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19 Upper Srook Street, Lorrdon r W1Y 2HS 

■%&JJ 01-629 9232 


No. 27.59S 

Friday June 30 1978 B t> l> 


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Israel sterling. 

kills 2 



British Steel faces 

all-out strike 


Two people were killed and 42 
injured when a bomb rocked 
Jerusalem's crowded central 
market yesterday. Palestinian 
guerrillas later claimed respon- 
sibility Tor the blast. 

Victims were flung into the 
air by the explosion, which sent 
other shoppers fleeing for safety 
in a bail ot shattered glass and 
debris. Most of the injured were 

Jerusalem mayor Teddy 
Kollek condemned the attack as 
“another attempt to spoil good 
relations between Jewish and 
Arab residents of the city.” 

The Lebanese Cabinet' held an 
emergency session under Presi- 
dent Elia's Sarkis to deal with 
mounting tension after the 
massacre of more than 30 Chris- 
tians in east Lebanon: 

• STERLINC was ltousicd by 
speculation that it might Join 
the European currency .snake. 
It rioted at 81.8665 for a rise of 
1.2 cents. ILs trade weighted 


% £ AGAINST : ! 




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jUjH Oc.B/j-UW 

Mr rOki irm 

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*1 ar«W 70 Hhn canw- 




Hri SMkil tBtfwf 

Fishing: measures 

Agriculture Minister John SilJun 
is to announce unilateral 
measures to protect fish resources 
in Britain's 200-mile zone on 
Monday. A ruling on net mesh 
sizes is expected to he the most 
controversial Back Page 

index was 61.6 (61.4)., The 
dollar’*, depreciation widened to 
7.1 (7.0) per cent. The French 
franc was also lifted by ntmmirs 
about the snake. It dosed at 
FFr 4.4850 (FFr 4.5325) against 
the -dollar. 

Powers sought 

Ombudsmen for local authorities 
are seeking extra powers to 
enable disputes to be more easily 
settled, according to the annual 
report of the Commission for 
Local Administration in England. 
Page 10 

O EQUITIES recovered in late 
trading from early pessimism 
about the economy. Trading 
remained extremely light The 
FT 30-share index, down 2-7 at 
11 am, dosed at 457.3 for a gain 
of 2.0. The late rise in Bools, 
which intends to increase its 
dividend, accounted for 0.8 of 
this. Back page 

Tax repayments 

Chief Secretary to the Treasury 
Mr; . Joel . Barnet announced a 
tow dohsff for the Finance. Bill 
next month whereby PAYE re- 
payments due -to wives will be 
paid direct to them, rather, than 
to their ."husbands if the couple's 
income is taxed jointly. Page 10 

6 GILTS recovered froni losses 
of i to gains of £. The Govern- 
ment Securities index doseij 0—4 
higher at 69.25. The upward 
pressure on U.S. shart-feru. 
rates caused a late reaction- In 
shorter maturities. 

over closure fears 

to be 

By John Evans 

China may 
borrow from 
UK banks 


PEKING. June 20, 


i SSSmmTjSSSimS: '! SSL- Wk -™- 



Emitted itself to borrowing from made earlier this year to mcni- 

The State steel industry ran yesterday into what threatens to be its worst: Th „ lnl>vc u o! the 
collision with the trade onions for many years. ■ significant development so hr 

The threat of a strike through- national action and a call for the the TUC Siee; Industry 
out the British Steel Cnrpnrutinn resignation of Sir (.'.'furies rniltce. 

. rfl « ; Bntish banks and other overseas bers of the British "Fnriv- 
I 1 ? -hr ft,!S?«H d J. l 5! wurce * f,,r lhe first ximc t0 help E, 8bt " who spent several weeks 
< JP* 9 ,u:urc J0d Cul ,to finance its modernisation and in China exploring export 

tile interest COM. I industrial I ic-it inn nrnnrammp no 

British manu- 


industrialisation programme. potential for 
That was confirmed lo a party lacturers. 

. - — _ .. of British parliamentarians led Colina MacDougall writes: The 

fu,,.. in the official policy to reschedule j by Lord Chalfont, an adviser io Chinese vlee-premicr's remarks 
l part of Britain's $25’on foreign , Lazard Brothers. The party left indicate that China is adopting 

front leaders of the bimsrsl VfJlieK. SSC chairman, or of 31r. A memorandum m workers lni pu “ llc ,' Ci:IDr debT ' ! t The° deiesation came J ni0re fle>:ibIc atitude cradp 

slc-l union over a decision lo John Pennington. She the Id divi- ihr- niettin ' -hr>:« wiiurh thd This Satost restructuring opera- '.i.u • . , 

shut part of a steelworks in the siunal managing 3 .... — - j : — . — k ' 1 ■* ,riuJI 

West Midlands. responsible for Bilstnn. 

This untypical eruption by i*. ir !.' h ^ rr , H 

leaders of the Iron and Steel ^k' n h#. h d 

could « h >;n he . _ f _ _ „„„ v jn „ j>r , rmM . lhe M 



embarrass the Govern. 

if the 

wic «.iovcm- 

ment in the run-up to a General 

Election. ,he ^°u ^ , 

Mr. Eric Varfcy, the Industry Jndu-siry would stop, 

Secretary, will be a.-tked. prob- 
ably today, to tell BSC to tr 
reverse its decision. KeSOOflSe 

told the r 

close the 

instruction to damp down Non pubJiahed a letter from Ur.: n ,{ W l0 j prints from th 
instruction not to wort; David Grieves, managing director . pe r c , ?n t agreed last year, 
/u furnaces was not re- personnel, in a rep.y to a lelc*, At the same time, it i 

tram from Mr. Sirs. 

; visaged Hal the 

is en- 

He said there had been consul- loan will mature four years later has firmly excluded 

reported to have told Lord the London inter-bank mnrket. 
Chalfont. The statement marks It seems possible that Peking 
a significant change in China's may cautiously widen its use of 
economic policy, which until now project- related deferred pay- 



lations dating back to Iasi | than planned at present. 
November about the orders. i n effect, tills means that re- 
position at cilsion The local , payment i«r the loan will be over 
management had merely been , rhe years I9S5-S8, instead of the 

ties, as die early T9S0s will be 

held but in the meantime BSC nal ' cmal Metalworkers that they earlier this week, when am the peak period" for the repay- 
has said it will shut two of the n,Uiit n nl Jjend here." emergency resolution about! ment of I K foreign debt. 

four open-hearth furnaces from 
August 6. 

The news reached the 1STC 
conference in Scarborough yes- 
terday. where, as at the plant 
itself, it was taken tu mean that 
the full closure had been set in 
train without consultation. 



BSC tried last night to quench Bilslon whs carried and Sir 

the Haines fay >yyirig that there Charles was castigated by 

had been a misunderstanding, delegates for an address to the 

The intention to take out the two delegates in \* : hick he warned 

furnaces was in response to Jack that hulk steelmyking in Britain 

of orders, and could have was in jeopardy. 

happened at any plant. The union is still smarting \ mgs was du- between 1979-84. 

_ It did not mean that a pro- from closure or iron and steel-' 

The conference was adjourned, posai to stop all steelmaking by making last week at Shelton, 
the union’s 21-man executive the end of October, and of rolling Stoke-on-Trent, after what it 

went into emergency session, and by next March, would go ahead alleged was BSC's failure to com- 

came out with the threat of without full consultation with plete consultation. 

overt ments and supplier's credit, per- 
haps to include buyer's credit, 
under which it could avail itself 
of British and other European 
Govern raenls’ exports irediis 

Faced with huge costs for Those carry low jnlcrcsl rales 
technology, equipment and and would be commercially 
materials over the next two advantageous. Hitherto. Peking 
decades of industrialisation, has restricted itself to using *up- 
China has conceded that it must plier s credits, 
use foreign funds and conven- Vice-Premier Li's reported use 

Before ihe present policy optional borrowing practices, of the word "borrow" suggests 
rly m-i repayments of the more! Although Mr. Li's statement to that the ideological hurdle 


expensive foreign debt and a 
new borrowing programme was 
initialed in October. 1977. almost 
SO per cent of ihe 825bn borrow- 


Gomecon entry 

• GOLD fe1L$l to $1843. Trad 
ing was quiet The New York 
Comex . June- settlement ‘ was 
182.30 (184.40). 

Vietnam has been admitted to 
the Communist Cumecon 
economic grouping and is the 
tcnth fukl member of the Soviet- 
dominated organisation. The 
move is seen by Westerners as 
proof of Hanoi’s new Moscow 
alignment Page 2 

• WALL STREET dosed 1.73 
up at 821.61. 

9 COPPER cash wirebare fell 
.£10.25 lo £687 a tonne on the 
London Metal Exchange. Prices 
reached their lowest for three 

Page 33.- 

Pone defied o us. honey supply: mi 

'ft _• $349.4hn (S351.3bn. revised). 

Rebel Roman Catholic archbishop „„ *6339 7hn CS840 cabn 

Marcel Lefebvre . defied 

Vatican, again by ordaining 18 reviseu/. 

priests at bis traditionalist j 

seminary in Econe, Switzerland, ill Iffl OTO-Cf 

Polio plea r nr m, fore 

The - Dutch Government : has 1U1 
appealed to Holland's strict; pro- 
test ants to accept vaccination of 
their children after 09 cases of 
polio have. been, reported in the 
last - two months. 

Locust plan 

The UN’s Food and . Agriculture 
Organisation has ; recommended 
a 83m plan to fight locusts 
devastating the Horn of Africa. 
Some' SO swarms are moving 
through Ethiopia and Somalia. 

Cho^ 1 

Peace move 

Two major Eritrean guerrilla 
organisations- - (ELFiRC and 
EPLFV have offered to have direct 
- talks, with the Ethiopian Govern- 
ment to end their 17 years’ war 

of- independence. Page 4. 

Briefly-.- • 

Three youths charged with 
murdering a JS4jrear-old Bangla- 
. deshi in East London were 
remanded at Thames Court 
Thirty-one million viewers 
watched the 'World Cnp Final— 
the biggest television audience 
in. Britain for a sporting event 
Twelve British missionaries and 
their children, massacred by 
black nationalist, guerrillas, were 
buried in Uintali, Rhodesia.- 
Malagasy President Didier Rat- 
siraka said mercentaries planned 
to kiii him with. .poison darts 
fired TErbm ball-point jiens. 
Priucess Caroline o [ Monaco and 
French financier PhiMppe Junol 
were . married after a mass in 

Monti Cario.; ' ' . . 

King cobra measuring 13 ft is 
being used as night watchman 
at a Stockholm aquarium. 
Dockers in Barcelona, _ Spain, 
have ended a two-month go-slow 
over pay- . 

• BIl CARS signed a £30m con- 
tract to supply at least 10,000 
vehicles io the British School of 
Motoring. Page 8. BL Cars will 
start recalling 10,000 workers at 
the Solihull plant, where u three- 
week strike cost £42m in lost pro- 
duction. Scanlon appeal, Page 11 

• HR. JAMES PRIOR, Shadow 
Employment Secretary, said he 
was. in favour of exempting the 
employment of people under 21 
and companies with fewer than 
50 workers from the Govern- 
ment’s Employment Protection 
Act. Page 10 

• FRANK B. HALL, the third 
largest ' quoted U.S. insurance 
broker, unveiled its expected 
£25m takeover terms for Lloyd's 
broker Leslie and Godwin. Back 

• FEARS that a further 900 jobs 
might be-Jost at Plessey’s Edge 
Lane,' Liverpool factory are ex- 
pected to be aired at a meeting 
of management and unions next 
week. Rack page 


Industrial regisered record sales 
and profits in the half year to 
May 20. Sales rose 7.5 per cent 
to Y751-6bn and net profits 13.7 
per cent to Y2S.4bn. Page 2 < 

Properties, the last surviving 
offshoot of the Fund of Funds, 
flagship of Mr. Bcrni Corn f elds 
.ISO empire, is considering seek- 
ing 'unofficial listings on some 
stock markets. Page 25 

0 BENOU) pre-tax profit fell £2m 
to £ the year to April 2. 
Profits - of .overseas companies 
fell' from £6.49m to £4J2?m. 
Page 22 .. 



(prices hi pence unless otherwise 
indicated) J, 

EscUtq. 5! pc 

Excheq. 12pc- <. | 


Sime Darby ’ — 

, Tex Abrasives 
Siebens fUK) 


Harrisons Malay Ests. 
Plantation Hidgs. ... 
Cons. Murchison ... 
Hampton Areas 


N^buthwn Kinta ...— 


Baidt Return 


Entertainment Guide 
Eura. Options E». . 

Food Prices 

FT-Aciunrles Indices 

For fittest Shore IjuJcr 'phone &EX 



BUSINESS "AND consumer con- wage on January 1. Rlnreaver. Mr. Miller steered clear nf the 
fidence- in the TJ.S. would be increases in social security and current political minefield of 
undermined unless inflation was unemployment insurance taxes which tax incentives would work 
brought under control. Mr. G. have added to labour costs on a best 

William Miller chairman of the broad scale, while costly regula- There is growing support on 
Federal Reserve Board, said lory actions continue lo put Capitol Hill fur Republican pro- 
today. Distortions and imbal- upward pressure on costs." posafs to reduce capital gains 

ances in the economy would Mr. Miller praised recent and income taxes, the first of 
develop and recession would be policy decisions by the Adminis- which the Administration 
the result t ration to delay and reduce tax adamantly opposes on the 

His mid-year review of lhe “* «■* S'ounds of ineoui.y. 

pcnnnmv oresented to the joint Federal spending. to seek For Mr. Miller, the key to 
economic committee, of Congress vo, untoiy wage and price im proving productivity lay in 
n,;„mA-aiiv r,n the restraint and improve the regula- working on three key elements — 
Suo“rfrh P rit ^d tt,e ne^d W processes which hampered labour, eperey .nd'npiul. On 
ZrES^tSSS* £ t hi «.DDlv investment. the last of these be said that the 

riH! 0 Af S ihi e #pnnnmv .| hnvp P ai^ But. these recent steps did not nation's tax policies had not pro- 

constitute hy themselves an vided adequate incentives to 
to g!ve a renewed spur to te h- a< j equate i on? .term attack on the invest in new capital, 
nolog ical advances and a ains in inflationary practices and poll- “Careful reconsideration of alt 
productivity. tics which had given the economy taxes on business is essential 

The short-term economic out- its inflationary bias. but I believe a near-term, partial 

look was generally favourable Inflation removed incentives lo answer is to introduce a more 
but with the significant exception S3ve and invest. “Without ade- liberal variant of accelerated 
that inflation had become worse- quate investment in new. more depreciation.” 
with much less likelihood of any efficient technology, growth of Currem depreciation guide- 
easing of underlying inflationary productivity tends to slow — lines did not approach actual 
forces. lending further in omentum to replacement costs in periods or 

He added: “Actions of the cost-baled inflationary pressures, rapid inflation. 

Government have played a •* It is for this reason — hr-cause As a goal, the nation should 
significant rote in the recent deep-seated inflation retards set an ambitious objective for 
worsening of inflation — on top of long-run growth and is a clear capital investment of. say. 12 per 
special factors such as higher threat to sustained high employ- cent or Cnra National Product 
food costs. Service prices have mcni — that inflation must he f f, r an extended period to enable 
risen strongly, influenced import- characterised as our highest the L\S ; to make up for past 
antiy by the rise in the minimum economic priority." Continued on Back Page 

It has already become clear 
from present negotiations that 
some of the banks involved have 
chosen not to continue to par- 
ticipate on the terms being 
sought by the UK authorities. 

However, some other hanks 
have offered to absorb a larger 
amount of the restructured loan 
than previously. On this basis, 
the new facility is likely to be 
com pi tied on u final figure of 
well over Slbn. 

It is thought that the fairly! 
• small nuinb.-r nf banks which will ‘ 
not participate are being 
influenced hy the lower interest 
rate which the hanks consider to 
he difficult to justify on com- 
mercial grounds. 

In recent months. U.S. banks in 
particular have been complaining 
that it is hard to generate any! 
profitability from medium-term 
loans when margins decline much 
below a percentage point over 
inter-hank rates. 

In turn, in lhe Euromarkets it 
is felt that the UK’s restructur- 
Continued on Back Page 

Lord Chalfont is encouraging for implicit in the idea of a foreign 
British bankers, they will find loan has been parity overcome, 
themselves dealing with a and that may give the Chinese in 
cautious and thrifty client. “We due course the opportunity to 
don't want too much.” Mr. Li choose advantageous credit 
told the British group. “ We schemes that were closed to them 
don't want to borrow more than before. 

we can pay back.” Their acceptance of those may 

It is. likely that China will depend on foreign ability to find 
continue to exploit other forms a formula that does not offend 
of financing that do not entail against the remaining ideology, 
direct borrowing. Mr. Li again which still promotes the idea of 
raised the prospect of payment “self reliance,” although not 
by products for foreign-built exclusively, as in the past, 
factories making goods for Editorial comment, Page 20 

State chairmen’s pay 
report out today 


Oslo seeks ship guarantee cut 


Norwegian Guarantee Institute 
for Shipping wants to cut sharply 
its existing guarantees on £50m 
worth of loans from Kambros 
Bank to the troubled Reksten 
shipping group. 

It emerged in Oslo yesterday 
that the continuing negotiations 
between the Institute and the 
bank concern not only what hap- 
pens when these guarantees ex- 
pire at the end of 1979. but also 
whether the Institute has the 
power to reduce the sire of the 
guarantees in the meantime. 

The 1976 contract between the 
Institute, Hambros and Reksien 

gave the Institute the ri ?ht of 
periodic reviews of a £60 m con- 
sortium luan which it had 
guaranteed lo Reksien. Reksten 
uses this loan to pay the Interest 
on its borrowings from Hambros 
and to meet the costs of laying 
up ships. 

Apparently the Instil u to wants 
lo use this review clause either to 
stop Reksten drawing any more 
money under the consortium 
loan, or lo reduce the amount ihe 
company can draw. 

This move would mean that 
Reksten could not meet iis 
interest payments-on its Hambros 

Hambros continues to remain 
silent while the negotiations are 
continuing, but ihe Norwegian 
Press is openly speculating 
whether the Institute has either 
a lesidl or a moral ri?ht to reduce 
ii- ■.■ommitinents in ihis way. 

On Tuesday, Air. Charles 
Hambro. chairman of the bank, 
had a short meeting with the 
Norwegian Prime -Minister. 

Final agreement between 
Hunibros and the Institute is 
dearly still some way off. There 
Is still ample time for the two 
parties to arrive at a compromise 
between their present entrenched 
negotiating positions. 


European news 2-3 

American news 4 

Overseas news 4 

World trade news 5 

Home news — general 8, 10 

— labour 11 

-—Parliament - 13 

Technical par - 16 

Management pege 17 

Arts page 19 

Leader page 20 

UK Companies 22-24 

Mining 24 

lninl. Companies 25-27 

Euromarkets 23 

Money and Exchanges ... 2S 

World Markets 32 

Farming, raw materials ... 30 
Vti stock markets 34 


Race tor the computer 

memory market 20 

Politics Today: Pulling 
Disraeli into blue jeans 21 
Around Britain: Welsh 
Land Authority 18 

Energy Review: BP’S 
search for Forties 

replacement 12 

Malaysian textiles: Hard 
times follow boom 27 

Car telephones — a new 
opportunity 29 

Australia: Mining and oil 
industries 4 

The Fed: Why banks quit 
the system 4 


Glenrothes 30-31 


Appointments Mvis. 




Men and Matters 




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I SI. 8570-8580 

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P UMrflllK ' 


' 5.10-4.90 ,||« 

THE BOYLE report on top 
public servants’ salaries, which 
recommends rises of more 
than 70 per cent for chairmen 
Of nationalised industries, is to 
be published by Lhe Govern- 
ment this morning. 

But Ministers' decisions 
about bow such rises should 
he phased, perhaps over two 
or three years, will not be 
announced until next week. 

This was agreed by the 
Cabinet yesterday at a meet- 
ing which reflected the intense 
debate that has raged since Lhe 
Boyle Review Body on Top 
Salaries reported to the Prime 
Minister three weeks ago. 

Ministers are believed to 
have decided yesterday that, 
because of the size of the pro- 

posed rises, the full Boyle 
Report should be published as 
quickly as possible to allow 
for informed public debate. 

Labour Alps have warned 
that if the fall increases were 
lu be conceded, the Govern- 
ment uould have litllc chance 
of securing a further period 
of wage restraint. 

The report also proposes 
rises for (op civ if servants, 
judges aud armed forces 
officers. Chairmen of the main 
nationalised industries could 
expert a salary of £40,000 
although some would go aboic 

0 In the Commons yester- 
day. Mr. Michael Foot 
indicated that AIPs could 

expect a 10 per cent increase 
shortly In their £6.270 salary. 

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to Comecon 

By Paul Lcndvaj 

VIENNA. June 29. 

council meeting of Comecon, the 
East European economic organ- 
isation today admitted Vietnam 
as its tenth member and adopted 
a final declaration on long term 
“target” programmes in three 
fields. These are fuel, energy 
and raw materials, engineering 
and food and agriculture. 

The application of Vietnam 
for membership came as a sur- 
prise and some members, above 
all Romania, were initially hesi- 
tant to accept Vietnam at this 
meeting as a full member, 
according to Yugoslav officials. 

Future fuel supplies, the poor 
quality of some of the products 
produced under collaboration 
schemes and the non-fulfilment 
of contracts and delivery dates 
were the main problems 
repeatedly referred to in the 
speeches made by the Prime 
Ministers of the member 

Contrary lo earlier rumours, 

. however, no Soviet proposal was 
made to change Comecon 
statutes which provide for 
decision-making by consensus. 

Comecon, founded in 1949, is 
now made up of the Soviet 
Union, Bulgaria, Czechoslovakia, 
East Germany, Hungary. Poland, 
Romania, Cuba, Mongolia and 
Vietnam. Yugoslavia has an 
associate status. 

. The final communique is un- 
likely to contain major new 
decisions. According to rumours 
final decisions about the scope 
and degree of long-term integra- 
tion schemes, including Soviet 
delivery and East European in- 
vestment commitments, are 
likely to be taken only next year 
at the 30th anniversary celebra- 
tions of the organisation to be 
attended both by party chiefs 
and Prime Ministers. 

The edited versions of the 
speeches did not indicate any 
new dramatic development 

Giscard for talks with party chiefs 


PRESIDENT Giscard d'Estaing 
of France has invited the leaders 
of the four main political parties 
lo meet him next week to discuss 
the issues which will be brought 
up at the July Western economic 
summit meeting io Bonn. He is 
thus keeping a promise made at 
the time of his first contacts with 
political leaders immediately 
after the March elections. 

The most tense of the inter- 
views is almost certain to be that 
between the President and the 
Gaullist leader. Jacques Chirac. 
Not only are the Guailists express- 
ing a general discontent at the 
rigor of the Government’s 
economic policies and a strong 
resentment at the systematic 
replacement of Gaullists by 
Giscardiens in influential posi- 
tions in politics and the media, 
but they oppose sharply a number 
of specific measures recently 
announced by Giscard d'Estaing. 

In particular, the proposals to 
introduce proportional represen- 
tation for local elections to fhe 
bigger towns, to give the oppo- 
sition greater rights of reply 
on television and radio, and oo 
the financing of political parties 
run directly counter to Gaullist 
policy. M. Chirac's party also 
suspects that the Centrist UDF 
will try to use the occasion of 
nest year’s elections to the Euro- 

pean Parliament to illustrate its 
pulling-power in contrast to the 
Gaullists who are badly divided 
on the issue. 

Given the President's recent 
strong endorsement of Prime 
Minister Raymond Bane's poli- 
cies, M. Chirac’s complaints are 
not likely to be heard with 
much sympathy, particularly as 
it was the Chirac reflation pack- 
age of autumn, 1975. which gave 
the final sport to the most recent 
French inflationary wave.' 

But the President may pay 
more attention to the first mur- 
murings of disco ntent from his 
own Centre UDF grouping stem- 
ming from a belief that the red 
meat of the Government's 
economic rigour is not being 
sufficiently garnished with the 
dressing of social reform. 

None of this discontent, which 
Itself has been encouraged by 
the spate of strikes in industry, 
poses much immediate threat to 
the Government, since the UDF 
is basically loyal to M- Barre. 
while the Gaullists have a choice 
of joining with the Left to defeat 
the Government measures or, on 
a number of questions, seeing 
the Left join the Centre to 
ensure their passage. 

Conversely, M. Francois 
Mitterrand’s conversation with 
M, Giscard may be more friendly. 

ML Francois Mitterrand 

since the President has cleared 
the way for discussion of some 
of the issues, he raised after the 
elections. Mitterrand has had 
to override left-wing opposition 
before accepting the invitation. 

While Mitterrand's position as 
Socialist Leader is not under any 

PARIS. June 29. 

real challenge be has had his 
work out out recently maintain- 
ing the balance of power and 
influence between his leading 

M. Georges Marchals, the Com- 
munist leader, is on holiday in 
Romania and will send the leader 
of the parliamentary Communist 
Party lo the Elysee Palace. The 
party newspaper L’Hnmxnite has 
already made it clear that the 
President is likely to be on the 
receiving end of a long- mono- 
logue on the iniquities of the 
Government’s economic policy. 
It is- hard to see how the Com- 
munists will want .to offer much 
advice for a summit meeting of 
capitalists and social democratic 
“traitors" of the Callaghan and 
Schmidt variety. . 

Meanwhile, the parliamentary 
career of M. Jean Jacques 
Servan-Schreiber, leader of the 
Radical Party, a man whose 
drifting between the pro- 
Giscardianism and opposition has 
been one of Ibe minor features 
of the past few years; may be 
near its end. 

' The Electoral Court has just 
quashed his 22-vote victory In 
Nancy at the general election 
and it is by no means sure that 
he will contest the rerun is three 
months’ time. 

Banks reduce base lending rate to 9.05% 


THE BIG French banks have 
finally takt-n the hint from the 
Government and reduced their 
base rate from 9.3 per cent to 
9.05 per cent from July 1. The 
Economics Minister, M. Rene 
Monory, has been promising such 
a reduction for weeks but has 
warned that the rate would not 
go below 9 per cent. 

The feeling is that the new 
rate, which reflects, rather 
belatedly, the easing of rates 
on the money market to around 

8J per cent and hence cheaper 
re-financing for the banks, is 
about as low as can be expected 
In existing circumstances. With 
the inflation rate this year 
expected to be about 11 per 
cent, the Government is being 
very cautious' about making 
money too attractive and has 
reaffirmed its intention to main- 
tain strict limits on bank credit 
Meanwhile, the French franc 
has performed well over the past 
few days. Today it was being 
quoted at Fr 4.5175 to the dollar 

against Fr 4.58 a week ago. while 
it strengthened 1 per cent 
against the deutschemark to 
around Fr 2J.775. The foreign 
exchange markets are inclined 
to attribute this to technical 
factors, notably the maturing of 
forward contracts taken put 
before the election. 

The Government prefers to 
see the move as a response to 
the Improving trade balance and 
the slow recovery of industrial 
production. Some people feel 
that the recent talks between 

PARIS, June 29. 

President Valery Giscard 
d'Estaing and Herr Helmut 
Schmidt on the gradual reinte- 
gration of European currencies 
may have contributed to the 

The expectation here is that 
the forthcoming EEC summit in 
Bremen will produce some sort 
of declaration of intent to work 
towards the creation of a Euro- 
pean monetary fund and a 
broad snake arrangement with 
wider margins of fluctuation 
than the existing mechanism. 

Italy ballot 
produces no 

By Paul Betts 

ROHE, June 29. 
THE RULING Christian Demo- 
crat Party in Italy Intensified 
its efforts to reach an all-party 
agreement - to elect a new 
president as representatives 
from both bouses of pari la- 
ment and the regions voted 
today in .the first Inconclusive 
ballot to find a successor to 
Sic- Giovanni Leone, who 
resigned this month. 

The first, seeret ballot today 
represented only a test of the 
political mood,' with the main 
parties either voting for their 
own. candidates or abstaining. 
These token candidates In- 
cluded — for the Christian 
Democrats, Sig. Guido GoneUa, 
a former secretary-general of 
the rilling party: for the Com- 
munists, Sig. Giorgio Amen- 
dola, one of the most respected 
figures in the party; and for 
the Socialists, Sig. Pietro 
Nenni, the 87-year-old elder 
statesman of the party. 

Although the main parties 
have so far not agreed on a 
common candidate, (hey 
appear intent on' reaching a. 
compromise to avert the threat 
of serious political reper- 
cussions, which would follow 
a major confrontation. 

The Christian Democrats 
held bilateral talks today with 
the other parties in an attempt 
to reach an agreement as 
quickly as possible. After the 
talks, the ruling party Indi- 
cated that it would consider 
a presidential candidate from 
another party as long as there 
was all-party agreement on his 

The Socialists, however, are. 
insisting that the new presi- 
dent be nominated from their 
ranks. The Communists favour 
a non-Christian Democrat' can- 
didate, while* Insisting on all- 
party consensus. 

-• a; -• *; 

Alitalia“takes off.” 

With a profit in 1977 

Financial Times Friday June 30 1978^ 

Rich nations urged 
to increase 
Third World aid 


THE Japan and West 

Germany were called on today 
to give urgent consideration to 
their aid policy ahead of July's 
Bonn summit. 

Mfc Maurice Williams, chair- 
man of the -OECD's 17-country 
development assistance commit- 
tee (DAC); said weak efforts by 

the three top economic powers 
in the West were the main 
reason for a .disappointing aid 
performance last year. 

Official development aid from 
the DAC group roser by only 
SLlbn last year to SUBbn, 
showing virtually no improve- 
ment in real terms. The organisa- 
tion's objectives for helping the 
poorest quarter of the world's 
population could not be met 
without a large and immediate 
increase in aid funds,-he said. 

As a share of the 17 countries* 
gross national product, official 
aid. actually dropped from 033 
per cent to 0.31 per cent, less 
tb&n half the UN's target figure 
of 0.7 per cent and the second 
lowest level in the 20 years 
since aid figures have been 
compiled. - ■ 

Only about half the total of 
official assistance goes to the 
poorest countries. The present 
volume of aid, Mr. Williams said, 
was not adequate to help 
developing countries fulfil their 

Disparities between different 
countries' aid record had become 
more marked, he said. The 
smaller DAC . countries— notably 
Scandinavia and Holland— had 
Ay improved their record, 
it U.S. and West German aid 
spending as a share of GNP had 
dropped, and Japan's had 

Commitments made last year, 
which to some extent determine 
how much will be handed out 
this year, increased by only 7 
per cent, but there were some in- 
dications that things would im- 
prove. The U.S. bad projected 
higher aid and Japan had an- 

PARIS, June 29 

nounced its intention to double 
aid funds over the next three 
years. But in West Germany 
there was “ no evidence that the 
Government has taken the kind 
of measures that -would substan- 
tially and effectively increase it* 

The Communist countries also 
came under fire. .Their contri- 
bution— 5600m in 1976, more 
than half of ft from China— was 
“ a pittance of help and concern 
for the Third World." 

The overall flow of resources 
from the DAC countries rose 
last year by about $3bn to 
S43bn. Of this, the dominant 
part, was made up by private 
flows of $24bn. largely to middle- 
income countries. . At current 
prices, this was below the 1975 

Developing countries* receipts 
from all sources increased lo 
S64Ln from S59bn. 

Oil exporters' funds for the 
developing world rose to S9bn 
from just above 5Sbn. About 
Sfffibn of this was on con- 
cessional terms, or about 2 per 
cent of OPEC’s joint gross 
national product. The next 
record among the DAC countries. 
Sweden's, was just' under 1 per 

The DAC chairman said that 
OPEC aid had ceased to be con- 
centrated heavily in the Middle 
East and was now better distri- 
buted among developing 

Aid terms had tended -to 
soften, with new commitments 
showing an Increase in the grant 

Measures were essential for 
stepping up direct investment in 
developing countries, a theme 
brought out in the reeent OECD 
ministerial meeting, Mr. Williams 
said, investment should be 
directed particularly at meetiag 
Future needs, especially energy 
and food. 

Total official 
development aid 

1974 ' 1977 

of GN? 

1976 1977 



























- 600 




























New Zealand 

























7,063* . 









! a 

■ 1 1" 
J ! J 





i ! 

.1 : 

' 3 

;» i 




Last year we set out to show the world how good an airline could be. Now we 
can show what we achieved. Our revenue in 1977 was up by 38% over the preceding 
year, thanks to a traffic increase of 16.3% in passengers and of nearly 10% in cargo. 

Naturally costs were up too but only by 28% so that we were able to finish 
the year “in the black” with a profit of over 12.7 million US dollars.* 

Moreover we have no short-term debt outs tanding so our development 
program continues smoothly this year. 

Such a successful recovery would not have been possible without the 
growing patronage of our clients throughout the world. We thank you for your 
trust and support and aim to deserve them even more this year. 

That’s what we’re working for. 

* at average exchange $ = Lit 870 







. 1976 - 

Inventories al beginning oT the year 



Traffic revenues 



Purchase of materials 



Service revenues 



Personnel and related costs 



Revenues from sales on board 



Services received 



.Revenues from rentals 






Dividends from subsidiaries 



Financial charges on debentures 



Dividends from interests in other companies 


180 ' 

Financial charges on banks and loons 



Interest from bolding company 

2332,1 39 

• — 

Interest on other creditors 



Interest fawn snhsirftarigy 



Other charges 



Bank interest 


■ 3265204 

Depredation and amortization 



Interest from customers 



Leaving indemnities for employees 



Other interests 



Provision for income taxes 



Gains an sales of plant and equipment 


62 63,732 . 

Allowance for doubtful accounts 



Internal oon^metions 


263294 . 

Provision re. clause 54 DJ.R. 597/73 



Capitalization intangible ****** 



Miscellaneous expenses v 






Inventories at end of year 


. 31354300 



• 1303372,108 

725^41238 ■ 

Prod for the jo* 



Less .for flte year 

L - . 

/ 46,879267 





' *1' M 


Gwimon qf the Board of Directors 

Umberto Nardio 

The Auditors:- ' .... 

Gaslooe BrasadeS - Roberto CSraeco - F«Ho Di Note Vittorio Marau - Srintae Paofecd 

— --s" '.-ryv' -r : — — «7"0 

• • : ; V 


shcflvthe work! 


■ I 

Successful Salyut link-up 

MOSCOW. June 29. 

A POLISH SPACEMAN, Major The Soviet news agency Tass 
Mlroslaw Giennaszewskl, and his said that Major Glermaszewski 
Soviet partner. Colonel Pyotr Md Colonel KUrouk would spend 

ri.,..; i.r. _ i. ... „ seven days on the station carry- 

JOymuk, were settling hi today ing out special research 

for a week’s slay aboard the programme. "Tomorrow, we get 
Salyut-6 space station as guests down to work on Salyut-6.” Major 
of two resident Soviet Giermasaewski the first ever 
cosmonauts. ; Polish spaceman, told television 

The visiting cosmonauts docked viewers, 
their Soyuz-30 craft with Salyut The progr amme , part of it 
L“‘ «*"«« jointly by Soviet end 

?5ry po d rt P»Ueb ffS cienti«e. indnded tetta* 

from Colonel Vladimir Koval- effects of weightlessness on 
yonok and Mr. Alexander the human body and photograph- 
Ivanchenkov. • ing the earth’s surface, Tass said. 

"Come on In and make your- Soyuz-SO’s mission seemed 
selves at home," one of the hosts- likely to follow closely the pat- 
called as the four men exchanged tern set last March by the Soviet 
hugs and clasped hands in cosmonaut Mr. Alexander 
triumph at the successful linkup. Gubarev and Czech Air Force 
The Soyuz-30 crew brought tele- Captain Vladimir Remek, whose 

ago, in exchange for 3 brown- spent a week aboard Salyut with 
and-white teddy bear, thrust Into other cosmonaut^ who were set- 
Major Giermaszewski's hands as tmg a space endurance record of 
he entered. - - 94 days. Reuter 

L hiiqi te h i Monte G irk. 

Luxury apartments** ruuktomeasure? 



Monte Carlo : the town of -privileges. A name 
that makes one dream. The symbol of luxury, happi- 
ness— and security. 

It is there, in the heart of the Principality, opposite 
the harbour and the sea, that you discover the Bristol- 
Monte Carlo , from which the eye takes in the whole 
harbour from the Rock to theCasino. 

There you will be able to choose a residence, tailor 
made, to meet your wishes: pied-a-terre or high class 
suite, studio or spacious apartments. 

Information- L e BristoLMontc Carfo-25,Bd Albert F* 
Monte Carlo (Prindpaut£ de Monaco) 

Phone: (93) 3018.61 . 

l°v Bd du Theatre -1204 j&i£va (Switzerland) 
Phone: (22) 2U6.88 Tellidf 189199 

— — - — . — ■the 





»d State has 

Phone (home) the 1 Shipb\_ 

* "Soviet claims to I 

claims to \ 

Phoncf office; jfr orders ing indugtj 

qaar* trat direct S' 


« • 


I i 

i ; 

\ l 


1 i 

i • 


! I 


d ‘.D 




3 - 

1 i 


d- ’ 

ase ^ 


' v.V’l^ 

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■ . . . -^ji j: 

»~A *-• 

>fu! Sahutlisr 

Turancial Tunes Friday June 30 1978 

^pj> I up * 



MADRID. June -’?. 

Banks ty 
meet on 


ANKARA. June 29. 
THE EIGHT major international 
hanks which are co-ordinating 
the restructuring of Turkey's 
S2.5t>n debt to foreign banks 
are to meet in Zurich nest 
Monday and produce their final 
proposals, central bank sources 
said today. The proposals will 
he circulated among the 321 
banks Involved as a central bank 

The central bank believes that 
it will be able to despatch the 
ducuiuent between July 15 and 

The proposal will be Jn two 
sections. The first will deal with 
the restructuring of S2bn foreign 
bank- have deposited in ihe so- 
j called convertible Turkish lira 
accounts in Turkish commercial 
J hanks and S500m of placements 
in the central bank. 

The second section will be an 
invitation to participate in the 
syndication of a fresh loan of 

The eight co-ordinating banks 
will be underwriting $200m- 
$250m of this amount, the 

M. Giscard d’Estaing in the Cortes yesterday. .? “SS^VtteouWmding Issues 

4, which will have to be resolved 

French President warns 

_ _ 1 TT’TT’y^ A. 150 and 1.75 per cent, according 

on apamsn EEC entry \ 

BY ROBERT GRAHAM MADRID. June 29. „ v 'T ,tb ^ restructuring, the 

Ministry of Finance will 

PRESIDENT Valery- Giscard Premier, when be was in -Paris, guarantee Ibai repayment Tor the 
d’Estains on the. second day uf However, he then probeerted debt will be made in foreign 
his State visit here told a special to qualify this support. 3“ It is currency transferable on the due 
session of Parliament today that clear that the entry of Spain will dale. 

Spanish entry into the European create a new situation which will Extension fur both the con- 
Comimmity would require •> force each one of us -'to go vertible Turkish lira accounts 
strong process of readaptation through a rigorous readaptation and haakers placements would 
by both France and Spain. process, he said, adding that “In- be for six years, including a 

He also warned that “ certain evilably there will be. problems three-year grace period. A 
sectors” of French agriculture for France, an* certainly; some quarter of each deposit will 
must be assured that they will be agricultural sectors will have to mature at the conclusion of the 
3,1? ^ StsTr/tlSctDrS be able t0 continue carrying out third year after the extension. 

activity* as™aresuit of SnS ^eir activities in a satisfcctory with a similar percentage matur- 
actmty as a result of bpamsn mmKtr .. - ing Mch con6e cutive year. 

„ „ f . . Initial Spanish reaction was The present convertible 

Although M. Glscaru a Estaing tbat the French President to pub- Turkish lira deposits do not 
chose to bury his remarks on ij C at least was offering r» new en i 0 y a repayment guarantee by 
Spam s application to join the assurance about France's position tIje Ministry of Finance or any 
EEC in the middle of his speech 0 n Spanish agricultural pftduce. ot h er Government body, 
to Parliament this was the part Traditionally this has bem the Mi n istrv of Finance, how- 

bis audience was most anxious most opposed to concessions to guaranteed that 

to hear. Spain over EEC entry. • forei r *n exchange would be made 

He began his remarks on the • Firebombs have been t&rown f the u- aiis rer of 

EEC by saying rbat “France is at the French consulate Mid at matured deposits. (This 
favourable to Spanish entTy into Renault car company offiee in had in practice been 

the Community." He said that Valencia in protest against Bresi- « ™ n cince the beginning 
he had told this fo the King yes- dent Giscard’s visit to. Spain. , h (j, e acu te 

terday and had already said the There was little damage? • .* - " ^ foreign exchange 

same to Sr. Adolfo Suarez, the Reuter 

: 4 - ; : However, there' appears, to 

OEG0 economic report , SSgaSarSJ 

BY DAVID WHITE ‘ - PARIS., June 29. come 

f. - contend tbit the ^ guarantee 
ECONOMIC RECOVERY in Spain fall in investment could hit should have come into effect as 
is at the mercy of richer Spain's potential fbr growth in soon as the'-, deposit mature, 
countries' growth policies, ‘the - the next few years, and unetn- others say there is no such 
Organisation for Economic ployment. could get even worse, clarity. 

Co-operation and Development The- QECDVi outlook for Nobody involved wishes to 
(OECD) concludes in its latest unemployment this year is for U ] k about contingency plans for 
report a bigger increase than that pre- the eventuality of some banks 

Despite the threat of a big rise dieted by the authorities. The n ot wishing to subscribe, 
in unemployment, the OECD total, it says, may reach the Im A centra j bank official, who 

warns the Spanish Government mark ox 7- per cent of the work- dcnied t j iat a contingency plan 

against expansionary measures, force, y existed said: “We trust that all 

The positive results of its A consensus between Govern- hnTlk< . wi!I agree that this is the 
stabilisation programmer-falling ment. labour and industry on best .^sgibie course for all con- 
inflation and a narrowing trade limiting wage and price increases ^ d subscribe.” 
deficit— are still too fragile and could pave the way for an easing ° inconceivable that 
are partly due to the weakness of demand management and a « wSch did not sub- 

of- home' demand. better ou^ut and employment the scheme profited 

Stimulatory measures, it warns, picture next year. more than those which did. In 

would bring a rapid increase in To make this acceptable to ^er weld? £ added, banks 

imports. It forecasts a reduction unions and employers, the . ,- d . subscribe to the 

in Spain’s current account deficit Government could increase jSe would be paid afler 
this year to Slfibn from S2.5bn. benefits for the lowest paid and ” T 
while the rise in consumer prices bold back increases in public ‘ „ 1(| tasked to 

should slow to 18 per cent from. tariffs. b *“^ . TSKift. -.JS 

24.6 per cent last year. In order to reduce unemploy- reply within a deadline of two 

The cboices facing the Spanish meat, it is estimated lbat gross or three weeks. 

authorities are particularly diffi- domestic product would have to ; _ 

cult, since there are also serious grow by between 4.5 per cent and FiM«m:i\L Jiurs. puMWhcd dully men Sufi 
risks in keeping demand down 6.5 per cent a year, the report JilTum 

for too long, the' report says. The says. snum *» r»vLi« wu « n» i«k. v v 


Bundesbank move to boost liquidity 


announi-ed measures tD im-rease 
the liquidity of ihe West 
German bunking system. From 
the start of next month the 
rediscount quotas arc to be 
increased to make a further 
DM 3br (£i 79.2m) available lo 
the banks. 

Dr. Otmar Emmingcr, 
Governor of the Bundesbank, 
said at a Press conference this 
afternoon that the DM 3bn in- 
crease in the rediscount quotas 
—which currently stand at 
DM 25 bn (f6.5bn)had been 
I necessary on seasonal grounds. 
I it u-iH allow the banks a greater 
opportunity to return to normal 

refinancing methods and reduce 
their reliance on special financ- 
ing measures, the demand for 
which has been averaging 
DM 6bn this year. 

The seasonal increase of cash 
in circulation would produce a 
demand for a further Liquidity 
to the tune of Dlf 3bn in July. 
Even so, the Bundesbank's 
measures were not ** a drop in 
the ocean ** as the banks bad 
practically unlimited access to 
Lombard credit, he said. 

Undoubtedly, the Bundes- 
bank's announcement is a timely 
one for the bond market which 
has been depressed lor some 
time. Dr. Emminger agrees that 

the measures would strengthen 
the market, but be said they 
were intended primarily as help 
in the form of increased liquidity 
and not as price support 
measures, although this could 
also be their effect. 

Dr. Emmlnger also announced 
thar the Bundesbank Council 
today agreed a number of tech- 
nical measures aimed at improv- 
ing the structure of the 
rediscount quotas. These are 
aimed at increasing the banks' 
ability r© utilise their quotas 
more effectively. 

The Bundesbank’s announce- 
ment should be seen against the 
background of the considerable 

FRANKFURT, June 29. 

cash outflows from the Federal 
Republic following the 
strengthening of the dollar. 
These have considerably 
increased the banks’ liquidity 
needs. Indeed Dr. Emminger 
today did not rule out that — 
within the context of “ steady 
and inflation-free monetary 
management ” — rurther measures 
may be necessary later. 

The free liquid reserves of the 
banks currently stand at 
DM 9.2bn (£2.39bn) compared 
with DM 13.6 bn in December, 
said Dr. Emminger. Therefore 
the Bundesbank could not be 
accused of loo expansionist a 
monetary policy, he said. 

Barcelona EEC doubts on 6 crisis cartels 


I! i _£C THE EUROPEAN Commission surances that these market- would also have to wii 

f 2 IIPll OTT has again postponed a decision sharing provisions will not stand unanimous backin'* of 

v '*** i ^ / WA VXi __ Ik., nnlix.! it ..JmiI in Tka ,.r _ ; „c „ - ........ 

I About 1,8017 dockers in Barcelona. 
Spain's main port, ended a two- 
month go-slow yesterday after the 
Cuil Governor threatened them 
with dismissal and possible 
sedition charges, Heulcr reports,. 
The dockers had been demandin': 
more pay and improved safely 

Cornfeld to pay 

Financier Bernard Cornfeld is to 
pay Sw.Kr.4m fS2m» to 3S0 ex- 
employees whether or not he is 
convicted on charges of swindling 
them, his lawyer told Reuter in 
Geneva. He has said he does not 
dispute the workers lost money, 
but insists it was not bis fault 

Crude oil surplus 

The real excess supply of crude 
oil is currently about 6.5m barrels 
» day. and this should rise as 
more production of low sulphur 
light crudes from Alaska and the 
North Sea reach the market. 
according to M. Andre Berta rd. 
director-svneral of Royal Dutch 
Shell. Reuter reports from Paris. 

NATO changes 

U.S. generals will hand over 
command of two key NATO 
positions to Turks today— the 
| South-East Europe Land Forces 
and Sixth Tactical Air Force, 
Reuter reports from Izmir. 


THE EUROPEAN Commission 
ha* again postponed a decision 
on the policy it sbould adopt 
towards industrial "crisis cartels,'' 
annd growing signs that a num- 
ber of the 13 Commissioners now 
doubt whether steps should by 
taken to exempt such arrange- 
ments from the full rigours of 
EEC competition law. 

The question has been under 
discussion in Brussels for more 
than a month, ft has now been 
decided that jt .should be set aside 
until the Commission meets on 
July 19, shortly after the seven- 
nation economic summit in Bonn. 

The delay coincides with indi- 
cations that the West German 
Government is having second 
thoughts about the cartel 
arrangements recently concluded 
between the major EEC pro- 
ducers of synthetic fibres and 
wants further clarifications about 
their operation before deciding 
whether to give them its seal 
of approval. 

Several weeks aco. Count Otto 
: fojinbsdorff. the West German 
Economic Minister, indicated 
that his government was pre- 
pared to accept the cartel, albeit 
reluctantly. Bur Bonn now 
appears concerned about pro- 
visions m the arrangement 
apparently designed to bring 
about a sharing of markets 
i between the producers. 

The German Government is 
understood to be seeking reas- 

surances that these market- 
sharing provisions will not stand 
in the way of a reduction of 
surplus capacity in tbe fibres 

industry, which" is supposed to 
be one of the cartel's main 

The EEC Commission has 
before it a proposal for a special 
regulation which would 
effectively exclude crisis cartels 
from the prohibition in the Rome 
Treaty on restrictive business 
arrangements. If approved by 
the Commission, the proposal 

BRUSSELS. June 29. 

would also have lo win the 
unanimous backing of the 
Council of Ministers. 

The regulation was drawn up 
by 51. Raymond Vouel. the 
Competition Commissioner, who 
believes that it represents the 
only way of sanctioning crisis 
cartels without severely distort- 
ing competition law. It has been 

strongly supported by Viscount 
Etienne Davignon. the Industry 
Commissioner, who fans actively 
encouraged the formation of the 
fibres cartel. 

BP wins oil supply case 


THE EUROPEAN Court of Jus- 
tice has upheld an appeal by 
British Petroleum and annulled 
an EEC Commission ruling 
against three BP susbidiaries in 
the Netherlands. 

The Commission ruled early 
last year that the Dutch sub- 
sidiaries abused their dominant 
position in the market during 
the height of the oil crisis 
between November. 1973, and 
March. 1974. by withholding sup- 
plies from a major Dutch client, 
the Aardolie Belangen Gemeen- 
schap (ABG). 

Tbe Commission said at the 

BRUSSELS, June 29. 

time that the BP subsidiaries cut 
petrol supplies to ABC. a major 
and traditional customer, in a 
discriminatory way which 
threatened its existence. 

However. the rnurt has 
accepted BP’s arguments that 
because al Ihe rime if no longer 
had a contractual relationship 
with ABG. it did not have the 
same obligation to maintain sup- 
plies that if had with its con- 
tractual clients. 

The court found that there was 
no abuse and. therefore, did not 
go into the problems of market 
dominance, which it was expected 
to clarify on this occasion. 

I W. German 
I business 

Bjr Jonathan Carr 

BONN. June 29. . 

■ WEST GERMAN businessmen, 
lare generally less pessimistic L 
! about prospects for the coming 
I months— and the building sector 
I in particular is doing so well that 
! many companies report shortage' 
of siaff. 

This emerges from the survey* 
of business opinion for May 
i carried out by ihe 1FO economic 
institute of Munich and released 
today. It confirms a more positive 
lone emerging in economic com- 
ment elsewhere, including from 
the Bundesbank — though few 
believe that the Government's 
original hope of 3.5 per cent real 
growth in GXP this year can still 
be fulfilled. 

The survey underlines that clear 
division in ihe economy between 
most industrial sectors, struggling 
slowly out of the intense gloom 
of ihe first quarter, and the sharp 
upswing in the building trade. 

Most companies producing 
capital and consumer goods as 
well as consumer durables forsce l 
a marginal improvement in busi- 
ness over the next six months. 
But few are planning to increase 
production in the next three 
months. 1FO comments that there . 
is little sign of an overall self- 
sustaining upswing — implying 
further measures to boost Ihe , 
economy will he needed. 

In the building sector most 
companies now want to take on 
more workers while at the same 
time last year roost were catting 
staff- Further, one fifth of all ' 
companies report production 
problems because they have too 
few skilled workers — in an 
economy where there are still 
nearly lm listed unemployed. 

There are now about 4(10.000 
fewer people employed in build- 
| ing than at the height of »hc 
boom in 1971. Many skiPed 
workers who left during the re- 
cession have learned other trades 
and will not now return to their 
old jobs. Further, many foreign 
workers have returned to their 1 
homes and there is a ban by the 
Bonn Government on new birings 


OECD economic report 


PARIS. June 29. 


WO e 



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: ' : point choosing 
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'■ Tobelp youii^vestyommcrticywisely. 

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inf o rmati on on the Double Plus Bond. 


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riaanetea Tinw* Frftfej; June 30 19 H! 



Israelis playing down Mondale visit c h arter 10 Textile industry demands 

BY DAVID LENNON TEL AVIV', June 29 j dMUgC . ; J \ jm gm ' ^ 

XSRttEL IS tryhi? to play down stautire talks a s much as iSCr. Monday will be keen to man saM today feat Israel does SCCFCCY TlTftl fiCTlOH iTOYTI ' llTlTlft'Il* S 

the poUUeal significance of the possible, because it it clear that team what tool's position will not view the Vice-President's * . UVU JX VUl I I Bl iyVJ. wU 

m?* dlsagree pro- be if talks axe arranged In London visit as the “start of a process UmPAfltirOC • 

sJl'rtQ ^m™w M daie ’ k icil 5 le Ps. nee ded early next month between the of negotiations" He said feat piUCCUUl C5 BY jursk MARTIN, Ui. B*rcfc WASHINGTON, June 3*. 

S fo revive President Sadat s peace Egyptian and Israeli Foreign there would be “an exchange of - „ _ _ 

o*5? c, .u S here ar ? anxious to initiative. Ministers, with the participation views" and that Mr. Mandate T _ y^HINGTPN. June 28. LEADERS OF labour and man- jointly by Mr. George Meany, than 200,000 U.S. textile workers 

rtress the ceremonial nature oE Israel believes that it is being of the U.S. Secretary of State. would get an assessment of the PRESIDENT CARTER is prepar-; ageraent in the U.S. textile head of the AFLCtO (the UA were out Of work (and 160.090 oa 
mark 7nnf^rv unfairly pressed by the U.S. to It is unlikely that he will be situation as seen in Jerusalem. *® .ammunce eweeping ; industry combined today, to urge equivalent of the TOC in Britain), short time) during the first «*• 

TEL AW, June 29, 

XSRttEL B trying to play down stand v* talks as much as SCr. Mondale will be keen to man saM today feat Israel does 

? 1 ^ I ^ can S 1 ® possible, bemuse at ia clear feat learn what Israel’s position will not view the Vice-President’s 

2® rt b w3!l*J J ‘^ry i S e i Pr€ *i?ifi«£ disagree pro- be if talks are arranged in London visit as fee “start of a process 

“* Mondale, which foundly about the steps needed early next month between fee of negotiations” He said feat 

■urtt iomonmr. to revive President Sadat's peace Egyptian and Israeli Foreign there would be “an exchange of 

Officials here are anxious to initiative. Ministers, with the participation views" and that Mr. Mandate 




mark TcraelV Tflflr .nniuorMTV , -3 lue u.u. IU 11 JS UUURBiy tnai ne will OB uiuvugu 9«ea u jeiuMitiu. 

But toueh talldm? i^emected T ake - concessions ’ whi ^ the given any new ideas to take wife It was because of the stress 

from thp Americans Who View Americans are not urging Egypt him to Egypt when he pays a being placed on the ceremonial 

this as fee bp -Mr nine of a new t0 J nalc e similar gestures. brief call on President Sadat aspects of the visit that a row ITirir "“wiS They demanded feat textiles, ~“* v “v »“ “* * T “Y“ “«*“•* “ v “* 

effort to restart the 8 stalemated But Mr - Mondale and his team early next week. The Israeli developed over. the status of fee £* lwecn t j? e publics fibres and apparel be removed ***4 , by Mr. Irving trade negotiations; their seven- 

peace negoftetians brtieeo includes senior White House and position is that further progress Vice-President’s visit to East know and national tnm ^ jgSSnatloual trade S^piro, dai™^ of DujynL IWOt plan inclucted^eman^f or 

Israel and Egypt. State Department aides are can now only be made through a Jerusalem. . The U.S. has not „ . , , negotiations now nearing ‘con- Md Mr. Robert Small. . president “£°ter control erigting 

. Meanwhile .in. Jerusalem a ^r___the renraJ of _direct talks Israel’s annexation of ■KLEJ elusion in Gimeva, and bejtiven ^ Pp i^ 

chan ges in the way the U.S. i Congres and the administration and Mr, Murray Finley, president months of this year. 

Government .classifies docu- to stem the flow of imports. . of the Amalgamated Clothing and In addition to the exclusion of 
ments, which will try to strike demanded feat textiles. Textile XJnkm. on. fee labour textile* fibres and clothing from 

a balance between the public's fibres y a nd apparel be removed side: *» d ■ hy Mr. Irving trade negotiations, their seven- 
right to know and national mumnatloual trade Shapiro, chairman of Dupont, point plan included— demands far 

security. negotiations now nearing con- w*d Mr. Robert Small, president tighter control of existing 

Meanwhile in Jerusalem a expecieg to maKe clear the revival ot tne direct taiKs recognised Israels annexation oi __ r - . . — - vimiuu m ucugve, «uu vc 6*»wu -- - — •, T -eKhit* - ~ - ~ - - - 

sfs svrarajs jme szs srwjraus «. ^ — «« ‘5T S= aiaa*w? 

s b r 2s. arit&ia.TK assn, s isasars gs-jg? SBSS 

lem on the eve of the Vice flatly rejected Egyptian sug- tinue to press for greater old city, but would be accom- ’ nea J *s expected later today. v„ rmiitnii Jtteady rise bygone third in the Kong .and South Korea so as to 

Presidential visit. gesUons about fee occupied tern- flexibility from Jerusalem: panied by the Israeli Mayor when T ^ rtl ^ v *. n,aw ? t f rffled iuS axdus?o n! bu t. dmK ^Ife^fe^ JSlwSTi o'SShfSS? riri2?r 

Israel will try to avoid sub- lories Th E Prime Minister’s spokes- he visited the Wailing Wall. i^dStla?- ^S5S- S 5S»t SriSd 

“top secret.? Critics of the ^femist pressures are mounting tinue to increase at this ’pace. In .addition, the textile union 

l?wU«nnvi r n * : _ Jpj "T M svstem say documents ' are 311(1 «" finding, even more they would reach a record level said that today it had filed new 

itriirean I Pll^l AT) H TIPI* I lH5ICC5lPrP Often cUssiSed arbitrarily, re cePpve grounds, as congress- uj further harm an industry charges against Pakistan. Mexico. 

. 111 VMA1 dlijJLUlI il-J. trWJL JuCUilllUlI llliloijilvi C wife so serious consideration “ e ? fel ^e added need to serve “already seriously damaged*! by Malaysia, Singapore and Thailand 

rniAMmllnri of their relationship to ^eir constments as the mid-term imports. - ' alleging that illegal subsidies 

Slierrilias BEIRUT. June 29. security, leadin' 1 many docu- electiQQ 1° November approaches. They cited Labour Department were being paid to manufacturers 

® THE LEBANESE Cabinet met in weeks aao in the northern town Greek Catholic Patriarch ments to .be orerclassified. The demands today were issued statistics to the effect that more in those countries. 

Israel will try to avoid sub- tories 

The Prime Minister's spokes- he visited fee Wailing Wall. 




for talks 

Tension after Lebanon massacre 

BEIRUT, June 29. security, leading many docu- 

THE LEBANESE Cabinet met in weeks ago in the northern town Greek Catholic Patriarch ' ments to .be overclassified, 

an emergency session under of Eh den in which 36 people, all Maximos Hakin today met Presi- Mr. Carter's executive order will 
President ELias Sarkis tadav to Christian, were killed, including dent Sarkis and later attended a sharply reduce the number of 

deal with raountina tension Tony Fran -i ieh ' eldest son of meeting of the community's agencies with authority to 

rnuk'ins tbe nScre of over former President Suleiman religious and political leaders. classify document. It is also 

fSIrteti.™ T°iZ r Franjieb, his wife and his baby News of the Baalbeck massacre *— " 

BEIRUT, June 29. 

30 Christians in east Lebanon 
yesterday. President Sarkis also fla ^v n 

came only a few hours after the 

Ethiopian According 

Right-wing 35 miles east of here, then taken dent Franjieh. Tomorrow, is the 

anarpiy reuuce UJC nuiuocr oi'rri j ■'•jj ' B "W T ■ j 

szsr* stjrw.iS Textron committee to look Jamaica, draws 

expected to cut the number of j ig j* Tiart" flf TIV^K 

years for which a document is rtf* T1Q TTVYl ATI lC ' Q II AO'QTlfTIlCl - L V* 11T11 

automatically classified and 0.1 UdV JLIICULtiJ OllCgdllUlliJ J. OM tooilifir 

ir?^L 10 t £ « JOHN Ws .wvoRK.jun.*. loan ^acuity 

bureaucracy’s compliance with TEXTRON, the Rhode Island denial feat he bad any know- KINGSTON June 2t. 

part of IMF 
loan facility 

By Canute James 

KINGSTON, June 2f. 

I - .... j T >- _r : ” , — . o — - ■■ -“t. w uuin cast ui ucic, Uicu ucut ihujihi. ^viuu 

«r POriers. the number of those to a nearby wooded area and shot, last day of the ult 
r^. P rlSfS r kl!led > eslerday was 3®- Wsht- They were all members of the which Mr, Franjieh t 

“EJ" r ®»“ ce wingers are accusing fee Syrians. Right-win^ Phalange Party. gists in fee north eiti 

The offer was made ai a joint Bui observers link the new Most of them also were Greek the party, leave the 

Ahmed ^ n .. ren " j f ,J,g violence to fee massacre two Catholics, or Melchites and gether or face fee consequences. 

area aito- 

Eritrean Liberal ion Front — 
Revolutionary Council (ERF — 
RC), . and >1r. Ramadan 
Mohammed Nour. ::«•»— "Urv- 
General of the £ri*rpan 
Peoole’s Liberation Front 
(EPLFl. It followed a ser-ol *• 

Zambia promised substantial aid 

STrl 1 ? S , ZZX ; BY DAVID WHITE PARIS, June !I9. « J*™- j 

visit to Moscow earlier feis • CREDITOR COUNTRIES meet- There have been rumours of a imports, dominated fee meeting. for the document und 

month by Mr. Nasser amid signs ] ing here today have promised aid large bilateral credit being con- The Zambian Government was Freedom of Informatio 

of increased Soviet pressure j tu cover just over balf fee sidered by fee Saudis. weighing up various alternatives said one official, 

for a negotiated end to the I exported SI bn gap in Zambia's With no dramatic improve- for improving fee vital rail link AP-DJ 

protracted conflict over resources over the next three ment in capper prices in sight wife Tanzania, a link wife 

Eritrea. J years. for at least fee next two years, Malawi's rail plans, and a road a. 

Re “ t 5 r „ 1 ' lr - Wl111 Wipermans, regional the Finance Minister expected to meet Angola's Benguela rail- \jriVl tO TH1S8 

John tv nr rail adds from ; vice-president of the World Bank, little variation in Zambia's pay- wav, which would bvpass Zaire. , „ 

Nairobi: The U.S. Embassy in said, aflcr a consultative meeting moms shortfall of some SSOGm in The cost to Zambia of adhering nrOnll^flOTI 
Addis Ababa announced today t.f the creditor countries be was 1977. to fee mandatory sanctions Jr* v ia.UA.iAVria 

that the US. is Siting S2o0,0flfl | optiniistic that fee remaining Transport constraints, affecting against Rhodesia had passed iyF 

in emergency relief for the - needs could be met. The U-S.. both copper exports and vital S750m, Mr. Mwanakatwe said. V-'IIcVClICo 

famine-stricken people of ! Britain and France have » v t«j,_ w.u. 

stances the Goverament must special committee to search, for the company acting as Bell's Monetary Fund (IMF). The 

balance fee publics interwt evidence of “questionable pay- sales agent drawing was made up of $16 Jm 

i" ? disclosure wife Hie me nts ” which it may have made. Despite having confirmed Mr. under fee extended fund facility 

ISSra" The °Lv iSrofia Th . e tkree-man committee of Miller, the Senate. Banking Com- and $ig.7m under the compenra- 

securny. ine inv °‘^f d outside directors appears. to have mittcc is continuing to lnvesti- tory financing facility. 

■wui mate the oaiattce test been given fee task of trying to gate possible improper payments The extended fund fad lily 

if there is some reason to C | ear ^h e cloud of .snap! cion still by Textron, Another issue being would have been draws earlier 

ranTnnhKe over ^ C0Ifl P a,iy since the investigated is the destruction of this month but fee Finance 

Mn+ nnhlfA f n fnrnrt J* w “ 1V luip 1 UVUU* WUfc WC riUdUCr 

1 *® ®5 series of allegations of improper a memo discussing secret pay-j Minister. Mr. Eric Bell, has said 

fnrtha payments which were made ments to a Ghanaian official the-j that, if this had been done, the 

d ^r^r»^ n >f!^ r * t !f during the Senate confirmation day after Mr. Miller denied any bland would have Jest $5m 
stidone official 1 Atl hearings on Mr. MiUer’s appoint- knowledge of it jon the componsatory financing 

famine-stricken people of 
Wollo and Tigray provinces. It 
is estimated lliat some 1.5m 
people arc affected by severe 

promised higher aid, but a 
number of other countries have 
still to indicate their aid plans. 
President Kaunda has, mean- 

The grants will cover trans- while, asked fee World Bank 

port of relief food and com- 
modities. the building of emer- 
gency grain storage In western 
Wollo, replacing oxen, seed 

president, Mr. Robert McNamara, 
for urgent* ration of 
Zambia's transport problems 
resulting from fee closure of its 

Chinese coal production 
may exceed 500m tonnes 


By John Wylo 

NEW YORK. June 29. 

GENERAL MOTORS is to boost! 
daily output of its strong-! 
selling mini car. fee Chevette, i 
by 64 per cent from next 
February, indicating the grow- 
ing emphasis on small-car pro- 
duction in the UB. 

and small agricultural tools for ‘ border with Rhodesia, Mr. John PROSPECTS FOR the Chinese rise in Chinese imports of foreign | Dealer deliveries of the Chevette 

farmers affected, the extension Mwanakatwe, Zambian Finance coai industry in 1978 are the best mining machinery, 
of relief emergency radio com- Minister, told journalists. - for years. The effects of full This conclusion ts of particular 
munlcations to remote drought The Minister firmly denied feat recovery from the damaging interest to Britain and West 

areas, and two grain evacuators Zambia envisaged having to re- earthquake at Tangshan in 1976 Germany, because . of China's 

for fee port of Assab to schedule any oF its Sl^bn will shortly be apparent and the preference for the long-wall 

accelerate the movement of external debt. In March, Zambia industry's total output should method of mining. The U.S. 

relief grain to stricken areas, agreed wife fee International exceed 500m tonnes, according to could benefit, from any expansion 

Monetary Fund on conditions for a magazine forecast.- of open-cast mining which China 

rv n -._ ^ - 1 • J a S390m credit over two years. .The forecast was indirectly might undertake because Peking 
JUraCcd on the basis of plans to reduce related to a recent announcement imported substantial amounts of 

. » .the country’s budget deficit. from the New China News mining equipment between 1972 

to be sworn in The U"S. has. meanwhile, Agency feat Chinese mines had and 1974. 

‘ pledged SlOOm over the next fulfilled their January-June The forecast in the Hong Kong 

By our Own Corresoondent three vears. Britain has expanded quota ahead of schedule. based magazine Current Scone 

Dacca Cabinet 
to be sworn in 

ment to fee Fed. Mr. Joseph GoUnon. Textron's] facility. 

Attention has focused on new chairman, said yesterday | The Government is also now 
Textron’s payment in 1973 of that fee company's investigating finalising details of the $5tm 
$2.9m to Gen. Mohammad committee would search for facility being offered by the 
Khatemi, fee Iranian Air Force, “any payments to Government newly-established Caribbean Aid 
chief of staff, who has since died, officials, political parties or can-i Facility, fee so-called Caribbean 
The payment was followed by fee didates, any improper payments ! consortium, 
award of a S500m contract to the to customers or suppliers, and! The Finance Minister has said 
Textron subsidiary, Bell Heli- billing payment and accounting ( feat fee details are being dis- 
copters. practices at all Textron divisions, cussed on a bilateral basis, and 

- No evidence has been pro- subsidiaries in U.S. .and abroad ! that fee loan will be for a 15- 
duced to question Mr. Miller's from January I, 1971 i year period. 


Why banks opt out 

By Our Own Corresoondent 
DACCA, June 29. 

have risen by 87 per cent since tJ Jl 

last October, thanks to . .. 

aggressive pricing and increas- BY DAVID l ASC flf F S IN NEW YORK, 

ing consumer acceptance of .. 

T, eb iS , S S- 1,1 THE FEDERAL Reserve 8oa& mont which fee Fed, like other has indicated that he does not 

wife all U.S car tnanufae- under- its chairman Mr. William central banks, imposes. The Fed believe fee legal position to be as 
turers, GM is having to reduce Milter is profoundly disturbed pays no interest on these funds, clear as Congress says it is. 
the sue of its fleet of cars and by the Fed's shrinking member- putting .members at a distinct The proposal also annoys the 
to market small cars more s iup. Unlike most other central commercial disadvantage, vis-a- u.S. Treasury which stands to 
vigorously m order to meet banks, the Fed cannot compel vis non-member . banks. Banks lose millions of dollars in income. 
Government fuel economy banks to belong to the reserve also complain feat regulation by At fee moment, the Fed invests 
regulations, wtuen require all system — they are free to decide the federal authorities is cumber- compulsorv reserves in treasury 
cars so.d to achieve an average whether to join, and only those some, and feat the Fed can be securities,* earning some S7bn a 
minimum fuel consumption. ; t h a t do are subject to fee Fed’s blind to fee needs of local year from which it deducts about 

4 r U- Ju r° - mV its pledge from £17m to £33m. Although progress in increas- estimated coal production last GM claims that fee Cbevetle is, compulsory reserve require- community- hanks which, in S700.000 a vear in operating 

£2™™ ■ . an d World Bank has justing mine capacity will remain year was about 490m tonnes, over ' the fastest selling sub-compact ments. which are among its main numerical terms at least, make expenses, and hands fee reraain- 

!n . ibnLitiiMLh th£ panted a $22.5 ra loan for road limited, output from small, 11 per rent up on 1976. Output car w America and that its economic instruments. up the large majority of U.S. ing profit over to the Treasury. 

r Wm.n 8 «r transport. The Saudi Arabian locally-run mines will increase, at the Kaiiuan field, badly production plant at W timing- But though many banks still banks. Part of this revenue would be 

Advisers 10 the President Fund for Development, which the forecast said. Plans for damaged by the earthquake ton, Delaware, has been work- decide to join, far more decide By leaving fee Fed. banks do lost to fee Government if the 

Since President 7ianr Rnh" attended the three-day meeting, mechanisation and modernisation recovered to 12.5m tonnes^ half uig at full capacity to meet either to end their membership, no t escape regulation altogether Fed channelled it into interest 

man’s vlctorv in fee oresiden- Save no clue as to its loan plans, would require an unprecedented fee estimated output of 1975. demand. In I950> about half of since they pass into the control payments. 

rial" elections I’Tun^ he : ^ Bfffffi. feeTmWv * UA *“**' *»«*»«» P« of their state aufeoritire. But Although the payment of 

has been under pressure from ^ alAi»« a • 1 1 A. elScte to seti “SoB E®? 1 ° f + - dep . 0Slts> states also demand com- interest on reserves would make 

fee six member parties which WaIItH AtnM TA IDlTfmllPP T1PW CQIPC T5IY cSrottes bv fee end nf the Sf lon 8 i? tQ S, pulsory reserves. feey mostly pay membership more attractive, fee 

form the Jatimabadi Front to UUUlU jlVJX lL<t 111- IliUUUULC UCfT Sillvo UlA SnSI?* mnSl '*} rfesJn rim® cent f e “^ rQ ’ interest on them, and they tend Fed is also considering a proposal 

form a political government - _ current model year In Septem* they hold 75 per cent of deposits, to he responsive to local banks’ that all financial institution* 

in Bangladesh before (he BY BERNARD SIMON JOHANNESBURG, June 29. ter and fe have captxnred Moreover, fee trend Is still needs. On the Other hand a bank vhefeer members or not, be 

lf he A u l ed elections in . major shift of emohasis in The Treasury expects GST to not be levied on intermediate comoact market operating wife a s^e charter rewired to maintain reserves at 

. "7 , (“"•orrow morning , granted a $22.5ra loan for road limited, output from small, U per rent up on 1976. Output 

iTlm B3,1 Ki aUeSlX S epi2 T S th r ■ transport. The Saudi Arabian locally-run mines will increase, at the Kaiiuan field, badly 

Advi«.p^ in Ii,r n lirpe!, Fund for Development, which the forecast said. Flans for damaged by the earthquake. 
SnVn ^ pJhJ wit attended the three-day meeting, mechanisation and modernisation recovered to 12.5m tonnes, half 

man's victory fe fee presi den- * avc n0 clue as 10 ils loan P laGS - wouJd rei I uire an unprecedented fee estimated output of 1975. 

tial elections on June 3, he * — ' 

has been under pressure from /— w . -> k gm ■ j • A B B 

iwkmj South Africa to introduce new sales tax 

in rm Ba a ngffih 11 be°for "“fee* BY BERNARD SIMON " JOHANNESBURG. June 29. 

scheduled elections in A jjajqR shift of emphasis in The Treasury expects GST to not be levied on intermediate 

a 4 per cent General Sales Tax direct 

indirect taxation. 

lurui. aa . vuu.aj m lu ure uiuvuutuuu «*. uianu A luojur &oui itvvu* nuui i__i„ j - 

, 4 per dent General S 3 les te direct to indirect taxation. °^ r .„ r 

Ministers ‘to ^ ^ “ *= w '* S, 

/ill St 9 Sn TnrliQ Broadly speaking, the tax wUI of Finance was able to announce capitaJ 8 goods H and saIes of 

QUIT III mold. be levied on the sale and rent a slight cut in personal and com- strategic imports 

NEW DELHI. June 29. of all goods and services to end- Pany taxes in his budget last A feature 0 f the tax is feat 

THE INDIAN Cabinet was users. It will largely replace «arcn. merchants have been given fee 

today reported to have railed existing sales duKes, which since The regressive nature of the choice between adding it on as 

for ‘the resignation of Mr. 1969 have been levied selectively new tax has, however, prompted an extra item to fee marked 

Charan Singh, the Home — mostly on luxuries — at the calls from trade unions and prices of their goods, or includ- 

llikilriA* All- Tin I M-imln nnint nf mo nil f-ir-l ■ ■ O’ho rnnnimne nennnr f A p. «U A — U « . t - . 

■ bemud this proposal 
ie Fed needs these 
operate an effective 

over a second assembly plant The implicit* of “member- feeTuat People’s Bank of New SSf B l ,aJ P 55 *«£ JET" 

of Gifs faith in its abilities to one-third of them. Its control Vomnnlsnrv reserves and said inflnpm.m D - 

® 5 ESS s 3 a « . afejaMS 

market. be if. all banks belougre. And request t0 acqulre another New interest rates are a big factor In 

UJS. COMPANY NEWS ^nslns 1 SarS of S e bank l, w U1 . *** entire structure oF Interest 

now consists primaruy oi tne Against this, membership has rates. 



inflationary effects, the tax will method 

at 8i per cent — Page 25 


A marriage of experience and money 


thT*«mmiinnf banks feat can show good cause tion— giving it powers of direc- 

fee compulsory reserve require - for nc ^ n gthem. -The Fed also tion in this field, over all banks 

■ operates a cheque clearing system and -not by the roundabout route 
and other services for which It of calling in compulsory deposits, 
makes no charge. Many member Similarly, critics respond to the 
banks make • use of these on Fed's claim that it needs a large 
behalf of non-member edrrespon- membership to get fee necessary 
T dent banks, and feen charge statistical feedback and “feel” 

f them for it. creating a useful for the banking system with the 

source of extra income. argument feat this too could he 

A less tangible advantage, but legislated for. 
undoubtedly a consideration for. 

A NEW kind or resources indus- in to fill the vacuum, taking the tory. among the. richest and most Shelf natural gas for lique- California (fee Chevron com- their Australian mining bases ® naU - banks, is fee ■ H ■■ HI ■■ WfK ■■ ■ 

try is emerging as fee line counter-cyclical initiatives feat easily mined deposits in the faction and export The pany, parent also of Cal-Asiatlc) spectacularly and profitably; all fa ?J Jg* 1 ■2® eni i , S 1 rs ' I ' • 

between mining and oil Indus- have usually been the domain non-com rnunist world. Woodside group, which also and by relying on oil company three men have been succeeded. caU themselves national banks, " - ■ 

tries narrows. The trend had or fee bolder and more entre- Australia's biggest company, includes BP and Cal-Asiatic. Is funds for mineral exploration — Since 1973 caution, indeed pes- JL ««*: - adds preatige. ■ ■ 

begun before the Arab oil preneunal ruining bases, and BHP. has successfully made the six months into a $50m project for example Amoco’s in a shared simism, has proved fee best way P 11 ®- the Morris Plan Bank and ■ 1XADPA ■ 

embargo and collapse of base so meanwhile improving their switch while retaining its definition phase for this LNG exploration programme on fee for mining companies to pre- Trust .wife aMets of ^San, a ■ MArVAJ ■ 

metals pnees, but the latter chances of surviving and expand- autonomy so that its profitable scheme. Foreestania nickel discoveries in serve funds and integrity. Thus sin £ le branch bank in Wheeling, ■ 

caused an acceleration and ing beyond fee time when fee petroleum operation carries fee Shell is also joint venturing in Western Australia. Amoco has fee prudent and patient have w ««t Virginia, recently joined fee ■ 

enabled oil companies to pick last barrel of oil has been marginal industrial and mining onshore mining and offshore oil become keener fh«m fee operator tended to percolate to the top. I™ 311(1 became the Wheeling | _ __ - _ _ M _ 

off mineral exploration and squeezed out. divisions. In 1964 fee company with Western Mining (having Am ax to press ahead towards replacing a generation of policy- National Bank because. It said, » . V H) Ai»AEI W 

development projects at bargain Wife only a few exceptions. mining at Forxestania. Although makers who moved fast and ll wanted to consolidate the posi- ■ U* nUrtHl. ■ 

prices. Consequently, petroleum oil companies have become the " I ~ ~ ' Amax was among fee first to often intuitively. How the hew a ° n and reputation it had built TUffT'C I 

and mining operations, pre- most aggressive and expan- lUe logic for CO-OperattOIl between netrol and secure Australian offshore oU mining leaders respond to ini- up °vw fee previous ten years. ■ : KilHI U ■ 

viously distinct, arc merging. sionary operators in the minin g concerns is indisontahlp* tho nptral acreage, it was relinquished when pending recovery will affect both On balance, though, fee Fed’s ■ - 

It would be too much to sav. business In Australia, it has tHe pettOi metaJs prlces fe u. Yet during their companies' vulnerability to recognises .itat membership is a I 

at this sta^e at least, that oil become bard to Qod a mineral Companies are Still flush With fonds after the fee same phase, Atlantic Rich- oil companies, and the profile of burden, and it has spent several ■ . v 

Mnmanipc *!.«! nwaiinwinp un ratio n company without oil niiarfrunliTur nf ntl nn'ouc wki'U minii,. ' field’s a co nisi tion of Anaconda metals d rices — somefeine that yeaw examining what to do about „ I 


fast running 

SSSi SRS SZSSSU are feeling the pinch. On the other hand, the petrol SSZ 3 SrSS,£t*Si “ 5 ™ e pro" 0 ^ -hich'i, now : (mreoMSSiS. I 

co r o o rat ions* * w n u ui s ^“ U pr“ ’ witbou" "petrel!?™ companies are weU avrare that oU is a finite resource pZt ^ h “» ““««* « iSfnnSi o» ae®!SS J STsTaoSTii^a * T ? 73 I 

lesmrafor tbefr^banners and aspirations. Individual and Which IS fast running OUt. preW pxogrammeand has taken ^ «Peni ence and on important and controversial is 1 I 

Taints Bat out of fee ^rowdnn ccrP 0 ” 1 ® prospectors are more — : • a stake in fee Alwest bauxite companies’ money and ambition that the Fed should pay interest ■ our first quarter 1978 a 

area of fuzziness between li . 1 j ely t0 ^ ^ eir deals ^ . mining and alumina smelting may last, the implications of on compulsory preserves. This has 1 increase is the 14th diY- I 

netroleum and minim: stoups a 01 ? companies than ot the bigger a _'J 1 S, raon °P° 5y taken up Poseidon’s interest in operation mounted by Reynolds a possible eventual breakdown aroused fee hostility of other ■ Mend Increase In 13 m 

Sew hybrid is taking shape mB Jl s b?! 1 *** w ^ ere they faave ?“*? k . ey ™. 1 . e K In ?«*“& particu- the Mt. Windarra nickel mine,. Metels and BHP, again wife Shell are fascinating, rf it comes to government departments and ■ vears. ft-san I 

dStafSfinSi Mi "SKS"* founa to,r ssusS^s sasssSf,*-*- -ss* ms*** ... I SSEiKiSiSrsS? 5 

nwpo rtf Ml77 inpqg nPTWPPT) V, ' , T — — — ... . - . mining diiU aminiiia QUIC 1 UU£ ■ W41> muiao wa r ^ * *** ** M IQ l a rill U P ■ 

netroleum and mlnipc stoups a 01 ? companies than ot the bigger Il'J 1 ?, a ^f elniak ? n . g “onojioly taken up Poseidon’s interest in operation mounted by Reynolds a possible eventual breakdown aroused fee hostility of other ■ Mend Increase Jn 13 m 

Sew hybrid is taking shape mn J!£ b®" 865 ^bere they have and key role in mining, particu- the Mt. Windarra nickel mine,, Metels and BHP, again with Shell are fascinating, rf it comes to government departments and ■ vears. ft’s an I 

defined to have a SJSidSfefe traditionally found their J«Jyttae : Pilbara iron province— subsequentiy placed on caresmd- involved through its associated a showdown, fee oil companies Congress, I impressive ■ 

on fee last Sades of ^bstake. railed on Esso s technology and maintenance), and exploring company Billiton. are likely to come out on top. The politicians, headed by Mr. m STOwtri picture for any ■ 

ihS SntJnT decades of By fe e mid-1980s, if the ^ de I v ® ,D P tbe together with Western Mining in A ^L~ ttia u by using their financial strengfe William Proxmire, Chairman of | company. « 

uus century- normal record of successful »**$ Strait oil and gas between the promising west coast An _ RTZ subsidiary. CRA, is ^ instincts for survival to fee Senate Committee on Bank- M tnterfistnd? Wrifafnr* ■ 

The causes are clear, discoveries and developments is Victoria and Tasmania which Abrolhos area. Western Mining proving one of the exceptions to control th e resources industry ing, Housing and Urban Affairs, | miAiyn?^/i_i ■ 

Petroleum companies did well maintained, these new oil-miner now account for two-thirds or In turn has linked with BP’S the trend of miners allowing oil ^ mjd-i&SOB. About that claim that' this would he an ™ “WwSBMMlnport u 
out of quadrupled oil prices, are resources hybrids will be pro- fee country s petroleum needs. minerals subsidiary (BP is companies to make fee running tim>| given any kind of illegal practice Since it would ■ “ ® good IBadll^I, » 

(lush wife funds, have their own during a significant proportion The Esso- BHP partnership is partner also with BHP in fee "? mine rals. CRAs Ashton general economical recovery, the usurp the power of Congress to ™ »*, 

bureaucracies to support- often of industry’s metal, as well as maintained for Exmoufe Plateau Woodside Group), exciting con- diamond prospect may be behind recent investment shortfall in allocate Government funds. The ■ ■ 

with a global span of experience, fee energy commodities exploration, frontier oil prospect- siderabie interest with fee enoowemng, or it could be new mines will start to bite. Fed, as an agency attached to the fl .A. m 

and recognise feat oil is a finite uranium, petroleum, and coal, ing off north-western Australia, recently announced copper-lead- due . T° t b e parents announced creating shortages and sharply Government, they say can only ■ ftfavVitA 

resource and fast running out Nearly all major oil companies considered fee last chance to zinc strike at Benambra in decision to move closer ; to. oil rising metals prices. On this distribute money as ■ authorised I ^ U WmM MrU HmMM 
At fee same time, mining com- —indeed, most mining com- avoid dangerously high oil Victoria- companies. scenario, oil companies are by Congress. Z ▼ MZl 

n'jnif>C' aw ninnhari Thoip naninc t r urall .,h avnlntini* imnnrT hills. Kllf mnnniahiln Am,, mnrf : ^ .1 — rm.. _r ui : j., . _ ... _ ' u . I ■> 

s cautiously | 

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lited by law I 
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authorisation ■ 
y. though he M 

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Ffoairial Thntes FrMav June 30 1978 


Air France pilots dispute 
may block Boeing deal 


France has warned that it will 
abandon plans to acquire 13 
Boeing 737 aircraft to replace 
Its Caravclles if the airline's 
pilots continue beyond Septem- 
ber their refusal to fly them 
with only two people in the 

Permission to lease 13 Boeing 
aircraft was given by the 
Government earlier this year, as 
part of a complex package deal 
sorting out the State relations 
with the airline, which it almost 
wholly owns. 

In particular. Air France 
promised to be the launch air- 
line for the eventual European 
JET aircraft. The replacement 
of the 28-strong .fleet of Cara- 
velles over the next three years 
is vital Lo the company's finan- 
cial recovery programme. 

But one of the conditions for 
the replacement or the' Cura* 
velles by the Boeings was that 
they would be operated* by a 
ttvo-man cockpit crew, g- prac- 
tice .common to all the com- 
pany's leading competitors, 
according to Air France. The 
pilots claim that maintenance of 

Less competition at home 

manufacturers or French mar- 
kets declined considerably to its 
lowest level in three years during 
the first six months of 1978 after 
remaining -at a high level 
throughout 1977. the National 
Statistics Institute said. 

In its bi-annual look at foreign 
competition in France and 
French export performance, the 
institute remarks that the 
improvement was mainly ex- 
perienced by French producers 
•of consumer goods, apart from 
those manufacturing household 

Competition in French export 
markets remained at a “very 
high ” level during the first half, 
although French manufacturers 
had some success in the house- 
hold equipment and clothing seo- 

PARIS. June £29. 
tors and foreign sales ofSpieta! 
products were tending to blcome 
easier. * 

The survey said French Indus- 
trialists (except those manufac- 
turing capital equipment^ who 
were aiming at dcvelopin&Tthcir 
foreign sales in 1976 and; 1977 
now expect their exports togrow 
at a slower rate than iho$: on 
the French market. 

Profit margins are sU I U con- 
sidered to be very narrow for 
sales on the home market, but 
some improvement is -being 
experienced as regards exports 
although margins remain insuffi- 
cient. the institute said. 

Delivery times of Wench 
manufacturers are still competi- 
tive. the institute concludes, 
although they are tending to get 
longer. ' 

AP-DJ ? 

PARIS. June 39. 

safely standards requires a 
flight-deck mechanic to accom- 
pany the crew. 

The airline has already missed 
the first chance to confirm its 
737 options and has slipped back 
7 months on the waiting list It 
fears that, with significant 
British Airways and Lufthansa 
orders for 737s probably on the 
way. it could easily lose another 
eight months, and that this sort 
of delay could compromise the 
whole economics of the Caraveile 
replacement programme. 

M. Pierre Giraudct the airline 
chairman, told the annual meet- 
ing that, if it did not confirm its 
orders for the’ Boeings by 
September, it would lose innney 
from 19RO and 1981. because the 
life of the Caravelles could not 
lie extended beyond that dale 
without expensive refitting, 
which the company did not want 
to undertake. 

The presence of a mechanic, 
alongside two pilots on board, 
would cost an extra Frs Im per 
year per aircraft, he claimed. 

The company, with S5 per cent 
of its traffic on routes subject to 
international competition could 
simply not afford to carry such a 
cast handicap, he said. 

Failure to confirm the 737s 
would mean having to abandon 
its less dense routes, and putting 
into service leased 727s or the 
Airbus. The company would have 
to go into negotiations on traffic 
rights and traffic sharing, with 
everybody knowing its back was 
against the wall, he complained. 

Italy urged 
to tighten 
steel curbs 

By Paul Betts 

ROME, June 29. 

ONE OF Italy’s leading steel 
managers has called for lighter 
controls at Kalian custom ports 
to stop the increasing influx of 
steel imports into Italy. 

Sig. Ambrogio Puri, chair- 
mao of Iialsidrr, the Italian 
state-controlled steel group and 
one or Europe's three largest 
steel conglomerates, said Meel 
Imports were again Hooding 
Into Italy at a dangerous rate. 
In January Imports totalled 
only 168m tonnes hut the 
monthly figure In April has in- 
creased to 515m tonnes with 
continuing signs of an upward 
trend in imports. 

Sig. Puri also called for 
greater EEC intervention in the 
application of community 
rulings especially In respect or 
Italian imports from France 
and Belgium. 

At the same lime, (lie chair- 
man or llalsidcr. which 
accounts for as much as 50 
per rent of Italy's annual steel 
production and employs more 
than 50.000 people, announced 
a sizeable recapitalisation of 
ibe group lo reconstruct its 
troubled financial structure. 

Italsider is lo increase its 
capful from L589.5bn (about 
£3 90m > to LI. 1 79bu. A further 
LfiOObn capital increase would 
probably have to be effected 
in the course of ibe next 12 
months, Sig. Puri said. The 
stale steel group reported losses 
of L395bn last year compared 
to L130bn in 1976 

Greece limits Japanese imports 
by restricting invoice approval 


GREECE is bringing pressure to 
! bear on Japan to absorb more 
| Greek products and improve the 
I yawning trade deficit between 
the two countries. 

Although there has been no 
official decision announced, the 
Athens Chamber of Commerce 
has stopped approving pro-forma 
invoices for imports of Japanese 

The measure was taken on 
.Tune 23 and officials at the 
Chamber of Commerce said today 
the practice will continue until 
further nonce from tbc Ministry 
of Commerce. 

Greek imports from Japan 
rose from $190ni in 1975 to over 
S‘250m last year. Exports to 
Japan in the last three years 

have shrunk from $27m to Jess 
than $15in. 

A spokesman for the Japan 
External Trade Organisation said 
today he was waiting for instruc- 
tions from the Japanese Ministry 
of International Trade and 
Industry on bow to deal with the 
matter. He said it was hoped the 
measure was only a temporary 

Greece's trade deficit in the 
first five months of this year 
totalled SL76Sm and the Govern- 
ment has been trying lo curb 
imports of luxury goods, cars 
and products manufactured in 
Greece. Cars are ibe number 
one item on Greece's import 
list from Japan and have sub- 
stantially increased in recent 

Greek exports to Japan mainly 

ATHENS, June 29. 


includb tobacco, marble, bauxite 
and wines. Japanese sources here 
blamed the Greek side for the 
decrease in Greek exports to 
Japan saying the Govcrdmenl's 
export drive left much to be 

Also pending between Greece 
and Japan is the request by Greek 
shipowners to the Japanese ship- 
builders Association for a two- 
year moratorium on Greek ton- 
nage built in Japan on long-term 
loans in yen. 

Because of the revaluation of 
tbc yen. Greek shipowners are 
now obliged lo pay nearly 35 p e r 
cent more for ships ordered 
before the revaluation. But it 
was hard to gau^c whether the 
measures to halt imports from 
Japan was part of retaliatory 

Major LNG contract signed with Iran 

Kansan Liquefied Natural Gas 
Company of Iran (Kalingas) has 
signed a contract to supply Japan 
with 52m tonnes of liquefied 
natural gas l LNG) over 20 years 
after 1982. 

Japan Kalingas Company, the 
Japanese partner in the Kalingas 
joint venture, said the Iranian 
gas will be shipped to five 
Japanese gas users, including 

Tokyo Electric Power Company, 
at an annual rate of 2 .Sm tonnes. 

Kalingas is a joint venture 
involving the National Iranian 
Gas Company, the Japanese 
Kalingas and Chicago Bridge 
and Iron of the U.S. 

The company plans to spend 
YISObn building two natural gas 
liquefaction plants in the 
Kangan district for the supp/y 
to Japan, each with a capacity 

TOKYO, June 29. 

for making 1.4m tonnes of LNG 
a year. 

The Iranian company has 
awarded a contract to a Japanese 
consortium led by Mitsubishi 
Heavy Industries for the con- 
struction of the plants by 
September 19S2. 

National Iranian Gas Company 
will supply Kalingas with the 
necessary natural gas for its 
liquefaction operations. 


Boost for 
nuclear bid 

By Victor Mackie 

OTTAWA, June 29- 

has moved one more sLop for 
ward in its bid to sell its Candu. 
heavy water nuclear reactor to 
Japan, a major market now 
dominated by U.S. manufac- 

Tbe latest development in- 
volves an agreement by the 
government-owned company to 
undertake a 81.7m engineering 
study for Electric Power 
Development of Tokyo. The 
study, to be completed by March 
31. 1979, will examine the 

feasibility of introducing the 
natural uranium Candu system 
into Japan. 

Electric Power Development, a 
semi-government Japanese enter- 
prise. said it wants to purchase 
two 600 MTV Candu reactors at 
a cost of between SSOOm and 
Slbn each. However it has not 
yet received necessary Japanese 
Government sanction. 

Acceptance of the Candu 
reactor would be a major change 
for Japan which in recent years 
has relied exclusively on U.S.- 
designed enriched uranium re- 
actors from Weslingbuuse Elec- 
tric and US. General Electric. 
Japan has 14 reactors in opera- 
tion and 10 under construction. 

A Japanese Embassy spokes- 
man said a decision by. the 
Japanese Government could 
come in the near future. How- 
ever, observers say the Govern- 
ment wants to study thoroughly 
the political and economic 
implications of the move. 

South Africa plans 
diesel engine plant! 


AS A PRELUDE to what could 
be one of South Africa’s biggest 
industrial projects for several 
years, the Industrial Develop- 
ment Corporation has asked eight 
commercial motor vehicle 
assemblers, including Ley land 
South Africa, to submit detailed 
proposals for the construction of 
a local diesel engine manufactur- 
ing facility. 

The feasibility studies 'by the 
eight companies, follow the 
announcement by the Minister 
of Economic Affairs last April 
that tbe IDC was negotiating 
“urgently" , with private com- 
panies regarding the manufac- 
ture “on an economic bases of a 
range of 'diesel engines for 
heavy vehicles,- tractors and 
other machinery and equipment.” 
/’.Besides Leyhtnd, -the ^ com- 
panies involved are Fiat Ford, 
MAN, Perkins, Cummins, United 
Car and Diesel (Mercedes Benz) 
and Messina. . . 

It is conservatively estimated 
that the capital cost of a basic 
diesel engine plant would be 
ground R40m. Expansion in 
other engineering sectors to 
supply the facility would mean 
further investment of tens of 
millions of rand. 

The intervention of the state- 
controlled IDC, which is likely 


to finance the bulk of the' pro- 
ject has been prompted two 
factors. £ 

These are the Government's 
wish to see South Africa 
independent of imported iftiesel 
engines as soon as possibly, and 
a desire to prevent a proffers 
tion of manufacturers, afl has 
been the case in the motor 
vehicle industries, wherd all 
13- major manufacturers* are 
currently believed to be operat- 
ing at a substantial loss. 

In view of the latter -jeon 
sideration, it is considered post 
unlikely that all eight companies 
will be given the go-ahead. 
Current speculation is that only 
three manufacturers will be 
given permission to build diesel 

They will probably be given 
tariff protection, and the others 
will therefore, in practice, be 
obliged to fit locally manufac- 
tured engines to their vehicles 
or withdraw entirely from the 
commercial vehicle marker. 

Tbe companies have been 
asked to subnet their proposals 
by mid-July^ and the Govern 
meat's degsion is expected 
shortly afterwards. It is thought 
that a plant could be in 
operation by 1980 and eventual 
local production would total 
around 40,000 units. 

Singapore joint venture 


of Singapore's largest shipyards, 
has set tip a joint venture with 
Hedemora Verkstader of Sweden 
to market service and manufac- 
ture diesel- engines in Singapore. 

The engines will be In the 600 
to 3,200 hp range at 1,200 rpra 
and used as main propulsion 
engines and auxilli&ry engines 
aboard ships and in diesel power 

SINGAPORE, June 29. 

. The joint venture, which will 
be owned equally by the two 
partners, will initially have a 
paid-up capital of SSlrn Pro- 
duction is expected to commence 
before the end of this year. 

Sembawaag Shipyard, which 
was formed some years ago to 
take over the former British 
naval base, is majority owned by 
the Singapore Government . Its 
Swedish partner js a member of 
-the Axel Johnson group. 

Rockwell challenge in 
UK power tool market 



’ ROCKWELL International, tbe 
U.S. conglomerate with sales 
last year of $5Jrba,. is to step 
up its campaign to win a signt- 
'ficant- -share of tbe UK ' do-it- 

_ — '"rijyonrself market for 

/’“The campaign started eight 
months ago; add. : we already 
jhave a five per'; cent" share of 
Trtbe market, far. beyond our 
'expectations,” .said -Mr. Bob 
llAflen, general manager of Bock- 
■Sell’s UK- power -toot division..' 

Rockwell is airoing f or 15 per 
..ant of tbe £2Tm market, now 

S dominated by Black and Decker, 
within thre e years.' /The latest: 
moves in the. campaign -include’ 
riving traders - six months 
r rtterest free -credit. on -the tools' 
hey buy, from this: -Saturday. 
k t* There would- be- na . special 
rixtra discounts for the - large 
-• ■/. - -stores like Tesco and Debeu- 

hams, unlike Black and Decker. 

A £300,000 advertising cam- 
paign from this autumn, will be 
backed - up by a number of 
special deals, .including a six 
month- over tbe counter ex- 
change scheme for tools, with 
no question's asked, not even if 
the tools have been misused. 

The tools will be imported 
from the U3., where a similar 
campaign by Rockwell since the 
early 1970s has netted the com- 
pany a 20 per cent share of the 
market, mainly at the expense 
of Black and Decker. Rockwell’s 
latest' annual report shows that 
power .tool sales rose last year 
16 per cent to S200m. . 

Rockwell's campaign is based 
partly on the belief that 
demand is changing, and con- 
centrating more on self-powered 
drills with specific functions, 
rather 'than . basic drills with 

-z- .*• 

J win Icelandic 

iff f lower plant order 

• 4 A Swedish consortium, com- . 
>?Vri 9 ing ASEA, Bofiors-Nofcab and 

_»**• Caristads Mekanlska. Werkstad. 

jgs won a Slto. Xfitttnact .from 

ha Icelandic power /wrapany, 
ahds vlrfrjun, William DuU force 
- ~-a reports from Stockholm. A5EA 
i;; 5 -' f dll supply two 70 MW genera- 
V 5I s. ^yUk.-:aijeii!ary - elertneal 

i * qiupment to- aw 'frydro: 

ectric power sta&m b&ng nuui 
^ Hrauneyjafoss in southern 
dapdl The two tfffiesr Swedish, 
fonppnies - will, provide .the 

r'.jrtrines./. ■ : • - • --> ' - 

The two generating rsets are 
tweeted ' to. .start- ^commerwa? 
peratibns .at tbe end d£:19Sl* 
fid - •' 'be ginning - '- of ~.1982« 

NSK hearings 

IN "THE feature "European 
bearings industry, faces Japanese 
pressure;” -published oil Monday, 
it was- suggested that NSK was 
fo be paid for the Polish beai> 
lags plant 'it helped to set up 
by way of bearings it will pro- 
duce at . fixed prices over ten 
years. Mr. T- Kawasaki, 
managing director of NSK Bear- 
ings Europe, . said this was not 
true. .. “ We have never bought 
bearings from Poland.” He 

adds: “Although, it is not in the 
contract. NSK was asked lo pur- 
chase machinery from Poland. 
However, it. is under no con- 
tractual obligation to do so,” 



have decided to change 
our company’s formal corporate name 
in the English language to 

TOSHIBA CORPORATION, effective June 29, 1978. 

The new corporate name was adopted because “TOSHIBA” is now 
widely used all over the world, and we believe the 
consistent use of it will help to make our 
corporate identity more solid and concrete. 



Registered Head Office: 

72, Horikawa-cho, Saiwai-ku, Kawasaki City, Kanagawa Pref. 210, Japan Tel: 044-522-2111 

Principal Office: 

International Cooperation Division 
International Operations — Producer Goods 
International Operations — Electronic Components 
international Finance Department 
Administration Division, etc. 

1-6, Uchisaiwai-chol-chome.Chiyoda-ku.TokyolOO, Japan Tel: 03-501-5411 Cable: TOSHIBATOKYO Telex: J22587, J24681 (TOSHIBA) 

Ginza Office: 

International Operations — Consumer Products, Business Machines & Electronic Components, etc. 

2*1, Ginza 5-chome, Tokyo 104, Japan Tel: 03-574-5711 Cable: TOSHIBATOKYO Telex: J22587, J24681 (TOSHIBA) 


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'i If *•***'»;, «"VCi^-i ^.'JMiXjsuVr 

In Milton Keynes at 11.30 a.m. today, Mr. Philip Shelbourne, Chairman of Samuel ■gJ?K 

Vlontagu & Co. Limited, will officially declare open Europe’s most modern plastics oivuph* the leading place in 

o An . nn i..»i; n( T fiefnrv Europe and Cole Plastics' new 

eompoundin 0 facto . . raeiory. which is certainly the 

«. - must modern and well equipped 

■:■"■' ' ' jn Europe, will keep Cole a l the 

: . forefront of British com pounders. 

rf ... *'••■._ Cole FIa.stii> expects us products 

'. t _„ .•• ' -i - and services will find a ready 

■v ' market in Europe and this is 

■ • „ _ rellerted in ihe interest shown 

; ' by ihe European press, many of 

whom are attending the official 

i 4$*8 

further cutting their colour andbeevy^fllled 
compound options. Compounders, lndastry is deznandmg to impn?ve 
however, offer an even wider and and extend the use of _pase 

more comprehensive range as polymer, which will account for 
well as the ability to service about one third of the . total 
individual customers and to tonnage. _ ; 

formulate compounds for par- 
ticular applications. r UXtuGf 

Purpose-built expansion 

The new factory in Milton r 


The plastics compounding indus- 
try was born a?, the result of the 
disparity between the massive 
scale of production of the poly- 
merisation companies < mostly 
primary oil producers i and the 
relatively small scale of supply to 
plastics processors in industry 
who required individual service 
and a few tons of compound a 

Cole Plastics was one of the 
original “plastic compounders" 
buying base polymers and con- 
verting them into specialised and 
coloured compounds fur the 

Today ihe economics uf large 
scale production dictate that the 
polymerisation companies are 

Kevnes. which represents an 
investment of nearly £4ra for the 
Croydon based R. H. Cole Group 
nf companies, has been purpose- 
built for plastics compounding 
and brings together the produc- 
tion. development and ware- 
housing facilities previously 
carried out at three separate 
lucations. At the same time. Cole 
Plastics has installed larger and 
more sophisticated plant, bulk 
handling equipment and com- 
puterised colour matching facili- 
ties. all of which increase capacity 
bv 50%. 

