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Timber, Building Materials, Heating and 
^tombing Equipment for the Construction 
and Allied Trades. Northampton 52 333 


FINANCIAL TIMES 


No. 27,557 


Friday May 12 1978 


** 


13p 


ws 


COWTlN&ITaL SB.UNG PRICES; AUSTRIA SsMSj BELGIUM Fr-25; DENMARK KrJ.5; FRANCE FrJ.Os GERMANY DM2.9;, ITALY L.HO; NETHERLANDS F«.0; NORWAY KrJ.5; PORTUGAL Ex.2ti SPAIN TtaMO; 


Taylor 4> 
Woodrow 

-taking a constructive 
approach to every 
size of project 

SWEDEN Kr.3.25; SWITZERLAND Fr-2.0; EIRE tip 



NEWS SUMMARY 


ENERAL 


BUSINESS 


Chinese 


'*iim 

■ I . 

! miet 

’ iji R. r 

• 1 'x ' uroa • 

Evasion 

. f 

*•:. hin^ has protested strongly to 

• ^.le Soviet Union about an 

1 -legcd military invasion into 

; ortfa-east China last Tuesday. 

China says that 30 Soviet 
' oops crossed the Ussuri River 
" • *jrder, wounding several peas- 
its. It alleges that the Soviet 
: r, oops penetrated 4km. into 
-.t.-rj hinese territory, seizing 14 
:h,...»ople who were beaten before 
l iey were released. 

- The incident, the worst for 
| "tf-veral years, breaks an uneasy 
uce on the frontier. 

"•?r* China also announced yester- 
; :i' i-ay that Chairman Hoa Kuo- 

- ;■* eng is to pay an official visit to 

- ranee. Back and Page 6 

roops quell 
Sniiijran march 

•anian troops and police stopped 
, , major march in Tehran. 
Several thousand demonstrators, 
touting anti-Shah and anti- 
: ' ‘ overnraent slogans, were met 

• : ■ S- ith tear gas and baton ebarges. 
■’"m n confirmed reports say scores 

f people were injured. At 
; ,>l'ast 16 people have died in the 
ji, ' ast four days. There have been 
i> further reports of unrest in 
' »• rovincial towns. The Shah has 
incelled all engagements and 
'• ■ : ' , ' < -'DStponed a state visit to Bul- 
■■'■■r+aria. Page 6 

Jell death 

■ ■ ■ wo cars and a van were hi- 
icked and set on fire in Belfast 

m . i protest at the death of a man 
■..eld for questioning about the 
, murder of a policeman. Brian 
iaguire was reported to have 
,.een found hanging by a piece 
f bed sheeting at Castlereagh 
’ 'oterrosalion centre. 

^pltt vote 

■^J.S. Senate foreign relations 
u4 ommittee split down middle in 
ta -nte on whether to approve 
' ' nbn. worth o£ war planes to 
audi Arabia. Egypt and Israel. 

• -.’he issue now goes to the full 
. ..Senate. Arab Americans asked 
r ( federal judge to bait arms sales 
.... n Israel. They say U.S.-supplied 
. 'Weapons were used illegally in 
'■ ' srael's March 14 invasion of 
‘ '";.ebanon. Page 4 

Korean fears 

forth Korea claims that the U.S. 
s preparing South Korea for war 
“ i y giving Seoul more planes, 
anks, guns, ammunition and 
"-'■"■tickets to compensate for witb- 
Irawal of American forces, 
^orth Korean General Han Ju 
\\nng told the Korean Armistice 
ommission: " An all-out war 
, r uld break out at any time.” 
dage 6 

Miner killed 

Ine miner killed and another 
jfrrinusly injured in an under- 
jirnund explosion at Bodist 
Colliery in South Wales. An 
inquiry into the cause of the 
sxplosinn is to be held. 

Neutron warning 

West German Chancellor Helmut 
Schmidt said he believed his 
meeting last week with Soviet 
President Brezhnev would give 
jew impetus to East-West dis- 
armament talks. Russia warned 
it Geneva Disarmament Con- 
ference that an aggressor might 
he tempted to use Die neutron 
oomb to suppress national libera- 
tion movements in countries out- 
side Europe. Page 3 

Briefly ■■« 

President Marcos will share his 
law-making power with Philip- 
pines' interim legislature pro- 
vided it performs its tasks 
properly." 

Czechoslovakia demanded extra- 
dition of hijackers who forced 
sn airliner to fly to Frankfurt. 
Tasser Arafat, head of the 
Palestine Liberation Organisa- 
tion, is to • lead a Fatah dele- 
gation to Moscow. 

Boris Khaikin, 73, Bolshoi 
Theatre conductor, has died. 
Princess Margaret left hospital. 
Earlier tt was' confirmed that she 
had gastro-enteritis and mild 
bepatilis. 

CHIEF PRICE CHANCES 

(Prices in pence unless otherwise 
indicated) 

RISES 

Akroyd and Smlibers 220+5 

££. SSE-- § + * 

Rreedon Cloud Lime 86$ + 6$ 
Britannic Assnce. ... «« + » 

Brycourr •* + “ 

Burton A X 2 

Dawson Intnl g ti 

English Prop . m 

Guinness Peat + * 0 

Hail (Matthew) 217 + 6 . 

Hawker Slddeley ... -J® + J 

'ohnson-Rwhards ■■■ T 2 
* »yds and Scottish... « + * 
l and European ... £ + * 

— Merchant Secs- 94 + 5 
lUicas lnds. 306 + o 


Equities 
extend 
rally; 
gold up 


• EQUITIES extended their 
rally with a rise of 4.9 to 479.9 
in the FT 30-sbare index. 

• GOLD closed 51$ higher at 
81755 after reaching $175$. Re- 
ports of a Sino-Sovjct border 


tpatfng 



150* 


1977 


London 
Gold Price 

I LJ \m 


□EC JAH FEB MAR APB MAY 


dash might have boosted 
demand. Volume eased later, 
ahead of the Continental holi- 
day. The New York May settle- 
ment price closed 50 cents lower 
at $173.90. 

• STERLING fell 55 points to 
$1.8190 as the dollar gained 
ground and money supply con- 
cern depressed the market. Its 
trade-weighted index was un- 
changed at 61.5- The dollar's 
trade-weighted depreciation 
narrowed to 5^4 per cent., from 
5.31 per cenL 

• GILTS were restrained by 

interest rate concern. The 
Government Securities indej. 
w?5 0.04 lower at " 

• WALL STREET -rose 12.04 
to 834J20 in heavy trading. 

• U.S. MONET SUPPLY. Ml 
rose to SSSO^bn. from $346.5bn. 
312 rose 'to $833.7bn. from 
$829.5bn. 


Callaghan rules out 
vote of confidence 
over tax cut defeats 


BY RICHARD EVANS, LOBBY EDITOR 

Mr. James Callaghan decided yesterday against seeking an early vote of 
confidence after the damaging Finance Bill defeats inflicted on the 
Government this week. Instead, he launched an attack on the Conservatives 
for their irresponsibility in seeking to destroy Budget strategy. 


LATEST FIGURES SUGGEST 
15* PER CENT. ANNUAL RATE 

Money growth 
even higher j 


Although Ministers accept that 
action to recoup the £445m. of 
lost revenue this year caused by 
the defeats will probably have to 
be taken, there is no sign of any 
immediate measures. 

Mr. Denis Hesdey, Chancellor, 
still intends to await the conclu- 
sion of the committee stage of 
the Finance Bill — when further 
Government defeats of substance 
seem unlikely— before deciding 
what amendments to table for the 
report stage in the summer. 

There are signs that an attempt 
might be made to reverse the 
successful Conservative amend- 
ment raising by H,QQ0 to £8,000 
the level at which higher tax 
rates start to operate. Ministers 
are convinced that the Scottish 
Nationalist MPs — whose votes 
proved critical— did not appreci- 
ate that the cost of the amend- 
ment because of its “ ripple ” 
effect throughout the higher rates 
will be £l05m. this year. They 
believe there is a chance of 
reversing the decision. 

Ministers wih continue the 
campaign launched with vigour 
by the Prime Minister in Man- 
chester last night to brand the 
Tories and their minority party 
allies as cynical Budget wreckers 
whose amendements will benefit 
only the rich. 

Mr. Callaghan was on a 48-hnur 
tour of Lancashire and Mrs. 
Thatcher, Conservative leader. 


started a similar tour in Scot- 
land. The visits underline the 
belief at Westminster that an 
autumn election is increasingly 
probable. 

Tbe Prime Minister, after 
calmly brushing aside Conserva- 
tive demands in the Commons 
for an immediate election, 
accused the Tories of devoting 
every last penny of their Finance 
Bill victories to lighten the tax 
payment of those best able to 
pay. 

“ What has been done this 
week alters the balance of a 
carefully constructed Budget. It 


Parliament, Page 14 
Editorial comment and 
Politics To-day, Page 22 


was a family Budget — and fair 
and popular. The Government 
chose tbe priorities carefully." 

Mr. Callaghan called on Uie 
electors of Hamilton where the 
last by-election before tbe 
autumn will be held— to disown 
the Tory party and the SNP for 
combining together “ in cupidity 
and irresponsibility.” Ministers 
regard Hamilton, where polling 
takes place on May 31, as a 
crucial indicator of electoral 
opinion. 

An unrepentant Sir Geoffrey 


Howe, shadow Chancellor, 
emphasised that tbe Conserva- 
tives fully appreciated the effect 
of their amendments and 
intended to stick by them, in 
spite of the smokescreen of con- 
fusion being spread by the 
Chancellor. 

John Elliott, Industrial Editor, 
writes: Mr. Enoch Powell, 
economic spokesman of the 
Ulster Unionists. yesterday 
visited the London headquarters 
of the Confederation of British 
Industry for talks with Sir John 
Methven. director-general, on 
Finance Bill developments. 

During the past three weeks 
the confederation has been 
mounting a widespread political 
lobbying campaign over the 
Bill's tax levels and its leaders 
and staff have had meetings with 
prominent politicians from all 
the political parties as well as 
with MPs and civil servants. 

Sir John is- concerned about 
the possibility of the Government 
trying to reverse some of its 
defeats when the Bill reaches its 
report stage. 

He said after he had met Mr. 
Powell: “If these tax advances 
were reversed it would be 
extremely serious. It would 
almost be worse for the morale 
of middle managers than if they 
had never been introduced.*' 


Mitsubishi 
quota cut 

• COLT, the importer of 
Japanese Mitsubishi cars in 
Britain, has bad its quota of 
shipments cut from 9,200 last 
year to S^2D0 this year following 
an agreement under which tbe 
Japanese Government is control- 
ling exports to Britain. U.K. car 
production kept up its strong 
recovery last month. Page 8. 
Daimler-Benz, the West German 
car maker, lost sales worth 
DMlbn. in the first quarter of 
the year because of strikes. Page 
30 

• RETAIL PRICE index for 
April will show a “spectacular 
improvement" according to Mr. 
Roy Hattersley, Prices Secretary. 
Page 10 

• MR. “ TINY " ROWLAND, 
chief executive of Lonrho. said 
he had been given, what he re- 
garded as a personal assurance 
by Mr. David Owen, Foreign 
Secretary, that the company 
would not face changes as a 
result of a Department of Trade 
report published two years ago. 
Back Page 

• PAY POLICY rules have been 
accepted by GEC-Tetecom- 
m unications as a condition of a 
State grant towards the exten- 
sion of ' a factory in Scotland. 
GEC-Schreiber is resisting this 
condition on a £20m. Merseyside 
project. Back Page 

COMPANIES 

• BURTON GROUP made a 

profit of £5.0Lm. in the six 
months to February 25 compared 
with a loss of £2.4Im. previously 
Page 24 and Lex 

VICTOR, of Japan increased 
net profits by 422 per cent, to 
Yen3.04bo. in the financial year 
to March. Page 31 

• B0U5SAC, the stricken French 
textile group, has been refused 
further government aid. Page 
30 


YESTERDAY 

Moss Bros. 107 + a 

Newman lnds SB + 6 

Provident Financial... 102 + 6 
Scott’s Restaurant ...500 + 60 

Thomson Org_ 269 + 9 

BP 856 + 12 

Castlefield 287 + 27 

Guthrie 282 + 15 

Harrisons Malay Ests. 103 + 6 

Jitra 61 + 4 

Jokai 280 + 5 

London Sumatra 150 + 30 

Longbournc 300 + 25 

Anglo Amer. Gold — ElBg + i 

Harmony 314 + 11 

Libanon 478 + 26 

PALLS 

Gieves : 07 — 6 

Scot, and Univ. In vs. 114 — jj 
Whitehouse (G.) ... 87-7 

WoodhaQ Trust 86—4 

Geevor 240 — 5 


Farmers praise Silkin 
milk boards ‘victory 

BY MARGARET VAN HATTfiM IN BRUSSELS AND CHRISTOPHER PARKES IN LONDON 


FARMERS’ LEADERS yesterday 
praised Mr. ' John Silkin. 
Minister for Agrictulre, for his 
“victory" over Common Market 
opponents of Britain’s milk 
marketing Boards. 

Sir Henry Plumb president of 
tbe National Farmers' Union, 
said he "unreservedly welcomed" 
the news from the Council of 
Ministers meeting in Brussels 
that the danger to tbe Boards 
bad passed. 

“I wish to place on record the 
NFU's appreciation of the strong 
advocacy of the Minister of 
Agriculture on. this issue. I 
believe that Europe as a whole 
will benefit from the continued 
existence of the Boards.” he said. 

Mr. Steve Roberts, chairman 
of the Milk Marketing Board, 
said: * Although we have yet to 
see the official details of tbe 
arrangements, this appears to be 
very good news for British milk 
producers, distributors and con* 
sumers. 

“ The Minister and all con- 


cerned have worked very hard 
on this issue, and we are 
delighted that the Board can 
continue on a permanent basis." 

Mr. Silkin. appears to have 
achieved his prime target — 
permanent continuation of the 
Boards — and .to have resisted 
attempts to impose a tight 
squeeze on the margin between 
prices for liquid milk and milk 
used to make dairy ' products, a 
condition which, he claimed, 
would either have cut producer 
incomes or boosted consumer 
prices substantially. 

He appears to have been only 
partly successful, however, in 
attempts to reduce the monetary 
compensatory amounts on pig 
meat, which subsidise imports 
from Denmark and Holland into 
Britain. These subsidies, around 
£280 a tonne on bacon will prob- 
ably be cut to around £240 — 
about half the reduction Mr. 
Silkio was seeking. 

To return, he has had to relax 
his demands for tigbt price curbs 


on surplus commodities — pos- 
sibly a high price for two politi- 
cally attractive but economically 
less important victories. 

The EEC Agriculture Ministers 
emerged tired and bleary eyed 
from their 12&-hour all-night 
negotiating session yesterday 
morning, having failed to settle 
Community farm prices for 
1978-79, but determined to press 
on. 

Several officials described the 
still-unresolved Franco-ltalian 
dispute over wine as “ very 
nasty." Ministers • are under 
mounting pressure to settle 
quickly and this has not im- 
proved their tempers. There 
were reports of heated argu- 
ments and sarcastic exchanges as 
the talks progressed. 

But an agreement fairly close 
to the Commission’s set of com 
promise proposals, presented at 
the start of Wednesday night's 
session, is emerging. 

European Parliament. Page 39 


BY MICHAEL B LAN DEN 

THE EXCESS growth of the 
money supply over the past 
financial year was even greater 
! than has appeared so far. it was 
; indicated yesterday by Bank of 
! England figures. 

The increase over the year to 
| mid-April may have been more 
I than 2i per cent, above tbe top 
end of the official target range 
of 9 to 13 per cent, growth, 
depending on the outcome of the 
final month. 

The new figures are the 
result of extensive revisions to 
the raonih-by-roonth adjustments 
which are made by the Bank in 
'an effort to iron out the impact 
1 of known and anticipated 
seasonal factors. 

As a result, the growth of the 
sterling money stock on the 
wider definition (M3) is now 
put at 13 1 per cent, seasonally 
adjusted over the first 11 months 
of the financial ye3r to mid- 
March. 

This is one point higher than 
tbe previous estimate of 12] per 
cent., and equivalent to’ an 
annual growth rate of about 14£ 
per cent 

Banking figures published 
earlier this week indicated that 
there was a further upsurge in 
the month to mid-April, the end 
of the year for the purposes of 
monetary policy. The rise in 
that month may have been as 
much as 2 per cent, or more, 
allowing for the effects of sea- 
sonal and other adjustment. 

The new figures underline the 
problems of interpreting month- 
by-month money supply statis- 
tics, and provide a marked con- 
trast with the optimism about 
monetary policy shown by Mr. 
Denis Healey, the Chancellor, at 
the time of the Budget last 
month. 

He said then that while the 
growth of sterling M3 would 
exceed the 13 per cenL ceiling 
for the year, it should be under 
14 per cent This target range 
has now been replaced by a new 
target of S-12 per cent, growth 
for the current year, subject to 
revision -on a six-month rolling 
basis. 

The appearance of the Bank’s 
statement added to the uncer- 
tainties in the City markets, 
which remain in some confusion 
over the likely course of interest 
rates. 

Following last week's jump in 
the Bang of England’s minimum- 
lending rate from 7 i per cent, 
to 8J per cent., tbe money- 
markets have been looking for a 
further rise this week. The Bank 
yesterday gave no clear signals 
of its own preferences, and the 
outcome of to-day’s Treasury bill 
tender is subject to considerable 
doubt 

Rates on Treasury bills y ester 
day were at levels which if main- 
tained could produce an increase 
io MLR to between 9 and 93 per 
cent 


-2,-r 




DOLLAR I 

! i i i 1 


R|> g|Q|.i>«A*ir l 

fm* bIahSai t** i 



Dec Jan JW> Mar Apr May 


MONTHLY CHANGES IN 
MONEY STOCK 
Seasonally adjusted Sterling M3 


1777 


Old figures 
On. (%) 


New figures 
£m. 


Apr. -899 (t 2J) + 79S (+M) 
Mar -252 (-i.4) - 253 (-r0.9)i 
Jun e -30 3 (-i-OJ ) -*» 309 ( r-OJl) ■ 
July +507 ( + L 2 ) + 358 ’( -0.9) 

Aug. - 59 ( + 0.1) - 1 ( — ) 

Sept. - MS J + 2.1) f 730 ( 1.8) , 
Oct. -729 ( + 1.7) - 595 (- 1.4) 
Nov. -284 (J-0.7) 294 ( + 0.7) 

Dec. +401 (+0.9) -• 413 (-1.0) 
1978 

Jan. +941 (-2J) +1.034 (--2.4) 
Feb. -.-504 (-1.1) +1.0*0 (-0 41 
Mar. +2 21 (+0.5) + 313 (+0.7) 
Source; 8onfc at Lnilaiut 


Markets were al!*o affected by 
news of a rise in the New York 
discount rate. Gilt-edged securi- 
ties saw late Tails, with the Finan- 
cial Times Government securities 
index ending 0.04 down :i( a new 
low for the year of 70 97. The 
pound also slipped in lale deal- 
ings to end 55 points down nt 
$1.8190. but its (rade-weighted 
index was unchanged at fil.5. 

The main impact of the 
changes in the Bank’s seasonal 
adjustments has been to increase 
the growth rate of sterling M3 
in the past four months, and 
particularly in February. 

In that month, the seasonally 
adjusted growth is now put at 
2.4 per cent compared with ? 
previous estimate of 1.1 per cent, 
and in two of the past iliree 
months sterling M3 has gone up 
by over Elbn. 

There were some offsetting 
reductions in earlier months, but 
tbe total ended up larger. The 
changes result from tbe Bank's 
regular annual recalculation of 
the seasonal adjustments, which 
this year has produced larger 
than normal revisions. 

Tbe Bank identified iwo mam 
reasons for this. First, the 
changes in arrangements for 
collecting corporation tax Lave 
affected the distribution of 
Government receipts between th - 
first three months of the calendar 
year in a way which was difficult 
to estimate in advance. 

Secondly, it has been possible 
to incorporate further Inforim- 
tion about the pattern ui 
Government spending and th-.* 
effect of tbe timing of payincn'- 
Of rate support grants an-i 
housing subsidies. 


£ in New York 

- \ Mat 11 


Prcvii.n- 


Sl»« S1.P14&.S176 ; M.KliVmi 

1 n;i 4lt It U.K3 J.a5 ,I|>. O.TO-O.tvi .li- 
5ni*ill» 1.75 IJB 41.: 1-8P-L7E ,li, 

I? in.inlli" ati. . fi.9b-fi.7F. ill*. 


Money 
surge 
in U.S. 

By Stewart Fleming 


NEW YORK Ma> H. 

IN THE walit* uf a mine by 
the Federal Hrsme Board this 
morning to confirm recent 
shar increases in I'.S. interest 
rates through raising Hie ilis- 
eount rale from 6! rr ten!, 
to 7 rr rent., the mitral hunk 
announced this afternoon the 
higgrsi inn-ease in ihe I'.S. 
money supply this year — a 
$4bn. rise in Ml. 

Tbe size of ihe increase sent 
a tremor through Wall Strel’s 
already nervous monry mark 
kels and led some economists 
such as Mr. Alan Lcrncr. 
senior vice-president of 
Bankers Trust, to predict lhai 
farther moves to lighten credit 
and try and consrain in Hat ion 
were likely. 

Other analysis were more 
cautious bnt investors in the 
bond market registered their 
anxieties and prices fell 
sharply. If the Fed does nol 
give any Indication of a change 
in policy to-morrow attention 
will focus on nexi Thursday's 
meeting or I lie Federal Open 
Afarkei Commiliee, ils mone- 
tary policy setting arm. 

Opinion of on Wall Street 
is divided over whether Ihe 
central hank In Its reernf 
moves to lighten credit has 
been aiming at an increase in 
the average Federal funds rate 
of from 6J per cenL to 7J per 
rent or higher. To-daj's 
monetary data will lead more 
economists lo suspect that a 
higher figure is more likely. 

Since April IS me Fed lias 
been tightening credit in an 
effort lo restrain inflation. It 
has also intervened to furor 
up short-lerm rates in Ihe key 
Federal Funds market (mm 
6} per cent, to 7 1 , per cent. 
Commercial bank prime lend- 
ing rates have risen too from S 
per cent, to 8J per cent. 

But the centra! hank is hav- 
ing obvious difficulty in hold- 
ing the Fed funds rate closr la 
ils assumed target. 

In what some .see as a tacit 
admission of the strains 

Continued on Back Page 

U.S. wage talks. Page 4 


Shut platform costs Shell £57m. 


BY RAY DAFTER. ENERGY CORRESPONDENT 


THE CLOSURE of a North Sea 
oil production platform , ordered 
by tbe Department of Energy in 
June last year, will cost Shell 
UJK. £57m. in delayed revenue, 
the company said yesterday. 

About half of this was lost fn 
the second half of last year, with 
the resuit that the. company has 
reported a trading deficit of 
£13 -3m. for 1977- 

Shell and itj North Sea partner 
Esso were told to shut production 
from the “B” platform on their 
big Brent Field until they had in- 
stalled equipment which would 
avoid their wasting gas produced 
with tbe oil. 

The depaxtnient said last 
summer that it believed the 
a m ount' of natural gas that could 
be saved by the installation of 
handling equipment coo Id be 


worth more than £55m. 

Tbe partners had hoped to post- 
pone the installation of the 
facilities until oil production 
from other platforms had built 
up. But as a result of the Gov- 
ernment directive Shell and Esso 
received much less oil than 
expected in 1977. The Brent “B" 
platform could remain shut until 
September. 

Mr. John Greenboroogh, chief 
executive of Shell UJC-, said in 
London yesterday that his com- 
pany's North Sea production, 
which totalled 2m. tonnes lasl 
year, would be considerably im- 
proved towards the end of this 
year when three Brent platforms 
and the Dunlin Field would be on 
stream. They will join the Auk 
Field, which is producing oil at 
the rate of 50,000 barrels a day. 


In spite of the Brent delay 
and the continuing depressed 
state of the oil products market 
Shell still improved its trading 
position last year. 

The UJv. company's £lL3m. 
loss, on total sales of £2.3bn.. 
compared with a deficit of 
£32.3m. in 1976— the first year in 
which Shell traded as a separate 
company following the break-up 
of tbe Shell-Mex and BP market- 
ing group. 

Mr. Greenborough said that 
the results largely reflected the 
company’s heavy investment in 
North Sea activities, an invest- 
ment which should produce 
profits within the next few years. 

By the end of this decade, he 
said, about £4bn. would bave 
been spent on North Sea pro- 
jects managed by Shell U.K. 


CONTENTS OF TO-DAY’S ISSUE 


European news 2-3 

American news 4 

Overseas news 6 

World- trade news 7 

Home news— general 8, 10, II 
—labour 12 


Technical page 17 

Management page 19 

Arts page 21 

Leader page 22 

UAL Companies 24,2038 

Mining 7 27 


Inti. Companies 29*31 

Euromarkets — 29-39 

Wall Street 38 

Foreign Exchanges 38 

Farming, raw materials ... 39 

UJK. stock market 40 


Politics Today: The Govern- 
ment’s tax defeats 22 

Rolls-Royce is waring the 

Stars and Stripes 23 

Energy Review: OU and gas 

is Nigeria 15 

Around Britain visits Tbe 
Isle of Man 20 


FEATURES 

How Industry exaggerates 
the risks of innovation ... 19 
Portuguese Communist 
Party Edging away from 

Stalinism 2 

Shock for Franco’s former 

officials 2 

UB. labour law reform ... 4 


South Korean economy: 
Future growth 6 

Aid for Brazilian farm 
machinery manufacturers 7 

FT REPORT 

Scottish Property 35-37 


ApHtaHIMf 

ApMbKmasts Adrts. 

Bonk Return 

Books 

Crossword 

Entertainment cnMe 
Ears. Options Ex_.. 

Eooe erficas 

FMfloadH Indices 

rtonc Contracts 

Letters 


IS 

IS 

24 

U 

20 

a 

31 

m 

a 

15 

s 


Lex 

Lombard 20 

Ken trod Matters ._ 22 

Money Market 27 

Property — ..... 32-34 

Radon 3 

Sale roc m - U 

Sure Information 42m 
Stock Exefa. Report «. 

To-day's Evens . ... 3 

TV and Radio a 


Unit Trusts CL 

Weather M 

Base Leadim Rates a 

IKTCR1M STATEMENTS 
Aberdeen Trust ... 30 

Fttzrey iovestment ZT 

NedJianfc Croup ... 26 

Transvaal Consd. 

Land & Explm. 3 


ANNUAL STATEMENTS 

Bokaert WV j 

B smalt OH 3 

Cle Frantab da 
Lafrlque Ocddad- U 

Curry’s 27 

Eaton C*rwai/on_ XL 

Hoolhm .' U 

Thomson Orsaavta. 25 

Watts Blake Burra & 


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Financial Times Friday . May 12 197S 


EUROPEAN NEWS 


French Bill aims to 
extend rights 
of shareholders 


BY DAVID CURRY 


PARIS, Hay 11. 


THE FRENCH Government’s 
decision to Introduce a Bill ex- 
tending the rights of share- 
holders and improving the 
quality of company information 
i? the first step in a general offen- 
sive to tackle the malaise in the 
corporate sector. 

It will be followed in the next 
few weeks by a series of 
measures designed to encourage 
the movement of savings into 
equities by providing fiscal in- 
centives for subscriptions to new 
share issues and encouraging 
companies to seek fresh capital 
from the public by introducing 
preference shares. 

The other elements in the 
offensive include the eventual 
freeing of industrial prices, and 
the Government's determinrtinn 
not to bail out companies with 
deep-seated structural defects 
but to allow them to go into 
commercial bankruptcy. 

The specific Bill to be intro- 
duced will be based on a measure 
drawn up two years ago. 
Although some details will be 
changed tbe general lines are 
thought likely to remain the 
same. 

As far as the Bourse watchdog 
authority, the COB. is concerned 
the main innovation ■will be tbe 
incidence on publication of con- 
soUctatcd accounts and of full 
half-yearly figures including 
profits. It estimates that about 
two-thirds of “ eligible*' com- 
panies publish consolidated 
accounts. 

A further clause requires 
quoted companies to publish 
legally required information 
within four months of the end 



Chairman 
Hua will 


pay visit 
to France 


By Robert Mauthner 

PARIS, May 11. 


THE PORTUGUESE COMMUNIST PARTY 


Edging away from Stalinism 


BY JIMMY BURNS IN LISBON 


of the financial year and 30 days 
before the annual general meet- 
ing, and to provide for advanced 
publicity for resolutions being 
proposed to the meeting. 

Shareholders would be able to 
organise more easily to present 
their own candidates for election 
to company Boards. 

In particular, the Bill provides 
for the appointment by a 
tribunal of a special official to 
safeguard minority shareholders' 
rights. As well as minority share- 
holders, the public prosecutor, 
the COB and the company's work 
force could also apply for such 
a watchdog to be appointed at 
the company's expense. 

Other clauses would restrict 
the length and number of man- 
dates enjoyed by Board mem- 
bers. Tbe term of a Board man- 
date -would be reduced from six 
to four years and directors would 
be able to sit on a maximum of 
five, rather than eight. Boards. 

Chairmen and senior directors 
of quoted companies would have 
to retire at the age of 65 except 
when they held the majority of 
the company’s capital while the 
number of administrators over 
70-yea rs-old would be limited to 
one-third of the supervisory or 
management board. 

A controversial measure in the 
original legislation, which may 
or may not survive into the new 
draft, obliged senior directors to i 
devote the part of their earnings 
from a company above 
Frs.lSO.OOO a year to the pur- 
chase of company shares — a 
move designed to make managers 
into shareholders. 


Butch 3% growth forecast 


BY CHARLES BATCHELOR 


AMSTERDAM, May 11. 


HOLLAND WILL have to do 
more to stimulate its economy 
over the next four years than 
the already extensive measures 
it has announced if it hopes to 
achieve the planned cut in un- 
employment. The rate of 
economic growth in the next few 
years is expected to be about 
3 per cent annually compared 
with previous assumptions of 3.75 
per cent.. Mr. GSjs van Aardenne, 
the Economics Minister, told 
Parliament 

This lower rate of growth will 
make it more difficult to reduce 
unemployment to a maximum -if 
150.000 by 1931. he said during 
a debate on Government plans 
for investment subsidies. The 


subsidies are expected to create 
110.000 new jobs. 

The latest employment figures 
—for April — showed an increase 
of 1,400 in the seasonally 
adjusted jobless total to 201,900, 
This was the first increase for 
four months and means 5.1 per 
cent of the working population 
was out of work. The number 
actually unemployed fell by 
1 'I.SOO to 190,200. however. j 

The investment plan now) 
being discussed In Parliament] 
aims to inject Fls.l3bn. (SSBbn.t f 
into the economy over the next! 
four years In the form of a[ 
direct subsidy on investments.; 
This will raplace the existing 
system of tax discounts. ( 


HUA KUO-FENG. the Chinese 
leader, has accepted an invita- 
tion from President discard 
d’Estaing to pay an official 
visit to France at a date which 
has yet to be fixed, Chinese 
Vice-Premier Ku Mu said here 
to-day. 

Hie visit will be the first to 
the West by a Chairman of the 
Communist Party since the 
Revolution in 1949. Mr. ITua 
has Just returned to China 
from a five-day visit to North 
Korea. 

Mr. Kn Mu, who has been 
visiting France for tbe past 
week at the head of a 20-mem- 
ber delegation, has had discus- 
sions here with President 

Glscard, M. Raymond Barre, 
the Prime Minister, and other 
Ministers, on future economic, 
scientific and technical co- 
operation. The Chinese delega- 
tion has also toured a number 
of important French Industrial 
projects, including a new 
nuclear power station. 

After seeing President Gls- 
card to-day, Mr. Ku Mu said 
France would be a leading 
partner in China’s Industrialisa- 
tion programme, together with 
other friendly nations. 

The Chinese Vice-Premier’s 
visit to France follows that of 
a Chinese military delegation, 
which expressed interest in 
French military aircraft and 
helicopters, as well as other 
sophisticated weaponry such 
as anti-aircraft and anti-tank 
missiles. 

Mr. Ku Hu declined, how- 
ever, to answer questions about 
reports that China had signed 
or was about to sign, contracts 
for the purchase of arms and 
aircrarr from France. 

A Hong Kong news report 
last week quoted Mr. Wu Hslu- 
Chuan. Deputy Chief of the 
Chinese General Staff, as say- 
ing that his Government had 
already bought “a certain 
number" of French anti-tank 
missiles. 

Though there has been no 
rnr-fin-npiioi! 0* V‘e|| a 

deal from the French side, 
French officials have stated 
(bat China was interested in 
buying military aircraft and 
arms from France. 

It is also no secret that the 
Chinese arc shopping around 
for major industrial co-opera- 
tion projects, particularly in 
the energy field. Tbe develop- 
ment of Chinese nuclear, oil, 
coal and natural gas resources 
is reported here to be one of 
the top proprities of the Pelting 
Government. 


THE PORTUGUESE Communist 
Party fPCP) has been referred 
to as Western Europe's “last 
Stalinist Party” because of its 
strict adherence to Mandst- 
Leninist principles and its 
avowed allegiance to the Soviet 
Union. Yet beneath the official 
orthodoxy there arc signs that 
the PCP is developing a more 
pragmatic approach to a chang- 
ing political situation. 

This fact was implicitely 
recognised by Dr. Mario Soares, 
the Prime Minister, in his speech 
to the nation this week, during 
which he paid an unprecedented 
tribute to the moderation shown 
during the past few months by 
the Communist-dominated Gen- 
eral Workers’ Confederation 
(IntersindicalK the Portuguese 
trade union grouping that claims 
tn speak for over 80 per ceut 
of labour. Dr. Soares noted that 
compared with tbe previous two 
years, industrial unrest since the 
new coalition took office in 
January, had decreased. Portu- 
gal, during this period, had been 
one of the European countries 
to suffer least from strikes; 
absenteeism bad fallen from 25 
to 5 per cem. 

In April, when negotiations 
with the International Monetary 
Fund were reaching their final 
stages, Irrtersindical had finally 
come to a compromise with the 
Government on a wage celling 


Ironically, only weeks earlier 
Communist Party delegates in 
the Portuguese Assembly had 
proposed a motion rejecting the 
Government's economic pro- 
gramme, with a passionate out- 
burst against what they saw as 
the return of “big capital." Ye» 
unions and Government then 
reached a concensus not so very 
different from the “Moncloa 
Pact" in Spain. The increase. of 
pensions and social benefits 
which accompanied the agree- 
ment on wages was interpreted 
in Lisbon as a discreet gesture 
in return for continued tran- 
quility in the factories. 

Equally notable has been thj 
calm that has returned to what 
is potentially the must explosive 
area of contemporary Portuguese 
politics, the Cninmunist- 
dominared agricultural belt in 
the southern region or the 
Alentejo. TTie Land Reform 
Review Bill passed last summer 
in Parliament made n 
theoretically possible to return 
to the original owners part of the 
collective and co-operative farms. 

Jn attempting to implement 
the law last September, the then 
minority Socialist Government 
sent In riot police to “supervise." 
Peasants picked up their sickles 
and violent confrontations 
followed. 

Yet eight months after these 
events, things are quiet in the 



Sr. Aivaro Cnnhal : a change 
of strategy. 


Alentejo. In his speech. Dr. 
Soares referred to the mood of 
co-operation that now existed 
between the Minister of Agricul- 
ture. Sr. Luis Sais. and the 
representatives of the collectives. 
“The Government is confident 
that the question of agrarian re- 
form can be resolved by dialogue 
not violence," he said. . 

As in tbe industrial sector 
that mood of collaboration is 
thought here to reflect the natural 
wish to get down as quickly as 
possible to the urgent problems 
of the country's economy without 
aggravating unnecessarily parti- 
san politics. 

This school of thought points 


out that since the new Govern- 
ment and a new Minister of Agri- 
culture took over in January, not 
only have the riot police hews ab- 
sent from the Alentejo, but also 
only relatively small amounts' of 
land have been returned. So 
apparent has the latter fact be- 
come that right-wing political 
figures have gone as far as pub- 
licly to accuse Sr. Sais of 
being a “ communist.” A more 
likely interpretation is that the 
Government has slowed down the 
implementation of the controver- 
sial law In return For a measure 
of guaranteed peace in industry. 

To some extent, the PGP's 
developing relationship with an 
essentially conservative coalition 
of Socialists who have dropped 
Marxism from party dogma and 
Christian Democrats who are 
known defenders of the mixed 
economy, seems to conflict with 
the public image of the Com- 
munists as staunch defender* rf 
the proletariat and Its “revolu- 
tionary gains." 

The party membership and its 
leadership is overwhelmingly 
working class, with few Intel- 
lectuals. Industrial and agrarian 
workers, for instance, represent 
60 per cent, of total membership: 
a further 20 per cent, are office 
and bank workers, whereas in- 
tellectuals represent only six 
per cent. On the Central Com- 
mittee workers outnumber in- 


tellectuals by two to one. 

Yet the PCP leadership in 
recent months has launched a 
campaign clearly designed \a 
take the party beyond the strict 
confines of the traditional 
doctrine of M class struggle." 
Last June, the leadership set 
about launching a massive pro- 
motion campaign to boost party 
membership. Its aim was tn 
attract more women and more 
youth, not more workers. 

A party which in 2975 strove 
actively to Impose on Portugal 
a workers’ state based on the 
East European model, now find* 
itself consciously striving to con 
cem itself with interes not 
necessarilv confined to oo p*, 
such as women's liberatiughand 
tbe problems of the envir. cat. 

In electoral terms, in .ties* 
themes are far more I'of-f to 
attract the man in tbhacl^l 
than dogmatic statement: the 
virtues of Mother Russia 

The change of strategy , ““.ut« 
that in public, at least. thf°vnom 
of Sr/ Aivaro Cunhal, the neraf 
Secretary, is directed nert*. less 
against the “ reactionaries . m 
Government” than against the 
threat of extremism both from 
the far Left and the fur Right. 
For there is one thing that both 
Sr. Cunhal and S. Soares are In 
full agreement: there is nothing 
that they would like less than 
Portuguese Red Brigades. 


: f\\ 


A culture shock for Franco’s former officials 


BY ROBERT GRAHAM IN MADRID 


SPAIN'S MINISTRY of Culture formed to reallocate the 35,000 
is short of money. Sr. Pio officials. 

Caban ilias, the Minister of The Ministry of Culture, which 
Culture, revealed this week that was then known as tbe Ministry 
his budget oE Pta.19.3bn. of Information and Tourism, has 
($240m.) was wholly inadequate. * 3een obliged to absorb 12,500 
. . . , personnel from the Movimiento. 

The minister chose to make In addition it has had to take 
the complaint soon after presid- over the tutelage of the state 
ing over the launching of an un- radio and TV, RTVE, with its 
precedented retrospective exhi- 8,000 employees plus a further 
bition in Madrid of the veteran 5,000 employed in the 41 papers. 
Spanish painter Joan Miro and radio stations and cinemas and 
detailed plans for an expansion “culture” houses that were 
and liberalisation of cultural owned by what was known as the 
activity. However, cultural “state means of social communi- 





: ' v; . 




. %•; 

• * ■ A *" 

, . 


Sr. Pio Cabaniltas : short of 
cash. 


here since these Franco-ists have staff, embarrassed by the 
not previously been closely situation, are demoralised and 
associated with the propagation no one reads the paper unless 
of culture. they feel they have to Overall 

Even more curious is the the newspaper chain and radio 
wholesale absorption of the stations are losing money and 
women's section of the Movi- the state will have tn finance 
miento, which had some 7,000 losses this year of some Pta2on. 
employees, into the Culture To close down every- 

Ministry. A new department has thing would directly affect ;he 
been created dealing with “ the jobs of 5.000 people. But should 
female condition.” This has the state continue to finance 
been In response to Feminist tbese media when their value i« 
demands for a change in the increasingly dubious? 
economic, legal and social status The Socialist Party proposed 
of women in Spain. But although last month tbe creation of j 


. n 

v=> : ' 


ah-'- 
i'ri.’ i * 


- ,, , .. feminist recruits have been intro- state-holding company and an 

1 if! wl 3 ™ 6 ■ Although the RTVE a b sor bed by the Prime Minister’s duced. the bulk or officials are Inter-parliamentary Board to 

for the penury of the ministry, budget is met largely by adver- 0 ® ce _ those who were strongly Identi- administer them. But this was 

The shortage of funds can be rL sing d,r ® ct state grant. ^ buUc bave been pi aeec j fied with the Movimiento anti- rejected as unsatisfaciory. as :t 
blamed on the fact that it is the additTonal responsibilities wing of the renamed feminist philosophy which would reproduce the old system 

main ministry delegated to ?. f * ne old Ministry of Informa- culture Ministry. Others are rejected abortion, contraception under a different guise. Mean- 

ahsorb the several institutions “ on . raeant a doubling of the st j|j receding salaries but await- an d e liberalisation of divorce while, few private buyers have 

and thousands of functionaries Previous years budset. Jng j obs in ministries which are ,awa - shown any interest Thus, so long 

that depended upon the Franco Tbe Government has tied its showing no great inclination to The current position of the as the Government is unwilling, 
power structure — principally the hands bv guaranteeing jobs employ extra, and largely on- chain of newspapers - and radio or feels unable, to sack former 
officials of the Movimiento, the within the administration for all necessary, staff. stations is confused and employees nf the Franco 

til-defined movement, half those previously emoloyed by This policy has produced some anomalous. The main newspaper, apparatus, it can only continue to 
political party; half bureaucracy, them in the Movimiento. The curious role reversals. For Arriba, has become technically use ministries as receptacles for 
which helped sustain Franco in secretariat of which Sr. Adolfo instance the Culture Ministry is the Government newspaper Thus the politically redundant. This 
power. Last May the Movimiento Suarez, the present Prime farming out Movimiento officials if the Socialists or Communists is. perhaps, a small price to pay 
was wound up and subsequently Minister, was the last secretary- to museums and an expanded were to come to power it could for a peaceful transition to 
a transfer commission was ge neral, has been largely library service: an irony ru£jost apt as their mouthpiece The democracy. 

< i ^ ■ 1 — - ■» ■ J— > ■ ,» ■ ■ ■ ■ ■ ■ ■■ > • 








Belgium 


lilllilitaBEKAERT iiiMiuiuiBi»mi!tiuiitiiiuuiiiiHW»Hiiimiuiin™ 


-A consolidated turnover of £358,372 million 

-£14,183 million capital expenditures 

-52 factories in 14 countries (inclusive of 
indirect participations) 

-20 own sales offices ail over the world 


Consolidated results of the Bekaert Group in Emillion* 


•T ’ v < 

K . : .v 

i>* , SKvh 'i" 

ft 



1977 

1976 

Turnover 

358,372 

345,893 

Net profit in favour of the Group 

9,143 

9,208 

Depreciation 

16,632 

17,259 

Own equity of the Group 

84,306 

82,986 

Capital expenditure 

14,183 

x 20,257 

'Exchange rate on December 31st in BF 

62.89 

. 61 36 


T r 7 * ^ <y.-' ./'£':£> S > 


% l. ■ \v. , 




, ;/■ y • *: *«\« # y, 


Personnel on December 31st 


13,650 


14.084 




We've got the connections. 


. . ,.»■ 


Our network can reach all four corners. 

Our name may imply were Belgian. but our 
network says we re international. 

It says we have the ability to service clients not 
just through 10»i0 branches in Belgium, but also 
through our subsidiaries. affiliated and associated 
banks. As well as through iv proem alive offices in 
major business centcix stretching from Rio tolbkyo. 

Why we sometimes open our car? instead 
of another office. 


Mi* think that sometime:- it can be just as 
efficient io rely on our local corresjwndenis. 

\Yr ,il>n have other ear*- at work for you 
llmiun.il our membership in SFEand Associated 
Banks of Kwopr lABEC.ORl. 

This is what stives »' tin - l»xai touch around 
die wvrld.Sn we can five \ ou rlio insiders edge 
wherever vnii do busincs-v 


Were the international bank with the 
face-to-face philosophy. 

' Ve trvto know a client ns a person, not just as 
a Mgnatnrc. Uc try to leant his business as well as our 
own. Iaking time to learn hi> language, instead of 
expecting him to speak ^ “ban kesc'.' And taking time to 
tailor specific answers to hi.s specific financial 
problems. 

Because wc think that a n individual approach 
to each client - to his business, to his needs - is what 
really makes a bank big. Not simply its big 
international network. 


Breakdown of consolidated 

turnover 1977 by activity sector 

Steel wire and steel wire products 48 % 
Steel wire for rubber reinforcement 
Furniture sector 
Wire and metal assembly 
Engineering and services 


35- 

10% 

4°; 

3% 


Geographical breakdown of 
consolidated turnover 1977 

E.E.C. 61 ?' 

Rest of Europe 

North America 20% 

Rest of the World $°/ 


Results of the parent company N.V. Bekaert S.A. 


Banque Bruxelles Lambert 

banking, a matter of people 


— £ million* 

Turnover 

1977 

235.173 

1976 

229.905 

Net profit 
— in L" 

6.424 

7.187 

Net profit per share 

Net dividend \ proposition oF the Board 

3-98 

4.45 

of Directors to the General Assembly 
of shareholders) 

\M 

)S3 

•Exchange race on December Jlst in BF 

(,2m 

61J6 


>. *-v 


Hi: are the. iBECORlunk in Belgium. Mantixiaan 24 , lOSOBrusset. Tel. 02;SD\8181. Telex 26 S 92 BBUN 


f/V ■ • y m yj r j ...my 


Genera 1 Assembly of shareholders: 23rd May I97B 
HUQ a.m. at Zwsvegem. Belgium. 


_ 'He 


The complete annual report is available upon request, 
e te ! 10 ® e kaert S.A.. Secretariat General- 

Public Relations, B-8550 ZWEYEGEM (Belgium). 



/I 


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^.IV 


Financial Times Friday May 12 1978 



ROPEAN NEWS 



3 


IN THE WAKE OF MORO’S ASSASSINATION 


PM takes over Interior Ministry 


BY DOMINICK ]. COYLE 

^SSS*SiA ' at . an 


ROME. May 11. 


r' ^Italian Prime Minister to-nieht sum ml f h . at <■ a ^‘Pf rty resignation, has identified Tiim- the contents of that letter have 

' pOTSOnaUytookresDontibni^fnr KTS.**®* fonowed ^ 4 a sell fuliy with the Andnotti not yet been published. 

... .Jh*- .'internal security Mndine aol° 0 r Parliamentary debate Government’s hardline attitude The Minister has been under 

1 ^ Bient between the- main flLHif s fT mty surround- m the Moro case, in particular, considerable personal pressure in 

• hC parties on thechote^of a U nSJ Moro case. its refusal to conader a prisoner recent months. The degree of 

' , .'b?' Interior Minister He had earifpr M 15 now ■ acknowledged exchange. Yet the main parties personal security surrounding 

‘ ^ accepted formally the resiBMrtn^ pnwatei 7 b * all .the political convinced that only a him in this period has been such 

h. .Sol Sig. PraucesM CrissUa^^he parties tha t the security forces ‘borough-going reform of the that the office is not attractive 
. “‘Owake of the murder OfSieAirtn bave failed lamentably to turn country’s security forces under to leading DC contenders of 

1 - *-»• .Aido nn ».i «i..„ .. ,l. » straw? political head at the Cabinet rank. On the other hand, 

Can swing the Sig. Cossiga was generally aceept- 


'.Moro. t he former 
' f '-- ' and failure so far 


Prime Minister real clues to the Identity a strong politics 

■ ■ ih •• ana zauure so rar of the security ^ Brigades terrorists interior Ministry — — ...... a »,*»- wv«. P - - — - e---~ • — * - — r- 

’^forces to track down his WUprs y - responsible for Sig- Moro’s kid- balance hack towards the state able to the Communist Party's 
' | "® r „ f napping and subsequent ,n ***« fi Rb* against terrorism. leadership. He is a cousin of 

' -"'t itie mine Ministers decision assassination. The -political- Sic Corsica's Drecise motives the Communist secretary-general. 

.... '>!■■! , reflects w informal understand- responsibility For this failure for resigninf are still not wholly Si §- Enrico Berlinguer and both 

&?££$JS?1£3Sl£S SS. 6 ”" '“ d « Si * CossiEi, ' s f>«r. Apart from hi, lorn.,1 lel . of th™ ara natiro, of Sa K an m 


in ii 


l i 




‘ft 

a 

:$■ 

•»...** v 


new appointment should await Poor, 
major review of security The 


Minister, despite 


ter of resignation he also wrote Sardinia, 
his personally to Sig. Andreotti, but Sig. Andreotti 


Hi.' 

•Hai" 




BY PAUL BETTS - 
MR. ALAN WHITTOME, 


the 


is expected 10 
have an early round of talks 
with the main party leaders to 
consider security. 

Meanwhile, the terrorists are 
maintaining the momentum with 
signs that other extremist groups 
are exploiting the psychological 

The Italian Treasury Minister. Italy has no immediate need for warfare against the state 


IMF reviews Italy’s economic progress 


ROME, May 11. 


" ^national Monetary Fund (IMF), interim comm! 
^is reviewing progress here in the indicated 


L£a!s 


European director of the Inter- attending last week’s IMF new international support. The In a further incideot to-day. 

committee in Mexico expected destabilisation effect of Sig. Mario Astanta, director of 
led that Italy was the assassination of the former ,he Milan branch of the Chemical 
negotiate a further Prime Minister, Sig. Aldo Moro. B^k. was shot in the legs 

- • ’ Reuter adds: Police found an 

abandoned Red Brigades hideout 
littered with documents, equip- 
ment and Albanian books in 

Italian OMm . v. t — ~ ,i, iwfctj iu me tuumry 5 incuts- Turin to-day. They said a neigh- 
e ^° nDmy before the trial output. While official stall’s- hour identified the tenant of the 
Funds review team visits Rome fjcs show industrial production two-room flat as Cristoforo 
next month. was below the levels of this time Piancone. who was wounded and 

Italy's overall debt repayment last year, output effectively in- captured in an attack, on a 
bill in terms of principal and creased by about 2 per cent, prison guard last month, 
interest in 257S amount to during the first quarter of this Si g. Filippo FioreUo, head of 

$U.S.3.5bn. with about year compared to the last quarter the Turin police political office. 
$U^j_25bn. already paid back of 1977. said the contents of the Red 

this year. ... This improvement, however, is Brigades flat “convinces us that 

In terms of foreign exchange in part due to general restock- this was the headquarters of the 
reserves, which total SU.S.Tbo., ing by industry and wholesalers. Turin column.*' 



lS a uif k ' Mr. Whittome has so far seen 
rt bn-pd, Sie - FiJ ipPo Pandotfi, the new 
_ Treasury Minister, and Sig. Paulo 
Baffi, the Governor of the Bank 
’oT Italy, and is to hold talks with 
trade union leaders and Sig. 
Guido Carii, the chairman of the 
Italian national employers con- 
federation. 


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French protest 
to Denmark on 
Africa comment 

By Our Own Correspondent 
STRASBOURG. May U. 
FRANCE TO-DAY protested to 
the Danish Government following 
Danish Foreign Minister K. B. 
Andersen's clear hint to the 
European Parliament yesterday 
that he felt that French troops 
should be withdrawn from 
Africa. In Paris, the French 
Foreign Ministry summoned the 
Danish Ambassador Mr.' Paul 
Fischer,' to explain ' Mr. 
Andersen’s remarks. 

Mr! Andersen, speaking here 
;.s . as. the current Chairman of the 
EEC Council of Ministers, was 
•■> - replying to MPs’ questions on 
• ,v» the situation in the Horn of 
.. Africa. He said all foreign troops 
should be withdrawn from the 
area, and indeed from Africa in 

general. He was then-asked by 

a Left-Wing. Danish MP whether, 
bis rem&rks applied. nquaUv: to 
the posting of troops from 
France, an EEC member state, 
in two African countries, Chad 
and Mauritania. Mr. Andersen 
replied clearly in the affirmative. 


'■•MlilWIlt 


Fall din to stay. 

Swedish Premier Thorbioern 
Fall din. who was reported to he 
thinking of resigning over a lost 
libel suit, said yesterday he 
planned to stay in office. Reuter 
reports from Stockholm. Me. 
FaJLldin said' that after consulting 
; his family, he decided to- stay and 
fight for his beliefs. 


Irish growth forecast 
at 5.5% for this year 

by" our own correspondent 

DUBLIN. May 11. 

BOTH THE Irish Central Bank remarkable expansion in the 
and one of the country’s leading volume of industrial exports last 
firms of management consultants ■ •- gives, some indication 

, : “ . - _ _■ of how the business community 

forecast a growth rate of 5-5 .per ran positively influence the tur- 
cenL for tiie Irish economy this ren t balance of payments." 
year a lower figure than most of And lhe ^ nk ^ prepareti t0 
the forecasts made tu.date. private-sector credit in- 

The Central Bank in its annual creased by up to 20 per cent 
report says its somewhat lower this year, even though it recog- 
forecast may reflect its view nises a risk of a fall in official 
that growth would have moder- external reserves in such 
ated slightly in the absence of policy. 

policy changes, that part of the DeaJi wlth ^ Government's 

sstftf sgg»«*i ■- 

and i hat the orosoects 'for In- the Baiir sjys it agreed 

ternationai growth and trade J? minlrS* 1- 

may be somewhat less favourable hm p ^-“ er l ° 

than earlier forecasts. . “nd 

? The management ednsidtants. current budget deficit is not 
Coopers, and Lybrand; Associates, greater jthan currently enyisaged 
say In their -economic^-eview-ajat .. » - — -■ 
the growth rate, of Ai.j>er eenL.-r^ 11 ^ ys ^ Iat 

still Represents a dfeditable peiV Aifhou^i this is departure 

tormapee by historical standards from its general policy, it « not 
and by comparison with other te be regarded as a regular and 
industrialised countries. They ex- substantial source of Exchequer 
pect the largest contribution to funds, and it expects the Govern- 
come from consumer spending, pent will- not, need to approach 
which they expect to rise by 6-5 it for support next year, 
per cent this year. . . - The profit of the Bank for 1977 

Tbqy-vargue, however, that was £36.7m.. an increase of 
although Government schemes £4.8m. on . the previous year 
would help produce some 20,000 Official external reserves 

jobs- in the 12 months to April, amounted to just over £1^00m. 
1979,- unemployment will fall by at the end of 1977. an increase 
only about 5,000 due to a rapid of £345m. on the previous year, 
increase in the labour force. 

The Bank echoes the current 
Government emphasis on the 


Judge appointed for 
trial of Orlov 

- By David Satter 

MOSCOW. May 11. 

A JUDGE has been named in 
the case of Dr. Yuri Orlov, 
leader of the dissident group 
which sought to monitor Soviet 
observance of the Helsinki 
accords, and his trial on charges 
of . anti-Soviet agitation may 
begin as early as next week. 


Bundesbank 
criticised 
over money 
supply rise 

By Adrian Dicks 

BONN. May 11. 
THE BUNDESBANK comes in 
for blunt criticism over its 
handling of the increase in 
money supply In a report pub- 
lished lo-day by one or West 
Germany's leading indepen- 
dent economie \oiet*s, the 
Mnnicb-based 1FO Research 
Institute. 

In recent monltvs. according 
10 IFO, lhe West German 
Central Bank has pursued con- 
tradictory goals and thereby 
endangered each of them. 
Understandably, says the 
report, the Bundesbank has 
sought to ensure the necessary 
framework in monetary policy 
for a moderate economic re- 
covery. Yet It has done this 
at a high cost to its own 
credibility . by letting lhe 
monetary aggregates increase 
too rapidly. 

The Bundesbank has done 
this, the IFO report suggests, 
partly to ensure plentiful and 
cheap domestic credit, but also 
in the hope of encouragiug 
capital outflows. The danger 
which lhe report sees, how- 
ever, Is that the Central Batik 
is now in a position whore it 
would have difficulty in exert- 
ing tighter coufrol over the 
money supply if il wanted to 
do so. 

Indeed, the report warns 
that at this point a braking 
manoeuvre, such as increasing 
minimum reserve lev els. would 
be fatal, if the purpose were 
to slow down more strongly a 
money supply that has already 
begun lo flatten out. “This 
would create still more un- 
certainly for banka, companies 
and private borrowers In 
making long-term plans, than is 
already the case thanks to the 
dollar crisis and monetary in- 
flows". A better tactic. IFO 
thinks, would be the quiet 
absorption of public funds by 
the ' Bundesbank, or open 
market operations. 

The IFO slndy further warns 
the Bundesbank against the 
consequences of foreign ex- 
change market interventions. 


Acceptance of Berlin pact 
reaffirmed by Schmidt 


BY JONATHAN CARR 

CHANCELLOR Helmut Schmidt 
t.o-day bluntly reminded Parlia- 
ment that the four-power agree- 
ment of 1971 on Berlin had im- 
posed limits -on West German 
policy, as well as laying a firm 
basis for the city's security. 

Herr Schmidt said he believed 
his talks lust week with Mr. 
Leonid Brezhnev, the Soviet 
leader, hud helped clear up 
misunderstandings about Bunn's 
Berlin policy and that at least 
some mistrust un both .sides had 
been removed. 

He had told Mr. Brezhnev that 
Bonn did not aim to change the 
existing situation in Berlin— but 
to stabilise il, and that implied 
acceptance of the limits as well 
as the opportunities contained in 
the* four-power accord. 

While Herr Schmidt's remarks 


appear on the face of it self- 
evident, The timing of titcnt in 
lhe immediate wake of Mr. 
Brezhnev’s departure gives them 
particular significance- 

Moscow has constantly stressed 

that part of the four-power agree- 
ment which status that Berlin is 
not a pa rt of the Fcdc ra 1 
Republic. Bonn . has stressed 
another phrase which says ihat 
ties between Berlin and the 
Federal Republic may be main- 
tained and developed 

One result is that for years the 
Soviet Union has refused lo con- 
clude three accords with West 
Germany, because signature 
would imply for Moscow the 
ri^hi of West German federal 
agencies to establish theniM-lves 
in Berlin. 

Herr Schmidt's remarks are a 


BUNN. May 11. 

public signal of Bonn's flexibility 
—with expression of the caimans 
hope that a similar response may 
now be expected from thu other 
Side. The Chancellor to-day 
appeared to find an unlikely ally 
in the person qf Herr Franz 
Josef Strauss, (he Christian 
Social Union opposition leader, 
whu agreed Ihat Air Brezhnev's 
visit had brought some ■* new 
aceenbs." 

Details of the West German- 
Soviet talks are thought hound 
to be passed on to East German 
leaders by Mr. Andrei Gromyko, 
the Soviet Foreign Minister, who 
arrived in East Berlin tn-da>. A 
meeting between Herr Schmidt 
and Herr Erich Honecker. the 
East German leader, has been 
widely mooted fur this year hut 
there has been no confirmation. 


East warns West German press 


BY LESLIE COLITT 

EAST GERMANY is warning 
Western correspondents in East 
Berlin against writing ’* untrue " 
reports about a recent clash 
between the police and East 
Germans protesting against ex- 
orbitant prices for imported 
food. 

So far this week five West 
German correspondents hav? 
been called into lhe Foreign 
Ministry to be told their report- 
ing was ’* false." 

According to a 1973 East 
German decree, an official warn- 
ing is lhe last move before a 
correspondent is expelled. The 
expulsions of two West German 
correspondents and the closing 
of the East Berlin office of Dur 
Spiegel, the West German news 
magazine, earlier this year con- 
tributed lo a worsening of re- 
lations between the two 
Gertnanys. 

Earlier this week, the corres- 
pondents of ibe West German 
news agency DPA and West 
Germany’s second TV channel 
were summoned to the Foreign 


Ministry lo be told they were 
being given a “final warning" 
before expulsion because of 
their reporting of the deuuui-l ra- 
tion said lo have taken plan- in 
Witte nberge in northern East 

Germany. 

To-day. the East Berlin corres- 
pondents of the Sudden isehc 
Zeitunc and West Germany's 
first TV channel were also 
warned because of their stones 
on the incident. 

The West German correspon- 
dents said that on May 1 300 
townspeople in Willcnhcrgc 
gathered on a main .-square to 
demonstrate against high prices 
for food, tolriceo and liquor 
imported from the West. 

These can now be bought for 
East Gcrmun marks at special 
Delikat stores at prices which 
are usually four times what they 
cost in West German marks at 
East Germany's chain of hard 
currency stores, the Intershops. 

The demonstrators were said 
to be protesting at the price dis- 
crimination against the average 


BERLIN. May 11 

East German who dues not hate 
access to West German money 
from relatives or friends in the 
West. 

The Western journalists say* 
they were told about the dt-- 
(urbances liy East German eye- 
witnesses who said tin! ice men 
intervened with truncheons and 
dogs to break up the crowd 
which was reportedly made up 
largely of young jicople. Twenty 
East Germans were said to have 
been arrested. 

East Germany is extremely 
sensitive to such reports in th^ 
West German media hecaiix* 
West Gentian radio and TV can 
be received throughout the 
country. 

. However the effect nf the East 
German warnings has been to 
give the original incident greater 
credibility than ever among East 
Germans. This is because the 
West German media are repeal- 
ing the original dispatches to 
explain whv their journalists in 
East Berlin are being warned. 


FwaksuI Tints. puMWtcd daily exert* Son- 
days and lioHdJYK 0.S. lubjcripikin S20O.U0 
... . . u fair ftrtjdnl S3A0.OQ talr mill per annum. 

private sector, saying that tne -genoa can nonane pata mi n« vort. n.y. 


3.372 miilifl 

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Financial Times Friday May 12 1978 


r: 


AMERICAN NEWS 


Carter limit on wage rises; Tied vote on Mideast fighters sale 


rejected by AFL-CIO 


BY JUREK MARTIN. U.S. EDITOR 


WASHINGTON. May U. 


BT DAVID BBJL 


.WASHINGTON. May 11. 


•PRESIDENT Carter’s choice, of Arabia that Jts F-15* would not basis for deliberation. Tn prar- .individual members— no easy 

avoiding a Con or essional veto of bp" deployed against Israel” tice. given the sensitivity on the process. 

•his plan to sell fighter aircraft were critical Factors In the com- issue, it will not do this and. in Some Repunlicans have been 

tn Israel . Saudi Arabia and miuee deliberations. any ca.se. probably could not' put squarely on the spot— lnclud- 

TCgvpt were marginallv improved when rhe ' Presidenr "an prevent an individual senator ins Senator Baker., a presidential 


I'o.' MI nxir IV rieji UJ.C J . . ' . . : ". ' V. . I . „v-L- _»| -JO 

THE ANTI-INFLATION pro- AFL-CIO accepts the “heart of which included the coal miner? 1 hlda - v when the Scnal< *- ? orei ? n nounced this year hrs intention from introducins notions^ for asP“^ 3S 


in& : ^ P - rTo thP mc,udt?d rhe coal mmer?" , R e l^on7 of sellin “ M the w debate on to the Senate floor. Republican senators issued a 

gramme of the Carter Adminis- the j president programme, but settlement. averaged first-year * One member. Sen. William Pro*, blanket Londemnatinn of the 


pass a resolution to disapprove Arab countries and Israel in a One member. Sen. \V llliarn Prox- blanket ^ 

package, a majority m the mire of Uisconsir 
pvpnlv Senate committee expressed dis- promised to dn so 


“ds ! risl^? tl jiV' quickly , P unions ^outd SThUST^f It'S. ~ “ 'in ".he ^e.of.Wiscuusin. .KISS 

movement, leaders of which b * ,!* p 1 cl * d *° f^race any about S per cent, above the level : The committee «•« 


and . the . temptation to consign 
President Carter tn a major 


refused yesterday to support the 
President's 5-5 per cent, target 
for wage increases. 

Mr. George Meany— the head u .:17 f ' y* 
of the .AFL-CIO, which rep re- ™ 

senLs most trade unions in the bee ^ annove S d 
L'.S.— said after the organic- w i,Vh « 



tion’s council bad met Mr. Carter 




\ Church, who 
President 
to sell F-15 

Middle East 

v-cV^ Democraii tion h °P«.that some Congress- 
men will change their minds. »•« ,x y^ r T a l l ZJ l ‘J r y K ' y "V!i inc in favour of Hie package. Tha 
which seems possible in rhe lidit scions of the fact that their solid Rcoublicans are said to h* 
wnn of the recent concessions. The supporters in the business com- ® gjjgjf are sa,fl 10 ^ 

in«a {«„ ii 5 vc House committee is usually in- munty do not wish, for commer- - „ , ReoresentativM 

ihe last few days. fiuencpd bv whl| its Senate dal as well as political reasons. 

Javits. the New counterpart does. to see oil-producing Arabs and . an( j with mirf 

an and the mosr \ e ither committer is currently »h** l f -S Gmornniont at longer- J™?- 


Meany. who has made no secret, of his cars.' 
of his dissatisfaction with the Labour contracts negotiated in union was 
Administration, insisted that the the first quarter of this year, mcetinc. 


ish member of the ru ied by sirens 'ch a' rmen .’ In tlic heads. Moreover. Senator Javits ^ 0Vnn T cr - 


At least one other non-AFL-CIO ‘ h~V'«'V ‘ k*-*’ -7-“'- •»»™«wr «i me ru ied by strong cnairmen. in ttic - mav he disinclined to "n acainst 

represented at ihe ncal Parliamentary leverage, if party, afro opposed the package. Senate Sen John Soarbman of has indicated that he can live ■ “’l!,, ea .*£ aga ‘P** 

represented at the. the coramltlee had c „ me out having intimated earlier in the Sarna"' , 0 retiV?rhisye a r with .sale of fighter? to Arab d “ 


House passes 

Budget 

resolution 


LDC growth ‘depends on 
commercial hank loans 9 


BY OUR OWN CORRESPONDENT WASHINGTON. May 11. 
res?S e n e Hming S lit \ DEVEWJPING nations will have determined that this should not 


Federal hudffot for the nevt fiscal I ^ re, >" increasingly on loans happen to the bank and the IMF. 1 smiirifiuig w a cnina* hcxi weeK ___ . — m m ^ p 

year, to PaOO.Sbn. with "$57.7bn. • f rorn commercial banks iF their McNamara also underlined 1 when the Senate is to srart its 

deficit Reuters reports. President ' economies are to continue to the fact that it is very much in deliberations on a Bill t 0 reform V |U||n I 9| Will 14 B 1 BJr Si 1 W m 

Carter has proposed a budget of : expand at the present rate. Mr. the interest of the U.S. that the -U.S. labour law. The ferocity of ff BLFB. JQkVJL k3 B. H £*, f If ft 

$4D.6bn. with a deficit of SfiObn. : Robert McNamara. President of two organisations should be sup - 1 rhe confrontation between the *L- > . v 


*ii wsii jiv'i earner in inc Alahama. i« to retire this vear. »h« ■'•-'•c Ml ' 

against the package. week that a compromise might His House counterpart. * Mr. countries, as Inns as Israel's JJj* Israeli Goternm nt doc. not 

It was clear that the admini- he acceprable Clement Zablocki of Wisconsin, security is protected 11 Kr " 

stratum s latest inducements — a Theoretically. the Senate although grcatlv respected, is not For whal it is worth at this But the whole issue, which 

promise that, next year, the leadership could prevent a Full a powerful chairman in the tra- mace. Senator Robert "Byrd, the observers here Teel that the 

*T !lri u m wnulrt _ ano,J " ce S3 ^ p - nf vn|p on the issue in the chamber, dinonal manner The admmis- majority leader, is said tn have administration has played with 

a further 20 F-15s to Israel, and because there is no resolution tration. therefore, has had to a count which shows ahoul 33 of some skill to date, remains in 

expected assurances from Saudi from the committee to form a concentrate in us lobbying on the 62 Democratic Senators lean- flux. 


u -s- labour law reform 

capital and labour approaches 
something of a climax next week 


for the 1979 fiscal year, which be-; the World Bank, told reporters ported. The developing world two lobbies would not have been 
gins on October l. 197S. The ; last night. was an almost limitless market i out of place in Britain where the 

House budget committee earlier ; ., --id that th»> f° r U.S.. and. only if help : role of law in industrial relations 

cut S26bn in defence funds frnm . hant Vrmin would h* Pvnandim? were Provided to assist further ha? been a source of controversy 
the request. nanis group wouia oe expanuing amu ,m < fi»*„<i e r....tin n «in» n .k- 

The House 
<ngrce on a resolution 
scumq spending 
ernmenr prog ram mi 
approved a budget 
with a deficit 


BY JOHN WYLES IN NEW YORK 


a wage settlement on the com- 
pany. 

Although the number of com- 
plaints of unfair labour practice? 
lodged with the board (whose 
membership would he raised 
from five to seven to deal hotter 
ith its work load! has doubled 
between J965 and 1975, the con- 
clusion should not necessarily 
be drawn that American em- 
ployers are waging a daily anrl 



Jamaica $ move 


Foreign 
Jamaica 
mg the 
Jamaican 
Bank 


in particular were crowing more wnSS-T? his adminSrarmn 3 "^ I pi P le of lc saJ regiilation in recent labour ‘"a nT'm'a nasemem" by Ha’rtJey' "cwplpy^s have hear' on their 'workers tn reject a ‘mVriian 'time of ‘ 21 s 'd^ys“ The 

! nuirkly than this.' and would s^Snev C t U ™\ Pn -’ tlral strengthening .... sanctions been shie m violate = - lh«« r the union l pressures which range employers say that the reform 

'n«od to borrow from commercial nil rteri to stand trial in St, John’s \ tl 01 * 1 ,ab ?“ r against those who break 'the ^Ploye« Jiuman_ t< nghts_ by victimisation far union legislation could cause serious 

- - - -- (I iffl rilltiP5 f 0r sma n businesses 

which would not be able to react 
tn elpction petitions within the 
limited time allowed, that it 
woul d damage co-opc rati on 
between management and 
in essence it 
power grab’* by 



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Really 
Remarkable 
Results 


Bayerische Vereinsbank 
Group 


31.12.77 31.12.76 


Total Assets 
Due to Customers 
Due from Customers 
Bonds Issued 
Mortgage and Public 
Authority Loans 
Capital Resources 
Consolidated Profit 


65 354 
36 505 
14 094 
35 850 


36 343 
1553 
79 


millions of DM 



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London W3 0RS.Tel: 01-993 235L 



World famous for strength 













Financial Times Friday May 12 1978 " 


OVERSEAS NEWS 




r^v&*$zr;\ 








'itti&E&L 





^ shovra "how lenjw relations trial rountry. ^'1^ por ' cap L 1:1 imports I yspyL’iolly of ^o^^otTy l ^hjr^ 

no burned-oat remains ot lorr.es otter deconstrrmons m Tehran between^Mosoow ond Pelting GNP^rouchLn^ feUM “SS, endwith high renuin? industry- will more that, douhfe 

T m^ns plfldi with riofprs in Tphrsan «£» fSsrtf. ws'as 3'.s.a:« w 

iFOops ciasn wim rioters m i eordii * Mari! ; : r ^ v ^ ar s SS'^ 

BT ANDREW WHITLEY n ^ ^Stlt'lK wiU “1^ J 1 

THE SHAH'S resitne M-dar beat cities, including Qom and to he on hand to oversee the them They have concentrated Apri] 26 3tIer being brok - en off three tram ^ These are some rise os about 20 per cent, in "■ 

off a major chaMenee to its Tehran. handling of the disturbances, the on the Government s riposte. [„ February last year. of the projections contained in nominal terms labour half the iSK n f™ 

iu(h n F.t.. ti’han *mi<>h trnnns In Tehran tn-dav an estimated worst since tbe earlv 1980s. Mosnnpc nnd university cam-1 Tn r*r*nt w *Mrc p^kine has A vh„,cri„ Q ctnifv nf vm™* 1 * — — wy** 


r ‘ — SSjgjp*^ ■ i 

Ifetls 


Moscow, 

Peking 

relations 

tense 


THE SOUTH KOREAN ECONOMY 


Future growth 


BY A CORRESPONDENT IN SEOUL 


By Cofina MacDcugaFl 






The burned-oat remains ot lorries after demonstrations is Tehran. 


Troops clash with rioters in Tehran 


aulhorLiv when armed troops In Tehran to-day. an estimated worst since the early 1960 s. Mosques and university earn- in receat weeks, Peking has an exhaustive study of Korea’s 
clashed with thousands of demon- 2.000 troops and police sealed After the widespread demon- puses have been the core of tbe become highly sensitive over economic prospects completed 
stra tors in the streets of Tehran. off exits from the city's large strations of Tuesday and yester- unrest with the bazaar shop- territorial issues, unexpectedly early this year bv the Korea 

l - In tha .1 l. .... r,. « i, „„ liunan mvtiiliflnM n vnpi 1 ann .V _ - r Ji- _ , . _ 


Unconfirmed rcoorts s a y there ba2aar area - the b ‘B8est in the day there have been no further keepers providing a vocal, and raising the question of the dis- Development Institute, a Govern- 

u .. p . Cl ‘ , nf ;„i„ r ari in rn-dav’s Middle East A crowd of several reports of unrest to-day in pro- easily aroused, mass backing. puted senkaku Islands with roe nt-endowed ibink-tank. and 

Tehran clashes but no deaths thousand had gathered to hear vincial towns. However, The two main underground j 3pa n and protesting against pu b!ished by the Government's 


N. Korea attacks 


U.S. arms gift 


of exports. 

The . report forecasts that 
Korea's import structure will 
gradually become similar io 


Mnrth KarM h»s attacked advanced countries, as the 

KSSiJfSS«?3«“ osi.e imSuurii ' suuti "'» 


rieaiucui vmim » ™ *■ . rhaneps 

2*? t * 0 :iLj£!!ZZ y ta?'S!; f °od * expected ,0 

ment to compensate for the R __ nr ,, f 


show of force following yester- shouting anti-Shah and anti- been serious, doubts about the behind the scenes. rae&e border. Whi 

dav> touch Government state- Government slogans, they were true scale .of the troubles. Privately, the Government puts not been officially 

OJJ S lyugu uifinmireui ... u , „ , . „ J rAnn rfprl in t+ip InPal media nf nn the exiled v... 


While these have complete, 
ially confirmed, the Ir .. 


■ r » ir»- c account for 8 per cent of the 

withdrawal of ^1 Li ^.^roM total j nipor i bill of around 

forces fr0D \ **•* SilObn., non-edible raw materials 


Reuter reports from Panmun- for o 0 - per cent> mJncra2 fue g 


Sn far the past four day's more than a few hundred yards [t p °E* d %V 00 fJL 8 h“S beSn amonR toe religious community since the death of Chairman Mao protectionism an ever-present planes, tanks, guns, ammuni- JSlnit KbrSo Snortt and^K 

country-wide disturbances have inwards their destination, a ^^ted^tS ^scredU the in Iran and has a network of ^ the ^ rea t to Korea's export-oriented don and rockets. ^ s^ hen doraS induslnl? 

Claimed at least 16 lives, and mosque run by a dissident reU- SSSSSn m hooliS followers around the countiy. Soviet negotiators 'returned to econon , yi tb e planners also felt - An aU out war could break S h e xpSe to forei^ 

possitalv as many as 20. The gmus group, in central Tehran. ° P ^» 1 rnns^anttbe^of official But bis role ha5 P^bably been Peking after a long break, pra- me oee d for some long-range pro- out at any time," North Korean ED 

religious city of Qom. in central It was announced to-day that commpnt newspaper reports and exa Sgerated. ^ Un ? a % (T1 i!, th |«Sp^>.ln h irvfud J*® 11 ”* of the changes in the General Han Ju Kyong told tbe ^ re nort takes a «an»uinp 

Iran, has been worst hit by the the Shah was postponing a editorials hlve P been the The Government believes that u^Fha^fhf lodostri 3 * structure which will ufj side at the meeting, the { { ^ future availability nf 

troubles, with fierce clashes con- scheduled state visit to Bulgaria 0 „JStion tbthe acts funds are being provided for P™*e lefiS intractable than the be needed to preserve Korea's to* for nine months. -s 

tinning up to midnight last due to start to-morrow. He also f - Ageless minority ” number- Iran’s dissidents by two unnamed 01 J nwfA .„ 1Q7R flTlti , Wa , a«ess to — and comparative President Carter last month ^ 

night. cancelled all other engagements. n S 0 ° n m0re than a ^ thousand. Arab countries, and has ^^ed from ad ^ otage ,tJ -?; ers !f ” ar l ets - announced he was delaying the ^geS wlU become S 

With local police forces un- The official reason for the .After blanket coverage yesterday reiterated that George Habbash s “S2J5, of Pelting bS To put it mildly. 15-year fore^ scheduled departure of two enoug h to impede world economic 

able to check the violence, four-day postponement was a of the disturbances, to-day's radical Palestinians are known cr ' tJWB ® casts are a risky business, which u.S. combat battaUons from L. f h ro economic 

troops and armoured vehicles cold, but most, observers here be- Press and radio reports have to have trained Iranian terrorists p few economists would care to be South Korea because of Con- 5 ’ 

have been brought into several lieve tbe Shah felt it necessary made virtually no mention of in the past inrt^£ e mw5nn? l, |ii»! rhit^h? b . eId J® , account f ? r - But aft * r gressional Inaction on his . ■ ’ enerey is QQt ii kplv 


v.,7Tc m .<?. casts are a rl sky business, wbicb u^:. combat battaUons rrom * ? h 
few economists would care to be South Korea because of Con- 


f,, 1C" ccvuviiiww wuuiu I.WS IV W bouia Mica Hccausc ui v.«n- 


Soviet Uninn was the main wiitai 5» nati on's real GNP TL q ' “? l r t0 P°» an insurmountable prnh. 

Kaunda to press Callaghan on Rhodesia 3?f TfSs, m glHSS S-fSSjS 

° proposal that both sides should rr ici s balance of payments am r!!*Mc ia catlon of sources, including coal 

BY MICHAEL HOLMAN NAIROBI. May 1L make a joint declaration on Korean ofonnereVboth i 11 32,000 ^ 0 d forw * 1 and nuclear energy. 


BY MICHAEL HOLMAN 


THE ZAMBIAN ECONOMY re- It is not too late for Britain and Africa would be aligned against Dr. Ruanda’s party 


ici. may ii_ make a joint declaration on storm), Korean planners, , both , 

,■ 0 f Mr. John Peaceful coexistence., that such inside, and outside Government, * orea ' 


Senior economic planners also 
' say that by 1991 Korea could be 
F the past 15 leading the world in exploitation 
between $110bn. of solar energy. 

*91. But is Lhe report too opiimi- 


or the country's opposition to new Administration to accept the African front-line states who tary, Mr. Dominic Mulaisho. the should sign an agreement on improved upon. rv wh’rrtirfaM t«Kt oer- r-J ^ 

Rhodesia's imernal agreement Anglo-American proposals for a would call on Russia and Cuba President’s economic adviser at r? auJt ? in ”J 8 the <r “° The most fundamental assump- ___ *V C ‘ _£ an t 5v5 e ^?" onnc 

and support for tbe guerrilla settlement. for assistance. State House. Mr. Luke ‘fe border, averting aimed tioD of t he report unquestioned formance per «port planners keep it up? Foreign 

movement lead^ to increasine u « . . _ . , . ........ . . Mwananshiku and the Bank of clashes and disengaging both bv , nv i ea dine economic Dlan- capability, and the Korean share observers in Seoul generally 

mfh rlrvaid from Soc 3153 blw ,. Howe ” r ’ J amb ‘ 311 official5 fear . Although this grim scenario is Zambja Governor a an sides' forces in tbe disputed area. ^r s ?n Korea!* SXnafi of world trade (esti ^ at ? d at Point to three areas of doubt, 

mmnrj aid trorn socialist dioc the worst. They suspect that the frequently projected in Lusaka. * ° v . ’ These have been Peking’s con- most PonrimiP malmfnrTnl about 2 percent, in 19911. the One is the havoc which a world 

’ ■ Vetl will place no obriacles in Zambia at the same time *° n I?Jf 8 11 . t a h J s a ^I^ 3 fi n r c ® ditioas for negotiating since dis- fa5 t growlh at al? costs !n ordS forecast is a perfectly realistic trade depression could indict on 

It is these two issues, possibly the way of the interna agree- desperately needs Western aid a ” ,7 n p ft J D t 2* r cussions were agreed originally to eS^d job onportmltiw for one, which might even be con- the Korean economy, where lhe 

mutually exclusive which will ment and will give at least de for its hard-pressed economy.. "JgJJ -f? “S «n 1969. Peking maintains ftat a populati o rT™rin- at l” pe? sidcred conservative, the report ratio of external trade to GNP 

dominate talks in London this facto recognition should a hit hv the low prices of copper JJJlve Rroup < if major aid* and Kosygin accepted them cents vea ra nd Vnsureeaui tahle maintains. is close to 30 per cent., and fore- 

week-end between President majority of black Rhodesians which provides 95 per cent, of £ ada „ e r ^ mon thu n do ^ t h2 at 1116 bu * the Russians i^conre distribution It nmst also The assumption for world cast to rise slightly further. 

Kenneth Kaunda and Mr. James vote in the general election the country s foreign exchange , a ^ s , “ e *, 1 1116 have stated publicly since then strengthen the nation's defence trade growth is 13 per cent, in The second is the rapid me 

Callahan the British Prime scheduled to take place by the earnings. 5 The 5 1% £ oBteSi tfreJt! but that ** cou,d not withdraw SffluSJ. to w?rt off ttethnS nominal terms, and 7per cent, in of inflation built into the Korean 

Minister, before the Zambian end of the year. Tbe rece[Jt my d nf nnvafolv Z?^ their forces aiong the border, as 0 f nn attack from the Communist real terms. economic structure, a problem 

leader flies on to Washington to Thjs WQUld nn| t aR end t0 S390m __ ^ first i nSla |ment for a Daciane* wnrth S4C(hn that wouW le . ave a ' vac uum into North. Economic planners freely which the economic planners 

mee rest cn immy arter. tbe war they say. and the new was paid this week — will help accompanied by .possible defer- W ^w,ij he W a riri d m r Ve _ The report foresees real CNP admit their deep concern with admit ^ 

Dr. Kaunda is likely to argue Government of “Zimbabwe." halt the decline. But further aid raent or rescheduling of certain n, 1 ”'** 1 _ 5attpr adds £r om growth of 10.1 per cent, a year the protectionist threat. They are unable ' to .solve for years, and 

that Ihere is a middle wav: that backed hy the West and South is needed. Hence the presence in external debts. Moscow: There was no immediate between 1977 and 1991.. GNP in also very anxious to reduce their w ’ ,u probably necessitate 

! -reaction from Soviet authorities 1991 is projected at S350bn in excessive dependence on two further devaluations of the won. 

tQ t* 1 * Chinese charge that Soviet current prices. Per capita CNP markets— the U S. and Japan— The titled, perhaps the btggctt 

troops had been involved in an j s see n as S7.700 at current which account for over half of Question mark of all. is the 
• •. r j* L ncur ? ,0 ° i®to Chinese territory, prices, and W 000 at constant Korean tTade. possibility of the outbreak of war 

JgSsgra&S;- • < 4 But the development is consistent 1975 prices. This Is higher, the “If world trade grows less bn the Korean peninsula, 

r * s - * / “ v ' - <v : w*th the steady increase in rep ort savs. than comparable quickly than we think." said one If the economic planners are 

& # ’T ' tension over the border question income figures for to-day’s senior economist involved in right, Lhe rapidly increasing 

•BprW v - '• ’ . -» dU lS? I ?S3t t lfr Leonid m ! ddle ’ rankrin * developed coun- drawing up the KDI report, economic mighl ye South will 

Ns, /MiiVn - ... _ ■ ? '. ■ \ .* : j Brerhnev, the Soviet President, to Tbe projected growth rate is sacrifices. But that’s tbe price to consider aggression. As one 

XS. |MW/ / ' ' MW ';» f V 1 • T ' ~ P ll l J ,ary , unlts along the Chinese expected to boost employment by we must pay to raise per capita seasoned foreign observer in 

^ E&r/f / border last month was inter- an average' of 3J2 per cent, a income. Seoul put it " the South Koreans 

. asp P re . ted bot ^ within the Soviet year. Thfe indicates that the “And if advanced enuntriee. are almost unbelievably uggres- 

: M 1 1 ii 3?f / / Un, ? n iP d abroad as . a warning Koreans are confident they can like Japan do not upgrade their sive and competitive. They have 

/,l to toe Chinese of Soviet military increase productivity by nearly 7 export-mix quickly enough to a tot of problems, but when they 

\ -y ii ' ' o i Q e ? en ? inat i°° following Chinese per cent, a year through make room for us in medium set economic targets, they are not 

* j/y Soviet ‘proposal f 8 ye8r af - 3 improved te chnology. increased technology areas like cars and to be taken lightly." 

rk.f «v The Soviet anti-Chinese pro- nri 1 j ■ 1 j m 1 « 

■ .«*! ESS Tokyo to consult foreign banks 

7 '■ ' l“°e 18 “OW fullly operational. BY CHARLES SMITH ivu-vo w... n 






■■■j} if 




ti: K 


■vm 


A', 






Tokyo to consult foreign banks 







Sa • .. - rfic* 






TTie most recent offerings %wS 3 a Br CHA,UB SM,TH TOKYO. May 11. 

commentary by the Soviet news ^P^EKIN BANKS will have Tugendhat that Japan should act problems as rapidly as possible, 
agency Tass rejecting Chinese w * tfS taken into account to_ relax restrictions and remove The other main point taken up 

Chinese demands for the with- wra f D re f or ® s ,t° Japan s banking misunderstandings about the by Mr. Tugendhat was a proposal 
drawal of Soviet troops from 5X* 1 ? 1 ? a 7 e °£.’ n “ coosiderea^ . Mr. treatment of foreign banks in for tbe introduction of CDs (cer- 

Mongolia and accusing the ^ hr,st Qph er Tugendhat tiie EEC Tokyo. tificates of deposit) as a new 

Chinese of seeking to annex - on i rn . Is s io . n ^r.ior the budget and Mr. Tugendhat leaves Tokyo' fund-raising instrument in tbe 
'Mongolia. nnancial institutions has been to-night after three days of talks Japanese money .market CDs 

told by Japanese officials. This with officials of the Ministry of would -enable foreign banks, lo 

yil g appeared to be^ the most specific Finance and the Bank of Japan, raise more yen. funds and tips 

C Jlina W5ll*Fi^ Offered by Japan in The talks focused on a number help to reduce their heavy depen- 

1 *** ”7 <*A respons e to suggestions by Mr. of problems which have been deiice on swapping 'of foreign bk- 

T bothering foreign fand particu- change into yen-.fwhlcb semaifas 

Japan over Desai survives !Jcii;de^?eSt s 6 o , n k 5 1 e o h 4ff - ■ iy '"""‘“t'jf 


shelf deal 


: -%y* 


By Our Own Correspondent 
TOKYO. May 11. 
THE ALMOST Imperciptible 
progress of China and Japan 


Desai survives 
motion of 
no confidence 


larly European) banks. These restricted by individually ; 
include: restraints on the oped- quotas). . . 

ing of new branches and the- Mr. Tugendhat said- th^ the 
allegedly unfair formula used CD proposal seemed to Be /if 
for assessing the dollar fund. Interest -tt> the Finance. Minister. 


raising costs of foreign banks He .understood that it was-. befog 
for tax purposes. -.discussed 1 by; the Financial 

On the first of these two prob- System .Study Council fa penia- 
leros Mr- Tugendhat said he had merit body attached to the 
been told that applications from Finance Ministry, but Inchidtog 


By K. K. Sharma 


NEW DELHI, May. 11. 




towards signing of a treaty of mb MORARJI DESAI ' the F °r®ign banks for the opening privare industry representatives, 
peace and friendship encoun- Indian Prime Minister ’tn.dav of new branches would be treated -which has the task of reewn- 
tered another obstacle yesterday survived the first vote wit J a “ hi 8 h degree of flexi- mending reforms to jdp'affs 

when China issued a stiff pro- mot j OD of n » conldenS In the the latter P 0 ' 01 he finan cial system). In future.# 

test against alleged infringement j ana r a Government ^ved hv 8 »2 d . h f had agreed with Japanese council would take Into.acfepnt 
of Its sovereignty represented by SnSSTSSililnn fo the °« c, . als that !t , was durable to views ol foreign banks on CDs 

JSpMJSSSSt 1 wiST “SSS about tax and sag l!S2: 

Korea. § t “ Souch Parliamentl with ease. The] 


Why the Design Council waited 
before they gave the windscreen an award. 


Korea owuul Parliament) with ease. The 

The’ orotevt which i* Btrnnfriv did not divide the 

wordPd P was handed tn hS House and the motion was 
to PekSjE P Mr ^ected on a voice vote. 

sS/njflaw k. th. Chta&i Vice r U m w “ •M"*’* .«•« 

Foreign Minister Mr IT-»n Confine 88 had blundered in bnng- 

NieT-Sig. oi n ’ vr&nJtay mm L ne * e moa “" so S T af ^ 

TTie Jananese Fnreion Minictnr W0D . a .. Parliamentary by- 


AJET 


The car above left the road at 50 mph and hit a tree. 

The windscreen stayed in place. The inner glass was 
scarcely damaged. The occupants were unharmed. 

The windscreen IsTriplexTen Twenty Super Laminated, 
the safest windscreen available in the world. And, now 
that it has proved its claim with more than a year’s road 
use, the Design Council has given Ten Twenty one of their 
coveted 1978 Awards. 


What the judges said. 

Ten Twenty " represents one of the few significant 
advances cf many years in the design and production of 
safety g /ass for windscreens. The vehicle manufacturers 
were not presented with any production problems when 
using this new material . . . The judges were impressed by 
both the effectiveness and the serviceability of the product 
as proven by user experience". 


ouncii waited $ S £¥a S 
idscreen an award. SSsE-SKs “/-fcsfsfS! 

ever, issued a statement through i 11 ?? 3 mcnibers of the rul- 
the New China News aeency !? g party . vote a 8 ainat the 
which describes the aereement TM C om l"L t , . 

■with Korea as “ wholly null and . . have happened 

void ” and accuses Japan of " ad debate and vote on the 
“ trying to mark off. behind motion been held next week as 
China’s back a ‘joint develop- the leader of the Congress oppo- 
□tent zone' on the continental Mr - c - Stephen, hoped. 

sh»*lf to the East China sea." T "is proved a miscalculation 
The Chinese statement does when Mr. Desai insisted on an 

not imply an? claim to the shelf immediate debate and this ended 

area but describes Japan’s before moves for political 

TfieDonSafpryAw-r-i w-:,ir j • — ^ decision to partition the con- realignments could take shape. 

The AA Gold Medal 107? Com me ndauon. 1976. tinentai shelf with South Korea The motion acted as a temporary 

And now 3 n e .; en r.-, a. j iqt« 3S 4 “deliberate and serinur act cementing force on the disunited 

Ana now. 3 Design Council Award. 1978. ... wh r c h is detrimental to afld demoralised Janata Party 

TriplsxTenTwenty will become available in more and Si K;! a ,?53n e «* e lu« 0 rS : ' ^? e 6356 which Mr. 



Award 1978 



)« 


SfiS 


more cars built with safety as a priority. 

Award yourself the experience of driving behind the 
world's safest available windscreen. 


What others have said. 

Triplex are holders of the Queen's Award to industry 
for technological achievement In addition. Ten Twenty 
Super LaminateH^c^screens have won: 





SUPER LAMINATED 


Tr.piex Salat/ GLiss Ga.UJ.iaci' 


membof of We PiltuigUn Group. 


The timing of tbe Chinese pro- De c ai has survived the con- 
test is linked to Japan’s parlla- fidence vote does uot diffuse the 
raentarv schedule which provides crisis into • which the Janata 
For the Korean pact to be ratified Party ha's been plunged after 
by the upper house of tbe Diet its first major loss in a 
before thn end of the current Parliamentary by-election to 
session. The protest is, in fact, nothero India where it swept all 
the third of its kind to be issued tbe seats in the 1977 general 
by China. election. 

Foreign Ministry officials Moves for political reallgnmeni 
admitted this afternoon that are still being made, although 
Japan had been about to propose lhe real trial of strength cannot 
a meeting between ambassador lake place in the near future 
Sato and vice Fnreien Minister since the rules do not permit 
Han to discuss new (and possibly more than one no-confidence 
decisive) moves on the treaty motion in a session. 

- 1 U, 


Every day at 230pm P&O Jer Ferries’ 
jetfbil departs from the heart of London and 
skims across the sea at 50mph to Zeebrugge. 

Its fast It’s smooth. It’s sensational* 
There’s simply nothing V 

else like it at sea. 

P&O Jet Femes|p5llk 

DEPARTS 1430 BAUX RESERVATIONS; 0H81 4033* 













7 



Financial Times Friday May 12 1978 


WORLD TRADE NEWS 


Leyland S. Africa cars 1 Australia 

agrees 
steel curb 



takeover likely 


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BY QUENTIN PEEL 

E.1RLY AGREEMENT is ex- 
pected between Leyland South 
Africa, British. Leyland's wholly- 
owned subsidiary here, and 
another South African motor 
manufacturer on the takeover of 
Leyland's car division. 

Mr. Peter Murrough, managing 
director of the South African 
operation, says negotiations are 
advanced with at least three 
other manufactnrers for ration- 
alisation of Leyland’s manufac- 
turing divisions. .Agreement in 
principle might be reached 
within three months. 

His statement follows the 
announcement ‘ in the British 
Leyland animal report that 
f 17.1m. has been set aside as ao 
extraordinary item to cover pos- 
sible losses resulting from dis- 
continuing car manufacture in 
South Africa. THe 'more profit- 
able lorry and bus division here 
is not expected to be affected. 

Mr. Murrough said the pro- 
vision had been made to eater 
for the “ worst possible view 
the complete closure of Leyland's 
car plant at Blackhealh in the 
Cape. “The provision is the 
value of current and fixed 
assets." he said. “It is simply 
shrewd accounting.” 

• The company most frequently 
mentioned in connection with 
Leyland's rationalisation plans is 
Sigma. which manufactures 
Chrysler, Mazda an'd Mitsubishi 
vehicles and in which the Anglo- 
American Corporation has a 75 


per cent stake. They agree they 
are talking. 

However, there remain several 
possible forms OF rationalisation. 
One company might simply take 
over the entire car division and 
move manufacture and assembly 
to its plant Otherwise, a com- 
pany might negotiate a fran- 
chise to manufacture the 
Leyland range, or part of it 


Janan imports rise 

The number or cars im- 
ported into Japan is beginning 
to climb more rapidlv. accord- 
ing to figures from ihe Japan 
Automobile Importers’ Asso- 
ciation. Terry Dodswocth 
writes. Last month they rose 
25 per cent, to 4.257 models, 
mainly because of removal of 
imnort lariffc and the appre- 
ciation of the yen. 

The company has performed 
poorly Ln an ailing passenger car 
market.- Last year it had some 
4 per cent of the market, or 
about 000 car sales a month. 
Alfhoush the comnanv issues no 
independent profit figures, the 
Smith African motor industry as 
a whol«> is estimated to baveiost 
somo RHDm. 

However. - the company has 
just spent Rl5m. (£9 ,4m.) 
retoolfne for the . new Hover 
3W0. and Mr. Mu'numh says the 
order book is a third higher than 


JOHANNESBURG, May 11. 

the company’s most optimistic 
Forecasts. “ We’ve now got a car 
selling extremely well." 

The bus and lorry division is 
much the most successful, with 
Leyland top bus producer in 
South Africa with more than 50 
per cent of the market. ' and 
third for heavy commercial 
vehicles, with some 15 per cent 

There are 12 car manufac- 
turers in the South African 
motor industry and much 
further rationalisation beyond 
that of Leyland- is expected 
before the next phase of the 
local content programme comes 
into effect on January 1. 1980. 

The programme, which will 
insist on G6 per cent, local con- 
tent fby mass) for passenger 
cars and light commercial 
vehicles, will require much 
further investment by manufac- 
turers. many of whom have 
insufficient market share to 
Justify It. The heavy commercial 
vehicle sector, however, has no 
such compulsory local-content 
programme. 

• In the annual report, pub- 
lished last week. British Leyland 
rcFerred to Ihe deuressed car 
market in South Africa and said 
the company had decided “tp 
curtail direct involvement In 
car manufacture In this terri- 
tory" Efforts to mitigate losses 
from that decision would 
include possible co-operation 
with other manufacturers and 
distributors. 


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More U.K. overseas orders expected 


• - BY LORNE BARLING 

MORE THAN a third of British 
companies in a recent survey on 
exports believe that their volume 
of sales abroad will greatly in- 
crease over the next two years, 
although that may be tempered 
by exchange rate .movements. 

The report also warns that 
ihat optimism may be question- 
able because much of. its basis 


has been successful trade per- 
formances over the past five 
years. More than four-fifths of 
companies reported better ex- 
ports during the period. 

The survey, by . Industrial 
Market Research, covers 280 
British industrial companies. -It 
shows that although most have 
increased their overseas Activi- 


Dutch export aid caution 

AMSTERDAM, May! 11. 

development aid and more flex- 
ible credit insurance may lead 
to unfair competition, it said in 
its annual report Holland runs 
the risk of ignoring international 
agreements to avoid distortions 
to free competition. - 
Dutch exporters need no *xtra 
help with export financing since 
in most cases “ matching funds,” 
set aside to compensate for un- 
fair export assistance^ foreign 
governments. ;are • -venough to 
redress- the balancq. The com- 


- BY CHARLES BATCHELOR 

A BIG Dutch credit insurance 
company has raised a lone voice 
against increasingly urgent, calls 
from businessmen for extra aid 
for exports. Holland must be- 
ware of going -too far to stimu- 
late the country's lagging foreign 
trade, the privately owned Neder- 
landse Crcdietverzekering Mij 
(NCM) said. 

industry's growing clamour for 
Government aid in export sub- 
sidies, help, with interest pay- 
ments, • mixed credits, tied 


ties, the level of their export 
staff has remained static. 

“ Small companies, particu- 
larly, have remained static in 
their m&nni nglevels, while 14 
per cent, of the largest category 
of companies have actually cut 
back on export staffing. 

The policy was seen as an 
indication of satisfaction in the 
cost-effectiveness of existing staff 
levels and a recognition of its 
qualitative importance. 

The survey produced - consider- 
able unanimity on the import- 
ance of factors in export market- 
ing, in the following order: 
price; product quality' and exper- 
tise; delivery. After-sales 
service was generally regarded as 
important For capital goods. 

“What is particularly surpris- 
ing.” the report says, “ in the 
light of the favourable exchange 
rate and the relatively low pro- 
duction costs enjoyed by British 
exporters, is the low rating 
given to price as an advantageous 
factor”,- 

- Bow British hukMtrV Exports: 
industrial Market Research Sf5. 


CANBERRA, May 11. 
AUSTRALIA WILL limit its 
steel exports to the EEC this 
year to 450.000 tonnes under an 
arrangement announced by the 
Special Trade Representations 
Minister, Mr. Vic Garland, at a 
Press conference here. 

That compares with 1977 
exports of 480,000 tonnes. 
Finished steel products will 
comprise 300,000 tonnes of the 
1978 exports, against the 260,000 
tonnes exported in 1977, Mr. Gar- 
land said. 

. Steel industry sources in 
Melbourne noted. however, that 
Mr. Garland negotiated with the 
EEC on the basis of 1978 figures. 

' Australia exported 564,000 
tonnes of steel to the EEC in 
1976, including 329,000 tonnes of 
finished steel, the sources said. 

Mr. Garland said the Govern- 
ment does not regard the 
arrangement as generous, and 
in a later joint statement, he 
and the Trade and Resources 
Minister, Mr. Doug Anthony, said 
the arrangements are subject to 
EEC member states’ ratification. 

Australia also agreed to the 
arrangement reached with other 
steel exporters to the EEC, 
under which they agreed to set 
l export prices at 6 per cent below 
i the EEC list price for genera) 
j steels and 4 per cent, below for 
'special lines. 

• Mr. Anthony predicted in 
Sydney to-day that Australia 
would rival the Middle East oil 
states as a prime energy exporter 
within a few years because of its 
vast reserves of coal, uranium 
and gas. 

He told an economic confer- 
ence that the world recession had 
had a temporary . dampening 
effect on demand for Australian 
minerals. 

“As an exporter of coal, gas 
and uranium we will play an 
important and necessary part in 
meeting the energy needs of the 
Reuter 

EEC cash 
for study 

In a. move to improve Euro- 
pean penetration of the Japanese 
market. EEC Commission Presi- 
dent Roy Jenkins told the Euro- 
pean Parliament to-day that the 
Commission's draft 1979 budget 
will include 575,000 European 
Units of Account to help to send 
people qualified in business or 
industry to Japan to study that 
country’s economic structure, 
language and culture, David 
Buchan writes from Strasbourg. 

Mr. Jenkins suggested that 
under the proposal, which must 
be approved by the Parliament 
and the Council of Ministers, 
some 20 people might spend 
periods ofup to 18 months in 
Japan. *• 


Bergsten’s warning worries Rio 


BY DIANA SMITH 

THE HINT of United Stales re- 
taliation if Brazil did not alter 
its “exceptionally high import 
tariffs,” made in New York by 
Mr. Fred Bergsten, UJS. Assistant 
Treasury Secretary, has caused 
dismay in Brazilian foreign trade 
circles. 

Mr. Bergsten’s assertion that 
tariffs, subsidies and ' compensa- 
tory taxes on shoes and textiles 
(subject .to strict UJ5. quotas) 
should be reduced, otherwise 
“these measures could provoke 
the reaction Brazil so rightly 
fears,” was read out on his 


bcbalf to the Brazilian- American 
Chamber of Commerce at the 
very time when U.S. and Bra- 
zilian trade officials were, 
apparently amiably, discussing 
common efforts. 

Although no specifics were de- 
bated, the .talks . between Mr. 
Alan Wolff, chief adviser to Mr. 
Robert Strauss, and Brazilian 
Ministers have been covering the 
possibility of mutual tariff re- 
ductions or compensatory rights 
as well as the international sub- 
sidies code and an international 
tribunal to assess damage to local 


RIO DE JANEIRO. May 11. 

industries through exports. 

Brazil’s foreign trade officials 
wonder if Mr. Bergsten has con- 
fused temporary import restric- 
tions or tax concessions on many 
exports with systematic protec- 
tionism. 

They are perplexed because the 1 
Carter Administration seemed [ 
willing to discuss important trade \ 
issues in the GATT context and 
io give equitable consideration to 
Brazilian exports. They say the 
average tariff on imports from 
the US. Is not “extraordinarily 
high” — it works out at S per cent 


Record investment by development bank 


BY OUR OWN CORRESPONDENT 


BRAZIL’S NATIONAL Develop- 
ment Bank (BNDE), created 26 
years ago to back the develop- 
ment of basic products, capital 
goods and small to medium com- 
panies' distributed a record 
S2.BbQ. in 1977—45 per cent 
more than in 1976. 

The evolution of the bank's 
payments since 1952 illustrates 
the rapid growth of the Brazilian 
economy from 1952 to 1957. 
S8S6m. were distributed, while 
from 1973 to the end of 1977. no 
less than S17.4bn made their 
way into ■ key sectors of the 
economy. 


Of the S2.8bu. distributed last 
year, some 36 per cent. (Slim.) 
went into basic products, such as 
raining, steel, non-ferrous metals, 
chemicals and pet rochcmi cals, 
pulp and paper, or cement, with 
steel absorbing $34lm 

A further 35 per cent, (about 
S9Slm.i was applied to basic 
equipment or capita) goods, 
lamely through the BNDE's sub- 
sidiary agency. Finame. which 
offers financing to companies 
setting up or expanding produc- 
tion. Because of the govern- 
ment's drive to hold down infla- 
tion, Finame funds were held 


RIG DE JANEIRO. May 11. 

to a tight ceiling— 31.1'25bn.— in 
finance either basic products or 

basic equipment. This meant 
that not all requests could lie 
satisfied and priority was given 
to companies offering a minimum 
rale of 85 per cent, national 
sources of equipment. 

The BNDE also forged ahead! 
u-jih ns shareholder-financing 
programme aimed at increasing 
the capital of private companies 
through financial assistance u> 
wouid-be shareholders. 

BNDE itself turned in a profit . 
of S220m. in 1977 (income of* 
S1.46bn., outlays of $il.2fihn.). ' 


Singapore 
airline talks 
with banks 

By David Las cel Ik 

NEW YORK. May 11. 
SINGAPORE AIRLINES expects 
to finance about half of the 
S900m. purchase price of its 
giant order for Booing passenger 
jets externally, most of it with 
tbc UJS. Ex i ill bank, the airline's 
Chairman Mr. J. Y. M. Piliay was 
reported as saying hen* to-day. 

He indicated that perhaps SO 
tn 40 per cent might come from 
Erimbank the rest of the 
external financing heing done 
through private banks. 

He said; “we are talking to 

several banks, including U.S. 
banks, European banks. Singa- 
pore hanks and Japanese banks." 

Of the share to he financed 
internally. Mr. Pillay said about 
half would come from the sate 
Of jets that the new ones would 
replace, ami the rest from 
operating profit and cash flow. 


Cyprus deficif up 

CYPRUS’S trade deficit widened 
by 74 per rent. List >e,ir to 
£124 3m., according to an official 
report analysing foreign trade in 
1977. Our Nicosia Correspondent 
writes. 


FARM MACHINERY 


Aid for Brazilian manufacturers 


BY SUE BRANFORD IN SAO PAULO 


THE BRAZILIAN Government 
has decided to ease financing con- 
ditions for the purchase of farm 
machinery after discussion 
between Banco do Brasil and 
representatives of Abimaq, the 
Brazilian manufacturers' associa- 
tion. The manufacturers blame 
the Government for their present 
crisis, pointing out ~ that 
because of the sales slump, 
12,000 tractors are at present 
standing in the yards outside 
their factories. 

Financing for the purchase of 
tractors and other farm 
machinery will now revert in 
mori cases to 100 per cenL Sub- 
sidised interest rales of 15 per 

cent, per annum will also con- 
tinue. These favourable con- 
ditions prevailed until July of 
last year when the proportion 
financed was reduced to 60 per 

cenu, as part of the Government's 
tough anti-inflationary package. 

Manufacturers are reacting 
cautiously to this first Govern- 
ment concession to their increas- 
ingly vociferous complaints. Mr. 
Jorge Logemann, president of 
Schneider Logemann, the 
country's largest .manufacturer of 
combine harvesters, said that the 
measure has come too late, “ with 


winter approaching, most crops 
have already been harvested. We 
hoped that the measure would be 
announced at the beginning of 
the year, when it would have had 
a positive impact on sales.” 

Luis Adams of Massey 
Ferguson (io Brasil expressed his 
approval “in principle.” But he 
pointed out that the main 
difficulty over the past couple of 
years has not been the terms of 
the financing but the great reluc- 
tance with which Banco do Brasil 
agencies has negotiated loans. 

Prospects here remain poor. 
On the basis of Ministry of 
Agriculture production forecasts 
the manufacturers had asked for 
a Banco do Brasil credit line of 
cruzeiros 29fibn. (£950m.) for the 
financing of farm machinery pur- 
chases this year. But because of 
the Government's strict monetary 
control, they were given just 
cruzeiros 17.5bn. (£580in.). 

Mr. Waiter Stedile. director of 
the Lorry and Tractor Manufac- 
turers Uniun. said "estimates 
now suggest that this year we will 
only sell 48.000 tractors on the 
domestic market which is a 
disastrously low level. It only has 
to be recalled that, according to 
calculations made for the second 


national development plan. Brazil 
needs a production of 76.000 
tractors in 197S.” 

Manufacturers complain that 
the Government created false 
expectations. In 1973. Mr. 
Antonio Dclfitn N'ctto. then 
Finance Minister, openly 
threatened to abolish import 
tariffs unless local manufacturers 
.upped output to meet domestic 
needs, ln response, manufac- 
turers increased their expansion 
plana and Ford, which had closed 
its first tractor plant in 1967 
after a period or strict credit 
control, built a new factory, 
which it opened in July 1976. 
As a result national production 
doubled from 34o97 i melons in 
1972 to 67.S45 in 1976. 

But because of the credit 
difficulties, production fell 18 
per cent, last year. Sales 
dropped even further and the 
manufacturers ended the year 
with excessive stocks. 

The manufacturers maintain 
that the Government's credit cuts 
are also hurting the country. 

Mr. Ule Engelbrecht, president 
of Massey Ferguson do Brasil, 
comments “it is clearly short- 
sighted of the Government to 
place serious impediments ...In 


the way of the mechanisation of 
farming. How is Brazil tu reduce 
its wheal imports and increase 
exports of suv ,i l leans, black 
pepper and other crops, if farm- 
ing methods are not 
modernised"" 

The two largest manufacturers 
— Musscy Ferguson and Ford — 
are managing’ to attenuate the 
impact of the domestic crisis 
through an increase in exports. 
Last year Massey Ferguson 
exported --"41 tractors, worth 
S17.5in. This was 72 per cent, 
of the country's totaL Ford 
exported 1.200 tractors, worth 
S7.Sm. from its new plant last 
year and considers export pros- 
pects good this year. 

Local manufacturers are con- 
cerned that the current difficul- 
ties mav force Brazilian com- 
panies to close down or merge 
with multinationals. Earlier this 
year, international Harvester 
bought a 43 per cent, share in 
Ideal, one of the largest of the 
105 manufacturers of form 
machinery in the south of Brazil. 
Ideal is facing serious problems 
or Idle capacity and believes that 
its new foreign partner wit! 
solve its liquidity difficulties. 
Other local manufacturers may 
well fallow Ideal’s example. 



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Consider for a moment how mucJi you could find outaoout your 
company if youcouldshare a tea break with one of the men who repairs and 


Sem He S^iSbSbout the one that’s obviously a Friday aftemoonjob. He’s 
been under it five times in the past two months. ■ 

- He’d show you a tractor unit gathering rust while it waits tor parts. And 

he’d point out the van that’s gulping down petrol like it was-going out of style. 

Hs conclusion, would be that you’re losing money hand over fist. 




Not only in terms of down time but of missed delivery 
dates and lost sales. 

If you asked him for a solution, he*d suggest a fleet that 
was first and foremost reliable. It’d have to be economical 
too and also comfortable enough to ensure that your driver 
stays alert and efficient. 

In short, he’d be suggesting Mercedes-Benz trucks. 

Of course, he’d also be suggesting quite a hefty capital 
investment. 

. Mercedes-Benz trucks may not be the cheapest trucks 
onthemarket. 

In the long term, though, they can work out to be the 
most cost effective. 

For a start, they’re economical in terms of fuel, journey 
times and naturally reliability. 


And, perhaps more importantly, because of these 
tes.thev’ll 


attributes, they’ll play a significant part in keeping your 
service mechanic, along with your sales force; your 
warehouse staff, your drivers, and anyone else whose 
function depends on distribution, 
happy with your company. 

Which, in 


Daia economic terms, means higher 
productivity. 

Obviously though, we can’t explore^ 
every aspect of Mercedes-Benz in an ad/* 

Right nowyou need more information. 

Get your secretary to tear this ad and send it to us with your name 
and address. And we’ll be in touch. 


Mercedes-Benz.The way every truck should be built. 

Mercedes-Benz (UK) Ltd,P.O.Box 753, London SEl 5J2. 





Financial Times Friday May 12 1978 


HOME NEWS 



Computer Recovery in car 

company __ „„ 


link with 
Japan 


BT TERRY DODSWORTH. MOTOR INDUSTRY CORRESPONDENT 

CAR production kept up Its month, when the industry bad .On the commercial vehicle 
strong recovery last month,.. It an exceptionally good spell and side., output promises to break 
i i?r* run - g at a rate which will recorded 126.000 units, the best through the 400.000-a-year harrier 
Hit output by 100.000 units com* figure for well over a year. once again, although not to 
Ffi™“ If niain ' Last month the seasonally approach the 45O.Q0ff figure 

B * l r >’ ear - adjusted total came out at which was reached between 1968 

At the same time, commercial 121.000 units, compared with and 197L 


Colt 
imports 
cut by 
1.000 


GKN to latmci 
four-wheel car 
for disabled 


New jobs 
boost for.:|| 
depressed^ 
rural areas! 


By David Freud 
HE GOVERNMENTS 


By Terry Dcdsworth 


eviousquaTOrr P W1Ui " ^ous quarter. ftiSdlSt'lS follows r^utTemenr of the dtaES ^nncl earner. It ago. maws SffS=1 ‘ w 

If this performance continues. The signs are that in tbe car S* ™^ t wh i ch *“* driver.' wm be used in the invalid car, The Budget measures included 

e industry could produce and commercial industries manu- Japanese ijoyeromeni is con Jt a j lows tabled drivers to alone with bouaht-ln fibreglass a n extra £5.5m. for the com- 


• I/bRI/111 & . L a recaraeo lio.uuu units, me oesi turouga me *uu.uw-a-year oarnet m rnDDeonMnFNT I 

VlipilU Uft output by 100.000 units com* figure for well over a year. once again, although not to X* V vU BY TERRY DODSWORTH, MOTOR INDUSTRY CORRE5P r'A\TRVM7VT'« 

P*,™* V * 1 * 77 if ‘J L 3 main ' Laa » month the seasonally approach the 450.(XXr figure ' WNKFY th - Telford ,nd should help to take up some ™ E GOV , ** 

By Max Wilkinson ** reSt ° f 1 * ye "' ^justed total came out at wWchwas reached between 1968 - - Dcdsworth b£ed rfMdSn $ the GKN Sf the Sack created by the sramme to stem the depopuU- 

y n At the same time, cnmmerclai 121.000 units, compared with and 197L 7 * ?muo i?D!?m5n- to start dto- decline in the world tractor lion of the English countryside 

AGREFMFnt with Hitachi nf hSfcSf l S aDd Last month - recorded truck COLT-, the importer of the auction of a newlv-designed four* market which has hit the com- will reach its target or providing 

AGREEMENT WITH Hitachi, of ”5, e R <£} ri b J T ^ ,^ v ^ r nt ?!, h “ r production was 34.900 units, com- Japanese range of Mitsubishi wheel car for the disabled in pany’s tractor cah business. 1,500 jobs annually for the first 

?„r p ™ ,° r MCl,3n?e “T produced last year M!uit r4e tn^^OOO eis pared wift- 31.100 iu January, can m Britain? has had its quota s priu B next year. Workers on the tractor cab buse time dlIrln(! lhis financial year. 

terdav 3 by* Internationa" Com- , Tbe a «ures. published yester- The big improvement in pro- Seasonally adjured, the total tifovwM : ' [™ m J |P“j jgJ The car, based on Leyland Shortly* 00 ° 3 ' The Development Commission. 

Dutere 1 1 W 1 ° d * y by rhe Inriwstry Department, duction in the last three months ^as 36,200 vehicles. The In- 00 in 1877 to 8-00 th Min} mec hamcals. won a Design k already has some the Government s instrument for 

P J~ t show that recorded car produc- means that seasonally adjusted dus £y ^ improved its output >««. Council commendation yesterday Sankey aireaa nas s channelling aid to depressed 

The agreement has been put non last month was the hesr for output has gone up by 8 per cent. by 9 P« r cent, in the last throe The cut. announced yesterday far the “fundamental dedication ,, 4<nns armoured oer- rural areas, will mount a £I7m. 

into effect with the visit this a four-week period since May j n this period compared with the months, - compared with the by Mr. Michael Orr, the manag- 0 f its design to the special For -i™, jj. e _ programme this year, compared 

week of five of Hitachi's develop- ,afi * year. Ar that time, out- previous quarter. previous quarter. ing director of Colt Car. follows requirements of the disabled ^"ub-farm for the Mini which I with £8.3m. in 1977-78. 

ment engineers to the company’s *2Sl If this Performance continues. The signs are that in tbe car S®. h * h _ driver - win be used in the invalid car, The Budget measures included 

plants at Manchester. Stevenage ln£t tool the 1ndUsri T co,,ld Produce and commercial industries manu- to BriLn to Sie' Tt allows disab,ed d ™*» to along with bought-ln fibreglass a n extra r5.5m. for the enm- 

aod Letchworth £21!? “ wf- SmrtnJ between 142m - and LWm - cars f ? cturers stepping up produc- »oUu« J Britain to the enter in a wbeelchair from the pan els. mission and Us grant had already 

TT-, l ■ . . . , this - vear - compared with lJlm. tion gradually in the expectation same level as last year. rear, and to carry two passengers p M w OOI j believes that the been, increased to account for 

Hitachi s computer develop- last year and l^3m. in 1976. that markets will be higher than it indicates that, once the in side-nioun led seats at the back. h m , P j. Q t for the vehicle inflation, 

meot I* linked closely with tbai ^ucHon always tends to go ^ reCQvery far shon of predicted at the beginning of -the restrictions begin to bite. The driver can take over the tlS'coSf 'type of Si o f the total. £S4m. will he 

or Fujitsu, the largest Japanese ^ T|1 119noo unjts were the best yea re at the beginning yea r- Japanese car sales in the U.K. controls o/ the car without mov- abled w ho formerly spent oa f lW tnries. bringing Uj e 

computer company, which in turn nroduced. compared with 111.009 °f this decade. The industry But, this increase is being con- will have to f41 from the high m g from the wheelchair. bought the now discontinued annual; completion rate tn 

has signed an exchange agree- in January and an average achieved its record output of trolled carefully because of the levels they have achieved in the GKN San k ey j S planning to three-wheeler. between 70 and IOO. This will 

ment with Siemens of West Ger- monthly figure of 109.000 last l-KJm. in 1972. and recorded a fear that demand may fall sud- first few months of the year, up pr0 d ucc between 1.500 and 3.000 There is reckoned to be a prov ide. about 1,500 new jobs 

many vear production of 1.74m. cars in 1973, denly in the latter part of the to the end of Apnl they had unjts of the vehicle a year, and yearlv market for about 3;000 of r , Kii 

.. . . J ' The s*a«nnallv adiitsteil total before falling -to the low point year and once again precipitate sone up to «0,000 nmts From calculates that it could make these vehicles in Britain, but . The com missiw was „ivcn this 

The link between Hitachi and fe!] s ij g htw compared with last of JJ6m. units in 1975. redundancies. 4-.000 in 19. i. money on the project if it ex- sorae sa !es may be siphoned off J«> b c rcat 1 o n . U r ocr, ^ three years 

Imernatiooal Computers is by ‘ The two leading Japanese car ceeds an outwit of a little over j n future into the modified ago and has been building up to 

no means as close as that he- importers. Datsun and Toyota, 1.000 cars. The retail price will versions of standard cars which « steam iy. 

!?■**” Siemens ami Fujitsu. y . -n • a have alreadv said that their ship- be in the region of £3.000. are n ow being introduced for The loan programme has also 

e J he L K \ com- \ Arth \ r£VB«YW%C l ments will be reduced this year The group has looked at sales the disabled. . been stepped up The cammis* 

pan> wiu not be raariteting BS1 llCd I Ki 80 SIS to SO per cent, of last year’s prospects in the U.K., and is One of the key elements in si on has increased the revolving 

Japanese computers in Europe. ^ VFIL A&WUVV JL2L lota j investigating Continental mar- making the Sankey vehicle loan fund nf ihc Council for 

nor Win ,t be exchanging pro- There have heen «nme nratMt* kets as well, where it believes viable will be to get the support Small Industries in Rural Areas 

ducts or production know-how ^ T • There have been there U- considerable potential. 0 f Notability, the Government- —its main agent— by £3m. to 

under this agreement. I AG ^ SnHulllBns B e rt Wood. markeUng direc- sponsored agency which negnti- ni 5m. 

International sees the agree- 03. 8. Y wOlX® SiwUlvlj - tK tfiVS ‘ aSfnSS tor -° f ■ GKN Sankey said th ^ ales w-ith the car manufacturers means lhat Jhere is 

menl *. being confined to ex- *7 enine ud on shipments E enmpany’s research had indicated to make sure that the disabled £4^ m new money to be lent 

Change of general information av »■».» . unaE u . c ening up on sa pmems (h thl was tbe on i y four* get the host deal for their £10- nilt en moared with 13.4m. in 


>st Japanese Last j, I19-<M0 unjts were the best yeare at the beginning * e * r - : Japanese car safes in the U K controls of the rar without mov- abled pe^n who formerly spent 0O f lK tnries. bringing the 

hich in turn nr od„ced. compared with 111. non of this decade. The industry But, this increase is being con- will have to f41 from the ! high m g from the wheelchair. bought the now discontinued annual; completion rate tn 

ange agree- in January and an average achieved its record output of trolled carefully because of the levels they bave achieved in the GKN San key is planning to three-wheeler. between 70 and IOO. This will 

J West Ger- monthly figure of 109.000 last l-93m. in 1972. and recorded a fear that demand may fall sud- first few months of the year, up pr0 d ucc between 1.500 and 3.000 There is reckoned to be a provide about 1,800 new jobs 

vear production of 1.74m. cars in 1973, denly in the latter part of the to the end April they had unjts ^ the vehicle a year, and yearlv market for about 3;000 of * ... .{«« .u 

_ . . ’ The s»>asnnallv adiiisterl total before falling -to the low point year and once again precipitate gone up to «0,000 units From ca j c u] a tes that it could make tb ese' vehicles in Britain, but . The ^commission was , iver itm* 

Hitachi and fe j] s ij gbt i v compared with last of J.26m. units in 1975. redundancies. 4-.000 in 19i/. money on the project if it ex- sorae sa les may be siphoned off J«> b creation . -' ears 

iters is by ‘ The two leading Japanese car ceeds an outnut of a little over j n future into the modified ago and has been building up to 

as that he- importers. Datsun and Toyota, 1.000 cars. The retail price will versions of standard cars which « steaouy. 


North Sea licence terms 
worry U.S. companies 


about research and development BY BRUCE ANDREWS Importers point nut that they, wheeled petTO 1-drive n car of its a -week mobility allowance. Mota- ^ 

raiher than detailed co-operation THERE HAS been an unfavour- about the other “biddable" items, ferred not .to be identified, are free to hrina in the cars they kind in the world. The French hility will he examining the new 

on development projects. able initial reaction from Araerr* said Mr. Savage, under which described' the- options provisions, are allocated for th«» year when- manufacture a similar vehicle. GKN vehicle next week. br 

Close technical links between can oil companies to the U.K. BNOC could be given an option tn particular; as “very objec- ever ,, th ?.T wr,sb -. Mns _ t ” F tfiem hut it is elecirically-driven. and Because it is so closely linked of 

the two companies could prove Governments' proposals for the to purchase a portion of the tionable." would liketo imnorr them as costs about £7.000. with the Ley land Mini .the plan ^ 

difficult in anv case becau> sixth round of offshore produc- applicant's share of production «. nnt ...nnmpnd mv ^ n ° n as p I* 5Slh1 “ b «cs»us»* nf the jhp project is part oF is for L«*ylann to distribute and aJ] 

Hitachi'S computers work on the <ion licensing, announced on and an option to sell its own coinQ anv to SnJj S dan ?*r of a fur £ b e r slide in SaQkey - s diversification strategy, service the car. 

same principles those of Inter- Wednesday. share back to tbe applicant at conditions.” he said “I think ,,tertin "- - 

national Business Machines. Continental Oil. which has sub- mar ket pnee. . . .. we can do better elsewhere. If . — — _ _ Mr 


have already said that their ship- be in the region of £3.000. are n ow being introduced for The loan programme has also 
ments will be reduced this year The croup has looked at sales thp disabled. been stepped up. The commit 

to SO per cent, of last year’s prospects in the U.K., add is One of the key elements in sion has increased the revnl VM1? 
total. investigating Continental mar- making the Sankey vehicle loan fund of ihc (.nuncil Tor 

There have been come nrotesu kets as well, where it believes viable will be to get the support Small Industries in Rural Areas 
KS MPs Sin ° that there U' considerable potential. 0 f Notability, the Government- - ts mam agent— by £3m. io 
thS'janan«P are nmt fulfilline Bert Wood, marketing direc- sponsored agency which negoti- ni 5m. 

!£' lfctS5?t£V!l'aSl tor -of- GKN Sankey said the-ates w-ith the c» r manufacturere ^ means lhat Jhere is 
I ening w on shipments company's research had indicated to make sure that the disabled £4 ^ new money to be lent 

ening up on snipments that this was the only four- get the host dea for their £10- om com p ared w j t h £3.4m. in 

Importers point nut that they, wheeled petTOl-driven car of its a-week mobility allowance. Mota- -1377/75 Because CoSIRA’s in- 


identified. are free to hnna in the cars they kind ix] ^ wor ] d . The French hility will he examining the new terf?st rafpg have r0cen tlv hesn 

irovisions. are allocated for th* year when- manufacture a similar vehicle. GKN vehicle next week. brought down tn the Department 

rv Objec- evpr th,?v wr,sh - Most of them hut it is electrically-driven, and Because it is so closely linked Qf in dustr% -- s preferential rates 

would like- to imnorr them as cos ts about £7.000. with the Leyland Mini, the plan (here is |jjj rlv t0 ^ demand for 

TTtPnri mv SOOn as n ? 5sih, “ h t caus '' n J lbP The project is part oF is for L-yland to distribute and aJi fbU . flnan - ce . 

S, *3? 01 1 ,aItber s,,de “ tank.*-, diversifleation atrategy. service the car. The lice's share of the ■« 


7 ” a. f IlliwU la I *-■ 1 1 . WUIMI ■ I A _ _■ _ A f£ AA "IT ifdU MU UCLICI CISCWilCIC. 

while lnternatinnal's employ a stantiai North Sea interests, re- time comes when we can’t, 

different and incorapatihie cards the terms as unattractive. »rforf X w C *hf we -' 13 be back, but at the moment 

internal system. A senior manager of another there -areiotbercoumries where 

large oil company, with signifi- ."■.w® WJJTJS ** l^eoce terras arc more 

Miff Wnrth <Sae iniroctmanK c.-iire COmOany in /Olved IO l03g*temi Ramamlu, fh.l Iho 


rant North Sea investments, says 


tprm ^ licence terras arc more 
1 111 attractive. Remember that the 


Tories plan 


T-t • . , . he could nol recommend his com- cr “ d ® the nr ir* at acrea ge the U.K. now has to offer 

r 1 r^Iffhf PSimPTQ P an >' to a PPlv for an allocation The definition of tne price at ls either un hnown. such as that 

i Ufrim under the terins proposed. ^tch these transactions should fn the southwestern approaches. - - 

form groim Mr - f AI Sa T aCe - ? n r°’ S ni ? n -- Mr Tided He noted that or J s u *£™lJ b lt mr cmsill ' BY ROY HODSON 

nai glUUp a ger for international acquisi- tbev wau ] d be at market price '■"p to bow, the effort m 

Bv Our industrial Staff ,inn ?- ia what sLressed w » * to ‘be settled by an expert If Britain has encouraged the in- STEEL PRODUCTION and steel plan is .providing for consumers 

y uur mdustnai staff preliminary comment said his dismitea “But what is ‘mafket dustr y to invest in the North Sea. demand are both rising in and producers in the short-term. 

have E firm^ r - %? | Ca riP comba "’ e5 ovcraU reartion was that- the pri ? er ' h e „ ked< - 3n d who ^ Jf COBGCFS1S Britain, helped by the stlbills- British steel's figures show 

fn an f0 X d mpt l «o d %S C, ove°r n KdS" Tnm her Trerisfon" that wor- “orapani^invnived 6 °X$*m °' ‘ ffat' roUed fmproJed 

tLnSr 11 ^ U ' K ' ,ic4?ns ‘ n5 ried Conoco was that ■ which RHta^Vpr^ By John Elliott. Industrial Editor Pro ductinn by the British Steel sieadili this year. In Wales, 

con ainer transport industry rounds. granted the initial operatorship 5 d iJIJ f « n d nf a weU OE -c- r., , Corporation and ihe pnvaie sec- where the bulk of the sensitive 

The plan is for members to He was particularly concerned, for the exploration phase- only. d ' a ' WIDESPREAD REFORM of for companies averaged 438,800 flat-rulled production is con 

regulate capacity and prices and he said, by rhe provision which “If you are going to set up a rji’ '»P 1Dra,,ni1 v T "- Britain's tax systems aimed at tonnes a week during April centraicd. output has risen from 

provide industry with a dnor-to- invited oil companies to “bid up" staff to operate on a block you ** a he ‘P ,n § t be development of small an improvement 0/ 15.4 per cent J.J5.00Q tonnes a week in Feb- 

door international container the British National Oil Corpora- like ;o continue through into the ' n J erv ^'™I companies were proposed y ester- upon the same month last year, niary to nearly 137,000 tonnes 

delivery service. lion's equity interest in a licence, development and production a ?"°- w ^ 8ed l ha * ,he . rern ? s day by the Conservative Party’s rnnMimntian 0 t finished -steel a week in April. 

The International Through and that which would allow a stases-if a commercial -find is a !5 f d t h^ ? thev° P wnil sman business bureau. in C BritalS P in the -first quarter of • tn the - Sheffield and Scun- 

Transport Operators Group said company to grant BNOC a car- made.” - ™ od ified ^r£5 ' eJnStaM^na - w'nh The reForms would apply to a the vear is estimated by the thorpe area -production has 

last night that this was in line nod interest during the explore- A senior exploration executive mod'fied after consultations with speciaL typ e - of company which Dephrtinonf of Industry'io .Have' risen .from ‘ 130.000 tonnes a 
w.th policy m the European Com- Jmn phase. - of a company with laree-scale 1. .*: . * ... the Conservative Early wants been 3.'98m. tonnes — the’ high^' week in February to 142,000 a 

rc» n *ty» Cononnco was also concerned North Sea activities, who pre- . Editorial comment Page 22 established in law to he known esi figure since W76. week, in April. - 

' ' - ■ — ■ f® pr °f The plan.- introduced in Jan- - Total private and public sec- 

would cover conrpames with less uary by viscount Etienne tor steel output has risen from 

^ i-c^htn «nn B hnrI Davignnn. ihe EEC Industrial 393.OOO tormes. a week in Feb- 

turnover pF less, than F5n0.onp. Commissioner, is designed to ru arv to 438.800 tonnes a week 

It was suggested late last year cnntrnl the marketing of steel j n April, 
hy the Conservatives that such within the Community, and to The DeDartment of tndustrv 
a rompanv should he e\em'"-d limit the importation of cheap reports that deliveries From 
, • - From various statutory form- steel from third nations. British steel producers to con- 

*^T A 7 ® ttl a ® a © filling and other administrative So far reactions from pro- s timers and stockholders were 

IS / . f H £3 ■ M B . ■ requirements. V^sternay th^ tax ducers. stockholders, and major 3ra tonnes in thfe first quarter 

H 9 M H'W artvantpqec Involved were snelt customers, to the Davignon Plan Imports in. the s3me period 

elf 1 0 M ® H W H E§| / W B 0,,f , in a oamphlet published hv have been hmadly favourable. ' totalled S30.000 tonnes. 

V v II 1 M aLBeil W Ils M 3 H M the bureau. When the National Assnaa- Stocks of steel fell slightly 


for small 
concerns 


KKV plan improves 
U.K. steel prospects 


By John Elliott, Industrial Editor 





available For faclories will go tn 
Northumberland, which will 

S lake up £l.49m in 1978/79. 
Cornwall will receive El.Oflm., 
North Yorkshire £lm.. Cumbria 
£906.000 and Lincolnshire 
4. £950.000. 

Rail fares 

]S pegged for 
££ rest of year 

nsitive * 

con gy \ An Hargreaves, 

1 from ' ® . 

1 Feb- Transport Correspondent 

tonnes f-.\RES will not rise 

C«..« again tlals year. Mr. Peter 
* i7e Parker, British Rail chairman. 

na ' said yesterday after his Board 
*** l had reviewed the latest pas- 
,uuu a sen g er figures. 

The statistics show that 
c f * e 5‘ traffic increased by 3 per cent. 

kh in U,e firsl R uar,er ,bis J" e ' ar 
* , on lop of the overall 3 per cenL 

m * gain of 1977. 

iustrv *’ We believe lhat this im- 

from provemeni will continue and 
1 con- ena b!c us to meet our contract 
were w ' 1,h Government without hav- 
i arler ing to increase passenger fares 
period a R a,n lb3s year" s a 'rt Mr. 
Parker. 

Ightly Fares were last raised by an 
three average of 14.5 per cent, in 


the autumn. 





business 


AVhen inflation changed the rules of financial 
management, it also changed the relationship, 
between companies and their banks. Today 
companies look t« > their banks as never before lor 
co-operat ion and ad vice. 

So Williams Glyn’s encourages its managers 

to go nut and visit customers on their home 

ground. In this way, the managers obtain a first- 
hand understanding of the business that no 
balance sheet could ever give them. 

You’ll find Williams & Glvn’s ismore alert in 
other respects too. We can give you a decision, 
even on a major proposition, more quickly 
because’ there is no elaborate hierarchy within the 
bank to delay it: the chain of command is short 
and direct. Wouldn’t you like a bank that 
understands the way we live now? 

Call in at your local Williams & Glyn's 
branch. Or write to: Marketing Development 
Office, Williams & Glyn's Bank Ltd., New 
London Bridge House, *J5 London Bridge Street, 
London SE19SX. 


Five ways to 
more profitable business 

1 Working Capital 

Williams & Glyn’s managers can advise 
you on the most suitable ways of 
providing working capital for your 
particular business. 

2 Instalment Credit 
Through a subsidiary company, 

St. Margaret’s Trust Ltd., Williams & 
Glyn's can provide instalment credit 
for the purchase of goods or equipment. 

3 Quick Decisions 

The shorter chain of command at 
W illiains & Glyn's ensures you of a quick 
' response. 

4 Cash Flow Control 

W illiams & Glyn's specialists are always 
ready to help with advice, * " 

5 Medium-term Loans 

A more formal arrangement for 
loans from 2-7 years for the purchase of 
new plant and equipment, etc. 


The ohiective is to reduce the tion nf Sleet Stockholders holds during the first three average of 14.5 per cent, in 
overall burden of taxation hy rts~5nth anniversary cnnFerence months of the year bringing the January. At (bat time, British 

cutting income and corporation in Eastbourne next week it ls total stock held hy consumer Rail promised that there would 

taxes, by reducing the complexity expected to show overwhelming and stockists down to 16.3 weeks be no further increase before 

of tax laws, and by eliminating support for the stability that the of normal steel demand. the autumn, 

what the bureau describes as 
“many, of the annma’ies and 
injustices in existing tax taws." 

Mr. John Nmt. the Conserva- 
tive spokesman on trade, said 
that reforms 'such' as these could 
help small companies m pxpand 
and so cut on employment. He 
estimated that a 5 pnr cent 
increase in *he output of 
Britain'* small businesses could 
reduce unemployment «jy 450.000. 

The tax reforms could he 
applied with or without adoption 
of the proprietary company idea 
and would not involve a major 
overhaul of existing tax law. 

On corporation tax. the pamph- 
let proposes adjusting accounts 
for inflation, reducing lax rates 
on actual profits, simplifying 
capital allowances rules, granting 
rax depreciation on commercial 
huildinqs. making stock relief 
permanent, and introducing start- 
up tax “honeymoons.'' 

A New Deal for Smalt 
Businesses: Taxation find the 
Prtrprietnry Company. By 
I'hrisfnnfjer Snndn Pricr £1. 

The Crmxematii'e Party Small 
Business Bureau. 12,’ Smith 
Square. London S W I. 


Commonwealth of Australia 

Fifteen Year 6 \ f * % Bonds Due June 15, 1932 

To the Holders of the above-described Bonds: 

NOTICE IS HEREBY GI\EN that, pursuant to the provisions of (he Bonds of . the above-described 
isisue, Morgan Guaranty Trust Company of New York, as Sinking Fund Agent, has drawn hy lot for 

redemption on June 15, 1W78 at 10*1% of the principal amount 'thereof through operation of the 

Sinking Fund, £1.041,000 principal amount of said Bonds bearing the following iiumLers: 

257 19W 342-1 45Wi -6278 7-452 354 a -STM 11241 12 H 1 B 14122 10102 17389 19018 20555 21S83 23812 

256 2068 3425 4553 6302 7459 8573 0795 11245 12639 141B7 18116 17405 19049 20S!6 21740 23845 

1*5 2rn>9 3461 4636 AMR 7467 8577 0806 11287 12840 14199 16121 17449 10122 20685 21745 23886 

2.3 2161. 3467 4644 6319 7412 6579 960B 11271 12650 14220 16141 17501 10132 ItWUO 11730 23S74 

286 2162 3512 4645 6323 749fi 8594 «K» 11334 12663 14221 16175 17506 19166 20703 21793 23879 

31a 2163 3519 46Wd 6333 7516 8636 9859 11413 .12686 14226 16Z36 ITS 5 7 19174 20721 Cl 798 23983 

318 2181 3524 4713 6306 7533 8640 9865 11455 12888 14242 16337 17580 19175 20723 21*20 23985 

_ _ 7 7534 8645 9S79 11468 12712 14262 16252 I760I 19223 20727 2183il 239W 

4 7541 8657 9898 11490 12743 14285 16299 17695 19239 20728 21925 24096 

4764 6491 7546 8874 9900 11540 12745 14315 16331 17706 19244 20731 31934 24102 

.4801 6509 7607 8691 9913 11545 12750 14351 18348 17712 19294 20741 2197H 24103 


495 242R 3719 4357 6558 

507 24+3 3761 494 1 6583 

530 2441 3766 4983 6572 

5.15 2444 3796 5046 6601 

SW 2454 3822 5047 6622. 


