazzled and invigorated by such 
coruscations. And. finally, weigh!- 
less and negative, with nothing 
or musical substance to linger in 
the mind a Her the music has 
ceased, except for a chain of ill- 
L-omprehended physical sensa- 
tions. 




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FINANOAITIMES 

BRACKEN BOUSE. CANNON STREET, LONDON EC4P 4BY 
Telegrams: Finantimo. London PS4. Teles: 886341/2. 883897 
Telephone: 01-248 8000 


Thursday June 29 1978 



NEGOTIATIONS over the next 
few weeks should determine, in 
outline though nut in detail, the 
outcome of the so-called Tokyo 
round of trade negotiations. The 
EEC Council of "Ministers has 
jj=L finalised its negotiating 
position and the hope is that 

broad agreement among the 
main iradin? nations can be 
reached by the middle of next 
m oil lli. just before ihe Bonn 
Summit. The package which 
eventually emerges is bound to 
be a compromise between the 
principles of free trade which 
all the participants theoretically 
support and the real political 
pressures to which they are 
subject. No dramatic break- 
ill roughs can be looked for. but 
if the Tokyo round preserves 
the framework of free trade, 
corrects a number of deficiencies 
in the present rules and keeps 
protectionist forces at bay. that 
will be a notable achievement. 

Subsidies 

One of the issues which could 
.still cause trouble concerns sub- 
sidies and countervailing duties. 
The Americans are rightly con- 
cerned about the extent to 
which EEC countries are subsi- 
dising individual industries and 
want the right to impose 
countervailing duties on exports 
from those industries. The EEC 
insists that duties must not be 
imposed unless there is proof of 
material injury. The U.S.. in 
turn, is only prepared to accept 
this if the EEC produces a list 
or the subsidies that are being 
paid: Lhe Americans are deter- 
mined to obtain a fuller dis- 
closure of the numerous ways in 
which European governments, 
through subsidies, are distorting 
world trade. 

Some compromise between 
the two positions should not be 
impossible: the Americans have 
been forced to accept that the 
abolition of industrial subsidies 
in Europe is politically out of 
the question. But the fact that 
this issue has become one of the 
sticking points should have 
driven home to European gov- 
ernments the close connection 
between domestic employment- 
preserving measures and access 
to export markets. It is doubt- 
ful whether these measures arc 
effective even in the domestic 
context: the external damage 
which they cause provides an- 
other strong argument against 
them. 

A second issue is the right to 
take selective action against an 
individual country whose ex- 


ports threaten to cause serious 
injury to a domestic industry. 
The Japanese are naturally con- 
cerned that they will be the 
main target of such moves and 
have sought to ensure that if 
selective action i» taken it is 
strictly policed hy GATT. Some 
EEC countries, particularly 
Germany, have argued that the 
exporting country should be 

consulted in advance — a point 
that has apparently been 
dropped from the EEC's final 
position. 

It is probably true that the 
existing safeguard clause. 
Article 13 of GATT, does need 
to be amended to enable 
countries to deal with sudden, 
disruptive surges of imports 
from a particular source. The 
conditions under which such 
action can be taken need to be 
carefully defined, but it is pre- 
ferable that selective protection 
should take place under agreed 
rules rather than unilaterally. 
It would be desirable, too, if 
agreement on a new safeguard 
clause could lessen the need for 
orderly marketing arrangements 
and other bilateral measures 
which come under the heading 
of "organised free trade." How- 
ever, the Americans have made 
it dear they will continue to use 
such devices if circumstances 
make it necessary to do so. 

The conflict between the goals 
of the Tokyo round and domestic 
politics is most obvious iD the 
case of agricultural products. 
The EEC is not about to dis- 
mantle the Common Agricul- 
tural Policy. Both the Japanese 
and the Americans have farm- 
ing lobbies which are too power- 
ful to be ignored. The U.S. wants 
improved access for its farm 
exports to the EEC, as do Aus- 
tralia and New Zealand. At 
this stage the European offer 
on farm products seems inade- 
quate. 

Tariffs 

On industrial tariffs, there is 
pressure on Japan to improve 
its offer and. on the European 
and American sides in 
particular, there is a long 
list of possible exceptions. 
But the level of tariffs is not 
the main battleground. Non- 
tariff barriers are being used 
increasingly, and especially in 
Europe, as a meaus of evading 
the social and industrial adjust- 
ments which ought to take place 
in response to international 
competition. The aim of the pre- 
sent negotiations must be to 
halt this slide into concealed 
protectionism. 


Compassion and 
realism 


RECENT events in steel and 
shipbuilding, to cite just two 
examples, have amply demon- 
strated the futility of spending 
money in the hope of putting 
off disagreeable changes and 
thereby living jobs. The 
attempts 3re not only abortive: 
they invariably delay the 
recovery of prosperity both by 
the firm or industry concerned 
and by the areas in which the 
closed’ plants arc located. For- 
tunately. this lesson now seems 
to be sinking in. When the Prime 
Minister was questioned in the 
Commons last month about the 
Port of London's proposals to 
close the remaining upstream 
docks in East London, he told 
MPs that commercial criteria 
must be the test. There will be 
no long-term future for this 
country. Mr. Callaghan said, if 
we continue permanently to sub- 
sidise facilities for which there 
is no use. 

Balanced 

This was a coromendably 
forthright lead considering the 
strong political pressures the 
PL As proposals have aroused. 
London's dockland is the classic 
example of the decaying inner 
city upon the revival of which 
the Government has been 
placing so much store. And Lf 
the PL A's desire to re-base 
itself upon its new port facili- 
ties at Tilbury i s to be properly 
implemented, the inflexibility of 
the dock labour scheme will 
have to be breached so as to 
enable the Authority to deploy 
a balanced labour force. 

As the Prime Minister has 
doubtless realised, the issues 
can no longer be ducked. 
London's share of the nation's 
trade has been declining for 
years. The swing to con- 
tainerisation has reduced the 
traffic the upstream docks can 
serve. Inter-union squabbling, 
resistance to modern working 
practices, insistence upon over- 
manning, and the statutory 
retention uf dockers who are 
unfit or for whom there is no 
conceivable requirement has 
made it impossible f ,ir the 
PLA m offer iis customers the 
service and the price they 


expect and can obtain else- 
where. The attempt two years 
ago to keep some upstream 
docks open in response to offers 
of greater efficiency has led to 
no lasting improvement. The 
losses the upstream docks are 
incurring — £7m this year and 
more to come — arc denying the 
rest of the port funds for new 
investment. Without a large 
injection of public funds, the 
Authority will soon be unable 
to pay its weekly expenses. 

Given £50m. to cover losses 
and provide for new invest- 
ment, tbe Authority reckons 
that it would have a reasonable 
chance of becoming viable 
again by tbe early 1980s. Bnt 
this would mean not only clos- 
ing all upstream docks this year 
but also halving the present 
labour force and freedom to 
recruit and train younger and 
fitter men at Tilbury. Talks 
have been going on with the 
unions about a modified plan 
involving the retention of cer- 
tain docks in return for 
changes in working practices 
and a phased reduction in the 
labour force. There would be 
obvious attractions for both tbe 
Authority and Ministers in an 
agreed solution which avoided 
confrontation. But the auguries 
are not encouraging. Offers to 
improve working practices have 
been made before. And the 
unions are insisting on their 
being no closures at all. 

In any cise. the operation of 
tbe dock labour scheme will 
need to be changed if the PLA 
is to be freed of the burden of 
paying men for whom, because 
of their age or health, there is 
no work. Either the Govern- 
ment takes over the burden or 
it offers to buy them out- The 
present voluntary redundancy 
arrangements have proved in- 
sufficient. The social and 
political difficu'ties are not 
to be under-rated, and the price 
of combining compassion with 
commercial realism will be 
high. But, having perceived 
that the only lasting solution 
for the port of London is a 
commercial one. Ministers must 
not let their resolution flag. 











■-T;- *VvV "6 - vESi'-r v ■ 


N EXT MONTH the military 
Government of Peru, 
battling with the most 
severe foreign exchange crisis 
in the country’s history, will 
start another round of negotia- 
tions with the International 
Monetary Fund for a stand-by 
credit of several hundred 
million dollars. With a number 
of developing countries in a 
similar critical position the out- 
come of these talks and, more 
significantly. the political 
effects in Peru of any IMF 

austerity plan accepted by the 
Government will be of more 
than local interest. They will 
form an important case study 
of relations between the Fund 
and the developing world. 

Peru's unhappy position can 
be summed up briefly. The 
trade balance which in 1973 was 
in surplus to the extent of 
.S79m.. by 1975 was showing a 
deficit of Sl.lbn and. despite 
the most severe import restric- 
tions. will this year, it is offi- 
cially estimated, will be in the 
black by no more than $36m. 

Borrowings have mounted so 
that the total long term foreign 
debt comes to $6.1hn. $4.8bn 
of this being attributable to the 
puhlic sector. The total foreign 
debt, short-term and long-term, 
public and private is $S.3bn. 
The servicing of this debt is 
expected to consume more than 
half the country's export 
revenue this year and more 
than two-thirds next year if 
relief is not granted. 

The net foreign position of 
the central bank (reserves less 
short term liabilities of the 
Centra] Reserve Bank) lias 
fallen from $70 Om at the end 
of 1974 to a liability' close to 
$1.3bn today. The inflation rate 
in the first five months of 1978 
was 34 per cent 

The Peruvians have got them- 
selves into this nightmarish 
situation by a combination of 
bad luck and bad management. 
In a brutally frank expose of 
the situation a fortnight ago Sr. 
Javier Silva Ruete. the Minister 
of Economy and Finance, set 
out eight basic reasons for the 
crisis which included the main- 
tenance of an excessively over- 
valued currency, the sol. for 
much too long, the establish- 
ment of industries which were 
too dependent on imported 
goods, unproductive public sec- 
tor investment, sharply declin- 
ing terras of trade as the prices 
of Peru’s oil imports went up 
and those of Peru’s commodity 
exports fell, excessive arms 
ourchases and the bunching of 
foreign debt commitments. 

Some of our decisions were 
abysmal.'' «ne senior official 
remarked to me bore, "for 
instance, when coffee prices 
rocketed a few years ago after 
the Brazilian frosts there we 
were uprooting coffee bushes 
and planting something else.” 

In a move to fight off the 
impending crisis the Peruvian 
military Government came to 
an agreement in 1976 with a 
group of private foreign banks 


which involved a stabilisation 
scheme with a 44 per cent 
devaluation of the sol. better 
treatment for foreign investors 
and tlie selling of some state 
industries to private investors. 
The banks, led by Citibank, were 
to monitor the Government’s 
performance and provide $ 200 m 
for five years at 21 per cent over 
London inter-bank offered rate. 
European and Japanese banks 
were to load a s imil ar amount 

When list year the Govern- 
ment had to seek further help 
the banks decided that their 
monitoring of the economy was 
too controversial and difficult to 
accomplish and said they would 
not lend without the participa- 
tion of the Fund. At the end of 
last year after agonised negotia- 
tions Peru signed an agreement 


PERU’S EXTERNAL 
PAYMENTS 

U-S4m 


1976* 

1977f 

1978f 

Merchandise 
trade —7 

—438 

+ 36 

Invisibles —509 

-545 

-528 

Current 

account —1,192 

-926 

-435 

Long-term 
capital +475 

+674 

+256 

Basic 

balance —517 

-252 

-179 

Short-term 
capital! —351 

- 98 

n.a. 

Overall 

balance —868 

-350 

nx 

- Preliminary 

T trtmwte 

t Including errtira and omissions 

Sourer: Central Reserve - £wnfc of Peru 


with the Fund under which the 
budget deficit was to be cut by 
two-thirds and inflation was 
intended to be reduced by half 
in return for SlOOm of Fund 
money to be disbursed at two- 
month intervals over two years. 

The Fund has since alleged 
that the Government has not 
kept its side of the bargain and 
has hailed its disbursements. 
This has put the private banks 
in a state of uncertainty and 
last month as a result Peru 
literally ran out of foreign 
exchange. This rock-bottom 
position was relieved for a few 
weeks only after the Central 
Reserve Bank raised $85m over 
the telephone from Argentina, 
Brazil. Spain, Mexico, 
Venezuela, and the Dominican 
Republic. 

The Government has reached 
an interim agreement to get a 
further 8185m from foreign 
banks to bail out the public 
sector until the end of the year, 
but a longer term solution still 
has tu be worked out Sr. Silva 
Ruele has said that last 
November's “ impossible and 
absurd ” agreement with the 
Fund will have to be scrapped 
and a new deal worked out in 
the next few weeks. 

Battle between Peru and the 
Fund will be joined on three 
principal topics. The Fund 


By HUGH Q’SHAUGHNESSY in Lima 5 

wants to see the sol move from product by 16 per cent and bad 
its present parity of nearly 155 to spill a great deal of Wood, 
to the dollar to 200 straight t0 ^ ^ jj e still didn't satisfy 
away, while the Government ^ ^ what cfeance have- 

extreme 6 target IfSmld nor we got of gesm m&e K 

r;”r^ swrasass* 

to want the budget deficit cut he used?”, a Central Reserve-: 
from the present 55ba soles Bank official commented. 
to around 28bn while officials At the moment the military^ 
say it would be impossible to Government is engaged in. the 
trim it more than 5bn soles extreme j y delicate- political 
without major political and exercise of returning the rhn- 
administrative chaos. ning of the country to civilian 

The Fund will doubtless also hands. Peru bias been ruled. by!- 
seek a cut of loans to the private the military since 1968 when a 
sector. That would be sure to radical officer, General - Juan- 
provoke a big wave of bank- Velasco Alvarado, sei2ed power, 
ruptcies which will further swell and started a programme of 
Peru's queues of unemployed, root and branch, reform of a/ 

The feelinn among many society which in many aspects, 
officials here is one of anger had changed tittle since the 
and apprehension about the time when it formed part of the • 
forthcoming confrontation with Spanish Empire, 
the Fund. Saying that the IMF A great deal of modernisation 
officials in Washington show was accomplished by General 
little understanding of tbe par- Velasco, particularly in ; the! 
titular circumstances of develop- realm of agrarian . reform.' 
jug countries with balance of Helped by the stimulus given, 
payments problems, one senior to the economy by his ambitious' 
government figure commented, development plans the growth 
“if you’re in foreign exchange averaged 5.5 per cent in the ’ 
difficulties the Fund wants you period from 1969 to 1973 ami 
to depress demand till there's industry grew . even foster, 
a surplus in the economy, then Wages and salaries went up by 
simply export that surplus. They an average of 6.6 per cent a 
don't admit that depressing year and unem ployment fell, 
demand in an economy as poor The reserves went up from 
as ours creates starvation con- $i31m in 1988 to $411m in 1973. 
ditioos and that anyway there Big plans to exploit copper and, 
are often no established oil persuaded foreign banks to 
channels for surpluses to be lend liberally to Peru and the. 
exported.” external debt almost tripled 

Another official added, "the between 1968 to 1974. 

Fund has one basic remedy for . in the latter year the world 
its patients, a dose of purgative, recession hit Peru, a fact which 
irrespective of whether the coincided with the exhaustion 
patient is suffering something and ill health of General 
comparable to heart disease, Velasco. In August 1975 he 
liver infection or any other was replaced hy a more con- 
illness." servatfve and cautious figure. 

The two principal questions General Francisco Morales 
facing the Peruvian negotiators Bermudez who soon made it 

and the Fund are, bow far will clear that he felt that the diffi.- •- skilful the Peruvian negotiators Fund.' : Capitalising tfn the! fact 
the Peruvian public be willing culties of governing a country may be in reducing the severity V^t thd-'militaf^GbVermnent 
to. swallow what is sure to be in recession were -too much for , tbe Fund’s demands. “ la the is taking concrete steps 1o pur 

highly unpalatable medicine the army and that the military end I think either. the Flxnd will the -, .government .- back into 

when they are still suffering should make arrangements to have to go or the .Constituent-. civilian hands and thiis ' har- ■. \ 

from the austerity measures step aside in favour of civilian Assembly, and the return ' to THonise wittr President -Garter's ? 

introduced months ago. and to politicians. Last year he democracy will have tprbe-cah 1 - poti<y ' r !of/tibera I ism- In'.Xathr | 

what extent will the military announced a two stage plan celled. I don’t think the Fund; ; I 

have to scrap its plans for a which would allow the soldiers will go. In any case the Pera Inga strong pitch at the White 5 

return to civilian rule and use to go back to their barracks by. -yian economy would be in poor House, .the; State ; Department - * 

violence to force the medicine 1980, the election of a con- straits indeed , without the and. the UJ5; ^Treasury;!,. They i 

down? stituent assembly in 1978. and a Fund’s aid*” a Limar banker haye ;nbt' been tntatiy_; r dfe- - § 

The devaluation already dviliai1 government by 1980. '^predicted- ... £+ - . -i J 

decreed coupled with the cuts The result of the elections dn^ Officials warn- tha t the-Biytqenffial v 1 j 

in subsidies on staple foods June 18 for a constituent Fund presses them ton hard- study the 

introduced as a way of reducing assembly charged with the' task take^vhat they consider to- be Furuvikn c^^pw"promiSes -a 

the budget deficit have over the of preparing a new constitution disastrously, deflationary action rfyh^atheti^TJ^ ’ . - 

past year brought about great and general elections in 1980 they $111 refuse to sign any President Morales Bermudez 
unrest, rioting and death. The indicate that resistance is stif- agreement. In practice they is . principally counting on the - 

drop in the living standards of fening to any new austerity know that a failure to' sign with fact that if tptr severe ;a defla- ; 

almost all classes of Peruvians measures. The Left got a third the Fund would obliterate any tionary package were, forced on 

has already been dramatic. The °f 'vote, 50 per cent more hopes the Goverrupent had of Peru. and if this package in. its 
wage index which in 1973 stood 'b™ mar, y observers had fore- getting funds from •foreign pri- turn led to an aborting of the 

at 114.1 last year fell to 74.1 cast an( * within the Left the vate banks. And the. result of return to' civilian government 

while the salary index fell from more radical parties did better that would be an evej greater after Iff years : of military /rule “ 

106.4 to 83 8 111311 ^ more moderate and foreign exchange crisis^coupled it would be a major defeat for 

\r*n V ~ - flexible Moscow-line Peruvian perhaps with sharply increased President Carter’s policy , of 

uJnSS! * officials communist Party. “It was a inflation as the 4 sol liberalisation in Latin America. 

believe tliat another round of vote 0 f desperation,” one poti- dropped on the foreign exchange . T _ . - V e r qfi TO 

severe deflation vvould put paid tical journalist commented. markets and the price, of _ . , 4 |®: ■' 

to any hopes that the military . . . . imnortK inrrmepri Rnete said:- “ We have had very 

Government had of turning the , Amo ? g . .. . ’ .. . - positive indfcatlohs of suppbft 

couniTv hack in oiriii-m there is a belief that the A s the date of the negotiations ; • ' - r! ■: 

ripmni-rtfi,. . , ta .. civilian politicians in the Con- approaches the Government {g from the Carter Administration 

democratic rule. Alter the ytituent Assembly will be unable doing what it can to win the- 31111 Wes£era Europe.” Bat 
1973 coup in Chile General to accept any new agreement support of its friends among the added, “We still need help 
Pinochet cut the gross national reached with the IMF however richer member nations of the and we need it fast" ' - 



i ..-GfcW.J . v 

Mr. Michael BinmenOkL . (left); . t£&: 

Treasury, is sfodying the' finana^^prd6le^“ <>f P«o ^: ! 
President Morales Bertnudez t right J tri» toj ^eer tfci 

. •- country hack to ctritiaXL .rule-';’';". '. 



On parade 
after Prentice 

After the Fracas over Reg 
Prentice, who finally deserted 
them lu join the Conservatives, 
lhe Labour Party members at 
Newham North East have been 
poring over the entrails us they 
try to pick their winner for 
next time round. The seat has 
lung been a Labour stronghold, 
with the Labour left firmly in 
control of the constituency 
party. Some time ago Andy 
Sevan, the radical Labour 
Youth Officer moved into the 
area and was deeply involved 
in the dispute over Prentice. 
Yet it seems that his close ally, 
Nick Bradley, representative of 
the Young Socialists on Labour's 
National Executive Council, is 
unlikely to win nomination. He 
is one of the candidates on the 
short-list which is to be dis- 
cussed by the local party on 
July 5. 

An ardent advocate uf 
“Clause Four’ policies for 
extending public ownership. 
Bradley is reportedly con- 
sidered to be associated with 
one group, rather than having 

the wider support assured to 
another un the short List, Jimmy 
Dickens. 

Dickens held Lewisham West 
for Labour between J966 and 
1970 and is now Assistant Direc- 
tor of lhe Manpower Services 
Division of the National Water 
Council. In Parliament ten 
years ago he was a prominent 
member of the Tribune Group, 
but in Transport House he is 
considered the favourite for 
nomination — not that that is 
necessarily a credential, given 
the local Labour activists’ 
groundswell against Lhe present 
Government. 


Linking canals 

I suppose if you are steaming 
through the Suez Canal in a 
convoy Lhe billboards along ils 


MAHERS 

sides must add a bit of colour 
— all four uf them on the West 
bank and only one. bravely, on 
the EasL But with a total of 
only five boards along its 
t-JO-inile length, vuu could hardly 
say il was a sile in demand. 
Still Mahmoud Rasheed. who 
has rhe concession, tells me that 
“Peace is coming and then the 
panels will Uuw-.“ And, perhaps 
more realistically, that the 
agreement he hopes to reach 
with the Panama Canal authori- 
ties will buost business. 

It would be tiie first such link 
between the two canals but 
Rasheed, who is visiting London, 
assures me the Panamanian 
ambassador in Cairu is 
enthusiastic. So. he trusts, they 
will soon be having their 90 and 
120 square metre boards rising 
in Central America — perhaps a 
little more permanently than 
those in Suez. Rasheed told me 
plaintively that during the last 
fighting his billboards, all 29 of 
them, disappeared. He could not 
think what had happened to 
them. 


Paying out 

Those who cast around for rea- 
sons why Britain’s industrial 
might has declined sometimes 
blame the drop in the status of 
engineers since the era of 
Brunei and his contemporaries. 
But if money is any criterion, 
the latter-day Brunels are doing 
quite nicely. The company in 
Britain paying the highest aver- 
age wage to its employees is 
John Howard, the civil en- 
gineers: the figure is £7,674. This 
nugget comes from Jordan’s 
“Top 1.000 Private Companies," 
published yesterday. Moreover, 
five of the ten top private com- 
panies paying more than a 
I5.lH)0-a-year average, are in 
civil engineering. Among public 
companies, the top payer (aver- 
age £6.754) is also in engineer- 
ing — Wilson. Walton, which 
specialises in marine and 
offshore work. 

When I lalked to several civil 


engineering firms yesterday and 
asked why they were so muni- 
ficent — by British standards, of 
course — they seemed wary, even 
alarmed. Several seemed fright- 
ened that by admitting they paid 
well would seem indecently rash 
and unpatriotic. One of the new 
pace-makers among private com- 
panies. Tileman of Richmond, 
assured me that tbe big money 
went to “men who get dirty out 
in the field," and that a rush job 
on the Ninian Field in the North 
Sea had bumped up the figures. 
But Humphreys and Glasgow, 
third in the table with a £5.370 
average, assured me that in the 
process plant engineering busi- 
ness “highly specialised gradu- 
ates earn big money." 


Price war 

The continuing fracas between 
Sir Frank Price, chairman of 
the Waterways Board, and the 
Government, may have a bear- 
ing upon decisions about the 
English Tourist Board. The 
chairman of the ETB is Sir Mark 
Henig, aged 71, and he is now 
in his final year of office. A 
likely successor, who is already 
on the Board, would seem to 
be Price, aged 56. 1 understand, 
however, that Ministers at the 
Department of the Environment 
are so vexed with his public 
utterances that he has put him- 
self out of the running. 

Asked if it were true that he 
has been warned that he is now 
persona non grata for future 
official appointments, he 
replied: “I would like to make 
no comment Good afternoon.” 


times, that Scandinavia is “ a 
worker’s paradise." His stock 
riposte, until recently, was: 
“Have you ever seen a happy 
Swede?" Then a boy at one 
school said: “Yes, in a blue 
movie.” Scanlon ruefully 
admits: “I’ve never used that 
line again." 


Wide view 


The new city museum in Stoke- 
on-Trent has not been built 
without controversy. The cost, 
which has climbed from £I.5m 
to more than £2 .2m. is now 
being borne by the Staffordshire 
County Council. The construc- 
tion programme has fallen 
behind schedule and the formal 
opening will not be until the 
end of this year. 

But in one area the museum 
is about to set a positive record. 
Over its main doorway a mural 
is now being put into place, 
depicting the history of Stoke. 
It has been designed by 
sculptor-potter Frank Maurier 
for G. H. Downing Ltd., the 
makers of facing and engineer- 
ing bricks. The mural is 33 
metres long and four metres 
high: it has more than 6.000 
pieces. The only bigger thing 
of its kind in existence was 
made in 600 BC and is now in 
the Berlin Museum. 


Not $o blue 

There will be little to joke 
about in Granada's forthcoming 
TV series on the “nuts and 
bolts ” of- the British economy. 
But I learn that Hugh Scanlon 
provides one in this Sunday’s 
pre-recorded discussions an pro- 
ductivity. He tells how when 
he talks to sixth-formers he 
always hears, in tbe question- 


Limiting liability 

From Brighton comes the story 
of a young couple who hunted 
down the local vicar on Satur- 
day morning and told him 
they wanted to get married. 
” When ? " he asked, to be told 
“ Now.” 

“ sony ” the vicar replied. 
“ but it just cannot be arranged 
at such short notice.” "Oh. 
dear " said the young woman, 
continuing " Could you possibly 
give us a cover note just to tide 
us over the weekend." 


Observer 



■ ■ ax 

W 

Jamie is 5 years old, 
spastic and tillable; 
to walk or stand. 

It was Angela Colette's job to find - . : 
him sympathetic foster parents. Jnstpaft 
of her life as a Bamardo's social .worker. •- 
It wasn't easy. But we're happv fib" j , 
say that Jamie is now being looked after - 
by a warm and experienceu couple who are '• 
realistic as well as fond of children. 

People like Angela Cofetta and 

Jamie s new parents are essential to 

Bamardo’s. Also essential are the funds to 
enable us to continue. Caringfor children ,0 

demandsag^tdealofmaney.Wfflyou 

Please give,yoar caring isn’t enough. 

^ B “-s. : 

Freepost, Ilford, Essex IG 61 BR. 




financial times Thursday June 29 1978 


.jsPjJf lj 9 * 


>Sb 


ECONOMIC VIEWPOINT 






iSsifS 


ft ; ) Illf 

I. V «£*•& 


\ 



m. 


•3ai*T ,"-4 ‘ 

>*• ••• ■*- 



s m ' 


* tsr.*# r $ ti . 

■n -1 ; 




:&S 


^ « 


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* ‘ 

U<; 

‘‘it rjta^i 


A lethal cure for a dubious disease 


WHOEVER invented tbe word 

deindustrialisation" deserves a 
medal for the least arresting 
slogan of the decade. “There 
now follows a programme on 
deindustrialisation" would be 
an even better inducement to 
switch channels, or let the cat 
out. than the announcement of 
a party political -broadcast. 

Yet the word refers to a real, 
u vaguely defined, controversy. 
Believers in deindustrialisation 
come from all parts of the politi- 
cal spectrum and espouse dif- 
ferent remedies. The unifying 
feature is that they take very 
seriously the drop i n UK manu- 
factunng employment from 
S.#m to 7.4m in the decade up 
to 1978, which David Freud dis- 
cussed in detail on this page 
yesterday. * B 

J The ordinary suppiy-and- 
demand economist would say 
that this was due to some com- 
bination of a general increase 
in unemployment and of a shift 
in the composition of demand 
or of UK comparative advantage 
from goods to services. The up- 
holder of deindustrialisation 
maintains that it is a sign of 
a much deeper malaise, which/- 
unless checked, will make this 
country an island of depression 
and mass unemployment. 

The Rational Institute of 
Economic and Social Research 
(NIESR) held a useful and par- 
tially representative conference 
this wed; oa the issue — the pro- 
ceedings will be published later 
this year; . 

There are roughly two 
schools of deindustrialisers. 
One group sees the trouble 
arising from the expansion of 
puhlic spending and public 
sector employment. The other 
sees the' Trouble in excessive 
import penetration and sees 
the remedy in import controls. 

The first thing that emerges 


from the data is that deindus- 
trialisation, in the original 
sense of a falling proportion of 
employment in manufacturing 
indu.vtiy. js either not a disease 
at all, or one Trom which many 
other countries suffer as well. 
Tbe U.S.. Sweden, the Nether- 
lands. and Belgium all had falls 
in the ratio of industrial to 
total employment in 1965 to 
1975 of comparable size to 
Britain’s. Germany and France 
just about maintained the same 
manufacturing ratio, while 
Japan and Italy were .excep- 
tional in Increasing theirs. 
These facts emerged from what 
was probably the best of the 
conference papers — a summary 
of evidence by C. J. F. Brown 
and T. D. Sheriff of the NIESR. 

Tbe diversion of labour to 
the UK public sector is only 
superficially a good explanation 
of UK trends. Between I960 
and 1976 public service employ- 
ment rose by 1.4m. This was 
Twice a*- big as the drop in 
total employment and nearly 
three quarters as great as the 
fall in employment in the 
“index of production ” sector. 
But as the Registrar General, 
Mr. Roger Thatcher, showed in 
his paper, well over lm of Die 
increase in public service em- 
ployment consisted of women — 
most of them part-time— -and it 
is a little implausible to main- 
tain that they were diverted 
from manufacturing industry’. 

Sir Alec Cairncross asked 
pointedly whether the U.S. was 
not also suffering for deindus- 
trialisation. Not only have there 
been similar manpower -Changes 
in the two countries, but the 
U.S. share in world trade 
in manufactures has. ; fallen 
faster than Britain's and the 
trend of import penetration has 
been at least as severe. Lord 
Kaldor freely admitted this, but 


added that because the world 
was on a dollar standard the 
U.S. could still offset the ad- 
verse employment effect* by 
budget deficits, and that the 
U.S„ being out of the EEC, 
could impose import controls at 
any time. 

The movement of profits sug- 
gests that the UK switch from 
manufacturing to private ser- 
vices was — so far from being 
an aberration — a reaction to 
normal incentives. The Brown- 
Sheriff paper has a table uf 
gross profits as a proportion of 
nut output, after stock apprecia- 


sharc of world manufacturing 
exports came lo an end in 1973. 
as did tbe fall in the UK share 
of OECD manufacturing output. 
But the ••deindustrialisers” 
regard this recent stability as 
exceptional and argue that the 
uncumpeimveness of manufac- 
turing will lead to ever-increas- 
ing UK unemployment. 

The Brown-Sheriff paper 
shows that, after allowing for 
exchange rate depreciation, the 
con and price compehtiicnob 
of British goods did not deterio- 
rate and probably improved 
over the 19 Wjj and the 1970--. 


CHANGES IN UK EMPLOYMENT, 1966-1976 

COOO) 


Index of production indust ires 
Private sector outside production 
industries 

Public sector outside production 
industries 
TOTAL 


tion and capital consumption, 
for manufacturing, the profit 
margin calculated this way fell 
from 19.3 per cent in 1966 to 
3.4 per cent in 1976. In services 
it Tell only from 29.8 per cent to 
27.2 per cent. 

In the end. deindustrialisation 
turns out to he another name 
for the old current balance-of- 
payments worry. The balance 
has improved in services and 
has deteriorated in manufactur- 
ing. But, the argument runs, 
manufacturing exports are still 
twice as important as service 
ones; it will, it is said, be only 
possible to balance overseas 
trade at a reasonable level of 
employment if there is a large 
improvement in manufacturing 
performance. 

In fact the fall in the British 


Males 
— 1,438 


Females 
- 536 


Total 

-1,975 


Letters to the Editor 


Top salaries 


similar treatment for their 
members? 

P. A. McCunn. 

Mercury House, Theobalds Food. 
WC1. 


review Mercury House, Theobalds Food. 

From the Chairman, WC1. 

Association of Members of __ _ _ _ 

State Industry Boards W GStlSIKl 

Sir. — Members of this associa- 
tion— representing full-time pub- W flSCS 

lie board members, paid salaries _ -Jr r H - • ■ 

well below those attributed to , as ° a smaU share- 

national chairmen — welcome the holder in Westland Aircraft be 
support of Mr. John Lyons of allowed lo comment on the 
the power' engineers, but note letter from Mr. M. Webber (June 

your report (June 26) that Mr. 27 J; . 

• -l n . - ; _ £ *i._ One could many flues cions. 

Ea * n< : U : Phairman For instance, who opposed the 

TUC. said that increases should piecework scheme, the piece 
be restricted to the 10 per cent workers or the day workers?; why 
permissible ' under Phase III was it opposed?; why was tbe 
<xuirfpiinp<; This desoite the offer of a rate scheme with- 

' n n LffprtivT talarv drawn etc ? But * e SOODer the 
fact that no effective salary ^ fo olten ^ berter for ^ 

adjustment has been given to coacer ned. 

board members since 1972 and What matters now is tbe future 
that the Government has re- and i would offer a suggestion to 
peatedly undertaken lo rectify both sides. Why not agree a day- 
the Present po^on - 

possible. Would Mr. Basnett be rate t0 be supplemented by a 
prepared lo accept as adequate bonus, payable to all workers, for 
this year a 10 per cent increase every' helicopter completed, 
on the 1972 salary (levels of his Obviously, the bonus would vary 
own members' for diflerent types of helicopter 

own memoers. and as helicopters differ from. 

It is of crucial importance. to say _ saucepans, there would be 
an understanding of the position high weeks and low weeks as 
that the public should be made completions were made or not. 
aware of the following facts. The This would obviously affect PAYE 
value of board members’ salaries deductions and there would be 
has been halved in real terms moans in high weeks but surely 
since 1972. Public board mem- this could be explained to tbe 
bers alone received no increase workers. Another complication 
in pay in 1975. At that time the would be spare parts but given 
Government authorised payment goodwill on both sides these 
<in whole or in part) of l be difficulties could be ironed out. 
increases then recommended for This scheme would enable tbe 
all other senior public servants, workers to maintain their weekly 
Public board members have not rates of pay through increased 
challenged the pay policy itself, productivity as obviously things 
They have, however, resented the cannot go on as they are. 
application to them alone of a I have twice mentioned both 
selective pay policy which is sides but the sooner they realise 
different and much harsher than we are all on the same side and 
that applied to any other section s ink or swim together, the better. 

■ of the community. Clifford Hand. 

The implementation of these 3, Newlands Close, 
differing and inconsistent Gov- SidmouUi , Devon. 

ernment pay policies has resulted -s 

in board members receiving some p e 

thousands a year less m pay than I^OVCF lOF 

those immediately responsible to 

them. Even Fred Karoo paid bis IjPViZlIlU 

sergeants more than his • cor- * 

poralst ’. - From Mr. C. Owens. 

The terms of the new Boyle Sir.— In my experience, the 

Report have not yet been pub- -British insurance market has 
lished, but it seems inconceiv- always been prepared to offer 
able that the report will not risks, albeit on rates and condi- 
recommend the removal of This tions which they hope will show 
discrimination- Certainly, tbe them a profit, 
continuance of the present I find it unfair for British Ley- 
chaotic situation would per- land’s insurance manager to 
petnate a most grnve Injustice criticse (June 2i) the UJC. in- 
and would undoubtedly have the surance company market, if he 
most serious repercussions on checks the problems faced by 
?h TeticSSS of all nationalised British Leyland in 1969 in 
y arranging fire insurance for the 

industries. wU1 fimJ ftllt without 

D. G. Dodds. lbe jnajor - British companies 

c/o MerseVside and North support, British Leyland would 

Wales Electricity Board. have been unprotected. I was 

Bridle Road. involved insofar as the leading 

Bootle. Merseyside. insurers sent me. as an indepen- 


Cover for 
Leyland 

From Mr. C. Owens. 

Sir, — In my experience, 


^ arranging fire insurance for the 

industries. will fimJ a,, vntDout 

D. G. Dodds. lbe jnajor- British companies 

c/o MerseVside and North support, British Leyland would 

Wales Electricity Board. have been unprotected. I was 

Bridle Road. involved insofar as the leading 

Bootle. Merseyside. insurers sent me. as an indepen- 

dent,, to America to place as 
Toll-inn flip much cover as I could. After 

JL aiKlfig TUC - „ contacting some 50 insurance 

treatment S 

r«m margins Se^erSn mS 

Director . Cable and Wireless ^ K that Ume _ without the 

Sirirr-The -. report by Philip Brrtish companies’ support, 
Bassett (June 26) on the sub- British Leyland would have been 
„r ^0 Bovie salaries review exposed to bankruptcy f J oro 
iuot°s utoon leaders as saying Smage and the loss of profits 
that their members would expect i™ihe problem of 

similar increases iF the Govern- oducts ]i a bilrty, due to the 

ment implements the 70 per cent modern practice of consumer 
oav rises far chairmen < of protection, insurers are being 
nationalised indas^ proposed ^ to.^ecast ^In 

by the Boyle review. ■ ■ wil] arise in, say, 10 to 20 years 

As the Boyle review has. not u difficult costal ball 

vei been published I have no operation; without inflation, but 
mYJl of knowing 70 per oontj w|h Z 

indeed the. figure recommended. ?“g. see An ^SSricai precedent 

but assuming it is, its |?GuJd be shipowners’ liability 

tion wogld he to; salaries that j ome hundred yeaTs ago. when 

have moveci bardly at all since ^ leading maritime .nations 
bavemuvv produced legislation 

JW.'iuiin.feidto .r«U)y WM* Uabm^WtWrt purUuu. as offer. 


wise shipowners would have 
found the cast of protecting 
themselves prohibitive. Simi- 
larly. aircraft operators fcavc 
partial protect ion from tbe 
*• Warsaw Pact.” To further 
international trade. perhaps 
some similar legislation could be 
devised in respect of products 
liability. 

A final word of warning to 
British Leyland’s insurance 
manager, and others of a like 
mind, is that the American in- 
surance market has a history, 
certainly in my 30 years’ experi- 
ence, of withdrawing from 
markets when losses start piling 
up. and. not just withdrawing 
from unsatisfactory accounts in 
a particular class of business, 
but from that class completely. 
Has not American folklore given 
us the expression “Take to the 
hills”? The old saw “History 
repeats itself" is particularly 
true of the insurance business, 
and in my opinion, will prove to 
be so in the next two or three 
years. 

C. E. Owens. .. 

19. Wilton Place. S\V1. 

Local authority 
accounting 

From the Comptroller of 
Financial Services. 

Greater London Council 
’ Sir, — Mr. R. Godin fJune 26) 
implicitly assumes both funda- 
mental weaknesses and apathy 
in local authority accounting. 
His heavy criticism is based upon 
the presumption that the district 
auditor’s report oa certain 
aspects of the direct construction 
branch comes as a surprise to 
Greater London Council. 

This presumption is wrong. 
The current district auditor's 
report represents one aspect of 
a situation to which the council 
was alerted by internal financial 
reports some time ago. 

It is perhaps understandable 
that Mr.’ Godin would not be 
aware of the context within 
which tbe performance of direct 
construction in Greater London 
Council needs to be assessed nor 
of the work which the small 
band of internal accountants and 
auditors supplemented by ex- 
ternal accountants have under- 
taken both in developing and 
applying the Chartered Institute 
of Public Finance and Accoun- 
tancy recommendations for 
accounting for direct works 
undertakings: and in partici- 
pating in tbe difficult decisions 
relating to the management and 
future -of direct construction. 

What is inexplicable to me is 
that any professional accoun- 
tant should make substantial 
criticisms without establishing 
the minimum basic facts. What 
future has Mr. Godin's (and myt 
“ beloved profession " of accoun- 
tancy if meinhcrs of it art- so 
ready to display their unfitness 
to form a true and fair view of 
each other? 

M. F. Stnnefrost. 

Treasurer's Department, 

County Hall, SE1. 


-I- 366* -M.063; --1.429 

- J~455 --- 741 " — 714 

Source: Detxirtmenr of En r>Io, men: 

The trouble is there run- attri- 
buted to noil-price lactors. There 
is some uncertainty a bom 
whether the Briti.'ti appetiie for 
imports — the income elasticity 
of demand — is abnormally hish. 
But what does statistic- 

ally clear is that the income 
elasticity of world demand lor 
British exports w abnormally 
low. As the authors say. "Not 
only do foreigner^ not uam our 
goods, neither do we." 

But even this, as they empha- 
sise, can be open to misinter- 
pretation. Many conference 
participants stressed that 
supply side bottlenecks make ir 
difficult for British industry in 
respond effectively to any rise 
in world inemnes. even when 
foreigners would uihcrwbe 
want our goods. 


general statistics for tbe South- 
East. 

Obviously you have to clearly 
define a probleoi before you can 
effect a cure. The Department* 
refusal to publish separate 
figures can therefore only mean 
further delay leading to further 
industrial decay. 

R. F. Couchiuan- 

Toun Hull. . , 

WnndsirprtJt Ht's/ft .Street. SWJ&- 

Better pension 


The Cambridge Economic 
Policy Group (CEPG) contribu- 
tion e3mc from Mr. Ajit Singh. 
Hu repeated projections show- 
ing 1 .8m unemployed in 1950 
and 4.6m in 19510, even if inter- 
national price competitiveness 
is maintained. To keep unem- 
ployment a: mughty present 
levels wuulil involve in his view 
a real depreciation of sterling, 
over and above that required 
fur competitiveness, of 4 per 
cent per annum — or an eventual 
reduction of l : K relative costs 
of 50 per cent m all. 

Mr. Walter Eftis queried the 
basis nf the Cambridge 
pessimism. In particular he 
showed that the big rise in 
import penetration was not a 
cnnlinuuus growth, but a series 
nf jumps in periods of boom 
and supply bottlenecks, such as 
1963-4. 1967-S and 1 971 -3. He 
aU«» suggested that the limited 
past response to devaluation 
was also due to supply side 
bottlenecks. arguing — very 
reasonably — that the stabilisa- 
tn>n uf UK export shares after 
1 973 reflect ei: the increased 
margin of -spare capacity. More- 
over. the Cambridge estimate of 
required foreign exchange earn- 
ings could in hi.-: view have 
he>.*n based nit too optimistic a 
view of the growth of UK 
productivity. 

interestingly enuugh. another 
rival group uf Cambridge 
economists — -.•milled the Cam- 
bridge Growth Project — also 
conferring tins week, came lo 
apparently equally pessimistic 
conclusions on the basis of a 
micro model built up from 
analysis of 4rt different indus- 
tries. The a Iter native Cam- 
bridge view asserts that to pre- 
vent an excessive current 
surplus in 1985 — due to North 
Sea oil — the basic rate of 
iucome tax could be reduced to 


GENERAL 

U.S. and Soviet SALT negoti- 
ators disru-i-. reduction in nuclear 
stockpiles. Geneva. 

EEC Social Affairs Ministers 
meet. Luxembourg. 

Final’ day of Paris meeting, 
chaired by Mr. W. tt'apenhams. 
World Banl: vice-president, dis- 
cusses further economic aid 10 
Zambia. 

Lloyd's expected to announce 
approval "f take-over bid for 
Leslie and Godwin by Frank B. 
Hall. U.S. in.-uranvi; broker. 

The Queen visits Sark and 
Alderney. 

Preside/)] GiscanJ d’Estaing of 
France continues visit to Spain. 

First Malawi general election 
since lQiit. 

Siaiemem by Commi->«sion for 


20 per cent. VAT abolished or 
Government spending increased 
by 30 per cent But then even 
unemployment, would be 2 to 24 
million. 

This other Cambridge team, 
unlike the CEPG and in common 
with Elris. considers, however, 
that a much smaller effective 
devaluation — 15 per cent by 
1985 — would turn the scales, 
hold unemployment at its 
present level and allow' real 
consumption to grow at 2 per 
cent per annum. 

In presenting the CEPG 
projections Mr. Singh goes a 
little beyond the blanket 
advising of import controls. He 
admits that any increase in 
demand they made possible 
would soon come up against 
supply limits, and advocates a 
forced increase of £2bn per 
annum of manufacturing invest- 
ment. Even then he does not 
think import controls could be 
lifted before 1990, and 
probably much later. 

The interventionist strategy 
which most interests Singh is 
that of the Japanese "Govern- 
ment-industrial complex.” He 
quotes a Japanese Minister 
justifying (with hindsight) the 
post-war strategic decision to 
invest in heavy and chemical 
industries, even though they 
seemed uneconomic on post-war 
international cost comparisons. 
A characteristic intervention 
was to forbid ethylene produc- 
tion in plant of less than 300.000 
tons capacity. Singh fears that 
an interventionist British policy, 
using planning agreements and 
an expanded NEB " may be 
resisted by the business 
community.” The Government 
may then ” have to underake 
investment activity directly, 
impose stringent exchange 
controls and ultimately perhaps 
even nationalise the multi- 


I UNITED STATES 

■ I\OI-.-H;IAU SttlV-LOYMbh-Tt 

36 “ \A _ _ 


134' h UNITED 
I I KINGDOM 


W GERMANY 

i 


SWEDEN-^. /’ \ 


30, •***.. 

f 

NETHERLANDS \ 




FRANCE 


24. h ITALY‘S- 


.* •* The Proportion 

20 : .- JAPAN-? - ... ., r , 

/ ot Manufacturing 
is - ' in Total Employment 


S-.i-.rrr NIK'Sr. 


1950 '52 54 56 58 '60 '62 '64 ‘66 '68 70 'll '74 


nationals in this country.” 

In my view we shall not 
progress very far by throwing 
rival projections at each other 
or swapping horror stories of 
the future. There is a mechan- 
ism knoum as the market, which 
conveys far more information 
than any computer can handle, 
disperses it more widely and 
also provides incentives to act 
on this changing knowledge. 
What we nc-ed is neither wor- 
ship, nor condemnation, of the 


Today’s Events 


Local Administration in England 
and Wales on Local Ombudsmen’s 
report. 

Special TUC conference cele- 
brates 30th anniversary of 
National Healih Service. Congress 
House. WC1. 

International Whaling Commis- 
sion annual meeting continues. 
Mount Royal Hotel. Wl. 

Confederation of Shipbuilding 
and Engineering Unions' confer- 
ence continues. Eastbourne. 

Final day of Royal Norfolk 
Agricultural Show. New Costessey, 
Norwich. 

Court of Common Council 
meets. Guildhall. EC2. at 1 pm 
(open lo public). 


PARLIAMENTARY BUSINESS 

House of Commons: Debate on 
problems of pharmacists until 7 
pm. when opposed Private Busi- 
ness will be taken. Debate on 
fourth report of House of Com- 
mons (Services) Committee. 
Session 1977-78. on Members’ 
secretaries and research 
assistance. 

House of Lords: Home Purchase 
Assistance and Housing Corpora- 
tion Guarantees Bill, and Scotland 
Bill third readings. Consumer 
Safety Bill, committee 

Select Committee: Science and 
Technology (General Purposes 
sub-commilteet. Subject: The 
Eleni V. Witness: Mr. Edmund 


market, bin a study uf to what 
extent and why its signals and 
incentives have become dts- 
tnried. and how they can he 
improved. Import controls 
would simply cut off the few 
remaining signals and incen- 
tives in the mere hope that the 
UK would emerge better ahle 
to face world markets decades 
later. They are a lethal cure 
fur a dubious disease. 

Samuel Brittan 


Dell. Trade Secretary (4.30 pm, 
F,oom 15). 

OFFICIAL STATISTICS 
Capital expenditure by manu- 
facturing. distributive and service 
industries: and manufacturers' 
and distributors' stocks (first 
quarter, revised). Energy Trends 
publication from Department nf 
Energy. 

COMPANY RESULTS 
Final dividends: Braby Leslie: 
Gilt spur: Reno Id: Wes to n-E vans 
Group. 

COMPANY MEETINGS 
Bleckley. Wellington. Salop.. 12. 
Estates and General Invs.. Win- 
chester House. EC. 12. FoJkes 
Hefo (John i, Birmingham. 12. Hay 
i Norman), Excelsior Hoiel. 
Heathrow Airport. 11. Turriff. 
Warwick. 3. 


From the Assistant General 
Manager. Standard Lije 
Assurance Company 
Sir.— In his article ~ Paying 
for a better pension deal” (.June 
27), Joe Rogalv suggest* lhar 
•* In later tiTe those who want to 
work past 60 or 65 must be per- 
mitted ii> do so with perhaps 
only a modest reduction in 
actuariallv based pensions if the 
arithmetic can be so arranged. " 
I have some doubts about the 
arithmetic but perhaps 1 should 
have more ubuut nty snctal atti- 
tude, as if / were to work beyond 
65 I would hope lu receive an 
increase in my pen&ion: 

A. U. Lyburn. 

PC Box No. 62. 3. George Street. 
Edinburgh. 

Perpetuating a 
myth 

From Mr. W’ Ami'll rang 
Sir,— The letter from the Direc- 
tor of Public Relations. Post 
Office. June 19. is itself ''per- 
petuating a myth." The last in- 
crease in telephone charge* was 
over 60 pet* cent at a tune nf sup- 
prised national price and income 
restraint. On-- might expect a 
few years of “inability'' after 
that! Meantime charges arc *o 
exorbitant that profits haw 
become high to the exlenl of 
being grotesque. 

William Armstrong. 

17. Decpdale Areuue. 
Scarborough. 


'Hmphh, at £2 a square foot 
’ bet it’s the Nissen Hut!’ 



frP.i J. 


°x 




Chipboard 

mills 


m 


TOUT 


-p T l ! 








Decay of 
London 

From the Honorary Fee refur p. 
Inner London Consultative 
Employment Group 
Sir, — While congratulating 
Messrs. Brennan and Churchill on 
their June 15 article, it was un- 
fortunate that more importance 
was not attached to the need for 
the national publication of un- 
employment figures Tor Inner 
London. 

We agree that London has 
neither the powers nor the 
political influence to set itself to 
rights. Further, London's prob- 
lems will not receive full recog- 
nition so long as the Department 
of Employment continue in bury 
the- disastrous inner London 
employment figures in the 


From the Chief L.rcc u , :r<\ 
Economic Forestry i Holdings > 

Sir. — The forest indii>tri must 
be concerned at the implication* 
of your special curresp"ndeni's 
article “Imports squec'e UK 
mills ” (June 27 1 where the fore- 
cast closure of chipboard niilL* 
will ineviiahiy lead to loss iff job* 
in forestry. 

ll will surely he recoup i-ed 
that a healthy chipboard manu- 
facturing industry is essential to 
woodland owners’ both slato and 
private, in provide the m.irkei.' 
necessary fur increasing volumes 
of home grown wood in the form 
iff first thinning? ami -.awiniil 
residues. Certainly. \rmr corres- 
pondent suggests tn.it ilie indus- 
try is far from healthy hut 
whether the solution lie* m pain- 
killers such as intporl fpinias ru- 
in the patient more e*:-*r- 

cise by wav of producing the 
right specification at the right 
price for the market is a matter 
of opinion. 

On November 2 last, in a 
letter. Mr. Sacks regretted in.it 
his cnmpnnv had **. . . con- 
sistently endeavoured o*, or the 
last 25 years to UK chipboard 
whenever nn.-:sihle ..." without 
sticco- . if ih«- ejfi,. board manu- 
facturers believe that their 
function is in supply lire pnirlu-*i 
required by lii»- buyer. li*«*-* lop.-'n 
lime do tiiv.v need 'j> tout un fur 
lll.il nrirfiucl V If lin y c.u: 
anv.ver lh:.-\ unyhe Govxrniiirnt 
r(i tl Id support them I'V pr.c. ■irmv 
i he nive.*>ar- breathing ip. ice. 
John Campbell. 

Forestry llv use. Grout Uu-:et-:.;. 
Oxford. 


. w 












You'd be surprised what \ r ou cart get for the best information, you're bound to make 

£2 a squai** foor. And we don't mean on an the right decision. 

island in the North Sea. Wherever you are, get the facts straight 

So instead of listeningtofhe from LOB. 

pessimists, why not consult the experts? The The Location of Offices Bureau, 

Location ot Offices Bureau provides a 27 Chancery Lane, London WC2A INS. 

complete advisory service which gives you all Tel: 01-405 2921. Telex: 21333. 

the facts on office location in tlie UK The 
service is free and unbiased. 

We provide fact sheets on over 160 
cities and towns. Rents can be from nil (for 
1-7 years) upwards. We can also tell you 
about staff a vailability. the latest 
communications and all the various 
Government incentives, which could mean 

substantial savings for each job you move. Set up by Parliament to 

The only thing we don't do is make up better distribution of office e 


your mind. Because when you're armed with ' throughout the UK 


Set up by Parliament to promote 
better distribution of office employment 




5 

e 



— *'■ - - ' - • ' — - •• •-.■■■•"<■■■ • ■■■ .T ,.■■ ■ -I * ■ •- 1 » ::.■■»•* y.'.v.T- ■. . ■■ - -••••.. .;■__■ li , 


jruarggawwro . 











_ Ferranti 49% ahead and confident 



FERRANTI, the electronics and 
_ computer group, has increased lunry tis 

— lhe muinenuim of its recovery ,nwtA ,u 

which followed the rescue oper- Company Pai 

ation by the National Enterprise 
A Board in 1974. Allen Balfour ; 24 

| Preliminary re.su Its for the year Amber Industrial 24 

J ended March 31. J«?S showed a As hdown TwV 23 

6.1 per cent increase in profit - ; _• # 

after tax, a 49 per cent rise in pro- BAT subsidiaries 23 

tax profit and a 25 per cent gain g ' Brothers ■ 22 

in turnover. .. - — •- 

A Mr. uerek Alun Jones, manas- Bjundell-Pcrmogitar 23 

I ins director, said yesierday- that BPS industries 25 

" all the company's six divisions had - - • l. 

contributed lo the improvement. ™£_ U onn J ■" 

.And he exported the satisfae- British ^Hcme Stores 22 

w lory progress lo be continued in rGSB 22 

fe the current year, when Ferranti is ^ _ - • •_ 

oi Intending lo seek a Stock Chamberlin & Hill 23 

0I Exchange listing. Chubb & Son 24 

rf The pre-tax profit of £!U2m -7— 

p represented 5.8 per cent nT the “®5* ro - n 

r* turnover of fisn.um. Last year's electrocomponents 22 

Jl profit was £6. 14m pre lax. on a 

pi turnover of £ 123.4m. ...... „ 

b After a proposed ordinary 1 ^"ihe” UK 

„ dividend «r £464.000. the profit mn ~; .? n “ inuiirv- " 
transferred to retained earnings ,^74 ‘i£n ?h c Govei 
r ' will be 15.3m. Actual earn ms* per . " r r " en in ,„ C 

" ordinary are Tfi ldp. compared mjcc,td J f 

S with 45.42,, last year. J™ 


Page Col. 

22 1 

23 5 

22 3^ 

'22 2 

"23 1 


INDEX TO COMPANY HIGHLIGHTS 

Page CdL Company 
24 6 Ferranti 

24 5 Gresham House 

___ 23 3 Hardys & Hansons 

23 4 Hicking Pentecost 

_ 22 6 London Sumatra 

are 23 "~J M & G Dua l 

25 _ 6 MKJlearie 

24 6 Norfolk Capital 

res 22 _ 3 Portsmouth & S'land 

22 2 Rakuscn Group 

,1 23 . 2 Robertson Poods 

24 3 Silentnight 

24 4 Somic _ 

cs 22 5 Trust Houses Forte 


After a proposed ordinary rn^iwTVo "uhTY'K serm" interest 'in ' Yuli y ' *f a shlo ar c lM, i SIO u? S- at . Dundee and Ashdown Trust int. L3 

dividend or I4i54.000. the profit n '"~ *.? “ ndu«' nr tK mSmshae on ihledihc'-'rounto G ‘ jr . n ^\ havp already °P en ^ Belt Bros. int. 0.77 

“ ral,v plMsed w,th * e 4 

“ r i?K n “?^» ] ^ cr , v» , .I i r P ' cnmf,areri makmg a loss of £.">10.000. Exports were increased by 50 per mt ^ 

with 4.i.4_o last yo.ir. T h eo a f ter rc-organisation and cent and the fi»rward order np 1 and Son 2.3 

Net current assets increased lhe appointment of a new nianau- position in both the home and 5 10 1*01^1 Anil Electrocomponents ......... 2.6a 

from fnl.flm in !!■<« to £(-..33171 «iir..nnr ihn rnmmnv nxnnrt markets rnntinur-* in hr -fi. Util An J. Vr L&£.aU Gresham House ... 2 nd in L l.fi 


1 liai croup resulK in lhe current 
year will again shuw an improve- 
ment. 

The overull national level of 
-pending on consumer products 
during the early months of I97S 
had l,i*en on a rising trend and 
lhe group's performance had 
similarly improved, said the 
chairman. Sales and' profits were 
both in excess of figures achieved 
last year and were very close lo 
internal forecasts made at the 
beginning of the year. 

Sir Jack said that provided in- 
flation doo.s not increase as the 
year proceeds, and consumer 
demand is maintained at present 
letch, lhe changes which he men- 
tioned in his annual report, par- 
ticularly with regard to food 
developments, together with the 
opening of the new siorcs. “ we 
arc confident That results for the 
present year will again show 
improvement." 


m 


-■i jjMSm compared-, **»-' :a^ pe^ . { 

4 for ibft 

V- . • factors . 

r? -ipclcded 


Mr. Derek Alun-Jobes. managing director of Ferranti^ ^ -* - 

"V- • '•"“"■vl- ' ■ 

^ ^ ^ ■ map, .saya^tfce. 

DIVIDENDS ANNOUNCED -V- 

Date Gorre- Total; 

Current of sponding .-for. Int 
payment . payment dlv. • year - year *£; 'SSSw ■ 


Edgar Alien 


CGSB int 0.44 


b ini .hn in mu to tnil rjirector, th^ company export markets continues to he 

P Vl ^"? loans were up from In.^m rr j urni ,j p, a prulil of £4m on saliifiictnry. 

to £2...,ni. The company s l >r e- sa j eii of XIOSm in l!i7.“-7ii. Earnings pi-r -■»*»■» share are 

,, hminai-y report says: Loans have stated to be up from t:'..s4|i lo 

al been uw-reaserl l»v I .im line In 5 P'- LPX 1 1 j 1 ■ 1 


si been increased by £ 15m due In 
p short term borrowings being 
s , funded. 

.1 “ Net current assets have in- 

:! creased by £l!im. which reflects 
11 lhe overdraft reductions and 
l' other imp'roiements." 
ci TTie company adds: “This 
i, result consolidates the steady 
improvement in performance. 
p Work in hand and the activity 
w level at the year end give us con- 
< fidence that sales* will be further 
*- increased in the current year." 


Advance to 
£150,000 
by CGSB 


Earnings pi-r .“»Op share are 
stated to he up from t:'..s4|i to 
MJ.32p. A fin.-ii dividend of 4.SK4:lp 
i-. pmpnsed taking lhe total up 
from i,.+43Kp 10 T.lWTp. lhe 

m.ixmiuin permit led. assuming a 33 
per ten 1 tax rale. 


Aug. IS 
Aug. 11 
Oct_ 2 - 
Aug. .7 ■ 

Aug. 31 


acquired - Eg* JHB®! lhSS-5*(ei 

;-r. V t 




From turnover ahead from 
I6.2iim lo i*.3m taxable profit of 


Turtt.t-i r 
Trjdnii: r>rorii 

ProfK before la* 

Tji* 

Nel t*pjhl . 

from Divideml? 

; . c Hl UIHl iI 


,D77-7> 

[ 

i.lJJAg 


71 :U M 701 
toa.413 U33.SS0 


order nn ■■ Chubb and Son '2.5 Aug. 31 "2.24 3.S7 3A7 • Tomoycr 

K- and s B Electrocomponents 2.65' — 2.53 . 5.05 -4,53 

'lobe 1 lirnroiino gr^« m House.. 2nd jnt 1.B July 29 1.5 3. Z ■ . SS2S” 

Hardys and Hansons inL 2.3 Aug. 7. 2.1 — * -.Wotb-brfw 

re 'ire *■*, 4- ~TVT_n. i_.f_ . 1 1 ■ Hlcking Pentecost 4.86 OcL 2 . 4.14 7.19 . 6.44 Taxwabn 

4SH4 0 ^ MJv. Electric 35f Aug. 25 2.69 6.46. 553 

»i il un ip m J. 1 Norfolk Capital inL 0.3 OcL 5 02 — 0-6 0?ffid S 

' the C £3fl5r€l| South Crofty 2.48J x\ug. II — , 4-13 '= .— Retiltwd- 

iig a 3:; ^ Trust Houses Forte '.-.int. 2J85 Oct. 2 2^5 ._ 8JTt ■ _ tgjfflowii 

A turnround from a £46.482 pre- Dividends shown pence per share net except where otherwise stated: 
is.7-.77 tax loss |.I a £I05,14S profit is * Equivalent after allowing for scrip issue. f'On capital Waited 
£ reported by Norfolk Capital increased by rights and/or acquisition issues. £As forecast in „ d ^ nt 
Lrnup For the March 31. 1978-half September offer- for-sale. . v taxable r 

-■! year. Turnover for the period :--<JAted 

cra.SM ro -' e frmn 12.69m tn £3.08m. ■■'.• • • ,5'.-.; 

wiiwii Direciors say the result demon- Q % x Jl _C - . -IV- 

i«:is «.f b, iiS‘T ,, js , ssr, 67% profit growth from issui 




July 29 
Aug. 7. 
OcL 2 
Sept. 4 
Aug. 25 
OcL 5 
Aug. 11 
Oct. 2 


Retained- 
“ Follow i iw ch 
foc-ldtareclBtlon 


shown pence per share net except where otherwise stated: witb-55AF 
.-alent after allowing for scrip issue fOn icapIlBj soK^ted 

by rights and/or acquisiUon tssues. ,*A s forecast in and -^ n 
offer-for-aale. . v taxable orolib'.V^ 




deis- : BtoS:-> , 'd 


r- , • n ._ o cnSB Holdings, motor engineer — ED 1 !» has been adopted. Cum- season. 

s exports increase and distriburor. advanced from punitive lax figures have been Thev say that while the in- 

s Mr. Alun-.lones said export l ?, m tht W * rch l ° \^n n "**.•, : X ^ '.. h - 5 ^r.. m 4 1 'm! ^ l - ,|,ca<ed popularity of Britain as a 

1 sales represented about .in per , ‘ 1 ' 19<S ' knir-yeuir. lulrprred ?-.v inrelr.rJ^ ln,,risl centre was initially con- 

c cent of the company's L : K lurn- The rcsuli is subject to lax of ue ierrea tdX account to rts-trvcs. centraied in the summer months. 


during the lengthening tourist 


and distributor, advanced from parativc u«x figures have been 
£117.900 io £149.800 in the March re-stated and as a result 1741.101 


. .11. 1H7S. half-year. 


released 


They say that while the in- 
creased popularity of Brilain as a 


67% profit growth from 
Electrocomponents 


ISSUE 




in.irisf nentre was inUnilv con- ^ TfiE second half of the year cent), whisky distiHers WnDain - Central 

* , i ,-r. i ... „ T,?. ^ ended March 31, 1978, EJe>*ro- Grant and Sons (166.9 -per cent) nnsea tn Lssu e . vbv - WGVTrrf , j» T si 




over. As a percentage of turnover £80.500 (£H2.ofl0i and earnings per 
exports had somewhar increased 10p share arc shown ahead Trom 
d compared with lhe pres ious year. 1.32p io i.fii’p. The interim 
v He v\ as hoping for a continued dividend is up from D.4p to 0.44 p. 
c impros'ement in export perform- Last year a 1. 02493 p final svas paid 
f ancc. particularly with the sales on taxable profits of £0.:j:Jm. 

: of military cleclronics. where Director- say ihe outlook Tor 
i ?**' enuous raa rkeling elTurts had the second hair is encouraging and 
been made. ' thar rhes anticipate another good 

t Mr. Alun-.lones said the im- j(%ar. The September. 1!177. pro- 
t provement or the company’s p erly valuation was £1.13m. 
j forlunes siemmed partly from ihe 
increase in profitability of Lhe 
three divisions sshich had been tti 1 • 

I in profit at (he time of the NJilB'.s |~| IOkIHO 
1 take-over. At lhe same time, the Jlllvlxlllfil 
t ihree divisions which had been __ 

. making losses, had now moved MAyif A/v/vr'i- 

into profit: „ . . A £11100081 

The serious jiroblem divisions 
1 were instrumentation, electronic i?A 1 O 

components and transformers. |]|) J*,! I I ^ | B I 
. The three divisions which were omt\J m -X. 

historically profitable were the SECOND HALF profits of Hicking 
Scottish and Canadian divisions i'enteenst. the textile and dyeing 
I and the computer operation. group, advanced rrom 1227.578 to 
; The transformer division, which £184.211 taking the total up from 


Hardvs & 


and 3 spring. SF> The group Is'weM 1 n profits of Grierson Blumenthal <JS5* per 


components has 


£4 .34m from sales of £18.33m. 


31, 1978. EJer/ro- Grant and Sons (166.9 -per cent) poses to issue. 

is shown further and wines and spirits wholesalers Tflm preference i't3L ?? -' y?- •— . :i 

ing in profits of Grierson Blumenthal 4155-3 per ^hri-ordina rv'Sir glia t W • ~~ • 


Usto£7.6m. each company and an. overall - ev enr'26 orifinarvt^^Sliy 

finai dividend is the maxi- performance rating system, which new^rdinarv slia*e ffire- 
permitied 2.6515SP, for a was first .used in its third edition 0 r d i na r v Share' fiekl ' ^ ^ 
a I of 5.051 5Sp per lOp share, of "Britain’s Quoted Industrial Tho 


|— i €S BTlCiTiiraC :<r u,>4p ,0 '" ,p lr,ssl - in profits to £7.6m. each company and aa overall. 

X JmiiJoi^Ajtis? The interim dividend is up The final dividend is the maxi- performance rating system, which 

from O'Jp net per 5p share to mum permitied 2.6515Sp. for a was first .used in its third .edition 
1in f -'ip Directors say trading has net total of 5.05I5Sp per lOp share, of "Britain’s Quoted Industrial 

HU ot/ Jill continued vatisractorily into the compared with 4.5256p. Companies” published last - 

.a summer <efison and they conse- Group busincs comprises the month. . 

ON TURNOVER of £4 7Hm com- ducmlv believe ihat an overall manufacture and distribution of Britain's Top 1,000 Private ; 
pared will, £4 Him taxable prulit incrt?:j,; e in dividend for the year electrical components, instru- Companies 1977, Jordan Data- ' 
of Hardys and Hansons, brewer. justified. The actual reeommen- ments and accessories. quest, Jordan House, 47 Brum- ‘ 

increased from ETALfisS tn Nation " dl be subject to Govern- . wick Place, London N1 BEE, ' 

£796.5:17 in lhe March 31. HITS. mpnt regulations. • Comment Price: £l4 

half year. Last year a 0 4p final was paid The industrial recession has put ;; 

Direciors say full-year results on pre-tax profits nf £0.45m. many of the smaller distributors . _ . . '-.j 

arc expected to ho at least m line Thev >ar the purchase of the electronic products out of o xa, !)■ ■ .. . , 

with Hie lirsi -half figures. Last freehold of ihe Queenswav Hotel business so. as demand Picks up. JjHI 1 OFf »S 
year pre-tax profit was a record ; ,nd the acouMiinn or a new long » no1 surprising to hnd that * 

£1 film. l e;iSP for ihe Roval Court Hotel fhe larger companies are getting p 

The result is before lax or were rnmpleicd durin* ihe half- a bigger slice or the cake. Electro- 

£0.4 lm (£0.2!>ni) and is before vear ’ 1 com pnnenls. where full year pro- 1UI CtadlS : J 

- f ^ - r rtiiii * (Tie ..«•/* mn rn than iuA.fhi (*H c * •' 



Price: £14. 


rj’s ^ » f *««» ^ taPWM «., m te „»„ g!L e “ re i! 7™s. ,, i s n ,, poim' tl, T?lc 5 

E?f*L . ,h< - the year ended March 31. 1978. VSES. purchase, of .he freehold of the 1°'?^ S ‘ins”' taS" 'KSffiT! 


Bett Bros 
forecasts 
£0.8m fall 


|r ..shares and briUnaj^ ' 

5p shares. offered. ■ 'S® r fflven“tliei'fiicF : tbjt ■ 

AppHcatioh T wai.t>e made to-ibe "there seeow -tq -W-a^wa&s^gp 
Gounci] of AbejiSldck Exchange', of rhis ; f ^^ franK^r.lqv^ttnent 1 ' 
for -listing 6f; the' preference ai>rf > 
t be new orcfinjcry shires.: . Subject Tort^bii’ebsdrb^'^ 


tbj-.such Hstiri^belnff wanted. Jt fr seetoftbal 

Is expected tf»at-;deHiugs wfH tenders at teak^a ^dinL.Bbowe -*e 


b e%fn P3r n%rV lh ^5 The profits of the dyeing SaSS'^TSS i’ca^a Sp ?"£!!? Ef 

SK ^etmpany close status. 

Thi“SpHa/ C p.S ^Ihe Que^s gJJ§ fa Surad'infpr' 

account for about per cent of ^ nai * factory, which commenced OXlO jCl BUI 

the company's total turnover at "Pei’aiion .during the autumn. £ lll ,i.L AP ***c-^\ 

present. together with (he improved work fUrilK^r TISG T-imm-er 

The semi -conductor operation, flow 5W a « ,ul * of ratmn.ijisation . T-adhu pn.r,i 

which has ;ri»o had problems in has proved beneheial to in rjfnhfS . ' K ( .r,ro' " 

ihe past, now contributes about Ihe division, the directors state. *** JJIUllta i.j-.ai'ir 

12 per cent of ihe turnover and The knitwear division has shown SIR -I.\« IK r.’ALl.ARD chairman Pr»ni hcforc i» 
has moved into :< small profit. It a further substantial improve- of British Home Stores expressed 
is Imping lo share in the support ment in profils. The demand for confidence al yesterday's AGM nm'^h: 


r , . - . . . VBIUIHB iMIH HI 4IUUIIU TU |<EI VCUI • 

freehold of the an( j margins have increased by PROFITS DOWN from £2J<6m 



T'irnnrer 

T-adiiu pri.fit 

ll-.iel 

nrn:i; 

lill«<r.-.| lui-.aMr 


1)31/ 
I 177 7 S 
l 

::.n;i.sno 

■:i'...7wi 
741 .. '.fill 

.•.'im 
. iis-iw 

•Jl> (100 

l.noo 
-1.1 is 



>o the Middle East and the Far man, said indications were that ’ 

- n :.'7.“ East. Similar progress has been the recession in the -.buildms • . v > ■ ': 

Va6.« my de by Electropian (electronic trade was diminishing.. On the ....... ■?»- _• ' 

- mstrumemsi and Radio Register contracting side several new con- X) A II/r|\A\T TT ; 

.!** I passive co ntponcnrsi. which have iracts had been secured although , 111' 1. W ' I 1 I \- rll F I r/m ! 

_ increased their product he thought profits would be more f-. % 

ranges. The shares rose 13p to difficuir to achieve and be could ■'; -i 

sw ; a ? jaw m nVe n jz™z%r * u ***** *• »*-«» h *• owi-ta.^ - p 

EtWySrSV SSL a S t . a !S**- * *i * S *NS«W» in Jubilee SearW both the ■ 

co\ ered s.G limes. ftekSoifi hand ^market” SthS Pn>Jte.weK_ the highest In th^iiistory of. tbe.Gomp^^Tradl^v . >. 

- Wr toterest rate* s£SS increas *l 1 b 1! y c g* £M8^q-.t 
')A£'/W j. i assist sales. This taken- with taxation was £945,886 and the fflax irri tun- jierniin^.^ is 

JUO /O rClUm UV inerpaspd contributions from recommended; ■ r r:C j . j ' '/. ' 

. •* subsidiaries' in' property invest- . . . • i..' -.\S 

nrivatp rnmniinv ment, and licensed trade fields, HOTELS -The occupancy and letting: revenuer^of aa^diir?fiidtefe il . .. vv 
n 1 T Ult v-uuiyailj and an expansion envisaged by (London Park, Mount PleasanL Tha Granfi anrf ^Thp anm i 
JORDAN DAT AQUEST s 1977 Pitkerro fPHV) should offset to up and an improvement in profit - niargirts- ‘Was aiwy acMbved. - 

Private *BdB! 

more than 150 new entries. With these uncertainties he felt S«esra. . • •" ’C": ...7 •: •’ - 5 . 

It shows that three private it would be unwise to make an ancnric n. ▼ -j ^'--L ‘ " ' i' :• ' j. 

companies achieved a more than assessment of the current year’s Our ' three Londpn hnstjl^ ihad ^jhusy^eaT bat there.' 

100 per cent return on capital results. W3S a slight fail in OCCUPaDcy at Parkview- fn -Rh-rnlnghjin - . - - 

laM year while the most profitable The interim dividend is in- ... . ..i '. -.l—V- .'Irv- 

quoted industrial company, advci^ creased from O.BSG8p to o.767p nei PROSPECTS Wc expect’ an inorease in' turnover -and tradirtertfofir • ’ 
tisins agents. Geers Gross made a —the ’ total for 1976/77 was for the year as a whole.- • "-P- p: • y- vT .-• <• 

return of 88.6 per cent. The three l.TOlSp. Certain holders have • '' - : r -, r - • '- z - , 


private companies are food whole- waived their dividend aggregai- 
salers, L. E. Pritchett (306.8 per ing E23.148. 


This advertisement complies with the requirements of the Council of The StockEichanqe ? '• \ 
of the United King dom and tfia Republic of Ireland. t 


P.J'a.pi_ ■ Ji-j- : 


(Incorpora (ed with limited Viability under the Companies Actl9SS of N evr Zealand) . : r- ■ ’ . . ■ ■>' \ •V.’i-T;. - 

U.S. $100,000,000 it 

Guaranteed Floating Rate Notes due 1986 / :. W$ 

unconditionally and irrevocably guaranteed ’ •- • ■ ' ’ p p- =' 

New Zealand 




II 


The issue °r the Notes feJOO per ccnbTbcfollwias have aeiBrftosulMcribeocpnK^ nii^bcre for : . 

S. G. Warburg & Co. Ltd. Citicorp International^Vl "0< 

Limited ..' . \ *■> ;P. \%Mi 

Amsterdaiu-Rotterdani BaxtkN.V. : Samuet Montagu & Co. - ' ^ 

•••■•. ■ limited - r . V 

Banque de Paris et des Pays-Bas . /. '■ ' ~ 

' :£% 3 &Sr?. *W' 

Luruted .. ; . 

Bank of New Zealand Development Finance Corporation of New; Zenana-': ' : ' 


Bank of New Zealand 


Lloyds Bank International 

Limited ... 


29 th June, 1978 . 


J. & A. Scrimgeoor Limited. 
The Stock Exchange, 
London EC2N 1HD, . 


• . - -i - ‘ - - ' c : i%T '-.p -;p: 7 :ppj : - : : ‘ 

V . '• r- : - •';( * 



S' 

k V 


Financial Times Thursday June 29 197§ 


fti 


..?* hi* 
PoniS 


Shi‘f- 


nuer^ ood 


ON IliiTELi 



THE EXCELLENT proRress 
reported by Blundell-Pennoglazc 
Holdings' at the AGM in March 
continued throughout (he six 
months ended April 30, 1U7S and 
croup prp-rjv proflfh for ihai 
period show an advance from a 
restated £273.680 in £603.436. 

Mr. N. G. BdSMht Smith, chair- 
man, tells members Uiai the 
group's experience in May and 
June Rives him every confidence 
that the Anal result will be very 
pleasing. 

The interim dividend is being 
increased by the maximum per- 
mitted annual amount from n 56p 
to l.Mp net and the chairman 
hopes that Government poliev will 
allow a further increase in the 
final. The total for 1U7B-77 was 
2-SOp paid from preStx of £i.i3m. 

The chairman reports that the 
decorative and export divisions 
improved substantially. Volume 
sales werp well up which against 
slow growth in the industry 
indicates a further increase in 
market share. The inriusn-ial side 
also traded at a higher level, 
increasing jt s volume, and con- 
tinues to progress. Building 
chemicals, although making a 
loss, showed continuing improve- 
ment throughout the half year. 

Action with regard to the sig- 
nificant Mosses made in the Scot- 
tish mere banting, division has 
taken place and the Inverness 
and Edinburgh branches closed 
hut arrangements have been made 
for group products to be diriri- 
buted in these areas. 

In Glasgow new premises have 
been obtained from which the 
main distribution centre for Scot- 
land is operated. The two 
branches at Ayr and Dumfries 
have been sold back to Mr. Vi. H. 
Lowric and he will continue as a 
main Blundell-Pertnoglaze distri- 
butor. Certain losses have been 
incurred in the first half but they 
will not he repealed in the second. 

The manufacturing operations 
in Ireland continue to progress 


THF ahead tc 
£12.2m so far 


■ H>>! ■> 1 


despite buviric.'S activity being at 
.1 low level. As regards the 
t-ispciAul of the Indian investment 
i he group is now wailing to have 
the proceed > remitted. 

The sale of the Beverley Road 
site in Hull was completed during 
May. jnd this will be reflected m 
the year-end statement. 

Hall scar 
1B7T-3U 1ST 6- 77 

s*!** 9.IM.025 7,5ih.-j;b 

Traduw profit .... 7«.8I? asr.iis 

D-w-.iauon 142.181 124.17* 

rh-Ofif WW.JJ6 J73.GMI 

Taxkhor. Slfi200 UR TOO 

e>vi profit ...... . as7:us 170 *>sa 

Mmorlij- loss 1 jjE 1906 

Attributable j&s rets 170.i*7j 

ih-f r On idvail .... ^2* ^ 

Attributable ^kt no 160.244 

t ProIlL 

In order to accord wiih change*: 
made in the accounts for U17U-77. 
ihe figures originally prcscnrrd 
for the UlTG-i 7 half-year have 
been restated to incorporate the 
following adjustments: — Blundell 
Eomite Paints (India) i« no longer 
dealt ivi*h as an associate and (he 
w hare of profits amounting io 
£36.933. wltii taxation of £24,900 
applicable ihereto, have been 
eliminated; provisions of ED in 
have been adopted and taxation 
has been reduced to the extent of 
£39,101). rThe 1977-Tfi lax charge 
has no such reduction as no relief 
is at prc-tni anticipated for the 
full year.) 

Chamberlin 
& Hill 
uncertain 

Despite ihe encouraswnent of 

rcceni months, the outlook at 
Chamberlin and Hill is still very 
uncertain and it is likely there 
v. ill be under-utilisation of produc- 
tion capacity 1 at times In the next 
year. Mr. T. Martin, the chairman, 
says in his annual review. 


In hLs intertill statement last 
year he referred to (he inw de- 
mand which had characterised 
the earlier months of ihe year 
and held out the hope that the 
second half would show an 
improvement. In the event, the 
order intake recovered strongly 
with profits for the second six 
months a more realistic reflection 
of Ihe company's earnings 
potential, he says. 

Pre-tax p roots' for the whole 
year at £0.B2m were slightly 
ahead of last year’s £0.6n>. 

Mr. Martin says that because 
of this lack of confidence in the 
UK economy the company has 
devoted a lot of energy to its 
exporting activity and despite the 
Fluctuations of sterling in the 
money-markets, ho is happy to 
report a further significant 
increase in overseas business. 

A great deal of effort in the 
past year has also been given io 
improving and developing the 
facilities of the two subsidiary 
companies acquired in January, 
1977, und the levels of efficiency 
now being achieved by these com- 
panies arc highly satLsfaeiory. 

However, in common with (he 
other companies in the group, 
they are at present subject to the 
problems associated with an 
extremely variable order load and 
their true potential has yet to be 
reflected in the trading results. 

As o result ot a successful 
acquisition and diversification 
policy, the company is now in a 
better position to avoid the large 
fluctuations m earnings which 
have been a feature of the 
Toundry industry in ihe past, he 
says. 

It shall continue to exploit the 
flexibility it now possesses to com- 
pete effectively in many different 
markets but some sign of 
sustained growth in world trade 
would be very welcome. 

Meeting, Walsall, July 21, at 
noon. 


AN ENCOURAGING slarr U< the 
current year lias been made by 
Trust IIwums Porte with a roup 
pre-in x profits Tor ilie six months 
ended April 30. HITS Show me an 
increase to iTJ.Sm compared »nh 
1 10.4m which included a profit of 
£4.lm on the sale of fixed assets 
and investments. 

The directors report Hint 
bookings are satisfactory and they 
look forward with confidence i«i 
another successful year. They 
point out that owing tn the 
seasonal nature of the group's 
business only a small proportion 
of the year’s profit accrues in the 
first half — in 1976-77 the pre-tax 
proGt totalled £3fim. 

The interim dividend is being 
stepped up from 2.2 jp io 2.S5p 
n el — the total far 1970-77 was 
5—09-lp. 


BOARD KSEETEKGS 


Hall vrir 
19:r-7>» 1R76-77 
r. £ni 

2:0 i 2 it i 

19*. 15 2 


Til*? r..,l nr^ c>.-..;i„r.ic- I.j-.c Ii-.rntr-l 

daj.-. ..r tru. S-...- r 

l.i.'brkL'. jri 1 it'-jji'I* 

hr Id f-*r d:< p.:-. -. * . •.-ii.i^rru 
rtividenc.. "ftikla! r . 1 >..!:• > 5 1 ..rr n-.l 
avail al'li- w *1 .-1 her ^ . •• .*J l:n!: ». 'rti-j-.-rr. a 
are lii-vfi") *:f nn&I 11M i*u- 
AiriMoci *ii - .tv lu.eii n-.j^ib 

ml la -I mi:'< ti.r.e: ..»,(• . 

