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Si 


J^l 


Build in the benefits of an 


A TCOST 

STRUCTURAL FRAME 


FINANCIAL TIMES 


Liveil 


No. 27,559 


Monday May 15 1978 




\ ATCOST industrial division ----- -v 'Sp 1 for CONSTRUCTION 

12 Old Bull St, London W1 Tel. 01-493 0802 1975 | 

COHTlKSHTAL SELLING FRICESj AUSTRIA ScKISt BELGIUM FrJ5; DENMARK Kr.3.5; FRANCE Fr.J.O; GERMANT DM2.C| ITALT L.5N; NETHERLANDS FIJLfc NOR WAT Kr.3.S; PORTUGAL Ek. 20; SPAIN Pt**.40 : SWEDEN Kr.3JS; SWITZERLAND Fr.2.0; EIRE T5p 


f 


NEWS SUMMARY 


general 


BUSINESS 


Si’s - 

S T- 4 C i 

v ns 


Liberals Italy 
unlikely seek s 


to renew 
pact 

The prospect of an October 
general election strengthened 
further yesterday as Mr. David 
Sire! hinterl that the Liberal 
Party would he unable to renew 
its pact with the Government 
beyond this summer. 

He said that the agreement 
still stood, in spile of Uic row 
between the Liberals and Labour 
over tax cuts. 

The Liberals will go on back- 
ine the Government in the 
short-term so that ** Liberal ” 
measures can be enacted, but 
' Mr. Steel said that it would not 
he in iho country's best interest 
for Labour to carry on depend- 
ing on minority party support 
on a day-io-day basis. Back Page 

Eitan backing 

The Israeli Cabinet has rejected 
a complaint that General Eilan. 
Israeli Chief-of-Staff. had over- 
stepped his authority by speaking 
against withdrawal from the West 
Bank 3nd Golan Heights. A 
senior Jordanian official has 
denied reports that King Hussein 
had advised Arab leaders that 
Israel intended to occupy the 
Eait Bank. Page 2 

Bus deaths 

Six children and one adult were 
killed when a school minibus 
and » lurry were in collision near 
Earls Cnlnv, Essex. 

Terrorist law 

Italy's hud only Christian Demo- 
era i Government is to seek a 
confidence motion in Parliament 
this neck, demanding immediate 
r.iuftealion nf lough new anti- 
irrrurist measures. Page 2 

Asian march 

More than 5.UUQ Asians marched 
I mm the Bilal End to Hyde Park 
y«\%terday in protest at ibe kil- 
ims of Altai* All. a Bangladeshi. 
Placards claimed police were 
covering up a racial a (lack. 

Carlos report 

Seal kind Yard is investigating a 
reported sight ins in London of 
t/irlus "The Jackal." Ihc world's 
u»u>t wauled terrorist. He is 
wanted for the shunting of Air. , 
Ju-eph Su*»T. president nf Marks 
.md Spencer, and Tor the 1975 
kidnapping of OPEC leaders. 

Comoro coup 

^ President Ah Soiiih. socialist 1 
leader nf the Comoro Islands in ; 
ii i 1 the Indian Ocean, has been 

deposed m a bloodless coup ; 
which brought a military govern- 
incut to power. 

Shah statement < 

9 X t ^ The Shah nf Iran says the Govern- ! 
- * £ : »G]| menf’s determination to take 
tough iiieaMires against demon- , 
slrators will not delay his pro- 
grjimnv «f political liberalisation. 
Pages 1 2 and 22 

Briefly ... 

• Weekly £50.000 premium-hnnd 
prue won by Staffordshire bond 
^4 XL 7557 16. 

Mure than 20 people wore ar- 
rested for possession nf drugs 
during a Hyde Park rally 
nrcaniMfl by the “ Smnkey 
Bears" movement which wants 
marijuana legalised. 

Lord ilailsham tlew back from 
Australia with his wife's body on 
Saturday. 

Sail age workers have stabilised ( 
i he 1'inw section of the Greek . 
tanker Elem V off the Suffolk 
road. Page 3 

LoinnniuHt-backcrt rebels have i 
attacked the Zaire copper mining j 
iiiivii of Kolwezi. 

Mr. V. S. Williams of Gidea Park, i 
Iksi'x. is winner of the Sausage 
of i hr Year award, while YWGA 
pubiinti oilicer John Lane has 
broken the world onion peeling 
record. . 


seeks 

IMF 

loan 


Muzorewa drops 
demand for sacked 


Kaunda 
appeals 
to UK 


US tax move 

may ease loan 


Minister’s return for aid rate pressure 


NEW YORK. May 14. 


• ITALY is hoping to negotiate 
two large loans from the IMP, 
and EEC, together worth an 
estimated $2.5bn, as part of a 
programme to consolidate the 
country's short- and medium- 
term debt obligations- 

PreJiminary discussions on the 
standby credits have taken, place 
in Rome and detailed negotia- 
tions are expected to start in 
June-. Back Page 

• BRITISH SHIPBUILDERS is 
lagging far behind competitors 
in service to tbe offshore oil 
market, and needs a substantial 
reorganisation and investment 
programme if it is to win 
orders from the oil industry, 
according to a report wi thin the 
Corporation. The report comes 
at a time when the oil industry 
is under increasing Government 
pressure to buy British marine 
equipment. Back Page 


• RETROSPECTIVE legislation 
proposed in the Finance Bill by 
the Government to try to elimi- 
nate organised tax avoidance will 
be opposed by the Conservative 
party in standing committee. The 
Ton- opposition is expected to 
weaken the impact of the tax 
scheme. Back Page 


• BRITISH LEYLAND plans to 
import a limited number of Minis 
from its Belgian plant to meet 
tbe current strong market Long- 
bridge shop stewards will discuss 
the pinn to-day. At tbe same 
time Ford UK has put forward 
proposals to change the basis of 
publishing vehicle import figures, 
so that it would be no longer 
char where the cars sold in 
Britain were made. Back Page 


BNOC plans 
£2bn investment 


BY TONY HAWKINS: SALISBURY, MAY 14 

Bishop Abel Muzorewa’s United African National Council today decided to 
stay in the Rhodesian transitional government despite the refusal of the 
interim government to reinstate Mr. Byron Hove, the dismissed black Cabinet 
Minister. 


The decision — taken at an 
eight-hour meeting by the 70- 
member national executive of 
the party — appears to have been 
hotly debated. It might cost the 
party- some grass roots support 
and some ot its yuunger, more 
militant, members. 

The party said tonight its 
withdrawal would have resulted 
in the immediate collapse of the 
interim Government and the 
Salisbury settlement. 

“ Acting purely in the 
interests of the country and the 
people, tbe national executive 
council decided that the party 
shall remain in the transitional 
Government and the party 
remains committed to the objec- 
tives and tasks which must be 
accomplished by the transitional 
Govemmen t.*’ 

It said Mr. Hove's dismissal 
two weeks ago had left “ a nasty 
political smell in the country.” 
The party fully intended to 

cleanse the air. 

‘‘The party remains angry, un- 
happy and suspicious about the 
motives nf some individuals in 

the transitional Government. 

There have been unconstitutional 
decisions. There has been a most 
serious abrogation of the prin- 
ciple of consensus and a 

deliberate delay in the removal 
of racial discrimination." 

But the party said it would be 
inconsistent with Us integrity to 


fail to honour the agreement. 
“ When one soldier falls because 
of dirty intrigues, another must 
immediately take his place,” the 
party said, implying that tbe 
Bishop would agree to nominate 
another black Minister to replace 
Mr. Hove as Co-Minister of 
Justice, Law and Order in the 
18-member ministerial council of 
tbe transitional administration. 

The party’s decision to back 
down from last Sunday’s ulti- 
matum — ■ that the executive 
council of the transitional govern- 
ment reinstate Mr. Hove imme- 
diately or face UANC withdrawal 
— was not altogether surprising. 
Senior party officials warned the 
Bishop that to withdraw at this 
stage could have left the party 
in danger nf being politically 
isolated. There is speculation 
here tonight that the Bishop will 
suffer in the country as well as 
in the eyes of the Patriotic Front 
externally, where he will be 
branded as a weak man and as a 
wave re r. 

The political assessment here 
is that op balance the party bad 
more to Jose by pulling out of 
the agreement than staying with 
it, especially as some of Its In- 
fluential moderates bad ap- 
parently threatened to split the 
party rather than run the risk of 
being left in the political wilder- 
ness as the result of an emotional 
decision to withdraw. 


The feeling is that the internal 
settlement is stii) the Bishop's 
best route to power. 

The party laid down no condi- 
tions concerning its continued 
participation in the Government 
— in stark contrast to some of 
tbe belligerent statements hy the 
Bishop and some of his aides in 
recent days. But in an abvious 
effort io distance himself from 
the other three members of the 
executive council — Chief Chirau. 
the Rev. Sitbole and Mr. Smith 
— the Bishop said he would not 
join the others in addressing 
meetings around the country 
aimed at "selling" tbe agree- 
ment. such as ibe all-party meet- 
ing last week. 

The party repeated its familiar 
demands, which it says it is 
working to achieve in the 
interim Government These in- 
clude the release of all political 
detainees, the ending of execu- 
tions. the dismantling of pro- 
tected villages, the removal of 
racial discrimination, and the 
preparattion for majority rule on 
December 31 this year, “on 
which date tbeUANC will form 
a government." 

The party demanded that 
preparatory arrangements for 
one-man-one-vote elections be 
hastened with an immediate 
start to the delimitation of 
constituencies and registration 
of voters. 


k 


MR. BLL-illENTIIAL: 
President's commitment. 


Saudis link US jets plea 
to ‘Communist threat’ 


m BRITISH NATIONAL OIL 
CORPORATION expects to spend 
about £2bn on offshore activities 
during the next five years to 
19S2. but has (old the Energy 
Department that it does not plan 
to ask the Government to extend 
its borrowing limit — at present 
up to £fiOOm. which can be raised 
to £900m with Parliamentary con- 
sent. Back Page 

• BSC middle and senior 
managers, as members nf the 
Steel Industry Management Asso- 
ciation. have applied for 
affiliation to the TUC, following 
corporation plans to introduce 
a worker participation structure 
in BSC which would exclude 
managers. Page 6 

• NATIONAL GRAPHICAL 
Association is planning to take 
disciplinary action against mem- 
bers who prevented publication 
of the Observer newspaper 
yesterday because of an unofficial 
dispute over manning. Page 6 


BY DAVID BELL 

KING KHALJD of Saudi Arabia 
has sent a public letter to Presi- 
dent Carter in which he appealed 
to the US Congress not to block 
the proposed sale of advanced 
aircraft Id the Saudis. The king 
claimed that there had been a 
“recently stepped-up Communist 
expansion ” close to bis country's 
borders. 

His ietler came only 24 hours 
before tomorrow’s critical vote 
in the Senate on the Administra- 
tion's proposed three-way arms 
deal with Egypt, Israel and Saudi 
Arabia. 

Under this scheme, which has 
been fiercely opposed by the 
Israelis, the Saudis would 
receive 60 sophisticated F-15 air- 
craft. 

As if to lend weight to the 
Saudi concern. Mr. Carter, in an 
interview released yesterday, 
attacked the Soviet Union and 
Cuba for ** unnecessary and 
excessive use of military forces 
. . . all over the African con- 
tinent" and "to some degree 
lately" in the Middle East, 

He said that there was now 
a significant number of Cuban 


advisers in South Yemen, which 
is on Saudi Arabia's southern 
border, and that this was a 
major cause for concern. 

The Slate Department re- 
ported that there may be as 
many as 600 Cubans in South 
Yemen, but that many of them 
had been there for some years. 

However, it added that since 
the Snviei-Cuhan intervention in 
Ethiopia the number of Soviet, 
Cuban and East German per- 
sonnel ihere has risen and may 
now total about 1.000. 

Mr. Carter said that Dr. 
Fidel Castro, tbe Cuban Presi- 
dent. had " grossly increased 
the number of troops in several 
countries in Africa recently" 
and that latest US intelligence 
suggested that “ Cuban troop 
losses in Africa have recently 
been quite high." 

The issue of growing Cuban 
involvement is causing concern 
to the Administration. Mr. Carter 
said that nothing would please 
him more than for President 
Castro to say that he would 
withdraw his troops from the 
Continent and that “he was 


WASHINGTON, May 14. 

going to refrain from injecting 
Cuban troops into Rhodesia in 
the future or that he was going 
to quit offering Cuban troops to 
the leaders among the frontline 
Presidents." 

The President's decision to, 
highlight Cuban involvement in | 
South Yemen was clearly in-, 
tended to strengthen the hand 
of those in the US Senate who! 
argue that the Saudis need the i 
F-i5s for “defensive purposes.", 

Sen. Robert Byrd, the Senate! 
Majority Leader, said yesterday! 
that he was confident that the! 
sale would be approved and that 
be was determined that the voiel 
should he held tomorrow. j 

A vote to block the sale would 
be a serious blow for the Ad- 
ministration and, possible, do 
lasting damage of US -Saudi, 
relations. 

King Khalid reFerred to this in 
bis letter, noting, in somewhat i 
oblique language, that Saudi 

Arabia's “long and increasingly 1 

close relationship with the US j 
is. even with all of its proven 
mutual benefits, still only at an 
early stage of reciprocal worth.” 


By Bridget Bloom, by STEWART FLEMING NEW YORK. May 14. 

Africa Correspondent \ 

MR. G. WILLIAM MILLER. 

PRESIDENT KAUNDA of 'chairman of the US Federal 
Zambia, who is in London on an ‘Reserve Board, has .scored a 
official visit, said yesterday that {significant victory with the 
be hoped to get an " unqualified j Carter Administration's an- 
coiumitment ” from both the nounccment of support for a 
British and the U.S. Govern- reduced tax stimulus for ihe US 
raents on an aid package of economy. 

about S400m to tide Zambia Mr Miller, who has been 

through its economic difficulties.) p U 5jj c jy urging Ihe proposals 
. D . r - Kaunda. who is to discuss t j,c Administration is now 

both aid matters and southern hacking indicated this weekend 
Africa with British Ministers fhat the while House's shift of 
to-day before leaving for wash- p D jj L .y would help the Fed ease gif' ' ^7 
ington tomorrow, said that be h upward pressure on interest M, 
hoped that Britain and ihe US rates H p 
would persuade their western , . .... 

partners to agree to an aid pack- However, the ted is nnw 

age equal to the recent 390Sm j" acl „ n s s particularly thorny 
credit to Zambia arranged by the decision on monetary policy 
International Monetary Fund. because of signs over the past HP 

Though he would not comment month that the money supply 

on the amount of money Zambia oas been running out of control. 
is seeking from Britain — in addi- The Administration indicated 

tion to the £9. 2m loan signed on Friday that it was ready to 
last week— Dr. Kaunda said that support a S5bn reduction to 

while new loans might take time about S19.5hn in the tax relief 

to negotiate, he hoped he would it had proposed earlier in the MR. BLUMENTHAL: 

return to Zambia with specifir year and to postpone its intro- President's commitment, 
commitments. duction for three months until 

For Zambia itself, and for January 1. annual rate of growth is now 7.5 

southern Africa, his present visit This change will also reduce per cent, which is almve the long- 
was “ crucial— -probably the most th e Budget deficit, something term larger of 6.5 per cent that 
important I have ever under- Mr. Miller has urged as the vital the Fed has set. Over the past 
taken. element in anti-inliationary month the growth has been at 

He expected to know within policy. an .annua) rate of 22 per cent — 

ttvo months, following the Bonn However, there remains some iho son of increase which Wall 
summit, where the West stood scepticism about whether the Street believes demands Fed 
? n .i«r Pl ^«! I tS?l.^ an Afr? C « IIOI u£ trimming of the tax plan will action to tighten credit. More- 
01 S;™ ciSi. »J|5 reduce the deficit for fiscal 1979 over, these increases come 
!2E2lp»Ji2S r-^?orV ro S53bn.. as suggested by the against evidence of quickening 
a *(? e to follow President Carters Administration. Some argue inflation and a buoyant economy. 

ffi£S 0 a.?ta* n prS?5- ThS *« r" P«*«nl U» Signih^ntl,-. hOT *«r. -c 

meant f?.“ slipmrt fnr main™ Sf? n c,t h f ™ ra , ns '" s T" h,eher doei st ' f ' m 10 '* = r,, "' i,, S P" 11 "' 
rule in Rhodesia Namibia and J“t ell h alrr li> ’ f,cen P™' cal fnr anli-inllalionjry 

South Africa itself. metea. policies such as tighter credit. 

A problem for Mr. Miller js Thu*. 51r A1 Ullmunn. chair- 
whether, in view or the conces- man of the House Ways and 
JT Ulclgll Sions the White House has made Means Committee, has indicated 

Tt„i ,u-. -• . e t0 views, the Fed can that the Carter Administration 

Unless this support were forth- now con tjnue to allow short-term could reduce its tax stimulus 
coming, he warned. Russian and interest rates to rise as the eve.i further — a remarkable 
Cuban involvement in Rhodesia surging money supply growth stance in an election year from 
could well be the ' final event :n an d the strong rebound in the a man whn has to face ihe 
the sequence of events that have economy in the second quarter voters. 

been taking place over the last seem to demand. In the meantime. Mr. Miller's 

L years. Wall Street economists are victory on economic, pul icy will 

It would not be a question of predicting that the Fed. further reassure the financial 
Dr. Kaunda inviting the Russians whicb has allowed the key markets ali.ml the- speed and 
and Cubans in. The war .in federal funds interest rate to assurance with which he has 
Rhodesia was already being r j se by half a percentage point taken over tbe job i»f Fed chair- 
mane international by the use ’if j n jh e p a st month, will- have ro man. So far at least the stuck 
thousands of foreign mercenaries permit credit conditions to market has shrugged off the 
on the Rhodesian side. If the tighten further. interest rate rises, being sus- 

Si?th^i W rh-°lwt?™ e r. The Federal Open Market Com- ^ined instead by the dollar's 

™, h mi nee holds its regular monthly performance and the evidence 

menl. tne PairiOUe I-ront which meeting tomorrow and until the frnra the Administration nf a 
*' ^ U ! d wek-end. it was tuldely expected determination In ficht 

ZiS that 51 would fppraw further 

those whn would. credit lightening Mr Michael Bliimenthai. 

Dr. Kaunda described the in- Such a sle **' gap—. , 0 Treasury Secretary, speaking at 

required because of the excessive <>*•* same meeting this weekend 
for civil war. However, he „ rowth D f ,h e monov suonlv. ,he business council as Mr. 
believed that the Anglo-American ° hjch ^ -enerallv held to fiH Miller, said: “The President's 
proposals were still the best hope JnllaLion On Thursday- of last commitment to work <:-wm more 
for a negotiated settlement- Fed announced that lively in reducing ihe deficit 

though he still thought that it i a (est Lnkiog week the and rL,ducin ~ 'pending ... is 

would be better to hold elections 'Vrow : Hv ™ K "7 ««« '”****: ‘ . , 


" '„7uLv k narrow money supply rose 

tl,an before $4bn — a record increase on sc 
independence. measures. 


He hoped the West would lister As _ re , ult of thp raDid »u« u«. ..n ...... i 

to his warnings this time. He incr S eas J s reputed over the past new defieit fr,recasl WJS 

Continued on Back Page s jx weeks, the money supply's Editorial cum incut Page 14 

A shrewd Investment 
deserves to be 
featured on the 
frontua&e of the F.T. 


Ho indicated that he was 
expecting a lower Budget deficit 
nnw. bui did not say \\hat the 


No clash pledge j\| or tg a g e CUfbS to COntillUe 


on pay 


BY MICHAEL CASSELL. BUILDING CORRESPONDENT 


• ASTMS leader, Mr. Clive 
Jenkins, has promised that his 
union will avoid a clash with the 
Government on pay in the public 
sector during the next wage 
round. Page 6 

• CBI proposals for the creation 

of a special Parliamentary select 
committee to advise on pay limits 
is expected to receive little sup- 
port from the Government. Civil 
Service or the trades unions. ■ 
Back Page. I 

• ROLLS-ROYCE Motors, which 
last year sold more than a third 
of its entire production to US 
customers, is to build a new S'4m 
headquarters in Lyndburst, New 

Jersey. 


CONTENTS OF TO-DAY'S ISSUE 



Overseas news 2 

World trade news 3 

Home news — general ,,.,..4-5 

—labour 6 

Technical page 8 

txecut ive's and Office World 1 1 


Arts page I 3 

Leader page 14 

UK companies 24 

International companies ... 26 

Euromarkets 3? 

Foreign Exchanges 25 

Mining Notebook 25 


GOVERNMENT-IMPOSED re- 
strictions on mortgage lending 
new. seem certain to be con- 
tinued into the second half of 
the year.' despite opposition 
from the building societies. 

The restrictions were agreed 
on in March, when the Govern- 
ment became concerned at 
evidence that house prices were 
rising rapidly. The building 
societies were called on to cut 
their monthly lending quota or 
£6S0m.— agreed between the two 
sides at the beginning of the 
year — by 10 per cent, from April 
and maintain the reduction until 
the end of June. 

The agreement did not cover 
so-called peripheral lending for 
items such as home improvement, 
and advances of this type have 
now risen from about £4Qm. a 
month to more than £100m- 

Tbe societies have continued 
to criticise the artificial restric- 


tion on lending since it was first 
introduced, emphasising that, 
while some house prices have 
moved sharply ahead, average 
market prices have not reacted 
dramatically and that a squeeze 
an mortgage finance is 
unnecessary. 

It now appears, however, that 
Government representatives on 
the Joint Advisors' Committee, 
which acts as a forum for the 
two sides, have said that there 
will be no let-up in mortgage 
lending reductions until a clearer 
picture of house price trends has 
emerged. 

The' movement has calculated 
that about 1;4Q0 mortgage appli- 
cants a week are being turned 
down because of the cuts. Latest 
figures from The Building 
Societies’ Association confirm 
that the cuts have begun to bite, 
with new mortgage commitments 
in .April falling to £7l3m from 
£807m in March. 


Commitments this month will 
have to show a further big drop. 

In April the association said 
that it would press the Govern- 
ment for an Immediate but 
gradual relaxation in lending 
controls, so that the mortgage 
advance programme could 
resume its originally planned 
level without provoking an addi- 
tional surge of demand. 

It is now questionable, how- 
ever. whether the societies would 
be able to resume lending at 
significantly higher levels, given 
the decline in net receipts now 
being experienced. Liquidity 
will be reduced to meet even 
the lower mortgage advance pro- 
gramme an d so higher interest 
rates will be required to attract 
more new funds. 

The societies will meet m June 
to discuss higher rates and the 

restrictions on mortgages will 
provide them with an added 
dilemma. 



: <sYf s f 


Coal subsidy for power stations 


BY JOHN LLOYD. INDUSTRIAL STAFF 



FEATURES 

EEC farm xettletnent 14 Outsiders in US Boardrooms 11 

The troubles in Iran 23 FT bURYEx 

Justinian ' 12 Switzerland 



ApoaiMmemi 
Building Notes . . . 
Businrsfai airs Diary 
Contracts & Tenders 
Crossword 

Entertainment GiMe 
VfoaiKfai Diary . 

. insurance . . 

£ »■*»»* 

f Uir 

V Lombard . ,. 

. Hen ud Mailers . 
J rtu-llamrnt Otars 


Pending DhrldeMtt 25 M 

SBare information .. M-3S IJoyd* and ScotllsN 

^■s Event,'.:: S PROSPECTUSES 

TV and Radio .. . 12 Eurttfterm IbU. 2V-M 

Unit Trims 33 Wade PMterie* 25 

Weather - 3$ 

World Been. Ind, 3 ANNUAL MEETINGS 

*“ s t£ u SL™5S..v-. 

INTERIM STATEMENTS Enoln 
Kk. of New S Wale* M NEI 


For Inlesl Share Index 'phone 01-246 S 026 


THE GOVERNMENT will subsi- 
dise tbe sale of coal to power 
stations next year if. as seems 
likely, too much coal is produced 
for the available market. 

At the same time, it has re- 
vised it- expectations of a sharp 
upturn in demand for coal from 
the mid-1980s to about 1990. 

The cost of the subsidies will 
depend on the relative prices 
of oil and gas on the level of 
coal stocks at the pithead and 
in the power stations, and on 
the buoyancy of coal's other 
markets. 

However, if these do not im- 
prove in coal's favour. Ihe 
subsidies could run into lens 


of millions of pounds. 

Powers to provide the subsi- 
dies are contained in the 1973 
Coal Industry Act The limit of 
the payment is £50m. but the 
Secretary for Energy can bring 
an order to increase the pay- 
ments, up to a limit of £10m. 

As the Government admits, the 
mechanism in effect would be a 
bribe to the Central Electricity 
Generating Board and the Souib 
of Scotland Electricity Board to 
burn coal. The powers were used 
briefly in 1973. after the 1972 
miners' strike, but have not been 
used since. 

On future markets, both the 
National Coal Board and the 


Department of Energy work on 
tbe assumption that demand for 
coal will rise gently in the late 
1970s and early 19S0s, then grow 
more steeply after 1985 to match 

production. 

Under the Plan for Coal, 
drawn up In 1974, an annual pro- 
duction flsure of 135m tons bv 
1985. and 170m ions by 2000. is 
called for. 

However, officials in the 
Department of Energy now 
believe that the more rapid 
growth in consumption may not 
come until 1990. This is based 
partly on a view that oil may 
remain reasonably competitive 
for a longer period. 


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It could be the first step 
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f 


i 



yinancaal-'^wfiS' 



Andreotti seeks 
confidence vote 
over security 


BY DOMINICK J. COYLE 


ROME, May 14. 


IN THE WAKE of the assassina* MSI to secure even more 
tion of Sig. Aldo Moro. the extreme provisions, including 


former Prime Minister. Italy's 
. ... - . . officer as Interior Minister, and 


minority Christian 


Hbinnnr-it iuici «vi ^tuiniui, ailU 

Democrat t }, e reintroduetion of the death 
govern ment is to seek a vote of Liena lty 
confidence in Parliament this * *' A , 

week, demanding the immediate Sig. Andreotti himself has 
ratification of tougher ami- t3ken ov « interim responsibility 
terrorist measures. for Interior Ministry, foliow- 

ins the resignation oE Sia. 
The measures have already F r4 fl C esco Cossiga in the face of 
if 011 ? by ?,? cr * e aw ' widespread criticism of the 
anSift? I Th.v security forces in connection 

The > provide for W j Cb ^ Moro kidnapping, but 
wider powers of search and he is expected to call an all. 
arrest, the increased use of tele- rtv summ ! t ,i.- ls u.-eek to trv to 
Phone tapping, the limited inter- a!« on * “!£ 

rogation of subjects without the n Qra i ni » e f Qr the nnrtfalia 
presence of legal representation. „ “ r tne por " Q,l °- 

and mandatory life sentences a nhff* -fu ? e rAn««ntd : ' ° 
where kidnap victims are $ub- a ^ graphically representative 

cequentlv murdered. sa,1 ? pIe naUo “ al opinion are 

* voting today aod tomorrow in 

Sig. i.iuiio Andreotti. the local elections which will deter- 
Prime Minister, has now* asked mine whether there has been any 
the Chamber of Deputies for significant shift in public opinion 
immediate endorsement oF these s ince the June 1976 general 
provisions " without changes and elections. 

without additions. Some Christian Democrat 

This is a reference to the con- leaders anticipate that a strong 
eerted campaign by some Left- "sympathy vote for Moro" 
wing parties to force amend- could swing the results greatly 
men is in the interest of human in favour oF the Christian Demo- 
rights, and by the neo-Fascist crats- 


Dublin defends salary guidelines 


BY OUR OWN CORRESPONDENT 


DUBLIN. May 14. 


THE DUBLIN Government has The salaries of most of the 
threatened io cut salaries of chief executives are fixed by the 
chief executives of state-span- semi-State companies' boards, 
sored companies if they are above Mr. Colley said that where guidc- 
thc level permitted by Govern- lines were being flouted de- 
mem guidelines. Mr. George liheratcly, the question of the 
Colley, the Finance Minister, said suitability of the hoards would 
yesterday that he was pursuing come into question, 
a number of cases. Three semi-state boards which 

Mr. Michael Culligaa. general arc alleged to be paying their 
manager of the Agricultural chief executives above the limits 
Credit Corporation, has already are Aer Lingus, the Irish Life 
had his salary reduced from Assurance Company and the 
£16.000 to £12,000 a year. state transport company. CrE. 


Helsinki group leader goes on trial in Moscow to-day 


BY DAVID SATTER 

J3t 


MOSCOW. April 14 

DR: YU RI — ORLOV, - the - leader of the Georgian Helsinki group— week. Beginning with the arrests ol Dr. Orlov’s *J*®**^ W RuLan '• 

of the dissident group which Zviad Gamsakhurdia, a writer; Dr. Orlov's trial will probably Dr. Orlov and Mr. Alexander being - Mr John' 

* r;^*»ki«c n \w% VfiVmlurV 1 Wi 7 Q fllSClrtPlllS JUM 


Nominal 
increase 
in Brazil’s: 
spending 


sought to monitor Soviet observ- and Merab Kostava. a musico- be officia | lv **Q D en" hut Follow- r » 1Bzbur « m February. 1977, a dissidents jmi barrisU . r ., 

ance of the Helsinki accords. Jo-ist — are to go on trial in ! wtal of 17 Helsinki group McDona !d. f aLonUonoaM | 

goes on trial tomorrow, charged Ihilisu also charged with anti- m 8 Pattern of past dissident meni b ers have been either opens in London , 

with anti-Soviet agitation, a Soviet agitation. tr,als - a11 seats in ^ courtroom arrested or sentenced in various thrcc Lvudimella Alexey-! . . ' 

crime punishable by up to seven In an apparent attempt to expected to be filled m parts of the country. eva Valentine Turchin and Lydia ;Thr 

years' imprisonment and five hold down the size of the crowd ad yance. with only Dr. Orlovs ., Voronina llew into London from j due iu be •*"* . 

years’ exile expected outside the Lublino WJ fe- Irma, and his two sons Others have been induced to ; h . .», e us. August Jl. tails tar omy nptat, 

'The *1 on g-a waited trial, is to coS ro T^rroT mEyof allowed to attend. emigrate and the trial of Dr ^ir new hum, m the L.. 

take place in a courtroom of the Dr. Orlov's friends have been Dr. Orlov is beinx put on trial 1 Mr. McDonald. " ho . . Dunn Smith from J__e dWBh*. 

Moscow 

district 
and 


ake place in a courtroom of the Dr. Orlov’s friends have been Dr. Orlov is being put on trial 0V ri „T h " * Mr Mr ' fT nrin \ incraue **» 

doscow city court, in the Lublino sent out of town on business after months of seeming hesita- Mr- Ginzburg and An ®, y appointed as Dr. Orlovs defence fcxpendituri .is „u 

listrict of south-east Moscow, trips. K sSjaw stipuKat a “S,L a “« Ds e l bul Wa ? 

ind is expected to last three Others have been closely a suspect cannot he^eld loncer ? f Soviet j UO j: mission to attend the mal. * the inflation . itext 


and is expected to last three Others have been closely a suspect cannot be held longer t UI hi-T mission to auenu i**« fv\V ‘nr 

days. The presiding judge I* shadowed by the KGB. have than nine months before trial. jL-riESof the mmSobUS JSW eXP i^f iLT’^coufd puli Revenue is forecast at msha 
’SSSSa.Kft ft® ™l lwd threatening telephone but this term was extended in £« ardJess ° f the reacDon m ^ \ P5 a J£L R l « c - 


presided at political trialTin the calls*/ or beCT“tow“not“’to "leave The 1 case of" Dr. Orlov7or another WcSt ‘ _ sufficient pressure on l J e So ™]!K nd ui than a^'tSSrS 

pa ^ 2?/^ !L S . b X a special _uct of 0..r M Foreign ..Staff adds: A authorities to m^e them 


Simultaneously, two members first three days of the workine the Russian Supreme Soviet “parallel trial," to put forward him a lenient sentence. 


Shah will ‘persevere 
with liberalisation 9 


BY ANDREW WHITLEY 


TEHRAN, May 14. 


Rebel attack 
on Zaire 
mining town 


KINSHASA. May 14. 
ZAIRE said today that its 
southern province or Shaba, 
former Katanga, bad been 
attacked by Communist-backed 
rebels from Angola who 


THE SHAH OF IRAN has said implying that onlv a strong 
that bis Government's deter- monarchy could keep Iran 
mination to take tough measures united. 

against demonstrators will not A common theme of dissident 
slow bis programme of political activity in the past year has 
liberalisation. He was comment- been demands for the full 
ing on the violent disturbances observance of the Constitution, i entered the country through 
of the past week which left more framed in 1907 but repeaiedly' " ‘‘ ! ~ 

than 20 dead according to un- amended by both the present 
official estimates. Shah and his father to strengthen 

At a news conference yesterday, the monarchy's powers, 
the Shah concentrated his attack Throughout the 90-minure 
on political dissidents from the news conference, the Shah 
former National Front who. he stressed the dangers of occupa- 
said, wanted Iran to be parti- tion and foreign influence- He 
tioned again by the great powers, made no reference to the 
Some of the old leaders of the religious opposition to his rule, 
front, which backed Mr. or his Government's handling of 


Sadat calls for an 
end to ‘indiscipline’ 


BY ROGER MATTHEWS 


CAIRO. May 14. 


Mossadek, Prime Minister in the the disturbances, which have ini Belgium. 


Zambia. 

The official news agency, 
Azap, quoted President Mobuto 
Sese Seko as saying that 4,000 
former Katangan gendarmes 
launched the attack late last 
Thursday night. 

Zaire defeated a similar 
invasion last year with the 
help of Moroccan troops and 
military aid from France and 


early 1950s. during the greatest fact been the main stimuli for 
challenge the Shah has faced dur- unrest. 

ing his reign, recently formed After the fourth round of 

the Union of National Front trouble in four months, there 

forces. are indications that the new 

Blaming the riots on the work tough approach .-to quelling 
of "politically bankrupt" people dissent, which has included the 
such as these, the Shah said Iran use of troops and armoured 

was no lunger a country to be vehicles, will -be maintained. It 

divided into spheres of influence, has also been announced that 
“Their’s Is the Constitution of two of the three Qom Ayatullahs. 
1907. which very easily per- the senior Shi’a religious rank, 
mitted the partition of Iran." he are to go abroad for medical 
said, thus dismissing calls for a treatment 
curb on bis own powers, and Feature, Page 23 


President Mobnlo said the 
rebels who were attacking the 
copper iohii of Kolwezi were 
supported by the Soviet Union 
and Cuba, as well as Algeria 
and Libya. 

A 2 ap said he was preparing 
to order a general mobilisation 
The agency said Cuban 
troops were among the 
attackers who were repulsed 
from -tlutshatsba. in sontb-east 
Shaba, by Zaire troops in a 
2-i hour battle this morning. 
Reuter 


nut lays on personnel, with ifwtnw- 
linns io keep UirmgJi lo a. tabu, 
mum. w 

Expenditure adroaci is to- -he 
held al the 1979 level. If Outlays 
abroad have to be increased* then : 
l he hrulv involved must- absorb 
the amount within its budget 
limits. 


India to allow 
gold imports 


India is to allow the import of 
sold on p major scale for- -flip 


THE CAMPAIGN of rumour and loan from an Arab country m |= . — — - ,w.,u 

doubt in Egypt has to stop. Presi- 1973 that Mr. Sadat bad put into (manufacture o cod leureltey 
dent Anwar Sadat of Egypt his own personal account andij^r «wt. 
declared today. then forpolten about tor ‘LJt R 

In his second major speech years. imeetim: of the Indian Diamond 

within a fortnight, the Egyptian it was all to do with an air-j i„ dilute in Surat that jewellers 
leader spent nearly two hours crart factory and the fact than wou Id be nerini tied to import any 
and 20 minutes telling the Pariia- Mr. Sadat thougbt he might need amount or gold so long as it was 
meat that it bad to put a halt to the money suddenly to pay Mr. ( used in the manufacture of items 
the “ indiscipline " that was Leonid Brezhnev, the Soviet . for sale abroad. Surveys had 



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threatening both the road to leader, for much seeded supplies, 
democracy and the country’s Not until 1974 was the Presi- 
“ social peace-” dent's memory jogged, he 

Mr. Sadat’s most bitter words recalled, when the then Prime 
were reserved for the Left. With- Minister came and said he had 
out announcing any specific discovered the money and used 
action to be taken against the it for the supply of essential 
Left-wing Unionist Progressive commodities. 

Party, he said that he was send- Well-intentioned mistakes 
ing a note to the Secretary- could be permitted. Mr. Sadat 
General of the ruling Arab Socia- bad said earlier, but he could 
list Union about ils behaviour, not tolerate ihe campaign of 
He indicated that if necessary denigration and distortion that 
he would go to the people and had begun about a month ago. 
seek their views on the right of The left-wing and its weekly 
certain political parties to con- newspaper had fallen into very 
tinue in being. erave errors because they were 

For much of the time the Par- using their newly granted free- 
liament was treated to a rambling °om as if it was a Licence to 
discourse that included a dis- mount constant attacks on 
cuss ion of the French Revolu- “8>‘P l - 

lion, the antics of British diplo- Attempts were similarly being 
mats In Cairo before and after made to exploit the country's 
the 1952 officers' revolt, the right economic difficulties, said Mr. 
of Queen Elizabeth to dissolvd Sadat, and rhis he would not 
the British Parliament, the role permit. Neither would he suc- 
of one ofthe President's closest cumb to the efforts being made 
friends. and. most extra- to cause a rift between him and 
ordinarily, the case of a £lm. the "Egyptian family.” 


Begin rejects return of 
West Bank to Jordan 


shown that there was a huge and 
virtually umapiwd potential far 
the sale of Indian gold jewellery 
to the Gulf and other Arab 
states. 


Ecevit in London 
for Cyprus talks 


BY L DANIEL 


JERUSALEM. May 14. 


MR. ;MENACREM BEGIN, the "capacity, while others take him 
Israeli. Prime Minister, has to task for usurping the function 


rejected out of hand an of policy shaping 

hfnrt U h^L- U ?h eS w^ tb R. Th « Prestigious independent 

Jn?dan b tn daily Hi *' aretz warned that the 

S n ’«!f h?fnr? a tht «K5 if Governm *n t was endangering the 
Egypt, fiven before the sUirt of crpdihiiitv * of jtc rpnpatpri cfntA,, 

negotiations for a peace agree- ^nu iho, eJeiyltSg wa. opfoV 


, ... , . , . negotiations by permitting the 

In a public address last night Chief of Staff to express his 
he decalered that a return to the views publicly 

Even Professor Yigal Yadin. 

who heads the Democratic Move-i -*••> -«>uu 0 u.» tot. wau.se. 

ment for CbaDge, a partner in! I - Ministries to cope with 

H« U JSSti WM CaH St t f t,ie B e gin coalition, raised n try’s economic difficulties. 

He called on President Sadat of objections to his utterances I G''”' - '' Luis Sisneros Vizquerra. 

fhe yP ioirit re i^^^h weiS durine today,s meeting. 1 1* 1 '' hard-line Interior Minuter, 

the spirit of whicb they were . . _ * i whose resignation has long been 


Mr. Bulent Ecevit. Turkey's Prime 
Minister, is in London for a four- 
day private visit. He is exacted 
to have talks with Mr. James 
Callaghan, Prime Minister,- and 
Dr. David Owen, Foreign 
Secretary, today al which the 
typrus issue is expected to 
dominate. The discussions will 
be overshadowed by the vote of 
the US Senate Foreign Relations 
Committee to maintain an 
embargo on arms sales to Turkey. 

Cyprus has made a siroue pro- 
test to Bonn over .Chancellor 
Helmut Schmidt's offer to provide 
more anus for Turkey, our 
Nicosia correspondent reports. 
The Chancellor was reported io 
have assured Mr, Ecevit in Bonn 
lost week ihar West Germany 
would provide " large aid to Tur- 
key. particularly in the military 
field. " 


Coup in Comoros 

A two-year experiment with 
Kociaiism in the Comoro Islands 
appears to be over after a blood- 
less coup which has dei>osed 
President All Soilih and brought 
a military government to power, 
Reuter reports. Comoro Suite 
Radio, monitored in Madagascar, 
said a directorate had taken 
power and that Mr. Sodlh was 
under arrest. 


Peruvian reshuffle 


Three new Ministers, including 
two civilians, are to join Peru's 
military Government today. Presi- 
dent Francisco Morales Bermudez 
has appointed the civilians to the 
Economy (Sr. Javier Silve Rueiu) 
and Industry (Sr. Gabriel 


started at the end of last year. Reuter adds from Beirut. Mr. 

Meanwhile, both Mr. Begin and Zuheir Mohsen, military chief of 
M.r. Ezer Weizman. tbe Israeli the . Palestine Liberation 
Defence Minister, have both sup- Organisation and head of the pro- 
ported last week’s declaration bv Syrian Saiqa faction in it. today 
Lt-Cen. Rafael Eitan, the Chief predicted fresh fighting in 
of Staff, that Israel could not be Lebanon unless Egypt and Syria 
defended without control of the resolve their dispute over ways 
West Bank and .the Golan of ending the Middle East con- 
Heights. flicL 

This undertines the vital In Cairo, President Jaafar 
importance to Israel's security Nimeiri. of Sudan today 
which the West Bank has in the reiterated his belief that it would 
eyes of the Begin Government be possible to convene an Arab 
Lt-Gen. Ei tan's statement has reconciliation summit, following 
heen strongly attacked in tbe a one-hour meeting with Presi- 
Press here, some papers express dent Sadat, but gave no reasons 
doubt as to his professional for his optimism. 


demanded by the unions is 
replaced by Genera? Fernando 
Velit Sabauini. formerly the 
army’s intelligence chief. 


Upper Volta polls 

Upper Volta voted yesierday in 
the country’s first democratic 
presidential election for 12 years, 
Reuter reports Trom Ouaga- 
dougou. Four candidates con- 
tested the election including the 
outgoing president. Sangonle 
Lamizana. He is expected to win 
a further five-year term. . . 


I-iK\Nrj«L Timfs. puDIhbcd daily cium $u»- 
d*\-> and hollclttvy u.s. nitacritMiun S 2 m.l« 
fair rrmhii SMo.w lair main per adman. 
Second C|J*T pnwaac paid at New Vort. N'.Y. 



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& 

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I. 



*&«tes Moth! ay May is 


1978 


••' ; i, 





w<>ri,i> i uadi: news 


Geneva trade talks ’may 
go on for another year’ 

Br REGINALD DALE. EUROPEAN EtHTOR 

m< F ;J f | ’n,d" could afroady taaSH" S,****? “V*? “<> 

ttreuli on for another year Tokyo \ask" rJf »hl rSrr*!?- momentum of advance m liberal 

despite efforts to conclude the paper predicts * ° 4TT * ® *“*■ 1116 committee says. 

njjm bulk of the talks this sum- Mr. Galt told a Press confer- .. ‘“ rhc most important contrlbu- 
nier. according to 


— ' »uiu- Mr. Goit told a Press confer- *• ““V ‘“f' 1 ' 1 ' iaut vuuirwu- 

nnhi.cK * :• a P a niphlet ence that such issues might Tl °? “ at our governments can 

published Jn London to-day. include subsidies, public pro- make 10 Prosperity of their 
The paper, written bv Mr CUtemeot and tb e ‘ whole field of peoples 451 l0 Pursue general 
Sidney Goit for the Brilish-North nationalisation. economic policies, both domesti- 

Aiiiencan Committee acknowl Mr. Goit said continuing dis- « ^ “d internationally, that 
edges that the objective remains cussion s would be necessary *? ster ink-creating investment, 
to reach agreement on “doIicv” because, while the Tokyo Round ““L. deal effectively with the 
by July 15. would be the last of the classical Problems of inflation and the 

But Mr. Goit suggests that it set P iece negotiations in GATT. st ™ctural deficiencies impeding 
is now more readilv admitted il wou,d not produce a perfect em Ployment, and that allow the 
that the “policy" uackaee wilt worId trading system. * market system to function effici- 

not be the end of the process Further negotiations would enUy ' r ' 8a ys* 
and that the “small print” S", be required in the North- The committee concl uded, how- 
tiations which will have to Sou i h dialogue to meet the ever, that the industrialised 
continue afrer July 15 will them- n t- of developing countries, nations “need to achieve a 
selves carry a substantial amount WI,M * would not gain many deeper understanding of the pro- 
of “policy" content. ***“■« advantages from the found nature of the economic 

“Whatever may now • be said T m adjustments likely to be required 
It may well be the spring or by M a ‘ nnliev SlKwiMt P hv f *ih d t0 ,. raa1ntain °P en -economic and 
early summer of 1979 beforf the British North SSSSm timiS? JJ? l,tlc * I l s > stera * and of lie true 
negotiating teams in Geneva are fee whS? Cominlt- dimensions of the necessity for 

SK , SKS"K ,h V a ™ B-?5£ ^tter (^operation 

Jon “Kg"* and professional leaders The GATT negotiations 19 73- 

start -it ?£ ■„ in Bntain - the U.S. and Canada. 1979: The Closing Stage by 

^Evenhtan «aSe the need for a success- Sidney Goit, and a Policy 0 State- 

issuMfe tZ 'SrXS&S ^tbytheBri^i-N^meri. 


to 


be finallv Success is essential to preserve can Committee’,' 1 . dSugh' Square, 

e anally settled and will and strengthen the world London. E.C.4A 3 DE. £1.50. 


David Brown 
gets 

£3m contract 

DAVID BROWN Tractors of 
Huddersfield has won an order, 
worth approximately £3m., cover- 
ing the supply of 600 tractors 
and technical aid lo Libya. 

Shipment of the tractors, some 
of which will be sold to 
individual farmers and the rest 
allocated to various state- 
sponsored agricultural projects, 
will begin in the next few weeks. 

As part of the contract, the 
U.K. supplier will provide 
facilities in this country and in 
North Africa for the training of 
Libyan personnel in operational 
a ad servicing techniques and will 
assist in setting up service/repair 
facilities and replacement parts 
stocks. 

• APV Paramount of Crawley, 
Sussex, has been awarded a con- 
tract for the supply of I9S4 re- 
former tube assemblies and 16 
collector manifolds for the two 
large capacity methanol plants 
being designed and engineered 
for construction by Davy Power- 
gas at Tomsk and ‘Gubaha in the 
Soviet Union. 

APV Paramount's share of the 
contract for these methanol 
plants, each with a capacity or 
2.756 short tons a day, amounts: 
to nearly $6m., - 


EEC protest over steel 

BY DAVID BUCHAN 

DESPITE the continued strength tion in transport costs which puts- 
erf EEC steel exports to the U.S„ the trigger price for EEC exports 
Community officials have com- entering the U.S. market through 
plained that U.S. trigger prices the Great Lakes higher than 
— introduced In February to those for Japanese steel un- 
curb cheap imports — still discri- loaded on the U.S. Pacific Coast 
minated against Community The Commission also complains 
exports in favour of Japanese that US. domestic list prices 
steeL are still often below the trigger 

The Commission was com- prices. This means that EEC ex- 
men ting on this week's U.S. ports cannot match these 
announcement of a 5-6 per cent domestic steel prices, without 
average rise in the trigger running the risk of incurring 
prices, to come into effect on “ dumping " charges. 

July 1 and chiefly made neces- In addition, the EEC is still 
sary by the fall in the dollar unhappy that a number of anti- 
and the rise in other currencies, dumping cases opened last year 
notably the yen. on EEC steel, mainly on the 

Brussels officials bad been ex- British Steel Corporation, are 
peeling the rise, but said that it still being pursued in the U.S. 
still did not iron out the distor- courts. 


lA/orld Economic Indicators- 


(INDUSTRIAL PRODUCTION 1970=100) 



March 78 

Feb. 78 

Jan. 78 

March 77 

on year 

US. 

134.6 

132A 

1323 

1283 

+4S 

HOLLAND 

124.0 

126.0 

1264) 

1273 

—2.4 

ITALY 

130.4 

1193 

122.4 

138.7 

-63 

W. GERMANY 

114.1 

1123 

108.7 

1153 

-1.1 


Feb.'TB 

Jan. 78 

Dec. 77 

Feb. 77 


U.K. 

I03S 

103.0 

102S 

1033’ 

t0.6 

FRANCE 

127.0 

12641 

1234) 

127.0 

03 


Jan. 78 

Dec. 77 

Nov. 77 

Jan. 77 


BELGIUM 

1064 

105S 

1193 

1083 

-23 

JAPAN 

1323 

1303 

1293 

1283 

+2.7 


France wins 
$249m. rail 
contract in 
Venezuela 

CARACAS, May 14. 

A FRENCH Government con- 
sortium headed by SGTE 
(Soeiete General de Tech- 
niques et d ’Etudes) has been 
awarded a $249 nz. contract for 
providing rolling stock to the 
Caracas Metro, it was 
announced here. 

The French were' winners in 
a hotly contested bidding cam- 
paign from eight international 
consortia. The contract, which 
was the largest involving 
capital goods for the Caracas 
rapid transit system, calls for 
supplying a total of 242 air- 
conditioned coaches, signal and 
train control systems, electri- 
fication plants and several 
tonnes of steel raiL 
This equipment will be used 
on the 22 km trank line of the 
Caracas Metro, which is 
expected to cost a total of 
$1.5bn. 

At the beginning of the year, 
sources in the CA Metro de 
Caracas said that the 
Venezuelan Government had 
selected the French bidders 
and a Japanese group beaded 
hy C Iloh for final negotia- 
tions on a lucrative rolling 
stock contract 
In March 1977 SGTE placed 
the lowest bid among eight 
international tenders asking 
$229 m. C. Itob put In the next 
lowest lender at $2423m. 

Other bidders were: Soeiete 
Franco-Beige des maleriels des 
Chemins de Per ($296J>m.); 
two US. companies. Westing- 
house Electric Corp. 
(5306.7m.), Pullman Standard 
(5304.8m.): Urban Transporta- 
tion Development of Canada 
($374-6m.); and Siemens AG 
(5259.3m. for alominiom 
coaches and 5257.9m. for stain- 
less steel). 

A British consortium led hy 
CEC entered the highest bid at 
S6D53m. The contract speci- 
fications of SGTE stipulate 
supplying aluminium coaches 
for the Caracas Metro. 

This contract is seen as par- 
ticularly important for foreign 
companies 


TELECOMMUNICATIONS 

U.K. misses Middle East bonanza 

BY JOHN LLOYD 

THE MIDDLE EAST is a tele- 1974, showed that Iran had Algeria is aiming at 672,000 Telecommunications Organisa- 
pnone sellers market, and it will 617,760 lines. Principal suppliers lines by 19SQ. from a 1974 count tion. I . and contracts are expected 
continue to get better. The aver- so far have been Siemens of of 229,673. Its spending levels shortly. 

age growth rate in numbers of West Germany, NEC of Japan have been high recently — ,3500m. ARETO ni-ms m ovn-mri he 
telepfoipne, in 37 Middle EM and ITT. over the past four yeatt-and telephone line, tan, -he S?ronf 

countries is nearly ten per cent., Kuwait, which at the end of the most favoured supplier of 370 000 10 1 350 non nr mnm h v - 

while eight of the richest will 1977 had 170,000 telephones, exchanges is, once again. Erics- iggy un( ] another "no 000 lints 

have rates of growth of nearly plans to raise its telephone son. supplemented by the French will * be add-d bv 193'n Thf 

13 P e . r .. cen V density to 50 per cenL, or 515.9S2 CCCT and ITT (Spain >. World Bank has advanced a 

Writing in a recoDt issue of telephones. However, since over Morocco hopes to expand $3pm. soft loan Tor telecom mu ni- 
“Telecommunications” magazine, half of the country's lm. people from 205.000 lines (late 1976) cation^ exoendituri* with a 
Mr. Walt Sonneville. of the U.S. * 

consultancy firm of Sonneville 
Associates, estimates that eight 
countries — Algeria. Iran, Iraq, 

Kuwait, Libya, Morocco, Saudi 
Arabia aud United Arab Emirates 
—are “potentially great growth 
countries” for telecommunica- SvJ, 
dons. 

The remaining countries will 
show “ potentially modest 
growth.” These are ' Egypt. 


MIDEAST TELEPHONE COUNTS 


South Yemen. 


within the two groups. For 
example,- two countries which 
have published figures for 
planned telecommunications 


and Kuwait which will spend 
5544m. to 1981. 

Iran’s growth will be the most 
dramatic. The Government has 
retained American Beil Inter- are 


ALGERIA 

1976 

Population 

(Millions) 

1730 

TELEPHONE COUNT* 
1974 1975 1976 

229.673 250.424 266,470 

Govern 

Forecast 

672,000 

EGYPT 

3837 

503.000 

506,000 

n.a. 

779.000 

IRAN ... 

33.90 

617,760 

688396 

781 S37 

1.100.000 

IRAQ 

11S1 

152,932 

184,924 

ru. 

580.000 

JORDAN 

2.78 

58,000* 

61,000 

na. 

IU. 

KUWArr 

1.03 

708,537 

128.751 

139,880 

n^L 

LEBANON 

2.96 

260300* 

277.000 

n.a. 

IU. 

LIBYA 

2S4 

80300* 

90.000* 

na. 

tu. 

MOROCCO 

1730 

190.000 

198,500 

204.500 

nj. 

OMAN 

30 

2300 

3.701 

7307 

n.a. 

QATAR 

1.00 

18389 

20.908 

24.403 

60.000 

SAUDI A. 

934 

100,600 

125,000* 

160.000 

560.000 

SYRIA 

7.60 

146300 

160,000 

176.930 

n.a. 

TUNISIA 

5.97 

114350 

126,750 

nju 

IU. 

UJuE. 

.70 

34382 

44378 

49,150 

450.000 

YEMEN AR 

637 

4,600 

5.000* 

nj. 

n.a. 

YEMEN PDR 

71.7S 

10S0O 

11,000* 

n.a. 

n.a. 

TOTALS 

16135 2.630.973 

2381.632 

— 

— 


* Estimate 

t Tear mflnt Decern bar 31 


not permanent residents, to 500,0(10 liens by 19S2. French 


national to draw up a develop- there are fears that the aim is an companies have supplied almost ‘ j : d , : h . 
ment plan, which is expected to over-ambitious one. and that it all the present equipment in the l. f u ik 
result in tenders in the near will be cut back sharply. Moroccan network, and are likely ? 1 k t v, 1 nj 

future for wire and cable and Ericsson of Sweden has done to continue to do so. r n . . sum 

for exchanges. best out of Kuwait recently. Among systems in l he “ poten- 

The Plan envisages 5m. tele- receiving contracts worth $170m. Hally modest growth countries." 
phone lines by the late 1980s, over the past three years. The Egypt’s notorious telephone net- However. British Aerospace, 
giving the country around half Japanese had been hoping to work is the largest. A master which leads the MESH consnr- 
tbe telephone density enjoyed enter the market, too. but a development plan for Greater lium of European companies 
by Hong Kong (which has a number of Japanese companies Cairo has recently been pro- manufacturing satellite cquip- 
similar per capita GNP). The were put on the Kuwaiti blacklist duced by consultants to ARETO ment. is confident lhat it is well 
last telephone line count in last year. (the Arab Republic of Egypt placed for orders from Arabsat. 


further $55iu. under considera- 
tion. 

Finally, the in ter A rail satel- 
lite sysu-m, Arabsat. represents 
a ground station market of up To 
Ilbn. Saudi Arabia holds 'the 
largest equity share in Arabsat 
(2S-6 per cent, i, and its head- 
quarters are in Riyadh. Com- 
sat. the I'S communications 
sated lice contractor, has been 
awarded a 320m. contract to de- 
sign the satellite sjsiem. 

This survey of Middle East 
Telecommunications buying prac- 
tice and prospects is a depress- 
ing one for British manufac- 
turers. 

While it is far from compre- 
hensive. none of the countries 
which have announced their 
intentions appear to wish to buy* 
British. The UAE has recently 
switched from its previously- 
favoured supplier. Plcssvy. pos- 
siVdy tit Japanese electronic 
exchanges. 

Much nf this weakness is in be 
present lack »r 
electronic technology 
pp tiers, together 
with the historic strength uE 
Ericsson in Middle East markets. 

However. British 


New Rolls-Royce HQ 

ROLLS-ROYCE MOTORS, which 
last year sold more than one- 
third of its entire production to 
US customers, is to build a new 
S4m North American bead- 
quarters. writes John IVyles from 
New York. The new develop- 
ment— at Lyndhurst, New Jersey 
— will cover 90.000 sq ft and in- 
clude car and parts warehousing 
. in addition to administrative 
I offices. 


Grain markets remain firm 

BY IAN HARGREAVES, SHIPPING CORRESPONDENT 

GRAIN markets continued firm tanner on a Great Lakes round carrier Monrovia-Holland 
last week with the result that and $5,250 for a 50,000-tonner on reported at $3.45— again a sharp) 
improved freights have been a transatlantic round. Time- improvement on the levels of a‘ 
maintained and rhe value of charter rates are expected to month ago. 

secondhand bulk carrier tonnage £, ontinue . to prove for There is no sign, though, that 
seconcmand ouik carrier tonnage p a namax-siie vessels (around thj s heralds a major uoswin® m 

has continued to rise. 76.000 dwt) in both the Atlantic 0 re and coal movements foAhe 

Although brokers are agreed and Far East steel industry. Japan, although 


that grain alone will not be Galbraith Wrigbison notes, forecasting an increase in steel 
enough to move the shipping however, that there is still no- output this year, is expected to 
sector from the bottom of its substantial demand from grain have five weeks’ supply of coking 
present trough, most are agreed barters for period charter deals, coal in stock by the end of June. 

r !l e i S indicating uncertainty about the against a normal stockpile of 
unhkely to weaken before mid- power of the present ten days. 

whether^thev^can ' ‘^rviie & a B1arket sur S e * whicb bas lifted Livelier dry freight markets 

luti ^JiJhnur heavy some timecharter rates over 60 have succeeded in boosting used 
seasonal lull without heavy ^ cenL ^ ^ last month ship values at a ^ when a 

ra,,s ‘ In the raw materials sector of number of UK owners are seek- 

Last week S7.20 was accepted the dry bulk market, better rates ing lo unload older tonnage, 
for a 50,000 dwt carrier Gulf- have also been obtainable. Ocean. Bank Line and C. T. 
Continent and timecharter rates mainly as a spin-off from the Bowring have all -made recent 
are currently 55.000 for a 27,000- grain markets. An 80.000 dwt ore sales. 


Threat to UK’s 
exports to US 

By Christopher Dunn 

RISING INSURANCE costs to 
enver the growth in product lia- 
bility damages awarded in lhe 
U.S. may be threatening British 
exports to America. 

Premiums to lake U.S. product 
liability risk into account had 
increased very substantially in 
the past four years, lhe British 
Insurance Association warned 
last week. 

Other sources put the increase 
in insurance costs for exports to 
the U.S. at 20 times. 

Export profit margins had been 
hit as a result, said Mr. Eric 
Tomlinson, assistant secretary of 
the Manchester Chamber of Com- 
merce. Some exporters were 
now contemplating a complete 
withdrawal from the U.S. export 
market. 



Ferodo’s new ducktile flooring. 



Or the painless way. 


As you may have gathered, Ferodo ducktiles are a new 
kind of safety flooring. 

Safety flooring of one kind or another has been 
around for years » but somehow every othetsystem had ^ 
faults that made it uneconomic or impractical to otter 
your employees real safety underfoot- 

Now its different. Now, there are Ferodo ducktiles. 

Unlike others, ducktiles are 300 mm square felly- 
interlocking. interference fit, easy-to-lay tiles you can, tailor to 

varying requirements. . ' ■ -JEWJ 

Unlike others, they are oil resistant. Impervious to water, grease or 
chemicals. Immensely strong. Anti-static. Resistant to ultra violet light and V 

corrosion. And, of course, anti-slip. 



Unlike others, they are easy to clean because ducts channel off 
waste liquids. 

Unlike others, they can have clip-on bevelled edges to provide 
ramps wherever you need them. 

Unlikeothers, ducktiles not only doagoodjob. They look 
good andfeel good to stand on too. So you can use them wherever 

In other words, when you choose 

Ferodo’s new ducktiles, you re on a jg Sa E O gy® gyi B f a j|j 
very s^fe bet. For your company. As well | I 

f as your employees. ^ ^ _jtBl 

To find out more about ducktiles, please srasilslK^ffi}smis^raisiia=!iffls 

contactjoePerry. The safety-first floor. 

2 Ferodo Umflad. Chapel-en-le-Frith, Slockpoh. SK126JP 

Telephone: Chapehen-te-Friih (029 881 j 3520 





-.w. 




si 





Financial Times Monday May 15-W7S-. 


HOME NKWS 



Prospect of U.K. deal with 


Douglas appeals 


KT MICHAEL DONNE, AEROSPACE CORRESPONDENT 


THE CABINET committee nell Douglas, he has still to grammes, such as the Harrier for is that because this project would 1 

studying future U.K. civil air- meet Mr. Roy Anderson, the US Marine Corps. he totally under UK. control, 

craft and engine manufacturing chairman 0 f Lockheed, who But the claims of Lockheed to with no collaborative work in- 
programmes is expected to meet arrives tn London this week. some consideration cannot be volved (although the engines 

tomorrow to review progress Thus, suggestions that the overlooked. Mr. Anderson is would be US Avco Lvcomings! 

made, so fat m talks between Cabinet is thinking of ditching likely to argue strongly that bought off the shelf).' it does I 


Special 
agency 
urged for 
oil cash 


Scope for roll-on roll-off ships 

on deep sea routes— report 


BY LYNTON McLAW, INDUSTRIAL STAFF 


A PROSPEROUS future for tainerisation of international space > to* s^of * 
roll-on roll-off ships in doep sea trade. B | ace of containers up to 

trade Is forecast in a report by ^ t j,e last two or three years, j eve j u points out that 
the Marine Transport Centre of however roll-on roll-off ships tberc is a substantial space loss 


the University of LiverpooL 


There is serious 


LiverpooL ocnetrated the container 0 f twn thirds in terms of avail- 

over-capacity Jg* pcnei Thefe 200 ships 3bl0 Uale capacity, a measure 


financial Times Reporter 


_ ynarket. There -uu snips 3 &ic uate capacity. a < w «>uiv 
»* r t IJ l n « r ?5 0 ! shlpp . ,ng J? n am in use of on order for long 0 r cargo capacity on general 
the short North Sea routes, but “• ™ "SaSe. cargo ships, when road trailers 

over longer distances there is aiSTance 1 J 


Chary 


It says that, once decisions sill ? e the 1970s. Before then the «a trade. . a ships in ihc us® of space. 

Lve been made nn sDcndin?. the major advance was the con- The report sajs there is a 


that it could he elose to a deci- example, military aircraft and stantiai work for the UR. ™ ,P eu, f r wouia account soonifl -not be interfered with l 

sion on authorising full develop- «uided weapons as well as civil All these arguments must be tor more than £400m. of available for purely financial reasons, nor 

ment of th e Dash 533 version aircraft. closely considered by the Cabinet resour ces. at a time when the should the revenues be absorbed 

of the RB-211 engine. committee before it can settle of future international col* into general Government ex- 

The committee include Mr. T nckheeri for a collaborative venture with JaboraUve programmes have still penditure “ 

Healev. Chancellor of the Ex- ua,ul9 one company or another. not yet been precisely deter- A special agency or agencies 

chequer. Mr. Edmund Dell, A ,s0 - 1116 McDonnell Douglas There is a growing belief in mined. should, therefore be set up. 

Secretarv for Trade. Mr Fred P Ian for an Advanced Tech- the aerospace industry that, even The Government’s main fear— The report stresses that Scot- 
Mullev. 'Secretary for Defence nology Medium Range (ATMR) if a decision on a specific col- which the Cabinet committee land should be given special 

and Mr. Harold Lever. Chan- transport is regarded by some in laborative programme takes must have very much in mind— treatment when it comes to 

cellor of the Duchv of Lancaster, the UK as being just as promis- more time to emerge, there is no i fi that it could very easily find spending the money from North 

At this stage. ‘ despite some “6 technically as the proposed reason why the Committee can- itself committed to expenditure Sea oil. The oilfields lay on the 

reports, the committee is not Boeing 757 short-to-medlum not recommend to the Cabinet on aerospace projects amounting Scottish Continental shelf, un- 
ready to commit itself to making range jet or the Joiot European that Rolls-Royce be given the in all to nearly flbn.. if 535, employment in Scotland had 

recommendations to the full Transport (JET). go-ahead to stan full develop- HS-I46, and a share in a new been worse than in England and 

Cabinet on whether the U.K. Moreover, some of the senior ment work now on the £250m. civil jet and other new engine Wales for many years. Scotland 

should build a new generation management of British Aero- Dash 535 version of the RB-211 venture such as the RB-432 had 95 per cent, of the most 

of short-to-medium-range air- space would be happier working engine. Spey replacement, are all deprived areas in the U.K^ and 

liners with a U.S. company or with McDonnell Douglas than It is also being argued strongly launched. ' emigration had been a ** running 

with Western Europe. with Boeing if it came to a in the aerospace industry that The committee, therefore, has sore " for a long time as a result 

One reason for this is that question of choosing between the the Government can just as to consider not only which way it of lack of opportunities, 

while Mr. Varley has already US or Western Europe as a easily authorise British Aero- wants to see the UK aerospace The Church of Scotland’s 

met Mr. E. H. Boulliuun, presi- partner .in civil programmes space to start full-scale develop- industry moving in the future church and nation committee. 


Southampton wins timber trade 


BY IAN HARGREAVES, SHIPPING CORRESPONDENT 


dent of Boeing Commercial Ait- This is because they have already raent work now an the proposed but also how much it wants tolw-hich wrote the report, calls for 
plane and Mr. Sanford worked closely with McDonnell HS-146 feeder-liner. spend on new projects for the I a “considerable proportion of 


THE PORT of Southampton — 
where labour trouble Is still 
keeping ont ships on the 
newly containerised South 
African service — has won a 
large contract for the Import 
of forest products from North 
America. 

Under the deal, 120,009 
tonnes of inward cargo will 
be handled for the Inter- 
national Paper Company. 

The business has been won 
from Felixstowe, one of 
Southampton’s main private ' 
sector competitors. 


The berths to be used for 
the new traffic^ which will 
indnde newsprint, are the con- 
ventional cargo berths aban- 
doned in the switch to 
containers on the ' South 
African trade. 

This is the first forest pro- 
ducts traffic won by Southamp- 
ton, which has spare capacity 
as a result of the South 
African change. 

There is still uo definite 
indication when the first South 
African ship will be able to 
dock. 


Foremen have so far not 
signed a working agreement 
for the new berth, although 
there is now some hope that 
they may do so in time lo per- 
mit the unloading of the City 
of Durban at the end rtf (his 
month. 

The now berths were ready 
for use in January, since when 
container ships from South 
Africa have hern transhipping 
quods into Britain via main- 
land European purls. 

Felixstowe- is one or the 
U.K. ports- which has benefited 
from (his situation. 


McDonnell, president of McDon- Douglas on a number of pro- The view in British Aerospace industry as a whale. 


Benefits of 


Creating extra jobs 
‘will cut efficiency’ 


Speke air 
traffic 


the oil revenues ” to be spent on 
reviving the Scottish economy so 
that there is a comparatively 
uniform standard of living 
throughout the U.K. 

It says that the money could 
also be used to reduce taxation 
on industry, repay some Govern- 
ment debts, increase overseas 
investment, and to finance re- 
search into alternative, non- 
pollutant energy resources. 


Road hauliers face 
heavy Austrian tax 


. 1 1 luvciunem. auu to nnanve re- 

TA nmihflP search into alternative, non- BY IAN HARGREAVES 

l UUUD1C I report*?? to*?? ©resented ROAD HAULIERS setting out for the journey between Salzburs 

THE Independent British Mid- ) tn th<1 rhurch'c n-nerai ,«pn,hu- journeys to Eastern Europe have and Vienna for a vehicle with 

hnil Airuraue initial. ic t *** l^OUrCIl 5 -,e B® fa 1 aSSclIIDIi. k„. n .....nidd hu tha nan-ii-hnant Ik- -nnvimiim riPI-missihlp naV- 


ls - which miens in Edinburgh on been warned b ? Department the maximum permissible pay- 
'd 1 Saturday Edinburgh on of TfaBSport l0 - carry enough load oF 20 tonnes would be 1,350 


Bid fails 
to keep 
lorry order 
in Britain 


meinployment, according 


? I operated 


over and Saturday . 
i at present 
State-owned — 


By John Lloyd 


UK has been put forward by Mr. I Mr. Arthur Tait. personnel direc- be poor, especially as the UK British Airways at the Liver- 
Knnrad Smlgielski. former city I tor of 1CI Mond division. population is expected to grow pool Municipal Airport at Speke 

planning officer of Leicester. Writing in the latest issue of over the next 15 years. aims lo double the passenger 


* mi ivvoiv ■ . | vv miHo an l iaicai iwut uyci luc uca l jeftij- aims to double the passenger 

He said that the plan was for Commerce International, journal Ur. Tait adds that while there traffic from the airport in three 

semi-rural communities, each ' of the London Chamber of Com- are no obvious or absolute years. 

about 1.000 stony. Key features I mere* and Industry, he says if remedies for the long-term un-i Mr\ Michael Bishop. 35-year- 
of (he village? would bu labour- j industry is to produce the wealth employment problem, a number! old managing director of the 


Maxwell seeks 
Labour seat 


Mr. Robert Maxwell, the pub- ^ e b* cle * payload 

■ . _ * iKrt dri im i 


cash to pay tough transit taxes schillings i£49). There is a maxi-1 ' 

which are expected to come into mum per calendar month of 100 pb-ppmt 

force in Austria on July L schillings (£3.60) per tonne for g nar ? for ten U S-mtS 

The departments says drivers J? h L cl ” J* th JSS^wo^acElUIn** facmred EucUd S5 - t,,n trucks 
will be asked to pay the tax in of S tonnes and 200 sehUlings ^ delayed for S1X weeks 
cash on entering Austria. The Per tonne for iehu.le* unh becanSK 0 f a last-mlnule pica by 
amount will depend on the capaciry . Labour MP for the Board to 

,-load and the- dis- : are r ;£i W dto check buJ . Brilisb vehicles. 


intensive horticulture. organic I required to meet popular demand of measures could still be taken I ^dependent" 6 British”* Midland! ! Hsbv. i7one*of*30^ ^applicants’ for if"*?. ■ the . ..„ c ?! i , If er exp€Cts t0 before teavinq 1 ” tr Austria about] The NCB looked at roughly 

f:il a minr* rnff rn-nnAritll'M fnc n ml corti/mc S» “ urill tn pica tVio cihintinn 1 (.L. u (kn r LT3V6J IP AUSlTld. ' . i . _ «> . I v r 17 




oun 


, , -. . - - . . ; — iiiuchciiuciii M1I1UU nuuionu, «ri nn *' ,>a ‘u* —.,,.1 ; _ ULTOI C leuviuu XUJ .-visiriii auuiiu me 1"-“ i"w:u -1 ■-“‘.i".' 

farming, craft co-operatives, for goods and services, it “will to ease the situation. forecast that the airline would 'the Northampton South Labour rravei ,n AUStTia - any changes in the level of tax. similar trucks from two U.S. 

houses built and designed by the not and should not produce all These include the huilding up carry 350.000 passengers in the! vacancy left bv the resignation Under the terras of a draft law The Austrian Government I companies — Caterpillar and 

villagers themselves, and the use the necessary extra jobs.” of a strong small-business sector first 12 months, [of the prospective candidate. Mr. expected to be approved by the oriclnally proposed taxes four! Euclid — and from General 

or wind, of sun and of waste If Britain is to improve her which should be encouraged by But he warned Ujat this was (John Bilks. The seat is held by Austrian legislature soon, ti m fa es heavy as those con- Motors, which manufactures 

digesters t«» produce all the international competitiveness both the Government and large ) the last chance to make the', Mr. Michael Morris (Conser- hauliers will have to pay Ob tained in the draft law but with- 1 most of its Terex trucks in the 
energy required. there must be a technological employers. ‘airport viable. vativei.- Austrian schilling for each tonne drew after an outcry from ! U.K. 

l of payload capacity, hauliers’ representatives and The three trucks were tested 

kifimS r« .hi rfrivp r " Fnfpmf fn after diiiCU . ssions wilh the EEC - over twelve months hv the 

kilometres the dnver intends to Austria is a key transit point Board, which then decided in 

traveL for the important road trunking favour of Euclid in rariv March. 