434 2276 3647 4823 6512 7031 8692 9990 11546 127B0 14358 16349 17733 19395 20823 21080 24116 

435 2279 3666 4R27 6538 7706 8898 10007 11584 127 Si 14389 1G393 17737 16297 2OT26 21P87 34210 

482 2393 3C.70 4834 6542 77lW <^1707 10031 11644 12706 14423 16416 17746 19309 20842 21988 24293 

483 2308 37U2 4*44 6544 7742 1)7 IB ■ 10034 11680 12812 14464 16477 17786 19320 20852 22237 24314 

495 2428 3719 4357 6558 7751 8721 .10940 11684 12822 J4496. 10483 17800 .19355 20885 22253 24352 

53 8707 10045 11715 12863 14502 164*4 1T836 19256 20*88 -22282 24361 

55 8£D7 10009 11724 12901 14623 16508 17858 39445 20917 222M 24457 

61 8811 1CKJ70 11743 12023 14812 10512 17B63 19447 *(M4»- 32325 24483 

5P« 2404 3*22 5047 6023 7703 8839 70078 11745 12033 13270 16348 17863 19448 20971 22329 24496 

554 2467 38CH 5051 6627 7786 8855 10115 11771.12942 15281 16574 I7B9L 10482 2008* 22883 21513 

M5 250ft -JU31 5131 8681 T59& 8866' 10130 11779 -13959 15282 16*17 38007 1MR9 21000 '2+41 "4518 

58R 2672 3862 5136 6748 7808 8916-10159 11709 12966 15388 16636 18028 19405 21020 22957 24501 

KH 6 2*86 3346 MOT 6750 7816 8971 10179 11875 129*9 15298 16*37 1S033 19403 21033 22970 246*17 

626 2*89 3947 5147 IT790 7682 8986 10190 11888 J2999 15302 I&S53 16002 19S31 31046 32W2 24n»9 

663 2719 3954 5180 6791 7670 9017 10236 11940 13005 1532C 16870 16152 19613 Cl 050 ■’30(10 24646 

7*5 2722 3059 5181 6003 7917 9027 10233 11954 13022 15373 16696 13167 1064.1 3HU8 2-1074 24677 

24 4002 31*2 6827 7023 9028 10280 11005 13030 1538U 1**0* 1817b 19>vV5 21678 23097 24*96 

00 4038 5184 6837 7973 9093 10200 12033- 13048 1531*6. 16705 161*12 19046 210M 23101 24705 

&17 2754 405*.l 5254 6862 709* .9181 10300 12061 13116 15402 IR718 18198 10872 31139 23112 24707 

846 27*2 4061 5265 68«8 8073 9185 1.0304 L2U72 13144 13512 157813 18210 1070a 21143 22128 24712 

S3£> 2782 4070 53*7 r.907 6063 8224 1 0327 12TOD 13189 15521 16.903 13214 19751 21146 23132 24715 

*36 2TJ7 4076 5271 0910 8092 9225 10378 12114 13194 15532 16805 I822S 198*0 21178 23148 24733 

890 2*33 4084 5387 8914 R112 -9237 10379 12122 13210 15542 10823 18308 19630 2111*5 23196 24737 


951 2834 4122 5301 6915 8117 9229 10390 12135 13224 15S61 18*29 lKm 19897.21196 232*17 24746 

964 2836 4136 5349 6917 6136^237 1 04«3 12205 13504 15569 16639. 18357 19807 21197 23258 24732 

1056 2845 4175 5355 6938 *18* -9297 10480 12216 13506 15570 16847 18361 IJHJif 21222 23260 24768 


1059 2805 4195 5388 6949 *169 9364 10495 1221 
1065 2869 4203 .4403 6952 8216 9406 10550 1222 


1.1307 15571 16864 16.183 19057 21232 23348 24775 
13527 15577 16877 18409 20053 31241 23.152 24851 


mr 


ilUiMS » §1111 BiH LTD » 

The most flexible of the big five banks 

A member of the National and Commercial Banking Group and one of the Inter-Alpha Group of Banks 


By Michael Donne, 

Aerospace Correspondent 

Two separate senes of 
bilateral air negotiation* affect- 
ing U.K. overseas air routes 
start towards the end of this 
month. 

A team From the U.K. goes to 

Oslo for talks startin; on May 
29 on a new pact th3t it is 
hoped will settle outstanding 

differences nn additional air 
services ia and from Scandinavia 
by Eritisb independent airlines 

Some months ago, several U.K. 
independents, including British 
Midland Airways, were planning 
to start new services to Scandi- 
navia from various British 
points., hut found their licences 
blocked hy the Scandinavians. 
As a result, these services have 
not begun. 

On May 22. a team from 
Malaysia is due in London for 
ru r ihcr talks on a new An«ln- 
Malaysian air services agree- 
ment. Thft resumption Of Con- 
corde flights thrnush Malaysian 
airspace to and from Singapore 
is expected to be discussed.' 


10W 2676 4-.Kj4 5421 63B5 KOI 9414 10553 1231S 13530 \5M1 16911 18450 20190 21281 23371 *MJUP 
11 M 2888 4285 5425 6 W 6 8228 9425 10554 12317 1358* 1SR45 18D21 J846L 2 d 2 n*J 2 l 2 oi 23434 

1128 2*OT 4331 54CT 6908 8229 9443 1U572 12333 13569 1SK52 16!'53 1*471 2U21B 21348 23435 24H76 

1133 3042 4340 5471 7622 32ri7 1457 10373 12357 13570 15<H» 1*968 18473 20219 2135U 23446 248K2 

H43 31 -04 4365 5488 7.T29 *282 9471 .10576 12365 13602 15TUR 160R2 1*477 302-17 2LW3 23452 24^14 

1147 3000 41177 ViMfl 3292 P&08 . 10582 J2370 13tl(Xl 15752 16183 18502 "o^47 213*7 23601 24«^L 

1480 3100 4337 5»21 7062 8317 9328 J0601KJ2392 13610 1578H 16W4 18504 SOUS 21411 2353H 24^2 

1432 3125 4380 5530 7078 8326 S5*S2 1U6&9 12401 13632 ISflOll 17033 IC510 20?fi8 1J417 13544 Si«g 

IjM 3145 4335 5542 71 W 8127 U567 10738 1=4* - 2-1642 15034.17042 IBS 9 JiHM MVm SiBSQ 

1522 3157 *>»» 5665 7117 8328 9SM 10743 12423 ?3«M 15*42 17062 1*538 St i>w 23S^ MOW 

1584 3153 44(18 5679 7131 8332 9585 10787 12455 13679- -15849 t7lW lSSil 2[K8n "1452 ^1*112 M W 

1536 3W9 4419 5*™ 7136 8351 95W 10769 12466 13*80 1S315 • *71 W- !*«« 2W00 21477 m 

1TR3 3176 4463 5716 7151 81*5 9306 10797 12471 13B92 1591*. 17157 18636. 2m03, 2147* 33655 

171C 3226 44*0 S7J4 721* E3&8 9638 10793 \MW» 13f/a 15118 .17151* 18734 20417 

1V21 3228 4434 5760 7227 8405 3638 1W38 12491 137D9 ISOM J7174 16740 lo&l 2 5M 23670 

1925 3231 4407 5817 7287 8414 W30 10868 12-192 13*47 150*2 17217 1*743 

1927 3254 4506 6100 TTdfl 8442 f*C40 IDH97 12506 13*64 15963 17202 l*?^ sSm ^531 ^7 

1929 32*4 4al4 *12!* 7141 SMJ3 0**1 I 6 M 11 l:'*ilu nnm iw. , — “i 


in5 e * arm F the n,,m ,CIS ^ bove s P er ‘ hrd wil! ^ redeemed and paid on and after June 15. 

at Uie pruiripal amount thereof, upnn pr e «;iU a |Tnn and mrrwuler of r.irh Bmidi with all cummin 
maturing alter *aul re.!cmpl,on date. #t ihe optinn ,.f the hnl.ler cilher Ini at the Corporate Trust 


York City, or by a transfer to a United Stales dollar account mattSMibiki NewVok SC 
mtneT* 5 ^ ® be deUched a,,d P™«»lcd for parent the ujSl 

d *“ "• !n,er “' “™ u,Mn ° r in "i-" » r 

May 12. IKS COMMONWEALTH OF AUSTRALIA 

NOTICE 

The following Bonds previously caUed for redempiion have not as yet been presented for payment: 
30af «II «37 «30 9371 iSS £»§ Igg ^ Sjgg 23597 








9 



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Design Council 
Award 1978 


ill fares 
XU'u for 
>! ?;f veil 

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• \ K* *• «:i! Dft. 

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, . !iul »-hr 

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Design Council Citation 


££lhe Ford Fiesta was given a Design 
Council Award because the design 
embraced, as a matter of policy, a detailed 
and calculated attempt to reduce the 
maintenance and repair costs of die small 
family dap For thehrst time a design team 
has put cost of ownership and ease of 
maintenance high on its list of priorities 
instead of much lower as has so often been 
the case in the past two decades or more. 
This “ab initio” approach has set the pace 
amongst competitive manufacturers both 


in the UK and abroad. Indeed, evidence of 
the past year has indicated that odier 
manufacturers are following the example. 
Furthermore, the judging panel could not 
find any characteristics of the complete 
“package” which did not meet the overall 
criteria necessary for a Design Council 
Award. Thejudges considered the design 
philosophy of the Ford Fiesta to be a 
significant and praiseworthy contribution 
towards the requirements of contemporary 
car manufacture and ownership. 


i i • » 

: . vi 


Judge for yourself-test drive the Ford Fiesta today 


-'-1 


Lubricated for life suspension 


One-piece wiring loom reduces the 
number of connections to a minimum 


Rearbrake lining wear check 
without removing wheels 


Maintenance free, 
rear wheel bearings 


See-through battery, brake* fluid 
and windscreen wash reservoirs 



No oil orfilter changes required 
between service intervals 


ee-through 

radiator expansion tank 


All engine parts designed for 
quick and easy servicing 


Simple headlight adjustment 


Lubricated for life steering system 


Lubricated for life ball joints 

Front disc brake wear check 
without removing wheels 


One-piece exhaust system- 
replaced by undoing just two bolts 


in passenger compartment 

Fully automatic clutch adjustment 


Maintenance free 
front wheel bearings 


u iri 


, !>■ 

v 


' \ ' 


FORD FIESTA 


/ bvd 




\ - 


Tar.-. ri-A-.'E- - 




-*v 


\ 


? / ■ 






Financial Times 'Friday May 12 1978 








Twenty divers join |Offshore 


says 


on wages 


Eleni wreck team 


BY PAUL TAYLOR, INDUSTRIAL STAFF 


by iohn Piurvrr ihinusTRIAL EDITOR THE SPECIALIST diving su?- day’s noon tide. However work ! J 

BY JOHN ELLIOTT, iNDUSTRiA EDITOR p 0rl vg5Se | g tar Pegasus and a was delayed by tiw difficulty of; 

*" team of 20 divers joined the fixing a shackle to the hull over | -i 

'"PLANS for Parliament to set up However, the discussion paper Such a body could rapidly attempt to shift the wreck c»r the fuel tanks and by the fact that, ] 

a new select committee on iho says lim e more about the next develop into Parliament's most Greek tanker Eleni V yesterday the wreck had settled deeper |J 

economy whose primary job stage of. pay policy. Us main important select committee. It and prevent further pollution of into the sandbank on which it 

would.be tn prepare an annual hope is that moves, will be would be made up of MPa - like the English coastline. rested. 

report on what the country can started soon to set up the new the other existing committees. The Star Pegasus, owned by The ofiiciai.- are talking in 

afford in wage rises have been select commiUoe— or some other although some industrialists be. Star Offshore Services, was hired terms nf beginning the low lo a 

prepared by the Confederation similar body linked to Parlia- liew that Minister!, should sit I on short contract by the. Depart- deepwater buoy Further from thtv 

of British Industry. raent— -so that it will !>e ready on it as well. In addition, its ment of Trade to’ Kelp fix a coast within the next few days.; 

The idea, which bears some to influence tbe 1979-SO pay appeal could be widened by a second line lo ihe forward sec- From there, it is Hoped to towj 

resemblance to proposals homy round. small number of Privy Coun- lion of the Eleni V. which is the wreck, and the 2.000 tons of, 

developed by the Conservative _ cillors being included. still anchored in position three heavy fuel oil still believed to be; 

.'Party, will be debated by Indus- Disliked The committee would receive miles from Lowestoft. aboard, into' the Atlantic where it, 

tnaiists at the confederation's The . . , . economic and other evidence Star Pegasus has a four-point will be sunk. 


‘telescope’ inflation will 

platform f a |j sharply 
planned BY DAYID CHURC hill 


UI lilt: £<ACUCi(Ut:i> ilUU ii>» men thov nnt nnlv rlicliL-aW neirf mi i.Jiutri . nmiiiiis me mv|mi i- lwrei:*. .lUllie ui inn.; 

discussed with Con sen alive nuI ^.c u.., -'i-,. jw-. .i,..: 6 ldl ’ ment had hoped it might be pos- oil has reached a 40-mile stretch; 

tarty leaders. no i annrove anv svstrni which 11 wo,,,<1 Uien P rc par e its sible to complete the VI «rk on the of coastline between W Interton i 

The select committee, backed smacked of the ’• corporate annual report which it would upturned hull In time for jester- and Aldeburgh. ! 

np by a small secretariat in the state’ 1 with the Government, the present both to Parliament for 

same way that the Comptroller confederation and the TUC meet- debate and lo the Government. — 

ins t0 ***** what ,hc county’s whose Cabinet would take it SZ'vw 4311 

‘‘' c ® 0Iin *([ -Committei. economic and wages policy into account when framing *jV /, Till fill 

would prepare a half-yearly pro- should be. economic policy. wwfiJJI# T VkiCIV'l HJf M.M.M-M. 

gress report in addition to a For this reason, unlike recent 9 Commenting on Wednesdays i 

mam annua report. It would Conservative Party ideas, rile Green Paper on monopolies and, XS* B £* a 

f ,mp3 ” iaI "P° r, » on confederation is not proposing mergers. Sir John Mcthven said i CiTa rfTk'E* fX &<3T£Vh"' i S7 

sf at i sues m pay disputes. a new national forum along tbe that recommendations given by) C y ' 

« e need a consensus to be |itu*$ of Hie National Economic the Director of Fair Trading to I «/ J8 l 


developed to help get a public Di-velopvnent Council. Instead it the Government should probably 
debate going each year on ^wn at uants an organisation closely be published if the number of 


BY DAY|D CHURCHILL 

*t D«id Fishloek, Science Edita, ' MR. ROY IIATTERSLEY, Prices -Since f bol.e« the next pa, 

1 Secretary. yesterday forec.iit a round will be di.irjcteriaed hy 
; “ further -srociaatlar improve, responsible settlements. I believe 
- r *“■ ■> j mt . n t “ in the April retail price the inibtion successes of Uits 

& " : index when tt is announced at year will be earned on into 

fir •• * the end of next week'. . next *' 

§| Although he did nut give any Ho acknowledged that the 

Jffl JL : specific figures, his optimism is recent small rise in the whole- 

likely to mean up in full percen- salt* price index would have a 
i 1 ! tage point drnp in the inflation small adverse, impact nn retail 

rate. Last month the year .on prices, but said this would not 
1 yeaf figure was oniy'9.1 per cent., significantly affect Government 
; the lowest yearly rate since forecasts 
*' : August 1373.. . He warned that . people should 

— _ ^ = ^~~ ,| . ,\ sharp ' improvement is nut talk themselves into j pessi- 

*■^3 ghtg’q -s=. • expected -in any ca-w in next onstic outlook for the economy. 

TC-* J . . . week's index as' il will be com- The Government's mistake in the 

: — ^ . pared with April, 1977. when the past was lb " under-estimate ihe 

• inflation rate was 'comparatively speed and extent nf impruve- 
. high. . ■ men I.” 

l But Mr. Hatiertfey maintained. Mr. Hatiersley . aKo advised 

. at a lunch held by thu American against .demands for cuts in 
Chamber' of Commerce in public spending and attacked 
1 London, that the rate of inllation critics of the Price Cmnnu>siun 

r~ ; would slay in single figures who suggested it was harming 

I ; throughout tins year. industry's profitability.. 


BY BRUCE ANDREWS 


ran be afforded un wages.** Sir tied to Parliament, and com-iden mergers examined by ihe Mono- THERE IS no vessel in service Dover caoacitv of -»T nnn in The- 

rc ' :U,r “ n, «» >» POUw and Mcraer, OrnMa in the SonSsiXu^S^Si foi" L^c.^d'li cn , 

general, s.i id testerda.i. prwoably the besiidca. were to be radically increased. to handle an oihvel I blowout or £25m :| '' ' 

. The ronfederationa pulicv fire according to “ Boots " The vard most likclv to be 'V 1 

should** hai>ifen S irf’^ht* 'nexi'^n^v TTTJ I 1*1 , ' Hansen, a Texan veteran specia- awarded the order is thought in I 

fS U nd 3 ?<he e „d »uh,«™niA-. Rank Xerox decides not ‘ "■ we " s - J u " ! ih niIi ‘M r; d io , ! '' !S ™" h '' , "’ siow ' •« woenious w » «v «r 

It warns that anv nav iiolicv /AVIVA UVL-*UVky UA/Q. Mr. Hansen attained worldwide on the ».lyde. but at this stage building- an offshore oil plal- 

shoutd be as flexible a« ’possible a. TL. fame just over a jear ago when, Ihere remains a possibility that form -in the form of » floating 

lo heln widen pay differential-;. TO IlllV 00110011 011 100 as .a mertiber of the Red Adair the building will be outside ! telescope 1 ’ (Illustrated above) 

the Government should also ^ w *7 **'*** vliat-L/ oo. he led the team which fought Britain. which can be extended u> 

abandon Its current practice of . the blow-out on the Bravo on the “The barge we have been put- reach the seabed was unveiled 

over the Government applying BANK XEROX hus pulled out of lions over the past few years. tkoflsk field in Norway’s sector ting together u-iil be the first to by Taylor Woodrow Cunsiruc- 

pay sanctions in rerenr weeks— buying the. £!7m. Berkshire Rank Xerox has been negotiat- °‘ { he North Sea. be able to handle enough people lion in Houston yesterday, 

aoart from the row over the bounty Council offices near Read- Ing for the offices over the past He later left Red Adair and enough water," said „ has bepn aiinolMlct . d at a 

General Electric Company’s '"3 which are still under con- few monlbs and is believed tn formed his own corapanv. Bonts Han se n - The Bn tun Iim ft concreli: ulatforitu, 

investments grams for rw.t ^traction. hare recently submitted an and Coots, in partnership with Government has asked Uie North [yr dJco waicrb are no tonser 

factories — it is still determined The council pm the offices up application for an office develop- \ “ Coots ” Matthews, anol ]j er Sea oil companies to build vessels Duou i-r b«*cause the massive 

to do all it can to persuade for sale because they would have ment permit. The company said : Adair veteran. for emergency, not simply float- , lutlri M1 f ., r ij- vn 

M’tn^icr- not to continue the been too large for its needs, last night it had had a change] Boots ^ Coots bas been ing weidtng shops. Ours wUJ be ^ e C _ tU 5f lo ^ L< ! u 

sanctions into next winter. especially following staff reriuc- of mind over the proposed deal. ■ advising a UK. offshore marine S 

^u 0ffSD ^ e " ,anne Northern Uffshore describes The Arrolyrod platform 

l cijntrdctor. i^orthern Offshoro. an tht? vessel as an FSiV— n ^uni rn>M«Anirir 


■VN INGENIOUS new way uf 
building- an offshore oil plsif- 


..... i.ni.ddi ttUdiinu nvnuniuc --- — — — -• au wuoiivic vii jnni- r nAVin S*U 1 ID/~Lftl I 

fame just over a year ago when, Ihere remains a possibility that I form -in the form of » floating BT LA ’ r,u f*«uKv.niu- 


I as .a nsertiber o! tbe Red Adair the buildin 
Co. be led the team which fought Britain. 


will be outside! “telescope’' (illustrated above) 


the blow-out on the Bravo on the . “The barge we have been put- reach the seabed was unveiled 


Court told bakery 
had 44 convictions 


j which can be extended to ! A WEST COUNTRY bakery com- sought, the OFT said yesterday. 


Smjths . Bakeries (West- following 13 convictions fur 


RANK XEROX hus pulled out of lions over the past few years. Ekoflsk field in Norway's sector ting together will be the first to by Taylor Woodrow Construe- field) was yesterday ■ adjudged offences under the Food and 

buying the. £j?m. Berkshire Rank Xerox has been negotiat- °* the North Sea. be able to handle enough people lion in Houston yesterday. by the Restrictive Practices Drugs Act since September 1975 

County Council offices near Read- tng for the offices over the past He later left Red Adair and ff 1 * 1 s ^' irt enough water," said , t has b aiiniiuuct . l j a t a c wm in' have “persisted in a for selling food, mainly bread, 
ing which are still under con- few months and is believed to formed his own corapanv. Bonts ?? r ’ Hansen. ’’The British .j m H h»„ rune re u- ulaifurms course of conduct detrimental which contained foreign bodies. 

stTUction. hare recently submitted an and Coots, in partnership with Government has asked the North f,. r iiatfi-s n« tun-er an,J unfair Jo consumers.” The company also had 31 cunvic- 

The council pu» the offices up application for an office develop- J “ Coots ” Matthews, another , 3 0I ' C0D1 P ani es to nuild vessels _ / h maSN ? V( . The case was the first to be turns on duly 19. 197B. for 


■ 1 > * 


GSO 




safety aspects of the design of support and intervention vessel, 
what is described the world’s it wdli he able to carry a drilling 
must advanced offshore safety rig and enough chemical “ mud ’* 
and maintenance vessel. to drill a deviation well to relieve 

Northern Offshore is close to pressure un a well which was 
placing an order -for the vessel, “wild." 

a semi-submersible with 18,000 There will be four pumps cap* 
horse-power omni-directional able of delivering 60.000 U.S. 
thrusters and a total installed gallons of water a minute. 


simultaneous!), ifai-n assembled , , ... . 

Into the cum pressed telescope | Mr. Gordon Borne. Director .“n, cimipany and its dircc- 
in shallow waters, ready for {General of ■ Fair Trading, had f ? r \ "J 1 '- Austin i.harles bnuth. 
. . ... l .. ■ t j that thev wniiirl refrain from fli.-u 


legislation. 


accepted undertakings 





ITT home computer 
to cost about £900 


BY MAX WILKINSON 


rtMSO Ca 25n K -t 


C.'HcM.v: 




Taylor Woodrow Construction, 
Hilh participation by five U.5. 
mOllIcr °»l companies, the EEC Hydro- 

" carbons Project, and the 

offshore research programme 
Xvx/lf «f the Department of Energy- 

A scale-model 5 Feet high, 
I exhibited at the 10th Houston 
1 Offshore Technology Confer- 
The company expects sales ofrence drew immediate atlen- 


t owing to sea. * ! applied lo the court, for orders that they would refrain from that 

n u Hi*- maiur uruicct in a URdff the Act' because Smiths conduct. Breach of the under- 
it Is the major project in a „ , , d takings would ertnstitute a con- 

»-*"!■ research and develop- vol un t^v assurances as ' to their tempt- of court. 

ment programme undertaken vo'unurv assurances as to tneir . 

bv the offshore division of future conduct. t.osts were awarded In the 

These .assurance -had. -berm nireciw. Gem-ral of Fair Trading. 


PLANS TO market a home cam- The company expects sales of j • ence drew Immediate atteu- 
puter which plugs into an micro-computers for home use to tlon. said ihe construction 
ordinary television ^set were reach a total of LLSOin. by 1982, croup yesterday, 
announced yesterday by ITT. .when it believes 225.000 units Th _ Ari - hirud a nn< ^ 

Tu • will hr, enM in ,h a IT If Thw I . Ine . ATCOlprOO IS A OHC- 


Shops and hotels to 
tako Eurocheques 


BY MICHAEL BLANQEN 




The company also has plaas to v;, H he snfd in the L-.K. This j e£Ee< | niaifonn. which once „ ' 

market a video-tape recorder. >' e ar 100.000 units have already I blended is anchored Hexihlv EUROPEAN • VISITORS lo The Euvochetiuc scheme, is a 

which will record up to four been sold in the U.S.. the com-j l0 ba Di . d t . !h eab „j Britain will find it easier to buy joint operation which provides 

hours of continuous television P«ny estimates.. tiir«u»h » hull- taint anc i goods in the shops following a uniform <-heqiio forms amt 

programmes, and a high fidelity ' One of the main competitors; JJijS ■ “ new move by the British and guarantee cards, and the British 

system made in Japan. for the home computer market) J . Irish banks tn extend the use of banks hope that it will bo poss* 


The home computer, about the is Lammodore which is produc- - In <*•* ws ^ it has been the Eurocheque svstem here. ' ible to start the scheme later 
size of an electric typewriter, ing a unit which includes a key. designed tp ^giie with the T . . . . • this summer, 

was demonstrated in London board, television-type screen force of wind and sea, swaying “ ,u,v° n „i ; Hi'rsi -, i Bank customers from France, 

yesterday responding to com- and tape deck all in one unit for as innch as TO degrees from ”r™L _Ti, ,k 1 Germany,- the Netherlands. Bel- 

mands from the ordinary human about COO. I the vcriicil — ailiiuush a »«“««. Luxembourg, Switzerland 

voice. ’ ITT's new video-recorder isi typical North Sea storm should “f* 0 r!rlwhoV..?I in rn 01 atxd Finland will be able lo 

The ITT computer is based on made bv Crundia in Munich deflect it only about 3 degrees. . -T e r. Cj . n make use - of tin.* extended 


Judge for yourself if you need 
this book for your business 


CHALLENGE QUIZ 


company, which makes com- main competitors in Europe will! nlatlorm will sene in sea Rrlr^n VnH rraVJnrt ™ ba P kft have yet to work 

puters for borne use. It can be be Sony Belamax. the Mat- dentta FnS MO to L300 feeL^ d * 1 -ndl out ^tailed procedures before- 

linked to a cassette tape recorder sushi la Video Home System ' Retailors and hotels which wilt bringing the scheme into effect, 

for tbe storage of data or the under various different brand i , A typical I Resign of platform he able to take Eurocheques In particular, they want lo 

input of programmes. It is ex- names, and the Philips system! ■ a dep , °* 800 r . epr under guarantee to pay the bills arrange a clearing system for 
peered to cost about £900. itself. 5' ^' ou ‘d be a column tapering of the visitors. At present, the the resulting cheques, prefer- - 

Printers and other equipment The ITT machine will be sell- Il t,ra abont 1,0 ,n use of Eurocheques is technic- ably providing for a single 

will be available to plug Into ing at about £800 and vrill.be diameter at sea level to 34 feet ally limited to cashing a cheque -centre, to handle them all. and 

the machine. available in August. diameter at the foot, and con- at. a bank, though some retailers lo agree charges to be made to- 


a valla ble in August. 


Where can you find information 
on how ditto rent kinds of family 
* spend their money? 


2 Which publication carries quarterly 
sales figures and imporrs/esporrs 
* of tape recorders and record 
players? 


Sec ii.nv lung it cakes you to track . 
down the answers co these questions- 
tlic GUIDE TO OFFICIAL STATISTICS 

Sells you in a matter of moments —with 
full publication lilies and publishing 
addresses. 

inv. \%«u ■•v -r : I'.ouglu hfl'v mn.-b 
»nn: ■ ••i; an- 1 'our .i.di Iom-ui rn iuqtu ri.nL- 
■ n ill. si. in. ru von li<vd?Oivr flic » u. 
ii-iiir .•n-l !i.>iir--oii i I k- telephone. V.i -rod nmc 
il:.n .-.-i.'i-u mi.'Ika. fiiiie sou would pteler 

(-•-['■-ii.i.-n ) IniM raring pm aiit». 

I’Ik - u, i\ vditu-u »,( tin: UuiJv* r y iJM'u.iaI 
y,.in- lies w ilKlnmo-r <>t ili.il work f"i voii. 

Tlw i' i il. revised and coinpleiclv upiiarcd 
k--ir:i-ii of ili.- in qv trial!! hunk first puhlislicd 
:n I'Tn-j itimk dial wassu iihkIi in Ji iii.nii! 
ii ir.i.i iithc repnmeJ wuhm months, i he hr-t 
e*i»i\*n was vvitleh .icdaimeil. 

” Hi,", .i-i r.-l.Ti-i.. , f-rc-iiym I! 
il ■ n/r; | i:-- (iiurJijn 

" 1 1 'y i : . Birmingham Pint 

And iiowili.- ii. -w | '*78 eJiriuii is .iv.iil.il-I.. 
lulls r, •, hed lo r.tl.f ,u v» timt . it .ill tin clung-. * 

and :i,-w ds 1 * l.-j-iiii-iir-. m 1.4111*1.11 »t.itisiii's. 

I iieui.ii- n.-l b-rrlu- (tuijt- is held i-n 

,-**:rij-:i{. : ..ml It.is it.-.-u iipil.Ui'il ft .iv 

si:ii »- hr-: . diti.m u.i- ptiMi'lusl. I in . ];.<■ 
|i-.vn .Sitin' ii-Ing ,i ueiv. v*rk v »t vVUt.i.'-i 
rlitoii'ilivu: s’siiir.il c«iw-'unicnr..i:-.J ••l«cv. here. 


3 Where can yon get the latest 

popuiaxion Ggurcs for a town or 
* county? . 

4 I5 there anything in print on 

financial institutions* ownership of 
* listed company shares? 

■ M. er.« b. /.i’c- 


lOft- Thousands eil vpuatc amend) iicius and 
jJditioiii. 

It’s ihe must exr.'iM'.v vt-iumc of h-. 
kind v". er yn/dits .vl in Mm. tin. I:i « . 4 r 'i.i pigc' 
vi.-u I! find near)' Sii’ti'-n—. cure ring almost 
even- roibica o} iurio::.i! inrer^'t. For cadi 
i.ti’ie it wll> v- -u v.1: a I'.vrinnciU sources arc 
.i\ .til.ii'l.' .mi -a h* Tw to nnd tlicin. I: also leads 
von r.< inijviitam iiiMitici.il sources. And it 
covers ou.iM.’nj! r-.'^i -.ts and articles as well as 
.statistics Thai jrc purl;. bed rrguWlv. 

Air-.-" 'tlier 7."-' 11 ' M surcesare identified - 
t\ s>. ii pi:l.«licj.iMst d.'MiUiu auicKtl bibliography. 
To n: ik.- 1 * .M-iiT !i:id vour way around, 
tlu re'. .»n ilplulvric it index ol'.'jXHJ keywords. 

riu.tilv i tc .ire phone numbers and 

isUir.'sv’, t.i! 1 cmiMcr points in government 
w lul liuy s ->:i t.s I'.jUli’.v up particular inquiries. 

Cm you .it ford nor ro have this book? 
lii'mpl. r..- tin- ri.Hipi '11 juJ >c::d fervours now. 

A '.v* -rd n* iYiu;i«‘n:\im' 11 fmd clwt your 
fitpv ionu becomes t'le " nvKtK'rrowoJ” 

:u tiu ottrcc. A g'.-ud r.-.i>o!i t>.i order 
several e-apu- • lor ymir eoil.'.iuue-! 


a;*?-.- ;-ia< e- a;:::" , e r ---'.v ► 

■ : ;a- j t.r;r.^ . ; - : s;i. !u ■; 

.; i\,l u .->ri\ ,'q - 

'•-‘-'""'---'■j i 



cso pMrirfrV 



-c* p.ca>evnu< .-.-.■•pii.' ■■:!« - • fj ' .ee..a<icditi«;.;fl. 

I 'ruv £ * Sfip pL p mi'R . A \ Id ri -• rel; : .;c i :o»«- tv place a sending order tv 
r.'tcit c Iwsur.- .-Jitsei:-. .lUMir...:-. 


ri-silvti' i K":ic:<.i.r<*I e 

OR r. nv 1 1 .*t V-t.. 1 .! . * ■“ - 


•'.-VuT r:; t'Srr'T^Scir.ai; 


‘ S:.t;ieacrv O:: :e:.\ 


.{Wfh'A, 



j L ^^^tactsstraight fron^thc G overnment Statistical Service- Sj 


Brewers believe they can 
cut fuel bill by 10% 

BY OUR INDUSTRIAL STAFF 

THE BREWING industry believes made over the next four years 
it can cut its £4’dm. annual energy ranging from 2 XK 4 cent, in 33 per 
bill by more lhan 10 per cent. — • cent. The weighted average was 
or £4.25m. — the Department of 10.4 per cent 

is one of th The remaining companies sa.d 
Ihe first tn set such' a target and $ e ?' ^ 

ihe Department hopes olhbrs wiU ? and ,® r b « in S considered bul 
follow this example. not Quantify thr likely 

The target has been set as a reduction, 
result of a questionnaire from Most of the savings will arise 
the Brewers Society lo member from "good housekeeping"! 
companies. Replies from com- measures — better insulation, 1 
parties responsibly for 64 per wasting Jess hot water and so on 
cent, of beer production showed — and investment in more eflici- 
esii mates of energy savings lo be ent plant. 


£12,500 for diamond 
ring at Sothebys 

YESTERDAY wa<s another quint A sale of English Furniture 
day in the London salerooms At and objects of art at Christies’ 
Sothebys a jewels sale totalled totalled £42,440. Fernandez- and. 
£140.941 with a best price of Marche, the London dealers. 
£12.500 for a diamond weighing paid £3.400 for U satiimood and 
S.41 carats, in a ring. Another marquetry cylinder bureau uf 
diamond ring sold for £S.S0n. the laic 19lh century and 
A pewetpr sale ul Solheb>‘s and squirt enough water. ".said 
made £26.767. Mundy gave ing welding shops. Ours will be 
£1.100 for a large Stuart chareer Phillips £2.300 for a George IU 
by John Donne of London and satinwood semi-eliprica! com- 
Hcmusoa gave CS20 for a pair of mode.. An anonymous bidder 
Gcrnian pricket candlesticks of gave £1.700 for a satinwood and 
the early 18th century. At „ 

Belgravia silver totalled £M,347 

with Koopman eivln? £3.5(10 for — ■■ 

a large Alexander Macrae six SaL.E.ROOl¥l 

light “fine arts" centrepiece of 

i ? 61 - , ft A Robert Haraer BY ANTONY THORNCROFT 

piece tea nnn eonee set ut lSoU 

realised £1.550. In the paintings — 

auction ar Henrv Spencer of 

Relford which totalled £IS.7Sfi. marqueiry Carlton House desk, 
a foxhunting scene bv George The carpet sale at Christies 
Wright did well 3t £2.0dn. added £159,350 and the wine 
Bonhams held an auction of 

Eurripean paintings which In a Phillips i&lc of art 
totalled £120.940 with ft per cent, nouveau and dpco, which 
unsold. Tho Gnnshall Galleries realised £39.635. Forest paid 
acquired “A Game of Billiard*” £2,000 for a Chi pares bronze and 
by Jean Carious for £3.500 and ivory figure of n dancing girl, 
a harbour scene by William At Phitlips. West 2. a Isnsen- 
Y.'ehh of 1S92 fetched £2.800. “A dorFer boudoir grand piano 
Toast" hv Laslett Pott made which belonged lo ihe late 
£2.400 and a study or the race- Richard Adduixell. the comnnsrr 
hor<e “Come Rny” far exceeded of the “Warsaw Cmcm-to ' was 
iU Catiniate at £2,000. sold for £1,550 tu Read, a dealer. 


laining abuut 70,000 tonnes of have, beep prepared to accept retailers 
concrete. them'. . ■ business. 


handling- 



Trekking is for weekends. 


Finish with the long trek to 
the office and leave commuting to 
others. Re-locate in Newport, the 
friendly and established town with 
excellent communications, line 
leisure facilities and attractively 
priced homes. 

With direct motorway links 
to London, Birmingham and the 
North. Newport commands a work 
force of welt over a million within a 
20 mile radius and is a natural 



where business has room to boom 



choice for industrial expansion. 

Add to these benefits the 
wide range of available sites and a 
really helpful council and ft 
becomes easy to understand 
why so many leading companies 
h'ave re-located there. 

So take a ride to Newport and. 
find out more. Contact the Chief 
Executive. Civic Centre. Newport, 
Gwent. Tef. 0633 65491. 


, NEWPORT 






l^£> 



11 



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Financial Times Friday May 12 1978 



HOME NEWS 


can 

lighten cars— 
and fuel cost’ 


BY ROY HOPSON 


Sea-air 
link 
to oil 
platforms 


GRENSIDE COMMITTEE RECOMMENDS MAJOR CHANGES IN DISCIPLINARY PROCEDURES 

Towards a charter for accountants 


FINANCIAL TIMES REPORTER 


Current mid Prototype Parts Manufactured in Hypress Steal 



Potential Applications Saftabte for Fabrication in Hypress Steel 


' EXTENSIVE CHANGES in the The liability of members to dis- complaint The secretariat may scheme. Into the professional give proof of the same in any 

disciplinary and investigatory cipJinary action is ai present refer the matter to a “profes- conduct, efficiency and com- (proceedings brought before a 

By Paul Taylor, Industrial Staff procedures of the three main largely confined to cases of pro- sional standards'* or equivalent petence both of individual mem- disciplinary committee. 

PASSENGER femes could 1 accountancy bodies — the fes&icmal misconduct. We accept committee Tor consideration and bers i whatever their occupation We recognise that the absence 
replace* aircraft and helicootere institutes of Chartered and Cert i- the view of the Cross report that guidance. may be) and of practising firms of power to compel evidence 

as the main method for trans.!^ Accountants— are proposed ihe term *’ nuscnnduct M normally (b) Thereafter, if the complaint {including particular offices from persons who are not 
porting Denote to comp ■\iwfh 1 in an important report published covers cases where a member lias has not been resolved secret ar- thereof i: for adraaniiion. members of one of the three 

Sea oilfields it an experiment ! to-day. The recommendations of behaved badly. Thus inefficiency ially and the status of the com- reprimand or censure by that bodies may frustrate full investi- 
1 bein^ run bv Shell « sucressrul ! i he committee, which was or incompetence, to fall within plaint Is not self-evident, the committee of inquiry, m appro- gallon. We believe, however. 
Shell Transportation ..'h chaired by Mr. John *Crenside, the scope of the term *' iniscon- complaint should be referred to priate cases, of practising firms that powers of subpoena would 
Production has started a month's j senior partner of Peat Marwick duct.'* must be so gross and in- an Investigation committee for for particular offices thereof) not he given to a non -statutory 
trial usine the 5 onnr*n»f Schell, have already been excusable that it can be categor- determination as to whether it and recovery, again in appro- body snd are advised that re- 

Dasseneerferrv Sien-I rprmsniM ’accepted by the bodies concerned ised as bad behaviour. should be dealt with under the priate cases, of the costs in whole course to the Arbitration Art 

to move camoanv staffi Sreeti and cou,d be ta force by ,he Recognising that care must be "public C3se” procedure or or in part of the inquiry and the 1950 (as suggested in the Cross 
from Aberdeen In the Wren, nil !en ^ of next y ear - taken to avoid demanding, under under the “domestic case" pro- hearing; for the preferment -'f report as a possibility which 

field complex north eavi of ' Among the main features of threat of penalty, such high cedure. a complaint by That committee of should be crammed) could pro- 

Shetland The Stena Germaniea 1 ,be P ro P osals - wh,ch are wholly standards as could militate (c) To allay any possibility of inquiry, in appropriate cases, to duce more problems than it 
Bmf u“ : based- on the notion of self- aH ainst the reasonable exercise of nublic concem ihat eomnlaints the disciplinary committee of a would solve. In consequence. 

the 
we 
om- 
of 

on a joint basis 10 cover all" cases should be extended to cover in- of the public ihat a particular Tor appeal procedures to he cases. 

where inefficiency nr incnmpe- efficiency and incompetence in case has noi been dealt with available both to firms and A« we have already indicated? 

tence by accountants affects the the performance of professorial appropriately and to renort members fa) The investigation committee 

public interest. work, the duties of employment annually to the council con- For the financing of th? we propose would have the addi- 

Disciplinary action to bp taken or tire conduct of practice to such cerned. scheme by contribution* from linnal duty of directing whether 



platform. The use of a helicopter 
! overcomes the problem of moor- 
ling the vessel to the platform. 
! At present almost all the 
t staff needed on the five Brent 


field platforms are moved by against account trip fiims for the an extent or on such a number _of Where 
1 aircraft ferrying crews from !firet time, with the possibility occasions as to cause concern for eircumsti 


a complaint ari*e« in the three bodies based upon their a particular raw? should be pro- 
circumstances which have tnr respective total memberships and grossed under the " public case 

*■ domestic 


It would need to have regard 


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Aberdeen to Snmburgb. and then , of unlimited fines ’ " its effect on the standing of the may) give rise to public concern, additional levies on praci ising procedure nr the 

a helicopter shuttle service for;# A levy on all" accountants to Profession- _ .' ** concur with the proposals in members related to the sue ri ca-*c procedun?; 

up to 24 people at a time out cover the costs of the joint As far as practJ cable, members the Cross report on the need for: their firms as measured by the . 

to the field. However, the scheme °f ei *cii °f our fo re * bodies fai Some form of joint *.:i- number of partners with power to the views of a lay observer 

system suffers from two prob- ; • Lav representation at all levels shouI d be subject to the same vestigatory and disciplinary for the council to increase the who would consider any com- 

lieras. Firstly Sumburgh in the - In [he disciplinary machinery form of jurisdiction for the main- tribunals with appropriate appeal levy by up to a factor of two plaint froni an aggrieved rnemner 

; Shetlands is the m*in tranship- • Stricter control over the issue teoa°ce of standards of profes- procedures and lay represents- before reference back to the Of the public. 

{rnent airport for the whole of the of practising certificates. sional... conduct, efficiency and lion on both: memberships for further With the objective of reducing 

: Shetland basin and is often sub- !• The establishment by each competence and to similar inves- {hi Jurisdiction to hr «x- approval as necessary: the incidence uf unsatisfactory 

iject to congestion. Secondly bad body of a practice advisorv ser- tisatoiy auS disciplinary proce- creisable over firms in public Recovery tn whole or in part professional work. «ie strongly 
1 weather, particularly in the ‘vice from which accountants in du res and penalties. practice; of casts, in appropriate cases, recommend that: U) F.aclt of the 

a ravci? nr ciaai. « .. , J . - . . | winter, can cause considerable trouble could seek help and The organisan on and procedure (c) The availability of finance from firms or members: imposi- bodies should develop some form 

a i\c#w xvA^viCa of steels con- easily formed by car body fljeht delays. 'guidance. which we recommend each body for the consequential additional tion nf fines on mem hers, in of "practice advisory service 

taming titanium, being made presses, and be jnore resistant! Tests using the ferrv a yi Belli The Grenside committee was to adopt for initial progressing of costs not to bo dependent, so far appropriate cases. hy ihe for members in public practice 

experlmen tally by the British to the flexing fatigue helicopter have begun and ! established to consider the report a complaint are as follows: as may be practicable to avoiJ disciplinary committees of their on a largely seir-flnancing hasisr 

Steel Corporation, will mean vehicles undergo oh roads.. Ueveral full-scale runs out to ilieiof the earlier Cross committee. fa) Initial consideration of all it, on the periodic vote of the bodies: fnr power to he taken fh» Stricter control should he 
stronger cars which are lighter. Titanium is an expensive but; fronl Aberdeen are likely whose conclusions largely dis- complaints regarding profes- memberships. Th*> essential in a new bve-I.iw/rule for find- exercised over practising certi- 

lo be made this month. ' appointed both the Government sional conduct and competence features of this scheme provide: ings nf professional misconduct. Scales; (c) Continuing profes- 

If the trials are a success the : and leaders of the profession. is. and should rontinup to be. for investigation by a committee inefficiency or incompetence by sional education (CPE) should he 

Stena Germanics is expected to I The following is an abridged by the secretariaf of the body of inquiry, appointed by (he committees of inquiry' established developed wifh all possthlo 

be based in Aberdeen. ’ version of the new report: whose member is the subject of executive committee of in** under the si-hetnr to he cnnclu- urgency 


with consequent fuel savings, strong metal which is also light 
Ford of America says that almost and rust - proof. The resulting 
1 cwt may be slashed from the mix discovered in British -Steel 
weietat of an average Detroit research laboratories is pr-odue- 
model. ing bigher-strengtb steels for 

British Steel expects -the latest bulk use than has been possible 
version of its range of Hypress before. The new Hypress has 
steels to have a big impact .on twice the strength of earlier 
caT and truck design. A direct versions, 
commercial benefit from the new The new steels are heing 
product Is likely to be ah specially produced in cold rolled 
increase hi the corporation’s and annealed form at Bother- 
exnorts to the U.S. which are bam. Joint woTk Is going on 
running at 750.000 tonnes a year, with -car companies 'to assess 
Hypress is the trade name for performance for body panels and 
a group of steels with high bonnet and boot lids, 
strength and low alloy content Hypress research and develop- 
which British Steel has been ment is being geared towards 
developing for. more than 10 securing new steel sales quickly 
years, mainly for . the motor with world truck and car makers 
industry. The corporation's British Steel research is being 
research and development largely directed towards improv- 
denartment has been trying ing product quality and assisting 
additives so that mild steel can customers rather than increasing 
he more easily welded, more the output of major steelworks. 


British Airways 






BY MICHAEL DONNE. AEROSPACE CORRESPONDENT 


BRITISH AIRWAYS and the 
independent British Midland 
Airways are proposing a “route 
swap," whereby BA will quit 
Liverpool Airport, where Its 
flights- are' losing £800,000 a 
year, and take in return three 
new international flights from 
Birmingham. 

The plan, outlined yesterday 
by Mr. Gerry Diaper, BA’s direc- 
tor of commercial operations, is 
subject to the approval 1 of the 
Civil Aviation Authority. 

It is the first major voluntary 
route swap between the .State 
airline and an ' independent, 
although there was an enforced 
exchange of routes between BA 
and British Caledonian some 
time' ago when the Government 
introduced -its international 
“ spheres of influence " policy 
for civil aviation. 

The routes that BA now plans 
to pass over to BMA aye those 
linking Liverpool with Glasgow. 
London. Belfast, Dublin, Isle of 
Man, Jersey and Guernsey, and! 


between tile isle of Man and 
Belfast. ... 

In return, BMA would pass to 
BA . the. international routes 
between Birmingham and Brus- 
sels. Frankfurt and Cophen- 
haeen. 

Explaining rtie exchange, Mr. 
Draper said that for many 
months, BA bed been under con- 
siderable pressure to expand its 
services at Liverpool, where the 
airport committee had said that 
it would seek to have BA's 
licences revoked If it did not try 
to match the plans of BMA. 

“However, the problem goes 
deeper than that. The airline is 
fighting off fierce competition. 
Many airlines are scrambling for 
our business, and in this context, 
let's not forget what Freddie 
Laker Is doing. 

“With competition as it is. 
we cannot afford to continue to 
operate routes that are unprofit- 
able. and which will continue to 
lose money. Unfonwately. Liver- 
poo) faits into this category. 



Consolidated Tesults for the financial year -1977 took 
into account all the MOULINEX subsidiaries 
including MOULINEX INC. in the United States, 
which started its activities in the second half of the 
year 1977. 

Co m p a rison for the , main bendings 

Consolidated headings • _ „ 

(in Frs.) 

. * . -J976 • - 1977 % 

Total profits ............ .40.923,200 56,688,900 +13.55 

Turnover 1,529,673,000 1,691.589,000 . +10.59 

Trading profits 188,950,700 193,233.600 + 2.27 

Total balance-sheet .../ 457,419,9417 521,659.679 +14.04 

From the results of the 1 Mother Company, the 
following main corrections have been made to reach 
the consolidated results: ' 

Results of the Mother Company * 70.323,600 

after deduction of . . 

—the recovery • of .the 1972- 

provision for investment — 7,453j200 ■ 

—the rectification of the com- 
plementary participation for 
the year 1976 (1) — — 180L600 . , ' 

Results of the activities of the 

and after taking into account the- following elements 
concerning the subsidiaries: ■ ’ 

—dividends received in 1977 — —6,972,000 

—profits +2,962,500 

—losses : -6,043.400 

— miscellaneous corrections (2) +8,773,000 

Total consolidated results 56,688.900 

—Group's net results 56,665,200 

—Minority- shareholdings net .. 

results — — 28 ' 700 

(1) An official agreement only received in July 1977 
W obliged the company to modify the meth^of 

its calculation of the. complementary 

lion given to the staff- on the year 1970 profits, 

(21 The importance in value of this heading is due 

(2) mainlyfS the optional « 

the Group’s subsidiaries have benefited from- 


Natural gas 

soon to link two continents 





SNAM is about to build a 2,500 
kilometres intercontinental gasline, from 
Africa to Europe through the Mediterranean Sea. 

This highly technological work 
represents an important step in the energy 
transportation Held and a new main-line in 
the European .gasline network. 

• The SNAM contract with Sonatrach 
(Algeria) will ensure an annual importation 
to Italy of 12 billion cubic metres of natural : 
gas from Algeria, for a period of 25 years. 

The gasJine will cross. Algeria, Tunisia* 
the Sicily Channel, Sicily, the Straits of 
Messina and continental Italy up to Minerhio. 
(Bologna). . 


A first gasline has been laid down 
through file Straits of Messina while deep 
water laying trials in the Sicily Channel have 
■ already been successiiilly concluded. 

This, project implies a large financial 
and' technical effort and requires more laying, 
of long underwater stretches. 

The achievement of this project will 
actuate a strong economical exchange with 
Algeria, with consequent advantages for 
both Countries, 

SNAM has already linked Italy to Holland 
and the USSR with two gaslines, and imports 
LNG from Libya. 

SNAM Is one of the companies of the 


ENI Group, the Italian public holding 
operating in the following fields: hydrocarbons, 
chemicals, nuclear energy, engineering, 
services and manufacturing. 

SNAM is presently working with other 
European natural gas companies to ensure 
new precious and clean energy to towns 
and industries. 



An ENI Group Company 


V. 


:tt 





Financial Times Friday May 12 1978 


I.ABOI R NEWS 


Chappie warns 
on need to 

amalgamate 

BY NICK GARNETT. LABOUR STAFF 

MR. FRANK CHAPPLE. general abolish their district committees; ! 
secretary of the 450,00ft-sirong and that there is Still some dis-! 
electrical and Plumbing Trades agreement about the size of the. 
Union, which is in merger talks merger union's policy-making, 
with the Engineering Union, said conference, 
yesterday that the EPTU would Mr. Hugh Scanlon, the out- 
probably not survive unless it ?o!ng president of the AUEW 
amalgamated with a larger union, said last week that there wasn't,' 
A whole range of middle-sized "a eat in hell's chance ’’ of, 
unions like the electricians faced amalgamation unless thei 
the same fate — extinction in the engineers were ready to make 1 
face of an expanding Transport concessions on their system of • 
anti General Workers Union ejecting official*, 
which, he satd. had become far Mr. Chappie said yesterday 
too dominant within the TUC. however that although he was! 

The only way the 2ni.-strong not especially confident of a I 
transport workers could be pro- merger, some difficulties, indud-l 

vented from consuming these ins election or non-election of! 
unions, said Mr. Chappie, was the officers were mil particularly ; 
formation of a new power! ui important. 

trade union block. The bulk of the Right and > 

The electricians has had three Left in the engineers almost : 
meetings with leaders of the certainly favour amalgamation- 
Amalgamated Union of Engineer- with the electricians hut the; 

ing Workers" engineering section Left ts taking a harder line on 1 
over the past year: to-day the the terms, 
section's 




Joint bid 
to revive 
U.K. steel 

By Pauline Clark, Labour Staff 


Buy British aircraft 
call by engineers 

BY ALAN PIKE. LABOUR CORRESPONDENT 

Urn HUGH SCANLON vesterday "The options f or our Industry 
,MR. HUGH j. hjs ri .j n cu seem very wide open hut 

Ulll IU ‘•"'f nkMI J AUAI. k. 


r. Wl.-. Hi 


Leyland starts 
parity money 
payments 


BY PHILIP BASSETT, LABOUR STAFF 


engineering section's executive 
will meet in Worthing to review 
the terms. 

Mr. Chappie said he would du 
all he could to foster such an 
arrangement w hich, providing the 
terms were suitable, wnuld be of 
sreat benefit to the members hip 
of both unions. 

He is expected to speak on ABOUT 80.000 Leyland 
amalgamation in his address to workers will receive payments e^n^Sn^SiVhSh’thev 
the union's engineering delegates 0 f between £39 and £130 early casn regime w men tne% 

in Scarborough tn-day. 

Mr. Chappie disclosed that the 
EPTU has had tentative merger 
talk* not only with the Union the same 
nf Construction. Allied Trades location, 
and Technician*. and the 
Boilermakers, hut also the Sheet 


mittee of senior representatives 
from both sides in an attempt to 
gel closer co-operation on efforts 
to revive the loss-making indus- 
try. 

The joint planning sub- 
committee will have its first 
meeting on May ‘22 and is des- 
cribed as having wide terms of 
reference not only associated 
with closure plans. 

Members on the management 
side will include Mr. Bob 
Scholey chief executive or 
British Steel and Dr. David 
Grieves, managing director per- 
sonnel, while the five major trade 
unions in the industry will be 
represented headed by Mr. Bill 
Sirs, general secretary, of the 
Iron and Steel Trades Confedera- 
tion. 

Tbe committee will also be 
joined by managing directors of 
BSC divisions whenever. Its. 
function is to discuss the affairs 
of a particular area. 

The plan was agreed at a 
• meeting between British Steel 
! and the TUC steel industry com- 
; mittee at tbe corporation's head- 
ceiling on the amount of were "verv modest and not revo* i quarters where plans Tor 1 

nMV a V9 llahla f nr rho carrinn Intinn.n." tin fk.t- u-ntilrl I .. « -■ . — I 


UNION leaders and tbe British ■ union’s options open no option should ever be eon- 

Steel Corporation agreed- y ester- future of the British air- side red which relegates British 
day to set up a special com- i™;. Aerospace to the role of a 
miftnn n p •»:«. — i oral ■■ \»wni«!i mated jobbing contractor. 

„*** e 'V i! ’ l i tEttiSEm Mr. Gill. Who is chairman of 
™nf«enL E B ^n 5 worthing the Confederation of Shlpbullj. 

i-fimnuslv disregarded their and Engineering Unions aero. 
iSSKfi * WaSapted a .pM comminem believed that 
KSlutinn insisting that British Rolls-Royce could compete Ut 
Srosoace should get the order engine sales throughout the 
roninpinc British Airways world without glvmg tu to U.S, 

pressure on British Aerospace. 


' . .V4ilci> MHiroort 

Bilston steel workers demonstrate outside British Steel headquarters in London yesterday as 
union leaders and BSC management discuss a closure threat. ‘ 


for replacing 

Trident Ones and ' the * Tl,e three nationalised cor- 

ntefviwSed aerospace indus- poral ions— British Aerospace, 

Sr bl bJ ! ?'ve" n ld ,S? ™ in British. AJtsyr. and RotojffiS 
rnntracts —had instead of collaborating tn 

jms s use 

R?r P Onfr Eleven from British Airways, production 

In a speech which seemed to would stop and technology would 
favour longer term British Aero- be lost. 

space co-operation with Boeinq British Aerospace |heGov- 
rather than Europe, he had asked ernntent are being lobbied In- 
fer resolutions .on the aircraft U.S. and European interests to 

industry to be remitted to the become involved in the develop, 

executive to avoid a premature meni of the next generation of 

decision. This was not accepted passenyer jets. 

by the conference. The National Enterprise Board. 

Delegates made their decision of which Mr. Scanloa is a 
after Mr Ken Gill, general member, feels that co-operation 

secretary of TASS, the AUEW’* with Boeing on its 757 project— 

CIVIL SERVICE unions have a ceiling on the amount of were "verv modest and not revo- i quarters where’ ' "plans “"for* white-collar staff section, had with its potential for Rolls-Royce 

been offered a first step towards money available for the service, lutionery.” He said they would 1 closures at Bilston and Shelton. (taken a different line to Mr. engine sales— would produce tbe 

industrial democracy. However, and can cut across recommenda- go far in improving industrial ! steel works in the West Mid - Scanlon. most jobs Tor Britain- 

they seem set to reject the pro- lions of the Pay Research Unit, relations in the service. i land-? were on the a-enda I Mr Gill said that the issue Later yesterday the AUEW 

pn<al because ir does not go far which determines Civil Service He warned, however, that if| Management repealed -itJmust be decided not only on con ferece urged the executive to 

enough to meet their demand pay by comparison with private no action was taken by the 1(Je sj re f 0 Me the Bilston works (the basis of jobs now. but jobs affiliate the union to the 

for consultation, particularly on industry. Gave re merit on the staff side pro- 1 closed but union leaders pledged (for the future. Britain was not Campaign Against a Criminal 

They also want more scope for pasals then at its conference next I - f U ]j support" for the workers ’only a substantial aircraft Trespass Law. which is fighting 

- * *- *-- * d I customer but also the most sub- for changes in Part II of the 

workers stantiai competitor to the U.S. Criminal Law AcL 
at the l in a shrinking field. The Act came into force m 


Civil Service unions likely 
to reject participation offer 


.if between £39 and ‘‘130 earl* They also want mure scope for P««is men a i ns coherence - f|i] support - f or the Vi 

M h h nr<r euue ^ a ugbt control over their arbllration in areas wht?re lt >w the union would he likely to jo K° are threatened 

fhc move rtwarti pariSof ! ^ does not yet apply. Problems of call for an end to the Vb.tley About 400 Bilston w 

earnings— the came v- 3 "e*for. Th e Civil Service Department pay. hours and leave can be system as the mainstay of Civil representing the 2.400 ; 
jh- same ioh' re-ard'ess of has ,old the National Staff side of taken to arbitration but staffing Se ™ IC * industrial relations. high grade carbon Steel j 

111. JUU. irc.jiu.caa ui .. /<> ....... u . _ At tha nninn's />nnf«»renf»P in ...r=i . . -L 


that it is readj 
in” party in answer 


Negotiations are continuing :o ___ w ^ 

Metal "workens'" 1 The "response dra "' u . p , M fi v e-»irade pav *imc- • proposal's, tabled IS months ago. not. 

nr the l.4m. member . HEW had ° r for increased union partic/pa- , 

procedure which would bridge ?* aT \ 

the 233 between admlnUiraiiSp followed by 3 l 


not heen very positive. he said. P"*'F h >' November next year. ,i on . r "'“ r - pr^du re “which" would^bridS * X *f" on * ** - v « r * *" Xch 

Proposals for ihc bin mer-er The unofficial connnMiee claim- Union leaders, however, want the gap between administrative thl 

are fraught with iPPicnlllo. 'ng io represent 4.000 Leyland < 0 me indication of the Govern- action, the management imple- fusion ennrerence tc decide toe 

Th»‘«e are that the encini'cring i<io!jnaker? still is pressing for ment response to the idea of mentation of a decision, and in- „i. rt ...tnwri 

section elects all rulMlni* separate nrsoilsitions. A one-day -reater Indu-trlai democracv be- dnstrial action by the unions in *a« P ,lled 

officials while thn elect rfpian- ^'rike lias been called for June fore they will join a working response to that derision. a “ unfon kn?M im" at the 

appoint thetrs: that the EPTU t" 1C when a merlin? will lie held part*. k - on Xhnm „ „ n „ n . _ J 

suggosung the engineers should at Birmingham town hall. ! T) I .. h __ _ 5 _ ^ L - 0, }^ ress ^ 

ine staff side has three main reiarv of the largest Civil ber- The v*iion heid a party at a hotel 

; aims. They want more consult*- vice union, the Civil and Public in the town to celebrate Mr. 

. j tion. particularly before cash Services Association said yester- Thomas's election to tbe TUC 

Rcckltt and C^olmail rise ! Ilmlca are set. Cash limits put day that the staff side proposals general council. 


Anger over £1,000 for firemen 


BY CHR15TIAN TYLER. LABOUR EDITOR 


A PAY RISE of 23-30 per cent., said that ri^es of E300 a year bad ■ 
including an increase under The h |,,, n awarded by the Centra!! 

Fair Wages Resolution of 194»5. Arbitration Committee on rop of 

has been won by medical repre- J iemher ^ er loth' pa^ientT are 
tentative* working for Reckiu backdated rp Januarv l. 
and Col man pharmaceutical Award* under the Fair Wages 
division. Re«olutian — which applies to LEADERS of a senior civil the institution of Professional executive should have consulted 

The Association of Scientific. Government workers nnlv — are servants’ union will face anger Civil Servants. The payment has members before making such a 

Technical and Managerial Staff# exempt from the pay guidelines, from members next week for been defended by union officials donation. One branch of members 

__ ' I giving £1.000 io the Fire Brigades on the grounds that civil servants working for the Navy says the 

Union when it went on strike one day could find themselves in union's 25 executive members 

against the Government's pay the same position as the firemen, should pay the £1,000 out of their 

guidelines. Hostile resolutions have been pockets unless they can show 

The row has been simmering tabled for the union’s conference under which rule they acted 
in the columns of the journal of io Eastbourne. Most say that tbe Others say that the payment 

was unjustified because the insti- 


Windscale report to-day 


AN OFFICIAL of the Nuclear tion. The site was safe. It said! 
Installations Inspectorate will the inspector would almost cer- '• 
to-day report on radiation levels tafnly support that view, 
at the Windscale nuclear site in The men. working for Eden 
Cumbria, where 50 construction Construction of Carlisle, downed 
men have stopped work. tools comp laming of contami- 

Brirish Nuclear Fuels, which naled soil. The inspector, who 
runs Wind sc ale. said yesterday it has been on a regular visit to, 
fcas satisfied that althouch itiere the sire, spoke to shop stewards! 
was a detectable level of radio- yesterday. t 


Seamen to seek 200% 


regardless of has told the National Staff side of taken to arbitration but staffing Service industrial relations. high grade carbon steel htfd a It might pay Boeing to bury December and trade unionists 

* the Civil Service Whitley Council levels, which may have to be At the union’s conference m vigil outside the British Steel 'British Aerospace in subcontract fear that the nciv criminal 

y to set up a work- revised to deal with problems Brighton yesterday delegares f building, in London yesterday, f work which could, depending on offences relating to trespass will 

inswer to staff side such as taxation changes can- censured the national! executive : t0 ur „ e unj - on leaders “ to reject political considerations, end in be used against workers occupy- 

>L * 0, i spending £20.000 .oh a I outright" any plans lor cuts, .the future. ing factories. 

The third aim if for a disputes .ZV™ 1-Z j - 

Union official questioned about 
events before Tether dismissal 

j A NATIONAL Union of Journa- an applicant, by behaving in this was a wide-ranging independent 

' lists' official conceded at a way. could prevent cross- columnist and that the work uf 

London Industrial Tribunal bear- examination of a witness. journalists employed in that way 

ing yesterday that there could Mr. Morison asked Mr. Norris should not be interfered with 
have been a misunderstanding if he would be prepared to con- by the editor, 
over whether or not he told a cede that there was the possi- An editor, because of bis legal 
union representative at the bility of room for misunderstand- responsibilities, obviously had 

Financial Times. Mr. Mark van ing between himself and Mr. tbe power and durv to take note 

de Weyer, to try to put a brake van de Weyer. of the contents of his newspaper, 

on moves to dismiss columnist Mr. Norris replied that it jf an editor disagreed with the 

i Mr C. Gordon Tether. . would be less than fair if he did content of an article it was quite 

Mr. Tether has complained to not concede thaL Mr. van de. open to him to print the article 

the union about the conduct of Weyer had one recollection and and make it clear that the view 

his case by Mr. Mark van de he had another, expressed were not ncccssanlv 

Weyer. father of the NUJ chanel . Mr. Morison asked Mr. Norris the views of the editor 
f office branch) before Mr. whether it was agreed between Mr. Wells asked whether 
Thciher’s eventual dismissal: him and Mr. van de Weyer that editor had the ri"ht to decide 

Mr Tether is asking the tri- Mr. Tether's refusal to meet the whai the range of a part cuh 

banal to say that he was .unfairly editor, in acrprdance with the writer’s subjects should he 

dismissed following a dispute findings of the NPA-NUJ Dis- Mr. NQrtr r eSd tha't lh , t 
with Mr. Fredy Fisher, editor of putes Committee created an awk- would depend on P what arrange 
the Financial Times, over Mr. ward situation. “X™ wcre fnr S 

Fisher's conrrol of the Lombard Mr. Norris said it was a ques- writer’s emninvmpnt *?/,» 1 

column, which was written by tion of degree. He had main- Sr offiSf i * 

Mr Tether for 21 .years. tained to the disputes committee ^Vhl p F* cUce ' 

Mr. Tether. 64. was dismissed that it was reasonable for Mr. ? i <???. ° f ev * nls 

19 months aeo. and now seeks Tether lo take the view he had. •?}} *. bat a writer 

reinstatement. Mr. Norris said he had told fr0m h,s brle . f 

Mr. van de Weyer has said the committee Mr. Tether was ^ 0l,1 V ha Y e ^ Power to seek 

that union organiser Mr. Robert acting reasonably in not accept- ™ - u , "“. ,n . nun - But this was not 

Norris did not-ask him to check ing an obligation to consult the , ° y tfae un >oo in Mr. 

the Financial Times' moves to editor about his column. Con- r euiers case, 
dismiss Mr. . Tether, but Mr. sultation. as proposed by Mr. Answering another point 

Norris has said he did ask him. Fisher, was not really consults- raised by Mr. WelLs, Mr. Norris 
Mr. Thomas Morison. counsel tation 4n the true sense of the that if stridency in writing 
for the Financial Times, asked word. Consultation meant at least to defamation then that was 
Mr. Norris yesterday whether, the possibility of a meeting of a matter for the editor. But if 
because Mr. van de Weyer had minds. He did not feel that the a column was traditional!* 
had a complaint made against atmosphere at tbe time pro- strident at times then an editor 
him by Mr. Tether, he was un- vided for consultation in a real could well be acting unreason- 
wiiiing ro express any view about sense. ablv in seeking to curb its style. 

Mr. van- de Weyer's conduct Questioned by Mr. William Mr. Norris added thar tbe 

over Mr. Tether's dismissal. Wells QC. Mr. Norris said that opinions he had expressed were 
Mr. Norris replied that ihat before the disputes procedure based on 3Ir. Tether’s case. But 
was correct, he did feel in was invoked, the union chal- the union would like to see the 
difficulty. longed the manner in which the Press more free in its expression 

Mr. Monson commented that editor exercised his prerogative, than it was 
it was highly unsatisfactory that They said that Mr. Tether The hearing continues to-day. 


Woman chef ‘had never 
heard of Jack Jones’ 


tution supported the incomes 
policy at a time when the firemen 
were trying to break it. 

The union's support for 
Incomes policy could be much 
more guarded after next week. 
The national executive has put 
down a resolution to oppose 


wage restraint which does not 

! MRS. GERTRUDE Hobday, chef Jones is,!' she said. “I am not affect public and private sectors 
de partie in Claridge’s Danish politically interested.” equally. 

jeausere. told the “sacked chef" Mrs. Hobday gave the tribunal 

i industries tribunal in Londpn a recLpe for ratatouiWe, the dish 

the NATIONAL UNION' or over £1 an hour. nr:h an average yesterday that she had never that led to Mr. Elvidge's dis- WfirlfPrC 

Seamen asreed yesterday to try working week of 64 hours and ' beard of Jack Jones. missal. He was said to have left * tAllJC " UtlvCl 3 

for a 200 per cent, increase in avera ge pnv of £97 to E9S. | Mrs. Hobday said she did not out the salt and pepper. . 

basic pav bv ihe lime of the The I ,oUc >' document had know that Mr. Richard Elvidge, After one attempt to show Mr. 32X66 tO 
union's nevr ‘conference in insft Pi edwd 5,1 se * k 3 fia ‘ rate of 19. who is claiming unfair dis- Elvidge how to make the dish, '7. 

' 1 - £2 an hour. (missal, had the nicknames "Jack Mrs. Hobday became upset and UNIONS and employers in the 

Delegates a: Aherdeen carried Mr. Edward Brown, national ■ Jones " and “Joe Gormlev," but started to cry. She told the head Lancashire textile industry are 

an amendment to the union's secretary for the union, said (she did know- that Mr. Elvidge chef to take Mr. Elvidge out of to stay inside phase three limits 

poncy document to seek a El an. that the platform recommended ! was recruiting for the General her kitchen saying. “It is either In a pay agreement covering 

hour oa«ic rate for seamen. acceptance of the £3 figure and ! and Municipal Workers' Union, him or me/' 55.000 -spinning and weaving 

The present basic rate is just that it was “ realistic." I “ I don't even know v.-ho -iack The hearing continues to-day. w-orfeers following Government 

refusal to sanction a concession. 

An agreement had been 
reached giving a 10 per cent, 
increase 



BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA 


LISBON - PORTUGAL 

BALANCE-SHEET DECEMBER 3t, 1977 

li" ri-.ij-; frcujjji 


ASSETS 


LIABILITIES 


.*r r-.-r.;--, 1 ' v.h!*t ■*-- Ba'-I 

r-.iw.i- »*'f- .re*-r .:-ea<: irinajr;o.-a 

C’-->rr-". T-i C -5' 'll j 

iLmi-- .pw?":-. in-;jo 

jrij rc-.'igri L‘ '.rrcni-v 
A^Ii-.p ir.-L- 1 H-i- ?.'or-ey M«uk9’. Cpsral C-.S 
,,n.3 B-?nsa 

S n-' SNvvw’vd 
8'i.- i?n jf'M-i 
Gu.«-j-;ooJ lh-s 
Lo *r; c-. y c-c 1-.ar 

Doeirt-:-. 

buna; 4. - rs 
F.-'- FD -ifiSErS 
Ps'K-ra'/or- 

Bjr.n Prcrr.'i« and Seu'pciert 
C'MCR A-ig-tTS 

7.-d:*o';o-. sri Re::j'arira:c.- Accft-'ls 

TOTAL ASSETS 

C.iJNTRA accoli’.ts 

Vj -..<-- h-r-d c- Pc:e.vod zs cz- aif'a 1 
DobT'-’s !-v Lasse's o* CfOdc. A:^epU"»s 

t»nd A,-a:a 

O'Xt toniM Atcoii'S 


s;:??07 
50 fi 

C"Y 0>J0 
t 956 T’-: 
C-5 553 Mo 
esjciy 
Z ■ ■ ‘i JO'. 
J--6 

14 22 ~ 3rd 
ca2J 


1"5 '55 


Jggj ‘Tl 
70 e.'-J i:J 


ts ■;? :-{ 

Tr J;';'-! 


Cl'PFisr.T LiABtL’T.e-S 

C“ec*'ns Accounts 

None A T.r.s 
Oeco; :s 

C-.scts and Pa , .p , eni 
Orders 0-jttanai*3 

Fa»i-.e lr*rba-5- Me.- -?y 
Ud.'SK Of &ra;j-:s 

S \rt-> CjwS Vat&m 

Cc--gspcr.dc-.ii A.crcad 

C-ed-icrs 

QTHEq LtABlireigS 

T:fe*r:-iry ari Rgrtu'ia-isaiiori 

P-c.-sio-s 

CAPfTAL 

RESSfiVeS 

NET PRC c “ 

TOTAL L'A9WT.ES 

ecco^rg 

C-ed’cs v^'-.es Had or 
a; cc -dle-'a: 
cf'c-gcii. Acaepuiras, 
juarartet-o arj a.-=-j 


rs 479 058 
£5 431982 
626 289 

170000 
107780 
9355 
8525 019 


3758955 
2 89 1 353 
1 200000 
801 

110 Q9Q 
70 974 S3 


1E7D8S74 

78 957 514 
11 1 28 365 
i:7 767 J62 


PROFIT AND LOSS ACCOUNT 


DEBrr 



j CREDIT 



!';er-.'o; P.i-t 


o-l/o ■ S 

£d r, vr 


5300 835 

Comrr,.sstOTA PS'i 



Co-n-> Eair-:^ 


621037 

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Fe£-'"3 Torn Fcreicn c v :‘3 r 59 



StaT ,wd Fc , &c-’-el 

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Cce'all-y- > 

R--> -’s *-•— Os-i-a’-cr.i on 

?- 

738 822 

jia.-i.n-v-.ri.e c-; Goifiial 




$ 

3348 



£...0.8 




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45269 



•-912S5* j 



6912981 


HEAD OFFICE 65 -v 9 dc tiSSCK TELEX 12 191 — 


AfitBP TEL- 36 03 81 



As every ad. should be. 

The Advertising Standards Authority 

Wnie to; Tire Advertising Standards Autnorii v Limited 
15/17 RkJgmoum Street London WCIE7AW.' 










in Fremantle 


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Fresh, shining ha if under any conditions, 
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including £92m exports from the UK. 





I 


14 



PARLIAMENT AND POLITICS 


Varley looks for 
recovery in BSC results 

BY IVOR OWEN, PARLIAMENTARY STAFF 

wSLteSftSZ. KS S tion did not want BSC to damage 

1879, although an improvement monitoring the cSjoraVon^per" Ucity w^ Suonal The Crests 

on the previous year's perform- forma nee as the results come to. average redundancy payment was thl?ir- Li “2 ,t i. als0 K contended 
ance, is “still unacceptable .” Mr. We shall expect substantia of the order rf cSSSn^Si 1 v ° m have beea prefei ^ 

Eric Varlev, Industry Secretary, improvement over the year as a arrangements mad?'°deall faSy m 1 troductlDn ° f 

told the Conimon last night. Kpllj™ t °[ tb ?. actJ on that is now with th * workforce and reflected able of the ran?fa?reeMct racoon P°P ular appeal of proportional 

ab0U - ® SC 5 fin ? n ? al b ^ keD ’ he ^cjared- tbe financial interest of BSC. to teundlStalS hv BSC U representation for Westminster 

lerformances it is now losing ‘Hie increase of fl.5bn. ih the Mr. Varley justified the Govern- F 0P ±h? PXJI u MrRlV^rrf comes to-day i — 

Sm. in each working week— was borrowing powers was designed ment’s decision to reject the w5^2!*^ be -? »c? A d survey, 

ven more forcefully expressed JJ cover BSC’s needs for up to recommendation bv the Commons Jt-J 1 w f?j5 sa J d BSC W « ,?«? w it £ }, nu . + h 

by Conservative MPs. who called lb ™e years, a period within Select Committee on Nationalised - wL ™ cb *; ,oser L” { re iL y ' 
for the rejection of the Iron and which-—and sooner rather than Industries that targets should be »MniK* re no j on n i er h . av,ne tbe H? irds . of tbe 


Financial Times Friday May 12 1078! 



Big poll 
backing 
for PR 
system 


Finance Bill defeats 
set policy posers 


BY'. PHILIP RAW5TORNE 


the 

the 


NOT .SINCE Lloyd-George £93 a year at the base level to possible ways in which 
encountered an intransigent £457 a year on a salary of Government could raise 
House of Lords in 1909 has a £25.000. money to offset its losses. 

By Rupert Cornwell Lobby Staff Chancellor of the Exchequer During the next month, Mr. These are through a surcharge 

faced so much difficulty in the Healey and his Cabinet colleagues on employers' National 
FRESH EVIDENCE of the enactment of his Finance Bills 


as Mr. Denis Healey. 

Last year, be was forced to 
make concessions on tax allow- 
ances and petrol duty. 

This week. Opposition parties 
have inflicted two major defeats 


performances— it is now losing The increase of Xl.Sbn. ih the Mr. Varley justified the Govern- "For toZTi'TwZZu'' vST Rlrfwrrf coraes to-day in an opinion poll 
£Sm. in each working week— was borrowing powers was designed ment’s decision to reject the be ? h „„ d survey, 

even more forcefully exDresseri to cover BSC's needs for un to recammendatinn h« tha Tnmmnn. " nwrtght sa,d . 

It shows that more than two- 

Steel (Amendment) Bill. wS S.7KK to ceVom ^T^dSnTfn'ls'cT^ KSS'TL »• u2? ™ * Z m 

seeks authority for a £1.5bn. 8 “P«il reconstruction. force on the grounds that it ^SSL t0 appear ' , want the voters themselves the Budget 

Increase in the Corporation's Varley also insisted that would be wrong to tie the y government was and nor the MPs to decide the some £445m. this jrear and 

borrowing limits to £5.5bn. the Bill made adequate provision corporation's hand. ’2 1C ,n country s electoral system. nf .„_ a 

Mr. Norman Lamont, a Con- (^Parliamentary scrutiny, with The Bill was a necessary first GovSimL 0 / ?a C m P ?*2f no II!r The survey — — — The standard rate of income 

servative industry spokesman, having the opportunity ro stage in financing BSC during the mined *1™ »h“’ °P ini0 " Resea 


AMENDED INCOME-TAX 
BANDS 


conducted 
Research Centre 


by tax has been reduced from 34p 

«®K'5SW! ZTVX "SL«S^K SE-SIpST"^ Z i£! %,^°* Ung mwc £370ra - ta a 

gre« made b, BSC in returning "'ft™ m ane y „„w faced I, », s dosisnod to °’ er 1116 BeSmck of tho Economist ma^o“iI “ will be to increa* 

Secretary or State aa)d Mr"' said the teed o» a national quota cample W of S 

an efficient. competitive and House should have learned from of U00 people and was earned raan on £80 a week by 47p. On 


to viability should be matched t h» ro«f~ a, T ? r _, State s ? ld 
by step-by-step Parliamentary r bovcmiDGnt had provided 

ayssar-mtwE satr: swmms fT™.™- 

eo™ a rZn-. e «S"^i‘P ‘"'S' mentary control He warned “de”ecurIli,enboodfd?tK?i' th ? t out' money at brief A P ri! - £1.20. A married man with two 

Corporations financial needs for Tnrv mt>s it mnnid B ,h. intervals denendins on the head- Of tho<;p intwvipwni rs nor children, nn the same reekon- 


£ 

% 

0-750 

25 

750-8.000 

33 

8.000-9,000 

40 

9,000-10,000 

45 

10,000-11,000 

50 

10.000-12.500 

55 

12,500-14,000 

60 

14.000-16JHH) 

65 

16,000-18,500 

70 

18300-24.000 

75 

Over 24.000 

83 


Insurance contributions, aR 
increase in company taxation, or 
higher stamp duty, probably or 
S tock Exchange transactions. 

AH of them have disadvant- 
ages — though there is consider- 
able political temptation in pass, 
ing the cost of the Tory and 
Liberal actions on to their 
traditional .supporters. 

But, at present, the inclination 
seems to he for the Govern- 
ment to make Us political 
capital out of the situation by 
emphasising to the doctorate 
the benefits that the Tory moves 
have given to rhe better-off 
rather than rhe lower-paid. 

Mr. Healey's decision on how 
far and in what way he seeks to 


the next three years. 

He also suggested that private 
enterprise should be given the 
opportunity to buy steel plants 
which BSC wanted to close, even 
though they were profitable, 
because they did not fit in with 
the Corporation's strategy of con- 
centrating production on 


Of those Interviewed, 68 per children, on the same reckon 

' inn. benefits by 32p and £l.L2p accept these blows to the Budget 

respectively. 

A two-vote majority for an recoup 
Opposition amendment to raise other sources, 
the threshold for the 40 per There seems to be little pros- 


will have to consider whether to restore the shape of his Budget 

will depend largely on how 


strategy, try to reverse them, or !” uc ^! ™ orc damage is done m 
the lost revenue from And on whether the impact 


Tory MPs that it would be “quite who worked in it- ~~~ *"* depending on the head 

inexcusable” if their action in There was' scornful laughter ujnrk 8 8t>0<1 re P nrt dld not cenL backed a change to a uew 
opposing the Bill led to in- from the Labour backbenches piL M , _ system which guaranteed each 

adequate provision and to BSC when Mr. Lamont suggested that ™^ J1 ' ,ne u OT J r a three party a number of seats propor- 

facing a cash crisis. private enterprise should he fnSdenr-' «»*£“!! tfc 5 t!onal its sha « 

"That is what will happen if jfiven the opportunity to buy SSlomS? or -if*. “ nd 

the House does not pass this profitable steel plants no longer nortant *v SC, u Tt l £ ‘T!*’ 

Bill." he declared. reauired by BSC ■ that this House should 

Mr. Varley confirmed that the He pointed out that many of steel U whi < .H iai0 *n C w,th Briti f b 
modern plants. &W tt °bSS? ££ fairly Kply^mo ^lertric ?rc “SSl Pa=nta ^ 

XSnsSSSiS 5S55d w S2L ^5!M£ •£ -*«***•« ** m** * p?«- “ M “™=‘g^= ssls. * 

1979 as unacceptable should be favourable terms. 


of the vote opposition amendment to raise outer sources. overa]1 

in a general election, with only ^e threshold for the 40 per There seems to be little pros- at he faccs v'et 

15 per cent against cent, rate of income tax from, pect of reversing the cut in the hu rtie* in the cSniian* IE 

a 4H-OQ * . .. £7.000 to £8,000 brought more' standard rale of tax on which J™** ’ A™ 

A 4o'2S per cent majority ^ n nfuc4nn thp " Onnosition narfips wptp Puppets arc that the Chancellor 

wanted a method which would ££ Gtoffmv Havre the Torv totally unHed But 111^10 J on willavoid more costly defeats. 

’Ss si hU«“ w of'rS'dS? «“ its*? 

unless that party had won half ^cruld cast only £40m. But the seem irretrievable. successfully rejected an amend- 


more viable than the tn m.V H ““ c uu !**‘‘ au(: „ * Government rejected a further me uovenmiem was uereaiea imWmcm 

exceptionally modem system. the secoS 25? opposition to Somewhat oddly, the other amendment to recast the higher by only two votes and two of its 2hie h ^"uid ha“ «st £30m * 

mart*. ri«r *"« 7 ■ ■ But he agreed with Mr. Peter which nR .°/ 1 “ am , areument of the propoi- tax bands and set the maximum supporters were missing from ilf rhTon^ rem aSS iT dU‘ 

™? d 5„S. ,ear . *° ever >one manag- He. rejected - criticism- that Hardy, (Lab. Rother Valley) to the i ota 3. d,saster t,0 ?l a representation lobby that a tax rate at 70p in the pound. the lobbies. Before any further of the rimmont no™ 


i!I e thf C in rMi t0 .? veri: ° ne wor king lavish redundancy payments were tha‘t“&ere must be some limit to m* Conserva ’ ^tch from tbe existing first- The resultTs that the raising VfJte on the issue towards the th Toril ,. wM ; ."V 

in the corporation. being made to steel workers and such conversions. The OpposS defeat^" ** t0 get ft "***3?* F Stem pre - of the 40 per rent, band hS^ad of June, t will hopefuUy * the S P duty^Jf 

ue tea tea. , enr vimjal dict3t0rsfli b the a ri p p i e effect on the bands above have been re ' nforced b * anotiier J,ouse^ mirehasM ' hv » !£.»« 

n^,f^o Sin8le P^ty- was rejected. raising tiie threshold “r each ^ b ? ur ti ?I P frora Hamilton SSS^n^UthtuSm^S! 
-?-? ?? per thought this a one by £1.000. These bands now by jJo® Ct are all the Scottish sive in ro venu e term* oM the 


Soames sees chance for EEC 
agriculture policy changes 


New ‘Buy 
British 5 
call by PM 


good idea; and 44 per cent, a had 
one. 


run from 40 per cent, at £8,000 N *1“* -ii- J i.™ about the out- cban « e s that will be presse 


pressed by 
rest 


BRITAHV should take advantage that, far from rueing the day the But there were political dim- 

tte EEcT 0 P S t ?n?7vT";o 0 „ f bl«,T‘- ™ enlaJ ' Ee ‘ i - we I".!!!?’ •» Com- MJoUter l,« night 

te of the 

Policy, T'Orfi by Lord Trevelyan find.) who (tab.) said enlargement- would 


However, more striking than Opposition attempts to ensure. Trended onivto helD the middle^ of the Finance Bill's 'comm litee 
the high sympathy for the svstem their original intentions with IJInme h racket P m,aaie ^ staee. 

is the huge majority in favour a hastily-drafted manuscript Th Government would seem If ls doubtful whether nil the 
of putting tbe issue to the people amendment failed. . . t0 j^g a reasonable chance! tf’oority parties will combine on 

in the form of a referendum — a The Exchequer is thus faced therefore of restoring it«i tbis i ssu o to defeat the Govern- 
view fitting in Mrs. Thatcher's with bearing an additional' cost, original provisions in this case ment - 

suggestion that referenda be not of £40m., but of £105m., this There is little doubt that Mr Nor .is the anti-Govemment 


siderahle rethink nf'rtio he Mld - munity from enlargement ~ appealed to large British firms ?f!!ff! onalJy em P lo yed on vital year and £150m. in a full yeari “ Healey ^ would' C prefer such"* a alliance likely to he solid enough 

ActSiItumi PnJiev Co T2rf w Tl J e debate h®* 1 heen lnitia ted lATd Greenwood of Rossendale to buy more British components topics ' Beneficiaries of this change are course to nnv attempt to recoup t0 R et lts nn the other main 

Soames said in E maidU by -A or t ? rev 5 ly ^ 1 J Ind > who U± b -i»f a,d 4 .f nl "fi enent ' In a Commons written reply. To add extra piquancy tbo^ earnir, E safaTies of ^t 000 the revenue front other sources. P ol Jts to be debated nn Tuesday 

speech in the Lord^ vSireSav ^ sa,d be beheved ai II the problems strengthen the Community by amplifying his recent “Buy separate mini-polls carried out by a y ear and more; and the Thp Chancellor indicated in —the indexation of capital gains 

opeecQ in me L,oras >esteraa>. associated with enlargement increasing its influence and British” — - 

Lord Soames who, as Sir could be overcome without in- binding uscloser together 
Christopher Soames. was vice- ' " 

president nf the Commission 

and is now Opposition EEC dangerous consequences. ' Community of democratic ducts. 


appeal, Mr. Callaghan Opinion Research Centre in the benefits rise fairly steeply, from the Commons that there are three ***• Oie deferral of payments of 


w viciwiiu; wiuiuui ui- j-mu.u 6 u«., uaC r n>Beuier. "It said the Government would constituencies of the leaders o r 
tolerable cosL Failure of will is our duty to do everything we encourage people both at home (he major parties, showed equally 
or nerve now could lead to can to ease their way into the and abroad to buy British nro- enormqus backing for a referen- 


nations." 
In a 


eoJ'nmnr I" a maiden speech. Viscount u ^P^.can best be. made Finchley. North London, the 
:he° Common Tenby said he looked forward to S.'EKKfi*. 1 l 5 , " t !J r _ b I.S e . C .°" Se ^ at i v ! 


buy British pro- en ormqus backing For a referen- 

. . . dum. 

spokesman in the Lords, wel- He also saw the proposed 
romed the applications from enlargement as a good oppor- 

■Spain. Portugal and Greece to tunity to rethink the Common V- ,,w \ attlu ut! iu «k«i mrwara to — W i v learfpr tho ~ — ' 

join the Nine. Agricultural Policy tbe three countries joining the sel i*- Br J t,sh *? d huy Bntish. In (he margin was 78 per 

%mm isSf S sssss gfiSii 

SSS sa S: n “" r = ®Ss ■’SHPS 

aEU V S? _ _ H f.vfas not suggesting that it £d ^ PI ^^ f ^ , I S.5" tl S' ^ deVe lop European elections, elections to 


.%saasg sssi 

Refinery 


General election 
call rejected 

BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


whisky duty and the payment or 
interest on overpaid tax. 
Altogether, these would have no 
more than a minimal immediate 
effect on revenue. 

Once the Bill has been sent, 
next week, to a Standing Com- 
mittee of 34 MPs. the Govern- 
ment should be in a rtronger 
position to resist any more 
Opposition incursions. It will 
have parity of numbers with the 
Opposition and can count on the 
easting vote of the chairman in 
the event of a tied vote. 

But if a tie occurred on anv 
iasue, the Government would 
have 


‘No evidence’ tor IRA links 
with international terror 


problems 
for EEC 


business 


THERE IS no evidence of sign!- frontiers," he added. 

the " Pr oS sion aM R a" d ? other »„. M J , -J Wason said he thought the wbo took part in such meet" raon Market. 


system arouse 'markedly less efr T®®. • Prim ® • y®sterday alleged that members of the CBI at the Bill's report stage when 

thusiasm. brushed aside the latest Govern- in Northern Ireland and Scotland the legislation returns to thp run 

ment defeat on the Finance Bill had induced Ulster Unionists and Commons 

and rejected a Conservative chal- Scottish National Party MPs to The main battle in the com. 
WPPK € lenge to put the master to the test vote against the Government on mittee is expected to come over 

nXCIi of a general election as soon as the Finance Bill "in an attempt the Chanwffi prooosaS to he 

p< ?£ le *« , ■ t0 wr ^ ck *_Ji ur ^ nanc * a l .R“d operated retrospectively,' for 

The Government, of course, is economic strategy. blocking some tax avoidance 

debates next week control of this matter," Mr. Mr. Callaghan replied that the schemes. 

Callaghan told tbe Commons. People of Scotland and Northern So far as Ministers can foresee 
e members' ? ‘We shall take any action neces- Ireland were well aware of the there should be no serious 

and Country «ry— despite the irresponsibility importance of public expenditure reversals, either in terras of 

ale and Cal- of the Opposition— in order to ^ supporting the superstructure poun ds or politics to the rest of 

-Sir “MP -rill 0 S™ nSSB dl a Zl K'SK-SSi SS 

“ n»ded (G help , T,e till K c ^dT i S n d m ( e S nt tla, ” i, BUl tion v0, “" ° r -’' y?ne ? ' Se ° f ‘ h>t ,aCt a " r 


COMMONS 
are: 

MR. ANTHONY WEDGWOOD “SSSJX: 
BENN. Energy Secretary an- 
nounced last night that he is to - - g 
ask the EEC Energy Council to 


Private 
Town 
(WLndscaie 


actions, but should apprehend ^finery problems 'oTthe' Com"- r^koAY^Tn^ o-„ was to Conserva- voSne^in^v^ur tSS 

those who took Dart in .nrh moot, raon Market. TUESDAY. Finance BilL com- tive demands for a statement on . 0r ? 


terrorist ornanisatmns Mr Hov Irisb Government recognised that Jngs, when they returned to the __ I " a Commons written answer. 
Mason. Northern Ireland Secre! i e iJ. or,sm knew no frontiers. Province. Mr. Benn said the main responsi- 

tar?' said in the Commons yester- are - fully ««iuainted now 

day. wun 


with 


,, _ ^ bility for resolving 

our views on the need to r l_®f r !? a F, . t * ^ S ? I, P Belfast problems must rest 

„ . . . , , enact the convention on aaid ^ IRA had existed membef States. 

He said the appalling record terrorism." perore there were terrorists in “The EEC Enerev 

c£ the Provisionals within the The Rev Rnhori R»rifn j um Germany and elsewhere, will be discussing thissubjecTon ° raer ' standard rate of income tax was AiTt* S' 

Province and their lack of poli- Rp TSt, ®” df ® r d fUU Tbe extent of these organisa- May 30 and I will ask It to FI l n ? AY: Homes Insulation BUL cut by lp. j b * at »lnnta e 

t cai support had not enahled 2SX 1 had c .° n " ^ ons in lbese countries has noth- coruider if there are m iron: f ol ^mon Islands BiU. second Mr. Roger Noate (C. Faver- rnwmS had 6 tonShiMH 

w. mere are anv areas readings: Independent Broad- sham) claimed that the Govern- had »ntt;oducert a 

resting Authority Bill. Domestic ment had clearly lost control of Bud S at whose immediate effect 

Coures d Bin S ro^aimi!l a tt™i es ’ its bud S et strategy and had been 
courts Bill, remaining stages. jn ade t0 , ook foo]ish 


ucai support had not enahled ^riV-T t-rroH-* .J “ ons ,n tnese countries has noth- consider if tl 

them to establish any significant continent h f 'S 8 10 d ° wit ^ either lhe h, ‘ rlh or ,ike tbe im P' 
international links. . Mr - Mason should not the continuation of tbe ERA," he ducts where 

. , be content just to condemn their said. ", ? 

In an apparent reference to would also be 

Tributes to Moro by party leaders 


apparent reference to 
the murder of Signor Moro. Mr. 
James Mol.vneaux. leader of the 
Ulster Unionists, asked Mr. 
Mason to request the Italian 
Government 
Irish 
with civ 
the European 
suppression 


there are any areas 
import of refined pro- 
Community action 
useful.” 


the Government's position in the amendment on Wednesday had 
WEDNESDAY: Transport Bill, wake of defeats on Wednesday P ot d °" e 80 00 ,ts merits but 
refinerv ™" ai " m S sta ^ night, when the starting-point for “ "ilMJ 0 P^ssurise the 

...i,? THURSDAY: Debate on industrial the 40 per cent, rate of income G° vernme bt ^ n ? 0 making conces- 
relatlons in the newspaper tax was raised from £7,000 to 51 ~ S on n °J her ‘ ssue ®: 1 „ 
Bread JFhices (Amend- £8,000, and on Monday, when the mUf* ? JSf* 11, 3 , 
mem No. o) order. standard rat* nf innnVn* Treasury spokesman, complained 

were 
the 


Nationalist 

challenge 

dismissed 

By Ray Permaiii ' 

Scottish Correspondent 


MONDAY (May 22): Debate 
pay of armed forces. 



had been to force up interest 

in the rat 5 s v - ery This THE Conservative Party in Scot- 

previous nleht. ™j4 11 * more c^Pcorive for land is to switch from attacking 
“Isn’t it clearly in the national ! ndu " try prov,de ^ n ^w the Nationalists to trying to win 

interest that the country sholld Seh^levels ^PemoToi^ie^r 0 ^ Pa 5 li t ^ De T n ^ ry f ats from Labour 
he rtw.71 a ,h 9n « -loi* - . mab 1 ® v ?, ,s of employment and the Liberals. 

Mr. Callaghan replied that he In a speech to Scottish Tories 
always ' *- ■ 


on Commons the 


be given a chance to elect a new 
government?" he asked. 


p . „ , Prim, Minister ,n.Mrs. Mnr.are, Sin. 1SK “ ™“ "™“ “ ^SS^SSJTJS ‘ST 0^7^ STd 55M SSK S 'l' 

* v 2“. ^'°_ u,d 1 3 so seek Thatcher. Opposition leader, in "T am sure "that I speak for all Callaghan in^is^rthnto^nH^n Aberde « D " exl w ^ek The was unable to persuade™he llSuse no? hi 1 J ‘ S Position in the political league, 

that inter- the Commons yesterday. MPs in oqering our deepest sym- condemning vesse ‘ ha . s been s ° ld and is to of Commons to carry out the Hpf " ght 0D - ftls the par ^' s task must now be to 

knOWS no Mr. Callaghan said he would parhy to Sig. Moro’s widow and brS?a! murder^' U d Fn2d berween Gibraltar and policies decided in Cabinet. Deling with a nnestlm, from 2* Ubour ’ s w *»™« in Scot- 


to convince Dublin 
natinnnl terrorism 



us to 



Mrs Castle's new state pension scheme goes so 
far, but is that far enough? 

For most directors and higher paid employees, 
the answer is no. * 

Because the state scheme does not currently 
provide tax-free cash in hand at retirement, 
nor full security for your family if you should 
die before retirement-important points when 
you look at the escalating cost of living. 

The solution to your problems could be 
MGM ? s ‘Design for Retirement'. 

MGM s plan enables you to build on the 
foundadons of the state scheme-or your own 
private scheme-and create a tax-efficient package 
offnrige benefits for you and your employees, 
Design for Retirement’ is simple to run- * 



Mr Jo* Vf ,vT't — j „ Deal l n S witb a question from land. 

■ Joe D ean fLab. Leeds W) Mr John Pardo*. Liberal Mr. Taylor said that the Con- 

SESSJ5i C (KI?hr* in - n \ t !» e Pr,IT,e sedatives were the only party 
r ! 3 ® eted certain of making several gains 

thp Committee of at tho next general election, 

nal nnlfo? should advise on This new-found confidence is 
P Mr Pawing cni j .u «- tu r. hosed on the increased Tory 
fedPration^°nr rS-nfll* C ? n “ ^ hare oF the vote at the recent 
helled thlf - ,ndusr, T ^arscadden by-election and last 

SnuM E ,rn , moil c weoV ' s enrnn ranine local election 

oa! in funir7 "l 5",.J eve fcu° f resuUs - The chance is now seen 
did Sr Su»SK ^ ha i to . win back the einht con- 

hi™ g r V, C ^, a ^ a committ,e on lost ,0 [hc 

Pa Mr“ca^ a r?a T Ti h roni. U n^l S , ted ;, B “ l to make trains over Labour 
I ran "tffiil «r PU *l d blunt,y: at the nest ejects", -the Con- 
I can think of fo* worse servative performance remains to 

he considerably improved. 


For further information contact your financial 
adviser or ring Malcolm Powell on 01-623 8211. 
Alternatively, return the coupon at our expense. 



Established 1852 

Marine and General Mutual Lif e Assurance Society 


because MGM does all the paperwork-and is so 
xlexible it can be tailored to suit your own specific 
circumstances. 

Why not find out more-youH be glad you did. 


Mwesend me further details of your Vesignfor Retirement’ Pension Plan. 
Name. 

Position. 

Company Name 

Company Address. 


FT7 



things." 



Donations and information: 
.Major The Earl or.Ancaxtcr, 
KCVO, TD^ Midland Bank 
limited, 60 West Smithfidd 
London EC1A9DX. 

British LimMess 
Ex-Service 
Men’s Association 

•SVE TO 1HQSE WHO GAVE— Wcact* 


WE, TBE 
LIMBLESS, 

LOOK TO YOU 
FOB HELP 

We come from jx»th world wars. 
Wc come from Kenya. Malaya, 
Aden . Cyprus . . . and from Ulster. 
From keeping the peace no less 
than from war wc limbless look to 
you for help. 

And you can help. In* helping 
our Assoria lion. BLESiVLA i lhe 
British Limbless Ex-Service Men's 
Association) looks after the 
limbless from all the Services. 

It helps, with advice and 
encouragement, to overcome tha 
shock of losing arms, or fcjp or an 
eye. It sees that red-tape does not 
stand in the way of the right 
entitlement to pension. And, for 
severely handicapped and the 
elderly, it provides Residential 
Homes where they can live ia 
peace and dignity- 
Help BtESMA, please. We 
need money desperately. And. wo 
promise you, not apeanyafit will 

bo wasted. 


k 


'V;Y 




-.-7 












* ■ 'ii :.j ' r hir% 

: : :: . *, ’»*. ’ 

•• • l-|| x 


’ • 1' 




• I!,. 1 "' 4 '' -li S 


•Hi . 

’•Hi- 

' ,|y 4 

’ '' n;-i 

... 


V ! T^ 




i* i 
l 

‘ • «••?! 


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l-m. ... r 


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vn': 


-Financial Times Friday May 12 1978 

APPOINTMENTS 

SP equipment 
division head 


15 


1 ""’Hut 

”-<v 

. . t-c 

hi. * 

. 1 r i "‘ i » ? 

I'rr-V 

. (tp. 

f T'!£> 
’ .’'ni-.mip, 

1 ' 0| tt1Wfc' 


lA| np (f» 

!" 1 K 

’• 'h’-raiin', 
i'Tn> j 

“ '■■* , i"l!’ fr. 

• i*'!l • ».*- 

• '• l‘> IWr •; 
■: 1 

S>£ 

1 'Mfl-tiiit.- 

- -?e 

'• • •■ .1 

• •“ ." C; 
>• i-.ij- 

•" I !’:i 
"■^:S 
rev 


"»■ * '■ -■ ii - . 


SP Industries (formerly Ley- 

land special Products) has 

appointed Mr. Leslie Wharton as 
me first managing director of the 
SP Construction Equipment Divi- 
sion, soon ’ to he known as 

A VELING -BARFORD HOLDINGS. 
The division embraces five 

separate companies in the East 
Midlands area and Mr. Wharton 
now takes direct control of those 

concerns, which were divi- 
sionalised under a registered 
holding company at the begin- 
ning; of this year. Prior to this 
appointment, the managing direc- 
tors of the five construction 
equipment firms each reported 
to Mr, David Abell, managing 
director, SP Industries. 

.* 

Mr. J.C Baber. Mr. T. A. Bull. 
Mr. R. M. Rogers, Mr. M. P. Van- 
dervord and Mr. ML J. KeUand 
have been appointed directors of 
HOGG ROBINSON & GARDNER 
MOUNTAIN REINSURANCE. Mr. 
M. w. O’Brart, Mr. D. C. Ashby. 
Mr. G. A. Mansbridge and Mr. B. 
Moore have, been made directors 
or HOGG ROBINSON & GARD- 
NER MOUNTAIN INTERNAT- 
IONAL. 

* 

Mr. W. G. M. Frew has become 
Joint man agin g director (produc- 
tion) of ATTWOOD STATISTICS 
(G3.) in addition to changes on 
the Board reported on Tuesday. 

* 

Mr. R. G. d'Abo has been ap- 
pointed a director of CAPEL- 
■CURE MYERS, stockbrokers. Mr. 
F. C Carr and Mr. N. S. K. Green- 
way have become associate direc- 
tors and Mr. D. F. Langmead, 
Mr. P. R. Martin and Mr. D. A. 
Turley, principals. 

* 

- Mr. Tom Boardman, deputy 
chairman of the Steetley Company 
and president of the Association 
of British Chambers of Com- 
merce, has been appointed a dir- 
ector of -the Eastern Regional 
Board of NATIONAL WESTMIN- 
STER BANK. He was successively 
Minister for Industry and Chief 
Secretary to the Treasury in the 
last Conservative Government 
* 

Mr. T. R. Wright has been 
appointed purchasing director of 
WHOLESALERS EDMUND SON 
ELECTRICAL and Mr. G. M. Boyd 
has been made north west 
regional director. The company is 
a member of Charterhouse Group. 

Mr. A. J. Dorman has been ap- 
pointed managing director of 
AUTOMATIC CATERING SUP- 
PLIES, a member of the British 
Vending Industries Group. He 
takes over from Mr. John Syrad, 
who remains executive chairman 
of. both concerns. 

.* 

Mr. H. F. Oliver, chairman and 
managing director of the Baron 
Security Group, has been elected 
president of the MASTER LOCK- 
SMITHS ASSOCIATION. 

Mr. J. G. D. Molmari has been 
appointed managing director of 
CHEMICAL AND THERMAL CON- 
TROLS. He succeeds Mr. Brian 
E- A. Thomas, who remains a non- 


executive director. Mr. Molinari 

r *V’ V * non-executive director 
of the parent concern, rhamiret 
and Thermal Engineering. 

★ 

AMAX has appointed the fol 
lowing four group executives. Mr. 
Bern Crowl (fuels). Mr. Chester 
0. Ensign (base metals), Mr. John 
»• Goth (molybdenum, nickel and 
speciality metals) and Mr. Elwin 
£• Smith, (iron ore, chemicals 
and forest products), Mr. Martin 
V. Alonzo becomes senior vice- 
president, controls and adminis- 
tration, and Mr. John F. Frawley. 
senior vice-president assigned to 
tiie executive office. Mr. Roger C- 
Sonnemam has been designated 
as assistant to the chair man and 
Mr. Vincent P. Blake elected con- 
troller. 

Mr. R. J. Harvey has been 
named vice-president, engineer- 
ing and technology for the Amax 

Nickel Division replacing 
Mr- C. S. Simons on June 1- Mr. 
Simons leaves on early retirement 
from August 1 to become a con- 
sultant to the mining Industry. 

Mr. F. R. D. Holland, chairman 
and chief executive of the C EL 
Heath Group, has relinquished his 
day-to-day manayement within the 
U-K. based -operating subsidiaries 
to concentrate on overall policy 
and forward planning for the 
group. He bas resigned 'as chair- 
man and director of C. E. Heath 
and Co. (Insurance Broking) and 
the Aviation, International, Life 
and Pensions, Marine, North 
America, North American Rein- 
surance Broking and UJC com- 
panies. Mr. R. A. Bell has become 
a non-executive director. . 

The following group appoint- 
ments have been made: Insurance 
Broking; Mr. J. R. MIkaniJ (chair- 
man), Mr. J. J. Burton and Mr. 
R. J. G. Shaw (joint deputy chair- 
men), Mr. N. J. Chamberlain, 
Mr. A. W. Frost, Mr. D. R. GiOuun, 
Mr. R. A. Green, Mr. P. O’Grady, 
and Mr. M. F. 8. Ward, directors. 
Aviation: Mr. Mlkami (chairman). 
Mr. D. P. Trezfes (managing direc- 
tor). International: Mr. Shaw, 
chairman, retaining the post . of 
managing director. 

Life and Pensions: Mr. D. H. 
Newton (chairman), remaining 
managing director. Marine: Mr. 
Beil (chairman). Mr. Frost (Man- 
aging). Mr. V. Welch (director). 
North America: Mr. Burton (chair- 
man) continuing as managing 
director. North American Rein- 
surance Broking: Mr. K. D. GDlles 
(chairman) as well as managing 
director. Mr. R. BL.Rofe, director. 
Hr. A. J. Murray and Mr. R- P. 
Wyatt, assistant directors. UJL: 
Mr. R. C Pooley (chairman) in 
addition to his post as managing 
director, Hr. W. M. McDonald, 
director. Latin America: Mr. A. J. 
Hamilton becomes managing dir- 
ector in place -of Mr. Shaw, who 
remains chairman. 

Air. H. A. Bristow will join C. E. 
Heath and Co. (Underwriting) on 
June 1 as the underwriter for a 
new Lloyd’s Marine Syndicate to 
commence underwriting <trbm 
January 1, 1979, from which-' date 
he will also be appointed a direc- 
tor of the company. 


ENERGY REVIEW: ALGERIAN GAS AND OIL 


BY RAY DAFTER 


An ambitious development plan 


OIL AND GAS PRODUCING 
REGIONS OF ALGERIA 



BRITISH GAS Corporation is in 
the midst of interesting negoti- 
ations with Sonatrach, the 
Algerian state hydrocarbons 
company, for new supplies of 
liquefied natural gas to the U.K. 
The two state energy groups 
arc nearing the end of a 15- 
year supply contract, signed in 
the mid-1960s. British Gas hopes 
<o take up the option to extend 
supplies up to 1995 at least. 

With the spotlight trained on 
the North Sea, it is often for- 
gotten in Britain that Algeria 
has been the traditional supplier 
of natural gas to the UJL trans- 
mission system. Indeed, if oil 
companies had not found sub- 
stantial quantities of gas in the 
southern region of the North 
Sea, British Gas would now be 
Importing substantial quantities 
of LNG from Algeria and other 
African gas producers. 

It was the gas industry’s 
original intention to switch 
from town gas — made from 
coal — to a mixture of nil-based 
gas and imported LNG. In that 
case, events in recent years 
which have led to oil and LNG 
prices rising dramatically would 
have made British gas a very 
much dearer fuel than it has 
become, thanks to North Sea 
supplies. 

That is why the current nego- 
tiations with Sonatrach are so 
interesting. The Algerians are 
seeking a substantial price in- 
crease under the new contract 
British Gas is currently paying 
well below $1.60 per million 
BTUs (British thermal units), 
the average market price for 
Algerian contracts with other 
Europeans users. Not surpris- 
ingly the Algerian negotiators 
are keen to fix a price dose to 
the current world market rates. 

The contract is hardly vital 
to either side. British Gas says 
it! would be handy if the 
shuttle service involving two 
specialised ships could continue. 


The ships deliver the LNG to 
Canvey Island in the Thames 
Estuary, a suitable site for re- 
inforcing supplies in the South 
East during periods of peak 
demand. However, the Corpora- 
tion has access to more than 
enough gas from the North Sea 
—a point reinforced this week 
by the royal inauguration of 
the Frigg Field and the St. 
Fergus Gas Terminal in 
Aberdeenshire. The current 
level of Algerian supplies, which 
the Gas Corporation would 
probably prefer to be con- 
tinued, amounts to about 391m. 
therms a year — some 2.8 per 
cent of present total gas .sales 
in the UJK. 

The contract represents a 
comparatively small proportion 
of Algeria’s growing export of 
gas. Sonatrach is fully aware 
that there are many olber 
potential buyers. 

The size of Algerian hydro- 
carbon resources is well illus- 
trated in a new. exhaustive 
study prepared by Sonatrach 
and the Bechtel Corporation, a 
major contractor for the 
Algerian gas Industry. This 
report — “ The Hydrocarbon 
Development Plan of Algeria — 
Financial Projections 1976- 
2005 — points out that Algerian 
gas reserves are estimated to 
he the fifth largest in the world. 
The country’s LNG export 
industry is destined to become 
the world's biggest 

Proved recoverable reserves, 
according to DeGolyer and 
MacNaughton, the consultants, 
whose figures Bechtel used, are 
estimated at nearly three 
trillion (million million) cubic 
metres or the equivalent of five 
times the total U.S. annual con- 
sumption of natural gas. In 
addition, Algeria is thought to 
contain about S20bn. cubic 
metres of gas in what is 
regarded as probable and 
possible reservoirs at the 
moment. 

Crude oil reserves are put 
at 8bn. barrels (proved). 713m. 
barrels (probable) and 172m. 
barrels (possible). Further- 
more Sonatrach has access to 
some 2bn. barrels of liquefied 
petroleum gases and 3bn. to 
4bn. barrels of oil and gas 
condensate. 

Healthy as these reserves may 
seem, the Algerian Hydro- 
carbon Development Plan fore- 
sees that all of the known 
reserves of oil, condensate and 
LPG and most of the gas 
reserves will be produced over 


the next 30 years. Consequently, 
like other major energy pro- 
ducers m the Middle East and 
North Africa, Algeria sees the 
exploitation and export of a 
large portion of these reserves 
as the means for financing the 
creation of a a large and in- 
tegrated industrial base. As the 
report states: “Once in place, 
this industrial base will provide 
the country with a vehicle for 
self-sustaining economic growth 
in the future.” 

The sire of the task in hand 
will have a major bearing on 
the world's energy industry, the 
financial community, and on 
companies capable of supplying 
equipment and services to* the 
fuel processing sector. For 
instance, it is estimated that 
the total cost of the plan 
between 1976 and the year 2005 
will be some $33.4bn. (expressed 
in 1976 dollars). Of this 

total, some $I7.4bn. is expected 
to require the expenditure of 
foreign exchange and is 

assumed to be financed entirely 
from foreign borrowings. The 
lion’s share of this investment 
is expected to be made over 
the next five years or so. 
Between this year and the end 
of 1983 some 516.5bn. could be 
spent on new gas producing 
and transmission facilities 

alone. , 

Against these figures one 
must set Algeria's income from 
oil and gas sales. Total revenue 
arising from the gas develop- 
ment plan is expected to reach 
$156bn. by the year 2005. with 
some 45 per cent, of the income 
arising iu 1986-95. Oil revenue 
is expected to be $95bn. over 
the same 30-vear period 
although in view of the much 
more mature state of the oil 
producing business, 46 per cent, 
of this income will have been 
received by the mid-1980s. 
Foreign exchange revenues are 
expected to account for 520 Ob n. 
of the $250bn. expected from 
oil and gas income, highlighting 
Algeria’s continuing depen- 
dence on exports. ' 

The report states that Sona- 
trach has already signed a 
number of long-term LNG sales 
contracts which, taken together, 
will absorb almost all of the 
Algerian gas expected to be 
available for export In recent 
years France has absorbed two- 
thirds of Algerian LNG exports. 
Britain has accounted for some 
20 per cent, a share that is 
rapidly falling. The remainder 
has gone to Spain (10 per cent) 
and the U.S. (7 per cent). 

Tlxe picture will change 


radically in the next few years 
with the U.S., Canada — and. to 
a lesser extent Belgium, France, 
Italy and West Germany — each 
contracting to take large 
volumes of gas under new sup- 
ply contracts. North America is 
destined to become Algeria’s 
biggest customer: new contracts 
to be executed between this 
year and 1982 should provide 
the VLS. with 26.6bn. cubic 
metres of gas annually, that is 
some 24 times the amount oi 
Britain’s current offtake. 

The gas development plan 
incorporates a major extension 
of both the pipeline and LNG 
systems. At present the trans- 
mission pipelines have a total 
capacity of around 23bn. cubic 
metres a year; by 1985 it is 
planned to increase the through- 
put capacity to nearer I20bn. 
cubic metres a year. Seten 
new LNG plants are due to be 
commissioned in the next five 
years. 

The oil development plan 
follows a similar pattern. 
Almost 2,000 new wells are to 
be drilled in the known oil 
fields. Although the required 
pipelines are in place, the link 
between Hassi Messaoud to 
.Skikda on the coast is to be 
up-rated through the installa- 
tion of additional pumping 
stations so that the annual 
capacity can be raised from 
12m. tonnes to 30m. tonnes. A 
considerable amount of new 
refining capacity is to be in- 
stalled on seven sites (Algiers, 
Arzew, Hassi Messaoud. Skikda. 
Bejaia. and In Amenasl in line 
with Sonatrach's intention of 
exporting refined products 
in preference to crude oil. 

At present West Germany, 
the U.S., Italy, and Spain are 
the main purchasers of Algerian 
crude. They pay 514.30 a barrel 
(or 20 cents a barrel more if 
they are not participating in 
exploration ventures with Sona- 
trach) even though the report 
indicates that the average 
operating costs arc no more 
than 31-15 a barrel. As with 
all crudes, traded inter- 
nationally, the price of Algerian 
low sulphur oil is set against 
the reigning marker price 
fixed by the Organisation of 
Petroleum Exporting Countries. 

The development plan, out- 
lined in the report, also covers 
projects down-stream of oil and 
gas production. Here again 
large amounts of money are to 
be spent on expansion projects 
although oil and chemical 
groups in the U S. and Western 


ALGERIAN GAS AND OIL. RESERVES 




GAS 

TOnonihic isons 


OIL 

1.600 


1£00f- 

I 

800 

400h 


1977 2006 „ 
(■Wyl) il 


400 

800 

L200 

1.600 1 


If 

Mi 


1977 2006 

(Jnm II 


TOTAL GAS AND OIL- CASH .FLOW 'ANALYSIS 


I oMS7B US. Balm 



No! ca sh flow | 

1976 1980 1995 1990 1395 


2000 


ZOOS. 


Europe will be relieved to read 
that “the existing and planned 
facilities for the prud union of 
fertilisers, petrochemicals and 
plastics are intended primarily 
to meet domestic require- 
ments.” A number of oil and 
gas producing countries arc 
planning considerably to expand 
their exports of chemical pro- 
ducts in spite uf the over- 
capacity that exists in the 
traditional manufacturing areas. 
Sonatrach’s report states, how- 
ever, that its planned facilities 
“ can be viewed as constituting 
a portion of the industrial base 
being established as part of 
Algeria's national development 
plan." 

So far Sonatrach has spent 
well over $335m. on its existing 
fertiliser and petrochemical 
plants. The pace of projected 
development can be gauged 
from the fact that by 1985 the 
state corporation intends to 
spend another S5.6hn on surh 


facilities. Furthermore, between 
1978 and 19S1 Sonatrach 
experts in spend. 51.3bn. on 
distribution facilities tor 
petroleum products including 
720 petrol stations l$39Sm.): 12 
oil distribution ventres 
(5279m. I ; 1.620 trucks 

(5125m.); 7.2m. butane bottles 
(5125m.); and three products 
pipelines (SSDm.). 

These facts anti figures not 
only illustrate the thoroughness 
or the survey but also the 
ambitiousness of the develop- 
ment plan. Whether the cash, 
the expertise, the labour and 
the equipment can he assembled 
in time to meet the targets that 
have been set must he at least 
questioned. But there are 
clearly considerable opportuni- 
ties for those companies able to 
pnvide the equipment and ser- 
vices in demand; This, no 
doubt, is wby a British trade 
mission has just flow’ll to 
Aleeria. 




IrjpSS. 

j IfEtP 


;TJonafe 

...J*. .«!«»( 

Iwsvivsfll 


Agenda 


• * Z • • ‘ “HI ’ • -. V ^ 


BASF Aktiengesellschaft 
Ludwigshafen am Rhein 

We are convening our 

26th Annual Meeting 
of Stockholders 

on Wednesday, June 21, 1978, 10:00 a nr 

at the BASF Feierabendhaus, LeuschnerstraBe 47 

Ludwigshafen/Rhine, West Germany 


1. Presentation of the 1977 Financial Statements of 
BASF Aktiengesellschaft and BASF Aktiengesellschaft 
and its Consolidated German Subsidiaries- 

Presentation of the 1977 Annual Reports of BASF 
Aktiengesellschaft and BASF Aktiengesellschaft and 
its Consolidated German Subsidiaries; 

Presentation of the Supervisory Board Report 

2. Declaration of dividend 

3. Ratification ofthe actions of the Supervisory Board 

4. Ratification of the actions of the Board of Executive 
Directors 

5. Changes of Articles of Incorporation 

6. Election of new and alternate Supervisory Board 
members 

7 m Appointment of auditors for the fiscal year 1978 


Shareholders entitled to participate in the Annual 
Meeting and to exercice. their right to vote are those 
who have deposited their shares during normal office 
hours and in the prescribed form at a depositary bank 
before the conclusion of the Annual Meeting. Deposi- 
tary banks are those specified in the 'Bundesanzeiger* 
of theGerman Federal Republic Nr. 87 of May 11, 1978. 

Depositary banks in the U. K. are; 

Weinwort, Benson Limited 

S.G. Warburg & Co. Ltd. 

The deposit is only effective if the shares are sub- 
mitted by Friday,. June 16. 1978. ... 

D-6700 Ludvwgshafen/Rhine, May 11, 1978 ■ 

BASF Aktiengesellschaft 
The Board of Executive Directors 


BASF 


Huge rise 
in energy 
investment 
estimated 

By David Fishlodc, Science Editor 

THE Government must anti- 
cipate an investment in energy 
more than three times as great 
as to-day's capital stock if it 
hopes to remain self-sufficient 
early in the next century once 
North Sea resources run out. . 

This conclusion, reached by an 
IC1 study ou the basis of 
estimates published earlier this 
year by the Department of 
Energy, is to be presented soon 
to the company's Board. 

A working paper circulating In 
the company questions whether 
the capital investment required 
for conversion of coal as a 
replacement for oil -and gas could 
be sustained by a country 
assumed to grow at 3 per cent 
until the year 2000, decreasing 
to 1.5 per cent, by 2025. 

It estimates that the capital 
requirements for coal conversion 
could amount to almost as much 
as the cost of the maximum 
nuclear programme envisaged by 
the Department of Energy. 

Added together— with nuclear 
providing most of the electricity 
and coal most of the liquid and 
gaseous fuels and chemical feed- 
stocks— they suggest an invest- 
ment of £173bn. in energy plant 
by 2025, at January 1977 prices. 

This compares with a current 
energy investment of £52bn s of 
which £31bn. is in electricity; 
PLAYED DOWN 
The study, was carried out for 
1CI by Dr. Andrew Stratton, 
formerly director of the defence 
operational analysi* establish- 
ment, a Ministry of Defence 
“think tank.” who has been 
seconded to the company's cor- 
porate research and technology 
department in London. 

Dt Stratton's working paper 
has won the confidence of his 
research colleagues, who in turn 
have won the attention of the 
ICI Board for what is seen as a 
matter of crucial importance to 
the group's long-term future. 

The Energy Department's fore- 
casts have tended to play down 
the situation beyond 2000, chiefly 
because they do not offer a 
realistic alternative to a rapidly 
expanding nuclear programme. 

The critique of the Energy 
Department’s forecasts also 
comes at a time when the Govern- 
ment is preparing to announce 
a plan for the further develop- 
ment of several novel coal 
conversion technologies de- 
veloped in Britain. 

According to the ICI paper, 
an assessment of the efficiency of 
the energy sector operating on 
coal as feedstock indicates an 
efficiency substantially lower 
than is Implied by the depart- 
ment’s forecasts for 2025. As a 
result, the energy gap between 

demand and projected Indige- 
nous supply works out about 70 
per cent.. higher — at a level about 
twice that of Britain’s 2973 oil 
imports. 


This announcemtnl appears as a matter of record only. 


New Issue. 


April 25, 1978 



Kingdom of Sweden 
Yen Bonds of 1978 -First Series 

40,000,000,000 Japanese Yea 
6.3% Bonds Due 1990 . 

The Nomura Securities Co., Ltd. 

Daiwa Securities Co. Ltd. The Nikko Securities Co., Ltd. Yantaichi Securities Company, 


Limited 


The Nippon Kangyo Kakmnaru Securities Co., Ltd. 


New Japan Securities Co., Ltd. 


Sanyo Securities Co., Ltd. Wako Securities Co., Ltd. Merrill Lyuch Securities Company, 

Tokyo Branch 

Okasan Securities Co., Ltd. Osakava Securities Co., Ltd. Yamatane Securities Co., Ltd. 

Dai-ichi Securities Co., Ltd. 
Toyo Securities Co., Ltd. 


Loeb Rhoades Securities Corporation, 

Tokyo Branch 


Koa Securities Co- Ltd. 


Marusan Securities Co- Ltd. 


. Yacbiyo Securities Co., Ltd. The Kaisei Securities Co., Ltd. Koyanagi Securities Co., Ltd. 
Nichiei Securities Co., Ltd. Tokyo Securities Co., Ltd. The Chiyoda Securities Co., Ltd. 
Ichiyoshi Securities Co., Ltd. Kosei Securities Co., Ltd. Maruman Securities Co., Ltd. 
Meiko Securities Co., Ltd. Mito Securities Co., Ltd. The National Securities Co., Ltd. 
The Toko Securities Co^ Ltd. Towa Securities Co^ Ltd. 

Svenska Handelsbanken Post-och Kreditbanken, PKbanken Skandinaviska Euskilda Banken 
Credit Suise White Weld Limited Deutsche Bank Aktiengesellschaft 

Dresdner Bank Aktiengesellschaft Salomon Brothers 




Financial Times Fri'dav Mav 12 I97S- 



Pinter’s Proust 


BY PETER QUENNELL 


The Proust Screenplay by Harold 
Pinter, with the collaboration 
Of Joseph Losey and Barbara 
Bray. Eyre Methuen, £7.00. 106 
pages 

Poems and Prose 1949*1977 by 
Harold Pinter. Eyre Methuen. 
£6.00. 99 pages 

Chekhov’s Three Sisters 
yearned for Moscow, which had 
become their visionary Promised 
Land; and I remembered them in 
1960 when 1 saw a modern play 
about an old half-witted tramp 
who- believed that, if only he 
could reach Sidcup, he would 
solve the riddle of bis own exis- 
tence. Thanks to the dramatist's 
strange staccato dialogue, his 
chief character's wild preoccupa- 
tion with Sidcup seemed almost 
as haunting and disturbing as 
the Sisters' dreams of Moscow; 
and 1 wished at the time that 
this extraordinary tragi-comedy 
could have continued an hour 
or two longer, while the tramp 
whined and threatened and 
scalded, and his antagonist, some 
kind of paranoiac recluse, end- 
lessly argued and objected, and. 
grasping a recalcitrant switch or 
plug, squinted savagely along the 
screwdriver be held. 

The Caretaker, Harold Pinter’s 
fourth play, was his first con- 
siderable success; and since then 
1 have again and again admired, 
often on the television screen, 
his gi't of building up a psycho- 
logical labyrinth from which the 
group of characters he has 
assembled cannot hope to find 
an issue- I was interested, them- 
fore. and also a little alarmed, 
to hear that he had undertaken 
to produce a screenplay derived 
from A la Recherche da Temps 
Perdu. It appeared a formidable, 
perhaps an impossible task. Not 
only was there the major problem 
of length — Proust's great novel, 
in the scholarly Pleicde edition, 
contains well over 3 000 page 1 ! — 
hut both the novelist's method of 
unfolding his story and his atti- 
tude towards ht$ dramatis per- 


sonae were bound to make It 
doubly difficult 

His method itself— Proust’s 
habit of interleaving present and 
past, and the r61e he attributed 
to the operations of unconscious 
memory., which alone, he thought, 
could bring the past alive — would 
surely defeat even the most sym- 
pathetic screen-writer. Nor do 
bis personages preserve their 
original shapes; they are 
gradually transfigured, and some- 
times disfigured, during the 
latter stages of the narrative, 
until the gallant and generous 
Saiat-Loup has degenerated into 
an ignobly selfish paederast: the 
terrible Baron de Chari us, into a 
drivelling dotard; and the vulgar 
Madame Verdurin has married 
the Prince de Guerman tes and is 
now a sovereign lady of the 
Parisian social world. For Proust, 
as for the philosopher Heraclitus, 
everything changes: nothing 
stands still; and the cinema 
audience, J assume, pre ers a 
Fairly definite “ story-line." which 
runs from a well-established 
beginning to a suitably dramatic 
close. 

Such were some of the techni- 
cal problems that -Harold Pinter 
must have faced; and. although 
I would not go so far as to say 
that he had triumphantly sur- 
mounted them, be has produced 
a remarkably absorbing book. 
The keenest Pro us Li an need have 
no fears; Pinter has stuck close 
to the text, seldom inserts an 
obvious M bridge-passage ” and 
rarely strikes a false note. True, 

an exception occurs on page $2. 
when the Narrator pays an im- 
promptu visit to his neighbours 
the Due and Duchesse de Guer- 
mantes; and the Duke, an in- 
tensely stupid and profoundly 
snobbish man, greets his wife’s 
humble young acquaintance with 
the words; ** Marcel! How nice 
of you to look in.” But that 
rather jarring interpolation is 
quickly followed by the drama- 
tist's version o' one of the 
novelist's most movin',' scenes. 
Swann who has been attacked 
by an incurable disease and 
knows that he must soon die. 


does his host to enlighten his 
devoted old friend; but the 
Duchess, who is late for a party 
and whom the punctual Duke is 
mercilessly nagging, decides to 
disregard the news, says that 
Swann mustn't exaggerate, and 
invites him to luncheon “ any day 
you like,” so that they can talk 
at- leisure. 

Harold Pinter manages to 
compress this tragic . episode, 
which in the novel occupies four 
closely printed pages, into less 
than thirty lines; and the result 
is still effective. Other impor- 
tant scenes he handles with 
equal dexterity; and he pounces 
on revelatory details, as when 
Odette, the ci-devant courtesan, 
today the rich and respectable 
Madame Swann, drives down the 
Alice des Acacias; and a passer- 
by remarks ”1 was in bed with 
her the afternoon General 
MacMahon resigned " — that is to 
say. some IS years - earlier; 
though Pinter does not add the 
end oF the remark, which some- 
how strengthens its impression: 
“Si vo us l’aviez connue 5 ce 
moment-IL ce qu'elle etait 
jolic. Je me rappellc que 
nous ttions embetds par le 
bruit des crieurs de journaux; 
elle a fini par me faire lever.” 
Besides Monsieur and Madame 
Swann and Robert de Saint- 
Loup. other chief personages 
of the novel — the Narrator's 
beloved grandmother, the Ver- 
durins and their circle, the 
Guermantes. the Baron de 
Cbarlus, Monsieur de Norpois, 
Jtipien and, of cnirrse, Aibertine 
and M la petite bande ” — are cap- 
ably if briefly summarised; and 
the Narrator’s famous quarrel 
with Charlus, when he demo- 
lishes the Baron's top bat makes 
a splendid comic scene. Having 
spent three months, the drama- 
tist tells us. reading A la 
Recherche du Temps Perdu, he 
and his collaborators decided 
that M the architecture of the 
film should be based on two 
main . . . principles: one move- 
ment . . . towards disillusion, 
and the other . . . towards reve- 
lation." The sense of dis- 


Harold Pinter: a feat of compression 


TtCgot Humphries 


illusion be certainly brings 
home;. the : Narrator. Swaan. 
and Saint-Loup all discover that 
human love is an illusory experi- 
ence. What he fails to convey 
is the imaginative revelation 
that finally crowns anu justifies 
the tale. 

In the novel the Narrator is 
a man who has lost and wasted 
time, only to regain the essence 
of the “ temps perdu " through 
the use of his unconscious 
memory and the magic power 
of art; and art is symbolised- by 
the scrap of yellow wail, the 
‘‘petit pan de.mur jaune." that 
brightens the background of a 
favourite picture. Vermeer's 
celebrated View of Delft. Among 
Pinter’s stage-directions it con- 
stantly recurs; but. as he omits 
to explain that it has glorified 
the last hours of Proust’s 
imaginary writer Bergotte. tbe 
type of dedicated artist; and 
that, against it, because it is 
perfectly observed and painted, 
Bergotte balances and finds 


wanting his whole literury 
achievement. I am not sure that 
an uninstructed reader will quite 
grasp its full symbolic value- 
Yet For a reader who knows 
and loves Proust The Proust 
Screenplay is a book I can con- 
fidently recommend. One agrees 
and disagrees, goes back to the 
book itself, makes a few pedantic 
marginalia — on page 105. for 
example, when Madame Cotcard 
falls asleep, she should dream 
not of Charles but of Odette 
Swann. 1 suspect, however, that 
unless one had read the novel, 
the development of the screen 
play might at times prove 
slightly baffling, so vast and 
elaborate is the structure of the 
basic narrative and so numerous 
are its interwoven themes. Tbe 
play's stable-companion. Poems 
and Prose, which I have no 
space to review here, reveals t 
different aspect of authors' gifts 
and includes a stimulating selec 
tion of bis Poems and Prose 
written between 1949 and 1977 


BY C. P- SNOW 


Sherlock Holmes and - his 
Creator by Trevor H. HalL 
Duckworth. £7.95. 154 pages 




Powell when young 


BY PETER RIDDELL 

Messengers of Day. \olunu- two 
of To Keep (hi- Ball Rolliug, 
bv Amhonv Powell. Heine- 
nwnn. £6.00, 209 pages - 

Anthony Powell is almost as 
elusive as Nick Jenkins. After 
two volumes of memoirs, and not 
yet up in tbe milestone of a 
30th birthday. Mr. Powell's per- 
sonality remains shadowy even 
rhmivh his lartes an* «mcial 
world are clearly defined: a 
reticence in personal and sexual 
matters is not always to be 
regretted, if only for us rarity. 

This second volume of 
memoirs is more emertainine 
than the first, now that the 
sliphtiv tedious family histnrv 
is out of the way. The period 
covered i< roughly from 1926 
(after Oxford! to 1934 with 
occasional fora vs forward . . 
"the yonn? man selling out an 
a metropolitan ca-eer " 

The picture of Ditckwnrlh's is 
notably vivid; the view’, for 
examnle. of the founder, whose 
“ Interest in books, anyway as 
a medium for reading, was as 
slender as that of any man I 
have ever encountered ... If 
the virus of bibliophobia is 
dormant in the blond there is 
nothing like a publisher's life 
for aggravating the condition.” 

Some or Duckworth's authors 
also appear, s uch as Belloc. Ford 
Madox Ford and Galsworthy 
(with his " redolence of bound- 
less vanity"). Mr. Powell intro- 
duced some writers of his own 
generation To the firm, notably 
Evelyn Waugh, whose early 
career and first marriage appear 


. .-J-V 


in a more sympathetic light 
than recently. 

The book includes some 
imcinrirably funny stories and 
anecdotes. The cast includes the 
Sitwell';. Augustus John. R«na 
Lewis and tbe Cavendish. Wynd- 
bam Lewis, E. M. Forster and 
Aleister Crowley. Mr. Powell is 
revealing about even so well 
documented a character (or 
demon) as Crowley. The Beast 
666. with whom he lunched off 
mutton at Simpsons. 

While the memoirs have an 
intrinsic interest of their own. 
there is, of course, an additional 
attraction, for members of The 
Music nj Time cuit— no doubt 
presided over h v the Crowley- 
like figures of Dr. Trelawney and 
Scorpio Murtlock. Mr. Powel! 
has warned against the reader’s 
desire to draw comparisons 
between characters in the novel 
and in the memoirs: a particular 
person may have provided the 
inspiration hut then “invention, 
imagination. the creative 
instinct ” take over. 

Nevertheless the worlds of 
autobiographer and novelist are 
never far apart; Fitzrovfa. 
Bloomsbury, Mayfair and even 
individual restaurants are 
common to both. Moreover, Mr. 
Powell admits to some compari- 
sons. of wbich the most striking 
in the current volume is 
between his close friend Con- 
stant Lambert and Moreland. 
Widmerponl has yet. however, to 
find a real-Mfe prototype. 

Mr. Powell is also interesting, 
though disappointingly brief, 
about his literary tastes and 
thoughts on novel writing. Dis- 



Anthony Powell: elusive as ever 

cuesing his own first three novels 
published before 1934. he says. 
"The dammed up reserves of 25 
years were there to be drawn 
on; the problem, bow to use 
these with best advantage. When 
this store — a kind of Original 
Sic — is used up. the writer must 
consciously look about for new 
material. This means an essen- 
tial change in the sort of book 
written: the setting in motion 
of what one hopes to be a self- 
renewing system of continuous 
imaginative development." Mr. 
Powell’s hones have been amn|v 
fulfilled with 'self-renewal now- 
extending from novels to 
memoirs. 


Bridge No. 127 


BY GEORGE MALCOLM THOMSON 


The Train Robbers; their story 
b_\ Pant Piers Read. Seeker 
and Warburg. Alison Press. 
W. H. Allen. £5.95. S5 pages 

On one count, this is not a 
wholly s.itisi'arlury book. 

It tells how the Great Train 
Robbery of 1 HtjlJ on the British 
Railways line near Tring (Bridge 
Nn. I27i was set up with the help 
of isn.oon »jf German money pro- 
vided nn-n v.lin are only 

iden‘,:fi>"1 tv;- ih-.-ir Christian 

name*. Karl. Sr-ti ‘-tc. In rime, 
the wlea was spread lh3t behind 
these ie.Tin.in> wa.s mine olhei 
than Otto Skorrenv, the most 
eminent c{ S.u; commando 
loaders.. AIum.-i -il! the book is 
written on this a> sumption. 

Eli!, ai the vi-ry end the 

author is convinced that :he 

Skor/ony story was a fabrication, 
tha; then- were nn Germans m- 
vohi-d in :hi- robbery and ’.hai 
the -.elude v.uvy was a hoax in- 
vented in give fresh interest and 
sales appeal to a narrative that 
had. with rime and frequent idl- 
ing. been me stale 
However, tt is not quite so 
simple as that. Some of the 

robbers have privately admitted 
that there was a hoax; others still 
insist that there was a German 
element in tbe project and that 
there was a German called Sigl 
at Le3therslade Farm on the day 
the loot was divided up there 
Piers Paul Read in tbe 'ast 
sentence of the last chapter but 
one says. "1 could never he 
certain and thought it best to 
leave the story as they had t»Id 
it to me and let each reader 
decide upon its veracity for him- 
self” 

It seems in me that thi - ;s not 
quite cood enough The jury i? 
entitled m a cb.-ar direction 
from the Bench, from Piers Fa’.i! 
Read. 

As late as page ITS. more than 
halfway through the book, the 
German motif Is preserved. 
Busier Edwards goes to Germany 


by arrangement with "Karl." 
With him goes a van load of 
£250,000 of bank notes, part of 
the German share of tbe pro- 
ceeds. He leaves from St. 
Katherine's Dock, helped by a 
crooked darker, and an equally 
crooked chief engineer. In 
Cologne he has a face-changing 
operation given to him as a 
“ friend of the Party.” 

Later he became a partner of 
Skorzcny's .in a Spanish properly 
company. His wire, June, is said 
to have visited Skorzenv in 
Madrid to collect tbe dividends 
due to him by the company. 
Edwards bas produced a type- 
written letter purporting to come 
from Skorzeny. So what is the 
truth? 

In tbe end, after Ion? discus- 
sions between Read and tbe 
robbers, by this time freed from 
gaol, a compr'iur-e »n- ■•I'jic'lfcd 
They bad told him the truth: if 
he could not believe some pans 
of it, be was free to exclude them. 
Busier Edwards wouid fill in the 
gaps with " inventions." 

What seems plain io the reader 
is that the Great Train Robbery, 
carried oui by a team of London 
thieve* and "heavies," was in- 
spired by a well-informed man 
called here only tbe "Ulsterman.” 
It needed quiin a bil nf capita! : 
cars. vans, and possession of a 
farm, uniforms and bribes, in 
all £S1.64S. Where did the mone;. 
conic from? .As Road says' "Let 
each reader decide for himself" 

On another count Read's book- 
falls short of what if might be. 
lt> moral line is shaky Mr. Jus- 
tice Edmund Davie* i,. in elT-cu 
condemned for the heavy sen- 
fences he passed on the gang. 
Pulpit (lent; notations of the judi'c 
.in- 'tiiiji-jd with apparent 
approval. After ail. h>j individual 
had differed except -.he brutally 
C'-'-hed tram guard. .lack Mills, 
and he nun ills Heart when fail- 
ing rather than when 
The hau! of £2.600.0QQ was at the 
expense of rich banks and 


insurance companies. So why 
should (he Judge feel a sense 
of " outrage ”? 

Tbe sophistry of these argu- 
ments i> obvious. The robbers 
were violent and brutal men 
who. 3S Busier Sd wards said, 
did what " had to be done," that 
is. crack the guard's skull. The 
guard died some lime later and 
his death had no obvious link 
with tilts cashing. Quite so. but 
the robbers ruined tbe last years 
of his life. And at no time did 
l hey offer bin any compensation. 
Yet each of them got away with 
a " w-hack '' of £150,000. 

Romantic admiration for 
bandits is one of the weaknesses 
la which human nature is prone 
“ The bandit is considered an 
apem of justice." says A. E. 
Hobshawn. “ indeed a restorer of 
morality and often considers 
himself as such." 