TODAY 

Inter inu— Euroili-.-rni l":crna:-i-ial. 
Finals— Prjty Li ii-. Outlaw In- 
uu«:rijl. ■ ;il:-B*ar !; v.ltl. i'-’ad ar.u 
^nn.Ti'n. ttWnn-Ij'.Mn IVintru >1. 

FUTURE DATES 

Interim* — 

(ifluiin Cuopor Jill; r- 

MecRci ._ Ju!> IT 

Finals — 

Kambcru-.-r^ . .. July 3 

Eucahpiu-. Pulp ■ ■ .. July 4 

Hamp’on G-dd t!i -, :i.* \r- a .July 4 
s:. iicun.i*' •• La-J- ■Wi— ■vtii.-rr julyll 

a-i-1 f’.ii ■ r .il Intvaiv J.iV T 
Tv.T \Bra-.iv»« . ... July 4 


L!id: 

I'Sie. 

:rr. d 

■ ■i.l 

I'n- 

.-ib- 

Uj. 

n! n: 


lerna: 

-nal. 


C jv 

idaw 

In 

Id. i. 

■vaq 

jr.il 


July r- 

Ju!» 17 

July 3 

. . .. July 4 
a . July 4 


it Intvalv JtiV T | 
. . ..July 4 


Ttv*rn E!«.r«r>i-at t -t-j.ir;'- . .. July 


London Sumatra to improve 


PROVIDED COMMODITY prices 
are maim allied, remittances from 
Indonesia should enable London 
Sumatra Plantations to improve 
UK. dividends and income in the 
future. Mr. F. IV. Harper, the 
chairman, says in his annual 
statement. 

In view of the increasing size 
of its dividend payout, the group 
will this year declare an interim 
dividend in December, payable 
early next year. 

The chairman says that with its 
Indonesian investment plans and 
remittances it Is making satisfac- 
tory progress towards clearance 
from its commitments under the 
1969-73 investment plans. Its two 
major subsidiaries have been 
cleared and negotiations are con- 
tinuing in respect of the smaller 
companies. 

This partial clearance estab- 
lishes a right to rcmlUability from 
Indonesia, but he points out that 
under the 1968 agreements with 
the Indonesian Government, it is 
committed to a continuing pro- 
gramme of rehabilitation, develop- 
ment and modernisation of 
estates. • 

This includes replanting large 
areas of old rubber and planting, 
large areas of reserve-land as soon, 
as; funds permit 

In June this year a remittance 
of £325.928 was received from 
Indonesia for deposit interest 
earned from 1973 to 1977 by the 
two companies with investment 
plan clearance. This will be 
included in the 1978 accounts. 


Last year, when profit before 
tax rose from £lm to £ 1.34m. 
rubber and oil palm crops in 
Indonesia were down on estimates 
after being affected by prolonged 
dry weather. 

There are signs that the oil 
oaims are reacting to the past 
two years of low rainfall and 
cropplns results for the first hair 
have so far been disappointing. 
But directors expect a return <o 
a more normal pattern in the 
second half. 

In 1977, 4.670 acres were 
planted/rcplanted with rubber, 
along with 480 acres of oil palm. 
Small plantings of cocoa and tea 
were made. In 1978. 4,440 acres of 
rubber will be planted/replanled 
with 2.120 acres of oil palms. 

In M-laysia last year 1S8 acres 
formerly planted with rubber and 
live acres of v.-aste land were 
planted with oil palms and in the 
current year 210 acres will be 
converted from rubber to oil 
palms. 

A valuation of estates showed 
a £30.S7m value for the Indonesian 
estates and f2.7lm for the 
Malaysian estates. ■ " 

NEW EXPATRIATE 
FUNDS 

Three new ’ funds for the 
expatriate have been launched by 
Quest Fund Management CJeTsey), 
a new financial services group 
owned by investment specialists 
Electro Group— which manages 


investment trusts in the UK; 
money market and foreign 
exchange specialists M. W. Mar- 
shall: bankers and trustees the 
Royal Trust Company of Canada. 
London; and insurance brokers 
C. T. Bowring. 

The three new funds— Quest 
Sterling Fixed Interest, Quest 
International Bond Fund, and 
Quest International Securities 
Fund — have been launched in the 
Gulf with a view to tapping the 
incomes of expatriates there. 

Ashdown Trust 

halfway 

increase 

Tn the half year ended May 31, 
1978, revenue before lax of Ash- 
down Investment Trust rose from 
£27(1.64 1 to £370.371 
The interim dividend is lifted 
from lJ2n net per 25p share »n 
1 Sp. For the year endpd 
November 30, 1977. a total of 4.05p 
was paid from revenue ofj 
£636,960. 

At May SI net asset value per 
share was 189.3 n (iR9.6pi asstim-! 
ing full conversion of loan stock., 
First hud 


fra dine r-o-iws ::#l -t7 i 

Trad mi: prodisr 1&“- 13: 

l-roArs on -..ik- ot ku-is — 4.1 

Financial cb,iraiv> 7 4 

Minority u " (> l 

J.vavini; . 12 4 l« 1 

Profit before IU 12.2 10.4 

Taxation 5.7 -.4 

tAfu-r drorvcljiiur. of -S.eni itu jm> Lm 
h-forr adjusmw for currvncF translation 
ditli-ninixt. 

The figures include the full 
half-year's profits for the hotels 
acquired front Lyons 1 107T — 
three months) and Knnu (1977 — 
two months). The 1977 profits 
include five months protit uf 
Tcrrys up to its date of disposal. 

First-half 
downturn at 
Rakusen 

AFTER INTEREST of £.in,tnn 
against £68.600. taxable profits of 
the Rakusen Group dropped from 
£25/100 to £10,300 for the half-year 
to December 31. 1977. Turnover 
was down by £25.200 ar £595,200. 

For all the previous year, a 
profit of £i7.»f_'8 v, as reported and 
no payments were made. The last 
dividend was 0.335p net in resoect 
of 1973-74. 

The directors state that the land 
tribunal hearing on the company’s 
claim against Leeds MDC for the 
Meanwood Road factory was held 
during the week commencing 
May *22. 1978. but adjourned after 
three days for a ruling on u point 
of law relating to the disturbance 
part of the claim — a decision is 
expected soon. As yet no com- 
pensation has been received for 
either the building or disturb- 
ance claim. 

The West Park factory and 
office premises have been sold on 
a sale and lease back basis to an 
assurance society for a figure in 
excess of book value. This 
arrangement will substantially 
reduce the group's bank borrow- 
ing. the directors add. 

The group’s activities involve 
food manufacturing and distribu- 
tion and property development. 

BAT offshoots 

Three subsidiaries of BAT 
Industries yesterday announced 
their results for the first half 
of the current year. 


In the 2C Wtvk.4 ended April J. 
1978. pre-tax i-roiits of Wiggins 
Tcapc Group ? hov vd a reduction 
from £18.!Hm ?n f Hi. 54m on sales 
ahead from £2I2.S>7nr In £231. 23m. 

The profit vay struck after 
interest of £4 film £5.4Rm>. Pro- 
viding for tax of £!$.74m (£S.:(lmi 
and minorities of £80.000 
I £490.000 J. !h:- attributable 
balance emeries at I7.72m against 
£1U 14m. 

The amour.t retained in inflation 
reserve nut r>:‘ urofiis for the full 
year to October 1. 11*77. was £6.9m. 
it is estimated that the amount 
to be set a-idc in re- hoc f of the 
half year lu April 1. 1979. i- 
£«» '.lm. 

At Internal i«>nal Stores turn- 
over in the 27 v.t-eks ended 
April 1. If 7a. climbed from 
1T7I.91M to £2W. 97m while ornfits 
before tax impro: erl from £2.5lm 
io 13.04m. The prufii was struck 
after interest t->' £1 33m i£».72mi 
and tr.:: requires £ft.7fim (£l222m>. 

The figure 5 include ihe results 
of F. J. V.':-I!i> froni April 25. 
1977. but exclude those of Kenrley 
.-mi Ton go winch became a direct 
offshoot of BAT .Stores Holdings 
with effect irotn September 25, 

1977. 

The directors state thjt severe 
price compel ition in food retail- 
ing has in’en-:tied. subslantially 
diminishing the profitability of 
ihe industry. Action taken to 
maintain sales volume and 
market share has been success- 
ful but at the expense of trading 
profit in the short Term. _ 

British-Amcrican Tobacco Com- 
pany reports 3 ! it lie changed 
profit of £!!»5.fiftU against £190,000 
for the half-year ended March 31. 

1978. on :i turnover of £2.6?m 
against £2.4fim. The attributable 
balance emerges at £90,000 
i £95.000). 







Edited by Deny* Sutton 


Gresham House 

For 1977. group profit of ^ 

Gresham House Estate Company 
improved from £250.000 to KPS 2S C 
£271 .090. BflflCafiS 

After tax £17.000 (£83.000) and m . 
taking in an extraordinary credit Jra 
of £36.000. the net profit was 
£123.000 higher ai £290.000. 

The second interim dividend is ■■ ■ 

l.fip net for an unchanged 3p 
total. 


Published Monthly price £2.00 
Overseas Subscription £28.00 
Annual Subscription £25.00 (inland) 
USA & Canada Air Assisted S56 

Apollo Magazine. Bracken House, 

10, Cannon Street, London EC4P 4RY. 
Tel: 01-248 8000. 


Revenue 

Taxation 

Net revenue 
Pnrfrreuce dividend 
Available ordinary 
Interim divxteml .. 


370.371 270.WI 

1M 59fl 93.812 

2*1 .775 177.929 

4.29S 4.WI 

237.487 172.741 

125.353 113.983 


RESULTS AND ACCOUNTS IN BRIISF 

AIRFLOW STREAMLINES— Results for Jng capital increased by £122.529 l£72.EW ^ERCDIIDOM DISTILLERS fMOLp. 
February 28. 1378. year already known, decrease i. C3ialrman says current year 'WCt I— Results for March 31. 

Fused assets 13. 28m ifl.SSmi nei curreui has begun compararirely KjUsIaciorilysB *•. 2. n ,£ ,««£,’ ,2 S£Sh 

assets M.72m i£o.5m>: slock and work far as order book Is concerned, aliboush Bre^laxprofli of EL8m ins*mi reducea 
in pragren £U4m «£D.9Smi. overdraft iradlne marsliis remain extremely light, to fldo 'tn.Mm' after ad Jusimems on 
»s2m sli on-term loans X0.28m At May 24 Glyus Nominees bold SJ dcjreclatJon 

if'i.iCnu. Nec Mfliifd ftradf Increased C-.-OI Ot Issued cjpna). MovUna. 87, sales n.J9m itOMm) offsw by gearing 
n>.43m 4 728.3551. Valiullon or land and Eaion Hnce. SW. July W. ai noon. fO.lom (£0.l4nii. Croup fixed assets 
buildings shows I823.4W surplus over net COUNTRY GENTLEMEN’S ASS 0 CIA- niJm 

book value. Meeting. Nonlnnipton. TION-Divldend 16.28p »M.3Hpi for year £8.0fa> «.43m». w B » nk , overdrafis £n_M 
July 17. noon. to March 31. I97S. Earnings per share lOp JESlini. At May 26, JBTb. Carlion 

ALLIANCE INVESTMENT COMPANY f*Spi. Turnover for sear £2.340.000 Industries held .6.2 Per rent Of e quits. 
— Res 111 IS for year ended April .30. 1978 lS2.a0.0QQl. -Group orofll I7JS3 I139.00U» “TOiieT 

reported June 15 with nei asset values, afi.-r jU Lharaes including lax of 114.641 LONDON AND HOLYROOD TRUST 
lnvosrmenls. £17 9m <{l«.10mi. Unrealised f£43.4«3i. Bnaid stales that while rosului Results for year io March 31. ***»• 
surplus rr.33m i£fi.4im». Chairman, is are disappointing fkey art m no way kROwn. Lined uk lnvi^rmema. cu-Sim 
hopeful ol further Increase ip earnings pessimistic about the future. Croup pro- <H7.6*n i, abroad uo. 77m (iii.96uii. un- 
and dividend Id ennonr ye^ir. Company pcrncs have been revalued and show a JURcd £L71n in.a3m». Current assets _f9.4in 
unD retslo a high proportion of Invest- capital Increase of £828.33 since last tn.Wnii. current liabilities £0 - 8 - m 
me tits overseas In ^imtrir^ future vaiastion »n 1975- »n.Zotei- Prescni esiiznaies inoicaie a 

looks more nftracflvc. In UK. concert- R. jl DYSON AND CO, iroanufacture, couUnnlnc growth In revenue, ptrixuiiiiw 
insvjoti CDQtHHi»*8 on sraaPcr comr^nles rcoair. servicing of trailers i—Resuil* for runner increase ifl alvidena. Meeung, sj, 
with good growth prospects. Mcefinu. March 31. 197S year, reported May 1B. Caa^ strccL EC, <w Jt^ M at 3 wn. 
1-2. Laurence Poimtiwr Hill. EC. July 13 vacd asets £76.345 i £72.431 ». net current LONDON AND LIVERPOOL TRUST- 
at 2.30 p m. assets £559.217 i £560.1831. Net IwuM funds (114.786) after l« 

ATTWOOD GARACE5— Results ror year inoreascd by £10.331 i£4.D01». uimpeny 51^576 '<9.637) for rear Hi March i 31. 
to January 31. 187S. repomd Jime 21. ], a « rinse «an». MeelJmr, Liverpool. 1 >™- 

Fixed assets ITTS^II i(TO3.3Wi. nit cur- July 17, n0 on. ' ■ m.api. FtnM dWIdeud 0.4o.p nei 

rent' assets £465.238 t£41S.n4>. Chairman CEI INTERNATIONAL — Results for the ™-*h«w ®-®4 | L Ne ' * sw \ ” lui * 

a^^isariart: ras Brjuasraa 

; “r; SHS-t 


Ss Sr 

“rfSr tar ass, sar jsjhsv arr-a 

-altiik mwMv™;!'; .nj™. ss :ss: : .jnsss 

Ine and properly ^-Turnover ifin .,83 . w mm -« « «« adhtstmem £dm i£7mi aifflu not reduction 


•d ce.tdm 
S3. Cannon 


METAL BOX— Ri.-sujis for rear to I 


' ^MNTINUtTus^^STATnONERY — Results tuSTror nSJOWOO ;£l3.l»7.7«h. Prett The 
f Unn4i 71 1978 rear already known. £142-200 f£56i,10Qi after all rhymes in* M 
SLS 1 f^ra ws.. net rtuduw tax of ES5.RW 'C43.!Wl>. Com- of l 
current aswu £6^323 <BMAi. Work- pans Is a sutoiddJorr of Coats Patons. y«i 


JOHN HEATHCOAT 


Hotels and Restaurants Limited 

' PROFITS 

before Tax increased by 

32% to £1,522,929 


turnover 

PROFIT before taxation. 

taxation 


1977 

1976 

£000 

£000 

£16,085 

£13,2 IS 

1,523 

L 1,152 

745 

524 

" 77S 

. 628 

269 

” 243 


DIVIDENDS . 5 fin 

Earnings pef ordinary sbare 6.9p 5.6p 

“Trading Prospects for the current year are 
encouraging and should result m aj.gn.6cMt 

SL.4 V-. "*sS;„“SSu"mS, 


- - .ho Bcnni* ord ACCOU"'* "CIV obtain** 

COP, C of the Sir „ ( , London WC21 5PA. 


The SrcfeloW- 


Profit Tbu Dorcbcslcr. W, July 30. al 12.30 pm. 
» in- METAL BOX OVERSEAS (subsidiary 
Com- of Ihe Metal Box Company >— Results for 
&. year to March 31. 1073 already known. 

Fixed assets rs0.57m ȣ79 Hm). Comm 

assets trim fll 18.74m) and IlaM(IU<?fi 
£9S.77m (SST.lBm i. Mei-iInc, Keading. 
A July 13 at 12.30 p-m. 

PAULS AND WHITES learn merchants 
and animal f--odsniffsi— Results for year 
to March a. 1078 reported June 16. CCA 
siuiemem shows depreciation adjustment 
C2 :9m. cost or sales. £181 NH and aeanna 
adjnarmem £667.000 giving adjusted pre- 
ins profil of I4.3T<m— tfiJSm. Histone group 
Uxed asaeis £21 JTra r£i4.IHm resraw-di. 
Ncl current asseia £l6.73ra lENJUnn. 

I Chairman ays ovi-r past even rears, group 
J !ut achieved steady Increase In profit- 
1 a r.lb iv aod Board confident it w-iH be 
DOBifb'e to conlinue ilua tri-nd. Met tine. 
Ips-v'rh Suffolk. Jnlv 26 at 12.15 pm. 

PROVINCIAL LAUNDRIES— Results fr-r 
1377 already known. Fixed assets £-701.740 
'£250.3281. Del currchi aSbeLs £135.130 
■ JE68j!23i. No ovt-rdrair iiss.;i2». wory- 
ins capital Increased £53.776 • £14.923 -. 
Meetlna. Maidenhead, Berkshire, July 13. 
at noon. 

SEKOHG RUBBER COMPANY— Dlvl- 
dend 6.392Tfip laSllDipi for year ended 
March 31, 1378. Profit before tax £37.717 
i £31.257). brooch! forward from previous 
year £446.154 (£294.660 >. underprovisiqn or 
tax in previous years £2.204 tan over- 
provided). Profil on sale of estate oil 
i'na7.453i. Taxation £13.600 f £13.386 1. 
Malaysian tax appplicahle to previous 
years ml l£45.000>. Dl) iil.-ml £3 SW i£B.n7t. 
Fonrard E402-SS7 i £446.154). Urol Ins. 
Almost IS. 10-15 Mlncine Lane. EC. 
August 15. 

STONE HILL HOLDINGS unannfac- 
turvr of domcsilL- fumuurei — Results fur 
April 2. 1D78 year reported Mar is. 
Croup fixed j-iwh n.Kim in.&Srm. ncl 
L-urrem 3s«<iv £1 Sim iJ3 Bim. N; r 
liquid lundv incn-ase-l by £10.404 ' L.'fft.rji > 
Directors are loqk-ny forward io excellem 
/-inumu'wlni'T iridina whirb if con- 
tinued Into 197F. will yield marked 
improvement in full year’s results. Meci- 
mc. CJmrchiTl Hotel. W. July 20, al 
li.iio ora. 

WESTPOOL INVESTMENT TRUST- 

Roaulis for year lo April 30. 197H, already 
n-poned with net a*6vi values Incest- 
mcnis a»J7W tH2.tnni; Unn-alised 
apnrecialion HJffnt Prudential 

Assurance holds SI J» per ccni of cnniiai. 

, Mccflns, Ufl Cheapsldc, EC. July JS ar 
r 4 pm I 




nrittilo (.'X 

- Richard Ellis. 64 <Ainihiih. . . 

. •> /.om/on Tc/; 0 i- 2 iV:f 3 () l J 0 

didder ' •' : 

^ ■ -• • •' - v::; 

. y'i ;; ; ■ ’■ ' 

■ drf.d. ddr-dd’idm 









24 




■*Fi 

Deal 

Jun. 

inn. 

July 

• 34 

From 
W 
cert: 
ha n j 
Acci 
was 
bolls 
Will 
ache 
wen 
tren 
not. 
horr 
prc i 
resi 
led 
she- 
earl 
V 
was 
tnd; 
tan 
wer 
pre 
con 
laH 
aTrr 
sho 
eve 
cIo 1 
the 
fnlj 
the 
5 

wit 

acc 

Sel 

— t 

the 

Ac 

pn 

dr: 

Th 

inc 

cal 

ea 

Ar 

ra' 

wi 

ba 
tir 
wl 
as 
19 
' 19 
3 

Fi 

fu 

st 

c: 

A 

a! 

ci 

1? 

o 

ir 

tl 

fi 

P 

si 




N 

fe 

ni 

oi 

ri 

E 

ji 

p 

b 

rr 

r« 

n 

S 

L* 

lj 

P 

3 

S 

P 

s 

r: 

ii 

l 

c> 

i 

F 

v 



pigs, seeds 



to increase our 



to £78m; 
pre-tax profits 



by 14% to 




share of 1717p 
enabling us 
to increase 
dividends by 
25.6%to4.29p 


/fBggg/ 


Copiesof the Report and Accounts can lx; 
obtained from: The Secretary, Pauls & Whites 
Ltd, 47 Key Street, Ipswich Suffolk. 


Financial- 


rgfVigsEga 



all leaves 



F V I : :^-j& . •• a 5 .OSfr ^ 

. J: f m -i *.<•'• . - . • *,•<■ -.IS, **.:• 


FOLLOWTNG A small rise at mid- 
way, pruliLs uf Chubb and Son, 
I he jMflMirily s> .stems ■*ruup. 
declined from £$.!i7m 10 £S.12m hi 
l he second six month.-, leaving l he 
lulu I fur the year so March ::i, 
11173. 4 per cent lower at S13.7i2m 
pre-tax. compared wiih the 
previous years record £14.1 lm. 
Sales were up by 2ii per ccni io 
£1UH 3m. 


reluctance by consumers to ^ C ui^^ 1 ic - 


goods of 


and Jasioh Porkes improved turn- to a 
rnor :-nd profits. purchase _ 

On I he electronics side. Chubb nature, the chairman explains. ""W" ", feeifi that flic Soup & Jlffr 

Alarms Group bad an excellent In Hong Kong, overall results depressed by in «™ s £ ,a j Sta akeadvainiiafe 

substantially were disappointing, however, the group pre-tax profits oi cogar powi ...wa- ww rt gg-gma nwt i h «t ** *s*% 


* ^ i,al strs«“s ™ iiTsiMifiiii 


year producing substantially were disappointing, however, me group prn» v * “ r £r;~, „ D rijm tov*e>eronoW.~iUiitpPMnJ^ 

be-lor profits, however. Chubb company now has a firmer Allen nr the & 

Integrated Systems, due to a lack foundation on which to budd and e ^ed^ -compared 


boiler profits, however. Chubb company now has a 


or orders from British banks lor the directors hope for a better k&Sm at-W 




Tiirnnii-r 

TraJ'V. profit 

lllkTLV.1 pJld 

Sturt nr j-jmi:-..' yriHii 

Profit before lav . .. 

Tax- 

Nci prcfii 

Tn nillOTHIC** 

lixlrjnrd. credit 

'lakinc 

Enchant.? d.'tiii . . 

■ EDls appiinl. 
However, the 


ISTT -7S 
'mm 

Vt'.-JM 
J3.SH7 

tu 

13.523 14,109 


(ilnO 

I.V.4 - * 

ixT»r. 

i.r.-j 


machines, sustained a loss. profit performance this year, -la tus re P“ r . 1 V v pa r agoy. 

Gross Cash Registers is not yet following a sharp fall in 1977-78. Mr. J.D . IhfrHm-EBt* . , 

in q ulkrnnfApu muinnn thp rhiiKh had n rpSSOil- that IhC &TOUp WSS 


r-etrtf&agi? 


l.ITt 

s.ioa 

sn 

.14 

S.«I3 

:k 

t Dt-Ul. * Crnriit. 
directors believe 


i.-rai 

9.HP1 
Till 
t l"7 

;J37 



they are justified in expressing 
some confidence that the current 
year will produce improved results. 

Earnings are shown to have 
dropped from an adjusted 1 Vj.2oj» 
to J7..“iSp per tlfip share. The 
dividend total is raised to the 
maximum permitted 3.872 p 
i:t.4*i7op> net. with a final of 
2.40fip assuming an ACT rale of 
i per ccni. 

The UI77-7S figures include ihe 
results nf Gross Cash Registers and 
L and F. Willenhall with effect 
from January 111. 1 !177 and January 
I. I!i77 icspectiveiy. 

It iho results of new acquisitions 
arc excluded, then UK sales 
increased by 111 per cent and profit 
by !■ pci* ccni. overseas sales, 
including e:.poris from 111. ro>c 
12 per cent and profit by 2 per 
cent and UK cxoftris. including 
sales to overseas subsidiaries, were 
up by 22 per cent. 

Lord ll.iyicr. Hie chairman, 
reports i ha i during f he year 
trading conditions held up 
remarkably well for Chubb Lock 
and Safe, and both Chubb and 
Son's Lock and Safe Company 


in a satisfactory position, the Chubb Malaysia had a reason- that — - . .. t - 

Chairman says. 'Despite taking ably successful year with an in a Strong position to ta Re mu mtaxe AflmEjBagajfciS l 

major steps to economise, the increase in sales of 9 per cent advantage of any general bP^r^ >»tM »s >rta dan i 

savings Mere eroded by increased although profit was only margin- m toe economy and heexpected the lowest Jeve^evro^ 
costs pa 
resulted 
from 
Further 
outlook 

Shari o r th e ma rketT and 7deve- 9 Comment mapy uncertainties in the trading jusflg an 

Inpment programme is under way The digestion of Gross Cash outlook and_ reassessed ,.W i ...bTsS'; 

for a new range of electronic Registers, acquired in January, ppsihon 
machines, he adds. 1977, is provin 

The overall result of Chubb than Chubb 3 
Fir? Security was only marginally halfway mark 

heller, but it goes into the cur- tion losses «. f «-_ * nwiftt- Jtxrernai »» n°w~.--rgrr 

rent year with 3 healthy order expected that remedial action turnround of BAim-to-a pronr ^ i1>kntiag 
book and Improved facilities taken or planned was sufficient Oi IllWni from the UK coxupames interete ..-i 
which gives hopes for a most sue- to -have GCR making small profits — the engineering side showing a Sh ag* 72.177 I •= 

cess ful year. Lord Hayter states, by year end. In the event, the profit of £519,000 against a loss 
In Continental Europe, orders pre-tax losses climbed to £1.7m of £814.000. Mainly due to losses ,j vprwas rax- .'.1.....-^.':..-,’ vjf ■■■.'■’.'&& t-jL iiiiiianf 
and sale? were up IT per cent and Lite turn round date has been in North America and elsewhere in^covcra&ic &CT .....2-.’ y.'WT '•■Ht'. • GOfBw»]ciH-. j :•» 

and profiis by 64 per cent, put back by about a year. The the overseas : contribution > DcntomuM Vua sprofits" 

Further substantial pm-ress was market reacted to the news by down from £816,000 to- £480JW0. ; “ ' la.'Battonr - jnort . than, TKblM" 

.•dv in the Lips and Gispon knocking 14p off the Chubb shares Profit was also aided by a stliiJliis ^J5SwS«" dhSeadEi^.'— 7 ; “i* V/.’ W’altfidtigfcthis-'is' stm ; .2ff a vpd^yisit'' 

* ‘ £699.000 i£15S.000) on the sale Atinauutiie onhnaiy * _ ^ 

fixed assets. Cnrreiicy losses 

Group external sales In the year Extraordinair • iwna.N'^ 

iprovod from £49.‘13m to £5S.54in J^^narr P S«Smis T!! , .. . . ...... „ 

activities has been supported by demand worldwide and a squeeze — the value of direct exports from t„ reserves ^ — .1 ■ .?H' tt&s rotuid in.vengjJQeerj^'is-^raiiariiy’' 

the crcalion nr a number of on gross margins. The healthy the L^K was up from £9-lm to • ^ 1977 aave. been i'reauftd to dae J id*. radonaUsatfatt 7 fndMflfhg 1 ^ . 

re 4 1 ■‘•n. 1 1 sales and service centres, order book that existed in Novem- £llm. The groups snare of the incorporaio the effect* of -Um fmrtsafl: tbe:' Capital ^aol£ clcfetafe^e feraff- i 

Bn th Australian and .New ber was turned into sales— but export market has been, main- group • fccounuw 

Zealand companies npcraicd satis- profits grew at a much slower tained after considerable efforts . flSr 5 ■ ww:* £7 ? a ^" '-Tl. per Snt - "• 

Factor i ly and the Canadian opera- rate both in the UK and over- against fierce competition. a iwo-iirrinuiri-Af immn f iin iiwipr: i»iii iL 

lion continued to make solid seas. Trading since the year end Looking ahead the chairman : = A M-eakaowu. of group innwver «wnme, 

progress. has been better than the com- reports that there 

With most trading divisions parable period but in the absence of an upturn tn worm ltbo.ox n 3 631 ' ^ £446' '<£10^1 land- ‘oVerse^'^ gTDsST ' -rtSsA 

again operating at a lower rate of of any significant improvement m conditions in the special steel ^ 

activity, ihe South African com- world economies it is unlikely and engineering, sectors. More 



is Still no sign and profit shows "(BW& omSftBdl; -for, mokuiof 1 the .coaipm^s^o. 
«-nHrt rraHinp UK subsfdfirfetf — ^pedat' "st 6 els ; 3 dmfeK «wti. 1 ?w -.^lWRK$a.H 9 ^lid*;.: F' 
world craaing £44fi' 'f£T0^i"J3nd- l oVersea^'-grDS^ 4 m&gms' : wfiif4i -■ 



0): fOrgSDgs ". and > eastings 1 liaye'l3eerr squcer^' ftom 6*ij*fr l ,V 
S own « aiK - £17i56 and 1 £574 't£154Bt- "and' ceiA- > ttr ' 

per cent. As with 19777 the dramatic. The shares are selling nificant decline in demand for all ■jjBBfl?'*: - 

heavy ^ -SS x-ew5e industries East Asia ana Austraiasik £12;fl51 and-ihstaUii^.^-.capit^^uip.^. 

are ' having Te percussion^ in the and £619 1 £10.992 aad£7So): N^:.-xqo^iiri^. 

demand 7or IteS products In all 'America £1.029 and .Joss-?£Wfl 4abour Sevang ■- GFM: machme-is : . 

activities competiSon is intense, and J2); and other £^9 aad '£36, fiofw fully.oper^pal^^ barm^ ■ 

MeraSr^ oTtold that the low Joss (£641 and £79), : v r.v ,-r of ? last yteai'sVptot 

levef™f orders for tool steel and In the first hatf A^PKjaTOUp-j^unW. 'tfere^Agald *x-\TS?me • ; 

hi'-h speed steel coupled with suffered an adverse ca^.ffow 7 .of^ boost jto^the-^owdngs .rtMaSaiin.; '•*• 
activity of overseas competitors £2.1 m mainly .attributabte to: tire., profited At 5Sp t&e^Sbarer stffl . ' 
in this market has resulted in the reinstatement of normal :wortmg yidtf 1 *. ^pecu3at3ve .-IZ.:peE,:cent . 
group havin*> a very' poor start to capital levels foHov/Ing imhistriai ; and'-stand on,a ®(e'oFjast over S.' ". 


prolitabilily can be related mainly p/e of 6.9. 

Foods facing tough 
confidence 


Although the current year v ill A final dividend of H.6p is fore- 6.5 per cent in international 

again be* a touch one for cast for a lotal of 12.6p against shares with a London listing. 

Robertson Foods. Mr. R. C. ii.33p last time. The asset value .Mr. Roger tells shareholders 

Robertson, chairman, says lie is per capital share is shown at that, as tbe company's interest in 

confident that further progress 293. 7p. investing in special situations is 


Mif.- 


J. Bright in strong position 


will be achieved. 

Although below the group's 
expectations profits improved 
from £2.5Sm to £2.ijnm in the year 
ended March 31. 1!»7S. The chair- 
man explains that the whole fund 
manufacturing industry has ex- 
perienced a most difficult 12 
months Tor two main reasons — 
fall of 4 per cent in overall rood 
consumption and the squeeze on 


becoming better known, more and THERE IS no dear evidence as to buy a substantial' part . of its Meeting. lOO. Otcli Byoad Street, 

more varied propositions are vet Q f a sustained recovery in requirements. fiom . file continent, EXJ, July * 1 

being received. This in itself, he demand for products of John t hu s reducing the demand • from 

points out. represents a potential Bright Group, says Mr. I. M. L. D. British suppliers; Jn the light- o£ 

danger, in that such situations Forde chairman in his annual this the group closed down. “its 

require a great deal of manage- stateotent. The timing of this is operation aLPreston^tCOSting.over, 


Target is 

relaunching , 

/-1 ,1 ment time in both selection and rt j|i unpredictable, he adds, but £98,000. - • ... 

f-OVIlG Growth monitoring, and in consequence he is confident that with ita .to«J|tfbdat textiles 

» the investment managers are modernised canacitv. the ^roun dlyismn fell sbarply.uj the latter 


managers 

Target has now relaunched the becoming more and more se 
SS" P «;VtTbv m S w reta n !i ^-fated Coyne Growth Fund. tive. Nevertheless, their commit 

$~' SSr ~«* <«* over rnenl m principle to such invest 


Y 19. at . 12A5 pm.:-; ;? 7 

WIR3E i itl/ASTM^ 

-in • the cu»Teiit:r-year--'Wti^^and 


„ ago at the request of ments — m the exception of an finished the April 1^ 1978. year ■£^37 “' ^ '-TiilZZZSt figure ior Jast y*Jar2 th<r-amiua 

Hnve\o|- n lt . French vi-eiable l,lt lrusleC:i - Midland Bank Trust above average yield and a long- w |th taxable profits more than Officfa hasbe^p fro mbuoyan^ infonruSt-j 

nn-n- subildimv Pe w S A Company. Having changed Ihe term high level of capital apjjre- halved from £l-25m to £306,000 .“*« of car P et yarn have been peering was unorme^, 
another excellent year name. . with the approval of the ciaiionxremains unchanged. — *- 


Sn Turnover liSle cSbSdil Stf"SfiS ! * £ 2?«SSS]f!t 


f; j.-A-s 


stocks remained high during the from ihe present 4? per cent to 

jear due to the very mi d autumn ground 7 per cent over the next tliuUMlidl 

s dps^V ' hoVn ^-Pi hii : !n 0l ^ C n 1S niontI;<. The are also hoping Current trading cc 

i n 1 . i n^ rhn^», frr rii! i-' th ‘ 1f thl ' fund— now worth some Amber Industrir* 1 “** 
' , „ dSmml Vr ff r,S £75.UlKl-w ill ri.se to a minimum of calc that the von 

Sir ^ for Q ' ,nnvd I200.IKKJ. and preferably to flm, to main lain iLs r 

Turnover in iho veir mnounied "' i,h:n lflt nexl 12 months. At with perhaps so 
raSS-S. iff Vs Z SrS ,he P™*®", 1 levcI doling coals are >ays Mr. J. A 
.8 per ccni : vanned foods 16.4 dls P rrj P orlit, nateIy high. chairman in his 




cannin 

S33WS7 ,‘S TSSST M " liT '^TkSST » S^rjETS^ SUSP'S 

iVom- s & sajsru? sxx -stzssfe. ■asBrta , jaeg? ,< 

borough in Cheshire comes on Denis Poll of Daw-nay Day. to more than 16 per cent. Over the adjusted to £0.44m after deprecia- • 

stream acquire shares in asset and take- past 10 years, dividends have tion 10.51m. cost of sales addition 

Reflecting increased overdrafts over situations, recovery stocks grown at 18 per cent compound. £0.43m and the gearing factor 

of £7.7m against I3.73m interest and shares in regional companies. £12.000. * 

charges rose from £3^.000 to At the moment the fund is _ World demand for grouB pro- 

£731.000. The extra money was approximately 40 per cent liquid. | Y nnfl duC ^ decl,ned ' n “ e second fia,f 

equired to finance the significant u n the strength of the vieid on alall of Uie year and the press _ 

7- r 7 £. 1 k£m S for Amber &TSJBTia& 

.73.' J!?? (in me ykld on unit, m Ihe fund , , ... C, TracHnp conditions were affected 

by a sharp fall in the price of 
cotton during the first -half and 

.. -. — — - conditions at value write-down of group 

tiiiuu until ihrisinus effect it v I v ^md— now- «?rih some Amber Industrial Holdings incli- cotlon stocks resulted in a stock 

d-inioenin" dnmami for r-.nnJrf ITo.UIKI— w ill ri.-? 10 a minimum of calc that the company will be abl* i 0S5 0 f £271.000. 

fuoiis ° * £20y.iHiu. and preferably to £lm, to main lain its new* level of proiil Also the general swing to radial 

v»-ilh7n the next 12 months. At with perhaps sonic improvement tyres caused a world decline in 

A. Thomson, the the demand for textile reinforco- 
annual statement, ment used in tyres and in the 
per vent: breakfast cereals 13.8 per Target had intended to merge Pre-tax profits for 1977-7S rose autumn of 1977 Goodyear decided 
cent; dried fruits and cereals 9 the Coyne Growth Fund with 59 per cent to a record £361.338, 

per cent: cake mixes and dry one of its existing funds. Mr. Tim as already known. Turnover was 

desserts 7.9 per ccni: and fruit Simon, chairman of the group, better at £3.03m f£2.45mj 

drinks and juices 3.1 per cent. said yesierday. However, the new The most significant advance in 
Referring lo the introduction of f u °d fills a gap in Target’s range, profit during the year came from 
share participation scheme for an( l unitholders have been AmbersII, which was achieved 
employees the chairman says lhat strongly in favour of the change. 3fter deducting a larger loss on 


.‘IWatl^alllsimadedear" 

V v - Ff'na/iao/ T/mes " 

\ TKCHANGE C 0 NTR 0 E 

\ \ by Anthony Parker 

Price £32.00 including postage & packing 


Jordans, Jordan House. 
Brunswick Pl%e, London NI 6EE, 
Telephone 01 -2533030 


Jcnkst* 


ilh the publication of the 
overnment White Paper on rhe 
.subject proposals can now be 
finalised and a scheme put to 
holders later in the year. If 
approved it is likely 1h.1t ihe 
scheme would become effective 
from April 1. 1979. 

Meeting. Beckenham. Kent, Julv 
21. at 10.30 am. 


the German sales operation. Mr. 
Thomson explains that while this 
further loss is disappointing, the 
directors are inclined to per 
severe with this venture provided 
that such Josses are not dispro 
portiunate to their assessment or 
the potential profit which may 
result. 

In his latest annual report Mr. Causeway Steel Products, 
Mrfl Ala«tair Roger, chairman oF although not quite attaining iLs 
Electra Investment Trust. poinLs record result of last yer. eon 
oul lhat the policy of making a tinued to show a very satisfactory 
speciality of investing in small return on the capital employed 
listed companies, and in unlisted and March Cold Stores was able 
shares, is being maintained. The 10 benefit from the strong demand 
tm*q. one of Britain's biggest 'for cold storage capacity with 


Electra keeps 
to investment 
policy 


M&G Dual 
Trust ahead 

Net revenue of )I and G Dual with total assets of £68.32 rrT at consequent improvement in profit. 
Trust for the June 3ft. 197S si:; the March year-end. held unlisted he adds. 

months was £347.032 compared assets valued by ihe directors at The ultimate holding company 


uh .'-.Ml previously, and the £ lrt.54m at that dale. Almost ill is Caledonia Investments, 
interim dividend is lifted from per cent of the portfolio was Meeting. Cayzer House, 
.->p 10 hp net per J0p share. imesied in the UK. and another July 24. at 2.30 pm. 


EC, 


HICKING PENTECOST 

& CO. LIMITED 


PRELIMINARY FIGURES 
Results for the year ended March 31, 197S: 

1978 

r 

Turnover 9,372.332 

Prulil before interest and taxation 671.7.>7 

Interest 71.344 

Taxation 107,505 

Dividends 

Interim 2.3354p 11977: 2.3pl 59,587 

Proposed final 4.8643p (1977: 4.143Sp) .... 124,111 




Net earnings per oOp Stock Unit 

- Profits improved by 42%. 

* Dividend increased by maximum permitted. 

Knitwear exports increased by 50%. 

* Annual General Meeting Thursday, 7th September, 197S. 


*• » 



Interim Statement 

for the half year ended 30th April 1978 


Limited 


Trading Receipts and Profit 


Trading Receipts 
Trading Profit 

Profits less losses on sate of 
fixed assets and investments 

Rnancial charges 

Minority interest 

Profit before Taxation 


Half Year 
to 30 th 
April 1978 
fin 

270-1 


Halt Year 
lo30tfi- 
Apri»1977 

£m 


237.3 


19.8 

15.2 

— - ‘ 

4.1 

19.8 

19.3: 

(7.4) 

(8.8) 

12.4 

10.5 

(0.2) 

(0.1) 

12^ 

io.4 ; 


% \ 
Increase 

14% 

30% 


The above figures are unaudited and include the lull 
^'y^s profits Jor Iho hotels acquired from Lyons 
t’ 9 / 7 — 3 monlhsl and Knott (1377—2 months). The 
1977 profits include 5 months profit ol Terry® up to its 
dale ol disposal. 

J£ e af,er charging depreciation at 

£b.9m (1977 £6.jm) but are before adjusting lor taxa- 
tion and currency translation differences. 

Taxation for the halt year lo 30th April 1978 is estf- 
maled at £5.3m (1977— £2.4m). 


The first half year's trading producsffbnly a smat ptor - r 
portion of Uie year's profit owing to-the Masonatriaturai: ' 
of our business. An encouraging start- has been-madev 
and bookings are satlsfacloty. We Jodk JwwahT^I 
confidence to another adcoessfolyear. ".. ; ' - r j 
The interim dr/dend has'bew tnairaecd fa 
f iar ®jlf77—2^p)fa respect of the year Io3toj0cb>-5 r , 
ber, 1978 and tWa toREbe paid on ^nd :Octci»r 1 
shareholders on the register oh 4th.Septembw. 197a ^ 


THF- creates employment! 

In addition to the 67.000 men and women we 
employ, we also indirectly provide a liveli- 
hood lor many thousands of people in virtually 
every type ol industry. 

-gives opportunities to 
school leavers! 

?)S, 2 j? 00 y ° unq D 0 °Pl9 will join us this year: 

1.000 direct Irom school 
200 from colleges and universities 

350 industrial release students and 

1.000 others In seasonal jobs. 

-provides service to our customers! 

n,l iffiJS^Sr 9 £25000 - 0 °p on Improving 

our UK hotels this year. 

The hotel and catering industry provides jobs for 1 300 000 Thn 

rs; 1 !”!” BrtBin in w oi e>Ma mmio " 01 *#* 


Reservation office (worldwide) 


works for everybody 

“ takes its respoin^trifities seriously I 

Our prosperity depends principally upon-™ 


senousiyi 

Our prosperity depends principally, upon- re-- - 
cruttJng and training, the right people. Our - 
central training bill this year i 8 over £1 ,500,800. ' 


- gives a good return to 
our 60,000 Investors! 



73444 





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- - A.# 


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£ 

•tft 

.:• a*?; 
•■* ■»£ 
V. ■ 
■S* 

-t; * fe 
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position 


Vl — irUil! 
■ iv Wr 


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HrHsfc Vv*'i : *v 


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Jinanda'I. Times Thursday June 29 1978 



Ecoua suspended 

on talks 

hav - ^ 6 - 

the company announced that it SIMON IfOlilRP^ 
had been involved fn duscuwiuns fcT-X » ,V>7 ^ 

which ought lead to a bid being *rJ*S. COMPANY 
made for its shares. . Simon KnRineerinjt ha* bought 

This approach fallows the sale Krai *se Mzautectaring of Mil- 
of a 1S1 per cent stake m the ^aukce. Wisconsin, a company 
company at the end of Jart year v J ,, ch manufacture*, anti kcIIk 
by Waiter Laurence — the con- inraustaoui the U.S., a ranpi- of 
Struct ion. engineering and plant “^{-propelled hydraulic man-lifts 
hire group — to a number of insti- y.'hirh complement Simon 
timonal investors. Lnsinoerir*?. Dudley's curr.-nf 

, name the potential ra J!Kc of products. 

pidder has nor been revealed and f hc purvha.se price — Sl.Jnt is 

is unlikely to he so until at least 1° he paid in instalments. Krau.se 
tne weekend. Econs v.bich earned has a turnover of Sam 
pre-tax profits of almost £7U0.t'i0Q 
in the year to March 31. 1577 
snowed' group net assets of £3.4m. 

NORTHERN FOODS 
SHARES PLACED 


in Nourbem 


Over 3m shares 

Foods have been 

Kveral instituuonal TnvesTnrs by 
the Sam worth Family, folio nn; 


placed Jith **™«nalcd. 


Harris & sheldon 

talks off 

Harris and Sheldon’s share price 
slipped ::p to 50p yesterday as the 
company announced that talks 
wnh a mystery bidder had been 


Lasi month the croup whose 
interests range from sport inc 


NF*s takeover nf Porli Farms. The r 11 "* 10 announced that it 


placing took place last Thursday 
and Friday when the XF sharJ*- 
were quoted at 94 p 


Taking account of non-poyab’e \ h ‘ , r . hl * P'^cntiul 1 
stamp duly, the discount was “ ,n v,cw < lf thi 

between 6 and 7 per cent The V eunnfT1, c outlook .i 


Samworth family is rctii’iii*-. . 
between 5.5m and 2.75m ,\'F *‘PF r,:,:j e.i. 
shares. It is understood that onlv 
a small proportion of Pork Farm 
5112 reholders opted for the cash 
alternative. 


hrfd been involved in discussion* 
which might have led to a bid. 
\esterday. however, it announced 
bidder hud 
the uncertain 
and rising 
mtere.its not to pursue it* 


WARREN PLANTS. 

Warren Plantation Holdings 
which recently paid £i.flm 


HME CLOSURE 
Harriiun-? and Cro>sfieliTs olTi-r 
fur Harrisons Malaysian Esfales 
will finally close on July 13. 
II nnd C's advisers' Baring 
Brothers announced yesterday. 
Hut already H and C has 


Sunsrn fc,r achi eved it comfortable margin 

aupara investments which own? over the 51 per cent it needed 

" „ d °h pa,m ..P! 2Htat » < > ns for control of HM£. By Tuesday 
1 filW d ~r ™^ aS , S ? d ltS f nU . re Ba,in ~ said ,hal H * n *i C already 
PfJ" c £ nt * ta h e m Anfilo- controlled more than 7Si per cem 
®^ p ® rat, " n - Invest- having received acceptances from 
Stivers CntS Are Sa * d ^arcs ,a *I per cent). 

«ijjS sh vJ es a,,pear t0 . be Th0!,e associates DEAL 

which Warren acquired last (j n Tuesday. Bowe and Pitimii 
?old >be hs H 2n n nV? U,hn . t Hup ?t-8rown sold Tor a di<- 

of d 4nriiw?orfon«i*« » “Jlwnaiy investment client 4.430 

was jjp“ ^ ordinary sharcs at 


SHARE STAKES 

Rentokil Group— Mr. E. M. holder of £735,000 S per cent 
Buchan, director, has exercised cumulative first preference stock 
rights to subscribe for 225.000 tio.16 per cent). 


shares under share option scheme. 


^ a «m W e e ? a ; 0ldinthemarkel0n Waiirr and HE] bolds 
Ge^e Whitehousc (Engineer- 0P J^ry shares (9.7 per cent). 

ing) — Mr. A. J. Cross, director, „*■*!“. “ d r S £ l Dce ^ R « ie - , ™ d 
has acquired a beneficial interest " ot ^cation of a disposal of o.uQO 
in a further 1,000 ordinary shares °r sba . r ^o-. an j- pUrC i) af!k;i ’ 
making total beneficial interest £ o0 1 ?; 6 ? 5 *? nd r 2 S 7 ordinary shares 
377.790 shares, of which 376,790 * n «hich Mr. J. E. bieff. a director 
continue to be held by the has an * nteresl a s tnistee. 
Slidland Northern Trust. Cn. Goidrei Fouchard and Son 

BSR — Mr. J. N. Ferguson, — Gedma Investments, now holds 
directors, has disposed of 50,000 113 -°00 ordinary shares together 
ordinary shares . the holdings in the names 

Provincial Laundries — of the two directors. Mrs. M. A. 
announced on. June 20 that non- Davies and Sir. 0. E Davies. Toial 
beneficial interest of director . Mr. figure of 12U.OOO represents jusi 
J. I. Goldring, in the shares held over 5 per cent of the 7 ordinary 
by. Linnet Consulants and nssoci- caprtaL - *- 

ates had been reduced to 10 Wave Group — Trustees of 
shares as^resulriot the -Sale -by -fUlG.. P. Wace -(deceasedT^ hold 
Linnet of 40^33 shares. Mr. Gold- 624)92 shares (3.6 per- cent «. - 
ring hai notified the company Lindsay and Williams— Mr. P. 
that in fact the whole holding of -Bennett of Security Growth has 
40,543 shares was . sold and^.his reduced . his holding of 149.500 
non-beneficial interest therefore shares to 105,000 (10.1 per cent), 
has been^Iimlnated- ■ . . . ' Minty— D. B, Thompson and 

' Kacal ElectronJcs — increased famiJy liave increased holding to 
holding of °rd m my shares m 65J92 {16 5 per cent , shares. 

S'ir ZM 690,01 5 Hern-Consulate — II. A. Nachman 

Trnrtinn Mr hitS sold 10,000 ordinary shares 
GF^A. MeSue director oi »«'•* l« Per 

ffiSSS- D,,i„ad Stamping — Brllannfc 
f ' ,00 ° Uererred ordinary Assur;ince h as acquired a further 

Sh Highcroft Investment Trust- ^ 

Mr. N. A. Smith, director, has g™* f ™“ j73 ' ,er cent t0 
disposed o£ 10,000 shares held in „ c hac -- nnir - rt 

a beneficial capacity decreasing n ™ ?£? ons- 7 Antdres 4 . has 

129,500 ordinary shares bringing 
total holding to 139.500 (6 per 
cent). 

Sun Life Assurance — Kuwait 
Investment Office haS increased 
its interest to 5m lS.68 per cent) 


MINING NEWS 



25 


Ergo moving forward 
with confidence 

BY KENNETH MARSTON. MINING EDITOR 

*■ PROSPECTS FUR the current Endeavour at no cost through the able coal for shipment is being 

financial year rerun in* good." says nose Sim (£540.000) of expenditure loaded on to a Japanese vessel at 

Mr. Harry uppenheimer m the which will include the drilling of the port of Gladstone. Most of 

first chairman’s suitcmen of East two wells. the coal from the mines goes 

“f od and l/ranium (Ergo). At the end of that period through Hay Point, where stocks 
tnc brilliantly conceived project Endeavour’s interest in the oil and are nearly exhausted, 
ror extract) ng at a good protii (be ca.s venture will be 9 per cent and The coal miners are in dispute 
gold, uranium and acid content the interest held by other par- over a pay claim. They are 
ot bomh Africa's old mine waste ticipants will be: Murphy OD 50 seeking a higher ■ percentage of 
dumps. per ccm Ultramar 25 per cent, wages paid above industry award 

formally came in produc- AAR Limited 13.5 per cent. Gulf, rates, 
in m February or this year. un!y stream Resources 2JS per cent. Utah ships about 300,000 tonnes 
o years afi-r the decision to Further seismic surveys are of coal a week from its 

proceed with the project, planned to commence at the end Queensland mines, 

lncviiably, there have hern some of this year and drilling is planned Utah Development Ls part of 
ice thing troubli-s a nd full rated for the latter half of 1979. the General Electric group, but 
monthly output of approximate I v Endeavour shares were 2p up at W-8 Per c®* 1 * °f it* stock is held 
Kilourams c 18.1*47 ounces i 22u yesterday by Australian investors through 

" Utah Mining Australia, whose 

shares yesterday were 375p, down 


S Crofty keeps 
its promise 


J5p. 

ROUND-UP 


,0,I,,L ‘!> of uranium and 
44.0011 i unties of sulphuric arid 
will now lie reached nearer the 
end of HITS, a few months later 
than earlier forecast. 

The previously projected 

aljri *e\ rH-ciei ? F | n tlm * TSie Australian coal producer 

Jnlv r-i. ^wded. but THE CORNISH tin-producing CluUui Developments, increased 
recalled i r! Frl v 1 W,H be Srt,,,h Crorty has fulfiUed its its net income by 27,7 per cent 
be lLiiJnhnr , !S?J£ P ¥ C . 1 . ,IS P ,olils a,,d dividend forecasts for on 1877 to AS29.6m from AS232ra 

c^linwted rhjt (lie the year to March 31. Pre-tax the previous year Clucha 
wouned nlflS „ c0 “ ,d , hc l>rorus have advanced to £2.18m jointly owned by the 

the siJri ut U !lna iUZnJ. * fr ° m . from . nASm whlle lhe ux c^ge Institute for Cancer Research and 
protlutliou. has increased to £949,438 from RriUsh Petroleum. 

a n l*ci pa led a £H7!»,547. This leaves earnings of * -k * 

substantial proiil for the s.22p tier share out of which a a eraun of dissident share- 
urrent year to next March and a jinai dividend is declared of holdere in Vfton Mines, the Cana- 

!Sl d i!S? cni !i or w. a cl,, V Is . f01 ' lhe 3.475p which makes the forecast d^n^DDcV ^roduc^ nfan? to 
year with a doubling or this rate tmxl of 4 l 4 >u “ a , co P p “ r * , . roa “ c *»> P |ans to 

In 1D79-S0. Those projetlums wen - seek an injuncuon in the Supreme 


is 

Ludwig 


m 1U.9-H0. j nose projcctioiM urn The latest results reflect the r n „rt‘ ‘of BrI-Uh Po lumhia 

ftt-n |,r,CL ‘ r;,,w ‘ 0M|J ' hish price of lin which on the St £t5! eiin° <5 *1 SnfiS 
of SI -0 to M per ounce uho London Metal E^hangc averag^ ^Sliin 3 „d r BnS 
priLi? w.is lu.iji per tonne over the past rp u ^ j :J i._i3 


com pared with £4^80 


. programme. The dissidents bold 
about 13 per cent of the Afton 


per 

project's brcalc-cvcn 
given at S30) and so the slightly tear’ 

delayed attain mem or full pro- 1976-77. Ir was £6,717 yesterday. “ .T'J k» m! rfT 

ducuon seems unlikely lu .South Crofty’s production of tin d d by D ‘ Lu 

adverse ly affect the dividend concentrates was little changed at rnce - . . 

expectations. *i.>|t < nnnD . nr-fnrwt "W bmnp< ~ . " " 

Unlike a conventional mining ""tjmfty’s major shareholder is Hjeo Dtetnls has proposed to the 
operation, Ereo opuratus with a the Saint Piran group with a stake United steelworkers of America 
relatively small number of of 05 per ccnr. having sold the present arrangements cover- 
employees ami has been able to remaining 35 per cent via a public ir V» hourly-paid employees at 
avoid reliance on migrant labour, offering or the shares last year. Sudbury and Port Colborne in 
Air. Oppcnhcimcr says that the Offered at 50p they soared to S$p Canada should continue for a 
company has develuped :i non- before boiling over. They were further year. The suggestion was 
discriminatory personnel and in- unchanged at (JOp yesterday. 
dustri.il rdatinns policy for black 


UTAH DtCLARES 
FORCE IVLAJEURE 


made again^rt the background of 
a depressed nickel market and 
follows extensive lay-offs la>t 
February. 

Elandsrand Gold announces 
Utah Development yesterday that, of the 25.16m shares offered 

declared force majeure on coal at R3.05 per share, subscriptions 

deliveries owing to strikes at its have been received for approx i- 

four central Queensland mately 99.3 per cent. The balance 

operations. A spokesman stated of approximately 0.7 per cent will 

Australia's Endeavour Resources that it is imposisble to say when accordingly be subscribed for in 

has concluded an agreement with the force majeure will be lifted terms of the underwriting agree- 

an affiliate of Uliraaiar which after the men return to work. meal. The offer closed on June 
allows the latter to earn half The strike, which began on 23. Certificates in respect of 
Endeavour's interest in the Mariut June ID. will continue until next shares subscribed will be posted 
Block. Egypt. Ultramar will carry Monday at least. The last avail- *o applicants on or about July 14. 


BPB again turns in £27m 
repaying pref. at 95p 


AS INDICATED at the half-time year this company embarked on The sharcs stand on an up- 
stage. pre-tax profits of BPB a £9m project for the modemisa- demanding P/E of 4.6 and yield 

rod u strips were little changed at tion of the board mills at 5.7 per ccm. 

£2?.25m for the year to March 31, Aberdeen. 

1978. compared with £27. 15m for Expenditure on fixed assets was 
1976-77. Sales increased from at a record level of nearly £23m 
£243 .24m to £274. 63m. and further commitments total- 

In October, when reporting ling £47m include a glass fibre 
mid-way profits of £14.92m insulation plant in the UK and a 


plant 


1917.78 

IBTfrTT 

ton 

£000 

2T4.62* 

2-U-2TT 

9.CS2 

7,io7 

3. ITS 

=.561 


35 JIM 

l.SSti 

l.*33 

27,258 

27.199 

S.flfl# 

4.390 

1.597 

3.SSS 

19.35* 

19,574 

59 

103 

U>« 

in 

19.189 

19.641 

17 

i; 

3.354 

3.006 

15.733 

16,573 


Final half 
downturn 
at Somic 


(£J4-45m), ihe directors expected new plasterboard 
the full-year figure to be at about Canada, 
the same level as the previous 

year. e,.™ 

At the ACM Oo July 28. pro- Depreciation 

posals are to be submitted to inn-rrsi — 

preference and ordinary share- J*®*' __*• 

holders for the cancellation of the benwT'lwf™ 
preference share capital on terms t,* m 

that holders of the 303,664 5.6 Overseas ux 

per cent cumulative preference Not profit 

£1 shares win be paid 95p per SSSSS3£SW** < Mm«::: 

sna re. AttnbotaOlc 

In accordance with ED 19. UK pn-roreiAv dividends ... 
tax for the year takes £5.90ra ordinary dividends ... 

f£4.39m) and overseas tax £l-9m Reamed 

(£2.6Sm). Basic earnings are 
given as 44 p (452p) per 50p share 9 Comment 
and a final dK-idend of 3^24p bPB's virtually — 

raises the total payment from .. rofits r a) i ij n i ...:«. r*.* com- products, they added. 

6.879p to the maximum permitted mid^term projection. But A" unchanged final dividend oj 

7.624p net rome analvsK had heen hODhre 1-4566P makes a maintained total 

: An analysis of sales and profit f 0r a jirt]/ more and the shares of 2 -3~ s P for the year. Earnings 

of £25JSm t£25.25tn) shows (in f e || 3 P l0 20"p. More than half P er „ share are shown as o.iwp 

£000’s): building material etc.— - proup profits come from UK (4 ^ 3S P^- , ™ 


Profits before tax of Somic, 


m 


timover amounted to £2.09m 
gainst £T.S4m. 

First half profits had shown a 


per cent. Some of the lack of 
profitability could be attributed 
unchanged t° the introduction of new- 


net profit at £75,085 


Silentniglit 

confident 


UK, £129.198 jUIMp, «d a? n /SaSri a innd“ a “lU.ou“gh 
£14,662 t£13^i4), Canada E32J24 sa j es a f plasterboard were down le „ a J.‘ n j; coc-«o 

(£22.663) and £1.337 (£1,203), s ix per cent in volume, overall a S am5 t £9b,i6- 

France £56.949 (£47^83) and margins in this division were 

£3.045 (£3.675). Republic of more or less maintained. Losses 

Ireland £10,638 (£9.068) and £1,474 from the new chipboard machine, 

(£891); paper and packaging— however, totalled £L5ra, due to 

UK_£65,225 (£61,417) and £7,086 | 0W demand and competition 

(£6,714) and Netherlands £10,049 from cheap imports. Profits from 

(£7,999) and £2^40 loss (£503 the French company fell 17 per 

loss). Intra-group sales amounted cent as a result of price controls. . . . . 

to £30.45m ( £2S.4m ). But these restrictions have now Shareholders of SilcntniBni 

New housing completions dur- eased and since plasterboard has Holdings cotrid look to future 
ing the year were down on the less market penetration in growth in earnings, chairman Mr. 
previous year and the growing Europe than in the UK, growth Tom Clarke said at the annual 
use of plasterboard for internal potential here looks promising, meeting. Group cash now was 
linings and partitions was offset Losses from the Netherlands are strongly positive, be said, and the 
by a decline in sales for non- four times greater than pre- net worth of the business was 
housing construction. Profitability viously but BPB expects to break being improved all the time, 
in the gypsum division increased even in the current year. With a Mr- Clarke also told share- 
due to improved efficiencies £0.72m write off denting the con- holders it was clear that group 
resulting from the ongoing txibution from associates, the trading profits before tax to the 
capital expenditure programme group has bad a number oE half year ending July 31. I9‘S; 
of recent years, the directors say. largely peripheral difficulties to would be significantly ahead of 
The relatively steady demand contend with. Nevertheless BPB’s the equivalent period last year, 
for plasterboard liner enabled the UK base is solid and with both To ensure continued future 

L’K paper and packaging sub- private and public housing starts growth in earnings, the Board had 

sidiary marginally to increase Us on the increase, profits should already approved capital expendi- 

turnover and profits. During the start to move again this year, lure exceeding £2.5m. 


and white employees " io (he 
extent permitted by existing legal 
constraints " and a unified wage 
scale has been introduced. 


ENDEAVOUR DEAL 
WITH ULTRAMAR 


Portsmouth & Sunderland 


his- interests- to- -42.625 shares. 

Kingeriee has acquired 10.000 
shares in a beneficial capacity 
increasing shareholding to 212,998 
1 755 per cent) ordinary shares. 

Danish Bacon— Equitable Life - 
Assurance- .Society is beneficially .shares by purchase of 100^000. 
interested m a total of 200,000 EUwick-Hopper-^ir R Carr- 
-A” ordinary shares (11.5 per Ellison, a director, has sow 
-enn / UMMICKJ ordinary shares regurtered 

British Petroleum — Phoenix in the name of the Carr Ellison 

ASi-urance is now the. beneficial Estates. ' 


‘Strengthen law 
on shoplifting’ 

RETAILERS should be given 
powers to detain suspected snop- 
fifters and have complete protec- 
tion against claims for wrongful 
arrest, it was suggested yester- 
day at a security and protection 
exhibition conference at Leices- 
ter. 

Mr. Frank Pegg. a security- 
expert and Home Office lecturers 
toid retail executives and 
security personnel: “ The re- 
tailer or store detective has no 
option but to arrest shoplifters, 
and often the thief gets away 
because the retailer Is afraid to 
do this for fear of the legil con- 
sequepces j)f making a mistake.. 


Ilfracombe bid 
to draw jobs 

A BROCHURE designed to 
** sell-” a Dew industrial sile at 
Mullacoit, two miles from the 
centre of Ilfracombe, is being 
launched next week. It will be 
circuiated to industrialists . with 
the help of the CB1. the Depart- 
ment of Industry, Devon County 
Council and North Devon Dis- 
trict Council and will be 
supported by an advertising 
campaign. 

Ilfracombe has 21 per cent of 
the working population unem- 
ployed. compared with the 
hatibna) figure of 5.7 per cent. 



Heavy promotion campaigns at lhat the first current cost accounl- -• tviumWtc mi. Five moniiis 

Portsmouth and Sunderland ing statement shows a profit . l ,'2 n ™' “ l , u i? b 1 l . , i 

Newspapers together with an before tax of £1.554,000. ioddcs. 'cdmuTs Xin£ 

improvement in the content and in their report, the auditors 

design of most of the group's stale that in the following respects 

newspapers has resulted in buoy- the accounts do not comply with . _ 

ant circulation. Sir Richard the requirements of the relevant |Y/|f)|'p n r |7pC fnr 
Storey, tile chairman says in hi* statements of Standing Account- IvlLUC pi AVI 

annual report. ing Practice: „ 

A major aim now is to regain Profits and losses on sale of SSlCtV IllDlS 
the previous level of household fixed assets have been taken J 

coverage and achieving this direct in reserves and not dealt TWO Central Office of informa- 
larget would mean that, will) with in the profit and loss lion fiims on drinWng and 

^x^„iis,sir.£5r s na , «... . n . u n » « u* 

in circulation would be achieved. have been taken direct to London Television Advertising 
The volume of advertising in jSSg' iS Awards iQ ApriU look ^ lop 
each of the company s evening JJJSunfover the expected useful and third- prizes in their class at 
newspapers continues to rise: and |[ V0S 0 f t| ie as^is concerned. the 25th International Advertis- 

LhSt C 5dvmSei S ™rc rC wUirng To Management has continued ing Film Festival In Cannes. A 
oav 1 enhanced rates for provincial negotiations with the production third commercial was also an 
Sewraaoe? space S.S that unions to enable the most modem award winner. 

S3K P .« T«p «Jd u. pay S B, 5Sd i ,«" "Si; Tb ( awards went to What Do 
frequently rising voter prices. Portsmouth. Some of the new W® Do With the Drunken 
Each of the evening newspapers e n U jp men i has been installed and Driver?. The Difference and 
(s now selling for slightly less j t \ s hoped that the rest will Outside Loo. 

than many others in the country, follow soon. 

and advertising rates have been the Mail. Hartlepool, a 

increased by as much as was programme of modest develop- 
thought reasonable. ment has been started to improve 

“Of course optimum use of working conditions Tor lhe siaff 
modern technology would help and raise the quality of the paper 
stabilise both cover prices and su that the profit Front this office 
advertising rates,” says Sir may be increased. 

Richard. • Two of the radio stations in FIFTY NEW jobs arc expected to 

For the year ended April 1. which the company has an be created when lhe Development 
1978. pre-tax profit roat- from interest — Metro Radio I Tyne and Board fur Rural Wales binlds a 
£J.3Cm to £].93ni. The dividend Wear) and Radio Tees (Teosside) £223.11)0 extension to the Llan- 
is 3.135l)7p. have begun to produce small drindod Wells factory of Sellen 

The financial results arc profits, and the third. Radio an ,j Dur ward, letferiiles manu- 
undoubtedly good. Sir Richard Victory (Portsmouth) is moving 
says. The large capital invest- towards profitability. 

Meeting, bunderiandf July 21, at 
12.30 p.m. 


Factory growth 
boosts jobs 


ment in the south is now begin- 
ning to earn a proper return, 
while the present trend in 
advertising volume and news- 
paper circulation is encouraging. 


MINING BRIEFS 

COLD AND BASE— Ompul of COIli-cn- 


faciurers. 

The extension will provide 
13.500 sq ft of new space. The 
company hopes to be using the 
extension by the middle of nexl 
year. It now employs some 220 


It Is, however, salutary to note h-uk-s- *J3 p ,, r um Arade> for May: nn people* at Llandrindod Wells. 


FIDELITY 

INTERNATIONAL FUND MV 

REGISTERED OFFICE: SCHOTTEGATWEG OOST,SAUNJA CURACAO, 
NETHERLANDS ANTILLES 

Notice of Special Meeting of Shareholders u ^ 


Please take notice thala Special Kfcetin? or 
Shareholders of Fidelity International Fund 
N.V. (the ‘•Corporation”) will take placeat 
3.U0P.M. at Scboticgatweg Oost, Salinja, 
Curasao, Netherlands Antilles, on July 19, 1978. 

The following mailer is on lhe agenda for this 
Meeting. 

3. Proposal, recommended by lhe Management, 
to amend Article 13 of the Corporation's 
Articles ol'lncorporation to pro\ ide that any 
officer or Director or any party with which the 
Corporation may have concluded an 
investment manugementor advisory 
agreement or of any corporation own ing 
directly or indirectly a majority of the voting 
securities of such party or ol'any directly or 
indirectly-owned subsidiary of such parent 
corporation may acquire shares of the 
Corporation's capital stock without regard to 
the nationality of such person. The details of 
this proposal may be obtained from the 
Principal Office of the Corporation at The 
Outerbridge Budding, Pills Bay Road, 
Pembroke. Bermuda, or from the Registered 
Office of the Corporation atSchollcgaiwcg 
Oost, Salinja, Curacao, Netherlands Antilles. 


Bank Julius Baer 
International Limited 
3 Lombard Street 
London EC3V 9ER, England 


Bank Johns Bar & Company Limited 
Bafanhof5trasse36 
Zurich, Switzerland 


Holders or registered sha res may vote by proxy 
by mailing a form of proxy obtained from the 
Corporation's Principal Office in Pembroke, 
Bermuda, or from the Banks listed below; to 
the Corporation at the following address: 

Fidelity International Fund N. VI 

c/o Madura & Curicl's Trust Company N.V1 

P.O.Box 305 

Curasao 

Netherlands Antilles 

Holders of bearer shares may vole by proxy 
by mailing;! form of proxy and certificate of 
deposit for ihcir shares obtained and filed in 
the manner described in the preceding 
sentence. Alternatively, holders of bearer 
shares wishing in exercise their rich is 
personally at the Meeting may deposit their 
shares, ora certificate of deposit therefor. 

With the Corporation at Schotiegatweg Oost, 
Salinja, Curasao, Netherlands Antilles, against 
receipt iherelor, which receipt will entitle said 
bearer shareholder!!) exercise such rights. 

All proxies (and certificates of deposit issued 
to bearer shareholders) must hc received by 
the Corporation not later than 9:t<i A.NL on 
July 19, 1978, in order to be used at the 
Meeting. 

By Older ef the Management 
Charles T. !\L Cullis 
Secretary 

Hie Bank of Bermuda Limited 
Hamilton. Bermuda 


Kredk-tbank SA. Luxemboorgcoise 
43, Boulevard Royal 
Luxembourg 




Trading results for the year to 31 st March 
1978 (Subject to audit confirmation) 

2nd Halt year Full year Fully 


1.10.77 to 
31.3.78 



to 
31.3.78 

EOOO’s 

33,556 

7,597 

3,267 

4,330 


Full year 
to 

31.3.77 

(Audited) 

EOOO's 

22,849 

4,537 

1,916 

2.621 


38^1% 

47.1% 


46.9% 

67.4% 


44.1% 

59.2% 


Extemsdsades' 

Profit before taxation 
Corporation Tax<52%) 

Profit after taxation 
Increase (%) on 

cones pondingperiod— 

ExtemaUatas . 

Profit (pre-t®0 

w^arssSS'aH 

8lh 

t he SSctorrw7rel:ommefid a maximum 

SS^isag 



in trying conditions 



Some points from the Statement of the Chairman, 

Ml R. C. Robertson. 

The year’s profit, although a record, was below expectation. 
Increased marketing effort has helped maintain our overall volumes 
amid adverse market trends. 

Increased sales of cereals by Viota, the acquisition of Scotia Barn^ 
and the introduction of new products indicate continuing growth as 
we broaden our operating base. 

Export sales were buoyant but their profitability was badly affected 
by weakness of the Canadian dollar and the Swedish krone. 

With final restrictions tiffed, our prepared plans for making an 
impact on EEC markets sure being put into operation. 

High inflation In fruit costs, a fall in food consumption and the High 


Street prices war have contributed to our difficulties, but we 
are confident of further progress in the coming year. 


Results at March 1978 




1977/8 

1976/7 


£000s 

£000s 

Sales: UK — Horae 

59.423 

43,458 

Export 

4,208 

3,326 

Overseas 

8.705 

6,482 

Total 

72,326 

53,266 

Profit before tax 

2,734 

2,581 

Earnings per Ordinary Share 



(no U.K. tax) 

22. 8p 

24.5p 



Robertson Foods Limited J 

If you would Eke to receive a copy of the Repeal: and Accounts, i 

but are not a shareholder please fill in this coupon and said it to; J 
The Company Secretary Robertson Foods limited, f 

50 Bumhill Road, Beckenham, Kent BR3 3LA. | 

Name | 


Address. 


£L1 


/ 





INTERNATIONAL FINANCIAL \NI) COMPVNY NEWS 


NORTH AMERICAN NEWS 


G Petro-Can opts out of Husky bii 


BY ROBERT GlBBENS 


MONTREAL. June £S. 


THE NATIONAL Oil Company, promised CS52 a share offer. Alberta Provincial Government, scale from these reserves for 

Petro-Canada. to-day dropped its Today. Petro-Canada said it has effectively blocked the many years. The issue in the 

CSS72m cash bid for Husky Oil would not go ahead with its offer. Occidental bid. takeover of Husky control has 

and Mr. Robert Blair, the man because of the major purchase of AGTL and Mr. Blair, with the centred on further development 
who was active in the decision on Husky stock by AGTL, Trading help of some Western Canadian of these reserves through tertiary 

the Alaska Highway gas pipeline in Husky was hatted for dis- oil and gag interests, last year methods and installation of a 

route last year, has emerged as semination of this news. Husky succeeded in getting the US SUbn CSSOOm upgrading plant, 
effectively the largest single also trades on the American Alaska Highway natural gas pipe- Reports from New York 

shareholder of Husky, Stock Exchange in New York, line route accepted to move claimed that Pershing and Co., 

Albert Gas Trunk Line (AGTL), Petro-Canada claimed that Alaskan gas through Canada to New York brokers, bought most 

headed by Mr. Blair and the many of the AGTL purchases mid-West U.S. markets. AGTL is of the 1.7m Huskv shares traded 
largest gas transmission company were made in the market at a the main sponsor of the Canadian on the American Stock Exchange 
in Alberta, confirmed last night level above its bid of C$52. How- section of the line. on Monday. Pershing usually 

that it had continued buying ever, yesterday AGTL could Questions have been raised acts on behalf of other invest- 
Husky stock in the open market have bought the shares for con- about the delays in the financing, ment firms. In Canada, Gcciden- 
on Tuesday and now held 35 per siderably below that level. Pelro- How AGTL is financing its tal Petroleum has been repre- 
cent of the 11m Husky shares Canada also said AGTL had acquisition of Husky stock is not sented by Burns Fry, working 
outstanding. indicated that it may buy more clear. Nor are its intentions for with Occidental's U.S. agent 

This came only 24 hours after Husky stock. the future of Husky, and its heavy Kidder Peabody. 

AGTL revealed that its holdings The 3a per cent holding of oil reserves in South "West Dominion Securities a major 

in Husky had grown from 4 per AGTL considerably outweighs Saskatchewan. Canadian national investment 

cent to 23 per cent since the that of the previous controlling Husky, wilh assets 0 f well over house, was a big buver of Husky 
Srst week in June. On Monday, group — the Nielson family of CS600m, is an exploration pro- stock last week in "Toronto and 
the market price in Canada of Cody. Wyoming. The Nielsons duction and marketing company may have been acting for AGTL. 
Husky shares reached a high of had earlier accepted a share- with two-thirds of its operation A document filed with the SEC 
CS53. On Tuesday, after AGTL exchange hid from Occidental in Canada, and one-tbird in the in Washington revealed that up 
revealed that it had 23 per cent Petroleum of the U.S.. equal to U.S. It claims 16bn barrels of to June 26 AGTL spent CS127m 
of the Husky stock, the price fell about C$54 a share, subject to heavy oil io place in Its permit in acquiring Husky slock mostly 
back to around C547 in the mar- SO per cent acceptance. It now areas In the Lloydminster area borrowed from the Bank of Mon- 
ket, as doubts spread that Petro- appears that AGTL, possibly with of South West Saskatchewan, it treal and the Bank of Nova 
Canada would go ahead with its agreement of Ottawa and the has been producing on a small Scotia. 


Texas oil 

pricing 

investigation 

■HOUSTON, June 28. 
THE Federal Bureau, of loves- 


rises 


BY DAVID LASCEU.ES 


tigation says that numerous LENDING IN the. Exmjcurrencyi'Were re^toed^by ^ „ 
agents, along wilh an assistant international bond ■marketf^JTbrr),' AUs4ri|Ila, JT» 

U.S. attorney, have been la ^ched record levels in the 
Houston investigating several ^aif of 197$ hut the trend -mpxao, F nmaff 
oil companies on suspicion continues io nariw-Tngv 

that they may have been towards the fanif a per cent lereLTiaiproved balaiici 
pricing old oil as new dll over jjgj-gajj Guaranty reports in -the; BOTrQVrin&^ jbY;, T . 
a period of five years. j atest of ite World Final- tfwelopwgU ‘.paanBieSi, 

The agency declined to name daI Markets. ' - 

any of the companies involved ' . , s. j. 

in the probe. The investigation The Bank estimates.tbai. countries?: bcB^ryraBTg-^OSfr, fi 

was said to involve the alleged llcised new^orrowijgs 

practice by certain oil com- about SS0bn_ between. ^AjtfcotigfeN Tjorcdwing 

panles of unlawfully inflating and June this year, up 
the price of old oil, which cent on the same period 

sells at about S8 a barreL to year. Most of JMs was & m 

the price of new oil, which medium-term syndicated. Eor» 

sells for about S14 a barrel- ' currency market; 

Certain oir companies were bank credits amounted to Westf-But 

alleged to have accomplished nearly double last years SISbn; tbatv.-theiir -4^<at- r ystrafiiS i 
the price change through paper International bond issues, b Y c 2^«laege. aad itfierB': * 1 te's*- 
middlemen made to look like *jas*- rose only slightly xefln an 

intermediaries in the sale of Slf.lbn to S17.3Dn. . . . "external tfeht; f&Hmg dnfe.-: 

oil by refiners to distributors. industrial countries^ main bbwawewV^^ _ 

In Houston the FBI said accounted for 58 per rent of new ^y. 

that “if what we feel as iavesti- borrowing, but large increases and Hungary ;-^- ;-t 


.. 

re reniaia^ l iWH^i^e'^^a 


H n o£s°" Electronic banking finds favour 

flUIUIUgb source familiar with the Ir 

BY OUR OWN CORRESPONDENT NEW YORK June 2S. tleation said that, on a nal 

oner * wide scale, it coaid Involve 

NEW YORK, June 28. A SURVEY of U.S. consumer Corporation, said that opinion But he acknowledged that t0 SUin a 
INSPIRATION HOLDINGS, attitudes towards electronic research combined with the EFT had received a generally AP-DJ 

owned indirectly by Hudson Bay transfer services (EFTi banks’ own experience show that hostile reception in the U.S. A ft/Tf 1 talW 

Mining Smelting of Cudana and offered by American bonks people like the use EFT once press, and he said that a wide- ^■' A V’- KendU ‘ i; l a IKS 

Minerals Resources Corporation reveals today that Fewer than they have the chance to become ranging public education pro- American Motors Corpora 

of Bermuda, bas instituted an h? 1 * questioned were aware familiar with its benefits and gramme was necessary to build sU»* hop** to complete negi 
offer to purchase any and all their existence. Ur those who safeguards. up consumer understanding. tions on a joint car dfstribu 

shares of Inspiration Consoli- J"* them * 38 P" and production agreement 1 


BY OUR OWN CORRESPONDENT 


NEW YORK June 2S. 


up consumer understanding. 


dated Copper for cash at $33 
per share. 


cent thought they were a good 
thing, 24 per cent thought they 


Inspiration Holdings currently nninin^ “ d *** ^ ^ -BaltlH 

owns 39 per cent of the out- °P ,nion - 

standing shares of Inspiration Tbe survey, by Cambridge porne 
Consolidated Copper. The offer Reports, was commissioned by 
is to expire on July 17 unless the Electronic Money Council, a rvrjjrAcrn 
extended. multi-industry group bringing . f* 

Mr. John B. Howkins. presi- together banks and other registered by 
dent and chief executive of organisations connected with Electric, 1 AF 


Baltimore Gas Oh 


earns more 


inympia ior& 

unit loan 

O Y. EQUITY, a U.S. unrt of 


in it, uu «jui> uuicaa me IjKCIIuiiic hi uut?v v^uuilCII. a rSTOTTACTTn flri'rr uv'-'u I. a V.‘.J. ulii, ui - . , 

extended. multi-industry group bringing EA SED PROFITS are Olympia York Developments, has a S r ^ineat still has di 

Mr. John B. Howkins. presi- together banks and other registered by Baltimore Gas and borrowed 841 m from Royal Bank r ™ e “ “j- thscussi 

dent and chief executive of organisations connected with Electric, 1 AP-DJ reports. Net of Canada through the bank's 

Inspiration Consolidated Copper. EFT, the generic terra for the profits for the year ended Mav U.S. agent, AP-DJ reports from 2”}: , ,„ re ,°?° , 

said today that at yesterday's new electronic gadge try which 31 last amounted to S116.5m 0 r T °r° nt0 - u . talks or m taS*! 

Board meeting Inspiration's banks are introducing to moo,. . haP(1 a «ainct sum r™ Proceeds will be used to fJJJ* ®f 3111 issues 1 
directors bad repeated their in- improve retail banking. ^3-3 a share, agamst $103.1m or finance the acquisition of a how ««r- 

tention neither to recommend . v— 86 a share previous^ « building at 466 Lexington Pbicinc In JnciriM 

nor oppose the cash tender offer ^'though these results were Revenues totalled SSSl.Pm. Avenue in New York and two ™ .® lR ® S 


middlemen made to look Uke Iras*, rose only slightly from 
Intermediaries in tbe sale of Slf-lbn to S 17 . 3 on. 

oil by refiners to dlstribntors. ij^ e indnstrial 

Id Houston the FBI said accounted for 56 per rent of new" ^a|py. 
that “if what we feel as iavestt- borrowing, but large indaeas^t and Hnnsaryr 
gators Is true here, then tins 
is Just (be start.** Tbe agency 
declined to estimate the 

amount of money revolved in Tttt. T 

the alleged scheme, bat a P^l 
source familiar with tbe loves- X v 1 ,” ■ ■ 
tleation said that, on a nation- * 

wide scale, it coaid Involve up vuvyk 

to Sl.lm a day. BY i OHN WYLES 

AP-DJ Tine PROFITS surge enj oy ed; earn in gS'tbe^yMr’b'efdre: . . 