As vehicles leave Austria roads to Turkey and Trad. The r.,™., “ 

customs officials will check the Austrian Government says it re- ^ r ' eS R rt 7w.!ii 

actual distance travelled and ad- quires the pew tax if users are „ ih^nniSSirK nf 

just the tax charge. to pay a proper contribution H"JS!L en Hf "liJS* 

According to the department towards road costs, £'**£* 


S 


•i* 



According to the department 






I 



nm 


Business stationery 
may go out of date 


BY JAMES MCDONALD 


Motors New- House truck plant 
is sited, asked Sir Derek Ezra, 
the Coal Board chairman, lo re- 
consider. He argued that the 
Board’s order to Euclid might 
endanger jobs at New House. 

The Coal Board reviewed ii? 
order over sis weeks, hut in the 
• . end confirmed the Euclid 
•vehicles as its first choice. In 
could i decision was based «n what it 










hi 


11 



SALES of commercial stationery. Other developments could '• decision was based «n wh.it it 

together with commercial en- mean that business correspond considered to be the superior 

velopes. will be vulnerable in the donee sent through the post will ; performance of the U.S.-made 

long-term to new communica- give way to matter transmitted truck. 

lions techniques, a report by direct from sender to recipient 

Jordan Dataquest suggests. In by teletype networks. r UlUFC 

1976. these sales were worth “Filing as it is now known . Tr Mjimilfnn however hones 
£186m. and accounted for almost could be revolutionised by micro- . fumr.' Orders’ by tht- 

55 oer cent, of the stationery filming becoming commonplace. vCB He is to n eet Mr Robert 
market not to mention the possibility of r i’rtipv the SrSfor of Its Own- 

The report, which provides a storing information an computer ^ e - I V oPuti!!^ Ct0r Jhinh S vviii 
financial summary of 251 U.K. tapes housed in centrally-sited 5“ ' ‘ite tL mi will all" 

| stationery manufacturing and information banks. op®”:!. 


Mr. Hamilton, however, hope>; 
lo influence future orders by the 


cast executive- which will 
operate the trucks, and will also 


aiuuvuvi v iiidliuiaiaiui iul oim iliiui umrum VnuP * 1 ■ _ ■ , . m _ _ 

distributing companies, says: “ Cassette _ pocket reorders ?J3E S* ’ 


™ ictuiuen , i„ju ¥ _ rt| j nenprsil Mnlnrs 

Telephone usage will continue could also lead to the inter- Llnaie y atm General Motors 


to increase at the expense of the change of cassettes via the post. The Cnal Board follows a 
post, and the latter will be put so decreasing the present volume ficnerai policy of buying British 
under added pressure as push- of tetter writing." the report says, equipment where there is a 
button Instant information Stationery. Jordoan Dataquest, product available of the type re- 
systems like Ceefax and View- 47. Brunswick Place, London, quired.- 
data gain establishment." Ni: price £32. 


RECEIPTS, PROFITS, DIVIDENDS ALL INCREASED 


Dtf. million 

Gross premium life assurance 
Gross premium general insurance 
Other income 

Gross receipts unconsolidated company 

Gross receipts 

Per ordinary share Dfl.20.00 

Shareholders' funds 

Net profit 

Dividend 


1977 

716.3 
505.7 

565.4 
62.3 

1,849.7 

DU. 

272.20 

23.95 

7.50 


1976 

607.8 

414.6 

4549 

46.8 

1,524.1 

Dfi. 

241.09 

20.71 

6.50 


1975 

743.5 

380.7 

356.0 


1974 

509.8 

251.4 

282.4 


1973 

437.1 

232.9 

235.8 


Leyland plans Unipart 
venture for Australia 


1.480.2 

Dfi. 

246.39 

18.45 

5.75 


1.043.6 

Dfi. 

208.16 

17.61 

5.32 


905.8 

Dfi. 

197.68 

15.95 

4.84 


BY TERRY DODSWORTH. MOTOR INDUSTRY CORRESPONDENT 


‘Vast area’ 
of offshore 
coal found 


1977 was another good year for Ennia. 
one of the largest insurance groups in 
the Netherlands. 

Income increased from each of our 
three main areas of business, continu- 
ing cur record of balanced overall 
‘ growth both at home and overseas. 

Between 1973 and 1977. total re- 
ceipts have risen from Df 1.906m to 
Dfi. 1.S50m. an annual average in- 
crease of 20?... 

Profits have made good progress 
too: from Dfl.22.2m in 1973 to 
Df!.42.9m last year 

We propose a dividend for 1977 of 
Dii. 7.50 \ 1976: Dfi .6. 50} per ordinary 
share of Dfi. 20. 

Strength through diversification 
We operate internationally in three 
main areas: life assurance, general in- 
surance and some non-insurance but 
related fields such as personal loans, 
mortgages, property development 
and holiday centres— where our 
marketing strength, expertise in in- 
vestment analysis and property man- 
agement can be profitably employed. 

Life assurance accounted for 61% of 
our business last year, gross receipts 
have risen from Dfl.63im in 1973 to 
Dfi. 1.125m in 1977. 

General insurance produced 32% 
of our income in 1977 and has in- 
creased from Df).242m to Df 1.596m in 
the past five years. Results were an 


improvement on the previous ■ year. 
Other countries and inward rein- 
surance have performed well. 

Non-insurance activities have 
grown to 7% of our business, from 
Dfi. 33m in 1973 to Dfl.128m in 1977. 


Further growth overseas 

At the moment, most of our revenue 
is generated within the Netherlands, 
a home market that provides, overall, 
a sound and profitable base. 

But our overseas strength is de- 
veloping wed. 

We have offices, subsidiaries and 
affiliates in the United Kingdom. 


Belgium, the United States, the 
Carribbean. Republic of Surinam and 
the Middle East. 

They now contribute 20% of our 
total gross receipts (1976: 18%] and we 
plan to increase that percentage still 
further. Overall Ennia have a record of 

producing sustained, balanced growth 
at home and in other countries to the 
benefit of both shareholders and 
policyholders. 

Our results, just released, show the 
picture: with gross receipts, net profit 
and dividends aU increasing. 

For a copy of our Report and Accounts 
tor 1077 please post the coupon below 


UNIPART, the British Leyland 
vehicle replacement parts com- 
pany, is setting up a new opera- 
lion in Australia. 

This will be Unipart’s first over- 
seas venture, and the aim is to 
buiid up a £4 ri. turnover in the 
first year. Within three years the 
company hopes to generate sales 
of between £15m and j£20m. 

British Leyland 's operations in 
Australia, having been severely- 
cut back in recent years, made a 
profit of'£2.2m last year. With 
the Unipart business these activi- 
ties wilt be widened to sell parts 
for most cars on the Australian 
market- 

Already, about 35 retail outlets 
have been established by the 
company, and a contract has 
been sisned to supply 1.000 BP 
service stations. Another con- 
tract is in the pipeline with a 
leading tyre chain to bring in 
ISO more retail outlets. 

Leyland says the main reason 


for expanding in Australia was 
that the company out there was 
extremely keen to expand its 
business with the Unipart range. 
The finance to set up the organi- 
sation Is being raised locally, and 
a considerable proportion of the 
parts supplied will come from 
UK sources. 

The company calculate that the 
total parts replacement market in 
Australian is worth about £350 m ; 
a year. I 


Corrosion expert 
wins award 


Mr. Joseph Cotton, former 
chicr scientist in the research and 
development department of 1MI! 
(formerly Imperial Metal In- i 
dustries) at Wittoo. Birmingham.! 
has been awarded the 197S Frank ! 
Speller Newman Award of the! 
American National Association! 
of Corrosion Engineers. I 


A VAST area of coal has been 
found two miles offshore in the 
Dee Estuary. North Wales, the 
National Coal Board said yester- 
day. 

"Early results indicate that 
there should be a full range of 
coat seams to be worked from 
the 640-man Point of Ayr Col- 
liery well into the next cen- 
tury. “ 

Complete analysis of the 
structure has still tu be made, 
but Mr. John Blaiklock. the chief 
mining engineer, said it looked 
"very promising.” 

The scam was found during 
a £2ni. drilling project, which 
is described as the biggest 
single investment in the North 
Wales coalfield. 

© An IlSni. reconstruction 
scheme is being carried out it 
Shircbrook Colliery, near Ches- 
terfield. Part »f the improve- 
ments will come into operation 
in August, and will hrlp tn 
increase output In more Iban 
1.3m. tons this year. 



Churchillpleinljhe Hague.The Netherlands. 

Balanced growth, internationally 


More than a hundred witnesses 
in Caplan extradition case 


To:The Company Secretary. Ennia Insurance Co. (UK) Ltd- 
130 Fenchurch Street, London EC3.Telephone: 01-488 3111. 


FINANCIAL TIMES REPORTER 


P/ease send me a copy of your Report & Accounts for 1977. 


.Company, 


Address, 


THE CHIEF Metropolitan 
Magistrate, Mr. Evelyn Russell, 
will today start taking evidence 
for the extradition proceedings 
abroad against Sir. Gerald 
Caplan, 4fl, Farmer chairman of 
London and Counties Securities, 
and Mr. Trevor Pepperell, 50. 
a chartered surveyor, who was 
at one rime His business 
associate. More than 100 wit- 
nesses will attend at Bow Street 
Court, between now and Wed- 


nesday lo provide full depotf- 
lions for the charges against 
them. 

Mr. Caplan is in custody in 
Lus Angeles on a charge of 
stealing £2.4m from London and 
County Securities. Mr. Pepperell 
is held' in Oldenburg, West 
Germany on the £2.4 m charge. 

A mass- of documents from the 
next three days’ hearings at 
Bow Street court which will he 
held in private before the 


magistrate, will be sent by Ihc 
Director of Public Prosecutions 
to the court authorities in Cali- 
fornia and West Germany for 
the contemplated extradition 
proceedings against both men. 

The wi ine.sues will include 
former executives and other 
directors of London trad County 
Securities, many businessmen 
and financial experts 'who were 
concerned in some of ihc.com* 
party's transactions* 


JL- 






■J 




-1 








financial Times Monday May 15 1978 


5 


home news 


•. 1, 


: 




economic 


indicators 

out this week 


BY OAVK> FREUD 

THE MARKETS will be watching 
for a siring of key economic 
indicators this week — in particu- 
lar the trade figures released 
today. 

OHIcial figures on the money 
stock, due on Thursday, are 
likely to confirm excessive 
growth in the money supply in 
April. 

The next day the rise in the 
retail prices index is expected to 
drop to below 8 per cent, com- 
pared with the 9.1 per cent 
recorded for March. 

In the “ real " economy the 
provisional figure for retail sales 
in April will be closely scanned 
today to see if the Budget made 
any impact on consumers' confi- 
dence as reflected in their spend- 
ing. Provisional figures for in- 
dustrial production in March are 
released tomorrow. 

The markets have been un- 
settled in the last month by the 
evidence of the balance of pay- 
ments again becoming a 
constraint on expansion in spite 
of North Sea- oil. 

Accordingly, a good set of 
figures after the £164m. deficit 


recorded in March would tend 
to restore stability. 

There are hopes that the April 
figure will conform to the feast 
and famine pattern that seems 
to have developed since the 
beginning of the year and 
recover much of the March loss. 

Sterling M3 is expected to 
show increases of 2 per cent, or 
more In the month to mid-April 
following the jump in eligible 
liabilities of the banking system 
disclosed Hast week. 

This will take the growth in 
money supply for the year as a 
whole substantially beyond the 
13 per cent ceiling set by the 
Chancellor. 

When the revisions to the 
seasonal adjustments announced 
last week are taken into account, 
the increase for 1977-78 could 
turn out to have been as high 
as 16 per cent 

A sizeable drop in the rate 
of retail price inflation is certain 
because the gain in April last 
year mainly due to last year’s 
Budget will have worked 
through the index. 


Medical advances 
pose cash problems 

BY DAVID FfSHLOCK, SCIENCE EDITOR 


TREATMENT OF kidney failure 
by dialysis will be costing the 
Health Service £i20m a year by 
the end of the century, at 1977 
prices, compared with about £25m 
today, according to a report pub- 
lished today. 

The report — by the Office of 
Ileal rh Economics, a research 
unit funded by the British phar- 
maceutical industry — shows that 
the cost of providing kidney 
machines is only a small part of 
the cost of treating kidney 
failure. 

In tlie April Budget the 
Government earmarked £3.5m for 
the National Health Service to 
purchase another 400 kidney 
machines and to pay for their 


running costs for a year. This 
was in response to strong pres- 
sure to expand such facilities in 
Britain. 

The extra 400 will make It 
possible to treat by. dialysis — a 
blood treatment process which 
replaces a large portion of 
natural kidney function — about 
half those who suffer kidney 
failure in Britain. 

The average cost of the 4,000 
people on treatment in Britain 
at the cod of 1976— 38 per cent 
of whom subsequently received 
a kidney transplant— was £5,500 
a year. 

Reno! failure: A Priority in 
Health T— Paper No. 62, Office 
of Health Economics. 162. Regent 
Street. London WIR 6DD; 3 5p. 


COMPANY NOTICES 


GM 

DIVIDEND DECLARATION 

GENERAL MOTORS 
CORPORATION 


Notice to Authorised Depositaries and to owners of 
BEARER DEPOSITARY RECEIPTS 
Representing units of one twentieth of a deposited share of 
Common Stock 


NOTICE IS HEREBY GIVEN that resulting from the Conjura- 
tion's Declaration of a DIVIDEND of SI. 00 (gross) plus a 
Special Dividend of 50 cents (gross) per share of the Common 
Slock of the Corporation payable on 10th June. 1978 there 
will become due in respect *of BEARER DEPOSITARY 
RECEIPTS a gross distribution of Ji cents per unit 

The Depositary will give further NOTICE of the STERLING 
EQUIVALENT of the net distribution per UNIT payable on 
and after 15lh June, 197S. 

CLAIM FORMS for completion by Authorised Depositaries only 
are now obtainable from Barclays Bank Limited (as below) 
and may be lodged forthwith. 

THE CORPORATION’S 1st QUARTERLY REPORT FOR 1978. 
Authorised Depositaries are assisting in the distribution of 
this report to holders of Bearer Depositary Receipts. Copies 
may also be obtained from Barclays Bank Limited. 

Barclays Bank Limited. 

Securities Services Department, 

54 Lombard Street, 

EC3P 3AH. 


THE NATIONAL BANK 
OF AUSTRALASIA LTD. 

i Incorporated in tfae 
State oi victoria. A ustralia) 

notice is hereby given tint the 
Reg men oi Members and Jranater 
Cooks, ol me Company will be cl»*d 
nn Friday. 2&tft May. 1978. tor one 
Say only tor tW purpose ft WJJ*"* 
o« interim dividend on ISthJune^ 
1976 . Trn inters muK ljC tatted no* 
later than 5 P-m. on 2Stn 

8¥ °££ 


SAYE & PROSPER 
(JERSEY) , 
Commodity Fund Limited 

NOTICE is HEREBY GIVEN tint the 
inform Annual General Mecliiw »■ 
Comwni will be liejd « Mm cnamtjer 
oi commerce. 19 Hoval Square. St. 
Ho'icr. jmn. Channel hliiril. M 
ftltn Mav 1 978 at 12.45 P-m- 
B« Order of tw tors. 

SAVE A PROSPER .JERSEY l LIMITED 
Secretaries. 


LONDON BRICK C OMPANY 

NOTICE IS HEREBY GIVEN THAT — 

1. The Trawler Book* and 

hrifrcflic Slock will be closed on 

2 T^r ^Transfer" Vnoks ol tfae Con- 

vertible Unaecured Loan Stock mil be 
closed on 16 June 1 978 lor the pre- 
pjraiion of the interest Warrants pav- 

■Ble on IS July 1B7B. 

Bi Order *«**«£■ Ho**. 

Secretary. 

^hTcwtral AgtKt & Trust Limited. 

Granby House. 

95 Southward Street. 

LONDON $E1 OJA. 


CLUBS 


rvc. 189. Regent Street. TS4 BUT. A M 
Cane or All-in Menu. Three Spectacular 
Fioer enpwi 10.45. 12.45 and 1-45 and 
music ot Johnny Mawheswortli A Friends- 

GARGOYLE, fib Dean Street. London. W.l. 
NEW STRIPTEASE FI OCR SHOW 
THE GREAT BRITISH STRIP 
Show *i Midnight and 1 a-m. 
Mon.-fr,. Closed Saturdays. 01-4J7 6435 


EXHIBITIONS 


No. 00] CSS Ot LOTS 

Id the UUin COURT OK JUSTICE 
Chancery Division Companies Court. In the 
Manor Of BERENICE IMP EX LIMITED 
and in the Matter of The Companies 
Act, 1948. 

NOTICE IS HEREBY GIVEN, that a 
PM Irion for the Winding up of the above- 
named Company by the Rich Court of 
Justice was on ibe 16 th day ol May 
197S. presented to the said Court by 
CROWN ESTATE COMMISSIONERS 
whose address for service Is c,'o The 
Treasury Solicitor, Matthew Parker Street. 
London. S.WO, and Hut the sold Petition 
is directed io.be heard before the Conn 
sRtlns at the Royal Conns of Justice. 
Strand. London WCIA 2LL. on the 
12th day or Jane 1978. and any creditor 
or c u mrlb n iof y of me said Company 

desirous to support vs oppose iht> making 

of an Order on the said Prririon may 
appear at liu> time or hearlnc. in person 
or fay bis counsel, for that purpose: and 
a copy of The Petition trill be furnished 
Dr ibe under* iKui-d lo any creditor or 
contributory at the said Company n-quirliiK 
stub cow on Daymrm of the rcsulaled 
chats* for the same. 

TREASURY SOLIC1THK. 

Maithev Parker sirwi. 

London. S.W.I. 

Solicitor for ihe Pe nriow-rs. 

NOTE.— Any person who Intends to 
appear on the bearing of the said MiIimi 
must M» on. or send by post to. the 
above-named notice In wmme “ bis 
intention so to do. The notice musi sono 
the name and address of the person, or. 
If a firm the name and address of me 
firm and must he signed by the person 
or firm, or Ms or their soft rat or fa any) 
and nns be served, or. d posted- mua 
be scot by post In sufficient time ‘ to 
reach the aborNumed not later Ulu 
four o’clock In the afternoon o* “ e 
mb day of Juno 19rt. 


art galleries 


Thatcher 
issues 
election 
challenge 

By Ray Perman, 

Scottish Correspondent 

OPPOSITION LEADER Mrs. 
Margaret Thatcher challenged 
the Prime Minister at the week- 
end lo call a General Election 
before October. 

She told a rally whicb ended 
the Conservative Party Scottish 
Conference in Perth that the 
time had come for the people 
to make a decision. 

The country's confidence, its 
economy, and its currency could 
not afford another winter of 
uncertainty. 

In a bitter attack on socialism, 
sbe accused the Government of 
debasing not only the currency 
but also the nttion’s standard of 
citizenship. Labour was creat- 
ing a society where the struggle 
to pay the hills left people no 
time to think of responsibilities 
to their neighbours. 

The Conservative party was 
ready for an election and raring 
to go. In Scotland it bad shown 
up the SNP for what they are. 

They want to tear oar country 
apart for their own narrow ends. 
“They thought they could build 
indefinitely on the politics of 
frustration. They thought they 
could lure the Scottish people 
on to the rocks of separatism. 

“ They were wrong. Now they 
are as worried as the Liberals 
about losing their seats. We will 
not disappoint them." 

Reform 


Mr. Reg Prentice, the former 
Labour Cabinet Minister, who 
was addressing a Conservative 
conference for the first time, 
received a standing ovation. 

He said that a Conservative 
Britain had to be compassionate 
as well as efficient and needed an i 
element of reform. 

The mood of the conference, 
however, seemed more for a 
return to Right-wing policies and 
away from reform. Among 
motions approved was one calling 
for heavier penalties for crimes 
of vandalism and violence. 

An amendment demanding that 
murderers should be shot was 
lost only narrowly. 

The conference also voted to 
curb the activities of the Scottish 
Development Agency and to cam- 
paign vigorously for a “No" 
vote in the referendum on 
Scottish devolution. 

Mr. Francis Pym, the party 
spokesman on devolution, said 
that the Government's Scotland 
Bill was so unsatisfactory that 
there was no choice but to cam 
paigu against it 

The election of a Conservative 
Government would enable a fresh 
approach to be taken on devolu 
tion. ; 

Threats to 
Press ‘from 


Tanker wreck 
decision to-day 

BY IAN HARGREAVES, SHIPPING CORRESPONDENT 


SALVAGE WORKERS and 
divers managed yesterday to 
stabilise the how section. of the 
broken Greek tanker Eleni V 
off the Suffolk coast and prob- 
ably will make a decision 
today on what should be done 

with her remains. 

Captain Tony Oakley, manag- 
ing director of United Towing 
(Marine Services), said last 
night that he did not think the 
scrap value of the hull and the 
possible £80,900 value of the 
remaining 2.000 tons of con- 
taminated oil made the Eleni 
V a commercial salvage 
proposition. 

In view of this, it is most 
likely that United Towing, 
which is working under con- 
tract to the Department of 
Trade, will be asked to tow 
what is left of tbe tanker well 
out to sea and sink It, although 
this conld create problems 
under international anti-pollu- 
tion accords. 


Another Option, having 
refloated the hull, is la tow it 
to a nearby buoy or even to 
port and pomp out the oil, 
although It may be decided 
that towing lo port also poses 
unacceptable pollution risks. 

It is still not known bow 
badly damaged is the remain- 
ing section of the ship. A team 
of 20 divers has been engaged 
in the twin operations of pump- 
ing air Into the vessel's com- 
partments to improve Sts 
buoyancy and in welding a unit 
on to the bow so that a towing 
chain can be shackled to it. 

These tasks have now been 
completed and a general sur- 
vey of the vessel will be made 
today. 

Two togs, the Scotsman and 
the Irishman, are on hand to 
tow the vessel which, with Us 
cargo, is thought to weigh 
about 4,000 tons. No further 
pollution of East Anglia's 
coasts was reported yesterday. 


Minister for children 
call from Joan Lestor 


THE APPOINTMENT of a 
Minister for Children was called 
for yesterday by Miss Joan 
Lestor. Labour Party chairman 
and MP for Eton and Slough. 

Miss Lestor. a former Minister, 
told the National Conference of 
Labour Women at Soutbport; “It 
is time the Prime Minister 
looked at the way in which we 
ought to be having a more 
co-ordinated service to serve 
children and the family. 

“ Some areas are sadly 
neglected, partly I fear us the 
result of the rather hamfisted 
reorganisation of local govern- 
ment" 

Miss Lestor set out a range 
of problems which she suggested 
should be co-ordinated under one 
Ministry. Among these were 
children who had to go to prison 


with their mothers, battered 
children, unemployed teenagers, 
and children who suffered, such 
as those affected by the tbalido- 
mide drag and the whooping 
cough vaccine. 

Mrs. Joyce Gould, the Labour 
Party’s chief women’s officer, 
said British women were still 
second-class citizens despite the 
sex discrimination and equal 
pay laws. 

She told the 300 delegates 
equality for women was still far 
away 

But the demand that women 
should have a larger role in 
society did not prevent an angry 
attack on Mrs. Margaret Thatcher 
who ' was accused of doing a 
dance of Salome, tantalisingly 
unveiling her real policies one 
by one. 




to decide the future 
of the Red Cross. 


Unlike most businesses, inflation and rising costs don't 
eat away at the profit margins of a charity. Simply because 
there is no profit. 

Instead, they effect us in another way that has more 
serious consequences both in the short and long term. 

Since the Red Cross has no profit as a cushion against 
inflation, this has to be covered with money from reserve 
funds. Funds that would normally be held back for 
emergencies or special international projects. 

In just two years, the cost of equipment and relief 
supplies have risen dramatically. For instance, the cost of on 
Ambulance'has increased by 40%. A wheelchair by 55%. 

Unless something is done now; our future could be in 
jeopardy. 

This is why we are asking your board members or their 
charitable trust to consider whether they can help the 
Red Cross 

The Red Cross + 

If you would like further information about the Red Cross, please don't hesitate 
to get in touch with Derek Barsan, Director General, 1 The British Red Cross 
Society, 9 Grosvenor C rescent, London iSVYlX 7EJ 



groups’ 


BUXTON ANTIQUES FAIR, PMltittn Gar- 
dena. limn. May 15-30 Dly, <hk. SunJ 
1 1 JO-9 p.re. 


PORTRAIT PAINTCR5. *«*»■ 

Hunt WWVff W 

iSfT until 18 Mrr. Adm. SOp. 

■""Wl. JShSSSr* 

0I?7M SSL » 

ib-6. Sara. 10-t. 

NATAL E V Untii 

New. »•*» *««*• w>1 - 




PRESS FREEDOM is threatened 
by both internal and external 
groups, according to Mr. Donald 
Stewart, Scottish National Party 
Parliamentary leader. 

Mr. Stewart said to tbe Scottish 
Newspaper Proprietors’ Associa- 
tion annual conference, in Rothe- 
say: “There is the threat from 
politicians who resent the pre- 
sentation of news which they 
consider inconvenient 

“There is another threat to 
Press freedom arising from the 
aims of affection of the National 
Union of Journalists. We see the 
rise of an element in that union 
who wish to dictate how news 
will be presented, to close out 
members of other unions and 
even to aim at a Press which 
would be wholly written by NUJ 
members.” 

The Press must repel the 
attacks, flor Press self-interest 
was the public interest, be con- 
cluded. 

Mr. Fred Johnston, SNP presi 
dent, later criticised the centra 
lisation in England of trade 
union power. 

“The loss of their separate 
Scottish identity has made trade 
union leaders less aware of their 
responsibility than they were in 
the past" Union leaders saw 
Scotland as a suitable venue for 
test campaigns in much the same 
way as advertisers might, he said. 

Few scrap 
dealers 
cast votes 

By Our Own Correspondent 

MOST of the members of the 
British Scrap Federation now 
appear to have accepted the 
inevitability of radical changes 
in tbe buying policy of their 
biggest customer, the British 
Steel Corporation— after four 
years of bitter debate. 

A new ballot of members pro- 
duced* an “ abysmal " response, 
with only 158 of the 593 member 
companies troubling to reply, 
the federation's retiring presi 
dent. Mr. Eric Cross, told its 
annual conference which ended 
at Eastbourne at the weekend. 

The ballot followed a threat 
by some merchants based in 
Yorkshire to set up an independ- 
ent group which would totally 
Oppose the two-tier buying 
system of the corporation and 
concentrate on sales to private 
sector . steel works and steel 
foundries. 

Ur. Cross said that 97 of the 
member firms who replied were 
against the corporation’s policy, 
with 61 expressing their satisfac- 
tion. “As far as I am con- 
cerned, I never want to bear tire 
subject of the two-tier buying 
system mentioned again," he 
added. 


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FTI5/5 ^ ■ 









6- 


Financial Times Monday May 15 1978- 


LABOUR NEWS 


Executives in 
BSC apply 
to join TUC 

by Pauline claak, labour staff 

THE Steel Industry Management stance, and we expect fall consul' 
Association, representing some tation on any new representation 
12,500 middle and senior man a- structure.” 
gers in British Steel Corporation, Before the setting up of the 
has applied for affiliation to the working party, the corporation 
TUC. . had assured his union of its wish 

The move was made known fru* more dialogue on the issue 
yesterday as leaders of the union with union. The matter, he 
expressed their mounting dislike fl dded could certainly be 
of plans to introduce a worker expected to be a major item on 
participation structure in the the association’s annual con- 
cnrporation which would exclude ference in- October, 
representation of managers as 

employees. No merger 

«f« a ? il,s * °° 2 Clearly, acceptance of the asso- 

seek affiliation to the ciation by the TUC would help 
TUC given two years ago by its BSC to argue that the union 
conference. It believes its mem- should have a voice in the pro- 
bership has only recently become p 05e( j industrial democracy sys- 
ready for the formal approach to f em _ Acceptance may depend on 
be made. whether existing TUC-affiliated 

A new structure of top-to- organisations in the industry — in 
bottom consultation between wor- particular the Iron and Steel 
kers and management in the Trades Confederation — are keen 
steel Industry has been outlined to recruit management employees 
in a joint working party report to their ranks, 
to be discussed between the cor- a proposed ballot on a merger 
poration’s management and the between SIMA and the ISTC 
TUC steel industry committee finally fell through two months 
early this summer. ago, and the future relationship 

The management association between the two remains un- 
was not invited to Join the work- certain. 

ing party and is concerned lest. The association thinks it has a 
as io other nationalised indus- vital role to play in any const! Ha- 
tties such as shipbuilding and lion structure set up to improve 
aerospace, its interests should be co-operation on the loss-making 
ignored under pressure from the industry's radical reorganisation 
stronger manual-worker unions, plans. 

Mr. Frank Collins, deputy Although managers will play 
general secretary of the associs- their part in the structure, it will 
tion. described his union's exclu- be as decision makers and not 
sinn from the working party's employees. The union points out 
*' Steel Contract ** report as a that managers, as well as manual 
glaring omission." workers, are victims of the pro- 

”1 do not believe that this gramme of closures in the 
exclusion is the wish of BSC. It national scheme to cut costs and 
arises from an outdated union revitalise the industry. 



THE COSTS OF CONSUMERISM 

Whilst consume lists demand even more legislation, business 
claims it is already overburdened by laws. And the costs 
involved are enormous. 

WHAT HAS CONSUMERISM DONE FOR THE 
CONSUMER? 

is the title of a one-day seminar in London on May 24th, 
1R7S. 

This seminar, of vital interest to businessmen, will look at 
both sides of the issue, under the chairmanship of Brian 
Walden. 

Among the speakers will be Jeffrey Joseph. Director of 
Government and Regulatory Affairs of the U.S. Chamber 
of Commerce, who will look at the cost/benefit analysis of 
consumerism recently undertaken in America and Robert 
Heller, who will initiate a similar exercise in respect of 
the U.K. Other speakers will include Gordon Borne, 
Director-General of Fair Trading. Harry Shepherd of Marks 
and Spencer, and Trevor Aldridge, solicitor writer and 
broadcaster. 

For further information and bookings, please ring Frances 
Chambers on 01-353 3651. 

AGB CONFERENCE SERVICES LIMITED, 
Lodgate House, I07-U1 Fleet Street, 
London EC4A 2AB. 


Managers’ 
union here 
to stay, 
says Lyons 

By Alan Pike, 

Labour Correspondent 

THE MANAGERS' UNION, which 
is fighting for national recogni- 
tion from British Shipbuilders, 
has without doubt arrived in the 
industry, Mr. John Lyons, general 
secretary of the Engineers and 
Managers Association, said at the 
weekend. 

He was Speaking at the Ship- 
building and Allied Industries 
Managament Association annual 
conference at Newcastle. 

It was disappointing that the 
British Shipbuilders Board had 
not granted the association imme- 
diate full recognition, said Mr. 
Lyons. But it was much more 
significant that in spite of pres- 
sure from the TUC and Con 
federation of Shipbuilding and 
Engineering Unions, the Board 
had refused to be dictated into 
making a decision against recog- 
nition. 

The association, of which 
SADIA is part, was involved in 
a battle with TASS, the white- 
collar staff section of the Amal- 
gamated Union of Engineering 
Workers, over wfaetber profes- 
sional and managerial staff 
should be entitled to belong to 
a union standing for their own 
right 

Powerful forces were apposed 
to the association, but it was 
steadily gaining in strength and 
support, added Mr. Lyons. 

Determined 

At its last meeting the British 
Shipbuilders Board made no de- 
cision on national recognition for 
SAEtfA, but reaffirmed its status 
as a relevant union. 

The Board also declared its 
determination to try to find a 
basis for agreement between the 
managers association and the 
Confederation unions. 

Delegates to the conference 
unanimously adopted a motion 
describing the British Ship- 
builders decision as action 
which “greatly strengthens" 
SAIMA's standing in the in- 
dustry. 

The motion stressed the 
managers' desire to work closely 
and harmoniously with the con- 
federation unions, but also 
reaffirmed their “total deter- 
mination to secure the ratifica- 
tion of the outstanding national 
recognition agreement,” 

If the Board’s efforts to 
resolve the problem failed, the 
managers warned that they 
would, if necessary, turn to 
“ effective industrial action 
either to protect or advance the 
association's legitimate right " to 
represent the overwhelming 
majority of the Industry’s 
managers. 

Mr. Lyons said after the con- 
ference that he expected 
initiative from British Ship- 
builders to try to resolve the 
recognition problem and was 
optimistic about the outcome. 


Industrial democracy 
plan from Tories 

A 12-POINT plan for industrial White Paper's content suggested 
democracy under the banner “another blow at our. manage- 
“ One Nation” has been pub- mentis ability to manage and yet 
lished by the Conservatives, only a further extension of the power 
a few weeks before the White of the unions at everyone else’s 
Paper on the Bullock report is expense. There was little pros- 
expected to be published. pect of Labour devising policies 

The plan is outlined in a letter needed to combat unemployment, 
from Mr. Jim Prior, Shadow Em- “Britain’s industrial future 
ployment Secretary, and . Mr. lies as much with new industries 
John Nott, member for St Ives, often of medium size, based on a 
to Mr. Fred Hardman, chairman high added value, high skills and 
of the Conservative Trade great flexibility of working at all 
Unionists’ National Advisory levels, as it does with the giant 
Committee. companies ” the letter says. 

The MPs say that unless old The 12-point plan would take 
attitudes of class warfare. con- account of the problems and 
fljet and hostility are broken included’. 

They say a vital question for ® N 0 legislation forcing com- 
the next Tory Government will P®" 1 ®* c SP s f ltutl0 'H! mcom- 
be how to promote a period of P abWe with their needs: 
greater stability in industry, • Company law amended to 
while ensuring that the hopes of re ^ e c | existing practice in 
people at their place of work can industry: 
be met • Arrangements for consultation 

“Wbat better way to proceed and participation in the public 
than through the creation of sector; and 
*One Nation' at Work?" they say. 9 An emphasis on the needs of 
The MPs say reports about the the individual at work. 


NGA to discipline men 
who stopped Observer 

BY OUR LABOUR STAFF 

THE NATIONAL Graphical lQ&OOO-strong union is likely to 
Association, one of the biggest be welcomed as a further sign 
print unions in Fleet Street by the powerful printers' unions 
intends to discipline members that they will take steps along- 
on the Observer who prevented side management to try to 
the Sunday newspaper appearing improve industrial relations on 
yesterday because of an unofficial national newspapers 
dispute over manning. - The industrial relations crisis 

Mr. Les Dixon, general presi- in newspapers will be debated 
dent of the union, said 25 strik- in the Commons on Thursday: 
log machine minders who walked Some leading print unions 
out because management refused have already indicated that they 
to take on an extra five workers will co-operate with the manage- 
had defied an instruction by the ment of the Times group in 
union. starting a dialogue aimed at 

He agreed general industrial solving the group's own 
relations problems in Fleet problems. 

Street had to be reduced, but The National Society of Opera- 
blamed managements equally for tive Printers. Graphical and 
the current problems. “They Media Personnel decided last 
have made too many one-off deals week to seek talks with Times 
with their employees when management on the problem. An 
troubles have come up and this NGA executive meeting agreed 
has been. without regard to the to hold talks with London 
generalinterests of Fleet Street." regional and ebapei members as 
Tbe planned clampdown on a preliminary to later meetings 
Fleet Street dissidents by the with Times management 


ASTMS ‘will avoid clash 
over public sector pay’ 

: BY NICK GARNETT, LABOUR STAFF , , 

- nn p vitivc Party worker. National 

MR. CLIVE JENKINS, general ing a recruitment fcattiejnone vame 0r£ra[l iser, w« 

secretary of the- Association -of of Midland Banks subsidiaries. . en t r v as a delegate on 

Scientific, Technical and Man- The conference was told nubc- r g ut Mr. Bowis was 

agerial Staffs, said yesterday his had issued circuits to staff w rj* sit in the visitors* gal- 
uulon would not pursue any the Clydesdale Bank alleging aw hear ^ row about 

major confrontation with the that the ASTMS delegation to the lery delegates and 

Government on pay in the public Scottish TUC had voted for Uig ^ 

sector in the next wage round, nationalisation of the miiks. . g ^ th e row 

Pay settlements for the onion’s Bank nationalisation is against out m open since 

40,000 members in the public ASTMS policy odjh* “P 1 , 0 ” Mr. Jenkins disbanded the 80- 
sector have . been considerably denied that its STUC delegates str0aR London Banks Staffs 
poorer than- those concluded in voted for it. branch last month, 

private industry in the last year. Mr. Jenkins told the comej ^ menlbMg of the 

The union says private sector race that the umoos branch are from Conservative 

settlements have been averaging, had been instructed to demand a « central Office. 

17 per cent. Including produo- public retraction from NUBE of ™ny w 
tirity deals. • Mr. Jenkins says ne 


Oppose pay restraints 
public workers urged 


it** aliened libel." air. Jenauia a«r® uc was acting 

Mr. Jenkins, told the- union’s • Mr. John Bowls,. the Conser- according to the ru cbo 
annual conference In Brighton 
that it would not - adopt 
M Kamikaze ” tactics in the politic 
sector or, indeed, in private in- 
dustry. 

“ Governments know they can 
win In the public sector and are 

willing to take on workers there" — , ^ , .. „ fn . 

The ASTMS would not have a PUBLIC SERVICE workers in lor had already m on than hinted 
firemen 's-type strike. . 5,* Ran MO*trone National^ the wanted another deal 

Union officers have been Sninn Thihiii* Emolovees were with the TUC to hmit pay in- 
instructed to compare public and ?_„?? vesterday to oppose any creases to about half the CUf ront 
private sector pay with a view.Sgf * e u f pilic? p^>o«d rote, That would leave pubUc 
to a series of fair wage claim s K^ P irm«ent. service workers with he prospect 

from its members in Government ** “ ■ . . . . , of a 5 per cent rise in the 

departments. . On the eve of today's economic negotiations to begin this 

The union’s conference over- debate at the union's annual con- autumn>i 
whelm ingly rejected any fixed ference in Margate, Mr. Alan tjkj National and Local 

norm pay policy after phase Yates, its president, told dele- Government Officers Association 

. gates he believed they would j S similarly to put to its con- 
• The ASTMS is considering finnJ y another round of fe rence at Brighton next month 

legal action against the National P*? restrain* in whatever shape a pay po i lcy which opposes " a 
Union of Bank Employees over or form. further year of unilateral pay 

statements made by NUBE dur- Mr. Yates said the Chancel- restraint" in the public sector. 


Daily industry workers 
to vote on £7.30 offer 

UNION BRANCH representatives members having had no basic 
of about 65,000 workers in the rate rise over the past two years 
dairy industry are to vote shortly under Phase I and II of the 
on a novel pay deal which will Government's incomes policy, 
give them £7.30 more a week The Union of Shop, Distribu- 
but no improvement in overtime tive and Allied Workers, the 
rates. . biggest union in the industry. 

The 10 per cent settlement is said that the 10 per cent rise 
being recommended for accept- calculated on the average 
ance by the unions in the form national earnings in the Industry 
of a supplement rather than was favoured as an across-the- 


basic pay increase. 
This is in spite 


of their 


amro bank 

for joint ventures, 

partnerships, 

and trade development 

in the Netherlands 


Amsterdam-Rotterdam BankNV 
Head Offices: 595 Herengracht, Amsterdam, telex 11006 
119 Coolsingel, Rotterdam, telex 22211 
London Branch: 29-30 King Street, London EC2V 8QE, telex 887139 

amro bank 6) 

amsterdam-rotterdam bank nv 

Branches, subsidiaries or representative offices in Antwerp, 
Curagao, Jakarta, London, Tokyo and affiliates in 20 countries. 


board supplement 

This would be "simpler” for 
employees to understand and was 
equitable without having to work 
out complicated formulae for 
each section of workers with 
widely divergent overtime 
schemes. 

The deal is unusual because 
in most other industries at least 
part of tbe 10 per cent increase 
allowed under the present pay 
code has been put into basic pay 
rates on which overtimes are 
calculated. 


Mine rescue 
men in talks 

MINERS’ LEADERS are to meet 
today to discuss a strike by pit- 
disaster teams. 

The action by the elite corps 
of men. who ore withdrawing 
from their life-saving duties, will 
be reviewed by the Yorkshire 
area NUM executive in Barnsley. 

Yorkshire miners’ leaders re- 
jected a call for an all-out stop- 
page in support of 38 rescue 
brigade men angry over poor 
bonus payments. 

Seamen move 
to end fines 

THE Executive of tbe National 
Union of Seamen is to back a 
call for seamen to refuse to man 
ships which enforce discipline 
through fines. 

The recommendation is part 
of an emergency motion being 
submitted to tbe union's biennial 
conference today expressing con- 
cern at the slow progress in 
legislating for the abolition of 
shipboard fines — agreed to in 
principle by both sides of the 
industry. 

The motion sets a time-limit 
of the next union executive 
council meeting in the autumn 
for tbe fines to be abolished. 


Businessman’s Diary 


U.K. TRADE FAIRS AND EXHIBITIONS 


Date Title. 

May 15 — 17 Int' Domestic Electrical Appliances Trade Fair 

May 15—19 Materials Handling and Factory Equipment Exbn. 

May 16 — 19 Spedbuild (building products) Conf. and Exbn. 

May 17 — IS German Food and Drink Exhibition 

May 21 — 24 Int. Conf. and . Exbn. European .. Cellulose and 

Paper Assoc. 

May 23 — 25 National . Safety - Exhibition and Conference 

May 24 Business to Business Exhibition 

May 31 — June 3... Royal Bath and West Show 

June 5 — 8 British Hospitals Exhibition 

June 5—8 Decorative products trade exhibition (Walpadex) 

June 5 — 9 Ind. Process Conti Instrumentation and Systems 

June 6—8 Print Fair ’78 

June 9 — 17 Tbe Fine Art and Antiques Fair 

June 11 — 15 Shopfitting, contract furnishing, kitchen and bath- 

room equipment, joint exhibition 


Venue 

Nat Exbn. Centre, B'ham 
Belle Vue, Manchester 
Olympia 

Cunard Hotel, W.6 

Connaught Rooms, W.G1. 
Harrogate 

Horticultural Halls, S.W.l, 
Shepton Mallet 
Olympia 

Nat Exbn. Centre, B’ham 
UJS. Trade Center, W.l. a 
New Hart. Hall, S.W.l 
Olympia 

Nat. Exbn. Centre. B'ham. 


June 25—29 First International Frozen Foods Conf. and Exbn. Olympia 

OVERSEAS TRADE FAIRS AND EXHIBITIONS 


Paris 

Paris 

Amsterdam 

Basle 

Brussels 

Kranj. Yugoslavia 
Stuttgart 
Barcelona 
Jerusalem 


May 19 — 27 . Public Works Exhibition 

May 22-4J6 International Advertising Market 

May 23—25 European Petroleum and Gas Conf. and Exbn. 

May 23 — 26 World Exbo. and Conf. on Industrial Development 

May 28— June 1.. International; fhdnstrial Equipment Exhibition 
May SQ— June 4.. Inti Fair p£, -Equipment for' Civil Protection 
May 31— June 3. . Int Bio-Medical Engineering Exhibition 

June 2—11 International Trade Fair 

June 4— S Israel Technology Week 

June 5—10 International Exhibition of Machine Tools and Tools Zagreb 

June 12—16 World Congress on Automatic Control Helsinki 

June 13—21 ...... Int Rubber and Plastics Conf. and Exbn. Paris 

June 15—18 Solar Energy Exbn. and Congress Genoa 

June 20—24 International Wire Exhibition Basle 

June 24—30 International Dairy Equipment Exbn. and Conf. Paris 

June 27—30 Public Transport Systems in Urban- Areas, Exbn. 

and Conf. . GBtehorg 

BUSINESS AND MANAGEMENT CONFERENCES 

May 16—13 British Fabric Association: Fashion Fabrics for 79'Celanese House, W.l 

May 18 Assoc, of British Chambers of Commerce: 

Educational Standards in Industry; The Trade 
Union Movement; Reform of Local Govern- 
ment 

May 18—19 f ...... New York University: New Products — a systematic 

approach 

May 18—19 Management Centre Europe: Top executives brief 

on Strategic Business Planning by Dr. Michael 
J. Kami 

May 19—21 Junior Chambei Scotland: National Conf. on role 

and res ponsibili ties of the media 

May 19 London Chamber of Commerce and Industry: Tax 

Problems of Small Finns 

May 22 — 23 European Study Conferences'. Choosing and using 

trade marks in the Common Market 

May 22—25 British Scrap Federation: Bureau International de 

la Recuperation Convention 

May 23 Audio Visual '78 Exhibition and Conference 

May 23 CAM Foundation: Media Solutions . to Marketing 

Problems 1 

May 23 Westminster Chamber of Commerce; Seminar on 

Exporting 

May 23 — 26 Marchmon:; International Tax Planning Conf. 

May 24 Imperial College: International Finance 

May 24 British Institute of Management: Cost savings 

• through materials handling Tickled Trout Hotel, Preston 

May 24 Stock Exchange. Northern Unit: Annual Investment 

Conference Adelphi Hotel. Liverpool 

May 24 — 25 Anthony Skinner Management; Improving stock 

control Piccadilly Hotel, W 1 

May 24 — 25 Institutes oF Chemical Engineers and Civil 

Engineers: Successful completion of overseas 
u K „ _ Projects UM1ST. Manchester 

May 25—26 European Study Conferences; Double Taxation— Old Government House 

TakHp advantage of international agreements Hotel, Guernsey 

May 25 Inst, of Production Engs.: Application of Micropro- 

« ne ne „ .. j c t s * rs and Mini-Coin puiers in Manufacturing Metropole Hotel, Birmingham 

May 25 — 26 British Textile Confederation: World Textile Trade 8 

—an International Perspective Heathrow Hotel 

May 29 — June 2 •• Dept of Labour and Productivity, South Australia: 

Tn ternationai Conf. on Industrial Democracy Adelaide 

KSLlvi ri^TE“™ P *vJ L = I,d 2? ): E «ropean Fisheries Conf. Sheraton HoteL Brussels 

May 30 — 31 City University Business School: Recent Develop- 

*n Internal Auditing Gresham College 

EUROPMI (Organisation for small and medium 

June 1—2 sized enterprises in the EEC): Tile Future for 

Smaller Businesses iu the European Community Kensington Close Hotel, W.8 


Piceadilly -Hotel, W.l 
London Hilton. W.l 

Copenhagen 

Dyce 

69, Cannon Street E.C.4 
Luxembourg 

GrosvenoiT House Hotel, W.1 
Wembley Conf; -Centre 

48 St Martin's Lane, W.C.2 

Cafe Royal. W.l 
Barbados 
London. S.W. 7 ' 


-Iv. 


Only Delta fliesadaily non-stop from London to Atlanta, Georgia, 

at these low fa^S. [And toNew Orieans without changing planes.] 


London -Atlanta, New Orleans Return Fares. 


To At lanta To New Orleans 


Budget or Standby Fare 

Peak APEX (Advance Purchase 

£177.00 

— 

Excursion.) Fare* 

£260.00 

£326.00 

2245 Day Peak Excursion Faret 

£307.00 

£372.00 

Regular Peak Economy Faret 

£572.00 

£512.00 

Regular First Class Fare 

’ Effective July 1. 

&735.O0 

t Effective June 15. 

£706.00 


Fares and schedules subject to change without notice. 


Delta Air Lines introduces the 
first daily non-stop service between 
London’s Gatwick Airport and Atlanta, 
Georgia, capital of America's southeast 
Leave London at 12:10pm and arrive in 
Atlanta at 4:25pm, in New Orleans at 
6:45pm. It’s the only through service to 
New Orleans. 

No other airline can take you to 


Atlanta for less or has easier 
connections to other UJ3. cities. For . 
reservations, see your Travel Agent, 
or call Delta in London at 01-668 0935, 
in Crawley at 517600. A DELTA 

iiauaiuiDyEMBUiM. 



Del ta is n acly we e n you are 


Fly to 7b U.b. cities for £162 
with Delta’s Unlimited Travel Fare 

Really take in America while you're visiting. One 
additional price covers 76 U.S. cities plus the Bahamas 
Bermuda, Puerto Rico and the U.S. Virgin Islands. All for &16*: 
per person with a minimum of two adults travelling together" 
~ Advance purchase is required. Naturally, with such a hi* 
discount, there are otherrestrictions. Call Delta or vour* 
Travel Agent for details. 




a 

\ 



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\ 




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§ 


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.K - 

2#hr-r*?fc-. 


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Financial Times Monday May 15 1978 




Death by boredom can take 
several forms. 

It can strike you as you grapple with 
a term in a life assurance brochure. 

It can happ en as you fight your way 
through the policyjargorL 

Even a straightforward natter with a 
salesman can be fatal. 

Relief, however, is at hand. 

After 138 years in the business we’ve 
decided to make things simple. 

we’ve produced an illustrated 96 page y 
book called “Safety in Numbers.” jr 

It tells you everything you y^ 


should ever have to know about the 
complicated business of life assurance. 

It will be published during July by 
Hutchinsons, and will be available through 
leading booksellers at £L95. 

At present we have a limited 
number of advance copies at a special 
pre-publication price of £100. It will be our 







W 


our pleasure to send you one. 

Just send £1.00 (which in clu d e s 
packing and postage) together with your 
name and address to Provident Mutual 
(Marketing Department), at the address 
below. In the meantime, if there’s anything 
else we can do to help, call us. 

~SNe won’t call you. 

You’ll find us approachable, friendly, 
and remarkably unstuffy. 

Prouideht muniM.® 

We talk your language. 






Provident Mutual Life Assurance Association • Founded 1S40. 25 -SlMooigate, i m * n r,v.noi> bra Tel . 323& 




Financial limes Monday May 15 I97S 

Norgretfe 


BUTS BY ARTHUR BENNETT AND TED SCHOETERS 


© RESEARCH 


Weak design points 
seen at a glance 


• PROCESSING 

Unite for 
monitoring 


• SAFETY AND SECURITY 


Simple fire watch in the home 


THREE systems, 
microprocessors, have 


TO COMBAT continually escalat- particles from a smouldering cealed guard switch. 


stow the webbing efficiently, the 
forces involved are such that 

most occupants experience ci 

and shoulder discomfort due to 

excessive load from the shoulder 

belt particularly in modern 
installations, where wehbing fol- 
low, a hish-fncuon .pa s from 


built around *“5 losses of goods, property and fire which are evident prior to In addition, the unit has built- behind the trim- In situation, 
ave been iiS Uve * caused by firk in Srhonie, flames. ' in delay after swrtch-on so that Areturn spnngcapabJe of remct- 

- ’ - “ • t Dorm alarm is recommended the owner has time to leave the ^ t0 the fuHy stowed position 

!■ for ffTinp in bedrooms, halls and vehicle. and lifting the we 8 , 

measuring system pact battery-operated fire alarm, stairways, and boats and eara- Known as tee CS55, the unit buckle connector is most^ ^eij, 

. i can also perform The Dorm alarm case is S-inch vans where gas cylinders 

logging, can have any number diameter and fits easily to the commonly used and stored. 


monitoring. 
Alarm and 


LARGEST and oldest of the 
M campus companies ” which have 
come into being in Britain 
during the past decade, Lough- 
borough Consultants (LCL) this 
year will reach a turnover of 
£fm.. which is remarkable for 
a group which draws most of Us 
revenues from operations where 
no large-scale manufacturing is 
involved and secures new con- 
tracts largely— to the extent of 
around 75 per cent. — through 
personal recommendation. 

Because of the comparative 
ease with which the company, 
under the management of Dr. D. 

Spikins, can set up brainstorm- 
ing teams drawn from many 
disciplines within the company 
and the Loughborough Univer- 
sity of Technology, its reputation 
is spreading quickly, particularly 


To use it, an object, such as 
a turbine blade, is placed in a 
test jig and a picture is pro- 
duced on a TV monitor. Test 
conditions such as vibration or 
deformation are then applied and 
tbe image of the object in its 
deformed state is combined by 
electronics with the stored pic- 
ture to provide an interference 


changed 

vehicle with little difficulty. ' “Comfort Zone 
More from 41. Cecil Street problem bv providing two inde- 
Carlisle, Cumbria. CA1 INS JSJjert s “ , “ 


(0228 34206). 


force— a 


levels of 
high level 


retraction 
to ensure 


company has introduced a com 

. P a £? battery-operated fire alarm, stairways, ana ooats ana cars- t,- r r~- T r~f wuuuc 

ALSY-8, which can also perform . The Donnabrm case is S-inch vans where gas cylinders are can. it is claimed, he uistaUed to apply an {f nc °5Jt°^phbinc is 

' - - - jnlv used and storetL by an unskilled person and can chest load when the webbing is 

„ „ _ ' ' . ' from vehicle to pulIed to the wearing position. 

It will accept Inputs from on- the shallow case 'is a “ magic Roa Westbury* (0373 82249.) vehicle with little difficulty. “''""ifnri Zone * solves 
off devices or from analogue eye ** sensing mechanism that is 

transducers of current voltage sensitive to even the slightest T"V _ j _ 

and resistance. Levels are norm- amounts of smoke that are pro- 9 irfriS TllP 
ally printed out In black, duced by any fire, before the ■***+'+*'*■& 
becoming red when alarm states flames actually start. When such jV • 

are reached. The unit can be smoke passes through the sens- rTliPT 

connected to a VDU oe via a ing chamber, a loud automatic huva 

suitable interface of a alarm buzzer sounds immediately LATEST application of ultra- 

computer. and will not stop until the sonics is in the protection of 

DS SAP is a universal mooi- detector cover is removed and motor vehicles; a suitable device 

toriug system for both digital the alarm mechanism re-set. designed and made In Japan, is 

Olympic 


Compressed Air 
Aces 




CLAAfOflSAEN LTD 

*,esiCN4NsmiK wwwaocsREmaAW 
TehplWWOSOB«®eWn:as»» , 
m Ml Campon* l 


• COMMUNICATION 

Visitors are 


fringe pattern from which and analogue signals, while the As a further security measure, being imported by 
appropriate measurements can third unit DS SAR is a sequen- when the battery level gets low. Security o£ Carlisle. 


Harness is 
much more 
comfortable 


given facts 

. . j- 01 ... . .. 


pant comfort and a feeling 01 ^ assoc j a n Qn w ith the Country- 
security. side Commission, Rodiffuslon 

The principle used avoids we Reii itronics has developed and is 
danger of excess belt slack manufacturing a weatherproof 
which occurs with some systems and vafl dal-resistant free stand- 
tnr TMiiirins chest loads — wane . t thn} ,_ n used outside 


for reducing chest loads— -wane umt lbat L , an be used outside 

eliminating the need for ^ t0 provide recorded facts for 

action or complicated automanc Tis itors t0 p \ aces 0 f interest. 


be madc - tial events recorder. “ after about a'yei's'use.V totaliy ~1T‘ conrirtT'orT small car KANGOL MAGNET, the Carlisle- devices'* tiT ensure con ^ ’ ThsT unit has been called 

In strain work, this equipment ...More from 41 Strand^London different alarm signal note is radio-sized unit which is in- based automotive safety belt age. At the same untie, Listening Post and in the self- 


can save a designer 
complex calculations 
important development is the 
possibility of direct viewing of 
vibration nodes. 


weeks of WC2N SIX 
and one 


(01-930 5411). 


Mini filter 
for water 
purification 


given, warning that a new stalled on, under or over the manufacturer has perfected an Zone” does oot anem roe emei contalned version has its own 
battery should be fitted. A dash-board pointing towards the emergency locking retractor gency locking pertormance 01 cartridge replay unit and a 13- 

“ ldcr and retractor or result in mcreasca * r * h , tterv nack _ 


There are many other applica- 
tions of this equipment which is 
the result of some eight years* 
where manufacturers of out- development of laser intefero- 
vardly conventional equipment metry and the groups supporting 
are seeking to produce improved guch were involved, inter alia 
or modified models fast and with- in an extensive review of the 
out problems. chemical substances that can be 

For instance, LGL has done and used in image forming on photo- 
is still doing important work for graphic plates, 
several lift truck manufacturers 

and was responsible for ^ ^ 

d es ‘£ D °f ij 10 Giraffe truck which grams S o sharp that they can be ADDiicauona coum oe me nro- 
can greatly simplify building v j ewed and their remarkable auction of potable water from 
operations on housing sites. It 3.0 effects even in a relatively Sine or contemtoated soSS 
has also designed the calibration fojgp, amb/ent illumination and f or small groups, or perhaps in 

un“te W a e s the* b?R h brake * *52 l 15 '" 6 1 whUe W 1 rather than a lifeboats; production of 

I55L“ t £««5i?d bv ViSaM laser beam of the same wave- at erile and deionized water for 
tor the testtec of ^uoSrson c rir- Ien f h , as used imtiaWy to laboratory or medical purposes; 
c?af tyre and 5 JheS ttSKmS make U,e hoU>grain - or the regeneration of dlaiysate 

Meanwhile, the company is Recently, what Is -thought to be wateMn pentonea^ I dialysis. 


weekly test is recommended; this bads of the vehicle or cab. 
is simply done by depressing the contains an ultrasonic 
detector cover plate for 10 which floods the 

seconds by hand: this electrically vehicle with ultrasound. — -- — tha nro . m tue sruuuu. vui .t 0 « k 

simulates an alarm condition and waves are reflected from all the Zone” the system Is effective only 103 mm - uba ine same pjjj- ^ a heavy metal base, 
causes the detector to give an surfaces establishing a parti cu- for all occupant sizes or anchor- file. The reel » apprmu*“ j making it free-standing but 

alarm. lar pattern which, if disturbed age positions and is self engag- symmetrical about the mounnug |ab f e 

Main causes of fires in the by an intruder, will initiate an ing. Thus the wearer need only hole and does not repress ^ Where cabling is feasible, the 

A miniature high-recovery hoi “ e are cigarettes, faulty elec- alarm after five seconds. The go through the normal motions si gnifi cant increase unit j S obtainable for supply of 

low-energy reverse osmosis tri *? 1 appliances and wiring, and delay is provided so that the of fitting a seat belt size- . . .. r ar . both audio and power from a 

- - — - - . i«t VAAniM* la««4.V Al_ ■ _ XT _» - X. XjkM ■ ,■■« xxa. «<k xt « ^ _ A Tf m KaT 4 tlnAblA *0 fllfl Vfinil*n ' If OTltfAl 1TI nonuin CdltrjJ *m. a | e# 


ultrafiltration system, able to be m keeping with this the detector owner can reenter the car and If a belt buckle’s main return . Eangol Jn - --- » 171 , 

*- J - : — j — spring is designed to retract and lisle, Cum ona. u— a w 


the v 0ae , 0 K UtcW ^ o LF ris w ? rk J*, as developed by A. T. 
1 been the production of holo- pj^cs of Tel Aviv. 


used for a large variety of 15 
filtration, separation and water 
purification purposes, has been 
Ramot 


designed to respond to disable the unit with a con- 


for 


There is also a 
indoor wall-mounted 


the 


-r , ror meif ' n „r ssJHTiJS iST? E-sr “ 

% « p s?slV asp LoDdo ” ws 4QB (01 - 937 

tion of engineering problems by J 11 *® Investments on 

non destructive testing methods, ij 

backed by the facilities of the Conference in Houston, 

Mechanical Engineering Depart- te . 3 ~ s ’ . . . _ 

ment under Professor John Loughborough Consultants at 


Constantly 


Butters. 


the University 


Consultants at * *1 • 1 

sterilised 


lo one such application, .ascr Loughborough. Leics. 0608 30420. ST^iSSSw"™!.,*! at 


interferometry is being combined 
with television and data storage 
techniques to permit fast and 
accurate testing of the modes of 
vibration of engineering com- 
ponents. This allows a designer 
to see immediately whether a 
particular shape is "likely to fail 
cjuicklv. whether the applied 
vibration might cause laminated 
plastics to fall apart, and to 


0 HAND TOOLS 


Drives the 
screws 


Haifa University, tbe UVOXX, is 
said to make the continuous 
sterilisation of water and aqueous 
solutions easier and inexpensive. 

The device utilises four ultra- 
violet light sources -to destroy 
micro-organisms in flowing water 
and an output of up to 60 litres 
per minute can be obtained with 


„ T ^ power consumption of the order 

CLAIMED BY the manufacturers 0 f some 60 watts. 

"determine the distribution of to be the first U.K made its simple design enables the 
stress very simply and reproduc- torque-limiting screwdrivers with instrument to be installed in 

inly. i inch A/F hexagon socket almost any system and it is re- 

There are two units which drives,, are seven new models commended for use in food pro- 

nuke up the equipment; the from MHH Engineering. Each cessing plants, public swimming 

accepts blades and bits without pools, aquaria, cosmetics manu- 

special adaptors, says the com- facture and similar applications, 

pany. and the range is 3ozf More from Embassy of Israel, 
inches to I20Ibf inches. 2 Palace Green, London W8 

More on M&647 2772. 4QS (01-937 8050). 


optical table with laser, optics, 
camera and working surface; and 
the electronic controller with Its 
monitor, power supply, mode and 
camera controls. 



THIS 15 tonnes capacity 
electro-hydraulic lift which 
has a floor area of 21 
square metres and a height 
of five metres has been 
supplied to the National 
Theatre on London’s 
Southbank by Gough & Co, 
(Hanley) of 
Stoke-on-Trent. 

It is designed to transport 
full height scenery and 
equipment from the 
workshops at ground floor 
level to the stage of the 
Olivier Theatre 7.6 metres 
above. 

Based on the company’s 
standard electro-hydraulic 


• PRINTING 

Top of the 
form printer 


unit 
use. 

Particular attention has been 
given to the need, to carry out 
servicing and routine main- 
tenance in all weathers — the 
work can be carried out even 
by a heavily gloved attendant 
Normally the sound output Is 
• ♦ - provided by small loudspeakers 
A FORMS ACCESS printer at a f a j r jy | 0W level, but iisten- 
whlcb can print anything from ^ t U be S can p e supplied for 
a single label to a multi-part j n n0 jgy locations, and for 
invoice at 300 tines per minute group listening aa additional 
on forms ranging from 4i inches amplifier will boost the loud- 
to 8} inches wide, and 24 inches speaker output, 
to 22 inches long, is introduced ^he company will also supply 
by the Westrex Company. Coles necessary central audio 
Green Road, London, NW2. amplifiers and playback machines 
Called the Model 40 FAP, it f or cable working, together with 
provides immediate access to a recorder for preparation of 
tickets, receipts, policies or the audio data. The latter has 
reservation forms printed on a facilities for recording on cas- 
demand basis which results from settes or eight-track cartridges 
the unit’s tractor feed mechanism and for dubbing from one to the 
which is located below the print other. The Listening Posts use 
line, enabling the form to be eight-track cartridges, 
torn off at the completion of tbe Emphasis is placed by the com- 
print operation. pany on the provision of a total 

Offering “on demand” print- system: everything that might be 


design, it is operated . - . - 

through a wstem of chains ing, the delays and waste norm- needed to operate ana manage 
inrougn a system OI cnams ^ occurr 3 ing jn standard the Listening Posts, including 


and pulleys from a single 
acting hydraulic cylinder. 
Power is provided by a 
standard hydraulic unit 
incorporating electrical 
controls, oil reservoir and 
valvework, located 
separately in an adjacent 
room. 


INTERNATIONAL SUMMER SCHOOL 1978 


Financial Management 
for the 

Non-Financial Executive 


LONDON JULY 10-21 1978 


The increasing amount of accounting and financial management 
needed to run a modern successful business is placing great strains on 
middle and senior management not trained in accountancy. To meet 
this problem, the Financial Times and The Gty University Business 
School, of London, have arranged a two-week course entitled 
‘Financial _\ lanagcment for the Non-Financial Executive’ to be held in 
London on July 10-21, 1978. 


This course was first held in 1977 and attracted substantial support 
from Britain and abroad. The suggestions of tutors and course 
participants in 1077 have been taken fully into account in preparing this 
year’s programme and the sponsors believe its value will have been 
increased still further. 


The course will be headed by a former finance director of a major 
industrial company and a merchant banker, and the panel of 22 
distinguished lecturers are drawn from universities, commerce, 
accountancy and banking. The participants will be divided into study 
groups of fifteen people headed by a group leader. The ten days of 
instruction are broken down into lectures, case studies and various group 
exercises so that the students take an active part in the programme. 


Apart from being a thorough two-week programme of studies the 
Summer School also offers an authentic insight into workings of the 
City of London and provides opportunities for making useful contacts 
with people and institutions. 


To The Financial Times Limited, Conference Organisation, Bracken House. 

jo Cannon Street., London EC4P 4BY. Tel: 01-216 4382. Telex: 27.547 F TCONF G. 

Ph-jse senJ me further detail s of INTERNATIONAL SUMMER. SCHOOL 1978 


NAME- 


TITLE. 


BLOCK CAPITALS FTKASE 

COMPANY 


ADDRESS 


HANDLING 


Aids aircraft recovery 


modules employed determining 
the size and lifting capacity of 
the assembly. Power packs driv- 
ing centrifugal fans are fitted 
when the modules have been con- 


A RECOVERY system utilising aluminium panelling supplied by nect ® d together to provide the 
a hover device for movement and Alcan Metal Centres and the first required ml. 
pneumatic elevators fo- lift. units are due delivery to the A crash damaged or imiuo- 

ineorporating lightweight 2? pa ? ment of Civil AviatioD bilised aircraft can be moved 

. HgiuweigiM Nigeria. across swamps, mud. grass 

aluminium flat and troughed jhe system has a lifting uneven ground or concrete up to 
sheeting to form airtight panels capacity of up to 500.000 Ibs„ is speeds of 10 mph. eliminating 
above the hover skirts is now in assembled on site from easily the need for cranes, timber 

transportable, welded steel tube sleepers, wires or chains, all of 
• UBM Engineering, Southamp- modules which are linked to- which could damage the aircraft 
ton, has developed the Mark III gether to provide the main base fuselage, 
version of this system using of the system, the number of More from 0295 4545. 


• COMPONENTS 


Covers up in style 


be launched on June 1. This 
range has three basic boxes, giv- 
ing eight different lighting units 
all supplied with snap fit opal 
diffusers in light-stabilised 

A RANGE of five different widths — 80mm, 130mm and acrylic giving high resistance to 
systems for ceilings, lighting and lSOnim, but requires only one discolouration, 
cladding has been introduced by carrier for all widths, and all Made from high grade cold 
Hunter Douglas, Wellington three can be converted to a closed reduced sheet steel, degreased. 
House, New Zealand Avenue, ceiling by a special closure piece, phosphated and finished in white 
Walton on Thames, Surrey. Introduced to simplify specifi- .acrylic enamel inside and Black 

The Luxalon Facelift system cation, stocking and estimating it ‘outside, the fittings comply with 
appears to be a cosmetic exercise is said to have other advantages section 11 of BS 4533: Part L 
for disguising and renovating oil, like stronger, stiff er panels — and are suitable for installation 
discoloured or dilapidated tile which may be plain or perforated in normal indoor environments 
ceilings. • Quick and easy to — and longer spans simplify and with a maximum ambient tem- 
instal, it is very light— only 1.6 speed erection time, thus reduc- perature of 25 degrees C. 
kilos per square metre. The fix- ing costs. The closure piece, Specifically designed for si trifl- 
ing method is carried out by the common to all modules, is easy tions where wide profile cladding 
carrier being fitted to the existing to fix so that an open ceiling can is desirable, Luxalon Facade 
grid with a special clip with Face- be closed subsequently if Cladding, Type 300 (300 mm 
lift ceiling panels then attached required, and the closed version 
to the carriers. rapidly dismounted. 

The company's universal ceil- Light fittings, designed exclu- 
ing system comes in three panel sively for Luxalon Ceilings, will 



NEWTOWN 


★ New leasehold factories and serviced sites 
are ready NOW. 

★ Government grants are available and 
substantial rent concessions may apply. 

★ New motorways, fast trunk roads. High 
Speed Trains and modern docks link you 
with ait yoursuppliers and markets. 

★ New Town housing availability. 