Rubbish. Most bandits are 
neither Rabin Hoods mir victims 
of social deprivation, but vicious, 
selfish and cowardly men. 

Crime doesn't p*y? This com- 
forting thought is to som* extent 
fcorre out bv Read's invest iga- 
lioiis: " As a result of the robbery 
some of the train robbers los*t 
their wives; almost all lost their 
friends. The 'i.trs were lied to: 
the robbers robbed." 

But the fact remain; ‘hat. 
'•"bile inn-; of the £21 millions 
squandered. •* lost." or 
vo!cr.. Gcrdon Goody, one of the 
chief villainy owns house 
pro^ern: jn South London worth 
£100.000 It ;? not quit? certain, 
the". > ha* tile financial balance 
sheet conform ? to the mnr.il one. 

In r?och:t3 h:< 'onraiive cun- 
c!u<-ion<. Piers Paul Read has 
pushed Vi ! » enquiri"; deeply 
'n:a rhn m me underworld of 

South London :h? realm of 
•rinvpa. 'icav;?< '* crooked 

and hank manac?’’*. 
’* bent " cop? and corrupt em- 
ployees of every kind H** has 
emerged wrh a vivid «jU3i;d 
and rather frigbiemng panorama 
of villainy. 


Back to Dallas 


BY DAVID BELL 


Legend: tbe secret world of Lee 
Harvey Oswald by Edward Jay 
Epstein. Hutchinson. £5.50. 
382 pages 


Marina and Lee by Priscilla 
Johnson McMillan. Collins, 
£7.95. 527 pages 


Seventy per cent;- of the 
American people still .believe— 
nearly 14 years after his death — 
that President Kennedy's assas- 
sination was the result of a con- 
spiracy. 

But each new inquiry, each 
fresh batch of books purporting, 
at last, to -tell the real truth” 
has actually done little more 
than add another layer of con- 
fusion to an extraordinarily con- 
fused slqry. The temptation is' 
tu forget the whole subject on 
the grounds either -that the 
Warren Commission was right nr 
that tbe truth is going to remain 
buried for ever anyway. 

Yet every now and then a 
bouk appears that reminds the 
reader just how many ioose ends 
there still around how unsatis- 
fying have been mart of the 
explaniions so' far advanced For 
tbe assassination. Legend is 
such a hook. It is not out of the 

Oswald didn't do it ’’ stable, it 
shies away from hard conclu- 
sions much of the time and it 
Is at time?.- irritatingly under- 
researched. 

But there is enough there to 
hoid the imerc-t a nd the book 
raise® important new questions. 
Mr. Epstein has cim cent rated on 
tbe most under-studied part of 
the Oswald saaa— his- long-stand- 
ing connection with tbe Soviet 
Union. So keen was the Warren 
Commission not to provoke an 
incident with the Soviet Union 
when it emerged that Oswald 
was in fact j defector with a 
long history of Marxist leanings, 
that comparatively Httle was 
made of hi« Snviot connection 

Painstakingly Mr. Epstein bas 
hunted down the men who served 
w-itb Oswald in the Marines in 
Japan when he operated '.he 
Radar scopes that monitored L'-2 
spy aircraft. A picture emerges 
of a highly intelligent man who 
might have been able to gather 
enough information about these 
aircraft who might have passed 
it to Soviet a cents in Tok.v 0 on 
week-ends wrhen none of his 
friends knew where he was. who 
mlaht have been encouraged to 
defect to Russia and sc on and 
so or, 

Midway through the hook the 


focus shifts to a Russian defector 
called Yuri Nosenko who came 
to the U.S. in 1964. Mr. Epstein 
has also clearly spent much time 
with former CIA agents and con- 
tends that Nosenko was sent to 
draw the scent aw3j- from 
Oswald's connection with the 
Soviet Union, that he was not a 
defector at all and that, with 
the aid of a Soviet “mole” inside 
the CIA. he has seriously dam- 
aged the CIA's whole Soviet 
intelligence operation. . 

These are large claims and the 
evidence for them is not always 
quite compelling enough. But 
there is enough of it to make 
even the most convinced sceptic 
pause for thought. Tbe pity is 
.that Mr. Eustein did not spend 
longer writing his! book and did 
not follow some of his leads 
more rigorously. 

• Priscilla McMillan, the author 
of Marine and Lee. w-ill have 
none of this. By chance s he was 
the freelance journalist who 
interviewed Oswald soon after 
he defected to the Soviet Union. 
Bv chance, too. she had known 
the then Senator Kennedy in 
the 1950s. So after his death she 
befriended Mariria Oswald, Lee’s 
wife, and for some months lived 
with her. This book, which bas 
taken many years to write, is 
tbe result of these coincidences. 

The portrait of Oswald that 
emerges front it is of a man 
much less m control of himself 
than in the Epstein book. It 
chronicles his fractured child- 
hood, his congenital dissatisfac- 
tion with tbe world around him, 
bis strange, unhappy marriage 
and the psychological problems 
that, in Miss McMillan's view, 
finally led him to be "unable not 
to try to kill the President” 

The difference between :bc 
hooks is neatly summed up m 
one contrasting piece of an 
analysis. To Miss McMillan his 
bandwriting is -clearly that of 
someone dyslectic (hence some 
of his other problems) but to 
Mr Epstein the way he wrote In 
Moscow is clear evidence that he 
was taking dictation, that all the 
time he was ir, .the Soviet Union 
be was under the aegis of the 
KGB. 

In the end who knows? What 
novelist would ever have written 
a novel about The assassination 
of a President witfc the plot That 
emerged after Kennedy’s death? 
It wouid have seemed implausible 
and the explanation? sn far 
advanced suit seerr. implausible, 
the more so after reading 3Ir. 
Epstein’s book. 


Truth of Claude 


Claude Lorraine: Uber Veritatis 
by Michael Kitson. British 
Museum Publications. £15.00. 
197 plates 


One of the most famous 
treasures of Chatsworth was 
Cia tide's Liber Venturis which, 
in beu of death duties, entered 
tbe British Museum :n 1957. and 
20 years later was shown in the 
Prim Room Gallery. The 197 
drawings in tins volume are of 
considerable beauty and of 
major importance. for a study uf 
Claude's art. They also assist 
in the assessment of the devel- 
opment of landscape pun'ma :rj 
the 17'. b century. 

The Liber was nor In Jr? 
original ‘omai when acquired 
h> 'he British Museum and has 
now been orukec up. The 
receni publication of the draw, 
inss from this volume is some- 
:h;52 qf an event and Miehsel 
Kusan. w'n«. I* responsible for 
*he edition ha« made a notable 
contribution to tbe history of 
art. . 

His study of the book is com- 


prehensive. He discusses tbe 
functions of the Liber and their 
implications. In the irer in- 
stance the volume was mainly 
conceived by the artist a? pro- 
viding a record of Vne works he 
had dene The drawing? thus 
oftered a means ay which he 
could guard against forgeries. 
Claude, a-} Mr. Kit?on says, was 
concerned not so much by the 
threat ;o h:s income as “the 
potential harm to his artistic 
reputation." 

The volume I? equipped with 
a valuable critical apparatus 
wnicb contains much valuable 
information, not least concern- 
•ne the artist’s patrons. The 
boon a record of 

Claude’s work troiu » C T3 rn 
1667 and itc pages tell us mucti 
aoout one of the .most poetical 
painter? of his age. It is i 
tribute to an artist who bas 
attracted English connoisseurs 
for many years. Mr Kltson’s 
perceptive introduction helps us 
:n appreciate Claude's sophisti- 
cation and stylistic elegance. 

. DENYS SUTTON 


This book is unclouded joy. 
It will, of course, be seized on by 
ail devotees of Sherlock Holmes 
and the Higher Criticism of the 
Holmes’ canon. But it will give 
both pleasure and enlightenment 
to anyone with a taste for mock- 
serious scholarship. 

Mock-serious isn’t really the 
right term. Mr. Hall applies the 
entire apparatus of tbe scholarly 
virtues to what solemn persons 
would regard as a trivial topic. 
He has industry, very high 
literary and correlating intelli- 
gence, and the courage — which is 
a prime requisite for a good 
textual scholar— to know when 
the reserves of exactitude arc 
exhausted and it is necessary to 
take a risk. Sometimes, too 
often, oae- sees incomparably 
less professional and imaginative 

scholarship applied to major 

topics. This is particularly true 
of certain domains of Eng. Lit. 
studies. It does seem slightly 
edd that Mr. Hall should devote 
his talents, high by any academic 
standards, to this particular sub- 
ject. though it is agreeable for 
the rast of us. 

He is a long way ihe best of 
the English practitioners of Hol- 
mesi3n higher criticism. He has 
far more direct insight than. say. 
Ronald Knox or S. C. Roberts.- At" 
first glance, surprisingly, he also 
seems to have a more natural 
relish for any kind of textual 
research. He is, in a subdued 
fashion, very funny, which of 
course .helped because he 'oves 
bis work. 

To see him at his best, turn 
to one of the essays in this 
selection "Thomas Stearns Eliot 
and Sherlock Holmes." It had 
previously. been spotted that six 
lines in Murder in the Cathedral 
were, except for three words, 
identical with "The Musgrave 
Ritual." Notes about this had 
appeared in somewhat obscure 
places. Th*re was a theory that 
the coincidence was a freak of 
unconscious memory. Asked 
about it in a private letter. Eliot 
said firmly that, oo the contrary, 
his use of “The Musgrave Ritual" 
was "deliberate and wholly con- 
scious." Hall has now collected 
all the evidence on this point 
and gone much further. The 
curious word "grim pen" occurs 
in East Coker. It is not to he 
found, in either the concise non 



Sherlock Holmes: some fresh 
deductions 

the comprehensive OED. It must 
be taken, says Hall, from the 
“Griinpen Mire” in The Hound 
of the BaskervUles. 

There is more to come. In 
Old Possum's Book of Practical 
Cats. Macavity is described as 
follows : 

“Macavity** a ginger cat. he's 
very tail and thin 
You would know him if you 
saw him. for his eyes are 
sunken in. 

His brow is deeply lined with 
thought 

his head is highly domed . . - 
He sweeps his bead from aide 
to side 

with movements like a snake.” 
Compare Holme's description 
of Dr. Moriarty : 

“He is extremely tali and thin. 
hi$ forehead domed out in a 
white curve and his two eyes 
are deeply sunk in his head . . . 
His face protrudes forwards, 
and is forever slowly oscillat- 
ing from side to -side in a 
curiously reptilian fashion." 
Hall comments that, if we 
could see Moriarty and Macavity 
together, we would hardly be 
able to distinguish between them 
— apart from the fact perhaps, 
that Moriarty was clean-shaven 


and Macavity, like most cats* 
was dot • t 

Hall traces the textual identity 
throughout the Macavity 
passages. Again, this must have 
been completely deliberate; one 
of Eliot’s clandestine jokes. So 
far as I know, no one before 
Hall bad detected it. 

There is one minor mystery 
which even Hat! -cannot unraveL 
In April. 1929, there appeared 
a five-page article in . The 
Criterion under the title of 
"Sherlock Holmes and fis 
Times." It was signed T. S. Eliot. 
It was an admirable piece of 
enthusiastic literary apprecia- 
tion. Twenty-four years later, 
a Holmesian in Denmark- wrote 
to Eliot asking if he had ever 
written an article on Sherlock 
Holmes. Eliot replied, with hi* 
usual politeness, saying that ho 
was a devoted admirer of 
Holmes, but had never written 
about bint. .. • 

This is baffling. Had he simply 
foreotten ? Eliot was only 65 St 
the" tune, and his memory was 
excellent Or was this another 
of his dead-pan jokes? It. 
doesn't sound tike it. and it 
wasn't in bis style to answer 
to a respectful inquiry in an 
evasive fashion. It remains the 
the strangest puzzle in the whole 
of Hall's brilliant book. 

In the last chapter. ** Conan 
Doyle and Spiritualism," Hall 
shows another aspect of hi* 
talents and a deep and valuable 
one. How did- Doyle come to 
believe in. and defend, tbe most 
transparent frauds ? It is 
generally agreed, by all who 
knew him, that he was hiinreir 
the most benevolent and honest 
of men. unwilling to believe ill 
of anyone. On the other hand, 
he was no man's fool. However 
could he believe in tbe testimony' 
of William Crookes and Florence 
Cook? (Crookes, though a good 
scientist, was very far from 
being a respectable Victorian, 
and Florence was his mistress . \ 
Hall's view, expressed with 
sympathy and understanding, is 
that Doyle wasn't interested m 
the evidence for spiritualism. He 
didn't even look for it. He had 
gone through a religious convert 
sion. He came to spiritualism as 
a convert, and no more thought 
of challenging a manifestation 
than, if reconverted to the 
Catholicism he was bom to. he 
would have wanted to challenge 
the testimony of those who had 
just witnessed a miracle. 


Fiction 


Sodom and Begorra 


BY ISOBEL MURRAY 


The Destinies of Darcy Dancer, 
Gentleman by J. P. Donleavy. 
Alien Lane. T4.95. 414 pages. 


Mrs. Mulvaney by Hilary Bailey. 
Constable, £4.50. 192 pages - 


The Circuit-Breaker by Sheila 
MacLeod. The Bodley Head. 
£4.95. 164 pages 


J. P. Donleaft ; . it is well 
known, writes can brio. And no- 
where more su than in his 
lengthy new novel The Destinies 
of Darcy Dancer. Gentleman. 
The alliteration of the title gives 
notice or the richness within. 
There is much in the novel mat 
is funny: -.there is much that 
is well-observed, well -expressed. 
And yet this reviewer did not 
like it. was disapopioted, re- 
coiled from' tbe feast. 

Why? The novel is- set in a 
decaying Irish stately home, it 
is about the heir, a precocious 
young teenage lad who suffers 
from what can loosely be 
described as Portnoy's complaint, 
and is Irresistibly attractive to 
older women. First |o fall vic- 
tim is- the housekeeper, the pos- 
sibly .aristocratic-. possibly 
Polish, Czech or Austrian Miss 
von B. p whose maiumary develop- 
ment particularly attracts cur 
hero At length, and Frequently. 

The trappings of the decay- 
ing Irish stately home are as we 
might expect, the coulic servants, 
the clever thief, the honest 
rogues, the hunt And ladies on 
the hunt with fascinating mam- 
mary developments. And a short 
visit to a sadistic and decaying 
Irish boarding school. 

Prolixity is the problem with 
this novel. Not the repetitive 
sex scenes, or tbe repetitive 
hunting scenes, or tbe hero's 
erections, or the obscenities, or 
any one ingredient. But too 
much of all of it. too little con- 
trol, too much exuberance and 
predictability. I recognise abi- 
lity here, and am sure others 
will praise the novel: the reader 
is welcome to try for himself, 
but I feel sated with its excesses. 

A relief to turn to a (rather) 
cooler climate. To the world of 
Joe Coverdale, a rather older 
homme jatale than Darcy Dan- 
cer Unexpectedly, Hilary Bailey 
has chosen a man to narrate fcer 
second novel, and occasionally 
this jars: both Joe's own experi- 
ences and his opinions of his 
neighbours and mistresses some- 
times ring a little false. This 
novel is as intelligent as her 
first, Polly Put The Kettle On. 
but not perhaps as evenly ;ronie. 

Prtri-novel and almost part- 
thesis. Mrs, MiUvcmcy tells of an 
apparently general experience, 
the conventionalising of the 
educated middle-class male, and 
the apparently unusual hero's 
reaction against it. By me 
bccinmoj of the novel he lias 

ready caused bis wife and 
children to leave, and he con- 
tinually toys with rejecting 
conventional career success. 

He suffers, apparently greatly. 
He also sleeps with Elmira, the 
Oddly sTrnrtg Antipodean ballet 
1-nnnr, w;:b Jessica, supposedly 
his wife's oldest and dearest 
friend, who may be looking for 
a more promising husband, and 
— eventually — with Katie Mul- 
vaney. who Is different. 

Kane Mulvaney is lri?h. She 
has a Stuffy husband (but all 
the husbands except Joe are 
sruffyj, and impossible children 
with names like Slobban and 


Ajax, and visions. For no utii- 
.mately clear reason, except that 
she is indeed different (but all 
-the women are), Joe opts, for 
• her. As their ' ' relationship 
develops through bomb-blast and 
confidence.' Joe becomes con- 
vinced that they can try to 
remake the world. " 

I found this a more interest- 
ing book than the Donleavy, out 
not. in the end. more convincing. 
The ladies were too unanimously 
ready’ for Joe: his feelings were 
over-analysed, and yet in the 
end., his character lacked depth. 

In The CircuilrBreafcer, Sheila 
MacLeod continues to pursue 
her own original adaptation of 
science fiction modes, as she did 
in X'anthe and the Robots. This 
time, three astronauts are 
trapped in a crippled space-ship. 
One of them, Baird, who has 
special powers of “ autokinesis ” 
and telepathy, can return to 
earth thus, and his mission is 
to recruit someone from his own 
life and someone for each of 
the other two. so as to bring 
all three safely back tele- 


pathlcally. without benefit of 
machinery. 

The novel is actually about 
Baird’s relationships in each of- 
these three "circuits.” There is 
his own wife, and the dis- 
coveries he will make about 
tbeir feelings for each other 
and about hers for the bead 
of Mission Control. There is 
his partner Devitt's mother, 
whose possessiveness over her 
sons turns out to be less a real 
love than a weapon against her 4 
husband. And most disturbingly, 
there is his partner Huskin'* 
wife, with whom, it seems pos- 
sible, in some subjunctive might- 
have-been. that Baird could have 
found happiness. 

But all are in the bands of 
the sinister head of Mission 
Control, and so the novel can 
be broken off. old and new 
circuits together. Sheila Mac- 
Leod is not yet. one feels, writ- 
ing at full-stretch, and yet she 
seems to have more freshness 
and individuality than either of 
the others, and is already an 
accomplished writer. 


COMPAGM FRANCAISE 
DE L’AFMQIIE OCCIDENTALS 

At a Meeting held on the 19th April I97S, the Board 
examined tbe accounts for the financial year ended 
31st December 1977. 

The net profit after depreciations, provisions and taxa- 
tion, amounts to Frs. 52,453,747.75. This figure includes an 
exceptional profit of Frs. 15.074.S54.02 induced by the sale 
of a further 20% of the shares of CFAO (NIGERIA) LTD., 
as required by Nigerian law. Without this profit, the result 
for the' year would have amounted to Frs. 37,378,893.73, an 
increase of 13.1% over 1976. 

The consolidated accounts for tbe Group, which this 
year do not include the figures in respeot of CFAO 
(NIGERIA) LTD., following the decrease in percentage of 
control in . this company to 40%, show a net profit of 
Frs. 139.8 million, an increase of 33.5%, against a turnover 
of Frs. 5,700 million, an increase of 21.0%: 

'Hie Annual General Meeting called to approve the 
accounts for the year 1977 has been convened for the 
21st June next at 10.30 a.m. in Marseilles. The Board will 
propose a dividend of Frs. 16 50, pins a tax credit of 
Frs. 8.25. giving 'a total of Frs. 24.75 (compared with 
Frs. 21.15 In 1976), for each of che 1.440,000 shares 
representing. the capital at 31st December 1977. 


Grindlays Bank Limited 
Interest Rates 

Grindlays Bank Limited announce that 
their base rate for lending will change 

from 7|% to 9% 
with effect from 11 May. 1978 

The interest rates paid on call deposits will be:— 
call deposits of £1,000 and over 6% 

(call deposits of £300-£999 5%) 

Rates of interest on fixed deposits of over £10*000 
will be quoted on request 

Grindlays 
Bark 
Limited 

Head Office: 23 FcnchnnA Sheet, London EC3P3ED Tel: 01-6260535 







! "“ **V: 

" !1 f . , 

■ 11 "If, 
'"‘V, . 

, **-1 :n :il| *!*. 

•• U , 

"ii; 

\ '■ i* V'? j 

*>.£.* 
,l -1 V/ 

- ,l 

.'■"r 4. 

: I , "‘I'm*,. 


EBTraBTAirWR BENFIEITANDTCDSCHOEIBtS 
• RESEARCH 

Bubble memory is 
developing fast 


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THE SPEED -at which, magnetic 
bubbles— tiny cylinders of mag- 
netisation in certain materials 
can, be moved Is important when 
these bobbles are to be used 
in memory elements for com- 
puters. Philips Research Labora- 
ties have developed new 
materials in Which -the bubble 
speed is 30 to 100 times faster 
than in previously known 
materials. 

Babbles may be present in 
thin anisotropic layers of a 
magnetic material in which the 
preferred direction of magneti- 
sation is at right angles to the 
plane of the layer 

By applying a rotary magnetic 
field in tbe plane of the layer 
it is possible to move the bubbles 
along a pattern of Permalloy 
strips arranged. on the layer. Tbe 
speed at which these bubbles can 
move Is very important because 
it determines the maximum fre- 
quency of the rotary field and, 
therefore, the maximum clock 
frequency at which bubble 
memories can be operated. 

An earlier investigation at the 
Philips laboratories revealed that 
the speed of the bubbles can be 
increiwed considerably by apply- 
ing a field strength component 
parallel to the layer, in addition 
to the external perpendicular 
field. With the usual bubble 
transport method it . is impos- 
sible. when using the rotary field, 
for this extra field to be applied 
by external means. 

Investigations at the above 
laboratories have shown that 
magnetic layers of manganese, 
europium and latetium contain- 
ing iron garnet deposited bn the 
(110) face of a.single-crystal sub- 
strate of ’tbe nonmagnetic 
gadolinium-gallium-garnet have 
tiie desired properties. Bubble 
speeds of up to '500 metres/ 
second have been measured in 


these layers, where conventional 
layers reveal bubble speeds of 
only 5 m/s. 

Philips. Research Laboratories. 
POB 523; Eindhoven The 
Netherlands. 

Meanwhile, at . Yorictown 
Heights, an IBM research team 
-using currently available 
materials and technology, has 
achieved an eightfold reduction 
in bubble size, which means that 
much more in Formation will be 
stored in the same area of garnet 
material than hitherto. 

The IBM experiments demon- 
strated. that stable magnetic bub- 
bles as' small as four-tenths a 
micron in diameter can be 
formed, compared with -the 
three- to-five-micron bubbles used 
in devices to-day. A micron is 
1/25,000 of an inch. 

Tbis decrease in bubble size 
provides potential for a 
dramatic increase In the amount 
of information that could be 
packed into a bubble device in a 
given area, because each bubble- 
— regardless of its size — can hold 
only one “bit " of information. 
Thus, a square inch garnet with 
three-micron bubbles today can 
hold 3m. bits of information, 
whereas in the near future a 
square inch of garnet material 
may be able to hold 100m. bits- 

The researchers focused their 
attention on measuring the. physi- 
cal and chemical properties of 
garnets, examining the formation 
of magnetic bubbles in magnetic 
fields representative of. those 
needed for bubble devices. 

Although their work did not 
include the making of devices 
(actual computer components), 
the study furnishes important 
basic data needed if devices 
using bubbles smaller than a 
micron are to he designed. 

More from IBM on 01-935 6500. 


TITANIUM alloys are light In 
weight and have the attractive 
property that they are still very 
strong even at high temperatures, 
properties recognised as indispen- 
sable by the aircraft industry. 
Titanium alloys have also found 
increasing application in industry 
for highly stressed machine pans. 

It is. however, difficult to form 
these materials with conventional 
techniques. The Brown Boveri 
Research Centre at Dattwil!, near 
Baden. Switzerland, is at present 
involved in the investigation of 
new forming techniques. 

It has been observed that 
titanium can be plastically 
deformed to a large extent under 
specific conditions. In this so- 
called super-plastic state, which 
occurs at around 950 degrees C. 
tbe material can be pressed 
slowly into a die held at the same 
temperature, with relatively low 
pressure. Very fine structural 
details can be formed with great 
precision, so that in a single 
operation — called isothermal 
forming — the component is given 
its final shape. This is very 


COMPUTERS 


important since it eliminates the 
need for a separate finishing 
stage. 

A prototype 300t press, shown 
right, had been developed by 
Brown Boveri. The press ram 
and the die set, which is induc- 
tion healed, are in a vacuum 
chamber. This can be filled with 
argon, and is accessible through 
a vacuum lock which allows quick 
loading and unloading of com- 
ponents. All parameters— tem- 
perature, protective atmosphere 
and pressure — are tightly con- 
trolled throughout the forming 
process. 

Extensive trials by Brown 
Boveri have shown that with 
certain alloys, isothermal forming 
is an economical forming process. 
It is especially suited to materials 
which are expensive to machine 
and for highly complex forgings. 
High tooling costs are more than 
offset by reductions in material, 
forming and ' machining costs, 
compared with other forging tech- 
niques. These results are now 
serving as a basis for future 
research into isothermal forming 
for other types of materials. 

More on 01-828 9422. 


Woolwich goes on line 


3 Clip oh head saves fish 

• vt -i i, - * . 

.. : , lir » r THE DEMAND FOR' tropical 
■. i i„ in this country more than 

. ; ■-% , , exceeds the supply, says the 
... ; 'Tropical Marine Centre of.Bore- 
h am wood, Herts, whose director 

—travels extensively -to the Far 

East and Caribbean, in pursuit 
of these exotic stories. And, after 
obtaining the fish there is the 
problem of preserving; storing 
and packaging the fish for dis- 
tCA nn unKutribution .to the trade. . - 
lb C BEL WUKM Manual closing of polythene 
bags containing marine fish is 
often hazardous as this involves 
• -?d winding elastic bands tightly 

round the • bags to obvi'ate 
escape of oxygen, taking up time 
.... <:l and- running into; high .labour 
, r. 1 costs. • -.7 ■ .- • . ■ 


Now with the use of Tipper 
Clippers C 206 clippers from Ben 
Langen (U.K.), the fish are indi- 
vidually packed in a bag con- 
taining synthetic marine, water, 
a push button oxygen valve in- 
flates the bag giving necessary 
supply of oxygen to ensure 
survival and, almost simul- 
taneously, the hag head is 
inserted into the receiver section 
of the dipper which then applies 
an air and water tight plastic 
coated metal dip fastening. 
Bagged marine fish are ' then 
placed in polystyrene insulated 
transit cases, holding .up to 30 
bags, Cor despatch. ■•- - 
More on 01 450 "21^5. 


WOOLWICH Equitable Building 
Society — Britain's fifth largest — 
is to establish a computer com- 
munications network to link all 
its branches to its central com- 
puter. 

Code-named NIMROD (Net- 
work for Investment and Mort- 
gage Real-time On-Line Data 
processing) it will give cashiers 
in branches all the current in- 
formation on the state or cus- 
tomers* investments and 
accounts. The terminals, which 
will be placed on branch coun- 
ters. will also enable cashiers to 
keep customers' central records 

• IN THE OFFICE 


up-to-date and provide printing 
facilities for the automatic writ- 
ing up of passbooks. 

The system will be based on 
the IBM 3600 range of financial 
communication terminals, linked 
to the Society's 370/145 
machine. 

Implementation of phase one 
of the system will start in 
branches located around the 
Society's headquarters in South 
London in the last quarter of 
this year. By 19S0 all Woolwich 
branches throuehout the U.K. 
will be connected. 

More on 01-854 2400. 


Handles fragile archives 


AVAILABLE FROM ELke Micro- 
film Company is an electronically 
controlled photographic exposure 
system aimed particularly at 
those organisations that have to 
microfilm newspapers, books and 
other old or rare documents. 

The system uses a single 
“ projectable " photocell that is 
one with a light source behind it 
which throws the shadow of the 
cell on to the .document for 
pwdse location purposed.' The 
cell ban control ' the' projected 


subject image brightness auto- 
matically via electronic circuits, 
or readings can be taken for 
manual adjustment if non- 
standard densities are needed in 
the film. 

First customer for the unit is 
the British Library newspaper 
section at Colindaie in north-west 
London, which has ordered -seven 
after initial trials. 

More from tbe company at S 
flowers Mews. Archway Close. 
London NI9 3TB (01-340 9265). 


• PRINTING 

Fast full 

colour 

production 

A WEB OFFSET pres- intended 
for quality printing has been 
inaugurated at AB Perfekta- 
Tryck in Sweden where it made 
its maiden run by printing a 
complex full-colour publication 
at a speed of 30,000 signatures 
per hour. 

Short make-ready time coupled 
with high running speed were 
the features demonstrated at the 
installation at Perfekta which 
consists of five printing units 
and a folder, a two-pass dryer 
and automatic reelstands. 

The press, called SOLNA C96. 
from the Swedish maker, was 
proved to have a very low noise 
level and by recovering heat 
from the dryer the company was 
able to heat its whole build- 
ing. thus saving considerable 
amounts of energy. 

Sole agent in the U.K. and 
Ireland -for the Solna press is 
Pershke Price Service Organisa- 
tion, Dover House. 141 Morden 
Road, Mitcham, : Surrey CR4 4XB 
(01-648 7090).' 


COMMUNICATIONS 


Speeding the traffic 


URBAN TRAFFIC control 
equipment for the City of Nor- 
wich lias been ordered from 
Plessey Controls. 

Although capable of driving 
200 units uf street devices, the 
initial installation will cont.Ml 
120 on-street units, compri^nc 
50 traffic signals and 70 Pelican 
pedestrian crossings. 

The Norwich network :s in 
the mid-range of traffic ccmriMi 
systems available from Ples-ey. 
The recently announced Co- 
ordinator 1010 system, control- 
ling. 36 units in Torbay, >$ an 
example of the lower end of the 
range, and the system in 
Leicester— which has been expan- 
ded to include Loughborough, 11 


miles away — is an example of 
its inbuilt capability for expan- 
sion 

The system in be installed in 
Norwich will have two PK'I 
PDP11 series computers and will 
comm] the on-street units via 
Post Office telephone lines ikuu: 
the Plessey Telecommand-® data- 
ira remission equipment. 

All Norwich traffic signals will 
be synchronised ;o minimise 
traffic delays. In addition, the 
system wilt continuously monitor 
tbe correct operation or the 
traffic controllers and will sub- 
mit them to a thorough diagnos- 
tic test once evcli day. Instal- 
lation is expected to be comple- 
ted in 1979. 


• SAFETY 


Gas terminal watchdogs 


ABOUT £200.000 has been spent 
on fire prevention and gas leak 
detection equipment at the St 
Fergus North Sea gas terminal 
in Scotland. 

Tbe equipment was manufac- 
tured and installed by Graviner, 
a member of tbe Wilkinson 
Match Group. Graviner has also 


supplied safety equipment for 
Total Oil’s natural gas treatment 
plant on the same site. 

High risk areas have been 
equipped with over 260 smoke, 
rate of rise and fixed tempera- 
ture detectors, continuous line 
.temperature detection equip- 
ment, flame and gas detectors 
and various other safety devices. 


THE BBC is to conduct a few 
weeks of experiments from its 
Poniop Pike transmitter at 47 
MHz m order to explore the pos- 
sibilities of broadcasting digitally 
coded audio signals in band l ag 
a public service for the future. 

Similar experiments are in 
progress elsewhere in Europe — 
in Holland for example— where, 
because of the number of chan- 
nels available to the domestic 
receiver un VHK. listeners have 

some trouble in knowing which 
station they are tuned to. With 
digital rather than analogue 
broadrasting it brenmes possible 
to “ smuggle " data digits over 
the air which can be used by 
the receiver to give an automatic 
display of tbe .station name. 

The BBC. says that, given a. 
need or demand, several types of 
signal, including new data *er*’ 
vices, could be made up into a 
common package using the time 
division multiplexing technique 
afforded by digital operation. 

Clearly, there is the prospect of 
furl hr r Teletext services being 
broadcast in this way. 

However, the Corporation also 
has in mind the possibility of 
usins a VHP digital service to 
replace, nr provide an alternative 
to. the present medium wave 
system which has .i rather 
variable night l mm range and 
suffers from overcrowding of the 
bands 

At present these frequencies 
f41 to 6S MHz) are used for the 
“old" 405 line television broad- 
casting and there is as yet nj 
clcar-cul dale for termination. 
When they heroine free, however, 
there will he ni£e than one con- 
tender for theii use. There is 
likely to be a notable confronta- 
tion between the .broadcasting 
and mobile radio lobbies; 1 

The BBC experiment will be 
concerned mainly with finding 
out whal is possible in terms of 
received signal strengths and 
likely service areas (which are 
in theory thought to he larger 
for digital than analogue, all 
other things being equal). 

Engineers will be looking at- 
the reception of digital signals 
under various listening condi- 
tions, such as with a whip aerial 
in a car. a fixed dipole at home 
or a ferrite rod inside a receiver. 
The latter could, with modern 
materials, provide an efficient 
aerial for VHF portables. 


c 











• An open letter to Captains of British Industry from 

' Pye Tteleconumnucations Limited, 

1 We are.confldent that most of you will eventually recognise the value 

• of instant business communication via twoway radio. So we have just 
• ; ? invested £5% million in building a new HQ and factory complex in 
Cambridge. . ■ 

We regard our investment as the start of a campaign • . 

Already, you - collectively, thatis - save about £200 million a year* by 

fusing two-way radio. ....... * _ 

However, it is a fact that you - again, collectively- potild save another 

£800 million. 

Simply by-using more two-way radio more often . 

By, in fact, using as much of it as frequently as they do in Sweden, to 
name only one other country. 

,\]\i Or as they use it onthe buses in Sheffield, even. 

L There they liave base-to-bus and bus-to-base radio for steering around 

I ’ traffic congestion and staying on schedule. And for putting the brakes on 

vandals and rough stuff. . ’ 

^ But two-way radio isn’t just for talking - "over to you Roger ana out. 

„ It is also automatic sigradling to 

I I Thames Wafer Authority, which mans un-mannable out-stations by radio. 
With automatic monitoring devices triggering warnings back to base. And . 
computers at base asking but-stations questions - and-getting answers - 

.iii/ automatically- r , v r- 

Which reminds us that national institutions - tor example, police, tire 

brigades, ambulance services, gas boards and British Rail -are streets 

ahead of Brirish Industry in taldiigadvaiitage. ■ 1 . : ' ' 


to be Mtting-you'squarely betweenthe eyes 






The savings - on petrol not consumed on unnecessary journeys, on 
tyres not worn, vehicles not replaced, telephones not dialled and paper not 
written on - are already self-evident to thousands of businesses in Britain; 
large and small 

So are the bonuses, competitively speaking. Two-way radio can speed 
things up so much that you not only stand to save an extra £800 million. 

But also to make an extra £800 million with the increased efficiency it 
brings. 

Big-ish figures perhaps, but they can be achieved through only modest 
investment by companies individually. 

For instance, equipping only 5 vehicles would cost you under £1.00 
a day per set on a 7 year fixed price rental maintenance contract. Even 
more vehicles, even lower cost. And that’s before tax! 

We expect British Industry will see the light as we said, eventually. 

But you, as Captains of same, could make it sooner, rather than later - 
by asking your lieutenants what they’re doing about two-way radio 
communication now. 

If need be, they can always ring up our new Campaign HQ here 
[0223 61222) and ask what they ought to be doing. 

That’s one of the jobs we built it for. 

The Panneli Report 1977. A copy is mailable to you on request 


Graham West, Marketing Director 
Pye Telecommunications Ltd, Cambridge 
Telephone Cambridge (0223) 61222 
Telex 81166. Cables PYETELECOM 


Wpa Its a mobile 
radio world 







APPOINTMENTS 


DIRECTOR 


Scope, opportunity, and challenge abound in this new 
appointment. Growth prospects at home and overseas are. 
significant for this successful British Company that has an 
established market position for its specialist range of own label 
grocery products that seO to prestigious major national accounts. 
Technical proficiency in product innovation to meet market 
opportunities and financial strength are added advantages. 

There are two main tasks: direction and management of the 
total sales effort to accelerate market penetration in Uiv. and 
export markets, and personal selling at top level to major 
accounts. Profit accountability is to the Chief Executive. 
R?rformance standards are stringent and the tempo is fast end 
demanding. 

A record of substantia] success in selling, market development; 
and management at senior level of high quality own label 
merchandise to the grocery sector including export, is the prime 
requirement Comprehensive knowledge in managing and 
servicing fully the point of sale is important 

Age: late 30 's. Salary in five figures will be for negotiation 
and will match the record and potential Car provided. 
Location: London. 

Success can lead to career progression into general 
management 

Letters from suitably qualified men or women should include 
a detailed curriculum vitae including salary progression to date 
which will be handled in confidence by Dr A G Roach. 






Deputy 

Group Comptroller 

• this Ss a British group "with world-wide service activities 
manufacturing much of its associated equipment in the United 
Kingdom. Turnover exceeds £110 million. 

• the Deputy will be responsible to the Group Comptroller who 
is a member of the Group Board, and will relieve him initially of 
the supervision of the Group Financial Department. As a board 
member of certain subsidiaries and divisions the Deputy will be 
particularly responsible for reporting on the financial state of all 
overseas operations, and will understudy the Group Comptroller 
in his role as a member of a small senior executive team responsible 
for group corporate planning and strategy. 

• commercial experience and an accountancy qualification are 
necessary, as well as proven ability to lead a well qualified staff. 

• preferred age around 40. Salary £15,000. Location Central 
Loudon. 

"Write in complete confidence 
to J. E. B. Drake as adviser to the group. 


TYZACK & PARTNERS LTD 

MANAGEMENT CONSULTANTS 

10 NALLA.Vf .STREET ■ , IONDOV WIN* 6 d f 


12 CHARLOTTE SQUARE 


IONDOV WIN* 6DJ 
EDINBURGH IHI ADN 


Managing Director 

for an expanding division of a well established public 
company in the Midlands. It provides products and services 
to industry across the uk. 

• profit responsibility will be to the Group Chief Executive. 
Turnover is now £13111 and plans arc laid tor rapid growth 
through existing and new products. 

• the need is for a background in marketing management 
coupled with profit responsibility gained in a significant 
company selling products or services to a wide spectrum of 
manufacturing industry. A real desire to achieve profitable 
growth is essential. 

• salary will interest those alreadv earning at least £i*.ooo. 
Age: early 40 s. 

Write in complete confidence 
to P. T. Prentice as adviser to the companv. 

TYZACK & PARTNERS LTD 

management con> ui.t vsn 

10 HALLAM STREET * . LONDON' WIN' bD/ 

12 CHARLOTTE SQUARE *• EDINBURGH EH 2 4 DN 


Sales Director 

PROCESS ENGINEERING PROJECTS 

■ this is a new appointment within the project management subsidiary 
of a giant uk engineering group. The objective is to identify and undertake 
profitable projects, at home and overseas, drawing on a wade range of 
engineering disciplines and systems. 

• REFo:^D5nrnr is to the Managing Director for developing a sales and 
marketing effort capable of operating internationally to find and negotiate 
major turnkey projects. 

• the requirement is for a record of commercial success in technical sales 
at a senior level. This will probably stem from a formal qualification, 
backed, by appropriate experience of process, chemical or mechanical 
engineering and a sound finandal insight. 

• salary is negotiable into five figures. Age: 35 - 45 - Location: the 
nor th-c ast of England. 

Write in complete confidence 
to P. Craigic as adviser to the group. 

TYZACK & PARTNERS LTD 

MANAGEMENT CONSULTANTS 

12 CHARLOTTE SQUARE • , EDINBURGH EFT 2 4 DN 
SO HALLAM STREET LONDON WIN 6 DJ 


Banking 

OIL INDUSTRY 


■ THIS appointment is. crucial to the further development of 
international oil industry business for a leading. London, 
based bank, 

• with the overall goal of increased financing capability in 
this area, responsibility' includes project feasibility analysis and 
appraisal, financial structuring, negotiation and marketing. 

• the requirement is for significant directly relevant 
experience in a bank with substantial business in oil industry 
financing. 

• preferred age: middle 30s. Salary not less than £12,000 
with excellent additional benefits. 

Write in complete confidence 
• ; to A. Longland as adviser to the bank. 

TYZACK & PARTNERS LTD 

M A NAGEMENT CONSU LTANT5 /' 

lo HALLAM STREET • , LONDON' WIN 6dJ / 

12 CHARLOTTE SQUARE EDINBURGH EK2 4 DN f 


Export Management 

SOUTH AMERICA 

for Arthur Bell & Sons Limited, die well-known Scotch wliisky 
group. Bell's arc brand leaders in the UK and arc aiming at a significant 
increase in their overseas markets. 

■ this is a new appointment, responsible to the Managing Director 
lor die control and development of Bell's sales and marketing 
activities in South America and tbe Caribbean. It involves overall 
market planning as well as active personal supervision and liaison 
with an established agency network. 

• proven success in export sales management is the key* requirement. 
This should have been in a demanding and sophisticated consumer 
marketing environment. Based in the uk, the appointment will 
demand up to nine months presence in the market each year so that 
experience of extensive overseas travel is essential. 

• rewards arc high and will be attractive to candidates currently 
ejruing in excess of £10,000. Age: 35-40. 

"Write in complete confidence 
to P. Craigie as adviser to the group. 

TYZACK & PARTNERS LTD 

MANAGEMENT CONSULTANTS 

12 CHARLOTTE SQUARE - , EDINBURGH EH2 fiv e 
IO HALLAM STREET LONDON' WIN uDJ 


Financial ’ Times Friday May lff'l gfti 

I COMPANY NOTICES 


gold fields group 
deelkraalgold MINING COMPANY UMrr^Q 

MneorporaWd i« RepuWfc of Soat* AfftrtJ 

OFFER OF SHARES TO MEMBERS TO RAISE R47.502,QM 

SSfZSZiXdSlZ SUffirffWE 

L«e« nf Allocation mini b* to**- only with the South African 

b ^^ W “.rmRs"oF ALLOCATION WILL ONLY BE ACCEPTED 6T THE 
LONDON LETTERS OF ALL REG jsrAAA fROM AN AUTHORISED 

SfHS'w- mr:: 

GOLD FIELDS OF SOUTH AFRICA UNITED,' 
SWMUrics, 
. PW 0. ). WH a 

Head Offhw ^R^oaS? 

ia * ieo 

jphannetburg. 

2001 

12 May S978 


JUNIOR EUROBOND DEALER 

An international investment bank located in Mayfair area seeks 
a Junior Dealer with 6* 1 2 months' experience to Operate in the 
field of Japanese convertible bonds. A knowledge of Schweteer- 
Deunch will be an advantage. The salary envisaged will be 
around £5.000 per annum, plus free buffet lunch. 

Applications In writing to Bov A6346. 
financial Times. TO. Cannon Street. EC4P 4BY. 


EUROBOND SETTLEMENTS! ODrortDi.it, « 

lor someone with sound k nan I edge of 

me :» lam inc City g!hce ol 

a leaning Foreign Houle 2T-ZB U.000 
n *9 Monies Grave. Reo-uitmen: Can- 

•u'Unfv 839 65«2. 


CLUBS 


EVE 189. Regent Street. 73a QS57. A u 
Carte or All. la Menu Three Spectacular 
noor Snow 10.45. 12.45 and 1.45. and 
; nolle ol Johnny Hawkeswortfi A Friends. 


GAR S£J rl *V 6 ^.,^ c " ,, kanoon W.J. 

HEW^STjUJTEASE FLOORSHOW 
THE GREAT BRITISH STRIP 
S'idk ar M, anight ana 1 a m. 
Mon.-Fn. Clesefl Saturdays. al-437 6435 


Industrial 

Development Officer 

up to £7600 

This is a fait opportunity for a senior rrofc««uinal man 
nr woman to makes substantial per?onai contribution 
in tbc important area of industrial development in 
Eastern Scotland. 

Tbe appointment involves the preparation and 
implementation of a programme for the re riultsation of 
industry and commerce within the Kirkcaldy District. 
Ideally suited for industrial and commercial activitics. the 
area is well-served with road and rail connections and 
has its own harbours and airfield. Edinburgh and Dundee 
are within env preach, and there are excellent recreational 
and leisure facilities. 

The person we seek could have an industrial/ 
commercial background or be from the professions. The 
main qualifications, however, arc personal drive, 
enthusiasm, initiative and the presence necessary in high- 
level negotiation. __ 

The salary of up to £7600 reflects the importance we 
place on this appointment. Condition? of employment are 
good and generous assistance is given with relocation 
expenses. 

Application forms and further particular* are available 
Arm the Chief Personnel Officer, Kirkcaldy District 
Council, Town House, Kirkcaldv .Fife. 

Telephone No. {0592) 61 144. " 


Kirkcaldy; District'Counci! 


commodity appointments ltd. 

i »lP|jJli4iV,Mlicr»liinwt specialists iot 
I g* Commodity Markets Tel Graham 
r Stewart. 01-439 1701. 


FINANQAL 

CONTROLLER 

„ «- £11.000 * Car 

Our client, a muln.iutliir.il cor. 
Duration. uraeiKW ««•*» an 
ambitious quitted accountant 
^9-40< who ha* ftac consider, 
able oaoerience in the private 
buldiirv Mrtor. Directorship 
prospects. 

U.K. EQUITIES 

£84100 -r MS. 

Highly mon/Btcfl Individual 25- 
32. with research or sales exp. 
to ioln expanding institutional 
Sales desk ol large hrm and 
Promote work ot certain highly 
regarded analysts. Partnership 
prospects- 

TREASURY 

.. e. £9.oon 

canker or qua 1 1 hod accountant 


a 


53 S 5 5 SB 


THE COUNCIL OF EUROPE 
RESETTLEMENT FUND for 
NATIONAL REFUGEES 
AND OVERPOPULATION 
, IN EUROPE 
LOAN OF SU.SJOd300.000 
91% 1975-1964 

Holders of the abO*S iBwnenri loan 
are herewith informed that tin Wit 
annual instalment covering an aggre- 
gate amount of 3US2.850.0DD Iw 
been effected by drawing by. tot which 
took placo on 27th April 1 978 In uic 
presence of a notary public. 

The bond numbers selected by lot «r« 
the following:— 

numbers 4267 to 7116 Inclusive- 
The bonds so drawn become redeem- 
able u par on and after I5tn Juno 
1978 it the offices of- tbo following 

^SSaNOUE INTERNATIONALE 
A LUXEMBOURG 5.A. - 
LUXEMBOURG 

SOCIETE GENERALE - PARIS 

_ALGEMENE BANK NEDERLAND 
N.V. - AMSTERDAM 
•_BANOUF BRUXELLES LAMBERT - 
BRUSSELS 

—BERLINER HANDELS- UND 
FRANKFURTER BANK - 
francfopt/m. 

After the above stated redemption 
■date die amount of bonds remaining 
outstanding will be SU5! 7. 150,000. 

8ANQUE INTERNATIONALE A 
LUXEMB*"" 
Soci£t6 Anonyme 
Fiscal Agent 

Luxembourg. 12th May. 1978. 


KINGDOM OF DENMARK 

1971/1986 8% UA 25.000 .000 

on April 28. 1978. Bonds tor the 
amount of UA 1.928.000 have been 
drawn for redemption in the presence 
of a Notary Public. 

The Bonds will be redtiporeed 
coupon no. 8 and ■ following attached 

On and after June 29. 1970- - - 

- • TM draw A □■■ban tores are- thosc.- 
NOT VET PREVIOUSLY REDEEMED, 
included In the range beginning at: 
14613 to 17064 Inc* 

Amount subject tn. redemption: 
UA 2.000.000.- 

Amount bought on -the market 
UA 72.000.- 

Amouitt una mortized: UA 

17.000.000- 

OutstaMlng drawn bonds 
4749. 475S. 4769 to 4772 ind.. 4774. 
4787 and 4768. 4807 to 4317 Ind- 
ia 64 and 4885. 4905. 4913 and 
4914. 5001 to 5009 inti.. 5026 to 
5029 ind.. 5036 to 5039 Ind.. S046 
to S04B Inel.. 5051 to 505S Ind- 
5057 tn 5060 ind.. 5079 5067 5141 . 
5149 and 5150 5153 and 5154. 

5156 5162 to 5171 ind- 5182 to 
5186 Ind.. 5189 to S205 Ind- 5211. 
5227. 5411 to 5420 ind.. 5425. 5428 
to 5431 Ind- 5435- 5446 to 5475 
ind. 

Luxembourg. May 12. 1978. 

THE THU ST EE 
T1N1MTRUST SA. 


THE BURMAH OIL COMPANY LTD. 


7*i 1972-1987 
FLUX 500.000.000 


Holders of ihe above-mentioned loan 
are hereby iniormed that Ihe annual 
instalment ol Flu* 50 000.000— due 
JOtti June. 1978 his been eartially 
ejected by reourcnaie in the market 
ol an aggregate amount ol Flux 

2.000 000 — and oartiall* by ilrawing 
by let of the remaining Flu* 

48.000 000. 

The following bands nave been orawn 
On 28lh Aorli 1978 in ihe oresenre 
Of a notary public: 

Numbers 83R3 to 9781 Inclusive 
These bonds win be redeemable ai 
par on ana alter »oth June 1978 with 
all unmanned coupons attached there 
Uk 

The principal amount ol bonds out- 
standing alter Hie amortisation ol 
30th June 1978 win be Fhiv 
450.000.000 

BANQUH INTERNATIONALE A 
LUXEMBOURG 
Sodebi Anonvmg 
Paving Agent. 

Loeembourg. 

12:h Mav. 1978. 


TOKYO SANYO ELECTRIC 
CO„ LTD. 

(CDRs) 

The undersigned announces that the 
Annual Report for tha year ended 
November 30ch. 1977 of Tokyo Sanyo 
Electric Co., Ltd. 
will be available in Luxembourg at: 
Banque Gentralo 
du Luxembourg S.A. 
and further in Amsterdam an 
Algemane Bank Nederland N.V.. 
Amsterdam -Rotterdam Bank N.V., 
Bank Meet & Hope N.V.,- 
Pierson. Hcldring & Pierson N.V.. 
KibAuociatie N.V, 

AMSTERDAM DEPOSITARY' 
t , COMPANY N.V. 

Amsterdam, 

Way St*. 1978. 


• 117 GROLP FUND 

satfeid anonymi- 

Registered ORIcc; I.UXE31ROURG, 
id. niu AMriRiSeo 
Rc-uieire 4v Cumnierc.' 
LL'XEMBUURC. ,«er|!oA B Xu 

-• DIVIDEND AN NO UK CEMENT 

Thu 117 GROUP FUND S.A. Mill 
par a- IB cents USA linai dividend 
per share on or after Jimp 2 nd. i«w 
la bidders on record ai dose of busi- 
ness May Sad. l<m. Shares will be 
traded u-dlrldend afttr May 2nd, 
1878. 

The dividend ts payable 10 holders 
of bearer shares against presentation 
of coupon number 11 ai: 

— Bannuo CdiiArak; du Luxembourg. 

S.A.. LUXEMBOURC.^^ 

— MhUand Bank Limited, . 

larornadanal Division. 

Suffolk Houkb. 

London EC A oeu. 

ENGLAND. 

The Hoard or Directors. 


STAR EUROPEAN - - 

FINANCE N.V. 

FF 100.0004)00 Loan 8% .. 

1973/1988 

Bondholders are hereby informed ttai 
Cm iniuimtnt ol amortization d« 
June IS.. 1978 amounting., tg 
FF 6.000.000.- hn . b**n antfraly 
effected by repurchuc on the mirkw. 
Fiscal Agent 

CREDIT LYONNAIS— LUXEMBOURG 


sMwra 

NOTICE IS HEREBY GIVEN that the 
Annual General Meeting ol tn« Cwnnany 
wilt be hofd at Empire Dock. sinUHn 4, 
mt Noon on 17in June. 1978 when the 
Directors will recommend tor approval a 
Final Dividend of 6 Singapore cents per 
lOp stock unit loss Income taw ln-retp«ct 
ol the Financial Tear ended 31 Bt Januarr, 
1978 payable on 19th June. 1978 la 
Stockholders on the Registers 41 at that 


year of T7.i: 

p "5Sffcr& 


1 anK.nuiQvi, the Reg I lien as at that 
date, making a total ddlrlbutton lor Me 
(year or T7.122.109 lunowngeO from 

ALSO GIVEN that Me 


SOCIETE5 DE 

DEVELOPPEMENT REGIONAL 
(S.D.R.) 

8?o 1971/1986 UA 12,000.000 

On April 28. 1978. Bonds lor the 
amount of UA 640 00Q have been 
drawn lor > (-demotion In the presence 
of » Notarv Public. 

The Bonds will be - reimbursed 
coupon no. a and following attached 
on and after July 6. 1978 

The numbers ol the drawn Bonds 
are as follows: 

11350 to 11999 fncl. 

Amount purchased in the market: 
UA 160.000.- 

Amount outstanding: UA 

6.400.000.- 

Outs landing drawn Bonds: 

7604. 7699 and 7700. 7785. 7808. 
7310 to 7812 ind.. 7819. 7821. 7828. 
7833 to 7837 Ind.. 7854. 7856 and 
7857. 7884. 7872 to 7874 Ind.. *|81 
and 7882. 8730 to 8745 inef.. 8750 
Ind 8751. 8756 to 8761 Inct.. 9512 
to 9640 Ind.. 9598 to 9702 Incl- 
9705 and 9706. 9726. 9751. 9844. 
9849 to 9852 I "Cl- 9887 to 9893 
Inti., 9921 to 9930 Ind.. 9973 to 
9978 Ind.. 9980 to 9983 Incl.. 9988 
to 9998 Incl- 10002 to 10006 fuel- 
10015 to 10018 Incl- 10025. 10028 
to 10031 incl- 10034 And 10035 
10001 to 10085 incl.. 10090 to 10101 
MCI.. 11104. 11347 to 11351 incl. 
Luxembourg, May 12. 1978 

THE FISCAL AGENT 
KREDIETBANK 
S.A. Luxembourgeoise 


NUiitc 19 -11.1 me 

Trawler Registers 01 tnc Companv „hi 
be dosed from I0tn-I9th jpne. 1978. 
both dates inclusive, tor the prenratlpn 
or dlvincnd warrants. 

Results lor the vear ended 31« Januarr, 
1978 subject lo eomnletion of a mill, wens 

iv7q 1377 

Group Coni winy Group CompiDy 
VOOO S-000 5-000 S-OM 

Sales . . 193.500 180.600 

Investment 

Income 1 &.09S 1 3.520 

‘ ^0?* ’ • * 
before 

UK . 21 .426 1 5.9T5 21 .648 1 5.451 

After charging: 

Dcorecljtion 
of Flved 

ASKU 5 6Z7 — . 5. 358 — 

By Order of the" Board • 

J. D. RAJ. 
Secretary. 

Singapore. 

4th May. 1978- 



ART GALLERIES 


Bwowrci AND DARBY. 19. Cork St., in. 
SICKERT. Mon-Frf. 10.00-5.30. SaL 
10.00-12.30. Last week. 


COLNAGHI. 14. Old Bond Street Wl. 
BRITISH AND FRENCH PRINTS 19th 
and 20*h Century -wid- t-r*,, tnWRY 
DRAWINGS: 10tb-30tli luldy-.'-- Vffcltvt. 

9JB-B. Sat*. 10-1. Tel. 01-491 7408: 


F1ELDBOURNC GALLERIES. 63. Ounens- 
grave. N.W.8. ART IN RELIGION. 


FOX GALLERIES. Exhibition ol the paint- 
logs by Brltlih and Euraoeah ArtHa 
tram 1700-1963. S-6. Cork Street. 

London. W.l. Tel. 01-734 2626. Week- 
days 10-6. Sat*. 10.1. 


GILBERT PARR GALLERIES. 285 King-, 
MILNE— 
3 Mav. Oaen 


LEGAL NOTICES 


In Ihd fUNH C'lliRT OK JDSTICn 
Chanrer- Dinsion Companies CourL Id 
. Ibe Main rs nf 

No. Om.W of 1 97k 

| H. C. C.DRDO?: t CD LIMITED 
\n (KltYls nr TBTt 
SIIRI.RiiY LIMITED 
No. 0BM82 of 197* 

TEAK DALE Dorill.K C LASING J 

LIMITED J 

N'rr. 001481 ai: l»T? ; 

WALSH HBOTHFNR •KICKBL'RTi 
LIMITED 

and in ihe Mailer of The Cwnpanipf 
Art. 1948. * 

NOTICE IS HEREBY GIVEN Ibal 
Pctli luns Tor ihe Windins-Lp of ihe abuse 1 
named Comtianies hy the Hiftb Court ef 
Justice were, on tlw 2nd day nf Mar, 
WT5. pvowniiM to the saM Court h» 
th.’ COMMISSIONERS OF CUSTOMS 
AND EXCISE of Kins' s Ream Houtov 
39-41. Mart l.ane. Lnndun ECSR THEj 
and dial ihe said Penilon* are direct«l 
■ to be Heard IWnre ihe Court jiinnc aj 
I the Royal C-oum nT Justice. ' Strantfi 
j Lmdon VICA 2LL. nn ihe 12lh day 
June 1978 and any creditor or cnnrrllniiiira 
, of anj- -or ihe said Companies deslroitf 
. in supmn or oppure ihe makuw of R 
I Order on any of the anid Pr-U lions may 
[ aptji-ar af ihe time nf hearing In pereoR 
‘ nr hy his Cooasvl fnr ibai purpose: and 
la cow of UK: Petition. wfff be ftmdslKff 
by the untierstonefi to any creditor or 
L-omnbuiory of any of the said comiHiM^ 
I requirtOR such copy on payment of rtpr 
resulatoi rhirae for the same. 

G. F. CLOAK. 

Kiiut's Ream House. 

39-11, Mark Lane. 

London EC3H THE. 

Solielior for the PcutiOHrt. i 
NOTE.— Any person who intends fo 
appear an the hearing of any of tiu 
said Petitions must wry on, or aeod 
by pdR to the above-named, notice in. 
writing or his Intention so to do- Tbe 
notice must state ihe name and address 
n! the person, or. if a Brm. rtm namt 
and address of the firm, and puee M 
sumeil bn ihe pergoP or firm, or his e*j 
j thrtr Solldior ilf any». and nmtt M 
served or. if posted, must be sent w? 
post in sufficient time to reach. the above-; 

1 namd not lairr (ban four o'clock In rt* 
afternoon of thp 9vh Aar of June tiHB. - 


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. Financial . Times Friday May 12 1978 




ement Page 


EDITED BY CHRISTOPHER LORENZ 


T GALLERIES 


I • SP 


. T M i. HI 1*4* 

.. ■ IN U 


, .. ....I*".*;' 


THERE appears to be a grow- 
ing awareness that a low rate 
: of product innovation is at the 
root of Britain's economic prob- 
lem. The argument goes some* 
thing like this: British industry 
is grossly overmanned com- 
pared with other advanced in- 
dustrial economies. This results 
in low efficiency. 

The main reason for over- 
manning is that the powerful 
trade unions are unwilling to 
trade off jobs for higher -wages, 
since there are no jobs avail- 
able for the redundant employ- 
ees. This is- because new types 
of products and processes are 
not being generated at a fast 
, enough rate to absorb the em- 
ployees made redundant from 
older industries such as steel 
and vehicle manufacture. The 
latter must become increasingly 
capital intensive to meet the 
tough -competition from low 
wage, newly industrialised coun- 
tries of the third world. 

The trick, then, is to increase 
the rate of product innovation. 
This will- provide the new jobs 
which will 'allow the trade 
unions to run" down the over- 
manning in the older but still, 

1 think,, essential industries. 

Why is the rate of product 
innovation so low in British 
industry?.. There is no dearth 

MOST BOARDS of directors in 
manufacturing industry wiU be 
in for a rude shock if they 
follow the advice of one of the 
few people in Britain with top- 
level experience in both in- 
dustry arid government. 

Lord Wilfred Brown- wants 
every board to put two funda- 
mental questions to its chief 
executive at their very next 
meeting: “What proportion of 
our turnover do we spend on 
product development?" and 
“Who is responsible for pro- 
duct development- in our 
company, and to whom?" 

"A lot of companies will be 
very shocked, indeed, because 
they won’t know the answers ” 
according to Lord Brown. Even 
if they can,-they will probably 
find .they are spending far less 
than their overseas competitors. 

“ It frightens the hell out of 
me to think that foreign com- 
panies are preparing for a 
future of which most British 
companies are unaware.” Lord 
Brown told a conference on 
product design and innovation. 
“What we’re doing in this 
country is gradually retreating 
from one product market after 
another.” 

Yet international competition : 
was swinging mare and more ' 
from ‘price to design competi- 1 
tion. Customer firms would pay ' 
“ double the price ” for machin- 
ery If it was marginally better 
designed. The future of British 
industry* was !‘,fraug!St with/ 


of suggested reasons— lack of 
capital: too few highly trained 
engineers; a social mood which 
discourages creative people 
working in ibe business arena: 
a tax system which denies suffi- 
cient reward to compensate for 
the hard work and risk asso- 
ciated with product innovation 
— a grossly exaggerated risk. 

The first suggestion is wrong. 
There is not a scrap of evidence 
to suggest that capital is unavail; 
able to support new products. 
The capita! is araifable but it 
is not being channelled into the 
new product sector. The second 
and third suggestions are prob- 
ably valid, see for example 
Alastair Mant's comparative 
work on engineering in various 
advanced economies (see this 
page, October 25, 1977): But il 
we have to remove all these 
constraints before we can im- 
prove the rate of product innova- 
tion, we may as well throw in 
the towel now. The current 
restructuring of engineering 
training will take at least a 
generation to bear fruit and a 
change in social mores, several 
millenia. 

The tax disincentive (point 
four), and particularly CTT, is 
a genuine constraint that could 
he dealt with quickly via a tax 
holiday for several years for new 


w industry is exaggerai 
the risks of innovation 


BY PR0FES50R T. W. McRAE 


products or processes. T donate 
this idea to Mr. Healey's sug- 
gestion box for his next Budget. 
It is on the last point, however— 
the screening process by which 
we select viable new pruducts — 
that I would like to concentrate 
the remainder of this article. 

Over the past few years i have 
had the opportunity of discuss- 
ing new product selection pro- 
cedures with several hundred 
R and D managers who have 
passed through the technological 
innovation courses at Bradford 
University Management Centre. 
Two points strike me very 
forcibly. First, the lack of 
financial evaluation on new pro-, 
ducts by the R and D managers 
themselves, despite the very high 
level of their mathematical 
expertise on the technical side. 
Second, the crudity of the finan- 
cial evaluative procedures em- 


ployed by the non-R and D staff 
When deciding Ihe go 1 — no go 
decision on new technically 
viable products which have been 
developed by the R and D 
department. 

In particular, I am surprised 
by the very high “ hurdle ” rate 
which flow products seem to 
have to achieve to be allowed 
to pass from the development 
to the production stage. It 
appears that, unless a new pro- 
duct can be budgeted to achieve 
25 per cent, to 40 per cent, yield 
on the funds invested in its pro- 
duction, then it is not considered 
viable. It is difficult to under- 
stand the justification for these 
high required yields if The cash 
flow projections on which the 
yield is calculated arc based on 
a properly researched marketing 
report. 

The conventional method of 


calculating a hurdle rate to 
select an investment project is 
to compare the estimate of the 
project's yield with the com- 
pany's cost of capital. A high 

proportion of new capital m 

recent years has come from tax 
deductible fixed interest funds, 
the repayment of which is 
depleted rapidly by inflation. 
Thus, the cost of capital in 
recent years in real terms has 
been exceedingly low to British 
companies, perhaps 5 per cent, 
or less. 

We might, therefore, have 
expected, a prion, a boom in 
industrial investment over ‘.he 
last few years. This, as we all 
know, has not Laken place. The 
failure of total demand to rise 
has left existing productive re- 
sources with spare capacity, 
thus discouraging the extension 
of existing plant producing 


existing products. 

But this spare capacity to 
produce existing products 
should not have affected deci- 
sions about new products. Most 
products have a limited life 
cycle, and a company should be 
continuously pruning and re- 
seeding its products portfolio. 
If the cost of capital is historic- 
ally low. and less capital than 
normal is going into extending 
existing production processes, 
surely this is the ideal lime to 
invest in the development and 
production of new products? It 
would seem so. but it is not 
happening. The high hurdle 
rates applied to new products 
appear to be insensitive to 
changes m the cost of capital 
tor anything else, for that 
matter). 

The problem as I sec it is 
this. IT funds for investment 


are costing only 5 per cunt, in 
real terms, why does British 
industry insist on a yield or 
‘25 per cent, or higher before it 
is prepared to invest in the 
production of a new product? 
1 have put this question to 
several MDs and their reply was 
unanimous. It can he encapsu- 
lated in one word—" risk.” New 
product?; are exceedingly risky 
and therefore ihey must pass a 
very severe financial screening 
lest before moving to (he pro- 
duction stage. 

It is true that new products 
are risky, but does this risk 
really justify a premium of 
20 per cent, to 30 per cent, 
over that of a riskless invest- 
ment? The return on a high 
risk share appears to require 
a premium of around 6 per 
cent, on a riskless investment 
and banks charge around 6 
per cent, above prime rale on 

loans to risky customers. Are 
new products, on which a 
thorough marketing research 
study has been carried out to 
estimate Kite cash flows, really 
so risky that such a thick 
cushion is needed to he inserted 
into the decision process to 
absorb risk? I think not. 

A discount rate or 25 per 
cent, as described ahnw kills 


off all long-term projects winch 
depend on cash flows beyond 
about four years, and dis- 
courages any project with a 
long set up co^l. These arc the 
very types of high technology 
projects which British com- 
panies must move into in order 
to compensate for the loss oF 
lower technology products to 
the third world. 

My comments in this article 
arc stimulated hv some research 
work we are doing into the 
screening process used for 
selecting new products in 
British firms. It seems to me 
that the criteria of acceptance 
being applied at present i< too 
severe, particularly on the finan- 
cial side. I suggest that firms 
look back at new product.-, intro- 
duced in the past and check 
to see if the failure rate w as 
high enough to justify the high 
yields demanded. ! would also 
advise R and D managers to 
learn more about financial 
evaluation pruce«i>us <o that 
they can argue knowledgeably 
about the adoption or otherw :>e 
of their new progeny. 

Product innovation is the 
key to our economic luiuvc and 
R and I) managers hold that 
key. Let's help them use it. 

t w iii-r;.n- « n..i.-v.-i ; ■•". -m 

•ll. fill' I»iii-lf;f i‘l J!r,iiFf.-i.( I.:v I a‘- 
•iirur i ohIi.- 


Two key questions that 
every Board should ask 


disaster unless we can wake it 
up.” Lord Brown told the con- 
ference, organised by the British 
Institute of Management and 
held in London last week. 

Unlike many other “elder 
statesmen ” from industry or 
government — he was formerly 
head of both Glacier Metal and 
the Board of Trade — Lord 
Brown's dire warnings aire not 
based on outdated experience. 
For one thing, the current 
decline of product innovation 
in British industry is part of 
a long-term trend, os described 
on this page a fortnight ago 
(April 28). For another. 
Lord Brown- is still very much 
involved in overseeing product 
development in manufacturing 
industry. 

A member 'of the Govern- 
ment's Industrial Development 
Advisory Board, he examines 
many companies’ applications 
for stale aid under various 
Department of . Industry 
schemes, seeing up to. 30. briefs 
each month. 

His verdict, on these com- 
panies' attitudes to product 
design? “ I am shocked.” ISfot 
tmly were most spending yesj 


than 1 per cent of turnover 
on product development — com- 
pared with up to 4 per cent, 
in the case of foreign companies 
— but many had no idea which 
of their senior executives were 
responsible for product design. 
In other words, it was not recog- 
nised as an identifiable func- 
tion, in stark contrast with most 
U.S., Japanese, German and 
Swiss companies. 


Antidote 


Fart of Lord Brown’s antidote 
to this sickness is for companies 
to-appoint a director of product 
design, who is directly respon- 
sible to the chief executive, and 
who is on exactly the same level 
of status and pay as the direc- 
tors of manufacturing and mar- 
keting, so that he can command 
the necessary resources for the 
staff below him. In addition, 
the chief executive must Insist 
on proper co-ordination between 
design, manufacturing and mar- 
keting. 

Not only new product design, 
but also the improvement of 
existing products, must be en- 
trustetj primarily to -the design 
Side. "I'd always hesitate to 
i let manufacturing tinker about 


with' product design,” Lord 
Brown argued. 

Companies should set targets 
for production design, just as 
they did for marketing and 
manufacture, so that the design 
teams could no longer submit 
to the temptation of diverting 
resources to a tempting-looking 
project along the way. 

Lord Brown also urged 
industry to take more advantage 
of the various' Government 
schemes which offer financial 
support for product design, as 
well as for investment manu- 
facture. 

The BIM conference was 
warned by several speakers 
against under-estimating the 
time it takes to achieve the 
best design for a product. 
Explaining how his company 
had managed to design a. 
machine which was both better 
and 27 per cent, cheaper than 
its previous model. Mr. R. 
Shaughnessy. of Platt Saco 
Lowell, said the precedecessor 
had been over-engineered. 

This, in turn, was partly 
because it had been designed 
too quickly: from design con- 
cept to cdmplete detail -in only 
12 months, compared with the 
four or five years which was 



Should the Government 
do more to help? 


,v not"* 


RAT* 


■ , I 


BANCO NACIONAL 
DE MEXICO 
OPENS 

LONDON OFFICE 


Leading figures of the London finance and 
business world attended last night's reception 
at Claridge's given by Banco Nacional de Mexico 
to celebrate the opening of its representative 
office in London. 

Javier Bustos, chairman of the Board, 
explained that Ban am ex — the name under which 
the institution is generally known — was founded 
in 1884 and that at present its total assets 
amounted to US$5.25bn. 

The bank operates some 500 offices inside 
Mexico and six abroad (New York, Los Angeles, 
Tokyo, Paris, Frankfurt and Madrid), in addi- 
tion to the one just inaugurated, in London: It 
is the principal shareholder of International 
Mexican Bank Ltd., London, which in its short 
life of five years has successfully, promoted 
projects worth, hundreds of millions of . dollars, 
almost invariably in cooperation- with leading 
American and European banks. 

.Mr: Bustos said the opening of the London 
office, which is located at 29 -Gresham Street, 
was part and parcel of ah overall Ban am ex plan 
to develop its international activities, and that 
one of the foremost objectives was to increase 
its inter-bank operations in order to ensure 
greater diversification and contribute still 
further to the socio-economic development - of 
Mexico. 

Mr. Bustos introduced to his distinguished 
guests, Messrs. Pedro Cerisola, executive, vice- 
president, International Area of Banamex, and 
Frank 0. Willy, vice-president, Finance and 
International Loans. 

In charge of the new London office is 
Guillermo Guemes Garcia, another vice-presi- 
dent <rf Banamex, whp.was born in Mexico City 
iii 1940 and educated there and at Stanford 
University. ' After holding various important 
posts in the financial divisions of industrial 
companies, he worked for Bank of America 
prior to joining Banamex. 


f. i^'SSSSKa" "Ssauas:.? vs: 



Lord Wilfred Brown: “ British 
industry is fraught with disaster 

unless we can woke it up.” 

often necessary. The entire 
design process for the new 
machine had taken seven years. 

Itemising how cost savings and 
better design had been com- 
bined, Mr. Shaughnessy cited 
one sub-assembly after another 
where the major saving had been 
on labour rather than material 
He thereby implicitly underlined 
the dilemma of manufacturing 
industry: that unless a company 
can generate new markets, 
better , product design means a 
cur in the labour force, and all 
the unpleasantness which that 
involves. 

Christopher Lorenz 


THE GOVERNMENT has come 
to appreciate the crucial import- 
ance of product design and 
innovation, but is il doing 
enough tn support industry's 
efforts, and make design more 
financially at tractive? 

•Several suggestions for im- 
provement were given to the 
BUI conference by one of the 
Design Council's top officials, 
Mr. Geoffrey Constable. 

Most obviously in the Govern- 
ment's court was his question of 
whether Whitehall was dulng 
enough lo reduce the risks 
involved in new product design 
by offering grants of only 25 
per cent, under the new Product 
and Process Development 
Scheme. 

With many companies prefer- 
ring to invest in more efficient 
manufacturing processes, or the 
adaptation of existing products, 
rather than plunge into the 
design of new ones, Mr. Con- 
stable pointed out that if a new 
design failed to get off the 
ground, the company had 
nothing to show for it other 
than wasted expenditure. By 
contrast, the mistaken purchase 
of, say, new machine tools 
could be offset by their sale 
to another company. 

“This is a point the Depart- 
ment of Industry might like to 
bear in mind,” Mr. Constable 
suggested. 


Confining its direct response 
to a vague “the scheme is 
always under review,” the 
Department this week revealed 
that in the scheme's first nine 
months there were 170 formal 
applications — a response it 
deemed " encouraging " for 
£12m. of government money. 
Applications had accelerated 
towards the end of the period; 
only 27 had received funding 
so far, blit the others were being 
“ actively considered.” 


Bellwether 


The Department also reported 
that there had been more 
applications for the develop- 
ment of products than processes. 
At this stage it was unable to 
break the applications down 
between new prodtrejs and the 
development uf existing ones 
— a distinction which observers 
will see as an important bell- 
wether of ihe scheme's success 
in promoting new product 
design. 

The Department's comment 
that it will,. under certain cir- 
cumstances. provide, up to half 
the cost of projects, . does not 
fully answer Mr. Constable’s 
point since in these cases it 
requires a levy on commercial 
sales. In other words, while 


shouldering a greater share nf 
Ihe risk, it also demand-, some 
return. 

Another debatable aspect of 
the scheme is whether it really 
is prompting companies to pur- 
sue projects they would other- 
wise have regarded as being too 
risky. In common with other 
types nf industry aid scheme, 
one of the criteria is that 
selected projects would nut have 
gone ahead “within a reasonable 
timescale” without this assist- 
ance. 

But this is always extremely 
hard to prove. Whatever they 
may say to the Government, 
many industrialists claim in pri- 
vate that they would never 
allow the availability of govern- 
ment assistance to - be the de- 
ciding factor in going ahead 
with a project. 

One of his other suggestions 
to the conference was that ihe 
sector working parties of the 
National Economic Develop- 
ment Council should formulate 
and make known their indus- 
tries' requirements for design 
engineers.- 

Many, engineering companies 
report a dearth of suitably 
qualified recruit 1 ;, but they seem 
to give the outside world very 
little idea of what sort of people 
they want. 

C.L. 




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Now multiply each of those costs by the number of cars 
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relatively speaking, you arc dealing with very large sums of 
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V I 

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IDEAJOHN, 
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DEVELOP ft 




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KENNING 

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ii 




In the Middle where BMattecs 


Goodideas don’t come easily 
And getting the money to develop 
them canbe just as hard. 

That’s why if you've got a 
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you should have aword with NRDC. 

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20 


3 f 

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LOMBARD 


Minority is 


beautiful 



Back in business 


Financial Times Friday May 12 197$^. ; 


BY ANTHONY MORETON 


BY JOE ROGALY 


BRITAIN has now been blessed overall majorities in Parliament, 
with nearly a year and a half of This system gives free rein to 
minority Government It has the Cabinet and the Civil Service 
been a salutary experience. The that so strongly influences it 
Labour administration has found Any return of power or influence 
that it can no longer bulldoze to Parliament must moderate the 
through Parliament any piece of ability of this dangerous moch- 
legislation its more Fanatical an ism to divide us, or to impose 
adherents put forward. Civil the ideas of tiny minorities 
servants must accustom them- u P ot! ua - 
selves to the idea that to draft The happy accident of a hung 
a regulation, or even an entire Parliament has provided a small 
Bill, is no longer the same thing glifnpse of how much better poli- 
as having it rubber-stamped by rical life could be if Bn tain 
an obedient Parliament The could only -get "its management 
Opposition parties are learning right, ' by providing a rational 
that there i* after all something constitutional framework: Some 
to bargain about at Westminster, might argue ' that a Parliament 
' This is a far hannipr nf nf man y Pities Is already being 
affairs ?han the thlf ?! pmvided by the existing con- 
custoraary in this country. It is s,ilation - 50 that one has nothin * 
usually held that “ the Govern- 


ment must govern " or that if 
“.V Chancellor cannot get his 
Budget through unamended Ihc 
Government ought to resign” or 


to complain of — but since we all 
know that this might be a pass- 
ing moment of relief that argu- 
ment does not stand up. Any- 
how. the people who use that 
argument are usually the ones 


true to their innermost sense of 
what is proper in the British 
polity they would have stepped 
down long ago. 


Horse-trading 


some s uch nonsense. This belief w jj 0 insist that only 14 strong gov- 
nriMi«k. r °K S 0,31 11 ,s shared, eminent i.e. a Parliament 

«ihS?. e T P *ii e 0lder *"M»y dominated by the Exeeu- 
Labour Ministers; if they were live— will .do. 

Others may object, and say. 
*• but how terrible — the Ulster 
unionists, or Mr. Enoch Powell, 
can hold the Government to 
ransom over a single night's 
voting." The answer is that every- 
where else this is the normal 
Vet the belief itselr is false, stuff of parties. If the politicians 
Britain is the only West Euro- have the requisite moral fibre, 
pean country in which it is they can withstand iL For every 
assumed that it is a disaster undesirable proposition from one 
when -the Executive cannot have quarter there is nearly always a 
iis will worked without question better one from somewhere else 
by a complaisant legislature. In — and that is surely the way to 
all the others there must always devise policies lhat knit a society 
be some kind of hnrse-trading together rather than tear it 
The need to keep some sort apart. If the Welsh Nationalists, 
of peace with the Liberal Party or the Liberals, can give strength 
has done the Labour Government to their opinions (which at least 
a power of good over the past in the latter case have been 
yc ®£ accepted by large numbers of 

ine Liberals cannot claim to voters! by Parliamentary dealing 
have forced through much of and debate, that must be better 
S5 lr ,°^ n . . thinki , n 8 — but the than the behind-closed-doors 
Mlmste f c °uld. if he were internal bargaining that takes 
ha« d h« enough, admit that he place within the two major 
ato ! e *« sovern in a far parties when either of them is in 
more conservative manner than sole charge 
his party would have allowed 5(>ie “ iar s e - 


ON 


DOUGLAS 

16 or so weeks from the middle 17 mam exits. The building 
1 nf May onwards. ran hold as many as 4.000 

BANK holiday Saturdav The sports side of Summer- people at « time, all of whom 


Summerland will reopen for the Iand ^ as already opened. Some can be evacuated In minutes: point ' where 
season In Doughs on the Isle members have enrolled at there is a 300,000 gallon water angry mutteri 
of Man. Reopen is perhaps not ^ a head *nd THF is well on tank for the sprinkler system It was initial 


Summerland certainly needs 
numbers because those spiral- 
ling costs have risen to the 
point ‘ where there have been 
mutterings on the island, 
initially estimated that - 
would require 


Reopen is perhaps — ..... . 

quite the appropriate word since way towards its first target ( iis ballcock is the size uf a reDuiiuing 
almost five years ago. in August. a njetn ^rsiup roll of 3,000 medicine ball): a fire officer is al-tam. compared with the £2m. 
1973. Su mm erland burnt down. People. _ Considering that the on duty continuously. ^ nr original structure.. The 


But all this has pushed up 


lower cost was accounted for-. 


causing the deaths of 50 people. ot \he i6land . 15 ^ W1 „ „«* „um*™ hv . tha . t . a 

_. „ .. . 60,000. the Manx people now . v _ h> the fact that the fire did. 

Tha^disarte^has^eenjcnf probably have as good sports onpretnrs n »t . completely destroy Sum- 


much in the minds of the Manx S snv^mparable ** ** ** the 2*™" mcrlanTand ?o in some arei. 
people in the intervening period sized town " have of seeing some return for rtrtltr n/Je trn« Ua4 4 a 


. ‘ their outlay is to pray hard for olare 

Sunnneriand's opening will a ;<= 


only adaptation had to take 


and there was talk of renaming -- _ T 

the giant sports and leisure'. Sunnneriand's opening wiu a wet summer. Douglas is not . . . .. 

centre whieh dominates, the c ° , ™ dde the first b i? over-endowed with alternative But lC 1S bought that the cost- 
northern end oF Douglas’ Tong, °^,' tbe . s '^ B3 ® r season : rJ e JT* attractions and once the plea- has now risen to at least X2.5m. _ 
cresent-shaped . bay. But while ‘■■tourist Trophy) fortnight. Tne sures 0 f fjjst few days on and may be approaching £3in. ", 
some things have certainly { s . Ie of “ a ® 15 famous for its the beach worn off, the Summerland mark one had two ' 





if 1 ** 





Summerland — tragically burnt down hi 1978— hw been 
rebuilt It- reopens on Bank Holiday Saturday. " 


. more desperately busy two weeks anu two nave oeen aaaea vest of inadequate spending tion of the buildings: there is 

has remained. could ^ ^ ^ en chosen ments being offered. the Manx government for Sum- over the years (only one hotel. Chequers, Wentworth . and 

What has changed between and thev will rest Summerland's These are aiiped, in tradi- merland mark two and operat- fo r instance, has been built Melrose: the Wellington, Metro- 
- — «- aHd fadUtids to the utmost- tional seaside fashion, at the ing costs • (and profits) this -century). pole. Piccadilly and Gloucester 


Su nuuerland mark one 


two is its whole approach. The 
original building was essen- 
tially a leisure 'centre, catering 
for holidaymakers -over a -fairly 
short season- The present build- 


Fire doors 


afternoon and parents in the 
evening. There .will be bingo, 
•Safety is the key considers- shows, dances, a cinema, food 
ing is now seen as both shorts, tion in the new building. Every- and drink, 
and leisure centre, with the thing has been reviewed in the- gut it is wet weather that 
former open throughout the minutest detail and nothing is will really drive them inside, 
year. believed to have been left to n US ed to be said of the old 

Trust Houses Forte, which chance. The building has been Summerland that 


children in the morning, older being shared on a 40:40:20 basis . Last year was the worst Tor jostle with the Edinburgh, -the 
members of the family in the ?tnong the government,, the tourism since the early 1960s, Regal and the Empress. 


company and the local 552 000 visitors representing No wonder Sir John Betjs- 
authority respectively. . The ln»‘ R of a i mos t 13 per cent, in man adores -them. He would 
ireased costs falling on the f our years . i n real terms, be appalled at Summerland, 
island are therefore approach-- tourism now generates about where concrete and archi- 
ng £lm. and the island does th e same income as it did a tectural brutalism dominate 
not like it decade earlier. gentle Victorian hotels redo- 

Such costs demand a healthy All this is disappointing lent of an earlier age m the 

as the National' 


— - when it tourist industry to produce a news as much for the land- same way 

manages the new Summerland. designed as a series of inter- rained you could see the visi- satisfactory return on capital, ladles and hotel keepers as it Theatre dominates^ its stretch 

as it did the old, want to see locking units, each with its own tors heading up the promenade but it is clear that the Isle is for Summerland. The names of London’s south -bank.- 

the business spread through- fire doors. towards the building" like a of Man is in the doldrums and 'of the hotels, in Douglas, any-- It is ax it -1984 were -super- 

out the year rather than in the There are 365 of these and Chinese army on the march. about to reap the gloomy har- way, provide their own descrip- imposed -on 1894. 


Lingfield going may suit Suni 


him to get away with if it bad 
had an overall majority 
Some people may object lhat 
some of the results have been 
bad ones. The Liberals were silly 


Education 

Thus we should all be grateful 


about petrol last year. The Scot- for the education this past year 
land Bill, constructed in order or so has given our politicians, 
to appease the Nationalists and U cither major party wins ao 
the shifting alliances in the Com- overall majority at * the next 
mans, is less than perfect. General Election the -darkness 
Wreckinz amendments t'o impor- will come down again, or course, 
tant fiscal legislation are always but perhaps the lesson will not 
possible. All this is regrettable; be entirely forgotten. With' any 
none of it, sincly or together. Is luck, people will build on it — 
of greater value than the impos- think of a Britain in which the 
sibility of ideological legislation. Labour Left and the Tory- 
But there is more to it than Liberal nr Tory-Thatcher wings 
that. The greatest single cause were both where they should be: 
or Britain's political degenera- in their own ' separate parties, 
tion since the war has been the Then they would have to con- 
exaggerated class conflict built front the voters on their own. 
into the two-party system with its That would be democracy. 


LITTLE light has yet been shed Crepello to Honorius bas shown at York — and be is now down 
on the Epsom Oaks picture, and smart form in both her races to 5 to 2 in most lists. 

it will be interesting to see if this term, and she will be ideally 

to-day's nine-runner Lingfield suited by this stiff 14 miles on 
Oaks trial can throw up a likely ground which may be on -the soft 
candidate for the second fillies* side of good, 
classic in just under a month’s Suni is sura ested as the 
tjme - probable winner, though I wonld 

The field includes six previous not try to dissuade anyone from 
winners, including candidates taking an each-way interest in 
from both Captain Ryan Price's the Paul Kelleway-trained Hutton 
Findon establishment and from Girl, who has been running well 
the Seven Barrows stable of without meeting with much iuck. 

Half-an-bour after the Oaks 
trial it will be intriguing to see 
if that still improving five-year- 
old. Little Nugget, can make it 
four straight victories in the 


LINGFIELD 

2.00 — Lady "WTutefoot 

2.30 — Years Ahead 
3-00 — EDlIbrow** 

3.30— Sun!*** 

4.00— Erie Shi art 
L30 — Ballo 


RACING 

BY DOMINIC WIGAN 


Roman baths 
excavated 


after EXCAVATON br Department 


Sir Mark Prescott's Newmarket 


of the Environment archaeolo- 


rK rrescous wewnwra gists ia u, e last undisturbed area 
runner looks sure to go close, 7 . . , . „ . -nn 

Peter Walwyn. which yesterday despite the Formidable steadier with* 0 *b« walled Ro ilia ^ 111(1 
bad a change of fortune at of 9st lllbs; bat I doubt his mediaeval town of Dorchester, 
Chester, where Crow came good quite proving up to conceding Dorset, has uncovered a com 
in the Ormonde Stakes. lfllbs to Eric Stuart, a winner munity bath bouse. 

Captain Price’s Sir Ivor al Folkestone. Yarmouth and The remains of - sauna and 
che^tnuL Kate Hodder. could be Wolverhampton last summer. Turkish baths, both hot dry and 
a little out of her depth in this Leonardo de Vinci continues hot wet, lie within the grounds 
afternoon's company: but I to be all the rage for the Derby of Wollaston House, Acklaud 
expect a bold bid from Walwyn’s —presumably in anticipation of Road. The Roman bath bouse has 
Suni. This bay half-sister by a clear-cut Dante-Stakes triumph been dated at 1 00-300 AD. 


TV Radio 


Horses Galore. 535 Magic Round- All Regions as BBC1 except at p.m. Daisy. Daisy. 12 JO Andy's HTV 

about. the following times: Party LOO News plus FT Index. ^ ^ ^ ^ 

5J5 Magic Roundabout. Wales — 1.45-2.00 njn. Byg a 0 He iP ! - Beryls LOt. ZJW Report Wales Headline*. UQ Ten Years 

5.40 News (London and South- Bawd. 5.55-MO Wales Today y 7.05 Money-Go-Rnund. —a Racing On-io tt.o we.i Country, zn women 


t Indicates programme 
In black and white. 


East only). 


BBC I 


6.40-7.55 a.m. Open University. 
#J8 For Schools. Colleges. 10.45 
You and Me, 11.05 For Schools. 
Colleges. 12.45 p.m. News. 1.00 
PebNe Mill. 1.45 How Do You 
Do? 2.05 For Schools. Colleges. 
3 JO Ar Glawr. 3J3 Regional News 


ityl. 

5.55 Nationwide. 

620 Nationwide 
6.50 Sportswide. 

7.05 Bugs Bunny. 

7.10 TTie Wonderful World of 
Disney. 

8.00 It’s a Knockout. 

8.00 News. 

925 Petroeelli. 

10.15 Tonight (London 4 South- 
East I . 

10A5. Regional News. 


Heddiw- 72M.M Gla/v Dortan from Unfffield. 4.IS Four Idle Only. ‘ MS TTje Undcraca Adventures OT 
Heaaiw. 72U-8.W Lias y Dortan. ranuin Nemo. 520 Crossroads. b.w 


10.15 Kane on Friday. 10.45^1 0A6 5?,™ d |.-_ 5^* Magpie. 5.15 Emmer- a *^' wea? 10 ‘ti5 J Report 1 wSjM! us 


dale Farm. 

5.45 News. 

6.00 Thames at 6. 

6J5 Crossroads. . .. 

7.00 Winner Takes AIL - 


EounerdaJc Farm. LDS Rafferty. 10JS 
David Niven's world, tfus The Late 
Film: - Corridors of Blood.” 

HTV Cymru .'Wales — as hTV General 
Service except: L20-125 p.m. Peoawdan 
NevTddion Y Djrdd. UC-2.00 Ten Years 


7.30 The Many Wives Of Patrick. On— In Wales. 4J5445 Camau Camamfl 

444405 Y Dydd. U35-U4S Outloo* On 
Airlculiure. 

HTV West— AS HTV General Service 
esrepr: U0-1JD vjn. Report West Hoad 
lines 6JS430 Report West: 


for England (except London). 3.55 f 10.46 'The Laie Film: “Mr. Den- 
Play School. 420 Scooby Don. ' ning Drives North," starring 
4.40 Potter's Picture Palace. 5.05 John Mills. 


F.T. CROSSWORD PUZZLE No. 3,665 



ACROSS 

1 Soldiers with thick string or 


about 


(ape (6 i 
4 Hide nothing rrnm childish 

endcarnicni 1 4-4 1 

10 Arab's weed could be a lucky 
charm (91 

11 Sailur has a foul at the back 
of ihe ship l5> 

12 Airman going to the north- 
east rould he rash (4) 

13 Electricians maintain it and 
change clothes (6-41 

15 Aid a new shoot it's said (71 

16 Diiu vessel in study (6) 


nothing and 


6 Being afraid 
plumage (10) 

7 Speak about 
reprove (5 1 

8 Complete hybrid in tree (6) 

9 Exhibitor ia the rain (61 

14 To turn up in rational sur- 
roundings and in recurrent 
order (10) 

17 Early morning drink that 
could be a surprise 13-61 

15 One French remained without 
support (8 1 

20 Oriental feast on the first or 

November (7 1 

21 Undress and plunge on the 
Way (6) 


19 Argue about mammal in river 22 Abstains from using replace* 
(6) meat parts (6) 

21 Demand for payment bas gone 24 Doctor is not quite a novice 


astray, so prison is (he answer 
f7) 

23 Consenting by letter f 101 . 

25 Spadeful from southern mine 
(4) 

27 Bird that may steal in (5) 

28 Yes, one may change cash 
obtained without difficulty 
(4. 51 

29 The sound of money In Scot- 
land (SI 

50 Looked in leading edition (6) 


I5i 


26 Time lo get up and send out 
(41 

SOLUTION TO PUZZLE 
No. 3.664 


DOWN 

1 Practice for soldiers on late 
transport (8) 

2 History that is deplorable to 
the French 1 9) 

3 Animal coming up in a rush 
(41 

5 Warned it may be altered (“V 



News for Wales. 

Scotland — 5.55-8.15 p.m. Report- 
ing Scotland. 6.15 Conference Re- 
port. 625 Join BBC-1 London for 
Nationwide. 10.15 The Beechgrove 

SEfclh, l0 - 45 ' 10 - 4 * News for 8.00 Hawaii Five-O. 

Scotland. 9.00 People Like Uf. 

Northern Ireland — 1023-10.43 10.00 News. 

*ju. Tor Schools (Ulster in Focus). 10JO Police 5. • 

323-3.55 Northern Ireland News. 10.40 Russell Harty.v .. ' 

5J5-620 Scene Around Six. 10J5 II A0 How To Stay Alive: , _ „ , 

. To Travel is Better . . 12.10 a mu George Hamilton IV. 

tsiory of the 1977 Ulster Alam 12.40' Close— a poem read by Jo cr-Lroai mo^bcSST t5£.' 

Kub Expedition). 1IL45-1&46 News Maxwell Muller. tuc Bolter Sex. uq CkarUTr AneeJ*. 

for Northern Ireland. ’ All IBA Regions ». London, 

England— 5.55-620 pjn. Look except at the following times: izas x.m. Loro American sirie. 

East (Norwich): Look North i i a cAirmroxi 

(Leeds, Manchester. Newcastle); ANGLIA • SOUTHERN 

Midlands Today (Birmingham): L2* p-m- Anglia Neva. 5JJ chatter- ijb p.m. soothern Newt. UQ trie Eiec- 
Points West (Bristol): South To- b0 *- -M* Anxlla. AH.Danacr In Ulc mearre Show. 2JB Women Only, iifl 


SCOTTISH 


About AnieUa. MQ.Ditvcr In 

Plrv (Use. MJQ Probe. UJLfl Mrwerv sctuhsc'rn oretents cricket: Kent 
dBy ,. A? ou “ ia “ I P ton ^' l. . Spotlight Mone: Amy Prcntris. BJ5 a.m. Men Harmwltire. SOI Weekend. S20 Crossro ids 
South-West (Plymouth). 10.1*- Who Matter. t,00 Day by Day (Channels S. 11. 57. 42 

10,45 East (Norwich) On Camera: A*r\/ ' * and 60». Qjn Scene south East iCiun 

Midlands (Birmlngham> Alas, Poor A I > neu it?. «. m and i « ntthr) sjb Chai- 

Warn- iA t- North- fLeedO 1 ife- 1-2® pjh. A TV NcwsdeHC. UQ Ta-4ay's lenae of the Sexes. UN Emeraency. 1#JQ 
war>\ 1CK.. -.Nona Ii^eeas) Lite- w " Ro 7 J] wtI)dSDr Horse Ootnlons UnJimlrcd. 11.09 An Audience 

Jjjp- North-East (Newcastle) show. 5J5 Break* nay. qjq atV Tu-diy. with Jasper Carron. ZUO Southern News 
iVhose Lake District?; North-West tjo Raffero-. *J0 sale Of The Ceimny. Exira The Late, Late Show: 

(Manchester) Sense of Place; me The oiiw Reed-, star Movie: ••Blanche.- 
South (Southampton) Cusden on ••suun* TareeL 1 * TT'NE TEES 

BORDER- QJS s-m. The Good Word, followed by 

tUQ p.m Border Now*. 5JS The Ea si New* HeadJiwa. UQ North 

Partridge Pamrly. QJN Loot: around E8 ** ^nd LooKa round. 1*0 Out of 

Friday, ua Quincy. 10 JQ Borderers. 11. 00 Tou-n. 5JS Mr. and Mrs. 6.90 Northern 
T-ate Ntsht Film: " The F2.I. Story” No. tr« Selwyo Froa*ln 

tl2^Q amt. Border News Summary- 


ipt( 

Location: South-West (Plymouth) 
Peninsula; West ( Bristol > The His- 
tory Makers. 


BBC 2 


640-7J5 ajn. Open University. 
11.00 Play School 
455 Open University. 

7.00 News on 2 Headlines. 


CHANNEL 


l-OQ The Streets of San Frondsco. Uk30 
SporLsume. lus Friday Night Film 
" Crndble o! Terror." 12J6 a.m. Epttogtic 


Lit p.m. Channel Lunchtime News and 
What's On where. 6.0o Report At Six. 
LM Quincy. 19 JQ Channel Laic News. 


ULSTER 

UQ p.m. Lunchdmo. A13 Ulster News 


7.05 That's the Way the Money ^^ni^Mo^no SgfSkJjt, 

£5. vide medical. 1030 Two at U.M 16.4B 

B lS , l .R? * Money Programme. GRAMPIAN Kponacpa. 1L10 Friday Film: -Tarsc 

What to do With SIM- Risk." 122S a.m. BedUme. 

<r6p0rl 0n ™a& M0 P- g™.» 

To-day. 7J| The Jim MacLeod Show. Q.Q0 


WESTWARD 

d » L2a Westward News Headlines. L0Q Wefl- 
t G ram o I an wjrd Diarr and Sports Desk. X9Q Quh 

Lato Nlghi Head I inns. IJ^S w.^tward Laic News. tUUS Late 

GRAIUaDA Xmln Movie ; "No Down Payment." 12.15 

UKAIiAUA «-m. Kaiih for Life. 

US P.m. This la Your Right. 130 The vrtnr/crnnr 

Amazing World Of Krcakln. 520 What's XORKSHIRE 

New. 50s Crossroads. LOO Granada L20 p.m. Calendar News. US W timers 
Reports. 6.30 The Roir Karris Show. 7 JO and Losers. 5J5 Out of Town. LOO Caleo- 

Oh No It's Selwyn Kronxllt. M9 Wesjsldc dar >Emlcy Moor and Belmont editions). 

9 30 am Schools Provrammei! MedlcaLUJa Repo ns Ehttra. 2LQ0 Great 7JQ oh No. It’s Schvyn FrtagltL 8JQ 

ia M it* Tw niii FlrnaOf The Ccnwry: Twctve O'clock The S tree la of San Francisco. 10 JO 

12.00 The Learning Tree. 12,10 High.-- Apoomunem wtm Fear: ''Corruptloo. 1 ’ 


Saudi Arabia). 
d.00 Ripping Yams. 

9 JO Inside Story. 

1020 The Devil's Crown. 

11.15 Late News on 2. 

1125 Dance Month. 

1220- 12 JO zjn. Closedown (read- 
ing). 


LONDON 


RADrO 1 247m Concert '»>■ *■» News. »4» This Week's 05 Sion rime. 500 Pjt. Repnrtk. SM 

(S) Stertspfianlc broadcast Composer: Purroll iS>. M BBC Concert Emmirc Wimjn. 5J5 Weather: Pm- 

eng - _ ^"^7" ‘S'- Young Artists- Recital gramme News. 6 M Neva 6JO 

Tni iimnn Rii« t?n vYii J?V. UJ5 For Bass Voice iSi. Going Places. 7JW New*. 7.05 The 

BurtiHii mriudmE^?* jo f-m BEC % ' ortheni Symphony Archery. T20 Pick Of The Week. <Si. UQ 

jm rL Hi , :r c !^ ra Mn ! ,s '- Newr x.os Voices And Versus. Uft Any Qoesttans? 

iS i Vin M 1 ?, r a T* ,,U JL- ^ &KC Northern SO wn QJS Letrer Prom America. 

v^rf rt Thr ai ™ 1 7. M'- 115 Ro *' aI Repertoire i$». 3.« wnpe. QJQ Weather. U.00 The WorS 

h3h7£ vim £2Tphrt7*. «^Rccttai ISV The Tojwn. to* Wert Ending . . . fS .. 

a.iti.: As Radio 3 


RADIO 2 


New Million Ate« <Si 

19*2 John Peel 'Si. 2L0Q-2J2 Yomig Idea f S i +l6'‘ifonreward Bound'. 1055 Mr Delight! ' iloTa’ B ooic At Bwf- 

uue h-hibc , i „.., h News. HAD Homeward Boond icon- time. 1105 The Fmsncial World To-nlghi 

R HS o"SSi* TjsK^5r.,2 l S " nued *-’ 030 Lifelines: Leisure And 1L3Q nwlay In Partiaaiem. UM News 
b ™ P.m tj0^t Lii<i , ’n- Recn-alion. TJo Ran-i piano recital. 7J5 pop p a( ai n t 
JJ*-. ™ BadlP >■ 12JMJO a.m. Lf-nnox Berkeley- T^rh Binbday Conci-n UoL KaCUO LOJldOn 

* ,,n R3d, ° - Part 1 iSi. S.30 Shakespeire And The 

1500m and VHF , L l,1Qnes - cai Rinlidjy Concert part 2 
iSi. 5 JO The Northern Drift iSi. 10.80 
L80 a.m. News Summary. 5.02 Rar Mendelssohn. Ris-rr And Bnsonl nlano 

Moore fSi with Th-.- Early Show, lncludhu recital <S» XQ.« Music Now: a tribute to 

fi li Pause For Thought. 7J2 Terry Wogan Sir Lennox Berkeley. 1XJS News. ILAO- 700 

■S. mcl udiae S3? Racing Bulletin and H-05 To-nlahfs Schubert SOM. 

5.4.1 Panic for Thought. 10.92 Jimmy 3 VHP only-LOOJJft a.m. and 

Vouna i Sr. HIS p.m, Waggoners’ Walk. *»-7J0 a.m. ripen University. 

1Z3S Pete Murray's Own House ISi In- n * nrn a 
eluding 1.45 Snorts Desk. TJO David » WUIU 4 
Hamllion iS> tncJndme Racing from Ling- 454m, 330m, 285m and VHF 

•r« an “ v*:' ^ 45 Sports Desk. OO p-mun,, To-dar 

Uagsoncro- Walk, ajs Snorts Deals, a JO ** UB ^ Eto’ rSl nIws J? - 

'S , IttdDdlM J^Sporri.Desk. To-day 0 7J5 uTt* rexHoS S 


206m and 04.9 VHF 
5JQ ajn. As Radio 2. QJO Rush Roar. 
QJ9 London Live. 1ZC5 pan. call In 
2J3 20t Showcase. LQJ Home Ran. UB 
London Sports Desk. US Good Flshlnc 
Look. Stop, Listen. 7 JO Black 
Londoners. £30 Track Record. XOJO f.ar- 
Nlcht London. 12J0 Oose : as Radio 2. 

London Broadcasting 

261m and 97 J VHF 

5 .09 k.m. Morning Music. L30 A.M. : 
non-sop news. In f orm ti on. travel, spon 


7JQ and reviews. ULQO Brian Hayes . Show 
Inaed >. LOO pjn. LBC Reports- IN George Gale's 


fcM Snom 707 r„ vn,ltamrrh ami .LTV •— .“f •“ ‘up. bum* ^ e^ii. 4.01, cveuurrS- -UM ueorge bate s 

Vcwllll^n ai^in Rand UO Today. 335 YescTday in 3 O'clock Can, LOQ LBC Reports coo- 

■ > u ■‘iimon Airs 1° Bind Parade <5^ Parliament. 1M News. QJ5 Local Time, tinues. 8JB »ft»r cioh, ojui vi.h.n n „ 


Ramo^^? iSsFridao^iBh^lB UJQ_ N'cws. imb^AiaD M^UMSfSiMuflMBora 

SEc K s, ,s. ‘^■SiSKLSflu! %% SSSSTfc^TE-^S T 'S u S! m 

if* Go Latta n-nh Stena The -Met: The i^SSn Opera Bouse Capital Radio 

jyr WGT Singles b New York m, s , 0 rT in worda and 194m and 95 J VHF 

f’lMc? in_Don». IL83 Brian Mjilb?ir In- miufv). W Nuwa 12.02 o>m. You and tm am t'paham ■ HranK 

^ ^ nd S °T l n q.i^ ^ w,rs< ^ bo 01 *? - - - VmuOit *S» Sbow iSi. UJcHoel ASPtl lS>. 1 2M 
zn rpport '- ^ Wfailk-r: Programme news. UM Dave cash 

Summary. The World Al cine. UO The Archt-rs 


SI. 3N PM. Roger SnrM 

Si. T.oo London Today (S'. 7 JO Br an 

RADIO 1 4Wm Stereo & VHF Womans Hour from Wales. Incinrt-. Wolfe’s npou Line «S». 9M -Vicky Hon*-'; 

ui ms ZM New* ZJS Usicn With Your Mother wouldn't Like Ii IS. u.QQ 

« Medium Wave wnly) Mother *-W . News. L9S Afrcriioon Tony Myarr's Lute Show iS-. 2M a.m 

T&55 a-m. Weather. 7JW New* TN Theatre. 9-OQ Ke„s aJH WV \rt Rrturn- Ian Datldsaa'a London Lmk ' IntcrutMtUl 
Os emirs is>. LOO News. 1-06 Morotog Ing. Your Manuscript Willi Thank*. 


ENTERTAINMENT GUIDE 


CC — These theatres accept certain credit 
cards by .telephone or at the bos offlee. 


OPERA & BALLET 

COLISEUM. Credit cards 01-240 5238. 


Reservations 01-836 31 fit. 
ENGLISH NATIONAL OPERA 

Tont A Th or. neat 7.30 The Tvro Foi . 

Tomor. & Tue. nest 7.30 Count Dry: 
Wed. nest 7.30 Euryanthe. 104 balcony 
seats always available dsv of performance 


COVENT GARDEN. CC 240 lOM. 
(Garden cna roe credit cards 836 6903.) 

THE ROYAL OPERA _ , 
To-n’t. X Thurs. next 7.30 Peter Grimes. 
Sat. 7.00 Otello- Tues. next 7030 La 
nozze di Rparo. Wed. next 7.30 Riooterto 
65 Am pm- seats avail, tor *H eerts. 
from 10 a.m. on dav ot port. 


SADLER’S WELLS THEATRE. Rosebery 
Aye., E.C.I. S37 1672. Last Peris. 

SADLER’S WELLS ROYAL BALLET 
Evfis. 7 JO. Sat Mat. 2.30. To-nT. A 
ro-mor.i Brou Hiaras. Game Pi ana. La 
Boutique Fantasaua. From Mon. 
HATH A KALI Dancers from Kerala. India. 


THEATRES 


HAYMARKET- 01-830 9832-. Eves. 8.00. 
Weds. 2.30. sat. a. 


Man. 


DEREK 
FRE1 


INGRID BERGMl 
ILLER 


30 and 8.00. 
, AN 

WENDY' HILI 
’ DORIS 
GODFREY HARE 
rn 

WATERS OF THE MOON 
Ingrid Bergman makes the stage radiate 
liable charisma." Dally Mall. 


FRANCES 

CUKA 


“ Wendy HI Her is superb.” Sun. Mirror. 


HER MAJESTY’S. CC. 01-930 6606. 
Evenings 8.00. Mats. Wed- A Sat. 3 00. 
BRUCE FORSYTH 
In LESLIE BRICUSSE and 


ANTHONY NEWLEY'S. 
TRAVELLING MUSIC 


THEATRES ' 

ADELPHI THEATRE. CC. 01-836:7811. 
£vga. 7.30. Mats. Thurs. 1.0. SaL 4.0- 

THt BEST MUSICAL ■' . . 

of 197k. 1977 and 19781 

IRENE .-■■■ 

^.LONDON'S BEST NIGHT OUT-”^. 

Sunday People. “■ 

ALREADY SEEN BY OVER ONE 
MILLION . HAPPY THEATREGOERS. 
CREDIT CARD BOOKIN GS. 83^ "■ 


ALI 


tY. 


asfi nyrt.i-Partv Rated: -cm»> 

card bkgs. 836 1071-2 Cfroiti'9: »Tp, tUr 
6 p.mj, Mon-' Tues.. Weo>- andr-Pn. 


7.4'8- ^n-^Thuro: and iat. 4 


fttfitHi 


”A TMOUSANO TIM H 

’ MtRArtJLOUS^ Fin. Times. 

OLIVER#: ' *•' 

with ROY HUOO and VfDAN TURNER 
•’ CONSIDER YOURSELF LUCKY' TO BE 
ABLE TO SEE IT AGAJN.” Dallv Mirror. 


ALOWVCH. 838 640 
ROYAL SHAKI 
repertoire. - Tonlgl 
Part 3 ”Ooe can 
Tomor. icomplete 


Info. 836 5332. 
COMPANY In 
730 HENRY VI 
maryct'.' D. Mall. 
09V dayl .HENRY 


VI, Part :1 i103ff ami Part- a i!.00i 
uald out)., Part^S iS.OO) Hold outi. 
R5C also at. THE WAREHOUSE (see under 

W' atm at the Ptecadllty Theatre in Peter 

Nichols' PRIVATES ON PARADE. 


SHOW 

with Derek GrIDIhs 
Directed by BURT SHEVELOVE 
** It is packed to bursting pmnt with the 
personality and sheer energy ot Bruce 
Forsyth." Sun. Express. " The audience 
cheered." Sunday Telegraph. 


CINEMAS 


SHAFTESBURY. CC. 836 6595. 
Shaftesbury Ava. WCS iriigh Koioarn e>.«l- 
Evg*. ai 8.00. Mats. Thurs.. Sal. 3.Uu. 
JOHN REARDON and JOAN DlatlfiR 
KISMET 

•' A SMASH HIT. THIS MUSICAL HAS 
EVERYTHING." S. Mirror. 
CREDIT CARD BOOKING 836 6597. 


SHAW 


01-3BB 1394. 


W8aTW :rdots 

hv Arncdd Weaker 

Eygs. 730. Mata. Tues- A Tnnr. 2.30. 


STRAND. 01-B3& 2660. Evenings B OO. 
Mat. Thurs. 3.00. sat. 5.30 and B.Sti. 
NO SEX PLEASE— 

WE'RE BRITISH 
THE WORLDS GR LATEST 
LAUGHTER MAKbR - 


KING'S ROAD THEATRE. 352 7488. 
Mon. to Thurs. 9.0 Frl.. Sat. 7.30, 9.30. 
THE ROCKY HORROR SHOW 
NOW IN ITS 5th ROCKING YEAR 
THE GREAT ROCK .'N‘ ROLL MUSICAL 


LONDON PALLADIUM. CC. 01-437 7373.. 


Slimmer Season ' '(to '-Auguat IB- onfvL 
Subs, moo- Tue*..' Thurs. and Frl: at 8 
Weds, end Sits, it 6.10 and 8.50. 

THE TWO RONNIES 


In a spectacular - ' 

COMEDY STAGE REVUE. 


ALL SEATS bOOKARLX NOW ' 
£430, £3.75. £3.0tL.£2.50. £130 
Special Bookmg tiotune 437 2059. 





KELY.- ' ' -1-. '. . 


-FILUMENA, 

BDOFfLIPPO 


by EDUAR 


dlrcctKt by rRANCO iEFF^REU.1 


'• TOTAL TRIUMPH." Q. Mirror:- 
" MAY IT FILL THE LYRIC FOR A 
HUNDRED -YEARS," Sunday Times. 


ALMOST FREE. 485 6224. " Distant 

Enrountert " bY Brian W, AldiiS. Tues.- 
S«U. 1.1 S p.mL Suns. 3-00 and 5.00 p.m. 
No show Mondays. 


AMBASSADORS. 01-816 1171. 

Nightly M 8.00. Mats. Wed». 2^5. 
Sab. 5-00 and B.oo. 

PATRICK .CARGILL and TONY ANHOLT 
In SLEUTH 

The World-famous Thriller 
i toy ANTHONY SHAFFER. 

- Seeing the play again Is In (act an 
otter and total I or.” Punch. _ 
Dinner and Ton Price Seat £7.50 


APOLLO. 01-437 266 3. Evenings 8.00. 
Mats. Thurs. 3.00. Sat. 5-00 and 8.00. 
DONALD SIN DEN 
• Actor of: the Year. E. Std. 

" IS SUPERB. N.o.w. 

' SHUT YOUR EYES AND 
THINK OF ENGLAND 
** WICKEDLY FUNNY." Times. 


ARTS THEATRE. 01-836 2132. 

• TDM STOPPARD'S 
DIRTY LINEN 

Hilarious .... St R.". Sunday Times. 
Monday to Thursday 8.30. Friday and 
Saturday at 7.0 and 9.1 S. 


ASTORIA THEATRE. Charing X Rd. ewith 
fully licensed Restaurants 01-734 4291. 
Nearest tube Tottenham Ct. Rd Mon.. 
Thurs. 8.00 pan- Frl. and Sat. 6.00 
and 8 AS. Instant ^crodit card booking. 

*■ Infectious, appealing, toot-stomping and 
heert-thumglng.” Observer. 

Scat prices £1.So-£5.S0. Dinner -Top 

price seat EB.So. Hall hour before show 
any available too-orice tickets £2.50. 
Men.-Thtirs. and Fri, 6.00 p.m. P 
Only. 

BEST MUSICAL OF THE YEAR 
■ EVENING STANDARD AWARD 


MAY FAIR. CC. 629 

Mon. to Frl. LO. SaL S.30 and-8A5- 
GORDON CHATtR " Brilliant.** -E.N. in 
_THE BLOCUTION OF . . . . .. 

■ -.-•BENJAMIN FRANKLIN 

i»y Steve J.- Spears .. . 

"TV compassionate, hinny, ftorcely eloauent 
play." Gd" " H i larlous. E. Std. "Wickedly 

. f. Mwifl " ChjaI iKUkaffl it n *' Aha 


amusing," E. New*. ■■ Spellbmuina." Ohs- 


MERM AID. 248 7656. Restaurant 248 
2835. TOM CONTI. JANE ASHER in 
WHOSE LIFE U IT ANYWAY? 

The Smash hit ace Dimed by every critic. 
Evgs. B.15. Matinees Fri. and SaL S.IS. 
From .' Mar 17 Wed.-Sat. 8:30. Mats 
. .Wad.. Frl. and Sat. S.45. 

ALEC McCOWEN'S ST. MARK'S GOSPEL 
sum. 7.30. All seats- said Mon. ami 
Tees, a. IS. tA lew acau still avalliibleJ 


STRATFORD-UPON-AVON Rovaf Shake- 
speare Theatre fl>7Bb 2271). Tkkcia 
immediately avaiiapie lor RSC in IHE 
TAMING OF THE SHREW May IB 
imai.). 24 unat.). June 1 (.mat J. THE 
TEMPEST May 23. 24, 2s imat.). 

Recorded booking info. 1 07 8S 69191). 


ST. MARTfN-S. CC. 836 1443 Evgt. BJX). 
Mat. Tues. 2-45. Sets. S and 
AGATHA CHRIStlB-S . 

THE- MOUSETRAP - r sJ . 
WORLD'S LONGEST -EVER: RUM • 1. 

26th TEAR - • I rtf 

TALK OF THE TOWN. Ct. -.734 . »WK 

B OO Qjofpg. Dancing. 9-30- Sneer.. Rf*ti» 


LB DAZZLE 

■ and at 11 P.m. 
FRANKIE STEVENS 


THEATRE^. UfSKUJRa. 




orrt -7©0, rromof. . 

8-pjn. aH 4 parts ... 

r. -SHARED EXPERIENCE 

■\tt. Dickens' BLEAK HtHlSO' ..^ 
. . ,<in 4 parts In RepertmreJ-J,' . 


VAUDEVILLE. B36 998(8. CC. Ev*..at 8.1W. 
~ .Mac Tins. 2.45. Sar. -5 and fc:.. 

Db»h SHERIDAN. Dutdc '.GRAY •' -£ 
_UWW SUMMERFIELD. Jamas GRDUf. 
. A MURDER IS ANNOUNCED-. 
THE NEWEST WHODUNNIT i:.*v 


by AGATHA CHRISTIE , 

; -Re-enter Asatba^ with anorner.-.iBidn 


nort h**. Agatha Christie M stalkig^ihe 


West -End y« again with another 
fiendishly Ingenious murder nmteries 
Felix Barker Evening New*. 


VICTORIA PALACE 

Book' Noyr. 828 4735-6. .834 . 1317. 
' . STRATFORD JOHNS' / . . . 
SHEILA HANCOCK • 
ANNIE.- 

Ergs. 7,30. Mats- Wed. Arid SM. 7.43. 


NATIONAL. THEATRE, gig. 31S1. 

OLtyiER (open stage*: To n't 7 JO. Tomor. 
2 . *5 * 7.30 THE COUNTRY WIFE by 
William Wvcheriey. . 

LYTTELTON tproacemum . Rage): . Ton't 
3 *.7.4 S BEDROOM 
FARCE - br AU" Ayckbourn. ■ 

COTTH5LDE {small auditor! urn): Ton't & 
Tomor. 8 -LOST WORLDS Bv Wilson John 
. nairo. • - . - _ 

Many eacoeKent cheap seats all S theatres 
day of port.- Car par*.. Restaurant 928 
2033. Credit card bkgsl 928 1052. 


OLD VIC. - 928 7616. PROSPECT AT 
THE OLD VIC. New season to May 20th. 
TWELFTH NIGHT "an outstanding 

revival" The Times. Today 7.30. Sat. 
2.30 -* 7.30. -Eileen .AtklnS as SAINT 
production- .Sunday 


JOAN "■ stunning 

■ Telegraph returns May -18. Sunday sc 


The Old VIC May 14 ' Timoihv West. 
Prunella Stiles In SMITH OF SMITHS. 
International, season Lila Kedrova. Jean 
Marais in LBS PARENTS TERRIBLES 
May 22-27. THE TURKISH CLOGS 
Mo» 1BJBOO I. La 8arta restaurant 
opposite The Old Vic open before or after 
me show. 


CAMBRIDGE. .83^6056. Mon. to Thurs. 


8.00. Fri.. Sat. S.45 and 8.30. 

IP! TOMBI 

Exciting Black. African Musical 
" The girls are brautllul. bare and 
bouncing. ' S. Mirror. 

THIRD GREAT YEAR 
Dinner and top-price seat £8.75 Ind. 


CHICHESTER. 0243 8131Z. 

Tonight. May IS. 16 A 17 at 7.00. May 
13 at 2.00 A 7.00. 

1 WOMAN OF NO IMPORTANCE 


01-930 2878. 
” - 3. 8-30. 


COMEDY. _ . ___ 

Evening 8.00. Thurs. 3.00. Sat. 9.30. . 

MOIRA LISTER. TONY BRITTON 
Margaret COURTENAY, Oermot WALSH 
THE HIT COMEDY THRILLER 
_ MURDER AMONG FRIENDS 
" Blackmail, armed robbery, double Mult 
and murder.'' Times. "A good deal at 
tun, . Evening News. 


CRITERION. Credit Cards. 950 3216. 
Evenings 8.0. Sacs. 5 JO. B.30. Thur. 3.0. 
NOW IN ITS 2nd YEAR ! 

LESLIE PHILLIPS 
id Six OF ONE 
-VERY FUNNY." S. Tel. 
SECOND HILARIOUS YEAR 


DRURY LANE. 01-836 8108. Every 
night 8.00. MaHnec Wed. and Sat. 3.00 
A CHORDS LINE 

A rare. dcvasunriB. lovouB, astonishing 


stunner. “ Sunday Times. 


Mon, to Thurs. 
8.15 and 9 00 


DUCHESS. 836 8243. 

Evgs. 8.00. Fri.. Sat. . 

OH I CALCUTTA . 

The Nndltg ts stunninn." Dallv 
Sth Sensational Year. 


Tel. 


D . U *E OF CORK'S., 01-836 5132. 
evin. 8.0. Mat. Wed. and Sal. at 3 oo 
JOHN GIELGUD 3 00 

In Julian Mitchell's 

A NATIONAL THEATRE PRODUCTION 
Brilliantly witty ... no one should 
Bins tL Harold Hobson •Dnamk C 
credit -can reservation Onncr iii SJ! 
.Price aeai £7,00, 


FORTUNE. B36 2238 E«9l. a.o7“Thum. _ 3 
, . Sat. 5.00 and 8.00. 

Muriel Pa now as MISS MARPLE m 

. agatha Christie" 

MURDER AT THE VICARAGE 
Third Great Year 


OPEN AIR. Regent's Park. 486 2431. 
A MIDSUMMER NIGHT'S DREAM from 
zatfc . Mav. .Bernard Shaw's THE MAN 
OF DESTINY and THE DARK LADY OF 
THE SONNETS loins repertoire July 17. 


PHOENIX. 01-836 2294. Evenings B.T5. 
Friday And Saturdav S.O and 8.40. 
"TIM BROOKE - TAYLOR GRAEME 
GARDEN make iis laugh/' D. Mall In 

TOE UNVARNISHED TRUTH 

The Hit Comedv by ROYCE RYTON 
"LAUGH WHY I THOUGHT I WOULD 
e S<»»- Times. "SHEER 
DELIGHT ." E. . _ Stand._ _ ".GLORIOUS 


WAREHOUSE. . Donmar TTrcWrei^ 'Cbverit 
Garden, ass *6808. RovaJ . Shgkohcarp. 
Company. Ton't. -8.00- -Paul TbbmpsonT 


THE LORENZACCID Srq«Y ,Wttt. 
Adv. bkos.-Aidwycft. • : . 1 


WESTMINSTER. 01^83*- 02SV 

SENTENCED TO LIFE •'vTv 
bY Malcolm Muggeridge * aim Tw>rnt»it7 
Pnevs. Eyethngs 7.4*. Mats. -Wetf-.-3.rc; 
~S«t. 4.30. Opens May lt.- s-. ';' 


WHITEHALL. 01-930 6692-77 

Evgs. 8 jo. F ro. and sal. 6 as antes. 

Paul Raymond presents. -the Sensstk 

Sex Revue of th*. Century , . 
- ■ ' - DEEP THROAT^ 

Dwrto overwhelm Uig . public demand 
boaMn extended. 


r-i 


SMB. Credit Card-.. 

®k9 3 ’ B36 107 1 -2 from 9 a.m, to 2 O-m. . 

Mon-Thun. a. Frl. and Sat. S.15. 8.30. 

' ENORMOUSLY RICH 
M Y E *«,£. U . I ? NV - Evening News. 

Mary 0'Mallev- s smash-hit Comedy 
„ ONCE A CATHOLIC 

Supreme comedy on sex and reUgien," 


Dally Tetegraph- 

SHAKE WITH 


1 MAKES YOU 
LAUGHTER, 


Guardian. 


jNTINUOUS LAUGHTER." Times. 


BS0CMNU.Y. *37 4506. Credit card bkgs. 
836 T071 -3 tram 9 a.m.-b p.m. Evgs. 8. 
Sat. 4.45 * 8.1 s. Wed mat 3. 

. _Ro vaJ jaw keso earg company in 
AN PUrftAOEOUS ADULT- COMEDY 
bv Peter Nichols 
.. „ PRIVATES ON PARADE 
' fOproarJng triumpn -- 5. Express. 

. B«T- COMEDY OF TM YEAR 
Ev. Std. Arons and S.W.e.T. Award. 
RSC 31SO at Hie Alovrych and Warehouse 
Theatres. 


CC. ■formerly Ggrirmll 
437 B S77. Previews Irom June 12. 
ropen June 21 evita 


PR,NCE aaWar r ti J ?^ CC - 01 ’ M0 ««• 

. M ontrav to Frida, at a p.m. 

Sat. S.SQAnd 8.45. Mat- Thur. 3.00. 
.LOmJON AND BROADWAY'S 
.. COMEDY MUSICAL HIT! S 
"HILARIOUS." The Sim. 

• -mHSSS oF&am 

FUN." Daily Eaonas 
CRtttlT CARO aOOK IhHSgio 084 G. 


QU“W? B THEATRtE. CC. 01 .7S4~i i S6. 

■Byeaffirjs: ■ 

■ „ T*SF OLO COUNTRY 

A New Plav by ALAN BENNETT 

b * WILLIAMS ' 

BEST PLAY OP TBc YCAR a 
Plans and Players London rritm award. 


5 “" J 

. EROTICA 

Fully - Air. Condlt«)ri e -. ' You 

and em o ko jn the eutmori^ 
REGENT THEATRE^ CC? ” 


^1? 

1 THE 


CINEMAS. 


t 2 SHAFTESBURY AYE. 836 
5ep- Peris. All Sean BkWe. 

. „ GOODBYE GIRL lAl. Wit. A - 

n 10 ' 3 ' 10, 8,10 Llte 5h0W s* 1- 

s ?jf v i a ,A 5 } w i * 2-00.. 

fi7b. fl ' , °' Late s,1 ® w To-night s sal. . 


CAMDEN F£4Xa iopp. Camden ■ Town 
Tube). 48S 2443. MrivUle'e dasMC 

ihnller 


Resistance 

™ E SHADOWS IAA1 
_3.io. s.45. 8.25. Must End Mav IT 


"!*_*- 3. 4, Oxford St. COsw 
rotxenham Court Rd. Tube) 636 0310. 
1. a'-no'.uccVs -1900 Pan 1 IX). Biggs 
5- 1s - .Si’ 5, 5 lJS. Late show 11. lB p.m- 
JM*n Thaw. Dennis. WUenpan 


- rAA J CHARIOTS 'OF" THE 
Sow* T0SS PrBB *' a ' M 4,SS - ■ 7,55 ‘ “** 

hX’riJtoy herocs iaa*. pto««. 

3 to. 6.05 8.30. Late show 10.35. 

? 9B0 Pirt 2 IXJ Pr09V 

2.50. 5.2D. B.1&, Late show 1l.ia.gjB, ■ 


C , U SS™ C !2S2 strfct W-I- 3737- 

**® M AFFAIRE -X). fEnpthn 
sub- tf ties). Progs, at 130 itwi Sun). 

and 8 30. Last Week!. , 


3.55. 6.10 


A RE THEATRE (930 5252) 
h«fh.yi5 l,a,ne Ann f Bancroft 'AUkhail 
Herbert Rou him 
Tne r a WNT (A), Profli Wk. 

?-0S- « *-30. 8.1°. sun. 3.30. '7.45. . 

L atothow Fri. & s *i. j 1 .as pjn. 


(930 273a.377IV 

Redararo m a frvT . 
niw ^vn ® r ”l JULIA IA), Sep PWN- 
fi M 2 'a°A» 5 a5 - a - 4s - F«lura DIF- 245.. ■ 
C^n LSl * ShoW S«. - WOO; • 

s^n^hbli ' as . D -4?*- TMHn'fi 12.00. An 
s t-^ta bknie, at The atre. . . 

°rL«^' Snwro. C9M Sim - 

kiSd E ial NC ? ,JWTERS wn,D : 

t n< Tr dregs. Dly.- Doors open r 
j. r ° y~. J -! 5 . • -f 5 Late perfo. Tan.*5aB. . • 
S TtoSZ? n '15’om. All aeMi fnje - 


01-637 9863 


Red. once p'revs. 

Opens ’ mmiaI E c Bs - J * 8 30 ■ 

^!FrL ,fl S5 r sJt*’ 6 ^S 1 ^ 8 ' 30 - 

. musical diversion 


THE CLUB. A 


GARRICK THEATRE- 


01-836 4601. 


RIVERSIDE STUDIOS. 
Tm-Suns. 8 


GLS3U: 


I MG THY WEST. GEMMA JONES 
MICHAEL KITCHEN 
In HAROLD PINTER'S 

BRILL. Excel 
Y ACTE O PRODUCTION:’- D^^el" 


AN 

Gdn. 


hf&Shr? 1 Tgftfttfv x*. ja/at 


^STAft* uirAo^ T ?T *«' h - '73d 20 1 1 I 

STAR WARS (UI Dbcrt open Dty. 1.M 




r 


WINDMILL THEATRE. CC. 01-437 

■Twice Nightly 8.00 had . 10.00 V . 
o IMsn. Su mcTAys 6.00 ‘and 8.0Q- • 
PAUL RAYMOND- preterits ^ ? I 
•RIP -OFF r . . .5 

THE EROTIC EXPERIENCE OF'-THE-' -• 
„ • „ ' -MODERN ERA- 

Takei to unprecedented limit* what H 
oenmssJble on Our stage. " Evg. News. 
You may drink and smoke In me 
Auditorium. 


Siiu* 7 IS t-aie •moW'Sat:' 12 00 m'<J* 

nlaht. Ail seals bkfaie. eacept. T.30 peri-. 


Wks. 


Th *"?5« G 5SS_5!! w *‘ rt * 

THE TEMPEST 


GLOBE THEATRE. 

Eva*. 8. is. Wed. 3.0. 

PAUL EDDINGTON, JULIA McKFn'ZIF 
BENJAMIN WHITROW In E " Z|E 
X AYCKBOURN’S SST ... 


>592. 

Sa f- ■ 6-0. 8.40. 


ALAN 


ROYAL COURT. 730 

5»t 3 iuo’ Wil 
THE ■ GLAD HAND 
bv SHOP Wi l son, Worl d Prom, ere. 
ROYALTY. Credit Cards. 


MMd^Thur^, Evemi^ g’otL 3 KNOW *?S"I : 


l ah P”' In^ue.l 210. 3£S. 

Lfr-2" if** * f l? w Sat. 11-55. Scat! BOWf- 

SS? AHKttry (A). Be* 0*« Now . 

SCENE 1. Lele. 

439 4470. 

Woody Allan's EVERYTHING. . TpU/ 


Sq. 


fWnrdogi-' St-I 


5.90 and » «. Saturdays 3.00 and a.m 
London crlties rat c . 

BILLY DANIELS m 
BUBBLING BROWN auGAB 
. u -Bfcit Musical of 1977 I 

flooltirjgs accepted Maim- cremr ! 

rag ss ssrtt ' 


njsu.v\, , *rs , ^B5fc 

uniy gflievabje eroninfl.-- Sunda" 

~THEATRjr aern _ : SAVOY. 01-836 8998, 

THEATRE. 3S0 7755 Ev*s. Wed. 3.00 Sat! 


- 50 6.00.' 9. 15 . BANAMM 

p*wW 'ia A 25 ’ ^ ^ J 




_f*9t aao. 

5 30. 8.30. 


TOh*a!W- M 

7A JOLLY GOOD EVENING OUT - F . T 


^3300° ’’ 2 ' *• O< f o«i Cwui." <3 ’ 


ii 


Wii-w as ' WQ yRWSfl? '. 

2 TOE KQQnavE G*Rt *A)-v -(fej - 

J " 5.25. B.05: .Late , 5lw w . ***• ;. 


>' V..'-' 

- >'k . 


17 itc 
10.45 


2 a; 


5 '™ , «» , ia. iai_ 12-49. . 

"' 3 ®« L J r ' < * ,,w Srt.” V».05- ■ 1 

■ ■' ; 

And diath ■ aj; > -SB- 


W«1Allv 

B «r 

°«ATH -A) 

Late Show Sai, «4tk 


• ->. I . 

>>■ < 
1 



V\ 









21 


V -’ Kr 





Financial Times Friday May 12.1973 

Cinema 


Back to Marienbad 


Savoy 


Alice’s Boys 


by B. A. YOUNG 


S- : b * • 

■p 

fei'-ftr V 


Felicity Browne and Jonathan been in anv wav different. details nf the story, but the cast that to have four such people 

Hales must have been going in The writing is better than Miss is certainly mouth-watering. Alice living in a flat together woulf 

V - XT T rr T A XT T-v - • • far cume shrewd analytic of the Christie or the adapters who is a man: it is a code-name for have attracted ti»o much ua. 

by NIGEL ANDREWS :[ S -t^Tnin •! shelter nnder her name habitually the brad of the spy ••family.” and desirable attention, for they are 

jboy-office figures at London $ achievt and ^ authors have it is no less than Ralph Richard- a rum lot as spies go. 

rv\ — — 7 — T" world Ik the ™,u ** , Vft , wc ... . , - ; theatres, for Alices Boys is con- had a trip on two band-wagons son. cool in deportment, tele- Berlie. played by Michael 

nU-IIl. /AA% ' Academy 2 »°. nd ot J™ 1 " 5 w,th aause and (self ) hatred, role (the kooky runaway) that ; structed firmly on the Agatha at once by combining a whodunit graphic in speech, commanding Gambon, is a coldblooded killer 

Heroes (AA) Plaza 2 ^ ® u .“ cons “°u s - and those sometimes Dkuninated with the she has already played once in Christie principle. The suspects, with a spy story. The production in mien, his only weakness a who hides his talent under what 

^ orl b Star f “f? 1 .abandon hopes quirky, muddied humour of a the movies lin Smokey and the j n a closed environment. are four is really far better than the play habit of taking his petit point Mr. Pyin calls a faux bonhomme 

*i.i and Elina 1CA ...S. ° r *C“ism. Events are decaying memory. The action has Bandit ) and earned the right. ! members of a spy-ring (if I may deserves, but hv mating a taut on duty with him in his brief, personality evinced in his drink- 

Archive Nights through Gielguds mind no identifiable setting— its loca- one would have thought, to move! use such a terra of our own M16l, suspense tale with wbat' 'can only case. His five boys are Henry fng and constant singing 0 f Irish 

National Film Theatre tnuguary tions are variously culled from on. j and the victim is a fifth member, be called all-star casting a i whom we only see dead). Bertie, songs. Dan (Michael Javston) is 

John Giebrud as a dvine in famiiV domBS of lus .° wn F ™ nce - Britain and America— * found dead under a bed in cir- wholly pleasant and wholly uh- Dan. Sally and Toby. withdrawn and calculating 


Providence (X) 
Heroes (AA) 


withdrawn 




-sss 


■ 


calculating 


John Giebmd as a dviniTiV famiiV 6 - ontain ano America— * round dead unuer a oea in cir- wnouy pleasant and wnouy on- uan. oaiiy ana ioo>. withdrawn and calculating 

continent mwpii^t- riirfr a!i . a " d many exterior scenes are 'cumstances that would have important evening is achieved. If 1 were M. or C, or even where Bertie wears a Chinese 

as a prim sarcastic barriS^ chanii^ 6 c * ar ®® tei !®SO through played against painted back- Duty compels me lo inform j aroused more surprise if they had It would be wrong to retail any Colonel B. I should have ruled dressing-gown with dragons. 


»-v 

, i;i1 1 

" !l 


1 1!- 
"’ask 1 

'“Tf- 


SSf?- David Warner, for drops. OmSStti at the E£t you toar^elCA if showing — 
S example, begins as a docile of this allegorical maze, there from next Tuesday two Finnish 

S.V extramarital young hippy in a court-room, are messages lo be read about films called Here Beneath The 

£h55£r naSSt wJL? */ S i r0 : Withermgly^ cross-examined family life and family relation- .Vorlh Siar and Afcwli and Elina 

< S rst r for mercy-kiUtng ships— how the intimacy or love. They are edited from a multi- 

i ;“™S« otl “5 of an old man who bebeved him- or hatred, distorts our mental part TV series and form a con-: 

ft ■,TJ^> eW a r an< * 56 * tQ ^ turning into a. were- pictures of those closest to us— tinuous story of peasant life in ' 

Rn^WTo'c vSSmS ^ - but it would take more than one the early decades of this century. ! 

Bogardes aging, dyed-blonde ” " . - : viewing to read all of them The 1 

misttess and as fl^hback Visions Book reviews appear on best comoliment one can pav this Unfortunately duty was not 

of Gielguds dead wife. Proci. _ . film is' that it leaves ‘ one ® 00U S3> t0 compel me to sit; 

dcnce has taken almost two Page 16 impatient for that second visit throu " h *«“■ W** tCA pro-| ;« 

years to reach a London cinema, _ The film's mysteries entice granming policy is so mystifying . 

and the dnoiic^s perso»KW des- _ rather than deter the curiosity at P res?Dt one doesn't j 

cribed above may give you a clue wo ^- Then it is gradually re- know whether silence or com-! 

as to why. Directed by Alain T * aJed - after some . later * * 1 ment is the kindest response. To 

Resnais and written by David adulterous skirmishings' between „ . what audience this frankly! 

Mercer, it is. a work of bizarre tfae n ow-acquitted Warner and heroes is the first post-Vietnam appalling soap opera about the! i. 

and often intractable com- Bogarde’s own wife (Miss Bur- comedy: a film determinedly, growth of socialism in an early i k 

plexity. a Freudian ball - of - that he is Bogarde's ® ven relentlessly, bent oo absorb- 20th-century Finnish agricul-1 ^ 

mirrors where nothing and illegitimate' half-brother — and !" s tne trauma of Vietnam into tural community — Cold Cont-j 
nobody are quite what thev that both are the sons of Gielgud. “J e all-Amencan cheerfulness of fort Farm crossed with 1900 — j 
seem, and where even what theV story’s wheels .within L ne 1 ro ®d movie.” The comedy is supposed lo appeal I dare not; 

seem hardly remains constant wheels continue to spin at dizzy- tT y ^ SIC edges, to be sure, in venture to guess. Grizzled [ 
for more than two scenes in sue- in S speed, and the filmgoer tries JL 0 I tTa , , } T l °{. ? X iem ^ m veteran peasant-! come and go in bilious, 
cession ®t his peril to slow them down ' n enry nmKler) whose - mind Eastmancolor, enacting an every- 1 

^ . , ... r ■ . .. ... teeters nreeamnticlv nn (ho hn'nl- -I .r ......... cr. i 



tne mental exercise required, uxe oia man an image of Gielgud i ailBr me nour - 1 Deg > ou 

Those who have seen Mercer's himself, decaying into animality? ■ . ar ™^ *' ecI !J , . ,tlx,en t office, and to feel at liberty not to take my 

plaj-s on British television— those 15 Warner’s mercy-killing a pro- at word for <he quality if you ; 

passionate and caustic territorial jection of Gielgud's own death A°““ de ^el the urge to go. But don't 

battles: fnnirht hr hi,«v-.r. wish? AnH ic riai<mrf-c fnw w a i ,rn "P had crossed America sav I didn t warn vou. 



Ci' nii'ii- I'li «.ii'U 


battles fought by human beings wish? And is Gielgud's (or Z a g™ J* dad "J* ™ say I didn’t warn you. 

doomed to tbe miserable inti- Mercer’s) moral world-view f« fi a ” SiSl£S S5 S3 a brief word of rec 

Wvnfun unhxnnv writtpn Intn ih. *? ®»-tAOn— OUd the Test IS kept D V BI . 11 *? C 


w ‘“J “V"- ■" . in action— and the re<q is keot A oner word or recoraraenda- 

?iacy of an unhappy marriage or written into the opposition cJ n— ana ine rest _ is i Kepi the National Film I 

ove affair or family lifp — will between Warner * Bohemian u. ' . roaa movie . . .. h> s . b t 


Ralph Richardson (foreground) with Geoffrey Keen. Michael Jayston. Joanna van Gyseghcm, Michael 

Gambon and Gary Bond 


Dan wears a monkish habit. The- 
third man is Toby (Gary Bondi*.* 
a lady's man and gambler, whrt 
is having a iling \nth Sally 
(Joanna van Gysoghem I. their' 
female colleague. 