AiVfP D png „Ft fallrc last year by large nbn-todustriai revenues 'were jjp t 

^!/I 4 _-«;enau.r raiKS companies in the U.S, 'Is ' . $ 56 ^bm-' :-y^e “tax 

American Motors Corporation today by a survey which companies' knife r^a:laa^'^ «affietViA^regafe'; ; earaarres 

still hopes to complete negotia- f 0UI1( j a strong across-the-board In proftts^ prbperty :ahd i 

tions on a joint car distribution -earnings record with a less than insurere aMd siwnga~ anti-. Tdaa ; : '"rev^mtaa r, fco 3 e; . 14 } -par t-Ceni to 
and prodacti on agreement with expected decline from the record ^associations did 1 welL -A^etng.Xi fe~ ^ 47 ^ 5 n~j„Op 5 k . r sales fa 4 pkin&- 
Regie Nab onale des Dsincs pro fi t increases registered dn and Casnamr ■ -amf: . TraVeHfera’ ioB.. riiro. jiprtfc^rrans. -Worid.- 
Renault the French car maker 1976- = - -Corporation ;/ ~ ' ~ 

AHC’s 6 chief” eScm?ve f, officer TAe securities industry proved; I'M- 

s£fta Toledo reSta apdJ *° be the only sector of serious,:- Retailing; Retaflfira [P&uSSiKnbb 

Mr Cprald fl ’wJwf A^tr’c weakness, largely because of-.^strongestsales grtrwai ^nce l^fjrate/iTyir^i^^Asseta^ rose' Sj 
president said "that, while an declining revenues and a failing .at S .6 per cent' Aggregate ^sales-.'^gr/cent'' t^R^Mw^opatating. 
agreement still has not been **<«* market. However, nqn t ,were $ 145 ^ , ftofit rewinjos.:iJise:^m . jH 3 r:*eht to 

reached “the discussions are industrials generally benefited;however, remalned'slim-vrim^^ Slpy^^/andhetixataBe.lS^Tiar 
"oine on and thev are eoia" frora ^sher irate increases for'inst. food p^orrii- 

well We are ontiinistic ” He insurances companies and .timing i a ; the :best'_ ' ratio J at .anee . H.vfagf Jaided^ -by- AT ^n d : Ts 
declined to elaborate on the utilities, a record number of • profits to sales VA rpet, .cca^tl'lELB per increase^;. earn- 
talks or any issues Involved people in employment and rising. Bears Roebuck.: and ■ . Safeway lngs.'Tbisr giant : accdunts fcir 34 
however. consumer demand for retail ^Stores, again occupnecD.&e^ oifthe groans nssets and 


BY JOHN WYLES 

THE PROFITS surge enjoyed: ea,rn in gir-!ffie^eOT' r :.b'el<^refc: . . , _ 

last year by large nbn-tadustTiai_revenura 'were 
companies in the U.S. -Is con- : tp . $56^bht •' "VjRill e a^afggtri^^bv- 


Renault the French car maker 
“ in the not too distant future ” 
AMC’s chief executive officer 
Kaid in Toledo, reports AP-DJ. 
Mr. Gerald C. Meyers. ASIC's 
president said that, while an 
agreement still has not been 
reached “the discussions are 
going on and they are going 
well. We are optimistic.” He 
declined to elaborate on the 
talks or any issues Involved 
however. 


being made by Inspiration Hold- Pf^^ps more disappointing than compared with 8792.5m. the Penn Central-owned properties 

Q ” ■ tnp r*mr rWM I miahh hnun It n nrPmmie iraoe a 


insis. 

AP-DJ 


Anderson Clayton 

The commodities trading com- 
pany. Anderson CIa>1on. 
achieved a net Cruzeiros 4.4 bn 
($34S.8mi operating revenue 
in 1977 — tfl per cent higher 
than in 1S76 reports Diana 
Smith from Rio de Janeiro. 
Gross profit of Cr I.lbn 
($61. 4m) was 26 per cent of 
billings: net profit was 


the Council might have hoped, previous year, 
the survey did show that EFT 
has higher acceptance among the 
young, among people who make ciipfinriMruc 
big use of financial services, 
and among opinion leaders. 

Furthermore, respondents who T M# 3« 
were not familiar with EFT 
were generally interested in v 

using at least one or the services BY 0 Lln FI! 
available once these had been 
explained to them. THE EUROBt 


on Park Avenue. 


Indo-Suez $30m issue 


BY OUR FINANCIAL STAFF 


Philips Industries predicted 
that sales for the second 
quarter would be greater than 
STOm. up from >5 62.7m a year 
earlier, reports AP-DJ from 
Dayton. Mr. Jesse Philips, 
chairman and chief executive, 
told the annual meeting that 
earnings per share for the 
second quarter should he about 
4fi cents compared with 
35 cents. Air. Leonard Reardon, 
vice president-finance, forecast 
net earnings for tfcr second 
quarter of about $S.5m com- 
pared with $2JZm. 


,n r reports Diana explained to them. THE EUROBOND market was According to a gene-/ resorts, vice president-finance, forecast 

Grciis profit Tbe most Popular services alive with rumours yesterday other issues which emerged yes- second 

V$« 4mf™ as 26 per cent of were - the automatic teller predicting large issues for '****. “e a D» I 25m place- ES^S ttS? ^ “ 

billings: net profit was ? he .‘? ue several major banks, including or d Ha Sour? rJffpJl f * ■ n i , 

kMJutlfS “r “ anhanan s Ser“e?t “nd!c»®ed Louisiana Pac. deal ■ 

increase or per cent over ® One Issue was announced — - price of 991 per eent, and a Louisiana Pacific Corporation 

1 w * . , _ In presenting these results. S30m Tor Indo-Suez. This offers Lux FFr 250m offering for B\T has reached agreement with 

? 0 iS-t n V n SS’? 1 " Mr -. J ? mes Suuth - the Council's a quarter of a point over LIBOR International Finance. This tb « that allows the 

a «i j np, itf, C0 - Cba ‘ rman f an d a 0 “ n i° r f o r a seven-year maturity with reportedly offers S per cenr for approximate S60m merger of 

—a 4a.4 per cent increase, executive of the First Chicago a minimum rate of 51 per cent. 10 years via Kredietbank Fibreboard Corporation with a 


This announcement appears as a mailer of record only. 




sonatrach 


SONATRACH 

Societe Nationale pour la Recherche, la Production, le Transport, 
la Transformation et la Commercialisation des Hydrocarbures 

U.S. $150,000,000 

Financing 


the FTC that allows the 
approximate S60m merger of 
Fibreboard Corporation with a 
unit of Louisiana Pacific with- 
out a court challenge from the 
FTC. reports AP-DJ from 
Portland. The merger is effec- 
tive immediately. A condition 
of tbe agreement with the 
FTC is that Louisiana Pacific 
divest aii interest in Fibre- 
board's medium density 
iiherboard plant within two 
years, and that Louisiana 
Pacific retrain for-a ten year 
period from acquiring without 
FTC consent particleboard or 
medium density fiber board 
production facilities. 


goods and transportation. 

The results have been collected 1 
by Fortune magazine, winch 
annually compiles lists of the 
fifty largest companies in six 
non-industria Isectors The sec-; 
tor-by-sector breakdown' - is 
follows: 

Commercial Banking: In assets 
Bankamerica Corporation and 
Citicorp were- again the first and 
second largest in a group who$d 
profits rose in 1977 at the fastest 
rate in four years. 12.2 jier cent;. 

Aggregate earnings for the top' 
fifty banks amounted to $33bn, 
while deposits rose by 13.5 per 
cent, more ‘than twice,, the pre* 
vions year’s increase, to .5523' 

Loans made by the banks ti 
the" 1976 rate - of increase 
were up IAS per cent to 

Life Insurance: Companies in 
this group do not report net 
income but the 10.1 percent rise 
in life insurance issued last year ; — » : . % 

was the highest annual increase ' Kvtrarls. 
io 20 years. At the end of the * 

year, the 50 largest companies ' v 

had issued SIR trillion (million 
million) of insurance and their 
total assets had risen S.3 per 
cent to S278.1bn. Prudential . 
widened its lead over second o 1 = 

ranking Metropolitan for the ^al e S 

'wSSEi'SE-i profits ProfatbeforeTax 

Atmbuable to 
63^ per cent increase m net Ordinarvohare 


two slots: .r, : :: nperating:;reveoijes ‘ "aid 38 per 

Transportation: Profits: of tlw ceht o bet ih6fflfcae > 




thatshbtehqlders 
vwllbe’wieji: : b 

1 y -* » v> : r -’ " 


ffiSlVi • v fr • • 


' Extracfe-irom tfieinterim Statement: :'- 


•• JJaO’ear (unaudited) ’ . FuflYear 

* - 30 . 4 . 7 S - 30 . 4 . 77 ' ’ 3 jLEX 77 . 

. /. V .. (Restate^;; / 

£000, ■■■£.' 000 -v v ‘: £*000 - 


\ ; 94Q4 .. 'TpIO; - .26,954. 
\ ^03 o : ^274 ; VW32/ 


LONDON SUMATRA 
PLANTATIONS LIMITED 

Issued b Paid-up Capital — £1,533,171 in !0p shares 
Secretaries and Agents 
Harrisons & Crasfield, Limited 


Ordinary Shareholders : 288 ? 169 6^ 

Jji order, to accord with changes mot kin c?ii accounts fpr.ila fuS^ear 
1976/77, thefigures ongiruiflji preseiitedfot tfie iiai^ear 1916/17 ■ 
have heat restated, 


for the 


Airar Gas Recycling Project 

Guaranteed by 

Banque Algerienne de Developpement 


PROFIT AND DIVIDEND 

Profit after tax 
Dividend far year 
--pence per share 
—absorbing 

CROPS HARVESTED 'OOO kgs. 
Rubber 

Palm Oil b Kernels 

Coffee 

Tea 


31 . 12.77 

■£ 708,952 

4.0p 

£ 637,268 


Year ended 


31 . 12.76 

£ 523,665 

ZOp 

£ 318,634 


Rubber 20,600 20,61 

Palm Oil b Kernels 40.600 39,41 

Coffee SOD 31 

Tea 800 71 

PLANTED ACREAGE (subject to survey) 

Rubber, Oil Palms. Coffee, Tea, Cocoa, Coco nuts— 96,733 acres 


Annual General Meetini-25th July 1978 


ment throughout the half yeai^ ; " - : ' ' . . .. 

Interim Dividend isincreasedhy'tfte nSndmhm 
permitted annual amount to L14p; It is hoped that 
Government policy -will permit a further increase il 
thennaldividencL ■■ 

B^J^J’cnnogla^cHoIiIingsLinu'trf, 

)ork House, j 7 Queen Sauure.London WCIW3BL- 
A group of MnLpani&conccmeduididiemamifacacretrfd^^ 

. trade paiiizs and vuLisaialpnishix. 


Managed by 


First Chicago Limited 


European Banking Company 
Limited 


Canadian Imperial Bank of Commerce Texas Commerce Bank N.A. 


Amsterdam-Rotterdam Bank N.V. 


Provided by 

Arab African Bank— Cairo 


This announcement appears as a matter of record only. 



The Bank of California N.A. 


THE FUJI BANK, LIMITED 
U.S. $20,000,000 


Canadian Imperial Bank of Commerce Crocker National Bank European American Bank & Trust Company 
European Banking Company The First National Bank of Chicago First Pennsylvania Bank N.A. Midland Bank 

Um,led Limited 


Floating Rate Dollar Certificates 
of Deposit due 30th June 1981 


RBC Finance B.V. 


Texas Commerce Bank N.A. 


Seattle-First National Bank 


UBAF Arab American Bank 


Agent Bank: 


Security Pacific Bank 


Wells Fargo 

Limited 


European Banking Company 

Limited 


ternational Finance Limited 
Citicorp International Group 

Kleinwort, Benson Limited 

Manufacturers Hanover Limited 






June, 1978 


29lh June 1978 


Agent Bank -.it 

Credit Suisse White Weld Limited v , ^ 


— >*- 1*~* ■ -- - • v >-• i.- 





■ v hJ* 
. *! .%■ 

% ;: -at 


■-.‘"J**. 
. t- 


lire 

* * 1 3 


j - j * i *.• ^ 'rV; i> 

- A - 4 -•v.’iuijLAi 


Financial Times Thursday June 29 1978 


I IS T E R N 




u° iJj 










Major reorganisation of p re , e P e m 

banking 

Alia Komeo management venture 

O A . _ 1. 


MEDIUM TERM CREDITS 


Mandate for $ 500 m Mexican loan 


BY MARY CAMPBELL, EUROMARKETS EDITOR 


BY PAUL BETTS 

IRI. Italy’s slant slate bolding 
company, announced today a top 
management and financial recon- 
struction for its troubled Alfa 
Romeo and Alfa Sud car manu- 
facturing subsidiaries. 

The two car plants— one In the 
North near Milan and the other 
in the South near Naples — are 
expected to report in the next 
Few days overall losses of 
L>149.3tm. or about 3174m for the 
past year. 

The losses of Alfa Sud are 
put at L99.5bn. while the 
northern company lost L49£bn. 
The two companies, entirely con- 
trolled by HU. lost L4S.4bn in 
1976. 

IRI named today Sig. Ettore 
Massacesi, the current chairman 
«if the state holding company's 


labour relations organisation, 
Imorsind. chairman of the Alfa 
Romeo- Alfa Sud group. HJs 
appointment follows the resigna- 
tion of the former chairman, Sig. 
Gaetano Cortesf. who was given 
a suspended sentence of 40 days’ 
imprisonment by a Milan magis- 
trate on alleged charges of 
breaching Italy’s rigorous 
national workers statute. 

Sir. Cortesi resigned partly in 
protest against the magistrates’ 
decision, but he is also under- 
stood to have faced Increasing 
internal difficulties inside his 
own group. The IRI Board had 
repeatedly asked him to recon- 
sider his decision to resign. 

The state holding company 
also appointed today a new Alfa 
Romeo managing director. Re 
is Sip. Corrado Innocenli. the 


ROME. June 2S. 

former director general of the 
IRI Aerilalia aerospace group. 

At the same time, IRI intends 
to recapitalise Alfa Romeo and 
partially recapitalise Alfa Sud. 
Both companies have increas- 
ingly faced mounting losses and 
indebtedness, at the same time 
as being plagued with deteriorat- 
ing labour relations and low 
productivity. 

Meanwhile. AP-DJ reports that 
Aeritulia Spa„ the state-owned 
aircraft manufacturer, made a 
‘net loss uf L22.S6bn in 1977 
compared to a L20.44bn net loss 
in 1976. Sales fell 19 per cenL 
The company said that the toss 
was due to financing charges 
brought on by delays by the 
Government in paying for mili- 
tary aircraft built by Aenlalia. 
These charges came to L23bn. 


Losing er sees turnover drop 


BY JOHN WICKS 

TURNOVER OF Losinger AG, 
Switzerland's leadiag construc- 
tion company, is likely to decline 
from SwFr 490m last year to 
some SwFr 480m (S258m) in 
1978, according to chairman 
Herr Vinzenz Losinger. While 
domestic turnover is seen as foil- 
ing further to SwFr 2S8m from 
SwFr 305m this year that 
accruing from foreign business is 
expected to reach a new reenrd 
hy climbing to some SwFr 192m 
from 1977's SwFr 185m. 

Herr Losinger told the annual 


Danes to open 
gas sales talks 

COPENHAGEN, June 28. 

A. P. MOELLER, sole conces- 
sionaire for oil and natural gas 
exploitation in the Danish North 
Sea sector, has agreed to open 
sales negotiations for natural 
gas with the state-owned Dansk 
Olie et Naturgas {DONG). 

The talks between the 
A. P. Moeller led consortium, 
Danish Underground Consortium 
(DUG), and DONG will concern 
the production of natural gas 
and the landing of it in 
Denmark. 

Preliminary discussions have 
reviewed the possibility of 
economically justifiable natural 
gas production in the Danish 
Cora. Dan, Vera and Bent struc- 
tures. 

DUC and DONG estimates of 
known Danish North Sea gas 
resources have ranged between 
iSObn 'and lOObn cubic metres. .. 
Agencies ... 


general meeting lhat Die board 
was assuming an end-of-ycar 
exchange rale of SwFr 1.S0. This 
estimate anticipates a dollar rate 
of little above the all-time tow 
of SwFr 1.77; at present, the rale 
is about SwFr 1.86. 

Profitability is expected to be 
rather better in 1978 than last 
year, when Losinger profits fell 
below SwFr 40,000, causing the 
board to omit a dividend pay- 
ment However. Herr Losinger 
said the Beme-bascd company 
was far from earning good or 


ZURICH, June 28. 

even satisfactory profits. 

In a separate development, the 
Swiss electrical and industrial 
equipment company YV. Moor All 
of Regensdorf has acquired a 
substantial holding in the 
Stuttgart-based company, Tech- 
□oprojekt, also a manufacturer 
of products for industrial use. 
Moor's annual turnover rose to 
SwFr 37.5m last year and i« ex- 
pected to grow hy a further 20 
per cent in 1978, while Tech- 
noprojekr hooked 1977 sales of 
some DM 10m. 


Andritz lifts dividend 


BY PAUL LENDVAf 
THE LEADING Austrian 
engineering company Maschinen- 
fabrik Andritz is increasing its 
dividend by 1 per cent to 7 per 
cent for 1977 and- maintaining 
shareholders' bonus at 1 per cent. 

Capital is to be increased by 
Sch 25m to Sch 125m. Incoming 
orders in the first half of 1978 
were Sch 1.4bn, lifting total 
orders to Sch 3.5bn and providing 
enough of a workload for full 
capacity running until the second 
half of' 1979. 

Turnover last year rose by 3 
per cent to Sch 1.3bn with 68 per 
cent of deliveries shipped 
abroad. Including subsidiaries in 
the U.S. and Spain, sales were up 
by 1 per cent to Sch 16bn. 

Turning to the various sectors, 
the Board points out that pumps 
and water turbines were doing 
“particularly welL" '-.Capital 
spending last year was 89m 
taking, spending over -the /last 


VIENNA, June 28. 

three years up to Sch 260m. 

Meanwhile. Austria's largest 
saving bank Zentralsparkasse der 
Gemeinde Wien is to become the 
first Austrian credit institute 
to establish a branch office in 
Italy. Dr. Karl Vak, director: 
general, stressed that the branch, i 
in Milan, will primarily promote j 
access to the Italian market, busi- 
ness transactions by subsidiaries) 
of Austrian companies and will 
intensify contacts with Italian 
credit insti lutes without, how- 
ever, engaging in banking 
business. 

He added that Italy is Austria's 
second largest trading partner 
with a share of 9.1 per cent in 
the exports total. The city of; 
Milan was- singled out for the 
location of the office — to be 
called “ Z-bank— representaenz 
der Zentralsparkasse der 
Gemeinde Wien ’’ — because 
"over 40 per cent of Italy's 
foreign trade goes via Milan." 


Boardroom reshuffle at KNP 

BY CHARLES BATCHELOR AMSTERDAM, June 28. 


BY CHARLES BATCHELOR 

PLANS TO strengthen its top 
management following the take- 
over of the board and paper pro- 
ducer Kappa last year, are 
announced today by Kon. Neder- 
landse Papierfabrieken (KNP). 
KNP is now the largest paper 
manufacturer in Holland with 
sales of FI 786m (3352m). 

Including Kappa’s figures for 
the last five months- of the year. 


net profit in 1977 was FI 1.4m 
($630,000). 

KNP has decided to appoint a 
five-man managing board to 
replace, the previous board of 
directors of the major depart- 
ments. Mr. E. Ten Duis will 
continue to head the company’s 
top board together with three 
senior KNP managers and the 
fifth place will be filled from 


outside the company. 

The acquisition of Kappa fori 
FI 27m ($12ra) is part of KNP’s ' 
plan to diversify in technically 
related fields. Kappa uses, 
recycled paper for many of its I 
products and this will reduce) 
KNP’s dependence on imported, 
raw materials. KNP is setting up 
two product groups for printed I 
paper and packaging. 


Alko of Finland boosts exports 


BY LANCE KEYWORTH 

ALKO. the State alcohol 
monopoly of Finland, reports that 
per capita consumption of alcohol 
in Finland in fiscal 1977 increased 
by 0.7 litres pf pure alcohol to 
6.3S litres. Expenditure on 
alcohol rose to FM 4.7Bbo 
<31 JL2bn), which works out at 7.1 
per cent of total private consump- 
tion and FM 1.010 per capita. 

In spite of this the company 
was not --*^«*®* ’t» result 


for the year. The profit was 
FM 339m ($79m) and it paid a 
dividend, of 7 per cent (all but 
two of the shares are held by 
the State). 

Profitability was unsatisfactory 
because the Government pre- 
vented it from increasing prices 
although costs rose. The revenue 
to the State from Alko in 1977 
was FM 2.76hn, compared with 
FM 2.62bn in 1976. a nominal 


•: HELSINKI, June 28. 

increase of 5.3 per cent but in 
real terms a decrease of 6.6 per 
cent. 

Exports, including industrial 
ethyl alcohol and yeast, grew by 
13 per cent to FM 27.8m. Tbe 
Fob value of imports was 
FM 55.2m, an increase of 20.3 
per cent on 1976. France header! 
the list of suppliers with 
FM 20.7m, followed by Britain 
with FM 10.4m. 


By Our Own Correspondent 
ATHENS. June 28. 
AN AGREEMENT was 
initialled here yesterday for 
the establishment of a Greek- 
Arab bank with a share capital 
of $l5m. Arab Interests will 
conirol 60 per cent of the bank, 
making this the first time 
foreign interests have been 
allowed to lake a majority 
shareholding in a Greek hank. 
The deal requires Currency 
Committee approval. 

Participating In the hank are 
the Kuwait Foreign Trading, 
Contracting and Investment 
Company, the Kuwait Invest- 
ment Company, the Kuwait 
International Investment Com- 
pany, and the Libyan Arab 
Foreign Bank. The 40 per 
cent minority shareholding 
will be held hy the National 
Bank of Greece. the country's 
biggest commercial hank. 

Mr. Constantine itlifsotakis. 
the Greek Minister of Co- 
ordination- who initialled the 
agreement, said the bunk will 
act as a which* for the speedy 
development nf Grcek-.Vrab 
economic ties anil will hvconic 
Ihr bridge between Arab 
countries and the EEC. 

Professor Angelos Angel- 
opoulos. Governor of the 
National Bank of Greece, said 
the new hank will deal in off- 
shore hanking operation--, will 
make investments in Grpece 
and abroad and will finance 
trade between Greece and Arab 
countries. 

The creation of the new hank 
follows ienglhv negotiations 
between Professor Angcl- 
oponlos and Arab hanking 
institutions. The annon nee- 
men 1 comes on the second day 
or tbe Greefc-Arah investment 
meeting (GAIM) being held in 
Athens with the participation 
of more than IflO Arab bankers 
and businessmen. 

Krupp StaeS 

Fried. Krupp iluvtieiiwerke 
(FKH i told today's annual 
meeting that although the com- 
pany's performance has 
improved, dividend payments 
will not be resumed in 1978. 
AP-DJ reports from Bochum. 
Since March. FF.H has lifted il- 
seir front the red but the 
earnings position of the com- 
pany is still only break-even or 
perhaps slightly in the black. 

From Vancouver. Reuter 
adds that (far parent company 
Fried. Krupp GmbH Industries 
is to buy the 50 per cent 
interest of its partner Great 
West Steel Industries in the 
joint venture CWS Krupp 
Industries of Alberta. 

Preussag sets target 

The Wort German metals 
group Prehssag is striving to 
break even this year after 
declaring neither profit nor 
loss for 1977. according lu the 
managing board chairman, 
Guenther Sas smarm hausen. He 
told the annual meeting that 
the company's results will have 
to improve hy al least DM 55m 
this year if the goal la to be 
reached. Reuter reports from 
Hanover. Preus sag's perform- 
ance in the first five months or 
this year shows that the im- 
provement has Ire gun in some 
sectors, hut the final result will 
depend on the development of 
metal prices, he added. 

Global Bank progress 

GLOBAL BANK AG, in which 
International Westminster 
Bank or the UK purchased a 
74.2 per cent interest iu 
October 1977, reports a 12.4 per 
cent growth in total assets 
daring 1977. At 31 December 
1977, the balance sheet total 
was DM 657m and the bank 
had capital and reserves of 
DM 44m. The bank, in report- 
ing an improved profit or 
DM 1.7m ($821,0U0) in 1977, 
expressed satisfaction with 
I progress during the first five 
months of 1978- Last year the 
bank earned DM 700,000. 


A MANDATE for the next major 
Mexican loan is expected to be 
formally awarded within the next 
few days. The loan will be 
$5u0m fur the Banco N'aeional de 
C re dno Rural. The maturity will 
be five years and the margin 
payable over inter-bank rates one 
percentage point. 

it is understood lhat five banks 
will be mandated equally to 
arrange tbe loan. They are 
Bankers Trust International 
( agent). Libra Bank (running 
Lhe books). Lloyds Bank Inter- 
national, London and Continental 
Bankers, and Royal Bank of 
Canada. 

The Kingdom of Morocco is 
expected to award a mandate 
soon for a loan of some 3300m. 
It is understood that Morocco 
now only has one major offer on 
rht? table to consider, the other 
group of banks potentially 
bidding for the mandate having 
withdrawn. Tbe offer still pend- 
ing is thought to be S300m from 
a group of five banks — Bank of 
America International, Amster- 
dam Rotteru.iiu Bank, Bank uf 
Montreal, Caa-re Manhattan Ltd 
and the German DG-Baok. 

A malut'Ky of about eight years 


is expected. The margin payableDhabi government owns 6.6 per 
is not yet known but Is expected cent. 

to be above the i per cent on the Tbe loan is to be used to 
last major Moroccan loan, 3100m finance a third cement kiln to 
for the state phosphate company produce 500.000 tonnes of the 
arranged by Abu Dhabi Invest- sulphur resistant type 5 cement 
ment Company. thus doubting the company's 

The nest Iranian borrower, cufrrat production capacity, 
following today's signing of the This Is the first major syndi- 
Nauonal Gas Company's (NGC) cated loan to be arranged by 
S300m ten-year loan, will be tbe Industrial Bank of Kuwait, which 
National Petrochemical Com- is lead manager together with 
pany. The margin payable over Kuwait Foreign Trading, Con- 
LIBOR will be 2 per cent for the trading and Investment Corn- 
first five years and } per cent pany. Industrial Bank of Kuwait 
for the last five years, the same does not intend to compete for 
as oo tbe NGC loan. Iran Over- management positions in tbe 
seas Investment Bank is lead market generally — this deal 
manager. follows a decision to expand its 

The Union Cement Company industrial lending business out- 
of Ras al-Khaimah (one of tbe side Kuwait to the Gulf as a 
smaller of the United Arab whole. 

Emirates) has arranged the The Brazilian State of Minas 
equivalent of S68m worth of Gerais is raising S60m over 10 
year loans. The financing con- years at a margin of li per cent, 
sists of a 325m syndicated loan The loan, which is guaranteed 
offering a margin of 2 per cent by Brazil, is being arranged by 
uv-er LJBOR with an 11.7m Chemical Bank and placed among 
Kuwaiti dinar loan paying 9* per six banks only, each taking SlOm. 
cent. The loan is not guaranteed This is a heavy week for loan 
by the Emirate government .-ignings. Apart from Iran's 
is aowei er the major National Gas Company, the 
shan.-beldi.-r in the Union Cement Bulgarian Foreign Trade Bank's 
v:tj 7S per cent. The Abu SlOOm six-year loan, for which 


Lloyds Bank International wii 
lead manager, has been signe, 
as also yesterday was Con 
lnunauu) Urbaine de Montreal 
S250m 10-year loan. Chase waj 
also lead manager for thi:> 
while Merrill Lynch White Wei! 
Capital Markets group acted a 
financial adviser to the borrower 
Part of the proceeds of the loa-' 
are to go towards prepayment 
of a 3200m loan arranged 1a*i 
July ana the rest towards capita- 
projects. ; 

The Yugoslav company FEN> 
is to raise S50m for an iron an! 
nickel project in Macedonia. Tb. 
loan offers a margin of 13 pc: 
cent over seven years and arise! 
from time and cost overruns o' 
the project. The original cost o 
tbe project was some SI 87cn an 
although mainly funded tbroug 
export credits, a medium-ierr 
Eurocurrency loan was arrange 
for it in 1975. Tbe increased cos 
is now scheduled at S30-40m, an 
tbe remainder of tbe new loa 
will go towards refinancing part 
of the older loan which are not 
hecoming due for repayment 
The managers of this new credi 
are Bankers Trust Internationa 
Chase Manhattan and Citicorp 1 


Turkey and Norway m debt agreement 


BY MET1N MUNIR 

TURKEY jnd Norway today 
signed a debt rescheduling agree- 
ment be re under which NKr 20m 
of past due Turkish debts to 
Norwegian suppliers, guaranteed 
by the Oslo Government, will be 
restructured. 

The amouni involved in the 
agreement, signed between the 
visiting Finance Minister. Mr. 
Per Kleppe, and his host, Mr. 
Ziya Muvzzinoglu, is compara- 
tively small, constituting a 
minute portion of Turkey's past 
due debts to suppliers of 
developed OECD countries. 

However, it is of significance in 
ilmt it is the first agreement 
Turkey has signed with its 
I creditors under the framework of 
i the umbrella res tincturing agree- 
ment concluded between Turkey 
and the OECD in Paris last 
month. Each creditor state will 
sign a separate agreement with 
Turkey. 

The toial of Turkish debts for 
Government - guaranteed OECD 
supplies is SI. 4bn. 

Under the agreement with 
Norway, the NKr 20m. will be 
paid over seven years, including 
a two to three year grace period, 
with an interest rate of 5-5 per 
cent. The interest rale was fixed 
in private talks between the two 
ministers. 

The choice of Norway as tbe 
signatory of the first agreement 
was not coincidental. Norway is 
sympathetic to tbe new left-of- 

“ aid Offer 

STRAIGHTS 

Alcan Australia Sipc 1989 M* 97* 

.UtEV spc 198T 95 Ml 

Australia Si pc 1992 KA 93 

Australian M. * S. 91pe HG 964 971 

Can-tars Bank Slpi? 1992 .. Mi 95 

Bowalcr 9}pc 1992 98* 97 

ean N. Railway Sip* 1986 94 9i{ 

UVrtfi National Sloe JflSC .. 934 90 

D-nmark **pc KM OT* 951 

CCS Poe IMS 98! 99* 

kcs *;p-. t»r 93j wi 

C1B 8>; 1M2 97 973 

J3’U f'.p: 1999 973 9SJ 

Kru-mni *!rc lt«9 83* 96 

xp, I9SG Not 99! 108 

Lakes PajK-r Sipc 19S4 96} 97* 

iljmxrsk-y 9jpc 1992 . ... 991 1U0J 

dro Quit*.-: 9pc 1992 M) 95 

:<•: 9!p t issr .......... . 95 j 

’Sb Canada 9*pc I9at . . 1U3J 10R* 

Macmillan Blwde! «PC 1892 93 7 91* 

Massey fVrcusor 9*pc '91 93 99 

.Mi. hot In !<;pc I9S8 WO 1003 

vIi.H-.-rid Ini. Fin. S3pc ’92 94 943 

\auonat Coal at. Spe i9a7 97* 93* 

'iadoprit Wsunnsrr. 9pc VB 99! IiH) 
’call r. sininstr. 9pc -B" 99: inn* 

’.'--ti'foundland Spc 1959 9S3 99 

Nordic Tot Ban), a: nc ins': BC1 97 

.Norut-s Kcun. Bk 5. 'pc 1992 95 93 J 

■••nrnio.. S!nc 1989 943 95* 

I Hydro 8!pc 1992 94? 951 

nMn Spc ms SKI 99; 

"oris Auiouomi-S Ppc 1991 07* 95 

Prov. Quebec 8pc 1995 97. * 94 

Pruv. SaskaichwiL 5fpc '&G 97! 95* 

F' l-rJ lil'iTiiaUooal 9pc 19S7 92 94 

■•till U»c 1992 92* 9!i 

■icl- — ir.-i Trust S.’pc 1989 . 90 9] 

Shit] L-ul. Fin. i'pc 1990. . 94 ; 93! 

■4. .ud Kiukilda Spc 1991 .. 07 97; 

AY l- >nc 1537 91* 921 

.S -."Jijvfl iK dom i s;pc 1937 9::; 94! 

L’lm-d blscuiu 9nc iSKtfi ... 97 973 

Vitim *pr- 1BS7 March . . 9-‘I 93* 


centre government of Prime 
M.mster Buient Ecevir. 

“We support tbe social and 
democratic development effort 
which Mr. Bulent Ecevit has 
undertaken, and hope that other 
European states will also furnish 
support." Mr. Kleppe said. 

Mr. Muezzin oglu said: “ What 
is important is not volume but 
the terms of the agreement. The 
terms are favourable, but they 
can always be improved upon." 

Next month, he said, similar 
agreements would be signed 
with West Germany. Turkey's 
biggest trading partner. Austria. 
Belgium. Italy and the U.S., 




which are also major trading 
partners. 

Mr. Kleppe and Mr. Muez- 
zin oglu also exchanged letters 
about NKr 300m of Norwegian 
project credits to Turkey. Of 
this amount, NKr 200m will be 
supplied by Norway’s Eksport- 
finans for public sector projects 
including three power plants, 
radar equipment for tbe Dar-’ 
danelles and the Bosphorus and 
tbe purchase of shipping equip- 
ment Tbe remainder will be 
placed with the Industrial 
Development Bank of Tnrkey for 
private sector projects. 

Aside from these Norway was 


ANKARA. June 28. 

interested in the foreign financ ■ 
ing uf a public ferrosilisiun ' 
project and thesupply of drill 
ing equipment to the state 
'owned Turkish Petroleum Cora • 
pany (TPAO). Agreement wa: 
also reached on investments bj 
Norwegians in tbe tourism field 
Under a separate understand 
ing. which may turn out to bt 
significant. Norway bas a greet 
to provide funds for projects anc 
feasibility studies for three 
party industrial investments ir 
Turkey (involving Turkey. Nor 
wav and Arab states) orientec 
for exports to the Middle Easi : 
and the Gulf. s 


BY MICHAEL BLANDEN 

SAl-DI International Bank, the 
Loo dun-based international 
banking group in v.'hicb the Saudi 
Arabian Monetary Agency holds 
a 50 per cent interest, has 
doubled its authorised capital to 
£50m. 

The increase was announced 
in London yesterday by Sheikh 
Mohammed Abalkhail, the Saudi 
Minister of Finance and National 
Economy and chairman of tbe 
bank. 

He' said that tbe increase had 


been approved by the share- 
holders in order to support the 
hank's future expansion and to 
give it the opportunity to pai^ 
ticipate more actively in the 
major transactions of its expand- 
ing list of government and inter- 
national corporate clients. 

Saudi International was formed 
in August 1975. with an 
authorised capital of £25m. Half 
of this was issued and fully paid 
on incorporation while the 
balance was paid up in May last 
year. Tbe bank reported balance 


sheet total of £416m at tbe enc 
of last year and is expected tc 
show further growth in the half 
year figures due shortly. 

Besides SAMA. the share 
holders in the bank are National 
Commercial Bank. Jeddah, and 
Ri.vad Bank. Jeddah, each with 
2.5 per cent. Morgan Guaranty 
of New York holds 20 per cent, 
while 5 per cent stakes are owned 
by Bank of Tokyo, Banquc 
Natronale de Paris. Deutsche 
Bank, National Westminster and 
Union Bank of Switzerland. 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


NOTES 

Australia 7!pr I9S4 

B'-ll Canada TJpc 1987 

Rr. Columbia Hyd. 7:pc ’85 

Can. Rue. S*pc 1984 

Dow Chemical Sue 19SS ... 

F.CS 73pc 19S2 

BCR ‘i'pr ......... 

FEC 7;pc 19^ 

EET 7 J DC 1964 

Fnw niuzoif 61 pc 19fHI ... 

Cnuv<-rkeit 7; pc 1992 

Keckimif Spc 19SC 

>Tirh')!n •'ipe 19S3 

Mnonv-.-tl Urban «;pc 1981 
Now Brunswick Spc 4984 
Now Bruns. Prov. Sipc 'S3 
Ni-w Zealand Slpc 1896 
Nordic Iijy. Bk. 7fpc I9S4 

Norsk Hydro 7Jpr 19*2 

Norway 7!pc 1992 

Ontario Hydro Spc 19S7 . 

Singor Sip r 1982 

S. of Soor Elec. Sipc 19S] 
Sweden <K'domi TJpc 1992 
Swedish Siate Co. 7Jpc - S2 

Tolme* 9! pc 19*4 

Tcnncco 7;pc 19S7 May ... 
Volkswaecu 71pc 19S7 

STERLING BONDS 

Allied Breweries lOJpc ’90 

Cmcorp lope 1993 

Courtaulds OIpc 1989 - 

EfS »:pc MIS® 

EIB 9. pc IKS 

Ere b;pc 1902 

Finance for Ind. 9;pc 1987 
Finance r or Ind lOpc 1989 

Fisons I0 !pc 19J7 

C-.-flcITIvr 11 pc 1988 

IN A ldpc 1S« 

Rownirre lWpr IKS 

Sears Wpo 19SS 

Trial on 9:pc 1984 


Bid 

Offer 

DM BONDS 

Bid 

Offer 

93* 

M 

Allan Dev. Bank 5}pc 1988 

9B 

m: 

95* 

96 

BVDE 61pc l»fi 

96* 

Vti 

914 

92* 


97* 

98} 

96} 

97* 

Den Nonjkc Id. Bk. 6pc TIO 

Mi 

100 

9S* 

99 

Di-uiwhe Bank 4Jpc 19S3 . 

97* 

9s: 

941 

9M 

F.rs S', pc 1990 

94i 

95 

93} 

94} 

F.7B RJpc 1990 

M* 

95 

95 

951 

Elf Equllain» 5}pc 1B88 .. 

941 

93 

94 

943 

Einrom 5Jpc 1M7 

971 

98! 

9# 

sc: 

Finland 52pc 19S6 ... 

97* 

99 

931 

96* 

Forsmarks 5Jnc IBM ... 

974 

98 

gr.) - 


M»>lril«0 6 pc 79K3 

M 

96! 

994 

89* 

Nnrrern SJpc 19SB ... 

»} 

1002 

991 

99 

Norway 4;pc i»S3 

S9 

99; 

96 


Norway 4fpi- 1983 .... 

07 

B7: 


9d 

7*K B.-mkcn 5,’pc J9W . 

96 

9u: 

95* 

Prov. Quebec Spc 19M 

97 

97 ; 

94 

94; 

RBuramiikki ajpc 19S8 

95 

03 ; 





94* 

93 

Trondheim S, - dc JSSB 

9G 

9d-: 

93 

93* 


96! 


99} 

971 

94 J 
95* 

ttk 

93} 

96 

Voneznela Spc t988 

World Bank 5} pc 19BP 

96* 

972 

971 

WS3 

FLOATING RATE NOTES 



9*: 


Bank of Tokyo 1994 S!oc ... 

99* 

too 

91} 

92* 

BFCE 19S4 Slpc 

99* 

992 

93 

933 

BNP Ittl 31»pc 





BQE Worms IMS »dc 

96* 

99 



CCF 1SSS SSpc 

89 

Ml 


SS! 

CGMF 1984 8 U is pc 



90} 

91} 

Credit ansi all 1984 Sipc 

99 

99! 

Si} 

SB! 

DC Bank 1092 Bpc .. 

ion 

IIK»'. 

94 

95 

GZB 19S1 SijfiPC 

99} 

100; 

94; 

93 ; 

Inti. Westminster 1994 Spc 

99i 

99; 

91 

92} 

Lloyds 1983 Sllispc 

inog 

ion; 

S9i 

an: 

LTCB 1983 Spc 

991 

100 

911 

F-'i 

Midland 1967 RSjspc . . 

991 

99 1 

95 

96 

Nat. Westminster ’90 Sfispc 

99* 

100 

(nil 


OKB 1983 ?; pc 

991 

loo; 

90! 

01} 

SNCF 19S3 SJpc 

99! 

99 * 

87* 

J 

Stand, and Chird. ’84 8;pc 

99* 

9M 

99 

B« 

Wms. and Clyn's 'S* Slinpc 

992 

1UU1 

89 

9D 

Source: White Weld Securities. 


CONVERTIBLES 

American Express 4jpc $7 

Ashland 5pc 1968 

Babcock £ Wilcox ajpc V7 
Beatrice Foods 4jpe 1992... 
Beatrice Foods tine 1992 . 

Beecham USpc 1992 

Borden 3pe 19S2 

Broadway Hale -ilpc 19S7... 

Carnation 4 pc I9S7 

Cherron 5pc IMS 

Dan 4 1 pe 19S7 

Eastman Kodak 4Jpc 1966 
Economic Labs. 4jpc 19S7 

Flresione 5pr 1968 

Ford 5 pc 1988 

General Electric 4*pc *997 

nuieiu- 4;pc 1987 

Gould 5pe 13S7 

Gnlf and Western 5pc I9S8 

Harris Sp.. 1992 

Honeywell #pc I9S6 

ICI tijpc 1992 

INA Bpc 1997 

Inch capo fljpc 1992 

ITT -IJpc 7987 

Jusro 6 pc 199* 

Komatsu 7*pe 1990 

J. Ray McDermon 4ipc "S7 

Matsnsiilta fl'pc 1990 

Mitsui 7*pc 1999 

J. P. Morgan 4!pc 10S7 ... 

.Nabisco 51 pc 19SS 

Owens ininnLS 4!pc 1987 ... 
3. O. Penney 4ipc I9S7 ... 

Revlon 42pc 1967 

Reynolds Mel als ape 1988 . 

Sandvik «!pc 1968 

Sperry Rand 4; pc 19S7 

Squibb 4,'pc 19S7 

Texaco 4 !pc 1998 

Toshiba 61 pc 1992 

Ty Cu. 5 pc 1984 

Ty Co. SSpe I9S6 

Uulnn Carbide 4 !pc 19S2 
Warner Lambert 4 !pc 19S7 
Warner Lambert -Hpc 198S 

Xerox 5 do 19S8 

Source: Kidder. Peabody 


Bid Offer 


124! 306 
7Si 80 


llli llii 
85} S7 
174 } 17F.} 
54} $& 


99; iuo; 

104 105} 

91 621 

7G! 7S 

77 78} 

Securities. 


Philip Morris Incorporated 


has acquired 


The Seven-Up Company 


Tbe undersigned initiated tins transaction and acted 
financial acfWsor to PhUip Morris Incorporated 


Lehman Brothers Kuhn Loeb 

Incorporated 

____ , JOUXTTA. • BOSTON • CHICAGO • DAIXAfi 

• ^FRANCISCO - I^NDON - TOKYO 


Jmo22,1978 


The Seven-Up Company 


has been acquired by 


Philip Morris Incorporated 


The undersigned acted as financial advisor 
to The Seven-Up Company. 


Up The First Boston Corporation 

NEW YORK ATLANTA B05TON CHICAGO CLEVELAND DALLAS 

LOS ANGELES PHILADELPHIA SAN FRANCISCO 

LONDON ATHENS CALGARY GENEVA MELBOURNE MONTREAL SINGAPORE TOKYO ZURICH 


June 22,1978 



■a 



by 37% 


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Jun. 


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July 

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i 


ICI AUSTRALIA, the local ofif- 
shoot of the UK chemicals group, 
is planning to build a AS500m 
( USS575m ) petrochemical com- 
plex at Point Wilson, near the 
Victorian city of Geelong, south 
of the Victorian capital, 
Melbourne. 

Under the proposals. Point 
Wilson could emerge by I9S5 as 
the third major petrochemical 
complex in Australia. ICI already 
has a similar complex at the 
Sydney suburb of Botany, while 
the other, and more extensive 
complex is in the Melbourne 
suburb of AJtona. A number of 
groups are involved in the 
AJtona complex. 

Id's plans came to light in a 
Submission to the Geelong 
regional planning authority. 
Early proposals envisage produc- 
tion of chemicals for plastics 
manufacture as well as chlorine 


for caustic soda production. 

The LCi proposals will inten- 
sify the jockeying by several 
large groups, including ICI, to 
build a AS4Q0m to A$500m ethy- 
lene cracker to supply the local 
market. Apart from ICI. AJtona 
Petrochemicals — owned joinily 
by Exxon and Mobil Oil of bV 
U.S. — the Shell group and Dow 
Chemical? have been considering 
a major cracker, with a capacity 
of about 200.000 tonnes to 
MOP.OnO tonnes a year. The cur- 
rent local consumption is about 
250.000 tonnes but is expected to 
reach 500.000 tonnes by the early 
JflSOs. which means there is 
room For only one new cracker 
for some years ahead. 

ICI has been looking at either 
Botwy or Point Wilson as pos- 
sibilities. At present the group 
makes ethylene at Eotany, from 
imported naptha, and also 


obtains some etbvlene from 
Shell. 

Altona Petrochemical makes 
ethylene from ethane feedstock, 
obtained from the nearby Bass 
Strait oil and gas fields. 

Dow Chemicals has been work- 
ing nn producing ethylene and 
Caustic soda at Rcdcliff in Suuth 
Australia, using liquids from the 
Cooper Basin natural gas fields, 
which supply Sydney and 
Adelaide with gas. The South 
Australian Government is press- 
ing strongly for Rctkliffe because 
of the possibility that the liquids 
may otherwise be wasted. At 
present. Sydney and Adelaide are 
supplied from dry wells in the 
Cooper Basin, but the “wet” 
fields will need to be tapped 
within the next two years. If a 
use is not found for the liquids 
they will simply be piped, with 
the gas and not utilised. 


ANM decides on newsprint mil! 


BY OUR OWN CORRESPONDENT 


THE DIRECTORS of Australian 
Newsprint Mills I ANM) arc to 
proceed with plans for a AS 155m 
newsprint mill at the country 
town of At bury. New South 
Wales, subject to satisfactory 
completion of financing arrange- 
ments. The go-ahead is also sub- 
ject to formal agreements with 
the appropriate authorities in 
NSW and Victoria for access to 
the forests and provision of essen- 
tial services. This is expected 
to be only a formality, as the 
state governments have been 
keen for ANM to proceed with 


the project which will provide 
employment for S00 people. Thv 
mill is expected to be completed 
early in 19S1. 

The new mill will have a 
capacity of about 1S0.00Q tonnes 
of newsprint a year, which will 
almost double output, from the 
present level of 200,000 tonnes 
per annum. 

It will reduce Australia's 
dependence on newsprint 
imports, which total more than 
200.000 tonnes a year, mainly 
from New Zealand and Canada. 

The Aibury mill is expected 
to have a significant freight 


SYDNEY. June 2S. 

advanu^c o*t-r newsprint sup- 
plies shipped from New Zealand 

and elsewhere. The mill is expec- 
ted io resuit in foreign exchange 
saving* nf at least ASsTOm a 
year when it is in full production. 

Detailed design of the plant is 
alroady under way. and major i 
equipment selection has reached 
an advanced stage. ANM has 
appointed Simons International.' 
of Vancouver, a: the principal 
consultants, and has also appoin- 
ted Crooks. Mitchell, Peacock 
and Stewart, of Australia, to 
provide certain services and 
design work. 


Australian double tax move clarified 


FOREIGN subsidiaries of Austra- 
lian companies will be taxed by 
Australia only if they pay a 
dividend to their parent, under 
a new tax system, the Treasurer. 
Mr. John Howard, said. 

Explaining the controversial 
proposal to tax some earnings of 
foreign-based Australian firms 
and individuals. Mr. Howard said 
that until dividends are declared 
there will be no liability for 
Australian company tax. 

When the dividends become 
taxable in Australia, as part of 
the parent’s earnings, credit will 
he given not only for foreign 
withholding tax on the dividend, 
but also for foreign company tax 
on the subsidiary’s profit 

Mr. Howard said that an over 
seas company with an Australian 


stake of 10 per cent or more will 
be regarded as a subsidiary of 
the Australian company con- 
cerned. 

Turning to the concern ex- 
pressed about the liability of 
Australian compaines with sub- 
sidiaries in countries providing 
tax incentves. Mr. Howard said 
that tax sparing arrangements 
to account for such incentives 
can be worked out io the con- 
text of a comprehensive double 
tax agreement. 

Tax sparing means that 
Australia, for instance would 
give credit for tax given up by 
the host counrty under incentive 
schemes as well as any tax 
actually paid: 

Australia, he said, bad allowed 
some measure of tax sparing in 


CANBERRA. June 2S. 
its double taxation treaty with 
Singapore, the only Association 
of South East Asian Nations 
(ASEAN) member wirh which 
Australia has such a treaty. 

The new system, which becomes 
effective next month, will provide 
some offset to the unintended bias 
in the old system against invest- 
ment in Australia and will reduce J 
tax avoidance, he added. 

Australian delegates at the 
Austraiia-Philippines business co- 
operation com mince's meeting 
which ended here yesterday said ! 
that they were concerned at 
the implications of the system 
and conflicting statements by 
ministers about its effect on 
Australian investment overseas. 
Reuter 


By Richard Rolfe 
JOHANNESBURG. June 28. 
LT.-Y, THE construction group 
in which Anglo American and 
I its associates are the chief 
! shareholders, has reported a 
; sharp rise in pre-tax profits 
' for the year to March 31 < 

I despite the background of a 
I generally depressed civil 

I engineering and construction 
sector. 

At the pre-tax level, the 
[ profit is up from K 8m to 
{ KlO.JJn) (512.5m), in part due 
; to the maturing of profits ou 
old contracts, for a rise of no 
less than 37 per cent. 

Taxation absorbed only 
R2.9m. up from R1.7m the 
previous year, but amounting 
to only 27 per cent of pre-tax 
profits. The main explanation 
seems to be that assessed 
losses have been offset against 
profits, bat investment allow- 
ances and the incidence of tax- 
free foreign income have also 

influenced the tax charge. Net 
attributable profits bave been 
depressed by goodwill write- 
offs totalling Rl.om on past 
acquisitions, bnt these charges 
arc virtually a[ an end now. 

Earnings are up from 41 
cents to 46 cents a share, or 
from 47 cents to 58 cents if 
goodwill and non-recurring 
items for the past two years 
are ignored. The dividend has 
been raised from 18.5 cents to 
19 cents and the shares, at 195 
ceni«* now yield 9.7 per rent. 

Work on hand totalled 
R 300 in as at Jane 26. up from 
R260m the previous year, 
which suggests the group has 
competed effectively for the 
business available. Major 
projects on hand include 60 
per cent of the Drakensberg 
underground power station, a 
R60m project, a stake in the 
civil engineering for the 
Koebcrg power station, and 
work for expanding gold and 
uranium mines. 

Kowloon Bus 
raises payout 

HONG KONG. June 28. 
DESPITE LOWER earnings in 
(he year ended last February, 
the Kowloon Motor Bus Com- 
pany (1933) is stepping up its 
dividend and making a one-for- 
elght scrip issue. 

Shareholders are to get a 
final payment of 20 cents, 
making 30 cents a share, com- 
pared with 18 cents making 28 
cents for the previous year. 

Net profit amounted to 
HKS42.03m (U.S.S9ra), against 
HKS44-56m previously. 

Reuter 


______ _____ 


BY RICHARD ROLFE IN JOHANNESBURG 


¥ SSS JETS 

Ins" and both export . and 

Tonga at. all achieved record pro- markets. . cnnyrfF- foTM II fe*?* 

fits from their sugar interests in Export sales were la- toq^;^OTg " 

their financial years just ended or 48 per cent of the total, , Mid. 
on March 31. They produced brought in just under BOOTffl wpeid 
respectively 37 per cent. 35 per ($2I5m) lower, than the previous; ports 
cent and 10 per cent of last sea- season when exports were, 
son's 2.0Sm ton sugar crop, itself 100.000 tons higher.- But the 

a new record. G. G: Smith Sugar, terestirig point is that, even 27. JW. p 

having' acquired move Sugar 
Estates, surpassed Huletts for the 
first time, to become the 
I Republic's largest sugar com- 
j bine. 

But in sharp contrast with last 
year’s results, prospects for the 
1978-79 season, to next Febru- 
aiy-March, are extremely poor. 

The fault lies not in the crop. 

This, according to C. G. Smith's 
sugar review, could be up to 
2.16m tons. But it will be 
restricted, by agreement within 




W* 


, i fTil ijgv '< { i m , iSFJt' 


1 (Tip Fi4 1 


iii 




i i rri i U' si < i - 1: a 


! mTJb i-t i -5*i : i > ! (> .0 


vf^sFi * : -t ' ■ , 




t? u v.'H 


L4 riTcTjt 

k yrn? frit. >/*; 

ul? SB ! I ? 


he industry, to 2m tons. A com- season's relatively favour- fed 

motion of inadequate domestic *1.,, rfid nsr ton - with -eurreuV ? . 


bination of inadequate domestic industry (fid per ton r ; vw&sn&mF ~ 

and exports prices has led com- *“*£££ eS“ to cover its prfces arouhd'fi00.:£31 

£*■“ the deficit of Kim bad- the 

overstatement to describe the be ^ t b withdrawals from the export. ^taifc'io^:a3trcar> 
shortterm^ out look as bleak and *he price stabilisation fund. rent prices- total -export reYenhfc-firoRtfe 

vie e w 5 ° U while “th^T^aTSoart This fund, built ^ ft 

good 5 reason *to ?ace il the S 197^79 51%. reached a peak of nearly- 'One ' 
y“Sr vrith apprehenSom 5 ^ RIOOm iu 1974-75. but after industry 
y.ar wim appr -pension- subsequent withdrawals, includ- increase in; 

The vital statistics behind the iug last season’s, is now under price, 

1977-78 season, and the record R10m. It will not go far to cover expected JIo. >nse W -yqg: 

profits of the big three producers, the expected shortfall of revenue shortly; . The protMemjI ^ye^ . .. 

were that the industry’s financial on costs in the current season, .ever* is ;tfaat £orTmaay-- veurs -tne^faave-Su; far ^aet^gd-ansCa 
requirement — all working costs Compared with t h e lm - -tons 

plus the fixed return on capital of exports in the 1977-78 season, domestic /sugar^ stwfifijteed f 
allowed by the Government— the South African producers . 

amounted to R440m, while R418m quota was fixed al 835,000 tons -time-.to -dh^Bg^ aOd .Gi:^. 


:r«; 


Texmaco stages strong aiv 



BY R. C. MUR THY 

TEXMACO. an engineering 
company belonging to the Biria 
Group, has improved its profits 
for 1977 despite a drop in produc- 
tion. Pre-tax profits at Rs 30.1m 
(S3.6m) registered a 20 per cent 
increase. Output of Rs 305.9m 
(S36.4m) was marginally lower 
than the Rs 312m in 1976. 

The sharp upturn in profits 
occurred in a year when the 
engineering industry was hit by 
a fall in demand. There was a 
cut-back in orders by the Indian 
Government for railway rolling 
stock because of a reduced 
allocation under the develop- 
ment plan. The textile industry 
did not place any orders for 
machinery. The progress made 
in extending assistance by 
financial institutions to the needy 
textile mills for modernisation 
was slow. Although the under- 
lying terms of the loans were 
attractive, guarantees and mar- 
gin money asked were considered 

stiff. ' - -- 


Texmaco depended on th extinction of road rblienS' ancL oial 
international market for full- mining equijMnenL- : r The- Janata 
utilisation- of capacity. In 197ff^:Gbverameat j haB dwsen td Revoke: 
it exported a record amount oL -the. '* industrial- '-Hceaee^^sjied; 
more than Rs 100m worth r of e'arlier to the' .company ;fbr;mtffe-i 
machinery. After this, exports in. 'ing road rollers-' althbugh the 
1977 were marked, according to proposal Is based bn .Tts : ; own' 
the directors’ report by a .“-tern- technology anH designs:-. JfEy 
porary lull which is not uncorn-.‘K- K. Birla. Texmaco's ^Stalnnah. 
mon in case of capital goods, was a supporter o£. the, Congress 
export.” The company has export Bbvernmeht ‘daring emergepeyi 
orders valued at Rs 76.4m in hand. - and this is one ofithe reasehs 
It has secured an export order Attributed - : . £or:.-_ th e= noi^o- 
worth Rs 12.10m for textile favourable 'reaetion to the- r pro- 
machinery from Tanzania. It has posals of the company --for diver- 
also been, awarded a contract fortification— ^hich, : say I^tiie.-.dirq^ 
66 hopper wagons from theaters, "holds the ,^ey. Jto . it^ 
Bangladesh Railway against continuing progress;" ’ 
international competition.;: The company . hi*S;;- 'also. 

Earlier. Texmaco supplied 500 approached -the Government for 
wasons to that country. '. -'permission :'..to . V : p rbdHeel ^co al 
The company, once mainly a-' handling prants:';.'As'fhVthe',case 

E roducer of textile macbinery; bf road rollers. the^ Government 
as diversified its activities. It seems not- to • hef favourably 
now manufactures sugar mill jiisposed to the proppsaL. . .'i:.V. 
machinery, railway roUing.sto'cXl . , r JL . ,1. . l 1 ■‘"'■v;: 

heavy -steel castings, structnralsi \}fi ■' ' r - J ; . V V; ^. r 

boilers and pressure vessels. 1 Last , ‘*..'.1. Vn’ 


-ing terms of the loans were machinery, railway roiling.stoi^, 1 ! . , r JL ..L . . l 1 
ttractive. guarantees and mar- heavy steel castings, structnrali. 

in money asked were considered boilers and pressure vessels. 1 Last -f'-* '* ' .1- ■■'■Jr'* $ 

iff. year," it' wanteff to tSKe U^prb-' 

i ^^eekly r^ absef^^ 

Oil India takeover talfe 


| 

iSWl 

Ml 

IS I 

m 


Managed by 

Banque Brahe et Internationale dTnvestissement (BJLLL) 

Provided by 

Algeznene Bank Nederland 

Banque Arabe et Internationale d’Investissement (B^L.I.I.) 

Banque Nationale de Paris 
Banque de la Societe Financiere Europeenne 
Dresdner Bank 

Aktienges ellschaft 

P Kbank en International (Luxembourg) S.A. 

Union de Banques Suisses (Luxembourg) S.A. 

Union Meditezxaneenne de Banques 


Banque Commerciale pour l'Europe du Nord (Eurobank) 
Banque de Neuflize, Schlumberger, Mallet 
Nordic Asia Limited 
Societe Generale de Banque S.A. 

Adviser to the Borrower 

Banco Central S JL 

Agent Bank 

Banque Arabe et Internationale dlnvestissement (BJLIi) 


BY K. K. SHARMA NEW DELHI, June 28. ' 

THE INDIAN Government hopes lively be in the public sector, 
to complete by September the The only foreign interests "will 
takeover of Burmah Oil's 50 per be the minority share of the 
cent share of Oil India, the ex- National Iranian Oil Company in 
ploration company in which both Madras Refineries and of Phillips 
have an equal share. Recent Petroleum in Cochin Refineries, 
talks between representatives of Meanwhile, an Indian Oil Cor- 
the two have ended incon- poration team will leave for 
c S3! ve y ' j Moscow early in July for talks 

The next and what is hoped on imports of crude and middle 
will be the final, round of talks, distillates from Russian sources, 
are expected to begin next Russia has agreed to supply 
montty The question of the com- 2.5m tonnes of crude this year 
pens a tion to be _ paid for jn exchange for Indian steel and 
Burmah's share of Oil India has other commodities, as well as 
been complicated by the Govern- im tonnes of kerosene and 
meat having linked the takeover diesel. 

to Assam Oil. The crude comes from Russian 

Assam Oil is wholly owned by purchases from Iraq, and Indian 
Burmah and runs a small Oil hopes to bring the entire 
refinery in Digboi which has in- amount in Indian tankers. It 
curred liabilities to the Govern- also wants to increase purchases 
ment and Oil India of various of kerosene and diesel. 

kinds. The Government wants — — — 

these to be offset against the r __;^ __ 
compensation to be paid to 
Burmah for its share in Oil 
India and differences have arisen 

on how this is to be done. This an 

With the takeover of Oil India, 
the entire oil industry will effec- 




y-r \ v ~.r > tn - . . f • • 

; ^ '"Weekly 
"^fXonlkm 

Tokyo 
U.S. $5 

Tokyo 
- U.S. $4 

Listed c 

Jirfocmaiioi 

•Tfct * • v-- ; / J^r ~- • 

s:26>1978 : . 

1 Pacific Hofrfings W.V. '■■■■ 

&94 .... v • '\y 

Pacific Hordihgs (Seaboard) N.V. 

i .49 - . •" ; X-. ■ . ” : V- : : i 

in the^msterdarn Stock Exdtange f - . 

' . ; ■ <w : *.' • . - 

: Rionwn, Motoring & tfiortoo N.V^Hoiorgro&m 214, Amsterdam 


• -• •, •' '* 


> v? .-..v .*-■*. ... 

Yl 

PRICE INDEX •; 

DM Bondi 

HFL Ban4i & Note* 
U^. S Sere. Bands 

On. -Dollar Bonds 

3NTOBBL EUROBOND INDICES 1 . 

. •• . 14376=180% J^\' c M \ .. 

10.6.78 3J.6.7B AVERAGE YIELD ' 20.6.78 17.6.78 

06.2S 106.05 DM-fionds 6.521 6J49 

' *52-52 HFL & Wo “» 7 -‘* i8 7 - 43 3 ' 

t |2* jS H 5-S- S Sort 6o«l» 8J46 - ... £920 

1 00.02 ‘ 99.89 • . Cao.-Dotlar Boods . .* 9.284 - 9.374 


This announcement appears as a matter of Record only 


Singapore bank 
offer for sale 

By H. F. Lee 

SINGAPORE. June 28. 
THE United Overseas Bank 
(UUB) is offering 5m shares in 
its subsidiary. United Overseas 
Finance, for sale to the public. 

The shares, which constitute! 
25.7 per cent of UOF’s issued 
capital of SS19.47m, are being 
offered at S$1.50 per share— a 
50-cent premium on its par value. 

The purpose of the offer. UOB 
said, is “to provide the invest- 
ing public with an opportunity 
to participate in the equity of 
the company and to enable the 
shares to be listed on the Stock 
Exchange of Singapore.” 

The UOF flotation joins the 
recent spate of new issues In the 
Singapore stock market It is the 
fourth new issue in two months 
and comes at a time when the 
market is displaying tremendous 
buoyancy and an almost 
insatiable appetite for new 
issues. 

The last three issues were all 
several times oversubscribed, 
the most remarkable being the 
Singapore Bus Service which on 
its first day of listing was traded 
up to as high as three times 
itc offer price. 

UOF is one or the largest 
finance companies m Singapore 
and at the end of 1977 has 

fr«L t ^ al,m , y loans 

Of bbWSmi, deposits of SK97.65m 
a ..»„ shareholders' runds of 
bS28.22m - Net tangible asset per 
share is SS1.45. * 

The company has been enjov- 
r"S *! ea<ly earnings growth and 

year ended December 

J««a rcP TC ted vn-lax profits or 
bb5.fj9in <U.S.S2.45m). 

The company gave no fore- 
cast of its earnings for tb“ 
current year but said that it ex- 
pects to continue to achieve 
satisfactory growth ia the 
future. e 

,.y? F anticipates that the gross 
dividend rate will be maintained 
« 10 per cent, same as the past 
two years, * 


YACIMIENTOS PETROLIFEROS 
FISCALES 

US $ 18.000.000 

5 Year Loan 


Guaranteed by 

BANCO DE LA NAC10N ARGENTINA 


Provided by - : 

NORDDEUTSCHE LANDESBANK INTERNATIONAL S.A. r 4r ; 

EURO-LATINAMERICAN BANK LIMITED ^ ; : 

- EULABANK - : ' • 

BANQUE GENERALE DU LUXEMBOURG 

(a member of the Societe Generale de Banque Group)'- ' ?■*'' ^ 

HYPOBANK INTERNATIONAL S.A1- "C £ ^ #1 

- - ----- .-Mu.*! 


GUARANTY AND CREDIT CORPORATION i 
LONDON INTERSTATE BANK LIMITED: - k 






_ : . ^ - . . • .. •'.» i/r 

■ . --- ■ - • . ,-v • -vVi-;.-- --'- 

" -t -r V -. .- •‘J- \vF 


Arranged by . - fJ ::i 
NORDDEUTSCHE LANDESBANK I NTERNATfOfeVL^^Ai 

As' Agent . . ; - ' • •' ; . ' : T •: 




i 














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\ 9 . . 

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V'Y3. ^ 


Financial Times Thursday June 29 1978 

APPOINTMENTS 

Operations director 
for Bowater 

Jsa, 

BOWATER CONTAINERS. He tive on July 17. He will be based 
takes up ■ his appointment on a t Nuffield House. Piccadilly. 
August 1 and will be succeeded ! 

as general manager of ihe 

flexible Packaging Division bv _ ®U announces that Mr. NeU 
Mr. Rodney A. J. Webb, who was. Sare "*W has been appointed 
until his new appointment, Jinan- deputy director, music ©jfera- 
dal controller of Bowater Con* Iions ' South East Asia. He will 
sumcr Packaging. continue as managing director of 

* EMI (Singapore;, and EMI 

m ^ f - ^ r de tom vttv™” STS: l ’ I Mr! la, oirek Etberlngtoa has 
distillers, ^ 

takes over from Mr. Richard u ‘7 

CalUngha in, the present chair- * 

man, who will remain a director. Mr. T. \V. Stafford, direclor of 
Mr. de Boer . is chairman of the the Sunderland and Shields Build- 
Britisfr Road Federation and a ing Society. has been elected pre- 
dlrector. of the International Road sid ent of THE BUILDING 
Federation. ’ He is a director of SOCIETIES INSTITUTE fof the 
Burmah’ Oit, the Chloride Group, year 1978-79. 

Steel Brothers Holdings and * 

He Ls also chairman of Mr. Anthony P. Bradley has 

SSSmkuSr*”? ' U J?’ J- e .** as . 140110 aopointed managing director 

a member of the National Bus of FOX AND OF FORD, mould and 
Company since ils inception in toolmakers of Birmingham- The 
1 j ^fl d ? eo V es t ^ ie Transport appointment takes effect from 
ketB18 Comrn,ttees oE Juty 1 and coincides with the 
me V.W. acquisition of *>e Ann by the 

. : . * Transformotor Group of Tipton. 

Mr. J. lister, general manager. Mr. Bradley, formerly managing 
planning, has been appointed director of Bradley and Turton of 
chairman of ICT ' fibres division Kidderminster, succeeds Mr. Fred 
from September 1. Mr. C. Hamp- Laptea, who retires as managing 
son, a. vice-president of Canadian director at the end of June. Mr. 
Industries, is to become general Lupion is being retained as a 
managed, planning from that date, consultant 

Mr. p. H, . Booth has been C.ALL1POHD, a M id- 

appointed executive director *" d building comnany, announro 

SSf' '■SJ B S? P c^o rd?n ation P °o f W®*wSwi 'directorT^hM been 

attivitie, on the Preset site. In "roek™f?°,Vnr^ 

of i« n.an»ein“ SSE# &S£ 

monies, end Brookside Mends. Z?'T\, W #ri%T'Ji£t% £ 

* sponsible for all building activity 
Mr; K. w. Cook, director of and pronertv development tft Hie 

economics ' 'and - planning of Gafl/ford Brindley Group- Mr. 

PHILIPS INDUSTRIES, becomes Cockroft retains his seat on the 

direclor of. finance and planning Board of Wincott Galltford. Mr. 

from. July 1. Mr. A. B. Gilliland, T. W. Seekings becomes produc- 

currently director of finance, tion manager. 

becomes special .projects director * 

from the same date. Mr. Edward Baker has been 

* appointed finance direclor of ST. 
ELLEBMAN LINES announces REGIS INTERNATIONAL in 

the appointment to the Board of Place of Mr. Emlyn Williams who 
Mr. Timothy Ma rtm -Jenkins, with retired at the beginning of June, 
effect from July 11 He is chief ★ 

executive of EWL. the transport Mr. Charles Craft is to retire al 
division of_ E Herman Lines based the end of July as a director of 
in Hulk His appointment follows JOHN LAING AND SON, parent 
“* e cement from the Board on company of the Laing Group. 

June 30 ef-Col. George W. Bayley. * 

the former chief executive of „ _ . ,. 

EWL. Mr. J. W. Cameron also Mr - G. Wertrop. rnanaenur chrets 
re tires from ‘ the Board on the Eor oE GENERAL FOODS, has been 

same day. • appointed area manager.- General 

^ Foods Europe m Brussels • from 

BRITISH RAIL announces the jjipm L Replagng Wm atBan- 
appointment of Mr. Colin Driver, B 

formerly passenger sales manager! E5* 1 * ™SS"*V. maD i l « er *&££ 
headquarters, as chief passenger jLior ^ raD n s pel lowl * 
manager, Eastern Region, based dhnsraiL . 

at York. He succeeds Mr. R. * 

GeranteQ who- has been appointed Mr- Roger Foden has been made 
director of public affairs (Scot- chairman and Mr. Saxon Tate a 
land), : director of TUNNEL REFINERIES. 

* Lord Jellicoe has resigned as 
Sir Arthur Hope Jones joins the chaj ” nan foSowing hisappojnt- 

Board of LONDON SUMATRA “«* 85 chairman of Tate and 

PLANTATIONS as a non-executive L * Je - 

director and chairman on July 1. * 

He resigns as a director of Mrs. Hester Davies has become 
Harcros .Investment - Trust on company secretary of AJAX 
June S&^SJr-Arthur will remain MAGNETHERMIC (UK), a sub- 
on the. -Board of- Nairobi-based s^ary of the Guthrie Corporation. 
Phillips Harrison and Crosfield. * 

the*' ctoiJLISftT Mr- * * Ry„a h- JS bMr, 

Sumatra Plantations after the 

atutua] meeting on July S3, but SyiNGs’SwiCra ft? re™ 

diliicto7 Mlun “ a ” t,eiuto | 

^ William Millar replaces Mr. Ryan J 

w. » r e as deputy general manager. . I 

Mr. M. R. Sch witter retires on . I 


Jufr lfrom the Boards of AKZO 
CIffiM®-UK and ARMOUR HESS 


Professor Thomas Wilson is to I 


CHEMICALS. He is being retained become chairman of the SCOTTISH 
as tec hnica l- adviser. MUTUAL- ASSURANCE SOCIETY 

* . .on July 1 In place of Mr. W. R. 

a h»ii*. ~ t? v BaBanlyne who retires from the 

h , be t n Board at the end of this month. 

Professor Wilson bolds the Adam 

^y'SfXTcTuSKfir univSiw 1 Econ<m,y 

sidiary of RaJin Holdings. 8t U g university. 

if " 

Mr K Rxrfssi} w Mr. Geoffrey Hollows, marketing 

piSident^f Bra™ *tctor of Hep worths Ltd., has 

BEK OF COMMERCE FRANCE^ 5£“ 

Mr. BarteU. who is also president WORTOAND *' 

or the Conference of British WORTH AI ^ D ****■ 

Chambers of Commerce in Con- _ . . _ * 

tinental 'Europe, was president Mr - Oand H. Woolf has been 
from 1973 to 1975. He succeeds appointed manaqmg director of 
Mr. Eustace Balfour, of Mather HENRY BOOT CONSTRUCTION 
and Platt, who becomes vice- from July L He was previously 
presidents The- other vice-presi- » director and head of operations 
dent is Mr. Robin Ward, of of Bovis Construction. Mr. John 
Resource Evaluation France, . B... Parkinson, formerly managing 

■£. director of Henry Boot Construc- 

' Mr. Alan Bates, deputy group P on “»* recently aPP°i“ Eed 
managing director of Hoskyns J° ,n t managing 
Group has been appointed opera- patent company Henry opt nd 
tibns direclor o£ PP AUDITS P OF s ° n ^ vrtI1 take ov-er c+tainnan 
GREAT BRITAIN from July 3. Heruy Boot Construction at 
He will control all the company's beginning of next month. 

oomputer-seri-iees. research *S0KVEYS OF 

J- bus bres 

CJEOTBAL Am SKEXWOOD. °[ .*ff 0, !S!2Sli* "dirStof, 

Mr. Paul Bliss, formerly general w^'rorroily’a' Tirec- 

DAWS S'lWTxS 

ESTATES (SOUTHERN), a sub- "TmS. 1L Dmin become asso- 
saduuy of the Wood HaU Trust gj e dJrertors ot RSGB. 

Mr. H. Russo, Mr." E. F. tjrthsh RAILWAYS BOARD 
ganvjpe and Mr. W.E. Brown appointed Mr. Geoffrey 'Myers, 
have been appointed, directors of rZ-ral manacer of the Eastern 

PAm- EIJ S? C ™: tSl^o?BrtSh Suit York, to 

RANY. Mr. K. .Prior has been me imriyowwl post of director 
pointed managing director and ^strategic development at Board 
Sir. D. Barker, Mr. W. E. Brown, headauarters. He will head a 
Mr. E. F. Glanrifle and Mr. P. working with head- 

Weitzman have been appointed n , lflr Ter«; departments and with 
directors Of CORNELIUS PRO; Board’s subsidiary businesses 
DUCE COMPANY. to idraS? ^smd develop areas of 

* change. Mr- M. V. Casey is to 
■ From July L Mr. Qaiser A. M. bemme engineering director of 

Ha q man will be- responsible for Rail LtKineerioz to 

Gte UNITED INTERNATIONAL j T^BarterWyatt, 

BANK representative office in. *25^ V' ite^od rtf iffi 
Abu Dhabi. From the same date, who-retu^s at the eoa 

Mr. Charles Law, who has .been mown. 

BBraSHAERotpA^D™ 

^StbVo^s." maMseriai a. a oi» 

* . executive directory Mr. «- «• «- 

Mr. G. G. TredimUck, London Qtahohn, 

Office manager, the COMMERCIAL manager Rapier (research and 
BANK OF AUSTRALIA. is return- development). Hateher 
ipg to Australia to take up bis T SnS Si 

new position as corporate bank- production, MT- K- 
tag manager for Victoria. Mr. J. electronic a mi spac e systems^ ana 
<mu»by, who currently holds the Mr. B-- 3. 

position of manager, jft tern ational other major mllitare contraci^ 
operations, wUT succeed Mr. .. Air Commodore G. Watson nas 

?redbmlck ft London. KSWF’SKorf’BES 

«« isss srss£ sasffi” 

frtSoSi ySS 

GENERAL SECURITIES. _ OIL COMPANY 


^ iX- 

BUSINESS AND INVESTMENT OPPORTUNITIES 

READERS ARE RECOMMENDED TO TAKE APPROPRIATE PRO FESS10N AL ADVICE BEFORE ENTERING INTO COMMITMENTS 


Finance 

forGiuwing 

Companies 

If you are a shareholder in an established and 
growing company and you, or your company, 
require between £50,000 an J .0,000,000 tor any 
puiposc, ring David Wills, Charterhouse Development. 

. Investing in medium size companies us 
minority shareholders lias been our exclusive 
business for over forty years. We are prepared to 
invest in both quoted and unquoted companies 

t currently making over -£50,000 per annum 
pretax profits. 

CHARTERHOUSE 

CharteclTouse Development. 1 Paternoster Kow, $L P.ailh, 

London EC4M 7DH. Telephone 0 I-J -18 5W. 

75 NEW PRODUCT IDEAS FREE 

Each issue of Newsweck's “New Products and Processes’* 
Newsletter reports on 75 to 100 of the most exciting new 
products from around the world; includes complete information 
on availability for manufacturing, sales, licensing. Special 
trial subscription offer for 7 months (S issues) is just U.S.S60. 
And if the first issue doesn’t deliver the kind of ideas which 
can ■ mean substantial new business opportunities for your 
company, simply write cancel on your bill and keep the issue 
with our compliments. To subscribe or get more information, 
write today on your company letterhead to: 

NEW PRODUCTS AND PROCESSES 
Newsweek House, Dept. A1C26-3 
Wellington Street. Slough 5 LI IUG, England 

Britain’s Top iooo 
Private Companies 

gives you the key figures, the key 
people and the salient performance 
ratios in one book. 

Price £14.00 (-- 50p postage & packing) 

Jordans, Jordan House. 

Brunswick Place. London N1 6EE. % 

^ Telephone 01 -253 3030 JQrOanSJ 

SUB CONTRACT YOUR 
PACKING 

to the experts. Complete and efficient team at your disposal 
at very short notice. Our very competitive rates will delight 
you.. Send for full descriptive brochure, giving all details to 
the company's sales representatives or phone: 

PETER J. GARRINI & ASSOCIATES LIMITED, 

130a Burnt. Oak Broadway. Edgware, Middlesex. 

Tel: 01-952 6626 - Telex.- 923598 

HAVE YOU SPARE FACTORY SPACE 
WITHIN SO MILES OF LONDON ? 

Wb «/• i iiujII International group of eompinie* «nd with to hive the uie 
of *ppr oximital/ 3,500-5.000 sq. It. of modern factory space for the purpotc 
of tilting our own chemical and paint products and wuh to install an acroiol 
line. Should we come to an amicable arrangement we are quin prepared to 
form a separate manufacturing company and offer an equity participation if 

required. I 

Pie are write to fullest confidence to the Managing Director. 

So* G.2194. Financial Timet . 10, Cannon Street. EC4P <BY. | 

REQUIRED 

ADDITIONAL BANK FACILITIES 

Medium-sized company trading internationally in building 
materials, fertilisers, foodgraios. 1977 turnover US S25m. 
Hall year 1978 US S25m. 

"Write Box G.216S, Financial Times, 10. Cannon Street, 
EC4P 4BY. 


DISTRIBUTORS REQUIRED 

In various areas of tfi» U.R. to market 
proven specialised fuel economy vajve 
which reduces fuel consumption, in- 
creases car performance, significantly 
reduces pollution, pennies use of 
lower octane fuel. Product suitable 
for fact users and garage distributor- 
ships, For full details, write to; 
(Ref. FT), 

INTERNATIONAL COMMERCIAL 
NETWORK LTD., 

17 Victoria Avenue. Harrogate. 
KG? 5RE. Telephone: 0423 61204 
Telex: 5773 1 


IMPROVE YOUR 
CASH FLOW 

Unusual taut -ery useful scheme to 
sell and leaseback sour existing plant 
J and equipment, available ro companies 
I and individuals with good profit 
I record. Periods of up to 5 years on 
I amounts of £20.000 to £2.000.000. 

• CREDIT ADVISORY SERVICES LTD., 
1 St. Paul's Road, Bristol I. 
j Telephone (0272) 364*f/2f4575 


General security. . ^^ot^ oil 'cohpany 


• We are looking for i 

FINANCIAL PARTNERS j 

• For a first-class building 
programme on the 
French Riviera 
Write to: 

FRANCIMO. 1. rue Ceard j 
~ Geneva, Switzerland i 


AUTOMATED 

FOUNDRY 

Complin with la«d and building* for 
sale, 'ready for production. Bo< site 
1850 x 9 DO x 700/300. suiublo for 
large ' Tractor or similar castings. 
Located in development area of Scot- 
land. Good labour force available. 
Ft ease telephone 0989J 3841 or 
08893 4638. 


LIMITED COMPANIES 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 

EXPRESS CO. REGISTRATIONS LTD. 
30. City Road. ECI 
Df-428 3434/5/7361. 9936 


PARTNERSHIP REQUIRED 

Businessman based in London with 
capital and good contacts in Middle 
East, lpoaking Arabic, looking for an 
experienced partner In industrial 
recruitment. Capital not required. 
References essential. 

Call: 

Mr. Naffa OI-J70 4044 


EXPORT TO JAPAN 

WE WILL SELL E.E.C. QUALITY 
PRODUCTS TO EXPANDING 
JAPANESE MARKETS 
Once your business has reached satis- 
factory proportions we are able to 
set up your own organisation in Japan. 
Write:— 

TEBECQN AG ZUG. P.o. Bene 1115, 
“6301 Zng, Switzerland. 


TELEPHONE ANSWERING 

Your own London number shared or 
axdusive line, answered by our trained 
staff. Urgent messages reach you at 
home or abroad. 

Contact:— 

BRITISH MONOMARKS, 

Dept. FTL on 01-404 5011 


IBM ELECTRIC 
TYPEWRITERS 

Factory reconditioned and guaranteed 
fry IBM. Buy. save up to 40 p.r. 
Lease 3 years tiom £1.70 weekly. 
Rent from £29 per month. 
Phone: 0T-64T 2365 


MANUFACTURING Co. 
SURREY AREA 

REQUIRES ADDITIONAL CAPAClTT 
FOR EXPANSION 

At pretent sub-can tracing £100.000 
of presswork per annum. Surrey, 
based firm preferred. Please send 
details of capacity available e.g. 
presses, etc. 

Write Box G.2f2l, Flnoncio! Times. 
JO. Cannon Street, EC4P 4BY. 


PROFESSIONAL 

BODY 

with High Grade Staff ind Accom- 
modation outside Condon, 40 minutes 
from Waterloo. 

OFFERS SPACE AND/OR SERVICES 
Ca Other profession el bodies ar to 
trade or similar attociat'Om. 

Prior) pair please write In tot cl 
confidence to Bps C.2193. Fine.telnl 
Times, 10. Connun Street. E£T4P 4BY. 


2,000 

Pieces escli First Grade top U.K. 
manufacture 

15-30 & PR Tyre & Tube 

itxd 

750-16 6 PR Tyre & Tube 

available through September to 
mid-October 19TB 

fcUROTYRS LTD. 

Station Rd . Iltninsier, Some”**. U.K. 
Phone: 04605 3011. Tele*: 44 318 


Stockbroking 

Our client is a medium sized firm of stockbrokers 
with offices in London and several provincial centres. 
Although dealing mainly for private clients the firm 
produces good research material and has an 
expanding institutional business, it is now interested 
in hearing from:- 

— country stockbroking firms, 

— individuals or groups of broken? fn London or 
elsewhere with a commission nucleus of at least 
£50.0C10 p.a. 

with a view to discussing an association, merger or 
similar arrangement. 

Attractive cost saving benefits could be offered to 
such parties in terms of available office space and 
efficient computer based systems which deal with • 
bargain accounting, settlement administration and 
the requirements of Talisman. 

Replies from principals only will be treated in the 
strictest confidence. In. the first instance, please 
write to or telephone: 

D. F. Robinson, Spicer and Pegler, 
yy^iW Chartered Accountants. 

I?1 F*f 56/60 St. Mary Axe, London E.C.3. 
V”/ 01-2832683. 