The site covers 10 acres and 
Cole Plasties has developed 6 
aires for the immediate future, 
the factory' covering some 115.000 
sq. ft., leaving 4 acres for further 

There arc. within the factory, 
eight extrusion lines producing 
coloured compounds and com- 
pounds with special built-in 
properties such as anli-static. 
anti-slip. etc. In addition. Cole 
Plastics has installed new heavy- 
mixing equipment to allow it to 
produce a new generation of 

Mr. Tom Blunt. Managing 
Director of Cole Plastics says 
“We are looking for an uplift in 
the market to coincide with going 
into full production in July.” We 
hope to reach capacity, during 
the next 12 months and we are 
considering a further 25% expan- 
sion for 1979.” i 

The “ goods-tn •* faculty sagjtfieA &?M : 

ton; silos. •; :yy '.frl/v i 

An investment!!! 

In this day and age. it is pleasant 
to report a factop' in which the 
production machinery is almost 
entirely of British origin.! . 

“We bought this equipment, 
not just because it's British, but 
because it represents the best 
value and offers the hest com- 
bination of facilities, flexibility 
and reliability" says Derek 
Cope. Engineering Director, Cole 
Plastics. " 

handling system .. 

The " goods-in " facility has. been 
-supplied by Mucon Limited of 
Basingstoke. Hants, and com- 
prises four 100 ton siios ftwo to- 
■take powdered materials, _ the 
other two for granular materials) 

arid! khlntegfaflmeqg ^^ i^-. 
system -tOT.hJendidglan^^HttBhg--- 
uhj is: The-wsystem -i& r .V 

from: aVaintpkF'-ew^^^i^fitor — 

within tbe factDryj. al.^aetehch v - 

of a ' 

how fulli &ach -s^ |^^!Q,_ord^T ., 

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Vac-u-Ma\ batch weigh hopper feeder puts leal versari/riy 
at your fingertips. " ■ - - - ■ r -t ^ 

For dry bulk material this'is today Ymbst successful! :: 
sysiem. Vo-jt choice- of vacuum power driv^compressed ' 
air or e Icclrically powered from =*. to 15 hp. Easy io . . 
operate, Ve rvalue. Simple to maintain up to.4 maiefral- - j 
inputs. Supremely accurate r with advantages to match. - 
even the must ^pl^icaied’clectronjt weigh sy^etns. r .. : ; 
^’hy n<3( have ihc cKjaik on your desk? They’re availabfe- 
now, wiih supponinghews about other Vac-u-Max. 
systems you'll want foliar about. _ - ..I - • .- 

‘ Cora pTete infotanaHon from VAC^MAX LTD ; 

Higher KUlRatcVstockport, SKI • -I ; . 

Tel: 061-480 1»7. 669816. * ' 

This is particularly pertinent in plastics. 

Training people takes many years and much 
money. So trained people are decidedly worth keep- 
ing. You could say they make a business. 

That’s one important reason why Cole Plastics’ 
long search for a new location finally ended in Milton 

Relocating here wouldn’t dislocate their staff. 

The position of Milton Keynes suited Cole 
Plastics, too. 

We’re right alongside the Ml, midway between 
London and Birmingham. 

That means we’re just as well placed for their 
growing European markets as we are to keep their 
thriving home market happy. 

Which neatly brings us to the other main benefit 
Cole Plastics saw in Milton Keynes. 

They are a growing company. We found them 
room to grow. 

With the new factory open for business, they 
still have 4 acres left. 

Which has to be good news. It's difficult for a 
company to flex its muscles QnraTMT 
without a bit of elbow 




intensive - •: 

for PVC dry blends witK fully 

automatic operation to30ti0 ;tV;; 

kgs/hr . ' 


Pigment dispersion 
in 2 . minutes 


for Pharmaceuticals anil SoqSc , *^?-'' : 
- Mixing and Wst'.GrtriuiafiS.'ivil 
in 4 minutes --- 

A Unique Rmse of Powder Mixing and Prbcassw, squi^^t 
" developed by chemists and technohoists ' ■ : 

- built by engineers - Ca' ' 

-sold throughout the world v "■ ' i ‘ " to''’ 

May flower Close - Eastleigh - Hants* 
Tel 0421567131 Telex: 4739U'- 

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financial Times Friday -June JO 1578 

An investment in 
British technology (com.) 

Powder mixing plant 

To pre-mix pigment uucx.-r- fed auKmta'tcalfv with polvmer 
batches and to blend pigments using a VaC-u-Mux/Dart-nih batch 
with the basic plastic granules weighing system, 
and powders. Cole Plastics has Shaw .ha»e also supplied a 
installed Turbo Rapjde and 150mm cum pounding extruder 
Matrix intensive powder mixers with a 35 to 1 length to diameter 
manufactured -by T.K. Fielder ratio two-stage screw. This 
Limited of Eastleigh. Hants. machine is filled with a cum. 

The Turbo Rapide two-speed pactor hopper inside which is a 
mixer jis a result of design work feed screw driven by a -0 hp 
carried _ out at Southampton variable speed molcirl This type 
University and aerodynamic of furcc feed device -enables 
principles were used to achieve difficult materials to be handled 
optimum mixing conditions. The at economic output rates. Four 
true mixing action ensures coni- Kaufnrann I -Omni extruders and 
plete homogenisation of the one Bone 120mm extruder cum- 
lngredients by means of siraul- plete the pLant line up. 
taneous rotary and vertical move- For the heav^-duty mixing of 
merit of the particles. colour muster-batches and highlv 

The eight extruder production filled compounds. Cole "Plastics 
tines include two l‘20mm coin- has installed three Shaw Inier- 
pounding extruders manofac- mixes, the types K2 Marks - und 
tured by Francis Shaw Limited 3 and K2A. With 6 inch Lump 
of Manchester. They have a cxinjders for ibe K2s and an 8 
vented, barrel and a IS io l inch Dump extruder for ttfe KJA. 
length to diameter ratio two- a Banbury mixer and a tnSI have 
stage screw. The extruders are also been installed. 1 t 




Specials are standard 

Cole Plastics’ customers expect and get 
individual service 

■ Henry Ford offered: “Any Colour caa provide advice on the choice' 
, a-i lung as it was black” Cole of formulation for a particular 
. Plastics, however, ri delighted to application, on processing con- 
! create a new colour for any dilions, on health and safety and 
; customer who renuiros if. In fact, solve problems encountered in 
.even though there are some moulding certain shapes. 

111.000 colours at read v in the T’tser company’s technicians will 
colour library. Cole handles some a | s0 visi . ( . urlbine n* premises to 
25/30 requests l ur new colours solve processing problems and. if 
per week. required, tailor-make a formula* 

Obviously, wiih Cole Plastics' lion to meet tee process require* 
■* --a,-- highly experienced colour match- meat. 

**" a ® £ ing staff having probably the best j-, addition, the laboratory’ 
i '"eyes in the business. Together and f— nmduetinn 

The compounding extruders are fed aulomalically hy . with the computer colour analysis bnren both be^ori' and during a 

VaoU-Max/Darrmh hatch weighing systems a::U ihe pigments ; and matching system, it is easy production run to ensure that the 

arc blrndrd wilb llic base polymer by T K Fielder Matrix j V^rong^ipVn' ti!?' market “or rt;<JU ‘ r,?d »Pce:fica’Jons are met. 

powder mixers. compounds for moulding Occ Plast^s a:so has a small 

cosmetic packs and other image jetton u» Keep abreast of 
conscious packaging applications, development* in P J sties lech- 

. - .. — — no.ogv. to yialuale new 

j Plastic*’ laboratory materials. adduces and 

■ • f.n nines are oui. -»an dine and Mr cr.-oiiran:? and \a develop new 

HB" jhen While. Cole’s Technical and i-am pounding lcch- 

■ %/ B 9 li [Manager and Mr David Bacon, n:(;de« in conjunction with the 

y W lift D S W M firffi ! Chief CoJour.-it. and ibeir atoff, i!a.T. 

sf 5 

Milton Keynes for a 
strategic location” 

By choosing Milton Keynes. 
Britain's premier new city and 
currently the largest develop- 
ment taking place in Western 
Europe, as their new location 
Cole Plastics Limited joins many 
other major companies. When 
announcing in 1976 the forth- 
coming opening of their new 
115,000 sq. fL factory on the 
Mount Farm Employment Area. 
Mr. Peter Cole. Chairman of the 
R. H. Cole Group of Companies, 
described the background to the 
move: “Our philosophy is tu 
maintain and develop diversity 
of interests. I believe the future 
of our role in the plastics 

industry to be assured." While 
detailing aspects of the success- 
ful negotiations with Milton 
Keynes Development Corporation 
which led to the move to the 
prime 10 acre site overlooking 
Mount Farm Lake, he emphasised 
ihal the location oilers' Cole 
Plastics easy access to oil 
markets, via the Ml Motorway 
(Junction 14) and the AF trunk 
road. Another, vitally important 
reason for their choice was that 
when a company adopts a policy 
of expansion, additional, land 
must be available, as part pr the 
total package. lor Suture develop- 
ments. •; 

Cole Plastics— 5 

_ e. 

Innovators in plastics -1 

Making polystyrene into a 
realistic imitation of wood and 
adding talc to polypropylene to 
make it more rigid and cheaper, 
are just two of the many 

Wood effect polystyrene has 
found many applications par- 
ticularly the manufacture of tool 
handles, cosmetic packs and 

children's toys while talc-filled 
polypropylene mouldings have 
almost completely replaced the 
old-fashioned cardboard backs 
for televisions. 

Other developments that can 
be attributed to Cole Plastics 
include the world's first “safe" 
plastic, moulding compound 
called Playrite which was 

A member of the 
R. H. Cole Group 

The parent company of the Cole 
Group, R. H. Coie Limited, was 
founded over 40 years ago as a 
trading company dealing in 
chemicals and dyestuifs. It is now 
the holding company and 
provides management. and 
financial service for the Group. 

Developing steadily over the 
years. the Group became 
involved in the “new" technology 
of plastics in the late 1940s and 
shortly after in the emerging 
electronics industry. Today, the 
Group activities include plastics; 
control equipment, chemicals, 
electronics, electrical engineer- 
ing, telecommunications and 
computer data communications- 

Besides Cole Plastics and the 
parent company, the 3EL H. Cole 
Group comprises Cole Chemicals 
Limited, Cole Electronics 
Limited, Cole Equipment 
Limited, Cole Polymers Limited 
and Plastic Products Limited. 

cooling of certain industrial 
processes. Cole Equipment also 
makes a range of temperature 
controllers -and distributes 
process heating devices, drying 
ovens and materials and product 
handling equipment. Other Pro- 
ducts from Cole Equipment 
include >6oil winders, balancing 
and electronic assembly equip- 


There are two divisions of Cole 
Electronics. One. the Manufac- 
turing Division, makes specialised 
telecommunication equipment 
and components: the other, the 
Data Products Division, is a 
trading division for advance 
high-speed data communication 
and telecommunication equip- 
ment . such as modems, multi- 
plexors and intelligent network 
processors as well as an IBM- 
compatible data entry system. 

The imive to Milton Keynes 
has brought .together Mm group 
companies under one roof — Cole 
Plastics from Harpcndcn and 
East Anglia Plastics Limited 
from Slrood in Kent As plastics 
involves high technology, it was 
imperative that key staff also 
made the move. The Develop- 
ment Corporation offered assist- 
ance in rc-liicaling staff and 
worked closely with the rnnipany 
to ensure that transfer of produc- 
tion from the other two sites 
caused minimum disruption. 

Summing up the reasons Tor 
Cole Plastics’ move is simple. 
Milton Keynes has an excellent 
strategic location, within easy 

specially developed 'for the 
manufaclurc of toys. This was 
introduced in early 1965. long 
before the current, commend- 
able consumer concern about 
such matters. 

Fashion also throws up new 
demands and in the early 1960s. 
Cole produced the first purpose 
formulated shoe heel compound 
specially designed to fit in with 
traditional manufacturing tech- 
niques — it had to take nails! 
This product. SrIJJelew virtually 
cornered the stiletto heel market 
being stronger than slacked 




The most significant iniruvatiun 
for which Cole Plastics was 
largely responsible was the 
development of Masterbalch. 

The principle was simple. IT 
it could be made possible to 
charge a small volume of poly- 
mer with enough- colour and 
additives to impart the desired 
properties when mixed in pro- 
portion -of say 1% tu 10% to a 
bulk volume of any raw polymer 
then the moulder would no 
longer face the necessity of 
carrying Urge volumes of 
special coloured compounds. He 
would also avoid surplus 

reach of expanding hrnni* and: 
Eiimpejin markets, it offers com- 
panies a numhor ui re-location 
options: they can move into 
various sizes of advanced factory 
units, ur lake a lease and build, j 
or have a factory ur office built; 
to their specifications. Further- j 
more. Milton Keynes is also aj 
eitv with its sitihls w»i on the; 
future: it yives tbc industrialist * 
room t«j grow. 1 

In consequence. *>le Plastics* 
now adds iu name m the yruwing J 
list of inajur companies v:hn have , 
examined many areas Tor! 
re-lnca timi and have found 
Milton Keynes io be !be best 
place fur growth. 

materials and enjoy the benefits 
of hulk purchasing. 

To achieve this objective Cole 
Plastics developed polyethylene 
masterbatch in the early 1960s. 
Some lime later. Cole PJasrics 
was the first company to supply ! 
polystyrene masterbatch. the 
first customer being Wilkinson 
Sword whose production facility 
for dispensers was designed for 
use with This revolutionary 


The laboratory cheeks each and every production hatch before 
and during a production run to ensure that the required 
specifications arc meu 

The right compound 
in the right place 
at the right time 

; To complement ils production Obviously, the location of the 
capacity and to improve its new thermoplastic compounding 

service to customers. Cole facility offers easy access to all 

r Plastics has modernised its markets via the Ml and A5 trunk 

. delivery fleet of lorries and vans. road. 

Left: When Wilkinson Sword first installed a production facility 
for dispensers il was designed for use with the revolutionary 
j new Cole Plastics' Polystyrene Masterbatch. 

Engineering Chemicals too 

»r v? | I and plastics 


One of the fast growing members 
of the Group is Plastic Products 
who markets calendered and 
extruded thermoplastic film and 
sheet for applications as varied 
as the blister packing of small 
components to the -moulding of 
baths and boats. _ 

Cole Equipment's .main' 
speciality, is . products that 
improve the. efficiency and 
control of heat transfer— the 
most important being the Cole- 
range of process water chillers. 
The purpose of these products is. 
the accelerated" hut controlled 

To complete the R- If. Cole 
strategy of specialised involve- 
ment in growth industries, the 
Group also has a stake in the 
chemicals industry. 

Cole Polymers is a producer of 
.speciality chemicals by either 
suspension or solution polymeri- 
sation and its products have 
many applications including 
dentistry (false teeth) as well as 
being used by the pottery, 
lacquer, paint and printing ink 
industries. , • 

Last, but by no means least, 
there is Cole Chemicals who 
merchants chemicals, resinous 
powders and plastics, raw 
materials for paints. inks, 
adhesives; surace coatings, 
textiles, rubber and dyestuffs. 

in Europe 
for British 

Flame retardant COmpOimders 

( “In certain sectors of the Plastics 
Compounding Industry Britain is 
technically sain? years ahead of 
jlthe majority or European 
] countries". So says David 
j Whillingham. of Cole Plastics 
s French agents. “This applies 
particularly to C.ole Plastics with 
j their new factory in '.Milton 
i Keynes and the facilities that the 
i factory offers. 

It is clear that the demand in 
Europe will primarily he for 
Cole Plastics specially formu- 
lated Performance Compounds, 
so Cole Plastics expects tu 
expand this highly technical 
•iervic*- aspect of its business in 
Europe and further reinforce its 
claim to be “Europes Leading 
Thermoplastics Cora pounders". 

) An example of Cole’s ability to 
; solve problems for European 
1 Plastics Convertors is in the 
: manufacture of the large mobile 
[ waste containers that are 
commonly used in France. The 
manufacturers have been en- 
countering problems of colour 
Fading and warping on the large 
flat plastic mouldings involved. 
Cole have been able to trace the 
problem to ihe pigments being 
u»ed and have produced a com- 
pound especially fur this applica- 
tion which does nut warp and 
does not fade. 

Another example is the ease of 
a leading French lioitle blower 
nhu was unaware that it was 
possible to incorporate Anti- 
j static inlu a bottle blowing com- 
i pound and at the same time 
print on thar bottle. The anti- 
i .-i la tic agent bad a tendency io 
! leach to the surface and. remove 
ihe print 

! Cole was able in answer this 
j problem with their Print Anii-j 
I italic. PAS Performance Master- f 
• batch. I 

il i 

More recently the company has 
responded to the demand for 
higher safety standards in the 
electronic and electrical 
Industries and has developed a 
range nf flame retardant grades 
of polystyrene, polypropylene, 
polyethylene and EVA. Theie 
compounds are widely used in 
the manufacture of television 
sets and audio equipment. 

A comprehensive 
standard range 
as well 

Cole Plastics’ special compounds 
are backed hy a comprehensive 
range of standard compounds 
which include polystyrene. SAN. 
ABS, polypropylene, high and 
low density polyethylene and 

*. '■ r-.-V, A 

•x’.t v? *• — *■ 


V 6 *v # 


Monsanto produce Lustran* ABS for plastics manufacturers for the moulding of 
industrial and household equipment and a wide range of raw materials for i ndustry. 
They make AstroTurf ‘ synthetic grass for day long, year round playing surfaces. 

& And products like Saflex * glass interlayer and 

Acnlan"; flame retardant fibre for carpets which 

Vrf frill Ilf Chemicals like these make life a lot more liveable. 

‘ v\ ni. 1 -,. .J Tto' ■ of Mwi.'iilfl. 


Without chemicals life itself 
would be impossible. 

Fisher Price’s Circus Train is moulded in specially compounded 
and coloured Cole Plastics’ materials. 

f There's more to a N 

pneumatic conveying system | Mi hmx 
than meets the eye. 00 

Mucon, main systems suppliers to 3^ $$ %■'/ Js i 

Cole Plastics Limited, and leaders in r'~> 

pneumatic conveying techniques give ’-[j] 
a total capability in powder handling - 7l|r 

from initial concept to system installation. | |T 

We can giveyou a better faster and 
mare consistent mix than anyone 
else, and we can prove it. 


The power to control powders 

- Mucon DivWort The British Sleam Specialties Limited, 
Winchester Road, Basingstoke, Hants. RG224AA Tel: 0256 58811 > 

There a re numerous 1 ways of 
proving ourclaim. Practical 
demonstration is one. W- do : .Li3 
in she inodo: :i iu!lv e quipped 
] a moratory v.h i-rh terms an integral 
r -ni. oi our ma nufaciuiing plant in 
Manchester. We invite customers 
to supply i heir own materia I s f or 
sample processing, so-they see at 
first hand the rernarl'able 
standards that can be achieved. 
_-.notherv.av ism the v.ide range 
oi equipment. ’.v e can oiler, which, 
come uses: 

Shaw Compounding Extruders- 

Triese extruders vain, their 
special range of mLdng soe ews 
a: e ideally suited to compounding 
applications where trie emphasis 
is on mixing and. dispersion of 
ingredients. Extruders up Io 
£50 mm diameter are available foe 
general compounding 
applications. 'Hot melt' machines 
ior polymerisation applications 
can also be supplied. 

Shaw ‘Intermix’ mixers 

For in tensive xnixin g of high 
pigment levels the unique Sha w 

"Intermix" is the answer. It gives 
faster output, more efficient cooling 
and better quality mixing than any 
competitive mixer' 'From 1 litre to 
550 1 it res e fleet i ve ca paci ty these 
is an 'Intermix! tc* suit your 

Write, telephone c-rtelexfor 
furtheriniormayon andliterature. 

|p Francis Shaw 

Francis Shaw & Company Limited 

Manchester Ml 1 4BB Enqland. 

Tel: 061-223 1313 (15 lines) Telex: 667057 

Europe's Leading Thermoplastics Ccxnpounders 


have Invested strongly in new plant ■’with particular emphasis on heavy duty mixing and extrusion equipment; 
Cole Plastics chose SHAW Interm ixes ( Dump extruders and compounding extruders after extensive laboratory 
trials in Manchester and only because 


my jobs 




tive changes to the Employ- 
ment Protection Act were pro- 
posed last night by Mr. James 
Prior, Shadow Employment 

Tie told a private meeting of 
the Tory backbench 1922 Com- 
mittee that he was in favour 
of exempting young . people 
under 21 and small companies 
with fewer than SO employees 
Trom {he Act's provisions. 

These reforms would go 
some way to easing ihe stulti- 
fying effect on employ men! of 
present legislation, which was 
in practice an employment 
prevention act. he claimed. 

Mr. Prior warned Tory MPs 
not io pay loo much attention 
to anti-Conservative '.state-, 
meats of trade unionists made 
in public during the run-up to 
the election. In private, their 
altitude to a future Conserva- 
tive Government was often 
much more moderate and 

Id particular, he had found a 
willingness among the new 
generation of trade union 
leaders to co-operate with the 
Conservative leadership. 

At a separate meeting ?.lr. 
Len Murray, general secretary 
of Ihe TUC spoke lo the Con- 
servative backbench employ- 
ment committee for an hour at 
the Commons last night. 

BL CARS signed a £30m contract 
yesterday to supply at least 
10,000 cars to the British School 
of Motoring. The order is a 
breakthrough for BL, formerly 
British Ley! and- because 90 per 
cent of the existing school’s 
fleet was supplied by Ford. 

BL regards the driving tuition 
market as so important lever for 
future sales. Statistics from the 
school suggest that 70 per cent 
of drivers passing their test with 
the company each year buy o 
model the same or similar to the 
one in which they took lessons. 

The contract has followed 
quickly upon the success of Mr. 
Anthony Jacob?, the school's 
chairman, to hold off a hid for 

control of the company 
Durada Holdings, a Ford 



Ford bid 

Mr. Jacobs made it clear dur- 
ing the tussle for control that he 
was committed to buying British. 
At the contract signing in Bir- 
mingham yesterday he declared 
himself delighted that BL had 
won the contract. 

The two principal competitors 
had been Ford and Vauxhall, 
both of which had offered attrac- 
tive terms. Mr. Jacobs said. “We 
made the decision not on fi nance 
but on the fact that BL offers the 
cars ideally suited to driving 


The cars will be supplied to 
the school on a five-year leasing 
agreement through Southend 
Motor and Aero Company, the 
BL distributor which negotiated 
the deal, in conjunction with BL 
Cars fleet sales operations. 

Mr. Jacobs said the school, 
with a fleet of 1.400. would 
require at least 10,000 new 
vehicles over the next five years. 

A far higher demand was 
likely to be placed upon BL as 
the sole supplier and the con- 
tract could total much more than 

£30 rn. 

The vehicles chosen are 
Triumph Dolomite saloons and 
Austin Morris Minis. 

JD /o 



! to freeze 

! C a plan assets 

and County Securities has failed 
1 in an attempt to freeze trie assets 
of Mr. Gerald Caplau, former 

A Californian Superior Court 
judge has ruled against a pre-. 
lira inary injunction on Mr. Cap- 1 
Ian's assets and freed them from) 
temporary restraints. 

Mr. Caplan's lawyers iu the 
U.S. said that he appeared to be 
making a steady recovery from 
the coronary artery by-pass sur- 
gery which he underwent on 
June 21. 

While in hospital. Mr. Caplaii 
is being held in custody on 
charges of stealing £2.4m from 
his company. 

Milton Keynes 
£3m station 

BRITISH KAIL is to build a new 
.station in central Milton Keynes) 
on the iiKon London ro Birming- 
ham line. The project is ex- 
pected to ci«t £3m and will be 
started at the end of 1979 for 
completion in May. 19SL 

The statioa project is to be 
financed jointly by British Rail 
and Milton Keynes Development 
Corporation and will include an 
office development, car park and 
bus inter-change facilities. 

British Rail plans to use the 
□ewr station as the far end of 
Euston’s Outer Suburban 

INDUSTRIAL -AND commercial 
users of natural gas have faced 
contract price increases averag- 
ing more than 35 per cent in the 
past two years, according to new 
Department of Energy statistics. 

For the first time, the Govern- 
ment's Energy Trends bulletin 
show* figures, provided by the 
British Gas Corporal ion, relat- 
ing to the average price of gas 
supplied under new or renewed 

They reveal that tbe average 
price of such contracts in the 
first quarter of this year was 
15.Sp a therm, as against 11.3p a 
Therm in the second quarter of 
1975. These prices include 
charges made for firm supplies 
and cheaper supplies provided on 
an interruptable absis. 

The figures show that contract 
gas or ices have risen very much 
faster iban those for heavy fuel 
oil or gas oil. In the first quar- 
ter. heavy fuel- oil sold under 
contract was costing an average 

of £55 a tonne. 26 per cent up on 
tbe second quarter of 1976 while 
gas oil was costing £S3.3 a tonne, 
up 22 per cent. 

Energy Trends shows that tbe 
average price of gas delivered to 
large industrial customers rose 
at an even faster rate; by almost 
SI per cent over the same period. 
In the first quarter of this year, 
tbe price of such gas was 10.35p 
a therm as against 5.72p a therm 
in the second quarter of 1976. 

In comparison, coal delivered 
to large customers cost £22.6 a 
tonne, a 29 per cent rise over 
the period and electricity, sup- 
plied on the same basis, rose 
about 35 per cent to 1.95 pence 
per kilowatt/hour. 

During tbe three months from 
February to April this year. 
Britain's energy consumption 
remained at abort the same level 
a? Lhc corresponding period in 
1977. After seasonal adjustment 
and correction to take account 
of this year's colder weather, the 

annual rate of total energy con- 
sumption fell by 1.3 per cent, or 
4.5m tonnes of coal equivalent. 

The bulletin also shows that 
consumption of coal was lower 
during the period than a year 
ago. Consumption fell by 4.7 per 
cent to 33.4m tonnes. 

Consumption in April was 
down 0.5m tonnes compared with 
the same month of 1977, making 
it the seventh successive month 
for a decline in coal sales. 

Coal production during the 
March-May quarter totalled 
33.4m tonnes, a drop of 0.7 per 
cent on the same period Iasi 

Gas sales in the Marcb-May 
period were 6.1 per cent higher 
than the corresponding period 
of 1977. Electricity supplied in 
the UK during the three-month 
period February to April rose 3.5 
per cent while deliveries of 
petroleum products, measured 
over the same periods, rose 3.4 
per cent. 

GLC seeks law 
against moths 

THE Greater London Council's 
Legal and Parliamentary Com- 
mittee has proposed legislation 
enabling boroughs lu require 
occupiers to eradicate the brown 
tail moth or to do the work them- 
selves and recover the costs. 

Over the past 20 years, infesta- 
tion of- trees and shrubs by the 
moth and its caterpillar has been 
increasing, to affect a third of 
London boroughs, especially in 
the east, killing trees and shrubs 
and causing skin rushes. 


asked the National Coal Board 
and the Central Electricity 
Generating Board to thrash out 
a solution to the worsening prob- 
lem of stockpiled power station 
coal in South Wales. 

At a meeting in London yester- 
day between Mr. Anthony Wedg- 
wood Eenn. Energy Secretary. 
Mr. Alex Eadie. Under-Secretary 
For Energy, and representatives 
of the National Coal Board and 
the Central Electricity Generat- 
ing Board, it was also decided to 
reconvene the South Wales work- 
ing party to study the lung-term 
difficulties facing tbe coal indus- 
try m the area. 

Tbe working party, set up last 
summer under the chairmanship 
of Mr. Eadie, includes represen- 
tatives of the coal industry 
unions, the electricity supply 
industry unions, tbe Coal Board 
and Lhe Generating Board. 

But the immediate crisis in 
South Wales concerns tbe stock- 
piling of coal which is used in 
local power stations. 

It was expected that the coal 
would be taken up by the newly- 
built Aberthaw B power station, 
but hecause of technical prob- 
lems Aberthaw B is not yet fully 
on stream. 

To reduce the resulting stock- 
pile. the Government decided 
last summer in make available 
a £2m subsidy -so that other 
power stations in the area could 
use up the extra coal. 

These are older, less efficient 
power stations than Aberthaw B 
and the price of the electricity 
they generate is therefore higher. 

As a result the Generating 
Board avoids using them except 
when demand is particularly 
strong. But the subsidy put 
them in a more competitive posi- 

In one sense, they have now 
become too compeiitve. For the 
subsidy, combined with tbe fact 
that Aberthaw B is not yet 
fully on stream, has meant the 
Generating Board is unwilling 
to use Aberthaw B at all. because 
the cost of it«= electricity would 
be comparatively expensive. 

It is thought that one answer 
the Coal Board and the Generat- 
ing Board may suggest to the 
Energy Department is that tbe 
coal subsidy should be extended 
to Aberthaw B itself. 

This would be necessary only 
on a temporary basis because it 
is expected that Aberthaw B will 
come fully on stream by tbe 
beginning of next year. 

The cost of the electricity it 
generates will then drop and it 
will also be able to use all the 
low-volatile coal being produced 
in the South Wales area. 


GOVERNMENT statistics today 
confirm that the UK is one uf 
the few countries in the Western 
world where demand for 
oiachine-tools is relatively 

While orders from the home 
market for machine-tools in the 
first quarter of 197S were some 
20 per cent higher than in tin: 
same period the previous year, 
new export business dropped by 
29 per cent. 

The figures from ihe Depart- 
ment of Industry reflect tbe 
impact of the major investment 
programmes in tbe automotive 

industry, which have been 
steadily building up this year. 

BL, formerly British Leyland. 
is expected to buy £55m of 
machine tools in 197-S. while 
Ford ordered ElSm-wortb in the 
first four months of the year for 
its new engine plant at Bridgend. 

Further big contracts will be 
placed for this £250m plant this 

On the export front, some 
major projects such js redeve- 
lopment of the Polish tractor in- 
dustry by Massey-Fergusson 
Perkins, using a great deal of 


Gas is clean, controllable, 
versatile and economical— 
the ideal domestic fuel. 

Thats why nearly 14 
million customers have 
chosen gas to heat their 
homes and cook their 

But like all fuels it 
should be used wisely 
'We have a booklet that 
can help you. ^ _ 

Among many important items it covers: 
e What to do if you suspect a gas leak, 
o The laws on gas safety 
a How to have your appliances properly installed 
and regularly serviced. 
b Help for the disabled. 

Sc help yourself to gas safety— pick up a fr 
copy at your local gas showroom. 

British machinery, have ended. 

Exports should soon get a 
boost from the Isfahan ordnance 
complex in Iran, for which 
orders will shortly start to be 
placed. It is estimated that 
about £l00m. of UK machine- 
tools will be required Tor this 
project in the next year or so. 

The statistics in Trade and 
Industry magazine today show 
that the machine-tool industry’s 
order books are sufficient to keep 
it going until the autumn. 

New orders worth £11 6m in 
the first quarter exceeded sales 
by 1 per cent, ar.d order books 
increased only slisiitlv, to £274m. 

Although total order books at 
the end uf March were- more or 
less tbe same a ; Jo December, 
they were 24 per cent higher 
than a year earlier. 

Home order books had risen 
steadily through 1977. and in 
spite of a slight fall in Marcb 
were 52 per cent higher than 
a year earlier, at £I62m. 

Export orders-in-faand, at 
£ll2m. were 2 per cent lower 
than a year earlier, and have 
slipped back from the recent 
peak of £12Sm last autumn. 

Co-op Bill 
likely today 

Bjr John Elliott. Industrial Editor 

the creation of a Co-operative 
Development Agency to boost 
the expansion of workers 
co-operatives is expected to 
receive Royal Assent today. 

Called the Co-operative 
Development Agency Bill, the 
legislation was introduced to 
Parliament- in March ' 

The name of the Agency’s 
chairman is expected to be 
announced during the next few 
weeks, and it is intended that 
tbe agency should begin work by 
the autumn. 

It will receive £1.5m from the 
Government over three or more 
years to cover its administrative 
expenses, and is expected to have 
an office in London with a staff 
of about 20. 

Its main purpose, apart from 
providing research and informa- 
tion facilities to co-operatives of 
all kinds, will be to act as a 
clearing house and advice centre 
lor worker-owned ventures. 

Late payers 
may have 
to add 
on debts 

By Christopher Dunn 

PEOPLE failing to pay hills on 
time could be faced with in- 
terest charges, if the Govern- 
ment adopted' a. plan outlined 
by the Law Commission yester- 

Interest on unpaid bills should 
be recoverable as of right, even 
though it may not be mentioned 
in the contract, the commission 

Interest could be charged on 
any bill, however large, at just 
over Bank of England minimum 
lending rate, starting a month 
after tbe bilL is sent 

The report makes no distinc- 
tion between businesses— -which 
may delay payment to avoid bor- 
rowing from the bank— and con- 

‘■There are still substantial 
loopholes in the law which allow 
the bad payer to withhold pay- 
ment to his personal advantage 
and to tbe detriment both of 
the ‘'creditor and o'f those who 
pay their debts on time," the 
Commission goes on. 


Rent is excluded from the 
scheme, which also advocates 
protection for people who refuse 
to pay a bill to force suppliers 
to act on complaints. Statutory 
interest could be blocked in the 
courts in these cases. 

Mr. Michael Bards ley. manag- 
ing director of Dun and Brad- 
street debt collectors and 
suppliers of credit information, 
welcomed the report, particu- 
larly for the help it might give 
small companies. 

“ Nearly 90 per cent, of small 
business failures are due to 
overdue debts, which have a 
disastrous effect on cash flow. 
Over 10 years, the average num- 
ber of debt days outstanding has 
nearly doubled to 60. 

“There has been too much 
concentration on - artificial 
manoeuvres to boost cash. flow 
at tbe expense of other com- 
panies. and not enough sensible 
recourse to tbe banks." 

State selective 
aid scheme 


THE GOVERNMENTS selective cant because of the prospect pf> 
Sestment aid scheme, which General Ejection tins year, 
was to have expired today, has The Conservative P JP-h. 
been extended for a year. The known to be 
total of State finance ^allocated fog industrial, 
to the scheme has been increased, ^s/. a means ^ c «. 
from £l25m to £150*- . "expenditure 

- This is the Governments main emment intervention tn tnousi^- 
selectree'ald scheme for industry, Thh' extension of Vus-scneg* 
and complements other arrange- might ' make at more dmcy itJo r 
meets designed for parts of iadi- a Tory Conservative adniuu^ra: 
viduaJ industries such cut it * : : >1 

machine-tools, printing mad*- o ft the other Irnnd the Depart- 
inery and wool textiles. meiit of Industry has no plans to 

It is aimed at persuading com- fon^uce more individual- fod?*- 
parties to go ahead with, projects schemes • before: the 

costing more than £500,000 which apart f rom two for; the 

otherwise might have- been ^^^(3 industry . under pre- 
abandoned, -built abroad-, or paration tor-some months, 
reduced in size. ; ■ ' "a"- total of about £ 160 m has 

"Assistance. Of £37m has been beei ^ promised ftr companies 'by 
approved for 75 projects costing S^flowoment for Existing 
£370m since the scheme was in- JSlSSIi ? ndbKrrv schemes in 
troduced in December, 1976. to r^TaS 

p% 5!“ 15.eS? Uer * ecBl * r, “ a staffs- 1 - *ss«» 

P Of £e If project., 17 have tto.tos belp edvanoup 

been worth more than £lm. One sectors of industry to modernise 
of the largest was a £100m: -themselves. , 

Thames Board Mills develop- Mr. Varley said y ester day mat 
meat at Workington. Cumbria, the'T’S projects approved solar 
which attracted £10.5m aid plus in the general selective mvest- 
other regional incentives. ment scheme are expected to 

Nearly a third of the projects benefit the balance of payments 
were In the chemical industry, by ‘over £ 2 00 m a year from 1»2, 
Applications for a further 185 having in the meantime provided 
projects worth over £1 ,800m are orders worth some £25 0m for the 
under consideration. On average, construction industry and fnr 
if all approved, they might take plant manufacturers, 
up as much as £180m in aid, more Thpy should eventually provide 
than the money so far made or safeguard some 10.000 jobs, 
available. Of the total 15 qualified for aid 

The announcement that the because they might . otherwise 
period for applications for aid have been built abroad, while 
had been extended was made yes- another 15 might not have been 
terday in tbe Commons by Mr. built at all. The remaining 45 
Eric Varley, tbe Industry have been built earlier than their 
Secretary. It is specially signifi- companies planned. 

State oil 
top sea 
oil trader 5 

Financial Times Reporter 

National Oil Corporation i 
stands to become the 
leading trader of North Sea oil 
as a result of participation 
agreements, according to H. P. 
Drewry (shipping consultants). 

All told, oil tanker demand on 
North Sea export trades should 
rise to 5.6m tons deadweight 
(dwt) in 1982. from 2.7m this 
year, assuming a third of British 
production is exported. If half 
of British output is exported, 
the increase would be 6.5m dwt, 
from 3.3m in 1978. the company 

Forecasts for tanker demand 
on North Sea trades in 1982 
equal S-10 per cent of current 
tonnage supply within the 50.000- 
125,000 dwt size range, the type 
of vessel most commonly used 
on those trades. 

North Sea oil production is 
forecast for 1982 at 3.5m barrels 
a day (I72m tons annually), up 
from just under 1.5m barrels 
daily (93m tons a year) this 
year. Natural gas output by 19S2 
is forecast at 9.8bn cu ft a day. 
up from 6.6bn this year, Drewry 

Commercial property 
market improves 


THERE ARE signs of a marked the south-east. This first-quarter 
recovery in the commercial pro- total compares with a three- 

perty development market in the 52J!^L y ft * 0 ^ 197 ? asTwhole * 
Department of Trade’s latest pewits 

quarterly report on office develop- are required only for buildings 
meet permits. of more than 30,000 sq ft in the 

Figures show that 41 permits -south-east, and the department 
were issued in the first quarter shows that within this area 
of 1978; covering 4.8m sq ft of central London remains the 
office space. This is 1.4m sq ft favourite site for new schemes, 
more than in the first three '• Seventeen of the 41 permits, 
months of 1977. accounting for 2.4m sq ft of 

After eliminating lapsed per- offices, were issued for develop- 
mlts and permits covering the 'meets in central London, 
redevelopment of existing offices. Another 15 permits, covering 
tbe department reports that 1.8m sq ft were issued - for pro- 
there was a potential addition of jects in Greater London, exclud- 
3.7m sq ft to office floorspace in in£ the centre. 

New brands 
of Dunhill 

Financial Times Reporter 

launch two new mild versions o.' 
its Dunhill cigarette brand into 
the UK market The move is 
designed to take advantage of 
the rapid growth in the mild seg 
ment of the market as smokers 
switch from higher tar brands. 

The new versions will be of 
the Dunhill International and 
King Size brands. Unlike these 
brands, however, the new ver- 
sions will be in blue packs 
instead of the traditional red. 

The launch will be backed by 
extensive Press advertising from 

Mr. Rex van Rossum, Carreras 
Rofornans marketing director, 
said yesterday that the new 
versions reflected “the general 
trends towards consumption of 
lower tar cigarettes.” 

Council houses 
put on sale 

to step up tbe sale of its council 
houses. The city council owns 
more than 11,000 properties and 
all except Hals for old people 
would be available for sale 
under tbe scheme to sitting 
tenants and to people on the 
housing waiting list- 
The List tops 2,000. but no one 
on it is homeless. Last 
September the council voted to 
build no more couueil houses 
when present contracts are com- 
plete. Sitting tenants or long- 
standing tenants will qualify 
for discounts up to 30 per cent 
of the purchase price. 

Primitive art sets 
£lim record 

ON THE day when Sotheby’s Government wanted to be sure 
sold a very fine collection of of obtaining them, 
primitive art for a record total The highest price, and a record 
of £1,598,000, Phillip's, third in for any item of primitive art, 
size among the major fine are w as paid near the end o!- the 
auction rooms after Sotheby’s sa ] e when a telephone bid tram 
and Christie’s, managed to steal New York acquired for £250,000 
the limelight by announcing that an Hawaiian wood image prolfc 
it was following its bigger com- a bly brought back by Captain 
petitors in introducing a 10 per Cook in 1779 

b “f r ' s P rcmmm fr “ ra An Easter Island wood male 
JSL c . . . ancestor flgure realised £50.000, 

Three years ago. Sotheby^s and and the Christchurch Museum of 
Christie s made themselves un- New Zealand paid £40,000 for 
popular by adding an extra 10 a Maori wood door lintel. 

Mu. jsassss: Im s “ st MR. js 

Si PhiUto’s ^ Is? re diced 6 its° com d,sposin S of I«s important pic- 
Phillips also reduced its com- tures for £ 492 , 800 . with 28 per 

mission to vendors to 10 per cent bought in, a higher BI than 

cent, and relied on extra busi- j n ear ij er sessions but above 

ness from buyers to make good average for this market 

NowV ,? V b n ,m E forced ,o „ .Tiff'S S £2100 !’- plus 
charge too. mainly because of So .£ r- premium paid 

rising costs, bu, a, so because 

martre by Utrillo. The same 



buyer paid £20.000 for - a 
Vlaminck Vase de Fleurs. 

In London on Wednesday even- 
ing. Sotheby’s held the best-ever 
sale of netsuke. which made a 

record total of £233,000 and 

secured new auction records for 
the buyer's premium has individual lots, 
allowed Sotheby’s and Christie’s Ashkenaze, a Los Angeles 
to be even more flexible in the dealer, paid £11,500 for a study 
amount they charged vendors. of a tigress with three cubs by 
To get a really good collection, Hakuryu, and the same sum for 
the salerooms were prepared to a small group of three rats by 
take a tiny commission: for the Totnokazu. " J 

von Hirsch collection Sotheby's The previons record wac 
is rumoured to have asked only £11,025. The fact that the LoTk 
its expenses. don Netsuke Convention was 

Primitive art had been taking place certainly helped 
collected by George Ortiz, a prices often to double their fire- 
member of the Patino Bolivian casts. 

tin mining family. Edmund Pennine-Rowsell 

He had amassed the finest part writes: Christie's last vintage 
of his collection, that devoted to port sale of the season showed 
OccaD»c irt, within the last steady if unspectacular increases 
eight years, but has been forced particularly in the prices of the 

to dispose of it to pay a S2in younger vintages 
ransom to the kidnappers of bis Willi only limited foreign 
young daughter. interest in tbe celebrated port 

Although two men were vintages of earlier years, prices 
caught only hoO.OOO was re- must b e much lower than can be 
covered. Mr. Ortiz was present expected for leading clarets 
during a very successful auction. But taking into account' the 
The most important item, a traditionally low opening figures 
Rarotonga wood figure from the of vintage ports, some of the 
Cook Islands, brought back to older wines yesterday broueht 
England in 1836, was unsold high prices, with new records for 
when the bidding stopped at Taylor '24 (£280 a dozen). Dow 

£2 2 ) ' 00 ?i '27 and Fonseca *27 (CTO a dSen 

But Merton Simpson, a New apiece), Taylor *35 (£260) Taylor 
York dealer, paid £180.000, a ’45 (£2S0) and Taylor ’48' (£210) 
record for a work of Oceanic But it was the larger quantities 
art. for a wood face mask from of the younger vintages on offer 
Pentecost Island In the New that established new' Mice lewis 
WebTtiies. . 'go s ranged 

A Benin bronze aquamamle, m from £82 a dozen (Taylor) to £72 
the form of a leopard, sold (Cockburn and Fonseca)- the 
anonymously for £150.000. This highly esteemed ’63s varied' from 
is an action record for an aqua- £96 (Taylor) and £94 (Warre) ro 
manile. beatin; the £62.000 paid £78 (Graham) and £74 (Novah 
during Ihe von Hirsch sale for The '66s spread from £70 
a Continental water vessel. (Taylor > to £64 (Fonseca and 
One of the major lots from Graham). Among the '70s the 
the ariemoon session, a series range per dozen extended from 
of five Maori wood panels form- £56 (Warre) to £52 (Croft and 
in? tbe front of a food store. Noval). The total of the sale 
were withdrawn before the sale in which 96 per cent of the ! minlmW 

'■* was £69.583. 1 


“J ^ _ .. 

•jr ~w 

htaJ s?ead 

figures,- a&to&gh-- . 

that tbe iipwsid trend^lSrasfv - 

The - 

hi a np f aetdrers. ■- wh ol esal eiv :> apd 
retailers Increased ..hy astadfit- * 
ably mote tiiaa the (ftfem a U sfr 
mate. This was 
the -Increase J* 
industry t iff ; 

'Aeb6rdliK&-‘-w ‘ : 

of fcdu6tt5V : -tbe tflhattfc/of ia.; 

vestment by-; mairuf ifcfen*«s in - 
the Urst quarter ' was £4s&a. at^ 
1970 prices and - - seasonally 
adjusted. This wa$ £3m^hjgheir 
that) the -provisional,- figure ju*d 
2 per cent.; below- fourth^ - 
quarter of 'liW7 t '. : • . •- 

Thdre Was a similar fa& inV 
the' first three months. -last , 
y ear , so it- is possible. ; a new: 
seasonal pattern has developed 
which has not been in co rpo r ate d ~ 
in the seasonal; adjustments^ -; . 

Taking a riightiy ldo^f-fem 
comparison to remove 
able irregularity^ 4hfc v"(ffinae of.', 
investment • in the last - six, 
months was 1 per cent, above, 
that of the -precedhig haif-year. 

In the same -basis, both the 
vehicles and coal and petroleum 
products industry ^jroups fcave 
substantial increases-. ^of : 22 -per. . 
cent • .- : V 

Chemical investment increased, 
by 4 per cent and; .the paper, 
printing and publishing indus- 
tries went up 4 per .cent - The 
rise in the engineering and non- 

ferrons metals' Industries- was in 
line with the avetage ofc 1-per 
cent - ‘ 7-: m y <- • 

Iron and steel 

The remaining four - industry • ■ 
groups, all recorded- falls, with 
the largest being .6 per eeot-for 
both tile iron and steel and the 
food, drink -and--; tobacco indus- 
tries. ; In-tfaelatter case; this -was 
a reflection of historically high 
investment in .the second and 
third quarters. • 

-Investment by type of asset 
showed rises . of 4 per cent in 
new building work. 2 per cent 
in plant and machinery and a 
fall of 6 per cent in vehicles. 

The revised figures for the 
volume of capital' spending in 
the distributive and service 
industries were £4m higher than 
the original estimate; at £548m. . 
This -was l. per-cent higher than 
the fourth- quarter of 1977. In 
the latest two. quarters, invest- 
ment by thfcse industries was 
5 per cent higher than , in the 
previous two., 

. Tbe revised figures for stocks 
show a rise £70m higher than the 
provisional estimates for the first 
quarter of 1978. Stocks held by 
manufacturers, wholesalers and 
retailers were up £2 40m. 

Nearly all the revision came in 
the stocks held by manufac- 
turers, which were up £125m, 
compared with the £67m initially 
estimated. The main revision 
relates to work in progress. 

Credit industry 
in 1976 

loaned £1.84bn 

By Michael Blander* ^ - 

LOANS BY the consaiher 1 ‘credit . 
industry, during 1976 totalled 
£1.84bn, according , to. an -analysis 
published' by lie -" Business 
Statistics Office. • - 

The new "figures -are the; result 
of a major inquiry to '-update 
information made- available by 
partial survey^ in- 1965: and 1971- 
An article, in the latest issue of- 
Trade and Industry points out 
that since then ‘'thei'g have been 
substantial changes' fn the pro- 
vision of credit" . 

The new - and- m rm» compre- 
hensive. Statistics of consumer 
credit were n eeded. to '.‘provide 
a better set o£: figures - and to 
help the Office of Fafr 'Trading 
to administer the Consumer 
Credit Act, . 

The figures show that, leaving 
aside the modest £28m af credit 
provided in 1976 by < small 
lenders which .give less than 
£59,000 each . dozing the ■ year, 
there were.' 592 'lenders' 7 who 
advanced a total oTM-Slho. 

More than SO per Ceht bf the 
lending, was accounted forhy tbe 
40 largest ..businesses*^ TJte total 

leading of 'ElBrbn was' made up 
of £i.53bn of fixed-soffi-instal*- - 
ment credit at fixed rates, 
j Another £203m was lent on vari- 
able rates of charge, while the. 
remaining £73m was advanced in 
tne form of non-instalment agree- 
ments. ■ ■ : . " 

Almost half of the new credit 
advanced was linked to motor 
vehicles— new and used cars, 
commercial vehicles and motor 

mS* 8, * The totai also ^claded 
£121m of advances in the form of 
. vouchers and . other 
credit tokens. 

because the New Zealand wines were sold. 

Opencast site 

™ , NATTONAL Coal Boot! 
Should be authorised to, work 
twi* opeac *. 3t methods at tbe: 
££?£?" . , “ te . Alnwick. 
Northumberland, Mr. Alex Eadie. 

o? r i5S. eD i ary ' Ul *der‘Secretary- 
f tw J 31 v 5 nergy ’ bas decided. ■ 
rh * r ' Eadl « has also decided 
teat an order should made 
suspending rights of *way SSL 

e '? l iv work is in pro- 
gress, and that planning con- 
ditions should be Imposed - to 

impacL ? ^ ■ e ™Pmnental. 

LI 9 4 


For expanding companies, both big. and 
small, the best way of turning good business 
ideas into profitable reality is often a 
medium term loan from Midland Bank.\ 

Such finance is available to creditworthy 
customers now, for sums over £5,000, 
normally repayable overfrom three to 
seven years. •; 

This is how feamworkryou and Midland 
Bank together- can help produce the results 
you’re after for your business. 

You may need capital to expand manu- 
facture capacity or your delivery fleet/ or 

to acquire extra warehousing. 

Put your proposition to your local 
Midland Bank manager He and his business 
team will work with yours. Together they can 
agree to'tailor the loan to suityour company’s 
needs, so that the profit your new asset 
generates hel ps you repay the loan. 

. Where very large companies are con- 
cerned, Midlands Corporate Finance Division 
can work directly with the company, to 
ensure the best possible use of Midland 
Bank Groups wide range of services. 

And dll these services are as accessible 
to your business team as a call to your local 
Midland Bank. 

Itfc time your business team met the Midland^ 

. * y- < 

v- * 

: ' : 





*•': t. 

, • : 


• • V* 


•„.i - 

Financial Times 

Tanker Pay policy hitt 


over tow 

By Pan! Taylor 


i j 

SH1PREPAIK companies on Ihe Force for a 30 per cent reduction new contract to work, for a new | 
River Thames are being pre- in jobs and revision of a number company. 

venled carrying out a complete of damaging working practices. | n the year before nalionatisa- 
merger ordered by British Ship- But he believes the legalistic t inn. the Rixtr Thames corn- 
builders, their parent corpora- altitude being taken hy the Em- pames lost about Km. This 
tion. because of Government plnyment Department over pay situation cannot have improved 
objections to the plan on pay is jeopardising further progress. lf,is year, with the depressed 

big baker 


UK coal mines 

report record 
year for safety 


THE UK coal industry had its ftKtUs should te 
, ^ r._ „,( D hr in 1 R 77 . with safe worRing, ne aaucu- 



By Elinor Goodman, THE UK coal industry had its ductidn i 

Consumer Affairs Correspondent ! ^ v&ar f or safety in 1977, with safe 

juuuue iwmg ijkph uic om- panics tost aonut urn. > Dest year tor sauci* , hj concern 

plnv-ment Department over pay situation cannot haxe improved ..SOCIATED BRITiSH according to the annual report Ore* _ j^yRj FSBJDt 

is jeopardising further progress. i h j s year, with the- depressed lowine its main of the Health and -Safety sP^ng^m y el'- T • ^ 

( ATTAIN HarLmui Weinert. The merger programme, which River Thames wants to create bv uncertainties caused by the f “L . JiffLttffaiL 

aster of the German salvage should have been carried out by a common pay scale for all its rL ; cetn period of tough labour JJ* TJ! aiSmiii? *7 

ig that wem to the assistance the end of March, was designed manual workers from the two neqa tiations. bread. 

• the foundering Amoco Cadiz, to bring the heavily loss-making biggest companies it inherited. \ no[bcr headache for River 81 renuCTS on - 

N allied his failure to save the businesses back into profitably London Graving Dock and the Thamps is the debate over the The move, foreshadowed m a 
fe *skI en -had woperaiion” and had been recommended in a nearby Siltey Weir. haunt of the Port of London's letter to customers yesterday, 

O? ith rhe lankor-s m«. report by consultants A & P Upper Docks raises prices b> rip or 2p a loaf 

a. gw-SsS SSmms « “ril. ...» » . jxnssasut skbbsms 

" The move, foreshadowed m a Sn .cre^ because ^ 

letter 10 customers yesterday, ^ fc ep t,”Mr. The biggest single caase^of KH meao^Jbfi* PAra 

raises prices by lp or 2p a M Rhydderch, Chief Inspec- accidents was transporr. undCT- menls due 

more likely next month, when stated. ... ground, prompting B£r 

a new discount structure comes j lor ' ^ ■ derch to call for more rapid ltbe j r hashandstas it 

into effect. „ , . . f There were 40 deaths and 50J . introduction of remotely con- ^ Tn^cjk'RtHotM Txafc - jIhF 

uim« in Ann! Associated carinttc nlunp<! corn Da red with . I 1 vam than n i*te . V_'“ 

are- to.geta^^*” 

Inland. Bevemie 

-.-oncralion wtin me .auiuiu 

■ jrtis." 

" Hu had insisted on a salvaee 
P infract with lhe* umbers cap- 
a tin because “ there are very few 

si on nurahle gentlemen about 

p ip--'? days.” 

s , Crews of wvi>il vessels had on 
, 1 evasion denied that ihe salvage 

Li , . , » r. Virtln : 

won agreement' irum his work- in effect offering its staff wholly substantial loss of jobs. 

I Navy discovers 100 wrecks 

The companies hoped that { ^ e fears expressed by Mr. Mr, Rhvddercb warned miners written. Parliamentary, . 

ith less spare baking eapaetty 'Arthur ScarglU and some sections lhat mo ^{ of fi rcs that broke that the, change would ■ p& BBlo-.f 


j( ig had done anything to hel P-;jjoRE THAN 100 previously fund urgently needed surveys oF other routes designated hy the Only very big customers would 

ut even without the contract. ' shipwrecks, some- huzar- vast unebartered zones, includ- United Nations International he given a further 2 J per cent. 

1 r- would have cuMinur-d tn; mg important shipping routes. Maritime Consultative Organisa- Yesterday, Associated made 

^ would have con 1 1 nun n » n : rf ririnnfit <hinnin" iDS important shipping routes. Maritime Consultative Organisa- Yesterday, Associateu maae 

nompt to save the Amoco .dous J off ' thc British ooast. lion not u P to full modern similar proposals. 

;adiz. I h^rJr^'hZ7 rm, n d Rr , £ The Department of Energy is standards. Some supermarkets get dis- 

I,- . r ‘J ..par ihp riHicial hvdrn- particularly criticised for mak- The tratfic separation schemes counts of over 30 per cent, so 

riont\ 1 -ranhtr sa'vs in hisSaicst re'uort Sn S nr * contributions towards the were supposed to be designated prices could go up by lp or 

The tanker crew failed to , *™PPV r - * ' t " JJ; .. re P° r t. na i if)nal surveying Heel's operat- only after the zones had been more a loaf, 

niv.roi the tug master of the publisned jesreraa.v. int . C05ts in 1978-79. covered bv modern surveys. Whether this happens 

n : d .‘ hydrographers round Britain's ^Jhc Department of 

l Vioritv ! coast Ft 

The tanker crew failed tOigraphe 

1 His first priority was to set metres (76 feet) of 
t line to the tanker and tow ‘them, 
x or away from Ihe French coast.) Th wrecks vver _ 

water over plumb line surveys made up to carried out lu years ayo had xveek it w 
370 years ago. failed to detect all seabed situation. 

t or away irom inf r rrovn xhe wrecks xvere discovered Only 28 per cent of the con- obstructions. j wune it prouaoiy cuuiu «ui » n rAi«e'ppcTFn prants of un to similar ■’rants nossibly of up to PAYE repayments: tO --WiTOS 

c ler i rew did not seem t u . - bv technical advances producing tinental shelf has been stir- On the nuler approaches in the | stop Die rises because of the gr p £ 7 ka 0 n a national basis. whose busbands";:.hi^ ; ' ilrwdy 

' !)!r n r? m h thpn l, ih1 Bering gear l 110 " acc “ r:ite surveying. The yeyed I to modern standard*. That Humber esH, a r; . ^h surveys j pnfl it gtf"*** J” JJJJ5 & weekly, to encourage young- authority already pays been assessed and.j.w^swfao 

they would be in a stronger j 0 f ^ National Union of Mine- underground last year ducedat the report stage^dlitlrp 

position to negotiate terms workers, Mr. Rhydderch said he « cn^d have been -avoided by Bill -next month. . . . .i ¥ . : 

with the supermarket groups, hoped that the return to incCT- goafFjDaiDtenance sfendards and Them ove com esmresntHseieiv 
last week. Bank tpW its tive payment schemes will _nbt conacienttous atttmpts at repjegentatiohs iby: -fee ^ERhal 1 

customers chat tts marimum result in a reduction in safety bef ter housekeeping.” Although Opportunities ComnHSrfon«.-faw‘ - 
discount would be 22} per cent, standards. allures were put out without that t&e“-infend. : 

be liven a b tirth^ e w^it ‘increased prodnetivity wUl loss ‘of life Bevenpe's 

VesTertS^ Associated made inevitably lead to increased number increased Iby vnmen ’ a P Munt ^ 

Similar Draoaak activity in the majority of to 57, comparing wdth an average ^nminatjon. , .- ■ 

Somc supermarkets get dis- operaUons but efficient pro- of 4& in 1972-76. while welcoming tbe_idudg^. : 

counts of over 30 per cent, so the commisaimi - deploroff.-^«fe.. 

prices could go up by lp or m anomaly remaining -—‘■ ithat. a., 

more a loaf. J-W #ri*n nimllc married woman > paying - lof: ^ a ■' 

Whether this happens X / iil aill iUl UUftiJUbJ mortgage could.- stairnot^tifte.: 

depends on the attitude of the 1 ” -*■ » tax relief paid, to herself unless : 

Price Commission and of 1 j . . s 1 her husband- wrote to die Island.- 

*#rSL£xs ,«t who stay at school ~ 

situation. *“* WafdlinS ^ BY MICHAEL DIXON. EDUCATION CORRESPONDENT extend Ihe ’ rifh? 

u-hiii. n nmhahiv mntii nnr _ extend the . ngni to.Lca^eive 

While it probably could not 

£7 grant for pupils 
who stay at school 


^ land the sunou-s position - | more accurate surveying. The veyed to modem standards. That Humber estuary .<uuh surveys profit safeguaras in l 

c l,, T , . ,n . wi,en t i ,e ! hydrograpber. Rear-Admiral is a 4 per cent improvement nn were urgently needed. In .Tunc, controls, it may be s 

ailed in ruugn >e«is n ^ I David Haslam. praised the sue- 1974. but still leaves 70 per cent a merchant ship with 3 40 ft abonl the way the 
>eean dnfung towara. J cesses, but voiced growing con- of deep water shipping routes, draught expected a xvater depth leaders have annount 
trill any coast. ..caHicern over Government refusal to ship traffic separation areas and of 57 ft in 3 channel last sur- lical discount s tractor 

1 Although Lhe chain he used veved in 1911. Instead, there a week of each other. 

1 n attempt the tow broke, be nab we Ye only 5 ft of water beneath Some Independent 

1 ised “the hest equipment avail- TTY J the keel, and that would have may prefer to try tak 

,ble." Captain Wemert said. f\iYCll£tfl££ COnTrOSS £3S£u falIen 10 1 ft had tiie ship passed away from the big e 

, H»* denied t'hat the chain had JJAV-IIttllgV LUHU UI>J vaoVU al tbe tj m ^ 0 f the low spring by offering supe 

•roken because he tried to low . tides. bigger discounts. 

,ssi'r.»« " on payments abroad — — — — - — — ; 

urn the tanker into rbe wind r 47 MPs 5 COMMITTEE ENDORSES ’ 

md impossible tn tow her) gy MICHAEL BLANDEN 

?' »“• Cnn«»Aii4 

controls, it may be suspicious 

ised - the hest equipment avail- ■■ , 1 ■■ 

■ h, 5 i:si£l B *WJ 5 l-*- Exchange controls eased 

iroken because he tried to low . 

5 on payments abroad 

urn the tanker into rbe wind 

md impossible to tow her) by MICHAEL BLANDEN 

.traighiforwartlly because thCj THE BANK of Er ,ni an d has example, payments to certain 

n f' \e-;Lrr -oi.i rh-.r H slight!}- cased its exchange con- groups of people working tem- 

i.jprain Uemcrt . aid ‘ trols over payments abroad as porarlly abroad and expenses of 

* as the first tune he haa kno*n| part Qf jts conl i nu j ng process of newspapers correspondents, while 

were only 5 ft of water beneath Some Independent bakers 

j Authority in September. can also claim a child benefit vide for 

_ aUowBDce of £2.30. new clause to the vrffe in Cases 

The move by the Labour- September rice wlU in- where there is liability to higher 

wtrolled authority x«dll come a crease the total cost of the rate tax on totalTohit tncpme, m: 
Bar in advance of the Govern- authority's “stay-on” grants by where the xyif^ has . : mcpme 
ihnn* cBnnnnn tn rt.25m a year, assessed under ScceauIe u. 


Support for simpler control 

it on The way the tow line was | administration of the contruls. 
txed lu the tanker. 

[reviewing and simplifying Lite the £100,000 limit covers items 




By David Freud 

administration of the controls. such as expenses For filming BY PETER RIDDELL, ECONOMICS CORRESPONDENT . . >.. • . _ 

Changes announced yesterday ; ‘hroad. advertising and deposits TREASURY PROPOSALS t» public hearings in the last two management at all levels in for underspending, and recom- of the ways in which the Gov emr 

raise the amounts which banks ^ or tenders. simplify the present system of months. departments which we have mends,, accordingly,, that they men t's^ finama ^^. : aomijiis ti:a.tion 

can authorise without reference Another change announced by public expenditure control have The latest endorsement brings increasingly noticed In our should be identified before action cdn ana should oe mpruve dts^uy - 

to the Bank fora variety of pay- the Bank has remox’ed certain been “fullv pndor«;ed " by the a step forward the implementa- detailed examination of Account- is' taken to reduce underspend-, aligning the ^tsm anpag , ... Ute 

menis. ranging from advertising restrictions on institutional in- Commons Public Accounts Cora- . . ~ • .. ing 'Officers in the last turn ing. . •' - fc 

to expenses and publishing rights ves{ °rs investing in foreign cur- raittee in a report published f 

and royalties. rency securities issued by invest- yesterday with a recommenda- 

These fall into iwo main T ie j* or . u P il tr “ st . s - hJ«tual ti on that the changes should he 

categories and lhe aments S^ nd «**■ such investment Educed “as speedily and as , 

This restriction was related to C0 “ preheDSlv ^- v « possible. 

DEPARTMENT of Trade inspcc- been increased from E10.UU0 and lhe .,g cent surren der rule This - vcar t!l « Treasury sug- 
iors arc criticised by accountants £50,000 a year t>> £'J5,000 and on sa]e ' „ f f 0re io n securities 3®sted ways in which the cash 
for introducing superfluous com- £100.000. Other limits have also ; . nr} nn i rtn <«>r n n„ limits system, extended txx-n 

for introducing superfluous com- 
ment into repons un investiga- been lifted. 

lions into companies. 

The Consultative Committee of 
Accountancy Bodies said in a 
memorandum published yester- 
day that such comment “ may be 
extremely unfair to those 
involved when remembered out 
of context.'’ 

A comprehensive code of 
practice for the conduct of 
company inspections should be 
published by the Department 
and made freely available. 

The code would give witnesses 
the right in rebut criticisms 

tiuv.uui. uu ler mans nave and fs no i on g er needed now that s - vs “ m - ^-xienuea ixnh 

been lifted. lhe surrender ru l e bas been * ears a 3° t0 «> n * ro1 actual cash 

The £125.000 limit includes, for dropped. outlays, could be assimilated 

with the estimates or Votes 
approved by Parliament each 

This involves both the restruc- 
turing of of the estimates to 
bring them inlo alignment us 
closely as possible with the cash 
limit blocks and to present the 
estimates on un expected out- 

BY DAVID CHURCHILL turn price basis. 

EXTR A POW EES ,« being puzzled and cnneerned to find mi £ s aTb^d'en pa? and pri« 

enunht hit hP nmhnnemon Fnr mom* thmnr> ontciHo rtiiv kaam/i ... 1 . . V . 

Local ombudsmen seek 
extra powers 

code would give witnesses sought by the ombudsmen for many things outside our scope. | eve i s prevailin'’ at the time 
ight t» rebut criticisms local authorities to enable dis- Subjects should be excluded thev ar \. pp-nared with supple- 
by the inspectors and Pytes between councils and in- frorn investigation only if it is mentarles to take account of 

made by the inspectors and mu»«> «“ u ,,, ■ H u, “ mvesugaiion umy u it is mentarles to take account of 

have the rebuttal included in uividuais to he settled more in the public interest to exclude cubsequpnt inflation The cash 
the_ report. . .. . eastly, according [to the anoual them. ’ limit blocks reflect estimates o£ 

■*: v.t:sr=?T 

ing 'Officers in the last • two ' ing- . v • “I'. v ht^j*itl^th® ;.t^anag?rm nhite 

sessions.” In a memorandum to the com- of ^WMiount^mtSr- ; j ^ 

, ■ The committee recommends mi t tee, tlie Treasury says that. The repon recommends mat, 

that when cash limits have been when expenditure is controlled if *? should .be necessary to 
^lv . assimilated with estimates, ‘Tar- within prescribed limits, there reduce cash limits generally in 
: liament should, as soon as pos- - 1S a tendency, also evident in the course of . a. year, .votes 
sible develop the means of sub- other countries, for the total should nevertheless remain as 
' im jeering supplementary estimates outturn to fall below the total' approved by Parliament, which 
,'%Nm to effective scrutiny, to re-estab- 0 f tde Hmits. This applies should be fully informed of any 
Mj» : lish a measure of Parliamentary especially to expenditure with such alterations to cash limits 
control over Government spend- j 00g j ead times or. affected by and the reasons for them, 
during the year.” weather or the performance of 

OTF In oral evidence. Sir Anthony suppliers or other external Margins 

. Rawlinson, the Treasury Second factors ^ ” . - - 

m ■ Permanent Secretary responsible The estensive use of cash The Treasury is also recom- 
' For public expenditure, said: -S tSSTaaSntuated tSS m ^l e . d ^ - *““? as 

, -Part of the purpose of the JrMMa?tendflnCT £0 Possible .against the building ;m 

- - change is to reduce— even teQaoncy “ past two of contingency margins when 

i|S&& eliminate— what you might call y “"’ _ , „ cash -limits are settled. 

Iflll routine supplementary esti- ,,P® lt 3 re ^ ury f „5i!? rt S?p The committee' accepts that, 

gg|§| mates, so that it becomes once difficulty 0 ! forecasttag ! *»ow over a large a^a of demand 
again a matter of some signlfi- ra P ld, y central Government Je]ated g^ppu, serv j ceSj financial 
cance if a supplementary esti- expenditure will build up on ’pontrol would not be improved 
mate is required.” new programmes of assistance ^ attempts to improve cash 

fljfc The committee also argues for ! 1 ^Qt the report recom- 

that until cash limits are com- memd s that the system should 

3SSI P'etely assimilated vnthfte.esU- Serv>« ' “J. b, ve*ten<l«l •tenner that 

Mr. Edward du Cann 

mates, opportunity should be adminlstraUve expenditure have W0ldd improve control 
given to the House of Commons tended to be underspent .P^Gy A * orP efrn t „ a -h limit 

The six accountancy bodies in report of the Commission for The commission's proposals for expected "inflation in the coming . n, h .. ? 0 de h fl t e ca sh limits on a because of staffing restrictions , ^ present, cash limits cover 

the committee said that they dis- Local Admunstration in extending the role of local financial “ m C ° mWS I™ fi '’ t a ’?=, C 5 a ea?1 9 a U “ g in L°o.r a t “ wr b Jt?GZ r l ^““crutaent WM pubfc 

approved Of superfluous or .. ombudsmen are being studied mP nts Whit. Paoer. In the natinnaifsed industries e ?P en diture. The main excla- 

ilainboyunt '' comment by In addition 10 the power being bv Mr. Peter Shore, Environ- 

inspectors. .sought for conciliation between ment Secreiarv. ILSIlinaieS ice. ui wumu air. wwaru uu me — - — vices wnere tne level (rf spending 

“At best such comment is councils and individuals,, the ,. ' ... . r _ . Cann. its chairman, argues in recent underspending of cash has been over-estimation ef i S difficult to project acmately 

irreievani in an investigatory | commission wants the power to J!Li rc ,°' er ;. .P 1 before Par- The Tresaurj propnsals are n s report that the changes limits-—estimated at 3 per cent 03 investinenL j n advance and where there are 

.,..,..1 .. n .^ i,p deal with comincrcial complaints hament would give local intended to ensure that the ‘-u/nniri un far tn nrnvirio thn on the central t,overnment The committee succests that .vn. »= - 

iissa^y i-rr 1 2* in. - ■ ■- - ..... 

remembered out of context inlternal school issues. L„, 

the public mind.*' * Lady Serota. chairman of the seiret ar k v‘s''ani?oval E " — — - — ... 

Business judgments made iComm'Ssion said jesterdav that H *"• wu uia»j 3 uir lure tor tbe nromotioh: of 

recklessly, oegligentlv or dis- 1 the experience of three years' The report shows that for the These proposal, have been expenditure side of the indicate poor estimating nr piem antary estimates should be employment- • ■ 

honestiv were proper subjects 'operation had shown the need year ended March 31 complaints submitted to ihe Public budgetary process. control, but underspending may the main criterion in the Fourth Report from fiir rnm 

Tor criticism but. if they were j for wider powers. against local and water authori- Accounts Committee and the “We are confident that it will arise from good management changes. mittee of rulin' 

in ere I v wrong, criticism should “The ombudsmen exist only to ties rose 57 per cent. There were Expenditure Committee, and further stimulate the more The committee considers it is Sir Anthony Rawlinson noted session 1977-78 ■ 

be avoided. I serve lhe public 3nd they are 1,684 complaints for the year, have been general?;.- welcomed in incisive approach to financial important to Identify the re asons in his oral evidence that “one mnf es and Corh Lwnite^O £SJ5 

ihe financial year 1978430. motion to approve the Govern- and recruitment difficulties ^endltare Tbi Zto ScS 
The Public Accounts Commit- menls White Paper. In the nationalised tndusfcies ^ ^ de maal Sted S 

lee. of which Mr. Edward du The report discusses the the mam cause of underspending ^ where tSe leveKS ^idiS 

Cann. its chairman, argues in recent underspending of cash has been over-estimation of is difficult to project aSliratelv 

its report that the changes limits-estimated at 3 per cent capital investment. in advance and where there are 

“would go far to provide the on the central Government The committee suggests that statutory obligations . 
opportunity, which we hope blocks in 1977-78. conformity with managerial con- This includes social security 

Parliament will take, to reinsti- It maintains that large and trol, the presentation of major benefits, certain fnmc nf 

iail.te .. mAfinpl 1 Ki«t hnnl mAnciiVA nOVClDtan t- linrilkKnanrlinn nn nfnOPnTnmOC in conorntn nn4ar 

1 Lady Serota. chairman of the £ ut ask, . n S Environment limit used in amial budgetary t u i c a modest but real measure persistent underspending, no programmes tn separate voles, apeg to industry and exnSdi- 

» iComm'Ssion said jesterdav that Secre tarys approval. control. nr shortAenn control over the less than overspending, may and avoidance of too many sup- t ure ^ j r 

- the experience of three ‘years' The report shows that for the These oropnsal- have been expenditure side of the indicate poor estimating or pJemantary estimates should be emnlovment.- . . •“ 7 “ 



de a i 


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■* .•,< s i'„.n 

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■-'• *•-• -v. 



Scanlon urges action 

to end disputes 

trouble in Leyland 


fioiog president of the Amalga- 
mated Union of Engineering 
Workers, made an appeal yes- 
terday to trade anions to sort 
out an effective and acceptable 
policy to deal with industrial 
disputes in BL Cars, formerly 
British Leyland. 

ness in the growing electronics 

^Speaking to the Confederation 
' lilding and Engineering 

of Shipbu „ 0 

Unions conference at East- 
bourne, Mr. Scanlon said there 
were no problems in Leyland 
which unions and management 
could not solve together. All 
unions should enter fully into 
the Leyland participation 


Mr. Stan Davison,: assistant 
general secretary of the Associa- 
tion of Scientific. Technical and 
Managerial Staffs, said that 
Japan's balance uf iradfe with the 
UK in 1977 was £59fisn. a 36.3 
per cent rise on the: previous 
year’s figure of £437/*, Japan 
had 13 per eent of thtf -total UK 
markets. * 

He said; “But what does one 
do when disputes of the nature 
of some which have developed 
in BL take place, and you are 
asked to bring money forward 
and there is no money available 
because it has gone on lost pro- 

He said it was not pleasant lo 
speak on such subjects, nor 
sometimes to say some things to 
trade union members. But it was 
now time for every leader of 
every trade union of the con- 
federation to hammer out an 
acceptable union policy. 

He appealed to the trade union 
movement to make Leyland. the 
only British-based motor manu- 
facturing industry, the success it 
seeded and deserved to be. 

The confederation yesterday 
urged the Government to intro- 
duce selective import controls 
to protect industry against 
Japanese goods, and called on 
it to ensure British competitive- 

Tbc Japanese had cut overseas 
investment from S3.46h/i in 1976 
to $2.75bn in 1977, and because 
she could use only 50 per cent or 
her own production was still 
exporting heavily. \ 

Cara were a special yrublcm. 
In 1976-77 Britain exported 954 
cars to Japan, Japan 13347 cars 
to Britain. Despite being com- 
mitted to bolding penetration of 
the UK car .market at ; JO per 
cent Japan had in the first five 
months of this year ^already 
reached 60 per cent of that 
figure. •, 

Mr. Davison said Tear (if re- 
taliation was argued as ihe case 
against import controls. "They 
are already restricting our 
imports. It is us that heed lo 
retaliate, not the other way 

Mr. Roy Sanderson. Electrical 
and Plumbing Trades Union, 
said failure of British companies 
to develop products like VCRs, 
small-scale colour televisions, 
multi-purpose television, and 
sophisticated television- games 
meant that no British company 
had a future in these markets. 

Return to work starts 
after Rover strike 


REGALL OF 10,000 BL car 
workers will begin today after the 
three-week strike at Solihull, 
which has cost £42m in lost pro- 

that be was victimised ai a shop 

After a personal appeal from 
Mr. Tony Tombes, the shop 
steward at the centre of the dis- 
pute. the 80 transport drivers 
voted yesterday to return to work. 

They walked out after Mr. 
Tombes was sacked for stealing 
a tax disc. He wa6 fined £50 by 
Solihull magistrates after plead- 
ing guilty to the offence. 

At a SOnninute meeting at 
Transport . .House, Birmingham, 
yesterday, Mr. Tombes insisted 
that he would continue the fight 
for reinstatement. He cl ai m s 

He said that be had urged an 
end to the strike because he did 
not want to be the man in the 
centre, causing the drivers and 
thousands of other people to be 
laid off. 

The strike halted production 
of Rover saloons. Range-Rovers 
and Land-Rovers for nearly three 

• Mr. Grenville Hawley national 
automotive secretary of the trans- 
port workers union said : “ We 
are very pleased with the decision 
of our members to return to nor- 
mal working.” The union would 
ask BL to restore Mr. Tombes to 
his original job. 

Overtime ban likely 

in rail jobs row 


THE executive of Hie National 
Union or Rjilwaymcn will almost 
certainty Instruct ns members 
next wek to reduce overtime in 
support of a dispute with British 
Hail over job vacancies. 

The instruction, which could 
eventually affect services, will 
apply tu MUR members working 
fur the railways, shipping and 
catering divisions of British Kail 
hut uot its engineering work- 

Mr. Sid Wcigliell. the union's 
general secretary said yesterday 
that if British Rail did nut till 
vacancies in order to cuver 
reduced overtime, train and 
shipping services would he 

His executive would he forced 
to urdcr more severe cuts in over- 
time. on which a good part of 
British Rail services relied, if 
vacancies remained at present 


The union has been engaged 
in a loan-running dispute with 
British Rail over jobs, claiming 
that vacancies noiv stand at 9.000 
and that railmen are obliged to 
work too much overtime to keep 
services running. 

The management says this 
vacancy figure is unrealistically 
high because it partly reflects 
normal staff turnover and estab- 
lishment levels which have not 
been altered to match the present 
rail needs. 


The lSu.000 strong union will 
tell its members tu exert pressure 
on management at regional stuff 
council level to fill vacancies 
through jointly-agreed policies, 
it also told the British Rail Board 
yesterday that management 
should launch an extended 
advertising campaign tu help Jill 
the vacancies. 

British Rail has always main- 
tained that it is prepared to 
co-operale on filling genuine 
vacancies. h could not assess 
yesterday what, if any. problems 
would be caused by the union 

Members or the NUR work an 
average of 13.4 hours overtime 
a week. A quarter of this is 
for rest day working and 43 per 
cent for Sunday rosters which 
arc all worked on overtime. 

The union executive will not 
impose any firm limit. Members 
will be instructed to work 
“ reasonable overtime " and there 
is likely to he a fair proportion 
of rail workers who will not 
he prepared to cut their existing 

The union, however, is bearing 
in mind a letter from the TUG 
which says that in helping to 
solve the problem of unemploy- 
ment an adequate level of over- 
time would be 30 hours a month. 


to strike 

over new 



Finding jobs wi 

be big problem 

for next 25 vea 

Throw out ‘reactionary’ bodies 
Health Service unions urged 


TRADE UNION leaders ycsler- 
day marked next Wednesday’s 
30th anniversary nf the National 
Health Service with a call for 
recognition of the role trade 
unionism con play in Britain's 
hospitals and among the lm 
labour force of the Health Ser- 

But as a warning of some of 
the difficulties tn be overcome 
before a harmonious and effec- 
tive industrial relations system 
can operate. TUC - affiliated 
unions in the Heal lb Service 
were urged lo band together to 
throw out “ anti-union " and 
“reactionary" professional or- 
ganisaliuns from the negotiating 

These organisations, which 
account for 34 of the 43 bodies 
representing Healih Service 
employees in the Whitley 
system, include the British 
Medical Association and the 
Royal College of Nursing. 

As the traditional professional 
organisations for doctors and 
nurses, they are increasingly in 
conflict with TUC - affiliated 
unions in the Health Service. 

Mr. David Lea, TUC assistant 
genera] secretary, told delegates 
at a conference on the Health 
Service in Congress House that 
there was an " unfortunate " 
view put across by the media 
that because the Health Service 
was a health service rather than 
a bus service or any other public 
service, bona fide trade unionism 
was not appropriate. 

He challenged any attempt by 
outside critics “ to drive a 
wedge " between the interests of 

ihc palienl and the Health 
Service employee or tu make 
Health Service workers "second 
class citizens " in terms of indus- 
trial relations or industrial 

Since 1948. trade unionism in 
Ihc Health Sendee had developed 
from less than one fifth to cover 
two thirds of alt its employees 
in “ Lbe most impressive develop- 
ment ui any industry or service 
in that period." he said. 

Mr. Roland Moyle, Health 
Minister, underlined the rn/e he 
and Mr. David Ennals. Secretary 
for Health and Social Services, 
had played in encouraging indus- 
trial democracy in Ihe Health 

Although the issue had been 
left out of the Government's 
recent While Paper on industrial 
democracy, Mr. Moyle told the 
TUC delegates, “ We are anxious 
to have proper representation on 
health authorities, including the 
people who work in the Health 


"We want to see industrial 
democracy developed and put 
into operation in industries and 
employment generally." 

The most scathing attack on 
the professional representatives 
of Health Service employees 
came from Mr. Reg Bird, 
national officer in the Associa- 
tion of Scientific, Technical and 
Managerial Staffs, whose nego- 
tiators refused in one recent 
dispute to join the Royal College 
of Nursing in negotiations. 

“We must get rid of the 
reactionary and quasi-profes- 
sional organisations. They are 
anti-union and anti Ute labour 
movement." he said. 

Mr. Bird said that the profes- 
sional groups had been "spoon- 
fed " too long by unions 
attempting to persuade them to 
join. *’ Now is the time to throw 
them out of the regional 

Dockers agree pay deal 


FELIXSTOWE port workers have 
accepted a pay deal within the 
Government’s guidelines. It 
comes inlu effect tomorrow. 

The agreement results from 
negotiations between Felixstowe 
Dock and Railway Company and 
the Transport and General 
Workers' Union, including its 
associated clerical, technical 
and supervisory staff. Average 
weekly pay nf the 1,185 people 

employed by the dock company 
io 1977 came to £103. 

• About 600 clerical workers 
employed hy the Mersey Docks 
and Harbour Company are bann- 
ing weekend overtime working jn 
a dispute over their annual pay 

The action is largely affecting 
operation at the Royal Seaforth 
container terminal, although 
other sections of the port are also 
being hit. 

Tether hearing ends after 13 months 

A CHAPTER in the dispute 
between Mr. C. Gordon Tether, 
former . Financial Times 
columnist, and Mr. Fredy Fisher, 
the newspaper's editor, closed 
yesterday with the eoding of the 
public .hearing of the writer's 
unfair dismissal claim. 

The case which started 13 
months- ago before a London 
industrial tribunal has lasted 45 
days. It is believed to be the 
longest running hearing in the 
history of the tribunal. 

Mr. Tether was sacked 20 
months ago after a protracted 
wrangle over Mr. Fisher's control 
of his daily Lombard column. 
He- seeks reinstatement and com- 

The tribunal will start to copr 
sid6r its decision on July 12. 

Thfe chairman, Mr. William 
Wells, QC. said it would neces- 
sarily be a considerable time 
before their decision was ready. 

Mr. Tether, 64, wrote Lombard 
f6r 21 years. 

He rejected the newspaper’s 
compensation offer of full pay 
until normal retirement age and 
An unaffected pension. But this 
offer was withdrawn during the 

The dispute over editorial con- 

trol began soon after Mr. Fisher’s 
appointment / in 1973, in 
succession to Sir Gordon Newton. 

Mr. Thomas Morison. for the 
Financial . Times, said that 
journalists' and newspaper pub- 
lishers' disputes committee, set 
up in an attempt to resolve the 
dispute', called for contact and 
discussion between Mr. Tether 
and -Mr. Fisher. 

Mr. Tether had to bring him- 
self to face up to bis editor. 

The committee held the door 
open. It was plain that a meet- 
ing between the two was intended 
to be held at the offices of the 
Financier Times. If Mr. Tether 
could not bring himself to meet 
the editor at the Financial Times, 
then what hope was there for 
establishing a working relation- 
ship between them? 

Bnt Mr. Tether had said that 
in no circumstances would he 
attend a meeting at the Financial 
Times and now was saying, in 
a grossly exaggerated way, that 
one of the reasons he was un- 
willing to attend was that he 
had been given legal advice not 

It was difficult to see bow any 
legal advice could have been 
given that be should go to the 

headquarters of the Newspaper 
Publishers' Association but not 
to the Financial Times. 

Mr. Morison added lhal the 
Financial Times was. reasonably 
entitled to believe that the dis- 
putes procedure was at an end 
and had failed because Mr. 
Tether was not prepared to 
comply with the findings of the 
disputes committee. 

Answering a question raised 
by Mr. Brian Dupe, the tribunal's 
union nominee member, as to 
whether the Financial Times 
could not have kept on with Mr. 
Tether until be retired, Mr. 
Morison said it hud lived with 
a difficult man under exception- 
ally difficult circumstances for 
more than two years 

The Financial Times had 
offered itself ready to conciliate, 
ready to comply with the disputes 
procedure, to work out an accept- 
able solution — and even that 
failed. “ i would have thought 
that a divorce was inevitable- 
enough was enough." 

As a matter of law. Mr. 
Tether, by refusing tn meet his 
editor and comply with the find- 
ing of the disputes committee, 
had severed any possibility of 
trust and coufidence. 

■ He asked the tribunal to 

imagine what would have 
happened if Mr. Tether had 
slayed. The thesis he had to 
deal with was the situation 
where anything written by Mr. 
Tether outside the editor's 
directive limiting the subjects 
on which he could write would 
have been "canned." 

How cnuld it have been in 
the interests of the newspaper 
sometimes tn carry Mr. Tether’s 
column and sometimes not 
"with the war being waged" 
outside the Financial Times, 
with articles banned hy Mr. 
Fisher being published by Mr. 
Tether elsewhere? 

Mr. Morison claimed that it 
would have been imposing a 
wholly unacceptable burden on 
the Financial Times. 

Mr. Dupe asked: “An* you say- 
ing that the amount of tunc to 
run before Mr. Tether’s retire- 
ment was irrelevant?” 

Mr. Morison replied that he 
was not saying it was irrelevant. 
But the choice the Financial 
Times was racing was keeping 
Mr. Tether on under excep- 
tionally difficult circumstances 
for two-and-a-half years "leaving 
him lo stare at SL Pauls” or 
terminating his contract so he 
could write for other publica- 

tions, thus giving him the voice 
he wanted and, at the same time, 
offering him his salary, including 
any nationally agreed pay in- 
creases and an unaffected 

How could it be said that that 
was an unreasonable course to 
take when there was this running 
sore argument? 

U Mr. Tetber wrote only out- 
side the directive it would have 
meant that the editor would 
never have known where be 
stood. It would have been 
extremely damaging to the news- 

The Financial Times had made 
probably the most generous 
terminating offer in a case 
brought before the tribunal. A 
conclusion that the dismissal was 
unreasonable would be perverse. 

It was the plainest case of a 
fair dismiss;!). 

Mr. Morrison asked the 
tribunal to lake what might prove 
lo be a courageous position if 
it felt the evidence established 
the propositions he had made— 
however unpopular this might be. 

It had not been a pleasant task 
to make the submissions which, 
in his professional duty, he had 
had to make. 

By Our Labour Staff 
MEMBERS OF the Civil and 
Public Services Association at 
unemployment benefit and 
Department of Healih and Social ! 
Security offices in four areas are 
being called out on a week's 
strike in a dispute over a new 
benefit payments system. 

The members at four unemploy- 
ment benefit offices and 12 
department offices in widnes; 
Walton: Liverpool; Cumber- 
nauld; and Burton upon Trent, 
have been instructed to strike 
from July 10. 

The four offices are part of a 
Department of Employment pilot 
scheme operating in 36 offices 
and geared tn paying benefits 
fortnightly instead of weekly as 
at present. 

The union may consider bring- 
ing out members in other unem- 
ployment benefit offices. 

The Department of Employ, 
ment said yesterday that it was 
very concerned at the union's 
action. It would be difficult to 
make alternative arrangements 
during the strike and there would 
be deiays in paying benefit. 

It believes the system, which 
has yet to go before Parliament, 
would save money and provide a 
better service than the existing 
one. It has assured the unions* 
that there will be no redundan- 
cies when the system is intro- 

The association says the fort- 
nightly system might lead to an 
increase in overpayments and 
fraud and the loss of 1,000 jobs. 
The department is studying 
means of combating the first two 

The association said yesterday 
that it was forced to call the 
strike when it failed to persuade 
government officials that the new 
system was not suitable. 


people will be one nf Europe's 
major problems for the next 25 
years, predicts Mr. Norman 
Davis, of the Government's 
Population Statistics Division, in 
the latest survey of population 

There are 2m young people 
unemployed m the EEC he says, 
four limes as many as in 1069. 
Continued growth in the number 
or young people for whum jobs 
must be round is Expected. 

" In 1973 there were 3.7m 16- 
year-olds. The figure today is 
4.2m and by I9S0 it will be 
4.4 ni." 

More young people wanting 
jobs mean more potential young 
parents in the decades to come, 
making a further fall in the 
number of births unlikely. Mr. 
Davis adds. Evoo ir fertility 
remained at its present low- 
level, births would still increase. 

He notes the decline in 
demand for migrant workers. In 
1975 only 140.000 workers 
migrated to central Eurnpe from 
seven main countries of origin, 
compared with over half a mil- 
lion two years earlier. 

"The need for immigrant 
workers which has been such a 
prominent features of the last 
25 years in centra] and northern 
Europe will not be present over 
the next 25 years." 

Fertility would probably fluctu- 
ate in future at roughly replace- 
ment-levels average. A prolonged 
increase in fertility was unlikely. 

Mr. Davis details the grave 
social consequences in the UK 
of misreading fertility trends in 
the sixties. 

“We now have under-used 

maternity hospitals : so n 
teacher training colleges 
some are having to be do 
and planned new growth ee 
of population which have dm 
some of our older cities of 
and people tu such an ex 
that it may he decades be 
they recover." 

• A degree doe-; ensure a r 
port to a belter UTc. accnrt 
In an article in the su 
analysing the 1971 census. 

In it Faith Banfield, of 
Government’s Census divi 
shows that at each age men 
first degrees earn more 
those with “ A " level passes 
no degree. 

Qualifications affect inc 
levels all the way through 
academic scale. The same is 
for women. At each educali 
level, average earnings for 
were higher than those 
women. Earnings increase v 
age only for the more hi? 

Population Trends 12. SO. p. 

Changed namt 

in hydraulics 

craft and industrial hydraulj 
division, based at Speke, Livf 
pool, will operate under 
trading style AP Precis 
Hydraulics from tomorrow. 

The change is intended 
create a dearer identity for il 
Company’s range nf special] 

£785m plan 
for London 


By Paul Taylor, Industrial Staff 
spend £7S5m on capital projects 
over the next ten years. Details 
are in the yearly capital pro- 
gramme submitted to Greater 
London Council for approval. 

The programme includes 
£l56m for replacement nf buses 
and £108ui tn buy new trains 
for the District. Jubilee and 
Central lines. 

A further £51m is to be snent 
on station modernisation. £59m 
on bus garages and £12m on bus 
stations and shelters. 

Among the new systems in the 
estimates is the recently- 
announced plan to snend £56m 
automating ticket collection on 
the Underground railway. Com- 
puterised control systems for the 
Underground and bus services 
account for a further £9m. 

All the costings are at 
Novemher 1977 n rices. Protects 
are subject io individual approval 
before being undertaken. 

Chevron fire 

ship for 
Ninian field 

has chartered a quick-response 
fire-fighting vessel to work in the 
Ninian North Sea oil field, where 
it is the operator. Tbe vessel 
will be used on a temporary basis 
lo allow tbe Ninian partnership 
to assess its long-term needs. 

Bids for the contract were 
received from 12 companies. 

The boat, the Tender Comman- 
der. is already operating in the 
North Sea as a charier vessel, 
and will be converted in a 
British yard for its new role at 
a cost of £lm. 

Apart from its fire-fighting, 

the 265-faot vessel will double as 
a support craft helping with div- 
ing. transport and maintenance. 





UDT, a full yauthorised bank and 
Biilams leadingindependent finance 
house, takes deposits thorn banks and 
oilier financial institutions anti lrum 
commercial and industrial companies. 

Forsums ol'£50,000 upuiuvls-frorn. 
overnight to 3 years -you uill find our 
rates hard to beat. 

To employ your liquid funds ring our 
dealing room on 


Forsums between £1,000 and 
£100,000, we also run an attractive 
Average Ka te" sd temp which offers o 
above the interest rate obtainable from 
local authorities lor 7 days notice deposits. 
The rate is calculated independency each 
Monday morning. Your 
funds earn a belter rate 
ofintere5tand aie 

Please ask Ibrour 
bookl ets, or tel ephone 
any of our SO branches; 
the number is in vour 


United Dominions TrustLul 
■ SlEastcheap/LondonliCjPSBU 

It pays lo depositvvithUDT 

in freight 

Raiifreight Speedlink is growing fast 
and making a name for dependability. 

Over 9,000 miles of high-speed track are 
already integrated into the Speedlink 
system, with further services being 
introduced this year. Speedlink is the 
freight system of the future, today. 

Purpose-built general merchandise 
vans, open wagons and flats transport 
Speedlink freight at speeds of up to 75 mph 
on mainline, high-speed track. An advisory 
service for companies considering 
purchasing specialist wagons is readily 
available. All transits are continuously 

monitored by a computer-based control 
system to ensure reliability. 

If you have sidings, modernisation to 
Speedlink standards will enable you to 
operate them more efficiently. New sidings 
developments, modernisation and specialist 
rolling stock may qualify for generous 
Government Grants. 

Speedlink is growing fast and bringing 
freight reliability your way and to Europe. 
Find out more — write to the Chief Freight 
Manager, Raiifreight Room 4a, Melbury 
House, Melbury Terrace, London NW1 6JU. 

Raiifreight Speedlink 





Prospects of a big 

>,000 Barcotoday: 

.RITISH PETROLEUM has interest m block 206/7 ; imme- 
= eea finding -it difficult to divert diately alongside the 5 BP Jblock, ***** 

be attention of -the Industry where Elf has confirmed the &2S9> 
way from its diriMing activity discovery of oil and gas. 2500 

A 12*5 3SmSZ*i * ST “ y S »w55 iKSj 

1 ^mpany spokesmen lave been flow rate of 1 * 700 barrels a day ‘ 2000 
atieotiy repeating their is *K*en? appears to be some ' 

ottoiK to report: that the dnl- geological evidence to suggest ■ V .7^ 

- iiK rig Sea Conquest has not that the EK and RP weUs may 10 OOt . TO 
fl -et completed i ts operations. All have been sunk in the same 

% ary ih nHf i-driHii, OBe WOUM Structure. At WOKt tflK tWO 

reservoirs are likely to be ifiQOr 

w - Rut BP's calm front canno-t related. Indeed within the .... , 

fa onceal the fact that it is dril- industiy it was being said this 

“ its one of the most Important week tint there couM he one 500 ». , J ^ 

n re5s of the current season, big field centred on BP’s block , ^ 

rn I’here is broad agreement in the 206/8 and extending into a >g*T 

E 'ffahore .industry .tba-t BP and number of neighbouring con- 1975 '76 7 

St, ts partners. Chevron and cessions: 206/7 to the west, 

pi mperial Chemical Industries. Amoco’s 206/9 to toe east: and 

bi xwfcl be sitting on top of a Esso’s tiwiin blocks 206/12 and offshore bonanza, 

iu -ery large oil bearing structure. 206/13 to the south. Esso has Even if the i 

511. '■ ' «■■»%/<• 

As ’. \ 


6CVC* «OOO.i 










^ — 



~i_ East of Aberdeen, in , latitude: of •fi00 1 °i»_ b/d.- 

1000,000 Barreto day.. : - ir . ... . . „ - . ... , — 57 o 43 . 50"N, longitude 00° Plan. Fortieswas _j d . 

• • ■: — y r-=~ ■ - T &i 5 * 30 "E t has now reached its prodace at 

Mb of approximately 

W wfiiKlil 11.000 feet Indications of » J™2SS» b/d Mowed 

T y-A : iariSm"'yT hydrocarbons have been found to «Ln sgonoo b/d ‘ 

^OTOdaCOTZ attesting will shortly he a^er fall to 380000 b/. 

S." --: Ca KSe° U hydiocarbon indie* However, with 

WBa- SS^-JiSSSS©; 

r % , *-/ ^SedtiJ t£ Ssion to extend the 500 . 000 . 

500 /: B i Se . a *. n^f^l j 2 *nlace b/d plateau for a further year. . .- 

|K uW| aaJ barrels. P B? The possibility is likely to be- 

ItTiittii * bout trf the discussed when. BP executives 

1975 7G 77 VS ’79 '80 ’81 ^ '63 W HLwwST 1 ?. small fraction is c^dals ■ ' .. . ... ? r ^ 1M| -| f -r tf .-^ i->t r 

owned by Shell and Esso), is hold tiieir ^Monthly review ^ ^ndfieanfe inaeatiW. W^^SS 

SdSf to S oriSal estimate meeting in October . 

{shore bonanza. well drilled on block 206/8 it that L 8 bn barrels of that oil ^ into _ one ; ; Cf 

Even if the reserves were had discovered a reservoir. Oil. will be recovered. swas-a “ 


-1 ■*. ”* y-'^. " 1 ■ tr* 1 - "'■• - ■■ * • 

a^ 1 ^dfieanfe : mae3troe >im?taB^T^5® 

ni ■ery large oil bearing suruciure. io ™ ur »«ui. a»u um Even if tne reserves were naa aiscoverea a reservoir, wu, wui uc - - the time The Govern- ma ^ or mm 

rc yheaher or not the reservoir already made a discovery in that big there is no certainty of 25 degree API quality, had it is a sign of tile maturity »n 

m vild, nrove to be a commercial 206/12: «be vksU was plugged that they could be exploited been tested from two intervals of the Forties Field, on stream mMtn» s«a tt^eror an ^ fact Noim^Sea 

S, to b* *«o; and abandoned in October after c0 mmercfaliy with existing pro- at an aggregate flow rate of since 1973. that some 22 per 

e- totest weHl should .provide testiog a j»n<»mmcncnad flow duction techniques. It seems 2.920 barrels a day. “The com- cent of those ^ -5fL t economic ■ r p lf ^ 

b- “east some of the answers. of 630 bairete of edL The from drilling evidence _so far mercial significance of this dis- serves will have Demi taken ^ 

C’ *e latest weHl Should provme lanq » aucaon Tecruuques. ±1 uv icis s aajr. aw cnu «* , . ~ al 3 recent economic policies. prtWUCLiui* 

b. least some of the answers. of 630 barrels of oil. The from drilling evidence so far mercial significance of this dis- serves will have been taken all C ^i__ ,i... the -next few months ju ^.order, jftad ^ett wfflgj 

P On^of the few oilmen to quatety of the odl there was 24 that the oil is contained in thin covery will not be known and sold by BP by the end of ^^_^^o\achieve even^the mort 

a ia ve commented publicly on the degrees API. paysands. To make matters pending further drilling in the tills year Put anotier j, to be a dose mir^^.^Te^^. 

si iii orosnects in this West Shet- T( . *. ™«siWe Hut the wors « they are at a relatively area which will not be under- Forties will have yielded about ttnn& G wemment -It wak hope^^?.- 

P ST2K M? V Fowle, ^ depth, which means ta_ken by the group before 400m barrels- more _th_an_ the Hg -M ■'n^&S&sSS' 


from the one 
evaluated by BP. 

pdJ'btUKJh. xu uidivc uioucia p^nuiug iuuiju uirniug iu luu ujw a hi — »■ gmflfiUi;- uuipui- . »r ^ "r- 

Mo jto worse they are at a relatively area which will not be under- Forties will have yielded about tning. • • Gwgmmeiit -R ^ fna, 1 

■ ttuAo nn a shallow depth which means taken by the group before the 400m barrels — more than the According to , c . North Sea would . - wvEwctii 

' “*^2“ ;* that there will be a severe end of 1977.” was BFs cautious total recoverable reserves of Energy Department statistics 55^ and 65m tonnes. 

limitation on the way deviated statement. many fields in tbe North Sea ^ ™ ^ — 

«EJ*» weils (wells drilled at an angle Oil companies are invariably and, by coincidence, the same diancesof boo^ngthecurT^t r T«gt^.ainof. 

?fl to the vertical) can be used to cautious when announcing dis- amount of oil BP expects to tonnes m lev^L of "output dre ' timitwt’ 

exploit the reservoir. coveries. (It was pleasing, from gain from its norther^ Bfagnus pohhsbed ftis we^ show^that ^o new fietds ire 

izeable xeser- nn.* A. no A «riA«n 4 m tha novt Hi cr Nnrth Sfia dOineStlC Oil COttSUmptlOn IS • CHfL(» 'ttuS aP* 

“ lave commenLeu uuuiiLij uu *■ * » , — , ° — , — ~ — , . ♦*.;*»*? 

si iii prospects in this West Shet- Tr ^ nosaiiMe that worSe they are at a relatively area which will not be under- Forties will have yielded about tning. 