Who. you will ask. is Mr. PymT' 
Mr. Pym comes from M(5, who.. 

it appears, is in constant rivalry 
with .1116, and he is investigatin'.; 
Henry's death because Henry 
has actually been a double 
agent, a double agent of an 
unusual kind, working both for 
M15 and M!6. Mr. Pym Is 
played so well by Geoffrey Keen 
that it seems a shame that tele-, 
vision shuuld have kept this' 
actor off the stage so much. The 
contrast between (ho M16 colonel 
and the MI5 policeman uf that 
is whal he is) in their different 
attitudes In discipline is an 
enjoyable study 

1 cannot say that the unravel- - 
ling of the knot is dune with 
any special skill: indeed 1 was 
only modestly convinced by the 
conclusion . Bur the production 
is a little jewel nf its kind under 
Lindsay Anderson 's direction., 
and the lack nf intellectual, 
pabulum should not deter any- 
one who jusl needs a jully guud 
evening oul. 






vIMMAS 


V. t; . 

' • ■ • V . 

"is 


■ • !.»:(- 
• • i.- ii.:m 


!>ve affair or family life— will between Warn erV Bohemian humour A ll Scarecrow Theatre’s Archive Wight pro- English Bach Festival 
pow roughly vhat to expect eferato jod Bog«rd.- S eo)d SX£ Kif STw r™, end Jum. En 8 1,S " BaCn festival 

when Mercer’s scimitar dialogue serpentine Jayer-down-of-the-law? Ticins- Once a week, on Fridays, Ihe •- 

jneets the baroque flourishes Whenever the film looks like . NFT will be screening rare %/ 1 

>nd elegant mystifications of losing itself Marienbad-style in Vc ?Sn5 nSSSStii^a^ *Kr.^rT5 P rinls of venerable collector's \/ 1 \7 O ult 

Ttesnais. its own labyrinth of meaning, it IS^LSSSSSJ^^^L movies from the film archives of V 1 V ClivJ-l 


Wigmore Hall 


e layer-aown-oi-ine-iaw; Once a week, on Fridays, Ihe • w r« -* + • w -r-l -• t 

los^Sf M^rfeSad^le iS ^caped from an Army ^ v hi l^col lector'! \/iVQ1Hi I OUtailO ^11^6111016 

its own labyrinth of meaning, it mo?te from “c film Jrt. Wes of V 1 V CtlU-1 i^UlliaUU lOUl II 

is rescued by the sheer wit and J' s the world. The selection in- 
bravado of Mercer’s dialogue. 2?^?? fugitive bnde-to-be C | u ^ e . goch quirky gems as a Uir M A V TDPPPDT 

_ and by acting that is a joy ^ Swedish film version of Sttind- Vivaldi is 300 years old this chorus at the end which b> MAX LOIPtRI 

looks like the dark side of that throughout Gielgud’s expletive- L?j? , JL?® here’s Dance of Death starrina year— a fact unlikely to escape apparently is not by Vivaldi but; _ . .. , no , nv , r ,„„ ftn . . 

hotel in Marienbad where, filled narration has a hilarity all a Erich von Stroheim, the first! the organisers of the English G. M. Ruggieri. : T* 1 * Macnaghicn Concerts more than one mstmment Jiwm 

fifteen years ago. Resnais choreo- the more piquant for coming iocfetv tnl feature film ever made by Holly- jBacta Festival, un Wednesday As it turned out. the other; have been revived, and. in a jEJ£?S' ' iqaiT s an 

graphed an equally macabre and from tbe mouth of our foremost SnSdd wo ° 6 veteran-to-be Raoul Walsh they provided a programme work, a Sisi Dommus (RV 5S8) series of six concern dolled “/Ktii*- mliM JSSS 

ornate dance of me.mory. - Shakespearian (he even gives a ^ Lr S a nd tumbS ( Regeneration 1916) a German mainly devoted to his vocal for contralto and strings made! across the year, are building 

' Resnais is- still the offscreen Bardic cadence to his cries of J," " anti-Nazi film made in 1938 music. Last night they offered, ihe deeper impression for the : - nrocrammes in whii-h 

choreographer (a riMta T2. *X£ '■ 


the world. The selection in- 
cludes such quirky gems as a wri _ _ , . w ^ 

Swedish film version of Strind- Vivaldi is 300 years old this chorus at the end which 

here's Dance of Death starrina year— a fact unlikely to escape apparently is not by Vivaldi but ; 


wi^Mew b£ thefilmhas TcW soothe the troubled from^ t“e” U h^nnlS? Ktmpfer) and a ’TrturbUhed a" concert performance unde? everything out into precisely ' ^ 

an on-screen ehoreograbher is rectum.” be declaims as he wink l er T Likm S of P rint Marcel L'Herbier’s John Eliot Gardiner of ihe opera contrasted sections. vary ing Bastera Europe are introduced cunltxt stem to hau w 

et (M.. - 1 . _ ° ", .. ! I. _ , 1 I *> UlMcr, trailing CIOuuS OI r . n. 1 . T , ( 7 n«?r?n Warinacriov'c Irhdl. eniuul rhHlim end neimmante in T nndnn hlnnhv'Hn Rritun ramcr inlll. rt SilOn oonul 


an on-screen choreographer is rectum.”, be declaims as he Winkler trailine clonds of print 
well. The characters and their inserts a suppository). And small-screen dory from his legendary 
actions are all shaped by Gielgud Bogarde’s barrister, limpwristed American TV role as Tbe Fonz D’Arpent. 

as tbe cancerous writer. His and reptilian, is the most j s a vj ta ] nervy actor , a §kid 01m in t ^ 1 

voice-off narration, foul-mouthed, venomously witty performance r 0 w version oF John Travolta *° keep 

tetchiJy humorous, and some- this ever-improving actor has but he cannot put flesh and ^ ree - 

times accompanied by bed-ridden given. blood on a part that is hardly 

glimpses of the speaker himself. The film ■ is about a world even skeletal to begin with. And 
guides the principal cast of four shaped by one man’s dying Sally Field, a pert, tubby-faced _ 
through their strange character vision: a world sometimes tinged actress full of comic charm, is PaI- 
transformations. The film's with regret, sometimes corroded likewise powerless to redeem a A-/U1 


Zola adaptation La Griselda. Wednesday’s tribute speed, rhythm and instrumental i to London alongside’ British 

There is not a dull was prefaced (as the opera will colour so that the most chatter- 1 works. Wednesday's was an 


context seem to have worn 
rather thin. A short Sonatina . 
for harp by Sergiu Naira (h. 
192-1 ) at least carried its bcjoml-’ 


■-* .’»* . 
• i-t : 

- VI 

m„.- I :«Af 
. .. i .i» U,‘ 


. .• r, ., Mf 
■ : h»lr ■ 
f!.M . : 


..j. t.'iMixn 
r . %» MBS 


.. I?" 1 * 

■ ,efcL« k .. 
-.K" 


, mJE< * . 


n, i' 1 ;. • 

'.MV \ 





Bohm cancels , Misr'WaHs **"wery"*the""EEF character, and that three parti cu- of Elisabeth Lutyens' masterly' 

T - j . Praise to the EBF for not R Orchestra conducted bv larJ y individual British works. Quasimodo cycle, and suddenly 

T on don date taking the easy way out and S?H?corh5S-ili vffia d'amorer^eh quite distinct, each quite its evening, inio relief even. 

i.UllUUli uau, merely handing out platefulls of nhS should already have stronger than usual. This was 

tn Vivaldi's concertos (though this “ . _j p}kp .. vp _. onu . Pr f 1 ,i blow worked a near obliteration of the despite a spirited but rough. 

hSi ronrert wiS gramme began with ''Spring" J5J fJjtfuS? P ! Romanian guests from the reading under John Ca reive, with . 

J* 1 * fr ° m The Seasons Ki{h John The W' Gl oria made aintemorv-. .Ana t ole Vleru. about coarse edges to the brass, sort 

Holloway as soloist). In his talk. s< , raDDV ! ffe cr G bv coumari-: "horn the programme was dis- playing either bumpy or charac- 


Cloria made a ; memory. Anatole Vleru. about coarse edges to the brass, soft 


Sir John Gielgud and Dirk Bogarde 


is Having in awiizenaou. borne out bv the two works we “ * ent in lesser decree— I ° r imagination, in il/osaiques for what was required was poienr" 

Instead,- the orchestra., will subsequently beard, though they. 0Bt _ f mv t ead three percussionists. ; From a red wine. Dominie Mnldmvney\_ 

present the first London concert had qualities which made one Michael Talbot's wide ran " e of shinin S suifai-es. Entr'acte (receiving its London - 

appearance for more than ten Vender why that part of his oui- ^ " -Vivaldi's Venice” in sin 3 le noles are senlly dra '! fn Premiere) sounded so fresh antfe: 

years of Jon Vickers, who will put hasn't been more thoroughly 5Iusica[ Times about nut and "changed between the delightful, in its amalgam ri- 
sing Florestan's aria from the explored. What promised to be J h * •« Litors in hu°e numbers pla - verF ' sometimes with vocal humbrous surrealist gesture anff^ 

dungeon scene of Fidelio and the more interesting of the two *“jL frenuentlv deoarted with ! accompaniment; a forffmmn delectable Satie- ike sconnc.- 
several excerpts from the first ws a Gloria. RV 5S8~not the , fo Sk a nSolS !,orni bJows up hTlQfiy in ,hc ,hat lhc charm must surely he 

act of^ Die WalkHre. ramiliar one in D (589> bui J-®™" 1 ?:. P c™ P 2 pa,Dling s middle. The effect is predictable inlrmsic. not just cumnarative. 

another in the same key. with an or a m usical score - ; but kindly, pleasantly lulling. The concert ended with Gcr- 

The concert will open with the identical ” Cum Sancto Spiritu ” RONALD CRICHTON For five players with access to hard's brilliant whirlwind, Leo. 

Fidelio overture, and in # the — - . - 

second half. Andrew Davis con- 
ducts Strauss’s Ein Heldenleben- 

Mike Westbrook Brass 
Band in England 
and France 

Tbe Mike Westbrook Brass 
Band bas a full programme in 
May. On Saturday and Sunday 
next it appears at Dudley Spring 
Festival lu the West Midlands. 

On Monday May 15 the band 
leaves for a 10-date tour of 
France with The Orckestra re- 
turning to England for Whitsun 
week-end, for appearances at the 
Serpentine Gallery. Kensington 
Gardens each afternoon of May 
27 , 28 and 29, starting at 3J0 p.ib. 


Carnegie Hally New York 



Horowitz Jubilee 


by DOMINIC GILL 


s Last Sunday, at his usual bull- 
fight hour of four o’clock in 
the afternoon, Vladimir Horo- 
witz gave a piano recital in-Car- 
• ncaie Hall. Tt was a Golden 
Jubilee occasion — half a century, 
almost to the month, since bi£ 

. legendary New York debut on 

• the same platform. The ball, 

I predictably, had been sold out 

. 1 weeks before; but on this par- 
v i tii-ular afternoon, passers-by in 

■ 571 h Slreet might have noticed 
tan unusual difference. No pos- 
k ; hers on the building announced 
' !the event; no touts, offering S25' 

• (tickets for up to $200. milled on 

• khe sidewalk outside. There 
{were differences, too, inside the 

- stall: the usual announcement 
[forbidding the use of cameras 
’ Jand tape recorders was made by 
, (loudspeaker in seven languages; 

; [a babel of voices, speaking a 
'• ! still greater nu^"*r of different 
tongue* filled th* foyer. This 
• was an ’■* International Recital, 
for which not one seat had beet 
offered for sale' in the l[.S. Its 
audience bad arrived from 
,every where but America: from 
'Europe, from the Middle and 
, ' Far East, from Australia, from 
■ ■ Canada, and (the largest, 
lational contingent) by speo- 
aly chartered Jumbo from 
Lpan. . . A 

j A gimmick — perhaps : but a 
gmmick with a point Horowitz 
I 73. He made his last 
f 1 ' ®pea ranee in Europe nearly 27 
' ?a r s ago and last autumn 
anounced that he would never 
lave America again. His 
appearances even there are rare, 
aid always heavily oveMUb- 
eribed : after a concert with the 
' Jew York Philharmonic .l«t 
ianuary, more than -0,000 
•heques bad to be mailed hack 
a disappointed applicants. This 
. '30 New Yorkers) almost secret 
ippearance offered admirers 
tom abroad one chance* prob- 


ably their last, to hear Horowitz 
playing live on stage. 

For many it will also have 
been, as Jt was for me. our only 
and first chance. I grew up with 
Horowitz on record: as a child 



Horowitz - 

in the 1940s with his pre-war 
78s, and in the early 1950s with 
his new electrified, and electrify; 
ing. performances, of Liszt and 
Chopin, and of concertos with 
Reiner and Toscanini. 1 
mourned his 12-year silence from 
1953 to 1965; and rejoiced in his 
return, and in the spectacular 
flood of new recordings which 
accompanied it. For 30 years he 
has been a familiar, magical 
figure: intimately known, but 

distantly perceived— admired and 

loved, but only by -the interven- 
tion of needle* and magnets, and 
through the hiss and crackle of 
static. 


It was tiie strangest experi- 
ence to hear Horowitz play, and 
not to have to turn him over. 
Stranger still, and more thrilling, 
to bear without any medium be- 
tween us except the air that un- 
mistakable sound: the explosive 
bass, the clang of super-brittle 
hammers. the featherlight. 
crystalline treble, the close, 
brilliant focus. Exciting above 
all to discover (had one really 
wondered?) that the playing is 
no figment of the rqcord- 
engineer’s imagination. tbe 
character and colour r«o elec- 
tronic fantasy. • On record Horo- 
witz may sound larger than life; 
but In live performance he 
sounds larger still. 

It is indeed, but by its very 
immediacy magnified, tbe sound 
of the mature Horowitz that we 
have come to know on record, 
and twice on television, during 
the past decade; no less exciting 
than in the early years, and 
given with no less electric 
charge — but closer, warmer, 
more reflective, a degree or two 
less manic, each musical canvas 
more subtly coloured, its Inner 
movement investigated in “a* - 
velous depth. For Carnegie Hall 
he -chose an ail -Chopin pro- 
eamme. It was reassuring to 
hear him begin • nervously, test- 
ing the air; his Barcarolle was 
beautiful, but it had a- tentative 
quality; the notes were sure, but 
the projection was nervous— as 
if In such a breathless 'atmos- 
phere of expectation only Horo- 
witz himself remained un- 
convinced. 

But with three Mazurkas, 
given without a pause as a single 
sequence, the . group, and the 
close, magical focus' were estab- 
lished: an extraordinary elegy of 
inward musing, framed by the 
huge dynamic range that has 
always been a mark of the play- 
ing and is to-day ever more pro- 


nounced — from vivid, brassy for- 
tissimo to a half-voice quadruple- 
pianissimo at tbe very edge of 
audibility but of bell-like clarity 
and wonderful carrying power. 
The climax of the first half was 
tbe B flat minor sonata: the first 
movement broad and firm, unex- 
pectedly contained; the piu lento 
section of the scherzo the purest 
Horowitz alchemy — like the 
second subject of the funeral 
march, spun out,, all time sus- 
pended. in otherworldly 
ethereal thread. The finale was 
dashed off without wildness: 
sombre in its precision, all pas- 
sion contained, like a fast, dark 
wind. 

The three works of his second 
half were all of them drawn 
together — not obviously or ex- - 
piidtiy, but as it were' by impli- 
cation, in matters of phrasing 
and delicate shading and - 
nuance — by the same dark cur- 
rent of restraint, almost of 
austerity. Tbe close focus of 
tbe Polonaise-Fantasie was un- 
relenting: every strand drawn 
with marvellous clarity, every 
glance and half-light of the 
music ruthlessly . exposed. The 
early E minor Nocturne (op. 
posth.) made a brief, bittersweet 
link with the G minor Ballade, 
once more echt-Horowitz, 
grandly lyrical, shot into orbit . 
with an irresistible surge of 
voltage in tbe final pages. There 
were three encores: the famous 
account of Schumann's Trau- 
merci from Kinderxenen, 
which some find too elaborately 
mannered, but which I have 
always found, and did again 
here, deeply touching in its 
delicacy and concentration; an 
exhilarating shower of sparks 
from Moskowski’s Elfnceltes; and 
apt . conclusion, a whirlwind A 
flat Polonaise, bright, brash and 
stormy, no punches pulled. 


American cars have come a long way 
since American cars. 


jJ.IL.- s-villr i.' 


American ears have come a lone way si nee 
they luoketl like juke boxes on w heels. The days of 
shark fins anti eleclrie-fire rear HjtiiLs are long, long 
gone. Today the trend is lowanls quieler. simpler 
lines, solid • engineering anti sheer reliability. 





* e % 


(Uimolet Cqimv ‘.'7.7(1°.* 

Nobody though, is going to kill off lhaL typically 
American insistence cm a high level of equipment 
\ • nd new ideas. 

So even though our Cadillac Seville and 
Chevrolet. Caprice look thoroughly at home in 
EtiropeJ you'll find they're still very exciting — anti 
different - inside. 

Vou'ti also fiud that they are remarkably 
good value for money. 

Take the right hand drive 5.7-litre Seville. ? 
We call it a luxury ear. And with all due A 
rcspeeL this means slightly mure in tin* Stales ^ 
than it does here. 


Hence the electrical lv adjust ed front seals. 
The climate control dial for the exact lempiTalure 
you want. The electronic fuel injector, regulated by 
computer. The Cruise Control In allow . you lo keep 
the car running at a predetermined speed and 
efficiency. And all that's just fur starters. 

Even more attractive!) priced, considering its 
impressive list -of equipment, is the Chevrolet 
Caprice. A car that tire prestigious "Motor Trend'" 
magazine awarded its coveted "Car of the Your’ 
Trophy, last year. 

Au toear said when test ing the Caprice ”... we 
would prefer it to a great many so-called presti- 
gious cars on "offer at the moment”. 

And they summed up. uuld we have a 
Chevrolet? ...to our own surprise we would have lo 
admit to being tempted'’. 

We think you will be too. Come and see our 
range of Cadillac, Chevrolet, Pontiac, Buick and 
Oldsinobile American cars from General Motors. 
And surprise yourself. 


General Motors 


c nr twin 

PONUK 

BUrt>. 

L'WlI 


‘Prices eorrwi ai lime >•■( g-un: 1i» |>re«. 


LENDRUM & HARTMAN 

lliy LM King Arcrt. Hainuiersinilh Wo ()RH Ulvlfi IJ82L 










22 


Financial Times Friday May tt 


f-' 


FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET. LONDON EC4P 4BY 
Telegrams: Flnantlmo, London PS4. Teler: W0341/2, 8S3897 
Telephone: 01*243 8000 


Friday May 12 1978 



hting the 



THERE IS an opinion, wide- 
spread in commerce, industry 
and the professions as well as 
the entertainment world, that 
the balance between direct and 
indirect taxation in this country 
is dangerously wrong. We share 
this opinion, and believed that 
the Budget presented an oppor- 
tunity to begin putting tilings 
right. Not only does the present 
structure of progressive per- 
sonal Taxation weigh too heavily 
on all earned incomes, especi- 
ally at the lower and upper 
ends of the taxable range, but 
the effect of inflation has been 
to make the weight intolerable. 
At the upper end, which is the 
more important For achieving 
the more efficient economic per- 
formance from which all can 
benefit, present tax rales un- 
doubtedly inhibit both risk- 
taking and additional effort. 

Some ministers, at feast, 
share this opinion. Mr. Harold 
Lever, for example, whose 
oTorts to improve the position 
□T small businesses hare re- 
ceived enthusiastic support 
From the Govern men t. remarked 
only a fortnight ago that a 
correction in the higher iMes of 
direct lax was overdue and that 
he expected one to take place. 
It is perhaps too much to hope 
that his senior colleagues, with 
an election on the way. talks 
about further pay . restraint 
imminent, and the Labour Party 
itseir as fissile as usual, should 
take so open a stand on the 
sensitive political issue but they 
may not be altogether out of 
sympathy with it 


amendment would benefit pro- 
fessional people and small 
traders as well as those em- 
ployed in industry, as if tnls 
were something undesirable— 
the kind of attitude that is per* 
haps inevitable in an election- 
eering atmosphere hut which 
makes no economic sense what- 
soever. 

The Chancellor, it is to he 
hoped, will behave more 
sensibly and more responsibly. 
Before the Government's first 
defeat, he suggested that cuts 
in direct tax would have to be 
offset by increases, for example, 
in employers’ insurance contri- 
butions, or corporation tax. or 
stamp duty on larger trans- 
actions. One would like to sup- 
pose that this was no more than 
a petulant retreat. A rise in 
company costs, a reduction in 
company net profits, or the dis- 
tortion of the housing markei 
have not, until now. been 
declared aims of official policy. 


Opportunity 

The combined forces of the 
opposition parties, at any rate, 
have now succeeded in defeat- 
in? the Government and bring- 
ing about two useful changes in 
the structure of direct taxation 
— a small cut in the standard 
rate and a rise (how .far 
intended or nor is unclear) in 
the various points at which the 
higher rates of tax become pay- 
able. The Chancellor neglected 
the opportunity to take similar 
action himself: his professed 
anxiety to encourage initiative 
and efficiency can scarcely re- 
main credible if he now seeks 
simply to undo what has been 
done for him by others. It is 
true that Mr. Densil Davies, a 
junior Treasury Minister, re- 
acted lo Wednesday's successful 
amendment in purely political 
terms, accusing the Tories of 
class bias and wreck ins tactics. 
He also suggested that the 


The offset 

Certainly Mr. Healey will 
have to take offsetting action of 
some kind. He seemed on Tues- 
day to be suggesting that he 
might wart until it was clear 
that the public sector borrow- 
ing rer/iirement was going to 
be higher than the figure men- 
tioned in the Budget speech— 
which could not be the case for 
several months to come. That 
will not do. The financial mar- 
kets have been so disturbed by 
the size of the original PSBK. 
the hints (soon withdrawn) of 
further tax cuts and the growth 
— now apparently even faster 
than supposed— of the money 
supply that interest rates will 
rise higher still if no action is 
taken. Uncertainty about 
interest rates does not help 
capital investment: high interest 
rates add still further to the 
PSBR. 

The obvious course, there- 
fore, is to accept the shift in 
balance between direct and in- 
direct tax of which the opposi- 
tion amendments are the first 
half. The second half should be 
a rise in indirect taxation. The 
taxes to increase are those 
which are not at present levied 
on a percentage basfs and the 
revenue from which has been 
reduced by inflation— those on 
petrol (the economic case for 
an increase here is overwhelm- 
ing), on drink and tobacco. Mr. 
Denzil Davies can always be 
brought in. if this seems neces- 
sary, to put the blame on the 
wicked Tories. 


The many roles 
of BNOC 


ONCE THE decision to set up 
(he British National Oil 
Corporation had been taken, it 
was clear that it would play a 
lar-e and growing part in North 
Sea development; the impor- 
tant thin^. fur the Government 
ami the iaxj»ayer, was that its 
activities should not discourage 
investment by tin* private o*» 
companies, whether British- or 
foreign- owned. Some tension 
is inevitable, especially when 
the BNOC has a chairman as 
forceful and outspoken as teird 
Hear Ton. The companies want 
a favourable tax regime and 
as much freedom as possible 
to man jvc their own operations; 
the recent description of the 
BNTn.' as «n albatross round 
their nock- no doubt rolled s a 
general mood. There are. 
however, more serums •’rounds 
for eoiieern m recent decisions 
hy ihu Pepar intent of Energy, 
which appear In extend the 
BNi ""Vs role well beyond what 
is mvo-sary to secure national 
object n ev 

British control 

The Government'., proposed 
conditions for the sixth round 
nr licences, which were pub- 
lished tin- w.eek. are designed 
according !o flic Secretary for 
Energy , Mr. Anihony Wedgwood 
Bt-nn. -to sirvnglhen British 
control over our own offshore 
oil rvspurivs." Nni only will the 
Stale. Ihrouyh BNOC or British 

Corporation, again have a 
:il per cent. Make in all blocks, 
but 1 lie oil com panic.- are being 
asked Jo pay lor pari nf BNGCs 
exploration and appraisal costs. 
In a variety of ways the involve- 
ment of BNOC is being ex- 
panded. Given that North Sea 
exploration is now moving into 
more difliciilr areas, it is pos- 
sible that these more onerous 
conditions will discourage some 
companies from bidding in the 
sixth round. 

Lord Kearton has suggested 
that now that the bonanza 
period in the North Sea was 
nearing its end U.S. oil com- 
panies might tend to switch 
their attentions elsewhere: 
there might be pressure on 
them from their own Govern- 
ment to pm more effort into 
r.K. offshore areas. Whether 
Hits prediction is right or wrong. 


it makes no sense for the British 
Government to encourage their 
departure. Equally, the Govern- 
ment must keep in mind ’the 
need to stimulate the smaller 
British independent companies, 
which are capable of making a 
significant contribution in the 
North Sear these are the one? 
mosi likely io be hit -if exces- 
sively restrictive conditions are 
imposed in the sixth round. 

1 A more fundamental question 
concerns the combination of 
BNOCs rules as referee and 
player in thu North Sea. On 
Lhe one hand it is in direct com- 
petition with the nil companies: 
its l railing activities are gmw- 
tne and there is at least the 
possibility i hat it could move 
downstream into nil refining or 
even Petrochemicals. On the 
other, it has a regulatory 
rule. tnnniiunng the per- 
formance of the industry and 
advising the Government on 
policy decisions. There arc 
fears that information obtained 
from ns regulatory function 
could he used to its advantage 
as a commercial enterprise. 

It is true that thrre are some 
advantages in the Govern- 
ment. Through BNOC. having 
practical experience of North 
Sea operations: on certain 
i-sues. such as the principle 
that two-thirds of North Sea 
oil should be refined in the 
U K., the BNOG ha* persuaded 
the Government to be more 
fiexihte. Yet the more aggres- 
sive and ambitious BNOC 

li ,, cc)iiii , jt rn its commercial 
activities. Ihc more obvious is 
the conflict nf interest. 


Choice 

Perhaps the time has come 
for the Government to choose 
which of two directions BNOC 
should rnilow. Should it con- 
centrate on the job of regu- 
latory agency and give up its 
ambitions to become a fully- 
fledged oil company? Or should 
it hive off its regulatory func- 
tions to the Department of 
Energy and carve out its own 
position m the oil business, but 
without the privileges which it 
now enjoys? Without some 
clarification of BNOCs objec- 
tives, the conflicts between its 
many roles are likely to become 
more acute. 


POLITICS TO-DAY 






l 


to 




BY MALCOLM RUTHERFORD 


W ITHOUT THE slightest 
shadow of doubt this 
has been the ■ Tories’ 
week. After the Government's 
defeat on the standard rate of 
Income tax on Monday night 
something like a wave of exhil- 
aration went through the Parli- 
amentary Conservative Party. 
Not only bad the Government 
lost — that is no longer unusual; 
it had lost on an issue which 
did most to emphasise the dif- 
ferences between Tories and 

Labour. 

As Sir Geoffrey Howe, the 
Shadow Chancellor, said la his 
speech, a cut hr the basic rate 
of one penny in the pound does 
not represent anything like 
what the Conservatives think 
needs to be done to reform the 
income tax system of the 
country: “It is only a token 
change ... an indication of 
the kind of change that is 
necessary.” 

There had been some in the 
Shadow Cabinet who had 
argued that the Tory amend- 
ments to the Finance Bill were 
a mistake on the grounds that 
it is impossible to tinker with a 
“Socialist Budget.” But in the 
end the token gesture paid off. 
The Tories had re-identified 
themselves as the party of lower 
taxation and reduced public ex- 
penditure. The parly in the 
country was judged to have 
been satisfied: the Liberals had 
been outflanked: and the Gov- 
ernment was on the bop. 

The Government’s attitude 
was summed up by one Minister 
who spent most of the week 
watching the reverses — some- 
times thrice-nightly — to the 
Scotland Bill in the Lords. *' We 
don't like defeats.” he said. 
*■ They hurt." 

And yet. contrary to received 
opinion, a week is a very short 
time in politics. It is possible 
for a political party to be up in 
the skies one week and down 
m the dumps the next: the 
euphoria does not necessarily 
extend over the succeeding 
months. Thus even by Wednes- 
day — just before the second 
round of votes on the Finance 
Bill amendments — certain ques- 
tions were being asked about 
what it all really meant Cer- 
tainly nothing appeared to be 
going according to plan, and 
indeed there was no plan: 
except on the Government side 
to hold out as best it could and. 
on that of the Opposition, to 
make the token gesture. 

There was no guarantee that 
the Tory amendment cutting the 
standard rate would be passed. 
It went through eventually by a 
larger majority than anyone 
could possibly have expected 
because of the surprise support 
of the Ulster Unionists. That in 
itself raised a new, or perhaps 
rather, reintroduced an old 
factor in British politics: the 
Unionists were once again lean- 


ing towards the Conservatives, 
or at least offering their votes 
to the highest bidder on the 
Ulster question. 

It has been said that that 
came about because Mr. Enoch 
Powell and Mr. James Molv. 
beaux, the Party leader, wanted 
either to Support the Govern- 
ment or to abstain, but were 
outvoted at a party meeting. 
In fact, such a meeting did not 
take place, though Mr. Powell 
may, of course, have sensed the 
way the wind was blowing and 
trimmed accordingly. The 
official version is that he had 
already decided to advise 
voting against the Government 
sometime last week, and told 
Mr. Molyneaux so last Friday 
evening. The rest of the con- 
sultations tben took place by 
telephone. 

Mr. Powell still had about as 
much difficulty in composing 
the speech that he delivered in 
Monday's debate as some people 
had in following it. At one 
stage he had informed Mr. 
Molyneaux that the .only -way 
nut was to seek refuge in com- 
plexity. The point 'was, how- 
ever, that he was trying to 
turn an economic debate into 
a political one. He was saying 
that the present Government 
had not delivered enough 1 on 
Ulster, and therefore could no 
tenser count on Unionist 
support. 


Unionist 

demand 


The particular issue that he 
chose to emphasise was local 
government, and it may be 
doubtful whether the Conserva- 
tive Party is any more likely to 
promise that in the way sought 
by the Unionists than is Labour. 
But at least Mr. Powell made it 
clear (hat in a hung Parliament 
the Unionists are prepared to 
use their muscle. That could be 
Important lor the future, though 
for the moment it may be more 
significant that Mr. Molyneaux 
now believes that on any confi- 
dence vote connected with the 
Budget bis party would be 
obliged to vote against the Gov- 
ernment-provided that there 
has been no favourable move by 
Labour OP Ulster in the mean- 
time. 

The switch nf the Unionists 
was not the only unusual factor. 
The ways of Parliament are not 
devised for Government defeats 
on the Finance Bill. The Oppo- 
sition- can table amendments 
opposing Government plans to 
raise revenue or to change taxa- 
tion, but it cannot then add 
amendments which would allow 
the revenue lost to be recouped 
in some other way. Tbat is the 
prerogative of the Government. 

The Opposition to-day thus 
finds itself in an odd position. 


It has deprived the Govern- 
ment of funds, but it has not 
deprived it of office. One of the 
ways in. which the Government 
could deal with the situation is 
simply to allow public sector 
borrowing requirement to rise, 
but the Tories believe that the 
projected PSBR is already 
dangerously large and are 
worried about the effects of any 
further uncertainty on the mar- 
kets. In that sense, they are still 
unsure of the consequences of 
what they have done. 

‘ The view of the Government 
has also begun to change since 
Monday. Mr. .Denis Healey, the 
Chancellor of the Exchequer, 
said then that if the Govern- 
ment were defeated, it would 
watch the situation closely in 
the coming months before decid- 
ing whether it was necessary to 
take compensatory action. One 
possibility was that the borrow- 
ing requirement might turn out 
to have been exaggerated, and 
there would be no need to do 
anything. 

Mr. Healey was talking 
mainly about a defeat on the 
standard rate. The success of 
the Opposition amendment on 
Wednesday, however, on the 
higher rates of tax means that 
action of some kind is now 
thought almost unavoidable. 
The Government will still wait 
a while, watching the economic 
indicators and especially the 
PSBR. But by July — when the 
Finance Bill will be in its 
Report Stage— it will go to the 
House and ask for more 
revenues. The precise form in 
which this will be done is still 
open, but the thinking now is 
that the Government will be 
prepared to make it a matter 
of confidence. The irony is that 
that will probably not be neces- 
sary. There may be some argu- 
ment about how the revenue 
should be raised — an increase in 
VAT, excise duties, the payroll 
tax or whatever — but it is most 
unlikely that the Tories would 
refuse supply completely. They 
have made thejr point, which 
was after all only to show a 
token of the kind of changes a 
Tory Government would Intro- 
duce. 

There are other reflections. 
On the Government side it is 
admitted that this week’s events 
have made the postponing of 
a general election beyond 
October more difficult, though 
not impossible. On what might 
be called the economic indica- 
tor theory of politics there are 
also signs that the Government 
is coming to believe that 
October might well be the best 
time— the mortgage rate, for 
example, has again become a 
topic of speculation. 

There is a growing aware- 
ness, too, of the form that the 
election campaign might take. 
It will be about the economy, 
and here not everything favours 
the Tories. The Government 



*. i 


..)• 


fritlultc IkrurutiiSd'. 


This week the Ulster Unionists leaned once again towards the Tories : Mr. James Molyneaux 

(left) and Air. Enoch PowelL 


mav not like being defeated, 
but it was defeated this week 
on issues that it might well 
defend in the country. A 
number of opinion polls have 
suggested that Mr. Healey’s 
Budget was the most popular 
in 'recent years, which may of 
course not be saying much but 
which could still help the 
Labour Party. It was presented 
as a Budget designed to do most 
to help those wilh little 
or modest means. The Govern- 
ment cnuld argue that this 
strategy has been undermined 
by a series of Tory amendments. 

Labour could point out that 
the cut imposed by the Opposi- 
tion in the standard rate of tax 
does nothing at all for the 
lowest paid. Moreover it offers 
only 27p a week to . those bn 
average earnings, and even 
some of that might be taken 
away if there have, ttr be com- 
pensating increases in 1 indirect 
taxation. The amendment affect- 
ing higher rates, by contrast, 
gives over £430 a/year to some- 
one. earning £25,000, and indeed 
if the amendment on the highest 
rates bad gone through, some- 
one on £50,000 a year would 
have been feiven well over 
£5.000. 

At- the same time, the 
amendment on higher rates 
probably does very Little either 
for middle management or for 
skilled workers. Because of 
the effect of tax allowances it 
is estimated that It will be 
necessary for someone to earn 
£10.000 a year in order to 
achieve any benefit. All that 


is not a bad platform for 
Labour to fight an election as 
the parly which champions the 
poor and the less well-off. 

The Government no doubt 
will also use the argument that 
Labour is the party of fiscal 
responsibility, the party that 
knows tbe problems from ex- 
perience and can work with the 
trade unions. If the markeLs 
do turn sour . in the summer, 
one can foresee some bitter 
accusations about who is to 
blame — the Tories for upsetting 
the Budget strategy or Labour 
for a strategy that would not 
have worked in any case. 

Much will depend on whether 
after the excitements, of this 
week the Tories can keep their 
nerve. The signs at present pre 
that they are prepared to 
defend their amendments on 
the grounds that relief for tbe 
higher paid is one of the few 
ways of restoring incentives to- 
the economy. They remain vul- 
nerable. however, to the charge 
that they have yet to show pre- 
cisely what their amendments 
betoken. The few expenditure 
cuts suggested by Sir Geoffrey 
Howe could not easily have 
been quickly implemented and 
anyway did not amount to very 
njuch in money terms. The 
detailed Tory expenditure cuts 
have yet to be agreed. It may 
also be the case that the Tory 
“incentive economy" may 
prove very difficult to operate 
in a hostile world economic en- 
vironment. It is possible that the 
economic indicators which 
everybody is watching in ay help 


the Tories to return to powe, 
but then make it harder fq 
them to put their policies in» 
practice. 

Not least, one cannot heb 
noticing that the Tory Pam 
still tends to speak with tw> 
voices — Mrs. Thatcher’s anl 
that of much of the rest of Hr. 
Shadow Cabinet. The debate, 
on the Finance Bill this wee* 
saw the party united after i 
period of genuine Shadow Cabi- 
net discussion. But there hav? 
been other subjects on whin 
Mrs. Thatcher has spoken ii 
tones, if not in terms, tha 
would not have been used b: 
some of her colleagues. He; 
remarks on the trade union: 
in her speech to the Bow Grout, 
last Saturday were an example: 
they may have been taken out 
of contest in the Press, bu 
there axe some Conservatives 
who believe that the best thin; 
now. to do about the unioiu 
is to keep quiet. 

Mrs. Thatcher may be right: 
the best way to power is 
through attack and the presen- 
tation of a distinct alternative. 
And, of course, if that is the 
way she chooses, no one is going 
to be able to prevent her.^This 
week it seems to have worked. 
But in general there is still a 
school of thought that the party 
should rely less on strident? 
than on gentle persuaslwnesf: 
Perhaps for the time being ths 
Tories can have it both, ways; 
but as the election .approaches 
that will become harder, 
especially if, as many suggest; 
It is to have distinctly Presi- 
dential overtones. 


:ili 


fci" 



I MU MAHERS 


Trusting to 
their instincts 


Who ranks as the optimist of 
the year the organisers are not, 
for the moment, going to reveal. 


For all the agiiatlnn in the 
City over the dominance of the 
the Stock Exchange by the 
institutional investor, put 16 of 
that august species together 
and what do you get? Sixteen 
views of the way that prices 
are going. 

The proof js to be found in 
the release of the results of the 
first competition for unit trust 
managers held' by Montpelier 
Financial Services, the invest- 
ment arm of Julian Gibbs Asso- 
ciates. The results threw up a 
minor eccentricity, in that the 
nearest correct answers to three 
nut of ihe four questions set 
last November — where would 
the FT 30-share index be by 
May 1: which w’ould be the 
best-performing American unit 
trust in the six months to that 
date: which would be the best- 
performing non-American trust 
over the same period — came 
from either Julian Gibbs him- 
self nr his fellow director 
Roddy Ass-Manning (they de- 
barred themselves from the 
champagne prize j. 

But the real fascination lies 
tn the range of estimates as to 
the market's movements. For 
;he FT 30-share index, Gihbs 
predicted that it would reach 
4SQ by May 1 (in fact we 
logged it at 469.6 J. The second 
prize winner, Stewart Unit 
Trust Managers, though! it 
would reach 483; but the thiTd 
nearest estimate was that nf 
Henderson Administration, who 
forecast 575. 

Given such a discrepancy on 
a short-term view, it comes as 
no surprise tn discover that the 
variations over the longer term 
are wider still. For the 12 
months In Nnvember 1 this 
year, estimates far the FT 30- 
share index range from 450 to 
670. while those for the Dow 
Jones ranged from 840 to 1,330. 


Water music 


The shipwreck of the super- 
tanker Amoco Cadiz on the 
French coast in March has pro- 
duced two records. One is the 
unparalleled oil spillage of 
230.000 tonnes, more than a 
third of which landed on 
Breton shores. The other is a 
12-track long-player made to 
support the relief fund for the 
region. 

■ The record, entitled “ Let’s 
Save the Sea.” comes in the 
grimmest or sleeves, decorated 
with a drawing of a dying sea- 
bird dripping blobs of oil. Lead- 
ing French entertainers have all 
chosen son^s with sea themes 
for the album. The veteran 
Charles Trenet makes his 
gesture for Britsnny: so does 
even more veteran Corsican 
Tino Rossi. A song called 
“ Monsieur Cousteau " is pre- 
sented by Gilbert Becaud; 
Jacques-Yves Cousteau came out 
in support of France’s Ecologist 


political movement in the 
recent general election. None 
of the 12 songs is really new, 
but Pathe-Marconi-EMI say 
public response to the record 
is " remarkable." 

Television channels, maga- 
zines and newspapers, including 
all the main Paris dailies and 
weeklies, are backing the ven- 
ture with free advertising 
space. The result has been that 
in the three weeks since the 
LP was released it has sold 
200,000 copies. Profits so far 
have given the Breton Relief 
Fund more than Frs.lm. — 
£ 120 . 000 . 


Broker’s farewell 



If Charles Vaughan-Lee does a 
few after-hours bargains this 
afternoon — as he is light- 
heartedly threatening to — it 
will be a typically fighting finish 
to his City career. He retires 
to-day as chairman of J. and 
A. Scrimgeour, the brokers he 
joined as a messenger in Janu- 
ary 1933. " Johs were extremely 
hard to find in those days.’’ he 
recalls, "so when I was offered 
one by J. and A-. it seemed too 
good to miss." He was at the 
lime at Christ Church College. 
Oxford. reading history; 
although he left before taking 
a degree, he has the satisfac- 
tion of seeing a son there now 
■as a lecturer. 


family — of Scottish origins — 
still has members in the com- 
pany. “ I'm a bit of an inter- 
loper.” jokes Vaughan-Lee. after 
45 years with the firm. 

I asked him what were the 
main changes in a stockbroker's 
life since the early thirties 
*’ There’s much greater effi- 
ciency now in the office arrange- 
ments. Then there was still an 
Edwardian air. We took turns 
to stay late, writing out 
tickets." 

He mentions another differ- 
ence: “ In those days there 
were really wealthy private 
clients, to whom we were send- 
ing dally telegrams, even when 
they were on the grouse moors. 
Such men might have equities 
and gilts worth £lm. — which 
would, I suppose, he about 
£10m. nowadays. They just 
don’t exist any more." 


** It’s Hhrositls— you've been 
shrugging off too many 
budget tataM' 


After the last war, in which 
he was awarded a DSC, 
Vaughan-Lee became a partner 
at Scrlmgeour. By the late 
sixties he was senior partner 
and In 1971 master-minded the 
firm’s leap to becoming a 
limited company. Vaughan-Lee 
was made -chairman and his 
first report to the shareholders 
argued that an organisation 
which had grown as big as 
Scrimgeour needed the flexi- 
bility to bring in new people 
on the basis of ability rather 
than their ability to pay the 
•• entrance fee." Nonetheless, 
even in 1978, the Scrimgeour 


Domestic news 

Down in South Wales, the dis- 
pute between Thomson Regional 
Newspapers tTRN) and its 
journalists is producing some 
strange family divisions. Leslie 
Grist, photographic manager of 
Cardiff's Western Mail, is 
struggling inside the building 
to keep the spaces filled and the 
presses turning. His son Alan, 
a reporter, has been a subject 
of the mass dismissals by TRW, 
and stands on the picket line 
outside the door. In Merthyr 
Tydfil, the dispute is not being 
allowed to affect marital har- 
mony: Adrian Doolan. produc- 
tion co-ordinator of Thomson's 
Celtic Press Group, collects his 
wife Suzanne Barnes from the 
picket line every day for lunch 
—after which he returns to his 
post and she to picketing. 

You could never accuse TRN 
of nepotism: among those 
sacked is Mostyn Cole, features 
editor of the South Wales Echo: 
his brother David is TRN's 
managing director. 


Observer 


OFFICES 
IN SCOTLAND 

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ABERDEEN s 

St. Martins House 

1,400 

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Regal Cinema Development 

-10,500 

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121,000 

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2,500 

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10,000 

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14,000 

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For s colour brochure and full details of our ■ 
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K 




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Lond on W1A33G 01-6290292 


i .. 








Financial Times Friday May 12 1978 




~ • • £> 

Royce is waving the Stars and Stripes 


. - • ByMiCHAEL DONNE, Aerospace Correspondent 

Varley, ithe Secretary^for^ltf a slBa ^® r ' sttaller, H5-146 feeder-llper Jaguar and the RB-199 for. the other new engines— the KB *4 32 £250m. has still to come, and for the 535 in the proposed or “launching” engine for that 

. dustiy.U holding *is week and TwinStar Qr nJifw 1 Z? wel1 * might-some of the Anglo -Wen German -Italian of about 15,000 lbs thrust that depends on government ap- 200-seat B-10 version of the aircraft 
pe^t with the. chiefs xji U.S. air- up to 200 Ail of & SSd J2 “£* need for * Panama Tornado combat air- would in effect be a replacement ^ and 6a3tDcM support Airbus, if that aircraft is even- To help it, Rolls-Royce would 
craft companies are intended to offer , Hi? 5 .? would new short-to-medium range jet- .. • onmo cn rAn * for the existing Spey engine, mmnanv =_ lually launched. Rut Rolls- like to see British Airways 

help the Goveni^itM decide^ SSll RoUs,Royce would disappear. The HS- C ^T f ®° P ” CenL °f and the RB401, of about hl ! ^ Royce does not see these as becoming one of the launching 

in effect the entire commercial in H5 would take up much of the 60 ■ 000 workforce, or about 5,500 lbs thrust, as a new f ? r this, and is argum* tha t in anything more than possibilities airlines for the 757-535 air- 

future of RoIMn™» iuro p e » JuiTent slack currently emerging on 36,000. are involved on civil engine for business jets like “ e Boe,n e alone it could at present and certainly far less frame-engine combination. The 

numMi a n<ri n . n ..«.r.!u I *: * afr ? ar ° ,J nd the con- the civil side. This would leave endues. These are urimarllv the HS-125. expect to sell about 2,000 attractive ones than those airline is strongly attracted. 

RB-211 is engines worth over £1 bn. by the beckoning in the U.S. Quite apart from its immediate 

important— * nd °J 1,16 century. Work on Similarly, the proposed Joint requirement for short-range 

le 535 and 524 ver- the 535— quite apart from other European Transport MET) is 120-seaters (such as Boeing 

535 is regarded by versions of the RB-211— could 737s> 10 replace ageing Trident 

3i ideal fnr n«» in add between 12,000 and 14.000 _ Ones and Twos and some Onp- 


enabEng Britain to share in the 
big markets for new airliners 
that lie ahead 4n the 1080s will 
be 'dosely ' linked with Rolls- 
Royce’s long-term engine de- 
velopment plans, and with the 
future procurement policies of 
Sntfsh. Airways. 

it is dear, therefore, that Mr. 

I Varley’s approach to the talks in 



orating with either Western for Concorde, the Viper in busi- sions ^ m 

Europe on the BIO version of ness jets and other civil power Rolls-Royce aiTideal for "use *In a 
the Airbus, and Dn the JET, or units such as the Tyne, Proteus, the proposed Boeing 757 short- J°^. s *^ e . company s overall 

with one or another of the pro- Avon and Conway. . The com- range transport of about 160 commitment, raising, the 
grammes being offered by the pany recognises that there will seats, and in' the Boeing 777. commercial side of its business 
American companies. be a continuing high volume of The Dash 22D version of the 10 some 70 P er cenL ** 1)16 

Contrary to some impressions, military business in the 1880s RE-211 of about 42.000 lbs whole. 

British Aerospace remains open- (especially if proposed new thrust would be ideal for the In support or its arguments, 
minded about its future collab- combat aircraft like the AST-403 Boeing 767 “big twin" also Rolls-Royce can point to the 
oratiye partners: what it wants Jaguar-Harrier replacement get aimed at short-to-medium fact that the RB-211 is already 
is the best new, civil jetliner under way), but it sees the ranges. ^JThe ^ McDonnell making profits, amounting to 1 



Elevens by 19SD, it knows jf 
will need a bigger aircraft, like 
the 757. to replace ageing Tri- 
dent Threes by the mid in late 
1980s. 

Other possible launching cus- 
tomers include Eastern, of the 
U.S. That airline has bought 
the big 25U-plus seat Airbus, biu 
it also has many Boeing smaller 




lAhdan is adeemed with a ing 200— while there w also the prograrame jt 080 geL biggest share of“its future mo- D<m 2 las ATMR * nd . D C-X-20Q £34ra. "for the U.K. Government . _ . . „ it alst 

good deal more than the de- Joint European Transport (or British Aerospace recognises duction being derived fron^the s(?ri * s ‘ * nd _ Projected new on the first 555 engines deliv- currently being offered m all 737 jets in its fleet, and will 

clwed aim of eMbimg him to JET), which is being designed that it must settle the coUa bora- growing civil markets of the J®™ 0 ®® °. f . th ®,^ ckh ? ed Tr, ‘ ered so far, or £54m. before 'is vananiswjtb the Franco- DPed T0 replace rhem in lhe 

discover what kinds of coll abora- in several versions, seating be- tion issue sooner or later. It 1980s and beyond. Star also all specify various ver- taking account of certain America (Snccma-ljeneral Elec- m j d j att . jgyos. In addition, 

uve programmes the American tween 130 and 163 passengers, cannot build a new short-to- . . , sions of the KB--11. financial contributions which trie) i.FM-aB, an engine of Rolls-Royce has discus-ed the 

companies are prepared to offer For Rriti«h th- medium airliner bv itself but it u p . s *° SU PP*F “? ese Thus, Rolls-Royce sees a have to be repaid to the Govern- upwards of L-,000 lus thrust. 757-535 combination with many 

British , Aerospace: tSKJrS*. MrJJI .l*±.***i massive market waiting for it ment before calculating net Rolls-Royce does nut have nn olh er airlines in the U.S. and 

North .America — especially profits. These figures do not engine in this category, and njund the world, and believe* 

can only include the work now being lhi>» can be regarded as being n euitld be «/n lu a winner if 

the JET market, at icasi lt j s allowoti by the Goiernnieni 

y. and perhaps for all to get on with the programme 
unless a bigger ver- mu of . . ' 

This accounts for the current 

Rolls-Royce anxiety to promo:** 
primarily a Briti-h Airways 
purchase of ihe 757 1 separately 
ersion were to emerge, it from ,hat airline*, more imuie- 


_ decision about which way it waTW s some share of the by pominued development 

*nie world markets for air- ought to go in collaborating on dj S markets in the 1980s. But the existing 


medium ranep mwtitmhZZi f*»u.u S «« *iui visions. ser , es of big-tnrust engines in demand for tri-Mars ana wsrz 

SrE?r? tfCll ai , C 7 n m,&h i ** by now and that of the RB211, and especially the DC-10 (as well as the A-300 Jumbos using this 50,000 lbs- versi„. .. - 

ISS-ISl Sna - )mlhe *** m,JOr .:. la “ c ? ,n ? Airbus*, _ but also from PraH plus flm.s, eu 3 ine ospands. jould nor bo vor,- oM^.ivr ro ^.p.^o.' uouM also l,ko ,n 

big^rus. JT9-D senes Jig^SS Ml! > head-jn, compci.or 

d Whjtney is now also ; n a ii its vi»r«sinns in the various ® oe, ns *■>>• „„ tst 


Rr i j 


| rage -field. accounts for probably as much as airlines " for new jets, such as 

’ All the U.S. manufacturers 60-70 per cent of its total work- United, American and Della, 
have plans To bnild various load - ° f civil programmes, may well be inclined to bold 
types of new jets to meet these undoubtedly some ace running hack a little longer before corn- 
needs. Boeing is offering s new down rapidly, such as Concordes mining themselves If this is 
family of jets, the 757 twin- at Fi lton near Bristol, ad British Aerospace feels it 
engined 160-seat short-range jet. Tridents at Hatfield. But there has got at least another couple 
the bigger 767 200-seater twin- is still a strong work-load for of mon^s in which to weigh all 
engined Aircraft, end the three- Hie K-p5 eneeudre jet. the y, e flrtBn . jn ^ Europe™ 
engined medium-range 777, also HS-74& feeder-liner, wings for versus debate 

l a 200-seater. McDonnell Douglas the A-300 Airbus, and to a lesser 



and Whitney, 
its own 

Pratt and wnuney is now aiso j n jjj versions in the various 

developing a new series of u.S. airframes. Rolls-Royce Thu*, while Rolls-Royce dues 

engines, (he JT10-D. ranging gggg a mm* less attractive not discount the Vo>t Euro- 


work on lhe 

Ii belie ve> Ihal the cmnbina- 
uf Rolls-Royce, British 
itnd 
h 
if 


(General Electric 
partnering Snecma 


ic i. ‘X firgfl"LS Se ° f U S - C - British 7. ..to 

i of Prance in 13m iilriW 3 rbM. il rently. while continuing with the European collaborative road. 



1 ■y..y. t 

'• : it 
•-v..: lb, 
• V-Zi 
:? 

■ Siaj; 

I’M. fel 


; Would .eatKW. TriM h™ “ rd ' rs >- 55h rtk tt. Si, with &' £ 3 & *“ s -'"‘ >•>?« S- tte w,th thc 

a. i plans for a short-to-medium If t^e Government were soon Pegasus for the Hamer, the development, depending upon £2(ta- on the 535 so far. but rrai1 ana wnuney ai-uxi. 

1<? grange version of the Tri-Star, to authorise the go-ahead for Adour for the Anglo-French available resources, of two the 


big spendiug of about There might also be a market 


Ruyce still believes that 
combination of u»clf. British 
and Bnein<:. with some 
c L. r ,„ nBa - . «... partners such as 

... , . snort-range jet, f lPnePa i Dynamics in place of 

and it^is working hard to have British Aerospace, would still 
the 535 accepted as Uie " lead *' prove to be virmallv unbeatable. 


Letters to the Editor 

DnAlS«mniAn(- 5 m tunate member of the public frustrating to go to a timber to go on supplying their services effort* of hia constituents was 

JVeail gDm eni m . whose property is being yard armed with metric for ever at an irtcreaslng loss. Jobs in large, preferably nation- 

. acquired has no prospect of measurements for one*s require- but that it was entitled to end alised or state subsidised com- 

accountancv recovering the “ excess over ments and .discover that six the arrangement by reasonable panies. 

" scale ” from the Ministry in years after metrication they are notice. Lord Denning held that If the residents of the Thames- 

" ial ad b&ve it was intolerable that when side boroughs arc to get the 
measurements “the cost of goods and services jobs they need, which might well 
went up to the rooftops with in- go there in other circumstances, 

4 » — , metric flatiou and the fixed payment they must consider whether 

passing tarougn institution's excuse fflr but measure metric, get mettle went down to the bottom of the hardline, old fashioned, doctn- 

! ,, pi; troubled waters in recent years, not revising t ij e sca!e | ong since completely by I960: and let us well" that the waterworks eom- naire. subsidy to the hilt. castrate 

..•..ts and probably occupies a lower has been tbat it would JJm, to 8** oul of ihis ludicrous dual pany should be held to that small business attitudes are 

. y place on the scale of -public agree the sca j e wth tfae Minis, situation which Is wasting every- arragement really going to give them the 

.w. t esteem tha it has ever done tties ^ anticipates that agree- 0Be ’ s ti «ne and coatributlug The Law Sfidety (the govern- political help they need. 


Minister visits Bolton. TO-dSy’S EVGIltS and'" 3 Measurement Cll F?Juipmcm 
er, Bury- and Stockport. u Exhibition. U.S. Trade Crnit-r. 4. 

ois Healey, Chancellor of Amalgamated Union of Langham Place. W.l. 



. -before. Rut a few notorious in* an increase would not nothing to the changeover. 

; r ‘| dustrial failures, a few ethical Je eartly forUiceminK The RonaJd Be a™ian. 

^ * failures afid a prolonged “d proper course however was 9 Woodbrooke Rood, 

" ! V ‘ J aPPWently incurable bout of evldenfly to raise thb scale to a 
■ aeademic schuophrenia ra the faiT figure - m line inflat ion Btomirmharn. 

w? natter of inflation accounting wlthout refere nce to the Minis- . - — . 

:• ,• are merely symptomatic. tries, ad ia the unlikely event r^lVIClOTI HI 

_ ... ,/-r . Mr. R. J. Bullard. (May 5) has thereafter the 1 Ministries III 

. ..’.* iflentifled the underlying weak- declined ter accept the scale as e.Linlm.1 jini* 

° ess . : tbe structure of the pro- reasonable lhe first test-case in SOlDDUUulIlS 
- fession is entirely iinsuited to court would undoubtedly have from the General Secretory, 

’ se€ ^ t0 j"? D ° difficulty in compelling them Engineers* and Managers' 

. wilfully confuses two quite dis- l0 do so. Instead the Institution Association. 

li.r tmet functions— -that of the ha5 f 0Un( j j t eas ier to permit its Sir.— Mr. Mortimers reply, in 


ing body of the solicitors’ pro- Peter 3f. Brown. 

/fission) must now tell the Verivale Ltfl„ 

Government in no uncertain Unit B, 

terms that it too is giving notice Whitina ‘ Waff^S MtV>our%. 

to terminate the intolerably low R&ystem, Herts; 

scales of fees applicable, in all ' 

courts, 10 solicitors Whose duty T A nnnrr 

it is to defend the interests of JUcdSlUg 

individuals, usually the less 1 

wealthy, whether in. the criminal DGIlGTllS 

or civil courts. If the precarious ,, D - M 

financial state of may solicitors _ 

continues, then there will soon ir, ~T? lr ' r - R1I »5s comments 
be no solicitors in private prae* (May 3> confinned that T was| 


GENERAL 
Prime M 
1 Manchester, 

SiMi^SS?t U rnni,. ad Trf^mJS^' MoemT ‘worter? "conference PARLIAMENTARY BUSINESS 

“S"®. JSS^Wln cnds - W orthing. Hou.sc of Commons: Pm ate 

conrmn d ScaSo roS 1 Civil and Public Services Amo* Members’ Bills. 

Session ’ of EuroDean Parlia- ciation conference ends. Brichton. OFFICIAL STATISTICS 
mini ends, St USSR (until .»"*£ ..Federation Uuild.ns Societie** receipts and 

I June l 1 *) annual meeting. Eastbourne. loans (April). 

European Commission on Sir Peter Vanneck. Lord Mayor COMPANY MEETINGS 
Human Rights ends 12-day London, and his Sheriff*, attend Ault and Wiborg, 71. Standen 
session. Strasbourg. Company of Chartered Road. .S.W.. 12. Chamberlain. Dor- 

Scottish Conservative Party Accountants in England and chcMer Hoiei. \\'„ 12. Finbn (.1.1, 
I conference continues. Perth. U*l los d'lTbcr Mansion House. Adelphi Hotel. Liverpool. 12. 

Representatives of European L.C.4. Jambs i.Iohm. Winche.Aicr House, 

zinc industry, EEC Governments « a y. ° r . International E.C, 11.30. Matthews t Bernard >, 

and EEC Commission discuss zinc " elding Engineering Exhibition \onvich. 12. Xu-Swift Industries, 
| market situation, Brussels. jn*i Conference, Harrogate Exhi- Savoy Hotel. W.C.. 3. Pitney 

Chinese siecl mission arrives oition Centre. Rowes. Harlow, Essex. 12. 

for )7*day tour of British iron Final day of International Die* Thomas Tilling. 21, Toihill Street. 
and, steel plants. casting Exhibition. Olympia. SAV., 12. 

rrrz-v^^r ' :'■■■'■* ; ~ *•= " v • ■ 

' •' '■ 


.* public accountant ad auditor members to charge as thev think vour Issue' o rM fl v" to mv etter party politicians not alone in haying taken the 

... --land that of the industrial fit afao e Vfi s Jh e ^ale regardiess of J f ADril Vin whidi l Taid^at who desire a state-controlled trouble to investigate fully he 
..-laceountat The two require jj, e fact client cannot ACAShadmade no effort to national legal service will have tax implications of the so-called 

;■ {fundamentally different attitudes tben l 21 exccss from fo concUiafe as belw2o ^ won - Freedom under the rule of “tax free gains" that were being 

■BJ? "SSSSS Confederation of .UptaUlM “ “oiSSi&A °“"n^e°d 

‘as"as sstm ss firsss -« .-*■■» »—. - — ■ 


' 1 only within tlieir different s ^ Scajnmell. 

• ‘ spheres of activity and by dif- Enst - Salisbury, 

.^‘ferent programmes of education Tvwsfcinr. 

' ind training. Mr. JBullard calls 


own associaaon omy conurms ", ; : ~ vphirlos 

exactly what I said On the basis Tun the corporate state (that- Te “ 1 ”* s - 
of one ^tine with each oFus is . » totalitarian state) entirely wh . u f to many it may appear 
£ Viei ** selfish advantage. surpnstag^ that the _ Revenue 



he found our respective views 
“irreconcilable." It is not just . 

my association which finds this Church Road, 
simplistic attitude unacceptable. Tvaibridge wells. 
The Board of British Sbip- 


A for “grass roots business appre* tt . j 

’ciation through considerable ex- fJIllOnS 2111(1 tllC 

posure to .the industrial environ- _ . “ 

meat" on the part of the TirofPCKlOnc: 

^oaS?t-S? raP hS y mS 1<>y b2 Prom the genera} secretary, the «J» M ‘ “ reeved °thU 

sa-jssaap ssss: o/ < ~ i f i a stable £ 

Intimately involved, as totally Sir,— Alan Pike's throwaway ° fo J c Knc^ 

committed as directiy respon- SS5? .bSS* / rSSffioS 1 o? til ^ DCSt 

Sets for maageurem 8 fish" differences in the shipbuilding From Mr. W. Grey. 


have permitted the continuation 
of such apparent tax avoidance 
schemes to go unabated it is 
dear that it is not generally 
appreciated that in .the Revenue’s 
view they already have the legis- 
lation to attack most of the 
schemes currently in use as and 
when the profits appear. Never- 
theless, in view of the often mis- 


; rsRSSWWT Bfs~~ =a£s5S aSswasi® “fflSWJS 

^ h- B-SiSm ss&Kas'a&i&fe as 

nl r unions for " prefeSoSl people" divided views among the unions the £ was rising, is there anyone “ *" e “«■ where un ‘ 

thmr mahiiity to a fford, p roper “ “ rj; Eiven sedor s a wbolly over the- representation of Its who still doubts that a stable £ painty exists 
accounting assistance— even a ‘a any given secior is a 00 .y m|m ^ ** is hRSt? . 1 have no doobt that other 

jnnnthiv nhat with the auditor .separate issue. in ^ light of that decision This is. of course, easier said professional advisers who like 



single union with building Fox bane North, 

AftF ? f rtS^SSSiJ?-! 0 Sncern Yet w>rk «s ? This would seem to Chertsey. 

lui is the dominant cpomi. Yet be ^ ACAS view if professional 

only -a minonly of_ accountants- enol „ ftipc „ rt , tn ht , farced into 


What solicitors 

33-^ * very large numbCT of prarti- recognition is refused t0 more 


little more than boik- «2KK» 


tioners are nrae more iaau uw«- onnronrlate unions.. 

Jkeepers and negotiators of tax a niance between 


are paid 


1 5 


a 00- liabilities): the vast majority of EEF CS ' ELT which is From the Chairman. 

i3 ’ accountants are employed in an po ^ nte _ tt) the interests of pro- British Legal Association, 
industrial ^envlre^enC ad c ^£iJn% to be deplored •- -«•— 

ave objectivea, responsibilities T j E vans . 
pressures and loyalties quite Geo ^g e E> Building, 

unknown in public practice. ]g^j7i,-RoiZteau -Terrace. 


0 ' VnW the yari ous accouotancy 


1 bodies have the courage to over-. 


,come their jealous regard for p 1IM ,L fl|lc , AlTIO 
ji. their atecedents, rMOgnise l^UBlDerSOnie 
At] (F elearly the illogic and Inefficiency - m 

w ' of their present organisation, iriptri catlOH ■ 
d acknowledge the dichotomy wciutauwu 


leader on the same day), rigging Board of Inlad Revenue's 
the exchange rate is equally views on the interpretation of 
useless. Rather, exchange rate existing legislation. It must be 
stabilisation fthe only sound recognised, however, that the 
exchange - rate “policy") must continuing ad blatantly rais- 
be by means other than foreign leading statements pul out by a 
exchange market Intervention, small number of- leasing com- 
for which a rise or fall in the panies does jeopardise thc legiti- 
exchange rate itself provides a mate benefits to be gained from 
ci- 1. ■■■ ready-made signal second to leasing by a large cross section 

Sir. — Since the publication last none. of industry. I can only hope that 

week of the survey of sohcitora machinery for thus tack- the Equipment Leasing Associa- 

in comes (commissioned jointly tj ntJ the trouble at its roots is tion together with the Vehicle 
by the Law Society and Je Royal slowlv but surely being evolved Rental and Leasing Association 
Commission on Legal Services) Jn the light of exoenence. wilt attempt to emphasise th* 
there has been a deafening Governments being what they dangers to its members Indeed 
silence from those who criticise are . however, it needs constant those delinquent companies still 
solicitors and have alleged . un- superwaon at international anxious tn sell their inasinp 
truthfully that all of them are level, for which the past f*w tr££ a the tax ft? ‘SLEft 
making fortunes by battening on years*. “ steady growth in the motivation might perhaos wish 

- JS.JP3hiSI l ft S52L* 5L FJysrSXJi * «SH Tm% S^dying 


to 


.jiflWwIthin it ad bring about a From Mr. RonaW Becnmm. ha9 now rcv ealed. which is Monetary Fund as the world’s fa Jl ss :u le effects on their own 
^'^realignment which distinguishes Sir,— It is not 'Surprising that ^ doubt why the critics have eronomic arbiter" (your sernnd E 0S ition The Revenue mav 

the one from the other, there as nnnW says, been STunned ^ silence. leader on the same day) offers wish Ske them to tSk utilS 

wiwill be confusion in the public (April 28) metrication is en- *.*». *>«* tko mndian nnriwKt hnnn wish 10 rake mem to task utms- 

ij5r mind and a standard of service countering hostility— simply 
Which falls short of the public causejtKjw 
rfjneed. 


be- 


The facts are that the median our best hope. 


«miry — sitnpiv 0 f solicitors in sole W. Grey, 

cumbersome, me gj-{ er allowing for the 12 Arden Rood. N-3. 


aIFR. Beacham. 

1 40. Tyndhils Park BoaA, 

Clifton, Bristol. 

‘ 


one virtue of _ Imperi^ linear CQSt of capital inV ested in their 
measurement is that of large raetice * amount to £i800 per 

units, so there are fewer to re- z i, iinne 

member or visualise: 


l 


gfl,n.iSurveyors’ 
jiifees 

W FVont Mr. S. ScammelL 


practices, amount to iww per ■ 1 ^ 

w annum. If the solicitor does |N0W lODS OH 

ember or viauaiirt. notWng else but litigation (that . * ’J 

B we is. practises in the courts and fTlC 
on metres and millimetres tribunals) his median real earn* l-lsC A iWUlCo 

have lost that advantage lt .s ^ wlculated as £4 , 100 From Mr. Peter M. Broun. at lu ™™ aex ttJe 

clearly nonsense to have timb r. o jujn ^ solicitors are Sir,— I would be more im- £2?Siil Ity tba t mQre 

etc. sold S'? S'- indeed in a precarious financial pressed by Mr. Bob Mellish’s K th- „® 3y 

sense SIate - Their income is geared crocodile tears in Suggesting ^ being 

ing industry had the good sense | argc jy t0 0 f fees approved that smaller units should be ^**J*5* 8 * e *!e 5 >y 

to use centimetres which are Parliament may years ago used to bring life back to the ProJuMflni entitlement to a tot- 


ing the provisions of Section 44 
(6) Finance Act 1971. This sec- 
tion is concerned with the dis- 
posal value to be taken into 
account where the sale takes 
Place at less Ilian market value 
ad the purchaser is not entitled 
to capital allowances. They may 
further wish to consider the 


* .«««.• T V--- much easier to handle. .. whieh ^suc^sive*** governments Thames, following the possible y® 3 ** allowance. 

22*25 iLSf. ' “ Sw.wSa.rteJ* 



puts his actions where his month Johnston House, 

s-s-sii! bSSTaZ?*** 

when I suggested that 


bartered Surveyors' Institu- flnd much readier page accept- ggnjficSt eactent 
don for negotiating compulsory ancB if other industries were . 

purchase compensation are allowed to ■ a^some^affinity comes in the judgment 01 mi a mei 

Mcepted by the MLnistnes as The .centimetre has some affi .L p enn j n g j presiding in the Court years ago, 

glmburaable jnder A^Act by Jg milUmefre^icb of Appeal in the case of Stafford- our yacht manufacturing com- PnrrPPtinn '• : 

Oje purchas^ augoritj^ They the metre, .he m j?™® * s hire .Area Health Authority v. pany might open a small yard V^OITCCUOII 

live .not however, '. been jn is. far lop t ^ ^ South Staffordshire Waterworks cm the Upper Thames, Mr. in the letter “Responsibility of 

reased for may *«.■»} releSated t0 Company, Lord Denning held Hellish brusquely ..informed me NEB "from Mr. Dariff StebbtaS 

rae , or ,^Ln ^ SnSmuaee AlttouRb'l am an 'Indifferent that a agreement, whereby a that that pan of London was .not on May 9 reference was made 

e institution in 1 conSMtuence jwthoug* 1 am a^ fQund tllat waterworks compaoy supplied j interested in products made for to “ international industries " not 

,fuse to oavtymt mi rh wgrk ^°^ ,0 "|i u 1 re ^ e0t in CB iiti- mental hospital on concessionary the rich, particularly those who being insulated from political 
r the scale fee. their institu me rm meam m nonflOUS terms which contained no pro- lived overseas, tbat is. yachts for interference. This should, of 

m I" .*f«* [them to .accurate virion for -termination, did nor export. Tbe only thing m b is coarse, have read "nationalised 

mSn? of course ^§18^160 u^o * Seasuremat. But it is very oblige the waterworks company- view that wax worthy of the industries." We regret the error. 



WHERE IN THE WORLD 
WILL YOU FIND 
STANDARD CHARTERED? 


In Thailand. No other British bank offers you more than Standard 
Chartered. We’ve been there for over 80 years and are an important part of 
commercial life. 

Our branches are reached direct from your nearest Standard 
Chartered branch in the U. EL This givesyourbusiness the combined advantages 
of a British bank here and an established bank in Thailand. And our system is 
not only a lot quicker and more reliable, irsaves you money too. Good reason to 
ring Keith Skinner on 01-623 7500 today to discuss this. 

ig?lffl Chartered 4 

helps you throughout the woiid 

Head Office 10 Omenta Lane, London E C4 N 7AB 


Aasc u esi'oed £.7,600 (rjllioa 



DIVIDENDS ANNOUNCED 

Date Corre- Tota 


Burton’s £6.4m. turnround at midway 


WITH TURNOVER little changed 
ai I78Jiam. against 178.77m. 
Burton Group recovered sharply 
in the February' 25. 1978. half-year 


Company 


INDEX TO COMPANY HIGHLIGHTS 

Page Col. Company 


a total of Clip tsaraej 


pro tit. 

In Lhc first 1(1 weeks of the 


directors point out that the com- 


(-Insures. in vii 
tiMiing problems 


protits. Last year the pre-tax 
loss totalled £5 0Sm. 


a Hi 34 m. operating 
trO.^m.f and a £MiUMM 


Atlas Elect. 

27 

3 

Brycourt Inv. 

2B 

8 

Burmah 

26 

6 

Burton 

24 

1 

Caplan Profile 

26 

5 

Copydex 

24 

5 

Curryj 

26 

6 

Fairejr 

28 

7 

Findlay (Andrew R.) 

26 

4 

Gieves Group 

24 

4 

Hall (Matthew) 

24 

7 

Herman Smith 

24 

S 

Holt Lloyd 

24 

7 

Inter City Inv. 

24 

2 

LB. Holdings 

26 

3 

King & Shaxson 

24 



Lloyds & Scottish 

26 

3 

London & European 

27 

3 

Majedie Invs. 

24 

6 

Midland Inds. 

24 

S 

Morris ft Blakey 

24 

3 

Newman Inds. 

24 

5 


P. & O. 


Gieves up 
58% to 
£1 24m. 


Ruberoid 

26 

8 

Scot. European 

24 

S 

Singer ft Friedlander 

28 

2 

Sunlight Service 

28 

7 

Thomson Orgn. 

28 

1 

Turriff Corpn. 

24 

3 

Walker (C. & W.) 

27 

3 

Warner Estate 

24 

1 

Williams (John) 

26 

7 





Date 

Corre- 

Total 

Total 


Current 

of spending 

for 

last 


payment 

payment 

div. 

year 

year 

Atlas Electric 


1.3 

June 16 

1J 

1.9 

1.6 

3 rj court Invs. 

.int. 

1 

June 20 

— 

— 

205 

Burton Group 

.int. 

0.6 

Oct. 2 

0.6 

— 

1.5 

Caplan Profile ........ 

.inL 

1.5 

July 31 

La 

_ 

4.79 

Copydex 


1.54 

July 3 

L54 

224 

2.24 

A. R. Findlay 


1.17 

June 15 

1.05 

1.9 

1-7 

Gieves - 


2.97 

July 16 

3 

4.47 

4 

Matthew Hall 


5.32 

July- 3 

4.76 

7.08 

6.41 

Holt Lloyd 


4 25 

July 2S 

3 

7 

5 

Inter-City Inv 


0.4 

Aug. 7 

Nil 

0.8 

0.13 

J. B. Holdings 


0.06 

July 6 

0.49 

1.06 

0.96 

King and Shaxson .... 


2J9 

June 16 

2.03 

3.39 

3.07 

Lloyds and Scottish .. 

inL 

1.7 

Aug. 1 

1.54 



3.95 

London and European 

0.5 

— 

Nil 

0.5 

Nil 

.Midland Inds. 

int. 

0.53 

July? 

0.43 

_ 

0.99 

Morris and Blakey .... 


2.36 

July 5 

2.36 

4.11 

4J1 

Newman Inds. ......... 


73.63 

Aug. I 

1.92 

to 

3.17 

ScftL Eur. inv. 


1.2 

July 14 


1.5 

1.2 

Herman Smith 

int. 

Nil 



- 

_ 

0.25 

Sunlight Service}! .... 


0.78 

June 16 

0.7 

1.14 

UQ3 

Turriff Corp 


2.35 

— 

2.0? 

2.35 

2.08 

C. and W. Walker .... 


3.5 

— 

1.55 

t6 

2H5 

Warner EsL 

.int. 

14 

July 3 

13 



2.66 

Williams of Cardiff 


71 

July 3 

0.8 

— 

2.19 


Financial Times Friday May 12 1978 

Matthew Hall on 


target at £6.2m. 

. . . interim forecast, shown as lSI-53p { I7.79p) and the 
IN LINE with i» mter m foret dividond b stepped up to 7.08&S 


ahead from £156^-10 SfferenS^thS'nwt apwoprilj 

rev^Mlm.'n'U fSSS P— * 


to £4.35m. and said that for the 
full vear the £6m. mark would be 


comment 


T #jns. "» Pre-tax earnings at 


to the ruture with considerable are up by ^reftunonethird 

1 «/.n » thanks to a ner cent, jump m 

C0 ?Sev add that the results take trading Profit from i 01! LMnl 
into account an increase in the and ^..laievir fenm 


Iron arising from the ftflM of 

inrreased activity «lS thTStl? «fn B& 

S2!!?L.S. rte contract in the Rarhao 


Full year earnings are shown at 
l-5.3p (10 9p) per 25p share and. 
as forecast, the final dividend is 


of the interim. * ,n 8 “ Shaxson « 

The result is before extra- __ 

ordinary to^es of £»Plm PwajtPACO 

lC:i.4Rm.» stemming from the g fll»* H VOO 

closure nf Jackson the Tailor. © 

Directors say thn mrnwxar Ju/j 

*"ctor still lias major pmhfi-ms 

tn nverrontp hut achieved a O 

mode'! prriiit in the half year. jO ClmvfAH 
Within tljL- sector, nuinuf actor- 
in-* and Jack. sun m^rJe consider- 

r,li|c lasses In March thp inie- Profit of King and Shaxson, 
gr.-itinn of J.ick. son with I'-urmn Ujnkinu group. for the year^to 


Wood Hall Trust 


muted 4.4 6769 p (4p) tOtaL 
7 J977-TS 1976-77 

-■ inoo fwo 

1 Turnover E.tirc : 4.575 

-*• Trading profit 1.462 995 


Newman Inds. well over 
forecast at £4m. 


While- the strengthening of B®fcHKn|L' 

sterling and the absence of violent Tax 

fiuctuaiiuns against other cur ren- Net profit 

cies assisted greatly, major ^'l aof A . . dphlt 

changes in sales policy, parlicu- 

if fly towards the end of the ordinary dividend* ! 
year, were the principal reasons Retained 
for the substantial recovery. Trad- ♦ Credit 

vos for the first quarter of 197S Trading profiT ua 
shows flte upward trend eon- tailoring and mini 


pr «. ’ - i md Conoco fields and nopes snoa 

The mechanical and electrical • . cyperrise overseas— the 

services companies have agin JJJJ* tendered tor r>ff. 

produced satisfactory results, they L.»els in Australia 

add. and in due .0 their nurrm ,“™5 Bra.il S , 

In securing an Increased pro por- industry still in th* 

tion of work from the industrial d ums competition Is much 
sector. Good prospects continue "JJJUJ 1 in lhe mechanical and 
to this area. 1K _ 1}r0 electrical services sector. Despite 

{quo tout greatly improved turnover here 


lit ™ AGAINST A tn id-term forecast flilin. Asa result of the sale of ^kubimi and an increased share of the 

104 rtf nnt occ rhon C*t im Alon rvi *a n In a enhuiriioeuw in lonnoMi 10*70 a ecw ■ _ ..-1 


*;• 6ss P*fi- s *on in . profitability of the reduced Its bank current account Mw*orm«** ’ ja is Wealthy for at least a year the 

groups international marketing overdrafts from £5.4m. to £1.6m. awiHuijMc ..*> . aniranv now needs to concert- 


aniial recovery. Trad- ♦ Credit ; ~ TO \*p's international marketinc overdrafts from £5.4m. to £}.6m. AiinHuwMc 

first quarter of 197$ Trading profiT xxa- split as to: 7 1 ,he vvas ahead and has therefore been able lo x £* t l m 0r £ T * 

upward trend von- tailoring and outfitting (Gieves r lT n l0 °“ m to negotiate more advantageously its - '’ZZZZZ''~~r ». 


'Sjjs "i^t company now nceus to concen- 
cos yj trate on expansion abroad with 
.«!» i sm Australia. Saudi Arabia and South 


Profit of King and Shaxson. linuing. and Kawkes) £3-jl.0t»0 7E251.000); Turnover ua< up by 57 per cent, medium term borrowing. An ana jv«is of turnover and East Asia among potential growth 

nkinc group, for the year_ to Shui Hint; Knitting Factory, book manufacturers and magazine f0 SArlStn— -to line with the The group is engaged in hiding profit. £4S7m. (£3.7Sm.) areas. The croup will probably 


aged in trading profit. £4S7m. (13.78m.) areas. The croup will probably 
nd mami- shows: oil. chomicaJ and indus- have to settle for slowxtr growth 
fors. cast- trial engineering £92.4m. this j’ear. buf despite its confer- 
ment and (£91 44m.) and £1 9fim. (£ 1.12m.) vaiive accountina policy should 
and mechanical and electrical make at least E7m. On a n'e 
services ESI 23m. (£64.R9m.) and of around .9 the shares at 317p 
£2flm. (£2.66m.). yield just over 5 and still have 

ime con- Earnings per 25p share are attractions. 


i .is- pro ii table. 


‘ rh ev mi (3 iitWIKSp).- Also proposed is an 

Thn ’ ciiiin-iraiive H-ures for additional payment or ft.n:t«2p if 
inlln SStaS. restSlcd to cin "to basic rote of menmo tax lx 
form will, a decision to deduct Irom 34 per ccnL 10 " 3 

“other costs” in arriving al oprmt- r ccni - 


ing profil and ill? method of «1 p- 
trmiininc extraordinary items 
adopted in the la-4 accounts 
Thn Ronrd intends introducing 

a profit shanrg -chrmo for em- 
ployees on the linos nut lined in 
I hr" 1,-e.i I'-iiH'.-ei slau-mi-nl and 
v ill also recommend the intro- 
duction nT a shlire on' ion -■rhrmo 
for senior cxorutivo share stakes 

See Lex 


| ^ i tin Jjri -i|' * *i 'jtttai ^ 

<harc lifls the total m H3.'WT2p II ADArri 

(3 nJHIfOp).. Also proposed is an IVCtUl U 

additional payment of fi,0”fi2p if 

the basic rate rtf income t3s is X? Y M 

re-lucpd from .34 per cent, lo 33 |T1 TlJF 

per cent. * 

Recovery by Turriff 

^ » ALT HOUGH TUR.VOi 

f M 4 AM f'mt-wT dined from £3tJm lo 1 

i v tax pmfit ot Turr,ff co 

•/ engineering contractor. « 

w a por com. from £1)81 m ti 

Investments «*» •- s „ mH , „ 


resrmem tn Amei international whjch had the opportunity to 
Nv as a further isizmficanl step digest the trading benefits of 
forward. Alfred rtnnoh 4 nor Prow and 


Holt Lloyd surges to £3m: 
and sees further growth 


WITH SALES 31.7 per cent, in the UJ5. after its test market 


• COmment On increased capital from last SS ^ofieenn^ hish * fr a i' «9 3fhn taxable profit' experience last year H e belief 

Gieves profit performance, though year s one-for-three rights issue made in the last three yeai? ° r Hoh M ovd International. ca ^ «he croup Jjjj** 1 ™”” 10 
2* Per cent up pre-tax. is marred earnings are well up from ISfip Rcnveen them they conrributS a rare orori,,nt5 r 2roup - _ iut " ped 

bv a second half, which is a tenth to ian nor isn chars and »ho dtv-i. u-ir _ r ' T_ .uu 37.2 oer cent, from £2.1 om. to a half ihe worlds cars is soundly 


for thp year 


ALTHOUGH TURNOVER dc- of the comparable period. Due cast, 
dined from £3Um lo £34tn. pre- to a buoyant first half at the 
tax profit of Turriff Corporation, men swear division, thanks to 


Midterm rise 
for Warner 
Estate 


rciHTicd. krt-i lime _ within the next IS months Mean- 

Full year earnings are shown Tbe dh irlcnd is up from 2 07»7p time ihere is a Temporary 
ai l.iWp l0.44p 1 m»») per 2iip share to 2:io47p net. Employment Subsidy. worth 

mid Ihe dividend is lifted from £60.000 a quarter Mechanical 



un 

I97fi 


(OiV) 

mnn 

Group Mirnowr 

45. im 

2S7<N 

Traders profit 

6.142 

55TG 

imprest — 

I.2TS 

t.?»! 

nrpr**nsMi>n* 

KS4 

fir’.j 

Profit before lax 

4,01? 

I.4H4 

Tax 

678 

*21 

Xlt profit 

3.TM! 

1=23 

ExrranriPiiarj: dphits 

VU 

•}8ti 

Fxrhanae loss 

SS 

♦ai 

Minority mrer»si 

14S 

r, 

L-'avinc 

J.S22 

WT 

Pr-futviw* «1tvulends 

jj . 

— 

Imcnm Orflrnary 

1S9 

IK 

Prrtp.nffl final 

4W 

172 

Unapprnonai'O 

*.101 

■713 

* And planr leaslna. 

* Gaia. 



I believe we have 


escaped 


r- IVI MS HlUUUtlS IHI1KIIIK (llal I. Lj . t 

i electrical motors to castings, now achieved the short-term /i, EL, . 10 
y the group seems to have benefils of the mereer between ' ■ 
r»ed the worst effects of Holt Product* and Lloyds Indus- 


Earnings per lOp share are 
shown ahead from . lO.ITp to 


m £68.000 of exchange differences certainly beaten Ihe ambitions 


cent.- or rne l0 eX pp P i this rate of grow th to 
stocRmarket continue, hut savs the business is 


1 comment 

Holt Lloyd's dramatic sales and 


and I he dividend * s lifted from 
1) lif-Tii lo O.lip net with a final of 


On turnover lit lie changed at o.4p. 
at £L':;!im. ag.-nnM £2 3iim nrc- Mr. J. Harris, the chairman, 
tax pi oli 1 of Warner ISIati- Hold- says the textile dh isnm hud a 


iiigs, property investment groin 1. disappointing year. All hough ihe 
rose from £3SK:tS'.i in £435^39 fur rcorgaiiisaiiun of this division re- 


mse rrom £3SK:tS'.i in £4::.i239 f«ir rcorgaiiisaiiun of this division re- 
Ihe half year to March 31. H»78 suited in higher gross profit mar- 
Profil for the whole of the l»7(i- gins, the lumpier fell short of 
77 vear wa* 17MR.250 that annul puled, particularly in 

Net proceeds of sales ol hnu-es respect of export* 


IVlorris and 

Blakcy Levland cars, motor distributors 

4. i*A T are up c,er « s * ( * clo-:ina five of 

lODS tlJ. Till. ' 15 motor outlets but these are 

■ *" the smaller less profitable outlets 

For IP77 taxable profit of ilium's and the dmsion as a whole should 
and Blakcy Wall Papers increased again show growth However, 


mplnymem Subsidy. worth As at December 81. 1377. share- capitalisation. At Mp. the shares moi . lr)S r'nrward according to plan * 1 V, ‘ 1? 

ilt.OOO a quarter Mechanical holders' rund.x increased hv 50 per stand on a D/e of 3.6. on a 16 nd ahnve av era C e growth is Stoee of hS? P?oduere 

mdin* o' cllendors .nd br» : «n.. and na, rurren. «... dy nerjant chj™ fna.r d WJ, bud?pIed r „ r enrran, year 

■n* ■■I' 1 ,<vt- I I 


binding of callendcrs and bm- cent, and net current assets by per cent, tax charge rover 8 fully 
chures shows steady progress and the same proportion, and -bank taxed) and vield 92 por cenL. 
despite the competitive pressures overdrafts show a reduction of covered over four times, 
on petrol sales and shortages of 


and flats 1 01 ailed some £7 !MM)ih» Market condition- tended tn he from £284.329 to £110.794 on turn- tailoring will be hard pushed to 


Midland Industries ahead 
to £0.96m. at halfway 



rwiD 

(0O0 

Sales 

. 29.SOT 

23.TJ3 

Automotive, aemsnls 

. 17. .141 

13 167 

Oiersegs and expon .... 

. 

aVrfl 

Food 

. 3.19(1 

J.rjis 

Trartinp proBr 

. 2.976 

2.13* 

Inrerest Paul 


-16 

Prplh before tn 

2.953 

2J52 

Tax 

t..i1J 

UI3 

Nei orofir 

l 441 

1.037 

Mtpnmies 

SO 

21 

Anrlhutabk 

. 1.411 

1.U16 

RTtranplinary loss- 

•>4 

tnn 

Dividends 

7110 

sin 


chairman 


from 1 ::p m 1 4n net— Iasi voar’s should dn>w improvement 


.11.1 iiii.n-t.-M ann extra- aran. now un <o mn.. 1 saiso rn.inrfim,. rm 

ordinary debits of n».U2 (£«7ji2n fn recast m mme back down At round ng-^xwnd^nom £10 14m and security devices. 

r-rpHifl a nr I ramiiu-c n«r l^n flTn Iho wiolH .-.f 7*1 nnr pon. 10 1 * -> 1 01. and prOtlW advanced 


final was I..0v'.^p Net »min was The wimlosale dis'riliiumn divi- crpditt. and camincs per 25p H7p the yield of 72 per cent, rll rcAv Ann . ?J£?nnn 

£21 1. 190 (£1*12 9071 after tax sum achic-ted a profit nr £224.128 share are shown unchanged at and p/e or is a reasonable J ro to J>at.Ocm to £981.000. Mibtect 

£224.040 ( E195.5N2 1. as aaninsi a loss of r4Hfl.rt00 for 9R4p. raring *» '« of GOO.OOO f£41i.0O0) 


When you’re investing in proper ty, make sure the price you’re 
asked to pay is the price you ought to pay. 


When major expenditure is at stake, it's only good sense to get good advice. 

For many leading property developers, that means starting with a careful 
investment evaluation such as provided by firms like St. Quintin, Son & Stanley. 

St. Quintin have been advising investors in commercial and industrial property 
for nearly 150 years. 

Today, we find and dispose of properties, prepare detailed valuations, and report 
on trends in value in the light of demand patterns, planning regulations and legislation - 
anywhere in the UK or Europe. 

Professional help like this puts you in a far better position to assess the present 
value and investment potential of a property, before you put pen to contract. 

At the very least, it ensures you get a clear view of the problem from all sides. 


The interim dividend is lifted 
rrnm 0 43p to OSSp net per 5p 
share and £414.000 (£343.000) is 
retained. Last year's total was 
0 98R274p and pre-tax profits 
rcarhert £1 8m. The chairman, 
his wire, and a director have 
waived interim dividends totalling 
£22 000 (£20 000). 

The group us progressing satts- 


2.237 p net With a final of l-5S7p. dww, .. wo *o 1 has nians for the 

The group manufactures * Fmm errhana- Tamiinn* - Rcceiv^i launching of three new nroducls 
adhesives, household products fpmm in the next few months and these 

and security devices. The trading profit for the year will not generate profits tor some 

of £2 97m. was arrived ar after lime. The shares at 143p. a gain 

charging lories of flSO.non from of 5p on the day. give a yield. 

n m • l •. the US. and Canadian operation, after a 40 per cent, hike in the 

iVIaiPQie Mr Heywood says Holt Lloyd is dividend, of 7.34 per cent. The 

^ currently widening fLs sales area p/e is 10. 


Majedie 
ahead at 
six months 


ISSUE NEWS 


Income of Majedie Investments 


factorily to date, despite difficult rose rrom f,87 ^ M f0 £25y - 257 in 
trading conditions, say the direc- ,!ie months to March 3L 1978 
tors, and it is anticipated that Bnd profits advanced from 
targets for the vear will be met £,17 - ora to £172.217 before tax of 


Eurotherm offer for sale 


The capital development pro- £67.295 against £48.092. Earnings KurOinerm international is ine company was founded by 
gramme is continuing to ensure ar * shown at 0.74p (0.49p) per planning to come to the market Mr Jim Hartnett, chairman. Dr. 
Ihe successful future of the 1Q P share. with an offer tor sale lo the public Jack Leonard, managing director. 


No recovery 
at Herman 
Smith 


Profits for all 1976-77 came to 
£334.648' and a net dividend of 


the successful future of the 1 Op share. with an offer tor sale to the public Jack Leonard, managing director, 

group, they' add _ _ . „ __ . raising £2.85m. and two colleagues in 1935. 

p. uiey aqq. ProflM for all 1976-77 came to Th companv which is en"a«*ed Tn lhe *e»r to October 31. turn- 

« t £334.648' and a net dividend of in l hp ^iTnufacture of elect^anic over £l2.R3m.. 60 per cent. 

No recovery H3S Pa,d fr0m earnin2S equipment tor industrial and 2 r f er ?. a ^ 1 and profits 

J ° r i/,6p - scientific purposes, is planning an an l" , *"* ed t0 £,,s ®? 1 - 

O t Hprman Tr,e market value nf quoted offer of 2.854.390 Ordinary top „ t0 ^ *5jL '“ ue 

fll lttrlUiall investments was £8.340.342 at the shares at TOOp each. P5 ? "J d ®” son o L L 0S l h cif 1 e - and 

CmJlh half year end (£7.i9S.483 at The prospectus will he pub- bankcri> are Roberl kerning. 

OIIIIIII Sepiember 30. I9TT) and Ihe asset fished next Monday and the 

Despite predictions of Improved [?l l |5j n) pcr share application list w ill open on the TYNE 78 n 0 FOR 

results tor the first half of 1977- following Thursday. I IIVHCD IVDITrDC 

197S. the trading loss at Herman No adjustment has been made Eurotherm’s main products are UPI LJr,i\ >YKI 1 tK5 


bankers are Robert Fleming. 


TYNE — 78% FOR 
UNDERWRITERS 




1978. the trading loss at^ Herman No adjustment has been made Eurotherm’s main products are unur.KWK| 1 LK5 

Snnlh deepened from £35^24 to for any income tax which would temperature controllers, process Tvoe and Wear Conn tv Com- 

£96.i24 in the January 14. 1978. be credited on the payment of a control systems, pntentlnmeiric ell's is.sue of £10m 1*> p*er cent, 

penad and a loss .is likely for dividend in calculating the earn- chart recorders and variable Redeemable Stock I9S6 priced at 

the f u ! vear. ing per share. speed industrial drives. In cer- £98? per cent, closed vesterdar 

i»ir. Herman G Smith, chairman , . tain product areas the group is a afternoon wiih tho ■•nHupuiHtprv 

of the manufacturing and elect ri- _ f VVher . e apphcable the valuation market leader in the U.K ft has left holding 78 per cent of Ihe 

cal engineer, says the improved of assets includes the full invest- sales subsidiaries, some of which i«uc The application list which 


JgSBWM ' 

rnm§m}k 


Mr. Herman G Smith, chairman ,, . , . tain product areas the group is a afternoon with th© itnHorLiHiprs 

of the manufacturing and elect ri- _ f VVher . e appRcable the valuation market leader in the U.K ft has left holding 78 per cent o? the 
cal engineer, says the improved ° f assets includes the full invest- sales subsidiaries, some of which i«nc The application list which 

prospects he referred to in his meni cuirency premium No have manufacturing or assembly opened a® la a m^' was closed at 

annual «ralemenl proved short- al Nowance ha* been made for any plants, in the U S.. Germany 7 30pm 3 ‘ a * cioseo 

,iv « I - The delivery schedules of ronnneent liability tor Capital France. Switzerland. Italy and ' Dealings in the slock commence 

some of Its customers were owns Tax. Hong Kong. to-dav. 

draslipally cut hack in ihe fourth r*” ~ ~ 




7^ 


m 


TX ) !! ■fTwr 




nMii : -I !| 


m i 


: I 




quarter of 19 < « and sal^s did not 
achieve the overall level amici - 
pared. 

Since the start of 1978 there 
lias been some improvement in 
certain areas or hu-lness hut con 
diirons scneralic conrinue tn be 
difficult and a profit Tor Ihe full 
year is eonsirlerpd unlikely. 

The interim dividend is again 
passed, t.as-r vear. when profits 
intalicd i'.vfi 174 before tax. a 0?5n 
net per tOp share final payment 
was made 

For the hair vear turnover wa- 
r ^24m against £2 20m. pxetuifin- 
inter -eoitinanv sales of R5?| SS' 
fv?7e7Sr,| There is again no lax 
charge. 


This announcement appears as a matter of record only. 









* ", &>. i \ 
i / <7^- . ? A 

■ ;} 




Scottish 
European 
navs 1 ,5p 


European Coal and Steel Co mmuni ty 

(“ECSC”) 


Private Placement 


iii 


_ 




mmm 


■'--r— ' i\ \ 

v. \"s y’-\ 

L^Jk:JL 


Si QiiiTitin 

‘ v •N:i;r*Sj i SiaT>k-v‘ ! 



Gross Income nf Srntlish Euro- 
pean investment Company for 
ihe year to Ihrrh 31. 1978 toll 
from Cl .03m. la 0193m hut the 
nrnfil a variable emerged higher 
at £235.000 compared with 
£237.342 

The dividend total is increased 
to l.3p (t.2nj net per Sop shore 
with a final of l.2n Net a«ei 
value ner share is shown as oj.lp 
(49.6pJ. 


US $15,000,000 
Notes due 15th March, 1988 


Chartered Surveyors 

Viniry House. Queen Slreet Place.' 
Londcn EC-tH 1ES 

Telephone: 01-236 4040 Tele.v 3312613 


Rue Joseph 1 136-33 

1040 Brussels Telephone: 010 322 219 32 88 
Telex. 61132 


Downturn 

at Com dex 


Daiwa Europe N.Y. IB J International HiU Samuel & Co. 

Limited Limited 


.and at la Fark Pldce. Ueds 1. Teiepliorie. 0532 460235 


Pre-tax profits tor 1977 oF 
Oipydex fell from £2.i2J.*S6 to 
£201.099 before tax of 12)1.746 
enmpared with 1147.842. 

Al midway ihe fvrplur uj, 

down from £116.000 to £81.000. 


Nippon Credit International 
(HK) Ltd. 


Nippon European Rank SA. 


20th March, 1978- 










25 



Financial Times Friday May 12 1978 


,V j p v 

u, i- .-I 

i> ‘ - 1 ' •. 


■ . "»• i, 

•c 

!,. : 

■‘Mr; 
[■ ■> 


b, 


»m ent 




■ '* fc 
ik 

, % ■ 


pi 


■■’hi- 

'’if 


• ,7'V 

I.:.. . : n Ilk. 
11 

■ ' "V«n™ 


‘■h-U 


i:, 



National 

Newspapers 

Times Newspapers publishes The Times. 
The SuAday Times, The Times Literary 
Supplement. The Times Educational Supple- 
ment and The Times Higher Education 
Supplement. It is owned to the extent of 
by The Thomson Organisation, the remaining 
35^. being owned by Astor family interests. 
Since 1970 financial responsibility for The 
Times has been borne by the Thomson family 
and its results i^re excluded from The Thomson 
Organisation figures. 

Times "Newspapers has a separate Pub- 
lishing Division consistingof three subsidiaries. 
Selective Marketplace. Times Books and 
Newspaper Archive Developments, specialis- 
ing respectively in reader offers, the publishing 
of books such as The Times Allas, and 
microfilm. ' 


Regional 

Newspapers 

Thomson Regional Newspapers L* a 
holding company, whose subsidiaries publish 
regional newspapers in the United Kingdom, 
act as retail newsagents, provide newspaper 
consultancy services and engaac- in newspaper 
and general .printing. Tlie Regional Group 
publish fourteen mom mg and evening titles, 
one Sunday and thirty-five weeklies from 
fourteen centres. - ■ ■ 

Anion" the Group's publications are The 
Scotsman and the Western Mail thy national- 
morning newspapers of Scotland and Wales 

respectively, and the Belfast Telegraph, the 

largest newspaper in Northern Ireland. 


, Publishing 
^Information 

Thomson Publications operates in three 
main divisions. Books. Magazines and Data. 
The Books Division includes such well-known 
imprints as Thomas Nelson, Michael Joseph, 
Kamifch Hamilton. Rainbiid and Sphere Books. 
The Magazine Division publishes a range or 
titles asdiverseasTbe Illustrated London News 
and the Common Market Law Reports, Family 
Circle and Living and a number of trade and 
technical publications covering farming, medi- 
cine, construction and many other activities. 

The Data Division includes Derwent Pub- 
lications |75/» owned) which provides aninfor- 
mati on service primarily in the field nT chemical 
patents, and Glass's Guide (51% owned), the 
guide to used car prices. Thomson Publica- 
tions has a number of overseas interests in 
Australia, Canada, the United States, Den- 
mark, Norway, Holland, Spain and South 
Africa. 

Thomson YeUon- Pages acts as sole sales 
agents, for advertisements in Post Office tele- 
phone directories. 


Havel 


Thomson Travel is the controlling com- 
pany of the travel division and. through Thom- 
son Holidays, is a major tour opera! ur providing 
a wide range of package holidays including not 
only Min shine holidays in Mediturraowm 
resorts but also lours to many European cities 
as well as to Russia and China. In hdditien it 
has an at tractive winter sports programme. 

It owns its own airline. Bril annia Airways, 
which currently operates 17 JW-injj 7.17s mid 
carries not only for Thomson Holidays hut for 
ulla-r tour rijtcmtors. In aUciiiicn. Thomson 
TVavel operates a number of hotels notahly in 
Spain and Maha and is involved in travel retail- 
ing through its subsidiary Lunn- Poly. 


Other 

Activities 

Other principal subsidiaries of The 
Thomson Organisation include Thomson 
Withy Grov e. a major printing centre in Man- 
chester. which is responsible for printing under 
contract the northern editions of certain 
national newspapers ns wpll as for the publi- 
cation of the Well-known raving paper The 
Sport ing Chmr.icle. 

Associated companies of The Thomson 
Organisation inoferie Wigham Poland Hold- 
ings. The Solicitors’ Law Stationery Saciviy 
and Bertcbnuuui-l'h'imsi'n Fachv criag. 



Oil 


Thomson North Sea is n subsidiaty of 
Thomson Scottish Associates, the parent 
company nn’he Thomson Organisation. which 
lias an optii in to acquire 90*0 of the oil interest s. 
Thomson Xi»nh Sea holds a 20% interest in 
the Piper ami CLij-morc Fields aau member of 
the Ck-vklcnia! Consortium. Tho two fields 
together have been independently certified as 
ci-ntainine prown recoverable reserves of ono 
bill ion ham-is. The Piper Field came on stream 
in Dcceml icr 1976 and C lav-more in November 
1977. The Thomson Organ Ual ion will Like 
advantage ef its rights under thropt ionarmn??- 
ments when it di-rms that the risks have been 
sufficiently reduced, and it is anticipated that 
this will occur in I he foreseeable fill urc. 

Thomsun SrotlMi Petroleum, another 
subsidiary of Thomson Sootli>h Assori.it cs, 
holds the Tlnimson 20" .< interest in other 
Fourth Hound blocks and the T)inni<iiu 
interest in a Fiitb Round block, awarliii in 
the Occidenial Consortium and BNUC. All 
these North Sea inU-rcsts are subjeel to the 
option. 


t for si 


v ..-s-j; 


GROUP RESULTS 

Turnover 
Trading profit _ 

i N* ' Profit before taxation 

\ I H K " k i retainedfor year 

. ... »- - r . ■»- . 

..+ r Earnings per share* 

,"',r l Ordinary dividends - net* 

Ordinary dividends - ©ross*f 
Dividend cover 

* restated for capitalisation issue in 
'^maximum permitted. ■ - 


1977. 1976 

£'000 £'000 +% 
332,680 284,541 17 
22,541 17,103 32 

19,567 15,184 29 

4,815' . 2,227 
5.71p 3.74p 53 

L97p 1.7Sp 
2.9Sp 2-71p 10 

2.9 2.1 38 

February 1978. 


>n 


A substantially increased 
trading prof it 

The Chief Executive reports the y fearVtrading 
profits as £22.5m. an improvement of 32% over.1976, 
and the highest in the company’s history. 

The group turnover was £333m, some £48m 
( 17 %) higher than last yean-and trading profits were 
. \ W £22^n5, ah improvement of £5.4m (32%) over 1976. 
j 111 lii* 1, Earnings per share, restated for the capitalisation 
ili issue in February 1978, were 5.71p compared to 3.74p, 

, agrowthof53%. 

The first Lord Thomson said Tt pays tobuild for 
the future* and with our 1977 results showing signi- 
ficant real growth these words are-being vindicated. 




f* 




l-r 1 


Three factors have "helped our success: the 
philosophy of thinking and planning long term, the 
right people for our businesses, and their freedom in 
manag in g them. We are now beginning to enjoy the . - 
benefits of the plans laid many years ago. It has taken 
patience and determination to bring us to our current 
position of strength and opportunity. 

Our future prospects are 
firmly based 

We anticipate further significant growth in our ■ 
earnings, with the usual caveats about the behaviour 
of the national economy and possible dislocation due 
to industrial disputes. 

We have a strengthening asset base and good 
businesses, and it is our people who have made them 
so. In thanking them for their efforts, particularly in 
the difficult tiroes, I know they are looking forward to 
the great opportunities to come, and which they have 
done so much to create. 

The changes in the fortunes of the company are 
due to two main factors; the continuing and growing 
strength of our existing businesses, and the substantial 
cashflows thatiwill be available from oiL 

By 1978 the company's growth rate is likely to be 
at the higher end of British industry’s performance 
and it should be maintained over the next few years. 
This will enable us to take the longer term view in 
planningour investments while continuing to 
strengthen our financial base. 

. We shall therefore be giving high priority to 


Break down of trading profit 
before costs not allocated 


Tbmover £m 


332-7 








-r 





284-5 

4 * • 












236-2 





175-7 

201-6 





t 



. : - 




/■ •■ 




• ' 

*■ >* 

J 

♦ 






"■c , 

y'ci 


73 

74 

75 


76 

77 


TVading Profit £m 


22-5 


15 5 


171 Jr 

0 


11 4 / 


73 


74 


75 


76 


77 








*7: 







t ■ „*.:!■■■ •• 

?■ - v 

SSfigE* " 

V..,'C2Cr .. 

w' 

JSsassagft 4 -^ 


investment in our existing businesses in the 
newspaper, communications and information 
sectors. By the end of this year more than £90 million 
will have been spent since *1970 on the increasing 
build-up of capital assets in’ the U.K. This does not 
include North Sea investments which bring the tolal 
to near £300 million, much of it in Scotland. 

. We shall be allocating limited resources to 
achieve controlled and steady growth in the travel 
and leisure business, and we shall continue to invest 
in oil development and other natural resources at 
home and overseas as the opportunity arises. 

Our aim is to be a leading international publish- 
ing, communications and information business with 
strong interests in leisure and natural resources. 

The above is a summary of the Chief Executives 
Report for the year ended 3 1st December 1977 The full 
Report and Accounts can be obtained from the Registrar, 

The Thomson Organisation Ltd., York House, 37 Queen 
Square, London WC1N3BH. 


> - gA' . 

* m * uv* 


■*«* ■ : 


-jv " 

i i'" / 



4 Stratford Place, London W.l. 


Financial Times Friday May 12. 1978 


Lloyds & Scottish jumps Burmah turns comer but 



to £12.6m. at halftime debt/equity to worsen 


Ci 




WTVH THE DEM. VXD for instal- 
ment credit and leasing btL-inc>3 
continuing buoyant and borrow- 
ing costs lower, taxable profit of 


BOARD MEETINGS 


Urn fallowing companies lure ao'iSud (£114.044) leavin. 


new distribution company in Man- "WE HAVE ' urn ® cl h _ t jj ^BurS^lh-Tntcnd^MraSwtK ' 

“STs- U. ^ ■»* mm Z&J&SsriJt- 


LI ojds and Scottish jumped in tales or Board nuxUngs to Hie Sim* £*.128.723 t £132559) 


iTSUBi 


s Limited 


and mg' together 'a consortium of me major »i«ns oi capital spend- 

[hat fil, Tne l l iniSSrial divisions have K U Ca .h i I al n« a ^ P i*I? itD,1? 

ned done “ really well " and although approved by the I^ard amount^ . 

i:54 the croup has had approaches to sonic fllOm., with the ULtc 

fur- for [hero from would-be buyers Burmah «D . 

iho "the answer is no." However ISSnt. of this, with £Mm. covered 


result in narrower margins on , ear - a 


| existing fixed rate business. to-day 

The finance group-. indu.n-iaJ 

id commercial . activities siag tine. v»u* bh.-'v'tiob. 

,'perienced mixed trading con- fiub.-— J ohn Beales. J«m« Beanie. 


NOTICE IS HEREBY GIVEN THAT the Fourth Annual General 
Meeting of the members, of the Company will be held at 
The Grand Hotel. St. Helier. Jersey, Channel Islands, on 
Thursday. 29 June 1978 at 11.00 A.M. (Jersey time) to transact 

the following business: 


dend of l.’“p fl.QSp> lifts the It will probably deteriorate, fur- for them 


total to l.S96p (Up) not. 


iher this year as a result of the “the answer is no. .. — . . i w)rnwc » ni . 

borrowings required For the Mr. Downs would not 'quantify by hank twirow tnR. 
second ULCC tanker, but there- lulu*? wspects beyond saying The «lc of jne group s rema in . 

after it should sLeadily improve, that he could see no reason « hy mg Sivmtai.5 
Mr. Downs said. profits from these interests should Salomon bww* mvestaio^ 

On the operating front Mr. not improve th s year. f h ank -Jf, N , n inistSS ^Tram 

Downs is ■■certainly more Mr. Downs also refused to be "rE* JT?. 01 


and commercial . activities sia S Line. v*ux Brew 
experienced mixed trading con- fiub.-— J ohn Beaie: 

ditions in che period, and these Quric* hui D f Rnsrftt 
are expected to continue for the i Blor | lw ._f UT,,BE DATES 
remainder of the year. Central Menuraciuritig A Trading Mar 17 

The result is subject to tax of * Shoos May ^ 

£B.5Sm. tJtt.Wm.) and minority “**««* ”*£ i* 

in.ere.ts of IMI.000 (£144,000) {KgS T ' SS S 


Receive and approve the Reports of me Directors and the 
Financial Statements and the Auditors' Reports rhereon 
for the year ended 31 December, 1977; 


wm i . . lUlMIJilll ULTIldn 111111 imilVMAf I rr 

Earnings per share are shown at Trafalgar House May us 


3.34p (3.34-p) on capital increased 


Upsurge by 

Caplan 

Profile 


uowns is "certainly more Air. uuvviis a«u rciuacu tu « rrn cum Th* ma,T‘ 

optimistic than a year ago. As drawn over whether Bumah will ** £jj!l 


optimistic than a year ago- as drawn over wanner x>uu:mh »iu advanme a*a ' 

each month goes by things get return to the dividend list this *** 

better." year. He dearly sees the further ^Sm ^ime ftSowi^ the i° 

He said that the transhipment eduction of borrowings and pay- o f ^ n si nl?tio^Tad?anS 

terminal in the Bahamas is now ment of a -lividend as equal j’ayment oi comi^ccan aov a nc„ 


by the issue of 2.2m. shares to Ash spinning _ . .. 

S«^S2talStoStai 1, n. 3 InSm « trm DKM to 007.943 for JV ' S55ri»ii‘ With 

cent., Stake in ITS instalment credit Emi MHJ | aD(J Aniert Press -Mar:* six months to February JS. I9iS , h JL terminals. 


“ ±. M. \JJLM.R+~' terminal in the Bahamas is now ment of a dividend as equal 

. Mava nearing capacity and Is almost at priorities which are both now in reomar.^, 

T :r. jiS 1 WOWM prM “P break iven level because it is very [rirhin «ieht. *S B ST 


iem Ol rt iuCUU „ P«hHiaW IIITT n ft«- nppnV 

iiMn’S-hr 1 ’'" 1 are b0U ' tVncF™ 

The squabbles and lit button arrajiceri forLNt; Aesseis. 


Elect two Directors: 


Appoint Peat. Marwick. Mitchell & Co. auditor* of the 
Company and authorise that the remuneration of the 
auditors be fixed by the Directors. 


division. Raleigh Industries Foster Bros. ci W !uiui 

(Gradual Payment*). Monks iiivostmoni Trust 

The interim dividend is stepped 2' d Sw ‘ aJ1 Ho,c ‘ l 'UairAiwie 
up from 1.54p net per 20p share j|” 05, mcni Trusi 

to 1.7p. and will absorb £l^2m. Awcnd,?d - 
l£l.o6m.). Last year, on record 

profits of £17 39m.. a 2.40D5p final , 

was paid sheet. However, the group 


Industries Foster Bros, ctadiwui M s ? lfi op turnover ahead from £1.8Sm. 

Monks liiv.simoni Trusi Mx- l0 £2.fi7m.. Mr. Ian Caplan. the 

is stepped g« J ««*' '’‘■’V” 11 ” chairman or the Caplan Profile 

2l)p share ^ISoSd Group of office furniture ind 


six months to t eoruary za, i»io othe y terminals. surrounding the 1974 purchase The £67.4ani nse. Ln net cup] 

on turnover ahead from £1.8Sm. ^hc liquefied natural gas pro- by the Bank of England of renl t0 . ¥ 5m ‘ ^ I 

to £2.67m.. Mr. Ian Caplan. the j ect j n the p ar ^ now a |. w gurmah's 20 per cent, slake In occount«i for hy higher srnrir 
chairman of the Caplan Profile almost over iw icothing problems British Petroleum is obviously an ^ debtor levels includnu; 

Group of office furnrture and ari{l thouch “ the possibility of exercising a good deai of manage- amount* transrerred from lorn*, 

expanded polystyrene manurac- slart up problems continues to he ment time TPrrn receivable*;. C.ombinM - 

iko IifcI hill 7 _ ■ •. nit in mh b *>. ..knFt.VAnm i nvocl mPnt v nun r-uk 


expanded polystyrene manufac 


turers. says that the first halt associated with The project 


By Order or rhe Board 
Anthony C. Baakei. Assistant: Secretary 


Extraordinary items; — mainly treading cautiously and will prob- 
from currency re-alignment 5 : — will a bly wait until the exposure draft 


pattern continues ar.d he is con- 
fident or another record year. 
Earnings are shown at S.44p 


should make a contribution to 
profits this year." 


Mr. Downs- said that Burmnh's 
case against the Bank has pro- 
gre.ssed since the last report and 


Term receivable*;. Combi nM 
short-term investments aud cash 
balances also increased. 

Long-term borrowings at year 


again be dealt with in thp annual becomes an actual accounting 
a.-counl*.. At the half year these standard before making a move. 


items were not material. 


Instructions for Voting 


• comment 


At 94 p the grouu is canitalised at 
just under flOOni. The shares 
yield 7.0 per cent, prospectively. 


£652,638. 


(AJ Copies of the Company's Annual Report for the year ended 
31 December 1977. including the Report of the Directors, 
audiied Financial Statements and Auditors' Report and the 
Form of Proxy may be obtained from the office of GNRP 
Shareholder Services Limited Shareholder Services"). 
26-27 Regency Square. Brighton. Sussex. England. BN1 2FH: 


In common with Mercantile 
Credit, which reported earlier this 
week. Lloyds and Scottish is still 
benefiting from the sharp drop 
in interest rates last year. At the 
halfway stage pre-tax profits are 
65 per cent, higher and assuming 
unchanged profits in the second 
half profits for the full year could' 
be of the order of £22 dt However. 


A. R. Findlay 
unchanged 
after charges 


oe ot ;ne oroer _oi w. in. However. Pre-tax pro fi ls reported by Low 

Ihirds of its business Andrew R. Findlay Group for 1977 Turnover does n 
tied to lived rates a lot depends were virtually unchanged at Profile Expanded 



Six monihs 

V>ar 


1977-7S 

1BTB-77 

197&-77 


i 

I 

f 

Turno'-pr 

2.57fl.37fi LWl DO! 

4 O.M.aTS 

Pmlk bofare lax 

50T.M3 

303JTO 

052.635 

Tax 

1 70 

137.243 

I4S.05J 

\<>i profil 

From Canadun 


143.147 

% 

304. 60S 

assoc. 

sis; 

*ir..nnn 

‘27.419 

BlaMne 

:jj.<i7n 

130.147 

477.157 

Intcrm dividend 

4j.0DO 

45 000 

45.000 

Final 

— 

— 

93.748 

Prvf. dividend . 

M.00O 

— 

14 493 


early in 19 SO. ~ ™ £5“3£ “"wSfid^cmuS Atidiroro'^inney Murray and 

Stili on the shipping side. Mr. H? )7 lh ,Ti U b 1 y Co. have again qualtfipd the 

Downs hopes lhal tanker losses 11 ^ Rurm-ih is itseir ■«»“"<* for failing to reflect l he 

will not be as high this year Paradoxic^ 1 future adverse offecis which may 


r 477.157 the group, seven are laid up. two arc 


outlining 


lll.l.T, '*>5 OIL UIU It If. l»U .. . . V .... 

45 .WM are on the grain service, and the renegotiated, covenants drawn up vessels. 


the balance ome or v»y the owper. 
ship and projected ownerships 


servicing the "*fh a consortium of U-S. banks Commiiments estimated as o#r. 


A holder of a bearer share warrant certificate representing 
Common Shares of the Company is entitled to attend and 
voce in person or by proxy at che Meeting if not.later than 
H.OQ A.M. ( Jersey time) on 16 June 1978 such holder has; 


The directors report shows that of Signal Oil. 


over the loans Car the purchase a bi e m W7S tanker and W*G 


Plasties at yea . r end 016 Beet H ‘ as 2 -f. s . hi P*- 


- - - , . .. carried operations total :£S7hi. 

iet was 24 ships. Mr. Downs believes that Ine (tankers £43m ) and in 

four additional documents could be misleading 174m. (tankers £43m ). Until tSQ7 
n cancelled and as they are only part of the for tankers and 2004 forOfl] 

Further can- jigsaw puzzle of Burmnh’s prob- carriers, these commitments 

weted in 197S, lems in 1974 and Uiat, in any case shown at £HSm. and £212m.Sre- 
y It may be they will not provide the aclion spectkely. • . 3L 


balance 


addition 


sharehoid era C f iinds ofS! the from ^“(UlTSro OW buf S ^IpnroTa^f "h^BalSt^S 5Sw”to'lV>' adcTiUonVl group with any furthet mfonna- 'in the notes to accounts & 
adoption of ED 19 could transform struck after charging £07.000 ox- England and the Canadian Foreign ■ f n e ^ scls . '" l. f he 0 flt? f n t ,f . ij e h ° t ? nn ° n u ’ h,ch t0 . preSS tiielr 

Lloyds and Scottish’s balance penses incurred in setting up a Investment Review Agency. k M lh raarkel aL V? it floT. ^ 2h«ii° r 


Obtained from Shareholder Services by mail or personal 
application a Certificate of Deposit of Share Warrant 
Certificates and Form of Proxy (indicate languaje 
preference. English. French. German or Spanish); 


Lodged the bearer share certificates with a depositary 
bank of the holder's choice in accordance with the 
instructions on the Certificate of Deposit and Form of 
Proxy; 


-uu I*™ up a uiveeunent nes.ew .-vg^cy. persists. M the December 31 balance Innker fleet as a whole.' . l 

The Thistle oilfield is now com- date stockholders' funds were future losses stemming from 

J -m^ T v . _ . _ ing on sLrcam and is already down from £3&4J7in. to £3 ID. 33 m.. contract 5 : in existence at Decern- 

B,# I B Stf-itfYn ■««« i yflO/ 4-*-%. A. g g-w* producing 30.000 barrels a day reflecting the £44.8ra. drop in re- ber 31. 1977. will he dealt with / 
_ r#. KB iifl Iobi I 4dL /C\ I IB / B R I of its budgeted capacity of senes to £224£>6m II which was in accounts from 1S7S onwards. 

• -*• JL a / \J Cm tea • f AAAe 100,000 barrels. The first cargoes mainly owing to shipping can- Meeting. Glasgow. June 0 at 

are now moving, despite delays cellations and currency adjust- 11.30 a.m. 

ON TURNOVER up slightly from Ordinary shares the company will are lower due to adverse cur- d u ** 1° weather, so cashflow can ments. See Lex 


J. B. Hidgs. up 14% to £2.7m. 


£20.55m. (o £21m. J.B. Holdings secure Trustee Status, 
reports record taxable profits ol 


£2.7m. for 


£2.36m. for last time, a r 
14.6 per cent., after £ 
against £0.S9m. at halfway. 


(iii) Returned the completed and executed form of Proxy 
to Shareholder Services. 26-27 Regency Square. 
Brighton. Sussex. England. BNI 2FH. prior to 11. 00 A.M. 
26 June. 1978. 



1977 

1976 


LM 

£000 

Turnover 

.... 21.004 

20.547 

Profit before lot 

. 2,702 

2353 

Ta* 

1.440 

1-220 

Net profil .. 

1.250 

1,138 

Interim ord 

100 

48 

Final Ord. - 

S 

4S 

Retained ... 

1.150 

1 042 


rency factors and difficult condi- 
tions in the U.S- which incurred 


continued 


market 


Promising outlook for Currys 


(C) To attend and vote in person at the Meetings, the holder 
must produce the completed Certificate of Deposit at che 
Mating. 


£7m.. representing some 33 per Retained !! l.tso 1 M2 
cent, of turnover, as a result ol * Infinitum tftare of rmnhs of auo- 
inurea^ed exports of Road Suction rf*i« and alter loan imcresi n- 1.000 
Cleaners and Armafio pipes to (he 
Middle Ea<n. A 

. .a, - i _ « . . - ® commonx 

A divisional analysis of turn- ...... _ .... 

over, as porreniaee. and pro-lax- 1 . recession in the IK 

profil shows: civil engineering. ?!'■!, “jeering sector has re- 
building and road maintenance DoJdlngs profits 

2S.1 per cent. (43 per cent) and srowtli jo la per com., compared 


CKJ4.000 (£868.000 1 : civil engineer* )V lh * ^ pt?r i un 'l» | n ,9 ' 8 - 

■ ' rflo racil fo ll’flhl hnftr.v lh«in i>v 


IWW.UWI, (.on erismKfirr- . Ka ■ , , - — ■ 

ing supplies 26 8 per cem. ilafi results were better than ex- 


(D ) . To attend and vote by proxy at the Meeting such holder 
must lodge the completed Certificate of Deposit and Form 
of Proxy with Shareholder Services prior to 11.00 A.M. 

26 June 1978. 


per cent.) and £739.000 (£402.000) °, n £.i t i* e -5!l ares closed 4 P 


while the yield is *>4 ner cent promising. Mr. Dennis Curry, the continued during January. 

chairman, savs in his annual Meeting, Ealing, on Jun 
statement. The company is now 12.30 p.m. 

* I 1 asking members lo approve a 

ADDleVUrQ savings-rclated share option U7M] . « 

^ a ^ scheme for employees. Wull2HlS Ol 

cfjsrfe WplI a lar?c of employees ~ - 

Strtl vrcil will be eligible to participate in f 9r|l|ff ohpQi 

Mr. .tan. Appl.yard, ch.irm.n or >.". d . ^ 


Appleyard 
starts well 


and englnperlna arid hidrauik-s nisha. ai w;p. The company rte Apployirt Croup of Cooi- P.nlwl (or rharrs rrprosmtinp 

451 per cent (394 per cenL) and aims concentrate on the moTe panics told the AGM that 1973 U P*° •* Per cent of insued capital. 

per CenL) and MSS *** _started weif. Xo iwlt&t, nd S 


Meeting, Ealing, on June 5 at in February. The fund, which is 
.30 p.m. managed by ihe Local Authorities 

Mutual Investment Triisi, has re- 
Wtlliame strieted investments to British 

W 1111 a HIS Ol commercial property and now 

J holds a portfolio valued at 156m. 

l^araill HllCdCl Because of the Fall in pnmo 

, * ip,. . property yields in the past year 

3l ttatrtime *^ e fund *^ as canfinec * recent pur. 


Among "the manv -erou 0 / « - , chases to four shop and industrial 


has lifted profit margins by over monthly fluctuations In market 


(E) A member of the Company entitled to attend and vote at 
the Meeting* may appoint another person (who need not be 
a member) as his proxy to attend and vote instead of him. 


' .v.*.-' <r ; * 


lifted 10 the maximum allowed of made tip by overseas activities. .. T^ e _ weruly acquired Ford 
LOOP «0.*«pi n« with a final of Demand in the Middle East has Mai " Dealerships were producing 
O.Ofip. been particularly good for the |°°^ profits and preliminary 

Also proposed is a scrip issue company's road suction cleaner, as fi5ure f, showed that the group's 
of one 3p Ordinary share for each well as for Armofloiv. a fibreglass operations as a whole were ahead 


[airman says. . 

In their continuing search 


, which restrained turnover. Mr. V ‘■-^Luary. i» r . roe ioi^i return 
1 for H. E. Williams, the chairman, says. , fca P^ plus income) on urn is 
se of Looking 10 the second haft, he ,“1‘ 43 R? r . . But J °? c 


share held, and a consolidation substitute for concrete sewage 

into lOn shares, as well as a scrip pipes, which are prone lo erosion The results, he said, amply justi- 
issue of 10 per cent Cumulalire in hot climates. But, although fied the intention to recommend 
Preference £1 shares on the basis road cleaners have made the dividends in respect of 197S of 


of new or of existing trading The half-year result is 
locations. . to tnx of £234.000 I £195.0 

At the end of 1977-78 short- earnings per share are 


is confident results will justify explains that the trend in 

the faith shown by shareholders !? n ' t v p, ,UCfi „" : 5 ecf,! J .,. ,he 
in its 10.57m. rights issue "abnormally uasettled conditions 

The half-year result is subject 1n the W* !»«*« ■ « 

to ins of £234.000 t£195.Q00) and M SLS established six years ago. 


of one Preference share for everv 


lien Ordinary shares. As a result sio'n the fastest growing In ihe would repre-eni an increase of 
'of Ihe scrip and consolidation of group in terms of sales, profits 27.2 per cent, on 1977. 

The Group has in the past six months 
improved its position in the banking and allied spheres 
with a commensurate increase in profit. 


road cleaners have made the dividends in respect of 1978 of te ™ dopo^s showed growth Vo %S%S?t 

pan the need lo pay VAT on up from Ofip to Ip net per 25p 


Christmas sales a few days after share. Last year a 2.19)> loial 
the end of fhe financial year. In was paid from record profits of 


addition credit sales have been £Q.9lm and a l.Tap final has been 
taking a slowly declining percent- forecast for this year. 

£ge of total business and as a Mr. Williams says the £lni. 


Reliance 

Knitwear 


£ge of total business and as a Mr. Williams says the £Im. imeham a member of Reliance 
result the croup's capital required •‘'hares and loan deaL with the Knitwear Groap has purchased 
in this respect has been lower Welsh Development Agency to ex- at iditional Tactorv Premises at 21- 
than expected. pand its foundry operations pro- J, c a s3e g“c NoShSS 

After an increased provision for ceoded according lo plan and was ' * . . 

unmatured profits of £1.28m. concluded aFter March 31. and The factory, comprising some 
f£l.5im.) and surplus on properly therefore did not aftect first-half square feel, is adjacent 

sales or £0 37ra. this time, taxahie results. to existing premises owned by 

nrnfit for the year to January 25. The foundry is continuing to t ' 1e . company . and has been 
1978. improved marginally to make sood progress, justifying the acquired to provide addition;:] 
£10 32m. i £t 0 . 02 m.) on rash sales expansion programme. production space for future ex- 

and roceinls from credir trading .The architectural products pansion. 

amounting to £163.) m. (£|44m.) — division is steadily improving its 
a« reported April 18. THp nei performance, while the steel ser- 
divMcnd is stepped up to 42>3961p vl®e centres are still experiencing DhRa«*a!«] 

(4.n«439pj. difficult conditions in the de- l\IIUl-lUIU 

On a current cost basis profit is pressed world steel market, 
reduced ro £6. 47m. (£6.04m.) after However, he is convinced the rAf*Orrf VAQF 

additional depreciation of £].45m. company's performance will com- ICvRJIU jCal 
i £1.41 m.> pnd extra cost of seles Pare favourably with that of its 
of £2.2Sm. i£2 71m.) and including competitors. d. 


wor-'<- th. DrewTy and Edwards nf Not- 

.H 1 ' lincham. a member of Reliance 


pand its foundry operations pro- SSI SoS™ 1 

ceeded according lo plan and was a ' " as L Jlc ' £Votlin Bham. 
concluded after March 31. and The factory, comprising some 


Interim Report and Dividend Announcement for the six months ended 31st March 1978 


The unaudited net operating profit alter tax and after transfers to internal reserves 
attributable to -dure bolder- of the Ncdb.mk Group lor the six month* ended .'l*-i 
March 1 *)"S amounted 10 Rlb.t*44 in. which represents an increase ol‘ U’\ on the 
same period last yenr. 

Eanuncv per share lor ihe period under review increased from 17,5 cents to 19.4 
vents. 


Dividend announcement 


General 

The Group which is the largest South African owned Banking Group is diversified 
o* or .1 wide field of financial service-* with Commercial Hanking augmented by 
specialised Kinking providing the Group'-, main source ol income. 

As one of the larger hanking groups in S..-V. the Group has in the past six months 
improved Us position in the banking and allied spheres with a commensurate 
increase m profit. 

The economy v-f South Africa generally tenvai wed at low key during the period 
although some signs towards an upturn were n.niecable The economies of nur 
major overseas trading partners also showed little growth. 

Because *»( the substantial ovctMtppIv of olliec and shvvpptng premises and a pattern 
ot high imcrc«i rates, ihe construction mdusiry and li.ved property sectors have 
been under pressure and losses have been incurred by invesior*. and lenders. The 
Group has absorbed its known losses in these sectors out of current profits. 

Alter providing for irrecoverable debts, taxation and transfers to internal reserves, 

ihe Group made a profit of R IK«>44 m. 

The remaining 10",, minority interest in Ncdhn Bank was acquired during the 
period under review, brom the 1st October, 1977, Nedhn Bunk has become a 
whol I v-owned a u bs i J 1 a r v. 


An interim dividend in respect of the y«tT ending 30th September 1978 of 7 cents 
(f*.5 cents) per share has been declared payable to shareholders registered in the 
books of the company at the close of business on J2ih May 1978. The transfer 
books and register of members will be closed on 13lh May 1978 and reopen on 
22nd May 1978. Dividend cheques will be posted on or about 5th June 1978. 

JM on-resident shareholders’ lax will be deducted where applicable. 


production space for future ex- 


Ruberoid sees 
record year 


7 : *-r and on behalf of the hoard 
Dr. I". J. C. Cronje. ChuiniMH 

Mr. (i. b. Muller. Ofputy OMirman and Chief Executive Officer 


a (rearing adjustment or £68.000 
(£317.000). 

Not liquidity at year end was 
110 £.ii3m. (down £t 04m.) and 
future raplial expenditure 
amounted to £1 82m. (£0 75m.> of 
uhfi-h ft 38m. (£0omi had been 
authorised but not contracted. 


amnerifnre Mr. Thomas Kenny, chairman 

ampemors. of R Uhe roid. the building pro- 

ducts, specialist sub-contracting, 
T A H/f TT paper and plastics group, said at 

JU/tlIVII A Ibi AGM that the group was 

v « budeetlug for 197S profits to ex- 

vamannn ceed those or 1977. Up to the end 

uuuauuu , of Apri] lfl7S profits are above 

The £6-7 7m. Local Anlhorilies’ budget and are comfortably 
roperty Fund has published a higher than those for the same 


Property Fund has published 


Transfer .secretaries 

1 ra-wr Street Registrars (Pty) Limited. Sage Centre 

1U Fraser Street. Johannesburg. 2001, P.O. Box 61178, Marshalltown, 2017 


BANK RETURN 


detailed valuation report follow- period last year. - ’ 


vv - *| | 

Slur 10 


L'e--. — . 


WATTS BLAKE BEARNE 


Salient Jrnancial information 


BANKING DEPARTMENT - 


& COMPANY LIMITED.— NEWTON ABBOT 


6 months 
to 31.3.78 
ROOD 


6 months 
to 3I.3.“7 
ROW) 


12 months 
to 30.9.77 
ROOD 


12 months 
to 30.9.76 
ROOt) 


Issued and fully paid 
shares of R! each 


RS5S60 RS5S60 R85S60 RS5 860 


I.TV-,IMiIbS 



u *i'-u- 

IIl-|p-iI-. 
i-IIlkHI*. . . 

I '.<* \ IHilHt 

.\ - : 


14.S55.OW 

C5.e'?S.»iv- — <„• 1 7 *» 
l.»s.. t “2.UW 

42£.3u9.: , 3t: r 3fr.!i U.oSU . 


"IV4IJW - li.U3i.61ij I 


J.4*0.£:S.t94 t 4g.04C.Sjt 


Shareholders' funds 


R195 275 R1SI 536 R 1 87 830 R171F22 


Mr. C. D. Pike. Chairman, reports: 

Further increase in trading profitability 

Other points from the Annual Report: 


Income statement 

1 a\rrf bank prabn after transfer* Hi 
inivml mew and «twi ^rafiis 
4,-* OuImUc ili.irrhnldcr ■' »hurs vf prvlil-- ef 
subridiaiici 


Prufit airribniiMc m OiarrlnUm 
of UicNcdbank Croup 


A mnnlfi*- 

fi rai'flifn 

{2 monrtii 

1^ mi-niliv 

in .41.1.78 

u-j i..-.': 

10 311.9"? 

9 ‘o 

KIT 159 

Rl: "’■I 

ws :->4 

p.i" s:i 

615 

"rt 

I o'.V 

l -ire 

RIO 044 

RftiWII 

RJI 591 

K> Jf« 


Taxed profit available to 
Ncdhank Group 
shareholders 


Rid 644 R 1 5 040 R31 591 PJ R 355 


Earning* per share 

Dividend per share 


V-sKI ' 

..■••i.s«-i,nii-~. LSl-iKA” *• 1 VP.Su?,>v 

i >*•*« ^.l«*lllirt' 

V - Sl.lWfAt? - 

* .o iffi 2ZV. lybjSi*' - |47.4ii;,472 

• •■It— . . . l*.ll».Si| - i.i J L-..VMl 

•It ft;. Ik* - 11053* 


Profit, before Currency Losses, up 28% to C2.734.1 52 
(£2,137,095). 


?,«54>.<j2.£0; - 45.J16.ijt 


Tot j I assets 


R2 942 375 R2 6R5 3VS R2 S49 619 R2 546 h 32 


l**5 i t.'K I 'KIM III Ml-. M 


■if Pre-tax profits up from £2,522.095 to £2.668,1 G2. 
■if Dividend 1 6.8?^ (8.4?i) approved by H.M. Treasury. 
Capitalisation issue of one-for-two Ordinary shares. 


Credit facilities to ihe public Ri 300 «7 R! ^ c)is Kl 210 648 Rl ISO IIS 


1. fhe jk-ic « • an .ibhre* Liiion of ihe Kibiu-c >hec; and income ^iaicment of ±; Group. 

I*’ :hc dccounl? hove hrm I'linrtcd 

2. The ficurc* lor ihe hi* manili* in Maieh 1 V ’S an un juJu^-J. 

3. In eatqiUtms :h« canting and dAtdcndt >h,we. ace«*un: h« hem uL:n of 4 4)7 1«>6 panly 
paid share* of R l each. is*urd m ictm* of ihe neruii'c ?ltars ini-t -shone. 

4. Capital coniraiimenu amounted UJ RIJ 1W OW ai jlsx March IV74 (RI5 -XW 00 G). 


Dcp*v>ii> of (he public and 
other accounts 


Vile- I <yi»i ?.«JfC , .U'.«).i>XI ~ W.VW.COJ 

ill L'trru m miii. -■ *6,3(fd.934 

vn ilniis’a iici«i to.Uoi.oal — l.i j.i.iSI 


R 2 098 192 R 1927 614 R 2 063 050 R 1 SM 424 


Ratio of deposits etc, to 
total shareholders’ funds 


.l-SfcT* 

li.il. I M’lk 11.1'lj.iOO — 

i ftiior U«ivi. >««■-, 7.21 1.^1.644 — 37.35.'. >15 
- ntiof .; fTJ.j2S.3ti4 — lT.7jfi.RS 


Ambitious capital expenditure programme in 1 978 of 
£2.5 million, £750,000 to improve production and 
storage facilities in Europe, and £1 .750,000 in the U.K, 
equally between plant replacement and improved 
processing and storage facilities. 


r.-.S' i/*X'.:Xn — |>.\i 



TheNedbank Group 


THE PHILIPPINE 
INVESTMENT G0MPANY$.A.- 


Prospects : As a Group we expect to consolidate our 
position to meet whatever fluctuations may lie ahead. 

Annual General Meeting . 7 9th May 1973. 


(.VftlbjBl. and S.ifrets-L AL HoMinc* Limited Incorpwsint in the RepaHk of Sobrt Afriai) 

hMtjg teem ^ Baft UAL tod). Ndi. I— &utj. fca iConl tot;. Sfau Trurt fT ML ^ NIB 


Nel Asset Value as of 
April 30th. 1978 
U-S. 59.W 

IJ»c4 Lus«<inh..iiir? Siui,4c Eadiau^t 
.Vji-nt; 

BanqiK G^n«*rale <iu Llunmbours 
tUvMontni BanJtrrs: 

Manila Pacific Securmoa s A. 



■■■-* ■ >i— T m—h. 


PRODUCERS OF BALL AND CHINA CLAYS 


--S.h. ' 

. - -*!•» ■» 










Financial Tiioes Friday May '12 1978 

to reduce gas 

carrier fleet 

; • ■ by jam Hargreaves; shipping correspondent ' 


ar 


Pro^cer, „ A 


in its 'hnlk “““^“7"-^ »«vuuvers ana. gas importers and and 

in its assist pipping operations jt may be that Market conditions rliai 


r - M-. , 


Poland, be writes: "It is 
, that our Government uses 
influence to secure some 
this matter. 


i«S“oS SSJ will permit Mh lb __ 

: i ... '•m. " '■ »»_ ? n °Ption. Another tine Of action sanity in this matter To nlead 

• . ,|,r, '4 ai SlSi tbe , coin " has 1,6 Bn to delay delivery of the that we are justified indoor 

>■, . - sald at nev i_5hips, each of which has a actions because if v.e do not do 
, v, "i. ’*’* • publication o£ the annual contract price in excess of 850m., It someone else will is whollv 

:w ^fl e yeSTen ^ although but there is no inSn of forc^ In^oSleM * 

i • V>- *5“ «£T ,er had broken mg any farther delays. Law year. P & O estimates 

' "> . *? . reviewing P & O's other contributed £1 50m. of the fLobn. 


. i -j . -Z . r — - *4* ibugwiuh r or u s ointrr — aiiiuui. ui me iiaiuil 

to improve activities, the Earl of Incbcape, contributed to the UJv. balance 
"■■rv? in L'r * • ’ chairman, says the policy is to of Payments by British shlpptaR. 

Because, of ^severe overcapacity move towards Increasinelv Government is also criticised 

areas of transport for the Price Commission investi- 
gation into road haulage — an 
In general cargo, this has meant “ a, ?P 1 . e of “unnecessary bureau 
increasing the fleet’s heavy-lift. intervention ’7-and for the 
container and refrigerated goods . tortuous negotiations” which 
capacity. In 1977 this division In- . l ela y^. P, ro * re “ 

creased its contribution to group S** field 


, Aand dull trading conditions, the specialised 
ir.™ company’s bulk-shipping division activity. 

•b .continues to provide most of 


* 0 s problems, Gross revenue 

' «*. of the division feU-from £43Jhn. 

1 ' l, ‘ lost year, contributing 

I ’‘t.fOAn. to groiin profit against 


to grotip 
• Vi V XS-2m. in .1976. 

r - ■■ The gas carrier' fleet, one of the 


which 

stake. 