* 13-YEAR MORTGAGES 

* INTEREST 12'% FIXED 

* UP TO 75% OF VALUATION 

* INVESTMENT OR OWNER OCCUPATION 

* QUICK DECISION 

Please Phone or Write to S. A. PARNE5 

© 23. MANCHESTER SQUARE 
LONDON W1A 2DD 
01-486 1252 

AVAILABLE IN ’ MILAN/ ITALY 

premises fully equipped with telephone, telex, secretarial ser- 
vice and young bi-liogual and dynamic staff who could serve as: 
— your Italian represen tali ye; 

— -public relations with possibility to supply 
consultancy in the following fields: 

— financial 
— fiscal 
— marketing 
— insurance 

If you are interested, please write. In confidence to: 

Mr. G. M. Gallmberti 
Via Caradosso, IS. 20U3 Milan 

Tel: 6S6S37. Telex: 34563 

FOR SALE BY TEN DER 

UNIQUE OPPORTUNITY TO ACQUIRE THIS 
FREEHOLD HOTEL INVESTMENT AND LEISURE 
CENTRE COMPLEX 

in prime position of Bournemouth as a whole 


I ) Linden Hsll Hotel. Christchurch 
Road lax in»fitmcut. I« at 
£32.503 per annum: 5 yrt. remain 


ming pool, gymmsiunt, squish 
courts, garnet room (vacant 

poitnsion). 


on fall repairing and injuring 3/ Forecourt petrol filling station, 
lease). garage and workshops. Knyvccon 

P.oid (vacant possession j. 

2j Linden Sports Club, Knole Road. 4) Staff houses and flats (vacant 
comprising bars, restaurant, swim- possession^ 

Ideal as leisure centre and/or potential redevelopment. 

Closing date for Tenders. 12 noon Thuisday. 20th July. 1978. Sole Agents. 
Hotel Department. GOADSBY & HARDING. 

Borough Chambers, Fir Vale Road. 

Bournemouth Tel. 0202 23491 


STRUCTURAL FOAM MOULDING 

Following eery positive market research, an American plutks moulding 
manufacturer withes to exploit its own highly successful technology and products 
■n structural loam moulding in Europe. 

A number of different forms of co-opera cion with an English company in 
setting up a production unit in the U.K. to sell throughout Europe would be 
Considered. ft is envisaged that an initial investment of £7S0.0QD would be 
necessary. 

Interested parties should write, giving brief details of prcient interests and 
other relevant details. AH replies will be treated in strictest confidence by the 
company's U.K. consultant. 

Write Boa J.? >8£. Financial Times. 10. Cannon Street. EC4F 4 BY. 


PRESTIGE CARS WANTED 
TO ALL COMPANY DIRECTORS 
TRANSPORT MANAGERS AND 
PRIVATE CAR OWNERS 
Are you obtaining the best price for 
your low -mileage prestige motor-car! 
V/ c urgently require Polls-Royee. 
Mercedes. Daimler, jaguar. V*ndcft 
Piss. BMW. Porsche. Ferrari. Male ran. 
Lunborgbim, Jonscn Convertible, 
Rover. Triumph and Volvo cars. 
Open 7 days a week 
Collection anywhere in U.K. Cash or 
Bankers draft available. Telephone u* 
tor a firm price or our buyer will call. 

ROMAN OF WOKING LTD. 
Brook wood (04867) 4567 


CTN DISTRIBUTION 

Established company with good 
distribution and national sales repie- 
scnti'.'On in the CTN TRADE wishes 
to add to its product range and would 
be interested in considering new or 
well established lines wh-eh could 
benefit from greaser distribution. 
Write Bor G.2I91, Financial Times, 

“ 10, Cannon Street, £C4F 4BY. 


ISLE OF MAN 

OFFSHORE TAX SAFEGUARD 

Grasp ire oupominltiea in s low ta» 
area, we specialise in tne lorirtatwe 
oi companies Including nominee 

appointment. secretariat services. 

general agency work, teles ano general 
consultancy Including commercial 
oLac laments. 

Full details from P. A. Brown. BROWN 
BROTHERS LIMITED. Victory House, 
Prospect Hill. Dongles, tsle ot Man. 
TCI. 0624 2566t. Teles 62MT. 


SELL IN U.A.E. 

Managing partner of Gull company 
visicmg the U.K. I4ch July wishes to 
meet companies wancing co export or 
be represented in rhe U.A.E. Main 
interest building materials. iron, 
monger/, a T Wrecturai ironm one e r 1 • 
shop fittings, partitioning, ceilings. 
Please send details to BA 
Box G.2170, Financial Timet. 

ID. Cannon itrrrt. EC4P 4BV. 


URGENTLY REQUIRED Investment. CMrftpl. 
57 acre* urecn bolt land Income £28. SOD 
ever nc> t live years with renewable 
S-vcar contract. £68.500. i02J3«) 

7S17S ■evenlnos). 

START AN IMPORT .'EX PORT AGENCY. 
NO Capital required. EstaBItsned over 
30 rears. Clients in 52 countries. Send 

large S.A.E Wade. Dept. F P.O. Boa 

9 Marlborough. Wilts. 

OVER 40.000 SCHOOLS AND EDUCA- 
TION ESTABLISHMENTS car Or rcxchett 
bv mall. The Educational Addressing and 
mailing Ser»lce. Derby House. Reahlll. 
Surrey RHt 3DM. Merstham 2223. 


NEW LAND 
ROVERS 

FOR HIRE OR LEASE 

New SWB. petrol and diesel 
hard-top Land Rovers. 
Contact;— 

FOUR X FOUR HIRE LIMITED 
Tel: 01-894 1211 

Also for Land Rover body 
conversions. 


1 DO YOU NEED A NORTHERN 
1 j OFFICE/ REPRESENT ATtON IN 
| THE NORTH ? 

! We have prestige offices in the centre 
of Old York with spare space /capacity 
with switchboard. Tele*, and secre- 
tarial iid 3s required. 

! CAN WE HELP YOU » 

i 

j Detotls from, ond suggestions to. 

Boa G.2I49. Financial Times, 
i 10. Cannon Street. BC4P 4BY. 


PLANT AND 
MACHINERY 

GENERATORS 

Over 400 sets in stock 
lkVA-700kVA 

Buy wisely from tho man u fact u rers 
With hill after safes service 
CLARKE GROUP 
01-936 8231 
Telex 897784 


HOTELS ANP LICENSED PREMISES 

CHANNEL ISLANDS 
DELIGHTFUL COUNTRY HOTEL 

Offering peace, quiet and relaxation. Ideally situated adjacent 
to: Gulf course, sale uncrowded beaches and magnificent bays. 
The perfect spot for Sprint; or Summer holidays. Registered 
for 33 plus children. Open all the year round. Residents' Bar/ 
Lounge. Games Room. Owner's integral ground floor accommo- 
dation. One acre site. Excellent potential. £103,000 as a going 
concern. Enquiries to Sole Agents: Beck & Deane (Estate 
Agents) Ltd., l, Waterloo SL, St. Heller, Jersey. Telephone: 
0534*72356. 


DESPITE THE RECENT 
RECESSION 

In ccvuin sections oi the Shipping 
Industry sauna lo ng-lemi Jm-eranent 
Opportunities si III exist. Old established 
Operating subsidiary ol major British 
shipping group can oiler one or two 
Investment projects complete wim 
management or will manage your 
vessels on worldwide basis with same 
tare and thought as entrusted to their 
own Beet. 

Write Bos G.1275. Financial Times. 

10. Cannon Street. tCap 4>V. 

DESIGN AND MANAGEMENT. Let us 
create a new interior for your office 
reception, boardroom, shop, restaurant 
or hotel. Vfc design, plan and manage 
vour project from start to finish. Phone 
Gordon Llndsav Group. 01 >995 544 6. 

EX PUBLIC CO. CHAIRMAN has £200.000 
family trust funds lor residential 
| prooertv Investments, large or small. 

I Immediate decisions. T. Potfiecarv. 25 S J 
I Streatham High Read. SW16. 01-769 

I 2066. 


BUSINESSES FOR SALE 

MODERN JOINERY MANUFACTURING AND 
BUILDING ESTABLISHMENT FOR SALE 

as a going concern. Ground -.S acres, factory H.0Q0 sq. It. 
office accommodation 3.000 sq. ft., plant repair shop, storage, 
ample open yard area. 

Lanarkshire area within easy access ts> motorways. Turnover 
£700.000 per annum. SO employees, scad order book. 
Excellent opportunity for an established firm requiring 
expansion. Good connection with local authority, architects, 
industrial concerns, etc. Enquiries in confidence to; 

Box GJ2198, Financial Times. 

10. Cannon Street, EC4P 4BY. 

RESIDENTIAL DEVELOPMENT GO. 
FOR SALE 

A well established privale company operating in Yorkshire 
and Lancashire. Sales circa £2m. p.a. building around 100 
bouses p.a., mainly higher price range. Land bank for four 
years at present output. Substantial stock appreciation and 
tax allowances. 

Profits £1 50,000/ £200,000 p.a. 

Principals only. Write Box GJ2155. Financial Times, 
10. Cannon Street, EC4P 4BY. 

MEDIUM SIZED CHAIN 
OF RETAIL SHOPS 

Specialising in the sale of 
T.V.. RADIO, AUDIO HI-FI 
Well established company with turnover approximately £lm. 
Prestige sites. Please reply Box GJ2152. Financial Times, 
10. Cannon Street, EC4P 4BY. 

MACHINE TOOL COMPANY 

Old established Machine Tool Manufacturing Company for disposal. 
Company fully equipped, machinery, plant, skilled workforce, own 
products. Good record of profitability and with an exceptionally 
well known trading name. 

Enquiries from principois only to Sox G.2T95. 
financial Times, fO, Cannon Street. EC4P 4BY . 


SOUTH CORNWALL 

Company owning freehold site (14 
acres f with refurbished ton and Res- 
taurant. Luxury self-catering Flats and 
Hotel for jale. Annual turnover 
£120,000. Offers in excess of 
£2SQ,000 required. Principals only 
Please. 

Detail t from Box G.2 1S3. Financial 
Times. 10. Cannon Street, EC4P 4BY. 


TRADE LITHOGRAPHIC, 
REPRODUCTION AND 
PRINTING BUSINESS FOR SALE 

Private Limited Company operating in 
West Countiy. T/O CI6S.Q00 P.a. 
Principal < only apply for further 

details to: 

Bov 17.2196. Financial Times, 

10. Cannon Street. EC4P 4 87. 


BUSINESSES WANTED 


Turnover under £50,000 
and very small asset position. 
Must have April or May year end. 

Please mile to Box No. G2190. 

Financial Times. W Cannon Street, bmtlnn EC4P4BY. 


£500,000 CASH AVAILABLE 

for the purchase of a garage in S.E. England, 
preferably Surrey, Sussex, Hampshire. All replies 
treated in the strictest confidence. Write Box 
G.2 192, Financial Times, 10. Cannon Street, 
EC4P 4BY. 


BUILDING COMPANY 

A speculative house-builder is required Tor purchase in 
Kent. 

A small to medium sized business (turnover of a minimum 
of 100 Units per annum I is the ideal with a Land Bank for 
some two to three years. 

Replies should be addressed to the Principal. Box GJ135. 
Financial Times. 10, Cannoo Street EC4P 4BY. 


A Speculative House-builder is required for 
Purchase in the Midlands 

A small to medium sized business (turnover or a minimum 
of 100 Units per annum j is the ideal with a Land Bank for 
some two to three years. 

Replies should be addressed to the Principal. Box G*l»4. 
Financial Times, 10. Cannon Street. EC4P 4BY. 


ATTENTION — 

SMALL LISTED COMPANIES 

We are an established Private Company, whose present 
activities are in construction and allied fields. 

We are seeking a substantial interest in a publiejy listed 
company by way of injecting into it our very profitable and 
cash rich subsidiary, to expand its activities. 

Replies in confidence to: 

Box G.2093, Financial Times, 10, Cannon Street, EC4P 4BY. 


DEALER 

DISTRIBUTORS 

If you are a progressive businessman/ 
woman and would like to participate 
In tha growth leisure industry we 
would iiko co meet you. Our business 
is development of leisure parks and 
tale of mobile homes in Europe! sun 
spots, and ski resorts. 

You will be required to have a show 
unit so will need space available. 
Vacant areas ttlll exist in Southern 
England and Heme Counties. Midlands. 
West Country* Wales. Northern 
England and Scotland. 

Reply, to strictest confidence to: 

MITCHELL ASSOCIATES 

XSS Fufwood Rood, Sheffield S1Q 3GD. 
Telephone: 0742 303281 
Tetau 504711 


PRIVATE INVESTOR 
WITH LARGE 
CAPITAL FUNDS 

is interested in acquiring controlling 
interest in trading companies In Sooth 
Wales and the West. 

Conti million of present management 
fs essential. 

Apply to tha Managing Director, 
Box G.2 163. Financial Times, 

10. Cannon Street. E C4P 4 BY . 


WANTED 
TO PURCHASE 

t am interested in acquiring a 
partial or total interest in a 
corrugated container sheet 
plant. 

Write Box G.ZJ 64. Financial Times, 
10. Cannon Street. EC4P 4BY. 


WE WISH TO 

PURCHASE A 
COMPANY 

preferably in a service industry, 
earning pre-tax profits of at 
least £250.000 a year. Replies 
please to Mount Securities 
Limited. 19. Bolton Street, 
London W1Y OHS. with 5 years 
balance sheets. Strict confid- 
ence assured. 


Small Private 

EXPORT FORWARDING 
&CONHRMING HOUSE 

SITUATED IN WEST END 
seek i to purchase or mens with 
similar. 

SPECIALISTS IN 
BUILDING MATERIALS 
Main markets Middle Ease and Africa. 
Write Box G.2 1 SB. Financial Timas. 
10, Cannon Street, EC4P 48/. 


WANTED 

Motorcycle Dealer / Re par re 
with turnover not less thai 
£250,000 preferably Souti 
London. 

Reply to; 

BATES. WELLS & BRA1THWAJTE 
81 Carter Lane. London EC4 
Tel: 01-236 9D01 


•Tie . - 






■y 

lia 



A WORLD-WIDE LIST OF 
BIOGRAPHICAL BOOKS 


1. Whg’i Who » Australia. 1977 
Edn. Price A5ZO clui 23 
nora??. 

3. WhJ'l Who In Aoilria. 7077 Edn.: 

Price 0.5. WOO. 

X. Busmen Who'j Who I" AlMlr»IIO- 
15th Erin. 1 97fl. Price. £30.00 
plus £1 postage. 

4. Who’s Who m Euros* 1976. 

Price. £59.00. 

9. Who’s Who In World Oil iind Gas 
1977,70. £14.50 bv ScamaU. 

£10 bv Airmail. 

6. Who’s Who In Worid Banking 

Feb. 137S. £12.00 bv Scamail. 
£15 bv Airmail. 

7. Who’S Who I" Canada- 197S.7K 

Edn. Price: £47.50 plus £3 
posting. 

8. Directory el Directors 1978. 

Car.y56.Q0. 

9. Who’s Who m Communist China. 

3 Vois. Prw £20.00. 

1 0. Who’s Who in Cyprus. Latest Edn. 

T9Sa Price: £40.00 In Greek. 

14.00. 

11. Whe’s Who In Denmark 1978. 

Price DKr. ZC5 Plus postage 
in Danijh. 

12. Who’s Who iFinlandi 1975. 

Price. FMk 115 Plus post £> 
Finnish. 

13. Who’s Who In France. 1977 70. 

Fr. 400 plus Fr. IS postage 
and packing 

14. Germany. Who’s Who 6th Edn. 

1976. Price DM. 235. 

15. Wcr nt Wer iWho’s Who >n 

Germany l. Latest Edn. 1975 
Price: DM. 100 In German. 

16. Leltend* Manner D«r-WirtschalL 

DM.215 

17. U.K. International Who’s Who In 

Poetry- 750pp. 5.000 entries. 
5th Edn. £42.50. 

IB. U.K. The International Who’* 
Who 1978/79. £*4.00. 

19. U.K. Who's Who in Translating. 

£ 6 . 00 . 

20. U.K. International Y.B. 4«d [States- 

man's Who's Who. 1977 S70. 

£20.00. 

31. U.K. Directory of Directors- 1978 
Edn. July 1973. Pr.ce. £15.00. 

22. U.K. Who's Who in Saudi Arabia. 

1977. U.S.S4S. 

23. U.K. Burke's Peerage vG.B.i 1975. 

Price- £38.00. 

24. U.K. Who's Who In Great Britain. 

1978 Edn. Price. £22.50. 

25. U.K. Dictionary of African Bio- 

graphv. 2.500 bioarnatun. *Z 
countr<cs. Price: £3.00. U.S. 

520.00. 

26. U.K. Dictionary pi Lalin America 

and Caribbean Biography. 2nd 
Edn. 433on. 3.000 entries. 

Price. £20.00. 

27. U.K. Who owns Whom iUK Bdn.i. 

Latest Edn. 1977-78. Price: 
£45 5114 00 Continental 

Edn.' 2 «ols. 1978. Price. £52. 

>1 14.00. 

28. U.K. Who owns Whom 1 North 

America!. 76 Edn. Pnee. lA-ri 

198.00. 

29. U.K. Who own* Whom (Austral- 

asia and Far Easti. 1977-78 
Edn. Pr.ce: £29.50. 362»u. 

30. U.K. Dictionary Oi International 

Biography. 15.000 biographies. 
Editions t. 2. 3. 4. 5 and 6 
each £.10 50. U51Z6.00. 7th 

Edn, oub- Nor. 1970. £12.50. 
USS30 0Q. am. 9th £24. 1 0th 
£30 .'4 parts'. 11th £15. 12tn 
£2 5. Plus 7 50 postage. 13rh 
£32 Edn. 14th 1976 £59.50. 

31. The Banker’s Who’s Who i India >. 

Latest Edn. Price* 530 plus 53 
DOSI, V6 Air POSt. 

32. Iran Who'S Who 1975. Price: 

£18.00. 

33. Who's Who in India 1974-5. 

£ 10 . 00 . 

34. Who’s Who in Israel. 1976 Edn. 

531.50. 

55. Who’s Who in Italy. 3rd Edn. 
Price: DM 2S0. 

36. Who’s Who In Jamaica. Latest 
Edn. 1969 Price £5.00. 

17. Who's Who m the Arab World. 
197B-79 5th Edn. 160 plus 
air SIS. 

38. Who’s Who m Lebanon. 1977.78. 

6th Edn. Pr.ce: 140 plus air 
110 . 

39. Who's Who In Malaysia and 

Singapore. 1977 111th Edn.J. 
Price: 125 Plus Postage. 

40. New Zealand Business Who's Who. 

Price- 1976 N.Z. S35.00 olus 
13 postage. 

41. Who's Who In New Zealand 11lh 

Edn. 1978 Price: NZS30. 

42. Who’s Who m Norway. In Nor. 

vicgian. 1973 Edn. Price. 
£23.50 Plui £2 postage. 

43. Who's Who in 5ou>hcra Alrrca. 

1978 Edn. Price. R.20 blue £2 
DOSI age. 

44. Who'S Who in 5<*edcn. In 

Swedish 1975 Price. K130 
plus K10 Dos:age 

45. Who's Who in Swilrcrland. Later l 

Edn. 1976-77 Pr.ce S.Fr 130 
plus postage. 

46. USA Who's Who In America. 

39lh Edn. Price: >07.75 

47. USA Who's Who ol American 

Women. 10th Edn. S33.7S. 

48. USA International Who's Who In 

Music. 8th Edn. 10.000 entries. 
£59.50. 

49. Who’s Who l« the East. 15th 

Edn. SSG. 

50. Who’S Who in the Mid-West. 13lh 

Edn. Price: 157.45. In the 
West 15th Edn. Price' >57.45. 

51- Who's Who In the South and 
5outh West. 15th Edn. >37.45. 

52. World Who’s Who In Sclenco- 

1st Edn. Price. S73.50 

53. Directory ol Directors. New York. 

1977 Edn. Price: US170 plus 
15 postage. 

54. Who’s Who In American Art. 

1973. £31.05. 

55. Who's Who In the World. 2nd 

Edn. >58. 

56. Who’s Who in Government. 2nd 

tan. £50.75. 

57. Directory of Medical Specialists 

iVoi. 14 19SB-S9I. Pncc: 

£12.50. 1976-77 Edn. 2 Volj. 
Pncc. >85.00. 


BOOKS OF REFERENCE 


58. Arab Banking Directory 1976. 

FR.320 Plus post FR.40. 

59. India. Times ol India Directory 

1978. 119. 

60. Holland. Pytlerscn’s Ncdcrtands 

Almanak 197B. DM00. 

61. Japan, Standard Trade Index or 

Japan 1978.79. USS100. 

62. Kuwait. Kuwait Goli Stales 

Sultanate of Oman and Saudi 
Arabia Commercial Dlredory 

1979. Price: >4S. 

63. Sri Lanka Covlon Directory 

tFcrguseml 1977.78. £8.50. 

64. Great Britain. Owen’s Commerce 

and Travel and International 
Register 1978. £14. 

65. British Suppliers to the Oil. 

Petrochemical and Process 
Industries iCBMPE Catalogue 
7*1. £15 each U.K. (post 

Iraei. £18 each overseas. 

66. Coin Yearbook 1978.79, £3.50. 

67. 1st Vol. Markets In Europe 3Ui 

Edn. 1958 Price: 110.00. 2nd 
Vol. Markets outside Europe 
9th Edn. :976 Price £30.00 
plus Dost £3. air post £5. 

68. Overseas Directories. Subscrip- 

tions. Annuals and Rclcrcnco 
Books 16lh Edn. 300 Danes. 
£2.50. *15 bv a.r mail. 

Directories Only >10 by air 
mail. 

69. 1977 Supplement Overseas Bonks 

or Reference. £2.50. 

70. 1977 Index ol UK and Overseas 

Books ol Reference. 

71. 1978 UK Subscription Rales. 

£2 50. 

72. Middle East Yearbook 1978. 

£14. 125. 

73. New African Yearbook 1978. 

£14. 525. 

74. Travellers Guido to the mickao 

East. £4.95. 515. 

75. Travellers Goide to Africa. £4.95. 

SI 5. 

78, Wall Mao of Africa. £1.50. 13. 

77. Wall Map of the Middle East. 

" £1.50. M 

78 . The Creative Handbook-- Eirtwe 

1978/79. £11.95 Dins 35p 

p & p. 

79. C roncr’s Reference Book for | 

Employer*. £1 5 JO. 

bo L'Afrtaue Noire Polltil®* *t 

* 0, KOnSimuc 1977. FR.320. 

«« Sddetes el Foomisveurs d'Afrimc 
l5olS 1978. 28 Ih Edn. FR.2G0. 

nr Annaire AdmlnhlratH et Jodl- 

82. dr Bdglase 1978. Edn. 

FR.2750.00 Plus postage. 

■S Wer Lldfcrt Was 30ih Edn. 1978. 
£76.00. 

**?«sr u zM' , * ,rn ,raq - 

*°s,2r<s rTiSa'i 11 

Bnhtlsfiina and Dtatrlbufmp Co. Ltd.. 




V 


Nuclear energy— another vi 
}( a preoccupation with inven 




BY DAVID FISHLOCK 


prises attempts to rationalise T 

Nuclear Power and Hie Energy decisions by people who often 

Crisis, by Duncan Burn, had failt-d lo £Tasp the issues. 

Macmillan, price £12 But the central question must 

- — — - — - — be whether in 20 years’ time 

A CONCLUSION now being Bum’s bunk will he seen as 
reached by some of the excel- having helped In put Britain’s 
lent lei.-hnical minds which are nuclear industry nn its feet, 
heiirling tn the problem nf —an industry which by then, L 
Britain’s steadily declining reason tells us, should have 
eciimiinir performance is that become mature and perhaps 
there has been a debilitating prosperous. It appears at a 
jircucai nation for far ton long time when, once again, Britain 
with ihu "what" raLher than j s wrestling with the organisa- 
the "how ‘ of industrial activity, tion and management of the 
Britons attach disproportionate industry. Noonc, customers 
importance tn invention, and least of all, is satisfied with the 
far too little to its production, clumsy two-tiered management 
The first, it seems, is “ creative structure of the National 
activity’’ and hence tn be Nuclear Corporation, introduced 
lauded: the other is merely only in 1974. 

! ” trade.” Nuclear power stations an? 

Aircraft is perhaps the most probably th»? most complex of 
obvious example: Britain’s track aI1 industrial projects— far too 



U.K performance wth pro- for ^ 

gross elsewhere, he arrives at praised for b* eesg m- 

far too simple an answer. You sung role in t he offi cial frstgry 

will find no reference to the of nuclear ^energy m Bn tor 

fact that U.S. General Electric by Margaret 

-the company whose reactor able. “The work had barren. 

the author believes Britain tirely within tite realm .of. Hin-. 

should have chosen in 1965- tons pre-war i and 

lost money on every one of the penence-rjmte different . m 

first eleven nuclear stations character from, that tff sortm| 

7 :,, -,Tl,v Q ,r\ it htriir out, evaluating and -developing 

(aU turnkey) it built ^torsvst^, choosing which 

You will find no reference to borses hack, when to aban- 
tbe two great pitfalls into dQn r ^ WTt [ w nen to choose, new 
which the U.S. nuclear industry ^ riding them well.”- ■ 

fell in the 1970s. One was that 
it under-priced its reactors. 



■jeh^ldvmentOT^ 




f.^Ti V'-jIy,." £ iTsg iB • n <i £-1 




fenfSi-M 




selling them as part of a lT/YIlTlflsitfflll 
package which Included fuel T MUIfUdllUU . 

services for years ahead: the Hinton was charged with the 
razor and blade principle of task of producing the materials 
marketing once enunciated hy f or first nuclear weapons;', 
King Gillette. But it was caught w ith the “how” rather than, 
out badly when nuclear fuel - what” Bat the." how " in 
prices began to rocket along this case meant designing from- 
with other energy prices in the scratch a series of large fac r 
wake of OPEC’s actions in tones to wiakp and refine mat- 
1973 : some nuclear companies erials virtually unknown in 
had apparently assumed that Britain before the war, and m- 
they would always be able to latently difficult to deal with, 
pick up uranium cheaply when B e did this to time and .cost 
— some years after they took schedules that would be un-, 
the reactor order — the cus- attainable today even if- trains-- 
tomer called upon them to lated into 1978 prices. He laid 
deliver. The second pitfall it the foundation for the success- 
failed to anticipate was the ful part of the British nuclear 
devastating impact of public industry, nuclear, fuel services 
hostility towards big U.S. busi- — almost ignored by Mr. Burn, 
ness in general and the way future of the British 

this has focused on the energy nuc i ear industry probably lies 
companies, curtailing nuclear in a management relationship 
business during the 1970s. t0 that which exists be- 

. tween the chemical and petro- 

Nrtl ncrhT chemical industries and their 

& contractors — and Britain has 

The Vinter Committee set up about 40 per cent of W. Europe’s 
by the U.K. Government in process contractors. This may 
1970 to make a decision on suggest that the dominant fea- 
reactor choice came to the con- ture of the nuclear industry 
elusion that the real problem should be fuel services and not 
lay in the organisation and reactors, few of which are likely 
management of the industry, to be ordered over the . next 
Get this right first it con- seven or eight years. It may 
eluded, and the reactor decision even suggest that any new type 
would evolve naturally. In fact of reactor — such as a light water 
it is stiH not right in 1978. reactor — should be ordered 
However, right to the end of piecemeal, from world suppliers 
his book Bura remains con- who meet the UK specification 
vtneed that reactor choice is for performance and safety, just, 
the key to commercial success, as the chemical industries order 
His contempt for Lord Hinton, their plants. . . 


record for invention has been complex for the customer simply Lord Aldington, chairman of th* 
unsurpassed but its past per- tj> P 1 **? a "turnkey” contract Nationa! Nuckar corporation, 

fonnancc for commercial ihvo S| t back and decide wlm 

ai'hirveinrnt is mnsllv a iokc shall cut the tape. The utilitiei-. . . ... 

Electronic*, the business of have learned that they must J clnr ( {'' VR * Inst “ d nf ll * u * n 
black boxes and chins, is Wl >t'k closely with their con- * ,ne sas-graphite reactors, 
another disturbing example, tractor, meeting problems head- condemned mthe U.S. u being 

Nuclear cneruv provides a nn ^ they arise. Success calls n ‘ ] uvw material Lconoiny 

third ^ ,,r rnuch mutual confidence and l ^ at tn ° thus more 

trust — trust on the contractor's expensive. He_ hints though 
part, fur example, that he will ^ al * s substantiate, that there 
he fairly rewarded if, when ™ a conspiracy wiLhin the 
IVintdfVC trouble .strikes, he starts to .sort ^tumic Energy Authority 

Duncan Burn, in a searching it out without waiting until a reject the LyK. He may 

analysis of two decades nf the? fresh contract has been sewn up. ' ve ” )e fit- The course, set 

fledgling civil nuclear industry. This calls for an entrepre- 19a0s. was pursued 

make* the same basic mistake, neurial management style, nf single-minded jy: and cunsidcr- 
If only Britain had picked this a kind all but eradicated from ' n ? Problems that had to 
invcnlinn. not that one. lie the present industry. As a he ovcrcunic this was probably 
argues, commercial succe>s result the Central Electricity no t" m «’ 
would have been assured. His Generating Board and its big Unfortunately the politicians 
book will raise many a blush — engineering team at Barnwood were less consistent in their 
on the cheeks of politicians, I are becoming deeply embroiled support fur the nuclear indus- 
suggest. rather than on those in nuclear project management Iry. In the 1950s it was being 
nf industrialists or technical And they are discovering just urged tn go faster than was 
experts — as he mercilesslS' ex- hnw ab-urdly optimistic have grind either for industry nr its 
^ been the estimates of completion customers. Then they Inst jn- 

dales and costs made as recently terest when the urgency 
as a ^’ ear or ^ wcl a 3°- seemed tu recede. When Britain 

It is Bum’s thesis that all hegan to unlock its North Sea 
of this is l he consequence of resources, which competed for 
HSMOaEMnniiAnwH consistently choosing the wrong funds, their apathy often 

I byG.S.A.WHEATCROFTand type or reactor. U only, he turned into overt hostility. 

G.D. HEWSON xaj’- s . Britain in 1965 had come Bum charts the decline and 

with Special Adviser ,n ^ sa™* conclusion as the fall of the J’ndustiy accurately 

J F Averv Jones U.S. heavy electrical industry and remorselessly. Yet. because 

December 1977 £35.00 With and chosen the light water re- he is not really comparing 

services to the end 1978 
421 222700 


Fourth Edition 
by K. MUIR McKELVEY. 
A. E.G. ROUND and 
T. G. ARTHUR 
1977 Paperback £9.35 
421 19290 9 


In three loose-leaf volumes 
General Editors: B. A. HEPPLE 
and PAUL O'HIGGINS 
£40.00 including service to 
the end 1978 
42116960 5 


General Editor: 

CLIVE M. SCHMITTHOFF 
Published quarterly 
£14.00 per annum: 

£4.20 per part. 

ISSN 0021 9460 


Employment Law 


by B. A. HEPPLE and 
PAUL O'HIGGINS 
Second Edition 
Paperback £7.80 
421 22860 1 


For further information please 
write to: 

The Marketing Department (PB) 
Sweet & Maxwell Limited. 
North Way, An do ver, y >5w\ 
Hants SP105BL 


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Looking beyond the technical 
remedies to cure inflation / 



BY PETER RIDDELL 


The Political Economy of In- 
flation. Edited by Fred Hirsch 

and Jnhn H. Gnldihorpe; 

Martin Robertson, prices JES.95 

and £3.95 

INFLATION is much more than 
just a technical economic prob- 
lem: it reflects and influences 
wider social and political forces. 
Yet inflation has traditionally 
been studied mainly by econ- 
omists who have been reluctant 
to go beyond a discussion of 
various technical remedies while 
regarding non-economlc and 
political factors as variable and 
adaptable. 

This new work is a largely 
successful attempt to fill the gap, 
and is an appropriate tribute to 
the inspiration of Fred Hirsch. 
one of the co-editors who died 
earlier this year just after 
correcting the proofs nf the 
book. The intention is in con- 
tribute to a more hrnad-basrd 
study of inflation while avoid- 
ing a "multi-disciplinary mr 
worse, non-disci pi i nary j mish- 
mash " or a " dialogue of rh-” 
deaf.” 

The work consists of in main 
essays as well as an introduc- 
tory and concluding chapter, 
covering not only the economic 
background and effecls of in- 
flation, but also the political 
and sociological context. The 
contributors include econo- 
mists. sociologists, political 
scientists and historians, repre- 
senting a fairly wide spread 
of views, though, excluding 


“ hard-line ” Marxists and 
monetarist?. 

The book has clearly bene- 
fited both from close cn-opera- 
tion between the contributors 
and from discussions held at 
a conference of 70 social 
scientists at Warwick Univer- 
sity in May. V977. The result 
js that different disciplines aud 
approaches are related more 
closely. 

The collection alsn provides 
an admirable summary or much 
of Ihe vast amount of work 
which has been undertaken on 
inflation and the development 
of modern capitalist societies 
un parr now the same issue) 
since the start of the great 
price explosion iff the early 
1 970.*. Most of the essays arc 
a»’co.ffble I" the general 
reader and 1 lie more technical 
and statistical passages can 
easily he skipped without miss- 
ing the drift nf the argument 


Claritv 


■hihn Flemming’s opening 
rhdpier is a notable example 
«ff this clarity. By explaining 
how inflation itself is essentially 
a monetary phenomenon he 
provides an introduction Id the 
latnr discussion of the possibly 
more elusive non - monetary 
factors. 

Among the themes discussed 
are the relationships between 
the growth of the public sector 
and inflation, and the impact 
of inequalities between the 


leading industrial countries and 
the rest of the world. Some 
myths about the impact of 
inflation are also undermined: 
David Piachaud of the London 
School of Economics points 
out. for example, that inflation 
** acts neither as Robin Hood 
nor as Robber Baron: neither 
the poor nor the rich are 
affected in a uniform way.’’ He 
maintains that inflation has 
different effects on particular 
groups at different limes in the 
life cycle. 

David Piachaud also mentions 
the most interesting theme of 
the book — the view that infla- 
tion is not so much a cause 
of problems of modern capitalist 
society but a symptom of wider 
difficulties. He says: “To the 
extent that inflation is the out- 
come of people attempting, 
because of dissatisfaction with 
the existing income distribu- 
tion, to improve their relative 
position, then inflation can only 
be overcome when there is a 
degree of consensus that the 
distribution nf incomes is fair 
and just — which is a long way 
off." 

These isues are discussed in 
three linked chapters by Samuel 
Brittan of the Financial Times, 
.lohn Goldthorpe from Oxford 
and Colin Crouch nf the l,SE. 
Colin Crouch argues that insti- 
tutions of the classic bourgeois 
state are incapable of providing 
an adequate regulation of in- 
terests when so many of those 
interests arq organised and in- 


capable of containment by 
economic means alone: inflation 
is one major outcome of this 
position. Both John Goldthorpe 
and Samuel Brittan argue, from 
differing standpoints, that infla- 
tion is not just a technical econo- 
mic problem but a response — 
indeed perhaps a temporary 
solution — to more fundamental 
social and political difficulties. 
Similarly, Fred Hirsch notes in 
his concluding chapter that 
“ both Keynesianism and infla- 
tion can be seen as defensive 
responses by capitalist societies 
challenged by the new political 
and economic imperatives of a 
democratic age.” 


Problems 


Other recent publications 


Business, by Charles A. Kirk- 
pairiL'k and Frederick A. Russ. 
Science Research .Associates 
Inc.. Henlcy-on-Thanics. Price 
£6.95 

This is the second edition t of 
a book aimed largely at students 
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edition and some expanded. 
There are a number of different 
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presents an overview of busi- 
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the behaviour of individuals 
and at how managers actually 
manage. Section three describes 
the broad range of activities nf 
personnel department?, and sec- 
tion four examines the market- 
ing functinn. Other seclinm deal 
with financing, the need for 
providing adequate information 
to iImm inside and outside a 
company and there is a section 
on relations between business 
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Solutions Manual tn M anag ement 
Accounting, by Norman 


Thorn tun. Hcinemann. This 
book is also primarily aimed 
a! the student and is therefore 
largely a technical work, 
describing such activity as 
ratio analysis and inter-firm 
comparison, funds analysis, 
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practical examples of huw in 
draw up various types of 
account and concludes with a 
section looking at the future 
of management accounting 

Britain’s Economic Problem: Too 
Few Producers by Robert 
Bacon and Walter Eltis. Mac- 
millan. price £7.95 and £2.95 

This comprises a scries of 
already published articles 
which aimed to set out a new 
explanation of the decline of 
Ihe British economy a Tier the 
Second World War. The articles 
have been extended in the book 
and the describe the effects of 
a growing shift of the country’s 
resuurces from ihc production 
of goods and services which can 


lie marketed at home and over- 
seas to thy provision of un- 
marketed public service s. 

Lan You Succeed in Business 

and Still Get to Heaven by 

Linda King Taylor and Alan 

Reid. Associated Business 

Programmes 

This looks at the background 
and consequences of a whole 
series of questions, such as " Is 
the creation of wealth the only 
valid business objective ? " 
"Can the growth which profit 
requires and in turn pro- 
literates keep on year after 
year ? ** and “ How will business 
cope with depleted world re- 
sources and the levelling-up 
demands of the Third World ? ” 
The authors argue that Britain 
best reflects the myriad prob- 
lems of industrial society, but 
that it also contains the con- 
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could bring about a “ mana- 
gerial revolution ” with long- 
lasling and far-reaching con- 
sequences. 


Samuel Brittan argues that! 
"the real problems of liberal' 
democracy are not in the end 
about inflation. The spread of 
market relations itself tends to 
undermine the status structure 
which provides capitalism with 
its legitimacy in the eyes of 
most people. ... By disguising 
our problems as the semi-tech- 
nical conundrum of inflation, we 
may be making them seem more 
tractable than they really are. 
Inflation may even have been a 
benign form of self-deception, a 
means of buying time. But we 
have come to the end of this 
period of grace.” 


YOUR GUIDE 
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Tlie Financial Times proposes to publish further 
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Crime Fiction . v — - ; July 20 
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Christmas Books -- Noveniber?23 

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SmoU enterprise development: policies and program m e s 

Intended for ail persons directly or indirectly concerned with 
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Management consulting: A guide to the profession 
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3rd impression fwith modifications) 1977 

ISBN 92*2-101 165-& £11.25 

How to read a balance sheet 

“A thorough understanding of the information provided by 
balance sheets is of prime importance to ail business managers. 
This book is a first-class means of gaining this information.” 
(The Shipping Executive, London). 

ISBN 92-2-100000-1 n M 

Year book of labour statistics, 1977.* 

37th issue 

The world’s foremost work of statistical reference on labour 
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ISBN 92-2-001859-4 Q3JS 


BUSINESS BOOKS 

A sugar-coated account of 
the rise of Mr. Cube 


Sugar uud All That ... A 
flistory of Tate and Lyte, by 
Anthony Hugill. Gentry 
Books, £9.50 

COMPANIES WANTING a his- 
tory of their achievements face 
a difficult dilemma. Do they 
commission an independent out- 
sider, possibly a professional 
writer, to give a detached 
impersonal view! Or do they 
find a writer connected with the 
company, who ulready has a 
good background knowledge and 
can be relied on to give a 
favourable impression? 

The danger of the outsider is 
that he may want to dig loo deep 
and insist oil including in the 
book past events or views that 
the company might want to be 
ignored or forgotten. 


BY JOHN EDWARDS 






vr> 


attitude and views at the time. 

Unfortunately a more defen- 
sive tone is taken on more 
up-to-date developments. So it 
is difficult to detect current 
attitudes to the many problems 
fating Tate and Lyle at present. 
It would be interesting to know, 
for example, the company’s 
current views on nationalisation 
of its sugar refining interests, 
bearing in mind the changed 
situation since Britain joined 
the EEC. 


Eluded 


INTERNATIONAL LABOUR OFFICE Biased 


ILO Publications, 
CH-121I Geneva 22. 
Switzerland. 

Telex: 22371 



ILO Branch Office (Dept-FT), 
87/91 New Bond Street, 
London W1Y 2LA. 

Tel: 01-499 2084 


Can you manage without... 


ASPECTS OF MANAGEMENT: S. Eilon 

This collection of essays highlights a number of controversial and 
unresolved topics of interest to managers and management 
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172pp lOiilus £5.00 hard £2.50 flexl 

ASSESSMENT THROUGH INTERVIEWING 
2nd Edition: G. Shouksmith 

This successful textbook on selection and assessment situations 
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156pp £6.00 hard £3£)0flexi 

PENSIONS AND INDUSTRIAL RELATIONS; 

H. Lucas 

The first book to deaf with pension schemes ay a major element - 
in industrial relations. Every chapter is relevant to the present 
pensions situation and should serve as a basic guide to those 
involved in negotiating and administering pensions schemes. 
"You obviously have to buy one ~ PENSIONS TODAY 

192pp . £850 hard £3.75 flexi 

CORPORATE PLANNER'S YEARBOOK 1978/79: 

D. Hussey 

The second Yearbook for Corporate Planners contains articles 
on various aspects of economic forecasting, on the use. of 
economic data in corporate planning. end social factors end 
energy - both of which may have a significant impact on ■ 

'world economies over the next two decades. Also included 
; are a directory of organizations providing economic 
forecasting and related 'services, a directory of planning - 
'societies worldwide and information on the Society for Long 
Range Planning. . 

270pp approx £12.00 hard 

All prices are -subject to change without notice. 

Sterling prices are for customers in the UK and Eire only. 

(^) Pergamon Press 

Perga mon Press, Headingtbn Hill Half, 

Oxford OX3 08W, England or frbm-your focal bookseller. 


EVERY BUSINESSMAN 
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CRONER-SAMSOM 
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Every ye«itCnxiB>Sa riwo mp nbfoh™ rc than MflOOfiOO page: of reference 
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As you can stc from tbcEKbdow,we arc thiradaiowteigEd leaders in a number 

of fields cf information publishing. 

Our somgtb is based on die fact that' we pioneered, more than thirty years ago, 
loose-leaf pub&faing in the United Kmgikcn.Ths ingeniously simple system 

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subscribers receive pages ra replace those c miraimn g infennatwn which, in tins 


neir paget fig tho rid. That way your OwnerSaonom reference books ar curt o 

date axanh afier monih, year aficr year. And that’s wby We now publish ewe 

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Road. New Maldm, 

Sun® KT34QJL Tab (tt-942 9615 



With the safer alternative 
course of msi/ig a writer known 
to the company the problem ii 
that the history can be too 
favourably slanted and thereby 
dismissed by the reader as 
being biased. 

Tate and Lyle have fallen into 
the second trap. This history of 
the company was written by a 
man who worked for the com- 
pany for 30 years. He was 
heavily involved in the Mr. 
Cube anti-nationalisation cam- 
paign and obviously devoutly 
shares the political convictions 
of his former empJoyers. 

He was commissioned, so we 
are told, by the Board of Direc- 
tors to present the history of 
the company in a light-hearted 
manner, warts and all. The tone 
for the book is set by the 
follow-up instructions quoted: 
* Facts yes," they said, “ and get 


A cartoon illustrating the internationalism of Tate and Lyle, drawn 
by R. St. John Cooper, who created Hr. Cube in 1949. 


'em right if you can. But not 
tuo many figures. .And watch 
those damned dots." 

Well, the book contains 
precious few warts. One of the 
“family" apparently had loo 
much of a liking for kutnmel 
and the Tates and Lyles appear 
to have generally loathed each 
other until, of course, the 
present generation. Otherwise 
the directors are benevolent 
chaps, occasionally eccentric and 
humourous, but all the time 
resolute businessmen deter- 
mined to do the best for the 
company. Their workers are 
sturdy yeoman, who enjoy a 
good simple joke and working 


hard. Sometime* they may go 
a^Lray, led by malcontents. 
However they are soon back on 
the right path with the help of 
the company and sensible union 
leaders. They are all part of one 
big happy family and know that 
any factory closures are for 
reasons beyond the company's 
control. 

Mr. Hug ill's light-hearted 
writing is something you either 
like or loathe. His technical 
descriptions are easy to under- 
stand. even for someone know- 
ing nothing about sugar. The 
background detail, especially of 
the Mr. Cube campaign, sheds 
interesting light on the company 


It would also be interesting 
to ltnow much more about the 
matters not mentioned, or only 
vaguely hinted at. For example, 
in the chapter on United 
Molasses there is a throw-away 
line: "A marketing system 
which helped to stabilise world 
prices was fashioned.” No 
further mention is. made of an 
achievement that has so far 
eluded other commodity pro- 
ducers and the UN Conference 
on Trade and Development. 

"Sugar and All That" is not 
for the serious reader who wants 
to know about one of the world's 
basic staple foodstuffs. It is a 
lengthy, sometimes endearing, 
history of Tate and Lyle. 

Cutting through the plethora 
of names and poetical quotations 
there is a good “inside " 
account of how one of Britain’s 
most famous companies was 
built up and run. But the book 
does not attempt to give a 
proper analysis of a group that 
is in one of its many transi- 
tional periods of change. Trying 
to move away from sugar 
refining and this year for the 
first time ever electing a non- 
family man as chairman. 


When capi 


ownership gives 
wer o£ decision 


BY JOHN ELLIOTT 


Employee Investment Funds: 
an approach to collective 
capital formation by Rudolf 
Meadner. George Alien and 
■ Unwin, £6.95' 

BECAUSE of lie way that the 
debate in Britain over employee 
panUkripaUBon and profit storing 
schemes has developed during 
the past few years, it is often 
forgotten that a far more 
radical approach has been 
under consideration elsewhere 
in Europe and Scandinavia, and 
especially an Sweden. This 
book, by a leading researcher 
and policy maker in Sweden's 
Labour movement, Rudolf 
Me&dner, helps to ftlfl that gap. 
It shows how tibe Swedish 
unions have moved towards 
advocating a worker-director 
system based on coitectively 
held stores in industry, rafcer 
t ton on simply putting 
employee representatives in the 
Boardroom as an extteosa'on of 
eonsu&ation and participation. 

The trade union interest in 
the subject in Sweden sprang 
from what to UK eyes will seem 
a rather utriakely source: what 
to do with some of the profits 
that Sweden’s companies were 
making, partly as a result of the 
success of the country's cena- 
rsdjy ; bargained anti-inflation 
wage agreements. Sweden’s 
economic and industrial suc- 
cesses have waned since the 
debate first gxxt fully under 
way In 1971: but the interest 
remains and even the current 


non-Socialast Government is 
giving the ideas some considera- 
tion. 

From tapping high profits, the 
union’s interest spread to gain- 
ing a say in how profits are 
allocated for investment pur- 
poses. to checking the distribu- 
tion of wealth amongtraditional 
groups of shareholders. 

So with the three aims of 
complementing the wages 
policy, redistributing wealth, 
and increasing employee in- 
volvement. Meidener produced 
a report for the Swedish unions 
in 1976 and this book is a 
translation of the work. The 
ultimate scheme put forward 
was that 30 per cent oi a com- 
pany’s .profits should be paid 
into a central fund collectively 
run by the unions. Local unions 
would have a right to elect 
board members to their area’s 
companies according to the size 
of the shareholdings — which 
would uf course grow year by 


Take over 


When a holding reached 
20 per cent, union bodies cover- 
ing sectors of industry which 
up to then had had only con- 
sultative and research roles, 
would take over the job of 
appointing extra Board mem- 
bers. Gradually, therefore, the 
trade unions would take over 
both the ownership and the 
running of industry. 

Such an idea of course 


caused a furore in Sweden and 
has yet to be introduced, 
although it became a major 
issue in the last genera] elec- 
tion. But it has been considered 
elsewhere and a research 
paper from Britain's Labour 
Parry called “ Capital and 
Equality" produced somewhat 
similar ideas in 1973. But the 
British Labour movement, 
wedded to its traditions of 
class and shop floor conflict, 
has shown little real interest. 

Had the British TUC. how- 
ever. decided to react in detail 
to tiie Lib-Lab pact's internal 
company profit sharing tax con- 
cessions which are contained in 
the current Finance Bill, it 
would have had to argue some- 
thing along the Swedish tines. 
As it was. the TUC realised the 
usefulness of the Government 
humouring the Liberals with 
the tax concessions for indi- 
vidually owned shares, and 
shrank from starting the sort of 
debate about the growth of 
union power that the Meidner 
style collective proposals would 
cause. 

Nevertheless, the British 
unions have shown an interest 
in exercising collective influ- 
ence over pension funds and 
over other investment institu- 
tions. It also seems likely that, 
should individual company 
profit sharing ever become 
significantly widespread, they 
will look for a role there too. 
As Meidner says: " He who 
controls the capital holds the 
right to initiate and the chance 


positively to embark on imple- 
menting decisions . . .” 

British unions, however, are 
primarily arguing in the current 
industrial democracy debate 
that a worker, as an employee, 
should have a right to initiate 
and implement decisions either 
through a worker director sys- 
stem or through extended 
collective bargaining. The 
approaches in the two countries 
are therefore different: but 
together they show the breadth 
of the debate about the rights of 
a worker and his union. 

Trade unions 
in focus 

The Fifth Estate, Britain’s 
Unions in the Seventies. By 
Robert Taylor. Routiedge St 
Kegan Paul. Price £7.50 

THIS BOOK sets out to describe 
Britain’s trade unions in a 
favourable light but underlines 
many of their current weak- 
neses. 

Written by the Labour Corre- 
spondent of the Observer news- 
paper. it contains profiles of 
several of the country’s major 
unions. It concentrates mainly 
on their present leaders and 
records, and provides useful 
sketches of how they function. 

An appendix contains a guide 
to the annual wage round, while 
the first part of the book looks 
at the growth and operations of 
the unions in general and the 
TUC in particular. 


Pointers to 


management 


How to be a Successful Manager 
by R. W. Nickson. Thorsnns 
Publishers, Wellingborough, 
North ants. Price £3.75 

A COMMON trait among many 
management pundits is their 
propensity for making state- 
ments of the obvious. Indeed, 
it is a noticeable characteristic 
even of authors as exalted, as 
Peter Drucker, who is still con- 
sidered by many to be the high 
priest of management thinking 
— after more than 30 years of 
preaching a gospel that has 
changed little in its basic 
concepts. 

Mr. Nickson is no Jess obvious 
with many of the tenets he 
holds to be true. For example, 
in motivating people, he says 
a manager’s first step •• is to 
make sure that everyone is 
quite dear about what his 
objective is. If they do not 
know what they are trying to 
achieve they are unlikely to 
achieve it” Then again, he says 


of management tasks: ~ Plan- 
ning and organising by them- 
selves will achieve nothing. The 
manager must now initiate and 
then sustain the action 
necessary to put his plans and 
organisation into effect/’ 

There are two points that can 
be made about such statements. 
The first is that they are all 
very fine providing the context 
in which they are made is con- 
structive. On the whole, Mr. 


Nickson's book develops sound 
management principles and it 
is easy to follow his themes 
which — perhaps as a result 
of his 35-year career in the 
Royal Navy — have running 
through them a clear message 
to managers of the need for 
discipline and responsibility. 

The second point about the 
obviousness of many manage- 
ment pundits is that this so 
often appears to be just what 


managers — even those at the 
top of their profession — are 
looking for. Perhaps it is simply 
that they gain reassurance from 
hearing someone else put for- 
ward princii/es which they are 
already aware of (or should be) 
and which they believe in. 

Mr. Nickson's is a fairly 
basic manual and not a par- 
ticularly “ deep ” or intellectual 
book — but then it does not 
pretend to be. N.LJ 


A plea shiftwork flexibility 


The Human Aspects of Shift- 
work. by James Walker. 
Institute of Personnel Man- 
agement, price £3.95. plus 35p 
postage 

WHY, WHEN and how should 
shiftwork be introduced and 
what are the effects for the 
shiftworker’/ These arc just 
some of the questions discussed 


by Mr. Walker, in whose book 
the underlying theme is a 
recurrent plea for greater flexi- 
bility in the arrangement of 
shift hours to suit both group 
and individual needs. 

The major part of this work 
is concerned with the effects of 
shiftwork and * particularly 
nightwork on an employee and 


the ways by which management 
can effectively introduce and 
administer shiftwork. There are 
chapters on the prevalence of 
shiftwork and the economic and 
factory conditions which favour 
i ts introduction : and the 
arrangement of shift systems 
and their administration, are 
also considered. 


BARBICAN BUSINESS 

• BOOK CENTRE m 

The City’s Specialist Bookshop 

9 Moorfields, London EC2Y 9 AH- Tel: 01-62S 7479 

Monday ■ Friday 9am - 5pm 



BUSINESS STUDIES - LAW 
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BOOKS OF THE MONTH 

Announcements below ore paid-for advertisements. If yon 
require entry *n the forthcoming panels, application .should 
be made i o the Advertisement Department . Bracken House. 
10 Cannon Street. EC4P 4BY. Teleplume 01-248 SflUO. Ext. 7 064. 


The Public’s Business 
The Polities and 
Practices of Government 
Corporations 
bv A nn m arie Hauck 
Walsh 

The Public's Business traces 
the growth of American 
governmental corporations 
and makes recommendations 
for tfaejr future development 
based on the author’s balanced 
assessment of their present 
strengths and weaknesses. 
The MIT Pres* £14.00 

Studies in Labour and 
Social law. Volume 2, 
Fair Wages Resolutions 

Brian Bercusson 

A study of British Govern- 
ment policy on industrial rela- 
tions and fair wages from the 
first Resolution of 1S91 to the 
embodiment of the policy in 
the 1975 Employment Protec- 
tion Act. 

Mansell £14-50 

A guide to the Official 
Publications of the 
European Communities 
John Jeffries 
Lists and describes the official 
publications of the three Euro- 
pean Communities under issu- 
ing body, and provides the 
first exhaustive compilation of 
Statistical Office of the Euro- 
pean Communities' publica- 
tions. Index. 

Mansell £10.00 

Sources of information 

on the European 

Communities 

Doris M. Palmer (editor) 

Ten contributors profession- 
ally engaged in supplying 
legal, technical, commercial 
and industrial information on 
the three European Communi- 
ties (the ECSC. EEC and 
Euratom). describe where 
such information may be 
found. 

Mansell About £10.00 

Computer Systems: 

A Basic Guide for 
Managers 

S. M. St. John 

A new booklet in the Manage- 
ment Information series sets 
out the principles for user 
managers to bear in mind 
when working with computer 
professionals to introduce 
new computer systems. 

The Institute of Chartered 
Accountants in England 
and Wales £1.25 

Auditing Standards: 

From Discussion Drafts 
to Practice 

Frank Attwood and 
Clive de Paula 

This specially written com- 
mentary on the new Discus- 
sion Drafts provides a- prac- 
tical illustration of how audit 
procedures may be tailored to 
measure up to the standards 
proposed. An essential 
reference work for practi- 
tioners and students. 

The Institute of Chartered 
Accountants in England 
and Wales £6.95 

Mergers and Associations 
of Professional Firms 

E. B. Palmer B.Com., 

F. C.A. 

This third revised edition of 
H. T. Nicholson’s original 
text considers the principles 
and practical aspects of mer- 
gers. amalgamations and asso- 
ciations of professional firms. 

The Institute of Chartered 
Accountants in England 
and Wales £1.95 

Conflict or Co-operation?: 
The Growth of Industrial 
Democracy 

John Elliott, Industrial 
Editor, Financial Times 

The first book to survey the 
Social Contract in detail, 
charting the growth, of indus- 
trial democracy and giving 
the inside story of the Bullock 
Report. 

Kogan Page £8.95 Hb 

£4.95 Pb 

An Employer’s Guide to 
Disclosure of Information 

G. Terry Page 

Tells employers exactly what 
information they are bound 
to disclose, gives practical 
advice on creating a company 
information policy and in- 
cludes checklists for ready 
reference by busy managers. 
Kogan Page £8.00 Hb 


The International 
Who’s Who 1978-79 

Biographical details of 15.000 
of the world’s leading men 
and women in unc volume. 
Phone 01-5S0 8236 for a free 
colour brochure. 

Euro pa Publications 

Davies: Law or 
Compulsory Purchase 
and Compensation 
Third edition 197$ 

Keith Davies 

Written in a very readable 
style, this book provides a 
critical elucidation of the prin- 
ciples of the law of compul- 
sory purchase and compensa- 
tion in the light of recent 
statute and case law. 
Butterworths 

Limp 0 406 571S6 4 £7.50 no! 

(US$15.00 j 
Cased I) 406 57185 6 £11.00 net 
(US$22.00) 

Goodman: International 
Taxation of Estates and 
Inheritances 
Wolfe D. Goodman 

This highly technical new 
book discusses the principles 
that legislatures have adopted 
when formulating interna- 
tional tax legislation and pro- 
vides a model comparative 
study of the tax implications 
of having estates in a foreign 
tax jurisdiction. 

Butterworths 

Limp 0 406 21206 6 £13.50 net 
(USS27.00) 

Magnus & Estrin: 
Companies: Law and 
Practice 

Fifth edition 1978 
S. W. Magnus and 
M. Estrin 

The new edition of this well- 
known textbook contains 
much important legislation 
passed since the fourth edition 
was published in .1968. As 
usual, each subject starts with 
a precis followed by the fully 
annotated legislation. 
Butterworths 

Cased 0 406 28525 X £47.50 net 
(US$95,001 

Mainprice: 

Value Added Tax 

H. H. Mainprice 

Containing all the relevant 
law in effect at 1 April 197S, 
this next textbook, written by 
a leading expert, rovides a 
solid grounding of the sub- 
ject which will be of use to 
student and practitioner alike. 
Butterworths 

Limp 0 406 28710 4 £7.00 net 
(US$14,001 

Sealy: Cases and 
Materials In Company 
Law 

Second edition 1978 
L. S. Sealy 

This book provides the reader 
with a ready means of access 
to the leading cases through 
which the principles of com- 
pany law have developed. 
Company law remains uncodi- 
fied. so the case law is par- 
ticularly important 
Butterworths 

Limp 0 406 37011 7 £9.00 net 
(US$18.00) 
Cased 04 6 37010 9 £13.50 net 
(VSS27.00) 

Commentary on the 
Finance Bill 1978 
David J. Ward and 
Colin G. Davis 

This Commentary, from the 
Accountants Digests series, 
provides a practical basis for 
business and personal financial 
planning. To be followed in 
early September by a Commen- 
tary on the Finance Act. 

HFL £2.95 

A Practical Approach to 
Financial Management 

J. W. B. Gibbs 

Useful summary of the latest 
techniques for aiding financial 
decision-making. Produced by 
accountancy tutors Financial 
Training, whose 'lively and 
practical approach has won 
them a major place in accoun- 
tancy training. 

HFL £5.93 

Spicer & Pegler's 
Practical Auditing 
16th edition 

R. S. Waldron 

Restructured in harmony with 
today’s needs, the 16th edition 
remains an authoritative work* 
ing source. Full coverage of 
relevant recent legislation,' 
and developments in account- 
ing and auditing standards and 
practice. 

HFL. Publication 20th July. 

£6.50 


APOLLO 


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 £28.00 USA & Canada Air Assisted S56 
Apollo Magazine. Bracken House. 10. Cannon Street, London. 
EC4P 4 BY. Tel: 01-248 8000. 









St. up 2. 




io adjustments 


S ck* to Sl-TS-jart Mg 


INVESTMENT DOLLAR earlier run- 

PREMIUM Inns held 

S2.60 l q £1-111% (1M%) tcasars Uni 

KUcclivc W5.I E Ea " c | 

E.VRLY LOSSES were more than Joh 


INVESTMENT DOLLAR 
PREMIUM 

S2.60 to £1—111% (109%) 
Effective S 1.8545-501% f-18J%l 


Utilities shed 0.07 to 109.63. 

Tokyo 


earlier announcement oi 
charges Hong Kong Hotels 
gK 30 cents to 1550. while 
rhwmc Kong at 8.60 and Hons 


Switzerland . 

Prices were narrowly irregular 



Prices rose sharply in active Kong Electric at 5.95 each put on . r qu i e r trading 


Consolidated Foods eased St to ^ SVVESS*ii aS 
Thc ^SE Air^Colton * *■** ^ Houston Oil and Minerals up Si strength. Volur 


.sharply decreased by 


'' eased „ lo ^ 

gS" 1 Tto ^E f Al" C^Sion PJ- “Wg Ck ° f **#* Share ‘ Oil and Minute up Si strength. Volume 290m (230m) Germany a5?lwS?tft 

Index picked up -S cents to r \ pP ii A d Digital Data sained ?J uresemc^to^the 1 C-inudian Society S h Th”' market was encouraced by Prices rose In relatively quiet ^ Insurances, Winterthur. 
$.>2.58. while advances led declines - l0 $ 14 - and traded as high as S13.J SFSol^ -coKs sa id North 1 he improved margin trading trading. . . bearer eased slisfaUy. . . 

by 826-to-oS.i. Trading volume _ a subsit i iar y of Texas Insiru- a lar^st^ natural gas positions with a sharp fall in the in Banks CommerabMik gmned Domestic and Foreign l PjjJ 

sharply decreased by 6.02m shares nts con true ted to buy video * jj e “the deep basin outstanding balance of buying DM2 to 228*. Siemens were up me dinged in quiet deal- 

lo 23-Bm. the .smallest since computer icrminals rrbm Applied ^ British Columbia. orders. DM150 at 2915. BASF firmed ^ . • . 

May 10 when 21.04m .shares Di;ri | a [ Data for resale tbroughuot Jn AlbeplJ Pharmaceuticals were bought DM1.10 to 129.4 and Kaufhof # quiet Fore ign sector, Dollar 

changed hands. the U.S. PonoJo no pxnecled better business pros - DM4.50 to 224.5. . e»noic« were very steady. ExccP" 

Stocks gained despite adverse ^cott Feuer moved ahead SJ Canada nects while Electricals and Elec- MAN put on DM2-aO lo l9S.a W iQn was actively traded Penn 

economic news. The dollar traded t0 B1 » on a raised dividend. Higher levels were recorded in Components also sained Engineerings. Central which lost about 10 per 

in a narrow range after opening sears. Roebuck were active and . ytra d ins yesterday, when the « ra , irM i. Public Authority Bonds were Dutch Internationals were 

lower on European F ° re £n ups! to S2SI— a block or 2+0.000 Toro * lo Composile Index moved * Sony rose Y50 to 1.700, Pioneer again weak, shedding up to ■ ‘ H while Germans were higfaer. 

Exchanges. Dealers related ih» shares traded at S23— It will open 1 l0 I 12 4. s . Electronic YlW 10 1510.40 pfennigs. The Reguiatros 

lower openina to Senate action to nine new stores in July and close 11ie GwW share Index advanced Matsushita Eleelrie Y13 to 731, Authorities purchased a nominal Amsterdam 

ihwart President Jimmy Carter s some others, for a net increase in „- 2 lo 143 , 5 , 3 , Oil and Gas rose Fujisawa Pharmaceutical Y62 to DM57.7m worth of stock. Mark 

plan to impose Tees on oil floor .space or 907,uoo square feet. ^ l0 14 .- 42.13 and Metals and ggj and Green Cross Y80 to 1,920. Foreign Loans continued mixed. The general tre , nd , 


in LUULimicu « A « 

10 CCntS ” ftriSSSLd dSined SwPrsM| 

Germany 

Prices rose In relatively quiet ^ Insurances, Winterthur. 

trading. . _ . bearer eased slightly. •• .. ' 

In Banks Commerzbank gained Domestic and Foreign Bon® 
DM2 to 228*. Siemens were up were HttIe changed in quiet deal- 
DM150 at 2915. BASFfirmed ^ ... 

DM1.30 to 129.4 and Kaufhof “J. a aviet Foreign sector, Dollar 

DM4.50 to 224.5. _ _ _ . stacks were very steady. ISreep- 

MAN put on DM250 lo 19S.0 ui ^. QQ was ac tively traded Penn 
Engineerings. Central which lost about 10 per 





imports if Congress doesn t pass Active Arlcn Realty were lifted Aiinvi-uls gained 1.7 to 91S.fi. Constructions were also higher, 

his Crude-Oil Tax. $J to S4s- . But Alberto Gas Trunk “A" fell as were other issues related to 


fell as were other issues related to 
it Government investment in Public 


Paris 


lower openina to Senate action to nine new stores in July and close Gold Share Index advanced Matsushita Eleelrie Y13 to 731. Authorities purchased a nominal Amrfnril flm 

thwart President Jimmy Carter s some others, for a net increase in „- 2 lo 14315 . 8 , Oil and Gas rose Fujisawa Pharmaceutical Y62 to DM57.7m worth of stock. Mark nuu • 

plan to impose Tees on oil floor j, nac e or SMT.uoo square feet. l0 q an d Metals and 955 and Green Cross Y80 to 1,920. Foreign Loans continued mixed. The general txv ° A . „ 

imports if Congress doesn t pass Active Arlcn Realty were lifted aV invi-uls gained 1.7 to 91S.9. Constructions were also higher. _ irregular. Of the trad™ 

his Crude-Oil Tax. $J- to S4;. _ But Alberta Gas Trunk “A” fell as were other issues related to Pans stocks. 89 row? while lQo aecitnea. 

Also in the news — ireasury Dresser Industries added Si at t 14J— Peiro Canada said u Government investment in Public . some Ranh and Insurance shares 

Secretary Michael BUimentha WHl had no comment on Withdrew ils bid Tor Husky Oil Works. French prices recovere^ some ^ tsanK^^uu gut Amsterdam- 

carried the Admm istra linn s lUh t repor Ls (he U.S. Security Council j c Alberta Gas raised its hold- Foodstuffs moved up. of lhe,r *°“*^ The rise Rotterdam Bank were up FI O.S0 

asamsl relief from Capital Gains j s q UPS iinntng Dressers proposed in ., in Husky to :!5 per cent. „ ^Lt^nlhe market fo 7650 and Amey Inswanee 

Taxes to rhe .senate. sale of S144m of ail production Canadian Occidental lost SJ ro Hong KOflff ? r o- 6 * rt ? fi d olose was essen- FI 1.50 to 80.5. 

U.K. Money Supply data due equipment to the Soviet Union. S o n '.— its subsidiai-v or Occidental 6 ^ w , .. . indicator at the Close was ess*? Tran^nortations declined. Van 

Tomorrow and the Consumer Twentieth Century-Fox jumped p^erok-um. rival bidder for Market closed slightly higher tially due to buym, b ? however nioved up 1 

Price Index report due Friday. g2 - lo s3! , _ j ts film "Star U’nr*“ H usk v shares on local and overseas interest in tional investors in the absence oE ° owever ' * 

combined with the upcoming has „ 10SsCC i S 22ftm and a sequel Mn'clean-Hunlrr A gained SJ moderately active trading. Hang anv si^iRcanr seilm- onlera. F1 ^-® “ 14-. 

Independence Day iong weekend is lanncd for , ate 2i>7f», early tc , S]H t on n dividend increase. Sens Index rose 3.S1 to 544.So. Rubbers. a ^ ch ®"‘ ca ^; re St S JJ^nhSSte JS? 
made investors wary of taking big 1llSf 7 Vickers were un M 10 Swire Pacltic firmed a cent* to Electncals and Oils were \%eii Bo Is Distulenes were aow“ 


Taxes to the Senate. sale of S144m of ail production Gambian Occidental lost SJ ro HoilP KOflg per , J" 1*1 

U.K. Money Supply data due equipment to the Soviet Union. ao 0 '.— its subs id iary or Occidental ® ind'catnr at the close was®?® 

Tomorrow and the Consumer Twentieth Century-Fox jumped p,.te ro |i.um. rival bidder for Markel closed slightly higher tially due to buyin.. by Insb 

Price Index report due Friday. g ^- 33 ;^ — its film “Star Wars" ii.,skv shares on local and overseas interest in tional investors in the absence 

combined with the upcoming has „ rosstd S22ftm and a sequel Maclean-Hunler A gained moderately active trading. Hang anv significant selling oniere. 

Independence Day long weekend, is p i anncc i f ot - Jate 1979, early to ' §j(jj on a dividend increase. Seng Index rose 3.S1 to 544-b.i. Rubbers, Mechanica . . 

I • I. ti'ii nl 1 9 L I n n hi* 1 _ 2 .. ■ ■ I . . D.aIAa RrmnA a r>nntc TO CUntrino c UEIfl t 11 IS WclC *» 


Taxes to rhe Senate. xale of S144m of ail production Canadian Occidental lost S? ro 

U.K. Money Supply data flue cqu j pr nent to the Soviet Union. S on'.— its subsidiary or Occidentril 

Tomorrow and the Consumer Twentieth Century-Fox jumped pT-leroleum. rival bidder for 


made investors wary of taking b 

positions. _ , 


i-..-,. ...... o. r . -lopVc THE AMERICAN S.E. Market 

whk-h b wcre sharply Tower in the Value Index was up 0.31 at 14*.0R. 
Jwo previous sessions after an while advancmg mun 


rmarilan Vickers v\ere un M 10 Swire Pacific firmed o cents to eiecmcais ana v»> r?" jwus 

Canadian licked p onlracl llKSS .03 and IVheeluek 21 cents placed at fte whleote F« W PnWfebtog. 


\MERICAN S.E. Market JBM — U won u Slam contract 
Index was up 0.31 at 1 -ta.CiS. from Umariu Hydro. 

3 dvanein 2 i.ssucs Mu mac Oil and Cus slipped s ; 


to'HKS3-12.». while other ‘leaders sectors were irregularly traded- rose FI 3 to on 

rose around 10 each, taking Hong Noticeably higher were 0 >telem. 0 ff FI L5 to 29, Pa&mellJl SM 

Schneider Sabit-Louis, Gcnerale higher at 41. Stevtn Group Inter- 

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All. tin'll lUrl'l ■ 49ij 
A'il*. Ji-iUi I'li'... 30*4 

A\L 91ft 

Ami. 241? 

%\>.ii I'n-liii'i ? ... &3I<, 
Hall Lr« . Kiwi 25 V- 
H« nk Amenra... 22 S, 
Hanken. Tr. y.Y. 35Jg 

BuHiJi Oil 371, 

r.nst .1 411, 

lkiilrHT Fml.. ls4 5n 
iw-inu 1 1 , i.-i. vib. .n a 6 >a 

Ib-ll A Nowell K-i 

Ht-Ji-li\ 36 J , 

B.-Iiuuct I .iiu *If a-': 
IVthMiein sJu-i-l. 32*8 
lll.n-li A Iln l.H . 18 

|i»-luy. . . . 52 '• 

n.nM a i rt.n,.i^.. .. u 6 - -^ 

lbii,l«n 28 

ll.ii" Wftriiri . . 29^; 

Hi., mil Ini ii 

llM-n*li‘ . ... 14 

Kii-i..i i|\,-i... .. aSij 

I'lii.r-.-i. \l'l{... 15L 

lliw-Lua\ Cm-*.. 53 

liiiin-uii '1 15 

Mn . a rn- Kuo . ... 15 

Wnli li. . 6 i, 

Ilii.llliUh-n Mini. 37< v 

Iliirii.u^lM 72 

L*uii^eil Smi|»... a 4 

* BniuliRii ra.-iiii - 1 161, 
i ‘mini liinitli.ijil'.. 101 - 

I AI1IBII--I' H7I» 

« ftmvi-A Cou.-ntl 12 
l urn -1 H«« l-?.\ .. 17lj 

* aicniiltarTnKts 55 >g 

IBS i 52»i 

fi-lmur-v'.'irifti ..• 3 Hl 2 
leiil ml A d.» .... lo I* 

l.rrMiiirrt,l 20*4 

i i— mu* Alr.-lull. 36 
i 'Im-e Man li* I mu' 30 Is 
( 'l.emi.-'wl BW. NY a 8 i« 

* ln.-«iii lib I *■ -n- 1 . «:4 1 - 

i I,,--— i.. >nii,.. 29 

I'liii.-Hp, lii i-iii-.- . • s3': 

i In-y-ier 10 -', 

I'liK-nuin Hij 

)li In. -i. >ii... 29 

* ll,i'.l|- 2 aA* 

i n I m Si-nnv.... 48: 
i'li* I ■■**■*.■ ina... loi? 

i'.«i C'-Ih 4 Ilf. 

i'..laslc HhIiii.. . 21 >3 

Cnilin- Aik ii mu.., 121 * 

l -.|ijn,l-i-. I.,- .. 26 V 3 

i. -it I'n-I. .. 20 

I A ui 18J* 

hii^. 39sii 

i .-inl-iiMi.-ii E-i. i 6 '» 

i. 'in’M'lli 1 -NIim.ii. 27 
iTni'n'iliOil I.Vl. 21- 
■ ,■■■■■*■. r-al«-l*ii.-. 39', 

* .-nipiitv-rjJi-ir-uiA: 10 i 3 
i ■■•un l.iic lit--.. . »Ssj 

i -.ii ii-- to>, 

I'-iii.K-ll-cn N.V. 224, 
i mi M-l K-«-*L. .... 25i, 

i .nrha-l Am. li»>. 381; 
i ..m.imer I*---»«i Ms 93 

i.. .nl iimni nl i-ip 29^1 
1 •■■it 1 11 , -ii ml 1 ill.. < 6 Ss 

1 «nllu^ul4l Tt-li- ,5'j 
1 . mil I-. I 11*1* . .. 331 > 
I'.nper IiiiIiin 54 J* 


601* I 60is 


| I'niii- 26 1, 

I'rui'ki-n ,\»i .. . 25 Jj 

1 nm 11 /.i-ll^rlftiili 31 
I 'inn in in- Ku^iiM- 38 

I 'lini— Wrisilil . 1& 4 ! 

Ihina 27 

Ihirt luiliiiln--.. 42>5 

iJevr*.- 33 

Lit) M-niit- 25. * 

IMIInnn 11 <4 

Ii»'Hl»pl.v Iniir... 22 
Ihlnil tv-1 1 *-* . 1 1 . .. lnh 
l>i* in-. mill's in> l 25is 
llii;t*[ilu.m- 14 1 - 

II l^i La Equip... . 46 .3 

I 'i-iiey I W'bIIi.... 401? 

Iii.ierli.'i.u. .. . 44*1 

II..O- L.'liciul-'Bl.... 25 

I, 26 is 

43*2 

■ ■ii|>iiu 1 1 3^4 

U* in.. In.lii-tni?- aO], 
Kh„Il- I’ii-li.-r .. . 24^4 

Kn-I \ trim,— . ... I 2 >| 

f-j, -I IIIHJI k>*lnk.. 5412 

Enloii i 7 

F. Ii. A 1 24 ii 

Kl I**-,. \*l. 1 - I.. 

Klim sOJ* 

Kn 1 vrv .11 Kiwi in - . *4 
hlueqrAtlt'r'l^hlj 23 12 

I'.l'ilim *7 

K.M .1 2 on 

Kii4<i-lbai*l 21 is 

K-iiihi k ! 3U5, 

Kilt.* I 2IT 8 

Kw.n 44 

Kam-liilil Caiiivm; 301? 
b‘*.l. Uujil. Sii.n.-*] S 6>4 
FuaciueTtre .. . 14 la 

Fill. \*i. U- ■ >n .| 28H 

Flc«l Van 2u>* 

Kliutkuie . 4 6 Ij 

Fl-.rW* l , .i»\»rr ...; 301* 

Fluor 1 a63a 


i 123a 

: 2312 


a63fl 1 o63e 


K.M.1 1 : 24 

I'mil M'll.ir 1 46.fl 

FuniiHM M>.'k.... 20 

l-iixUirn b6>v 

Finnk Mn Mint.. . Bla 
Krw|*r4 Mi lien. I, 93i8 
Kruelisul ' 291s 

Km, lie I nil- • 10a» 

C.A.K 13t ( 

'.Hi nil'll 43-M 

lieu. Amei. Ini.. 1«J 

C.A.1 . \ 28l|j 

in-ii. I.hI.'Ii- 16»3 

lif-ll. I>> IMl'll. -.. 77 .ft 

■ ■■-ii. Kilt-ini's... 491, 

■ „-u. Ki* - 1 > jl.ift 

lieiiem. Mill- , 30 U 

liviii.-iwi Mift.-i-.. 59 i* 

■ •vii. I'uli. L til... 163* 

in-n. MkiiiiI 3USa 

C,t-n. 'Ivi. Kl#rl.. 28's 

Cell. Iviv : 24 t; 

lieiKMn— 5 •* 

Ctfiirui* l‘*i.-itli-.. 261* 

Geliy Oil- I45U 

(iillnte • 283, 

f;.n>lr,i:1l H. K.... 2Vs<; 

(iuklj inr liie...., 163, 

Oi Ml III. Z94« 

l.fraww. K 87 l S 

Lit. Allan hat; Teal 6 Sb 
C irl. Abril, Inui.j 2jlg 

li rev hm h I ■ laig 

cull X Wcs-tem.. 14 

Cull Oil ; 23 1 g 

HnliLiurtiiti 1:41® 

Hhinir NliDlug... a2ig 
Hitr,il«.-brcpvi ...... IBifl 

Harris «.i.r|.n 541, 

Hviu.- H. .1 t 8 i a 


131, i 14 


77 ‘ft 771* 


L4'i; I i4»ft 


HtfilhH.'IM 


H+rvie I’at-Lunl... 

BCU* 

Hi.iiiIhv Inn- 

.8 

1J.iiii..-,akL' 

j4l“ 

Hmu-vueli 

&5S* 

II— un 

ll’M 

H.wJhi, nr,.. Aninr 

o 2 

i|fH,-l.'ii \rr. (!*- 

i53« 

UiiliKl'Ii.Ail.li,-, 

1 UH 

Hill (el, 1 1 K.K .1 

15Jfl 

l.«. . Il,"l»ir»i1«>... 

^5>, 

l.'A 

42U 

luurr— ill lit ml.. 

64i0 

I IIMli— 

lb 'n 


261.87 

lull. Kl*».«jr-.. 

Rise 


-■> -lin- Mhh.iII^ .. 30-* 

■IuUiiviD .lotinwu; 0 1 1 » 
■li.|iu-tin 1 . •mlMil.l 27 
Ji-vMxiiur*i|ii|V. 33*, 
1%. Mar I.-II-. .: 243, 
IvHi-ei Aliiutiitl'in' 31V, 
Ivai-Hi-ln-iu-rr'e-i Si'r 

K»i?e' s-iuei 24 1 * 

Kn* i 123a 

Keiiueinlt : 23 1 ; 

h'cir .llrtlc*- | 43 

ki-l.li- M'nlm.. . ; s3U 
klmhei ly llt-ik.J 45 

k nf-i-ei - j «;2ij 

hnui [ 47', 

K 1 -. 21.-1 I'n 32 <s 

Lw-i'mi' Trail-..; alift 

Iftpvi »imii>- 33'.* 

l.iM-y inr.Kixl..., k6>a 

UkiI On-ill-.. . oli, 

I jll,* • Kl* 1 ' 4b'i 

l.iiii'ii 1 in 1 ir-l.. .. ili, 
1ft i'Llu.--il Aiiit’ii 2- 

0- nr Mar In-In-. 203g 

1- -n^ I— Imii-I Li-i. It: *n 
Ift-lli-MIM Iftlllil.. a 1 ». 

1 . 11 I -ri -hi 3B-j 

lj|>'k\ M'livr . . . l:3u 

I.Tv Viuia-i'w 11 . 7i a 

Mh-'MiIUim Ill, 

'Li.-* If. It 40 !■< 

Mil-. H*«|. ■*■.•>. . 

Mn|*i- 42U 

M mil In -ii i'll 45_ 

31 h imp Mi.lkui.l.- 143, 
Mhi-IinII Kiel. I ...’ 22'.a 


,I|mv Uf|,.M.iii> S45J 

M*. A 47Sj 

3l.lVrm.-ll 26», 

Mi- 1*- m uel I Uihb sals 
Ui.-Cnn* Hit.. 

M».'ii 11 •!*-* 43^4 

Mink 35l e 

Merrill lii'iir li. . ld< 
Mvim 1 'M.nMeiiiii. 331a 

UGSI od 

Ml un t4Sa 

Mol . 1 1 Lorp cZS* 

3li-D9Snlr-._ 1 3l 

Mm-ann . 1 . 1 *. . . . 443, 

.Mnivnil* 45 la 

, Murpli.v Oil 37U 

\ahiv-i* 2 4ig 

j \hIi-i* L lk'iiili'M I .. 29'* 

Xhi h ilia I L'*n , 7 or 

Nh'. Hi ■nllii-.. . 21 

1 \nl -*|-l , li'-.- Il'il. lo 
Nal I.UIHI 30ls 

Aali-li.H* 4 1 Ij 

M. It =41, 

H,-|-lullr I II 1 1 • .. 17ift 

Non Kiik'hihI Kl. 2 Jj,* 
Vi*. I- ii“ la ii- I 1*1 ^5 

MauHra M.-lw*' k 14 
Nih^miM kllNIV.. . tOln 
A.L. lii-lin-lne*. • l 8 ^i 
,\«.i mlkiWi-lerll 24 >* 
\..rtli Nal. Lmi-.. 40 
Mini. Male.- I*»r ^51, 
Mime* Airlimn- 263, 
Mllt'e-I Mailn'iii <5 
Nurtiindiiivu... . 18 13 

Hi.- 1 'blpiiUi reirnl* 221 * 
HaiivvMailiei.... 55V 

Oil I - 1 K**i**in ' 18', 

• •lin 14U 

ii'onwt Siij*... 1 25i* 
U«eim Cornin" .. 30 >a 
On pm IIIikiU.... £.1 

Ka-m.- Ga».. . 237; 

l'ai-im- Li»liliiiu. 19-a 
1*1*11 Vtt'I.A. Lid..' Hi 
I'an \niW.ini Air, 0'* 
I'arkcr Hminiriu.. 233 r 
P iaiiH«t.v Im Ji ‘* 1 i* 

■ ’•-II. 1 *». A li,. . 20 m 

KpllllV -I. I* s6l>5 

IVnu.-'il * 8 i» 

IV.Ti|i|Cr- I'l'U .. .. IOJ, 

I'n -i'li.-— Ii»- :4 : 1 

tV|-*ni' 29 1 1 


e.-.t-ii 

I(p> 'n -l.i- Mi-ini'. 
Ifr-y Ill-Ill* It. -I. • 

I i:i-':li‘-*-n Menvll. 
If-h'k'lHI lull-'... 
IN -li in i. Ilaa ' 

K.ival 1 *nl,-]i 

IITK 

tin-- Gw 

Itvilr-r ky-uiii....’ 
"ai.-nay" mi.ip- . | 
-I. -I ■ h; Minar*)-. 
-I, I.'pki • l‘a,«r.. 