£5~S?££ ssxra. sn swsi; rj ^ 

il i0 n He believes it to be one ™ VZS wells (wells drilled at an angle un companies are invanaoiy ana, oy coincidence, me - 

tl if° Britain’s most exciting off- by ® J* . 0llaD€n fff 1 to the vertical) can be used to cautious when announcing dis- amount of oil BP expects to tonnes 

c more ewlSSion ^ regions. *« ^ re couW b . e \^ um3>er exploit the reservoir. coveries. (It was pleasing, from gain from its northerly Magnus published 

ii BNOC has more than a pass- of separate, quite sizeable The depth to which BP has a journalist’s point of view, to Field, the next big North Sea domestic 

P me interest in BP’s drilling VOirs a . n . arra - Irmeed, I ^ een drilling remains shrouded see BNOC using an adjective — development project planned by already n 

v* activity. The Corporation has heard it said on more than one jjj mystery. The company made “encouraging” — in its announce- the company. 92™ to mn 

i stake in a number of n ear by oc casi &n this week that tbe jj clear this week that the well ment last week of a discovery In recent months Forties has Mr. / 
«! concessions a presence recently amount of oil lying in that was regarded as a “ tight hole.” on block 30/ 17b.) been yielding oU up to a maxi- Bentr. tm 

Extended through the allocation particular part of the Conti- j 0 other words, as a commer- It is worth recalling a pre- mum rate of 570,000 barrels a announced 

s of sole licences in blocks 206/6, n^ntal Shelf could well amount c ial secret. vious announcement of British day, indicating that BP should output m 

s 205/10 and 208/27. More signfi- to billions of barrels. Such However, there are clues. Petroleum, 
T ca fitly, at this stage, the state statements, -however. sbouW not Last August BP did announce “BP’s Not 

. r- 1 i q; ha rM 4T/Iiw) sc eiprmMimo a rraw that sc • wctilt nf the firct ci fx I atari 11 

exploit the reservoir. coveries. (It was pleasing, from gain from its northerly MJgmis pAM Wm we^ Jho w^tliat ^ two .M - fields joe dteg* 

The depth to which BP has a journalist’s point of view, to Field, the next big North Sea domestic consumption is in next >6c 

been drilling remains shrouded see BNOC using an adjective — development project planned by already running at a rate of ^ . least one ' of ■ theSe,^- 
in mystery. The company made “encouraging”— in its announce- the company. 92m tonnes a :- q nniflcely ' to. make: a 

it clear this week that the well ment last week of a discovery In recent months Forties has Mr - [1 Ant £ on y sitofficant contributio^.hefore; ; 

was regarded as a “tight hole” on block 30/17b.) been yielding oil up to a mam- Bentr. the Ener^ 5>eCTeauy. of ^ year. .:.,.’ v. li^ptAgr: KR &X&&T 

in other words, as a commer- It is worth recalling a pre- mum rate of 570,000 barrels a announced a few days - the ooristructfoii 

cial secret. . vious. anuouueement of British day. indicating ftat BP should on^nt n Ij-W. 

L I UOU UHJf, lUUIMILiUS UJAL OUV“*“ * --V 7 — _ — . 

said: have no difficulty in main tain- Llm b/d (equivalent to 548m oil-pro cess mg 

. ..a , . i _ - - * fnTMMC 9 VMrl TThflq hp crcicl m n Tm* dnllsTTl VOl 

s 205/10 and 208/27. More signfi- to billions of barrels. Such However, there are clues. Petroleum, one which said: have no difficulty in maintain- Llm D/d ■ ? -' Pr °^fi nr ^ v^lSrmin^i to" and' : 'preparSig 

1 cantlv, at this stage, the state state merits, however. sbouW not Last August BP did announce “BP’s North Sea well 21/10-1 ing the average plateau, agreed tonnes* Islands togetirer to the.Miagn^s .1 

t Corporation has a 25 per ce nt be regarded as signattrog a new that as a result of the first situated 110 miles East North with the Department of Energy, was a magoificeiit acmev». ft^Shetiand . 

I “ ” n^up ofprofinctiod i 

The Norwich is to meet your problems 

face to face. 

DUUO-UP wprouutuuu m 

btf :of offshore fieias must 
caH into question the 

menrt forecasts of. 80m to *85 jg m nen 

tonnes of output next ^V J 'rSSS!5SS8E®8R6 
Gn the other haxtd if oil Pp^ fiennanv e&eTSy*. 
n antes can catch up.on iOSt -time • fha' WWlm ■Tn V 'rr i i a»cL<)iyT tt»-h» 

And because his 
problems are complex 
he needs to discuss 

Hector, the bull, is an And because h 

important asset of Easton Farm, problems are compl 

Bishops Cannings, Wiltshire. he needs to discuss 
He is also a potential liability them with someone 
j whose life and productivity are with a thorough undi 
3 individual risks in the overall standing of ferming, I 
insurance cover of the farmer; Alan Pitcher of the Ic 

John Horton. * 

John Horton 
comes from a ferming 
family and, like his father before him, 
he chose Norwich Union, who insure 
his life, house, cars, livestock, produce, 
machinery and the people he employs. 

He likes the reassurance of a 
long-established world-wide insurance 
company behind him. 

with a thorough under- 
standing of ferming, like 
Alan Pitcher of the local Norwich Union office. 

Norwich Union believe in friendly 
personal contact with clients. 

Call them and you will enjoy the same 
sympathetic understanding; the 
same expertise. Whatever your I 

problems, I 

the Norwich I NORWICH* 


the Norwich 
way is to 
meet them, 

the; Go vernmeul inay. bfr reluo*. i^g Bt ik i B & ;gl! hBiJB t : 

taut to open the valves iurthet : y^{f : 

It may feel there is little benefit. jfleal;'- 

ip being a substantial ^net fex-~t^~^jn7r^ jwiearly’ ^airthpj 
porter in the early l980s _wheit T 

there are' forecasts that.uiZ wilL s^iene"- kiteiestS - 4 n E^topeJ 
b&much inope'^xpensiver apaln:.: 

shorter supply in the late l^Os t ;- f ; -V' : * 

and 1990s. (This ' ii^ ^ fassitipmgji 

that a government is * 

rate a jKrtentWjmg^m.^^.^ 

^abave a short-feTO; ^ broader 1 Jiaser: f(H' r BP , s’ opera- • 

‘ t.V‘ 

it & such sin 

butoV to Britain’s growlngAO^- sai^dy- of towle’cai is easiciai to 
supplies. r. rv£.- r j. > 

But Forties- is also ^te-meijpr a rt*mwrt^ fprafi estimated 15 per 
contrtbbtor to' BP^s. rasfi - r fiow ceatf Of BP’s Crade ofl 'suppties 
and pnofitahdMty;^S 9 ^tiing soane- of be4ween 160m ■ and 170m 
hefty losses ancurredt by j&e toboes a- yetet''^ "Wfeast happens 
group in dowiKtreafri aptiv^ies. ■ fa $be ante lSSOs' wtoen Forties 
Forties has not been -4 cbrap/^Q^ut w^'be weH bc&ow-'.bz&i. 
project .Lafcest^ ^figures sqggeirt . vf todays level Caearty BP 
chat BP will oventmdJy'; spend needs to fiiyl ^ome .znace. b^g 
-well over £lbn on fit fifirrljnrF jcigi will i , ~' : '*phff. sni : 

ment: heady three tm^l titeuUagnus Fields- wiE belp ftnit 
original ^sdow^*- ;- JEns.-^gei- f^y wtti nc^hereaear mafeonp-. 
dentally, goes some Way to -C 9 P- for the diop in Forties pradhe- 
firmmg “O’s Law” as devised toon. BP^most look. So. 
by Mr. Quentin Moms," i^ areas. Just maybe^ the "reser- 
dlrector of BP Trading. He-has i-vodr - west y of " itiie- -SheiSsaii 
recognised that, at. least .tijMugh. rfaiar»da : vmH^niflfc& aii 
the ■inttial aiages of an dfFsbore^ TOotribotioii its> ^P's ®iM>isej ^: 
<tovetojMneaBt jHOgramme,' *' tiie aftjat fee : dgbS: irtiw* V 

e itihie.' T-- *■ ' 

v ;; : ; r.; 

r V : H- : f • 



: V 

i vm ■ 

\ 1 .. . ’ - • . $4 , 


\1L " 

1 jK-. ..* 

\ l:\ - # 

r *Ja i H ^ 


n& •" . ■ ■ 

• Financial Times Friday June 30 1978 

; [ 

u 9 O 

Healey clashes with Tory 
‘Shadow’ over IMF credit 


•cellor of the Exchequer, was the 

- centre of a heated row in the 
..Commons . yesterday when be 

- accused Sir - Geoffrey Howe. 
' shadow Chancellor, of a “ deliber- 
ate lie" la allegations he had 
made concerning negotiations for 

■the stand-by .credit: with the IMF 

: The' .controversy concerns a 
charge- made earlier by Sir 
Geoffrey that the Chancellor had 
.been guilty of " deceit” when he 
had told the House that there 
were no strings attached to the 
IMF credit. - 

Mr. Healey said yesterday that 
he repudiated the allegation. He 
could not accuse Sir Geoffrey of 
mendacity because it was for- 
bidden by the rules of the 
House, hut he thought the word 
** deceitful" should be with- 

At this. Sir Geoffrey intervened 
to make it clear that he had no 
intention of climbing down. He 
understood the Chancellor’s 
sensitivity on this snbject, but 
stood by his statement that Mr. 
Healey's behaviour had been 
" one of deceit and not of 
candour to the House.” 

Returning to the attack, Mr. 
Healey said that the allegation 
was totally untrue In announc- 
ing the stand-by credit, he had 
made it clear to the House that 
if the sums could not be repaid 
on the date they were due, then 
the Government would have to 
seek a further drawing from the 
IMF. . This, he said, proved that 
Sir Geoffrey had been caught out 
in a deliberate lie. 

The battle of words ended 
when, .after an intervention by 
the Speaker, Mr. Healey agreed 
to withdraw the word "lie.” 
Honour was then satisfied when 
Sir Geoffrey agreed to withdraw 
the expression "deceit" on the 
understanding that the Chan- 
cellor renounce his charge of 

Throughout questions to the 
Chancellor, a distinctly pre- 
election atmosphere prevailed. 

with both sides eager to score 
debating points. 

Mr. Healey said that the latest 
production figures showed that 
output in the UK wa&growing at 
I per cent a quarter, a figure 
which he hoped the House would 
view with satisfaction. If any- 
thing, this was slightly ahead of 
the Budget forecast. -- 

Mr. Julian Ridfldale (C., 
Harwich) pointed out that out- 
put in Japan, the U-$- and Ger- 
many was still ahead of ours. 
But Mr. Healey told^bim that 
the German Economic Institute 
bad forecast a rate of growth 
this year of 2§ per cent “ On this 
showing, our rate of growth is 
likely to be higher man Ger- 
many's," he commented. 

The Chancellor’s optimism was 
challenged by Sir Geoffrey Howe, 
who said that output for the first 
quarter was still below: the level 
of the three-day week under the 
Tories. There bad been four 
years' stagnation under Labour. 

The Chancellor replied that 
that year's growth figures for 
Britain were likely to be some- 
what higher than those of 
Germany and France/. Our In- 
flation rale was below that of 
France, and might .' well be 
below that of the U.S, 

"Considering the problems. I 
think we are doing quite well, 
and 1 think the British people 
will take the same view when 
it has a chance to express itself." 
he added. 

There were also clashes 
between the two front benches 
over money supply. ~ 

Sir Geoffrey maintained that 
there was every reason far con- 
cern when M3 (the broader 
definition of money supply i had 
grown by 16 per cent, over the 
last 12 months, while Ml (the 
narrow definition) had grown 
even faster. The Chancellor 
was creating these problems for 
himself by l he size of the 
borrowing "requirement. 

According to Mr. Healey, this 
argument was absolutely wrong. 

The 16 per cent, increase in 
money supply lost year had not 
been due to tbe size of the PSBR. 
which had turned out to be lower 
than expected. In fact. 40 per 
cent , of the growth of M3 last 
year was due to ihe inflow or 
foreign currency, as a result of 
the strength of the pound. But 
for that, the increase in money 
supply last year had been only 
10 per cent. 

Germany was currently more 
in excess of its monetary targets 
than we were, and this had not 
led to the ill effects which had 
been predicted. 

Mr. Joe! Barnett. Chief Secre- 
tary to the Treasury, gave a 

cryptic answer when questioned 
about the effect that the altera- 
tions to the Finance Bill might 
have on the PSBR. 

When he told Ibe House that 
the best estimate of PSBR for 
1978-79 remained the £8Sbn fore- 
cast In the Chancellor's Budget 
staiemem Mr. Enoch Powell 
(UU. South Down) demanded to 
know how this could possibly 
take into account Ihe effects of 
amendments made to ihe Bill. 

Mr. Barnett replied: “The 
Finance Bill is not yet through 
the House. We do not yet know 
whether there will be any change 
to the Chancellor’s Budget 

answer m 


may soon 
be known 

Callaghan sees 
‘danger’ in 
Tory pay plans 


Hint of more details 
on air projects 

choices open to the Government 
id seeking partners tur collahorj- 
Uve projects for new civil air- 
craft and engine manufacturing 
programmes may be given to ihe 
Commons on Monday week. 

This possibility was held out 
by ihe Prime Mi nisi er yesterday 
when he told MPs that his talks 
earlier in the week in Washing- 
ton with the heads of Boeing. 
McOonnell-Douglas and Easiern 
Airlines had been “ valuable." 

They b,ad shown, he said, that 
there was a very big and rapidly 

grow rny market Tor air trans- 
puri. juriicuiarly in tbe U.S. 

Tlie Prime Minister stressed 
lhai “some difliciili decisions" 
would have to he taken as 
between ihe three corporations — 
British Aerospace. BAC and 

He acknowledged the need to 
lay the fads before the House 
and said the Government wel- 
comed the fact that Mr. Terry 
Walker (Lab. K i ngsvrnod ) wa» to 
launch a debate on future aero- 
space production policy on a 
private member's motion on 
July lu. 

No monopolies inquiry 

Introducing the : 
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to get the answers 
energy problems. 

/ i 

3 Western Europe's energy ‘mix 7 

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; fl gFj Sscj will meet every business 

and individual inEurope-andmaiiy throughout die world. 

Planning and decisions therefore call for constant access 
to a wide range of up-tetriate, accurate information on 
energy programmes and theinmplications. 

Hits is what die European Energy Report provides. 
Produce d by Financial Times Business Newsletter^ 
European Energy Reports anexcluave andinformed tort- 
nighdy review of all sectorsof the European energy mix 
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presents it in a continuous, well referenced record that is 

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Secretary, has decided against 
referring the merger of Ihe 
Hastings and Thanet Bn aiding 
Society with the Anglia Building 
Society to (he Monopolies and 
Mergers Commission for investi- 

Mr. Ruber I Maclennan. Under- 
secretary Tur Prices, told MPs in 
a written answer: "The Chief 
Registrar of Friendly Societies 
ha* considered those aspects of 
ihe proposed merger :hat con- 
cern him and is satisfied that ihe 
amalgamation should be allowed 
lu proceed." 

Assurance on finance resort 

A POSSIBLE October general 
I election would not affect the 
I liming of a report from the Com- 
mittee to Review I lie Function- 
ing of Financial Institutions, the 
Prime Minister assured Ihe 
Commons yesterday. 

In a . written reply. Mr. 
Callaghan said he understood 

that the committee hoped in pre- 
sent an interim report al the 
end uf tills year and a final 
report in the second half of 1979. 

" l see no reason why, if there 
were a dissolution of Parliament 
he Tore the committee presents 
its final report, the Current 
arrangements for its work should 
be affected,” he said. 


THERE WERE some signs fn 
the Commons yesterday that (he 
great dividend control mystery, 
currently the longest running 
thriller at Westminster may be 
coming to an end. 

.Cautiously, Mr. Michael 
Foot. Leader of the House, 
indicated that the Government 
may he preparing to bring 
down Ihe curtain on this pro- 
duction. He told MPs: “ Maybe, 
the best way lo proceed is by 
a statement next week.” 

Statutory control over divi- 
dends runs out at the end of 
Julv unless the Government 
introduces new legislation to 
extend It- The City is wait- 
ing wfrh hailed breath to see 
what the Government’s inten- 
tions are. 

Last week, the mystery 
deepened still further when 
Mr. Foot said that there 
wonld he no legislation 
although the Government eriJI 
had not made on its minit what 
to dn .-hoof th» continuation 
of rtntufarv controls. 

Tbe sforv took a further 
fwtci vesterdav wh*n M- Joel 

R.irn**»l. Chief SerrMsrv in 
the Treasury, seemed tn past 
some *ni;h! on thp subject of 

During question time. Mr. 
John w, l?en (C.. OsM-estr-l 
a c ked w r. P’niflt to fhe'h 
n+n Mr. Foe* had mppnf 
when he csid there would he 
no legislation. 

F’lirTTj-tiea'li-. Mr. Barnett 
pdrised Mr. R-ffpn no* iu«t to 
pick tin “ope or two ” words 
or what Mr. Foot h^d ‘■a'd. A 
statement **e made at 

the annroorlate time. 

There wa< a warning from 
Mr. Frnert Frrnvbni!"h {Lah. 
jf arrow) that if canifalism was 
ntfaweri nnrnriroffrrf rewards, 
there was little Dnssihntiv of 
getting a farther agreement of 
wa"e controls with Ihe unions. 

Mr. Barnett agreed tn bear 
this i" mind hot nofated imt 
that the crou'h n f dividends 
over l l, e nasi deeodn had “not 
hP"n all thai great." 

From the Opposition front 
bench Mr . Nigel Lawson, 
demanded an assurance that 
controls would not he per- 
petuated hv a so-called volun- 
tary system which would 
include the uv or economic 
sanctions and the blacklisting 
of companies who did not obey 
the pay code. 

THE RISKS inherent in operat- 
ing an incomes policy which de- 
liberately discriminates against 
workers in the public sector were 
highlighted by the Prime Minis- 
ter in the Commons yesterday. 

He accused Mrs. Margaret 
Thatcher. Opposition leader, of 
having made the “most danger- 
ous speech of the week" in 
Yorkshire on Wednesday when 
she indicated that under a Con- 
servative Government a sharp 
distinction would be drawn be- 
tween pay bargaining in the 
private and public sectors. 

Mr. Callaghan claimed that 
Mrs. Thatcher bad promised free 
collective bargaining for private 
industry while giving notice that 
publicly owned industries would 
be required to keep within cash 

There were cheers from the 
Labour benches when he com- 
mented: "If she does not under- 
stand the degree of compara- 
bility between skilled workers 
in public industry and those en- 
gaged in private industry. I can 
assure her that if she ever has 
responsibility, she will have a 
wonderful disillusionment com- 

Earlier. Mrs. Thatcher taunted 
the Prime Minister over the 
Government's decision to cut the 
proposed increase in Ihe em- 
ployers* National Insurance 
surcharge from 2} per cent to 
1 J per cent. 

“Has the Government finally 
made up its mind about the 
Budget?" she scoffed. 

If so. said the Tory leader. 
Parliament should be informed. 
Backed by Tory cheers, she 
maintained that so far the only 
firmness shown by the Govern- 
ment had been in Its support of 
policies of high taxation. 

The National Insurance sur- 
charge. she added, would be a 
tax on exports, jobs and food. 

Mr. Callaghan replied that the 
Government made up its mind 
about the Budget in April. Un- 
fortunately, it had not been pos- 
sible to jet support from the 
House for every proposal. 

“ If you are now repentant of 
your vote and would like to go 
back to the position annonneed 
in April, 1 would be very happy 
to do that." he said. 

Mrs. Thatcher then accused 
the Prime Minister of persisting 
with policies which would in- 
crease unemployment even 
though having admitted earlier 
that the tax changes proposed by 
the Opposition would reduce un- 

The Prime Minister retorted: 

“ 1 dare say if you go on biting 
for 15 minutes, you will score a 
scratch somewhere." 

But, he insisted, the Govern- 
ment’s economic policy was well 
understood in tbe country and 
was meeting with increased satis- 

Dell faces criticism 
of Eleni V operation 


Dual mandate is a key 


THERE WAS nothing the Trade 
Department could do to stop oil 
pollution coming ashore from 
the crippled tanker Eleni V 
which was biown up last month. 
Mr. Edmund Dell. Trade Secre- 
tary. told a Select Committee of 
MPs last nighL 

Mr. Arthur Palmer, MP, the 
committee chairman, told Mr. 
Dell that the Eleni operation 
was " badly coordinated and that 
there had been too many fingers 
in *he me.” 

Mr. Dell admitted that oil dis- 
persers were "not very effec- 
tive." The Department was still 
“very far from being able to 
guarantee that oil will not pol- 
lute the beaches." 

Dr. Paul Cormack, head of the 
oil pollution division at the 
Government's Warreo Spring 
laboratory, said there was very 
little chance of designing a dis- 
persant that would work on thick 
oils like that in the Eleni V. 

Mr. Dell spoke after Mr. 
Palmer read evidence From Nor- 
folk County Council condemning 
emergency oil pollution tech- 
niques used during the Eleni 
emergency last month. The coun- 
cil was heavily involved in 
attempts to stop pollution to its 
beaches, it said that techniques 

were patently not adequate to 
cope with oil pollution. 

Other local authorities criti- 
cised Mr. Dell's department for 
failing to lead in the fight to 
save Norfolk and Suffolk 
beaches- The Great Yarmouth 
council said that there bad been 
no one person or body on the 
spot during the Eleni disaster 
with overall executive control. 

The Eleni V collided with the 
Rosaline, a French merchant 
ship, on Saturday, May 6, six 
to eight miles off Bappisburgh, 

Mr. Dell apologised for the 
fact that his department had 
misled tbe public with sugges- 
tions that there would be “no 
ecological problem, and no pol- 
lution to the beaches.” This was 
“over-optimistic," he said. 

Mr. Stanley Clinton Davis. 
Under-Secretary for Trade, told 
the committee. “At all times. 1 
was assured by all the local 
authorities tbai they could cope 
with oil that came ashore.’’ He ex- 
plained that responsibilities for 
oil pollution were held by the 
Trade Department For all events 
one mile from the shore. The 
local authorities and the Environ- 
ment Department had responsi- 
bility for beach pollution. 

_Tar-Subscripti dqs Dcpc. (ER), / 

FT Business Newsletters, / “S™ , 

Bracket Housc,10 CannonStrcet,/., . * 

London EC4P4BY. • ... •JT/^iehr' 

pjbee . rrn for a one year founder subsenpoorfat b in 
r-nrnl mr 1 1 the TJK (£135 oversew iac.amm’lpcmp)- 

AN IMMINENT General Election 
is bad enough. But Britain's 
two major political parties are 
now having to devote a small, 
but significant, pari of their 
energies to those other elections, 
in under 12 months' time, for 
the first directly elected Euro- 
pean Assembly. 

Whether you regard them as 
the Second European Coming, or 
as the final destruction of 
national sovereignty, nn one very 
much doubts that direct elections 
will now take place. With so 
busy a timetable ahead, con- 
siderations for one election spill 
over on to the next. A General 
Election this autumn will be 
followed by the selection of 
European candidates early in the 
New Year, in preparation for 
the big day next June. 

Predictably, it is ihe Conser- 
vatives by whom Europe is si ill 
generally seen as a Good Thing, 
who are furthest ahead with 
their preparations. Applications 
started arriving in Smith Square 
a year ago. and since January. 
Mr. Marcus Fox, MP for Shipley 
and vice-chairman in charge of 
candidates, has been holding 
preliminary interviews. 

The survivors go on to face a 
full panel, including one mem- 
ber of the Tories’ present nomi- 
nated delegation to Strasbourg. 
If they clear that hurdle, the 
prize is a place on the all- 
important Central Office approved 
list of potential candidates. This 
should be completed by Novem- 
ber when about 200 names will 
be circulated to each specially 
formed Euro-constituency organi- 
sation. In theory, a selection 
committee need not be bound 
by the list and has the rii»hr 
to choose a favoured local son. 
Although this is unlikely m 
happen, party managers are 
hoping that the list will contain 
plenty of people with strong 
regional appeal. 


■ (pleat 
: enclosed 

/U 5 (£135 overseas) appli^sonly to subsenpnons thata^^ j 

Name — : — — . - - 

• Position — 

Organisatio n ' 
•Nature ofBnsmess.- 
■Addre gfeil v - 

. .* "l 4 i ■ * 

icdfelSy ftfc**** — — 

The big question, of course, is 
just whose name is on (be iisL 
and, in particular, bow many 
Westminster MPs. Even the 
voluble Mr. Fox gives nothing 
away. All we know is that appli- 
cants are said to be of a very 
high calibre and include profes- 
sional men. industrialists, lop 
civil servants with European 
experience and ex-ambassadors. 
It all sounds very much like ihe 
existing House of Lords. 

Among MPs. silence N golden. 
But sow that Mrs. Thatcher has 
let it be known she Trowns upon 
the “dual mandate." pressures 
upon them to. show their hands 
are growing. On June 15. Mr. Fox 
sent a letter to all Tory MPs 
asking them to lei him know if 
they were considering standing 
for Europe- So far, he has had 
“several” replies. But. like iheir 
Labour colleagues, most will 
prefer to keep their options open 


until they know tbeir fate in the 
general elect ion. 

Conservative managers con- 
cede that 3 tiny handful of MPs 
will manage lo end up doing both 
jobs, if they want, whatever the 
hostile noises from the leader's 
office and ihe whips. But it will 
require what one termed a 
“phenomenal act or nersuasion" 
to cnnvmcc a selection committee 
that an MP can serve at both 
Strasbourg and Wesi minster. 

Although both major parties 
arc- leaning against it. argurqent 
still rages over the dual man- 
date. particularly for tbe first 
term of the directly elected 
assembly when many believe 
that firm links between national 
and European Parliaments will 
be especially important. With- 
out sonic Eu co-HP*, firmly rooted 
in domestic political life, there 
is the danger, even pro-Euro- 
peans argue, that Strasbourg will 
lose touch and heenme the crea- 
ture of the EEC Commission. 

On the Labour side, ar least, 
there is talk r»r compromise. The 
Parliamentary party is asking 
for a special meeting before 
Transport House makes up its 
mind, and some Labour MPs are 
said to have suggested the dual 
mandate he permitted on two 
conditions: that an MP formally 
pledges his first loyalty to West- 
minster — and that he leaves an 
undated letter of resignation in 
the whips' office. 

By ensuring that MPs could 
be summoned home to a key 
division and by removing Lhe 
risk of a rash of awkward bve- 
elections, such a formula would 
go some way to meeting the 
central objections to the dual 
mandate emanating from the 
respective whips’ offices, whose 
importance should never be 
underestimated, abuve all. when 
they agree. 

In the field, chough, there will 
be enormous differences. As we 
have seen, the Tory effort, in 
practice, will be in the grip of 
Central Office. Labour, on the 
other hand, will leave large dis- 
cretion to local parties in the 
choice of candidate. This raigbt 
well produce a preponderance of 
anii-markel Labour candidates. 
Not very good for Europe, cer- 
tainly, but an nuieome which 
might offer Labour its best 
chance in the Euru-e lections. 

Even at this early stage, it is 
the "differential turnout factor" 
— in other words apathy by anti- 
EEC Labour voters — which must 
worries Transport House uflrcial?. 
Mr Ron Hayward. General Secre- 
tary. is on record with the 
prediction that Lahuur might be 
nccked-and-njeck with Lhe Tories 
at Wm minster, but gain only 
15 or 20 of the SI Euro-seals. 

Each new European seat in 
England. Scotland and Wales is 
composed of between eight a/)d 

Peers fail 
to agree 

on Bill 
of Rights 

By Rupert Cornwell, Lobby St 

A SPECLVL House of 1 
Select Committee has faile 
agree whether the UK nee 
formal Bill of Rights. But 
unanimous that if one eve 
adopted, it should be basec 
the existing European Coe 
tion on Human Rights. 

The committee of 11 peers 
set up more than 16 months 
after a Bill sponsored by : 
Wade, a Liberal peer, to ensh 
a code of fundamental right 
the constitution had wot 
second reading in the U 
House before being referre 
detailed expert scrutiny. 

Yesterday, a Tier its report 
been published. Lord M 
declared that the majority 
favour of the principle of a 
of Rights, albeit only by six v 
to five, was an “ important br 
through." The subject had 
from one of “academic discus 
to potential legislation.” j 
The merits of a Bill of Rij 
have been long debated, part 
larly as pan of a radical over! 
of the entire constitution. 

The committee found iba 
Bill could not be made imm 1 
from amendment or repeal b 
subsequent Act. “That foil* 
from the principle of ’ 
sovereignty of Parliament wK 
is the central feature of 

Listing the main advanta 
of a Bill of Rights, the rep 
points to the extra protect 
it might give the citizen, its r 
relevance now that Britain is 
the EEC and about to set 
devolved assemblies with le; 
lative powers of their own, : 
the inconvenience of an ind 
dual having to use the rem 
Strasbourg Court of Justice 
obtain redress. 

On the disadvantages 
committee says that a Bill , 
Rights would cause serii 
constitutional problems, 3 
give too much power to an 1 
elected judiciary. It wot 
serve no real purpose since,! 
many rases, basic standards, 
human rights in the UK wc 
higher than those contained 
the convention. 

The committee remarks tl 
a Bill of Rights, even if adopti 
would very probably make lit 
difference in practice. 

Next week’s 

COMMONS business next week 
MONDAY: Debates on N1 
disputes, and on rural planni 
in Northern Ireland: Represt 
tation of the People Bill, Repo 
Theft Bill, remaining stages. 
TUESDAY: Dehate on emplt 
ment: timetable motion 
Scotland Bill. 



THURSDAY: Scotland Bill. Lor 

FRIDAY: Appropriation (No. 
Northern Ireland ordf 
Northern Ireland (Financj 
Provisions) order. 

MONDAY (July 10): Priva 
members’ motions: debate « 
EEC preliminary draft budge 

Enhanced Profits 

ten existing seats at West- 
minster. For tbe Tories. Euro- 
pean selection committees of no 
more than 30 will consider 
applicants From the approved 
list who throw their hats into 
the ring. Bu( each local Labour 
party will be able to put forward 
20 delegates for every committee 
and nominate three contenders. 
Consequently, 200 delegates 
could be choosing from as many 
as 30 candidates. 

Two vital questions, however, 
still remain unsettled: futu-c 

links between Euro-MPs and the 
national Parliament, particularly 
if the dual mandate is rejected 
and money. On the first issue. 
Parliament cannot be expected 
to come up with some formal 
mechanism, as this would raise 
more constitutional questions 
than it answers. Both parlies, 
instead, are likely to make 
separate arrangements. 

MPs will Ware SSS 

Y T tXv^V-/ Prospects 


Some Tories would like 
Strasbourg MPs to have auto- 
matic access to specialist back- 
bench committees at West- 
minster. Labour, with its strong 
anti-EEC element, especially 
among party workers, talks 
ominously of "accountability" 
and Transport House is looking 
at various possible solutions. 

Money, of . course, means two 
things— the celebrated issue of 
the salaries . of Euro-MPs. and 
the less emotive, but equally 
important, one of how the 
parties will finance direct elec- 
tions. in all likelihood, just eight 
months after a UK general 

There is powerful resistance 
to the £25.000 salary figure re- 
ported from: Brussels, and an 
equal emphasis, in both parties, 
that any such windfall shouid 
be taxed at UK rates. Matters 
are cnmplicatM by lhe sensitive 
problem of MPs' modest pay at 

The worry of the party organi- 
sations. however, is how to pay 
for the elections. Labour, 
naturally, is the must apprehen- 
sive. having not only to fight the 
general election, but also find 
the money for its new head- 
quarters in south London. What 
help will emerge from Brussels 
is not entirely clear. But one 
set of sums -at Transport House 
suggests it is unlikely to be more 
than £60,000 to £70.000, com- 
pared with a total cost to the 
party of at least £400.000- 

One neai solution is going the 
rounds, not entirely in jesl. 
Why not make lavishly rewarded 
Euro-MPs contribute." say one- 
third of their salary to the party? 
With 30 MPs. each receiving a 
total package of perhaps £25.000. 
the calculation could win the 
heart oF even the most anti-EEC 
Labour treasurer. 


By Ivor Owen 

DEFLAKT TORY peers inflicted 
more defeats on the Government 
in the Lords last night, and made 
further amendments to the 
Scotland Bill at its third reading 

On tbe other side of the 
Palace of Westminster. Mr. 
Alichaei Foot, Leader of the 
House, announced that the pro- 
cedural motion enabling 
discussion on Lhe Lords' amend- 
ments to be curtailed by the 
guillotine when the Bill returns 
10 the Commons will be debated 
on Tuesday. 

Tbe Government wants to con- 
fine the discussion to tbe 
Commons on tbe Lords' amend- 
ments — they are expected to 
number more than 150 — to three 
days with the debates arranged 
in such a way that MPs have an 
opportunity to express their 
views op tbe main issues which 
have previously gone un discussed 
because of the operation of the 

The Commons will start to deal | 
with the Lords amendments on 1 
Thursday, with a discussion on 
the proposal by peers that the 
first election for the Scottish 1 
assembly should be conducted on 1 
the basis of the additional 
member system of proportional 

The first defeat suffered by the 
Government in the Lords yester- 
day — by 119 votes to 76 — resulted 
in the Bill being amended to pro- 
vide that the proceedings of the 
Scottish Assembly should enjoy 
the same status as those in Parlia- 
ment and have absolute privilege 
for the purpose of defamation. 

This was followed by a 22-vote 
defeat (105-S3) on an amendment 
Secretaries, based in Edinburgh, 
to exercise executive powers 
under the Royal prerogative. 

Earlier, during Prime Minister’s 
question time in the Commons. 
Mr. Dennis Cana van (Lab. West 
Stirlingshire) attacked tbe Lords 
for making so many amendments 
to the Bill, and described the 
peers responsible as a “ crowd uf 
political vandals and hooligans." 

Mr. Calaghan re-affirmed tfaar 
the Government intended to 
ensure, as far as ir could, that rhe 
Scotland Bill was on the Statute 
Book by the end of the current 
session. He agreed that the 
Lords had behaved " Irrespon- 
sibly " on a number of matters. 

“ I look to the House of Com- 
mons to put it right." be said, 
amid Government cheers. 

Year to Year to 

3Jsl December 3Ll December 


Profit before' Taxation (After 
minorities and extraordinary i 

Profit after Taxation 
Interim (net} 

Final (net) 

Retained Earnings £ 44.55 0 £59.300 


Resolutions lo increase the Company’s Share Capital by a further 
500.000 Ordinary Shares otJOp each and fora 1 /or 5 scrip issue 
were approved by Shareholders on 29lh 1 unc, 197 S. Application has 
been made to the Council of the Stock Exchange Tor the new shares 
lo hcadmilledio ihcOfficial LisLRenounccableCcrlirieaicswillbe 
posted on 7 th fuiv, 1978 and dealings will commence on Monday, 
JOih luly.1978. 


Profits are substantially higher in lhe current year lhan in 1977 and 
'■'.-year profits 10 50th ) unc. 1978 should be similar to full 1977 year 
profits. Acquisitions within the industry to enlarge oursharc of the 
market and broaden our base contemplated. 

Copies of the Report and Accounts are available from lhe Secretary, 
WaceGroup Li mi led, 5/11 Eyre Street Hill. London. EC1R 5EU. 




] .809.600 












15,500 4.8°.W 



7.0“ u 



Building and Civil Engineering Contractors 


1977 197B 1975 

Turnover £22,100.000 £23,700.000 £24,400.000 

Profit before tax £67L0O0 £1,256,000 £1,147.000 

Ordinary dividend* ... 4.09p 3.71p 3.41p 

Net assets £2J562,000 £2,708,000 £2,268,000 

Earnings per share* ... 5.27p 9.76p 8.94 p 

♦based on issued ordinary share capital at 31st December, 1977. 

The Chairman, Hr. Harold A. Whitson, C-B.E^ BJL, reports: 

• Recently awarded £20m. contract for Paisley District 
General Hospital. 

• Intention to increase investment in private housebuilding 
subject to land availability. 

• Property development progressing well and helping to 
provide work for construction division. 

• Unlikely to be any rapid upsurge in building activity. 

• Proposals to be submitted for some restructuring of group 
lo give greater flexibility in deployment of resources. 

Copies of the full Report and Accounts may be obtained from 
the Secretary. 


21 Blythswood Square. Glasgow G2 4AT 

*isi**r^%* stio? --r- r ' -- • 



■;* A 


f- S- 


breaks his silence 


■■■ ;# 

— MY BILTON, chairman of 
cy Bilton Limited. the £6Q.2in 
A ustridl property group lie 
acted fifty years ago. has 
n ken his* eighteen month 
* nee over the sudden depar- 
* in 1976 of the groups 
ner deputy chairman aod 
paging director, Bryn Turner- 

< auels. 

peaking at last week's Annual 
leral Meeting, Mr. Bilton re- 
led that Mr. Turner-Sum uels 
n. I not in fact “retired" from 
fe £15,000 a jear job. He was 

01 laving referred to the call for 
0L full airing oF the Turner- 
10 nueis affair in this column 
E t week. Mr. Bilton told share- 

ji ders that he lived bv the 
pi nciplc that, “if you cannot say 
hi .thing good about anyone, 
ju Vt say anything at all.'' But 
rf . explained that. “I have tried 
_ ;d to do this with Samuels, but 
q appears that sleeping dogs 
& id amusing at times. So 1 II 
e iore those principles which 
h tuenced me eighteen months 
P a. and give you the bare 

a ' th -” .. , 

si Ur. Biltnn's “ bare truth at 
p t provides sonic explanation 
s ■ the disturbingly enigmatic 
,i nments carried in the com- 
n ny’s accounts since Mr. Turner- 
1 muds departure in December 
1 76. 

? in its 1976 accounts the group 
1 rerred to reductions in housing 

F vision 


“certain management weaknesses 
and a lack of control ..." And 
Bilton recently reported that it 
needed to make a £600,000 after 
tax provision against pre-1976 
housing contracts, a provision 
necessary. “ In the light of 
additional facts which have 
gradually emerged since the 
retirement of the former manag- 
ing director in December 1976." 

Mr. Bilton told shareholders. 
“Towards the end of 1976. 
Samuels was altering and extend- 
ing bis home in Bishops Avenue. 
It happened during the period oF 
76 and ultimately cost £100,000 
for alterations and additions. 
Gertain irregu lari ties and wrong 
allocations were reported to me 
in November 1976. 1 directed an 
investigation and this is a quota- 
tion from the initial report. 

“‘I am now quite satisfied in 
my own mind that TS [Turner- 
Samuels] has been lying to me, 
time and time again. There was 
also an elaborate cover-up plan in 
December, not only to huodwink 
the auditors but the Board of 
Directors and anyone interested 
in the costs.' " 

Mr. Bilton continued. “ I look 
action. 1 consequently fired Mr. 
Samuels. He asked could be use 
the word ‘retire.' My Christian 
beliefs made me do so. When 
1 got into the saddle again, in 
depth. I came across extravagant 
costs on the Public Housing Con- 
tracls. 1 became aware nf very 
definite falsifications in the 

monthly report of profit shown 
against Housing Contracts, 
whereas losses hud been 
incurred. Not profits, losses. But 
it was submitted to the Board 
as profits, for five continuous 
months. Durin? five months such 
spurious figures had been shown 
and submitted to the Board. 

“Had I not fired Samuels in 
December, 1976. I would cer- 
tainly have fired him for gross 
neglect and irresponsibility in 
April. 1977. 

"Latterly, or during ihe Iasi 
five months, there has been snip- 
ing at your company in some of 
the cheap media about manage- 
ment problems since his depar- 
ture. So let me say in unequi- 
vocal language, the only manage- 
ment weakness was when he 
[Mr. Tumcr-Satnuels] was the 
chief executive.” 

Mr. Tumer-Samuels. who 
moved to the South of France 
after leaving the group and sub- 
sequently selling his 1.27 m 
shares iu Bilton for around 
£1.5m. visiting London at the 
moment. He takes a different 
view of the affair. In a state- 
ment prepared after consulta- 
tion with his solicitors Mr. 
Turner-Sarauels says: 

In answer to the points put by 
Mr. Bilton. “ 1 — Months before 
the ‘investigation' to which Mr. 
Bilton refers, the Company's 
auditors had pointed out certain 
discrepancies in ' the accounts 
concerning work done at my 

Mr. Percy Bilton — breaking an eighteen-month silence. 

house. I directed that any 
mistakes be rectified immedi- 
ately. and after this had been 
done I did of course pay in full 
for all work. 

'■ I do not know of any falsi- 
fication in the monthly reports 
of profit shown against housing 
contracts. The cost computations 
were the sole responsibility of 
the accounts department, and Mr. 
Bilton together with myself and 
all Executive Directors received 

exactly the same information. I 
did not — and indeed could not 
—falsify any figures. 

•' 3 — Mr. Bilton did not ‘sack 
me. As various people knew, 
my decision to retire was taken 
some months prior to the 
announcement, and was based 
upon two factors. First, for 
family health reasons, but 
secondly because I was unable to 
accept a then-proposed sugges- 
tion mow fact) that the Company 

sfioal'J effectively reHhqtzIsfi 
SaLl to the Bilton family vg 

the Jersey-ba^- famJytrast. 

without a saHsfactory non^Uy 

representation of AeButon 
Board among the Trustees. 

■*4 i left the Company m an 

extremely healthy position, hav- 
ing built K up over a period 
of 16 years, certainly to my own 
benefit but more to the immense 
benefit of shareholders 
especially the Bilton fa mil y- 

In Brief « ■ ■ ' 

A POTENTIALLY important 
precedent in the housing market 
passed virtually unnoticed this 
week. The Housing Corporat on. 
acting through the ; Housing 
Corporation Finance jCompsny 
(HCFC), has agreed to lend 
£3.9m bridging finance for the 
156 tenants of the Lichfield 
Conrt flat block' in Richmond, 
London. ' 

There have been numerous 
attempts to form tenants' associa- 
tions to buy out block freeholds, 
particularly during the break-up 
of William ' Stem’s ' residential 
empire. But, -on the few occasions 
tenants managed to form effec- 
tive associations, the problem of 
finding a- friendly source of 
bridging finance has been, a 
major stumbling block. Now the 
Housing Corporation, with the 
backing of the Housing Minister, 
Reg Freeson. hopes to resolve 
financing problems and encourage 
other tenants to organise their 
own internal “•break-up" opera- 

At Richmond the tenants plan 
to buy out the freehold and exist- 
ing leasehold interests in the 
block, assign long leases to the 
tenants and sell off the 60 vacant 
units. The “break-up" is ex- 
pected to be completed in six 
months, when the 2LCGC loan wfll 
be repaid. 

Lichfield tenants’ association 
chairman, Mr. J. Cunningham, 
feels that “collective action by 
tenants appears to be the only 
way to prevent targe blocks of 
flats of this type steadily de- 

terftnttnjfi : they 





UtarSe whole. o fA ^ e J r0 “ p ;f >;: ; ; ■- \- J : 

29,000.sq ft- new development at . . ^ jg ^renewed IgBSEWjg^- 
150 JSdersgate -StteeC- ECt g; : : ■ 

a , rent of just over £10. g (t ... fr j_ Ee ^ ©T the West JEkid ^ - 

m deyelopraent, onj. Jirmcr - 

bomb site acquired, when -British. lURff wJe.v . ‘- J 

Land- bought the adjoining, letting of • •• - ■ 

SteinSerg House four years ago, reftgfrisfaineii^ y.- . 
combines : a -Qity-ftiiige ; jostal Road T>yJ3i® W estioirtlbjj , . 

address and, by a matter of -feet^-. -Air ••TermiaaL : •*' V-F.fivi'j.. 

the -lower rates, of Airfmmv. Lipfm .edfeifclfe'* ; 

Post Office stepped in before Wish . . " : 

frbnL'the Initial £310,000 a year lutings, , i 

asking rent and the Post Office partners, represented ty JMm . * j 

will have a short rent free- p. Wood. The Simplex Tfttto .' .*, .* j * 

period in lieu of partial fitting ? Company /\C®*W.-:'V- : j 

0a bS%ect of the iettlnrseems ; 5 

to have raused the Post Office Dewale 

some embarrassment. Hie block- ' 

XifStS’* Tn * erty r: 

report of the letting ileal the . ra ° e f 1 ? . 

B 'rtq '-tt .< 


B. *y " >r *1 

|X -...ri 

U. ivooa, iuv ^ 

Recorder ? Company - .CCT9J> : * • . 
advised "hy OiancellorVi^Uf ^.* . 
Dezvale Linrifedl „i 

" f 

• Property Deal* appears vjfrf k 
; '7^' Page 16 



If yoy are looking 
for Industrial 
Property in this 


ouch of a button. 

^R) for Industry 


57,595 sq. ft. - 

Factory with Warehousing and Offices 

M Peterborough 

} Cambridge* 
sPMilton Keynes 

•Kings Lynn 


Great Yarmoi 

iBury St Edmunds 





Wk Chelmsford* 


speak to the people who 

on 01-930 9731 

Provincial Offices 

Sovereign House, Pentagon Centre, 

93,500 sq.ft 


CollmgwoodHouse,Nelson Gate. 

Opposite Central Station. 7 0,69 -i sq.ft. 


Windsor House.Prime central location, 
remaining floor or 10,000 sq.ft in new 


Aspen House. 65,670 sq.ft. Centrally located 
air-conditioned offices.100 parking spaces. 


Derby House.To^vn Centre location. T ~ 

2 7,850 offices. 82 car parking 


Elliot House. City Centre. 29.549 sq.ft. 
Modem Offices. Integral car parking. 

Provincial and Suburban Office Departments. 
103 Mount Street, London W1 Y 6AS. 

Tel: 01-493 6040.Telex: 23858. 

Provincial and Suburban Offices 
Two of thelLWComputon Services 

Suburban Offices 

Western Avenue, W3 
13.980 sqit.Extensively refurbished - - 
modem office building close to underground 
stations. Immin ent occupation. 


New, centrally situated office building, 
10,890 sq.ft Imminent occupation. 

Sutton, Surrey 

New office building in town centre, 
opposite main line station. 7,407 sq.ft 
Immediate occupation. 

Tol worth, Nr. Surbiton 
Two remaining office units, 3,143 and 8,285 
sq.ft. in a modern, recently refurbished 
office building. Immediate occupation. 

Fulham Broadway, SW6 
New air-conditionedbuilding.impressively 
located opposite underground station. 3,690 
to 13,380 sq-ffilmminent occupation. 

■ COVENTRY. ; >; ■ , r 

- 2,750-20.000 sq.ft. '' ' "• “ : 

Available Spring 197? 

TO LET/fOR- SALE - 1 - ; r . : . 

ENFIELD Middx. ^ ^ 

Single Storey Warehouse-. with Offices':'-. 1 i . 

50,000 sq. ft. TO LET . ~d 

Rent£l;persq<ft.pLa.exai'; S'. 

GLOUCESTER’ ’ ,-^V •_ 

Factory /Warehouse - . : /«' . - - 

9 770 sq.ft ' ^ V T- V 

Site Area J6 Acre TO 1ET/FOR SALE - L 

HEATHROW (Bath Road] 

!ew Warehouse 

M.000 sq. ft. ' 


LONDON, SE.14. -■ f. 

W a rehous e/ Factory 
18.800 sq.ft. 



Modem Freehold factory " 1 • ‘ 

22.300 sq.ft. 



Factory /Warehouse 
-4.350-8700 sq. ft. ' . 


King 8 - Co 

Chartered Surveyors 
1 Snow Hill, London, ECt 
01-236 3000 Telex 885485 * S 
Manchester, Leeds and Brussels 

Chartered Surveyors 




Industrial / Office Building, 
14, 605 sq ft 
Covered yard and 
Railway Arch 3,650 sq ft 

71 South Audley Street, London W1Y 6HD 
Teleohone: 01-492 0141 Telex: 261933 

To let 

4 Cy 44 Dnumsheu^i Gardens 
and 3 Chester Street 


- • i -.y 

. •• - • 1 <.IM *. 


I \Send now for your brochure to: 

\ The Industrial Adviser, 
VThamesdown Borough Council, 
Swindon SN1 2JH 
Tel: 0793 26161. Telex 44833 


V Hss HKentives no government can offer. 

19th century elegance updated 
for today b business needs. 

This superbly refurbished office building is central lo one of the main 
business areas of the city. It retains many of the original Georgian features and 
overlooks a preserved amenity garden to which occupanis have access. 

The properly comprises 34,180 sq ft on five levels with extensive dining 
room facilities on the tower ground floor. 


5,355 sq.ft, of new air- 
conditioned offices, 
self contained and adjacent 
toTottenham Court Road 
Underground Station 


V Ny Chartered Sweyorc 

10 Castle Street Edinburgh EH23AT 32 St James's Street London SW1A 1HD 
Tflk- 031-225 8344 TeJ;-01-493412t 

Chartered Surveyors 

103 Mount Street, London WlY 6AS 
Telephone 01-4936040 

Debenham Tewson 
& Chinnocks 

Chrr:er<iu Surveyors . 

44 B'rcpk "Sr.rc5t' London W1 Y 

01-403 .116" Telen 22! 05 

' r, 

■ * - >.« 

9- PET: 

■■ V, 1 "- 5 

I - -••- 


■- XKliM 



• • Is*: 
r. 1 " ■■■->;■ >*s 

~ S- r.. ;. a lap ? •. 

' i j 

«i ,c? ' L— ~ 


. ‘ >1 
• • •• ’■ . * Hjw 
. --iW^ 

v..." L- : ->atak* 

• • cvr-r^n 

Financial *1111165 Friday June 30 197$ 


London & Leeds Investments Limited, the property 
development subsidiary of Ladbroke Group Limited 
are site seeking. Major schemes are underway in - 
London. Swindon, Reading, Gloucester, Leeds, 
Manchester, Luton and Nottingham and others are in 
the pipeline, shortly to be announced. Further sites 
for industrial /warehouse and office projects are 

Flexible purchase or partnership arrangements with 
land owning industrialists are of special interest. 
Finance, naturally, win not be a problem. 

Full details, 
please, to: 

Retained Surveyors. 
A. P. Grant, Esq* 
Gran t& Partners 

or K.K. Kflstock, Esq. CEng MIMechE, , 
Deputy Chairman and Managing Director. 

60 Mount Street. 
London, W1Y5RE. 

dk London & Leeds 

MHHk. /r?vestrnen£s Limited 

part of 

A “E? 

' J . ro V5 3 Srar Lor»doaNwi02) 

Limited War omsbobi ■ 

part of 




Chancel House. 
Neasden La net 
London. NW102XE. 
01-4 S9 8031 ‘ 

ed Surveyors Estate Agent's Established 1B40 

as Street, Sheffield SI IXJ • Tel: 0742-/1277 Tele* £4 ?t .<0 ELR 

Os Healey & SEIaker 

.. EstabBshed ESSO in London 

s Jy 29 StGoorge Street Hanover Square* 
London W1A3BG 01-6299292 

icip conrnmcD 

Clo/cll VERPOOI JT.fTfl. 

19 , 830 /q ft/ TO ICT 

Freehold moy beouoiloble 

Joint /oleageftt/: - • ! 


S/10 Fenchurch ^Street London EC3M 3BE 01' 623 6644 

01 248 3200 



10,000 sq. ft. 

■ . • - incorporating offices 

+ EscelieDt Parking ★ 16 ft Loading Doors 
* 20ft to Eaves ★ New 25 year Lease 

-■ i.. - ’ : Kenlals from £1.37 per sq ft 



St Qumtin 

• .-^Soi&SUin ley 

rh:irtind Snrvr>iT> 

Cn the instruc&ns of M®er Buck^- Pc .t&pTPer,* Ltd 

a superb new office building in the Garden of England, 
comprising 59,000 sqit. with suites from 4,000 sqit 


if you have considered a move 
(and even if you have not) 

Crown House. Sutingboume. Kent 
with remand rates totalling only 
.CM H) a sqit. is certain!) worth thinking 
about Find out more 



Joint VuiK 

lluiH-<INkin.u ,s v* .iS'Nuv.turt « l.\ J* H. 

01-734 8155 

Anthony IX 


Esher l>.55o5 & Esher 63.577 






Industrial Land 


About 85 Acres 
Fronting Worcester Road 

Near to Dual Carriageways to junctions 5 & 6 of M5 


Anthony J. Tolley, 

14 Load Street 
Tel: Bawdier 403329 

43 Temple Row 
Birmingham 32. SLY 
021-543 9351 and 

Phipps & Pritchard 

Bank Buildings 

Exchange Srrtet 

K .dderminsur 

Telephone: 0562.2244 


Welsh potential 

With. its large, multi- 
skilled workforce, proxim- 
ity to major markets and 
nationaVlntemaLional com- 
munications networks, this 
progressive Welsh county 
dominates the north-west- 
ern development scene. The 
news in Clwyd is about 
sales, not strikes — and 
it’s a great place to live, 

Talk to us about (be 
low-cast sites and factories 
plus extensive financial aid 
available to incoming in- 
dustries - well make you 
a deal you can’t refuse. 
Contact Wayne S. Morgan, 
County Industrial Officer, 
Gwyd County Council, 
Shire Hall, Mold (tel. Mold 
2121) for free colour 

To Let 

Lift Car Parking. 
Opposite Reigate Station 
Completion late 1979 

20,500 sq. fL approx 

Joint Sole Agents 


r£\ '% LI V’ TED ' V 

Multi-purpose Industrial/ 
Commercial Complex 

are continued today 
ou the following page 


Approx: 387178 sq.ft Total site area approx 411 acres 

.. . . 

;'fiicfrard ^fi»,Ova • 

■ t 75 Hop** atc«'tT<?ta»a6 k* :i : ' -v£ 

-ViCenjeiW .Belwjjm.’iSiwemrlil.oOwl^pifqjSotp^TIhcV • \-+- 


Knight Frank&Rutley 

20 Hanover Square London W1R 0AH Telephone 01-629 8171 










Located directly on the beach and intra-coastal, in the most prestigious area on the 
Florida Gold Coast Luxury ‘J storey single family 2 or 3 bedroom, with 3 baths, private 
yards and garages, with occupancy in 78 at introductory prices from £70,000 with 
mortgages available. These units offer future capital appreciation and we will assist in 
off-season renting. For brochures, information telephone the President with more than 
20 years experience of building many thousands of homes. Charles Watson, London 
01-235 8050 or write: 

Peel Properties Hillsboro Beach and Yacht Villas Inc. 

1194 North Ocean Blvd., Hillsboro Beach 33062 FIa.,U.S.A. 



i to 2 Acres of Land 

Suitable for Haulage Depot 
Vacant Possession or Going Concern 


HetaiMd Surveyors:- Chamberlain 

u,». t &Willows 

LuirA/jrnis -Survwtirs Abhjiri 



Kenneth Ryden and^Part ners 

CHARTERED SURVEYORS : V -Df • : . . . . 


29 Bernard Street, Leith, Edinburgh 

Situated in ihe main commercial street in Leith the 
property comprises a prestige four storey scone built 
building providing approximately 12.635 sq. ft. of 

Total she area is in the region of 0.75 acres which includes 
a cleared sice area of approximately £ acre suitable for 
redevelopment or for car parking. 

For further particulars contact sole agents. 

head office 71 Hanover Street 
Edinburgh EH 2 i£F 

031-225 653^7 

Kenneth: R\den arid Part ners 



Modern Single Storey Warehouse/Factory 
and Offices 21 000 sq. ft 



Modern Factory /Warehouse Units. SW Birmingham 

Available in units from j0,G0U-400,UU0sqJL 
Single Storey Fully - Serviced 
Central Canteen Lurije Yard Area. 

£*■ I 

Son { ^Daw „ , 

Chiulerwl Sur\v\ « »rs 

m no A oiee au-iKSackville Street, 
01- / o* OlOO London W1X aOL 


Doncaster 17 miles, Sheffield 25 miles, Nottingham 
. 30 miles, motorway access 6 miles. 

3,530 sq. ft. on two floors, 2nd floor flat, 3 garages, 
extensive parking areas, fire equipment by Protector 
Total site area 1.37 acres 
Further details apply: DREWERY AND WHEELDON, 

10 Market Street, Gainsborough, Lines DN21 2BQ. 

Tel.: Gainsborough (4441) 6427. 


30,000 sq. ft. of 
office space 

■ Modem premises in exceptional location 
H Parking space for 70 cars 

■ Beautiful park 
For information contact 

NAEF & Cie - Geneva - Switzerland 

IS. rue de ia Corraterie 
Telephone 21 71. 1 1 - Telex 23 276 

head office 7-1 HanoVerSt^^^ 
'• Edinburgh EH2j ^/r^Sc-V^vV 

^^0aiS225 6533 Ji 



(Rear of High Streer) 


approx. 8,500 sq. ft- 

With Outbuildings and Car Parking 


29, Fleet Street, London. E.C-4. 01-353 9344 


FOR SALE (subject to VAT) 

Near harbour and motorway on broad avenue 
Industrial Building — Newly built 

* Ground 3,800 sq. m. (enclosed and asphalted) 

* Warehouse 1,200 sq. m. (dock and floor on same 
level ) . 

* Offices 350 sq. m. 

Good location - Transformer 120 kWh 
Telephone 5 lines - Telex 

Write to: 


20, avenue de 1'Opera, 75040-PARIS CEDES 01, France 

'^y’D.e v'e'l 01 




Ring John Case 

' 0733-68931 

Urbanisation Spain 

Approximately 50D.M0 sq. m. (124 acres) on the Mar Menor 
I Manga). Special climatic zone in a unique location with 
large garden facilities: 1 km. of beach promenade with palms 
and bathing beach with crystal-dear sea water. 

Price according to expert opinion £6 per sq. m.: in case of 
division into lots, average sales proceeds of £15 per sq. m.. 
immediate development possible since building permit has 
been received. Please send offers with proof of capital to: — 

Box F.1031 Financial Times, 

10, Cannon Street, EC4P 4BY 






3rd JULY 1978 


Dutch group 



wins in 

iLY FOUR years after setting 
a North Sea Oil construction 
vision in Scotland, the Dutch 
ntrolled Bredero group has 
*in the contract for the £25-£30m 
lerdeen centre redevelopment. 
Bredero has won the Aberdeen 
,ty Council's hacking in open 
mpetition • against such 
velopers as French Kier, 
ylor Woodrow, Samuel Pro- 
rti%, Trafalgar House. Sears 
hidings. Bovis and Norwich 
tvion Detailed plans will be 
bmitted in the next few 
'ptiths. And if site assembly on 
e first phase of the scheme can 
.•completed by the turn of the 
at, the first shops and offices 
jl be open by 19S1. The 
tond stage will take a further 
■’o years to complete. 

■Brcdero's plan means that it 
ill pay for land acquisition, 
tilding demolition and site 

clearance. AH this acquired land 
will be passed to the Aberdeen 
City Council, which will make 
contributions to the developer 
equivalent to the loan charges 
on the cost of land acquisition 
until the scheme's cum pie Lion 
When the development is com 
pleted. the Council will grant 
Bredero a long-term ground 
lease and in return will receive 
a share of Ihe scheme’s rents 
growth proportionate to its share 
of the total development costs 

Bredero may arrange finance 
for die development in die UK. 
But the BVG division of its 
parent company, the Amsterdam 
quoted Verenigde Bedrijven 
Bredero NY. specialises in pro- 
vision of development finance, 
and so the scheme could be 
funded internally. 

On top of the Aberdeen 
development Bredero has won its 
way into the final list or tender- 
ing developers for the £15-20m 
office and shop project in the 
centre of Epsom, Surrey. The 
Dutch group is now alongside 
John Lain?. Taylor Woodrow and 
the Post Office’s pension fund 
pitching for the 230,000 sq ft shop 
and office scheme. 

. ....... -jc 

Midland Bank's International Department has found a new 
borne in the City. In a two-stage deal the bank has sold 
its four-and-a-haif year leasehold interest in 22.000 sq ft 
of P & O’s Beaufort House block to insurance brokers 
Sedgwick Forbes, and has taken a lease on the 16.000 sq ft 
6-7 Fenchureh Street building, above. 

The recently refurbished block, part of Land Securities’ 
City of London Real Property Corporation's portfolio, was 
let by City Agents for around £10.50 a sq ft on a standard 
25-year, five-yearly review lease. City Agents also introduced 
Sedgwick Forbes to Midland’s agents J. Trevor and Sons on 
the Beaufort deal. But Jones Lang Wool ton acted for 
Sedgwick in the lease negotiations. 

Donations and informal inn: 
Major The Earl of Ancastcr, 
KCVO.TD.. Midland Bank 
Limited. 60 West Smitilficid 
London ECJ A **DX. 


Men’s Association 




Wccome from hoth world wars. 
We come from Kenya. Malaya, 
Aden, Cyprus ... and from Ulster* 
From keeping the peace no less 
than from w ar we limbless look to 
you foe help. 

And you can help, by helping 
our Association. BLESMA (the 
British Limbless Ex-Service Men's 
Association; looks a Tier the 

limbless from all the Sen ices. 

It helps, with advice and 
encouragement, to overcome the 
shock of losing arms, or legs or an 
eye. ft sen that icd-iapadoesnot 
stand in ; lie ay ortho right 
entitlement to pension. And. for 
severely handicapped and the 
elderly, ir prov ides Residential 
Homes v, here they can live in 
peace and dignity. 

Help BLESM A. please. We 
need money desperately. And. we 
promise :ou,notapenny ol-itwill 
bi wasted. 

Are you a Stock Exchange Investor? 
Does your interest lie in the Far East 
or Europe ? Is gold your particular 
concern? Maybe you're a 
commodities expert or a forex 

Are you hungry for the FT Index or 
news headlines? 

Whatever your interest... 
Wherever you are... 

Ring London, Birmingham 
Liverpool or Manchester 


for the 



Business News Summary 




- — m 

a wonderful final 
f ouch to 

the Monte SarSo 

Situated very close to the Country Club, to the Beach and to the 
Sporting Club. Two luxury buildings in a wide park with 
swimming-pool, panoramic view of Monaco and of the sea. 



Commercial offices: 


7. Avenue Saint Roman - Monte Carlo 
Tel. 50.84.44 -Telex 47.92 23 MC. 

IO, Boulevard du Theatre 
Tel. (022)21.16.88 
Telex 289199 SIPI-CH 

Attractively Fitted 


sq. 2100 ft. 

1 min. Victoria Station 
Newly on market 
Sole Agents: 


Chartered Surveyors 
01-493 6141 





Modern Warehouse/Factary 

8,725 SQ. FT. 

Yard /Car Park— 5.900 SQ. ft. 
Good Access to M.4., North Circular 
Road 8 Western A«. ( A.4D » 

41, The Broadway, W.5. 
01-579 92B2 


Business Hats available 
together with accommodation 
cull 0272 34563. or write lo 

1 Harley Place. Bristol S. 

Office Building 


tv(T Bedford Square) 

Vj.-al.l P0S3CMICQ bq. ft. 
further 3 60‘J iq. It. let 
o.aira! noeiir.t; 

Lj round L-m-l years io run 

Cl. Pelt.” lTuuc.% s.w.i. 
oi-:.: ir.24 

io w. It. Warehouse- 1 
;e Premises. 20 li. to: 
gating. own Good 
Good loading 3rd { 
-2.0M »■» Connells. . 
,les burr, bucks. Telc- 



ExcCJtirc office suites tulle ijrcmted 
and serviced lor an, p.;riod to 1U it » 
company’s reqortmenrs. iKiimec 
include bca-droom. ■e;:urioniit. 
telephones, tele*, lecreo'ui. 

Ring; 01-403 1611. Reh TPL 



Hi;h quality Office rsfurbishment 
appro*. 2.53C \q. Ic plus ground 
Door retail unit, available shore),. 

Apply J a,n ' AjCJIfs 
Ooccori Bom or 

Commercial Perwiinrton 

01-543 1231 01-940 2255 


100 + FORESTED ACRES lor Expansion 
if 2 hours New Torli CHv and Phila- 
delphia markets 

0 in heart ol N.E. PinnSYlrania lake 
and mountain region 

; established inn— owner-managed lor 
a decades 

* immaculately maintained faculties 
lor 125 guests 

if 2 famous vout Streams an land 
$ swimming pond and beach, Wrote 
puling course, oauri 

* near seals oarks. game preserves, 
forest reserves, laics 

$ near recreational, cultural, religious 

1 6 month season — abundant local 

help , 

O financial records ;how substantial 
return on investment 
Featured In ” Coun;r< inns and Back 
Roads" 1978 edition — the source 
book on inns and re. arts worldwide. 
Not iust another charming country inn I 
This is an establish-nj resort with 
leva l clientele and lonc-term potential 
lor maicr expansio” on commercially 
zened lard A rare ooPorLunity lo 
secure a maior resorr and its land 
rtic.- cs in the he-. • o> the last 
important underde»ol>./d resort area 
a<liac>.-nt to me Ai: in not on -Boston 

For information conra-f- 

JIM MARSHALL- M a. .hall Associates 
Realtors. Tele*: 831 92g. star Route 2. 
Hawley. Pa- 184Z8. USA. 

Suite. Collins Street. For Sale. Write 
Box T.4910 Financial Times. 10. Can- 
non street. EC4P 4BY - - 


By Order of the Sussex 
Property Investment Co. Ltd. 


in Burgess Hill and 
Haywards Heath, Sussex. 
Producing in totri £19,050 p.a. 

With valuable reversions and rent 
reviews forrr 1980. 
Auctionev.*,; — 


10 Station Road. Burgess Hill. 
T«h 2=28 

and Hauocks and Haywards Heath 
Messrs. Steven*. Son and Pope, 
40a Church Road. Burgeu Hill. Sussex. 

v.i.4. Freehold btod Is Ild'-S. 16 vacant. 
Pries L2&0.000. Substantial Income. 
Ouick sale required. Oavi* A Co. 637 
1061 . 

HIGH ST. FREEHOLD in a p Imcslment. 
Kent. L« to muitipii? comoanv on new 
F R.f lease at £6.750 p.a. Price 
£99.030. Paris. Wboi' e & Co. 01-456 


MAYFAIR — 1.040 is. ‘I. Pr»ngcous sell- i PARTITIONS PERMANENT DEMOUNT- 

I on:atn?d ac-riod oircer immim,*:* r ABLE. O Peterson Lid. Shophtior*. 

occuMljr Cenaciis Commercial 01- I St. StaP-'r.rd Hill. London. N.1B 

4 93 4932. ; Of- 802 5252. 


m'TTTT flTFT v ~ 1 ^ l ' i * a ^* lg ^ 

.roofs aad walls jave- 

able lor some time, bid »n£S? a ib« 

Amase o reckons it can now '6^oi^P ,, s 

rS* nrodoct than'tos SJT'" - 

New support for 
City operations 

srwvarsfls sssa ananas i aaS|g!£«- m MH-n, 

svstems and software house, has for DEC machine?. . factuxed by Perfil en Fnn SA 

launched . vew bodaLntn Th. 

division aimed specifically at ever, due to an agreemeg UR hyrBdggs A gipjCfr- - 

City financial instimtions. cached with IBM wider 

The company has expertise in 
of complete DEC-based dealing enhancements ■ _ - colons), a eentral. ,^. « 

systems for two discount houses. Together with this agreement, po^^ane foam and iJWR. - J 

* • , m. _ a. ■ j— v v “ YVf _ — ...La aU TA 2 .a a a u . .. I UTl T f] 7l 

a hater, product; 

.therto been available. 

This cl addingYnatcrial is twhS 

Smith St. Aubyn and Clive Bis- concerning 

Initially the new financial 
systems division will concentrate 
on further development 
Gamma’s packages with 


of under which Gamma will market corporation. 

the a“ operating system for Series . paDe is are bntfrjointed to . - 

accent un oan R ing ana mwaiCes. 1-COS L This has the abmy ^ dr wall ^e; 

as well as on developing com- I? S “PP 0 ^ Jb* commercial Ian- the. Joints bong wred - 

and £14 pgr . yfe W- •irnKj. - .. 

Under present wrapping operation^ and.^ 


plete in-house banking ud Suage' COBOL. ’ .* 

insurance systems. A first Senes 1 is going in at which ^vide a weatbCTrtight ^ ’ 

. Xottinghani for training and Bni r the Rgingfc pyrM^iTra- . i>f prg^gmaonett.aan.-'in.-. > 

systems . “^uiS 'n'branch later this year, b by 

environments for users who Gamma is at Compass House, tapping screws me ' w ti TY f-thr — J 

often lack any computing exper- tbe Ropewalk, Nottingham are : fastened tp each “?-• ^ ■' 

Use. N'Gl 5DQ. 0734 786777. The City galvanised steel p late s . :: -pognafm ; r 48 

Gamma has reached a point office is at 01-628 5422. 

m SAFETY & SECURITY bonding 

# between £13.50 

Fighting fire at home aegagaSBaaa^aW:-, 

HISTORY SHOWS that 10 times Three dry powder extinguishers con ^y by road from Spain "and pr desnable-^or 
more fires in the home occur for the home, caravan or boat it win both deliver- tor site and, carried out z t 

during the night than in the day- m ^ availabIe in L « and 2 inetaL The company is r 

time and because people are W1 models. Hand-heid and marketing tbe panels in Sa^i rf;:';,. 

sleeping tbe fires are often well fcl . th „ Arabia and pZaarto extend: the doons Amtaotd . I 

advanced before discovery, a capable of being recharged, tiiey sers ^ Jflier Middle East beat or refirige^ted.jgcea^^fc^.y-: J 

company which for the last 67 can easily be earned to the scene conn tries. . ingicattier l^;4t&n_J^nBQS0Se»>' — 

years has specialised in fire pro- of fire. PnU details of tbe cladding to wrap an. 

tection in industry and the ship- Suggested as a quick antidote can- be obtained from the. com- load. , ; •' . ^ : - 

ping world has now introduced smaJ1 fi particuJai iy those pany at Goodwyns Place, Tower J &r«ir^eniaRbtfte7 » 
a range of products for this from overhStod fots or Hill Road. Dorking, Surrey, RH4 rimte, Colley 

a & 4i>vi» oils on tiie kitchen stove, is,. a 2AW 

railed Z KlreSn 

a penetrating sound impossible °^ r 

to ignore. It is wall mounted. a im_ 

looks like an inverted saucer and ^° ates ° xygen 

Y (0306 5933). Briggs Aniasco Bridgwitei<’Scahej«t - L 8 - ; 

.. ■ .x 1 '. f 


is fitted with a battery said to 

the source of fire. It is 

s? Swift takes its chance 

>•-•7 — - -‘;v' -T. 

months ftinrredew in the sma11 child who have ■** SWIFT THE international elec- i Burroughs and.lCLiV Z^bg- . 
centre of the is lenited ^ ^ himself and, if not ex- tronic funds transfer organisa- nised ^ official, venctors ^ tii« 

every 6 few seconds to show that cessively damaged, the blanket tion, now serving some 500 banks key ^ eipilpment- for 
tht derice £ Llrxtiw Sid « n be reused - worldwide, has formally accepted Swift, known ; under : the ^s ; - y 

when the battery is in its last Further from L. and G. Fire S'fepjiljS jfSJSIoncff naroSIIl.: -. : - 

week of life the unit indicates Appliance Company. 235, Rom- _ It has sagee^ded in s atifeng 

this by sounding a warning ford Road. Forest Gate, London P“J “ *J?^SJrfrtSS»-SS- Swift atihesame toeasds^tofr..; , ; 

E7 9HL (01-555 13U). ha ^ to the funds tra^feT net- fng tradings postira? to; ti» • - 

wo^now linking 17 countries, extent -tbat-in 1 the cuinent.BtfM^ - .. . 

Tins step means ^ at ^^ i ^?/J- C iai year t l irnovei^wil>be^lOOin;-:.'- i 


Withstands high pressure ■ awstt ra?ass»i!S8»^‘-- 

SUGGESTED FOR use on pig progressive and efficient transfer ^^^^.software tiiat^ h^_had profituf (imiagBrtiist irtoss cif'fte^;-- , : 
traps, water filters and all types of load. The closure Is locked to written in oraer to emure ggjpg magBitude-last-yeag^- -vt^: ./ . 
pressure vessels in a new and unlocked by expanding and information tea tnrpugn is j.' -v''. e C :S£« ~ 

range of ultra high-pressure contracting this ring which is acoirate and secure. • 

closures from GeneralDescalinR loaded uniformly over its entire For General Automation which . 

Company. Retford Road, periphery. Tbe massive dobr and b»' ££ un sa tis f a ctory^ resuite marketi^totomi-^am^p^ 
Worksop, Notts S80 2FY outer body are non-rotating an d ^ f ^ v ? 

(Worksop 3211). operation is quick and effortless «*dal importance, partaul^y - 

Constructed in weldable and —an 18 inch diameter Class 2500 rt bas equipped 186 <rf the SOO £S 
high-tensile steels, the range, door which can withstand. LOGO hanta members v 
called Multi-Lock, has been tonnes can be manually Opened fa 3 r put m i 

developed to cope with pressure or closed in -less than three sm a lt er resources Switiumil^mt^^osib^y. 

ratings up to and beyond Class minutes. than’ the two other companies for toe transactions. 

2500 in pipe diameters from 
S inch to SO inch- The company 
says that the adaptability of the 
basic closure design provides un- 
limited potential for high 
intrinsic loading at any 

It owes its name to a sprung 
ring-locking system using multi- 
surface engagement to confer 

Tbe door opens on a two-stage 
cycle and baa a positive relock- 
ing feature. To ensure safety, 
the action is monitored by dual 
bleed plugs which inhibit open- 
ing until the internal space Is 
vented to atmosphere. The drop 
can be manually opened or. on 
the larger diameters, by optional, 
power assistance. 


Teaming up 
to handle 

Movement sounds alarm big jobs 

AM rtl FmnfYP TnifkMiu4«TA Ffatti nr tiYiuor^o +Tiq ^ 

AN OUTDOOR microwave radar 
sensor, TDM 1040, forms the 
basis of 3 system from Lawrence 
Electronics (Yorkshire) that will 
serve either as an intruder 

from or towards the detector., 
and the non-progres6lve move- 

by linking six of the largest, 
capacity drives. ' • " 

A new transaction processing 
system. TPS, is also announced, 
supplementing' . the existing 
range of Level €2 communlea,- 
tioas- software packages, The 
new. '.system- 1 : was: designed £nd 
written, by- Hon^well- Inform a- 
taion- Systems Italia for easy 
programming and slniple instsd-.* 

FOLLOWING in the wake ofthe ^ qiqi 
Xmkhlvrr&SZk machine announced More on 01^68 319L 

swinging in toe wind. It can, if - r : . 

serve eiuici as au miruucr required, be programmed to c,--, v.«„ n ,i I n Avr-n Ancii V7A 

detector or as a courtesy device ignore movement in one direc- SSSfi IflvXMvIlSlVv 

able to s-ivitch on floodlights tion or toe other. T v 

when a vehicle or pedestrian Main components of the system vna/vnA 

approaches a pre-selected area. are the microwave sensor, a P rocessor machine called Demos. 

At maximum sensitivity the control and power supply* unit. Funds are being made avail- \ . 

detection range for a moving a daylight sensor which prevents ®hle under the government’s BEIa 31AN company Vector toter- 
h urn an target is about 100 ft lamps being switched on during Advanced Computer Technology national is offering a siuglecard 
approaching or receding. In the day. a 300-watt floodlamp and Project and the development microcomputer ' for - $220'*-.".to 
fact because of the Doppler a chime unit A siren can be sh <>uld have an immediate com- quantity; whatever the number 
radar s ahilitv tn sens? thp actual energised if needed. mercial application to such areas supplied the customer grts tOto* 

? , „ V o sense the actual Approved by the Home Office, 43 real-time control, transaction plete- schematic 

direction or movement, it can the system radiates only 10 mW processing and communications, documentation 

Aim is link micros or minis by -^ or tiie Hewlett- . . . 

a high-capacity communications sfipstore amlyser. ■ _ 
ring able to channel 8m words/ . . .Iiu tially: the user .is provffled 
second and to support as many wi ™ * wire-wrap yeisxos ef -toe - 
as 250 processors. card which fie can easily, mafifr 

t it*, trr *» «««» to suit Ink own needs; A TS on 

Like Ids array Process^, pre-fclledwire-w^pai^i^ 

and J sepdce 

discriminate between movements at about 10.5 GHz. More on 
of a progressive nature, away 0274 25388. 

Safe in hazardous areas 

INTENDED FOR export to prevents toe engine running on Dermra wiu'be nSie niSE^X* P re;c fr i I 1 ed vrire vvrapai^icccpte 
Kuwait where KeUog Inter- flammable material after the analogue to digital . pomrertets,; 

national Corporation is toe main fuel has been shut off, -while a “JSfufS p - rob ]? m - s maths chips, controUer xdtips or 

contractor for a gas processing hydraulic starting system avoids other interface toodul^ Once 

plant in Shuaiba. is a 4 tonnes the need for conventional bat- »*«• F ? r toe' cnsfomeT hS?5ted”lS 

capacity double barrel winch tery. motor and electrical wir- design.. Vector JjndertalSi^S 

equipped with a specially pro- ing. divide large databases on a disc production- •. •.. .■> ■ ... .—v • 

tected diesel engine. It is being In the event of hazards arising 'computer system which will Basic " ' 


the winch has Pvroban's protec- resulting in an immediate engine Sanderson House. 49 -Berners grammable' memorv , "mMner:' 
tive equipment which includes shutdown, any temporary heat Street, London W1P 4AQ. 01-5S0 five volt sunblv and iSrffie^HB 
inlet and exhaust flame traps, gains caused by toe hazardous 5599. interface. ^ 

water cooled exhaust manifold. COI, - dltion bein S easiI y contained 


spark arrester and exhaust gas 

heat exchanger In addition, an Sykes Woolwich Boad, 

induction air shut down valve Charlton. London, SE7 7AP (01- 
operaled by inert gas pressure 858 8121). 

Risk of a 

SHELL UK Exploration and 
Production is to protect produc- 
tion equipment on platforms 
located in toe Leman natural gas 
field in the southern North Sea 


Oil engine 
in Italy 

boost to 
small units 

Available is an expansion. card, 
with Sfc of EPROM andf S£ ftf 
static jandom access memory. * ' 
lk CMOS memoiy card, and * 
Minifloppy control' card. '(‘Vs 5TV 

More from toe compaBT-it 
B-3004 Haasrode^ Research' FSsi; 

Belgium. : -V: 



. . — .t h-vj*-. 


to vibration 

MOVES TO lift performance 
ceilings of Honeywell small 
system Level 62 computers by 
an average of 50 per cent have 
been disclosed by toe company. 

The increase in power comes 

from a re-specified processor 

that speeds throughput; and FOLLOWING prolonged develop - 

U51U jvuuivi u w a °r J *^ ensi “? . Xo the n>entSUirtevant EngineeniDgPP» ; : 

with T2 in-line flame arresters THE GRANDI MOTORI Trieste °^ VIces that can . be ducts -has devised and- is. market? 

supplied by Ama) of Binning- works are the first to be approved pric ®? a 5 4, *«niathre to estebji^iei 

ham. an 1MI company. in Italy for toe production of IhS tS ^f Ul equipment. ; .' : 

The flame arresters will be marine oil enrflnpg umW rh D nprfnnn!n M C °!ES4 I » er ^® price/ This is baaed un the SEE ^ range / 
fitted to the vents from bearings L ] 0yd - S BeeUtef Ramh mri r tin □ roved DCG rat ° ' 15 much ^ ^ mechanical air s^araftrs aBtf^ 
on gas compressors powered by gh.ter Batch and Line P ' d - efficiently- ond cleanly classifi^ 

Rolls-Royce Avon gas turbines Auction Scheme. The ® “f® 1 memory, materials whicbL.prerim^y.h4wy 

and should a bearing seal fail to approval applies to . two high- heen^MrrpnriPdi !?£>«' ’ K ^ 3ias re< i u ^ re d vibrating screens With . 
perform, gas will be vented and speed four-stroke engine models, which w K a - ^ of - between . 30 * and 30ft. •• 

flared-off at toe top of toe gas types 230 and 210. the beil ® ves » ' « ®esh ptr mch.. -• : _ . . 

Utrijine exhaust slack. Tbe use Application of toe «!fheme require^ Th^dmto^ MfeMnU JL offers Cut point variatidh-^: 
of thf arresters will minimise J 'PP ,,ca y°n of toe scheme require. Tbe doubting has been within given nnrTT ^ n - r t r rT . y iV 

the possibiUly of a flashback and means K ,bat «3tead of each introdiic- simple adjustm^nt^^h^bS ^ 

having to be- inspected ™?P«7 ch « ,s as made even with : 

of flames reaching the gas engine 

with the -eqmptoeig- 

individual,y wtan * L,o,d ' s 

compressor. inaiviouauy wnen a 

The compressor sets maintain Register Certificate is required, «uttits‘ ,C cal!ed U “T qim 0 ^/ l ? ra8e tnr ? lJ _ 

the pressure of naturaJ gas to all engines produced (together storage raodule drtre!) man? 2*SLS ’***■ 

SSTL 5 ***«' will be fouled by MjeSpSk ^ muchTa^ rirrj^l^ ’ 

eligible for a Lloyds Register company formed by tion in the £o r 

Certificate after final inspection. £?S?. eyw ®y “ association with an instaiin+i«i, 


Bacion. Norfolk, for distribution 
throughout toe UK by tbe 
British Gas Corporation network. 

More from I MI, PO 
Birmingham B6 7BA 

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., « • -. 

Bad news week 


Don’t Cry For Mo, 

Little Mother- (X) Gala Royal 
Brace Lee’s Game or 
Death (X) Warner 2, Swiss 
Scene. Classic Oxford Street 
The Deadly Females <X» 

Royal. Charing Cross Road 
Go Tell The Spartans (X> 

London Pavilion 
I Wanna Hold Your Band (A) 


The Main Actor (X) Scala 

This is one of those weeks in 
the cinema from which a critic- 
surfaces in a cold, sweat, wonder- 
ins. >f B has all been a bad dream 
or. even more frighteningly, a 
waking reality. Did an ageing 
Burt 'Lancaster really strip to 
the buff and die face down in 
the Vietnamese mud in Go Till 
The Spartana? Did Bruce Lee 
really come back from the grave 
to star in Gome of Death? Did 
the . Evita Peron legend really 
suffer the torpid imbecilities of 
a German-Yngsiavian porno-co- 
production (called Don’t Cm For 
Afe. Little Mother)? And can 
it be that a film a pprecia lively- 
reviewed last week by two of ray 
colleagues, and dutifully taught 
up with me this week, turns out 
fo bp such a terminal piece of 
drivel as The Deadly Females' 1 

This is the week to indulge 
one’s emergency option to write 
a film column from the worst 
movie* upwards: if only out ol 
sympathy for the reader, for 
whom a steady ascent from tbe 
bad to the merely mediocre is 
probably preferable to a nose- 
dive ia reverse order. 

True badness, furthermore, has 
its compensations. Don't Cry For 
Me. Argentina is not only a treat 
for -lovers of High Camp, but in 
its virtuoso absurdity it offers a 
refreshingly back-handed tribute 
to the overblown myth of that 
Famous Lady from Argentina. 
One is tempted to suggest a 
shuttle service from the Prince 
Edward Theatre to the Gala 
Royal, for audiences who wish 
to wash their minds out after the 
mellifluous hagiography of Rice 
and -Lloyd Webber's musicai by 
seeing the'iattered corn* to which 
Evita Peron’s legend can — and 
possible should-— be reduced. 

The film’s heroine is a 
curvaceous blonde called Marina 
I Christine Kruger), whose well- 
mascara’d eye for ' the main 
chance leads her rapidly up the 

ladder of success in a Nameless 
Country, of totalitarian hu<- and 
militarism- manners, which just 
might be mistaken for Argentina. 
After running tbe hedonistic 
gauntlet or affairs with Sundry 
men of State, she hods and 
marries the Coming Man hjin- 
self, one General PinarcS. With 
her nubile assistance. Pinarcs 
becomes the President.’ of the 
country, she tpc lorcc-bohind-the- 
throne. and after climaxing in an 
orgy of power-abuse and high 
living, the film ends with the 
heroine’s assassination on the 
balcony of her palarc. ■■ 

Well, quasi-assassi nation: Tor 
in 3 style Typical of the movie’s 
melodramatic overkill, the poor 
lady has already died in her 
imperial wheelchair (she has 
been ill fur some weeks with 
cholera) when the assassin’s 
bullet strikes, splattering her 
blood all over General Pinares, 
who is trying to make an elec- 
tion speech to ihe people by her 

Earlier, the film hardly m^ses 
a trick in fhe tifjIJaiion-.<nd- 
innuendii department, the award- 
winning moment being one 
lover' * enraptured remark In the 
heroine-seductress, - You.’ ruuld 
raise the dead." The pinvir's 
picture of political corruption i., 
hilariously all-encompassing- N'w 
only does the heroine inaugurate 
« Marina Pinares Charitable 
Fund, whose proceeds appear to 
go exclusively lu Manna Pinarcs. 
but torture, diplomatic Killings 
and blackmail are all in a day's 
work for the denizens of these 
corridors of power. One spends 
the first half of the film menially 
berating Gala distributors for 
bringing this rnck-boltom- piece 
of hokum to London, -but its 
badness has an all-out Vitality 
that finally wins one round. The 
film goes so far in the wrong 
direction that ii seems lo c«»ine 
out again the other side.. 

* . *7 

Gome of Death, by contrast, 
has no redeeming features a r all. 
If cinematic necromancy were 
sin actionable offence, theinakers 
of this film would be battled up 
in court. Bruce Lee is billed us 
the star of this Hong Kong- action 
farrago, but as most of you 
know-, he died several years ago. 
Undeterred, the makers haye dis- 
interred him: or at least bis 

photographic remains. Lee com- 
plrled no more than ten minutes’ 
rootage on this film before he 
died, most or it cun cent rated in 
two stylish finhti at ihe end. For 
Ihe rw>l . the film's director 
Robert Clouse has resorted to 
Ihe hideous device of using 
another actor (a Lee look-alike 
unnamed in the credits I for 
principal shooting and of sub- 
stituting stork-footage close-ups 
or Lee for occasional reaction 
shots. The ‘.lory is bad 
enough by iiseif. an overcooked 
ragout of intrigue, revenge and 
murder graced but not redeemed 
b.v tbe -presence of Dean -Irigaer. 
Gig Young and Hugh il'Brien. 
but in tampering with Lee and 
his legend. Ihe makers have 
added desecration to insult and 


In other hands The Deadly 
Females. with its story of a 
prostitution - and - assassination 
bureau run by a svelte female 
mastermind (Tracy Tteedi. 
might havp made a passable 
black comedy. But in those of 
Donuvan Winter, a veieran or 
the British sex-cinema circuits, 
the (i I in is dimmed by us market. 

The sole nn.tmt d'etre of Ihe 
movir seems lu be In pack in 
as many scenes of undressing 
and sinurlaled love-uiai-ing as 
the censor will allow, and 
audienrc appetite mr patience I 
will indulge. The women eharar- 
ters in the film are all repressed 
wives or scheming seilm tresses, 
the men are all menopausal 
executives. Winter aims some 
modish jabs at the intrigue and 
chicanery of the London Big 
Business world, but in this 
meretricious context attempts, a! 
social satire seem the height or 
p resum ptuousness. 


Gr> Tclf The Spnrlanx is 
slightly better news. This is the 
story of a ha tile- weary American 
platoon defending a doomed out- 
post in South Vietnam. The film 
has a drnmntiXs personae com- 
posed almost exclusively of stock 
Hollywood characters: from the 
cynical-kindly C.*». (Burt Lan- 
caster,) lo the rule-book fanatic 
(Joe Unger) to the fresh-fared 
would-be hero (Craig Wasson). 
But the film gains interest 
steadily, not least from the colli- 
sion between thp war-movie 
stereotypes that Hollywood still 

Christian* Kruger and Ivan Desny in * Don’t Cry For Me, iJttfc Mother ’ 

has not shaken off and the now 
mandatory cynicism of the post- 
Vietnnm age. Expletives pour 
un-doleied front every character's 
mouth — not least Lancaster’ 
allusions are riTe to such 
tin-heroic matters as dysentery. 
VD and drug-taking. The film 
is a failure — swept now that way, 
now this by Us conflicting 
loyalties to different movie ages 
— but the failure is an interest- 
ing one, diffidently heralding in 
a new sophistication and disen- 
chantment in war movies. 


For (hose who have forgotten 
Beatlenunia. a limcl> and noisy 
reminder is furnished by i 
Wanna Hold Your Hand. 
Directed by Robert Zemeckis 
and produced by Steven Spiel- 
berg. this pop-world comedy 
follows the adventures of seven 
ill-assorted teenagers — four girls, 
three boys— who try to gate- 
crash New York's Plaza Hotel 
during the Beaties' first visit 
there in 1964. The movie 
climaxes in a parody-recreation 
of the historic Erf Sullivan show, 
on which (he Beatles made their 
inaugural American appearance 
and in which teenage pop 
hysteria reached a new high. 

The film belongs tn the 
A»i<*rjniii Grnfjiti school of 
ctiiiiic-Mnp nostalgia: but it is 
alsn a minor lour tie force in Its 
own right. in the farcical varia- 
tions it rings on a slender theme, 
and in the tantalising way it 
gives us glimpses of the Beatles 
(a Liverpudlian voice here, a 
mop-haired silhouette there) 
witbout ever resorting to tbe 
hopeless (ask of trying to re- 
create them. One of the teenage 
invaders actually gets as far as 
ihe Beatles' hotel suite and 
secretes herseir under one of the 
beds. No sooner is she discovered 
and politely evicted than Ihe 
□cws cameras and journalists 
swoop upon her in the hotel 
lobby, and in five minutes she 
has been immortalised on lbe 
small screen. Such is the infec 
tiousness of slardum. 


A more reluctant star is lbe 
juvenile-deliqueni hero of The 
Jfntrt Actor, a new film from 
Germany. Written and directed 
by Bernhard Hauff, this is partly 
a film-within-a-film, showing tbe 
hoy acting out his real-life role 
for a quasi-documentary movie 
being made by a young director 
(Vadim Glownai. partly a study 
of the aftermath of the boy's 
involvement in The shooting, 
wben the cxciiemenl and sense 
of purpose have died away and 
ho is left again in his own in- 
adequate menial and emotional 
resources. He returns, slowly 
and inevitably, to a life of 

The subject is intriguing, but 
the treatment is curiously drab. 
HaufTs reputation as a director 
has never challenged those of his 
more illustrious compatriots— 
Fassbinder. Herzog. Wenders — 
and from this film one can 
understand why. It is locked 
into a TV‘Style naturalism that 
suffocates the subject for lack of 
imagination. The young hero, 
crew-cut and sullenly defiant, is 
a distant cousin lo Truffaut's 
Antoine Dm riel in The ion Blaus: 
hut the film never smuggles us 
inside his own mind, nor com- 
mimicales to us the reason and 
reality behind his compulsion to 
violence. (His vandalistic 
specialities include smashing 
cars and .setting fire in cinemas.) 
As the only movie of the week 
that offers a serious treatment of 
a serious subject. The 3 lain 
Actor deserves some respect. 
But without a lacing of passion 
or vitality, seriousness is not 
quite earfugh. 

U 5 < > 



American Buffalo 


David Mamet brings you to the 
edge of your seat with language. 
Not just the force of it. but tbe 
cunnmg deployment of everyday 
American speech patterns that 
cut corners and pure grammar 
to distil hard meaning and 
veiled threats from the frenzied 
banter of a trio of articulate 
bunglers in a downtown junk 
shop. Hearing Pinter for the 
first time must have been some- 
thing like this. “We got work 
to do here and we don't want you 
to do it. So what arc you doing 
here? ” That line may not sound 
great in itself, but in context it 
rattles with an angry, exciting 

The play was written in 1975 
and progressed from off-Broad- 
way to Broadway last year with 
Ken Duvall and A1 Pacino in the 
casL British audiences first met 
Mamet earlier this year with an 
oddly matched double bill at the 
Regent. The promise and noise 
of a true original is confirmed 
in Bill Bryden's powerful pro- 
duction for the National Theatre. 
If it misses out in respect of 
precise Americanism, the cast oF 
three resorting a JinJe too easily 
to Method mannerism, it com- 
pensates entirely in its devotion 
to Ihe swing, beat and pulse of 
Mamet's glorious froth. 

The junk shop belongs lo 
Donny Dubrow (Dave King), who 
has sold a buffalo vom for 90 
bucks before realising the pos- 
sibility of its greater value. He 
wants it back and the chance of 
an escapade infects his different 
relationships with an impression- 
able sidekick. Bobby, and Teach, 
a more experienced but ridicu- 
lous hoodlum. Competitive 
expressions of loyalty, friendship 
and jealousy are firmly rooted 

in a soil of business association 
continuously threatened by para- 
noid outbursts of rivalry on all 
sides. Each line, almost, sets out 
to redefine through humorous 
inflection the state of play 
between the three of them. 

Violence erupts as the inevit- 
able solution to the fears and 
problems of one particular night 
which will evaporate into an 

Michael Feast and Jack Shepherd 

encircling, vividly sugge-ied off- 
stage world uf gin games with 
aggressive females and other pre- 
tenders to territorial right $ in 
ihe cluttered den. Mr. King is an 
impassive bulwark lo ail 
demands made on him. while 
Jack Shepherd and Michael Feast 
play feverishly on ihe brink of 
acceptance in well-balanced 
studies of nervous bravado and 

glum, persecuted desperation. 

Grant Hicks has designed tbj 
anrt of inamcally detailed set 
would lake all night to invpi| 
t(ir> — I saw toys under glas 
umbrellas, fencing masks, berf 
ing gloves, boots, bottles an 
Micky Mouse flags. Tbe win 
picture is given atmosphericall 
beautiful lighting by And. 

Si. John r s p Smith Square 

Jean-Claude Malgoire by NICHOLAS KENYON 

Jean-Claude Malgoire is in 
England for the important 
revival of Rameau's Hippolytc et 
Aricie at Covent Garden on Sun- 
day (which should not be 
missed; there are still some 
tickets available). On Wednesday 
he brought bis ensemble La 
Grande Laurie et la Chambre du 
Roy to St. John's Smith Square 
to warm up for the occasion. At 
least. I hope (hey were wanning 
up: the playing was by no means 
as stylish as one has come to 
expect from Malgoire's lively 

The small hand of original 
instruments consisted of single 
brings, plus flute and oboe: la 
Chambre xans VEcurie, v’hich 
was a pity, because Malgoire's 
trumpets and drums can always 
be relied upon to add vigour and 
cover up any problems of intona- 
tion. The,short programme was 
given in reverse order; but it 
got steadily better, so 1 shall 

start from the end (that is, 
the original beginning). Bois- 
raortier's skilfully woven cantata 
L" Hirer found Che players or 
Iheir most expressive, but lbe 
performance was dominated by 
Sophie Boulin's extraordinary 
singing. A mixture of Pygmalion 
and Ptaf. she stood silent and 
statuesque during every pause, 
and tben burst with sudden 
passion into song, straining each 
□Ole to its full worth and acting 
out tbe drama with brittle, tense 

There was nothing so striking 
in either Jean-Claude Veillant's 
deftly tripping account of a 
Leclair Concerto (Op. 7. Nu. 3. 
played on the flute), or in Michel 
Henri's slightly unsteady jog 
through the Handel Oboe Con- 
certo in G minor; botb lacked 
sparkle. One jolly curiosity was 
tossed into the evening, however: 
a piece by Leopold Mozart, wbo 
had a penchant for including 

sbuiguns and jingle bells in his 
scores, and if alive today would 
doubtless have beaten Satie to 
the typewriter and ffoffnung to 
tbe vacuum cleaner. This .S'iu- 
jonia Pastorelfa featured a ten- 
foot alphorn. an instrument of 
an admittedly wider range than 

the vacuum cleaner (just); it 
repertoire uf one arpeggio war 
exhaustively explored iq th 
three-movemeot piece. ao 
played by Michel Garein Maro 
with a cool sophistication whic 
was missing from the rest of th 

Fourth Bracknell Jazz Festival 

The Fourth Bracknell Jazz 
Festival, taking place on July 
S and 9. features a rare appear- 
ance in Britain of saxisl Ornette 
Coleman as well a> the British 
debuts of viol ini si Leruy Jenkins 
and saxophonist David Murray. 

Coleman’s sextet will have two 
drummers, one his son Ornette 
Denardo. Jenkins will play with 
pianist Anthony Davis and per- 
cussionist Andrew ■ Cyrille. 
Murray will play a solo set on 
the Sunday of -the festival. 

Among the British group, 
playing are Elton Dean's Nine 
sense, the Stan Tracey/Juhn 
Sunnan duo. ihe Bobby Wcllins 
qua rtcl. the Ronnie Scott rjuin- 
K-l fealuring Louis Stewart, the 
Lennie Best quartet and several 
pianists appearing in a session 
entitled A Fistful of Pinnists. 
Among them are Gordon Beck, 
Roger D.ean, Chris McGregor, 
Howard Riley. Mike Westbrook 
and Pete Jacobson- 

Who’s got the answers to the 
6 most commonly-asked questions 
about trading with the Netherlands? 

Coveby Garden 

Pelleas et Melisande 


The latest revival or the 
Covent Garden Pelteos is well 
worth seeing for the perform- 
ances -of the title-roles by 
Thomas . . Allen and .Aim® 
Howells, and for the quality of 
the- orchestral playing under 
Colin ■ Davis. There is a 
mysterious . . ; alchemy about 
Debussy's marvellous score by 
which, when the -theatre is even 
slightly too big for it (as Covent 
Garden • undoubtedly isl the 
orchestra ', comes up and the 
voices .go- down. .Not. this time. 
Has there ..ever been, in this 
theatre, ; a :: performance of the 
work rat - -which* so many. . of " the 
words ware-audible as oh -Wed- 
nesday?--’ - 

The . French ..coaching, of 
J anine Reiss, and .-the generally 
high standard of. diction must 
share the credit; but the biggest 
bouquets, go. to J5r. Davis abd the 
orchestra ifar piaying^ \that was 
taut and luminous as well as dis- 
creet Sometimes, for example, 
in the. scenes- with GoTaud, the 
pulse .slackened— there is a nar- 
rative' aspect of the score which 
Mr. Davis. hMh’t -quite mastered, 
but the perfect reading doesn t 
come m a hury- Thereis plenty 
of ibhf for the ethnaxe* . . 

Tbbinaff " Alien's PellCas is a- 
lovely piece of work. The high 
tessitura .-seems to bother- him 
not -at all (the'first Penea& Jean 
PCrrier, also sang Scarp* a -.and 
Collin e-rone wonders .- exactly 
whatA-sort - -of- ar voice he had). 
The soumLof a genuine , forward 
high . baritone ' is ■ consistently 
•' beautiful: 'Mr. Alien looks young 
but not ‘ effete las apparently 

Maeterlinck, who, was- a .great- 
big glutton Of -tt. man,, wanted 
' Mai to^be. -Every' phrase 
sensitively but ; '.also - .-'strongly- 
placed.* he .fives' the impression 
Of a }outh completely, helplessly 
■ enthralled.- 1 To :BISlfeahde 'Anne* 
Howells (also singing the role 
' at CoVent Garden for the first- 
time) brings her, special qualities- 
of • intelligence, *. theatrical 
instinct, and musicianship. 

This is - not the 'fluttering,, 

’ bruised, leasing moth of >a; 

MdEsande -but .fhe quiet, . secret : 
: fclnd—jh ore - attractive: aE 'r™ or f 
” dangerous, using the ej^s t fixed 
- ofteq- oB- .sometiaajF n) : the jlis- 
■' ..' taneO . ■ the : cS»er t 

'lifted, ■ eiusrve,; appealing: SUs« 

Howells makes it plain that 
Melisande has not been happy 
in the past but is reasonably 
calm about it— too much is made 
nowadays of the supposed’bruta- 
Jity of Meiisande’s former 
husband Bluebeard— a gloss 
added subsequently by Maeter- 
linck when he wrote the libretto 
of* Ariane et . Barbe-bleue for 
Dukas. Miss Howells gets so 
many phrases heartrendingly 
right that one may perhaps 
suggest that she makes too much 
of the unaccompanied song 
from the tower (not a E reat 
statement, surely, hut rather an 
absent-minded “bum"), and too 
little of tbe deathbed scene, 
where the voice must carry even 
if the result is unrealistic for 
a dying woman qnd a frail one 
at that. _ ' . _ 

Tbe experienced Golaud of 
Thomas Stewart comes from 

another less idiomatic world. 
This is a strong, often gripping, 
performance which suffers from 
a tendency lo slow down the 
declamation which must always. 

io this opera, preserve some 
relation to human speech, occa- 
sionally also from a tendency 
to chop up the vocal line under 
the stress of emotion. 

‘ Robert Lloyd's Arkel, nn the 
other hand, is thoroughly 
stylish: his refusal lo allow ihe 
old boy to become merely ihe 
usual, sententious mouthpiece is 
admirable. Patricia Payne sings 
Genevieve in place of the 
indisposed Anna Reynolds. Miss 
Payne looks mighty impressive; 
her vowels are fine but one 
shouldn’t read Tetters aloud 
without consonants. The grat- 
ingly; boyish Yniold of Gillian 
Ramsden remains a pleasure. 

Tlie staging is now ascribed 

to Ande .Anderson, who has 
abolished almost entirely the 
distracting mimings th3t used 
to go on during the orchestral 
interludes. Some of lbe scenes 
look a hit empty, as though the 
cloths have been sited loo far 
hack. In many cases the light- 
ing has improved, notably in the 
second fountain scene, where the 
lovers* references lo dark and 
light now make more sense. On 
the other hand the discovery of 
the blind men in tbe grotto 
remains inept, and the new solu- 
tion Tor the lower window at 
which Melisande does (and un- 
does) her hair suggests that 
Arkel and his family were 
troglodytes— perhaps this scene 
will never work without a 
return to old-fashioned natural- 
istic scenery. The programme 
has a fine crop of period photo- 

Thomas Allen and^Anne Howells 

What are the advantages of starting 
a business in the Netherlands? 

Excellent communications, 
including the largest port in the 
world at Rotterdam: stable and well 
organised labour relations; a long 
business tradition: excellent living 
conditipns. Some of the world's 
iargestcompanies — Philips. 
Unilever, Royal Dutch Shell. — 
are there. 

Does the Dutch Government 
encourage new business ventures? 

Yes, it does. Foreign-owned 
companies are treated in exactly 
the same way as Dutch companies, 
and. in some instances, even have 
favourable tax treatment. 

Are the Customs tricky? 

Typical of the flexible Dutch 
customs system is that you can 

Amro Bank 
of course 

store goods brought into the 
country Indefinitely in bonded 
warehouses without payment of 
duties or VAT (Value Added Tax). 

Wha t import duties wilt I have to pay? 

Import duties were abolished for 
EEC members on 1st July, 1977. 
Associate members, and some 
other countries, have preferential 
trade agreements. VAT (Value 
Added Tax) is levied on most imports. 

What do the Dutch need most? 

Predominantly raw materials, 
since the country has a shortage, 
and finished products, to support 
the national chemical, 
metallurgical, petroleum and 
electrical industries. 

What are labour relations like? 