P & O has a 25 per cent. 


profits from 132. 7m. to £33 

- i ”tji"e“\v5rl<C 'campriiwS dlSn “which" h?s d % the dwetopmeni of 

,* fright vessels, with two more Sf Ihan^aTeiS? JoStaSSfe SSSS^J* 52 P J k ffi 

JESHOTiS ffJUrtfgySLFSatS 3™L.*j£rLffi.' 

of WKl SEuSftSfiSg VTarstss 
■■ ■ asJtxiL Stt ^^ssstzss. saBwanafK"* 

HSfTSSr 0f *«“" J ta a Earl Incbcape warns, however, thech™ 1 ™ 1 - v ^ r - sroup proflts 
■ r.. ?£?- ^ n " thal 1117 substantial recovery In indicatii 

“ ■ .i.. Pobcies. the shipping interests is depen- In 1977 

.. ... ,J ’"r 110tes dent upon a recovery in world 

' '■• i.,m i 50m ^ recent * trade. He also strongly criticises 

,n r ?. t . es -. governments for subsidising their 
.... , ' P laD . yd! almost shipbuilding industries to pro- 

• 'E '« •SSr5 , ™U ni 2S we stf ?!* t | t rales of duce unwanted cheap ships and 
' '■»* k w *’ en *]?® market is judged so prolonging overcapacity. 


■f'Hir, tobe most favourable, although Referring to recent Government 
Mjj„ - ji " as m “ie..past considered subsidies on orders won by 


joint venture companies with gas British Shipbuilders from India 



•-.i'i > 
>U‘ Lrt 


w 


Cum 


mffiSOff 

OFOFflCESMCE 

W 0 RS 01 D 


"••I'-i r 

I* - .;.- 




^ ’ . The facts speak for themselves. 

Since 1953, nearly 300 companies 
r jelocated in Swindon, -firms like British Leyknd, Bunnah Oil, 

1 1 Hambro Life and W. H^Smith- 

; i . l ,ti . . With a hundred and one promising alternatives, why 5windon» 

. -,-.v ’tv ^ Simply because no other ^area can match us for location, 

. communications, facilities and, human resources -unique assets. '• 

, which canofferyou a speedier, more substantial remrp on.ybur. • 

'/j. investment 

• ‘ Factory spacer office space and development sites axe 

i. inunediately.availablt 

, • • r- „ ’ ' • OJ>JP.s are not required and youTI I-D.C suppbrt. TSdk to.;: 

.ra. umr devrfbpmenc team now. Witil oyer ^ years' expenengeiiehinil 
' them, theyllTubvC mountains' to make your move a smooth one. . • ■ 
... fo? the brochure whichis your. Passport to Profit contact: ■'■ 

" 1 "1 The Indnstrial Adviser, Thames down Borough Council, Swindon 
iSNJ 2/H. Td: 0793 « 6161 Telex: 44833. 


■>. • | h' 


SWINDON 

Incentives .no gpwernmaiit can offer. 


iviiancc 

Ml! S'* 


vi'urd )C s r 


Allied IrisiiBanks 

Wishtoannomice 
that the following 
base lending rate 
9%per annum 




10th May 1978. 



Allied IridiBanks 



Expansion 
at C. & W. 
Walker 


PRE-TAX profits of C and IV. 
Walker Holdings, specialist engl 
peering group, expanded from 
£5B6 jB 73 to a record £746.717 for 
The 52 weeks lo January 2S. 1S7R, 
on turnover of 16.11m. against 
£3J6m. 

Ai halfway profit was ahead 
from £246.000 to £329.000. The 
directors said that the group had 
moved into a position where con- 
siderable working capital 
resources were available, and 
given stable trading conditions the 
future of l he group could be 
viewed with confidence. 

On increased capital from la si 
year’s rights issue stated earnings 
are 21.2p flap) per 25 p share and 
the dividend Is raised from 2.849p 
to 6p net with a final of 3.5p. as 
Forecast 

SZvrcetu 
1977-73 lfl7S-77 

£ . t 

Turnover S.1ML6U 533.73! 

S55J8! 
15.1 w *m 
W«5 sues 
7tt,n7 swans 
4MJ8S Xil.TOO 
341-827 275.17= 

1MJM 28.171 


Tradinu omfli ciJ 

Interest 
Depredation 
Profit before tax 

-Tax 

Available 

Dividends 


London and 
European back 
to dividends 

Includihg two months results 
fretq; a • -c. ..sumimenr (Holdings) 
end six mouths from New. Bridge 
Hardings; London end European 
Group recovered from a £166.000 
loss to a £353,000 pre-tax profit in 
1977. 

Ar halfway the group had 
turned round from a £0.6v m 
deficit to a £133.000 surplus. After 
a two-year break, dividend has 
been restored with a 0:5p net per 
lOp sharp final. 

Mr. J. G. McGuckian. the chair- 
man. -is confident progress will 
continue In 1078, and subject to 
unforeseen circumstances expects 
higher profits and dividends at it.' 
completion. 

Turnover of the property invest- 
ment and dealing and merchant 
banking- group - was £3.61 m 
(£2. 09m.) and. the result is subject 
to lax Of £30.000 (£86.000) 

Minority interests took £1.000 and 
there were extraordinary debits or 
£67,000 (£761.000). 

Earnings per share are shown 
at 2.7p against a 2.1p loss. 


Advance 
by Atlas 
Electric 


Gross income for the year to 
March SI, 1878 at Atlas Electric 
and Geenral Trust rose from 
£4.13m. to £4.73m. and net revenue 
advanced from £LS5m. to £L37ra. 
after tax of £L33m. compared 
with £L14m. 

Earnings, are shown at 2.06p 
(L67p) per 25 p share and the 
dividend tout is raised from l.6p 
to l_9p net -with a final of l.Sp. It 
is Intended to pay an interim of 
0.75p in December to reduce dis- 
parity with the final. 

The net asset value is shown at 



17flp (68p> per share. 

i MONEY MARKET 

_J 


Continued apprehension 


*«9 


Bank of England Minimum 
Lending Rate 8J per cent, 
(since May 5, 1978) _- . - 

Discount houses ‘ remained ap- 
reheifshe about the outcome of 


Bank nf Enulamt Minimum ' formula, to between 9 per cent. 

and 9J per cent 

. Day to day credit' was b'n the 
short side giving the Bank or 
England an opportunity to alle- 
viate the shortage by buying, ;> 

,-day’s Treasury bill, tender., large amount of Treasury bills, 

owerer, lacking any clear signal direct from the bouses anu a 

tho anihopiiifts in vaster- small number of - local ..authority 

•- om th5? , au ^P rl ies m y “ le f r ; b nis. The total suppon wad 

iy’s market, sentiment seems * lo , crmed as | arge and appeared to 
-• » more inclined towards anjuLR b s iiebtly overdone. 

: 9 per cent, or even a repeat ° ^ 

iSrssJssssi * >« a™**.-- _ 

reasury bills stood between banks brought fonjurd- balances ^ 
l npr cent: and si per cent, well above target. However, there 
:;J ' diratinaaooSwe rise ra UXA was a sizeable take-up of Treasury 
ider the normal market related bills in addition to. the repayment 

i Sterling i ^xiAutb-j «n#w ■ 

.. i J Miv U I Certificate InWrtlmk j Authority ; ntwoHxIne 
1 1 aepouiB 


of 'moderate advances made io 
the market seven days previously. 

Discount houses paid 61-6} per 
cent, for secured call loans at the 
start but closing balances were 
taken anywhere between 2 per 
cent, and 5 per cent- In the 
interbank market overnight loans 
opened at 6}-6f per cent, and on 
the forecast o£ a shortage, finned 
up to around 6< per cent with 
business touching 7 per cent. 
Rates tended to ease after lunch 
down to 6-6$ per cent, - before 
tailing oS at the close to 2*3 per 


MINING NEWS 


Elandsrand is raising 
£48.5m. of hew funds 

BY PAUL CHEESERIGHT 

THE SHAREHOLDERS of Elands* schedule, and if the target or mid- Benguet earned Pesos 27.7m. 
rand Gold are being ashed for a 1978 for starting production is f£2.M»m.) in the three months to 

further R77m. (£4S-5m.) to cover met, it will be about IS months March,' compared with Pe*Os 
the costs of bringing the mine to ahead of (he original forecast ia.7m. in :he *-ume period oi 

production by the middle nr Dost Bui costs have continued to 1977. The reason -a us noi mining 

year. The company is. part of the increase and Ibis rights Issue fol- as such but u vigorous iierform- 
Anglo American group' in South lows a call on shareholders for ance from its flfi.5 per rent, owned 
Africa. Kfflhn. Iasi year. In 1975 the cost construction subsidiary. Engm- 

The total to be raised by a of development was put at Rl27m. eerlng Equipment, invre net in- 

righis issue is announced by the but, in line with the inflationary come nw 164 per tent, io 

company to-day but the temui of pressures faced by the whole of Pesos 33m. 
the offer will not be known for a t*e South African gold industry, 
fortnight rh 's figure has been raised to just 

The new shares will be listed in tinder H200m, 

London and Johannesburg, bur . In recent months the shares 

they will not be registered vvith M>5 "h pn crease In revenue fio>n conue 

the Hecuntia Exchange , Com mis- toThemlddleof th e w Mdcentraie exports. The gnu? 

ssu: aasrr J 5 1 jb of lhe,r - — - - - 

offer will have to do so through 
an independent merchant bonk in 
London. 

The necessity for a rights issue 
was made clear in March and tho 


On tile o.’her Hand. Ai;ei* Had 
to enpe with a 55 per rent. n*v 
in operating costs which more 
than off-ei the S per ceni. in- 
copper 


Income jumps 
at Benguet 


technical details to clear the way _\et INCOME ar Benguet Consoli- 
for It were senlcd when share- dated, the largest gold producer 
holders last month agreed to in the Philippines climbed by 76 
increase the authorised capital per cent. In the 1U78 first quarter, 
to R16m.. divided into 80m. contrasting sharply with the ex- 
shares, each with a nominal value perlence of Atlas Consolidated, 
of 20 cents. the country's biggest copper pro- 

The latest reports from ihe ducer, where net profiu; fell by 
mine have shown that construe- 86 per cent., writes Leo Gonzaga 
tion is still running ahead of from Manilla. 


net income in the March quarter 
was Pesos 1.66m. (£123^751 

against Pesos 42.4m. in the 1977 
first quarter. 

Mnrcopper, .mother copper pro- 
ducer, was helped by inventory 
sale* of concentrate* which 
pushed gross revenues in the 
March quarter to Peso s 123-Sm 
from Pesos 948m. in the first 
three months of 1977. 

First quarter net income at 
Pesos 24.7m. (£l-54m.1 was nearly 
a third higher than in the com- 
parable period of Iasi year, when 
the total was Pesos 18.7m. 


A good start at Eldorado 

ELDOR.VDO NUCLEAR. the iromoter surveying in northern province of Thailand, near the 
Canadian stale-owned uranium Italy, and Sardinia to locate Burmese border. 

uranium deposits. Mr. Kascm Chatikaianit, the 

* * * Thai Industry Minister, yesterday 

p.„„, . h _ . , . said that there had been informal 

discussions With Thai Zinc, which 
EKii^ine \S£ P te had ^pressed a desire to pull out 

bin Sit W hv biSSfn ^ ^ fkwur of another company 

EJzm ? _ The name of the replacement 
company was not mentioned. 


raining and processing group, has 
made a fast start to the year with 
sharp increase in earnings, re- 
ports John Sogunicb front 
Toronto. 

Net income in the first three 
months of this year was LSI 2m 
f£5 86tn.) on revenue of C344m . 
compared vvith earnings of 
CS1.5m. on a revenue of CSi-im 
in the same period of 1H77. 

Most of the Improvement came 
from an extraordinary sale of 
uranium oxide concentrates at 
world market prices. • Recent 
market levels have been around 
USS43 a pound. 

The group explained that the 
enp cent rates “were- made avail- 
able" by special arrangements, in 
eluding tbe postponement or can 
collation by seme customers of 
near-term deliveries due under 
existing long-term contracts. 

Meanwhile Eldorado is pushing 
ahead with expansion plans. There 
are plans to build a new refinery 
in Ontario to meet both rising 
world demand for uranium hex* 
fluoride and the need for 
Canadian can8clty tn process 
domestic mine production 

This y**ar the ernun is snenriln** 
f-SVern on pvnsnwnrrof orv»n»ii*»n* 
at R*»nvprlfirif»<» in S**ilt?»«h*’UMin 
and Is. 5 n additinn nnihin*. on 
with a ewim nw-n-uimr 


FITZROY INVESTMENT 
COMPANY LIMITED 

INTERIM REPORT 
FOR THE SIX MONTHS ENDED 
31 DECEMBER 1977 

The unaudited trading results for the six months -nd^d 
31 December 1977, which are compared with those for the 
same period in 1976, were: 


Turnover 

Trading Loss 

Corporation Tax ... 

Net Loss after Tax 

Interim Dividend 


1977 

£962,000 

£27,000 


£27 000 


1874 

£774,CtiO 

£64.000 


£54(100 


Nil 


Nil 


Tbe economic difficulties forecast m the Chairman's 
Statement lo Uie ia»t AUM have resulted tn rising costs ;ifld 

restricted trading opportunities. Nonetheless the Company's 
performance m the &ix months covered by this statement was 
bettor than in thu corresponding period last year. 

Since the turn of the year it has been the policy of the 
reconstituted board of directors to rationalise tbe operation of 
the industrial group, in which losses have been made, and to 
reinforce the successful and profitable companies. Tpe 
rational lotion programme will not be completed until tote in 
tbe year and only then will its full benefits start to tlnw. For 
this reason the hoard have decided that the current financial 
year should he extended to 30 September it is nnt intended 
ibai this should delay the issue of the Annual Report or the 
holding of the Annual General Meeting. 


per cent, because of smoke from 
a fire which started in a part nf 
the mine which was not being 
worked. 


THAI ZINC PLAN 
IS CHANGED 

That Zinc, the subsidiary or New 
Jersey Zlnr, is seeking io with- 
draw from a major project being 
developed in Ihe Northern Tak 


for 1S17S-79 ar »he 
finery in Ontario. 


Port Hope re 


TCL Weri’ 8 
steadv course 


at 


THE INTERIM OTV7DEND 
Transvaal Consolidated Land snd 
Exploration, the . Barlow Rand 
group's investment and diversi- 
fied mining group. Is being raised 
o 35 cents ■ f22n) from 30 cents 
last year, when the total pay- 
ment was 1)5 cents 

The declaration accompanied 
he publication yesterday of her 
nrofirs for iho six months lo 
March of R17.9m. <£H.3m.), com- 
pared «lth R15 7m. in the same 
nerhd. of 1976-77. 

The xieadine^s of the perform 
qnce reflects the comment made 
by Mr. A. C. Petersen, the chair- 
man, last November to the effect 
that there would not be any 
marked improvement in .profits 
this year,, but that eambngs 
arowth should resume in 1979. 

The lack of an r drastic change 
The profits left the shares un- 
banged in London yesterday at 
£13*. 

The group's investments snread 
hrough gold, uranium, platinum, 
hrome and timber but it was 
the collieries who accounted 
mainly for the increase in turn 
over to R6S.7m. from R57 6flin 
The revenue, from coal exports 
imnroved. 

Prospects for the rest of the 
year are sufficiently - encouraging 
for the group to indicate that the 
final dividend will be slightly 
her than last year, bringing 
the total to not less than 105 
cents. 

TCL’s capital expenditure in the 
first half was RSfira. and there are 
plana for spending R184 ul over 
the next five years. This will be 
met from the group’s earn hies 
and from finance it has already 
arranged. 


MINING BRIEFS 

MOUNT ISA MIKES — Production from 
Anri] 10 lo Mar 7. Lead or treated 
169 .737 mimes, produced 11.TS0 inane* 
crude lead and 1SJS3Q tonnes zinc wn- 
crntraies- Copper ore treated 385,060 
I Dimes, produced 12,820 ' fHtnwwr hitter 
copper. 


ROUND-UP 


Rates io tbe table below 
nominal in some eases. 


are 


1916 


of JepMira 


bowls 


ycmlfihi i 

lays nutk*..[ 
lays ur ! 

: l»y« ntdiR!.? 
ifiDKintli— - 
;o montiis— 1 
mo nwnln*. 

I iH'Mltlia— 

no On i\t I iB-‘ 
w? yvnr. .. .. 
■'u year*, 


8S8-838 

U-8^ 

9^1 -Brk 
usi.ais 

®«-;a 


2r7 


7Sfl.7T B 

‘ifl 

gn-iii. 


?5a-e 

BU -9 

u-eio 

-9-sua 

eeaAO 

..■iOI* 


8JB-81J 
9^6# 
9-BS» 
flia-w* 
914-8 «8 
914-858 


Bituo 

Pepwrit* 


i Discount f 
jromiwny , market iTreaenry 
Dewitt ! deposit Uilla t 


EligiMe [' 

Us all iFIneTradC 
BUb# Bills + 


*1. I 7-71* 


Blfl-® 1 * 
9 >8 
. 91 B 


a-65*- 


816-8^4 
854-9 
9-9 1( 
936-958 
9V10 . 
1014 
1M, 


i 6 ^ 


-714 


8 Ib 

8»4 


8*-8*- 
8<k& a 


mi-** 

If 8 . 

9M-9A 


9 

9i a 

JIL 

9>a 


ft ' 


' ■- MM— aHtors umi days* teed. Loaa-tonn local authority monsase ram 

Local antho rides and Rnance boww* dy* f™*- 1,. »» 12 UU P*r cent ■4>Uanfe. WB rales tn table am 
Umllr iKw year* iiWl-gt •— j-jjHLySg'iSS SSJtSs: all mt ««.: rouMnoodi m de KIH 34 per can- 
tor prime paper. Buyffl*rwM MvSt woLs^wd-momb 8^ on* cent, and Ihrao-unmUi W16-M P« 

ra,ea f0 5 wntew-saS »« two-n»«$b Per cent.: and tftr«e-pKHrtfi 

os rats far J w ¥‘i2 ,n i? • «5r mu and elso thfee-nwmh H per owt 

one-3wn» wad®- hnta H va «m- from «w 1, im — 


pin* rales 
Approximate solua 

V- AppTorimaw se . 

per ews. .one-monte wsue 



■ M^raSw^dacounr »! “nt . 


Claarlra Baad; 
lending 9 per- cant. Treasury 


The Fiji Government's negotia- 
tions with Emperor Mines of Aus- 
tralia on the takeover of the 
Vatukoula gold mine have broken 
down on the question of a pur- 
chase price. Sir Vijay Singh, the 
Economic Planning Minister, said 
Jn Suva. The mine is currently 
a standstill because of a dis- 
pute on a pay claim. 

* * * ★ 

The demand for Swedish Iron 
ore has boon increasing in recent 
weeks, partly.: it is thought, 
because of a shortfall in Canadian 
deliveries, writes John WaBter 
from Stockholm. LKAB, the state 
group, is expecting to boost sh 
merits from Narvik, despite the 
fact that the port's capacity Is 
stretched to the limit. Shipments 
this year could be L5m. tonnes 
up on 1977 at 20-foL tonnes, 


Ocean Minerals; the consortium 
formed, by Lockheed, Amoco, Billi- 
ton and Bos Rails Westminster, Ls 
starting a new phase of seabed 
exploration with an 31-month 
survey of manganese nodule de- 
posits in the Pacific Ocean. 


Hunting Geology - and Geo- 
physics of Borehamwood have 
been aw arded a second contract 
by AGXF. the Italian state group, 
to .undertake airborne spec- 


ie July last year Thai Zinc 
signed an agreement with the 
Thai Government. This gave the 
company a zinc mining conces- 
sion and it was planned 10 build 
a . SSi'm. smeitcr to process the 
ore. The agreement provided for 
the sharins of profits between 
the state and the company. 

The refinery's capacity a? 
60.006 tons a year would be the 
largest in Sotilh East Asia. 



MGLOVAAl GROUP 


DECLARATION OF PREFERENCE DIVIDENDS 

- DIVIDENDS HAVE BEEN DECLARED payable lo holders 
of preference shares registered tn the books of the under 
mentioned companies al the close of business on 2 June 
197S The dividends are declared In the currency nf the 
Republic nf Suulh Africa Payments from London will be 
made ip United Kingdom currency and tbe date for deter- 
mining the rate af exchange al which the currency nr the 
Republic, will -be .converted into United Ktagdum currency 
•will be' 5' June 1B78. or such other date as set out m tlie 
conditions subie-t tn which ihe dividends are paid. These 
' condition^, can be inspected at tbe registered office ur office 
or the London Secretaries of the companies. Warrants in pay- 
ment of the dividends will he posted on or about 30 Junp 
1978 The transfer hooks and registers of members of the 
companies will be clued ffnm 3 to 9 June *978, both days 
inclusive All companies mentioned are mcorpnrated in th«» 
Republic of South Africa. 


Naim* of nnnpapr 


Clam ui shan- 


. A in non 1 
Oivirti-nr p-t *har 
Mraiik-t • —cuff* 


Anafo-TnuEvaal GawofMetiid ; a-'-. nimwJvtvn nitwmabli- 

InwOnenl Company. Lhniied | pri-fi-rvnr»- 

do. do. 1 j” CvffCluTTvr MiTRiablt 

I nirctmO DiHerwivt- 

Antfo-Tramvoal ImMtrles , 

Umiicd 13 .Vi I'lmmlaMva ds-Ii-iw 

do. do. |S'.. ■■ A ■■ R'-dtsfinahJi* 

Lunniloim ort-li-ri-niv 

do. do. ■' B ’• Ridrpinable , 

^nni^rnhli* rasmloRW 
orrli'n-nce 

MlddW Wftwatersr^nd (Wrotcro 

Aim) Umhod ,8" R.'d-mrnatil* ainitUa'i^c ; 

profewnce 


VS 


u i 




u 


By order of the boards 
Anglo-Transvaal Consolidated Investment Company 


tendon Secretaries: 
Anglo-Transvaal Trustees Limited 
295 Regen 1 Street 
LONDON WIR 8ST 
11 May I97S - ’ 


Limited 
Secretaries 
per: E. ft. D. Uordon 
Registered Oltire: 
Anclnvuai H(iu*e 
56 Main Street 
Johannesburg 


Bank of Ireland 

announces that the 
following rate will apply 
from and including 

11th May, 1978 

Base Lending Rate 
9% per annum 




BaoKcrlreiand 


Base Hale Change 

BANK OF 
BARODA 


Bank of Baroda announce that, for 
balances in their books on and after 11th 
May, 1978, and until further notice their 
Base Rate for lending is 095 per annum. 
The deposit rate on ail monies subject to 
seven days notice of withdraival is 6% per 
annum. 


In a difficult trading year Currys 
achieve record sales and profits 


Report by the Chairman, 
Dennis Curry. 


Total group sales for the year 
have again broken all records. Cash 
sales, together with receipts from 
credit trading, totalled £1 63.1 million 
compared with £1 44.0 million 
last year.- 

Group profit before taxation also 
reached its highest level ever at 
£1 0.32 million compared with 
£1 0.03 million last year. Profit has . 
been struck after an increase in the 
unmatured profits provision of 
£1 .28 million (£1 .51 million lasf 
year) and includes a surplus on the 
sale of properties of £0.57 million 
{£0.21 million last year). After 
taxation the respective profits for 
this year and last year are 
£5.01 million and £4,80 million. It is 
proposed to transfer £230 million to 
the inflation reserve, which will then 
stand at £1 0.09 million. Once more 
the Directors recommend the 
distribution of the maximum ordinary 
dividend permitted by Government, 
regulations, 1 8.40858% against 
1 6.2575696 last year, 


TRADING Overall. 1977\vas a 
difficult year for profitable Irading.The 
boom in consumer spending which 
was being predicted throughout the 
year did not appear, with the 
consequence that retailers have been 
chasing sales volume to the detriment 
of profit margins. However, the 
trading period just before Christmas 
.proved to be more profitable than we 
had reason to expect and this trend 
continued during January. As a result, 
we produced a noticeably higher 
trading profit before tax during the 
second half of the year, compared with 
the previous second half. 

In last year's Statement, I described 
the acquisition of 77 shops from Loyds, 
The rationalisation then referred to 
has taken place and this acquisition 
is contributing very usefully to 
our overall operation. 


OUTLOOK Many new developments* 
particularly involving electronics, are 
being announced, and these are being 
incorporated rapidly into merchandise 
for use in the home.We are constantly * 
evaluating all these products for 
inclusion in our range, with an 
emphasis on value for money and 
reliability. Amongst many groups of- 
merchandise recently introduced or 
under examination have been video 
cassette recorders, microwave ovens. 
Viewdata televisions and home 
computers. By constant vigiiance in all 
its markets, the Company will be 
working hard to ensure that it takes an 
increasingly important part in the 
electrical retailing scene. 

The prospects for the rest of the 
year look quite promising and 
everyone will be working very hard to 
ensure the maximum possible profit. 


five year record 

Year ended January 

1074 

1975 

1976 

1977 

1978 


£*000 

rooo 

rooo 

rooo 

rooo 

Group turnover 

86,443 

1Q0.57B 

114,753 

144,017 

163,137 

Profit before taxation 

7JJ59 

6.858 

8,082 

10,026 

10,318 

Profit after taxation 

3,981 

3,096 

3.711 

4,797 

5,009 

Transfer to inflation reserve 

710 

1,465 

2.415 

1,850 

2^00 

Dividends- net 

748 

812 

884 

976 

1,108 

Earnings per share 

I6.7p 

13.5p 

16.2p 

20.5 p 

27 


'National Multiple Retailers of Domestic Electrical 
Appl ia n.ces/ jelevi $i;on> R a^io -and Audio Eq u i p m e m 
operating throucjh.479 Stores, '7 -Retair Warehouses 
and 34 Regional Service Stations. - 


A 


■4 



Financial Times Friday May 12. 197^ ? 


Thomson Org. sees growth r«Dsmmau I 

and plans to invest heavily Directors’ share sale 

FURTHER SIGNIFICANT growth methods in our newspaper activl-ahead at £3.37m. (£1.7tm.) and 1 • 1 (f* ^[TC 7 "ST "1" 11 

in earnings Is anticipated by ties will continue to give us the bank overdrafts and loans cut to 'S'd’VB* Ww '1M 1 SHI I ! 

Thomson Organisation for the opportunity of reducing costs and £3.99m. (£7.31m.). Charitable Hlq|f £1^.11 TV • A JLvIIiJ****-* * 


triggered 


No money lor 
Fairey holders 


FURTHER SIGNIFICANT growth methods in our newspaper actlvi-ahead at £3.37m, (£1.7tm.) and 1 • 1 7 

in earnings Is anticipated by ties will continue to give us the bank overdrafts and loans cut to niff •frjfk'E* wm/ 

Thomson Organisation for the opportunity of reducing costs and £3.99m. (£7.31m.). Charitable BEflli ilj'A Tf • 

current year and from existing creating new market opportuni- donations amounted to £39.000 
activities alone the directors ex- ties to achieve significant growth (£23 ,00<D. No political contrihu- 

pect to sustain a record capital m this, our traditional business," Uons were made. *** CHRISTINE MOIR 

spending programme from inter- Mr. Brunton says. The company has close status 

nally generated cash flows. Mr. A high priority will continue to and the ultimate holding company THE 400 or so members of the 
G. C. Brunton. the chief executive, be given to investment in the , s Thomson Equitable Corporation public who own shares in W. Hen- s 

tells members. groups existing U-K. businesses of Toronto. shall and Sons (Addlestone). the I 


Last year Henshall. whose main 
subsidiary is Fliteform, raanu- 


IJuuiii. n uu uw li siiait-J m p infArinr 

shall and Sons (Addlestone). the facitirers of aircraft interior 

aircraft interior litters, may be equipment to a Bn lu.fi .Vtn^s 

interested In knowing where Bnv- approved J“S" **5“ SJf-„eS 
bourne acquired its 50 per cent fit m neatly with Bo\ bournes 

stake Which triggered off Tues- owm intercsis). produced pre-t^ 
day's 20n per share bid profits of only £93 compared with 

u that- a record £154,000 the previous 


Since 1970 the group has invested 1 ^ oeyeiop (£33,747) and £1.882 (loss £L470): mv s ^up per share ora. the previous 

over £90m in an increasing build- ?, n 016 s “* e enusaged solely Jn regional newspapers £77513 It emerged yesterday that. a record ±1^4, J P 

up of its capital assets in the UJC f5« thcr ?' (*65.083) and £9,596 (£3.5S4); pub- apart from 2.000 or so shares * e J[^ . however the half- 

excluding the cost of acuuisitions . F® anti cipate ^ lhc overseas listing £71,828 (£85.480) and which Bovboume bought m ihe V? r rors show a 

Including ^investment ^y^Thom- *222, of 1116 C0D lP aBy . , lviI1 be £8.002 (ffi.559): travel £123.999 market, the rest of the stake came t £ifo00 above 

son North Sea SemtS rises to JK“£* h" 2 coas,derably over and £4.123 (£7504) and from three major shareholders J “gft Fimrel 

some £300m “ e ne3tt decade. other activities £17,273 (£14.538) including a member of the Board t £“ r P n K«.h 11 sre 

Capital expenditure committed N °rth Sea oil cash flows should and £539 (f«7>. Lew unallocated and the widow of the past chair- Jjr “J ■ «ai!Se and the com - 

at the end if 1977 amounted to «»«* the reinvestment needs costs of £1.621 (£1521). Exports man. nl 3 r L aS e give no indica- 

£1 9.43m. (£l323m.) of which schediilecl debt repay- amounted to fl?.93m. (£10,81 m.) The Uiirfi shareholder was the gj y £ f pSspecis for the year 

£! R.99m. (18.23m.) had been ™?nt during 1978. This may r The Times achieved at uniround institutional investor. ..-Estate “?£ nearly II months still to co. 

authorised but not contracted. d,rectors Jo f TOm a S99.000 Duties Investment Trust which The bid values Henshall at f£m. 

Thomson Regional Newspapers. -d vantage of Uie company's nghts to a profit of £24,000 and it Is held 12.3 per cent, of the equity, ^mpai-ed w jth assets of £700,000 
Thomson Publications and Thom- “ h n . der ^^ t,on ■"l" 8 *™ 15 ,n e *P ected ^at durmg 1978 finan- -n, e Board member was Mr. £ {£! last balance sh«L 
son Yellow Pages seem well set f£!f arranffement company cial responsibility for the news- p^juip HenshaiL a son of one of 1 

for a successful year with J? future. Under paper w-illreven from th^om- the thlw brothers who founded RAROOCK DISPOSES 

advertising revenues rising, and Pi® iJ?. e i™°on PaD i rw, ^ an J! y ^ clc 10 T* 1013800 the firm. He sold Bovbourne his HARnSTOTk' 

current indications are Tor an hns the right to acquire 90 per Organisation. isg ner __ nf . cfake Mrs R. V Or H AKLJzb 1 vJv>£L 

exceptionally strong performance {?* 20 pfir ^H t ji nt i rtst Sunday , nmes imp ™'i. ed Henshall disposed of around 12 TO CRUDHNS 

by the travel companies. Book- !?? *^ adin S ..proht by £2.6m. and for per cenL Babcock and WIcox has agreed 


Br i tannia Airways has been nc ^ th , ree or four years we sha, J t0 surplus. 

unn I,f Li™, H maintain good earnings growth “Nevertheless 


shut-out. And it was done with- COC k 


Wilcox's 


agreed and they will be delivered Nevertheless . our national ou t knowledge of the Board on announcement that Hardstock 

during the year. Mr. Brunton fiSJ-SS S.T 6 cnihn n- ^ tn n S ttS 2 aper are 8tjfl n " 1 Proving which Hr. Phillip Henshall was a „ ou ld not be accepting any new 
reports. "**"?.£ en fS n ,= ™ an adeq “ a , t . e return by normally director until his resignation contracts and would be terminat- 

He points out that Times New,- !iew tTJSSS 'the^ewTnve™ SES^P B^5S"2Ln££ ttk " f rom , Tu ® sday - !*W ° f 

papers wiU introduce new tech- mont opportumtles.” Mr. Brunton He adds that 1977 saw an unpit ™ ^Ld^of* ft^Cnan %«3Sc “S“ ^Scl hou.se 

nology during the year. CompuJ- says. ceedente wave or industrial dis- matter m th e hands or it? unan- tv,. „,kS!i h<* 

f?^',..f! du ^ d ? nc l es wiU not ..^ If f u«ber commercial dis- putes. The cost of these to Times a'™ ^Ld^Mk ^ScotJ?ndi 


involved but be warns that coveries are made the oil interests Newspapers was arouncT £1 lm* ,,Ca B8 , n . k - which is advising shar^ sold are Rartrtorir f&x»^md) 

should there be dislocation during will, after peaking, start a pro- A profelsionalTevaiuatiot of S2£* to take no acUon f0r 1116 Si£S^iSS^5JSSbSd 

the change-over it must inevitably gressive decline m production the group's major UJC properties momenL cruaens. a pnvat H - y 

affect the directors- judgment as during the 1980s. resulted in a £10-3m. surplus over 

J° tne extejit of further invest- Profit before tax in 1977 net book value which has been Tf *Tf» £* — 

J 1 "* subsidiary, where advanced to £19 37m. (£15.1Sm.) credited to reserves. B^vta ’T 

a major need for the future is on turnover of £332.7m. i £284 .5m t A change in the basis of (911. Cl. 9 dU^lfil# 11F1 

ISo ^rt-^° f ^ a , PaC ^ and , lhe net dividend is effec- accounting at Thomson Yellow V 

the marketing potential of The lively raised to l.[W,949p (t.77979p> Pages to reflect more realistica-liv . n , hn 

Times. The Sunday Times, the —as reported April 1. its terms of business reduced Jove Investment Tru-d. whose companies at present. But the 

supplements and future develop- Net liquid funds at year end trading profit bv aiwui £lm last balance sheet disclosed net uncertainties regarding rer J l lJ' 
m “ vl\., „ ■ , v ?re up £7.18ra. fdown £37.000) Meeting, 4, Stratford Hare W assets of £955,000. is making an tances of profits in some coun- 

New equipment and modern with bank balances and cash at noon " agreed bid for Ringside Invest- tries can make valuation of the 

nient which has assets nearly 5) component parts difficult. And in 
wv j -h _ times greater * this case the unfinished Tncliani«i- 

Wood Hall downgrades forecast SSSS BSS? 3 — 

. six Ringside. On current market 


Jove offers £5m. for Kingside 


in Musselburgh, intends to con*; 
tinue the business. 

Mr. T. Carlile, managing direc-j 
tor of Babcock and Wilcox, said | 
yesterday that this was a goad, 
solution to the problem. B and Ws 
liabilities in regard to Hard- 
stock's Scottish side were now 
limited. He hoped a similar deal , 
could be achieved for the equiva-j 
lent English operation . i 

Babcock also announced yester- 
day the purchase nf 80 per cent. 
nF Dukor Prnjefcten BV for an 
undisclosed sum. DP employs 40 
people and is engaged in design, 
engineering and contracting of 
combustion equipment and 
systems for liquid and gaseous 
fuels. The remaining 20 per cent, 
of the company will be acquired 

over the next two years. 

HEP WORTH / JO HNSON ■ 

RICHARD S 
The formal offer by Hepworth 
Ceramics Holdings for H- and R- 
Johnson-Ricbards Tltes KWing the 
increased offer has been issued. 
Acceptances of Hepworth s 
original Ordinary offer has been 
received in respect of 2,279,238 
(10.4 per cent.) Ordinary shares. 
Preference offer acceptances nave 
been recieved in respect of Si.sfiZ, 
5 per cent. red. cum. rref. snares; 
(32.3 per cent.)- _ 

The Board of Johnson-Rich ards 
are to accept offers in respect of 
6,796 Ordinary shares and 2,850 
Preference shares. j 


Jove Investment Trn>rt. whose companies at present. But the 
last balance sheet disclosed net uncertainties regarding remit- 


Wood Hall downgrades forecast 


turnOTOr of JHWni The position of the Gidgealpa/ cided- that couditions in the P rices the °^ pr P laces a v ' alue of FAIRDAI F BUYS 
« Profits of Sydney pipeline contract remains European^ propertv miki w£E «*-«P each Ringside share. ^ AIKUALt KU 1 3 
.Trj^t fell from £2.08in, substantially the same as given in too volatile to iustifv invesrm'nni' is a cash a Itprn ative of BUTTOIN BROS. 

In S lMm ' 10 the half y ear 10 end ? he l?i I accounts. The proceed- fi ut sinCu nnd-ig75 Fwir^m^r 5718 P Kingside at Fairdaie Textiles has acquired 

10 ''- c , ■ . instituted acalnst the Pipe- f<M, J P ro P e . r ' £5-1 m. the caoiial of Button Brothers of 

f 5rnn?*Tc» %[ X * T y °'' cr - 1 ?* °r ! ,ne Aulh onty. claiming amounts and _f hD P s ,n The announcement made yes- Lutoa P and Harpenden for 

re^i'non ^rniVniin m,nonUM m oxces? of the unrecovered cosls f ware Jj°uses and offices terday explains that the offer £367 470, subject to a retention of 

£_io.000 HIM. 000 and extra- (A$13£32m, at December 31. 10 Belgium and Frankfurt ohices price compares with unaudited £6 000 

?ffifi n (Mm y thn Pr r» b irlhHt?hi«. iPrln™ apparently, be ex- uo l] ave ,K een . a< ^l uired - l n the Past management figures as at April it is anticipated that the 

fmnf l rafiSm bl tn 5 ed,t S d l nd u ,s unlikel -V f hat a i 11 ? yi ® ld on funds sub- 28 Which show net assets of acquisition of the retail mens- 

Mr \nch^Rirhiros VhirttS' datc . f °r hearing by the court will "® r *J ed Jja* he. en 9-73 per cent., “slightly more than 60p" per wear and ladies wear businesses 

min \av* nrofta foTfhe ^hSlf vear S„ G ^ d ™ mid-1979. It is before deducting tax which tS Ringside share. carried on by Button will con. 

dNannofntin/but shnuidnnt imnos-dble to assess what reclaimable by its exempt pen- Ringside's Board and advisors tribuie to the group’s profitability. 

treared S i^diratlve for the S ? I ! ,S w,W ^ rf, corerod under fhc Sion fund unn holders. .h .t -V v h - . r . r , Pre-tax profit of Button for 

full rear This vea? for rea-wn^ ? 3I "?k , ri ? and - ** h:,s ^’ed be fair and intend to accept on period March l-October l. 1977, 

related to the UuSSewi or rer- 1 a ^I ** y °i rs ,hc “ n ; n behalf oF their own 40.95 per cent was £27.814 and net assets as al 

rreovered cnslx hare been earned Rnnirc vharehoMim,. October 1 were £205.018. The 


Bonus 

declarations 


tain members, second-half protlts r „„,. ard ' anri ‘ , h „ cntltr;:cf trpated OUI1US 

n' C '"lmnnf OW n,o n IITp ** “ no-profit no-loss situntion - 

pmveiwnt over those for the s*- moniHq 4 .; 

fird. However, full-year profits iir: inr« Q6ClSr3tiOnS 

will rail short of the expectation r<wn owo 

that they would be comparable to - hnends’ Provident Life Office, Is 

those shown last year for the con- U K la v rfw * J lf ting the interim reversionary 

tinning operations, that is, bvcn;i>.-is ms m« 5 ssi b° nus rates on its retirement 

£fi.“12m. before deduction of the Kvt profit i.™,n r?s opneili schemes and self-employed 

lost of £2iM1m. Tor the discon- , vj? 'S' pension policies, thereby en- 

tinued operations of Wood Hall. Al ;XJ?Wc P l.m £, han ^ n « thc competitive Position 

Aucirnha. Fuaim for r-t-*n.i- ?' ,he company. On the executive 

Returns and estimates indicate for turnover and 11 nfem. r«r hrtws of benegt comracLs the new interim 
thill full-year profits, after ev- fhroc ie.i% and mi pirHayini:. rale is £8 per cenl ner annum nf 

nenses hul hefore lax and CT™? **v»lnn^m and ,a.l m.n.nu at rh A hn.i. 


t Friends’ Provident Life Office, Is cash. Jove's offer is conditional on 
lifting the interim reversionary this sale being carried out in a 
bonus rates on its retirement form it approves. 


he fair and intend to accept on period March l-October L 1977, 
behalf of their owh 40.95 per cent, was £27.814 3nd net awets as al 
shareholdings. October 1 were £20o.0.8. The 

As part of the deal Ringside has profit includes charges for rents 
agreed in principle to sell its suh- P* 1 * 1 which are at less than 
sidiary. National and Foreign current market rentals. 

Securities Trust, for £320.000 in 


Coxa It:— Mr. J. M. T. Ross, 
director, sold 25.000 shares. 

United Tin Areas:— Mr. E. M. S. 
Abraham with his wife and family 
trust rontrols 44,000 shares (5.20 
per cenO- 

Harcros Investment Trust: 
Harrisons and Crosflcld's interest 
is now 4O.S44.610 shares— 82.12 per' 
cent, (previously S1.14 per cent.). 

F1IC: NFU Development Trust 
has bought 25^00 shares. Total 
holding 7,326.373 shares. 

Malaysia Rubber Co.: Kinta 
Hellas Rubber Estates has 
acquired 10.000 shares making 
total interest 335,000 shares (18.61 
per cent.). 

Watmoughs (Holdings): Mr. 
P. G. Walker, director, has sold 

7.000 shares at 87. 625 p and J. E. 
Watmough. director, has sold 

20.000 shares From family holding 
at 87 B25p. 

Allied Insulators: Mr. A Lloyd, 
director, has sold 5.000 shares at 
74p. holding now 21,710 shares 
{0.241 per cent.). 


I Shareholders in Fairey Cora- 
pany have lost their Investment 
The issued capita) ot the light 
aircraft manufacturing company 
is £0.313,453 and another p4-<m. 
is due to creditors, but assets nave 
so far realised only £J6-3rn. with 
a further £Sm. expected, a 
creditors meeting was told in 

^Mr.^Leslic Bates the Official 
Receiver wid that most of the 
assets would go to preferential 
creditors and debenture holders. 
An estimated £4.0m. was expected 
to be available for distribution to 
unsecured creditors owed £11.4m. 

Sir. Bates told the meeting that 
by i960 the company had become 
the holding company fnr a group 
which, although its principal busi- 
ness was aircraft construction (in- 
cluding guided missiles), had 
diversified through subsidiaries 
into small craft and powered 
boat building, nuclear and other 
engineering, hydraulics, filtra- 
tion. and air surveys. 

Between I960 and 1962 the U K. 
aircraft industry was rational ised, 
resulting in the disposal of the 
comnany's aircraft and guided 
missile production. 

With the loss of its principal 
pnrployroent. the company 
developed its other enterprises by 
promoting further subsidiaries. 

One of the subsidiaries was in- 
volved in aircraft production in 
Belgium and profitability was 
affected by adverse exchanee 
rates between the Belgian and 
French francs. When it became 
necessary' to borrow substantia] 
sums for production In Belgium 
there were considerable delays In 
obtaining the money. 

The company was also said to 
have lost heavily on the purchase 
and subsequent re-sale of light 
aircraft manufacturers, Britten- 
Nnrman (Bern bridge). 

Mr. Bates said that from thc 
spring of 1976 aircraft sales 
declined and by January, 1977. 
The company had between £7m. 
and £Sm. of unsold stock oh hand. 
.That was about four times thc 
normal stock. 


A resolution was passed' Tor 
the appointment of chartered 
accountants Kenneth Cork and 
Gerhard Weiss, both ol- W. a 
Cork, Gully and - Co n a* joint 
liquidators. 


Brycourt 
In vs. pay s 
interim 


Income for tho six months to 
March 31. 197S at Brycourt Invest, 
meat* fell from £298,079 to 
£276.495 but after low interest, 
management charges, and tax, of 
£146.317 against £197.746. nev 
profits were ahead from £101^33 
to £128,978. 

As forecast thc company is 
starting interim dividends. The 
first payment is lp net per50p 
share. Last years single final 
payment was 2.i45p and net 
profits were £220.609. The direc- 
tors are forecasting a gross total 
of 3.73p (3JJ3p) for the current 
year. 

In spite of generally lower 
markets, the security portfolio, 
plus parent company net current 
assets, was down by only 1} per 
cent, at £S4 19.640. On a con- 
solidated; basis, including the 
property portfolio, and after 
deducting thc bank - borrowing 
and the dollar loan at its full 
repayment value oF £J ,075,269. net 
assets are £7.883.347 or 1121 p per 
share, an increase of 2 per cent, 
on the end September 1977 figure 
of HOP- 

The Stevenaqe property was 
sold during the period and as a 
result. reserves have been 
credited with £236,705. 

The slight reduction in gross 
income reflects the cessation 
during the period of rent from 
the Stevenage property' but this 
has been more than compensated 
at the net level by tha reduction 
in Interest changes. 


Sunlight Service ahead 
to peak £813,878 


AFTER RISING some £110.000 to 
£289.944 at halfway, taxable 
proGt of Sunlight Sen-ice Group 
ended 1977 ahead from £621,336 
to a peak of £813,878. Turnover in 
the period was £12.45m.. com- 
pared with £9. 36m. previously. 

Directors say that in 1977 thc 
group completed thc final stages 
of its reorganisation programme 
which involved the closure of 
further companies. 

The £73,709 net cost ot this 
operation has been deducted 
from the revenue reserve. 

A final dividend of 0.78211p 

net per lOp dure takes the total 


for the year from 1.03276P to a 
maximum permitted 1.14148p. 
Earnings per share are shown 
at 4.32p (3.48P). 

Net profit for the year was 
£438.469 (£358.431 > after tax of 
£375.409 (£262,905). 

Proposals arc to be submitted 
to shareholders of the laundry 
and dry cleaning group (or the 
adoption of a modem - set nf 
Articles of Association. It is also 
proposed to vary the rights 
attaching 1 to its 3J5p per cent, 
cumulative preference capital, and 
to raise the dividend rales on 
these shares by one per cent 


pension policies, thereby en- 
hancing the competitive position 


JOKAI TEA 
— LONGBOURNE 
MERGER TERMS 


ASSOCIATES DEALS 

Sheppards and Cha«e bought on 
May 9 25.000 Wbeatsbeaf Distri- 
bution and Trading Ordinary 
shares (assented) at 189p. and 
25.000 (non -assented) at 187p on 
behalf 01 a.HSOriates. 

Lain# and Cruickshank on May 
10 ptircha.Ned 25.000 Linfnod 
Holdings Ordinary .shares at tiHp 
lor a subsidiary of Guinness Peat 


LEADERS AND LAGGARDS 

TSt following imbte wows- tin percentage ebaasest welch hm take* place since December 30, 1OT7, In the principal 
eealiy sections of lha FT Actuaries Share Indices. It also contains the GoM Mines Index. . 


profits will be increased by. in «• sp m?- nn» ,n,, «» nn-Tao.n.v rf wnnn ^ t ^. n , annum *. yesterday released the lerrns. of 

■SKS5- nnJSlinT iTwSd £ ^ ^ S! ™ l ° mP0Und t^eir merger which was an- th; ■ » 

inniinucd oneratmns of _\Vnod am oiinis an in.-imi.-d m unr iuii-v.-ar Rcliancc-Muiuai nounced early la.M month. 

Hail. A\v«ralia. to nver £l.mm flxun* hm .1 ^ In n .^...ptinn?! prpfii irnm c oc .- e . v ' |j.-. , . *”f urancc A new company. Laurie tynd 1 

The dircciors expect to recnm- fhc «r,r.nte nr oi nr.-,m. i ' ,lea ds reversionary piyntauon-; Hcldin"s will be snares 

mend a maximum permitted divi- ' r 'L r ^'rnom.nnrr endowment bonus ram for Ordi- fomwd ' j 0 kai ^Scholdcrs wiM 

dend equal, assuming lhc tax rate ^ tST SSS vi?ccm Z 'i'S ,? S ' 75 onc share rn U ft evm- ^ 

a L"i, p,?r ccnr 7 , w 32 27 per cent - nraifahk lo m hrwerti Hnena. nJLJJlIE " hi ' i 1 ™* ync the V hold in Jokai. Long- " !mi 

U i)n K^Hair Australia the iKm ^ **"!.. while new Vate'ftor l”' LPH^hare^for ' clients 


rm» of Cazenove and Co purchased for 
^ an . th-’ account or (he trustees of 
Northern Foods suneran nuat ion 
Laurie fund f 5 - 000 Pork Farms Urdinary 
ill ^ shares al 663p. 
rs will Baring Brothers and Co. pur- 
evurv- phased 10.000 Ordinary shares in 
L on o Harrisons and Crosfield at £4I|i 
for discretionary investment 


profits from continuing operations a IH , ^ rtiaiinuu unm 

were restored from the low for 
the 1976 half year, when a sub- 
stantial provision was made Tor Cinnor n n <4 
its share or the loss nn the Wol- Olllgvl atlU 
lort to Albury pipeline contract. 

to approximately the average nf |j 1 r :p r l|Q nr i or 
the profits shown by the four -8- licUidllUCl 
comparable first halves of 1972 _ c 

to 1975 inclusive Tl,e Singer and Friedlander 

In" April. 1978. after the com- European Property Trust is to 

mencenient of arbitration pro- make a third issue of units on 

i -ceding". ; t <ri tlemcnt was June 16, The Trust, which has 

reached at \S1 2m.. :i»: compared built up u European property 


« ..11- "...f.uai 01 AiaiiQuu- nnilt- oer annum ennmn.m#! n.v.». „ . * v 

" “ "» '-•*«* jokSr sart 3 fflL 5 ss?^.s ,, s ^ m v ca SVG ** M i 

ri« 1 . ln us trial Branch business each other will be cancelled, as Th j 

Singer and lhL,re has been an ^ round ,m - will lhe holding British Indian °^7 ied Ji* li ?“ I 

Olll^CI atlU ETi 61 ’ 1 , f n K bo . nus Tea (Holdings), a subsidiary of 

TT 1 • „ 11 1 main class of business having its Longbourne. has in its parenL fcstates su^ar aweis. 

Friedlander “- 50 per renL ^ Mr Grant of bu ?™r«V. dmfS 

„ „ a " n “ m of the sum assured from adviser to LPH. yeslerday enumer- JS-h "uitif * satSfeSorlly ri 

The Singer and Friedlander a Per cent. alcd several reasons Tor the *•?*& nravSnta The JSE d irUorc 

jropean Propciuv Trust _ is to pa ^ , v on h e "' “ , n ^"^ 0 " 1 Cn,B : "! er Bfr- Jhe companies have ^^1^110 the Sroposals before 


Tobacco ...-. '. — 

Oversea Trailers . _ 

Newopapors and Publishing ...... — .... 

Gold Mines FT 

Texiilas ~J.— — — 

Office Equrgment ■ 

Mining Finance 1 

Meial and M«al Foiming 

Electricals ,- - 

Motors and Distributors 

Mechanical Engineering 

Engineorlnj Csniractsrs 

Breweries - 

Oils 

Packaging and Paper 

Contracting and: Construction 

Insurance Brokers 

Wines and Spirits 

Tags and Games 

Consumer 'joods 1 Durable > Group 

Capital Goods Croup 

W0 Sham Index 

ElecU'Onics. Radio and 7Y 

All-Share Index 


Consumer Goods moa-Duntble). 

industrial Group -. 1 . 

Banks .. 

Building Materials - 

Insurance (Life) 

Entertainment and Catering 

Investment Trusts 

Other Grinins — 

Chemicals — 

Pbarmnceutlcal Products — 

Financial Gronp 

Merchant Banks 

Food Manufacturing 

Insurance {Com pest lo) ................................ 

Stores .. — .. 

Household Goods — ......... 

Shipping -... 

Food Retailing 

Property 

Discount Houses. — . 

Hint Purchase , — — 

♦ Pwcentaxe chances based on Tuesday, 
indices 


May 9. IB7S, 


third is'site uf units on P an - V a - ^° a nnounved rales of directon. in common, they work shareholders 
. The Trust, which has 0n conventional very closely together and own The Board is acti 

3 u European property lhe . ra i e J s s J? ares "?. eac h other. Moreover rhis problem, hut b 


actively rmrsulna 
it because of the 


- Ilf n ‘.nini'Ciiii inuin.il> mnrm-aH t. I-- „„„ . , , ' ----- — ------ . rniS firuuiciii, :>UI ucmuk ui nit 

•■iih lhc loos incurred nf a limit portfolio cnnentlv valued at Z 1,,-IVr ^ £f nt - of 1he tfie combined group would have difficult and delicate nature are 
A 42.(1111., nf Uu- claims, for which £fi.7 m .. . s imklns ihe new issue hn inri^v 1 L , i r ■ . p ? r ** nt mo .r e ' v , fde!v spread geographical, not ye r in a position to announce 


nonai iinnii, mil iicitul- iu iiu'hi - - r 1 > ramrans. 

Hall in respect or its share (70 her ine uuna?er-'. Singer the bonuses on being raised by I 

l>er cent.) in the contract. Allsnp Properly Management de- about 10 per cent. 


The diversification of risk is a 
common aim among plantation 


proposals. 


for year to 
i7 are In an ad- 
preparation and 
I along with the 




Notice of Annual General Meeting 

Notice is hereby given that the annual general meeting of 
Aktiebolaget SKFwill be held at SKJF KristinedaL Byfogdegatan 2, 
Goteborg. Sweden at 3.50pm on Wednesday 51 May 1978. 

Agenda 

Ord inary general meeting business will be transacted in accordance 
with Swedish law and articles of association. 

Right to attend 

For the right to participate in the meeting, shareholders must be 
recorded in the shareholders' register kept by the Securities Register 
Centre (VPC AB. Box 7077. S-105 82. Stockholm) by Friday 19 May and 
must notify the Company at the address below, before noon Friday 
26 May of their intention to attend. 

Proxy forms are available at Head Office: SKF, S-415 50, Goteborg 
Sweden. 

Shareholders with shareholding registered in banks or other authorized 
depositaries must temporarily re-register holding? in their own name by 
Friday 19 May to be able to participate in the annual general meeting. 

Payment of dividends 

The Doard will recommend that shareholders with holdings in the 
VPC AB register records on 2 June be entitled to receive dividends 
for 1977. If this date is accepted by the annual general meeting it is 
expected that the Securities Register Centre wiU send out notice of 
payment to recorded shareholders and listed depositaries on 9 June 1978. 

SKF Head Office, 

S-415 50 Goteborg, 

Sweden. 

Tel:31-571000 


“ AGB EXPANDS ! 

AGB Research has concluded 1 
its negotiations, a nounced in 
February, to buy the trade and 
iechnTcal publishing interests of 
the Mercury House Group. The 
consideration is to £757.375 cash 
nnd AGB hns also buuehl Arthur 
J. H rich way Publications for 
£ m. (inn cash. j 

AGB believes that this expan- 
sion of iis publishing interesls 
will add -ignificantiy to the over- 
all strength of the qroup. A cir- 
vuSar aivin-j further derails will 
be sent to shareholders soon. 

SHARE STAKES 

Danish Bacon Company: — 
Previous announcements have not 
differentiated between “A" 
Ordinary and *'B" Ordinary 
shares. “A" and “B" rank pari 
passu hut the "B" are not listed. 

Amended holdings as follows: 
“A” Ordinary shares — Equitable 
Life Assurance Society 171.250 
shares (9.9 per cent.); Lloyds 
Bank S. F. Nominees 90,000 shares 
(3-2 per cent.): “B" Ordinary 
shares— Andelseiska bet Expo-Fyn 
137.125 shares 15.# per cent.): 
Forenade Andehdaxteri HJorring 
168,965 shares (6.9 per cenL): 
Forenade Andelslagrteri 

Ejaellandske 406.015 shares (16.7 
per cent): O Stjyske Andelsslag- 
teri 147.905 shares (6.1 per cent): 
Sydvextjyske Andelsslagleriens 
Esbjera 145,847 shares (8 per 
cent): Sydostjyske Andelsslagter- 
iens Koldiny 133.410 shares (5.5 
per cent): and Tulip Siapterierne 
Vjeie 323,725 shares M3.3 per 
cent.). 

Siemcsen Hunter:— Mr. K. Bail, 
director, sold 9.500 shares on 
’lay 4 tT.C. Pension trust jointly 
with the 1TC Pension invert nient*: 
holds 302,400 shares 15-31 ner 
cent.). 


METALRAX AHEAD 
IN FIRST QUARTER 

With turnover and profits for 
the first quarter "comfortably 
ahead " of last year's figures an- 
other record first half is forecast 
fnr DTctalnix aioldines), the 
Birmingham-based engineering 


BARLOW RAND LIMITED 

s 

(Incorporated In Che Republic of South Africa) 

Directors: 

C. S. Barlow* (Chairman). A. M. Rosholt* (Vice-Chairman .and Chief Executive). 
K. C. Comins* (Deputy Chairman). G. W. Dunningham* (Deputy Chairman), D. Brown*. 
G. H. Bulterman*, W. A. M. Clewlow*. Dr. F. J. C. Cronje, D. W. Dyer* - , M. E. Gamble 1 * 
(British). R. j. Goss. N. L. Holford*. S. G. Keatiey* (British). R„ S. Lawrence*. 
I. G. MacPherson, J. B. Maree*, M. J. Noyce*. A. C. Petersen*. Dr. P. E. Rousseau, 

S. Rudner*. G. H. Waddell 

Alternate Directors: W. L. Barnes*. D. E. Cooper*. J. C. Hail* (British). A. A. Seally* 
'Executive director. 

PROPOSED RIGHTS ISSUE OF PREFERRED ORDINARY SHARES 

(a) The announcement made on II April 1978 and the circular to members and notice 
dated 26 April 1978 convening a separate dass general meeting of ordinary shareholders 
and a general meeting gave details of this company’s proposed rights issue of 5 preferred 
Ordinary shares of ID cents each at a price of 370 cents (in the currency of the 
Republic of South Africa) per share tor every 100 ordinary shares held by members. 
If the required resolutions are passed at the meetings which witl be held on 22 May 
1978 THEN THIS COMPANY'S REGISTER OF ORDINARY SHAREHOLDERS WILL 
BE CLOSED FROM 27 MAY TO 2 JUNE 1978 (BOTH DAYS INCLUSIVE) TO 
DETERMINE THE HOLDERS AT THE CLOSE OF BUSINESS \ I6h30) ON 26 MAY 
1978 OF US FULLY PAID AND PARTLY PAID ORDINARY SHARES WHO WILL 
BE ENTITLED TO PARTICIPATE IN THAT RIGHTS ISSUE. 

(b) The following number of preferred ordinary shares will be offered in respect of a 
holding which is not 100 or a multiple of 100 ordinary shares 

Number of ordinary Number of preferred 

a ^ are * ordinary shares 

1 — 19 Nil 

20 — 39 1 

40 — 59 2 

60 — 79 3 

90 - 99 4 

A fraction of a preferred ordinary share will not be offered. 

(c) It is expected that renounceablc (nil paid) Letters of Allocation (with the relevant 
documentation annexed thereto) will be posted on or about 9 June 1978 and the 
other important dates will be — 

Tuesday 30th May Forward dealings In the rights prior to the 

issue of renounceable Letters of Allocation 
commence on London Stock Exchange for 
deferred settlement 

Friday 9th June Rights issue circular and renounceable Letters 

of Allocation posted 

Tuesday 13th June Deferred settlement date in U.K. 

Wednesday 28th June 1500 hrs Last date for splitting (nil paid) 

Friday 30th June 1500 hrs Last date for Registration 

Friday 21st July Definitive Certificates posted 

W. C. WARRINER 
SECRETARY 

12 May 1978 


Registered Office: 
Barlow Park. 
Katherine Street, 
Sandron. 2199 
South Africa, 

P.O. Box 78-2248, 
Sandron. 2146. 
South Africa 


Transfer Secretaries: 

Rand Registrars Limited 
2nd Floor, 

Devonshire House, 

49 Jorissen Street. 
Braamfontein.- 
2001-South Africa, 

(P.O. Box 31719, 
Braamfontein 
2017-South Africa) 


United Kingdom 
Registrars: 

Lloyds Bank Limited 
Registrars’ Department, 

The Causeway i - • . 

Goring-by-Sw, <T v.r 

Worthing. •. r 

-West Sussex BN 12 6DA,' '-.V~ 
England ..'V‘ 













‘dr 


Financial Times Friday May 12 197 S 



\M I \I. AM) COMPANY NEWS 


fa NORTH AMERICAN NEWS 

V I \ WK e+m m -m' 


S? Reynolds!' 

first quarter make steel 


Metals plans tof ras f r 


Beneficial Corporal inn, the 
ntamr c«ns«mi>T credit con- 
t'l'iTii raised its net income for 
the first quarter of this year 
by 10.7 per cent, to 527.7m. On 
a fully diluted basis, this 
brines net per share to $ 1.17 
against the 51.01 for the same 
period or Iasi year. Average 
shares outstanding increased 
from 2 1.7 in. to 22 m .. agencies 
report from Wilmington. 

Sunbeam upsurge 

WJth all operating .sections 
ahead and “strong'' demand 
continuing. Sunbeam Corpora- 
tion, the appliance maker 
reports net earnings 6 per cent, 
higher at S46m. or $2.11 per 
share for the year to March 25, 
against 53.01 in the previous 
year, agencies report After 
currency translations, the net 
conies to 52.01 against $2.37. 

Combined Insurance 

Predicting new peaks this year 
for premium.-;, profits and divi- 
dends. Combined Insurance 
Company of America reports 
first quarter income before 
investment gains at Sl4.lm. 
Investment income was 511.3m. 
and income per share came to 
53 cents against AT cents for 
the same period of last year. 
Agencies report. 

Sb'Dbuildinz rise 

Overseas Shipholding Group, 
the shipping concern, reports 
first quarter net profit ahead 
hv 1R per cent, at S13tn„ or 
$1.23 against SI. 03 for the 
-i-iip period a year ago. The 
fi-nre includes an unrealised 
. gain nr RKftft.lHW on ciirrencv 
v -> fr'iHslattan for the latest nrr*od 
gnainsl a loss **f Si 62.000 the 
n>»'-tnas venr. The result earne 
o-i ih~ h.irk of an $ n* r cent, 
rt-p In revenue to $54 7iu.» 
\ nancies report from New 
York. 

B***?' <»or Pyota 

Bangor Punla Corporation, the 
diversified maker of leisure, 
security, agricultural and fur- 
ltai'» equipment boosted net 
profit by 29 per cent, in the 
second quarter to S5.3m. on 
salr* some 8 per cent, ahead 
at SI 31m. Fully diluted, the 
per share net comes out at $9 
cents against 70 cents for the 
same period Iasi year. Agencies 
report from Greenwich. 

NW Steel 

Well on the way back after the 
profit fall in 1976, North* 
western Wee! and Wire reports 
net profit for the third quarter- 
almost 130 per cent, ahead at 
$8ni . 10 give 51-06 per share 
against the 47 cents for the 
same period of last year. 
Agencies report Tram Sterling. 
Sales for the period were 37 
per rent, ahead at S 103.7m. 


development 
CailS continues 


BY DAVID LA5CELLES 

THE aluminium industry was 
thrown iolo some confusion to- 
day by an announcement from 
Reynolds Metals, the country's 
second largest aluminium pro- 
ducer. that it was planning to go 
into production of steel beverage 
cans. 

Although the company stressed 
that its plan was more of a cast- 
ing test than a change of direc- 
tion, the new* caused widespread 
surprise because of the great 
commercial success of the alumi- 
nium drinks can. Last year 
these cans captured more than 
half tlie market from steei, and 
were considered to have a rosy 
future as they can be easily 
recycled. 

According to "Reynolds, there 
is a growing debate about the 
merits or steel and ainminiunt 


FTC to study 
Viasic deal 

CAMDEN. May 11. 
.CAMPBELL Soup and Viasic 
Foods, of West Bloomfield, 
Michigan, have been notified by 
the Federal Trade Commission 
that the commission staff is in- 
vestigating whether Campbell's 
proposed acquisition of Viasic 
complies with anti-trust laws. 

The FTC has proposed that 
after the consummation of the 
acquisition and until the probe 
is complete the operations of the 
two companies he kept separate. 

Shareholders oF Viasic are to 
vote on the proposed transaction 
on May 30. 

AP-DJ 


cans, and the company wants to 
be in a position to produce either, 
depending on how the market 
goes. 

Accordingly, it is building a 
two-line production plant in 
North Carolina which can pro- 
duce either aluminium or steel 
cans. it is also putting up a 
similar plant to produce cans for 
Miller Brewing. 

But Mr. R. D. O'Donnell, com- 
pany vice-president and head of 
the can division, said the venture 
was a test to assess the relative 
price of steel and aluminium 
cans, adding " but we are sure 
aluminium will emerge the 
winner on the basis of its cost 
and acceptability." 

Despite Mr O'Donnell's 
remarks, the main threat to 
aluminium's dominance in the 


NEW YORK, May II. 

can market — if a threat exists — 
is its rising cost. Alcoa, t be 
largest U.S. producer of alum- 
inium. has increased prices for 
alumiDium sheet twice in recent 
months, and industry sources 
flow put the price of aluminium 
cans at 6 per cent, higher than 
steel cans. 

Alcoa is also believed to have 
changed its policy on cans from 
one of aggressive pricing in 
order to peneirate the market 
to one of “profit consolidation." 
another way of saying that it 
will raise prices to wbai tbe mar- 
ket will bear. 

Reynolds, by contrast, claims 
it has not increased its prices 
recently, and appears to be keep- 
ing an open mind on the likely 
effects of profit consolidation in 
the aluminium can market. 


Philip Morris bid halted 

BY OUR OWN CORRESPONDENT NEW YORK. May 11. 


PHILIP MORRIS* takeover battle 
for Seven-Up, the soft drinks 
company, hotted up today when a 
Federal judge granted a tempor- 
ary restraining order preventing 
its tender offer from going 
through. 

The order was requested yester- 
day by Seven-Up on the grounds 
that Philip Morris' tender offer 
for its common stock violated 
Federal securities, laws. 

There was no immediate reac- 
tion from Philip Murris to today’s 
ruling, which was made in the 
Federal District Court of Louis- 
ville. Kentucky, where Seven-up 


has Its headquarters. But it gives 
a useful breathing space to the 
drinks company, which has been 
energetically fighting off rhe di- 
versified tobacco company's bid 

Seven-Up's resort to the courts 
came last night after Philip 
Morris had raised its bid by 5-5 
to 546 per Scven-Up common 
share. Seven-Up had previously 
rejected a bid of S41 per share. 

Seven-Up is 45 per cent, 
owned by the descendants of the 
family which started the business 
—as a remedy for hccdachcs — in 
1929. However, shareholders are 
not believed to be implacably 
opposed to the idea of a take- 
over. 


EUROBONDS 


Germany considers pause in new issues 


BY MARY CAMPBEU. 

THE German Capital Markets 
Sub-Committee meeting 

scheduled for this morning will 
consider whether to close tbe 
market to foreign borrowers al- 
together for a period of weeks, 
capital market sources said 
yesterday. The meeting was -an 
unusual one -in any case — the 
committee normally meets once 
a month at the end of the month 
(o agree the issue* for the whole 
of the next month. 

However, after the difficulties 
experienced in April, it was 
agreed that new issues would be 
scheduled only for tbe first half 
of May. with a further meeting 
to consider the rest of May buff 
way through the month. 

The sources in Germany were 
anxious to’ emphasise that the 
closure, if it were to be decided 
on. would be for a limited period 
onlv — perhaps two weeks, per- 
haps as much as four or V»c 
week*. U would, they s^id. he 


a “voluntary” move by tbe banks 
which manage issues, rather than 
a restriction imposed by the 
German authorities. 

The background to the poten- 
tial temporary closure of the 
market does not lie only in the 
foreign bond sector of the D- 
Mark capital market. The domes- 
tic sector has been weak recenly 
with too few takers for domestic 
issues. A desire to cur the pres- 
sure on the domestic market 
would be one Factor behind any 
moves taken at the meeting to- 
day. 

The D-Mark Foreign bond 
sector has in fact picked up 
slightly from the lowest points 
it experienced ten days ago. 
However, issuing houses say that 
there is a very large volume of 
paper overhanging tbe market, 
and they argue that a temporary 
closure would give the market 
time for Ihese issues to be 
absorbed. Aiming tbe most 


recent issues to be announced 
was the DM600m. offering for 
Canada, which was a record size 
for any single issue. 

Meanwhile, one new offering 
was yesterday announced. It is 
a DMIOOni. private placement 
for the Danish Export Credit 
Finance institution. It is for a 
final maturity of five years with 
an average lire of three. 
Indicated coupon is 52 per cent 
and indicated issue price around 
par. Lead manager is West- 
deutsche Landesbank. 

A DJWOm placement for Spar- 
bankene Kreditiselskap was 
arranged a couple of weeks 350 
by WestLB, ft offered a 6 per 
cent, coupon on a 12 year final 
maturity. 

According to market sources, 
the Norwegian company Elkem 
has also raised DM40m. The 
coupon wa* said to be 5? per 
cent, on a 10 year final maturity 


Annual Report and Accounts: 
extracts from the 
statement of Mr. Alastair Down, 
chairman. 


By Robert Gibbons 

MONTREAL, May 11. 
FRASER Companies. conlroUed 
by the Noranda Mines group, is 
moving into the second phase of 

a major reconstructilon and 
modernisation programme at its 

Edmundston, New Brunswick and 
its associated Madawaskn. Maine, 
pulp and paper mills. The com- 
pany's operations span the U.S.- 
Canada border. 

The Edmundston pulp mill is 
already being rebuilt and re- 
equipped at a cost of 'SCSlni.. and 
now the company is going ahead 
with a «C42m. programme at 
MaUawaska with the installation 
of new machinery in the cata- 
logue mill and the modernisation 
and speed-up of two ground wood 
paper machines. The annual 
capacity of’ Mght-wehjlit ground- 
wood coated papers will be 
doubled to 105,000 tons yearly. 

Fine paper machines will be 
renovated to produce more 
ground wood directory grades, 
increasing the flexibility of pro- 
duction. 

Ideal Basic Industries 

Ideal Basic Industries, of Denver. 
Colorado, has financed the 
development of a new potash 
mine in tbe Sussex area of New 
Brunswick. costing some 
$C105m.. writes Robert Gibbens. 
from Montreal. The company 
operates in the U.S. potash min* 
fng and cement manufacturing 
sectors, and has had preliminary 
merger talks with Johns. Man- 
ville, the world's largest asbestos 
group. 

Bridge finance fur the New 
Brunswick potash development 
has been arranged with the 
Canadian Imperial Bank of Com- 
merce. 

Talks terminated 

MR. I. BUD ROCKOWER. chair- 
man and chief executive of Rock- 
over Brothers, and Mr. Edward 
F. Gibbons, chairman and chief 
executive of V. W. Woolworth. 
announced the termination of 
discussions relating to ihe pro- 
posed acquisition bv Wooiworth 
of the business of Rockowcr for 
the equivalent of 514 a share. 
AP-DJ reports Trom New York. 

CANADIAN 

QUARTERLIES 

c:ae industries 

Year 1977-18 ‘ 1976-77 

SC SC 

Revenue 166m. 140m 

Net profits 4.2m. 3.7m 

Net per share.. 2 1.75 

CANADA CEMENT LAFARGE 

Fir** Quarter 197t 1977 

5C SC 

Revenue 67.7m. 52.8m 

Net profits v 7.3m. -5.8m 

CONS. TEXTILE HOLS 

First Quarter 1*78 1977 

_ SC SC 

Revenue 15 9m. 12 7m 

Net profits 443.000 310.00.1 

Net per share... 0.20 0.14 


Leading car makers 
face Federal probe 
on safety defects 

BY OUR OWN CORRESPONDENT NEW YORK, May 11. 


FOUR vehicle makers, including 
Chrysler, General Motors and 
Ford, are the objects of safety 
defect investigations ‘ by the 
Federal Highway Traffic Safety 
Administration announced 
yesterday. 

Some 300.000 Dodge Vans, pro- 
duced by Chrysler between 1973- 
77. are to be investigated for 
possible front brake defects 
exulting from deteriorating 
steering mechanisms. which 
allow the wheels to turn 3round 
too far. Forty failures, including 
nine accidents. have been 
reported. 

A series of car models, total- 
ling some 131.000. made by OM 
in 1975. are suspected of front 
wheel bearing weakness, which 
can cause the wheel to fall off 


or produce excessive noise and 
tyre wear- The agency said it 
had received 21 complaints, 
including three accidents. 

Brake problems are also 
suspected on S5.000 Ford heavy 
lorries made between 1975-78. 
In this case, a wiring difficulty 
appears to be causing an ami- 
lock device to reduc-e braking 
ability. 

The fourth case involves 
suspect wheels on boat trailers, 
where a weak axle joint can 
sometimes cause the wheel to 
enme adrift. But the company 
involved. Broad .Wheels, said it 
had already stopped making the 
wheels after signs of trouble two 
yea rs ago. 

The three car makers have 
said they will co-operate with the 
agency’s investigations. 


Renault-AMC marketing deal 

PARIS. May 11. 

Regie Nationals des Usines Renault and AMC signed a 
Renault is considering advancing memorandum in March accord- 
short-term funds lo American ins to which A.MC will distribute 
Motors Corporation to help its Renault models through its 
marketing uf R-5 and IMS cars American sales network, 
m North America. Reuter 


Ford sees 

lower 

profits 

DEARBORN, May 11. 
FORD MOTOR chairman Henry- 
Ford U told stockholders at the 
annual meeting that 1978 does 
not look like being as profitable 
for the company as 1977. 

He said that as previously 
reported . first quarter net- 
income dropped 3.4 per cent to 
S466m_ mainly because of higher 
costs and demand for a less 
profitable mix of vehicles. 

On recent sales strength, Mr. 
Ford said, it was possible that 
U.S. 197S industry sales could 
equal the 11 . 2 m. sold last year. 

He noted that in April the-, 
industry was selling cars at an 
annual rale fol2.ini. Truck sales- 
could reach a record 4m. this 
year, be added. 

Mr. Ford said the company 
expects to spend $15bn. to S2Dbn. 
between now and 19S5 on new 
products lo meet emission 
control Kind fuel economy and - 
safety requirements. 

However, the Government's 
announced intention to raise. 
J9S4-S6 fuel economy standards 
will “up-end the product pro- 
gramme wo have under way." 
raising Ford Motor's costs by 
billions of dollars. 

In 1977. Ford achieved record, 
earninus or St firim.. or JM4.16 
a share on sales uf S37.S4hn. 
Mr. Ford did noi make any 
specific profit projection for the. 
full year. 

Agencies ' • 


* •’>- . 


S’-: , 



1977 Results 


,..mi ■:<, i m c.'rl. 1C*'? lo onnae tbe rr-.:o?.n::or. "f 

Ill r i- Uri 'nii Uir’ • i a .Vlil 'h.il, eWf' dOsUlbiriO STODpiOq 
I .r.r ■>— • cn:| .'!>■ hLM tJ* UK •»If. V.lTa* '.Hid. tfnS CtOlV.S 
. I iipie-ij.% px-fiio* 13 tfimikcn- 

ts< t-.'.i - ‘i !»•••:■.. it b*'« v ,v 'H-d* ' •'"•d !**•: tool's 

' ,. . ii4 <k- tCS.d miiiion ia»eefv nxcvrfunirtil s 

, I I.j-J.rn , ■' a .- > rj ! c OMI'IHiniM’ - . 

• ■: ..••• -•<!•.• nr..: t:i i{ iff? 7 produced-.] prOMbeKV 1 ? 

■ .iUK.- myi. l.ifuwr** 
vM .jt.iv iv, t-avfijvl 'J ; Jti orcuud-'v (tavueio 


Tankers 

•j , '■ iv. \ j-y.-r !C reduce ifv* ol Sr.? 

v ■ . v..j *i v • ufiai iC.idilv ■■ii;.tt , g-:r.ijiO; 1 dl , '.‘ Trftr?f*iuc : 

t:- |. 'i. . c*- r.i'v.' jr.OL- Jip'-rnrirMSi-i. negchibcr-s.n.n.-'led lot'ie 

,. o;.r. ,r c' : -' T ' vMU to 23 2.5 

r< iviiU'.'.-. 'J"' Tvi-s. 

LNG carriers 

hv .irr J : T.i:i-<. :nc-L\’G prop'anwtev/rtie'nba^-rd'jpar 

in IV I't :S»r, i 1 b> vwVid CVnarv-,' 1 ^ 

pi •• •• - lV 

I 'vv. vv'tli iv.o ot t ne proc.-ried eicht LNG \ oss»»: ' o»*sr. ered o' .d wlf 
cm ? ■-it lii.lonC' 5 '. i s !:ijuv-laci'On m piodudlion, tSio lidnsroiUlicn 
p r-^ininiiv r.iM n (< tod u-icpoMiionj! pha-jeand 1977 provided E'inivih 

•Villi i:-. It ■! mt.-O'iw? fioni UnipniMri. 

i i.o, %if;v I-’: •; • (••Kv.i'if Lovvlutil hopes wiffincrffiisinply prove 
h inuturtl 1 .'. •M , v.t.«'.tatv auoaatiQn with Pirtaminauad ll&r JupatvSi/- 
jiil.l.-CO'iipui:'. ciions. 

UK Continental Shelf 

y , i t-t w'l -'ljrc rr- rKippoinhnpnt ih.^T produ-.'tipn from ti’ f * 
n i-vi!o i iiiL'iri vviih-h iv. ‘I br'rn vxp 1 v«vl l‘J iMnmoK before the ot 

h-- . . -.v. .■ ■: > i v ; ix !.» i i:n • in'.il Ap* 'i 1 i!7b. This Jvki «■ »v«l! h«ivc Ihe chs'-i of 
3o-tp:winfi 1-v Hid CfetiChl t>l '•C.»uh3*'il tit-id oi'd Coih liew. 

the BP holding 

i.nri' 1 r.-oorr.-'d m thr hto'irn r-iawmon:. fjv.iw hai ? been 

;t»e vtcf-S in rcnipotiV -j ociiou JOJ'n -i 

.t, : Eon!: o; frn.jUid arj . vsnrl: ifio cv.Jo:'iic.:nd in^wno; ■ Oi 

fciCVon? do .-'in. on;;, in incpcivossipnorronlrolo: ClumuhonJ ;l:u 

S?ii:i:io}j , r- w uo iiwriyil-inj io ww 1 ® 

r-jfp-! II- Ti Jor !|*.*! IiIJl prOCOrd l.Til J. : laCOlSlMOOHnJh Ibr 
•be.:.'- ..-oMCudtot ike depart, znsi} will itpon iurther ot ins ai nuul 
v-ci-Mmp-j'.'pn, 


The Burmah Oil 
iSESS Company Limited 


The Burmah team 

f>iv thardcs are due io tbe world.', ide teem r 2 p:e?er.‘?d r- o-jr ero'c*. ees. 

Thyrefiori? >n ensunnij a coni.p’jirrj iir.orC.Crr?--.! :■ r^ulisficr.-e'.'ed 
leproseiu d mi j! element mosstinng the core.pdi .7 

The future 

The wer-orvmdjnce of cnjde oil land's in refaiicr tc world d-:-oand fo^cB 
haviMbiv '■.vjv n s B'irmah I mb-.iI; exposed. I;s Lf-.G p' 05 r?rr.r.‘.e. hc’.,e.er. 
provides Hie orospeci or invoivt-rtiont in nevv-oonerauon tnerg.- 
ttditjpojLiucn ttiat should markedly benelit tfr? oro=ip in t 1 ^ ' ear! ahead, 
and cmI procluct-on liom ihe Thisile held will iisc-l-jllv remie.-ce prev, and 
cash How tor <1 numijer ot '.'ears from no.v cr 

VVesK.1 hd\t; prof ferns, ^nd not thek , £=‘of t*v : eis 
deprewed ccorronuc climate in 30 many of the tsunr-es T v.t.'cf* v.e ‘.rude. 
T here can rjretv nave been a time v.-ht n diet : ».e oope* i 

.understanding bei.'.een gevernmen's, mar,acsr,-«niSor.jv.c:iL:oict5V.as 
more vitalh* than u is icoa>-. 

Hdv.nq^jid ibi;., mv conl'dence in Burma's :&SLT..«£rd 

rec^\"5rlrorrtrht>cnSi&of 1975 has slrenglhenr d in each c: r-. • :*':pe\»i.-s 

with ;he company. Despite the somewhat son.orc h ^rottmo oackycunc. ! 
rtirijir cauiiousV opurr-sfbc :n regard 10 Bum. aii's fa:jie. I u.-'iv.-e j..r 
n»:m will ar! lie-, -i con ringing successes in its determined el forts to imp, -O', e 
tie company's lortunes. 


R. I. GRAIN 

Firn Quarter I9B 1977 

SC SC 

Revenue lo dm. y .mi 

Net profits 392.000 2I2.00U 

Net per share 0.22 0.14 1 

CREDIT FUNCIEB 

Flrat Quarter 1978 1977 

SC SC 

Net profils l.ym. 2.1m 

Net per share... 2.21 2.51 

GENSTAR 

Fim Quarter 1978 1977 

SC sc 

Revenue 185m. 184m 

Net profits 9 5m. S.9m. 

.\ef per share. . 0.72 0.70 

gt."c:an. oil sands 


The year ad a glance 

1377 

1976 


£ millions 

£ millions 

Turnover net of duties 

856.7 

848.1 

Net operating profit — 
excluding shipping 

43.4 

33.8 

Net operating loss — shipping 

(36.8) 

(39.4) 

Net operating profit, 'itoss) 

8.6 

(5.6) 

Profit/ {loss} before taxation 

3.6 

(8.0) 

Loss before extraordinary items 

(6.9) 

(9.3) 

■Extraordinary items 

(25.61 

22 

Loss after extraordinary items 

(32.6J 

(6.9) 


To: The Secretary, The Burmah Oil Company Limited. 

Burmah House, Pipers Way. Swindon. Wilts. SN3 IRE 
Please send mo a copy of the Annual Report and Accounts 1977. 


Address: 


Firtt Quarter 1916 19T1 

„ SC sc 

Revenue 49Hin. 45.6m 

Net profits ■■ 4.7m. 5 6 m 1 

PANCAN ADIAN’ PETROLEUM 

First Quarter 1978 1977 

t, ' SC SC 

Revenue QLSm. 74ro. 

Net prufils 38.5m. 29.2m 

Xei per share ■ 1.23 0.34 

RESOURCE SERVICE GROUP " 

First Quarier 1978 19 T 7 

« SC SC 

Revenue 2tfm. 23 Sm 

Net profits 31S,000 e S5,00J 

Net per share... 7 — 

^Loss 

BRIEFLY 

Lincoln 
National rise 

Among companies reporting in- 
creased profit in the first quarter 
was Lincolu National Corpora- 
tion with 81.41 per share against 
SI .04 for the same period of last 
year. Similarly ahead was 
Petrie Stores v.ilh 68 cents 
against 56 cents, while Franklin 
Life Insurance managed 67 cents 
from the 57 cents a share last 
time. Handy nn>i Harman comes 
in with 87 cents this time against 
84 cents, while Sonesta inter- 
national Hotels has slipped from 
a 24 cents a share profit Jasf 
lime to a loss of three cents a 
share this first period. 

Reportina six months figures, 
Tesoro Petroleum conies in with 
SI. 13 a share against 64 cents 
last year, while Weight Watchers, 
which is jr» receipt or a take- 
over hid from H. J. Heinz, 
managed 76 cents against the 
36 cents a share at the sis 
months siaee last year. 

Fnr the third quarter of its 
year. Seairain Lines reports net 
oroflt nf 25 cents a &hare after 
an nnspccificd charae against 23 
cents at the same period Iasi 
r car, whiie fur fhc full year. 
Pet comes thrnuch with R 42 J 0 3 
She r? against SAW in 1S77. 

From Canada. Interproyinrial 
Pipe Line, for its first quarter 
'ifted its net io 47 rents a share 
from the 44 cents for the same 
period last year. 



Transvaal Consolidated 
Land and Exploration 
Company, Limited 

( Incorporated, in the Republic oj South AJricaj 

A Member of the Barlow Rand Group 

INTERIM REPORT TO SHAREHOLDERS FOR THE SIX 
MONTHS ENDED 3 1ST MARCH, 1978. 

Financial Results 

The consolidated unaudited results of T.C.L. and its subsidiaries for the six months 
ended 31st March. 197s. together with the results for tbe same period last year and the 
audited results for the year ended 30th September, 1077, are as follows: 


Turnover 


Half year 
ended 
31sl March 
197S 

Notes (ROOO's) 
1 68 764 


Half year 
ended 
31st March 
1377 
(ROOT'S) 

57 693 


Year ended 
30th Sept. 
1977 
(ROOO'fi) 
117 665 


Consolidated profit before taxation ... 2 

Taxation 3 

Normal 

.Deferred 


Consolidated profit after taxation 

Less: Profit attributable to outside 
shareholders in subsidiary com- 
panies 

Interest of members of T.C.L 


Shares in issue 

Earnings per share 
Dividends per share 


29 073 

11 M2 

28 051 
10267 

48 980 

18 186 

.» ShlU 

1212 

1205 

9062 

2645 

15 541 

17561 

15 7S4 

30 794 

4127 

3 393 

6939 

13834 

12 391 

23 S55 

7 3CK* KM 
189.3c 

35c 

7 3(W 83S 

169 

30c 

7 304S38 

328 6c 

95c 


Notes 

1. Turnover is the revenue derived from the coal, chrome and limber sales of subsidiary 
companies. 

The increase in turnover for the six months, compared with the same period of the 
previous year, is accounted for by an improvement in the revenue from coai exports. 

2. The consolidated profit after taxation includes investment realisation amounting tn 
R41S0OT equivalent to 5.7 cents per share (six months ended 31st March. 1977: 
R60 0OT = 0.8 cents per share. Year ended 30th September, 1977: RfltSOOO = 1.3 cents 
per share). 

3. Due to a change in the rate of South African normal lax an amount of R65I000 
(minority share — RJ70000) is no longer required in the deferred tax provision. 
The net .->fiect. after deducting the minority interest, amounted to R4S1 000 equivalent 
to 6.6 cer.ts p»T share. These adjustments are included in the results for the six 
months ended 31st March, 1978. 

Interim Dividend 

An Interim dividend of 35 cents per share has been declared in terms of the 
dividend notice ptibiii-hed herewith. 

Profit and Dividend Prospects 

Jhe invpstntt , “. realisation and the adjustment to deferred lax during the first half 
of the year win not be repealed during ihe second half. In addiii'on. a marked 
weakening in the base metal market will result in reduced revenues front that source. 
However, considering the overall growth pattern and the dividend cover, and barring 
unforeseen circumstances, an increase of at least a further 5 cents in the final dividend 
cun be expected, making a total dividend for the year of not less than 105 cents per share.' 

Listed Investments 


Market values of the group’s listed Investments are as follows: 


At 

31st March 
1978 
(ROM’s) 

48 800 
(13 515) 


At 

31st March 
1977 
(ROOT'S) 
4841S 
f 10 373) 


At 

30th September 
1977 
(ROOO’s) 

47 745 
(10 330) 


.... , , \amwww*j IIWVUOI VB.UUU 

Market value of listed investments 48 8M 4841S 47 745 

(Book value of listed investments) (13 515) (10 373) (10 330) 

Market value of T.C.L.’s holdings in listed 

subsidiaries, not included in above .. 67 026 • * 79321 71153 

Proposed Capital Expenditure uud Commitments 

Capital expenditure during the half year amounted to R2S.2 million. 

Proposed capital expenditure over a period of approximately five years totals 
RJ34 million including commitments contracted for of R61 million. This expenditure is 
stated in current values and is -to be met from earnings and finance arranged. 

For and on behalf of the Board, 

Johannesburg • A. C. P*»t C rsen (Chairman) i n{ . 

11th May, 1978. A. M. Kusholt 1 Directors 

DECLARATION OF DIVIDEND NO. 77 

NOTICE IS HEREBY GIVEN that dividend No. 77 of 35 cents per share has been 
declared in South African currency as an interim dividend in respect of the year ending 
30th September, 1978 payable to members registered in the books of the company at 
the close of business on 26th May. 1978 and lo persons presenting rhe appropriate coupons 
(No. 78) detached from bearer warrants. The dividend on share warrants to bearer will 
be paid in terms of a notice to be published on or about 1st June, 1978. Tbe register 
or members will be dosed from 27th May to 4th June. 1978. inclusive, and dividend 
warrants will be posted on or about 4th July. 1978. 

The rate of exchange at which the dividend will be converted into United Kingdom 
currency for payment of the dividend from the office of the London Secretaries will 
be the telegraphic transfer rate of exchange between Johannesburg and London ruling 
on the first business day after 27th May. 1978 on which foreign currency dealings are 
transacted. 

Where applicable South African non-resident shareholders' tax of 1S% will be 
deducted from Ihe dividend. 

The full conditions oF payment of this dividend may be' inspected at or obtained 
from the Johannesburg or the London offices of the company. 

By order of the Board 

rand mines, limited. 

Secretaries, 
per M. B. Dunderdale. 

Registered Office: Office of the Company in the United Kingdom: 

J5ih Floor. Charter Consolidated Limited, 

63 Fox Street. 40 Hoi born Viaduct, 

Johannesburs 2001 London, EC1P 1AJ. 

(P.O. Box 62370 Marshalltown 2107). 


Untied Kingdom Rem*! rara and Transfer Agents: 
Charier Cnnsolidaied Limited. 

P.O. Box 102. Charter House, 

Park Street. 

Ashford. Kent TX24 8EQ. 


11th May. 1978. 


) 




Financial Times Friday May 12 TWg 


TN URN A 1 I ( ) \ A L FIN A NCI A I A\n TOM PA NY NEWS 


Bayer 1978 
sales will 
be severely 
limited 

By Our Own Correspondent 

FRANKFUBT, May U. 
BAYER, like the two other West 


Strikes eat into Daimler 
Benz first quarter 


BY GUY HAWTW 


May 11. 


By Our Own Correspondent MSt Daimler-Benz, the planned at expanding and ration- approval to go ahead with Us 

West German motor manufac- allsing group production. Well planned co-oneration with ihe-1 

FRANKFURT. May U. turer, sales worth DMlbn. under DM3bn. of the investment Fiat-dominated lveco group in : 

BAYER, like the two other West (W«9ra.) in the first quarter of total would be spent on develop- the joint manufacture of heavy i-. rn - A . „ 

German chemicals industry y *? r - T^ e stoppage, in sup- mg new models, as well as set- automatic gear boxes for urban ; b reverted to a conventional 

Biants and Hn^rhst is , p °! 1 of metal-workers pay claim, ting up such things as a new buses still han»s in the balance. ? • re , , " * 

makinc nlrf^Hrvn lhnirt ctmcern production heavy gear box manufacturing The Euro P ean“cominission and* f0Emilla fw lts latest bQod 

S predlc ,T ab0 '‘ t °f 2?.000 »f limirvwrs Md mm. tie FedenJ Cemait Carte] • 


Decline in 
French long 
term rates 
halted 

By Our Own Correspondent 

PARIS, May 11. 
THE FRENCH Government 


i s-5i«sJEf rs wwaww* fesj'iwps s. w.Kwpaa 

tte likely progress of business 8,000 commercial vehicles: ^ foral pomt of the pro- Office havener to reach a deci-j year paper which will open on 0f '“uSi ‘delSo^S ^ 

th -Mfc** r ‘ Gl i QM ^ h ’- hel,e7e6 ’ Tbis was disclosed by Dr. moI ? r ] Mas - 22. UnBke last year’s issue rescus plai , raa( j e by the new State in the fonn of Vosges factories and TcaioSS 

wllbe severely limited. Joachim Zahn, the group's chief 450 OOO^Jfte a vSS b?tho P enS rJ^ e J£L° U? ” y t „ U S new ,oan win not ^ ln ; | Industry Minister. M. Andre deferred social security charges MPs are to petition the > fSJ 

Professor Herbert Groenwald. executive, at a press conference ^"fs w l f * gj W® commission appears to be - dexed f 0 ^ EunJ pcan Unit of Giraud. together with the Gov. U x payments and to semi- Minister .to-morrow to. safeguard 

Bavpr s ehi«»f propntiw ic actum, called tn revipu: thn nnmnani' s 01 ±W«*. i u*S compares WIU1 1251 tilted in favour Of the deal.! . ... .. .1 > I “ na v V_* . , thi» recinn s rcxtiln 


Boussac rescue scheme 
dismissed by Giraud ^ 

BY DAVID CURRY PARIS, May 11 . : 

has refused any further financial Sla would give it time to draw a clear fine betweS : 

aid to the stricken Boussac tex- ?* „ enera te the cash to meet corporate and family interest* 1 
tile group and has dismissed the the charges and compensation It Is estimated that the. elder R i 
eleventh-hour rescue scheme pre- payments involved and included Boussac has_ already poured some j 
seated by the concern a few days The grant of a new tranche or Frs.fiOOm. of nw personal fortune ' 
ago as being totally "unworthy" Government aid to the tunc of, into his group, which remain] i 
of support by taxpayers* money, according to M. Petit. Frs.25m. entirely in private hands. : 
The acid comments, on the However, if the money owed Union delegations from the | 


towards the end of the year. 


eiteet the strike would have on Profits rose last year from good for cotnoetition. 
earnings, but lie said although UM392m. to DM445m. at the net * * 


equal instalments from tbe 
fourth year. The small size of 


! "MSBfe rt intervention in P l !' 


o f ana seems to nave niore During tbe five years to 19S2, reform, the tax burden on the spokesman, Hans Meinharrdu 

or less matched that of Hoecnst. Daimler is planning a DMThn. group increased by 24 per cent, told the annual shareholders 

Sales of the parent were up by <$3.5bn.) capital investment pro- to DM1. 7bn. meeting i n Wiesbaden. Reuter 

05 per cent, in the first three gramme, the bulk of which is According to to-day's report reports, 

months to DM2.61bn. fS1.25bn.i. 

This compared with a 6.2 per * •1H R 

SrS ii S'sK AEG still on road to recovery 

exports were off by 0.9 per cent. 

Pre-tax profits were off 19.4 per ®Y ADRIAN DICKS FHANKTTJRT. May 11. 


BY ADRIAN DICKS 


FRANKFURT. May 11. 


“2“ DM "" ' t0 DM1 J 9 k '. AEC.-TELEFUNKEN. West Ger- chairman refused, however, to bad had to be revised down- 
worm turnover increased o> many's second largest electrical predict when AEG would resume wards, though he stressed that 
h,,[ ?h?«rnr Thi firS -= roup - d0PS not 1978 to be dividend payments. “The there wo.uld probably not be any 


DM5.65bn.. but this, for the first 
time, includes the figures lor the 


bubbling over with primary duty of this Board," said fresh dip Into recession. 


uewlV-acquired U.S^ subsidiary Zr^on^es^y. gE beckon solid Si? \ 

?nclusion b of r! Wtos Dirism ini Bul he ^ emphatically that ihe Two major uncertainties l5? h fl ? t < ?^f ter . of I 

mi C a rto?S SiJ! ihPtavw *!fS company had achieved " essenti- weighing on the group are the * lth a decline in export book- 

turaover would haved : oDnedby a,ly mnr * solid “ resulls in l977 - continued weakness in demand 'ngs not TuUy compensated by a 

os ir cenL ^ and pledged further progress. 9ud the abiding confusion in slight pick-up on the borne f 

rp „ 4MuaW The company, still recovering West Germany over the future market. For 1978 as a whole 

•uj S ' 5 J!, r ^ jri ^® npwaia ° e ' from heavv losses in the early oF nuclear energy. AEG is now honin'’ for new! 

r-r *. bout D5,,, T-r k :J 

are. more than most chemii. a I. West German activities. The the electrical industry this year !?* .** P® 1 " cenL dip to 

concern s distorted b> currencj J DMlA4bn. registered in 1977. 


not weighing in with a large 
bond issue to which substan- 
tia] fiscal advantages are at- 
tached. 

Tbe offering Is, in fact, de- 
signed particularly to appeal 
to pension foods. Since the In- 
terest will not be subject to 
the. 10 per cent, deduction at 
sonree the gross yield and the 
net yield will be the same at 
10.05 per cent. 

The market had expected an 
issne in the region of FrsJIbn. 
since the originally forecast 


Orders were slightly down on! budget deficit in -1978 was 


and pledced further progress. j, n( j t h e abiding confusion in slight pick-up on the home 
The company, still recovering West Germany over the future market. For 1978 as a whole 
from heavy losses in the early 0 F nuclear energy. AEG is now hnnine for new 


the first quarter of 1977. he said, j close to Frs.9bn. and the actual 
With a decline in export book-1 deficit is now expected to ap- 
ings not Fully compensated by a P r ®* c \ Frsiflbo. 
eiio»,+ _;„i_ ... ' hoinn Our London staff wnte: The 

slight pick-up on the ^ : Dew state loan would seem to 
market.. For 1978 as » whole s jgnal the end of the sharp 
AEG is now hopin? for new i decline in long term yields 


Sat over the next S5TSS newspaper whmb is imoffimally b> calHus™’ *r 1 

eight or ten of the group’s units [ ° r j: ep ™f«nJ m rhrou ?»out the port on 

in the Vosges region of Eastern M onda. 73 ih*i • 

France would close, with the Boussac ^ , The M. 

loss of 1,865 jobs, including 600 rescue package which had been Joel !e Theule. blamed the com- 
outright redundancies. ^The submitted to the Government pany’s problems squarely on 
group employs 6,000 of the In theory, the final part of the management failure to take 
Lorraine region's 30,000 textile package was to have been settled vigorous measures to adapt id 
workers. to-morrow at a - shareholders' market conditions and ruled out 

The concern had earlier made meeting. This Is being asked *o softening Ihe Wow by permitting 
it clear that its ability to carry approve of the disposal of some early retirements to replace ra. 
through the reorganisation of non-industrial assets to raise cash dundancies. .. . 

Ogem to raise capital returns 


BY CHARLES BATCHELOR 


AMSTERDAM, May 1L 


By contrast, current sales! Tng ^Th re^ted^^ 
during the first quarter were up. an * d lhe new g 0VC mment loan 
3 per cent, .with exports up l., j S now effectively edging 
per cent, and domestic sales rpench jields n p wa Tds. EDF 
down 5 per cent, for this year offers a n ct return of 9.85 per 
as a whole, Herr Cipa predicted | cenL 


c^sd Zt Ger ™ actiTities - The the electrical industry this year registered in 1977 i ihe uUIity EDF-Fre!^ solidating recent acquisitions and 

fluctuations because of its heavy » registered in over 16 VC are— has been meet- improving returns on capital. 

orerS IratSSt rr A.* * 5 , ** c t 2, nV ? st ' cuT , rem saies ! ing with a verv muted response The management struct^e will 

AV^in« tl rh 0 cal « I 9Y nAOfkrlilS miK fc T5lir ' o Urin8 Ae quarter were up ^ lhP new government loan be simplified and the company's 

of^^u^dUries^in^affiifaies J* Ilvg\Jll A litll 3 per cent, .with exports Up 12 j S now effectively edging loss-making operations in Hol- 

n « „ „ . 5 ep | nt * 131(1 domestic sales rrench yields upwards. EDF land will be returned to profit, 

ouarter'°Dvtfeulariv in^the us* BY OUR FINANCIAL STAFF down J per cent for this year offers a jjgt retarn 0 f g.gs pe r management board chairman Mr. 

quarter, particularly in the U.a. ^ , .... as a whole, Herr Cipa predicted t» ndink told a Press brieflm* 

But after conversion into WEST GERMANY'S negouations A group represenMng foreign wou]d a bout thc cent - *■ U(unK 1010 3 rress onenng. 

Deutsche marks the increases in with foreign governments -on chambers of commerce recently ^ j ast year’s DM14.3bn. 

turnover were largely absorbed double taxation laws represent a sent a letter to the Ministry g per cenL ^ etter jg-g 

by the decline in exchange rates, fair way of ameliorating dis- urging removal of the capital Q th mh _ tort af nu ‘-i e ar I Tllffl 1 Imnn min 

Bayer, however, is continuing advantages suffered bv foreign yield tax on dividends pa-id to _ ° Herr^Ciua delivered * 03 IlKS JL/U^U 10311 lOlC • 
its policy of concentrating the investors which resulted from foreigners as a way of mitigating Ei™.* ’ attaffc 0 „ P *• con«Sntlv' 

focus of investment overseas, reform of West Germany's treatment of foreign investors JnereuiBR rea uirements' ROBERT McNamara, president next financial year which starts 

This year capital investment is corporation tax law the German under rhe reform. of ^ ^th orities ” a nd on the! of the World Bank, believes the in July . 

planned at DM1.9bn. of which Economics Minister. Otto Kioeekner Werke looks foi^ - i a ck of anv coherent nnlitica! ' dpveinnino world will have to • Maty Campbell adds: This 

the bulk will be sepnt abroad. Lambsdorff, said in Antwerp. ward to continued improvement, will" over the issue all of which : l™,,HTnAn. th»> inipmationJi roreca st from suhh an. authorita- 
^c|tion to the parent, total a speecll ^ Beige- given rising orders and higher ££££“ Sn Ininlerahle 1 "°™ ? n 1 th ' t ‘ n . , ™» u »"* 1 live .ouree of increawd itopehtl- 

DM650m. Luxembourg chamber of com- revenues from rolled steel, situation for the industry. J capital markets in the future for e nce by less developed countries 


new state loan would seem to , I OGEM .HOLDING, the Dutch- In the past three years Ogem most of a DMIOOui. credit to the 
signal the end or the sharp I based international trading and has made major additions to its company. Senior Ogem managers 
decline in long term yields ca n sm . ct ion romnanv esneeti to trading operations which are now are now overseeing B M's 
apparent since the March elec- grouped under the publicly operations, 

tioos. Last week's issue from s P cnd the noxt J „?. ars con ‘ quoied company Otra. It also Ogem reported a 33 per cent 

the utility EDF — FrslJbn. sol id at) ng recent acquisitions ana acquired a 44 per cent holding Increase in net profit to 

over 16 years — has been meet- improving returns on capital- j n large ’German building VlsJ27J3m. in 1977 and the drri« 

Jng with a very muted response The management structure will company Beton und Monierbau dend is going up to FlsJ2.30 from 
and the new government loan be simplified and the company s (BM) in mid-1977. The German FlsJl. 

is now effectively edging loss-making operations in Hoi- coni paiiv has run into financial Prospects for 1878 are favour- 

French yields upwards. EDF land will be returned to profit, pro biems and the state of North able and Ogem expects to exceed 

offers a net return of 9.85 per management board chairman Mr. Bhinc Westphalia has guaranteed a 10 per-cent, return on capital, 
cent. B. Udink told a Press briefing. L— 


Banks’ LDC loan role 


commercial 


No external financing require- merce in Antwerp, he said that according to managing board AEG-Telefutiken. desoite sen.! its development needs (LDCs) on commercial bank 

ments were expected for Bayer the negotiations, which are aimed chairman. Herbert Gienow. j n „ its hnif^hare in Kraftwerk- 1 McNamara told a seminar in loans in future is likely to cause 

AG. the parent, for 1978. There at cutting tbe rate of tax with- Reuter reports from Duisburg. u“ ion t0 siemens, remains liable! Washington, reports Reuter, that considerable comment among the 

were no intentions to increase held to 15 per cent, provide an He told the annual meeting for pertain risks undertaken hv f while the World Rank eroun banks 8nd 1180 amon S agencies 
the concerns capital. As far as appropriate basis for resolving that new orders for stee.1 were KVJUbSore the Mleanri has ' , , - “ k . gr , 0up which regulate hanks, 

subsidiaries and affiliates were the problem. up by 7.7 per cent in the first once aHa in had to add to i. s i eypectfi . to ,ncreaae ] * s develop- it comes at a time when many 

concerned, most of the external Under the reformed tax svstem, half of the year to end-Septem- reserve against contingency j “e**t .Ending by about 5 percent believe that- the- •• internatiunat 

funds required with year had foreign shareholders are at a dis- her from the same period last liabilities Herr Horst Brandt ! reaI tenn s over 1,16 next few banking system is sufficiently, if 

already been arranged. _ _ advantage to domestic share- SW vhUe rolled steel produc- the depuiv chairman and finance ! >' ears - tbls hse *rtil not b « «*®- already excessively, cotn- 

However, this year's annual holders in German companies in tion was 4.7 per cent higher, director, said that the group's ci ® n t t0 mee * the needs of lhe raitted to ihe LDC.. Many were 


However, this year's annual holders in German companies in 1,1 k*-* 'w»« > airector, said tnat the group's ,;, v , u uicc«. me u«cua ui «,uc mmeu »u me uwuj wc* c 

meeting (scheduled for June 27i. that they cannot make use of tax Turnover was 5J3 per cent, down financial situation was *' heavily ,]ess * ?r developed countries, which hoping that the proportion of 

will be asked to approve an credits. These are worth nine- Mr. Gienow said, however, weighed down” by the need to :are expanding at a faster rate, external finance contributed to 

issue of bonds with warrants sixteenths of dividends which there is still considerable ground keep topping up the reserve said tbe world bank group the LDCs by official agencies like 

attached of a value of up to domestic shareholders can offset to be made up, noting the com- against further unforeseeable : expects to make loan commit- the World Bank would increase 

S200m. the authorisation would against other tax payments due pany’s list prices were almost 20 cost increases. It now stands, he : raeots of about S8.5fan. in the rather than fall in coming years, 

be effective up to March 31. 1982. in Germany. per cent, higher two years ago. said, at about DMlbn. 1 • 


to meet the needs of the raitted to the LDC., Many were 


This advertisement appears as a matter of record only. 


Storebrand reduces its dividend 


TRUST LIMITED 

Six Months to 31st March, 1 978 

The Directors have declared an Interim dividend of 
1.75p net per ordmaiy stock 25p unit This compares with 
an interim efividend of 1 .35p net last year the increase being 
to reduce disparity between the Interim and final dividends. 

The Directors intend, subject to unforeseen circumstances, 

. to declare a final dividend of not less than S.30p net the 
same amount as paid by way of a final dividend last year, . 
making a total anticipated dividend of not less than 5.05p 
net for the current year compared with 4.65p net last year. 

The interim efividend will be paid on 23rd June, 1978. 

Repayment will be made of £350,000 3' j% Debenture 
Stock 1968 78 on 1 5th July and the Boot! does not at 
present intend to replace this Stock. 

Some reduction has been made in the Company's I 
holdings of Canadian Bank stocks since 31 st March. j 

The unaudited figures for the six months to 
31st March, 1 978 are shown below together with adjusted I 
figures for the six months to 31st March, 1977 for comparison. 



BY FAY GjESTER 


OSLO, May 11. 
ssees improved 


The Kingdom of Denmark 
U.S. $500,000,000 

Medium Term Loan 

managed by' 

Manufacturers Hanover Limited 

AlgemeneTJank Nederland N.V. Amsterdam-Rotterdam Battik N.V. 

The Bank of Tokyo, Ltd. Bankers Trust International Limited 
Banque Canadienne Nationale Banque Europeexme de Credit (BEC) 
Canadian Imperial Bank of Commerce Chase Manhattan Limited 

Chemical Bank International Limited Citicorp International Group 
Compagnie Financierc de la Deutsche Bank AG The Dai-Ichi Kangyo Bank, Limited 
The Fuji Bank, Limited Landesbank Schleswig-Holstein Girozentrale 
The Mitsubishi Bank, Limited . The Mitsui Bank, Limited 
Morgan Guaranty Trust Company of New York Orion Bank Limited 
The Sanwa Bank, Limited Societe Generale Societe Generale de Banque S.A. 
The Sumitomo Bank, Limited Wells Fargo Limited 
Westdeutsche Landesbank Girozentrale 

Privatbanken Aktieselskab Den Danske Bank af 1871 Aktieselskab 
Kjobenhavns Handelsbank R, Henriques }r. 

provided by 

Bankers Trust Company Citibank N.A. Compagnie Firandere de la Deutsche Bank AG 

The Dai-Ichi Kangyo Bank, Limited The Fuji Bank, Limited Manufacturers -Hanover Trust Company 

Thc Mitsubishi Bank, Limited Morgan Guaranty Trust Company of New York Thc Sumitomo Bank, Limited 

Algcmcne Bank Mcdcrland N.V. Amsterdam-Rotterdam Bank N.V. The Bank of Tokyo (Luxembourg) S.A. 

The Chase Manhattan Bank, N.A. Chemical Bank The Mitsui Bank, Limited The Sanwa Bank, Limited 

Sodetc Generate de Banque S.A. Banque Canadienne Nationale Banque Europecnnc dc Credit (B£C) 
Canadian Imperial Bank ot Commerce Landesbank Schleswig-Holstein Girozentrale Orion Bank Limited 
Societe Generale _ Wells Fargo Bank, N.A. West LB International S.A. Bank of Montreal 

The Tokai Bank, Limited The Daiwa Bank Limited The Hokkaido Takushoku Bank, Limited 

The Long-Term Credit Bank of Japan, Limited Nordic Bank Limited Taiyo Kobe Finance Hongkong Limited 

Williams & Glvn's Bank Limited Bergen Bank International S.A. Credit Commercial de France 
F. van Lanschot Bankicr* «.Curatpio> N.V. Bank of Ireland Bank of Scotland County Bank Limited 

Intcramcrican Bank Corporation S.A.. a*, v . Thc Kyowa Bank, Ltd. 

Landesbank Rhein la nd-Pfal;: und Saar Internationa! S. A. .Merrill Lynch International Bank Limited 

Thc Mitsubishi Trust and Banking Corporation Thc Mitsui Trust" and Banking Company Limited 

Xcderlan Jsche .Middenstand shank N.V. Xordfinanz-Bank Zurich PKbankcn 

Thc Royal Bank of Scotland Limited Scandinavian Bank Limited 
Skandiuaviska Ensltilda Banken (Luxembourg) S.A. 

March, 19 


NORWAY'S Storebrand Lindbaek foresees improved 

insurance group — the country's results this year, 
largest — is paying a dividend Last year's sleep fall in share 
of only Kr.7 per share for I9n. values on the Oslo stock 
against Kr.9 in 1976 following a exchange led Storebrand to write 
poor year in a number of sectors, down its share portfolio by 
Though premium income rose by Kr.35m. The group's ship and oil 
23 per cent to Kr.l.9bn.. group rig owning subsidiary. A/S 
pre-tax profits fell to Kr.4.7m. Custos. made a loss of Kr.l2m. 
(S866.000) from Kr.33.2m. How- last year and further losses are 
ever. Managing Director .Tannlh possible in this sector. 

SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


Gross Revenue after deducting 
Interest and Expenses 

Taxation 

Net Revenue 

Earnings per orefinary stock 
25p mat 

Value of Net Assets t 

including full dollar premium of 

Net Asset Value per ordinary stock 
25p unit after deducting prior 
charges at redemption values 


£956,208 

350,410 

605,798 


£853,464 

324,149 

529,315 


40,718,878 38,480,189 
3,717,739 4.029,393 

(45WK) (41'.i°b) 


STRAIGHTS 

Alcan Australia SH»c I9«9 W* 

AMEV 8p.: IW7 flit; 

Australia siirc I9K Klj 

Australian M. * 5. S*pc W 97 
Ran- lays BanJc Sine 1»2 .. 96* 

Bowaier 91 k 1MC S7j 

Can. .V. Railway IIW S7 
Credit National «pc 1SS8.., ATt 

Denmark r^*'. 19S4 1«1 

ECS 0Si 

ECS 8JPC 1W7 Ki 

EIB SiPC 1992 «i 

Esm 8P-2 198B Nov 101* 

Ql. Lakes Paper Sfue 19S4 Wi 

Hamer* leT SiPC tOW Wl 

Hvdm Quehetr flpe 18B1 ... 9^1 

1CI S*vc 19S7 07 

rSE Canada flfpc 1WS 1M* 

Macmillan Bloedel One IPO? M 
MasecT Fwnwm SJbc "01 WJ 
-r.^VI.'n 91 pc IIMS IK 

WMianH Tnr F:n. Sine ■»* 97^ 

*r..F^ np t r«*l RH 9lV IB'T *11* 
National W«mwtr. 9pc '86 101 
Nevloucdlaixl flpc 18S3 09 

Xordir Iik. Pk 9Jpe 1W? osi 

Moran* Knm. BV Sine 10K *7S 

Norolpe B* ■ iflsO WU 

Vorsk Hrdni S*pc I»: .. ^ 

n*ln 9e" IPS? 1“! 

IUrt Aulnn«jrn*« 9p- Iflfll OS} 
Ptov. ftnnber floe !■!>» flJi 

Pror, Sasfra tch. flfpc 1BW W 
Ri-«1 Intcma'lonal flpc 1997 ».t 

RUM 9pc l»J . . fl'l 

S-Icctlon Tru-n S’pc I** 0 ® .. 91 

Pkand ITn-kiMa 9pc 1991 . 

CFF Rpr tr«7 .... Oil 

S-vertm fljpc 1897 flfii 

Untied piMiiii* Op-: 1089 
Volvo spe 19S7 Marrh ... S3 

NOTES 

•nairafia 7jpe IK 1 

Poll tiioada TJpr 1947 . . - Wj 
Pr Columhia Byd, 7,pc "55 91J 

Can. Pac. Si pc IW4 ... Wt 
Pnw rViemi.-al Spc 1986 ... W 

ECS 7,'pr 13*2 »; 

ECS »fpc 1!W Ml 

EEC 71 po Iflv; 97 

F.BC 7lOC L9S4 Sfi 

etoo Guiaii Sine last ... sej 

UQtaviTKCn 7ipc 1393 97i 

Kodtoms Spc li»3 ftrt 

Mirhrlin 8‘pc 19S3 Mj 

Montn.21 L : man sloe rest 1W* 
Ni'W Branswlck Spc IWl 97 
X:w Rnms. Prov. ?:p»’ 'S3 »2 

Tf.-iv Kc.Jaml Si pc T9S0 .. BSi 
\wrdic Inr. F-k. 71 do 13 S4 9W 
Non* Hydra Tim- 1SSC 971 

tonrar » 'r>- 1997 .... flhi 

Onia-io Hfdm Spc I9S7 . 9j 

SineiT A '.br . ion; 

S. Of SiDl. Eli-c. SiPC 19S1 Ml 
Swerien 1 K "dam * 7; no 19*? nr 
S-jredlMi State Co 7: pc "s: 97* 

T-.-lmcs 91 PC 1944 981 

T-nneca «lpr 1957 May .. 94* 

iolkMVMon 7It>- 1857 941 

STERLING BONDS 
uiicd Browinu* mine Hfl 

'ilionrp HJpc 1 M3 w>; 

Coun idles Bipc 1959 sn; 

pcs 9’pe :**«a 9:1; 

f.tr 8-p,- Iks 5r;; 

Eir. n: P r ism my 

Finance tor Inti. 9}pc 1957 9Uj 

Fiasnce For Iml IDPC !W9 91 

Fisons infer 19*7 94 

fJMiemnr up*- isss . . .. pn* 

IXA Up? I**» <9| 

Bid 

Rmil'r-f lllipr ]«afl *94 

S-ant IHpc ifef 

Total Oil Hpc ISM M 


Offer DM BONDS _ 

.Uian Dev. Bonk 5* pc 18S0 991 1 

97* UNDE SiPC I9M 96* I 

P7* Canada 4ipc WS3 98 . J 

M* Den Norake Id. Bk. 8pc "90 9S I 

97 i Dun cache Bank 41 pc 1983. _ 971 ! 

97* ECS S*pc 1990 >31 t 

98* E1B 5* PC 1B90 95* 1 

97J BU Aaultalne 51 pc 1983 ... PS* I 

98 Etirarom 5Jpc 1987 — 98* I 

1001 Finland SJpc 1936 98 1 

99* ForamarKa 51 PC 1990 K I 

B6i ' Mexico 6pc 1985 . — 55* S 

99* Korean aioc 1989 991 It 

102 Norway 4Jpc 19S3 99* II 

99 Norway 4 3 pc 1983 97* ! 

199* PK. Bank HI 53pc 1988 93* ! 

96* Prov. Quebec fine 1990 96* £ 

99 Rautaniukkl 51 pc 1988 ... W S 

103 Spain 6 pc UWI 95 £ 

M* Trondhetm 3J.ec 1988 97* £ 

97* TVO Power Co flpc 1988 ... 97* f 

W2J Venezuela 6pc 198S 97* 1 

98* World Bank Si pc 1990 98 S 

•V'* 

1 ®>! FLOATING BATE NOTES 

Bank of Tokyo 1984 7lSjs pc »* It 

B c rE 1984 SiPC 99# in 

B^p 11K1 si|«,pc inns I( 

r;* CCF 1983 SI W ion ill 

CQMF 1984 7Spc pe| t 

'ml Creditanstalt 1994 7 J pr 99# If 

rT* Credit Lyonnais I9S? Spc .. 10ft in 

” DC. Bank 1W2 7«i6PC l«»i if 

r,7B istftl 51, ape 103} 10 

™ ImL Wesratinsrer 1981 Spc 99} 1C 

J-lorrts IKS 7} pc .. 100* ip 

inni I - W 1 B 19S3 01,0 MS 111 

Midland 1R92 Spc io, 10 

.Midland I9S7 7U,»pc .. . pe* jn 

1993 TJpc inn 10 

2J WCF 1K3 BJPC 991 9 

“■'* S’tJ. and Chtrd. ‘94 TH^pc otj io 

Wau. and Ghm s ‘51 8l,cPe ON w 

Source: White Weld Securities. 

“J* CONVERTIBLES 

American Express 4*pc ’87 87* s 

*«, Ashland 3pc 1 m .. . 94* 9 

Rabv-ock * V.'lkor 61pc "97 lrt* jp 

Ilf Bealrice Foods 4rDc inK w 9 

2?: B-'airice Foods 4«nc 1983... 1« 10 

„ J Beec ham *tjpc 1933 P6* 9 

Borden Spc 199.’ 100 M 

JL> Broadway Hale 4-’pc 1987... 73 7 

Cnrnarlon 4 pc 1»7 77* 7 

2 hprnni 3dl ’ 1988 K 

101 D art 4ipc 1897 i» $ 

ot» Fasfman WW B4* Si 

inn- Ecnnnctir Labs. 4jpc 037 n* 7 

Flresione 3w 19SS «-i 0 

™ Ford Snr 1W5 90* a 

Si C-neral Elecine *}pc 1937 37 g 

Gillette 4!pr ,997 Wl( 

;* nonid spe 19S7 nfii ns 

r;,1,r Western Spc 19«S <s* » 

Ion- P ■* TT1 ' , Sor ,w: I® I7< 

*"2» BniinrtteH floe 1958 S3 « 

"*< IC1 d'tw WK ,87 X 

.5 ,NA fi I» W - - » 01 

lrUK-npe flloi.' 1992 mj* 

■f. ITT Upc |i«7 *35 * 

W* .liisiv fiac 1892 112* li; 

Kdmji-'i 7 'nr WM . |2fi 
J R»7 WcDrnnun a-pc "SJ ] 7ft 17J 

Miisnsh'iu bio*' 1900 . jcr 

•1; -Mitsui 7!pc I9JI1 , . ,2" 

S'!; - 1 F Meets,™ J 'm.- 1997 . 9* 

_ Nsh'-wo e'nc IO 4 * . ... liWj 10; 

“• -L c Pcnm-y 4 '.pc lft?7 r=j 

R"Vlon 4:pc 1907 . . us in 

9i. R.-vnnkls Jlctal' Spc 19*5 sg* fit 

M Snntjvlk fli n -s 197? 11m t|l 

^ren-; Rind *»p, 1357 . .. s~, nl 

94* Squibb 4fec 1«W7 si* £ 

Tejiice 4-PC W* Ci 

Offer Toshiba «*oc 19*2 t;i t-; 

Tv Co Ipe 19S4 ... 77* 75 

Unlnn CartjM- Hpc \99" M m 

M fiourof: lUdder, Peabody Bectmtten. 


East of Scotland Investment Managers Limited, 
1 0 Queen’s Terrace, 

ABERDEEN AB91QJ. 


COMPANY ANNOUNCEMENT 


ELANDSRAND GOLD MINING 
COMPANY LIMITED 

< Incorporated in the Republic oj South. Africa J 

PROPOSED RIGHTS OFFER TO MEMBERS 
At the general meeting of the company held on April 2 7 
197S, lhe resolutions contained in the notice of meeting dated 
March 21 1978 were duly passed. The authorised capilsi cf 
the company has thus been increased to R16 000 000 In 
80 000 000 shares of a nominal value of 20 cents each, and the 
29 677 175 reserve shares in the capital of the company have 
been placed under the control of the directors, who are also 
authorised to make appropriate arrangements in regard to tfas 
underwriting of the issue of any such shares. 

The directors of Elandarand Gold Mining Company 
Limited accordingly announce their intention to make a rights 
offer of shares to members to raise approximately R77000 M0 
to finance the estimated capital expenditure required to bring 
the mine to production in mid-1979. 

It is proposed that the offer should be made to memDers 
registered in the books of the company at the close of business 
Fnday, May 26 197S (see note below), and that the offer 
should open on June 2 197S and close on June 23 197S- 
Applifalioos will be made to the Johannesburg Stock 
Exchange and The Stock Exchange in London for listings of 
the shares to be offered, which will, upon isaue r rank ;ari 
passu in all respects with the existing shares in issue. 

Subject to a final decision to proceed with the proposed 
opr, it is intended that details thereof, including the number 
o£ shares to be offered, the ratio and the issue price, will be 
published in the Press on the morning of Thursday, May 25 
1979, and that a circular containing a copy of a report by the 
technical advisers, together with full details of the offer, will 
be posted to members from the Johannesburg and United 
Kingdom offices of the company on June 2 1978. The circular 
will be accompanied by renounceablc letters nf allocation in 
respect of members' rights arising from their- holdings in the 
company on May 26 1978. 

NOTE: The offer will not br. registered with the Securities 
and Exchange Commission, Washington, and accord- . 
ingly the offer will not be open for acceptance by 1 
persons with registered addresses in Ibc United 
Slates of America. The rights which are thus not 
available for acceptance by such persons will, if 
• possible, be sold on The Stock Exchange in London 
through an independent merchant bank for l& E 
account *of such persons, and details of the- arrange- 
ments in this regard will be sent to members with 
registered addresses in the United. States of America. 
Johannesburg ? Mqj) is 197& 

Copies of this announcement ore being posted to oil members 
ot th err registered addresses: . 





04 V 








i/yrfiv. 

/ v >"_r 7’* 




'tap, 


‘>». ! 

cr»« 

H vl 


‘ ? r «-■„ 

*‘i ri-jtif 

‘ fcti! 


Financial Times Friday May 12 197$ 


1M I..I [\ \\( |\l AND C OM l* \ N V NEWS 


Banks aid 
Hitachi 
Zosen with 
labour cuts 


Advance at Victor Japan 
despite yen appreciation 


BY YOKO SHIBATA 


TOKYO, May 11. 


By Our Financial Staff VICTOR Company of Japan, one ISl3.5m). As a result, per share loss where possible by hedging 

of the major manufacturers of Profits rose to Y25.7 from Y19.5. in forward exchange market, 

A CONSORTIUM of ten Japanese tudlo components and -the devel- Exports of audio equipment Japan’s eight VTR makers ore 
, , s»TOM«* a Y15bn. oper of 'W home-use video Wfh as «ereo sets, tape recorders split into two rival groups, the 
(bbun.) loan to Hitachi Ship- , aoe -eco-rtpr- a-hieved excerv and television sets increased in VHS system developed by Japan 
building and Engineering vo]ume - but the company had to Victor and manufactured by 

Company f Hitachi Zosen) to * 10na,tIy B 00 ® Profits— among raise prices ln Augus £ and Mardl Matsushita, and Beta Format 
help it cut its 21.600 workforce J^Wnese eJectnc appliance jq order to cope with the rising System developed by Sony. Both 
udder a rationalisation plan, makers, who have been badly yen value. As this result, export groups have been engaged In 
Sanwa Bank, the leader of the bit by the appreciation ot the Profitability unavoidably declined, fully-fledged competition not only 

consortium, said. yen as a re5U i t tf favourable A sa«nst this, however, was the in the domestic market, but also 

The money will be used for cxnorts and sales centeriro; on stron S profitability of VTR sales, in overseas markets, and have re- 
allowances for emplovees who EnLlJL if * D « ria ? period. Victor cently been cutting prices. Victor 

want to chance jobs ’or leave bome * UBe video tape recorders, Japan lifted VTR monthly pro- Janan has so far been producing 

tbci companv before retirement in „ tb , e ye ? r t0 “■* . duction to 20.000 units. from VTRs for Hitachi, but Hitachi 

age. ac cor dine in the hank Sales increased by 19.7 per 15,000 early this year. The com- will manufacture for Itself in the 
The consortium includes Daiwa *^2 t V <0 Yl63 9Sbn - (S 7 2to0. of pany is planning to boost produc- current fiscal year, according to 
Bank and the Industrial Ba^k whacb e,rports accounted for 45.3 tion to 30,000 units at the end Victor Japan, 
of Janan hiit nSSS per cent and advanced by 33.5 of the current fiscal year. In In the domestic VTR market. 

were not' per ceTlt - over **« previous year, order to cope with the rise in Sony accounted for 30 per cent., 

Kj? nor vm Sot S profits we ? Y7 ' 29b “ - the *«. ** company took Matsushita 20 per cent., and Vic- 

disclosed terms up 30.5 per cent, and net profits measures to reduce production tor Japan 25 per cent, to 30 per 

The company, which operates the Iift€d by 422 V* T t0 YS04bn - costs and reduce the exchange cent, the company said. 


third biggest shipyard in 
Japan, is carrying out a three- 
year restructuring plan. 

It plans to boost its land 
machinery division to reduce 
dependence on shipbuilding. 

The shipbuilding division has an 


Slowdown in NBA growth rate 


BY JAMES FORTH 


SYDNEY, May 11. 


order backlog of about 2ra. THE NATIONAL Bank of Aus- equalled 35 cents, compared with adjusted to reflect the change 

gross tons, enough for it to tralasia failed to maintain its 39.9 cents in the first half of last in tax rate the increase would 

c0 °“ . operations until impressive growth rate of recent year. have been 33.7 per cent 

mld-1979. it said. years in the March half-year. The interim dividend has been Average net receivables at 

The announcement of the loan when earnings rose only 52 per raised from 6.5 cents a share to March 31 totalled SAl.lbn, com- 
to Hitachi comes a day after cent., from SA20.6m. to $A21.7m. 7 cents. Last year the directors pared with $A1.03bn. at 
the passing of legislation by (SU.S. 23.3m.). The slowdown followed with a final of 8 cents, Sepiember 30. and SA923m. at 
the Upper House of the Diet was signalled earlier this week making a total of 14.5 cents for March. 1977. 
to enable the large-scale scrap- when the bank's wholly-owned the year. rate 0 f growth in receiv- 

plug of production capacity in finance company. Custom Credit Group revenue rose 18 per abtes had slowed appreciably in 
the Japanese shipbuilding Corporation, achieved only a 3.6 cent. from $A200.5m. to the latest six months, reflecting 
industry, and in three other Per cent rise m first-half earn- SA236.5m. fSU.S-268ra.), with a relatively subdued demand for 

industries— electric furnace ings, to 5A8.5m. On this occa- revenue from banking opera- both consumer and commercial 
steelmaking, aluminium refin- sum. banking profits led the way tions rising 13.6 per cent to finance Esanda directors inch- 
ing and artificial fibres. a 1* per cenL mcrease in $A128.4m., and non-hanking cated that a satisfactory profit 

Under the law, the Government “je period, from 5Ai0J#m. to revenue by 23.5 per cent, to should be achieved for the full 

will provide emergency funds 5A fv , .. . . , SA 108.1 m. In 1976-77, the year, but that the rate of growth 

to companies which agree to ii 1 * 011 » ° -National lifted profit 12.7 per in receivables for the remainder 

scrap capacity by specified rate of profit mcrease cent. to a record $A42.7m. of the year would be lower than 

percentages. The State-owned dccIlped d “ nn 8 the half-year. The National s expenencr with in recent years. 

ISd.” 'provide 'guarantees J** " SENSES. SW-S 

for loans made to companies .rfl £?. r _“ le .? 4arcb half - Australian reflects that exnressed bv other 


Mas'S & ass!" asa = ss 

participating m tne seneme. the proflt gTowth foT the remain . , argest a 




it -1 


: •«: 


Ito-Yokado 
reports sharp 
earnings rise 

By Our Own Correspondent 

TOKYO. May 11. 

ITO-YOKADO, a leading 
Japanese superstore chain 
which it was reported yester- 
day is making a $70m. bond 
issue in the U.S., reports a 
sharp profits rise for the fiscal 
year to February. 


Current forecasts indicated that Guarantee Corporation, the 
the profit growth for the remain- largest financier and partly 
der of the year would be simi- owned subsidiary of the Bank of 


t" reflects that expressed by other 
financiers. 


der of the year would be simi- owned subsidiary of the Bank of '^ ie §ross margin between the 
larly affected. New South Wales, boosted earn- average earning rate and average 

The National result equalled incs 28 per cent, to SA22.4ra. borrowing rate decreased slightly, 
earnings of 41.8 cents on average Esanda. the wholly owned finance mainly because of the increased 
capital, compared with 44^ cents offshoot of the Australia and New average rate paid on borrowing, 
in the 1977 March half. During Zealand Banking Group, to-day Interest rates are now tending 
the latest half, the bank raised reported a 24 per cent. lift in downwards and. the directors ex- 

SA36-2m. through a cash issue to profit for the March half, from P^ct that the average borrowing 

shareholders. On capital at the SAlO.lm. to SA12.5m. rate paid has now reached its 

end of the period the result (5U.S.14.1m.). If earnings were peak. 


sharp profits rise for the fiscal BY OUR OWN CORRESPONDENT . . SYDNEY. May II. 

year lo February. GOLLIN and Co.— the residue of tionally below the record The scheme administrator. Mr. 

Current profits on a non-consolt- the trading group. Gollin Hold- SA3.55m. earned by the former John Rodger, from the account- 
dated basis were Y12.66bn. jpgs, which collapsed in mid- Gollin Group in 1974. Since ancy firm of Price Waterhouse. 
tSfim.). up 25.8 per cent, while 1976— surpassed expectations then. large sections of the said that Gollin was hopeful of 
net profits .increased by 24.4 with a profit :-cf SA34mr groupfe -assets ' have been sold returning -creditors' 52 cents in 
per cent, to Y6.4lbn. ($28m.). (SU.S. 3. 9m.) in the year to off. " initially to stave off a the dollar of their debts. A pay- 
Itn-Yokado said that favourable February 28. collapse, and subsequently to mem of SAI.Iul. or 2 cents in 

business in furniture and Gollin now operates under a help repay creditors. the dollar, would be made in 

foods, and extra volume from scheme ot arrangement and this The slimmed-down group's September as the first instal- 
10 newly opened shops, offset is the first year’s result. major activity now is coal. It is ment, out of profits earned in 

the adverse impact of slack When the scheme was under also in tea and coffee (it is the latest year. He said that the 

weak personal consumption consideration the administrator Papua New Guinea’s second company had performed better 
and the warm winter. This estimated that the 1977-7S profit largest exporter of coffee), and than expected, and bad reduced 
year, it plans to open 10 more would be only SA2.l9ni. In the in timber importing, felling and its administrative costs to 
nutlets. event, the result is only frac- trading. 5 A 304 ,000, compared with the 

Consolidatedoperatin g revenues projection of SA76O.nO0. 

rose by 27.D per cent, to rrr I p • J Tne projected eaniin^ for the 

JS35S- js Tax boost for BOC unit rar sjSte. ^ 

s»flid a°ed U profits ^“hare^ BY OWN CORRESPONDENT SYDNEY. May 11. ^The^scheme^stil/hS “four 

Y6S.09 were much larger than COMMONWEALTH Industrial (SU.S.12.2m.). The tax provision, Safth^ainuo re ore anise* Gollin 
on a non-cnnsolidated basis. Gases, 59 per cent, owned by BOC however, dipped from SA4.9Sm. as an 0 n-«oinE ctoud had been 
The company attributes this International of the U.K., lifted to $A438m. after allowing for a achieved, and that the comnanv 

trt CllhCl Arttlul 0 1 inO in^en«imr m— ^ _ 1 O O _ ah in ( VlA Inn k aC* n C d* A ftPP AAA fn _ 4l>* ... * - . . * * 


This announcement appears as a matter of record only. 

Republic 
of Indonesia 

acting by and through the Department of Finance ■ 

U.S. $45,408,000 
Medium Term Loan 

to provide finance for a contract between 

The Republic of Indonesia 

and 

British Aerospace 

for the supply of Hawk Aircraft, 
associated equipment and services 

provided by 

Manufacturers Hanover Trust Company 

agent 

Manufacturers Hanover 
Export Finance Limited- 


Japan (fast food chain.) sub- per cent, in pre-tax earnings, relief for the trading stock valua- Meanwhile, two former direc- 
si diaries, which both lifted However, the net result was 13-8 tion adjustment. t ors are currently in court in 

current profits by 50 per cent, per cent, higher, because of a The interim dividend has been svdnev over 14 charges of fraud 

In ihc current fiscal year, Secen- much lower provision for tax. set at 5.5 cents on capital a nd two joint conspiracy charges 
Eleven plans lo add 200 shops Group sales rose from ? ATS. 9m. increased by a one-for-three scrip involving SAltn. They are the 
to us present 375 while to SA84.3m. (SU.S95.4m.> while Issue. This compares with 4.5 former managing director, Mr. 

Denny's Japan will open 23 in pre-tax profit edged up from cents last year after adjusting for Keith Gale, and a former finance 

a drtil ion to ihe current 27. SA10.6m. to ?A 10.8m. the scrip. director. Mr. Richard Glenister. 

Hotel losses 
slow K ulim 

By Wong Sulong 

KUALA LUMPUR. May 1L 
NET PROFITS at Kulim Malay- 
sia Berhad last year were 48 per 
cent, higher than in 1976, but 
were badly affected by losses at 
the company's hotel subsidiary 
In Trinidad and Tobago. 

The group's annual report 
shows that the holding company, 
which operates plantations in 
Malaysia, recorded a net profit 
after tax of 5.8m. ringgits 
($US2.4mA, representing a 163 
per cent, rise over 1976. But 
the group's net profits rose from 
2.5m. to 3.7m. ringgits. 

Kulim owns two hotels in 
Trinidad and Tobago, and while 
the Mount Irvine Bay Hotel 
made a profit of 298.000 ringgits 
last year, its sister hotel. 
Minister Bay Hotel, suffered a 
loss of 2.8m. ringgits. 

The group's turnover rose 
from 65m. ringgits in 1976 to 
81.7m. ringgits (SUS342m.) last 
year, with higher prices and 
volume of oil palm accounting 
for almost all the difference m 
turnover. 

For the future, Kulim said that 
part of its estate is located near 
the growing township of Ulo 
Tirana in Johore. 

Its new palm off miff is ex- 
pected to he in operation by the 
end of this year, while the group 
has taken up a 29 per cent, stake 
in Edible Oil Products Berhad, 
which operates a large refining 
and fractionating plant 
Three British directors, in* 
eluding Mr. P. B. L. Coghlan, who 
has served as Kulim’s chairman 
for the past 27 years, are not 
seeking re-election at the coming 
annual meeting, and their posts 
are expected to be filled by 
Malaysians, 

The Jobore State Economic 
Development Corporation holds 
33.5 per cent in Kulim, which it 
received by transferring 13.777 
acres of oil palm to Kulim. In 
197fi in return for 23.16m. shares 
of 50 cents each. 

A final dividend of IS per cent 
is declared, making a total of 23 
per cent, the same as the pre- 
vious year. 


April 1978 


$300,000,000 

M©bil Oil Indonesia Inc. 

Eurodollar financing for the 
Arun Condensate and Natural Gas Project 

FINANCING MANAGED BY: 

Morgan Guaranty Trust Company of New York, Agent 


FUNDS PROVIDED BY: 

Morgan Guaranty Trust Company of New York 

Bankers Trust Company 
Chase Manhattan Limited 
Chemical Bank 

Manufacturers Hanover Trust Company 

The Bank of Nova Scotia 

The Bank of Tokyo Trust Company 

Continental Illinois National Bank and Trust Company of Chicago 
The Industrial Bank of Japan Limited 
Midland Bank Limited 

Bank of America nt & sa' 

The Bank of New York 
First National Bank in Dallas 
Republic National Bank of Dallas 
Security Pacific National Bank 
Union Bank of Switzerland 


This announcement appears as a matter of record only. 


April 1978 


“For the first time in 
our history sales have passed 

the $2 billion mark? 


E. M.deWindt, 

Chairman of the Board and Chief Executive Officer. 



Made In Britain - Eaton employs over-dOOO people In 8 plants in Britain, manufacturing Eaton axles, axle housing and transmissions. Vhla® Industrial trucks 
YhJe* security products, Eaton industrial drives and other precision engineered products. 


Eaton Corporation 

Qeveiand,Ohio 


Statement of Consolidated Income 
Eaton Corporation and Subsidiaries 


Net Sales 

Interest and other Income-net 


Cost of products sold 

Selling and administrative expenses 

Research and development expenses 

Interest expense 

Exchange loss (gain) 

Income before income taxes 
income taxes 


Net income, in dollars, per share. 


Copies of Eaton's Annual Report may he obtained from the 
Director of Communications, Eaton House. Staines Road, 
Hounslow. Middlesex. TW4 sdx. Tel: 01-572 73ia 


On thousands of doHara 
Years ended Dec. 31) 
1977 1976 I 

$2,110,900 $1,808,129 

16,470 17,435 

$2,127,370 $1,825,564 


1,546,432 

264,639 

31,010 

51,007 

10,567 

1,903,655 

223,715 

117,419 

$106,296 


1 , 327,891 

246J71 

28,455 

39,170 

(57) 

1,641.630 

183,934 

93,071 

$90,863 


¥ 








32 


Financial Times Friday May 12 1978 


The Property Market 


BY JOHN BRENNAN 


Accountants attack 


Estate Agents Bill 


THE Estate Agents BUI. which 
failed lo complete its Kepun 
Stage in Parliament last Friday, 
should be discussed in the House 
nf Commons again to-day 
Despite all-party support for the 
Privale Member's Bill, which 
seeks to raise standards of resi- 
dential estate agencies, it has 
run into strong opposition from 
the accountancy profession. 