Cvrmhran is out of Britain’s most successful 
industrial development* - little more than 2 bourn 
from London by M4 or 11 ha ore by HLrh Speed Train 
nnd IS hours from Birmingham by rail or motorway. 
Cwmbran Development! Corporation has already 
built and let more than ISO ractortus. and the 
current building programme provides a wide choice 
of modern, leasehold industrial promise? in 1S78. 
Fully serviced, leasehold sites are also available. 

We have 45.000 people, excellent boosing, schools 
and amenities, thriving industry . and a. splendid 
"hopping centre -a magnet for tin region. 

Get rh* facta About indo* trial opportunities 
and Govern meat grant- at Cwmbran. Housing- will 
he jiriv.'Med tor all worker* in now industry, and 
the fc*y men who come with you Initially will to 
ho 1 immediately. 

7‘iV. : ,v 1 -rii,:. photie or VP! tire,- TODAY. 


-■’.it kn;.,^ 


r 1. .... 

VXrt&T.''’. • itj. 

V. ■; •• ibu.or linen: imtuKrul epDtntsmixs. 


-.'ME 


FT4 


wide and 30 mm. deep) com' 
prises panels made from 1 m 
aluminium strip with a choice 
of high grade PVdF. in six 
colours or four metallic finishes 

In three different profiles the 
panels can be used on brick 
or concrete substructures by 
using a special mounting rati 
and clamping system, or to clad 
open steel structures by means 
of a similar clamping system. 

The luxury touch comes with 
the High Mirror Ceiling where 
highly polished chrome or cop- 
per finished aluminium panels 
have been designed for striking 
visual effects in showrooms, 
restaurants, bars and reception 
areas. The panels are created 
to highlight specialised areas or 
to enhance dark or small spaces 
by creating an Illusion of 
spaciousness. 

Further information 
288° 0 


on 98 


9 MATERIALS 

Vesicular 
film source 


EXTENSIVELY used for copy- 
ing microfiche, vesicular micro- 
film has to date had to be 
imported from the U.S. so that 
many will welcome the move by 
Bedford (ao ICI company) to 
make the film at its Manningtree 
plant. 

The important advantage of 
this type of film is that it is pro- 
cessed by heat only and gives off 
00 toxic fumes. It is a boon to 
operators who may have prob- 
tems in using the ammonia that 
is needed In processing the older 
diaro film. 

Vesicular film contains 
extremely small bubbles of nitro- 
gen which when exposed to ultra- 
violet light expand to form areas 
opaque to the transmission of 
light. No silver is involved. 

More on 020639 2424. 


printers has been reduced to a diagnostic units, can he supplied. 
mini mum, says the company, as If necessary the company will 
printing can commence within undertake installation and ser* 
three lines of the top of the vicing. „ _ . ct 

form. More from La Pouquelaye. St 

More on 01-452 5401. Helier. Jersey. C.L 10534 30321). 


CONTRACTS AND TENDERS 


YEMEN ARAB REPUBLIC 

MINISTRY OF EDUCATION 
IMPLEMENTATION UNIT 
IDA EDUCATION PROJECT 


P.O. BOX 96, SANA’A 
Cable: “PKOJED” Telex: 2405 EPIU YE 
Telephone: 5467, 7234 


INTERNATIONAL TENDER NOTICE 


Sealed tenders are hereby invited from bona fide manufac- 
turers, suppliers and their agents from member countries 
of the World Bank/ID A and Switzerland for supplying the 
following vehicles for Educational Institutions. 


Quantity 

17 

15 

15 

14 

1 

1 

1 

tenderers, 
of items 


Types , of Vehicles 

1 — Land Cruiser/Jeep type 

2 — Motor Cycle. 70 cc. lady’s model 

3 — Motor Cycle, 70 cc, gent’s model, with mail bag 

4— Trailer, two wheels 

5 — Bus. Airlines type 

6 — Microbus 

7 — -Delivery Van 

a) Tender documents comprising instructions to 
terms and conditions of supply and schedule 
etc. will be available from the office of tbe undersigned 
on any office day during working hours on written request 
and on payment of US$50 per set (aot refundable). 

The payment for the import will be made against IDA 
credit Nos. 421/YAR and 611 /YAR under IDA Disburse- 
ment Procedure HI or VI. 

Tenders will be received up to 12 noon (local time) on 
25th June, 1978, and will be opened in tbe -offlee of the 
undersigned at 10.00 ami. on 26th June, 1978. in presence 
of the tenderers or their representative, if any. 

DR. SALAH SHEHATA 

Director 


b) 


c) 


GOVERNMENT OF MALAYSIA 
MINISTRY OF WORKS AND UTILITIES 


NOTICE OF PREQUAUHCATJON OF 
CONSORTIUM FOR HIGHWAY PACKAGE DEAL 


T7 h .G overnment of Maliysii invite* application* from Cbmortja far w*. 
qualification co undereilt. a Packa*. Deal or Turnkey Gcxirct for fh£JE!£ 
con* treason and teWHWnc of about 39 mile* of road between ChangfcL 
Jenng and Ipoh. fWnulir Malaysia followed by the maintenance of the 
facility and operation of the toll plaza* to recover all capital team, innresn 
and profits. 


. 0,1 'J. 1 » Malaysian Consortia or faint venture Consortia 

mEJSJ. Th * lMwr ,ta " 


Proapecave Consortia shall have extensive experience in highway construe- 
dIm Cofltfi| n ^ bridf« and afio die capability to execute Picfcip 


The project Is divided into 4 contract packages for purposes of construc- 
tion as follows: — 


Package I: The reconscnicron of existing Route 1 to a 4-lan* divided highway 
from centre of ,r — L — *• — ■ 


to che Tswk Road^S., 4 * ^ p,ua 50 " nKfinE ro * 

miles. 


=6.3 


Total lengcfai 

Package 2: The improvement of existing route between Kuala Kangur and 
Changtat Jertng to a 2-tine road. 

Total length* 14.36 mile*. 

Package 3: The constnietlon of ■ new 2-line road from Ipoh North (m.i. 1.5) 

£ J?u r e 2 fe £‘*7 * 2-700 feet long tunnel. 

Total length- 1 3.01 miles. 


Package 3: Ttw construction of a new 2-lan* rural road from Ipoh North fm.a. 

uLbL. 1 U 1 *'? r al8 " 8 *!* Meru y«*r and Menorj Valley 
inclining a 264 feet long eunnol connecting the 2 valient. 


connecting the 2 valleys. 

Package 4: The cor* miction of a new 2.lan e rural road from Perak River to 
Kuala Kangsar including i 2 Q0 feet bridge over Perak River. 


Tool larrjth= 5.42 miles. 


*** paekagei are combined inn one single contract Con. 


The Director, 

Highway Planning & Public Transport Unit, 
Ministry of Works and Utilities. 

Jalan Tun Ismail. 

Kuala Lumpur 10-02. 
Malaysia. 


Responses ea «he Pretjuslificacion Questionnaire 
rim above address not titer than 31.7.1978, 


** *® he submitted ea 


K 



i 


6 


\ 


./ 


-■*3 


1 



9 



The Financial Times 


Have we at last found 

why British industry is 


growing so slowly? 




JAPAN: 

500 AUTOMATED 
WAREHOUSES. 


USA: 

400 AUTOMATED 
WAREHOUSES. 


Most people can find a reason for Britain’s 
economic ills. 

The boardroom blames the shop-floor for low 
productivity The shop-floor blames the boardroom 
for low investment 

Everybody blames Whitehall. 

Rather than add to the list, we’d like to pose a 
question. Does the answer lie in the warehouse? 

Look at the figures above and see how they 
correspond with the economic growth rates of the 
countries shown.(Japan,27%.USA, 13% .W Germany, 
12%. UK, 8%:) 

Poor storage and materials handling lowers 
productivity profits, and, consequently, investment 

It wastes up to 1 man-hour in 6 on British 
production lines, according to a survey by 
die Department oflndustry And it was costing every 
r nmp any examin ed more than it should. 




W GERMANY: 
350 AUTOMATED 
WAREHOUSES. 


UK: 

60 AUTOMATED 
WAREHOUSES. 


Having raised the question, let us say what 
Dexion can do to help. We can look at your storage 
and materials handling system, and tell you how it 
can be improved. Whether yours is a large or a small 
company 

(We won’t, by the way, recommend our own 
equipment if it doesn’t provide the best solution.) 

And we can send you our ‘Book oflOO 
Answers,’ which describes 100 of our case-histories. 

We won’t pretend that we can solve Britain’s 
economic problems ovemightBut aren’t figures like 
these a step in the right direction? . 

Storage capacity up 40%. Stockholding levels 
down 30%. Overheads down 30%. Maintenance 
and depreciation down 30%. Picking times down 
20%. Payback, 3 years. (^) JJ£2£|Q|| @ 

We’ll help you make money out of thin air. 


DEXION LIMITED, MAYLANDS AVENUE, HEMEL HEMPSTEAD, HERTFORDSHIRE. TELEPHONE HEMEL HEMPSTEAD (0442) 42261 TELEX 82242. cWe eiu gnp* ^ , 972 / 75 . 



Financial Times Monday May 15 1978; : 


conder 

■? vVorid iesd^rs 


£6m. awards to Gleeson 

contracts worth a total dcmoliuon of an exlstlog wharf 


£4m. work for Camm 

WORK FOR water authorities at authority’s • Lindsey 


. . South Wingfield sewera ge and 
water reclamation works. 

Primary work on unsjoni./ 
Whittington Hill drainage 
Coast scheme, involving the construe- 


mm ' -wwwi.uw aw uuiuunij e auu^jrii;, 

T • j * the river barni-P afl H npfwnrfc ° ver £3m - make U P the bulk of Scheme. A. contract at Louth tion of 2. ITS metres of combined 

I rnOQrinn of canals rr.Jrh» litk S recent contracts or over £4m. sewage treatment works involves se wer in open cut. comprise* . .1 

XlllgitiiUil for the s^tJcrs om^ ^in- "a awarded t0 Burnett and Hallam- modifications to the existing contracl for the Yorkshire Water 


jel framed 
istnai k " 

[«# : - 
Co^erJn4«^doha^i-W 

882222 


three contracts worth a total demolition of an existing wharf rtw/vtAnf !», 
nr £6m. have been awarded to and extraction of old piles is UfulcLL ill 

M. J. Gleeson iCimLracinrsi included in the marine wnrlr XT J 


M. J. Gleeson (Con tractors i. 

The biggest is from the London 
borough of Southwark for 247 
dwellings at the Keetons Hous- 
ing Development. It is worth over 
£4tm. and work is due to start 
on May 22, 

The second contract, worth over 
£Ltn.. is from the London 
borough of Ealing for work on 
the Salisbury Estate at Acton 


included in the marine work. 

New federal 
capital in 


Kenya 


provided include m,t oa Grantham trunk sewers recirculation pumping station a nd construction of a main 

£32Son Ind PP ^er a period of nearly two years and the constructlnn of a new foundry building for Record] 

sa 1a ion ana schools. and tfae (>035^0^ 0 f a screv? access road together with general Rldcway Tools l under a IbOO.OfMi 

Lonstruetion o£ the administra- pumping station at the existing site works. contract awarded .by Disa-Dan>k 



■ ■■Jill iiitr laUHUvn *m yf m _ _ * * 

borough of Ealing for work on ]VlfTAf*lQ V° a of cont T act documents and the developing; 

the Salisbury Estate at Acton lll2>vlid {?[ supervision of construction so that the area will be "in full to West Pinchbeek7 and lav 450 shed, and’ construction of a new and continuous casting plant r«*r a CONTRACT valued ;H ovpc 

Lane. Ealing, and the third has PREPARATIONS ARE Heine °ir the B *i ra P raductJOn from 1983. mm diameter ductile iron single water reclamation works, two the British Steel Corporation at fi.2m. has been W'«» by Mears 

been awarded by the tireentlch , n -de’for the const’mr-tinn nf 5 JTfSPnFV Gonstruction will be carried and twin pipelines under the offsite pumping stations, etc., at Templeborough. Construction far the m i n.td hU u 

and Bexley Area Health ”“ B ^ ctl v" f a are * °£ 7 ; l0 ° .°° the out Part!/ by the National Youth . .. of a labur.ikny lacilny »*ir Shell 

\uthorily for the construction of ^ ,^ d ISL ^ 8 . ’ ^ est . 5“* of the r,ver 1S Service "of Kenya aod partly by Research ;U EUesuierc P«iri. 

he Plumsiead Health Centre and fr^nr^-turhoru^h apita . Develop- involved. contractors selected by intema- i? 1 w* TfelTlOC TT'Wf"l 9nKc 1H ‘Scheduled for completion m 

Ihild Guidance Unit. Value of ST,™" S h J Wil ded ^ Total cost of the development tional competitive bidding. The jJlpcS 1 WO IOD1S III JVCJir thcsutnmer»fm-Mvear.thec«n* 

his is £414 000 This contract will 6 ? onstni SP on contract valued is expected to be about SUSlOOm. project is situated about 300 km ** w * XT n . u T v n th -. rn-stain trad calls fur the ernistmctinn or 

* started un 30 Wav ^ at to George Wimpey and The engineering works cover north of Mombasa in wholly A^AHAfl T HE ME ?^ AY ^ orts Authont T '• A member of the Costam inn budding with a 

JU Wa> ’ Co. (.Nigeria). the design and construction of undeveloped land. OFflCrCQ 5" awarded a £lm. cootracr to. <; r0U p, John Shelbournc. has J J f n p, anl room and a Millie- 

The contract covers the con- Costam Civil Engineering for- rgeeived a £175.000 contracl from ,._„ v plant room at ground 

m struction of the field base camp. PORTSMOUTH Water Company work at Sheerness Docks. _ This Atwiarcd p a rtland Cement for ) eV oi’ Mechanical, clci-triral 

ffTrTC' nn/I which will house the develop- 1 p T has ordered a trunk main from includes the surfacing of. the . . of ancf ’ nn installations are m- 

SSS 3110 ment authority sta fr. and from %*LXX\ OFflPr STIUTI i ,lhVQ Racton reservoir to Fumington 24.000 square metres reclaimed the demolition and remu j am and 

r-n-.S® which operations will be con- iil UC1 11 U III JU1U V A and West Ashling, forming □ Great Basin area together with its Kent Ar.-hiteel is S.ivon Siniih, l.ove- 

LX-all ducted- Work here involves vonmum.. ^ link between its central area of associated services, construction- luthe in the Thames estuary. Miii-hell t-nd Parfners and 

tllil DOW 0F roadj power generation water EQUIPMENT for company's Penn a k contract supply and the eastern area, of foundations for a new 12,000- Work has already started on .the ^ t ^[‘. s „r VCVUr ^ Giceds. 

F V InS ' .iSrtriMi* B S£Z iHSinS ti a nevv regional sewage treatment stabilisation plant and Varivoid using a total of 1,300 tonnes of square metres warehouse, and timber, concrete and steel jetty quantity surveyor u 

„ 7/ , M I r addition to a sew^celvStMi • « orks - t ? J b ® „ bui,t for V \ c deep bed saad filters for a works Evcrite pipes and finings from evtensions to the existing No. 2 whose 700 limber piles will be 
$130011 WOFk ‘First fari lit liKaw in hi ■ , “ ,e n» l, fy of Zwarah, Libya, is designed to produce a final TAC. a Turner and Newall com- berth complete with fendering., extracted using floating cranes pj KnVIfTA 

TTVAa „■ ^uia twn?aSrt«lS«Sria ' 10 fa e s up p Ued by PermuUt^Oby. effluent suitable for imgaUon party. The pipes will be laid by crane tracks and services. and barges. ■ UHl. DFIOHC ’• 

I SITE PREVIOUSLY occunied C A0UJ 1 n an ceDlral * Nl ° eria ' a member of the Portals Water purposes. The regional treat- the Portsmouth Water Com- ” 

\- a eual fired newer statinnanri Treatment group, under a £2m. ment will serve the three towns pany's personnel. P | • t "2 1. _._ T 

a 5 works, both of which "have Plfmmnlinm conn-act from the Arab Union of Zwarah. El Jamil and Another order, brinaing the I-^|*pTgfjC |J| ISnjflPl W^OFlCS 

ow been demolished will Contracting Company of Tripoli. RegdaJecn. some 110 kilometres total to Elm., is for 1.700 tonnes * vA«UO 111 AOl wvl _ , 

ccomniodate a now 140 MW cas JLMMM *****-*£)*■***■*** The equipment includes the west fA Tripoli. of Turnall pipes at the Usk The Israeli firm Ha'&rgaz- prepared concrete or other floors TWO BRIDGE contracts tn the 

jrbinc scncratine station °at »-», ™ „ - L _ Sewage Division of the Welsh Tzrifin is offering a line of pre--out prefeb iloor sections are also north of England rei'c wen 

:*rt Cowes, hlc of Wiuht. Higgs W fl 1^11011^ Water Authority’s Eastern fabricated houses, which can be available. The prefabs, called awarded to Genic ntailun i-«i ri- 
nd Hill Civil Engineering will TT ** UV UOV TJ • jl ^ ' Valley tnink sewer, whose con- made up from a wide variety. Bin-Ar. arc very light so that striiction (Trafalgar >1 M " R 

jrry out preliminary sile works CONSTRUCTION of a two-*»torey K||SnV Ifl VV OCT tractor will be T. Gallagher and of standard components, to be special materials handling equip- Group). 

ndcr u £jm. cnntracl awarded regional distribution warehouse fi.ll fififiV' TT vul § on Q f Bridgend. assembled according to ment is not needed in trails- One of the contracts is ir the 

the Central Electricity in the Halesowen area of CONTRACTS FOR chnn nffiro F-’Annnn • customers' specific requirements, portation or in the course of rcconsimicnun «r a ruuu- 1 ine.i r.ui 

oneratinc Board. Birmingham is called for under _ Bn ^ Ann Walls, doors and roofs are instruction. ... hr.dgc near Harilepool .. m. > the 


crp sir xfirnriviin r ,7 .... ailu lu « voasiruenon 01 a screw »u™ iwa niugway 1 uuis ^ f, 

^ACDONALD and Construction of the admimstra- pumping station at the existing site works. contract awarded .by Dwa-Dansk O'# ^rl£fcll 

heen'annointed SSuViin* SiE ^ star ^ bler Manthorpe stqrm overflow. The Three contracts for the Severn, --‘lndustri S>ndikat). foundations ijilvil 

eera a Ev° “ a3 °J civil eng m- company will excavate and lay Trent Water Authority comprise at Staveley Chemicals, the nil- 

irripaHnn RnfriT^iho 1^7^° by lfae middlc of plastic and ductile iron water excavation and laying of asbestos verting of Thumseoe DjUc at At*V 

tion 8 iJmSIJ lT , 15 plaaned t0 complete oiains over a total distance of water mains under Rutland Hickleton Colliery. ne “’ l3D0F3t0FV 

lion of contract documents and the development within 4! years 13 kin from Boston to Surbiton Phase II (Cottesmore) and Shep- tion fans at Barnburgh l.ollim. »• 

5: D °i C ? I lS rU S l0Q 50 f at . the area will be in full to West Pinchbeck, and lay 450 shed, and construction of a new and continuous casting plant f<«r a CONTRACT valued at nyr 

tor the first stage of the Bura production from 1983. mm diameter ductile iron single water reclamation works, two the British Steel Corporation at f 1 «in. has been wan by Mem 


£2m. order from Libya 


been awarded by the Greenwich ‘T'lr ri,. In irrigation project in tvenya. An construction will be carried and twin pipelines unde 

and Bexlev Area HeVlth ,nad V? r t | ie construction of a area of 7.-700 hectares on the out partly by the National Youth F H 

Auihorily ihc ronstruettonof "'7 West , 5“ k ° f the river “ “dp-niy by 

the Plumstead Health Centre and and ^ ^® d ^ a ^Gapnal Develop- involved. contractors selected by intema- i? 1 ThlTlOC 

Child Guidance Unit Value of * ncnt Authowy has awarded the Total cost of the development tional competitive bidding. The oL^Ill* DlUvS 

this is £414 000 Thi^ contract will firs t contract valued is expected to be about SUSlOOm. project is situated about 300 Km ** , * * 

be started un 30 Mav t0 . G eorse Wimpey and The engineering works cover north of Mombasa in wholly A^ArArl 

•’ Co. (Nigeria). Lhc design and construction of undeveloped land. UlUvIv** 

The contract covers the con- 

^ st ruction of the field base camp, PORTSMOUTH Water Con 

1— IlfYrTC' ntt/1 which will house the develop- l p ir p:,s order 6 d ® trunk main 

riiggs ana -« r. £2m. order from Libya m; ks 

f ill j DOWer road^poweT^en^ra^ion^'wa'ier 11EGHAN ! CA L EQUIPMENT for company's Perm a k contract supply and the eastern 

fifi J and elected al ^ but inn in a ne , W re 8 ,oaaI sewage treatment stabilisation plant and Varivoid using a total of 1.300 tone 

M addiuon VoTsewtS wliSn ' «° rks - be « , built u { r °l deep bed sand filters for a works Evcrite pipes and fittings 

StatlOD WOFk F«t facintierictoboTet lid Mununpanty ofZiwrah, Libyfiis designed to produce a final TAC. a Turner and Newall 

ws'Wi.Avriii T? vf A fifi 1 irsi laciiiues are to OC set up to hp sunolierl hv Pemmtit-Rrthv off Hunt snitahio wn.iinn n... ..^11 i.. 


and barges. 


pas Works, boih of which have BiVvniM/vLn cuuiract iron, me Aran union or awarah. El Jamil and Another order, br 

now been demolished w'ill 8*1 1 VTI1I19I13 1TI Contracting Company of Tripoli. Regda<ecn. some 110 kilometres total to Elm., is for 1 

accommodate a new 140 MAV gas fifififififi^fifiM-fififi The equipment includes the west fA Tripoli. of Turnall pipes a) 

rurtrinc generating station °at Sewage Division of 

East Cowes. Isle of Wight. Higgs Wo-FcDOOSc Water Authority's 

and Hill Civil Engineering will • A _ ‘ Valiev trunk sewer. ■ 

carry out preliminary site works CONSTRUCTION of a two-**torey KllSjy ||1 mP \\ PCf tractor will be T. Gal 

under a £jm. cnntracl awarded regional distribution warehouse v v V04, Son of Bridgend. 

H- lhc Central Electricity "in the Halesowen area of CONTRACTS FOR shon office F54ntwn ■«. • 

“s IBSriCsrS “ti ^Lssz ttM ^ ^swsrswsa Paint cai 
Co i% et riKrfr‘^ ssssr n l n r i establish 

fnundaiior^ for two chimney outlets throughout Ole Midlands GJoSi. 3 * 111 ' ^ ° f A ^ 

The unrt ale ^ om [benew warehouse which i n a n, n contracts total School. Bath, will cost £140.000. nWflPl'Cni 

const '-uction of now roads-’nilrd di/c in " ho rnmnlpieri in thtf n. &u f c* a • r» .i . Pi , < ^ ' " -n 


£lm. bridge 
works 


will • j i vtt j Valiev trunk sewer, wf 

■nrks CONSTRUCTION of a two-storey K11QV 1H llIP W P^kl" tractor will be T. Galla, 

rded regional distribution warehouse -b-f+a-Uj fififi auv '' S on of Bridgend. 

"i® ay in ^ e . Halesowen area of CONTRACTS FOR shop, office £240.000. • . 

con a llVn^contracf^w^rdM t^fhe and fact ? ry alterations and the Three new two-storey exten- l^Qin'f P^ll 

nri FflirriSu-h ■ rVnui d hv 10 IhP construction of new industrial sions in traditional stone-faced A 

Sin.,? coottractloB. providina exin _ , 1 


(>l ANI &M \( him RV 

fetlfeSALES- * 


id factory alterations and the Three new two-store.v exten- f^QlllT mad e of two la verU , af onlve ster More from Embassv of Israel other— for the He [<a rim* * b^ of 

instruction of new industrial sions in traditional stone-faced-*- v^ail iSSfn^f«!i JiJi? aw«fih?l« e Th* 9 JSSL^Smi London WS 40B Environment and Trann'W*— is 

3d educational premises in the construction, providing extra , 1 i* 1 reinforced with gloss fibres The 2, Palace iGrecn, London roconst ruction n( .« rjil- 

r est Country, havd been won by dormitories for the boys and pcfo hll^h structures can be erected on (01-937 S0o0). way bridge « Apple" v. 

rnest Ireland of Bath, part of accommodation fora house mas- V-ofi-M-fiF fifiOJ.fi 

Tn Ma Jn? m i G i r ° contracts total School? Bath.^U SsSlSSwI IVSisllt SOlVG 3. pFOblCIH A vta« ? c P 1 n . • 

™Inda l Sii? n and r, h^ Sn ^ l0 of be f onip,eted in the at^ ^t^Weston^SuArSSc* and rainstc^Scboo^the com°p°any'wU r i MATERIALS SUCH as scaffold AN UNUSUAL gantry crane 126 feet or 77 feet and con- A\ OH S 

foundations and sheet piling and spring of next year. Warminster. construct a single-store? science EffiFlmd even plant items built by A. H. Allen of North- sequent upgrading of the sure £ 

Six warehouse units for Slough building to include a rifle range slo i en from construction sites amptoc. which enabled Kyle load. Height under hook is just TOpTr|J , \r 1S1 

Ldustrial Estates at Weston- in the basement for the school’s can seldom be recovered be- Stewart (Contractors! to speed over 56 feel. Itli.IV! J fififi 

Jper-AIare will cost £279,000. cadet force, and a gallery over c;)use there has always been the operations on a rather difficult The structure i« at present , « • 

id alterations to Littlewoods a central entrance foyer" at a problem of establishin 0 owner- site is now available for more being stored at Hayes. Middx.. 1 1 f-o H ■ 

ore, Bath, are valued at value of £170,000. -.7. ship 0 f a n item should its work. It has a span of 174 feet and the crab unit containing the T ▼ fillolfififi V 

whereabouts be suspected. 6 inches and its safe working hoist gear is at Allen's wo-ks In PRODUCTION SHOULD start 

R. J. Hamer of Mitcham now load is 3 tons. Northampton. So, il anyone has jn lobruan . 197E , , lf ., A -: IU . fjp . 

has improved versions of its The crane i s made up from a site on which internal access is Qry for Xvon Industri.il r»lv- 

LSS 0 S CSDlC installation marking mint system which it four sections which means its a problem. Kyle Stewart mu> - (Melkshumi ; ,t Chinpeh- 


Industrial Estates at Weston- in the basement for the school’s can seldom he recovered he- Stewart (Contractors! to speed 

Super-AIare will cost £279,000. cadet force, and a gallery over cause there has always been the operations on a rather difficult 

and alterations to Littlewoods a central entrance foyer" at a problem of establishin 0 owner- site is now available for more 

Store, Bath, are valued at value of £170.000. -.7. shiD of an item should its work. It has a span of 174 feet 


Eases cable installation 


claims will meet most of the span can be reduced to either have the answer. haQ1 on lanfl ownotl bv M, rl h 

SAVINGS OF 5 to 20 per cent, be gaining in popularity for ce ® ds l . h f i j',i us ! r Z' ^ _ - Wiltshire District Gmmeit. 

are claimed to be possible by building construction are made Th ® .5' T Trnmiim COQf*oll in T^ollT" Thc nrw +L00ft-sq 11:1 re-font 

exploiting Zed purlins for in- from cold rolled metal sections 5? rfS UF3HlUrfl SvSlFCD fill HdiV factory will he I'-a^rd fr»«m the 

stalling electric cables, which of which TI Metsec is a major remain available m ^ the ^ e d • t .. ..... .. developer, Isis Cnn<inieri”n »>f 

are laid along the lower channel supplier. Tr Metsec has joined pa,nt indcfinttely' When A SECOND contract has been Pretation together with ‘the Swindon, which will lutilrl lhc 

of the Z-shaped units, and then with Zed-Duct {Electrical ow s n ® ^ ,p u ® f , an awarded to Hunting Geology and execution of the whole survey P i n g!e-storev complex in house 

enclosed by a complementary Systems), the originator of the painted, has to be conhmied, G eop hysics. by the Italian be the responsibility of the production n F Avon's flexible 

section on top. The greater the idea, to supply factory installed °LJ wh-rMmnn national oil company .of the ENI Hunting. fabrications including hnver- 

number of electrical connections cables to meet a wide range of bottles are applied. v.he eupon g roup A GIP. to undertake a T !* e iJeoph.'sical and ancillary cra f r skirts. special civil 

for normal and emergency requirements. programme of airborne, spec- equipment is being installed tn engineering products, aircraft 

lighting, alarms, ventilation cor ^ IDC bujlding ttihT ir. V™*** surveying In the moun. "S* SJSi.21?}!? i’?' ^" e i"?.J 0,ake Wus ‘- aml , " y 


Description 

9 DIE, 1750 FT/MIN SUP TYPE ROD 
DRAWING MACHINE equipped with 3 speed 
200 hp drive, 20” horizontal draw blocks. 

22 ’ vertical collecting block and 1000 lb 
spooler. 1 Max. inlet 9 mm finishing down 
to 1.6 mm copper and aluminium). 

8 BLOCK (400 mm) IN LINE, NON5UP WIRE 
DRAWING MACHINE in excellent condition 
0'2Q0Gft.,'min. variable speed 10 hp per block 
1 1968). 

24" DIAMETER HORIZONTAL BULL BLOCK 
By Farmer Norton (1972). 

SLITTING LINE 500 mm x 3 mm x 3 ton capacity. 
TWO VARIABLE SPEED FOUR HIGH ROLLING 
MILLS Ex. 6.50” wide razor blade strip 
production. 

MODERN USED ROLLING MILLS, wire rod 
and tube drawing plant— roll forming machines— 
slirt'rng — flattening and cut-to-length lines — 
cold saws — presses — guillotines, etc. 

1974 FULLY AUTOMATED COLD SAW 
by Noble & Lund with batch control. 

1970 CUT-TO-LENGTH LINE max. capacity 
1000 mm 2 mm x 7 tonne coil fully 
overhauled and in excellent condition. 

1965 TREBLE DRAFT GRAVITY WIRE DRAWING 
machine by Farmer Norton 27*’— 29” — 31" 
diameter drawblocks. 

STRIP FLATTEN AND CUT-TO-LENGTH LINE 
by A. R M. Max. capacity 750 mm x 3 mm. 

6 BLOCK WIRE DRAWING MACHINE equipped 
with 22" dia. x 25 hp Drawblocks. 

2 IS DIE MS4 WIRE DRAWING MACHINES 
5.000ft/Min. with spoolers by Marshal Richards 

3 CWT MASSEY FORGING HAMMER 
— pneumatic single blow. 

9 ROLL FLATTENING MACHINE 
1.700 mm wide. 

7 ROLL FLATTENING MACHINE 
965 mm wide. 

COLES MOBILE YARD-CRANE 
6-ton capacity lattice jib. 

RWF TWO STAND WIRE FLATTENING AND 
STRIP ROLLING LINE 10" v 8” rolls x 75 HP 
per roll stand. Complete with edging rolls, 
turfcs head flaking and fixed recoHcr. air 
gauging, etc. Variable line speed 0/750ft./min. 
and 0/1500 ft. min. 

NARROW STRIP STRAIGHTENING AND 
CUT-TO-LENGTH MACHINE I 1973) by 
Thompson and Munroe. 

FINE BORER— VERTICAL 2-SPINDLE. Capacity 
12" dia. depth H '. Infinitely variable 
hydraulic feeds. New and unused due to 
change of programme. For sale at several 
thousand pounds below new price. 

BAR PEELER— 4" CENTRLE55. Reconditoncd 
INTERNAL GRINDER 60" DIAMETER— BRYANT 
BENDING ROLLS 8' x j". Excellent. 

CONOMATIC 6 SPINDLE AUTOMATIC. Fully 

reconditioned, will turn and index to makers 
limits. 

SCHULER 200 TON HIGH SPEED BLANKING 
PRESS. Bed *3" x 40" 200 spn. Double roll 
feed stroke 35 mm excellent condition. 

TAYLOR & CHALLEN No. 6 DOUBLE ACTION 
DEEP DRAWING PRESS. Condition as new. 
VICKERS 200 TON POWER PRESS. Bed 40" X 
36". Stroke 8 " NEW COND. 

MACHINING CENTRE. Capacity 5ft x 4ft x 
3ft. 5 Axes continuous path 51 automatic tool 
changes. 5 tons main table load. Main motor 
27 hp. Had less than one year's use and in 
almost new condition. For sale at one third 
of new price 

WICKMAN 3J SINGLE SPINDLE AUTOMATIC. 

Extensive equipment. EXCELLENT CONDITION 
WICKMAN 2i 6SP AUTOMATICS 1961 and 1963. 

EXCELLENT CONDITION. 

4,000 TON HYDRAULIC PRESS. Upstroke^ 
between columns 92" x 52" daylight SI", 
stroke 30". 

COLD HEADERS BY NATIONAL 
i" and r DSSD EXCELLENT 
ANKERWERK 4C0 TON INJECTION MOULDER. 

Reconditioned. 

HEY No. 3 FACING & CENTRING. 

Between centres 35". Reconditioned. 


WANTED 

MODERN USED ROLLING MILLS, wire rod 
and tube drawing plant— roll forming machines 
— slitting— flattening and cut-to-length lines — 
cold saws — presses — ^urllocincs. etc. t 

WANTED. WHEELED AND TRACKED | 

EXCAVATORS. ICB’s M/F and RB*s— I 

WANTED, RECONDITIONED OXYGEN PLANT > 
Capacity 400 to 600 cylinders per day and also 
reconditioned cylinders from 2.000 to 10.000. i 


Telephone 


0902 42541/2/3 
Telex 336414 


0902 42541/2/3 
Telex 336414 
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0902 42541/2/3 
Telex 3364M 

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01-928 3131 
Telex 261771 


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<«.*■ computer' con necHons end ^J^rgmJSSZ JS tSStXTSS JS W«l* 

so on. the greater the possible of conventional and Zed-Duct Joint to avoid storase problems and in Sardinia to assist in the L?Lr r „ n J« ,n in Cln ' i '- ’ h< ‘ 

^puriins which are said to “ EfflT ~ « „ ■ SSST-in".,. 

me -ttsssns** SSS-jSSS HlEHe, ,0 

IM DDSCC hish,y sophisticated machinery, shade is allocated to a specific tion. logistics, inttial data com- ^Sa tha ^ur^ oTibT?^ev if sSwealSntlv ^ required 

IN DRitr some of which is capable of cut- customer. More on 01-643 *2064. pilation and preliminary inter- ^ aurui “_ tn ^ cour ^ 01 tDC survey, if subsecwciUK rcquirec(._ 

ting and stripping cable ends ar j' 


eninro«'**s 


• Mr. Eric Variey. the Secretary up to 10,000 an hour. A range fnlrnr cfv*(Tln 

for Industry, will open a two-day of specially designed boxes and |.4KcN luv Mi Olll 

conference on Mav 17 at the ancillary components, such as 

Institution of Civil Engineers, for pendant lighting, ajl of A CONCRETE joint that can of intersecting steel bars and 
Westminster. London. The need which are screwed into tapped withstand the stress of a severe hoops to withstand pressures 
for expert knowledge and ex- holes have been designed to earthquake is the subject of a under earthquake loads. The 
perience in the management of meet ail usual specifications. recent United State patent. The congestion of supporting steel in 
capital for major civil engineer- In a demonstration of the seismic-resistant joint was the normal joint increases rabri- 

ing contracts will be the main system the cabling was laid in developed in research at cation costs and often makes 

topic. channels and shunted along the Battelle’s Pacific Northwest concrete placement difficult. 

purlin, junction boxes attached Laboratories. With the Battelle-d eve i open 

• Caledonian Netherlands Con- and lighting Installed in 25 Such joints are made of joint, many of the supporting 

tractors (Calneco) of Aberdeen, minutes against a more normal Wirand concrete, which is hoops can be eliminated. The 
in association with Cicton Insula- time of up to three hours. The reinforced by the addition of reinforced concrete increases 
tion BV of Vlaardingen. Holland, system seems to lend itself short lengths of metallic fibre, tensile strength and impacr 
has won a £700.000 contract for especially to Government-type The joints are extremely durable resistance. It also offers flexural 
thermal insulation at an ethylene advanced facilities which can be under stress, and are less expen- (bending) strength that is two 
plant in Zagreb. Yugoslavia. Cal- pre-wircd for all needs. sive than other joint-to-column to-three times greater than 

neco is jointly owned by Aber- TI .Metsec has its head- supports. ordinary concrete. 

decn Construction Group, and quaricrs at Oldbury. Warley, Conventional roncrete joints Battellc. Battelle Boulevard, 
N.V. Verendige NBM-Bedrijven West Midlands (021-552 1541). must be reinforced with a maze Richland. Washington 99352, U.S. 
of Holland. 

• Robert Marriott (French Kier 

Group) has been awarded a 
£253.182 contract by Northamp- 
tonshire County Council for , _ 

alterations and extensions to the "■ * " ■ < i , 

Prince William Upper School, a( r (.J )-/ / ‘rf fHl 

Oundle. Xortbants. ii ml ^ i^l ^ t7 < V !jT 

• Robert Watson and Company J ' 

(Constructional Engineers) of _______ __ J 1 1 r^Palwmffl j&S&rj ? i j 

Bo/lon has been awarded a lT^B£3fg!l SETTCH h fTTFlimwim ■ w r i " P ' . ir f T ffV 

£125.500 contract by Ley land for i| % ■" ™ Ha 

steelwork for an office block for [ I I Bra j i|0 E 65 jip 1 j 

ihe Truck and Bus Division. J j 8 J j jj B j[!j I In J Tj r ffl i B i 

• Lesser Building Systems of | j J | | 1 1 |! J J 5 jj ifl [j J 

Verwood. Dorset, has. received a j j 8 j ii'. I 8 ill I I I! Hi I MS i ill I 

£163.000 contract from the Lon- J i , - . ‘ • r lL?-rrts&^ I'MfcUssgaUJ firrar-4 ( ' fy! ■— [. 

don Borough of Newham for 

1. 1 20 square metres of aceora- 

modal ion in Loser's PB4 f.vo- 

storey building system. 

• Graham Wood Structural will _ — _ _ 

S»t® VARIATIONS ON A THEME 

Grain LNU facility, under lhc 

term? of j contracl from Mother- 
well Bridge Engineer in. 

• Two piling contracts in Scot- 
land. together valued at £600.000 
have been awarded to West’s 
Piling, of Colnbrook. Slough, a 
member u f the WGI engineering 
group. The larger contract, from 
Shell's manasing contractor, the 
Ralph 11. Parsons Company. 

Brentford, is for installation of 
3.300 cased shell piles at Shell/ 

Esso’s Scotland gas terminal com- 
plex at St. Fergus. Aberdeen- 
shire. The second contract is for 
providing piled foundations for 
three bridges on the new Kin- 
gussie to Crubenmore section of 

| ihe A9 trunk road in the High- . 

lands for the Scottish Develop- The Crendon 4* beam and column design are well within the design capability of the 

meat Department. just about thp mnef VP.rsati I p Cfrnrtnral cuetam uihti'K I 


I'M" 






r&stf&r:. 






■ * 



YOU 




are well within the design capability of the 
system which allows a wide choice of 
claddings and insulations. The basic theme 
is expounded in our technical information 
leaflet "Crendon Metric 4" — our engineers 


0902 42541/2/3 
Telex 336414 

( 08B62 ) 261 


01-437 2089 


iands for the Scottish Develop- The Crendon 4* beam and column design are well within the design capability of the 

meat Department. i$ j US t about the most versatile structural system which allows a wide choice of 

• Boris Construction will carrv ? va,,3 ble to the industrialist today, claddings and insulations. The basic theme 

out £im. contract for Tesco '-omDinmg economic framing with quick is expounded in our technical information 

Stores ’at High streec Kidiingion. precise erection these precast frames are leaflet "Crendon Metric 4“ — our engineers 

Oxford, where a former cinema readily adaptable to suit. most warehouse, are always pleased to help with the 

is to be converted into modern factory and two storey building require- variations, 
supermarket premises. ments. Bespoke arrangements as illustrated 

• A £250.000 design-and-construct 

S £? S £ S % m £ ZE 5 crendon concrete co. ltd 

Oil Refinery conversion project. ' name Ka, Long Crendon, Aylesbury, Bucks. HP18 9BB Tel: Long Crendon 208481 
SmSxmS NOR™™ RawcliffeRd..Goole, N. Humberside. Tel: Goole 4201. 
by Foster Wheeler, mam cun- SCOTLAND Shotts, Lanarkshire ML75BP. Tel: Shotts 20261. 


tractor tu Lindsey Oil Refinery 
which is jointly owned by Total 
Oil and Petrofina. 

• Greater Glasgow passenger 
Transport Executive has awarded 
a further contract of £595.000 to 
Laing. Scotland, for fitting out 
Buchanan Street underground 
station in Glasgow. 






Tb make the most of increased production, you're 
rapidly going to need a modem, well equipped, 
warehouse. The timing has to be right and. of course, 
so has the price. 

"Happily, Atcost can help on both counts. 

As Britain's biggest manufacturers uf precast 
concrete structural frames, we can meet virtually 
• any individual building need-but at prices which 
fully reflect all the benefits of mass-product ion. 

And the Atcost system speeds construction. 
Cutting costs even further, getting vour warehouse 
working even sooner. 

For full details, post our coupon now. With the 
economy picking up, there's no time for delay. 

I've a building vmjevi in mind. 

Flense send me literature »n Warehouse C K acllirw .„ 0 u 

I ^ amC — I'oaitiuo 

Company 

Address 

Th€ ItHiusWai Diva^bn 

OT 49 SiKS blrwL U,1do » WiX 3D.V 
SCC^TLAND N lu nroRoad, 




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Powerful pressures are forcing many US corporations to take on non-executive directors. 

The outsiders who are taking over 


fisssstr *^Bw*-sas 


American boardrooms 


By Stewart Fleming, New York Correspondent 


ONCE a month Susan Hails, a 
27-year-old PhD student at 
Temple University in Philadel- 
phia. goes to the 39th floor of the 
Centre Square headquarters of 
the First Pennsylvania Bank to 
attend its Board meeting. 

As a director of the $8bn. 
institution she draws the 5250 
attendance fee and $4,800 a year 
retainer. When she completes 
her course she will resign, no 
doubt to make way for another 
student director. 

Ms. Hails is the second student 
director at First Penn, and one 
of several Board members at this 
the 20th largest U.S. bank, who 
has come from outside narrow 
business circles. As Mr. Ray 
Rafferty, the company secretary, 
explains, the bank feels that its 
Board must be representative of, 
and responsive to, the com- 
munity in which it operates — 
and not just ■ the business 
community. 

The need at least to appear 
responsive is being felt 
throughout U.S. business partly 
because of disturbing evidence 
of declining public confidence 
in its performance. Mr. Harold 
Williams, now chairman of the 
Securities and Exchange Com- 
mission and formerly dean of 
a major business school, has 
focused attention on this trend 
and become a persuasive advo- 
cate of the need for reforms in 
what is called “corporate 
governance — the way com- 
panies make decisions. 

In a recent address he cited 
public opinion polls which show 
that, while there is widespread 
support for private enterprise 
in the U.S. and a continuing 
belief in its efficiency, publie 
confidence in business has sunk 
from 70 per cent, in 196S, to 
only 15 per cent to-day. 

There is. according to Mr. 
Williams. " a deep-seated un- 
ease over the exercise of what 
is perceived as the enormous 
power of American business.” 
He attributes this in part to the 
public s perception or a gap 
between goals aimed at by 
businesses and those of tbe rest 
of society; 


And he suggests that the re- 
sult is that “the issue of the 
very legitimacy of the corpora- 
tion has irself come into ques- 
tion. 

The Securities and Exchange 
Commission is currently engaged 
in a detailed study of “corpor- 
ate governance.” Mr. Williams' 
views, therefore, cannot be 
ignored, since the agency could 
well make Arm proposals for 
change. But bis views are nut 
going unchallenged. 

Earlier this year the Business 
Roundtable — a group oi the tup 
executives from over 190 of the 
nation's largest companies — 
issued a study entitled — signifi- 
cantly — “the role and composi- 
tion of the board of directors of 
the large publicly owned 
corporation." 

In it the Roundtable argued 
that the actual constraints on 
business “belie tbe mythology 
of unchecked corporate power." 
To back up its argument, it 
cited such factors as competi- 
tion and the market-place, legal 
and regulatory requirements 
such as anti-trust and environ- 
mental laws, shareholder suits 
and “various consumerist and 
environmentalist causes.” 

The Roundtable rejected such 
formal reforms as a require- 
ment that the roles of company 
chairman and chief executive 
should be separated, or that 
only one management executive 
should sit on the board. But it 
endorsed several emerging 
trends in the structure of com- 
pany decision-making. For 
example, it backed the idea of 
having an audit committee of 
non-executive directors fall 
New York Stock Exchange 
quoted companies must have 
such a committee by Juno 30 
this year), and also the trend 
towards boards having non- 
executive committees on com- 
pensation and management 
succession. 

Several recent studies have 
shown that over the past decade 
major companies have been re- 
sponding to criticism of their 
decision-making processes by 
introducing these and other 
changes in board structure. 


Thus an analysis by the Con- 
ference Board — a business re- 
search organisation — which was 
cited by the Roundtable, showed 
that 2S per cent, of manufactur- 
ing company boards now have 
women directors, and women 
now serve on the boards uf 41 


academics, heads of foundations, 
women or civic leaders — has 
doubled — from 205 to 413. For 
example, Mr. Vernon Jordan, 
president of the National Urban 
League, a powerful Black rights 
group, is now a Board member 
of American Express; J. C. 


Mr. Harold Williams, chairman of the Securities and Exchange 
Commission, has become an outspoken advoeate in favour of 
reforms in "corporate governance*’ which would make major 
companies more accountable and more responsive to social 
goals. His suggestions, which he presents more as a guide than 
a blueprint, include*. 

0 The Board should comprise mainly independent directors, to 
whom management should be dearly accountable. Thus 
management should ideally not be represented on the Board 
by anybody other than the chief executive. 

• The chief executive should not also be chairman of the 
Board. 

• If there is a number of management representatives on the 
Board, then committees composed exclusively of independent 
directors for audit, the nomination of directors, executive 
compensation, "conflict of interests” and public policy 
become essential. 

• Investment bankers, commercial bankers, outside counsel 
and others who might be thought of as suppliers hired by 
management — and not therefore independent— should not be 
Board members because of potential conflicts of interest 
arising from their business relationship with the company. 

O New mechanisms should be created to judge management 
in terms both of its responsibility to ownership and to society, 
to balance sbort-term and long-term profitability, taking into 
full account the public’s political and social expectation of 
tbe company. 


per cent, of non-manufacturing 
companies, and according to the 
sam e source, black directors 
□ow serve on the boards of 27 
per cent, of manufacturing and 
32 per cent, of non manufactur- 
ing companies. 

More generally, a study by 
Fortune magazine of the board 
membership of its list of the 500 
largest U.S. industrial corpora- 
tions disclosed that, of the 5.995 
directors, fewer than half (2.S6S) 
are executive directors, a decline 
of one-lifth since 1987. There 
has been a corresponding in- 
crease in the number of non- 
executive directors recruited 
from other businesses, who now 
account for 25 per cent, of board 
membership. 

Over the same period, the 
number of outsiders or non- 
business executives — mainly 


Penney — the second largest 
retail stores group — and 
Bankers Trust one of the largest 
commercial banks. 

Critics contend that this sort 
of reform may be little more 
than a token and will not funda- 
mentally alter the decision- 
making process of the corpora- 
tion. They point out too that 
while the overall figures indicate 
significant changes in Board 
structure, many companies are 
not altering their traditional 
policies on Board appointments. 

In the case of Johnson and 
Johnson, the baby products 
group, for instance, it was only 
when the NYSE required non- 
executive audit committees, that 
the company appointed such out- 
side directors to its Board. 

Those companies which are 
bringing in more non-executive 


directors are responding in part 
to a growing awareness of the 
value of having well-informed 
and active outsiders on the 
Board. 

Recently, for example, Sher- 
win Williams, the leading U.S. 
-paint producer, indicated the 
value which more and more 
companies are placing on out- 
side directors. In the wake of 
deteriorating financial results, 
the company announced the 
departure of Walter Spencer — 
who had held the joint roles 
of chairman and chief executive 
— and announced proposals for 
reforming the Board, reducing 
from six to two the number of 
directors drawn from manage- 
ment It also proposed to cut 
the size of the Board from 14 
to nine, thus greatly enhancing 
the position of the nou-executive 
Board members. 

Earlier this year the Securi- 
ties and Exchange Commission 
itself underlined the value it 
attaches to having active non- 
executive directors, and at the 
same time made it clear that 
such directors cannot treat their 
jobs as sinecures. It publicly 
criticised tbe outside directors 
of National" Telephone, which is 
now in bankruptcy proceedings. 
The SEC said the nou-executive 
directors had failed in their 
“affirmative duty” to ensure 
that the company was making 
full and proper disclosure of 
its financial position. 

But it is not primarily the 
commercial advantages of re- 
forming Board structures which 
lie behind the criticisms and 
suggestions from people like 
Mr. Williams of the SEC. Their 
questioning of the responsive- 
ness of companies to society’s 
needs and the advisability of 
reforming corporate decision- 
making reflect wider concerns. 

To some extent these have 
been stimulated (but not neces- 
sarily caused) by what the 
Business Roundtable coyly 
describes as ’’ some unfortunate 
developments of the last few 
years." 

This list is a long one, and 
could readily be construed to 
include such items as the reve- 


lation that in the past few years 
over 300 companies made ques- 
tionable overseas payments and 
bribes, or illegal political con- 
tributions at borne — which in 
some cases clearly posed a 
threat to the broader national 
Interest 

Ur. Williams himself has com- 
mented on the marketing of 
products which are known to 
be unsafe or inadequately 
tested. And other critics of big 
business would point to those 
companies who have recklessly 
spoilt the environment. 

But it is not just the apparent 
sins of business which are pro- 
voking calls for reform. 
Citizens in the U.S. are brought 
up to believe that good govern- 
ment rests on the checks and 
balances and public account- 
ability enshrined in the Con- 
stitution. When they look at big 
companies they do not see such 
public accountability, and while 
the companies can retort that 
the law and regulations are 
there, the fact remains that 
these are often blunt instru- 
ments to use against organisa- 
tions which can always defend 
themselves from the security of 
their secrecy. 

It has not helped, either, that 
it is now so widely recognised 
that shareholders, through their 
voting power, do not play an 
effective role in making manage- 
ment accountable, even for the 
narrow economic interests of 
the business, not to speak of 
the wider social interests which 
are increasingly being 
demanded. 

Thus Mr. Wiliams can remark 
that ’‘major institutions (as 
shareholders) rarely involve 
themselves in corporate govern- 
ance issues." Morgan Guaranty 
Trust, the fifth largest U.S. com- 
mercial banking company, 
whose trust department 
manages around S24bn. of 
assets, is willing to confirm the 
accuracy of this statement. In 
the memory of its current 
officers the trust department has 
never sought to change the man- 
agement of a company in. which 
it holds stock, either on its own 
or in concert with other 



Mr. Harold Williams: “ Deep-seated uncase ' 


investors. Indeed, it is not sure 
whether the latter would be 
legal, but if it is unhappy it 
sells the stock. 

These then, are some of the 
factors behind the calls for re- 
form in the way major com- 
panies are managed and reach 
decisions. 

Mr. Williams sees mounting 
pressure to bring about such 
reform through federal actions 
such as legislation and regula- 
tion. Legislation, he says, is 
something he wants to avoid, 
on the grounds that such federal 
action is likely to be ineffective 
and spark off even more restric- 
tive laws. Instead he proposes 
voluntary reform. He argues 
that the point of such reform 
should be tbe corporate board. 
“Since the board guards two 
thresholds — that between 
ownership and management and 
that separating the corporation 
from the larger society.” 

Such reforms would, it is 
argued, help to ensure that the 
large corporation, which in Mr. 
Williams’ words hax now be- 
come a “quasi-public” institu- 
tion, would be more clearly 
accountable, with 'a Board 
comprised largely of outside 
directors. (He suggests that only 
one management representative 
should be a director.) This in 
turn, it is argued, would help 
companies command greater 
public confidence and make 
their power more legitimate. 

Others question whether the 
reforms proposed by corporate 
critics will have this happy out- 
come. Some argue that they 


will merely further subvert the 
freedom of the private sector 
and therefore of society. 

Certainly, it would seem that 
reforms of company Boards in 
order to make them more 
responsive to long-term social 
needs, and less dominated by 
short-terra commercial pres- 
sures, would further limit tbe 
proprietorial rights of share- 
holders. 

Ironically, therefore, for those 
who tend to see the U.S. as the 
last bastion of — relatively — un-' 
fettered private capitalism, it is- 
easy to see parallels between 
what is happening in Europe 
and the U.S. 

In Europe pressures from 
within the corporation for trade 
union or employee representa- 
tion on the Board are tending 
to dilute the influence of the 
proprietorial rights of share-, 
holders on the decisions the 
company makes. 

In the U.S. similar pressures 
are coming from outside tbe 
company, in the form of 
demands that the corporate 
decision-making process should 
be re-formed to make companies 
more responsive to society’s 
needs. It remains to be seen 
how influential and successful 
the more radical advocates for 
reform of corporate govern- 
ments in the U.S. will be. They 
could, however, have as much 
influence on the way giant U.S. 
corporations conduct them- 
selves as does co-determination 
in Germany or potentially as 
have the proposals for worker 
directors in Britain. 




Stand and deliver 


Win t-y 


01-56734440 

ftnnt Irust Houses Forte Ltd 71/75 Uxbridge Road London W5 SSL. 


FAILING TO deliver goods on 
time is still a major problem 
area among U.K companies, 
according to the latest checklist 
from the British Institute of 
Management. It gives a sharp 
warning to companies who win 
valuable orders, often after a 
considerable marketing effort 
and against strong foreign com- 
petition. and then fail to deliver 
the goods on time. 

Poor delivery performance, it 
says, is “no way to build or 
retain a reputation and (is) a 
sure way of losing repeat 
business." Chasing up produc- 
tion relays also wastes the sup- 



plier’s valuable management 
time. 

The basic problems are often 
caused by over-commitment of 
existing capacity and inadequate 
internal control over the flow 
of orders. 

The checklist (no. 751 poses 
nearly 50 questions to help im- 
prove and control delivery times 
and is available from the BIM. 
Management House, Parker 
Street, London WC2B 5PT. (20p 
to members: 40p to others). 

Watt’s up, Doc? 

l,AST MONDAY’S article on 
lighting by Dr. David Garrick 
contained arithmetical errors. 
The running- cost or a 60 watt 
bulb, at average commercial 
rates, is about 2.9p per 24'hours, 
not per hour as stated. A twin 
five-foot, 200 watt (not 400 
watt) ceiling light costs about 
lOp for 24 hours (not -per 
hour). Thus 1,000 such strip- 
lights would cost about £100 
per 24 hours, and, as originally 
stated, the same number of 60 
watt bulbs would cost about £29. 


The Advance ESF 
clean air service has made a very 
pleasant difference.” 


«j 


Colin Barnett 
. Company Head 

Unit Supply (Segley) Ltd. 


£8000 WITH 

ABUREALJ? 


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The reasons: Our family ol comjjuler 
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li tot can give yen the o imputing capnhfay you 
nceil h. ui the very small up to dw veiy powerful 
bvsteui SO. 


Certainly one is right for you. 

)bu U get die answers you want on the spot - 
no waiting. The best part, lhe computer is 
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Pur an end to endless waiting. 

More important; you start saving money 
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If you want to cut costs and delays, send the 

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Bristol, Southampton. 
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01-848 3031 

Or your travel agent. 








“I had the Advance dean air service installed because of the problem with smoke in the 
office. I’d only have one or two people smoking and very soon it became stuffy and 
unpleasant. 

The ESF has been very effective. Not only does it clear the smoke, but also the stale smell 
of tobacco that lingered in the ait 

Several people have commented on the improvement and I'm sure it aids concentration. 
It cuts down dust and pollen too which is important since I suffer from hay fevec 

Tve been using Advance for several years now; starting first with their Towelmaster 
cabinets and later their Soapmaster cartridge-loading soap dispensers. I’ve never had any 
problems with Advance, so it was a natural progression to use their ESF. 

Basically, the reason I use a service like Advance is because I don’t have to worry about it - 
their service staff take care of everything. Renting is a good system; it’s a trouble-free 
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12 

LOMBARD 


Hie reluctant 


[+HE WEEK IN THE COURTS 


Financial Times Monday May 15 1978 


Judges lend their weight 


BY COLIN JONES 


BY JUSTINIAN 

IT WAS quite like old times of the facts presented, 
reading about the Restrictive Nevertheless, the deve 
Practices Court, that experiment of a clear underlying 


Carry on Brearley 

RIGHTLY, LOGICALLY and pre- party: perhaps he was too nice, the 

dictably, the selectors have A heavy, or -ciWWJJ SuivatePt because of fewer 
named Mike Brearley as captain feat has aided maw m** Smpatbetic pitches, 
of England for the three Tests including those of Mike Smitn. > P nlayer will be 

aeainst Pakistan, and he will also Ray Illingworth and. most ..The class piayer ^ wui ue 


present 
cn, our 
n their 


have been remarkably slow to get cent for owning, 
sales moving since they began The pattern wa 
re-capturing control of most of those living i n 
the country’s town halls three mQ datioo a3tho,i 


1UUSC ano layman iwua hpeeme pruui was me same Deiore me eaxuea uiatavuur wun me pre*eui me oat, anmuieaiy in a peuuu . n onp5 . - . . n-.rir.ml rVnriin 

wlevait expertise) has been Eourt as that applied in an Government it notched up when there have been tew side, or m«s".ed tfiat Dennes. choice for "t ’J belieCe hk 
extended in recent years, and ordinary civil law Lord several eood marks among the Enelish batsmen producing would lose both titles a especially it tn ne 


These difficulties faded away of all local authority tenants to commit breaches of the food is the ordinary task of a court a mixed tribunal can handle expect him to be asked to con- 

more than a year ago. Yet by gave ownership as their first and drug legislation. It was the of law to take the words of the social problems with a distinct tinue against New Zealand and 

tho second half of last year the choice. first time the Director General Act according to their proper legal components with rare good for the tour to Australia this 

annual rate of sales, according to Those who oppose a doIicy of had brought a case to court construction and see if. upon sense. winter, 

the latest estimates, had risen to se iiin° council houses say that ***** the Fair Trading Act 1973. the facts proved, the case falls . The re-appointment of Brearley 

only about 11,000 to 12.000. most desirable houses will The &&***■ case* involved a within them. Functions is no reflection on Geoff Boycott. 


CRICKET 

BY TREVOR BAILEY 


in charge of Lancashire. i\eun 
Fletcher aud Richard Gilliatt. 
and the new captains of Surrey. 
Somerset and Warwickshire: 
Knight, Rose and Whitehouse. 
One of this last trio will prob- 


encouraging, it has not withdrawn more in mortgage tax relief uie nesincuve rracaces L-ourt ^ y, e decision-making. Some of Jh,”* t rhan^iinr , manner Ox ms two ie, UOw- rea 

ns genera! consent to the sale than in subsidies and the coun- accepted undertakings from the a,,, lay judges be ^ me very apart, the Lord Chancellor Yorkshiremeo, Six Len Hutton on 
i>f muniMi hnncpc nil win ins<» rental inpnm» udiirh director of the bakery company ovnprisniwi in rha af urnrir ^ pl6MBO w tn an d Ray Illingworth. He could Htf 


viewpoint! 


Housing is generally a district 
council responsibility and at the 
past district elections two years 
ago [he Conservatives were left 
in control of almost three-fifths 


one nee s worn a oe comminea. ■ i 

Section 34 of the Fair Trading LHICiai 

Better DUX Act 1973 provides that where it There 1 

appears that a person carries on that the 
These arguments, which are his business in a manner which preted too 


English judges have thus been I over the years. 


leader — the 


in Mike England job his success stemmed 
idy shown from a deep insight acquired 
tute and over the years as a player. Ray 
Middlesex was essentially a player's cap- 
lia Mike tain with a calculating cricket 
ir, jntelli- brain, rather than an instinctive 
complete leader. 

vant lire- The first requirement of a 


suYntLszs 5ra?!S srs^55JiW2.5s Msmsirrs: ssjstesm ss jm-™ ».*w*c manager, it ivit SB nsrsh tsssutzs 

nri-Mn^ni. “.nJ i IK.ff' !S?2 their emoires reduced, are all interests of the health and safety interest. The wfter-Tnhe Boilers res P ect . which -judges are financial compensation of a con- more determination than most, should also be worth his place 


become 


SKSS^.." 1 ,. KB-S SSr iSStaT. out of I Revival 


difficult to 


rented accommodation which can I Iq ^ IaSt rtSOrt the director 


competitive DhiiOTtmby had been F es l ,ect p eir P^tige, after all. Easily, due out this week. - between the Test dass and the crop up, the former has the 
noticeably wSkSedf^e imoti- '! grt L unded m 1116 ' singIe . f “ l Colin Cowdrey, a delightful, good county player? Averages edge because of Boycott s basic 
?aS of sSS a developSent ar v e «>™*ly P** thoughtful and occasionally in- can be. and often are. misleading, lack of security. which an be 


m % >wmn^ ----- ^ ^ „ — jg Q0vcr wise to d i sEiiisfi 

point is that so many tenants buy their homes increases The undertakings offered by the The experience' of the Restric- econom . e or socia i ,*,11— iSi Ues 
do. as was demonstrated bv the mobility, leads to higher stan- bakery firm— which did not tive Practices Court was stiffi- jn judicial garb Political 
consumer survey commissioned dards of maintenance and repair appear before the court— proved ciently encouraging to parlia- i3sues be resolved funda- 

ffir the Li i tic Neddy report on and *° contributes to a better satisfactory to the director mentanans for the experiment raental]y ^ the n 0 Utical forum 
housing last vear. balance between investment and general and the court. Every- to be repeated. The Industrial i/room for iSine 


First choice 


and s«> contributes to a better satisfactory to the director mentarians for the experiment __ nt : th noiiHca! fonrni 
balance between investment and general and the court. Every- to be repeated. The Industrial — . £ }h i« P ronin f nr 
improvement. It brings about a one went away without much Relations Act, 1971, established , * r ® f JJJSf 

mix of tenures and so will help fuss and bother to contemplate the National Industrial Relations „ iaJ L* Lis,™ 


coose-|the fleeting revival of the court’s Court. 


ins same of the policy issues] 


Rewards of enterprise 


This showed that owner- sector of the growth in ow 
occupation was the first choice occupation and the contract 
of a large majority in all age oF the private rented sector. 


JL Hi .31 UIOIWV lu sumai cuostt- me u«uc S u> ^ that do not touch the verv nerve JB- 

quences to the local authority jurisdiction. That body took the informality “ f l SiSSeLl 

This showed that owner- sector of the growth in owner When the Restrictive Practices of procedure to a greater extent. c !PVf. . I ” " r "L- 

occtiparion was the first choice occupation and the contraction Court was launched as an expert- Only occasionally did Mr. Justice 2 ™““' a 1 YESTERDAY saw the completion last and the first open tourna- once a financial and artistic 

of a large majority in all age oF the private rented sector. ment for resolving economic Donaldson forget where he was of the 1978 finals of the World ment was held at Bournemouth success." It also galvanised the 

groups of ihe population. Only t n short, selling council problems, there grew a belief and assert the formal power of fu ^ f oJrf Serie s of Tennis. A week ago. in April. I96S- 1LTF into expanding the experi- 

ahions the under L'O's (who houses promotes not hinders, in the justiciability and essenti- a judge. In the vast mass of ?*** n f o^< “JHj Bf “J in Kansas City. Tom Okker of Thus WCT can be credited mental Grand Prix circuit 
could not yet afford to buy) and the aims of housing policy. It ally legal nature of the economic industrial relation problems he p annm °j. . ?' The Netherlands and his Polish directly with precipitating the devised by Jack Kramer and 

ihe over 35's (who preferred to facilitates the process of adapt- issues posed. What was cbarac- was immensely successful in s0 “ e po J , ^ ;i r s ^ p £ p jn_! np „r slDie partner Wojtek Fibak. beat Stan most important single develop- cautiously launched the previous 
slay in their present b'/me) was ing local housing strategies to teristic of that period was that resolving the myriad of prob- 3110 wise aeveiopment. Smith and Bob Lutz, the most ment the game has experienced year as a means of preventing 
renting given as the fin:: choice the chancing kaleidoscope of the judges sitting with their lay leros of labour relations, to the * Director General of Fair successful U.S. pair of all time, in its 90-year existence. Now, players from signing personal 
l»y a .significant minority. In needs The da vs when most of colleagues were insistent that the universal satisfaction of the rival Trading v. Smiths Bakeries j n the doubles final for a first ten short years later, the sport contracts with individual pro- 

ihese t«n groups, the number us rented our bouses have long proceedings should avoid being contenders. It was when the (Westfield) Ltd. and another, prize of $80.000. ' ' has entirely shed its Edwardian motors. 


another. I prize of $80,000- 


has entirely shed its Edwardian motors. 


1 to look to the commercial reality publicly notable occasions with J978. 


ooling to rent was 29 per cent gone. Today most people want, formalistic. They were prepared court was faced on the rare but The Times Uxu) Report. May 11. J yesterday in Dallas Vitas garden parly image to become a There followed two years or 
and 42 per cent respectively as and expect, to own. 'to look to the commercial reality publicly notable occasions with 1978. Geruliitis beat fellnw-Ameriran vipi,e sporting industry. conflict which saw the WCT men 

'Eddie Dibbs 6—3 6—2, 6—1 in Mor ? importantly, during the barred from Wimbledon in 1972 
94 minutes to claim the 8100.000 pastdecade the patience and per- and saw too the foundation of 
first prize from the 8200XKX) slstence of Hunt— plus, it must the Association of Tennis Pro- 
eight-man singles play-offs. |>e added, his not inconsiderable Monala. a l 
(Unfortunately the 1976 cham- financial resources— have forced vrtitoh Kjamer took the leadin 0 
plon, Bjorn Borg, was forced to *5 game to discard outmoded role ...... . 



for Scotland. 


Northern Ireland News. 5.55 Scene 
Around Six. 6-20-6j0 Land ‘N’ 


t Indicates programme 5.55 Nationwide. for Scotland. — 

in black and white 6.20 Nationwide. Northern belandp-i S- 53 : 3 - 95 P-" 1 - 

6 5,, Taste For Adventure. Northern Ireland News. 5.55 scene 
BBC i uo Angels. Around Six. MM* Land *N* 

6.4rt a.m. Open University. 9J38 *-10 Panorama. Sbnrf"* 1 V ' ea ^ ier 

F»»v Schools. Colleges. 10.45 You 9.00 News. for Northern h-eland 

And Me. 11^2 For Schools. 9.25 The Monday Film: The England — 5.53-6.20 pjn. Look 
Lolleco. 12.45 p.m. News. 1.00 Legend Of Lizzie Borden. East (Norwich): Look North 

Pebble Mill. 1.45 Camberwick U.00 To-nighL i Leeds, Manchester. Newcastle): 

rirvcu 2.«1 For Schools Colleges U-40 Weather. Regional News. Midlands To-day (Birmingham); 

J.15 Songs Or Praise ‘ Trora 'st All Regions as BBC-1 except at Points West (Bristol): South 

Marlin s Church. Stamford. 3.53 the Following times:— To-day (Southampton): Spotlight 

Regional Nuns tor England Wales— 1.45-2.00 p.m. Pill Pala. South West (Plymouth), 

t except London 3.55 Play School 2.18-2.38 For Schools. 5.554.20 _ 

lay BBC-2 ll.nu a m.). 4210 The Wales To-day. G .50- 7 .20 Heddiw. BBC 2 

*«dflball Couple. 4.40 Chessers 1L40 News and Weather for I T» l ,- r . i t- 

l*!:.y Pop. 5.05 John Craven s Wales. . „ # * S piT; t7 ’ 

New <round. 5.10 Blue Peier. Stsotiand — 5.55-6^0 p.m. Report- 11-00 Play School. 

5.40 News i London and South- ing Scotland. 11.00 Public 4i»5 Open . . 

E.T*t onli). Account. 11-35 News and Weather ‘-00 News ; On ^ Headlines with 


Regions as London Silly, mo The Monday Film: 

T ^ . _ Uitcn T*Mat " 


Northern Ireland— 3.53-3.55 p.m. except at the following times:— “*2? 




This is the eighth year of pro- 


ANGLIA 


MTV Cymtii/Walu — As HTV General r 
service except: L20-L25 p.m. Penawdau fessioDal teams in Dallas pre- 
vevrrddion y Dydd. zoo-125 Bamddec. sented by Lamar Hunt's World 


Larder. 11.40 News and Weather iz» am. om of Town, us Ansju *4»422 v Dydd. sjmjb Vr wnhnos. I Championship Tennis organ is a- 
f„r Northern Irehmd. S ther” and 

England — 5.55-6J50 pan. Look Show, iso in Search of . . . — - ^ wesi *-*— 

East (Norwich): Look North Plunder. 5J5 University Challenge 


If -Ports Manchester Newcastle)’ AOOI “ xlh iv 

J ’ How: -Gargoyles.- starring Cornel 

Midlands To-day (Birmingham); vrude. 1Z2 S ub. Reflecuoa. 


Show. 3 Jo in Search of . . NaK unes. *22-*.45 Renon West. 
Pltindcr. 5J5 University Challenge *.*0 

About Anglia. 1038 Lifestyle. U.« TV 

Movie: “ Gargoyles.” starring Cornel SCOTTISH 

Wtldc. 1225 sin. Reflecuoa. 


once again WCT has done things 
in style. In fact. WCT has done 
SCOTTISH more otber organisation 

1230 p.m. Gardenias Today. US News “? itS C ° n ' ? 

and road report. 22S Monday Matinee: Slderable Skills, have been UO- i 
"Mord ocK’s Gang." iso Beryl’s La:, ashamedly copied by rival 


TENNIS 

BY JOHN BARRETT 


F.T. CROSSWORD PUZZLE No. 3.667 


6.40 a.m. Open University. 

11.00 Play School. 

42>5 Open University. 