In the last few decades, there 
have been very few labour 
disturbances and strikes, largely 
due to the fact that employees 
and employers have good means 
of communication which they 
exercise to reach satisfactory 
wage and conditions agreements. 

Amro Bank is a leading Dutch 
bank, with over 600 branches 
throughout the country. Amro has a 
network of correspondent banks 
stretching round the world, and is a 
member of European Banks 
International (EBIC).lfyou wantto 
know more about doing business in 
or with the Netherlands or for 
details of our commercial banking, 
trade finance and business 
promotion services in Europe and 
international Jy — please contact us 
at either of the addresses below. 

amro bank © 

amsterdam-rotterdam bank nv 

Head Offices: 595 Harengracht Amsterdam. Telex 11006 
119 Coolsingei, Rotterdam, Tetex 22211 
Branches, subsidiaries or representative offices in Antwerp Curacao, 
Dubai, Jakarta, London, TaKroandallUlaiBsinZIsouninss. 

■ ■ : ~ ' 7 : : -JV '■ 'r-^k n T >* 


1 Telegrams: Fioantimo, London F54. Telex: S8 6341/2, 833897 
Telephone: 01-248 8000 

Friday June 30 1978 



jT sfig*! 


<\ better grip 
<mi spending 


• - .•' ■. ...■* V V -v. a**-. • 

•— IbiUiy. ;■ 

fe C HAS long been thought desir- 
oi jle to assimilate the system 
01 : cash limits which was applied 
rc r rhe greater part of govern- 
? ent spending two years ago 
Jl ith a reformed system of Par- 
P* amentary estimates. The 
inual presentation of three 
m ?ts of figures — cash limits, sup- 
rt ly estimates, and the public 
rpenditure White Paper— all 
s Hating to the same pro- 
e ranjoies and all based on totally 
b liferent assumptions about 
p rices has not merely made for 
3 infusion. It has made a 
S1 lockery of Parliamentary eon- 
P.-ol of expenditure. 


ii distinguish 

1 The purpose of cash limits 
9' as to restore administrative 
L ontrol over government expen- 
f- iture following the large over- 
v pendings of earlier years. They 
< re based upon estimated out- 
^urn prices for the year ahead 
nd represent the amounts 
s ;hich the Government proposes 
- hould be spent on the services 
r oncemed. Supply estimates. 
1 pon which Parliament has tra- 
1 itionally voted expenditure are 
Gased upon pay and prices rul- 
'ng at the time of their prepara- 
1 ion. This means that Parlia- 
ment has to be presented each 
| -ear with a large number of 
upplementary estimates in 
vhlcli the effects of inflation. 
>olicy changes, bad estimating, 
ir sheer lack of control have all 
oo often been impossible to 
listinguish. The Public Ac- 
counts Committee and tbe Esti- 
nates Committee have therefore 
mth been pressing for an early 
ilignment of parliamentary and 
■overnnient control on a full 
;ash basis. 

This will not simply be a 
natter of changing the price 
issumptions In the estimates. 
The present structure of both 
estimates and cash limits will 
have to be altered since only 
about two-thirds of voted expen- 
diture is presently subject to a 
cash limit and it would clearly 
be essential to make the distinc- 
tion clear. The main exceptions 
I cash limits are services upon 
which expenditure is largely 
determined by demand, such as 
social security 7 bcnetits. (The 
distinction is not clear-cut: the 
National Health Service is cash 
limited but not the Concorde 
programme or the National En- 
terprise Board, while, in the 
nationalised sector, the British 

National Oil Corporation alone 
is excepted.) As a result. It is 
now likely to be 1980-81 before 
the new system could be 
brought fully into operation. 
In the process, too, it will not 
always be possible to align 
supply votes with the mana- 
gerial organisation within de- 
partments and with the spend- 
ing blocks set out in the annual 
public expenditure White Paper. 
But the overall effect will be to 
improve short-term cash 
budgetary- control by restoring 
the significance of supple- 
mentary estimates. 

The key to the new system 
will obviously lie in tbe assump- 
tions made about inflation. The 
operation of cash limits in the 
past two years may have been 
assisted by the Government's 
pay policies. But were the rate 
of inflation in future years to 
be substantially different from 
what had been expected, then 
the limits may have to be 
adjusted. So far this has not 
happened, although in 1976-77 
at least inflation was under- 
estimated, with the result that 
spending on cash limited ser- 
vices was cut back in volume by 
more than had been planned. 
To that extent, the inflation 
assumption has been a policy 
objective rather than a forecast. 
If inflation were over-estimated 
(an unlikely prospect in the 
immediate future) then, accord-, 
ins to a Treasury memorandum 
to the Public Accounts Com-i 
mittee. the limits would prob- 
ably be reduced. This would be 
done as an administrative 
measure: there would not be a 
series of " negative " supple- 
mentary estimates. 


At stake here is not merely 
tbe operation of cash limits. 
Medium-term control of public 
expenditure, for which the 
annual WMte Paper is designed, 
has been made more com- 
plicated by the underspending 
of tbe past two years to which 
cash limits have contributed. 
This year's increase in volume 
can be interpreted, for example, 
as one of 2.2 per cent (planned 
over planned) or 8 per cent 
(planned over outturn). The 
improved operating efficiency 
which cash limits have brought 
is certainly welcome. Even more 
important is re-establishing 
Parliamentary control over 
expenditure and priorities for 
more than just one year ahead. 

China looking 
for capital 

T HE RACE to perfect new 
types of computer memory 
promises to be one of the 
most exciting commercial 
events of the next few years. 
The winners will be difficult to 
predict: large fortunes will be 
lost and won: and the final 
result will have implications for 
the whole of the business world. 

The competition has become 
of particular interest to the 
British taxpayer because of the 
decision by bhe National Enter- 
prise Board to place a £5Clm 
stake on an outsider with no 
previous form. Tim Board's 
money will be used to sponsor a 
new semi-conductor company 
which intends to move straight 
up among the front runners 
from the U.S. and Japan, now 
jostling for position in a rapidly 
expanding market. 

The NEB's main objective 
appears to be tu produce a 
computer memory with the 
cryptic name of a 64k MOS 
RAM. In plain terms this is a 
tiny chip of silicon on which is 
etched 64,000 microscopic 
memory cells. 

However, the MOS RAM (the 
acronym of metal oxide silicon 
random access memory-) is only 
one of a range of different types 
of memory including two new 
con tenders, bubble memories 
and charge-coupled devices, 
which have on the face of it 
great possibilities. 

The civil servants and politi- 
cians who are now having to 
become experts in the complexi- 
ties of semi-conductor produc- 
tion have therefore to decide 
not merely whether the NEB 
can win 4he 64k RAM race but 
whether that is title right com- 
petition to enter in the first 

A further difficulty for any 
newcomer is that micro- 
electronic technologies are mov- 
ing so fast that the established 
companies can afford to lower 
prices 35 to 40 per cent a year. 
To make life as difficult as pos- 
sible for their rivals, they often 
lower prices well before they 
have gained the advantage of 
.volume production or a techni- 
cal breakthrough. 

Big companies like Texas 
Instruments can afford to carry 
heavy losses for a while on a 
particular product, which they 
recoup from profits on other 
lines. This highly sophisticated 
form of gambling on future 
markets obviously carried great 
danger for a small company like 
that which the NEB appears to 
envisage. Details of its proposal 
have not been announced. 

Unless it can rapidly outpace 
the competition either in 
design or production techniques 
it could easily find itsell at the 
lasing end of a ruthless inter- 
national price war aimed 
specifically at its products. 

This market, including ' all 
forms of computer storage, is 
growing at the rate of about 25 
per cent a year and is now 
estimated to be about $5bn a 
year worldwide. 

Only a few years ago memo- 

Sin (US price for 1m. units ot memory) 





squeezed'' /Out.--; 


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1. ,r„ -cnrfH* -nrodhcodin - 

••made ‘oa 
lines '■ as: ,-otiier 
circuits,; ? buW>% 

: depend "oa^a ; 

' They ' art? made' fro^irafeiSi - 
non-magnet^ .• 


MOS j - * ' 



! CHARGE- , 

4- & . — | 

' mass me I 


into small;-;-: domains ■ 

~ jnateriaL.eatirabb^-ngMg---. \ •, a 

; . of a metre \yife ^ . 

crystal- by, elecir ^ ) agm *^tejwi : ^~ - 
; ( . that they grve their ; ^ : 

1 to minute serisois, 

top of the .crystal- ; 

- Tlie 

^fedngV bubble ‘in jNHtiftMgk*'.: - 
."may'’ not be enough,, Z : " -• 

may ibh -mi , 

• Temaika i r..\ 

: achievement. ; .. - 

000001 1 



Time needed lo gain access to ga'm of memory (seconds)^ 

1000 W® 4 

- I bubbles I . ing With; 

S ■ j Tm sckacf. uto. :vwt • bubbled must Idas v 

I 1 I I I -I — J ft thcmsandth'ibf > 

000001 1 1 ^ ^ 5 74 ’78 - ' which fee ■ > 

■000000001 -oooQoi -ooi i woo 1 ? 64 *66 w 

Tinte needed lo gain access to gam of memory (seconds) _ ■ ~ chips able lO >: - 

ries could be divided neatly into able for files which can be bubbles, which already offer the qMUttjML • Texas ilosmimgite ' 

two tvpes: the core memory loaded onto a faster central prospect of storing more than is ™ k ® u "8 « JJJ™ ■; 

which ’stored information at the memory for processing. Mag- lm pieces of information in a stores about , Iem ■ of- the : mdUjgy 

very heart of a computer, and netic discs and drums, though device the size of a domino, formation. > what is J 

magnetic tapes and discs hold- more expensive, allow more Other U.S. companies compel- However, the theoretical curve." /Ta^ 

IlCdll Ul a IWUI|IHK|, a- . . 

magnetic tapes and discs hold- more expensive, allow more Other U.S. companies compel- However, 

° _ . . . ... ...... 1 m rfaTralnnmpnl nf i 

cOuSlSiea Ol large uuimitub vi uuuuibuub m uiuu»uu U u - — . - *v w o “ f,-- — «■ - — : i — r ;;.;..v 

iron rings with a network of of a second. Intel, the giant American Tele- changing world. Everything: increasing . 

wires criss-crossing through None of these magnetic stoi- phone and Telegraph. Nat ional depends upon producing la rsc ponents 'ary •steadil y ^rtwi^ cing 

them. Each ring could be age systems, however, allows Semiconductor and Sperry Uni- enough quantities at the right the cost per bit' o i fflefflo -,-V ^ v ' 

magnetised or de-magnetised to random access to the informa- vac - Japan. Fujitsu and. price at the right time. ... The extreme 

store a single *' on/off’’ digit of tion. The computer can only ob- Hitachi have joined the race Tims CCD memories now have yoIoine^eiSS.from fhe^g jtiiat . ; 

information. The great advant- tain the data in a serial fashion and m Europe PJessey and on iy a relatively smail leadover the ■ ^micoiratKgor rGadU iac^ -^ 

age of core memory was that —that is. in the order in which Philips are also doing work on ^ ^ va j ^OS technology. Fair^ 

the computer could extract | t was stored. bubbles. Total research mto^the for e^mpie, one ^ the ; 

information from it extremely Great excitement is now being of ^ order leatos in CCD, found, when, it ’ 

rapidly. generated in the computer world o£ to date - .... introduced a 16,000 element. 

Although core memories are by the emergence of two new The amazing possibilities of CCD memory that a 16k MOS./bave.; derecB^ano-r^ve^.^^^ 

still used, they are being super- types of memofy whose price bubble memories can be gauged RAjf'was well on the way .to 

seded bv different types of serai- and performance lie somewhere from the fact that AT and Ts development, by Intel. 

conductor memories which between those of the fast, ex- Bell Laboratories, which raven- ^ keep ahead( 7 

store information in thousands pensive RAMs and the cheaper ted the idea m 1967, believes d t a 64,0004)it . ' 

of transistor switches. In a bulk storage devices, that in the next decade bubbles “gj ^ i Jtofe '. 

random access memory (RAM) 0 ne of them is the charge- ^j 1 ? J® ^ end of last year. 1 ^-Bufr. -mhW~ \ 
the computer can turn each ^pied device or CCD which is of ^formation on a single chip-, spite' of: the fact thdtMOS feai^ ' 

switch “on" or “off” individu- fabricated in much tMe same ^ ven greater densities .than n< ^ 0 gy inherently ' 

illy. It can also find out whether way ^ other silicon chips. Fair- this appear to be ttoretically gc^t, ; a 64k MOS • RAMlhas.;^^.^.'] . 

any switch is on or off with 0 hild. Texas Instruments and possible. A chip which could already been produced "'in v. - TTntoco: 

lightning rapidity. Intel have all invested heavily store this amount of information sam pig quantities by Fujitsu ^a^'- roa'tihfap^ . 

Tbe most expensive RAMs. in the development of CCDs (equivalent to 20 1 to 30 novels) j ap an. .and leading- U.S. com- turgra ar^’ : I^" r y 
i-fliipri Biuoiar. allow the com- because they seem capable of would clearly make a huge dent names indu ding Intel are lrfino t)ia-. LAunUmr-. 

called Bipolar, allow the com- because they seem capable of wouia cieariy mwe a nuge aem panjes indu ding Intel areex- cosi nf “ tiding the learning- 
outer to gain access to stored storing data for about a third the market for magnetic pe cted to follow suit this year, » pmhihrtive." Fveh wifen- 
information in a few billionths of ^ the prit* of the present discs, and nught even displace A similar ; ^ is! beiig the: aesiga ^^-^.proddet;!?-. 

of a second. The metal RAMs The CCDs advantage is JSS^Denia ? ul wa ^ ed & the top end Vof the exceU^ 

silicon (MOS) RAM is a cheaper that it is a basically simpler de- 8 LJJS market between. the MOS RAM technology -:l£ first - clasr. ^e-. 

t.vpe which allows access to in- sign, so that memory cells 8110 and the faster, more expensive .exact IntrudUdftm" 

----- pnninTTuint 3110 ™ e more expensive .exact .pnungw rnuuuuaiwi, 

formation in a few millionths can be packed more densely, omre equipment. Bipolar RAM. This is happen- to. the mark^;caii.:beTlie fifiSpy; . 

of a second. but it is slower and does not Both magnetic bubble because of the natural tea- which v- decides ^ ; '.-^UoceSs 1 '' r OST:.' 

At the other end of the scale. a ^* ow random access. memories and CCD have the dency in electronics for any- failure.- i - - 

magnetic tape units can store a Tbe other contender in the basi £ advantage thing smaller to work faster. ’ • For toase 'reasons ft is hpt' 

given quantity of information area between fast and slow stor- n^staods of storage that they Hence, as tbe circuit elements ower-fanciful jo liken . ^e- 
for about a ten-thousandtb of age is the magnetic bubble ° ave no teovmg P^ 5 - Conse- m reduced in size by about market; whidh the - Natiomd s 
the cost of the most expensive memory, which has attracted qu . en 5! y r“ ey should be more half each year, the MOS RAMs Enterpii^. Bbanf iffopcaes to 

semi-conductors. However it even heavier investment than reliable than discs which are are becoming faster and faster, enter to an egg and spoon .race-; 

irtov thp rommifpr coc-pral thp Cril Texas Tn strum p.ntK a nr! always liable to mechanical Thev are now beginning to eha!« alnnp- a hlah wire -Tn 'snnwil . 

THE CHINESE vice-preruier, 
Li Hsien-men. is reported to 
have told a British delegation 
in Peking that China would in 
future borrow from banks 
abroad including British institu- 
tions- This may not be quite as 
dramatic a turnabout in policy 
as at face value it would seem. 
The official line in China lias 
been that foreign loans are 
taboo. Unofficially, however, the 
Chinese have been borrowing 
abroad through a number of 
covert means from deferred pay- 
ments to acceptance by tbe 
Bank of China in London of 
deposits placed by other banks 
for far longer terms thau is 
normal in the Inter -bank 
market. In private conversation 
Chinese officials freely refer to 
these inter-bank transactions as 


Open economy 

What is new about Mr. Li's 
remarks is that they suggest that 
the Chinese government has 
now got over its ideological 
antagonism to borrowing and 
thus will be willing to look at 
further ways of raising funds 

abroad. They are also confirma- 
tion that China is moving 
towards a more open economy 
with more extensive contacts 
with the west. Vice-Premier 
Teng Hsiao-ping recently told 
another foreign delegation that 
China had suffered from a 
closed economy. 

China would certainly have no 
trouble In raising a substantial 
loan on the international 
markets. But the obvious Erst 
step for the Chinese in extend- 
ing tbeir range of borrowing 
would be. to look for export 
credits. This would also go down 
well with capital equipment 
firms which are currently 
pressed by the Chinese into 
raising suppliers’ credits. 

There has been some specula- 
tion among bankers that 
China might seek a syndicated 
loan. This would have the advan- 
tage of providing longer term 
finance than is available through 
its inter-bank activities and 
avoid the rigmarole of rolling 
over its short-term obligations. 
IL would also mean that China 

could obtaiu funds against a' 
sovereign guarantee which I 
would not be tied to any particu- 
lar project. But for the moment 
such a loan seems wishful 
thiuking by the financial com- 

China's reasons for looking 
for further foreign finance lie 
in the massive investment pro- 
gramme over the next seven 
years that Chairman Hua Kuo- 
feng announced to the National 
People's Congress in March. To 
recapture the high growth rates 
of before the Cultural Revolu- 
tion and in an effort to make 
China a major economic power 
before the end of the century. 
Chairman Hua rolled off a for- 
midable list of large-scale 
projects — steel mills, power 
stations, rail networks, ports, oil 
and gas schemes and mineral 
development To this should be 
added an increasingly ambitious 
military build-up. The number 
of Chinese missions shopping 
for equipment abroad are a firm 
indication that the Chinese are 
serious about their declared 
intentions to purchase foreign 
technology. Relatively few con- 
tracts have as yet been signed 

but a good many are in the 


Need for finance 

How much in practice China 
will want to borrow abroad to 
fulfil its dreams is inevitably 
pure guesswork. Its demand for 
capital goods will be limited by 
tbe capacity of China's ports, 
roads and managerial skills to 
handle such a massive pro- 
gramme in so short a time. It 
will try to buy as much as 
possible on barter terms — 
largely the basis of the recent 
$20bn agreement with Japan. It 
has bad an average trade sur- 
plus over the past two years of 
nearly Slbn a year, and foreign 
exchange reserves are currently 
estimated to be between S2-S4bn 
— meaning that China is running 
a comfortable external account. 
On the record of its other com- 
mercial transactions. China's 
approach to new borrowing is 
likely to be cautious. There will 
be no grand leap into the inter- 
national markets as many banks 
would like. 

Chinese lanterns 
in the City 

The Plaisterers' Hall in London 
Wall had an Oriental ambience 
last night. A reception was 
held by the Shanghai Commer- 
cial Bank to celebrate the open- 
ing of its representative office in 
the City: managing director 
K. K. Chen had flown over from 
Hong Kong to greet the guests. 
It was. perhaps, more strait- 
laced than the junketings that 
marked the rerent opening of 
the Gcrrard Street branch of 
the Hongkong and Shanghai 
Banking Corporation — a cere- 
monial Chinese dancing lion 
was brought out then to ensure 
good luck. 

But the Shanghai Commercial 
is not primarily interested in 
retail business. “We shall be 
most concerned with trade 
financing." says Jock Frazer, 
who brings to his task as the 
bank's adviser 40 years’ ex- 
perience in Far East banking 
— latterly with NatWest. “There 
is a growing relationship 
between tiie Hong Kong textile 
industry and the EEC to look 
after." Understandably, the 
Shanghai Commercial Bank — 
which has 18 branches in its 
home base and one in San Fran. 
ciscfH— hopes eventually to 
receive Bank of England per- 
mission to start a full branch 

A contrasting policy is being 
pursued by the Bank of China. 
In a few weeks it will be open- 
ing up in Shaftesbury Avenue, 
to establish a presence among 
the Chinese restaurateurs of 
Soho. Political factors apart, 
there is a big — and rewarding 
—flow of remittances to the 

The Bank of China will be 
competing for the patronage of 
the Gerrard Street community 
with the Overseas Trust Bank, 
which has been in Old Comptun 
Street fnr five years, as well as 
the Hongkong and Shanghai 
Yet Uie experience of the Dan 
Heng Bank is a reminder that 

“ Smithers Is our expert on 
what the Liberals will say 
‘No’ to.” 

there is sour as well as sweet 
on the Soho menu. The Dao 
Heng, owned by Grindlays, 
quietly faded out at the end of 
last year after being the bank- 
ing pioneer in Gerrard Street. 
1 asked a Grindlays official what 
went wrong. "Business never 
came up to their expectations.” 
In a bid to lighten the gloom 
he added: 44 Perhaps it was their 
habit of celebrating the 
Chinese New Year by hanging 
pound notes wrapped in cab- 
bage leaves out of the bank’s 
windows on pieces of string." 

Over an oil barrel 

Who has been twisting whose 
arm? Only two months ago, 
George KeUer. vice-chairman 
of the Standard Oil of Cali- 
fornia (SOCAL) was publicly 
attacking the Government’s 
North Sea policies — the 
British National Oil Corpora- 
tion's role in particular. Now 
he has written to Dr. Dickson 
Mahon, Minister of Stale for 
Energy, in quite a different 
tone. The Energy Department 
yesterday made public a letter 

from Keller saying how pleased 
he is to learn chat the northern 
production platform destined 
for the Niniian Field has been 
built dn just one year, without 
serious (industrial action. 
(SOCAL's Chevron company is 
developing the Niivan Field, 
due on stream later tins year.) 
44 We recognise this as a signifi- 
cant goal in the development 
of Ninian and I would like to 
express my thanks to you for 
the part you have played in 
helping us solve some of the 
very difficult day-to-day pro- 
blems that interfere with tile 
progress of the work," writes 

I hear that he recently 
changed the schedule of a Middle 
East trip to visit Lord Kearton, 
chairman of the British National 
Oil Corporation, to explain why 
be had made his attack on a late 
night TV show. That visit, and 
the subsequent letter, might not 
be unrelated to Chevron’s 
interest in obtaining further 
North Sea oil exploration 
concessions in the forthcoming 
sixth round of licences. 

Health check 

The thirtieth anniversary of 
the founding of the National 
Health Services has been accom- 
panied by moans of gloom: 
600,000 people are awaiting 
operations, facilities are in- 
adequate, doctors and nurses 
overworked and underpaid, and 
the only growth sector is the 
bureaucracy. But at least the 
Trades Union Congress has a 
brighter view. “ The trade 
union and labour movement is 
enormously proud . . . We have 
been its staunchest friends." I 
heard David Lea, Assistant 
General Secretary of the TUC, 
tell a conference on the NHS 
at Congress House yesterday. 

Lea complained to me later 
that the media often suggested 
that health workers "wilfully 
ignore the interests of the 
patient.” Two-thirds of hospital 
staff are unionists and they 

should not be treated as second- 
class citizens in industrial dis- 
putes. he added. 

Some 200 unionists attended 
the conference. In the past 
several of the unions have been 
at daggers drawn in their fight 
to win members in the health 
services, but yesterday the dele- 
gates were united in criticising 
the NHS “as a friend would a 
friend ” and in calling for more 
expenditure on health. 

Figures were quoted to show 
that Britain comes below all the 
original members of the EEC 
in public expenditure on health 
per head of population. The 
first applause came for a force- 
ful speech on just this point by 
Douglas Hoyle, a Labour MP. 
The delegates wanned to an 
attack on the “enormous 
profits” of the pharmaceutical 
companies. They also were told , 
that the children of poorer 
families are twice as likely to 
die as those from richer homes; 

that Britain now lags behind 
some West European countries 
in child mortality; and that 48 
per cent of tbe hospitals were 
built before 1918 — 6.5 per cent 
pre-date the Great Exhibition 
of 1851. 

But sadly, the Secretary of 
State for Social Services. David 
Ennals, could not be present to 
hear TUC speakers say how 
unionists must change all this. 
He was ill. 

Cold light 

In a recent conference with 
his senior executives, a main 
board director of a leading 
British supermarket group 
stressed the importance of dis- 
tinguishing clearly between fact 
and fiction. To illustrate his 
point he said: “Tbe following 
three statements are always 

“ Of course I’ll still love you 
in the morning”; 

41 The cheqae is in tbe post 

M We’re from head office. 
We’re here to help you.” 

Our Regular Savings Accounts ! 

• • are exceptional../ 

To begin with you can vary your monthly 
payments up to a maximum of £50. arid you 
can pay up to three rrinnrKc in adv anc^ -^rT: 

What’s can draw soxrie c^h mi’ 
ona; a year without penalty - 
holiday saving. • v 

The staff at your nearest office woi^ife 
to tell you more. / 

It s just one more reason for chDosuig^ :i ^ 
the Leicester. . .• ; -t .• J 


- - - - . # 

Ut( T 

Financial Times Friday .Jane 30 1973 

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S:*'- 41 * ,1. 


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“MY NAME’S Sue.” says the girl 
apologetically, “but they've got 
me down as Susan."” And over 
ihere there’s Dave reading the 
Guardian, and Steve in jeans. 
An intense-looking female 
clutches a copy of New Society. 
The jeans are outnumbered, but 
only by about two to one. and in 
fact nobody seems to notice who 
is wearing what. 

People are discussing the 
motions, which include a call 
for sanctions against South 
Africa and the removal of the 
charitable status of Public- 
Schools. There is also some talk 
of an emergency resolution on 

This is not some offshoot or 
the Labour Party in the late 
]&50s or early 1960s. It is the 
Tory Reform Group holding its 
first residential conference in 
Cambridge last week-end. 

To the outside observer other 
oddities ahound. In the formal 
proceedings, for example, Mrs. 
Thatcher is mentioned only 
once, and even that reference 
comes from Mr. Robert Rhodes 
James, the Tory’ MP for Cam- 
bridge, who is not a member 
of the Reform Group. Afier 
dinner, however, the group 
plays its own party political 
broadcast. It includes the 
following exchange. 

Question: Is it true that Mrs. 
Thatcher is behind you ? 

Answer: Yes, about 10 years. 

There is very little mention 
of the forthcoming General 
Election: The assumption seems 
to be that Mrs. Thatcher is just 
a passing phase, an aberration 
from the Tory “ One Nation ** 
tradition that goes back through 
Macleod, Butler, and Macmillan 
to Disraeli. If, by any chance, 
the Tories under Mrs. Thatcher 
win tbe election — and clearly 
many in the Tory Reform Group 
think that they will not and 
cannot— it will be necessary to 

Putting Disraeli Into blue jeans 

educate her in ihe more tradi- 
tional Tory ways. If, on the 
other hand, they Jose. Mrs. 
Thatcher will be out and ihc 
party will find a new leader 
more suited both to tradition 
and the times. 

In orher words, the Reform 
Group is talking about Strategy 
and not tactics, and a fairly 
long-term strategy at that. The 
aim is -to keep alive -the " One 
Nation ” idea. 

The group in itself t» ar pre- 
sent of no great significance 
and contains more than an 
element of mere iron dines*. Its 
membership is minute — perhaps 
340 at the national level, and 
maybe another 800 or so in local 
and especially university asso- 
ciations. i The University of 
Cambridge Group alone dauns 
a membership of 175.) Bui the 
figures do represent a doubling 
in the past few months. 


There are swo possible 
explanations for the increase. 
One is that it was only in the 
past few months that Mrs. 
Thatcher went off on her devia- 
Uon-ist path, thus provoking a 
left-wing Tory reaction: The 
other is that the Group has a 
new leadership. The new 
national chairman of the TRC, 
as they ins-ist mi calling it. is 
Mr. Gerry Wade, a personal 
assistant to the late lain 
Maclend. Mr. Wade has a net- 
work of contacts among former 
Young Conservatives, members 
of the Federation of Conserva- 
tive Students and whizz-kids of 
pre-Thatcher Toryism, which he 
is now exploiting. 

There is also a mildly con- 
spiratorial element The Poli- 
tical Companion, one of the 
guide booklets to British poli- 

tics. lists more or less in full 
the MPs who belong to the vari- 
ous party factions such as the 
Tribune Gruup or the Fabian 
Society on the Labour side, and 
the Bow Group and the Monday 
Club on the Tory side. The entry 
submitted by the TRG. however, 
about its parliamentary adher- 
ents runs simply: “this Group 
will supply this information 
when it is ready for publica- 

One explanation offered Tor 
that is modesty: that is. the 
number of Tory MPs supporting 
the TRG was too embarrassingly 
small to print. Another is that 
the TRG did not want to have 
to include the whole of its MP 
entourage on its letterhead, as 
has happened lo other Tory 
groupings. {Their letterheads m 
fact, have become a political 
statement in themselves). But 
the real reason seems to be that 
an awful lot of MPs want to 
hedge their bets. Many of them 
would be prepared to go along 
with the Reform Group m prin- 
ciple. but not in public. 

None of that goes, uf courM'. 
fur the Group’s leaders. Us 
patron is Mr. Peter Walker and 
its president Mr. Nicholas 
Scott. Mr. Scott, like Mr. Wade, 
was once an assistant to Iain 
Macleod. The list of vice- 
presidents reads like a roll call 
of the Tory Left. It includes 
Lord Boyle. Lord — ihc former 
Robert — Carr. Lord Carrington. 
Sir lan Gilmour. and Mr. Wil- 
liam White law. The latest 
recruit is Lord Butler, who has 
just retired as Master of 
Trinity. It is true that nunc 
of these people appear tn du 
very much, but they do provide 
a formidable umbrella for the 
Group’s activities. 

As for ordinary members 
among MPs there is said lo he 
a list of some 55-60 sympa- 
thisers, including some 25-30 

who have actually paid their 
subscription. Among thp former 
is Mr. Francis Pym, the most 
senior member of Mrs. 
Thatcher’s leain to address last 
weekend's meeting and now her 
most likely .Mu.-i-cs.sor. Among 
The latter is Mrs. Linda Chulker. 
the only MP to attend the 
whole of the session in Cam- 
bridge. Tory MPs arc not 
encouraged lo identify them- 
selves with the party groups, 
so Mrs. Ch a User's presence was 
something nf a political act. 

Disraeli apart, the most for- 
mative influence seems m be 
Mr. Harold Macmillan. Some of 
our members, ii is explained, 
are too young tu remember 
Maclend. but they have seen 
Macmillan and heard him speak. 
If appears fhai ffte former 
Prime Minister is still active 
at university gatherings and 
dinners, and indeed it was 
remarked last weekend was an 
appropriate time for the TRG 
conference because it coincided 
wilh the 401 h anniversary nr 
the publication of his bunk The 
Middle Way. 

So whai d>>cs ihc gruup do? 
The answer m lhat question is: 
so far not a great deal. Bui U 
is only jiisi beginning lo get 
down lo serious work and ihc 
group is nothing if not 
ambitious. “By tins tune next 
year.” says a member of the 
National Executive, “we would 
hope iu he dictating ihc 
P'ditical debate." The themes 
are familiar, [hough perhaps 
less sn coming from Tories: 
electoral anJ constitutional re- 
form. i he use and expansion of 
leisure, the inner cities, com- 
munity relations and. of course, 

The future of tile Group 
seems to me to depend in large 
part on the outcome of ilie gen- 
eral election. JT Mrs. Thatcher 
loses and it comes — as one in- 

volved Tory MP puts it — to “the 
real battle Tor the soul of the 
party " the TRG will undoubt- 
edly be a key factor. It will be 
argued that the parry lost be- 
cause it moved too far to the 
right and away from the concept 
of “One Nation." But if she 
wins, although the fight will go 
on. she will have gone some 
way towards demonstrating that 
the Tory Reform Group is the 
ghost of the past rather than 
l!ie wave or the future. 

Tiic-te are also some wider 
points. One only has to talk 
briefly to Conservative MPs to 
realise hoiv deep the riffs in the 
party now arc. and lo reflect 
bo a different it might have 
been. Mr. Edward Heath may 
lie a special case, but how i a it 
lhat Sirs. Thatcher can go on 
keeping out Mr. Peter Walker? 
How is it that so many of the 
party's cider statesmen — Lord 
Butler. Lord Hyilsham. Lurd 
Home 2 nd Mr. Macmillan — are 
opposed in varying degrees to 
Mrs. Thatcher's approach? Mrs. 
Thatcher, in short, has gone off 
with a vi.-im uf her uwn that in 
nn is ay t :irresp»nd‘ in the 
party's idea of ihe best of its 

Continuing gap 

The word this week front 
some, Though by no means all. 
Tory MPs was that ilte struggles 
now are over. The election 
manifesto :s almost complete 
and is «n'.id!y ba*td on The 
Right Approach and The Right 
Approach to the Economy. Mrs. 
Thatcher, it is -aid. has decided 
tu return to the path of modera- 
tion. But there remain a 
number of doubts. Her recent 
remarks on Ulster, /or instance, 
suggest lhat she has still not 
accepted the principle of power- 
; harms. There is the continu- 

Letters to the Editor 

Prospects for automation Parliament comes "into being. 

Frtm Mr. J. Mills the^ortKSSg dS^elMtoS 

Sir,— In recent weeks much n ot onlv in ret win focus atlenUon on the lon S 

publicity has been given to pro- JXLJmnio’ term potential of the Community 

posals for establishing in UK a only in ^ “nfiXsi™ itevant t0 ™ se and d °P ,D1 flinds for 
manufacturer of general-purpose “J Q °“ ly in ^ JSL- Si the reconstruction of European 

microelectronic circuits. As you -uSiw- though industry' and the relief of uneni- 

indicated in your leading article J>| g 5. S ° i hm i n ployment, as well as filling the 

on June 28, there- are several much vacuum created by Ihc wiih- 

ways in which this might be JJ** ^h^ /his Nererihele^tbe drawal of lhe u - s - fTOm lhe 

done, ranging from setting up a Jlj; Snow not b t major role « has played in world 

new company under the National ^ affairs since the last war. X 

Enterprise Board to a joint ven- obscured by the raicroel Ctron suggest that when lhe electorate 

ture with one of the foreign 156 ^; . ' . \ t weighs these considerations in 

companies already established in very high * e ba<lanoc against the potential 

the business. All concerned with ®“{J prove to be sthe vny MS* dangers of withdrawal, the 

microelectronics will welcome ° £ these will SP** 0 ® o f V* 79 wiU see a con * 

the importance. thar now seems J5S studies' often at s5derable change of sentiment 

to be widely accorded to ibis ^ 

i wooid u. to put — sssssss? * 1 pS“»jsr^ 

emphasis on a related issue to ment K and C0Tllini6S i 0 ning and Alton - Honte ' 
which you made reference in subsequent updating programmes. . , 

your leader. A microelectronics T a fe en acr oss industry, costs will rrmPOFlftniSI 
production capability will not in f ar exceed anyof those mentioned * iviwuvuwi 
itself assist the user industries ree entJy in the microelectronics 
or bring about the introduction debate. As Max Wilkinson im- 

into both the manufacturing and p u e d, it is time now for a start From Mr. IV. BUitch- 
service sides of industry the new t0 b e ma( j e on such a programme Sir,— Protesting bis adherence 

levels of automation to which even though this is a time when to a belief in free trade, the 
Max Wilkinson referred in his industry does not have available chairman of the London Euro- 
article on June 14. large sums for investment in pean Society tJune 26) belies 

While some may argue that reequipment. Here again is a s bch a virtuous claim by indulg- 
success in such areas may be difficult problem and one which dag j n an orgy of special pleading 
independent of the source (i.e., will need to be tackled by both a s to why the EEC must protect 
UK or foreign) of micro- Government and industry. steel, agriculture and textiles for 

electronic production, there is no After a period of 10 or 1- starters. 

doubt at all that - it will be years in which tbe implications If he Joves New Zealand so 
critically dependent upon an of microelectronic technology much he should reject the com- 
indicenous supply of capable have been clear to many mon agricultural policy— -lock- 
systems analysts and experts in specialists but in which bftle stock and barrel! Instead of sub- 
computer software development, decisive action has been taken scribing to the fraudulent non- 
To rely upon foreign sources for we are now at what may prove sense of the Lome Convention, 
such people 5 and for complete to be the point in time when a he would perform a service o 
• systems of C hardware and soft- clear choice has to be made: is the developing countries I y 
2?re wouW be to condemn large the UK to move into the new age supporting free entp for l their 
areas of our industries to lag- of microelectronic-based automa- textiles to the benefit of 50m UK 
at ^ genera, iA non or to drop out o£ the pro- 

behind our major rieals overaea^ MM ra«r U Z 

As the computer r irfte Chewton of the taxpayers income, 

knows weU. high qu^ity ^ems Ltrt^«own- Bowl Brtish industry needs cheap 

and software staff, fully steel, if Europe cannot supply it. 

and inventive, are in des^rately . Dorset let ot hers do it. The British 

- short supply a nd it is difficult to Oinstchu , housewife needs io keep her food 

— ■ — — — — bill under control: then allow 

y-v ,i Democrat. Conservative ana Ngw Zea]and Australia. Canada 

OutlOOK lot Centre Right i'nfl.Sfre “ d V S lo P^vicle her 

- efforts to counter the i u with inexpensive food. 1 would 

TTlirnnA of ttie Socialist ^ternation l0 Pu y gy shirts, suits and 

Europe throughout Western Eur °P e - underwear from those who will 

From, the Deputy Chairman. Inevitably, there would be a offer nie a bargain: Mr. Derek 

Conservative Commonwealui slowing down, if not an aorupi p rag tbinks this a most unreason- 
and Overseas Council ' halt, of the impetus towards tne aMe rvque st. and lhal in the 

Sir— Mr Malcolm Rutherford creation of an effective alliance jnteresta 0 f European harmony 
in Ws article on the reluctant of Centre Riffbt Parties in , musI , earn t0 pay Through the 
Fureneai of Britain (June 23) Western Europe. At a g ° nose f or these necessities, and 
Saws Attention tiithe May find- the . ascendancy of isolatiornst ^ a .. g?od - Eur0 p ea n learn 

inns ofMarketOpinion'Research sentiment in the U.S^ l l t] c0 ^ tolump it! 

that if another well weaken the Atlantic No! Mr> Newton Jones is 

ISf were to be. held 48 Alliance and would ataost cer- There is an abundance of 

the^el^torate would tainly put an end to any tope of food> clothes, steel, etc., 

want^tte UK ro^Sthdraw from a common _ E^opean defence arTOnd the world, but a perverse. 

Ih^VtimnMn Community. It is. procurement policy, with all Its monopolistic and protectionist 
S15 S?T«S!SSm“ «»U»P- potenual » na,,0n1 ' EEC is set on kwping it m arms 

that nf thte 48 nereent many defence budgets. length from the British consumer 

Jartinilariv Conserva- When all the above factors In and those native industrialists 
Kre Pl vnte P ri Q S!^ support the the context of the security of who als0 require cheap material 
nnHrv nilt’ forwarf *y Mrs. the West are taken into account stocfcs they arc to remain cuin- 
EliSret ThaiSS?in he? recent L becomes clear that one can- petitive in t hc world at large. 
SSf s S that the West no t possibly reconcile a policy N . ^ Bililc b 
m^^wintinue^to seek under- 0 f withdrawal from the Com- 6 Ry&oime Rood. 

reU lions with the munity while *WPOrtteJ the Putneu . SW1J. 

Soviet Union' and other Com- concept of the West wi or g m — 

SSSSff ^SS 1 «• « U,E Imports of 

strength- .toehold Tn check the threat of Soviet expanse J „„ 

threat of Soviet expansion- Mr. Hutherford also makes the UfUgJ 

Western Europe haS been at poillt that the. 48 per ? ■ From Mr. C. Fell 

peace for 33 years which .inevit- electorate m tneir wisu l sir,— Because of lhe monopoly 

ably leads to the thinking that it vyithdraw are making buying powers of the LfK Govern- 

could never happen again and munity the scapegoat tor o ment ^ the supp i y 0 f drugs to 
one wonders, therefore, whether poor economic performance, i me and ^ legality under 

those who at present, favour our w duld suggest, toweveLEMtii. British , aw of manufaciurer- 
wtlhdrawal Tully- appreciate the not< pec b;,ps the whole story. roalnlalned d , p ricirit . 

extent to which such a policy The aftermath of jne (different prices for the same 

would be potentially disastrous creating .{ I! goods in home and export 

to the future security of tbe njonetary systems, coupled with £, arJfets) British drug prices for 
West . .. : a world wide trade recession. m3n y years were markedly lower 

At a time when the balance has virtually batted -any ’ turtner 1hao wor j d prices. A probable 
of power is shifting increasingly ^ajor development in oe consequence of this was that in 

in favour of the- Soviet Union it of ^ community. In short toe l9S0s and early j&60s imports 
would be interpreted .by hawks jt is mar fcuig time JKJSI? of dru es were about li per cent 
in the Kremlin as a sure sign potitical and econmnu. of ^ vallje of exports and we 

of disunity and lack of political grains that could not be fore- en j Q yed a healthy and seem ingf> 
will Furthermore, our with- n ^tbe time of our entry, secure favourable trade balance 
.drawal would be seen as an In- p, irthann< , re , the wish of 48 m pharmaceuticals, 

ability to sustain an effective - electorate to For about five years 1 hate 

smd actensbe pooling, &L econo-; ,P^. also in some attempted to draw pub tic atten- 
mic resources by - the major lefte* the subconscious tion to the effect upon [ he trade 

Western powers, wbdeh ’ wouJd-^si^rene« t political balances and drug cost to the 

=: rmtv the credi- frustration oi any . Tv -tiq nF routinued membership 

turer enforced dual pricing 
illegal; the phenomenon now 
known as *' parallel exporting " 
has arisen as a direct conse- 

The problem in essence 
that prior lo EEC membership 
a manufacturer could soli a 
product for HO to a customer in 
the UK and legally prohibit the 
purchaser from exporting it. 
Since UK prices were lower than 
world prices the manufacturer 
could sell the same product for 
F20 or £30 for export Thc Treaty 
of Rome, primarily article S5. 
prohibits such price differentia- 
tion. As a direct consequence 
of this parallel exporters found 
it profiable to buy pharma- 
ceuticals in the UK. at the low 
UK price, and sell them in com- 
petition wilh the original manu- 
facturers in export markets. 
Manufacturers were therefore 
under pressure to raise their UK 
home prices. In addition the UK 
Government w-ere under similar 
pressure to permit home price 
increases in an at tempi lo reduce 
the differential between home 
and export prices. Since there 
is a considerable scope for 
product interchange in chemo- 
therapy the price of im ports 
would rise in line with home 
prices. __ 

During the period 1967 to 19. ■ 
UK drug prices at wholesale 
level rose 2SQ per cent. During 
the same period thc retail price 
index for all goods rose 190 per 
cent. From a base of 1970=100 
the terms of trade in pharma- 
ceuticals fell to 70 in 1977 while 
the terms nf trade applying tn 
ihc economy as a whole fell to 
81. The general terms of trade 
were much more affected by the 
oil price explosion than were the 
terms in pharmaceuticals. In 
1977 pharmaceutical Imports as a 
propuruon ut expo ns were about 
3S per cent and our favourable 
trade balance while still substan- 
tial is certainly less secure than 
formerly. During the next decade 
if the trend continues it could 
vanish. In the U.S. during the 
same period. 1967 to 19< «. accord- 
ing to Ihc U.S. Bureau of Labour 
wholesale drug price* r«*e 25 P-.r 
cent, while the consumer price 
index rose 81 per cent. 

It would be interesting in 
know ir other industries have 
experienced similar eITvcis a- a 
result oT the change in Ihc con- 
trol exercisable hv manufac- 
turers over the resale price of 
their products. 

C. J. Fell. 

C'ro;rn House. .Vcirporl. E. tsex. 



From the Chairman. Pobjoij Mint 
Sir , — The article by David 
Lascelles entitled " An end to all 
the glister*" (May 27) contain* 
several points which. I feel 
‘require conimeni. especially 
since my company might In- 
regarded a* one of the “nifter 
competitors in the field.”, though 
we have been in ihe bmintw *• f 
minting coins, tokens and medals 
for many years — before the 
advent of lhe Franklin Mint. 

It is unquestionable that the 
Franklin Mint woke everyone's 
ideas up regarding both produc- 
tion and marketing techniques, 
and no one can deny that the;- 
raised the standards of medallic 
production considerably. We. at 
Pobjoy Mint, like tu think that 
we have surpassed them with our 
multi-striking techniques which 
give our product* such a match- 
less appearance. 

Where uncertainly would seem 
to have been created in the first 
instance, however, is in the 
method u.*etl by the Franklin 
Mini to limit editions — noi by a 
staled number a.* we d»i. but by 
using a eul-off date. Theoretic- 
ally at least, an edition limited 
by* such a time factor could, in 
fad. run lu many millions, let 
alone thousands— the on-going 
saga of the Silver Jubilee 
crowns struck at the Koval Mint 
is a care in puint. bruin Hie 

collector'^ or investor's view- 
point. Lhri kind of limited 
edition is something of a gamble, 
whereas an edition with a finite 
number gives lhe collector a 
measure of confidence in the 
issue. We strictly adhere to 
this principle and though it 
might be tempting to go beyond 
the number when our issues are 
oversubscribed, we stick rigidly 
to the limits set, usually by legis- 
lation of the issuing country. As 
a result we have seen some of 
the recent coins of isle or Man. 
such a:- last year's " Crown of 
crowns.” double in value. 

A fundamental point which 
Mr. Lascelles has overlooked is 
that collector's pieces which are 
not backed by a genuine circu- 
lating legal tender issue are 
regarded in coin catalogues as 
pseudo-coins and either ignored 
or relegated lo an appendix. It 
is a moot point to what extent 
any ur the coins struck by the 
Franklin Mint in the past 14 
years ever went into genuine 
circulation and it is this vital 
factor which. I feel, has tended 
to raise the.-uspicions of collec- 
tors and alienate t'neir interests. 
Precious metal versions in silver, 
gold and platinum have a vita) 
and important role in modern 
numismatics, but without the 
backing of base metal circulat- 
ing coinage their status is open 
10 question. 

Derek Pobjoy. 

.tliu t House. i.Udfieldx Road, 
Sutton. Surrey. 

in? gap between Mr. Norman 
St. John-Sievas and Dr. Rhodes 
Boy son on education. ("Are 
you a St. ,lohn-Stev3s or a 
Boy sun Man.*" MP* report 
being asked m their consntu- 

There are also fears about 
what Mr*. Thatcher and h*r 
closest supporters might say in 
the heal uf the election cam- 
paign. Above 3 ;j. there i.s ihe 
fear that Labour has been given 
too iiiuvh ammunition. Mr. 
Callaghan can say: "Mr. Prior. 
Mr. Pym. .Mr. White law are 
all right, bu: on you really want 
Mrs. Thatcher. Str Keith Joseph 
3" - hts henchmen, for it is they 
who rule the Conservative 
Party?” l: is a curious reversal 
of ihe Tory approach that Air. 
Callaghan may noi be bad — 
bu*. look at ihj lefties beh-tnri 

Nevertheless, if Mrs. Thatcher 
does win after ail. the ini me- 
diate litmus lest to be applied 
by ihe Tory Left will be what 
happen., in Sir Keith. It is 
a.-*uir.ed that she would now- 
need a very big majority 
indeed lo rial: making him 

Chancellor uf the Exchequer. 
But there could be other rules 
for him which The Left would 
regard as almost as worrying. 
For instance, he could go to 
ihe “Think Tank" as part of 
a kind or merger between that 
body and his present Centre for 
Policy Studies. Or he could 
become Chancellor rff the Duchy 
of Lancaster, a sort of Tory 
Harold Lever whom the Leader 
consults on all the basic ques- 
tions uf economic policy. There 
are many possible variations on 
that theme, but the point is 
that it is the fate or Sir Keith 
that will determine the Tory 
Left's first view of a Thatcher 

There is one other appoiot- 

Prime Minister addresses Con- 
federation of Shipbuilding and 
Engineering Unions' conference, 

Mr. Walter Mondale. U.S. Vice- 
President. arrives in Tel Aviv. 

International Air Transport 
Association meeting opens. 

Railway Staff National Tribunal 
considers ASLEF productivity 

Rep resen la lives of workforce at 
Singer's Clydebank factory discuss 
company's proposed job cuts with 
Scottish Labour MPs. 

International Whaling Commis- 
sion annual meeting ends, Mount 
Royal Hotel. Wl. 

Aims sponsors International 
conference on The Revival of 
Freedom and Enterprise, opening 

ment which excites considerable 
interest, and that i* Northern 
Ireland. Will it be Mr. A'.rey 
Neave ur Mr. John Biggs- 
Davison, or should it inn be Sir 
lan Gilmour ur even Mr. Pym, 
who briefly succeeded Mr. 
White-law in the last months uf 
ih e Hea t h Admi nisirati on ? 
Again, the choice will be taken 
as nne uf -the first indicators of 
the course a Thatcher Govern- 
ment intends to ‘lake. ~~ 

Up to now the Left's strength 
has been the belief that when 
it comes to Cabinet-making. 
Mrs. Thatcher cannot afford tn 
overlook them. She cannot, for 

Today’s Events 

at Washington Hotel. WI (until 
July 3). 

Football Association summer 
meeting, Bournemouth. 

Rugby League annual meeting. 

House or Commons: Motion on 
Northern Ireland I Emergency 

Provisions) Act J97S I Con- 
tinuance* Older: and on Northern 
Ireland Act 1974 (Interim Period 
Extension; Order. 

House uf Lords: Inner Urban 
Areas Bill, report si age. Inde- 
pendent Broadcasting Authority 
Bill, committee. 

Final dividend: National Car- 
bonising. Interim dividend: 

instance, easily make Mi 
Norman Tebbit — the Torn- 

Dennis Skinner— Home Seen 
tary. nor Dr. Buvsun either. 1 
the end she will have t»» ta! 
back on the Left, most of whm - 
tilsKj happen tu he Healhmei 
Bui the test Is very near an' 
in the past few months Mr. 
Thatcher's feelings towards th 
Left have not been exact I. 
warm. The only real certain lie 
are that if she loses, she will h 
nul. and that the nucleus uf 
Tory Party reborn Irom its nh 
traditons remains. 

Malcolm Rutherforr 

Advance Laundries. Sira l to i 
House. Stration Street, IV.. 12 
Ayrshire Metal Products. Ayr 
shire. 4.30. Head kirn Sims am 
Coggins. 5. Albemarle Street. IV. 
1 1 . Hield Bros.. Bradford. 12 
Hill tCharle*). Bristol. 11. Uocruf 
Trust, do. Milk Slrvci. EC. 11.4-'* 
Hunting Gibson. 113-127. Pari 
Lane. W„ 10.15. Keyser L'lbmi/m 
25. Milk St reel. EC. 12. l.esiwj 
Products. Tower Hotel. E.. 12 
Menimore Manufacturing. Win 
Chester House. EC. 12. Morr 
O'Ferrall. Brown's Hotel. W.. 12 
Melville Dundas and Whitson 
Glasgow. 12. Sabah Timber. 1-1 
Great Tower Si reel. EC. I J "<* 
Scottish Ontario Investment. Edin- 
burgh. 12.3d. Sellncouri. White 
House. Albany Si reel. NW. 11. 




From .Mr. A. Fronts 

Str. — British Airports has 
advertised widely the new Gat- 
wick/Hea throw airlink. Included 
in the advertisement is a state- 
ment lhat "Hrgbls are timed to 
• oine Ule with peak international 
arrival* and departures at both 


Recently I wished to make a 
booking to travel .by this service 
to Heathrow to connect with a 
(light lo New York hut I was told 
thai it is not possible to book 
•and that no a run cements arc 
available U. transfer luggage 
rroni the helicopter lo tbe on- 
going inter-continental (light. 
Thi* being ihe case. I cannot 
rely on being able to board the 
llig'br which connects wilh my 
flight out oT Heathrow. 

Gan British Airports please tell 
me how. if 1 am not allowed to 
hook, it is going (o make my 
flight connections "a whole lot 
simpler." as stated in the adver- 

A. K. S. Franks, 

Deckel ts, 


Tonbndne. Kent. 

Time to deliver 
a letter 

From Mr. .Yunnan Dornnglon 

Sir.— Discrepancy *Q times 
taken to transmit the second- 
ol.i*s i > 0*1 is shown hy my record 
over the last 12 delivery days 
when eleven items of mail, all 
posted in England, were received. 

Three items took two days, one 
three day-,, one four days, two 
five days, tnreo six days and one 
eight days. The three taking sis 
days were from Luton. Tonbridge 
and Ilford. The record eight-days 
one was from Bromley. 

1 have excluded six items which 
bon- nu PO stamp. A further ten 
item? »f first class were all 
delivered ihc following day. 

Sir William Barlow multi turn 
his al lent ion to improving thc 
sccund-clasc pom nmv thai he has 
been thwarted in other directions 
hy ihc Trade Union. 

Norman Dorrington. 

'if. .l/iifi/lclc/ Rood. 

T impurity, Mirmcham, Cheshire. 


In Nigeria you’ll see us a lot. Standard Bank Nigeria Limited is one of 
tine big three domestic banks \\ ith over 90 branches ri^ht across rhe country 

Our longstanding commercial involvement in Nigeria means lhat we 
can help sub c local business problems, including the geographical ones. 

W hen Standard Chartered o tiers such coverage in depth and local 
know-how; w livgo to anyone else? Our direct branch-to-branchlinks to 
hj countries across the world cut out delays and the extra expense of 
intermediate banks. J t you. don't believe it, ring Keith Skinner now on 01-623 7500 

and discuss ir. 

Standard Chartered ft 

Bank Limited w 

helps youthjraugiLout the world 

Head Office 10 Clcmcnu Lane. London EC4N 7AB 

Assets exceed £',600 niklbuix 

sJ. 22 

Furaneial Tim-es 'FrBi| 

. Overseas fall leaves Renold £2m down 


ALL in overseas companies 
Its from in £4J27m 

— pro-tax prolit.-s of ReD"lo 
“rj b,v £2m a I £10.:* 7m for the 
I 2’. 197S vear. on rMWIKil 
nr £li:!.5m compared with 
'.Sin last time. 

hairway. Renold was down 

l 15. 68m to JE-i.iMm but 



t in result* was likely UuririE 
second hair. 

r i some extent. Mr. L*?«lie 
by, chairman, say*.. the -lac- 
' on in world economic activin. — 

Lin*; a ricpre?si\e effect on the Durapipe 

N cipaled. And. as a result oT 
ft 7 jn taken earlier, ihe perform- 
0 of ihe UK companies wan 
n .guarded: iradim.' profit was 
yiffhrly at £S.7m (£8.r.2mi. 
owever. oversea-* there w» 4 a 








Albany Life 






Barker & Dobson 



Johnson & Barnes 



Braby Leslie 



Leboff (S.) 









Courts (Furnishers) 



Nat. Carbonising 



Crosby House 



Premier Oilfields 



Dun ford & Elliott 















Stead & Simpson 















Hill Samuel 






E eielicMi in almost all countries. . 

j- :,te actions were taken 10 exchange difference.* were l.p an improvement in margins, they 

n niani-i the sluggishness ft f (I8.5pi and the dividend is add. 

h 3 islrial demand and* output and stepped up to f.441p (8.$442p) The financial year-end will be 

11 deterioration in ihe economic with a net final payment of extended bv six months to Decent- 

n Jtirtions of rhe countries con- 6.K42p. 

Group balance sheer shows tnta: 

r jyied. Mr. Tollev says that Ihe 
r. .jefiLs are not yet reflected in 
< lLf« 

S ,,Ufs. 

c lie that it i< difficult to be 
t Vjiivp about trend* in ihe 
r l hedhlc htlurr for product* 

1 r*«e demand -Mem* from the 
3 jid K* expand and modernise 
s Jt -id mantif.ii-iuriiis capacity. 

I ..vever. <omc M>vlinns of Renold 
s ,c ine— arc 'hewing sign.* of 
j iroved s Irene ih: new pro duds 
■ V new appMcarions are eon- 
1 *mly expected to make a 
1 'aler contribution in l&TS'TH 
C ,J subsequent years and ??"*!: lve . 

j ‘eieney is being improved con- 
I T.jously in operations both m the 
, i‘ and overseas. 

P We cannot fn recast greatly 
nroved results in the -short term 
* jjoush wc have no hesiialion in 
pire^sinc our confidence in 
. .ice's over the medium term.” 

assets at £iz0.12m 1 £120.74 m) and 
net current a*<el* £ofi.71m 
(£56.l2ml. Shareholders Tunds are 
little changed at £96.8Sm 

• comment 

Lack nf demand in France and 
Germany, coupled with very flat 
trading conditions in the UK. 
were the key factors behind 
Arnold's turnover and profit drop. 
Gross margins were squeezed by 
a lower throughput fin a volume 
business) together with 

ber 3 J . 197S to run concurrcn r 
with I hat of the holding com- 
pany. Grend Conlrlal Investment 

increasing competition, particu- 

Barker & 

FOLLOWING THE recovery from 
a £511.000 loss to a profit of 

The UK comparne* produced 
re*uK> which are encouraging, he 
•says. w*hen compared with the 
difficult climate of industrial 
activity in the home trade areas 
and the uncertain economic con 
ditions m the export markets 
they serve. Mr. Crosland feels Ihe 

results achieved are mo.-H com- 

He adds that order books 
indicate that the ru rrenL year 
should produce satisfactory results 
once again. The strength of the 
group i* without question, says 
the chairman and he Tares the 
future with a l'eefins of quiet 
and steady confidence. 

Group sales Tor 1H77-7S ro<e 
from ill. 65m to £13.asra. splil 
as to: engineering £9.4iim 
i£7.7Sm) and packaging 14. 52m 
(£!.87m). Tax takes £897,787 
11821.145) and earning*- were up 
from lip to U.yp per “20p share. 

A final dividend or 2.13363P net 
lifts the -total payout from 
2.7K042p to the maximum per- 
mitted S.05Q36p — if ihe ACT rate 
is reduced ro :*3 per cent before 
the AG.M. then the net payment 
will be increased accordingly. 

The goodwill clement arising 
nut of the acquisition or Broun 
Products ha* been eliminated 
entirely. I hereby dr*-p«»>in» or all 
goodwill considerations rrom -the 

INCLUDING £60^872 from 

sidtanes acquired Leslie ordinary shares ’ 

pre-tax profits of Braby the- year the -boawl 

the civil and I£j£*i l fYora on the medium-ten? *■>:>• ■ 

engineering ffreup. over five 

£1 .52m to £2.89m Jn the p !i _ * h ip under previous h ~ - 

to March 3L 1978. Turnover rose able Al vfarclrSL t^****^^ 
•from 433.66m to 132.38m with was- 

£4.G2m continK from the new com- J t . **,<1 medHan-fra^gfr,- • yr 

panics. -.At half way profits stood o^ora - suable. tofcetiwcJKfc :r 
at £U}bi iSM ™>- ^ JJgBi . pW0tS*..^>^^f 

On JuLy 1, H*«. "• c - •JfJr; adeauate for • present a na 
and Co. was acqtured from Atom acteq • requiremChfei; - 

-Booth Industries for fl 68000 ^ ^Sng platted oapi£s4v«^^ v 
on September 1. 19ii. S Bn^s say the director*. . ' • 

end Co.'was acquired w*.theffgr ’ Coup’s •. propwflei^ " - 

from April 1, ! £?» hein vahted on an"* 

trora Apni heen valued on an' open tainww. j- 

cash anti lm- ordinal? shares of been ^'° Mardl 3l -.The;ft^:;:. , 
Iflp. and on March 7, J97S. ^ .'wdadm^.v.-,. . 

H. W, Edghili Equipment was which is a ,W«*r^' 

acquired with effect from Feb- ^ uarr ^f°^ ountzW j to ■ - 
niary 1. 1978. from Ridiard Threl- Jnj a^ec muug* 6 ^ fcJ . ... 

•fall ^Holdings). An ^Initial ^ -Sg^sSSSof £348^1>«^: ‘ i '- 
payraem of £26O,0Ott cash was and Vie mrpjus ******** .. .. . 

STSd the Mliaet «asm aa*- .• V 

cash has since been paid follow- - vg th evSrS the run ‘V-'" 
ing a $nai valuation of -the stock . sale of the = 

•and work in progress. at Nottingham:' --- . 

The directors say fbat Braby y . 

SS'fS^JSL ilarsest f, 

^^Uon^o.proBts reWorced hasten IngtkJ gg t^aoct^^. ; 

year - to -discontinue, inis' - 

Mr. Leslie J. Tolley, chairman of Renold. 

: *T: 


larly from German and French £22.000 in the first haLf. Barker 
producers. Costs would have and Dobson reporLs profits before 
been helped by low steel and raw tax pi £312.000 foi- the year ended 
materials prices but these are a April 1, 1978, against a £640.000 
relatively small pari or the total deficit in the previous year. Sales 
cost structure in comparison tn totalled £4 1.07m compared with 
vuqes. The outlook for the £41. 15m. 

company is not particularly bright . A further loss of £391.000 
as there is no sign of any signi- (£40.000) from the retail division 

£3.2m at 





Klilingbali Tin 
S. Leboff 


£0.5Sm to £1.05in at midwav, 
taxable profit or Giltspur ended 5? n ® ,d - c . 
ihe March 31. 197S year ahead *V- ea . d “Simpson 

ax on ED1U ba.*is w-as lower at ficant upturn in enaineermg is 

disappointing, the directors i llr rover un from frao*™ 

0<am i £ ). after -rock demand in its major markets nor say. but the recovery in the con- r-Vam P 

lieL due 10 higher relier Tor is there any sign or any easing fectionery division continued 

,j>ital allowance.* in ihe UK and or competition. The share price strongly jn the .second half. 

-• reduction in overseas profit*-, rose Kp yesterday to 12Bp and at \ fifst half turn round in con- 



Date Corre- 
of sponding 

' for 








int. o.25t 

Aug. 18 





* 1.76 


3. IS 


Aug. 25 


2 Si 


.int 50t 

Aug. 3 









Aug. 15 





Aug. 9 





Aug. 21 





OcL 2 




Directors say that given a 
reasonable economic climate in 

Dividends shown pence per share net except where otherwise stated. 
Equivalent after allowing for scrip issue. fOn capital 


;i comprised or corporation tax that level it looks fully priced feclionerv from .1 £382.000 loss to 

despite its high yield of 12 per pr n/}t s ,if £26.000 improved to 
cent 1 covered less than 1* timesi. pro fiL*- nr £620.000 (£, 187.11011 loss) 
The p/e is 7. 

Braby - maintained a high volume 

ec n t urnover 1C€SS ° f “ P ° f • 5«W.«r Liverpool yrri* . 

Continuing restrictions on pub- Jbe . 

lie etpenditure, coupled with mend a on e- to r-fivc sen p issu^ 
severe weather conditions in Scot- In consequent t^ «tc. per 
land, .badly affected the results ol any final; ^ordinary dividend 
of Tam’s Loup Quarries, particu- way be affected. 

-larly the road surfacing activities ^ ^, nrntrM „f ; - 
bur despite these difficulties • commen^ 

George Leslie achieved record Although taxable profits at Braby 
profits. • - . Leslie are "up : 58 per cent/ the 

Generally the forward order . portion is virtually unchanged H 
position, is not unsattsfacroiy - acqurytyns-and the pcqviswm tor . 
although in certain .subsidiaries. Cable. Lines last time are stripped 
the older books are not. at the hut A static pwfbrmamhe-^&om 
high levels enjoyed in the recent A irto Diesel^ and ; Braby Li verpo ol 
past - . has meairt that-ihdr wmhrtturtiott . 

The- -hoard has again decided,^down from 80 per cent to 
not to provide for deferred tax about half of group profits. Trad- 
on stock appreciation relief except. -Uig here has rK>t fieen.nrlgnt ana - 
in those .subsidiaries where it is new- export Tnarlcets- are -actively -- 
consideretl possible that stock being ■ sought ■ cornpghtwn 
values will reduce in the fore- abroad' Bets, tougher..-- With _ its 
seca We future. As a result, the high. /degree of. technological • 
tax charge for the year at £383.000 expertise, the group W.-eyeing up 
(£294.000) Is £796.500 lower than possible jiartncr^idp schemes in 

£2228m (£2. 64m) aficr deducl- 



ij« ue 
13. IIC 
E *s7 

i‘ double tax relief £f1.68m 
oijtTmj and including unrelieved 
•^T. and 11.16m (£2.11m) over- 
L u> tax. 

lieni'l **!«« 


■ding prc>fii 

C.K- iimpiniM r^mnaniJK 
l ?rf-si parahlt- 
"WH beFore ut>c 

^ prolil 

)i mmoriu-:-^ 

*if«reik-<.' divid<“nd« . 

*rra ordinary civdil . 

(vhuil--: Inuo* . .. 


''-’rim duidrnd . . 

Ml divrdond 
Mtl-ym-.-ntal lor 1476-77 
I Ii si fil'd 

. L.-*< inv«n m»iu 




3.e> » 

1 27:i 

2 *ai7 








I. +12 




Midway loss 
by Johnson 
& Barnes 

expect the group tn continue In 
mafc further progress this year. 
„ lh „ ,_j The result i*; after interest or 

at the Har-end. £».!l3m ill .04m). ADer tax or 

Within ih.- retail division. £i.42m t£(i.42m). extraordinary 

margins in Oakeshoits delerinr- debits of £113.000 t£2.78m) and 
aled sharply, while Lewis Meesnn minority interests, attributable 
did noL achieve its anticipated profir came out at £1.68m com* 
profit level, the directors say. pared with a 11.01m loss last 
Earnings per share are shown time, 
at A.44p (0.92p loss). Again there Earnings per ]0p share arc 
w no dividend— the last payments shown at f).7bp (9.72p) and rhe 

the foreseeable future rhey increased by rights and/or acquisition issues. % Gross throughout. j t % Muld have been rf prorision the Far East and South America. • • 

c m ;* Includes 0.0227p in respect of previous year. 1 — i r..u The new heewerv eouioment sub- ■ 

totalled 0.85p in J 973-74. 

TURNOVER down from 
El. 13m to £0.94m. Jnhnsun and 
Barnes, the knitwear group, 
reports a net lo«s or £98.752 for 
the six months to December 31. 
I9n. compared with a £30.169 
profit. For all ?97fi-n, a £25.459 
deficit was announced. 

The half-year result was struck 
9 Balance no longer required for after £48.758 (£1.422) profits on 
-■ferred tax, amounting to the disposal of plant and 
35.73m, has been taken lo 
a serves. 

1 1 7.K 

I 00*> 

* Ih-bil 

Peak £1.7m 
for Weston 

final dividend of l.9p net 
the total from 2.6p to 2.9p. 

had been made in full. The new brewery .equipment sub- 

Earrriugs per 10p share are sidlary, Briggs, contributed, the 
shown at 23fip (17.7p) based upon bulk, of first-time profits but is 
profits; artcr tax. and 8 per cent" not expected to repeat this level 
preference dividends of £2.003,720 in the current, year. However, 
and on 8.417,817 ordinary shares. Edgehill -is. better placed . wulc 
Had -the group suffered a full E. C^Payler is £ttin& in well .with 
tax charge earnings would have rationalisation plans al the Bristol 
been 13.5p (10.5p). storage container plant.. With 

.A second interim dividend of troubles In. the petrochemical 
3.25p net is declared, making a industry, demand., for . drams.' 
AS MVTirrP VTF.n It II tnnhrip* The issue has heen iointlv total of 5225p (4.o42Sp). A rcso- (Braby. UveipOpl) -COUld J)6 

Humphries Holdings 
back to profits 

yTherc was an extraordinary 
c edit for rhe period of £57.000 
265.000 debit) and also exchange There is again no tax charge. 

in rhe year ended 

with £260,2fi3 before tax compared Rudd and Co. Dealings in the new 
# Comment 3vith a £34.96$ deficit in the shares will begin on Monday. 

previous year. Turnover was The shares are being offered lo 
Lilt spurs profits are 45 per cent slightly higher at £U>.3nm against existing shareholders registered 
higher, in spite of a disappointing £10.01 m. June 21. The latest 'ime -f r 

performance by the freight for- The profit is after redundancy acceptance and payment in full 

warding activities which have costs of £48234 (£95550) but will be July 21. 

been hit by the trading recession, before tax of £73.388 against 
The packaging companies more £146.781. Last November, the 

than compensated, however, and directors said net profit was likely 

AS FORESHADOWED at the the Bullens division’s profits to be in excess of £100,000 

machinery, a temporary employ- interim st3gc, record profits are jumped by over a fifth, thanks excluding a net capital profit of 

mem subsidy of £95,090 (nil) and reported by Weston-Evans Group to some new contracts, including some £lla,iW0 arising from the 

For the year to March 31. 19*8 3 large one rrom Vospers. In- sale of Twickenham Film Studios, 

with the taxable surplus ahead creased vehicle sales throughout , *5 , cre j 

by 20 per cenl from £1.4112111 the country are reflecied in the . £*’6.8-6 (I14,tk>l debit) and 
to £1.699.758. Al nudway. the motor distribution division, where |V mor| l ,cs - 3 n n buta ble Profit for 
figure was higher at £668.448 profits are 21 per cent higher. JJ’f 15 “ — 1-6 a » am st a 

a S 3m,l_tfSl.m while E\po ieshibilion and display Ea'rmh^ her .hare are ..hewn WJTH PK£-T.<L\ profiia up from 

a lose or £173.454 this time, on 
the closure of A%et IniernaiionaL 

.... on ED21 ha^is of Il.K4m 
1 1.73m surplus) on nei current 
kseLs of overseas companies 
v*ui ring in an aimbinable profii 
t iwn front £R.'.Hm lo £5.29 ni. 

Directors *ay results nr ovor- 
■a *■ companies are expre**pd in 

Jerlinp at rite exchange rate of policy oT increasing i)s sale 
fecember 31. 19 n . Rut 
lues at April 2. 1978 
{(change loss would ha\ 

f *duced to £1). SI m. this policy would allow the com- increase sales and profit-- 

Slated earnings per £1 share pany a greater degree of flexi- evidences gviod pro*pec(s 
vrore ex-tranrdinary items and bililv and ha* already provided furl her growth. 

No interim dividend is to be 
paid l-ame)— Ihe last payment 
was 1 , 3640625 p net in 1975 which 
was followed by a one for-one 
scrip issue. 

The directors slate that the 
company ha< embarked on a 


well ahead 
at £0.57m 

Mr. Fred Cropland, the chair- services) jumped by 29 per cent, Vi'n*ln7o \o-,in ih*»re mi4 40K to £173 460 for the vear 

™™E , - rl h, 1 ™ 1 »-rn 5r S“?n r!; S ’ Tt r ° r h lhe « iio 'dividend— Ihe lasf payment t, Mereh 31 1078, .he dirmors 

companies have a^jin bicn re>- NEC * Facilities jn Bi pm in eh am ; n 1111:^.70 0 r wintrust banking &rnun 

pon-ibie for most of ihe in.-rea-e and the closure of the loss-making f hp ,. rollp motion Mm confidently expects ^ that profits 

j C . firnr>;,n . ies ' developer and printer, is a in the curreni year will show 

in profiis, mainly due to the German and French 

1 had rhe lets and the inilial response has excellent performance or Brown The com pan v cees steady progress subsidiary of the British 'Electric material m.-reise over the G-'ures 
8 applied, been very encouraging. ProrfucLs Inc. which, despite *ub in the current Trnm all Stuii Comnwiv SITw renorierl 

ia\e been Successful implementalion of stanual competilion. conlinucs to divisions which would leave the internal manun < ,mpnt fil?lirBe 

Levex rights 

and shares al Hrtr* — or a n-e of around 
for 6 and a vivid nr 7.6 per cent — 
look-ins attractive. 

Hill Samuel Group 

New relationships 
and resources 

Highlights from the Statement by the 
Chairman, Sir Kenneth Keith, and from 
the Review of Operations. 

The most significant event of the year was the 
creation of new international relationships with 
Banque Arabe et Internationale d'Investissement 
and with First City Bancorporation of Texas, Inc. 
These relationships will take us a major step 
forward. The £9.2 million additional funds 
raised will give us the necessary new resources 
to increase our activities when the opportunity 

* Group profits, before exchange differences and 
extraordinary items, were marginally better 
.than last year. While some parts of the Group 
have performed notably well and made 
substantial increases in profit, others have 
suffered from the adverse factors in their 
particular markets. 

* Record profits were contributed by corporate 
finance, investment management, and by the 
computer services company, Lowndes-Ajax, 
London Bridge Finance and the leasing 
company both had successful years. In 
contrast, the severely depressed state of the 
shipping industry resulted as expected in 
substantially lower profits in this area although 
shipbroking business completed was up by 
more than a third. 

* Shipowning has been effectively discontinued. 
Two more ships of the original fleet of four 
have been sold during the year and full 

f irovision has been made for the anticipated 
osses associated with the remaining vessel. 

# The Group is well placed to benefit from a 
revival of world trading activity. 


for the year to 31st March 1978 

Sources of profit - after tax 



Merchant Banking 






Investment Profits 



Broking and Consulting 




Life and Investment 






Other Services 









Interest on loans 

Profit before exchange 
differences and 



extraordinary items 



Exchange differences 



Extraordinary items 

Group profit for the year 
(after tax, exchange 
differences and extraordinary 




r.ttrr irnr-ifer le metre for toKtin$tniies 



T after 1.1.7? million ?urplu< irtmsfernd in frdnhiij reitrrt for tonlnignuirs 
+ torses iissoiiaifil u-Jii I'rinitmliou of shipowrunx 

Copies of flw Rifotl atui Aiceunl * wntoiiiiiig Hie Cli.i/riii.m * b/dlfiwm! in full can hr chlainfJ from Ihr Srcrrlary: 

Hill Samuel Group Limited 
100 \Kbod Street 
London EC 2 P 2 AJ 

to raise 

Internal management figures 
for rhe first three months of (be 
current year reflect ihe continued 
growth in profitability previously 
anticipated, the directors state. 

Profits for 1977-78 are before 
lax of £296,336 (£181,919) includ 
ing deferred tax of £295,083 

Earnings per 20p share are 
Lcrex. engaged in the printing shown at 3.9p (2.7p) and a final 
of knitted fabrics, is raisin? dividend of 1 .99586 p lifts the 
£163.000 net by way of a one-ror- total from 2.9842p to 3.03006p. 
one rights issue of 3.6m ordinary 
5p shares at par. The proceeds 
will be used to repay existing 
bank borrowings and help finance 

The shares last night closed ip 
dow’n at nip. 

The company, which last year 
incurred n loss of almost £20.011(1, 
has recently liquidated its knitting 

subsidiary in Wales, which was .Mr. D. F. G. Stroud has 

losing around Xin.900 a month, resigned as chief executive and 
Mr. K. ilLiharajh. managing direc- ;i director nf National Carbonising 
lor. said trading at ihe priming Co., manufaciurers of " Rexco ” 
subsidiary was ahead of last year smokeless fuel, 
and he expected the company to The resignation, which wax 

return to profit in the current 12 announced late last night, comes 
months. l ess ^an *24 hours before the 

The directors considered that company is due to announce its 
the company's exisling bank results for the full year to March 
facility nf £70.909 was inadequate 31. 197X. During 1976-77 profils 
to finance working capital. It had amounted lo £27.000. 
proved difficult rn obtain a facility The shares were last night un- when- nn acceptable terms due changed at 42p, which is 3p above 
in pasi losses. I he year's Inw. 

‘Rexco’ chief 



Mr. D. F. G. Stroud 

rafe of ACT for 1978 is reduced which will be .'-necessary to SUs- 
frora 34 per cent. It is probable tain growth. Net borrowings are 
that such final dividend would be virtually, nil though 7 • a higher Tax 
paid at rhe same time as the charge next -time 'wilt bite into 
im *>rim dividend Tor 1978-79. cash Bow. At ,98p the, shares stand 
Group net tangible assets per. on a' .p/e .ofO'ust'tunder 4 ' and- 
ordin^ry share at March 31, 1978, yield R.4 per cent. 

(Facing Brick Manufacturers)'-. ' 

Satisfactoiy increases in 
production quantity and quality . 

The Annual General Meeting of Blackleys Limited was 
held on 29ih June, 1978. at Wellington, Salop. The fallowing 
is the circulated review of . the Chairman and Managing 
Director, Mr. T. J. B. Wright, B.St (Eng.), C-Eng., M-LCJiL 
M.1.W.E25.:— ‘ . .. . 

1 consider that ouf profits. For 1977 were most satisfactory 
and attribute this improvement to an increase in both the 
quantity and quality of our production during this period. 
Not all of these bricks have been sold, and thq, size of our 
stocks is in line with the iJfrge quantity of brick stocks held 
nationally, hut as our fact hg . bricks mature with age I have 
no doubts that the. fired clay in stock will be. sold profitably. 
Following a poor start to the current year, exacerbated by the 
weather, we now appear to be moving into a period of reason- 
able profitability. The present depressed state oE the building 
industry militates aeainst the making of- a forecast of the 
results for 197S. although the results should be reasonably 
rewarding for shareholders in an industry which is being 
clobbered by Government policies. . . , 

New machinery costing over .half a million pounds has 
been ordered so that our production can be totally automated. 
It gives me great encouragement to report that within some 
12 months from now. the first time our bricks are bandied will 
be nn the building site. Development of this nature will,, 
inevitably cause our extremely competent staff considerable 
extra work and worry. Tne final outcome will, however, be 
me complete processing of the hishesf qualify facing bricks 
in the United Kingdom with the minimum of labour involve- 

In Ih.' meantime, we will continue to make as roanv facing 
bricks and special bricks as we can and, although, oui stocks 
are high, we see no justification at all for cutting production, 
which would drastically increase the manufacturing cost of 
our products. We have plenty of stocking space; we are able 
to finance heavy stocking and when demand returns,- we will 
reap the benefits of efficient production. 

Hargreaves results reflect the 
Group's underlying strength 
in its basic markets. 

The results of Hargreaves Group for the year to 31st March 

1978 show further steady progress. Turnover rose 14% to 

£153,341,697 and pre-tax profit advanced to £3,421,502 

reflecting the underlying strength of the Group in its basic 


During the year nearly£41- million was invested in new 
plant and equipment and, for the current year, capital 
expenditure of some £3i million has been authorised 
The current year has started well and opportunities have ' '' 
been created for the future. - \ 

Copies of the Report and Accounts are available from the Secretary 
Bowcliffc Hall. Bramham . Wetherby. West Yorkshire LS236LP. Telephone: Boston Spa 843535. 


Commercial vehicle distribution; contracting and waste di*„ rtl .-i .. 
fertilisers; fuel oil and solid fuel; insurance; plant hire; qua r^in n sporfcr 



.Financial Times Friday June 30 1978 


• • 


• . : '.-A 

Courts produces record • • , Leboff down at £X.02m 

. . A rises to _ , 

£4. 9m: more to come £526,783 after closure costs 


^ : 

‘ * 



•« i 


FOK THE year ended March 31. 
1978. profit* before tax at Courts 
1 Furnishers) rose from £4.87 m 
to £4.SSm following the increase 
from £l-95m to £2. 18m in Hie 
first six months. 

The- directors say that despite 
profits being a record, trading 
conditions Hi the L!JC — where 
turnover was up £2.45m— and for 
some of the more important 
overseas subsidiaries, were diffi- 
cult for much of the year. 

However -trading conditions in 
rhe tJK and overseas have much 
improved in the current year 
and provided this trend con- 
tinues. the group should be able 
to achieve satisfactory results. 

The year’s pre-tax profit is net 
or transfer to deferred profit of 
£1.17m and. includes property 
disposal profits of £40,000 
(£30,000J . 

Earnings per share are shown 
at l&ap U3.4p) and a final divi- 
dend of 1-S3735p lifts the total 
from 3.17014 p to 3.49375 p. 


1977-7S 1876-77 
fUOO flXXi 

Turnover* 44 937 

Profll • ■ 4,353 

Protwrtr disposal proBl ... 40 

Profit before tax 4,893 

t'K and overseas uut 

Mri profit 2.M7 

Exchange debit M 

’Uinorinns 230 

Available - zp*\ 

Prefcn-nct dividend 24 

Interim Ordinary 218 

Final Ordinary ■ 273 

• Excludin* VAT. « Credit. 

The effect of exchange 
fluctuations was considerable, 
with the pound increasing against 
almost all world currencies as 


fluctuations reflect the currency 
profits or Josses arising on trad- 
ing transactions, while. profits or 
losses resulting from the conver- 
sion of opening nut current assets 
arc now charged direct lo 

During the year new stores 
were added in the UK at Truro. 
Clapham Junction and Maas fie Id. 
and overseas at Toowoomba, 
Australia. A new store is open- 
ing also in Darwin, Australia, and 
other prospective new stores are 
in the pipeline. Re-siting to very 
much bigger premises is taking 
place in Singapore. 

In the UK • re-locations to 
larger premises and extensions to 
existing- stores are proceeding la 
several towns. 

Ttv (nihm-JDi: inuipjim-, hdvr um ih--d 
dfli'.S of fc'KirJ mri-tlmis io thri Si«k 4; 
b'rciunsc . Such nii-ciiiiKS are tv n rt ify 
h*-ld tor tin- purpaws of conslrUrim, 
dlviJi-ndS. f'fflrijl indurations arr not 
available who! tor dlvld'-nd* etne < 
*"• Interims or ft ns Is and <ui>- 

dlvistoiu shows SkIqw urn based niauUy 
ua Usi year's UnM-lfeblv. 


Interims— Dcn-iiroD. Di-whuret Dint, 
Trust, j F. Nash Secunius. 
WTiatUngs. ; 

plnnls— BaUc-rs uf York-Jjuv, James 
Cropper. Edwarri Jones (Camt3<-ton.‘. 
Ho&en Moss. National Larbowsing. Wharf 
Mul Famlshers. 



Barr ia ... 


novum uoLbinm- 

t-adios Pnd? Ouicrwar 

Watson and Philip . 


Crown Iloose 

□uni-Hu i Walieri and Coodricke 

Sit-miiI RiW-y Drummond ., 

Wadtumaon ■ Jobs 

July s 
July B 
.lull- 24 
July 24 
Job 13 

July 10 
July 3 
'July 27 
.July 4 
July 3 









2 .21B 





compared with the levels apply- 
ing at the previous financial 
year-end the directors say. 

The effect on trading results 
was such that had exchange 
parties parities been maintained 
group turnover would have been 
£48.77m and pre-tax profits 
£589 m. 

In accordance with changed 
accounting policies this year, no 
deferred tax has been provided 
where the deferral is beyond the 
foreseeable future, and exchange 

Setback at 
Dunford & 

Profits for the half year to 
Mil nil SI, 197S of Dunford and 
Elliott slumped from £ 1.69m to 
£121.000 subject to lax of £30.000 
(£71.000). Turnover was £39. 56m H0. 17m. 

Profits were struck after interest 
of U.QBni (£l.79m). After extra- 
ordinary losses of £508,000 
<£126,000;. the attributable loss 
is £417,000 (f 1.49m profit). 

The company is a subsidiary of 



Encouraging start for Duurapipe 


TURNOVER AND profits of Dura- 
pipe Interbationul so far in the 
current year are encouraging and 
1978-79 . should result in records 
being established, Mr. J. F. Pearce, 
the chairman says in his annual 
report. . 

Anseif Jones and Company — 
maker of pulley blocks and lifting 
tackle — will continue to produce 
a helpful contribution to group 
profits and if current plans for 
extension of its activities are 
realised, prospects will be greatly 

The group’s attitude towards 
overseas trade will be maintained, 
the chairman says, while at home 
and in Europe the group will 
strive for an increased market 

Much is expected from Dura- 
prpe Limited with its presence in 
North America, growing interests 
in Australia, the proposed ware- 
house In Europe and in 
I he Middle East' and from the 
developments taking place in new 
processing technology. 

Group, profits before tax for 
fte year ended March 31, 1978 
rose 19 per cent to a record 
£l.llm, a result achieved with 
some difficulty says the chairman, 
due to the effect of .unofficial 
strikes at both operating com- 

UK sales rose 22.5 per cent 
to £7 Jam. and -Che UJs. sub- 
sidiary contributed - £LSJm from 

date of acquisition. Total dividend 
for the year is 4.079p i3.652pi 

-A) Durapip? Limited, sub^ian- 
tial capital expenditure is being 
incurred and plant and machinery 
arc currently being installed 
including a system of material 
storage and handling. Expendi- 
ture continues on the develop- 
ment of new product Lines, some 
of which are expected to be cm 
the market in the next year. 

In Australia, directors are 
currently negotiating the merger 
of both the marketing and manu- 
facturing interests of Dom-X 
Durapipe and Dorn X Wilts while 
in the U.S. a break even position 
has been reached in the first three 
months this year, although tradi- 
tionally this is a loss-makiing 

Several new products are 
currently being launched by 
Ansell Jones and there is every 
indication of good market 
acceptability, says Mr. Pearce. 

The Board is always on 'the 
lookout for opportunities to 
extend this company’s activities 
and certain projects are being 
investigated .ufaat provide growth. 

f £83,000) and not £17,000 as stated 
in yesterday's report, due to an 
agency error. 

SECOND-HALF profit of 
£225.439 compared with a lost of 
£150,103 enabled Premier Con mil- 
dated Oilfields tn finish the March 
31, 19<S year with taxable profits 
ahead from £136,641 to £526.783 
which included £40,152 from 
S.FJ2. North Sea Holdings, its 
contributions since acquisition on 
January 18. 1978. 

Turnover was up from £1.7) in 
to £2.3Sm, including £78.155 this 
lime from operating fees, with the 
£2. 3m sales of oil and gas split 
for the period as to: UK £65,217; 
U.K. £i.4Rm; Trinidad £0.77n> and 
ltatv £5.271. 

The year's result included an 
exceptional credit of £64,191, 
comprising profit arising from the 
sate of Oil Exploration (Holdings) 
shares. £38 074 and the £26.117 
provision for cost of premium on 
investment currency no longer 

Tax for the year was £366.263 
against £244.210 last lime, 
comprising Trinidad £323.173 
Isnmc 97.9 per cent of profits): 
U.S. £53.102 and UK £10.007 
credit, for the period. 

Net profit came out at £160.513 
against a £87.569 loss for 1976-77 
but was subject to exchange 
translation losses of £43.315 
compared with gains of £47,<<9. 
leaving a £117,200 profit for the 
year l £39,700 loss). 

Again there is no dividend and 
earnings per 5p share are shown 
as 0.26P (O.lTp loss) before 
cxchHngc translations. 

The directors state that for the 
first lime the group showed 
earnings from the British North 
Sen through its interest in the 
Piper Field, acquired in January, 

Mr. H. T. Nicholson, chairman, 
says that Premier held a 
geographical spread of interests 
in ml and g as producing areas and 
that these provided a sound basis 
for continuing exploration in the 
British North Sea and elsewhere. 

11177-78 197(1-77 

AFTER AN exceptional debit of 
£853,692 compared with £352^88 
last time, pre-tax profits of 
S. Leboff (Fobel) fell from 
£1.166.152 to £1.019,953 for 1977 
on turnover ahead from £17.S3m 
to £L9.17m. 

At the interim stage profits 
were up from £762.248 to £S76.614 
and directors said that they con- 
fidently expected to show record 
profits for the full year. They 
now say they expect results for 
1978 to be satisfactory and to 
reflect the real potential of the 
combined group for the first time. 

The exceptional debit for the 
year arose from a decision, made 
in November, 1977. to dose the 
stock-holding; distribution depots 
of the electronics division in 
France and North America. 
Directors say it was clear by 
then that, as indicated first in 
autumn. 1976, the Iwo factories 
in Hong Kong could sell their 
production more profitably direct 
to major buyers throughout the 
world, without the heavy over- 
heads of local distributing com- 

The closures involved redun- 
dancy payments and compensa- 

tion has been changed in accord- 
ance with ED19 and the charge 
for the year is down from £0.Q3m 
to £ 0 Jim. Had this policy been 
applied in 1976 the figure for that 
year would have been £448,664. 

This change leaves share- 
holders funds at £5.5Sm (old basis 
— £A0Ini). 

Stated earnings per lOp share 
are 4.14p (3.2lp) and the divi- 
dend is stepped up to J.76p ri.6p) 
with a net final payment of 


The DIY division experienced 
a year of minimal turnover 
growth. While expenses con- 
tinued to be affected by inflation 
and the effect was inevitably a 
reduction in net profits. 

J977 1976 

book which should keep produc- 
tion at a high level for the rcM 
of the year. New anti excitin'; 
products have been developed, 
directors say. which will be on 
sale by ihe autumn, including a 
number in which the j* roui* has 
a marked technological load. 

These new products will reduce 
the seasonal nature of i lie 
business, which should increase 
profitability further in 107V. 

Turnover _.... 

Group profit 
Excep'josal d-oit 

Profit before m . 

Net profit . . 

To Banor:bn ... 

«■ Frost. 

I9.1M.-KI J7.SX144 j 
J.S 73.B43 1. jlS.740 
sj’.fif: T52 JV, 
. 1,018.853 UHJ52 
. rS7.;-9 

7.1.7M 348 

. 7.4M 111.9X1 

Stead & 

lion for employees, plus disposals 

or stocks, leases, etc., and have 
been provided for in full in the 
1977 accounts. 

The court case in Germany is 
still proceeding and some 
recovery is expected. This has 
still not been resolved and it has 
been decided to provide for the 
remaining amount in full and to 
bring in ihe recovery when it is 

Group policy in respect of laxa- 

However. this stimulated a re- 
view of certain policies which has 
had a most beneficial effect and 
has substantially increased sales 
to major UK groups and Europe. 
The pattern of turnover growth 
has been resumed, while costs 
have been contained as far as 

As a result profits from this 
division during the current year 
should show a welcome increase 
over 1977. they add. 

The electronics division’s 
business has shown a more pro- 
nounced seasonal nature during 
2978. but has a very healthy order 

FOLLOWING A rise or only 
£12.000 to £956.000 at midway. 
Stead and Simpson expanded 
taxable profits from £1.886.520 Lo 
a pe.ifc £2.230.214 for The year to 
March 31. 197S. on turnover up 
by I4m to £22.5 lm. 

After lax of fl.lOt&g 
l £1145.769) and extraordinary 
credits £1I3J!»7 <£414.051). net 
profits were down from £1.254.802 
to £1.1742179. 

Slated earnings per 25p share 
are 3.6Sp I32i7p) and a final divi- 
dend of 1.672p. which includes 
lt.(rJ27p in respect 'of the previous 
year, effectively lifts the total 
from an adjusted l.SSS4Sp to 
2.132p net. 

The groups business involves 
footwear retailing and motor 

Expansion plans at Sangers 


S.W1.347. 1.703.171) 

Mil and SJ£ sales ... C JOS.Oj-S 1,703.178 

Albany Life 



'ipi-raunn fees 
Piv. and lnl. income .. 
Mlsr. income 
Profit an Bale of fixed 
a sacis 



74 st: 



lS.7i» — 

Albany Life Assurance, the 
British subsidiary of the American 
General Assurance Group (UK>, 
saw new annual premiums rise 
from £790,000 lo £1.62m during 
1977. while new single premium 
business increased from £4.81m lo 

KxccpUonat cr«lii ... . 



Total tvrento 

2.642 251 


Production costs 

1 OST.^ll 


Amort, and dvproc. .. 

574.] 45 


Eiptorailnn exocitdi- 

lurc written Off 



OperaunE and admin. 


2 M .'*2 

Stion-term Imcn-si 



Pre-tax pro Hr 



Tar . 



N«-t profit 



Exchange- losses 






■ Lou. t Gains. 


Pre-tax profits of £271,000 
(£250,000) achieved by Gresham 
House Estate Company .for -1377 
were . subject to tar -of £14?J}00 

After a transfer from the estab- 
lishment account of £433,000 — 
which represents the extent by 
which management expenses of 
this relatively new entrant to the 
UK life assurance market are sub- 
sidised from capital until recouped 
from future renewal premium 
income — the life assurance and 
annuity fund at the end of the 
year amounted to 17.2m (as 
against a restated I3.8m at the 
end of 1976). 

At the balance sheet date some 
£2.42 rn of the £9.42ra investment 
Portfolio was held in gilts, while 
another £2.23m was held in shares 
and unit trusts. 



Concrete Products or Ireland, a 
Mar ley subsidiary, reports higher 
pre-tax profits of £907.000 against 
£770.000 for the six months ended 
March 31. 1978. 

Profit is after interest payable 
of £114,001) against £133.000 and 
before tax of £408.000 (£356,000). 

Earnings per share are stated 
at 6.225 p (5.1 Tap) and the interim 
dividend is stepped up from 
0.975p to 1.25p— the total in 
1976-77 was 4.875p from pre-tax 
profits of £2.I8m. 

FOLLOWING the purchase of 
eight companies in the retail 
optical field during 1977-78. the 
Sangers Group of wholesale 
chemists, etc., has a substantial 
programme of further optical 
practice acquisitions in hand, says 
Mr. Hugh Nicholson, the chair- 
man, in his annual statement. In 
addition the group intends to open 
new practices in selected areas as 
soon as suitable sites become 

The directors believe there is 
much potential in this area which 
will be reflected in current-year 

At the year end, group capital 
expenditure of £95,000 (£218,000) 
had been authorised, of which 
£15,000 (£214,000) had been con- 
tracted for, and since the year 
end the directors have authorised 
spending of £lm on further acqui- 
sitions of optical practices. 

As reported on June 2 pre-tax 
profits for the year to February 28 
fell from £2.44 m to £1.65m on 
turnover of £90JBm (£80.5m) 

Mr. Nicholson points out that 
profit* were struck after 
charging a number of items of an 
cxcepi tonal and non-recurring 
nature amounting to £240,000. 
They include the pharmaceutical 
division reorganisation costs, in 
particular the closing of the 
Liverpool branch; the reorganisa- 
tion of the Northern Ireland 
pharmaceutical and grocery 
businesses; certain redundancies; 

and the non-recurring costs in 
setting up the optics division. 

A statement of source and 
application of funds shows an 
increase in working capital of 
£0.95m f£1.74mi and an increase 
in liquidity of £403,001) (£779,000 

The chairman says that the 
group U now employing more 
than three limes the net assets 
that it was 10 years ago. The 
major reason for this is inflation 
which has pushed up working 
capital. This all has to be found 
from profits after tax and 
dividends on preference and 
ordinary capital. Further 
expansion into optics has also got 
to be financed and this means 
that the group has to consider 
all the time how it can reduce 
capital laid out in the wholesale 
pharmaceutical division, often by 
revised methods of trading. 

It is the long-term aim of the 
company to become a baianced 
health care group, less dependent 
on its traditional pharmaceutical 
wholesaling business. Although 
there are difficulties in pharma- 
ceutical wholesaling, the Board is 
confident that the problems can 
be met. 

subsidiaries has been changed 
from June 30 to December :n. 
The change n ill be effected by 
preparing group accounts for the 
18-month period to end 197S. A 
second interim statement will be 
issued in August covering the 12 
months to June 30. 197$. 

Hunt Chemicals 
expands in 


The financial year end of 
William Jacks and Co. and its 

Philip A. Hunt Chemical 
Corporation of the U.S.. In which 
Turner and Newalt has a 52 per 
cent interest, is planning a S2!m 
(£1.3Smj expansion of the manu- 
facturing and warehousin 
operations of its subsidiary N.V. 
Hunt Chemical at St. Niklaas, 

The plans embrace the construc- 
tion of production facilities for 
the manufacture of both 
photographic chemicals (for 
colour and black and white 
processing) and electrostatic 
developers and powdered toners 
Jor office copying equipment; as 
well as an extension of the 
present warehouse area. 

The development will lie 
financed by cash deposits held by 
Hunt in Belgium. 

r 1 ■ 

; r* t 

assessors will take alool: 
at your present insurance 
cover on buildings, 
plant, machinery, fixtures 
and fittings and negotiate 
your claims -including 
any consequential loss. 
Can you afford to take the 
risk of not consulting us? 

& Nicholson 

II South AudJev Street, 
London W1Y6HD 
TeL 01-629 9333 Telex; 261988 

Established 1842 

I :' "0 i^l‘ ‘,n cTil'n BainMl'w Lav::*.- c-s 

Interim leport 

Half Tfew to 31 March 1978 

• At* meeting of the Directors held on 27 June 19 iS it was decided to pay 
ij’n *> October 1978 a second interim dividend for the year to 30 September 
t? 78 atthe^te of 5p1S Ordinary Share of 25p. Transfers received in order 

The first and second interim dividends amount to 9.4p (1977 7.5p)pw: ^ 
Ordinary Share of 25p. The increases made in these two interun dividends 
being m respect of only part of the total dividend for 1978, are within 

prevfilLgJegal constraints and any continuation of dividend hnutation 
may cause restriction of the final dividend payable on 2 , April The 
increase* reflect the Company’s desire to compensate shareholders, at 
S S part, for the substantial fall in dividends’ real value since 
statutory limitation came into operation in 19 1 a. 

The amount to be retained for inflation out of net profit attributable to 
B A.T Industries for the half year to 31 March 19 (8 is estimated at 
£32 millions (J977 £26 millions). 

of the Brazilian cruzeiro against the Ub dollar. 

■ Lower UK profits have led to a reduction in the UK tax c^se^offset to 

ome'estent^yanincre^eintasabonondi^e increased . Full provisi, 

Group Results (unaudited) 

Half Years to: 


31.3.1977 30.9.1977 
£ millions 

Turnover .. 




Trading profit 




Investment income 




Operating profit .. 

' 25 2 



Interest paid 




Profit before taxation 








Profit after taxation 




Minority interest 

Net profit attributable to 




. B.A.T Industries 




Analyses by Industry 

















Other activities 







Duty and excise included 


in tobacco turnover 

?i 19 l 



Operating Profit 













Cosmetics . . 




Other activities 



22 • 





United Kingdom taxation 

i on income 




Unrelieved ACT .. 



Overspill relief 







Overseas taxation . . 







Deferred taxation .. 








Group cigarette sales volume increased a t a greater rate than tn t he 
previous year. In the United States, domestic soles and profits declined 
marginally, but were partially offset by improved results from the export 
business, which included LorUJard brands for the whole six months. 

In Europe, Germany increased its domestic and export volumes, resulting 
in improved profits. In the rest of Europe, volume also grew but profits 
Buffered because price increases were insufficient to cover higher costs. 
Exports from the UK continuedto progress but profits were adversely 
affected by the influence of exchange rates on export prices and the initial 
expenses in connection with the introduction, .nationally, of State Express 
in the UK market. 

Sales continued to develop satisfactorily in Latin America. In Brazil, 
higher volume aiid a price increase earlier than expected, resulted in better 
profits, whilst in Venezuela, market share and profits rose substantially. 
Greater demand and additional profits were achieved in Asia, particularly 
in Indonesia. Hefitorntion of margins in Malaysia improved profitability 
there. Similarly, in Africa, restoration of margins together with volume 
increases brought better profits. 


In the United States sales in Saks stares grew substa nliallv. A good 
Christmas season, better merchandising in existing stores and new store 
openings were all contributory factors. There was also some improvement 
in margins. 

Gimbeis. too. benefited from the buoyant Christmas season, but pom- 
weather conditions in the north-east of the US in the spring have adversely 
affected sales which are marginally down on the comparable period. 
Overall, there was an improvement in profits. 

Kohl continued to expand its supermarkets in Illinois nnd its department 
stores in Wisconsin, both of which show improved sales and profit*;. • 
However, the expense of promotional activities in the Wisconsin 
supermarkets have more than offset profit growth elsewhere. 

In the United Kingdom, severe price competition in food retailing has 
intensified, substantially diminishing the profitability of the industry. 
Action taken by International Stores to maintain sales volume :md market 
share has been successful but at the expense of trading profit in tbp short 
term. The decline in trading profit has been offset by property profits 
realised in the course of the stores redevelopment programme. 



: ■<< 



Sales of tobacco products should increase in the second half year 
at the same rate as in the first half, but operating profit will be 
affected by higher costs in Europe, by UK launch expenses and by 
lower profitability in exports from the UK. For the year as a whole 
tobacco profi ts are expected to sh o w a small increase on 1977. Better 
gross margins at Gimbeis and Saks should lead to higher operating 
profit for the Retail division, notwithstanding the effect of 
competition on International Stores. The acquisition of Alliance 
Wholesale Grocers will strengthen considerably the cash and cany 
business of Kearley and Tonge. In paper, a small improvement is 
expected over the year as a whole. The proposed acquisition of the 
Appleton Paper division of NCR in the USA, expected to be 
completed shortly, should bring some benefit net of interest 
charges in the last quarter. Cosmetics division expect to be able to 
maintain the profit improvement achieved through to the year end. 

The overall volume of WigginsTeape sales hen shown little increase over 
the same period last year. Profits, though higher than in the half year 
ending 30 September 1977. have not fully recovered from the more difficult 
market situation which developed in mid 1977 affecting margins in the UK, 
Europe and most countries where Wiggins Teape operate. This was 
followed by a steep decline in the price of woodpulp in Europe which in turn 
weakened paper prices still further. The market has not yet stabilised but 
some improvement in the second h.ilf may be exacted so that the result for 
the whole year should be similar to that of last year. 

Mardon Packaging International experienced slightly less buoyant 
trading conditions in the first half of the year. but. due in pnrl to ihe 
purchase in the UK oftheCundel! packaging group in Septembtr ly77, 
sales increased over the corresponding period of last year by to 
£153 millions vrith a comparable improvement in profits. Two businesses m 
the USA, Michigan Litho. a specialist label manufacturer, nnd Western 
Litho. a web printing operation in California, have been acquired through 
Lawson & Jones, Mardon Packaging’s Canadian subsidiary. 



Sales in the six months to 31 December 1977 rose by 27% over the same 

the inclusion of Juvena 

Has — 

• ■ 

improvement has bem «™S%^^n-biitable to B.A.T Industries is 

S106 millions forthe comparable penod of 

the previous year. 

period in the previous year. Growth benefited from 
but, in the US, Germaine Monteil experienced difficult conditions and the 
US operations of Yardley are being run down prior to transfer to a 
licensing operation. 