The accountants’ opposition 
focuses on audit provisions m 
the Bill. And the powerful Insti- 
tute of Chartered Accountants 
in England and Wales is willing 
to fight these provisions through 


<o the House of Lords if neces- 
sary. • . 

Briro Maynard, president of 
the English institute, detailed 
the accountants’ main criticisms 
of the Bill in a speech to the 
East Anglian Society of Char- 
tered Accountants last Friday. 
He explained that, despite clear 
precedents in the Companies 
Acts, and in the recent insur- 
ance Brokers (Registration* Act, 
the Government has been un- 
willing to agree to restrict 
estate agents' auditors primarily 
to members of the rccoghjsed 
accounting bodies 

'’'How.” he asked, “can the 


public interest benefit from a 
Bill which purports lo lay down 
minimum standards for the con- 
duct . of estate agents.' but 
deliberately avoids prescribing 
min imum qualifications far their 
auditors? ” 

• Mr.’ Maynard 'also opposes the 
Bill’s call for an auditor's ‘'certi- 
ficate'* on agents' clients’ 
accounts which could, according 
10 the Bill, be used as a protec- 
tion for the agent from penalties 
for contravention of tbc pro- 
posed new law. Even public 
company auditors arc only . 
required lo give an opinion of 
accounts, not a certification of 
Tact, and so Mr. Maynard 
believes that as it stands, the 
legislation, “almost amounts lu 
an invitation to an unscrupulous 
estate agent - to mislead his 
auditors." 



IN BRIEF 


Brian Maynard. President of 
the institute or Chartered . 
Accountants in England and 


Wales. 


LACK OF MONEY is not. accord- 
ing to town planner John Blake, 
the prime reason for the present 
failure of the Community Land 
Act. The planners have been one 

of the very few property 

organisations to see a glimmer 

of rense in the CLA provisions. 
And in the April edition nf the 
Town and Country Planning 
Association's journal (rather 
wittily named ‘‘.town and country 
planning London planner Mr. 
Fl.ikc makes an interesting case 
for the CLA's survival as an 
instrument nf “ positive plan- 
ning.*' 

.Mr Blake argues thaT local 
authorities were initially hog 
tied by the Government limita- 
tions on the use of CLA powers, 
and hy the lack of finance avail- 
able ;n carry through land pur- 
chase. By bcins directed' not in 
intervene when private deve- 


Making the CLA work 


topers were willing to acquire 
and develop land, the authorities 
were initially reduced to looking 

or schemes which tended to be 

insufficiently financially viable to 
pass the Department of the En- 
vironment’s profit criteria for 
loan sanctions. 

This Catch 2 - J " situation is 
in Mr. Blake's view, the prime 
explanation of the authorities' 
underspending of loan alloca- 
tions in the first two years of the 
Act. 

The planner's eye-view of the 
CLA sees a need for a more 
rapid processing of loan applica- 
tions and an eventual return lo 
the principle of rolling and block 
loan allocations to individual, 
and to groups of authorities. 

A quarterly publication of 


CLA statistics would, he believes, 
let us see which authorities are 
active and which are doing 
little. Mr. Blake would also like 
a reduction in the 40 per cent, 
of property surpluses creamed off 
by the Treasury and perhaps 
even the temporary waiving of 
the Treasury take as an 
additional incentive to the 
authorities. 

More critically. Mr. Blake feels 
that it is time for the Govern- 
ment to start making its first 
duty orders under the Act 
requiring authorities to purchase 
particular types or areas of land, 
a move that could “galvanize 
local, authorities into action." 
The planners have called for 
purchases- of inner city land at 
current use prices, but as that 


woul'd involve alterations to the 
Act that could be impossible for 
the Government in its present 
precarious state of health. Mr. 
Blake feels that fixing a date for 
the Second Appointed Day 

would serve as a good “ second 
best." 


THE NATIONAL Building 
Agency, for the Department of 
tbe Environment, has produced 
a new booklet, “Planning Permis- 
sion— A guide for Industry.” 

The booklet joins “Planning 
Permission — A Guide for House- 
holders” in the Agency's series 
■of practical guidance notes to 
help steer building projects 
through the labyrinth of planning 
controls. The guides are not seen 
as anthoritive interpretations of 
planning law. But they do 
explain when and where plan- 
ning permission will be needed, 
whether plans need to be publicly 
advertised, if an . Industrial 
Development Certificate is neces- 
sary, and a general idea of tbe 
likely timetable. 

The DoE is now sending 
copies of the booklet to local 
planning authorities, and these 
authorities will be asked to for- 
ward these to firms in their 
areas. The guides are also avail- 
able. free of charge, from the 
department itself at: Department 
of Environment (Central), HQ 
Establishment. Information Divi- 
sion. Budding So. 3 Victoria 
Road, South Ruislip. Middlesex 
■HA4 QNZ. or from the Welsh 
Office, Information Division. 
Third Floor. Oxford House, Hill 
Street. Cardiff CFI 2SY. 


The Location of Office* 
Bureau launched its- first 
overseas campaign this week 
under Us new. wider brief to 
bring office users into the 
country. Spearhead of the 
campaign is a beautifully 
produced brochure giving 
reasons for choosing Britain 
as an office centre, and cover- 
ing a mass of preliminary 
points that, might he raised 
hy a firm thinking of moving 
here- 

There is Just one small 
snag- All 10,000 copies of the 
brochure have been printed in 
English. 

That touch of chauvinism 
apart, the brochure covers the 
ground rather well with a 
mass of maps, charts, plenty 
of photographs of Concorde, 
thatched cottages and Royal 
Guardsmen. More pragmatic 
ally, the LOB’s production 
contaias details of Develop- 
ment Area benefits: staff 
employment regulations: the 
cost of living <" walking shoes 


RENTS FOR OFFICE SPACE INI 

Nat rent • 
per sq.ft, • 
per annum 
£16.00 


EUROPE 


City of London 


London 

suburb* 

Manchester 


Glasgow 
Paris 
Brussel* 
Amsterdam 
Frankfurt 
Geneva 
Madrid 

>eur»v- rfS’Jmm Cilia 


Rem In local 
currency 
£16 persq. ft- 
per annum 
C6L0D.persq.fL 
per annum 
£W5 per sq.ft, 
per annum 
£4.00 per sq. ft. 
per annum 
FFIlOOper m a 
per annum 
BF3000 per m a 
per annum 
FLZOflperm* 
per annum 
DM35 perm* 
per month 
5F350 per ra* 
per annum 
PT.vsGOftperm 2 
per month 
and LOB. 


Servten 
•hWBrg. 
15% *i- 


£ fi.00 
£ 345 
£ 4.00 
£13.25 
£ 5.60 
£ 4.80 
£ 8.20 
£10.20 . 
£ 5.00 


(leather) for £15.00 **?); taxa- 
tion, communications and 
housing. 

Copies have been sent to 
businesses in tile United 



State* and throughout the 
Continent, and can be 
obtained from the LOB at 27. 
Chancery Lane, London W.C.2. 


Mr. Blake goes nn to advocate 
“a firm warning” from tbe 
Government to all authorities 
explaining tiiarif they failed to 
carry out the provisions ol the 
Act. they would lose their CLA 
powers. These powers would 
then be vested in new regional 
land authorities. This, he feels. 
u would be the ideal solution.'' 


From a planning viewpoint 
Mr. Blake's argument is hard to 
fault. But I doubt if too many 
local authorities, or too many 
developers within the' property 
industry will rally to Mr. -Blake's 
banner. 


THE BRITISH ' PROPERTY 

FEDERATION members at their 
annual luncheon at London's 
Dorchester Hotel on Tuesday 
enjoyed a little flartcry From 
Peter Shore. Secretary of State 
For the Environment, who denied 
David Llewellyn the BPF Presi- 
dent's ' introductory remarks 
about the property industry noi 
having *' influence commensurate 
with its importance in the cor- 
ridors of power." Otherwise 
BPF members can have taken 
only mild comfort from the 
Minister's speech, which, al- 
though it outlined Government 
thoughts on speeding planning 
processes, inner city develop- 


ments and tidying up anomalies 
.in the Rent Act, also reiterated 
the Government's commitment to 
•' the broad principle that private 
tenants of non-resident landlords 
should enjoy security of tenure 
and that their rents should he 
restricted in reasonable levels.” 

Mr. Shore repeated the argu- 
ments for a positive land dis- 
posal-. programme within 'the 
inner city areas and Government 
arguments tn the authorities, 
“ not to he over concerned about 
the historic cost of the land. 
What matters is the current 
market value. 

Sadly, There seemed tn he few 
of the smaller private landlord 
members of the BPF at the 
lunch. Too few nf these land- 
lords seem to realise -that for a 
£5 annual membership fee (fees 
rise with the value of -property 
held) they can tune into the 
BPF's free advisory service 


hacked by specialist property 
lawyers. Membership details 
can tie oh lamed from the BPF 
at 35 Catherine Place,- London 
SW1. 


THE NEXT revaluation nf 

property |q England and Wales 
for rating purposes will come 
into force in April* 10S2, and the 
Government has deferred plans 
to change the basis of- valuation: 
from a rental tn a capital value- 
basis. 

In answer to a Parliamentary 
quest inn put hy Andrew Bennett, 
MP (Stockport North) this week. 
Peter Shore, the Secretary «f 
Slate for the Environ men t. ex- 
plained that revision of the pre- 
real 1973 valuation list for 
England and Wales had been 
deferred while tbe Layficld 
Committee nn Local Government 
Finance had been sitting. Now. 
the Government has given the 
Inland Revenue instructions to 


prepare a new list that should 
be in effect from April -1, 1982, 
The Governments Green 
Paper on the Layfleld Report,- 
published last summer, sug- 
gested that domestic property 
ratings • should in future be 
valued on a basis of capital 
values rather than the present 
rental value basis. Mr. Shore 
explained that ‘‘The Govern. , 
ment remain committed to that! ; 
proposal, which we believe 
would he the best method for 
the Tuture because there is so 
much" . more open market 
evidence of capital values than 
there is f»r rental value." But th* 
Minister accepted that, “It has 
now become clear that there 
would be no majority for capital 
value legislation in the present 
Parliament. 


Property Deals appears on 
Page 34 


INDUSTRIAL AND DUSINESS PROPERTY 





I 


Client's urgent warehouse 
requirement 

South West London 20,000-40,000 sq.ft. 

Factories S Warehouses te let 

London S.E.t 3, 900-28,000 sq.ft. 

Aston, Birmingham 17, 700 sq.ft. 

Aberdeen, Bridge of Don 7,350 sq.ft. 

Bedford 5,000-20,000 sq.ft. 

Milton Keynes 4,750-27,8 50 sq.ft. 

Norwich 4,000-20,000 sq.ft. 

Great Yarmouth units from 3,700 sq.ft. 

Lowestoft units from 3,25Qsq.ft. 

Droitwich, Worcs ...units from 2,000 sq.ft. 
Nantwich, Cheshire 7,300 sq.ft. 



at the touch of a button. 


Kings Cross.NWl. 
Warehouse/Industrial/Offices 
To Let/Lease for Sale. 

76.000 sq.ft 

Milton Keynes. 

Warehouse Units To Let 4- Land 
Available for Redevelopment. 

5- 100.000 sq.ft. 

-^Greater Manchester. 
Warehouse/F actory Units To Let ' 
+Land for Redevelopment. 
30-350, 000sq.ft. 


Nr. Maidstone, Kent 

Faciorv/ Warehouse Building ForSale. 

i 7,000/29.000/34,000 sq. ft. 

Winchester, Hants. 

FactorvA Varehouse For Sale/To Let 

44.000 sq.ft. ■' 

Required for Clients. 

Freehold or long leasehold industrial site 
of 2 - 3 acres for development of 40,000 - 

50.000 sq.ft. Factory. KENT/EAST SUSSEX/ 
SURREY andSOUTHLONDON. 


Industrial Property Department 
33 King Street. London EC2V 8EE. 
Tel: 01 -606 4060. Telex: 885557. 


JONES LANG 


Industrial Property 

One of the JLW Compu ton Services 



Chartered Surveyors 


<rj 





£.16 

MODERN SINGLE 
STOREY WAREHOUSE 

21,000 sq. ft. 
TO LET 

With Reverse Premium 

HENRY BEENEY ROWUHfi 

87 Regent St„ London, W.l 


01-734 3522 


SOUTHEND-ON-SEA 


TEMPLE FARM INDUSTRIAL ESTATE 


te 


INDUSTRIAL AND 
BUSINESS PROPERTY 
APPEAR5 EVERY FRIDAY 
RATE £14 PER SINGLE 
COLUMN CENTIMETRE 


Single Storey 

Factory with Offices 
80,000 sq. ft. 

Extensive Car Parking and Loading 

TO BE LET 


FOR DISPOSAL 

Light Industrial Premises 

FRO ME. SOMERSET 


4r 

★ 

4r 

4r 


34.000 sq ft Modern Workshops 

1.85U sq.. ft. .Ancillary Offices 

Further 2 acres expansion or open storage area 

Adjacent to railway yards and station 

Further .52 acres open display land 


For details apply : 

Simon C. Waiter? A.R.I.C.S, 

DORA DA HOLDINGS LTD.. 

17 Lincolns Inn Fields, WC2A 3FD. 
01-242 9634/5 


NEW PRESTIGE 50 ACRE DEVELOPMENT 


J.‘ / 

• : 

!/ 


S 


Factary/Warehouse 131 OO sq.ft. 

READY NOW PHASER 

7 x 2500 sq. ft. Nursery Units 
6 x 5750 sq.ft. Warehouses 

READY MAY! JUNE 1978 

JOINT SOLE AGENTS 

Healey & Baker 



auWMWailaMr 
295tC i orySt m t H *n>wrSiri«r». 
London WiA38G . 0V629SZ92 


TaIbot& White 


34 Clarence .S&eel. Soutfccfld-on-Scfl 
»702 330717 


Henry Butcher& Co 


RESIDENTIAL 

BUILDING LAND 


FOR SALE 

DETAILED PLANNING CONSENT FOR IMMEDIATE START 

NOTTINGHAMSHIRE — ( Mansfield H miles) 

Coftwni for high-driuiqr development of 117 UNITS. A!! -services, ineiuding 
drainage. on Vue. Main access road provided by vendor. 

FULL DETAILS FP.OM THE SOLE AGENTS 


Leopold Farmer & Sons 


HULL & COMPANY 


TPWINEIR iFlLlEITClHflJ? a |E$i$f'X 


Office BuildiNC, 
foR The 

80 's 

orchard brae house 

Ol tj \sftKRV Ro-\d • (.(li\l)l.l<c | ll 
110,200 >q ft TO LET 



cc 

f 


Si.iv, 


“•3. CT.'r .xx Hc-bw:. Lu'CC '• '«VC"7 CcG 


01-405 8411 


C'w'i-ccic I'-'crd Cas>r ■ 

01-5180131/4' * 


Chartered Surveyors 
7 Thifrionti Street Nottingham 
. Tel; *0602) 45967 


VvlTI | PARKING FOR 204 CARS - 
Avoildble in from 5,000 sq It to 

107,800sh .It ’ 


Kennrth By den 
and Fortners 
, CKMHREOSWVnOflS 



n Sim, EMJ 


-■«"? 

10 Cartr Smi tuw cutfi WJW j 

Ttftmanaa>l-2»B3U 



URGENTLY WANTED 

High Class Confectioners 
Knightsbridge, Mayfair, 
Piccadilly, City 


Chartered Surveyors Property Consuftants 


CITY/WEST END 


30,000 sq. ft. 

Freehold offices required 



LETCHW0RTH 
-Centre 


I., illlKfl iK 


Prime Shop To Let 
880 sq. ft. 


70 Jermyn Street 
London SW1Y6PE 
01 -930 1090 


BLOOMSBURY 

Attractive office suite 
TO LET 
2,465 sq.ft. 


BRENTFORD 

New self-contained 
Office building 
TO LET 
7,500 sq. ft. 


GILLINGHAM 

Medway Distribution Centre 
11-85,000 sq. ft. Warehouse - 

Immediately available 
TO LET 




i. 



0m, $i 


v> 



















X 


financial Times Friday May 12 197 s 


23,200 s 

v -^7 Self-co 

f. Moder 
Buildin 




Point West 
Uxbridge Road 
Hayes, Middlesex 


H Extensively refurbished 
to a high specification 

■ Convenient for Heathrow 

Airport (15 minutes) 

■ 94 car parking spaces 


■ BErEDRO B i 


41 The Broadway, EaJing, London W5 2NP 
Telephone: 01-579 9282 


Richard 


6/10 Bruton Street, London WiX 8DU 
Telephone: 01-499 7151 


i RING: 

Vf 'v iv-3; JOHN CASE 
? S- x? i'* ■ CHIEF ESTATES 
SURVEYOR 
0733-68931 

PeiCi LX’fouch Development /k 
■ Cor portion /%-?- 

PC Box o 

Pi?:ertx'roughPEJ lUJ 



■ ■ ■ a jUSt 

switch on 
and move in! 


Factories .in Peterborough have 
offices, toilets.' heating, lighting. 

13A points and a 230KVA electrical 
connection. 

Units trom 3.000-50,000 sq ft are 
available now. 

And because Peterborough is a New 
Town, there are big advantages lor 
firms seeking new premises. A 
growing work force. Housing 
available for all staff. And London 
jusi an hour away. 




A Development by the 
ChurchCommissioners tor England 


CONDOR 

HOUSE 


St Paul's Churchyard, 
London EC4 



A magnificent 
refurbishment 
of 43,000 sq.ft 
air-conditioned 
offices 

rk Full double glazing 

* Impressive Entrance Hall 

* Carpeted throughout 

* Prestige location 


e JW\c^ 




33 



01-491 2768 




c 


74 Grosve 



S 


1X.9DD 




Fulham 
Broadway 

SH« 

New Air-conditioned 
Showrooms & Offices. 
Imminent Occupation 

Opposite Underground Station 
Remaining 

13,380 sq.ft. 
To Let 

Letting Agents: 

JONES UNO 103 Mount Street, 

HUM SSSSSSf 

Chartered Surveyors Telex: 885557. 

Overlooking 

ftnMMure 

Caasl 

40 acres 
Development 
Land 

For Sale 

Phased purchase considered 

JONES UK 



Chartered Surveyors 

103 Mount Street, London W1Y 6AS. 
Tel: 01-493 6040. ref. CP 


OFFICE BLOCKS 
FOR SALE 

TONBRIDGE, KENT 

(ia course of development) 


BLOCK A 

12,656 SQ. FT. NET 
48 PARKING SPACES 
Self-contained with lift 


BLOCK B 
8.903 SQ. FT. NET 
35 PARKING SPACES 
ScU-contained with lift 


Earlj r agreement could accommodate purchaser’s 
special finishes and requirements. Single block 
possible, subject to planning consent — 21,500 sq. ft. 
net approx. 

ir Adjacent to Town Centre 
it Close to main line station 
it Fast road and rail links to London & South Coast 
itr Ideal for European communications 

For details apply: 

Simon C. Walters ARICS, ABVA, 

DO RADA HOLDINGS LTD, 

17 Lincoln’s Inn Fields, London, WC2A 3ED. 

Tel: 01-242 9634 


% 0 S '- 






tgSSS®* 0 


street 

■77 

«ggSS> 



Auction 

Sale 

42 Lots of Commercial Investments 

(NO RESERVES EXCEED £100.000) 

For Sale by Auction 

21st June 1978 at 11am & 2.30pm 

at 

GrosvenorHouse Ballroom, Park Lane, London Wl 


Auctioneers: 



JNNESUUR 


Chartered Surveyors 
103 Mount Street, London W1Y 6AS. Telephone 01-493 6040. Telex 23858. 


READING 

ADJOINING TOWN CENTRE 


Southend-on-Sea 

High Street Position 

Showroom Retail Stores or Offices 

12^00 sq. ft 

To let as a Whole or in floors 

Freehold Available 

The Janes Abbott Partnership 
15/17 Alexandra Street 
Southend-on-Sea 
Telephone: (0702) 330073/6 



SB 


SELF-CONTAINED 

OFFICE BUILDING 

13,000 SQ.FT. 


»AIR CONDITIONING 
» DOUBLE GLAZING 
* AUTOMATIC PASSENGER LIFT 


•CAR PARK FOR 28 CABS 
• FULL LIGHTING 
•TESTED GLAZING. 


TO LET 


WITH IMMEDIATE POSSESSION 


Apply 


Hillier 


77 Grosvenor Street 
London WlA 2BT 
01-629 7666 


Syferl Gibson Eley 

rwf Fn»r Street • 


16/18 Friar Street. 
Reading RGli BD. 
Tel: 0734-583 945 


Helms bore, near Manchester 
Snpvre resident!*) site with loll 
planning permission for 154 dncEid 
w4 BemMeacbad twosti for isle by 
PwMte tender ip two Ion or u ■ 
whole. Mancfressrr sense 15 mint 
spprox. Immrdme ttsrt. Protest 
ssIm record: possible land excfanj*. 
CeMorrr M. Holden.. B.Sc.. Ai.VA. 

Peser Slaw. 307. Union Road. 
OswiMewtftlc, Accrington, Lanoxhiro. 

0254 34762. 



30,020 sq. ft OFFICES 

for sale (or would let) in the Georgian city of 

BATH 

of interest to occupiers and developers 


V.H 


butt* from sole afients: 


Hartne^naytof/^^ook 


canon uso Tao*one:0fi72-J«*i 



CLOSE M40 NEAR THAME AND AYLESBURY 

32,000 Sq. Ft WAREHOUSE 

with offices (Class X warehouse with some Gass in 
light industrial.} 

Modem portal frame, high headroom with 25 TON 
CRANEAGE suitable volumetric storage. 

Tenant of good covenant sought for entire building 
to let at £1.50 per sq. ft. p.a. on new 25 year lease 
with 5 year rent reviews. 

Potential sub tenants now ready to take part on sub 
lease from main tenant on terms to suit main tenants 
future expansion or other plans if required. Separate 
entrances make building easily divisible. 
CONNELLS. 2 Temple Street, Avlesbuiy, Bucks 
Tel: 24661. 


■BUMIM 

Birmingham 
Snow Hill 

64 acres 


The Second Ch/s -most prominent and important 
Oantral Area Site is available for development on 
building lease. 

Developers and retained agents are Invited to apply 
in writing for a brief- giving full particulars, to: 

J*P. Ambrose FRICS., 

Surveyor & Manager,, 

Bdtah Rail Property Board, 

Stonier House, 

10 HoBchy Street. 

Birmingham B1 1TG. 


Bushey House 

High Street, Bushey, Watford, Herts 

Approximately 25,000 sq. ft to Let (or 
Freehold may be available). Full office 
use. 

An elegant 19th Century Mansion carefully 
restored in I97L Amenities include prestige 
entrance, full central heating, part air 
conditioning, ample car parking and own 
grounds. Within 30 minu tes drive central 
London. 

Sole Agents 


SWEET 

l^yOCTOK 


1 01*408 2231 


CMndtasuafi 

a 

UWlm&qBNTv h 

LautaiWJJfflB il 

if 

-rssssii 

§5 




Mi 






mi 













Financial Times Friday. May 12 1978 


[EUROPE'S LARGEST MODERN; FACTORY UNiT .. 

SKELMERSDALE, LANCASHIRE... H ^ ' r 
IJUST60SECQ NDS D RI VE Tl ME FROM BRITAIN’S MOTORWAY NETWORK 
NORTH WEST, THE HEART OF INDUSTRIAL BRITAIN. 

10 MIUJ0N. PEOPLE WITHIN A 50MILE RADILIS ^ 





Re ic I'trsictioo v'c. f G^aoW*. Lj m teiT. 



mm 

■ V k ■ Pvl 

1 L L"J iT 



SUPERB INDUSTRIAL COMPLEX 
with EXPANSION LAND 

124,000 SQ. FT. approx 


on nearly 

1 2 acres 




WMiEHOBSiyFaCTORY UNITS 

immediately available in units of 9,000sq.ft. 

* Close to Ml Motorway # Estate fronts MS Trunk Road ALAN MAKTInT' “ PARTNERS 

* Modem housing available, nearby :Js Portal construction ASSOCIATES 5 Spencer Parade, 

* Double skin roofs $ Good natural lighting # Tailboard/fork lift 43 Trevelyan Crescent Northampton NN1 5AA 

loading X AH services % 18ft- 23ft clear heights # Car and lorry parks. HA3 MN Te,: 0504 22817 



36,000 SQ. FT. 

SINGLE STOREY 
MODERN FACTORY 
on a site of 1.5 acres 
Fully Fined «ich: 

* Hearing # Lighting 

* Offices & Sprinkler System 

* Good parking and loading 

* All Staff Facilities 

Long ground — 

FOR SALE 


* HIGH & LOW PRESSUHE HEATING SYSTEMS 

* VENTILATION SYSTEM 

* WATER RECIRCULATION AND 


POWER FACTOR CORRECTION INSTALLATIONS 

* SPRINKLERED THROUGHOUT 

+ CANTEEN & EXECUTIVE DINING ROOM 

* FLUORESCENT LIGHTING 

* EMPLOYEES CAR PARK 


LONG LEASE WITH 
14 YEAR RENT REVIEWS 


bnuxtume titiiJi jtiv. 

IS. Gildrcdge Road, cattbwme 
. end at Brighton, Crawley, 
Worth in* and Hove 


Rent Under 40p per sq.ft. 


Chamberlain 

&Willows 


Estate Arctic* ■ Survewr*. -\hluer> 

01-8824633 

Hale Houm Given Lane* London XI ISTGTtrlexiiWIfil 


HAYV/ARDS HEATH. 
SUSSEX 


PARS ROYAL, N.W. 

333C0 sq. ft. 


In rite oent-e cl the town. I.6B0 
tq. It. ol jradc.n office spire n :h 
gat-fired central hettng. Renr £6.H00 
per annum exrlu:ive. 

Price L«r;efc>id £2.000 
A SP i y - 

IARY1S & CO.. 

3(5 Master Green, Ha/wirdt Heath. 
Tel: Haywards Heath 50151 




On behalf of 
Unguaphone Institute Lai 
we are urgently seekirg a 


H€ADQUART€RS 
OFFICE BUILDING 

within this area 

HARROW 


RESIDENTIAL 
DEVELOPMENT LAND 


ic High Office Content 
if Fully SprinkJered 
if Good Loading and Parking 
if Lighting and Eurglar Alarm 
if Lease for Assignment or to Let 
APPLY JOINT SOLE AGENTS. 

CLIVE LEWIS & PARTNERS 
Tel: 01-499 1001 

DEBENHAM TEWSON & CHINNOCKS 
Tel: 01-236 1520 


TYNE AND WEAR 



UXDRIDG€ W 
SiouGH Ungjaphone 

SUING ln ^y e 

Lid 


lONDON 


KINGSTON 


APPROK 

^qooo-fiotooosaFi 


'KeithGardali 




C'harUTvij Surveyors 
£o.lli Aii'clit’y St tfctj i'tos vi;ni » Squ; u < 

W 01 -(,29 6604 


Phase II of a major Residential Development Site 
having an area of 7.9 acres or thereabouts with 
Detailed Planning Consent for the erection of 107 
houses. 

FREEHOLD FOR SALE BY TENDER 

on Tuesday 20th June 1978 at 12.00 noon. 

Sole Agents: — 

J. M. CLARK & PARTNERS 
Chartered Surveyors 
5, Hencotes, Hexham, Northumberland 
Tel. 0434-2301. 


Tenant Required for 

30,000 GROSS SQ. FT. 

To Be Constructed 


No Tenant’s O.D.P. Necessary 
Would consider selling Freehold Site 


Write Bex T.4B8S, Financial Times, 
10, Cannon Street. EC4P 4 BY 


CLOSE TO IPSWICH— SUFFOLK. 

PROPOSED WAREHOUSE/ 
INDUSTRIAL DEVELOPMENT 


GREENWICH SEIO 

BLACKWALL TUNNEL SOUTH SIDE 


UNITS UP TO 40 000 SQ. FT. APPROX. 

Constructed to Occupiers Requirements 

FREEHOLD/LEASEHOLD 

For details contact Sole Agents 


Hampton & Sons 


Industrial Land & Buildings 

43,000 Sq. Ft- on 3.4 Acres 

Ideal Transport/Container Depot/Pfant Yard 
Storage or Industrial Development 
F3R SA!E 


£3 per sq. ft. 

MODERN OFFICES 


PROPERTY DEALS ■ 


Investing in 
the U.S. 


OVERSEAS investors have put 
over SU.S.lbn. into United States 
property in the past two years, 
according to R. Gary Barth, .Tones 
jLang Wootton’s U.S. investment 
manager. Speaking at the agents' 
International Real Estate Confer- 
ence in Tan's on Wednesday. Mr. 
Barth explained that Canadian 
groups still lead the lists of 
foreign investors in the U.S., 
followed by the Germans. Dutch. 
Mexican, British and Japanese. 

Investors can still find SO to 
33 year mortgage money in the 
U.S. for up to SO per cent, nr 
the cost of prime commercial 
properties at yields nf between 
91 and 98 per cent. But mortgage 
lenders now generally insist on 
a 35-year revision clause to up- 
date the rate if it gets ton far 
out of iine with general money 

The cash returns nn prime U.S. 
buildings have dropped from 
S to around 7 per cent, in the 
oast two years as -the U.S. 
insurance companies— the tradi- 
tional local buyers — now have to 
compete with foreign investors 
and the local pension funds — 
investing through unit trusts run 
hv the insurers and hanks. 
Private investors are also active 
in the market, drawn by the 
security or U S. holdings, the 
fields and the tax heneflrs which 
nllnw deduction nf Interest and 
deoreriatiun charges. One 
‘ynical example is a British 
investor resident In Bahrain who 
has just bought (via a Nether- 
'ands Antilles company to escape 
■mv future capital sains tax 
Habiliivj the S3m.. tOO PflO square 
'not Pied'nnnt-Fllis office hulid- 
{ oer in A.Un’ira. Gcoreia. through 
M W. to show a yield of 7 per 
■ent. 

A Vss cheery Picture of the 
•nnMnr-ntal markets emerged 
‘Y*m tlw* conference. As in the 
•T.K.. the shortnre of prime 
‘nvo-stvwnts is. farcing buying 
vioids down throughout Euronc 
•»»jr dpvnlnpment netivifv everv- 
vherp is at a low ebb. In 
France prime Paris offices now , 
■pll down to 7 per rent, yields, 
»nd vields have slipped hclnw 
he 7 ner cent level in Belgium ; 
ind down to st-fi* per cent, in , 
■"W-Tnanv and Holland. 

Rnbin BrnadhursL the .TLW ] 
partner covering the British : 
n-irket. reported movements ! 
r rom the overheated prime in- 
■estment market into atrricul- ? 
■ural land and 'secondary omper- " 
Mrs. But with an estimated 1 
r \ fibn. to invest in property this > 
-car he expects . i-nsfituHo'ial * 
huyin" to prevem any significant n 
dide in the investment market c 
i 'or the next four to five months. ? 
[ ifrer an uoward adjustment nf 0 
I .Melds »o allow for higher In- 45 
Merest rates. • 


J 45.000 sq. ft. of speetuative 
under construction. Strati ,5: 
Parker’s quarterly survey 
Edinburgh's office accoraoiLto? 
sliuws that there .were. •« uJ? 
represenfing 512,000'sq. ft** 
3.5 per cent, of the total 
slock, standing eompieted but ^ 
let at the end of Mareb 


■SCOTTISH Amicable 
investments Limited, advised k? 
Gale Heath and Company hi 
completed 5 he £lm. .purciuio 
tlw 6,000 sq. ft. offices at 18 linn 
duit Street in Mayfair to 
an initial net yield of under 7 
cent. The investment was injY? 
ducod to the fund by Barn«i 
Baker and Company. Kenva ^ 
ways, represented by ’BarnlL' 
Baker, has taken the 
building as its London IW 
quarters. ^ 


DAVID CHARLES’ receive 
Roger Dick^s of icn wtJla k 
Peat Mamck. has picked un 
around £"50.000 for the grout,! 
top slice interest in the Slri-! 
berry Lane Industrial Estate. a t 
Wiilenhal! near Wolverhampim 
Bryan t-Samuei. Samuel Prop« 
ties' and Bryant Holdings' joint 
industrial development cnoipam 
has bought the 89 rcmatnln. 
years of Charles’ head IcasehoS 
on the 135.000 square foot estate 
through the receivers' agenu 
Choeshlre Gibson and Company 
and Hurdley Bulley. . . .. / 
Hurdley Bulley have be en ^ 
tained os estate managers. 
Guardian Rovat Exchange Assur- 
ance holds the freehold or the 
33 unit estate, but. an its grnuod. 
rent is reviewed less fremip n j| r 
than tenants’ leases. Bnani. 
Samuel stands tn pick up a' sjg. 
nificant prnHt r-ntal. . 6 


: EDINBURGH now has a total 
nffice stock of 14 -15m. sq ft. 
(SRSm. sq. ft. of which is in the 
7<?ntral area) with another 


ARROWCROFT INVESTMENTS 
is to rerievelon one of Glas^aw't 
shnaplnc landmarks with * 
£3. 5m. office end shop scheme it 
the former Daly's D»oartment 
Store in Sauchlnhall Street. 

- Armwerrft. the private invest- 
meat croup- which Is now finish- 
inq ofT another E3.5m. sbnnplnti 
deveionment in Newark in 
partnership with Rnyal Insur- 
ance. nlnns to modemisp the 
Dalv's hu'Idine to create 30.000 
snuarp feet of r^fajj snac«> and 

TM.nno snuarp Fp^i nf nfires. 
Work is Mkelv to he finishM h? 
next summer. Leavers the lelring 
a rents, are not yet taikine ahont 
asking rents. 

Daly’s sinre. nart nf Rrntrvdi 
and Universal Investment 
T nist's House nf Fraser erniin, 
has nnw moved . Senbish 

AmicMe's nnw T^tl OfM) cniiare 
fpet S'»,icf' ! '’ , 'al1 ,S»**ee» Centre 
next door. Thesucre«snf thenew 
centre — vdth its 3 r »n.ear nark— 
?nd the Tact thn« Boots receiitlr 
enmn|e»-d a sou are ^nt 

stnre closn to the Arrnwcfnh 
eeheme fwhich is alsn pear 
Marks and Snencer Littiewbods 
and C and A) cnmnleles thej rp- 
hibiMtatinn of this end nf.ihe 
street as a prime retail areef. 

IB 


f L -r ^ u ; u ■ 


BRUCE 


S. PA:RTN:rRS ’ . 


10 ST. JAMES'S STREET 

LONDON SW1 

3080 sq.ft. TO LET - 


ENTIRE SECOND FLOOR IN ONE OF 
THE MOST PRESTIGIOUS OFFICE 
BUILDINGS IN ST. JAMES’S 


*=. at .JAM Ei at) 3 E. i 3-|< E rvs ny GTO Kl-*s C3 UAPE.. . 

. tONpbN WB"^.''* '■ «phVo3r 9347/937 aGac" V 


OUTSKIRTS EAST LONDON 


Two wholesale warehouses to let, 15,000 and 28,000 
sq. ft., good facilities and car parking, larger build- 
ing ideal as cash and carry. 

For further information write to Box T.48R4, ... 
Financial Times, 10, Cannon Street, KC4P 4BY. V 


FOR SALE 


MODERN LEASEHOLD 
FACTORY 

(12,200 sq. ft.) 

AND OFFICES 
(2,200 sq. ft.) 
on site of J acre at 

THORNTON HEATH 
SURREY 

The bead lease has 81 yean 
remaining with fixed ground 
rent of £840 p.a. 

Early occupation possible. 
E240.000 
01-653 65S1 


LONDON-BASED 
MANUFACTURER -< 

li innmted in purctuiing modes 
llnulo storey Ucwry of «pprdj>. lO.OWf 
»q ft. adjacent co motorway tram-, 
portadon. Area preferred on coan ot 
Hanca., Dorset. Somerset. Anxraw 
to move within 3 montta. ^ j 

Writ* Bor T.4883, Financial Tlinei. rt 
ffl. Cannon Street. EC4P dBr ; 1 




SHOPS AND 
OFFICES 


JiXi HILL.ROWLEV REGIS- M5 IJCn. 2} 
Motonwa* 2 ji miles, industrial premises 

over 100 000 sq. ft. built 1967 20 u 
eaws room mr noansion Ronea- offers 
pj.I. Wlaaotfson. Cron 
OrtKes Kmgswinlord. Tel. -rtsflne) 24B1 
6 000 '■* '' *<* W*%- 

oout. E7 500 per annum lease F j, e 
. tpjr ewrks & Co.. Sr. A I bant SOSGB 
SHEPHERDS BUSH. W12 — I 7 SB to S 


WORLD TRADE CENTRE ' 
LONDON 

Sell<onuinea (uitca a> 6S7. B48 i 
5000 i.f. for immediate occupaoon. 
Full nangr of facilities available in-, 
dadins 24 hour telephone & telex, , 
and seeretarii lermeei. “ 
For Further detail* canto a: 
Marketing Dept. 01-488 2400 . 1 


TEL: 01-493 8222 


Henry Butcher &Co| 


(Adjoining Underground Station) 

2510/5240 sq. ft. 


•'PJ 1 * — ltorev s*li-container ortioertv 
wltti 25 ii iieiqht. eneellenr loacilno 

S oa oHieee ClH alarm £b 000 a a 
, Co " ^9 Bruton Place 
orrkelev So. Lomton. w.l 0l~i9i 
4101 Tele-: 290108 


Joint Sole Agents: — 


’ARK KOVAL- N.W ID — 12.1E2 sq ft. 
t ... mulcting with j loading bave. tuner 
omce*. cjh. Harm ati '.tree* loj’ino 
S.ff’fS - 0 a " pn’enitiM long teatm at 
*ST l ,le Golden burg 4 

5?"i ^ni^'?0? n H London 

W.l 01-491 4101 IXh- 5^9196 


-ENGL. S.E.20— Main row premises ctfjj: 

■ on* mo eftop, ehowruom. warehouse ** 

- a (bees total area over 4.000 B-. 

good wnitfe access new lease 13 
rent £ 10.000 p.a., vacant now. Wp 
with David Barter, 170 High SW 
Penge S.C^O. Tel. Q1-6S9 .iSM-.-T 

fcSTON. BIRMINGHAM. IWtXPWSW <^3 
to Let 2.300 so. ft. Including egf 
showroom. AtnXy Mcmv B etcher 6 ‘e- 
Tel' 021>23G 6736. I 

FARNHAM. BURRS V — Prooeian ' lOg* . 
M. it of.BKces In West Street. JJK 
intited Hart 1 na & C».. *a. 

Street. London VTIM 8LN. 01-488 B27?- ; 


3UEEN VICTORIA ST.. £C4. I«-«S 
office suite 1 .033 so. It. tn ocelli 
uualitv buirninq. Only E7.35 Btr»J 
5S»dv » move in. Tdc*. carpeB- 
NO PRemtUM. Goldstein Leigh 


Leasehold Office Investment 

NORWICH 

Gross Income £67,512 
Flus Service Oijrj-, 

Rents Payable £53.420 

FotentfaJ Incrwe fn incemv when FuHv r^t 
Ton an ci indudt; Addroiiocicli Multigriuh. 
Bareli's Bank. Sol enon Law s«i«tv 
HEAD LEASE REVIEWS TO B1 «; OF MARKET RENT 

FOR SALE £40,000 


| incorporating 

Leopold Farmer & Sons 

59/62. High Holbofn, London WCIV 6EG. 0I-4C 


01-405 8411 


GOLDSTEIN LEIGH 
15 Half Moon Street, 
London W1Y 8HG 
01-629 W72 


MELLERSH & HARDING 
43, St. James's Place, 
London SW1A TPA 
01-493 6141 


INVESTMENT 

WANTED 


INTERNATIONAL 

PROPERTY 


INTERNATIONAL PROPERTY 


FOR INVESTMENT 


Esni 


joB 


CANADIAN AND U.S. A. 
INCOME PROPERTIES 

On m .S; arid i offie Ud warehuuw. In 


U Greiwnur Street, Lendun Wix ODD Tel; 01-429 81SI 


Canada a'nd USA Tl ° ffie w«ta«sn in 

a * ana u S.*, I TaxmI. G 0 «} y.cidx an equity. Ouln E fic «!e or ule- 

ea.w. b i ik W. R,,f<?Knu, '’' ,! ,n Lw,<ion June ISch. 

141 P V4 LAN REAL estate ltd. 

141 Adelaide St. W. Toronto. Canada (416) 366-5277 


Offire m PIim CiHlufia. hc*rt of 
banking, miurMCs and businen. neir 
Bank at Spain. Bank of Bilbao. Bank 
of London and s. America. Babcock 
and Wilson, cr. 250 iq. me:-ei. air 
toiwilion.ng. asouicic miulation. 
Ground floor in ihowroom/offico part 
of the tity. Msdcm building, air con- 
d'tiorting. 230 sq metres. New lane 
Uaiei will be negotiated in London. 
Agent* re rained. 

Write Sox T.4B7I. Financial Time*. 
IQ, Cannon Street. EC4P 48 Y 


iJSiS7o. ■S,. S , 7 9 t t - 92fl2 «50 2 5b D 0 00 Vl?r 

■ FA ortmiff“' pirt B mcDmn* , SJ HI¥e ,r « 0fl0W 

| ngiem.aVo^. ' n VnV I 

, THPET'vfeirKOL^ HOTSU 0 J.-11? 3 If 1 7 A 


available for 
property 
investment 


HARRIS COUNTY, TEXAS 
129 ACRES OF PRIME 
VACANT LAND 


WANTED 


- WC ARB ACTIVILV teek.no Dur , , 1ASC 
I hr-wajJn'*** 3 n nnn“ DPrtr ln»l»lmeTW 

! OeMJl, ?0 T "X 

i w^ e 're l 2 Vi.7 G 2 TVo; 3 R ”' 1 lon «" , 


Consofidated Credits and ! 
Oistaunn Limited 
Chelsea Home. 1 
Premium Hall Road. ( 
London W 5 id- I 
Tel: oi. gog 0812 1 


Near Houi ton; on Hwy 2B8- SutfiBN 
foe i ndut trial .commercial. diHHbuti®* 
and/or residential purpeaes. No *&*■’ 
ing restrictions. No pipe line C*o** lo fl-. 
no encumbrances- Only one of it*-* 1 *?: 
■n this area. Will subdivide (■»>"- 3V 
acres j. Water,- aleccrieiry and i 1 **!* 
available nearby. Adjacent to e*ta , f': 
'■shed industrial, shopping and nOy 
dentiai area*. Principals only- . 

FOR WfORMAf/ON WR ITtt -> 
8er FI0I4. Ffnatriof Tl*“' ,i* 
IQ Cannoa Street. tC4? 487.^.-* 









r_v 














'•’•e 


Financial Times Friday Mav 12 1978 

t FINANCIAL TIMES REPORT 

Friday May 12 1978 . 


33 





Except for a few fright spots in areas favoured by development of North 
Sea onshore facilities the Scottish property market remains slack. Any real recovery 
seems unlikely until the local economy as a whole begins to make headway. 


Little 
cheer 
in the 
outlook 

By John Brennan 

Property Correspondent 

ALL BETS on the outlook for 
Scotland's economy this year 
are off. Economic forecasters 
have turned up with their usual 
array of conflicting predictions 
on industrial output, invest- 
ment and -employment. But a 
consensus view now sees the 
Scottish economy lagging behind 
that of ihe rest of Britain for 
the first ime in mare than a 
decade. 

Confederation of British 
Industry surveys of investment 
intentions throughout Scottish 
industry indicate a weakening of 
expansion plans since the turn 
of *.hc year And a Further pessi- 


mistic point can be seen in 
the level of construction in- 
dustry orders, which are now 
falling again after a temporary 
recovery last summer. 

The slate of the economy 
makes 3 pretty cheerless back- 
chith for Scotland's property 
industry. And although there 
are exceptional pockets of grow- 
ing demand, particularly in 
areas benefiting from the 
growth of downstream develop- 
ment of North Sea oil and. gas 
facilities. Scotland's property 
market is still only a shadow 
of the boom business it was 
before 1974. 

In the office market. Govern- 
ment staff relocation to the 
major Scottish cities has kept 
the letting market alive 
through the recession. - In a 
recent Parliamentary question 
Mr. Malcolm Bruce, deputy 
chairman of the Scottish 
Liberal Party, was able to press 
the Department of. the Environ- 
ment for figures of its Scottish 
office lettings in the pest four 
years. 

The DoE reported that It had 
leased 990.000 square feet of 
new offices in Edinburgh, Glas- 
gow. Dundee and Aberdeen 
since 1974. far and away the 
largest single letting opera- 
tion in Scotland of new 
and refurbished office accom- 
modation that has come on 



OFFICES TO LET 

CENTRAL 

C’W House. CoSega Sues;. 8D.4GOw|. ft. 

Suit H<* 1 K 1 Urnun Street 1 6.250 s®. ft. 

mi HouSa, I’rfjgiE'Mce 1 4.600 n». ft. 

Enrrnric Huso. Crown Seen — 11 .500 *rj. ft. 
toflti ScJ House. Marker 5twT. . . . 3 950 *q. If. 

WEST END 

Bfcnheitn Hoik.' 

Fourvi'yttian Roar* 1B.0CO E4- 

PTiur ... . . . tf.WO «•-{«. 

5 A3nm terrdce. 2.626 m- Jl 

HARBOUR 

42 Rc^nnt Quay 4.150 m. ft. 



g^^bi^mA^^RE^OUSE ^DEVELOPMENTS 


HARBOUR 

UNITS m ft. Cl. -3.1 


iTMSHT TWIST LTD 
fMi.V-ty 1*71 


AIRPORT SLOUGH INDUSTRIAL ESTATES LTD 

L'HI 13 a.bJO Sit- ft. 10 36.000 U) ft. tot-, limnw* 

BRIDGE OF DON mile* Dtvaowtirrs ltd 

UMTS Tl.C’OO M ft. In 22, BOO tq. K- Env v Ll«m !»’( 


MASTRICK 

UNtrs &.000 j >. ft. lo 40.000 »t- 

ni.L ■MRTIC’.UKS FAOM 


AfflD BUCHAN UNirrEP 

unm scptMiUt ljra 


F. G. BURNETT, Sfl 

OKMTT^TOSyM.'ClpS-.lJ'uOISJiv'CMrEaGrVrTS j ♦jv.Jj j 

H RubisIavrTwcxturo . - I VJ j 

^ Aberdeen ABlJXETet;S72&63 - L J • ' 


to the Glasgow market in 
that time. Adding nationalised 
industry lettings and the Gov- 
ernment's Property Sendees 
Agency's own developments to 
the total and Government 
tenants account for just under 
60 per cent, of the whole of 
Glasgow's over 8 m. square feet 
of office stock. 

As the effects of earlier 
public sector spending cuts 
filter through, there is already 
a marked slowing down in the 
rate of new Government office 
lettings. And it is fortunate 
that much or the nversupply 
of offices in the major centres 
has now been absorbed, or the 
Scottish office market would 
have been forced to carry the 
scars r.f ihe crash well into the 
next decade. 

As it is. the major office 
centres have managed to 
achieve a rough balance of 
supply and demand. In the 
absence of new .development 
starts in Glasgow in recent 
years, even sluggish commercial 
demand bolstered by DoE and 
local authority lettings has now 
created a general . shortage of 
large modern units. And. as 
commercial space users trade 
up-market for better space, and 
an increased demand fur offices 
begins to come from locally 
growing financial institutions — 
.and from the major British 
clearing banks which have 
grcaily increased their Scottish 
operations in recent .years — 
prime office rents in the city 
have defied the recession and 
are now beginning to move 
ahead quite sharply. 


Bents are still too low. how- 
ever. to justly major speculative 
new developments. There is still 
a mass of secondary quality 
office space lying friendless in 
ihe supply statistics. Bur Glas- 
gow's office market now seems 
past the worst. 

Afler a ner. 35 per cenL 
increase in rale charges for 
prime offices this year — accord- 
ing 10 Debenham Tewspn and 
Chinnocks’ latest rent and rates 
survey — Edinburgh now ranks 
as the most expensive office 
location outside of Central Lon- 
don. The city also has a mass 
of new speculative develop- 
ments coming on stream in the 
next few years, and a letting 
market that looks insufficiently 
strong to absorb this new build- 
ing rapidly enough to see more 
than a nominal upward move- 
ment in rants. 

Aberdeen is a more complex 
market. Its supporters see the 
North Sea nil-primed expansion 
of service industries in the area 
as a permanent phenomenon. 
Its critics fear that the oil 
boom will fizzle out within 10 
years. In fact the case for the 
long - term development or 
Aberdeen as an- important 
Northern European oil and ser- 
vice centre supplementing its 
traditional roles as a regional 
capital, university city and 
trading centre looks ton logical 
to be dismissed. The oil majors 
clearly take a long-term view 
of the city*, and. as more move 
to Aberdeen it looks certain to 
consolidate its position as the 
centre of the £l_onflm. a year off- 
shore supply industry. Office 


space of international quality is. 
scarce, and although the fashion 
for campus style developments 
skirting the city has su far pre- 
vented a rental explosion, it is 
hard to see what can now stop 
the continued rapid increase in 
local office, shop, industrial and 
residential properly values. 

On the industrial front the 
short-term outlook fur private 
developments and industrial 
rental growth in Scotland is 
depressed by the sluggish pace 
of economic recovery. But 
longer term, the developers have 
an enormous task if they are to 
help drag Scottish manufac- 
turers out 'of the industrial 
museums so many have held on 
to since the first industrial 
revolution. In the meantime, 
private industrial development 
is concentrated on the needs of 
thp distribution industry'. 

Scottish distributors have 
been more willing than manu- 
facturers to move to new build- 
ings because of the markedly 
changed pattern of freight 
transport in recent years.' Scot- 
land is now substantially more 
road-orientated than the rest of 
Britain, with over two-thirds of 
all freight carried by road, the 
remaining third being shared by 
sea. rail and an increasingly im- 
portant .air transport business. 
As 60 per cent, of the popula- 
tion lives in less than 6 per cent, 
of the land area in Scotland’s 
southern central industrial belt, 
new warehouse and distribution 
centred on the Greater Glasgnw 
motorways have become the 
classic “ prime *' units. And 
pressure for out-of-town whole- 
sale/retail schemes keeps 


developments with planning 
consent for a retail element at 
the top end of the rental scale. 

The steady rise in consumer 
spending that has gone un- 
checked by the general eeo- 
nuratc recession has kept 
Scottish shop property on the 
boil. Investment pressure for 
prime units in the tradi- 
tional Scottish retail centres has 
forced buying yields in Glas- 
gow’s Argyle Street, and in 
Princes Street. Edinburgh, on 
to a par with the very best loca- 
tions in Central London. Local 
financial institutions* long- 
standing domination of the 
retail investment market and 
the consequently tight market 
in such prime located property, 
helps to underpin investment 
values. But outside the prime 
areas this year's rating increases 
may force widespread rationali- 
sation of multiple-traders’ out- 
lets and still more interest in 
larger out-of-town schemes. 

Scotland’s residential property 
market started 1978 on a down- 
trend. with price rises falling 
behind the average rate of in- 
crease in England and Wales 
for the first time in four 
years. But ar least Scottish 
housebuilders have a stable, 
rising trend of home ownership 
underlying this temporary down- 
turn. Only 33 per cent, of 
houses are privately owned in 
Scotland compared with a 
national average of 54 per cent. 
As more and more people 
in Scotland move from rented 
accommodation, at least the 
cheaper end of the housing 
market has a firm captive 
market. 


On buying a house 


The purpose of this article is 
to explain the Scottish system 
of housebuying to those with 
no knowledge of it. hut I fear 
that it will be coloured through- 
out hy an Englishman's bewilder- 
ment. However, readers south 
of the Border may find some- 
thing instructive in the story 
nr my bemused attempt to -find 
my way through the minefield. 

I first had an tnkiing that 
things were not going to be 
arrival in Edinburgh I began to 
look through The property ads. 
in the newspapers. For one 
thing the prices quoted were 
not nearly as horrendous as I 
had been led to believe they 
would be. For another ihe 
mysterious word “ up jet ” 
appeared with regularity, and 
the more 1 puzzled over its 
meaning the more I began to 
fear I might be the one who was 
going- to be upset 



Kenneth JRyderi and Partners 


Chartered Surveyors 


INDUSTRIALS 


w 




EDINBURGH 

Baileyfield Estate 

EDINBURGH 

52/58 Jane Street (off Leith Walk) 

EAST LOTHIAN 

Macinerry 

MIDLOTHIAN 

Bonnyvigg High Street 

RENFREW 

Blythswood Estate 

RUTHERGLEN 

Shawtield Estate 

GLASGOW 

i Bail! lesion ) 

AS Trading Estate 

71 HANOVER STREET 
EDINBURGH EH2 1F.F 
(131-225 6533 


La?t 2 new warehouse 
units of 8,170 sq. ft. or 
16.340 sq. ft combined. 
TO LEASE 

Engineering workshop/ 
warehouse 30,000 sq. ft. 
TO LEASE 

Modern factory/ware- 
house of 21.000* sq. ft 
FOR SALE/TO LEASE 

Wor ks/warehouse of 

60.000 sq. ft. 

Offices of 10.000 sq. ft. 

for sale/to lease 

in whole or in parts. 

Last 4 units remaining — 

2 adjoining units of 6.800 
sq. ft. and 2 of 4.693 sq. 
ft. Available for immedi- 
ate occupation. 

3 warehouse /workshop 
units of 7,742 sq. ft 
available for immediate 
occupation. 

TO LEASE 

New warehouse units 
t ola 1 line 56.000 sq. ft. 
available in Phase 1 from 

3.000 sq. ft- to 36,000 

sq. ft. 

Available October 1978. 

121 WEST GEORGE STREET 
GLASGOW G2 IQS 
041-221 8591 



. My colleagues in the office 
gave me my first lesson in 
Scottish house purchase. The 
prices qunted in the paper, they 
told me. were nut, as I had 
fondly imagined, maxima but 
minima. The Scots, unlike the 
English, . do not expect lo be 
bid down when they offer 
property for sale: they give 
their " upset ’’ price as an 
absolute rnek-hnrtom figure and 
expect To be bid up. 

Lesson two came a short 
while later after I had actually 
seen a few properties and 
settled on one which I wanted 
to UOy. “upset” or not 

The beauty of ihe English 
system, it seems to me. is that 
the two sides may haggle a 
little, huff and puff, but will 
eventually come to an agreed 
price and that’s it. I tried this 
.approach on the man who 
owned the house I wanted to 
buy. “ How much?” I said. 
“ £1,500. that's my upsets he 
said. “Yes. but how much do 
you actually want?” I added. 

15.000, that's niy upset," he 
replied. 

Repeating 

So we went nn. I hid high, 
I bid low. But he would not 
be moved. He kept repeating 
the same phrase and Dot even 
by the intonation in his voice 
could l get the slightest hint 
of the amount he wanted for 
bis house or expected to get 

Lesson two. then, is this. 
Except when you hit upon 
soother expatriate who does not 
understand the system either, 
a person selling a house in 
Scotland will not haggle. All 
bids must be submitted in 
sealed envelopes to the ven- 
dor’s solicitors. They are then 
all opened on the same day 
and the highest wins. 

From then nn the bargain is 
said to be legally binding. The 
lucky bidder cannot get out of 
it and the unlucky ones — even 
if beaten by as little as 5p— do 
not get another chance to bid. 

The merits of this behind- 
iocked-donrs system, my col- 
leagues explained, was that it 
made the English disease of 
gazumping impossible, and for 
a time I believed them. But 
now 1 am a little wiser. For 
a start there are sometimes un- 
scrupulous sellers or- (whisper 
it quietly) canny solicitors who 
by a nod and a wink lo the 
second highest bidder will get 
him nr her to put in a new and 
higher offer. The effect of This 
negotiation in the dark, particu- 
larly in limes of housing short- 
age. is to make people bid as 
much as they can possibly 
afford, regardless of how much 
the house is worth. 

There is always the danger 
that you will bid as much as you 
can afford and still be beaten by 
the odd few pounds. So some 
would-be buyers try to antici- 
pate the bid® of their competi- 
tors. They hid £15,530 instead of 


£15.000. A few people take this 
lo extremes, putting in offers 
like £15.555.554 and hoping to 
beat other bidders by the odd 
half-penny. My technique, 
adopted after a number of 
failures, was simply to scrape 
Together every pound I could 
find and bid the same price for 
every property, regardless of 
what I thought it was worth, or 
what the “upset” was. 

I am happy to say I got what 
I consider to be a bargain, but 
1 am sure that it was luck rather 
than good judgment and I do 
not know to this day if T was 
ip over the next highest bidder, 
or £50 or even £5.000. Nor. for 
that matter, do I know for cer- 
tain that there were other 
bidders. 

• You will have gathered that I 
am no great faD of the Scottish 
system of housebuying; I think 
i: is unnecessarily complicated. 
But that is not to say that T do 
not see some advantages in it 
which coufri he blended with the 
English method to mitigate 
some of the latter’s faults. 

The legally binding offer is 
one good feantre. There is 
nnthing mure infuriating to the 
seller than the buyer who makes 
an offer, says nothing for three 
weeks and then changes his 
mind. Fn practice the Scots sanc- 
tion has little real force, since 
there are few sellers who wanr 
to leave their homes stagnant 
on the market for the period it 
would take to set a recalcitrant 
buyer into court. But It does 
seem to exert some moral pres- 
sure and. in contrast to Enslsnd. 
there are few Scots who would 
back down on a bargain once it 
was struck. 

The other good feature, it 
seems to me. is the competition 
hetween solicitors and estate 
agents to sell property. Not so 
long ago all property in Scot- 
land was sold by solicitors, who 
combined this service with the 
conveyancing to give an all-in- 
one packase. The advantage was 
that it was cheaper than paying 
both a solicitor and 'inn estate 
agent. One of the disadvantages 
was that solicitor? very rarely 
knew how to “ market ” a house 
properly, so if there ‘was no 

response to the ad. in the news- 
paper. that was that 


and cities now have Solicitors’ 
Property Centres— shops where 
people wishing to buy houses or 
flats can look through folders 
giving details of ail the property 
in the area being offered for 
sale by solicitors. 

Ray Perman 

Scottish Correspondent 



Now available: 
the six-monthly 
Aberdeen 
Commercial and 
Industrial 
Property 



A Development by 
The Croudace Group of Companies 

EDINBURGH 

SUPERIOR MEW OFFICE BUILDING 

BRUNSWICK HOUSE 
Sq. Ft. 44,100 net 

with basement; car park 51 cars 

Central Location , dose St. James's 
Centre and all amenities. 

OCCUPATION LATE SUMMER 1978 

• • •> 

JOINT LET r/NG. AGENTS: 


JOHN tiWOOD 


56 GEORGE -STREET 
EDINBURGH 


IHILL WELSH 

25 QUEEN ANNE'S GATE 
LONDON. SWF- 


Tel: 031-225 7178 Tel: 01-839 1673 . 


Influx 


In the lasT few years there 
has been a big influx of estate 
agents into Scotland to break 
this monopoly and their arrival 
has encouraged the growth of 
indigenous firms. They offer all 
the services uf their counter- 
parts in the south and some try 
to blend the best features of the'j 
Seortish and English systems by 
encouraging Lbeir clients to go 
for fixed price sales. 

The solicitors, it must he 
said, have not taken this lying 
down and one of their best in. 
novations is a direct result of 
this competition. Edinburgh 
and several other Scottish towns 


AAJton you want a tome 




to cal youft outi, 
buiQds them bettefc, 



.V • ■ * ‘ "I# 





* ■- sx. .... 



Take Gleneaglcs Village for v - * f$H : If* * 

example. There, at Airlie Court you’ll ,/p'K/ ]«fj< 

find flats and at Guthrie Court villas, 1 \ ■'* r - 




linked villas and chalet bungalows that ; 
. are the epitome of comfort and enjoy a 
unique setting adjacent to the exclusive 
Gleneagles Hotel. 

That’s just one of the many superb 
Bovis developments throughout 
Scotland. 

Each and every one represents a 
betterhome, in a better place, at a 
better price. 

Take time out and visit one of our 
estates soon. 

Financially, and in every other 
respect, you couldn’t make a better 
move. 



Write to us now and we’ll send you 
full details of Bonis Homes in Scotland. 
Bovis Homes Scotland Ltd 
Credon House ■ 

23 West Campbell Street 
Glasgow G26RT 
Telephone 041-221 08 / L 

. /. ;„}* 


Bovis 


builds them better. 

Bovis Homes Scotland Ltd. 1 






Financial Times Friday May. 12 1975 



PROPERTY IN SCOTLAND H 


* 


P*T A Mio Ownul 
Compiu 


Main Road 
flail Bgul* 


Life offices’ involvement 


THE U.K. life assurance the largest of them, is one of property development unless in development as well as in- In corn pie i p . c cm iw> u * w « ^ in Glasgow, 

industry, together with pension the leading pension companies this is considered to be in the vesting in completed properties. Widows, P°*?* A h , if „ com . Cfl Vcuitahle has a 

funds, to the main provider of *■ U» UaC while the other best interests of policy holders. Much depends on the tradition known of Scornsh life com sum 1. "tax** 

capital for the property mar- companies are all active In pro- All properly holding are » and expert™ available. pu «. * investment. f t V Scottish hold, ns ■«££ 

ket and since the Second World vld ‘”S Pension business. There sidered solely on their invest- standard Life has for «' 1 ™ " f„ L P 0 ncentrate on the I r ated^ in Edinburgh It E ■ ■ 

War life assurance funds have 1S a “eed for propertj .invest- ment merits. of which re a lonal several years been a strong, in- J”* market It will buy good J inlv in completed probm* 

been steadily invested m pm* me ^ by the Scottish life com- considerations are just one vestor 4a property. This now nropertv at the right !!.j. h : ol ul0 rc than 10 per wm' 

peitF- Individual investors have parties, boosted by the establish- factor. accounts for 16 per cent, of have *,*‘5 "",Ei 0 n p™«E 2 .* 

turned to life assurance as ment . specialised funds for Scottish life companies, there- assets which at the end of. its -5? * nd selective. Pro- ^-velownentf q? 8 ' 

offering a steady medium and P ens,0n scheme investment fore, do not invest in property last accounting year— Novera- Jjffj*. L, . acc0 unts for about us ^jL h . on i.: entered ‘ 
long terra investment through In general terms, the invest- simply because it- is situated m ber 15, 1977— amounted, to PSr rent of assets and the compa '2 in t ■ 
with-profit endowment assur- nieot portfolio of a life com- Scotland. Nationalistic or devo- £2.1bn. It has been one of the & general has done T»rj>pert> soctor 3n ra-cm . Hsrj 

ance. Many small and medium- Pany should- have a wide spread lution considerations do not most active participants among little devrionmenL Even after f n 11 "K 

sized companies have used life in order to stabilise the returns enter into the investment con- life companies in property T®* 7 d pension fund. »> ut “ the sCC,or * 

assurance companies to operate minimise the risk of losses, siderations. The Scottish development, preferring to in- w h offers an investment Scottish Life has just erntj. 
thair pension arrangements for Life companies are seeking National Party has remained vest through development management service to pension pitted the Orchard Bray Him* 
employees. In such circumstan- steady growth m income and vague on the subject of finan- rather than in direct purchases providing a complete office block in Edinburgh with - 

res, property as a Ion™ term capital appreciaiion. not spread- cial involvement of the Scottish of completed properties. At L. “ d 0 f investments, has no no.ouO square feet of space, 

investment can meetthe require- ins the holdings between shops, life companies in Scottish present over three-quarters o7 ‘ p OGrTv jp th e portfolio at The’ company i? n«w seeking 

merits of the life assurance omces and industrial property development. property Investment is through sent! tenants fur the block, its larger 

companies. Increasing rental an< * having properties of these development — the company was p swv'le property invcsimenL j, 

incomes and property values can spread throughout the t-finlior involved in the Brent Cross Lf ., n nUice Murk in Gianni. 


satess - 


War life assurance funds have 1S a °® e <* for propenj inve&i- ment merits, of wmen regional several years been a strong, in- p ‘. market It will buy good m ..: nlv i n completed proomv 1 
been steadily invested in pro- * the Scottish M- com- considerations are just one vestor 4a - property. This now at the right ^^/"we Am 10 H 


Central Region 

With 75*9 of Scotland s population and 95 c c oi industry 
within a 35 mite radius o» the Central Region, it is the 
natural choice tor expansion In the North. The wide variety 
ol factory units and sites available make expansion a viable 
option, and the financial incentives offered by central 
government, local authorities and the Scottish Economic 
Planning Department make it an economic proposition. 
Central Region's communication Itrfks are tailor made for 
the lucrative mkrket of Britain and Europe. Trucking time to 
London is just TO hours and there are extensive links to 
Europe via Grangemouth — Scotland's largest East Coast 
port — and air services from Glasgow and Edinburgh. 

The region's large and mobile workforce ranges from 
unskilled to highly trained and has an excellent record of 
labour relations. 

Gel the facts on Central Region today. Write or telephone 
to: 


Industrial Development Unit 
Central Regional Council 
Viewforth Stirling 
Telephone: Stirling 31 11 


merits of the life assurance offices and industrial property development, 
companies. Increasing rental and having properties of these 


incomes and property values can J-T** spread throughout the Tfjollpr 
material I v assist in enabling u.X. example, life com- 


materially assist in enabling L.ly. Par example, life com- shopping complex in North Lon- p.inifllv 

life companies to increase their P an .' es have endeavoured to But some of these life com- dorr and is now engaged in the 

bonus rates on with-profit enn- av o Jd having too great a con- paries dtJ have a slightly higher Cutler Street Warehouse c .. h a mi 

tracts. Property, the longest- rpntration of office properly pr 0 p 0rtl0n 0 f their property development in the .C.ty of . * ‘ - 

term investment available, can situated in London and South- asse t s in Scotland compared London. ' v pars t 

cover the liabilities of pension b "Sland. . with their English counterparts. The company is active in „n'it 


property in the portfolio at The company i? now seeking 
present. tenants fur the block, its larger 

single properly invcaimmL i t 
has an oifire bh» k in Glasgow 
RiinifllV a» d 1,5 bead offices in Edui. 

lvapiuij bwrzh bur otlier.vi.-e very hul 9 

Scottish Amicable, a company property in Scot i anti, 
that lias grown very rapidly in The «; en (f i^h Provident . has 
recent years, has been steadily vcrv little property in SHTitlanii 


or lesser extent, in this growth Dr0 nerty development to an "C r pusQ 

i" "I s ! ESS* iSf’SZ. iTe SS-srsi S.12ES 


vf r v of P perties and participates in enthusiastic about properly at 

development^ndatpresentit presenL 


life com panics have achieved “ovestnient^mananer-s prime Scotland. .Then the investment shopping centre' complex in i ™ shopping 

leading positions in with-profit responsibility is to the policy tl “ L that J 01 /® 11 ? 0Se L to ®n d “ oiBce block in development in Sauchiehal! 

noH-nrman-o f hrr>,ioh «r M riiiir J s lo U the Scottish market aod under- Li\-inffstone new town. - 5 eveiup . j*. 


““‘.“"e development in Sauchienaii 

performance through ateadilv h 0 i5e« wiih the WanFand L,T ^“ ' Sme. ^ in Glaagow. vhere it, 

nsing bonuses. Standard UFe. w„h mutual life companies. Currently, Standard Life has h Pa d office is situated. 

which lav; , no Shareholder . fX S«t.,sh Mutual, the other! 

~ | [ m one”S!ih 'ule cl" a^ is ~ “ 0i e“t lilSUS 

■ I ■ three^uarten of the policy se, involved in property It has only one or two small 

'Cial I *«. each of the Scot- Mmnt a, a 1 eontend.ng projMts in the area direcUy 


A selection of commercial 
property services from 
Mr Square Footage 
in Scotland J 



tiih TOmpariies sre slmsted’ Sa. Ihis is not Iheir funrti.m ™ tion of its proper^ Portfolio in 

outside Scotland, mostly South and acknowledging that this Is *5 e . cted ^ oU bo °™- Never- Scotland and is currency 
of the Tweed and Cheviots, a more risky investment area Unless, the company is making engaged on developments in 
Clearly these companies should and expertise is needed. Others outlays in the region of £30m. Aberdeen, Dingwall and Inyer- 
not concentrate on Scottish are very willing to participate a year on property development, ness as well as in East Kilbride 

The market in homes 


I r~i T~r i i 


1 

Industrial 



X DDUC 
r * U3CC 

• coca 


Offices 



Shops 




Investment 


Valuations 


Development 


It's all part of the Knight Frank & Rutley service 


KF 


f Knight Rank&Rudey 

8 Charlotte Square Edinburgh EH2 4DR 
Telephone 031-225 7105 


ADVANCE FACTORY — TO LET 

10.000 sq. foor unit find, offiers, to'lers etc.) immediate)}'., 
available at HEATHFIELD INDUSTRIAL ESTATE. AYR. Lea*e 
terms are negotiable and a rent free period can be made avail- 
able in appropriate cases. Fully serviced industrial sites are also 
available in Ayr and throughout the District. 

For full details of these ond other industrial land and 
property in this area please contact : — 

THE ESTATE5 SECTION, 

KYLE & CARRICK DISTRICT COUNCIL 
BURNS HOUSE, AYR (0292 ) 81511 


nvr r ,v v • , . r- ... • 

BELLEKN0WES ESTATE 
Inverkeithing / Fife 

I , . A Development By: 

Standard Life Assurance Company 





Lidustrial & Warehouse Units To Lease. 
Immediate Occupation. ' ; . : ■ ' ' . 
Units of 3,500 sqi.ft; to .17500 sq.ft. 

For Details & A I.ettmg Bnrhurf Contact: 

Kenneth Ryden and Partners 

Xz T-’-.-iIc-vc-.-rr 

"I Tl-l' ,-q:: V'?' iLK-TrA-r.-m r 7,- ’LB A_; 3 - 


SCOTLAND MAY be a regional land. For most of Scotland it is in the depressed West Earlier suburban houses in particular OmbinWir 

unit as far as the Department also true that the private this year the Volume House- jumping by far more than the n ‘ C7< 

of Trade is concerned, but no- housing sector is itself only a builders Study Group, repre- 10 per cent, which the surveyors ( FOi 

body in the local house property stripling compared with the renting the seven largest private noted. _ t.t£Zr 

business is under that illusion, lumbering giant of the public house-builders in Britain, set Fnr 1978. then, the forecast c 

There are several ScoUahds, and sector. In England and Wales 0 ut the equation for all to see. is only moderately cautious. Not Ful1 ****% 

business very much depends on nearly 60 per cent of homes many experts predict a sus- 3 Hlrt 

which one concerns you. Sweep- are privately owned: in Scotland PliQnnnc tained price explosion but none ’ i 

ing talks of movements in house little more than 30 per cent ^IlolUgCai foresees any kind of collapse. qJ 

prices •* in Scotland ” as against. Most Scots live in homes owned Either, they said, the Govern- niost common complaint t«is c 
say. “East Anglia.” is very by either their local authority ment an j ^ authorities front the estate agents is that jlzt— 

sweeping indeed. What matters or the Scottish special housing fan( j jj, e important ones in there is a shortage of good- j 

is whether your interest lies in association or a new town deve- Scotland are Labour) alter their quality properties. Once adver- LEB 

Kirkwall or Kelso. Dingwall, lopraent corporation or public policies or prices go tip. The -Used, homes are .staying on the 

Dalkeith or Dalmarnock. bodies like the Forestry Com- changes they called for included “sariost for a markedly briefer vfu 

Nothing demonstrates that mission, Eledricity Boards and a spee ding-up of planning pro- tirae a > ear a S°. and for ESKSnJJ* 
truth more than the history' of Coal Board. cedures an acceptance of 111 ,he cumton voiced by build- «g 

Aberdeen in the early seventies. Furthermore, within the un jf orm ' standards and the in S society managers conscious wo.aoo 

For while the early oil boom private sector it is still unusual re i ease of muc jj £o re buildin^ Quotas, there is not yet iAmmimi 

was sending prices there up to for a Scottish homeowner to be , d Barratt Developments one ^ significant sign that bnrrnw- cal’o.onn 0 
the point where only London paying off a building society f ^ leade re j n Scotland in e difficulties are restraining 

and the South-East of England mortgage: less than half of the rf-ims th a , i? real s them £2 5«i Purchases. Sp “ 

seemed dearer, prices io and owner-occupiers are directly Ifniwe n If u *«*• 

around the depressed West involved with the familiar wor- U - Barnfon i 

Central Scotiand area were con- ries about movements in the ’“f l«T.S.hU « 

sistently sluggish. mortgage rate. Particularly For A V B 

Similarly, in the near future, those in older urban Oats, and ’IlSL™? AYR 

there is good reason to expect in smaller country cottager, it is T( , T ., - .■ ‘ AnVAMPP PfiPTirDV 

that a Scottish Assembly in likely that the property is °.[ , ( h ' ( *™" d . 'if 8 * ADVANCE FACTORY - 

Edinburgh will give a powerful owned outright, by inheritance ir no , I i c; |, 10.000 sq. foot unit find, offiers. toilet 

boost to the property market in or completed purchase, or is f^ n cq offnrri *« ' k*- available at HEATHFIELD INDUSTRIAL I 

central Edinburgh, and in those being financed by some source can 9 “° }° Du - a “ rm * are negotiable and a rent free perio 

residential areas within’ com- olhcr than a building society. nouse. ^in ^.cntJand Ihey need able m appropriate cases. Fully serviced im 
muting distance. But an That certainly helps ta m " re ma f n i 7.-. o0U - . . available in Ayr and throughout t 

Assembly is unlikely to help sell explain the apparent discrep- “ oine fam *^ 11 &s oi dv^ lously have For fu// detoi/s of these ond other ind 

houses in and around Airdne, ancles in reports. But there is ‘ ne raeai } s > tneir eagerness property in this area please co 

Coatbridge, Motherwell and little doubt that the Scottish ‘® bu ^ J* * n r f. ce i J' t THE ESTATES SECTION, 

Lanark. patten, is changing, and chang- Pnce mc rcases °f the magnUude kyle i CARRICK DISTRICK 

Knowledge of local conditions ing slowly towards the wider reported by Bernard Thorpes. BURNS HOUSE AYR (0292) i 

is In fact essential. Without an U.K. norm. In the last detade wlth Edinburgh flats and _ K,M:> HOU5E - AYR < 0292 > 1 

understanding of the varied the building societies have “ 

micro-markets within Scotland, invaded Scotland's High Streets, 
mistaken — and conceivably increasing their branches six 
costly ones — are inevitable, limes over, and their influence 
■ Only the divergence of area in favour of wider homerowuer- 
froni area makes sense of the ship is reinforced by politicians 
conflicting claims of those in the of every party — for even the 
property business. Labour Government has now 

In April. 1978. For example, lent its qualified support 
the Nationwide Building Society through last year's specifically 
announced that house prices in Scottish Green Paper on 
Scotiand rose by less than the housing. 

U.K. average during the first So picking a discreet and . 

quarter. In the same month the delicate path between the dis- • 

Scottish branch of the Royal trict peculiarities of the Scottish 
institute of Chartered Surveyors scene, we can detect certain 
announced that house-buying in general trends. It is certainly 
Scotland in rhat same quarter true, as the Department of the 
had been •furious.'’ The Environment has suggested, that 

Nationwide talked of a 4 per Scottish bouse prices rose faster X/V, £<£^>5 

cent, rise agamsi the U.K. aver- between late 1976 and the (■<<■ /»> 

age of 5 ppr cent.: the surveyors beginning of 1978 than in any 

of rises “ hr i ween 5 and 10 per other area except the north of 

cent.” A leading firm of estate England. JfJr"- V' Jv 

□gents. Bernard Thorpe and The present position is that /v v: -4i M 

Partner', revealed in the same the average price of a new house £-3 33 hJ jrf&is. 

month that flats in Edinburgh in Scotland is f 16.240, while a. pkjfrjf 
had in some cases risen by 15 modern second-hand house is fZrvW 

percent. around £15.890 and an older ^ 

one £1^,820. This makes the 

IN CB comers average overall £14.850, against fyf 

Th- 1 v ■ , , a U.K. average of £13,850 and £f 

Dbvl0 V sl ?; J 0 a Greater Londnn figure of M 

conclude that they cannot all be riaxqn Thit voir win - 

right. But of course there is a J h,s yea ( r ™ n see * for faf f 

sense in which they could. The ^ first time in living mernoiy-. 
larger British building societies f 10 ™ P nva I« sector homes built I J 
are relaiivo newcomers to the in Scotlandthan publicsector.lt // 

Scottish scene, and are by no *' ,n also sec, without any ques- fif 
means as universally involved in t ' on - a distinct rise in the price hJ 
ail sections of the residential of those houses. /.x7 [*?; J# 

market as they are in the south. The resurgence of the Labour 
They are. from choice, rarely Party at local government level 

met in the older urban market- means that the Row of council v ; ^ /&i 

place for tenement flats: and homes on tu the private market 'v/nX 4 

their geographic penetration of will remain at derisory levels — -■ '■/ /■ •/.h 

the wider marker in new homes, for the one group that deplored ** 
and superior second-hand ones, the Green Paper's couccssinns 
tends to vary very widely from ro this demand was local Labour 

society to society and district p ar tv activists. Without lhat. \hs 

to district. • there is general agreement that 

‘ 11 n eyorf. on the other hand, t hp SU ppiy of privare homes is - J 

^ 3 \ "1*15 ciSftiv stl11 weM belQW demand, and 
fiketd top of the °" e rj “ f lbC C1 " 5 mad r 

tion of buvjng and selDng J or J ! r,se botismg stan- >2^ 

through solicitors is still strong. J r Jjf ewhusrasm is Uicrc, ^ 

Indeed estate agents, building but not the product "" «X 9 

societies and the English dear- Prices therefore will rise— ^^ishedlSZOmL 

ing banks are' all relative new- not only in optimistic Edin- 29SLGeorfle Street Hai 

comer*. burgh and along the relatively London Wilt 3BP . ' 

That is true for all of Scot- advantaged East Coast, but even u ‘ 


Eric-Short 

JOHN CLEGG & CO. 

Chartered Sunreym 

ABERDEENSHIRE 
AN EXCELLENT BLOCK Of 
DEDICATED WOODLANDS 
e xten^na in muJ W 
20S ACRES 

Mixed ago and ipecici nuinfr 
coniferous between 5 & 3S yean old. 
Good acceu. 

Full particular* and pi-n* availably 
on requeic. 

FOR SALE FF.IVATELT 

DUMFRIESSHIRE 

Duns core 4 miles Qnmfriei }4 miles 
A VERY CHARMING RESIDENTIAL 
AND AGRICULTURAL 
HILL PROPERTY 

Attractive famthacM in a bvehr 
position with Hall. 2 Public Room. 
Kitchen. Cloakroom. 4 Bedrooms, 2 
Bathrooms. Excellent On (buildings 
■ -o-jod urmic couiryard. 

Excellent Cottage situated away ham 
main house Living room. Ritcban 1 . 

3 Bedrooms. Batluoom. Exunaim 
Outbuildings. 

In-bjre land and excellent Hill 
356 AO>ES 

FOR SALE BY AUCTION 
Unless Previously SoM Privately 
e.thcr as a whole or in 4 Lots ’ 

ON IUr? 14th 1978 
Full particulars, plans and phocograpls 
available on request. - 


3, Rutland Square, Edinlwrgb- 
Tel: 031 -22* 8000 
Bury Estate Office. 

Church Street. Cheshom 
Tel: Chetham (024 051 4711 


EXCEPTIONAL 
LEISURE INVESTMENT 
PERTHSHIRE 

Combining quality ien-tarerlno Holi- 
day ' Viliaoe.' Owner's 1st rLnss 
modern Re*m«nco and 19* aire Farm 
(Ipnanrcd* In Key Touring :HoHfliv 
central position en >*ute to Hioh- 
lands. Antic looted to xhaw o**r i 
CA0.090 NET PROFIT .19781 thii 
un.aue oatkape alics se-ur© leisure 
Investment w-'th autotial- catntil 
aoore-iatian on Farm. Otters around 
E3IO.Onn r*e-alli Iw 

ROBERT BARRY A CO. 
Spec'oliM Hotel A Leisure 
Bvtineu Agents 

11 Sosith Charlotte St.. Edlobuftdt 2 
Tel: 031.225 2944 







Mm 




// s&av - . •:** :-ji. 4> 

& 4 

h\v > ar-iT 


f mmhSm 

.»r* v rsfr** -vjiKA* :/ 


’ -f i 

£ 







_ Esta ^>shed1820mLonddn . ' 

i^i G ? orse HarwvorSgiw^' 

London WIA3BG 01-6290292^ > V ( 

S - ; 












Financial Times Friday May 12 1978 




PROPERTY IN SCOTLAND ID 


Commercial market 


THE BACKGROUND to the 
ri-nlal market For propony m 
Soitlsml through the rest of 
this year and into next is the 
pattern of business prospects 
f»r Sent land. a number of 
economic studies recently 
carried our suggest that the 
Scottish economy is beginning 
to revert to the pattern of the 
rest :»f the country. 

. For the past five years or so 
Scotland has been marching to 
the beat of a different economic 
drum. Oil is the biggest factor 
behind this different tempo by 
far. of course, but there are 
other not insignificant reasons 
why the Scottish economy has 
been growing at a different 
rate. 

Not least amongst these has 
been the impetus of impending 
devolution, ft is no accident 
that, with all political parties 
trying to win votes over devo- 
lution, investment in Scotland 
has been pushed up to levels 
out of step with the rest of the 
country, including other special 
development areas. 

Between 1071 and 1975, for 
instance. Scotland got a dispro- 
portionately large share of total 
UJC. industrial investment. 





Jnvelair House, a 64,500 square foot office block in Aberdeen, developed jointly by Teesland and Boris, has 

been sold for Legal .and G eneral for just under £2m. 



ESLAND 

in Aberdeen TO LET 

NEW INDUSTRIAL UNITS 
from 5,000 sq. ft. 
Bridge of Don. Altens 
MODERNISED OFFICES 
Albyn Place 
10,300 sq. ft. 

Bon Accord Terrace 
4,000 sq. ft. 


All enquiries: 

Clinton Skene Property Services 

214 Union Street. Aberdeen. 

Tel: Aberdeen (0224) 20394 


.. _ centres; and large than a crawl and the most I 
which plans to build up its public works, such as the recent economic surveys may I 
workforce from its current 60 to £l3.5m. which is to be spent on suggest a further inhibition to 
around 400. Sumburgh airport which is the growth but at least the pros- 

The question now is whether entrance to the Shetlands. Over- peets now look fairly optimistic, 
this pattern is beginning to riding everything is the £l20m. Recent availability studies 
change. In the past couple of Government grant for the suggest that. there is around 
months one economic forecast rehabilitation of Glasgow’s East 1S0.000 square feet of industrial 
has suggested that 'Scottish End. - - space available in larger units j 

economic output is on the verge m ^ meantime each of the in Greater Glasgow with a 
of standstill. It is likely to be three main commercial propertv further 500,000 feet either just 
of the order of only 1 per cent sectors apt3ear healthy overall coming on t0 the market or not 
over the next year and an d ' number of new far away ' Des P ,fp " hat seems. 

around schemes being proposed suggest therefore, a relatively large 
180.000) wril climb, to over a considerable degree nf con- WPPfr rents Er * at 

200,000 by August though it may fiance between £1.20 and £1.50 and 

then level out. * ‘ most developers are putting The 

A second study. . undertaken 0n Ul ® of L cp fr / mt a recent finishing touches to further | 
at about the same time, suggests su, 7 ey br Denham Tewson schemes., 
that the business community is a . nd 

already fully aware of this fl,at Edinbur,h is top of the Cl innn ; na 
trend. In April a survey of prnv,ncIal rpntal charts > 

Scottish companies showed that .-IJfh W»tewr the relative flrm-l 

2,, r oer cent. -weep less confident Edi^nburgh h as alwa ys jeen one ne55 o£ the offiw and tadu5trtaJ | 


•e _ . _ — — t ul uic uiuvt aiiu iuuupli ioj 

of. their business prospects J* Jf 6 ™ 0S J, n f ce loca ; markets in the main cities, how- 

than they. had been even three in Great Bntain and ever jt is shopping wh ich is 


months previously and were extraordinarily tight planning rpa] i’ v ca pturinc the limelight 
preparing for a period of pretty restrictions have kept space at -j^e s Pate of recem ]etting dea i Si 


well nil growth. . 


a premium. 


OFFICES OF IMPORTANCE WAiLfiBlf TO If&SF 
WIIHIN THE CITY OF EDINBURGH 



r” 1 

ELLIOT HOUSE, 

HILLSIDE CRESCENT Functional modern 
offices recently decorated. Available in 
suites from 2,500 sq It to 27,000 sq ft, on long 
or short term leases. Very competitive rental 
to include ample car parking. Immediate 
occupation available. 

JAMES HOUSE, 

128 GEORGE STREET A splendid new 
building behind an elegant Georgian facade, 
close lo Charlotte Square. 26,000 aq ft plus 

15 car spaces. Air conditioning. Ground floor 
suitable for showroom, Building Society or 
banking hall use. 

?6 ST ANDREW 

SQUARE A delightful 

penud restoration in the 
Square's Classical North 
elevation. 5,830 sq ft and 3 
car spaces. Occupation 
Autumn 1978. 

b ■ .. 

2 NORTH ST DAVID 

STREET An open plan suite 
ot 6,515 sq ft plus 2 car spaces on 
the first Moor of this prestigious 
head office building. Occupation 
August 1978. Five year lease 
available. Commanding location. 

2/3 GUEEN STREET 

Superb modern offices. 

Self contained building- 
18,200 sq ft plus generous 
car parking. Occupation 
August 1978. 

- - . J 


Growth 


BERNARD THORPE 




‘ ’ifS 
t.xmk 

i A --it 





TO LET 


BLYTHSWOOD 

SQUARE 

GLASGOW 


5,867 Sq.ft. 

self contained headquarters 
building. 

Prestige refurbishment. 
Executive & Boardroom, 
suite. 


...re 





one-off building programmes 
This then, provides the back- Now. following a 35 per cent, and major shopping centres sug- 
ground against which property increase In rates, total costs gests a virtual bnom. 
men are having to weigh up the f that - Is. - rent and rates); of In Dundee, for instance. 

centre! Edinburgh offices are Prudential's £12m. Wellgaie 
£6.34 oer sauare foot, according shopping centre has been 80 ppr 
to Debenhams. Evpn that cent, pre-lot with prime tenants 
figure may become tno low in in the 26 stores. Rents a 
the next few months as at least thought to be in the £5 to £6 
one less central office scheme range. Less centrally. Standard, 
is put up for rent at an asking. Life has a £3m. scheme where 
price of £5 per square foot, the rents are around £3 per foot 
excluding rates. and short rent free periods are 

More surprising in the Deben- °ff ere d. 

ham surrey is the fact that The main activity, however. Is 
Glasgow s'nts easily into third ^mredon Glasgows Sauchi^ 
Diace behind London and Edin- ha!1 Street The most recent 
burgh, with total costs of £5 53 “« ,s that . Arrowrrnftlnvest- 
oer square foot Once again, meats, a private property corn- 
iris restriction on supply which wy. » to build a f3.5in. shop 
is at the heart of the rises. anrt scheme on the site of 

the former Daiy s department 
store, once part of the House of 
Fraser. It will provide 30.000 
square feet of retail space in 
However, it Is Aberdeen addition to 12,000 square feet 
whioh provides the outstanding of offices. 

example of growth. Drivers When completed, the scheme 
Jonas recently commissioned a will reinforce the drawing 
major investigation of the power of SauchiehaH Street, 
property market in Aberdeen already a prime location, not 
which revealed that office rents least because it will be right 
are now £5 per smiare foot com- next door to the recently opened 
pared with £3.50 a year ago. SauchiehaH Street Centre which 
The firm says that there are has 180,000 square feet of retail 
only 55.000 square feet of new space. 

offices coining on to the market rt is also close to the new 
whereas there are at least three 60.000 square foot store for 
nil companies which will be Boots and in the recently 
* or between 150.000- pedestrianised part of Sanchie- 
200.000 square feet in the next hall Stre(?t which contains 
two years. ■ Marks and Spencer, Littlewnods 

One private property develop- and C and A. 
mem company which has been ^ the same street. British 
deeply involved with schemes Home stores has bought the 

lon ** leasehold of the former 
L ' k J Aborts store from Inter- 

EE . Mr, rv!? ai £ D national Caledonian Assets. The 

n C J n } ■ ? n the store adjoins BHS’s present 

f!S nt ? e r f 7 , L h3S / Q n building and the conversion 
22? 'LST S ^eme planned with Sears 

Jf hidings will also include a 

? cLpletion U 34 000 square foot fronta « e 

rn-nw+'h in PTnprtarinnc develooment for Miss Selfridge, 
The growth m expectations c , „ r nrnnfa i;- n __,r „ 

for offices in Aberdeen is most * 

clearly seen in one particular un1 /" nw^nn fc 

office block developed by Tees- of th position is 

land, InveTair House. This 


36 George Street 
Edinburgh EH2 2LG 
Telephone 031-226 4484 


Chartered Surveyors 


..'V 




Providing a service lo Industry, Agriculture and Hie Individual 


LONDON 
47*48 Piccadilly 


Telephone: 01-437 1274 


Offices at: 
EDINBURGH 
7 Walker Sirees 
Telephone: 031-225 3271 


PERTH 

Dum Isis Road 
Telephone: 0738 21 121 


ctia ABERDEEN - GLASGOW - IRVINE - KELSO 


^ reflected in the rental being | 

64.500-square-fnot block, jointly as ^ d for this , 

developed with Boris, was sold ^ ^.*7* P J . tV ? e 

to the Scottish Electricity Board in, 

pension fund for £830.000 in Scotiand, ^ therefore looks 
1973. Now it has been sold to * eaith,er *an it has done for 
I Legal and Genera] at a figure . past f ” ur „ , an . d 

reputed to be just short of developers, who are still tread- 
|£2m, in 8 cautiously since the 1974 

Teesland, however, is now ^ ura P' ar e continuing to invest 
more involved with industrial ne jy “ 0T ^y. backed up by 
schemes Than with offices; ^“swstic instmitional funds., 
within its current £5m. develop- . however, there are early 
I ment programme is a 220.000- c.ouds on the economic 

, square-foot industrial park at bonzon which suggest that new 
I Altens, on the outskirts of “ eve I,°P Inen t s * still otuy on the 
Aberdeen. drawing board, may have to be 

Industrial developments care> .^ u ^7 budgeted to absorb 
which have been carried out to - in ^reased degree of down- 

dale in Aberdeen have virtu- Si ^ e ns ^v Industrial schemes are 
ally all been extremely success- in context, not 

ful. Dyce Park, adjoining the because of the threat of 
airport, for instance, is com- “I” 0 " output but also Through 
. mandfng rents of between £1.50 ^ om P er, tion from the Scottish 
and. £2.50 per foot and the first Agency which is stepping up its 
phase of the scheme ( carried advance industrial factory pro- 
[ out by a joint venture company S^nune. ; - 

composed of the Charterhouse Christine Moir 


37 


AGENC^: t '/ V 0 ' y 

■X-, p lie acguisitipnoL 

offices) shops and industrial ■ 
teougliout- 'Scotlan'd. 
■ViPrqtessidLM-advice on r<?nt review. 
-TiegpmtiOjiij ; ' - . .: • - 

^ ; INVESTMENT^ 

^-v' Advice .qnim^tmerit inpropeny : 

managemciit of property 
' '' "iriyt-st \x \ env ponf oil 6s . - ■ ' - - • 

- : n3r.-;T^ATIN^ 

d Adviduto Shortish industr>\and ■, 
-con ] nfcrti r >n \ oca lam i i ini t v : 
t? 'ratin^asse^Trients-;- 

^ H MANAdEjVIENT:d:^^^^^^^^^ - ^ 

H GqmpT £^nsrv^prdpcrty s; : ; 


VALUATION: 

’■ Professional adduce on capital and 
rentalvalues.. . Pi . 

DEVELOPMENT: , 

A development management a : 
service covering al Inspects 
appraisal, .finance, 'acquisition^ A 
■ prof ect man agement ' : 
and supervision....' ' ■ -no 

BUILDING : 
CONSULTANCY: • a ; 

A complete raiige-of , .- 

construction advisory services. 


9 / pe [ « nL of ^ capital onshore development which is over £500,000. This figures is prospecti for rents and lettings. Groub and the Royal Bank of 

imesled in 19<I, its share grew °“- re lated. considerably higher . than for However, the indicators are Scotland] has been sold to 

, . .Per cent, in 1975 Investment in Scotland' 'can areas such as the North East of . not all set at “stop.” A con- Prudential Assurance for £1. 8m. 
although its share of the gross be seen in more concrete terms England. si der able amount of investment This represents a yield of 

rH^ UC prn " uct grew only in the figures from the Scottish blor has the investment been is still going on — from the around 9 per cent, 

slightly to 9 per cent The Agency. It has invested £17.3m. predominantly in oil-related completion of dual carriageways Glasgow, too. is coming back 

figures exclude offshore develop- in 30 companies, each of which industries. One typical example between Glasgow and Edin- into its own as an industrial , 

ment, but they do include has received an average of just l 11 March was the £1.4m. burgh, to major housing centre. The dimb out of reces-l 

invested in Stonefield Vehicles, schemes, institutionally financed sion is probably still no more 

an Ayrshire track manufacturer shopping 


. Richard Hliis/' .*• - 7 - f _ 

7 5 Hope Street.. Glasgow C2 6AJ .c 
Tel: 011-2041934, 

Telex: Re scot 7TSOV7 ■ ' ; "v -- \&'4 


Richard Ellis 

Chartered Surveyors 


A 




Valuation, 

Rating Negotiations, 
Selling , Buying, Leasing, 
Investment, 
Building Managment. 


Property is our business 


JOKES IANG 



TIO West George Street 
Glasgow G2 
1^:041-3329231 
10 Castle Stieei 
Edinburgh EH2 SAT 
Chartered Surveyors Tel-'031-225 8344 




-ALTENS 


FOR LEASE 


ALTENS INDUSTRIAL 
ESTATE 

is situated two miles south- 
of the centre of Aberdeen 
and is within very easy 
access of air, road, rail and 
harbour facilities. 


Aberdeen, the centre of : 
Scotland’s most 
prosperous and growing 
Region is not only an .' 
attractive place in which ta 
live, but has; also excellent 
educational, recreational 
and training .facilities. 


For further information and submission of application, 
write to JAMUS J. K. SMITH DSrectorof Law and 
— Administration, Town House, Aberdeen. AB9 1AQ. 


SITES TO BE LEASED 
by way of Registerable 
Lease for periods of 99 
years with right to 
extensions, etc. 

RENTALS 

to be agreed with 'die' 
Council 

SITE SERVICING 
Main Site servicing is fully 
completed and 
construction work can be 
commenced. 


!g City of Aberdeen the City for ail seasons 


Bathgate WEST LOTHIAN 

close M8 MOTORWAY 


Remaining . 

100,000 sq. ft. Warehouse 
on 8.5 acre site 

Immediate Occupation . CT 

100,000 sq. ft« UNDER OFFER XO Lb I 


* LOADING DOORS (fi) .* EDINBURGH 22 MILES— 

* URGE YARD AREAS GLASGOW 27 MILES 

* HEADROOM 23 ft '♦ 500 LBS/P.S.F. FLOOR LOADING 


BERNARD THORPE 


3S GEORGE STREET 
EDINBURGH EH22LGW 031-226 4484 


Joint 

Sola 


& Willows 

• ■ ~«irtTMi«\ -\«kias 

01-882 4633 

.lIMWinnlf-l NOVlii T*vc Miu 










Financial Times Friday May 12197? : 


awi.i.. street + 'overseas markets 


+ FOREIGN I 







gain Dollar improves 

. . nr !< trading. 


gold market _ 

: May II i Ilk? Jo' 


BY OUR WALL STREET CORRESPONDENT 


The US. dollar gained ground good forcr Swad* of the 
NEW YORK, May 11. «i the foreign exchange market |? d ?f SeekVnri in Europe, 

yesterday, while sterling tended long noliaay 


PRICES pushed ahead vitrorou.-ly the Federal Rescues report of Daimler-Benz, which announced machinery order* in March. Socfin. GB and Solvay aH rose “ jjjf STtfw iowth 

in heavy trading on Wall Street ! ** bn - expansion in the Ml higher parent company net profits Ishfkwwa Seisnliiibho rose W2 to hut Eleeirobe!, eased BJraJO to >i^s ftat the m UA. 

lo-day. as investors brushed aside *££«««• came too late to affect for 1-477. lost 40 pfennigs to Y2U3 and Ikegai Iron Works V4 WI'diod Minierc. B.Frs.lfi to moiu ey supi* ur "g 


as iincniun uiiHiwu _i__ , 

news of an increase in ;he Federal 


Reserve system's discount rate. tlomputer and Semi-conductor 


DM296.10. 


Y112 ^ 772, Hoboken B.FraAS to 2.205 financial year' was taw than 

Constructions, Pharmaceuticals and UCB B.Frs38 to *52. Cometm ?£ 


to ofi.63m.. with adiantin? issues ,hmr in 1977 n«t nrofik and a lower “ 1 . Huogwenj. led declines among t . vcnls - piL , hed u, e pound down 

outnumbering declining ones kSoI inV^ln dhidend P MILAN — Higher in foirly active Dutch IniernaUonaL^ losing , 0 si-SltS-l^lSS from a high point 

1.004 io 3% Sii wJL— r o? k !l't 1 , .i U 2,^wi° ° u . r . ^Hding on mainly technical con- Fls.l.IO to 31.* Elsewhere lower of si .8250-1 .8260 recorded around 

The hall-point increase in ihe “***■* Elsewhere. AEG-Telefunken. slderattons. shares were led hy KNSM. j unch rlme Sterling closed at 

discount rate io 7 per cent., which ana McDonald s. steady at S4S;. which announced lower IUh Leading Industrials and NedUnvd,- Oce-Yau der Grintcn si^l-S5-1^195 a fall of 55 points 
was announced prior to the open- VOn Products, predicting a domestic group net profits, eased Financials to gain included Sola and Peli. _ on the day and its trade’Weigbted 


in?, had 
and was 
medicine ' 
.Helping 
renewed 
investors. 


interest of European announcement that merger same amount to DM2.ffi.3fi. Fiat 13 to LI 937 vhiie Assicura- 

investors, encouraged by the *»'"* TO “?*“*• J PARIS— Prices eased across the "onl Generali also rose. steady, consolidating recent gains. | England rose to 90.1 from ril p R r N ry RATES 

dollars continued firmness ui *£.«'' nen ldsl traded— had been board ln thil , , Wlth the CANADA — Hi-iher in busy Although turnover was re- 1 90.0. while its trade- weighted de- CURHtno 1 rwnw 

foreign exchange markets. enderj. market gloomy following Hie tradin'* ‘the Toronto Stock «r‘«ed. Bearer shares of Swissair, | predation, according to Morgan " f^SpaeUl 1 Itoopean 


SWITZERLAND — Quietly 


idex. as calculated by the Bank 
f England, was unchanged at 
til, after standing at fit-6 at noon 
nd HI .4 in early trading. 

The dollar's index, on Bank of 



(told Bull Inii.j J " - • 

{?,r.^!S17 S . 175*4 !911SJ(.X74 i. 
niwnm*. ] B174W 1754,8l7atB.17ii! 

flSSEsiA 

S 3 M„ . 


fluid Cun.... : 
Kroiswwmi . 5I81-S83 


Kiniswrand . 5181-183 
* h iC 90 l S -MOi 5 Vi* 9 ai, 4 si 4 ) 

xvftif'sw 1 .. 954-56 J8B31 b- 631 b 

' ■ ,;£2&*4-30%l 'riaaifi Klbi 

1)1,1 S53>< 55i< :)lS3i|-SBh 

,.£29i«-30i«) tfiasis-aot!, 


t:,d-( lV4n* . 

(lulrrurtl'll.V 


-iHimn 


1 111 ,-riirtl 'll v . . ’ 

Kn.Bcrr.ud-. 4 \5? Hi 82 U ?^Z?k. lB0! * 

,.1.-99- lOOi ;i€98-W) 

Son S..H 'na- 95414-36 14 M3ij -651, 

,Jl30 31i r fK89lj J0 l 2 i . 


Old .Sov'rgn* S54-56 ISOSJi-SBl# 
,iC29 4 j S0i|1 tG89>s-20i«} 

_ _ ^ ■■ ■ one. nan .eOMi nn.. 


$ 20 KngT^.. .- K276-279 iSaTBV87B^ 

foreign exchanges 


the trading. 


hopes that the ernnnmy would from Philip .Morris— up S1J to sfi6. „ , .. 

crow more vlgorouFly in the Amopg other gainers. Polaroid i-TSt-i J L 11 , p Sr-*i3? l L _ 1 II? 1 
second quarter. rose S24 to S35. Telrdyne S2J to iK.h Cd JISIinI? a S ,a !j£ PI ?# S 

A worrying factor was the S!>9|. Du Pont Ali tn SI 18, and monta * con } ln K on top of the 
r.Mn : money -n.pply- ...hough (M,™! H„o« Sj to Sffii. by the 

THURSDAY’S ACTIVE STOCKS a «fi ,ve industries, also undermined senti- 


adin<* the Toronto Stock prided. Bearer shares of Swissair, nredation. according to Morgan 

xchSSee ind« Srr 3 9 in Credit Suisse and Oerlikon- Guaranty of New York, narrowed 

ont at J 095 ft nod ihe^Montreal Buel, rle were traded more to 5.24 per cent, from 5.31 per 

ahMri actively without si B uificant price cent. 

24 io*ift3 51 ^ EX ” changes. The U.S. currency improved to 

AmnnithpLur .nfUce* Trans- AUSTRALIA— Some early gains Sw.Frs. 15735 aeainst the Swiss {W'Efc-- 
AmonR the sector mtl ices. 1 rans- . . c,.. 1 oorn Pj». doitar— . 


'Special | European 
Drawing ttail ot 
JBifihM !_ . Account _ 


" ’j \Inrkd Rita' 
iBank -— — ■ ■ •- 

May II .Hate* Day's 

V I Snrm.1 . Hr 


Slnrks Clnslr 
Irjiiod prii-i' 

J. Rav McDwmnn 49n "on 

R.miada Tmi-. . . . . 4.ni.aro ... 

■t.llf Oil Cnrp. .113. 4011 23: 

Allic-Chalmert Curp. i70.ini} .12 

261.700 so- 

P'i|.-irnnl C’.rn . 231. <00 3j* 

I'ulMl Equipment . Hi.snn 49i 

■'ardn.T-Di-nvi.T 2 1 9. Ton 21; 

Panc-r . . -j in. 'flu 15. 

■ 1 A I » Inc “lO.ino 


' stocks , Si 1 ®” \ h ^iVL n v a ^ ive Industrie's, also undermined senti- Electrohome “A” was up 23 cents ^ OMwAmbOanEBlM ” ™n mtd to gSSf?— 

S,UL “ trading on the AMERICAN SE. mPnr tn <700 Hir mmmni- said it had t0 a nw 15,78 of 483.40. Kr.Frs.4.B440 against ine French ^,,,.1, rmne. 

Ctai^S* The •"'lex gained 0.88 to 141^6, me "\ . _ . . . SdTiaScona ct tor BHP moved up to a new high franc, from Fr.Frs.4 6335. iSSum u™.... | 

pn‘" with volume up 780.000 shares at S,on?s I f‘^ re stocks were 2*!™-* Smenr of 666 before closing 2 cents Gold rose S1J to S175-I75J. after | 

:in* _ 3.34m. the worsf-affccted sectors. "wlK 3*^2% Lu -»3 cent.* dow h at SA6.38. Banks closed touchine a high point of S175t- Wkw* 

n-! TOKYO— Slightly higher in tosSS? slower vear earSs bcI ° w their “highs," but NSW 1 76|. Reports of an incident on *.e ! 

3«* moderate trading, led by specula- U( | Crestbrook Forest 10 cents ? l . a i ,e 3 net sain of 2 cents 10 L fle ^ l U°‘5 oviet border- may have awi „ trsn r... , 

su ; ATHEB MARKETS tives and low-price issues. Volume ♦« sC4R(l on a first-auarter loss S-^3.42. The National eased a cent boosted demand. Volume was 

® :-!■ U 1 1 51 totalled 250m. shares. *° BWffiBLfriMol!u- U Wuher In to *** A7 of its half-yearly 

^ Marhines msp nn Wprlnpsdav’c mnre liwlv IrsHin- results. 


OTHER MARKETS 


0.66S79T 

1.22092 

1.36299 

18.3582 

39.7792 

6.92353 

2.65258 

2.72902 

5.66335 

1061.10 

274.550 

6.62762 

98.9574 

5.65535 

2.39906 


0.672946 

1.22751 

1.37184 

18.4536 

40.0167 

6.96421 

2.56699 

2.74456 

5.69482 

1066.80 

276.168 

6.65392 

99.4759 

5.68096 

2.41268 


Vurk.J 1 l.«2WM.aiK.IJtt5 

Miuinml ! 8 «! 2 . 05 M.a. 0 «>a 7 .fl}lW 4 Sa 

AmticnUoi | 4 4.09 [ 4.D7J-4 - 

HnisM-»:_..l 51a 09.»-U.n ! H.H-U.n' 

I'mienhageni » 10.52- W.57 itO.Uj TWi, 

FVanliturt.... 3 i.B0-J.B5 t 

I 18 al.50-B4.00 ! B2.4M3.Iij 

Madrid 1 • »4^.0 I4B.0 -H7.« -147* 

Mibtn 1 IUj! 1A»-IAM i 

iMo 7 ! 3.87 9.51* j9.BW 4 4Jj3, 

IVirU j 31* I 8.44-8.40 I.44U4 j«£ 

rfuvkhnlm.. 7 I 8.4Z 8.40* 

T.tkvu 5ia I 405-412 ; «Mi 4im 

1 iPdna [ 6lj ! 27.25-27.Sll , 27.45 273* 

Zuricli l 1 ' 4-b7 4.B01 I.SBM-USi^ 

• Rarcs Biven /nr converaijlt fraiui 
FUianeial (r^nc 59.70-5S.N. 


GERMANY — Generally 


- totalled 250m. shares. R^SSEI^l^sIly h^ber in 

Machines rose on Wednesday's more lively trading, 
easier, announcement of a 34 per cent. Sofina. Austurlenne. CockcriU, 


Propeny, Builders and Retailers 


chiefly becau se of lack or demand, rise in Japanese private sector Clabencq, Halnaut-Samhre. Arted, li®™ mostly steady, apart From EXCHANGE CROSS-RATES 
— - David Jones which gained 4 cents 


OTHER MARKETS 

l j ,'i’Ua Ritn 

Arupalma .. 1.410-1.414 A rcrutroji.|T2b6. 1!R 
Anal ml la ..;I.M21- 1.6 184 .Ai lust ria-. 2&A2U 


Indices 


If.Y.a.B. ALL COMMON 


NEW YORK DOW JONES 


• i | i 1 
Ma v j >l«v • llif ! May ■ 

11 ,10 | S ! S| HIkU 


JUv Mai 
10 9 


mu't ■.->■< ii i ii la i n 


54.58 53.72 53.52 53.82 54.38 

‘ l iU/51 


Risen and Fa Lis 
: Ai«v U '-ley 10 1 

May 9 



1.901 

1.923 



795, 

650 

Fall* 

528 

605 

628 

I'nclinnceil 

New 

Np-vl/iw*. 

379 

501 

113' 

29- 

445 

85 

31 


to $A1J*4. M»j 11 | Prank: 

In Uraniums, Pancontinental r — ~ — I 

advanced, but news of a settle- 1 I I £££. j J5S3S : i jmmb i i w.554» 

ment in the dispute which pini> mmIW. ' <-<£« ; w W.612 

threatened the Government's 15.57.s2 i sa^s-w 7.014H - 1 mm* 1 t^w^I I 

uranium legislation did not help L.rtd.«.. ..is.si*^* i L31E5-® 8.44*46* SMMa _ 1 4.o7:-Obj 3.e*l^i 

r Stacks. InirtMamj 106.W-M 2.3361-237^ 48.14-19 A8836-S6 A j 1 MMUS' — lIU-MM® 

EStern Mining gained a cent g 3 -^ 999 : UMJ = 


i PwnkfiirtjNew York 

1 - I 2 . 100-101 I 


46JB.IB ! 6A1242? 


L<«l<>n «l'ni 

E2A5 I ».49-M _ ! 


Krmnil 5l.0fi-K.O8 : Upturn .. I 69-80J 

Klniaifl 7.7158-7.7238 Un/J I ' U48 

1 irwif 'b7.222 fiS.BB8i‘iuu>lA_ ..3.05 2J«- 


U0NT&EAI 


In.l.rrrml... 854.20 822. 18.922.07 824.58 329.09 324.41 844.55 

„ 1 ili 6 t 

H rii.-IIU.t*- 88.60 30.74 9 8.60 18.89 88.911 88.08. aO.88 

i t4;li 

Tna-|«iri.... 224.68 222.00 221.51 223.41 224.78 223.90: 225.51 
I 104.47 104.63 104.64 105.48 105.85' 105.01 110.48 


TrR-'iii- »«.t. 


742.12 105 

.11:1. 

08.80 - 

■9 H. . 

I9S.5I I 279. 

(Will • i»"i- 

102.54 ‘ 163. 
-2£ ^ - 


1051.70 41.22 

II: l:7i< £7'52) 


\l»v j Huy 
>0 ‘ » 


InlunrtRl 

i/..n!*.int»i 


177.74 177.89' 177.72! 178.82' 181.47 (17<4i 
] 185.51' 185.27; 186.29, 185.87; 187.93(174) 


167.40 ■ Ur:Z| 
170.62 (iC'.l* 


Western Mining gained a cent 
to SAI.26, while Renlson rase 30 
cents to SA7J50 and Consolidated 
Goldfields 5 to SA?.55. MLM slip- 
ped a cent tn SA1.97 and Bnugain- 
vflle. North EH and CRA were all 
lower. 


r>. S in T.annlo L’A =111.66-1 U.A» Cn m.ltan mit» 

Cuudlan S in Kew York =B9Jfr®.68 rtnLN. l'.S. S iu Jlitan W«. 70870. 10 
Sterling in Milan 15BS>.T0- 16W.55 


EURO-CURRENCY INTEREST RATES 


Hom: Kong' B.444<.46j [IH , innark.J0J5 • |- 

Inn ( 125 131 Ipmnw.. ».« B _ M 

KuiiMlt.... . 0.500-0.510 HJemianj.. 4 J.76A85' 
Liix^mh'rp 53.69-55.73 '.linW.. 66.77 

31«l«i>ift...'4.3M5-4.37W Ititly JlSSO-lBR 

N . /.vaKuul .<1 .7366 1 .50664*1*111 1 4.B6-4.K 

Saii.1l AmM 622-632 ;.\pllu>ri'nd[ 4.08 4.11 
Sin»3* 14.2390 -4. 262a X.iiniiy .... 9.864.86 
S. \rrv*.... l.5678 I.S932'l5>miCHl... 7B-H 

l.'.S • 1461*8 

Lanaila.... I t>Kiir'lanii ; 8.65 1.b-. 

•:»i : |L.> !mm2: 

i:.-N.iiinta..; 99.48-89.51 Vii^imlavui 1 34y3£y 


Rale Rivon for Arsvniiua Is a fne raw. - 


TORONTO '.■-oin|»*jltei 1035.8 105l.9i lOOt.Oi 1093.0! 1093.0 (Bit, 


36.630 33.330 30.860 34.660 42.690 37.520 — 


1 2S;*3i? TORONTO 
J0 4S-H. *2B44a J0HANNJ2SB0RG 
I...M 

i — liiilinlriaL 


201.5 . 107.3 
222.8 i 221.9 


194.3 192.8 
221.1. 220.0 


218.7(12) 
222.8 1 11:5) 


Ibi.O -n>.4, 
194. a 13./' 


■Kn-1-..i (n-li-- 


Yi- 4' E-.i M|>|ir»«.i 


I’rr- Hts 
iimip : Hi^cli 


Anstraliai^i 481.3S 432,40 mi. 4a Spain 

1 11:5' 1I.D1 

BeLgium <;i 1'XXOB w. 15 loi,!« 99.1S Sweden 
■ - >iuj9n 


I II J rl-ir- Hli.li . !*•■» 
Vf\ 10t.05! UOJL* 110.79 *7JK 


HOTES : Owra-as onces shou-n bein'* 

exclude S Dremltim R-lnlan fl.virixnd' ,, 

■ire an«r <rlihhnMtns tat u 

4 DS4S0 rfennm. •inle.i'i oihontise flatpd 

vields ba?e*l nn ne: dividends plus iax :dlu»n lerm .. 
V Pias >00 dpnnm. unless nrlu-nns* naiert < » imii'-: 

4b Kr IIW d*-nom imlew nUieruiw ifared 


1 1 CjuimIImi 

Sierlln,{ | Dollar 
t^ n . 1 in. mis! i-n 


I 1 l iiin-n 

MJ.>. Uo'lar \. under* 


FORWARD RATES 


•rijiec nitditin 


10 - 101 * 

lOLz-11 


-5 Frs Son d-nnm and Rearer shares Ihrve oiuuih*.< llse ll 1 *! T^s-Sia 
unless otheruns*- stated 3 Vnn SO rfenorn -is 11101:1 117e-183g| 8 1 5-81* 

unlens nrhenulse stated 5 Price at lima- I'nc.iear I 1213 12Sg 8's-BSa 

nr nnpension n Florins h^idiilllnas 1 

■■ Otirs d Dividend after pendinji nshie Eiiro-Frvneb depoan rainr: n» 


11 ’a- 184*! 8l|-8l a 


irfl 109.05 ' 1W-JL' 110.79 
• . -9.-31 tli 3* 

in 38533 ! 3S2.4' i».7* 

I aj-S, l5.Il • 


101* U Is 1 71i-7l| 711-714 < 41* 4': 

n l. 1 1 i«i -7*. ai. I a a ■■ J i 


I in-Ha 
1 I A- Ire 


STANDARD AND POORS 


Denmark*" MM.WM fc-LMA) Switaerld'f S89J). 391.7 2S16.W . ^9X- Cciip^ni-w 'ha£Tw£? iSi" ma 


Uht 1 M-» 
■j" I 4 


;ln-*i|.|risl- 
Jl ’.ain [.oil e 


107.4E IDVSb 105.92- 106.25' 10S.W 105.32: 107.99 
I • . : tip- 

97.20 95-97 95.90 96.18 96.55 25. Si- 97.67 


III*.**.' u “ 

^T ~i;:r G«™myfn» 7*7.3 
... ■’ Holland i) 1 )' iW 


l-Ml 

Cfi.<? 69.7 


~ - Tl --, r-.. ft? indices and base dates a all nase calue- 

Germany'.. 1 «k>.o lM vMtn NYSE ah Common - Su ««; •«» ; "T?’ 

u 11 4 -.ft t * -J i Siauidards and Poors - I!) ana rnroni.- ^nMorv oMv uMera r oen 

Holland -W »• - ™ wo- 1 . imp. uie Uar named b<u»i on tali: * J Ti ratWd. . SMi ler 

_ _ rEscluduiK bonds. 1 4uu IndmU-ials vrE* rwhla td Ea dim 

Hong £onsr44u,.i 4M.«7 U-l.«3 368.44 5 <uo Inds. 40 UWiihfS Finance son wr| P Iwio. *1 Es aU a 
' r< ’ < f-' 1 ' 1 :i) Transport, f > Sydr.^v AH Orn 'uereased. 

Italv '.'J' Wb «.Wi Cv'.rv t?-«5 H!i Beltaau SE 31'1^M 1**1 UnpeDlUKii- 

. !*;.'• 1 10/1 1 SE 1.1-73 itti Pan*. Fkmr«e »W1 rcoMAMV • 

Japan w: *W.!4 *10.W 4W.ll -sMjW ct;i Connn-nban|i Dee.. 1953 iv.i unnet urnMAiN T ▼ 

> 1-/4- |4|1) dam. Industrial 1870 • liana S^n- 


134.64 3.62 

.11 l:7i. -.jO.-S/SEi 
125.45 4.40 

111 7.'. Tl.; =2- 


InH. alii-, yield ^ 

I*i:l. P.-K Kail.. 

tinia fieii. Ha and ru-l.l 


5.14 

4.40 

8.94 

10.22 

8.30 • 

7.80 mb 


• Onrs d Dividend after oendnui nshte Euro-Frvnch dopoail raise; two-day P-ir cent.: *0 veil-day S»-|j wr cml: 
and -nr scrip issue, c Per share 1 Francs one-month b.'-s; Der eenL; three- month 9-M iwr rent.: slx-montn per cent.. 
■7 Gross div ;; n Assumed dividend aher op^-rear 10-w: percent. 

icitp and or nuMs issue h ah.t Incfli Unw-lenn Eurodollar deposits: two years s5io-S«u> Per cent., uirm sears 
taxes m % rax free it Francs- mciudinc twr cvnL: four yean f ?ifi SUw Dvr cent.: five years 61-S4 per cent, 

"nllac div pNom 0 Share spin 1 Div The fnllowiru: nominal rates were quoted fnr London dollar certUlc.-ites of deimfllt^ 
ind yield exclude special paymeni Unfit onc-muntli 7.4rt-7..'KI per vent; three-month 7.55-7.U3 per cent.: six-month 7.93-9.05 
aia.-d div ri ttnnfficla! irodma r Mlnnri” per cent.; onc-v-ir S. 20-5^5 per cent, 
intdcrs onlv u Merp-r Da'ndlna * Ashed * Rates are nominal calling rates. 

•:*d i Traded. ! Seller 7 Assumed Shon-term rates are call for aicrlme. U.S. dollars and Canadian dollars; two 

vr Ex nshts td Es dividend wE* dan'-uoUce for Builders and Swiss francs. 

-icrip issiio. xa Ex all * Interim alnr 


New YnrkJ0.S8-0.48i-, i<in!1.85. 1.S5 c.iiia 
Miuiiml .:0.6S-O.SS ini l.BO-l.7C t 
AnlM'ilam-Ul*. is* ■ . |.ui :7t(4i« ■ . (.-m 
ltrui«fcU... JD-20 i«. pm |8S-70 j-m 
U'li'libcn-.liiAif nn- rti* ,6i-8J •triln 
Fmokliin i2T( 1.'* pr |-m i”7j 67 s m 

Llatvxi .50-200 •% MU ;1 50-500 c. itu 

Mn.tml ,|«r 80 r. die 40-140 r. da 

Uilau ......1 1-6 tin- ills [7-19 HrrHIi 

Usltt. ....... -Us- 5'* itvils ,4'*-61( erf dii 

IVri* jStj-Xi; r-. |.rn .-44-34 i\ pm 

dl'i I>IkiIui[11|- I 4 nre -li* ,4to-Zl* nre nm . 


. . |4l?-Zl* ure pm 

Vienna. ... 16^ uni pm 135-35 «ro i«n . 

Zurich. ..J33S-23S JJITi pm .912-81* r. [Oil 

Sis-momh rorevard dollar 3.354i.Sc pm. 
12-niunth B.S5-6 15c pm. 


GERMANY ♦ 


TOKYO H 


Singapore 1 507. Jfi 306.25 3P7.^> 2S?.0 Bank St '7-f4 «!l!|i Milan 2/1 •'73. *«• Token 
ir: : 1 tll.l’i • il.-®! New SE 4-1/68 ibi htrul's Times 19% 


< ri dust'd 'd< Madrid SK 4Q/l2-7» 
fel Stock holm liKliwrtal ir. 58. (ft Sorts- 
Rank Oirp ihi nnaraflable. 



i'iffwl 


; A i liana Versu-li... 465.0 — 1.0 J -18 

h.iiw, aa5.o-o.sija 


OVERSEAS SHARE INFORMATION 

NEW YORK I »,r . 1 !,v i >',v : »ff I * 


Inv. $ Prem. S2.60 to £1109% (1101%) 
Effective rate (1.8190) 46{% (47%) 


»‘.V»F 134.2—0.6 ! 18.7B 7.0 

Bayer. .- 13B.Q,-LO 16 ‘ ■■ 

Uaver. Hvpo B78 +1 18 3.Z 


ttayer.AereinrWi.' 289.5*1 18:3.1 

lib* Ini. Neil. *rt-| 170 I — | - 

O-mraerri-aiik 225 1—1 17 I 7.8 

iJ-Hit Oilman. 72 —0.2 — | - 

I’niitilc-r Henz : 296.1-0.4 28.1214.7 

Un-iiva 245nl 17 i 3.5 

Ifnmp ; 153 (-1 14 | 4.5 

(Viiii -.-lie Hank....; 2B8 —0.8: 18 . 3.1| *»"'•» 

I In— iluer Hank..... 240.5m 28.12, 5.9 K..ni» 

D.n ki-rln.rr /euil.' 145.2 — 3.3 4 I 1.4 I nutnia 


Ahlx-ii l^le- .. 
A>l:1re«-a'-era|i1i 


\xin» Li'rXi*" 40<i 


An I'r-'i'iici'-.. . 
tu*-- . 

Mian \ ) mil iiiihii 

Air--* 

All-n-j- I.111II11IU.. 
Alleplu nv I’-ttei 


1 *'ruin« tails-.... 53 

Cl’i.' I ni'n'ii-ifmi 49.3 

'■ram* 30 U 

i.’na-Uer N»| *J6-« 

1. ■••"n/ellr-riau-li. 33U 

HI- K'iimIiii' 4DI» 

t’urliM. \Vrt|illl...| 18 

lima 25'; 

I hilt 1 iiiln-irii-«.. 43'( 


: mit in ii'.. 

j I ha-la- 


Allu-1 * iM-mi'-al.. 1 421? 


Altli-l -I..IC? . . , 24 
till- • Ilia :■■■«-■> . I 32 

AMW 36->g 

A meraiiB Hrs.-. . i 321;; 
A run. Airline*...* 13 
Anirr. Hniiil-.... 49>4 
Anirr. hivstlea-l 48 as 

A later. 1*11 40 

Aniei.L laiiaiiii.l 21 
Anier. Kliv. !%•« -2 

An 11*1. l-.\|.ir .» 371s 

\nirr.Hnniol’ri»i 29'; 

Aina-r. lit- 1 1- Hi 24 js 

Alllei. Mi*li*r... 5 
Anier. Anl. <aa-.. 43ie 
A 11 irr. Manila ■•* 44 

\ liter. **h.ra>- ... 31 
Alui-r. r.-l, A la-!. 62 III 

Amil.L . . Spiii 

1.111 17j, 

AMI* 52 

.A 111 1*-- 14^0 

A in-1 n -r 1 1 ■ «'k Hit; . 29 1 1 

Aulim-a* I'uvla. 25 !j 
\i me. • ^irt-l 30 

V.'.A 19', 

t -niiia-m i’ll 13' • 


2“ 1M 25 

7* lMl.ua U>] 

Sn., I Mil wily Imer... 19ig 

j I’eln-n K>h-ain... 15 ja 

i Ilia 26 V. 

31-4 | Dlclai-li.aie 15' -. 

12>i j Ui"iiH IC«|ii iki. 4913 

4 * l 7 lJianet ilValll 38 -4 

46Ia I Uni-r t-irjqi 46-4 

40 la.u- (.'lieniiL*!.... 26:-i 

27*4 I lira ci 29 

22 1 1 j lire— cr 4H- 

36>| Hu ISlil 116 

28 -a Urmn In-lu-irli- 20 i t 

24 1- V> k ih I'lein-r 19 V 

5 tn.-l Airline*. 10 

43 1 ! hnulnun kiiiLak.. 54'4 

44s, Kal.-n 38 


-I. -ltd* .Manx 1 He . ' 31>j 
4.-!ui*ai Jt4uu-»i 75 
.i.iluiM-ii L'-nln-l. 32 >a 
.*■■1 lln 1111 xii-l 11; 34'j 

k. llail 1. 24-g 

ha i-a'i A. 11 in 111 1'li. 33 Tg 

hai->-r In-tii-lne- 1 ig 

j Kai-ai Sie.-l 21:- 

U«.i 111? 

. K'liiii— 41 23-4 

i h#-i - r .11. (tee 46ij 

I la l-l-la- Waller : 32-a 

hiiiilaciU I. KerK..- 4812 

K-icien • 23 

}Kmil 45'4 

Jhli-KrrO 33 (4 


Uevha> ^ 47 

I.Vvnul-l- Meia I k.- 317g 

Ifey n-li- 1- I!. J SBlj 

|;ii-1i'mhi Meirrll.| 23*6 
M-wk »ell Inter., i 33 4 
la* *li HI A Haaa I 345s 


RAailwortli ! 

Wyhr I 


72 -0.2 1 - | - 
296.1-0.4 28.12! 4.7 
245m 17 i 3.5 


ACM Ii. (23 cent) 

Arrow Aiiftralin. 

A'lne-1 Mui-Trifijj. Ind» 2l; 

10.73 

fO-81 

12.30 

Ani[»:1 Pcenileum 

AMnc. Mineral' ^ 

10.80 

11.20 


V-nis 1 49r a , 461* 


Zapata ! 165s 

Zaiiith Kdiliii | 16 ig 


17 i 3.5 
14 4.5 I.A.L 


1,110 +10 
340 i-l 


10 I 4.5 
18 2.6 


I Uiival Hutch 57 


*. I ra-a- 4^. IlkKjj 
Jn-a41V.\(6| 


189.2 -0.8 ! 12 I 3.2 %>*>4cvCeramic ... 3.000 


liatatu Li.i+.l • 115 —0.5 

u ' n«io e « -r 


lill it Ik 16>» 

23 !4 llM»' ; 12 '» 

45is .-ysiein.... 20Je 

32 i, i-aiennj 4mrc»...| 39*« 

48:b * 1. Mineral*.! 25i« 

225a 4|. |(e B lb Paper...' 29 

45>a *ania Fa- tn.ls^...' 36i, 

33i s ."win Inve-t ; fiiq 


U.S. ft: I'aa Mil-., 6.32'lj .6.4<% ; ^IB.S -1.3 


CANADA 


Kxir-li-t — 

H-a-a-li J 

Hi-Hen I 

hail mi.: Salt. ! 


134.1 -0.7 i 16 - 

45.5 -O.l i 4,4.4 
119.8-0.2 10 4.3 
131 —1.5 9 I 3.5 


Let 1 Ml*,, 35 1; i 34s 8 i ^; ,n 'n.i. ; 6U 

Llldiy Ou.fAaal.. 271 Z ! 23 '4 i ^‘'tr Klewind.. 12sg 

| >.-liiaiml*roer.... 74'4 


1 LiKpet ••i<uiia,... i 34 1« 

! IJHv lK«: 447 0 

| i.iii<-ii lUilioi.... 19i 4 

LjL-'klievlAin-r’ii 26 

Ijiiu- Star lml* .. 19-'i 


it M 

|S*-lt I'nirr. 

. 9naVll Mr* ' 

l^euilr' I liinT Veen 


A— natal l'«|«.i ...I I2i4 

A^uin Ea^-ie J 4.70 

liianAluniiiiiumi 51U 

Aix"n“ Sleei j 19 it 

Aalieel"* J 40 

Bank ui M'-ntieai 1 IBS® 


har-ia.il - 299.5 -3.5 j 20 

haul |, ail 199.5 12 


Kiia knei UV100..I 

KHD _• 

Knipp 


90.5-0.5 I 

174 1 

95.5 


Liute I 236.3 +1.8 


am' 1 IBS? j 195g 


bank Na>i a .-i-i-iia' 30Jfl { SOlg 


L-ivpnhrau LiX'....jl,47fl ad 25 

Liilthan-su. 1I0_ I— 03 7 


12 5.2 <lal«u->bita In-i.. .741 

9 3.2 Kiti-ulnsbi Fank— 279 

16 - -liteiiliialn He ivy | 138 

4.4.4 -lil*ubi*ln Li-rji.J 435 

10 4.3 4ili>iu A l.'.j J. 332 

9 I 3.5 'liiaukoln „.l 550 

20 3.4 Aipi»iii l>enw\„..tl,380 

12 6.0 Mppirti ShinpuJ 569 

— — M-nn AtiSiirv ! 806 

12 3.4 1*1- -nee* '1,880 

_ _ -jin vu Klee me— I 248 

16 3.4 wkMii Frehib j 914 

25 8.4 -n»-*itla* 1.090 


15 2.7 
55 0.5 


260m,+ 10 120 


f 1 .05 

n.17 I-0.D1 


76.58 f-d.02 
*0.79 -0.04 


12 4.3 
15 1.5 


41.85 

U.99 i+fl.Oa 


r2.9Q ,-(1.05 
‘2.55 j *-0. 05 


A «®"“ I .1.02 1+0.02 .. U M.fS 

tfamcai ilia Hnu-il ..I a.50 , I ,„1 , j, m 

itaii.-c- Itau 1.20 J..ltUu 

iWlgai Mineim oH 1.94 -~0.tC '.He is 19 
312 ! - D07 •- 341 

2.95 I tU.k 2 0.10 li.il 

p i p ^ , ‘ l I 1.70 ( 6 i!L41 

LU '-) i-85 tJ. S' '•h.D'L . 


Ual I a 

2.3 -* v 1 1.800 


ft n's '.'■burinr Ki-nrintn 

■ a . JJo CecraLn Australia I 

fi ! ,2 Dunlop Rubber iSli : 

} 9 KSOOil 

j v I 5 4 KUer-Smlrh 

an - i'r k - z - talneiries ...» 

a? i 2:1 SSiar?. 1 !*-- 


12.35 j... . 
12.35 -0.03 


I ni|a PE a.00 . -rO.06 2 ;''*0 : 

i;-.e Kl-lka-e |»|’ L52 + $ l ; , j 


11.48 1+a.OS 
rl.36 l 


Vul. Cr.lJ3.om. Share* ttMmj. 
• Source; Rio de Janeiro SE. 


11.00 J 

12.05 |. — 


JOHANNESBURG 


10j, j U'lls I-uuiii IJ'I.. IBo^ 


39-’i I }g J . j SesCiuitauierr....; 34Tg 


UbkI-- Ki.-K.ii m 6 

UeilTeii'iibi-ne.:..: 53X4 
I»-w V»i:e\ I mi...- 30 


iKl.laiid tut. . . 
IM. Ii'l.-I'l la-l.t.. . 
\11l1a ll.iln I'fi. . 

\ir 

iiiii, .. 

I »■■!! l'r-*1uT b 
l**li 1 in- Kk'-i . .. 
Hank Aiiinlm. 
t '-inker* I r. N,V. 

Har|,T*>ll 

I'llM 1 IBU'lli'l.. 
Hi-aln-i K-aal.. 

'I.- -|.-n I iii-ken --u 
Ik il A Hi”* i'll.. . 


1 K.II.AQ...'. . .. 
; Kl 15k' Nftl. tin- 

! Kiln, 

; Kuiem.iii in- 

| Kiiien AirFr’uin 

1 hiuli.,rl 

: i:.Ai.i- 

! hn^elliRial 

K'liinrk 

Kiln I 

l-.-iV'll 

r.ili.-luM laniin 
1 Fill. Ill-lit. M.i.i 
: Flfiia-taitki- I an 


IQ. j l/iui-iHiia Lau-I..: 
511.. I Liil.nMil 

j}-i" - l.iu-kv >riin*K. . . 

I.’kt- A ‘uiiu-i'v n 
24 S* | Mn- Mu inn .. . 

17|e ils-i K. H 

■33 t|i 1^. ILitimi.r . 
,»*i— • • • 

44 - z ■ Slemili--n 
371^ i Marine Mi-i'an-! 

' Uar.|ui:i Fn-lil .. 


intnin 

SaairicUi.Il.i 

Tear* Knehui-k..... 

-El'i" • 

i Shell Oil ' 

1 *hei> Iraii*|*'rl... 

■*ii:i»‘ 

Titillate 


46*4 j -umer za l-i 

14 -i I MiurliK'mo . ... 69 

24 I .Miiuriiu 31 j 

[ S-Iltllilruvn 31 >4 

241... is-iiakeru ■ ai. K.I. 24t? 

46.*s . "*iiillii:rii II- 16 

30 V; ‘ -*ihu. Xal. Ka“... 345u 

32 1 "fcairtturii I'a.-iii.. 32Jfi 
23 ■ SiuilaemKailnui 48 

435« I 

Si'; | .Soul Uni ml 26 In 

1B5 4 i ? - w '4 Uaia.iiaret. 27 

38'ir l#|+ny H11I eh... 17>4 

36>4 sipei-ry lian-l.. .. 41ij 

"'I'" 1 - 27"a 

D3U -m IK Uni llrnlul:. 24J* 
52 1? ' ->l>i.ii]li.'Hiili4-uia 43 u 
45:j Mil. U|| In. luma- 49ia 

44*7 : *i|.l. • '.’lu-i 63lr 

41'< , -taitll * lu-mint . 42 

48'-. • *ltir*in4 I’roj;.... 1S>« 

29'* Mn-lelakii 581- 


Miupilelt.l l*ai...., 14la 


1. Am. !*•-.■• .it. 29-': 


fli-'* 1 Van 

j Filial kirte 

I Fh-rfila Mi<«i-r. 

| Fliiur 


I'.U.l . 
l.ii'l M.-ln., 

li-ra ru-iKl Mi-k. 
F.-.I.'n. .. . 


39>e | Fr.iuklui Mud. 


I- i-iiitiii-* t "K‘ 
tu-iiiiel"-"' mi*-'. 
I«U. k.V I’a- ki-r. 
|k.-1|l» 

l 4-J-l-lii... 

l k. i.li-M. . 

|l,.|— 11 nr,u*i 

J -1 H till I llll 

II- n-lllll ‘ \‘. . ... 

t*r.M--t M.ivrs.. 

ll. . 1. I’al. \HIJ 
Hri-i-btia V I ■ I.**- . . 
Hnin»n lei, . . . 

l*i !■ \ni- Kni- 

Mu. itl.... 

Hil'iaaa Mull'll. 
It'ii lin^li'ii At tin 
kiunnii-li' 

a n iij-l-a-11 ’•■ni|i .. 
» n in- Han 1 ‘Ha'll ii' 
a nua I l.‘aalil"l|-]l.. 

• 'ni will-ill . .. . 

1 a: lil'l .1 lai'lll'iat 

• all- * lie" !«■» 

• ati'ii'ilMlTiivl' 

1 ■'inilf'*)' 1 '■*! |alt .. 
( ''1111*1 A \H . 

1 • 1 la trill**! . .. . 


I'r,-i'|..rt Mm 

Fiiiflaaul 

I'm, tut I a, I k . 


! Mm L’i'j.1. *t-n* 

- Mt \ 

I M.rlti'rui-'li . . . 

I .It. Piiflll.'l. Ik 1:4 . 

W Urau Hill 

■ i|l'llH-IV\ . .. 

: M.:l* L 

> It.'ITlII I.Mll'|l.„. 

! Mir* lA'ln ili'ii 111.. 
. M'iU 

' Mini, A|j 11— .x Ah a 

I ll'i’ ii '."ii- 

I M i'll* all. e. . 
j Mi •: Mini .1.1- 

- tli-li-liilH 

' lliiiiilii l'il 

\-il-l-**i. . . 

A at-’** lu'liil. .*-. 

• \atiiinai 4.1111 .. . . 


U 1* Lnniutll w .l 

14^4 

| J4J, 

| UnuA-nu ^.! 

16'a 

! 16=4 


13.25 

-4.60 

Ckic«r\ l\i«ver.... 

37 

: 371, 

l-'unifliiii Aluii-fl...' 

' X 3 ■ a 

13 

k'miM>.bi l+niint., 

10 ij . 

IOI4 

'. miH-ls Ml Ldti.. 

U>a 1 

117 9 

A.V111I mi. Hiikl.Viin 

27J 4 '; 

27 ij 

l AiiA'In li+tn+U... 

tl9i 4 

. 19 l S 

I.4U: Pi," 1 in- 

18Je 

. J8'b 

« «ui. I’ja. Hi" fin-.. 

19'« 

19 

Lull. .iii(*'i 1 hi 

581. 

1 58 i s 

> nrllli^ H k'rt-li*.. 

4.25 

I 4J5 

ll AIn— li*„. 

IO 

10 

i.'.hieiMin ! 

18 

■ laij 

| 

27is 

27 In 

l ra,- 1 I'-ailliMrrL.... 

297g 

29*, 

— uifii'r 

17Jh 

171, 

I/- a-'k* l:i~nirrtr 

3< 0 

Sis 

1 1 —iM in iiii-h 

1314 , 

13 

Hill'll Hi'i .llll 

Bis 

9 

1 Ik-ni+'+i Almce.. 

691, 

69i a 

■ Iki.l, 'line-. 

81*2 

Bl 

1 Ikiiue I'i.-liiiietnii 

667 S 

67i4 

I l>< -iiiliiv.il Uti-lgf 

t24a. 