7.00 News On 2 Headlines with 
sub-tities. 

7.05 Taking Shape. 

7X0 Newsday. 


Ri 2 hi and Cenrre. U.B0 
1225 a.m. SomeUung Dlfl^rciu. 



, /o : 7 c, t TV and road report. 22S Monday Matinee: 

j-day (Southampton). opotugnT ait "Mardocx’s Gang." jjo Beryl’s Lo:. ashamedly copied bv rival 

luth West (Plymouth). 1Z30 p.m. Gard-.-nlng Today. 120 ATV 525 UniversiU ChaJiense. *4M Scotland pntrpnrpnpurc 

Newsdes*. 225 Movies lo Remember: Today. 630 GrimedesX- 1030 Scmu>h K u c u ‘ ®- 

nnr ‘V "Hoi MflHnn a.” 5.15 Unlversiiy Conservative Conlerence Report. 1130 WCT Came into existence in 

OJDL- Jm ChaLenge. 44U ATV Today. 1030 L-ft. Late CalL 1X35 The Prisoner. 1967 w hen the amateur eame 

6.40 a.m. Open University. ul^’aj^somethi'ng' Different. Mcaou,I ■ cmmrrnv was burfitin 8 at the seams with 

1.00 Play School. ncD SOuTHfcRIV talented players seeking an en- 

435 Open University. BUKUtK 1230 p.m. Farm Progresa. X20 southern larged theatre in which to dis- 

7.00 News On 2 Headlines with p.m. Gardening Today, txa New*, zoo Hotiseoany. 225 Monday p iay their skills. Dave Dixon, d 

niih-titlt>c B-trdcr News. ZOO Houscpany. TZ25 Mannee: "Murder or Mercy” starring v_ w n„i ,■ . 

... t, -i. cv, Matinee: "SpcUbonnd" siarrmg tngrd Bradford D film an. X50 Beryl's Lot. 525 New Orleans promoter who had 
7.05 1 a King anape. Bergman and Creaory Peck 525 Garnock Mr. and Mr*. 6.00 Day by Day. 1030 the financial backing of Lamar 

iXO Newsday. Way. too Ujokaraand Monday. UJ5 Man and Woman, u.00 Southern Nevrs Hunt and his neDhew A1 Hill Jr 

8,0 w “ ®s tSf c Es m ^' p s Su“S m S “■ c "™"- 

Philharmonic Orchestra. sS *** a ra - ^ rter TYNE TEES up^ proTSraftouraamentT 611 ' 

8^0 Ersatz (Academy Award- pUaivmci w wn. tm Gmt Wort fornmut t» ni *“. J l . . am 

winning cartoon). vHAININtL North East News Headlines. 1230 p.m. But Dixons daring innovations. 

9.00 Pickersgill People. Lia p.m. channel Lunchdme News ion 5* wu 2’ ^ Easi Ntwi which included coloured clothing, 

9-55 Tales Of India. JiSSt^-lSSSi ^.ru^" «o ct iT^ene^^ w for $10 per point, en- 

0J15 Sea Tales. pZa.^. Cartoon Time. 330 Beryl’s Lm. xis couraging the spectators to 


Philharmonic Orchestra. 
8.50 Ersatz (Academy Award 
winning cartoon). 

9.00 Pickersgill People. 

9.5S Tales Of India. 

10^5 Sea Tales. 

11.05 Late News On 2. 

11.15 The World Championship 
of Tennis (semi-finals). 


Francisco. 

Summary. 


lies U 1 UiaiL Maiiccc: ” ATOM l Vuirurc* " <UO Glory 320 Generation Sew. M 0 ^ 

a Tales. Canoomtme. 525 untwriu^buito? Cart 000 Time. 330 BeryTs Lot 525 couraging the spectators to 

He News On 2. *.00 Channel ffews. 620 Orion. 8 00 9> a ^* D » e - Northern Life barrack, and playing with the 

ie World Championship Blslns Damp. 1028 CTianRei Late New*. “ P^rad ik. 10 ^? 114,0 VASS scoring system— the pre- 

Tennis (semi-finals). DMger ta Paradl “' cursor of the>5reak-werean 

Girls.'* IZ30 «joi. News and weather u TTT CTCR ahead Of their time. Within six 

LONDON FTC,,dl ,0 ' towe * by CbanjJel Ga2cUe - uo pan. u£ir !■ see You W * ekS - D * XOn had 50 ld Out his 

»- Schools Programmes. 

lie And The Maeic Torch. -*- 23 ■•"l - . F,r .? 1 Thing. UO pjti. ojb iniipr Nmn n«»diiiiM aii 



9 30 am. Schools Programmes vjjv^uviri/xtv . 5? <m<! 3L7- "^nday^Matinw: “Press interests to Hunt and Hill. 

imjS^SSSS « — ^ ’SsKp"®: H'3u wl8d is ■i*™ b r e J 1 f i z ere r already 

12.10 p.m. Rainbow. 12J0 Drive-In. SB5£ n 'JgJ 1 University challenge. tM uiaer Teis- I, I P g '° g , ,D ,h f ; corridors of power. 
1-00 News plus F.T. index. 120 £2 ^5 I^ematronal Lawn Tennis 

Help! U0 About Britain. 2.00 Unlveralty_ Challenge 6JU Cramoian “rhif* w?i^P Federation, which bad stead- 


Lamar Hunt, the mastermind 
of WCT: his deterinlnatipn 
and money propelled the 
sport out of the Edwardian 
era and gave it the status of 
a virile modern industry. 


the muted hostility of ATP 
which sought to widen the 
opportunities for its members 
in the WCT tour, the Dallas 
group survived, though at some 
cost to Hunt’s deep pockets. 

Two epic Dallas finals, in 1971 
and 1972 in which Ken Rosewali 
beat Rod Laver both times, had 
already established the World 
Championship of Tennis as a 
prestigious title, and the steady 
growth io rewards assured the 
lasting interest of the players- 

From $lm. in 197L the circuit 
this year offers 52.47m.. and in- 
corporates a number of special 
events. Following the uneasy 
truce between 1973 and 1977. 
when WCT occupied the first 
four months of the year with the 
Grand Prix occupying the re- 
4 maining eight the wheel has 
come full circle at last- This year. 
WCT has been part of the Grand 
Prix, with players winning points 
towards both Kansas and Dallas 
and also towards the Grand Prix 
\ bonus pool and the Masters 
Tournament In January. 

Otber innovations have affected 
WCT adversely. The doubles 
field in Kansas was moderate, 
due chiefly to the activities of 
Team Tennis, the US inter-city 
league whose existence threatens 
the whole concept of tournament 
teDDis. Then last week the 
defending champion. Jimmy 


Help! U0 About Britain. 2-00 Univeraity Challenge 6JUI Gnawi» fteRnT U 20 WttUn Tb^T' wZ reaerauon wmen nad stead- a wur moaern umusuy. defendine chmo on iimm» 

AJier Noon. 2.25 Monday Matinee: t** Eiecinc Theatre Show. JjSsIim. ertame™ WaU *fastIy resisted past efforts to ron3 8 Jimmy 

“ Wu the ring Heights." starrine “™uve’ pS¥U“conffiS« S R22£t U 3 s introduce open tennis, were at lacked expert tennis knowledge, aratiabie d d h mself un ' 

Anna Calder-Marshah and ciuh Mirror Acts of use YcarAuranit. WESTWARD lasl persuaded to do so. The fact Hunt hired Mike Davies, the ex- Rv stirkin* tn ita 

Timothy Dalton 4 JO Clapper- aun. Gram P i an Un Nigiu Eeod- ^ pni . Gus „ on£ Xn’s Birthoaw «b>t WCT now bad under con- British Davis Cup player, as his and cbaneine dliStiS? 
board 4.45 The To-morrow People. UnM - Z 2 o Wesrward News tract eight of the most exciting executive director, and Davies Lntc 

5.15 Batman. GRANADA t^ 6e A "j^ ,on » men in the *ennis world— John proved an inspired ehoice. mnirihntMi .u . Vv S 

ss5iss_... » 5 . » «!sss. "ts? ‘sss:^* % > » &, bmM «» XJXi 


5.4 5 News. 

6.00 Thames At 8. 

6.40 Help! 

6.45 Whodunnit? 

7 JO Coronation Street 

8.00 Devenisb. 

8.30 World In Action. 

9.00 Rumpole Of The Bailey. 


contributed enormously to the 


1230 p-m. now to stay Mire. u. Som^r. ua ‘tSSp^ s.jl New^mbe and Tony Roche, of In 1971 they launched the growth of the Tn Tame 

Dodo 225 Monday Malinee: "Border Unfvereitr Challenge. 6.00 Westward Australia; the Americans. Dennis World Championship of Tennis. thpr» ie «*H1 o . e ?. r ■ 

Ibver MamoBJuel McCrea iS0 Beryl's Diair. 625 Soon. Desk. 8.00 Rising Ravston and Butch Rnrhhr.lv n nrtinte-linlrprt rirr..ir -iA . . e ,s . * n ». 3 P^Ce for mdivi- 


JUver" narnoB Jeel McCrea 330 BerelS Diary. 625 Soon* Deak. 8.00 Riving Ravston and Butch Bucbhobf a DOintX-Iinked cirrtiir n>“'5S i"".* ** . a P |a C® ror indlVl- 

k ot - J- 15 - University ljuiiengd. 630 Damp. 10.28 Westward Late News. 1830 rIi ff nrverinir f - dual enterprise, provided it can 

Granada Reports. 620 This la Your Encounter. UI_00 Lai*- Night Movie- Cliff Dry ale. of South Africa, tournaments With Slui. ID prize Command the rpsnpi-f nf Tho 

R'isht. UJ0 Reports politics. TU-30 "The Pleasure Girls” starring Francesca and (be three Europeans. Pierre money. The venture was an cove mini* hnrtv r ^ e 

Monday Film Premiere: "The Putv’a Anms. U3o a an. Puth for ufe. Barthes, of France; Nikki Pllic. immediate success and brilliantly S I fSp layers. 

HTV vnPFTCHIDr Yugoslavia: and Britain's realised Hunt’s dream of creating Davies haw! ^ an 2 

H1V YORKSHIRE Roger Taylor— brought action a t "a professional game that is at that “ certainly achieved 


ACROSS 

1 Cheerless endejvour hound to 
succeed 1 6) 

4 Note friction leads to a beat- 
ins tS.» 

10 Middle East republic gels on 
after the French prohibition 
(".* 

U Constellation with a number 
resembling the King of the 
Jungle (7.i 

12 Ancient Sod returns to port 
(4) 

13 Without any money like the 
Augean stables (7, 3 1 

15 One doctor has information 
for the princess (6) 

It Coloured s»rl has a place in 

Ihi? West Country (7) 

20 Sir Dave should be made 
counsellor (7.) 

21 The old boy can let off steam 

24 Needing rib possibly to 
generate within (10.1 

26 Secular — first class included 
in Tile small print (4) 


31 There’s a place to New 
England for a good man in 
favour (8) 

DOWN 

1 Approval of speech springs to 
help (4. 4> 


8.30 World In Action. over." 

9.00 Rumpole Of The Bailey. HTV YORKSHIRE 

r.-. _ „ „ 12 ^ 8 v.ra. Landscape. L20 Report Wrcc 1238 p.m. How to Stay Alive. 128 

10-30 The Bis Film: The Power. Headlines. 125 Report wales Headlines. Calendar News. 225 Love Story. 320 

12.25 a.m. Close: Rudolph Walker If 0 H o**separty tZ2S The Monday Music at Harewood. 330 Beryl's Lot. 

rparis a Carihlwin nn«m hv Matin re 1 “Against Tomorrow." 5J5 525 University Challenge. 640 Calendar 

** P ° y University ChaUvnge. 620 Renon West. (EmJoy Moor and Belmont edRJons7 


2““*;. 12^8 P.m. Landscape. LZ0 Report West 

10.30 The Big Film: The Power. Headlines. 125 Renon waies Headlines. 


Rick Ferreira. 


62Z Report Wales. 


620 Report West. (Emlcy Moor and Bolmont ednioui. 
1030 Thomas and 1033 Lifestyle. 1LM Police woman. 


RADIO 1 


(S) Stereophonic Iro s dcas t g . ri , 

5.00 a.m. AS Radio 3. 7JB Dave Lee vM** ReafcS? ^1233 
-••iHc am t.mnn r r,_„. Keacuns. tf . 1 5 


9.00 Simon Rates 


247m Mi-aswen concert iS> U30 BBC Welsh Hinge and Bracket. 720 News. 7HS Th.- 
Symphoay Orchestra concert, nan !■ Archers. 720 Prim Oar Own Corrcspon- 
Jjh. Ha ,P ln ' wUrgeob ISI. 1Z10 pjp. inter- dent. 1M The Monday Play is>. v.lS 
l Pant Readme. 1ZI5 Concert, part 2- A Sideways Look At . . . 930 iUieldn- 

Lsbelt S ^a,1< 5• 1-D0 « Nt,H,s UB BBC Lunch- scope. 9J59 Wtsalher. 1030 The Wand 


Whitstead: don’t take 10’s 


longer inside (8) 

6 Tamed animal turns up— but 
don’t rely on it (6. 4) 


RADIO 2 


9 A point of view that is some- 1 8 27 RacWS Bulletin and s.-is Pause lor 


times obtuse (5) 

14 Boundaries where 


14 Boundaries where fairy | open House <s» including i.<a sporta 

cycles can be parked? (10) ' ’ “ - 

IT Old or new. thanks to people 


Thought 10.02 Jimmy Young iSi. 12J5 RADIO A 
Wagoners’ Walk. 1230 Dus O'Connor’s ** 

op-.-n House .Si including 1.45 Sporta 434m. 330m 2S5m and VHF 

Desk. ZJ) David Hamilton tS> Including (OS a.m. n™ s Ui w.rmln* Wwk 


Co mm o n s. 14)5— Close: As Radio 2. 

London Broadcasting 


clearly relishes the mud. 

The supporters of Whitstead. 


RACING 


on?er 181 'a — L - a: aft - isyanr* « ^ * JFsfSlS ,h M 'r l 

RADIO 7 1506m and VHF Music m our Tim? by Lutyens. Crsham 920 Londtn Live. iz» p.m. call ir. eJ 6 p u or me _o-i The Fact that Leonardo da stein wouM nni r?" ie U y uaea 

vf e, imn i _ ‘Si. mo Jazz in Entam: Radhraas is.. ZD 2B6 showcaoe. U3 Home riu. b.u fkance Son Fils he was far from Vinci (a firm 1M chance for lerriau-e fi. ®pt instead for yes- 

530 a.*,. Nc« summary sjj 2 Ray u.« w.^w. n «.n « , — w. smr. i~.~ impressive, taking a long time tordays Prix Lupin, in which 

to overhaul the second, a Mon ' — a successful Leonardo da Vinci 

Fils eolt. Like his sire, this one , have collected some 

clearly relishes the mud. RACING f 1 ?- 00 ® f?ne4hlrd of that sum 

_ The supporters of Whitstead, ci,nL Wdei j P r * se J. so the owner's 

op..n House^ is^ jududins im sporta 434m. 330m, 2S5m and VHF ~ l^Aa’i « trtrs-1 w **° a PPeared a worthy 5-4 on BY DOMINIC WIGAN sporting decision to run instead 

‘ favourite as he lobbed along In t he applauded. 

tile first half of a siowly run race to to-day s rarinc, finding soft- 

(more than 20 seconds above — (-round specialists— or those that 

o?rt^Ts. News HMtumos wcauTcr. 'papero. sport, caie's"!!' 0'docx cST“Sio LBc ftimm average) received their first AYR ^ . hand . ,e too mud— is clearly 

SSfacli: 7ia 1T^ Duice Rind' Da5 aS,/, 3 ™ 85 im*'^** ^ nu £ s - .4? % XeT Elsb[ inn fnght just after the turn into f-SMU^horsanhy* Sb wra ™°«« importance. One 

*oz The Bts Band sound .Sr 9ji2 ^ fe raiidren^ Jf* ^‘i htlj » Q 'L M ,, liL- Moor ’' the home straight. At that J5J - i? lv,l *r i ’ ' ■ *. eem * tQ relii4h plentv of 

rtunjuhrcy Lyttelton pje Be« n( Country Holidays Fund. HUB Newv “ odlm “- m - w «“ E3tra - point. Dactylosrapber went past 3 JO — -Emerald Emperor « ,v * «n the ground is Rifle 

SnSfmm 1 u°SSU aiB u ^ a P ital Radio ^e Findoo edit in hot pursuit «£jg«J ^gade a . S of »d second to 

Sound. IMS Brian Matthew introdocns t o ihe Hills. il3D Aram^retnenis. 12 J 8 194m and 95.8 VHF 0? Son Flts However, lack nf '"^ SS °f Man at EpSOlO 

Mnl UUiiuM. tnriudw* 12.00 News News. 1223 p.m. You and Yours. 1227 620 ajn. Graham Dene's Bre a previous run then told on the 5.00— PlflCptiCO recently. 

ZOO^JE ajn. N- ws Summary. Bmn of Britain 1978 1225 Wealfior: »ow *S« MB Tim RJe* iS). U28 Dan- tall Secretariat bay. and in a — He look* a good bet to regain 


520 un. Morning Music. 


SSImaodWJVHF ITPLSSn ", SH* , 54 ^ BY DOM,N,C WGAN 


favourite as he lobbed along Id 


.. • *. - ■ Alan ucu: i-ai inc uinut tjana uays. Arrhtvos ojn ri.h ih« c.ikui into ibu >uiu uilu 

19 An admirable character (S) «.k The a>« Band sound is.. 94a w^jj Sith ZSL. faTiMiJS . J-?L mopt.- the home straight. At that 

22 A sound incentive for the Lrnclwo vgni Be« nf couniry Holidays Fund.’ ^88 New “ rtlyD ' LBMJ0 w « w E**™. point. Dactylosrapber went past 

.. P uke ° r Edinburgh (6i irtfifTt.'S S^S l sS%. Ca P ital Radio the Findon colt i„ bet pursuit 


naoio tne rinaoa con m hot pursuit 

194m and 95,8 VHF Son . F ’ ts However, lack nf 
. era ba« Dene's Breaicfu« a previous run then told on the 
•f!Li Ttm Ri<! S. ,s> ’ u.10 d«v.- tall Secretariat bay. and in a 

M# SOL Itoger Scon lS> m.nrtP)- nf ct-riHa.. kio 


AYR 

2.30— Thorpanhy* 

3.00 — Jnvller 5 ** . 

3 JO — Emerald Emperor 
4J0 — Rifle Brigade 

4.30— Scot) Janies 

5.00— Pincptico 


30 After answers to the charge 27 River keeps the Fleet he- 
the worker is cheerful (S) tween two levels (4) 


IM odium Ware only 
1635 a-m. Weather. 7JJ0 News. 


Hoar Including :.«M (C News. Zfl5 Listen Rcpea t—The 
7J» with Mother. 3JM News. 335 Afternoon World IS) 


Ion Tod^- n, |S| R ° 8 7J0 S &“ toit m f, tter strides his challenge the Derby) will be trying io whom^f f ° rm at - Ayr 

ihe Playboy of th e Western collapsed. justify Epsom favouritism With -> nnT l e ^P e . ct to see scoring 

"■JmgTtJrSLSK . ZZ!. “SS-ILT?! n.“i rel ? victory Tu Wednesday’., £14.00? who 


int; VlijrM-i toveiiui !«■/ inccu mo levels (4 ) M JH now*, imp wiiu muhjm. JUJU .nows. AB3 JUierawi Biiuuue noracn open I r rotn men on It Was me rev viptnrir »n WoHnwrinv’. w/ZT “ *»wuui5n iraCK IS invner, 

™ - a J . . V 1 Overture iSi 830 Nears 8.05 Uanrinx Tbeatrc (S». 435 Siory Tta». 5X0 PM Line <Sh 9.00 Nlcfcy Harae’a Mummy’s I, n >ie«lln n nf whothAn victory in Wednesday a £14,000 who Drobahlv ... Y^Vt^r 

The solution of last Saturday's prize puzzle wfll be published Conccn is.. 9 jo News, ms nils week's Reports. s.do Down u* cardni Path- wechiy <s». tun Tony Msanruti L?, W .U er Whitstead Mecca Dante Stakes seems cer- a nionv “P 

: th names of winners next Saturday. punuMira composere: Rcwwii c»«iia is. 535 weather; reramiBe new*. zoo ajn. Peter yonnare N«hr I could produce the speed neces- tain to give a boost to York rvn.? P £ *£ rt „ wh * n toslnfi to Be 

* U1 namcs 01 ^ n aaiuroa J- »» Taikta* Abom Music is.. iojo Rows, wo The EachantiM Worn M im vS), j sar y to pull back the leader. He for a record crowd fir the day's Catt^ the Bjchmond Stakes at 


. ,>iui 







Jfrwr ' >r 





urst 


Financial Times Monday May 15 1978 

W*w York musicaEs 


Back to elegance and style 


[Royal Court 


The Glad Hand 


M fe y frank LIPSIUS by MICHAEL COVENEY 

A History? of ^ I - Wt : 5l e so 1 ,! 3 -**™®® P* 4 *- is hosting the winning team of darling as the soothsayer's 

is a clever pastiche c?A?eH.w? SSL 1 " ““**• ^ annual local college football daughter and Ira Hawkins as her Snoo Wilson is nothing if not of starchy English actors who 

popular heroes of thiiSShSf? Rabin Wa ®?*5' ^ game * where inexperienced father shows off a great voice adventurous. His recent plays later assume the roles of ludi» 

It starts out in a shanre Sin S ff 1 i° ™*si that is yonng athletes learn a new off- and great aplomb in a role that have included a dramatised bio- crous explorers in the Great 





machinations nr i.i B ““'' 6 * rutr “ w v* ".““j '""""J mne wiia rows or seems to nave ms pnonu« investigation oi vampirism down son. but also one of the funniest 

original old ladv rS**’ v£ y a ito£ red -J? best cheerleaders simiulated by Lego- all mixed up. except that he has the ages, a fire cracker dissection first acts I've seen in a long 



— * 


fh A rnn n .^ 11 « - «Te*«L . <a KTl IIVIUU? UiC iniCUtfhS OI &U UCI UdUb UC 8 SD Q ail HII 1 Q 1 UULIS. Unaer-raiea XT«* iU* 

nrohih^lno ^ ’ l . Tb * y - can>t *T at '°e- ^ directing is force- sports’-hero heroism. * musical about the Kray brothers = !“ht a 

prohibit love, we make it in the ful and keeps everything moving. There are also a lot of good _ . £ which paranoia was the !f -? e * isht ° I . a stage £ |, . l , l °[ 

1 « so no one notices the complex lines both in the dialogue and 'Ehe virtues of modesty are ihp-trica! PO nn He tackles dark bnU,antl y gifted young British 

t . f™? there the show follows ® tr >ry line’s dependence, in the Carol Hall's country songs: but evident in an off-Broadway Jjjjgj, of human endeavour f ctors “? ? ei t. ec i mo t W1 JJJ 

‘ ^ J th,s . u ‘ 10 torowEh the end - on the same appeal to a over all. with the Chieeken Farm mimral. A Bistro Car on the JJJJ a “ original wit and a savage 5 nd np by l he c # ^ 

Jong sordid tale of American woman’s heart that had failed inevitable -predictably closing CM?, where four cabaret artists humour More than any other fdently aWlll ®£ resources of a 

cultural pre-occupations. Bette ® evera ' 1 times already. John down, the plav limps to its entertain passengers travelling J™ dramatist, perhaps WUson }arge s* 3 ^- That does n0t ba P- 

always finds some ruse to keep CuJJum Plays a theaUical climax. To think that the warm- hy train from Toronto to Mon- PTOe rf s the theatre to provide a pen 100 often at lbe 

the great lovers separated. Par- impresario with a string of hearted prostitute and chicken- treat. In this flimsy but appar- ^^ble for serious discussion of a R dth . e ««* set about their task 

ticuiarly good is the 1930s scene failures behind him. who hearted politician are the stuff eutly historically substantiated devianl D hiIosopbi»»s and ideas 2 rlth J ust i 8abl ® relish: Antony 

in the home of a wealthy matron ^tempts to cajole Hollywood’s of heroism displays a naivete framework, they sing and dance H is sbort> a special talent. Sber 16 sheer delight as the 

where Jimmy is a suave suitor greatest star— a woman he that takes American musicals with great spirit. The bistro car d hi g new p i ay sump tuously stoc *y- sbaven-haired Ritsaat; 

and Loretta an escaped chain- originallv discovered and loved— hack' to the 1950s. conceit seems almost superfluous. an ,i energetically staeed bv Max Nick ^ Prevost and Will 

gang prisoner. The scene makes 10 saTe career with one last * but in fact it allows the cast staffortl-CIartc, finds us on board * finely balanced 

much or the black maid, piaved Rbow f °r him. He bas 18 hours So does Timbuktu * for quite consisting of Marcia McLain. n tajlker drifting towards double act with receding chins 

to adept awkwardness by a man 1” convince her. while the flashy a different reason. A remake Henrietta Valor. Patrick Rose, ^ Bermuda trianrie as a 3Dd .memories of bad rep pro- 

Ben Halley, Jnr.. one among a Tw ent jeth Century train takes its of Kismei with the setting Ira ns- and Torn Wopat to work with raan ; c self-styled student in the ductions; Tony Rohr the very 

number of stereotypes: foreigners exclus i v e passengers from posed to the legendary golden each other and talk directly to field of political psychic research essence °f laconic participation 

with exaggerated accents corner- Cb i ca ®° t0 New York. city of medieval Africa, the the audience with the familiarity ,_ ad ^ motley crew in pursuit as Lhe Irishman with not only 

fug the sexiness market: the Jud >' Kaye, who recently spectacle is mounted like a’royal of riding The rails together. _f Anti-Christ Like Ken Hitsaat’s madness, but also his 
American father, confused and re P laced Madeline Kahn in the investiture. Every scene begins Henrietta Valor does a particu- p amo beli Wilson reserves the famil y. to keep at arm’s length; 

browbeaten by bis wife role of tbe star * is the ch® raCter with a procession; done in lavish Jariy notable imitation of a ^eht t 0 be ambiguous about his ancl Juli o Walters, Di Patrick 

The play does not strenuously Ieast confln *d by mannered costumes. The ostentation, prov- French ebanteuse and Pat Rose, subject matter, maintaining a and Gwyneth Strong as a fas- 

attempt to touch all the bases imj f at i° n - aT *d along with the un- ing at least that Broadway has who also composed the music to } oc ^ aT attitude towards the cinatin 6 trio of put-upon 

though the author Christopher P resario ’s underlings played hy not vet run out of backers, paro- the show, delivers his own £east he spawns Thus we are femininity. 

Durang. manages ‘to bring in D . ean Dittman and George Coe. dies the musicals of yesteryear, material engagingly. And the never sUne wh e t ‘her the The play has gone through 

such diverse landmarks as Dr. g i ves «"*•/ ^ t0 ** pomU ™ at .® rial ,tself ™ akea 80 u 0d us £ characters are transported in a several Ve-writes and a few false 

StjxmQelove, ItTzo’s . 4 /raid of 1 of art-deco high hviflo. not the point itself. of its loose context to show off tj me warp back to the cowbov notes and longeurs remain in 

Virginia Woolf. The Erorei-rt A couple of musicals will soon Eartha Kitt. in a rather a variety of song styles and 5 *^- of 1886 the occasion of the second half Rv this 

and. by the end. Earthquake. open j° g , J dtb contemporary marticulate growl as the Warir's harmonies that one hears too Anti-Christ’s ’ last recorded are b 3 ck in the Wild West pro- 
The characters vaguely age with J b ^ n ® s, 1 b “ t the dominant mode wife a PP ea rs ®f"" etbl "* Ilfce a bttle . of tbe8e days in the a p peara nce. or whether tbe play per and the companv has 
their experiences: a Cifc'ren Kane definitely nostalgia, especially spaceman. Melba Moore is American musical. within a play operates as a con- decided to thwart Ritsaat by 

scene shows Jimmy as the bored, £;5„ recognisable penods of tahied fantasy. Real events keen drumminc up a drunken Cuban 

heavy-drinking millionaire supl t leea ° ce * ad , s ^ 1 ?/ ? otb . off 
porting the opera career of his Eroad way and on, the Amencan 
unbeloved wife Bette whii. musical bolds on to its heritage 
Loretta sings torch songs and ^ - the 1 ? 50s ’ in 

cadges drinks from the hlas£ optimism and exuberance— even 

sophisticated clientele ‘ if Jt has t0 de,ve int0 the t0 

When Loretta begs to be put muster up tbe requisite smiles, 
out of her misery, a recurring __ * . ‘ . . _ 

motif that makes a smooth tra^ ™ same can even be said of 
rition — in this case to Rick’s a musical exposing the hypocrisy 
Bar in Cosob lonco— f rom scene of American public morals, 
to scene, each one leaving her CalI ®d The Best Little Whore- 
without her beloved Jimmv house tn Texas, the theme is 
While capturing each era in drowned in good ol’ American 
broad strokes gives the director high-kickin’, low entertainin’ rib- 
David Chambers, the chance to ticklin’ fun. In fact, tbe pro- 
show off his talents, it is at the codings at times get too sickly 
conclusion, with catastrophe wholesome and gooey with 
piling on catastrophe, that he sentiment 
exhibits great skill in keeping The play started out as a Play- 
ihe focus on poor Loretta and b°V article on the public atten- 
her final apotheosis on a rising tion that forced the closing of a 
“ The End ” sign. popular, century-old bordello io 

The large cast led by Gary Texas, where noted politicians 
Bayer as Jimmy, April Shawhan had long loved to frolic. The 
as Loretta and Swoosie Kurtz article's author, Larry L. King, 
as Bette, all look as though tbeir collaborated with Peter Master- 
diverse roles come second nature son. the play's director, who 
tn them. They also competently originally saw the theatrical 
handle the music of Mel Marvin potential in King’s story, to turn 
who captures the mood of the the situation into a celebration 
eras passing on parade. of fun doused by puritans’ '' ' 

* forclnn the nnlitirlans to act 



V' - s:V,.V r^ J - re.-* >*■ - 


within a play operates as a con- decided to thwart Ritsaat by Margaret Barbieri and Desmond Kelly 

tabled fantasy. Real events keep drumming up a drunken Cuban 
jostling up against those pie- slave to pass off as the Anti- ^ aa 

scribed by the South African Christ. Which, indeed, according SadEer S WGlaS 
megalomaniac Ritsaat to the final tableau, be may well 

So, a phoney pyramid opera- be after all, and in spite of * 

tion on an American cowboy Wilson's cornucopian invention! I 'r Q P 1 Ml Q (T\ 

(himself feigning illness in order But the writing is subtle and VJ Cllllv i 1C111U 


Ccmnc CocJtrcH 




to satisfy lust) is interrupted by entertaining to the end even if 

l Se S SSo? a sma a iVbSf t s.n: 7116 Weils Royal Ballet season *** b -v his creation - went 

SiSSdtfe wirld I iSfbiSl ing iteSSJrS? th^eiSSS^ al ‘ tW* W at i ? exo « bl >; w ;r ons ' The „ furlber 

two female inhabitants clamber against the march of progress W ^ bave b ? d an w f . ml ° *he P |ece ' the inure 

aboard, bnt their lesbian alliance fin the form of the railroads) in i? res *!?}f’'_ /L nd in ma '^ Jj ny . ,e » ing d, . d be sc0re ~ -prok “ l ' 

is further, and more Drofonndlv a declamatory stvle that iari awarding, three weeks: tbe good fiev s first piano concerto, well 
Shattered by the dircoverf°by one lith ffiSt However. yoJ iSve was ofte ? very good indeed-the pjayed by Stephen Lad e-see m 
of them of a long-lost husband the theatre refreshed and up- s cracking performance to the theme and to the chorco- 

and daughter. The first act of the lifted, grateful for having rubbed of ne ®ut«der was magnificent: graphy. which responded with a 
play, with reunions, hostilities shoulders with genuine talent so were the revivals of Rashomon frantic determination to hold a 
and general thespian hubbub The splendid design is by Peter *** Solitaire— while only works collapsing enterprise together 
(two of the compaay are a couple Hartwell essentially foreign to the group’s with more and more steps. A 

experience looked flimsy. These deeply unappealing setting by 
. were the two Diaghilev stagings. Zoltan Imre featured a skeletal 

The Great British’ exhibition Les Sylphides and Boutique and eviscerated concert grand. 

_ „ _ _ FantaSQue, which need further whose rope-like entrails ensnared 

The National Portrait Gallery sored by the Sunday Times coaching, and Dame Alicia Desmond Kelly, 
has been collecting pictures of which will open in the autumn Markova to explain their nuances The piano harboured five 
eminent Britons since 1856. at the National Portrait Gallery, to the dancers, and Concerto rainbow-hued hoys, with the 







* forcing the politicians to act 

On Uie Twentieth Century against their own interests, 
arrived on Broadway with so Car tiny Glynn as the madam 

many of the right credentials and Henderson Forsythe as the 
its failure would have marked town sheriff deserve a lot of the 
a revolution in American laste. credit for showing the whole- 
It boasts book and lyrics by Betty someness of the Chicken Farm's 
Comden and Adolph Green, operation, with the madam 
music by Cy Coleman, direction sheltering homeless, luckless 
by Hal Prince and story based girls and unloved, debauched, 
on the works of Ben Hecht. successful old men. Matching 
Charles MacArthur, and Bruce them up is one of the Ghicken 
Mulholland. Farm's great virtues; the other 


Pip*: 

. 


naturally concentrating on 
paintings. For tbe past six 
years, it has also been acquiring 
the best possible photographic 
portraits and has now commis- 
sioned a series of these from the 
distinguished American, Arnold 
Newman. 


Barocco, brilliant Kim Reeder leading 

That Boutique can be guerrilla attacks of expres- 
‘Flvtno RlinsT at redeemed was seen , on Friday sionislic dancing which assumed 
1 A J m 5 L>tuiu ell night when Lynn Seymour that Mickey-Mousing (step for 
the Rova] Court appeared as the Can-can dancer, note, animated cartoon style) 
■* and glory shone around. In a was a substitute for choreo- 

From June 20, the Royal performance entirely unforced graphic invention. Margaret 
Court will present Flying Blind, and beguiling, Seymour gave the Bar bier i. in mauve draperies. 


Arnold Newman, who cele- a new play by Bill Morrison, the ballet back its heart. had a bell of a time throughout, 

brates his 60tb birthday this resident dramatist at the Every- Friday also brought the first So did Desmond Kelly, who 
year, bas been one of the world's man Theatre in Liverpool. Tbe performance of a new work by deserves hotter of life and art; 
leading photographers since the play was first performed there Jonathan Thorpe, a guest from his flight from lhe srage before 
1940s. He is now in England for in November last year. This new Northern Ballet Theatre. His the ballet’s end I thought the 
six weeks to take some 30 or so production to be directed hy Gome Piano is a ballet wherein one moment of truth in the 
portraits for .an exhibition Alan Dosser and designed by what may have initially seemed whole affair. 
entitled'TTie Great British, spon- John Gunter. a bright idea— the creator re- CLEMENT CRISP 


Apdl Shawhan and David Garrison in * A History of the American 

Film * 

The Other Place, Stratford-upon-Avon A . H n 

nBU cc.— These auw mtw crenu THEATRES 

The Merchant of Nono & Bartok 

v v A-' VVA Reservations 01-aifc 3151. T 

~w y • , EIWiUSH HATIONAL OVER* DUKE OF rMK S. 01-&S6 5122. 

\/ SS.’Kft E ’ BS - *■ jSTm 'SS idSfc “ 30 °- "A m- 

V C111LC « T1 It t W flo^ ne T nd T ly c enc °s rag ' Yv ? n , ne , Minton ; slow TO warm, ’Sr 4 b ^°o'^2 ,n iISeb 

Ing to find the London Symphony and in her early lines once or lohjou season Ends m*v 27 . a national theatre production ,°y 

, T> A VriTTWr SSS 5 Ll“f e Si??i| r P K 52 S al * aWl ^ ardIy , n)Ded > bUt COVENT CARDEN. CC. 240 W ASR SSS& 

nv n A Y (1 1] N (1 conductor-elect Claudio Abbado, radiant in her final pages. .aarcencua/oe 2551 , «rd*„ a 3 & 6 M 3 > credit cara reservations, dumm- and too- 

oy D . n. 1 w u in vj ng whole of tie first * n„. ^ . 

. This is another play that can hst anfi caning haK a .dozen 5^W“JTS&= *SS%T J « ft S ~ % ‘ ^ 


ENTERTAINMENT (.1 IDE 


THEATRES 

DUCHESS. 036 0243. Mon. to TtlUTS. OLD VIC. 



CC. — These tneaties »tteot certain cretMt 
cards br telephone or at me box office. 

OPERA & BALLET 

COLI5EUM. CreOft cords 01-240 5250- 
Reservations [11-036 3161. 
ENGLISH NATIONAL OPERA 
Tomor. and Erl. 7.30. Coeot Orv; Wed. 
and 5at. neat 7.30. turanUw; Tbur. next 


THEATRES 


THEATRES 


EvBS. 8.00. tn. Sat. 6.15 and 9.00. 
OH ! CALCUTTA ! 

•’The Nuoity is sturnuno-" Dally Tel. 
5th Sensational Year 

DUKE OF YORK'S. 01-636 5122. 

Evos. 8. Mat. WetL. Sat at 3.00. 
JOHN GIELGUD 
in Julian MitxneM's 
HALF-LIFE 

A NATIONAL THEATRE PRODUCTION 


, -itwss tremendous ‘ycricourag- Yvonne Minton: slow to warm. ,n J hSf-l^ ,, "‘ 

ing to find the London Symphony and in her early lines once or Lonson season ends 27 . a national theatre production 

SSS£!lol 1I, ? e ri?A» r awkwardly tuned, but covent garden, cc. 240 i«a fiSK 

conductor-elect Claudio Abbado, radiant rn her final pages. .Gircencttifat treat 636 6903» credit card reservations. Dinner and IOP- 

devoting the whole of the first ★ Tomor. Nc=e « a.oo. 


once seat £7.00. 


This is another play that can nat ana carrying na a a aozen Thursday to a new work written ™ ^ ,7„ 11 T “ Zf , SS r . .. . sat. 5.00 am a . do 

be hateful if you beUeve too musical instruments, (all of ^n^nrhStf ?g^! gffl: Abbado and the Mte frwn _ , ° 4 '" “ aSMfftt r*r E A s RPLE 


prospect at the OLD VIC 

Last «*ccx o» current season. 
TWELFTH NIGHT 

"An outstanoina revival." Tbe Times. 
Toaav. lues.. Wed. 7.30. 

Eileen Atkii.i u 
SAINT JOAN 

“ A stunning proaucuou," SuniUv Tel. 
Tburs.. Fri. 7_iO. SaL 2G0 and 7JU. 
IN1ERNATIONAL SEASON AT THE 
GLO VIC — MAY 22-JtlNE 3 
Lila Kedruva. jean mj-j s in 
LES PARENTS TERRI6LES 
May 22-27 
THE TURKISH CLOGS 
May 2»-June 3. ^ 

La Barca R<riiaurani oPnosne Trie Old VIC 
open before or after the shuur- 


928 7616 TALK OF THE TOWN. CC. 734 5051. 


8 00. Dining. Dancing, 9 50 Super Rerun 
RA2ZLE DAZZLE 
and at 11 p.m, 

FRANKIE . ST EVLNS 

THEATRE UPSTAIRS. 750 2554. 

Pro*. Weo. 7.30 Opens Thur. at 7. 
Subs. eves. 7.30 
1978 

.. YOUNG WRITERS FESTIVAL. . 


be hateful if you believe loo musical instruments tan or sis years ae0 — and no brief ; Sr " t ^ 
much or wnat happens in it This which be subsequently played). ^ either 0f g fi0me neo-romao- 

production is played for romance His scene with his blind father tic sop to public apathy, but a [°™“ ce .h°- r r^Tih ,7°“^ 


LTil SADLERS „ WELLS TffiATRE. Rosebery 
Fourth, Ave.. bCI. 837 1872. Until 27 May. 
f «« _ •CATHAKAL! .. . 


AGATHA CHRISTIE'S 
MURDER AT THE VCARAGE 
Third Great Tear 


GLO VIC — MAT 22- JUNE 3 VAUDEVILLE. 836 9988. CC. E*S. at 8.00. 

Ll *tc lt gg*HnP«= Jpiiii'c C lfl Mat Tues. 2.45. Sat. S and a. 

lES PARENTS TERRIBLLS Dinah SHERIDAN. Uulce GRAY 

■rue «u-e Ele-nor SUmmERHELD. Ja»:o* GROUT 

TH f. TUR .S , ? H Cl i OGS A MURDER IS ANNOUNCED 

. C „ 3. THE NEWE5T WHODUNNI1 

La Barca Rntauraut ppousne The Old VIC By AGATHA Christie 

p p* 1 * faehire or after tin show- Re-enter Agatha with another wro- 

abcm *ia . O..I. -o^' -dti dunmt hiL Agatna Christie is stalking the 

X uihiiMu\^\rMi% k 'nB,aM -fim West End yet aga>n wun anomer of hw 
vnv MSK hendisbly. Ingenious murder mysteries.- 

Zottl MaV. BtmanJ Mlw S THE MAK FpIIt Barktf Evening Nfwis. 

Of DESTINY and THt DARK LaOV OF WK Mr kct. tncmtig 


f* mmm ssawaa am |eiM/ *•« lit ouu lu Liuuiic dua uv. uui b L. a ■_ . « _ ■ a . t i- ■ KATHAKAU _ THE BONNETS jOlfiK repertoire Ji'iy 

throughout and though the treat- (Raymond Westwell), who is a fuU-scale half-hour work for J u artD f. ScSid S mLo h ronclrto S3 m 1UV ^ 8 PSUSpBt»A sat t.io . jjo phoenix, oi-bss 2294 . E.enmgs s is. 

nmnt aF Ckclnnlr ic in thonrv a« fiuiili, i.«»4nii nt tha efiina i ■ i 1*3x101' S SeCOnQ P' 3110 CODCCnO. I i nth a. IB nr ana lomor. xn* Hxihavanx. riiinTuv wr^r cu.ma muse rnHi, jnri umnu. 4 n ... u in 


TIMOTHY WEST. GEMMA JONES 
MICHAEL KITCHEN 
■n HAROLD PINTER'S 


ment of Shylock is in theory as senile vereion of the same soprano, piano and orchestra by Tbi.- ' timothy webt. ge 

bestial as ever, in practice it character, is a music-hall act I the Italian composer Luigi Nona ^'acrount-^bJi 1 ■« har^dp? 

means no more than a hunting didn't Uke it but 1 thought It Encouraging: though the work tour deforce f?om orchS THEATRES •• brilliant— a^^taut 

scene in a painting. Moreover, uncommonly well done. Later, itself harrilv dMervorf surfa nro- iL 8 ® 1 I0 “ r ” iorce tram orenes- AOE1J , H | thlai^l ll oi-aa67aii. lently acted prodl 
S hylock is so well played bf .PM- Launeetot buUt up M a KKn ff SPi'JfcfS 

Tif-t Emunirl that whpnpvpr he IS ...V. (I. ,. nn x JaAnniinn x. , Li.. .... a live *un enprgj, pungeni THE BL.I MUSICAL — — — 


in HAROLD PINTER’S 
THEATRES the honiecdming 

■ riLMmw “BRILLIANT A TAUT AND 

ADELPHI THEAlnt. Cc 01-836 7611. LENTLY ACTED PRODUCTION. 


Friday and Saturday 6.0 ana d.JO- 
"TIM BRuONE TAYLOR. GRAEME 
GARDEN mjxe us Uugb." D. Mill in 
THE UNVARNISHED TRUTH 


VICTORIA PALACE. 

Book Now. H J» < 735-6. 834 1317. 

STRATFORD JOHN5 
SHEILA HANCOCK 
ANNIE 

E*gs. 7.30. Mats. Weo. and Sac 2.45. 


rick Stewart that whenever he is clown who is used as decoration fuena y luz "part ly se is7 partly ' 

on stage, he draws sympathy ^ whe rever possible, and he does Sates, a poem t 0 P the att $* o°V w^ fadlU^' Pol 

he is asked to_ do with memory of the Chilean revolu- 


hunc-^we accept tb ® _ immense glee. 1 thought it wrong tionary Luciano Cruz by the niano-wi^diaiomzes of the fiSI 1 
Sf.;^ aSe but WC 1Jse ^ that he should be allowed to Argentinian poet Julio Huasi. It gJoSemeSt SchS & /r^Ul^S - c 


THE BE-.I MUSICAL 
o I 1V76, )*»77 and 1978 r 
IRENE 

•; LONDON'S Dtxi NIGHT OUT." 
Sunday veoplD. 


G E«|S. E BWS&K 3.0. Sat. 1 "!.” !HS" VKgAJMLLY. 437 a 506 Credit <ard Btgt. 
Pall FfiorNRTON IULFA McxCNzif Bi “ ’I 0 "! )»_ a.m -6 pm. EvBS- 8. 


CONTINUOUS LAuuHTER." Units. a^v. Bkas- Ala wrcn. 


lipi’s above all. in the glittering already se’S?* “by’^over one 


THEAIkEGOERS. 


pall eodington. julia Mckenzie. 

BENJAMIN WHIT ROW in 

ALAN AYCKBOURNS New Comedy 
TEN TIMES TABLE 


c*cOh Caro BOOKINGS t . 3b 7aH. •• This must oe tne happiest laugh re r- 

... , 0 - 0 - maker ip Lcooon." D. Tel. “An Irres.st- 

_B36 387 B. _ FjJTy Rates. Crept- lb j v en lovable evening. " Sunday Times. 


S o S S th«e Ufina. ST WSsKfeS™ 

L -S' though * h pnly ar LOPenM ~VW k*i NJmn.' middle “ST JtJ? SffSflSS " 

t? s Msrssff Barton! sMtsrs inspx'i assA-s JlHSi 

ssasK 1 ? ESSrsrS =s~ wtte iBEM agw ^affs ~fL§^k~ 

finn m’mslinierSSesertins the * .science-fiction writer, even SSS^J*r!S5h Pr tg!f ,, 1l2 ”S«y Wl bed iu megic: the ?Sl!lr' i M a , “5 ; 3?' JSHsTS iumnmr.DMMini.irw w 


piaynoys are so «*iui. . . ...... on the ear hut without rentre u * -a thousand times welcome is JEr7.ii) m 

mean they are badly Marjone Bland is a likeable the ear. but wmiout centre. oc taves cut with sudden, delicate „ MIRACO lo l us MUsrcfiT" fm r»l m toe 7 aotur 

thnm»h onlv Lorenzo Portia, a sensible grown-up young '“P 1 * m. lDe wiae-open miaa,e rushes of song. The partnership miraculous ^musical, fm. rml * piw gvj 

much pleasure; I mean woman who might very well have b^Sbas? “^he with Abbado bad as on the edg? • • co!«ioer H yo8i^lf Ji lucky^to^ ^ a . 

director. John Barton, been a bamster in our ovm day. ^o f crucial of onr seats: a whirlwind im- pRPS'ojm _»t .»Yn.^ g r g BSi tJrs! 

- .1 1 rv nhinr Mr. Barton COnlH have let her a r urt: JCL5 “ 1, H- lou -. * nnhic that nnar flacT'KMf fni- Choral ox HALE 


HITHOW .n ^It- 4.466 8-1S. Wed. mat. i. 

nc Royal Sh akespearr Company Ir. 

TABLE an OUTRAGiOUa ADULT COMEDY 

h ,nn«<i Ixuohntr ®T PelOT Nlcliolfi 

hapwest lauiRitpr. PRIVATES ON PARADE 

1 ” ' Sunrbw Tfmxc "Ploroarlng trlumpti.' S. Expreu. 

1. Sunday Times. BE>r comedy of THE yeah 

: xc* Bv- 5m. Aware ana S.W.F.T. Award. 

Opens “ur. 7 7.0 RSC Jl “ at ih *T&£?£' awl W * rtlMW “ 


WESTMINSTER. Q1-B34 0283. 

SENTENCED TO Life 
by Malcolm Muggeiicgc A Alan Tnnrr.nlll 
Pre»s. Ton t ana tomor. 7.45. Opens 
Weo. 7, subs. 7.45. Mm, wed. 3.0. 
ML 4.311. 

WHITEHALL. 01^30 6692-7765- 

Evg». 8.30. Frl. ana Sat 6 .as and S.oo. 
Paul Raymond dreser.u -he Sensational 
Sex Revue ot lhe CeMur# 

DEEP THROAT 

Due to overwhelming cloIic Demand 
Season extended. 


PRINCE EDWARD, cc. rFormeriv cai-no.1 . — -=i- - — 

D1 -437 6877. Red. oner prevs. June WINDMILL THEATRE. CC 01-437 6312- 


HALE 5usan H. 
MOORE _ Petor WDt 
in THE TRIRADES 
ov Per Olov Eoaultt 


tion in costumes suggesting the a science-firtion writer : even Sereo^ ^ tape (Ktah ^ runs tte Evef y P a §® bad its magic: the *V- S™ S 

hminninp of the century, more sotag so far as to allow Antonio " contrapuntal waves of the open- t"*- warehouse uncer w> »n 

Se" s. n tL?r f anfcc^seem^especi- to smoke cigarettes in court until “ d ^ ing allegro, surge on mFH — 

allv coninmn as they whoop their he is strapped in the hot seat cou _. erpo j n . j^e Mannin** and P ,an0 emerging at each crest, *o almost free. 4bs 6224. "Diui 
way round Venice with hunting SfShS? SlUrt were the ex- ..< as ._ 

cries, or fire toy piBtolsto attract « D ana Berriman • account soloists _ 


submerged, as the wave gathered | no snow Mcn'dayu 


6224. Dir.ant 
W. Alcfi&s. Tu«- 
34)0 and S.OO a.m 


NlCbolfi' INGRID BERGMAN 

WENDY HILUR 

. DEREK DORIS FRANCES 

“ Dir.ant GODFREY HARE CUKA 


r '~ nn l a j 1* »»a 20. 8.0 June 17. 5 JO and 

722 9301 8M. Opens June' 21. 

Opens Tomor. at 7. EViTA 

. Sat $ 4"d 8. • . 

Susan . HAMPSHIRE PRINCE OF WALES. CC. 01-930 8631. 
Peter WDODThorpe ■ Monday to Friday at 8 p.m. 
TR1BADES Sal. 5.30 and 8.45 Mat. Tliur. 3.00. 

lov EunulSt LONDON AND BROADWAY'S 

COMEDY MUSICAL HU! 

0 9832. Evas. 8-00 ” HILARIOUS." TIM! Sun, 

Sac 4730 8.00. 1 L° vt MY WIFE 

IERGMAN " ^ tifc/ P I J.S 0 Q a C *-EAN 

HILLER r-r,, FUN. Dally cxprois. 

US FRANCES CREDIT CArfD EOPKINGS. 030 0345. 


WATERS OF THE MOON 


QUEGM-S THEATRE C(f. 01-734 116S. 
Evgs. a.o. Wed. i.o. Sat. 5.0 and S.50. 
= ANJHONY OUAYLE 


■' Ingrid Bergman makes tne stage radiate faith hpdox: xIiruaiT .. r , n .ru-x 
— unawa.Uble charisma" Duly Mall. fA,TH BB n2?« 1 M JS?Alk.. ALDRIDGfc 


maKos put.. 4 Avril r-irenn and Pgnt Whitworth ana or me great imra movemcm « 

thni it IS hard to take his sidt Avnl Car^n and Paul Wbitwonn ^ beautifully pointed, bnght and sharp, led on by „ 

harder still to believe that such stnve M most ^musically ot out ]ap ^ phrases delicately Abbado with unerring force of 


by ANTHONY SHAFFER 
“ See.nq tbe play again Is In tact an 

narner sm« iv uciw ' rne laDPins pnrases .'.eucaieiy ‘ * Ui utter and_torat Joy .' 1 Punch. 

a deep love could have existed nj P bt S tb "'^t rewp scene dovetailed, the climaxes strong direction, unity of purpose. — «""■ ■■fl -Z gf 

between him and John Nettles’ . ™ A*” r which all pungent The meco soloist Thrilling performance. sM HI 

Bassanio. Mean t ^ e ' w f t l y1 ^ S SnetaeSjhSwVeprerty m Wunderiiom song was DOMINIC GILL 

moves among them with un- Qr e 0 TO t c so jjj at we may for- -is superb.'- n.p.w 4 !* 

tramcllcd dignity, whether be be t the bruta ’ t and the un f a j r that "thirkw* ESL&o 0 

smilingly conning the Christians, marks SQ m(|ch of the pIay . J Wlgmore Hall - wickedly funny. ■■ Tim as. 

raring at the loss of his ducats, fe!t bv tfeat tjj e wor id had. arts thlat^e. bi-sm 21 32- 

insisting on his lecai rights or become a fair and friendly place: -b • -w y 1 dirty linen & 

submitting on his knees to the but Of course Belmopt is only SJ I \ / -. 4*1 •Hilarious ... xt U." Sunday Times. 

Duke before departing van- half the world. Tn Venice there . K I M 1 T1 Q y 0T^ I Gl J Mondxv^to r ^“ r y if 9 .^s daV 

qnished from the court. was still a ruined Jewish mer- T astoria theatre, charmg x ru. iwhh 

Another performance at some- rha nt. weeping over his lost . VSwi"ES SIS’d 01 ^ 4 m5»: 

where near the same level is uim wealth. Well, it is the Tu notion of _ . . . rnur*. s.d6,bj. fh. and sat. 6.00 

of Hilton McRae as Launcelot romance to perauade us that such Besides Bach, Blandine Variets exhibition, in fact in which the jnd a - 45 - lnM *S. v ™* it « r ' J w>ok. nB . 
t;,,l>bo. 1 hated his first entrance, things don’t matter: and romance harpsichord recital oo Saturday player's exuberant involvement i«e«i tuv- appaaiino, (cxit*fiiornpinp wd 
when lie appeared like a punk js what Mr. Barton gives us In included two members of the in the music licensed a good deal Mart-iuumging^ obj*r«r. 
sincer. wearing a battered top spades. ramified Couperin family: not of wilful— and quite idiomatic- s«t sSf t S 9 ,S: § &iL tSSFSSS 


TOM STOPPARD'S 
DIRTY LINEN 


" W«n«v H.Hcr is superb." Sun. Mirror. 
HER MAJESTY'S. CC 01-930 6606. . 
Evenings 8.00. M«U. Wed. 5 Sat. 3.00. 
BRUCE FORSYTH 
in LESUE 8RICUSSS ana 
ANTHONY NEWLEY‘5 
TRAVELLING MU5IC SHOW 
with Derek Gritbths 
Directed bv BURT SHE VE LOVE 
" It IS oackcd to bunting point with the 
oersonallty «nd sneer energy of Bruce 
Forsyth." Sun. Express. • The audience 
cheered." Sunday Telegraph. 


RACHEL KEMPSDN Di.N Telenrjph 

v u t L £.‘» ’ Yri -' SHAPE WITH 

a ■fc^SwSWLMI. LAUGHTER Guardian 

%IXU%r-! -- . cinemas 

RAYMOND RCVUEBAR. CC. Ot -734 1 593. f Sep. Peris ALL^SE aTS^kAe* SBB1 * 


Twice Night'v 8.00 and 10.00 
Oo?n Sundays 6.00 and B.OO 
PAUL RAYMOND nresems 
RIP OFF 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA 

“ TakM to urorccedented limits what is 
oeriniss.ble on our s:»ci».’- Evg. News. 
You may dnnb and smoke In the 

Awd.tanum. 

WYNDHAM-5. 01-833 3028. Credit' Card 
Bl ps S36 1071-2 Iron- 9 am to 2 t> m. 
Men -Thurt 9. Fr. and Sa: S.15 8. SO. 

" ENCPMOUELY RICH 
VERY FUNNY." Evening News 
Mars 0'*t»";y-s s-resh-m- Cumedv 
ONCE A CATHOLIC 
■'Supreme r-n-'iiv » «« -nd re'lolon." 
DaiTv Telenr^pi, 

■ MAtpr YOU SHAKE WITH 
LAUGHTEP " Guardian 

CINEMAS 


At 7 am.. 9 O.m . IT P.m. i u c tn 6un.» 
PAUL RAYMOND DrescntV 
THE FESTIVAL OF 
„ .. _ EROTICA 

Fully Air Conditioned. you na« 
drink and Sjnofce In tne auditorium- 


LING'S ROAD THEATRE. 3S2 7«M REGENT THEATRE. CC 01-637 9B63. 
Mon 'tSa T Df5'vv°u«nii™ , e2«2f 930 0(>rr> * Tn't. 7, SUD. 8.30. ft\ . S4t. 6 


THE ROCKY HORROR SHOW 
NOW IN ITS 5th ROCKING YEAR 
THE GREAT ROCK 'N' ROLL MUSICAL. — 


01-836 21 32- I LONDON PALLADIUM. CC. 01-437 7373. 


Ooenine Thursday. May 25. at 7 tor the THE GLAD HAND 

Summer Season <ia August 19 onlyi. bv Snoo Wilson. World Premiere- 


■' Hilarious ... see lu - '” Sunday times. L^Mon tu* Thur^^t rn at si 

Monday to Thurkoay B.SO Friday ana wea^. aild Sals, at 6.10 and 8.50. ' ROYALTY 

Saturday at 7.0 and 9.15 The TWO RONNIES Monday-T 


and 8.45. 

THE CLUB. A m u sical diversion. 

ROYAL COURT. 730 1743 

Evenings 8. Sat. S & 8.30. 

THE GLAD HAND 


1. THE GOODBYE GIRL ;a>. Wk. and 

San. 7.00 5 10, 8 10. 

?«„ SW f E .'i EY . a fAAl - WL and Sun. 

2. B0 . S.10. 8.70. 

«MMN PLAZA Jopo. Camden Town 
Tubrl. 4BS 3443. Melville's classic 
Resistance mrlller 

THE ARMY IN THE 5HAD9W5 lAAl. 
3.10. 5. 45. 8.25- Must End May 17. 
CLASSIC 1~. 2. 3. 4, Orlord St. iOod. 
Tot-eitham Cjgrt Rfl. Tubei. 636 0310. 
1. 1 Btrtalu:c^ 1900 Part 1 1X1 Progs. 

J- _ ■ lop* Tha*. Dennis Waterman 
SWEENEY 2 i A AL CHARIOTS OF THE 


ASTORIA THEATRE, Charing X Rd. iwlth 
lull, licen-.ed RnlaurxnU. 01-734 4291. 
Nearest tub*? Tottenham e*. Rd. Men ■ 


THE TWO RONNIES 
■n a spectacular 
COMEDY STAGE REVUE 
ALL SEATS BOOKABLE NOW 


Thtr& r qO p.m, pri sAh e a * BOD W-50. £375. U.Sd. L2. 50. £1.50 

and a.jsl Instatn rrttik. cam oooki no. Spcctol Boaklnp Hotline 437 70*5 


BILLY DANIELS in 
BUBBLING BROWN SUGAR 
Best Musical gl 1977 


CURTON. Curnn street w.1 499 3737. 

PARDON KON AFFAIRE lX>. English 


Bocklngs accepted. Maiar credit cards. I 3.S5 6 10 a-e e Jfl. 


tmectiaus. appealing, toot-nomoing and ‘■'fPIC 'THEATRE. CC. 01 -437 3666. Eve. <Soeci«l reduced rates, lor matinees »our trriTER bOuaRE ThFatbp' “ixn' 

eeart-thumolng." Observer- ®-°- ** 31 ' TBu rs- *-0- Sal S.O and B.30. a limiiati oenej only tsi,iM 

ra Ose irtArj PiniVCiriHT — - — >l h£ . M^rLalflri. Anno* BarK r Qft. 

. . r, ctX?e n - Y™i COLIN BLAKELY SAVOY. 01-836 8638. Evas 8.D0. Mihail Ba«T5hnrJ:e» in a Herbert Rost 

V. ^'isib 5 Ha“'h2ur hfiSTdSS PATRICIA hIyES in Wed .3 00 Sar S.30. « 3* 2E* .™, E TURNING, POINT tAi. Progs. 

FILUMLNA 

bv EDUARDO FILIPPO 


ramified Couperin family: not ofwilful— and quite idiomatic- s« W&S&Sm in ***21;. wwVxoo "Sft. 5.13“% j“‘° D “j? h ™*n>ng point TaTitSE 

only Francois— “ Couperin le tail-twisting. The elaborate ™ life ume^uoSn 'cm filumcna s m h , Ralph rudiardson' , wk._Kos._a so. B .i o, 

Grand"— but his uncle Louis, ornaments which carry so much M«m-Thu«. m. a.oo B .m. »ert. o,^te5 6 ? franco zeffemlli SSn a U| SSL # tS8T , c4w5^M °gS? 1 ra™^SS^ ,9 SSd£55?' s i7 1, i 
The latter was represented by of the expressive burden were best musical of the year .. M ay ^ l fiu um th h e'" lv//™ » buck's 4 Bovs‘ n 6 'r- . JU,;,A ,A '- V 

a fine Pavane and the savoury rolled out with grand panache. evening standard award hundred tears." Sunday TimeS “A jolly good eve ning out." f.t. m?? s 2.?sl' aioo 0 9.DD. S 'AH' 4 se , »K F NfW4 f 

“ La Pieraontalse." and by a Miss Veriet approached Bach’s CAM 8!o l o ,ce F« BM s a ! 01 s 6 is M Md ma y fahl cc. ezs msb. shaftxsbury. cc. ais 6996 "V*-"*' ' 

Suite in Cm Which the Stautory »n wrt „_ tr. . g?T„ - in TOmBI MIHlIO M. BO. Sat. 5.20 and 8.4S. Shaltesburv Ave. WC2 iHioh Holsom crdl 09E0N LEICESTER. SQUARE 930 6111 1 

JninxmiiMiiiMli. PM overture in tne French Style Eyelllnb B!«K African Musical GORDON CHATER Brilliant ■■ E.N. in E, 0S. at BjO. Mats. Thure.. Sat 3.00. CLOSE ENCOUNTERS OF THE THIRD 

dance-movements are preceded seventh Partita -in aw/m "Se Svk beaSmui. S ~ 5«d the elocution of John reardon ina jDan diener m kind ia. s«>. wtms. n». Wm 

by one of his “prfludes non „ a ,*Vr Ta ^. ln . eBcc t— ™ bouncing." s. mi™? benjamin franklin kismct i os. 4.1 s. ?^ s . law >how fh ^3 

.»■ xrll j nM n’t more SOberly (though she could TH!PD great YEAR ®Y Stare J. S pear*. A SMASH HIT- This MUSICAL HAS S»t. Doors open 11.15 HD. All seats 

mesures. Non mesurc aoesn t . reslKt hpnrlina thA twinW Dinntr and lap-unc* mi CB.75 mcl. p h F r B et Y u f ‘ X3,lc ? t ____EyEHVTJ!INC. - s. Mirror. m av be boo ke d. 

imply artyAmlc, of eouree, but b£at Qf ^ Gigue “nearly into^a qpicwmji- -- teas wia. a musing" e. w'fc. "ggjjgj!|^ ObL king_b 36_6^ _ ODEON MARBLE ARCH T7Z3 ZlHI.'Zl. 

It cueeests a degree of rhythmic ll , neany mto a tomm. mjv is. 17 . 19 « 700 . ——— 7 — — shaw theatre. oi-sbb 1394 . 2 1 A R , S*5 5 Dnor « onm div. ud, 

ISSr* «« TJga aaj uff "sr%-.? 4 5J S5 & i ."sT 5 " a 3 ss -■» 

SS p g^°£ ss ta ® , i.®T 5SR5i£tf2d. , !rii?aL: sp gsa ar ■gfSSWW 

nimw " bit L3 r%' ** * l-rttco- v^'tm&Lgg^ ** " Mlt ' "-U’ffit BUS.® Yi,SW 4» 

tbe sudden dramatic' hiatus: 5ar, i contagious spring — bnt tw?. J8& C P.^P,T- ISfJliS? . t ?m conti. jane ash eh m „ were British n*™ wSTo»n 8H anxiety ial 

mrvZhZe was ai™ a sharply allowt!d ft brUUaat pm-writing . Wav j__ ™USSSH 

fnril viiiii *] IkT ihouerte proper priority, exploiting the mirt r,„ ■■ fl0i| 1 NAT,ONAl theatw. 92a 2252 ogn — — — «w vmr WFi BSSwtSiw nn 

In Franks cJupfrin's 24th inanm.m. rjaTHt'cSumK 1 SEJ S a w?!iS™ SSaJaTUSP ^ 

Ordre, eight movements with the ' erlets Smtion at the harp- 3 '° taming of the shrew, m", 2! assrr^-,-' 

usual tantalisinely suggestive s|cbor d- so to speak, has a lesuf fhillik' a ltttelton {-oruscrniam stage: rgn-i TreSSpEST 0n May 6 j B - ,™5 s j3r , ?30a‘ 2 ‘ *’ 4 ‘ OK,B^, c "ti*- 

SM K i&’W S sl&_ zxztL. — Z J&ZZZ~-— ^ 

pompous and ironic. A courtly DAVID MURRAY “ A tt sSJ^nmS* on:a,,lnB mm* S&t C £J u &™ Rl ®S! ,r ® l 5 aa world™ longlstTever run 'a»; ?rs* s^so’’ “'os. 1 ' ld^^S 


^TSiE^ 

ARLINGTON 


One of London'* luveliwt dining rooms- 
fl^er filled and airnttHidiuoncd. Amoa imncnvebarand 
soli piano mnsicas backproond for your 
lottelicun .uid dinner. Open Matid.iv 10 Saturday— 

iiinch i».ao in 5.00 pm. dinner too 10 ia» am. 

Dine » iiltom hurryinc after die theatre. 


THE ARLINGTON RESTAURANT 
Ar!in*iim Hnu-h., Arlington Sweet, Piccadilly, LtmdmiSW 1 
(behind lhe Kiu Hotel) Tabic rc5emmQt»Dl-^3 9^5 


Exciting BIscK African Musical 
•■Tbe girls »r» beautHui. ^are and 
pouncing.'* S. Mirror. 

THIPD GREAT YEAR 
Dinner *nd lop-anc# seal £8.75 mcl. 


DslJCted l»y FRANCO ZEFrERELLI 
"TOTAL TRIUMPH," D- Mirror. 
MAY IT FILL THE LYRIC FOR A 
hundred years." Sunday Times. 


Ralph richardson *«■ 1 -°s. j so. a.i 0. 

OpEON HAYMARKET f930 2738 27711. 

■■a j&lly a„a p urr f.t. S5T..R: .ly? xWf-diiu’ssK 

UAETTtninv fr- »t T hoatre. 


MAY FAIR. CC. 629 3036. SHAFTESBURY. CC. 836 6596 1 ' 

Mqn io Frl. 8 0. Sat. 5.20 and B.45. Shaltesburv Ave. WC2 iHioh Holsom endl 09E0N LEICESTER SOUARE '930 6111 1 
GORDON CHATER " BrlMlant " E.N. in Evgs. *1 ML Mats. Thure.. Sat 3-00. CLOSE ENCOUNTERS OF THE THIRD. 
„THE ELOCUTION OF JOHN REARDON end JOAN DIENER In KIND 1A1. Soo. proas, m*. D"»r» mol 

BENJAMIN FRANKLIN KISMET 1 OS, 4.1 S. 7^3. Late show Frt 

, _ By sieve J. Spears *A SMASH HIT. THIS musical HAS Sat. Doors ooen 11.15 inn. All seats 

A cpnwassloute. funny, tier re hi eloquent EVERYTHING." 5. Mirror miv br booked. 

Play.’ Gdn. "Hilarious," £.Std "WiCkedlv CREDIT CARD BOOKING G36 6597- . ' Pn 7?— . ^D T ." Li.- ' — 

amusi ng. E . Nows. -Spellbirolng." ObS. — 4 RCH ^23 2011121. 

— ~ ■ - - SHAW THEATRE. 01 inn 1*94 STAR WARS iU«. Dnprs pawn DIV. 1 JO. 

MERMAID. 248 7656. Restaurant 248 ROOTS .'.S®:.. AH seats Mrble. evceof- 


MERMAID. 248 7656. Restaurant 240 
2835. Mon. and. Tues. 8.15 :a few 


“ — - — — — scats Kill available) 

a sS?*lu ALEC McCOWEN'S ST. MARK 

8J0. Sunday _ 7.3Qam (all seal 


bv Arnold Wesker 


1.33 pert. Wbs. 


DAVID MURRAY 


m SIX OF ONB and torror. 7.45. FLENTT. a new auv 

■■VFPV FUNNY." 5. Tel °* Dj,id Ma “‘- 

SECO ND HI LARIOUS YEAR COTTESLQE (small auditorium): Tout 

IUBY LANE- OrisB fllOB- »««««; *■ ‘-05T WORLDS bv Wilson 

'iaht B.OO M»'>nj-wed w 3.O0. ' , “ hn Hal " 

UW Many excellent eneas seats ail 3 theatres 

' A rate, or va stating ihvpiis . in B day of perl. Car nark. Restaurant 928 


ESLOE (small auditorium!: Toni J- ' . ■■ ■ - ■ . 4.25 6.35 B 4$. 

pmer. 8. LOST WORLDS by Wilson MARTIN’S- CC. 536 1443 Evas. 8.00 2. TUT GOODS Yt GIRL (At, Proa 

Ha Ire. Mat. Tues. 2.45. S and a 12 45 S.4S. S 2S. 8.06. 5. iphigeni 


Snndw Times. 