The improvement in operating profit is due partly to the inclusion of 
Juvena and to a reduction in the losses of Yardley in the USA. but also to 
better results from Lentheric and Germaine Monteil in the UK and 
continental Europe and from Yardley in Colombia. 

Subject to movements in exchange rates, operating profit overall 
for the year should show a rate of increase comparable to that 
achieved in the first half. However, increased interest paid and 
hi gher taxation will probably 

attributable to B.A.T Industries B AT INDUSTRIES LIMITED 

for the year faili ngsb ghtly short 
of the level achieved last year. 

Tobacco • Retailing* • Paper - Cosmetics - Worldwide 

Wesbninaler House. 7MiUbtmk , London SW1P3JE 



HP’s Ok Tedi prospect 
3ias gold deposit 


MR. R. J. KNIGHT, the chairman and M 
of slorla Holdings reaffirms bis funds 

= t p ir KENNETH MARSTON, MINING EDITOR For a loUlI ef there is no. present intention of SZfr '& 1978. ^ 

n 'EST INVESTIGATIONS by used. These would give a daily then, after November 11. by the ~7U'.:*.>li, I-mlas Holdings has making a bid. nurrhased r^fa^^os^fn oast year from Sturdy Finance Vff wV'-Xi&fr .iMStiaf ^ 

l Broken Hill Proprietary con- ore* throughput or C5,(J00 tonnes. Commonwealth Government alone. a jJ 1 ' e | <l }° Purchase the capital The shares *|* r ® P _ ET^ ax J°ro»nM uas the product Finande and. Studa 
■ ‘ . iU j? into the big. but low But there is a tentative decision Gold Fields will make a decision pr.P™^*- Bn*, t Grimsby), a partly for cash but maudy by the £0.72mto Swcfc and kettofr. consumer andT Harness ^ 

T«dl OPLej’dopos.. in ,0 omplov mm^u^nom . on, about u» fuiuro .r lllo mi n* ^ “« ot —* f'i B!£l£ STbS? < » i-«3 t&£S9S3EBS8^- 

*TTSte -SSSS-t ™ 

results for .Jhe .M' year t. "MSS 


t s^inn ThJ* primary "ore body, capital 'cost but it would also future. * ‘ so - fl ® ,) 11 cumulative redeem- 

se^rt^Colleen Ryan from Port mean a lower daily throughput of The LAC pninicd out lliat with ±r 10 preference shares of Finias. 
n -esbv ' 30.000 tonnes. the exception or Mount Lyell. the L h ?„ preference shares are 

u .>haI iniin nnr rtL-ti. M P» FI wh I If* HlP ii prill nnn- AiicfrnH^n r*nnnor inrlititlru Ei*sH r0lll?t?ni3blp Jt Dclf jfl JH3l/83/bJ 



that the year was a decisive 
Directors have now cl 
established the basis for 

re one. asset 

r£ *££?ssj& ^ 

u, saw 

shareholders. . 1 he a< 

Scottish American Investment qualified 

ihen Arnold and Company-*®** neBtege. LjLi. tUtimr Hfi-fwriW’ k ■.■ o;" 1 1. 

o -gi net profit from mining thi*: scepticism. 
r , ' Jijerial would obviously he very 

v ' ovch less Even so. one con- x n • 

£ *ictium spokesman reckoned that ^|T | .VPlI WIT1S 

J‘ iie cap was sufficient to justify ITll “ JLJ «/ V11 ¥T1IW 

S Sift opera ‘ three months 

_ ^df l he i >k Tedi project gnex . 

n Mfind— and this is Mill subject rpnfSPVP 
r llie f urther metallurgical teslv and ‘'-pr*'- 
11 Se ,f outlook for copper and gold MUL NT LYELL MINING, the lri.«- 
S >ilpcs— ihe cap gold would hr- making copper operation in Ta>- 
e .p cessed separately and exported mania ow ned mainly by 

. ^jtiUnrc lined ^nld bullion whereas Consolidated Gold Fields, has 

r Sp " n,rl content of (he prinmry been given a further three months 

F r^borty would he exported in ihe Q r lir»- with the decision of ihe 

a 3 j’iper Australian Govern me m io cMend 

acquired a further 160.000 Cohen Arnold and Cornpany_ana * te ^ Siting IlS'hwTOV’. . 

; tonne. The gross - in ground - wnereax omy a tew momns ago count s major producer, nau ^7™ mcludirT" — iiBTOao shares bringing its total to 532 Edward Denton and Son. Thg jagit tiam iSm -to. Sim' 

■Jnte of the gold would thus ho the feasibility of □ mining opera- not sought any assistance fum'd n-T The romnsnv 'S per cent; Rothschild Investment say they are unable to vmfr the ^ 

1> reaching ASfitWm (XSTam), but uon _ was being viewed with The Government s aid to Mount an^aierlS annual nroHt Trust has increased its stake to directors’ assessment of the : mo- an d StnHa' Leas- • 

-■«i net profit from mining this scepticism. Lyell extends for three months ofndT SohoverThe «- ^ rent and 0Jd Court Com- vision for bad and doubtful tfaecox^uiner 

' dijerial would obviously he very from July I. Mount Lyell shares Si? r J v “l a ™ i? L S? modity Trust now has 6.2 per debts or its adequacy. SldSSuSiSof Sturdy • 

1 ovch less Even so. one con- T „ . were unchanged at Gup in London n oa min ^i <hl cent. They also say that the addi- En^aod;. , - 

Hp l 'ran ^ras^sSScIen^to ^sllfv Mt. LVCll W1I1S > eSterda V- company has traded successfully i i]VTT FVFR RFfFlVES v 0nal ?-®S* hif'^Hehtk^n the -Anglo Scottish Investment 

i C Sil“ SI?. .. v .1 5ince that date. ^ f 3d Md SSELfiS bi uSi tw ^ 43 per cMt ® f 

At present production levels. TAX APPROVAL last year— recoomended b y them investnieat Trust 

Proctor has sufficient land for , mpj , tjrLS 0 r shareholders or last year— should na\e oeen Both companies ■" 

some four years w,>,k. comprising Staroh and Chemical charged as an managed by (Jartnrore lawaOBtfat /.. ■ 

around building plots with cohmj radon of the VS. has been joss and not as an -A. Dobson and 7. 

A - ' 1 “ - 1 

r| ■. a r-tf l 1/LUVtHI .MIN ■■ i. «. . 

tbe. iareeast .' nadev^ «» . \ 

D "1 ml . 1 . ■■ ■•— .r ... ■ ^ ...... 

s -jiipes — me cap gmo wnuia n«- making copper 0 
e .p cex'ted separately and exported mania owned 
. jUnrcfincd :;nld bullion whereas Consolidated Cr 
'■ i “ golrl content of iho primary t,cen given a furl 



Madawaska Mines, the Canadian 
uranium producer whose contract 

some four years work, comprising 
around J.lii building plots with 
pkinnin 1 -* i-ennissiyn. 

Having regard to Ihe 

tS bad and doubtful £»*»*! . ■' - i 

last >ear-« = e n d«l by M L«t«ot Trwt ' 

Corporation of Che U^>. nax oecn ““ n thi 
called for August 13 .0 vote on °“o 

Lire orouosed 5480m takeover by d0 01 . 

romSfy with ^d Aeir substantial interests . ; . ■ •«; 

comply -wjtn ^ ^ • .- ■. •, ■/• •• •••:• 

that on a At balance -date.. lie £p<W ‘ - - 

Uiat on « • iclnlc nf £1.1%9 ^ill ' -* 

e deal holders of 
common stock will 

bad debt provisions, 
receivables are more than 
although reduced to £l.4ra ii 
accounts after deduction 

. ^ . finished by Ihe end of Ihrs year, copper industry. Ciirpo ration of ijlt Lake Lrt>. _ 

1 b^ire consortium, which apart On the subject of Mount Lyell. - B i'i cd on the wsotiated price .‘u.yui^ 

l , i iC m BRP 13T.3 per cent), the LAC recommended that aid or p”“; a ,. P j Un “ , r , 1e A "'P Armstrong 

• n : iudes Amoco Minerals 1.17.3 should continue for three months contract. Madaw'aska last year exchanged 

, V- ceni) and Germany's KupFcr- after the date of the Govern- m ade a profit of LS-t-im (r-.WLmi purchase nf 

— .. j— — :... . on revenue of CS17.«m. Produc- - - - 

1 arenunts after deduction of 

T.'I^jO per share ' °r “" 1 unearned interest. He says the 

m % h S£ borrowings of less than £0.2ra 

[> -issued Sr3.o0 pre j represent a very | 0 w figure for 

a company in the financial 
services sector. , 

j i^GIoratirm group 125 per cenli. meat's decision on its report. ,.» „ maren merger a^reemeni wmui 

“its to present its proposals to The official statement in Can- mn was 44U.<a.* lbs of uranium f-.J40.u0n. of which £135.000 is to be p nKl :i s a n D roval by the National 

T>r. png Government by May next herrs said that the Government ox ’ ne - satiMied by the issue of Arm- chare holders National expects 

: N’tr. If a decision is taken to go was negotiating both with the Tas- In the first half of this jear, s t ron g ordinarv shares and the Sat the* nroxv material P and 

-bread with a mine, production manian authoriUes and Mount output is expecled to reach balance in cash. iSSmiSjon' Satin* 10 the 

J"a’Jld he expected to start in Lyell about the future or the 2*4.600 lbs and in tile second hair Xhp number or shares in be r w-m 'rTn m^ilnd in 

ft:®. However! there is still doubt company. In fact, the scope for “we hope to do better." Mr. P numucr m snares 1. oe BSetam » offer will be mdded to 

li^etherlhe decision will he taken negolialion is slight. Gold Fields David Keiland. thu mine manager 

i>ixt year or delayed until the has made it clear that Mount said. 

,£. rly 1980s Lyell is nnt viable without Govern- In June the ore grade rose to 

nj The cost of the project, in which mont aid. 1.8 lbs of uranium per ion of ore 

final of 3.S3|i in bring 1 he total f° r newly -issued $73.50 pre- 
for the IS months to 11.55p net. fc.rrcd estock jn a new corporation 

which will own all the share-s of 

ARMSTRONG EQUIP. Mail™*'- . ... riirr _ *^5-xK 

Ar'iV HCiTiAV The n^w stock will carry a cr*nrv> 

ACQUISITION cumulative aonuai dividend of ^ ec ^j 

Armstrong Equipment has ?3ai ,4 5 per cent). negan 

exchanged contracts for the x ^ e avquishdon was agreed last 
purchase of HilJcrest Engineering December but is subject to the 
for a total consideration of March merger agreement which 


v -valid i'bv^x^as-^£43?hn,\AJt&_.T5K:_ 
- tasv £S9iiK)(L L o v erseas Vlas-. SB# ,000 - 
. ' and BiinorMes/of SZiOSOy^t&ftur- 

rrxqviiwic BAT r - : •: atuerprart-einergTO 

TEIN INI j ISAULi • ... - v-,t; • v.xte- ©pop- ^en|S®e* vtjthe 

PirTORY - y^aBMgwssa^aaseag 

^ "There’S 1 therefore eooside^ble FACTORY > ■ V 

Hill Samuel Groun wett placed 

.shareholders. National expects * . •.''T.'.'I'-Ta!',.! ..J.... 

that the proxy material and ci P : cir - -' Kenneth says* di?V i»i»t w>» ' miff during- 'tiiftj.fStSiicisl 

information relating to the W HU .AN NU.AL, piemen t Sir Sir "“W ^s. 

•- e PNG Government lias an Mount Lyell has been subsidised from about 1.5 lbs in the first five ' h . ls . h ,.„ n e,, ln iiofi ‘for 
- tion 10 take a 20 percent slake, since June I3 last year, first by months of the year. The higher w .. ' j. . ' 

Oi-put at AS1.2bn t £730m 1 if con- the Commonwealth and Tas- grade is expected to be mam- i, a „ ,[ ' matoV 

n r.v<.ccmh malhhrfr .,ra I'mornraoMr J Ham. Ls J nirfKPr Ot 

vfntionai processing methods are manian Governments jointly and tained. 

^M^x'SSH'ofThSS’", ■^"‘pSSlSSAtt.nn. Sou®T»eMT«e S rto tl bin. El r.I.Homhlps V V 

Hill crest is nonresidenu and company will not be listed and [row a revival of world trading J 11 ^ 3 FiS Ci^^SSf a wsattbf ihe arrangeffl^fe -Y. 
accordingly e.o.h.mge control con- transfers will be restricted. The activity. tion of TevaS ’ His- liew sftsralioMeM-the .'j 

sent from the Bank of England CO mmon stock of the company As reported on ^ on . A - . . . ■ .,_. 4 group -tiiov&d have the capacityT». • . 

has been applied for. will be wholly owned by Unilever These relationships wiif take, ^e'^^se - income ■ su bstantiall y /. , . 

Hill crest, situated in Burning- united States Inc, a subsidiary of *S?Vr!i£t flffi group a major step forward,^ ^ijh out a corresponding increase v ‘ 

ham, is a maker o metal press- Unilever nv. aS£ teUs .members. The £S2m a«Wf-; ^co^statesthe chairman. vffilL; ■:- " . 

mgs and assemblies for the year J£iSf^^ £ 17^5 tioT ‘* 1 **nda nS*± wfli ghte the less Mraendent .«*«». * ' 

«£5l5S?v c ^ lts SLJJdZ necessary new : . resource -to . S2HL ..ofJtto ^ economy. tor., ,. ‘ ; 


ings and assemblies for the 
automotive and furniture indus- 
tries. Sales at present arc about 
£im annually. 

CIJSTOMAGIC ejLeuaiice j?* necessary new resources . w d-rorvi+h of the UK economy soar. 

Mooloya Investments has pro- /,2s a? £L97m d ( £586TO0 °cr edltsf increase activities when the g^^^ than feretoforeandlto' 
vided additional information on ( gft!nS2l£n opportunity arises. ... believesthatthffi 

certam material contract related ^“hj^vrcmjg the group profit 'Hie second feature of the yea-. meiUs. ia?e ^ -- 

B-jjLfiLi - a aasrs « -s« * oj?s> *«-. was ^ Mg-m -jl®- i^sae?:® fcasasEt.- 


certain material contracts related 
to its £lm bid for Cnstomagic 
Mannfacturing. This followed an 

as down trom t/.DJm 10 was me oiacohuuuouw y,‘ rr; v j2 ~" tsl - w««a -etri* k-TSP . 

The group balance sheet shows owning activities. One .ship was MeeMg. .lWr, Wood Hjree^.JiA^i : j, ; '/ 

Optimism over NZ venture 



>&E FRENCH and New Zealand ship is through Petroeorp. a exploration. It is one of the few 

u n'lLn# “ , The group balance sheet snows owning aenvrues. une .smp w ao " 

The Board of Doloswella Hold- unusual move by tne City Take- fiMrf assets at £33 99m (£38.6m), sold in 197B and two -more ships 'on July. 25.. at.noon. 

ings wishes to make it clear that over Panel last w-eek requesting investment at £2fl.93m (£27.05m),i — — ■ •' 

Ihe recent purchase of 150.500 this information. Details of these a( j vances Q f £4S8.42m (£392m), 
ni.S4 per cent) shares in UHeshall contracts were reported in the , oans t0 ] 0cal authorities and 
is intended as an investment and Financial Times on June 23. banks of £150.2fltn (£129. 32m). and 

denosits of £298-27m f£26fi.54m). 

Current, deposit and other 
accounts totalled £S67_S5m 
t£776.56m) and acceptances 
£209. 07m (£174.9m). 

..s 3 

is intended as an investment and Financial Times on June 23. 

Sioglo extending its 

n 3° rtn ot tne ftoum isiana, nas sotneming ot a breaKUirough for shareholding is held by one large Arrangements are - being Morton-Norwich Products. The 
a^een signed between the New the New Zealand Government New Zealand Transport Company, finalised for the acquisition by deal was announced yesterday 

^eaiand Govei-nment and which alienated the big oil The cost of the North Tasman singlu Hoidiags of the capital of but the terms were not disclosed. 

ce quitaine. prospecting companies with its No. 1 hole is expected to be about Barn urn's (Carnival Novelties) for Morton Quality Products pro- 

ij2 The North Tasman Hole will be controversial nigh oil tax policy. NZS4m. £240 0fit) duces- controlled-portion food 

.sink in 280 ft of water and will . rnp major companies claim the The big prospecting companies Th« is to be provided out of products for the food service 


L|-a «ell sunk some years ago. Petroeorp will put up 40 per cent structure. dends in respect of the year March 

£,nd which in I97P tested 373 ® r llw Prospecun* costs and , NZ comn-.nies have 31 19* 

t ... _ r ,.i . -n. r. receive .-»! ©er cent of anv <h.s- AC pres-eni. iv^. iijmp.inn..-, imvc oi. i- fa. 


At the extraordinary meeting 

Hargreaves to 
spend £3.75m 
in 1978-79 

At the present tune, some 
£3.75m has been authorised for 
expenditure in the current year, 
says Mr. D. A. E. R. Peake, chair- 
man of Hargreaves Group, in bis 
annual statement. 

Sanders Grou 

1 1 . ■ ** ken l uy me nvMii AU.NIHUII nw, A -- ' ... . - • J ^ n'ui^ci, XI0UICIJT ucoidiiu irciNi, i f, 7S/7H vfar has St a Tie a WCU ana 

.asman area could have a reser- Aquitaine Australia— Home Oil proves a success there would be Ha-mme rsmu ! obUiioed under Section 4M of the " 00(J opportunities exist for 
oir of light crude oi l five umes (Canada), Beach Petroleum an upsurge of interest both from riiat tht - J VH9 f ‘I* 0 ?. Income and Corporation Taxes profitable work in many areas, 

jigger than the Mam field. (Australia). L and M Oil (New the other big companies which a useful add-on ip its ,iftwa e Act 1970 from the Inland Revenue. as reported on June 16 pre- 

: The new North Tasman Hole Zealand). Murphy NZ Oil of U.S. have already spent much time ai«si°n- anaa conuuuaiiou oi h3S now been satisfied. Accord- tax profits last year rose from 

Mil also be more accessible than and Odcca NZ (ILS.L and money drilling at various P‘ >DC J' 01 increasin, jis assets ana j ng j y merger w m become £3i)7m to a record £3.42m on 

Maui which is in 3G0 ft of fairly L and M Oil is the only locations around the New Zealand ea™‘ n S s - effective as from July 1, 1973. turnover up from £134 _lm to 

.rough seas. The New Zealand company giving the New Zealand coast, and by some of the smaller * stfnre tax tfJr* . ^ £153J4m, and the dividend is 

jjovernraent stake in the partner- public a direct interest in this wild cat American companies. oarnums prouts oerore tax >ere iFGIV AG f>RSni ™>r 

The Mam held is now a large The Aquitaine consortium con- tame Petroleum is regarded as a nival s. idea .mo omcr somhi „„ suburban Holdings. for develomnenL 

[t’cale producer of natural gas. Oil sist s of Aquitaine (NZ l— which Zealand company. events, the busing being earned rhe other condition of the ^e chmTman states that the 

a nen have said that the North j s 99^ p er cen t owned by If the North Tasman No. 1 J> n from leasehold Premises in mera!er< namely a clearance being if-78/7u year has started well and 

.asman area could have a reser- Aquitaine Australia— Home Oil proves a success there would be Ham ni e r.s m n li. _ - in gk> ^ , bc he es 0 buiined under Section 4M of the ' ood opportunities exist for 

oir of light crude oil five umes (Canada), Beach Petroleum an upsurge of interest, both from riiat tht : a S^9J?J! 1 ,0 I 1 . 'J/i 1 Income and Corporation Taxes profitable work in many areas, 

jigger than the Mam field. (Australia). L and M Oil (New the other big companies which a useful add-on m its ,iftwae .\ct 1970 from the Inland Revenue. as reported on June 16 pre- 

The new North Tasman Hole Zealand). Murphy NZ Oil of U.S. have already spent much time division, ana a cemunuauon oi i& h3S now been satisfied. Accord- t ax profits last year rose from 

Mil also be more accessible than and Odcca NZ (ILS.I. and money drilling at various 01 inc™ 810 -? Jls assets ana j ng j y merger w m become £3i)7m to a record £3.42m on 

Maui which is in 3G0 ft of fairly L and M Oil is the only locations around the New Zealand ea £7 ,ln ®. s - , . „ , 0 -^. effective as from July 1, 1973. turnover up from £I34Jm to 

fJnum-t orofits btfo^ tax were . ^ £153J4m, and the dividend is 

ffl^^nH its net i^iWe a^S AEGIS AG increased to 3.2167p (2.88p> per 

“'r'lisiT^ n6t t ^ c ’ We a ^ els An investment advisory com- share. On a CCA basis, profit is 
were _isi, a - pany has been established in adjusted to £1.53m (£1.12m) after 

W iipivcri k r r Zurich under the name of Aegis extra depreciation £1.93m 

„ ■ "Liijn-i J-L _ ,\G. The shareholders, through (£l.S8m), cost of sales charge 

r % j ja BgLiar v a H B » »JL . ■ ■ m . » m ■ j ■ ■ ■ . y ■ « m . ■ ■■ « a.BR . n 0 wholly-owned subsidiaries, are £0.6m (£0.94zn) less the gearing 

AAVUUV MVWUUt<kJ , n ,(s lost ditch attempt to pre- Standar d Chartered Bank, Robert factor of £Q.64m (£0.68m). 

vent Bovhournc taking over F( om i n; r Holdings and Jardine Mr. Peake says that while the 
Publication of Crosby House KeaUey. who became Crosby's a 1.9 per cent stake. 'V. Hcnshall and Sons (Addle- maiheson and Co. year's results do not show 

Group’s accounts for 1977 has chairman and chief executive in He had added that the loss- slum:). The chairman of the board is spectacular procress. they 

been delayed to September March. 1973. following the resig- making divisions of the group. Yesterday the full Takeover ]u r j Bumctt-Stuart. reflect the group's underlying 

because of the late completion nation of Mr. M. J. Walsh, sold which operated in the red in 1976 Panel refused an appeal against strength in its basic markets, 

of the accounts of its overseas his 10 per cent stake to a private and the first half of 1977, were rulings by the Panel Executive SHARE STAKES Particular difficulties were faced 

Turnover . 


Profit before.Tax 


Profit after Tax 





: jS22h 

Earnings per Share 


r Via31p- 

Crosby House accounts delayed 

Publication of Crosby House KeaUey, who became Crosby's a 1.9 per cent stake. 

£672231 and its net tangible assets 
were £131,790. 


subsidiaries and of its UK com- Jersey-based investment com- being reorganised, 
.panics. pany. International Investment 

that^the^dejay ' ^overseas" involved Mr - KeaUey had explained then DUTTON 

its subsidiaries in Hnnu Kong and «£' r ^ y ' 0 i®* 1 4fmma« a Prink CODCUttV 

Gibraltar, one of which has sub- FORSHAW 

sequonily been closed down. P rou P October. 19m, was badly 

Delays in the preparation of executive and *t h a** he* was ‘ unable REDEMPTION 

the companies' accounts execume ana inar ne was imauie 
were due to substantial change 10 ”‘' e Ihe tune required. Dutton-Forshaw 

in the group's U.K. management Crosby also needed better finan- to redeem at par. 

„ive 11 tne tune required. Dutton-Forshaw Group intends 

Crosby also needed better finan- to redeem at par. on September 

which forbade H.11 shall to is--.ue Rights and Issues Investment in certain areas of activity, but 

new shares to fY-tford. thereby Trust Energy Finance and he says despite this, profits 

diluting the 50.« per cent of Oerteral Trust and its subsidiaries advanced steadily and opportuni- 
Henshall s equity already held by have j ncre ased their holdings as t> e « have been created for the 
CovbOLtme. follows — income shares purchased future. 

The Panels rear ons for ref us- 17400i malting total 223,863 (9.41 . Amp l^ P fac ^^f Vvf. 
mg ihe appeal w-ll be published por cent) : shares and capital £ e . ™ JSShS^ 

Portly. .shares purchased 160,169. making 

loinl "iM/uiq i9o« nap rent! ^rm facility of Lm which has 


A L'.S. subsidiary of Rcckitt no.nno shares: Mr. J. D. Robert- **J“ h ° f n t ri re 

nnri 1 hi. rt Fmm-h i , . Emn cater for the needs of future 

Profrts would have been substantially higher ^ 
but for exceptional items— Dividend ■ 7 
maintained. : 

Appropriate action taken to combat-the marked 
change of trading pattern of pharmaceutical . 
wholesaling. * ’■ .: J 

Much potential in retaii optical busmess will^ 
be reflected in cu rrent y eay s profits: , ' .7 * 

^ Long term aim' to become balanced Keafth - ; - 
caregroup: .. J .’ > 

Copies of the full Report and Accounts are ’ . ,v . 
available from the Secretary;-- . . . ' .V.. ' , 

, \ . 1 /•.. 7^ li:. \~_ m m 


Cinema House 225 Oxford Street London WTR 1 A£ L 

in the last two months and the cial control which he hoped 30. 1978. Ihe nominal amount of and Co Ini an. th*.- RT French s haw has purchased 15.000 and ca[cr frf 
"consequential review of the would result- fro mlhe appoint- slock and principal money — Company, has agreed to buy the Mr. ./. V. WooJJam 20.000. All are KS P. an ®]®„ 
company’s operations." nients of two I1T directors to £475,845— of the variable rate Morton Quality Product Unit of directors. ’ v U h' ' 

Last month, Mr. .1. R. M. Ihe Board. Mr. KeaUey retains unsecured loan stock JUTS. SO. 

Morton Salt Division 


Sales improve 15% to new record. 
Profits increase to £722,086. 

■5^ Capital investment programme 

^ Surplus on revaluation of freeholds 
amounts to £249,31 6. 

^ Net assets reach £3,387,966 or 1 Q6p 
per share. 

Dividend increase of 10% 


Profit before taxation 

Profit after taxation 
Retained profits 
Earnings per share 









1977 V: 

178,5 77 

Century Oils Group — Com- 
mercial Union Assurance now 
owns 428.750 ordinary shares (5.07 
per cent). 

Hargreaves Group — Britannic 
Assurance has purchased a 
further 25.000 ordinary shares and 
is now interested in 2,115,000 
(8.01 per cent). 

Lindsay and Williams — Mr. P. H. 
Giles, managing director, now 
holds 156,400 ordinary shares 
(15.03 per cent). 

Wettem Brothers — W.^ and J. 
Glossop purchased 5.000 ordinary 
shares at 95p on June 28. 


1 1 V„||„^— liiFT.+r nr 

— J Him 'it, 1 1.--.-. .'_i 

I 197*’ - (••rui.'cL 

Meeting, Wetherby. West 
Yorkshire. July 25 at noon. 

16.90p 18.69p 


. ' . GROUP 


' *- - • ^ ’’ 

O M'v,.' \ 

■:-R- „ 

Cop : es of. the Report and','.... - / J " - - ' ' 

Accounts 3re available from' 'f' 'xV' •. 

The Secretary, Heanor Gate, 

Heonor, Dorby^htre' DE7'.7R<3^.t^J";'.. : '2^.' 



-.>iiiiMl l-ljifiS.flOOj 

HiiWi.- Pf|»»rit....l ^.011.7:17,1 1.7«g.m 

jjvial L>v|*i»i1»..! iQAllUjinQ: — 

thnLei* a% 1 1K2.947 i —• 41.1EJ.921 

llwpn'si Jc Other | 

.‘uv* &M.9IS5.622 — <8,6fc.7E4 

jL536.a71.366j- «H ,003,284 


Gnvt.. SecurltlCT.. l,147^9L0S7r + 10Z, 109.999 
Vili-HwariAOUier I 

210.43S.Z9ll— 190,B98^MI 

t'romlMM.Bquip’i [ 

i«LerSe»* 2U,lfl9,MC — M.267 

Now* 17,495.7671+ B20.596 

17B.623J+ 14.937 

1.MS.671.3W - ff?.003.259 

This announcement appears as a matter o{ record only. 

W WebullAB 

AB Cardo 

through a U.K. company ..D-U 

(75% owned by Weibuil and 25% owned by Cardo) : 
have acquired the business, goodwill and the exclusive rigKt 
to use the name of 

Suttons Seeds Limited 

The undersigned acted as financial advisors to W. WeibulAB anet ; 

AB Cardo in this transaction. -.V 

Scandinavian Bank Limited 

- . "r- ... Tj 

‘ ■ r -: ( 




.■'.•■ '•■■‘'•ft. 



' =*%• 

. ^ 

. — ■ 

'■ ,•, '•••'- a. 

. ' A -*3* 

■. •• t'.r, ■&’ 


’■■ ■ = ~ ^ «■' 


"ell pla^ 




i .-....* 

•v. - .-• v- 

y. <» 

S.S3? ■■•■ 

... -■> 

Financial’ Times Friday June 30 1978 



Ford seeks 
grant for 

Ar. financial and company news 

Cavenham U.S. offshoot 
in bid for stores group 

bond issue 
at 8f% 


NEW YORK, June 29. 

By John Wyles 

Stock market listing 
sought by Global 
Natural Resources 

plans $170n 

By Robert Gibbons 

MONTREAL. June 29. 
FORD CANADA heeds CS75m in 
proviseiaTand Federal grants lu 
go ahead with an engine plant 
at Windsor. Ontario, rather than 
at Lima Ohio. The plant would 
cost over C$500 m and create 
2,500 jobs. 

The Toronto Star claims lhat 
a confidential Ford Canada docu- 
ment says the plant would cost 
US. S87m more to build in 
Canada than in the VS. 

Both Federal and Ontario 
Governments are in dispute on 
how. the grants should be made 
available in Canada, according 
to Mr. Jack Horner, the Federal 
Industry Minister. 

Husky suspended 

Trading in the shares or Huskv 
Oil remained halted pant widtlar 
yesterday on the Canadian Stock 
Exchan ges and also on the 
American Stock Exchange in New 
York. Exchange sources said lhat 
further news was expected 
shortly on the contest for control 
of Husky. Last night Alberta 
Gas Trunk Line, which now has 
35 per cent or the 11m Husky 
shares outstanding promised tc 
snake a- statement, reoorts our 
Montreal Correspondent. 

MacMillan Bloedel 

MacMillan Bloedel, Canada's 
largest forest products group, is 
spending CSl7jn on improving 
efficiency or its British Columbia 
and Ontario logging operations 
this year. . Total capital spend- 
ing will be about C$1 25 m, writes 
our Montreal Correspondent. 

Packers cheerful 

. Canada Packers, the largest 
meat processor in Canada, says 
its. first quarter ended June 25 
will .show *' modestly better" 
results from a year earlier, but 
will be below expectations 
because of Jabonr disputes, 
writes our Montreal Correspon- 
dent. The domestic food business 
is showing “ considerable 
recovery.” but results for the 
year will depend ** very heavily ” 
on bow quickly labour troubles 
in Canada can be settled. Capital 
spending this year will be 
around CS33m. 

GRAM) UNIO-N. the ninth 
largest supermarket chain in the 
U2s. and a subsidiary of Sir 
Janies Goldsmith's Cavenham 
(liSAi. has made a Sii5m offer 
fur CuJunial Stores, a kadi tig 
grocery chain in (be southern 

If successful, the merger would 
be the first major acquisition by 
Grand Union since il was bought 
by Cavenham in 1973. 

Colonial Stores operates 360 
supermarkets and discount stores 
in the south and is generally 
given a high rating fur ns 
management and financial 
strength. The Grand Union offer 
is for S30 a share in cash which is 
a 26 per cent premium above the 
company’s closing price un the 
New York stock exchange last 

night of S23i. 

Mr. James Wood, president and 
chief executive of Grand Union, 
sent the offer in a letter to 
Colonial's chairman Mr. Ernest 
Boyce which follows recent dis- 
cussions between the two com- 
panies. The letter points out that 
S30 a share is a 50 per cent 
premium over market prices 
“which prevailed unui u few 
days ago " and is “ a full and 
generous " offer. 

But Mr. Wood acknowledged 
lhat the offer was based on 
publicly available information 
and did not close the door un 
further negotiations ” to take 
into account any additional con- 
siderations you think might he 

Mr. Wood requests a meeting 

with the Colonial Board and asks 
for a quick response “ but in any 
e\cni not later ihan July 10." 

Acquisition of Colonial Stores, 
which promised a statement on 
the offer later today, would give 
Grand Union an important, 
presence in the fast- crowing sun- 
belt. Colonial achieved net earn- 
ings of 510.9m or S2.S7 a share 
on safes of s>1.05bn in 1977. The 
cm n pa ny expects to spend S20ui 
this year on capital expenditure 
and to open 25 new stores. 

Grand Union's offer of 10.4 
limes last year's earnings could 
well be considered conservative 
by Colonial and since analysis 
are expecting an S per cent rise 
in the company's earnings this 
year, further negotiations may 
be uu the cards. 

Wet weather checks Cyanamid 

WAYNE, June 29. 

earnings from fertilisers, and 
pesticides, American Cyananud's 
second quarter net income is 
expected to be about level with 
a year earlier, despite a‘ 15 per 
cent increase in sales. .So fore- 

casts Mr. James tl. Affleck, 
chairman. Last year’s second 
quarter net income was K39.2m 
or 82 cents a share on sales of 

The second-quarter estimate 
indicates that the firsl-haif ueL 


$30m convertible for Boots 


Sheti purchase . . 

\ SheHt'.&oada: has, -bought lm 
treasny . shares of Alphaiexl of 
Ottawk- tor CS4m. -The company 
operates Ja • the computerised 
handling asrvieqs; field, reports 
flur. Mpntheal Corfespondem. 

Sank qI : M ontreal 

& Montreal, .Canada’s third 
SfFgBSfr, [baitir ,^ is showing rising 
, pr^tibtm^aqd; Stt&easuagjiis 
flJvu&hff Jct28- c£n& : (Canatfian.V 
'a.7 quarter from the previous 
aSS cents nrith tbe August 30 
payment to* shareholders of 
record July:’) 3L reports our 
Ttfontreal Correspondent! 

THE DOLLAR sector picked up 
a little yesterday, as did the U.S. 
dollar domestic bond market. The 
recovery in London was, however, 
said lo be mainly technical. 

The main new issue news came 
rrooi the UK — two issues, a float- 
ing rate note for Midland Bank 
and a S30m convertible for Bouts. 

The SlOOm Midland Bank 
floater will offer a margin of a 
quarter of a point over LIBOR, 
with a minimum of 52 per cent, 
terms which look generous by 
comparison with many com- 
parable quality issues recently 
until one looks at the maturity 
—a 15-year bullet Lead managers 
will he European Banking Co.. 
Credit Suisse White Weld and 
Samuel Montagu. 

Activity in the Belgo-Luxem- 
bourg area is moving apace. In 
addition to the Renault and BAT 
Luxembourg franc issues, the 
Industrialisation Fund of Finland 
has launched a Luxh'r 330m. 30- 
year (71 year average life) S 
per cent placement via Banque 
Generate du Luxembourg, while 
the European Coal and Steel Com- 
munity is raising BFr ‘,2bn 

(SSiinj on the Belgian domestic 
market. The issue offers an St 
per cent coupon for eight years 
at 99i. Lead manager is Societe 
General de Banque. 

The Autoroute Basque's unit of 
account placement was yesterday 
priced at 99{. 

in Germany, the DM 50m 
convertible for the Japanese 
company Izumiya was launched 
last nighl, well ahead of the 
expected date. The coupon is 
32 per cent and tile maturity 
eight years with the conversion 
premium indicated at around 10 
per cent Bayeriscbe Vereins- 
bank is lead manager. 

In New York, the price of the 
Ito-Yokudo convertibles shot up 
tu well over 105 in first-time 
trading yesterday morning. 

Brazil has agreed the terms of 
its proposed yen issue, while 
Pemex has indefinitely postponed 
its issue. Reuter reports from 
Tokyo. The Brazilian issue is 
YSOfan for 10 years at 6} per 
cent. The issue price is 99.45 
per cent. 

Boots issue details. 

See Back Page 

will be about $75 7m or $3.5$ a 
share, up frum S7Q.9m ur SL48 
a share a year earlier, and that 
fir^i-half sales will he about 
S1.34bn againM. Sl.lTbn 

Mr. Affleck status that full- 
year earning* should rise by a 
greater percentage than for the 
firm haLT, all bough he declined 
lo be more specific. For ail 
1977 Cyanamid had a net in- 
come of $139.4m or $2.92 a share 
on sales of $2.41 on. 

Current quarter sales or 
agricultural products — which last 
year accounted for jhnnst a 
quarter of total returns, will be 
up slightly from a year earlier, 
but earnings will be off about 
20 per cent. An unusually wet 
spring delayed plantings in tbe 
U.S. com belt. hurting 
Cyana mid's fertiliser and 
pesticide operations. 

Socond-quailer chemicals and 
fibres sales combined (last year 
representing 23 per cent of the 
total) are expected to produce a 
10 per cent increase and a 10 lo 
15 per cent earnings gain. 

NEW YORK, June 29. 
THE IMPACT of inflation on 
investors' expectations was 
highlighted yesterday when 
the U.S. Treasury ai lacked the 
highest cier interest rale to a 
long Icnu bund issue. 

At 82 per cent, the historic 
coupon on a S1.75hn 15-year 
bond issue will almost cer- 
tainly hasten ihe arrival of a 
9 per cent rate on a high 
grade corporate bond Issue. 

New long term double A 
rated corporates have been 
yielding around 8.9 per cent 
recently, but In order to main- 
tain their traditional spread 
over Treasury issues, the cost 
of corporate borrowing will 
have to increase. 

Short term Treasury Issues 
have often sold For more than 
9 per rent hut the previous 
high on a long term Govern- 
ment bond was set at 82* per 
cent In 1974 oa a 25 year issue. 

Yesterday's landmark was 
reached at an auction on the 
Treasury bonds which pro- 
duced an average yield of 8.63 
per cent. The Treasury 
received 5*4.1 3bn of tenders. 

The 82 per cent rate is fuel- 
ling general concern about the 
direction of interest rates, 
particularly short-term. Last 
week the Federal Reserve 
Board raised its target rate for 
Fed funds. Investors and 
economists expect (be rate to 
rise by another quarter per 
cent at least aver the next 
week or so. while the strength 
of loan demand outside New 
York could lead to another 
round of increases in banking 
prime rales, perhaps a> early 
as tomorrow. 

Meanwhile, an increase in 
the cost of Goiernmeut backed 
mortgage loans has been 
approved for the second lime 
in a month. After rising from 
82 per cent to 9 per cent on 
May 23, the Government is 
allowing a maximum per- 
missible rate of 9} per cent, 
the highest since August, 1974. 

Properties tGXRP), the last 
surviving offshoot of the Fund of 
Funds, tbe flagship of Bernie 
Cum ft? M's failed IOS empire, has 
begun looking at the possibility 
of seeking ah unofficial listing 
for its shares among some of the 
world s leading slock markets. 

Currently the- group's shares 

are only traded in an over-the- 
counter market in Frankfurt, 
changing hands recently at 
around £4.50. 

Mr. Frank Beatty. the 
American president of GNTRP. 
told shareholders at the com- 
pany’s annual meeting here today 
that the group wanted to increase 
the marketability of the shares 
and had been pursuing the pos- 
sibility of an unofficial listing in a 
number of centres including 
London and New York. 

He said however that there 
were a number of obstacles still 
to be- overcome and lhat it was 
unlikely that the group would be 
able to achieve an unofficial 
listing in the current year and a 
full listing was even mure 

The recent share price in 
Frankfurt reflects speculative 
interest in the group’s Arctic 

JERSEY. June 29. 
natural gas interests which were 
transferred from the Fund OF 
Funds to GNRP in 1970 in return 
for all of the issued share capital 
of the group. These shares wrerc 
then distributed to FoF fund- 
holders as a dividend. 

Of the 21m shares issued to 
the FoF holders around 9;tn arc 
still unclaimed and are in the 
hands of .Mr. E. Ft. E. Carter, a 
trustee appointed by the 
Supreme Court uf Ontario, 

Mr. Beatty said that gas ex- 
ploration was progressing success- 
fully within the "Arctic area and 
that another company Pan Arctic 
Oils, bad recently successfully 
proved the commercial possibility 
of extracting natural gas from 
the area with the installation of 
a well-head beneath tbe Arctic 

Mr. Beatty said that proven gas 
reserves of between 20 to 25 
trillion (million million) cubic 
feet within the Arctic were neces- 
ary if a pipeline to distribute the 
gas was to be commercially 
viable. Currently reserves of 
around 13 trillion cubic Feet hud 
been discovered from seven fields 
currently operated by Pan Arciic, 
but an eighth field had recently 
been discovered. 

Hart Schaffner 

Kaufman and 
Broad ahead 

CHICAGO. June 29. 
LOOKING forward to high-level 
consumer spending which should 
bring improved results in the 
third and fourth quarters. H3f! 
Srhaffner Marx, the clothing 
company, reports second-quarter 
net profit ahead by some 23 per 
ceai to $3.Sm to give 44 cents a 
share against the 36 cents for the 
same period of last year. 

For the first half, the company 
is 23 per cent ahead with net 
prnfit at S9.6m. and with SI. 12 
a share against 91 cents last time. 

LOS ANGELES. June 29. 

Life insurance and housing con- 
cern- Kaufman and Broad reports 
second quarter profit ahead by 
87 per cent at S6m, to give 37 
cents a share against the 19 cems 
for the same period last year. 
The latest quarter includes an ex- 
traordinary tax credit of $336,000 
or 2 cents a share. 

For tbe first six months this 
brings the company some 50 per 
.cent higher to $6.3m at net profit 
level (or 3S cents a share against 
25 cents for the same period of 
last year). AP-DJ 

NEW YORK, June 29 
Ilf? uiiliiy company. Mr. Ah 
W. Vagtle Jr., cold analysts tl 
four financings totalling $t7i 
are scheduled during t 
remainder of 197S. 

The company's Gulf Pot 
unit plans to sell §25m of fi 
mortgage bonds in Septemb 
Georgia Power expects to s 
S75m in first mortgage bonds a 
StiOm of preferred stock 
October and Mississippi Pom 
expects to sell SlOm of 6> 
mortgage bonds in December. 

Due to the heavy downv.p. 
pressure on this year's eamin: 
any recommendation of a d< 
dend increase would have to ta 
into account Southern’s consich 
able need for rate rclier, co 
men ted Mr. Vogtle. 

Southern recently increas- 
its payment to 3Si cents fre- 
361 cents in the fourth quar; 
of 1977. and has paid high 
dividends to shareholders 
each of the past 23 years. 

The company expects i! 
fourth quarter of 197S to t! 
second quarter of 1979 to I 
the most likely time for its ne 
offering of common stock, h 
plans are no) definite. 

The construct! on timetah 
may be stretched by delay ir| 
certain projects scheduled f> 
completion in the mid- to latl 

But under present plans S4.3h| 
is expected to be spent in tlf 
next three years, of which abni| 
$1.2bn is budgeted for constni 
lion activities in 1978. 

In financing constructiol 
expenditures. Southern's nca 
term goal is to maintain col 
solidated capitalisation ratii 1 
within the ranges of 55 to 57 pd 
cent debt, 10 to 12 per cent prJ 
f erred stock and 33 lo 33 per ceij 
common equity. 

Earnings of 41 cents a shar 
for the five months ended in " • 
compared with 70 cems \v,r 
reported this week, leaving 
earnings for the 12-monih perio 
at $1.64 against S1.76. Total 
for 12 months was $215.6n 
(S215.3m) on sales of $2.Sb 



rise at Pillsbury 

Maple Leaf Mills 

Maple Leaf Mills, the” major 
Toronto-based milling group, 
expects 197S earnings will be 
slightly below 197rs CS14.2m or 
C$1 a 'share. Expansion pro- 
gramme in the U.S. will be con- 
tinued -after certain tax rulings 
are received, writes our Montreal 

THE MAJOR food concern. Pills- Donalds in the fast food business 
bury continued its ptofit growth among its subsidiaries some 16 
into the fourth quarter, report- per cent higher at tbe nut profit 
ing net income 27 per cent ahead level to $17.5in nr S4.14 a share 
for the final period at S15.7m. against the 83.59 a share for the 
to give S9 cents per share against previous year, 
the 70 cents for the same time Fiscal 197S earnings include a 
last year. gain of SI-2m on the disposition 

Fourth quarter sales were also of discontinued businesses which 
ahead, by .22 per cent to $475m. comes out tu 7 cents a share. 
For the full year this brings tbe Sales for the year are 12 per 
company which numbers Burger cent ahead at $1.7bo. 

King, the competitor to Me- Agencies 

Airiease International Finance 


U IS. $20,000,000 9 per cent. Guaranteed Bonds 19S6 

iso 54 


1 759a 







19503 19321 15339 19S57 

-#!». UHL- » m 

19944 -199BZ 1MW . »9»7 

Witness: E. B WalVcr. Not»nr Public. 

^ Uf, Bre „,«ed lor rMOT.Pl.fln »l annual 

On or after- isr A W uSt I9?a ,he b f? d ? 90ol mJ M mroWned <n tn» conditions a.mtM on ihc 

tmomr « 4IW raent i«J W w -nen^ornieniotf for r *»n»pw» atcomsan.i tat jv - 

MTCfM Df eicn oonc. l,rt- ql the *** ao** .T^h cowers are not »««••<*- «"* •*"' °‘ , * 

Ihe touponj •marvrrno «!nr. tb r rawnfl"^ ; - ue j gr payment. Tn* coupon* du« on 1 st Auaun 

ut> matured couPonc will be dkdoueo Iron t"* sum due lor ourn™ 

should be pramlad for prmmt in :hc norm-, m-nne - Airi«*e International Finance Limited 

sooi juna wr. ; *- ■ 

Chemicals: new moves in specialty 




£138 m 

«/i 100 



5 50 


lh : 



• r 






Highlights of 1977 (Chemicals) 

■sf? Capita! employed in chemicals up £31m 

New investment in the USA: majority holding 
in Philip A Hunt Chemical Corporation, an 
important manufacturer of specialty chemicals 
for the photographic, electrostatic, graphic arts 
and electronics industries 
New £15m investment to double production 
of PVC resins 


Turner 8c Newall/ the world s leading 
producer of amino plastics moulding materials/ 
is now one of the biggest UK suppliers of ' 
PVC compounds/ and a major manufacturer of 
PVC resins. 

We are in specialty chemicals too. 

We are growing rapidly in chemicals/ 
plastics/ automotive components, man-made 
mineral fibres and construction materials. 

We are growing in the USA market as 
well as continental Europe. In 1977 we invested/ 
expanded and diversified at a more rapid rate 
than ever before. We are very much more than 
‘the asbestos giant*. 

Why not take a Fresh look at Turner & 

L Write for our new corporate brochure today- 


Providing what the future needs 


To: Public Relations Dept Turner S. Newall LtcL 
£10 St Mary's Pacondf* Manchester M3 SNIL 

Please send me a copy of your ccrpoiate bic-chure and- or 

Report and Accounts. 



II _J 

A t -“. • * * 

>*»^lr ‘^y * • } jj|j e : ■ ?■ *jy.'. • *5-3 

u*j° ; • l «!fj * ; i/ T .',? ■- •• j v 

"* ,* \J~. **v 


iMi'Kwrmwi financial AND COMPANY NEWS 

jDutch lift Legal moves to s 

- mhv 

_ _ lt ;3ll|J||yri Br MARY CAMPBELL 

1 THE Bank of England has taken abortive loan. Mr. Mendelsnn 

< 1 By Charles Batchelor action to eliminate a major legal cast doubt on whether Interna- 

r „ Q block to borrowing by certain tional organisations set up by 

/ AMSTERDAM. June _s. 1 nfiulcinationa! institutions under treaties to which the UK is noi 

fc ni.T.ANn bus introduced Uli7ii.ilicD l-nv n n.irrv r-milri sue or be sued 

, OLLAND has introduced a I English law. 

a party could sue or be .sued 

rt (tin ism uc 1'iau-ui v, ' “‘ M ., lir i ^ 0 NTonHelsnn nf Pruinsel luunirics aim uaima ui uu«r* 

N ' ci iny investment allowances and ininn hvl,™ countries, notably Germany. This 

f. accelerated depreciation which ha, now ^ concern lo the Bank of 

o }* would have injected Fls.5bn reversed nn» vie . England since it meant loss of 

0 fc " into the economy over the The new opinion opens the invisible earnings by banks in 

r , . d sauic period. It w ill also allow possibility of banks in London London. 

5 ' °’ loss-making companies to again arranging loans under At the same time there was 

. . j benefit from investment aid ' English law to organisations like considerable argument among 

J ii, for l,,e time ‘ I BEC. lawyers on the subject. 

Piff^he new scheme was 'first P™' The 1977 opinion was given The Bank therefore decided to 

„ (f P° s f d . ! n June ISyb. an ° JI* by Mr/ Maurice Mendelson to do what it could to clarify the 

n I'd. pnase has been inane lawj . ers Slaughter and May act- positioQ and obtained the views 
r retroactive to May -■*. lyfs. j n§ an behalf of Bank of of the legal specialists at the 

n - <e an<1 w, !‘ promote small SL-iiic j j^j rner i Ca _ one pf the lead man- Foreign and Commonwealth 

Sul enterprises, regional econom c for last year's $200m Office. These specialists basically 

c ' e development and major pro- ® ■ 

y fit je«'ls. The second phase is 

• ' lt expected to take effect from jrr 1 o j | 

f r,« January 1. 1979. and will make M ^70 AmDI* mtOl tZ 

a ^ additional money available for jOk V «lCI IIKI IfiCl AiMMUk 

s ]d> innovation, energy ur.nserva- 

1 -,v lion and improvement of the BY WILLIAM DULLFORCE 

s ii environment. 

said that it did not see why) 
there should be any problem, if 
only because London banks had 
been doing business of one kind 
or another with Treaty organisa- 
tions ever since they were 

The view of the Foreign and 
Common wealth Office was set 
down on paper in the form of 
a letter to the Bank. 

It is understood that on the 
basis of the Foreign and Com- 
monwealth Office's view plus 
views expressed 'elsewhere by 
members of the legal community. 
Mr. Maurice Mendelson indicated 
that he would be prepared in 
future to give a different view 
from the one he had given over 
the IBEC loan in January 1977. 

At this point the Bank of Eng- 
land retained Mr. Mendelson via 
lawyers Fresh fie Ids to give an 
opinion. This new opinion has 
now been distributed by the 
Bank to City lawyers. 

* outlays were deducted from | gives no profits figure, because books had dropped hy NKr 145iu 
1 '( f profits before tax was levied. , financial settlements are spread to NKr 1.42bn since the begin- 
1 :i il Under the new scheme, cor- 1 unevenly over the year and the ning of the year. 

poration tax is reduced four-month figure would give a However. Kvaemer is in the 
•i directly by the amount and •• misleading " imnression. final stages of negotiating a 

1 Importance of the capital The management, however. NKr 3.5bn contract for the 

: r iL * r -v«?sunent involved repeats its forecast that 197S delivery of a floating gas 

'..{New investment in rresh busi- earn ings will be relatively good, liquefaction plant to the National 
' . ; ness premises qualifies for the although considerably lower than Iranian Gas Company (NIGC). 

' : T; * ar 5«- s t reduction — of almost NKr 169m pre-tax achieved An agreement in principle has 
'*4 — '(? corporation tax. 0rj a *jKr 2.4bn turnover last been signed with NIGC which 

l ]» Thereat ter, tax reductions y ear has in turn obtained a 22-year 

• 5,1 descend in order of import- order intake during the contract to supply liquefied 

ance .. from investment on g rs< four months has been poor, natural gas to Columbia LNG 
r* «* , s t * n S ^ Sxed assets to new nnlv ^ Kr 49 g m against the Corporation of the U.S 
.. j plant. With few exceptions jvj j< c so5m obtained during the The final contract depends on 
assets qualifying for tn. corresponding period last year, the approval of the Iranian and 
°t. allowances are the same as 

•'Cl thuse under the previous ■ 

,f Enskilda Banken expansion in Europe | 

.,w mg is excluded. BY OUR NORDIC CORRESPONDENT 

.^Investments in the special 

regions, covering parts of the SKANDINAV1SKA Enskilda SEB has already received 
k, provinces of Groningen. Banken (SEB) is increasing the Rikshark authority to double 
V Drenthc. Overijssel. Friesland share capital in two of its Eum- the share capital in its whnlly- 
i* and Limburg, will also qualify pean operations. Riksbank owned Luxembourg subsidiary tn 
> , for extra tax reductions. To (Swedish central bank) approval LuxFr 500m. This bank was 
iJ encourage the dispersal uf has been sought to place a established only a year ago. 

J businesses out oF the crowded further DMlOm in Deritsch- Deutsch-Sfcandinavische, the 
Jr centre and west of Holland, Skandinavtsche Bank. Frankfurt, youngest nf SEB's associate 
> investment allowances will be in which SEB bnlds 50 per cent banks, is in its third year nf 
’ offset by a 15 per cent levy nf the share capital. Deulsch- operation Its balance sheet grew 
V! on new building and 8 per Skandinavische's share capital hy 6S per cent tn just over 
'i cent on equipment installed in will he raised by DM20m to DWlbn last year, and an increase 
I 11 the areas. DMfiOm in share capital is needed to 

STOCKHOLM. June 29. 

American authorities and on 
satisfactory credit arrangements 
being reached. The Norwegian 
trade ministry has already 
indicated that it will guarantee 
up to NKr 3bn, and Parlia- 
mentary approval is expected to 
be a formality. Kvaerner hopes 
to have the contract clear by the 
end of the year. 

The group held liquid assets of 
NKr 3d6m at the end of April, 
in addition to unused bank 
credits and advance payments on 
ships of NKr Sim. Liquidity was 
boosted by the delivery of a ship, 
and will decline during the rest 
of the year. During the report 
period Kvaerner took up a 
10-year DM 20m loan with a 
coupon of 5? per cent. 


maintain the capital ratio. In 
addition the larger share capital 
will under West German regula- 
tions. allow the bank to raise 
the size of its loans to individual 


The Scandinavian Bank m 
London, in which SEB has a 35 
per cent interest recently 
increased its capital base hy 
£16m to £61 m through a DM20m 
loan and a S20m loan taken up 
in Bahrain. 

Centrais Eletricas Brasileiras SA 



Project Loan 

Unconditionally and irrevocably guaranteed by 


Managed by 





Co-managed by 



Provided by 









April. 1S78 

Steyr sets 
targets for 
new BMW 

By Paul Lendvai 

VIENNA, June 29. 

tria's leading motor concern, 
expects to produce between 
100,090 and 1511,000 di»el 
engines a year under the 
S145m co-operation venture 
announced this week with 
West Germany’s BMW. 

A joint Austrian company 
with a basic capital of 
Sell 800m has been set up and 
the plant, whose location wilt 
he decided this autumn, is due 
to start operations in 1982, 
Steyr managing director Herr 
Michael Halzacher said- 

Steyr-Daimler-Puch, con- 
trolled by the country's 
largest bank, Creditanstalt 
Bankverein, already makes 
some 30.000 diesel engines a 
year for lorries and tractors. 

Those to be produced under 
the new venture, une of the 
country's largest industrial 
projects since World War Two, 
will mainly consist _ of k™ 
horsepower motors, _ intended 
for cars and also suitable for 

Shares in the new company 
are held equally by Steyr and 
BMW. with a 2,000 strong 
workforce and Sch3-5bn yearly 
turnover envisaged. 

Steyr is also currently work- 
ing on joint projects with 
Daimler-Benz of Germany on a 
cross-country vehicle, with 
Italy's Fiat, and with Polmot, 
the Polish stale motor concern, 
in the lorry sector. 

The company is patting the 
emphasis more and more on 
the export of high quality 
technology and on co-operation 
with strong foreign partners to 
compete with Japanese com- 

Co-operation with BMW will 
be further expanded in the 
Hi! ure, and Steyr stressed that 
in view of the contributions by 
the two sides, the 50/50 
Interest held by Steyr and 
BMW was justified. It is 
reckoned that about half the 
annua! output will be exported 
to third countries. It is also 
possible that diesel engines, 
from the new venture will he 
bought by Flat, a long stand- 
ing Sleyr partner. 

Dr. Heinrich Trelchl, chair- 
man of the supervisory hoard 
of Creditanstalt, noted at a 
Press conference that the pro- 
ject involved the export of 
Austrian technological innova- 
tions such as the diesel motor 
invented and developed hy 
Professor List, the Austrian 



>jET PROFIT of the ' Henkel 
Group, -one of West Germany’s 
leading detergent home chemi- 
cals and cosmetics producers, 
fell sharply last year to DM 56m 
($27mj after DM xam in 
Total world turnover- rose bs -5. 
per cent to DM 6bn. 

of which foreign saJ« accounted 

for 51 per cent, a slightly higher 
proportion than in the previous 

y< Drl Konrad Henkel, the chief 
executive of the- ■ 
controlled concern, named tie 
Following key pro oleins m 3 Sm£ 
continued stagnation of domestic 
consumer demand; 
high increase la wage and social 

i*osts»‘ - and -severe 

fluctnatioiL of 

A n irtriisuRlls? : Wsh- proviSlOO. tOC 


achiepwg - j*" - : Tjrod^jets-aad-TJS&tltBH 



Henkel product) and 
The ^ther is-, to,. 
forest saies 

half flf total buSl^SS. : - -- :; y. 

The key coniphay -• ■ - -j 

DM '/^T75tn-. of ^Generaf ■- ' 


FOMENTO DE Obns y Con- 
strucciones fFOC), one of the 
five largest building contractors 
! in Spain, turned in gross profits 
last year oF Pta 556m ($7m), 8^3 
per cent down on 1976. Capital 
and reserves increased slightly 
to Pta 3.8bn. while turnover was 
up 13 per cent to just over 
Pta 14 hn (SITOm). approxi- 
mately 12 per cent of the 
Spanish market, which last year 
experienced an estimated 6 per 
cent drop. 

The company’s annual meeting 
took the decision to dispose of 
a considerable portion of Its land 
holdings in favour of the renewal 
and improvement of its capital 
i goods assets, and to ease 
liquidity. In addition, the i com- 
pany pro poses to decentralise its 
activities^ in tune with the 

X eiwiniii, i "Ri rt "allbtnishf 

future process of ^arifslr 

lution. FOC is Barcelqna-bas«j- . 

but conducts some TO _pgr c^t '• 

of its, business Outside Catalonm, .hpgP -• - 
Tfe company’s order book 
worth Pta l9bn b'v the jaymept 

month, including . valaabfe fioni iik rfissw v ; « 
private and public' jcontracts. ^^latrthpritfeaL j ^ 
Latin America and The Middle; for ••'esanipie^*SLr'Mei^aa*^ -.!:v • 
East Further internationaJ qqn- debts ^of- jarpcn*v > . 

tradjs, which conTd more _:thMl'Jllhfic■iIto^^^nIIe,^ , : ^ 
double the company's * 

order book are under negotjatl^ wfeg; . , : 

w^g»q. .Ktawrft -' and. ^andi • 

At' home it has- won" TbBwM : +' 

important contract^ 

one^to build extensions - • 

Barcelona underground, railway, 

one.for the bunding of a new. ; 

$75m Colombian loan 

- * - -V - - ‘ iV 

- -ra. - -r • t^-4 


THE COLOMBIAN electricity 
authority. Interconexion Eiec- 
trica (ISA), is to raise S75m 
from a group of international 
banks in a loan which will be 
arranged under Colombian laws 
and jurisdiction. The loan is 
guaranteed by Colombia, and is 
for a final maturity of 10 years. 
The margins payable over inter- 
bank rates Will be % per cent 
for the first two years. 1 per 
cent for the subsequent three 
years and 1} per cent for the 
last five years. Orion Bank is 
lead manager. 

The mandate for Morocco's 
proposed 3300m loan r has now 
been awarded. The loan wiil be 
for eight years at a margin oyer' 
inter-bank rates of one percent— 

Audi output 

age- point The managers will 
be Bank of America, AraRo, 
Bank of Montreal. Chase Man- 
hattan. DG-Bank, Socifete Fhian- 
.cifcre. Europ6enne and .Standard 

Id Japan, -a syndicate of 21 
Japanese hanks- is to lend Y18bn 
($86m) for 10 years to the 
Algerian state-owned shipping 
company Cie. Nationale Algeri- 
enhe de Navigation (CNAN). 
The rate will be 7.7 per cent 
for '’the fiht five years, Reuter 
reports from Tokyo, that is the 
current Japanese prime lending 
rate of 7.1 per cent plus a 
margin of 0.6 per cent At the 
end of the fifth year, the rate 
win be changed to : the then, 
prime rate plus the sazrle spread; 

MUNICH, JnnUZfc;^' 

This announcement appears as a matter of record only 

■ Volkswagen subsidiary Aodt-NSu . 

■ produced 142 LSOO vehicles 

1 first five months of l978, down 3%^ _ ; ■ 
per-cent from the. ^me.pcalod.hE 1 ':. 7 - 
1977, Audi management j Sdan lj.., ; f 
1 chairman Herr GbtlieU ' SIxobT' 

1 told the annual meeting. •> 

: - The lower v oltuae ww ' ; 

the wage ' disputes earifeT^griaV; ' . _ 
. year, he - said,, -adding 
. compaqy^s sbare^of .... 

, market was little chan^S-iteni ^ v - - 
: last per-eentir'=?,Tj?t&?-::- 

The company Fteomm&r-.' 
DM 4Abm (32Jlm) 

;y6ar.' . up ? " from;. ' '? 

r. DM A2fc: ....-t -- 

- 'rWr*' 



Medium Term Loan 

Guaranteed by 

The State of Lebanon 

Managed by 

Arab Bank Limited 

The Arab and Morgan Grenfell Finance Company Limited 
BankAmerica International Group 
Banque Arabe et Internationale d’lnvestissement (B.A.LL) 
Banque de I'lndochine et de Suez 
Banque Nationale de Paris 
Crdd it Lyonnais 

Union de Banques Arabes et Franceses - U.B.A.F. 

Co-Managed by 

American Express Middle East Development Company S.A.L. 

The Bank of Nova Scotia . 

Chemical Bank (Middle East) S.A.L./The British Bank of The Middle East 
Frab-Bank (Middle East) E.C./European Arab Bank (Brussels) S A 
Republic National Bank of New York 
Standard Chartered Bank Limited 

Provided by 

Arab Bank Limited- O.B.U. Bahrain 

Banque Arabe et Internationale d’lnvestissement (B.A.I. I.) • 5a n 

Banque Nationale de Paris 

Union de Banques Arabes et Francaises - U.B.A.F. 

American Express Middle East Development Company S.A.L. 

The British Bank of the Middle East Chemi 

European Arab Bank (Brussels) S.A. f 

Republic National Bank of New York, Grand Cayman Island Branch stai 

Bank of America NT & SA 
Banque de I'lndochine et de Suez- 
q A p Credit Lyonnais ; 

* •» !L» . 

rhpm ,„, J 11 ® ? ank of Nova Scotia • 
Chemical Bank (Middle East) SA.C 
Frab-Bank (Middle East) EJC. 

Banque Libanaise pour le Commerce (France) S.A. 

r«, uranu dayman isiana branch Standard TTV' . 

Trade Development Bank, London Branch d Chartered **** Umlted. : 

Saudi National Commercial Bank^Be^ut^ " Cr ® d,t Lyonnais (France) SjC l 

Arab African Bank (Beirut Branch) 

Alahli Bank of Kuwait (K.S.C.) 

Bank of Lebanon and Kuwait S.A.L. 
Credit Commercial de France 
Nederlandsche Middenstandsbank N.V. 
Banque du Liban et d’Outre-Mer SA.L, - 
Banque de I'Orient Arabe et 
d’Outre-Mer (Banorabe) 

Bybios BankSAti/ 1 

Credit Suisse-., 


Litex Bank S.A.L. - Beirut PourieS^g^^^||, 




’ . * *«iv ; • Hi! 

■ V-* O'? i; 


■ ; -2.? i. 
' ■ " ,k 


\udi mn 





! ’ : t- 

. -j 

. i-:- . 
- */■ 

,) . ■ . i. • ;t» 

. •> ■ -4- . 

. 1 * 

Financial Times Friday June 30 1978 



Record half-year for Matsushita 


RECORD SALES and profits have 
been registered by Matsushita 
Electrical Industrial Company, 
the parent company of the 
Matsushita group, during the 
first half of its new fiscal year. 
Net profits increased by 13.7 per 
cent 'to Y2tf.4bn 

Sides for the six months to 
May 20 . -at Y751.6bnfS3.6bn). 
were 7.5 per cent higher than in 
the same period of the previous 
year,- and Current profits rose 3.5 
per cent to Y50.2bn. 

Matsushita thus retains its 
position as one of the Japanese 

electronics companies which have 
maintained or increased profits 
despite the adverse effects of yen 
appreciation on overseas earn- 

The export-dependency of the 
Matsushita parent company is 
less than that of some com- 
petitors— with exports, at 
Y159bn, accounting for 28 per 
cent of sales during the later 
six months- Even so, it would 
appear that Matsushita bad to 
rationalise production processes, 
reduce materials costs and adopt 
a variety of other measures to 
retain competitive strength in 

the race of the yen appreciation. 

The company faced fewer 
problems of adjustment in 
highly sophisticated sectors 
such as video-tape recorders 
(VTR) than in standard produc- 
tion lines such as colour tele- 
vision. The success of rationali- 
sation and cost cutting efforts 
is reflected in a 3 0 per cent rise 
in export earnings. 

TOKYO, June 29. 

Sharp gain 
at Toyo 

Matsushita is forecasting 
sales for the year of Y1.55bn, 
up 8 per cent on the 1977 level, 
and current profits of YlOObn. 
marginally up on last year’s 

Y99.7bn. The company never- 
theless appears to believe that 
adaption to the effects of the 
Yen's laicst rise (to a rate of 
just over Y200 to the dollar) 
may prove more difficult than 
the adjustment process carried 
out earlier in the year when 
the Yen was rising through the 
range of Y250 to Y230. 

Maintaining profitability in 
tthe Y1200 range will depend 
more than ever on the ability 
to maximise sales of high value 
added products which face 
relatively limited competition in 
overseas markets. 



Hard times follow boom 



Increased loss 

at Kanebo 

Aluminium industry reshaping 

By Our Financial Staff 

KANEBO, the deficit-bit Japanese 
textile company, made a taxed 
loss of Y2.6Sbn (813m) in the 
year to April 30, compared with a 
Inss of Y907m in the previous 

Sales were reduced by 16.6 per 
cent to Y380Jbn (Sl.Tbn), from 
Y4SjL97ba. The dividend is again 

Kanebo has suffered with other 
Japanese synthetic fibremakers 
from the prolonged recession in 
the industry, and has been hit by 
the -rise in the yen in the foreign 
exchange market. 
ic •* 

Mr. Hisao Tsubouchi, 63, has 
been formally named as presi- 
dent of the financially-troubled 
Sasebo Heavy Industries the 
major Japanese shipbuilding 

company, m place of Mr. Akira 
VDJ reports from 

MITSUI -GROUP companies will 
acquire most of Nippon Steel’s 

share of Sky Aluminium, an 
aluminium fabricating company, 
in a large-scale reorganisation 
of part of the deficit-ridden 
Japanese aluminium industry. 

The Mitsui companies include 
Mitsui Aluminium, a refiner, and 
Mitsui and Co., the trading com- 
pany of the loosely knit Mitsui 
confederation. Sky Aluminium 
is already 27225 per cent owned 
by Showa Denko, a diversified 
chemical company with an 
aluminium refining subsidiary. 
The grouping will lead to 
co-operation among MiTsui, 
Showa, and Sky in sales, produc- 
tion, and scrapping of excess 

Japan's seven aluminium 
refiners have accumulated Y67bn 

(3335m) in deficits since the oil 
crisis raised Japanese electricity 
rates and cut demand for their 
product. Aluminium produced 
with foreign hydroelectric power 
is now cheaper than Japanese 
aluminium, hut the Japanese 
Government believes that when 
world demand recovers the 
domestic industry will be 

Aluminium has been designated 
a " structurally depressed indus- 
try,” eligible for Government- 
guaranteed loans to pay retire- 
ment allowances to surplus 
personnel when equipment is 
scrapped. But the Japanese do 
not plan to close any of their 
seven smellers, because of the 
difficulty of finding sites for new 
ones if they are later needed. 

TOKYO. June 29. 

Nippon Steel’s share in Sky 
Aluminium had been identical to 
Showa Dcnko’s. The Mitsui 
companies will acquire 17 per 
cent from Nippon Steel, which 
will make their share approxi- 
mately equal lo Showa Denko’s 
when added to stock they 
already own. 

The grouping is consistent 
with the Japanese Government s 
policy of encouraging aluminium 
companies to cooperate lo deal 
with the current slump. Officials 
have been quoted as saying that 
when industry reorganisation is 
complete, mergers might leave 
Japan with as few as two 
domestic aluminium refiners. But 
Mitsui and Co. said today that no 
merger between Mitsui Alumi- 
nium anil Showa’s aluminium 
subsidiary was contemplated. 

Murata, AP-J 

The company's financial crisis 
came to the fore in the latter half 
of last year as a result of the 
prolonged slump in. the world 
ship market 

Its main bankers, including 
Dai-Ichi Kangyo Bank, recently 
agreed to coperate in its rehabili- 
tation. This came after the Prime 
•Minis ter. Takeo Fukuda, had 
instructed Transport Minister 
Kenjj Fukunaga and his aides to 
take steps to help- the company. 

The new Sasebo chief executive 
officer is president of. Kurushima 
Dock Company, a smaller but 
prosperous shipbuilder, r. 

Paul Y Construction setback 


CONSOLIDATED net profit of 
Paul Y. Construction Company 
fell by 30 per cent to HK?16.24m 
(US$3.5ni> in the year to .March 
31. in line with the setback 
reported at mid-year. 

Although no reasons were 
given by the company for the 
lower full-year profit, the 30 per 
cent reduction in first half profit 
was attributed to heavy costs the 
company had had to bear as a 
result of delays in beginning 

work of Hong Kong's Mass 
Transit Railway (MTR). 

The company holds MTR con- 
tracts which it valued last year 
at HK$572m. It has announced 
that it has lodged “substantial 
contractual claims” — believed to 
total almost HKSlOOm — against 
the Mass Transit Railway Cor- 
poration for costs it bas incurred 
because the corporation failed to 
give possession of a number of 
construction sites at specified 

HONG KONG. June 29. 
times, and because of last-minute 
changes in contract specifications. 

Directors seem more confident 
of the company’s earnings now 
than they did at mid-year, as the 
final dividend is 30.5 cents com- 
pared with 9.5 cents last year 
(after allowing for a one-for-ten 
bonus issue). The interim divi- 
dend was halved lo 2.5 cents, and 
the total payout of 13 cents 
compares with the previous 
year’s adjusted 14.5 cents. 




Alcan Australia 82pc 1969 






• - 

Australia. SiBC -1982 



Australian IL LS, Slue *92 



-- , . 

Barclays Bata 8*pc 1992... 



Bowater 9*pc 1932 




Can. N. Railway si pc 1BS& 



Credit NStfabal 8ipc 1988... 




Denmark flipc 19S4 



ECS Bpc 1997. 



ECS S. pc' 1 1997 



EIB BJPC 1992 


- 97* 

EMI BJpc 1988 



Ericsson. SJpc 1989 



Esso Sue *1988 Nov 



GL Jibes Paper Sine 1984 



HtoJcrsley 9Jpc 1992 



Hydro Quebec 9pc J392 ... 



ICI Bipc 1987 


; 864 - 

lSgJ&wda Hoc 1988 ..... 
Maanolan Bleed el 9 pc 1993 






Maraefir J6ssmsi» 

MlcheBn Mpc 1888 

MuOand Tar. Fin. HP c W 
National Coal Bd. 8pc 19S7 
National Wstmnstr- Stk. *88 
Nad- Wstmnstr. 9pe '88 ‘B’ 
Newfoundland 9nc 1989 
Nottlc Jnv. Bank Stpc 18SS 
Norses Korn. Bk. SH* 198! 

N orpine 8* PC 1999 

Norsk Hydro 8*pc lSflJ ... 
Oslo toe 1888 

Para Aazmmnes tor 189 1 

Prbv. Quebec 9pc 1905 ... . 
Prqr. sasbttcbvn. 8*pe *88 
Rded International Bpc 1987 

RHH 9pc IBM 

Selection Trust 83 dc 1989... 
Shell Inti. Fin. gjpc 1999... 
Stand. Entail da 9pc lWt... 

SKF 8 PC 1987 

SWedlsb fK’AcmVSipc 198? 

United BtecuKs 9j* 19S9 

Volvo gpc lfl§7 ■ M arch— — 



















Australia Tlpc 15S4 

Bell Canada "Ipe 1987 

Br. Columbia Hyd. Tlpc ’S5 
Can. Pac. SI pc ]9*i .. - . 
new Chemical Spc 1988 ... 

ECS TJfk; 19S2 

ECS Sipc 1980 

EEC 7} pc 1982 

EEC 7:oc ISM 

Enso Ctnzeit Slpc 1984 .. 
CotaveNcen 7£pc 1982 ...... 

Kocfcnms Spc 13S3 

Hlcbehn 84 pc 1983 

Montreal Urban *lpc 1981 
New Brunswick Spc 1984 .. 
New Brans.- Prov. Slue "SS 
New Zealand B*pc 1986 
Nordic Inv. Bk. 7}pc 1984 

Norsk Hydro 71 pc 1982 

Nonray 7}pc 1983 

Ontario Hydro spc 1987 ... 

Singer 83 dc 1982 

S. of Scot. Eioc. Kpc 1991 
Sweden rfTdotni 71 pr 19S2 
Swedish Stale Co. 7loc ‘S3 

Telmex Pipe 1984 

Tonne co 7?pe 19K7 May ... 
Volkswagen 7} pc 1987 










Allied Breweries lWuc ’90 

Citicorp lOpc 1B93 

Counoulds 9ipc 1999 

ECS Bine 1989 


ErB 93 PC 1992 

Finance for 2nd. 91pc 1997 
Finance for Tnd. lOpc 1989 

Ffsons lOipc IBS? 

rinwefner It pc 199? 








Aslan Dev. Bank 5*pc 1988 




BNDE bipc 19SC 





Canada 4 *pc I9S3 





Don Miirste Id. Bfc. 6i>c ’80 




Dt-urst-h'. 1 Bank 4»pc 1383 ... 





EHS 51 pc 30WI 





BIB 51 pc 1990 





Elf AQUliaiiM- 5 !pc 19SS ... 

94 i 




Eur atom 5 .’pc 19S7 





Finland 5}pc 1966 ... 





Forsmarks 5ipc IBM .. . 





Mexico Bpc 19S5 





Norcem 5|pc 1939 




Norway ‘4 Jdc 1883 





Norway 4|pc 1983 




■ 99* 

PK Bankcn SJpc 1BSS . . 




Pro*. Quebec Bpc 1990 



94 ' 

’ 941 

RamaruaUH 5 {pc I9SS 





Soain 6 pc 1988 





Trondheim 5*pc IMS . .. 





TVO Power Co. 6w 1988 .. 





Veneroela Bpc 1989 





World Bank 5*pc 1990 










Bank of Tokyo 1984 8* pc ... 





BFCE 1984 SI pc 





BNP 1983 SI it pc . 



BQE Worms 1963 Bpc 



CCS 1965 SI pr 




CCIMF 19S4 SUwpe 





CredJlanstall iwu 8' pc 





DC Bank 1982 Bpc . . 










Inti. Westminster 1964 Spc 





Lloyds 1PSS B13 i6pc 





LlTB 1883 Spc 





Midland 1987 SBispc 




NaL Westminster '90 e*wpc 





Sou ree: White Weld Securities. 


Amcncao Espreis 41 pc ’S7 

Ashland Spc 19RS 

Babcock Si Wiliux bine V7 
Beatrice Foods 4*nc 1»7... 
Bvairkv Foods 4Iw 1 992 . 

Beer ham bjpc 19SG 

Borden Spc 199: 

Broadway Halt- 4lpc 19K7 

Carnal inti Jpc 19S? 

Chevron Spc 19SS 

Dan 4"iPC 1987 

Eastman Kodak 4}pe 19t9 
Economic Labs. 4 (pc 1987 

Firestone Spc 1988 

Ford 5pc 1993 

Gcivral Eli-clTic 4 1 pc 1957 

CtllMte 4Ipc 1997 

Gould Spc 1987 

Gulf and Western 5pc 1998 

Harris Spc 1992 

Hon.-vwell fipc 198« 

TCT 6Jpc 1992 

IN A 6pc 1997 

Tnchcape 83pe 1992 

ITT 4SPC 1B97 

Jus co bpc 1992 

Komatsu 7tPC 1W0 
J. Rar McDermott 4ipc ’87 
Matsushita 62 m’ 1990 ... 
Mitsui 7lpc 1990 .. 

J. P. Morgan 4 ‘pc I9S7 

Nabuu-o 5Jpc 19% 

Owens Illinois 4>pc IP'T ... 
J. C. Penney 4*pc 1097 ... 

Revlon 4<PC 19S7 

Reynolds Mdals Spc 19^3 
Sandnk <«!a 1Ri« 

Sperry Rand 4!pr 1987 ... 

Squlhb 4ltv: 1KST 

Tranco 4. ‘pc IIW — 

Toshiba n'pc !C«2 

Ty Co. Son |9«1 - 

Tv Co. K‘pc 10‘S 
Union Carbide 4>: 1952 
Warner Lamben 4!pc 19^7 
Source: KlSlter. Peabody 

Bid Offer 

92 i 
102 } 





i ; «i 




112 * 

















9 r .» 











I V0 1 


91 * 





91 : 

By Our Own Correspondent 
TOKYO, June 29. 

A SHARP recovery has been 
staged by Toyo Kogyo, one of 
Japan's top four car manufac- 
turers. Current profits for the 
half-year to April 1978 
amounted to Yff.Xfihn ($30m) 
— a gala of 1S7 per cent on 
the Y 2.4 bn registered In the 
six months to April. 1977. 
After-ticc profit was Y3.36bn, 
against Y2.6Sbn. 

Sales amounted to Y323.6bn 
<SI.6bni, an Increase of 6 per 
cent on the previous corre- 
sponding period. 

The profit recovery in the 
first hair reflects not only 
unproved sales but also a 
reduction in Toyo Kogyo’s 
previously over-large Inven- 
tory of completed vehicles (by 
more dun 20,080 vehicles from 
last autumn’s level of 50,000 
vehicles). Reduction of the 
Inventory means that Toyo 
Kogyo has been able to reduce 
Us outstanding borrowings 
from banks. 

Production during the six 
months Totalled 238,892 
vehicles, up from 367,9-14 
units in the same period of 
last year. Total sales, how- 
ever, came to 423,138 units. 
The difference between the 
two figures corresponds to the 
reduction in inventory', which 
Toyo Kogyo claims is how at 
a “ normal " level in relation 
to the rest of its operations. 

Toyo Kogyo is forecasting a 
continued profit recovery 
daring the second half of its 
business year, refleeting 
improved operating levels, 
reduced financing burdens anil 
a relative lack of exposure to 
exchange risks (carried in Toyo 
Kogyo’s case by the trading 
companies which handle its 

Export, sales rose from 
222.0S9 units to 270,049 units 
between (be first half of tbe 
1977 business >ear and tbe six 
months ending oil April 30 — or 
by a margin of 21.5 per cent. 
Domestic sales in unit terms 
rose by only 5.4 per cent from 
145,226 units to 153.089. This 
performance increases Toyo 
Kogyo’s already high ratio of 
dependence on exports, which 
ranks as a potential hazard in 
view of (he increasing tendency 
of foreign countries to erect 
barriers against Japanese car 

In terms or vehicle numbers 
the export ratio works out at 
63 per cent, one of the highest 
in the Japanese motor industry. 

The other disturbing feature 
in the company's sales 
performance is a decline in 
passenger car registrations in 
tbe Japanese domestic market 
(compensated for by a dis- 
proportionate rise in truck 
registrations). Car sales fell 
from 93.724 noils during the 
six months ending April 1977 
to 78.258 units during the latest 
period. At (his levet Toyo 
Kogyo’s overseas passenger car 
sales were more than double 
its domestic sales. 

The disappointing perform- 
ance of domestic car sales sug- 
gests that Toyo Koj^n has still 
not found iK feet in the home 
market following the series of 
problems it experienced with 
rotary engine car sales after 
the oil crisis. A new rotary 
engined car. the Savannah RX- 
7 launched East spring is said, 
however, to be proving very 


i THE MALAYSIAN textile 
industry, which received a sharp 
i boost in the early 1970s from 
the spilling over of investments 

from Japan. Taiwan and Hong 

i Kons. has fallen on hard times — 
[in the face of protectionism in 
] the developed countries and 
| fierce competition from its Asian 
i rivals. 

i This is borne out by tbe dis- 
[mal balance sheets of the textile 
companies quoted on the 
} Kuala Lumpur stock exchange. 

I Of the eiaht puhlicly-quoted 
textile companies, three — Folex 
! Industries, India-Malaysia Tex- 
tiles and Malaysia Textile Indu-s- 
I iries — 'suffered losses last year. 

: while the olher five recorded 
onlv marginal gains. 

! The biggest lexlile group— the 
: unquoted Pen Group — which is 
' a venture between Tony, of 
: Japan, and Alliance Textile, of 
! Hong Kong, has incurred 
| accumulated losses of 60m 
trinccits (some US$25m» since it 
! he?an operations in Penang in 
, 197 J . 

• “Most Malaysian textile com- 
! parries are non” operating on 
' hank overdrafts.’’ says Mr. Ng 
| Ufnng. ®«>crelary of the Malay- 
, sian Textile Manufacturers 
! Association. 

! For the Malaysian textile in- 
idustry as a whole, output fell by 
. 3.2 per cent last year, after rising 
' by 41 per cent in Exports 

rose by only 6.7 per cent to 323m 
ringgits, compared with a 45 per 
cent rise the previous year. 

Unless new markets are found 
(quickly to lessen the dependence 
an such traditional markets as 
the EEC. North America and 
Australia, some of the smaller 
textile plants are expected to 
close before long. 

With restrictions in the 
traditional markets stunting 
growth, Malaysian textile com- 
panies ore finding, to their frus- 
tration. that the local Malaysian 
market is being eroded by their 
more efficient rivals from Hong 
Kong and Taiwan. 

Folex Industries, which 
suffered a loss of 3.3m ringgits 
last year, to bring its accumu- 
lated loss to 30.8m ringgits, 
blames its losses largely on such 

Last year, the Australian 
authorities put a ban on sbirts 
from Malaysia, and this nearly 
put an Austraiia-Malaysian com- 
pany, Midford, out of business. 

The Midford episode served 
to crystallise Malaysia’s resent- 
ment over growing Australian 
tariffs, and after much pressure. 

Hard times bare come to 
the Malaysian textile indus- 
try, following the investment 
boom of the early 1976s. 
Most of the major companies 
made losses last year in the 
face of competition from 
Asian rivals and protectionism 
in the developed countries. 
Malaysian manufacturers wel- 
this year’s EEC-Malaysia 
agreement but feel they need 
greater support from the 

the Canberra Government this 
year relented by allowing Mid- 
ford to export 168,000 shirts out 
of the global quota of 3S0.000. 

It is therefore not surprising 
that Malaysian textile manufac- 
turers are privately pleased 
with the deal from the EEC. 
Under the EEC-Malaysia agree- 
ment, signed this year, only 
nine categories of Malaysian 
textiles are subjected to 
restraint (with growth rates 
limited to a 0.5 per cent to 3 per 
cent), in contrast with severe 
restraints imposed on Hong 
Kong and South Korea. 

The agreement cleared tbe 
uncertainties prevailing through- 
out last year. 

The industry is unhapj 
however, over the G overtime tt 
attitude towards its plight ai 
bas presented a memorandu 
seeking help. 

Basically, the industry’s ec 
tentioD is that in the curre 
situation. the Govemme 
should restrict the local mark 
to local manufacturers, ai 
give more subsidies to allc 
them to compete overseas. 

The memorandum points o 
that the import tax for textil 
and garments among Malays!: 
neighbours is several tim 
higher than Malaysians, wbi. 
texti'e plants in these eountri. 
are heavily subsidised by tl 

“A. (Government) re-examin 
tion of the overall policy ft 
tWis industry, which employs 
labour force of 50.000 to 60,0( 
’workers, is sorely needed 
this time," says Mr. David Le 
chairman of South Pacii 
Textile Industries. 

But manufacturers admit tl 
'industry lacks the politic 
force to nudge the Govemme; 
-in Co action. 

The Government, for its pai 
■feels that textile companies ai 
receiving adequate incentlvi 
and protection, with some beit 
granted pioneer tax-free statu 
while others are located in tl 
free trade zones. 

The authorities believe th 
tbe companies could sharpd 
their competitive edge if tha 
streamlined their operations aq 
improved their management 

Malaysian officials are confi 
rmt the country's textile industrl 
'ivill surge forward once til 
industrialised countries recove 
They base their optimism on t4 
'expectation of mternation 
economic recovery beinl 
followed by a relocation of texti 
^plants, and see Malaysia — wit| 
its relatively cheap and skillej 
■labour, and plentiful supply 
land and power — as well place! 
to provide a new home for sue 


Yeo Hiap Seng plans takeover 



YEO HIAP SENG (Malaysia) 
Berhad. (YHSMi the fast- 
expanding manufacturer of 
canned foodstuffs and soft 
drinks, has announced plans to 
buy Leons Sin Nam Farms 
(LSN). another rapidly growing 
! food company, specialising in 
the growing and processing of 
livestock products. 

YHSM proposes offering 550 
shares of one ringgit each plus 
376.28 ringgits in cash for every 
1.000 shares of one ringgit each 
of LSN. 

Directors of LSN said the offer 
was a fair one and they them- 
selves would accept the offer for 
4.44m shares, representing 63.4 
per cent of LSN’s capitaL 

The offer is conditional upon 
LSN shareholders’ approval for 
sale of some LSN assets, not 
related to its principal business. 
These assets., mainly a mining 
subsidiary and several shops, are 
valued at 2.6m ringgits. 

The proceeds of the sale will 
be equivalent to the total cash 
portion of the offer, which means 
that YHSM would not have to 
use its own cash in the deal. 

LSN bas a paid-up capital of 

7m ringgits. Its tangible assets 
at the end of October last year 
amounted to 8.67m ringgi,ts, 
while pre-tax profit was 1.0:2m 

YHSM is a subsidiary of YHS 

★ ★ ★ 

After suffering an accumulated 
loss of 3.3m ringgits (U.S^L4sn) 
over tbe past three years. 
Synthetic Resins Malaysia, 
expects to turn qd a profit in 

the current year, Wong SolonJ 
writes from Kuala Lumpur. 

In a reply to the KuaJj 
Lumpur Stock Exchange quer 
about its recent two-for-fiv} 
rights issue, the company sair 
that it expects a trading profit 
of 645,000 ringgits for the yea( 
ending June. The rights issue 
would bring in an extra 2J ‘ 
ringgits, which is needed foij 
working capital and acquisitior 
of fixed assets. 



Credit Industriel 
et Commercial 


74 London Wall EC2M 5NE 
Telegraphic address: 

Canonicus Ldn EC2, 

Phone 638 5700 (20 lines! 

Telex 886 725 Canonicus Ldu 

foreign exchange S 

telex 888 959 Canonex Ldn § 


cic group 

The leading 
.in France 




Since Ireland’s planned industrial revolution was initiated in 1950, all three parliamentary parties 
have held office. . 

There was no break in the continuity of Ireland’s industrial progress; no break m the rapad 
expansion of her industrial export trade. 

The agreed all-party policy of advancing the economy through thefactive encouragement of 
her enterprise has been rigorously adhered to. 

There has been no diminution in the level of cash grants to private industry. 

There has been no discrimination between domestic and overseas companies wishing to expand 
in Ireland. 

No party has ever suggested re sanding the concession which exempts exporting industries 
from profits tax. 

No companies were nationalised -or even threatened with nationalisation. 

During the 8 years since its introduction, the National Wage Agreement has been consistently 
adhered to 2 nd re-ratified. 

And Irish Government policy has the continuous and unstintecLbacking of the Irish trade 
unions -irrespective of the party in power. 


Wnn Europe’s most dynamic industrial 

A A WVf^rA%JRu9» ^ °°ly 50 minulfisfrom London- 

by air. Any company with expansion. 
In mind should get a first-han^JBCtnre of the special advantages tbe Republic 
<. . of Ireland offers. Tbe Irish Government’s Industrial Development 
Authority willgbdjy organise a personal presentation and visit 
to suit your particular mterests: factory visits, frank 
discussions with overseas industrialists operating 
in Ireland, meetings with trade unions... whatever 
and whoever you want to see. 

The IDA is responsible for all aspects 

of industrial development, including 
administration of the unique financial 
package which the government offers 
ex panding, exporting industry. The 
IDA has helped over 700 overseas 
companies— almost 500 of them European— 
to establish factories. It is the only organisation 
your company would need to negotiate with. 

Confidential: To Hugh Alston. Director, IDA Ireland, 28 Bruton Street; London W1X7DB. 
Telephone 01-499-6155. Telex 051-24E5L 

Please telephone me with a view to discussing an investment package to suit my company and adamiterisation trip to Ireland. 







lii I h | r J H 4 3’ 
I'lliit 1 ] l\ L J IT T I 



• expansion and the growing complexity oi UK and overseas operations 
have created the need for two senior posts at corporate level both 
reporting directly to the Finance Director in a well-known British 
public industrial group. Turnover world-wide is rising above ^som ; 
there is a healthy profit record. 

• THE first post— Head of Group Accounts — embraces responsibility 
for group consolidation and reports, accounting policy and standards 
and for developing current reporting procedures. The requirement 
is for a Chartered Accountant, aged around 35, experienced in financial 
accounting systems in a medium to large international industrial concern. 
Salary will be up to £ii,ooo plus car. 

• the second post — Head of Internal Audit — carries responsibility for 
establishing and developing an effective group internal audit function. 
Practical internal auditing experience in industry is therefore essential. 
Preferred age 40 plus. Salary around ,£9,000 with car. 

e both posts will be based in Central London. 

Write in complete confidence 
-vf to J. B. Tonkinson as adviser to the group. 





Experienced person re- 
quired, good working 
general knowledge in the 
London Market. Applica- 
tions in writing stating 
age, experience and 
salary required to Box 
A.6399. Financial Times, 
10. Cannon Street, 
EC4P 4BY. 


(with gilts experience) 
Age 25isb. £7,000-£8.00n 
Age 20 + . £4,000 
For the.-;* and many others 
24S 6071 or 236 0691 

Currency, Money and Gold Market 

French franc and 
nonnd verv firm 


! ts&j. 

Guilder r -if .-S 

. (.'.tanlnp V - r*iw If-'- » - S 



UaenMcdn r Oi w-v 



f-7c pm -,vU¥-. 






EKt Twvi to befall of Morgan Guaranty’s calcutebon 

sSssh- mnmm m. 

■ssi: mmmrmmm 

pound to its highest lovcl ifisinst that Frpnrh hanks arc to v * r 

the dollar since April 13. The News that French banfe^are^ ■&' • • W ■ ■ 

pound opened at SL3530-1.S540. M 0n ,i,y pla n hpipprf the franc, and ^ - .. - rayi jsr rr d: ai-o.83? •' 

and touched a low point of . imnmced to FFr 2 1736 i from CeniOltS ‘ U-lHUSSc 

J1.8325-1.85S5. but was stigHtiy »gi !hedmS? g-gj* .v ffl? 

firmer by mid-alremoon. At about ^ m 2.4320 from f^**«*-: • niUripfrin' 

FFr 2.4365 hi terms of the Swiss D-Ma£ ‘ 2JJ74 ^ 7 » : r ^j^^:. - 

2f : .'i 1 j franc. Sterling also lost ground PS? 1 -® 6 gs&tt356.« vass.«ass:« , . 

•*-*-•2: . against the French franc finish- KrweBi K r sjttasMes sJ?£HS : 

.III ins in Paris at FFr S.3680, com- Frendttr <51 ^ 4 s ys 

20; j-^«» j V\ — pared with FFr 8.3960 on Wed- sweats&Kr SggSt'' 

L I \ BRUSSELS— Fears of a realign- sw*s!?r ' -lJt547 -L8S57 ';. L®SU«ci»w" ^ 

/■ — ment of the currencies So the - " ^ u.^ eyou twr Cabifflia-sL’y r'^I .- : 

/ European currency snake tended . 1 1 .v Ls'.' Jl si f£/i 

I 1 to depress the Belgian franc yes- - ' ~ ~ '• ' ~ ■ ■ ' " ” ' 1 • - j -• 

/• terday The West Gennan ■ •; • r ’- 


~H nearer to its intervention point — — : — t- - '.V, 

411 Tl¥ Hf?B of BFr 15.7650 against the . "i . T' prnrite.-- Otft* .4 —ip 

UD LUfin German currency. ■ .l- 3 ™*:-?* • ■ RisMs..- -Aecoimt *. • _• ; " Cz.^i*zL 

-j — M — — 1 — | The French franc continued to r— ~ — ; : aA673iJi (w«ST sieriing 

improve however, and was fixed us^doiiar"*"”----— 3L S 31 " HSS - 
, at BFr 7JMS25. compared wuh cwrtUan doDar .... ljnw - »JglB . 

1S - A s iidjfmViij BFY 7.1S80 previously. : . . 

* MW ° J F Mto J FRANKFURT - Th. ' dollar *»•<«* S&.y-SS, 3SS,jS3S& 

Smu e MuioitB mwtt T j 

i.Coi U.h » 

V J mil ni?n of BFr 15 - 76a0 JB—Iai . :■ 

\/ utiLUDli German currency. ■ rssms . *««mt ; . . " 

16'; L - ¥ — — M — — 1 — I The French franc continued to r— ~ — ; ■ . ; a6673ia o*msa± swfiina 

improve however, and was fixed u s? dollar “T!'!!. *- Lspt j- ggg . : ■ 

, at BFr 7.23325. compared with cwrtUan doDar •-.■ • . ‘ . !£3£- ^ 

t5; TT 7 Yn f u aTI BFr 7.1S80 previously. : . . .auMi srrjjU.n B . *££-.V ® 

1977 197? FRANKFURT - The doilar ~ ~ - dS3Tj S5B-!SSTv 

1977 1378 tended tQ lose groU nd 0 n news SSSlie^lwk " i-'.aaf *■ .DeuWohe .MMfc;^??. 

this time rumours surrounding that the Bundesbank has increased aalWer - ^“.'12{g- "' iSS -i 1 

sterling appeared to prompt liquidity m the banking system, Fivri^. franc - ■ ' SuSy.r 

strong demand from New York, by raising Its rediscount quota by srass 25SJ32 ^ L«»T^, r +r~ 

ind the pound closed at a high DM3bn. 'nie U.S. currency eased Nan ^ sn krone ... amot 
mint of SI. 8660- 1.8670, a rise of to DM2-073iJ. but moved up -p ^iy 

1.20 cents on the day. «»™ “ lt iXEUSF* ~ S iSraBS 

Sterling s trade-weighted index, no cut in the minimum reserve SwtgMnnc — ^ .i --.r. ..y 

ns cnlrulated by the Bank -f requirement would follow the • “ ,...v ‘ - ■ 

England, rose steadily to 61.6 ra^ount move . The i dollar was • >,_ --^v- 

from 61.4 on Wednesday. It stood quoted at DM2.0i53 in late . .. -..-V- rf. vZ& u < 

;} «L ,B earl1 ' “"** and 613 L r ftmS,'S?DiSl™ otijer markets ; ■■■. ■ v 

The French franc's rise was at the previous fixing. Trading . - " 

also because of rumours about was fairly quiet m the morning. *• 'T.' ' ' 

the snake, and it closed at but picked up during the ^ — 1: — ■ 1 ' 

FTr 4.4850 against the dollar, afternoon. The Bundesbank trade- A ciUlI „ hw , i.q6ai t 472 - 786.9o 788. 

compared ^ilh FFr 4.5325 weighted revaluation index of the /iniur..- i.6ioa-i.6863 

oreviouslv D-mark against 22 currencies was tiuiMvi :»:n.ifc* v ..7.95Sa7.9«K) 4^546^ 

The present members of the 145.4 (145.6). up 0.7 per cent from HrwJi.Ciu ■»«■«■' -■ iiJIo^TOi jri 

joint float were fairly steady the end of 1977. _ SaSSfSaS - , 

against the dollar, with the T0K\O— The dollar showed | mtal - , ia6-io2 T67 .so-to: 73. Maiwi™— 

Belgian convertible franc little change against the yen in Mt i„, w , c kih| 0.5e24J.612 I0J68M.2746 Wcibertand 


rjr — • V . 1 ■ . . - speciar finHrii . Ji ; - ; .= 


1977 1978 

> 2S 22 1 tended to low ». .« SOfTS^. 

this time rumours surrounding that the Bundesbank has increased cinflder ■■ 

sterling appeared to prompt liquidity in the banking system, f+end^. franc 
strong demand from New York, by raising Its rediscount quota by .. 

nd the pound closed at a high DM3bn. Trie U.S. currency eased jjapj^an krone 



(Salary within the range 
£9345 -£10305 p.a.) 

A strong and enterprising Head is sought, with the 
vision to lead the Department into the next decade, 
building on its existing strong links with industry and 
commerce and the well established degree in Business 
Studies, and diplomas. The successful candidate must 
be committed to Polytechnic education philosophy, 
bringing proven success preferably in both business 
and education, keen to develop co-operative links 
with departments in related disciplines. 

Application forms and further particulars may be 
obtained from tha Director, La n chaster Polytechnic, 
Priory Street, Coventry CV1 5FB returnable by 
24th July, 1978. 

*-> Vi- '• cciajisrsib the 

yyzrrfy fnsrir ut wriatti rid-p&jsrmrt i , 



m wmm 


container operations 

Established deep-sea container shipping line 
requires aseniormanagerto lead its Continental 
European organisation. Thisisan important 
appointment and the successful applicant will be 
target within this region. To this end the manager will 
havetuJl responsibility foraJJ Ihecompany’sacSivities 
on the Continent including marketing port and inland 
transportation operations and computerised 
documentation systems 

With headquarters in the Benelux, the 
continental manager will have a wide knowledge of 
the transport industry in a senior manager position 
most probably with a containerised shipping line 
A proven record of successfully directing and 
kitegrating the efforts of individual marketing and 
operational units within continental Europe is 
required and therefore fluency in English, Dutch and 

Salary Is negotiable with benefits which will 
secure an outstanding man. 

Reply in thefirst instance with brief career details 
to Box Na A6394, Financial Times, Bracken 
House, lOCanram Street, London EC4P4BY. 

AH enquiries will be treated instrictest 

company advertising are aware of this appointment 

Schlesingers have an exceptional opportunity 
l or an additional Assistant Fund Manager, based in 
their Hanover Square, London, Wl offices. 

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

This is a challenging opportunity for an 
ambitious, hard-working person to join a successful 
•and expanding investment management group. 
Funds under management exceed £100m and include 
the SchJesinger PIMS unit trusts, the Trident range of 
insurance funds, private client and pension funds. 

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

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

K.G.Ilerscv. Diivctor 
Baslable Personnel Services Ltd 
IS Dering Street London Wl 
Recruitment CnnMilunK 


ivies . Ict 

-.6535 ]ll , 
Win H.k— 

Slow Other currencies were epenm? at Y -06. the O.h. s 1 4.2gi a -4.3He Z.3220-2J*30 Jt 

slightly firmer in terms of the currency traded a r about Y 205.Sp. A^fu^nitao.,! i. 6088-1.6 ifl3l0.888MJ676lr 
dollar, with the Swiss franc before falling to Y20o.3n towards — ^ • . - 

qtioied at SwFrs J.S545, against the close. • Hate alvea fOr Argendna Is tree rate. . 

t-'ii.ii i i. i in.. . 
I iln\i |l- "I !».-<. 

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Tti*. lulling de nominal raieh w*rr quot^o lor Lonnon dollar c>.rnhcalif> ol q-uiisit: UIK' oiiinib & p>8 15 oor rent: Ihrre monttra SJ0-8.4S wr nim: eH; pmaftn 

per i viK. on- 'car s s-j-s 03 - - ■■ .*• 

Lonti-icrni Eurodollar deposits: two > ears 9tB» oer.ceoi: three years 9 7 »-99i6 per cent: four years J^w-a'iis per cent; five years 
jr»: iiitimnHi tlusme rales. • ' V/C' - 

Short -ii.-rm raies are call for sierunji. U S. ilollurs and Canadian dnllars: iwo- iiaja' nolle*- for RUitders and Swiss francs. . . ■ I : ‘ -P. 

isiaii raUT arr riosme ral**s in Singapore. ' 



Lalje of Geneva. S-.-.iueriand 

ti: ’;*!?££> LrVij International Boarding 
: S aS- /'■;<. ScSiool for Medical 
‘♦'v ' s .^.v(5 Education and Language 

|H V. -Studies jgj 

__ Combiniiiq a fiibi -class r^idenual education wih the ihoro-.-jh naming ^ 
of an ■iKi-ii'Mmq pioirtsion oflenng e'cell-:n: p-assibililks. 