1241, 

1 l.iiiiii ar . , 

171* , 

, 17 Jfl 

I'ii|»-iii 

131, ' 

' 13 


MAN 175 1-1.3 

.Manne auuia 150.2 —1.8 

Melange- | 199 t— 1 

AI unci inner Uuek^ 540 ! ! 18 

Neekennnnn J 116 1— 0.2 J — 

Fneu— a,* DM IOJ. 109.5 +0.6 1 — 

If hnn"'eKl Ji,eel. ; 182.3 25 

•M-lienug 253 .—2.9 do 

■•leu leu- I 273.1—0.1 

Mb I /u.-kcr. • 243 ' — 0.5 

rh.V'-eii A .!.» 117.6m— 0.9 

A’erra .. 167.5-1.5 

AEBA .: 105.2-0.5 

A ereinaA H'N Bk. 284m.. . . 
V..|ksuagen 198.1-2.9 


12 ■ 3.4 
14 I 4.7 
10 2.5 
18 j 1.7 


1 aului Marine \ 240 ..... 

Lukeita Chemical 360 j— 1 


40 : 1.1 
ll • 3.3 

is ; 2.1 


Bamenley .: 

H«.iker 

l.U.l. Australia 


t2.io ; 

11.54 ^9.51 


12.08 —8.02 
10.74 ...... 


8 090 !+«> 1 ! 0.7 iSSfifSaSK™:::! 


25 b.9 
do ; 3.9 


16 , 3.0 

17 ' 3.5 


•eijm 121 l 

1 -Ik u. Marine— ...• 506 ,+ 1 
■ '•khiEicvi ta'H1.060 —20 

* iik vo ;«n\n 1 311 1 — 1 

■.■■Ii Vo* hi hanra...! 145 1 

xniv 148 '-1 

■••Viila Motor I 965 '—11 


! 10 ; 4.1 

+ 1 ; ll 1 1.1 


11 , 4.7 
14 . 4.2 


Source Nlkko Secirruiea. TaKso 


12 ; 5.7 
18 3.2 


1 1 ‘ i‘i Jopim UJ»LVidl_ 1 

0 1 5 q Lennard Oil j 

l 12 1 » -j Metals Hxpunarion 

lu ■ 3i4 Holilhyjs ! 

lu 1 3 4 Myer Emporium 

’ £•■ . l’o ! 

Nk-bolas Fntemaiuvnal ; 

fiSP North Broken U’-linjri (SOci 

CsklitVilRe * 

Oil ScatcIi- 1 


*1.23 1+0.04 
tO. 23 


tO. 16 14-0.01 
tl.97 !-0.01 


11.10 -0.06 
11.60 - -0.03 


198.1 -2.9 25 6.3 BRUSSELS/LUXEMBOURG 


Otter Expkmieu 

Pioneer Oouurete. 


AMSTERDAM 


Pi -ire + or. Div. YM 
F ‘-‘ : - i S ! ft 


Fall. Ni.jkie. 


.Ali'..b( .KUS0' .. .. lGS-tbn 

Ik#.. iFI.Mi 28.5 

Alavin BnkiFIlOO' 347.5 

AMKY iTI.IOj 85.2 

\nimlnnk :FI.20>' 76.9m 

Vijeuki-rf • 08.5 

R- AVa.-.i'm 1 Fh'i 120.0 
Hiiriinn I'tuenalr, 70.0 


103.0m +0.Z .»2l I 3.5 
28.5 -0.9 ; - ! - 


M«V ll 

1 1 + « 

Fr-. — 

Div.': 

. Fr>. 'Till. 
Xe* 1 

■Vrbeil 

Ikl- Brx. leinh 

Uetert “B" 

C.H.K. L'emenr 

...2.490 1-1 150 - . - 
..1.370 —16 6J ; 3.8 
.. 1.823 5 116 6.4 

... 1,352 ! --8 1UU 7.4 

KBE* 

..-2.295*1 ' 

.177 ; 7.8 

Fal-nque Sat.. 
•7. H- i nm-llm. 

„ 2.505 

.,2.050 + 60 

,43u . D.5 
. 17U ! r>,8 
;15u 7.3 


Pioneer OouiTete. 

Keckrtt A (V-liuan 

ti. C. filiech 

Southland Mining : 

Exploration. ! 

T.*Kh (61 


10.95 ! 

10.19 [+0.01 


tl.Sl +0.01 
12.85 1 


.. .. MIKES 

May ti 

Antic American Corpn. 
Charier Coniobdaied ... 

East Orlefonieln 

EUburo 

Harmony ........ j 

Kinross 

Kloof 

Hasten biirK Platinum ... 

Si. Helena 

Soiithvaal 

Gold Fields SLV 

Uulnp Corporalinn ....... 

De Beers Deferred ...." 

Blrvoonmaniu 

East Rand Pt> 

Frce Siaic Ceduid 

President Brand 


Rand +ar- 


t 0.69 ;+0.01 
tO. 20 tO.OI 


President Suya 12.00 


tO. 19 i+0.02 
T1.B0 i-0.01 


SuUuntcln 

WcDreru 

West Dnefomein 
We.+lcrp Holding 
Western Deep 


INDUSTRIALS 


J.W* 

Anuio-Amer. InduitriaV „. Sii 




I.inl M..(,,r (.'an. . 177U 
1 iciirlnr 26 Ig 




j (.Hlllla-il 

> .*11. Xniri. In' . 
la.A.T. \ .... 

1 .a'ii. l alili'. 
lalll. Il.i main. 

I u-ll. Kl«»'|t!''- 

Ita'iicml r*"*:-. 
>i.,'U.-inl Ml'!'... 
(ii-na-tni '1'ii"- - 
I if - ii. Pul*. 1 III. 
Lien. >14I1B1I.. 
Na-ll.T.'l- Kl.ml 
Hen. I'.vre . . 

j ili-iu-j-ii. 

'idiigia Pa-'dii' 

i - i .* i \ *» ii . .. . 


N»i. Ih -itl.. r--.. 
\a:. '•i-r- b»- In". 

Nil Hi M.-i-I . 

\iili-iuir 

NM i; 

\.-l-liiiie lirii'. .. 

N.-.i hi,-:.ii»i hi. 


•im-1-lnin.i.... 

•*» me\ 

!"'!iiir'-i-r ... 

ti klo-niv 

I ruin 1+ 

I vtC \ 

li'rt.+ li 


- 40:-H I 'l " 


•n-iijinr 26 Ig 

uiaui A l'I'u kullv, H2 
, '***K '.ni * ana. to . 26tg 

, Hjeki-rSiii.Oii.' 71. 
it r 326a 


?46 0 -4 2 37 & ft*! K «Jwl*nk..__' 6.690 
Mi T 94! |i ^ fcivale Uei R e_ 6.060 
52.2m -lo.s I ail e. a ^ an rfnid'na 12.450 


lu-i-iiii H*v Mnv 1 I6A4 


■ In I— -at l lav 


Klsciiei A iFI.2C!.. 267m - 27.6- U 

Kiiiiia N.V.HcHU-r' 146.0 -4.2 | 37.5 6.J 

KuniF.jmT*! FI. 10' 63» ■ 94.6i 5.4 

'5 1« UfHniW F Id 32.2m— 0.5 23:6.8 
HeliicknuiFI^Fi.. 1 lOl.S. + a.fll 14 ! 3.4 
Hi>l}n«ni:Fiy)l. 31.7 — 1.1; — 1 — 

Hnultr P.aKl. 100- 26.0 +0.3 ; 22 1 4.6 

K.L.M. iFl.luOi .. 145.2— 0.4i — 1 — 

Mil. Muller -LAii.. 45.7 1 18 7.9 

\ uarUen 1FI.W1.. 33.2m +0.2 ' 12.5. 3.8 

Vat. ,V*d I us.* FJ 10 109.7.^0.6 
NwICml HLifl.Xi 54.0m.... 

A.*l Mid HU :FI.4( 191. Oar — 0.5 


Prt.*e ■+ ur I Div.- Y-ii 
May U Fra, - I Frv I t 

Itenio 4 A i 735 1 + 7 1 " 4i s ;"oj6 

AfriqueOcdd't'iej 408 I Id 1.161 5.2 


Harlnw Rand 

CNA InvcMmenls- 

Currie Fuunw 

De BeerE Industrial 


Edgars ConsDlldaied tovi 2.00 


; „ AfnqueUcdd t re 408 id 1.181 5.2 

! • * -J. A" “‘I'ri.l 299 -5.5 16.5; 5.5 

j |^|gj * O /quitalne- 42ffl.5,-6.4 128.25 6.1 


Edvars S Lores 
Ever Ready 5A 


<iii' I- 1.111 4 fl«i! dlig 


f-.uj jiriif Ii-I 33 !:■ 


I iiiltair 

i.i—lrii-h IS.k.. .. 
1 ,-+■(> a-aar l'-iv 

(i.iillil 

lima*- W . 1;.. . 

■ al. Minn IS- li-B 
ini. Niwili !•■« 

l.ia-l Ih-iiIi-I. . . 

* a r|1 1 A A'i-^lii| 11. 

■ anil Hu. . 


Nm-.ni-i 'I ■ il.a — L 
N til^iifM '•liHri-. . 

V. I. lil.l-l-ll ll- 

\... i-.;l.iH.-i. •>, 
N.tllli Nail. *■!»■ 

Nlllll -tiali" I'-*- 

- \|lr.ti-| (if uiia— 

| 'll' .—I I In 1, -.ri 

| Nurii-n '■niiiiii, 
l-li'ille; IVln.. 

■l-jil'l 'lalln-r 
; 1 kiiiia Kiii— in.. . 


-r-+*i -ni|-». 

'■ll- •' -Cllllli 
.■11 - J I j in -i- 


33»v hsh-tVin+ii'w 

14 1 4 *'•-*••+- 

9 • - r+ja-si'ill 

17' 4 I <!•' .111 

26'. 1 '•’• «> "114 'an*.. 
39 -8 ! '«••*«.' I Mil 

24 S : I ini*- lu.- 

26'+ - I'-iuea .Mlrnir 

25 iimkrti 

20 ; I'm*-., 

24 lnaii»niena»... . 

51 >4 1 I TIMM* • 

18 I rum* I Milan 

16‘s I linii'V *1 Ini 1 'i- 
• I'nih AV.n ni An 

dpi I revaiUi'in. . . 
RJ [ ••Ml'Ill'IlUa! . 


i- '.* ; 18U 

■MI1M+- 347* 

(llil+TMl l'l|| I 19 l 4 

181; 


Federate VoUutoeleg etnas 1.53 
Greaiennans Stares • 2.30 


. n. .....S.+3U 1— -aa.wi a.B MIC.. 409 1 + 2 U9 2 a 

Fein -Ii roi '4.280 1-35 : 174 4.0 Umiyjrufr"::: 680 *-2S 42 fin 

nivlien Hw,i,ue.J2.»60. -5 ',204 16.9 U.*-^G*rvCV” 475 -6 i*o si a 4 

frvn Uelk-iqu([1.9BO +5 ,140 ! 7.0 Carndfiur 1.613rt— 9 75 4 6 

-... 3.080 +60 -215 ) 7.0 u.GJL 350 -5 B 1 *1 t . S o 

?«>*•*• 2.560 +-35 I.LddUl 7.8 C.i.l Ali-nrei 1130 — fl BBS S'? 

Irortien B-ect- - 2,780 -■■"••.170 t 6.1 tiM Buenire '314.2 -8.3 [ lg 2 3M 

^fcvi;is::.i g c? 1 1 5, ; j, , a ^L,- 14 i'ff « 

V ieitlc Alomagnej 1.680 1 } - j - Oeu«r L*H re ,..!! , iSl Zaii ' I 9-3 

Uumaz. — 829 —13 7.6 ' 0.9 


MX- lien Haaque..l2.n60 . —5 


IlilHI .] 11^4 I 

I .ninii-i N-h.Gm.^ 10 a* . 
| ijil'ii.i l’i|ip Line.: 145* 1 
Ksi.-j.h l.'i-^iuroee., 147* 1 
1 i.iuri I’m 1 'iir|i t ... 91, 

I jdiiain I 4.50 . 

M .-'iuilr’n uloeili. 19 


>:.v Fi-rtiuaun, ll^a 


1 raiMii UllMh..' 251, 


■iw Ain-imi. 

33.- 

53 -j 


62< 


1"+ . I.' . 20'v 

20 1^ 

■I'.AIiiiiluiirnii 

31 ■; 

ol'- 

II4IIIIM Al.lliili;... 

Jo 

33-4 

I'H'.A!. Al., : 1. 1 .i, r 7 V 

7'l 

fill- Mil HI. A A 




15;- 

15'-* 

I'nr+i'i r 1 1 iitij ! ra . . 25 ifl 

2^ 

-•a l-e^li l‘i-n-1.. 

25. As 

23 ' j 

•• ll.+rn- ' i -n-u . 

541,. 

53 

IVrl'-*iv tm. ... 24 1 : 

24 

ell 'l 'la'lll 

32w 

31 •.< 


JT 


IV11. I'li.A |j... 21V. 

ai*-, 

-«S- Itl iil*;r. 

S3: 

51 -a 

I ifi'iil'Ii'iii 

27U 

26. a 

I'i-l-ll) -1. ■ 39 I; 

aei-. 


db*. imvi'ui'in. , . pan 

62-i. I'l* "'Il'MI'llUa! .. 19>4 

23 »; , 1I; ' U ' 39i 4 

19 " ' Jx>i' a ui ■„ v Ki.\ 32 

20 1- I ' A '' • ■ .. 28 1 * 

71, I A III 1 1 ■ 26 In 


'"ii+'ii KiieiK}... 1 

n " ni- I'-iivuni.... 


■ h-v'PI. £0| 147—3 ! 36 -4.9' 

A nn Linmiertfn....| 117.5' IB 6.8 I 

1’aklieed iH. 9fc ' 39 I-l _ [ _ SWITZERLAND • 

Philip IPI. 101..J 24.9m -0.1 1 17 > 6.8 

l.'iii^rhVenKUCO; 81.0+0.5 -1- „ ,, I P rU -' 8 + or DJvTTuT 

I!..LwiFI Sin 165.0 —0.2 A 266, 7.8 1,a - v 11 • Fr *. r- ! L » 

H.-Iin.-.. iFl.oO). 1 124.0 _ !_ j . 1 

Uiirentii iPI. 50»...; 132.0+0.3 14 : B.3 J 

Hii.vxiDiitclnKI.20' 247.5 — U.S 1 55.761 8.4 5“ ,UBL i* 

^Ini'Hiitiurz 249.4m 5.2 . 19 7 9 ji.oZu 1+5 1 

■Sleiln f.’itiai Fl_adi' 130 —2 ! 27i, 4^2 '•’J'J* C, £2 , ’ , 1 F . r ‘“^ 1, iS2 » 

r.ik.Vi.Pni-. Hi. U.S 108.5 m 30' 0.6 {£■ l ^ n '- f®2 ! 

1 mte-ier iKI. 20i. 114.0— 0.3 42.H ' 7.5 . -S' . l "*V „ “ *5 r-6 ■ 

ViHinulta.tuiVl. 39.5—0.5 30 l.Z Lie-lil >m>«- 2.1 BO —10 


Guardian A&rarance |SA» lls7 


0.5 22 i s:S j V >.600 | J 


I Fr. PetKile»_”!!! 
I Gen- OiH+lentale 


125.2 — 1^ |4.ia 11.3 

iOS.Oi j 8.2b] 4.3 

59.8-2.3 l a.7i 9.5 
118 —5 - 


- Inittal — — : 59.6-3.3 a .7, 9.5 

3fv. Tnl. Jawiuea Hotel. 1 118 —5 — 

- • 1 182 16.771 9.2 

— — f /Ch1B Ti4 — , ~ 3 l5 -* 

Uarrnnd 1.738 !— IO 3b. 75 a.l 

b , 2.6 P be nix..; 1,0<J0 1-20 3B.b 4 n 

lu ' 3.0 lllchehn "B" i 1.425 —39 32.54. 2"a 

22 1 L.8 Meet H«uw>i»y...j 474 ’—8 la.s; s'7 


itmCieuci-iFr.uyi.180 J— 5 i 22 , L8 ll«t Hem»«*v...| 

l«a. PXrt. Cen..| 830 10 | 2Z ; k.6 lloulinnx r....i 

Do. Heg 1 616 | — 6 . ' 3 . b P«rlhB3_.. ■ 

ie.1i! >ui>«- -2.180 .— 10 16 ' n.6 Pwbiney • 


162.8 -2.7 


12.6; 2.7 
A 1 1.9 


Huleiu "bo l 

lta j iS a +fljy; 

McCarthy Rndvray 0J3 : 

Nerttwnk ;.4j -4Jft 

OK Baxaars .. ™ 6.40 +185 

Premier Mtlllru; . . ' sjg ' -MBf 
Preinria Cement 3.10 -W** 

Prnlea Holdings ljp +UI-; 

Rand Mines Properties ... l.» 

Rembrandi Group 2.63 

Ret co .... . T 034 +•»-. 

Sage Holding? 0.30 49Bf- 

SAPP1 LM 

C. G. Smith Sugar 6.10 

Snrec 9.52 d 

SA Breweries 1.J2 M .'i 

Ticer Oats and NatL Mlg. 0.45 +**!j 

L'nisec .... - LOT -**•?■ 

Securities Rand SU^. 9.7i\ i 

(Discount of 36.33 d) 1 


158.7 -1.5 .13.95 ia.5 


'•Mllfli- ^"li ic Ii«M 54', 


'kr.i.H IVir’ni. 


A iHinuI{e*.IutSli 30.5— y.5 20 l.Z u 6 !, 1 ' “b* T'iSi 16 a.6 1 Pcrbiney 1 ae i— 1 ] 7,a 07 

ttWl»nMo.B,nk' 385.5m 33 4.2 1 _ }° ' lu : 3 1 | Feroml-llicard 259 -6 7 5 go 

. liMdier iGeairsci. 660 — 10 . 5 3 8 1 Peufiwt-Cirroen.,1 357 '—12 15 4 2 

Huffman ItC^rt-.- 79.250; + 1000 3 5 u 0.7 j Puclain ifl7 1+ 1 1 _ 1 . 


SPAIN W 

Max 11 


I'+i'iili.'* iiji|iei .41.1 2.21 
• 'rj-ill,-l*..| ..lira, in, 331; 


1 lir-iiluilli-V 

• 'las % Mvr 

1 uiemiui 

1 in-'. Aliiii-i.m . 

* lln-arj' 

* iiirv svmn'.. • 

1 11 4 1 11 1 (Mint;... 

i’.r n ('"In 

l i-ljtl-' l'nlii'.... 
l i-llm.' Aikiunn.. 
t . iliiinl'ia lias.... : 
a ..iiimlun Hirt. .. 

I Vmi.IiI'1'.'.- I .\|II I 

I -imliilMK-n Klip. 

1 ..1 ui 11 1 si lull kj( . 

1 iii'ar'ili h'lwii 
1 "in'll 'ih nil i;«>: 

I • alii II. . •»,ll-ITlll-.. 
I .illllillUi-’S-li-Ill'i- 

I .lull i.lli- Ink. . 

• ..1ll*i' 

1 .111. Ivli~.in \ 

f .’II -si) 1’ia.li 
t ,.|i%.al \at. lass. 

1 iHrii" I*- in it 


1 1 : Ht'uli'U l'-ii +«'•' 

. llulhbis luiv 

28 1 lli-iiK-Inki- 

24. i ; Htniry Ha'll 

50 J J I "'"''•r 

151» I Hir,|i.l'i'rj-. (uni. 

4Q; . HiHI«liiU .Nar.li'i- 

HhuI il'li.A -I Ion 
2>j . flail lull i!.M . 

271, 

7o , * 

j I iiKi-ra.il 1 iiaiii' . 
in* 6 • fnlaml riu-ei 

ilia • 

27lj ! Iiileriiiiii hnoigt 

2 l v I 1 MM 

40 1 lllli. Fin Vi hi r.. . 

Ills [ lull, llmii-ia'i .. 
33-iit lull. Mmx Ch.'iii 
221-j I lull. Mull il-.-l-.. 

22 lllni 

24 >' ! lull. l*.i,n': 

38'k I l*f» . 

22 '1 j hit. l(-*'iiiifii 


l*i mi. "1! 

■Y. ■I.lli- I'ii.j.... 
I'tsijile? lini< 




I "I- 

'. Illla'l ■■! 

I llt.\,.| 

I III- HI 1 4111.1 ill,.., 
i. III. II « H|1i|i| r „, 

1 1. iiii m t I'litiiien'i- 


305, 1 '•m.n Mi. (mil. 


11u.11 I'acilh- \ 48 


. I'rrkin Kiula-r.... 

' IS-i 

. I'li.+T 

1 L'hvlj" D *lse 

1 P:,|lH>1el|-hM Kla*. 
Pli ill r> A|i .it I • . .. 
l*riill:pj-lYlni|'.Ti. 

Pli-JHIIV 

1 Pltn.'.V Ii," a-*.... 

1 l*urs|.-n 

• Ph-r«*\ l.lil A HR 


1 I'iltelC'la' 

| Kar.iiiwv LU-,,. 

; I'i'ii in-i 11 -1 ■;«+.. 
j I'nn-lCr liaml/ic,, 
I'ul.M'rii. Ktal.. 

1 1 1 a 1 1 HihJI 

1 I'-IIIM 


‘ l.lllniinr. 

| L- Iiii (+1 Him nrt i- . . 

. !.-■> Bnuvnrp. 

LM.rifwimi 

, US-h.ifl ' 

L'S Sicp: 

Li. rH-hniilusiv*.. 

; L V ln-lii+rt(».... 

4 ircmw tili-d.... 

| AVsisrevA 

’ 4Viiriiet-<.*i|i)illli. 

I lA amer-I^niriberi. 

, i*te- Hnn’mem 

i w eiii-l'Brco 1 

1 Wwlern llaih-aiT 
1 " uftera X. Amei 
4Ay*tvni l mull... 

I Wi-stm^hw.- Elei'i, 


27l« . -'■a-iii.'IVi 3312 

27 J .'in. * n*i. i’el’lii- 35 i2 

81', iNlllpa 115»4 

20ic i'-s.,j,- |V|*>... 3.90 
36 >4 i'lmx. I.hii i IJil.. 0.95 
51_ I'lmri Di-ii-lnj llll 21*4 
14<e li'H-rl ur]kirel*ii' 15i« 

39ea i"fi,-i B .. . I31( 

8 -/ii.-ltv Siurpeonl 1.20 

49aa : i'.i ii"i, B i Oil 35 

47sh i.'-'hI Si H n 10l« 

_ i.':.. A '!>"■■■ 29 1 j 

i 4 l. , "Vnl I1L..4 C*n. 29ij 

34 jg !' : '.y*.l-T I8.< 

25 .‘a ' xsi|u»v ic'muiw 7l s 

2BJa ! ’wgrtHHi 27 1, 

26a* . l anaila W* 

44t* I 'h. 'roll I1JI111+' 5.12 
21 Ig • lu-ln-iu • 27ifl 

1^4 • 'iniiniiiis-.. , ® lr - 

21 ! JUvl .‘-I Canada.. 25Ac 

40 1 -t ■■*:(: I'm-k Iron 2-®0 

2Big ' ivuv+i Camdi* -• 39 '4 

23’a j r*H.,nii. IJiini.Bk. 17iij 


COPENHAGEN * 


Ik*. 1 SninH > — :7.82S —50 , aS 0 7 Kwl ' 0 T^tbuiqi^, 442 Lj 

interfi**! U 3.750 ZO 2ls Keriouie i S64 ’—a 

lelnvili (Fr. IOJ) .;i,430m,— 20 21 j.4 Idwuo Poulenc ...- 69 .—2. 


lluV'l-limikuu .... 135.25 • 11 

Hiirm'sei AA’ 426.0 —1.5 15 

Diui+kc iinnk 121.25.— Q.26 : Id 

t*i«t Aa-uti 159.0 m-' I 12 

rintili Idiikeii 130.25 -O.S' Id 

IW. lly. ;ttcr 340 12 

I'iir. I’npii 


* XebUeiFr. IOJi.... 3.330 r-110-uS.l 2.6 

Pn L s, x nr rv, .7" y, , I ,i a+ JiCic».—.... 2,230 f^*5 ,-i.'b.7 5.8 

tar-t i t ^ «taifconl>.tf.25<M2 P 815 I ! 15:176 

h ™. ” ! * * Eirelli SIP iK.lul) 268 1+2 16 56 

!5PB TT'Ti 8aniltiz iFr. iXOl..|3,50O -50 26 ! 1.9 

26 0 -1 5 ii + i »o.P*rt«Cenq 475 -1 j 2b 2 7 

125-o'm: id n o *'Hin'«wUteFl03 280 . + 5 ! 12 4.3 

la- d ia ' 5 i»1jot A.' ia lK.100;l 346m • 14 l l 

6 25 "os if 'ion ^'* !r 80am;-2 I iy 4.3 

“ Dl25 “ :™-0 HankfP.lGO 369m;+l ! lu 2 7 

75 5 +05 t 10'fi F.a^.4.450 -25 j 40 2i3 

3 50 18 - nt l , nivn -|2.975«d + 15 zo 55 

IlS ids: U ! !:1 « i 2.1 

!4»m+0.26| 22 1 5.0 ! L 


IlOnS.i 2 !6 Goblin : 145.1 -lio 


47 ; 6.1 
47 1 4.8 
9 10.1 


3 8 11,618 Itas'Btwl — 
15 17[o 2““ 1 

15 . 5.6 E««»mecaiilqiie_. 


1.605 

373 i 

730 U13 


49 1 a.3 
d5A' 9.4 

25.fi 3.5 


1.9 “2“ W8.5-t.5ll5.is: T8 

2.7 Alamor I 2a.6+0.1 —I _ 


Hnn.ltalank 123.50 12 ' 8.9 /uHri.h 

C;.X"il,-.,H.,Krt0, 261.5+0.8; 12 ! 4.2 AuMtU 

-Vml Kaiwi 24640m +0.tt| 22 ,5.0 

"llelxhnk 76,75 +0.76, IE - 

I'nvHtiviDk 150.50 - ■ 8.5 

Pnirmsl «nk 135.25,-0.25, 11 ! 8.1 'MILAN 


lu 2.7 
40 2.3 


H STOCKHOLM 


Cris-e ♦ ’•* 1 

Knuif ^ [ k». t 


«ipU. Borendson. 

■5'iJH*riii* 


II i 3.2 -■ 


190.5 +0.5 18 . 6.3 


f '« '.UiV. Y.i 
— ■ Ure: 


A. NIC | 

; UasUnji 1 


I'm ni>Cnn Pipe U* 1 14Aj 


94.7SI+-4.0 1 Ll T 
418 !+B ■ _ ! _ 


--al'llla-nlnl f i r |-.- 

31 

30 . s 

j im. a r.-i . . 

31.' 

311 ■, a u<|lc ■ Vl' ...... 

22 • 

22.- 

• ■din 

29 '1 

20.- 

, llll rill 

Ii. 


9 s 

9ji 

•ii:iiii'aixi l'--l» 

16'- 

16L 

lam A J*f 

36' 1 


44 

42 a« 


■li:i 

31 

. ii hiliTMilli'ndl 

1 1 -c 

il’. , ;:i « .... 



•I'-por Inaua.a— -I 

491a 1 

504 

iJmi Mailer.. 

32 >s . 

33 ;s 1 Ke^-uLUc bleel— 

1 2«Ab , 

24t' s 


iVi-stnii) 2713 

; AVeierlmeu+er... t 24 -,i 

AA’Illl l|*«'l • 22 ii| 

AA till el. 1 -ii. Ind.. Zdi, 
A';i.iwn.*>., . 20 

' AV lac+tism blclc.i 27 


liau- Almiill Of' , 

Iri.'iv 

'. 11I1-11 

1 l-I. "IwMlIIC*. 
'A 4 eel Himm— ’ 


VIENNA 




A0A AlMKrJAJj... 205 r^T 
Alfa Laval B(KrbO| I54 L-i" 
AfiKA (Kr.aUl 84.0m! . 

Atlas AAipcef K r‘* 125 m:— { 

Ulllenui 80 r._j 

»»<«» ‘ 125 . .. 

Awrio- - ; 189 1") 

L'onnkwa 226 >+4 

Elcct'lux 'U' (KbOj lS8xr'+3 
Knwsvn'M'iKrtO. 137 j 

Excite “U"..™.. J 244 •— 1 


S.5 I 2.6 
5 I 3.2 
a! 6.9 

» J 4.8 

4 • a.o 

v4 3.3 


1 10 ; 5^3 

226 +4 I ij d 4 
152xr +3 It! A? 


6-3 1 4.1 
* i 4.6 


(Jnmjif+i (frw» ; 45.5 — 1.0] — 


'Vis| t,‘«*isv Inu.' ll'A 


* i'iir«'nln priew: fllvrilierfl dmiv* 
*'7l +A'ail3 h te' ' Asked 

1 Traded, i N 0W aiock- 


I'rHiilntitlnll .. 
l*S-niuwrs.- 

Hwin 

'•eiui-'ril , , . 
•Ii-ir I ■* nailer 
A'eii AUanti'ii - 


— j — 1'iivlli ■'(« 

7* * 3.7 ^nuiA i-f+j, 


130 6 8 tJkanil En+kiMn.. 
8U B.3 tnml-nk *B* Kjv*- 

— — I.Mdehnl rn 

A'ntvii (Kr. aO' ' 


140m -1 
76 ;—4 
51.3 *0.3 
88.0.* 3.5 


le 5.2 

a ! 6.7' 
?■*? !» i.6 ; 
3-73: 2.3 I 

’■5 ; 5.8 
» 1 5.7 
5-6.8 
•y— 1 ... 

6 6.8 


Max 11 Pol- cent. 

.v&iBBd : x» 

Banco Ellbao 331 

Banco AiLannco a. MM) 2 U 

baiK-d Central 376 

Bance fcixtrrrar 3M 

Oanen Genera) 2IT 

Banco Granada 1 1.00m 1ST 

Banco ifbcnaao 244 

Banco Ind CaL aM0> XB 
B ind Mi’dlierffirtto . 209 

Banco Popular .... 251 

Banco Santander (25G1 «L 
Banco Urcmljo (i.oom . 2C - 

Banco Viscara 2fi2 

Banco Zaraeosano 326 

Ranknnlon UO 

OanitK AndalncU 222 

Babcock WHns 24 

C'C M 

Dnaadoa 245 

Inmnbanlf « 

E. 1. AraKoneSQs ...... W 

E-iPaHoIa nine . ....... tU 

Expl. Rio Tinro HEWS 

'•'evaa n.ikMi 73 ■ 

FwfUMfl UWOl . 75-75 

Gal. PP'vlados N 

Gnino Vi-Liiqiwa l4MI U9 

UWrola I6J0 

Iha'nliiero .. BS 

"laira 154 

Puneli'ras R^unWaa ... TS 

IVlrohbiT 130 • 

> vi miens 205 ■ 

lairlu Pjpaleru W 

Allan* m -. 

KuaefiKa 125 '• 

Tl.'h'foniCJ 

Tnrras nivtunch W i . . 

Tuh.ii ve . 82.:.*:: 

Vmon Ehn, ' SL5t'. 


f l| i'k 

i 


i 

X lu 








S. 












I 




' V 


FARMING and 



MATERIALS 


European MPs I Output cut 
clash over fS 1 " 


U.K. AGRICULTURE 


Constant care pays dividends with cereals 


BY DAVID BUCHAN 


STRASBOURG, May 11. 


By Our Commodities Staff 
A CUT IN OUTPUT and stocks 
is the only solution to the 
crisis afflicting the word line 
industry. Societe de Prajron, 
the Belgian sine producer, 
said in its annual report yes- 
terday. 


BY JOHN CHERRINGTON. AGRICULTURE CORRESPONDENT 


Parliament mdn- — vumpiainea oi tne ' equaus- noyaie Astunenne des Mines, 

Snj m at t™ '! practise * by the hoards, which said balancing demand 

UK Milk mJIT 0 ^ whereby they pay every farmer, and production was the only 
Howm-r , Bn tffi, S ’. ‘"“P’-’r’i™ or the trize of fane way l„ end u, e “anarchic and 

ms suwp«m » n nsh filibuster or its location, the same price ruinous * situation in the 

^ \ n Postponing the for his milk. This prevented market 

, h(1 r 5 ft.„.H- rCS S!i , ! t,0 M 10 m ? dify other EEC milk producers from Prayon said losses in the 
u radically until to- competing against the less com- European industry were no 
™°st Olher court- petitive U.K. farmers. longer supportable. But 

,1 i. . . Y. e s , one bo ,™ e - Mr - Halph Howell (U.K. Con- Aslurienne saw some hope of 

JpV „• I° nk p!ac * wlu « servative). said the boards were change, noting lhat contacts 

,,r ™ Ministers in Brussels essential to maintaining the high had been established between 
continued to wrangle oyer this level of liquid mik sales, a line European producers and the 
years price package which con- of argument strongly echoed by Common Market Commission, 
la 'ns a Commission proposal that Mrs. Kellett-Bowman (U.K. Con- Lead prices plummeted on 
u j 1 boards should be servative) who. said the. dis- the London. Mela) Exchange 
allowed in continue, with cer- appearance of the boards would yesterday as traders sold lead 
tain modifications, including one destroy the “ pinta habit " in and bought zinc, 
that provides for their approval Britain. After trading around £306 

by SO per cent, of British dairy This would be serious at a a tonne in pre-market dealings, 
farmers every five years. time when according to EEC three months lead .stamped to 

One by one. British MPs stood Commission figures for 1976. 15 around £295 In the first 
up to attack what Mr. Mark per cent, of total Community formal trading sessions, and 
Hiighes fU.K.. Labour) called milk production bad no market, ended the day £&25 down at 
“ the mixture of ignorance, fear Despite this, milk production £297.5 after a marginal 
and jealousy " displayed by Con* increased in the EEC bv 2.653 recovery. 

rlnenfa! sneakers criticising the tonnes last year, with the 

board's structure and opera- addition of 41.000 more cows. Wfo/ilr arifl 

lions. British MPs vehemently * * CCgL."CilU 

Herr Isidor Fruh, for the resisted what they saw as an 
Christian Democratic group, wcl- attempt to lower the health JUilll 20 CS 

coined the fact lhat Britain had. standards enforced by the boards ° • 

apart from Ireland, the highest to allow substandard milk In 11 fl 323.111 
milk consumption per capita in from the Continent. 

the EEC. but said this was due Mr. Hughes said he was not ° ur Commodities Staff 
to the excellent distribution prepared to put his children's RETAIL prices of most kinds 
system which was not inherent health at risk for the spurious ® c meat have gone up again 


around £295 In (he first 
formal trading sessions, and 
ended the day £&25 down at 
£297.5 after a margin a] 


Week-end 


AT THIS TIME of year I usually 
look round my crops once or 
twice a week. About a fortnight 
ago 1 was horrified to see that 
two big fields of winter barley 
were suddenly turning yellow. 

The disease was diagnosed by 
an expert — employed, of course, 
by a spray sales organisation — as 
rbyncosporium. He gave the 
warning that if the disease were 
unchecked the crop would be 
very poor indeed. 

So the requisite spray was 
ordered and my tackle stood by 
waiting for fine weather over the 
May Day holiday to apply it 

At the same time another 
source of opinion, a local pub 
where some of us meet to discuss 
the affairs of the industry, pro- 
duced the view that the yellow- 
ing, although having the look of 
rhyncosporium, .was probably due 
to the leaching out of nitrogen 
by the beavy rains. 

Yet another practical man said 
he thought that the frosts and 
cold easterly winds to which the 
crop was exposed had done the 
damage. 

I could not do much about the 
frosts but I did order another 
helping of nitrogen, much against 
the wishes of my foreman who 
thought it would make the crop 
grow too lush and get badly laid. 

I inclined to the lack of nitrogen 


theory because similar crops else- 
where on my farm were looking 
well, but this particular land had 
been continuously producing 
barley before I took ii on last 
autumn, while my own had been 
enjoying some semblance of a 
rotation with grass breaks and 
sbeep over the years. 

In the event we were not able 
to get the spraying done and 
the nitrogen on until last Wed- 
nesday week and on the Thurs- 
day I looked around the farm 
and found the situation com- 
pletely altered. There had been 
two warm days and the whole 
scene was one of vigorous new 
growth of a good dark green 
colour. 

The change was far too sudden 
for it to have beeo the result 
of the treatment. So it looks as 
though I could have wasted the 
spray and nitrogen. 

Obviously, the barley had been 
suffering from what is loosely 
called “stress." which in this 
case had been caused by the 
cold, wet weather and probably 
by waterlogged ground. 

My experience always has 
been that all grain crops go 
through these bad periods of 
yellowing and other symptoms, 
but usually get over them when 
growth really starts. 

It is only over the past few 


years that materials have become 
available which can effect a cure, 
as long, of course, as the disease 
has been correctly diagnosed at 
the start 

Coinciding with the availability 
of these chemicals, of which, 
incidentally, about S 00 are 
already Ministry-approved, has 
been a marked upswing in the 
profitability of grain. There is 
now a wider margin in which to 
spend in order to get still higher 
yields. 

Grain prices on the Continent 
are between 25 and 40 per cent, 
higher than here, and in Ger- 
many in particular, the use of 
chemicals and fertilisers must 
be higher than anywhere else in 
the world. 

This has brought about a 
marked change in cereal hus- 
bandry. Until a few years ago 
a wheat crop was planted in the 
autumn, given one or two doses 
of Ditrogen in the spring and 
sprayed, if necessary, to kill the 
weeds. After (he end of April 
there was little the fanner could 
do but wait and take his crop ar 
harvest 

To-day, techniques devised on 
the Continent entail almost daily 
monitoring of the crop from 
early spring until well into the 
summer. Work includes the ap- 
plication of different fertilisers. 


growth regulators, herbicides and 
fungicides according to a blue- 
print adapted to the varying 
needs of the growing crop. 

To enable the sprayer to 
operate, wheel marks are left in 
the crop to guide the machine 
each time — Lramlining it is 
called. 

These husbandry techniques 
are being adopted by British 
fanners whose aim is naturally 
to increase yields. Some have 
organised Ten Tonne Cluhs. 
They aim to produce 10 tonnes 
of wheat a hectare or four 
tonnes an acre. 

The national average to-day is 
less than two an acre. Such 
yields have been achieved in a 
few cases, but at the same time 
there have been repons that the 
risid application of the continen- 
tal systems has resulted in a net 
financial loss as compared with 
more traditional methods, simply 
because of the increased expendi- 
ture on husbandry'. 

This is no reason for condemn- 
ing these practices. Those in 
Germany and Belgium differ 
materially but both get results, 
because they suit their particular 
climate. It is almost certain that 
the vagaries of the British cli- 
mate which is very different from 
that on the Continent will require 
the adaptation of these tech- 
niques. 


■ It is of interest though, that 
in spite of the publicity given 
to European methods, the 
average wheat yields are about 
comparable with those attained 
on well-farmed land in Britain. 

But while 1 am sceptical of 
some of the more exaggerated 
cl a9 ms of improved yields to be 
harvested by the slavish adop- 
tion of these techniques, there 
is no doubt that there have been 
some beneficial results. 

Over the last two or three 
weeks I have travelled expen- 
sively in the South and Midlands 
and have been struck by the 
excellent shape of many of the 
autumn-sown wheat and winter 
barley crops. They are well and 
evenly sown and appear clear of 
weeds and, since the warmer 
days, of a better colour. 

This means that the basic 
lessoD of These techniques is 
being accepted. Farmers now 
realise that growing grain crops 
should be monitored from seed 
time onwards In exactly the same 
way as fanners would care for 
livestock. 

This was never the practice 
before because the means to do 
this were not at hand. Now that 
they are it is up to the fanner 
to make up his mind as to their 
value under his particular con- 
ditions. 


in the hoards themselves. 


U- Pierre Bourdelles, for the munity competition in milk. 

Green money changes will 
boost value of price deal 


to allow substandard milk In ||T) 323111 
from the Continent 

Mr. Hughes said he was not JjvOmr Commodities Staff 
prepared to put his children's RETAIL prices of most kinds 
health at risk for the spurious meat have gone up again 
argument of increasing Com- this week, the Meat and Live- 


BY MARGARET VAN HATTEM 


BRUSSELS. May 1L 


stock Commission reports. 

Biggest Increases were regis- 
tered in home-produced lamb 
and the average price of legs 
has jumped 3p a pound to 
£1.16. Loin chops are up by 
the same amount, to 128p a 
pound but the same cut of im- 
ported New Zealand lamb is a 
modest 89p. 

Most cuts of beef are up lp 


Late selling wipes 
out coffee gains 


Big rise in USDA may extend 

rubber use , ... 

forecast set-aside deadline 


IT NOW LOOKS as though the around 2J25p in the pound. Most cuts of beef are np lp 

average level of institutional During the five months of a pound. Rump steak is dearest 

rises will be held to about 2.3 negotiation, the Commission has at an average £L79, although 

per cent., following the EEC had to relax slightly its tight the range of prices runs from 

farm talks, against the EEC Com- prices policy on commodities £1.56 lo £2.02 

m'fs'on's target of a maximum 2 chronically in surplus— beef. Only pork prices remain 

sugar, some cereals and possibly more or less unchanged on last 


per cent. 


But proposals for further milk. week, 

devaluations of certain green The controversial package of Ovcu-ready chickens are 
currencies, the exchange rates aids for Mediterranean pro- still relatively cheap at 36p to 

neprt to translate common farm ducers appears to be near 44p a pound, according to the 

priros into national currencies, agreement, Germany and Britain Department of Prices, and fish 

together with green currency apparently bavin? overcome prices are stable. 

jnvT Inattans effected in the past reservations about the high cost. 

->w months, will hoost average They had insisted that the i a P A IV -Z"' HUM A 

EF.C form prices by around 72 Commission's proposals that the JAr . 
per coni, orer the next year. Community supply up to half CTRTlf ICFP 
The lowest national rise would the funds from major irrigation , ... . 

he jn German v and Denmark €1.7 and modernisation projects in A JAPANESE mission will leave 
per cent, each) followed hv the southern Italy and France was for Peking on May -4 to uego- 
TV'nelrv countries (2 per cent.), ton high. tiate fertiliser exports to China 

Ireland (S.fi per cent.). France The Commission is planning to for the six months starting m 
(!).S per cent.), the U.K. (10.2 propose raising the Community's July, the Japan Ammonium 
per cent.), and Italy c 14.4 per contribution to projects in the Sulphate Industry Association 
cent ). In Britain this would regional development programme announced * 

boost food retail prices by from around 30 to 50 per cent. Reuter 


BY OUR COMMODITIES STAFF 

CONFIRMATION that the Ivory 
Coast has withdrawn from the . 
coffee market contributed to an 
early rise on the London futures 
market yesterday. But the gains 
were wiped out during the , 
afternoon and by tbe close July 
coffee, which had climhed to 
£1,465 a tonne at one time, was 
quoted only £2.5 higher on the 
day at £1.438 a tonne. 

Traders said the news from ' 
Abidjan came as no surprise. Tbe : 
Ivory Coast has been all hut 
absent from the market for about , 
two weeks having discontinued i 
its normal practice of publishing ; 
a basic export price some six < 
weeks ago. i 

They thought the withdrawal : 
announcement had been 1 
prompted by strength of the 
market on Wednesday because of j 
Brazilian frost fears. These < 
fears, which most dealers i 
thought extremely premature, ( 
seem to have subsided. j 

The absence of Ivory Coast ( 
selling of coffee in recent weeks l 
has allowed other African coun- c 
tries, particularly Uganda and 3 


Angola, to step up their own 
selling. 

Uganda had previously been 
withdrawn because of internal 
transport problems but these 
appear to have been largely 
resolved and the coffee has been 
flowing more freely. 

Angola, meanwhile, has bene- 
fited from an easing in its 
external shipment problems 
which had kept its exports to a 

minimum. 

Angolan coffee has only been 
available this year on a wide 
spread of delivery dates. Buyers 
are still being asked to accept 
delivery over a fairly long range 
of dates but because there were 
more ships available, prospec- 
tive buyers were confident 

On the London cocoa market 
meanwhile, some traders 
detected signs of a new bear 
trend as futures values continued 
their fall. 44 Bearish - chart 
indications coupled with reports 
of large supplies afloat contri- 
buted, to the fall which took July 
cocoa to £1,856.5 a tonne, down 
£15 on the day. 


By Our Commodities Staff 
WORLD CONSUMPTION of new 
rubber will rise almost 7m. 
tonnes in the next 10 years, 
according to the International 
Institute of Synthetic Rubber 
Producers. 

From 12m. tonnes last year, 
use is expected to climb to 18-Sm. 
tonnes in 1988. 

Synthetic rubber, the institute 
claims, will Increase its share of 
the rubber market— constituting 
71.8 per cent of total consump- 
tion compared with 68.2 per cenL 
last year. 

It estimates that the use of 
rubber in the centrally-planned 
economies will account for 30 per 
cent of the world total con- 
sumption by 1988. compared with 
28 per cent now. 

CentraJ and South America are 
expected to raise their share of 
world consumption from five to 
eight per cent North America’s 
share will fall three points to 
25 per cen-L and Western Europe 
is expected to use 19 per cent, 
of the total compared with 22 
per cent, last year. 


THE U.S. Agriculture Depart- 
ment is expected to grant addi- 
tional time, beyond May 15. for 
farmers to sign-up for the acre- 
age set-aside programme. 

So far more than 3.5m. acres 
of land usually planted with 
grain have been committed to 
grazi ng or other crops th is 
season under the set-aside plan. 

The overall aim is to reduce 
the amount of grain overhang- 
ing the world market and de- 
pressing prices. 

In Johannesburg traders say 
South Africa could export be- 
tween 3m. an 3.5m. tonnes of 
maize from now until the end 
of April. 1979. This is based on 
the 9.8m. tonnes latest official 
emu estimate. 

Last season South Africa ex- 
ported 2.9m. tonnes. 

And in Moscow, Pravda reports 
that Soviet farms have sown 44 
per cent of their crops, complet- 
ing an area of 66.2m. hectares. 

The Communist Party news- 
paper said the total .includes 
37.9m. hectares of grain and 


WASHINGTON. May 11. 

pulses out of a planned area of 
90m. hectares. 

The report, which singled out 
several farms and areas for 
criticism over delays and short- 
ages. made no reference to the 
unusually cold weather in the 
European part of the Soviet 
Union during recent weeks. 

In the first week of May — 
when temperatures in the 
.Western part of the country were 
well below average — fanners 
had sown 14.7m. hectares, the - 
paper said. 

• Portugal's wheat crop this vear 
should reach nearly 400.000 
tonnes, or more than double that 
of 1977. Dr. Luis Saias, Agri- 
culture Minister, told reporters. 

He said Portugal was becom- 
ing self-sufficient in beef 
supplies and imports of frozen 
beef this year would be -limited 
to about 10.000 tonnes as a 
strategic reserve. He also 
reported a significant increase 
in the production of milk, cheese 
and other milk dairy products. 
Reuter 


COMMODITY MARKET REPORTS AND PRICES PRICE CHANGES 

Oicr MCTAIC traded at jCTH. 13. 12.5. 12. U. 13 11.5 II Kerb- Three months EB9.5. £300. GM.5. mld-ancmoon. when dealer ceibitg which during the early kerb trading session, pack, per pound 0.12: W. Australian: 1 

IiAjL ItLC. I A Lo 12 . 12,5. 12 , II. Cathodes, three monUis -TIM — Erratic Forward standard Had been appareni since raid-mo nuns C. Curnfltow reports. Granny Smiths 6 70: Tasmanian: Cox's 

-rnPPFn n*r+tv channrJ Forward £701 Kerb- Wirebars three month-; mi material opened a' shade firmer owing ro prevailed in depress levels to finish— £10 Sales: ISSS (l£»4i lots of 50 tonnes. Oran** Pippins 7.3W.68. Golden Delicious toaao unless otherwise 

jsa's.s aLC^u^Tw HSSreS 2SSs ja-suf-ra? jbjs jat «s “ 

lo . ESwmTS; mission boosts had run into hedge «Btn B isame. a tonne _ for home trade and Delicious O.C; 5. African: Dunn's 6.00- l.l I 


U.S., Markets 


Nwi (v-ror. ti.rr.lns easier to Cat bodes, three tenths £TJM Kerb: Wire- pre-market before con. Ins under heavy ■SjtallB n«lb (CSS*, for 

fnn 5 on ihc morning kerh foiluwinc the bars, three months £714, 13. 15.S. R> Mins pressure in .he rinse. This scMIns j-J* hr rh# 1 mirinn rrarfp International ^uaar AfiN 


NEW YORK. May 1L 


7710 5 ot. Ihc morning kerb followinc ih._- bars. Hum months XTH.'M. 15.S. "•Hum pressure in the r mss. This scWIor " iheLmulnn trade 

sham GUI In lead riiupW with mnunls- LEAD — Weak again follouinc heavy look the price down m £6.303 on the mancci o*_w «.rocon tr« w - 


s ton hmw> srliins. In .he afternoon the chartist and nop-tass iwlltns which look moratn* kerb. In the afternoon some 

price rallied in 1714. hilt then eased afresh forward metal down from an mmal m’yslral demand at the lower levels 

to d«»f.e at in; 5 0 n ilw late kerb. Turn- I3Wft on the pre-mark, i to ihe dar'6 enabled me Vfice » reenn-r to XeJRS 

hut in. Will tonm-s. lotnvt level nf 1295 id the moraine fines, before dosjnc at 76.36S 00 the late aero. 

Tben-afler Ihe price tended :n recover. Turnover rao tonnes. 


ovrr 7.350 tonnes. 


r.M.M fCC.OO. for export. 6.S0. Granny Smiths 6.60-6.30. White Wlmer 

International Sugar Afl reenter:: Indi- Pearmain 6.30-6.60, Starting Delirious 
cat or prices. U.S. cents per pound fob 7.60-7.80: Chilean: 'Granny Smiths 6. 60 - 


i ca,or Pncv*. u.a. cents per pound too r.N-i.wt: enucan: uranrty amittm 5.60- 

. ,1™*-' . ‘ and staved Caribbean port ror May IB. 6.70: New Zealand: Cox's Orange 

CUFFBK r£oe Dal,J 7 49 ,7 ' 48,: 1Wur ■ wra « e 7.« Pippins lO-SH 7.0O*.50: Danish: Per 


V 10 + or Month l 43 - 7 ® tMfi-23'. July 140.60 

fl7o — ngo Dec - (E-15. March- 

Jc*- 1 ? 1 May IM-Bo. July 124.40. Safes: 
l Jots. 


fr.-lSt. pound. Spartans 0.10-0.11. Pears— Katals 

EEC IMPORT LEVIES for denatured S. African: Canons. Packham's Triumph Aluminium l£680 £680 


,95*” c Contract: Mar 173.35 
U , ^ i, '« JnU ' , ,K - 50 -»-M • J57.S91. Sept. 
113.U. Dec. 130.50. .March UO.00-1C2.00, 



+ ' ; r 

I'.ni. 

(Jniffleta 

Hht 

i * 

C 

* 

£ 

Wirpbara, 

Osdi f91 2 

-4.26 

693.54.9 

-.75 

s 111,1111 ii 7 10- IX 

-J-75 

7X2. 5-5 

— ,B 

trtv 'nr«n r.92 

-A 

— 



Cattiotles ' 

Li Ii-, . . 601-3 

-4 

6B4.M.6 

+ .76 

f lAnin-.. 7DD.9 1 

-4 

703 5 

+.B 

Seti-'nj'ni 6^3 

-3.5 



U.!t..Slll».. - 


64 



LEAl> 

O.I1I. + -H 

Oflieta — 

t i,ul, T ‘ «* 

I'nidllCUl., — 


r 1 ,- 

i- ; •* 

l*H«h 

290- X '—9.26 287.5-8.5,— 101 

i mmtb*- 

899-300 —9.75 

297-6 aj 

Mu'im'Dl 

291 —9 

— 

IA/ 

- ' 

31-33 l 


Stect'im'oil 291 — 9 ! - . ' 

WVI. * ...L-v: 1 «-“J *£L£Zi 

Momma- Three months C9S. 97, 96. »3. York 

96.5. 97, 96 . 96.5. 97. 8R. 99. Kerb: Three - 


n. 6340- B 1—150 638&90 —IS ICO IntUcaur prices for May 19 tU.S. 
ft. 646Q i— 165i — { — . corns per pound): Colombian HIM 

iS47I5 +16 — Arablcas MC.M unwashed 


OlUM-jB'u 


■*'»■»+ 0*1 

* 1-1 


? i UMMHhs £297.6 -e.25|£dl4. 

• Nickel ; • 

I - free Market idf Ibl 51.95 SI. 9 3 

-8.051 -2.03 


ll.ii.Siiii.. - 64 I Momma- Three months £795. .or, 96. 93. New York' — I I 557.5 ! Arabiras 13109 ' isatnet: Olher mild ii*,. (; 

96.5. 97. 96 . 96.5. 97. 96. 99. Kerb: Three — " — — - Arabicas 165.30 <167.33 ■: Robusins 135.00 i u ._ X 

Antalr.-imari-ri Metal Trading reported months £398. 98. 97. 96. 96.S. Afternoon: Morning: Standard, cash £6.460. 5S. <sarae>: Daily average 133 . «j (131.171. n-JT'" j 

that in tli.- nmntinK thrrr months wtirtoars Thri-e months EM. 98.5. 99. 98. 97.3. Ihree months £6.380. 70. 80. 70. 50. 45. ARABICAS— Arabicas produced another |i eC e m h^-'''J 
" ■ ■ - ■■■ »• - - ■ Kerb: Standard, three months £6.335. 30. autet performance 00 local trade parti cl- "Jj 

| 3t>. 10. Afternoon: Standard, three months pari on only, reports PrezeJ Burnham i,._ 

£6.380. «. SO. M. 66. 60. TO. 73. 80. 78. BO. Lsmben. jSV \ 

80. 00. 90. 60. business 1 — June 182^-165.75. -0.20. 163.00- ... 

2. The eimimodily futures market Cor the smaller investor 


5.9-28.0 l+B.5i - 

3.0- ol.D .— 1.5. 252.941.0 

i-U-i'-O - — I — ' 

B.u $9.0 !— 0.5 — 

6.0- 4fe.O — 

sjwe.o — 

B.94e.O — 

7.0- 50.0 — 


tmitean: cases canary: +JU-4.W. t — 0 - ~ ‘ ■w.io-wj.itl. 

Capsicums— Spanish: Per pound 0.26: 1 ' 8 - 05 l I ‘ 2 - 03 0rL 85.60-ta.60- Safes: 525.000 bales. 

Canary: 0.28. Cetery— American; 5.00. 1 1 | *GoW— May 173.TO 1174.40 1 , June 174.49 

Potatoes — Canary : 4.30; Egyptian; 3.30- Platinum tmr oe.J£120.5d| In 17.50 1 IT-i-D® ■- July ITajO. Aug. 176.60. Oct 

4.40: Cyprus: 4.60: Valencia: 4.30-4.70; Free Market- |Jil22.d5 +1.6H£116.i& 175.90, Dec. 1S1220, eb. 183.70, April 156.20. 

Barcelona: Mataros 4.90: Majorca: 5-20- Quicksilver <76lb.) £127-3 J JsiSd-K June 1SS.80. aus. 191.40. Ort. lW.id. Dec. 

5.36. Tomatoes— Canary: 3.00-3.50: Jersey: Silver troy cu. 280. 6n +2 -Ol2013u 1DD-90. eb. 199.76. Sales: 6.SOO hus. 

4.30: Dutch: 4 JO: Guernsey: 4-S0-S.20. 3 month JZ87.05| + l.reS8B.3b|. tLard— New York prime steam 23.00 

CarrotaTCyprM: 1.00 itaparws- pn Cash...,.: ttt>,50D UlBJC5.84u traded <22.50 ». Chicago loose not avail. 

Californian: Per pound 0.B0-L00: Bun- Smooths- l£6.3B5 [--7jl£6.BM-6 able >22 00 1 . 


EUROPEAN OPTIONS EXCHANGE 


t tpr I, u 

I’rnY 

July 

ClDMf VoJ. 

c 

Ui«e 

let. 

Vol. 

j 

CIrt«v 

K. k'-ilsk 

. 640 

X23 4 


13 


. 13ta 

K, K . niak 

i 645 

e 

— 

9'a 

— 

i 97 8 

P. hi.tak 

' 550 

4Sb 

-w 


io 

i ei A 

8, ht-dak 

1 560 

1 



2)« 

— 

. 3 

l. >1 

, S50 

13 

— 

13 


; 13J* 

r.\t 

S60 

4U 

— 

47g 

9 

1 Bla 

KM 

i S70 

to 

1 

__ T a 

— 

- ,lB 

IRM 

i 9240 

24 

— 

27 

— 

! 29 

IIIM 

| 9260. 

9>4 

•w- 

13 ’a 


} Ig 

lHM 

>280 

27a 

— 

61a 

2 

85*. 

A IgtiilflH' 

i 1330 

25 

_ 

26.00 

— 

1 27 

•1 lyi-uu-ne 

■ K340 

17 

— 

18.80 

*— 

: 22.50 

t Ici'llll-llf- 

F3SO 

9.10 

9 

12.00 

— 

. 13.50 

\uii ■ ■ 

1-70 ; 

8.60 

— 

9.00 

■ — 

; 9,oo 

Anil-,, 

F75 

3.50 

IO 

4.50 

— 

9.00 

A n 1 n i 

>■80 1 

2.20 

— 

2.80 

— - 

3.00 

Nu >.»l 

FlOO . 

11.60 

— 

12.50 

7 

13.00 

,\*f VI 

FX1D 1 

fi.00 

— 

7.00 

•— 

7.50 


FZZ.30 

3.40 

— 

3.70 


3.90 

I'hillpo 

F23.00 

1.10 


1.90 

w— 

2.40 

I’hiltp. 

KS7.50 

0.50 

— 

1-00 

. — 

1.70 

H. 1). Slu-ll 

> 120 

8.20 

16 

8.30 


8.10 

j:. l*. .■'ti'-u 

: vi30 

1.60 

« 

3.10 


3.90 

t>. Shell 

F140 

0.20 

60 

1.10 

— 

1.70 

t'nili-ifr 

FXIO 1 

6.00 

13 

4.20 

1 

5.50 

Vniliv.r 

FX20. 

.0.50 

78 

1.70 

55 

2.ZO 

I’m 

F130 < 

O.SO 


0.50 


1.30 


I 700p I 
1 ?SDr: 
1 bmp . 

t 200p 1 
I 223,-: 
! 260|. j 
• 275p| 
I 300). . 
32f>p : 

ASOji I 

! 375|> : 


Market Reports 1 

b .v 

Inter Conraiodities 

Limited 

Specialists in Fundamental Research 


To: InW t'rnnmodlllps Lid 

J flot ris \t i-iiui-. I nnilttn CCJN -IDS 
Tuliiphuw: I1I-4HI mil 

PImm- »cnd mn vnur Market Report* lord w ceks tree of charge 
AM M Uhottl *WtqA«»n- 


| Aridirvi 

I 


■ TelephtuteN'o. 




Birr-'” mttArsfiEirt i.'Sss: fis==fesl=? =_ « ss^istr =5=aa* 

ZfMC-Stcady despite the weakness <tf gM:^iLmMUaa WW ‘^re^y^q^ ““order t.wT liS2tl~:KsiSB ftsS'* 5 "iM-JS HfclteLM <219.901, 

her base-metals and following a good JJKT 'tA MtradriP fS' I33mI fcujwr idler. ^buMneKTl«I«“ MJcrS Turniiw-Per SMb MR. Cartms-Pcr b« qjj. On. 221.50-222.50 .221.801. Jan. S4.10 

« ■'■5*5 ^ te , al1 JSLEP* 01 S'S^ft.^£rtSITSrt i»SS: Suimo cSmatlPWII 6605- S615 S™*"- 3u] * Oti 

:«3 W. bSSSSS^BSS. g U I^snssf SS3 VT\fSS w 


RUBBER 


Of Ihe day to dose at £311.5 on the late PT7HRFR 28: July 3C.3. 30 6. 362>M0J. 13; Oa.' Apples—Per pound Bramfey's 0.11- 

I kerb. Turnover 5.850 tomxta KUBSSttt 36ti. 36S.lT 363.(Wea.0. l?TotalsaJw “ 17 : Pv^PorPoand 

— SLIGHTLY EASIER opening on the 235. Conference O.JS-O.la. Tomatoes— Per 

'•"J- 1+ ' ir i ., |T4*» London physical market. Fair lnu«si BRADFORD— Business was slow as '» nnd BngliMi IJJASt _ g* w a Per S^OOy 


IPladnum — July 219.70-221.00 <219.801, 

Ori. 221.50-222.50 <221.501. Jan. 224.10. 
April 22G.70-226.90. July 229.10-229 JO. On. 
231J60O33.M. Jan. 234.30-236.00. Sales: 
1.357 U>IS. 

75llvcr — May 503.20 <506.501. June M4.50 
i505.30i, Jnb‘ 508.00, Sept. 515.00, Dec. 
526.2ft, Jan. 530.20. March 5K.30. May 
346.40. July 554.50. Sepi. 563.30, Dec. 
5*6^0. Jan. 580.60. March 559.70. Sales: 
9.000 loi*. Handy and Harman spot 


NC Oflieta - u^fHrk. - S5SUT d? ^r’ctaiT 3S* pSTSSTTw” ^(WAU.|Mi.fc!_J|j6oa MTiMLn .S mu. 

1 steadier. Lewis and Peat reported that trade sources saM. Coo cessions could be 1?. Un J|® ln 1.40-L80. . Soyabeans— May 726-725 '7)9>. July 71b- 

*■ i „ the Malaysian gudown price vras 269 obtained, but business was on only a Celery— Per 15/24 4.40-5.06. B rafnw I I 7°* '70S>. Aus. 660-658, Sept. 650. Nov. 

-05-4 —I 501^-&B — Zb lsam ei cents a kilo (baler. Janet. hand-to-mouth basis. Reuter reports. MEAT COMMISSION— Average fatstoek Harley H BO T * <C0-619. Jan. 623. March er 1-632. May 

niha.. 312-3 ] i rDiVATC Bricw at reprveenta live market* on May Bum? Fuiunffi—.£79.6 — 0.2 |£7B.B5 63 r_ 63G ' . M 

"i"- x . i L . . M (j RAINS ll: G8 Cetlle «B«p per fcsJ.w. t+CJ8»: Alaiw I f 03 IlSoya^wt M»l— May 177J0 (177.10), 


WHEAT 

1 

BARLEY 

IT nth 

Yeaterdav' 

| + or Yewo-day 


-low.- 

! - 1 

tooe 

— 

May 

98.00 

— O.BOI 

82^0 

+ O.IO 

>ept- 

85.15 

—0.15: 

79.60 

— O.M 

Aor. 

87.60 

<- 0 . 20 : 

e2J>5 

—0.20 

JWL 

90.20 

— J.lOi 

t4.55 

-)JS 

Mar. 

92.65 

-O.Mi 

87.00 

—OJS 


MEAT COMMISSION — Average fatstock Harley HBO T - * «™ 9 - Jjn - 623. March 632 J- 632. May 

prices at representative markets on May Hume FuIum... £79.6 — o 2 F£7B as ^t. 635, . 

11: G8 Cat lie 6B^p per kgJ.w. (+0^8t: Matw I IlSoyabean Meal— May 177^0 (177.10), 

U.K. Sheep 160.7D per kg-esLdc.W. t +6.01: Pr neb So. A AmU: 106.6 £106 75 Aae ‘ 17a -6-. 

GB PICS 83-lp per kg-Lw. t -2.1). Eapfand AVbeau- ^ b-/5 1*3.00. Sepi. m.a0-17230, Oct. JfiT.Tb. 

and Wales: Cattle numbers down 7.1 per No. 1 Red sipruijrU:B3 SB — O 2 K94 a 1 f 7 - 30 ' 165.00-185 20. Jan. 1G6 50. 

cem.. average price 6S.B6p (-0.03): Sheep NnSHardWtateti * . 5 March 1.0.00-169.00. May 166.00-170.00. 


. 305-4 -1^01-5-2.5 ' — JZb isame) cents a kilo (buyer. June). 

: months.. 312-3 ,-1.« 311-.6 | 

■f in eni.„.. 304 —1 . * — —• ; „ L 

i‘in. We*t — I I 29 I No-l Prevlou* Yeai'rday'sj Bnainew 

— ■ ' - R.tS.S. i cinae i clnae i done 

Cents per pnond. t On ovavtona [ : 

official dose. tl» wr stem. j ’ i 

Horong: Three months 1310. 11. 10. 0. June..-/ *2.50 05.001 52-50-52.90 — 


CIV vrn Apr-jne; 5M5 57.2D bM047.20 57 2D 8 40 Mar. 92.63 i-O.M| 87.00 1—0.25 SMITHFIELXI loence per pouDd)— Berf: u'hw HI ' 

SILVER Jiv-sep. 1 . W.B-68.45 aB.25 50.80- 56.25 — ; : Senilis MDed sides 33.0 w 57.6: English 

<t» n . r . u r« -Ik, hirf..r f>«-Uee 5635-59.75 59 55 59 40 56.41-5035 ^OsJoms done: NMHb; 98.5b8B.00. hindquarters 68.0 lo 72.0. forequarters 36.0 SHEilrS :' \~ Zj> 

.-- 1 *?.?._*“** ■- ( ^ . a0 . Jan-Mar: Sfl.a5-tfl.90 rP Mi-tO-M aO 85 M 95 8oJ0-S4Jl0. NOT. S7.6bfi7«5, Jan. (O 40. D. Worilopa b4s Kilo... 280 p I I274p 

r 5«n to “ , ‘n % \ - . ■ 90J5S936. Mar. 92.7M230. SaJes: 128 Veal: English fats 76.0 to 80.0. bobbles : 

1 . S>les: * 4uU< lots of 5 lomtes, 475 1457) Jots. Barley: May £L2bSL9S. Sepi. 79.60. 26 0 to 36.0: Scottish babbles 2S.0 to 34.0: . , I '*Wbcai— May 307 j i303jt. July 308 

JJ. JESS lot^of 15 tonnes. 79J8. Nov. 82.10-S2.00. Jan. 84.70-84.25. Dmch hinds and ends 97.0 lo lOO.O. 1 May^Slc^'a lflB * '■ 3101-311. Dec. 316J-316a, 

Physical closing prices '.buyers < were: Mar. 87.1M6.90. Sales: 96 lots. Lamb: English small, new season 68.0 ijSLjIS: Ju - — P j^prfr-Jn g ^. » July. March 3IS.--319. May 3171. 

530.1c. up .. 4c. and Spot 32p isamei: June S2^5o i5U>: July Barley. Sorpbum, Oats: usquoted. to 78.0. medium new season «6.0 to 78.0. •'““V-July. *Jw»Jnly. * Per ton. 
t-muuo, SSLfc up S.6c. -rte aunal 5CJ25p isame.. HCCA— Ex-Iarm spot, prices. Feed Imported froecn: NZ PL 49.5 to 50.0. 


Sept. 7.63 < 7.65-7. 70), Oct. 7.76-7.77, Jan, 
S.tD-S.Jl. March S.61-S.E3, May 8.77-8.79, 
Jo!j- 6.96.5.98. Sepi. 9.13-9.15, Od. 9JM-9J5. 
Sales: 4.95ft. 

Tin — 323.00-570.00 asked isame'. 

**WhoM May 307 j i303ii. July 308 


ripened at 279. 5- 288. <5081 -510c) and wtmat: Sooth Lin en In £9536. Wiltshire pm' is n in n o ' " ’ 

Closed at 3MMMIP <5IQj-512c). SOYABEAN MEAL rKSO. Feed ba r«: South Lincoln £83.66. Haraett: Engiiah 46.0 to 88.6. 

juiiuixjut irttrtL wuuhtre £53^0. Pork: EngUtb. under 100 lbs 3S.B to 

S1LVBK Buxton +■ or I. M K +. or XXnsplte the strength in Chicago mrtets The U.K. moneiary coefficient for the 46.6. 100-120 lbs 38J) 10 45JL 120-160 lbs 
per a sloe — ckwe — London future prices remained depressed vrek (ram May 13 is expected lo be 3fl.O to 43.0. 

town. pricing following further long hquMadon. SNTW ““changed. * 

Commodities reports. l ^l r GRIMSBY FISK— Supply good, demand 

|B0.6p +2.04 280.28p-*-X* ~ ^ • S^VOUSTSSi 

j -rm-nth.. SIS.skp + !.5 1 - | J une ^70.25.0*1.15 129.tO-2S.50 3l (■«! WM76.B7* ffiL ^ 

LME— Tnnwver 115 ( 256t lots of 10.060 Augurt l£30*-i9.8 +0.06 I2S.B0-28.B9 nil, ul]). * 

ounces. Moroint. Tteee mouths 5M.8. + 2‘i2 «ari€y-75.67. nlU MI. 9.66 (78^7. nit- 

fl9. 97.1. «. Kerbs: Three months 387. ta*emiNw - .TK SLJp.B +O.M 125.6^-22.80 Ml, 0.66': Oats — 7SJ3, nil, tUL nu .78.52. 12, H M|1- ^ RcdToSttlfc 

7 1. Afternoon: Three months =67.1. 87. Fe**ni«rT .124.51-55.8 -rlJS - Ml. nil. ml »: Maize itxhcr (ban hybrid I or ncO-Soo 

S6A 87. Kerbs: Three months 287.1, A Mrti 134.5 1-27.0 *0.65 — feeding • — 71^. 013. 0.33. 1. 15 iTIJB. 0 49 _ , , . „ 

rJT 7.L 'June 'IS4.M M.B +1 25 - 0 49. LIS.: Buckwhcai-nil, fifl, ML S LIVERPOOL COTTOK-Spoi and Shlo- 


S1LVBK Bnuion U - 1 
per Using — 

wync pricing j 


'‘IK* ........ 3 BO. Bp +2.04 280. ZB p +0J6 

i < months.. B87.05p ‘+1.75 Z87p +1.06 


j -minih.. | 313. 35p +2.5 


LME— Turnover 115 ( 256. tots of 10.000 August 10-0*41.1 +0.06 12S.flu28.B9 nil, nQj” s 

ounces. Moriunt. Three months W K.8. ^totol-er 1 '^§6. -1 6.8 +0-70 12633- Bariay-75.07, ML MI. 8.66 (TfiJ?. Ml. N^SLtt?na6 ■ R^- 

6 9, 97.1. «. Kerbs: Three months VC. tieeemlier - ;7K 5J-?a.B 125.Bu-22.80 Ol. UB: Oats-7SJi2. Ml, niL nU .78.52. gf 1 ^ ° ffl'fT SSSl 

7 1. Afternoon: Three months =67.1. 97. FriwuarT _... . .124.51-36.8 -rlJ5 - ml. (Ul. ml.: Maize i other (ban hybrid tor q cn-CLM 

S6A 87. Kerbs: Three momhs 287.1, April 134.51.17.0 * 0.85 _ feeding > — 7I^S. 033. 0.33. 1.15 L72J9, 0 49 _ , , , . „ 

?JT 7.L 'June 'I34.M ».B +1 25 - 0 49, L15i: Buckwheal-mi, gfl, alL mi tfVERPOOL COTTON-Spot and Shlp- 

. "Sales:' *124 lira . lou of lOO WtmcL nil. fill*: MiHet-88.07. fl.S3. BJ=. sales to Liverpool amoumed to 

rnrflA wtmci njj 180 07 ^ n(L „,J 1: Grata SMhuu— 110 tonnes, bringlug the toial for tbe. week 

LUWrt Clir 1 AD 83-72. OAT!. 0.33. Ml (81.72. 9JS, 9.33. Ml»: “ far 10 J - 455 F- W. Taa^reeBa 

After an early rally, the maritet eased oxJ\JAI\ Pw Plnur: Wheat or ndwd wheat and fciy>ns Firmer prices i ended to unseule 

an Cansmisdon House lwuMatioo despiie londom daily PBlCr? fr«w — (tonr— 136.56 <1 36.56 ■: Rye ftaur— buyers so that the offtake was rather 
light scaled own Interest from consumers, n« op .Tjii Mi a torn eff focM.S52S U9 -* 5 '1=«.S2>. narrow. Interest remained centred on 

Tt-pom Gill and Duffus. rtwni Wie su^ Salta ‘MPORTED-Wheat: CWHS No. 1, is* S. American and African qualities with 

■■•““TiaBi#MTyr^5aiSr * Brtte ra W MW V* D “* Mifldie Eastern supplies Qtueriy requested. 

essI™ ssansTts-jas Bigger earnings 

a=asaa tiwBKffl. STOjaws js ? 


j^sssss* isa’ from coconut iTBSrr«g=i _ , , . . 

SSSzirJ mutia£*MpS£& T 31 K^ a Grjd[f 3 J[ ^^ THE PHILIPPINES earned — 1 RllbbCE CXpOftS 

J " lv -.-lrt74B.l6.0- ■-7J25t6M.M5.tJ Prrf. Prertow 1 bos mas irriir/Tirrmn. S250m. from exports Of COCOIUlt | _• J 

SW62: 4.430 f4J*r~taii~ar s t<mn». 1 Cl "» I d«ip ItitA I / V tut I ABLfcS products during the first four illffOGr 

IHCrDnuoml Cocoa Or? an Hatton iU.S uran ' i 1 I COVE NT GARDEN (Prices in Sierrino months Of this year. U percent J Ul T ° 

cents per pouiuK— Dally price May io:. ' : . ■ . per package unless siated)— imported more than the £225. 4m reels- SINGAPORE, May 11. 

143.16 (145.95). Indicator prices May ii: ** ic toniu* PrwtiKe: Oranscs— Cyprus: Valencia j - n DUNDEE JUTE— QtticL Prices c and f ° 

JS-dfty avenue 142.93 (159.34 >: 22-day Aug, il94.694)4.BJjK)5.2fiAfi,60105J5 DS.5Q Latej 26 kilns 3.48-5JM. 15 kite SJKUK durin S tbe same P eriod & ujl for May' June ahipmoui: bwc EXPORTS OF sheet and crepe 

average I5S.7-, 053ASJ. w. ....|iM.a^o9.ss!nb.Bo-iB.iaio9.ow»7.25 Vaieana L«t« EtrptiH: 1977- „ Bwo csz TtuTaTB m RTr w rubber from Singapore and 

TTfrrrr Ue&....|>«7S-i2J5mi.45-liJon3.S0-ll.in Valencia Lat« 2.30: Texas: 3.2ft Tbe United Coconut Associa- Jz. I BTB - eTC CS1 ‘ brUinailor Malsvcfi maa tt 

COFFEE aUreh .;i2D.lfl-20.15i iZa.7D-50A01SO.40- 18.75 . Moroccan. 2.SV3.20: Californian: 3^6- Hon of the Philinninp= c _: J BTD £284. Calcutta goods quiet. Quota- Peninsular Malaysia rose tO 

uinitim RfAiKfH nwiud steadier -m May ... . 13S.1B 25.: 0:135^-24.90 122J0 Ortanlques— Jamairan: 5 JO-6 °* Uie «.£“ IllpP ? JeS Saltl tJona c and f UJL for May Shipment, 168.13 < tonnes in December from 

«£5£i FXZtoFto* SrtSuol ^5 tra^ IKS. 5 ? h p nl£Z e T 30 ^ ,Monce "- taeh ^ bm per 13S,154 tonnes m November and 

in Its American counterpart, report j J* 1 -— 1 IM-BO-SOJS 129.95-29 J# c^S&uk^Srus”l5 Irito UUafl^n ^ aIa> ® h ° wed 1M yards. June £9.97 and £7.77, July 154.229 tonnes in December. 19T6, 

covering^* prices buoymurnfht in, u ihn Pricing terms produced n eastoTttS S^JSS'SSt ** 5r%& in 'copra 100086 JSSSK *Sm 


u««ur. x nr ion. WINNIPEG, May 1L ttRyc — May 105.00 

<lbt.4Di. July 164.70 asked (103.80), Octi 
1IM.70 asked, Nov. 102.56 bid. Dec. UKL20 

■ DOm. 

. 1+Oats— May S6J0 fSr.OOi, July SI. 03 

FINANCIAL T|M£S bM '°Ma rch^ 76 ™ ,8 ° “** ^ 76,50 

g sggs .aww L«k j iSS9 a bi2 

(Base: tn>» 1. 1952=100) July 267.50 bid iSUljO asked i, Oct. 270A0 

brti. Nov. 26SJ0 bid. Dec. 26&£0 bid. 
REUTER’S '5 Wheat — SCWKS 13J per cent- protein 

— coni rat cif si. Laurence 160.6S U60-22J. 

May ilj May lO .Montli agrj 1 ear ago All cents per pound ex-warehouse 

7 ■ 1 ■_ _ I unless otherwise stated. “S» wa troy 

145 5. 7 1146 2 .7 I 14 3 8.2 16 76.5 oupevs— 100 ounce lots, t Ctucaco loose 

i Rase: Sputemher 18. 1931 — IH) 2s wf 100 lhs—tiein. of Ag. prices pre- 

viour day. Prime steam f.o.b. NY bulk 
DOW JONES lank cars, t Cents per 56 lb bushel ex- 

— warehouse. 5.000 bushel lots. 6 Ss per 

Dow Mae | Mar | MonLibl Yonr imy ounce lor SO 02. units of 99.9 per 

Jww* 11 I 10 mo op) | cent- purity delivered NY. 5 Cents per 

j- -| troy ounce ex-warehouse. [I New ■■ B " 

Spot.... 557.77 357.2S f S65, 17-416.65 contract in Ss a short ton for bulk lou 
Fumra*. 3 48.42 547.Mi3S3.g6i3BB.g5 of 1M s*»ort tons dellyored f.o.b. cars 

(Average 1924-25-29= iST” Chicago, Toledo, SL Louis and Alton. 

•* Cents per 69 D) bushel lo store. 

MDlinvc tt Cents per 24 lb bushel. X Ccnis per 

BIWW * a 48 lb bushel ex-warehouse. 9 S Cents per 

May 11 b V Upnih YeTr S6 lb J»»be) ex-warcbouu, Lffl» bushel 
Moody's II 10 vn agt- lott. U SC per tome. 

Spte t.'-oinmtv | 9Q8.6i L 910 .Bi 899.9:937.5 

(December 91. 1931 = iboT fk t 1 1 "j. 


itllv „„.lt«74 6-16,0' '.-7B 1BBB.M5.8 

Sales: 4.430 (4JTC£i lou of 5 tonnes, 
luernuuonal Cocoa Oryantaatlon iu.5 
cents per pound*— Dally price May 10: 


Hoear 

Pref. 

Yeswrrtaj-V 

TreytcuJ! I 


Cpmm, 

1 CUW j 

Close 1 

Done 

Conn. 

1 


Glasgow. Kenya Grade s ' mm “ PHILIPPINES earned 

irriT/vrrrTADi ro S250m - frDItl ex P ons «* coconut 
JtIEAT/ VE ufclABLES products during the first four 
covent garden (Prices in sterling months of this year, 11 per cent 
per package unless stared)— imported more than the 8225 4m regis- 

PfBIlllFB* * — rf-yiw. VolMitaik _ m ■ . 9 . 


JUTE 



Financial Times Friday May 12:1978 


STOCK EXCHANGE REPORT 


Interest rate fears and trade figure worries recede 

Leading equities extend rally but Gilts marked down late 


financial times stock indices 

— r^TsWf^TT' ■; 


Account Dealing Dales rumours concerning clearing were notable with an improve- at 71p and Vernon Fashion, a firm ended S up at feip, after 66Qp, firm features. London and Enro- 

Oplion bank special -deposits likewise ment of 5 to 188p. market of late following excellent while Glaxo put on 10 to 570p. pean rose 5 to 2Sp following, the 

•First Declare- Last Account failed to make an impression on Insurances closed {Inner for Jesuits, added 3 more at 123p. after 572p. Pflkington rose 7 to return to profitability and the re- 

I) palings lions Dealings Dav market sentiment and, in the choice after a reasonable trade. Newman Industries featured 482p. Unilever 6 to 520p while sumption of dividends, while 

May 2 Slav 11 May 12 May23 smallest trade for some consider- Snn Alliance touched 540p'before late in the Electrical sector, rising Reed International picked up 3 Akroy* ami Smithers, at 22 Op, 

Ma’v 15 Mav 25 Mav26 Jun 7 at >l e time, the longer maturities closing 10 higher at 53SP, while 6 to 86p in response to the sharp at 116p, Press comment on the retrieved 5 of the previous day’s 

« * on j, * a T„„ Q r„n *>0 held at overnight list levels, while Royal at 375p retrieved 5 of the increase in the annual profits, forthcoming results, due next fall of la which followed com- 

5 the shorts often eased a shade, previous day's Call of 6 following Elsewhere, Cablcform improved 3 Tuesday, helped Trafalgar Bouse ment on the first-halT results. 

•-RfwUnc" dealings may uke pi«c The Bank of England’s announce- comment on the first-quarter to 68p helped by a report in the Investments put on 4 to 133p. London Merchant Securities did 

from *-*> .an. two busing days «*'«'''■ ment ^ the £ r0wth ^ money • -- - , , r - r - Elsewhere, Holt Lloyd Inters well at 94p, also up 5, while Biy- 

Rcceding concern about current supply was more than originally fcQQi -****■ ^ ** ^ ac&rr# national added a to 145p. after court Investments were favoured 

interest rate levels together with stated aroused late uncertainty, :: : " v 14Sp, in response to the higher and put on 6 to 74p. 

hopes that the April trade figures, however, and after the official - s=is=ni/»Lm m , ^ profits, and J. F. Nash Securities shippings were again high-' 

due next Monday, might be better e)ose of business dealers protec- :>=V .V =Rf ^ TlT Hi Elf improved a more to 10op on fur- ligbted b | Farness wfthy 

than some recent .J^umaue Uvely lowered quotaUons. This V.y. tM 1 1 Lfe 1 : of H ■&„,£ Brined 5 more to 27Sp on persis- 

market estimates guided buyers was USUB ji y by * f or t h e high- t-*oriL ill i!=M\ IR ill fit ■&) Black and Edgmgton of its Galley , ont w,a ih, nn>iimi n , m 

to the equity leaders yesterday. coupon longer j^ues and i for 
Institutional sources were inquir- y, e sbortR Corporations were 

f0r J‘ n ir 0 . f qUallt M S , h , areS ;,i?uI «nl»a t although small falls were 
lmlo stock v ns available, while - m tbe rnaiority. ahead of to-dav*s 

new-fime demand arose for many ^ ud W ear 12 per cent 1988 Vgnfj- A J I li nmetum -vm [neonwn in .« International 7 higher at 12lp, 

secnodarv and situation issue*. dehut . ^ per eent of the £10m . .A Jl/A I ■ Jf Amalgamate* ^ I24p and the “« A n 8 to t £ 

Brifish Funds, however, were re- i~~, e wa i„n ^th the under- "V If I igV I A H Metal, 312p. Gieves lost 6 to 9ip -* i90n after' 12 Sd 

si rained by Minimum Lending JJSL.** 5 Iv-i »Lf rv I . /\ . | .on consideration of the UOp ' after 

Rate Iinccrpii’ntics and. later bv *** ,lc * i »- - - I ’ HI I M 4 Jt J disappointing second-half per- Comment on the agreed merger 

Howard revision in The money Traded Options were quieter •r : ?l ■ 1 Mr l/U / " rormance. while Wood Hall Trust between _ Harrisons Malaysian 

*rnrk. yesterday and the business was XTO f i — I , W r » "I it i / . fell 4 to S6p in reaction to lower Estates and Harrisons and Cros- 

The nnvcmmcnr’s second much more evenly spread than of 11 f U \ Jf U first-half profits. fleW helped the former to im- 

Fin.mce Bill defeat failed to late. The number of deals trana- “-“j vYi \ J * ATn ,.„ a modest revival P r ° ve * mo « to 103p, after 104p, 

damnen spirits and first-line acted was 405, the lowest siDce ‘ T \ | 1/ *±2°” LA note worthv SrT-ain IS? th J!, laUer recover 18 t0 

equities, a* measured by the FT Aptll 28. Cons. Gold attracted 79 [977 1978 V S5 n Shite Kwtv edeed ^ p ‘ ™? development sparked 

Industrial Ordinary share index, trades, but the heaviest dealt-in fofcU U L J J ! _ * Tate of l^Ss Sw- off , a considerable amount of spe- 

regained 4D more to 47!>*. thus position was Courtaujds July 130 L V : JJJL* ^ Jf®,?* nrTa recent c^a^ve activity in other Planta- 

nearly recouning over the past in which 30 contracts were done. V ~ 1 \ ^ ' *7Y.uJ 22 r l2IS i SSil? i ® p 00 3 uons. CasUefield, 287, and London 

two days most of Tuesday’s loss Selling by arbitragers in the fisrures - Guardian Royal Exchange Financial Times on the possibility a resurgence of North Sea oil 

nronnsal' vesrertl-iv's terms of fhe ** lower on the day at 109 per . at up a dded 1J points to £413. A dun published on June 9 last year. 

Jakal/Lon-hnnme > envis'i"ed deal cent - The conversion factor was . In featureless trading the trend 2 more to - 4 °P- ^ ut market towards the end of last Companies In the private M. P. 

came too to -neni.^e 0-6822 to.6817). . fcW h lSS!f™" 1 w r She f 5KS?" p ? ,eil !i-"' erB ° n ^ month on the lnland Revenue's Evans Group were favoured with 

further business nrmwMl*. Press predictions that the uLL * Tavior 1 “J *■" U P ^ *° ® ap - pronosal to bring criminal pro- Jltn. 61p. and Singapore Para, 

Daw^nn Intenra«!«real nti^eted major clearing Banks may intro- , Hawker Slddetey were again ceedlngs aeainst the company, 64p, both, closing 4 higher, while 

mmjtj sRSWtSffi wsf" peTO p ssant 1 at 31p 38 " d 

the general things SmSS! SSS ^‘bigjnur JJ-g Kt^iptaSl tSffi! Kj* the^oo^ So^SeSnd^th^coSS Golds gRlH gTOOIld 
or the market, husinesi volume make useful progress. Barclays 2% ° u l A.™ 2 10 . n 3 n late dealings. Leading issues . _ ° . . .. 

was the lowest so far th>* week and Lloyds improved S to Sofln Hie-mnninimont with tho i„ -^P- Elsewhere, .ilatthew Hail attracted new-iime buying in A further §1— J rise. - in the 

With official mnrLint-.! rnmi'ing and 378p respectively, while Nat- jJlwe^Dro^ and eased a mmiv t0 the S ood annu = 1 I e ' t5ic? English Property finned 3 bullion price to $175^75 per 

5ABi cotnnererl «.-Uh 3.«t3nn Wed- west added G at 28Sp and Lloyds J? er P« i3o Els^^ere *^ p Hlif "« Uh a £!i se of 9 10 2 , I7p - to 3B3p- the 63 per cent, convert- ounce saw South African Gold 

nesdav and S tso on Th„r«d*v ef 3 to 290p. Hire Purchases Cem™ *mS?oved 5 to 25^ in If o V0urable ^ ad,ns s,a, . e ‘ ible rore 7 points to £79. Land sh^es make headway for the 

ln*i we»k. Rises resumed r*^- ''ere featured by a nse of 3 to dMliSs SelecGve bwrtS n a^™ 3 - pcorapled ,1C mn « ss Securities and Great Portland fourth successive trading day 
«n,o~n lsl rv. hr u-ro-4 over falls 94p. after »5p.fnLtoj-ds and Scot- TVo m5fk«t ^B^& 8 ai!d wwu a /ES? 3t fS ^tes hardened 4 apiece to with the Gold Mines index 

in FT-qiioted industrials. tish following the sharplv higher C j nnd Hl -jj Llme Cnn |f“ ^ T,irriff lk ? r> , 4 ^ e J er a L i28 f’ a r d apiece to 208p and 2S0p respect- another 1.6 firmer at loO.O— Jts 

* ™ renewS 6 Tool £* ^ w ^ le ? ut on 1 b ‘sbest level lor nearly a month. 


11 [ M 

Gonmuwni Sera J 70 '® 7 j ”'T 

FiM>l I mower 72-25. 73.1 

I mill ‘trial tmlinarj--: 479 ' 9 | 473J 

(Ml >».. -j l50 0 | » 

=- & 

EanijagPuY'lil^falfH**} 16 *® a j 171 

P/K Jlatii' inirr»i*t) '7.9*1 7 - s 

jVnliufp. lnarkart • 5.06lj 5.43. 

.. — 72.4: 


71.12! 71.43- 71.73. 71/W '7(^3^ 
72.30] 7Z.63- 72.3^ 73.BB - 


73.1t| 72.30j 72.M- 72.3^ 75.BS - 
475.0 471. lj 450.1 *81^ 474.8 .470# 
J48 4 1 144.11 143.1 441.9; 448.9 ’i»,> 


5.55; .8.1 


ie!ea i7.uj i7.a« »>*• i6.Mj.17j 

7.91 7.BS H 1M- ’'“I ' ™ 


1. 1 l| liwir. j 

6.0101 5.412! 5.741} 5,1 
71.13! 74.18 9B.6& 94, 


- lw~ 

uum ««»« 


S^eenTco 


gasls ™ ™ om. m 


ger consideration of the sale to gained 5 more t0 27S Qn 
Black and Edgmgton of its Galley lent bid hopes; ihe preliminary 
Caravan Group subsidiary for results are -due next Tuesday. 
fiBam. facrmised interim earn- Speculative demand accom- 

« 8S ^ revived talk of a' bid 

93p, while nses <ol _ 13 and 14 from Coats p atons i rft Dawson 

respectively we fe recorded m De international 7 higher at 12ip, 

after I24 P- and the “A”. 8 to ~ the 

comiifSS, '° St o( S eoai at >WP. ^ M?P. 

disappointing second-half per- Comment on the agreed merger 
formance. while Wood Hall Trust between .Harrison* Malaysian 
fell 4 to 86p in reaction to lower Estates and Harrisons and Cros- 
first-balf profits. helped the former to im- 


Uirm U.K.'S*, sb Activity July- Dec. lHi 

highs and LOWS _ 

7" 15178 ISintv t_« mil 11 •ntH'" | 


S.E. ACTIVITY; 


Fis*i lot.... 


1u<l. Or*L.... 


75M 70.97 [ 127.4 | «9-4® 

(i‘D ill'ai ] flilrSBI ■ (.vLwt 

81.27 72.17 ! 160.4 ! SOM 

(All i tO.a; !i3S;l 1.47 'j 

497.3 433.4 ( 549.2 49.4 


-ihiiir • r - -n 

nm-KHgcd.J 182.0 169.7(4 
Irotu»tn» ....! 186.0 U7,o.": 
SiMnilstivo...; 36.7 .384'’- 

T.Aals : 115JI 183, 7J 

~ .ui,v v» - r iJ 

Hill J 182.2 15&QJ 




Ail ! ^4/W/fii! : TmtorrWi re; «*!** r W j."^ 

in 2 ‘ 449 3 | 43.5 SjH i nil*livi!...i 35.0 31A 

?S; 5 i Sh,!: * u£l. : ! 125.B UH ? 


klotorsstaseda modest revival. g nd the Matter ^^rec^er'^is^to’ r , rt( ._ consolidated and Gold kets and Australians lac 

ErHfe 01 h~- — 

up 3 to 192p. Tate or Leeds, how- c uiat, ve activity in other Plants- at 13 p stocks continued to move-aheaMf" 

3 gp* CMMgMd.. 287, and . London b ^ 1 ‘ y tinums continued to attract Paringa Mining and . 


Electronic issues, Farnell found Elsewhere. OgiJvy and Mather 282p- the latter’s results' were ®^ p- Coppers, howcver. we 

?rT « Wn UP 7 _»hne R«I ad/cd ■r'poidU to Hti. A dun 3 sh 3f OB Si “KS! iar *‘> h 


Messina 3 off at SOp. price. Kllljnghall rose 10 to-gi{ ■« 

marginally easier investment high oT 470p and Soprenie^ GSgp ' 
jncy premium offset the poration - to it IDiH high of. 
tlv firmer tendency in over- both reflecting eastern advice* 
t Sydne y and Melbourne m.ir- bui Geevor dropped a to ltftp .n^. 

NEW HIGHS AND LOWS FOR 1978 ^ ’ 


THu«tTalin>T the cenpr.il thinn^ Commission helped the big four l0 o per cent scrip iiue buTffiv Tobn %££*'** ? 0 4 ihe^ood'a? sood ^mand that continued into Golds gain grODIld 

of the market, hii'ines' volume make, useful _ progress. _ Barclays rn„^,Mion in? IlSft.* t0 ,. l - h . e . L ? ood „ a ' late dealinss. Leading issues . ® , 


The lol’cMing seturit.es auoteo ,r the 
Share In formal ion Serdce vesterdav 
aua.nce ecu* Highs and Lows far T973. 


pushed 


SLiSt S552®' demand and finally a half-point 


FOOD PRICE MOVEMENTS 


NEW HIGHS (138) 

LOANS (1> 
AMERICANS <3» 
CANADIANS 141 
BANKS |A> 

BURS (2) 
BUILDINGS |8> 
CHEMICALS (11 
DRAPERY A STORES (10) 
ELECTRICALS >31 
ENGINEERING (21) 
FOODS (21 
HOTELS (21 
INDUSTRIALS <281 
INSURANCE (41 
MOTORS (G> 
NEWSPAPERS (2l 
PAPER » PRINTING (SI 
SHOPS Hi 

SOUTH AFRICANS Li * 
TEXTILES 151 
TOBACCOS (21 


TRUSTS (Sf 
OILS (11 

OVCR5EAS TRADERS (4) 
RUBBERS (6« 

TEAS 121 
MINES (7 1 


NEW LOWS (19) ■. j/ ' 

ORITISM FUNDS ni» ’.I" *3' 

Treat. 10- oe 1R7.S Eitbcg )2’«ic JsUSr 
[HHi. I2K 1 980 Trea*. 8'<D« 19827^.- 
Trcat. »1 ;dc 1R91 Etcheg. 9V*L )8i£2L' 
Evchea. 8'*K 5 98T ftcheo. 8Lpt f98j C- 
IvAn. A'»6i \9&1 LxtlteA. 5IM 
Eacheg. Jer 1981 • . . 

CORPORATION LOANS (S> “ 

G.LC. 1 1 :pc 1962 L.C.C S>:K *6S-a i 
Gatgow 9 ipi 80-82 M>do«. S r *ec Ht - 

L C.C. S-jpe '77.81 * 

BUILDINGS (11 -A 

B"* 1 *” . . '.kd'. - 


Benlox 

SHIPPING (1) 

Lvlc Shipping 

TRUSTS (II 
Throgmorton Growth 


: *■ 


May 11 

BACON 

Pani'h A.l per ton 1.090 

BriH>-h A.l ner ton 1.065 

Irish Special per ton I 

Ulster A.1 per tonH 1.065 

EUTTETt 

NZ per 20 lbs t 

Engli-h per cwtf t 

Danish salted per cwtf ... t 
CIHvESEII 

NZ per tonne t 

English Cheddar trade per 
tonne : t 

EGGS* 

Home produce: 

Sire 4 3.10 3.60 

Size 2 4.10. 4.80 


Week ago 
£ 


Mon Mi ago 


2Jl , " /wp,n . e Bolt UP ■» at moved at 121p on the improved 

closed 6 cm at 345p, while Flsons 122p. and Fitch Lovell, 3 firmer at interim profits P 

hardened 3 to 360n. Albrirht and Mp. Rises of 3 were also marked , ' _ . . a f a ; r demand with Ubahon par- 

UUson. 124p and Brent 232p, put against Salnsbury. 188p, and °. ,|B P«“<1 *5™. quiet 2 ™ a " Q J of 1 

on 3 and 4 respectively. Morgan Edwards, 43p. Hotels and fess'on in which British Petroleum „d ttSJSf U up’at 314p 

Caterers were noteworthy for a ““Proved 12 to ha6p on W«B. Z0 * ana y 11 up 

n l — i. sharp jump of 60 to 500 o in Street influences. Shell ended Among South African Financials 

DUTTon please Scott's Restaurant Bormah finned a penny to 59p ** Amgold ” and Gold Fields of 


Medium-priced issues attracted 


ACTIVE STOCKS 


No. 

Dennmina- of 


Closing Chance 


sharp jump of 60 to 500p in 
Scott's Restaurant 


11.41 -'ll 32 11.41 '11.52 


67.37 

70.15.72.42 


67.3S 

70.13.72.42 


Roflarfino iho „ A P art ^0“* Scottish and Burmah firmed a penny to 59p, South Africa i 

evneS^ nraff? Ji!" Universal Investments, which fell after 60p. on the chairman’s and 1 higher 

6 t0 114p on nervousness ahead rauUous optimism in the full respectively fol 
h? nS^ ?iS rd , n of to-day’s expected decision on report. Elsewhere, Ultramar. Cape interest. 


Dc Beers held 


1 , 202.10 


ifia*. tori-" ym a ncl,l Tn«., prorigrt 

lifted Moss Bros. 5 further to I 

107p. while demand in thin OPTIONS 


0,10 3.S0 
4.10/4.60 


May ll 
P 


BEEF 

Scottish killed sides ex- 

KKCF 53.0.37.0 

Eire iorequarters — 

LAMB 

Engli.-h B6.0.-78.0 

NZ PL.-PM.S 4S.0 50.0 

MUTTON— English ewes ... — 

PORK (all weights) 36.0/46.0 

POULTRY — Broiler chickens 35.0-37.0 


Week ago 
P 


Month ago 
P 


Miffed Moss Bros. 5 further to 
107p. while demand in thin 
markets prompted sains of 8 in 
Allied Retailers. 239 p. and Lee 
Cooper, 144p. Jewellery concern 
Ratners revived with a rise of 4 


DEALING DATES 


dividend. 

London-registered 


53.0. 37.0 53.0 56.0 


53.0 56.5 

37.0 40.0 


RISES AND FALLS 
YESTERDAY 


65.0.-76.0 
47.5 49.5 


44.0/46.5 


36.0 45.0 
34.5 36.0 


* London Egg Exchange price per 120 eggs. 
tFor delivery Slay 13-20. + Unavailable. 


35.0 43.5 

33.0 35.0 

t Delivered. 


pit concern First . Last Last . For Dowty, Hampton Areas. F. H. 
a rise of 4 Deal- Deal-. -Declare- Settle- Tomkins. Status Discount, 

ings ings lion men! Epicure, British Land, Duple, 

Apr. 25 May 9 JnJv20 Aug. I French Kier. Hammerson ‘A.’ 

r. MC May 10 Biay 22 Aug. 3 Aug. 15 t*DT. P. and O. Deferred. Oil 

r ALU5) 31ay23 Jun. 6 Aug. 17 Aug. 30 Exploration and Associated 

A Y Fot rale Motions see end of 

A * Store Information Service r ‘ Ush 

ud DMn Sam#. ^ , E 3111 *' while double options were 

Up DM sam Call opuons were arranged m dealt in Burmah Oil, English 

Akroytf and Smithers, Ultramar, Properly, Fitch -Lovell. Barker 
i! 34 E2£ ,ish ProPerO* Burmah Oil, and Dobson and Reed interna- 


Stock 

linn j 

marks price (p) 

BP 

n 

in 

Safi 

ICI 

£1 

10 

3.14 

BAT Inds 

25 p 

0 

342 

Commercial Union 
Harrisons Malay 

25p 

9 

MB 

Estates 

lOp 

9 

103 

Shell Transport .. 
Turner &. N'cwull 

23p 

9 

576 

“ New “ 

nil -pd. 

9 

2.ipm 

Nash (J. F.) 

Rou ntree Mack- 

25p 

S 

101 

infosh “ New ” ... 

Pil/ptf. 

3 

47i-pm 

Scoi. & Univ. In vs. 

2-ip 

P 

114 

Barclays Bank ... 

£1 

1 

31U 

Beccham 

2jp 

7 

B’7 

Burmah Oil 

£1 

7 

59 

Reed Inti 

11 

7 

llfl 

Royal Insurance 

25p 

7 

373 


1973 .-r- 
low.-j- 
720 . 


104 6S . vi - 

5S6 . 

2Rpirr Ilp» j k ' 


5lpm 


123 

BJ 

338 

tar vi 

t»78 

5S3 J 

39 

42 - J 

143.; 

102 Jf 

423 

346 1 


¥ T— ACTUARIES SHARE INDICES 


British Fords 3 10 r, . . . J *»* urdl( 

carpus. D«m. " ’ anii Akroyd and Smithers, Ultramar, Proper 

Fareisn Band* 17 i2 3t English Property. Burmah Oil, and D 

SSL TeMmZZ S ^ S F!tfh LoveU ’ Wothere are, Honal. 


These indices are the joint compilation of the Financial Times, the Institute of Actuaries-- ; 
/ and the Facultj- of Actuaries 


Oib 13 

Plantation U 

Minas 55 

Recent Issaes 9 


LONDON TRADED OPTIONS 


783 248 W71 




fSimei 

Darby/ 


Sime Darby Holdings Limited 

NOTICE OF EXTRAORDINARY 
GENERAL MEETING 


NOTICE IS HEREBY GIVEN that an EXTRAORDINARY 
GENERAL MEETING of the Company will be held at The Regent 
of Kuala Lumpur Hotel, Kuala Lumpur, Malaysia, on Monday, 29th 
May, 1978, at 12 noon for the purposes of considering and if 
thought fit, passing the following resolutions, each of which will be 
proposed as an ordinary resolution: 


Resolution 1 


That the authorised share capital of the 
Company be increased from E22J500JDQQ to' 

£ 100 . 000.000 by the creetio n of 775 , 000,000 
shares of 1 0p each. 


Resolution 2 


That it Is desirable to capitalise the sum of 
£19,613,187.60 being pert of the balance 
standing to the credit of Share Premium 
Account and accordingly that the Directors 
be authorised an d directed to appropr ia te such 
sums to those shareholders regi s tered in the 
Registers of the Company as at the close of 
business on 3rd May, 1978 in proportion to 
the numbers of shares then held by them res- 
pectively and to apply such sums on their 
behalf in paying up in full at par 196,131,876 
unissued shares of 10p each in the capital of the 
Company such shares to be allotted and distri- 
buted credited as fully paid up to and amongst 
such shareholders In the proportion of one such 
share for each one share then held and that 
such shares will not participate in the Interim 
dividend to be paid on 31st May. 1978 but 
otherwise shell rank pari passu In ail other 
reflects with the existing shares of the Company. 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 


Thur., May 11, 1978 





Cum. Union 
Cum. Union 
Urau. Uohl | 
Coom. (KilU 1 


750 122 j 

800 72 

850 I 40 | 

140 I 20>a | 


Cnurtauliis i 100 


Couniuld* j HO 
(.-■qinxn »1* | 120 

■xniruuld* ■ 130 

f < HU 220 

OKU 240 

(. KC 260 

CruiH Mr*. I 100 

MH. HO 
liraml Mei. 120 
!'•'} j UJ 

ICI 360 

I*m1 Sea. j 180 
l«'»l : 20U 

Uad Sei»._' 220 
•Murk-. & 14 j 

AUrknJtap, 160 

men i 500 

:(wil 550 

obeli 600 

Totals ! 


6>i [ 19 
20 ! S 

9ia i 20 
25*8 ! - 

15ia , 10 

6 1 50 ' 

38ia - 

23 1 * - 

12 | 17 

18 1 13 

Ills , 20 

7 15 

36 - 

171s ! 17 
30 9 

16 9 

6 4 

Ida 4 

*Jg 4 

95 — 

51 1 

22 10 

236 


131 . 4 

i 91 2 

I 336 I — 
131* I 1 

I 28 - 

> 17 1 5 

. 25lj - 
! 18 - 
13 | - 

• 81 S , 5 

. « a 
: si I — 

! 2oi a ; _ 

I 231a — 

| 17 1 7 

I 10lg , 6 

41 I 18 

! as e 

33 | - 

1912 12 

Ills ' 5 

161a I 2 
7i a 5 
106 — 
65 — 

33 


148 
111 
- 83 
I 271* 

' 17 
| 82 

I 21 ! 28 

I 26ig I — 
>20-2 
\ Mt* » - 
i io '2 ; 2 

j 601* — 

! 37i a - 
’ 28 - 
i 23 ig 

! 19 
141* 

46 13 

31 — 

: 36 2 

24 
151* 

19 
101s 
108 
73 

44 , 

89 


Figures io paremhrscs show number cf 
stocks per section 





RECENT ISSUES 


EQUITIES 


CAPITAL GOODS (1701 

Building Materials >271 

Contracting. Construction (26i 

Electricals f 15) 

Engineering Contractor? 1 14i„ 
Mechanical Engineeri a c • 71 
Metals and Metal Forming < 17 
CONSUMER GOODS 

(DCR.\BLE)i33). 

Lt . Electronics. Radio TV >15'. 
Household Goods 1 12i . .. . 
Moion and Distributors »25» .. 
CONSUMER GOODS 

i.NO VDI'«L\BLE h 1 «6i 

Breu enes' 14* 

Wines and Spirits i6- .. . . 

Entertainment Catering' 17i. 
Food Manufacturing* 2b . 

Food Retailing <16- 

Newspapers. Publishing *13' „ 
Packaging and Paper* 13' . ... 

34 Stores 1 39* .... 

35 Textiles* 25i 

36 Tohaccos(3i ..... 

37 Tovsand Games >6i... 

4t OTHER GB01TS (971 

42 Chemicals ilSi ... . 

43 Pharmaceutical Products *7/.. 

44 Office Equipment ifli ...... 

45 Shipping* IOi 

46 Misceiiancouf(55* 


212-42 +1.0 1754 

192.33 +1.2 17.79 

347.12 +1.1 19.04 

439.12 +05 1557 

31368 +08. 18.06 

169.93 +1.1 18.94 

169.68 +L1 16.61 


347.12 
439.121 +05 


7.92 | 210.40 210.23 21235 | 23227 

18989 I90J9 191.91 
7.60 34336 345.47 346.45 

9.10 436.94 437.02 44011 

7.23 31115 30817 310.95 

7.19 168.01 166.90 16933 

8.10 16782 16835 170.98 


19729 +0 8 
233.24 +0.4 


835 19573 195.44 19753 19731 

9.54 23237 232.18 234.99 23351 

831 171.94 171.48 17338 173.45 

7 04 122.91 122.65 12439 12432 


5.68 8 67 203.86 20304 
5.55 11.12 238.66 237.89 


9.79 26267 256.26 



6.53 10.73 26028 257.74 26139 26055 


6.60 192 58 1923) 


9.61 195.40 195.98 19938 


131.49 +LQ 

44 1.49 +L2 


204 721 +14 



37711 376.70 

131.42 13228 133 Jl 

18457 183.89 18759- 

135.01 183.20 187.08 

254.26 25426 25630 

103.27 101.77 10L07 

190.56 190.05 19327 

25826 25628 26212 

254.87 253.95 257.84 

130.18 13131 13338 

43645 43421 43934 

201.82 202.01 204.70 


m 

VTr 

m 




e M acnEiaKEi 


RAiMklkiMk*-!' ■■./''■J*, ri i '1 




J 234,18 I +1.0 


832 I 231.90 I 23L37 1 23471 I 3340ST TlZg. 


, High 1 to" - i 


FINANCIAL GROtPilOOl ... -J 168.43 I +L7 j — -J 5.49 " — J 16569 | 165.85 169.74 1688) M3J! 


105 : F.I*. 26.4 : 145 ; 118 jdagn Holi.layi 1T6 I „_..i6.76 2.2 7.6 9Ji\ ® 


FIXED INTEREST STOCKS 




- Z 3 — i ft Z ft! 


1 2*4 ! I ffl 
I + or 70 


£ !- Ri«b I 'L>» , 


; FK , - 

-iou : f.h. ! •_ 


9Sp I. 91[,IAni«l. I ii>la. IUjj% 2n.l. Fn.~ — - j 06? I gi 

SAP4I NM;Aw. Kxpre*- Ini Fin. V«r»Mr ri ! 09-’il I — 


2 Raaksfii... 19950 +2.0 

3 Discount Houses* 10 1 201.09 +0.7 

i Hire Purchase <5i... ... 15L24 +4 7 

5 Insurance (Life.. 10. 140.03 +15 

5 Insurance .Composite "7*. 131.86 +1.6 

7 Insura oce Brokers* IOi. 34525 +08 

8 Merchant Banks (14>. 80.82 +1.9 

3 Propertr i31i 224.44 +1.4 

Miscellaneous i~i 105,80 +1,0 

1 Investment Trust* '50' ; 204.50 +0.6 

l Mining Finance i4i._ 94.OI +1.0 

1 Overseas Traders ' I9i ;. 314.06 ^0 8 


— | 835 — 199.75 20221 20236 198.97 1 «*] x . 

5.29 11.44 144.41 14125 14537 146J4 Bl " 

6.50 - 137.92 13869 142.86 14188 -1M: 

6.47 — 129.78 130 55 1 ?32 5 13267 H** 

4.24 10.19 34238 33995 350.86 35035 2tif 


638 19534 194.61 2)159 200J4 


- 5.96 - 


3.12 64.36 22135 221.77 223.11 226.8J 

7.50 5.60 104,76 10715 107.90 107.64 


4.71 30.99 20323 204.81 20657 20523 

732 6.97 93 10 9297 93.07 9357 


lJOp' »'.P.;S0A lift.} MO? •Arrnit^erG.j lt)i*“ 2ml Liim. Prer_ ; llOn’ I 99 I .ALLSB.\REIXDEXl873). 


,658 | 8.12 I 31149 j 31141 31417 310.931®! 


WtiriF.P. , -• 


Dated this 12th day of May, 1978 


By Order of the Board 
J23.F, DRUM 
Secretary 


A member entitled to attend and vote at the meeting is entitled 
to appoint a proxy or proxies to attend and vote in his stead. A 
proxy need not be a member of the Company. 


sis. ! - 

!10 |25;8 

r.C. 

P.P. 0,6 


10Jp; luO;. jUniwin- HJUui. L 11*11. lh.1L 2n-i IVrl [ 103p +2 

ill*, "ri |!.i M-iel, 'InJui. iUJ 1st. Mint. V.O- | e7 


- I S.43 I - | 214.02 | 213.75" I 217.03 1 TJUSV 


UU' SI* itireenwi.-h I Lon. Bum. . if. tli’% !."e,l. I'16$..[ 8Jg — 1 8 

IDSp! U)i|riJmikm Sl Cattell tOJ Cum. Prci....„ 1 

F.P. . 9,U ilkiJ I*i Henries (J.| 9* turn. Prer .. .. 

h.P. i20 7 lOi'tl H6f >Mia-duss« Water 7*Kwl. Pn. I98J....„ 'l02 

— 23,-6 100p I 96‘giiP'itnni U^Luin. Pn 981? p — li 2 

P.P. I V.a li>-' I Tribes 1U Cnv. Dna. La. ‘7963 j 97 .—I 

Nil _ l P ra.;i|pm ITehblL lh£ Unv. Cns. Ln.1383 !4 t pm [ + 1< 


FIXED INTEREST PRICE INDICES 


FIXED INTEREST 

YIELDS 

Br Cort. Av. Gross Red 


•* P.P. I 9 3 
£100 Nil - 
£98 ! P.P. I 8|6 


fel 8 ' 97 iYurk Tfawr 11^ Deti. 1386 


British Govemmem 






“RIGHTS” OFFERS 


Dajr's *d ad}, xd a>lj 
change To-day igr?s 
tu dale 


1 Los 

2 Coupons 


25 tears. 




; 5 - ; iAieiL | 
law =“ kemuir. i 
Fnw = = • Date r 


^ £ |)9I High | Ljw i 


iUUaiuu iX v , 
; Pit* r — 


The Board of Management of Akzo NV 
announces that on 10th May 1978 the results 
(or the first quarter of 1978 were published. 

Copies of this quarterly report may bs 
obtained from the London Paying Agonb 


Barclays Bank Limited 
Securities Services Department 
54, Lombard Street 
London EC3P 3AH 


86 . Nit 

60 F.L> 
**■24 Nil 
IMcM X., 
72 \.l 

Wa F.I* 
345 Nil 

3U \i. 

IS2 Nil 



Nil . 23i6i 83/6, 17pin- 12pm Uroicn Knvpri Kent 17i m +i 

F.1M SO 3Lo LW HX Bulkciah ! 130 1^-1 

Nil I — j6jmi .33(iiii CjuiiiIiiiii Imt+rinl Rnb 38j>m 1 1-4 

X,. _ — ?)ilU • Ml 'l>M>iknia I. uhl UinfV Xil ' ...... 

\,l | _ — •50[on • C*gir.. Hi+i?.<ii Mirttmirt' ' 98).m -2 

K.l*. I S/5 19*6 IM IZi I,I|| IWI ( l|«n,.'n.|,i V<-ur*n-H..' 144 ' T 4 

N,l" 1 — ! — all*' *U| "ii mice Um-tiiiKwIi 47i*j 

\i. 15*5 9/6 Z9 i<m I5t,-|hii >ii|ir« 29|.n.tla 

Nil ' 16/5' L3/6 WiM" Miriiluimi 1 Nit* nil ' 35[-iu+2 


Under 5 years 105.53 

5-15 years 13616 

0\er 15 years 128.13 

Irredeemables 32967 

All slocks 11322 


-022 


Medium 

Coupons 


5 years . 
IS years . 
25 years. 


7 High 

8 Coupons 


a years 


-001 - 


10 1 Irredeemables 



Wed. 

May 

W 

854 

8.51 

10.90 

1089 

1L44 

1L43 

10.86 

1054 

12.13 

1212 

1231 

12 JO 

1126 

U2S 

1267 

1267 

1305 

13.03 

11.23 

1122 


■ T —.. '£*■ , r "SSjr «»rula I'n.Uy rin.r,. ! W„l. 

Iiriex .lKM io ^ M J- V »"/ Mny ; M»y 


Akzo 


Arnhem, 12th May 1978 


Kviiuhkui me ■'* , ‘- nMIJI,<l :!a * *"1 ■i*'iilinii irne ui xiainu *iinv h m. IIQ 
->a5«.-<> or pmswtius wiimalv. o ASMnmal anrt *rlel*i. a Knrucasi *1ivuii-M 

(Am hiisi-<i <*p premnw wear’s unnuus r Dltnrvtnrt and mobl Dsswi nr arnaitei-tiB. 
ui *)ihv/ irfUcia 1 usnniaips l*»r IWS a Cross i ktcutbs i«wirf I i'hv-> 
tw cnut-vreiun oi shares nnr nnw ranfcine ra» divuienn nr ranhlna only rnr resmetm 
dmdemla I Pt*dn» whv ii» nuniic. i*r Pvnep uiUpss< mhi«wise imtica'sif. r lu«,i 
b> itiwvr. II urfcrvd to ruilrti-rs ni 'Jminars shares as o - rhuus " ■■ Bumn 

n> wav nl C4pm0*»1no. f ’ .Minimum lender orlce II RefnrrnrtucKrt. IE Imuh* 
in camiecuon with reonJaBl«iiiin *n^ra>+ or raKe4iim lin lnun*1oa:nji. rssu e *i 
m ffirmer Po-f^r«ii+ holflHrt ■ Slinimmi Liters uir rullv mid). • Pnuumrui 
or nariiy.puid aiiounem leuera- * With ware am*. 


iwrisjj,^ 


18 20-yr. Bed. Deb & Loans (15) 5 7 .to ', 12« 57.68 57.77 57.87 1 aws ! M .« ! 6a. W 

“ "r me " , fr pre,s(i5) M ' a6 i i3 ’ M «-« i «.« «.»!»« «:* 


n rnmi | * OH.Zs j 64.129 i 54^0 1 84.84- .- l !Tr 

C° m ' 3,111 ‘ ndl - Pref5 - f - 01 « 1M1 IMS 70.59 71a5l71.O 5 l, I . M !,l.„|,0 J li:;ffl 


*gSi "tl thro an 

Sircci, Lonuan. ECflp agy. price Up. by post Z2 p. fwitthwa. the Financial Tima*. Bracken Hcxs*. 






JT & r 

*?> 1 































o 







Financial Times Friday May 12 1978 


41 


INSURANCE, property, 

BONDS 


AUTHORISE® UNIT TRUSTS 


*ty LJfr Assurance Co. Ud 

.3^.Bi«I*9Ch«relVRKl.EC4. fll-ttutu 
Jill 



5K 

fete 

raj 

lias 

tev 

134.1 

17k 0 
159 i 
1251 
1330 


MW» Kd Sor A Jim g 


■kea U Slav 0 


1945 

1609 

«a 

*»* 
141 S 

w 

1335 

140 . 

U6$ 
114 M 


■luatiua nunnallv 


2252 Port,0,,D Ufe ,nB - c u<LV NPI PcnHong StoB^emeoi Ud 

Prices May 3 Next dealing June r " , Allied Hambro Croup iai 1*1 


romaUo Fund _ I 1320 I 1 — 
Portiollo Capital.. fai 7 *47g|"....| — 

Gresham Life As*. Soc. Ud. 

2. Prior* M Wales Bit. B'mouih 0302 7BT«5 
C j- Cash Fund. 0 ULI 
):•}*■ t*\ugy Fund .. 1D3 5 108.1 

Sr V 1 .', 1 E“ nd JW-B 214.3 

ii-J'lott Iitnd .. ... 116 J 1221 
U.Uppty Fund. .. 95.9 1805 


•Abbey Unit T«- Mgrs. Ltd. tap 
1 72-7*1. tiaiebonse ILL Aylcsburi «(ISB5fl*t 

:»«- K srjjj 

Abhc-R,. T« rd i»4 »gj;j}j| 


Rartraorr Pond Managers ¥ laiigi Pemetual Unit Tms Mngmt.* iai 


429 

390 


, . „ i Allied Hambro tfrvap i«- {g< -O' &*« 

Npw Zealand In*. Co. iV.Ka Ud.¥ \bmHicH mid. 

HaiUand Moure. Southend SSI 2JS 0702 82B&J Allied Id. >53 


j«?3 
nil -o > 
m« -a i 
ik a -e.s 
144^+0 0* 
92.9* -0 8 
' -61 


gtet Key Inv. PI. B ,|1»4 1M 51 
SB!! £P » Fd . 1010 106.3 --0.71 

Taehnologv Fd . .103.7 109 2 - 1 jl 

Bum lac. Pd _ M.9 XK j „j .9 

_ — American Fd 107 J U21 3 

_ Growth & Sec. life Ass. Soc. LA(L¥ EEfiSfit, 1067 -Otf - 

- r * Mm Con - Dew ” Fd ■» 1 ™ 

Latid bunk Sec-. _.l 3471 

Landhanb Fee. * cJll4.9 UI 


Tub., 


hany Ufr Assurance Co. UR 

W Burlinsiun 5l.H i a. -T- cote, 

nuity FA A.-.- '••>*- ut-WSWC 

art lot. Acc . 
fa MonrrFd. Ac . 

, hi Wan Fd Arm . 


- Norwich Union Insurance Croup 

Z Pt.! Bo» 4. \Atwirh NR1 JNG 
Massaxed Fund 
Equity Fluid . 


,175 4 
13b J 
016 
1024 
U7 a 
lSB B 

iflCrPWl.FiArc.|S85 7 


■ ‘fop-Fd Arc. 
telftlm Aco 


-.rtlPen.Arr ... 
dJhm.pEti.Acf 
|Wn PnPtfAce . 
r&J Vn. Act . ... 
pe Inr.PriuAer. 


m 

USB 

12L5 

1932 


104 3j +1.1 

lilt 3* 

197 7 *0.1 
1U.4 

167.1 +0,4 
216.3 +1.7 
1M.4 -0 3 

1344 -a.j 

113.6 +0 2 

127.1 

203. aj +0 6 


G. ft S. Super Fd. . [ 0870 

Guardian (tojoi Enchingp 

R^alE«h«nBr.E.CA 012937107 SlB iK 'Sflii " ' 

Prupcttj- Bonds ... |1744 MU .... 4 - 
Hambro Life Assurance Umiled ¥ Nor ‘ l '* ,r ' 5 - 


SL'E'lSr- “SSl*‘ i* A„„™„ Co. Ltd. 


I DrlL Inds Fund 
I ilrih ft inr. 

Elect ft lad Dev 
Allied Capital 
Hambro rnnd 
Uaifttip Ate Fd 

I lirtw Fundi 
HifJi Virid Fd ... 
Hijjft Iikcume 


M7 2 

2111 

• 1 2 

355 A 

352J. 

>3: 

1251 

13L 6 


240.7 

1565 

+04 

105.0 

UOft 


| 1912 j 



132.1 
UU 
,104 4 
3074 

Bjlwjfi/Pen Fd.® 2 

vy '.HBd.Pen.-BWA 


139. t +0.9I 
1333 .. . 
109.9 +03; 
llU +0* 

10li 

102.4 
U2< 

1UJ 


(EV Life Assurance LM.V 
ra Hie., Alma HR. Reigue Rucata 40101. 

Managed . 

{£>■ MSrt. B- .. 

Ej Money F4 .. 

(EV'Equih-Fd . 

EJ Flirt Ini .. 

-vi&fi™ 

% *lpl«f d — |9B2 

row Life Annnmre 

I'lbrldgv Road. W II 01-740 0111 

•MtLFd.cp.irni 100.5 853] 1 .. 

MkEd Sf r D L_ N6.0 1014] _ 

iHcd.Fd.Eu... hlbS m3 1 

sJigd. Kd —F I (114 5 US.1I | _ 

relays Life Anar. Co. UcL 

,Hamlord Rd ,E7 0| 

rrbj'buflds' - .(1214 IM.4 

ffiS ^ 

IgJ :8i 

oev.. .. . 90.0 103 2 

"tSsl-^^gj ‘Si 

, .SS.'& A !‘.:g:? ffl ■ 

BW Pens Acc.. . 99 4 104.7 . 

Initial . J97.1 1023 

‘Current unit valuo May ID 

-vehive Lire About. Co. Ltd.? 

» . lembatd St, EC3. 01-023 nn 

■ ,.[.Ho™M*y2._ | 12S.15 | .. | — 

iflBda life Assurance Co- 

Blab Sc. Nuen Bar. Harts. P.Bar 91)22 
O-GUiFciMByJJ 5SJ 
Unt-Frt. Apr. &-| 136.1 


Fixed Int Dep 

Equity 

EWPerty 
UtuacrtCap 

Managed Acc 

Overseas . . 

Ol ll Edged . . 
American Acc . 
Pen.F LDep Uap .. 
Peu.FJJjiw Are _ 
Pen. I*ri>p. Cap. . . 
Pen. Prop. Ace . .. 
Pen. Kan. Cap. _.. 

Pen Man. Ace. 

Pen Bill Ed£.Cap.. 
Pen. Gilt Edg Aee_ 

Pen.BS. Cap 

. Ben. B S. Ace .. 
Pen. T» AJ. Cap .. 
Pon.D.AE Ace 



4-A King William S( . EC4T4HR. 
Wealth As* .... mu U7 ( 
74 6 


EbV. I*h Am 


J1 EbY Pti.Eq E 


.... Ull 11701 

L »* 

- ..|715 75.1 


Kq Inr 

KWSan||giniMhiil FUadl 

Internal local 

Secs <5 America. . 

Pacific Fund 
Spec talisi Foods 
Smaller Wc. a Fd - 
ZndSmlr Co's Kd . 
ReCveerySiu 
, Mel Min JdTrfty . ._ 
m BWnoral CK-enea* Eami ng> ga X 
‘ & pL Smlr. U) > ... .4f208 4 



Prop- Equity & Life Ass. Co.V 
llB.Cmwfnrd Street, Will 2V5. 01-4060897 

RSJJkPron Hi i j/gg 

SfiSBK 1 *- 1 798 


aeyBd.. . 


14L3 


— ' Property Growth Aunr. Co. Lt&9 


Leon llviuse Croydon. CRB1LU 
Property Fund . . 

Pro party FUnd-A... 
Agricultural Fund 

Aerie. Fund 1A1. . 

Abbey Nat. Fund . 

Abbei Net. Fd iA) 

Investment Fund 


Hearts of Oak Benefit Society 

15-JT. Tails! ock Place. WCIH OSU Oi -3875020 Sia^Si Fd ■ A 
R carta of flak . ..(36J M.4J | _ EnuityFund. 0 ' 

HU2 Sxjmiel Ufe A«or. Ltd.V ® K lAl ' 

NLA Twr, Addlscatnbe RiL. Croy. 01404399 WtmcyFund <Aj 


ftfYopnrrr Unit* .. . 


934 'AU *j4P»rtySei1*s A . 1B0.B 
, '*** Managed Units ._ 1639 
Managed Serio A. 967 
Managed Series C. 9*9 
Money Units U9.6 


[3310 


+a"^ 


Affuarial Fund. 
Gilt -edge 
Gill-Eagi 


Glh-edged Fund 
OgedFd 1 A. 


ORetire Annuity . 

__ ftlmmed Ano tj 

— PWQ *»iawth Pcsriens 6 Annalile* LM. 


1701 

176 7 
7464 


741ft 

Ull 

152ft 

67 1 

671 


170 7 

-7 1 

170.1 

UU 

1311 

1112 

-71 

1210 

+0 4 

1210 

179ft 

1435 

+0 4 


010800606 


| Anderson l nit Trust Managers Lid. 

198 Fon church St EC3M BAA 
| Anderson U T . 147 7 

Ansbacher Unit Mgmt. 

I Noble St. EC3V7J A 
lne. Mon Uily Fund 11620 

Art nth not Securities Ltd. tal(c) 

37. Queen St London ELT4R 1 BY 01-3309281 


2 Ft Mari' Axe E'.'U-tBRP. 

1 nAmen+an T<] JB 7 
. Brin sh Tm 1 Anr • 539 
I'pfnmndlls Siare - 133 fl 

• r- Far EasL Trust Ml 

High Income Tw S7J 
Income Kuno 70 » 

Id? Agencie* 13 71 

Inti. Exempt Fd. . . 85 4 
•JilMl Trt.i.Vc; . . US 
Gibbs l Antonyi Unit Tst. Mgs 
23. Blomliuid St . EC2M TKL 
a* AG Income' Wt 
■a*A G. UroiriJin W7 41 5 
niA. G. Far Earn* RJl 

l>eal«p« Tue*. f^rt. 

GovrU f John IV 
77 I*<i)doa Wail. tl’I 

b'hldr May3 [134 2 1«1* I 

Do Amun Unit 160 5 I 

Neal dealing day Mu* 19 

Grieorson Man aged cut Co. Ltd. 
50 Graham SI.EC2P2DS. 

Bam cat on XAy 10 (291.7 
lAcctun. L" nils I • . 23 8 6 ■ 

B'lgn-H YdJfavl! 1MJ 
lAemin. L'niU 1 . 2004 
Endeiv Kay P . 174 2 

lAccum. UmUi. 1004 
Grnehatr. May S . 91 6 
lAcPum L'nlLv 946 
LnbBrsln May 10 697 
Aecum Units' 723 


*1 283753; 48 Han hi lleniei m: 1 name- 


04C 
3J8 
295 
081 
a ti 
h *B 
3 44 
6 34 
745 


■WAI2IM68J 


VuetualllpiRh. .130 7 «« ? 566 

Piccadilly Unit T. Msrv Lld.V (aiib 
Wardg'teNM- 5fia Ijirdon tta.l EV2' ' G38M0I 


Ftlra Inri'me 51 4 

J-mall <~o s Fd 4J.1 

1 apila! Fund (7 6 

int Eros.<bAM«H* 471 
PnidtcKiuid 37 7 
Ud. Atrundlr Fond 62 2 
1 'jm jiii Technology Fnnd . 57 4 
, - W,4,n Far East rJ 252 

Ameriran Fund . J24 9 


920 

*60 

0J0 



Practical Invest. Co. Lld.¥ (vilci 

« Rloomsburo Sq WCl 4 2R4 Ol-ld BWttl 
frxcicaJ Ma« 10. .1146 3 155 J- I 4.15 

niSWHfla, .Keum Unit- GOTO 219 Sj | 4 15 

( Provincial Life Inv. Co. Ltd.¥ 

=22. Rishon>«ate E«'2 ni.34?8S33] 

rrnlt/tcl'nii* 179 5 >S2if | 3 22 

High income 1107) U49rf l 7 64 

22011 01 '®| W 4M > PMidl. Portfolio Mii«n Ud.¥ HMfliNiei 

”**' ' 4.47- llollioniMrt. ElINZNH 01-409 BS22 

7 S3 Prudential — |125 0 132 5m-'. Ji 4J6 

Quitter Management Co. Ltd.¥ 

Thestlk Fvchenqc yx"SS 1HP 41^00417 

QuadruiOn Fri [184 7 IDSOel 

■quadrant Imwne 113 2 127 1| 

Reliance Unh Mars. Lid.* 



1 BO 

1 to 

2 88 
218 
212 
202 


423 

791 


. ? 3 2^, 1 Guardian Royal Ex. Unit Mgrv Ltd. Reliance H*r Tunbridge Welle. Kt 

si* . | «so Rtl ,aj Exchange. EC3P3PN. _ oifURWll ^'pponunitj Fd. . IMS MJ) I 

CO. Ltd. ^-Cu-rdhlU m 189 0 « *t - 1 0| 4 » | BAF ^ ' -S 1 *3ol =0 ^ 

014123 8378 Henderson Administration (ai (cl tg) , , A 

172.01 | 0 60 Premier IT Admm-9Rwleiirti Road. Ilunun, 


5 6) 
528 
528 


OVERSEAS FUNDS 


Arfaolbnnt Swuriiic* (C.I.t Umilfd 

l'i> ttn.. SM.St-Helier. tern-.' . P.134 72J— 
i.jn 1>i A'PCji 1115 0 1190nt' j J20 
\V*l >lca lire date Mn;- 23 
F^xfftin-l.Trt IT- HllO 3190? -;«! ^ 15 
Ne.+i mi> Ma>- 

.\u.4tralian ^cicdllon Fund N^' 

Market I'q.pftriunif fet r o Jn»h Young * 
Oath* Bite. IJ7. K-'fll 8* F?rine>'. 

L-S$] Share-. . 1 )i:sl« ; | - 

Baolt of America I nle root ion a I S.A. 

r* Feulrvard Ho- ■! 1-useuibr.iirg * • t> 
wiriinv r?T Inrnmc 129(11 . 6 56 

Fn.'LK ai Mav 4. .Viwt.-ih da* Mm :o 

BdIl or Lndn. A S. 'America Ltd. 

.411^6. Oun+r Y:n.sria *<I . Eil4 i‘t-PU'233 
Alexander Fund |Sl'56J* I | — 

*1« atari value M»v 

Ranque Bravollrc Ijunhert 
J Hue tu- ,a K+genr*- B IW1 Iteiisset- 
Rrma Fund I.F . |1U] 1 >901 -21 ■ M 

Harr la><- Unicom Int. tCh. Is.) Ud. 

I Chanr.grrn—.St Holier. Jr*v WLW Tr“4 i 
C*wrsea» Inroine |48 6 _ 5121' I ID M 

UnidpllarTruU HI'.-lIJS 1! 41i J 4 25* 

1 nibondTniti oLittW IHUl I BOO 

-MiDiwi lo lee and mthheldinc iMr. 

Barclays Unicom lot. (I. O. Mam Ltd. 

I Thorns > Si Dnu (Ua*. 1 o_M. net 489S 


King &' Shaxson Mgis. 

1 >:har:iarC!VS«.St- HrJicr.Jer:?:- 
v alley Ik. Si. rVirr I'qrt. ijrn.ii 
l Thomas Si reel. LVwbIik. 1 0 V 


Gill Fucd.Jervrv [923 
Gilt Tni*l :l M ■ 107.1 

•'■lit Kiul Gunmsemq.66 
InlL- Ont Fnt Tot. 

Firvf Slerjinc . _ fLB 39 
hirrilnll. IlM )7 


Oi-Ui TGI" 
•«*!: 147W 
"KM.43M 


:o*fi 

'184*}. 
10“ 71. 


' i:on 
12 00 
12 » 


Klein wart Benson Limited 
.?D. Fnnchurrhbl FiTl 


Euj-invcst- Lux F. 
■7uvnw-ylnr . 

Vo. Acniol . 
KDt'arEwi Fd . 
KRInll lAiml 
SHJaiuu: Fund 

K a i s G*tli Fil 
Signet Rermuda 
‘I'nifiiiulv 'HMi 


3.0)9 

gB5 62^ 

171 ) 75A 

SUS10.K 
Sl-Sll 16 ■ 

51 "S)0 42 is 
5VS11 4jd 
'LSA73 
'll 75 1B73J-0JC 


01-623 BO 1 *) 
-li 3 17 


-D.-’f 
-3 1+1 


•164 
4 62 
132 
2.06 
053 
0 79 
169 
9» 


anon Assurance LuL¥ 
Hnupie Wy, Weabley ECAB0VB 

nRy I'nlta 106.09 

•petty Units 995 

ultfBotMbExcc.. OLM 
•pTBond/Exnc _ 05 JO 
l.Bd.’Exc-eJUuH. 02.9* 

po*K Bond 110.4 

UtyArcum. 174 

tpftty Actum. , 0241 

«L Actum. 15*7 

IRwtty fcl 

IPtupcrty 1032 

1 Man aged. 96 1 

1 Deposit IU 

iGiill n.8 

lEq. BmxJAct . 93.7 
IPmPent'Act . 105-7 
f (fid. Brna'Acr 90.8 
1 Dep.Penx'Ast. 97 4 
*1 CnT Pena' Are. S9.0 

lERIF. 175 

iESJJ-,2 

Current value May H 

pita! Life Assurance* 

iIUn Hran. Chapel Aah WYoo 
ylnrm.Fd. _| 100 77 i 
Nrmahcrlni.Fd I 10414 [ 

larterhonse Magna Gp.¥ 

r % -anrr» Sq . I tbridgc CBS INF 


Money Suin A — 1(966 
Flxrt Int Ser. A.. .NU 
Pnx. MaoagrO Cap.QStJ 
Pns. Managed Ate. [MSA 
Pnu G'teed. Cap... .(104.9 
Pnx. Gtaed. Acc — (110.2 

Imperial Life Ass. Co. of Canada 
Imperial Hdobc. Guildford. 712BS 

Gmnh Fd. May 5 _[71 0 77 3. 1 — 

Pea*. Fd. MarS [64.* 70 2f ...I — 

,, Unit Unktd Portfolio 

^sa.^ d ..7 : ffii 'Sf 

Secure Cap. Fd »5ji 100ji ._ 

equity Fund [95.6 ioi*[ . 

Irish Life Assurance Co. Ltd. 

11. Filudmry Square. EC2. 01-028*233 

Blue Chin May t... |70,k 74j| ( 4.48 Prudential Pensions Limited# 


Ail WYher At I'li 
OAR Weather Cap 

OInr Fd.Ut* 

Pennon Fd. I't* 

Conv. Peux Fd . . 

CnT. Poo. Cap n 

Maa.Prn4.Fd_ . 
Man. Pena. Cap. fill 
Prop. POua Fit . . 
Prop JVm. Can. L'U. 
j^g-_Soc._Pfcn, UL 


1218 
144* 
1315 
1417 
1522 
144.5 
024 
1299 
319ft 


Extra Income Fd. KM 5 113 On -01 20 45 

l High Inc Fund 4Q4 «T +0 1 92) 

FAenih l.'alts' .34 9 58 8 -0 2 9 23 

i8>j‘*> Wdnrl L'U. • 54 9 581 +0 2 923 

J Preference Fund 2S.4 27.4 >0 1 3214 

lAreum Units' . 07 7 40.6 12 M 

I Capital Fond . .(3 198 

[ CommodiH Fund *^2 54 64 +08 565 

<Arrum.rnlca. . . 796 85 94+12 565 

iHM+WdnrM' '. 484 SZAt ‘0b 5 65 

Fin.ftPrtip Fd _ 170 184 312 

Gian o. Fund .39 8 431 >06 289 

[(Aecum. I'nib- 46 0 49 8 +0 7 209 

I GroirtJi Fond .. 332 35J +S3 3BX 

, lAccum. t oil*). . 19.2 42 3 +DJ 381 

Smaller Co a Fd .. 26 8 29 On *01 4 52 

[ Eastern & Inti Fd M3 36 5 148 

itritl' _ drtrl 1*161 191 20.8 148 

KorBign Fd. . . .K4 91 1 -0 2 1 B0 

N. Anwr & Int. Fd 29 7 32 2dl+02| 100 

Arehway Unit Tst. Mgs. LLd.¥ lai(c) 45 Beech Sc. EC2P2LS 
317. High Hoi born, ffril'TM (11-831 8233. (^BridehTTurt - [3*7.7 
ARhawyFund . .JB24 8771 | 515 

Prices at May 10. Next sub. du» Uw IB 


Bmtvood. Esau- G2T7-2J7 238 
I JC. Funds 

Cap Growth lor... [44 5 
Cap Growth Acc W5 1 
Income ft Assets. P20 
High Income Fund* 

High Income ,. 158 6 

Cabot Extra Inc. - &2 
Sorter Funds 
Financial ft ITU U3 9 
Gil A Vat Re« - - [26 8 
iDicraaUoBs] 

Cabot . . |J7 4 

Iniernational . PI 2 
World Wide Mar 3 r73« 

O ver se a s Funds ■ 

A os trail an ; ■■ :pl4 

European. .;. p78 

FmtEuT tt*6 

North Amencan .. P?* 

.\Blint May 3 _ -11191 
CaboLAmar Rro-Co-155 8 

Hill Samuel Unit TsL Mgra.t (ai 

01-838 Kill 



TOBo»4lft3MI Kennedy Si Msurhrrter 
081 238 HS2I 
Ridgefield Int IT |9*0 


1831 
103 ( 


242 

BBS 


Ridgefield Income 

*2* Rotbficbild Asset Management igi 

els 72ft0 Gstebouse Rd. Aylesbury H29G5M1 


l.'nicorn Ault. Exl 
Co Aus;. Min. . 
Pa.Grtr Pardii- 
no Inti Income 
I>] I of Man Tst 
Im Manx Mutual 


52 71-0 51 


30W 
649 
41 >U 
50 1 
270 


-0J| 


170 

190 

840 

IU 

lftO 


KB net as I -occur, paying acer.ts onlv 

Lloyd* Bk. (C-T.i U/T Mgra. 