»»3. Cram card bkgs. 926 3052- 


AGATHA CHRISTIE S 

THE MOUSETRAP 

WORLD'S LONGEST- EVER RUN 
26B. YEAR 


«•. 12 45. J.20 S 55. B JO. 4. WoodJ- 
A"w D 22* K»^-rn Do<mie B H RLEEi»Er’ 
'Al. 7 25 5.50 9 05. LOVE ANQ 

DEATH lAi. 1,00. 4.1S. 7. JO. ™ 



14 


Financial Times Monday May 15 1978 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Ftaanttao, London JPS4. Telex: 8S634I/2, 883897 
Telephone: 51248 8000 

Monday May 15 1978 


New broom at 


Farm prices : why the 

continue to fly 




BY MARGARET van HATTEM In Brussels 


■ ,1 _H A S THE air dears after green rate, fanners get a price 

I iHfr-B H /\ one of tte most un ' rise in local currency. The 

UlJlV' A x pleasant EEC farm price prices package agreed last week 

reviews on record, the agree- includes a 6 ■ per cent green 

ment reached in Bt-ussels last devaluation .in Ireland 5 per 

THE REMARKABLE about- petitive restraints on prices, week looks like a victory for cent in Italy 3 6 per cent in 

face by the Carter Administra- Corporate borrowing is tending the Community on three major France and the remainder of 

tj°n on its proposed tax cut to rise as profit margins are points: a two-srai?P n Dnund 

shows at the very least «iat the becoming somewhat com- First the fact that the farm devaluation asreed by Britain 

new Chairman of ihe Federal pressed. Consumer credit Ministers managed to agree at earlier this vmt 

Reserve Board. Mr. William demand is at record levels: and all. Though the broad brush To o et h er L+h' other devaiua- 

M.11M, rao deploy telling evi- -perhaps most suggestive of strokes of the Commission's tions aieed n rwnt months 
dence to decisive effect it ->> -v. — * nons agreed in recent roomns. 


dence to decisive effect It all-there are now reports of proposals were not altered in this mlans rhat rhe avenge 
?S. howe !S.r‘ r an ^ bouse sales booming as pur- ** ^ outcome, sharp w r V£L „ se it 

the US has suddenly stepped chaS ers seek a hedge ageist clashes of national interests on ? ® 

mio the front rank of those the inflation they fear Points of detail threatened I*" ?, r 

countries which vivp thn highest w * 1Cdr - ,.ahi from 1.7 


countries which give the highest 
priority to checking inflation. 


It is easy for a British 


[until the last minute to sabo- 
tage the whole thing. 


many 


price 
cent, 

per cent 
and Denmark 


nse 
ranging 
in Ger- 
to 14.4 


The Change in fiscal policy, observer to become overly Second allocation of cent m Pltunly - * 

modest in itself, is simply the banned by these symptoms, substantial f un ds to help ^en currency system makes 
first step in what is likely to which a re so similar to events fenn ers ^ the more backward n°ns en se of the “ common 
prove a long and sometimes i° toe U^ in 1973, when fiscal Mediterranean regions— hailed price ” c 0 ™*?* and constantly 
painful campaign, and a cam- and monetary policy were as a historic breakthrough and thro 811503 t0 undermine any 

paign long overdue, which tightened far too late to avert a sign that the economically P rices Policy. But while EEC 

could help to restore stability the inflation which had been stronger North accepts a degree currencies continue to pull away 
not only in the US itself, hut prepared in earlier years. The 0 f responsibility for the still from each other, the chances are 
in the developed world as a US economy is more resilient, developing South: and slight of its being dismantled, 

whole. more productive and far less Third, the acceptance of the The achievement of the 2^5 

T . .«. vulnerable to outside shocks lowest price rise since the P er ce ° l 8vera fi* Price increase 

Liquidity than our own, and the monetary freezes of the late 1960s — an ** furtber reduced by the fact 

The excessive expansion of inflation, on any measure, has average 2.25 per cent, which tha j gu * aral '* 6ed prices for those 
domestic credit in the US. as been far less drastic. means lower incomes in terms Products prone to big surpluses 

we have been pointing out for All the same, it is clear that of purchasing power for many “ d Mlllt 

some months past, has been the after three years of remarkable farmers in Germany, Denmark, , S. !!S 

financial" -source of the vast out- growth in output, but relatively and Benelux. wo of thJ thS 

stagnating, no price rise is 


flow of dollars which has caused sluggish industrial investment,! Britain too had its victories 
problems 

rpsen'f* 

the yorld hTitata.- year. The & JSB5ASK&S "" h “ ry 
trouble has not. however, been hanced by the inflation fears 0 f Agriculture, announced his Ay Mr Finn Olav Gundelach 
very evident until recently in which are now so widespread, success !« foiling attenmt* to .u » n Gu . - 

the figures Tor the money supply Firm action to restrain financial h ak Marketine ^ Agriculture Commissioner, 

in the US itself, as long as the growth is essential: and if this ** JS? m ? last week < P”<** can ; 

outflow was removing the excess involves some check to real J2 ? 1 thl n0t , overco “ e toe Problem of 

liquidity in the economy. It is growth, this mav be described surpluses. But at present the 

paradoxically quite largely a as stabilisation rather than as Community has no other enm- 

resu it of the successful measures deflation There is no ‘‘loco- 0 ^ T ? 1 *’ ™ eat ,ra P or t subsumes. parable comprehensive 

taken to stabilise the dollar ex- motive” or other theory under . F ? r Europe as for Britain, mechanism, and the Com- 
fernally — mainly since Mr. which a new outburst of infla- ,l Iook * good - A . nd ,l was ^‘ssion s attempts to deal with 
Miller took office— which have tion in the US would he aoy- S° od - But not quite as good the surpluses one at a time are 
made the extent of the problem thing other than a severe set- as il ,00ks - Increasing over- no^ having conspicuous success, 
apparent. Rising interest rates back for the Test of the world. 


250 


Ireland 


200h- 


150 H 


100, 



France 

Denmark 


J Luxembourg 

Netherlands 
Belgium 

W. Germany 


1973 1974 


1975 


1976 


1977 


drastically as Gennsfly 
Britain would hare liked. 
The main outlines of 


and water in Italy and southern 
France, support for producer 
the groups — cannot and do sot 
■ , Rl , t attempt to rectify the iro- 

K=r 5 S ■S 5 JBS 

frrSBSh rsws 

last week, he masted that n men ,be re hip-wHh l.ree 

■ j faiiirip farm incomes talks as it mi^ht have done, 
ffy m No “™ S ™ 'ZXSSr But in View of tho Struve to 
That is undoubtedly true, but get an agreement this year, the 
what sort of redistribution is prospect of 12 ratii er tiia m» 
it that allocates 1.57bn units of Ministers eventually to 

account to the Mediterranean protect, national interests is an 
over five years when the Com- °, ne - . .. 

mSity spends 2.5bn units of year’s pn» 

account eacb year on supporting constantly disrupted by heated 
nrices in the predominantly national clashes— the Franco- 
northern dairy sector alone: or Italian wine dispute, the Ger- 
o^lTi Thn a vear on sun- raai » and Benelux demands for 
S2hS ireS suSf and higher milk and cereal prices, 
?SS^again ’maS- for tte Belgian demands for special 
benefiTof northern farmers? aids, the quarrel over pigment 


production and mounting The most obvious example is 
surpluses of farm products milk. Around 17 per cent, of 
caused the Commission to take EEC dairy production goes 
tough line on prices. It straight into the intervention 
Unfortunately financial re-J fought bard tQ j. eeD the avera£re stockpiles— the Community’s 

— 1 currently 


and a recovery in Wall Street 
have been associated with an Deterrent 
inflow of investment funds, so 

that the buoyant demand for . . . , . w - 

bank and consumer credit in the ls "I 110 " raor j. eas “^ pre ']rise down to 2 per cent., even butter surplus. 

L S is now fully apparent in the 
money figures, which, after a 


THE BRUSSELS 
DECISIONS- 


EFHrCTIVE MCflEASE OF FARM PRICES 
AL10VM& FOR 6REEN CURROCY 
MOVEMENTS SXCt LAST PRICE fSVEW &0Z 



W.GermanyA 

Denmark 




oenem m nfT subsidies. Britain's Milk Mar- 

Farm pr.ee taJte broke off Boards, and others, 

in Luxembourg during April Th £ rp wprp h - aleiJ < ar . 
when Oei-many announc«I rttat castic tirades s ianging matches 
it could not a ?J* c to the Coro- and lcnty of la bl c thumping, 
mum^s Prodding more than nof £ mefltlon the endless and 

Se^eSrrane^ " “■ ^“boui^ 
??r Time after time Mr. SHkin 

Commission bad already re- emerged ftotn i the 
vised its proposals, cutting the defiant-— to announce that 

rate of grant for certain the latest plot against lus^Uilk 
measures in the Italian South Boards was just not 
to 50 per cent from 65 per cent, j^rre Mehaignene, the French 
and from 50 to 35 per cent in Minister, publicly denounced - 
the French Languedoc-Roussil- 
Ion region. 

In retrospect, the 


delay the wine floor price issue 
British ' “ an insu,t t0 Fran "'" 


and German move looks more 


As lth^ 2 ■*5 n pr cent aereed on around 170.000 tonnes, has risen . „ 
experience in this country has|“ s ^Mumph. But toe figure 400,000 in 

a surplus of 


pause, have started rising at an disguises a lot of unpleasant the past: its milk powder ™ su 81 ir 

Mo-m-na which is left until the llth hour surplus, now around 780.000 Community has 


arm ns rate .. . . . ircpif fairlv surplus, now arouua /sii.wu «** 

It was this rise in the monev 0T , lateT has f t0 be correspond- To begin with it tonnes - ^ been known to around 3.3m tonnes, toe price 

jppiv counled with evidence ins,y severe ,f lf ,s t0 8 et credlt *51S wlJL reach U8m. tonnes. Germany rise was pushed up to 2 per 

PP> - COupled 2!™* growth back within the desired undermined even before Benelux> toirv pr0 . cent against the original pro- 

o STS li*"its-because once the fear ^ ducers alreadyTL? a SS Posal of 1.16 per cent The 

ui rne coai j n g at | 0n been ignited, instability of European _ r e * , r_Tf_ . , rnmmiuinnv 


suppl 

nf a strong economic 

Strike * which eC seems to* have of inflation ^ ^ een '^ted, of European JJ”’ incogs, ‘wraS Commissions proposed reduc- 

C t i,„ »sT! moderate rises in interest rates currencies. never have accepted a price Uon of the quota eligible for 

U thP have rauch le f s deterrent All EEC members except freeze here So along ^ jts export refunds was halved. 

Dlannerl for the current voar effect - Mr# Mnier is deter- Denmark maintain a special pr0pO5a i f 0r a o per cent price The prices package proposed 
and^to^ nost none it for a time’ mined and tlie President W sre * n curre ° cy rate to f°"' increase, the Commission intro- by the Commission was in 

Hlw»ri P irfHPtinn ports hlin - US may now be Ve ? C0 . mm0n farm P. nce s mt0 duced modest proposals to sus- every way modest— small price 

b ™ facing a rise in rates which is national currency. It is a device intervention buying nf rises, and small reforms. But 

Sabn. m the Federal borrowin 0 ] ar g e by it own very modest shelter producers from toe s ki rame< i nm^ powder during if even these mere signals in 
requirement will make only a standards nf the past, and that fluctuations of the foreign tbe winter months, and to the right direction are so 

marginal difference to the rise will cause discomfort in exchange markets. Green rate increase subsidies to those politically disruptive, what 

pressures tending to revive »n- London and elsewhere. When changes lag a long way behind fanners switching out of hope is there for the more 

flation in the US. The decline America swallows her medicine, foreign exchange rate move- dairying to beef or other radical measures needed to 

in the dollar in international the whole world may have to ments. toe difference in rates sectors, and to those using stand European agriculture on 

markets has reduced com- make a wry face— and be brave, being made up from the Com- njjjk pow der for animal feed, unsubsidised feet ? 

f H2Ltr rh J!!l The subs!dies scheme was Compared with workers in 
S 2? exports and on ] y slightly pruned by the other sectors of the Community 

pays subsidies on imports in Council., but the intervention economy farmers are not doing 

weak-currency countries (with proposals were rejected and toe too badly. Guaranteed prices 

oyer valued green rates), or *• co-responsibility " levy on give them a security many an 

vice versa in strong currency milk, introduced last year in entrepreneur might envy, and 

countries (with undervalued an attempt to make farmers the gap between farm and non- 
green rates). When a weak share some of the burden of farm incomes is dosing steadily, 

currency country devalues its over-production, was cut from Over the past decade per capita 


A setback for 



i ncomes in agriculture have 
grown faster in real terms than 
those in the economy as a 
whole, in the case of all mem- 
ber states except Germany, Bel- 
gium. and toe Netherlands. 
Production costs continue to 
rise, but the growth is slowing, 
particularly in Germany and 
Benelux, as toe chart shows. 

Labour - productivity, mea- 
sured in terms of value added, 
is increasing at more than -5.5 
per cent a year. 

The package of aids to Medi- 
terranean producers represents 
the first major change of policy 
towards helping the smaller pro- 
ducer and the weaker sector. Its 
passage through the Council was 
not easy, and it did not come 
out unscathed. Several lesser 
projects were dropped or 
deferred, the question of how 
much the Community should 
contribute for infrastructure 
measures was set aside until 
later: and the rate of grant on 
the bigger structural projects 
was reduced — though not as 


M. Antoine HumWet, the 

. . . _ Belgian Minister, lost his 

JJlJ} V; er J k lA temper when denied both the 

e» y ; g«s? i *" d ^ a 

G^ranni Maroon, too Milan 
S!L S PP ^, e W oiild Minister, infuriated everyone 

'«• ». “ y t n h f‘ ro y 
17 V i“n rotTof ™n "i“n e an aitompt t 

S Ste/ a«y a 1, trie too « d defe " M "'' 

Lily to have been convincing. They ,11 backed down in the 
_ \ .. . , • end, one way or another. Even 

Mr - Silkin. conceding partial 

and defeat 00 was heard to 

® nt f s h and German murinur; “You know me — 111 

of “ pouring* fund* into^toc |f5 c what 1 can ’ when 1 can get 
South, which have been on ha _ 

S "shIrSi t'-oZ* tothw badly in the pLh Th" 
HmSln! 0 Tif r jt had the Commission’s 

ss 

a precedent but does not com- °#2? S thS 

mit toe Community to further ? a f n ^' n n g 
expenditure at the end of the ,s a more 

five-year programme. Further fi r o^ n ^n7?£ e ?J!5mi?n5J’ 
Mediterranean packages are not feTl 1 $ US!, w 

expected to become a feature 

of toe price review, and if toe [ L 

present one is to lead to a 5 n ,5j2[? r ^ ew alrrody looks 
significant redistribution uf IJS®” 1 in ®“ s 

r d vU h „ e “ doubts wl " hare 10 ^VSL,\Z S: 

be JT erC00ie ' A or s. bu t how the Community 

The measures proposed for can be made to agree to that is 
the Mediterranean this year — a very big question. Whatever 
irrigation in southern Italy, the outcome, when the Greeks, 
restructuring of vineyards in Spanish and Portuguese stand 
southern France, marketing behind Italy to press for higher 
aids for olive oil. fruit and farm incomes in the South, some 
vegetables, the provision of interesting pyrotechnics may be 
roads, electricity and drinking expected. 



LAST WEEK’S vote in the To demand a bilaterally nego- 
Senate Foreign Relations Com- liated political solution sounds 
mittee, which effectively killed reasonable enough: but to reject 
the Administration's plan to lift the arbitration of the Inter- 
the arms embargo on Turkey, national Court of Justice in the 
will no doubt be welcome news Hague does not. 

to the Greeks and to the Greek when the US Administration . , , 4 

Cypriots. But it represents originally established the link Amitl S lowering 
another setback to President between arms supplies and _ „ 

Jimmy Carter, by underlining Cyprus, it faded to give SnOWpieCG 
his persistent difficulties in win- adequate weight to the equally 
ning over Congress to his legis- important link between Turkey’s 0ne of tb wor i d - s more nvs . 
lativc proposals, and may we 1 foreign policy and its grave ™ °t ne W buUdiu“s a I5 
significantly weaken Turkeys domestic difficulties, in which # S!!r2Bh 

traditional links with the West very heavy unemployment and st ,° rey , tov ? er faced wlU ? brown 
generally, and with NATO in high inflation h^e led to 

particular. s „ ious w>v , of soc iai VO- Jd. *5 mT™ 

n , ei ZT' . . . ^ stands in Manhattan. New York, 

Root cause The immediate consequence opposite the m, building, and 

_ . . _ . the Senate vote is h ely to t jj e se jf^tyled “Conqueror of 

The root cause of Mr Carter s be a Turkish decision to close h Brif ish F mn ;„, hfl . rip . 
defeat in the Senare Committee down the American hases alto- _ ]arPri th ' t he w j n v- flvine to 
W Turkey's intransigence over gether. The Americans may JVuS to open L ujandan 
Cyprus. After toe Turkish argue that development of 3f c lS in Jw York had ^SS 
invasion of Cyprus in 1974. and satellite technology reduces the h/iSSJES MU 

the occupation of a substantial surveillance role of these bases, th e . niLnini* 

proportion of toe island, the but it Is difficult to deny that 3°"^^ h“usc ^ S 
United States imposed the they represent at toe very least at the snS TJN 

embargo in the mistaken belief a significant potential asset for disarmanfeut- how- 

ihat it could use its dominant toe Alliance, that their closure - 

position in the Atlantic Alliance means the loss of a real bargain- ’ pvpnt 'cinrs T pnnid 
to force Turkey to come to some in B card in US.-Soviet oogotia- £^““*35 Snro 
reasonable accommodation over turns. , t>1 „ TT ^ n fl-s wl - 

Cyprus which would be accept- . . f/'SS? imi J2f2f 

able to the Greeks and the Greek Bonn YtStt lt do T n * ^°. A ^ ^. S . c ^ t e 

pts, _ i. . pected to delay what is certain 

h v 1 !l£ Just how much further the to be a sensational journey— in 

act W itfes b Qf \1 ruTa 1 U al 1 of Turkish government would wish wbich he eould try to carry nut 
NT',,- m ro SO in weakening its links his lons-declared threat of land- 
Ameneas NATO haws in u . lth NATO is difficult to fore- ]n « at Heathrow 

Turke '*i. an ^ ■ f0l f near ' ll - ,w ! sec - Mr - Ecevit clearly wishes ° . ’ . . . 

yeare he situation remained l0 rcdu£ . e Turkey’s dependence . Amin s showpiece is said to 

deadlocked. on the UA . but it seems un- ™ 

Because the pressure tactics likely that he would wish to „ Icb has der * ved I j5| n 

of the previous Administration leave NATO, let alone adopt a ]-S®ndan coffee profit5. The 
had clearly failed. Mr Carter neutralist foreign poliev. The bnuding was designed by an 
attempted to persuade the Soviet chief of staff recently r De . ricai3 architect, with modi- 
Turkish government to he more visited Turkey, but reports that Rations ordered from Kampala, 
conciliatory', by changing tack Moscow was planning to supply The tivo top floors are recessed, 
on tlie arms embargo in advance arms to Turkey were promptly reportedly for Penthouses, 
of a Cyprus settlement, but so denied by the Russians. Mean- It may be that Amin’s violent 
far without success. Since the while. Mr. Ecevit has been visit- quarrels this month with rebel- 
Prcsident announced his change ins Bonn with the explicit aim lious officers have also forced 
of policy, the Turks have indeed of securing military aid from him to delay the New York trip, 
tabled proposals for a Cyprus West Germany, and has received An official at toe Ugandan rois- 
settlcroent. but ihe concessions an initially favourable response, sion at toe UN nervously 
offered to the Creek Cypriot Turkey is an essential part re fused on toe telephone to 
majority are so minimal, in 0 f NATO, as Chancellor taIk about ^ visit, or to dis- 
terros both or territory and of Schmidt pointed out on Fridav ™ss the glistening now buiid- 
the future constitution of the if m r . Carter's hands are now in S: b c even refused to admit 
i-land. that t.iey have been it will be up to the Euro- jt s existence, even though the 
rejected as suicidal by the poan member, of NATO, and mission will move into it 
Greek Cypriots. llle members of the EE ' C t0 The top-floor penthouse is 

Moreover. tlie Turkish make extra efforts to prevent said to be for Amin personally, 
government has been equally any further deterioration of the From there he will look down 
uncompromising in Us dispute situation in the eastern Mediter- upon toe UN building itself, not 
with Greece over toe Aegean, rancan. to mention the missions of mans’ 


MATTERS 


other countries. Uganda House 
waits virtually completed, but 
Amin’s decision to put off his 
journey will have one advantage; 
he will run no risk of bumping 
into his bitter critic. President 
Kenneth Kaunda of Zambia, who 
this week starts a tour of toe 
US. 


Boots marches on 

A year ago this month, toe most- 
publicised accident in the 
history uf North Sea oil took 
place: a blow-out on toe Ekofisk 
field's Bravo platform was gush- 
ing. despite frantic efforts to 
seal it. ** Boots " Hansen, one of 
toe men who finally managed to 
halt toe blow-out, seemed 
almost to have forgotten the in- 
cident when asked about it last 
weekend in Houston, Texas. But 
he confidently forecasts that 
there will be further blow-outs 
in the North Sea — a thought 
that should worry the oil com- 
panies. because of the huge 



costs in lost production and 
equipment. 

It may also worry toe environ- 
mentalists. thinking of oil’s 
effects on wildlife, although 
Hansen takes a decidedly hard- 
bitten view of that side of such 
incidents. “A lot of dumb birds 
walk into the stuff, but Fve not 
seen many dead fish,” he says. 
“The birds were here before 
people and I guess they will be 
around when we leave.” 

Since the dramas on Bravo 
platform, Hansen has left the 
Red Adair Company and formed 
a rival oilwell fighting concern 
called Boots and Coots. His 
partner is “Coots” Matthews, 
another former Adair veteran. 
Hansen explains: “We had both 
worked for Red since 1959, but 
In January we asked him for a 
little piece of the action. He got 
mad and fired us.” Boots and 
Coots drive white Cadillacs and 
wear white overalls—” we were 
sick of red.” They deny taming 
wells earns them vast fortunes: 
“ We've ant got enough money 
to bum up a wet mule.” says 
Matthews cryptically. 

During toe Ekofisk blow-out 
there was a real risk that elec- 
trical sparks would have ignited 
the oil and gas. What would 
have happened then? “I’d have 
died," says Hausen. 


work adorn toe other three 
sides. 

The Oldham council debated 
14 diverse possibilities when it 
moved into a new civic centre 
and had to decide what to do 
with the old town hall. Officials 
finally suggested an botel — the 
town’s best, at the moment, is 
called the Belgrade (its owner 
is a Yugoslav emigre with 
dreams of home). 

Unlike many councils, which 
have let developers gouge out 
their town centres without re 
striction. Oldham stands firm in 
its brief to interested boteliers. 
It says it is “ concerned" to see 
development within toe exist- 
ing stone elevations if possible 
and adds that the front is to be 
saved “ in any event** 

I talked to Oldham estates 
officer A. E. Harris to learn 
whether the prospect of inherit- 
ing those vast columns was 
deterring likely developers. 
** Not a bit.” he said cheerfully. 
“I had someone who was very 
very interested in here only this 
morning.” Let’s hope that who 
ever puts up toe new establish 
ment enters into the real spirit 
of the project by calling it the 
Hotel de ViHe. 


Wisdom teeth 


** Healey can’t have oar 
cake when we’ve eaten it!” 


Firm fixtures 

An interesting challenge faces 
the architect who will design 
Oldham’s new hotel. It will be 
on the site of the old town hall, 
of which as much as possible 
is to be retained. Built with the 
grandeur of Victorian times, 
when Oldham’s textiles went un- 
challenged around the world, 
the town hall has four Ionic 
columns facing toe High Street 
and a bell tower overhead. 
Pilasters and decorated stone- 


A reader who was recently in 
Amman tells me that as he was 
about to set off by taxi late 
one evening for toe port of 
Aqaba, which be hoped to 
reach early the following morn- 
ing. he saw his elderly Arab 
driver take out his false teeth 
and pur them in toe glove com- 
partment of his car. “What’s 
going on?” toe reader asked. 
“ Mister,” came the reply, 
“ when I drive through toe 
□igbt I might fall asleep and 
choke on my teeth— and that is 
very dangerous.” 


Observer 



New South Wales 

Incorporated ip Australia with limited liability 

PRELIMINARY STATEMENT OF PROFITS 


The Bank of New South Wales today announced the following 
statement of consolidated profits for the half year ended March 3V. 
1978 based on unaudited figures. Figures for March 1977 are as 
published at that time. 

Income (after deducting interest paid and 
transfers to contingencies including 
provision for bad and doubtful debts) 

Less 

Half-Tear 
to 313.78 
(SAQOQ’s) 

344,187 

Half-Year 

W313.77 

(SAOOO's) 

294038 

Expenses 

Depreciation 

240.668 

10370 

213.877 

8369 

Operating profit before taxes 

Less Income, land and other taxes 

93.149 

49,484 

71.792 
. 35,810 

Operating profit 

Less minority interests of outside share- 
holders in subsidiary companies 

43.665 ~ 

I0.65L 

35.982 

8.935 

operating profit attributable to pro- 
prietors of Bank of New South Wales 

33,014 

27.047 


The above figures exclude the folbwing 
extraordinary items (net of income 
tax) , 

Surplus on disposal of premises and other 
capital profits 

Adjustment for exchange fluctuations 

Extension of tax effect accounting prin- 
aples in respect oF depredation 
timing differences 

Change to ” Finance Method” from a 
goods basis in accounting for leases 

Consolidated operating profit includes 
banking and wholly owned sub- 
sidiaries contribution 

A.G.C. Ltd.— share of profits 


714 

182 


(2.191) 

2.876 


45 S 
615 


21.087 

11.927 

17,123 

9.924 

33.014 

27,047 


The Board today declared an interim dividend of 7 5 ner ce 
be.ng ,5c ?«- payable on July 13. 1978. Bt»k S will drU 
determination of dividend entitlement at 5.00 p.m. on June 's. 19 



-? - \ 




15 


Financial Times Monday May 15 1978 

FINANCIAL TIMES 


Monday May. 15 1978 



SURVEY 



Firm economic management has tided the Swiss over recession, their exports have 
resisted revaluation, but the attendant run into the franc worries them. So do some scandals. 
Voting patterns could reflect a certain malaise — or contentment with success. 


Just 
a few 
little 
worries 

By W. L. Luetkens 

CLIMB TO the viewing plat- 
form of the Monument in the 
City and for a fee of 20 pence, 
always provided the weather is 
good, you will have a fine view 
of London. Climb to the viewing 
platform on the tower of the 
Minster in Berne, and for a fee 
of almost 30p. always provided 
the weather is good, you will 
have a splendid view of the 
Swiss Alps. In Berne, unlike 
London, the money is collected 
at the top; if you run out of 
breath and you turn back, there 
will be no charge. 

Moral: Switzerland has a lot 
of splendid scenery (and occa- 
sionally dicey weather); Switz- 
erland is expensive; but on the 
whole you get a lot of value for 
your money. Maybe, if Swiss 
restaurants were to reduce their 
portions to English size, they 
could bring down their prices 
a long way towards the English 


level. Only they are probably rate of the Swiss franc, exports 
not very interested in the sug- climbed from Sw.Frs.33.4ba. in 
gestion: much value for much 1975 to Sw.Frs.37bn. in 1976, 
money is a tradition, and at and Sw.Frs.42.2bn. (about 
times almost an obsession- £12bn. at tbe present exchange 
You may observe it in tbe rate) last year. As set out in 
tourist trade, which balances detail elsewhere in this Survey, 
the country's current account in tbe low Swiss inflation rate had 
normal years when the merchan- much to do with that success, 
dise trade account is in deficit, since it partially nullified the 
(In 1976, untypically, the trade effect upon export prices of 
account was in surplus, but it is the exchange movements. Be- 
moving back again to tbe sides, the appreciation of the 
habitual deficit). Because they franc kept down import prices 
have neither the low prices nor in terms of Swiss currency and 
the space to accommodate mass the low inflation rate eonlri- 
tourists in droves, the Swiss buted to low rates of interest, 
have deliberately kept much of another important element in 
their tourist trade up market: the cost structure of industry, 
group tourists account for less These are factors that are 
than 30 per cent, of the business hard to express in statistical 
done in the Swiss hotels. form (especially in Switzerland 

There has been a similar pat- where statistical information is 
tern to be observed in manufac- often incomplete), though the 
turing industry, most clearly in terms of trade (which admit- 
the case of watches. The tend- tedly tell one little about the 
ency for Swiss watchmakers has position of individual ex- 
been progressively to abandon porters) are revealing as re- 
the cheap market to Asian and gards the economy as a whole 
Communist competitors (and in and dealings with the outside 
the case of the cheaper eiec- world. 


ATTITUDES TOWARDS TAX EVASION 

BY INCOME GROUPS 
(Results of a poll in 1973) 

Monthly family Incomes in Swiss francs 


Percentage of 
respondents judging 
tax evasion 
— a pecadillo 
— a real offence 

As you go up the Income scale expressed attitudes turn 
increasingly against tax evasion. 

Source: Almanach der Schweiz. 


up to 

1,501- 

2,501 

over 

1,500 

2,500 

3,500 

3,500 

59 

59 

50 

43 

41 

41 

50 

57 


Between 1970 and the end of 
last year, the trade-weighted 
Swiss exchange rate had risen 
by almost 70 per cent But the 
terms of trade (which take into 


trnnic watch to the Americans, 
too). But at the top end, 
especially where watches begin 
to turn into jewellery, the Swiss 
position is unbroken. After a 

S VcE .Mount actual prices for exports 

makers chalked up a health)’ 10 f nd expressed in Swiss 

per cent increase in their [j ^ ? DCS, had deteriorated by only 
exports in 1977. 6j2 P er cent - in 018 ,ast Quarter 

The fact that Swiss exports. 1®7T. By their lower inflation 
not only of watches, have been rale, and by moving into higher 
rising again since the . recession Quality sectors, the Swiss bad 
year in 1975 is important In therefore to a considerable ex- 
spite of a steep (though irregu- r tent, .reduced the deleterious 
lar) increase of the exchange -effects upon their merchandise 


exports of the appreciation of 
their money. 

Nevertheless Swiss exporters 
have been worried by the more 
recent decline of the dollar, and 
it remains to be seen whether 
the process of compensating for 
exchange rate movements that 
has worked so far during this 
decade can continue indefi- 
nitely. It may at any rate be 
assumed that concern for Swiss 
exports (visible, in the mer- 
chant trade account, and invis- 
ible in the tourists sector) 
played an important part in tbe 
measures taken at the end of 
February to ward off speculative 
capital inflows into Switzerland. 

Tbe reasons for these inflows 
♦ere, on the one side, high in- 
flation rates and falling 
exchange rates as well as high 
taxation rates in many coun- 
tries: on the Swiss side they 
were, a stable currency,, the 
existence of an efficient system 


of banks and financial inter- 
mediaries and the bankers* 
practice of secrecy. Over the 
years it has been eroded 
slightly where it would protect 
clients involved in dealings that 
are criminal in Swiss law (some- 
thing that tax evasion is not). 

But since the beginning of 
this year, Swiss banks are en- 
joined not to seek out clients in 
countries where exchange con- 
trol would forbid residents from 
transferring assets to Switzer- 
land; it is another matter if the 
client turns up in Switzerland 
under his own steam. In that 
case, too, the bank is expected 
to take care not to protect 
criminals. Nor is it supposed to 
extend “active" (the word is 
crucial) help to the flight of 
capital or tax evasion of 
foreigners. Among the moTe 
obvious tricks, that would pre- 
vent the issue of inaccurate 
statements- 

All- these are interferences 


with freedom of business which 
■would probably have been un- 
thinkable but for the fright 
caused by the movement of the 
exchange rate. Their effective- 
ness in any case remains to be 
tested: the first signs are en- 
couraging, but human ingenuity 
is just as capable of getting 
around Swiss restrictions as 
around British tax law. 

It is doubtful whether the 
Swiss people would be very 
upset by evasion. Nevertheless 
the new measures do to some 
extent come as the climax to 
a phase in which the banks 
have been anything but popu- 
lar. Rather irrationally they 
were blamed for the excesses 
of the boom in the 1960s and 
early 1970s. On top of that a 
certain isolationism current in 
Switzerland made many people 
unhappy about the inter- 
national ramifications of their 
financial institutions. 

In this charged atmosphere 
there exploded last * year the 
scandal at the Chiasso branch 
of the Credit Suisse where some 
Sw.Frs.2.2bn. of clients’ fidu- 
ciary funds were improperly 
directed towards a Liechten- 
stein holding company, and 
Sw.Frs.350m. of unregistered 
guarantees were granted on 
Italian banks’ loans to sub- 
sidiaries of that company. It 
certainly was a blot upon the 
reputation of the Swiss banking 
profession. In retrospect the 
inclination in Zurich is to say 
that there can be no watertight 
protection against criminal 
actions though some lessons 
have been learned: inspection 


and checks within the banks 
have been tightened up and. in 
particular, extended beyond the 
mere checking of accounts. 

By Swiss standards ihc extra- 
ordinary shareholders meeting 
at which Credit Suisse gave an 
account of the affair was a 
searching occasion: management 
was questioned more closely 
than on any previous occasion. 
But when the annual meeting 
came around on April 4. more 
than 99 per cent, of the votes 
were cast on the side of 
management- 

shareholders probably had 
little practical option and pre- 
ferred not to let off steam 
needlessly. But they did have to 
note that their bank had written 
off Sw.Frs.l.2bn. by drawing 
upon the so-called silent 
reserves (accumulated quite 
legally by undervaluing some 
assets and overvaluing certain 
liabilities). Even after that 
bloodletting the silent reserves 
are not exhausted. 

Chiasso has no doubt en- 
couraged the Social Democratic 
Party (one of the four Swiss 
coalition partners) to propose 
an amendment to the constitu- 
tion by referendum, which 
would greatly restrict the free- 
dom of the banks. Among other 
things, the text proposes an end 
to bank secrecy where it is 
abused to cheat the authorities. 
Swiss authorities are to be 
given power to assist in the 
prosecution of currency and 
tax offences committed abroad. 
The practice of keeping reserves 
silent or secret would be 
abolished. 


It is pretty clear that the 
Swiss will say “ no " when the 
proposal is put to them in a 
referendum. Nevertheless it is 
part of the deliberate Swiss way 
to keep a question of the sort 
before the public for a long 
time. The voters may say “ no." 
as they so often do at first. But 
modified proposals may eventu- 
ally become common ground. 

One such very long Swiss 
story is about to reach its climax 
on September 24, when the 
Swiss people will be asked to 
accept a new canton, the 
Northern Jura, imo confedera- 
tion. The Northern Jura, which, 
is French-speaking, has voted to 
separate from the Allemanic- 
speaking Berne, and if the vote 
in September were to go against 
accepting the new canton (in 
other words telling it to stay 
with the Bernese) the whole 
multilingual edifice of confede- 
ration would come under strain. 
The Bernese themselves have 
already voted to release the 
north Jurassiens. so a nega- 
tive vote in September would 
reduce the whole idea of 
popular self-determination to 
the absurd. 

Some extremely shrewd Swiss 
observers of the scene therefore 
believe that September 24 will 
be a testing day of extreme - 
importance for Swiss democracy. 
Forecasts of (he outcome are 
hard to come by and hard to 
make. But though there are 
those who say that the Swiss are 
obstinate, conservative, and . 
always say .“no," there is a 
wealth of experience to show 
that they always say “no"— - 
until they say “ yes.” 


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PER LA SVIZZERA 
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Branch: CHIASSO. Corso San Gottardo 54 

Telephones : 44 36 75 / 44 44 33 Telex ; 79901 BRSCH CH 

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Branch: LUXEMBOURG. 41 Bid. Royal 

Telephone: 46981 Telex: 1654 BRSLX LUX 

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THE BASLE STOCK EXCHANGE 


Established in 1876— A 100 yean old market. Famous for its chemical and pharmaceutical 
industries, Basle is also a traditional finance and insurance centre, and the home of one of 
Switzerland’s M Big Three “ commercial banks. 

The Basle Stock Exchange, a state controlled institution, is one of the three most important 
Exchanges in Switzerland. 

Turnover 1077: Over Sw.Fr.21 billion. More than 2,000 Securities listed: V.SJL, Switzerland, 
Netherlands, Great Britain. South Africa, Germany, France, Australia, Japan. 

In daily contact with financial centres all over the world. 

Forward and options transactions to a maximum oj 3 months possible 

BANKS AUTHORISED TO DEAL ON THE STOCK EXCHANGE: 


ADLER BANK BASLE LTD. 

Marktplatz 32 
4001 Basle 
Tel. 25 75 75 

BANK FOR INTERNATIONAL 

COMMERCE LTD. 

Aeschengraben 25/Parkweg S 
P.O. Box 1352. 4002 Basle 
TeL 22 56 00 

BANK AND FINANCE COMPANY INC. 
Aeschengraben 9 
P.O. Box 140. 4002 Basle 
Tel. 23 32 00 

BANK HEUSSER & CO. LTD. 

Dufourgtrasse 25 

P.O. Box 1232. 4001 Basle 

Tel. 22 IB IB 

BANQUE HYPOTHECAIRE 

DE BALE-CAMPAGNE 
Elisabethenstrasse 30 
P.O. Box 22, 4010 Basle 
Tel. *22 15 55 

BANQUE CANTONALE DE BALE 
Spiegeigasse 2 
4001 Basle 
Tel. 25 SO 80 

CIAL CREDIT EVDUSTRIEL D’ALSACE 

ET DE LORRAINE 
Marktplatz 13 
P.O. Box 216, 4001 Basle 
Tel. 25 SO 33 

DREYFUS SONS & CO. LTD. 

Aeschenvorstadt 14/16 
P.O. Box 345, 4002 Basle 
Tel. 23 22 90 

EHINGER & C1E LTD., BANK 
Kittergasse 12 
4001 Basle 
Tel. 22 11 80 

COOPERATIVE CENTRAL BANK CO. LTD. 
Aeschenplatz 3 
P.O. Box 524, 4002 Basle 
TeL 23 84 00 


E. GUTZWILLER & C1E, BANQUIERS 

Kaufhausgasse 7 
4001 Basle 
TeL 23 8S 33 

BAND YVERKER BANK BASEL 
Aeschenvorstadt 2 

4001 Basle 
TeL 23 58 55 

LA ROCHE & CO., BANKERS 
Rittergasse 25 
P.O. Box 461. 4001 Basle 
TeL 22 15 00 

A. SARASEV & CIE, BANKERS 
Freie Strasse 107 
P.O. Box 1122. 4002 Basle 
Tel. 23 00 55 

UNION BANK OF SWITZERLAND 

Freie Strasse 68 

P.O. Box 1131, 4002 Basle 

Tel. 22 22 33 

SWISS BANK CORPORATION 
Aeschenvorstadt 1 
Gartenstrasse 9, 4002 Basle 
- Tel. 20 20 20 

SWISS DEPOSIT & CREDIT BANK 

Schifflande 2 

P.O. Box 2216, 4001 Basle 
Tel. 25 66 50 

CREDIT SUISSE 

St. Alban-Craben 1/3 

4002 Basle 
Tel. 23 10 00 

SWISS VOLKSBANK 

Gerbergasse 30 

4001 Basle 
Tel 25 8S 55 

TRANSVALOR LTD. 

Sfeinentorstr 30 

4002 Basle 
Tel. 22 26 66 


£L STURZENEGGER & CIE, BANKERS (Bank authorised to act as stock dealer) 

SL Jakobs-Strasse 46, 

4002 Basle 
TeL 22 30 22 


CHAMBER OF THE BASLE STOCK EXCHANGE 
STOCK EXCHANGES INTELLIGENCE LTD. 

Freie Strasse 3. P.O. Box 244/CH-4001 Basle — Tel. 25 11 50/25 10 06 




16 


Tftnan&al~111fles 7 &dnaBy~Ma? *15 l§?Sf. 


UNIVERSAL ENGINEERING 
AND FINANCE CORPORATION 
SWITZERLAND 

SWISS SANK CORPORATION CONSULTANT GROUP 


The principal activities of Universal 
Engineering 1 and Finance Corporation 
are the supply of engineering services 
to developing countries, arranging 
finance for major projects, organising 
package offers, and managing and 
assuming contract responsibility for 
turnkey projects. All these services' 
are' supplied separately or compre- 
hensively, using the capabilities of 
the member companies of Swiss Bank 
Corporation Consultant Group. The 
most . important member companies are 
Universal Engineering Corporation 
■with a total of 700 employees -and the 
European Center for Applied Economic 
Research (Prognos Ltd.). 

Fields of activities of the Group 
include: 

Electric power generation, 
distribution and control 

Hydrology 

Gas production plants and 
distribution networks 

Agriculture and irrigation 

« 

Water supply and sewage systems 
Industrial developments 
Telecommunication 
Transportation 
General Infrastructures 
■ Civil engineering 

Urban and regional planning 
Economic policy consulting 
General economic research 
Market research. 

Management consulting 

UNIVERSAL ENGINEERING 
AND FINANCE CORPORATION 

Olfices: 6. rue d'lielie - Mail Address: P.O. Bo-* 384- 
CH-1211 Geneva 3, Switzerland -Telephone £0233 2 S 24 
Telex: Unenco 2850e-ch • Cables: Unenco, Geneva 


SWITZERLAND II 


Mixed omens for the economy 


THE SWISS franc has almost 
doubled iLs external value since 
1970 measured by trade 
weighted index figures. At one 
time recently the increase was 


employment by anyone's 
standards. The explanation is 
that the people who have 
dropped out of employment 
have also dropped out of the 


SERVICES AMD MANUFACTURING THE INTERNATIONAL SCORE.... 


Tertiary sector employment as a percentage of overall employment 


even more than double. It has labour market. Two-tbirds were 
gone back a little since. foreigners who have returned 

In the same period Swiss ex- to their native countries, swell- 
ports have increased by nearly ing unemployment ratios in 
70 per cent, from SwFrs.22.lbn. Italy and Spain; one-third were 
in 1970 to Sw.Frs.37bn. (about largely women who had only 
£10.5bn. at the present rate of been brought on to the labour 
exchange; last year: no mean market by the exaggerated 
testimony to the adaptability of boom of the preceding period. 
Swiss industry, nor any reason j t i s 0 f no t B that even after 
to suppose that profits have t he departure of 200,000 
been shrinking, but above ail foreigners. 600.000 of them still 
the reward for a successful have work in Switzerland. Their 
attack upon inflation in the past presence is on the whole con- 
few years. sidered a structural charac- 

After a bad spell in ihe early teristic of the Swiss economy. 
1970s the annual rate by which in other words in a new reces- 
the cost of living index has been sion it will not be so simple to 
rising has been reduced to place the brunt of the impact of 
something in the region of 1-2 unemployment upon migrant 
per cent. Even the “ bad *’ workers, 
period was bad only by Swiss The principal 
standards. From 1971 to 19" 


From 1971 to 1975 
the average annual rate of in- 
crease in Switzerland was 7.7 
per cenL. compared with an 
average of the European OECD 
States nf 9.6 per cent. 

In Switzerland 1975 was a 
recession year, and the Swiss 
with their addiction to conserva- 
tive economic policies allowed 
the recession to take Us toll. 
When it was over the inflation 
rate (as measured by the con- 
sumer price index) was down tn 
1.7 per cent, in 1976 (as against 
10.S per cent, for OECD in 
Europe). 1.3 per cent in 1977 
(11.3 per cent. OECD Europe), 
and 1.1 per cent, in the 12 
months to end-February 1978 
(OECD Europe 9.9 per cent.). 

Clearly the rising ester a&i 
value of the Swiss franc con- 
tributed greatly to the reduc- 
tion of the inflation rate, given 
the high dependence of the 
Swiss, upon imports: last year 
visible imports came to 
Sw.Frs.36.9bn. in a GNP of 
about Sw.Frs.l53bn. But there 
:s more to it than that. 

A far reaching restructuring 
if Swiss industry has been set 
in motion by the recession, 
which is evident both from a 


restructuring 
that has occurred is a steep 
reduction of the role of the 
construction industry, which at 
one time accounted for around 
a quarter of GNP. Last year, 
even though the worst of the 
recession in construction was 
over, the industry’s share in 
GNP was down to about one- 
sixLh. 

Between 50,000 and 80.000 
empty flats remain as a monu- 
ment to the excesses of the 
boom — mainly luxury or 
near -luxury apartments for 
rent or sale. Interest- 
ingly enough, the construction 
industry has found some com- 
pensation for its loss of this 
business by building family 
houses for which demand in 
the suburbs is Increasing: it 
seems almost symbolic of the 
return to the principles of tradi- 
tional good housekeeping which 
has marked popular attitudes 
during the post-boom period. 

Shifts of the employed popu- 
lation also shed some light on 
the process of restructuring that 
has been going on. The total 
figure of those in dependent 
employment fell by 3.9 per cent, 
in 1976. but remained stable 



last year. However, there was 
™°‘'2j r,Mrab ? r of bankruptcies an 8.6 per cent, decline in the but io Switzerland las in West 
in 19/i, and from the reduction construction industry in 1976. Germany, another country that 


In spite of the role of tourisvi and financial institu- 
tions, service sector employment is loir in Suntzer- 
land (as in West Germany which has also managed 
to cope with a revaluing currency), and the 
proportion of those employed in manufacturing is 
high. 


Area 


BASIC STATISTICS 

15,418 sq. miles 


Population (1976) 


GNP <1970) 


6.35m. 


Sw.Frs.l46bn. 


place. Last year the Swiss in- p er 

-im^%nnnn 1 |? yed r. P0 tK Ul l Li0n ^ followed by_ another of 1.6 per has lived with revaluation), the tronic and mechanical watches Trade <1977): 

iq-ni h 00ra ?"*■ Manufacturing m- share of sendee industries in by about 6 per cent. Moreover 

1 That ' i* ecIined b f 6 .-® P? r cenL t°tal employment is low — some the industry is transferring fhe 

Th t figure may sound and 0.8 per cent in the two 45 per eeDt — and U| at j s production of some components 

despite the role of tourism and to low wage countries in the 
finance in Switzerland. In both 
countries the manufacturing 
sector is relatively strong, 
accounting for almost 50 per 
cent, of the gainfully employed 
in Switzerland. 


may sound and 0.8 per cent in the two 
catastrophic, given a total successive years, while the ser- 
cra ployed population of about vice sector, after a fall of 2.1 
2.5m., hut in fact it is not per cent, in 1976. took on new 
from the Swiss viewpoint. The staff in 1977 to the extent of 0.9 
unemployment rate at present per cent 
is only 0.4 per cent. — full Maybe it is only a coincidence 


Imports 


Exports 


Sw.Frs.22, 976 


Sw.Frs.42.9bn. 


Sw.Frs.53.7bn. 


After 73 years, 

EF Hutton &Company 
stm has one name. 


In an industry that undergoes ups and downs, 
mergers and constant change, E.F. Hutton has always 
stood for reliability and dependability. 

Through all those years, we've maintained an un- 
broken record of profitability and of continuous service 
to our customers. 

And now, as we approach our three-quarter century 
mark, that stability seems even more impressive. 


IFHutton 

INTERNATIONAL 

ATHENS • BRUSSELS - FRANKFURT - GENEVA ■ HAMBURG • LONDON 
LUGANO - MADRID - MUNICH ■ PARIS 


9 Place du Baurg-de-Faur 

13D4 Geneva 

Tel. C22] 201322 


9 Via Balestra 
6900 Luaanp 

Tel. C91) 35931/2 


ASEAN area of Asia. 

A similar movement up- 
market has taken place in the- 
textile industry, which. like 
watches, has laboured heavily 
under world recession and com- 
But developments within in- petition from cheaper pro- 
dividual industries are more ducers. That appears to be the 
significant than general figures, conclusion from the increase 
The watch industry has made last year of both exports and 


Imports from U.K. £1.4bn. 


Exports to ILK. 


£1.3 bn. 


Currency: franc £l=Sw.Frs.3.S9 


that a reaction may set in. 
What is important from the 
point of view of the Swiss is 

considerable progress in coping imports of textiles and’ clothing, that the D-mark is also close to 
with its problems. Watches are and from the fact that the tex- a similar crest. The Germans 
a traditional Swiss export, but tile Industry, after a phase of 
in recent years the industry has rigorously running down mainly 
run into severe problems both foreign labour, has again taken 
because of the high level of on new hands. 

Swiss wages compared with That roughly is the picture as 
those in the new competitor it looked before the last up- 
countries, such as Japan and surge of the franc late in 1977 
the Soviet Union, and because and during this year. But when 
of the inroads of electronic the ■ dollar 1 dipped below 


watches into - the traditional 
field of mechanical watches that 
were the strength of the Swiss. 

A rigorous concentration of 
the industry, with a severe re- 


are both the main customers 
and suppliers of the Swiss and 
their main competitors. 

The fact remains that at the 
end of February the Swiss 
National Bank pulled the alarm 
cord. - Arguing that the franc 
had been forced up not by nor- 
mal commercial considerations 


Sw.Frs. 1.80 .everyone became but by inflows of money seeking 
alarmed. If really is too early a haven from the depreciation 
to say whether these events por- of other currencies, the bank 
tend a new phase. Taken over a imposed very tight restrictions 
period of- years, the exchange indeed on the traditional free- 


dtiction of employment, together rate has not moved steadily, but dom of the Swiss banks The 
with a deliberate movement in waves; it is perfectly possible sale of Swiss securities to non- 
away from cheap to more c-xpen- that at present the franc is at residents was banned- 
sive movements, has taken the crest of such- a wave and 


commission rates. 


punitive 
the so-called 


FOREIGN TRADE AND BALANCE OF PAYMENTS 

Sw.Frs. m. 


1973 

1974 

1975 

1976 

1977 

Exports 

29,950 

35,350 

33,430 

37,040 

42,160 

Imports 

36,590 

42,930 

34,270 

36,870 

43.030 

Trade Balance 

“6.640 

— 7,580 

-840 

+170 

-870 

Tourism Balance 

2.640 

2.530 

2.510 

2,460 


Capita] Revenue 

4.740 

5,920 

5,150 

5,330 


Other Sere ices 

150 

-360 

-140 

780 


Balance of Payments 

890 

510 

6,680 

; 8,740 



“negative inlcrerd." of 10 per 
cunt a quarter were imposed 
upon all but the smallest bank 
deposits of non-rcsi(k*nt.s; for- 
ward operations with foreigners 
calculated to get around that 
negative interest were forbid- 
den. non-resident investors wt*rc; 
limited to a quota «>f 35 per- 
cent. of the foreign loans floated 
in Switzerland: and restrictions 
(which in practice may be 
psychological because of thei 
difficulties of enforcement) 
were placed upon the import of 
bank notes into Switzerland, 

Since the Swiss do nut publish 
(or indeed know) figures for 
capital movements in and out of 
the country, the efficacy of those 
measures is hard tu gauge. In 
the banks and in the National 
Bank it is claimed that ihey 
have worked, and ihe partial 
retreat of the exchange rate 
lends credence lo the claim. But. 
it is true also that the exchange 
rale ras well as the fate of tlia 
Swiss economy in general) is 
dependent, too, upon events out- 
side the country. Only time can 
show whether the long-term, 
trend of tlie franc will coni 
tinue to be as manageable from 
the point of view uf Swiss 
exporters as it has proved since 
the beginning of the decade. . 

Economists see a very promis- 
ing sign in the development iif ; 
tlie trade account which; 
typically, is in deficit (allowing 
Invisibles to produce a current 
account surplus), hut which 
went into surplus in 1976. La*it 
year it was back in a small 
deficit of Sw.Frs. 900m.. hot 
least as the result of a spurt of 
deniand for machinery and/ 
other capital goods. That spurt 
reflected a restoration of busi- 
ness confidence which, if sus- 
tained, would continue (0 boost 
Imparts and make a contribu- 
tion towards tethering the franc. 

From that point of view the 
recent attack on the dollar ' 
has come at a most inconvenient 
lime far the Swiss; if it were to 
undermine business confidence 
seriously, it cnuld start a 
vicious circle similar io that uf 
1976. As it is, the business 
. outlook is somewhat unstable 
again;, following upon real 
growth of GNP by about 4 per 
cent., the forecasters arc now 
talking of something in excess 
of 2 per cent only this year. 

Given the popular mood in 
favour of economy and the 
generally non-interventionist 
economic philosophy, that is not 
a prospect sufficient to arouse 
calls for reflation. Trite, the 
federal Economics Department 
is working on a programme in- 
tended to give new impulses to 
industry, but the proposed 
amount of Sw.Frs.7dm. over 
four years is tiny. The objective 
is not economic expansion, but 
to encourage innovation, for 
instance in the field or applied 
electronics, the conservation of 
energy, and international 
marketing by the tourist in- 
dustry. 

• In this context it should be 
noted that even without that 
sort of Government programme, 
the Swiss are among the world 
leaders in industrial innovation. 
According to OECD figures 
their expenditure on research 
and development in industry is 
the equivalent to 2.17 per cent, 
of GNP, a quota surpassed only 
by the 2.35 per cent, of the 
U.S. 

That should help to create a 
sound basis for a continued 
role for the Swiss in the van 
of world exports, in spite of 
the strength of the franc. In 
the meantime the franc itself 
is of some assistance to ex- 
porters; because the inflation 
rate is low, so are interest 
charges. Where else can 
exporters get long-term credit 
from their banks for 4j per 
cent., or borrow on the bond 
market for 3J per cent or 
less ? 

W. L. Luetkens 



The dealing room of the Union Bank of Switzerland. 



o 







i - 

$• 'i l T 

\; ! i 

2 .'si 



Financial Times WonSay Hay 13 1978 


SWITZERLAND III 


It 


The magic formula 

mentor in tbe f ' over,! ' within 'the^vstenwather than mci ' 1Liin ? for Usance its purest form it is found in much of its urgencv in part 

" Swiss Federation from without " £Z '*,£ Wb ° may Mplain 016 aEsembly of 311 men of ™‘ « a resuit of lhe r«ession 

form ‘ S SSffS £ ?J« r T m T ° O-ose accustomed to more “menSieut Gheh* ShST S “"l “a "T’ ° f ,97 ^ 6 ' ^ non^ef ol 

^ n ffi,« erit «? ps.rsot's's e jl w s 2 ra^cif fM^srsu £5? p-sssss 

—■ “,. of j-jssr : s« t srShSr »* «™ such 5 stajsfi three ^ 

country that is conservative and logical 6 ’ vise?s«rit!frf^ d inter P relation into the figures main forms: a group of citizens. _ artl * tave *J!!! t t ^® f J i eno . p ]l obe 

suspicious of State power. ccmTry Tlscuis,tudes ot ^ for participatioo in referee such as those who want to radon P3 ™“ b f e l05t of 

especially when it is exercised The four da - ln ■tbe present decade it Pleasure motoring, can propose .. 

from the centre in Berne rather fit fairiv Hr?coT en ^?f nt o Par V e i has exceeded 50 per cent on a change to the constitution Advocates of the system also 
than in the 22 individual Dattem/n^rws mt ° acc f p * ed four occasions only, and three which must be put to the vote if p .° int out th ? t ^ Swiss have 
cantons, or in the communes. TOe tad£L£ SlSSifd 1 ^ 0 f mm 0f those werc occa sions when a PetiUon is signed by 100,000 ^ at 

But small though the cabinets anti-clerical every voter must have felt his People. A law that has passed J™ e * *?**,? ves h,sher 

(.known as Federal Councifs) 0Wn ^mediate interests to be Parliament can be chal- ( *° Ufi J *** year *** 

have been, the average rate of ennepn^ts™^...! e ^ ser £ alJy at stake. One of those four ,en sed and put to the vote if S ! botb ■ Proposed 

one new minister for every selves the nufar vote * at last gave women the 60.00° signatories can be found added , tax and 

1 year 174 days bespeaks a Quite 5w *!S pd I s r °i * e State ' n Sht to vote in federal elections for a Petition. Finally, the auth- proposal f to increase the mci- 
unusuai degree of stabilitv an*/™ r ll D ? Ucl ? ° E J* 1 ® 1 * s . uppor t (though to this day not in the ori1Jes may wish ro change the denci K „? f ! 0come taxes at the 

If you delve back into historv tffseifimSKIiS* 1 pe0ple “ d eIeclions of 311 the cantons): constitution, in which case they i““ me s ^ aIe) - Voters 

that aspect of Swiss political elf-employed. and two were part of the long must P ut *he proposal to the f’ so baTe been read >' to reduce 

life becomes even more strikine AffUlAlr. campaign to reduce by law the peop]e - Th c same applies to JJf 11 °^ h i >awer i by doubling 

For the first four decades the xJHIClalS number of foreign workers emergency legislation which . ou^oec of signatures 

Federation was governed bv thp rm, a c ■ . * allowed into the country. eventually also needs popular required to set the referendum 

Radical Partv-itw«*K- ^ Social Democrats, very a „ . . * approvaL machine in motion, f The figures 

^coSm^bv th^ 30me ? much Uke French Socialists * ut wbere the issues are less Ppr0VaL of 100.000 and 60.000 refined 

Mm*' M=S £5MS Cumbersome {? om a ^ 

SKSSSSS r- ^ SSS S3 

Democratic Partv mtPrad tko *'- CS ' regardless of social posi- thpn°hlf a °i courages government from hand lhe . nuisance value of the 




THE PARTY POLITICAL RECORD 


gOQ? Percentage of seats in the lower House 


U! Hie awiss people's Party has than th^ onViai ^inTrrVn; nai lssues> ™t ne «f not sur- can even De repeated. The eTt ~ V 
two ministers in. the cabinet thfH JfL* “ *. J?* prise anyone. system also tends to produce a lu 5°? al op P OS3t ion. 

whereas the latter has only one.’ later this m0Q th ^e ques- number of “ noes," and to pi^er sSs haw be^n E??* 

One member acts as President randldlte? U X t,0QS wiil be put t0 the electors: he conservaUve when the con- Zpied bT envIrnn^liK 
of Switzerland, which brings university graduates and the are willing to sanction a stitution is involved. Coustl-tu- groups. But" that sort nf^htlS 
kudos, but no extra power. The self-emnlove? nniv 9« npr n Pn t sn,a ^ reduction (already car- tional changes require a j n Switzerland , in n 0 thm^ 
fomul. has remained un- of Zle r eSed To fte 0U,) of tte bread s “ bsid 5' m ™ rit!r °' ltl ««•" and a bo * Iffi' 

JUSt 35 the relative National Council in 1975 were m a ,f ountry wb ere people sup- majority vote in a majority of largely episodic ’ amed 

strengths of the four coalition wS earner " lire il Spen ? more 011 cake cantons - ^ enhances the 6 J P 

parties have hardly varied in taken from Almanach dcr A° d »i? UnS -,V? an on brea °i? power nf the populations of the 
hm. e ^ atJ ^ na] A . ssemb,y ^ lower Schweiz*, a hoard of informa- autiou^iJ^ciSf t0 2 rural ^ous- Incidentally, they InipOltailt 

Safer, the EXHSu wa” ^'rono^Zu?^ Are ^ tt °Z ^ !, n ‘ he “ d “* i«... 

Other parties have never risen sociofoaSs. " P f Z ^ era! Government extend its sub- pariia^enl where each canton J?T t0 t e J ought out b - v 

groups. the St3tUS ° f SpUnter de^riif 1 ®^ C0D !“ entary ’ ,^ ey ”wW?h is° a clonal re^onsf- thre^° h5f *** important 

In the last election, held in ?nd indiSi “ 5 JtteL biUty,? -*** they willing to let Antons) singIe ' inember haU for that route lo be chosen: 

, t ^»r saythat “ z 

srraj; tSR r em ? w r d ss jsj; p ltz v: d n n ^\z 

^ f wnue^ raey seemed to be because of the great prevalence mn tnri«» „„ io ! hr pressures. For instance, closely circumscribed is the 


ww 5S5S 


bu i,”;“ y ,„ ,00fc ^ over the population: More i'ha'n lut“n’ Passed to reduce the number if SZTi* It”" "I ZiZ^T 

The magic fomufa doS^ abstaTnedTmm the ffo-” 11 really is a rag bas ' a " d i( "7*"* allnwed imo ”» r the pressure groSp 

something about Switzerland SSd' am^XorlSSe^ii. hard t0 araue tha t ail of Switreriand, even though the win have the final say. 

that nobodv will serion«iv -h*! fhf t mong rk t 1 ^ ng-dass voters these are questions that should vot « r s turned down more strin- , c . . . 

sxrsispjt f„tta n for ,,-ssr ‘Ti°z 

iher-r^^att z ob ^r es ** up ta 

g co,s attitudes prevail: and Uons upon alienation; but there of Swiss direct lamocr^ In The tpic subsequently , ns t W.L.L. 



Better active than radioactive " reads the placards in this demonstration held 
earlier this year to protest against the nuclear power plant to be owned in the 
autumn at Goesgen. 


i 

t. 




That Switzerland is expensive 

Itfs beyond price. 



rumour. 


Much of what our passengers take home 
with them from a stay, a business trip, or 
a holiday in Switzerland costs them 
nothing. Mountain air, water, and the 
glorious scenery are beyond price. 

And' the things that money will buy rn 
Switzerland don't take such a great deal 
of money. The rumour that Switzerland 


is expensive probably arises from the 
notion that anything good must neces- 
sarily cost a Jot. . . 

You see, money in Switzerland is still 
worth enough so that the. cleanliness you 
take for granted in a hotel can really be 
taken for granted; and a pleasant waiter 
is no rarity. 


. ^ ere , an impressive price buys you an 
impressive watch ; a modest price a high- 
ly dependable timekeeper. Jewelry and 
fashions are still jewels and fashionable 
after you ve bought them. Jn a restaurant 
even a small and obscure one — you can 
expect a good meal for your good money. 
(There is no bad money here.) 


You get a feel of all this even from the 
remote but cordial welcome of the tran- 
quil landscape along the lake as you 
change planes in Switzerland to go on 
via Swissair, the airline of the country 
whose valuble franc easily leads you to 
forget how inexpensive it really is. 



! 





Financial Times Monday May 15 IffIS, 


SWITZERLAND IV 


w 


The capital market 


SWISS RE 


Swiss Reinsurance Company 
c U.K. ) Ltd. 

Swiss Re House 
IQS Cannon Street 
London EC4N 6HE 
Telephone: 01-623 7S91 


Fire & Accident Marine & 
Aviation Underwriting Rooms 
Forum House 
15/18 Lime Street 
London EC3M 7AP 
Telephone: 01-623 7891 


j THE SWISS capital market was 
shaken to it foundations at the 
end of February with the re- 
i introduction of a ban on non- 
resident buying. The soaring 1 
value of the Swiss franc had 
proved too much for the exist- 
ing restrictions on foreign funds 
entering the country, while a 
tightens ng-up a week earlier of 
regulations governing Swiss 
franc deposits could have led to 
a move of non-resident money 
into securities. So much against 
its will the National Bank 
brought in a ban on the sale 
of Swiss domestic securities to 
foreigners like the one in force 
in 1972-74 but rather tougher. 

The effect was dramatic. On ■ 
February 2S share prices fell 
in most cases by between 5 and 
10 per cent, with a generally 
smaller though still notable fall 
in bond quotations. The stock 
ma rket as a whole saw the 
sharpest decline of values since 
the oil crisis. 

Since then Switzerland has 
learned to live with the ban. 
There is in any case a great deal 
of liquidity about — particularly 
among the institutional inves- 
tors who set the tone for the 
Swiss market — and noD-Tesidents 


mvl - 





• T ■ 

' & 'p?* .. ,-V r r'* -''.v.;,' - v ■ 


Trading in progress on the Basle stock exchange 


limited and are likely to stay 
so Non-residents are allowed 
in only under exception rule* 
like those already cited, while 
residents are unwilling at pre- 
sent yields to engage too 
heavily in shares or secondary 
market bonds— inasmuch a* 
these are there for the buying. 
The new issues selection is on 
the thin side, with no prospects 
of a marked rise in eredit re- 
quirements in the near future 
while the actual net call on the 
market is reduced substantially 
by large-scale, indeed unpre- 
cedented, premature redemp- 
tions of bonds and privately 
placed notes. 

Apart from a certain rise In 
some rather less orthodox in- 
vestments. such as the in- 
creased foreign interest in 
Swiss life insurances, the “ in- 
vestment emergency " loota 
like continuing for some time. 
Major investors such as the in- 
surers themselves — Swiss pre- 
mium income totalled 
Sw.Frs.17.7bn. in 1976 — or the 
important corporate pension 
funds, not to forget the bankSi 
will remain hard put to know 
where best to place their 
money. 


Swiss services to the world: 


efficient banking, 

efficient freight 

forwarding 

PANALPINA^ 


The Workl wide Forwarders 

In more Htanl20 places all over the world. 


SWISS mantel — ana noo-resiaents A t the same time the check 

are allowed to subscribe 35 per t0 ^ upswi ln the exchaoge 
cent, of new issues made by . ° _ , 

foreign borrowers and per- rate and recent recove ° of 
milted such other '* privilges " *he New York stocks made the 
as drawing rights for capital Swiss securities, never noted 
increases in proportion to * or iheir high yields (barely 
existing shareholdings or the more than 3 per cent, on 
purchase of units of those Swiss shares), less attractive. Even 
investment funds with at least foreigners, who might have 
80 per cent, of their assets heen expected to hang on to 
abroad. Moreover, the 35 per Swiss shares Purchased before 
cent limit will not be imposed *? an ’ s ] art ed last month to 
on non-resident purchases of or ^ er Set into L.S. 

Swiss franc bonds newly issued holdings, 
by international development Swiss capital market trans- 
banks. actions remain very big business 

Even if the markets have however. In Zurich and Basle 
settled down after the blow, a alone, first quarter lumoyer 
good deal of ground has been totalled Sw.Frs.35bn. Apart 
lost. At the start of this month from a lar S e volume of domestic 
the Swiss Bank Corporation security business, some 153 
share index was running at only foreign shares and 390 bonds 
259.9 points compared with a were llsted in Zurich at the end 
pre-ban peak of 342 and in the J ?77: in Basle the vorres- 
first quarter turnover on the P° n hmg figures were 151 and 
Zurich Stock Exchange was 3fl - ^ banks * which double 
down by nearly 5 per cenL 
Bond market borrowers saw the 
end of a long period of ever- 


up as stock brokers, are heavily 
engaged— and their first-quarter 
figures are reflecting the effect 
of the non-resident ban on the 
market. 

It seems likely that after the 
dust has settled a little even 
more foreign companies will in- 
troduce their stock to Switzer- 
land. Last year nine U.S. com- 
panies. four German, one 
Canadian and one Japanese 
came to Zurich with their 
shares. 

It is not yet clear what direc- 
tion share prices will take. In- 
stitutional investors, seeing 
themselves faced by what is 
generally considered an “in- 
vestment emergency.” will have 
to buy stocks to some extent at 
least — and yields, while still 
low. are higher than they have 
heen. A new strengthening of 
the exchange rate would also 
promote demand. Swiss com- 
panies are perhaps over- 


optimistic about their changes 
for the current rent financial 
year, but 1977 turned out pretty 
well and many companies will 
want to keep to their tradition 
of stable dividends. 


On the bond market, where 
domestic issues are meeting 
with success at 31 per cent and 
foreign bonds in Swiss-franc 
denominations at around 4 per 
cent, money will doubtless 
remain cheap for same time to 
come. There is still too little 
paper reaching a hungry market 
— even with most of the non- 
resident buyers gone. With a 
domestic inflation rate of little 
more than 1 per cent even low 
coupons provide an excellent 
return. 


Switzerland's 119 investment 
funds saw a fall in their total 
assets in 1977 to slightly belnw 
Sw.Frs.14bn.. primarily as a re- 
sult of the appreciation of the 


Swiss franc. There has been a 
downward trend in dividends 
per unit for financial years end- 
ing between last autumn and 
this spring, also because of the 
monetary situation. The invest- 
ment fund scene is generally a 
healthy one. though, with a rise 
in the overall number of 
units issued following the 1976 
decline. The improvement on 
the New York Stack Exchange 
will also be welcomed by a good 
many fund administrators, as- 
suming that it lasts long 
enough to do any real good. 
Furthermore, the 77 Swiss in- 
vestment funds part or all of 
whose portfolios consist of 
foreign securities or real estate 
may prove a magnet for non- 
resident investors under the 
35 per cent, ruling insofar as 
80 per cent, and over of their 
assets are outside Switzerland. 

All in all. investment oppor- 
tunities in Switzerland are 


Stabilisation 


Much still depends on what 
happens to the franc. A longer- 
term stabilisation of the ex- 
change rate could tempt new 
foreign borrowers, on to the 
bond market to obtain cheap 
money with a reduced currency 
risk; an actual and lasting fall 
in the rate would probably put 
the brake on the massive non- 
resident borrowers' pre- 
maturity redemptions. A new 
upswing, on the other hand, 
would lead to repatriation of 
Swiss money out of weakening 
currencies abroad, together 
with a foreign attempt to get 
into Swiss-franc securities 
wherever possible. The capital 
market, still nervous after the 
ups and downs of the past 
monlhs, is waiting to see. 

John Wicks 

Zurich Correspondent 


cheaper issues in the primary 
market. while the total 
exclusion of non-residents from 
secondary business led to a 
marked drop of quotations. 


The national finances 


DOW BANKING CORPORATION 


MERCHANT BANKERS 


Medium Term Eurocurrency Finance 


Export Finance without Recourse 


Portfolio Management 


31 December 1977 


Capital Funds 


156 million 


Total Assets 


Sfr. 1400 million 


Zurich Head Office 


London Branch 


•1 L'MMATCEJAI 
PI .• -JRiCw, fc>’.TiiT-ECL*rJO 
TELL'' WCif.Ss 7 TELE*: &3J57 

C^PLE; DO'.VBANrt 


108 FENCHURCH STREET 
LONDON EC3M SLri, ENGLAND 
TELEPHONE: fOl) 4BDWB7. TELEX; 88 5970 
CABLE: DCHV3ANK 


RCPflEiE'.TiTIVE OFFICES INl 


Buenos Aires 


Copenhagen 


ALTHOUGH Switzerland is the it managed to lop Sw.Frs.300m. on to the cantons, 
most prosperous country in off the originally anticipated But only the introduction of 
Europe, its Government has 1977 deficit in fact— and the VAT can. in the eyes ol the 
been running at a loss for new economic control clause in Government, permit a real de- 
years. Since 1971 the Confedera- the Constitution, recently crease in the federal deficit by 
tion has been regularly spend- accepted by the electorate, lays 1981„ Mr. Chevellaz suffered a 
ing more than it has earned, down in so many words the severe setback in his financial 
its financial account deficit duty of national, regional and plans last June when almost 60 
having reached an annual local authorities to adjust their per cent, of the voting elec- 
Sw.Frs.l.57bn. in 1978 and budgets to current economic torate rejected a programme to 
Sw.FrsJ.46bn. last year despite requirements. introduce a 10 per cent. VAT. 

drastic savings measures and a There are limits to govern- The Government had done all 
noticeable increase in taxation, ment thrift however. Most it could to bring the public to 
There is a danger that the Federal expenditure is now swallow tins, not least among 
shortfall could reach running at something very close them savings programmes intro- 
Sw.FrsJ2.lbn. this year and to the minimum as dictated by duced between J974 and 1977 
Sw.FrsJI.7bn. by 1981, in the the wage bill and by constitu- which will improve the budget 
absence of further steps to im- tional and legal commitments by some SwJFrs.2.8bn. to 3.8bn. 
prove the central admiuistra- to the public. A lot of money annually in the period 1979-81. 
lion's finances. had to be spent on work but the pill proved too bitter. 