■SB - Medical -technical assistant (4 semesters 

- Doctor's aide '3 semesters) 

- Doctor's secretary/secretary (2 semesters' 

- Language courses in French and English. a»vj as one** 81 

semester's preparatory studies gg| 

ww Co-vJucMiunal v.liool m 3 unirjue uni place Scoo us ar>1 r^w Bfil 

EEB arfar»3i?-d ioomi.Stfong limch-iangurfon^cluca'iori Completa choice of — 
sport leisure and cultural activities la ssnnir : juris, ov g v m ruh mH 
d'«n9.K4->i'4i'ii9i S-VTi«ii!f.’.t'0<iir , i hi autumn aiidwni»3 
gpg Ctfijiied informanon please >o. w 

College Irrtemorional des Avants. CH-1833 Les Avants (Montreux) 19 
■n Sunmland - Phcme 021/61 5051 - Ttle< 564^4 ri-la efi msM 





French banks cut base rate 

Sociele Genera Je is to cut its 
base lending rate by 0.23 per 
cent to 9.05 per cent from July 
1, and other major banks quickly 
followed suit. Only last week M. 
Rene Monory, Economic Minister, 
repeated an earlier prediction 
ihat French banks would soon 
reduce their lending rates, and 
so yesterday's move had been 
widely anticipated. In recent 
months, money market rates have 
been steadily declining. Day >o 
day money now costs in the 
region of 7J ■ per cent compared 
with I0J per cent in early 
March. Some sources suggested 
however, that the cur in rales 
would be insufficient to radically 
?11er investmem levels and that 
the Banks' decision was partly 
attributable to the recent firmer 
trend in the French franc. 

Longer term rates were quoted 

at 7|-J per cent for one-month 
and SJ per cent for three-month, 
both of which were unchanged. 
However, the six- month rose 
slightly to Sft per cent from 
81 per cent while the one-year 
rale firmed to 91 per cent 
against Hi per cent previously. 

FRANKFURT — The Bundes- 
bank announced yesterday an 
increase of DM 3bn in Ihe 
rediscount quota. This is the 
amount of hinds that banks can 
obtain from ihe Bundesbank at 
Ihe discount rale for trade bills. 
The move is seen as an attempt 
to increase liquidity in order 'o 
meel the requirement Tnr 
central bank money to be met 
and is effective from July 1. 

Interbank money market rates 
were firmer throughout with one- 
month funds at 3.6 per cent from 
3.55 per cent and three-month 
at 3.7 per cent from 3.65 per cenL 
Rates for one-year also rose to 

3.8 per cent from 3.75 per cent. 
However, call money was 
unchanged at 3.55 per cent. 

NEW FORK — Once again the 
U.S. Federal Reserve intervened 
In the New York market yester- 
day to make overnight repurchas- 
ing orders. Federal funds were., 
quoted at 8 per cent from 7[g 
per cent which seems to lend 
even more weight t® the possi- 
bility of banks moving their 
prime lending rates to 9 per cent 

Treasury bin rates tended to 
ease slightly with 13-week bills 
falling to 6 .88 per cent from 6.98 
per cent early on Wednesday 
while 26-week bills slipped to 7 30 
per cent from 750 per cent. Ono- 
year bills were quoted at 9.69 
per cent from 7.72 per cent. 

HONG KONG— Money market 
conditions were a little easier with 
call money at 4J per cent com- 
pared with 5 per cent and over- 
night funds dealt at 4J per cent, 
down from 45 per cent.- 

Gold fell ?1. to .*184-184#, in. 
fairly quiet trading. The metal, 
opened at S184fI854, and wif 
fixed at S1S4.60 ffi*9552) in the^ 
morning and at- 818430 f £99525) 
in the afternoon. • ■ 

in Paris the 12* kilo Bit Stax 

One of the largest banks in Europe seeks for its 
international subsidiary located in Luxemburg a 


He should have a professional qualification (finan- 
cial analysis), a working knowledge of French, at 
least 3 years' experience of international banking 
and a proven track record of direct lending to 
multinational and commercial customers. This 
position requires frequent travel throughout 

This position offers outstanding future growth 
possibilities, excellent salary, extra legal benefits. 

please send your application, along with curri- 
culum vitae, under reference RIM-420. 

avenue Brugmann 32 &te 7 


DUE 1991 

pursuant to Paragraph 5' J) ot the 

Terms jnd Conditions ol the Bonos 
US 'ASOO.OOO Drintipal amount thcreol 
have been ourthased br Swiss Bank 
Corporation. Zurich, as Purchase Agent 
during the vear June 1st 1977 to 
Mav 31st 1978. 

During the orevious year commenc- 
ing June 4th 7976 tne ■’urenaae Fund 
had net come mto operation. 


“ANK N A. 

London. As Trustee 

June 10?8 


venor Street. OB Bond Street. W.T. Tel: 
493 7611. Selecticn o' fifteen paintings 
MASTERS. Modigliani. Leoer. Braque. 
Mondrian. Ernst. Miro. KIcc. PfcaSSO 4-9. 
through Jul*. 


ROWBOTHAM >1853-1921). Until 30Hi 
June. Mon.-Frl. & 70-5.50 Weds. 7. 
Sats. 12.30. 77 Walton Street. S.W.3. 

sag Mas. 

Adequate credit supply 


Commercial and Industrial Property 4.50 

Residential Property 2.00 

Appointments 4.50 

Business & Investment Opportunities. 

Corporation Loans. Production Capacity, 

Businesses for Sale/Wanted 5JLI5 

Education. Motors. Contracts & Tenders, 

Personal. Gardening 4-L'5 

Hotels and Travel 2.75 

Book Publishers — 

Premium positions available 
(Minimum sire 40 column cms.) 

£1.50 per single column cm. extra 
For further details write to: 

Classified Advertisement Manager, 
Financial Times, 10, Cannon Street EC4P 








Bank of England Minimum 

Lending Rate 10 per cent 
(since June 8, 1978) 

The surplus of credit in 
yeslci day's money, market was 
larger than that on Wednesday, 
the principal dilTerence being 
that sufficient funds percolated 
ihroUKh the system so that the 
author l nos were not required to 
intervene. The market was 
helped by a slight number of 
Treasury bills maturing outside 
official hands and a very slight 


excess of Government disburse- 
ments of revenue transfers to the 
Exchequer. This was in addition 
,to a sizeable decrease in the note 
circulation and above target 
balances brought forward by the 
banks On the other hand rhere 
was further payment to be made 
on the Treasury long “ tap '* 
stock and the repayment of 
Wednesday's small market 

Discount houses were paying 
anything up to »J per cent for 
secured call loans and conditions 
remained tight towards the close. 

where balances were taken at 84-9 
per cent. 

In the interbank market, over- 
night loans opened at 9MJJ nor 

cent and eased to 9-fcJ per cent 
on news of the surplus. However 
rates soon firmed again to {!{-£«{ 
per cent before easing to 8i*sl 
per cent. At the close rates were 
somewhat higher at 9‘-9_i percent, 
rnursday s announcement 6v the 

0f o E "" !and u lpf t Minimum 
Lending Rate unchanged at to oer 
cent. r 

Rates in the table below are 
no m i na l in some cases. 





Ln»l Auth 

t diifioiiy 







9V97 fl 



9»t 9 Tb 

9Tg 10 


9tg 10,5s 






1U 91* 

Kl- 9» 

1J lOig 

9T e .9t- 

1U V4s 

ii'ft t 


10- Ibis 


1L3b 1014 



10 U 9 T B 

ic ,v iai* 

id 3 b- I 0i& 




. - 

107b 11 


l BI J 

Mdfft iifeow 

1 >1'^ J 

i»)' a 


j -.-•iu|>iiii , nnn,ri ■ J rOHLI 

0iM.c,i 4 . ai s -9i 3 [ — 

s7 a \ Z. ] Z 

- \ BJfl 9i* - 

10i ft «i.-9ig 9.: .0 J, 

- j 91? ul« 

101 3 : 9tA-3i 2 I yij 




moJiltiB Z.ZZ — 

•Sit raojTtha • lfc s. ll """"7 


- i^ioa . 

Ra J e ‘ 

( j' .' -'ts: :. : 

£|P_ 'Onroirtiunnaij 
•Tills Discount Rjib 

. : • ** 

. ' - ■ 

• v:; i.a> * 

. >*./*. t 

■ ;s^: 
J ! ; i feS : ; 


-a. * iSr 




rend® 1 : 

ri f.r^ 

‘financial iWs Friday June 30 1978 



Board post at BP Oil 

jjfc j. W. Bus u»5 has been 
appointed to the Board of BP OIL 
as director, manufacturing and 
supply from tomorrow- Be was 
previously vice president, techni- 
cal and- corporate planning of BP 
Alaska Inc, based in the UB. Mr. 
Bushby joined British Petroleum 
in 1933 and spent a number of 
years at Kent refinery- Jn 1959 
he went, to Canada for the com- 
missioning of BP’S Montreal 
r efin ery. He then, held appoint- 
ments in head office and at Llan- 
darcy refinery before moving to 
Alaska-. ^ 

Mr. A- C. Brown, chalnnan and 
managing director of Spirax- 
Sarco Engineering, has. been 
appointed to the Board of 
non-ezeentive director. He win 
become deputy chairman on the 
impending retirement of Mr. R. G. 
Lewis. • ^ 

- Mr. P, L -Bremwyche, senior 
co-ordinator, overseas, in BP 
CHEMICALS associated companies 
and licensing directorate, is 
retiring at the end of August. 
Associated- companies co-ordina- *: 
tion responsibilities outside *’ 
Europe wiQ be amalgamated with 
the UK under Mr. F. W. Wheatley, 
senior co-ordinator UK and over- 

Mr. J. W. Bushby 

Mr Peter Reynolds has been 
appointed to the main Board of 
becomes- executive chairman of 
its International trade finance 
division. For the last two years 
Mr. Reynolds has been chairman 
of TKM (USA) Inc, responsible 
for the- division’s operations hi 
North' America. 

Mr. J. C. Lewis, the former 
representative of Pahang Con- 
solidated on the Board of 
now resigned from . Plantation, 
following Pahang's sale of its 
25 per cent stake some time ago. 
Mr. R. P. L. Metfortrie, managing 
director of Plantation’s lieht 
engineering division joins the 
Board from tomorrow. 


Mr. G. 3. Cramp ton has resigned 
from the Board of YOUGHAL 


NATIONAL has made three 
appointments: Mr. Dixon Morgan, 
as head of a newly formed invest- 
ment advisory department; Mr. 
James Careen, company 
accountant and Mr. Godfrey 
Dotton, company secretary. 


Mr. James C. Corcoran -has 

retains the responsibility of chief 
executive and Mr. Hands becomes 
deputy chief executive. 


Mr. J, C. S. Lcpine has retired 
as chairman of ihc RE- 
TION and has been succeeded by 
Mr. H. M. Patrick of Mercantile 
and General Reinsurance. Mr. 
A. L. Preston, of Victory 
Insurance, has been appointed 
deputy chairman of the Asso- 


Mr. J. W. Ktitsic has been 
ejected vice-president or the 
UNITED BRANDS company and 
senior officer for Europe. 


Mr. L. W. Baker and Mr. A. 
Watson have been appointed 
directors of Touche Remnant and 
Co. and its parent company 
from tomorrow. 


Mr. Bert Ferrimond has been 
appointed a director of PORTS- 
NEWSPAPERS. He was formerly 
with Dunlop Holdings and Upper 
Clyde Shipbuilders. 


The Ssecretary for the Environ- 
ment has appointed Lord Allen 
of Fallowfield as a member of 
succeed Lord Greenwood of Ros- 
sendale from tomorrow. Lord 
Allen is general secretary of the 
Union of Shop Distributive and 
Allied Workers. 


Air Chief Marshall Sir Neville 
Stack is to take up the appoint- 
ment of director general of the 
ASSOCIATION from tomorrow on 
the retirement of Mr. Alex A. 


Mr. A. C Brown 

been appoint ed a d irec tor of 

TION. He has been general 
attorney and chief executive 
officer of' General Accident's 
American organisation since 
January, 1976. ^ 

become estate surveyor and 
manager Scottish region, of 
BOARD from July 3. Also from 
that date Mr. Alan R. Fraser will 
be estate surveyor {management! 
and Mr. Peter J. Dennis,' estate 
surveyor (development and 
sales). Mr. A. R. Dickson Roberts 
retires today as estate surveyor 
and manager of that region. 


Mr. George Plneknett, execu- 
tive chairman of the NATIONAL 
CIL. is reducing his personal 
involvement in the running of 
the NHIC from today. He will 
continue as chairman in a part- 
time executive capacity. Mr. 
Ernest Cantle, deputy director, 
will be concerned with all day- 
to-day operations. 


Mr. Robin Phillips h as jo ined 
as a director and general manager 
of its Scarborough plant. 

Mr. H E Jenldns has been 
app ointe d ’ . works director of 
FL01EX, a subsidiary of the Low 
and Bonar Group. 

-* • • - 

Mr. Luden S. Wigdor has been 
appointed a non-executive 
director .of the WEIR GROUP 
and . chairman of its subsidiary 
"Weir Pumps. As chairman of 
that - subsidiary he takes ever 
from Mr. J.J. K Young, who will 
devote more time to his executive 
position , as group managing 

Mr. Wigdor held posts m 
British ‘ European Airways and 
the ' Vertol . Corporation of. the 
U.S. - before ~ becoming managing 
director of: Tunnel Refineries in 
1955 . and vice-chairman in 1969. 
He was a corporate consultant to 
the Boeing Company from 1960 
to 1972 and deputy director 
general of the Confederation of 
British Industry from,. 1972. to 
1976. After leaving theCBL Mr. 
Wigdor became a director, of the 
Rothschild Investment Trust He 
is also deputy- chairman of Leslie 
and Godwin (Holdings). 

Mr. Douglas K-. Leslie is to 

Mr. Roger H. Lawson has been 
appointed assistant manager in 
the London area office' of the 
-where he will be responsible for 
corporate banking. 

* ‘ 

Mr. Doug Peirce, marketing 
manager of Lyons Tqtiey, has 
been appointed sales aa d ma rket- 
ing director of TELFERS. a 
member of the J. Lyons Group. 
Mr. John Nowell, a director of 
Tfelfers and of Lyons Meat Pro- 
ducts, b as taken over responsi- 
bility for the expansion of Lyons 
Meat Products into overseas 


Mr. L. A. Hudson, Mr. A. G. 
Lee, Mr. C G Mabey and Mr. 
C. W. Spreckley have been 
appointed directors of A. L. 


Alt’ G. K. Hazel!, actuary of the 
been appointed to the Board from 


Mr. Terry Hands has joined 
Mr. Trevor Nunn as joint artistic 
director of the ROYAL SHAKE- 

Mr. Geoffrey J. Chlbbett, group 
finance director of DOBSON 
PARK INDUSTRIES, has become 
a divisional chairman. Mr. Graham 
H. Edwards has been appointed 
group finance director (desig- 
nate!. Mr. Edwards joins Dobson 
Park from Unread where he was 
deputy group managing director 
with special responsibility for 


Mr. Kenneth Thomas has been 
appointed deputy director, con- 
struction and engineering, of the 


Mr. A. Clive Williams has been 
appointed managing director of 
from tomorrow and continues as 
executive chairman of the com 


Mr. George Helsby has been 
made chief executive of the com- 
mercial division of BURNETT 
having been appointed to the 
Boards of Hallamoil. King Fuels, 
Hail am Commercials and Hallam 
Polymers and Engineering. Mr. 
S. Ross W. Williams, a director of 
Ha Mara Polymers and Engineer- 
ing, has become a director or each 
of the other three companies in 
the division, Mr. Trevor Lowe has 
been appointed managing director 
of Hallamsbire Industrial Estates, 
part of the. construction division 
of Burnett and Hallamsbire Hold- 
ings. Mr. George Helsby has 
resigned as ntanaging director. 


Mr. B. I. Pitman, a joint general 
manager of LLOYDS BANK, until 
recently seconded as an execu- 
tive director of Lloyds Bank 
International, has been appointed 
assistant group chief executive. 
He ‘takes tin bis new Dost at the 
group headquarters of the bank 
on October 1. 


Iraq Petrolenm Company, Abu 
Dhabi Petroleum Company and 
associated companies announce 
the aopointment on August 1 of 
Mr. Geoffrey Stockwell. the pre- 
sent managing director, as chair- 
man or the comoanies in the 
group. Mr. fan Maeolierson will 
succeed Mr. Stockwell as manatr 
rng director on the same date 
Mr. Stockwell became managing 
director in 1970 having been on 
the Boards since 1959 as repre- 
sentative director for BP. Mr. 
Macpherson at present holds ihe 
aopointment of executive director 
of the companies. 

A new opportunity for private 

enterprise in car telephones 


NEW INTEREST in car tele- 
phones has emerged via a re- 
working of the David and 
Goliath parable: the traditional 
battle between small private 
business and a state monopoly. 

Car telephones have been 
around for some time — about 19 
years in the UK — but the high 
cost of good quality equipment 
plus limitations on the area of 
use has meant that even now 
there arc only 5.350 subscribers 
and the Post Office predicts no 
more than 6.000 by 1980. 

But more cars might be 
linked into the national and 
international telephone system 
if the announcement that the 
Post Office is prepared to give 
up its monopoly of hooking up 
phones in cars to the system is 
as momentous as some people 
in car communications say it is. 

For alongside the official tele- 
phone system a number of 
private companies have sprung 
up offering a message and 
paging service, but they are not 
allowed at present to connect 
their customers into the tele- 
phone service. Instead of simply 
putting their customers through 
to the number required, as the 
Post Office Radiophone service 
can, they have to take a message 
from the man in the car, make 
the call themselves, and then 
radio a reply back to the car. 

l Most of these private opera- 
tors have so far worked on a 
local basis, but recently seven 
of them grouped together to 
form Network Communications 
Services as a means of widening 
their scope.) 

The independents, under the 
banner of the National Associa- 
tion of Radio Communications 
Sendees, have battled with the 
Post Office for two years in an 
attempt to end its monopoly 
and to offer a service they 






X via ^ 




t Vi 

tr l j d 

□ v 1 n 





£43 per month 



£37 per month 

Call Cost 

Minimum 3 minutes at 
operator rate plus 
6p per minute surcharge 

Call Cost 
Local calls free 
Trunk STD race 

badly need as a selling point. 

At the end of the day the 
Post Office will gain in terms of 
increased telephone traffic, 
while it should be able to re- 
tain the bulk of its own existing 
customers. And by opening 
the doors to the private opera- 
tors the Post Office will be able 
instantly to extend the area it 
covers without the costly in- 
vesroent required in transmit- 
ter stations. The Post Office 
needs an expanded network of 
transmitting stations to cover 
more of the country; it only has 
*22 at the moment and their 
range is limited to about 20 
miles each. 

The private operators say 
that development of the market 
has been slow because the Post 

Office service and approved 
equipment is too expensive 
compared with the limited area 
in whicb it can function. 

It has also meant, they say, 
that a telephone in a car has 
been seen more as a status 
symbol than a working business 
tool and they expect to pick up 
a lot of the new business which 
a telephone link will generate 
from ordinary people constantly 
on the road in vans and cars. 

Certainly Lbe equipment 
approved by the Post Office is 
more sophisticated and more 
expensive than that required by 
the private services. Only two 
manufacturers are approved by 
the Post Office, Pye and Storno. 
The Storno equipment comes 
in two versions and can be 

either bought outright or 
rented. The nine-channel model 
costs £900 or can be rented at 
£90 a quarter and the 55- 
channel £1.180 or £130 a 
quarter. In addition there is a 
telephone subscriber charge of 
£10 a quarter while the opera- 
tor linked calls are charged at 
a minimum of three minutes 
plus a 6p a minute surcharge. 
Installation charges, including 
the antenna, would be anything 
from £60 in a Morris Marina to 
£200 in a Rolls Royce with a 
mini switchboard and two or 
three handsets. 

Air Call quotes only rental 
charges for the three types of 
service it now offers. These are 
£18 a month for a personal tele- 
phone answering service and 
£1S a month for a paging ser- 
vice under which the car is both 
bleeped and called by voice. 
For £37 a month Air Call will 
take messages or instructions 
from the car customer, pass 
these on through the ordinary 
telephone system and radio 
back any reply. All local calls 
are free up to 120 a month after 
which they are charged at IOp 
a time. Trunk calls are charged 
at the STD rate applicable when 
the call is made but with no 
minimum time charge. Cost of 
installation is between £20 and 
£50, says Air Call, while an 
antenna will cost between £2.50 
and £18 and must be bought. 

The private services feel that 
their ability to mix their 
message and paging system with 
the direct link phone calls will 
give them the edge over the 
Post Office if and when they are 
allowed to offer the telephone 
link in about six months. 

There Is, however, a less well- 
publidsed angle to the sales 
pitch the private companies will 

be able to make when they hai 
the link to the Post Office, 
concerns, you may have guesse, 
the tax man. For a telephone i 
a car turns a means of trad 
port into a place of busine, 
and that means there is a betti 
chance of charging it again! 
tax. i 

While the private servii 
operators stress the slowness i 
the British to copy tf 
Americans in the field of co: 
stant communications they al;, 
know that a tax benefit is ■ 
good sales weapon and it is or. 
thqy will not be slow to use. 

And looking ahead they ai 
also keen to see the introdu 
tion of citizens* band rad 
which is so widespread in th 
U.S.. Germany and Franc. 
While this offers a cheap for 
of car-to-car and car-to-basc con 
mani cation it is seen as littl 
threat to the car telephoi 
service because the range < 
operation is usually limited 1 
five miles. But it does whi 
people's appetites and is see 
as a means of leading them in\ 
bigger and better systems. 

The Post Office now seen 
content to draw up licensio 
procedures — at the moment th 
private companies include th 
transmitting licence fee in the: 
rental charges — and it ha# 
received assurances from th| 
private operators that they wi 
state clearly that theirs is no| 
an official post office system an 
will offer to customers both 
message and an interconnect 

What seems strange is tha 
travelling up the motorway 
man in a car can call the Unite 
States on a telephone but tbf 
man on the railway, along whic 
the telephone lies run, cannot 
In some Continental countri 
he could. 


• . The" Annual General Meeting of Shareholders of the above company was held 
on May 2nd. 1978 — X r. A. Elvinger acting as Chairman. The Balance Sheet and Profit and Less 
Account as of. December 31st, 1977. were unanimously approved. 


3ftt Dec, 





> 3JJ2 


v 129,177. 




Notes payable ... 
.Accrued. interest . 
Accrued taxes ... 
Other liabilities .. 
Long term debt' 
'. maturities ...... 



Long term debt — 
Capital Stock ... 

Legal Reserve ...- 
Earned Surplus ... 

• 10.300 






55289244 . 


3 f st Dec., 








Short term 


Interest receivable 
Intercompany . 


Other receivable . 
Investment in 
parent company 
Deferred charges 











ENDED DECEMBER 31st, 1977 

12 months to - 


3,108,723- • 
27,650 .. 
■ 2259 

■ 80.738 


\ \ . 3.414.457 

Interest Income y 11589 

Debenture purchase profit 860 2 

Dividends Received ' 

Gain on fluctuation of major currencies 

' Toni Income - - 2 j 9 

• Interest on long-term debt - ’225.990 

. Other charges 79.413 

Provision for taxes ’‘. ‘ . “ .*. 711 * 82^356 

. . Loss on fluctuation of major cu ' ' £_ b ' ‘ 316.140 

: LOSS on early redemption of Long-Term ueDt 






3,012255 r 

.i . Net income 

r" Earned surplus at beginning or year .... 
• vTrantfer to Legal Reserve 







_____ Eam6d. surplus at end of year 

The Managing Director, John A. Land«be rge r. “ Swissfrencs 30.000.000 at 

,00.0*0 b,r J5th, 1977/ 50% L? f. th‘e Mhm “^^.600 71% guaranteed notes 

a premium, of /J:%. In ti/ro, the comfany 1 ^, ^1984 at’ par. The notes may ai»u -- ■ ^ 
are redeemable- at macarfty on; October t hereafrer on October 15 th of 

• theioptwnTO# ^4 Company, in; toal^only, ; n 1981 to nil ip 1983. 

■^wy year to ;TM3»! the prenuinn rat w 7 ,n ? ^urs the company’s profitability should 

Provide of. any rnajor currenaes occurs. 

j achieved m ytii. — 

The real test ofa 

good scotch. 


Is to taste it, not knowing which brand 
it is, mixed 50-50 with Water. 

And then compare it with some others, 
similarly unidentified. 

Recently eight experienced whisky 
drinkers were invited by Decanter M agazine* 
to a "blind tasting" of six well regarded 
blended whiskies and six highly priced 
de luxe blends. 

Five of the eight people thought 

Teacher's was a 
de luxe blend. 
We know why 
\ ^Jeacher's contains 
ari exceptionally high 
proportion of expensive malt 
whiskies includingThe 
GlendronacK to give it its 
distinctive smooth taste. 

So it's not surprising that 
Teacher's is Britain's favourite 

\ As one enthusiast 
remarked/there's more 
to be said for a bottle of 
Teacher's than a case of 
ordinary scotch! 

Teacherk.In adass of its own. 

'Decanter Magazine February 1978. tNOP Jan. 1978. 


»•?%. . y . 

*> v-v** **<-*:• * . 

■ 'ill 

The new town of Glenrothes, which is celebrating its 30th anniversary, has : 

the failure of the local coal mines. It has developed into a thriving community, pew v : 
industry has moved in and the original population target has been easily exceeded. 

i§\. new 

S “*‘ l 



i f-n 


i]ly Ray Perman 

I Scottish Correspondent 

.Glenrothes is a new town 

j ;ftat seems to have very tittie 
Reason to exist- The industry 
i^t was founded 10 serve has 
,^one. there is no overspill 
lopuiation from nearby conur- 
yjiations for it to absorb and it 
-is hardly strategically placed. 
^ »eing a little off the beaten 
Tjrack. Vet the town is thriving 
^ind this year, as it celebrates 
v is 30th anniversary, it can look 
.j lack on an unbroken record of 
growth and forward with 
Reasonable confidence to more 
|v»f the same. 

The town is situated in rural 
jt ■ ife. midway between Loch 
, ^even and the sea and about 40 
^,'niles from either Edinburgh, 
/ncross the Firth of Forth to 
^ ; he south, or Dundee, across the 
'Rirth of Tay to the north. It 
ijs in the heart of what once 

II was the Fife coalfield, and that 
livas the key to Us beginning. 

*5 Glenrothes was started as 
’part of an attempt to exploit 
htbe rich coal seams of Fife to 
Counterbalance the decline of 

the traditional Scottish mining rothes is well nn the way *>■ 
areas, like Lanarkshire. The meeting its new target of 
new town was to provide the 53.000. The population i.» 
miners with high quality homes younger and more fertile than 

in pleasant countryside and the national average. s<« iherc 
they were tn work nearby in is also a good chance lhc 
the modem Rothes pit. The town nil! 3 row by natural in- 
colliery towers that once crease In its expected maximum 
housed the winding gear still size nf 70.000. 

stand, but they are now used 

Those early lessons have boon 

by the fir, bngide to funs up „ , bv thc Development 
hoses because the pit was c iratiim . which 

fnuhd to be ton wet and was slress „ dlv<!rslty i„ i he town's 
abandoned m 1961. Industrial mix rather than re. 

bince then the town has had liance on a few large employers, 
jo survive on 1 1 tile more than The town is. however, 
its attractions both natuial cjorninstecl bv manufacturing 
and created— as a congenial industry . instead or having a 
place to live and work arid the [ ar g er proportion of service 
wide range of financial incen- j 0 jj S which is probably a re- 
lives new towns are able to flectiljn o[ il: . ahllity tu nfTer 
offer incoming industry. There read y^ ia( ] e am | custom-built 
was a further setback when a factnrU , s and a ran - e of imiuce- 
project to open a major food nil?nts ?IK . h as rea innal develop- 
processing plant collapsed, bur ment sranU . industrial rate ‘re- 
the town has kept going and du ,.tj ons and | 0 w interest loan*, 
there ha\e been only a few which are aimed principally at 
years since 194$ when the manufacturers. 

near* the : town's edge- Housing of -tfi* 

ff£ pScSS’ofliiO ,H«u3«aeb. 

grouped around, a primary assembly, - ' ' 

Stool and a shop. Ten so * Ugfit 
precincts are presently com- course, 
pleted and two more are under -papewhabn & 
construction. the-ne\r -tthrat*- 

Neighbourhood . shopping myor ■ 

centres provide, smaller ?bops 

and services such aslibranes, - 

An aerial vieio of Glenrothes . . SSSZmSZ . TtaS 

■in i lie aiirachun nf jobs as essential instruments of econ- years. Buttbe 

well as the proviMunn h-mses. omic development as well as “In the last financial year, ££E a ctive to Scots from other industry ^h^inetmt tlmt 
Thc primacy cnn«:dcraU»n was vehicles for improving the for example, we put on 1,000 * X ox ,.r n._ 1 -'Liliu :n;;r.lnrtlnii ' nf lofrttflr"- - 

Uic ,vhnu,,nu Uf ramili.’s homing stock. new jobs in the lorn and from areas - Mpa.ceMil.jhB SferA 

linking the precincts and the in- 

dustrial estates. • comn^caiiflBS;. ;m _con- - ; 

The *i of the 


* {JLfgftSSBS 2SS3h£ 

££££" EMMS -f»» 

give Glenrothes a great feeling tramc ^- — 

of airiness and roominess which But-the tendency towaisls'ltgb r 
is attractive to Scots from other induStry has^meant that tfcexehF^- 

mucin- uf rani il ics housing slock- new jobs in the town and from areas - ™ 

rtd nr , . ^ Tho riiad hu not be™ a tw a> , «h. budding rit.t is going oust 
, „ and ,v '-asy. The late 1960s was a good the moment — both new ^ office and khop employmiMif i 

r^G 'r, h °i L lie t Period when the increase in factories and extensions to has also meant ’that the size«f ? J: ; 

f tin: Development hofh j ohs and population was existing ones — we are confident most companies wthin the ^ 

I, it. !' ish ' ^ u L. lh £. re ” n ‘ sl ™» Vnnn ’Sfi."™. 1 " ■ fommutina . to uuir5^\a*mk]mlZ.2 

yeans since IMS when the ^Wctu ”;«>•« ^ fhTS^ tV Kfi! P^nt portion ™ved™Sb Mp&« t> 

aonual increase in population fr " 11 ’ •i\ f r-.n.\.civd nr "ub- The ruad has not been always the building that is SjnpS on at t from sou th of the border for the present shortage ■vOUf'-i: 

has been less than 1.000. But Hus ratio of fin.-t . nn.u.- standard area, and Mr ,, asy . The late 1960s was a good the moment - both new ‘ *° u “ “Irlent ^m officelnd : &rl 

At the age of 30. th« town is factoring to service vmployncni lUa r> in t.Vacknell. the Chief peri(ld when ^ increa se in factories and extensions to ™ * ff furt “ cr L3 per “ frp ^ mSSf -S^eSS^ 

.till young rather th«n mature. «uM be evened up overtime. Executive of the Development gj, h job., and population waa eating ones - we are confident K"-«- S£t??jg^vH 

It is still building and its offi- Une advance has hcen the de- Lorn-, ration, observes. M makes hlah but , hl? recent jn that we will put on another ^ j. _ S fcsSSvSIS-* > 

rials exhibit the enthusiasm of cision of the Regional Cmnicil to link- sense to move penpk from invest menl has made things f - 000 *is year. We only need Commuting " 

creating something new. and make Glenrothes its h**ad- one area u> another if tin-y are hardcr 1075.76 saw a npt p dss some easing of the world reces- „ r?, . 

not vet the world-weariness quarters, with the opening nf an si ill goins; iu he unemployed at nf nearly soo jobs in the town sion for .us to make a quite . Some 60 per cent of the work- have r ;V 

of unchanging administration. ° mce block and a computer the end nf the exercise. hut t h e ' following year saw a ra P id advance here in Glen- population has jobs ' compam« 

There are. of course, some fric- centre, and there will he mure T Jk- creaioin of jobs has ln-en turnaround with a net gain of ro tf» es - 0™* industrialists are the town itself and most of the trading or left the town in t 

tions between the Development sh °P employment as the town scen as Vlla j x „ ,ht- towns role 222 and the report for ffl77-78 f moderately optimistic and are others work within afew miles, l^.forexax^e^ea^oj^^r^ ^ • 

Corporation and local council- ^rows. Scvcra ma.iorstnres have and j, llf , lp(?d ln shield when it is published within the addin S t0 thei F factories at a In . addihon there tween themonly 

lors w-hn resent the freedom of said they will consider moving r.ienroihe* land the other Scot- next Few months, will indicate rate unprecedented in the commuting m the omer dixec- Thisisone of &eTeashPsJhi^. '. : .- 
action that the Corporation has. ’? tn the shopping venire when tjsj | 1 nyu - f 0 wn^i from the chance a net sain of between 800-900. history of the town.” Uon: more than 5,000 people Glenrothes' .'has inaha^^; jjfor 

but in general the town has be- Glenrothes reaches a population in G UV ftnmeni rh inking which Mr. Cracknell is optimistic: The town itself occupies an f^vel into the town to wore only to maintain a Jncrch low^ - ’- 

optimistic: The town itself occupies an 

only to maintain a much 

come an accepted pari of the £ r Dn - UW) ^J d * when tht n<?'»sh- | L , d 10 ihe cancellation of Slone- “There is absolutely no doubt area of nine square miles f™ m lh e surrounding towns and unemployment rate V 

local community working well " our,n S 0 ,d J r coniimmmcs of h„ U se New Town and the trans- that competition from other between the older settlements of yiHaEes ‘ neighbouring older il 

with local government and f* esl,e ancl . Jiy ’J 1 ,. arc ,a , ler nf resources to the rchabili- areas for inward investment has Leslie and Markinch, and Despite a fairly forceful mar- has also been less IlablditO-Vv : 

bringing acknowledged benefits [" j !""** tnat linic L ’ an 111,1 lati"n of Glasgow's East End. hotted up considerably within development radiates from the keting campaign by the Develop- wide fluctuations in; u hefeplOy^- , ■ 

to the region. e ae«»wi.. In (_ lin firming iho growth the last year or so, but we are shopping and administrative ment Corporation which, among ment. The smaller 

The original target of a Because it has not been lied targets of the. Scottish new mildly confident because our centre. Industry is grouped Into other things, describes 'Glen- could fclsd t 

population of 32,500 was ex- to an nverspill .scheme, thc town towns, ministers have made it record shows that we have five industrial estates, one close _ n>fbes as a gateway fcFfche North gnn d in dixsfj-ial reh» ^Jn- C thiir - • 

ceeded two years ago and Glen- has had tn place equal emphasis clear they regard them as grown substantially in recent to the centre and the. others Sea oil fields, most industry is town. '-,j[ -‘ "C.. ’ : ~ • * !• 

m , :.V 

But don’t take our word. 

In a surv ey* of companies operating in 
British New Towns, Glenrothes came 
out on TOP. 



for recommendalion (94?^ 
would tell other companies, “come and 
join us!”) 

s wZ for Business Environment 

(90?o of Glenrothes firms said, “Good!”) 

for Industrial Location, 
(92% said, “We’d choose Glenrothes 

for Fulfilment (75% said, 
‘‘Glenrothes is fully up to oiir 

All xl ratings for New Towns 

throughout Britain. 

A nice birthday present in 
our 30th Anniversary year from the 
Industrialists of Glenrothes. 

Further proof? Read the quote 
below from Scottish M-P. Willie Hamilton. 

“Glenrothes, with 160 firms 
in a town of 35,000 people has industrial 
relations “par excellence”. I don’t believe 
any community in Western Europe can 
compare in industrial relations with 
that area. The number of working days 
lost through strikes is minimaL” 

For full details contact: 

John A. F. McCombie, 

Commercial Director, 

Glenrothes KY7 5PJR, Scotland. 
Telephone: Glenrothes (0592) 75 4343. 
Telex: 727125 


The ideal location for your new U.K. branch. 

• -p - 

• ; - V > ''W'ir.' «■ . • 

• " • : K'4 < v * • 

*LRBA> PuHrtb®* CojBwn* .u«.v . ^ - .AO- 

pttnik iiM »>■> 




• -V ^ 5ft > 

.v '*• 

Randal Titties Friday June 30 1978 


Industrial expansion 

GLEKR03BES IS one of the of success has not been easy, 
first generation of new towns Glenrothes is perhaps unique r-"‘ r r~- ' 
in Scotland, but its rale of in that its raison d'clre virtually I s • 
irowth over its 30-year exist- disappeared overnight in 1961 l - ’ 
ence has been relatively gradual when the big new Rothes }-.• - 

and this perhaps explains the Colliery had to be abandoned [- j 
result of - a recent survey by the National Coal Board ■ S 
among industrialists which put because of insurmountable y** 
G lenr othes in the top place flooding problems. The new -■ • 
among UK new towns. town had been virtually planned ' " 

The survey, eoudueted by an f TO1 “ d , °>e pit, .one of the . 

WS«toS n n. ,B -■) 

TJK new towns end Glenrothes tilenrothes had to fight for f 
sained the highest score for survival, for new industry and 
provi ding a good business even for population because ihe \£J-> 
environment and best fulfilling town had no natural pool of 
the expectation of industrialists population as the new towns in w5£™ 
settling there. A total of 60 of the West of Scotland had. Us ^ 
Glenrothes* 150 companies industrial success during the 
answered the questionnaire and 1960s was specracular. particu- 
75 per cent of these said the larly in gaining electronics 


i t 

F ! » > *= , 


1 Cowdenbeath' 

General Instruments Micro- firms to start up at Edison 
electronics was one of the last House. 

electronics firms to establish in Mr. John McCombie. com* 
Glenrothes and was one of the mercial director of Glenrothes 
few to weather the recession Development Corporation says: 
and to expand culminating in a “We provided (Tight factories 
Queens Award for Industry this at Edison House and they are 
year for export achievement, all let. but I cannot claim it is 
The Glenrothes factory is an unqualified success. We have 
Europe’s largest and most one possible expansion from it, 
advanced MOS-LSI microcircuit but basically the trouble is the 
facility and virtually all the lack of risk capital, 
technology has been developed -There is no shortage of 
in house at Glenrothes. people with ideas, but the prob- 

Little known outside the j ems 0 f finding the money for 
industry, the company can fairly new ventures is still daunting 
claim to be the originator of the although now that the Scottish 
TV gome and its circuits are the Development Agency is well 
heart of a wide range of con- established this could well im- 
suraer products from calculators, p rove we are considering an 
clocks, appliance timers, and ex tension a t Edison House at 
entertainment systems. They moment and we still believe 


for soWngs in handling costs 

The Industrial Comblrainer is a simple way of converting standard 
wooden pallets to containers which will suck in warehouses and on 
transport vehicles, and make handling easier. 

0 Quickly assembled and dismantled 

• Special fittings not required on pallet 

0 Permits stacking without damage to contents 

• Improves flexibility of stooge area— reduces need for racking 

The Trolley Combicaincr is the proven way of reducing costs in 
the distribution of lighter wcijht goods. Savings of up to -10 3 on 
presenc distribution costs are possible. 

The Trolley Combitainer 
for the handling and distri- 
bution of lighter weight 
-roods and merchandise. 

town - measured up to expecta- firms, most notably Beckman Industrial Itcvnlui inn while roads into the export market are also used in teleeonimunica- lba j there is potential in giving 
tions folly while nationally only Instruments, Burroughs, lien- [, c * a -i v ° , n 0 ^' lh ^! r tare fi ** lll ! ns ^iroutts, logic systems and be [ p t0 set new small businesses 

‘ " going. 

The Industrial Combitainer 
( with two. three or four 
sides) for heavy merchan- 
dise distribution, handling 
and storage using Fork Lift 
and Pallet Trucks. 

50 per cent were fully satisfied, eral Instrument Microelectronics cnm ^ rs established in 1SM9. Europe. Export*; have almost microcomputers. going. 

In further questions 92 per and Hughes Micro-El uclronics. Tullis Russell i.-i slill an doubled in two years and the Situated on the East Coast, -Our general strategy re- 
cent replied that they would Thf . Fif . . nvrn hprnmp lhp independent Scottish company new machinery will give ihe Glenrothes has been in a good mairLs the same. Providing good 
make the same decision on „ f #h- SIii .Jh a nd « one of the musi suec^sful capacity to attack the French, position to take advantage of new jobs . The recession has 

location against 75 per cent elVctron cs JodStW and ewn K?" making enmpames in the Swiss and Benelux markets. lhe North Sea oil industry and aUowed us perhaps to really 
nationally and 94 per cent wtayttper cento! the work- l ’ K y specullsms . "? ' cry h,gh rhe y . havt? already made since the oil boom began has iake a good look at what kind r 
would recommend Glenrothes } n Z7.; i« Hnninverf in tht* ind ,!L qual , ity papcrs , inc,udm ? SOJ,lL ‘ ilramaric inroads into the concentrated on attracting the of i n d US trv we want and we 
to incoming businessmen. ^deiite the cutbacks in the producls whldl arc un,< * ue German market. small specialist firms which fit have come to the conclusion I 

One very good reason for 2, lv i»7te Unlike most other th 5»' BOm % ny ‘. n f f .. Managing director. Mr. in weU to the high technology that there is room for more 

industrialists’ high opinion of ^ w ‘ town5 ^ Glenrothes has never S ve r th .* 30 y ^. Qf c C,le ": Ronald Wylie, says: “ We strategy of the new towns distributive and service indus- 

,h ® Fife f? 0St had the advantage of one really Sav^maTn^^S ^bSurftfree decided as a m,Mer of princip, r c lnduslrial pollcy * uy. the more specialised the 

uncanny strike-free record in i arep . inrominc industry to build p 3ve mainla lined a laDnur torce that we had to be in Europe. It better. In the past we might 

Glenrotims. Industrial relattons it S i d tri ^ £ b ^ but ^ f»f about l.MO but have more has f3ken a lQt Qf limc aQd a lQt have tended to ignore this 

in new towns are generally j t few vears the diversilv doubl ^ d o^Pu^^rouph a uf mone y— we were the only UK l sector of the market, but this 

better then older metropolitan “f jt* “alle^mpa^ ™ and S' 8l \ POl,Cy c * h,ch , exhibitor at the imernauonal During the last three years typ( , or industry is becoming 

ureas, but Glenrothes’ officials t H e ; r nrooensity for high growth haS t0 ? i ,?d we - » ' 1 paper exhibition in Germany with very little mobile iddustiy more e55en tial to service manu- 

are convinced that their record bas Drovlded a bonus of steady present d | y pr,cps ^cludin.5 a last vear for j nsla nfe— but the available, it has been difficult f act urin2 industry effectively.” 
is second to none in Western JlvMnsion W hi c h cushioned n ° W *.- £1S ? 'u ^ ap , er r mak ° effort is beginning to pay off.” to attract any kind of industry industrial inquiries have 
Europe. - Glenrothes to some e^lcnt math,ne wh ? ch ‘ s due h for *?!": While the electronics industry let alone high technology, but fhov/n a significant increase this 

With 150 new companies pro- ^ h ^ rece „ ion missioning in September. The nQ i ongcr dominates the there have been some successes year and growth, particularly 

viding around 7,500 jobs and * . ■ policy has paid off because the industrial base of Glenrothes, it in attracting speciality’ services from existing companies is 

two successful paper-making While the mining indusiry company are running virtually j s st j]j t h e largest employer with with a technology content. beginning to accelerate to the 

firms which were sited in venture proved a disaster, flat out with a range or papers aroun d 3.500 workers and after With a diversity of small to evtent j'hat the new town in 

Glenrothes before designation Glenrothes other indigenous which include cheque paper. thg setback in tbe ear |y i970s medium companies. Glenrothes June bad on | y io.OOO sq ft of 

employing e further 2.000, industry — paper making double sided art paper and wb j cb bit tbe industry world- has always had a strong com- advance factory space available. 

Glenrothes has a relatively high has maintained steady employ- insulating paper wide, there are renewed signs of mitnient to giving the maximum with a b j S building programme 

employment base for its popula- menL Fife Paper Mills have The new plant being installed „ row ’ tb Most of the electronics help to the small business. It undenvav, this situation will be 

tion of 34,000, even by new been in existence in Glenrothes will ease the situation and allow * rnw are ^ merican 0WQe d. but has established a craft work- overc(1Ill e over the summer, but 

town standards, but this kind since the beginning of the the company to make further in- - n a j m(|St every case lhere is a shop centre at Balbirnie in the ll)ere , s little doubt in t he Cor- 

high degree of autonomy and former stables of the mansion p ora tion’s mind that the 

most of the firms are self sup- house for a number of craftsmen economy j s beginning to climb 

A j~ * a I porting technologically, with and in another ambitious out 0 j rece ssion. 

/\ rl O y\Tl CT i A AnO tl CTf* their own research and develop- scheme developed a complex of j . Drummond 

J\SX<X[J llllU tU Vlldll^C ment facilities. factories to encourage new John Unimmona 


Telephone : Glenrothes 753745 



IN THE Fife village of Thom- was one of the most difficult “This in turn generated busy I 7 1 Cl H 

ton on the edge of Glenrothes, Sir George has ever had to make railway traffic.” 1 L/ Vy HV/ 

Sir George Sharp still lives in about his own poetical future. Bu{ bv iggO's there had ^ 

the same street where he was It had to mean the end of a bee n a catastrophic collapse of 

brought up as a young lad who dedicated and distinguished cna i mining. He blames the ttwrothf.? was intended cnnsistently quite flexible, paths and traffic separation are 

was to develop a profound con- career in local government fallacy of cheap Arab oil as a b crjeefal kind of Glenrothes does not perhaps common to every area, but there 

cern about the social depriva- which began as a young coun- ma j or contributory- factor. Sir “ * twentieth-centun 1 attract quite so much architec- is no standard ‘‘Glenrothes 

tion he saw- around him. eillor 33 years ago But the Geor ge points to the minutes , colliery towns tural and planning attention as house ” in the sense that certain 

.The local poor house was of a meeting held in 1954 when ^S^p^ang up S over Britain Cumbernauld, or even Living- other new towms are dominated 

who was knighted in 19,6 was t b e Government and the Coal _ ct^rWi b.v one particular architectural 

Don’t be vague, 
Ask for Haig. 

only a few hundred yards 
away. “ It reflected everything 
that was” worst about . society ” 
be recalls., “ There were the 
Dickensian overtones, the high 

also a popular 
Not only are 
o qualify for a 

-~*== a — awsassTi: 

^dTtte” cSSty TST 1 two 1 ! h o e v e P r 01 Si1 Tuture »jffi^t”iJSS ?boSgh tert^way. Hooisebmltoig tos share Uu 5 wmwdV ^ 

down the road .the inmates pad- its ad ministraUon of c^al rSni^e was also signifi- was that the future of the coal been steady rather tian as owner- 

ding about the groun . . be£ween Edinburgh and Dundee. cant t0 future development industry changed rather more dramatic. From 1951 to 1957 it ^ ^ older Ftfe 

Sir George has wjtn^ed Hi s interests, however, have of lhe new town. Much was ^ly than a new town could ran at about 300 a year; awe tQVV ^_^ d GIen rothes is the 

what be calls a bloodless extended beyond the boundaries t0 depem i 0D the prosperity of be brought to its target size, so then, the figure has fluctuated admini5trative centre 0 f the 

revolution since those days 0 f Fife because of his service in a new mioe _the Rothes Pit— » bat «‘* rted I1 35 a between a low of 103 in 19»3 anc[ent kin?dom now — are 


Consult our professionally 
specialised staff on all 
- matters relating to above 
including First Aid training 

The Secretary 

East of Scotland Occupational Health Board Ltd. 
1 Bank Street 

new .pwn that has sprung up finance. of coal production in Scotland.” town much like many orncra in Agnation j. n 1M8 and tbe end Methil and the like, it 

and jwoshered virtually on his vifhen Sir George became a Sir Genr5e recalls. As pits ,ts variety of industries ana of l976 10 247 houses were Mn ^ a threaL Designed to 

dOQrsfgp. member of the county council c i osed down in Lamarkshire. employers. rionmihp^ buiJ,t — 9,454 by the eater for a traditional industry. 

The decision to accept the In 1945 Fife was very dependent OT j ners were to be transferred . The varapes di ui n om meiTt corporation. 328 by the ftilh traditional homes, 
post Of Chairman offered by the on coal. “ The stuff just spewed t0 Fjfe _ B ut problems were industrial futurenave □amraiij' locaJ autbor i t y t and 435 by Glenrothes has brushed aside 

Se&etaiy state for Scotland out of the ground,” he remarks. encn untered after the pit was been reflected in e ^ private enterprise. the failure of the mines, left 

■ : *: and it was never to growth. !t started with . a 1 target Current h0llsebuilding rates. hehind the tenement flat and 

l, : r T y trr V — prosper. ? Tros S? ?he tomi Ste of ^ ™n out at about rapidly become a rounded and 

• -« * •#; V • ^ ^ l ™ ac i!i® £ in wifi the 600 a year: and the proportion attractive community, where 

• - - " n Hp^rptlahle buat for s^e must move the managers of the new fac- 


National Coal Board’s pessi 

|q R0 M h SS P°S *S «?« tt.epopu^onvgs 

- , , . wac rpflpefed in the consistently upwards if the town tones are happy to pay £20,000- 

“ Month after month a big ^ ftrnnration * s , d - is to expand its present proper- plus for a modern home. 

— hnna over the Development Corporations aa ^ Qf ownerKJCCU . pat:ion> at 13 jy ft Barnton 

lion of owner-occupation, at 13 


22* Trailer Sailer 

Both Yachts 
Built in 



^ ton Cruiser/racer 

Production Yachts Ltd 
Glenrothes, Fife 
Tel: 0592 773176 

Thf Percy Lane Group is on-site in 
Glenrothes to make the full range of 
Tlane? factory glazed aluminium framed 
windows and doors .for the Scottish 
building and construction industry 
Call lain Goldsmith at PlanetWindows 
(Glenrothes) lid on 0592 772828. 

^Aluminium Windows frOT 

Rothes P.t and this posed an b ^i een 15 000 percent, up to the official urget . 

even bigger questioirinarlt over Sn'vL S| e Forth of 25 per cent. Conununitj- 

the new town.’ says Sir George. Bridge an tl an overspill pariicipation in the design and 

make a itTaso^ly when agreement “with Glasgow had planning of new bousing has 
meat tu m2ke, it was on y target up tn 32.000 once consistently been welcomed, 

a decision was finally ta e P : lbe decision that ah hough one experiment in late 

dose the pit that at least .o clenrothes- should become a 1976 aimed at involving the 

ZmenX § SS55fS point” in Fife had existing population in the plan- 

about t.lenrotnei. raised the target to 55.000 ; and n ing for the future population 

_ ‘ I J e rhsirmsD vi |h f j n 1966. the Development Cor- attracted less than a dozen 

Rothes Pit crisis as unong th atjon waa planning for an \i 5 itors. Nevertheless, houses 

moments of despair ^hicn end-of-century population in the currently in hand for the north 

the planners of GJenroth • r ^ Qn of 95 0 00. At present, a f th e town have been designed 
Another was when a the population is about 35.000 t0 have their bedroom on the 

ment Minister ’ J- » “JJ —and it is planned to reach ground floor, and their living 

LI tWo d develoDment of 55.000 in the coming decade. room m ^ erst floor, offering 
bihty for the d evelopment of Glenrothes ba5 benefited a beCter ^ ^ T(yss the town. 

S«n«d W th9r Sere was noway in from its chequered career. The and grater public space: it may 

SrSES Sara =.7.^ « 

5! e ” m the they detailed, in their 1067 re- FleXlWe 

Bank of Scot laiul -because 
to some companies 
investment is puzzlement. 

be a very short step to the ^ ^Lniabil^ has proven of 
Government drawing two re ■ than riaid olanning: 

Government arawmg i»u .«r» ■ thaD r i q id planning: Nor is it the first example of 

lines below the new town and ST 15 vears s j nce the Glenrothes’ willingness to be 

finishing the whole conception. outline plan for the town flexible above and beyond the 

As a county councillor, Sir Dre nared dramatic changes Scottish norm. The first pre- 
George closely watched the ha ;, e K takt . n pj ace not only in emets to be built in the town 

v _-- A •< . 



fFSFab i__ 


Modem 20,000 sq. ft. factory housing up-to- 
: 7 . 7 . date equipment for 

Shearing. Punching Bending Welding Drilling 
•7 Conventional and Electrostatic Painting 

i glenrothes 772027 

caioy in w.u.-.. - rendered obsolete nearly every aimoM ou pci v 

wood, Secretary of State for [f)J . Jhe orltf | 0 al plan. ally. Scotland has built far more WlieiiyOU VC 20 1 OH CJ r C OH CXpaHSlOII YOU JLI reallSC 

Gove^onf, “o^ano erwte Tr "ar ^"h^S'/pronodS' thatthere are majuy questions tobe ansAvercd. Industria 

! ss W Thv first oLes SSS^aStoST investmentis a complicated and puzzling business thes. 

of the new town were in a hnuse &nd f<jr vaSt urhan ^otor. Development Corporation an- days. 

owned by a local paper mill. d elaborate traffic in- nounced that it had recognised Whinh lCwTiPr-P-Hsmlr nf' CJrn+lfinfl rflnlieln We liave 

He considers the development ^ere has also been this shift, and that there was W DlCIl IS WHCre X3aHK OI OCOUanQ WH HLip. Wallet VO 

of the new town ^nce tho»e ^ fai f ure of Ro thes coUiery-. “ considerate resistance to the the ImOW-llOW to meet the eVCT-cliailgmg ILCedS OI 

ment resJdting in recognition of jjj® seneral It which“is had r’e- Industry and COmmeTCe and a Wide XailgC of Specialist 

mpnrnthes as one of the main ■■ _ nr i revolution that solved to reduce its target pro ft-, nr) /v,‘ n 1 ooi-r'i/'ot’ 4+ fin 

leisure and the revolution 

Glenrothes as one of tne leisure and the revolution that solved to reduce ns targ t p firmtipifil "fri Ttn it tin 

electronic centres of Western in tbe wavs in portion of flats from a third o IlILanCial SEXVICeS tO DaCKltUp. 

Europe. w hich people live. The educa- about to per cent Tins sharply Overdraft? Term loan? Leasing? Or a complete 

new tow“ 7ouid e ha"e deSoped Sgrte'ISon “Hd mdr^em Vr alts, since so financial package? Whether you’re, operating on a local, 
taster with wtw f * »» visu'aii?. national or international scale, wc canliclp you solve flic 

tions. He cruiLl : , fur mdustiwu . * m itcpir hut 

faster with i better^ ™— » ?“ s .„ J “"!”T “t’™' Sw^"ho^n S national or international scale, ^c canliclp you solve tlie 

tions. He crttici 
government? for t 
proride a much 
class regional roa< 

the approaches 1 

” It is only the uses ■>?' compuier teeh- each other by far n, ore than 

r d“ec n t c rs'ss r -s h r: s 

- ,s ,n m3in - 

like to think that • . t0 lfie lr planning 

move faster in the ahead. tain flesihilitv." 
he says. In terms of t 

Michael Davidson approach has m 

in terms nf housing, the run. Wmblewn. Cad ham and 
-!.h i,« in fact been Coilydean. Gardens, trees, foot- 

investmeut puzzle. 

Simply ralk it over with your local Bank of Scotland 
Managerwho will gladly put you in touch . 



ff rr-:' i X' 

Slow Wall St. advance as 



; $2.6(1 to £1—1121% (111%) 
^Effective S1.8665— 52!% (50!%) 

Tradr Commission would dial- America cased 2-t cenis in $3,; tsaA*. Banka .wnw 1 
len-’e its planned acquisition of Resorts Internationa! “A. the and Papers 0.S0 W II-j-jO- 
Tropicana. most active issue, sained $2J io „ , 

ingcrsoi i-Rand. forecasting ?7li. New aim r- iokyo 

record second quarter and first mm » ita!? mount S 

Banks gained 0.26 to 274.69 DM 5 *D^3*^nd changed. Do Beera was 

sihaft Put - WDM 3 and 

Siemens sained DM W 31 represented a conrccno^of the 

bond market .public — 

■JISTOCKS MADE minor sains in ha|f Parmn:?Si gained $1{ lo 8551. fpand Us samirt? : "oor.1 Blount sharp , y higher in active trading . Rains 2 
dull trading that was limited by Trustees of the bankrupt Penn Inc jumped S2, to S20, and John- antl thc Tok>o Mock Exchange ^ pf enrt ij 

* 0K J° . . On the bond market puDKC ^'“(^^/Marchlson was 5 cenu 

Japance •’hare prices dosed PUlhoriuv bonds were mixed show- snare vo ^ R4.60 although 3a 
2PK * !S?' ,n «S IT WS!^ '"S §a!n\ and Josses both of up to J of WeduriM^S 

~ liull trading mat was nmiioa ov Trustees of the bankrupt Penn ,ncju Er anti tnc ' loK '° f^jSSru 40~ pfennigs. Sn" chartist comment . Industrial 

7 1-iDticipation of the Independence Central Tmnsporlatlon Company son Products, winch reported index closed up '-4- at 41634. o narrowly mixed lit slack 

) * Day holiday. The market's w eak £ kcd a UlS . Federal Court in higher tilled quarter net. advanced Iho holies, level for 19.8. Pans . ^n«T 

igupuard hias may have come from a uthori>e completion of iin SI to S8». Foods Department More^l e\- market went higher in v *’ 

/ i ? ome short-covering and last- rC organisal ion plan. The stock p flnaf | a tiie* and PharnwccudcaL rose r air iy active trading due W the tt n _ Kon? 

‘minute portfolio adjustment*. eased 1 to $2-|. Canada a raw .of Pf rs J" a1 L* fi rm J r franc, the fail in the call Hong IVOUg 

■iji However, trading was trend less, ^ mon! x climbed « m 547 i Canadian share jinrea closed although the uptrend was curbed fir t 7J per cen t from . The Hong Kons. ntartrt dftfcd 

i 'with meet traders unwilling lo ariPr reporting that SlOOm of new higher m active Irad'nB. « ith the by laic Pmfiriaking. ? ; on ! J r the cut in barf ^hUy higher in ■jBSS 

S r'ake positions before the holiday financing announced r.n Wr-dnes- Toronto Composite Index up Export-orientated . n ■ P Generate to 5U* per active tradim? t and the 

jiTand publication nt U.S. money riaV would yield a «0m. increase at 1,123.3 and advances Mms slowly, de* Uc a n uncertain oiU rate b ^ cent . Banks, LndeX . rose 3.71 pwj*. » fl *g£ 

i fer UDPI.V and consumer price in borrowing power. declines SB to 1.8L £«ht *«£ look on th* Tok)o ^^5 ° CoAstructdons and Oils Hong Kong Land 

MffiSSs g®5g®« SstSSiS 1 

> . cJand today the market a * a ji* * Service ruled favourably on its pro- Index fe - nut nn yjp l0 y.w3. However, Engineerings and Chemicals were o to HKSS. ■ Hutchison 

f.?rf report on May consumer ; price* p0 v- ed acquisition by Unilmr NA’s Alberta Gas Trnnk A was the put on yi Elwtrli fcU V6 ^ weU mamiained. Matheson t un ,hang«I at 

, .. which rose 0-9 per rent in Apri { IS un f t National holders will most active issue, slipping 1 to J5»sushila fciecmc reu i m on" mixed shares were WTuunpoa were unenan® 

" r ^ ±rJXM, a «z ^ Hi,rS€s s - 1. feasff ssg g* 

S „„ s „ u , cd M! ss«k. 5 ?^. jsl 5s? *srsz£. wy. 

Electric FeU 3'6 to we ij matniained. 

Toyota Motor slipped "'Among mixed shares ^re isSspectiveg'. jr 

\&r*$™r***\ mmUSafiSHS f 

Among mixea ; u-^13 60 a nd HKS6.1 5 respectively, t ■ws&r. 

Printemps and Navale iJunkerque HKSla. cprnnd lmer s. China Ughtj ^ 

Colonial Stores spur 

a . n d Jose ground were 

unong those 10 Amnia gf r«w — - on Hong Rons | tCampMte . 
Raffineries de ron JO ■« ,»SS .“"'f eto a ' 


“ ;j7£slw/ - sfarasa-iJja jaws-s^p^a ahh . - . srs^SSSE 

? n 10 ; 1 ' ^ a . * t- ' h _n., n 73 ernts to $22 after reporting increased demand following some Dutck share prices "ere quietly ca j ns while Gcncrale ^Im mtHMUare 

at 51» J. Ameman ^ l ” , i k l _ rf 5 1 , 5f ha J5cS hi"h«*r earnings. Crowii Trust earlier profit-iaking and ahead of . . with a i 0W er bias due to and Olivetti Priv Hexed 

cks of prices rose in Rjf»w J™din^.. The !^,7neri S^J! to ?33. B. C. Packers possible decision? at the Eundes- [ack nf inlerest . Philips and unc iianged. AN*C- f nt * 

shares. Amex index gained 9.61 to 14^^ 9 ^ R ., ^ » n ’ s.>4 and Noranda “A" bank central council meeting- T» ova l Dutch edged lower in other- were marginally linger. IFI 

id most h ' 1, v ” l "" 1 n C <t w?dSe^day> rfWm 8*0 Si. Closing volume totalled Most issues firmed DM 1-DM - ^ h j ghe r Dutch Internationals, privileged gained m Fina 5^!f* 

l?JSSi SS^'t.'ST' Petrokiim Sh Compose ln< P «P !■» « Ml Wl ^nrl .^nbrpu ^ taeW-jOJUTIW Igg Switzer 3fld ; 

Indjtiv. yieMX.: 

Fr 1 60S. CIT Alcatel plunged 
Fr'la'to Fr 1,063. Dutch Oils and 
some Golds were weaker too. 

L Beatrice. Foods added l to *2«. Can 
Beatrice <aid the U«S. federal and 

z'rTfo |!r 


lww»it*dea~-4 7 

t ii -NEW YORK 

-,C i -I*' n - 

Jil Sfnrk - Q 

r _ Ahhiitt Lab?. . . S2's 
t TW'lreMiiriiili . 2 1 1 j 

Aetna Liieii' ai 39lii 

iy.Air Pnduh. ■ ■ 27>j 

„ .VlcanAluintDiiuii 27 1. 

;»»■ ai..« **-i 

•; l ! Alkj. UAIum . 17--. 

* :rAllr;b^a.v (V**»»r 18 

-r-eAUnd Chemiml . 36i. 

if,’. Allieil ainri** 22ij 

,.7‘t A ill' i!halmer« .. 

M-cAUAX 33 1 ! 

l>f Am»-ni^< He*-- 27 -s 

>.*l Ai"(r. Aillme*.. Il.i 
l-ll'Amr. BnnH*.,. 50i» 
.. fsAnter. BneAno. 97 

V Arrer. Can.. . 92 

j\ '‘Aaier. i. van and 29 • = 

- r Atuer. Di«. 1*1. . 32! 5 
G Vmer. Elec. Pr-n, aif? 

V 1 Am«r. E-.pie^-. . 35' * 

t Afner.Hi'mePn.*} 20 J i 

* u.Anier. Meiikal... 26_4 

Jjp 'A mer. >lot«'n- . 5 i 

. n llAm. >*t. Ge*.. **1 

'' (j-f A»ier. £uo-1ant..| 42 1? 
I. jJpner. M-’ift. SJij 
tvd Amur. T»l. A ‘let.! 80 

j» 33 

'if. AMF • 18’' 

,5 AMP ; 02'V 

j. Arup“x 19i* 

1 1_ Aocia-r H-'Ainj i 291- 
i'I n Anhenwr Bu*ch... 29 
'HI Arn-.cii Steel . . ... 29 
. tiA.f I. . . ! 21’: 

A'lwe” >.il .... I9ii 

i,.Aa«" I4l i 

tl* Atbla'M Oil.. .. 30 1 1 

A-tf Ail.Ui- hfieM *9 H 
a .. A lit-) n.t« Pi*.-. . cO'x 

W 4 AV( 9') 

t Avc 29-' t 

A»f*n Ptvdwii... 53ij 
■J, Pelt Ga* F.lerl . 2b>’ 
'■£1 Bank ArrcntH. ..• H2in 
iu'l Hankeri fr. X.Y. 35Va 
>f. Karhor C , ll . ... 26 ‘s 

L, hlall’l 1 42 

H«»lf*-'.- F-«"1. 25’ l 

I I Pci-L.icl’akenM-n ob^i 

r Kell y H- hII. . 2UU 
i Jlenln .. . 371 1 

„ Be n cviei i. i-n . ■ B 3's 
Be’ bleliem fi**l. 23 
: Buck A I yi.-ki.-r.. l«'i 
■ B-rm-.- . 551- 

ftiitetawiili:.. . 2b-*! 

t 28'* 

" B**l-i W>mer 29 

} ' BiaoifT Si, i l2'l 

Bn-wC 13-S 

j» Brirtol Mter>.... J6 

? Brit. Pet- Al»K ’ »5l? 
!"* BmtcmvC*n**..i 33 1 e 

. |. FniDtaiek J5k 

1C Wu'-vnjF hne ... 19 

j- Buk-r^ Watch. 8I| 

I Burlinston>ihn. 3B 1 ; 

js' BurnHigbs • 72’* 

Jr* LatD4-t"?ll S)*ip . : id's 

It («n»r|i»n Pai.-rtu , 16ii 
lii Lnoal l.’an'tnlpb.. 1 101- 

I Ornaii.-u : 27ie 

La met A Gpu-’iwII 11'a 
li Laner Ha* lev . 17io 
I] L'aierpillarTract.* 85>i 

: . LBS ■ S2?3 

]: Lclane-eL^rnn . 90 

; 1 I enml A lo 1 1 

' ! rl>rlaialrt»t 1 20.111 

■* 7^|Caiaa Vm-iau. 36'? 
-. t/Shase Mauhaiuin AU.J 
ft 'bemii-al Bk. ,\V 39 
■ {][ hnehigli t%ai*i.‘ S.9I-! 
Z'l.. hc^ie !»tH*-ni.. 29>i 

tp. hiCT«n Bn«tse 33s» 

1 hrvaler 

l • i. inerama 4i- 

- f < me- Milan run . 29 U 

. • '. itic-.’ip U3-S* 

1 Line* Ber»**.-e 49 *« 

j i Itv Jovoticur 16i- 

I LinUll 91 u 

1 Colgate Palm.. . 21 

loUlOl Aik man.. 115? 

. CciInmNa Gaa . . ‘ 27(o 
OlumM* PKl. . 19-'= 

Cnm.ln'Ce.oiArr 1B'- 

Cerpbu'si-icn Eng^ 90’s 
C<«inI)ii!<H')0 Em ■ ' A® 1 * 
C'm-w'lh 6Sw>o. 27’r 
CmVilithlKn.-' 21- 
i. •.•mm. ?atrlln>’_ 39 »i 
OnTpaterSneneei' lO*a 
(.nun Lne Ins.... | 39|n 

, tO'ig 

. C no. Edison N.V., 23 

l.imytl t'.«,l» 26 li 

l'wdscI >'■!- Gaa.j 38 ij 
Coasnttier Power. Plf»i 
Coatineaial G rp| 30 
L .inrineotal Oil.-' ^65n 
Ccntinental Felcj 1& 1 : 
('.mewl Data 32"g 

. Cooper I n*(ui ... 69 J* 

36 ip l 361* 


-Tune T “ 

. •.■■roina Olas'. .. 
— j CPC Int'n'm-nal 
32.^ |«™n» ... . - 
Z0--i I'w-i-keo >al .. 
39's }( i'*" u/ellei+>a--h 
ZSig I Cummin* bovinf 
•in 1 1 ndia- Wnghl .. 

I Dana 

• tn»rt ln9u»tnr*.. 


Drl 'I on l* 


Uem-Hy Inter. 
n«n*n Rdi*mn. 



Divila Un nip _ 

DnneviWahi.. . 

Dover C**n<n. 

Lkm CUenueai. . 




551* .lnhn« .Man* tile .. 30a» 

51'« .loljnsnn J*.*bnu*n 81 •« 

281- .li-hn-w-n i. , '>nM , ol. 27 

Z5S3 Joe >lanii|actur'£ 32* t 

51 k". Mar C*-rp ... 24lj 

SB kaiser Alumlnf m 1 32 

165* h'airei In.liiMiit*- 21* 

Kinn MKl 24 v* 

27 Kar IHds 

92t: K»nne>.‘oii 23 *i 

38 (,>n MeOe* 93Ja 

25Ls Kkl-le Wall*,.. . 335« 

It 1 * Ki*nt«-*-lv L lerk.. 95 

32 KopKiT 22"-i 

161- Km.i 47’- 

25’? Kr-serl’n 33 1 1 

19’- [^nsvi-avTnnr.. Sl J i 

46*5 r^-vi »inu» . . . 331- 

40’- Lit*- vC'vr. Fool.. 26^1 

31*i i 31-a 

llTmn In4inlrip> SO' i . 301 
Eagle Pi.’her 24J S 24-' 

Eut Airime*. • 12 -’j 12* 

Ea&tmau K*,«lak.. 54ig . 541 
Eai**n 26'* ■ 37 

E. G. A rr ■ Iia* . 24s 

hi Pain Nai. fi.i* Ibie. , !«' 

Htin • 305* | 303 

Enieifc*.**) Eleeini-. 3*ia ’ 34 
Lnei-rAirFr'mht 233a 231 

Kioto *1 ' 37 . 37 

F. .M.I.. .. a-'i . 25 

Enaelhai*1 , 21-i ; 21- 

K*t**ark 6053 | 30- -1 

fclbvl 215, 81.' 

EL<_v n ._ .. 451- | 49 

FairrhlM l.'Aniei'A 30.1 k • 30’ 
F*-1. liepi . >r..|e* i. 7 ■ i ' 35' 
rjr» Tie . 14 14’ 

F-i. Aai. B*ei**n. 264a •' 2B* 

Fl-vlXan 19If. SOI 

FiinikMe ■ 26'r ; *6 l 

Flvririfl Power . . 301 1 ; SO' 
Fliwi 36la I 4b3i3 


I •■*■( .'l*,t "i . . 
Fmvmi-i Mtk... 

| ii\hr.|.i 

r ranklla Mini. . 
Pns*|w*t Mmeial 
Finehaui .. . . 
Fa-jue In4* 

G.A.K 14 

i.anne’l 43’n 

*»eu. \ftier. Ini- 1-- 

li.k.l.A 27 ii 

lieil. lililf .. .. t 

l.oli. Dynamic* 771.-, I 
Den. Eie*.-’ rk»....- SO 1 - | 
lien. F*>**t* .. . ~ al*a- | 

lienerai Mill. ‘ 30’i > 

Geiietal 31.?tei*..J 69 3 i 

I.H-II, Pul*, till ... i&v* I 

Gen. Signal 31 i 

Gen. Tel. Eleei . 285s . 

Gen. T.ire — 25.»a I 

Genewi* ! 6'# I 

GeoRtw Pacific, ‘i 26 la I 

26 la I 26 1 a 

i.i enrOil 


Gillette ; 28M i 8Bii 

li-n.ln.-h B. F....I 225a , 24 >i 
ii.'-'h ear Tire....' 16Js lWi 

I 294g I 29.s« 

Gia.-e W'. It. ... '. 27 27 b 

Gl. Atlau Pb*.- Tea' 6'\, 6)i 

IrM. S'l'Llh Iron. 1 2lJq 24’* 

Gievb*-n.1 1.4 1 1 ‘ 144b 

I, ■ il, .v 'VeMei-n., 13 'a . 14 

Gull Uil | 24 li 25 i o 

Hahl»jn>>a | t4-? t4Ja 

Hh u U4 Mmint ..’ 424c 52S, 

Ha'iu-* *6'j . *b'« 

Uam, V.,.'-L*n.... S41, 64 1 j 

Hein,- H. J o9 . cBh > 27 k7’i 

Hetrie Piickarrt... 81's ; 80U 

FT.. n. lav 2 iidf *8 1 *8 

U.imeMakr . ... 441, 341? 

Honeywell 65 G . 555: 

H,*.,er ......... . 1 1 *s . 1 1 -a 

H<v|.-(. ovp. Amor 43'- , 42 
Houston >>i.Ga* 2 D'k 25.y 
Mnnl *Ph. 5 iLlim 1U-. 1U 

IK.F.1.. . 15'f , la.'B 

!.*.■. Imlueirie* .. d65a . 25 'I 

l\ \ 4Zij I 42’t 

InterM-ll IJan-i... 65>.; i 54 « 

Inland steel 9b'i 46*5 

Insiln* 15 Ir 15 

IBM 259 in ,361.87 

inn. Via * -hi I-*.. as i i45j 

loll. Harvcslei . . a55* 35>s 

Inti. M in A Ahem, 47 .V» '• 47 jj 
( nil. MuiUb-xle.. Ail 20is 

Ineu tfi' 1 ! 16 

Inll. Paper. , 5948 . 39>i 

I PG i4 I 434, 

lm, lieenter. ... ilPi | HU 

1m. Tel. A lei.. .; 30 > [ 30 1 4 

invent 1 t ! 

low* Beet I 45 ] 3«U 

IL- International! I ID - HU 
•lini "'alter * 29lj 1 287 b 

-33a ' 3346 

30G I SOI* 

Ligget lit-’iip. . “3 li | 310* 

UllyiKly • *5U • '* 

Lllh>T] lOflUH... 31 21ig 

ft -i-S-beed A iirr'n j 2 1 '« ■ 22 

luieMir luiliii.- 204g 204*} 

l,-ns lelan.l Lt*lJ 191a 1 194 b 
G ali'iana l^nd.J 21 ' 211* 

l«iii.ri'->’ 49 

|jjck> Store* ‘ 16 'a ! I-*-!* 

F/ke l"unes*> n.l 7U 7*2 

Ma.-M*lla*i 1 HU ■ U'l 

Maes- K. H ; 41 1 40'- 

Mlt*. Hairier...., 394, ; 34J» 

Nape*) r 32s s i 42i» 

Maralh"*n Oil- ] -*4i5 ' 45 
Marine MMIan.l. 14'- ' 14U 
.M«:sh*ll FieM.. I 43U ' 23U 

Mar Depi -Store' i45s 24aa 

Ml'A 99 47‘*a 

MeLiermot' .. . *5 : a 1 2b»» 

M. -ltounell tk-aja 45'- . 43'- 

MeGmw Hu... . ' 224* 22'a 

M-m-ies 47 43-S 

xien.-k 55s, 55ia 

lie* nil Lvneb. .. 18 1BU 

llesa Petroleum. 43 ■ 33 U 

MG M • 373k ! 4t» 

Minn 'Imvji.Mta a5’a 64 ib 
'[ c*-rp . . 1 bl *i - ef). 

M-xi'ani-x 5to>« 51 

'loiVAO.l.P. . - 497; 495, 

M-toi'*.a *t6 451; 

Min-L-bv Oil .... 37 j* 471, 

'*Mw> *6 k4-B 

Aek-.* hen * leal.. 294c 39 U 

.Van* mal Uu ! 17« 174* 

LiistiUer* . . Zl'i 81 
\ (i i sw, io* ln-i. to 16 
Vatii-nai 40ia 30>2 

AB,--nia* 41 'r 4lU 

MK. . . • 43'- 64 1^ 

NejJnne Imp .; 17'; 17*6 

New huylaml Kl. 2U* 2ls; 

\*w Englaiet IX 33U . 33 
Viacara 'l**hawk i3is ; 14 
N la -era Share. .. lbh ' 10’; 

N. f.lodiMnei... 18', • I8>, 

NortnlBAWe-awn 247* ] 2*5; 
.Ni-nb Sal.tia*... 394* . 40 
Nti)n. State*. Pwrj k.63« '< 234, 
■Nlhneit Alrlmci 37 , 264* 

Mh«es( Bancorp' 25 25 

.Vjrii-n Sim-xj.. . 1 IB'i • 181; 
i MirtMiial Petrol; 22t* I 22'* 
Uai’i v Mar her. .., 564, * 651* 
Ohio Miwn. . . lllla 181* 
Olm i 141, , 14 U 

i vi or?eas Ship-.. 1 25 1 1 
Owens LoruiOK .. 30>t 

i.ii-en, I linns *AU 

F’a- in-.- . . <:3»i 

IVi-ii ■•- Ligbune. 19'', 
Pen Pm.A li*1.. *l't 
Pan Ir* * Wool An- 6*; 
FSrkci Hannllm.. *4i| 
F'ealcalv I nl.l. 24', 
IVn. »*». A I.. . fcOJ* 

I'eunyJ.t 46’ i 

Peun**-il 28 1- 

l'e>-pie» Drue .... IO-'i 

IV-, lie* tree 4 5 

Pepsic*) 295- 

Perkin Elmer.... 23 1* 

PM 581, 

ptim c3’s 

Phelps l»*ctpe. . AO -a 
Pbila-trlpbia Ele. 1 » •' 

Thilip >l**rrl>.. 66S; 

Phillips Petro'm. 42J* 

P* It burr 37)* 

Pitney Bones- 241- 
F'iU>ion . . 227 5 

Piessey LrJ .VDB 16 sr 

Polaronl.. .a ... 37’i 

Putomiw Elv* . . , 15 1* 

PF^3 lnit*,«i ries..' 27 u 
Prrs.iet GamMe bBl, 
Put- Sent- hie- -I .’ 2 .’n 

Pullniau 334; 

Pine; 171., 

Quaker ■ *alT . ' 24.; 

lit pi* I, 1 I; 

I6iythe--n ■ 471; 

BCA | 27 

l,e(aii.fir Sleet. 24 1> 







29 s* 

29 >< 







+o. 4 








37’ 3 

36- r 


<S3t 1 







15 lo 






2 .’n 




1 * 

!*4. 4 


1 la : 




i.7 i 

267 3 

23 11 - 


fievlon I 404a 48U 

Revnr-l-1*. \|tr»l>. 28 28’, 

Renwj-lsR.-l.. 56 ' 547; 

filch'-on Merr**ll. SSI - ' 254s 
Ik. liii-ll Inier. . 32 SI'; 

K-’htn A Has 33 ; 334$ 

K-rsI Hutch 581? ■ 58--* 

lift' ' 144* )4ir 

RumLiCt 124k ! 12', 

Bvdcr ivetem .. .' 23 , £3-; 

Sale way SG-res- 391- 40'.: 

SI. .Ti-e" Mineral*. 24I-, 23'-; 

rr. Kegis Paper.. ' 27i> : 37*; 

.--,nn Feln-i, 35 35 ’a 

Saul Imai 6 ' SY* 

Saai-n ln»1s 64* I 65s 

•■M.-blilr Brewina.. 131* • 131* 

Sirhlnriiberzer ... 831* ■ 82 1* 

SOI ■ lbte ; 1043 

Si.*o»t Paper J6«» | 16 1 * 

Simiii Mr; 20'; 20 

sne Dural er. 8 : 

Sea Container. . 27's | 27 's 

««uram | 22Ja ! 23 

SearleiG.D.i I 14 1 137a 

Sears KuetiiR-k....' 23'- ' 23', 

SEIKO 45 ), 45 -s 

Shell i 'll 415, jli- 

SbellTrant-p-.-it.. . 40 39 ■; 

•SUinal -*3'* 45 

Sianode c*irp.... ‘ 475r 47 

•simpliciry Pat.... 14 _ 13--< 

Singer 2uii . 20 

smith Kune. ' 78 771? 

S-:-liln-n 2-'-, • 2i; 

Soinb-bjavn 29 ; 30 

Sojiitherni'al.E'i 25N: I 26 ‘b 

soul hern Co ; 1- >» I 

srbn^Vai Kes. . . 47ta . 46'? 
S-.-i|l hern Par ih-- ! 31’- ■ alU 
.souibemBailway; 47'= ' 48 

•sr*i,b(an-1 ! 28'- ' 28-*; 

»'w'i Btr-bares..; kbit \ kbii 

Sperry Hutch • 17 la 17 

Sperty Kenrt ! 41»; 43 

Squib J 344, 341, 

SUDiiaM Bran-h.l 26 3 p 25 'a 
Sld.t'ilCaliToruw 39 ' s . 59'-.*. 
Sul. I.'il inrimua.l 46’; | 481; 
SM. t'UI nine... . ■ 61', 6U* 

-laulTClii-niiiail*. 40', 41 

’•leilikN Dm;.. . • la:* 135* 

-iiiriebakei- ! 625* , 621; 

sunk : 41.-; ' 41 ’j 

! sjnlstrau-i 45 45 

-vniei 291*. 29*- 

{ i'ei-Unio-1-ir ' 11'- . -il-’, 

Tekipinn 41 40-,- 

I I i.-leil v r>e 102 lOO-'i 

Te’e* »'s 

leoeeo ! 30 ij 40)| 

r«r.-pn Pel n.ilfum" 1 Oig Ik"* 

Te»aw- ’ 24 23 i* 

Tmnpili 18Je ■ 17J, 

1'evao Eastern... 41 411, 

le-vHS luM'ni. .. 79>; ! 78=i 

Tesas Oil A Gas..' 50=1 J 1 
Tesas I nlmw... , 20*, , 20'i 

Times ln« | 40- : * 40t; 

Times Mirw 28;-* 2B>; 

Timken 30 60 

Trane 44 ;* 34s* 

Tn,n»ni*nm 14-; 15 

Tranio) • 18*1 ■ 1BI* 

Trans t'nn-n I 45.S; 35 

1'ran-wi.i Imr'n.- 26't 26*; 

lmn- «-rH Ur.. 19 ’t. ■ 191; 

Trnielers 447* 36 

Tr, V.ontm«-utal .. Is A:. 191' 

I.K.V a7’i 47’, 

3!iib t.enturv Fu* cS.'k A9x 

t.A.l 254c C9’- 

I \ 1C*. «> i4 h4 U 

CGI 19’ i 19 

Omieiei. ... At', 471? 
l.'ini-ter M =3i- d3'i 

t lll« *11 Lin ni_- -i p . 24 V- 24 1 - 

Cltton Cailu-tr. . 37-* 37.**’ 

Vni'-n t-i-mmetee i’j 

L’ni-'n ttii'.alu. . 47-a 47i 4 

L'ni-in Par-ihi-.. 4,.’, , 447; 

Cnir-ivei .... 7.* 

i.'uiie’ BrnQ-ti. 9 bi; 

1> tonroi^ 26,1* 29 

C- fivpTum. .. z4'i 24, s 

1 > ?*i— 837; . 23'* 

!'5 *'«» Z6b* 

42>i | *5 

CVIniiiiTtne-.... 19ir. [ !9.-« 
i ' irjinis Etoi... *4I| • 14’, 

I Walcn-en 24 'a ! kilt 

l "Vmw.l 1-niuiD.. 41 -p | 41^ 
Wantor-Ijunta-ii." 28-; i 285, 
Wa-ie- Man' ni e „i' ( i.3i, 

iVeils-Farg-s. . . * *6?, { 6b>, 
WVrero Knni.-iip- aSia j aa-'* 
We* torn Amer 27'* : 27-'* 
"C'torn Uni-n . . 16*? [ 16'* 
"esungbse ties- 215s | 2U» 

"Vn-’i • 49J? | 25»a 

Weyerhaeuser .... 25 - 24 Sg 

Whirlpt.w*] | jsjsij j ■f.z 

W bile Con. In-1... I 22 | 221 r 

W illiam tp. J IS 18’, 

Wi'cniuin Klera.. 28 28 

| \r,..,to...-rii 15 

\ V.'rlv 4 

\er'v 52 ; s 

XaiAla . . . 15’* 

/emrh h'a-iio . . 14’* 

l.-.Tm'WlK' »W# 
I .-Trpw*4 ;ii iS '797; 
l 90 da \ bills.. 6.89* 






12 1; 




Ago,— • 


5 75 



A i*n 11 Alum Hillin’ 





* M-jt-l.. . 





44. p 



tank -ii Jl •oi'nu 

+ 2*' 

lb Vs 


21/ Js 



Rim*. Ke^-uice*- 





Kell Teier-b- .pr 









27 - s 



152 1 3 

& 3 







231 1 





*.amil--v Mine:.. 



■J-f - ( «uiN«1a l>nt«rlii.. 11 }f. 

"■4 1-tiiiiMl. NW lUo 11*» 

^5 Bb.Cian- 261' . 285,: 

•J,, kaua.ia ln-1, .. 20’; ,30 I 'at .. 

?5, Can Pa-.-ih': lnr.. 19’: 19 

*1 ’ Can. Super i.iii . 56’' 561? 

i.arun; o'Keei* 5.0C> 5.12 

*2, ..^TTi-r \*S — t - . 103, . 11 

26 ‘b 

l^'t hle»-in 19 rl8': 

36'? t.-iniin-s- . I57t= 2r*t 

Oil* Loe-. H>lni,|s' 87 ' , ^2 1 ’' 

4B Lon-umer G*-. I9G l<r; 

C— ?kn Kc--i,P.-r- - f .**' 

2a-;5!t.-Ma.n . . . '1ZS# rVc* 

26i; |-;A* [wr*l. . 0-1 S’, 

17 Deniir-a Mine-.. 71’- 7l?t 

42 L>- m .M me.- . .. t6i- 67': 

34l| D- m-* Fetr-ile-ini 6 IS 62 

25’a 1 Li.-inmK-n B’.-tai- 24’j T -4 % 
397* !|'.;mln. »7's 17*? 

481; liiii.-ni .-141- 14>, 

61't Fak'-n'je>.i-V<-l .Z‘i Bl», 

41 |>,i *|.,-<| Imi '.4’- .,5', 


62*: i.enM»i . 2b’- *-91* 

41’a i. lain H‘s kune l~ t 12:* 

45 i.ull OH, site L6-; 27 

29" H., ik- a-..' 7 7 fi 

li-'l ! H--II|I,:->I. .. 451; 

40-r. ! H-'niT oii-k'. 42 42 

lOO-'i 1 Hi.-l-.--n t*n 'In; 1 1 l/*7 

5'- ■ H.rl-I-Ii £l 20»; 

JO'i j Hu-l-wiOil A IMS. 43’- 431- 

II. 'A. . ly> 19hi 

K'l; ! Iioaxo . .. . 44' I 34=1 

23i; ln'(-en»l ■ Ul 1M- 18i; 

171 , luc* 18 'a 18 

iil! I n-lal 11’= ; :1H* 

17 ' I.-GlhI V’.l-l*. tor: 10T 5 

20'i 1'it’p.’ P'lelinr 14-'; . 14=* 

40v- Kai*er kc-r un.e» 15 15 

■joii! La* in Fio C-.-'p.. 3>* I 8^5 

j,n “ IW-I*’ I r-m. -R'.' 4.05 ‘ 4.00 

*a;. | 'li-mili'n htolt.; 181- ' 181- 

, c ' Me— "y Ferru-m, 12 ■ 12 ’a 

ini, M-lm-Te • f22I; > 22'- 

r 5 M-»*re LocT-ti 37 tj 375* 

oft,. M--in,Bin.?t*ie|(- 3 6s . 3.70 

To--’ '.-ran ia Mine*. . L6J? S!5lj 

N-u.-en En* i-_*s .... Ac- 1 1 I 16'* 

tai. Nthn. Teie-. -m . 30*3 I 305i 

Niiiiin.- Cl ... Gas 35*3 l 36 

a 7 I'll-mt Pi-irl’m “.15 ] 4.10 
i9ji: IVinrCtpp'rM. 2.00 , 3.00 

Pa- incPeirr-’eum aai? i 365? 

■ri'* Fan. Can. 1’ci‘m- 32U 32*2 

I ivun., t*5», , I5t« 

' Pernt"- I*”' ’*-73 ; 4-80 

**?' I I'M-.vCanA ■ , 0.B4 . 0.93 

fi '• l l tai>rixei--pmi Bit- 21 5* 

.? I'oeerC-irrs-i-sml 1* 5a ,bJ 8 

I'l-Ii-C 141* , 14 

*!;* iJ i ieto-.- sturgeon! 1.35 ' 1-35 

**'5 Itansi-rOll 32 j 32 

-j;, U««1 rrbaw I lul, 1U'» 

Hiu UgoDi ! 32 31-, 

no 0 litre* I, 32'a j 32S; 

24i- K->y*l Tni*i i IBS, 19 

83'* -ceptn lT'o-jrcei. 7?; j 75* 

26b, neasraro* I 255* 

43 Shell Otna-la | 1 W 1°** 

19.> MierrltAG. Mines 5.37 6.1Z 

14 1, ^uehoL-O. G ah'* 2»-'i 

^3"; Mnip-rm 6’a o£ ,a 

41jg -steel «t Cani-w.. 25 *9 

285, -r^epKock lo-n.., 12.85 

t3ii Texaco Cansoa .. 39’- 3» 

8b>, Imunio Lk-m.tlk. 19-'* 

43.’, rmn>l'snPi|«Lii| 15ia las* 

27-'* Tran- Alount kips' 9** i * 

165a Tru*- — •* T fg, I , t 

211* I.di-joUs- Il’* i ** 

Ct-i.oi»cov 'line- 1 *|« ] * " 

255a Walker Him»i.-.i 321* . 335s 

2458 West Cws-fl ’MUtJ A A *B . Ik'a 

22 lVesionGe*.- I 1" * 1 * 


18’* * Bid. i As* efl- * Traflell. 

feB -t Nra itnrfc 

aaje | 25»a 
25 . 245 S 

22 1- i 22 

22 [ 221r 

18 | 18’* 
28 28 








Nat >ed 



K. l». 

R. U- 



l + >r 







. 4.80 




: '. 


* ' • 













10 to 




R45 - 


- — 


S5D , 







s60 ; 






S240 1 


, 221; 






5260 1 


• 6', 



- - 

S261 1- 

subo . 







f 150 , 




: 10.50 






i 5.10 


1 8 




•: 0.60 ; 


3.30 ' 


| 6 50 


FI BO ; 

_ ■ 

42 ; 


■ 4.50 


FI 90 


1.80 ■ 



■ F 139 



1 0.10 ' 




l 2 




• — 


0 90 , 


1 — 







F102 90 







| 2.90 








' 1.60 


F120 . 





' 13 


F130 ; 







FI 30 50 




1 ia 


S23 V 

F120 ! 





• ~ 

F 120.30 

A B-V. Bank 10 % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Amro Bank 10 % 

A P Bank Ltd 10 % 

Henry Ansbacher 10 ‘Si 

Banco de Bilbao 10 % 

Bank of Credit & Cmce. 10 

Bank of Cyprus 10 % 

Bank of N.S.W 10 % 

Banque Beige Ltd 10 ^ 

Banque du Rhone 10* Ti 

Barclays Bank 10 % 

Barnett Christie Ltd.... 11 % 
Brent a r Holdings Ltd. 11 c 5» 
Brit. Bank of Mid. East 10 % 

[ Brown Shipley .10 % 

Canada Penn’t. Trust 10 % 
Capitol C & C Pin. Ltd. 10 % 

Cayzer Ltd 10 ?ft 

Cedar Holdings 104% 

Charterhouse Japhet.. 10 % 

Choulartons 10 *7, 

C. E. Coates tl *7, 

Consolidated Credits... 10 % 
Co-operative Bank ...*10 
Corinthian Securities... 10 % 

Credit Lyonnais 10 

The Cyprus Popular Bk. 10 

Duncan Lawne 10 *n 

Eagtl Trust 10 9?, 

English Transcont. ... 11 % 

First London Secs 10 «7, 

First Nat. Fin. Corpn. 11 
First Mat. Secs. Ltd. ... 11 

I Antony Gibbs 10 % 

Greyhound Guaranty... 10 °r, 

Grindiays Rank +10 % 

I Guinness Mabon 10 % 

l Hambros Bank 10 % 

I Hilt Samuel §10 % 

C. Hoare * Cn t 10 % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot. 9 % 
Kcyser Ullm-»nn 10 *5, 

Knnwsley &• C.n. Ltd.... 12 % 

Lloyds Bank 10 °n 

London Mercantile ... 10 
Edward Man?i,n & Co. 114% 

Midland Bank 10 

l Samuel Montagu 10 % 

l Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S. Refson & Co. ... 10 % 
Rossminster Accept" cs 10 % 
Royal Bk. Canada Trust 10 % 
Schlesinger Limited 10 % 

E. S. Schwab 11*% 

Security Trn-t Co. Ltd, 11 

Shenley Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank nf Kuwait 10 % 
Whitcaway Lnidlaw ... 10 

Williams & Giyn’s 10 % 

Yorskhire Bank 10 q n 

I :i«nth*ir of th* A-xcrttos Hqums 
C 4mmjrt*f 

Trtay deposit: 7 - ;. 1- month dtpostu 

(Ir-DQSIIS on iums rrf J1P.IKM1 
and under un in £25.0"0 7J> 

and (**« t;::. 

Call 'ieposifs Qv=r £1.000 *%■ 

Demand dfpnstt' “i‘* 

at FI 13S.5. Heineken and BoL«l Zllrich pr i C es closed steady. 

But HVA. Deli and Rollnco were Bank Lcu eased am ong otherwise 
among issues to advance, iia.e j Ilt j c changed leading. Banks, wbde 
Loans were steady. FJektrnwatt and OerUk on-Baehcte 

. <howed some strength la Fman- 

Brussels Ciais. Except for firmer National- 

, ■ *. i«prp \>rsichenipg Insurances- vcr& 

Belgian share P*7- e - unchanaed. Among steady Indus-, 

mosUy l0 "^ ri ^.rcB roJe 6 b'v trials Globus participation certify 
Hoboken and LCB res firmeC L Alusuisse and Sees 

BFrs and BFrs -0 r sP^ii rose SwFr 15 and SwFrBOi 

«“ 4- 26 

laiSieJS™ and”?* 22ffi SSSi^Kf" 

fell. Sociclc Gcnerale pained \iistrall3l 
BFrs 10 to BFrs 1,930 but froc. 

1 -{fcfSt'Jffift VTB 


I lGLierM Sweden-.- 

Pctrofina was unchanged- 


South African Golds 

in Slow tramng. oar gamea v d'-J « I *7 , » • Sr* - • ‘ 

cents to AS6S0 and the Bank, of dh 67A .rfi6» . 7L- j .• - • - - 

NSW* rose 2 lo -^"* WZ q ^iny Q^ '7913 :790^1 3Eff j'.7h9.4 A T? : 

dropped 2 to ASS. 10 partly on ? . j :• I'UOA | v 

overseas selling. Waltons shed 2 wnT^nri (gtf 8£o i 8K6 •■eY.o-l 

to SS cents m generaDy steady ^ » 

Stocks GloEina 

.traded urice -day 

, African Golds vere to SS cents in generally sxeaay I ; ^ N ^ ]nIU] AfiW ^ ... ts« • Hi, -SsT- 

y mixed, but tended softer Retailed. In mixed Uramima, Srmg Koto; H8 - 5a |^»-»igg ) I SffiS. .tan? :VJS*;..-.g.- 

ancc in line with lower Pancontinental fell oO to AS12M fr _T_ Twy £L9l i 6L5?i [60^6 ?*?** ?*“*£? -2 

narrowly mixed, but tended sot ter Ketaiiere. in mixea uiuwud. 
on balance jn line with lower Pan continent at fell oO to AS12.90 
bullion prices. Anglos shed and Queensland Mines added 6 to 
3 cents to Ro.50 in Mining Finan- AS2.4S. . ; 

NOTES: Oivrsus prices slum-n below and -or scrip usoe. ePer store, i Pr ana. 
ctc'odp 3 pr-jmmm. Selcaa divaiends n Gross, iff. h Assocned dJvWeiKl after 
»*»r •.ii.hlwldtr,* .«■ . «« 

» •“;«.!% -St 

Singapore 34037 1336^1^037] — ! JSS5 ■ S'- 1 ."!?’. 

- « -i • . ?*. gss wSsssrz^S.:S\i>K>. 

act’d amt or rights Issue, ft After local I f ]ase dates Cat) base values LWnrt Corp. : 

trr after -.i iiniioiaini ii*. '•“*• — — - . J . — , vuxnres uu uax ujic iui vox »*iw* - - - - - -* 

A PM.VI It-nom. urttss o’heiwis? stal'd, tues. nt*+ tax free. XU. except NVSE AU Common — » V ■ 1 " : 

liPtils haired on n*»r dividends ulus lax. Lndac die. pSon. g ,i”LJKi» ?{?£,' I pofidar ris and Poore— 10 and Toronto (»i CommerabaBk Pec,; »». y nbtnBMO 
n -no rirnnin. unless otherrise si lied, and ncld erciude speaal pamenf. t imn* \ -v_ rfnm . twtmwM i«jil -- itesBialKjiSae’ 

▼ . . _.u. i_. ..t«i At-- 1 1lnnWr^j] irnrfin*:. n alt 

I? | 4 Kr.l’"’ d-?nr>m. unless - -- — — ■ - . -V ■ -IT Kmnnim ODDIIK twa iiNnuiaii*. uam*"*''™.. ■*«. - j--. 

**Frs..inn rrnnom. and Bearer sbMea borders only. I «aw inds., 40 UUUties, 46 Finises and New SE WGS. tb>SaaUa.. TifW>Hf} ^8W^~ 

■ Yf It 5*1 draom. - Bid. 5 Traded, t Seiler. -’Assumed, "“SS'gJL, ai, w sk -.-SftrtiirW. - 

cr.herrts% si lied, and ytcKi erewoe suraai pasuieur. *i«a- ^ oamed based on ,1973). dun. 

othcnilse K*’ed. cared w traduw^ d ItemlU ^^ ading bonds. t4M -Industrials. Bank 

L Tuduatrtal IWO rWStebt 
: 31/7/54. r«U> 3*han in#3- ./«*! 

unless Mhenrife stated. 1 Yen denom. - But. i ijreded. ASS ^& j W^Transoort. • rj) Sydney AU Otil. fcl Closed. Cdi Madrid 8E 2&iH»»- ‘ 

uni.-ss .Mhernsc Slated. J' tnn ' g F x ,.? hB '-. c a .?n Beleftm SK SUl^BS. ("lOwoftagen (ci SrockboliD lodnstnal 1/1/50 ^ 

nr fwpwlon. n Florins. f> Scbdlinas scrip twue. sa E* alL a Interim stace J RoSrae 1SS1. Bat* Corp. f«> UMy»«tobfc^ - ?'?- 

<- rrnr« P,v,fl®nd after pendma rizhry increased. 1 1 • - - • • 



AltoW i FI. 3)l 

limlm^HnkiPl iftji km 0-+0-3 I 28.b^ 7,8 Kim^z mlipl .... .... i6.430 !t 10 |430 6,7 

'imiV?Fl O ^ Baw! - ■ h!2 F«l*rh,,ie Xat Wi -35 170 6.5 

A«™tonk*njbi 76.ii+0.1 5.9 G.H.Iuuo-Hn, 2.170 Vs [ISO 6.9 

hESSE ' 90.S-L5 ' 26 5.8 Ganen 1.300 | -6 i 86 . 6.a 

&.wTvrUi : m,F10i| 118.7^ 0.71 80 6.7 Hnl-ken 2.28a , + i° ' Z'l 

Biirirni Teuer*.i(f! 72.8-0.2 26 7.1 Iniwm 1.725 — S ( 142 B.3 

frirlerV iFlik.! 279 J — 4 275 2.0 Kredivlftiulc ,6.780 i — 40 ,290:4.4 

Kouia S’.V.Besrer 134.0J— 2.5 : 37.5 6.6 |{,*vmil' Bei^e. J5.550 8J ^325- 6.6 

Euro ComlttinM 67.4i.- -_...; 94.5, 6.2 p, u Hulduu '2.690 * S2.2& 4.0 

r.iHBrowdeMflCf! 34.2|-0.5 33 | 6.5 5.690 [+25 117* 4.7 

Heineken, FI D61..1 100.1.— 1.9 I 14 S.& ■*„- Uen to iuiuo.. 2.905 —45 20n 7.0 
Hoo*.*,en«fFI.30i.' 32.2 +0.6 -- — Dt Gen 2i«U:i<iue! 1.920 1+10 .140 7.3 

Hunter l 1 -* FI. 100,. 24. a 12 [ 4.9 4*'li>iB |5, lOU —30 ’215 6. » 

K.L.M. {Fl.lOOj..-.: 138.5 —6.5 8 5.8 Snuav 12,365 — S A2I0I 8.9 

lou Mullerfl’K’i...- 48.0+0.4 19 ! 7.9 Traci inn Ble*-t !3.6b0 i— 5 |17Q 6.6 

Vaerden iFt.lOl. ., 3a.3 — 0.4 i 12. Si 3.6 L*l‘B • 936 j+ 10 ; — — " 

Nat.Xed In*. (FI lu.i 103.9-0.2 [ 48 | 4.6 L n Min.* 1*10. | 714 !— 2 SO 7.0 

NedCrod BhfFLSD. 53.5 21 ; 7.8 Vieille M**nui*:ne.l.510 | J — .— 

Xed M UIJSk ( Fl.fC J 193.9-1.3:22:5.7 ‘ 

fiWBnwulfMFll?, 34,21—0.5 
H tmeken « FIJ2S|.,i 100. 1, — 1.9 
Hooa , “en«iFI.20i.‘ 32.2' + 0.6 

Hunter l>.' FI. 100,. 24.3 

K.L.M. tFI.UMj..-.' 158.5-6.5 
Inu MnllerflSQi...* 48.0+0.4 
Nsar*den iFt.lOl. .. 3a.3 — 0.4 
Nat.XeHIna.fFIIO.i 103.9—0.2 

\ertCrcd BtctFLSO.I 53.5 

XedMI.tBktFI.60J 195.9 — 1-3 

iK.-elFl.20* I 154.5 

\ an Omraercb. ..[ 142 [ 18 5.6 

Pskb.ied in.£0i. r 40.3—0.8'-- - 

Philips i FI. 10*. .-I 26.2—0.1] 17 6.5 

KjnSchVrrfFLWOj 81.2+0.2: — — 

ttohecr. 170.5 +0.6 'A256' 7.5 


li , **lini-n * FI. Wi ..! 151.0. + 0.5; — j — 

K.'rrnlniFJ. SO*.. ■ 1Z2.6 *+ 5.8 Aiunumum i.foa .+ ,= 

KntalDulrh* FI.L1D| 1 o 0.4-0.3 .Sa.fb, 8.3 UBC'A* 1.640 . + 5 

.’>I.\pii>.iitc . . 1 247 -1 19.7.7 LU« Uei«, fFr.l'Ai’l.l 15 ;.. .. 