PC* Box 1P5 St Hciii*r..lcnri- 
I .los-dsTri |526 55 3ri| | 1 BA 

Nni dealing dale May 15 

Lloyds Iniernational MgmnL S.A. 

7 Ruodu Khnnc. Pi* lki\ V7TV 121 T 'TeReis ll 
I. lord* I nl Growl h (ADJ5SS 35*5?} ; 1 bD 

Uoydi Int Income. ISTMi-H ihftB...[ b» 

M Sc G Group 

Three Gum-i To*rr HIM TC3R fflU rjJSfl *W9t 


At Untie May 2 
AUM. Ex- Mar 10 
Gold Ex Ma> in 
Island 

lAmunl miv 


jn>£ts 

.{SIMH 111 1 { 

jll'57 B? BSW . . 

1273 124 8m +0jl *332 

165.8 176 4 -0 2*3 52 


Bishopsgaic Commodity Ser- Ud. Samuel Montagu I An. Agls. 


X C.EquiU'Fund UM6 
ve Eno Re* T sl 133 2 
X t . Income Fond 147 4 
VC. Inti Fd iTnc. I B9 0 
N C. InU Fd i Acc i 19* 
XC Srallr •’■eve Fd 151 6 


xsS -a?, 


. —a tr 

161 3j +0 71 

Rothschild Sr Lowndes Mgmt. <ai 


297 
248 
6 60 
L76 
176 
4.1S 


l*n EU-V-UL tJnugias.l oM 
ARJLtlC-Apr a. Ut'SUtt 3U| 
I.'.WWIO" Way 2 Kl 008 1.0*9 

rOirvy-Mayi U2337 2479) 

unonslly issued at *)IU and 


Bridge Management Ud. 

PO not W. •'•land t in-naan I'aytnan I 


•W+SlOl I 1 14. Old Hrimd M F.C.2 

Apollo Fd Mai- If) I4F4BTS 
JSPfest April 29 - IHUl lb 
?li I IV Grp MSyl Jn--UH 
i. uTicrwrAlx to 1(4.96 
I iTJrfiO y Apr 28 JfU 95 


I .VNi VMU 
M 
16 
05 
77 


••I -Tsiiafl* 

2 901 -'i W )5« 
i:w iib 

;;s> 205 

54; 0 77 

y s? 


St Swiihm* Larne. Ldn EC4 m-0»43M. r"prt h iu!f''w' liJne ‘ 1 

N'wCT. Exempt . - RlUft 11*81 I 3 77 ; v,p^, n Fd. May to ill 73 * 16 -4Sf-001| 
. Price on April (7. Vest riralmg May 15. ” *“ -• 


K^-jirck Split." 


Rowan l/nit Trust MngL LXcUria. , BriuODta Tsl . 

CRy Rate Ilf*- Finsbury S9 . Ei- Ai^Od IMS; M Sl _ „ Hc]l „. j+„ ty . 

I I Grtraib Invest pi « 


Soc. Cop. ti. 

Provincial Life Assurance Co. Ltd. 


Barclays I'nieorn Ltd. (aJigHfic) 
Unlearn Ho 2S2 Romford Rd. E7 01^345544 


222. BisfaapsKate. E.C3L 

t&KSK^J 

G1U Fund 20 



[L..J : 

Blue Chin May 2.. -J70.6 

01-8028R8 ^ntoLW=~gf* W4^.:.j 1” Mtarafcra. BCWaKII. 014038223 

Prop Mod. Gth -h«J 2u3 .. .. I - MEttT&r 
King & shaxson Ltd. Prop. F Apr. 1B_ 

82.CarnhiU.GC3. 0I4C3M33 

Bond Fd. Exempt -.1106.38 10772J . Matn « l 

Next dealing date Msy 17. Tunbridge Well*. Kent. 

Gort.Sec.Bd. [UM# 12SftB| i - ReL Prop. Bds. . _.| 1W9 [ 

Longhorn Life Assurance Co. Lid. Rothschild .\sset Management 

01-0284358 

a*- 4 - 


Unicorn America 

Do. Aust. Acc. 

1 Po. Aust. Lne. 

Cl -217 85331 Do. Capital 

Do. Exempt Ttt._ 

Do. Extra Income . 

Do. Financial 

Do. 300 

Do. General 

Do. Growth Arc. - 
Do. inrameTtt 

•Do. PH. A'os. TsL . 1135.0 

Prices at April 38. Next sub day May 31 

Do. Heroreiy. 141 J 44 61 +0 -1 

Do. Tea alee Fund 11126 12L7I +1.1 

Do. Wldolde TrustW 7 52ft{ +DJ 

Biat.ln.Fd Inc ..rfa.9 653d +0.7 

Do Accum ... .. [7L9 74 ¥ +0.6 


33ft 

361 


1.8S 

65ft 

711 

-, . M 

1.87 

52ft 

56A 


117 

659 

71ft 

ihft 

4.43 

lh&5 

113.0x1 

+1J 

59» 

27ft 

30 te 

+0ft 

>38 

Wft 

64 9 

+0ft 

495 

71ft 

76.4 

+05 

5ftS 

30ft 

Sifts 

+0J 

6.07 

Wft 

43.9 

+0.4 

4JM 

830 

89.7 

+0ft 

6J0 

tog.® 

1*1.1 


4.96 


igi Inti Truk |n.I M 7] ♦O.ij 2 95 

iSSSraSi:: V »" IS Tst - ««■ Fd - M »"- “**■ 

<bi Financial Trust. VLB «B2n +1J 464 M. Jenny n Street. 5 W. I. D14S98S52 

ib) Income Trust— 26.* 28 7n +0.4 7.56 Capital Fd . - .165 9 • 69 5| I 3.75 

ibiSecurttrTruat.. 523 542 +0.6 5.12 limuneFd. [70 9 74B) | 753 

(blHIghliield TK.-R97 318 +0.)| 7 7B Prices at Apr. W. Neat dealing May II 

ZnteL¥ laKgl Save A Prosper Group 

15. Chriuopber Street. ECi ni-2477243 4. Great Si. Heims. London EC3P 3EP 

Intel. Bit. Fluid |*9J 96 B( (658 68-73 Queen St- Edinburgh RH2 4NX 

Key Fund Managers Lid. lai(g) Dealing* 10 01 sm nn or 031-226 7331 
01-608 7070. Save & Prosper Securities LtdJ¥ 


American May 11. 167 2 
Securities MayS - 166 0 
High 31016 May 1L 552 
lAccum. L'm tii — 75.7 
Merlin May 10. 766 

(Areum. I'niUJ 93 5 


iUIi Ltd. 

OKMTRtli 


’1 IS SE5 


344 

B f 702 

8 1501 

562 328 

IS > 26, 

Blue may a. .ini deulmic Ms* R 


I Intel Fd 
Jersev Energy Txt 


4 on 
1.00 
500 

LM 


...1 - 


35. Milk St . BCZV 81E. 


osffzzzn | 


5.40 

497 

157 

5J8 

S3* 


Key Equity ft G«K> ..^7J 

S Ker Exempt Fd._JU63 
ty Income Fund- 1792 
Key Fixed lot. Fd _H9.7 
Key Small Co's Fd.. 


I9L4 


796 +0.71 
716 +0 9 
1449 
842 +0 4j 
635 -Ofl 
974 +09 


E IeJe 

“ Legal St General (Unit Assar.) Ltd. Hoyal lusunnce Group 
Klngswood House. Kiogswood. Tadworth. Kesr Hall Place, Llrerpool. 


f «• Energy 
Vk. Vhmn. 
thie Managed 
Ihsc. Equiti- . 
(iu Rid Snr 
yna Managed 


KZ* ». 

R92 

S.O »; 

124.6 
149* 


000228911 


9SMI 


ty of Wesdniniter Amur. Co. Ltd. 

igMeod House . 6 Whitehorse Road. 


ndoo CRK2J A 
st Prop. Fund .. 
noged Fund 

uiliRtml _ 

nmondFund.. 
mey Fund . . ., 

It Fund. ... 

.TLAFtoad.. . . 
w KftSd.C»p._ 
®S.Mngrf Arc . . 
-ru. Money Cap 


IS96 

b 7 

p 3 
636 

m 

iuv 


nv Hon ry Are ’. ' 48.0 
Of Equity Cop .534 


CH-6MMM- 

ll -” 1 

66 9 +0.1 
1764 
1192 
4 


Surrey KTaoSEU. ' Bnujh 

Cash initial H5.1 Z0C2J 

Do. Areum. 96.6 

Equity Initial U7.V 

Do. Aecum. X19.7 

Fixed Initial- .. .. 114.6 
Do Areum . . .. 116 3 

lulL initial MB 

Do. Areum. HI 

Managed Initial .. 115.7 
Do Areum. . - ..._ 117 4 
Property burial 97.4 

Da Aerura at 

Legal ft General tl 
Exempt Cash tell [95.8 
Do Accum. . . . . 96.9 
Exempt Eqtt. Imt 1125 
Do. Accum. . . . 113.* 

Exempt Fixed InlL 1061 

Do Areum 187 2 

Exempt Mngd lull. 1125 

Do Accum 113* 

Exempt Prop BdL *5.* 

Du. Accum. ...—-1169 



133456 Rural Shield Fd . .11323 lMlf | - 


Save A Prosper Groap¥ 

6 GLSt. Helen') Lndn . EC3P 3EP. 01-554 Mtt 


luteruadeasl Funds 

C^cdtai- _g*.l 

UnW Growth ~ . ..!|S« 
Increaslag lactone Fund 

Klein wort Batson Loll Managers^ SS‘^ PtaBd f 8 
20. Fra church St- ELC3 01-6238000 High Return - HBJ 

KJ. Unit Fd. Inf -WL4 M4J .1 SOI IncSrt^.l^ ^2 

*KB.X'nl!Fd.AC— pDL6 118 M . 551 

Baring Brother* A Co. LLLV fa)fx> •«-■ ™ Iow.tvm -.IS2J 57 Jl | 4j* ^-7““* 

»a Luodenhonst-ECA 01-9882830 LAC 13011 Trust M a n age m ent Ltd.¥ o«maa Vuadsm 

Stratton Tst U660 173-ffl ... [ 3.90 The Stock Eteiuwge, EC3N I3P. 01988 2800 Europe.. 

Da AMUm . ... .605.8 0.43 . ...| 3 90 L&CtotFd 033.7 137 91.. ..I IN *• 

Next lubTday April 26 LAC Iml ft Gen Fd . [94 8 97« .[ 2.09 

BiBhopsgate Progressive Xgtnt. Co,¥ if” 011 *f* Wc j 

051 3Z7 4422 g. Blohopsgale. KC2. 01 5885280 *3 ^OJBcSL-EdtnbaTSh EH+ 2JG 03 1228 Mil SpaM V. -iw . - 


3.44 

4JS 

690 

lii 

647 



'{ JS a 


nil Poastimsi Lift. 
100.91 
1020 
1185 
U9J 
111 7 

SJ 

119.1 
180.9 
1029 


132.M +0 

sif 

128 Ml 


Bal.Inv. Fd ., [124 7 

srsfr!”' a?: 

Deposit Fdt .. 1224 
Comp.Pctu-.Fd t 198.7 
EquitvPenf.Fd ... , 15) 4 
Prop Pens.Fd* .. 2101 

Gilt Pens Fd 91.2 

DepcwJeni.Fdt-.l97 6 

Prices on May II 
t Weekly dealings. 

Schroder Life Groap¥ 

Eulerprixa House. Portsmouth. 
Equity May P-.. .1 ZUft 

Equity SMay O . ,..bl5JJ 226.4 } 


ml 

zzi.n 

96jJ 

102R 


+011 - 
+051 — 


d= 

+oi| — 


BgotePr. —MayBfl*** 195 
Act UtfL*»Mavg. haOA 234. 

B'gatr Iul May 3 . . pTl 7 182. 
lAcmuniMoya .-.-Jj594 20) 

Next sub day ‘May 16 "! 

[Bridge Fund Managers¥iaXc) 

King William St. EC4R9AR O1-8Z340SI 



406) 

45.6 
6L1 
666 

40.6 

25.7 

26.7 
51ft 
723 


661 

661 

3.53 

351 

LB2 


Financial Sera. ....[721 
mgh-XInliatun Funds 
Select IgiernaL _ ..[2492 
Select Income . [5U 


Amencanft.Gen2 .[2*2 

Income". ....499 5«J» 

Capital tact . .34.2 364x 

DL^cc.t 37 0 40J 

Exempri . .. . 1360 1451 

lnternd Inc.' . .. 15.4 16 4x 

Do. Acc T — 16.1 Ml 

Dealing Toes. r*rt IThurs 
0 10-11 


'-Ofl 


148 
6 60 
3-37 
3J7 
5 S3 
370 
) TO 


ftHaw.HBLerlols ..-DT 3 

lArcun UnHsl.- - §12 
ttGiltend Warrant 37A 

K lmertcan Fd. - M2 

Accum Uniui 2SJ 

■•High Yield . — 47ft 

“tAccum. Units' -lift.* 

Deal. *Mon. *Tues tWed |Thim. —Fri. 

Legal & General Tyndall FundV 
18. Conyngc Road. Bristol. 02723224) 

urromUximii.! "pft ..‘..J S 2 T Schleslnger Trust Magrs. Lid. (a)(z) 

Next nib. day May 10. rincorporaitng Trident Trusts 


® J® Scntbits Sec wri ties lftL¥ 

njM Scaihila 138.4 

raw ScctyteW B09 

- Scotsfaares B7ft 


Butterfield Management Co. Ltd. 

Pft Btrt 1M. Rami Hon. Bermuda 
Buttress Equity . . QJ3 25H+I147] 176 

Buttress Income . ,.p03 1 961 +0 l| 7 38 

Prices at May B Neat rah. day June 12. 

j Capital Intern nil on at S.A. 

I " 37 rue Notre-Dome, Luxembourg. 

Capitol lnLTnnd...l 3l'S16I7 | 

• Charierfaoaae japhet 
Putertuwter Row. EC4. 

Adi rope 1DM29 49 

AdlreriW MI4710 

Fon dak DM».7S 

Foodls . M431» 

57 M +D.4I 7 06 pmpcmr Fund . . inan 
; Hispano [StflUt 

702} +0 5} *.83 Clive Investment* (Jersey) Ud. 

464, +0 31 * 43 ! p.o Box 320. St. Helirr. Jersey. 

:CilveGiKFd iC.I.i.IIJB 9.891 1 11 00 

464+D51 5 04 j Clrt-e Gilt Fd. (Is* J Jl 83 94*1 1 UftO 

3.M i Corn hill Ins. < Guernsey] Lid. 

1 17 ; p.o. Bax 157 Si. Peter Port. Guernsey 

Intel Motl F d. ;.._H675 18251 . ...J — 

Delta Group 

PO Box 3012. Nimrau.' Bahama* " 

Delta In* May 2.. ISL66 1 741 1 — 

Deutscber fnvnbneu (-Trust 
Pmtfneb 2685 BiebergaxSe 6-1 06000 Frankfurt. 
Coocentra- - . (WtUM ».6«|>0.10j — 


Murray. Johnstone ilnv. Ariviwr' 
net. H»t»rSl . GloSJow Ci Ml SI .VO 

■Hop.-«t Fd [ 5PSJ261 J I 

•tlurrar Fund I 5FS10 *5 ] .. 1 _ 

-NAV Arnl 3»> 

NPgil JL\. *. 

tos IMmlc-srd R'+'ni. l-ntnnSnurE ? 

VAV May 5 _ ...J SI' SID 30 ; . | — 

NegU Lid. - 

Hank cd Ri-nuuris Rids* . Hsirjltra Rrmdx 
NAV April 2* |L«9J ... J | — 

Phoenix International 

PH Box 77. St Peier Port. i'ueni»er. . 

Inter- Dollar Fund |230 ;48| .] _ 

Properly Growth Overseas Ltd. 


=8 Irish Town. Gibraltar 
f S Dollar Fund . [ 4t.'S88 27. 
Sterling Fund. 1 O2B.B0 


38M+0 21 3.03. 
262a | 4ft9 

7813 +0 3) 205 


Richmond Life Ass. Ltd. 
01-248,3808 48. AthoISLrrer. Pouglaj. 1.0 M 
j 7j • ijrfTtae Sltrrr Trust " 


Richmond BnndPT 
Do PlntlnumBd 
Do. Gold Bd. .. 
no Eru.07 .Q2Rd. 


1Q6.R 

istra 

I13.B 

101B 

165 


•Gib'd 108 


mm si?:* 


I094I+BJI _ 
1911 10 77 

119 ■) + 1 41 - 
10721 +t •] - 
174.41 +0 9 U56. 


OKU 37381. O.f-Eq Fr. Ajn- 28 .J3|.l 


Scot Ex. Gth*ft.. ... 
Scot. Ex Yld.**_ 
Price* « May 1 



Heat sub. day May 3*. 


pncra May LMsine A dmiulat ration Ud. 


070527738 


Equity 3 Mar P-__. U7.4 

Fixed I nL May 8 134.4 2 

Fixed Int. May 8.... 144.4 1 

Legal & General Prop. Fd. Mgn. Ud 

ll.Oueeu Victoria St. EC4N4TP 01-2980878 g ft SSc MayB*” U9J 1 
LftGPrp- Fd. May E-1M0.0 10L7J .. ..J - MngdFlx. May0„.. 1243 1 

Next sub. dap June 1 Managed May 0 — 142ft I 

Ufe Assur. Co. of Pennsylvania u*ft • i 

SO-t!NewBnud5t.W170RQ. 01-4038305 }g.8 X 

LACDP Unite. |!0M M5DI...I- tefflcISl 1 

Lloyda Bk. Unit Tot. Kngn. Ltd. SS 

7LLmnt.artSt.EC3 014M Wffl 197.0 .287^ 

J CIO MB.PuAec.May8.R33D 245fl 




. -o*. Equity Acc. _155 J _ 

U nri c urrvntty cjnsed^to new inrval|n«nL 

"ty of Wrstralnater Anar. Soc. Ltd. 
rphnno 01-804 0084 

■SiSGin. - .Bl‘ 9 M I 2 

■nmerclal Union Group 


Exempt —|968 101# 

Lloyds Life Assurance 
20. tllfloo SL EWA 4MX 

Bit. lith. Mar a . - I 1.29295 | 

DptS Prop Map II.. 123.Z 129.U -»9 1 

Pptft Eqty. May Jl . 126 7 Z33 « +1.7 

Opc Hx Sayll 1527 160 m 

. " VS f* 8* W « fclS $27 3 rt 1 
*i .Vir.nitj l't? T (17 Mb _ |t 0 I 
Mtfederatlsn Ufe Insurance Co. 

Uuwrvr) Lane, «T2\ 1HI 


Scottish Widows' Group 
PO Bm mt Edinburgh W185BU 0314038000 
InvPlv. Series 1 . .[103.7 103.: 

Inr. Mp. Series 2 .[98.0 1S3J 
lav. Cash Apr 38.. .[971 102: 

Ex. L't TV. May 3 — .1136 2 142J 

Mgd. Pen May 3_ [ZS93 259..’ 

London Indemnity AGnl. Ins. Co. Ltd. SoIar Life Assurance Limited 


New Issue _34* 

North American — . 292 
P ro f e ss ional. . 495.6 

Property Shares 126 

I Shield . 45 7 

Stains Change.. . 294 

Un tv Energy 32.5 


SI 


59.DJ +0.61 


80Jd 
402M 
U7.6M 
422 
20J 
69.7 
46.4 
852 
791 m 
633c 
476 
35 6c 
83 To 
. 374 
314 

sm? 
US 
491 
31 7 

34.1 


+C7I 

+0.B 


Britannia Trust ManagcmentiaHgl 
8 London Wall BuOdiagc. London WalL 

Icmdoti ECZM5QL 

Asset* ^.mz 

Capitol Ace. SO 9 

Cotom ft lnd 54.9 

C4mum>dity.— .. .. Mft 

Domestic..- 374 

Exempt — ._ ._ _. UKL5 
Extra Income — .. 39ft 
FarEal. . - 19.4 
Financial Sera . _ 145 
Gold & General . .. Hi 

Growth rift 

inr. ft Growth Tii 

inTl Growth 58.9 

invctt.'mfthsrea.. 44.5 

Minerals— 331 

Nat. High Inc . f77ft 


140. Snath Street Dorking. 

2. DukeSL London WiKftip 01488 5091 aSSSS?- " Ill 

LeoDla. --ITJft f-S Exempt HJghJYid .-gSA 


Leo Areum.. . .-t*U 8581+631 466 ExamMMiirLdra Eft 

OT&OCBtMTB Uoyds Bk. Unit T*L Hngrs. Lld.¥ la) -- SJ 

— Regwrar'aJJept, Goring-hy Sea. lhcT Bft 

8HE8ISM Intel Growth -M7 J 


+0J 

+DJ 

WM 

;Si 
+0® 
♦Z.0 
+0.F 
+ 0.4 
+0.4 
♦8ft 
+2 2 
- 0.1 
+04 
>91 
+9JJ 
- 0.1 
-oil 
-ci 

-o3 


552 

4ft9 

449 

Sftl 

461 

7.62 

9J6 

3.47 

4.42 

350 

406 


Worthing. West Siusex. 

FintfBolncd.1 SOft 

Do. f Accum t-__— . 69.0 

Second lCap.1 5LJ 

Do. lAccum.) B.9 

Third (Income i — — KL6 

Do. iAcmtm.i. — 111 7 

Fourth fExInCJ 59.6 

Do. lAccum.) |665 


539n +0.71 4J6 Inv. Tat Units. .. ..74.8 

741 +0.9 4J6 Market Leaden 29J 

55.1 +0J 3.18 ‘Nil YURtT— 27J 

68.7 +06 3.1ft rretftGlU Tract— 240 
87.7 m +0.9 617 Property Shares ... M.4 

1205 +1J 6J7 Special SlLTSt-.- 2L1 

64.4 +0ft 7.80 UK. Orth. Aecum lift 
7L4[+0J| 700 UJC.Crth.Diat —1167 

69? ‘ Uoyd’* Ufe Unit W, Mngrs. Ltd. J. Hew? -Schroder Wagg-A Co. Lutf 

249 7200. Gstehmuc Bd-. Ayleabuiy’. 0206 SMI iao. Cbeaptide. ELCft 01-310^434 


22 5 id 
29.1 

27 0m +0ft 
27.0 +0J 
30.7M -HU 
426 +0.2 
HI *0) 

313 +0.4 
rift + 0.2 
25J .... 
268 +0-3 
227« +0.1 
22. bn .. . . 
20Jx4 -Oft 


(03001 88441 


L52 

X94 

8.45 

421 

468 

9ftl 

53 


4. 

4.42 

IS 

5.94 


Rothschild Apset Management iC.I.) 
F.O.BoxSO St Juliana CLGucmsev 04B12fG.lI 

n'cjnc'Fii ")fayT. p50 8 1604 m( 7 30 

OGJntLFdT .. .. IL24 1J1 . . I J4 

ncJtmCoFdAprat 1348 142.8 3 54 

O-C-Commiwtln*.. 128ft 1363 .... 4 73 

OC. Dlr.Cemdly ». 125 38 27 SO 5) .... _ 

Price on April A Next dealing M»> 12. 
rPnre on May 8. Next dealing May 22 

Royal. Trust (Cl) Fd. Mgt. Ltd. 

Fa Box 7P4. Royal TM Hue, Jersey, nawr?#! 

R.T. lnl7. Fd -BrSllb 4441 .1 3 00 

R.T Ipt'l iJty.iFii .(89 9« . >321 

' Prices al .\pril 14 Next dealing May 16 


3.69 

3.65 

8J3 

4.94 

188 

4ft3 

2-78 

64) 

481 

253 


■unify Fund ___ 
Inuwril Fund 
nnulPrn Fd 
utij Pm Fund 
tea Iai Pen. Fd 
Staged Fen. FA 
Bpcrty Psn Fri 
Mcctrt in Pet 


# m 

21)4 
19*5 
1787 
1300 
3576 

uuhlll Insurance Co. Ltd. 

'Corah III. EC 3. 01-820 MID 

F.Krb.Aw li .aw 5 

iSh?FitApT^r flkl 5 178 

«xHt A Cemmeree Inittrmnce 
kBcgrntSl .Loniioc WJR3FE 1114.187081 
tMngd. Fii . 11+2.0 1320] j - 

own Life Assurance Co. Iftd.¥ 


18-ai. The Forhiuy. Reading 5(W 1 1 

•“4 3471-031 - 

, ft mij-oi - 

Fixed Interest- . [34.1 36 M | - 


«'■»=«= mstisss? .- 




Solar Managed 5 - 426ft 

±w?: m 

_ . . _ „ . ^ Solar Fxd. fat. S— U4ft 

Hie London A Manchester Ail Gp.¥ solarcxxhs . _ 99.7 
The Lex*. Folkestone, Kent 030357353 ?omrIatl.S.~ -198,7 

Cop. Growth Fund . 
ft Exempt Rex Fd. 
ft Exempt Prop Fd 
ft Ex pi In* Tst. Fd 
Flexible Fund . . 

Inr. Trust Fund. . 

Property Fund . 


10-12 Ely Place Undue ECJN 6TT. 01 2422805 


The British LUe Office Ltd.f (a> 

Reliance Hae .Tunbridge Wells. XT. 08812227) 


216.9 


1296 


871 


346.1 


1095 


1314 


816 



Solar Managed P.. . 1260 
Solar PtopertrP.-. U0.1 
-Solar Equity P 1606 

Sr arFIid.IiiLP . . 114.8 

Solar Coafa P rift 

Solar InlL P ... 9*7 


U3I 
Ut 1 
1696 
1284 

105.1 

104.9 
1327 

115.9 

169.1 

120.1 
105.7 

104.9 


+051 - 


:8| 




-1 3 
+Dft 


+0 -*1 


BL Balanced* [45J aSftiJ -| 551 

BLDIridend* . 45 0c? . J 9.64 

Prices May 10 Next dealing May 17. 


[Brown Shipley & Co. Lid.¥ 


Mngrs. Foundered. EiH 
BS Units Mai-8 |220ft 
Do lArr.iMay* .-[2752 
Oceanic Trusts isi (£i 


232 31 
289. 7| 


iu-oDama 

| 4 84 
.1 484 


Per* Pension 
COnv Deposit* 
Eoaitj. Bond" 
Fomtljr 7W0*+ 
FsaXhE-M** 
i: U Bond""** 

swn UleHse, Woking, GU21 IX W IMSCMm iniomatnl Rond** 


infd Fu ml Al-c 

•g'dFd Incm. 
ajrdFrt Inn 

MfFH Acr 

nitvFd. Incm 
Wtr Fd. lalt - 
ftfTh'W trr 
Uflh Fit lnrm 
•fwfyFd Inli 
<■ Tsl Fd Xcr 
j,Txt. Fd Incm . 
tTu lM tell 
Bdlnr rd. Act 
a Iai Fd fnnu 
5t1 Fri. Acr 
Wl Fd Incm 
®er Fil Arr 
■n Fd larm 
lid term 


|985 
W8 5 

Mil 

no 

(iso 

s: 

ci 

958 

I? 

Ml 

150 3 


UB6[ + lf 
5836 +lffl 
1034 +IM 
1MQ 
lH.fi 
IMS 
IMS 
1000 
100 0 
ioao 
U0.fi 

isf 

iSi * oSf 

100 fl 
100 2 

IMJ 
10)4 +0g 


596 


M St G Group¥ 

Three Quara. To+er Hill EC3R 8BQ 01-891 AM 
1217 5 

U7ft 125.2 

[UU 148 0 +2 3 

1553 - -0.B - 

177.8 - +2 7 

SMft me , 

.... Ml “1033 +10 - 

Managed Bd— 1304 U75 

Property Bd". 1547 1624 +0 2) 

Ea Yield FU.Bd* M0 Wl 

Recovery Kd. Bd.* Mft 63) 

American Fd. Bd * g^2 5*9 

Jspsq FYL Bd * pi 4 Ml 

(Vices m *j|ay 10 -May 11 ‘—Mb* 6 

Merchant Investors Assurance 


Sun Alliance Fund Mangmt. Lid- 

Sun AliUkuce House. Hem hsin 0903 8414! 

Exp.Fd.lnt. May 10 .[£148 90 15650) | 

Ini Bn. May B... _ ~ OJ 59 I .1 

- Sun Ailiance Linked LUe In*. Ltd. 


_ Sun Alliance House. Horsham 


Fund — 

nterextFd 


[uu 


_ Property FbtuJ . ..007.6 


lnlernaUnaal Kd - 
Deposit Fluid 
Managed Fund 


P' 

(1058 



Financial.. 
General — .. 
Growth Accum. . 
Growth Income . 
Hj^h income _ . 

Index'. - 
Overseas . . 
Performance 

Recover} — - - 

Ezmpi April 10.. 


, 0 

■is 

Sa 

II 

1584 


360) +8.4 
14 b< + Oft 
47.7 -Oft 
38 Ou +DA 
314 + 0.2 
21.2c -01 
26 8 +0.3 

20 3 

W5c -OJ 
224 +0ft 
60 8>q 


390 

442 

4ft9 

429 

966 

3JU 

404 

349 

3.98 

517 

440 


11L4[ +0 5f - 


135. Kl*bSjre«. Croydon 


01-448 BIT! 


857 


iBrt In* ■*' 

R wider Innurasee Co. Ud. 
irula House Tf*uer PI . EC3 PI -830 8031 
< Prop Mar: 169 4 763oi I - 

gle Star Inaur/MIdiaad Aw*, 
‘tirradcpnll* M . R1 IM-SBB121S 

lie Mid Units 1517 5561 *0« 5*7 

lUlt) Si Ijk- Ufe Aft*. Soc. Ltd.¥ 

WT'hsfn Rnarl High M’j combe 


Property 

■n, —Zl — m u PnniLi 

riwuiu I I U* 

Equity 
EqnityPens . 
Mimoy Marks 
Mcncy Hkt Pens 
Deposit. . 

Deposit Pirns . . 

Managed 

ManuedPetu 

Inti Equltv , 

Inti Managed.. 


1313 

ISIS 

578 

1645 

Ufift 

181ft 

1278 

1383 

1848 

1)51 

1086 

1011 


Sun Ufe of Canada iT.Kft Ud. 
2 3. A Coclopnr 6u SW1Y 5BH 
Maple Lf.Grih... . I 1964 

Maplr LC Mongd [ 132 4 

iW^d mi 


2M 

2 08 
4.06 
406 
3 61 
309 


Canada Life Unit TsL Mngrs. Ltd-V 

2-8 High Si . Pottere Bar Herts P Bar 51122 ,T' r- * Bg-S 

■-on. Gen Dirt B7 9 3<»9f -Oft] 4J7 '*«umUmu. .[195 0 

1R> Gen Accum M6 0 48 4) -BJ[ 437 

Do Inr DIM . |33.9 35 7m -Dftt 7 50 

Do Int Accum W3 46 7! -0 4{ 768 


Eqnltj Acnim. — [1515 l«ft| .. .| ft« CapitalMayO .....OfiOft 

MAG Gro«p¥ (yKcKz) ffiSSKfcrZT lS5 

Thrift Quits. Tower HiU. EC3R 8RQ 01(08 4588 f Accum. L'niuu 269 9 

See also Stock Exchange Deal! nrni GeneralMsy 10— . 115 

Amencon ..m2 524j +0J 1J3 | lAccum. Utuw .. - W0.4 

(Areum. Dniisi .. 50ft 51 *1 +0.2 1.D3 Europe May 4.... .(38ft 

Aortralssian 43.1 5121 +01 

1 Areum. Unitsl... . *8B 5Z.W +D.1 

Commodity. ... 71ft 76 9+0.8 

(Areum CniUi. .. 76.7 82.41 -0 9 

Coippoucd Growth 102.4 113 J -O' 

Coni'crston Growth 56 4 606| +02j 

rnprerdoo Int . 60J 64 4) -0J 

Dividend J17.7 125 J +0.4) 

lAccum. Gulls) 218ft 362JJ +0 7] 

Eutepean . 47 J 502} +0 J 

lAccum lnt|). ... 47.7 58ft} +0J 

Extra Yield 82.8 * 

lAccum Units' 118.7 

Far Eastern^. 49.6 

(Accum. Units'- . 54.4 - 
Fund ot Inr. Tsts. 60ft 
■ Areum. UnlUi _ .. 7L9 

General 166ft 

(Areum. Units' 253 6 

Hi^i Income 101.1 

tAccum Units) 164ft 

Japan Income 1448 

(Accum. Unite'-.. .146.1 

Magnum 195ft 

(Aecum. Units' 243 4 

Midland— .. . 162.1 

(Accum l'niU>. - 268 4 

Racorare 16.4 

-'Areum Uni m#.„. 773 

Second Gen 1659 

(Areum. Units) MS.O 


103.7a .. . 243 

125 4 . 2 <3 

192ft ... 668 

279.6 663 

HI 346 

1B4J . . 3.48 

_ ^S* • - ®tS 

Areum Units' .. ...ill 2 353 . 232 

-Pan&ChorFdA 0=5063.4 1685 422 

S*Spre Ex. May ll.. 236ft 243ft +0 7 3.71 

•ReftoreryMa}' 10. (UMft 1*9.9( ... . Sftl 

*Fnr tax exempt funds only 

006 Scottish Equitable Pnd. Mgrs. LtdL¥ 

7.92 28 St. Andrews Sq. Edinburgh 831.9080)01 

J-w Income Units — . _[4tft 527n4 1 $.10 

2.99 Accum. Units £6.4 60 5ft0 

2-99 Dealing day Wednesday 

8j3 Seb«g Unit Tsl Managen LitL¥ (a) 
Ml PO Box 31L BekUuy- Hoe.. E.C4 n 1^238 5000 

4 53 
453 

' Security Selection Ltd. 
sir 15- 1ft. Unoaln'slnn Fields, WC2. Q 1-831 00380 
8.61 UnvjGUi Tsl Acc [23.8 25.41 ., ,| 3.70 

lftj Unci Gth Da Inc -..JS.9 22^ .) 3.70 

3K Stewa rt Unit Tat. Managers Ltd. fa) 

3*2 ■*». Charlotte S«. Edinburgh. (01-2202*71 
J-S (Stewart American Fund 

5 ^ Standard Units 164ft 649 +0 Jl 1.43 

in Areum. Units K9.4 73.g +fl J _ 

Sftl Withdrawal UniU .[51ft 544 +03 


Sebeg Capital F4 _L 
Sebag Income Fd. .( 


ata 


3.04 

ftri 


uit- Fd 
Iperfr Fd 
led Inlerexl F 
I IVpev' Fd 
lOdFd 


1134 

1050 

1063 

985 

W) 


NBL Pendens Ltd. 

Milton Court. Dorking. Murrey 
Nel+xEq.Cap |77.« fil 4 

NdexEq Areum U2« llftl +01 
Nelfti Mcecv Cap 60* 640 

Nelex Men Are 641 674 

NelirtGtb Inc Are *7 4 491 

(HM 33CT7T Nalfx Gth loci'ap 47 9 504 

,]5i Nel Mxd Fd Cap 47 7 582 

Nel Mid Fd Arc )47 9 5*4 

,0 3j _ \exi Sub Day Slav 

For New Court Prapert } are under 
‘0*' - RothsOiDd And Management 


— Target Life Assurance Co. Ltd. 

— J*-"Srt House. Gatehouse Hd_ A>-|p*hury 

_ Buefci Altesbun KE88r.9P41 

— Man.Pnndlnc. — . - 

Kan Fund Are 
Trap. TU Inc. .. 

— Prop Fd. Are . _ . 

Prop. Fd. Im . 

Flxnd Int. Pit Inc. 

Dcp Fd Are lne . 

Ret. Plan Ac.fMn . 

wii DeLPIanCacLPen .-. 

ReupiaaMaa Acc . 

Bn PlanMao.Cap .. 

'rflt ran Are. 

_ Gilt P« Cap. 

“ Tnusinternatioaa) Life Ins. Co. LUL 

— 7 Bream Bldgs . EC41NV 


llOOt 

106ft 

+0 71 

§£25 


+ 19 

1360 


107.0 

1M9 

110.9 

-Oft 

962 

103 7 

-Oft 

733 

80ft 

+2« 

606 

.66ft 

+2B 

1281 

135.6 

-i ; 

1184 

12i| 

+ 14 

1297 

136.9 


1232 

1301 



010305+00 Capel Ijamesl Mn*t. UiL¥ 

lOPDId Broad St. EC2X I BQ 0] 588B91>) 

Capital i BO a U6I . | 433 

Income ->756 , Bil . ) 748 

Prices on May 3 Next dealing May IT. 

Carl lol Unit Fd. Mgrv. Ud.9 taHcl 
Milburn Honje. Newraslia-opon-Tine 21IS5 
Carliol |66 4 MW I 448 

Do Arrnm Units .[79.6 82.1/ .... I 4 48 

no High Yield ,1«11 42W .f S55 

Do. Acrunt Units . .m 9 524 ... J 0ft5 

Next dentine dole May 17. 


Specialised Funds 

Trustee 

(Areum Ui ' 

Chari hood 
Chari Id. 

(Accum. 

Pena. Ex. Mays 
Manulife Management Ltd. 

St. George's Way. Stevenage. 
Growth Ubit* [Sli 


"M • :.! 


3.42 

3.42 



Sftft *Stewcrt British CopHoI Fund 

4ft4 Standard , , . 

4J4 Areum Units [1513 163 

Dealing tFVi. *3»d 

64Z Sun Alllun Fund Mngt. Ltd. 

IB * -Pun Alliance Hse. Borah am. 040384141 

IlMW S^+oiil 

5.72 Target Tat. Mngrs. Ltd-f (a)(g) 


Int RrjnrenftMids..:|DHMJ* D5q 
Broyfu* Intercontinenta] Inv. FtL 
PO Bax N3712. Nassau. Bahamas 
NAV May 11—... ttUSHM UW+O.DI - 

Emson & Dudley TSUlfgLJruy.LuL 
P O. Box 53. St. Helier. Jersey 063420581 
EJM.CT (1148 12131 1 - 

F. & C. Mgmt. Ltd. Inv. Advisers 
1-2. Laurence Pounteey HI1L BC4R DBA. 

01-023 4080 

Cent Fd. Mac* . . J SUSS 15 | 1 - 

Fidelity MgmL & Res. (Bds./ Ltd. 
P.O. Box ViO, Hamilton. Bermuda 
Fidelity Am. Asi._[ $t'S24J5 
Fidelity lot. Fund _| SUS20.02 

FWeli&Pue.Fll I STS44.12 . 

Fidelity Wrid Fd.. .| SUS13.74 |-0.( 

Fidelity Mgmt. Research (Jersey) Ltd. 
Waitrlr* Hue. Don St, SL Keller, i ersey. 

0534 37501 

HSftftSfel Hr- 

Series D (AmAsa i| 06.81 [ . | — 

Hnt diking Commodity Trusts 
8.5U George's St, Douglas. LoftI 
0824 4882 Ldn. Agu Donhar & Cn. Ltd 


Save & Prosper International 

Dealing to 

an Brood SL.Bi Heller. Jene? OS34-305B1 
t'ft Dallar-denoininatrt Funds 
Dirfxdlne-MaylO |9 5ft 133DI .1 613 

Internal . Gr *t .*63 717 

Far Earternt .[37 39 40. ‘ 

North Amen can’t 3 69 
Pepro”) . . B1T13U D 4(1-0 ( 
Stri-Uug-denMnlaairt Fnada 
rhannel Capitals ..f 
Thapnei Wands* 

Comuiod Ka>- : 

St Ftd Maj il .. 

Pncea on *51 ay « **Msj jo. li, 

{Weekly Deal mss. 

Schleslnger International Mngt. Lid. 
*L La MotteSL. St. Hell er. Jersey. 0534 73588. 


eannlmted Fonda 
■apitaio ..[228J 240.2| +1 9[ 1 67 

dand<0 11466 154rt . 503 

Slay 11 ni9S 12S.fl+0ft - 

aj il .[X104 116.GiR'0i>l| 1190 


[79 
»«2 

102 


087 '3 

23J 

loss) 


230 

lftO 


53. Pall Moll, London SW175JB. 

Fh. VitCmTst — B5ft S7.7I-0.J| 
Frt.V1tDbLOp.Tst.|80JW B4.0f| } 

Fleming Japan Fond S.A. 

37. rue Notre- Dame, Luxembouri: 
Flmg.MayP... .1 3U546ftb J ....J 
Free World Fond Ltd. 

Butterfield Bldg, Hamilton, Bermuda. 

NAV April 38- ...| 5UB173.09 ( J 

Management Ud. For 

Park Hoc.. Jfl Finsbury Circus, London EC2 
Tel- 01428 8131 TLX- 880100 


RAIL 

S-Ari.L 

Gilt Fd. 

• Inti Fd. Jersey 

WfiLfSi 

■Next sub. day May 1 

.Schroder Life Group 

Enterprise House, Portsmouth. 
Interuatlewal rands 

tEquity— (1154 

SEquib*. . ,... — ,11218 


+f>ft 

+006 


*63 

i 17 


143 

3.03 


0705 27733 


oi-030 >857 fFixealntercsL. . 


SFIged InteresL — Hlf«3 

(Managed 127.5 

SManaiied . 112.9 



London Agents (or 
■ITl'uita _ 


Anchor ... 

Anchor Gill Edge,. 
Anchor lax. Ed. 1 


Anchor In Jxy. Tat. [24.4 


(£9.75 

&34I6.. 


F-i-n? PeeFd__ 

Beuy Pnc Strig 

G.T. Asia Fd. 

G.T. Asia Sterling.^' 


G.T. Bond Fund „ ISUS12B - 


G.T DoUarFd..^ 
GT.PocifeFd,,, 


*8« ... 1.B4 

SjtJ-otri 2295 
4^-053 LW 


3USCL93 -0.« 

a»M -5.2 

W32.48 1331 -0ft7 


SUS6.fl 

5US32L64 


J. Henry Schroder Wagg & Co. Ltd. 
“ 120.iTieapside.ECft. 01-SBa-tOCn 

Cheap 5 May 10 .. . I SUSU.39 -DM 2.54 
. Tralwear April 30_l 5USU4ft6 - 

Aslan Fd. May 1 ...itrsii 94 UH . 317 

— Dnrllnc Fnd _ 5A1.79 19* 5 43 

Ian. Japan Fd.Moj-4 |R)»29 676).. 015 

Sentry Ansarance International Ltd. 

PO. Bo* 338. Hnmllioa Bermuda 
Managed Flmd ..../HS1UW !*»[...{ - 


297 
0.95 
2.15 
1.78 
149 
5.1 X 


Singer & FViedlander Ldn. Agents 
20.CnononSl.EC4 .02-3680910 

De kalends tPHMM 25 TM ...1 6.61 

Tokyo Tsl Apr. 23 . 1 5US3580 ) . f 1.77 

Stronghold Management Limited 
P O. Box 313. SL Heller. Jersey. 0554-7I4AD 
Comxandlty Trust. .J99 15 9989) ( _ 


4 A3 
3.48 


■ 3L Oreshsm SL, ET2. 
048890101 Target Commodity. 
5421 .... I 3.75 Target Flnsneiol- 


Mayflower Management Co. Ltd. Ts^|« 


[ Charterhouse Japbet¥ 

Palern osier Row. ET A 
| CJ. internal 1 .K! 24 

Accum Uni's . . 2b S 21 

UJ Lirome. 33 6 35. 

i'4 Euro Fin 268 Tl 

Areum. Units- . - 38 2 32 

C.J Pd. Ins Tst . n * 28 2 

1 Accum Unlit .[804 32 . 

Price Apnl tft .Vent dealini: April 


24 


Tuliplti*e*t Fd. .. 
Tulip Maujcd Fd 
Man. BtmdFd. 

Man Pan Fd Cap . 


139 9 
JlU6 
rai4f 
11*2 


BASE LENDING RATE5 


• ,\ P N P.inh 
-Allied tri>h Ranb> 1.9(1 
+\mcru*an h'sprc.M. Bk. 

Amni B.iiiL 

\ T Bank l.irt 

Hcn^y A ns h ache r . . . 
-Banro tie PiUkid 
B ank i»f C.rerlti & t-itiec. 
Sank »f ttyprits 
Bank «.f NS"’ • -- - 

Sanqilc Rel'je l.ld 

Banqur dll Iliinnt* — 
Riiicia.i" Pa Ilk 
SartiP!l ilhrip-iitf [.id 
Brcin.ir Hiddino l-id- 
Bri) Rank (if Mid Kasl 
■Rrown Shipley .... 
Canada Pcrui'l- Tm<i 
CapiiDt r d- f Fm Lid. 

Cayrer Ltd 

Cedar Huldm?s 
Char! rrJmiiM* Japhet ... 

-Oumianons 

•C. K. Coates 

Consolidated Credits... 
Co-opemlive Bank. . 
Cftninhun Securities 

Credit Lyannais 

'Hie Cyprus Popular Bk 
'Duncan Ijiwrie .. . r 

Rapt! Truit 

Kp^lish Transfttnt. ... 

fr’ivst London Sees 

Firsi Nat Kin. Cnrpn. 
first Nat Sivs. Ltd. . 
f Antony tjthhs . . .. 
^royhmsnd Caaraufy 

Grind! ays Rank . • 

jyuiriness Mahnn 




*» "o 
S» % 
7{% 
« % 
i» 'V. 

® ,r o 
H % 
n % 
s '7. 
M T' 

s °r. 

W "0 

m % 

» 'V. 

P % 
« n ;. 
Si*?i 
9 % 
91% 

9 % 

q ir- 
11 

if> % 

9 % 

H * r n 
9 % 

9 'Ti 
9 % 

S n » . 

9 "o 1 
H 

10 'V. , 

0i% ' 

9% 

9 ^ ' 
9 % [ 
9 % 


BHainhro.s Bank 

■ Hill Snmnel- 

C. Ho are & Co 

Julian S. Hndftp 

HunRkona & Shunshat 
Industrial Bk- or SeoL 
Key ser Ullniann 

KjuiwsIi’v & Co. Lid. .. 

Lloyds Bank 

Lundun Mnrcaniile 
Edward Mansnn & Co. 
Midland Bank 

■ Samuel Mnniazu . . . 

1 Mnrsan ilronfell 

N-riiotiril Wcstimnsipr 
Xenvicli General Trust 
r S Refson & Ct». . . 
Rns<mtn*lcr Acerpt'cs 
Royal Ek. i^nada Trust 
Schlesinaer Limited . . 

E. S. Schwab 

Security Tnis; Co. Ltd. 10 

Shealey Trust Si % 

Standard Chartered ... 9 T, 
Trade Drv. Bank .... 9 "T. 

Trustee Savincs Bank 0 % 
Twemieth Century Bk. 10 
Uniied Bank oT Kuwait 
IVIiilrrway La id law ... 

Williams & Cbm’s 

Yorkshire Bank 

I 51.-rch.-rx ui Iho A.'rt-Ptrtlg 
rioimillWc 

T.ilay Jcpusitr (t p - l ainnih Ji-posi!* 

yjtrt Uepo<>ii+ oi *um* >«f f+0.M8 
<nit under »i-. ud in £2Tt.nM Ci 5 * 
Jml nirr fJS.lWO 
Call <teW*lN :|0* eT * 
n'lrtfinrt 4»pna«« if 
tss*# «;«o ihIi« 

5»»?« 


!> % 
? A % 
> A % 
10 ^ 
9 % 
7i% 

n °r, 

iis*V. 
n °T. 
a 

IOi'C, 
A % 
9 

n «v, 
* % 
a °r. 

p 't, 
9 "T» 
a *■:> 

9 % 
101 ^ 


P' 


Bi".. 
9 °r, 
9 % 

Houses 


S'arllie tnfl 


Min Pa Fd. Acc. [U5J 

Trident Life Asaanince Co. LUL¥ 
Rrnsladr Houac Gloucmar 045236041 

3! an and . .. 11219 

Gl«t Med 145ft 

Prapony . _ 1477 

n 1 tj . Auw n ran _ *45 
U I'.fiqulti- Fund .187 3 
IH*h Yield. .. .157.3 

• ■ili Edgod 

VncPT 

Internolioual 
t-'ijcxl 


ShcfOetd. SI 3RD 

, '(VmuBodiit A'Gru 

ChlefLafa Trust Managers Ltd.¥<ai(g) Do Accum 
1 1 Now Si EC+M4TT 

American . Vi22-8 249-021 164 

High Income WO ft 43W +0ftj 44> 
lnlcrnaiiMialTu bi232 24«+0ftt 377 

Bartc Reirec. Tsl (263 28 M -0 4[ 4 42 


EX- Mnr 10, „ 

14.1 B Graham SU, En2T."tAU. Dt-flOSBOOS *Do. Acc Unlta.- — 

Income Maj- 10 [105ft H0 7J.. .1 820 Targ« Gilt Fund 

GaaraLMoy 10 .[69 3 72.il -( 519 

Mercury Fund Manager* Ltd. DoKiot UnfiaT." 

30. Graham SL, EC2P 2CT. 014004556 — --■■■ 

Mere. Cn. M» 10 [17« 0 1*94] .. .. 4ft6 I***.* Pr May JO - 

Acc. Vt* U«y l0 ... 2312 246 3 .... «J6 

01-348 3000 Mrev.Iirt.3lar 10 —IU6 .... 2.22 

2 37 Awul Ufa. May I0..|66J 78 Jl Zftl 

m: *» Tar » et Trt - ^ **<*'»** 

[S Midland Butk Group nu'^SSf 

3M Unit Trust Manager* Ud.¥ fti) tSwitusii*- ?^3 ajftJ +0 J 5.7a 

3 69 Cmut«uod House. Si her StroL Hod Extra Income Fd - [59ft 63fl +0.a 10 32 

ShefOeidLF - . — 


Tit. lne 

TglPraf 

Coyne Growth FtL .. 



Dealings: 02885041 

g-ST^io} 

218. 

2*7. 

120 

JMl+Oftl 

rt.i 

32.4 

M 

38.9b +0J 

^ +4,3 


4__ 

5.73 

5ft6 

5J6 

3JJ| 

4.46 

ig 

ig 

840 

lift; 

850 


n ' W»=«2 


■SJiid. 

U^JoTt^ShT Tn,des Un,an VB,t Tst - Mm««m¥ 
7*2 '+0 *1 5.67 ton. Wood Street. ECft 0)4288011 


129 Jl 

mi +121 - 


1454 

1271 

1286 

105.6 

132ft 

1317 

135ft 

119. 

128! 

107 

m 

119 

*3 


120.0 
1221 
99.7 

... 1248 

GrowthCap . ... 1243 

Growth Are 127 ■ 

Prn+ Mnxri C»p .113 0 
Pens Mngd Are . 117ft 
On+«;rd.Dea.Cajj.. 1015 
Pena Gtd. Dep. Act. US 2 

Ppcy tSp-- - 1121 

Fen* Pxy Acc — 1169 

Trrfl Bond _ 34.9 

Tnh «.l.Boud.> MZ 

'Cash value for £100 premium. 

Tyndall .8s su ranee/ Pen si on *¥ 
18 i.'onvpEe Rood. Bnnol OK 

3-wayMojrll . . 

Fquirt May li .... 

Bond Mv 11. - 
PTopertj- Stay 1 1 -. 

Ih-pont May-4 
3 wnvPm Apr 20 
U m'» lne Mjb 11 . 

Mn Pnft-W6Uv2.. 

Do Equity May S . 

|M. Band 

Do Prop May 2 ■ . 


Confederation Funds Mgt- LtdT faj 

50Chmut*TT Lone WC2A IHt n;.M2n282 
Growth Fund .. WS 42 81 | 446 

Cosmopolitan Pond Managers. 

3a Poof Streei. Lendoa SW1 X PEJ 01-335 K2H 
GDxiaopoln Glh Fd.1172 lB.Scfl | 4 98 

Crescent Vail Tsi. Mgrv. Ltd. fallgl 
4 Helnlle era . Edinburgh 3 osi-3»4tei 

Crcsrenf Gnurth (26 9 28« -0ft| * 15 

Ores Interoati te7 »7l -qj. 050 

Cres. High Din. to 5 45&vS -D.1 9 05 

Urea. Rcwnw . 140ft 43.2 +d.4| 4 35 


Copiixl 
Do Accum. 

! acron* 

Do Accum 
teceroBiiaaai 


Do Aecum 150.3 


High Yield .. _. . 
Do. Accum 
Equ it? Exempt* .. 
Da Areum* 


4L1 +0ft 

44 J +<M 

294 +IIJ 
' 317 +Dft 
553 +D.7 
62.7 -J.7 
H-4 +03 

649a ^06 

iSH ^ 

186.4 


325 TTXT Stay 2 149 0 5124 I. 3.4Z 

3« Tran Milan Pc and Gen. Sees. Ca¥ 

?.« 01-00 New London Rd. Chelmriord 034SSI651 


f 9 
6 

01 

04 , _ . , 

Next dealing Mar 31. 

Master Fund Managers Ltd. 


Barbican May 1]., . 
(Accum. UnJfa.< . ... 
Rorb.ExpuAprJ8...l 
Buckm May 11. .HU 


75.9 

U44 

BA 


1223 

-0.61 

1620 

+ 22 

16)4 

104 3 

+01 

1267 

1432 

-0 1 

733 i 
166 6 , 

.... 

353 2 


1742 


866 ! 



Discretionary Unit Fund Managers is. Copthaii Ave. ecsr tbu 
tsl Blonifield 5( . EC2M 7Ai, UI-S384485 MutuaJ Sor. Plus 150 5 5* 

Wrt Income . (1530 163 2] I 545 Moaial Inc Tn. 67 5 72 

Maluot Blue <'hip 424 46 

E. F. Winchester Fund Mngt. Ud. Musual High YUl.. .[56.0 66. 

uld.fr wry. Elis 01-00621(77 National and Commercial 

Great Mindicner 1167 IB 2/ 

20 J< 


252 
852 

*-2 (Areum Uiritai 

J-J* Colemo May S 

5-54 lAcrum.Unltii- [149.9 

5ft« CumJd. Mflv 10 glA 

lArcnm UolUi 56ft 

Glen. -Mm- P 52ft 

Ui oner Hoe.. Arthur SI, EC.4 010231030 iJStSrosJw’o 504 

SSSSTSBAj - B5I S3 I 513 (aSSSTuSS, .L~ So 

Exempt April 28. ^7.1 elftj....[ Jil vao.Gwih.6lay 9. .. 19 J 

MLA Unit Trust MgemoL Ud. — S| 

OH Queen Street. SW1 H BJG. 01 HW 7333. VMgT«nHk~1D 484 

ULA Units (390 *14H I 4J4 lAccum Uni Iai . ..45ft 

Mutual Unit Trout Managen* (iKgi JSSSKSni . ' 9 




Giuinch'cr 0'M-a*[184 

Erase n Sc Dudley Tst. Mn girmt lad. 
20. Arlmcroc SI . S.W ; (11-4867091 

Enuoa Dndln Tm 164 g 69 7,- . ,_| j jo 

EQaitics Secs. Ltd. (at ig) 

I 4 1 Hirtiupccote 1X2 11598286! 

[Procreostxc . ...164 9 691(>a.6l 4)1 


01-0004803 nick Dir. Mar 5. 

+0.71 44} Do. Accum 

;g| in Tyndall Manager* Ltd.* 
*0 3 867 18. Coaytice Road. Bristol. 

Income Mar 10 . -QB0.0 

I MS-.:- 

I «a» Lncame May 4 . 1141.4 246.61 ..I 834 cAcrum Uniui 1782 

-- BSx lMnl i IS lAccum Itellai. 147 0 

'Areum Lolls i [1474 1330} .. | 3.35 f incnge May 10 970 

National Provident Inf- Mngrs. Ltd.* tAccum fniisi. 120.Z 

48 (incechureh St, ET3F3HH 01-8234300 /"eJSm^UraiSl 10 " ' 2676 

*“ Cap May ib. Wft 


NJM.Gth l'n-T«. 
■Accum Unltji* 
NFlcrseaa Trust 
lAccntaVahs’-* 


Vanbrugh Life Assurance 
41-43 Maddox SL. Ldn. WIR9LA 
ManagedFd. ., 



ESSV“- 


1440 

1516 

+0.8 

329ft 

241.7 

+2.3 

982 

1034 

+02 

1631 

1717 

•0T 

131.5 

146 9 


M77 

1239 

+01 


Equity & Lav Un. Tr. M.¥ faJihMci 

N * lUooal 


W- I ig 5SS1 


■^Friera on jxnl gf . Next de ali pgjg q y 25 


■Trire* an MV 3 Next dealL 


Fund 

i'lxed lnlrTGl Fd. -Jlbft 1 

Properly Fd - 

i'mh Fuad . . — 

Vanbrugh Pensions Limited 
4I-« Maddox St, Ldn. WIRBLA 01-490 *B23 

Managed.- L.._ 

Eq-jiiv W69 m 

Kixrd InlimL- ..ril 7 46. 

) In party ... [958 100 

luaraateed *e* Inr. Bare Rale*' Uhle. 
Welfare Insurance Co. Ltd* 

The Leai. Folkestsne, Kent 030357333 

lion*? ranker Fd. . .1 1013 J ' I - 

For ocher fttads. please refer to The London A 
UOtaChaxter Group. 

Windfier Life Assur. Co. Ltd. 

High Street. wicdfOr. Wind».- BBI44 


FraraMngton Unit Mgt. Ud. (ai 

'• 1 reload Yard. EC4B SDH OJ.248807I Flntaclal. 


18L CheajMidc. EC 
OigaDAreuin.) .. 


Amrnriq . . 

Capital Til 

IncomrTK . - - 
IM Growth Fd 


Do Aecum. - — u»6 



Groxrij Inl- 
ine disc .. 

FortioBotai-.Fi 
l-ntreraa! Fd id 



Friends’ Pros*.. Unit Tr. Mgn.¥ 

PtxhamEnd Doriang. OQOSSOSS 

ftirnduhw I'K.lfl* 44 60) +0ft| 4J1 
a-F^ -0.6, 4J1 


(Accum Units.-. ...11598 
lac. Mas 10 . {1680 
laattt Whll GropP 

ropUalCrowth [79 J 85 Jj +0.1 

Do. Amun -tfiLb 87 J +L3 

Extra Inc. Growth.. iHift 39J +fl> 

imp Do. Accum ..fe« 455 +0J 

+0.4 4.26 FtoanrioUVny- Q6J 37 ft +83 

■MU 7ft5 Oo Aeeum Mft M,4 +6ft 

+0.4 4.96 Hlgfc Jnc Frlertty. SiX Oft +0.7 

+0J 485 iBtcrpaUona] W.4 32ft -0J 

*03 839 Special Sits . . paa S3+Dft| 

J-g TSS Unit Trusts (yl 

31 Chantry Way. Andorra-. Hants 0304031881 
Deoilng* to 0884 03433-3 



Sort a vest (Jersey! Ud. (xl 
Quceoa Rm. Don. Rd. Sl Helier. Jxr CS34 S7349 
American lnd-Trt... |£8 25 8 421-087] — 

plOO 1LW-0M} _ 

uft^-oin - 


-0.C2J lftj 

Girtmore Invest. Ud Ldn. Agfa. 

I, St. Mary Axe. Loadon, EC3. 01-383 3S31 

lOT*Huteftaoo HaeJ^HaiTolSt^d. TT Krac jWj? 

HXaPac.rTm iteEH 2W .[ 2.73^ J»p Index T h fU35 

Japan Fd — KTSUVn 23 a W \ 069 

N. Anted cojiToi. iUZSlUl 1US .. J 140 

loti. Rood Fund ...Sl'MB BOS... \ 6ftfl 
Gortmnre Inrameal HUL LUL 
PO. Jtox 33, Douglon. lost . 0624 Z5SU 

Iplcrnarionnl lnc...paft 2184 . ,| 11.5® 

Do. Growth (618 &5J| . | 480 

Hambro Pacific Fund Kgmi, Ltd.. 

21 10, CopnouRhl Centre, Hong Koon 
Far East Mar 3- — HfiXDft n3M...t-_ 

Japan Fund -..Bi FtW Tjfl . _ 

Hambnw (Gnmury) UdJ 
Hambro Fund Mgrs, (C.I.I Ud 

P.O. Box 88. Gurrnse;- 0481-2IB21 

rj.Ft.ud 1140 6 149. ' 

Intel. Bond SUS 104 61 187 
Int Equity SUS1051 U 
Ini. &WV.--A' 5USLB2 1 

lav Sega. 'B SUSp.06 Li 


3.90 

BSD 

250 

8ft0 

250 


TSB Unit Trust Managers (C.T.l Ud. 

Bagaiellend..Sv Sarionr.Jerret . 053473404 

Jeraey Fund M5.7 osj; +D.3 4 99 

Guernsey Fond __J45 7 4811 +0ft| *99 

Price.' on May 10. Next sub. day May 17. 

Tokyo Pacific Holdings N.V. 

lull ml Monngeaent Co. N.V, Curacao. 

NAV per shore May 8 5USM61. 

Tokyo Pacific Hldgs. (Seaboard) N.V, 

InUmi* Honagsmeat Tn X V, I'urarne 
NAV per chare May 8 5VS36.NI 

Tyndall Group 

P.O. Bax 1558 Baadlwn 5, BcrmuU. 2C78» 


Un Areum 


63.9 


Ule lav. Plana.. — , 
FutgraABdOtliM}. 
FufuroAwd fifhio 
Rel.Aoxd Ftni... 


[UO n.6l-06| _ 

398 )■ -r ■ 


FlnLlBv.Gnnrtfil.fuu . UUf 


418 

£2451 


a i 


G.T. Unit Managers Ltd* 
1ft, Firrth,-ry (■iipusEUZMTDD 

GT Cap tee. gl.1 H.2 

Do Are. ...... .. V3 1833 

G.T Inc Fd l O - l&lft 171 S 
G.T. U.S & Gra . „ 140 8 149 

G T. Japan & Cm. _ Z77 0 291 Sl 

oa rreiaEMFU... US 9 14051 

G T. Ian Ft»d ... 108.7 U5.H 
G.T. Four VdsFd , [ill 57^ 

[ G. St A. TroK (*I (gl 
I J. Roylolib Hd Frectwuod 
iG.iiA ...PM 


01438 SUrt 
350 


23 MX Tnt« Manager* Ud¥ («J(g) 

Milton Uoun. Dorking. Surrey SOI 1 

N*!«i(-. ■ . |Uf Hid+I6j «jj 

Nriour High Inr fsoa 52(J +fl ft| ,i. 

For New Court Fuad Managers Ud 
see RotiuehBd Asset Maaigwneat 
Norwich ‘Union Insurance Group fb.i ... 

P.O Box t Norwich. NRl 3SG 000333300 

SwapT^-Fd - - •»»’ MA»I*33| 4.95 

!** Pearl Trust Manager* Ltd Ufittgt) 'WLIftor Growth B7g 
IK 232 High HolborB. .VCIi* 7B.B 064058441 Trll4t Account St Mgmt. Ltd 


ibtTSB Gen oral. ,.[43 6 
■biPo Accum... ... 57.1 

(hi T5B tnoonw. 612 
(hi Da. Areum..... 624 

TSB SrewU sh . .. BOft 

ibi Do. Accum . ...|B6J 



0230 35231 
40 61+0.41 5 07 


140 

4.00 

720 

780 


Pearl Growth Fd . 1217 
Aectoavalts . .J270 

Pearl lac... 

Pearl Unit Tn. 

Areum- Un lb 



Pelican Units Admin. Ltd (gVx) 


49* King William St CC4RBAR 
491 Friars Hse Fund- p*io 
■Lib Wider Grth Fnd . CT9 
•4 n Do Aecum. .. .. pi 

** L Wirier Growth Fund 


J0-7T2M0O aiFeueuteSL.M.ecnrarar __ gS5SS“fS?“ 


l*-4 




sosi+M «2 PdiraaCdin.wLe. ua**m m sSs SSSKB.:.:®? 




018234091 

432 

4.42 
4.42 

0) -423031 

HU IS 


Prices on Mar lit Next dealing May 17 
Henderson Baring Fond Mgrs. Ud 
P O Ren .V4723. Nassau. Baiutmas 
Japan Fd ... . IR'SVJK 1114+0.181 - 

Pncra on Mar 1 1 Slot dealing date MOT 17. 

Hill -Samuel St Co. (Guernsey) Ltd. 

8 LrFabnv Si . Peter Port Goernrey. Cl 
GaernoeyTrt 11477 157 teg .. | 557 

HID Samuel Overseas Fund 5 .A. 

71. Rue tfotre-Damr. Luxenboure 

KID Nae+08£1 - 

International Pacific Inf. Mngt. Ltd 
PO-Box KKP. sa Tin St, Sydney. Adrt. 

J avelio Equity Tat. |S1 99 . 2.09) ...| — 

J-E.T. Managers (Jersey) Ud 

PO Box 104. Royal Tat. Hoe. Jene>-0534 27441 
Jersey Extrni. Trt~ 1160.0 ' 170.01 .. | — 

Aa ai April SB. Next smta. day May 3L 

Jardine Fleming & Co. Ltd 
48th Floor. Connaught Centre. Hone Roag 
Jardlne K*m.T*t. [ SHK243 99 * 

Jardlne (n Fd.ft*t sr«wn.K 
JMdlneS.EA.j- — 1 SHKX352 
Jordter Fl«pftnLT.| SHXV46 , 

NAV April 28. 'Equh-elent St 
Next sub. May 15 

Keyselex Mngt. Jersey Ltd 


nrortws Mar 10 _. .isrsi u 
• Areum i-uiici — BUSin 
3-wsv Int Apr- 20. ,pi%7 «» 
SNewSAjM. Reller. Jeraey 

TOFSLMay 1 1 S750 

~d.)fa> lO.-lalftO 


600 
6 M 


If-o-l _ 

0534 3753 1/3 
7 B0| b CO 

12 OJ — 

84 5 + 0S — 
845 +05 - 

204.1 +3.C 7 00 

287.8 +4.0 _ 

110 3+0 2 M 85 
U9.4| +0 4 - 



Amer.Fd .. .. — 

Amer. Fd. - _ SLD 

l Atrunv Shnra' .. J10 
Jeraey Fd. May a _ 193ft 
t Non -J Ace. tils i_ Z714 
H: It Fund Mti J 109* 

'Areum. Share* ■ _ 136 8 
Victory Hoaoe. Douglof . Isle of Moo. 0824 25828 
Menaced Apr 30. |1262 133 d [ - 

l td. Intel. MngmnL fC.I.l Ltd. 

14. MuJ easier Street. St. Helier. Jerscj 1 . 

(.MB Fund . .. .|JU5mB MUSI .... i 8ftS 

United States Tst. IntL Adv. Co. 

14. Hue Aldnnger. Lnwnb«i«. 

V.S. TH. In*. Fnd _( SUSU.46 «•* 

Nei asset May 10. 

s. G. Warburg & Co. Ltd. 

30. Gresham Street. BC2. ni ono4S55 

Cnc.BdFd. May ld.| SUS954 J-002( - 
Enerrelat. MavlO .1 SLS16B3 -OjW _ 

GrSl3Fd.AprJ0_l_Jl.iS6 85. I I - 

Mr-EiiT-Msy 10 PTSiUS U4([ .1 — 

Warburg Invest. Mngt. Jrsv. Ltd 
1. Chart ng Cross, St- Heii«, Jsy, Cl 053)73741 

CMFLtd. Apn]27..|SVSlZ26 057] | — 

CM1 Ltd. Azmi 27 — |£12J5 12.66) . ...I — 


PO Bo* 0B. Kt Heller. Jersey. . (Eng, 01-096 707D1 McnljT-d-Apnl 2C„[ai44 


Fan ad ex .. _ _. UM 

Bandjtalex . . . . FrmJO 12J7S 

Keyaehw Int i . . . U55 71% 

Kej-sel ex Europe. £3 06 4 3* 

Japan Glh Fund . SI'SSSl Sn 
Keyselex Japan _ £1146 lin 
Cent. ArreteCap . .f 032.67 


+007) 

-oitf 


*0 03j 


290 

«7 
3 03 


TMTAprtiO-. prsya in) . — 

TMTUd. April 13_p.74 9W . I - 

World Wide Growth Management# 

Ida, Boulevard Royal. Luxembourg 
World Aide Gth Fd] $L'sT3 91 | | — 


NOTJES 


Prirre do ant include 5 premia in. rxrent where indiealcd+. and are In pone* uoleu otherwise 
ludintnl fields .•+ (shown in kin column i - allow lor all buying expenses, a Offered price* 
Include alf wpenaes I> To-day's prieer. c Yield based mi offer pri re d Bftimnted. g T«vdaj s 

opening pries n Djstnbuilini tree n4V.lL taxes p penodle premium insurance Plans * Single 
premium. Inruranre. i Offered price includes all expense* except agents tommlasipn. 

tnsaadcra. t Prrrtous day's price. 

_ . 0. f GLerasei' gross. » Suspended. 

Jersey lax. T Q-subdirisIpo. 


* Offen-d price includes all expenses if bought through w 
v Net of tax op realised capital earns unless radicated By 0. ' 

4 Yield before Jersey lax. T Es-subt 


CLIVE INVESTMENTS LUHTED 
I Royal Exchange Ave.. London EC3V 3LU. Tel.: 01-2S3 1101. 
• Indw Guide as al 10th May. 197S (Base 100 at 14.1.77.) 

" Clive Fixed Interest Capital ..: 12S.OO 

Clive Fixed Interest Income 1JJI.8U 


CORAL INDEX: CJo^ 477 - 4 S 2 


INSURANCE BASE RATES 

f Property lirnw-th ... . 

* Vanbrugh Guaranteed 

* virtre** «r.n+-n ’ir.Qrr Jn'iira-.f 




rri rmpenr ?.nn--! Table 




42 



SURVEYORS VALUERS AND 
AUCTIONEERS OF REAL ESTATE 


ealey & ISaker 


Established 1820 ai London 

29 St George Street Hanover Square. 
London Wl A 3QG 01-6299292 

CITY OF LONDON US 0' P BROAD STREET 
LONDON EC’N 1AR 01-6284261 


IK* 

High Low 


**BRITISH FUNDS 

[ r M 


SUMk 


Y\ru 

IBL[ Red. 


V 

105% 

6 

1034 

w 

j& 

106% 

a 

udL 

8 S 

111 

& 

t 1 

96% 

IQQ*. 

a^« 

ll* 


Mg* 

%% 

S£ 

68 % 

ft 

ft 

ft 

ft 


“Shorts " (Lives np to Five Yearn 


llOOAAjTreaMuy I0%pe 788... 

EscHSpcTSTfii. 

102 Tteasun ll'jwTas.. 
94% Trwjuiy3pc ?«?. — 
95% Electric -J'.pcH-TB — 
1101 Treason HMicTBt- 
*M5 4 ElwneakpeT&TO.... 
98% Treasury SpcISWC..-.. 
99% Treason' B%pc'BQ 3 _.. 
92% 1Teasur>yipc T7-80. 

, 94 FBndingS«DcTMMi- 

105.1 Exchequer i3pc 19805J 
101% Treasury Uhpc IHltr 
88 % rreasun 

98,C rreasunffipc 1981# ~ 

94.1 Exch.ff*pc 1881 

96 Eafc.9%pc 1961 

86 % Exck3pcl96l — 

96% Trans. variable *81$$ 

105% Esch UHtpe 1981ti~_ 

93% rreas.gjy- 8 mt.. .. 
83% Treasury 3pe'82tt — 
1OT Treasure wpefitt — 
96% Treas VariaWeJE#j_ 

91 X, Treasury SlpcTE 

94XBKh.9%peTa82 

92.1 Each. 86 pc 1983 

80% Exdi3pcm 

103% [Treasury 12pc 1983#-. 


100 v.. 

98% 
102 
95 
95% 
101 % 
95% *4 

WtH 

105,1 rt 
89% 

Sc 

9612(4 

“W 

84% 

109% 

95 % a 

41 5 

ak 

103% 


-K 


10.46 
5 07 
11 27 
3.16 
4.44 
10.39 
366 
9.11 
9.53 
3.76 
, 5.53 
22J6 


1U1 

3.92 

994 

8.74 

9.84 

3.48 

616 

12.13 

9.05 

3J57 

12.84 

6.80 

9.01 

979 

949 

3.72 

11.59 


8 5? 

867 

886 

692 

733 

967 

667 

9.70 

967 

6.90 

790 

1060 

10.73 

7.89 

10.50 

10.42 

10.78 

7.83 

10.09 

10.95 

■H 

11.02 

10.82 
1086 
10.92 
7 94 
11.03 


30% 

41% 

23% 

'ft 

43 

ft 

,s 

976p 

K 

ff* 

18 

181; 

26% 

ft 

19% 

« 

181; 

s 

057* 

901p 

22 

38% 

9 

9 

401; 

635p 

13% 


95% 


Five to Fifteen Years 

(Treasury 9%pc "83 — 


84% [Funding fPipcUMA}#. 
91% Treasury 8 %bc 8 + 66 # 
79 Fundi neSjp; "8587#.. 
82% Treasury 7VpC8M8ti. 
61% Transport 3pc 7888-.. 

65% TreasurySpcVWS 

107% Treasure l5pc lfflOft— 
78% Treasury 8 % 87 Ste — 
9* Treasury l Utpn 1981 _ 
64% Funding S|K%T-91tt. 

103% Treasury l3*pc "fi#-. 

85% Treasury lOpc 1992 

99 Ewh. l3%pcV2 


96% 


991 

B41; 


665 

92 


9.53 

79% 


B 22 

83% 


9.51 

62% 


4.89 

65% 


7.65 

108% 


1249 



1036 

1231 

ui 


8.94 

1043* 


1264 

87% 

100 % 


1176 


1235 


10.96 

9.49, 

1051 

1050 

10.87 

886 

10.19 

1252 

1140 

12.46 

10.91 

12 W 

7Z26 

12.61 


110 % 

A 

128%' 

114%' 

& 

I? 

** 

Bfc 

50 

115% 

90% 

88 % 

72% 

135% 

30 

8 ! 

£ 

a 


37% 

37% 

34% 

28% 

24% 

24 


Over Fifteen Years 

103 

iJB 


101 fTreasruvfiijie'SBtt... 
62% Funding fipcTaoti. — 
105% Treasury S%pc lamtri 
113% Treasure Mi 
100% Exch. lia 
78 Treasury 
98% Treasury li 
447* Gas3pc 
85% Euh. I0%pc 1995 _ 

99% Treasury &rfc -85«... 
78% Treasury 9pcTB.8B#_ 
115% Treasury 15%pc Vd#.. 
102% Exchequer l$*pc»tL 
43% Redeopfioa 3pc M6&98- 
106% Treasure 13>%pc 'ffi 
86 i; Exchequer llfocl9B7. 
76% Treasun &tpc I97T# . 
61% Treasury 8 %pc VWXift. 
119% I+ws.lS’wTO* 

28% Exch. fip?98i£Mpdi». 
82% Treasu^SijpclSSr.. 
84 Treasury 10 %pc 1999— 
37% Fundim-S^pc'SHM _ 
6 T, Treasury 8pc'024J6tJ . 
48% Treasure 5%pc 08- 12# 
67% (Treasury 7->*pc '12- 15#. 


113% 
101 
78% *d 

98% 

£ 

lOOuJ 

78% 

116 

103d 

43% 

107 

87% 

76% 

61% 

119% 

£ 

■as 

w! 

w. 


12.63 
9.77 
,12.95 
!l3W 
12.72 
121.48 
12.58 
672 
1115 
12 74 

1170 
13.19 

ii 2 .as 

6.89 

12.86 

1131 

1172 

1L03 

13.14 

1169 

11.94 

1236 

962 

1171 
1142 
1176 


SiS 

Sg 

1174 
12.04 
12.66 

972 

12.47 

12.73 

1119 

1198 

12.80 

939 

12.B1 

1154 
1217 
u.a7 
12.96 

1175 

12.22 

1155 
1089 
U.92 
11.66 
1185 


14 1 

142 

* 

20 

m 

ji£ 

■Se 

aS£ 

14% 

13% 

(775p 


Undated 


33% Consol! 4pc 1 

32% War Loan 3%p«t 

33 Com 3 %jk in Ah. 

24% Treasury 3 {jC 66 Aft. 

21 ConsrrfsSJjrr.-... 

20% [Treasury iijpc. 


33% 


1249 

32%*a 


1083 

3* 7 e 


10.15 

24% 

...... 

1246 

21 


12.05 

20 % 



12.52 


‘♦INTERNATIONAL BANK 

88 | 82% |5pc Stock TT82 1 83 (+% I 6.02 | 


997 


“CORPORATION LOANS 


98% 

94% 

107 

112 

S 

ft 

39% 

Sf 

S 

87% 

£ 

loEi. 


95 

90% 

102 

103% 

93 

90% 

97% 

P 

99 

91 

95 
861; 
761; 
671; 
691; 
22 % 
91% 

96 

102 % 


Eirmliain9%pc'i881_ 
Bristol 7%pcTMl__ 

G LC CbcYL 

Do. LT^x- 1883 

Glasgon-9%8082 

Herts 5%pr*&80 

Liverpool 5\pc 7818 _ 

Dn.#oicB084 

Do.3%pcInwl- - . 
Lon. Corp 7878 

Da8%pe8ft5 

iLC.C.fipc 78-79 

0051^*7781 

rwS^c fC84 

D05i;p.- B587 

Do 6 %prWB 0 

Do 3pelIlAR. 

iMMd\.5%pc]Sn 

Newcastle 9%pc 7880. 
[Wamvck L3j a » 1980 .. 


n 



964 

851 

102 «d 

-% 

12 25 

105 


1276 

93«d 

-% 

995 

92a) 


5.78 

J:S 

28 

+ *4 

12 86 

993s 


654 

92% 


1010 

95 


631 

86 % 


6.34 

78% 

+ % 

7.16 

6 ^d 

+3. 

B 09 
996 

23>4«d 

+% 

12.71 

91% 

-% 

3/b 

96 

-% 

962 

102 %ef 


1239 


1D.80 
10 89 
1186 
1197 
11J2 
10 40 
871 
1169 


897 
10 93 
10 M h« 

isnPH 


10 72 

n%5 


10 53 
U 20 
11.27 


COMMONWEALTH & AFRICAN LOANS 


100 %' 

95% 

88 % 

49% 

961, 

87% 

95 
70 

96 


64% 

90% 

33% 

138 

95% 


9»; 

93% 

83% 

46% 

92% 

54 

BS 


B, 

92% 


99 


5.59 

95 

+U 

5 91 

83% 

+». 

6.63 


+«4 

4.10 

6.47 

86 


898 

94 


1013 

55 

*1 



85 




|"AuSL5ljic7Ma — 

f*Do 51^*77-80 

r*Do. 5>^* 81-82 

l"N24pc 1878.78 

**Do.6pc7680 

"Do 7*jpc 8 W 6 .. .. 
StE.UncaSlaKrTWfll . 
!sth.Rhod 3SK85-70. 

Do 6 pc 7881.- 


LOANS 

Public Board and Ind. 

Affic Ml 5pc '5889 — 
AlranlW;pc' 8 WH — 

MfclWr apcB - 

l".S Ml 9pc 1982 

Da wi (hold Warranls.. 


9.47,.. 

i2 11J134 


1099 .. 
,S»k92 


£95>4 

64 


60% 


851 

85% 


1305 

29% 

.. . 

10 37 

138 

+2 

6 73 

94% 



996 


1059 
10 57. .. 
11.69(235 

J 1 

I 

92 
U27 
BIO 
135b 

, 48 
11 72 (£24 
13 50 - 


Financial 


107% 

no 

114% 

85 

81% 

99 

99% 

101 % 

71% 

71% 

04% 

81% 


103 

102 

109 

79% 

73% 

95% 

95% 

96 

65 

62 

74 

701; 


■*FFt I3pc8l 

Do Hf*79~ 

illo Mpr-ffl 

ICFl" Sj* Iieh. 8082 . 
Tw 6 %pcDb 8 I 8 J . 
naUPfcl'n&Ln. 86 . 
Do llnrCnsLn 1® - 
DallVl'ialji en 
Do 7,pcADrt) fSX... 
Do. 7%pc.\ fib im... 

Do9pc-.V8IM 
DastprLn TC-K 


103 

>14 

12.62 

103 Ul 

-% 

13 59 

109% 


13 44 

82 

+% 

6 74 

76«d 


8 22 

96 

+•% 

1139 

96 


1194 

961; 

*% 

12 75 

65% 

1161 

62 


11 94 

74*; 


13 2 B 

70% 


13 06 


1206 

040 

12.00 


11.66 

1140 

12 92 
10 90 
1160 
12 00 
1230 
1300 
13.05 

13 20 
1295 
13 70 


FT SHARE INFORMATION SERVICE 


Financial Times Friday May 1*0998 /, „ 
HOTELS— Continued- 


AMERICANS— Continued BCILDING INDUSTRY— Cont. DRAPERY AND STORES-Cont ENGINEERING-Continued 


IKS 

lliuh I"* 

u- 1 3* 

Rfl..' 13 

k I’?? 

40 | 2* 


1978 

High Low 


20 % 

26% 

16% 

29% 

15*] 

2 B 

75Qp 

1171 

34 

735p 

705p 

18 

20 

26% 

12 

13% 

14% 

15% 

16% 

13 

14% 

Z55 P 

18l« 

lU 

22 % 

18% 

18% 

13r 

505p 

1 

wr 

17% 

2 ^ 
38 5d 
10 % 


Stock 

Fluor Corp 5% — 

Ford Motor 51 

CATS- 

Gen Elects?; 

Gillette SI 

Honeywell 5L50 ._ 

Hutton EF 

LB3tComS.._. 

Ineereoll-HE. 

let SI 

I U International 
Kaiser A! S% 

Hani Han LSS7SI 
Korean' IF >l.'SS!i) 
SottonSiaoiiinc S! 
Owens- lil. S3.125 . . 
Quaker OaLsCSS.7. 
RelianceSOTS . . 
Rep N Y Corp S 

ReWKird C . . 

.Richdrn-MiTliiT-t 
iSauliRF'Sl 

iSheUOilSl 

.^iogeriSlO'. 

(Sperry Rand SO 3C . 
JTrWiM Sl% 

Do 10°«LO Stk 9L95 

g ift.rStt.tf!;. 

»sas 

Inc 

«mencaSl._ 

LM.Techa’So— 

,r.Si Steel SI 

Wool worths 53%— 
'Xerer Corp SI — _ 

Xomalnc. JOc 

Zapata Cmp. 25c __ 



|S.E. List Premium 47%% [bused on JUSU8212 per £) 

Conversion factor 0.6822 f0.6817l 


CANADIANS 


1978 

High Low 


fltf 

*7q , f | 
lj% 
KP* 


8 i 

& 

825 p 
14 

955p 

34 

16% 

315p 

16% 

11 % 

24% 

11 % 

945p 

585p 

ir 

llil 

955p 


Stock 

BkAton treal i 2 ._ 

Bk Nova Scotia SI. 

Bell Canada 25c 

BowVaRejiL 

iBrascand 

JCanJmpRk.fi 

[Can. Pacific S5 

Da 4pc Deb £ 100 - 

(GdlOllCanJ 

Hawker SuLCmul. 

Hollmge-fi 

Hudson's Bay ll — 
HudROtlG 52%_ 

|lmperialOil( 

Iuco. 

ioL Nat Gas SI 

Massey Fertile. 

Pacific Pet SI 

Race Gas SI 

RioAleom ... ..... 
Rmal nfcCan 52... 

Seagram Co. CSl 1 

Tor.Dom.Bk 51... 
Tram Can. Pipe 


% 

+SJ 


£ I - 

a* 

40“ 

Y 

3^4 

13% 

tS? 

•St 

2 ? 

21 


+ on Div. 
Grast 


SL06 
92c 
S4.2 , 
lOcj 
suoo 
51.44 
97c , 
<S| 
SI 14 
40c 
S2.06 
69c 
SIM 
864c 
80c 
80c 

86 Ac 

SLOT 

5146 

92r_ 

80c 1 

103c 


-% 

b" 

-% 

1 

-10 

a 

-% 

■t? 


rw Gfs 


-I L5 


S.E. List Premium 47% ( « (based oo 82.0343 per £1 


BANKS AND HIRE PURCHASE 


1978 

High Law 


Stock 


Price | + — 1 F 


£133 

535 

R83 

165 

373 

£168 

fc 21 

170 

i05 

315 

£32% 

358 

>15 

B12 

84 

227 

£19 


25 

; 22 i 

71 

□23 

85 

3% 

1 


12 % 

R96 


46 


P 20 


B17 

aoo 

Eoo 

h 86 

p80 

49 

74 

HI 

501; 


390 


FOREIGN BONDS & RAILS 


ins 

High Le» 


Rock 

Anlofaf 3 «U Rly .. 
Do 5pc Pref ... 
(Chilean Mixed . 
Verman YnK 4% pc 
Jreek 7nr 4" . 
IWSpc rf 'Ub a.. 
k>4pcMi\ed.Lv 
Hung. 74 As.- .. 
Iceland TCV0R 
Ireland Tirt* 81 S) 
rwW.pcPl.98 
JJapan-lpe'lO.Ls# 

1 rwBpcwe 

Ffru togjpc 

.. . , iGiflipcisea.™ 

S99 B941; mmntoc 1991 ... 
I'«TS.[r>SIBltrunn 6 %iiclSM. . 
94 


19% 

34 

46 

415 

54 
SO 
44 

55 

88 

91 

375 

87 

160 


17 

33 

96 
350 
46 
4b 
40 
42 
67 
84% 
, 81% 

* 

145 

at 


94 


l'raruay;C:i»- 


Pncc J- erlDix r >] Red 
£ ( _ [Grew I 3 ie Id 

19 +% - 

3« ... B- 

90 . . 3 f3 10 

415 .. . 4% 

54iti ... 3% fb 48 

49 ... 6 16 25 

4 3 4 f4 76 

55 nl 4% 500 

b7 -1 12M 

84% 7% 12 28 

81% 9 '4 12.61 

370 - 

70 6 11 30 

157 3 192 

75 6^ 8 67 

S94%«d f 7 52 

DM8l . .. b%- 10 TO 

94 ul . 3% 3 80 


67 


ft 

a 

111 

43 

14 

102 

33% 

20% 

481; 


. YM| 

•V t |Cn Gr’si PfE 


9.0 


186 

AiNZSAI 

267 

a 2 

W 


¥TT 

210 

.Alexanders. D £1 

250 

t5 



87 


Algeoene F1.100 
.AUen Haney £1. 

w 

*5' 


25 

4.6 
10 3 


.Allied Irish. 

183 

+1 

75 



IIX 

155 

ArtnitluMLCI.. 

165 


1925 


85 

f]3', 

Bank Amer SI 56S. 

09 

-% 




78 

315 

B1l Ireland £t. . 

360 

-7 



65 

£137 

Do KJpcConr... 

065 

-3 

QlffNi 

_ 

FfJ] 

15 

Bk. Leuzni I£l . . 

21 


Qlh% 



Wr r 

w'm 

BtLeumiiLTfil 

170 


7 36 

15 

Bl 


BkNSW.iAl . 

490 




It 

?55 

Bank Scotland El 

295 

+2 

rr 


£717* 

Bankers N.YS1Q 

£30% 



- 


?9h 

BarcJmsEl. -. 
Brown Shipley £L. 
Cater Ryder £1_. 

350 

*8 

■E 

■ Ip 

700 

715 


mi • 


55 

265 

290 

+5 

t!7 57 


92 

O 

:vTn>:Ti---'H 

76 


4 78 


9.5 

171 

[oml Aus'SAli 

214 


\ty\hr 

26 

46 

£15 

18 

Com'ibkDMlOi 

Cl«n.HbkKrloo 
Connriiian top . 
CrwL France F»5 

K 

72m 




27 

48 

£136 

£21% 





32 

Dawesoj Ri_ . 

39 





Pft 


rrra-n i-. 

012% 


Qia% 


ft jl 

60 

F 1 Finance- . 

68W 

+3 

to 

O 




2% 








BS 

h 

*% 






Fraser Ans top 

12 


003 



MifJ 

(157 

Gerrard Natnl 

175ul 

el 

81/ 


mjki 

37 

[jibhs 1 A 1 ... . 

42xd 


2 20 



Bl 


r.illettBros £ 1 — 

200 


15 18 



Eta 

teode DtMiy 5p 

24J-. 

.... 

013 



■<l:t 

99 


103 

-10 

275 

72 



jumnestPeat . 

235 

ni'T'i 


6 4 

El 

Hamhr® . . 

288 

*5 

t9 52 


7/ 

81 

Hill 5amuri . . 

90 

*1 

14 32 



f i 


Ew Warrants . . 







Hung Sim&5250 

259 

-1 

Sm 


27 


lessel Toynbee . 

/2*d 


B 

B.f 


loseph (Leo- £1 . 

160 


+801 



BTP 


Keyserlllmann 

44 

*1 

032 



Et 


King4S6as20p. 

60 

♦2 

339 



Bv 

t /ft 

QeinwartRL .. 

IU3 

+3 

4.12 



Bj] 

PVft 

Lloyds £1 — .. 

290 

t-5 

9.09 

55 

Wjr 

!.« 

Hanson F»n.20p 

48 


t2./9 

15 

8-81 


Mercury Sets — 

119 


3.39 

— 

tj. 

El 

Midland £1 

tun 

4-8 

14/5 

Ft 


£781; 

£87 

Da7»j%81-93.. 

EteHAMMB.. 

£87 

£89*4 

+2 

-** 



sa 

56 


63 

*1 

U55 

I* 


1/2 

NaLBt-.Aua.iAl. 

223 


m 

* 

IS 

66 

Nat Cura. Grp. 

76 ■ 

*1 

4.6 

5.4 

254 

N» W«t£l_ _. 

288 


11.49 

LL 

■ T > , 

350 

SchrodenEl .. 

410 



B 


190 

SeccumbeW-El 

230 


1^+1 

H 

fT 1 , 

/0 


80 n) 


5.01 



Bti 

J/tt 

St end'd Chan £1 

403 

+3 

tl/ 59 

3 3 

BP 


1 

S10 


V55c 

♦ 

5.5 



315 


115 81 


7 6 

U 

L'.DT 

40 

+3 

— 



— 

tliV 

ffeHsFareoS- 

02% 


0S112 



31 

60 

Wintntsi20p. . 

62 


3.03 

— 

74 


1978 

fflgh Low 


Stock 

Cal crier. iBUlOpJ 

ijrriJohrii 

Canon.. .. 

! Ceaeu BtoUooe 
romhenGpi ]0p. 

CosainR 

Comary side 30 .. 
CTDssIeyBldj}_ 
Croodiitt.fip.. 
CroochGnnip.^ 
Douglas Rote. M 
DwniucGRSOp 
ErOMlOp.. . . 
EUis&EierartL. 

Erlth. 

FPACona'n .. 
Fairc lough Com. 
Feb imi lOp 
Do. ‘.V Hip ... 
Fed Laud A Bid 
FuliniJotm- lto. 
Franci'Ptr lop 
FrBncii.'jR.jlOpJ 
French Kier. ... 
GaUUonJ Br. 5p - 
Gibbs D'dx A »p 

('deesn'JiJ lOp J 

GIosMpff.iJ. 7 
G(i Cooper 20p. 
HAT. Grp. !0p._ 
HarrtiOoJ iOp— 

HeltcalBar 

Head'siL'A'lOp- 


• i- «H DH I |VUI 
Price j - ! Net ICxtIgtVPE 

28! 87! 62 


23dlhl >132 


Henderson .J *>J 152 


HewdenklOp^ 
Do "pc Com-7_ 
HeywaHmSOri- 
Riggs&Hill-—, 

Htwenneham 

t».Res.7U_. 
Howard SmlOp 

LDC.20p 

IbstockJohnsen. 

lot Timber 

J.B. HoWlng? 5p. 

JCELG. .1. 

JantsJ 1 

Jennings SAfliQ. 
JohuMeRictianb 
Jones Edwd. lOp 
EentiHP.ilOp. . 
Lafarge SAFJ 00 
LaingiJohni-A". 

LatbamiJ.iil 

Lawrencei.W ■_ 
Leech'Wm.i20p_ 

Ley land Paint 

Ljfley FJ.C 

Lcwdon Brick __ 
UkcH<Y.J.. _ 
McNeflJ Group _ 
Magnet A Sttma. 
MaJlinson-Denuy 

Maodenindgi- 

Marebwlel 

Mariey 

Marshall si ffic).. 
May& Hasell— 

Wears Bros. 

MelnUeDfcW.. 
Meyer >MonLLi. 

Hamby 

MiUeriStanilOp. 

Mi concrete 

Mod Engineers . 
Monkt.% 

Moriemji 

Newarthlll£l_ 
Sorwest BoU 
Nml Brick 50n._ 

. CSme Devs. litp_ 
Parker Tiniber.. 
Phoenix Timber. 
PbcUnE— 

R.MX 

Redland 

R'ch'ds. Wall ujp 
Roberts AdlanL- 

Rohan Croup 

Rowlinson lOpk. 
RowjCtcrip 
R ubeniid 

» P.Onent 

roup.. 

Sabah Timber lOp 
Sharpe* Fisher. 
Smart iJ.) lOp 
Sotrthenujjanp 
Streeters 10p..._ 

TannacSOp. 

Taylor Woodrow 
TuburyClg£l_. 

TTaris&AmoldL 

Tunnel 8 50p 

TOM Group. 

24 Yectis Stone lOp. 

55 VibrppJant 

34 ’KardHld^-lOp. 
— Warrington — .. 

Watts Sake | 

West brick Prods 

.. Wett era Bros 

42 What]ings2to.. 
28 Wbn'gh'm 12%p.. 

usCoafOp 
uCairaollji 
|Wirapev-Geoi_ 


44 
54 
«h c 

31 
298 

39 

69xd 

87 

71 
90 

208 

67 

79 

82 

15 

78d 

24 

23 

45 
30 

. 13 
43 
M 

57 
28 
47 

58 
81 

32 
57 
34 

72 


62 

£270 

103 

85 nl 

77 nl 
68 id 
25 

1U 

162 

121 

,8" 

180 

116 

134 

14 
4<hd 

£31% 

164 

115 

92 
75 

65 
73 
71 

86 
59 

190 

53 

86 id 

304 

84 

99 

66 
23 
41 
81 

78 

12 id 
67 
37 ni 

93 
11941 
152 si 

88 

242 

48 

102 

160 

117 

128 

147 

£ 

100 

102 

38 

3* 

« 

47 

55 

£ 

390 

270 

135*1 

273 

71 

18 

8 

163 

33 

0 

15 

138 n) 
Bird 


-2 


+1 


lhd09l 

Sfc 

tl.47 
5 46 
dl 19 
413 
394 
td2 74! 

tl038 
t3 96 
503 
549 
05 

2.49 

176 

176 

23 


+3 


*4 


4-5 


“% 


-2 


+2 


43 


d3.54 

1.82 
L8^ 
t349 
528 

, a. 95 , 

♦7254 4d 


1203 

436 

734 

L29 

Q7°i 

3.45 

2.08 

2.08 

+L56 

d8.98 

6.14 

t6.29 

L06 

0.92 

T206 

ss 

6 3 
5.08 
370 
25 
3.23 
3.W 

?l:fl 

279 

234- 

♦3.4 

. d2.49 

td5.24 

t2.78 

I. 78 
2 70 
t4.18 
14 8 
0.75 
319 
,2 78 , 
Ith3 19| 

6.5 

d4.84 

4412 

II. 55 
7262 
5.44 

, T3.B8 , 
|td4.61| 
5.77 
73.81 
d43 
4.32 
, 25 , 
td2 23 
1.50 
226 
M3.9 
5.25 
L63 
2.37 
dhl31 



7.1 32| 6.8 
11101 131 
3 5 5.6.77 
23 7 2.76; 
Wli* 18 66 

1 4.6 117 

0 5 9.1 S3 
3 S 6 9* 67 
25 5 8 10.3 

5 4 52 
3« 7.6 
25| 9 2 

4.8 Ml 
13|1D2103 
5.0 * 
48 
116 

6 121 
2 3 7.7 


16 


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2-7} 7.6( 7.4 

9.8( 61 

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6.71 47 

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3.4 

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it 

29 

3.4 

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117173 

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7 9 6.7 
24 . 

t 9.4 
7iJ 6.4 

la 12 

10.0 

7.8 10. 
6.4 44 
29 63 

8.9 6 6 
10.8 7.7 
,103 8.4 

8.8 * 
52 

6.9 

6.9 Aid 


6-3 


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8. ffl 6.7 
6 4] 4.4 

11.7|iI17' 
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7.81 

9.3 74 

9. H 6 
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71 47 
7.2 4. 
8.3 .237 

8.1 54 
37 22 
61 5.0 

6.8 7.. 
3.9 102 
8 1 '661 

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61 

9.4 

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5.1 9 

7.5 « 

7.6 
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9.8 72 

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8.3 73 
8.5 9.9 

11.8 * 

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3.4 10.2 
t 'Ul 

9*3 M 
42 6.7 
9.8 7 0 
2.7 5 
1.3 B 


36 


CHEMICALS, PLASTICS 


Hire Purchase, etc. 


, 311 2 
£35 
8 
85 
30 
9 

85 

23 

10% 

391; 


h.’inle* Hdrs :•%»( 34% 


H'leB'creFr.MO 
ii'rednPau top . 
|Ua7d«SS<e;3iji . 
Lnd Scot- Fin I Op 


moorgate Mere lOpj 10 


Prov Financial 
L^tric Credit lOp. 
SriiU'G top 
Wagoo Finance 


£56 

8* 

43 


102 

2S 

17 

43 


♦3 


+6 


*1 


h2.03 

Q12S| 

f *395 

ei.87 

J87 _ 
htl 3 

h206 



BEERS. WINES AND SPIRITS 


AKZTl 

Albri0gWil«iL 

.Alginate lnds „ 
.Alfda Pack 10p.. 
AU’d Colloid ftp 
Anchor Chem. _ 

mis/. iss*« gjasa; 

Brent CbemsJOp 
5 ol 25 I 19 BrltBemnllOp. 
3-91 «. I « Brit Tar Prd. lOp 
, Bune05p 

Carl eaCapeJ top 

Cxaltn 

CibaCprALn 
2 Do8SCm81l94. 

2 DoW^CmfidB 

Coalite Cheat. _ 

Coates Bn* 

Do'.YNT 

1 Cor>iHonrei5p 
CrodalnLlOp 
CrrflalateSp 
Enalon Hashes . 

Farm Feed 

FisonsEI. . .. 
HaLrteadiJ ■ lOp. 
Hksa Welch 5(A> 
HoectistDJCO 

; DoFm.W.lnsLi 
Inrp.Cheni.il. . 

Do 3* Ji £1 

lot Paint . . . 
Laportefadi bftp J 

2 Norsk HJir 80 
Ptyso lOp. 
Rinsoninra top 
Rentnkil lOp 
Re-ertex .. 
Scot A* lnd El 

Stewart Hartley. 

FbararBimn ib 
>5 WardleiBer il 6 p 
195 ]162 Wolstenholme. . 
Yorks Cfaems 


l S. 5 3s DM prices exclude inv. S premium 


AMERICANS 


IKS 

High Lo» 


17 

601; 

31 

30i 2 

331; 

15% 

40% 

If, 

31% 

IS* 

w- 

39 

44% 

26 

20 

1>E 

25 

17% 

*7 

23% 

241- 

27* 

40% 

51% 

23 

39'. 

12 

17% 


13; 

60% 

22 

21 % 

11 

ST 

S’ 

13 

625p 

B57p 

41k 

301; 

28^4 

32% 

17"r 

13% 

76SP 

15% 

7 Up 

14% 

12 % 

2 « 

15% 

IT 

2 ffj 

20 % 

22 

17% 

28% 

670p 

11 % 


Stock 

I.ASLA .. _ 

AMFS'iCom K.-. 
.AmaxSl . 

American Express. 
.Amer Medic. Ini.— 
.Asarrolnc_ — 
.Bata total Cure ll 4 
Barnes Grp SS*;. _ 

BendtsCorpSS. _ 

•B«hSteri58. . . 
Brawn'd Fer cIKi. 

Bninfinrhrorpn.r 

BurrmikhsCorp 53 

CBSfiM 

FP'.P: 

rafermliani 
Chase Whin SliS - 
'hvsebmuch SI . .. 

Kltry^erSbij 

filuorntt 
:'n» Inv SIJa .. 
no 1 m. Iri BSt - 
.‘olpte r SI 
iColt InrU Si 
'oni UbnoL'SIP 
h unt •'HI S3 
CronnreM Sj 
[(.uiJer- Hammer 45 
Eaton iTp S0.N1 . 
:&.mark 

Exxon 1 : . . 

(Firestone Tire P. - 1 
First Chicago . .._ 


% 


—4 


*■ arl Dn 1 (VM 
— | Gnw iririftry 

80c - 2 8 

5?. - f4 8 

51 75 _ 3 3 

51. 40 - 2 7 
30c ~ 08 
40c - 17 
64c — 09 
90c - 27 

52 28 — a 5 
SI 00 - 3.2 

40., - 2 3 
70c _ 33 
51 00 - 1.0 

52.40 _ 3.3 
5250 _ 3.6 

51 BO — 2.1 

52 20 - a 9 

94« - - 2.6 

SIM _ b 3 
51 Ob - JO 
5100 - 45 

52 —Is? 
16%!*% >51 00! - I j.J 

■ ! Si:!;i5? 

si jo ; 1 3.4 
51 5fl I a ; 

51 40 - I 20 

52 23 - 1 42 

51 8* * - 

53 20 
5110 


Wad 

29^d 

294 

19^«f 

13* 4 al 

40%al 

28% 
17%*ii 
967 p 
12’ari 
54-6 
42 
39 

43% id 

Si 

"V 

121; 

21% 


22%]-:. 
23*4 -% 
25%«d 
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30% u: l 

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94 

41 

.168 

258 

46 

164 

n3 

ft 

IlnO 

63 

152 

187 

21 

54 

119 

(243 

191 

158 

101 

,133 

320 

'460 

70 

71% 

106 

116 

99% 

172 


I 171; | 1 51 00; - 


78 

.Allied Bre»; . 

n 


393 

19 

6.4 



Em 

*1 

m0 25 



Tj 

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Ba.v Oiar cron 

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*84 

31 

1£j 


Bell .ArttiurWp 

Li 


b4 /a 

35 

XjI 

CTft 

Brina-en Birrery 

43 

-1 

— 


j 1 

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Buddiniton; . . 


-2 

3 91 

25 

. 1 


Border Brew j.. 



3 50 

« 

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Brm*T. Maa+ett' 



3 92 

22 

; % 

C|ft 

Bucdey 5 Brew.. 

44 


116J 

2/ 

l 1 

Trft 

BuimerRP > 

111 


166 

2.8 

j 

Tnft 

Bunonwood . . . 

1 ft 


3 10 

5J 


Lvft 

Cay Loo. Def . . 

■L.l 


24 

1.6 

: % 

ytft 


IV 1 


t5 71 

JJ 

; r - 

1 Aft 

Distillers 50p - 
itert)ornL-fOp . 
Gough Sro" 3ln. 

ll.ll 

-2 

654 

3.1 


1 (ft 

19 


' 


- 

43 



h2B 

13 

| i 

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JTw i Tl 

■ (, ft 

+1 

262 

3 £ 

Bt.| 

y tft 

Greene Kmt: _ . 

|tft 


16 53 

2.1 

■ t 1 

SK ft 

Guinness -. .. 

r ■ 

+1 

7.02 

tr 

E.t~i 

r l ft 


r_ wft 

i3 

29 

25 

H*| 

■rtft 

Imersnrdon . - 

y 'ft 


12 OJ 

30 

31 

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Lift 


15? 

Ft 

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-M ft 


4 6? 

ft 



MoriandEI 

Jr ft 


12 45 

26 

Bill 

y-jrft 

Sardeaun 

67 


2.31 

« 

5.2 

BAft 

Sict1iNett2lp 


-1 

01 

20 


45 

Trnnadr... 


*1 

300 

26 

43 

Od 

V 410 

rl 

*1 

4 02 

24 

57 

82* . 

Whitwead A . . 

99 % 

:? 

13 57 

26 

5,4 

185 

vAv.|i Cudle:- 

201 

5 74 

30 

43 

145 

'.'iurErett A K'p 

172 


i2.89 

38 

25 


128 

105 

152 

1^8 

<» 

137 

9.7 

8A 

9D 

15.1 

79 

9.0 

139 
120 
13.6 
88 
197 
121 
, 8.8 
'22 3 
139 
♦ 

108 
13.0 
119 
10 6 
118 


BUILDING INDUSTRY. TIMBER 
AND ROADS 

!o 

49 


95 

164 

17 

g* 

HI 

>4 

15 

J9 

128 

27% 

31 

a7 ! 
6? 

67 

86% 

32 
38 


Aberdeen Const 

Aneshawrer. . 

.Allied na.it iOu 


-2 


64 
64 
nl 
75 
21 

... , 24 
56*; 481; 
Se 36 
174 153 
190 175 
26 22 


91 
140 
15% 

AnrntawSnnk* [ 61%, . 

A P Cement tl_ 257 *5 
BPBlndvSOj . 230 
BacgendaSrk 33 
„ Eaijcj Ben. I'tp - 10 
44 Bamne— Cry J 49 
100 Bamtl [wr. '.ftp lOZn! 
20>; (PcAlnceiK :0p ! 24 
17 RecliiySip . [ 17 
47 Pemorc top [ 49 
"■ BettRro;2lip 65 

nadk!»op..j 72 *2 

BlLFideUftrm. 66 
Breedun Lime I B6>' 

Bnt Dredpn; ( 32 
Brown .lien 86 
Brownlee ! 56 
Bryant Hldtr. . 51 

'Burnetii fi 169 
,Burt BniHotU ISO 
l Robey A top | 24 


4 61 

6 76 

th0 7 
4 26 
934 
t693 

, 353 
. 7d0 55| 
t29 

t8 06 
1.83 
10 75 
182 
dl 7 


+6i; 

-2 






1 4(10 7 
18 


T3.46I 3.1 


2 89 
527 
:0 3 
10 
}2 03 
t226 
* d2 6 
,010151 
L52 


69 

10.5 


4 6 75, 
1011 


n 10J : 
9M 56 


12 Oi 


2 0(11 5| 
67 


45 

68 

61 

71 

69 

64 

93 

7A 

96 

102 

66 

51 

6J 


1^; 


80 


+3 


-2 


, , 3.3 56 69 

■“"u ati 

4.4 2.9 118 
^4 28 2«J 

a iui 

5.6 ± 31 

2.9 4.412.0 
* 13.0 A 
42 4.0 93 

: 9.4 A 

f8.r 


+1 


+2 


^ 3 ] 5.0 * 

t 2 • 




CINEMAS, THEATRES AND TV 


90 

119 

40 

65 

23 

127 


135 UQ6 


76% 

72 

58*2 

60 

26% 


Z41 

41 

40 

40 

37 

25 

107 

34 
19 
13 

a- 

228 

36 

142 

130 

35 
45 

196 

92 

% 

14*; 

105 

217 

23 

110 

69 

176 

23% 

186 

25 

19 

IB 

50 

28 

157 

10b 

317 

36 


71 

98 

32 

55 

1®; 

108 


73 

56% 

9 

23% 


Anglia TV ‘A-. 
A*s Tele. “A ' . 
Grampian \V10p 
Green Group I Op 
H"w'nl Wyd20p. 
HTVSV.- — _ 

,LWTA 

iBedif.TYPrrf £1 
Scott TV -A’ lOp 
jTntflTV-A' lOp. 
(lister TY'A. 
[WejmrcTA lOp . 


80 

US 

B, 

W 

131 

5© 

i‘ 

26 


+1 


4.18 

b6.55 

2? 

CM.23 

f033 

ts6.6 

16.19 

604 

2.38 

283 

t393 

TL65 



DRAPERY AND STORES 


178 

33 

33 

33 

30 

18% 

84 

25 

13 
12 
10 
4B 

1173 

30 

103 

99 

28 

40 

151 

73 

75 

'ft 

162 

14 

89 

, 54 
128 
17 
136 
15% 

15 
15 
40% 
22% 
120 
81 
244 
32 


Do A 5p . 
Autietiwuc top 
fBaker'iStrs 10 , 
BeaffieiJi-.A*.. 
Bentali* lOp .. 


Bremner . 


Do WNVSOp 


Churrh .. 


courts .A' 

NUTTTS . 


Debenhanb 


Ola t Gold . 

trapLre Stares .. 
EwcuterStp . 
FaircUdeTexi 31 
Do A5p . . 
Fine Art Peis 5t 
[Ford ‘ATtim top. 
Fonmnster top.. 
Fosttr Broj .. . 


239 

4-8 

d+7 92 

<Sl 


id 195 
1.53 

. 36a) 


1.53 

34 


+3.3 

25 

+1 

MO 57 

105 


hi 1 ll) 

34 

4-1 

118 

16 


104 

12% 


0.98 

. 10% 

■I 1 ! 

U.62 

50 

382 

191 

*3 

6.27 

31 

+1 

dZ.55 

. 136 

+13 

13 

124 

+8 

I 5 

32 


t2.04 

43 


ftili 


+1 

3J7 

3.24 

88 


dl)48 

. 14% 


— 

99 

-3 

13 18 

199o) 

+2 

454 

19>’ti 


♦iO 46 

■s 


F522 

L76 

152 

+i 

12.18 

22t« 


190 

169 

+i 

4.82 

25 


— 

19 

+ii 

10b 

38 


106 

48*; 

-% 

$181 

27a: 


n2 02 

155 


td3 78 

105 


7,59 

’T 

*‘2 

594 

t!57 


2 9 5.010.6 

3 0 8.5 4 7 
3.1 6 2j 7.9 

3.1 b.4{ 7.7 

1.2 « 84 
6.7 3.fl 6.6 

4.2 3.0118 
13 5J 11.6 

9.9 35.1 
11 91 3.0 
9 014.9 
12.3 6 

5115.1 
12.41 8.4 

1.7| — 

1 

9.6|'8.7i 
7^ 4.9 

3.1 6.6 
5.4 


o.a « 
- 25i 
4.9 6.4 
3.5 6 


^ 6.B< 


1 


III 

|u(j 

3 7| 
2.4 
IU.1 


7.2 


its 

6.1 

5.8 

11.3 
9.6 
67 

136 

11.4 


1378 


High 

Low 

68 

62 

11 

10 

146 

109 

316 

266 

312 

256 

47 

39% 

37 

26 

36 

24 

19 

15 

174 

155 

87 

63 

23 

18% 

66 

54 

ISO 

100 

152 

120 

66 

52 

21 

10 

46*7 

3Hi 

144 

102 

£27 

£19 


£19 

60 

52 

Si 

54 

19 

13 

160 

136 

258 

225 

163 

131 

11 

8 

92 

77 

52 

42 

200 

146 

119 

100 

88 

68 

24 

20 

39 

25% 

41 

33 

& 

& 

*89 

6% 

71 

3% 

7<% 

56 

77 

62 

36 

30 

38 

64 

20 

13 

14 

11 

17 

9 

18 

9 

273 

237 

28 

21 

14 

9 

168 

133 

164 

109 

166 

121 

17% 

13 

28 

22 

137 

105 

98 

82 

34 

24 

132 

108 

123 

63 

44 

32 

100 

64 

96 

62 

76 

46 

94 

74 

23 

16 

Z2 

19 

72 

61 

72 

61 


sock j Price | 


Dri ] I V*MJ 
Net IcNtIGt'sI WE | 

♦3B 
ltO.75 
5.56 
T7 43 
T7.43 
175 
0.2 

, 02 
(067 
12*. 
dZ21 
1.80 
T2.3 
d3.62 
477 
3.92 


irre 

High Low 


h!93 

thl 65 

462 

462 

349 

atdl 1 

4 24 
66 
h2 35 


Ilia 
45 
. „ 97 
3.3133 
3 . 9 I 126 


50 


2 9! 5.010.6 


- - - 2* 


2.9 


+2 

;i%|i 


'juidbecc A 
GoocmacBr .ip_ 
taraasr -are „ 

fc: L'cnayal. 

Da A'Orti 
tare Mfflens top. 

Handy Form.... 

Do A XV | 

Helene Lon. top 
Do lacCm Pri. 

BeadenoE&ap. 

HennqiKsAtop. 

Hepvtrtf. J = Wp.. 1 
HoaeujKalOp' 

House efFtKer.. 

RatKotLenee. 

KrawMilltop... 

Ladies Pndeahi . _ ... 

UcCotmer . — 1 144 !+B 

Libeiti u , 

Dc V- ! .L "re;*..! 

LincroftK. top. 

SF1 Fcrtuture lup 
Maple ito. . ._ 

[Marls ii’pencer 
tSanioSews — 

Menses'! - — 

Michael <J 1 !0p. 
iCdEdocai aOp. 

MomsBlakej _ 

Motbercare 10p„ 

NSSNewlOp^. 

[Owen Owen 

QteaditeiBilOp. 

iPawsoortTL- 

Peters StarK lDp I 41 I TltdLOO! 4^ 

PoCvPecklOp_ 

fteedyi Alfred;- 86 12.85 

tRamarText 5p.. 6 bO^l 

tamers top __ 71 +4 hO 38 

MecklOp 76 73.03 

]Readicut5p 35 r-Z tl.44 

Reed Austin 'A'.. 85 +1 2 86 

BirimilWtF lOp- 20 *U9 

^SSa *|268 p | 77.61 
(SeliDcotin 5p — I 25*j|-i; |L22 
aenraniS'lOp.. _ 

SaithK R .Vrfpl 1504I+-1 
Stanles .A.G 5n.. 

'Status Disci lOp. 

StdnbmlOp-.. 

SumneSwD . 

[Time Proas, top.! 137 l+l 
UDS'iuflp — ^._ 

UpuniEi'A'- 

Vantcoa 20p — — 

(Verson Fata top J 123 I + 3 
Wade-A'a)p_ 

I Walker rjas..' — 

Do w 

I g&Gillow.t 94 1+1 
iell5p — . 

>011 10p*_ 

mffarbtn. 

Orth 


ELECTRICAL AND RADIO 


41 


96 
39131 


23 92 


8.7 


83 


5.0: 

53 ja4> 

l[1 9 


103 


Lloyd (F.H.L 

Locker'Ti^j^— 

DaWSp 

London tMulTd. 

>LL Holdings 

Hangan Bronze. 
JHflrtonBirSOp.-. 
(McKechnieBTO. 


114 

76 

» 

122 

113 
54 
59 
74 
24 
79 

150 

no 

122 

160 

515 

500 

18 

53 

18*] 

190 

006% 

404 

24*2 

124 

13% 

175 

26T 

85 

114 
Z7B 


114 

125 

80 

183 

202 

86 

180 

45 

£77 

202 

£58*; 

%5 

111 

109 

103 

90 

114 

Z40 

97 

54 

295 

740 

50 

41 

39 

134 

392 

67 

119 

322 

105 

26 

54 

19 

133 

276 


85 
57 
26 
42 
99 

86 
49 

20 

59% 

130 

94 

99 

17 

[J 

380 

14% 

10 % 

20 

37 

141; 

14l 

£96 

318 

1106 

,186 

68 

97 

233 

21 

83 

77 

1107 

64 

137 

156 

67% 

158 

39 

£69 

180 

£551; 

710 

36 

86 

87 

70 

90 

1% 


AJB Electronic- 
Allied Insulators 
Audio Fidelity lOp 
AutotedSeclOp 

felCCSOp. 

BSRIOp 

I Best & May top— 
Bottthorpe lOp— 

Brocks lfc 

,Bulnn'.A 5p. — 
k'atJefonnop — 

l3iwd. 

(Chloride Grp. — 
(CwretR Sert.Sp- 
f rayQtrenic lOp _ 

Crelloo top 

Dale Elect top.. 

Dacca 

Do '.A' 

Demtror lOn 
Dewhursr.A'lOp 
Dowding&M 5p. 
Dreamland 10p- 

DutrilieraP 

EMIaOp 

Da 8 %Vom . - 81 

Hart 1 comps lOp. 
Electronic Mach. 
Elec. Rentals top 
EnffgSens I0p_ 

EverRead* 

Faroell Q«.20p 
FiriefiyRndlOp 
FonivdTKt 50p 

GEC 

l^eMandaJOja 
yonef auXiiJQ ..... 

KodelnL 

Laurence Scott - 

■Lee Rein; 

W.KQec&ic.__ 

(MoiThead 

Newman Inds — 
Newark Lows . 

.YonmndB 20 p 
Perktr.-nmer-Rn: . 
PetbcwHld? top 
Philips Fin. 5k% 
Philips Lp FW . ' 
Pilco Hld£A 20p. 

Do. 'A'20p 

Plessey 

PressacU^ 

PyeHkte. 

Rocal aecnKS— 
ReddfuSWD — 
Rothes C.B. lOp 
SchntestGHi — , 

Sony Co. >"50 1 

SouiidDiflsn.5p. 
Teleins on — 
Do/A’N'Vap.— 
Tele. Rentals. _ : 
Thom Elect — : 
52 Tb'rpe F W topt 
88 CnitechlOa — — : 
260 Utd Sciemxfic — 3 

86 Ward & Gohl 

21 WeDeo Hlds 5p._ 
42 ffestmghoase — 

14 ffhitwwtfiELSp 
122 miesale Ftj 20p ' 
146 Wi('Eai|iH.> J 


i 

33 

33 

in 

330 


-1 


+2 


+3 


+2 


4-1 


+1 


*•6 


+2' 


-h 


+2 


1-2 


507 

4.13 

d21 

L32 

7.05 

4.77 

12.74 

1.62 

3.40 

131 

t3.3 

2.90 

t4.67 

hd234 

ffo 7 ? 

tl0.7 

tO. 66 

0.83 

tl.08 

254 

099 

9.24 

m 

ts.o 

0.1 

13.89 

66 

14.71 

b6.7 

13.64 
dL07 

4.24 
4.7 

a 

1 ST 

>l02 

S' 

m 

72.7 
74.91 

12.7 
357 

8 ? 

16.65 
Q50% 
109 
1L17 
7117 

(7h6J7| 

tl.47 

t3.62 

Jth4.ff7| 

1 0.66 
74.79 I 
|N'135| 


21 1 7.9 
2.Vi 87 




25 6 5 


82 


96 


1611351 


* 76 
17 9.1 
L9 100 
273 18 9 
6.5 181 


10.3 


«.3 


J.5 

,(101 

94 


J. 21 I 
UU'H 

- 51 7.5 48 
62 54 
59 71 
5.7 93 
101 .118' 


Stock 

Du port _ 

nro'HHgst 

EHiotiBjT-. 
En^ Card Cloth. 
^Industries .. 
ErjiamJed Metal 
Farmer W 1 .... 
Fi nslda- Lire 500 
Firth ifiMiHfe., 
FluidriieiSi— 
Foikes Hfo luwSpi 
Francis !nds._._ 
GQ tmnf 20p _ 
iGartnoEiuLito . 

tiordnJDtasiLJi . 
Graii mWood 20p 
ijangesKlOO-.. 
iireenhankJOiu. 

Green’ i- Earn. 

G.K.N C! . 

Habit PrerRm 5p( 
HadanCarrlalT 
Hall Eng 50p__ 

Hall Matthew 

HallheaOp 

HampMo 

,HameMacfiy...- 

(HawkerJui. 

HUl&Sndtb. l_ 
HopiansnasSto 
Howar d Jjpcfry... 
Howden Groan 
HwrtMoscnipV 

/3dJ5nJkHB5p. 
lienksiCattelL- 
Johnson iFbtk. 
Jones CronplOp. 
Jones SUpman- 
Laird Gnrop.—_ 
Lake 4 EDiot— . 
LaneiPereyi 
|Ejeer Azttmn .. 

Ley’s Foundries. 
Limbed 



NeUWasiftiej. 1 
Newman Ttmks- 
Norton tW.EjJp. 
Osborn fS)___ 
Pegte-HttCtsley- 
FotTerQifldaJp. 

[PriestiBeai 

PmrornhKflm 
R.CJ HoJdlnM. 
(R^EujrglOp. 


85 


R' mnmetSim ri 
Hatdittelnds._ 
Ratdiflsmai... 
Record RWgway. 
RTdnm ffnan top 

Renald£l 

RMhantsofLeic, 
Rich'nsffesL50p_ 
Robinson (TIids .1 

RfiorklOp. , 

SandasonKayser. 
SsrilleG,ll£ft»f. 
Seniwaig’E top 

Serefc 

Sbahesjfrel.9p.. 
9uwptands28p-( 

StoonEnS. 

SCO Group 

Smith 1 whit. )5p.. 
Spear* Jackson. 
Spencer Ok 20p. 

SprarSarro 

Spooner Inds 

StartriteSOn 

Statute? bids. £L 

Stone • Plact 

SjkesiHenry) — 
tat* 10p_— 

_ Taylor Pall islar. 

1031; Tecaleraii 1 

Tex. .Abras. 10p_ 
Thysen Dmlll . _ 
Tomkins F.H. 5p 
Triples Fdnes.. 

. . . Tbbelmests.£l_ 

60 r TumfL 

1 Tyzack'AF A. 1 20 . 
Ltd Eng 5 lOp . 
l : ld Spring lop . 
lid It ire 1 j roup 
Vickers £1 
Vidor Products. 

vt.gj 

Hatton 50p . ... 
Wason lrm?tr I 
Walker <C & w 
Ward'TW'.. . . 
VFznKWn;btllh> . 
Wpiick Euf. ajp 
Weeks Assoc.top 
Weir Group . . 
Wellman Eng'S - 
gmjl l^i- 

We‘rn-E';n5a^..l 

Wbessoe 

Whew»yWisn.5p 
White house 50p. 
Willian»(W*._ 
WTms&James— 
Wolf Bert. Tocds 
WoblV Hughes.. 
18 iW-bwell Fay 1 Op 
35 WoodiSW.iXc- 
28 (Wh'seRum film 
55 | Young A'sfn *Y 


|x B rf lltf | 1 A "Id J 

Price [ - I V* k'rft^lM- 
t4 08 I h3 4[ Sri 00 
t5b9 
t4 8 
1266 
14 8 
363 
d5 05 


71 
153 
99 
85 
88 
69 

1184 
7 
25 
65 
21 
68 

74 , 

92 I 

20% 

115 
23 
581; 

825 
58 
68 
278 1+4 
34 
102 
94 

217 
136 

11 
23a 

218 
55% 


-1 


rl 


30 

61 

27% 

59 

26% 

68 

68 

78 

120 

90 

49 


-rb 


+2 


23 V . 
65 (+ 1 
35*0 
69 
19*4 

m 

78 
123 
85 

164*4 

9 

49 
42 
75 
61 
32 
122 
.71 
44 
102 
60 
36 

in 
112 
71 

e2% 

38 

2 


i4 03 
3 32 
7*11 J4 
*37 
73 77 


13 

\\ 

35 


8>H 


5 : 1 24 

hO 97 
8:0 
♦1 52 
♦1 96 


.11 67 
4 24 
15 56 
d2 0 
7 30 

4 4i 

7 08 
15 8 _ 
trfh0b8f 
1.8 
409 
H2 19 
506 

2 23 

3 65 
t07 
329 

<10.91 
111 16 


SI i 
160 
70 
81 
78 
55 
131 
64 

W’ 

114 

62 

22 

V 

t 

217 

81 

124*3 

36*’ 

52 

242 

118 

92 

29 

83 

128>; 

63 

91S 

24 

76 

22 
38 
26 
62 
178 
120 ' 
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I3*CK 


NOTES 


Unless otherwise indicated. pricn and net dhMeods m in 
pence and denondnsHsns are 25?. EsMtd price / rar nl agx 
rallm and cams ore baaed on latest annual reporta and accemaa 
and. where possible, are updated on half-yearly ftKnrvm. P/Es are 
calculated on the basis ■* an dkiribuUsn; bracketed Ntmn 
indirate 10 per cent, or more difference If calculated on “nil" 
distribution. Cheers are baaed on -mastmnai" ddHtaUn. 
VlfMs are based on middle prices, sin gross, aborted to ACTaf 
34 per cent, snd allow for valor el declared distributions and 
right*. Securities with rtennminattem other than sterling *n> 
•mated Inclusive of tbr invesanrat dollar prendanL 

4 Sterling drno mfo a t od secnritlea which uKtode Investment 
dollar nretnlam. 
n -Tap- Slock. 

* Highs end Lows marked thus have been adjusted to nUov 
for rights Issues lor cosh. 

* Interim since increased or resumed. 

t Interim now reduced, passed or deferred. 

& Tog-free to non-residents on application. 

* Figures or report awaited, 
tt Unlisted security. 

* Mce at time of suspension. 

1 Indicated dividend alter pending scrip andtor rights issue: 

cover relates to previous dividend or forecast. 

“ Free of stomp Duty. 

4 Merger bid or reorganisation lu progress. 

4 Not comparable. 

4 Some interim: reduced final and/or minced earnings 
Indicated. 

i Forecast dividend; cover on earnings updated by latest 
interim sulemenu 

I Cover allows for conversion of shares pot now ranking lor 
dividends or ranking only lor restricted dividend. 

X Cover does not allow [or share* which may also rank (nr 
dividend at a future due. No P-E ratio usually provided, 

V Excluding a final dividend declaration. 

* Regional price. 

H NO par value. 

a Tax free, b Figures baaed on pro, pe ct us or other official 
estimate, c Cents, if Dividend rate paid or payable on pari 
Of capital; cover based on dividend on full captUL 
e Redemption yield, f Flat yield, g Assumed dividend and . 
yield, h Assumed dividend and yield alter scrip issue. 

J Payment from raptud sources k Kenya, m Interim higher 
than previous total n Rights Issue pending 4 Earnings 
based on preliminary li cures. r Australian currency, 
a Dividend and jield exclude a special payment, t Indicated 
dividend: cover relate* to previous dividend. PE ratio based 
on latest annual earnings, n Forecast dividend: cover baaed 
on previous year's eanumst r Tax free op to 39p in the £. 
w Yield allows for currency clause, y Dividend and yield 
hosed on merger terms. « Dividend and yield Include a 
■penal payment: Cover does not apply to special payment. 

A Net dividend and yield. B Preference dividend passed or 
deferred.- C Canadian. D Cover and PIE ratio exclude profits 
of UJC aerospace subsidiaries E Issue price. F Dividend 
and yield based 00 prmpntu* or other official estimates tor 
1877-78. C Assumed dividend and yield after pending scrip 
and/or rights Issue B Dividend and yield based on 
prospectus or other official estimates foe 1878-77. K Figure* 
based on prospect** or olber official estimate* for 1878. 

Ml Dividend and yield based on jvwpecrur or other official 
estimate* lot 1>T5 N Dividend end yield based on prospectus 
or other official estimates for 1078. P Dividend and yield 
based on pnqiecnn nr other official e stima te* (or lVT! 

Q Gross T Figures assumed. L’ No significant Corporation 
Tax payable. Z Dividend total to date, ft Yield based w 
assumption Treasury Bill Rale tiay* unchanged until maturity 
of stack. 

Abbreviations: tie* dividend: tt ex scrip issue: w. ex righto: » ex 
all; ri ex capital distribution. 


“Recent issues” and “Rights” Page 40 


This service is available to every Company dealt fn oa 
Stock Exchanges throughout the Called Kingdom for a 
fee of £400 per annum for each security 


I Grand .Met 
U L‘5 w. 
Guardian 
r. K k 

9.5 
0.9 


y.rkf ScSpncr 
Midland Bank 
N E 1 

Mat Wee Bank 
Dn Wiirisnls 
r&Ulrfd . 

Ples-ev 























































































































































































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FINANCIAL TIMES 


Fridav May 12 1978 



B 

e: 

i 

j 

L’S 

SCOTCH WHISKY 


B 

e: 

i 

j 

L’S 


Lonrho 

chief 


given 

assurance 


by Owen’ 


By Andrew Taylor 


DUTCH MOVE FOR NEW SAFEGUARDS REJECTED 


U.K. stands firm on 


Brazil nuclear deal 


BT DAYID FISHLOCK. SCIENCE EDITOR 


MR. "TINY" ROWLAND, chief, 
executive of Lonrho said yesicr- : 
day that be bad been given what 
he regarded as a personal assur- 1 
ance by Dr. David Owen. Foreign ' 
Secretary, that Lonrho would not ; 
have to face charges as a result , 
nf 3 Department of Trade report 
into the company published two I 
years ago. \ 

Fraud Squad officers last week ; 
asked Lonrho to release certain | 
documents relating to matters : 
involving alleged sanctions bust-i 
ing in Rhodesia. j 

Mr. Rowland said the Foreign | 
Office bad asked him to attend I 
a meeting with Dr. Owen about' 
a year ago to discuss Rhodesia . 
and the question oF Lonrho‘s[ 
case against oil companies alleg- 
ing sanction busting. He had I 
told the Foreign Office that he ; 
could not attend such a meeting i 
while a cloud was still over his ■ 
company. 

He had subsequently received 1 
assurances from a senior Foreign i 
Office official and Dr. Owen that 
no charges would be brought: 
against Lonrho us a result of the ’ 
Department of Trade report. He : 
denied, however, that there was ’ 
deal between himself and the , 
Foreign Secretary. i 


THE DUTCH Government has 
been told firmly that Britain 
and West Germany will not ask 
Brazil to add fresh safeguard 
clauses to the ElWn. Ureneo 
contract to supply Brazil with 
nuclear Tael. 

It was confirmed by No. 10 
Downing Street last night that 
Mr. James Callaghan bad 
replied to a letter from hlr. 
Andreas van Agt. the Dutch 
Prime Minister, seeking tighter 
safeguards on the Brazilian 
contract. 

Britain, West Germany and 
Holland are partners in Ureneo, 
a uranium enrichment company 
sef up in 1970 to develop and 
exploit the gas centrifuge 
method of enrichment. 

The Brazilian contract, 
signed last year after receiv- 
ing formal approval from all 
three countries. Is to enrich 
Brazil’s uranium for its first 


two German-designed nuclear 
stations, starting lo 1981. 

But Lhe Dutch Parliament 
has persistently refused to 
approve the terms safeguarding 
any future use Brazil may make 
of plutonium separated from 
the spent nuclear fuel. 

In his letter Mr. Callaghan 
suggests an interpretation of 
the contract which might prove 
acceptable to the Dutch— If iu 
fad they wish to remain 
partners in the Ureneo project. 

This, is understood to relate 
to the storage under Inter' 
national surveillance — possibly 
in Britain — ■ of any plutonium 
Brazil might separate from the 
spent fuel by reprocessing. 
West Germany has undertaken 
to help Brazil develop a pilot 
reprocessing plant, although 
the earliest date that this plant 
could be on-stream is thought 
to be 1985-86. 


Britain and Germany appear 
to be acting In comlete accord, 
and the Dutch arc expecting 
a reply in similar terms from 
Chancellor Helmut Schmidt. 

Neither country is anxious 
to display loo publicly the irri- 
tation felt privately at |be long 

and frustrating dipolmatic 
efforts undertaken ~Dfcj»ersuade 
Uae. Dutch lo honour the 
contract. 

Equally, neither is anxious 
to see I be Dutch withdraw 
from Ureneo. not least because 
il woutd suggest protracted 
negotiations to unravel the 
Almelo Treaty setting up the 
consortium. 

But the Germans bare taken 
steps to prepare for the possi- 
bility of Dutch withdrawal, in 
selecting a site for a new 
enrichment plant as close as 
possible to the Dutch site at 
Almelo, where both countries 
have plants at present. 



Chinese 
accuse 
Russians 
of raid 


By John Hoffman 


U.S. tanker order expected 
by British Shipbuilders 


British Shipbuilders, although coastal work. The Department of 
on 


BY IAN HARGREAVES. SHIPPING CORRESPONDENT 

Cleared ! 

“I did not sav that I wanted i BRITISH Shipbuilders is on the Britisl 
him i Dr Owen f to sneak to the I point of finalising a U.S. oil com- working on a corporate plan Energy has been applying strong 

Director of Public Prosecutions * ,,aI ? y . ortler an 80,000 dead- which is certain to involve yard pressure on U.S. companies work- 

and sei them to drop an* chafes i ton ,anker ’ but has to,d closures ’ s< ? f«r has not presented ing in the North Sea to persuade 

against us I just P sa?d thaf j th ! ^etnment **»« future any such plan and Ministers have them to buy British marine 

could not attend a meetin” until 1 r rdcrs c0 , uld fae in J e °P ard >‘ r ? jecled puhl . icly lhe ldea «* equipment, 

that happened — but when and i 1 °. f *} ays ,n renewing planed cuts m capacity. A decision has not been taken 

the shipbuilding intervention Th * c ° r P° ratl ° n ,s J5* k,r ¥ a on which of British Shipbuilders’ 

new fund of about £90m. but, yards W0l u d ge[ rhe order 


it happened I would he happy to 

attend a meeting." i IU [; a, l 


He was later told hy a senior . ab ® u ' £Sm ; remains from fiSS. jSJ sympathetic 

Foreign Office official that the ! ,he f05m - fund sel 


to 


but 

consi deration is 
be given to Swan 


PEKING. May 11. 
CHINA has protested strongly to 
the Soviet Union over as alleged 
military incursion into north- 
eastern China last Tuesday. 

The Chinese claim that 30 
: Soviet troops crossed the Ussuri 
l River border into Heilungkiang 
• Province firing at. and wounding. 
3 number of Chinese peasants. 

The note alleges that the 
j Soviet troops landed in military 
, boats, penetrated 21 miles into 
I Chinese territory and seized 14 
people, who were beaten before 
being released. It claims also 
that a Soviet helicopter violated 
Chinese air space at the same 
time. 

The incident is the worst for 
several years and breaks an 
uneasy truce on the frontier, 
where Sino-Soviet antagonism 
has run hot and cold since the 
first bitter clashes in 1969 

To-day's note of protest is 
vigorously worded. Referring to 
the Heilungkiang incident as 
“atrocities of the Soviet troops" 
and “an organised military pro- 
vocation against China.” it 
demands a guarantee that no 
i similar incident will occur in 


up over a year year's negotiations, this may well bound 
Attorney GraTraTs'onec tad said ' "i®" British yards' ««elR»ed bef«»re the end Hunter. 

that Lonrho had been cleared j Jjjlj -? f . ° f White haf™ P does not believe nnSf 6 p°S ib* share of the j f^'ure. “Otherwise." ft warns. 

i^Vl'.'r T £ ' Jhl, sum ®“ he ^ulred" lh! tta. uch a delay nK^rlly * SbSm/ W< mu “ ^ n * U 

rou.,nt. Mr. Kowland said Dr. , sjdjsp thp tankpr ordeP which presents problems in supporting deep . seated am 1 responsibility 


o« pn ciihMnnonHv coil? ,i7», smise me tanner orcier, wnicn wnm ing aeep-seated pav differentials 

a statement would Hp maH*> >n Vk ’ n,1 ' d represent a considerable ? rd fJ s re f e ^.® d by Bnush Ship- problems and now would be in 
- trucks rather than months "and l achieve,,,ent for British Ship- nt ^ a position 10 give the under- 

,hl; lw iniiied thk « a i builders and is likely 10 be won h SEES* not ° be Iakfn » normal working re- 

inat lie regarded this as j Per- n i 1 , lftBt convinced. mrirpri hv Rriticb chmh.niH.rc 


sonai assurance from the Foreign • al SUln^S^vvrH* are nunrlne cl i 

Office and Dr. Owed tat n p^eToTnof Shutt!e WOrk 

* n u _ _ . I half this level for similar vessels Officials from 


British Ship- 


quired hy British Shipbuilders. 

The first men have started to 
leave Swan Hunter in Lhe pro- 
gramme of over 1.100 redundan 


panics He had not actively taken ! 
part in the negoriatio\ but 
he felt that his discussioiVwith 
the Foreign Secretary had been 
of assistance. 


charges would be brought 

he u met iand this is the price sap’The builders have completed details cies forced in the wake of losing 
tor discussions about intervention fund will he of a financial and credit package the Polish ships— and more jobs 

i.fl!? », i onr - sanction* i required to close, at least for the U.S. tanker contract and will certainly be tost later this 

? 1 . c , on L'! partially. an announcement is expected >' ea T if new work is not forlb- 

Technically. the old fund within the next few weeks. c0 J3?,! n S- . 4 . , _ 

expired at the end of March. The British group's success There is a great deal of bltter- 

al though the EEC recently has been achieved despite the 

agreed that remaining funds U.S. shipbuilding industry's ISaVffnmn cnn.hhilc ™ 

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Thc Forc'^n Office |a»t night! month. However. Brussels has attracting orders from its own {{Jdlders P £ weU aware^ h of S *tbe i Tolstikov. 

The talks opened nine years 
ago in an effort to find a peaceful 
. solution to a dispute which is