Nor are things much creation Programmes as a re- After the rejection of the 10 
healthier for the cantons. -For sul j of 1116 1 * 75_76 recession per cent VAT proposal even 
years now most of these re- and 8 sood deaJ is stm spoken the budgetary reform measures 
gional governments have been for 10 Promote business activity passed since then still leave an 
spending more than they *et and obviate the lcss of further anticipated Sw.Frs.l.7bn. deficit 
from income tax. federal cSn- workplaces. The country is for 1981. 
tributions and other sources, fo™ 10 ? to ex P ec * rather more Next December voters will be 
Further deficit spending is now disbursements by the powers- presented with another VAT 
problematical, because of public “iat-be. Now that the long- proposal. This foresees a stan- 
sentiraent against “unneces- dra wn-out Swiss boom has come ciard rate of only 8 per cent, 

sary ” expenditure which }° * n . end so hitherto rigid however, and goes hand in hand 

could force up taxes and be- beliefs in a self-supporting and -with a Sw.Frs.300tn. reduction 
cause the national authorities self-regu la ting economy. in direct federal tax (“ Defence 

i In Berne have reduced the There are also dangers in a Tax "). These steps, plus the 
!sum which they pass on to the * on radlcal cutback in federal continuation of the country’s 35 
cantons as contributions. hand-outs. In an interview this per cent, withholding tax until 

On the outgoing side of the mtmth m *he Zurich weekly after its current expiry date of 
federal accounts everything Weltwoche Finance Minister 1979, would cut the estimated 
has been done to cut back Georges - Andre Chevallaz deficit from some Sw.Frs.l-5bn. 

spending as far as possible— P° inted out that a new reduc- this year to Sw. Frs.700m. in 

farther than possible, many twm in lhe Confederations pay- 1980 (VAT would be introduced 
•lovernment departments feel. ments t0 lhe cantons could on January 1, 1980) and elimi- 
The Confederation imposed a br,n S about an undesirably de- nate the deficit altogether by 
niblic* obligation on itself to fla tionary policy by the local 1981. 
save all it could “ to reduce authorities. leading to decreased 
noticeably •' the rate of In- investment activity in public Keener 
crease in public expenditure— 'T orks and Perhaps education or 

— ' ' ■ - the necessity for income taxes It remains to be seen whether 

to be increased. All in all, with the electorate will be keener on 
the cutting of central Govern- an 8 per cent. VAT than on the 

. ment expenditure to a 1977 level original 10 per cenL proposal. 

lffllfl/7 fatal AflAfllfl Sw.Frs.2bn. below that planned Probably more people will be 
I .1 I fll ini aPI i ^ or B er ne would seem to in favour, especially in view of 

iUUUuj lUlUl uUQUtU have not much room left on this the Government’s commitment 
i nn inniiAAHA side of * he profit-and-loss to reduced expenses and the 

I fill silil fn iP account added attractions of the de- 

I UII IIIUI IJU0II The great hQpe Qjf the fence tax proposals. There may 

pph mm sSssms|.®??s 

and Customs duties of Sw.Frs. cal 5 fn . r . 2 


issue would go at about 3 per 
cent 

The cantons and cities are 
also less in evidence as borrow- 
ers. Cantonal and communal 
bond issues totalled Sw.Frs. 
1.77bn. in 1975, Sw.Frs. L33bn. 
in 1976 and the same amount 
last year. Money is cheap, how- 
ever, with coupons typically 31 
per cent, and the market keen 
to snap up new issues. Public 
borrowers have been among 
those calling in old bonds pre- 
maturely to get back in on the 
ground floor at much lower 
interest rates. 

Whatever the future mav 


bring on the tax front, it may 
be reckoned certain that public 
authorities will be watching 
their financial commitments 
very closely. The official Com- 
mission for Economic Studies 
believes that in 197S public 
building investment will be 
down by something like 7 per 
cent. This decline, which fol- 
lows the conclusion .of the 
earlier work creation pro- 
grammes. will have its effect 
on keeping economic growth 
rates down — but Keynes falls 
short of being a hero in Switzer- 
land. 


J.W. 


r 




m 



m 1977, me twenty-rirst fiscal year ol lhe dtn it. total assels 
reached a level ol fr. 1.975 million, which represents an increase 
oi Fr. 143 million or 8X over the preceding year. Net prolii increased 
19 z, rising irom Fr. 18,2 million to Fr. 20,1 mine. 

Capital hinds increased iGUrom Fr. 181,2 million to 211,3 million, 
o! which 135 million ore reserves. 


More and more influential business and professional 
people are regularly taking the 



12.62bn~ almost, 2 cent. le» l wcH “ 

than a year before. This decline ? 0 Km T VOtes ’ 


FTKH 


Earajesa CwnnwBity 
tofernatioB 


.jsm 


r,."3*n 0: in--; 


,■00- '.‘| I' • 1 r 
si'ii:- •< 
Ph.-.r..- t >V\ 


Biar.rSr-s 

C'i'a 
' <9 Li-, v 1 J 
Phon* ijOI 44 0012 


6600 L*>;<rno 
■•■a C'w ; ? 

^ icho : G& ol 71 81 


7003 LdUjdftne 
16 . ms & Ewq 
Phone. 021/30 3011 


N&uu I'Edh^m^s) 
ISM Houw 
Pliono. .3231737 


R*Df*5i?n»afrve Ofike 
in Germany 

6000 Frank uirt/M.I 
Ziirkh-Haus Qp*?rrplz. 
Pharw: OBI I/* 72 03 27 


Shir i" y t a ’ x o a ,r i »• »«« 

ZhJa tax itne so- remains an ever-ready source oF 

M Def T e I** ] for public authorities ?„ 1 

*“■ by / “ of fact the Confederation ha s been 

T ° Slufr absent the »°nil market 
gi^i slate of the economy. since Fe5ruary of last ve / r 

Some improvement to federal when a Sw.Fra.500m. i^e 
earnings will now be coming flopped Through having been 
from a number of individual offered at an over-optimi 5 iicallv 
tax increases such as those in i ow rate of 3 j per J enL A fe j. 

stamp duty on capital and stock eral loan, initially of Sw.Frs. 
market transactions, in tobacco 500m. and subsequently of 
tax and In bread cereal duties. Sw.Frs.200m.. had originally 
A certain relief will simultane- been anticipated for early this 
ously arise from a cut in bread year but was withdrawn from 
subsidies though this is the calendar and not listed in 
opposed by a pending referen- that for the second quarter. The 
dum — and in those on butter. Government laid up enou°h 
as well as the reduction, effected money by February 1977 “n 
on January 1 last, of the share make new issues unnecessary— 
of federal income being passed even although a new Federal 


produced by FINANCIAL TIMES BUSINESS 
NEWSLETTERS where ‘Specialist sub*T« 
receive specialist attention*. 


T reStS demand re su'« information 
about the EEC, please complete and forward this 

advertisement, and we will send you a free sample 
copy. 


Name 

Organisation. 
Address 


w i—i ■— JEC2 - 






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-t- _ 




77 




9 


n.-. 



Financial Times Monday May 15 1978 


39 


SWITZERLAND V 


Bankers on the 
defensive 


!i-j* 


IT HAS been another of those 
> years /or the Swiss bankers: 
i* j a Schnapps warming the 
body against the cold winds out- 
side. increased volume of busi- 
ness and improved earnings 
have offset the bad Press result- 
ing from the more extravagant 
. scandals which rocked this 
closely-knit community. The 
shareholders have been 
placated and the general popu- 
lation reassured. 

However trying the circum- 
stances, it would seem that 
the banking establish- 
ment. or in any case the leading 
lights thereof, are well able to 
cope even though this may in- 
volve dipping into hidden re- 
serves and the offer of substan- 
tial help from the authorities. 
Come the end of the year, the 
dividends fall into place, in 
spite of the heavy shunting of 
funds into a Liechtenstein hold- 
ing company that took place at 
the Credit Suisse branch in 
Chiasso. 

In the wake of the affair Credit 
Suisse opined that the climate 
in which banking had to 
operate was " less satisfactory.” 
but by the end of 1977 this 
member of Switzerland’s “ big 
three ” banking league felt suffi- 
ciently bouncy to argue that, 
whatever the attractions of in- 
stitutional innovations such as 
improved banking supervision 
or rhe publication of consoli- 
dated balance sheets, these 
measures also entailed obvious 
disadvantages in the form of 
higher costs and additional red 
tape which “ had to be weighed 
in the balance.” 

Credit Suisse also poured 
gentle scorn on the Social 
Democrat vail for structural 
changes in the banking system. 
"Despite this evident attempt to 
ride a wave of popular senti- 
ment.” it editorialised in its 
monthly bulletin, “the very 
notion of a rigidly supervised 
hanking system appears suspect 
in general. For this would 
enable the Government, wbirh 
even now wields considerable 
power, to control the very nerve 
centres of credit supply and not 
only to steer the destiny of 
industry but the livelihood of 
private citizens as well.” . 

In the same vein/ Credit 



The Credit Suisse: hidden reserves remain. 


Suisse wrote superciliously 
of what is called “ the 
Jong-mooted agreement be- 
tween the Swiss National Bank 
and the commercial banks 
signed in June (1977), under 
which the banks are pursued 
(sic) to observe due care in 
accepting foreign funds.” This, 
it found, did not go further 
than binding all banks to 
observe "those general principles 
and attitudes which leading in- 
stitutions, such as Credit Suisse, 
have always been at pains to 
apply in their foreign opera- 
tions.” This, coming from a 
bank whose chief general man- 
ager was forced to resign in 
an unprecedented reshuffle at 
the top of the pile, is startling 
lo say the least 
It may seem unfair to dwell 
on the fallout from the incidents 
at Credit Suisse's Chiasso 
branch. But these did. after all, 
involve the misdirection over 
many years of some Sw.Frs. 
2.3bn. in fiduciary funds and 
landed the bank with doubt- 
ful assets to the tune of 


Sw.Frs.lbn. which it could have 
well done without Besides, 
more than any other episode. 
Chiasso was responsible for the 
dark clouds. 

Indeed, in the hectic days of 
last spring, few people took time 
off to pay much attention to the 
demise of a small private bank 
in Geneva, Led ere and Com- 
pany, although some are now 
wondering how many years of 
mismanagement it took this 
establishment to rack up a loss 
of Sw.Frs.400m. and how the 
Swiss Banking Comission was 
not a little quicker off the mark. 
Whatever the answers they are 
likely to provide cold comfort 
for Leclerc's clients who now 
expect to receive less than 10 
per cent, on their money. 

Mr. Fritz Leutwiier. Presi- 
dent of the Swiss National Bank, 
does not agree that last June’s 
convention ’* on the observance 
of care in accepting funds and 
on the practising of banking 
secrecy " amounts to little more 
than an exercise in public rela- 
tions. The National Bank, he 


1 


Machinery seetor 
hard pressed 

ON THE face of it. 1977 should small country. But for some factors are unfavourable. Any 
have been a vintage year for branches, the figures are much gains in competitivity which 
Swiss machine manufacturers, more impressive. Swiss textile Swiss manufacturers accumu 
Nearly 70 per cent, of their machinery exports rank second. lated through the very low pre 
production is sold abroad and behind West Germany and vailing domestic inflation rate 
the export quota per head of ahead of Britain. Machine tools and moderation in wage de- 
the Swiss population is the are in fifth place in world mands have been wiped out by 
highest in the world. tables, and leading positions are tbe new upward movement of 

So why is there no rejoicing h * lri ln vnri ™ s otl]cr *. r0 “P s J* e ,/ ranc - Particularly alarming 
in I he fact lhar exports of this ranging fr °m printing when expressed gainst 
sector shot ahead bv U 4 D cr machinery to sewing equipment D-marks, since much of the 
clxn \£ 'ear in value terms and analytical balances. competition in third markets 

to reach a ‘new record level of -Electrical equipment, textile comes from a similarly paf- 
Sw.Frs.IS.5bn 7 And this despite machines and machine tools turned industry across the 
generally sluggish economic account for a little less than half Rhine. Overcapacity of rival 
recovery and the continued total production The other marchine^ manufacturers in 
revaluation of the Swiss franc, half includes such things as other countnes will also force 
now in the roe ion uf IOO per Printing and paper convening the pace with respect to pricing 
above \\s 1971 level machines, turbines. diesel in a market where developing 

Tlic previous vear’s growth in engines. compressors and countries and the Comecon bloc 
exports starting from a low. P^mps. food processing and mexpenenvng mounting pay- 
ret-evunn-nuirked base, was a wrapping machines, optical, merits difficulties, 
more 6.9 per cent, in com- medical ami scientific iustm- But chances of success differ 
panson So the achievement is merits and rolling stock- sect ? r 10 sc t cTor - 

i-nns-iilpnlilc a tribute to re- Measured by the ratings of textile machinery sector may be 

sourcefulncss and a basic indi- jjw machinery supplied, the * ead . et ^ 

; n iii'ii rhr Swi*s despite Swiss electrical engineering the heavy machine construction 

AfflSdli!? have luaiiased to branch onto, a .ar S c ..ice of 'Jg* T “72° ! 

nviimain iho hi"h level of exports trora all European with a decline in orders as a 
workmanship and technical in- cour.trfe.-on the basis, of a result of a worldwide 
-enuilv for which they have an recent tally, the market shares reappraisal or nuclear power 
en via We reputation. * amounted to 13.6 per cent, for Plant construction. 

But unfortunately this is not hydro-turbines. 26.5 per cent. Charactenyuca 1 !y the rela- 

cinuigh. The export figures do for steam turbines and 22.S per tively long lead time in tbe 

»«' > h ;; ™L'T~ reDt in lurho-scneccors- 

£ °"n! ,S5 Fvnnrfpr previous years will have their 

orders. impact during the current 

a 01 reluctance to embark in The country' is. worldwide • favourable 8 While 

necessary capital investment, the tenth biggest exporter of fr0 “! 

To this depressing list, it might electrical machinery and instal- ® beenTncnS 

be added that prospects in the lations and does even better- fn- faster than erports bemuse 
essential component, research eighth after Hie USSR and be- “J- 

and development, are not too fore Sweden— in mechanical en- ^ c °P s J^ e rations, orders 

bright either because of the ginrering. Spokesmen for the g p^Xlv in lie 
generally light situation. industry are happy to point out. in last 

The shakedown in the last for instance, that landlocked - . '.' . .. 

few years in this sector has been Switzerland holds a leading b0 oke?orter?for some SwFre 
considerable. Companies have position in the production of 3 ° g °. K • 

honed their profits to the bone, marine diesel engines. The g** 

and. indeed, frequently show power units supplied by one provided b “ ° -, 00 eom- 

losscs in the continuing effort Swiss company and its licensees panies amQU J nted at ^ end of 

m maintain markets and sales, make up a good third of the SwFrs.1* flhn. 

The far of the boom years has to lal horsepower ruling in- a snlall reduction over ^eihirf 
been worked out in the steam stalled Mu all ocean-going quarter fi ^ ^ abo 
bath of competition on world sels with a capacity above -.wo 3 6 per cenL above ^ 1966 
markets and, try as they might, inns. And many other striking year ^ n(t At ^ saniB 

the industries involved are find- examples of success could i>e tile Jevel of work in hand 

mg that there is a limit to re- given, such as that of a Swiss declined to some monlbs on 
si nit-luring, rationalisation and linn specialised in textile elec- average ^ f roni 7 5 mont ] ls at tfi e 
other cost -cutting elements. ironies which alone holds more end Qf September and about 
Performancc-mindedness. with than SO per cent of the world e j ght monthB at ^ end of 1975 
high-quality equipment and market with its yarn cleaning aver age. while concealing 
Prompt and efficient after-sales and testing equipment. wide differences from one sector 

service, provide the key to the But while some companies another (ranging from two to 
iwiaidcrable development or the rommue to be spectacularly 12 m0Dths) is nevert heless indi- 
Swiss engineering industry over successful, the outlook for tn cative.. of an extremely tight 
the years. On an overall level, branch as a w'hole is gloomy situation and one which holds 
fin i her la nU’s contribution to and developments in / little promise for rapid improve- 


indicated recently, will be in- 
tent oo not having the agree- 
ment — which includes the possi- 
bility of fines of up to Sw.Frs. 
10m. — softened by way of inter- 
pretation. He added that the 
banks themselves had an inter- 
est in seeing to it that the regu- 
lations did not remain dead let- 
ters. Above them, he reminded 
his audience, still hangs the 
Sword of Damocles in the form 
of more far-reaching political 
measures. 

Notwithstanding the hanging 
sword, precious little has been 
done in the past year, or indeed 
in previous years, effectively to 
reinforce the supervision of 
Swiss banking. True, the ridicu- 
lously small Federal Banking 
Commission has been beefed up 
somewhat and the authorities 
have been stressing the need 
for improved interna] controls- 
But even if. as Mr. Leutwiier 
points out a certain restraint is 
commendable and excessive ex- 
pansion is often achieved at the* 
expense of quality, the drive 
to do business and achieve the 
biggest ever balance sheet is 
still there. 

Switzerland reached inter- 
national status as a financial 
centre only after the Second 
world war. Since then, however, 
the balance sheet total of al) 


— ■ ... i 1n r 

World exports in this sector various subsectors are Iikeij io 
account for 1.5-2 per cent., no be uneven at best. The uniier- 
mcan performance lor such a lyi^S economic and monetary 


DJL 


Swiss banks has risen from 
SwFrs.22bn. to the present-day 
SwFrs.32Sbn.. and if the fidu 
ciary transactions which do not 
appear on the balance sheets 
are included, the grand total' is 
in the region of SwFrs.400bn 
At the same time growth in 
foreign assets has multiplied 
more than a hundredfold to 
some SwFrs.l46bn. By the end 
of last year the surplus of for- 
eign assets over liabilities at 
Swiss banks topped SwFrsJ27bn 
thus exceeding the amount of 
■foreign exchange reserves at 
the Swiss National Bank. 

More than SwFrs.l50bn. of the 
combined balance sheet total is 
accounted for by the big three 
Swiss banks alone. During the 
past year* the Union Bank of 
Switzerland regained its claim 
to the largest balance sheet, 
having been pipped at the post 
by the Swiss Bank Corporation 
in the previous year. At 6.59 per 
cent., growth at the UBS was 
clearly ahead of the other two. 
The year was marked by a con- 
tinuing large inflow of funds, on 
the one hand, and a stronger 
demand for credit due to the 
upswing in businets. A not un- 
happy combination of circum- 
stances. 

David EgJi 

Genera Correspondent 


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Swiss Life Insurance and Pension Company 

"Mutual Company Incorporated in Switzerland in 1857" 


International Department : 

General Guisan-Quai 40, 
CH-8022 Zurich, Switzerland 
Telephone : (01) 360303 
Telex : 54957 rente ch 


United Kingdom Head Office 
9, Cheapside. 

London EC2V 6AL 
Telephone : (01 ) 236 3841 


THE LARGEST MUTUAL LIFE ASSURANCE COMPANY IN EUROPE AND GREAT BRITAIN 
AMSTERDAM BRUSSELS LONDON MADRID MUNICH PARIS ZURICH 



IRTEI HIIITIHE HI! 


GENEVA SWITZERLAND 


IMB IS A SWISS BANK SPECIALISED IN BANKING AND FINANCE FOR 
ALL BRANCHES OF THE MARITIME INDUSTRIES. 

IMB OFFERS CLIENTS EFFICIENT SERVICES. COMPETITIVE LOANS AND 
DEPOSITS AND THE CONVENIENCE OF A FREELY CONVERTIBLE 
CURRENCY LINKED TO AN INTERNATIONAL BANKING NETWORK. 

WHATEVER YOUR FINANCING PROBLEMS ARE. TRY US FOR SIZE: 
WE RESPOND EFFICIENTLY AND QUICKLY TO YOUR PROBLEMS. 

IMB 5. Quai du Mont-Blanc GENEVA/SWITZERLAND 
Telephone: 1022 ) 32 00 07 
Telex: 23389 MBANK CH 
Cables: MARBANK 


Switzerland. 
One of the 
42 countries where 
youll find the 
Lloyds Bank Group. 

Lloyds Bank International 
are in Geneva and Zurich. 

Geneva: 

1 Place Bel Air, 1211-Geneva 11 
Telephone: 20 86 H 

Zurich: 

18 Borsenstrasse, 8 022 Zurich. 

Telephone: 221 2765 

For further information please contact our 
branches in Switzerland, our European Division 
in London, or any branch of Lloyds Bank limited. 

LLOYDS BANK 
INTERNATIONAL 

40/66 Queen Victoria St, London EC4P4ELTeh01-243 9822 
A member of the Lloyds Bank Group 

LBI, the Bank of London & South America and their subsidiaries have offices in: Argentina, Australia Bahamas 
Bahrain, Belgium. Brazil. Canada, Cayman Islands. Chile, Colombia, Costa Rica, Ecuador, Egypt, El Salvador France 
. , . . federal Republic of Germany, Guatemala, G uernsey, Honduras, Hong Kong, Iran, Japan Tersev 

Malaysia, Mexico, Monaco, Netherland, Nicaragua, Panama, Paraguay, Peru, Philippines. Portugal. Republic of Korea, 
Singapore, Spam, Sw it2erland, United Arab Emirates, United Kingdom, U.S.A., U.S.S.R, Uruguay, Venezuela. 



Financial Trines' Monday May TS - T97B 


GENEVA 


SWITZERLAND VI 


for better business 


and perfect pleasure 


commercial, financial, industrial contacts 
successful meetings — exceptional exhibitions 


the added plus: 


all the attractions of a metropolis 
with all the advantages of a small town 
all the facilities for holiday fun 
on the lake and nearby mountains 


with the right price 


special 3, 4 or 7-day packages from 
S.Frs. 106 — in first class hotels 


you will get full value for your money 


Information: Geneva Tourist Office. 2 rue des MoulLns 
CH-1204 Geneva— Tel. 01041-22 28 72 33 


A Swiss view of the 


Chocolate Soldier 


when- he had a Swiss soldier As Switzerland has been a frequently fervent nature. fact, business interests play tation. no political group is able munal and rantonal level. The 

sneered at as the Chocolate spared from the world wars. The perpetual neutrality of neither a greater nor a smaller to aehieve the majority and all citizen know* his way about 

Soldier, admit in “Arms and the there has been little revision of Switzerland is a means of retain- role in Swiss politics than in major parties are represented much better in local affairs and 

Man" that a shopkeeper's mind the popular view of State and ing its independence. While those of other nations, although in the Government. The has a closer relationship to his 
was the national character? Is society since 1933 and perhaps this principle of foreign policy it may sometimes seem that sive political “ match is that cantons than to a Federal State, 

the country governable and does even since 1918. Although is not disputed, its interpreta- they overshadow everything between Government and Far- which he assumes is run by a 

it suffer from political resigna- legislation has gradually taken tion and applications are. Many else and that the “ shop- liament on one side and the bureaucracy and by powerful 

tion? into account the requirements Swiss conceive of neutrality as keeper’s mind" means more to electorate on the other. The pressure groups. However, as 



Banque du Rhone 
et de la Tamise S.A. 
Geneva 


Telephone: (022) 21 67 11 Telex: 22 640 


OUR BA.XK IS SPECIALISED IN: 

PORTFOLIO MANAGEMENT REAL ESTATE SYNDICATES 
LYVESTMENT SYNDICATES 


LONDON BRANCH: 

FULL BANKING SERVICE 
107-112 Leaden hall Street, London EC3 4AL 
Telephone: 01 488 0808 Telex: 882171 
REPRESENTATIVE OFFICES: 
Lugano — Hong-Kong — Sydney 


and women that it knows. There people is the Army " belongs to 
is a political, legal and adminis- the most durable elements of a 
trative culture which has long traditionalism which sees the 
remained intact. The majority military in the light of national 
is afraid of change, which is unity, national honour and a 
called for by a not very influen- will to defend the country. To- 
tial minority led by left-wing day, at a time of high-technology 
intellectuals. The mediocre is weaponry, it is a difficult task 
more popular than the outstand- to give a militia army sufficient 
ing, the well-known is pre- training. Not only questions 
ferred to the uncertain. The related to civilian alternative 
Swiss Joves order— his own service and the army’s discip- 
order. Unary rights, but also doubts as 

But this long-standing state is to whether a small and isolated 


Watchmaking in 

ticks over 


Great call. 



IN THE EARLY months of 1977 value, are Hong Kong/ and launched a programme aimed This, at least is the aim. But 
production of Swiss watches Singapore in the Far East and at co-ordination of research, the exchange rate can change 
leaped ahead by some 10 per the Middle-Eastern petroleum development production and the ofitl'jok considerably, 
cent, and half of this wa s attri- exporting countries. The U.S., markelino j he movemenl is As is pointed out. every 
butable to orders for electronic though still Switzerland s main , .... . increase in the Swiss franc 

watches. It seemed that the market in value terms, has been c . learIy towards the standards- exchange rate of j per centa o e 
manufacturers had made up for stagnating. The percentage of tion of manufacture, inventory poiat ag a i nst t he other main 
their slowness in going into watches exported to the U.S. growth, joint marketing cam- c Urren 5^ s means a price hike 
quartz watches, had fully has been more or less stable Paigns and the streamlining of of 16 ’ cent for Sw jss ex _ 

I mastered the technology and in value terms fox the past three professional organisations with- port ^ expressed in these cu r- 


were producing a quality pro- years, and in terms of units m *he branch. But, as Mr. 


In the duliar area. 


duct which, however different sold has dediued from an 18.24 Gerard Bauer, long-time presi- which ^ accounts for DearJ y 

in fundamentals from mechani- per cent, slice of overall sales dent or the Federation of Swiss two .thirds of total sales this 

cal watches, was still in keeping in 1975 to 17.68 per cent last Watch Manufacturers notes: appreciation can lri""er a ° 

with Switzerland’s enviable year. West Germany, another “There is no panacea which per eenL j ncrease T ° h s e rP5u |,“ 

tradition of craftsmanship. traditional market, saw a sharp will eliminate all the ills inJS escaJation of nrices cannot 

Bit 4- * i a, k.*! «■ mn m i arc i - pmflnflHnp frnm fhfl plnhal rp- . ° v . 


_ ' r .. * .1 1 » « at|£| bdWOJauoil VI LdikllUl 

But the jubilation did not last slump in sales in 1976, but made emanating from the global re- be a b Sorbe d very much longer 
ng. The upturn in business a strong recovery last year. cession, the uj>-valuaiton of the wilhoDt seriouslv impairing 



Outstanding Swiss telecommunications equipment 
wiii be in great demand all over Europe, soon. 

Here's vour chance to be our No. 1 distributor in vour area , 


long. The upturn in business a strong recovery last year. cession, tne up-vaiuaiton of tne se ri 0US Iv impairing 

which bad started in November, The Swiss watchmaking in- fraa . c “d ii “ e revival of pro- competitiveness and sales. And 
1976, continued uotil the dustry has responded to the tectionism. there ^ little flr nQ roon ^ j eft 

summer holidays. It was a re- hard times of recent years with All the components for Swiss f 0r S q U eezin“ profit margins, 
flection of a gradual improve- a considerable effort to restruc- quartz watches, including the pre-tax profits for Swiss manu- 
raent in the economies of ture a very fragmented produc- integrated circuits, pointers and facturers stood on average at 
OECD countries, and the im- tion depending on a large batteries, are now produced in S0D]e 5 per cenL ^ ree y ears 
proved competitive position of number of small producers. The Switzerland. And the country’s ag0 _ Since then, many have 
Swiss industry as a result of investment and the effort to share in world production of moved into a negative cash flow 
veiy low domestic inflation move Into electronic timekeep- electronic watches amounted to position in some cases amount- 
rates. The relatively slow appre- ing, with an initial purchase some 5ra. units last year, or | ng to {2 pe r cent 0 f turnover 
eiation of the Swiss franc of equipment and know-how 20 per cent, of the aggregate. Assets have dwindled reserves 
against other currencies, while from the U.S., has necessitated including at least half of the h avc been drawn on and there 
it weighed on prices and fre- some pooling of resources. The too end of the market. Mr. has been significant borrowing 
quentiy resulted in sharply re- apparent success in meeting Bauer believes that these as we ]j 0 
duced profit margins, was not this challenge and now produc- figures may well double this nnnhtlPM c w <«« ™-»nn 

sufficient to dampen the market ing a quality product— albeit at year and that Switzerland will ^ ctin hr,.* 

altogether. And as consumer the higher end of the market gradually come to occupy the .hlii t irh 

purchases picked up, the move- —has encouraged further co- same position in electronic * £ nrnrtnr H n n n fnw 

ment snowballed with retailers ordination among individual timekeeping as it holds in the 

and importers replenishing in- prodneers. lever movement sector where „? LfwJwn? 2S "2 

ventories which they had run To consolidate their competi- a good third of the world mar- /Jr 11 ^Lcpnt ncKin ° °' er as 

down in the previous period. tive position on world markets, ket is cornered by Swiss ai P resenL 


Also, it was noted, exports of lhe manufacturers have now manufacturers, 
movements and components [«-■ 1 1 S S ii .rTT^ 


$fc«at!anta» is the truly integral 

avant-garde telephone. Entirely electronic. One piece of elegant design 
and simple lines. With keys that provide quick and safe connections. 

$£ELD 96 is the latest generation 

of Gfeller line concentrators. It's a most economical subscriber pair-gain 
system designed for cable relief. 

It connects up to 96 subscribers to the central office through 16 trunks. 
MfcGFX 2 — electronic PABX — 

is the ideal communication system for small offices, shops, hotels etc. 
being dependent on reliable telephone service with a 
reasonable selection of facilities. At minimum costs and space requirement. 

&MXB is a data multiplexer 

developped especially for applications in private and public FCM data 
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synchronous data communication channels with bit rates of 2.4/ 4.8 and 
9. 6 kb/s into one bit stream at 64 kb Is. according to 
CCITT recommendation X. 50. 


If youre looking for products having a ready sale , a pply to: 


gfeller 

telecommunications 


Gfeller AG. CH-3018 Berne (Switzerland). Phone (031) 555151 


were tending to rise faster than 
those of watches — a trend with 
a potentially harmful impact on 
employment in an industry 
which had seen its labour force 
decline by 27 per cent. (21,000 
jobs) since 1974. 

But the improved per- 
formance, permitting rationa- 
lised production, could have 
been sustained had it not been 
for the foreign exchange mar- 
kets. When the franc began 
to move up again with a 
vengenee in the second part 
of the year, watch exports 
stagnated. By December the 
franc was worth twice as much 
in dollar terms as it was in 
1971. Order volume shrank 
and “ one-shot ” operations 
tended to replace the high 
volume production planning of 
the first six months. Neverthe- 
less, all told, last year Switzer- 
land managed to export nearly 
66m. units, representing a 
volume increase of 6.2 per cent, 
over the previous year, while 
in terms of value exports pro- 
gressed by 9.6 per cent. 

The major clients were still 
Hong Kong, and the U.S.. 
together accounting for nearly 
38 per cent, of the total number 
of units sold. West Germany 
came in a rather distant third, 
while a little lower down the 
list Saudi Arabia and the 
United Arab Emirates found 
themselves touching elbows 
with traditional European 
clients. 

The growth markets for Swiss 
watches, considered both in 
1 terms of unit sales and overall 


GP/>, 



Fineand Pharmaceutical Chemicals 

Pharmaceuticals 

Agro-Chemicals 


Head Office 


Zofingen, Switzerland 


Subsidiary 

Companies 


Ganes Chemicals, Inc., New York, USA 
Siegfried GmbH, Sackingen, W. Germany 
Siegfried de Mexico, Mexico City 
Siegfried Limited, Bangkok, Thailand 


Represented throughout the world in fine and 
pharmaceutical chemicals. In the U.K. sole and 
exclusive agents : 

Ward Blenkinsop Trading Ltd., Wembley. Middx. 


Main Products: 


Allopurino! 

Amitriptyllin 

Barbiturates 

Cinnarizine 


Diphenhydramine HCI 
Isoxsuprine HCI 
Phenazopyridine HCI 
Phenylephrine HCI + Base 


Dextropropoxyphene HCI Procainamide HCI 

Dibenzosuberone Thiopental Sodium 

A wide range of other chemicals is available on 
request. 


Siegfried Limited 


CH-4800 Zofingen 

Telefon 062 50 11 11, Telex Sieg CH .68434 


■ « 


Questions like these are to- of modem life, particularly in meaning the country's keeping the Swiss than his ideals, his people can call for a referendum much as the Swiss iwant to retain 

day the subject of much dis- the social, technological and aloof from international events, culture, his universities or the on a law already approved _by federalism, there is a growing 

cussion in Switzerland itself, economic sectors, the political a fact mirrored by Switzer- like. This is because most poli- Parliament and can take the number of tasks and services 

where there has been a con- structures have survived despite land’s non-membership of the ticians are representatives of initiative in opposing a new which can only be taken over 

siderable amount of self- an enormous alteration in the United Nations. Sweden and business or other interests and clause Of the constitution. For by the Confederation, 

criticism in recent years. Tra- population structure. Keeping Austria are, without harm to have not much time or inclina- actual changes in the constitu- j s in our country 

ditional values and attitudes out of the wars has meant an their neutrality, much more tion for anything else. tion and for important treaties tQ the exact boundaries 

are being reviewed and the absence of catastrophes such as active in their foreign policy Switzerland is a naturally poor of State the referendum is between individuals, society, the 
country's view of itself is going would have shaken up the than Switzerland, whose dis- country which has become pros- obligatory. ecenomy and the State. Require- 

through a change. country at its foundations — trustful caution has led to its perous thanks to the diligence, . ■. ments which necessitate new 

“In the 19th century we Switzerland has remained “in- political isolation in the world, the ability and the business- ApprOVCQ services and new intervention 

were a revolutionary nation — tact" But it is a ticklish prob- The Government is trying to mindedness of its inhabitants. * “ f rom th e state are more decisive 

to-day we arc one of the most lem to exist intact in an environ- give new contours to its foreign But here, too, the era of the No limitation of popular than firm constitutional and 

conservative in the world,” ment of calamity. Writing about policy by greater participation economic miracle is past. The rights is possible, since this, too, f ega j s tandards. A free economy 


in the revision of Switzerland s it the La Rocnefoucault maxim: could be rejected in a ment, though at the cost of a ot direct democracy is very sU j e w j t j l a g row jng Welfare 
image for home consumption- “ It is a great folly to want to referendum. For some lime very high exchange rate which cumbersome; in working out g latp . 

While he saw the politicians and be good on your own." now. however. Switzerland has has particularly affected the new laws. Government and Par- 

the civil servants as more con- built up its co-operation in the export industry. The purchasing liament always have to bear in In the 19th century, from 

formist, than the people at f|Kl|oatnrV major tasks of the 20th ceu- power of the Swiss franc and mind that these might he put which the organisation of the 

large, Imboden pointed out that J tury. Personally, I see the the stability of prices are. how- to a referendum vote. Further- Swiss State originates, there was 

they, too, were loyal to tradi- There is no state without collaboration of my country in ever, protection for employees, more, referenda are not very the concept of a free and demo- 
tions at odds with modern soldiers. Military service in international co-operation and consumers, savers and pen- often an instrument Df progress cratic federal state of Switzer- 

realities. It was often politically Switzerland is obligatory and peace-keeping efforts as a jus- sinners. Bit by bit. the econo- in that people are reluctant to land. To-day, it is hard to 

impossible to realise practical based on a relatively short tification of its neutrality. Con- mic structure is altering to turn grant the State new duties and recognise fully whether this 

or necessary measures, he initial training period followed ferences of the UNESCO, the Switzerland into a service- new expenditure. But partici- concept is still alive or whether 

claimed, and expen knowledge by a series of militia repetition World Health Organisation, the sector country. Already, Fewer pation in referendum votes is a new one will arise from the 

lacked implementing power. courses. Every year young men Food and Agricultural Organisa- employees are needed for generally small: only problems change of circumstances. It 
In fact, there is widespread refuse to serve on conscientious tion of the UNO and the Council industrial and agricultural pro- with an emotional puSiic appeal seems to me that things arc 

self-satisfaction in Switzerland, grounds or in view of their of Europe in Strasbourg — some duction than for the service bring the electors to the polls developing along the lines of 

This results primarily from the political convictions, their re- of the bodies to which Switzer- trades. This development will en masse Strangely enough, an — albeit more conservative- 

belief — which was long shared fusal earning them prison sen- land belongs — show that its probably have its effects in the the .extension of popular rights approximation of Scandinavian 

by foreign countries — that the tences. The Swiss recently representatives play a useful more distant future. has not hindered the spreading models. I cannot sec farther 

land is a model democracy. The rejected a referendum proposal part with competence, impar- In contrast to parlimentary belief that the powers-that-be int0 future than this, at 
administration and the public to introduce civilian service as tiality and goodwill. democracies, the referendum is “ only do what they want, any- l eas t not with mortal eyes, 

services generally function well, an alternative for conscientious Inactivity in domestic policy more important in dealing with way.” It is. indeed, this convio- e T ’ 0 j c «. 

The electorate votes for men objectors: the slogan “The and isolationism in foreign political proposals than the tion that often leads to very i^TOI. . JeRfl K* Q€ dSUS 


vi%.- 







9 



Financial Times Monday Kay 15 197$ 


SWITZERLAND VII 


21 


Chemicals come under pressure 


T** E , S ' V1SS chemical industry 
is feeling le ss than happv about 
its chances in J97S. Major pro- 
dl, “* Ciba-Geigy, Sandoz 
and Lonza have already painted 
a preiiy darlc picture for the 
first few months, with turnover 
and profits badly hit by the 
most recent strengthening of 
the Swiss franc. Important user 
industries bare in many cases 
shown no signs of a decisive 
improvement in demand, prices 
are under pressure and the 
pharmaceutical sector is dog- 
ged by the need for health 
services to cut back their costs. 

The past year had proved 
more nr less satisfactory for 
many individual- companies in 
the chemical sector. In terms 
nf Swiss francs, group turnover 
rose by 5 per cent, for Ciba- 
Geigy and Lonza, 6 per cent, for 
Sandoz (excluding the newly- 
acquired U.S. group Northrop 
King) and probably by the best 
part of 10 per cent, for Hoff- 
mann-La Roche. The actual rise 
denominated in local currencies 
was considerably higher, it is 
true, but company-weighted 


appreciation rates for the Swiss 
franc seem to have been in the 
tolerable region of 5-6 per cent 

Profitability showed a loss 
favourable development, how- 
ever. Of the major parent com- 
panies (the Basle “Big Three” 1, 
only Ciba-Geigy booked an im- 
provement in net profits: the 
Sandoz figure declined and a 
drop is also expected for Hoff- 
mann-La Roche. In the scond 
order of magnitude, companies 
like Lonza and Zyma admittedly 
improved their profits, though 
it remains to be seen how 
typical this was. Smaller firms 
are frequently much more 
dependent on the sluggish 
home market or on a single, 
not necessarily profitable, 
market segment: they will have 
been’ affected more substan- 
tially than the multinationals 
by a cheruicai-sector price 
decrease which in Switzerland 
reached an average of 1.4 per 
ceuL at the wholesale level and 
much more in the case of in- 
dividual products. 

Whatever the case, Govern- 
ment statistics show that the 


chemical industry experienced 
a one per cent dec-line in pro- 
duction for calendar 1977— and 
was thus one of the few sectors 
of the economy whose output 
did not grow: only in the third 
quarter of the year was the pro- 
duction volume up on corre- 
sponding 1976 levels. This 
meant that chemical output was 
only very slightly more last 
year than in 1974. Turnover 
seems to have been up on 1978 
levels, though at an ever- 
decreasing rate so that by the 
fourth quarter of 1977 sales 
value was actually down by 3.8 
per cent over a year earlier. 
Exports were up for the indus- 
try as a whole — by 6.2 per cent 
to Sw.Frs.S.26bn. — but the 
share of chemicals in total 
Swiss exports fell from 21.5 to 
20.1 per cent. To quote the 
Swiss Society of Chemical 
Industries, it was generally a 
case of “ a downward trend.” 

The trend has certainly con- 
tinued downwards in the first 
part of this year. In their recent 
annual Press conferences. Ciba- 
Geigy and Sandoz reported a 


fall in first-quarter Swiss-franc 
sales for the respective groups 
of 15 and 7 per cent, despite 
local currency increases of 4 
and as much as 12 per cent. 
Lonza, the chemicals division of 
the Alusuisse group, has said 
that turnover has been stag- 
nating and earnings falling 
because of the monetary situa- 
tion. The development can 
hardly have ' been much 
different for other companies. 


Indicator 


The first overall indicator for 
the industry this year is the 
Government’s first - quarter 
foreign trade breakdown. This 
shows a very small rise in 
exports of 1.1 per cent, over 
the corresponding 1977 period, 
with average value per ton 
down by as much as 10.5 per 
cent So chemicals are still 
lagging behind the rest of the 
economy, and their growth rate 
even below Switzerland’s 
miniscule inflation. Nor is 
business much better at home, 
to go by figures of the Swiss 



A packaging line in a Roche pharmaceuticals factory. 

\ 

\ 

Record year for 
textile exports 

LAST YEAR exports of the of manufacturers to build up began late last year and took Government acted effectively to 
Sh i5S textile industry reached a exports have by no means the currency to dizzy heights in tackle the problem of the Italian 
nc ■ record. Foreign sales of solved the problems facing the early 1978. Orders have fallen trade hindrances, it is true, and 
textiles, clothing and shoes industry, however. In 1977. pro- off sharply, both in view of the the National Bank is co-operat- 
toialled SwJfrs. S.llbn., with duction uf the textiles industry higher Swiss franc prices and ing with the Swiss Bankers* 
increases over 1976 in all pro- (excluding clothing) rose by due to uncertainty as to what Association in a scheme to grant 
duct groups. Despite the much only a modest 1 per cent, over the currency will do next: favourable export credits to the 
higher Swiss franc exchange the previous year and that of already, order-book volumes had textile, shoe, watch, and other 
rate, manufacturers were able the clothing sector by 2-3 per been noticeably lower than a industries adversely affected by 
tn beat the former peak export cent. This meant that, to go by year before in all but the first exchange rates. But the industry 
oerformance of boom vear 1974 official statistics, output for quarter of 1977. Also, in such would like something more to 
bv k k ni>r rent textiles was 4.4 per cent, down branches as fine weaving most unprove the “ economic environ- 

In fict last vear’s rise in shin- 00 the level recorded five years new orders are said to be com - 2 ieQt - ’ F ° r example. Swiss lex- 
meat* abroid *S largely Z earlier and clothing products log ip at paecoaoroic price. tile man^a tpr «e caatoag 
matter of necessity for Switzer- only 8.4 per cent tosher. Some arms are today wiring *«£ EEc S% g 

laud’s textile sector. On the , mE r t ?£ e - « d i' and developing countries to 

home market, there has been a JJj<§£ lations tuii IUnit the 3111011111 °f textiles and 

marked decline in consumption - th .,5?* ciothln S being sent to European 

in real ternts over t the fete Eipresscd in turnovcr , sal „ follow a decUoTin numter 

>cara while at the same time for ^ textile industry in of employees in the industry JJ* 

imports ha\e been rising. In rkn n n-,>wn- imm m oit (« j/i nee m «ka oU i py implementation of the 


v. - , _ , . The final quarter of lasT year from 54^12 to 40.068 jn the past , 

19»i, their value .J“ was only 1.3 per cent, higher five years, during which period w hich Switzerland si°natnro 

per rent. — as compared jih lhat of corresponding the number of plants fell from Berne prefers t0 g^ck uftradj’ 
the 9 per cent, annual growth period of l976 For 1977 as a 676 to 556. A forecast by the ^ 

in exports - tn Sw.Frs 4 3bhn., who , c> some ficlds of activity St Gall-based cotton and pureS 

or about the 19«4 record, this as showed a marked rise in turn- embroidery industry informa- *i, e Third World 
part of a smaller market over, admittedly such as cotton tion bureau assumes that more 
Fortunately, the development and a||j ed man-made fibre weav- companies will disappear in the remains to be seen to what 
or the tree trade agreement ing wit |, a 2 i per cent rise, future and the small and wept areas largely dependent 
with the EEC allowed an in- emura spinning with growth of medium - sized . undertakings °“ “ e textile industry, such as 
crease of Swiss exports, particu- 13 per cent an n wool spinning which make-up the bulk of the the eastern Swiss canton of St 
larly into neighbouring trwn- with a 9 per cent, improvement. total capacity will have to p" 1 - could benefit from any 
tries. Indeed, much of last On the other hand, twisting engage in a larger degree of co- re^onai development 

year’s growth came from a rise operations showed no turnover operation. «n?® rtainiy 

of 2S per cent in deliveries to growth in 1977 and those in silk Certainly, the future would taiie 50016 ume t0 realise, 
the major market. West (and allied man-made fibre) seem to lie increasingly in r\ tu 
Germany, and one of 44 per weaving and wool (and allied export sales. Domestic demand ^/U3DlV 
cent, to llalv. In the case of man-made fibre) weaving fell 1S showing no signs of a large- 

Iialy, the industry' is feeling back by 9 and 4 per cent., res- 5Cale come-back, quite apart In the meantime, Swiss raanu- 
very relieved at the success of pectively. irom the fact that Switzerland facturers are already exporting 

itcmniaiioii.s with Rome to _ _ . “ ^oine through a “zero- to more than 120 countries, 

abolish non-tariff barriers very Prospcets have become much growth period in its popula- Their hopes lie in a further im- 
disadvantageous to Swiss textile Bernier this year. The recently tion development. Also, imports provement of prodnet quality, 
salec The overall improve- published joint annual report of continue to get cheaper; in the based in part by such research 
,-pnViii sales to the Community member associations of the first quarter of 1978, the average programmes as that for “Swiss 
member* Ism vear brought the Swiss Chamber of Textiles opens price for foreign textiles and Cotton.” At the same time, 
sh „r deliveries to these with the words “The situation is clothing was 5.8 per cent, lower trade promotion is building up, 
countries up lo 5’’ per cent of grave.*’ Manufacturers are par- than a year before. individually and jointly; a new 

ail text lie-plus-clothinc exports, Jicularly worried at the up- Of all European countries, and doubtless important, instru- 
ThP liroelv successful efforts .wing in the Swiss franc which only Switzerland has net textile meat will be provided as from 

0 * j exports (excluding clothing). August of this year with the 

There are indications that the opening of the “Textile and 
export surplus is actually on the Mode Center Zurich ” (TMC> as 
increase. In the first three a wholesale exhibition and mart 
months of this year, total near Zurich Airport. Over 300 
exports from Switzerland ' of firms are represented in the co- 
textUes and clothing were 1.3 operative which runs the T31C — 
per cent up on those booked a body, incidentally, intended 
a year earlier despite a decline to promote imports as well as 
in average value of 1.6 per cent, exports and home-market sales. 
While the volume of imports The most important single 
went up by over 5 per cent factor remains the Swiss franc, 
over the same period, the however. A further marked in- 
sharper fall in price led to a 0-6 crease could be extremely 
per cent drop in actual import dangerous for textiles— just as 
va, ue- a drop, particularly against the 

Not much real aid has been mark, would be very welcome 
forthcoming to the textile in- ' 

dustry from the authorities. The J.W. 


FOR SALE 

SWISS MACHINE FACTORY 
with tractor know-how 

The factors- is located near Zurich. The ground covers 
270.000 sq. ft., half of it built 00. It is well planned for 
traffic With direct rail junction and mam road Ic^E j 
Zurich. The 65.000 sq. ft. production Wins 
cmplcivs about 80 people and is equipped with the most 
up-to-date NC melal-cuttlng machines. _ 

The (Inn specialises in making gear unj^. The mate - 
asset value exceeds 12 million Swiss francs. Due » 
circumstances, the owner is willing 10 sell favourably for 

a cash sum of SF 4-5 million. rinher 

Enquiries should he addressed to the o^oor en cipher 
No 61 '179, Publieitas, Service International. CH-BO-i 

Zurich. 


Society of Chemical Industries, 
the wholesale price index for 
the first quarter having been 
4.8 per cent below for that a 
year earlier. 

Being tied to the highly 
cyclical textile industry, it is 
dyestuff production that is 
especially subject to ups and 
dojvns within the Swiss chemical 
industry. Recently,, it has been 
experiencing the downs. In 
calendar 1977 this was the only 
sector whose exports actually 
declined, dropping by 5.6 per 
cent to Sw.Frs.l.44bn. In 
the first three months of 1978 
export in value terms was no 
less than 10.5 per cent lower 
than that for January-March, 
1977. There are. however, signs 
of a recovery In the recent 
weeks. 

The pbarmaceutic-ais business, 
whose exports went up 11.3 per 
cent In 1977 to Sw.Frs. 1.54b n.. 
is better placed and much less 
open to the buffets of economic 
fluctuations. Here, though, the 
Basle specialist undertalrings 
are hampered by the consider- 
able difficulty, usually for 
political reasons, in carrying 
out price increases — quite apart 
from problems connected with 
patent projection and the in- 
creasing time and money in- 
volved in launching new 
products. Still, the business 
remains a lucrative one: indeed. 


one Swiss company hitherto 
hardly present on the pharma- 
ceuticals market joined in the 
fray when Nestle acquired the 
U.S. company Alcon Labora- 
tories at the turn of the year. 

The agro-chemicals business 
and plastics both looked up last 
year, improving their exports 
by 13-5 and 13.6 per cent., 
respectively — but the agro- 
chemicals sector had had a poor 
1976 due to weather conditions 
and the plastics manufacturers 
are no strangers to the vagaries 
of supply and demand. 

All in all. though, the Swiss 
industry is much less pessi- 
mistic than its German counter- 
part. It has good reason to be 
less pessimistic, since its fate is 
not tied as much as that of the 
Germans to bulk products in 
production segments with mas- 
sive world over-capacity. The 
great days of the late 1960s and 
early 1970s are past but most 
Swiss companies still have 
a fundamentally prosperous 
future. 

Steps are, however, being 
taken pour corriger la fortune. 
One of them is a continued 
expansion of foreign production 
units. While this is in some cases 
more of necessity than virtue. 
Third World countries, in par- 
ticular, being keen to locate 
such industries as pharma- 
ceuticals manufacturing on their 


own territory, a build-up of 
capacity in specific countries is 
very much part of Swiss com- 
panies’ policy. This goes par- 
ticularly for the United States. 
Ciba-Geigy has acquired no 
fewer than seven smallish 
American undertakings since 
last autumn, Sandoz has created 
a new division for the seeds 
business (with a goodly 10 per 
cent, of group turnover) by the 
takeover of two major U.S. 
specialist firms, Roclie is 
expanding its American organ- 
isation fast and the Alusuisse 
group has a big project in hand 
in Texas; as already stated, it 
was to the U.S. that Nestle 
turned when it felt like entering 
the pharmaceuticals field in a 
noticeable fashion. 


Snowball 


Another form of development 
is that iDto the “diversification 
sectors ” of the major companies 
— into food, seeds, photo- 
finishing, hospital supplies and 
the like. There is a certain 
snowball effect at work, with 
companies adding on activities 
with some logical link to exist- 
ing operations. 

These two policy lines do not 
preclude a further expansion in 
traditional activities on tradi- 
tional sites. A great deal of 
money is still being invested in 


pharmaceuticals, dyestuffs, 
organics and other " old- 
established ’’ operations and a 
surprising amount in Switzer- 
land itself. Surprising because 
do really big new chemical 
plants are under construction 
there or are likely to be built in 
.the foreseeable future. 

Generally speaking, the aim 
continues to be to improve 
added value for the already 
highly sophisticated Swiss pro- 
ducts. At present, jhe day of 
the smash-hit product like DDT, 
Valium or some of the more 
modern dyes seems to be past — 
expansion, and this cues parti- 
cularly for dyestuffs, is seen 
to-day more in qualitative lernt« 
than in tile opening of new 
plants in or near Basle. The 
determination to "stay exclu- 
sive” is made clear by the 
reluctance of die industry, no 
matter how unsatisfactory its 
temporary situation, to intro- 
duce any reduction on research 
and development expenditure. 
In chemicals, as in other Swiss 
industries, the limited nature of 
the home market, the lack nf 
natural resources and the high 
standard of living mean that 
production lias to be kept up in 
the top quality bracket. Mass 
production, whether at home or 
abroad, does not belong to the 
options. 

J.W. 


Omega : 
author of 
the most decisive 
milestones 

in time measurement. 

1980 

Omega is official timekeeper of the Olympic Games in Moscow. 

1978 

Omega launches the smallest quart: movement on the market 

1977 

The Omega Chrono-Quartz, the first wristwatch with a traditional hand 
display watch and a double LCD digital display chronograph, is 

introduced. 

1976 

Omega is official timekeeper of the Olympic Games in Innsbruck and 
Montreal. Degree of accuracy of Omega quartz instruments: 1/ lUO.OUO 

of a second. 

1975 

Omega takes part in the historic Apollo-Soyuz mission. On the wrist 
of the American astronauts and the Soviet cosmonauts: the Omega 
Speedmaster Professional, die space watch. 

1974 

Introduction of the Omega Megaquartz 2400. the only wristwatch to be 
Observatory-certified as- a marine chronometer. Quartz frequency: 
2,359,296 vibrations per’ second. Performance variation: 24 seconds 

per year. 

1952 

Omega realises the first high precision sports timing - at the Helsinki 
Olympic Games. An electronic quartz instrument designed by Omega, 
the Time Recorder, prints the times on tape instantaneously, to 1/100 
of a second. (Today the Time Recorder gives 1/1000-of-a-second 

results.) 

1939-45 

An Omega Seamaster is issued to Royal Air Force bomber crews and 
to Army troops in Far East Asia. 


Omega: die most prestigious list of references assembled by any one watch brand since 

the turn of the century. 

On land: numerous records of accuracy: the official timekeeping of 14 Olympic Games; 
the highest awards in design. Member of the International Diamond Academy, having won 

their award three times over. 

Under water: world records for depth and endurance. 

In space: 46 missions including 6 moon landings with the NASA astronauts. 

n 

OMEGA 

The watch the world has learned to trust. 








Financial Times Monday May 15 1978 


Vet another project 
realized 
by 




SUTER + SUTER 

General Planners 
Architects 
Engineers 



SWITZERLAND VHI 



Resident Partner 


SAUDI ARABIA 

Mr. Fuad Kanaan 
P.O. Box 3038 
Riyadh 
Phone: 29 806 
Telex: 20 017 s.j. al zahra 


Office 

in 

IRAN 

Suter+Suter Universal Iran Ltd. 
Tehran 

Sepahbod Zahedi Ave. 

Azar Shahr 6 
(former IMasserstreet) 
Phone: 896 810 
Telex: 085/213347 


Headquarters 

in 

SWITZERLAND 

Suter+Suter Ltd. 
Basle 

Lautengartenstrasse 23 
Phone: 061/226611 
Telex: 62 555 


RANGE OF SERVICES 


► Regional and Urban Planning 

► Housing and Residential Complexes 


► Chemical and Pharmaceutical Research/Laboratories 

► Agriculture/Food and other Industries 


► Hotels, Tourisme, Leisure Centers 
^ Canteens, Restaurants 


► Hospitals and Health Facilities 

► Public and Administrative Buildings, Education 


► Banks and Office Buildings 

► Warehouses, Factories 


► Planning and Consulting 
►' Architecture 


► Civil Engineering 

► Construction Management 


► Mechanical and 

► Electrical Engineering 


^ Quantity Surveying 
► Project Management 


A HNANCI ALT! MES SURVEY 

WORLD 

PART I MAY 22, PART II MAY 30 1978 

The Financial Times annual Survey on World Banking will be published in two parts— 
Part I on Monday May 22 and Part II on Tuesday May 30. The proposed editorial content 
is set out below. 


Part I FRANCE 

INTRODUCTION The world economic and WEST GERMAN 
financial scene. World-wide recovery from ITALY 
recession remains sluggish, despite growth in NETHERLANDS 
the U.S. BELGIUM/LUX1 

INTERNATIONAL MONETARY ARRANGE- DENMARK 
MENTS The International Monetary Fund IRELAND 
calls for more rapid economic expansion; the SWITZERLAND 
role of the Fund and central bank arrangements AUSTRIA 
in providing support for countries with balance NORWAY/SWEI 
of payments problems. 

OIL FUNDS Outlook for the oil price against „ 

the background of the decline in the dollar; LLn « 1 

impact of the growing import demand of the If 1 ^xeriing, coup 
oil-producing countries. aoiiar, nas pres 

INTERNATIONAL BANKING Further growth government 
in international activities against the back- THE DOLLAR ! 
ground of generally depressed home demand in currency against 
tl.e industrialised economies. U.S. balance of 

INTEREST RATES Sharp declines in many EUROMARKETS 
European countries, particularly Britain, j n both the mei 
reflecting in part the weakness of the dollar. Eurobond issues 
GOLD The market price has risen sharply to pDnjp-f™ pi^A 
its highest levels for nearly three years as JT55USV „ i - 
demand has revived. , on J 

EUROPEAN INTEGRATION The idea of * caie P ro Ject fim 
monetary union has been revived by Mr. Roy NON -OPEC 1 
Jenkins. Reliance on a re< 

BANKING REGULATIONS Important steps the industrialised 
have been taken within the European Com- payments problei 
munity towards the harmonisation of banking defaults on their 
controls; new legislation expected in the UiC DEVELOPMENT 
THE CITY OF LONDON The City has held on private banks < 
to its position as a leading international banking overcoming the d 
centre, but there are signs of increasing com- countries & 
petition from other centres. ' rmnnr* 

FOREIGN BANKS IN LONDON The inter- 
national banking community continues to find ™ ■ keS and offs 

nner^^, attraCtiVe 35 * “ Economic f^anci 

MULTINATIONAL BANKING Considerable W ^ foUowin S 
changes have taken place in the consortium U.S. (home) 
banking business. U.S. (abroad) 

EXPORT FINANCE Important moves in Britain . JAPAN (home) 
to reduce reliance on sterling and continued JAPAN (abroad) 
international concern over the issue of com- COMECON 
petition in export finance. YUGOSLAVIA 

The remaining articles will review economic ISRAEL 
and industrial developments in the countries GREECE 
listed, with particular reference to the banking ARAB WORLD I 
and financial sectors; ARAB WORLD f 


FRANCE SPAIN 

WEST GERMANY PORTUGAL 

ITALY AUSTRALIA 

NETHERLANDS NEW ZEALAND 

BELGIUM/LUXEMBOURG CANADA 
DENMARK SINGAPORE 

IRELAND HONG KONG 

SWITZERLAND FINLAND 

AUSTRIA TURKEY 

NORWAY/SWEDEN 

Part H 

THE POUND The sharp revival of confidence 
in sterling, coupled with the weakness of the 
dollar, has presented problems for the UJC 
Government 

THE DOLLAR Sustained pressure on the U.S. 
currency against the background of the growing 
U.S. balance of payments deficit. 

EUROMARKETS Further expansion of activity 
in both the medium-term credit market and 
Eurobond issues. 

PROJECT FINANCE Development of inter- 
national banking to meet the needs of large- 
scale project finance. 

NON - OPEC DEVELOPING COUNTRIES 
Reliance on a recovery of commodity prices as 
the industrialised countries expand; balance of 
payments problems and concern over possible 
defaults on their debts. 

DEVELOPMENT FINANCE The role played by 
private banks and the official agencies in 
overcoming the difficulties of the less developed 
countries. 

NEW CENTRES Growing competition felt by 
the established financial centres from new 
markets and offshore banking centres. 
Economic, financial and industrial developments 
in the following countries: 


COMECON 
YUGOSLAV!! 
ISRAEL 
GREECE 
ARAB WORLD I 
ARAB WORLD II 


SOUTHERN AFRICA 
BLACK AFRICA 
IRAN 

THE CARIBBEAN 
INDIA 
PAKISTAN 
SRI LANKA 
LATIN AMERICA 
CHINA 

SOUTH KOREA 


n |* „ ,, For Jirther details on the editorial content and advertising rates contact: 

Robin Patteson-Kmght or Richard Oliver (European Dept.) or Michael Prideaux (Financial Dept.) 

or Helen Lees (Overseas Dept.) 

Financial Times Bracken House, in Cannon Street, London EC4P 4BY. 

Tel: 01-24S KftttO. 


FINANCIAL TIMES 


EUROPE’S BUSINESS NEWSPAPER 

V,c omi c*i anti imMicnan Onus s al .\urr- vu , i„ a K Fmtmrtal Time* are tubteel to eUmae at the dum-tom of the Editor. 



Mountain villages such as Anzere (above) have more than pulled their weight in their contribution io 

Swiss tourist revenue during the past gear. 


Winter sports 
to the rescue 

WILLIAM TELL has lost his Tourist Office, in a speech this which use London as a gateway focal currency. If they pav the 
crossbow. The legendary Swiss moqth said that inquiries into Europe). But one hears of hotelier in foreign bank notes 
hero can be seen at Zurich received at. bis orgaaisatian's.nuite small inns. and. pensions, or cheques denominated in 
headquarters of the Swiss foreign offices were 0X0 as family businesses, that foreign currencies they may be 

National Tourist Office can£ a leveI 20 per cent above that ar ® Prepared to cut prices for charged a rate below tfiat avail- 
National! ounst umce carry Qf a year ^ need well known guests from able at bank counters The dis- 

mg not the weapon with which not> of course> i ead to finn countries that have fallen be- count is fairly easy to iusdfv 
he is said to have shot an apple bookings, but the mood of hind in tile exchange rate on the grounds that the inn- 
off his son’s head, but a pair optimism in the organisation is stakes. keeper has the bother (and the 

of skis instead. And the son unmistakeable. Whatever the motive, it is exchange risk) involved in hold- 

clinging to his hand carries not Something that has caused a on . e clear sig ° P rofits 3 ’ng and changing the foreign 
the apple, but the ski sticks great deal of pleasure is that pnces are a “ d ®f pressure. The money; but it is also easy to 
(not of course balanced on his the number of British tourists t 0 * 1 a ™ <L 

bead). Otherwise the statue “V b« of^ oe^at^strSc markedTy revUed upwards fate has accen- 

is a precise replica of a 19th SdT"o7 fte ^SuSSnme since 1974 (which must compen- “» . ddemma under 

century model that many a Sanserat? ThellS who -<» «*•*. «' *• StaJ 

tourist has carried home from really disc „vered the tourist , of .?• imore tte modern 

Switzerland in miniature. attractions of Switzerland in the wher ® J&® f ° r J? gn V1 ? lt0r ** towards inass tourism or at anv 

Wbim^. of course: whimsy “*“5 Jewer^mSrain to™ some discounting not Wto ignore it. On 

.ri «a I h w , s s«s waw 

counter their traditional reputa- repeatedly accounted for more of individual tourism:- package 

tion for dourness. Switzerland, 3m - bed-nights a year in t discounting the Swiss account for less than 

so the message goes, is fun— hotels proper: last year that °“ T , „ 30 per cent, of the market to 

not merely a rather expensive figure slid below Im.. and ^ you this day. But the bidustiyhas* 

haunt for the well heeled. But add “para-hotels” the ffcure SKSLllbr than W* to find a compromise by 

there may be another, less con- comes to 1.3m or a mere 6.4 per S faW M niSti developing individuiU package 

scious reason for Tell, the skier: cent of total foreigners' bed- 5w.Frs.30 (about £8.50 a mght). made ” 

winter sport has helped to nighte m Switzerland. But in return flight and vouchers 

bring home the bacon during the first quarter of this year, Climate which the individual tourist 

a very difficult penod for the the number of British guests in arriving by. himself (perhaps in 

Swiss tourist industry, when re- Swiss hotels turned up by 17 per Wages being the main cost his own car) can present to 
cession at home and abroad, cent Of course the figure was element in the industry, the participating hotels in Davment 
combined with the rise of the distorted by the early Easter, Swiss have been fairly fortu- for his lodging. That inciden- 
Swiss franc,' took a severe toll, but the fact that the figure for nate with the prevailing social tally, is a technique which 
The difficulties were largely foreigners also increased by and non inflationary climate, should make it possible to 
concentrated in the summer J7. cenL “ows that the Wages have been rising, but by reduce the exchange rate risk 

season. From the peak, in "ripsh were at least holding only something like 2-3 per devolving upon the hotelier, 

1973-74, to 1975-76, the uieir own - cent, annually. Moreover it since it can be hedged the- 

trough, the number of nights Inevitably the Germans are sc,ej:ils Probable that produc- moment that the voucher is' 

spent in Swiss hotels by the largest contingent, followed tivity has inCTea sed since over- paid for. - . 

foreign tourists declined by 8.4 by the Dutch. Geography is one ful1 em P Io ytPent came to an ... . ' . 

per cent in the winter seasons, reason: the feet thSthe D-mart enlS in 1975 - The remains. „ AnoUler kina of package that 
but hy fully 21.4 per cent in and the CTilto are amnnn fte 1,oweTCr ' thst the betel and {■« pH ees a saie^. 

the summer season. Moreover, few currencies that have^been caterin ^ trode- which employs 

the winter tourists are known a bi e to look the franc in the about 160 - 000 people, many of tour Jf5 § 

to be greater spenders who have face recently is another But them mi Evants from southern r ® tu , n l 1 for 

tended to economise less one hWUliS ?he S^'ss are Europe ' is ^ 15 ,000 to 20,000 f®!*, ll n ™ a visit to a 


essential to most downhill become exclusively deoendent Representatives of the ducted ; tour, a voucher for a 
skiers, and the early evenings upcm the Germans with their industry occasionally start trial gno^rh’ ^ 

encourage apres ski expenditure 41 per cept share in SwiS g balloons, calculated to estab- nn J Ue avai ab !« 

of one kind or another. So there SJfl ltoh whether officialdom is 2!_ ?*** wver is 


01 00 e wnu or anouier mere tourism (as measured by bed- 
is good reason for TeU to take nights in hotels and para-hotels). 
to nis skis. 


lish whether officialdom is CTVer ” 

ready to reduce the impact of 


to his skis. the high franc rate upon the |i uuuu . aas Dee " br °ken at 

'Hierefore the Swiss Tourist tourist trade. Flumserherge. There, if you 

Rprnvprv 0ffice ln L 0113011 is intensify But the practical difficulties “ ust * y ® u “““e a vacation, 

JVCIUVC1 y its efforts (with an eye also to are enormous. However, it has ? < J“ rse . m iS 10g ’ .,P“ ur 

The figures for 1977 show a a new class of tourist ferried usuaUy been good advice to ‘ Th * t - wI1 depend 

recovery, or at least what looks a ”? Ss &e -Atlantic by the new tourists visiting a foreign 0 r 

like the beginning of a recovery s t^‘ e price flights, many of country to settle their bills in tYJLi>I<m 

for the Swiss tourist trade. The 


Recovery 


on the cow. 


That .will depend 

W.L.L. 


number of nights spent by 
foreigners in Swiss hotels and 
what are called “para-hotels." 
meaning chalets, summer apart- 
ments, youth hostels and camp- 
ing sites of one sort or another, 
rose by 5 per cent to 32.6m. 
What pleased the Swiss most 
was that the increase was 
accounted for by the hotel trade 
proper— that is to say that it 
did not occur at the bottom 
end of the market. 

There has been another spurt 
this year. The number of 
foreigners' “bed-nights" as the 
technical phrase in Switzer- 
land is, during the first quarter 
of 1978 was 17 per cent higher 
than in January-March 1977. 
The figures are not really con- 
clusive, since this year, unlike 
last, Easter fell into March. But 
even allowing for an early 
Easter rush this year, there 
does seem to be a pick-up in de- 
mand for Swiss holidays. 

Dr. Werner Kaempfer, Direc- 
tor of the Swiss National 


* 


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Financial Times Monday May 15 1978 


23 





facing the Shah 


By ANTHONY McDERMOTT in London and ANDREW WHITLEY in Tehran 




V- r.v .-Vj ttA 





=.v, 

. - - ■ - 
r* . . 



rr~ 

m $8. 

ISfcA*"/ 'fl* 





T5ffi W3SEAD of disturbance* 
in Iran from regional centres 
such 13 Tabriz, Yazd and Qom to 
Tehran, the capital, where 
tanks have clashed with rioters, 
jhows that the Shah is facing 
the most serious challenge to 
his rule since the 1960s. 

Tn the last she months unrest 
has been growing. Last October 
mw a series of strikes and 
demonstrations by students in- 
most of the main ’ universities. 
The following month, at the 
same time as demonstrations in 
Washington against the Shah 
which had him publicly wiping 
his eyes made sore by tear gas, 
there were ten days of demon' 
strations at the University of 
Tehran, At the beginning of 
the next month most of the 
20 or so seats of higher educa- 
tion were olosed or on strike. 

There has in the last few 
months emerged a new and 
paradoxical pattern. The oppo- 
sition to the Shah has become 
more obviously rooted in the 
religious community of the 
ShTites who constitute about 90 
per cent, of the population. At 
the same tune, the Government, 
through its party, Rastakhiz — 
the 1 National Resurgence Party 
set up in March 2975 — has 
tried to respond to each out- 
burst of violence with rallies to 
gather the support of the faith- 
ful. By an unintended irony 
these rallies may well have 
emphasised the limitations of 
this only legally permitted party 
as a genuine outlet for political 
discontent 

The religious aspect of the 
protest can be overestimated. 
The current bout of opposition 
is generally traced to the death 
in mysterious circumstances on 
October 29 of the son of 
Ruhollah Khomeini — an Aya- 
tollah, or Shihte religious 
leader — who has been living in 
exile in Iraq since 1963. The 
publication on January 7 in the 


Government daily, Ettela’at of 
an article about Ayatollah 
Khomeini which the Sbi’ite 
considered to be dama^ng and 
defamatory was followed by 
demonstrations in the holy city 
of Qom in which the officially 
given death toll was six. Coin- 
ciding with the end of 40 days 
mourning for those incidents, 
there were riots throughout the 
country, in particular in Tabriz. 
Another 40 days later, there 
were demonstrations in 
numerous cities, particularly 
Tehran, Qazvia and Yazd. On 
May 7. 40 days after the 
troubles in Yazd. further de- 
monstrations broke out At 
regular intervals Rastakhiz 
countered with rallies. The lar- 
gest of them brought oat some 
300.000 people in Tabriz on 
April 9. 