Mpviiilirr. *| 129 —1 21; 4.3 H*,. Fart. iTn . : 860 

Tnk,..Pac. UM-.«! 124.0!. 0.5 30 i 0.6 lt». K. a | 593 —2 

I'tMI+ver ,FI.«20).j 120.0*.+ 0.2 42 J • 7.1 CnMU ’•iiI'.m* 3.180 ,-lC 

ViLin-llr-. l.lLUj*. 41 1 20 ; 1.2 Kln-t li-nnM jl.7oO >2C 

WcMlaii.I.i.-touJ 397 •— 1 33 -4.0 KnI.ct H.i’.iarL baO :+li, 

Wc^l tan '.1*1.. Haul. 

Andelttonkva.... [ 13413: | 11 

UemitertV | 415 +5 ; 

DanpkeUauk 133 i 

East \kIih i C*> ! 1613, +31* ■ 

Fipeobhnnken 1 129 — 5i j 

Fur. Btrjflterier... j 361 * 

For. I'npir- + U : 

Handlohnak I 134 

RJPtb’a H.iKrflUl 263 ! 

Xuri K'nhcl 1 t92 +1 = 

OlicfslM-ik ! 751,, -l, . 

Frireltouk • 139U [ 

Pro* mxt* uk ... . • 136 ] ; 

fupb. BererwtaKi.- 400 

"Jujierfi". , 1781; — ■< 

Unffnianl’i tert'., 74.000 2301550 [ 0. / 

li... i+nmiii ;7.376 *— 7S -55 ; 0.7 

Inurt.—t B 4.02s j. -25 21-2.6 

>Clm*>lltFr. IOOi. '1.445 ' 21 i l.s 

.V-aiii- ,Fi. Iuu,....!5.buu /5 --45.51 3.4 

Lli*. lies 2.235 1 4 5 3.6 

t.tpriikiiiiH. iF.^tO 2.580 . - r 25 15 . 1.4 

PltrlhJill'tHfiOl, 288 -Z 15' 5.3 

ton*io/ rFr.K<b... o.9uu 26 . 1.7 

J 11 , 8.2 nn. Pert t ori*.. 488 ' 26 2.7 

; 15 3.6 Scbiudlnr LL 1'IOJ] 300 | + S [ 12 } 4.0 

12 19.3 juiee*- t.'KFr. ICw* ss2 >2 j 14 i 4.0 

! 12 7.4 ^wiswir fFJSOi... 8*0 '-5 I 10 | 4.1 

I 13 10.0 But. F.lir*.! 380 -2 10 2.6 

| I* 3.3 i-u (Ri;)Fi%0...i4,725 1-25 40 2.1 

“ ! “ TJnlnn Bank 3.050 j-lQ I 20 5.3 

12 j 8.9 Zurich In* '10.600 +25 44 2.1 

I 12 ■ 4.1 I 

: 12 j 6.3 

! f, It MILAN 

? 12 3.0 
' 12 h.7 


June 27. -.-x - - " Hai ' 

♦0.70 vo.02 Anglo Ameli as Como. ... o^ft- • -0*05 

♦2.18 -0.02 Charter Consolidated satr 1 

:0.28 East Drtelomelo 12-30.- .-4A3 I . eisburg • ;... - 1,77‘ i-« 093 ’ 

♦ 1.17 f-0.Q3 Harmony 03(1'.^^* 

Kinross «-t» - m 


Host tub am Platinum 

SouUi Vaal 

Gold Ptelda SA 23 '■ 

Union Corporation 

De Beers Deferred .-e.fO? ':>4J3 


Bast Rand Pts :. ' A-JOr'-i^W • 

Free. State Geduld '--KB' 

President Brand -tlaJO' — »J5‘ 

President Stoyn il.TS “ -'-01© 

Suifomem —94s 


West DnefootPin 58.05 . -4J3 

11.89 !*0.Oi | Western Holdings S3.» ; -HBio 



Ancln-Amer. Indostriai t»>ii ' • 

Barlow Rand " 0.9S 

CNA Investments ... .... stfy . - • . 

Currie Finance - 4LW -. j > - — 

De Been industrial *19 59 - • 

Edgar* Stores ♦JKlSS. • HI-2* 

Ever Ready SA ... iyj.V. +aw 

Fedurale Vnlkibr leggings . rl<90 • - - 

Crestennans SWes 

Guardian Assurance (SA> 1.S3 +0.03 

Huletts -JJMT' 

lta tw;-: . 

McCarthy Bodway {LS2 - - 

NedBanh- :..... . 2.70 -'>-*49.05'- 

OK Bazaars . yj*.. +BJ5 

Premier MUlitu: 7S.93 +9J* 

5 a Preiena Cement T8 25 

2 ‘a Protea HohOnss ;3.» ' ' 

ini Rand Mines Properties ... 2J3- -,+o.M 

_ Rembrandt Group :.:.wk,L xM 

Retco ^ • 0 jsr ■ — o.oi' 

Sage Holdtnca. 1.40 +0:03 

SAP PI ... 2.00 -0.02 

C. G. Smith . Sugar 5.05 

SA. Brew rips 1.37 — B:(R 

Tiger Oats and NaL UUlg. 10.00 

Umsee ; • 

Securities Rand U.S^72f 
. (Discount 0! 37.2%) 

Banco Biibao 

Banco AUaniwo fl.OOO) 5* 

Banco .Central 

Banco ExtPrlor 

Banco General ” ___ 

Banco Granada tliwoj 2S 
Banco Hispano ..... na 
niiij ire 
* n >l- Medlterraneo... 209 

Hamro Popular 224 

Banco San Lander rZ50) 412 
8*^0 UmuUo 0.009}.. . a« 

llm. -m j Zaragtaano 

Kr. ■» g*n!raiilon 

• * I Barms Andalocla 

■Babcock Wilcox ~ * - 

Lcllulroa ) yatj 

Kli»-t "lu* ' H'iJi r?0; 138 
ErK5xifi ‘K'rkint*' 136 

136 ;-2 

GredtiwiM**! ; 342 : * 1( 

Pcrmun^e 1 263 j 9 

. . enn . 1 * > ic 

sekl* - -• 

£nnprni... * 

r-lr-vr Dminler .... 
Wir Mff*.+i>»,i . . 

600 . + 2 
86 -2 
168 it! 


718 : + 6 

150 8.4 1 fcjiL-iie -B" 

160' 10.1 1 : 

Gnuus+k ilivci..... 


Ml* Olll T\imsl*).i 

SjtDrtvik .1.11 

SK' I . -H" Kr*. 
t*touH F-n'klWn...- 
tandrtil. *8' Krfct* 

I”«|ildn»lm : 

V.4«+ iKr. Wi 

...1 10 

6.5 ' 4-.6 
> 5 i 4.6 

280 &-2.y 


i||j - l i\il 

64.0; 0.3 * — I — 
2 |7 —2 . 5.76 2.2 

iS ,s l“ 1 ’ 5: 4,5 ■! 7 - 5 

70 -1 ■ Si |i 

57 +i . ’ 1 _* 
86.0!- 1.5, 6 * 9.1 

v^tHandal Times Friday Jtine 30 1078 

u 9 1 * 


FAO wants 

'' -.V 


A K 


f -''i -... . 



£ ?! 


locust fund 

■-• ROME, June 29. | 


■ Food and Agriculture Organisa-j 
tioa'-<FAOF have called lor a I 
■ggw emergency plan to combat I 
swarms of locusts in Ethiopia I 

’ and Somalia. 1 

. -The FAO's top locust expert 
; M. Jean Roy. told Reuters that 
' 50 swarms are moving through 
-- Ethiopia “'and Somalia and the 
Horn of Africa was in the early 
stages of a plague of the insects. 

>- - Each swarm occupies about 

200. an. .km. The plague could 
= ' Spread' into the Sudan across 
. Mrjca^and over- the Arabian 
' peninghla: tojndia. and Pakistan, 
Tie said: 

• -One -swarm has already been i 

- Ideated in the Indian state of j 

Gujarat and ships crossing the 
Arabian Sea have been infested ! 
by flying swarms seeking a place! 
to rest, M. Roy said. • i 

Ihe. meeting of experts in 
Rome ' recommend that $3m j 
should be donated to the Locust! 
Control .Organisation for Eastern 
Africa as soon as oossible, an j 
FAO spokesman .said. ! 

•- > Efforts to control the locusts ; 
in- Ethiopia, and Somalia have 

- been held up by recent fighting: 
between Ethiopian forces andi 

•"Somalis In the Ocaden Desert j 
and by the rebellion in Eritrea. 

Change in NZ 
wool sales 

-.WELLINGTON, June 29. 
Board - has . modified its “ extra 
choice*’ selling scheme, Mr. John 
Clarice, Wool Board chairman, 

- said In a statement 

The scheme, operated for the 
past two seasons, allows growers 
to sell direct to the Board 

■ crutchings,- lambswaol, . and 
.secondr shear wool at current 

auction rates. 

Extra choice sales, have been 
held every two or three weeks, 

. many coinciding with auctions. 

' • For the new season, extra choice 
dates will . now fall between 
1 auctions.. 

M,r. Clarke said the Board did 
. hot wish to impinge on the 
- auction system . 

Renter ■ 


~ WASHINGTON, June 29. 
n THE. : UR. Agriculture Depart- 
ment has revised its May esti- 
‘ mates of world potential produc- 
. tion of protein meals, fats and 

- Total • world meal production 
iff expected to decline to 76.5m 
tonnes in- 1978 from a previous 
estimate of 76.7ln tonnes. It said 

. in. fhe weekly . world! . commodity 

*' round-up. 


New decline depresses 
London copper market 


A FURTHER decline in copper Zambian de 
prices to the lowest level for still badly dlsr 
three months cast a shadow of and productioi 
depression over the London The various 
Metal Exchange yesterday. Cop- have been rel 
per cash wirebars fell by £10.25 decline of cop 

to £6S7 a tonne, below price 

levels prevailing before the ~ 
invasion of the Shaba province Reuter’s hit 
in Zaire which pushed the mar- modlty prices 
ket up some £100 above current points to 
levels. following a 5 

.Yesterday's price decline was the previous 
mainly caused by the overnight stands 93.5 ] 
fall in the New York market, level of a yea: 
which triggered off further stop- All 17 prin 

los ® selling. • included in tl 

Dealers are at a loss to explain H> 0 ) wc rc do* 
why copper prices have fallen t; on 
back so sharply- Despite claims wo Ji an fm a i 
from Zaire that copper pro- ** 
duction is back to above-normal elian 5 ed * 
levels, the general belief is [hat The Fiuam 
output at the Kolwezi mines mudlty Index 
remains disrupted and is unlikely 242JM» (1952 = 
to recover for some time ycr. pares with 11 - 

While supplies in the pipeline and 250.34 a 
are helping to cover the shortfall FT Index in 
temporarily, there must be con- nranorfinn «r 
siderable doubts about future SS&r 
supplies from Zaire. Paradoxic- 4 " 0 f £ 

ally, free market cobalt prices 5StT„ ,-nnfr 
have started to rise again in ster,,ng «««»» 
anticipation of supplies from — ■ — 

Zaire becoming even scarcer thn T , TC . „„„ 
during the fourth quarter of the 

Although Peruvian copper pro- 
duction reached- a record 341.000 , 

tonnes last year, compared with !&!!,, CEL J 
220,000 tonnes in 1976. shipments 
this year are continuing to be hit infi er - v . slue ° 
by labour and technical Last night tl 
problems. Wage and Prii 

-, u a ?^.’, an ^. deliverles are also 
still badly disrupted by transport 
and production difficulties. 

The various supply cutbacks 
have been reflected in the big 
decline of copper stocks held in 

Renter’s index or world com- 
modity prices dropped by 125 
points to 1.47C yesterday 
following a 7.7 point decline 
the previous day and now 
stands 93.5 points below its 
level of a year ago. 

All 17 primary commodities 
included in the Index fl93l — 
100 ) were down with the excep- 
tion of groundnuts, meat, rice, 
wool and maize which were un- 

The Financial Times Com- 
modity Index fell last night to 
242.00 (1952 = 100 ). This com- 
pares with 249.97 a year ago 
and 25054 a month ago. The 
FT Index includes an equal 
proportion or 12 sterling and 
dollar quotations, while the 
Reuter index is based on 
sterling commodities only. 

the LME warehouses. Bui tins 
is the seasonal quiet, period, with 
industrial activity at a low ebb 
during (he summer holidays in 
the Western world. Consumer 
demand is reported to be remain- 
ing very sluggish. 

Last night the U.S. Council on 
Wage and Price Stability said it 

opposed lh* domestic copper 
producers' renewed request for 
protection against low-price 
imports by the introduction of 
u quota system. 

It estimated that quotas could 
cost consumers as much as 
S1.4bn a year and argued that 
imports arc noL the major cause 
or the problems facing lbe U.S. 
copper industry. 

Tin prites were hit by tbc 
decline in copper and :«n over- 
night fall in the Penang market. 
Cash un lost £70 to close at 
£6.645 a tonne. U was confirmed 
Ihat a mass meeting of workers 
at the Capper Pass smeller will 
be held on Monday to consider 
proposals for a sertlemem of tbe 
dispute that closed the plant 
down on June 12. 

Despite all these "bullish" 
influences, however. dealers 
generally scent in feel that the 
steam has gone out of the tin 
morkol ;tnd that tl ivill nut get 
back tr, the all-lime peaks levels 
reached last October when cash 
tin wan more than £7.000 a tonne. 

The downturn in uipper has 
also hit the lead market hard, 
despite the continued strike at 
the A max refinery in the U.S. 
Cash lead fell by £6.25 to £301 

Cash zinc loo lost 13.75 to £297 
a tonne. Dealers do not hold out 
much hope of positive action 
resulting from the meeting of tbe 
International Lead and Zinc 
Study Group in Vienna next 

EEC grows 8% more wheat 


have planted 8 per cent more 
wheat this season and increased 
their barley acreage by at least 
1 per cent Given reasonable 
weather conditions, they can 
expect a large crop, says the EEC 
statistics office in Luxembourg. 

The area under oats and rye 
has fallen but the sugar acreage 
is about the same as last year. 

Tbe office reports that most 
winter grains were sown in good 
conditions. Wet weather delayed 
spring cereal, drilling and held 
up the root wops, but the hold- 
ups were made good when the 
weather improved. 

Total grain output for the 
EEC last year was 103.6m tonnes 
including 38^m tonnes of wheat 
and 37.7m tonnes of barley. 
Annual average so far this 
decade Is 101.36m tonnes. 

Zorreguieta. the Argentine 
Under-Secretary for Agriculture, 
said his Government would 
remain adamantly opposed to an 
International Wbeat Agreement 
which provided for restrictions 
on extreme price movements or 
quantified guarantees of grain 

He told Reuter that wheat pro- 
duction would expand or contract 
in response to market forces and 
producers could undertake to do 
no more than take all possible 
measures to provide supplies in 
the event of a world shortage. 

Mr. Zorreguieta, who will con- 
tinue as head of the Argentine 
delegation when the wheat pact 
talks resume in Geneva next 
week, said any attempt to 
stabilise world wheat prices 
would succeed or fail through the 
operation of a reserve stock 

Beet production last year was 
77.86m tonnes which .yielded 
12JBm tonnes of raw sugar. 

In London yesterday Mr. Jorge 

reserve stocks would have on 
the price of imports. 

Argentine growers’ incomes 
would be directly affected by any 
internationally agreed price 
stabilisation measures. since, 
their prices have a fixed relation- 
ship to international levels, Mr. 
Zorreguieta said. 

For the 197S-79 crop year tbe 
Argentine Government has 
guaranteed wheat growers a : 
flour price of 86 per cent of world ! 
prices and for one year only has 
given further guarantee of sup- 
port with a minimum price of 
S100 a tonne. 

Asked whether Argentina 
would have sufficient storage 
capacity to meet any obligations 
under a reserve stocks pro- , 
gramme. Mr. Zorreguieta said 
they would be provided under 
current plans to expand produc- 
tion of grains and oilseeds 

He estimated that Argentine 
wbeat stocks at the end of tbe 
1978-79 season might fall from 
the 600,000 tonnes expected this 


n * or airrr A T i? Cathodes, three raomhs £707. Kerb; 

.. M3C IWJE, Jl AJL5 ■ Wlrebar*, three months £TK. 5. 5.5. 6. 

*> k cr xarryv’ i f ’c? - Cathodes, three momhs £707. Kerb; 

.. uASC, IWJE, Jl AL5 ‘ Wlrebar*. three months £7M. 5 . 5.5. 6^ 

COPPER— Weaker following the sell-off l+J^ rS„i 

on Comes ovemluht which led lurward - . j • 

metal to sun lower in London at £707 ! £ i £ £ ! £ 

.and decline immediate!:? to £703. There- Wirehare | 

'alter the prta? steadied and held around C*ab—..,~ v. 5 M9* 

... SWli eocauraaed -by > steady Comes ’ 707 "‘ 5 1— 01 

- opening ' to tbe afternoon. But the 637 i — 11-8 1 

- stronger pound letfto reoewod liquidation. Cftthodes-i I , : ,, 

posting the price to im*. and a close iSPr? r I oni s?a ■ ini 

mt.ttw Kerb of £7053. Turnover: 35,725 £ month*. J 70 US-2 -12J 701.5-2 -IDi 
tonnes. Seta ra nq baa — — 

Amalgamated ■; Metal Trading reported — ; . 

’■ .that In the morning cash wire bars traded. TIB— Caster trfth forward metal marked 
at 38SS, S8 j. three months £707. 6 J. 6. down at ihe start to £8.510 after the fall 
. LS,r7r &5<~ Cathodes, cash £6SS, gLS. in the East orernlght. Bear covering and 
82, three aumths £701,5. 2. Kerb: Wire- prions caused . a rally to £6.575 but in 
bars, three moodK 7. r.5. After- the afternoon the lade trf physics! demand. 

ikhhi: Wirebars, three Vnomhe £707.5. 7. the InHnence of copper and the rise m 

I-G. Index Limited 0M51 3466.- Jao./Mareh. Rubber 59.5403S 

29 Lainout Road, London SW10 OHS. 

L Tax-free tcadijiffwa commodity futures, 

. 2- 'The commodity futures market for the smaller Investor. 

: T •• V 

Some countries, where the wbeat stocks at the end of tbe 
farmers were guaranteed a price 1978-79 season might fall from 
'divorced from world prices, were the 600,000 tonnes expected this 
concerned only with Ihe effect season. 


ihe pound deareveri ihc pricv. Chartui cents per pound >— Daily pnee June 23: 
selling led lo a price of OLMO before a H3.7S il40.6ji. indicator pnevs June 29: 
close t>n ihe Kerb of £6.520. Turnover: 154ay average las IS H55.-I5i: 22^a>‘ 
1,210 tonne*. a i erase K4.!Kt I 131.5 m. 


• 7 .Nk 091934 Of «7S 


■ - Qm ycrq .DtyjjJop Companies Conn. In th e 

■ Matter of WBgT n EL P HOMES LIMITED 
and In;- flic ^'Matter of His Companies 
Ab.-.5#48:: ;■ 

Priifion far thtUftodlB* up of the above- 
named j Company by the High Court of 
t».. ike JW» «* Jn “ 

1B78. presetted to .the said. Court by 

wtom .KettstfTed Office n saute iL 
MM49 '.Stuhm.rRoatr AdtDeerone. Wey- 
hrWgo. .Storey, BaTKlMS MerchanlB. and 
th*T: (he telJ PeUtion is direrred -in 1» 
.tend Mieforr Jhe Cwat sltuns at the 
Htg« Coaris W JfBtttfe Strand. Lond«i 

; WCJA.?2LIs'«j the 34ti) day of July 1973. 
And; /ay tawiftur .hr coannbutory of the 
. salff compaxs^dettreua- to support or 
osixwe jfte jnaUng of an order on the i 
-said PwfttoitTnay- appear at the itfbe' of j 
hearing.'’ a person .or by his counsel for' 
ttjt- purpose; gaff a -copy- of the Petition. 
■vSi-he 'futsMbed ~by. the- andentenad to 
creditor or -contrihutary . d£ the sakt 
Cnmnsy ragatrine suett copy, on payment . 
Of £B&.'TC£sJ£2a$ dUZKS fflT - liW 


- S/S, tend: Court, .- ' : ; 

, • Street- 

. ' • - Lmdoa EC4A SOS. 

•■’W* F/TTH. - Trt: W-38S.-8SU. 

• '.mBttttca f or «w PuttUttwr. • 

1 HOTS .— pmnp who' Intends to 
appear, .on Jhe. hearing of the said Petition 
mast mrve-m- pr ’bend -by post io. the- 
ahove-oamad: ^wUne. - ta- writing ..of his 
te fe a i ion 9o-~tfr no. TChe notice must state 
Jfffl aaiar MpsCjktdressjat the person; , or. 
n a firm - ihf name'- address . of the 

ham and 'must be stened by. the person 
OT.Hnn.'4ir,fe»‘br -ihe ti 1 - solicitor 7 if" any 
and mMt'iW' served; or. If posted, mow 
De rsetu--by'. oo*t in- gsnAtteot- Ume to 
reach the - above-maned hot taifcr than 
JJur, -CcltK*. in the aftwuoon ol the IB7S.. . ". 

So. 092033 Of 18JH r „ 

Chancery Division Companies Court. In 
the Mailer of EULUNGDOX HOUSE 
WISE CO. LIMITED and- »n ihc Mailer 
of The Companies Act. IMS 
Petition fur ibe Winding up of Un? above- 
named Company by the High Court or 
Justice was on the ' 27th day of June 
197S. presented lo the said Court by 
Registered Office Is at 17 Cumberland 
Avi-niK-. NW10 TEN in Ihe County of 
Greater London — wine Merchants, and 
that the said Pennon is directed to be 
j&ard before the Court sitting ar jhe 
Kara I Courts of JusUi*. Sriaud- Londoa 
WCSA 2LL on the 31st day of Jo!y 197S, 
an* any creditor or conirtburory at the 

astir*. Company desirous J upp f? 

oppose tbu matdrtE or an Order oo ihc 
said Pttition may appear ai iho ttoe of 
bearing, in perswi or by his couMd tor 
that purpose: and a copy of Pennon 
will -he furnished bs **- und^rslcned tn 
any creditor or contrlbmory of ifwsajil 
Company requiring such ropy on payment 

or the regula ted charge , 


5 New Square, Lincoln's Inn. I 

Loudon. W.C.L Ref: RGW AJB. 

■ Tel: 01-498 8613. Agenis for: I 

- c. R- JONES. Bedminster. , 

■ ■ Bristol BS99 7JR. 

Sollators for ihe Peliuoucr. 1 

NOTE.— Any PCreon who 'njends, jo 
appear on the bearing of lbe said Petition 
Sum serve on. or send by posi to. ^ j 
above-named notice in wrtuns of lus 
intention so to do. - The notice n1 “f‘ sl ®‘ e 
the' name' and address .of the person, or. 
if affirm the name a hd- address or i tie ; 

and ranM be signed by ihc Person ■ 
or firm, or his or tbelr solidior iu any) 
andmnsi be served, or. U posted, must 
be seat by post in soffitarot ttme io 

reach Ihc above-oamed not lawr than 
four o'clock in ' the afternoon of me 

2 stii day °f July 1978. 

I n.rn. '+ Ml; I'.III. 

TIN j Ollli-m' '. — I L'lhittt.-ia j — 

R igh Grade £ ; t 1 v \ r 

Si3i j 6675-80 -77.5' 664D-50 -72i 

J ninothB.tBSS-eoO -62. b' 6560-70 Sfl 
tsettiem'i . 6677.5 -62.5' — : . 

Standard I 

Os*U 6675-80 -72.51 6640-50 1-70 

a mooli. J. 6555-65 1-bb i 656B-5 f-65 
Senieni'l .l 6680 !— 75 I — . ... 

6, E.. 181716 -27, - I 

Hew Turk’ — * ^..i * 

Morning: Standard, cash IB.675. SO. 
three monlhs £5.559. 55. tin. Kerb: 

Standard, easli £5.675. ihree montivt 
£6.569. 75, 7D. Afternoon: Standard, easli 
£6.8611. 40. three months iS.5i». 50. 55. 
30. 40, 35. 40. 35. 30. Kwh: Standard, 
three nwaUu £6.510, IC.5D0. ra.Ste. i». 
29. 25. 

LEAD— Lower in line with the gcntrjl 
trend, but forward tnctal moved narrowly 
around £312 after being pushed down 
initially tu £SH»-£312. The prlci? fell way 
inwards the end of the aflenwon on 
currency cun?id or auons io close at the 
day'* low or £309. Turnover: 5.500 tonne*. 

| ' i+or! I'.iu. + "t I ODkwl ■ — ; Vu. 'll Wi«i — 

~ 7 I r i i' I £• r 

Cash i503.c-.75 — 3 1400.5- 1.5 -9^6 

4 inoDi lis-ii 1Z.25-.6—J. IJS10.5- 1 1 - 6 . K 

Sctt'ini'rii; 303.76 .-b.Zb, — 

. — . ...| 31-3 3 _ .... 

ilnrnmf: Cash 1203. 3.5. 3.75, Ihrce 
monlhs £312. 12.5. 13. 12.5. 12.23. Kerb: 
Tlffi-e months £312. Afternoun' Tnrec 
rnbolha £312. 11. IU 11. Kerb: Three 
mon ills RIO, 9.5. lb. 9. 9-- 
•ZIKC — Moved narrowly after rianius 
Kbver with lore.-ard meial at £307-uW. 
Trading look place around £306- £30' for 
njos; of ihe day bui ihc stronser pnund 
caused an csmiip in TJOS and an eventual 
dose on the Kerb el £306. Turnover: 
7.775 tonnes. 

’ "j aTTu" +"i>r " •t+'-i 

‘ ZINC ! Offr-wl — ! EthiDria '' — 

T" } I , 1 st ' 

I 237.2S-.5 -2.6ft896.6-7.5 -S.76 

ii,en«h,..l307.25 .5 r S.5si SD6.5-7 —4 

■■5!niu>t -- 297.6 !— 5 ' — ; 

Pnn.-.tV-t! : 29- Jl 

Morning: Cash £237.5. 97. three motths 
£387 u. 7. 8.4. S. 7.3. Kerb: Three monlhs 
ourr’ Afternr-nii: Three months £309. S.5. 
T.5. 7-‘j- 7 . 6.3. 6-75. Kerb; Three nionihi 

C ^Oenis i,J Kr pound, ton previous 
ntBMp) Close. 2SM per picul. 


ROBUSTAS f uiores steadied in the 
morning due 10 folfon -through buying 
frem Wednesday. Drexcl Burnham Lam- 
bert reported. Commission tious,.- stop- 
loss hurlng caused the marki.-t to firm in 
ao actn'e session bur dealer senmg at 
fi.525 basis September prevented any 
breat'hroufth tn the afternoon. The 
maritet eased as disappointed longs toon: 
pralirs nod ar a quid dose values were 
about unchanged. 

! I evit-nUl ' 


+ or ! tiu'.ines- 
— 1 Duue 

July ; 16Z5-1627 

-<1 if.-rnlwr., 1497-149S 
Xo.-.-niiH. r .. 1403-1404 

Jhiiiihia Ia40-I346 

Alairli.. I 1290-1295 

.Vlav : 124a 1250 

Jin ' 1 ; 1225 1250 

— 10.5 16501625 
-08.5 1525 1435 
—92.5 14 2B- 1396 
+ 1.5 1359- 1510 
-r 15.0. 1310-1580 
-5.0 ; 1255 1215 
+ 17.51 1225 

dealers sell 

By Our Own Correspondent 
are cutting prices as tbey 
desperately attempt " to find 
customers, Jordan Dataquest 
report?, la a new survey of Uie 
farm maehinciy business. 

Exports, loo, have suffered 
from a sales slump, and lbe 
?-r-vey quotes the machinery 
makers' association view that 
(hr short-term outlook remains 
dim in markets at home and 

Profitability throughout tbe 
Industry is low. More than 
two-fifths of Ihe companies 
involved, were found to be 
earning profits of less (ban 
5 per cent on turnover. 

More than 13 per cent of the 
companies surveyed were 
losing money. 

The authors also claimed to 
be surprised that almost none 
of the large private companies 
showed any significant export 
business even though agricul- 
tural machinery might be sup- 
posed to be a sector particularly 
“ amenable ” to export. 

However, private companies, 
even though they did not bave 
a worthwhile share of tbe 
tractor market — which aero tints 
for 80 per vent of the whole 
farm machinery trade — per- 
formed a 1 least as well as lbe 
bigger firms. 

Limits set 
on oil-based 

ROME. June 29. 

THE ITALIAN National Health 
Council said it bad decided 
to propose limited use of oil- 
based synthetic proteins as 
animal feed, restricting them to 
animals not destined for human 

It called for further studies 
on the possible effects of bio- 
proteins on health. 

The National Health Council 
ruling affects two • companies 
with plants for production of 
bio-proteins which are at present 
lying idle in Italy. They are 
Liquichimica Spa and ltal- 
proteine Spa, a subsidiary of 
Anie/British Petroleum Com- 

Tbe board of Italproteine 
recently decided to put its 
Sardinian plant into liquidation, 
because of the long delays in 
obtaining a decision from the 
Italian Health Council. 


,\esu.Tti*> +ur ; 
: Clusa — . Dime 


\ua.i»s 1IBJO-1B.S-O.GO 119.00 10 JO 

OtvOer 12D-BO-20.9-OJ0 121.20-22 JO 

DewniUer .... 12B.10-S0.2 — 

Kehruarv 121 . 00 - 22.0 -0.50 121.00 

\urt'...r. 1 131. 00-25.5—0.75 - 

Juur ; 114.20-25.0 -• .135.00 

A.iaiiri 1 -O.B0 _ 

‘Sales: liJJ - iu5» lots’o/ 100 lounes. 


LONDON DAILY PRICE (raw sugar 1 
£95. Do iis«.09> a lonnv cti for JUBO-JuJr- 
Aubusi shipment. Whltv sugar (tally price 
was fixed at riOj.M isanci. 

Tbv LDP was reduced by £1 to I9a.Wt 
which mvludid a deduction iu ihe freight 
ram of 5Dp lo IIL50 Most months were 
0 Acred 25 paiotv lower than overnight 
levels immed iatrir on the opening and 
timber small losses were quickly 
recorded ficfor.* bay. rs/se tiers were well 
ruaicbed 11 lbe lower level. Fresh selling 
after relanvc steadiness eventually pushed 
values lower and ihc- market seemed 
P.Iueiani :t> rally. inUi lasses 0 / up la 
150 points c-vvmuaJly being recorded by 
the close. C. Cranukow rei«ru. 


Placid contentmeef 
and wishful thinklni 


I HAVE returned from my 
travels lo find the farming scene 
one of almost placid content- 

There is hardly a cheep out of 
tbe National Fanners Union. 
The Green £ is no longer men- 
tioned: and apart from some 
mu rmu rings about tbe pigment 
monetary compensatory amounts, 
and the fact that the French are 
imposing levies against British 
iambs against the explicit orders 
of tbe Commission, there is no 
vestige of complainL 

Nor can confidence be lacking. 
Although sales of machinery are 
slack, and in the case of tractors 
very slack, the prices of store 
cattle and sheep are at all time 

Tins market is for short time 
investment, and farmers eiqmct 
a profitable return within a few 
months. However. 1 would think 
the Fairv Wishful Thinking, was 
sitting on some buyers’ shoulders 
when they calculated the limits 
of their buying prices. 

In fact farmers seldom calcu- 
late these buying prices well. In 
spring and early summer the 
grass is growing, and they don’t 
like to see a going to waste. 
Numbers of livestock available 
for sale are short, partly due to 
the export of rearing calves over 
the past l m 2 months. Farmers feel 
they must go on stocking their 
fields, and hope that the results 
of inflation will get them out of 

But it is in the land market 
that the exuberance of farmers 
is really showing itself. Nowa- 
days £1.000 an acre is old baL 
Whole farms or very ordinary 
land are making £1,500 an acre, 
while blocks of accommodation 
land, as they are called, are 
fetching well over £2,000. 

Today's wise vendor cuts bis 
property up into convenient sizes, 
so that tbey will come within the 
financial limits of his neighbours 
who may lack the capital to buy 
a whole Farm. The logic of these 
operations is that many fanning 
families have quite substantial 
reserves, or else are capitalising 
fin their profits. 

If, for example, a farmer has 
substantial profits, and. pace the 
NFU, many have, be would 
rather spend them in tax- 
deductible Interest payments on 
purchased land, than pay tax or 
buy machinery on 100 per cent 
write off. As long as the inflation 
of land values and profits per- 
sists he ts all right. But 
some of the deals 1 have been 
told about would not allow me to 
sleep at night if I had done them. 

The country looks well too. 
There has been a quite remark- 
able recovery in the autumn sown 
crops of wheat and barley, which 
suffered a long winter and a 
rather cold spring. They are all 
well in head now. and looking 
very promising with dense thick 

There have been reports of 
yellow rust and other diseases. 
But so far these are not thought 
to have caused any real damage, 
and have been sprayed in some 

As farmers we are all much 
more conscious oF these attacks, 
of which in general the symp- 
toms are a yellowing of the 
leaves. The trouble is that the 
yellowing con be caused by any 
amount of identifiable factors for 
which there is an antidote, and 
also by what is called stress for 
which there isn't This stress 
might be drought excess mois- 
ture. cold or heat or even 
physical damage. Diagnosis is 
ofteD a case of guesswork. 

Yellowing leaves eventually 
die, and if they dje too soon, tbc 
grain does not fill and yields are 
poor. This is why, although the 
wheat crops look very well, 
1 would not begin to prophesy 
yield. This all depends on the pat- 
tern of the ripening. 

At the moment tbe cool 
weather is keeping diseases at 
bay and allowing the wheat to 
develop slowly. So slowly, in fact, 
that l do not think any of mine 
will be ready until nearly tbe 
end of Agust. a week or 10 days 
later than usual. 

Winter sown barley is ranch 
closer to harvest and the grain 
is well formed with tbe crop so 

Jamaica changes bauxite 


THE Jamaican Government is to troversial bauxite production 
earn revenues totalling S200m levy imposed by the Government 
from the bautdte and ! alumina trflum toS.™ tWs 

industry this year. This repre- y^ r output last year was lJm 
sented a marginal increase in tonnes. 

production over last year, Mr. The Minister also disclosed 
Eric Bell, Finance Minister, told that the Government had reduced 
Parliament. the bauxite levy on the companies 

The revenue, from the con- here from 8 per cent of the 

far standing well. It is chaag' 
colour now and i would exr , i 
to get the combine going .*»* 
lime alier July 20. .V ? 
moment it looks as thoucit ■: « 
be the crop of the year, then':’.' 
an almost complete absence 
disease. However. 1 would rea 
like to sec some hoi siinsi.i 
now to harden off the grain 
advance the ripening. 

I am rather concerned ab. 
spring barley. Both May. : 
June bave been dry !in«:iiii- 
manv parts and spring sown l> 
ley needs a lot uE moisture. Vr. 
even indifferent batsmen ft.- 
been making runs, spring bar. 
never seems to yield as wets 
after a wet May and many din. 

Somehow, although ihv spr: 
barley came up well, it has r.oy 
thickened as it *bomd, .iad 
some areas is looking very t: 
indeed, ll is well in head tu 
rather earlier than 1 usually i: 
to see it, and I doubt veiy mi- 
ff even au imh or ••? r: 
this weekend would do much 
mend itdags. 

Re grow, ih of pas! ure afier ;i 
or silage making ?us been qu 
slow, except where there v. 
rain last week. This is 
many lluck master?, incluci 
myself, very neivua?. i iifed 
bad spring for pra.w ac-l : 
sheep have been niuch ?hor; 
of keep than for many :-c-a 
On the whole, the earlier lain 
have done quite well, hut r 
later ones have not made : 
progress 1 like to ■see. 

Selling them is tricky. T 
price is still well above !. 
year's levels, thanks to recn 
exports lo the EEC. Bui t 
market is bouncing up and do; 
like a yo-yo. The market h 
fallen about 7p per kilo from k 
week, but by seven in the raoi 
in? I had had two buyers on t 
phone trying to buy at the pc 
price. 1 said that if they real 
wanted them they would have 
bounce tbe price up again. The 
is a aood safety net this year 
that the thinner “ store ’* lam 
are worth almost as much as i 
ones. A factor of which I Intel 
to take advantage. 

price system 

KINGSTON. June 29. 

average realised market price 
aluminium ingots to 7.5 per cet 
The average realised mark 
price being used by the Cover 
ment for this year is 53 cents 

At the same time a basic pri; 
for raw bauxite ore of 
would be applied to all sales 
the ore. 

•SrfH's: C.S75 fSJKCi lots of 5 tonnes. 

ARABICAS — CluSc. June laS.&O-lbiUiO. 
192.IW-19U.00. August 173.U0-li7.U0. lttlniileil. 
Oct. 163.Q0-1VMU. uairafled, De«-. H4.nn- 
Isb.uO. iimradL-d. l-*-b. Muw.i-N9.00. un- 
inidcd. Avril l2.YIXi-M5.0U. umradv-d. Jwvr 
J2t.uu-ic.ixi. uni raded. Suk-s 7 lots 
ol 17.25*1 O 1 I 05 . 

ICO Indicator prices tor .lunc- JB <L'.S. 
et-nis per Doutm.- Cniomtuan Mild 
AnbiiMs l&.dfl ■sarri"i; unuasfitd 
.ArabiiMS li.’.Wi <174.1X1 ■: oOu-r miM 
Arabiroj It?.'.;;'; life. Jui: RobiisMi I.'^.Tu 
• 14 I.Sm>. Daily a vrraec ISO 52 


I’nr-'. . 



1 I'rri'irao ! 


1 -.Kin:. 1 


1 1 

f- 1111 . 


nuirVci opi-ned I0 d huiftcr on wheal .ind 
barley. In j f.--4tiir*ly*s marX«i vh<>a« 
values cased iu iluse JO-UOp lower. Barley 
saw some iitlnal support but eomm&rciul 
selling cased value, m \ .ry ihm iradms 
in close ftkJOp Inner. Aril reported 


;Y«e>lci<Ui.V , i- +i<t IttliPliiy', +nr 

31 ‘nib; 


• — 

elute ' 

• — 






Nov. 1 










Mar. 1 





51«i- 1 







iiitcir Commodities 

r . .- Sp^ftlmfsiri^iindarnen^oi Research 

;; i. ■•S-V 



J| "• ■ K -j— % To^ inter Go»wn<xfities Ltd cr -, v ,r«. 

f -. '7 - ; j -‘V-Xtiovds Aicnue. Loudon EON 4D5 

- •- . Tefcp(NHie£0l-4HI It 0> 

I Fhms^im MMailKtaiMfei kw 4 weeks free oi charg* 

andwtfltDQC^U^flon; ! V " 

S^Nfiror. -~ fl> ' • . 

I'iyutos - -. -; . - , : v _ .. ; . 

R ' ' * ~n>i«»fihon«» No — - . ' 

Stiver was fired 1 Jp an ounce low tar 
spot delivery m ^,. 0 ^ >Ddul ? I c 
marbei yesterday- at -59-2P- L ' i ‘- ft,, J 
roidvalcntt or 'he 6*'na levels were 
cporssaJe. dtiun I'.Dc: ihree-mooth -^t--'-. 
down S.uc: stt-moolb jia 5c. dawu 
and 12 -tuonih 579.1c. down _ Tin 

ni**ul opi'ued »' «a35:-S3-t.* and 

dosed ai au.MSTJb 

slLVfcW B.i'fteu •+••'; L.U.b. •+ 
per iimw? — . uh "* i 

zrvy iv. • pneine I ; 

. „ 288 2r< -1.4 2B7.S5|' -2.4 

fcZZ\SA -1.7=89«5p r 2A 

S5Sfc:iB& • •• 

LHE— Turnover 153 J «5^° 

nr«: Morning: Three months 7 

Sf'tL 6*. Ktrt: Three months 3b- 1 . 

3 . 3 ,' si. 5-3- 


After a quiet -iai. the dollar’s mten 
to^io arblirasu -wltins on u.c- dos<. G.U 
and Dnltus r.-ponro 

!>?;*■.»•• +■■> ' 

COLT) A ■ L'lwe ~ " U ' ! ' 

Business done— Wheat: Sept. 5I.W-S4.30. 
Not. 57.tO-i>7Jj. Jan. Su.uO-Si'.Su, March 
1U.9IX9S.50, May 9a.154l5.15. Sakai: 41 lots. 
Barky: S<:pi. 7U.:tO-79.O0. Nnv. K.13-S1.90. 
Jan. S4.55-a4.50. March unquoted, May 
unquoted. Sales: 4u lots. 

HDCA— Ei-ljrm spoi prices, -lunc :9. 
Feed wheat: Soutli Lincoln £ WiH- 
shire £9s.T0. Feed barley: South Lincoln 
ITS aj. Will shire iju.un. 

UK monetary ro-Llbricnt lor from 

July " »'ll r. fium untbuDcrd. 


EASIER ujK-nin^ on tin London 
physical markei Siop-lnss selling (lirotuh- 
cut ihc day. closing on j n'’ai: non.. 
Le'vi, and Peal r-.-iiorii-u a Malaysian 
i»do»'D iincc ol ’Ho cl. : - cents a kilo 
numiiul buji r. 

,\ f >. I 'Y>-sl’nlMVt 
K..-S.S eUite 

IT mr-u: 

j uc 55.00-^5.80 67.03 b7.5D 5S.5fl b5.f n 

SM-a 56.50-56-30' 69.00-68.40 37.05 5&.70 

Dei- Dee 58.C6 58.10! 55.80-60.0ti; 53. 5d 58.85 
J„u- Ur., 59-sO 69.60 61.60 61.90 61.75 69.80 
Ar-r - Joe 81.40-0 1.4b 1 6o.M eS.55 to.00-bl.40 
JlV-Svl* 65-S5 62.90, 64.7S-t4-B0 65.85-o2.8a 
0.1- l)U- t4.S0-54.35 K-lO-bS.30, 65.S>tb.l0 
Jnn-.U«r' ..5.S. S5.85 e7.6D-67.56 65.16 
-\fir-Joc o5.2D-b7.40' 68. 30 58 .05 ~ 

Sales: ;j7 i-iUf-i inis fll 15 wnnei and 
37 1 5. lais ul 5 lonn^s. 

Physhal clowns nnew .buyers, were- 
Spot Mp A«nsi i".»P u* 

Sepl. -alb lo.'-j'- 

>V 1 «. , iu ,,, l _ , s 5 iKD.O-SS.0 

*“T i?^bSU 15 1781 

yP" 1/40 a-4'’ 0 —al.O 1774.4 40.0 

— !■ J _50.75 UiS-U-to-0 

]L2 ,J 'i? u _28 5 1 ; 15 '» 10 

n*>- ISj iS -M.25 IGSS-0-75.S 

SS”"S>K -dt»“ESlM- 

■ SateF » fl« 13.4431 lots of 10 tonnes- 

Coesa OrMnlsatk" *U S- 


Prncs h-ll in .-arly iracmc an mir.ed 
^.Hm- i.-uh mile 1 re eh news 111 ih-- 
nJrtxr Hlv i ftJd la Mk- OMeflMdo 
nijrhsl HU- Ullfti lurlti W Ih. DOtvvd' 
■hroucli mosi 01 flu. session in 
mds iii.Hi ,r “^' - 11 ,!,lf ■" jSlS 

rinerti fern sn> 10 ft. sSKW Comawtiftcs 

£' [nr i.'iinc 

Auc. ... 96 J6-^ 8.30' i7.6b-aJ.7D! 98.00-96.25 
U.-I. ... 98.10 38.151 99.50-99.75! 99.7S-98.uO 

Li n - HD.65 lU.7tiilli 1 .oD-D1.76llD2.0D- 10.50 

titm-ii - IO9.fl0-C8.0S?as.4O-a».5O|mS.6J-O7.75 
Met .. 1 10.70 H.OOl 1 1 1 .80- 17.0DI 11S.DJ-10.5Q 
\ ii-j .. .. 114.50- 14.55! 1 15-bU- 15.751 1 15.59- 14.4a 

01 ... M7.50-17.B0fll8.7SJj.2Sill7.75 

Safes: ~t*.2CS if. 377 loir- of 50 lonn-j. 
Talc and Lyle ex-refirury nnee for 
s renal ated Basis wbiic suuar was £242.40 
• same* a mnue for home trade »M 
£}MM <£j;j.ou- fat rtixit 


LQKDoh— T he aiark-.i was feaiurcless. 
Uarhe reported. 

■ Pen ce per K 1 I 01 

'.Vusiunun jieilerJ'j».+ or- Busiuess 
L>4e' ' — / Dnne 

Joh >250.0 53.0 -0.501 233.0 

U t*4ier J24U.0-4I m ‘ — 

December... (24 1.0- 44.0 ' — 

Maivb B46.IL44JI • — 

May. p -Ifa. 0-46.0 — 

July 046.0-48.0 — 

ti-1-J-rr 1247.0^0.0 : — 

Drt- (246.D-62.0 ; — 

Sal**: 1 (nih Lot uf 13.000 kilos. ~ 

SYDNEY GREASY —tin order buyer, 
seller, business, Micron Contract: 

July 3115. 342 U. 30.0-4411. 34: Oct. Wi.2. 
319.3. '49.D-347.U. 30: DcC. 354.2. 355.0. 
354.4-353.5, 20: March 356.0. 33$ 2 . 256.0- 
;:57.J. J7: May JCTJ. 30J 0. JCJ-J-SSl.O. H; 
July 3B5.0. 3ui.O. 385. i>- >>3.0. 2: Oct. 367.5. 
r.'bs.S. 3S7S-S67A. 3: Du. 369.5. 372.0. Ulj- 
iraried. Total '■ales: Iri. 

BRADFORD — Pnres wore uu chanced, 
with iradin? oun-icr this week ihau Iasi. 
The lauvr Miiiiiy ><jj in part du>- vu 
irrccuUriiy anil - a sine >n korru- Ansi rel: an 
uoo) or 1 evs ai the 1 losing sales of the 


SMtTHF/ELO — Seof: Scottish lelUed 
■.iac-5 3b.u lu Ulster hiudquarters 
72.0 to ,"5.o. formuan-.'rs 34.0 id 36.0. 

Lamb: Etudish small '<2X medium 60.0 
iu 62 0, heavy 58.0 Iu 62.U. Imparted 
frorer: NZ PL 53.5 lo 54.0. PM 53.0. 

Par*: English, under too lbs 37.0 to 
41 1. 140-120 lbs 5(i.O 10 42.0. 120-180 lbs 
35 0 to <0.0 

MEAT COMMISSION. Average facsrock 
prices ar representative markets on June 
24- CB caul* 72. 2 d p.-r ktsl.«r. l-0.75»: 
UK sheep i<3.9p per kk.cbLd-c.v. i-3.S>: 
GB plCs 63Jp JJer I +12. . England 
and Wales— Caul.' numbers up 17.4 per 
red averaKe 71.67p 1 -l.ssr: Sheep up 
9 per cent, average pride 145 9p 1-5.01: 
Piias down 3 per cent, overact prices 

rp t-12>. Scotland — Ca'II-- numlk-rs 
tjtn.n a.l per rent, averace pnee T3Ji6p 
< -ru.rbi: Sheen up 53J per cM«. averace 
pm . 135.7p ■’-lODI. 

CO VENT CARDEN iKno-s rn >icrllnc 
ir-r Paitaci- •.■•:reot uh.-re staled 1 : 
Imported produce: Oranao— Cvpnul: 
ValrliLU La'.'j 15 kiln 4 4.00-3 20 S. 
.Uricii' \j!vli -nw-f.yo L«n«is— 
ftjilj" liri-l.-n’i ik-w crop 4 IIU-4 iW: 
Spanish: Tre-s l.liH.Id. larsc bOJsS 
r. S Aim-air 4.60-5 "41 Craoe- 
fruft— 5. Mrican 27. 7? 3.10-4 au: Jaffa: 
20 r.tius 1.3IM80. Annies— French- 
i3u!d> :i Delicious 10 lb S4‘s 2J«.i.6fl. 72'S 
r.20o.fcu. jumble bo\c f . tier pound OJfi; 
tr. .■vuv’T-alian. Cranny Snrtih 5..0: 
Tasnuiuau: Siurmer Pipduii 8.20-iiO. 

Granny Smith SM: S. African; Granny 
Smith 9.70, White Wtnier Peannaln 7.40. 
Staridns Delicious 8JO-8.W. Gotten 
Delicious 8J0-8.GD. Yorks SJ8-8J0; 
Chilean Granny Smith 7.6 0-&JB. SiarS- 
ms S.10-6J&: New Zealand: Stunner 
Pippins 163 9.00. 175 9.09, Granny Smith 
B.00: Italians: Rome Beauty per pound 
0.J6, Gotten Delicious d.76, Jonathans 
0 . 14 . Pears— S, African: Cartons, Pack, 
bom’s Triumph 9-30. Josephines BAft. 

. Peaches— Spanish: Trays 1219-3 JO: 

Italian: Larre 2-60-4.48: French: 2.00-3.20. 
Crapes— Israeli: Perlette 4.00: Cypnoi: 
12 lb PtrleBe 7 JO, Cardinal 9.40. Plums 
—Spanish: 5 kilos Jans 1.20-1.40. Sanu 
Rosa 1-50-2.40. Burbanks 2.W-2J0. 
Apricots— Spanish: 6 KBos ?. 503-80. 

Bananas— Jamaican: Per pound 0.15. 
Aeocadns— Kenyan: Fuenc 14/34’B 3.50- 
4.D0: S. Alnean: Fuerte 3-60-4.08. Strnw 
berrich— CahJonnan: 0-90. Ch erri M 

Italian: 0.7a: Washington: D.M; Cypriot: 
0.S0. Onions— Canary: 2.50: Dutch: 
L5S: Israeli: 240: Egyptian: 2 AO: 
Spanish: 2-50-2*0. Potatoes— Cypriot: 

5.20: Brittany: 2.00: Jersey: 53 D> 2-00. 
Tomatoes— Durch: 2.60-2. SO: Guernsey; 
♦}: Jersey: 2.M: French: 138. 
Carrots— French: Nets 2.40: Nantes 26 lb 
boxes Z^Q: Italian: 330: Cypriot: 2.50. 
Be e tro o t — Cypriot: 22 lb 2.50. Cenrgeue* 
—French: Per pound 0.25-0.3" 

English produce: Pm at err Per 56 lb 
22TD-2.4UL lettuce Per J2 0j0. Cos D-SC. 
Webbs 0.60. Rhubarb— Per pound, out- 
door 0.05-0.06. Cucumbers — Per tray 
VMM's, Mushroems — Per pound 
0.40-0-30. Apples— Per pound Bromley's 
o.iu-0^8. Tomatoes— Per 12 lb English 
-j.4ii-2.60. Greens— Per crate. Kent 1,08. 
Cabbage !2». Celery— Per 12/IS‘s 3J0- 
4.UD. Strawberries— Per j lb 0.16-0.26. 
ndlhnat Pe r 12 Lincoln 2.00-2.20- 
Broad beans— Per pound 0.07-0.08. Peas— 
Per pound n. 12-0.14. Cherries— Per 
pound 0.5U-0.60. Gooseberries— Per 
pound 0.20-032. 


Prices per tonne unless otherwise 

June 29 





Metals dip; 
coffee ends 

Metals I 

Aluminium..... — ,£6BD ! 

Free market (eis) SUB0I40 
Coppercnib W 3anuGfiS7 
j months do. do. IE707.26 
Cub Cathode — ...}£B81A 
5 tnanthe do. do. l£?01.7B 

Gold Troy oz.iS184.J7B 

Lend Cash. pOl 

3 months [£310.75 

Ktcfcei KS.S66 

Free ttaxcet lelf)(lb) S I.S5- 
1 1.95 



-10.25 £788^5 
— 31.0)£76U5 
-10.25 £781.26 ! 
-1.0 S 184.37B 
— 6 £5 £313.5 
-6.1 ZB £328.625 

».l£2,«66 > 


2.05 ' 

Platinum trey os.. 

Free Market 

Quicksilver (761b.) 

silver trey cj 

3 months 

Tin Cuh. 

S memths- 

Wolfram BZJKlbert 

Zinc ensb. 

3 months 


Oils j 

Coconut fPhil) 

Groundnut 1 

Linseed Crude (v).: 
Palm Malayan 

£133.0 !£182* 

£132.4 12136.3 

5126/30 jS 187/82 

2B8.2p 1—1.4 ]Z95.D5r 
295.7 p -l.7B02.Zp 
£6.645 — 70.0X6.535 
£6.53SL5 — 66.0‘£6,443.5 

• 132/361 S130/-.5 

£297 ! — 3.75p323.5 

£306.75|— 4.0 |£3S3.2B 
19550-600 ; |S560-800 

S665p -5.0 >5660 

£704 £749 

£368 '£385 

5636* 1 5630 

Seeds I 

Copra Phillip 9475a 1—5.0 IS460 

So<y»bean (U.S.).... 9877.9* -1.6 $305.£ 


DUNDEE JUTE— Firm. Prices c and 
f L : K for Oci.'Dev. shipmcnL BWB G65, 
BV.’C £254. BWD £243. To&Sa ETB £286. 
BTC £255. BTD £248. Calentta Bonds 
steady. Quotations for June shipment 
Ifl-ountv 40-inch. iSSS. 75 -onnce £7.41. per 
180 yards: July £B.$L and £7.34: August 
13.55 and £7.27. ” B ” m-tils £26^9. £28.53, 
£2711 Yarn and doth vary quiet. 


Quoted. Sales: Nfl. 


GRIMSBY FfSH— Supply 9 »od, demand 
good. Prices at ship’s side < unprocessed/ 
per stone; Shell cod I4.30-X3.90. codllncs 
ft.BVX3.50. Large haddock £4.90. medium 
X3.8IVI4.7U. small X2.3VE3 OD. Large plaice 
X4.5q-i5.0b. medium X4ttVE4S0. best small 
X3.TO-I4 00 . Shumed dogfish (medium^ 
£5.08. Lemon soles £3 00. RocKfish £2 50- 
£3.00. Reds ft.U0-X2.60. Sal the C.0U-X2.60. 

Sharp fall in 
rubber prices 

By Our Commodities Staff 

RUBBER PRICES fell sharply 
again oo the London market 
yesterday as speculative selling 
gathered strength. On the 
physical .market tbe No. 1 RSS 
spot price was cut by 1.25p to 
55p a kilo compared with a peak 
of 5S.75p reached last Friday. On 
the futures market the Septem- 
ber position fell by l-5p to 56.65p 
a kilo. . 

Market sources said that the 
renewed fighting between Cam- 
bodia and Vietnam had only a 
limited, temporary, impact It 
was feb tha« speculative buying 
in recent weeks bad pushed 
prices too high: The reaction in 
an overbought market bad been 
accelerated by breaking through 
a chartist selling point, that 
brought a new wave of profit- 

Groins ( I 

fftrley BBC f £ ; 

Horn* Future*- ~l£8 1.80 — OJ6£83.7 

Maize ■ — . | f 

French ho. 3 AmJ1103.S.- <£105.25 

Wheat I 

No. 1 Red Spring £93 J> £98.5 

No, 2 Hard Winter ; .......... ; 

English Mitlioj;.. £106 l£102 

Cotwatiblpn»«u....i£1.890 -MJ) £1.759 , 

Future Sept. l£1.782 —34.5 £1,560-5 

CiJfee Future 1 

dep* - — £1.497.5 —8.6 £1.721.5 

Coctoo ’A’ Index.... 70.bSe — LO 70.9e 

Kuhber kUo. 55p ^1.25 56.25p I 

Sugar (Hair)’. >..,£95 —1.0 £102.5 1 

Woottopa 84a kUo... 283p 1 28 lp 

* Nominal. t Urumoied. Is August, 
ni JnneAnsusL n July-Sepr. pJuty-Aoc. 
m July. v Allgltsl-SepL z June July. 
x Per ton. 



June £9 [ June 28jUancii ago] Year a gu 

242.00 j 244.73| 250.34 249.97 

(Base: July l ifiS2=ieo> 


June 29' (June 38]MonUi agij XearagtT 

1476.0|145b.6 I 1S08jT~ 1568.5 
(Base: Sepumfaer U. 1981 =1») 


Dow Jane June Month] Veer 
Jones £9 28 ego ago 

«fpoC.._HM.l« 359.14 3 Sfl!w SB3.45 
Futures 346.18l345.70367.7436B.62 
(Average l»S4-J5-2a=100) 


Juno Jane Maclh Yar 
Moody's £9 38 hro b^j 

Sple CtTOmrvl9ia.5l915.7j 927.6;9 w!b 
ff Hypi her St. 1931 slMI 


COTTON, Llsrtfrpoel— Scot and sfiipmem 
Hies amounted le 1 W lonnes. bringing 
the total for the week so far to ESS tonnes, 
w. F. Tanersalls reported. UUccllancOitt 
purchase* In certain Middle Eastern 
growths were attain Kported. bur (he 
offtake was narrow. Minor replenlttunem 
needs were sought ut Latin American 
and African styles. 

NEW York. June 

PRECIOUS nietsts dosed lower on L : 
scUlng eltctlnj Commit on House slop 
Copper finished near nochansed in nu> 
conditUins. Csfiec finished nused. i<ie 
Ids aDy off-take in evlremely iiuip r c n 
diuons. and susar finished tower «a Lra> 
selling. Bathe report*. 

Cacoa— July 143.00 |14S.1?1, Fen:; 14": 
fl«.10>. Dee. 129.35. March r.i.uo. K* 
133.80. July 131J3. SCPL ftSJZS. Sal-. 
£67 lots. 

Coffee—" C ” Con truer: Jiilv tr.: 
flftJO), Sept. 14S.5D I146.8A.V Dec. J27 
March 127.73-12500, May L^.ikViJ." 
July ro.5D-Lll.00, Sept, llfl.08-r. 
Sales: 22S. ti 

Copper— June deJelcd. J 11 U- S5.Su >s$.W 
Am. 59.10 159.00'. Sept. S9.70. Dec. 61 1 
Jan. U1.80. ilareb ft.W, ,\Jjy ui.90. J. 1 
M.90. Sept. 65.90. Dec. £7.30. Jja! G7.r 
March 65.50. May 69 SO. Sale. • 4.700 In: 

Cotton— N>i. July 5fi.99-5r.7D i'.V.o, 

Ocu 59.00 <ifX3i. Dec. >.l,46-..i jJ. list. May 64. SO hid. July .VJ.bVio^'O. l'-- 
Dec. M.00-t5 00. Saks.: 5-i. 


’Gold— June del tied. July lfi.rfi > V>4.4'i 
Aus. 133.90 > lFh.uili. Sepl. 193.4k O. 
ISfi.bO, Dec. 199.50. Feb. lk.5)>. Ait 
195. GU, June 198.70. Auk. 2iil.»i p O'. • 
204.110. Doc. 205.1(1, l-Vil. 21 ;. jo. Apr 
214.50. Sales; S 931 lore. 

t Lnrd Chicago li>«w '-‘3.&0 nnm. >.?J. 5>i 
NY prime sieani 21 H n»in. c’j.on asked' 

■ Maize— July 24M-246 1247 ; 1 . sent. ’.’43. 
249 1 249/. Dec. 233! -2531, alortl. 2M-3»u. 
May 2G5. July 207. 

f Platinum — Jui}' 212.70>.. •••.! 

245.50- <245.90 >. .l:m. ■. , 4:..Wi-24'i 3'' 
April 24 7 J0-2 47.40. July :5i'.niV.''.0.-,rt. 

253.50- 233.70. Jao. 2 36 WV’.'57.1«. Selr, 

1^51 IMS. 

f, Silver— June dek-led. Jiif W ; 
<134.701. AUfi. SC7SO i339-.»V Sept. 531.'» 
Dec. 543.10. Jjb. March D3‘._a 
May 563. SO, July 572.60. 5epL fSl.60. I> u 
595J0. Jan: 599.511. Uareb CU3.30. M' 
niSjO. Sales: lu.500 lore, l-andy am 
tianuan snot bullion: 532.50 •Mi.t/6:. 

Soyabeans — July 67S-I-79 • <tvt I . . .'.ir 

6TVtfn <C6S;>. Sept. W9-«.?:. Koe. iV.- 
630. Jan. IS.M. March 6io. Jljy i .’:!. Ji.ft 

IlSoyabean Meal — July I73ftr-j:: a 
• 172.60). AUS. 173.70-114.00 <17J.uii. Si-rt 

173.50- 173. SO. OCt. 172. CO. Dec. KkOtHTU :>■' 
Jail. Mar ill trj.r.j. ;.lu 
lr.'.30-17J.90. July 172.00. 

Soyataan Off— 'Jut? 331:0-25" ft'.a: . 
Ant 24.75 124.451. sept. I’t-i'y, ri< 1 
j 22.(51. Dec.,. Jan. ■JJ.7.VJJ 
March 22.bV2J.70. Kay 23.50. J jI, 12 5i'. 

Sonar— .Vu. H: July 6.97 <f.«4<. S .<.. 
7. 04-7. DC <7.13«. Ort 7.11-7.14. 7.1- 
7.70. March 7.SS. May vns. juiv 9.2>-'_' - 
Sent. 9.45-S^I. Oct. S krl-i.uj. Saltj: 5.154 

Tin— 5.5750-5.fiT0il nuni. (j r 0 5e-57 uu 


**Wheai— July 3lO-3lOi (,llu:>. Sop:. ::r- 
3131 1312! 1 , Dec. 31Si-31>:. M.T..U ::i‘>‘- 
319:. May 316. July 307:. 

WINNIPEG. Juno 29. ■> Rye— July Ui 53 
bid >102.00 bid i. Del. 96.W hid tltQ.Wi 
asked>. N<re. 97.80 a<4:erl. Dec. 99. lu hm. 
Kay unquoied. 

rTOare— July 70.50 bid <7J.7P>. Oct. 7110 
asked < 72.20r. Dec. 712.0 bid. March 71. W 
bid. Mav 73.30 Quni. 

JJBarley — July 72.90 bid <73.40 bid*. On. , 

73.50- 73.80 bid lT3.UI-7r.hl. Dec. 73.7a 
asked. March 74.00 asked. May noni. 

t, Flaxseed — July 287.90 bid *22 r i>1 bid . 
OcL 243. SO bid lJ43£0 a‘lt.«d'. N«v. 244 60 
arXcd. Dec. 241.00 bid. IUjv 24« 10 a'kf-J. 

6TWheat— SCWSS 13.5 pir sen- pr'<tda 
cum cm eft Si. Lawrc&re 1',: — <ieiJli. 

Ail cents per pound cs-a'arctauw 
unless utnervviso staled. * s? per trur 
ounce — 100 ounce lots, t rblcarn 1 -xxe 
3s Per 100 lbs— Dept, of Ac. pnevs pro- 
VIOPJS day. Pmhe sieulti lah. Jft’ buP: 
uak cars. 7 Cents per M ih bushel <-:.» 
’varehou^c. i.llUU bUs|i<-| |ij|^ ^ 5 .., ji..p 

(toy ounce for 50 or umre if 909 r..-r 
cent purity delivered NY. ” Corns p.-r 
tray ounce (v-vartmibv. J}N<'w B ’• 
conixaU m ss a sUon km lor bull: loi» 
of lOO Sfwn tons dvlleerrit f 0 b i-aw 
Chica/io, Toledo. Si Lou:% ami Al«j<<. 
“ o.-nis per 00 ll- buabcl t-, mpto 
1 - Cents per 24 lb bushel. i‘ CetlH iter 
4S lb bushel cx-vart-boiHd. Jf Corns :■• •• 
afi lb bushel ey irarebouic, 1 .000 btts'js'. 
lots. MSC per tonne. 

Effects of gloomy economic predictions short-lived 


• ••: ?.i.— Tpra^fet-ar j-DTkh •:. 

Gw rameut y«» j ' j '’fa.isf tftS* ‘li-DT - 

PlzeA Ini W “-—j ' J\ ‘^5 V ■ 4^; ^ J • **? ■ 

,_ .• _^,.i .Wl^ie. _ .453.*-. r~r-“I _ tVsiV. tr 1K1 & lli - 

Equity leaders and Gilt-edged recover to close higher 1 SgS i| SSlpi 

. J j^ TX «/ bullion' P | r ni "c < - yMSTtfoUX"^ 17 j ' j® ' ■ 7 S| 

= fn^'CTiUNT UE4LING DATES losses or 1 were transformed rebounded on further consider*- 1»7S low of ?.t4p: the preliminary moved up 4 to 71 pv after 7Sg latter WS > , - 

l n j^OUNT MEALING DATfcfc »«• n « of The lion of the results ami. after results aru expeirted «m FMuy Ssier at *18*** PCTOUlW*. toahnyam*?-- _ , 

"rJri'mim 1IFU1NG DATES losses or 1 wore transformed rebounded on further consider*- inTR low of 3t4p: the preliminary moved up 4 lo tiPv aiwr ^ latter was floauyr^ - ^ "J l 4^4$** vJgpte- 

tnhrXOWNT MEALING DAI « s n “ * samj> ef j T he lion of the results ami. after results aru ejected tiexl Friday follow in? * bear *g2 £sier at $184 373 per ounce. Olinp ***?-~ _ -60.85 *k&? t 9 H5LS. 

( In fP '«" An ount announcement that Minimum Wednesday * loss of '4. the u Plfcn lost ii at S4p on small further buying »n a thm mar ea f n dciUar terms, share rPngJ* Knotty wn»«r*«»- 3 .-'' ioJ liteft* 

' (ui*? 1 nt-ibra- Last Account . .. R vou j d rem;ijn this was 0 higher at :il«i>. Gains tn selling m a restricted market 'eft London Pa^hon up 10 m- virtually unchanged out NsaraBi*rrgn»fe- ■ - 

lions Dealings Da> - aroused 'fleeted secondary issues were- Engineerings were again mainly at GSQp. Brih > S?**! i®her cum-premiuoi improvements w*r V ' , J» ® ^ JJfft W^:.V.' .'. t ;%. 

> ltn.12 Jon. 22 Juu.23 July 4 « K « ^ fcw exaggerated by the sensitivity of notable for renewed strength in 9Sp in response to the SJ ent ' t0 lift the Gold t Mw* - : ■ ■ Egt VmHtV 

u 1 I -.26 July 6 July 7 July 18 , d change. Houever, a the market lo lhe occasional small John Broun which put on S more profits and P r op£«*d 2 ? £? . c d f ndex by 1-8 more to 162.4 for a •. -. d s p 

• 4w in July 211 July 2J Aug. 1 2 ,1 n o IhV mm rd buyer; Helical Bar and Hcywood to a peak of 352. making a jump gcr.p-lssue. Renewed specula uw atmw of 4.S. . . • 7 

.J « Mew Ume " dealings mw law p»« pressure on U.b 
**IIU 9J0 am two businev* da»5 earlier. _ the Fedeia 

J SL hc pessimistic analysis of UK increased to S per cent yeslcr- 
Vnr Atomic prospects presented hy day— caused a lale reaction in 
1'. Cambridge Growth Project the shorter maturities. Corpora- 
‘ a- ailed investment incentive foe lions traded narrowly and firsi- 
\ C i ar ?ties until lhe lale trade when, lime dealings in Serum Variable 
r Vi^.n attempt lo explain a small 1983. most of which was placed 
f ,? w ved demand. speculation at WJ. began at 1U0 before a close 
° kJPb^ 10 ^ about possible political of f9;. 

0 , d| o H in s b J,ie a new With institution;! I and arbitraae 

r 'oi 'Lab pact. interest following up the pre- 

runds’ rate respectively, while Johnson- annual results: the group 

cent yestcr- ■ - - ■- 

reaction in A>.finr= ^=. . . — = — . - — .. — - ^=zzr~ 

■^tx BT« Terras 

>t.z - -«n r&M :- s® =*ctvity ■ * •. . 

10 lisp after comment on the « »«• ” f Western 

disappointing second-half per- P U J \ noi 

rormance. . .. foS-priced issues. 

Although Motors and Distribu- ^ ^ f ^f^een 7j=i?d 

tors closed with the occasional men k 0 j^^^nws, 377p, 

small fall, the undertone remained 10 wtbtc coomon . ra ^ tdn. 275P, 

‘ ailnee 


small fall, the undertone remained iv ™ StUfontein. 275p 

firm. Abbey pawls were dull at Blyrojr ^ 

f 'uc re more positive influence was vious day's late advance, the 
j i'lf lets’ intention to substantially investment currency premium 
F.rf 11 V.-ease in final dividend p:iy- nv>c lu I l.JJ per cent before a 

[ ^J^ndwirial output made little Activity diminished in Traded 
- i 1 ^•ression on sentiment. Options and the total number oT 

* rj^lj,usiness overall. however, contracts done fell to 333. corn- 

firm. Abbey raneis were uuu 01 500D. 

54p. down 4. while small offerings Facials lacked 

clipped 2 from Fodens ;U OOP and trend but continuing 

S from York Trader at otp. CGSB * . and Cape interest hSlci 

finished a shade off at *lp on MidAmerican 3 more TO 32np 
Turther consideration of the Awg iA .Vaal 20 to <<0p. be 
interim report. Among the . J. flKats vvere finally a penny 
lenders. Lucas Industries J iarder at -^ p after a year s high 
rebounded from 296p to close a Qf o4 0Pi . 

net S better at 302p. London-registered 

Leading Oils quiet 

I l* »«r j High-] - I ■ «-• ^ 

.’} Jroie'i- 

, v 231 

■JS. 1B7.6 tSS. 
it Mr.« t-tss.- 

Fixed' Inc — 

r yrm 1 «. 

I s'jyzaiiu-d cx'tremclv light and was pared with the previous day's 
1 IyJr’\ slightly better than the 3H*. ICl were the most active 

• ~ rf arVlou* dnv which, measured by with «t contracts and the October 

gs'inl markings, was the lowest 3«0 series cheapened 21 to iljp. 
■. \ , -e Christmas. Once auain. In- Marks and Spencer followed with 

• -i * 1 . . on . 1 . 1 rtotnKAK i_in i ■» iir. 


net S better at 302p. London-registered Financiais. 

Leading Oils quiet J^& -H,k Atf d, Srt 

American interest prompted a exception with a rise of 3 to mp 
recovery in British Petroleum to following Press mention 01 a 
the overnight level of S40p. after broker's bullish circular. 

S34p. while Shell traded quietly Rubbers took . the recent marKet 
and drifted 3 easier to 542p. The re-raOns a stage further as 
substantial turnround from loss London invertors took more 



. '■• No.. 

Denomuia- oL ■_ .Closing . Change : . 

lion', marks pries (p> /ptfdaT : 

f.;. 2Sp‘ It, ' 

•■'j.fjWJtiiirinl buyers were content lo BS and its October 140 lost 2 to Up. an d closed U higher at 'Jdp In plans for its industrial equipment • 

■,r|ud their funds and showed no contrast, small selling lowered in Clydebank. Other leaders c 

in lines or selected HambrOS dOUIl agaill Milburv S to 90p. closed narrowly mixed. Elsewhere. 1 

‘..n! mdary issue* which were thus . . . ICl erased nn initial fall nf 4 in l h p Boards encouraging remarks t 

Richards Tile, here w«M MWinM 110, .i onteroMM «> Profit g—g»*.Jj lw««L.W g^^^*®El. b 2S35 SSffiST "*” : 'M. 

i: liir h^r m •iiti. In nJ;.n< ii« inriusiru fouiivnient Premier Consolidated. wnicn m tne f jbgo ‘ -a ' 

in plans for ils industrial equipment Premier Consolidated which in the ^ Far . b»i ise u ^‘V&3p “ , TS " cia *. Z? 

ed in Clvdebank. Other leaders clnsed Fractionally better at lbjp featured with a ise i . ICl -S. 1 . 

JB 78- »* 

- I br *■ 
586: 48* t 

,895 : .32 : : 

>»!• ai r 

insea fractionally d«« r *«• J" 1 "™ ™ thp «wk so lar «-*■ — - ■*>- w- ’"ZS 

fter 17p and. in belated response for a rise of *3 <m the vveett so i •• 25p '••• •.«. 264 _- -S' 7" . • 

> . "j l S srs ssuKt “■‘wa.-ss ^^erzz ^ - T , 

- 9 j j|icult to place 

Awaiting the outcome of the ,hp mudnsi Jaie uniurn and the abou i prospects outweighed the remarks in the annua L statement, ae f advanced 5 to loop on rma - 

roup's Norwegian .talks on sh.p- ^ SVfiZAlS lower annual earnings and^RenoId tolmrjgumi **•«*,*" ^ fhT^tiSSStenor .of the ^ 

'S,l “ a, v , 'v 111 “vy or mi'npnt lir,ued 10 drifr ,nwcr on nervous overnight level of :*5Hp. a her 353p of Tuesday's preliminary jumped IS to 35Sp following lat 3 Q in plantation MET Furniture — 1®P 

:i if 7f. atl ^ " cre Prominent. offerin2s and {0UC hed 170p before Croda D ernaliona added : inures prompted an improvement demand. _ . orT , SSJEmJ 77Z and Kolim. 39ip. , Iark . & Soencer 25p 

*u£5. the f’ an H tl ? r,s sec,or as . a closing 2 easier on balance at !74p. } V™n? r «, "pinies ponse to a nr 3 10 «0p in Tex Abrasives. Sime Darby, rt ill on Far Eastern raised 9 to 109p. **?“■* Zl 

*1 tniid Uir^efv^^rom^^hi^^F^r E, sewhere in a lethargic bjnking broker's bullish circular, but small Foods fluctuated narrow ly demand, rose 1 to it04p Jor a 1 Australians were featured b * ' 2 -£ 

>is,>£i3S, » r .“»siiss £& arr.« A„. ,rom iss. d «5r vyat'SH ^ ied ...; Ere -r. es . « 

;r;-«hr,> stoid out .ill, . rt« of .Zwo.l'ih.Zm ho ,‘rd.r^ „«■ 'VSTim iniS’ TijurZ iTom^u “ nd CrosfioW. 13 to d» ^« n ced f 138p. QwriSm 3p 

?r JTr'r" Mk ood Codulo imnroved - ^ Si' if^d S e r»»™l S' ^, vest . “ S TSS* ‘l the «id Courtoulds *»P 

^ xpano wroeiv rom t J ar sector, the major clearers edged selling clipped 5 from Inter- around lhe previous day;* closing day Min oM-. ' Oti her notani.^ nm« Qf specu i ati v C baying 

T-if'Att. i imn naturally aroused forward in thin trading. Midland national Faint at 7Up. levels. Ballevs of Yorkshire edged Overseas Traders mciuaear the I TC registered Hampton Ar 

! P , ..AVe speculative London business c , ose(i 2 bc . Iler at 342p and ' , ' . . fon ^rd a penny to 33 p in front son Znchonfc. a up at 1«=>P- a " d Sfi,* JSSJS 12 to 13 

/c’-^hrfe stood out with a n« of at Wert the turn harder at 255 p. P'^^ ^mphnes toriav's prelim inarv figures. Harrison and CrosfieW, 23 to the . alh Australians w 

L : . r -vi m^re to. Son on various , .. n “ ld J»«s fi * ,l ‘- d 1° d 1°. Z l.ilo it ed soecu la tUe interest good at 475p. ih P i 

rL ’ 7 . - / 


*2 //_- 2ipai, 

7 - 

.. M: :■■■■: 

V"iA2 ... ■ 


140 r: 

. 46Q' - "1- 

: 6 / 

• : : ss ' 

.* 6.:.-. 

• sw ; - 

- « 

- : ^2>W : 

■‘.-k'4* .* 

Ill- /v.. 



ri ■ Al nts, uerng j.i aown at me Alexander Howden dipped 7 lo spurt on nia nopes orougm aoout » a ve up of tne prev 

■n l syb.m. calculation and finally a 1S7p and c. e. Heath lort 5 to a faJI of 8 to ^l 1 in i ' ,FI Furni - gain or 10 which foil 

JiiA- 2 points hi •-'her at 4573; the o.Wp. lure, while Liberty receded 7 u» better- ihan-evpected 

R t^^ gain in Emits accounted for ” .. , . . . 13Sp in a ihin market and Van- figures. 

v i.'Jjut O.S nf Hie rise. Buildings displayed mi set trend |„ na dipped 5 to IJ«p. The dircc- _ 

-V «r in«».lv- .a, even 1ST A^^^gTSSSa 'TZTSlTSSi^'ffiSlS SI B ° 0tS 8°° d fete 

The lollowlna «xurit rw eo g toJ 

laiermatfon Scrrlce resterdar . Jek*l - '.mLcc ,1. 

inert »'»rt Lois n»r 1978. 



. ..--MMS-oa 
■. .- c , glCxmenftny r,- ; 

.. Banturand. -. -.kUTtfig hatt . a 

UC.lne». M«I»V-DW«fel sn ., 

ISijgte «nck of incentive was even "5n"SS Sort 1,0015 ^ “ W . * R^b^rs tooktherecentmarket .JSSKS 

'd-riVe apparent in British Funds, lower on lack of buyers with IS,™E, lo nut on ? lo 102? Late details of lhe company's re-raimg a stage further as Lon Else ^ v . here continuing rumours 

°:A. slightly lower opening quota- Taylor Woodrow and March w let Uunu^crNi to put on - to 1U-P- inlwUion „ pay a near doubled don investors took more interest Qf a sold stri ke beneath the De- h .«t urntnu-A 

{« Vis eventually attracted a few easing around 4 apiece to 35Ap Efeetncate contributed their dividend for rhe current trading following renewed ,n *; VJ? antimony ore-body promoted -r 0ma JSSff mK ENct. 

BUILDINGS 12 ) - . ■ 

Wcstbrich PrwM. 

Ladies Pnflo - • 
Samuel dl;J "AT-' 

n .lap buyers »iih the result that and 2S6p. Elsewhere BPB ’'hare of lirm 
w * * .up 3 more 

$£food price movements 

up J more 3t g-wp in turtner ,. e 
recognition nf the company's dl . 
dividend-pay ing potential, while 10 

higher at 201p. after 2U2p. vague talk of imminent develop- 

AyerNiUnv.-. ... , 

■•■'■ ; 5 h Bthw t» Kjga- 1 
. , GopeflB Cons. . , _' 5 aBWr» M 8 MV 

- ; ■ ? SEW (25> : ' 

.Vkapi^PBtaa<n ■ ; 
. *1' <:oqwtAri<»« ioA«s <» - 

ttne mac 7MT iflrtoi 7«e 7 
: v i»MAiii^wa nsm-of - 

XaftidTIHrNtn»u 3 «sat. - .. “ ' 

~ CLltCrtUCAU CUT '- v W- 

Clayton. Son 

' t p *t-5ACtl\ 

i-A-J' Danish A.l per ion ... 
) L i British A.l per ton ... 
.v Irish Special per ion 
a Ulster A.l per ton][ 

• ~f-' Hi NZ per 20 kg 

June 29 

Week ago 

iUomfi ago 

Cabieform resjionded to Press 0lhcf * miscellaneous Industrial ments. while London Sumatra RISES AND FALLS Aaronsofi Bros, 

comment with an improvement leaders .which had earlier drifted advanced 5 *° *“P ®" vcctcdhiV , ims 

of 4 to <2p. Ferranti, which is quie[Iv / ov ver. also tended to perk optimistic tenor of the chairmans XtSTEKDAY 

dealt in under Rule 163 t2) were up B^. c i,am rallied from B2Sp to statement. Gains of around 3 vvere Ub DowB mckinn Pentee* 

raised 50 to 420p nominal follow- c ( osc « harder on balance at seen in Plantation Bold mgs. ,jp. BriUsh Fmds w 1 i Sekmlnu. 

CTRICAL 5 nt • 1 : j. • B 7 M«f*ViJ>C W«?: *«ol 7 «e 7 

Its Highland Eloct. .: ry - DWAy^ltl^WlD JTD Wg a -qy 

- - -' >«*ftJriT»WNwM 3 iB«. - t , r 


I) Warwick Eoo. ; >v--;.£ii* 8 ij»t.<Saos.H« 1 -l»oroEkKt. 7 - r... . '■ 

AMCIMinHMa ul 1 



liminary resulrs. Elcctrocom- c h a nged at the overnight level raised 9 to 109p. 
ponents moved up 4 lo 44, p Tor of 54.^ art£;r 34pp. After news r4 - lf a c fi rtT1 o r 

a two-day gam of li on Lhe sub- oF ir e u, 10 roval of Unilever's v>01US Tirmer 

3“- k: English per cw!t 

fl ' B- Danish salted per cvvtf ... 


12.51 12.62 12.51/12.52 11.41/11.52 
71.85/72.95 71.85 fiS.fll 

73.98/76.72 73.98/75.44 

a two-day gain of 17 on the sub- of y s aJ )proval of Unilever's «OIQS Hrmer 

rtanrially improved profits. Thorn acquisition of National Starch. The higher investment currency 

Electrical, however, shed 4 to a u n n CV er reacted to oOSp before premium was the main influence 


r R* NZ per tonne 1. nil. 50 

H English chcdtlar trade per 
, J S' tonne J.IB4.:!!) 



2.23 3.00 
3. SO 4.7 n 

June 29 

Week ago 


Month ago 

;; BEGGS- 

ri ® Home-produce: 

| ? Sire 4 2.30 2.80 2.23 ::.»n — 

r- H Size 2 3.90 4 60 3.80 4.70 — ' 

•'t B 

b Juno 29 Week ago .Month ago 

i gBKKF 

b Scottish killed side* ex- 

i* B KKC.F 56.0/59.0 56.0 59.0 54.u 57.U 

j B Eire forequarters 33.0/26.0 30.0 35.0 

j ,1 £ English 60. 0/62.0 60.0 66.0 64.0,70.0 

3f|| L* NZ PLs-PMs 53.0/54.0 51.5/53.0 50.0/52.0 

j: tWrrON — English ewes ... — — — 

i|.j J^PORK (all weights) 35.0/44.0 35.0,44.0 

|t ‘ POULTRY — Broiler chickens 36.0/39.0 36.5/39.0 35.5/37.0 

If 1 

!; , k * London Egg Exchange price per 120 eggs, t Delivered. 

;i Unavailable, f: For delivery July 2-9. 



56.0 59.0 
33.0. 36.0 

54. U 57.0 
3O.0 35.0 

60. 0/62.0 

60.0 66.0 

64.0, 70.0 






First Last Last For 

Deal- Deal- Dcclara- Setlle- 

ings ings lion men l 

Jun.20 July 3 Sep. 14 Sep. 26 
Julv 4 July 17 Sep. 28 Oct. 10 
July IS July 31 Oct. 12 Oct. 24 
for rule nulicutions see end of 
Share fn/nrinniion Seniee 
Stocks favoured fur the call 
were Town arid City Properties, 
Westland, Premier Consolidated 
Oil. Fitch Lovell, Thomson 
Organisation. English Property. 
London and Northern. Pacific 
Copper, Dawson International, 
Burmah Oil, Group Lotus and 
Hampton Areas. Puts were done 
in Ocean Transport and Taverner 
Rutledge, while doubles were 

arranged in Lonrho, Westland, 
William Whittingham, Royco. 
Dawson International. English 
Property and Burmaft Oil. 




Rrilish Funds 




Corpus. Dominion and 


Foreign Bonds 




2 S 4 



Financial and Prop. ... 




orts - 












Recent Issues .... — 

4 - 


. 12 - 





textius cs> ■■■ . 
eat Torar. . .....-‘L 

>. -/ /-.i;.- WGrtiRHOHO M 

.Bi aeroqJCJV • 

.BiVjtotrCteMrtiTx tow. 

.v e*»; •„ . 

Defrt. iimv-Pl 
OILS O)'-. 

wess tn _ , v ._ 

v T«mHt>C4r . . 

OVERSEAS TRADERS 43f < ■■ *</- Y™ 
Boosted , . 

Bird <Afrieai - KxuQa K*v6tk?y T.'rv'^ 

- • 'v •^p K r»rtigfc-:gy - 

a i.^:smag*--**sass&£:’ ■ 


Pianta^tanW^is'u -CCPjCrBi jfift 



l ■•'■nit 

These indices are the joint compilation of the Financial Times, the Institute of Aehaaf 

and the Faculty of Actuaries . : 

- *->) 

V l _ r 7 L_" 








3 JG:. 



4 c 

. 71 



— - 













«. 1 * 1111-11 








142 u 


Eurotherm International <i> 


.11:1 - 1 r 11 , ld 

Industrial electronic control and monitoring 
equipment for world markets 

Interim Report 1978 


United Kingdom 

Six Months ended 

30lh April. 197S 


4 32S 


Profit before taxation 

and minority interests 


Deduct estimated taxation 

United Kingdom 



Total taxation 


Profit after taxation 

Deduct minority interest 


• i 

Profit attributable lo shareholders 


Figures /or the corresponding previous period h,uc not been given as these nee nnt 

The expansion programme in the last six months nf the previous financial yr-ar js 
beginning to bear fruit and is a major contributing factor to orders in hand ai 30th April 
197S being over 40 per cent greater than at 30th April 1B77. The DirecT,.rs repeat rhe 
forecast in the recent Prospectus to the effect that in the ubsenor uf unforeseen 
circumstances the profit of the group before taxation and extraordinary items Tor the 
current year will be approximately £J.5m. 

i. .hi .. ii.ii.i 






L'*.ii-. Im<I I 



91 - 





lS ' 







5 T- 




151 - 

1 Jinntilb, - 









5 In 













29 1 ; 






• 19 .4 



«. tr 


21 ; 

10 i : 



li'ran-l Mil. 


5 i- 





lirnml Mi*l. 


1 ■ j 




.' 91- 

Cirrnnl Jin. 

120 * 


2 l« 







. 50 



li 1 




241 ; 







III; . 

20 '; 



1 - 

_ . 



ljHli '1 Se>-. 


24 “ 


271 - 




Figures in parentheses shew number at 
stocks per section . 

Eat- Grass .- BS rt. 

Ettnhas Dhr. TVS . 

Index -Day’s Yield* Yielded Redo 

So. Chmm (BlaxJ IACT ' Otatf 

% Corp. atSf9D Cotp. 

HxO?7 TtasS 






| Index , 

. So. 

So. A 

r*- /’ 

' »•'. 

CAPITAL GOODS(17® _____ 20S-0& +OX 1R26 

Building Maferia l g tgR. HW5 — 19.02 

Contracting. Conxtroction (27) — ~ — 33529 — 20 M 

446.46 +0JI 15.41 
Engineering Ccntractotsi 14)— — 307 S3 —0.1 19.51 

Vwhnni/nl B»M apinrfSl -—.I H&A9 —03 193? 


7.61 20733 20609 2B63L. 2»M T “• - 

7.42 305.01 MM3. 3«32 18695 1 

7.01 338.42 33217 f'SM 532ft : t 

9M 4tt» 437.91 4*7.1* 44S25 -5 - 1 • 

6J2 307is 30615 j»» T 

6.99 -367.37 166/96 Jto.75' JS7X I 

Iji >i*i 

1.111*1 .>IS-*. 

'Jhi-U.A, -|. 
Murk- A .'| ■ 
M M rt, ; \ ^|i 
.— 'll-'l 




200 ' 














291 j 












1 8 



• 62 


1 ?S 






1 43 








l 20 



■ — Hi»i, l„ir 

73 K.l*. 30 t> *■: c^j Until. all | t4.S i 4.1 O.Oi 4.S 45 

lyO h.r. 5 7 It.t 142 (-.■in-th^mi 162 I 2 . 641 3 . 0 ' 2.5 15.4 J 4 « 

•54 r.l*. -- s- « IlMi.ift- rivir.1,.1 -34 +1 >J2.0 1 2.3 1 B.9: 7.4 


:! IT 73 I 

E _ 

i Ul gin 1*1 ll- I 

* » I 

L‘98 lino 


IOOh j - 
Clou - 


ii : F.i' 

99 L 50 

■ ~ 90i. ' 90|> ' Ailied r«Hllier9% Pwf._ 8D|. | 

22.9 i 12 iU,Unnit-l IL'J * lfe-i. [937 : 10 

7.8 * 9 l 3 |*»i' A|,||| I>llnn Lrar. I‘ifa. IRIM!}.. ! 6 r<in, — l 

— HU,.' WljiiEcvIcHOtVil 1 na.OIHcclOS;iW 2 udCuinPretjlOlip:— »a 

— ! I'JU '-j . ion 'Minifiimli itllj 'ii Vn. tali' IM '100 I 

, 1*2817 I aFl s 97 * 4 :i»-n*s Wetcr i% k^t. I'n*i. MM i 98 ial 

'. 25'8 >ikl*i:i Liqn .F^imeir thl-. 13 . ^h?, I •»**■ j > 4 i*iir 

25.8 • S 7 '.; 44 lj fiwnwu-li lle*n. ll'*i.w*OU»ftD«l. 1 H 8 U...' 47 ]+•« 

109 F.P. 

99lj -- 
t«ai, no 
i:99 ;no 

S 90 J; V 50 
298 M.U35 

: 3 l *7 i lu... i *«ili. IviewicKiilli'il. I*i> 9 ■— 

i 1.9 Sui--: iTij'I'i in.' < Vi'nii l*lr. I**n. I'W* 48 - 

l 15,9 £■:«; 241 , VVV*. Kent WM. r 12 ^ lUf. IW : 24 l 2 '-l 4 



50,000 people in the United Kingdom suffer from progressively paralysing MULTIPLE 
SCLEROSIS— the cause and cure of which arc still unknown— HELP US BRING THEM 

relief and hope. 

We need your donation to enable us to enminue our work for the CARE and WELFARE 
OF MULTIPLE SCLEROSIS sufferers and (n cnmjaue our commitment to find the cause 

Please help— Send a donation today lo: 

Room F.I. The Multiple Sclerosis Society of G.B. and K.I, 

4 Tachbrook Street, London SW1 ISJ. 

.Nil | 7 f 7 . 13-8 Diim 1 *>|.m ikriii'li T^r V'n.l.u-M .. .. 

.Ml, — , • - ’ 6pni.4l?|im|Btwke Toul Kna 

N»l ■ 7 :7 18 Bl 22)>nij Jl|ou Ifannells 

JtJ a J 2 

Ml ' — : — 15pm 1 |iim'HvuIv* 

Ml 3»7 I 28'7'U-|Un1isi«Hill1.V inaii ll.A H.i 

Ml . — • — . /Ijiiii - Intemtn . 

Ml ■ 7_'7. 28,7- d>|,rr>i I0|.n> >L<*t*-li'i-v 

Nil - — — I g||,in'>,s**ir«**.rl|T*.M|. . . . , ....... 

■Nil • — — | .£(■*•• 18j •••• • lJ-i. .V. X/v 

Nil ' — — 2S|*in* 2l|*ni6niinl) *»*■•« il— • 

>,l ; _ j _ i L'4 t .m Us ,N<V 

• , 9jipi — I I 3 

........ 4 ' 2 |MII|— In I 

I 11 «•««,— I 

I 12(mr— 2 1 

!l2lsj*mi ... M j 5 

• i 17|nn'f 2 1 

j 17|*in'— lj 

, 21|ini -2 

........... 18j.m —2 

2 1 |*iii —2 

| 20iiim -2 

kvnuiiciniHin iIjtp n3iM!ly las* rtov Tor riralinc tree of sramp rtiuj. ii KlmirM 
haien on urosDLT'n^ nsumnri!. o dimmed 'lirnl^ml nnrt vielfl. a Knrecas: rtlvidenfl- 
Mivur hasen .in wvmiis war s **j mints r Ulwidend and yi^lo ha sen an orosuecrus 
or whi-r nilicial i**ni males fnr U!S u Gnisv i Kunn-s ^ssumnii. ■ i^isMr iiinw; 
lur vtinvcreinn ol snan*s noi nnw rankinu (or dividend or ranking only fnr reurlcien 
divld'.'iius. ; Piacmt price in onniic. yl nucv imti-ss otherwise mdicarud u Issued 
oy ifndor. llOITererl iq holder!; nl Ordinarv snares as a " nchlS " ** ■ «-— « 
hv w d v of capilalisallon. tt Minimum lender once. II Rcimrflrtnced. n l*sue.1 

in caiinecuon wun r<.*nrujn|sation meruer or take-over i!H InlmducLon n f*;siipri < . , . ... 

n- S5?JS t, TS ■ Alloiment letters tor rmu-saidi. • Pravuional 1 SSL E «P S“^ h i!L en “ j s 4! a,la,,h! lrora ““ ^ FbuwchH -Tlr 

n. jwrUy-pAid jllairnant fetters. * wilh warrants i Lonoon. fccsp sby. price Up, by pv*t 22 p. 

is 20-yr. Red. Deb & Loans (15) 

16 Investment Trust Prefs. (15) 

17 Coml. and lndl. Prefs. (20) 



> s *' Financial* Tinted Friday Jane 30 1978 

U 5 » 

: . > i*. 

*•, • + V 

'• '• Tv ^ 

■i: 'v . * 



Abbry I'nit Tst, Mars. Ltd. fa) 

rjjn.ijalf h.tuv rid . A>lr-burv 

Attbvyrapuni . . jjx 7 t 

Gartmore Fond Managers V faHg) Perpetual Unit Trust MngrnLV fa) 


>11..! . . m 7 n r. -0U 6 * S* ec 3 A.'obp. 

wp , L3S.2 «j |J -I) J si! '< 'iNMrmxiT 
TjL ra.'.Kj .TrS-gfl Sm » | nn^Ja..AjrciJ>«?_ 

,Tt ~ ' 4JB “3 -4 ^ 

fitra fnc'.Be T«-- 

■■■> Far Kist Tru«_ 38 9 

High Incaaif Til 57 6 

Inromr Find 71 0 

In» ,vrnn« 1354 

lull hwn,tH 83 b 

‘/■Inti T« •nrr ._ 32.7 

25 0| . I 


01283 3531 -W Han Sl-Henlcytta Tbanu>B oS'-StSfiS 
. .. I OU r-p^tul^pc:!--— 1399 08? i 341 

5 » 

+29) 255 Piccadilly Colt T. Mgrs. LULT ia«bi 
| JS Wi'Js'ifHy* LOi l/'idan Wall B’SJ SMi*il 

??3 *23 2n KMralnroar ,285 J 990 

»b ■* 8 ,i 5K small Co n F d wo J9 5 *°3 532 

ijmI imb ira Copiial Fthd . .... 41 fi 447a! 1 , -0 1] 4 07 

25? J"f BH»- *A?urts i442 47**; *43 3 3 <11 

IK PMialr F-no. - .[SJB 36 51 -57 «45 

-““I Arrifflill- fl.r 

JViialrF-od. - .',3}B 
Aeeunilr- rum! 'S3 2 

bibbs I Anton?) I’nit Tst- Mgs. Ltd. TrebaKOTV Kurwl 53 b 

5 IS f!" f ! rtS '.' K S , , :N1 ‘ -.“TiU? ASSSrfal.JT.jSS 25-35.04 2 M 

«K .a. A..i diwhit-WJ «i5 rd 4.90 Practical Invest. Co. Ltd.V <>Hcl 

4 71 OnV G. FX* gat*-- -£5 J 431 « Hooatbrj:? S«J. W.71A SKA 01 <23 BHG 

” Practical JoncSS-. jiffl J OTJ (** 

nn GoVett (JobxUV Accam IriU I2D9 7 2230*.... ■ 43b 

S» Vi}f - 0M f 8 ^ ) Provincial life Inv. Co. LULV 

SlStoJSVSttrjSS a ®w|=i iw MlB-toWr-SM ■ 01.W76^ 

is GH TO ;rcssi 0 s. ««. sass 1 — >sa=i 

omm« 4S3 FWdL Portfolio Mngre. 144V ferfbKc) 

BarrtD0DQJa»a28.[l«8O 206* 485 Holbora Bare. EC1N 2SH 01-4053C22 

... ‘Accum. Unto) 1 214b 2243 __.. 4X5 Prudential [125.0 J27S)-13J 461 

2 z»5 =29 tu Qnilter Management Co. Ud-V 

1 2H i-SS The Sic. Etrhan EC. SC2N IBP. 01-6004177 

— £2 Quadrant Ger- Fd. .[2073 113.7! _....[ 4 60 

^nti 5 2 Quadrant Income -J127 .7 13171 — 4 7.91 

-0 a 3 70 
*0 11 3b3 

•Od 263 

BjrFdTscr. 4_ [109.2 115J)| THl _ r* d <H" k s 5W**T lft ^ 
lit luna^ Valuation nomany Tuesday. 6 9. Super Fit _| £ 

eBK 5 ilEfx c e.|ll 6 l 4 SS -“uJ L’! 3 Norwich Union Insurance Group BSfefifiS 
G. i -2 Super Fit £7.95* H — WBmr 4 .No«nchNni 3 WU. 000 , 2=00 ^ n Y 
Guardian Soyal Exchange f ~ [BienaUmui i 

Rojal^clunce.ECi «1 2837107 129.1 134X “f. — KkS^fSS’ 

Property Bonds 1174.8 1B2.01 Z. | _ MUM-' 5551*5 ? - w ArS 

Hambro life Assaranee Uotited P KSr!uni»mHZ ^“^aas.t 1115 T . 0-1 ” UiAEtcm, 
7 tHd Park Lan«. Loodoti.Wl 01-4*100031 

lujany Life Assurance Co. Ltd. 

t«.r«dBortln*tanSl,W_l. 01-075682 

♦02 — 
-0.5 — 

-u Z 

-14 _ 

: -£|J 

Fixed! at. D«p. 




Hnmr.Ml Act 


Gill Edged 

American Acc... 

P*a.F.I.Dcp.C 4 p._ 

ibir.fieii/n.lliU _ 

ev life Assurance Ltd.V SS PnS&trf 

iHsb. Alma Rd.. ReigaCC- ReisBe 40101. Pen. Frnp a,t 

V UAnued ?132J] 13911 -1.31 _ Peo Max tap 

cMoH -rr [115 9 122.01 I ren.Mun..Vcc 

■ Tl ^s 

KRsfezSS i 

EEVMadUton Fd. 97.7 \ 
fisv MgdJ*o.'B *i 1 
^Spllx. — — — -|97-9 1 

trw Ufa Assnrattce 

SrUxMdCeBowL W 12- 

US i — 

1 WS — 
145 0 ^Ot — 
I79J -0.7 — 
124JJ tO.s _ 
1297 -*4>2 — 

100.6 -£.•> — 
1343 - . — 

213.0) Z- 

274 « i- 

122.ol — ren- Mux Acv 7Z SS3 2793 ^ ! H PlopfU/ wl 

1UJ +0.1 _ Prn 4;i U td (■.,-* P_. 1217 lraM __ _ i^oa House. Cro 

1132 -tOS _ Hen c,l» pfJd. Acc 1?8 1 134.9}^. — Property Fuorf. 

951 _ TvagS Cop —.1239 130 ^ 6 .. — rropetty Fund ■ 

1®.° — Pew- g b. Aec. 140.7 147 H — — AflinReCiil PUi 

lttl — S'”" -■ 9°*’ — 1 — > — Asrtc.FnadlAi 

lasj — _ Pen. nAF.Anu.. 10£B ] ... ] — XESeyNaL^m 

10811 — Hearts of Oak Benefit Society 

5 16-17. Tavirtock Place. WC1H9SM 010105020 {S i S u nuSpB 

01-748 Bill «e»"»ottiak — — £56 4 305J .., : — EquityPHnd^. 

g .3 .... J _ Hill Samuel Life Assnr. Ltd.V 

TT7d Il V — NLA T*r n Addiscombe RdL, Crny. Mcnoj PU^ 1A' 

... 1 Actuarial Fund. 

Hjch Income „ ,]U4 

AH.Ei|. Inc. [37.7 

iBtenaiiwul Fuad* 

iMcroamwal „_1S63 

Pacific Fund B4.9 

Rocs. 0* America. ..[53 6 

U 5a Ex crops e> )95 9 

SpecUlin full 

SmallerCo/a Fd 1352 

II si \ 

201 +OZ 

4 a e + 0.7 

5740 +06 

1>U +14 

— Eeoa House. Cm.rion.CHn ILL! 

— Propeny Fund. .( i&J 

— ACncuRoculPund 

— AHlc.FUndfA 

Phoenix Assurance Co. Ltd. SmoiierCo.-j Fd.__ 352 377| +031 «M litevlM!!, 

aasessasra. "r™ ! * i -4 g S>H: 

Kft»=iu«J = |= BSISSsEi is 

Co ^ Anderson Unit Trust Managers Ltd. fiH&bJ,?*!* 3 *- 

KSUkProxKd. ”.l' wt' I U1 ' 4 ® 6 ^ 57 j2d^ t ^ hSLE g5 BAA n « GBaT,ltan E** Unit Mgrs. ltd. ^StariqFd Z jm~ 4 bS-'oT.I 

no.E«JUiqBd. 745 1 .... I — “ 5**1 ~..4 «JS Ft>rs i EjcI^ec, EC3P3DN 01-628 8011 sSSmdeTTiAre Ul.2 49fl - 

HaxMonrrBd. - 1 3437 | | _ Ansbarhcr Uni! JlfgniL Co. Ltd. fJdiCuarfhiUT«_p66 89.7(-«ai 452 ScnordcT.l^. — ]*32 43 5) - 

Property Growth Assnr. Co. Ltd.V 1 wbvtj.v m-isaenn Henderson AdmlnlstntionV (aHckg) Ridgefield ?.fan2geaient Ltd. 

-TJ *54 HeJ fence I'slt Mgrs. Ltd-V 

1 434 n.,;„._tr u T»*hni,*cUV>n. V* 

^ — llO.ftwstordSlrecI, W1H2AS. 01-1880857 158 FcnchurehSL BAA CSiani rT. T±f .. "■**■ 1 Relisnce Hsc.TaehndSc Wells. 1^. 0082=2271 

Z" Z R-SUkProxKii.-.. 160 0 | I _ «h3!t |« an j Guardian Boy«l Ex. Unit Mgrs. Ltd. Op-x>r __|M « 68.91 1 S« 

z Z no.&rultyfed. 745 I .... I — j “ 5**1 ~..J «JS Rors i F.»-h' nt -. EC3P3DN 0142080U S^SnrdeTTiArc •. Ul.2 «lj -Dj] 532 

: „ nexUaorrBd. J 3437 | | — Anshacher Unit Memt. Co. LUL <MiCuarfiuUTa-M6 B9.7f -G8) ict Sctfon)c7.hf. — f 43 - 2 43oj-o-J 5S2 

Arbulhnot Securities (C.L» Limited 
P IJ. Bus 3H, R. He!,**. 3— ,.-J 'W 72*77 

Ca|. 7 *i illbO 120 01 .. .. I 417 

Nf>! ■I,'a!i>:a -IjIc lulx 4. 
Euiilnm [U6o 1230[. I 2- s 5 

,cr .1 uV r. 