-Hiir.-i K .- 1 mi- 

-Mil I'lllX 

-h .-in hill-.. . . 

>-lilil.- Hrvnlli^.. 
'•'Iiluiiil«>r”i-i .... 
>i'M 

-.-■II I'h I IT 

-.-.ill .M ra . 

-Ill* Lliuoli.'l . ... 

->-n L mIiIhiiii-i . .. 

-i—amiii 

'■mrlHiii .li.i 

nnt> l.'-iel-iii k... 

-KtU'ii 

?lieli Oil 

— In -11 Tnni-i-irl ... 

-iaum 

-iylii-V 1 i-i'|i .. .. 
->iiii|ilii-ili l*a, ... 

''ilia*-' 

-ulllli Klim- 

■N'litnui 

v-IHIkJ-'UIi 

-i mill In-nit. Ni.liil 

-iiitlipru tn 

-IIiii.NhI 1(i~ 

-.ml hern I'a.-in--. 
Siiillii’rii Kaiinar 


\V.--ln.-lll, 

W vlv 

I 

XprniJi l(a>ll-i . . .' 

r.-Orew',* turn 


18;fi 1 18V 

4 i 4 
52>i - 52 
15V, | I5i 6 
34ift , 14 
t * a,-. 


28 >a? 28 ia 


Inn. Hanodrr.. 

I mi. Mm a CImjim 
lull. M 1111111 * 1 * 1 -. • 

luvi- 

loti. 

II'C 

lu,. k'«-til'*i 

Od. Ti l. X Tel... 

I mem 

I. ro a bivl 

If Intern* 1 1 - •"« I 

4l.it Waller. .. 


80 i vn|.ie~ 1 una- 

18 l"c« -, -o.*— Oa- 14=1 

04 V IVr*" 29 ‘1 

55 

Ilia I IVifcin hlui.r. . .. le3 

31-M I’.i ai-i 

251., rii-.-r 32 1, 

lQia 1 ‘lieljr, ll.«lp. ... l07j 

J5jr l’liilnilpl|i|iia hip. I »>.• 

2S', I’lilll,. M-.rrl-.... t 6 'l 

42la I’liillij- I'pi 1 1 / 111 . :2U 

54 vk ril-lmrA' 36:, 

36i™ I'll iiev Uimip-.... sab 

IS I'lKHf.m ! 2 i/ 

... 1‘Iwm-v Liil AUK 16i“ 


P-4l*roiJ 38 0 

l’..l. Me-. .. 1 5 V 

I 'l 1 *, ll|.lil*li(p-.. 271; 
Fnarlpr 1 1 uni' -It . 00 

i'uii «ne Kle«'ij 

t'lillnian 32»i 

1 ’im-v 1 • 

V-inki-i llnl- . .. ,43* 

1 Kapi.l \ men. nu. 9: j 

! llayiiii-.il 4T 

Id. A - ' 267s 

lti-|ii«i»iu- SippL... 23*i 


sx'iii lit*i,rii . .. * 8 **; 

Ma it- haver.. «. 6 -b 

-la-rn Hun-h.. .. 47 ' 

%%. “ix-rrA' Kan - 1 i 2 

f|S» >|Ulb ! 34 1 4 1 

Maii'Iiml Biaii> 1 -.‘ a5ia ! 

“f " 4 4|,i.OiiiVlii,irnni 39ift ; 

“Vf* 4 M. on lo-liaiai.l * 8 i- ; 

m«I. 1 *11 • Mil 6 l ! ; ! 

^2. »i*ii»N. - liPitninl«.. 41 

Mirliua l»nia l=Jb 

SS “ XiiaMiakpi 62. i . 

f®. ?ll'l 411; 

1/33 '•uu.lMmun • 45 

•»,i '.vine'- 1 29 Jn 

■T 4 ! K l.-hn.i-.i- ilM 

lt-kl."i.i- 40. B 

SY 1 Iplw'MU- 10 O>: I 

l>l 1 ao 5 ; 

52V Iv'-i-l'i'O'-l-'"' 

IQ,. 'I.Aa-a'il' 17>, 

|yi 3 Ipsa- l-UMrlH. . 41', 

>ji, ll-SM- Ill'l l! V 6 ', 

4 Q IV-*- nil A Oh*.. 3l 

33 -ft IV'ji - L I ill'll-.. , 2 LO 

a g , 3 I nm* In- 40. a 

yd-. Tiiii.-r .Mllrnr 281“ 

1 gl, lin.kin ' oQ 

J ;2 1'nilP ! 34aj 

55 , „ T mii-mpi'k-a 15 ‘ 

|hla IrHilHi- lal, 

, 4 ]“ 'I nm* L mull 35 

lian-UHV liiir’n. tow , 

„c, Iran* WorW Air . 1 19 <a 

Traveler* ! 33 ' 

1'ri LimtlneiiUil ..! 19 U 1 


'JjiIi L emu iv Ki-»; a 9 l.i 

L'.\.l> 69 i-j 

UlKlU fc-r'l 

f 2 3 101 • is 

i, J l « rm.pt VI a7*s 

4 *. I iinvter \v .. .. ;S-i 

Li i.4 Ifl 

T'iiimii LBiT.ii li-.. 57Ji 
1 ” - I. un >11 <. 111111111 - 1 ,- 1 - 1 i|, 

L llii'll mu 1 . am. 471; 
z - 1 I. iiiini t'a-'lfn- .... *,470 

^3 l mi' -\ni . . 7.-, 

Si 1 - ! l um-il Hmu-i-.. fe-j 

lu, !«•>»«' £9 

21 'j 1 Li- !■ , , 1—11111 241, 

1738 ) J ^sh-ip. i3:, 

65., Meet *b»; 

42ij I -i 7i--liii-'i--aie-. 43 
’ i-i,’ | I Vln-lii-ini.— .. .. Z9Jr 
23 1? I ' .*f!-'»i** Kl” l— • 14 1 1 

2 0i : Walarepi, 23-ft 

jg.,' Warin-i LiiwilliM.. 41^ 

W*mpr-ljniilipr,. 283; 
M a-i,- Mhii'himM Sc 3 -- 1 

i7if "'(■llj-l'iirji- 263, 

151* M i.-., am Bhim-.iii 9Cl, 
27 M.—ipm x. \ni“r 27i, 

65Jr j WiMi-iii 16-,'. 

2 , 1 ; j MV-iin^h-p Kli* 211 ; 
321* 

17 I lYWnw« ' 2bii 

a4:* I W -.-Vi-1 liHi-li-i-1 . .. 24i- 0 

11 , ivi,i.i|...i i-n 

45i- IVliiiol'-ai ln-i...' 221* 

260 | Wiliiniu i'li 101, 

ir3 ; IV i-i- iii-ili hbi-l.. -8 


I .-Tn-t'l.'Vr^V 579.3 . I797j 
L'.a. 90 day 1411-.; e.90-i:.6.93i 

CANADA 


AOiti'.i l'Hjier • i£»i 

t“in— haalc ' 5.75 

Mi-HiiAiuminiuin 3Lig 
\l"i-iiui MpvI iO* ; 

\-lv-i- 43'v 

llniik >.l M.-mrenl 22 56 

lunik Nt*va “. --IIH 20 u 

i«,-i.- Ili-.-im,--.. 4.60 
Upll leli-r.il. -lie... ■’ 6 '^ 

|l..« Vnllt-y I nil... 30 1 5 

HI* I'hiuhI* 15*, 

15>, 

Un IK- ■ 14 2-J 

L'Nienn l'-iwer . : 38 l a 
• '-nuil-.ti Mine-..- 15 
Lann.M l.Vuu-iil..: 11 
i..iiwii* NW Laii.; 11', 
Can. I nip III. .C.. 111 ! 2t Jp 
lhuh.Ii. In.ln-l ...1 :2o 
LMI. I Weill.- 18U 

1 1 _ hi, I'a.-ifie Ini..- 19 
1 .'un, .*tii|ipr oil.. ■ 0612 
«.arliii“ O’Keelp.; 5.12 
i.«.viHr A»Iip*Iip. ; 1 1 

Lliieiiain ‘.830 

’ aih 

Lmi*. Halliiii-I.. 27is 
C. ill'll me! On*.. • 174* 
i.-i-ek* ilp-tiuivfc.. s.-a 

C.piam • M?** 

i htiui llpti'l 8 -i 

Lieuimu .Mine'.. , 71 1 , 
Lkmi Slinw ! 67 j, 


17i* , 17Sg 


1 Unnie i’elTOieum 62 ; fill* 

I Hnmiiii.il 1 bmlael t*4ij • 244g 

Lk-uuar_ - ! l7}2 j ‘2J 4 

L*u r-Hii 14 ij . 143, 

Katpun'seXl' kel.- 213, J 213, 

K.-rrt Motui *. an , t<BU , »<S1* 


62la t ri-Ilf lai 

403e iJiaul 1 et'ttliiiilv 

443; l.'ull OiUkUB-Ih.. 

29 Han lw Md.L'aii. 

11J, H»'-llin“i.-i 

••O H.-iiii- i'll '.V.. .. 

96'“ H, 11 I — 111 Ink Min: 

3 Ij lilHlxill lull 

51 Hinl'.irii.'il \ Oft- 

I.A.l. 

101, i lliutv-. 

25>j j I ni|“ m i ihI 1 Mi .... 

la i H I Uiv 


33 J, 1 335, 


1 1 nit I itl'l 

llllnml AM. 'm-. IU-? 
I in *|i. % 1 'ii*-Liui- 14S* 
kal'.-i llpMHri- i-L 75 

I. nii- Km. Lmi-. 8v. 
Ciiilaw Linn. -U'.' 4.00 

II. -niill'n BlopiH- 1 i8' a 

XI iL-M.-y Fer“M!“iii| 1 2 1 0 
Xlilultri 22ltf 

Mi mix* Oirim 37 jr 

.Minima,, t-lalel.'r 3.70 
\iimiiilH Mini*... 261- 
.\un:L-li Kiiers, ... It U 
\lhn. leleinin .. 30», 

Viuini' Oil A Oh' ;6 
'•akieniNl t*t(rl‘n, 4. 10 
l*a-.'i,ieLP*-,*.-i )l. 2.00 

IVelfieiVli'.l-.iiiii 30 jg 
1'jin. Laii. Kpl'm. 3JI; 


ivituf 

*4'= Hiujiie' Lk|ft “. . 

“'1 I'Imx-Oih.A 1 'ii 

I'lHi-vrli'-Vi-b.i'iur 
| 'nner I m^m-hi ii 

! »'ri.T 

Om-l-e- “iiii“*-.ii 

' 4 - s ! liatuei 1 *»! 

7v. I If*— I •■>'i*k'-. . .. 

g _ “ j 

29 • U-yal 151... *l L«n. 

24i. I l:..\*l Tih-.i ' 

iJi, I -,.-i-|,Tr»- ll’-nuii- - 

•■ 61 ft ! -pH^mtii' 

45 1 -lu-il I Hinnl;i . 

191; [ i. . Min.- 

141, j -iplx-ii. 

25 j j .-“iiii | 

41>, I .-ippi i.Hii*iln.. 
28»; I *>ieepli<*.-k Iimii.. 
<f3Je ; Vp-.ni'-i i.iiiui.Ih .. 
26 i, < | nr - hi 10 ^ 1111 . 1 ^. 

350 , 1 'ia ,,- 1 Mil’i|« 1 . 11 - 

27k- 1 Iran- M.-ii III 

16;.; Tn.ei- 

20’', I 1111.111 • -a- 

I oi. “i-a.-iM lime* 

250 M'aikei 

24 l\._, L'.-a lTmn-. 

22 | 


ion:, 1 151“ 


•- a<kpb 9 rranefl 

* Npi» OffVlC 


BASE LENDING RATES 


EUROPEAN OPTIONS EXCHANGE 



M-, 


■Ini 

ij,-i ; 

V..L 

Hi-1. 

Iju. 1 Vsili 

Jni 

lia-J. 

V|.|. 

Sle.k 


1-27.50 




. 3.20 . 

5 

4.50 

2 

K 28.40 


K30 

— 

— 

. 1.80 

11 

3 1 

6 

K2B.40 


r32.50 

_ 



j — 

— 

2 1 

15 

K28.40 


>45 

9i< 

1 


— 


-■ 

>55t 8 


>50 


— 

6*7 

3 

?*t , 

10 

flrSa.0 


>60 

- 

— 

2 

12 

5t 6 

2 

-537- 


-260 

6 

5 


— 

-- 

•“ 

>2601* 


S480 


3 

Si, 

4 

9L ' 

1 

!>260ift 


KISO 



8 

37 

13 

92 

K144 

ivi-M 

KlbQ 

2.80 

IS 

7 

48 

9.50 

48 

P144 


: FI 70 

1.10 

20 

3.90 

11 

B.10 ■ 

9 

H44 


K1S0 

0.50 

18 

. 3.30 . 

9 

6 

O 

FI 44 


: K 190 ‘ 


— 

. 2.80 ; 

11 

6 

2 

K144 


K200 

0.10 

5 

2 

3 

2.50 

8 

-K144 


h'220 

— 

— 

1.50 > 

5 

1.B0 

5 

K144 


• F1O0 

4 

3 

— 

-- 

9 

8 

F103.10 


: KUO 

— 

— 

— , 

— 

4.50 

3 

K105.1O 


K120 

— 

— 

-+ 


1.50 

10 

K 103. 10 


K25 , 

1.60 

102 

2 j 

ias 

3 - 

5 

IF26.30 


KB7.60J 

0.20 : 

5 

' 0.80 

30 

1.50 i 

10 

IF26.30 


. Fiaol 

10.30 : 

10 

' 12 

4 

12.50 ; 

30 

F 130.60 


K130 

1.70 , 

94 

1 4.70 : 

12 

— 

— 

K130 60 


K140 

_ l 

— 

! 1.70 ( 

Z 

2.70 

19 

K130.60 


FI 10; 

1 

— 

' 10.50 , 

23 

— 

- - 

Kl3u 


F120 

l • 

1 

I — 


5.10 . 

10 

K120 

tuiimw 

K150 ■ 

- i 

_ 

! 1.20 * 

20 

' 

— 

•F120 



Au 

. 

1 . x 


i , K ' 





L»i 

V..I. 

1 !.0>i 

\ fi. 

IjM. 


| ii.vr 2 • ,i22, » 1 


A.B.N. Bank 10 % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Amro Bank 10 % 

A P Bank Ltd 10 % 

Henry Ansbacher 10 % 

Banco de Bilbao 10 % 

Bank of Credit & Ciuce. 10 % 

Bank of Cyprus 10 % 

Bank of N.S.W 10 % 

Baoque Belqe Lid 10 % 

Banque du Rhone 105% 

Barclays Bank 10 % 

Barnett Christie Lid.... 11 % 
Brcmar Holdings Ltd. 11 '7, 
Bril. Bank of Mid. East 10 °f, 

■ Brown Shipley 10 % 

Canada Perm't. Trust 10 % 

Capitol C & C Fin. Ltd. 10 % 

Cayzer Ltd 10 % 

Cedar Holdings 101% 

■ Charterhouse Japbet... 10 % 

Choulartons 10 % 

C. E. Coates 11 % 

Consolidated Credits... 10 % 
Co-operative Bank ...’10 % 

Corinthian Securities... 10 % 

Credit Lyonnais ; 10 % 

The Cyprus Popular Bk. 10 % 

Duncan Lawric 10 % 

Eagil Trust 10 % 

English Transcont. ... 10 % 

First London Secs 10 % 

First Nat. Fin. Corpn. 11 % 
First Nat. Secs. Ltd. ... 11 % 

■ Antony Gibhs 10 % 

'Greyhound Guaranty... 10 % 
Grinrliays Rank 1 10 % 

■ Guinness Mahon 10 % 


I Hambros Bank 10 % 

I Hill Samuel 510 % 

C. Hoare & Co f 10 % 

Julian S- Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot. 9 % 

Keyser Ulimann 10 % 

Knowbley & Co. Ltd.... 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 % 
Edward Manson & Co. 11 i®?. 

Midland Bank 10 % 

I Samuel Montagu 10 % 

I Morgan Grenfell 10 

National Westminster 10 % 
Norwich General Trust JO % 
P. S. Refson & Co. ... 10 % 
Rossminster Aceept’cs 10 % 
Royal Bk. Canada Trust 10 % 
Schlesinger Limited --- 10 % 

E. S. Schwab 11J% 

Security Trust Co. Ltd. 11 % 

Shenley Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Whiteaway Laidlaw ... 101% 

Williams 5: Glyn's 10 % 

Yorskhirc Bank 10 % 

I Member* of the Accepting Houses 
Commillev 

7-djy ilL-postls 7"U. l -mourn di-postlis 

T-day deposits on sums of flO.DIH) 
and ondur C-.' ‘ , up to C5.09U 71 j 
and ovtr £5j.0u0 7 I s .. 

Call depotiis over £1 U00 7”.4. 

Demand drpirdis 7l"'.. 


d’Entrcpri^e, Weber. Pociarn. national Contracting declared 
Matra. CFP and Rhone-Ponienc. n g to 130. VMF-Stork Engineer- 
Mark cd lower were BaR Equip- rose FI 15 to 4450. 

? T I rnlallp mil V.- . marhlf slaMM 


menu PoL'eU LabinaL Cotelle and on the Bond market; i-lesses 
UTA, averaged FI OJ.O to FI 0^0. 

Advances predominated ar °°"5 
Germans, Canadians and Gold ftrncselc 
Mines in otherwise mixed Inter- DiUNCW 
national issues. Belgian shares were . mixed m 

, v moderate trading. 

Australia Steels were little changed fol- 

Markets drifted aimlessly nd ^ 

P ? anl i s c 2nis e fd A«S h I2 the ANZ wSf HtUe^M^fF^^weS 

m BHp'los' n i'lcen^o 1 ii.32, while ^ ^ 

CSR held steady at S2.9S follow-ms sbghUy lower. 

its annual report. ^ .... Ocln 

\mong Coals, Coal and Allied uwu . . . 

pu't on 2 cenrs to S4.0 and Thiess Banking shares v/ere 
were up 7 cents to 82.67. while Insurances and Industrials 

Ausien and Butta eased 5 cents were unsteady, shippings were 
to SI. 73. White Industries gained mixed. 


TORONTO - CompM 



France (tt>! 66.9 








' t " -V, t‘ j 


GERMANY ♦ 


TOKYO ^ 


4 . 8 u I 4.8y 
0.93 : 0.95 



\lu.lil i Kl. 105 —0.3 1 *21 3.4 

M..O ,n.Mh 28 . 6 — O.S 1 — — 

VIjKiii UukiKI.IOLi] 363.7| + 0.2 ! 28.5 7.8 

A M KV I FI. 10, , 80.5mi+ 1.5 50 6.2 

A in nil milk (KI.&Dil 76.2J + 0.3 23.5j 5.9 

Hiji-iil.iiril I 91.5i — 1 

UnkulV^i’niiKIOii 118 | + Q.5| 

lliiririii TvIIvrwU'h 73.0| I 

Ivvi lor \ iVliOi.I 283 1 + 3 I 
Eli uia X.V.Huiiw 156.5^ — 0.3 I 37 .51 5.5 
Knr.. I. ui r>T»i:( Kill) 67.4;+0.1 1 94.BJ 5.2 

Lii-iHnw+ulp-iKlOil 34.71 1 23 6.4 

Heiuokr n ( F I.2CI. . t 1D2 i— 0.9 l 14 3.4 
H.xii.ftws iFIJui.i 31.6^-0.7| —| — 

H .. in wrO.rKl. ton... 24.5r-tf-3 12 I 4.B 

K.UM..H.100...: 145 '-0.5 8 5.5 

ln(. Alu lli'i- 1 2,1....' 47.6-0.1 19 8.0 

Vimnlcii iFI.IOl . J 35.7J— 0.7 12.5 3.5 
.Xal.XulIna.iFIlO.: 103,lM>-8 ^8 4.7 
XoMCimiI ilk, Flap.! 53.51—0.2 21 7.8 

Jtedili'Ibkiri.sO. 195.21—0.6 22 5.6 


XoilCrviIUMFiaC. 53.5j— 0.8 21 7.8 
Xediliilbkcri.sO.I 196.2|— 0.6 22 1 5.6 

UdetFI. B0i I 154.51 + 0.8 36 4.7 

Van Onimwenr;..] 142 j + 2.9 18 5.6 

Pakb.ml (PI. 20). 41 [+3.6 — — 

Philip- |KI. tOi I 26.3i+0.1 17 6.4 

HjnSiiiVi?r,n.llj0l 81 [-2 — — 


Pakb.rcil (PI. 20). 
Philip- l Pi. I0i.... 
Itjn.SvliVifixFI.ICOi 

Unlwn 

Kollm-o (Kl. 50)... 
KureiiU-iPl. BOi... 
Rii.VHlDuts'lKPl.ZiP 

dlart-Blnii'g 

Slci-inGrj' (FI All 
Tnkvl'ac.HUIs.S 


170 ! V25G 7.5 

150.B;+a.5 - - 

122-Hl 14 5.B Aliimlaiuin 

130.61+0.6 53.76 8.2 UBO-.V 

24B -2 19 7.6 Cite Geigj (Fr.100 

130 1—2 274 4.2 Uo. Part. Cert. 

123.51+0.5 30 0.6 Un. Ilea 


I'liiit-i w ,Pi.v2Ui. 1 IB. 8; —0.8 [42.8 7.1 1 Crotil nul-o+; 2.190 

VIMnsrltw.lilii-li 41 +0.31 20 I 1.2 KiBvlroffwt 1.740 

lVc<.rla 1 ■ J 11 . . Ba n k 398 1 33 j 4.0 1 Flm-bur (Ueiirjio). 680 +5 G 1 8.7 

H..irnianl , i Lk.-ri-. 74.U60 + 750'.5S0 | 0.7 

On. innioli) (7.450 +7S ,-55 0.7 

IntMii-w*! b 4.0a0 +1501 21 2.6 

JeiuiMli iKr. ICU). (1.445 +5 ! 21 l.a 

Xi.-I.Ih (Kr. 1UU>. .. '3,495 + 10 1x55.5 2,5 

IM. Kxu '2.230 ! <>i*&.7( 3.8 

I ii.-rlilsdn U. ! K..2»J.2,555 ] + 5 : 15 1.4 

Pii+lli rfIPiP lOOi- 29u 15 5.1 

-'Minlrn: 1 K r .2s0i.... 3.900 +25 26 1.7 

1 Dm. Part Certr-.. 468 +5 26 2.7 

SL-bliuiierCt PliKl 293 —6 12 4.1 

siller CliPr. 100, 330 14 4.0 

sirt-Hlr <F.&.l)... 850 -6 10 4.1 

*WMi Bnk, F. 100. 382 —1 10 2.6 

Swim (llo>Fr250... 4,750 40 2.1 

I'nion hank 3.060 -20 20 3^ 

Zurich Inn,... 10.576 44 2.1 



On-tUan-imi ... 

Pk'niiin-c 

S+U-,a 

+i'it,)«-r,i . 

SI", r liaiinW . 
\.-il Ma^i'Ml. 


342 ; 10 1 2.9 

263 , 9* 3.4 

598 +1 ! 38 1 8.0 

88 — I - 

186 +2 ' 8 > 4.3 

235 - 1 I 14 - 6.0 


sK ,J * 1 














































■ Financial Times Thursday June 29 1978 


FARMlWcSSJlF RAW MATERIALS 




UK share 
farming 
study urged 

By Our Commodities Staff 

BRITAIN SHOULD study fnc 
potential benefits of share funn- 
ing. tbe Centre for F-irm .Manage- 
ment said in evidence to the 
Northfieid Committee. 

The centre, part of the British 
Institute of Management, said 
that it would welcome increased 
opportunities lor share farming 
along tbe lines already practised 
successfully in New Zealand. 

it also warned the committee, 
which is study inc the pattern or 
land ownership in Britain, that; 
if personal taxation were main- 
tained at present levels, prevenl- 
ting would-be farmers from 
accumulating enough money to 
buy farms, the existence of the 
traditional owner-occupier far- 
mer might be jeopardised. 

The i-eolre said that it 
favoured more -partnerships 
between managers and land- 
owners '■ lo help provide involve- 
ment and a sense of security fnr 
the individual on the one hand, 
and continuity of the enterprise 
/or the owner nq Lbe other. 

“ Opportunities for partner- 
ship are on the increase for 
managers with a proven record 
of successful farm management, 
but the opportunities remain' 
rather limited due to present 
legislation covering security of : 
tenure and hereditary tenancies." 1 

Farmers ‘losing ! 
12p on every 
dozen eggs’ 

By Robin Reeves. 

Welsh Correspondent 
BRITISH EGG producers face j 
their heaviest losses for years, i 
according to Mr. T. Myrddinl 
Evans, president of the Farmers' 
■Union of Wales. 

He told a meeting in Aberyst- 
wyth that since the beginning of 
the year average packer-to- 
producer prices had slumped lOp 
u dozen. Tbe cost of feed for 
producers had meanwhile in- 
creased £10 a tonne. 

Egg producers were now losing 
12p on every dozen eggs sold as 
the result of a savage cost-price 
squeeze which would inevitably 
lead to a cut back in the Country's 
laying and rearing hocks. 

Mr. Evans, an egg farmer him- 
.self, urged the eggs authority to 
give serious consideration to a 
hen culling scheme if the) 
position did not improve. 

There was some hope, however, 
that housewives might appreciate 
that eggs were now a bargain, so 
tlirfl retail sales would be stimu- 
lated to take up the surplus. 


Wheat pact negotiators 
‘will meet deadline’ 


BY JOHN EDWARDS. COMMODITIES EDITOR 


THE INTERNATIONAL Wheal 
Council wa> confident yesterday 
that ihe basic terms of a new 
Inicnialiunal Wheal Agreement 
will be hammered out in time lu 
meet a July 12 deadline set by 
delegates at the Multilateral 
Trade Negotiations which con- 
clude in Geneva on July 15. 

The wheat pact talks were sus- 
pended on Thursday last week to 
give participating countries time 
lo go back for further consulta- 
tions. 

Buf they restart on July 7— an 
unusual date in start since it is 
a Friday — m an attempt lo 
finalise the new round of dis- 
cussions by July 32. 

The wheat pact talks are 
closely linked with the . Multi- 
lateral Trade N’egolia lions since 
they are pari of the overall 
agricultural package. which 
influences the negotiations nn 
trading in industrial products. 

However, there are still several 

stumbling blocks lu be overcome 
before there is any chance of a 
new international agreement 
being settled at lbe full-scale 
negotiating conference due I a be 
held in September. 

Some of the main disputes that 
made agreement impossible dur- 


ing the six-week negotiating con- 
ference in the spr)o£ have now 
been resolved. The EEC is tak- 
ing a much softer line on its 
demand for coarse grains — 
maize, barley and sorghum — to 
be included with wheat in an 
overall grains agreement. 

Although still arguing that 
wheal and coarse grains are too 
closely linked to be dealt with 
separately, the EEC has con- 
ceded that it will be content with 
the setting up oT definite arrange- 
ments which will ensure that con- 
sultations take place in the event 
of certain developments affect- 
ing supply and demand of coarse 
grains. 

It is also understood that the 
differences between the U.S. and 
the EEC over fixed minimum and 
maximum prices have been 
resolved with the replacement of 
M nolionut'' prices at which action 
.is triggered off. 

Tbe actual levels, however, 
have yoi tn be agreed. 

There is still considerable dis- 
agreement and confusion over 
the size of reserve stocks of 
wheat to he maintained, over and 
above working stocks. 

The EEC believes that 15m 


tonnes should be enough, and 
that, anyway, there arc unlikely 
to be firtu commitments above 
that level, while other countries 
maintain that 30m tonnes is 
needed. 

This leads on to the other 
main sticking point — supply 
assurances demanded by import- 
ing countries, lo tbe event of 
v shortage importing members 
would like a guarantee that their 
normal requirements will be met 
whatever happens— or at least 
that they will be given priority 
at reasonable prices over non- 
member countries. 

Even more troublesome is the 
problem of managing tbe reserve 
stocks, creating the storage 
capacity required especially in 
developing countries and most 
important deciding who is going 
in pay these costs, and the 
potentially huge bill of acquiring 
the reserves and financing them. 

Nevertheless, it i> felt that 
since thp Multilateral Trade 
Negotiations could be torpedoed 
by the failure tn reach agree- 
ment on wheat, there will he 
considerable pressure In resolve 
The outstanding differences on 
countries that might normally 
lake a more firm stance. 


Surprise at 
U.S. sugar 
allegation 

By Our Commodities Staff 
EEC AGRICULTURE officials 
said yesterday that they were 
surprised at allegations that 
Common Market sugar Is being 
dumped on the UJS. market. 
Community prices are con- 
siderably higher than world 
market prices and export sub- 
sidies only bring prices down 
to world levels. EEC Commis- 
sion officials said. 

The U.S. Treasury announced 
on Tuesday that it was investi- 
gating complaints by beet sugar 
producers in Michigan that 
50.000 tonnes of Community 
sugar being landed in 
Savannah. Georgia, was being 
“damped.’’ If the complaints 


[SOLOMON ISLANDS 


£ PER TONNE 


Poor response to milk offer 


| BY CHRISTOPHER PARKES 

J ONLY ABOUT half Britain's 
1 eligible schoolchildren seem 
likely to aet free uiiik under the 
EEC subsidy scheme for 7 to 11- 
vear-olds approved at the 
Common Market farm price 
review last month. 

Angry farmers have renewed 
itbeir pressure on reluctant local 
[education authorities, and the 
[National Dairy Council, which 
represents all factions in the 
milk industry, has sent a leaflet 
explaining the benefits of Lhe 
scheme to ail MPs and members 
of the House of Lords. 

Early assessments of the 
response to the offer show 18 
local authorities willing to take 
it up, but 22 rejecting it— mainly 
on grounds of cost and the diffi- 
culty of persuading teachers to 
supervise distribution.'' 

Among those councils accept- 
ing the offer, several air prepar- 
ing to give milk for the two 
terms during which all the cost 
is borne by the EEC subsidy and 
then to review their position in 
March when they should have to 
start making a contribution of 
lp to lip on every i -pint bottle. 

In Cornwall, where county 
education committee ■ decided 
asaiast extending free milk to 
children up to 11^. the ideal- 


National Farmers’ Union has 
launched a campaign lo over- 
turn the decision at the full 
county council meeting next 
month. 

Mr. Fred Hain. Lhe farmers' 
leader, has asked to see the 
chairman of the council. “They 
don't seem lu have understood 
the scheme,” he said. 

“Extending free milk would 
cost the county council nothing 
for the first two terras. Even 
after that, the council's contribu- 
tion will come to only lp per 
child per day." 

Officials of the south eastern 
branch of the National Farmers* 
Union have approached the chief 
executive and the leader of the 
Greater London Council claiming 
it Is “ essential ** that children 
should be given free milk. 

Kent, Surrey. West Sussex and 
Hampshire councils are under- 
stood to have rejected the idea 
of extending free milk lo older 
junior school children. 

The union points out that 
two-thirds of the subsidy coming 
from the Common Market was 
contributed by dairy farmers in 
the form of the co-responsibility 
levy on milk delivered to 
creameries. 

, At the Department of Educa- 


SUGAR 


lion and Science, which will 
administer the scheme, only six 1 
formal replies have been, 
received so far to Lhe offer. Tbe 
London boroughs of Hillingdon 
and Richmond have accepted I 
while the county councils of * 
Kent. Shropshire. Cambridge- 1 
shire and Dorset have said no. ! 

Officials pointed out that a 
complete tally would not be 
available for some time. Councils 
have anti! September to make 
up their minds. 

The National Dairy Council, 
which has already publicised tbe 
scheme through popular Press 
advertising and is now lobbying 
Members of Parliament, is also 
planning to extend its publicity 
campaign. 

Farmers are particularly eager 
to have the free milk programme 
adopted because they fear that 
declining sales of liquid milk 
threaten their incomes. 

Low prices paid by dairies for 
milk processed into butter and 
cheese are normally bolstered by 
the higher income from the more 
profitable liquid market 

Liquid sales, however, are now 
declining steadily and any 
opportunity to slow the trend 
will be seized by the farming 
community. 


Staking its claim in 
the fishing boom 


-imm- 


| Doe Jan Feb Mar Apr May Jun j 

are found to be valid the 
Treasury may impose counter- 
vailing duties to negate the 
effect of EEC export subsidies. 

If EEC sugar is being 
dumped on Ute UJS. market it 
can only mean that traders are 
accepting a lower than 
customary profit margin, the 
Commission officials com- 
mented- 

At yesterday’s EEC sugar 
export tender in Brussels 
export rebates of 25.825 units 
of account per 100 kilos were 
granted on 35,250 tonnes of 
white sugar. 

Though yesterday’s total was 
higher than the previous 
week’s it was still somewhat 
lowe rthan the 40,000 to 
60,000 tonnes of sugar which 
has been authorised for esport 
eaeh week for most of tbe 
current season. London sugar 
market sources said this was 
because traders were finding 
it increasingly difficult to put 
together sufficiently large 
parcels of sugar as the season 
□ears its end. 

They said about 74,000 
tonnes of EEC whites remain 
lo be exported so if sales 
continue at the current levels 
the 1977-78 crop surplus 
should be virtually cleared 
within two or three weeks. 

Prices were little changed 
on (he London sugar futures 
market yesterday with the 
October position closing £1.65 
lower at £99.625 a tonne. 


THE HUNDREDS of foreign fish- 
ing boats which now roam 
unrestricted through the South 
Pacific in pursuit of valuable 
skipjack tuna may not be able to 
do so much longer. 

About AS400m worth of fish — 
a large pan of it skipjack tuna 

— is caught every year in South 
Pacific waters, with most of the 
benefit going to fishing vessels 
from Korea. Taiwan and Japan 
and to foreign caaners. above all 
the two big U.S. canneries in 
American Samoa. 

After several months of stone- 
walling the U.S. appears to have 
changed its view on the con- 
troversial issue of controlling the 
fishing of highly migratory 
species within the 200-mile zone. 
It now seems prepared to join a 
regional management scheme. 

This should mean that the pro- 
posed regional fisheries agency, 
with headquarters in Honiara, 

. tbe capital of the Solomon 
: Islands, will be able lo give 
i licences for fishing and lay down 
conservation regulations for the 
fish that matter most in the 
region — skipjack and other tuna 
fish. 

Long season 

The Solomon Islands, whose 
waters are a much favoured 
fishing ground for foreign boats 

— there are reputed to be 400 
Japanese boats alone operating 
in its waters — stands to gain 
especially. With islands scattered 
over more than 1,000 miles, its 
fishing zone is particularly large, 
measuring about 4m square 
miles In addition its tuna fishing 
season stretches over eight 
months instead of four as in 
Fiji, for example. 

Unlike most other South Pacific 
island communities, which have 
watched, powerless, tbe exploita- 
tion of one of their main assets 
by foreign fishermen, the Solo- 
mon Islands has already secured 
a stake in the foreign fishing 
operations through a joint skip- 
jack tuna fishing and processing 
company formed with the big 
Japanese Taiyo Fisheries Com- 
pany. 

Fiji runs a substantia] canning 
operatic^ in co-operation with 
some Japanese investors and a 
big cannery is expected to be 
built in Papua-New Guinea this 
year, but so far tbe Solomon 
Taiyo company is the only suc- 
cessful joint venture embracing 
both catching and processing in 


BY IRENE HAWKINS 


tbe South Pacific. The joint ven- 
ture agreement has become a 
model for other South Pacific 
countries anxious to secure simi- 
lar deals. 

In return for investment of 
about AS 5.5m since 1973 iu 
canning and freezing equipment 
as well as several fishing boats, 
Solomon Taiyo, in which the 
Solomon Island Government has 
a free 25 per cent slake— b as 
obtained exclusive fishing rights 
within lhe 12-mile limit- 

So far the company owns only 
four fishing boats out of a total 
fleet of 20. The remainder are 
chartered and manned with a 
mixed crew of Okinawans and 
Solomon Islanders. The com- 
pany's main operation is at 
Tulagi. the pre-war capital of the 
Solomon Islands, where a fairly 
modest cannery, built from 
second-hand Japanese equipment, 
processed about 2,000 tonnes of 
raw fish (about two thirds of 
capacity) last year. 

Nearly three-quarters of this 
was exported to Britain, with 
Germany developing into an 
important, second market. Three- 
quarters of all skipjack landed at 
Tulagi. as well as of catches 
delivered to the second base at 
Noro in the Western Solomons 
was exported frozen — mostly to 
U.S. canneries in American 
Samoa. Puerto Rico and the 
U.S. mainland, with a small 
amount also going to Japan. 

While the shortage of raw fish 
has kept prices up, the company 
has preferred to sell frozen rather 
than canned fish. It is planning 
to increase its canning capacity 
substantially, however, with a 
second, modern factory at Noro. 
The new cannery, for which a 
feasibility study will be under- 
taken next year, will be at least 
three times the size of the Tulagi 
plant 

Capacity 

Fiji is aiming to increase its 
canning capacity from the 
present 15 tons a day to 35 tons 
by 1980. Some observers fear, 
however, that there may be a 
glut of canned tunafish on the 
European market in the next few 
years, as former British colonies 
like Fiji and the Solomon Islands 
take advantage of their duty-free 
market access under the Lome 
Convention. An import duty of 
35 per cent makes exporting to 
the U.S.. the world's largest con- 


sumer of tuna, virtually 
impossible. 

Solomon Taiyo’s importance tc 
the Solomon Islands’ economy 
has been growing by leaps and 
bounds in line with the rathei 
marked fluctuations in catches 
These — and exports — have trebled 
between 1973 and 1976. and this 
year the company hopes to ex- 
ceed its 1976 record. 

Tbe catcb per boat per day at 
sen has risen from 3.35 tons to 
4.52 tons in the same period. In 
both 1976 and 1977 fish topped 
the export table ahead of Lhe 
traditional export earners, copra 
and timber. Last year fish 
accounted for 2S per cent of all 
exports. 

Freezer boats 

Provided that the present trials 
prove successful. Solomon Taiyo 
will open up a third fishing base 
in the Shot-Hands, in the northern! 
part of the archipelagu, this year. 
A three-year pilot project for 1 
longline fishing of tuna and tuna> 
types will introduce a fishing- 
technique hitherto unknown in 
the Islands. It is hoped that this 
will tap the rich resources of. 
big-eye and yellow-fin tuna in the 
deeper layers of the Solomon 
waters. These types of fish fetch 
a high price in Japan on the 
sashimi (raw fish) market. 

In the next few years both 
tbe fleet of fishing boats and the 
local stake in the fleer is tn 
increase substantially. It Is 
envisaged that by 1982. eleven 
of tbe 35 tuna fishing vessels 
should be company boats, with, 
another 10 owned by and char-, 
re red from a National Fisheries. 
Development Company which is f 
to be set up. By that time, too, , 
four preferably locally-owned . 
freezer fishing boats should be, 
in operation, with tbe rest of ' 
tbe fleet on charter. . 

Hand in hand with this build- 
up of a national fleet will go an 
extensive training programme 
for local fishermen who have 
already shown that they can 
stand on their own against the j 
famous Okinawan fishermen. ! 

Japanese expertise and aid 
will be very much involved in all 
this. As the world's second 
largest consumer of fish, Japan 
has good reason to be vitally 
concerned about safeguarding its 
access to the South Pacific 
fisheries industries and about 
their development. 


COMMODITY MARKET REPORTS AND PRICES 

BASE METALS copra.l SE® unit . to rt.605 on the kwb. u 


COPPER— Slightly easier in exiremely 1 

subdued trading oo tbe London Metal j £ j. £ 

Exchange. Forward metal traded within Wirebacsi ! 

a El band and finished arunndrtfa? 'day's Ch*4i_. 698-. 5 
low of mi. reflecting a general lack or y month*.. 718-9 .—.75 
interest and a weak dollar against SctU'in'm! 698 J —2 

sterling. Turnover: 1 1,950 lonncs. Cathodes-' 1 

Amalgamated Metal Tradlos reported Ouifi i 694.5-5 '—l 

that In the rooming cash wire bars traded 5 ™onih*..i 714-5 — .75 
■l £698.5. three months 171 B. ! 8.S. IS, HeM'in'iid 695 -1 


profit-taking and hedge selling depressed 
iho price. to ES.MS on the kerb. In the 
afternoon it drifted further following U.S. 
selling arid, cloned at L6.S80 on tlie late 
kerb. Turnover: J.SS5 (Mines. 


COFFEE 


697.5-8 i-2- SS 
717-8 1-2.25 


!"“? a.n». 1 + uri I'.iu. |t-ynr 

[-2.25 Tl.V Ofll.-ra- | — j CueHlei* j — 

, __ High Grade c "1 IT”' t !' J-' " 
HH? CKa i 6750 60+7.fi.67I6-Z0 +15 


1 __ Hisfi Grade C X ' t ! A' 

=“ Z ,J 5?£'S r H* SSL i 6750 60 + 7.6.67X6-Z0 +15 

—.76 712-3 L2.75 j month.-l 6660-60 +10 662D30+Z.S 

. <c r«« Seruwn’iJ S7Su + 10 ’ - I 

I I •66.6-68 1 ...... Standard - 1 


■l 1898.5. three months 1718. 18.5. IS, ritfti'urntj 695 '—1 — I Settiem'i.l 6780 + 10 ‘ -- 

18.5. Cathodes, cash £893. Kerb: Wire- LMLHotJ - I I - 66 . 6-68 1 ..... SCuSaid . ! I I 

bars, three months £718.5. IS. 1F.5. After- ' " •' r.-j. 6745-55 +7.6: 67 10-2Q 4 12.5 

noon: Wvrebara, cash XHB. three months TIM— Barafcr changed in quiet and 5 month.*. 6620-30 1 6595-66B0 i+ 5 

£713. 1L5. Cathodes, cash £093.5. three- fra l ureter trading. After opening at Settieui't . b753 ) + ID I — 

months £71X5. Kwh: Wire bars, three £6.650 oq the pre-market, reflecting news gtniiu FL. I 51743 U IB I — 1 

months £717.5. 17. . that the CSA had mi ip ended sabs of un. Vopfc — I i — J 

■ Morning: Standard, casli £6.750. three 

LG. Index Limited 01-351 3466. September Cocoa 1811-1822 3d. Kerb: Standard, three months t 6 .t£S^ 

29 Lamonl Road, London SW1B-0HS. i».- o®- £«•«*■ jo. is. High Grade, cajs 

1. Tax-free trading on commodity futures. "TaSe c £l h reJon 

2. The commodity futures market for lhe smaller Investor. elSm. : °'sia Sard ! 

three months fd.soo. U.59S. is, mo. it.m. 

80. 

_J LEAD— Dull and featureless in line with 

bdt oAI ■ rnirc .- DAVID caRRItt LIMITED, ts Duke St., other base-metals. Forward metal traded 

- An! wALLeICIC. 9- -St. James I. S.W.1. 18 th CENTURY within £318 and £317.5 prior In closing at 

FRENCH PAINTINGS. DRAWINGS AND nr» .hr. hip fa..rh Tunn.-r 9J3* 
I SCULPTURE. Until 7» JU»r, Mon.-Frt. rTj-- llu - 

■ • • • ... 1 0 - 5 . tonnes. 


ART GALLERIES 


SCULPTURE. Until 7» JlKr. Mon.-Frt. 
10-5. 


A ww < StJS2L 1 Ofl R BoSf ^ G tS; MALL GALLERIES. The Mall. SW1. Sojtety 
SBj'ii-B; ot Wiwtiic Artvaa ISO! Exhibition. Mon- 


493 7611. Selection al fifteen palatines 
&V KAN DINSKY. -«nd 20TH CENTURY 
masters. Modietlanl. Lew. Braque, 
Mondrian. Ernst, Mire. Klee. Picasso 3.0. 


Frl. 10-5. Sats. 10-1. 
Adm. 20p. 


Until July 4tti. 


a. in. i+'Wl p.m. ,+ "r 

UfllL-iai — noinHcia' ; — 


R obus Us declined al the start or a 
quiet dar's trading. Trade Interest was 
light as rhi- market steadied In the after- 
noon and at the '-lose values were cn to 
no bUhi-r on balance, Dreael Burnham 

reported. 

i Yedenliv's : ~ ] 

CUPPIB | Ch— ; + °rj 

I £ per tonne i ; 

Jutv._ 1636-1637 4 31.0' 1645-1583 

-.eptemberj 1505-1 507 -f 17.0;’ 1510- 1458 
November... 1 140V 1407 +57.0 1410-1657 
January...' 1540-1343 *V6.S- 1335-1293 

II six'll 1 1270-1285 +20.01 1290- 126D 

May ; 1245 1255 +30-011245-1225 

July | 1210-1230 -f 50.0j 1200-1150 

Sties: 3.09! iSL'&li lots or 5 tonnes. 

ICO Indicator prices for Jun.? 37 tU.S. 
cent* per pound*: Colombian Mild 
Arablcas IW.80 1 137.50*: unwashed 

A rah teas 174.00 < samet: other mild 

Arabics* 163.50 1 10100*; Robustas 14L50 
1 14.1.00)- Daily average 132.00 1 152.50 ■- 

ARAB1CAS— Close i no business done>: 
June 1S3.HO-118.00. Alls. 173.00-178.00. On. 
160.00-16S.D0. Dec. 1*5 MO-155. 06. Feb. 140.50- 
15U.UU. April 134.Dii-l46.00. June 130.00- 
142.00. 


Mondrian. Ernst. Mfre. Klee. Picasso a^.' MALL GALLERIES, The Mali. S.W.1. . . ■ . 

through July. Souclalbl Printmaking Group., Brighton Uavh. ....... sue. a- r 

BLOND FINE ART LTD..- 33 5aCfc.HI* ' ,0 ' 5 - ^ Al ln7 

Street. W.t. ,01-437 1230- Bernare ..~ ntll -j.“ ty 4tn ~ ■7 ree - n« 4 IU lit 307 

Men I inky — Paintings. Gouaches. -Until oMGLL' GALLERIES. Fine British antf U.b.-fcput. — 

15 th July. Weekdays 10-6 p.m. Sats. French -MODERN PAINTINGS. ar*e 

. 10-7 Modern British MARITIME PICTURES. Morning: Tht 

BROTHER TON gallery — WATER- *gi - lbemar ic Street. SgjgjjiaJSJz — Kerb: Cash £308 
COLOUR SKETCHES BY CHARLES THACKERAY GALLERY. IB Thackeray St.. ZINC— Easier, 


£ £ • C 

307 .5 +1.12 

+ .5 316.75 7 +1.12 

31-33 i 


-7- GRAINS 


Morning: Three months £318, 16.5. 

Kerb; Cjsh £308.3. Three mouths EI6.5. 
ZINC — Easier, mainly reflecting lack •*[ 


ROWBOTHAM *1858-1921). Until 30th Kensington So.. W-8- 01 -937 5883. Interest, with forward metal mOTlnc 

& l- EXH,B,T,ON - PART '■ unt " within narrow llroti* .o *.«* barely 

77 wa ™ n »««. S.W.3. 29 July. chanced al £311 on the laic herb. Turn- 


BROWSE A DARBY. 19 . Cork St.. W.l. 

Robin Ptiillpt on — Women Observed. Mon- 
. Frl. 1 0-00-5-30- Sat. 1 0,00-1 2.30. 


J T ~ ■ ■ — — Chanced at £311 un the laic kerb. Turn 

JSS&Xfc™™* over. -■** tonnes. 


LONDON FUTURES itjAFTA* — Prices 
upvntd JDp lower. Wheat initially trad-d 
?5p lower, bui good buying support rallied 
il»c market aDd pnees closed 20-30p hicbrr. 
Barley saw gnori buying support, closing 
anchany.-d ic *i>p_ higher . ACL! reported 

WHEAT BARLEY 

[YewenlmcV + r.r 'l'aietihr'i + nr 
M'mh i:l»-r 1 — | el.tae i — 


Watercolours and small oils. 27 Jono- 
11 July. Man. -Frl. 10-5. 


CONTRACTS & TENDERS 

INTERVENTION BOARD FOR 
AGRICULTURAL PRODUCE 

INVITATION TO TENDER 

Tenders are invited for the urgent supply and delivery f.o.b. 
to ,aay EEC port capable of loading the required quantity of 
25,000 tonnes of soft wheat into one vessel. Tbe soft wheat 
shall be delivered in Bulk and loading shall commence as 
soon asr possible, but no earlier than 23 days after submission 
of the tender and the tenderer shall select a loading period 
. of *at least K days* duration. 

The allowance for the supply and transporation costs of the 
eraiir win be determined on examination of the tenders. 
Delivery terms embodied in a Notice of Invitation to Tender 
together with Tendering Foims majr.be obtained from 
Branch B (Cereals), Internal Market DMml Intervention 
Board for Agricultural Ffoduce, 2 West Mall, Reading. (Tel. 
R eadin g 5S3826.) . Tenders must he submitted by L, noon, 
Wednesday, 5th"Jnly, 1978. tor ■ 

- HOME GROWN- CEREALS AUTHORITY 
: . - EamJyn 'House, Highgate Hill 
.'- "'London N19 5FR 


COMMODITIES: 

The NVtnoO'.v ' J j . ' .. m t ' ' • ■* . • 

Oxnnu-xfity a 

rurreniit UP ", up 1 

since iu». eption I p . S. -V \ jCj\AJ\J * v. 

I GO^KXimES/LIMrTro 

.o»ifiara«i«r _ J plantation House, London EC3/V13PP 

wntefdr our ' 

•btochiire- ' ' ' 


84.70 

+ 0.30' 

79.30 

-o.ao 

87.50 

+ 0.25' 

82.05 

■+ 0.15 

BO.ZO 

i-0.75' 

84.70 

U0.15 

92.70 

t 0.20' 

87.30 

!+0.to 

95.35 

+o.a'. 

89-85 

— 


u»«. -.«»■ iUBim. 84.70 + O.iO' 79.30 -0.30 

>ni ni’ ,r4+n- ^ ,JV - ® 7 - 50 + 0 - a: 82 - 05 i +D - 15 

ZINC ' I'MTrti - J «i. 90.20 j-0.75 1 84.70 +0.15 

ZIM unumt , . l a nimal M-r fla . 7 o -r0.2fl' 87.30 ! + O lO 

£ I . r ! Miv 95.35 ! + a.20'. 89-85 - 

<5uA *293.5-M0.S'-2.R ; 500.5-1 — £ Business do«c — Wheat: Sept. ^4. 75-54^0. 

5 montlir-l 309.5-t0*-1.76< 310.5-1 !— .5 Nuv. 57.50-87.00. Jau. 59.90-55.75. March 

a’ment .... 300.5-2 I : - 92.40-92.40. May H5.35-93.0S. SUes: 71 lot?. 

Phh.Wft.tl — | | 29.31 ! Barley: Sept. 79.23-7S.95. Nuv. vi.Wi-SI.70. 

• - •• Jaa. 84.70-M.4i). Mirdi unquoied. May 

Morolns: Three months £311. 10. After- unquoted. Sales: 54 lots, 
noon: Three muoms £310, 18 j. Kerb: 

Three months £311. IMPORTED— Wheat; CWRS No. 1 131 


SILVER 


Sllrcr was mxbascrtl at the fixing, 
lo yesterday's London bullion market, 
at 389 .Up. The U5. cent equivalents of 
Um* fixing levels wore: spot 537.3c. up 
LSc: three- racmh 647 3c. up 3.3c: six- 
nttnOi 558.3c. up X 2 c: and 12 -mootb 
SSUc, op 3.9c. The melal opened al 
2S9.t-290.lp *5351-5.170 and closed at 
2tt.93tt.9p t536-S37jo. 

dlLVfcli Bnllii.li !+ or LM.h. 1+ nr 

pm- lix.nj{ j — cltauf I — 

tawy 07. KH Ills j ' 


-jmt 1 2B9.B|. 1 + 0.8 289.9511 +0.85 
■ miauls.. * Z97.4|i j + 0.7. 297.35|> +0.7 
juuuiju.. 305.7f> |-r O.B — 1 .. . 

12 m. in IIIM. , 322 . 6 p , + 1.1 — I... 

LHE— 1 Turnover 88 <99. lots of ULOttO 
ozs. Morning: Three inomhs 297 s. 7.9, 
98. Kerb: Three months 297.7. 7.6. 

Afternoon: Three months 297.7. 7 C. 7.5. 
7.4. Kerb: Throe months 297.4. »J. 721. 


COCOA 


Market Duct naied uilhm a narrow 
range dosioe steadily, (till and Doff us 

reported. T rad tng _wa s_quiet . 

iYiMenliyC + or ; B.^ineu 
COGDA j Close J — j 1 >ddb 

NcLbU’ttor'U j I 

July Jia52JLM.O l+ia.5;iBBa.o-K.o 

+epa ilBlfi.O-IH.U 1 4-55.0ile*27- ITBO 

Uec ]l77 l.U-74.0 +5D.?b 1775J+58.0 

Uareh 1740.U-44.U +28.5M746.0-S1.O 

day ! 1715-4-50.0 + 26.011715- 170U 

I (jig 1BB5.0-1/0B + 24.0, 17D5.B ISP5 

•ent '1670 . *-85 + 2Q.O; - _ 

Sales: 3.443 i:'.W8» lots of 10 tonnes. 
Inlcniaitaia] Cocoa OrSonlsaUon >U.S. 
cents per pound. — Daily price June 27: 
HO.SS Ml Sii, lndicpipr prlcvs Jbjk 2S: 
13-day average 13545 » 114.77': -2-da.v 

average U4.5S HJUl.'. 


imported— W heat: CWRS No. I 121 
per cent. June unquoted. July and Ausust 
£93.50. Tilbury; l'-S. Dark Northern Spring 
No. 2. 14 per cent. June and July 1522*5. 
Auuust 182 51) transhipment East Coast 
sellers: EEC Feed. June and Jnly £97.50. 
A ueu£ i £96 00 East and West Coast sellers. 
Other grades unquoted. 

Maize: U-S./Frcnrh Jnno and July 
£103.30, Aliens! £99255. transhipment East 
Coast sellers: South Alrtcan White Swoi. 
£73.00. Liverpool: South AlYlcan Yellow 
Sept. £72.50, Liverpool sellers. 

HGCA — Ez-Tarm vtmjI pncr*R. June 2*. 
Fred wheat: Hertford 136 . 40 . Feed barley: 
Hertford f7».70. 

UK mnnetan' co-cfluncnt for we*»k from 
July Z is expected to be unrfianAed. 

EEC IMPORT LEVIES— Effective lodav. 
in .iuiis of account a tonne- . in orri.-r 
■lirrel.t levy pills .Inly. AUKU-<1 zud SeW. 
premiums, mtlt previou*. In brackets: 
Common wheat— 59 34. 0.17. 0.17. U.17 

ifti.Jl. 0.50. 0.50. ml.; Durum wheat— 
133.79. ml. ml. ml *sjme>: Rye— 4S.64. 
nil. ml. nil **7.64. nil. nil. ml»: Bartey— 
si 59. oil, n.i. ml Ktmc*: Oais — 9i.io. 
nil. nd. nil '7S.&J. ml. nil. nil*: Maize 
(other than hybrid fer seeding) — 7S.ix5. 
ml. nit. nil .77.SW. nil. nlL n'tlt: Millet— 
91. sM. uU. ml. mi fsdtnci: Crain sorghum 
—43.68. ml. nil. nil ■ 92.97. nil. nil. ml'.. 
AHo for flours: Wheat or mixed wheat 
and rye— 137 JO .136.13.; Rye— 13nJl 
>J3491>. 

EEC THRE5HHOLD PRICES— The Com- 
mission set the fallowing tbresbhold pnees 
for cereal Imports iQto the Community 
lor the new marketing sear rrom August 
1. In ui.Ils or account per ronne: Common 
wheat and meelm isb.m, rye 152. 15. barter 
and maw J44-35. durum wheat 221J0. oars 
138 75. bu-arwheai. sorctium. millet aud 
canary seed 142. wheal and m<*sltn flour 
245.30. rye Sour 2:t7. .aroais and common 
cereal ra«l 2 M.W, croju. and durum 
cereal meal iso.w. 


RUBBER 

EASIER opening on tbe London 
physical market- Unsettled throughout 
the day. closing quietly uncertain. Lewis 
and Peat reported a Malaysian codown 
price or 237 .S40» cents a kilo nominal 
buyer. 

1 j- ' . 

No.l .Ttot'ldary Previous • Snsinen 

K.S.S I cbw J Clow* ! done 


Au«. 57.0W7.S0l 68.76-59.20' 68-00-67.25 

Jlj--Sepli ES.DD-68.4Bi fiO.9S-bl.05 BBJ» 

Ck-t LW 59.00-60.00l 6340-62.001 b0.M-58.50 
Juu-MrJ fil.H 81.90 84.48^4.46; B2.80-61.BD 
A|«r-Jne 6a.50-o5.56l B5.85-65.M' c4.66-faS.20 
Jlr-Sept. 84.7E-t4-8ffl b 7JS-67.S0 tfi.10'4.80 
tt^trUcc- 88.10-66 JQ 88.W-88.75 fa 7.08-68.90 
Jan-Uit b7.8W7.66i 88J5-70.M d 7.8'I 
Apr-4 oc t 58.80 69 0S| _ l 88.00-60.80 

- Sales: 408 ~t342i lots of'lS tonnes and 
5 *9i lots or 5 tonnes. 

Physical dosing prto't ‘ buyers > were: 
Spot 66.25p (57.5': August 57.73p (S8.75>: 
Sept. 56J5p >59.01. 

SOYABEAN MEAL 

Market opened 5t»p down, reflecting tbe 
Chicago market. Values grade alb' drifted 
tower on light liquidation In a thin 
volume. At the dose losses ranged Irotn 
Fl.S0-E.no. SNW Commodities reported. 

I Yesterday. '+ ur j ~8iiaiaew> 

! Clow t — i Done 

Xpertonne ; 

Aum.fat 1118.00-18.0 — 1.78 120.00-19.10 

. H-toher 12T.IMIJ-I.95.12i.lt- ■21.10 

December ....j 120.98-2 1.0 - 2. 15. 12 1 .10-20.90 

February 1 121.5022.5 -8.50 — 

Apn. 1122.00-24.0 —3.00 — 

August 1 124.10-28 J— 3.58 — 

— Sales: 35 ISO. - i lot* _ ol H*0 tonnes. 

SUGAR 

LONDON DAILY PRICE irau sugar. 
£96.00 -samel a tonne «f for June-July- 
August sbmmcDL White sugar daily price 
was fixed at U95.00 . samei. 

The market opened about 50 paints 
below kerb levels after reports that Sri 
Lanka had cancelled their lender yester- 
day. Later. New York pnees fell and 
further losses of up to 50 points occurred. 
Final prices were around the low points 
of tbe day. C. Czanutrow reported. 

“iftqjar”! 

Pref. Tt+lerday'h Prenoua B* mines - 
Comm. Closo Close Done 
LYinn. I 

£ per tonne 

Atuc- 97.60-97.70 9a.0U-S9.10* 99.40-97.50 
Oct...... 98.60- Sfi. 76 I01.05-01.lfi101.40-asi.40 

1.11.60411.76 108.10-05.25,106.40 01.5(1 
Man-b .1108, 40-08^0 110.S0-10.7oi II 1J0-O8.& 
Slay ....111 1.00-12. 08 1 15. 10- 15.25! 1 15.50- 1 1.50 

Aujr- — HS.8U15.7B 116.90-17.60110.75 116J 
ti-L.... ;i 18.75-la JB 120 . 00-70 J2Sj 120.00- 19. 00 

’sales: ‘1.337 ’. L2231 lors of 30 tonnes.’ 
Talc and Lyle ex-refinery prlo.- Tor 
granulated basis white sugar was £2tt.4» 
*um(i a tonne tor home trade and 
Ujrf.Od .same, for espon 

Intern ail ooal Sugar Agreement: Price 
for June 27. U.S. perns per pound fob and 
stowed Caribbean port: Daily 7.04 'fiJte.: 
K-day average ?.u (7.25. . 

WOOL FUTURES 

LONDON— Tbe market was dull and 
fcaturetuss. Bacbe reported. 


Buiineia 

D«r 


Austraffiin 
Greasy Wool 

Pence per fcilm 
i’esterd'yi-f- on 
Close* j - 

July lz31M3.D 

u 

Octoher 

December... 

M*»h 

24IJK5J 

246.1MB4I 

-0.25 

May 

246-Maj) 

— 

L*ctVier 

April 

247JMS0.0 

24B.0-B2M 

i 


COTTON 


JUTE 


COTTON. Lftnsrpool— Soot and shtpuiinl 
sahMt aniuunk-d in ^06 tonnes, brihRing the 
total for the week bo tar to 452 tuunet.. 
Broader demand based on steadier price 
levels was mainly in Latin American and 
African styles. K. IV. TatrrrssH retwi.-d. 
Further quanblli-s of Middle Eastern 
remained in request. 


DUNDEE JUTE— Firm. Pmes *? a:td f 
i: K Inr IJ et. -Dec. *.hiptiifnr: EWB Ou. 
Ctt'C Kit. RWU i?I 7. Tossa DTE £2*>. 
BTC £255. KTD £24h. Calcutta guada 
steady, quot-.iiom c and F UK for Junn 
shipment; 10-uz 48-in 59.84. 7 !-oj £7.94 
ner ItiD yds. July £9A4 and 57.66. Aus. 
13.73 and f5.W. " ft '' T trills: £26.55, 

e:h. 93 jnd £27.43 for rcBDecnri: sthipmcut 
periods. Yarn and el«h quid. 


Sales: Nil ill lot ot 15.000 kilos. 
SYDNEY GREjkSY— tin order buyer, 
seller, business, safes!. Micron Contract: 
July 341.$. 342.8, 343.5-342.(1. 29: OcL 
348.5, 347.0. 34S.O-48J. J9; Dec. 353 2, 
254-0. 35S.3-3J3’. 8; uardi 35S.S. 557.5. 

351.0. 357.0. 3: May 361.0, 3H1 5. 3U.2- 

341.0. 21: July 384.0. 384.5. 304"-364.0, 9; 
Oct. 3W.0. 3C7.0. untraded: Dec. 389 JS. 
3d9.:, 369.2-30.0. 9. Total sales: 110 lots. 

MEAT/VEGETABLES 

SMITHFIELD (pence per pound i— Ikcf: 
5eutu>b killed sloes 56.0 to 58.0: Ulster 
hlndouancrs 73.0 to 73.0, forequarters 
34.(1 in 36.0; Eire hindquarters ZL 0 to 

75.0. foreuuartcn 34.0 to 36.D. 


Veal: English fats 66.0 to 74.fi. 

Lamb: English small 82.D to 64.0, 
special small* 66.0. medium 68.0 to K 2 .U. 
heavy 53.0 to 82 J>. Imported frozen: NZ 
PL S3S to 54 0. PM 52.5 to 53.0. 

Pork: Enfihsh. under 100 lb 37.8 to 44.0. 
100-120 lb 37.0 to 42.0. 120-1M lb 33.0 lo 
40.0. 

Rabbits .skinned . : English tame 03.0 
to M.0: Chinese 41.0 to 42.0: Australian 
36.0 1 m 38.0. 

■ Very hisli quality produce In limited 
supply'. 

MEAT COMMISSION— Average fal-lock 
prices at representative markets un 
June 2?. GB cattle 7J.67p per kc. I.w. 
i -0.31 1 : UK sheep 144.7p per lu:. cm. 
d.c.w. ‘—6.3.: GB pins C.6p per fc:. 
l.w. o—l.l*. England aod Wales— Catilc 
number' up S.9 per cent, average price 

H. VOp 1—0.731: Sheep down S.O per cent, 
average 144 Jp . — 6-9 •: P*g^> down 1 1.2 
per cent, average S?.6p i + l.t>. Scotland 
—Cattle up 7 6 per cent, average 71 fl3p 
I + 1.4H: Sheep up 4.0 per ceot. average 
I40.9p 1 — 4 . 4 .: Pigs down 16.7 per cent, 
average 60Ap 1 — 4.9 1 . 

MLC forecast rates of UK monetary 
compensatory a mourns for week from 
July 3 1 previous week’* fi-mres in 
brackets »— Fresh or chilled beef carcases 
34 .3 Op Per kg. 1 34.30 1 : ercen bacon sides 
£223.97 per tonne ftZMMl. 

COVENT GARDEN ipnces tn sterling 
per package unless stated! — Impelled 
produce: Oranges— Cypriot: Valencia 
Laics 15 kilos 400-3.20; S. .African: Navels 

4.09- LS0. Lemons— Italian: JOD/O's new 
crop 4.00-4.60: Spanish: Trays 1.30-1.30. 
large boxes 3.60-4.40; S. Alncan: 4.50-3fl0. 

Grapefruit — S. African: 27*72 3.40-4.50: 
Jaffa: 20 kilos 4210-4.60. Apples— French: 
Golden Delicious 20 lb S4's 3.00-3.80. 72's 
3.28-3.80, jumble bases, per pound 0.16: 
VV. Australian: Grannv Smith 8.70: 
Tasmanian: Stunner Pippins 8.20-$ .SO. 
Granny Smith S.GO: S. African: Granny 
Snrnb S.7U, White Winter Pearmain 7.40. 
Starving Debdous S.20-8 40. Golden 
Delicious 8.20-3.60. Yorks S.20-S.W: 
Chilean: Granny Smith 7.60-8.20. siariuQg 

5.1 0- S.SD: New Zealand: Srartncr Pippins 
162 9.00. 175 9.W. Granny Smith 9.0U; 
Italian: Home Beauty per pound O.JR. 
GoJdco Delicious 0.16. Jonathans OIL 
Pears— S. African: Canons. PacMiam's 
Tnumph B jO. Josephines 9.00. Peaches — 
Spanish-, standard trays 2.30-3.50: Italian: 
Standard J.e0-J^0: French: 1.70-2 fin. 
Grapes— Israeli: Perfene LOO: C-yprmi: 
12 lb Perienc 5 jW. Cardinal WM. 
Plump— Spanish: 5 kilos Japs 1.20-1.40. 
Santa Ross 7250-2.40. Burbanks 2.00-2 JO. 
Apricots — Spanish: 5 kilos 2.50-5.00. 
Baaaaas— Jamaican: Per pound 0.15. 

English pradocc: Potato#*— Per 56 lb 
2210-2.40. Lettuce— Per 12 0 jO. Cos 0.S8. 
Webbs 0.70. Rhubarb— Per pound, out- 
door 0.05. encumbers— Per tray 12 24 's 
0A0-12». M B»h morns— Per pound 0.40-0.50. 
Apples— Per pound BramJej-'s 0.10-0 JO. 
Tomatoes— Per 12 lb English 2.48-2.60. 
Greens— Per crate. Kent 1-30. Cabbage 

I. 50. Celery— Per 12/18'a 3.00-4.0*. sow- 
berries— Per 1 lb 0.12-02:0. Cauliflowers— 
Per 12 Lincoln 1.S0. Broad beans— Per 
pound O.iw. Peas— Per pound d.ll. 
Cherries— Per pound 0.50-0.60. Cooae- 
berries— Per pound 0 JO Uf . 

EEC urged to 
cut substitute 
cereal imports 

PARIS. June 2S. 

ACTION must be taken quickly 
to cue EEC imports of cereal 
substitutes, such as manioc, 
because of the unfair competi- 
tion they create in the market, 
said M. Marcel Cazale, chairman 
of the French Maize Producers’ 
Association. 

He said in the editorial of the 
Producteur Grocile Frangais that 
the EEC risked finding itself ex- 
porting L25m tonnes of home- 
grown cereals for every million 
tonnes of imported cereal 
substitutes. 

Tbe restitutions paid on the 
exports, and the lack of taxes on 
tbe imported substitutes would 
play havoc with EEC finances. 

Bearing in mind the low pro- 
tein content of manioc, every 
million tonnes imported would 
require 230.000 more tonnes of 
soyabean meal imports to make 
up the protein levels. 

Reuter 


PRICE CHANGES 

Prices per tonne unless otherwise 
grated. 


.Markets 


|J line 2tt +i» ; u**nil 

I 197S ' — • ago 


Metals J • 1 

Aliiuuuium {£680 ;- 68 D 

Free market ti4»lWI,040i40. S 1000- 10 

Copper <Mfab\r.Bnrt!£697.76— 2.25*1:778.5 
5 rmmihs dot do. 1K7 17.fi -a.26X79B.7fi 

Ca-fa Cat hole IC69ZJ f-3.ZS/£773.S , 

5 month*, do. do. LC713J i-S.75 £793.5 I 

Gold .Troy orelfi 1- 5.376* + 0.5 .HB4.575 I 

Lead C«»b .^607.28 !+1.12S £304.5 ! 

3 months (£3 16 A76I+ 1 . 125XB 14. 126 1 

Xirkcl ..... .j£H.b66 ! ■ 7 

Free Ma*«eticififib){S 1 . 8 S- 1 SI.95 

T 1.99 1 i 2-05 

Platinum troy (u.Jc 133.0 ' £122 

Free XUrkeu .•'4:132.4 — O.l .L'io8.9 

Quicksilver l76ih.) 8X25'3O| + 2.0 $11:7.12 
NUN trey or. 28B.8|i ! + 0.8 U9B.75, 

0 uumrbs 2&7,4,i i + 0.7 j306.95|. 

Tin Cash Lb, 7 15 |+ 12.6;t:o.515 

S imiuths £6.5v7.6' + 5.0 !cb.*l7o 

Woffraru 22jMlbet( Si32 06 ; + 1.5 i 6 
Zinc cash U30Q.76,- 1.0 £320 

1 months |£310.7^— OJ i£a29.75 

Producers 1S560-60Q I 'iSbO-otlu 

Oils . 1 

t ijowut 1 . Phi ft S670/< I — ID.O'S670 

(iitmmtmiL |£704 £749 

Ldaneed Unide ivi. £*62 i— 6.0 '£385 
Palin Malayan £6351 ' + 6.0 ; S640 

| 

l/npru Phillip S450/* >455 

Soyabean iU-3-i....|s279.4-. {—5.0 5507 

' 1 

Grams 

barley EEC 2 ] i 

Home Futuita...£83.0S ' £83.3 

Maire ! 

Prendi 3 Am£103fl.- £105-25 

Wlwt 

.'i*. 1 Led Surtug £93.6 1 £98-5 

Nu-ZHardlViuicri ; ; 

En^Udi Uillio^.^£lOS ,£102 

O we Shipment. ...X 1.904 '-r 19.0;£ 1.768 

Future seirt. £1.818.5. * 35.0 £1.726.5 

Coffee Future.—.... . 1 

bept- £1.506 ;+ I7.0|£1.743.5 

L'eUoa-A* Lodea. .. 71.5SV ^- 0.8 l?0.9u 

KuhTa-r kilo. S6.25p j— 1.2S|a6.5p 

4Ugarlllan)_ £u 6 1 X1l2 

Wpoltops 64s ktlo... 283p ' *2UOp 

* NomuiaL 7 Unquoted. 0 August, 
m June- August. nJuly-SepL p liiiv flue 
it July. v Aueusi-SepL rJuue-July. 
xPi-r um. 


INDICES 


FINANCIAL TIMES 

June SB. June 27 |M*Hitli *«;*. Yew nun 

244.73*844.97 1 250.57 ! 250.43 
(Ujs»: July l.'llS2slb0) 

REUTER'S 

June SB Julie 27 )U*.aitli agi- Year agu 

] 1 

148B.S 1496.2; 1607 .4 ! 1571.5 
tBaae: September »S- 1931 = 100) 

DOW JONES 

Umv Jnne June j ModUjI Y'ear 
Jones 28 27 aa» | ago 

Spot,.... 359.14 561.21367,21393.30 
Futorea [345.70)548. 94356,72358-22 
(Average 1024-25-38=100) 

MOODY’S 

June June llontb Year 
Moody's 28 27 age* «J?> 

?ple Commty'9 15.71 J95.5i 938.8804.8 
fDaramber 31. iBSIainoi 


HIDES — Loads a. Firm. 31-235 kilos 
57 Ap per kilo. 28JIW kilos 57^P. 2-2 5 
kilos withdrawn M-4p. Ught eowff with- 
drawn al.fap per kilo Ko nail offered 
Tfa 

GRIMSBY FISH— Supply good, demand! 

gaad. Prices a stone al ship's side tmpro- 
euss«f: Shelf cod £4.30- CS^fi. codlmss 
£!. SO- E. 5a: larse haddock fL50. tncoiiun 
£3.50- £a uu. small £3 70-13.00: larac plaice 
£4.UO-£aJSD. medium f4.U0-£afl0; best small 
13 60- £4. no: large skinned dogfish £9.00. 
medium £5.4fl: large lemoq sol« £ 6 . 00 . 
medium £5.00: rockdsb £2^0-12.60: rwls 
£!.WKCL50i saithe E3-C.U0. 


Copper dips 
sharply; 
coffee gains 

NEW YORK, June 2S. 
COPPER dused sharply lower on lucal 
selling snd Liglil Cumuussiun House sttip- 
loi> aelhng. Previous metals eased un 
speculauve sellliig ip iiukt markets, Bache 
reported. Coffee Soft, tied slightly higher 
I un rumours ««r s-mie master interest. 
Despite heavy hedge-selling, coroa 
1 managed tu finish higher uu speculative 
buying. 

Cocoa — July 149.13 <146.W**, Sept. 143la 
* I4l.y1) 1 . Dec. 13J.70. March 133.00, May 
137.60. July 130.35, Sept. 128 23. Sales: 
967 luls. 

Coffee—" C ” Cun tract: Julj' 182.30 
IIG1.7Si, Sept. 148.U1-US.23 1148.031. Dee. 
137ffC. March 126.50- 1V8.W. May 123.50- 
LJLoO. July 120 '.'5-13 1.00. Sept. 117.0ft. 
llS.Ou. Saks: 369 Ims. 

Copper+-June deleted. July 5S.30 i59J0i, 
AUK. 59.00 1 50.90*. .Vw. 39.60, Dec. 61.30. 
Jan. 6l.!Hl. March 62.90, May 63.60, July 
*4.90. Sew. 65.&U. Dee. R7.40, Jan. 6 TJW. 
March 6S.90. Sales: fi,. 1 S 0 Ima. 

Cotton— N>*. 2 : Jnly 5*j. 83-57. 50 laS.Mi. 
Oct. 5S.Sl-5f.S3 > 80.451. Dec. 80. Al-Ml. 60. 
March (LMMMLMS. May tC.0043.57, July 
n4.05-i53.2a. Oci. 44.4044.60. Dee. 64.0ft. 
Oa.OU. Sale.*.. 9.U50 bales. 

‘Gold— June deleted. July 194.40 HS4.90.. 
.lug. 1A1.90 >lfi£.50i, Oct. ISS.90, Dec. 
I9l.no. t'eb. 191 J»u. April lds.uo. June 
I'OLIO. .1 IK. I'WJO. Od. J07.40. Dec. 210.60, 
Feb. 215.S0. April '.'IT.OO. Saks: 5.158 It*ls. 

+ Lard— Chi cargo loose 23.30 idoi avail- 
able!. jyy prime iieam 25.0U aJted inol 
available). 

tMaire— July 247-247.' iJoS.’i.SepL 249- 
J4SJ 12531. Dec. 2S3XJ33J. March 280-2801. 
Mac 2fi3i-'2«. July 265. 

Plalmum — July 243.50 «J4C.T0t. Oct. 

243AO-248.00 1 219.3)1. Jan. '24S.T1)-24S.BD. 
April 231.n-2ilfl0. July 249.90-255.1U. Op. 
257.98-253 . id, Jan. 261.20-26l.40. Sale*- 
7SI 1'ils. 

^Silver— June deleted. July 534.70 

■ 3U.PH. Aug. 53S.50 1339.20). Sept. 542.30. 
Dec. 534 JO. Jan. 538.10. March 366.40, May 
57a. 10. July 584.00, Sept- 503.10, Dor. 
fiufi.TO, Jan. fill. JO, March 62i).7u. Sales: 
16.300 lull*. 

Soyabeans — July 67S-67S1 I6821L Any. 
667-670 ufilji. Sept. 847. Nuv. 629-tCS, Jan 
632-63?:. March UJS-tOS. May 642-686. May 
642-643. Jnly W 1-642. 

Il Soyabean Meal— July 172 j0-173.60 
1 173.801. au«. 173.00-175.10 » 174201. Sept. 
173.10-173 .iW. Oct. irj.OO. Dec. 169.70-169A0, 
Jan. ira.7i-ld9.S0. Mardi 172.00. May 
172 .Sh. Juli 

Soyabean Oil— July 25.1U-25.05 <23.38*. 
Auy. 24 59-23.40 * 25.02*. Sept. 24.110, *'!«. 
2.1 33-27 .nl Dec. 22.80-22 BKi. Jnn. 22.65- 
22.73. March 22.60. May 22.30. July 
22 W- 22,37. 

Sugar— N.i. ll; July r.w *7 t*S». Scot. 
7.15 *7 '.Mi. lid. 7.24-7—5. Jjn. 7 Sj.7.74, 
March 7. 95-75**!. Mav B.15-S.16. July 6.S3- 
j 30 . Sen). 3.54. Oci- S.Ca. Solea. 3.41t 
lut-^. 

Tin— 5*'.1 50-571]. Hi or, m. 1 537.50-366.00 
"Wheat— July 3io;-:m i3i3;», sept. JI4- 
5131 1317:*. Dec. 31S-ul3a. March 320-3201. 
Mn\ 316. July 311. 

WINNIPEG. June 28. -Rye— July 102.08 
bid *103.001. ncL 102.00 asked MM-BOi. 
Nuv. 101.10 arked. Dec. 101.18. May 
on quoted. 

tiOais — July 72 70 O2.30'i. Oct. 7220 

■ 73.30 Mdi. Dec. 71.60, March 71.70 bid. 
May 73.30. 

JJBnrley— July 73.40 bid 1 73.30 bidi. 
Oct. 73.60-73.70 *73.70 btdi. Dec. 73,60 
bid. March 74.10 asked. May 74.70. 

((Flaxseed— July 233.00 bid (239.00 bitfi, 
OcL 243A0 asked 1 344.00 ». Nov. 244.50 
bid. Dec. 233.90. May 241.10 asked. 

rr Whcat— SCWRs 13.5 per cent protein 
comepi cH Sl Lawrence 161.53 1 163.68*. 

At! cents per pound er-warehousc 
unless aibirwlBf stated. “ fs per troy 
onnre— too ounce l«*ss. ♦ Chicago loose 
«s per 100 lbs—Dept. of Ag. prices pre- 
vious day. Prime slcam fob. NT bolt 
tank cars, i Cents per &6 lb bushel ex- 
u-arcboiise. .1.000 bushel lots t S 3 pr-r 
rtvs otimr far so oz units nr » s per 
rent purity delivered NY. V Cents per 
troy ounce cx-warcbousc. || New "B" 
comrset hi 5s 0 short ton for hulk lots 
nr 100 short ion* debrereu r.o.b. care 
Chic«mo. Toledo. Er. Lauio and Alton. 

Cenm per 69 1b bushel la sion-. 
n- Cunts per 24 !b bushel. 2“ Cents »r 
48 lb bushel ex-warehouse, ff Cents per 
56 lb bushel ex-warehouse. 1.090 bushel 
lots. :?SC per tonne. 1 




36 


Financial Ti^e? y3 


J 


STOCK EXCHANGE REPORT 


Advance report of economic survey subdues 

Interest rate worries return as U.S. levels edge higher 



Option 

♦Firm Declare- Last Account 
Dealings lions Dealings Day 


io lt!2p. 

support 


H. stair mem. Norlo.lt Copilo. j lM T £ Ew(SiM»'* to 67p. 


and Kulim, 56lP. San&ei 


Samuel A round snpporl and finished a penny better alS'P “J in” a thin market In 

Z ' PB3 1 ?Sat??A.^S Golds firmer 

204p. recovered nearly all ol the at SIS5.373 perouoee.wt^J 1 
- - with the strength of the invesi- 


Jnlvin JuIvSO JiiIy’I \UE 1 equity market turned down and after 2oS»P. m recosuiuon ur 

juiym juij-u aniy-i -vug. ll7 were added in the after- dividend potential if restraints are iniu du«uin a^L <Ti*V P Drevious day’s fall of 6- „ IU * «« — — . - 

noon. Of i he total, 150 deals were lifted. Electrocomponents respon- laneous industrianeaders^lo take P Trading volume in Properties meat currency premium enabled 


( 


Nl 

fe- 

on 

ou 

ro 

e: 

iu 

pf 

bi 

m 

re 

m 

Si 

c\ 

b> 

pi 

al 

si 

P 

st 

tl 

if 

tl 

Cl 

ii 

P 

u 


111 per cent. Yesterdays SE con- Furniture 4 more 
version fuel or was iJ.GtSUS (U.ti744). Samuel A found 
Afier a good morning session 

„ . . . in Traded Options when about 

Jua. 12 Jun.22 Ju n. 2.1 July 4 4,-gj contracts were done, interest G KC came to Inc fore in Mee- 

Jun.26 July f> July 7 July 18 waned considerably when the tricalh. j: losing^ heiter .ut Qllllbb disappoint 

An early attempt by Miscel- 

■ ■' New lime " dealings may take place 
from 9J0 am two badness days earlier. 

The level of activity in equity white Marks wbET gains '"oT3 ‘ were" seen "in ^"prices reacted ip the afternoon 

markets yesterday was the lowest and SnenS^et 'S’Ui increased Mufrhead. ITSp. and Comet Radio- session on reports of an imminent 

abolished and speculative interest 

iAi Insurance Brokers following the Brokers DClOW best 
new American bid for Leslie and ....... ... 