Religious 


A distinction should be. drawn 
between religious and intel- 
lectual Opposition to the Shah's 
rule. The latter, notably Bince 
the advent of President Carter's 
Administration and its concern 
with human rights, has been 
able to circulate with relative 
impunity letters of criticism 
profiting from an effort of the 
Iranian Government to open 
the door to more public debate 
on important and controversial 
issues. Two letters were even 
sent to the Shah himself. ‘The 
intellectual dissent has been un- 
doubtedly more coherently and 
precisely expressed than that of 
the religious leaders. But the 
crucial point is that the intellect 
tuals do not command the 
popular support that tile reli- 
gious opposition has. 

Shi'ism. an unorthodox branch 
of Islam, has always had a 
specifically Iranian tinge, anti- 
establishment — initially against 
the Arabs and latterly anti- 
Pahlavi. The leading Ayatollahs, 
GoJpayeghani and Shariatmad- 
hari in Qom, Sbirazi in the 


equally holy capital of Mashhad, 
and Khonsari in the capital are 
all in their 60s and 70s. and 
aware of the lack of recognised 
hierarchy among the Shi'ite 
clergy. They need constantly to 
maintain their own credibility 
and standing among their con- 
stituents and at the same time 
keep an eye over their shoulders 
on such exiles as Ayatollah 
Khomeini in Iraq. 

Demands are made for the 
restoration of the shariat, or 
Islamic Jaw, for the greater 
observance of religious proprie- 
ties, and for the constitutional 
provision governing the vetting 
of legislation by the religious 
leadership to be observed. 

At the same time there has 
been a groun dswell of con- 
servative indignation against 
the rapid spread of westernisa- 
tion and modernisation. 

Simultaneously with this 
wave of protest other economic 
and social grievances are being 
aired, largely arisiDg from the 
rapid pace of change. The up- 
rooting of villagers by mass 
migration to the towns where 
housing is expensive and in 
short supply for low income 
groups is recognised as a signi- 
ficant contribution to unrest as 
was shown in the bloody rioting 
in Tabriz. There are tactical 
and informal links between dis- 
illusioned academics. anti- 
establishment students, bazaar 
shopkeepers, the known guer- 
rilla groups, intellectual dissi- 
dents, old time politicians, and 
the clergy, but they differ seri- 
ously among themselves about 
wbat they are doing and why. 
Among these groups it is the 
religious opposition which com- 
mands the most widespread 
support 

Against the background of 
this unrest the Shah is working 
under some severe constraints. 
While displaying in public his 
grim, aloof, magisterial image 
of a stern father who knows 



Shah Reza Pahlavi, whose troops turned out last week to quell riots in Tehran. 


what is best for his people 
(leaving to Empress Farah the 
role she performs with success 
of providing the regime's 
human face;, he is concerned 
about the problems of establish- 
ing institutions of permanence 
for his son and heir. Crown 
Prince Reza. who has two years 
to go before reaching his 
majority at 20 years. This is 
particularly difficult after 
having ruled alone, for a long 
time and repressively at a time 
of acute social and economic 
change. 

At the heart of these conflict- 
ing issues there lies the role 
of Rastakhiz, the Government 
party, and its future. A high 
party official, Mr. Houshang 
Ansari, also chairman and 
managing director of the 
National Iranian Oil Company 
(NIOC), one of the world's 
largest oil companies and one 
of the keys to Iran's economic 
fortunes, at the very time when 
NIOC was engaged in crucial 
talks on a new long-term rela- 
tionship with the Western oil 


consortiums, travelled to remote 
regions, preaching the party's 
virtues to Bakhtiari tribesmen. 
Other party functionaries have 
aiso taken to the road, concen- 
trating on small towns and 
rural areas. 

The fatal weakness of the 
Rastakhiz — reflecting the classic 
dilemma of any attempt to rule 
by means of a siDgle party — is 
that it falls between two stools. 
On the one band it dragoons 
tbe opposition: on the other it 
tries to attract people with a 
wide spectrum of political views 
into giving it backing; it wants 
to be both feared and loved. 
Repeated calls to dissidents to 
enter into a dialogue have fallen 
on to deaf ears. No one among 
them believes that the Govern- 
ment is sincere. They suspect 
an attempt to stifle their voices 
in the party’s embrace. To a 
large extent the dissidents are 
right to believe that the Govern- 
ment refuses to- take them 
seriously as potential partners. 

That is not to say that 
Rastakhiz has been totally mono- 


lithic. There are those who 
suspect that the regime is 
secretly pleased by votes of no 
confidence passed recently jn 
the Majlis (National Consulta- 
tive Assembly; and by criticism 
of the Government's handling of 
riots in Tabriz and Qom. The 
fact that tbe administration of 
Dr. Jarashid Amouzegar was 
forced to defend itself publicly 
was taken by some as a sign that 
the Majlis was alive and could 
accommodate differences of 
view. Some critics, mainly the 
educated and a politically-aware 
minority are prepared — in the 
absence of any better vehicle 
— to participate in the opera- 
tions of Rastakhiz and the 
Majlis, and with a certain 
justification maintain that too 
much should uot be expected 
too soon. The major failing has 
been an inability to shake the 
masses out of their deep-rooted 
apathy and cynicism towards 
the Government, and to win 
acknowledgment of the genuine 
progress that the Government 
has made in some areas. 


The fact is that the gloss has 
gone off life in Iran. Govern- 
ment officials complain that the 
rise in living standards is taken 
for granted with little credit 
given in return. Unul two 
years ago a vision of -an ever- 
rising tide of expectations was 
deliberately encouraged, in part 
iu secure political cal in. The 
slow down of the economy, 
inflation, and the realisation 
that wealth alone is not enough 
to create a new society have 
been elements in the vociferous 
outburst against the Shah's 
Government. 

At the same time, the Shah 
has to take notice of outside 
influences. That means not so 
much interference from East 
Bloc states or countries such as 
Libya or South Yemen, or from 
the radical Palestinians, as, 
first, the coup in Afghanistan, 
and secondly the influence and 
support o.f the U.S. Events in 
Afghanistan have added to his 
genuine fear of being increas- 
ingly encircled by radical stales. 
The relationship with the U.S. 


requires an infinitely subtle 
balance: Washington and 

Tehran share view's on many 
economic end military ques- 
tions, but the Shah must con- 
tinue to make some concessions 
towards greater liberalism to 
fit in with ihe mood in 
Washington. 

The Shah has both shown con- 
siderable skill and made errors 
of judgment He seems unwill- 
ing to recognise that the disturb- 
ances arise from genuine 
grievances among a large 
number of Iranians and not 
merely a small minority' of anti- 
nationalist malcontents. The 
Qom riots in January were 
needlessly stirred up in the first 
place, then the authorities 
played straight into the hands 
of the religious community by 
shooting demonstrators. There 
lies a vital difference between 
its approach to intellectual and 
to religious dissent The intellec- 
tuals — generally small numbers 
—can a ways be locked up. Jn the 
case of the religious opposition, 
there was a stage when the 
Government deliberately played 
tip reports of arson and attacks 
on property in an attempt to dis- 
credit the opposition as hooli- 
gans. In the end. the Shah was 
forced to act as lie did in 1963 
— by using extensively for the 
first time since then the army 
and its tanks and shooting 
when it found it necessary. 

In spite of the widespread 
and violent nature uf the 
opposition to the Shah, and in 
spile of the limited room for 
manoeuvre his Government has. 
his throne is not judged to be 
in danger. The Government was 
surprised and shaken, and re- 
sorted to force in coping with 
rioters. To support it there 
remains the deeply-rooted 
belief in the need for a ruling 
monarchy. But more Iranians 
than before— from intellectuals 
to villagers — share a sense of 
unease about Iran’s future. 


V v 


- > 


Letters to the Editor 


Tax relief on 
productivity' 

From Mr. B. A. Cole 


Benefits of 
leasing 


yardstick as to the British ports’ 
minimum standards. 

The British Ports Industry', 
despite Its many and varied 
critics, is in a competitive mood. 
. _ and recognises the importance of 

Sir, — As a supporter of free- ojving value for money*, 
dom from excessive government f. G. Major, 
interference in industry. 1 find it Container Terminal Operations 
depressing to read the comments Manager, 
of. the chairman of the Stock The Mersey Docks and 
Exchange (May 10) on the Harbour Company. 

Govern men I s tax incentives for pierhead, Liverpool. 

employee shares. It really is un- 

believably naive to suggest that 
"the concessions should apply to 
cash handouts to employees as 
well as to money used to buy 
employees' shares." _ 

1 suppose if this means any- Fr om the Secretary 
thing it ts a call for tax relief Equipment Leasing Association 
for wage increases resulting from Sir.— Both the Equipment 

productivity agreements. It is Leasing Association— the repre- 
survi.v already clear that many sentative body of the equipment 
productivity schemes are bogus, leasing industry — and its uiem- 
designed merely to overcome bers arE aware c ,f t >j e problems 
wage restrictions, and that the re f err ed to in Mr. M. P- Gould's 
Inland Revenue are certainly not 1c , tpr tMay g,_ \v e believe that 
in a position to check such some 0 f the car leasing schemes 
schemes. \\ bat is meant to be m bein „ made available, 
he purpose of such tax relief? especially those which give the 
What benefits would offset the j n ,p re ssion of tax-free gains for 
cloar^ opportunity fur tax avoid- employees, are objectionable. 
an ‘-' c - „ ,. , Such schemes are not offered by 

J?°° d,S0 . n S JOT®;* 8, . aS members and we dissociate our- 
reporied. arc to extend^ the tax se j VOs f r0l7J them. 

relief to cash as well as shares; The teasing industry makes a 
employees of more companies; substantial and unique contri'ou- 
a higher annual limit; shares Uon to stimulating investment in 
with ess .imitation on disposal. indust ry_aroand 25 per cent, of 
. } support wholeheartedly the obtained by commerce and 

...II fn. W»r ... . „ externa J S0U r C eS iS 

lessors. It is, tbere- 
jreatest importance 

_ _ that those operating on the 

crimination m favour ot em- of lbe leasin g ^ dustTy 

ployees who happen to be able to ghould be discouraged from 
take part in an acceptable^ pro- rarr ying out practices which 
duyUvity -sharing scheme. could harm the good repute of 


Good office lighting is best pro- tion. is usually the most efficient, 
vided by fluorescent tubes of tbe We must also recognise that this 
right type providing 400 and 500 category, along with (bj is a 
lux. The proposal of table lights manifestation of voluntarv ex- 
ignores heat, maintenance, trail- eban/je, which is all an economy 
ing cables, general levels of wall — however sophisticated — is 

brightness, glare, etc. It is much about. 

more expensive, provides much Many people realise that high 
greater visual fatigue and is a State welfare militates against 
step barkwards of about 20 years, this kind of work. Some appre 
A fluorescent lamp provides ciate that high taxation, in what 
per pence, at least five times as ever form, also militates against 
much light,, susbtantially lower it possibly shifting some work to 
levels -of heat, reduced glare and other categories. Is it surpriv- 
improved visual comfort. To ail ing that recorded voluntary ex- 
of the disadvantages mentioned changes are reduced when a good 
by Dr. Carrick there are solu- chunk of the exchange is swiped 
tions. ’Planned maintenance, by the Government (whether or 

even distribution, selective not for "good" causes is im- 


material)? 

But what about price and in- 
come controls, which attack the 
very core of exchange? What 
about minimum wage legislation 
"What about '‘employment pro- 
tection”? What about the coun- 
cil house system, which stops 
mobility? What about the 
thousands of other interventions 
which clog the system? 

More fundamentally, what 



Tax relief for profit sharing is i ea .; nc ‘ 
mint -Mill irrolov-inl \0 QUr — — — " 


unjust and irrelevant »« «ui j g Darner 
national problems. Let industry jj j me ' s Gate . SH’I. 

call with one voice for its aboli- 

tion. If tax incentives are to be 
used In promote socially useful 
economic behaviour, then give 
the incentive to anyone who is 
prepared to invest in ways 
society desires. The method by 

which the investment funds are Fropi Mr. Richard TudiraiJ. 


Corporate 

disclosure 


earned is immaterial. 
R. A. Colo. 

Drake Wood. 

Dci'onsh ire Avenue. 
Aiiierslmiu. Sticks. 


Investment in 
the ports 


Sir. — Professjr Stamp in his 
report on Corporate Disclosure 
(May 10) puts his finger on the 
nature of the reaction against 
the proposals of the UN. 

As he rightly points out US 
companies make substantial 
“social responsibility” disclo- 
sures which make tbe UN pro" 
nasals look modest to say the 
least , 

The fact of the matter is that 
there is a resistance in British 


— Mechanical j an( j E ur0 peaa) industry to the 

Handling Survey in the issue of ^ rriQrtnnsi' 


*1 

✓ l 
• V 


Fniiii .11 r. F. C ■ Major 
Sir, — in tbe 

and ling Survey in the issue ot whole business of social rosponsi 
May 2. an article with the banner tsi uty disclosure. This rests more 
heading "The docks .resist on ignorance than knowledge of 
chance ” would, in the opinion or tf h 3 t such disclosures entail, 
many port operators, convoy the For th j s re^n we have been 
inipresMun that, over the past developing a comprehensive 
few years. British ports had p ac fc a?e for management which 
suffered an investment standstill. we believe will help them to see 

’ This is far from being the how negative "constraint ’* 
rjsi\ since many ports over the 0 f disclosure can be turned into 
|ia«l decade have spent enormous 3 p 0S j|jve advantage by puDlish- 
, sums tu upratc old. and develop j nj , Levant and meaningful in- 
hew, facilities to meet the revolu- formation about their activities 
nonary changes in cargo hand!- j or ^ public at large. 

>nc methods— and let us tw The time has surely arrived 
. forget il*il purls in the U.K. for European business to face 
receive neither capital nor fact that it has- to respond to 
operaiinc subsidies in the way a mu ch wider constituency than 
that their continental counter- iQ t he pas t. To pretend that 
parts do' . things are otherwise serves the 

1 would also like to point put. interest of none, least of au 
on behalf of members of the j, us i n ess. 

National Ports Council spoil- Tudwoy. 
sored study into container bandl- Sermatcch. 
ing systems that expert represen- Chatham House, 
y Natives of Port of London ^ Regent Street, WJ. 
r\ Aiuhoriiy, Clydcp rt rt, and The 
. Mersey Dock* and Uarhaur Com- 
1 Paqy madi* a significant rontrihu- 
\ tion tn the study, a I one with 
, tho-.r colleagues from BTDB. 

^ T„ furl her demonstrate the 
porir’ general concern l.. .. . . 

tt|Ui!>tui<m dereinnmenre vnii Endura Lamps . . __j 

uLIm Ills,, «olc that members of Sir.-I read vath mteres^and 
British Pori*; Association dismay, ur. 
have developed an ideal straddle article in 


switching.i 
J. B. Richardson, 

29. Saltaire Road. 

Shipley, West Yorkshire. 

Fluorescent 
vs. tungsten 

From Mr. Victor Bryant 

cs r Rpfnrp von hive all vnur mure xuauaiBcuiauj . wuai 

readers rushing to replace those J b0 “ l 

current-thirsty fluorescent tubes rnnnpv 

with a humble AO-watt bulh let's monopoly over money 

3£S * iSSic ’St t£ ovS 

ciency of these two light sources. Sdef^mtcerUJot^aod the ' oS 
To save you worth.* it out the ^fien ^T rkoSL wSS 

SS” aISS ggg* *» 

rte^'tuagste^’luap*’ y^'aa^he^GoeetuSert^spTO- 

p ?f V j alt \ sored body, set up to investigate 

>?" cioetricily Government intervention, will 
bill for the tungsten lamps will |j art jiv give us impartial answers. 

SSftKSSfhibS. if.*? privM sec,0T d0 K ” 

May I suggest Dr. Carrick con- “ _ ' , 
suits bis ophthalmic colleagues T. u Artnur. 
who will. I am sure, advise that ?; Si.ni,™ 
an important factor in the pre- Edflboaton, Birmingham. 

vention of eye strain is the 

avoidance of undue contrast , . - 

when shifting Ihg concentration rFftlPPllOn ftl 
from the work task to the general x IWiCWUUU wi 

vironmenL^ of the office en- ] £n0W .h 0W 

s .g'£f U E , rfe A’Lr 11 ^ h . 

example, your desk lamp) can be Sir.— I believe that it may have 

of great assistance to the read- escaped tile notice of many of 
ing of detailed documents and your readers that whatever the 
papers, it should he used in addi- “ents of the Consumer Protec- 
tion to, and not in substitution tion Bill may be. the disclosure 
for. a good level of general provisions id Clause 3 once again 
illumination from the fluorescent place the manufacturers re- 
tube. Only then will .eye strain search and “know-how at risk, 
be reduced to a minimum and This is because information 
office morale maintained at a obtained by the Minister may be 
high level. passed on to anyone who may 

Let me express my agreement need it for tbe purpose of draw- 
with the doctor’s statement that tog_ up prohibition or other 
adequate lighting calls for a level notices. There is no restriction 
of 400/500 lux. But please do as to numbers who may be in 
not try to get this with tungsten volyed. 

bulbs alone — Mr. Benn would not More adequate, safeguards 


like it at all. 

V. O. E. Bryant. 

Derek Clapton and Partners. 
10 7, High Street, Edptcare. 


should be included so that the 
interests of companies of every 
size may be protected. _ I hope 
that every company which may 
be affected takes steps to 
acquaint themselves with this 
problem and write to their MP 
about it 
C. Simeons. 

21, Ludlow Avenue, Luton. 


Shareholders’ 

interest 


Eyes on the 
doctor 

about From the managing director. 


David Garrick's 
to-day’s Financial 

u“po'n T|m« (ftoSM * 

^rational and engineering that anybody I* interest* ™ 
fnteria. so that manufacturers, good tightuu. lamdisma.ed y 
■ both at home and abroad, have a the proposals. 


Unemployed 
by decree 

From Mr. T. G. Arthur 

Sir,— It was a real pleasure to 
read the letter of E. G. Wood 
(May 6) pointing out that the 
problem was ope of imbalance 
rather than an aggregate short- 
age of work. 

While also admitting that I From Mr. M. Bafiep. 
don’t pretend to know all the Sir,— Recently a chairman has 

answers, may I be a tittle less appealed to more shareholders 
modest than Professor Wood and to attend AGMs. 
suggest that a fruitful area of Probably shareholders are as 
research would be the extent to interested in the amount of divi- 
which unemployment is Govern- dend as anything else. If they 
ment-induced. were given the right at least to 

We must first recognise that propose their own rate of divi- 
there are at loasT three cate- dend doubtless they would take 
gories of “work,” namely (a) much notice of the Board’s 
doit-yonrself; (b) do-ii-Tor-some- recommendations, their interest 
one else and keep quiet about it might quicken and they would 
and fc) do-itfor-someone else, probably attend. t 
receive cash, and inform the Would the paticular chairman 
authorities. (Perhaps we should please note and amend his 
start even further back and de- Articles of .Association? 
fine “work,” but leave that to M. Batley. 
tbe philosophers), 5, Charlestons. Road West, 

Most diseussion centres on fc) Davenport, Stockport, 
which, were it not for interven- Cheshire. 


GENERAL 

Balance of payments figures for 
April 

Prime Minister in Downing 
Street talks with President 
Kaunda of Zambia. 

Mr. Bulent EceviL Turkish 
Prime Minister, addresses Insti- 
tute for Strategic Studies, London. 

President Ceauscescu of 
Romania arrives in Peking for 
state visit to China. 

International Monetary Fund 
team continues talks with 
Treasury on continuance or other- 
wise of UK standby credit. 

Government' ~ White Paper 
expected to propose increase in 


To-day’s Events 


maximum fine far breaches of 
shipping rules. 

Financial Times two-day confer- 
ence on The North Sea and its 
Economic .Impact opens. Cros- 
venor House. Wl. Speakers 
include Mr. Edmund Dell. Trade 
Secretary. Lord Balogh. economic 
adviser. British National Oil Cor- 
poration, and Sir Geoffrey Howe. 
Shadow Chancellor of the 
Exchequer. 

Hearing opens in Glasgow 
Sheriff Court of charges against 
Sir Hugh Fraser and others in 


relation to balance sheet produced 
for Scottish and Universal Invest- 
ments. 

United Nations Commission on 
Transnational Corporations meets. 
Vienna (until May 26>. 

National Union of Seamen's 
conference opens. Abecdeen. 
PARLIAMENTARY BUSINESS 

Tlousc of Commons: Private 
Members' motions. Town and 
Country Planning (Windscale and 
Calder Works) Special Develop- 
ment Order. Consideration of 
Lords amendments to Housing 


(Financial Provisions) (.Scotland) 
Bill. 

House of Lords: Debates on 
Parliamentary procedure: on the 
survival of our democratic system; 
and on the importance of retain- 
ing London as an international 
arbitration centre. 

OFFICIAL STATISTICS 
Retail sales (April, provisional!. 
Turnover of catering trades {first 
quarter). 

COMPANY RESULT 
Dunbee - Combes - Marx (full 
year). 

COMPANY MEETINGS 
See Week's Financial Diary on 
page 28. ■ t 



If banking Is a service business 
then if should be on service that 
you judge a bank. 


Bank, of Boston House, 5 Cheapside, EC2. 

We’ve spent 56 years In the City building an organisation to 
cater for the toughest fudge of all: the financial professional. 

Thafs why The Bank of Boston’s account officers prefer long 
instead of short-term relationships. Why they stay with their accounts 
longer than their counterparts at other banks. 

Why we have an exchange specialist based on the dealing 
floor devoted exclusively to keeping corporate customers abreast of 
developments. 

Why our two hundred people in London aim at the highest 
standards (if you give the best service, you've got the best bank). 

And it works. 

Our dealers have put us among the top banks in making 
markets in all major trading currencies. 

• And six out of the top ten companies in the 
prestigious The Times One Thousand * are our customers. 

Do you put a premium on service too? 

We look forward to meeting you. 




BANK 
OF 

BOSTON 

THE FIRST NATIONAL BANK OF BOSTON 

Bonk of Boston Hovk. 5 CheapAfe. tondon EC2F 23E (fefc 01-236 2388). Also ah 31 Lowndes Slreet.BdgravIa. London SWTX 9HX [M- 01-235 9541). 



si- ecwia Cwa-sa tw*.,-. r?v ;*f. .-ssmai/-'. ~aiti.h>*3 

IfcAI'i lAfcJ* tUnuYiOUf. ^ MtUCJ, trS JAY V* JUiirt irlXf, iiWI* L'J S til' A/U&GilrU; VfilJEZUElA. 







Financial Times Monday May 15. 1978 ! 



Bowthorpe aiming at issue news and comment 


Hammerson waiting right time to expand 


more acquisitions 


WITHIN THE existing portfolio 
of Hammerson Property and 
Investment Trust there is the raw 
material for a sizeable develop- 
ment programme in the future 
and at the appropriate time these 
proposals will be brought forward, 
says Mr. Sydney Mason, chairman. 

In the meantime the decision to 
proceed with the $3Qm Bow Valley 
Square office development in Cal- 
gary. Canada, represents a 
substantia] step forward, he tells 
members. 

A close and constant monitoring 
of the situation made it apparent 
that to undertake the third pbase 
of this development would be 
timely In view of the shortage of 
space and the projected demand 
over the next three years. 

Agreement was reached in 
December 1877 with a North 
American Insurance company For 
the provision by them of a mini- 
mum of CS25m. with a further 
SSm available subject to eventual 
leasing achievement. Mr. Mason 
says the total cost is expected to 

be in the region of S30m and 

arrangements have been made in 
London with a consortium of 
bankers for the provision of the 
interim construction -finance. 

" Construction is progressing 
satisfactorily and building works 
are expected to be comoleted by 
mid-1980," be says, whereby Bow- 
Valley. Including the existing 
fully leased phases one and two, 
will comprise more than 1m sq ft 
of modem office and retail space. 
And a final phase four of some 
390.000 sq ft will be developed 
in the future, he adds. 

Taking into account exchange 
rate variations, the group's short 
term borrowings Increased during 
the year by some £Q.5m due to 
the construction finance on the 
Vancouver pronerty, and with the 
start of the phase three of Bow- 
Valley. total short terra indebted- 
ness. the chairman says, is likely 
to increase further over the next 
few years. However, he adds 
that excluding new construction 
finance, the level of the under- 
lying short term indebtedness con- 
tinues to fall and the reduction 
of this remains one of the Trust's 
primary long term objectives. 

As reported on April 29 pre-tax 


profit for 1977 rose from £3.S3m 
to £4.89m and the dividend is 
increased to 5.46p 14.97 pi . 

The chairman says that the 
Trust continues to seek out 
opportunities in the US where 
experience may be applied with 
the minimum of exposure and 
maximum financial benefit but 
competition from both local and 
overseas investors, he adds, is con- 
siderable and projects which the 
Trust would consider viable 
extremely scarce. 

At April 30, 1973, the Standard 
Lire Assurance Company had 
raised its stake in the "A" 
Ordinary units from 28.56 per cent 
at the beginning of the year to 
3023 per cent Its holding of 
Ordinary units was unchanged at 
18.33 per cent 

0 comment 

Currency fluctuations have 
masked tile fact that UK rental 
income of Hammerson is cur- 
rently going through a reason- 
ably buoyant patch, thanks to 
bunching of rent reviews: UK 
rents rose by S per cent last year 
and in 1978 will be boosted by 
new levels now agreed for more 
than half the spare at Woolgate 
House. And overseas rental 
income is making steady progress 
in terms of local currencies. But 
Hie full report emphasises that 
there will not be much in the 
way of developments to improve 
Hammerson’S growth in the next 
few years, with current projects 
confined to Canada. On a nominal 
yield of 1* per cent, the share 
price at 508p reflects the broad 
base of the investment portfolio 
which is worth, on the limited 
rolling valuation basis included 

1 n the notes to the accoun ts, 
some 640p a share (with Wool- 
gate House still included at its 
1969 valuation of £25m). Mean- 
while Standard Life continues to 
nibble at the shares. 

MORGAN GRENFELL 

The rights Issue by Morgan 
Grenfell raising £82 m. has been 
fully subscribed. Also the “A" 
50p shares have been consolidated 
into “A" £1 shares. It is Dot 
proposed to call in existing “A" 


share certificates for amendment. 

Applications were received for 
all the 2,975,000 shares offered in 
the rights issue as to 2.688,738 
Ordinal? shares of £1 each and 
306362 “A” shares of JQ each. The 
total amount subscribed was 
£8357,315.50. 

Samuel 
Sherman 
loss £0.2m 

Sales of Samuel Sherman, 3 aides 
dress manufacturer, for the 15 
months to end 1977 were £1.7 6m. 
compared with £L47tn. for the 
previous year, and after an ex* 
ceptional debit of £144381 
against £44£34 the company in- 
curred a pre-tax loss of £244,367 
(£96,025). 

At the March 31, 1977 six 
months stage the directors, re 
ported a tumround from a loss 
of £60.168 to a profit of £5,321 
but said that a loss was antici- 
pated for the remainder of the 
period- 

Again there is no dividend, the 
last being 0.635p net for the 
1973/74 year. 

After a tax credit of £4,983 
f £42 .593) net loss came out at 
£239,384, compared with £784228 
after Irrecoverable ACT debit of 
£24,796 was written off, and loss 
per lOp share is shown as 5.9Sp 
<L96p), 

Nationwide 

Leisure 

downturn 

On turnover of £2.7m. against 
£2.63 m. pre-tax profits of Nation- 
wide Leisure for the year to 
October 31, 1977. fell from £241,177 
to £173,734. But the directors say 
that after a dull start, the current 
year is now showing a great 
improvement as regards both sales 
of caravans and cash Sow, which 



(Incorporated in the Republic of South Africa) 

INTERIM REPORT TO SHAREHOLDERS 
FOR THE SIX MONTHS ENDED 31 MARCH 1978 
CONSOLIDATED PROFIT 

The unaudited consolidated results of Barlow Rand Limited and its subsidiaries for the six 
months ended 31 March 1978. together with the results for the same period last year and the 
audited results for the year ended 30 September 1977 are: 

She months Six months Year 

ended ended ended 

31 March 31 March 30 September 
1978 1977 1977 

£OC0’s £000 's £000 s 


Turnover 


Trading Profits 

Income from Investments 

Profits on sale of shares less amounts written off ... 


Profit before taxation 
Taxation 


Profit after taxation 

Attributable to outside shareholders in subsidiaries 


Consolidated net trading profit 


DIVIDENDS PAID AND DECLARED: 

Preference 

Ordinary 


Number of ordinary shares upon which earnings 

per share is based (OCO’s) 

Earnings per ordinary share 

Dividends per ordinary share 

Accepted accounting practice requires earnings per 
ordinary share to be given after^ non- trading 
items. On this basis the earnings per ordinary 

share are 

The non-trading items are 

Profits on disposal of properties and other items ... 
Goodwill arising from the purchase of subsidiaries 
for cash written off 


444.064 

361,625 

794355 

47,963 

44384 

98.328 

4^76 

4.055 

10.096 

1.197 

107 

198 

54P36 

48 746 

108.622 

21351 

18274 

39286 

32.685 

30,472 

68336 

9.494 

9.124 

19.601 

23,191 

21J48 

49235 

14 

14 

29 

5,887 

4324 

16.930 

102.415 

101.326 

101.929 

22.f4p 

21 05p 

4828p 

5.T4»p 

4.465p 

16384p 

20.99p 

2! 56p 

50.20p 

ffleo’s 

£000's 

£000'* 

+ 470 

+535 

+ 1.955 

-2.130 

-18 

-18 

-1,660 

+517 

+ 1.937 


Note: The Rand has been converted to Sterling at I R = £0.63784 and this rate of exchange has 
also been used for comparative figures. 

RESULTS, TRADING COHDIT’ONS AMD PPOS^CTS FOR THE 
YEAR ENDING 30 SEPTEMBER. 1978 

Earnings per share of 355 cents for the six months ended 31 March 1978 show an increase 
of 7.6 per cent which can be considered satisfactory when taking account of the weak trading 
conditions which generally prevailed during the period. There has been a change in trading 
patterns which is reflected in the results of the various divisions. 

The mining division increased its profits due largely to improved coal exports. Turnover 
and profit in the Earthmoving Equipment Division showed good increases. A strong performance 
was recorded in the Electronics Division where turnover and profits increased substantially 
primarily due to the consolidation of C. J. Fuchs. There was a good recovery in the 
Appliance Company. The Pretoria Portland Cement Group was consolidated for a full six months 
period for the first time. This contributed to the increase in Group turnover, but the 
contribution to profits was proportionately less. Plascon Evans Paints had a strong half year 
and increased its profits. 

Depressed prices in export markets resulted in a significant drop in the profits of 
Middelburg Steel and Alloys, whose, contribution to profits last year was substantial. Conditions 
in the building and construction industries deteriorated further during the period and the 
results of our Building Materials and Hardware Division continue to be unsatisfactory. 

It is very difficult ur* ' »r current business conditions to forecasc trends for chi next six 
months. The past six months have been better than was anticipated at the end of the last 
financial year. If this trend continues tile earnings for the current year should show an 
improvement over 1977. 

DIVIDENDS 

A preference dividend of 6 per cent for the half ye 2 r ended 31 March 1978 has been 
declared and paid. 

Assuming current trading conditions are maintained it is forecast that ordinary dividends 
for the year will total 28.0 cents. per share ( 1977: 26.0 cents). 

In order to reduce the disparity between the interim and final dividends, an increased 
Interim dividend «f 9.0 cents per share ( 1977: 7.0 cents) has been declared and a formal 
notice of this declaration is published herewith. 

For and on behalf of the Board. 

A. M. ROSHOLT 

(Vice-Chairman and Chief Executive) 
G. W. DIJNN1NGHAM 

(Deputy Chairman) 

ORDINARY DIVIDEND NO. 97 

Notice is hereby given that a dividend of 9.0 cents per share h 2 S been declared as an 
interim dividend payable to shareholders registered in the ordinary share register of the 
company at the close of business on 26 May 1978. 

The transfer bocks and registers of ordin--y members of the company in South Africa 
and the United Kingdom will be dosed from 27 May to 2 June 1978. both days inclusive, for 
the purpose of determining shareholders to whom the dividend will be paid. Dividend 
Warrants will be posted to shareholder; on or about 21 |uly 1978. 

This dividend is declared In the r*irrency of the Republic of Couth Africa and the rate 
of exchange at which the dividend will be converted into United Kingdom currency For the 
payment of dividends from the United Kingdom share transfer office will be the telegraphic 
transfer rate of exchange between South Africa and the United Kingdom ruling on the first 
business day after 30 June 1978. 

In term* of 'he South African Income Tuv Act ??62. as amended, a non-resident shareholders' 
tax has been im--s' , d on dividends Davjble to: 

(a) Persons other than companies, not ordinarily resident nor carrying on business in 
South Africa, and 

(b) Companies which are. not South African companies. 

The company will accordingly deduct the tax from dividends pavable to shareholders whose 
addresses in the share register are outside the Repubfic of South Africa at the race of 13.49775 
per eent. 

E; order of the Board. 

W. C. WARR1NSR. 

Registered Offices Transfer Secretaries: United K-nsdom Reg!strars: etary 

Barlow Park. Rarid Registrars Limited. Lleyds Bank Limited 

Katherine Street. ■ 2nd Floor. Registrars' Department. 

Sandton. 2199 Devonshire House. The Causeway 

South Africa. 49 Jorissen Street. Gorin<r-by-Saa 

P.O. Box 78-2248, B.-jamfontein. Worthing 

Sandton 2146 Africa. West Sussex BN 12 6DA 

South Africa. (P.O. Box 31719. England. 


will allow them to Invest further chairman, tells 

“ tappe<i K p/Se* d“ 

5 p ,»» W." SS 

extraordinary items are shown as mDdest mcreasi 
l-j*POS6P) and- a final payment 
of Q.375p (0J25p) is the told last J m e e P but t 
for the year compared t0 take 3dvan 
with (L875p last time. provement in I 

Pre-tax profit included invest- The move b 
ment income £2,986 (£3.3S6) and Electric divisia 
was subject to tax £75.J14, against tory at Plymoi 
£120,455.. • There was an extra- place and will 
ordinary debit of £35.655 (nil) for the autumn. I 
the period being expenses incurred new building 
defending the bid from British exceed Urn, 
Car Auction group and Joss on grants. The di 
sale of assets £40210 (£4,795 suffered from 
profit), which is covered by a labour for ma 
transfer from (to) capital reserve, able to expa 
The amount retained was £79,975 environment, hi 
(£63,591). Currently the 

tiating to sell a 

-w _ _ ___ Crawley site. ] 

Jas. Neill 

profit, was sold 

to ■|_ -■ -■ money has bee 

hold t6 LT«.:te 

~ new factories. 

profit 

“ of the Bowthc 

THOUGH THE outlook is oncer- ESIP divisions ’ 
tain Mh. Hugh Neill, chairman, a cost of £12£ 
of James Neill Holdings says that caused some c 
in 1978 he is reasonably confident 
the group will match the £3. 75m “IT 0 ”*? « 

pre-tax profit achieved last year. L., e _ ; 

This his says Will Justify a at G r3 6 ^n, ,£32 
further increase m the net divi- profit vas up 
dend total from g.Sp to 6.38p as p 

forecast at the time of the rights 

issue last January. a 

Like the group's competitors Wj SB Ej.if 
worldwide the directors await the 
general upturn in trade that has ^ . 

been expected for so long. Mr. PYOcl 
NelU says that in the meantime 
the group must concentrate on ppnirrr< - . rT 
improving its market share. BwWgI 
Some progress was achieved in current year i 
this direction in the home market those achieved 
in 1977 and it is hoped that the period of 1977 
trend will continue in the current of progress is 
year. Mr, George Me 1 

Because the group's existing In bis Staten 
share of the overseas market is the further gr 
smaller there is more opportunity 1977 in the ii 
to increase it — .“and this is cer- fie,d antl mer, Lii 
'tainiy our aim in 1978,’’ declares earlier this me 
the chairman. Broughton. _ 

^ the Year 1977 groun nre-tax acS^to'wHI 
orofits expanded from £2.0Sm to 25 

toiSiS 53165 up fcom 533 03111 ?b JffST-S 

The effect of cost increases on IjSSnU??# 1 ?!?! 
the value of stock and the effect 
of price increases on the value hl '“ 
of debtors led to an increase of 
Q.8m in the working capital dur- 
mg the year. be of 5,1 

Debtors increased by rather un 1 5°^ ce iq t ^ 7 1 
more than the 27} per cent in- !„ 

crease m sales value, due to cer- SJ, 

tain overseas customers taking h t>! 

longer to pay. but stocks in- 
creased by only 9 per cent in j*** t3me . . 
creased by only S per cent in sb ^, t \ 

value, representing a worthwhile 
reduction in volume. the balance sne 

Capital expenditure at £l.26ra H iE. ’EreX 
was covered by the depreciation cnL rn a’n 
charged. The overall result was HS? £ Se , 
an increase of £0.S5m in borrow. t „ V 

rags during the course of the year. ™ nt year “ti 

already foreeax 

Nth. MidJand JW S3JL 

way of an i 

Construction The” chair-mar 

nificant feature 

back in profit activities. Expo 

. companies rose 

North Midland Construction j n value to £7.7 
Company reports a tumround progress being 

from a pre-tax loss of £35.674 to — 

a profit of £54,259 for the half 
year to February 28. 1978, on 
turnover up from £1.56m. to 
£2.02m. The group incurred a 
loss of £84.858 for the full 
August 31. 1977, year. 

Earnings per lOp share are 
shown as L5p compared with a 
3.9p loss and the interim dividend Rates paid f 
is maintained at 0.45p net — last Call 

year's final was an unchanged ©, __ 

Net profit came out at £28.527 J on - 
(£35.674 loss> after a tax charge ,.“ e * w 
of £25,732 (nil). The group which J[Y ed ' i. 

has close status, is involved in Th . urs - 7.138 

civil engineering and is a public Fri./Sun. 7.115 
works contractor. , — 


EFFORTS are being intensified 
to expand the activities of 
Bowthorpe Holdings by acquisi- 
tion Mr. Jack Bowthorpe, *e 
chairman, tells members. How- 
ever he points out that against 
the present depressed markets at 
home and overseas it would be 
unwise to forecast more than a 
modest increase in profit in 1978 
over the pre-tax record of £5.92m 
last time but the group is ready 
to take advantage of any im- 
provement in the economy. 

The move by the Hellerman 
Electric division to a new fac- 
tory at Plymouth is now taking 
place and will be completed by 
the autumn. Investment in the 
new building and plant 'rill 
exceed ILm, less government 
grants. The division which has 
suffered from a shortage of 
labour for many years will be 
able to expand in its new 
environment, he says. 

Currently the company is nego- 
tiating to sell a lane part of the 
Crawley site. In July last year 
HeUermen Cassettes, which had 
contributed £131,000 to first-half 
profit, was sold for £825.000. TWs 
money has been used to develop 

the group's other interest 

In all £4.19m was invested In 
new factories, plant and tooling 
during 1977. Of this £2.12jn was 
spent in the UK. The merger 
of the Bowthorpe Electric and 
EMP divisions was carried out at 
a cost of £129.000. The move 
caused some disruptions to the 
activities of the companies 
involved and trading results were 
affected. Mr. Bowthorpe states. 

Group sales in 1977 were ahead 
at £36.SSm <£32.77m) and pre-tax 
profit was up from £5.45ra to 


board meetings 

■nic following companies have 
dates ‘ot Board meetings lo UK Stock 
Exchange. Such meetings are usl “"f 
held for the pmrose of considering uln. 
donds. Official indications are not avail- 
able whether dividends concerned are 
interims or finals and the sub-divisions 
shown below an based mainly on last 
year's timetable. 

TO-DAY 

Interims:— Davennons’ Brewery. NSS 
Newsagents. _ 

Finals:— AWne Holdings. Dnt*ee- 
Combei-Morc. French Kwr. Bca d U m 
Slow and Coggins. HJetd Bros.. Young Cos. 
investment Trust. 

FUTURE DATES 

Interim*:— , 

DulHiltT Ua 22 

llomfray ... . — — — Jjar 

Marfey — ■ 

Baeituni Investment Trust June la 

Scottish investment Trust Way 23 

Finals:— 

Ur.«dlord Property Trust ..... June M 

Cuitnuulds .. — — — ■ May S5 

Ewer « George t May 25 

Fotkes fJohoi Hero Wav 17 

Hamhros Investment Trust . . - May 16 

London and Lennox invest. Tsl May 17 

Parrish fJ. T.) Jimo Hi 

Pyramid t Publishers' - . May IS 


Eurotherm Inti, forecasts 
£2.5m. and 2.64p payout 


£5.92m— as reported April 14. The 
net dividend is stepped up to. 
1.62p (L463p) per lOp share. 

On a current 'cost basis on thej 
Hyde guidelines, profit was 
reduced to £4.59zn by extra cosr 
of sales of £982.000 and additional 
depreciation of £408,000 and 
including a gearing adjustment of 
£72,000. 

Cash and short-term securities 
at year end were down £1.34m 
(up £915.000) and bank loans and 
overdrafts stood at £L29m 
<£L72m>. 


Further year of progress 
expected by Ward White 


PROFITS ACHIEVED by the 
Ward White Group so far In the 
current year are in excess of 
those achieved for the same 
period of 1977 and another year 
of progress is looked to. reports 
Mr. George Me Watters, chairman. 

In his statement he refers to 
the further growth achieved in 
1977 in the industrial footwear 
field and mentions the acquisition 
earlier this month of Betts and 
Broughton. 

Mr. McWatters says that the 
acquisition will enable the group 
to increase its productive capa- 
city in the manufacture of specia- 
lised industrial footwear and will 
improve its marketing position. 

It is considered that the contri- 
bution of Betts to the newly 
formed safety products division 
will be of significant strategic 
importance to the group. 

During 1977 the group raised 
£1.38tn in cash by an issue of 
preference shares. This issue to- 
gether with the retained nrofils 
last time has strengthened the 
balance sheet and the acquisition 
of Betts will further strengthen 
the balance sheet in 1978. 

In 1977 group pre-tax orofits 
were more than doubled from 
£I.36m to £3 .2m. As reported on 
March 31 the dividend Is raised 
from 2p to 2.7 p net For the 
current year the directors have 
already forecast a total of 3.5Rp 
on a 34 per cent tax rate of 
which one-third will be paid by 
way of an interim and the 
balance as a final 

The chairman says that a sig- 
nificant feature of the year was 
the increase in international 
activities. Exports by UK-based 
companies rose by 49 per cent 
in value to £7.7m with particular 
progress being made in sales to 



the USSR, the Middle East and 
Scandinavia. 

Most UK subsidiaries showed 
improved performances compared 
with 1976 and from overseas 
particularly satisfactory contribu- 
tions were made by companies in 
Western Germany. Holland and 
the Republic of Ireland. The' 
engineering division had another 
good year both in terms of 
increased turnover and unproved 
profitability. . . 

At the year-end there was a 
redaction in bank borrowings of 
£1.66m (£0.85m increase) and a 
reduction of £0-35m (£0.43m 

increase) in short-term loans. 

Meeting Hilton Hotel, June 7 
at noon. 

Receiver for 
Ansbacher 
marine offshoot 

Robert Fraser and Partners has 
appointed Mr. Kenneth Cork as 
Receiver and manager of East- 
wood Marine (Essex), but nego- 
tiations to dispose of this business 
as a going concern continue. 

Arrangements will be made to 
meet valid claims of present trade 
creditors in full and to ensure 
that the rights of customers and 
staff are protected, the directors 
say. 

The amount of any further 
provision which may be required 
in the accounts of Fraser 
Ansbacher for ihe year to March 
31. 1978, in respect of Eastwood 
Marine, will depend principally on 
the outcome of negotiations at 
present in progress with 
'in'orested purchasers. 


RECORD taxable profit of £2.3m 
Is being forecast for the current 
year by the directors of Ettro- 
thenn International. On the basis 
of this they intend to pay a gross 
dividend of 4p per share, or 2.64p 
per share net, on a 34 per cent 
tax rate, if the company had 
been quoted for a fult year they 
would have expected to recom- 
mend dividends of 5.Sp gross or 
35p net. 

On a full 52 per cent tax charge 
earnings per share would be equal 
to 10.5n indicating a dividend 
cover of three times. 

As already known the com nan v 
is coming lo the marker with an 
offer for sale raising £2.Sm for 
existing shareholders who are 
selling a quarter of the equity. 
The offer is of 2.R54.31M! Ordinary 
lOp .shares at lOOp. which puts 
the company on a p/e of 9} and 
yield of 5.3 per cent. 

Sales for the first five months 
of the current year amounted to 
; £6.2m. compared with £4.8m. 

The latest figures on April 14 
show that the company had net 
borrowing of £S2S.420. Last 
October the balance sheet showed 
shareholders’ funds in excess of 
£3m. Net assets per share are 
27.3p. 

There are plans to build a 
50,000 sq ft facrory, which should 
be completed by late 1979. The 
cost is out at flJlm. about two 
thirds of which will be financed 
with a term loan with Barclays 
Bank. 

The application list for the 
offer opens on Thursday. Brokers 
to the issue are Henderson 
Crosthwaite and the issuing house 
Is Robert Fleming. 

The company was started in 
1965 by Mr. J. A. Hartnett, the 
chairman. Dr. J. Leonard, manag- 
ing director, and two other 
colleagues. Eurotherm was a 
pioneer in the design of a tem- 
perature controller using semi- 
conductors for high -volume 
production. 

By 1971 the company had 
started to diversify. At present 
the original Eurotherm business 
has been developed to include 


timers, programmers and in- 
dicators. The main customer in- 
dustries Include plastics and 
chemicals, telephone and sub- 
marine cables, nuclear, semi- 
conductor, glass fibre, optical 
glass and aerospace. 

There are three other operating 
legs to the company, Chesseu 
Sbackleton and Turnbull 

In 1972-7$ Eurotherm was mak- 
ing profits of EHMDMi pre-tax on 
ales of £2.4tim. In The year to 
October 31, 1975. profits were up 
to £889,006 on sales c- £6.48m,' 
and by the end of last year 
< October, 1977) sales had almost 
doubled to £l2.S5m. and profits 
amounted to fiJWm. 

About 60 per cent of. safes arise 
overseas. 

• comment 

There are' some rather fancy 
ratings among the "high tech- 
nology** electronic component 
companies with earnings ratios 
well into double figures and yields 
of only 2 or 3 per cent. So 
Enroth erm's p/e of 9} and yield 
of 5-3 per cent at the offer price 
appears to be pitched at a leva) 
which should attract buyers but 
is unlikely to create out and out 
stngging interest. A company 
such as this keeps moving ahead 
by technical innovation and in- 
deed a fifth leg to its product 
range is fairly imminent. The 
directors foresee profits continuing 
to show significant growth over 
the next five years at least The 
market for the company's 
electronic components is growing 
and Eurotherm reckons to be 
increasing its market share. Over- 
seas there an? markets where the 
company has h3rdly scratched the 
surface, and ultimately the 
directors see 90 per cent of sales 
arising overseas compared with 
the current 60 per cent. Given 
the apparent buoyancy of current 
trading the shares seem a reason, 
able purchase, but as shown by 
United Scientific last week the 
shares in this sector can react 
fairly violently when the com- 
ponies appear to go ex-growth. 


Near £4m. invested in 
Equity & Law linked-life 


Equity and Law Life Assurance 
Society reports a successful . first 
year in its linked-life assurance 
operations, receiving £3.9m. in 
single premiums during this 
period through Its investment 
bonds. Much of this investment 
came through the society’s share 
exchange scheme, with its benefi- 
cial terms ennbline investors to 
.witch their existing holdings into 
investment bonds. 

The society says it also had suc- 
cess with its regular premium 
linked business introduced last 
September. By the end of April, 
the society had issued contracts 
for annual premiums amounting 
to £690.000 under its renewable 
premium investment plans. Most 
of this business came through 
the society's extensive range of 
broker and professional adviser 
connections. 

Investors have a choice of five 
funds to which they can Unk their 
contracts— an equity -fund, a pro- 
perty fund, a fixed-interest fund, 
a guaranteed deposit fund, and a 
mixed fund combining these other 
four funds. 

By the end of April the total 
value of funds under management 
was divided 39 per cent equity. 
28 per cent property. 15 per cent 


fixed-interest and 18 per cent 
guaranteed deposit. During the 
first year of operation, the price 
of units In the equity fund rose 
by 14.9 per cent, those in the pro- 
perty fund by 16.4 per cent, those 
in the fixed-interest fund by 10.S 
per cent, those in the gunranrecd 
fund by S.4 per cent, while units 
in the mixed fund increased by 
12.7 per cent. 

Equity and Law has aKn 
revised its personal retirement 
policy wbich enables the self- 
employed to make their own pen- 
sion provision in a tax-eft rieni 
manner. The contract provides 
maximum flexibility, both with 
regard to the payment of contri- 
butions and in the form in which 
the benefits are taken. 

It is available under two 
different plana— a non-profit basis 
under which the pension is 
guaranteed, and a wUh-profit 
basis where there is a lower 
guaranteed pension but this is 
increased by annual bonus 
additions. 

In addition there are options to 
provide additional life cover at 
very low net cost and to provide 
a widow's pension payable from 
the death of the investor when- 
ever it occurs. 


-V2i!^A\M)NSTHiTTEC4Ar6X'D^ 
?> • v Te iepfi oiicitH ^236:14 2 5 


Rates paid for W/E 1 4.5.78 

Call 7 day 3 month 
% p.a. % pa. % p a. 

l. 6.999 6.959 — 

s. 7.182 7.004 — 

d. 7295 7.677 8 25 

rs. 7.138 7.078 — 

'Sun. 7.115 7.066 — 


Bowthorpe HokSngs Limited 

Results for tiie year ended 31 December 1977 


:.f^ r A* S’* . 


an 

dScot 


is] 

tl 

] 

Limit* 

If 

j 

Group Interim Results 


12 May 1978. 


Transfer ?ecr«tari«: 
Rand Registrars Limited. 
2nd Floor. 

Devonshire House. 

49 Jorissen Street. 
B.-aamfont?in. 

2001— South Africa. 
(P.O. Box 31719. 
Braamfontein, 

2017 — South Africa) 



$ Pretax profits V 

r 4. ^5'92ffi \ 

/ : . ' '• !•• \ j j Ij**-*-*— ■ * ^ 4 

' — Sales 


— * t 


(232- 77m) ■ ■ . 




£6 35m 


Profit before taxation. 
Taxation. 

Profit after taxation 
Minorities 

Profits attributable to 
Lloyds and Scottish Limited 

Earnings per 20p share 
Dividends per 2 Op share 


Six Months Ended 

31/3/78 31/3/77 

(Unaudited) 
£'000 £'000 
12,619 7,628 

6,579 4,091 


Year 

Ended 

30/9.77 

£’000 

17.391 

9,1.09 


. 'J'™? 

.2 (£5-8509'-. 

Proposed dividends 


(1 '46 pence) " 

Earnings per snare 


\. . (7- 4 pence) V y/ 

• x- \ v r - / 


5.34p 3.34p 7.69p 

l-70p 1.54p 3.9465p 


^ business continued co be 

buoyant and with the benefit ot iemor borrowing costs has resulted in 
significantly increased profits tor the halt' vent. 

The recent rise in interest rates will, however, result in narrower 
margins on existing hxed rate business. 

Our industrial and omimercial activities experienced mixed trading 
conditions and these arc likely to continue lot the remainder ot this 

financial year. 

Negotiations were completed with Tube Investments Limited to 
acquire ~*l. ., f>t their instalment credit division -Raleigh Industries 
JUradua! J .iymentsl Limited — unj the purchase price was satisfied bv the 
issue or .,203,500 new shares. 

In line with last year’s practice, the Board have declared .in increased 
interim, bringing it more into line with the final dividend. The irucrini 
dividend foe the year to 30rh September 197$ is 1. 70ppcr shore i 1^77 — 
I.i4p> payable on 1st August 1975 to shareholders registered at the close 
OX business on 3rd Julv 1 978. 

Copies of the interim report may be obtained from: The 
Secretary, Lloyds & Scottish Limited, S/9 Chesterfield HilJL 
London W IX 7RC. Tel: 01-491 3236. 


‘Group sales and UK exports have again expanded 
to record levels ... and I am glad to report a further 
increase in profits. We have continued to invest in 
new factories and plant at home and overseas and 
during the year this amounted to £4-2 million.’ 



JACK BOWTHORPE. Chairman. 


British-based, serving industry throughout the world 

Bowthorpe-Hellermann Group. Gaiwick Road. Crawley. Wesi Sussex RH1Q 2RZ Te) Crawtaufrcxm mars 
B owthorpe EMP. Bowihorpe-Heliarmann DiStn&ulars, wSHSmm Oeuucfc 
Heilermann Elec ironic Components. Heilermarn Insuloid, H;ait&Ca Lld.-Pawpi Development Ltd 
Overseas subside, esandassrciaies ^inAusiraiia. Brazil. France. Germany. Japan. SlealanS' 
South Africa. Swnieriand and USA. 


LlqydsandScottishLimited 






■V . V-\ 

. ~ V. 










Financial Times Monday May 15 1978 

Pen din g dividends appointments mining notebook 

timetable Allied Breweries Board An on-the-spot look at 


BY LODESTAR 


preliminary profit 
announcements. 


TONE SJNGTON AND CO, den Printing Company); and Dr. 
tockbrokexs. G- B. Turner (ehalrman, Man. 

it made Fibre Producers' Commlt- 

Mr Stewart Donglas-Maon has tee and a director. CourtauidS). 


Mr Kenneth Fergnsson has been STONE SJNGTON AND CO, den Printing Company); and Dr. • • 

The dates when some frf the more mroortant rfwnnanv dividend personnel director of stockbrokers. G. B. Turner (ehatrman. Man.- I B llVtATlllllVI 

statements may he expected in the not ALUE ?„ BREWERIES beer divi- * made Fibre Producers' Commit- ffC £ |\\| fll §> 1 1 lif B I 8 II ill 

foBowBig table. Dates shown are those of last year'a announcements. fL on ‘ „ becomes a director on Mr Stewart Donglas-Mann has tee and a director, Courtaulds). W-l vA'AAAUA.B.A 

«*P«t the forthcoming Board meetings {indicated thus*') have StS.- ®° ard o£ Allied Breweries been appointed a direct or of * 

been officially published. It !fa ouidte Imffirised the dividLds fi?}* AlUed's beer division — CHARTERHOUSE JAFHET from Mr. TL F. Atkinson has resigned BY LODESTAR 

to be declared wffl not necessarily be at the amoSinJ rates ner Enibraces Tetley’s, Ansells, June 12 and will join the corpor- as a director of PETROCON 

cent shown in the cohmin headed “ Ani»iincemeor last war " , Coope and Ind Coope (Scot- ate finance department He will GROUP. THE SHARES of Rio Timo-2inc labour problems remain. Although gross to prove additional amounts 

Prefmunary profit figures usually accomcarre final diindend r nd) antJ ^ be responsible be retiring from the Simon and * have been a firm marker recently. Rossing is a multi-racial mine with of high-energy steaming coals. 

aonounccmeDts. »u u lor personnel matters relating to Coates partnership on May 31 to WARNE WRIGHT AND ROW. On Friday they were 209p. Our wage rates geared 10 jobs and not One thing shareholders cannot 

the division's full-time and part- take up this new position. LAND is forming an Executive Mining Editor. Kenneth Marston. to skin colour, it has been sadly charge the PCM group manage- 

ume employees. Mr Fergusson, * Committee responsible for most has been having an on-the-spot lacking in skilled workers. This ment with is lack of acm-ity. If 

D .„ Announre- who mil be based at Burton-on- At annual meeting of the of the day-to-day management of look at one of the group's future has been particularly noticeable only by the law or averages one 

“eaT D * Ie nw ™ a l ast ?. 1, was atwinted regional pro- BRITISH TEXTILE CO.NTEDEKA- the group. It will comprise; revenue growth prospects, the In the white foremen class, most of their many endeavours should 

AWed Breweries June si im. i J5 Harrisons and auction distribution director for tiON its president. Dr Brian Mr. L. A. Bywater, Mr. D. D. controversial Rossing uranium of which is derived from South derelop the money-making eapa- 

T . « „ t-roriield.Juneis ram is.49 “ e company s Leeds and Warring- Smith, was re-elected for a second Mills. Mr. P. M. Mody and Mr. mine in Namibia, formerly South- Africa. bilities that will give the shares 

An^T^nmLi 9 Ww,fine •Heaia #o. e.v fuwj 9.1 ion breweries last year, after 28 term 0 f office. Dr. Smith is chair- W. J. Poole, senior managing West Africa. Men from there are reluctant more substance. Those or the 

, F1MRaiK li™,; the Tetley comply. S in Fib”* ^foll^ing StaSon, trtm tb. larger “Sb.C The chairmen. Mr. Bonnie “ » ““*» »»'<?> •> Auaml'an company in »Jich 

•msoc Ewcns. , .Mar ;» im. i si icl .May 26 im™# * were appointed officers of the diarv companies, who have been Walker told Marston in Swakon- a PP r °achrng a major political there is a considerable holding 

“ r w T . 7 . »r M. S. K. Gw has CoSederaSon: Deputy president, appointed fecial directors: . Mr. SSKvJ? SfiSi. e35£°r£ ^evnthalthe uncertainties on this side of the world, stand 

joS!IS rtWated '" J,,ne * 1 “- due become an associate director of Mr. Leonard Regan, (chairman. D. B. Pool, group metallurgist— viable and would remain so. He a ™J. fe3rs that fh ,s . arouses. at A f ap n G°. ndon - 

SSStaSi “JSS CAPEL-CURE MYERS. stock- Carrington ViyeIJa): Vice-presi- already a. special directOMnd JSSmed that it would move out The > management is going a long . Also 'pursuing an active rote 

•ftf riidoni " ~ *K Shoes Mar S 3 Slut brokers, not Mr N. S. K. Green way dents: Mr. Fred Dyson (general the executive main Board diree- 0 f [jjp rei j t0 m^p a sraa j] profit w ?? 10 m f eT African aspirations Hi the search for new mining 

»s. and w.>...jroe is uu. 3.5 K«aer as reported on Friday. seeretarv National Union of tors: Mr. P. Reunion (group this vear Next vear is regarded with spending estimated at about projects is the Canadian-Insh 

BOC mu ....... May M lni.lJ< ^ unnunn.jQne 20 Pinal 0.3JS on rnuay. D^S^BIeart, and Te*t3e cWef executive), Mr. j. H. Cook. « of ren^datJon R30in m9m> b * end «*»*■ N°rth B ate Exploration group. 

-Bomt in, s» P Lni.iitm -Land investors.. .Ms-s in*. 0.4 - _ . _ __ . S._ « « «, ^ as one oi consouaauon woen „„„ two. cnn,„i 


Announce- 
ment Ust 
year 
Ini. i 49 


Allied Breweries June & Im. 1 49 
A nslo- American 

Carpn. Crp. June 9 PITS, tine 
Anglo Transvaal 

Cons. Grp. June 8 Finals due 
•Assoc. Erocng. . .May 23 Im. 1 .3? 

•Avon Rubber ..May 34 lBL 4 

•ANZ May i5 Ihl 8 cents. 

•Bus Chuingui. May 25 int. JLG31533 

Broctiam 54 IT 19 Final 1 27S6 

•Berlsfortl 

IS. and w.V-.Jmw is Int. 3.5 
BOC InL ....... May 35 Im. 3 M 

•Bowe -May IB Sec. tat. i.T48V 

Uonbwjrfc 

iTboa.). ... May is int. 2.4 
•Bmaama 

Arrow.. May 17 Div, tine ■ 

Frit and Comm. 

snipping. June 16 Final 4-3545 
•Bracktunuc ... May 18 Int. l.S 
Bronu Shipley ..Jane 9 Final 4.79 

•Caicr Ryder -May i? Final 12.75S 

•Cbaner 

CtmaolidaimL.June 6 Final 4 .56242 
•Chanrtw*. Crp. June 1 Im. 1.1B 
•CPInride . ..June IS Sec. im. 3.4 

Chubb June la Final 341355 

•Coalite and 

Chemical.. Jane I Final P-3896 
•Coats Pa ions ...May IB Final 1.6778 

CmapAlr Jane is lot. U 

•Courunlds Way 15 Final 4.549 

Pawton InL June 28 Final 1.8823 

•Detwnhams ...May 19 Final 3.3897 
De Ca Roc ....June g Final S.4 test. 
Dobson Park .. June 14 InL 0-633 

•Dasort May 17 Ftaul 24B153 

Elec, and 

Gen. Inv... June 21 Float 0^ 
Electronic 

Rentals... June g Final 1.4515 
English China 

Clays.. June 18 l&L 1.75 

•Ever Ready May 19 Sec. Im. :sn 

•Fine An 

Developments . May 23 Final 0.6512 
Finlay iJas.i ..June 3 Sec. im. 3.11 
•Koikes t John i 

Hero . May 17 Final 6.86121 
•Gold Fields of 

SA Croun .June 15 Diva, due 

•French Kier May 15 Final PJ 

•Fumes* Withy ..May 16 Sec. InL 44291 
GetL Min. Grp — June 1 Diva, due 

Grand MeL June 2 InL 1.6 

GL Portland 

Estates .June 14 Final 2i>457 
Guinness iA_i ...June 16 im.2.S8M 
Gulbrte COTDn-.wJune 9 Final 6 
Hambi-ns June 21 Final 56.75 


Announce- 
Datt mem last 
year 

HarrtEOos and 

Crosfidd . June 13 Final 16.49 
•Hpath iC. E.l ..May IB Final 9.1 
Hickson Welch ..June 2 lot- 3.631 

Hill Samuel JUay 31 Final 2.7653 

JCL May 26 loi.S.6 

Jotwrg 

Car ootid a ted.. June 9 int. due 

J nnnyffp 

M at they.. J one H Final 7.1OTB 

•K Shoes May 23 lu. 0.17 

Keyser 

UnaunaL.Juue 20 Final 0.225 
-Land investors.. .May IB Im. 0.4 
•London and 

Nonhem. May 24 Finals 
■' LOFS ■' ... -June 16 Final 3 J2076 

•Maries May 25 Im. 1 

•MEPC ...May 24 Im. nU 

•Metal Bos June 5 Pinal 7.43 

Minister Assets June 2 Final L74S 
MR Electric ..June 22 Final 2.89 
Nat Bank 

Australasia.. -May U Int. 6J cents 
Nonhn. Foods .--May 31 mt. 1 
Pauls and 

Whites.. June 16 Final 1414 

Fester 

Rattersley.. Juno 8 Finn! 4.931 
PUkingtou 

Bros. June 10 Sec. ioL doe 

Plensey June n InL 0.48707 

Powell DtzSryn June 21 Final 543484 
Press (Wat ..May 23 Final 6.75 
Pro p. Hay'S Wt. June 2 Oil 1.42! 
•Ransome HIDnn. 

Pollard... May 24 InL 1.44 

•RHM May 13 InL L33 

•Rea dl cut InL ...May 17 Final 0-9977 

Reed InL -May 31 Pinal 7.0445 

Samuel (fl-i May 24 Sec. tm. 6.4 

•600 Group June 8 Final 3 

Staffer int. ......May 20 Final LSI 

Stave! ey lads. ...May U InL 4.4 
Swan H toner ..May 24 Sec. toL IS 

Tcbco June 22 Final 0.8267 

•Trafalgar Use.. .May 15 InL 2-54 

Triplevest Mar. 31 Final LB0I 

Triplex Fndries. June 15 Final 2.738 

UBM June 16 Final S.44UB 

UKO Im May si Final 5J8 

Ward iT. W.» ..June ifl IoliMATS 

Wedgwood Jnne 10 Final S.7 

•Whnbrcad May 17 Final 245888 

■wolv. and -Dudley 

Brews.. .June i InL V.T 
Woodbead 

Uonasi.. June 17 Final 4.6303 


I Union of tors: Mr. P. Reunion (group S,ir Nertyear Sregardwi ?P th spending estimated at about projecis is the Canadi; 
and Textile chief executive). Ml J. H. Cook. ^ 0 f conrefidatJon ^w-hen B30ra by the end of this Nbrihcate Exploration 


Canadian-Irish 
ation croup. 


WALTER WALKER AND CO„ (chairtnao. Wool extile Delegation Vaughan andMrF. T. Welllngs. pf0 fit flow. employees and all 

stockbrokers, as an associate and chairman. British Mohair Mr. A. F. Morris, who has been . . . B .. structure that goes w 

member. SoianerO* Mr. J. D. Nightingale appointed secretary of Wame B “t, asked when Rossing would jng certainly deserves 

★ (president. British Textile Em- Wright and Rowland. was attain its full capacity production Marston concludes. 

Mr A. E. EHJcott has become pfoyeW Associati on, and ^airman formerly agstant secretary of J^5e f dct° SlmVr “wSkJJ n -c o 

admipistrative panner of BLANK- and managing director, the Wals- Qrnnton Hazell orade per precire S Pacific Copper 


This week in Parliament 


TO-DAY Scotland BUI, committee. Committee. 10.45 a.m. Room 8. 

COMMONS — Private members* Internationally protected Per- THURSDAY 

“rir Md Country Pennine "TSSTSSUSS im SSS^W £S£ 


od. was attain its full capacity production Marston concludes. the original Irish mining boom 

retary of of 5-TOO short tons of uranium way back in the 60s. in likely to 

oxide per annum. Mr. Walker pnJC. Pnnnpr close down by ihe end of r.ext 

— - — would not be more precise than * year at the latest. 

" some time in ISTF-’’ Last year's The shares of Canada's Pacific The shares of the croup which 
output was about 8.000 tons with Copper Mines drifted lower after includes Anglo United, in which 
substantially more expected this j last wrote about them in Pel^ the parent company has a 24 per 
ye®7- . ,, . , ruary, when they stood at 52 in cent stake, have been stimulated 

South African security regula- Toronto. But they have rallied recently by news of a “zone of 
oom 8. tions prevent the release of more yrnarUy recently to 52.28 on talk significant radiometric readings ” 
specific current production c f a uranium exploration deal. ’ n Donegal. But no ore-grade 
lnifiictrisi fipiJ' 55 -. No* 1 Mn details be given This is now confirmed. An agree- uranium assays have yet been 
lewsraoer of.R°86ing*s export contracts and ment giving a !M) per cent, equity obtained. 


( w md^caleand Calder Works) ^ BiSLd ¥ric m"tSSS SSST^ ISL'SSl 7™**? n °\ pre ™ nWd A ^‘° 

Special Development Order. SELECT COMMITTEES — ^Expend!- ?» owior C 5 m 0 th ? t 00515 at this big low-grade Alberta company. covering United shares herominc a lively 


Special Development Order. SELECT COMMITTEES — Expend!- Order 00 51 5 at tins Dig towgraae Alberta company. covering United shares heron 

Housing (Financial Promionsl ture. Trade and Industry Sub- i nnn ^ O rlmny lilandK Council mine J ar ® running at about 520 per approximately 10.0IM) acres 65 marker. On Friday they were 

iScotiand) Bill, Lords Amend- committee. Subject: Measures to pound of uranium oxide, including miles east of Yellowknife in the } 25 ? compared with l08n when 

ments. prevent collisions and strandings l ° terest charges but not deprecia- Northwest Territories. I first commented on the find 

LORDS— Short debates on of noxious cargo carriers in U.K. commin™ . , The property. It is stated, is last month. Nnrtheaie have also 

second report of Select Committee waters. Witnesses: Corporation of onarmed force’s oav fOF l i * p 2 I u B ! B ? are indi °al e d by a recently completed P°"? ahead to 3a5p from 245p 

on Practice and Procedure, and on Trinity House. The Hon. Company gjSSSlSS cSrln^BiU 0 alrborne ee°mehic survey to have eariier this year, 
survival of democratic system. of Master Mariners. 10.30 a-m. ' I®* 1 ® contracts being arranged a high uranium content. An Th® parent company is still a 

^ Debate on importance of retain- Room. 16, S^on future of British procran,mf 1 3 ^ V Z 


in g London as a centre for inter- Nationalised Industries, Sub- nW j fflr deterrent. 


to be more in the S25 region, is being planned. 


national arbitra tion. committee C. 

SELECT COMMITTEES — Expendi- Broadcasting 


comminee C Subject: Independent c^^^rtiMMlTTERs — iin Exis ^ng producer contracts are at ip Australia 
i- Broadcasting Authority. Witnesses: pSTfffL .1 PaciE ? Copper 


working capital at end-1 H77 of 


Australia POTs ofifshoot SC26m -(£12.Sm) even after last 
Copper is completing year's return to the dividend list 


rnaon system, witnesses: uepi. 4 p m. nome urnre witnesses « Expenditure* Gene 
of Health and Social Security. 5 p.m. Room 8. mituTsiiblect' Esrin 

4.15 p.m. Room 13. Unopposed Private Bill Commit- Jggg* wiSeS 

_____ __ TO-MORROW tee. Subject: Abingdon Market 

„ “ _ I COMMONS— Finance Bill, commit- Place Bill (Lords) and Mile End ^ 

t J9SRl te ® stage. Gardens, Portsmouth. Bill (Lords). FRIDAY 

SSE SSettP LORDS— Scotland BUI, committee. 4 pjn. Room 9. COMMONS — Home 


p m Boom 8. EstimatM nn^nni d » UC V°J? ^ nce the n,in J! future production of the Torring- the las attaching to Nnrthgate. 