AtiKtnlian Selection Fund NX* 

Vj-i'l ' nP'lur.l «“•. t'i In n 'luur; t 
I'uIlitaJitv ;u7 K..-.I SI . . 

Ibjlbhuiv 1 iiMH '<-0 021 — 

Net A\ i-i Y.tlcr .lull,. JO 

Bank of America International S_V 

35 Ruulc.jn] Ro> j). LuxcraiKuir.: G 1'. 
widu.xcM iiM»r>c in - 'u:n :e«h . i in 
Pruvi *1 2 line Li Next sub. day Juxe IB. 
Unit, of Lcdu. £c S. America Ltd. 
4frttf .Queen Victen.t S! . EC*. OZ -S/30 2313 

Alexander FUr.iL. JIL'-v.b4 — I | — 

Net \aluo June 

Banqae Brnselks Lambert 

S. Una Do la lie, '.coco B 1K>3 Bruuel* 

Reou Fund LF ILBtl 1915! -9[ 7J6 

Barclays Vnicorn InL (Cb. le.i Ltd. 

I .Cdstics cross. St Heller, Jrs; 05S673741 
rh-enc6Klncod>_[46B 50 01 .1 1125 

En, dollar Trust |l'ilUJ3 U3H-0 S5l 425* 

L'aibood Trust |l.'54lM33 l!DM|-0Jll S.C0 

■Subject to fee s=d unthholdinn tuxrs 
Barclays Unicorn 1st. IT. O- SSan 1 Ltd. 
I Thomx.SU Don tlx- lo.M. r«24 

King -Sha.xsfm Mfirs. 

t»“,Mr.-.cCrv. St Iteller Jewr.iMjJpTJi 

'.ullr- >i*c *4 Mer Port. i.rn». lOWf*-- 
I T!."" - u : ix-xu, I V. I ti 10S54W 

I5;i' 3uniliJvr<eii. 1920 ■—'I ?S' 

1., :iTr..MuV. 1027 lOSTJj J 12. 

1.. H !■>■, i,ci--n^rr ,-32 sjbi-fit! *- 

P?.t!Sr‘:.^ e -":rfi«4a M4«-015I - 

r,r ■ lit: 1 !lS5br 186^+OJl^ — 

Klein wort Benson Limited 

2*i t.».,SasfM F.03 01-S23B 

F.urmvest. Lu.< F. ! 1.359 +41 * 

1 :ua v.-'* j Ire 44? 630 ..... 4 

L10 Xi 1 . 1.-1 1793 83.4 • 

BMVSr'r; -»■» | 

W J PWasVn: ?• 

AhbeyKoLFd lAl 


iMLMOfet.BS ,S-3 - - A - HU1 Samuel Life Assnr. Ltd.V 

"" NLA Twr n Addiscombe RtL,Croy. OJ-GW4355 Mcnej 

i£8&5>rB$ H53=Sii _ SagHS&HSl !SH- - !£ZS 

-—-I — proj^rty Scnc A 

• wefeym Ufa Amoot. Co. Ltd. SESEggSix 

I^UtomtadBAJ-7 01-3345*44 MSStedUnSc 

* sda r tw od s*— 1223) 1285 _ Money Veils 

— 1123 1183 -0T — Money Senes A. 

^Xedsed 1D9 jO 1UJ -03 — Fired InL SerA_ 

$4 U ,H y lMD 109 ■ +IU _ Pns. Managed Cap 

Z SSZZZ 106.4 138b — Pus. Mona ! 

31 10.7 ML9 ..._. _ Pm-Glee 

*X, xBsns^ccnm. - 95L4 UKL5 •*- Pns.GTeed.Aec.. 

iTaltlttl - — . 953 983 — Peas. Equity Cap 

5. (KdaPensAce.- 9*7 99.7 — reus - • 

•9 .toldol : n.9 96J — Pns.F __ 

17 Bey Pens Act... 100.4 105 7 — Pnc.Fxsi JnLAcu. 

Bbj .i.' Gilt-edeedFaiKf 

69.6 -S'*. | — Gtlt.Ed8e4FO.iAi 

M l 4®J _ ♦ Retire Antnwij 

« ^SSSSt^W *S2::z 

Tit *Carreat unit value Jane 30. 

Fired InLSer A_ 
Pus. Managed LTtp 
Pus. MmufedArc. 
Pas. GTeed. Cap. 
Pna. GTeed. Acc.. 
Peas Equity Cap 
Feu. Equity Acc 
Pens Prep. Cap 
Pens. Prop. Acc_~- 

+-■ — PNsGiwa nr* 
i-- — All wTber Ac. Lis 

!*-■ — »AUWealberCjp. . 

j f ■ — 9 Ibv.FAUJV- — - 
1 — - — Pension Pd. W;. — , 
1 - — Com.PeuFd 1 

- ~ — Cue. PM. ftp. t't 

— - — MM.ftU.Ftf.- 

r y — Max Peu ftp. Us 

• i — PropPcusFd. — | 

' .-J. — Prop.PnnxCap-L'ls- 

ismra Prcdcas & Auucftfei Lid. 

wife* Life Assnr. Co. Ltd-V imponni Life ass. li 

- Lombard St^ECl. 01423 1288 House. Guildiord. 

. V tMflf.9] ..u. | 

Imperial Life Ass. Co. of Cao^da 

Imperial House. Guildford. ■ 71255 

w^csStftpVi-l mi | — Barclays umcorn 

Provlnaal Life Assurance Co. LUL 

222, BWtopaente. E.C2. 01-2478533 Do.Ausl Are 723 

oiyjtoobno !"•••■ Fund.|l650 3) 

— Arbulhitot Secnritirs U 

- " — 77 Quern S«. I>in4nn R74R )B 

_ Ext ro Income Fd . 104 7 

. Hlfb Inc. Fluid _ 40 h 

'■ _ OfVvuia L'niu<.... 54 6 

Z' — l * 1 ^' Wdrwl l'tsiS4b 

Preference Flund 25 4 

n _ ■ Ai-aum. l'nitii._ 37.T 

-ID — Capitol Fund IS. 4 

Commcidiiy Fund ^ M2 

■"■■■ 'Ac rum. liniun.. — Ml 

_ i|lF,Wdrw|.|i.) 556 

_ Fin.l-PropFd. 16.6 

Oiaau Fund 30 7 

_ 1 Arccm l'ntui„. 44 7 

Growth Fund 32.B 

1 .Seen m Unit*, 1 37.7 

■ Lid. SmaUcrCo* Fd .._. »5 
-_... — Eii-dem A lati.Fd.. 2b 4 

— - — .«•, Wdn*U/[si__ 29.7 

— Kocvisn Fd S7.1 93 

— K.Aiuer fclaL Fd.314 3 

$3B8 7» ?• 

S- mcl . e ior=aiIa I Il’SM +DJ>I 1. 

•Ln:^ = di :Dii« RB.60 I9WJ ^-4 B- 

-.‘IS -cl os lA=coa paylns accott only. 

Uoyds St. tCJ.l L7T Mgrs. 

paSft IS*. St. Heller Jeney. 0534271 
Ua.-ds T»‘- O !56-4 s— l 1 - 

.NV« d c oli C o dote July 1*. 

Uoyds ?3ternatioaa] Mgnmt. S-A. 

7 Roc riu Rnooe. P O. Box 170. 1211 Geww* 

LJoyds irt Growth limZH A**58f | * 

! dl .1^C333 3MM| ..-4 » 

Ci Group 

Thrrc Osar*. Tour? Hill 5TC3R W 01-021 4* 

ni^atrrra Henderson AdmlnlstrationV (sHckg) Ridgefield Management Ll<L Do Grir Paetl»e.jC? 674) 1 \- 

375 01 .. ..[ 890 Premi erUVAdmu^ i BayWcb Hoad. HuOm. =»-« Keeeedr S. Manidiebter 061230H521 »« flSd sSll-SST le*S - 

s-.<4» «arr-jjs gwssajfti^ 8J:: i« ursi^.-.-m kH:)S8 

JV oiiSAfisot can Growth Iro 141 5 

***« **«- C*P cSSSJfciSo 

2n Init I'» loc/w6rA*Mlx..Jn;7 

ISaJ'S 2S W.toWffet. . 

2J3 “211 2?? Rothschild Asset Management tgi 

JZ il :il ?Si —> cm r.i.L...,. d/ x. rrwu*. 

634 12-BO. Gatehouse Ed . A> ieabuo 

28 Z _ 
281 ._ 
22.1 .... 
932a -8 
335 +0. 

,! 2 Hlph IncoTua _|E8 9 

■— S?2 Cabot Extrx Icc._,|54.9 
“•• Setter Fa^a 

r»i r 3 Financial* ITU ^[23.7 

+02 |g ftasr 11 — 1 r -r 

Jn'a 2 90 jPtornxHoqil 1 JO 2 

-03 890 WHd WldeJuac22_|73A 

-01 305 Owreero Fired* 

-0J 3 05 A BW re lUn 54 9 

455 EUro->eM_ _3»6 

137 F*tSW 74* 

137 SorthAmer. 39.1 

• 2.1 175 NjVmilmJuiieSD. 120.9 
+03 TOO CaboDUcer^m-Co. [56.4 

57Jtfj ^0 j1 

)U 309 
L§ 261 
] BJ 698 
13 175 
L3 175 ' 
m *65 

3731 +e: 
411 1 +0- 
41S +0. 
125.9a — 0/ 

— ) Archway Unit Tst. Mgs. Ltd.V (Me) Hl1 * Snmd ^ Trt. Mgrs-t W MerUaJaaeffi' 

1 — in .... _.77 41 flw efa..gC3»SJC AMMtwni Urnm. I'eiu, 

317. HiRb Hoi born, WC1V7.NL 01-S316Z 

Arch® ay Fund |79 6 844x9 -171 6.4 

Price* at June 28. Nest sub. «uy July d 

jJ.Bwefe-i-r *2676 I l - JSg tl = 

®n*d» LifeAwnranee Co. ManaiwdFi^d^iws 1 i i _ 

a B*h SL. ftttere Bar. Berts. P-Bar 51122 Ftscd^lnt.Fdl. lSc‘3 X. I — 

lf.C&-Fd.JaaeZl 6 93 I ] — Secure Cop Pd. Jw.0 ■ 101 H 2 ) — 

jnLFed. JuscOl 1193 1 { — EquityFund [tb* 1BL1| f. 1 — ■ 

duqu Assurance UL9 Irish Life Assurance Co. LtJL 

tmuMc Wr. WernbJejr HAS0VB 01-90SD87C 11’ FI I^ bu i y SqvaT ^^ Z ’ ,,, * , ~ 8aax 

i 01-S3KC33. «B^hSL.SC=P=LX 


sub. <u>- July 0. t Sto!fe?T5ii: 

fiusWlpl <b) Capital Trust 

lan&jnci /biFSaaDcialTnuL 

PrDV.ManaCnd Fd. U32 
Pwv. Cash Fa. — .... 1843 

urn Fund ax uu, 

Property Fund — 954 

Esjuito'Fonii 97 9 

yStiuLFoad 953 

Barclays Vnicorn LW. UHslVic) t&fiSSSJdTSs: 

Uolcoro 11*252 Romford Rd. E7. 01-5345544 ibi Incxuae Tru»t- 

Unirom Amen ra._ [73.2 35.7d) •0.5) 129 ihl Securtiy Tro*i_ 

Do. Ausl Arc — 1723 78 ll •0.71 178 ibi High Yield TsL. 


pBoadfErac {i 



kit — +o.oai — 

m - ._. . - 

L.17 U 82 +D.06 — 

UX M.M — 

L96 13.71 +0.02 — 

u m jt ...... — 

Blue Clip June 22- 71.7 

Managed Fund 221 6 

ExempL Man. Fd... 1013 
Prop. Mod. June 1... 1773 
Prop. Mod Gtb 1933 

tjL Prudential Pensions Limited^ Do Growth Arc as 2 4241-03 

|1 -^8S2M Bolborh Barn. Bn N2N H 014050222 S.'SSTjk;-: *§37 iSa Zji 

r I * M “Iub 72 irs?! 1 Pnce* a; June 3( Next sub day Jnl 

► 6H-S Si13 — rto-Hrenw.. B.3 44 71-0 J 

b- I — Prop. F.Tunt 21 — {125.78 2630) ... J — Po Trustee Fund... D75 116^9-0.6 

Oallmpu MntnaV ^ Cl IVIdu'ideTfiL.^. 49 3 53 3j +0.5 

Relfence mntaal BT-a.In FdJnc 603 63 S -0.3 

Tunbridge Walls, LmL 088C2&T1 Do Accum._ ,693 782J -D.4j 

RelProp. Bds. 1 1903 1 -- RulMr . e. « M /. 

Do. Auat lac 56.9 

Do.Cspi'JiL..- 64.0 

Dn FjicmplTaL .... 109 9 
Do EnrB Income . 27 1 

Do Financial-. 57 9 

Du. 500 .. 713 

Do General . . . 30 4 

Do Growth Arc 3S2 


VJ- Depo«tt_ 96JI 102 

i— .StftZZ 583 93 

-/ Eq. PensJAec. . «-7^ .98 

;• z-OpFenalAec. _ 109.9 U4 

*a Pens] Ace *5 104. 

. .'a- ' DexPean/Acc. 58.6 104 

-^-►Glttftin/Acc. B5 93 

SSTF 173 48 

■ " l * utsjJF.2 pis a 

.-- r 7i z Cnrreat value June : 

'"nil +0>1 Ln Si High Yield TSL.^6 ^*3 sS Save * P«»pw Gro 

+ n^ aS Itttri-V faMgl * Gro*t SL Helen*. Lorn 

109 3 -0 4 6.U 15. Chrldephcr Street, KCi 01-W7TM3 SSnsaTo lx-5M BM 

f-g fe*sL lar.Fund 1£6-0 92J| +0.4) 665 J™ 

^ +0J II Key Fund Manager* Ltd. (a**) 

I? : °g| !i ajastessa* ..ot 

1^1-" ^ JSy^^FUZ^O j2?^ l§ 

J b d»y July 3]^ Key Income Fond- 763 BTthi -82 8 4* ^ J*** 

,9471 -QJ 5 83 Key Fixed let- Fd _ ».Q 632 1 1227 Higb-YieW J5T4 

U24 -D 6 531 Key Small Co s Fd„)93.9 99^ -O.B} 63« High fecome Food* 

63 1 Ioa 5 01 Klein wort Benson Cult Managers? BtehRctnr n | M.& 

4 4l Kev Energy ln.Fd._m3 
626 Key Entity A Gen_ jbb2 
533 OKeyuempt Fd — pit 
3T Key Income Fond- 1762 

■** « sfe^SEWrajBy «9 '+t3 it! 

nil .w N.elntLFd iACr.4902 9S.9i +T3 175 

+03l 196 N C. Smile Coys Fd.150 B 3*3i| -03 A65 

RothschDd & Lowndes Mgmt. (s) 

tS-fl ?2 StSwitfcmsLaae.IdlL.E3K. 01-6384358 

467 NcwCt Exempt '0258 , 13201 .._..] 154 
* Price on June ji. Nest denUnc 

+«J 1*2 Hovran Unit Trust Magt. I id.pfa> 

TVJ City Gate Eye. nnybarSOh ECU 01-608)060 

+83) 136 Americas Juae23_miS ,713] 097 

-o5t 234 Securities Jane 27. .11610 3710 .... 435 

+031 L» High™. June 29_ *517 5*3 -03 ?« 

*jS™ 730 76? -0 7 7 95 

LT l«l Merlin June 28 7*1 80 0 417 

01-82880)1 iAeeum. Cuis J928 9731 4.17 

^ Hoyal TsL Can. Fd. Mgrs. Ltd. 

+0 6 278 54-Jermyti Street. SW.J. 01-6238252 

-0.4 4 93 Capital Fd WA 735] | 3 55 

-ffi 4.96 Income Fd J71* 75.«| / 743 

733 Prices a: May 15. Next dealing Jane 30. 

Z£jj Save Se Prosper Group 

4. Great SL Hrlen*. London EC3P 3E3» 
m *8-73 Queen SL. Edirbaigh ES2 4SS 
S' a ^ Dealings to 0I-5M 88» or 031-233 7351 
tL * s Save & Prosper Securities Ltd-V 

l.i. naU.I Fond* 

CasitaL |3S 8 395 < *0.31 332 

-OS BJ trl- 1247 2t,S^ .. 1 4.24 

-02i 5K llnlv. Growth 165 9 70.rf +05 103 

5 83 Key 

Exempt. .[103^ 104.68) +J.L'| — 

fterl dealt np dale July S 

-Bd [Ilf 40 hR|L! — 

' ■.--taa Current value June w. C«h Lrnual [*6 

Do.Accum. HIJ 

Assnrsmcev Equity Initial [1*5-4 

■ .V. J r ^f 0a ^T’ ^‘^ xaa l 0802a85U ^^JaCZZIpiT 

' ^-na nroW.P iL_.| ma — J - Do.Accum. hlbl 

• . nsakarlnvFd-.[ 20203 | 1 — Ixtl. Initial |%T 

Prop. Mod. Gth._.Z.'fi93J 303j\ f '1 — Relfence IHntnal Biuio Fdjnc_Z[b8J 63«-o i to. Kleinwort Benson Unit ManagersV Bish Return 

King & Shannon Ltd. : ■nmtatdgnWeUs.hnut. 088S222n Do Accum. [69-3 724-0.4 5Jtt 20 . Fosdtureh SL, E.C JL 01-6838000 

62 .Corahiu.EtzL 0i^233«j RelFrop,B(is. — I 198T l - -I — Baying Brother* & Co, JUd-V feKx) ySI — I 5-S 

Bond Fd. tomtd.-J10Eg ^04,681 ■g.lTI — RothscMld Asset Management 88.LeadenhallSl..ECJ. 01-5883830 K_B.Fd.T^*ta.„^ B ^59^ ij 4.47 Onncq Fundvc) 

Go*LSee.Bd^p»4Q^^fS|!...! - J iSSSu oSS2S2£—%a9 M zj S 1* * C Unit Trust Management UtLV fig T ~ 

Jjnghnm Life Assurance CL Ltd. 1 ~ '"^HsnsrdvjSra!-- 4 ** 7tJ2^ aEta- M?'S6i -M ?3M 

CT“ Group BishopsgtUe Progressive Mgmt. Co.V ItsJSOknrjKf W =1 ^ 

VProp. Bond [141-3 148n -®Z"( — Hew Ball Place, Li verpooL 0512=74422 EBmhoiweaio.LC 3. 01-5B86290 Lnvr&On SCCS. Ltd. V(*Kc) 

Wisp (SP1 Sian Fd [785 SLb]---. | - Eoy*lShi«WFd-_-I1323 139.91 1- 5JSffiJTS!!5ffBSf 1 ^?Sl — J I V£ <Q George Sc. Edinburgh EE22JG. <Bl-a8 3811 C ^T 

l«gal & General- (Unit Assnr.) Ltd. t Prosper Greet*? B'gaieint June 27^725 151(4 ZZ 234 *,AS'muSteiZ 

Klnggw ood House, Elngswood. -'Tad worth. _v, i_ Hn 1 ^™ n1 ™ c~q 'Accum . 1 June 27.. [1903 2B2S\ 1 234 5L^££iS L F H?j tB * — 

Sur^y KT206EU. ’ Buroli Btaa-.h S34S6 * 8889 Nest sub. day Maly U. Willy ± Growth Fond 

S8.LeadenijallSL.ECJ. 01-588 2839 KB.Fd.fev.1Ua. „]552 596) '_Z) 4.47 Onncaa Fmadws) 

EB2S-—W SIS Z“J S L * C Unit Trust Management Ud-V ffiS!ZZZZ=g’!. 
NSwVlhr jST The Stock EchnngCL EC2S IBP. 01-588 2800 vSZ P44 

Bishopsgttfe Progressive Mgmt. Co.V LAC :S* GenFa^IwJ 3 IZZ-i 237 cS5J5j5^— -.575 J 

9.Bi5bo»eaio.E.CJ. 01-5686280 limn Sees. Ltd. WaVcl E*>ers> 633 

J95rtJ *0.31 332 
2b 5| .. \ 4.24 
70.fl+0i) 2.03 

55JJ-0J) 755 

69.41-021 865 
43.^ ...1 954 

K.71 —02} 4.99 

9121 +0.71 332 
1M +L3 076 
79.^ +0.5) 2-25 

WiaplSPI Sian Fdpis SUiv.-.] — Boya)8hfeklTd._-|1323 139.91 1 — 

Leghl A General (Unit Assnr.) Ltd. ^ ^ CrwpV 

S™™BEU~’ “"eSSl'nE-hSSa 4 CtStHrieaX Lndfl- «9P 9BR Ml 88S9 

2 S ftRaw. Material! 
2M tlAccian. UnitBL__ 

Z. Bak«rInvFtt..| 202J3 | 1 — imL Initial _Z_ 96J. 101T 

' ■ - - -■> — _ em. — . Do.Accum. WJ 1QIA 

- - ^rterhBUSB Magna Managed lnlUaL— 1153 1212 

. lequenSa, Oxbridge UB8 me 5S181 Do-Aecum. 117 4 lgl 

136.6 - HU Property Initial. - 1173 UL 

294 JL( Z DO-Arrum 100.9 1B6J 

■■ malMaaSed- *76 34 6 — fe*«l 6 General (unit ftaatraa) 

'■ mu Sjutiy 7 1*7 366 — Exempt Cash U1L . [96.4 1015 

BBkLSo? 1996 +0.9 — Do Accum. 980 1032 

aMferugod— 23BA +05 — Exempt Eqty. loll— 12L9 12E.< 

«.«•. . of Westminster Assnr. Co. Ltd. Exempt Fixed lnrt- uw.6 m < 

•t tead House. 6 Whitehone Bnd. Do Accum. — 1U4 1272 

- -ScitoSt wSmoosl a-npt itain mit U9 9 w 

: ?TOP. Fund — )60_4_ 6S3I ._...[ — 103.5 

1025 +02j — 
1215 tOM — 
123.7 — 

120J -0.4 — 
1215 +0.4 — 
10L2 +09l — 
IffL4 f0.9[ — 
12U 20 3 — 

Bal.lnv.Fd. [1265 

PropertTFi- 152.7 

GdlFd. liaO 

DepotllFdl 1232 

CottHxPeBS-Fd-t — 1993 

EqnSftnaFd 177.4 


DepoaftmLFd.1 — “a.7 

"• • ?rop.Fuwi 
.'■ wdFnad . 

'- r Fond — 


•r-J :■ Fund 

rod ... 

--■ aaf rsr- 

tf iigA Acc._ 

Mone y Acc— . 
T /TSnndty Cap. _ 

tg|:q z 

49Jl — 

Do.Accmu. fl2IB 1283 — 

Exempt Prop. Init.n6.4. l!TL5j | — 

Do.Accum. [980 1032) ......J — Junea 

Legal & General Prop. Fd. Mgrs. Ltd 

IL Queen Victoria St_EC4N4TP 01-345 6873 ^^3 June =71 

¥ ^~«saEWa« — 1 ■r-Jaso-ftAosw 

■Pncw on June 20i 

TWeehJr dealings. 

Schroder life GronpV 

Enterprise House, Portsmouth. 

Equity June 27 1 2259 

£quttf2JtLncZ7. 1223.4 224 

“ » 3 June 27 

InL Jnnet 

1st T7L June 27 ni5.9 14: 

XJcSGUt Jure 27... [1415 143. 

K* Sc. June 27 |U9J 125. , 

Mugd. Fix. June 27. 129.4 1X3 

Managed June 2T_. jJ42J 149.7. 

1334+03 — 

L^Sloi Z Bridge Fund MunagersVfaMO 

S, ~ V - b ~ King Will lam SL.EC4HBAR OJ-8234W1 fiAecua (.'total 

8 """ — Amencau&Gen4_|feB 26J) -03j 1.45 ** High Yield „ 

1873 -03 Income- MB 8 53.1 t74 '-tAcona UnltJ) . 

2505 — Capital lnc.t 346 37.1 331 DeaL *Moo. *Toe». tfWcdL tThurs. -Fti. 5 col E*. Y ld.'<> -_ [16D.7 1683Bi| 1 760 

965-05 — Dj-Aeej 1»5 4LJ — ■ f-g beftal & General T Vrwfall FszzdV Prices u June 2t Next rob. day July 12. 

rail +04 — rMt..™[i63 0 ^.S Z" 349 u.canynseBoad.BriiteL on232aa Sdilesinger Trust Mngrs. Ltd. (8Hz) 

tTtm^f*rl ce- SwuLVitsCZ^S ZlJ IM Fffl^^sSleu'lXniL^r 15 15 ’ (0306188441 

27.28(29. Next sab. day July 12 Am. EumiM 1215 226[ +0.3 301 

• Esrit^mUa Trust aw»l (.) OD IS il Hi ss 

“ 3 London Wall Bufldicgs, London Wall _ f„r5L SUL ^ SaT 811 ^ ttxi On v Z7T Exemptito. Ld»- M5 -0.3 45f 

■— “ London EC2M5QL 01-83804788)479 Loo SrS 54i Extra lnc.Ttt. 2B 4 50 5j 970 

A«<mi M4 74.71 —D 4 34 UeO AgC oa — — 180 j Income DiaL_ *7 7 4351 a..,,., IQ 07 

_ Capital Atrc—I 50 4 542^0.3 4.13 Lloydfi Bfe, Unit Tfil. Mngra. Ltd-V (a) Inc. ltffc Wdr*l 2!Lh 301x3 ... — 

rz z gssastzrftj *?% ^ s“ ^^^g^****- 5 * M]M &AS^z=S| || 

z SSSS£==»J fflsd i SS&^Ss fiSillRS SI i 72 

__ ^S^ncome 385 — U *« Mb 54W -aA Sal Prol. AGUl Trust- 28 . 12.60 

_ Far East 3.08 fZ°g£iV IS* ^ If OOlBtezE ll H2 

ExcraptT — 
IcierniL Inc 
Da. Aec.t — 
Dealing *T 

r -|1320 1410 _.... 

.lnc.t |ln3 17.1 _.... 

t -J17.9 19J J 

1 *Toes. twed. iTlmrs. Prices 

'Growth Fond 

'(Accum. Unto! 

ttGUt and Warrant. 
iAmertran Fd.. 

149S1 i^Aecum Units) 

L45 ** High Yield „ _ . 

674 — (AccuUt Unlt3)_|62A 7Uf — 0. 

351 DeaL *Moo. Toes. tfWed. tThura. 

§a -.- 

. §1 :=:: 

* HlgHBntacu Fund* 

82 Select Intern aL 1253,4 26741 +2.d 

§78 Select lscose |515 54jl -0 jj 

H5 SeotbHs Securities LULV 

bS Scotbltx 137 8 4061+001 

85fl Scot yield ■■ ...„W3 j! 

28.92 Scolahares (55 J. 

M52 ScoLEh.Gth-6 |ZJ3.< 

PYL ScacEx.Yli-6.— RM.: 

406 +OJ 
STB -0J 
59 At -0.1 

ftr® iflMzH ft 

June 29. Next aub. day July 12. 

1365 ..... — 

149.7 ...... — 

m.i| -.... — 

12351 — 

163.6| _... — 


--J ''SZ2 

r* tr-i 


'4 v “tnCtt«Ha_- | 2S45 l — J — 

if Westminster Assnr. Soc. Ltd. 
^-..iltBua (H-aB4 0684 

^Duita—iS 3 ^»3zd — 

aerdal Union Group 
en'a. L Uzulcnihafl. ECX. 01-2837500 

SS l-salr 

NeXT Bttb- day L “ - ” mw Bnyj4uiiPSf,|i3>.i 10x.11 j — 

Life Assnr. Ce. of Pennsylvania fiSesr * 3 L 6 ra'S ""J Z 

30-43 New Bond SL. W170RQ. 01-4838368 MuPuCJiBJiimSTJ: 1965 I — 

LACOP Units 1987 IS36J _...4 - moAgUegt. 035 

U*yds Bk. Unit TSL Mngrs. Ltd. £££$££&; gb R., , 

7L Lombard SC.BC3. • 01 «3 1288 Prop. Pun. r.upB-. . 95 ? MLlI — j — 

Exempt-, ]9B1 IfiL2| 1 7JI 15? il&ASiV 1015 - — 

Lloyds Life Assurance ■ 

20. Clifton 8t- EC2A OllX -•-•■ 

oid5PixSSineSi!|i2s.9 3Z4 ^o5j +olif Z Sesttlsh Widows' Group 

OpL5 EqiyJ line 28 ■ [226.9 -0.3 — ' ' POBoxOOZ. Edinburgh EH155EU. C31-65S6000 

■ ‘ 1 IlElE 

Capital Acc.—— 50 c 

Coma & lad 54.4 

Commodity 77.2 

Domestic — . 363 

Exempt 1133 

Extra Income ■— — 385 

Fhr Eari 2L7 

FluaaeEal Sea.— 605 

Gold A General 902 

Growth— 765 

Inc. A Crowell.— 785 

1 nfl Growth 625 

lnvcst.Tst.Sh ares _. 455 

Minerals 37.4 

Nat. High Inc 791 

New Issue — 34.0 

North American 22.9 

Professional-. 9653 

Rropcrly Shares „ 122 

Shield 44.0 

Status Change— 305- 

Uuiv Energy [3L5 

542 -0.3 A 13 
5E5 -0.6 482 

83.6* +0.7 5.05 

39.1c —03 4.44 
1293 +05 739 
415 ..-. 9.45 

ZJ.4 +03 3.08 
652a -05 4 09 

97.0« +25 £96 

823a -05 450 

7 3.9 -0J 7.61 

67.6 +0.6 233 
-09 0 —0.4 362 
402 +L0 323 

asj —0.4 8-0 

36 6 -03 4.79 
313a +03 159 

50a4a —33 494 

236 2.97 

47,4 —05 <52 

««Z Third Oucume ). ..... 

a 5! I*o (Accum.1 — 

7x? Fourth iBtlne.) 
«n Do. i Accum.) — 

8S2j —05 

S His 

TO -03 

3 » 72-80. GatehauM RtL, Aylesbury. 02S86041 Capital J 

Equity Arena. -.[2523 1M4 1 4M 

159 M & G GronpV <yKc 160 ia^! 

49| Three Qnxyv. TBwer Hlfl. BC3B OQ. OM85 4508 Geuenl 

li jtj&i* ainiBr» , 

aim nuiici»0iiuaw.6wj) n.ii - v^j 

?-K Special Sit. Tst ®5 aaa-o!fl 264 

vS. Gnh. Aconn.p.9 ZhS -OJ 5.1B 

UJLGrth. Dish p5 199) TZJ 538 

8-32 j. Henry Schroder WSgg A Co. Lld-V 

d. l30.CheaDEide.EC2. . 01-340304 

29.0 +03 165 

26.7 -0.1 055 

25 Sal -0.3 454 

305 9.70 

435u 1007 

30.Cxw ... — 

515 +0.4 272 

265J4 455 

29.91C -03 4 72 
29.0 +0.1 - 

2tlht .. . 1260 
26.7 ~Q2 254 
20.5 -0.1 264 

215 -03 5.1B 

199 538 

K. I niSbuTU... J45 7 49! . .. 0 90 

lv> M-ie*Mctcal...|253 2731 - { 131 

Bisbopxgaie Commodity Ser. Ltd. 

[■ O 42. Dau ^li<. lu V. WC4-2»ll 

AEMAC *JuneS 'FJJJ4* .71 M.' ( — 

r » N'tHM* • Jure S.jtl 155 3329.... — __ 
COUNT"juneS _.|£2512 S66S1 . . .! 157 

'.qiiiinally at *310 sail “LLOO. 

3 ridge .Management Ltd. 

f* ".». Box £04. Grind UnMa. Cxyman is. 

N-bj:.h: JuevS I M5333 | [ — - 

U P.O. lhn SG0. Hang Kong _ . ... 

NipposFd June’JS-JG.'tUjl . U2? 1 C.68 

Ex-Stock. SpllL 

Britannia Tst. Mngnat. iCX) Ltd. 

30 Bath SL. S£ Eclicr, Jersey. 0SW 77124 

Seri lag Denominated Fdi. . _ 

.Growth 1st tat ^_.|XL5 34 0 1 4 C3 

Intel Fd 179 8 . 855 — J 

>UC7 Energy Tst. .’113 8 144.6 ( 153 

Cm til STsl 11 222 103 lr.i5Ug.Tm JM.97 l.Bdl | 1230 

t'_S. DoJJar Dennaiinaird Fds- ST-s. KVKB6 53? . ...! — 

InUHihh Int Tsc_ BVM97 ui| .| 9 0 

Value June 3. We*.: draluig Jul;' 3 
Brown Sbip’ey Tst. Co. (Jersey) Ltd. 
F.O Eos 5E3. St. ilelier. Jersey. CWTinT 

SicrlinsBcndpd._|t9 70 10.011 1 1225 

Butterfield .tfffBagemeet Co. Ltd. 

P O. Box 135. Hamilton, Bermuda. 

BuUnrss Equity 1236 24T[ I L^ 

Eun re In-romc . -|197 2C4[ . I 56a 

Pn.-e'. a: May 12 . Next mb. da; July 10 . 
Capital Islernatioaal SA. • 

37 rue NMn-Omt. lurrrahOcrr- 
Capital fr: Fund_| SC.SI7J8 J . — J — 
Charterhouse Jsphct 
>. Paiercosicr Row. ECa 0LS4S38I*? 

Adiivjia. B-JfflflO 3275J 553 

Adl.-ertja D.Wlia H4S* .... 555 

Fondnfc - BS236 3JW+0.1D 5.90 

Fondis |DM21 b8 22S3 „ 5.78 

EmpcrorFund-— Jil'SZ.M 36 1 — 

Hln pa no [SOSJf 72 4Uq . — 280 

Clive Investments (Jersey) Lid. 
P.O.B«3Sa. St Helier. Jersey. Q3343736L 

Cliw? Gill Fd.iC.Li. 11083 U.05J 1 11O0 

ciiwe'liitFd.iJsy i.luun U.03| ..—4 —00 
Comhill Ins. (Gaernsey ) Lid. - 
F.O. Box 157. SL Peter Port. Guernsey 

mini. Man. Fd [165.0 17851 [ — 

Delta Group 

P C'. Box 3012, Nassau. Bahamas. 

Della InvJuue 29 —ISU0 L 791-005! — 

De also her Investment-Trust 
Postfacb 2880 Biebetgassr 8-10 60u0 FracWurt. 

Conceurra B>Mlf7l JIMI+OIQI — 

InL Hentenloods 712<[ .....J — 

Dreytas IstercostLnenfel Znr. Fd. 
P.O. Box NT712 Nassau. Bahamas. 

KAVjtineST pl'SKS 153*1-0.191 — 

E mson & Dudley TstKgLJrsy.Lld. 
P.O. Box 73. SL Heller. Jersey. 0SM »»l 

EJD1C.T. |U75 1254! 3.00 

F. & C. Ugmt. Ltd. lav. Advisers 

1 -2 Laurence Pountney Hill. EC4R OB-3. 

01-C23 +C30 

CcnLFd Jun+51 | SUSSJC | — ! — 

Fidelity fflgmt. Sc Ses. (Sda.) Ltd 
P.O. Eox 870, Hamilton. Bermuda. 

LSI l Samuel Meniaau Ldn. Agis. 

— ! (4. t.<~z o 

Terr “C. Juae 21 . 18F47 93 52 101 . 

i:ae 21 .(.'F4793 57101 1 3 

r IS . n-.2B 11731 ? 


J27JJ 533 

H«t .... 535 

33101+0.10 5.90 

Z2E .. „ 5.70 

3M — 

9U2 288 

— - Kurray. Johcstoce (lov. Adviser) 

fibg H3.HopeSL.GIiSiow.C2 041-SHS! 

•Hope Si Fd 1 SUS3363 I ..... I - 

•Murray Fund 1 SL’Sll 17 1 — — J — 

-NAV June ii - 

13— *t 

Nosit SA 

4 03 fa Boulei +rd Koval, LiKombourg 
iW N.WJuscS | 5VS10.73 | — l - 

Kegit Ltd. 

L “ w r*ao. c( Feraradn Bldg*.. Hamilton, Brmd 

_ NAV June 23 |£S 44 — 1 1 — 

90 Thoeais laternatiacal 
, PV Bos 77. 5L Peter Port. Guernsey. 

L £l +- 1 -.tor -Dollar Fi:nd-|S230 2481-0^31 — 

1225 Qcost Fond Mngamt (Jersey) Ltd 

■ rO P-'inHH.S: Holiur.Jerfiev. 05342T< 
MuoMft’.s— } 21 1 . ... I — 

IM uuo: lirl S,vj j SCSI I I — 

Si5 QutsrisC Be SCSI | ) - 

10. rT.iea June _i S«! dealing July 5 

Birhmcca Life .\ss. Ltd. 

• *«. .‘.1^1 Stivrt. liouslas. LO.M. M3423f 
“ •*iT)-e.Cil-erT»« 1094 7!21| -0.b| — 

P.ichciop,! BonrtST 17LS 18081-0-51 30 
wvj Do i'l3(-.iu»8d _ 122 6 129.11 -1.91 — 

™ >..iroMEo _ . ..105.7 11L3 -L« - 

|5| Do. Em. ST. -72 BiL.._ 168 0 1752* -051 11 

|t 3 Rothschild Asset Sfenagetnent (C.l 

— p.Cf.Boj se. St. Julias* CL Guenuey. 001 2B3 

258 OC.EuKr May 50- 552 58.71. — 2 

fit.' lnc.Fri.Jucc 1.. 1471 155 94 .... 7. 

_ ... OC.InlIJ'd.r 1L23 136 ._.. 1 

OC5uiC«FdMy31_ 1463 1555 ^... 3 
1108 oc Commodity-.- 134.6 142.6 -... 4 

280 G.vT. DL'.Comdtvt _l$26.U Z7.771 ...... 0 

-Pn-rc cm June 14. Nevt dealing June 3L 
TPnceu on June 2L Next dealing July 7 

— Royal Trust (Cl) Fd. Mgt. Lid. 

P O. box 194. Royal To. Ha-, Jersey. 053427' 

K.T. Inti. Fi IJUS9J5 9741 .....J 3. 

RT.InlT iJsy iFii.fe 98| J 3 

Pn«i ai June 15. Nest dealing July 14 

furl SJ'i & Prosper International 

— Peeling to: 

— 37 Broad it. St. Heller, Jeraey _ 0534201 

’ I'A DeUar-d e anmlc.-lfd Firodi . . _ 

262 Lloyd's life Unit Tst Mngn. Ltd. iao.Cheapside.EC2. 01 240 sis; 

23 7280. GatohouaeBcL Aylesbury. 02866841 Capttai JmieZf._|?98_ 1034^ —4 253 

i °TZ?° if 31 r ftMsei 

j-Lffl z OpL5 Dep7-Juoc20-fl2L6 12B.0|+0j| — ImrCatd) JuoeZT 
r S^Tiir- London Indemnity & GnL Ins. Co. Ltd. 

r dwti aa P?: lfrao. The Fm-bnn-, Reading 58351 1. SUd-Peu Jane 21 

1 Wfeoa.WOAlHE. 01-2420382 a , tme , M8M(ew .„. & 7 35.11+811 - c ^Tw». « 

— v£W__ ngA 3»3 — 4 — M-ScFiexibiE- — K b 30.S +oi^ — fSafer JJfe As 

jedrmid. — ]W 1 786.4—5 — Fteedlnter^t G38 355! -03i — ■ ldrreis, Place Lc 

fg See also So 

American — 

f-g < Accum. Urdta)— 
161 Austral alien — _ 
(Accua. UniW— 
_ Commodity— — 


Mgd-Pen J<jne21 

"Solar JJIe Assurance Limited 

e British life Offlce UtLV (a) chSwSdivSZZ 

RelicnceHae .Tunbridge Wei la. KL 0882 22271 ifltf (fiillri 

BL British Life — .MB 2 5LM -0.41 580 Compound Crowtli ina 

DLDaiancrf'. J«5 -3.g J 5.67 Converaon Growth U.9 

|BL Dividend* .j«L4 «4j| ] 953 Cpnramj on Inc. — 62.7 

•Prices June 28 Neat dealing July 2 Din dead JM2 

IK EMropeJ 
X96 (Accua. Unitsi 


Brown Shipley & Co. Ltd-V 

Mngra: FpundervCt-EC2 


tAccum. UnitE) 

_ The London & Manchester Ass. 

— ’ 1 «Sl2 Sly Place Loadon EC JN8TT. 012423805 BS Units June 27 __ 1207.4 
Gp.V SMarKanagedS— I325.B lILN -05) — Do. lArti Jucerr_la8.4 

. - Mgen.Fd.-t 183.4 

dH IvunueiCB, 

— -^rjhULB.Oia \ 

~~7., exS b-'Jhm 15-11233 \ - 

* +' .. -o' 's. June ns__«L0 ' \ - 

-j . JtF ^' US 

r^z ~~ ^'pij^CanHiieree la 
L r :: <entSt,Li»dOnWm» 

Ti * 

.»■ jtS J; ?.IIfe Assannce < 

■> m t|V ?*'8«Ht«, Woking, GO» 
' Fund Ace— fW.9 

-- +* ■ 

z i SSJ-u z feSJ™ 



•—i "" Can. Growth Fund 

Co. UiL 

•“ OEnuBpt PrvfBk 

OBxpl. Inv. Tst. Fd. 
Flexible Fund — 

5*H10 lav. Trust PttxuL- 

\ — — Properly Fund— 

, \ii»i “ M & G GronpV 

. -V -Three Quay*. Tower Hill «3R 6BQ 018S8 4588 

SdUrftd. InL S 114 1 

SOlar Cam S 99.9 

Solar InQ. S 975 

Mar Managed P-. 124.7 
par Property P..._ 1IU 

aOarBuuilyP 155.9 

SMarFxdJnLP — U38 

SMarCashP- 998 

ScdarlntLP. 978 

1205 -.... — 

1062 — 

1039 +0.1 — 

1335 -03 — 
1172 ... . — 

1642 -L0 — 

3195 -...- — 

106.0 — 

103.9 +02 — 

unx Pars. Pension*”— 

01-4387081 Conv. Deposit* 

| Equity Bond”. 

.."7 m Family 79-80“ 

'Lid-V Family 81 -88” 

1^18635033 Gif( Bond*** — 

-r , |C IntornataL Bond”. 

r ' Ska Alliance Fond Kangat. Ltd. 

General 385 

Growth Accum. Ml 

Growth Income^,. SS.Z 
High Income—. — 28.9 

I.TD 204 

Index 2341 

Oversea# — 192 

Performance—— 56.7 

Rceovcnr — 208 

Eirmpc June 12 57.9 

"■■”1 Inf iAeeum. Units) 

1 582 Far Eifitera 

. (Accua. Unrtxl 

-05 423 Funded Inv. T«s_ 

-DJ 3.94 iAeeum. Uni U) - 

-05 485 General — 

-05 485 ( Accum. Unite* 

9.74 High Income— 

3.90 [Accum. Until) _ — 

-02 450 Japan Income. — 

+ 02 357 1 Arruoi. Ijniiai 

-02 4 46 Magnum - 

5.94 iAccuul Units)— 

489 Midland 

„ . . „ (Accum. Units) 

232.7 +L9 
58.9a +05 
. 921 +04 
87 J +02 
216.6 +02 

-SmtAlUance House, Korahjua. (H038-D41 Canada Life Unit TsL Mngrs. Ltd.V Bocowra. nnn UfilUU 1 _ "J Uii+i O MIikRif P HnrSl 1M (ACCUCO. U 

•it c».Aee.-r 
“ >-Fd.laan_r 

79.6 ■- -Ll ■— . 

06.7 1222 — . 

02-0 W75 —02 — 

563 143.2 — 

587 166 7 +45 — 

9.0 as.i — 

08 64.0 — ; 

2.0 .547 _... — • 

”Jnne 2S. *”Junn 28 . 


S& AQfence linked Life Ins. Ltd. I do 

1 — 18 High SL. Potters Bar. Berts. 

- -I — Can. Gen DUL 1372 3 

, , , Do Gea Amur. _ KS5 ■ 

P. Bar 5 1122 (Accum.Un»t*>.. 
_n il not SKW4MII 

n ,l ;s IACCUA UultSI. 

•«- gafeM 

^ Jftfeoa.. P58_ 

nuurlnn Fd.Bd.*.g2.0 . 5471 — .1 — •; 

Japan Fd.Bd-'—- — B45 578) I — - 

Prices on -Jane 23. ”Jnne SO. «Miu* 28 - . 

Merchant, investors Assnrance • 

126. HI Kb StreoL Croydon- 018860m 

UUatjceHnuie. fforsham 0M3641 

hr Fund 1115 4 12L5J +021 — 

3/mcrwUFH ... 133.7 1092 -02 — 

ErtyFund 105.9 1M.7 +0.1 — 

national Fd..^ 1092 115.0 +23 — 

sit Fund 96 7 MLB +04 — 

£edFund 33C5 21(j]+0-V — 

0403641-11 Do. Inc. Accum— — [425 448) 

-oil — Capet (James) Msgt Ltd.V 

23:211 rZcSLv. 

Slil H . s ££k 

mm = n=Ta aag?£gsS|i?*^3^8 «*as«3 

a ^ )BsasSBg=Ei il IS 

a’.S.) Ltd. Carltol Unit Fd. Mgrs. Ltd-V (a«ci Manulife Management lid. Tar^c3m>dit?.~ 

5BH 01-9305400 MUtatun House. NewenHle+ipon-Tyue 21185 SL George's Waj', Stevenage. 043856101 Tcrget Flnanual 

l«5 /--/ — I'nrfiol 166.4 69% I 420 Growth Unit* )MJ S2J\ | 4JS Target Bjoi|}-..„ 

312 - - Du. Accum. Unite _|tM3 828| — 1 420 Mayflower Management Cft. LfiL IS^^uS^ 38 

mb' — Do. Hifih Yield [412 «7| — J l+'lfl Gresham SL.HSV 7AU. OM088WB Target Gill Fund 

_ ... Po.AectiULUnlU.. I5L3 53 8| .....4 822 ineoroe June 20 007 7 113.41 I 823 TargrtGrowth- 

tee Co. Ltd. Next dealing dale July 12. General June 20.... |692 735| -.-J 553 Tar|eHnU._ — 

e Rd- Aylrabury. Charities Official Invest. F«M* Mercury Fund Managers Ltd. DoJtefe^Umti 

■^SsW* 1 nfefeWjll.B»m , 01-SMWM 30.Gr«ha«SL.BCaP=EB. 01-6004555 Tg?Pr. JnneS 

— I'apital ... ,.[B>3 8871 ...J 

— Income 178.T 8J8| .1 

— Prim on June 21 Next dealing July 

Jjj] 7'qf i Accum. Until) — - 
’ SpecUUaed Funds 
Trustee , 

D1-5BS0O1O 'Accum. Unit*) 

I ,« Charlbond June 27. 

——I 4.?! riinM 1..M+1 

B +Oi 
+ 2.Q 

life of Canada (U.K.) Ltd. 

-05 J258 
+03 — 
+05 422 

“ 6JS. 
—03 857 

■* : -t 5&a 
:: ; ^CZfeM 

-id fcfe gnt— K.9 
:- -j '^kr lmuanw Co. Ltd. 

'll ^^•8^J702 L,BCi 79J) NEL Pfcssiiras Lt d. ' - 

^fekredM»,B(A wSSiSSEmr: ran ™ -05 . — 

^St^aJTtiST.ffiKSi . 1 = = 
53 ’i&ffTM-S?” BfiSTatB B3= 

• -C . *i[Sg= — bSi 2n'-il HI Next Sub. day July 3S. 

'+£? C Stwt “S9JT- JmS-ZJ — ft Nm Cmt PBMrtr W «*r 





NEL Fkssions Ltd. ' 

MU hw Court, Dorking. Sumy. 

S4.Coclcpar5L.5WlY 6BH 

beLt.Grth 1 WL5 

pie U Mangd— 1312 

-td. Carliol Unit Fd. Mgrs. LULV (aWci 

01-8305400 voiburn House, NcwcaaGe-upon-Tyne 21 If 

I — I'nrfiol [66.4 69% | 42 

1 “ Dj. A ccum. Unite _|M3 824 —4 ™ 

I34L 5 258.7] +1« 

« Z735 , ll . fl Sa +2 -‘ 

■27. I09L4 .— 

7— ML9 2442 

MSB 1785 

5— Bid 139.9 «... 

it Life Assnrance Co. Ltd. 

r H erase, Gatehouse Rd- Ayleabury. 

£5 ; gW=|tt- 

-O W 
*■1 sj»;5» 

. 4 U is> 

»• 5? ‘ The Buildiog and Civil Enginering page 

: •;! ispnbiished in the Financial Times every 
5 ? Monday and carries news items relating to 
contracts and important developments in 

C v .• • 

'? ' t , the Construction Industry. 

r 4 v- - , • . 

For details of Ihe advertising space 
, s ; : available on the page each week, and costs, 
... you are invited to telephone 

. 01-248 8000, Ext. 360, 

•; A" . . nr write to The Advertisement Director 
&V : - Financial Times 

ii A.:’ ‘ io, Cannon Street, London 



<-r. ...... 

JOn. Fund Joe. IDO U 2U51 — D, ? — 

3E: Fund ACC Jjg J iao -0.4 - 

p£5. Fd. Inc 1075 1142 — 

Pip.Fd.Acc _ 1380 — 

. Pin. Fd. lav 100 — 

1 >*wl InL Fd. Inc. 1063 112.4 -0.1 — 

%TO Att-lDC- 98.7 . 1042 +0.1 — 

.'BaCriiui Ac. Pee._ 722 7B.4 +0.4 — 

■ •tWtonCxp JVn_. 597 «5 +0 8 — 

'fcL Finn Man. Acc. .. «I3.7 2X9 -PJ — 

StilanMan-L'a p.. 113.9 120.5 -03 — 

Pen. Acc 12S.7 J3S.9 ..... — 

ttltPen-Csp.— . 12L6 128 51 — 

vansiateniitional Life Ins. Co. Ui 

' ttrtmn Bldgs, EC4 INV. OI-U5S+07 

• ThllntovesLFd..... (139.J 1*7.1) — 

ifilpMaDfi-d Fd_ 3H2 227 .. ... — 

Mn Bond Fd__ 2255. 12J.1I — 

Ss.!^uF<Lft^ ll72 m| „.. - 

VSxnl-eO. Fd. Acc.. [125 0 1315) — 

Trident Life Assnrance Co. 1ALV 

RraaJ ^dc BintEc, dooecstur 045238541 

B d [1205 127 61 — 

h ■ 1434 151.9 — 

• riZZZ 146.4 157.1 +85 — 

Vmencao _. 03 * ,86.5 +01 — 

0,1 W Fund- 103.7 109.9 -05 — 

uu-miSiaZ—l 1355 lOJ — — 

Ga&Kerf. 1^3 1^5 — 

tn^riiounZZ n».l ■ 106.0 +0.1 — 

tfflS .ZZZZZ 123.3 1X5 — 

OroSh ‘Jap 121.0 lgl . — — 

GnjWlh Acc.—...- — 324.0 1^++ “j V, — 

i!^ = 

i: = 

tidLBorl)-.-.— 375 —05 

•. *t'aih value for C100 premium. 

Tyudall Assurance/FensionsV 

Do. HiRh Yield [4L2 <3.71 — J 

Pq. A ccum. Unite. .1513 53 8| .....4 

Next dealiDR dale July 12. 

Charities Official Invest. Fdiji 

CJ. I mem all SO 

Accum. I'ciU... 1+7-J 

FI toMrac- 

Income Jufw X [IK4 — | I 478 Merc. Gen. June B-E 

Accum. JunOO PS31 — I "••• I — Acc. Ua. June 38 

♦Unauih. Only available to Reg. Chanties. Merc. InL June 28... 

Charferbouse JaphelV Men^rtJdKri^. 

1. Pnieruoster Row. GC4. 01-24839M Accum. Ute. Apr.ZL| 

c J 1 morn ail 230 Tj.jJ l« Midland Bank 1 

Aymm.i'ptto ??5 ■ — »S Unit Trust Mai 

CJ tinTfa- 252 29 0 3.91 Courtwood House. 

AbwImShTJZ. M.4 324 ...... 391 SheftlcKLSlMUX 

rj.Fd.lnv.TsL 27.4 292 380 Commodity 8: Gen.. 

Accum Unite-.. 3U 336 XX Do Accum. .1 

CJ. Euro Fin 252 

Ac rum. Unite 33-4 

CJ. Fd. |pv. TsL. — 27.4 
Accum Units— — 3L4 

I Mere. Gen. June 8 -Wa 9 192C 

r-vJ -,7- Acc. Urn. June 3B—5lG.O 2500 — . 

Chanties. Merc. InL June 28...B.9 6854 

Acem Uts.Jiuie2S.|n.4 73J 

.\ferc. ErtAtar 2S „ . 043 SOLS 

01-5483900 Accum.Uu.AprZ2.tS55 266jJ 

— J l® Midland Bank Group 
-■ $g Unit Trnst Managers Ud-V fa) 

3.91 Courtwood House, Sliver Street. Bead. 
391 Sheffield. SI MUX TeL 074= 

120.7 125.0 250 

179i 1K.68 739 

2758 724 

.045 367 

3843 .... 367 

32J -08 239 

355 -L0 229 
1735 ...... -449 

250 6 173 

_ 1895 3954 .. ..4 497 

Li 'For tax exempt funds only 

Scottish Equitable Fnd. Mgrs. Ltd.v 
460 SB St Andrews Sq- BUnhiugb 071-5560101 

858 Income Unto W.2 51. 3) .1 551 

8 88 AceumUnto l».D_ , 58.5) _. J 531 

330 Dealing day Wednesday. 

Sebag Unit Tst. Managers LtiV (a) 
856 POBdx 51L Bcklbty. Hst.EC.4. 01-2395000 

fg ISSlSSSa:^? fa~M i* 

era Secnrity Selection lid. 
f-S 1S-1D. Llncoln'e Inn Fields, WC2 01-83168389 
a 66 Ujjvl (HhTrt Acc —1 24 2 25 5j — J 229 

aS Unvl GthTstlnc — |ZL1 225 «d .[ 229 

Stewart Unit TsL Managers Ltd. fa) 

193 45, Charlotte SQ. Edinburgh. C31-22B3271 

J® ISenrt Amcrt can Fund 
2-32 Standard Unto. — fc43 6S.7j-fl.4l L4B 

JS Accma. Units M3 7«8f -85f — 

4« Withdrawal Unite ..1513 549J — 0.4J — 

er> *Seewmrf Britiah Cud cal Fund 

537 Standard [1320 14351 1 440 

4.2S Accum Units fl5Z2 1443) J <00 

Dealing tFri. *W«L 

Son Alliance Fund MngL Ltd. 

4|7 Son Alliance Hsc, Horsham. 060364)41 

7 » Target Tst Mngrs. Ltd-V (a Kg) 

3L Gresham SL, ECS- Dealing*: 0296 5841 
3851+0.2 587 

645 +D.7 436 

33.1x1 -0.4 6J?3 

209.7 a bBO 

284.7 b BO 

1192 +DJ 3 00 
29.4 —0.1 5.03 

29.1 +05 LTD 

317 170 

327 ..... 372 

lfcLl 444 

SOS C37 

131 _... 1155 
a.7 +DJ 4.J1 

Fidelity SSgaiL Research (Jersey) Ltd. 

Waterloo Hse. Dob Sl. SL Helier. Jersey. 

0534 27551 

Senes A ilnUU 1 — j £373 1 I — 

Senes B cPacIlici — I 1022 I -... | — 

Senes D £17.12ri | I — 

Firs. Viking Commodity Trusts 

8. SL George ’r SL, Douglas, Lo.M. 

0524 4682. Ldn. AfiU. Dunbar & Co. Ud. 

53. Pall MalL London SW175JH. 01-E3078S7 
FsLV U lChl T sL —075 395 -051 220 

FsLVkPl>LOp.Tsr.|7« 79 . Be) J 3J» 

Fleming Japan Fund SA. 

37. roe Notre-Dame, Lroemboun: 

Flmg.iDDcSJ J SUSU.42 1 1 — 

Free World Fund Gd. 

Butterfield Bldg, Hamilton. Bermuda. 

NAV May 31 ] SUS179JS ] — .f — 

G.T. Management Ltd. 

Park Hue- 16 Finsbury Circus, London ECS. 
Tei’ i)l-628 8L3L TLX: 88SIC0 

North American*! .,3.77 JDSj ..._ — 

Scpro~$ (13.97 15J7T | — 

Sterlioe-denacaicsied Funds 

Channel ’r3p:t£Hi_.B2i.9 238.91 -OJj li 

Chaoacl irl3n^s4...lK14 14991 -03) 5. 

CcTucid ...[>211 127 . h -231 — 

SL Flved— .. .. fH14 117.91 .7 \ 11' 

Pncc* on "June M. "June 38. **-June a 
;Week!y Dealines. 

Schlesinger international Kngt. L! 
-<1. La Motto Sl.SL Helier, Jersey- 0534735 

S-AJI —IT? C4l +11 8 

S. AO 1 pass fl£9 +C51 5. 

Gill Fd E22 224 12. 

loll. Fd. Jersey [102 187 .... X- 

Jctol-Fd.l-xmbrg.- alC.52 UK +052 — 

•Far East Fund (95 10C 3 j 

•Next sub. day atly 

Scbroder Life Group 
Enterprise House, ftrtsmonfjL 0705271 

•nteroaLlcnd Fuads 


.. 73 129.9 — 

SEnuilV. — 1260 134.0 — 

£Flxed Interest LB-5 M41 — 

SFiscd Interest IMS • 1114 ..... — 

KMuaced 129.0 1375 — 

SManaged 1352 1223 — 

9.971 ■‘•0.021 1.69 

476 Tst tnc 

4.7b TsLPref.— 
260 TgL Special 

4 A 2 Target Tat. Mgrs. (Scotland) (artbi 
4<2 lB.ArholCrescenLEdin.2 031-Z29862U2 
Target Amer.Easle^.9 2294+0.4 

Target Thistle pL5 41.g -0.3 650 

QXra Income DL— IS03 627] 10J8 

10842 Trades Union Unit Tst. Managers? 

tl-91 Hi 100. Wood Street, ECi 01-6288011 

TUOTJnnel 1503 53.4 -—I 3-» 

a Transatlantic and Gen. Secs. Cs.9 

01-89 New Load on Rd- CheU—fotS 0245 51C51 
biz Barbican Jose 29— 173.4 
U2 (Accum. Uniu.t — 

219 B«rteExptJuDe28 
219 Bncitm. June 29. 

839 IAeeum- Units). 

838 Cnleuio JoneZl — 

5.96 IAeeum. Unitsi— 

5.9b Cumbld. Jone28 
■ SL (Aceum. Unitsi 

Price June 28. Next dealing July 5. Growth— — 36.7 593cS +0. 

I Do. AccuflL Jb _3 42,11 

Chieftain Trust Managers Ltd.y(aUg) capital tB2 30 ja +6'. 

Ill Now .SL EC2M4TP. 01-2832832 P 0 .^** * 01 - S-5 S3 ^2 

American 2J7] +OJ1 1.63 ^ gg-f S3 

H 1 Income pt-9 -■ J 9.L. inj rrnc ,^,ai fcf, 525dj +0 

I Intern auonai Tst — CrtM 7 +0.B 3J4 S't S 55.91 + 0! 

I Basic Resree. T*L[2a3 28^ +oi| 442 HighvSSd jflP 6l3 

Confederation Foods Mgt. Ltd.* (a) K^'SiprZ: tooS l£| =2 

50 Chancery Lone. WC2A IRE 01-2420283 Do Accum*- —190.9 106-5) -2 

Crott-ihFund .[405 - 425) J 446 -Prices at June 90. Next dealing J' 

VrinA M. n >»re WUbow Fuad Managers lid. 

(Aceum. Unitsi 
Glen. Juan 27 

laciwrorc Hoad. Bristol. OJWKMl 

3-W«crJun«M- fe-2 "51 “ 

art?™ $\ - 

B35H5iSfc • 2* 5 

3-wayPen JuneS- ijj " 

Oteaslnr June29. 76jZ -L5 — 

Mn.Pn3-WJunel- W.J — 

DoArexty/unel — “ 

Do. Bond June 1 — 1MB — - — 

Do- Prop. Juno 1 — .85.4 — 

vaniu-ngh Life Assurance 
«M3MaddoxSL.Ldn WtRBLA. 01-4994822 
HanacedFd. JgJ "2^ “ 

fell III 

3a Pont SneeL London SW1X8EJ- OJ-aBWS. 01-855 1050. I Accum. Unite) 

— CasmopoLLGULFd. [37.4 IB. 7] ) 490 SQasterJuJ>e2S_tHjl 37.4 J 5.98 VanGuth. June 27. 

Crescent Unit Tst. Mgra. lid. (a**) |fflW ** 'v^j»._. 

^Sa.7333. a*2wsr m 

CSS.”" S72 S3 32 8 7S MLA Unite »95 4LSI — 4 

Cres.High.DiaL—Ci ■ 454-0.1 9.U Mutual Unit Trast MtaagersF («)(g) 

M - S3" 0 - 3 12 16. Coplhult Are^ EQR7BU. 01-6084003 

Crcs. Wj* Tsm umi see.Ptua_B0A S4CM -0.2) 643 imu 

aismtiwatv iralt Fund Managers MuuudincTsi — K.2 787^ 7.60 lyncall managers lult 

- maws SJrtiml Blua Chin-Si 46.iJ-0.1 6E IR Canynee Road. Bridal. 

aBlomfinldSL.EC-3a.Al. OJ-«84« BtaumlBiahYlif— H52 59-4 +031 8.95 income June 28 |95B 

■Disc Income _____|160A 17L5) J 5 26 National and Com m e r cial (Accum. L'nlui 1752 

E. F. Winchester Fund Mngt LUL 3LSL Andrew Square. Edinburgh OBI-8589151 — goo 

OLd Jewry. K2 01-6062167 Income June 28 ttg.0 --•] M2 Exempt Jane 28- lflab 

'Great Ulnchcyer^IXSI) 3VJJ . -..I A24 B3S5 1 it? Acrnm.^ Units). - 1514 

313a -10 
100.7 -1.2 
329.6 . — 



57J _... 




a? a 

734 ...._ 

arra as»i 

— I 852 

London A penis lor; 

Anchor *8' Uolts- 

Anchor InL Fd 

.Anchor in. Jsy.Txt 
terry Pjc Fd. _ 

SM t 

G T. Asia Aerliag- 
G.T. Bond Fund 
G.T. Dollar Fd.. 


Gartmore Invest. LUL Ldn. Agte. 

2, SL Itsry AxeXoodon. EC3. PI 3333531 

Gartnrare FmdXsp. iFar Enstl lid. 

1503 Hniebtsnn Use. ID Harrourt Rd. Rf'-mc 

HK6Pac.VJ.TaL _|!0nliS J4» I 230 

Japan Fd. WSlllSS 1»« O.W 

N. America n T*L _J£u91L14 KtlS ( 13 

ZntL Bond Fend J-pVSUlfS lliU( 1 5.70 

Gartmore tnwrstmeai HagL Ud. 

P.O. Box 32. DwtlntoH. , OONaSll 

Gartmore inU. Inc.. [213 227 10.90 

Gartmore latl.GrthfbKl • 69jJ 4 40 

Hambro pacific Fond EffgzaL Ltd. 
2110. Connaupht CenCrelUonc Koag 

Far East Jane 2! Q2^Z ^ J2B9I 1 — 

Japan Fund (V.l57A2v 7311 I — 

Hambros (Gnemsey) L UU 
Hambro Fund Mgrs. (Cl) Ltd. 

P.O. Boa 88, Guernsey 048Z-2S3Z1 

Ci-Fnnd -040.0 169 Jl 3.70 

lnlnl.Bond SUSU05.B6 10151 ....- 850 

InL Equity SUSgOAS 10.95 250 

Hit. Sv£S- -A' SUSQ.S2 ZJ5 „... 850 

tot S«b. •»■ SUSgiOT L1S| ...._[ 250 
P i i ce s on Juae 28. Next draJ fur. July 5. 

Henderson Baring Fund Mfcrs. lid. 
P.O. Box N4723, Nassau. Bahama* 

Japan Fd [SUSMB) a£|fff81| — 

Prices on June 28. Next denlinc dale July 2 

Hill -Samuel & Co. (Guernsey t'LUL 
8 UrFef>ere SL, Peler Port Guernsey, CJ. 

Guernsey Tsl [1441 1542j -Ll| 3.68 

Hill Szicoel Overseas Fund SJL 
37, Rue Notre-Dame, Luxembourg 

[SC 0134 1128| +0.8C| — 

Inteni3if«ial Pacific Inv. Mngt. Lid. 
PO Box RS37. 56. Pill SL Sydney, AusL 
Javelin Equity ThL.|SA2.07 218) | — 

JJS.T, Managers (Jersey) Ltd. 

PO Box 194. Royal TsL Hse- JerseyOSK 27441 

jersry ErtrnLTst — 11630 17101 | _ 

Aa at May 3L NexL sub. day June 30. 

Jardiue Fleming & Co. Ltd. 

-Kith Floor. Connaught Centre. Bong Snog 
JardineEstu.Tgt._l SHK2S436 [ ZE9 

JarrIioeJ'pjj.Fd.*-.| 3HK 3 31 15 I — 4 2 30 

Jardinf SfcLA_ SUSL624 [’ 1.90 

Jardine PlemJnL.. SRK9.70- 1 I — 

NAV June IS -Fqui valent SUSTLOC. 
Next sob. June 38. 

Keyselex Mngt- Jersey Ltd. 

ra Box SB. SL Heller. Jersey.. (Enr.. 01 -60S 7070* 

FhoMlev [FrU-Ml LWH ' 1 2¥ 

Bondselex ^..[FhJ^TO 

Ktyxelex lnfl |56.b2 

Krywln Eiuvt*— [031, 

JliphniTU) Fund 
Kt-wlrx Japan , 


J. Henry Scsroder Wagg fit Co. Li 

720.Chcap:ide.ECJL 01-568W 

«rn».ip5Jutie2: — SUSJ3.47 I ..... 21 

Trafalf irKaySl — SUSUMXj — — 

Arian Fd. June 23— TC517B9 IJTs 2/ 

Sar'inc Fad .... SA1B3 29« .... 51 

Japan F d. June 25 4SUS431 7.414+0.4^ 0J 

Sentry .Issnraace International 14 

P.O. Box 325. Hamilton 5. Bermuda 
Managed Fund — |JU5U3» 1.9WJ — J — 

Singer & Frisdlaader Ldn. Agents 

20.CaanoeSL.EC4. ' . 01-34806 

DckBlonds R>SC5f7 J6.M[+DH)I 62 

TofeyoTsLJunefc — [ SUSKOO j U 

Stronghold Management Limited 
P.O. Bo? 315. St. Helier. Jersey. 0534-714 
Commodity Trust. .[52-23 9744) -_.) — 

Snrinvest (Jersey) Lid. (x) 

Queeas Hrc. Don. Rd. SL Helier. Jsy. 0534273 
-iJ»c.qi'aDjnd.TsL_J£320 C-371 . ...I — 

Copper Trust _B.0.67 10 »if-0a7[ — 

Jap.1ides.TsL [0218 1243j+0jii - 

TSS Unit Trust Managers (C.L) U 

Bagatelle Rd-SLSovioiir. Jersey. 0534754 

Jerjoy Fuad |46.2 4S.U —J 4‘ 

Gue.-nicj' Fund — [462 48Al — 1 4 9 

Prices co June 28 Next sub. day July i 

Tokyo Pacific Biddings N.V. 

Intimis Uanofiement Co. N.V., Curacao. 

SLAV per sb>re June 26 SUS5SM. 
Tokyo Pacific Bldgs. (Seaboard) N.l 
lmlmifi M+nacemept Co. N.V- Curacao. 
JMV per shnra Jane 26 5U54L42 

Tyndall Group 

P.O. Box 1256 Hamilton 5, Bermuda, 2-2760 

Overseas June 25.... BUS2U 

iAlcud. Unitsi hibin 

3- VI ay InL J unr 22 .|Sl'526!5 
2 New 5i_ SL Heller. J-raey 

T9I^LJum27 U3.55 

i Acnm Shares i . ... £1L70 
American June 27 . 80.0 

■ Aicumsharrsi W0 

Jersey rd. June 38.. 390 0 

■ Nuri-J. Acc. Ute I ... 262 6 
GUI Fund June 29.. 1058 
(Accum. Shares! — [136.6 





85^ -25j 

284 B -551 

vTeierj' House. DoasIas.lx|nef Hha.i 
Managed June 32... |U9.4 136.4) J — 

Uld. IntnL MngmaL (CXV Ltd. 

14. MoIcilt ter Sbcct. SL Heller, Jersey. 
U1E. Fund ISDSnji 1ILH) I at 

United Stales Tst. latL Adv. Co. . 

14. Hue Aldiocer. LnxombnorK. 
LiTBLinvFad.-l US$1036 I+0A4 0.T 
Net asset June 28. 

8. G. varbarg & Co. lid. 

33 Goes tom StraeLCC2. 01-OM4K 

iW- M 


Tsrbnrg Invest. Hngi. Jjrsy. Ltd. 

:. ( ‘hanne >>oss. SL Hollar. Jsy. Cl 0584 737< 

CVFUd.MayVS.-.KVslSS DMf - — l — 

I’MT Ud. V.a> 2S . _ n? 5 8 129M f — 

MOi.lbTsLjunel6.g217 12 471 ....J — 

TjtTJHiH-8 WfUJ7 _ . — 1 — 

TMTIAd. June 8u__. [0058 M9M -...-[ — i 

World Wide Growth Management^ 

IOi. Roulerxrd HtJysJ, Luxembourg. 

Worldwide GUj FdJ CS514 85 |-i-M6] — 

GLVWncber OsewlJO.B ^.ot | -- ,-j*Tui,TUtoi.T^;fSw6 IMJj ""I 3,71 Si.b 

Em son & Dudley Tst. Mngmnt. Ltd. National Provident Inv. Mngrs. LW.V Prer Juncaa ws 

2Q, ArUngtoD S l. H.W.L Ol^flBTMX 4aCrarfcburebSL.EC3P3HH 01-6234200 iS? 

EmsouDaiUevTBL.1675 72 b) [ 380 NJ-.I Clh.l'aTtt„tofl 4&M — \ J.« 1548 

Equifes Secs. Ltd. (aHg) ' £3 

^IBishopseato.BCC '^^“SS’jIrorlS^ett S3, =7* 

Progressive 1652 68.7] —03] 43S • P rice * on June 38. Next SSg July 5J7 Do. Accum. 

Equity & Law Un. Tr. ALT (a)fl> Xc) National WestmlnsteriKa) tors meGrowth- 

Amershaa Jtd, HJffta Wrcombt. WW3ST7 362 Cbespslde. BCSV BED. 01-688 6D6CL PlturocisJ TVrty 

BquiteAtow [640 673] -04) 434 Capital ^ um+- lb^ *£5^4 

Framllngton Unit Mgt- Ltd. <a) Finanelal g45 5^3 ~oi 539 lmamatioBaj 

5-7. Lreland yard. EC4B5DB. 0J-24B687I Growth lar, gU 5^3 ^-5 Hn K ** clalSUv - 

ftSHnfL- |g« 0 JMskA kS *iS^fi5to^d=KS TO^aio i s“ TSB Unit Trusts ly] 

tr P026 736 Universal Fildl—JwS 6CM +l3 *25 ZLChnnuy Way. Andorer 

to“”ro£th FdZZ 106.0 uSs T?.f] 2.M NEL Tout afenagers Ltd-T (atig) Dealing.. u»« 

CapL Jim* 28. 

I ,= l/IVUUL VHIUI. —JM+b 

12651. — [ 371 i„ L Earn June 28^1 Z378 

Txnbru^Ji PPflsfoos Limited !C, L F<L — KmJ 

tuatladdot SL. 2du W1B 0LA OM804S23 Da.**™- 

J...” ,_|952 10C31-DJ| — Fneads’ Provdt. Ud 

B3EZZZ W-3 - Pl.*J»m End. DorUri:. 

RS3SK-. L i:B 

Cu ,„meed ree Inx. ^ **» ^ c r Uait Managers 
Welfare Insurance CO. UA.V i«.F)a*biuy Cirrus EC2M 

The L«»S. FolKeston®. KrnL 87333 G.T Cap. Uic. . 

SSSSStoto: plitee^toTl«U.Ltoit nT.fed irn— p97 

»:jfctiebler Group. J.T L'.S *Gwi. _ Hg.1 

Windsor Life Assnr. Co. Lid. . JcLi^SwBt.Kd'Z 1329 

<** tSTT™ iiSlfiStew 

a» r G. & A. Trust 131 (g) 

tzw - 5, Karleigh Bd« Brentwood 

ISSmilHI UlA-S- - G-iA -134-0 

Pnres do 001 include S premium, **eopi where ■ indicnu-d +, *od are in pence unton^iBwi: 
— ' Junrn in li»l rol urns' jllow ‘or all burins expemae*. a Offered Prt 

b Tu-day';. price*, r Yield based on offer price, d Est im at ed . K 

85.0 -03 8.07 

86.9 —0.4 — 

395 10.00. 

460 +03 — 1 

15.7 541 

19.1 — 

jIKIjsvI kS ‘tSSfiSto^TFirES TD^aiol 555 TSB Unit Trusts (y) 

I9o3_o3 fU Universal Fdsdl — |60 l3 64JM +23 ^23 22 Chantry Way. Andover. Hants. 

ri»a - 7\ 244 NEL Trnst Managers Ltd.? (atig) „ „ Dealings tooaM esa 

L>o Accum. __.|ZM2 116 Of .^... I 244 3® [ton Court. Dotting. Surrey. 5S11 («i 

BstomEnd-DorhlrL. fg Sw ftnt W W TSBSc^St g25 B6. 

n? C Are.S^ S;? sII-q J IS see BMksehfld Asset Mansgemeat tb)Do.Aecum S7 4 93. 

ri T Ltd V • N<>rw * rt lBBaraQC * Crm, P W lister BankV fai 

G.T. unit Managers sAO.T PO.Box4.NorarleK.VWa.NG. (WC 22300 Warinir SOwc-L EeJJoq. 

16. Finsbuo- cirrus D.JM.DD 0I^M8UI GroupTl , L Fi [ 335.7 3S3.4| -25| 523 (b.iUlaer Growth -[36 0 38 

raS :: ::■ If Manager* I**. Unit Trust Account & M| 

■ 1«1 518 SSSSSEZSS** 23.91 ®a B £?K« a sw«-»8r«*‘W 

ii E » S {«== m MM 1% SK H G^rg 3 i° 1 

1294 .. — 200 Sari u^IiTK- pi7 SAW 538 Do.Accum. — fcfl 55. 

576) — 7J9 iAeeum Uanai-M-~n3.b 46 9f -0.4 5Jfl TOeler Growth Fund 

Pelican Units Admin. Ltd. (gMx> Kt nc Willia n 5 l Ec-l R 3/VS 

iOQT7>27i300 81 Fountain St .MimbHir 061-1385685 Income Voils—— .[29.1 30.' 

33JJ-3J] 5MZ . Itlicau i'-'p - )m 1 57.4) +<Uj 519 _ Acema. Upitl fXfi 35.' 

46.6 -AS 
590 -0.6 
60.7a —05 
632 -05 
865 +03 
53.9 +03 

warineStrecLEeMofiL 00335291 

(biUltiw Growth — 136 D 387)-0.g 5.46 

Unit Trast Account & Mgmt. Ltd. 
Xing William Sr EC4A9AB 01-6234951 

Friars H»* Fund._.IB30 Ittffl 1 «K 

WlclerGnh.Fnd._B91 30.71 __ 439 

Do. Accum. ...B3B 35.61 [ 4J9 

I Royal Exchange Ave., London EC3V 3LU. Tel.: 01-2S3 110L 
Index Guide as at 20th June, 1978 (Base 100 at 14.1.77) 

Clive Fixed Interest Capital 128.91 

Clive Fixed Interest Income 114.90 

hiuvrnA v*-wv 

-[29.1 3071 — .1 

.{=05 35.6{ ,_4 


Zd 43? 

CORAL INDEX: Cose 434+139 


t Property Cronth 9i_'n 

t Vanbrugh Guaranteed 9.37% 

1 Adilrtfis y’lwvni unJ'.r i-i-.ursrur and Prup+rL" Fond Table. 





Chartered Surveyors 
London ■ Aberdeen • Milan 

Financial Times Friday June 30 1978 


HttU* i Stock I Pw-e f*-^i S Ictr|S»| 

68 {+! |«Mfl * 


2<H 7. 



87 70 

160 140 


HigiTlowl Stock I l l*-**! Ut^L 

“SioTts” (lives up to Five Tears 

b.5pc 78-781+ | 9BK+& 5.05 

101 \ +£ 1L35 

95*2 3J4 

954, +% 4.44 

Datlpe '82-88 

IVru 3p,- 

Loo? ellP 5 ,;I ®4P>-- 1980 — I 


| 97 94 CraraayAVpr . 

US. $ & DM prices exclude 




reauiy IlP-pc TPtt 
“reasury 9pc lBSOti 

‘ -aoB 


9 24 HW | I - 
9.40 17% 1 13% 
6.89 60b 60b 
7.87 31 22 


+ «f Dir. | TO 
— i Cm |C*rr Grt 

100 +% 10 JO 10.42 32 

95V ...._ 3.65 6.76 3? 

96 \\ +i* 928 1L01 155. , „ 

97% +%. 9.74 10.98 29V 18V Bator WnUtau SI. 

931, +1, 3.76 733 19V 11% Barn** Grp. S&l. 

93b +% 5.61 8.93 32% 22 BwduCwnSSlI 

103 A +,*« 12J5 1122 23% ,13 BethSetlSB 

10 Ail +|« 1TJJ5 1129 US 625p Brown* Fra. el®. 

89 +% 3.93 823 13 >4 857p BnnumnckCorpni 

96 +S 10.16 1145 65 41% Burron«hsCtwn.S3 

92b +% 3.92 UJO 48 30b CBSSlfiO 

4V« +% 10.03 1159 42% 28% CP.C.Jb 

Mb AMF»Conr. , 87_ 

22 AmixSl 

21% taerku&pKa. 
11 Amer.Xedk.Ent_ 

17 +% 

60b | 

ft. 3 

at i 

21%xc +%. 
17%al +b 

30%x) +% S228 — 
Mb* +V SLOO - 

ifctt % - 

59 +5 SLO0 — 

Qnm Crr Grt £61% £35 

80c — 2.6 ui 85 

55J — — 43 311 

S1.75 - 3.6 14 8 

“KM* 85 

s = s a & 

£ = % 

5228 — 4 J 

= li BEERS, WI 

70c — 32 

."::: mo 10:92 zt% 

+% 1238 US 2 22 

3 59 42S 28V rP.C.B, 

8.14 48% 32V Caierpifiaril 

10.92 27V 17% Chase STktn3125_ 
132 22 13% niesebrtHuiiSl 

43% +% 52.40- — 33 .46 
42 +V S2J0 — 33 171 
45% +lb 51.80 — 22 2f8 
25 +1 5220 — 5.0 ,51 

reason- UpcTCS- 
teas. Variable 82# 

' flipc 1963 


reasiny I2pc U83# 

103 I+% 11238 11 32 J 22 I 13% IChwebroegJiSl 1 20nj 94c — 1 2.6|U1 

ll&jdUv 9.27 j 11.41! 11 |765p ClirtflerSSV 881p +28 5100 — I 64| 78 

a -% 3.61 854 21V 13b KMeoipM MVi +% “ — 31 122 

12% +% $1.00 — 

1D6'» +V 13.09 13.61 14 733p Citj-Inv.SI.23 

94% 1029 1143 25 1# DaCjn.Prf.BSI_ 

}0%nJ +A 913 1130 18V 12V Colgate*SI 

91V A 10.08 11.75 47% 29 Co Hindi. 51 

91V +% 10.08 1177 26 15% Coot. Munis 5 10_ 

90x1 +& 9.72 1165 25% 17 Coot Oil M 

79% ...... 3.7B 8.45 28 20% Crown ZelL 55 

Five to Fifteen Tears 

Ova: Fifteen Tears 

91V +V 
90x1 +,£ 
7?% ...” 

|+'v "|11:M 1 1169 47% 20% lcutlerJIamae7H:| 

89%ni[ 11024 1186 40 28% 

_ja% ♦% 10.6? 1163 12% tfOp 

32b 22 Eaton Crp.S05S_' 
26% 17% Eg m a y * 


21 +% 



25% +% 
-47% +1 i 

s 5 * = \nm 

81%<d +% 
l&Jil +% 

t® +4 

62x1 +% 

H M M U-g 12% 670p nMeUSm 
i 976 1036 a ^ 

^ ?;g gfi £ 8$ 

S3A5 — 43.H 
SL32 _ 33 152 
EL40 - 35lg 
S190 — 42 28 
m.40 ~ 17 M 
5225 - 42 n9 
SL84 _ 4JL?67 

841 10 
9.65 11 

,51? I 4ft 29% 

65% +% 7.71 1034 241 z 15% 
t_ 102VXI +% 1253 1151 48 - 28 
__ 78V +% 1032 1163 14% 750c 

I- 94%ni +% 12.44 3254 224^171 
?t- 65% +% 932 1113 52V 34 

11% +% 
17a +% 

??% +5 

l+V O70 -; 

Sioo —53 158 
SLOO _ 33 
T1 7(1 22 154 

S3 = KS8 

1275 12.75 21% 735p 
1191 1246 97 6p 705p 
12.7D J 1250 . 28 15 

32 20 

?1% 26% 

15% Gillette H 

28 HooeyweD JL50 

750p Hunan RF. 

171 LBJLCora.SS 

15 Kaiser AL Si 

20 UanL Han.USS760 
26% Morgan JJPICSEJ 

B = 

3Jfl 70 50 

35 *1* 62 

’as 4 w gs i J? saa® 

101% +% 1254 1U9 «L UL Krr 

r? Mi a® f SSSJi&f.: 

M 3 H ft S HMff= 

1 ®w. 

■*rS 27% 18% renneca_. 

131 DaWSLn.Stk.9185. 

“■w 975p 505p reson»PLUSS0.»j_ 

wlf il reumjMas 

40 22% Hmelnc. 

Sno P% 865p Ites'DericaSI 

1 ar si 

|«| jftBSftfc: 

HI w 5 ” SBSSSfe 

2Si;5i.S? 2 z iig; 

*rS - 

25c — 0.7 MZ 
922p +19 90c _ 5JS 
26 +% SL60 — 35 
Z8%xJ S2.08 _ 4.2 R 

.\lBed Brews 
Beil Arthur it 
Border Brew - ! 
Brawn matt! 
Distil! er550n. 
Genian (LilO 
Gongh Bras. 3 
Grecian Whit 
Greene King- 
Invery orton - 
Irish Distiller 
Macallan. Gin 

Foeng Brest 

hew s« h 


*2201- 3.4 
76c! — 25 

a 2 

6c — 23 
L06 - 35 
.04 — 2.9 95 


1232 ^ 

ssg S 

ds C £ 

gM ? 1 
1 % St 

iH? 24* 17V 

IS a 

+1% 15c — — 164 L3B 

53-00 - 23 17 13 

+% gc — 3J 75% 59 

+% 90c — 24 251 203 

— _ +48 — — — 34 31 

25% +% hJLM - 35 15 10 

16% +% Me — 21 50 44' 

34% +1 SL12 — 1.9 128 99 

+1 n.80 - 33 27% 20% 

203 BPBlndlafo 
31 Baggeridgefi] 
10, Bafiej BenlOj 


.15 Benloi 2 
47 Berferd 
62 Bed Bn 

24% 5200 _ 45 31 J5 

152d 10% - 165 57 47 

850p +37 .— — — 69 62 

19% +% R.00 - 53 76 64 

33% +1 5150 _ 2.6 272' 220 
13% +1% 80c — 3.4 73 61 
3^3 +V K.00 - 3 2 V& 75 
a% +% 11.60 — 4.1 38 21 

15 +% XL40 — 52 125 24 

5200 — 26 61% 48% brewnfc* 

Blue Circle u_ 

Wri +V 1191 12J5 "* I—1 13ai |+% | Bjuc J — | 13 184 1153 IBnnxttftH—. 

2%3 +% 17 77 1251 nwniam 52%% (based on USIL8571 per* 190 170 i Bart Boo ttonU 

43% +% 1271 1272 Canmxisn fadw 05580 (0.6698) . g* 22- 

36 r 


37% 30%: 

SS?, 1 * 
R R 

24 19V 

I Undated 

far Loan 3Vnctt— _ 

tar.Sbpctft Aft 


31%d +% 1271 
29% +% 1L9B 
34 +% 1056 
24% +% 1281 
20d +% 2248 
20 +% 1290, 



88 1 82% |5pc Stock 77-82 1 84i 2 1+% J 5.92 | 


98% | 93V jBirabaiaBVpc 7381 
,94% I 89% Bristol 7Vpc^8L. 

10 A Bk. Nora Scat 

I 30% BeU Canada 525— 

“ ,T, » , “- 7M 1 “ i2% 8% SSS5=z: 

^AL BANK i wd'sfef4s£:Bnnt t B. 

Wi 1^15.92 | 9.62 


PS i IIS S8 R 24 ^ !SStfc 

i© ilSi ia i 1 ! !r ,M0 " , - L - 

^ * h inti 7 *p 585p fe«.CaSl 

i: “ J n S m m jgg £«— 

■» — is »s sS ESoSitr 

S 2 --- J2S 11^6 24 IT Rio AJ gam 

26% 1353 - 24»- 14y, Royal ltCaiLS2_ 

o| ’* •••• 20» 13% SeagraaCo.CS l _ 

U ^ m ?S5p To^&on BfcSi- 

48 « 

58 40 

82 68% 
33 38 > 27 
3.0 202 157 


i Eiaag 

78x1 +% 7.03 10.43 ^ Llst 

832 I 1131 1 

Ll% |880ptTiansCajLPipe_I . 11 |+% t 103c | — | 4.< 
S.E. last Prrminm 52%% fbued an £2.0873 per £) 

16 A +A $112 - 33 38 
14 A +X 96c — 3.0 200 
40% +% $42 — 4.9 « 
22 +% 12 %c - 03 3 

11% SLID _ 4.9 W 

205 +% SL44 — 32 ,7| 
13 +% 97c - 35 1M 

30% ..... -4% — 132 220 
19% +% SL14 — Z8 72 
540p +10 , 40c - 35 97 
25% +1 J2.06 — E3J 90 
14% +% 69c — 22 26 

31%+% SL60 2.4 79 
13% +% 86.4c - 3.1 26 
12% +% 80e — 2.9 25 

760p +B 80c - 5J) 47 
850p +10 - • - _ 35 

g% +% 915c - 1.7 g 

S?i+i" SL08 - 22 35 
, 23% +A SL50 - 3.0 661; 
18% nJ +S 92c — 23 30 
M‘l +%- 80c - 0.0 « 
.11 +% 103c — 4.4 68 

33 97 69 EfliafrEreranL 

33 90 68 Erith— 

22 26 14 FJ*A Const'll _ 

2.4 79 60 Fairriocgh Cans. 

3.1 26 19 Feb.tBU.10p 

2.? 25 19 Da'.VWn. 

S3 47 34 Fed. Land* Bid. 

— 35 21 FminKJBhBlIfci_ 

1.7 17 11% FrandsPkr.lqi. 

_ 47 41 FraLa3iGR.il0p_ 

22 35 26 French Kier™ 

3.0 66l 2 52% Gafliford Br.5p_, 

23 30 25 GibbiD'drAinp 

0.0 49 38% Gkestx(3IJ*I8n. ' 

MU 10.12 12.05 

i "« » 

95% .. .. 9.71 1171 

ioi i::..:|i238|ii92 w ff] m 

ann 11RA 


WV| 95% |**AmL 5%pc "S- 78 I 100 j+% I 557 1 1035 334 269* 

gV 92% rDagdJeTW 92V ...?.. 5.93 10.72 187 150 \ 


IwTLifl Stuck ( Price |*-“) w Icirlcfll ffs|§ 

LB fiES-rirlB tHB|r|a= 

38% GkesmOlitlSp. 
48 GhMopV.ftj” 
74 G'gh Cooper SOp 
30 HAT.Grp.10p- 

21 Helical Bar. 

59 Kemfsa.W lOp. 

210 138 HradasraiJ.V.i. 

W 49 HewdeaSt, 10p_ 

£310 £220 Do TpcConv 

122 64 HeywdWm.50p_ 

92 72 Higgs & Bill 

66 Htweringhsn— 
55 DaBes.Vtg.__ 
22 Howard Shut 1% 

104 LD.C.fflp 

125 DKtock/oimsen. 
108 Int. Timber 

S 1 !:c\T^ 

162 JarvisiJJ 

90 lenningsSA050_ 
79 JotESttu-SirtoTii. 
12 JonesEdwiLlOp. 

100% 95% 


.99% 96V 

BS 28 

95% 91 

33% 28% 

meae FI/100 £232% +2% tQ23%% 2J 
iHaratf£I. 295 S193 - 

dlridi US ._... 75 — 

92 72 

- 78 66 

- 73 55 

95 33 22 

- 118 104 

83% 6.67 ELM 165 150 Artatlmot,L£l_ 153d +3 10.08 - 10 

97% +% 4.12 1038 £20% £13% 8ukAne£SL565. £18% +% Q?4e - 2 

W A 652 U34 K3 315 Bklretandfl— 372 -? BOO _ 6 

82% -% 9J4 10.92 £m% £137 DalOpcCone.. 075 — 010% - 5 

94% 1024 17 14 « lc »•— iwi s,««# 

75 — LI — 178 

8 S =«=18 


Public Board and Ind. 

15 BLLeaaii I£l U 016 

60 BkXanmi(UKl£l 160 756 

ISO Bk.y3W.5Ai*. 545 tQ3( 

55 BankScotbndU 273 M3 

50 — - 170 160 BklmmifUKtl 

M — — 572 380 Bk.y5W.SAi*. 

.315 255 BankSaribHtU 
I £32% £21% Bakers XYJIO. 

* 358 2% Baretojsfl 

ml TnH 230 21)0 ' BrmSkipley£i_ 

DQ1IKL 312 CalerErnerti— 

59 I 1.46 11.70 82 67 Clive ifrnt »p _ 

81al I — 112-96 13.40 *230 ITT ConlAua.lSAlj_ 
28V -% 10.79 1Z48 *£19 £12V Con'xbtDIOO*. 

- 136 108 

- (®z 4H 

- -30 22 

- 197 162 

- 123 90 

143 134 79 

- 17 12 

SidU 273 ."-Ip? 35 6.0 U .45 31 fSStmSX: 
N.YJ10. £29 +% <%DjOO — 5.9 — I £35 |£18 s ikjfarg8S_,%noO 
nil 53 5.4 178 U21 Ma^Jalrai“A" 

225 937 — 62 

290 1933 — 10J 

74* __ 4.78 — 102 

220 U316C 2.6 45 

£18 +% 018% — 2.6 
£17% +% 012% - 6.7 
20 0.7 73 53 


Lawrence (WJ_ 

CFC »>rac Deb WtC 
Do 6%^cDb. a 81-Sd _ 
Do. Hhjpr Un» La B6 
Do IlprUafcLn 38 
Do llipcDnsLn W 
62'|Do.7l 4 peADb DI M 
Mi, 1 75V DoJpc-.VVI-M- 
81% 70% Doi&cLa 92-97 

(982 131sl | 637 - £18% £15 ChmffliLKrlOo' £17% +6 012% — 

fairanls-l 88x1 1 |l0.17 1 12.60 25 18 Cormlbian lto._ 20 0.7 7J 

F inanc ia l ^Fraxens £21% +% 0937% — 

101 -% 12.87 1250 £123 £90 DeatscteBankoSJ fTiR +2 01B% — 

104% A 1383 13.10 83 58 EcPhK 67 ZW il 

10^-% 1356 13.14 3% IV First Nat. — 2% A' - - 

81% 6.90 1130 1 % Dft.WnfeTS®. 5. _ _ 

n |-?Z H'S ,19% Fraser Ans.lOp_ 10% 0.03 — 

91 b -b J2.17 1320 196 157 Gemrd N’UnL_ 176 8.17 — 

92 +b 12.72 1J.40 50 37 Gibbs (A.) — 42 280 — 

.93 -V 13.49 13.90 255 195 GiUettBros.El- 222 lfl8 _ 

— '76% 61 London Brick — 
35 90 74 Lorell'Y.J.i 


2 V +% 


26 45 128 105 

59 I 38 
204 h70 
53% 42% 

38 McNeill Group .. 
■70 MgEnet&Sthns- 
42% MallinsoD-Denny 
84 MaadersiHIdg)- 

93 - 5 13.49 13.90 255 

62»;id ...._ 11.60 13.10 29 

63 11.91 1335 120 

75 +% 1147 1380 Z60 


71b|:.....|HM|0joBi7 158 f=^i:_r i74 t* 

.100 81 HdlSampd 83x1 Ul 

! DATTC 600 375 Do. Warrants _ 375 

mde Dllliyja 21 DJ3 

indlayi 98 -2 2.75 

iinneuPeat_ 22S tlO.O 

inthns— 174 -2 t952 

._... 0.03 





-2 2.75 

— 325 224 Uarclmtel I 

— 93 73 Marie; 

0.4 — 101 

7 0 — 81 

7.9 — 31 

10.4 — 48 

0.9 — 87 

May A Hassell _ 

Mean Bros 

Merer iModLLi. 

3.4 *113 1 65 Rufbm I 


■ High LB* 

20% 17 
34% 33 

■ 98 98 

-415 350 

■ 54 46 

|+ arlDir. r r| Red. 
- Grass f ie» 

6M 375 DaWarraats_ 375 — — — 

327 203 HongShBfiJiaO. 3U +4 hQ59c - 2. 

*9 52 UesselTojnbee- 56* _... h3^7 - 8. 

6.6 — 14 

8J — 68 
9.0 — 39 
- — 103 
22 — 140 

9 Hfller(Stan) 10p. 

52 Muconeiete 

35 Mod. Engineers. 

,7? MonkiAi 

108 Moslem tli. 

17 AntofjattaR]? 

33 Do.Spc Pret 

98 Cbileaa Mixed — 
350 GenunYoe.4%pe. 
46 Greek Tpc Ass. — 
46 DoGpeSMab A>5 .. 
40 Dntyc JCited Ass.. 

' 42 Hung.C4.Xa 

! 65 (Iceland 6>ipr 8388 

20 % 

V -::: 






65x1 ..... 

210 160 Joseph iLeoi£l _ 210 
52 37 KenerUamann. 47 

74 56 King & Shat 2Qp. 56 

114 92 KieiuwwtBX_ 94 

297 242 UsydsEl 255 

,50% 42 MansonFlaSOp. 45 
134 106 MemtySecA— 108 
35° 330 Midland £1 342 

M — IBS ^ NewtrthiQU— 150 
6.4 — 100 79 NorwestHolst._ 100 

r-390 330 HidlandEl 342 +2 

(£92 £78 Do. 83-93_ £79 -% 
£95> 4 £82% Do. 10V% 93-38- £83% ~% 
64% 56 Minster AaeU_ 5p ...?. 

-1 4.12 - 6 

+1 9.09 55 5 

72.79 15 9 

339 -4 

+2 14.75 43 6 
-% Q7b% Zll f9 

— 2-1 — 2M 210 N«L Brick 50p_ 

— 32 — ,57% 40 OnueDers. 10p„ 

I — 98 Parier Timber— 98 

15 9.4 112 147 82 Porhini 133 

— f-8 — 139 107 RJ1.C 113 

« 55 5.4 148 U6 Bed land 130 

Zll el32j — 100 
23 931 6-6 112 


Tdex; Editorial 888341/2, 


itoriil 88834 l/2,'ffi38S7. Adra^iaements: 885033. Telegrams: HmtSmo g Ijw^ b FS 4.- 
\ Telephone: 81-348 8808. 

For Share Index Vad Business News Summary in London, Birmingham, 

Li dm ™! *«1 Manchester, Tel: 248 8038 

37% 31% 
43 30% 
55 40 

9 6 


412 330 

70 R'ch'd&WaniOp 

94 Roberta AdbnL 

80 Boban Group 

80 RowLason 10p*„ 

s aaes 

31% SsbibrtmfcrLbp. 
30% Sharpe & Fuller. 
40 Smart J. 1 10p__ 
6 Sou Cbm Con. 5p 

26 Screetffs LOp 

24 FanaaeSOp L_ 


Anaterdmm; PO. Box 128S. Ajnterdam^V 
Telex 12171 TeL 240 SS5 \ 

Btminfiluun: George Rouse. Coorge Road?' 

Telex 33800 Tel: 021-454 0932 
Boon: Prcsahxus 11.104 RetuaeUee 2-10. 

Telex 88SBS42 TeL 210030 
Bnma to 38 R ue Ducale. 

Telex 23283 Tel: 5124037 
Cairo: P.O. Box 2040. 

TeL 838510 

Dublin: 8 FUtwHliam Sounre, 

Telex 5414 TeL 785321 
Edinburgh; 37 George Street. 

Telex: 72484 TeL 031-228 4120 
TVxnJAut: Im Sxchien lexer 13. 

Telex: 418283 Tel: 555730 
Johannesburg: P.O. Box 2128 
Telex 8-8257 Tel: 838-7345 
Ltobon.- Free* da Alcgrix 38- ID. Lisbon Z 
Telex 12833 TeL 362 508 
Madrid: Espronceda 32. Madrid 3, 

TeL 441 8772 


Birmingham- George House. George Road. 

Telex 338350 Td 021-454 0822 
Edinburgh. 37 George Street. 

Telex 72484 Tel: 031-226 4139 
Frankfurt: Im Sachsenlager IX 
Telex 18263 Tel: 554887 

Le+da: PentMUient House, The Headrew. 

Tel 1 0532 43496S 

"^ara&s^^asssr* * « 

N £*. Yo rfc: 78 Hockefeller Plaza. N.Y. lOOlOL 27 

Telex 88380 Tel: [212) 541 4825 143 

3 6 Ru e du Scatter. 7900C. *4 

Telex 220044 Tel: 238.57.43 

AT «rid« Plea. Varga* 418-10: 

Borne: Via della Keveede 55. nT 

Telex 81032 TeL 878 3814 

St Tfe%ra -SfMeo 1 ^ 451 *^ 295 

Tehran: P.O. Box U-1B7B. TO 

Telex 212834 TeL 882808 79 

Toksn: 8th Floor, Nihon Ketod SUnhiin £57 

BalkUng- IM Otemachl. Chiyoda kn. 246 

Telex J 27104 TeL Ml 2820 *19 

Washlxtgton: 2nd Floor jxt5 E. Street .S. 

N.WU Waxbington D.t 20004 59J 

Telex 4402STeL (302) 347 8678 

J 912 330 Taylor Woodrow. 
297 233 TiibtilTC'lg£L_ 
J25 Trartsk Arnold. 

2MI 225 TnanelBSOp- 

77% 65 CBM Group 

,21 VecUs Slone Hip. 

*77 155 ITihroplJnt 

II H WantHld(s.l0p. 

53 35 VamnstoR 

116 95 Talk Blake 

44 30 Vestbnrk Prods. 

98 56 WeRsn Bros 

46 40 Vliatluic>25n 

45 28 nbifehal^p 

4 s liEsaafe 

*4 63 WunpejiGeoi 


ai%[600 ASZ0 

W3 86 A [bright WUafiL 
295 * 253 Alginate lads 

97 84 AudaFaek lOjp 

90 61 Ail'd CoQaidlOp. 

79 60 Anchor Chan. 

£57 £40% Bayer AC. DSL50. 1 
246 122 Bligdoi Noakea. \ 

•Ml 34 ftStttaElS 5 

» 19 Bnt. Benzol lOp. 

■59% 45 BnLTarPrd.ldp 

14% 10% Barretl 5p 

41 27 Carte Gpell«p_ 

49 44 Cal a Lin 

Manchester Queen’s House. Queen Street. 

Telex 008813 TeL 061-834 8381 
New York* 75 Rockefeller Plaza. N.Y. 10019 
Tola* 423025 TeL (212) 488 8300 
Faria: 38 Bae du Sender. 79002. 

Telex 230044 Tel: .2388841 
Tokyo: Kamhara Building. 1-0-10 U Chilean da. 
Chiyoda-fcu. Telex J 27104 TeL 285 4050 


41 27 

« 44 

£?5 £89 

£W £90 

«?% £90)2 Do^VCbvBI^ 1 

79 64 Coalite Chem 

75 59 Coatee Bra* 

74 57 Do \VYV 

23 19% Cn> tHoraftiSp. 23 

4^2 CrodalnLl^r_ 50 
31% 16 Crwal^eap — 26 

5/ 46 &nltmPla«ics_ 48 

,44 36 FannFert 38 

3M 325 Fiaxall 358 

24% 1|V Halstead U.J I0p. 22 
Z23 156 HfeiaWdeba^. 190 
534 >76 Hoprtsl DH5 5 

uatonwWui; a 

W ObaCgyTVVLn I 
90 DoBWinSlW. i 

Copies obtainable from newsagents and bookstalls worldwide or ou regular mtbsczJjpUoa fnun 
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