Godwin. Early indications of an Tuesdays late disclosure that 

extension of Tuesday's technical Frank B. Hall, the third- largest . firni slapt an( | cl0SCd w tnch ten away to unisn 14 tower inenn:;Hi ism » w «.•« "-r- uiq, <uu -x . j 

rally were not fulfilled as a small quoted U.S. insurance broker, is John Brown continued io at I23p. while Harris and Sheldon but Ultramar held an jmprore- while lower-priced 

demnnd was stifled by a report to make a renewed £24m take- ‘ . . . .r = *» •««. n,n. wfncemaajt. 

suggesting that the Cambridge over bid for Leslie and Godwin 


Her. done' in IC1, followed by Grand ded to the substantially inched the previous jJJj i^ftmu^h to be desired and price South Africa^ ‘Golds to mow 

u-ur »« .«d Cons Gold with 93 and S6 profu »nh n jump ol IS to *Bp. > « “"‘l SJSVS. ^ SS3 ior the first time £ three 


yi All j lllaaji nfciiv 

survey. Glaxo Qjjg Q^liet 

closed 3 off on * . _ 


trading days although business 
remained st a low level. 

The Gold Mines index recouped 



100 


group's latest economic survey which will gain Lloyd's approval, 
was extremely gloomy. ^parked ofT a Hurry of early 

British Funds. i»o, were speculative activity in Insurance 
looking distinctly dull in the end. Brokers and Cains in some cases 
This 'market also railed io ranged to S. However, interest 
maintain early promise, being mined and the closing tone was 
unsettled by another rise in U.S. mixed. Up 5 the previous day cm 
shorr-ferni inreresf rates which speculation. Leslie and Godwin 
led to renewed anxieties about the moved ahead to touch llSp before 
current slruciure here, purlieu- closing 4 up on balance at llfip. 

In Mv in view or the Government's c. H. Ileath put on :J to 255p. 
siicablc funding programme. after ‘JHOp. and Hogg Robinson 

Recently announced higher closed a similar amount dearer at 
dividend payments hy companies lSlp after 184p. 
in the position to do *n. should A Press report suggesting that 
,! ?e current leaislalion be Hambros may soon be asked to 
abandoned, stimulated a .. ! Jfj"V? launch a new rescue operation for 
Tor concerns wuh good dividend umdMM Hilmar Reksten 

enters and GbC. which last year [anl<er shipping business 
reported anmi.il 1 inures edr1 ? ' prompted nervous selling and the 
July, were supported up lo 2>Sn ^ hare ^ re l incui^heU y to ITOp. 
b r r p-So a f 4 d Elsewhere in Merchant Banks, 

at _ibp. . , . f Leopold Joseph improved i:i more 

■ ‘l th . ei !i T t0 21 °P on furtl,er consideration 

included Trust Houses Forte, up th reS ults 
10 at 220p. aDer 224p. pn half- 

yearly profits well in excess of Trade improved further 
expectations, but Hambros. down 
!t at 17Bp. were depressed by talk 

that the group may need to bail uems were responsible tor me jumped RV more to 3Sp. fur a two- been terminated, 
out Us Norw-ecian shipping occasional feature and standing 9 dly suree of 10 i on news thal £1S5m R P hert von Hirsch art 
interests: Hambros fall was higher awaiting the annual M r . Norman Gidnvy is making a auction continued to draw buyers 
largely responsible for an above- results. CPB immediately fell on third allem pt to acquire the out- to Sotheby Parke fiernet which 
average movement in the the announcement to_close a net standing 23 per cent of the capital put on fi to 2S7p. while Silemnight 
F.T. -Actuaries Merchant Bank 3 down at -O'p: the a.6 per cent he does not already own. lm- added 5 more to lOOn on Further 
index, down 0.6 per cent at Preference shares were raised oo provements of 4 and n respectively consideration of the chairman’, 

Charting the course of leading lo 80p on the proposed redemp- were secn in Matthew Hall, glllp. optimistic remarks at the ACM 
Industrials, the F.T. jQ-share lion. Disappointment with profits and ciavton Son. SOn \ dull 
index was a I its best at the 10 at the half-way stage left Belt mark*; or late following disap- 
a.m. calculation, but receded Brothers 4 lower at 62 p, but the p 0 j nt jnp results. Baker Perkins 



OCT NOV DEC JAN FEB MAR APR MAY JUN 


ment of 5 at 243p. Initially sup- rises to 44 as In Wtakeltaak* 
ported to 350p on reappraisals ot 7030. . , , 

the Brae Field estimates. Siebens South African Financials also 
(UK) encountered proBWaking tended to harden- Ameoai 
and ended 4 down on balance at resp0 nded to Cape buymg anci 
340p. closed 15 to the good at 5S5p. 

Still reflecting Far Eastern w f,n e Anglo American Corpora- 
demand. Sime Darby rose 6 to a tion put on 7 to 322p. 

1978 peak of 97p. After losing ground at the out- 

Dawson international returned _ q{ reflecting a further 

to favour in Textiles, the ordinary ^ ^ -overnight Sydney and 


FINANCIAL TIMES STOCIV«WI®^|ii: 


OoreranwotSoas 

Fixed Interest 


7i.l5| 

. In-IuBtrSat^bdlnaty.-l 45e *.?j 
Gold 31inea-.~J-— i60 .\ 6 | 
dird. Div. 3fldW. — • K83 ' 


.. p/E n«lo ■: 

Dealing’ ?- 
jjguitrtamonr^nih 


, 4iM-.ArtaJ' : .9sfc»: 45fc%«w 
(• i?S T i7^ 1&:64;V?€.7A-':^^'. 

<oi4 :■ W-. . *5? 




■ Booin’ tmrgwE-^t^aL-; 

*■ TOam. 3S 



. . * Based 1» 
gagis 1M. Covu Stta. 
lOndB 12/9/55. SS AdtWty 


lad. Urd 


. 

j g«fe>?casa 


Gold Mine*. 





. Daipmi/tt- of.' ^ Closing 7 - 

A ia4l — Stock- • ;tion : nrarks f«dce (p) 

rising 5 to 12iP and the A6 to Melbourne markets Australians Gathrie Corp. ' £L . -1^ i- ' 318 

!26p as bid hopes revived. pieked up a shade in late trading bats Defd. _25p 1 :.L0.. V. 271- . ..... .. _ 

Ifiridng Pentecost also featured . line * with the investment lc » .....:.^; £T - “ ; -“Ift'.'- 1 - '...368 ■.'j.r-_'jT7-'®.C'-i-/:396t 

with a rise of 11 to 96p on the * = ‘Vd. ■— • ..... ■ 

good preliminary 7ni ^°f!“ Continaed speculative demand yj-.y Transpart. 

Beales were supported at U P t«r, pacific Copper a further 4 -!*„_» vices. Fori 

3. while Carpet manufacturers had ML™?* , e aKpeak of 50p. g? 51 ~£u: 4^.4 vfcSP^ i 

^ - 

a&i Ssss csss^^ 

Rubbers closed with some good a gold »mke beneatn zn Dryers -H- SOp . , r . 

the wake of Far Eastern antimony ore-body. GKN -. . 4; .;- 


/ 



gains in 




although 


TSorthgate 
after 


t Tran- nrn .. orf fl , rfha „ - reflect last Friday's excellent relinquished 3 to 30p. after 4Pp. -,V» U [ a SlOrfdespite the minimal ^ 

,f R,lMi d „ C nc rasults and touriicd 39fip before on ihe announcement that bid t» ar t The eomoanv has made managed a 10 rise to 400p. after 

t, Buildings, but prices stayed c , osi only 2 higher on the day talks which commenced with an »i° W f hp ->ur^m ve trading «0p On the other band. Sabma 

H Z^ d 1 v,°rr;ln f S rt r Ne ,I * E, «" here - Warwick unnamed concern in May. have of 5 Tr so rSrded IndSstries shed 4 to 64p owmg to 

,1 Uems were responsible for the i u «neH more ta 3«n. fur a two- h^n r.rminnieri The record r n KnSa LSmpSr K?po^ 78P Canadian seDing. 


Guthrie featured with Actlrfty In MshjGanadLias wjj rjz 25p. 


NEW HIG^tS AND Ld WSCEO R'XSTSi 


The following securitia* 
Share informaUon- Service, 
attained new Hlfihfi end Lows 

NEW HIGHS 

' RANKS <T> 

Jramli CLJ 


there.ifter from 4382! to clos_e_ a improved interim results and the retriev'd 


but Edgar 


s 

AGHL 

Central and Sheenvood improved 
3! 10 K2p in response to the 
capital proposals and the chair- 
man's optimistic view on current- 


OPTBONS 


DEALING DATES 



further rise in Minimum Lending pended 


Interest 


was 


respectively 
on a recorded in De La Rne. 347p. and 
Kiliby J. Crean. TGOp. A. and R. Findlay ; 


Rate. As a result, opening gains of [hat discussions are taking place seieotive basis with J. 

J among both the shorts and Jonas ^at may lead to an oner. figuring prominently at 230p. up put on :t to 41p in a thin market 

were surrendered and eventually ici improved to 374p initially S. on revived bid speculation, and Halmn Investments added a 

replaced by falLs extending to „■ but, in line with the general Nurdin and Peacock rose 4 to 74p, similar amount to 6fip following 

Corporations were neglected but (rend, closed 3 down on balance while J. Lyons, 76p. and J. Sains- comment on the record results 

oecj/.vicnally ended a shade easier. a t aggp. Demand in a restricted bury'. 103p. put on 3 apiece, and the Board's intention to pay 

while Ecclesiastical insurance 10 market lifted Blagden and N oakes A. Fisher were also notably firm a 100 per cent dividend increase 

per cent Preference made its s to 236p. at 13p. up If. but Cullen’s Stores if restraint is abandoned, 

debut in recently-issued Fixed A at 119p. gave up 3 of the ore- 


BEERS -<1> ' 

Morland 

BUILDINGS tZI 
Blunttell-Permoetizt Nortrest 
DRAPERY AND STOK 
Beattie • J.) A . , .' Pawson 

solidaced Oil. WesUand, Town 5S2S5p 

Last Last For and City Properties. MFI Furni- mfi 

Deal- Dec Lara- Settle- lliref Lofs, j. E. Sanger, Siebens Downing ^ c “ ^^ jS£g°ig ,npo «y?^ 
ings lion ment Qil t jjK). Queen's Moat Houses- gixfcwood Hodge ^iVio«m.i: ■' 

English Property, Crest Nlchol- cuvton J son tg SoSWigs \ ^ . 

son, and H. and R. Johnson- Tmst House* Forte- .-.V-i,:**/ 

INDU5uUAL5 nij._. • »-* 

-os- -Costco MInprip ...■ •• 

.Share Information Service were arranged in Biunuh OU. A . J-ggSiWw 

lionev was given for the call Lonrbo, Brocks and Pacific 
in Burnish Oil. Premier Con- Copper. 



1 MewsaoMt,- .. 

. . '- eMCnttCALS.-OX- . 

- EM tBIWCPAY - r 

. GMtenlgiiBlaaetlPO. •SW»Le*pc*i'eii J-> , . 
• R H>. ... Tab* uanstmonra . . 

-• .■ ^ -H OODS W 

Abbey British Syphon-. . . 

. Pboenbc. 


-J- 


Welsh agency buys restored site 


, - . — _ — In Motors and Distributors, 
Interests at 104p before a close of |? rtr tnnTn and Mocmi trcwiri ^o 115 dav ’ s speculative advance Godfrey Davis hardened a penny 
102p. ronnum ana Wiason gooa of 14 Hillards moved UP 5 to more to SSJp on further con- 


Late covering made quite an Secondary issues provided the ?18p on renewed speculattve sideration of the results, vvhile 


impression on the investment main focal points in Stores yester- interest, hut small selling clipped 
currency premium which, after day. Renewed demand in a thin 3 for Kwik Save at 80p. 
spending much of the day around market led to a fresh jump of Trust Houses Forte featured 
109 to 109 J per cent, rose fairly 43 to 725p in Fortnum and Mason, Hotels and Caterers, closing 10 


^luerauuii wi inu- reruns, wnu« . Kll „ 

CGSB held an earlier gain of l> Agency_ is to du> 


BY OUR WELSH CORRESPONDENT 

WELSH Development The agency has applied for SF-jawn 


Central & Sbeerwood Sutcliffe Sp cikm aB 
Findlay «A. R.) Tuntar Corzoa ’ - 

Cfwn o.» insurance rarA - - 

lAsUeandGod^^ ? • 

Flight tUTMtlMB • . - 

PAPER r») ‘ 

SHOES W ' 'M ’• 
H f ad.am.SI , « TOcTiLes ... -, 

B«ale* Ll.J _ .. • 

TRUSTS. 47> i , - 

Danat Inc. JanJlne Japan - - 

Equity Consort Defd. scat. Europtsan . . L . 
Estate Duties .Haw Par > 


Jacobs U. 14 
LO« ... 


SHIPPING f« • 

' "3 SWopina 


-trie l. .. _ 

. , ■ oc«an Transport 
- TEXTILES 41> . : >, - - 
Early tC.) 4 Marriott 
«• ' ?OVlRS8AS TttUWB Ol - 
BorttiwlcictT.}* - - - . ...... , - 


RISES AND F4US 
YESTERDAY 


Dp Dam same 
,-t- T 6 1 • 


oiis m 


THE 

acres at planning permission to build two’ century 

ar*'!* 1 d "following’ the haLf-veariv Ponttottyn. Mid Glamorgan for 25.000 square feet factories and AuM . A8 ?^ SCAS *S 
rln„H ° haUyear,y a new industrial estate. The land two 10.000 square feet units on. rubbsrs .o 

colliery waste the site, which eventually should. cS5?Eat*. 


report. 
Renewed 


Koala .tCepdng' 
tCullm 


Brttbb Funds • 

Corpus. ! Dom. 'and 
: Fbretgn -Bonds A t 

Industrials,' 37S vail VB 

Financial and Prop. _ 112 - «S M2 

Oils 18, * a 

Plantation . X Jfc 

Hines - “■ ' 




iw» jo res* per cent, rose tairiy -io io izao in ronnom ana mason, nereis ana ‘caterers, closing iu nenewea investment demand once covered in colliery v f asTe J 11 . 6 cow-.RUotg. 1 ■ S?,!5Li ’ • '* ' -V - 1 - . ^ '■ fecsstt" iu|u 

quickly in thin trading to close while persisting speculative buy- better at 220p. after 224p. on the lirted North Sea oil favourite and an iron work& has been Je capable of providing^200 ,lMg- ^tuK'V.V^: ^ 

two points higher on the day at ing on bid hopes lifted MFI hetter-than-etpeered interim Thomson IS to 233. News Inte^ restored at a cost of £700.000. • 1.50U jooa. - . - y.-. . yriMT\. \ - ... ; -r_ 


AH of ihcsc ppwiZf i lining peon sold, this amouneement appears as a mailer of record only 


EUROPEAN INVESTMENT BANK 


U.S. $ 60,000,000 

87, "/o Bonds due 1st June, 1986 


Issue Price 99.75 per cent 


Isliluto Bancario San Paolo di Torino 


Bunca Na/ionalc del f.avoni 
( ri-dit l.>onnais 

Dillon Read Overseas ( orporation 
Krvdu-tbank S.A. I.uwnibourgvtiisu 


•Berliner Handels- und Frankfurter Bank 
Daiwa Europe N.V. 
lstitutu Bancario Italiano 
Sorias S.p. A. (Ras (iroupj 


Arab Finance Corporation S.A.T., 
< isaipinc Overseas Bank Lid. 
Euru<>est S.p.A- 


Bank of America International Ltd. 
(Tcdito Italiano ( Underwriters) S.A. 
Merrill Lvnch International & Co. 


Mji. /•'."* 


LEADERS AND LAGGARDS 

Th. following ubk snows the percentage changes? which have taken place since December JO, 1977, in 
;!« sections of tht FT Actuaries Share Indices. It also contains the Cold Mines Index. 


the principal 


jrtns — 

»IW»W .'.V.! 


i-mlng 


rabk*i Croup 
Lruction . . . 


+18.32 

+ 3.66 
+ 7.16 
+ iM 
+ 5,08 
+ 3.92 
+ 3.77 

+ 3_l8 
+ 3J4 
+ 305 
+ 332 
+ 0.91 
+ BA 

- 0J2 

- 0.81 

- B.M 

- 0.9S 

- 0-99 

- 302 

- Ill 

- 2.18 
- 2-06 
- 2.56 
“ 233 




A^hara Index - — 

Electronics, Radio and TV — 

Building Materials 

Pharma comical Products ... — 

Electricals 

Consumer Coods fNOB-Dnrablei Group . 

8rcw0rfK 

Food Maoufactpiiiig 

Merchant Banks ... 

Household Goods . . 

Entertainment and Catering 

Property 

Insurance (Life) 

Food Retailing 

i- manual iiroua 

Disc oo-ii Mouses . . ... 

Banks 

Stores 

Insurance (Composite) . 

Shipping 

Hire Purchase .... 

Pi.rccnij*e L-han^ci or Tuesday. Juik 

ihdiiL s. 


2J9 

3A9 

3.63 

0.18 

0.03 

0.61 

4.62 

sa? 

S31 


- 6A9 

- 8.01 

- 8JJ3 

- 8 62 

- 8.96 

- 9*2 

- 9.60 

- 9.89 
-21. W 
-12J9 
-16.10 

I3» 


LONDON TRADED OPTIONS 


.ii.)* 


'M.J.'r 


Jonuon- 


i»,.ti.in 

h-. n-ire 

l.ii.-e 

U-ti'iB 
.IT. r 

V.il. 

Cli-sUiU' 

-IT-r V..|, 

Cl-Miue 
offer ' Vnl. 

Equity 

riiffe 

ISP 

750 

105 



117 

_ 

136 



846t. 

Kl" 

300 

52 : 

— 

74 

— 

97 

4 

.. 

III* 

850 

14 

- . 

45 

— 

71 


-I 

HI- 

900 

•2 


23 


50 

2 

141p 

Li'lu. I'llhn 

140 

5 



I2u 

15 

17 


V ..in. L'nrei 

160 


— . 

5 

5 

9 

— 

368p 

1 '..ii-, 

160 

9 


19 

2 

22 

20 

I..H'. i..+! 

180 

Hi 


8h 

13 

14 

51 

112p 

1. ."irlHHhl' 

100 

13 



17i ? 

4 

19 

— 

t'.nirlHlil.;. 

110 

S , 

— 

U 

- - 

13 


.. 

I.'.miiiiiiiNU 

120 

1 

— 

6'^ 

• - 

Blr 


.. 

1 

130 

1- ' 

— 

3i : 

8 

5 It 

2 

.. 

». hi; 

220 

38i e ; 

— 

44 

— 

52 


257 p 

i ■ hr 

240 

20 

15 

30 

— 

39 



r. a: 

260 

7ie 

3 

181* 

9 

27 



liLC 

280 

2 <4 ; 

15 

10 1* 

24 

18 

— 


• iran.l ’lei . 

100 

5'2 ! 

ID 

10 

3 

141, 

— 

104p 

•jmirl -Met. . 

110 

i>« , 

40 

6 

4 

9 12 

9 


lllMII.I Ilt'l. 

ISO 

lo 

— 

21* 

24 

6i S 

3 

369p 

I'. 1 

530 

42 

8 

50 

38 

54 

33 

n. i 

560 

15 1 

46 

24 

5 

34 

3 

.. 

i»- 1 

390 

3 1 

10 

11 

5 

19 


.. 

hi i 

420 

>s ! 

— 

4 

— 

12 

— 

202C 

L-tlhl | 

180 

24 1 

— 

28 

— 

al'5 

3 

r^n-i tff.'. 1 

200 

3‘S 

— 

13 I S 

— 

I7i, 

— 

.. 

Liii i | 

230 


— 

41, 

— 

8 

— • 

141p 

M^iLn-V '•,1 

120 

211* ! 

— 

261* 

20 

29 

7 

ll irk. A "»p.J 

140 

413 • 

23 

11 

15 

15 

5 

H 


160 1 


— 

4 

— 

7‘2 

i 

548(1 

Shell ! 

500 j 

50 

— 

68 

1 

• 78 

— 

•Sii.-M : 

550 ; 

11 

— 

31 

13 

48 

— 

,1 

Sllelt 1 

600 | 

1 • 

168 

12 

15 

223 

24 

13 

158 

■■ 


RECENT ISSUES 


EQUITIES 


1 4-V*K 

Ul w 


1 

Hifli 

l«D< 

fil.« L 

i 

HUB 

73 

r.l*. 30 6 

t'i 

S3 

Km irui 1< >1.0.1 

85 

’ rt.6 1 3. 2| 8.0;' 4.5 

1JO 

C. 8. 5.' 7 . 


l« 

Fiirr^tienii 

162 

1 -a 2.641 3.0| 2.5' 15.4 

34 

F.l". - 

■i; 

33 

TImiiiC' HIjuimI. 

33 

-1 .4*2.0, 2.3' 9.21 7.2 


FIXED INTEREST STOCKS 




197.- 




Hitli ‘ Lt'W 


Srocli 


C3d 


— 1 — I *J\i , 
K.P. 21.-7 I '* |. J 
.-10 'i£<* j 12 
K.P. :i4 7 i n:j. I 
XI i 7/8 :j«cimii: 
K.P. | 7/7 ■ 

lOO|. 

LIOJ, 

fti:)7jb£lu!d8/7 
;i F.l*. -250 
■ ■ K.f. 25,-8 
C99 i‘aO ixa-8 


90p I.VU'tsI Usuliei Pm | 

jH| [.Inti "iiiia uc l*rv«i-. ft, t*ivf — 

-■l«!l<iiriK4 IL-Jt Uni. I3ci 


97 p jO ivy LIim.-'Kiiii S-jfe l'uin. Hrrl ... 


Kri|, 

WJ*.' 

11 i 



; m. 

rjk: 

A.-.,. 

' T-n 


jt'-o 
E 41 

* A 

3 U 


-1 


- ■ F.l*. 21:7 HK, 

109 r.r. 21:7 I.Mi- 

- • K I*. 21 7 l>.. I 

i:98ii!:i0 20 10 \«i. 

C99 l I'J 217 I ■ 

.Ud'tddO I* ■*’.'( • 

C98 -. 15 9 iftu 


o. , .|iixijt'is;llt i ii Cnnv. Prfli. I97S — ii. .... 

9'i|. |Uif«iiir-l 'l.j.)9 5 "f i mis. Hn*l 

ia£|. Kcctcoiaot’al )ns.OI1k i el02,Hts12ii>H , uni.Pref| 
l&J jhdinm.mti HH> ..«> Vn, llntv IU83 

lOljlfcves Water 1% Ihri. I'n-r. 13SJ 

Ijpin 'Fmrvievr h'M.-. Llrh 

•J3|. Giv-iiUeH Millett* I'JJ Cum. Prel 

fHlj-iiiveoivi h (L’li. Kirn, oil U;"^ Jfi.il. t3ob.. 

97i. JH Hi»l-iiiijr» 1C”, Prei 

VhV U filer i i'.i Mi I'm :105 P ! . 

■<||, i>M* .\i-u«JsaiiiLv+i I 'mu. l’»vl I 90|.'— 

IIHJI -t;. .Iiii.^-Il Uhr, H J 1'rvl • 109 1 >i .. 

•l7| 1 -iinili sl Vnl.sn Jl®f Cum. I’ml 98|> 4 

SIj'-mnlR-ipl-sn-Siu 12? I.'ol. I9c7 1 8U 1 — 

'.Hi WHiili. Iync-.|t|i- tJi-j tti-il. iiO* 9'ai — 

ifij'itm i »«— , /i- It-b > 47^,-.. 

’its "i'i Ki.-ni 'V«irrl2l IM*. 138f- 24ij .. 


90|. 

94 1 
10 

97, 

lOSp 
100 
11 
l 4 l.lllj 

lOOi 
463 4 j- 

98, 


“RIGHTS” OFFERS 


l-.-iie 

Prw 

!*' 

Z-2 

45 

Nil j 

28 

Ml 

82 

Nil : 

108 

\ii ; 

49 

M. : 

130 

Nil 

92 

Ni* 

95 

N» 

95 

Nil 

95 

Nil 

95 

Nil 


lh l|i|l|... 
Uuli; 

9 m 


1‘JiV 


Stuck 


Hiaii ; la* I 


ii.'li^ineU- nr 

l l 1 rh*u 1 — 


p: 


7/7 18/8! 13|oii; Kflim;Brillvli Tar J'i\jiIi«.Ib 

— ■ - i 6|iiu‘ DiiiiiiltiwAe Ti««t Eng 

7r7 18/fl! 22,inij Upiu 7 fartsvelk, 

— ■— ; lSyin’ ltin»|Hwil>* 

in i 2B.-7' 'Uti'niRlspniiUMmii (I. Ac Cl .1.. 

I Ol I 1 A ..... I 


lOpm 

5pui 

13pm. 

14pm |+2 


— : — i 2l[tm! ISpni Lrtgh I Dterests 

7<7i 28/7, 20, ■ml lOfmi !aketeliW.\ 

-. j SOiiih! C 2pm ibet-m-Lo-rCnum 

— — I 2£pui: SOinn* Jh*. A. X/v 

•- I -- 2S|iin| 2>pnl$6sififjr ikmw.. .. 

— j - [ 24, mi! 2^[.m j Lfc.. A. X/V 


. iIZIeimuI— - la 
. 15pin|— B>« 

■.•SI- . IT. 


. 171f[iiii!-t-llg 
[25pm 1 + 1 


ar.i 

20 pm 

ZJpm | 

22, mi 


Di-nuiR.-uin»i nan- usually Iasi dav for Oeallng fr» of stamp rtuiy. o mruivs 
D asen nn onNun-tus cjOinialr. a Assumert diyidcri and vieW. n PorecaS* dividend: 
eutur hJSL-d un pn-rions sear's earnings, r Dividend and yield based on prvspvtfiu 
■>r o:hci uKiiuil .—n/nati-. rnr in:n a Gross i KUnres H.'S'im..it t Cnv^i .'*■»» 
fnr i.mv'rsjou pi vriar.s nai nou rank me for dividend or ranking only for rcstricr.-ii 
mvin.'iuls t I'Ijihik nriri- io nunlte pi Pence unless oltvirwisc- mdicjiyd. - 4 iRan-d 
ov inndtT. -I iiir-.-T-.ri rp holders ol Ordinary shares js ■■ " rieh'S-" ls+»-l 
by r-ay r<f capdalwaurHi. »» Minimum lender price. 5? Rclnirnripccd. Till Issued 
in cuim-’ciinii un r.-urvanisatraii nwisvr or lake-over III! liiirnducuon. f“i tssmsl 
iu former Pirf.-renee hulders. 41 AHuinium leiipn tor fuily-Doid/. • Provisional 
ur partly-paid ahomi'.-ui leU.-rx. + wuh lurrama. 



These indices are the joint compilation of thete^nancud limes, the Institute of Actuaries 

and the Faculty ofvActuaries 


ji 




EQUITY GROUPS 

GROUPS & SUB-SECTIONS 


Figures in parentheses show number of 
stocks per section 


Wed., June 28, 1078 


Index 

No. 


Day's 

Change 

% 


21 


CAPITAL GOODSM7?]- 


Buildiog Materials (281 

Contracting-Constniction CZ7)- 

Electricals(IS) 


Engineering Contractors (14)— 

Mechanical Engineering(72) — 

Metals and Metal FormingdS}.. 

CONSUMER GOODS 
(DURABLE) (52) 


LL Electronics, Radio TV (15) — 

Household Goods (12i. 


Motors and Distributors £25) . 

CONSUMER GOODS 
[NON-DURABLEK174i 

Breweries (14) — 


Wines and Spirits (6) 

Entertainment, Catering llTi — 

Food Manufacturing <21)._ 

Food Retail ing ( 15) 


Newspapers. Publishing (13) — 

Packaging and Paper (15) 

Stores (39) — 


Textiles (25)... 
Tobaccos (3)_. 


Toys and Games (8) . 


OTHER GROUPS (971. 

Chemicals 1191 


Pharmaceutical Products C!i — 

Office Equipment (6) 

Shipping (10).. 


Miscellaneous (55) 


INDUSTRIAL GROUP (495) 


207.83 

18501 

335.42 

442.76 

30785 

167.07 

159.79 


191.63 

225.03 

172J6 

12188 


194.94 
218.99 
24734 

247.86 
19050 

197.77 

373.78 

130.86 

174.86 

169.95 
23887 
106.29 
19L95 
275.05 
24930 
127.91 
41257 
198.65 


203.81 


+05 


+0.8 

+UL 

+05 

+01 

+03 


+0.4 

+0.4 

+0.4 

+05 


+03 

-03 

+08 

+14 

- 0.1 

+ 0.6 

+45 

-02 

+01 

-0.4 

+02 

+15 

- 0.1 

-05 

- 0.6 

+03 


+0.5 


Oils (5). 




+02 


-02 


500 SHARE INDEX. 


FINANCIAL GROUPllW) . 

Bankriff) 


Discount Houses (10)_ 

Hire Purchase (5) 


Insurance (Life) (10) . 


Insurance (Composite) (7). 

Insurance Brokers (10) 

Merchant Banks (14)—-,- 

Property (31). 


Misceflaneousfn- 


Investment Trusts (50) . 
Mining Finance (4). 


Overseas Traders i Iff/ 


ALL-SHARE lNDEX(073l... 


226.61 


15651 

177.92 

20255 


13814 


128.07 

119.94 

32754 

7737 

225.04 

103.75 


206.68 

9638 

303.04 


20855 


+02 


-03 

+0.4 

-03 

-08 

-05 

-13 

+0.4 

-05 


+ 0.6 


+0.4 

+ 0.1 

-4-05 


+ 0.1 


Est 
bnnp 
Ytold% 
(Mexi- 
co rp. 
3bxB* 


1822 

1888 

20.64 

1554 

19,49 

1924 

17.96 


17,74 

16.09 

26.95 

2038 


1657 

15.58 

1635 

15.76 

20.18 

14.70 

10.69 
2012 
12.00 
19.46 
23.14 
19.13 
16.66 
18.00 
11.85 
18.73 
17.40 

17.70 


17.08 


15.40 


15.82 


26.60 

1434 


1439 


353 

24.47 


329 

17.93 

17.39 


Grow 
Die.. 
Yield% 
(ACT 
at 34%), 


581 

5.90 

4.09 

4.12 

653 

6.40 

881 


5.03 

383 

655 

6.47 


6.02 

6.17 

582 

689 

5.86 

5.12 

3.32 

8JL3 

457 

8.14 

784 

587 

5.95 

635 

4.11 

5.08 

7.42 

6.60 


5.88 


432 


5.61 


6.06 

631 

854 

5.94 

7.11 

7.11 

4.78 

6.42 

330 

8.05 


481 

722 

7.05 


5.71 


Erf. 

P/E 

Ratio 

iNeCJ 

Corp.' 

Turn 


7.65 

752 

7.04 

9.12 

6,83 

785 

759 


7.92 

8.76 

825 

6.90 


8JL9 

9J3 

927 

920 

659 

9.43 

13.35 

656 

3225 

6.68 

534 

638 

788 

754 

1054 

632 

7.06 

750 


7.95 


7.04 


7.80 


559 

10.47 


9.96 


4751 

532 


3035 

6.73 

7.06 


Tpe*. 
June . 


Index 

No. 


20689 

184.93 
332J7 

437.93 
30605 
16658 
15931 


19085 

22421 

17168 

12129 


19439 

219,69 

246.96 

24439 

09050 

196.68 
35737 
131.16 

174.74 

170.69 

238.47 

104.74 
19222 
27655 
25083 

127.47 
41250 
197.66 


20335 


480.42 


22627 


156 95 
177.14 
20388 
13926 
128.88 
12135 
32631 


77.63 

22501 

103.18 


20587 

9624 

30100 


20833 


-tim. 

June 

. .26- ' 


Index 
No. - 


20651 

184.32 

330.48- 

43708 

304.96 

166.75 

159.94 


190.79 

22535 

17273 

119.90 


19354 

21754 

24336 

242.74 

18933 

296.07 

35323 

132.01 

17293 

170.69 

24225 

10438 

19051 

27292 

248.48 

12723 

411.95 

196.66 


20244 

47836 


22525 


156.06 

17656 

201.78 

34004 

12756 

12034 

318.40 

78.45 

225.17 

103.43 


20559" 

9725 

300,62 

207.47. 


Fri. 
June 
. 23. 


Index 

No. 


203.64 

186.95 

33293 

44325 

30823 

167.98 

162.02 


19253 

227.66 

273.42 

12109 


19551 

219.71 
24652 
243.49 
191.75 
19757 
358.47 
234.89 
174A6 
17290 
244.84 
104.17 
19242 
275.40 

251.72 
127.92 
414.68 
198.43 


204.46 


48309 


22751 


15727 

177.02 
20504 
13950 
.12937 : 
12129 
.32359 
7933- 
22751 

ur 


218.65 

9859 

30350 


Tkurv. 
June 
22 . 


Index 

No. 


20838 

18755 

333.91 

<395^^ 

30951: 

16751 

16299 


193.09 

227.71 

17453 

12158 


194.91 

mu 

24632 

244.02 

19157 

19752. 

S627 

13356 

17401 

271.46 

24237 

10451 

19257 

27356 

249J2 

128.90 

414.96 

19B.W 


20401 


47451 


226.48 


157.15 

ms*- 

20504 

13956 

raw 

mils 

32206' 

7931/. 


20920 

.9852 

30668'. 


209 334 '20856 


Year 
, ago 
Opprn) 


,-?v 


Index. ■ 
No. 


4 Si 


18358 

15350 

25256 

.36235 

26056- 

06532 


,;i-« i 


v 


%■ 


171 * 
19600 - 
363 . 95 ' 
311.69' - - 

1823S;'- 
49100 
.nSjnr _■ 

13509 

35X25. 

-308.44-'. 

U345 

f'M651 : . - 

•• 

21657 * 
10134 -:. ? 

CJtoa# 

25824:-" 
:9934‘: . 






074.98 - i 


18Z35 


51450- 


V 


20925 


13939- 
157.99 ‘ 
17437. 
>148.0. v 
10810" 
H339: J 
.29859 
v 6635 


\ 


92.45 


,16762- 

-88.HT- 

272.09, 


% 


39 mfi- 


FIXER INTEREST PRICE INDICES 


British Government 

Wed. 

June 

28 

Day's 
chance | 
% 1 

xd nil j. 
To-day 

xd ad], 
1078 
to dote 

1 j 

Under 5 years 

103 86 

-0.21 

oiz 

4J3 

2 


112.43 

-0.19 


555 

3 

Over 15 years— 

11B32 

-017 


7.02 

4 

Irredeemables 

120.45 

-0.70 

— 

7M 

5 

All stocks.— 

1U01 

-024 

0.09 

5.83 


We»l-» June 3B jT a cisdHyj Monday 




Index 

Niu 

Ylvid 

% 

15 

20-yr. Red. Deb & Loans (15) 

57.25 

112^7 

16 

Investment Trust Prefs. (15) 

51.38 

13.77 

17 

Coml. and Indl. Prefs. (^0) 

70.62 

13.10 



. 

FIXED INTEREST 
YIELDS 

fir. Govt. Av. CroSs Red. 

Wed. 

Juno 

-SB 

Tncs. .’ 
Juno 

■27-.. 

' V&r ' 

■ Mpr 

(approx). 

1 

2 

LOUT 

Coupuns 

6 years 

8.98 

:8.92 

■739--: 

_3 

23 years 

11.91- 

IL86 

1135^ 

4 

Medium 

6 years. '. 

Ilia 


1045'. 
- JZAs. 

5 

6 

Coupons 

15 years..... 

25 years ; 

2238 

32.43 

1234 

"2242 

7 

High 

5 years— 



M.94 

U37 

8 

_9 

Coupons 

15 yean — 

25 years 

.32.88 

1310^ 

H84; 

13.K 

10 

Irredeemables .. 

1235- 






\ 

\ 


June 

27 


JliUO 

2S 


Friday 

June 

S3 


57.25 j 57.54 J 57.40; 57.43 I 07^9 
5l.aaj 51 .341 '51.5* j 51.60 j 52 J 8 
70.68 j 70.64 I 70.56 j 70.65 1 Tl.-lJ 



1 Redemption yield. Highs and lows record, bare dams and values and ran _T ■ i " . . 

issue. A new fin .of the cwistiuieiitt Is available from thu Pubiishen, the POWWwHl#' Saturday. 

London. EC4P 48 V. price 13 b, by POM 2Zn. Tunes, Bracken Homo. Cannon - 



— • — ■- •MVkBIRHfW, uwf 1 

Bracken House, Cannon -Street. . 


. j- j-.-- 












































— xz 


3 -t 


: r-r 





BARE 1! 



7- ; 


j? ~ 

• •; \\ 

1 


Tteancfai Tftrres TKursgay Time 29 T 97 S 


3 T 


INSURANCE, PROPERTY, 

BONDS 


V f l. ASSnr ’ B S P - . C0 ‘ *£: Oneral Portfolio Ijfe liw. C. Ltd.? NP! Pensions Management Ldi. 

S- Pout « Cfcuri.R.- ard, r.L 4 0. 24801!! OHjit!,!.].*,.. i . , HdJHiAnuoMS. W\;il87I 4ft ITtei-rliuf* lift . Ki JPaiHI fll&UOW 

IV.rtfojioVl'.;.} 1 1»® J .. | - Manm-rtl l-uti.l 1144 9 15kl) | — 

Panfnllui 4riUI 41 9 44 Ol . ! — tTti-.-v Junr 1 Nrvl dt.dlug Jute 3. 

(•resham Ufe Ass. Sot:. Ltd. 


St Ul *>' 

Equity Atr . . . 

Property Fd 

• Property Arc _ 

StiraiM Fund 

ctnmtUilv Fund _ 


■♦Money Fund 

. Proflert) _ 


Ocu...-v— 

>4».SdcctUt 

nns,Kannt; 

Pen. Managed __ 

▼Man M Sw. « - 
VfBqatt* Ml Her. 4 

♦Con*. FM.Ser « 


367 

(j5* 

130B 

SE2 

Efts 

0723 
[153.3 
12k 3 
'129.4 
993 
IllE 7 


♦Muncy FiL See *. 005 2 


SZUo- 


1551 

11.13 

£3 


IfJ 

uiol 
133.01 
13*8 
35 1 
1176) 
115 0 


-lkj - 


Nrw Zealand Ins. Co. (ILK. I Ltd.? 


:.j = 
■•) - 


Prices al June SI. Yaluai.oq nor molly T uenday. 

Albany Life Assurance Co. Ltd. 


3H. Old Bortnmon SL W.L 
flM.O 


Growth & Sec. Life Ass. Soc. Lid.? Fsefc+uFd 
Wei.- Bank. Rfl'cn THaiWf Herka. 0028 34284 'f 1 ' 1 *■*? 

PIctJ<»te J'man>-+- | 1 1.0*4 

I jn^K, nk «vw • 55 00 

Ijrrl^imLSr^ tic 1U4 119 

NOS Supel-Fd . £7959 

Guardian Hoyal Exchange 

Royal KxrbAncv.E.C3 


n«2 5 

1*6 4 


__ 

Mlird tel 

63 9 

68 41 -0 * 

B7B 

42 4 

+ 12 

__ 

Rnl toils 1‘nml . . 

Ml 

65 1 ol -P- 

927 

976 

+ 0 

__ 

ilrth ft Inc 

Ml 

jsq -u i 

880 

42 6 



Kind ft tod Iti 

52 4 

-0 l 

997 

105.8 

+ 04 

__ 

.Allinf <-'«pi(al 

*9 7 

74 ft +<N- 

102 5 

107 4 



Hambrohund 

1010 

1887a +10 

101 4+ 
963 

1088 

1013 

+ 01 

— 

Hombro Acc Kd.. . 

Idcoiw Fnnd* 

U53 

123.4| +u ; 


LUO. Oi pojIL Kfl 

Norwich Vnion Insurance Group 

IH.IB..V 4. Nurvu h SH 1 3N>> 


UansRed Fund 


0082 


Eouitv Fund . . . .DJd 1 


ffiquity FcLAfc 

WjudlnLAct. 


..LMoncyF 
♦teiJ-M*n.Fd Atm 

^fwopiFdArc 

¥MVel«*. Are .... 

Equity T*erv.Fd Acc 
FfitedtPen-Aer.... 
Ct J M a n . B w.Aw. . 
IntUfaLPaPdAce.- 


■M^&?BvPea!An. 


1369 
to*.2 
fn»» 
108.1 
161 J 
[2119 
172-2 
1280 
1U.0 
1223 
194-7 


1*9 ii 
104 DJ . 
120 V . 
1»J[ ... 
U3» 
269 W . 
23 O' 
2£12 
135. 

Ilk 
ISO 
207 0 


CI-43759G2 pn>|ien> Bond* _ 1174.2 1*2 8) 


01-283 7107 Pr**pe*trKu«d. ... 


_ Hattbro Life Assurance Limited y 


Fixed lnl Fiuiri. 

1 1C (M* 11 Fund 
Nor (.'nil Jane 15.. 


Ufll 
149 3 
105 b 


35171 t lb 


139 0j 
1571 
1111 


OrtiQ .gTOQ 

-a si 


— 7 Old Part Lane London, Wl AMWOOI ... . , . 

— PiiMim /irn.. im? l-tifef f _ . "ftwoii A5*aran» to. Lid. 


in 


FitedlM Dep ‘325 2 

Equity ’174 2 

Pruacriv .. . .1620 
Managed Cap ills 3 


AHEV Life Assurance LtdL? 

Aim Km. Alma Rd . Rcipte 
AMEV Moiltd „ 1332 140 4) 

AMEVMsd-'B" 115.9 lSS 

AKEyMooWfd 109.9 110 41 

AXEVEqaityFd.. 107 0 1U7 

A MEy FrintolBL — 93.7 95 k 

AHEVPim F«t 468 1(C.Q 

AlCEVU^LPenPil 977 1(0.9 

A MEvlSdPcn/Ej ga^ lg| _ 


>170.8 

1184 

1230 

980 

,127 5 

[148 6 

Q027 


UJM.'M AC c . . _ 

(i»er!*as . ... .. 

tilt Edited . _ 

American Acr . . . 

Pen V I Dcp Cap. 

Pm 6 I.Drp.Arc .. 

Pea Prop Cap . 

Rrictle 40101. I'm. Crop Act OM B 

rrn.Mkn.Cap 12063 

Pen. Sinn Vr 

Pen Gilt Ddg. Cap 
Pea niRKd>:.Arc . 

Pen BN Cap .... 

Pen. p. S Aer . . . 

Prn D. A F. Cap. . 

Pen D A.F. J*.ec. .. 


.( _ 


>2653 
1217 
128 5 
|123 9 
140.7 


in. of 

1834 

170 i . 
1456 . 

179J - 
1232 . 
1295 .. 
HU 2 _ 
13*3 ... 
1963 .. 
213 4 .. 
2741 .. 
2171 .. 
2793 .. 
1282 .. 
13*9 - 
33U .. 
.1476 - 


__ 4 \ Kine William. St .FV9P4HR 01A26P87a 


Wealth A*t . . . - H093 n3.d*01 -• 

thx.Ph Au 77.7 .. [ — 

Eli r. PhJSq.K. pk 1 » a| | — 

Co.¥ 

01 '48800 

Is! = 


Prop. Equity & Life Ass. Co-¥ 

IIS. Crawtant Street. UT IK 2VS. 0l-4« DOST 

n. suit Pton Bd. - -i mi 
I >e Equity Rd . ..J 74 5 

Flex Money Hd .... 1487 


3 Property Growth Assar. Co. Ltd.¥ 


_ Leon H.juie, L mydoTi. L'KS IIJJ 01-000008 


Arrow Life Assurance 
20.UxbndCtJBnad.W12. 
SnUiLFiLCp UnL . (829 
SeLMk_FdfiLUnL— f98 B 
fwt>taLra:«r:.p74 uZfi :: 


fro perry I ‘und 

Pro pem Kuodi.M . 
Afitiruliujai Fund. 
Aqrte Kundi'Ai — . 
AMty Nat. Fuod_. 
Ahbev Nat. Kd iAi 
I fitpstmeni Fund 


1016 
1028 

Hearts of Oak Benefit Society 

13*17. Tar ictnck Place. WCIHOSM 01-38? 5020 Fd."iA|! 

01.7490111 HeaRic4 0ak--„p6 4 385) - 1 — EqulIyFund . — 

B7.7| | - HiU Samuel Life Assnr. Ltd-V 

NLATwr. Addireombe Rd. troj . 01486 4355 Money Fund lAi._ . 


PraJttdPd.— FJ...IUL5 315.C 

Barclays Life Amur. Co. Ltd. 


aSSRoBtord Bd_ E.7 
BtuxtaybODd* 


♦PropertV Unlit _ _ 
Property Senes A _ 
Managed Units. .. 
Mauced Series a 


•Gfli<iJged_ “ 

JTeperty 

MuMtd 


34an*i?TOn Arcum _ 

1>0. Initial 

Gilt EdePeimAce... 

Do. laluxl 

Money Pens Acc. . 


022.0 

U*5> 

-13J 

112.4 

iia.4) 

+i i 

1091 

114 fi 

+05 

103.9 

1094 / 

106 8 

mi 

-05 

98.7 

l£rW 

+0^ 

95* 

933 

1BC S’ 


947 



1L9 

9*J3j 


1004 

iesn 


974 

1026) 



1529 

1606 


_ 

100.9 

1065 




160 6 

169 6 

-05 



945 

94 fi 

-03 


923 

♦74 


_ 

102 04 

1265 

+8 I 

__ 

974 

152 65 

+0.1 

__ 

9L5 

96.4 

+04 

__ 

148 7 

141 2i 



1483 

1562 


_ 

USX 

118.7 



120 8 

116.7 




*77 

1824 

n . 



980 

1832 

. 

, 

94.7 

997 

■ ■ a. 


45.0 

IflflOl 




95.1 

1802 

8^. • 

— 

95.4 

1084 


— 


JBeekin Life Assur. Co. Ltd.® 

"71, Lombard St_ EC3 0!«231288 

'BIJc Horae June I 128 76 I ■■ -I 

C anada Life Asstmiice Co. 

M Hlrh 9.. Potters Bar. TIertj P.Bar SI 122 Fli.^1 ini' FoT.Z'. 


Eqty.GULFdJBne2.| 
Retmt Fed. /one 6.1 


603 

1193 


Hole L'tlits. . 

Money Scnei A 
Fixed InL Trr A . 

Pnr Menaced Tip 
Pm MuoacrHArr 
Pnt ij'tced Cap . 

Pus. Hired Aer . 

Pen* FquitvCnp 
Pens LqailyAre 
Pns Fed lot Cap . . 

Fn« Kvd.tnC.Acc,>. 

Peas. Prop. Cap , 

Perm Prop. Acc _.f95 4 
Imperial Life Aja. Co. of Canada 
Imperial House. Guildford. 71235 

OnntbFd June 23 .170.1 742J | — 

Pena. Fd. JuneS [65 0 70k| .— I — 

Unit LinXed Portlolio 

Mar.ayed Fund 1945 99.4| — 

1958 100 


Actuarial Fund. .,— 
Gilt-edged Fund. ... 
liUt-Liteed Kd iA). 
OHcibv Annuity ... 
♦Imtncd. Anntj ... 


Ac l'u.1 

♦All Weal tier Cap 
♦Inc. Fd Uts . . .. 

Pcnilon Vd Uis. ... 
Cone Peas. Kd 
Cnv. Pn« Cap. lit 
Mon Peat Krf. .. 
Man I’ens. >*ap- l'i 
Prop Pirn F«f. 
Prop FV'BkCap.Utv. 
BdKS-Soc. Pen Ui 
Bldg Soc. Cap Ut. 


1813 
179 8 
737.7 
7313 
153.4 
333 2 
*7 5 
673 
16S6 
IfcSO 
140 0 
1393 
312.2 
1218 
1210 
1817 
143 5 


:a 


Prop. Growth TrnlMi ft AnnklUea Ltd. 
All Wtbcr 


11289 
122.0 
1370 
329.7 
146 2 
Ull 
141 9 

1328 
1958 

1329 
130. B 
1201 


135 U .. . 
128.4) „. 


Secure Cap Fd.._ .NbO 161 
Equity Fund (96.0 10U 

Cann on Assurance Ltd.f Irish Life Assurance Co. Ltd. 

.1. Olympic Wy.. Wembley KAS0NB 019028878 L’,' F, ^ bu T'' 

Cquity UnJu 10658 1 m«rn»jui»» itet 

*"- 'rUniu__..:|5au 


Provincial Life Assurance Co. Ltd. 
222. Biihopscale. £('2 01*24? 6333 

_ 11931 . 

1101 . 

1202 
1005 
1632 . 

100 4 . 



Equity Boad/Exec.. Cllll 
Prop. Bond/Exee ._ 


£1331 

Sat. BtfJ&ioeftJnU. 0294 

.Deposit Bond 1XL1 

Squity Acenm. 170 

P ro per t y Acc tan. E3270 

MmttL Aram. 1572 

2nd Equity (555 


2nd Property 1045 

2nd Managed 96-1 

2qd Depoul 963 

2ttdGUi~~ ..... 882 

SadEq. FaaaJAec. . 92.1 
2ndpijjJVn*JAcc _ U7.9 
2nd Hgd. FraaiAcc 983 
2 nd DmTmavAcc. 983 
2nd GilfPenaiAcc. 885 

L.AESXF J7.0 

LfcEALF.2 @65 

Carnot nine June 27. 


117m 
I4.IM . . 

U.MKO.Bli 


95.41 

1104 

uin 

w!h 

ilia 

io*| 

395)1 

12801 


-001 

- 0.01 


-ol 


4-0.1] 


-0-11 

id.i 


-ojJ 


Blue Chp. June as.. [71,7 
Managed Fund . _. 2216 
Erempi Mon Fd.. 1013 
Prop. SUM. June 177.1 

Prop. Mod Gth. JlW.l 

King & Shzxson Ltd. 

SiCrmhill. EC3. 

Bond Fd. Exempt ...)1B3.13 _ _ . 

Next deal me date July 5 . 

Con. See fid. „)llf40 12570) I — 

Laqgham Life Assurance Ce. Lid. 

UngbamHs.HolmbrookDr.NW4. 01-2035211 
LaaebAm *A’ Plan— (63.8 67. 

♦Prop Bond .. . M! 348.' 

Wisp tSPi Man Fd [78.5 

Legal & General (Unit Assnr.l Ltd. 


Prudential Pensions Limited# 

01-6B88253 Hoi bn™ Ban. ET1N2NH. 0J-40S0222 

4 40 Equit Fd. JulteCI ..|L24.59 2555) I — 

— Fxd.Int. Joip-21 -.08.72 U «R . . — 

— Prop. F June 21 — S25-70 2658) — 


080222271 
1 1 - 


Reliance Matnal 

Tunbridge Wells. KeuL 
01-8235433 HcL Prop. Bda- — | M8.1 

18*361-032) — Rothschild Asset Management 

EL SwUhlML8nr.Lonifnii.CC4. 01*6284350 
JV.C Prop. Mar. 31 ..(1145 1214*4 ....-.( — 
Next Sub. Day June 30 

Royal Insurance Group 

New Hall Place. Liverpool. 0512274422 

Royal Shield Fd... [1323 1399) 4 — 

Save & Prooyer Group* 


Surrey KT206EU. 

Caah Initial 

Do. A ecu in _ 

Equity Initial-.. . . 

Coalfton Honan. Chapel Aah Wlon 080228SU 

Key Invest. Fd LI UU21 I ...—I — n« i«-n« 

P»ce»*JwriavTil.| 182.03 I ] - iiTi) S " 


Kinpnrood^noM.. ^ Gl.SlUelen's. Lndn.. EC3P SEP. 01-5M 


Capital Life Assurance^ 


Do Arcum. 

Manafied Initial 

52181 Do At cum 

_ Property Initial 

Do. Acenm . 

, Legal ft General nHut nadMl 
— Exempt Cash in iL_ 

— Do.Acruia.-_ 

_ Exempt Eqty. IniL. 

City of Westminster Assur. Co. Ltd. Esera^Ftx^dlniLl 
Bin*«tead Howe. A Whitehorse Rond. Do.Acetun 

Croydon CR03J A. 01-flMSflK. E*rmp» MbKd Initj 


Cbarterhonse Magna Gp.¥ 

18. Chequers &q>, Uxbridnc UBS INC 

ChrtharKown' 06.6 383( 

Cbrthse- Money. 29.4 Jiffl 

Chrthxe. Managed.. J76 MU 

Chrthao. Equity 3*2 36ij 

MagnaBW.SM.__ 124.6 
Magna Managed 150.0 


West Prop. Fund™ 
Managed Fund 

Equity Fund 

F armlan d Fnnd - 

ss®?--— 

PULA FUnd . 

PnH.Ungd.Cep. 



.196.4 
. 980 

12L9 
1239 
JD9A 
111.4 

119.9 

Do. Arcum _ 1218 

Exempt Prop lull . 96.4 
Do. Acenm _ 


90.0 



■l.lnv. Fd. 

Deposit Fdt„ 
Comp-PeniPd.t— 

Eqv itv Pens-Fd [177.7 

PropPenxFd.*.. _ 12183 

Gilt Pena Fd. 

DepOKjPenaFd t — 


US 7 

A1I6 

1993 


13311 +02| 
1614 


tel 

1985 

Prices on June 20. 
T Weekly deallom. 


1124.91 

Sll 

11037 


+0 7 




-*-0 M 


128.4 

ll30M 

U7J| 

Ml| 


- Legal & General Prop, pi Mgrs. Ltd 

~ 11. Quern Victoria SI..-EC4N4TP 01-248W78 H^3Juo?27:_;.; 


Schroder Life GroupP 
Enterprise House. Portsmouth. 

Equity June 27 22S.9 

Equity 2 June 27 .. 213.4 
Equity 3 Jane 27. , 116 5 
Fixed Ini Jane 27. 134 1 
Fl xedlnt 3June27 144.0 
Ini Ui June 27- -135 4 
K AS Gilt Jane 77_. 1411 

K ft Sc. June 27. 1192 

Mngd. Fix. Jaae27. 129.4 
2^22 
107 3 

Honey 3 June Z7— 117.4 


(170527733 


-I »M. 1 1 - 

City of Westminster Askht. Soc. Ltd. 
Ihtephaue-ai^M 86M . 

PirMUuto p22 3 12841 — 

Property Unite P4 5 57$ | _ 

.OumMieu] Union Group 
SLHeten's. L Dnderabaft, SE3. 

VrAnAcUl June S9*l 53.96 
Do. Annuity Uta — I) 1£02 

CoMfoderatioB-Life Insurance Ce. 

90. Chancery UnfeWCZAlHE 01-3420282 


Neat xnb day July i: ' PropcrwaJirae??. 1551 

Life Assur. Co. of Pennsylvania. J Cb m2 

3 OrtC New Bond SL. WI70RQ. (Ji -483(090 MaPbCpS June =T- 1963 

LACQPUoitS —1987 1036) -btePnAccBJnn^7_ gL3 

Utjds Bt Unit XsL-Mngrs. Ltd. ^ 

TLLeonbardSL.ECSr 01-6231288 Prop . Pen. Cap 6 95.9 

*««>* ~ -• 1832) 1 7B9 U2£J5t.jSA"Kt 


XJoyds Lite Assurance 

20. Clifton St, EC2A (MX 

Bit. Gth June B 1 132450 

Opt5PropJunq 22. 11233 130.4 

OpU EJqtyJuue 22'. 127.6 134.4 — 

01-2837500 OpV.Hy.jtwe 22- U53 6 161.7 ... 

ui m ™ Opt»fiju».Joue2S.B45.9 153.4 ..... 
I- — I — Opt5 DepCTunctS.. 1215 


Money Kan. An:. 

Overseas 4 [953 


224.7) — 3.S| - 


1226 

1413 

1516 

143.8 

143.9 
1255 
1163 

199.7 
113.1 
1235 
163.6 
1615 

127.0 

138.1 
206J 
HU 

993 

99.7 
1015 
1815 
1005 
1OL0 

108.9 


-19 

-10 

-11 

-1.9 

-0J 

-02 

- 1.2 

-1.4 

+ 0.2 

+0.1 

+0.M 

+0.7 

+0^ 

+0.3 

-t-q 


39 

-o.i 

+01 


Scottish Widows’ Group 

'FOfiox0Q2.EdtnburchEH100BU. 031-6550000 


In v. Ply. Senes L. 
Jnr. Ply. Senes 2.. 


— InrCaxh Juno23...»73 


Louden Indemnity * GnJ. Ins. Co. Ltd. Sou^jJST o 


♦EquiW Fund. _ 
OVftugedFmid 




Personal Pen- Fd_ [726 


EquiW Fen- Fund-, 
Fixed Ini. Pen. Fdj 
Managed Pen. Fd.J 
Properly Pen. Fd~.. i 
♦Protected la. Pol. 


S3 

183.4 

1306 

3740 


159M 


MgtUPen June 21 — 


B* 


2615 


Car o hill Iwnnnmce Co. Ltd. 


3aCornblH,EC3. 
■Cap. Feb. June ia_f 
GS5pec.JiueUL.-l 
MnGoiFdJui>e20 f 


1030. The Forbury. Bead] de S8S51 1. 

Mj2*?ieu wl!Tir..S 4 3n|j -oil) — Solar Life Asanrauce Limited 

Fixed Interest 134.0 359| .. .. J — HVJ2E3y Place Loadon EC5NOTT. 01 242 2906 

The London A Manchester Ass. Gjl 9 Snter Manage d s — )1»3 
The Let*. Folhesune. KeoL 
Cap Growth Fund- 
«Flex. Exempt n.. ( 

*E«pt. m- T H Kd. 

Fleoible Fuad 


01-8265410 In v. Trust Fu ml 


— . I -...J — P ro pe r ty Fund. — | 

■:* * ® Group? 


224.4 


131,8 


895 


1*4,7 

r.mm. 

112.5 


137 0 


■25 



— Solar Fad fnUS — 




. 114.1 

Solar CashS *9.4 

Solar loti. S — 17.6 

Solar Menaced P_ 125 0 


Solar Property P— 1113 
Sol sr Equity P -l 


Credit * Commerce Insurance pension 

120,Br>gent Pt, London W1R EFE- 01-4387081 Conv. Deposit* 

C&CMngd-Fd [1225 13ZJ) .) — 


\ Tteve Quays. Tower HSH DOE 6BQ 01-8*8 4588 
12243 

MM 


Solar Fxd.lnt P 1138 

SoisrCash P — WJ 
Solar mil . P *75 


111.91 +0.1 
U75 
1653 +04| 
1202 
1065 

103.7 , 

131.6 +05, 
1332 
165.2 +0.4 
119.1 -03 

1060 

103.71 ..._ 


Equity Bond* 


, M3 

FamilyTMD** - . M82 
Crown Ufe Ass nnnee Co. Ltd.? Family bi^b- — J iapy 


Grown life Hae, Wtdtius, GU21 1XW M862 5083 fJiiSi 
w ^ics-.^ no a vflawa.au toc inlemotnl. Bond^.uq^y 


Xangd Fund Acc - 995 
Kang*d Fd. Jnera. _ 993 
Want'd PVL but. — M 

S^ByFlLAcc. 97.0 

Equity Fd-lncm V3 

• gqnttyFd lnh.- gA 

QnutyM. Art- 95* 
Property FiL loon- M.6 

luv.Tst-Fd.lncm.- I6J 
Inv-TM. Fd. Iqir._ 95.7 
Fixed Int. Fd. Arc.. 13 9 
Fid. tot Fd. Jurat. . 95.9 

Ineert.Fd.Ace M47 

lUtet'L P4 l nem — 1B4.7 

Mouey Fd. Ace. 15.9 

MDnrrFd.Xnenu--. JH.9 
PhTptt. loan. !BJi 

Crown Bat. lm.*A — P59A- 


5.00 


3B2.1 .... 

102.1 ..... 

1806 — 

1016 ..... 

ioe.4 

1015 +0*1 
1010 -0.51 _ 
100.7 +0-3 - 
100.9 +oT 
100.9 +05 
110.2 +0 2 ) 
1105 +02^ 
100^ 

100 


7AS 

742 


557 


Managed fid.—* — 1363 

Property Bd** 1544 

Ex Yield Kd. Bd.-- 790 
Recovery Fd. Bd.*. 608 
Anterteaii Fd. Bd.'. 52 0 

Japan Fd. Bd* 544 _ 

PMces on *Jeae W. **J«n« 25. ***Jao« id 

Merchant Investors Assurance 
125, High Street, Croydon. 



+o.a - 


1249 


Property,———— 

S3 


443 


855 

134 


Crusader Insurance Co. Ltd. 

Vincula House. TOwer PI. EC1 01-6388031 

.Gth. Prop. June ■_ )70J 79JJ — ..[ — 

tftsgie Star Insnr/Mdland Asa. 

L TtnwwhwedleSL, 2X3. 

EagWMW. Ublte — |5d0 


152.8 

159.4 
56.1 

160.4 
1394 
laoj 
128.6 

139.9 

102.9 
1340 
1043 
UB.9 


Equity Pena....— . 

Money Market 

Money MU. Pens. - 

Deposit 

Derpoxlt Pens. — 

Mana ged-- — 

Menaced Pens.. 

Inti. Equity— 

InU. Managed. — 

NEL Pensions Ltd. 

Milton Court, Dorking, Surrey. 

01-5811312 Nelex Eq AcrunTT MSS lSt +Lfl — 
519) -OH - b-31 C*p U.B 65.8 

Equity A Law Life Ase. Soc. Ltd.? NeievG^ incCap'. 47 j. so j 

Asseralram Road. High Wycoartm .^28377 NdwGtt toe Aro.gb 511 

W niO 2 lifc ni 4 w— Wxd- Fd. Cap... J#." J 

S~ Bat 4 111 9 | Nel Mad. Fd. Acc.... 2J 511 

' d — = — -I _ Near Sob. day My 25. 

“ - Fer New Court Proymty see wsdee 

BatheehOd Asset Man a g e uwn t 


Sun Alliance Find Mangrnt. lid. 

Sun Alliance Hoag*. Horsham. 040304141 

Exp-Fd-lnL-Jmmli . |£15i 30 160 031 .1 — 

lnt. Bn. June 27 | 03.94 | ....-) — 

Sub Alliance linked Life Ins. Ltd. 

Sun Alliance House. Horsham 040384141 

Equity Fund 0153 12L4J +0.9 — 

FlMdlnleresLFd _ 103.9 1094 +03 — 

Property Fund 1SS.B ,114.6 ... — 

lulaxnaaonal Fd-_ 187J '112.7-02 — 

Iicptnll Fund 96.6 101.7 .. . — 

Managed Fund (107,4 1133) +0 2) — 

Son Life of Canada (lUL) Ltd. 

01-099171 2. 3. 4, Cockspur St . SW1Y 5BH 01-8305400 

MapleU-Grth. ) 194 5 

Maple Lf. Wangd. . 1314 

Maple IX Equ- 1 125.7 

PersnL PnTFd. 1 200 8 

Target life Assurance Co. Ltd. 
Target House. Gatehouse Rd, Aylesbury. 
Buck*; Aylexhury lOC96i 5941 


OI-KWOV. 

m 



Man. Fund lac. _ 

Man. Fund Acc- — 

Prop, Fd. Inc. 

Prop. Fd. Acc. 

Prop.Fd. In*. ...,_. , . 

5911 Fixed Int. Fd. IncilOb 4 
Dep.Fd.Acc.lne._7~ 
Rel.Plao Ac. Pen. .. 


_ . RetPlanC*p.fyn-..p9I 


B*tmsMia Acc. _ 


~ Ret PI dh Han. Cap. -Ill 4 2 


Gilt Pen. Ace - 

GUI Pen. Cap. 


1003 186.1 

hjST 122.4 — 

(107.8 U44 — 

1384 

UI 

U2J 
104.1 
77 5 +1. 

64 J ~ 

1312 
120 8 
1359 -0 
1283 -0. 


ss 


1»0 


128.7 

2214 


TiausiateniBtioual Life Ins. Co. Lid. 
2 Bream Bldgs, EC4INV. 01 -4056 <87 

TuCp Invest- Fd — 11397 . 147.11 . 


FINANCIALTIMES 

OVERSEAS SUBSCRIPTION RATES 


- The FT can be sent bv post 'to any ad fires? throughout 
'. the •world. - Subscribers’ may like lo receive a daily copy, 
or one or more issues each week, for any period up 


to 


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MIDDLE- EAST (AIR MAIL) 

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FAR EAST I AIR MAIL) 

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£209.61 per annum 


BEST OF W.ORL-D (AIR .MAELj . . £180.54 per annum 
(U-S-A, Canada. Sotrth- Africa. India. Singapore, etc.) — 


By surface mail throughout the world £91S0 Per annum 


ORDER FORM 

tVi SuhsenDdon Mauaser." Finaacisd Times. __ 

Bracken House. 18,- Gannon Satfi. Loudon BC4P-4BY. 

Pleaw oWsersUImcrtptfon con Involved in wndlns copies to mo ot the 
address below: •. . 

pteoe eutfir unr ««woiw to 


daily issue far one Tear oonuneucins 


j enctose my ranSWO* 


Kama . - — : .- 


POSltlOD 


Address 




<«jbc< letterspleasej 


-rt m w n «o»ira»M aravabtc to f inancial TTmesLld. 

Cannon Strew, London BMP 4BT 


TuUn Jlanyd. Fd._ 11V2 

Mao. Bond Fd_ 1151 

MaftPen.Fd.Cap.. U7.B 
Man. pea. Fd. Acs.. 125.0 


Trident Life Assurance Co. Ltd.? 
Renilade House. Gloucester 045238541 


J1203 

Gtd. afgd 1143.4 


HniHd. 




Gia Edged |ll83 

Money- 


International 106.0 

Fiscal 123.2 

Growth Cap 12X0 

Growth Acc 124 8 

fttt Ha pi Cup .113.0 
Puny Mngd. Acc. _ 117 4 
Fen3.CUUlep.Cap . 101.9 
Pe ns-GtiLDep-Acc . . 1018 




Acc.. 


TrdL Bond 135 B 

*TrdLCXBond-..-|969 

■Cash value (or £100 prcmiu 


1173 


1276 -23 — 
151.9 —13) 

156.8 . 
n.4 +0.4 

110A +01 
1433 -17 
1253 -1-2 
129.4 +0.3 

105.9 -02 

1383 -2.3 — 

1283 -2 4 
1322 -21 
119.7 . 

1243 . 

ISl : 

124.2 : , 

373 — -| 


Tyndall Ass urance/Peng loos? 

I Rood. Bristol. 027232241 

S-Way June 22. 

Equity Jifiw 22 

Bund June 22 — - 


PropeA* June 2 .- 
Deposit June2S ... 
3-way Pen. Jane 22 . 
(Tseas Inv. June 22. 

Ma.PnJ-W June 1 — 

DoEquityJouf 1 — 

Da Bond June 1 

Do. Prop. Jbae 1 — 


1238 


1657 


164 8 


J65.2 


127 5 


146.9 


77.7 


1695 


2638 


174.8 1 

|ifM1 

.85.4 



Vanbrugh Life Assurance 

41-43 Maddox St, Ldn W180UA. 


Managed Fd 

Equity Fd 

Intni-Fuad— 

Fixed In bent Fd 
Proporty Fd.. 



-.143.4 
.1224.0 
W95 

U63J 

<140. (a 

Cash Fluid . . pi86 

Vanbrugh Pensions Limited 

41-43 Maddox St- Ldo.WlHSLA 01-490023 

Managed 1»3 1M 

Equity- B8J 103.5) - 

Fixed Interest..-.. M4ij 99 

Property 196.9 102 


Guaranteed see 'Ins Bate Rales' table. 
Welfare Insurance Co. Ltd.? 

The I^os. Folkestone. Kent- £003 57203 

Money maker Fd. ....) 103.« 1 —I — 

For other funds, please refer to The London ft 
Munchrslcr Group. 

Windsor Ufe Assur. Co, LUf. 

I High Street- Windsor Windsor 88 144 

Life lav. Plans.- ...[693 ^ ^ 72.91 j — 

l!b>i “"J - 

,0 22JJ1 — J — 


Fn lure Aud.Glh n < 

FulutT-6ssd .GUwhJ 

Ret. Arad. Pens. . _. 

Flex, fuv- Groutfl _ 


AUTHORISED UNIT TRUSTS 


Ahhe>' Unit Tst.. Mgrs. Ltd. 13) 


7 J S' ■ II 

Ahhrf 1 Arili'l 

tnliF> Inrnmn 
AbJiCJ In T-< K.l 
Abbe>-Grn '1*1 - 


Gartmore fund Managers ? iaHg) 


lil? 


318) ,0 < 
now ,d 1. 
37 5: -o.-l 
4691-0 2) 


■.■qC'rfMt ; .<( \IJ— l+.t'ljl ' ‘Jil’. 


4 33 
5*1 
4 33 
419 


Perpetual l nil Trust Magna.? <a) 

IH0I24M 


Allied Tlambro Group? <ang) 

llamOri* Hv . Ilufl un Bri-ni «>»»•(. K-v#. 
01-503 sail or Bn-ntvooj -hut:, sirs 

MlMCrt Tun4i 


. •Aus-niMa T,t ..J28 3 
Rnli-'lT'* • Irr i..|59 1 

■ Vium'’*!* 1 ; Miar*- [1564 

Wra la | -"w l <t , — - 

■ - 1 i.ir F.u%l Tru. l-|JS3 
IIICNlnroTeT-l -.S'® 

Jim-wuk Kiuii) ;71 • 

ln> li,riiLir . —{13 55 
lull Fo-nqdFd -W« 

1 ' lint I Tu.,.trL- D29 


a: -0.: 
iaa 1 -i.<h 
254 
38 0 -0 
621' 


r* oJb 




428[ 


341 


ft! 33T.1! *»J1»-.:.; 

M5d|-li;i Oil J“pe5u+>.i 

:u Piccadilly Vait T. Mgrs. Ltd.? (aMb) 
925 London Wall St’S 6380801 


OFFSHORE 
OVERSEAS FUND! 


.ns 

11.1 


-An 

- 0.1 

-OJi 


E‘tr.1 rr'.ror.-. . . ‘28 a 

Small «'«> Fd ,36 8 

I'.piiai Fund 


ni Jqilia.IL rro , - *• 1 

,ai .*. ‘I ln•.••■Ine*. - j*I 0 
«a- \ ■« ili'inlML [37 T 
>a>A.«; KsrRa-t* 121 7 


, Ui- 

IstEra. i Viri« '43 9 
Hni,:c Fuo-J . 340 

V ixnllr V "u . ,56 0 
Te.-lr.oti.’u-Fund . ‘535 
P»r EjiI rd . :2*4 

Amen :aa Fund . -!233 


-0 51 
*0_ll 


-ol 
+8 3) 


tlifh Yield Fd. 164 9 

H 1 KI 1 Income [61 b 

A It Gq Inc. - . . [34 0 

laltnuHaul Faads 
Inlernulmnal. . 1261 

P.iriflr Fund --[442 
Sees fit America- [53 1 

l- S.A. bvrnpt* [2k I 

Sfwniliil 


Nnillrrt'a'in 


[351 


2nd Swlr I'u’a Kd. - |4J J 


Rerot cry Sill 
MelUlnftt'ilD 

merseat Iteraingt p5 I 
Etpi Smlr. t o’t . e)2]bl 





488 
858 
fceS 
328 
k«9 
1 25 

Gibbs i.Vntony) l oit Tsu Mrs. Lid. 

■Tt W'jntlield Sj . k.l'TM 7M. bl-SR84llt 

>10 44 Oj I 8 50 

r 40 Sm [ 490 Practical latest. Co. Ud.? (y Mel 

. OJO 44. Bloo.-amun. Sq. *V1 A 2R k 01-823 

Prart-1-al i)U} 1577|-S3I 

Acrum. I- ... _-!20V7 223 0| -* V) 

. i/ind‘*n ikaU. E.* 2 0i.n*gr«o Prwin^iai Ufe lav. Co. Lid.? 


38 61 

39 5| 

44 SC* 

47 03 

36R 
62 l| 

57 i[ 

28.3) . . 
25 1«S -oj 


990 
536 
4 06 

3 06 

4 47 
3 72 
3.69 
164 
260 


ImaliDt: "Turs. ' 


to'ucumVmi ImSI ^ 177^ !! | ~ Bj5bup>2J.'c K ■'ll “aS* 7 ??? 

Ne.-t dealirg .tov June Mt L . *1^ . jg2j *0^ 3 13 


Grievesoa Managemenl Co. Ltd. 


HiKOlncnme .. 


■IUM4UI PntdL Portfolio .Mngrs. Ltd.? laxbKo 

206 91 -4 41 


Sul.resbjni'-L . Et-f ‘ 2flS. 

Harr.nrlunJuLne28.19ao 20691 -Ii 485 llulU.ru Bars. EC IS 27* H 01+058225 

. ti-. un, I. nil,.. . '214 k 224i-^7 4 45 Prudent: a I _|121 5 12901 - 1 « 4 55 

H In.; H Yrf Jurw— '174 g IV : 802 _ ... — — . - .... 

■ tn-uBv. l a:L>i in?: 210 3 802 Quilter ManageiMBt CO. Lid.? 

r.ndr.1' June =7— JI43 1 MI* 3 19 The Sit Sutealr Kf2N 2HI*. 01*104177 

i.'i'-uw J-'W - ^99 9 M89... 319 ^uadranliten Srt. H073 110 71 .... I 468 

527 ISSKV.!"? 81 : ft l Voli I” 11277 131 * -> 7,1 

. ... Ln a Brji»- June 23 ;68 7 7i>d(-l.3| 4 34 Reliance fail Mere. Ltd.? 

Anderson Unit Trust Managers Ud. mi,. . i722 7S5) -iJj 434 Rriumr. :iur Tuphrutee welte Kt. oanzsni 

iSBKca-hi.rrhsL E^udA-A «39»l Guardian Royal Ex. fail Mists. » ♦*» -^■■n.in.ti rn |t* - ulti | T«! 

Andrrroa L'.T. (493 S31| . | 435 R -V jI K-whancr.EcHl'JDN. S!«a»'.: JSSInS ISS 

Ansbacher I'nit Mgmt. Co. Lid. ..8.'U.»nihiiiTw 187 4 90 5) -os) 448 «*»-**; 

1 Noble j.i.FC5V7J\ oi«23tPi Henderson Administration? [aiiOUl Ridgefield Management Ud. 

Jac MomhJ> Kliml J165.0 )758j .. ( 8 90 premier LT VJnur, i Ba« ic^gh Bckd. Hutlua. 3&4U Kenr.m> Si. MaiKheairr .081238852 


Arbulbnot SeenHties Ltd. iihci 
37, Queen SL Loadon ECU 18V 


Eifro Inram* Fd 

Hieh lor. Fund 
♦rAccUDl Unllsi 


«!j*. Wtimt UU.I 


Pmerenre Fu nd. 
lAtnia. Ualtel. . 
Capital Fund 
Crimnodify Fund 
t Acenm Linus' . 
(10*4 W'drwl U < . 
Flo. ft Prop h'd.. . 
Giants Fuad . 
lArc-utn Umtsi — 
Growth Fuail - — 

■ Scrum, liniui . . 
Smaller Co'a Fd . 
KanU-rn A Inti Fd. 
iP.Wrirw 1 I’ll >- 
Foreign Fd. 

N Arurr. ft Int Kd 



12 $ 


Rrrnlwml.EiXu 
I' K. Faad, 

012383281 dp '.romMnr., 

II 46 iap Growth Arc . 

9 20 Income ft Asscte .. !J1 9 
9 20 High larotoe Foods 
4 20 ffmh fnrooie — 4B9 
123* Cahol Extra (or. .. .155.0 
1234 Sector Funds 


0277-217 238 Ridsefield In-- I T. 1101 8 
htd^cfield Income [93.0 


ar 041 


-0 4 

34.0| >0J| 


63«+0?[ 
57 9eJ +03} 


Kies nr i at ft ITT' — 03 8 
. [269 


... 1962 

tei 


(.116 NBt. Hi* 

<S laierastMNtal 
2 S i ’abut . 

, if latenuiuoaal 
IS *'«*alWideJaorf3.|r!fc 
3 04 OttnrM Foods 

3 04 .Vuilraliaa [396 

a 55 Fairupeaa »2 

j J7 FjrKast. [73 6 

]37 North Am+r- .'JIB 
115 N* Am i;n«Jor.i£2 .'121 2 
1‘sboiAmer Sm • n :50 3 


25 31 -0^1 


28 7) 


78 7) ,...! 

37 01 -4131 
40 7, -0 al 
70 7 -10 
413|-81 


100 


Archway Vnll T*t. Mgs. Ltd.? UKc) 
317, High llolhorn WfIVTSI 01*018*11 
Archway Fund 180 9 86 l<d . I 6 lb 

Pnre-I al June 22. Next <uK da, June 3i. 


1263m 
53 Ol -02! 

HIU Samuel Lnil Tst. .Mgrs.t tai 


107 Old .... | 2 62 

99 Ora I 1849 

Rothschild Asset Management igi 
ijn 72-80. ‘lalehaase Rd .Aylesbury. 0CS85P4 
- ,1648 17531+1 3 89 

1883 115+) +1.: 

1445 353 7d +1.1 

.8*1 94 3+0 6 

. „ Int! Kd . Irf >89 1 947 -Ob 

N.C. Smllr Cors Fd|15Ll 160 8) *032 

Rothschild & Lowndes Mgmt. ta) 

? J? StSwiib-r-iij.-ie.Zafa-ECt. Uld864358| 

457 Exeap: _ l£125.8 U2« . | 334 

Price on June 15 Next destine July 17. 

lit Rowan Unit Trust M!ngL Ltd.?(a) 

3^4 City Gale H« . Finsbury Sq.. ECS. DldflQlOM 


258 
6 94 
171 
3 78 

464 


117 Aoertcao Jur.e22_'6S5 
233 Sectirl' ie» Juee 27 2618 
136 HiShYUJ June 22. [532 


Barclays Unicorn Ltd. iaHgi?(ci 


4.4 Reerb SL. BC2P2I.T 
ibipntikh Trus: . '1452 

Int i Tru,l 368 

id. Dollar Trust .. 7o 1 
■ hit :ipitaITru,i 128 8 
ibi + manrialTro,! ’C7 l 


■ Acini rl I'mta |75 0 

3. -tei 


Merlin Jnne 23. 


7l5j 

171.C .... 
561 .... 
790 . . 

880 -3.J. 
975) -4.4) 


X5S3i^0S| 
39 s. -0J 


Unicom Uo 252 Romfnrd Rd E7 nru4. r >544 ihi Income Trust 


Unicom Anwnrs 
1V». Ann Arc .. . 
Da .lust Inc . _ 
Da '.'spllal. 

Do Exempt Tst 
Do. Extra income . 
Do. Financial. ... 

Do 5ft0 ... 

Ftn General 

Do. Growth An-. 

Do InropirTst 
Do. Prf A’n* TM 


Do Recover,- . .Ml 4 
Do TruMee Fnnii. 1108 8 
Do.WIdaridc Tst . K&8 

BtsUn FdJnc M.9 

Do.Accum 169 7 



j26l 

114 i hi Security Trail !50 3 
16S >tolii;h Yield Tst. |26 7 
Intel.? (aMgl 

6 60 IS. Chnstopher Slrw+t E Pi 
8.63 Intel Inv. Fund .184 6 
532 


81 4 

q 

n 

38.7i 


0 

— 0 4 

-o: 
+ 07 
*0 2 
+ 0.2 


|M!! t Accum Unite ...]925 

Royal Tsu Can. Fd. Mgrs. Ltd. 


0 97 
435 
7 79 
779 
4 17 
417 


250 &t,Jcrm«-n Street. >‘ W ?. 014298282 

486 rapiul Fd. 169 6 739... I 355 

4 91 IccomeFd .. 1719 758). .1 7.43 

7 S3 Prices at May 15. Next dealing June 30. 

13 Save le Prosper Group 

9. Great St- Helens. Uoodon ECSP 3£P 
E8-73 Queen St. Edinaureh EHT 4NX 
„ „ n *^ ;**? Denlinss to- BI.&M 8899 or 031-236 7351 
4L6) +0 s| 668 

6 06 Key Fund Managers Ltd. la Kg) 

6 26 25.M-lkSt .EC2l 8JF 01+1007070. 


mcex at May 30. Next sub day June .30 


434 Key Enemy In Kd.. 
625 Ke> Equity . 
5 82 oKri Exempt 1-d 


757 

80 51 

+8.7 

664 

70 6 

+ 02! 

1510 
76 4 

16Z7 
81 2E 

+0 4 

600 

63 S 


94b 

ioo 3 

-0 7 


358 
498 
i.13 
8 41 
12 27 


Key 'income Fond 
3IU Ke;.- Fixed Int F-i 

52% Key Small toi Kd _ _ 

4« KJefuwarl Season l/nlt Managers? 

4 4g *0 Fenclmrrh St . E .1 01-6238000 

Baring Brothers A- Co. Lid.? (aMxi {tiiim* ! {Sio liHJ "II'.I IS 

88. Leaden haU SI. £i '3 oi NM2830 KJB. Kd In+.TsL- -{551 

OS&- -z:dBSi =J iif L 4 c Unit ™ 

Next sub. day July Si 


Save & Prosper Securities Ltd.? 

loieraatlonat Funds 

Capital. 363 392*9 * 

ITU. .. B4 7 »5[+' 

L'dic. Growth ;65.4 70$ + 

inereastng Isctooe Fund 

Hich-Yield 151.7 

628 High Income Funds 

High Return 1648 

Income — -_.)4a.9 


3.14 

424 

2.04 


553| +03) 7.49 




863 

9.24 


t'.K. Fends 

UK Equity [412 

4 47 Ororaess Fundstti 


The .Hock Echanfe 


SJ=r{ 

st Management Ltd.? SS T.— ^ ' Jgf 7 

. EC2N 1HP. 01-588 2800 VS. |73.7 


44.9) +0.11 4.97 


IACInc.Fi . 1 1373 141 jj ..._.j 761 Ftmd. 


Bisbopsgale Progressive Mgmt. Co.? LftCinUftOfiFd.1992 1823) | 2.17 rommodlty pi7 

8. Bisbopsgaie. EC2. 01 5886280 Lawson Secs. Ltd. tfeMrl 

BBatePr.'-JuneSpIlMJ I 3.6* 83 GeonreS: .Fdsnbunsh EH22JG. 031-2263911 F S ^ 1 “ P °'° 

Are UU**Jnrc 20-1219 6 233 « i 3.66 id„ UatM -- ( , 

B'Kalelot June27..U7Z3 1J3^ I 214 «B«w.*“*en»f* 

(Accum.i June 27 . ..[190 3 

Next sub. day ‘July 11 

Bridge Fund Managers?! ax cl *Frt r ” n ‘ 

King William St, El'4R 9.VR O1-0TM95I j/Arcuml'nitsi . - 


TSXAl +M xnaw.ssairnsi* ... 

ij, 9 sE jb Acenm. UniL+i . 

1 2 M Growth Fund _ 
11. ‘July -t. -lAccumUnim.- 


American ft Gen3.. 25 1 

Income' 48 8 

Capital Incj 34 8 

Do. Acc.t »5 

Exempt*.. 1320 

Interntl Inc.t 163 

Do. Arc f .17 9 

Dealing *Tucs. T«cd tThuri 
S7.-a&'J». 


26 5) 

53.1 . 

371 -11 
41.0 -17, 
141.0 -3 0) 
17.4 -02 
19.3 -o.i 


143 

6.74 

331 

331 

568 

3.44 

3.49 


-High Yield .. 

“lAecum. Unite) _ . 

Deal. JMon. *Toes. ttWed. JThury. 


fKO 

433| 


625 

127 

oa.fi 


635 

529 

576 


378 

583 

63 fi 


3.78 

163 

391 


1.95 

233 

25.1 

-OS 

050 

244 

26 7 

-0.9 

038 

17.8 

51.7 


1887 

66.0 

. *25 


10 87 



Ulgh-JOnlnanm Funds 

Select Interr.aL |2511 

3 7g Select Income |513 

’ ™ Scotbits Securities Ltd.? 

Scot bits 137 7 405| — 0 II 3.4 

Scofield M85 52.l1 +02 7 6 

Sroubaret 155.7 543)4 +0 l| 4JS 

10 87 Scot. Ex. Clh-4 1233.9 245.M-U.0l L9 

Fn. ScOI Ex. Yld *4 |160 7 1683*9 -6.il 72 

Legal it General Tyndall Fund? Pr,c “ 81 Junc =*• Next *" h - •*** Jul ^ ■- 
18. canyogeRoad. BnatoL 82733S41 Schlesinger Trust Mngrs. Ltd. (aMz) 

Du June 14.. .{578 61 2[ { 526 (fneorporomig Trident Trust* 


sa == 1 

ly 12 


526 


Pricev June iAccubl Unitsi - [72 4 76 

Nr\l sub. day July 12 Vm Exempt. — 

Britannia Trust Management la) )g) Leonine Administration Ltd. gtSESr™ 

2. Duke SC. Lnndon W I M (y p 01A883B81 S?5E* S , J5VJ£- 


3 London Wall Buildings, London Wall. 


London EC2M 5QL 

A«*rU.. ...169 6 

Capitol acc SO 6 

Coimnft Ind . 54 9 

ComiaoUliy .. 76 5 

DomenUc 36.6 

Exempt..- - 112 7 

Extra Income.....—. 385 

FnrE*il 214 

Financial Sera 61 1 

Gold ft General - — 87.4 

Growth- 77 8 

lac. ft Growth.—..— To.b 

Inf I GBrwtta 623. 

InveslT’sLShaeet.- 15 9 

Mineral... 36.4 

NK High Inc 79 5 

New Issue 34.1 

North American — 28.6 

Professional. 015 

Property Shares — 128 

Shield (4 S 

Status Change 305 

Unix Energy -~pl 6 


5HS :815” * 0 ?. h .^**** u "^ 

118 71 +0a| 732 


415 *01 
231 +4M 
657a +03 
945 b -0.4 
82Ba +0b 
762 +0.4 
67 0 +0 4 
494 . 
392 -0 2 
855 +0.4 
36 7 +02 
305 b +0.1 
5837« +4 0 

47.4 +03 
32,1 +03 
34,0 +0.4 


-» 


777) +02] 
83 01+04 


510 

466 


OIUSBMTBHHTS 1d» DisL 

74 m +071 5 ix two Acenm.. .. 

5451 +04 411 Llo.vds Bk. Unit TsL Mngrs. LUL? (a) 
54 l| +0.7) 4 77 BmUMraFs Dept- Goriag hi -Sea, 

— * 01-823 1288 


9.45 

312 

485 

2$; 

lit 


FiruiBalncd . 
Do - Accum.i . 

Second iCap.i , 

Do lAccum. 1 

Third lincomei 

lip. 1 Accum.i 

Fourth lExinc.i 

Do.'Accum.i. 



140, Sou lb Street. Dorlbne. 

212 
268 
255 

24.8 
214 
37.7 
236 
€ 1.5 

24.9 

» 

228 

250 

.ii Special SIU Til —26.6 
?S 1-K- Cnb Acenm. 21.1 
UJx.Grih.Di*: 


Exempt Mid. Ld r*. 

Extra Inc. TxL 

Income Diet.. , 

Inc. IDSWdrwl 

Intnl Growth..- 

tm.-. Til Units 
Market Leaders — 

... ‘Nil Yield’ 

? ?? JTef. ft Gilt Trust, 
jil Property Share* - 




I0308IB8441 


26M +0.1 


26.7m +0Zl 


145 


40 SM 

30 

50 JJ 
2Ud 
30 2d 
2851 

286 

S5 




2.45 
L64 
851 
449 

305) +0.1] 9 70 
10.07 


8.11 

+0Z 

+03 

+01 

+ 0.2 


+0 1 , 
+ 03 
+ 8.1 


2.74 

ii? 


12 63 
232 
2.63 
5.11 
5.18 


359 Lloyd's Life Unit TsL Mngrs. Ltd. 

3£ 72-8V. 1 j ale h no se Rd.. Aylesbury. 82965041 CapiUI Jnn«27. 

5:52 Bq“;«7i^ruaL~-.PMJ 1683|-0.7| 4.18 

1.91 M & G Grasp? (yHCHZl i.Xecnm. Units! 


•37 J. Henry Schroder Wagg & Co. Ltd.? 


130.Cbeap*ide. ECJ1 

_ — 99.8 

120.7 


•£ Throe Quay*. Tnw-r H.ll EC3R SBQ. 01B20 4508 General June 28 — 


A*n«r 

?•¥» lAernm Unit, 


Sea also Stock Exchange Dealings.' 


The British Life Office Ltd.? la) 


, i_ lAccuro. UniW- 
Australasian . 


Accum. UntUi 

i.'ommOdity 

Relunce Hsr.. TUnbridgc Wells, KL080222Z71 lAccum. Unite'. . . 
8L British Life ...Mi 5J <1 +03/ 5 76 Coapnund Growth 

BL Balanced- MS 5 <84 .. \ 5 67 Concenuon Growth] 

BLDtx-utend* -J41.4 44 j) . . ,| 933 < on-er+ion Inc 

-ITIcex June 28. Next dealing July 5. THvuiend . . 

lAccum. Cn:tei.._. 

Brown Shipley & Co. Lid.? European. 


223 0) 
277 


8=1 


502 

502 


«+»«» issrasf*.'— 

ixci-um I’nitei 

Far Eastern 

• Accum. Cml.ci 

4 22 Fund of for Txte... . 

3.94 i kccum Unite i 

4 34 General . . . __ 

484 lAccum I'm (xi 

9.74 Hich Income ... 

3 90 v'.ccum I'nitei. . 

429 Japan Income 

338 i A+cum. UnlUi 

4.45 Mapiua 

5.94 i.lrcum. I'nllsl 

4.89 Midland .. 

lAccum. L’mlsi— - . 

Canada Ijfe Unit Tst. Mngrs. Ltd.? Recovery 


linen. Founder* Ct . EC2 
RS Unit; June 27. -1207 4 
Do.iAcc.iJune27 . 1258.4 
Ocean le Trnate lai in 

Financial 333 

General . 152 

Growth Aecu m. 44 4 

Growth Income JS « 

HlRb Income 28.9 

1.TU 20 « 

lodex 24.0 

■hmnt .. -. 14 o 

Perionnancr 56 9 

Recover? 20.8 

Esmpt. June 12- — 157.9 


35 3 

193 +02 
471 +04 
37 5 +0 4 
314 . 
2Lb +0.1 
26.1 -03 
20 4a -0 2 
61.3 +0 4 
22.1s ,0.] 
643s .... 


M8J 

1*9.8 

S 7 

te 2 

[810 

738 

614 

625 

1132 

214.7 
475 
,48 5 
|81 7 
,1093 

55.7 
610 
|6C2 
737 

2509 

976 

164.1 

155.7 
,157 1 
|»LB 
2515 
1648 
2729 
75 6 


2-6 Hlrb 5f . Potters Bar, Hens. 

i.'aa Gen Disl 1373 39. 

Do. Gen. Accum — [453 . 47. 
Do. Inc. Dill — _...|3Z6 34 , 

Do. Inc. Accum. — M2. 7 4*' 


P BarblISS 'Accum f.'nite> j7B 0 


Second Geo 

■ Accum. I'nILsi 

Special .. . — _ 

i.kccom Cnite' 


m.? 


52.0 ..... 

Sj +0 2 

S73 +05 
801 -0 3 
863 -0.1 
1117 -OJ 
665 -03 
66.6 . . 
121.79 +0.1 
230 8 + 02 
50 64 +03 
517 -0 4 

*70 

3164 .. 
593 -04 

650 -04 

64 7e -0.3 
79 2 -03 

ITSJhs 

2723 .. . 
103 9* -0.1 
274* -0 1 
165 BU +1.1 
167 3 +12 

215.9 -0 5 
2693 -0 6 
1772 + 0.4 
393.4 +0.7 
81Jrt -03 

83.4 -03 
27969 +0.1 
2727 

369 2 +02 

212.9 +05 


(1792 
2662 

poaii 

[344 
1M? 

Specie. June 7— 1243.1 


Accum. Unite* 

I E Sisaffifc: 

1 qe *PenftCharF«UnaD 

LW 


■Recovery June' 


1*95 


1034WI 

km3 

jj-S 

3t l 

250^ 

1953 


01-240 3*34 
230 
230 
72* 
72* 
367 
3 67 
271 
217 
*44 
3.73 
*97 


'-Vi 


||L r _ . . 

*.*6 'Fer tot exempt funds only 

1” Scottish Equitable Fnd. Mgrs. Ltd.? 
SS3 28 SL Andrews Sq- Edinburgh 031-5508101 

8.13 Income Unite W82 51.31 | 531 

8.13 Accum. Units W 0 585) J 531 

333 Dealing day Wednesday. 

sis Sehag Unit Tst. Managers Lid.? fa) 
838 po Box SI 1. Bcklbry Hse., E.C.4- 01-SM3000 

207 SebagCxpilalFd. -)»3 3J.S +03j 3.92 

ScbaclnconteFlL..|29B 317) *-03) 836 


2.07 

*71 


014QI 


2.W 

229 


Specialised Foods 


Capel (Janes) Mogt. Ltd.? Trustee - 

100 Cld Broad SC. ECS N 1BQ (U-rhSPOlO ■ £he^«era SJviai •’ - 

SKS-i — m ga -i 3SSW53?!: 

Price* on, June 21. Sen Ueaimc July 5 I nine#.. _ 


2*02 

|77U 


1*931 

288.7 


109.4 
1419 1«*1 

[1753 1783 

1326 139 9| 


+ 01] 

:si 


Target Commodity. 
043856101 Target Financial .. 
I *35 Toxeet Equity....__— 


Kens Ex. tune ZB 

Carliol Unit Fd. Mgrs. Ltd.? fai(c) ManuLife Management Ltd. 

Milhurn House. Ncwcastle.upon-TjTie 21165 Si Gcorec'sWajr.Steienage. 

Carliol ..---166 9 69.41 -2.7| 420 Growth Units. )50.1 52 7) ., — _ 

Accum. uiuis—llD.i 826) -33j 4 20 Mayflower Management Co. Ltd- 
Do. High Yield . — 1412 43.71 -LiJ 821 1 V IB Gres him 51, EC5V 7AU. 01-8OC80M TxrKCi Gill Fund .V 

Do-Aceum. Unite -S13 518)-0.6{ 821 incomeJun+20 _flQ7 7 113? ._..J 8.13 Target Growth 

Next dealing date July 12. General June» l«8 73.5) | 531 Israel loll 

Charities Official Invest- Fd* Mercury Fuad Managers Ltd. ^™. D n v - Uniti — 

013004556 ^'jV-ere— 

‘ 4.76 TgtJnc...-. 

4.76 TcL TVef. — 


*71 Security Selection Lld- 
5-S IS-IB. Lincoln's Inn Fields, WC2. 
au UnvlGlhTslAcc-1242 25 JM 

|;u Unel Cl h Tst Inc _... [21.1 223a) 

J JJ Stewart Unit Tst. Managers Ltd. (a) 

395 48. Charlotte Sq-. Edinburgh. 031-2283*71 

3 M TStewxrt American Fund 

I VL Standard United — 164.7 6911 1 1.40 

i-E Accum. Unite *9.7 74S _ 

Withdrawal Unite . 1516 553) — | — 

c ia -Stewart British Capital Fund 

539 Standard _|132 0 1*3.51 

UJO Accum- Unite 051.2 U* j| 

4.30 Deal Iru* TFri. *Wed- 

Snn Alliance Fund Mngt. Ltd. 

J JJ sun Alliance Hie. Ho .'sham. 0403 64 141 

1107 ExpXq.Trt June 14)E2U.O 222 2| .. . j 434 
7^ VTheFamily Fd |f43 1C0.Z| +03) 3.66 

Target Tst. Mngrs. Ltd? (aKgl 
31. Gresham SI. EC2. Dealings: 0280 5041 


440 

4.40 


135 7 

eaa 

058 

ES2.4 


77 lnndon Wall. EC2N 1DB. 01*881815 a\Ur»duaSi.EC2l > 2EB > 

JnroineJu'iea |U2* — { [ 6 70 Merc. Gen. June 8.. 

Acrumjimrzp — I2SJ.1 — | . -. I — Act t'i«juneUB„. 


M0.9 

OUnautb. Only availnble lo Reg', irbarilirs, iftie' InlVuiwikl^V 

Arrpi I'll Jure 28. ' 
Merc Ext Mac2S _ 


Charterhouse Japhet? 


. Paternoster Row. EC4. 



4.70 TpLITel- iu» 

2-60 Tst. Special Site [19-2 


27.8 

293 

004 

053.0 

fiat 

156 


38.4 +0^ 
632 *l3\ 

3S5fil 
209.7W 
204? 

119.1 —03) 
295 +0 
292 + 0J 
317 rO-3 
327 +0.3 
1612 
30 1 +0JI 
152 
206 


339 

4.40 

622 

680 

670 

300 

SB2 

1.71 

1.71 

3.72 
444 
827 

1155 

4.13 


"J. Internai'l — 
Accum. Unite — 


m 


CJ Income —...[326 


CJ Eup- 

Accum. Unite 

J. Fd Inv.Tst — 
Accum. Unite 


|| 


01 "48 3899 Accum Ufa Apr37. 

24 6) -0 8) 192 Midland Bank Group 
Sj-o* Unit Trust Managers Ltd.? <ai 

21 .Or -O.Z| 391 j/furtewiil llmue, Silver Sind. Head 


32 4 -0 
29 2 -D4 

33 6 -OJf 


4 42 Target Tst Mgrs. {Scotland! laKb) 
4« 10. Athol Crrocent.Edln.1 031-22S8CEU2 
Target AmerXagle|265 28 5 J -0.1) 137 
TamclTblnJe. -.08 7 41^+0.^ 5.97 

Extra Income Fd. _. N3 627 +03^ 1828 


Price June 28. Next dealing July 5. 


Chieftain Trust Managers Lld.?fai(g> 
11 New St. EOZM 4TI* 

American Ii<i 227 24 « +0.11 1 bS 

Hich Income. B9V 4291 *01 4.62 

international Td. .tn24.4 263) +0.2 3 18 

Basic Rc-srce. Tsl) 26.1 28. l| I 4 45 


3 91 Sheffield SURD. 

380 i'ommndu> ftGen.,1675 

Lw. Acc um 77 8 

Growth - 36 6 

t>o Accum — 393 

.'apiial [282. 


3.80 


Confederation Funds MgL Ltd.? tai 


Tel: 07427P842 Trades Union Unit Tst. Managers? 


726| +U)| 


83 7\ +1 li 


3924 
«2J( 
301 
324 
545 
62? 
SI 7 A 
55V 
64 2 
USD 
1093 
109 3! 


0 3 
+0Ji 

:8i 

+0 4 
+0 4 

+oa 

+0J 

+«3 

+03 


100. Wood Street. &C2 


538 

TU IT June 1 — 1502 

Transatfantic and Gen. Secs. Co.? 


01438 8011 
53.4) | 530 


Barbican June 32 ... 
■ Arrun Unite ■ . 


Crescent Unit Tst. Mgrs. Ltd talfgi 
4 Mel vUleCre*.. Edinburgh 3. 031^364931 
Creocent Growth... (36.6 

Crex. lu ternnl'l (57 5 

CreftHIgti.Disi. — [423 
Cres. Reserves-. ...092 
Cres. Tokyo 


:-:i 


•ig-iwri - 1>> Xccuni.. 30 J 

Income - 51 0 

tv. A -cum. SB 1 

Internal lonui 47 8 

Iw Accum 510 

Unto Vac-Id M2 

Do. Act cm. 639 

Equity Exempt* 103 6 

50 Chancery Lane. WC2A 1 HE 0I-242O383 lie Accum *.. UJ3.6 

Growth Fund )40J 425) ... I 446 *Pnces .u May 3 . Nest dealing June 30. 

Minster Fund Managers Ltd 

„ ^ . . ...... M toiler Hse. ArthurSt-EC4BSBW. 

3a Pool Sirorl. London SWUCPEJ 01-235 8523. oid23 I0S0. 

Cosmopoln.Clh.Fd. [17.4 18.71+02) 4.90 uinqcrJune26 |3S 4 37.41 

Exempt May 31 [90.7 94.7| 

MLA Unit Trust MgemnL Ltd. __ 

Old Queen Street, SWlHBJG. 01830 7333. lAccum. Unite ! 

MLA Unite . P9J 41 5( .... ) 434 Wlekr J into 32 

Mutual Unit Trust Managers? fang) $£“5: jmxs “ 

15. Copthsll Aro..EC2R7BU. 01-6064803 Do. Accum... 

Mutual Sec. Plus _ .{50 6 54 24 +021 645 

Discretionary Unit Fund Managers 

2=.BIn D rieldSuE'.-2M7AI_ 01^184485 Momal Hirfc rid-.JS* 9 3B /( | v.w r„,otne June 38 

Disc locnme |U0.B 17L5) . I 5 26 Nat io Ba l and Commercial ■ lAccum. Unite i 

E. F. Winchester Fund MngL Ltd. .n.si dqaaiw. Edinbureh m 5569151 J? r p ‘^ J uSTrT? — 

Old Jewry EC2 0lODtS=lt?7 Incwjje Junc 2B. - 0430 iJSf nl “I ni Exempt June 28 — 

19 6| . . I 6^4 S35! ?S?ffl - 52l S“ » Accum Unite i 

21 S .... I 4 so 


burgh 3. 031026 4931 

6.6 285) +0 It 421 

75 AIT! . . J 0.75 

23 45.4 +0A 9 09 

92 4T0)+0.^ 4.46 

— 25 CH | 050 


? 72 Bu clan. June 22 

855 lAeeum. L'mIui 

855 Colema Japr 23 

5.49 (Accum L'niui 

549 Curobld.JuoeSS — 
lAccum. unitei . _ - 

Glen. June 27 

lAcriuo. Uniui 

UarlboroluneST ■ 
lAccum. Unite! . - , 

598 Tan-Gorth-JuneSi .[483 
548 lAccum. Unn*» __ 
Van’Hy June 27_ 

Vang. Tee June 28. 


Chelnnford QMS 51661 
569 
5 M 
9 87 
4J6 
486 
615 
615 
736 
736 
S22 
5.12 
zas 
2.85 
3.62 
3h2 
9D7 
6.73 
6.73 
544 
5.44 
8.72 
8.72 


174 1 78.7 


111 « 118.6 


BS 6 88 2* 

-0.2 

785 823 ad 


973 103.9 


123.1 129.6 


1484 1563 


49 9 528 

—0.4 

54 7 578 

-0.4 

523 553 


67 2 713 

1<ti 

506 52 6 


57.7 60.0 


483 51.1 


59.6 623 


19.7 73.4 


0.4 44 7 

-ii 

44 0 46.4 

-Ll 

593 62 5 


703 74 2 


643 673 


73.6 77.1 



757 Tyndall Managers Ltd.? 

6 84 ie. Can voce Road. BrialoL 


Great Winchester . I 
Gl.Wmch'cr (I'aeaxl, 


,180 

[ 20.0 


i.Xccum. llnitei 195.8 

L'apl June 38 . — 1222 
■ Xi-cum. Unite. .. 149.6 


2010 -5 

SI 5 -5 3 371 Earn J mere... 

AXt£\ 371 fACOKL 

EmsQn & Dudley Tst. Mngmnt. Ltd. National Provident Inv. Mngrs. Ltd.? Prof June 28 
20 . Arlington St-.S A* I. _ 0IA99 Tin 4H jlracec hurcb hi.. BC3P3HH D 1^33+200 'Accum. Unite" - 

46 bdl .. . 

5hfl . 

134i +L4 
. 1422|+l.S[ 

■-Pru-ev on June 28. Next dealing July 27. 

•Pnro«. on June 28. Sext dculinE July 27. 

National WestuinsteiiNai 


Emson Dudley Tst )675 72.k) | J.W 

Eqaitas Secs. Ltd (a) (g> 

4 f BiaJi/>psjtete. EG2 097588385] 

Progreosire |653 6|.1|+D2l 414 

equity & Lave Un. Tr. M.? laKhVci 


Srol a Cap June 28 
J J| i. Accum. Uniisi 


260 
2 60 


1958 
175 2 
1216 
170 .0 
1086 
15 3A 
237.8 
2646 
463 
1200 
1342 

B35 


lasdoB WaU Group 

Capful Growth . - “ 

Do Accum. . 

Extra Inc. Growth . 


Amersham Rd . High Wycombe. (MW 33377 181 i'!.cap,.<lc. El2\- 6EL' 01-606 «j6<>. 


Do .Accum. . .. 


Equity ft Law 164.4 67.7) +DJ| <31 KapUari Acnimi — Bij 

Framlinglon Unit MgL LUL tai yinjnnai'~l~Z.". Ha 
5-7. Ireland Yard. EC4B5DH. . PI-2488971 t-rowth I nr 865 


American. 
Capitol Tit- — 
Income TiL _ 
InL Growth 
Do. Accum. 


Ma s 

116.4 

1013 

Fd ... 106 0 
1092 


512 

.1233 

IDS 2n 

112.6 

116.0 . . 


IDO 

392 

715 


Income- [351 

rirtlohi.ini Kd ... [665 
nltersal Kd id' _.|592 


•uaaa 


37 

"•Sn 


0c 

+ 1.0 

+0-Q 

+o.V 

+0A] 


14.7 

SI 


2 04 NEL Trust Managers Ltd.? <aKg> 


Financial PKrty _ 

432 Do .Accum. __ 

7.99 High Inc. Priority 

536 laiemalJttadl ..(307 

S35 Special Site _p05 

si* TSB Unit Trusts lyl ' 
2^8 21. Chantry Way. Andover. Hunts 


3005 -20| 
1843 -3< 
127 ■ -33 
178.6 -5.2 
114.2 -23 
1612 -23 
2493 — 6.0 
2788 -6.6 
1013 -13 

126.0 -2.4 

141. 0 -2.4 

167 8 -28 

168 6 -3.0 


714 

J.76 

923 


ii 


-H27 


85.3 +0.7 
873 +0.9 
393 +0 3 
45.9 +0 3 
15.7 +03) 
19.1 +0.1 
64 74 +0.4 
32« +0J, 

32 6 +0.2) 


6.06 

U80 

531 


Arbuihnot Serurities iC.I.i United 
J" 1 Mo»2M.SL Hrlier. Ji-nrv iOMSIITJ 
i.'ap.Tst iJerM-yi (1160 128 01 . I 417 

X'm dealing -Isle Jul* 4. . 

EaatX.Jnll.Tsl UT- 11160 1230) I 3 05 

Neel '<uli. July S. 

Australian Selection Fund N\’ 

Market • opport unities. «■ a Iruli Young ft 
nultmaiu-. I IT. Sent SI. Sydney 

U SSL Share- I 41 si 5* | 1 — 

.As+ri Value June 15 


King & Shaxson Mfirs. 

I I'fxtinrCwi.St ItrtiCT Jerxev. IIRI'.Trt! 
Valle? ir> Ki Pctet iNirt ■ ini y .Hint ■ 
ITIiuuuaMrcei. Dnutrlos, 1 1 ’ M I'eStjlif' 
Gilt Fund Jcrseyi i9 20 9 rzl-'ir.it 1+ 75 

GlRTru-dilnM 1XCJ7 KHJdJ .. .. | 12W 
Gill Knd iiuernm-y|9J6 9.40) 1 12 00 

toll. 1 , 0 , 1 . Sen. Tai 

K<rq.<sterlins. .. HI 57 1863) )• — 

Firat InU I IBS 16 14* 191 ..... I — 


Klein wort Benson Limited 


; u. 


35 Buuleiard Rmal. l-uyembount 
Wldincf-d lacunae |tl -.112H 07611... ] 643 

Price* at June — Xru sub. dnr June 28. 

Bnit. of Lndti. & S. America. Ltd. 

+U4W (Jure ii l it'Ii >tiu St . KL’4. 

Alexander I- and |»>*H — 1-0371 — 

Net a.M-l -..ilur June 28. 

Basque Bruxelles Lambert 

2, Hue t*e t.y Kesen. e II lDtet Brusseli 
Renu Fund I J-' . . 11372 1.9301 +2| 7 80 

Barclays Unicorn lut. it'h. Is.J Ltd 

I.Channgt'rnas.SL Kelier. Jr»y. 053473741 

•Heraraa IncoBir . [46 8 50 H | 1125 

Umdnllar Trust .. KIMIM UM .— I 4 20' 

Umbo lid Trail . lll'-tflCV Will . ) BOO 

'Sublet l to lee and withholding use* 
Barclays Unicorn InL (LO. Man) Ltd. 
1 Thumnt St . Douglas, f u.M. 0®14Wfi 


K 


Cunn-.rsi |jj 

Gurrnyc? . 

I h >. - ypi - un . - - — 

KB Far FjijI h d 

KRIlUI. Fund. . — 


.lh Kd. 
Milnrl Ht-rmuJ.x . 

‘Unifond'.iDlfi 


1,055 

-7 

642 680 


793 83 9 


3LS1135 


SL'.C1L46 


5l'.-vl4 07 


51'SII 46 


fl.’M 75 

-o n ; 

18 60 19 60 

.010 


01+1=3 HW 
330 
408 
408 
2 21 
2 01 


U 75 
1 99 
. £67 
iwi> mu a.-enla only. 


0 7J 


Lloyds Bk. iC.I.i LIT Mgrs. 

p(» Hut 1F5 si. I teller Icruy. (KSUCTwt 

tony a. Til ■<«-+. 156 4 61 4] ..) 124 

;.r\i dealirg n.uo Jul? 17. 

Lloyds International Mgmnt. S.l. 

7 Kuedu Hhcne. I>'l Rnx 179. 121 1 ' rtTCl.i II 
Uqydx 1m Growth |S7TO30 W53|-:;^J j 60 


3l»U{- 


640 


L'nirorn Aoil KxL 
Do.AuxL Alin . 
Ito.Grtr Pacific 
Do. Inti Income . 
Do. I. of Man Tst ... 
Do Munv Mutual 


34w| 

al-M 


160 
- - „ 1 70 
+053 - 


— os| 


840 

8.90 

150 


9 1 
3 
7 

7 4921 

3 2731 

Bishops gate Commodity Ser. Ltd. 

P.t*. Rax 42. Dougiac I o M. 

A RldLAC ■ J une ft. - |UaMt6 32 

L AN BHO«J une5. il 155 12J 

COUKT'MuwfS- [{2512 2.6C 

ringmall?' luurd u '310 at 

Bridge Management Ltd 

P.<~>. Rn( 008. Grand L'uvmaa. Gayman Is. 

N'baxfal June! . | MS 338 | | — 

G P l.t. Bux W). Hong hnng 

NippunFd J uneSS ISlrlfB ILB)4057( 0.6S 


IJoyd< Jnf Jnn'iBi- [. .OP Si 

B ft G Group 

Three qua,,. Tint! till* F.I.TR tfUQ. ni-ft^S Cr; 


Allanti- June 27 
AusL Ex June lift-. 
GoldKx June 28. . 
Island -. . . 

i Accum 


Ill 62 71 

lii'irw 

,ii.>9 M 
1232 
174 2 


3 Ml 

: st- 
is laj 
UI S 
185 a 


-0P5 -- 

-OTw — 


-0.6! 93.58 


Samuel Montagu Ldn. Agts. 


0S24-23911 1 14, I'd, | Broad St E-’i 
Afuitl.i Fd June 21. 
Japfesi June 15 — 

117 Grp Jure 14 - 
1 tTJt-raev June H. 
UTJrsyOsJuneT.. . 


. . 1.97 
*£LQ0. 


SI- 47 90 

5210! 

[ 5 66 

IH619E3 

11 71 

169 

H'1095 

un 

193 

£5 15 

5 65 

.... 6 74 

51255 

1320 

... | - 


Et -Stock Split 
Britannia TsL MngmL (CU Ltd 
30 Balh st . St I teller. Jerrey, 0SM73114 W' 1 **_A. 


Murray. Johnstone (Inv. Adviseri 

lKI. Mope St . Gla^mx-. LT. ihI-IKI M2 

-Hope SI fd I 5l.SU 63 / .... I — 

•.Xlurriy Fund.. | Sl’Sll.l? | — ...[ — 

*.VU’ June IS. 


Slerilitr Drnatn mated Fdl. 


llVirih Intel 
Into!. Fd 

Jersec Energy Tst 
Unit <1.3 Tst Stg 
High Inl-SlIg.Tsi 
UJS. Dollar Deoaraiaaled Fft. 

Unit M. STsL lir.iS M 5131 

lot. High InlTn . . 111). .[ 90 

Value June 23 Vest dealing July X 


PI 5 
798 
133 8 
C2 11 
L097 


400 
1 00 
150 
100 
12.00 


Uhi Boulevard finest. Lusentbnurg 

N’ A V June 23 J SLbT0.73 ) J — 

Negit Lid. 

Rank ni Hennuda F.Id^s- liamilion. Rnrtla. 


NAt Junes ...IL546 — )+CC:[ — 

Phoenix Inlernationol 
m Bos 77. S'. Peter FAirt, Guernsey. 
Inter-Dullar Kunq [5233 251| . ...) — 

.-l P, r. y . Tsl ; ^ IJe ^’ Property Growth Overseas Ltd. 

e. ... a 38 Irish Town. GibralUr iGihiClt'3 


P.O.Box5Rt.<4 llelter. Jersey. 05M747 

Sterling Bond 6'd. )£9 70 10 01) ... I 12 25 

Butterfield Management Co, Ltd 
P.ri. Box IBS Hamilton, Bermuda. 

BoKrexs Equity !23k 2441 

BunrcM Income [1 47 204) 

Prices at May 12. Next sub. day 

Capital Inlejnatiooa] S.A. 

77 rue Notrc-Dame, Luxembourg. 


US lH-llar Fund ...I 
Sterling Fund ] 


5USB5 89 
£123.77 


' [ 1.94 

.. J 5. 85 

» July lu. 


Capitol InL Fund-. | SUS1728 
Charterhouse Japhet 
1 . Paternoster Row. EUt. 

IDlDltS 
DSMJB 52 


1 » - 


Quest Fund Mngmnt. (Jersey! Lid. 
fii. Box 1M.M Holier, Jersey. 0KK 27441 
Quest SlIgFxdlnll £1 

Quest InU Sees — .[ SCSI 

Quest (nil hd. .. I SUS1 

Prices at Judv 38. Meal dealing . 


ig Jtiy 5 


01-2483889 


Richmond Life Ass. Lid 

48. Athol Street. t»OJgl Jr.LO.M. 


Adlropa .... 
■Adiserba. 


Fondak 

FOndix . 

Emperor Fund. 



DSG21BV 31 
DU21M 22 

m«.9i 1 

Ktspaoo -PUSH 72 4172! 

Clive Investments (Jersey) Ltd 
P.O. Box 320. St Helier. Jersey. 083437381. 
Clive Gift Fd.tC.I.l .110 03 1 DOS-DM 11.00 
Clive Gilt Fd.ijQ.- i.tlO 01 10.IS|-0.02| 1LM 

Cornhili Ins. (Guernsey) LUL 

P.O. Bn* 1S7. SL Peter Pori. Guernsey 
(Mai. Man. Kd [264.0 1783) -43) — 

Delta Group 

P.O. Box 3012. Nassau. Bahamas. 

Delta] nv June 26... ,|S1.79 LSI] 1 — 

Dentscher lovestmenL-Trnst 
PMtfach 2685 Biebergaasc 8-10 8000 Frankfurt. 

Concentn |D«H68 289M+BJ0I — 

MLjlenienfondt... |PMH3» Tliaj — I — 

Dreyfus Intercontinental Inv. Fd. 
P.Ol Boa N37J2. Nassau. Bahamas. 

.VAV June 20 IRISH *1 BJJ) — 

Emson & Dudley Tsi.MgLJrsy.Ltd. 
P.O Box 73. St Helier. Jersey. 05342(001 

E-DXC.T _...|U7.8 125.4|-24) 300 

F. & C. Mgmt. Ltd. Inv. Advisers 
1-2. Laurence pountney Hill. EC4R OB.V. 

01423 48B0 

CenLFdJuneSl — | SUS534 | | — 

Fidelity MgmL & Res. (Bdo.) Ud 
P.O. Box 870. Hamilton. Bermuda. 

Fidelity Am. Ass ._ | 5US34.96 I-0J3I — 

Fidelity Int. Fund.. 5US21.25 ...... — 

Fidelity Par. P«L..J SUS4733 .....J — 

Fidelity Wrld Fd— | 5US1420 | T| — 


xtThe SiUerTnist 
Richmond Bond 97 
Do. Platinum Bd . . 
r>0. Gold Bd 


UO.O 
172 2 
1245 
1D7 4 


22014 
U27J+0J - 

UlJoU +11 10 92 
UlS +0 4 _ 
1131+0.1 -. 

1773 +0.5 11.55 


Do. Em. 07. 02 Bd [168 4 

2.80 Rothschild Asset Management fC.I.I 

P O.Box SB. .SL Julians CL Guernsey. 0481 DGCll 
O.Cfiq.Fr May 30. 

O.C.lnc Fd June!. 

O.CtntLFdt.. .. - 

n.CSmCoFdMyai.- 

O C.Cnmmodlly* _ 

V U. Dir Uotadty T- 


55.2 

ssr 


277 

1471 

155 9c 


7.51 

51.28 

13 


123 

1463 

155 1 


325 

1343 

142 6 

. 

4.52 

S2bU 

27 77 


0.72 


■PHce on Jnne 14 Next dealing June lid. 
t Prices on June 21. Next dealing July 7. 


Royal Trust (Cl) Fd MgL Ltd 
P.O.Box IM. Royal TsL Hse.. Jersey. 053427441 

RT. Inti. Pd HIT5U5 57« J 3 00 

K.T. tol l. iJsy pFd.pt 98} ( 3.21 

Prices al June 15. Next dealing 


II 

g July 14 

Save & Prosper International 


Dealing lo: 

37 broad SI- SL Helier, Jersey 


0534-20591 


t'B. Dollar-denoeiinaled Funds 

Dir. Fxd. InL" .(? 17 9 73id-0.02 739 

Internal Gr.'t 7.01 7 S 73 1 

Far Eastern*!. 42 68 461 

North American ’I 3 72 4 05 

Sepro-t. [13.97 35 l27 

Sterling dennriiniled Funds 
Channel Capitol*.. 0273 239. 2f 

Channel Islands* ..[142 A 150 2| 

Conun nd — _ . . _..123-1 129.1 
St Fixed-*'.. .. 1 111.4 117.! 

Prices ftn ‘June 28 —June tot. •“•June . 
t Week I* Dealings. 



Schlesinger International Mngt. Us. 
4 1. La Mode SL. St. Helier, Jersey. 0634 TjfM. 

' ' 8 73 

511 
12i8 
343 


t_.[ BS l+DJil — 

ns- -f £17.12x1 1-054] _ 


lnil. Fd Jersey. 

total Fd ljunbnt. - 
■Far East Fund 


S-VJJ 

Fidelity MgmL Research (Jersey) Ltd gIu w? “I””! _|22 2 
Waterloo Hse^ Don SL, SL Heller, Jersey. 

0534 27581 

Series A (lntni. 1 1 0.73 

Series R (Pacific)-. I HJO 
Series D (Am.An.if £17.120 
First Viking Commodity Trusts 
8. St. Georse'sSL. Douglas. l.oJI. 

0S24 4082. Ldn. AJtte. Dunbar ft CO- Ltd. 

SX Poll Mall. London SW175JB 


78 

831 

*i 

SO 83 

0331 

+ 001 

222 

22? 


102 

107 


SI 0.52 

nos 

*0.0.5 

95 

lOfi 



305 


’Next sub. day July 5. 

Schroder Lire Group 
Enlerpriw House. Portsmouth. 070527733 
tolcruliwil Funds 


FsLVlk.Cm.1VL „ Qf.0 48.8) -....[ 

F*t.Vk.DbLOp.Tkt_|rajl 79.M 1 

Fleming Japan Fund SA. 

37. me Notre- Dune, Luxembourg 
FI mg. June 21 | SUS52.42 |+2b0) 

Free World Fond Ltd 
Butterfield Bldg. Hamilton. Bermuda. 
NAV May 31 1 SCSI 79 .25 | .) 

G.T. Management Ltd. 


*»«ssas-_ 


220 
1 B0 


EFlxod interest 


017 5 
126 0 
1355 


5 Fixed interest [104B 


IManaged. 


SMaomted 11152 


129.0 


125 Oj —151 — 

134.0 — 

1441 -0.6 — 
1LL4 . .. — 

1372 -1.5 — 
1225 — 


J. Benry Schroder Wagg & Co. Ltd 
130 Cbrapdde.E.L'2. Ol-ttg-tuOa 


Chap 5 June 37. __ 
Trajslgar May 31 — 
Asian Kd June 23—. 
Darling Fnd 


JUSU 47 
SUS11941 , 
1T517I9 187?) 

5A123 1.94 

J31| 


+ DtCi 


253 


293 

530 

D.14 


Park Use.. 10 Finsbury Cirrus. London EC2. Japan Fd. June IS r.BV'S634 
Tel: 01428 813 L TUt 888100 

London Ageote lor: , Sentry Assurance International Ltd 

■B’Llniu. — I5US839 9W [ JW P.O. Box 33G, Hamilton 5. Bermuda 

, - 7 * 1 1 Managed Fowl --ISUSUW) UW) 1 — 

aS Singer & Friedlander Ldn. Agents 
188 20.CannonSL.ECt. 01-Z4GJ»4G 

3.68 Pckafonds |DB2543 S6M+82M 634 

1« Tokyo Tri. Juno 2 | 5US35.00 | | 1.77 

0 70 Stronghold Management Limited 

112 P.O.Box 315. SL Helier. Jersio'. . 0534-7 14C0 


Anchor'S* Unlu UUSIJ9 

.Anchor Gill Edge .. 3.72 
Anchor J bi Fd.. ._ JDS4J5 461 
Anchor In. Jsy. Tat. 262 28.fi 

Berry Par Fd. 5US4525 , 

Berry P«c S4rig. 275-00 288 0&I 

G T. Asia Fd. IHIin lid 

G.T. Asia Sterling — 03.67 14 71f 

G.T. Bond Fond SUS13.06 

C.T. Dollar Fd 5U57.P9 

G.T-PacMcFd., 5US13.95 


+00U 


OJS) 


Gartamre Invest. Ltd. Ldn. Agts. 


Commodity Tnut— (9222 9724) J — 

SKrattftffU.hff* 131 " SnriDv “ l (*» 

1503 Hotcblsan Hat 10 Hareoun Rd. HJsone Queen* Hac. Don. Bd.SLHeUer.Jay 053427340 

HXftPar. U. TsL... .1100151 3 OH [ 230 American tod.TkL_U0.21 837/ +0 05/ — 

Japan Fd.._ _WS13JSS M« J 850 Copper Trust ElOSS 31101-00? _ 

N. American ii pUSU -lt 1LIVW ....J 15 Jap. Index TsL [Q205 1250[+0<12| — 

Sr 570 TSB Unit Trust Managers IC.I.I Ltd 

P.O. BOX XL Douglas. loM. 0824 2381 1 Bagatelle Rd.. SL Saviour, J*rM?y. 0W4 73481 

Garftnore InW. luc iaj 22.7] .. ...I 18.98 Jersey Fond -1462 48 61 -1.01 fi 94 

(lurtmore Ina Gnh}65.1 693) ....[ 4.0 Cuenuey Fund . . . H62 48 6[ -1.0) 4 M 

Bftmbro Pacific Fend Mgmt. Ltd. Pv,re * m Jon * «■ Next t uu. day July v 
situ. Connaught Centre, Hong Kong Tokyo Pacific Holdings N.V. 

Far Eul June 21 — l^*9j I — Intimif MafiBCetneat Co. N.V . t'aracao, 

Japan Fund __ — \U1S141 7£l| [ — NAV per xhare June 28 SVJS56 l'WL 

H ombre FotSTSSl (^L) Lid. Tokyo Pacific Hldgs. (Seaboard) N.V. 

P.O. Box86. Guernsey 04SI-»S2I ,Hl, » 


C.l. Fund 


[148.0 


14911 

108311 


378 


NAV per share June as SU Sal-19, 

| m Tyndall Group 

P.O. Box LESS Ham/Kon 5. Bermuda. ZS79B 


250 
8.5 0 


1U( | 6.01 

m 1 - 


Intel. Bond SUSQ6S06 

InL Equity SUSjl0.62 10.99 

InL Svgs -A 1 JllSttt LBS 
laL Sx-cs -B- SUS[1.87 LIW . __ 

Price* on June 29. Next dealing July 5. 

Henderson Baring Fund Mgrs. Ltd 

P.O. Box N4733, Naaaau. Bahamas 

Japan Fd .jmSUJl 1UI) ) — 

Price* on June 21. Next dealing date June 28. 

HIU -Samuel St Co. (Guernsey) Ltd. 

8 LeFebvre SL, Peter Port Guernsey. C.l. 

GneraotyTii )1452 1553) +0 5) 356 

BUI Samuel Overseas Fond SA 

37. Rue No tre- Dame. Luxembourg 

IJT15U5* 1U*|-0D2J — 

International Pacific Inv. Mngt. Kid. Utd. InlnL Mngmnt. (C.l.) Ltd. 


230 •TvefxcnsJuneaj^KVSUB 

lACrum. Unlit' Kl’SLSf 

3-Way Int June 22-[jV2tl5 
2 New SL. SL Etelkr. Jersey 
TOFSL June22 „ .117.70 

i.Aerum. Sharrai K1L90 

American June 22 ..[825 
(Acrumsharest 182 5 


0KM37UIC 


600 

Too 


825 
1258 
88.0 
88.0 

Non J. Acr UU • . [2735 240 4 

Gill h'und June Cl. .[106.0 1080 U 
lAccum Shares) _ [137 8 139 6a 

Victory Hoiier. bondas. Isle of Han. 082424! (I. 
Managed June 22-. .1129.4 136.4) . ...] — 


7.62 

iTn 


PO Box R237, 96. Pin SL Sydney. AuoL 

Javelin Equity Tst I3A2.07 2.181 | — 

JJE.T. Managers (Jersey) Ltd 
PO Box 194. Royal TsL Hse.. Jertey<B34 27441 

Jeraey Extrnl Tst.-jl63.il 173.0) | — 

A a at May si. Next sub. day June 30. 
Jordine Fleming ft Co. Ltd. 

48U> Floor. Connaught Centre. Hong Kong 
JardlneECte.TcL.-| 5HK2S436 [ . .. I 250 

JardlwrJ'pn-Fd.*- 5HK33115 | | 100 

JtrdineSELA. [ SUS1624- 

Jardtne nem.loL—1 5HK9.78 I .. J - 

NAV June 15. 'Equivalent Sl'STl.M. 
Next sub June 30. 

Keyselex Mngt, Jersey Ltd. 


190 


14. Mulcnxler Street. Si Heller. Jersey. 

U 1 B. Fund ftl-SWJt Ultt| . ...| 8.16 

United States Tst. IntL Adv. Co. 

I-L Rue Aldrinyer. Luxembourg. 

V S TsL lm. Fnd ...| SUS10J2 J+0 M[ 0.97 
Net asset June 27 

S. G. Warburg & Co. Ltd. 

30. tJrethamStfVet. ECZL 
Cm Ad Fd Juim» 27. 1 SUS957 
Engy. InL June 27— | SL'fil7.09d 
Gr SLlFd. Mn>'3| . I SUS7.09 I 
Mr Eur.Junr-1 ._ [U'SIOJS 10461 

Warburg Invest. Mngt. Jrsy. Ltd. 

I. Charinx Uro*-'-. SI Helier. Jsj- Cf 053473741 


Of^WJ553 
-0 07| — 


I+0.D7I 


PO Box B8.5L Heller. Jersey . lEiic 015067(770) r|Jy ud. May / ' |tl25B 12TO 


Fonselex. 


Bondnelex fFrilUB 


Keywlei lni'L_ 

Krywlcx Europe . 
Japan Gth Ftmd . 
Keyselox Japan ... . 
Cent. Aasets Cap 


IFnlMB 


15M 
la ... . 
7.4S+BJ4 


K tti 
a tr XL 

t uv? 
1334.00 


3.70 


12.4 fl 
ltH 
10.96) 


2-90 MeteNTsL Juneifi.) 1 
TMT Junes..... _ 

TOTUd June8„. 

World Wide Growth Management# 

JUa. Boulesard Riyal. Luxcmbourc. 
Worldwide cut Kd| SUS14 79 1-0.09) — 


NOTES 


Prices do not Include S premium, except where indicated +. and are I n pence unless nthenct-e 
' ‘ ilui 


Indicated. Yields % (shown in last column i allow for all buying expenses, a littered prices 
Delude all expenses, fa Today's price*, c Yield based on offer price, d EsLimnled. 4 T c-day's 
freer ~ - 


openini! price, fa Distribution t 


of U.K. lates p periodic premium insurance plan'.. « Klnclc 

— J — -ii — —ntes except agenl's cnnunissiro . 

. ... . r _. _ mauacerc x Previous day's price. 

♦ Net of tax on realised capital fains unless indicated by ft 4 Guernsey cross. 9 Suspended. 
4 Yield before Jersey tav. t Ex-eubdiviaion. 


8.06 

2.96 

5.25 


2.44 


Deal in c+ u> 0264 88432a 


Friends’ Provdt. Unit Tr. Mgrs.? 
rixhna End. Dorkinc it3t«5n55 

Fneuds fTpv b'l«. [455 44.1| +05j <36 

Do. Accum.. -. [53.3 56.9[ +0 b| 436 

G.T. Unit Managers Ltd.? 

JU* OlJIJSSlSt 

i.T Cap. Iriv— 

DO. Arc .. .. 

T. Inc KU Un. 

T G S A >7en . . 

:.T.Jap.inft>orn. _ 

Ut 1'ens.Kv Fd 
T. lnil. Fund-.... 

(IT Kunr Yd«K<L. 


798 

84 S 


3 5fl 

957 

ioi a 


3 50 

154 7 

164 8 



7 30 

1431 

1S1 1 


310 

1079 

3241 


no 

1329 

P?5 



4.00 

1217 

129 4. 


2 00 

54 i 

57.6 

— 

7.20 


67 7, +0 31 SKSSSC" 

.NcKtur II, Kh Inc .. |§ o 51 j} . I 830 5SJSS!" ’ M 9 

For New twirl Fund MuwRers Lid. tsr S cottish M3 

see Rothsehifd .Ltsel MsaaRemeDt it.* Do Accum. — JB71 
Norwich Union liunrance Group <b> ulster Bank? (a) 

I'M fto» A Vi-nxirh. 6|RI 3NII ixrtt 223*1 W.nrtnr Stre+L Bel/a+l. 
■..■uupTM.hr 1338 1 35S 91+1.71 520 ,b<UIU«rGroflUi- P62 

Pearl Trust Managers Lid. laKguz) 

5U llivh Moll-1'71. W'.1V7£B 


473 +05 
,59.6 + 05, 
6124 +0.« 
635 +0 4 
865 +0.4] 
92.7 +0.4 


3.90 

3.W 

756 

756 

259 

2.B9 


(123235331 
38 91+02] 5.43 


I'e^rl ■ lr.,vih. Fd 
,1'rjm I mi- . . 
Pearl In'- . 

Po.irJ fun TM 
i tecum. L'P'I* • 


014058441 


I'nit Trust Account & Mgmt. Ltd. 



King William Si EF4 R BAR 


k A. Trust uKgi 
pivlr igh Rd.. Brcnluuod 
ft.N.— J3I3 


|gj Friar. 

4 Wielet 
S 2 S Du Atc+m. 

52 Wjeler Growth Fnnd 


r.INc Fund 1153 D 16Z D| .. . 

i-riirtfi.Fnif.-p91 . 30M I 

itcum.-. P3 8 35 6| 


0J 523 4951 
481 
4J9 
439 


Pelican t oils Admin. JUd. igiixi Kmc William St. EC4R9AR 

HL'TTiZJTbm «l fr.unt.iir..'l.M;inrhe S y.- 061ZK55BT. Income Unite |Z9.1 

SJ.4a?+05[ 4.5/ fchoia 8/J) -54| 52# A+tbBl I'nit* ., /»-* 


D1 523 4951 
30 7] ..„.[ 439 
35.4) J 4J9 


CLIVE INV’ESTMENTS LIMITED 
Royal Exchange Ave.. London EC3V 3LU. Tel.: 01-2S3 1101. 
Index Guide as at 2Ath June, 1978 (Base 100 at 14.1.77) 

Clive Fixed Interest Capital 128.91 

Clive Fixed Interest Income 114.9ft 


CORAL INDEX: Close 452-457 


INSURANCE BASE RATES 

Properly Growth 9J % 

Vanbruyh Guaranteed 9.37 'ft 

Address shown under Insurance and Property Rut? Tah.'i . 



i 






■ . -. 8 . 

f.T. ^ 


I 

E 

T 


( 


N1 

fe* 

ou 

on 

ro 

EJ 

in 

pu 

br 

ra 

re 

m 

Si 

e\ 

b» 

P> 

al 

si 

P 

SI 

tf 

if 

U 

cc 

ir 

P 

tv 


38 



F^WAPKTHYOOT 




for nuraeritssJSy controfled machines. 

Y.'adtin Mcihire Tool-.. VVcnJock Woy.lciceiict LEi < HU. 


_ _ .__...WtrlockWoy. 

Telephone- 0533- ?i^Sril.Tale*:3 J Il61' 



FeOfir, 


44;'ffiei 


m 


BONDS & RAILS— ’Cont. 


BANKS & KF— Continued 


CHEMICALS, PLASTICS— Cont. ENGINEEKING-CO^nin^ 


SB 

91 

75 

67 

60 

Sr 


S99 S94l,[TunnS3Cl9?l 

DM9lj DM 8l[T una fi'jpc JSH— 


**BRITISH FUNDS 


i«:s 

Hiji Lets 


Slack 


- iH YirU 
_ ] lot j Red. 


OQt. 

i'05% 


304’ ; 
**■; 
103- 
102'i 
9-.1- 

%-2 

■ 110 % 

106* t 

lodi 

ST 1 ,; 

97.-. 

• Ill' 

8b% 

llr’. 

%*4 

Vb- 

300'. 

°4»i 

R41« 

li-*'. 


100!,. 

13 

8<S : ; 

87% 

S’ - -** 

6V; 

755, 

Us*. 

?9> 

lOt-, 

73% 

n:f, 

96% 

113 

110 % 

•72*. 

370', 

326", 

114*3 

lo’l 

51": 

05 

334? : 

?0«- 

i:ir. 

I17v 

50 

US*. 

96'- 

as% 

"2*4 

Hr’, 

Op*, 
biiu 
• 96*4 
4. 1 '. 

8Cl 

58% 

7«v; 

4fa 


r 

39*4 

IBS 

5 4 


••Shorts*' (Lives up to Five Years) 

.Wi li>»* ,2fl I ", lif I 


,53% 

U'lj! 

94-4 

<KL 

WV 

•flii 

a (?-4 

97% 

S; 

“5‘; 

°1 T -. 

04ij 

£5% 

95*4 

10:5; 

Cl’ - 

B?*: 


i'j.i: 5re — . 
Trevcn-IC’D! 79“ — 
TKiSur.ape'TPt; — 
4 ! 4pc 7 1-79 ... 
Tr< j-ur* lb'jyTP^. . 
Ek*inc3*;pe Tri-70 ... 
TfC3..LP ?|K ... 

Tie.i mr. P%ni _ 

Ti-f.vi]r> I'l.pe K-*0. 

Ftpoirr-'a^pc 7S-602 
t-.ehequ»r ISpr 
F'f.'.'jr;' Hvpt 198ilt. 
rpMSmi 3vfc 1979-31.. 

ftr.-j- nr\ b-'ipc I9SI1T-. 
.. ,-h s*iprl»l 

f.M.h.O ’O. ISf.l 

IE... h ip. 1931 

T»r.Variibl«'S1jf— 
;E\,-*i. ffpcHau: — 
Trra* Kl.pe'W'-Rl^ — 

Irnw-ur ?pc 


95": 

92U 
94*. m 
S6 

95 J , 

302*4 

91A«H 

83% 

J ta 

"AS 

91% 

89" al 

■ 74% 

100*4. 

Five to Fifteen Years 


lCft^lTreisiirrMpcUST — 
°4V" " “ 


. . Ifrvi*. i anable KK— 

54 “ rTriM'Ur. 

Ol-:'- ' " 

OIL. 

80,1 


E-(li.?'inel982 

F.r'i.?!.p( IMEA 

E-.. b ftp*- IM-'i 

. jE’.-hlpe 8T. — — 
ICO'jpre.'fur; IJpr ISW** 


101 A 

95% 

95>3 

We 

95-j 

%:i 

97's 

93 

93*4 

103'j 


-*« 


Tre.nuryS-jP'. ‘SC 
I," r«>r< 

Ku'nlinc 5'.p. 

TrrJ'Br- 8*:P< «-»»». 
V urilints^P’.- "BiSTw.. 
Tn-j ur- "ype ‘H5-6BtJ . 
IrSKjpi'r! P.pe "8-88 — 

Tre.uiirr.ipf 86.39 ... 
Trti’ur. IJpe 1^- 
TreJ'urrSLaTWli 
Tre.v.iir MjpclSHl _ 
Fur.1inc.Vjpr 37 31“. 
93ii Tr’.-iriir. lA,w 

Treiiurv lupf 19K 

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O.-er Fifteen Years 


Ob's Trra'lin 12 *;pi -1 W“ — 
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104*. Trasuo !£iipr I993S; 
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Treasury 2*jpc — — 


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^INTERNATIONAL BANK 

as Jfi:*; |5pc Slocfc TT-82 1 84 5.95 | 

**COEPORATION LOANS 


9.79 


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8.46 

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13.00 

13.01 
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1330 
13.15t 
1330 
13.70 


FOREIGN BONDS & RAILS 


9B 

415 

54 

51 

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9TS 

Lae 

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Price 

£ 

4- or (Die. 'll 
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17 


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35 

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U.S. S iSc Dif prices exclude icv. S premium 


AMERICANS 


1978 

flfch L«w 


17 L 
60’; 

31 

32 
33*; 
13»t 
29*4 
19*4 
32% 
25’’ 
11% 
13*2 
65 
48 
42*[ 
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14 
25 

18*4 

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4bl; 

32*; 

26*’ 

40 
12*4 
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44% 
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48 
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52% 
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28 
32 

41 *g 

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Si 

30% 
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36% 

33% 

27% 

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975p 

22 

40 

a 

46 

975p 

14 

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Sj 

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14%* 

37% 

21% 

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795j 


1?% 

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22 

21*4 

11 

9b9p 

18% 

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B 

625p 

857p 

417, 

30% 

28% 

32*4 

177 a 

763p 

13* 

733p 

14*8 

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20% 

20% 

22 

17% 

28% 

670p 

11% 

20*4 

2b% 

16*, 

29% 

15% 

28 

750p 

735p 

705p 

18 

20 

Z & H 

Hi 

15* S 
16% 
11 
14% 
255p 
18% 
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22% 
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505a 
16% 
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865p 
21% 
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287, 
38 5p 
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Slock 

ASA 

AMF 5‘o Con, .ST... 

A Hus 51 

Amend r Express. 
Amer Medic. lot— 
Uareofni.... — 
6Jlvr/;al 1 . 0:0 51 . 
Bam«<»Irp.SiCi — 
E*ndj.< Con* 55 — 
Belh. iS - - 
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BurreuEhiCorp.Jj 
:BS 52.50 


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(Texaco 

[Time Inc. 

iTmiua men rail 

UKLTech Sl : S5_. 
U.S. Steal 51 . — 
Woolwonhs S3*;_ 

iXeroxCorp.SL 

l.xonicslnr. 10c — 
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List Premium 49% < >r based on USSUtoAS 
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CANADIANS 


M P 

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101 
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BUILDING INDUSTRY, TIMBER 
AND ROADS 


BANKS AND HIRE PURCHASE 


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Hifdi Law 


300 
293 
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FINANCIAL TIMES 

BRACKEN: HOUSE, 10, CANNON STREET. LONDON EC4P 4BY 
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SUBSCRIPTIONS 

Ccoies obtainable from newsasenU: and bookstalls worldwide or *n regular subscription from 
Subscription Department, Financial Tunes, London. 


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75 


b0% 

'31% 

57 

44 

394 

2J-'t 

325 

a2J 


llor.rn: *4 k. 


P-ijtr.Vj. L*S! 50 
Hli.dcr Nvjt.CJ 
£r»nt I Op 


600 
ob 

'253 

S4 
61 
on 

£40% 

123 
134 
19 

45 
20% 

27' 

44 

£69 K :>T'/= LI* 
£90 
|£90% 

64 
59 
57 
19% 

45% 

16 

46 
36 

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1M» 

15o 
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L*«."A'SV__ 
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£10% 








180 


ft4.61 

33 

3.9 

265 




8.0 

86 


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ft 

ili 

79 


iMhlH 

4.4 

2.9 

67 

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d4 16 

Z4 

9.4 

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14 

2.8 

236 

-8 


1.9 

7.7 

187 


M302 

6fl 

2.5 

20 


±1.2 

5b 

t 

54 a 


IM3J 

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5.8 

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092 

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U-3 

32 

-1 

092 

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44 

45 


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<?7>4 

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18 2 

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ft 

19.1 

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-11 

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ft 

193 

67 


7B 

ft 

63 

66 


?V. 

3.8 

5.j 

65 


232 

3.8 

54 

23 


0 67 

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4.4 

49 

-1 

219 

3.1 

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2b 

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11 

i.h 

43 

-1 

4 51 

1.0 

14.2 

33 


0.6b 

ft 

2.6 

358 

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54 

22 


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37 

2 2 

190 


th 3 J6 

77 

22 

492 

+3 

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13.4 


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7.1 

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5 21 

23 S : 

10.1 

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13: 

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8 


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75 

7.4 

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5. 1 

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♦ 

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138* 

5.7 


28 

42 

62 

91 

£22% 

72 

140 

48 

55 

190 

108 

1?% 

162 

SO 


Stock | 

lKP.OMFl.n-_ 

D-y.-TaPt.il— 

Ir.'. Pa'r.t 

Lipv.'*ctTi-..iiip- 

Norefdl.Kf.ofl_ 

Ht«u inb. 

Rdnwm s'm. lOp 
Rer.ioltl lOp — 

Ewit« 

S:C*. A? isd £t_ 
S(4*rart Plasl:i-;- 

WariieiB«r.‘li l p 
tVoidenholme.— 
Yorks Chemi — 


Dir Jld . 
Vi Ctr Gr s EJE 


16 52 
35 
Zx9 
6.77 
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dU8 

72.79 
L6I 
h3.34 

,120 

ftd?,81 

ff* 


2,8! 6 Sj 7.4 


IJTIt 

Bijli Loi 

1142 


1.5 9J 

13 3.7 
6 2.7 
75 2 2 

2.6 <3 

22 7.7 
2J SJ 
55 3 3 
3.0 7.4 . 

2.8 9.2 A6f 
35 55 7.4 . 
L6 7.4 1L3 19 


CINEMAS, theatres and tv 

_ " fj 

25l 63l -?J 


69 

98 

32 

55 

18% 

108 

106 

72 

52 

45 

52 

ZJ% 


ArslisTC“A"_- 

l Af5.Telc.* , A ,, - r 

fc.-unipisn'A'Wp 
Greer. Group lOp 
H'w rd Krrf20p. 

HTV3S.-V 

L ET A. 

RftlJTVPref.il- 

SCOlt. TV '"A’ lOp 
[TnutTVA'ilJp. 
,l : lsicrT\ -,, A"_ 
Vesdnni ri'llh.. 


[23o 6.0| 


l’J 72.33 1 18j MU 


‘3.93 

|tL65 


25 91, 
2J 3.0 


io| 


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DRAPERY AND STORES 


278 

41 

40 

40 

37 

33 
7> 

118 

34 

B 1 

W 

226 

?6 

142 

130 

35 
45 

19b 

101 

96 

14% 

105 

217 

23 

no 

59 

176 

27 
13b 

38 
19 
IS 
50% 

30 
157 
119 
32b 

40 

70 

12 

146 

316 

312 

50 

37 

36 
20% 
200 

87 

23 

bb 

178 

152 

66 

21 

54 

I4B 

169 

166 

bO 

102 

19 
160 
258 
165 

U 

93 
200 
109% 

88 
26 
45 

47 

S? 

% 

31 

92 

20 
19 

17 

18 
m 

28 
14% 
168 
134 
180 

18 

29 

150 

98 

34 

132 

48 
100 

96 

94 
104 

28*2 

24 
73 
72 


All wd Retail LOp 
Amber Day 10p_ 
Aquascntumop- 
Do *A 5p_ — 
AudiatromcUlp- 
18% iBater's Sin. Hip. 


173 

33 

33 

33 

19 


31% 

84 

25 

13 

12 

10 


'Banters Sreres ICd_ 1 
Seattle ‘ J •'.V. 
BenlallslOp — 
.Bltrc: trntt. Kip.. 
Boardman Ktlop 
BolicnTect op- 


47 (Errancr— 1 


173 

30 

1103 

99 

28 

3b 

150 

73 

75 

84 

lb2 

14 
84 
40% 

{128 

H3b 

Hf 

35 
40’’ 
, 22% 
120 
61 
244 
32 
62 
10 
109 

26 

24 

15 
155 

63 

18% 

54 

100 

120 

51 
10 
35% 
102 
119 
119 

52 
54 
13 
135 


8 

77 

'146 

90*j 

68 

20 

S* 

¥1 

1. 

30 

64 

13 

H 

9 

9 

1257 

21 

9 

138 

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. 22 
1105 
82 
24 
108 


+2 


BnuUane Sti; _ 
BrovniN'Jliip..- 
Burton Urp o0p.. 
Do ‘A SV»p.- 
CanLors A20p_ 
.'ajkriiS ilOp — 

Church 

Comb. Ena 12 %p. 

Cape Sports 11^. 

Comal I Dress op. 

Courts ‘X 

Cun>5 

Cuslomagic J0p_ 

Debenhams 

Dew tint lOp — 
iDuors Photo lOp 
EULsfrGold5p_ 
iEmpire3tOKS_ 
(ExecatexSOp — 
jFairdaieTezLSp 

Do.'.V5p 

Fine An Dei-t. 5p 

Fbrdihl'tiflildp. 

Fonmniterlflp- 

FonerBros— 
Freemans iLoti. 
CieiieriAJ.iSlp.. 

Goldberg A 

Goodman Br.jp. 
Grattan Ware. 

GLl’nirerjal 

Do.'A'Ord 

Gre.MiUettslOp. 

Hard-.-iFurai 

IMl'.YNY. 
Helene Lon. lflp. 
lDo.l2pcCai.Prf. 

Henderson K.3>p . 

lilcnriques A inp. 
Hepntrtb'J 'lOp- 
Home Llwrm iOp 
House o[ Fraser- 
House of Loro ic. 
KroitMili lflp — 
lLadies Pnde20p 

Lee Cooper 

Liharty — 

[Do Non vif.0rd.. 
iLineroltK 10p_. 
IXFlFarniturelOp 
iMaple IOp. 

Morta 4 Spencer 

Marun News 

MenaesiJ.i_._- 
tMichaeliJ'lto— 
■Mil Educav . . , 

'Motfaercare IOjL 

NSSNews 10p- 
Ihren Owen — 
Farad isefBilOp- 
FawsontWJ.) — 
Prim Stores IOp 
PoiiyPwklOp— 
Preedy i Alfred;- 
RamwTesL5p_ 


d8.71 1 

tdl.95 

1J3 

L53 

;5.3 

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hl.53 f 

232 

L13 

1.04 

0.93 

032 

3E2 

6 21 , 

dUS| 

15 

I 7204 ! 

J3f ; 

12 4 
d0.4B 

tils 

454 


W 

hi 32 
t2.18 
1.90 
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-I 


+1 


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153 , 
,62.02 
bd5.78 
2.85 
5.94 
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& 7S 

t7.43 

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0.2 

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0.67 

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♦212 
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\ZZ\ 1285 52l 5lJl2J 


.beck IOp — 
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Reed Aiislin 'A'_ 
RiduuLD&SilOp. 

:RnseitlSp_ 

|SiU Stores i:%p 
! Ih> 25% Pf IT-jp 
Samuel iHi A' 

SelinrourlSp _■ 
Sherman (S' Wp. 
SraOnW H *. Sup 
Stanler A.G.Op . 
Status DiscL 10p. 
Slcinber? IOp _ 
Sumrie20p— __ 
Time Prods lOp. 

L'DShruup 

Upton i Ei 'A'— 
Vanlona 20p 


r7 


1-2 


1-2 


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h038 

t3.03 

L59 

2.86 

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L22 

220 . 
h?.88. 
d4.D6 i 
d0.87[ 
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1.68 
5.10 
225 
5.15 


For Vernon Fashion see Bambcrs 


521 


2.9 


25 6.9 
35 2.9 
55 3.1 
35 5.6 

“ o79 — , 
45 3.8 8Jj 


■Isl 


SI ,7 


Id 8.9 


4.1 


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7| 5.4 


32 Wades -A"20p_. 
64 Walker (Jas.i — 

62 Do. N.Y 

46 Wallis I0p~_— 
74 WinngtGiUow. 
16 Wearwell 5p — 
19 Wharf Mill lOpT. 
61 WilknsnWaifaUL. 
61 Wodworth___ 



t201 

g212 

£232 

251 

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4 2 6.6 
4.4 6.4 


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9.7llL6| 


125 

7b 

34 

'85 

122 

114 

57 

59 

•76 

27 

79 
150 
110 
133 

26 

21 

160 

515 

500 

18 

16% 

2b% 

30 

20% 

190 

£10W; 

443 

7 

131 

15 

175 

2% 

85 

133 
278 

37 

90 

331 

125 

80 
184 
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93 

1B0 

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£91 

224 

£58*2 

£10 

111 

109 

103 

88 

114 

'54 

97 

55 

295 

740 

50 

41 

39 

134 
392 

67 

125 

105 

19 

135 
276 


112 

223 

116 

93 

272 

163 

£159 

65 

56 

140 

bb 

43 

125 

B>4 

38 

23 

100 

115 


ELECTRICAL AND RADIO 

10 . 1 ! 

15.41 
4.2 


85 


115 

■ 

m 

2.1 

6-J 

57 

Allied Insulators 

71 

+1 

4.13 

2.4 

8.8 

?5 

Audio Fidelity IOp. 

29 


d2.L 

JJ 

tlE 

4? 


7b 

+1 

L32 

3.1 

EE 

99 

Bicruip 

115 

+1 

u-m 

tl 

93 

86 


99 


477 

25 

W£\\ 

49 

Best fr May lflp- 

55 

...*_. 

t2.74 

2.9 


«*’ 


48% 


L62 

4.1 

5.1l 

65 

Urocks lop- — — 

74 

-2 




20 


24 


1.31 

IS 

ES 

1319 


HH 

-1 

U.3 

14 6 

7.4 

178 

Campbell bnvrd. 

130 




EE 

94 

njendeCrp 

103nl 


5.14 

n*.7 

7.6 

99 

bmetB Serv.Sp_ 

126 id 

+3 

Itull^l 

4.6 

2-fll 

17 

I'rafEI'litHiielBp- 

2b 



2J 

m 

15 

Crellon IOp 

16 

+ 1? 


— 

- 

128 

[tale QecL Jdp — 

152 

4-2 

&./2 

4.1 

2-7, 

39U 


410 

-20 

|jlihl 

31 


FT* 

Do.'.V—. 

395 

-23 


3.1 

Ft] 

1 14% 

Dcmiron lflp. — 
DewhuRl'A iUp 

16% 



bJS 

B-jl 

EEBj 

13% 


0.83 

1.2 

Eft] 

ElU 

loading A M.5p. 

26% 

+% 

liW'H 

2.1 

6.Z 

19 

nreamland 10p_ 

28 

-1 

hl.27 

12 

13d 

14% 

Jufailicr 5p 

19 



IV 

79 

am 

EMI. IOp, 

135 

-2 

9.24 

19 

ll'Ail 

£91 

lx. 81’SConi' 81 

£93 

-3 


Z7.3 

£9.6 

310 

ElNl'rnnps lflp. 

443 

4-13 

ft 

LI 

17 


24 

.. . 

- 


— 


Eire. Kenials IOp 

120 

+ 2 

Brl'l 

ft 

63 

EEDl 

Enenffierti.. lflp. 

15 

+ ‘« 

til 

u 


135 

Eter Ready—.. 

157 

+1 

4 28 

43 

4.1 

186 

i'amellEfee 20 p 

292 

4-4 

6.6 

3b 

iA 

68 

Fidelity Rad IBp 

70 


513 

14 


97 

FormrdTixt 5*>p. 

125 



bb.7 

U 

EE 1 

233 

C£C - 

256 

+4 

t3.6J 

72, 

2.2 

21 

Highland EI.ZOp. 

3/ 




4.4 

H.i 


84 


4 24 

EE 

Ui' 

77 

Kode inL 

117 


4.7 

311 

6-1 

am 


103 


CtEH 

♦A. 

7-4 

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LecRefrlc 

68 


<12.59 

EE 

EE. 

131 

H K. Dretnc 

175 

-5 

65 

* 

5.7 

156 


1/B 

4-3 




67% 

Neronan tnds 

80 

4-1 

■MhB 


9.5 

158 

Newmark Louis- 

178 


fcia'rJ 

tjl 

EiJ 

.39 

Norma ltd El. 51 p. 

43 


2.83 

writ 

MM 

£69 

Perkin-Elmer4iw- 

£83 


Q4 S « 

FuE 

f4 9 

mm 

PM bow Hide lop 

220td 

4-2 

dB.bl 

ft 

5.9 

£.53 

Philips Fin.5*4 , i 

£53 


QSAitii 


[HO 

710 

Philips Lp.FI**™ 

952 

44 

Q17% 

2.0 

4.5 

86 

Pifco Hides. 30j»_ 
noc.vaup — . 

W 


ft.7 

t2.7 

49 

4.5 

85 

as 


45 

48 

87 

PlewrSfip 

93 


541 

ft 

9.(1 

59*’ 

Pn-ssac IOp 

88 


t2.7 

35 

4.7 

85 

!\e Hides 

86 

+1 

3.57 

4.5 

■ - ,y 

196 

Raral Eleclnes... 

248nt 

el 

388 

qfa.2 

E [ 

88 


91 

+*’ 

4 7b 

7.8 

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44 

Rol 2 flc.’.*i 8. lUp 

51 

-1 

1.0 

» ; 

253 

Si hole, 1*1 111 

266 


lb 65 


E i 

456 

SonjCoYS) ... 

650 


EKE 

H 

B l 

33 

Sflund I'ifi’n ift. 

43 


urn 

if 

m : 

33 

Telei'u’inn **p . ... 

38 


11 17 

36 

4.7 

"’3 

[hi W .N Vflp 

37 


tl.17 

36 

4.0 

111 

Tele Rentals — 

130 

4-1 


20 

EE 

51b 

ThnrnEierl 

.318 

+2 

Th6 37 

5.7 

iEl 

52 

Thrpt LW.iupi 

64 



fl.4/ 

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3.5 

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L’nilfeh Hip... 

117 

4-1 

ns? 

Elk 

ESI! 

260 


300 

4-3 

M6.0 


Eli 

86 

Wardfri'iold 

b; 


usm 

It 

7.1 

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\t>lieo|lid?.hp.„ 

211’ 

4-1 

11.13 

12 

IE 

4 ? 

Kcstini:hOD«e — 

46 


2.13 

33 

7.0 

14 

Whitworth El. np 

1.6 



li 

b J 

122 

WhTesalnFt&.31p. 

135 


t4.79 

2.5 

5.4 

146 

WigIaIllH .1 

207 

-1 

N132S 

2.8 

9.9 


6.2] 138 
6JI108 


Stack 

Arm*—.- , 

SatodilT-^. 
Baiief -‘G.K-l-— 1 

Baker Pe.-La^- 
BaO-'ordsKp-— 
Bac.roCniis.-Op- 
BartontSons— 
BMBJwdlOp^- 
Bevan'D.F.’M-- 
BnnidQaalcacL 
Binn^mL 3LM ~ 
58 B'Iuib Pallet JOp 

Blackw’diiMie. 

3ar,ferEat3f*P- 
BobUodWbiWji- 
BrsfcsiaMill lop. 
BrortlswaKeU- 
BrasrtyiOp-— 

B1wuseDi»-l?P 
iAi Bristol Channel . 
76 Britiih Northrop 
Brt. steam 3?p_ 

BrookxTooL-— 
Bnitiwra'dP.jflp-j 
BrfflniiTzwse- 
Brown John £1— 
BttUonri*20p. 
BarfessPrcd — 
Bunerftridfl^y- 
' CaafonfEn^ltt;-: 
Capper-Neitl 

CarrioEcg-u. , 

LiunglU iUOp-] 

Castings IOp 

Cbemruipap, 
ChnstyBros- 
ClapmSwiS 
Clifford iCh’S 
Cohen !A)2flp 
Comp.\ir.-,— 
Conrenlricnip— 
Cook W. Shit 2fe.. 

1 CooperffTilOp-- 
Cooper Inds. lop. 
CornereroltaDp. 
CromteGronp— 
Crown House — 
Cumin ins 78.94 — 

DacksGu»enoii. 
Dartmlhl«ir.5p-( 
Dts.4 Met'AlOp [ 
Daw Ini — 
Delson IOp. 

Della Metal 

Dennis J.H-lBp- 
DentendbOp— _ 

Desoutter 

Downiebrae Jflp. 
DrateiSceS) — 
Ductile Steels. 

Do port ■ .... 
jiHWesi — 

Elliot: iB.) 

Eng. Card CTolh- 
Era industries _ 
Expanded Metal. 
Farmer tS.Wj — 
Finsder Lire 500 
Firth (CM* IOp— 
FIuidnie20p_.- 
FotkesUfon.rSp 
Francis Inds. 


nP-Rad 

fGJ rawed , 

■Iran? es K 1 00 — | 
Greenbankl0pu_| 
Greens Econ.. 

GJLN.£1 , 

Habn Precision 5m 
Haden Corner 
Hall Eng. 50p — 
Rail Matthew. 
HaQite 50p-_ 

Hampsoc 

Hartle Machy.. , 
HawkerSid._ — I 

Hill & Smith 

Hopkjn»ns50p- 
HowardMachr- 
Kowden Group- 
HuniMoscropSp 

LM.L 

JarksnJ&HE5p_ 
leaks kCatteil_ 
lohnsonLFIrtlu 
: Jones Croup lflp. 
fanes Shipman _ 
Lain* Group. 


Price- 1 


1C1T 


3 +2 



, Da ‘AN 
> London^ 

ML. Hoi 
Mangan. 

Mirtonair20p.-| 
McKHmieBros. 

Mewiitap 

MrifccSp , 

Midland !nds.5p.| 
Mining Sup. lflp. 
MitchcilSonUOp 
MoleiMiMp — 

UB Malms 

64 Moss Eng’g 

39 Neepsend 

! 4 NeilliJasiHdgs. 

8 Newman Tonks.. 
28 Norton iW.Liap. 

71 DsbonlSl 

.50 Pegter-Haan!ej'_ ! 
L01 Porter Chad. Mp. 

58 Pratt (F) 

70 PnesUBenl 

:B1% PrncDrllimrSJ-S" 

35 ■ R.C.F. Holding 
11% Raine Eng'g 10 

53% RiLP 

125 R’ufflnesSim.El] 
58 RatcUfleindi. . 

57 RatcliffifG Bl | 

73 Record Ridgtra 
49% R'dmn H’aan 10 

117 Reno Id £1 

55 Richards of Lcic. 
53 RirirtisW«L50p_ 
62 Robinson (Thou 

104 Rotorklflp 

60 Sanderson Eayser. 
17% SaniteG.llflppi. 
21 Senior Ener IOp 

79% Serck 1 

30 Sfaakesp'rci Sp_ 
27*2 SbawFraRi'L-lOp- 

65 SheepbrnJ^e 

198 Simon En;;_. 

69% 600 Group 

a Smith iwh:r jjp. 
110 Spear StJarkson. 
31 Spencer 1 'Ik. 2 Up. 
15 Spencer Gears 5p_ 
122 5pmu-Sam>. 

48 Spoonetlnds | 

64 Siartnle5»p 

114 Staveteylnds.il.) 
98 Sioce-PtaiL. 

87 Sykes 1 Hccryi I 

23 rare IOp 

75 Taylor Ps Ulster. [ 
103*; Tecalemii.. 

55 Tex. Ahroi. lflp „ 
110 Thrown Dm tu _ 
17 Tomkins FH.5p. 
72 Triplex F'dnw_ 
144 Tubelnresii£l. 

60 TorriS 

20% IVzackiW.v iOp 

26 Did. Eng'c IOp 

20*2 Uld.Spnae lup_ 
52 Uld.ikiretiraup. 

160 Vickers £ I 

82 Victor fToducu. 

82 W.C.1. 

109 WadkinSOp. 

110 Wagon Industr'L 
98 WauertC Sc Wjl. 

55 Ward tT.W.i 

38 WarseWn«li:I0p_ 
27 WnrtcliEng .2 r 
27% Weeks .AswlOp 

103 Weir Croup 

42 Wellman Eng'c- 
18 W.BraoSp ’ Um_ 
29% Westland....... 

79 SVrsfa-EriOsSp. 
67 Whessnc 

12 % WhwarWfsn.Sp 

22*! WhrUfhouseiflp. 
21 itlLliamri'Wvf.^. 
52 WIhlc Jr James .. 
83 WolfElecl T 0 ..I 3 

17b Wolsl'y Hu'ici- 
18 Wbwcll FdjMOp 
35 Wood i.Sil'iSp. 
28 WhseRirn 12-jn 
55 jYoiing.-.'to&Y. 




4-1 




+2 


:+2 


+% 


+% 


;i 2 


+1. 


+i 


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i-i 


+2 


+% 


-2 


4-1 


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5.81 

525 

o.a. 

430- 

L76 - 

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7.4 (T 
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4:6 SJ 
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2.2 7.1 9iP?2 - 
7.9 -4J 
. 3i 3.3' 

•63 5.71 
73 :1« 

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82 

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.. 6.7 6,41 
3Ltf 93^7:0 


439- 


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ta7la 87:' _ . , 

96, -75 Kura^L--. 

215 . 162' UaareteBfr— 
M .15 StCbarloHc^; 

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44 -25 XorfdkC 
. 37 ttr *S-' NprthfM:- _ 

, 9.0)16.0 ^ -.25% Princeof Waters 
|103}1L9 39 .: Sh i?oeen'sM9at5p^' 

t saw it* i3sP 

24 6!3 73 % . r 22 ~ BawrlWi.W %4 
390 . |225 :istede^Ua 


_... 83, 

9 103) Sv8 

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6^ 63 
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9.7 43 

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435-4-311 




20.95 | 

2.35 

L28 

222 

Tl.45 

4.69 

9.81 

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5.66 , 

ff 21 


lllb 

132 

10.0 6.7 
L9 95 68 

1103 182 
122 09.® 

■ 44 5.7 

5.0 9.0 
62 82 
8ft. 55 

I1L6 

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BeatwnOart—f 
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9.6 73 
10.7 8.4 
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Bnttains ia 

RR.PTOp.SA2_ 
Brook SLBr, 10 
Brooks WatJOi 
Brown Bor. Kent 
BnmtonstViusL 
BnrroDean— — 
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BanuAnds’niSp^. 
C.H. India, lflp. 


10:21 u 


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103 3.9 
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4.0 * 
73 42 
48 6.4 
23 8.6 
5.6 6.9 

9.0 5.8 
12.7 5.0 
11711911 
-5.6)12.8 


FOOD, GROCERIES, ETC, 


ENGINEERING 

MACHINE TOOLS 


105 

180 

104 

68 

225 

153 

£116 

55 

37 

108 

46 

32 

111 

25 

18*2 

79 

92. 


ACKtohiaeryJ 

A-PV.jflp 

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Do ‘A . 

AdwcslGrnnp 

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[w SpcConr.. 

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AllcnWu 

An»l rn»er 

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\nelrt 5na< 

A<h&Lacr 

Aw British 12%p. 
Awoe Tofilmc— 
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\ururj|Hili — 
AuiuruJameii— 


110 


MB 

2.9 

47 

204 

+1 

5.71 

44 

4? 

110 


2 78 

3.S 

3.1 

83 

+2 

228 

3a 

4.Z 

252 


BM1 

33 

Bl 

153 


Ql 

2.9 

9£ 

£150 

-'2 


253 

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58 

-2 

4 I 3 

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119 

47 

■el 

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9.1 

134 


5.23 

54 

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65ri 

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2.63 

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b.D 

35 



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124 


d6 6A 

2.4 

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2.3 

0,6 

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75 

90 

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38 

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104 

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2.2 

73 


Alpine So:' DI0p„ 
A 'A. Bi-i-uitajp . 
Avs Bat FdaSp 

.Vs. Dairies 

Ass. Fisheries—. 
Arona Group5p. 
Banks iSidneyu,* 
Barker 4 D. Ji>p_ 

BarriAG * 

Barrcw Milliac- 

BassctliGeoi 

Eolleys York lflp 

Bejam IOp 

, Bi6b}iJ.,£r 

1200 1153*; Bishop jSioros_ 
— Do “.V X.Yg_ 

Bluebird Conf._ 
Bnt Sucar50p_ 
Rni \ er.d g lflp. 
Brooke Bund ~_ 

CadliurySrhps-- 

■’^TT s Milling 

t liisord L'aines. 

[tv r.w 

Cullers 20n.__ 

[» 'A'Jup, 

Danish £cn.‘A'£l 
Ea.1*r'^driai‘ip_| 

lta 1 L.law.C 1 bp.. 

EcdlasdU.Ljdp 


+1 

-i* 


db.50 
339 
232 
bO 78 
3.0 
1.09 
ti!3.6 


h2J5 

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td331 
TU.45 
6.60 
dZ39 
d2.59 

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rl fb4.75 
031 
t2.76 
3.04 
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L91 
L91 
432 
432 
664 
♦332 

1.42 


ft, 7.6 
3.6 b.4 
4.0 5.5 
19.4 03 


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1$ 9.0 

“ 0-7[ 
5.9 


6.51 
11 7.7, 


3.9j 93 
120.5] 43 
58]t62) 
9.« 83 
3.3 7 8 
43 4.4 

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4-a 6.5 


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9.6 


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Cdeatton Ind. 5p I 

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Ktrabb»p = 

Clarke (rtemeny 
CcdefRJU.. 
tnWebb—r. 
;’I.Grp.51_!I 
tomLSWim’rWp. 
lCope Allman 5pj 
Copyrid 10p-_ 
Coral Lets. lBp_ 
Cosaft — 

toMfJ.iato_ 
jCrestNicboliflp. 
rrasiw House £L 


toenbrware_^. 
pHOp&BRi:«.91-N 
'DiaaoiufSLftlflp 
DinttaH«l5p_ 
Diploma Invs — 
Dsteon Park IOp. 
Dam HW£s.l0p.. 
Oarer Corp. USS1- 
Dawks SoEl Big 
Dufay Bitam. 10 
Dunbee Com. 10, 
DuTxlonijc20p_ 
Duple InL5p.~... 
Dunpipe 
Dwelt Croup IOp. 

DykeiW.) 

DrwnlJ.t'JJ. 

ECCases lOp .1 

Eastern Prod. tepJ ; ! 
Eibarlnds.MpJ 
HbiefS- 
Eieco M 

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MiottPTi’ni.MpJ 
Eiaon A' Robbing 


m 




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EmturtCorp.il. 


EmlurtCorp. 
EmpissSflfrJB 
Eui&' Oseris Jl, 
Eng. China Clays 
EspertnaiStaL 

Euro Femes 

Erode Ifldss.20p 
E«r George lflp 
Ext&] - 

fa'iriuirnlawson^l 
Peedwlflp 

Fenner U.IU. 
Fereu»nlii(L^_ 
Fertkman 20 p_ 
Findlay (A5.U. 
FlntCasfle Mp..' 

Fitzirtltan.. 

MeielloC.JcW.. 

[Fafiartyf&J 

jFosew tainsep_ 

ISS& 

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te^etner'A'^ 
l*ii b boas Dudley. 

[Cievss Groups. 
|GiUsjmrl0B^_ 
fetasftJWaiUp. 
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lianHdiis.. 
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Jfts&x&frTfctosg Thmftjgr Jane'S* 1078 

INBUSTRIAXS— Continued INSURANCE PROPERTY-Contimied 

L-l Stack I like M lcrlcrtlwElaifu.1 Staek | W* M & |ftrIB!!f«| ■JTta, | ^ | W* M “«i W 


sJ^^I t> J 


__ Tf7S | 
fttk Law] Stack 

-55 34 Hay : N«sasj Mri 

JM 12B BB'sybart'l.Tf 

& ?g 

. 24 20 ftnritt ij 1 5? 

35 RittjatcOji ito. 
H5 52 RfllSMCL 


i-i- 


|t of | Mt i irwl . ir* ( 

Price I — l NrJ ICirlCrslPEl Hijh ia* ‘ Suck 


U5 52 mnifOBS 
38 I 2 8 (RiKHii'U 


67 61 Holden i At -L.. 

73 59 HoSW8nc-___ 

148 119>j HeMJnjdJSvMp. 

390 305 Hanvcr’.V.., 

”59 714 Hort»e5p 

273 122 Hahns* H2Bp 
31 4 25 Huitird Tenet* _ 
235 183 HtmliosAsnv... 
31? 82 Hantienh Nhi _ 

U4 49 HaWiirejopWF,:. 


UTV. TRUSTS— Continued FINANCE, lAND-Continned ] 

l I I” «I i |TT4| IK* ' l I” "I to* ! I T1C| 

x* ' suck I Price j — | S« JOriCrslPT Hi£h Low 1 Stock j Price | — | .%« |i rrltrsl F/E 

22 lErcau^vSC-S'p- 145 [..,_. S.15 1 Cl s 4:25 5 30 <27 GrinsiuxeSPp . 25 J I — - - J - 

’9 J.’irtflariov ..., 93ri +355 10) 5 5;Z5.4 V, 25 .Wire Trial- 29 tLW OiUO 

so jE!»eeJ!l Kp . 72 - c2J9 ID 5 2.219 11 7* ibspioaTi! 5p 10 -% — — — 1 

5f> C-LRPl^ ._ 82 .. . Tl9 12 4 71283 J6 i 25 Ha* rar RSI. 46 »I - — — 

14 ■Taiei. Bialr .1 23Mitl 6.43 0 5 «; * 1?S |3J” iit V:, (l £l 177 .... 040 22 2 


ct-Vf- 145 f ...... 5.15 

lev .... 93ri +35 

>:;• . 72 ‘ e?4 

=* 82 .. . Tl9 

a; r.» 238*1*1 6.43 

saT,- 80 ... lib 

75 - 

rfJi-c 83 *3 3 5 

i>;. 295 | 2D 

■n- c- 107 ‘ 3 i.9 

■ ■■» 118 - 43 

315 . - 

Ofi . 103 . . I 3 9 

109 .. >3 85 

82 !t2 5 

!r-i! j 136 .. .1015 

- 540 . 

rr-»: . J 53*rt . . « 1 


'3 Slerrhanr 


03 * 

0 5 4 7 

■•1.25 4 2j 


39 i 19' 5::25 5l'.r7 ilCa M 8r >1 Hlap 3p 120 1-1 i34b [ 3 7i 4 41 87 
385 3 3 3 4-25 31 I 33 Vj.wlr I t. it p 67 ‘s/ .. 068 1 24) 3 5394 


!t 25 I 1 1: t 1 22.6 74 i 44 Hirm R.P S f 45 
iQISOI 14ILC| f £U^-9?3 IMa-iMrt k R J*> CIO '3 
12 1 14 IV.U.0 !tni 12» : p 17 

t2 15 IV 1 1 229 330 1200 KpfmFc ay !*> 315 
18^ 1 1 01 4 Ills 7 14 9:. Parasite lOp 14 


:5i{ 11 ; 6 8 

WSllol — 6 7 — 

13 I 0 7 lie 18 2 


ta:-.K S-6fec 217 +2 6 81 ! 351 it 


330 1200 M?pr.nFc ay !*> 315 — — - - 

14 9:, Parawf-f iflp 14 — — — — 

33 a: 2 PX-kMtn:^ . 32 . . flO 3W4; 7 2 

224 ,167 War-.oc S i S« 217 *2 6 81 35 4 S 91 

;737 S £4*4 Prtjjilf FrsSS €63 -1 09 4*. _ 47 — 

11 I 10 Sl ueoTgelOp .. 11 0 49 10 b b 22.1 

131 J 53 Sew. & Merc V 99 3.02 17 4 6192 

£51 I £43 551i«»pc.Ana- £50 .. Q4 25 — 6.5 — 

61 Si San tii 5ror ... 58 el (491 2113.1 



£ 44 Jj ! £ 27i« FuT x FTO |-lij Q22!j| — ] 6 ?! - 


r*-s n>irto.ia .wiw I'M “ a r — ., A r.f 

L0: 2 ;?00 ;r»ns Mk-. 7"-. :? CIO 1 * lb 4 * H2 5&?- 1 ®? t £? e -K— 

3 |24 W«tn Select 2» 25 21 121271*3 |4 la RhM nUH* Ajp 

7 3ii 2 Weri«rEoz!and. S4i 2 +L38 3 7 3 B 106 “ .« ' 

f 6B Vdctaito 10 f — B t2 U9 3.8 2 9 9.5 ^75 122 TmuytisSOp. . 


&.£ tsS&gi&Z &$iiji*vriixiisziwrirvnutxi 

72«2 84 OeeaiZeffld©- 72 332 22 3 2 63 

J 3 U - S3 J.Ut MOTORS, AIRCRAFT TRADES 


I jio it .Xi'k arupp xui — a u.t* 27 *o.i ua-ot -■ * » *•[*■? r 1 - 

— 7.6 — *J j4 SerondCltT lOp 34 TL73 19 7 7 10.2 4 3-'« Do M'a? !0;. . 3i 2 | — — — — OILS 

- 34 — 129 100 SlMuhSif ... Ill 227 18 31 268 65 58 IMecnre Corp. 60 Ui 2 H2.43 11^61225 

2.4|5.4116 £174 £140 Do MSCom 99 £161 QlCT 3 133t 3 2 - 224 2C0 DerbrTrt. !nj.£! 220 -...1343 0.9J 9 2J19 0 96 I 66 }AitOfk20p 90 1+2 J — I — 1 — 1 — 


£174 1 £140 1 Do iBNCom 99 £161 Q10^>13it 3 2 - 224 2C0 DerbrTrt. iw.£! 220 ._... 1343 0.9| 9.2J19 0 % 66 AitOfk20p 90+2 — — I ~ I - 

270 216 SiofkConvenn, 230 -...020 2* 13 48.0 1M 1« Da.Cflp50p . 144:? ... - — — — 164 134 Brit Borneo lOp 154 -2 6.74 1 5 6 61 

228 170 ISunk-iBtlM 204 3 95 - 30 — 193 172 DnairjM&Gei lB6a +1 7.7a 6 \ b.a 6 =92 720 BriL Pfiroi a £1 B40 -4 2210 42 4.K 


43 32 UKrtndllwaZ 38 d2M 3 DID 4 A lAiUL7U3 71 3U 2 Swire Propnllci 63 

-g g«a ygjtifc 36 Is" ft Motors and Cycles B 8 5 

019 W SSsS&T ma~- 7 21 7 44 li !! 30 la 20 R L5 SL- 1 ® I - [-• -1- 24 18 " Ha 

& isssss T ^ $ n 11 1 pi air.: hs b. **\i 7 iyjf& ss K&-. s 


Motors and Cycles 

1 _?3 I I - 


71 3U 2 Swire Proprrtlei 63 0181^ 4 

70 56 TowaTebire 57> 2 .. 0 22 1 

17 12 rown&CIh 10p. 12 0 01 - 

116 82 TnSord Part ..111 *2 73 65 1 
24 18 L’ K.ITopertv .. 18i 2 . — - 


4 3.9 6 134 106 On^ocCoe'c! . 125 .... 4 5 } l.li 5.5>244 7fc>. b6 DoB'.Plil - 70s! ... 4p 5184 121 — 

12 22 57.5 146 123 to Ctc* _ . 141+1 4 7 I 3L2I £.1 255 72 42 Bunaih£l 63+1 — — - - 

— — - ! 41> 2 27 DaFarEavers 41 09 I 11’ 3.3. 40.6 £82r 4 j£51 DoS'jLeOlflB £5512* £4 — slb‘. — 

2 4 5 1 211(295 155 WHwwr.. 188 +1 6 7 ‘ 111 ? +28J fUVSJD ftffKii *aii BOO . .. — — — — 


57 

168 98 

34b 15 
,49b 32 
251 128 
29>i 24 


57 UmepTOdESp 79 +2 d290 37 56 5.6,^. 

^ +3 h5 39 2 4 6.1 8.8 120 

15 UdeslOp — IB — 63 

32 Undias&'K'as- 4V 2 -.... 300 3 7 9i 37 12b 

28 Uadastries 134 9 0 $ 10.7 a 8 - 

24 Don.tNtbB.Oa^. 27 +i 2 2.0 * 11.2 a 73 


Commercial Vehicles 

F.'Htd(M-.| 102 1-2 |b217| 6.41 3 


517 i; 
t 2 66 II 
695 li 


|.... L27 [ 15 5 2119.9! 73 I aO feleer 40«.. 71*c j..“.. 155 6 I 3 4| 6 36 


90 74 lEcs £ UVrtJll.l 85 38 j 11 6.8;2C.9 3W 134 USMO.. 


KCA.. 27 +1 60.1 ♦ OtJ * 


a H f? P-wSi tfdii ” 

M 52 Lon^aTrms _ 61 W3.46 3 7] b5! 3.4 


'■& JS 

70 54 

22 IB 
1S3 90 


SSSd^K 2 A li 32 m i 46 


Components 


gil 15 i3ii SHIPBUILDERS 

d2M S3 5.4 51 lfii 3^5 Vcper ... 162 
295 r60 7 arroa 50p 270 


WABaanSOp 166 ... .. 10.89 25 9 9 4 7 

[.7 Dart I0p_l 57 +1 t214 3.9 5.7 si 

lanaieUs.Wp7. 20 2.00 0.8 15.1 1U 61 


05 63 

7D 55 


S? 15 5° -'- 2.00 0.81511156.,^ ,g| 

03 90 krcmTPh.ajp. 94 ...... 3.94 u m ^ 

70 60 MKfananeGpT_ 70 ..;... 3.84 * 83 * 21 f? 

45 1® HcBridefiOUOp 135 h?63 fi l.B 3.3 m 

K iTn Kfrru-™r.*j ** 14) 2 0.25 I Zb Z 27 «• 


145 1® MeBrirfeBM. 
15 10 UcdccryL’A 

63 55 Macphenoni. 

98 73 UacBolia Grot): 

A i% KS 

24 17 UarlkiW] 

368 134 Uanhbll'i^t 
59 45 tautis-BUck 

fill £8612 taa(besau7\ 
236 120 Maynard? So 

25 20 SledminSlerl 

-Ub 10 Hentmore 5p 
320 288 Mela] BtB £1. 
1M 77 IfetalCtoCtnc 

204 140 H^SSSsI 
S3 49 . MU.CWto.lVsi 


liauroep- 98 d2.70 

LAaJU^ 71 +1 t5.61 
dpCu.£]_ 224 -1 15.56 

slnd-Hto. 21 -b dhO.92 


mm u 


£86bHaUKsoiu7^|ie. £110 


«LMp. a -b dhO.92 22 6.610.6 }}? fi 
:n.'tL 47b +f <12.49 4.7 7 9 3.1 JS?» 

*\im- 156 ...... 7.02 35 6.8 51 SI Z £V 

\itk — 54 4.00 — 1L2 - ,52 ^ 

is7^pe. £110 01\% 23 f7.3 - l 7 ®5, 

r2Sp_ 131 ..... R& 4.0 £.6 6.7 I? 


131 iSt si I? 

a|?ep.| 24 _... ,1M S 


10 lientmoreSp M>a d0.92 13103115 

288 UeuJBoxEi — 310 +2 14.87 31 73 5.0 

77 Ifctaictowrw- % 421 2.9 66 8.0 

.36 ileaw 63 +1 2.12 5 4 5.1 4.4 95- 1 63 

140 Uln.ilntas.50p. 197 6}5.68 43 4.4 73 21 1 93. 

49 HU.Cottl.ft'Mt.. 79 .. tT3 36 2.4 6.4 96 98 72 

£100 JrsantoSpefoS, £115 +2 Q5% 19.8 14.4 _ *134 110 

7b MownwnilQn- 8 ...... — — — 13 .7 ‘ 



58 42.64 ( 3 8[ 6 9f SJ 

86 -2 4.91 4 » B.6 34 
68 +1 +2.04 34 4 4 B.B 


SHIPPING 


95I 2 »fe RfKStO! As... 93ij . ... 285 10 4.e 316 623 455 SeemreRe,. . 540 -10 V -J 

lb6 130 Foreaal'.VI. 161 +1 3.77 LO 35(426 586 4£4 IsheTi Trap* Reg 545 15 7 41 4.4 

51 37 FV ■i:7 R323. 48* ...... 2a X21 bi'HB 6« 53 Do.:SPi £1 blta .. .. 3p UB2ll2.4 

3" 35«* F-JW.n- 'illBf . 36>j ...„ t24§ 10 10.0 15.0 444 22o tt5:»beu € K. ii 340 -4 — — I — 


148 +4 285 4.4 29118 1«5 112 L+leShlppmc... 112 -2.4 90 

Zll 2 025 10 3 3 522 255 200 ton Linen Mo. 220 ,.|5 it? 

+1 h0.83 33 2.9 115 26b 12* Mm*> Dk. UniU 22 -* ! -j 

297 +1 +8.22 4 3 4.2 8.4 85 66 Milford Decks (I 70 -2 |268 


2B4iJ 

-1 9.26 

117 

-5 5 81 

15B 

1.53 

232 

. 8 17 

131 

-2 5 09 

33 

-2 rtl 85 

25 

-1 - 

n? 

-2 4 90 

220 

.. 5 10 

22 

_* _S 

70 

-2 268 

113 

-1 8.25 

90 

6 54 

72 

JIM 

34 

-* iiM 
-2 bib 

74 


05 b6 496 10b 88 Gea. Imeflor.. - 99 ... 4 0 

25 35 161 +3 ( 72* (Gen 5fA.*yu . . 87 ... 335 

- — 10 113 I 72*|g« iril:* llijp 112 -2 17 


55 +1 038 4 0 44)16.2 138 ID Ocean Tranipori 113 -1 8.25 2611 11.41 . %* J 71 k.lecd«0D ir% 

139 ....3.99 52 441 5.3 UB 89* P 60 Defd £1. . 90 |. 6 54 19 11W5?i 91 68 J He '3 . 

67* +* 3.08 3J 6«f5.1i 140 67 RtanipnSin.Snp 72 . ;1 64 3 9 ; 8 0 74 J 60* lClenmurrw Sc 

90d ...f.. 3.80 * 46 34 Do A 50p 31 '■ 


825 2611 11.4 1*| 95* 71 KletdeKinlrv 92 +166 

6 54 3 Q HOI 5 ?i| 91 68 He '3 . 87 — 


98* +* 24 11^ 3 7 36 6 

92 +166 13 27446 


— 187 — 
1.32 5 8 2 2 155 

— - -■ 81 

7+« 24.5 7.0 — 


12 6.1|a2 77 57 WoodMde AS0e._ 69 J-2 I - _ _ 

10 s E 25.6 

IQ, 18 U39 

11 2.7 44 6 OVERSEAS TRADERS 

- — — 265 1224 (African Laker. _| 265 | Ih352|19.0| 20] 26 

10 3.. 418 107 60 Anst.AKnc.50c- 107 +1 Q3 5c 1U 20 465 

- — — 140 I 96 [aanJert S t Wj J 129 . ... ftn4 D 4. n 


Garages and IMstribntors 

68 /_....(4 .35 1 32( 971 4.1 


7* MomnM«10d_ 8 
IDS MorpnCntoble 115 ... 
34 lforraJi<Abeh_ 48 „* 
32 MonfRobLliilp. 33 


- - — 13.7 43 34I« 

528 2-8 7D 77 44* 35* 

24Z 3.4 7.6 S.l 49 40 

g2 JOb 27 95 5.4 26 19 

— - — 131 84 


_73 55 Mj«wCp.iOp_ 56 LOO 0.9 27(MJi 44 29* 

130 62 Nash CJ.F.I Secs.. 127 518 2 j4 62 8.7 45 

52 46 NaUuafriiu 47 ...:.. 33 2.710.6 52 95 U 

54 39 NaLCWuciOp 42 -* 132 0.8 4.8 416 81 68 

£84 £58 fcCJUUMM- £78 +2 04*11.9 15.2 - 51* 39 

■90 75 NMiettiAZaabn 79 _.■... 3.30 2.6 63 7.7 59 50 


£84 £58 MCR.4K8MI 

•90 75 KecrettiAZinil 

109 6& ' Neii&Sp'Deerl 

20* 11* New Equip. IDp 
92 77 NofTTO5l_l 


KerlOp] 103 2J0 6.7 2.9 7.1 38 310 

tp-I0p*JJ 16 ..... 0.98 2.7 9 3 62 46 21 

-It 87 +2* 4.42 * 8.0 * 126 92 

iblJlIB +1*6.00 il 8.7 5.6 -100 74* 



SHOES AND LEATHER 


70 56 D&T. Cwf. Wl - - — lifl 96 3eutatf.S fc*l. 129 . ... th4 13 Ja ' 

+14i 2 97 Ciobetn-. — .. 1D7*«I 5 00 * 7 0 $ 73 47 ?crii:tk.+bos -S«p «7 -2 b.2 V 

68 55 G(.re:t Europe .. 63< 2 18 15 4.M24.4 45 25* BoosieadilOp'. . 44 -* 150 ♦ 53 * 

76 65 GranjeTrLM ._ 75 2.1 11 4213LB 390 250 FinUyJis»50p. 370 +2 05.0 * 6.3 4> 

105* 90 Gt Nonh'ii Inv.. %n) +* +3.87 11 61)22.6 136 05 GiU&Dntfu-t 128 k h4.36 32 5-3 7.; 

85 67 flreentnsrlar— 83 145 2-2 2 6 46.4 £66 £49 Cl Vihn £19 . . - £65 +* 012% 24 1' 

65 56 Gr+ibam Inr . .. 59 r 182 2 0 4.7(16 2 525 325 ll'ni'ni Crtn £1. 462ad +12 42178 23 7 . 


^* ...... J j 22.6 22 116i 2 AllebonelOpr... I 18*1 110 I 20| 8 2U7.6' 65 56 Gr+iham Inr . 59 *182 2<M 4.m6 2 525 ^23 H niof Cm £L 462ad 

91 +* M6.» jtgiM 73 65 54 Booth ilntoT. J 54 439 32l2^ 3.6 65 48 Group Investor* J 61 .... tL71!10 4 2^362 90 f 66 aoffnM*.St — OS 


^ 5-5 li 67 57 Footwear lim . 57 fd3 1 

41 +1*213 33 7.9 3.9 104 93 GarturScolWair 94 4 50 . _ ... _. „ „ __ 

JS*+1 L38 4.8 5.2 6.1 45 29 8eadbB,Siai5p. 45 +1 123 7.9 4.1 3 5 39 26 RarmuIm.lOp 3im . 085 + 3.8 6 19 9 Jamaica Sugar _ 13 

43* ...... +198 2J 6.9 9.6 ga 64 HdloniZOp W .4 90 23 8.3 7 9 187 160 HilhRulipi 171 +1 7.9 10 7 0 216 78 60 LonrttO 60 

ZL* +1* 11.42 1710.3 82 73 47 E Shoes. 65 -1 7227 SO 5.3 45 78 69 Hume Ml. AT. 74 +1 +3.71 13 7 o 15.9 49 40* Mitchell Colts. . 41 

1»J 6.40 ♦ BM 42 36 Lambert Hih.3p. 39 -1 317 25 1 23 5.0 76 68 Do r. 73 +1 — 275 220 N.KerianBec £1 248 

39 d2.17 12 8.41+36; 50* 38 Newbold 6 Bart's. 50 280 30 8.5 5.9 £9* IS* !colundiS> £8* Q20+ — 1.3 — 107 68 Ocean Wlsnj.20p 83 


39 3412J 3.6 65 48 Group Investor*. 61 ... . tL71 !10 4 2 362 90 66 HoffnijM-Sl S5 4 26 2 

3 89 2410 4 6.2 82 69* Cuarduc lar.TsL. 75 +1 2.70 10 5.5 26 6 445 350 Inchcape£l 403 05.0 3. 

50 4.1 7.3 4.5 °3 78 Faobrw.. ... 9lrt +1 3 75 10 6.2 23.7 30 21 JacfciWm. 28 20.66 6.i 

23 7.9 4.1 3 5 39 26 Harriot lot. lOp 33a! 0 ® * 3.8 * 19 9 Jamaica Sugar _ 13* — 1 -J 


21) 7 hi 
3Z 5.M ' 
6 J| — <ij 


in 

Hijb Low 

210 1155 
24 15 

80 52 

275 122 
90 78 

41 32 

16* 10 


15 10 

132 64 

125 63 

820 150 
245 148 

72 48 

133 81 

40 10 

220 125 

39 10 

& 74 

16 8* 
178 11? 

50 30 

£141. 750 

40 12 

538 310 
300 50 

160 84 

70 35 


30 24 

360 240 
t>0 45 

293 200 
145 111 
ID 8* 
293 220 
165 130 
93 78 

11 10 
75 68 

490 450 
400 280 
70 40 

62 50 

215 165 
61 49 

61 47 

210 140 
310 230 
228 134 
75 55 

100 85 

IDO 74 
220 148 


MI NES — Continued 

CENTRAL AFRICAN 

I I /*■ ori Dir. 

I Seek . j Price I — Net 1 

(Falcon RtiDe -..( 182 U2 Q50c 

IRbod'nCorp 16*p I 16* . . 0.56 
[Reanl'cat K4 .. .1 70 — 


iTiagiuyikaMp. . 149 Q10.D) 

DoPre'BOp 90 Q?»i 

Wankie Col Kb 1 . 35 fQ7*e 

(ZaaCprSBOOi! 12* — ] 

AUSTRALIAN 

AcaexS5c 14 — 

BonuinnliefOToci 116 Q8c 

B3 Soath 50c . . 112 -1 - 

CeutralPaciIic.. . 500 ... . — 

uociiiic Ricurlo 5trc Z32 +4 QlQc 

G-lLtolKwrlrelL. 54-1 — 

H ampin Areas 3p„ 124 ....14$ 

JMaUEt 3ft .. _ 30-1 — 

MIAL Hides 50c- 196 .... Q9c 

Mount LyeTi 25c — 30 — — 

New-met a! 10c — 4* . .. — 

North F.Hr!!5fV_. 222 -2 Q8c 

Mb iigurj 13* .. .. — 1 

■JakbndeeJAl 165 ... tQllc 


Facificfopper — 


30 .... - 

4i 2 ... — 
222 -2 49c 

13i 2 .. .. — ■ 

265 ... TQllc 

50 +4 


PancontUSc £12* -U - 

Panola MA&cjp 39 .... — 

Peko-wailsend Mr. 490 +2 Q15c 

Seaihern Pacific— IBS -10 — t 

»e 'In. Mi nine 30c. 151 +1 ;Q6c 

UliicCrceiLOOc .. 50 — , 


TINS 


Aaa; Nicena .. . 
■Me.-HiumSMi — 
Beral! Tir. — 
Ber^unUiSMl .— 
Genar . . . _ 
Gold A Ease I2« ; p _ 

CnpentCons.. 

Hongkong 

1dm lOp 

JanUr !2i j> . .. 
Samira tincSMOZO 

nillinchail — 

Malay IWlgiag SMI 

iPahacg 

PeogblenlOp 

Peulingmi 

Saint Piran— 

Sou th Crafty 10p... 
SouibEraiaSMOiO 
SthnWalayanttll.. 
Sunger Beti S3U .... 
Supreme CorpSUl 

Tanjooc lap 

Tongkah Hrbr SMI 
Troii oh SMi 


360 +5 hOflalt 


210 +5 1 077 Jr 
310 +5 dflJUc 

Z20td Q65c 

75 ZQKJc 

92 6.5 

96 

220 +lfl ZQBSc 


5.0 76 68 Do K" 


74 +1 +j.71 131 7 6^15.9 49 40* Mitchell Colts. . 41* 

73_ +1 | — I - I — 1 275 220 N.KerianBec £1 248 


6.55 

3.4 

13.2 * 8.3^ « 


38* ...... tdL7 4 6 6.7 3.5 50 40 OUwsriCrA 46 187 27 b.2 9 1 670 600 Do i£. 600 Q9.49 -J 16 - 235 170 PrfloaZodL I0p> 170 «7.7 73 6.9 2 

88* +1 3 . 31 4 5.3 * 56 46* ftftardGrp . . 52 ...277 42 81 44 52* 42* ImJtnnalAGea 49 ...... 175 12 5.4 26.2 225 165 Do ’.VWVWp-. 270 47.7 75 6.9 ' 

79 4.57 18 8.8 62 40 33 SieadfcSim'A'- 39 +1 ThL92 16 7 4 13.2 77i 2 65* Internal'll nv_ 72 2.62 11 5 5 24.0 54 27 Sanger U.EllOp. 29 +1 +4.® 13 * 

49* +*. 281 3.4 8.6 l3.Bi 70 56 Stn>ag6fishur_ 56 -1 14.24 241L5 5.6 143 107 Inv inSBcre!!- 1® 2.90 11 3.1 «.7 9* 4* SenaSngnr50p - 6l 2 B— ' — — - 

51*+* 143 4.8 4.2 7.7 m 41 Stylo Shon 58* 172 3.2 4.6 10 J 86 62* Invenon' Cap— 79*+* tLba 11 3L43.9 97 44 iSime Dwoy lOp 97 +6 h!75 3 3 

22. h?.. H 1 ?! 30* 1B>« Turner W6El»p . 30* hi 16 38 58 69 Z7B 174 lawttUU.TH. iSp . 260 +1 +6.7 10 3-9374 208 175 Steel Bros 206 . — 63 4.4 

45* dO .46 17.4 L5 53 7 8» 2 66* Wanilfliiif 73 ... . M3.96 8.S 82 3.8 144 103 Jariine Japan., 144 +1* il35 12 0.9 1349 40 Tccer Kerns. 20p. 53 ..._. 3.10 2.7 .... 

i4 dU2 3.8 5.5 72 32 i 2 24 WearnlOp 24* 2 -* 131 23 U 7J 143» 2 70* JrdiaeSet HKS5 135 tQ47c 11 4.1 23.1 £94 £87 Do SpcCnv.Bl. £94 ..... O8%18.0f8.7 - 

9Jr ...... 16.70 ♦ 10.8 .i ' 167 103 Jersey En.Pf.Ip 1 56 -j — * -J - 73 41 C. City Mere. lOp. 64 +1 +6675 110 Id 

22a +1 ffl.58 3210.7 53 248 228 JeneyGen. £1._ 238 ..... 013.0 11 53 165 72 41 Do. lOpc Lfl. 18p 63 13.4 312 £2^ 

29 t323 3 1 3.8128 StfWTTO AFRirAN^l ■ « 41* Jos Boldingi.. _ 47 t£2Q5 ID 6.6 220 1 

200 Q10% 218 15 0 -1 OUUlfl MftltAJ+a 51 44* JovelrrlnSlOp 44lj . . .. 330 11119117 

75 ... .. 05.96 ♦ 120 ♦. 116 I 80 |AI<er«in ROJO 1102 1+1 |tQ29c| 171 tf 14 6* J Do Cip 2p . ... 6 +* — ' - RUBBERS AND SISALS 


59 19* ISHhcpfundiSi £B* \(&h — 13l — 1 107 68 focean Wlsnj.20p B3<d 288 * 5.2 * 


COPPER 

100 J 70 IkfetsinaMaD | 85 |-3 |^30c( 

MISCELLANEOUS 




15 84 Northern Eli g. _ 105 +1* 6.00 3.1 8.7 5.6 -100 74* 

!Q3 172. Nortoaiffn LOp. 186 fd3J 29 32 162 *128 112 

28 19 Nome Sea. lOp. 19 ..... 22 0.9 17.5 ilLB) 148 88 DeranVtaGip 

26 22* Nt+Swtfl5p_ i _ 25* 157 13 9.3121 £235 028 

S99* £91 DwFtunceCir- £96 ...... Q9% _ f9 3 - ® « 

139 88 OfflcefrHeet— 112 .... 4.00 3.7 55 7.4 46 31 

99 82 QfrexJOp % h3.02 35 43 92 84 65 

27 20 0mut<tael2*e. 24 Q6e 2514.1 20 B6* 64* 

46 38 PJL*(HDklMgu_ 38 - - - 225 67 « 

.22 101 Parker KnalrA- 108 +324 65 45 5.1 87 73* 

33 100 Pauls id Whites— UOd ..'... 433 3.4 6.0 6 5 ‘36 a 

38 32 Peerage life 38 1.62 5.0 6.4 4.7 10 5* 

26 16 Peattand lupZZ 20* .„■... 0.66 5.1 4.9 4.6 13* 4 

» W Pantos lOp. 88 ...... 429 3 0 7.4 52 W7 77 

054 £125 Do. 1» ft. U. lffi G40^ £7 229 fl0.7 48i 2 26 


Wl+b.«l « ««» 70 56 Strong 6 fisher. 56 -1 14.24 2411 

51* +* 143 4.8 4.2 7.7 m 41 Stylo Short 58* 172 3.2 4 

30 ..._. 125 15 6.315.8 30* IB* TururrWA Eld? . 30* hi 16 38 5 

,«* d0.46 17.4 15 53 78t 2 66* W«/ii«T,iif 73 ... . M3.96 B.1 8 

^ «J2 18 5.5 7 2 32> 2 24 Wearralflp 24*2 -* 131 26] 8 

94ir t6.70 ♦ 10.8 6 


. 10.8 .* 

122n +2 18.58 52 10.7 55 

129 +323 3 1 3.8 12B SOUTH AFRTf 

£200 Q10% 218 15 0 -1 OUUlfl AflUl 

ll, «.9fi ♦ 120 * 116 80 AbmomRDJO 102 +1 

5 0 6.1 3.0 5 B0 420 Anglo Am. In. Rl 565 ... 

I* +1 J4.15 2b 8 7 6.7 130 S3 AnfrTr sInd 50c 130 d 

H 12 H *2*a 28 Edworks 19e. . 80 1 

59 1246 55 6.4 3.0 97 ^ Gold Fldi P 2*r 77 

2 U f 0 145 45 Grtmnj A'SOe. 127 *2 i 

38 tl50 6.2 6.0 3.8 13 qg Huleitsfpn Rl 93a! .... 

7* ...... -• — — 16.6 450 OF. Bazaar. 50c . 430 +15 

10 7, - 102 35 Pnmrn-.i' I8rts 73 +1 

h269 7.3 4.3 3.3 i fe Q 130 jm Tnc-onc A’A 155 

J-’ Q 81 58 S.A BIVWS.30C . BO ..... 

44 ..... 40.62 8.9 21 5.5 «J0 445 rigerUmsKI. . 580 ...... 

J> + l n 72 69 55 Ounce 68 ...... Q 


SOUTH AFRICANS 


lAhmomROJO I 102 1+1 


ff 


»Cr.U.lS»£140rt £7 229 flfl.7 — 48>j 26 

cod12*ji 64 +1 451 L4 10.7 85 45* 15 

jn Patents, 16 ...... B- — — 37.7 8* 4* 

ntO/w) 33 <12.72 — 125 - 76 C 

►tte»p 775 13.96 7.8 22 7.7 -46 33 

■flmBrlL 525xd ..'... 1152 q4.7 33 9.6 95 68 


£ 


61 35 

17 9 

300 220 
465 245 
234 164 
9D 30 
£12 750 
45 43 

280 120 


Burmin 

Burma Unes 27*p 
Cons March. 10c... 

NortbgaleCSl 

RT3 

Sabina lads OS1... 
Tara Expin SI 

Tehidr Mineral! lOp. 
Ynkon Cons. CS1 _ 


52 

24 

260 +25 
400 +20 

214 

64 -4 

£10* 

43 

167 -3 


24 6.7 6.1)240 125 [Scvtceeinr S0p..| 130 


*\4.i 4 .91 | 75 [Lake View ini.— 88* +1 240 


6 0 LlJ 7.0 195 


RUBBERS AND SISALS 


sin- £68 


69 0.63 27.9 14 27 

41* - 22 26 8.0 7.2 

89 220 8.4 3.7 3.3 


-!]1Q4c 29 1MU.5 44 38 Lane. 4Um lnv 42 18 11 65 221 High Low 1 Stack 

. I Q0>- id 6 3129 104 87* Law Debenture . 302 4.5 111 6.7 213 ^ 

+2 iv36c 0.6( i( 9.2 £U* il?*UrardStlgaft‘]p £UJi 27 -J — J - JJ01 j 75 ADglp-Jndem 


« 17.1 * | « 35 LHahv.IncJOp 


.ADgln-Jndt'nes D .. 
Berta in Cods JOp - 


20 te.Cip.5p 2Z* -i -J - | -16 11* (Bird I Africa i 


TEXTILES 


67 3S LOD.Bl>in.7ip. or LU.3 LU U I L.1A Xi‘4 Blp ijrMU l eSuaJ lvp. 

114 95 LdoilL Bolyrood . Ill 3.60 10 4 9 30.9 322 211 Gurhnell 

86 61 Lon. k Lennon— 81 ..... 25 10 4.7 326 105 65 HnrasMuSCr.En.Mp 

26 16 Loo.6Liv.10p.. 25ad 059 « 3.6 « 120 56* Highland* M50c_ 

73 59* Lckl & Lomond — 72 ..... 24 U 5.0 2S5 -78 42* KuaJ»Kepi»g»l 


J J 54.8 1978 [ ( |+ ori Die. | |r« 

6 7 §3 ^ Uv ' Stack | Price | - Net |c<r|Gr*i 

, — ‘ — J01 75 ADglp-Jfidoiies r - 97 275 d> 

277 | 101118 124 94 65 BenamCons JOp - 93 35 15 

— — 16 11* Bird (Africa! 16 — 1 — — 

81 1 51 31 BradwalllOp SO -* 17 10 

— ■ - 305 1® CaiUeTield lOp .... 265«d +5 s2_8 10 

7.2 203 48* 26 Chenonese JoV— 481- +3 fai38 12 

4.7 20.7 40 23* Cons. Plants 10p ... 40 +1* hQ3.0 121 

0.7 129J 12* 8>2 Grand Central 10p-. 18 055 6 

4 9 30.9 322 211 Guthnell 310 +20 15.0 16 ... 

4.7 326 105 65 BarasMiSCr.Ete.Mp. 100 +1 *4.0 — • 6.1 

3.6 # 120 56* Highland* M50C-. 120 +3 0203c -J 3. 

5.0285 -78 42* KB*J»Kej»sg»l 7B +5 OI2*c 15 3. 

4.434.0 56* 29 tTKnllmMMc 56* +4i : Qll5i: 0 8 f 


NOTES 


« 35 

144 U4 
.*66 56 

' -35 .25 


SSTcTZ; 128 12“ ffl.oo <2j 95 * * 278 228 

iypnPBWS 85 4U3 T3 73 92 197 174 

mwnlnc.m 240 • <320% ♦ 05 4 46 40 

nwiek Group. 44 -1 10 i — ♦ 185 153 

thaor— ___ 137 t4-84 56 5.4 4.9 205 134 

more 58* td3.91 24101 45 278 155 

CT(EJ.110p_ 34J 2 -* b251 - 111 — 362 306 

Swire—!.- 131' ...... 5.28 45 6.1 3.9 45 23* 

prnrHUgS— 43 -1 11.94 45 68 55 47 35* 


rr ijii a 

.84 56! 5.4) 4.4(205 134 


SB “is s 



47* 32 Da'.V._— . — . 43 -1 
-• 52 41 KolBprlntaOp— 43 ...\ 

-■30 . 25 Ke*u&Boden. .25 J.. 
136 104 Bapal Wares — 126 ..... 


f 4J> 6.8 56 
20 9.4 63 
56 8.0 2.4 
03 7.7 25.0 


«r» +* 
250 +5 
1S7 -2 

41 

185 ...... 

190 

253 +18 

344 

O -.... 
40 -.... 


89 79 HIcbogP'jLdOp 96 +11 7 2 ♦ 13.5 6 
13 10* Hield Bros. Sp..[ 11 ... . 0.75 2610^ 5 8 


Vmt 126 639 0A7.7125.0 

JllAJlOp- 57 _;... t204 43 5.4t 62 


SsBtez iS 




m 19 75114 «Z 

24 35 6.0 7 2 g 

.85 3.0 62 81 I? “ 


£69% E43 
; *5 

% H 
-A» 


| jj g 

65* ../... 258 24 6.010.6 32 65 Cb 

■uncwlp— 120? — 125 10 8 32 75 J6 46 Chg 


PAPER, PRINTING 64 | 53 |fioUasGrp5p — J 59 

ADVERTISING 8 g t$Sl££* S 

Asoc. Paper — 57 -* «.89 .4.4} 7.7J 62 » 76 On. A'ap..-_ 27 

asBStxiw*^ a S 1 SSi I 

KritSfnSZZ 47 3" ill lilOJfl* a 15 Leigh Mills IB 


“J l/agbonniell — 360 +10JKI 681 4 

5.5 0^55 245 180 ifciiodRuKelll. 228 035 27l ' 

C 7.7 192 420 375 MoxuIJ 375 15 08 4.9 

9 0.8 14*5 26 22 Single Hlns* u>i>_ 25* +F172 

132 6 249 381 VPamn Plants 2«3ii +1 M.67 < 

: 172 |l3a Willi union II 171+1 9.0 ‘ , 

9 Th U35 Sri Lanka 

1 4 4 316 m l 125 HflMMH 1 177 1+Z ! 5-5 I 15| 4- 

• ti*? • Africa 

0 5.6 26.4 610 1390 |BUtHjre£l | 610 I (50.0 ( 4 119 

? 15 22 ? 185 130 muo Estates j 185 ( ] 33.0 | <t> 


i n s ±f. i 1 mr §> 1 si— s 


' dL05 2.8 8 8 b'i 31 22 RighUfc'[*s.Cap 30 0.12 — 1 1 — 1 

' _ _ 1 I 172 148 RirertMere..— . 168 +* 8.13 1U 029.0 

0.1 _ nj _ 142 123 River Plate Del. 134* -* 625 lil 7.0) 19.9 1 


MINES 

CENTRAL RAND 


uncwt.p iubv .... uj taw a 

Fks-fZZ U6»L.... «.§ loi 


74 | Do.'A' 

6? .faSirai 


ilySerTiees J llBzr -2 05 6.41 4 


73 

71 


5 11 70 199 385 140 OtabuOeepRl-. 225 — - 

£% 10 51 IB B 416 244 East Band Prp.Rl. 3»1 — -J • 

6% 10 51 19 £36* £29* Rand/oot*n fistB2. £33**d +* tQBOc Z5 

_ _ ZT ± 178 78* West Rand Bi US +4 +Q13c 6.7 


265 in 4.5311 

4.18 10117 13.0 


EASTERN RAND ' 


id rftK 


100 74 

s g 


57 48 
34 1 28 
290 [199 
317 98 


jgieGwman— . 

entiijgbtlOa. 


£330 £270 DoDWCnsin. 



75 -2 +Q25c 

27t z 

374 +5 N25c 
104 bI +1 6n 2.8 2 
370 +17 1Q34c 18 
461 2 +1 1Q3c 12 3 
74ir +2 19p 10 37 

5Ui - - - 

54* +1* Q25c -0.4 27. 
723 +44 fQ86c 17 7 

53 — i ^ — 


" ni 93 

1W 165 

S 1 

s u 
n w 


eilnt.: 

Fnrorare— 


Indi3*pJ 


If iil ‘ * property 

SffilE U4 ~ ^ u-fliaaas WSS IS SSB 

19 . X 5-S 1 h z| feSwii*. 2fH* 3! 35 lb 2.6 36? 


59 | 31 iKoughil — 


33 2.0? 1 — 19.4 


TOBACCOS 


78 36* 

.167 m, 
■£30* Sg* 
73 63 


•i2* r? 


r B Mp J22 +1 15.16 s.7 0.41 Mhf$ 79 (Beanwmtmps. ai M3JU *ji r ji+j. 

uU31_ £27* -* QKL92 — 3.9 — M 47 BeuerlC. B.l U»P- 50 ...... 1d4 0 14 12.2 8 

iDev— 69 S19 12 7.6 9.9 69h 47* Bell way HSdjts- 69 +1 t2|7 — 6.3 — 

dGc. 5o . 4t 2 * _ U9 81 Fukdevtonbra- 112 122 12 4.4 ZS. 

Sew £1- 175 2 tll5 25 10.0 55 136 151 BmoniNreyj.- 163 618 ♦ 5.7 * 

!m.-5o 12* +C 0.72 23 9J> <5.6)734 TOO BndJordPrw. - 222>d 6.81 * 46 ♦ 


S 3 S-M'i5 3 g 

i 92 22 « M 2L %u 


ckiComlOp. 2* +* — J — — ' — 380 DuDhilKA.lL.,.. . 

anawntProp*- 81 .... M3 81 13 71 17.9 81 71* Impend — 76 ... — 5.66 

iw(C miOn_ so tzM.O 1412.2 8.7 57* 45* Rothmans 13jp._ 52 -* C204 

SSSmS-l 69 +1 tt87 -1 6 3 -j 66 55 Stemisea 8 uTlOp 4 59 -1 £75 


144 ‘ 111* Scori Oitano 136 i 2 -1* 410 10 4.6 319 FAR WEST RAND 

78* 58 ScuL LuL lnv. 75 +1 hlbO 10 3 2 46.7 r/Ul 

43 72* Scat ftrsim - . 94 .. 220 0.8 3.5 4S.4 445 288 Bljvpor25 

95* 69 ScoLWosib. 3.. 89*-* — — - — £W% 764 BnBels 

194 lol See AllianceTs! 18b*-* +5 67 10 4 6 319 46 71* Deelkraal R02) 

BV 65 Sec. Great Nthn . 83*-* Tl79 11 5.243 5 332 214 DoomionleioRl _ 

87 60 Do-B- BO* +t , rr — — ‘ — 778 589 EariDneSU 

303* 154* SecunLiesT.Sc . 152*-* 610 10 5.1 28.8 239 163 EjauUrud Gld 2Dr.. 

460 300 *i«Uhsilm p;S3 425 425c — 37 — 153 92 QsbureRl 

1?5 118 Shires jqc SOp- 132 8 46 * 9.7 * £14i 2 890 KulebewlRl 

72 58 .SneieUiOp 72 15 12 3 2 3&8 539 eos Klixri Gold Rl 

113* 94 Sphere lnv. 109 +1 3.3 11 4.6 305 yw, 432 LitoooaRl 

365 L'lO SKJT Inc. lOp — 156 +9.19 10 9.7 115 577 419 South vaal 50c 

«5 Wj SPLIT Cap. I0p_ +2 — — 282 206 StiUonttinSOc . — 267*rf 

122 % Stanhope Gen 10S ...... +278 14 AO ».7 £14* £11 Vaal Reels 50c £14* 

173 145 Sterling Tst 168sf +5.3 10 4.8 301 289 123 VentersposlRI J_ J 

97 76 SloekhaLjerslnv- 91*-* t235 10 3 ?« 6 £22* £16* W. Drie Rl £20*a) 

95* SO Technology 93l 2 -1 2JB 10 3.7 39.7 241 152 Western Area* Rl. ^33 

95 81* Temple Bar TO* h4J5 11 8.1 U.3 B36 589 Western Deep 82 _ 

26 21* TTirag. Growth— 22* 188 0.9 127 127 238 1A3 ZandianRJ 

101 86 Do.Cap.tl.— _ 98 — * — — — 

73 64 Throgmorton 68 rd 2p ID 9.8 15i - _ _ 

£138 £105 Ito. 8*% Loan— £107 -1 Q&M, 20 B 18.1 - O.F.S. 

79 71 Tor.lnven.lnc_ 77 T4.95 12 S.9 1Z6 . _ , 

115 95 Do Can. 101 0.49 — 0.3 — 95 J 75 [Free State Dev. 50c 80 ]Q1 



Vuleaa Mhenrlae Indicated, price* and act dividends are It 
pence and denentnatloai ire SSp. p -* 1 — -* 1 priee/eamlngi 1 
ratios and wms are hated on latest annuo! report* and accaontt . 
and. when- possible, are updated an half -yearly figures. PTEs air 
ealcnlatad on Ibe bail* of net distribution; bracketed (lgnre> | 
Indicate IS per cent, or mare difference IT calculated an "nil 
distribution. Carers are bused an -marintum- distribution 
fields are based an middle price*, arc gras*, adjusted u ACT m 
3d per cent and allots for value ml declared dMritatioa* tu 
right*. Securities with dr nominal Ians ether than sterling are 
gnated Inclusive el the Investment dollar premium. 

A Starling denominated securities which Include investment 
dollar premium, 
a •Tap* Stock. 

■ Highs and Lows marked Urns have been adjusted to alloa 
tor rights Issues for cash. 

+ Interim nnre Increased or resumed. 
t Interim sine® reduced, passed or deferred. 

Taa-free noa-rwident* on appUcndon. 

4 Flgiir-- «r report awaited. 

T+ Pwiiated Bccunly. 
j Price at time of snspeoaloa. 

5 Indicated dividend after pending scrip and/or rights isattae 
cover ralaies to previous dividend or forecast. 

** Free of Stamp Dirty. 

* Merger bid or reorganisation In progress. 

+ Not ramparablo. 

* Smae interim: reduced final and/or reduced earninge 
IndlnUed 

* IntSTrialSSi! on by latert 

I Cover allows for con version of shares not now ranJnng na 

dividends or ranking only for restricted dividend 
A Cover doe* noi aJIow lor shares which may also rank for 
dividend at ■ inlure dale No PTE ratio oiiMlly provided. 

* Excluding 2 (uial dividend declaration. 

+ Regional price. 

I Kg par lalue, 

■ Tax free, b Figures based on prospectus or other official 
estimate e Cents, d Dividend rate paid or payable on part 
*1 capital: cover baaed on dividend on toll capital, 
e Redemption yield, t Flat yield, g Assumed dividend and 
yield, h Assumed dividend and yield after scrip issue. 

I Payment tram etplul sources, k Kenya, n / alert m higher 
Lhan previous tolaL n Rigbls issue pending q Earning* 
based on preliminary figures r Australian currency, 

* Dividend and yield exclude a special payment t Indicated 
dividend: cover relates 10 previous dividend, FfS ratio based 
on latest annual earnings, a Forecast dividend: cover based' 
on previous year's earning*, v Tax free up to 30p in the £. 
w Yield allows for currency clause, y Dividend and yield 
based on merger terms, s Dividend and yield include a 
special payment: Cover does not apply to special payment. 
A Net dividend and yield. B Preference dividend passed or 
deterred. C Canadian. D Cover and PIE ratio exclude profits 
Of U.K. aerospace subsidiaries. E Issue print P Dividend 
and yield based on prospectus or other official estimates for 
1977-7E. G Assumed dividend and yield after p e ndi n g scrip 
andior rights issue. H Dividend and yield bused on 
prospectus or other oEQeiel estimates for 1OT6-77, K Figures 
based on prospectus or other official e sti m at es lor U7H. 
M Dividend and yield based on pros pec fas or other official 
estimates for 1078 V Dividend and yield based on prospectus 
or other official estimates for 1979 P Dividend and yield 
based an prospectus or other official estima te * for 1977. 

Q Gross. T Figures assumed. V .No significant Corporation 
Tax payable. Z Dividend total to dale, if Yield based on 
assumption Treasury Bill Race stays unchanged until maturity 
of stock. 

Abbreviations: Wes dividend- m ex scrip issue; » ex rights; a ms 

— I — l all. dies capital distribution. 

- 0.427.41 . 

17[ 73 1 4 * Recent Issues '' and M Rights ’’ Page 38 


This service Is available to every Company dealt in on 
Stock Exchanges throughout the United Kingdom for a 
fee of £400 per annum for each security 


T.atolZjll 7 +14J2 3.6 58 6.4 ^ ^ 20 ^ 3 iSSSl^S Wl afS" Z71 +1 t ^ >1 — 1 -1 47 S' A IM ...! ° 5*0 XI 4.6 3L1 U7* £12*p^&G«| B [^50c'-_ OW, +V 

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Investment JrUSLS 47* SO* US Deb Corp.. - 94**s +* lp 10 5 6 26.2 

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26 Yorks k Lanes— 50 gL5 10 6.B 219 

!, 5 Yortgreen 10p.. 15* ...... — — ■ ~ — 

69 YutuijCo'gUiyii 76 ...... 3.65 3.0} 73(215 


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OPTIONS 
3-month Call Rates 

Iadnttrlnls I.C I 20 Tnbe Invest- 30 I 

a. Brew 6* "Imps"— 6 Unilever 35 I 

A.P Cement... 38 I.C.L- . 20 U Id. Drapery- 7*1- 

R.S R- 9 Invereak 8 Vicfcora 15 1 

Babcock 11 KCA 3 WooJworUu— 5 | 

Barclays Bank. 25 Ladbroke— . . 27 

Beecham 35 Legal 6 Gen... 14 Preperty 

Boots Drag — 15 L^xSemee^. 7 ari t Land 3% 

F ^ 

B55SSSE to I 13£S"^. & 

Burton • A' 12 Uicaslndi. — 25 m - S 

Cadbuxys 5 IwonniJ.i— 30 Peachey B 

Courtaulds — , 10 "Mams' 7 Samuel Pro P*.. 9 

Debenbams— 8 »r1ta.& Spncr 10 Town & CUs— 1* 

Distillers 15 Midland Bank 25 ^ H ^ 

Dunlop—... 7 NJEJ. .. ..... 12 Oil* 

Eagle Star...... ZZ Set, Wed. Bank. 22 

p.m I 34 Do. Warrants 10 BnL Petrolen#- 45 

Gen. Aceideni 17 PfrODfd. 8 | 

Gen. Eluctric. lfl Plesscy 8 £P*?? OTha,1 ~- 3 

Glaxo 40 R.H S£ 5 Shf» 2» 

I Grand Met.— 9 BankOrg. .4.. 18 20 . 

I G LI. S. A' Z0 Reedlntnl. 12 —. 

I Guardian . 18 SpiUers ..... ^. 3 

|G.K^. 22 Jnsco 4 Charter C ob*..| 12 J 

Hawker Sidd 20 Thorn. — ..... 22 Cons. Gold ( 34 1 

House of FY**er. 12 Trust Houses. 15 Bin T. Zinc— 1 16 1 

A selection of Options traded is given on tha 
London Slock Exchange Report page 













= Europe to press C 
change to trading 







BY GUY DE JONQUIERES 

THE EEC has agreed to press ' 
in the closing phase of the 
GATT multilateral trade negotia- 
tions for important changes in 

the rules governing world trade, 

but has reserved its final position 
on the deal which it will seek 
on agriculture. 

Mr. Edmund Dell. the^Trade 
Secretary, said aFter a Council 
of. Ministers meeting which 
ended in Luxembourg early this 
morning, that the EEC package 
met Britain's main concerns. In 
particular it satisfied Britain's 
demand for Lbe -right to apply 
the GATT safeguard clause more 
selectively against disruptive im- 
ports- 

But the Minister criticised the 
EEC offer on agriculture warn- 
ing that for agreement to be 
reached internationally the EEC 
would have to provide better 
access, especially to agricultural 
products from Australia and New 
Zealand. 

At present restrictions im- 
posed under the safeguard clause 
must affect all imports of a given 
product from whatever source. 
Despite strong West German and 
Danish reservations. Britain and 
France have persuaded their 

Maudling 
was ready 
to quit 
on Poulson 

By John Bourne 

MR. REGINALD MAUDLING. a 
former deputy leader of the 
Conservative Party, discloses to- 
day that he had inrended *o 
resign as 3n MP and close his 
political career if the Commons 
had endorsed a Select Commit- 
tee report criticising his links 
■with Mr. John Poulson. the 
architect jailed for corruption. 

The Commons debate on rhe 
report, which took place last 
July, was a tense one. There was 
a series of voles, the most 
important being on a Tory back- 
bench amendment that the House 
should merely "take note" of 
the report rather than “agree 
to it." as Mr. Michael Foot, the 
Leader of the House, had 
originally moved. . 

The amendment was carried in 
230 votes to 207. a majority of 
23 in Mr. Handling's favour. 

The Select Committees find- 
ings had heen that the conducts 
( u. «. •**•’! Aiuen 

Roberts, Labour MP for Norma n- 
tnn. had been “ inconsistent with 
the standards which the House 
is entitled to expect from its 
members." 

Mr. Maudling's statement about 
his contingency plans for resig- 
nation appears in his memoirs, 
published this morning. 

Writing of the debate on the 
committee's report, he says: “I* 
was a long hard day. Unusually 
T was allowed to sit in and listen 
to what was said, instead of with- 
drawing by tradition while my 
fate was discussed. 

“It was difficult at times to 
restrain myself, and once or 
twice I felt obliged to make 
interventions, though friends did 
their best to restrain me, fearful 
that I might speak too vigorously 
(though that was hardly my 
custom). 

“Eventually the vole was taken 
on Ronnie Bell’s (the Conserva- 
tive MP for Beaconsfieldj amend- 
ment and while it was going on I 
sat in the smoking-room brood- 
ing over a large whisky and 
water, and awaiting the result 
on the closed-circuit television. 

“It was an important result 
for me. I had already made up 
my mind that if the House of 
Commons voted to agree with the 
Select Committee after hearing 
from me in my speech the addi- 
tional and important facts which 
did not appear in the Select Com- 
mittee's report, 1 would immedia- 
tely resign my seat in the Com- 
mons and close my political 
career.” 

Book review. Page 9 

Continued from Page 1 

£25m loss 

Many companies in Britain and 
elsewhere have Found them- 
selves facing large losses as a 
result of exchange rate changes 
effectively increasing the amount 
they have to repay in loans 
denominated in currencies which 
have appreciated in value. 

However, most companies have 
had some earnings denominated 
in the same or similar currencies 
which have tended 10 reduce 
the adverse impact of these 
changes. Neither the GLC nor 
the London boroughs have such 
earnings. 

Substantial losses have also 
been incurred by the Treasury 
as a result of the multi-billion 
public-sector borrowing in 
foreign currencies 
The exchange rate risks on 
this borrowing have been carried 
almost entirely by the Treasury 
rather than by the individual 
borrowers as a result of the 
schgm to provide the latter with 
insurance cover. 

In proportional terms tne 
losses have bee nsmaller since 
virtually aJl the rest or the 
foreign borrowing has been 
denominated in U.S dollars 

Whereas the pound has fallen 
bv over 50 per cent, against the 
Swiss franc, its dollar value has 
fallen about 25 per cenL 


EEC partners to seek an agree- 
ment in Geneva which would 
allow it to be invoked against 
individual exporting countries. 

The EEC proposal would 
require consultation in GATT as 
a general rule before selective 
safeguards were imposed, 
although in severe cases action 
could he taken -autonomously by 
importing countries. No attempt 
has been made to draw up 
criteria for such emergency 
action. 

Controversial 

The safeguards issue is likely 
to prove one of the most contro- 
versial items in the closing phase 
of the Geneva talks, and the EEC 
demand seems likely to face 
resistance in varying degrees 
from Japan and the economically 
more advanced developing 
countries. However, the U.S. has 
at least accepted the principle 

of selectivity. 

The Community has also 
agreed to renew pressure on the 
U.S. to include a provision in its 
countervailing duty law (allow- 
ing duties equivalent to the 
amount oF subsidy to be 
imposed) which would require 
proof that imports subjected to 


such duties had caused material 
injury. The absence of such a 

provision, in violation of GATT 
rules, is the source of long- 
standing friction between the 
U.S. and the EEC. 

The Nine are not prepared, for 
the moment at least, to agree 
to an American demand for a 
ban on certain types of internal 
government subsidies as the 
price Tor proposing a change in 
the countervailing duly law to 
Congress. However, the Euro- 
pean Commission has warned 
EEC governments that it may 
prove necessary in the end to 
accept the American terms. Mr. 
Dell said that this is likely to be 
the most difficult issue of all. 

A final decision on agriculture 
has been deferred partly because 
of uncertainties about the likely 
outcome of the separate talks in 
London on an international 
wheat agreement and a possible 
coarse grains agreement. The 
EEC is keen to know more about 
the U.S. position on wheat prices, 
market access and storage 
requirements. 

In addition. Ireland has 
refused to agree to any increase 
in EEC access for cheese imports 
until the U.S. has indicated 


BRUSSELS, Juoe 2S. 

whether it will offer a better deal 
for EEC cheese exports entering 
its market. There is also a 
general resistance among 
northern European meat- 
producing countries to improving 
access for beef exports to the 
EEC. 

Dairy products 

Mr. Dell said that he had 
strongly emphasised the need for 
more generous concessions by the 
EEC on agricultural trade, 
especially for Australian beef 
and New Zealand dairy products, 
and he warned that failure to 
grant them could jeopardise the 
outcome of the Geneva negotia- 
tions. But few other governments 
appear to share this concern. 

The EEC's final position on 
industrial tariffs now hangs 
chiefly on whether Japan is pre- 
pared to improve its offer, which 
is estimated to amount to a real 
cut of only ahout 23 per cent. 
The Community has warned 
Tokyo that it will have to reduce 
its own initial offer unless it 
obtains a more satisfactory 
response. 

Editorial Comment, Page 20 
Wheat Council talks. Page 35 


Post Office faces ban on 
overtime by engineers 


BY NICK GARNETT, LABOUR STAFF 


MAINTENANCE and repair 
work on telephone and telex 
systems, and installations of 
machinery, is likely to be 
severely affected by a national 
overtime ban called yesterday 
by the Post Office Engineering 
Union. 

The ban. which is to begin at 
midnight on Friday in support 
of a dispute about a shorter 
working week, will prevent even- 
ing and weekend repair work on 
all Post Office telecommunica- 
tions links and could cause a 
backlog of maintenance work. 

Emergency lines, including 
those to hospitals and police 
stations, will be excluded from 
the bar. 

The union said yesterday that 
if tWo».om muni cat ion faults 
developed .'ww radio and tele- 
vision transmissr.-.ns could be 
disrupted. 

The Post Office last night mum 
n.--t assess the effects of the ba«. 
but said the extent of delays in 
repair work would differ region- 


ally. 

The union, which has been 
involved in an eight-month dis- 
pute with the Post Office over a 
claim for a 35-hour week, has 
been operating an overtime ban 
in Scotland since the beginning 
of the week. 

This began when 13 men in 
Dundee and Edinburgh were sent 
home for intensifying sanctions 
imposed by the union. During 
the dispute. Post Office engineers 
have been refusing to commis- 
sion new exchanges and to in- 
stall machinery connected with 
these exchanges. 

Mr. Norman Howard, a 
uion assistant secretary, said 
yesterday that the ban had been 
extended to the whole of Britatin 
because t-he Post Office h3d 
refused to reinstate the 13 
engineers who have not. however, 
been formally suspended. 

The union said that two 
engineers in Doncaster and one 
in Git-lisle had also been sent 
home ye»torday and 1,500 Post 


Office workers in the Sheffield 
area (which covers Doncaster) 
and 400 in Carlisle had refused 
to work for the rest of the day. 

About half of the union's 
members work overtime, which 
averages between two and five 
hours a week. 

The Telephone Users' Associa- 
tion said last night that the 
union's action was “con- 
temptible ” and could only sup- 
port the idea that their claim 
was unjustified. 

The Government has ordered 
an inquiry into the union claim. 
Lord McCarthy, who heads the 
inquiry and will report direct to 
Mr. Eric Varley, the Industry 
Secretary, met representatives of 
both sides yesterday and will 
meet them again next week. 

The union says that it is un- 
just that Us members do not 
work the 35-bour week operated 
hv other Post Office workers. The 
Post Office says that to meet the 
claim without loss of pay would 
be a clear breach of pay policy. 


Hopes rise for settlement 
of Rover dispute 


BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 


HOPES WERE rising last night 
for an end to the strike at the 
Rover plant, Solihul, that has 
cost £42m in lost production and 
made 10,000 workers idle. 

Mr. Michael Edwardes, BL 
chairman, delivered a personal 
warning to pickets on rhe factory 
gates yesterday of the damage 
they were causing to the State- 
owned concern. Any wildcat 
strike put the company in 
jeopardy and handed valuable 
business to overseas competitors, 
be said. 

Mr. Edwards, on a routine visit 
to the plant, stopped his 
chauffeur-driven Rover 3500 to 
have what was described as “a 
friendly chat” with a dozen 
pickets. Among those on picket 
duty was Mr. Anthony Tombes. 
the shop steward whose sacking 
is at the centre of the strike. 
About SO external transport 
drivers walked out three weeks 
ago in protest at the dismissal 


of Mr. Tombes for stealing a tax 
disc from the company. 

Mr. Tombes was fined £50 by 
Solihull magistrates on Tuesday 
after pleading guilty to the 
offence. 

The drivers meet today and 
are likely to be urged by Mr. 
Joe Harris, the Transport and 
General Workers' Union con- 
venor, to return to work to en- 
able discussions to continue 
about Mr. Tombes's future. 

Local union officials appear to 
have accepted that there is no 
question of Mr. Tombes's rein- 
statement at Rover. Tbe men 
will be warned of the serious 
damage they are causing to tbe 
company by halting output of 
Rover models. All production of 
Rovct saloons. Land-Rovers and 
Range Rovers has been at a 
standstill for nearly three weeks. 

One Factor that may influence 
the drivers is that earnings in 
the next two weeks will affect 
the pay to which they will he 


Peers urge veto of 
EEC directive 


BY RUPERT CORNWELL, LOBBY STAFF 


AN INFLUENTLAL Parliamen- 
tary Committee last night de- 
manded a sweeping overhaul in 
the way EEC standardisation 
plans arc formulated, and urged 
the Government to veto an EEC 
harnmnisation directive in the 
Council of Ministers. 

The directive concerned port- 
able grinding machines. The 
House of Lords’ European Com- 
munity direct committee, says 
the proposal, if adopted, would 
mean tht potentially dangerous 
equipment, which would lower 
British safety standards, would 
be allowed on to the domestic 
market. 

The peer's main complaint is 
that the views of industry, 
scientists and consumers are 
often Ignored and that voting 
procedures in the standardisa- 
tion committee are faulty. 

“The directive is an example 
of how not to apply the prin- 
ciple of haroionisation.” they 

say. 

The committee also attacked 
separate “well intentioned" pro- 
posals from the Brussels Com- 
mission to curb the noise level 
Of lawn mowers, but said the 


suggestions were put forward 
without regard for their 

feasibility or likely benefit. 

The idea had been based on 
West German legislation. “But 
neither the Germans nor anyone 
else have yet discovered how to 
make lawn mowers, within the 
decibel limits proposed, which 
actually cut grass.” 

The standard was “impos- 
sible” and bud been formulated 
without any consultation with 
the British lawn mower industry, 
which is by far the biggest in 
Europe, says the report. 

The draft directive on grind- 
ing machines is part of the Com- 
munity’s efforts to remove trade 
barriers by approximating laws 
in member states. But the peers* 
findings will add to growing 
irritation at Westminster over 
the way the programme is being 
carried ouL 

The committee urges the 
Government to back the British 
Standards Institution in working 
toward a better voting proce- 
dure on the European Committee 
for Standardisation (CEN) 
which, although not a Com- 
munity hody. provided the basis 
of the directive. 


entitled for the summer holiday 
in mid-July. 

9 Five hundred press shop 
operators at BL's Swindon body 
plant stopped work yesterday 
and voted to stay out for at least 
a week. 

The plant supplies body panels 
for a wide range of the com- 
pany’s cars and a prolonged 
strike at Swindon would have 
serious repercussions. At Swin- 
don itself 3.000 men could be 
idle by the weekend. 

The strikers are objecting to a 
company instruction that they 
must in future stack reject body 
panels, a job they say they have 
never done before. 

O Production was halted at the 
Chrysler car plant at Linwood 
yesterday after 300 paint shop 
workers walked out over a 
dispute about working arrange- 
ments. 

Another 1.000 workers had to 
be sent home us a result and the 
assembly tines were halted. 

The 300 men who waiked out 
are all members of the Transport 
and General Workers Union. 


Weather 


UK TODAY 

RAIN OVER N. and W., spread- 
ing S.E. Rather cooL 
i London, S E-, Central S. England, 
E. Anglia. Midlands 
Cloudy, hill log, rain from W. 
Max. 17C (63F». 

E„ Central N. N.E. England, 
in id lauds 

Cloudy, rain, htl Fog. brighter 
later. Max. 16C tfilF). 

BUSINESS CENTRES 


Y'day 
mid-day 
*C *F 
C 12 34 
5 24 73 
C 13 58 
R 10 50 
S a T3 
s a n 
C 1-1 33 
C 17 63 
S 29 84 
F 23 73 
R 13 33 
S 16 61 
C 1.1 S3 
C 9 48 
S K 79 
V 23 ?J 
S .10 S6 
C 13. 33 
C 13 39 
R 14 37 
S 29 S3 
S 2B S4 
Ji 20 K 

S 24 7.4 
I! Jfl fij 
O l«t M 
F 13 33 


Amstrdm. 

Athens 

Bahrain 

Barcelona 

Belfasi 

B-flHmde 

Berlin 

B l mutton. 

Bristol 

Brussels 

BudaDL-st 

B Aires 

Cairo 

Cardiff 

Chicago 

Colocnc 

rounhacn. 

Dublin 

Edinbrch. 


R 13 5a Lunnhrg. 
S M sd Madrid 
S 11 9l) Manchcstr, 
C 21 "flj Melbourne 
C 13 59 Milan 
RDM Montreal 
C 13 5S Munich 
C IS M t^wcastlc 
R 12 54l Nuvf Yor* 
R 11 54 Oslo 
R 12 54 Paris 
S II 53 Perth 
S ns ud Prajme 
C IS «l| Reykjavik 
S 24 Tj Rin de J'o 
C tr irf, Rome 
C 1" .7.7 Singapore 
C is M Stockholm 
C 14 S~ Strastirg. 


BSC offers 
union extra 
board seat 
in pay 
plan deal 

By Christian Tyler, Labour Editor 

THE British Steel Corpora- 
tion is offering to trade an 
extra seat on its mam board 
for the biggest steel onion in 
exchange for concessions <m 
nav bargaining arrangements 
pay consultative 

machinery. . 

Six seats have been promised 
to the unions, which are select- 
ing nominees, and might 
handed over by the end of next 
month, well ahead of a general 
election. 

But the Iron anti Steel 
Trades Confederation, which 
will have two seats, has ten 
told privately by Sir Charles 
Vil tiers. BSC chairman. Oh t Us 
demand for a third will be met 
only if the union wU agree 
to negotiate wages joinUv with 
the other unions at national 
level. Sir Charles in turn has 
been told that the confedera- 
tion will not meet that 
condition. 

Blueprint 

As for the rest of the indus- 
trial democracy blueprint, 
known as the “steel contract 
and now the subject of a con- 
fidential working party report, 
lta e confederation's leaders are 
concerned that proposals for 
divisional and works-level par- 
ticipation will not give workers 
real power. _ 

Sir Charles’s offer became 
known yesterday in the wake 
of his warning to the urnons 
annual conference m Scar- 
borough that without a big 
improvement in the 
poration's performance, bulk 
steel-making in Britain mi g h t 

That warning was dismissed 
yesterday by Rr. Bill Sirs, the 
confederation’s general secre- 
tary, as unrealistic. Sir Charles, 
be said, was showing signs of 
panic in the face of the cor- 
poration’s crisis. 

Rough ride 

The conference had given 
Sir Charles a rough ride over 
the spate of plant closures, but 
yesterday it went as far as It 
could to support tiie Govern^ 
meat by rejecting a resolutitfHT- 
of the kind passed by most 
trade unions this summer, 
opposing further pay restarints. 

From July the unions can 
expect six-worker directors on 
an expanded BSC board of -1. 
They will probably choose 
rank-and-file men. Mr. Varley 
has asked for their names by 
early next month. 

The Confederation, as the 

biggest union- will get two 
seam: the Blastfurnacemen. 
the Transport Workers and t 
General and Municipal 
Workers one each; the 12 
crafts unions will have one 
between them.. It is not yet 
clear wheiher the 17 worker- 
directors already on divisional 
management boards will stay 
on. 

That advance. Important to 
the onions because of their 
fears of what a Conservative 
Government would do to the t 
steel Industry, will go ahead 
independently of arrange- 1 

ments lower down. i 

Too tier 

The Corporation is anxious ! 
to bring the unions together at | 
all levels, starting with an 
advisory joint national council 
to reBect decisions of reformed 
divisional and works councils. 
That top tier, for which the 17- 
member TUC Steel Industry 
Committee wonld provide the 
unions' executive arm. v^uld 
comprise about 100 members. 
70 from the unions. 

Mr. Sirs is determined to 
stick oat for the third seat f or 
his union, but not on Sir 
Charles's terms. A| the same 
time he is anxious that one of 
ISTCk seats should be 
occupied by a BSC staff — 
rather than manual worker- 
renresentatives. 

Steel men reject attack on 
wage controls, Page S 


Channel Is„ S.W. England 
Hill, coastal fog, rain from W. 
Max. 16C (01F). 

Wales, N. England, Lakes, 
lsie of Man 

Cloudy, rain, hill and coast 
fog, brighter later, showers. Max. 

I5C (59F) . 

Borders, Edinburgh. Dundee, 
Aberdeen. S.W. Scotland, 
Glasgow, Central Highlands. 
Moray Firtb, Argyll. Ireland i 
Sunny intervals, showers. Max. 
I5C (59F). 

N. Scotland. Orkney, Shetland 
Sunny intervals, showers. Max. 1 
13C (55F). 

Outlook: Changeable, rather 
c ool. 

HOLIDAY RESORTS 



Trust Houses Forte’s, shares 
have consistently outperformed 

the stock market this year- So 
there was much rejoicxn*. yes- 
terday when the group sported 
interim pre-tax profits of 
£ 12.2m. As reported, this is 
only ahout £2m up on last time; 
but in reality the underlying 
trading performance' is much 
better since the 1977 interims 
included £4.1m from the .dis- 
posal of Terrys. 

At the trading level the 
improvement is 30 per ■ cent, 
with margins up almost a point 
to 7.3 per cent of sales. The 
UK hotel business has turned- 
in profit growth of about SO 
per cent, thanks to- a decision 
to increase prices in London 
(where occupancy was down. If 




i wnere occupauyjr v <» •». — - ... - - . . - y$Zt ■ the setting "up-, of ■» 

anything) and higher owupaocy reasonableiiio^ect'ltiy^ aae&i^<>£;st ! aale^o 

included only three w ije a .: ; .the 

Overseas hotels have ' also 

ssMSsa.sssi 


Overseas, hotels have ajso 
shown excellent profits growth, 
with the United States increasr 

ing its contribution by 52 per o/>rer £50m 
cent to £3.1m and the rest up 40 r be invoked?. The first 

Hue of defence consists of spdm- 

though the airports 

have had a fairly flat period. i f last company; vrilt eom^Q^te 

And as usual, the lesiure divi- S^reare-^hi^enba^^ 
sion has ended the seaspnaUy^ 'gL whWi the^jahk shouM .in 

unfavourable first half ™th a ^ ^ iSTpo^Uoito .top up . 

m^of perhaps £ *m. ,S er last year’s highly profit-: not.T^^;.;, -51; : . 

THF sounds reasonably op1> ^ Ie run ^ gilt and money' V 3' ' 
misticaboot the markets: brokers Laing and FfJTaflfi --i .• . . 

suggesting that pre-tax profits recently estimated Pre-taxprofits 

Hambros’ inner reserves Ferrenti T 'up alnwst.50‘per'ceaL 
£ * >0 3 8*1° of over 30 were particularly large, at.over turn; imt to be" around 

“ nL , £r° d shLe Ul S i30m - This suggests that allow- i^r lhah expectrf. and set 

foP tax. relief the. bank the stage" for Um'-introduction • 
SSEfiSS riritt'm ?pr^S would be able to. swallow^ up- _ot. tfa*- sh*res to. ihe. jparifct; 
t^D/e nf^ wWIe the yield^s conceivable .loss without eatiog. will, place sometime 
’ mie me y6a ■ into the published capital on 

b per cent. reserves of some: £0Om. StilL July -26, (pad- thehnd oTSeptena- 

Homkpnc Rank • the Norwegian affair is bound ber. -Fwranti wilf be .abler-#) , 

nauioruM* . . to add spice to Hambros’ results, ^oaje-.to the: market with^a -sohd 

The shipping crisis will ndt due.at the end: of; next; ^eek, a looking; balanc#=sh^et'3£fe^qjh 

on 9W9T fnr TTamhrns. frtrtnipht later than the enoival- timi nf . £22 erwmtare 


institute movea iu 10 prop up > \ -■ > £4S^ia.::aiMi:-there is-no overr 

the Norwegian shipping/ indus- GoidsmitK Empire’ draft M^eantime the p/e at the 
try in 1976 there has teen' an jj^ e many \ocumente con- unofficial - : price.-. _of r S70p, 
awkward question mark over with the\affaizs..of Sir equival 01 ^ some 324 r allow- 

what will happen when the James Qoldsmilh, details of the ing for the NEB’s prt^dsed dis- 
original guarantee expire at deal whereby a signaficabt hold* posal bn preferential terms, is 
the end of 19 <9. At one time it ing in Generale decide qtale 7^ fully taxed, or just 4.25. oh 

no 3 sh'in 6 nrii^^wno fr! < G0 > w* 11 be transferred to a an actual tax basis. ■ . . 

romnwiTe nrdhlemhv^mn^ar Hon S Kong company. General' Ferranti: is going to arouse 
alteraativelv \htT the* Nor- 0riental * are staggeringly cpm- considerable interest when it is 
we°ians would ' find it worth- Plicated. But the essence ’of the floated. But theTiapitalisation , of 
while to roll the d guarantees transaction s fiamiHar afi'd con- £35m is mpdest, especiajlly^as 
over for n further period. But sistent. Last summer, .vStr most of the shares are tightly 
the slump in ship values fs James's interest in GO amounted held, and- the group s own 
clearly making tbe Norwegians to one-fiftjh of the eguUy After recent- record is proof enough- 
reluctant to enter into a further this deal, he win effectively^ of Ihfi- iiskiM 
huge financial commitment have a controlling interest in'- technology sector. - ; r- 1 -y; 



Y’day 
mld-das 
„ c * v 
S ;o C 
S 25 m 


Y’day 
mid -day 
, c . F 

Jersey C 14 57 
Las Pirns. S *4 75 


Frankfurt 

C 

14 

37 Sydin-y 

Geneva 

y 

15 

39 Ti-hran 

Gla^Qw 

•: 

14 

svj Tv! A\iV 
3“ Tokyo 

Helsinki 

c 

14 

H. Hone 

5? 

on 

Toroolo 

Jn'burs 

S 

19 

6'f Vienna 

I.isbnn 

> 

T-> 

~ Warsaw 

London 

V 

2D 

K. ^uriob 


Blamtz 

C 

18 

Gil Locarno 

S 

22 

72 

Elartponl 

R 

13 

53 Luxor 

S 

<2 108 

Bordeaux 

« 

17 

63 Majorca 

s 

33 

73 

Boulogne 

C 

13 

5 S MaJaca 

K 

M 

7S 

Caublnca. 

C 

22 

T* Malta 

S 

23 

73 

Case Two. 

R 

i* 

Sjj Nairobi 

c. 

H 

«1 

Corfu 

F 

?4 

73 Naples 

F 


72 

Dubrovnik 

F 

:i 

7(f Nile 

S 

21 

70 

Faro 

F 

ri 

6^ Onorto 

S 

24 

75 

Florence 

C 

23 

Wt Rhodrs 

s 


79 

Funchal 

r. 

IS 

<44 Sjlibars 

n 

if. 

S4 

Gibraltar 

y 

21 

70( Tjojncr 

y 

2i 

77 


Guernsey c 13 53 
Innsbruck h c it 
Inverness C 17 CT 
I. or Man C LI Xi 
Istanbul C 27 7a 


Tenuifc 

Tunis 

Valencia 

Venice 


F IK 64 
F 2i 77: 
F 52 72 
S 21 TO 


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Sartowr Handling limited. 

Hmh Office lAlrtiddEstaos. 1 . 
Maidfiiifiead,T«l ; Lute wick" Green J 1 5t 
Cdadanlan Oivtskw-Wardpwk South. 
Cumbernauld. Tel ; Cambamanlrtlsoftt 


F— Fair. R— Rain. S — Sunny.