UnoppoS Private Bill Commit- “**£*• Sa W a g* on coal started in 1976 bave stemmed ton tungsten property in New + * * 

e. Sub^: Abingdon Market Treasury, from a number of causes. "Hie South Walas In which Hampton Tomorrow evening Mr. Peter 

[ace Bill (Lords) and Mile End 4 ** 5 * Lm " 110001 ®* on ®J ! haT ® been low-qualiry Areas has an interest. Further Howe, head or A.C.A. Howe Inter- 

ardens, Portsmouth. BUI (Lords). FRIDAY labour, low and erratic ore details are promised soon. - nntinnal. will be addressing a 

pjn. Room 9. COMMONS- — Home Insulation sroaes, and ore with a higher than As regards its recently gathering in London with the 


Films Bill, second reading. Public Accounts Committee. Bill and Solomon Isls...ua ^>u>; ri _„ .. - 

SELECT COMMITTEES— Nation- Subject: Appropriation Accounts. BUI. second readings. i™": ^ ill 1 0 “ n „ s „ , „ ^ may ton . ,n NS^V, Pacific Copper . is from its long dull slumber." a wel- 

Tk i nr i r ■*>* , , alised Industries, Sub-committee A. Witnesses: Department of Health Independent Broadcasting Autho- ^1.® 01 ove ^T nearing agreement with a major come message indeed. He is open- 

rilhsir WnrKt!! I nnsirn subject: Innovations in rural bus and Social Security, Department rity Bill and Domestic Proceedings f r j?lr u # hI D 2 p £? duc ?, r for - 3 con,ract i° P. UI ^ »"K ® London office in charge of 

LIUU.V- VY L/UdU DUalU IdlCs services. Witnesses: National Bus of Employment 4 pjn. Room 16. and Magistrates Courts Bill «°Ji*^;S orn T r " c # x ^V n > ^ an ’ chase its existing- and expanded which will be Dr. Calvert Arm- 


recently gathering in London with the 


Public Accounts Committee. Bill and Solomon Islands (Lords) I fr 0 ® 0 !* 0 abrasiveness, in addi- acquired coal project at Single- theme ** exploration is awakening 


services. Witnesses: National Bus of Employment 4 pjn. Room 16. 



Quota Ihiis repaid 

at 

MM-qmta loans k* raaaU 
at 

Year* 

hy ElPt 

At 

muarttjrS 

bvEIPt 

At 

maturity! 

• Up tO 5 

101 

iofr 

Hi 

H{ 

HI 

11* 

fe Over 5. np to 10 

11} 

Hi 

121 

11} 

12* 

12* 

-- !>, Over 10. up lo 15 

12 

12f 

121 

12} 

12* 

13* 

Over 15. up to 25 

121 


121 

31 

m 

13| 

Over £5 

121 

13 

13 

13* 

13* 


quota Joans A. t Equal instalments of principaL t Repayment by half- 
yearly annuity (fixed equal half-yearly payments to include principal 
and interest). 5 With half-yearly payments of interest only. 


Company. 4 p.m. Room 8. Joint Committee on Consolida- (Lords) remaining stages. 

Joint Committee on Statutoiy tion and Bills. Subject: Adoption LORDS— Inner Urban Areas BtU, 
Instruments. 4.15 pjn. Room 4. (Scotland) Bill (Lords). 440 pjn. second reading. 

WEDNESDAY Room 4. Pools Competitions Act 1971 

COMMONS — Transport Bill, re- Nationalised Industries. Sub- (Continuance Order) 1978. 
maining stages. committee B. Subject: Electricity Agricultural Holdings Act 1948 

LORDS — Orkney Islands Council supply industry (reorganisation), (varition of fourth schedule). 
Order confirmation Bill, report Witnesses: Electricity Supply Church of England (Misc. pro- 
stage. Industry, Employees National visions) measure. 

MONEY MARKET 


,Q, ailtl iUoKlbU a ICO VAIUI La .p ill . 1 ■ , - m “ ' — — — — --4> “"M v«|fuiivvu n "IV l| "III Ml . VjflM kl I .-V in- 

ilida- (Lords) remaining stages. . S**,- 81 de ' — “ fact ’ 11 038 not been ‘’“tiJut as well as providing for strong who found Pan- 
ition LORDS— Inner Urban Areas Bill. a rn! op ^_ PT' , ... 21' 0I }K° in ? development capital, continental's big Jabiluka uranium 

p m wmnd reading. T^ e w tec *® ica ^. difficulties have The deposit is estimated to con- deposit when he was Howe's chief 

Pools Competitions Act 1971 °° W ^ een Iarge ^ overcome, but tain 125m tonnes. Work is in pro- geologist. 

Sub- (Continuance Order) 1978. ' — - . 

2S? ,JS2. c S t S ra JJSL d SK.^ , ., 184a INSURANCE ar our insurance correspondent 


RECENT ISSUES 


uroer connrmaoon am, report Witnesses: Electricity buppiy unuren of England (Misc. pro- 

" E< pAftRKET ^ ^ Solicitors’ insurers on a loser 

INSURANCE IS all about the from his own personally- £7m., while claims settled by the 

AlAwvrAivn L..A fL — — J?- ^ | estabtishment of funds by the selected insurer hut under a end of February of this year 

I ^1 Vi ■■■ V Hill llfll lifr* Bill many to pay for the misfortunes special scheme arranged by the amounted to £1.25ra. and claims 

a. 1V1 I vUvJ llvrByVAlU. of the few. On that fundamental Law Society. There was a run-in outstanding and quantified 

Bvp-M.E.Mn.u. u we can all agree. After this the period when solicitors insured amounted to £9.35m. 

BY COLIN MILLHAM going gets more difficult parti- elsewhere had to let their cover Bpca .. sp nrn F P « icma i indem- 

Recent weeks have not been money market in a very nervous around 9 per cent., at least in the K^jJvels^o^cmiS^ition 3 '?? vhemp^nd hp^ch i nity c ' aims arp oftBn slow to 
easy for the Government or the condition, and discount houses' short term. S2i.iSM?i S ».2Li5S!! tnbut,on by 0! B Sl!l2S£. - be ^2L e surface, insurers reckon that the 


BY COLIN MILLHAM 


EQUITIES 


coaj *1/4 Lire vjuvciuuiciii «x luc ^UIIUIUUII, aim UiM'UUiit uuuso StiUUJL i ICIUL I inriiuiriiiuT momhflrc 

monetary authorities. Financial buying rates for three month If this is not the case then the | uiaiviaua ^ nieinDers - 


markets bave been dominated by Treasury bills indicated a Bank of money 


However, the majority view is 


in e .W^l P pr be ro? R e wifti l=,«m reckon 3£ the 
compulson' in September, 1976. proper allowance for claims 

19, .- J lhe ' .^ps^ance con- incurred but not reported may 


1 1 | a silYer lining, however, arid as 

5- — i5 r-=pSP-K ] although conditions looked pretty * 

” I bleak towards the end of last j, y 


His*h r Uw 


1U5 I F.P. J2b*4 I IQ \ VU> 156 

i i t i [ 


depressing economic news, and England Minimum Lending Rate certainly become very morbid clear, that the proven sub- sortium underwriting the scheme we u t, r j nE total cost 0 f 
any amount of soothing has failed of anything between 9 per cent, once more. standard risk who makes had optimistically set its pre- establishine adeauate reserves to 

to produce calm conditions, and 9J per cent for much of last Nervousness about the future regular, frequent demands or miums at £310 per partner and rt 4 ra or m o rp 

Evay cloud is supposed to have week, with 10 per cent suggested .-of the economy was fuelled by even occasional substantial £387.50 for the individual prac- * l n “ 

* silver lining, however, and as a possible level at times. news last Thursday that the claims on the fund should con- titioner. It had also said that at . s ° frotn September 1 onwards 


iw M| wwk , all, may not be lost. 


Good news may turn up for the EO od news 
ZirSEtl I “•■•21AJS2 SSounrement 


as a possible level at times. ne ws last Thursday that the claims on the fund should con- titioner. It had also said that at }n 1 J JIS 

The final outcome, lifting MLR growth in the money tribute more than his non- U»e anniversaries in 1976 and " p ° D P ^ f c “ I! v ^ r ul JSSJ 

by only J per cent, to 9 per cenL, supply was larger than expected claiming neighbour. 1977 these rates would be in- JgJ* 

was generally regarded as very In the last financial year, and by . iT -. . creased by 12{ per cent of the tl,0 . se 1110 rcco° r ! u a 3 loca Jf d 

good news however, and the rather alarming ban kmg in ^ p }i J/ previous year’s figure or by 75 wlU P 3 ^ £6 ® 8 -. In . addition, the 

announcement on _Friday of a new figures on Thesday. ^owinE^a per cenL .? f % percentage in- ?5” ss JLl r * la ‘HL ls t0 ^ rajsed 


FIXED INTEREST STOCKS 


inflation, but an even more in*.,-™* rate stmetm-e 
important event is likely to be . strecture. 


other side of the Atlantic, with lone substantial exception here jt, a ^ 


quickly 


greater. Meantime, many of those 
Insurers solicitors with claim-free records 
became insured relatively cheaply 


Si * \ - — 1 >• k ^ \Q 

sjl|2l|l5 !! 

“ <5 ri" u«i.j 


i I — nip Aimn. liuli*. iv.b-j, awl. I’ri 96[ 

JUCi ( Kl*. I — F**9, Aiiiw. h*pr«s* Int Kin. Vnrwl-le ci *99ii ...» 

lOOf K.l'. ;a0/5 ■ HUr lv6?j> ArmUsgelC.) lOisSEmU'um. Prat tlO|i — 

lOOpi I'.!*. ! — lvSii li^i' «n»imi,in(twiAi!ili. M.ind nttl 103 r 

« j MS: I ::ii? :'l i.'nifek Msln.v. Iqj. l»t. JImH. f.v-ts C7 

A99 b - 10 iSS.8 9<« k's Giwnwii-1, iLnn. lkw>. .Mi lli a 0 Rert. 13Sr>.. Slr+l* 


i»8.Srio i 
C98 F.I-. . 


MS: I :ri ij» : i Ufnfek Msluv. iiij. i»t. T.vif- 

CIO jSS.a t»'« k's Green wii-h iLnn. lkm>. «Mi I lj a 0 Rert. 13Sr>.. Sir* 1 * 

E0r4 104(i IV4 1 X iMWI 10* Cum. Frcf....,._ JUlj 

K.l'l 9,6 lOyj Mil Mcnziui (.1.1 Cum. Vraf 1u3j| 

1 .1*. 12U 7 I da 101 >a AUJ^iosat Water TfeHoi. Prf- l*ii — ~ ls 

_ !23:6 MJp tty ftttnnl i'lim. Kt*. 98 1 1 — 1 ? 

Kl*. I B o ' t\«, 3, 1'nli’ws tlj, I'ar.Uut. La. ‘a6a..„.„. i 87 

All I — . Jjni Ifpm Telibit 16* Cuv. Uni. Ln.1985 -i t (.-n. —4 

CIO I • 9i- 9!t Tvne 1 Wear 12K. Hi«l. 18s6 9 Ie 

F.l*. .06' KO* 97 Yurk Wnff 11? lfe+>. IW - 197 —'7 


If the trade figures are as bad regarded as a favourable mdica- 
as bad been suggested in some ban for the trade figures, which 
quarters, matters will become a re now expected to be much 
worse, since a further deteriora- better than some earlier 
tion in the balance of payments estimates. 


n some non ]ot me iraoe figures, wrnen The Government's Budget Pfimnh 
become ^ "° W ,9^ Lli *» strategy ha.s also suffered a set- HUnCfl 


back at the hands of the Opposi- At one time discrimination was e f 

tion over the last week, and with achieved more by underwriting C °o<^ t 


-l position will only confirm fears Good trade figures and an the recent doubts cast about the! hunch 

••• I flhmit thn fnfnnn rtrnmAPfc -fnr Iho ifnnrniiomdnt in fhc» nuta it _ I 


closed that claims paid and out- bring. 

standing were some dm. in To them it must be small con- 
excess of the premiums then sola tion that the Law Society and 
collected. its insurers are now accumulat- 

Recently, more and more in? a deal of evidence emphasis- 


■ ii™; 81- about the future prospects for the improvement in the rate of entire ra oneary policy, any respite statistics but nowadavs Pven if daunting, figures have been pro- ing the need for stricter enforce- 

loi*. luii. inflation epald well do the trick in financial markSs vill be S e ywSre not SSSS&ISrt duwd * The earned premiums ment of higher professional 

i«ii Mewhai ijj Cum. Vnf, I03ji The latest events have left the of stabilising interest rates welcomed. bv an aDDreciatinn nf th* vahi® for the first compulsory insurance standards, which may ultimately 

Alts „ i *S& I * i *22- *S~ 'L J 3 to jMt under he l p _i0 re duce premium s. 

ni dei-«it!. 1 


ie of stabilising interest 

Local ^nth.j Finanif 

Aurh«rirj- ' oee'Hialile Rnuae 
, bond* ) Dtia.’UU 


rates welcomed. 

, • Dls«''ucl | 

tompanyj market j Treanixy i 
beiXAti? . deposit ' Billi 4> 


Blijjihlc : , 

Bank 'Fine Trade i 


“RIGHTS” OFFERS 



Orenun lit >....) — 

Z day* DfHii*..: — 

7 days Pr : — 

7 days not ire.. — 

One month,... j 8^ -8 , : G 
Twn nifnihf... ( 

Three luonUn. 
uwitlw.... 

Mae months. - 9A-9ii; 

Om >wu- 

Two years — 


e 

l 

8'? 


9i, 

9te 


l'lj'pni +i, 
134 ,+4 
39iiui + 1 
1 + 1 
29(mr+ 1 


48(1111 + 1 


29ym + 4 


Henuncuuon dnlu usnaUV bn day for dealing free of Stamp duty, h Fienres 
hdsrd on pn<-puiius osiHHJfe. » Assumed dividend and yield, v Forecast dividend: 
cover bysi-d an pntrioie year's carnlnss. t DlvtatesHl and yield tosed on prospectus 
ur mbi-r nfliciai ,• ,1 miaies for 1979. g Gross, r Fiennes assumed. J Cover allows 


taro ni deigns- I ! bend* l De|n-uu DeptAiiV ! deposit * iiiiii + BDii. 9 [ Bills 4 . a nearly universal demand from 

r ; ■ 1 — - — — i 1 ; — •; 1 all categories 0 / policy holders 

SUSSttS^t - 18 ! 2 l t 6 ‘ 2 1 Z ! — j ~ for statistical justification. 

example, by the Departmeot of 
Trade’s supervision of motor 
insurance rates, and statutorily 
required in matters of sex 
discrimination, by specific legis- 
lation. 

Local 3 ru ho mil's and finance houses seven dan." notice, others seven days* fixed. Lons^ienn local amborlo mortjraw nuc C _ P r ' 

nomlnaMy ihrce years Vtt-lli per ceu.: lour years 113-12 per cent.; five years 12-12* per cent. <*• Banfc pm rates in table are eT ? ce ov ®r a number of years 

burins rales for prime paper. BayiHB rales for four-menth bank bills 9-91 per cem.; faur-momh trade bill 91 per cenl. W| lh a reasonable spread of risks 

Approximate sfIUps rales for oaienfflonth Treasury bills iSit-S per ccdl; rvo^otuu 55 m mt ceuL anri ifaree^oouib pci in st narfimlar cntppnrv it i«t 

rew. Approximate so I line rale for one-nwuh bank bills 85, 6 .st per cent.; two-mo run jgHs 1 per «ols rnffiSSEESna lii-JLSl, ® . vl J ll 

cent. One-monib trade hills Si per cent.; two-month 9 per cem.; and also r bree-mooUl fti per cent- relatively easy for them to 

Finance Hans* Ease Rates fpobllsbed by ibe Finance Houses Association i 71 per ceaL from &lay 1, 1978. Clearing Bank develop rating Structures from 

sar. JB tS.Tr’JJL’* f.r ^ eat. Tr^sor, their known sOUstieal hnso- 


LOCAL AUTHORITY EOND TABLE 


67g.7J4 
8 5a -87e 
BTb-SU 
9-91? 
9Ls-9:% 

9ic-»0 

9^-10'b 


9"t-10 

10V11 


FOREIGN EXCHANGES 


CURRENCY RATES 


InuLi- 

Vay 12 'Rfluui 

s 


Alnrket l(«lw 


Unwise 

Rights 

Mavl2 


for l-oq vc raidi ■ of fh.iros not paw raukuw lor dividend or ranking only for restrlvud * ! . ! i May 12 

dividcndv v riariMR tirt.’v to public. oideai otherwise Mni«L J s ew York...| 7 h.8 165- l.BS6i 1 .8 195- 1 J205 Su _,, n _ oeaeitm 

hr Tender. il UBcnid lo holdent of Ordinary Shares as a _ ncht3 •• Klfihis . gi» B.MpD-2.D6B8j2J12a5'2JJlHB ?• < PSi- { 

hy way nf capital Ian lion. r» Mtahmrai tcmJcT pries. H Retatroduced. ^ IWUcd Amaentem ! 4 ‘ fi.074-4.124 ; 4.HM.1! ( 5 'wni 


by «oy Of capiiallmtlon. r» Mlnhmioi temfer print. SlRrtntradBced- v: iwurd V' ptTar^ 4.IIW.11 

in .■uiin.-.-rion willi reoru«inn!iai itncnwr or take-over. 1^1 Inmiductjon. □ Issocd brusaei#;..... Bis 59.40-HI.1D I BS.ffl-58.90 |7“ 

to fnrtncT Pr l'-n-nvc holder* M Wlatnsent tetters lot talir-uaidi. • Provisional Cmenhajreo' 9 ML344.10.41 nO.59i-W.4ttl 

ur partly-paid allotment fetters. * With warrants. Frankfurt...) 5 S. 6 1-3.85 3.63£-iJ4i Knisli krone 1 


BASE LENDING RATES 

\ S.'S. Bank 9 o&MHill Samuel 5 9 % 

Allied Irish Banks Ltd. 9 % C. Hoare Si Co f 9 £ 

American Express Bk. 9 % Julian S. Hodge ......... 10 o 

Anno Bank 9 % Hongkong & Shanghai 9 % 

A P Bank Ltd 9 % Industrial Bk. of Scot- 74*7. 

Hrnirv Ans bather 9 % Keyser UlUnann 9 % 

Banco de Bilbao B °1 Knowsley & Co. Ltd — IlJ°o 

Rank of Credit & Cmce. S% Lloyds Bank 9% 

Bank of Cyprus 9 % London Mercantile ... 9 l -o 

Bank of N.S.W. 9 % Edward Manson & Co. 101% 

Banque Beige Ltd. ...... 9 % Midland Bank 9 % 

Banque du Rhone 91 %■ Samuel Montagu 9 °ii 

Barclays Bank 9 °FiB Morgan Grenfell fl % 

BarocU Christie Ltd.-. 84% National Westminster 9 % 

Ereinar Holdings Ltd. 10 % Norwich General Trust 9 % 

Brit. Bank of Mid. East 9 % p, S. Refson & Co. ... 9 % 

Brown Shipley 9 % Rossminster Accept’cs 9 % 

Canada Perm’r. Trust 9 % 


Royal Bk. Canada Trust 9 % 


Capitol C & C Fin. Ltd. 9 % Schleslnger Limited ... 9 % 
Cayzer Lid 9 % E. S. Schwab i0i% 


Cedar Holdings 95% Security Trust CO. Ltd. 10 % 

Charterhouse Japhet ... 9% shcnley Trust 9J% 

Choulartons 9 % Standard Chartered ... 9 % 

C. E. Coates 10 % Trade Dev. Bank 9 % 

Consolidated Credits... «{% Trustee Savings Bank 9 % 

Co-operative Bank 9 % Twentieth Century Bk. 10 % 


C. E. Coates 10 % Trade Dev. Bank 

Consolidated Credits... »i% Trustee Savings 


Corinthian Securities— 9 % United Bank of Kuwait 9 % 

Credit Lyonnais 9 % whiteaway Laidlaw ... 94% 

The Cyprus Popular Bk. 9 J williams & Glyn's 9 % 

Duncan Lawrie S J ^ .rkshire Bank 9 % 

EflKil Trust ; ® of tbe AccwtlM Houses 

English Transcont. ... 9 % Communo. 

First London Secs 9 Mas deposits B%. orposiu: 

First Nat. Fin Corpn. 10 % «%. 

First Nat. Sees. Ltd. ... 94 Tit r-dw tfcposiis on aoms o# no.ow 

■ Sl.yC.ibbs *5 a am "* 

Greyhound Guaranty. .. 9 « JjJ dSoats owr n.ooo ri. 

Grindlays Bank * J % 3 tiumaai tunatts «*i. ^ 

• Guinness Mahon 9 Jit Rate awo applies n stefliw 

■ Hambros Bank 9 % s«a. . 


Lisbon IB B2-M-85JJG | 62.6b4KL66 &.uCr| 1 pmVfc 

Madrid.. — 6 I47.0-I46.2S T47.4S- 148.15 

Milan 1U 2 1.676-1. BBS 8J2M™ 

Oslo 7 9.BMJ4 ! fl.fll-B.K8i liS 

HbHr 9li 6.4541.61 j|.472 4 J.4B 

‘jtne&bolm.. 7 6.42-8.48,! p.46JeJ.461s 

ToLvo 3U 406-412 OMIU 

1 iewsa. Els 77. 56^7 JO Z7.6IW7.70 S£2£fiS!Sh 

Zorich. 1 S.684-5.62i I3.60S, 41.61*4 


1.30715 

18.4824 

40.0332 

6.63185 

2.56660 

2.74058 


274.7761 
6.63165 
B 8.9564 
5.66672 
2.408321 


Unit of 
Acconnt 
May 12 

0^69807 
1.22068 
1.35882 
18.4802 
40.1666 
6.97105 
2.57272 
2.75370 
6.68254 
1062.32 
274.615 
6.63637 
99.0306 
5.6684 
2.41385 


GOLD MARKET 

| May 12 r .May II 


Gold Bullirio.l ■ 

<a fin« nuncc'l i 

I'l'M —S 174l«.175 [S 175- 175^i 


rating structures that are justifi- 
able to supervising authorities 
and potential policyholders and 
also potentially profitable to 
insurers. 

And when insurers with little 
or no experience and are setting 


Authority 

(telephone number m 

Annual 

prows 

interest 

Imprest Minimum Life of 
payable sum bond 

Barking (01-592 4500) 

% 

10J 

J-year 

a. 

5.000 

Year 

4-6 

Barnsley Metro. (0228 203232) 

10 

3-year 

250 

4-7 

Knowsley (051 54BR555) 

11 

4-year 

1.000 

5-7 

Oxford (0SC5 49811) 

10! 

!-year 

5.0(io 

5-7 

Poole (02013 51 51) 

IClj 

j-year 

500 

5 

Poole (02013 5151) 

10} 

j-year 

500 

6-7 

Redbridge (0I-47S 3020) 

101 

j-year 

200 

5-7 

Southend (0702 49451) 

1(1 

4-year 

250 

3 

Thurrock (0375 5122) 

11 

J-year 

300 

4 

Thurrock (0375 5122) 

Hi 

J-year 

300 

5-7 

W rekin (0952 505051) 

11 

yearly 

1.000 

5 


a new scfaeme > b °tii sides may 
"liiB6.235i «£95.756) have to take the rough with the 

Aiteni'n fis'c ;si74. 70 S175.55 smooth, and indeed many non- 

r- 1 ,£93 - sa4 i WS6.188I claiming policy holders may have 

SSSeS^iiyil I to pay a high price in helping to 

Kregmand 'S170181 $181-183 develop the statistics that will 

„ |(^8is-9flia) k^gis-iootsi ultimately show they have in fact 

3 wSor*gn?..'S53i2-fi5te IS54-56 oaifi tno much 

..... (.£Mit30l.> tet?J,,303.) ^ 


Old Sov‘rsTU. ! S54-56 
6 in:»Q3... 


(1:293^-303,) 


S53i,.55U 

ko»M-3om 


t Rates aiven for converaible franc*. 
Financial franc 5U.9M0.11J. 


EXCHANGE CROSS-RATES 


Knraftlun. .\fw li-rt 

Fmiklurt — 2.108035 

NmIW 4748-18 - 

Parti. 220.65-15 70 

yrnmelj.— lh.fil-63 
tendon..,.. 3J3*-84j 1 . 61^-5205 
Airur'diim. 107.01-06 SJZbXl-'tStt 
Xiirli'li 95,764-904 1 W7F&-96«fe 


Gold Coins... 

(Intanat'llytj 

r vmS ' .. Kangemnd ,.|6179- 18 1 

e franc*. . /.EOSia-Wis) (£99- 100 j 

NewSov'c5nslS54i2-56l* 86414-561* 
l.£304ll» (£30-31) 

Old Sor'oraS'S54-56 .S54-56 

(£j39^-30i 4 ) j(£293«-303 A ) 
S2J Esfllw.... S276-279 <9276-279 

RATES 

■w- w, - trsT. 

454345 6.40-41 3.83NM5 ) 95JI04O i 10S.5MS Ftetand"'" 7^ 75l"77fc luS5jl UD wit 

214341 3.017-025 U’]90^2fl( 44.1117 ‘ 80.12^0 — ^"SlHklSSu* 9 

14.133-166 S.4n-4ftT1 836.30-75 255-2U-707 ft EOSSs r 


A good Illustration of the pro- 
blems of starting a new scheme 
from scratch is provided by the 
solicitors' compulsory pro- 
fesisonal indemnity scheme. 

In 1975 the Law Society 
decided that every solicitor prac- 
tising in England and Wales 
would have to purchase pro- 
fessional indemnity cover, not 


FINANCE FOR INDUSTRY TERM DEPOSITS 

Deposits of £1.000-£25.000 accepted for fixed terms of 3-10 
years. Interest paid gross, half-yearly. Rates for deposits 
received not later than 19.5.7S. 

Terms tyears) 34567S9 10 

Interest % 10} 10* 11 11} 11? 31? 12 12} 

Rates for larger amounts on request. Deposits to and further 
information from The chief Cashier, Finance for Industry 
Limited, 91 Waterloo Road, London SE1 SXP (01-92S 7822, 
Ext. 177). Cheques payable to “Bank of England, a/c FFL" 
FFI is ihe bolding company for ICFC and FCI. 


7X6X6 - • itya 

8.47J483 £0.80-90 f - i 4.10-11 3-S^- 

48.4fij-ijl5 6.M26-7S 1 - >114.1,6 

42.4af*^01 fiJQB.D13!3.5»5*je7! 87.6W-7E2 : - 


O.S. S in Tnronl.i UA =lll.KvS5 i.'ftnB-JtaO cents 
Catuillu S in XeM Yurie =^3.B&-90i-enLs. L'.S. S lu liij&a t'HjO-6 J 
Sterling in Uil*n 1S8S JO-l6S7.Lb 


EURO-CURRENCY INTEREST RATES 

», in , j, | LatuulioD l i Uulitb i 

Sluy 12 Blorllng Ddfou-: GutMere 


4 lfull 1 tnai lakQ 185-731 France.:. _. B.4B4JD 

4-K 1 !i5*?Jun KoTOi t fl.49M.5M gfsnnany. . J.7W.8B 

, 7 hTA. 7 ? 5 : “ l<ii*enib'rK 68.Btt-53.5fl {Greece 68-72 

Z M*tav«M.J 4.57-4.58 IlUly 1668.1BW 

, -VZwIlDii. 1.7811- I.80 »,J*|*d 4.0S-4.18 

f.n sxeti 3*mn Jrah 621-651 i.Netbttl'adl 4.00-4.10 


jpA Dollar 

Dui i'll i Srtsv&a 

(•uiklere j iraae | 

i 7Io-7Je 


3 

1=1 

8 la 
8k 

-71a 

-8 

■a* 

-8i 2 

4Je , A3a 3;-:3 

4J 2 -4>( 1,V1,V 

4ae-4ia lia-li- 

4*i-S lA-lH 


rtias*POTe.J 4.85-4^7 Aarway __ 9J5-9.® 

S.Afric*....I,6666-1.55MiPbrtui;d-. 78-85 

*■ -*- - i iSp*ia 145-148 

tiiiuuU S'viLz'lafld 3 - 55 - 5-65 

CSI 5 _ ^04 U2-1.85 

LAeaiifc.; S3 ^7-83- 70 fljifiotlava jWi-3S* 

Rate stv?n for Argwitina j* a free rate. 

FORWARD RATES 


TCt-fHa ur run 


This Advertisement is issued in compliance with the requirements of the Council of 

The Stock Exchange 

WADE POTTERIES LIMITED 

Capitalisation issue of 397,486 1 0 per cent. 
Cumulative Preference Shares of £1 each 

The above securities have been admitted to the Official List and dealings 
in them will begin on 1 5th May, 1 978. 

Particulars of the Preference Shares are contained on cards circulated 
by Extel Statistical Services Limited and copies may be obtained during 
normal business hours on any weekday (Saturdays and public holidays 
excepted) up to and including 30th May, 1 978 from 

FIELDING, NEWSON-SMITH & GO., 

Garrard House, 31 Gresham Street, London EC2V 7DX 













Financial Times Monday May 15 1978 




INTI. FINANCIAL AND COMPANY NEWS 


Outlook for Dutch shipping 

industry stays deoressed volume tops 


$200,000,000 Seven Year 8Yi% Bonds Due 1985 
$150,000,000 Fifteen Year 8Vs% Bonds Due 1993 


- Interest payable May 1 and November 1 


industry stays depressed 

BY CHARLES BATCHELOR AMSTERDAM, May 14. HWlK 

THE DUTCH shipping industry in the transAtlantic division will a similar vessel from a Polish Qar Fmanebd Staff 
will extract small comfort from occur in the next few months yard. .... 

the latest pronouncements from while the result in heavy trans- Losses are continuing at HAL BAYERISGHE Lande shank Giro- 
two of the countries major com- port will be lower. despite an improvement in its zenlrale expects 1978 to produce 

n an too KNSM and Holland Last year the return on share- tourism and among tne trading a satisfactory result Business 

Amerlka. holders’ equity fell to O.S per cent divisions. However, the Integra- volume during the opening four 

■ . >n>nr itnpMAt in.it has from 3.6 per cent. Sales fell tion of two cruise lines should months of this year has breached 
At KNSM the current year has n lgnj tQ pj 744m Net prQfit lear j t0 some recovery this year, the DM 60bn <$30bn) leveL 
started unfavourably J 0ll0 £- per share feU t0 F j 5<l6 from The trading activities are also in the first three months credit 
, O Jt<Si Q . - ..r iLsto F! 23.09 and the company pro- expected to improve with a broad volume rose with local authority 
i poses passing its dtvidend after spread of operations compensat- and bouse construction credit 

paying FI 9 in 1976. ing for the low level of economic demand especially strong. Total 

-i ear ’- t0 The transAtlantic division, activity in Holland. HAL is credit volume in 1977 climbed 

return anotner loss in in-s. u -hich is the largest, accounting cautious about making a forecast 15.3 per cent to DM 34.03bn, 
The results in almost all of for more than half of total turn- for its .special transport sector with claims on customers rising 
KXSMs areas of activity — trans- 0 ver, experienced a decline in where competition is increasing. 7.1 per cent to 26.77bn. Overall 
Atlantic and European trades, freight volumes nn Europe to Last year's loss compares with the first quarter was up to 
heavy transport and air transport south Central American routes a net profit of FI -34.1m in 1976. budget. 

— were disappointing, the com- while harbour congestion and Turnover in the trading division The bank plans only modest 
pany said in its annual report higher port dues also increased rose 35 per cent to- -Fl ,162m expansion in its foreign business 

And the depressed level of costs.- while tourism and special. trans- this year even ■ though it has 

activity continued Into the KNSM has ordered a. second port turnover was practically un- ".some* ground " to make up on 

current year. container ship for is Caribbean changed at- FI 281m. and FI S4m other major banks to this field. 

The European division . is services for delivery in 1980. The respectively. * ‘ " It expects to convert its London 

expected to achieve a consider- vessel, which will be built at A large part of 1977’s overall .representation into a branch 
able reduction in losses on short the Dutch yard. Van der loss was due- .to the Irish- ship- office- jri : the course of the year, 

liner trades while the result of Glessen-de. Noord, will have yard subsidiary Rossi .Company while the creation of a repre- 

the air travel activities, will im- a capacity of 1,500 containers, which has subsequently been sentative office in New York is 


prove. But no significant upturn KNSM recently took delivery of. sold. ..•* 


Further loss from Viscosuisse 


BY JOHN W1CK5 ZURICH. May 14. commercial necessity and re- 

A FURTHER loss of SwFr2.5m Actual production rose slightly internationalise its business." customers tC *** ’ d0n,eS,ic 
(31.26m) was recorded last year in 1977 to 53,300 (53,000) tonnes p err ier LuIUn will retain its i n 1977' the bank's net profits 
by the Swiss fibres producer of synthetic and viscose fila- fflanageraent independence and rose to DM I46.2m from DM 132m 
JS2S%H, A Si ta S a ££ 5 * * * present staff- At the end of last year the 

SwFr 2.56m in 1976. The company A STAKE in the Geneva private At the same time, the Basle- ^>^529m he ^Sa6Jm> , of 

is Switzerland’s biggest textiles bank Perrier Lullin et Cie has based private bank A. Sarasin wmVaver the endiffra 

manufacturer and a subsidiary of been acquired by Swiss Bank e t Cie is to take over the Zurich leveL • 

the French Rhone-Poulenc group. Corporation, of Basle. As from private banking house Blankart * * * 

Consolidated turnover fell July L the Geneva bank will take et Cie, also as of July L The OneraLinB earnings oF Com. 
from SwFr436m to SwFr420m up the form of a limited company Zurich bank will continue its merzbank AG including those 
over the year. This tall in sales (Societe Auonyme) and continue activities under the name of »ro m trading on the bank’s own 
value, which was accompanied by its existing operations, which are Sarasin, its present partners to account were higher in the first 
a slight improvement in sales centred on portfolio management, become limited partners and Quarter’ Robert Dhom manage, 
volume, resulted from the con r in co-operation with Swiss Bank managers in the Sarasin Bank. ment board speaker 'told the 
tinuaiion of the international Corporati on. Sarasin opened a Zurich branch annual shareholders’ mcotln" 

crisis in the man-made fibres The connection with the big four years ago. Its interest in steady interest margins coupUyi 
markei coupled with the upswing bank was sought by the 183- Blankart is apparently connected with an increase in business 
in the Swiss Franc exchange rate year-old Perrier Lullin in view with Blankart’s stockbroking volume led to a 10 per cent rise 
in the second half of the year, of the desire to “ expand and licence on the Zurich bourse, in the hank’s interest surplus in 
1 the opening three months of 


MORGAN STANLEY & CO . THE FIRST BOSTON CORPORATION SALOMON BROTHERS 

incorporated 

GOLDMAN, SA CHS & CO. LEHMAN BROTHERS KUHN LOEB 

incorporated 

MERRILL LYNCH WHITE WELD CAPITAL MARKETS GROUP WARBURG PARIBAS BECKER 

Merrill Lgnek. Pierce, Fenner & Smith incorporated Incorporated 

BACHE HALSEY STUART SHIELDS BLYTH EASTMAN DILLON & CO. 

Incorporated . Incorporated 

DILLON , READ & CO. INC. DREXEL BURNHAM LAMBERT E. K HUTTON & COMPANY INC. 

(ncorporoM 

KIDDER , PEABODY & CO. HAZARD FRERES & CO. LOEB RHOADES, HORNBLO WER & CO. 

incorporated 


under consideration. 

Recent discussion of the 
foreign role of German Landes* 
banks has not caused the bank to 
alter its policies In this area. It 
remains committed to maintain- 
ing foreign operations out of 
commercial necessity and re- 


PAINE, WEBBER . JA CKSON & CURTIS 

Incorporated 

WERTHEIM & CO- INC. 


SMITH BARNEY, HARRIS UPHAM & CO. 

incorporated . - . 


DEAN WITTER&EYNOLDS INC. 


B ARC LA YS BANK INTERNATIONAL BARING BROTHERS & CO 

Limited Limited 

ROBERT FLEMING HAMBROS BANK HILL SAMUEL & CO. 

Incorporated Limited Limited 

LAZARD BROTHERS & CO., ' SAMUEL MONTAGU & CO. 

Limited Limited 

NEW COURT SECURITIES CORPORATION 


:CO« COUNTY BANK 

Limited 

KLE INWORT, BENSON 

Incorporated 

MORGAN GRENFELL & CO. 

Limited 


ADD SECURITIES CORPORATION 
EUROPARTNERS SECURITIES CORPORATION 
WESTDEUTSCHE LANDESBANK 


J. HENRY SCHRODER WAGG & CO. 

Limited 

. BASLE SECURITIES CORPORATION 
SOGEN-SWISS INTERNATIONAL CORPORATION 
BANQUE NATIONALS DE PARIS 


Swiss ease 

curbs on share • „ e . WASHINGTON. Mav 14. I l “ 1 

THE Securities and Exchange distributed or sold within the in - lanftll 
miroIiQChc Commission has warned US US they will be added to the 114 tfa F au 

piUUiddCj investors of potential dangers SEC’S foreign restricted list of TOKYO. May 14. 

if they invest in the new foreign securities. JAPAN'S corporate bankruptcies 

By John Wicks stock options market which Broker-dealers who purchase totalled 1,341 coses in April, down 

vt-tmtii iu_„ i a opened in Amsterdam last for their own account options 11-7 per cent from March and 

Dwarvpric ppnu „* month. The SEC said since It which are not the subject of an 15.2 per cent lower than the 

has no effective regulatory con- effective registration statement, same month in 1977, according 
niU I !E3S e, K tro1 , over th ® Amsterdam nor exempted from the registra- to Teikoku Koshinsho, a private 

W k! ’ in traded options; there tion requirements of the corporate credit inquiry agency, 

able to be used for me purehMe co U ia be some pro b]ems for US Securities Act, are reminded Liabilities left by the bankrupt 
of otner Swiss, shares to the investors. It did not elaborate, that because such options are companies in April totalled 

same value. This easing of the The SEC said stock options not readily marketable in the Y236.657bn. down 2.7 per cent 

curbs on n j”™ I dents Wgues tTaded on the European Options US they will “ receive no value from the Y243.166bn. in March 

of Swibs securities was deciaeu Exchange (EOE) are not regis- on such options for net capital and down 5.6 per cent from the 

on at a meeting or the dtrec- tered withjhe commission and ,, purposes." Y251,383bn of April 1977. 

[prate of the Swiss National \ ^not be legally offered nr sold t - ■ — 1 


SEC options warning 


Bankruptcies 
in Japan 


By John Wicks 

. ZURICH, May 14. 


TOKYO. May 14. 
JAPAN'S corporate bankruptcies 


CREDIT SUISSE WHITE WELD 

Limited 

EUROPEAN BANKING COMPANY 

Limited 


DAIWA SECURITIES AMERICA INC. 


IBJ INTERNATIONAL THE NIKKO SECURITIES CO. 

Limited International, Inc. 

KOUUIA SECURITIES IXTEnNATlONAL,lNC. ORION BANK 

. Limited 

“ CAN DINA VI AN SECURITIES CORPORA TION SOCIETE GENERALS 

YAMAICBI INTERNATIONAL (AMERICA), INC. THE BANK OF TOKYO (HOLLAND) N.V. 

CA ISSE DES DEPOTS ET CONSIGNATIONS CAZENOVE INCORPORATED 

MITSUBISHI BANK (EUROPE) S.A. NEW JAPAN SECURITIES INTERNATIONAL INC. 

BAER SECURIT I ES CORPORA TION THE BANK OF BERMUDA 

Limited 

BANQUE ARA BE ET INTERNA T I ON ALE D f IN VEST ISSEM ENT (B.A.IX ) BAYERISCHE VEREINSBANK 


BERLIN ER HANDELS - UND F RANKFURTER BANK CREDIT A NSTALT-BA NK VEREI N 

1 ' EREIX ^£^JSt £IS? TJBANK BANQUE DE NEUFLIZE, SCHLUMBERGER, MALLET 

JAMES CAPEL& CO. NIPPON K4NGYOKAKUMARU INTERNATIONAL, INC. R.NIVISON& COMPANY 
SUEZ AMERICAN CORPORATION ULTRAFIN INTERNATIONAL CORPORATION 


ULTRAFIN INTERNATIONAL CORPORATION 


May 11,1978 


Staihem Engineering Industries Limited 1977 Results 


Points from statement of the Chairman, Sir James Woodeson, CBE, TD 

oNEI profit of £25-157 million is £3 million ahead of combined 1976 profit of Clarke Chapman 
and Revrolle Parsons • Exports rise to £95 million; overseas turnover reaches £57 milli on 

• Strong balance sheet; liquidity improved 

w f have broadened the range of Company started 1978 with a forward comprehensive contracts will lead to an 

our products and are extending our order book spreading over the total range increasing workload. I beiieve we have 


Bank - in the US. If the unregistered 

When the ban was introduced options are publicly offered, 

at the end of This February, it 

bad been made impossible for Rmxelles Lamhert 
foreigners to carry out a swap ,, _ UCI . 1 . c . 

transaction of this kind- The GROUPS Bruxelles Lambert SA 
rules foresaw an absolute ban chairman Baron Lambert saia 
on the acquisition of domestic that he expects a net consolidated 
bonds and forbad all but ex- P rofit ° f ° ver ? Frs 2 00 per ®) wre 
ceptional purchases of Swiss for 1W8, writes Reuter from 
shares. The share market and Brussels, 
the secondary bond market have He , the annual meeting, 
been adversely affected by the which approved a net dividend 
restrictions imposed by the bao of BFrs 90 for 1977, against 
which came into effect in BFrs 110 for 1976, that lower 
February. profits last year were the result 

The national bank has always of the ponr economic climate and 
made* it clear that it was very ch . a “® e ^ l ° ? I 5f25 l £ 

reluctant to re-introduce the h ^? I „^ r ! h s a a t ld, f 2\° wever ' he 
rules restricting non-resident in- thlS ^ as *v, a , 

vestments, which had been in P° ra [* situation and that the 
force in a rather milder form sroup would continue to expand, 
in the years 1672-74 period. He sa , ld ^ S rou P !o sf 
Recently, national bank presi- ro °?^v c . ast year . on European 
dent Dr. Fritz Leutwiler indi- aDd V s commercial deals, while 
cated that the ban could be wrtain sectors, such as steel, had 
lifted entirely should the dollar been hit b Y tb e 
strengthen to Sw.Frs.2. 

-Rhone- Poulenc deal 

PARIS, May 12. 
French chemical group Rhone- 
Poulenc has purchased the 50 
per cent, stake held by Union ; 
Carbide Cnrp. oF the U.S. in their 
joint French subsidiary Tamino 
S.A Tamino. which makes 
molecular sieves (absorbents 
used for drying and purification) : 
is capitalised at Frs.2.78ra. 





•••• 


Midland Bank Limited 

U.S. $50,000,000 Floating Rate 
Capital Notes due 1982 

For the six months 

1 5th May, 1 978 to 1 5th November, 1 978 
' the Notes will carry an 
interest rate of 8£ per cent, per annum 

The Notes are listed on The Stock Exchange in London. 
Principal Paying Agent: 

European-American Bank & Trust Company, 

1 0 Hanover Square, flew York, NY 1 0006 USA 

Agent: Morgan Guaranty Trust Co. of New York, London 


markets overseas; and this, combined of its activities: and I am very hopeful 
with the financial strength of the enlarged that the new management and trading 
Group, should enable us to withstand structure, with the emphasis placed on 

fluctuations in trade cycles affecting our project companies to undertake 

particular sectors of industry. The 


Sote: The comparative results for 1976 are an aggregation 
of the Clarke Chapman and Revrolle Parsons results. 

Turnover 

Profit before taxation 
Profit after taxation 
Dividend per ordinary share 
Earnings per ordinary share 


1977 

£387 m 


established a firm base for our Company 
and can look forward with reasonable 
confidence to continuing improvement 
in performance and profit. 


1976 
£359 m 


£25-1 57m £22-1 12m 
£14-055m £12-474m 

6‘00p % 

20*74p * 


New York SE 

FIRST quarter net revenues for 
the New York Stock Exchange 
fell to $521,000 from Sl.lm Total 
exchange revenues in the open- 
ing three months eased 4.3 per 
cent to S20m, while revenues 
from charges on commissions 
Fell 23.9 per cent to S4.0Sm. pri- 
marily reflecting a 10.S per cent 
reduction in average daily trading 
volume and a 9 per cent 
reduction in the average price 
per share traded. 


BEKER INDUSTRIES 


Firw, Quarter M73 1977 

_ S S 

Revenue 48.0m. 402m. 

Net profits *2.32m. 0.19m. 

Net per share... — 0.02 

M Loss. 



Bank of Tokyo (Curacao) 
Holding N.V. 3 

(formerly Curacao Tokyo Holding ,V.V.) 

U.S. $6Q ( DD0,DQ0 Guaranteed Floating Rate 
Notes due 1984 

For the six months 

1 5th May, 1 978 to 1 5th November, 1978 . 

In accordance with the provisions of the Note, 
notice is hereby given that the rate of interest 
has been fixed at per cent, and that the interest 
payable on the relevant interest payrneirWate. 1 6th 
November, 1 978 against Coupon No.2 will be U.S. S43-44. 

These Notes are listed on the Luxembourg Stock Exchange. 

By: Morgan Guaranty Trust Company of New York, London, Agant Bank. 


A new name in international engineering 


Ntl. is a fully functioning, multi-million 
pound, engineering group, operating 
from over 60 manufacturing locations 
in Britain. Australia. Canada, Eire, India, 
New Zealand. South Africa. Zambia and 
other countries. 

The formation of NEI has created a 
comprehensive package of skills, experi- 
ence and resources, completely equipped 
to supply an extensive array of electrical 
and mechanical plant and systems to 
the world’s markets. The nev\ group is 
here to oiler an enhanced capability for 


The First Annual Central Meeting Kill be held on Friday 
Qih June at II noon at the Royal Station Hotel, Newcastle 
upon Tyne- Copies of the Report are available from the 
Company Secretary. Northern Engineering Industries Ltd. 
PO Bax I NT. Cuthbert House. All Saints, Newcastle upon 
Tyne NE99 1 NT. Details of the Annual Results are also 
contained in NEI News which has been circulated to all 
employees • 


A merger of Clarke Chapman 
and Reyrolle Parsons 


NEI Thompson Cochran Lid ■ NB Darke Chapman Engineering Ud - NEI international Csmhustian Ltd 

NEI Brunt pfiSiTin 1 ? 'S **** M * NEJ CM* Chapman Power Engineering Lid 

NEI Brua Wh. IM - NBR*ndJe Lid - NEI Parsons Lid - NEI Eton** Ud * NH Power W 

NEI Projsca [Prongs Engineering) Ltd • NEI flnttmaifanal Marketing) trd- NEJ (Dvasaas) Ltd 


project engineering and contracting, 
together with the added advantages that 
come Irani the pooling of research and 
development. 

The main spheres or operation embrace: 
the manufacture of standard and 
custom engineered mechanical handling 
plant, marine and mining equipment, 
energy and process plant; the design, 
manufacture and commissioning of plant 
for the generation, transmission, distri- 
bution and utilisation of electricity for 
industry and oublic supply. 


Banque Canadienne Nationale 

(inco.’porBted in Canada with limited liability) 

announces the opening of its 
London Branch 

Senior Manager - Mr Maurice E. Constant 


Address 
Portland House 
72/73 BasinghaK Street 
London EC2V 5AJ 


Telephone: 01-606 6137 

Telex: • 886615 — ? 

Cables: BACAN AT LONDON EC2 






Financial Times Monday May 15 19 7 S 




Every year is an export year. 1978 is no 
different. The Financial Times believes that there 
is a vital and very positive contribution that 
British business can make to increase exports. 

Which means companies like yours getting 
theirtop salesmen to leave the country. To go out 
into the World markets and sell, sell, sell. 

By publishing an extensive Survey on British 
Exports on Tuesday June 2-T-the Financial Times will be taking the ' 
opportunity to re-appraise the export performance of British Industry. 

It will be a timely and in-depth analysis of the aims and 
achievements of our exporters on a wide variety of fronts (as the 
editorial synopsis below shows). 


And it will also do an important job of promoting these 
achievements to a wide and influential audience both at home and 
abroad. 

If exporting products, technology or services is essential to your 
company’s livelihood and expansion, you must have a success story 
or two to tell. 

Make sure you tell it loud and clear. 

Consult your Financial Times representative for details of advertising 
space and fates or contact Clive Radford on 01-248 8000 Extension 7048. 

Besides contributing to the good news about British business 
it could also help win you more orders. 

Which is just what everyone needs to make this a year to 
remember. 


Editorial Synopsis 

Introduction A general review of Britain's export performance in the past year; our 
share of world trade; the impact of fluctuating currencies; the major success stories; the 
outlook for world trade and Britain's share in it 

The Industries This section will deal in some detail with the industries which provide 
the major part of the country's exports.The first article in the section will examine the composi- 
tion of the major sectors. This will be followed by a series of articles examining the perform- 
ance of these sectors, their share of the world markets, their main competitors, their 
strengths and weaknesses, and the prospectsand problems which they face in the coming 
year. These individual sector articles will include: Mechanical engineering/Aerospace/The 
motor industry/Textiles and clothing/Electrical engineering/Electronics/Chemicais. 

The Companies This section will examine the rale of individual companies in the 
country's export effort. The first article in this section will examine the structure of exports in 
terms of size of company, indicating the importance of the hundred largest exporters. This 
will be followed by a series of profiles of six successful exporters of varying sizes; these profiles 
will discuss the way these companies manage their export sales, their attitudes towards export 
business and their plans for the future. 

This section will also include a number of shorter articles on some of the major export contracts 
which have been secured by British companies jn the past year. 

The Markets This section' will analyse the geographical pattern of the country's 
exports, showing which areas have shown the most growth in the past yea rand discussing 
likely changes in the direction of exports. The first article in the section will be followed by a 
more detailed look at the main areas, noting the special trading problems which some of 
these territories present, the strength of o verseas competition and the exporting strategies 
that seem most likely to succeed. There will be separate articles on the following areas; North 


America/Wfestern Europe/Eastem Europe/Middle East/Far East/Japan/Africa/Australasia/ 
Latin America. 

The Financing of Exports The role of the clearing banks. A look at howthe banks 
deal with the financial problems of exporters, including the special problems posed by 
performance bonds and other difficult contract conditions. 

The role of the merchant banks. A look at how merchant banks assist their clients to devise 
financial packages which are often as important in winning the business as the quality and 
price of the products. 

The role of ECGD. A look at how ECGD has widened and improved its range of services to cope 
with changing conditions. 

Floating currencies. Howthe world of floating currencies has complicated the exporter's life; 
the impact on pricing policies; how exporters can protect themselves against changing 
currency values. 

The Role of Government The Department of Trade. Howthe Department helps 
exporters; the range of services and financial assistance; how exporters use these facilities. 
The industrial strategy. A number of Government's sector working parties ^ 
have made recommendations designed to stimulate exports; 
are these suggestionsiikely to be implemented and what 
effect will they have? 

The competition. Is it true that other countries’ governments 
provide more support to exporters than our own? 

A comparison of the service provided and the policies pursued. 

Invisible Earnings The concluding section will 
lookatthe importance of invisible earnings in the country's 
trade performance and their growth prospects. 




A FINANCIALTIMES SURVEY 

HHT1SI EXMRTSTlt SUiY JW E 27 1978 


JINWFAl II\1ES 

EUROPE’S BUSINESS NEWSPAPER 

Financial Times, Bracken House. 10 Cannon Street, London EC4P 4BY. 
Tel: 01-248 8000. Telex 885033 FINTIM G. 




2S . 


WEEK'S FINANCIAL DIARY 


Tufrr Inw. 11-lZAr 

Waiver ha n*Un IQLpcBM. K4. 11.1161 
3'IDC 

BOARD MEETINGS 

_ Final*: 

Klocklays 


The following is a record of the principal business and financial ! f,s \ '&■ 

engagemenu during the week. The Board meetings we minfy eSSS? SSL?” • 

/or the purpose of considering dividends and official indications are 
nnr always available whether dividends concerned are interims or *»«»' »«?£■» Ctoaiii.* 
finals. The subdivisions shown below are based mainly on last hEm*!*? T «. 
years timetable. mmui -c. e.j 

Kwifc-Flt 

__ _ Lr- Cooorr 

COMPANY ’IS? 570-50*1 vPC 1M2 " ^ *£S«« ’ *«Ert 

Beao-.ngteiu 8r«;«s.. L«Mr Frar Trade UW. ln«»on DO^ 2 1 «3c Secomte Marsho/I ana CwniHon 

Hall. MAiKhMier 1 1 iO H“JT 1 £* ml,ro,t “ h,r e l-'weM*. Kd. 7:5:80 c '?£S2!; 

C SC in*, Tit. 44. BiQcnnDurv SQturf, . * ■ * i*pc toticoiilitc 

.W.c .. 2.30 _ SuWPotunM Water Brd. Il'jic Rd- 198 1 T „ 

Counties HfTrmsrn 75. Cullc i V® lw* Jit. 

Street. Luton. 1 2 Svijuea 9 Lpe 1 973-80 a 'me a MeDougaH 

Qcian Tramaort ana Trdg- indJ Buiialnss Jralioro Pa-fc Estate* i.5S7<in t2i*? --.S i 5T Bn- 


•t-Vo^Wr, Rtf. 17*78 VIM* Oeetrle Terf*. Plon^r Worta. »nWe »J«I. Brirtol Eurtcre«« ««*'■ 8rl^ 

Wlsan SIlKUL Rd. T7 5 78 £4.6416 DIVIDEND & INTEREST PAYMENTS— °r* ° r c, Si^ CIIT, Aaprcorr tP ^tgomv *°Grcat 

MAR® MEETINGS- Mt - V "' R - C 12;n " HSSBrJSSUrti. Hjrwrite Read. Bir. 

Cater jinlnr Eld Inlnl. 4.62P fnlnthini. £.16 ." winHu. 

Ci^^nfc^hn *IM Hill Bcor i Hew) 6. 6830 o . Re« Ewurive. Cutie Howl. Wlndlor. 

Crt»!rf 1 Broatovre lOiiacadi. Rd. IS 579 5 u « _ Berkshire. 1 2 


§s*sr. 


gg^CMW'BTTNG 

pass** "*• 

t£! L **- t T,t 

read cart latni. 

stoqehM 
U:d. Eng. m«b. 

Whitbread 
_ Intcrtiu: 

Central Ml*. jl*j Trdg. 
wifSSU.. i# a’ J.l ■Canrraetorii 
Norttiers Amenctn Tit- 


Brcatowe lOiipcBd*. Rd. I S 5 79 5»^C Berkshire. 12 _ , _ 

CantorBurr ii'*peBds. Rd. 14'5;80 S''i»#e £an£nitian (George G.i. Dorset Room, con 
Corah 1.051333 . naugtit RODfTll W.C.. I- u _,_, 

Cerer iZ:«ocMs. Rd. 13 5 61 6'i*»e Watts Elate Besrne. Manor Home Hotel 

Er.:3 3.64M93 MorctoniamDStcad De»on 7 » 

Harrow lO-.KBds. Rd. *6 S.79 SUM DIVIDEND A INTEREST PAYMENTS — 

Hanker Mavis 4.87 b __ & a v ttAgg 

Hereford UtocBtfS. Rd. 14 5 BO •"HP* Sfrlon Lake Con.. 4.4 b 

Huntingdon 11!*xBda. Rd. 14:SiB0 SJ4i.oe Banks rSitfne* C.l 1.25 b 

Hyntaurn IVucltf. Rd. 14,5 80 5"i»nc Barking 7 '.pc Rd. 1976-78 £1.3569 


THURSDAY. MAY 16 
COMPANY MEETINGS — 


Llvgrptnl. 2.30 TSffSS!? f t r '- t?S,ge 1995 6Unc 

Tutic Inn.. Midland Hotel. Birmingham 12 H r ‘ ns - 2>«pc 

DIVIDEND » INTEREST PAYMENTS- U fa&£S ,Stf,,d - 3705 ° e - 

Aberdeen 3oc Rd. 15o5-6S 1 :re Old. Oceana Dm a iinc n. RnrPta 

Agr^ultural Mtg. S-.scOb. 1965-87 * *«: P t . loe orfl ' A ‘ zc “- D0 - OPCPW 

Allen Har»ev and R°*s AKPtg.W. 14* Utd- W.re in 

AHiiRCe^ Ts‘_ Ob. _1 2i*at Warwitl^him IZijpcRd. 1980 E rne 

SScian aatt^LR? aii" Maln Drain »* 9, ‘ BC pd - 

“r^.lr^ 1378 3J,oc - Do 7 " ocRfl - TW“ftSrMa«"- ‘ lnc * *—■ Di *- 

Beattle 'Jimesi Db 3 «pc Zapata 7.5«*. ' ’ 

■t«*r 'C- n.l i .65 p «... .......... 


Panto (PI Whitbread Hmbum IDUICHJS. Rd. T4r5 80 5“l»0C Barking 7*.pc Rd. 1976-78 £1.3589 

Runciman > Walter) Intcrfiu Knit Prod. 0-33o Barton ard Son* 2.05B6P . 

Secomte MartboJl and Campion Centra) Mia. and 7 ran LaTbeth T0!;pcBd$. Rd. 16, 5 79 S'rfC Bonford Concrete Mach eery 1— «795B 

Interims: Cleeson >M. jT .con'rartonl LCUian lOepcBos. Rd. 16 5:79 5 'jbc R.Jurcated Eng. J.89967o 

CorKOT&re Noravers Amman nt *4onsi,eMer lO-;ocSd». Rd. 16 5 79 5upc Brimmer ■H-l 2-Bp 

Land In rasters “ _ _ Martnrair Intnl. i.75p Burgess Prod. A Ip 

Pentlard I nr. Tst. THURSDAY. MAY 18 Matthcwi (Bernard) 5.15o Carron 2.042 d 

Ranks Hava MeDovgall COMpaoiv Merchants f«. l.6o Combd. insurance America 2 Sets. 

Sts Lis 'Rool Orgn. J” WPANY MEETINGS— Penn ^ itinrois la - ixBO ^ Rd. 16 5 79 Danish Bacon A 3314# 

T^fe^CaocssMre inv. Tst. ^ **' '* 9M tStttSZm * '-Iso 

WEDNESDAY ■ MAY 17 ' ft *"”'™ ^d=» Hold. 8r«flerd. R^^are «B4So gfS^m’-iSo.. Bets. 

COMPANY MEETINGS— Bifurcated (iw.. Mandenlle Road. Aria- Vale Royal iriecBds. Rd. Id 5 BO 5"ivoc Morrjon William) suoarmarkets 1.2B5P 

Barton no Sons. Penns Hall Hotel Sutton JSSy - Bl 4Jts., 12 Warwick ll!tocBd« Rd. 14 5 80 S-'woe Norvie Sm ill 

ChldSeld 12.30 Booker McConnell. 69, Cannon Sireet. E.C.. msitings— E ri? iS c i°c I44 “ e wm 

Brittains, North SuBord Hotel Stoke- on- M3€T!NQ5 Pretobail-Sitomi Frs.36-10 

Trcr.L 3 ‘Henryi and sons. Banner Crow Hall. Flnab; P'ral IbsoMbce 4 21 C * 

Christies Inti.. 8. King Struct. St- James's. _ s,7 « n le 1 d. 12 Anglo Swiss S-ed »b M»W A o-d • SJJr.S 

S.W.. 3 frammer CH.J, Midland HOWI. Manchester. Bools Treasury 1D-K *919 £3.43 

Derada. Hotel Inter Continental. Hyde - 1 . 1 . _ Bulvcr and LumS HOaRD MEETINGS— 

Tark Corner. W. i2_so ^llcndei; 'Charge m.J. wmeheswr House. Dntton.Fors.iaw Finals* 


Pentlard I nr. Tst. 

Ranks Hovj MeDeiigalJ 
StsHs ’Reel Orgn. 

Trafalgar House 

Yorkshire and Lancashire inv. Tst. 
WEDNESDAY. MAY 17 
COMPANY MEETINGS— 

Barton and Sons. Penns Hall Hotel. Sutton 
coidield 12.30 


S.W.. 3 Brai 

Derada. Hotel Inter Continental. Hyde 
Park Corner. W. 1 2.30 


Birnungham and District ir 
2 : «oC 


Blaenau Gwent iDipcldc. Rd. 7 5.30 Alpire 


BOARD MECTINGS 
Finals; 


Park Corner. W.. 12J0 caiicnccr « George m.J. Winchester House. Dutton-Fors.iaw 

Edwards 'Louis C.). Manchester Chamber ’ “O. Old Broad Street. E.C. 11-30 Hir.twi tAmesi 
of Commerce. Manchester, 11 Meui, Adelohi Suite. Waldorf Hotel, rnd- ana Gen. 


■* ,J ieec 

■erg Warner 45m. 

Boulton 'William! 0-55o 

Bril. Almr.r.lum Prd. and Shi. 2 On 

Brii. Auets Tst. 2 pc 

Brit. Elec. 3':0<G:o 1976-79 I 'wc 

Br:. inv. Tst. i‘<pc 

Brit. 51 dec Db. 2'abC 

Brunifr.ek Cpn. 1 7 ’;Cts. 

Burt Boulton Db. 3^ 

Cardiff 7ncRd. 1 579-. ; 3 '.aw 

Chase Manhattan 5Sctt. 


p.i.b^-Co'nhe^-Marx 
French Kiev 

Headlam 5ims and COdOirw 
Hield Bros. 

Young Compan.et Inv. Tst. 
Intenm; 

Divenaoru Brevvgrr 
NaS Newsager.u 


•it .-□iTiincrce. iMiwiKir, n Aocipni 

Electrical and Hid. Imr.. Stratton House. _Aldw;cn. w.C.. 12 
Pieeadilly W. 4 DewjG.J. Fcitlutrsui 

GoskHI tBacuo'. Saxon inn Motor Hotel. 2 ., 


Blackburn. 12 


Adelohi Suite. Waldorf Hotel, rnd. ana Gen. Tst 
'.C.. 12 Pyramid iPublrthw*} 

itheisuil Roan South Oldham. Ssier? |n». Tst. 

Whitbread Inv. 


. » |r<th. 524. High Read. LeyitifiTlor.c E. 12 W.'.an in* 

J-nc» CA. A.) and Shipman Narborough S^KulJrlSit Su ^-J 0Wer HotB1, mJSSST * 

Road South Leicester 2.15 H i 1 ' u .5!L*J e y nos w »y C 1—30 Brockhsi/ 


Lecal and General AslSocT. Tem ole Court. H 2'? lrt |', Ceram tc. Charms Crow Holer. Srcrrn -Matthew) 

11. Ogmh Victoria crpm^r c r 9 xn , ,u - '* JCSfiUPS 

Lcndon and MaiehMter Ass,', Skinner's ^h2«I a s on*. Posl House. Dram- Redman Henr.an Mini. 

-mk » -t n , « Lm . )«£•■ A, a — — - «*jrssjs 


TO-MORROW. Metal Closure., inn on the Park, park Lane. Hofei E C 12 WC 

fS/SaaT r ‘gpxz. -ssrtsi »— msm — - « 

C 2 M13M-7BI f*K 2 >ifsV!l>7U Zicti . Assm- Biscuit Mlrj.. Great Western Roval S ,2 ™q Wjre Mld ' ,nd Motel Manchester. Queen Street. W.2!!“ 0 t2 

sarajw»v%..* «<,«,. ^ etasa ^ jssi^^r 

sasnfiSi^oVK 1 3 W .r-isiss-aasi puce. E .c. ^™*~.*^ w £*>*%***»«. 

5d TC a iKDh. Y Ji«Ki b®. Gal 3 -.dc ^hnusg 1 ?!^- 1 WJt*no^^rcc<^n. Amlriyton Road. Binrun^ CONTRACTS 


Pretabail-Snomi Frs.36.1C 
P r ral Insurance 4 21G T e 
S—ed sh Mah-h A o-d B S.V-.5 
Treasury I0 : -oe *909 £3.49 
BO brd MEETINGS— 

Finals: 

Debenham. 

E»cr Ready _ 

Fashion ang G»«. |n«. 

Le Bat ’Edward) 

Interlirs; 

5oeenrr IncU- 
WlKSSOO 

SATURDAY. MAY 30 
DIVIDEND * INTEREST PAYMENTS— 
Catorolllar Tractor 45cis. 

SUNDAY. MAY 21 
DIVIDEND & INTEREST PAYMENTS — 


Edinburgh American Assets Tst. Db. 2 :;bc ABofmm Rooms, Great 

rrn*ntt"<or ei ind.°Lii. 3 Tk -19791 PatUna Scnang' Rubber. Tub* H.II House. 

Fdrths Port. Authority 5 -'vpeFundedOebt ' h * da.'lroom Lou new. Dor- 

Fregiand poggart 1.927 b eh«s:nr Hotel. W- 11 


Eastern NOMI. E.C. 3 DIVIDEND * INTEREST PAYMENTS — A a. — ^ v -W-W 

a®«c"7 £3m. work for Matthew Hall 


B'itnin 0.8 o 


s 2 d 

78 £4.8*16 

.081p 


ISC Chemicals (an RTZ com- pounds produced will be used as Uctherby, Yorks, has won a 
pany) has awarded a contract to chemical intermediates in the three-year contract to supply kit- 


Grant (James’ (Earn Db. 3 ’*bc 
H ambros Inv. Til. SecPf. i.75oc 
Hunlvn Angus MCl.ng Db. 2 .pc 
Hume 7:^CPf. 2.45pc 
Ind. an* Gen. Tst. Cnv.Db. 1 ■.« 
inv. Is: 4 i;gcPf. i.57Sgc 
Investors Cap. TU. Do. 2pc 
l,li;.gien 1 3:;ncRd. 19!2 6'.oc 

Ker.yj 4-jpt ’975-78 2>4PC 

Leeds 7 jicRd. 1977-78 3 -.pc 
Liverpool 9 -.pc 1980-84 4 me 
MaUstoor 6 „pcRd. 1979*81 3'wx 
Nash rwiillom) 6;gcpr. 2.275pc 
Natl. Dev. Ln. 5i*:c 1979-54 Z-'Mtt 
Newman-Tonki a.9o 
Nrihvn. Ireland 7gc£xcheo. 1982-84 
P Ch inS l97s*80 °?. enul hteam Navi; 
scott.rh Eastern Iny. Tst. 4>-BCp(.0b. 
□ v. Prp. 2pc 

Vrtluh M-D end Tm Oh. 2'* 2 -Be 


Birmingham dfaccdcs. R 0 2i;u: 78 3-|rfC Cumbernauld g-d (CIlBytb 9<*PcBds. Rd. vnnriIV _ r preparation of a number of chen furniture to the Department 

S^^ttSTli.'-WS*. 3 ':»pc B«w Rd. 17/s 7. £4.8416 pharmaceutical agrochemical and of the Environment. This rapre* 

f 11 6 -apcSB*' Hd. *.2 11.78 3>o< G»?vmi -Barcoi 3 . 7 8 p Southampton, for the en^ineenn„ fine chemical products. sent? over 5.000 complete kitchens 

Key sSAtof-Rd^ii ? 1 / 7 S c4?S/l5J1^22iw?. d M? 17 * "ii&iB des ,'^ n ■ and • Construction of a * for servicemen's houses through- 

Grevnwich Bhxx*os. no. i7S78£4.c4i6 multi-stream plant to produce a . out the UK. and over 2.000 kit* 

Commerzbank Akt.efigexiiscnait stop, do? £ 4.841*6 l,c _ ’ ' range or aromaLjc fluorine com- ". ork started on second chens for British Forces* acconi* 

j 3 *?.. Br. s. ci. warourg i.7p Homo countie* newspuers 3J5o nn „ n j. phase of Serck Heat Transfers modation in (iermanv. Total 

sats’.wff-jvf.’wvsr sss^w^wvj.t. ««,. „ ta . ri on Ditot wdjwtopmw.pr.Mj. « 

New Firen 6'wcsds. Ro. 22 1 1 7z S itoc tiiw vmiey 9;;pcBd&. p«i. 12 11 bo 4.-^c Design is based on pnor wlc Jc Road. Birmingham. The + 

Northamgion 6 aacB«b. Rd. 22.11 7a j'i.pc Lutcn 9'racBds. Rd. 17 578 £4.8416 plant experience and a front-end pnntract Taf in TUMAf and 

fjjmns aenano PiiUm 1 1 «* Mr iHm. r Siiniini 1 nil* J ; ' . COlliraCl. I - 1 I .in.’IAL ana . . 1 


7/5 78 £4.8416 


ri*?i n'nT^T.' st h, 2 ' & 2 - g«j.nwieh 9»«pc*«s. Rd. 1 7 s 78 £4.c4i 6 J multi-stream plant to produce a 

Cnaliennam 9 >jpcBcu. fio. 12:11 20 4).gc H-rtforvy’.ire FpctA. Rd. 17:5:78 I . * 

Commerzbank Akt.en««<llicnait (jid. Do. £4.8416 I ranee Of aroma Hr fluorine COm- 


nmerzbank AJrt.engoielljcnait 6-^P. Do. £4.841*6 . , , 

^v-eru. ij«p._ Br. s. o. w*roum i.7p Horn- cmmtie* Newsogner* sjsp phase of Serck Heat Transfers modation in Cermanv. Total 

SSW'.Wtf-JVf.’tfVSr fiSS^BUi^Wll.w ««,. „ ta . ri on onot wdji-.topmw.pr.lwj. « 'Vjr- value is £750.000. 

New Firen 6 «cBds. Ro. 22 1 1 7a 3 ', t o< liiw valley 9i ; pcBds. Pd. i 2 ii bo 4.'»oc Design is based on puor wlc Jc Road. Birmingham. The * 

NorUiamgton 6 aacBds. Rd. 22.11 76 3'i.pc Lutcn <».’«jeBds. Rd. 17 5 7* £4.8418 plant experience and a front-end rnntrant t“t to TIRMAr and 

gauss SudTuii. razrtdfbtti*"* ^ 5n «udy for . 5 o» t Pa P um SSh^iii, l !nc™ n iffl *h 

Rhymnev vaiiey s ppcsov. »d. 221178 R«»rid;e 9*«pc8(i&. Rd. 17:5 78 £4.8416 undertaken by Petrocarbon conditioned two-storev office f" accd an ° raer - said to be worth 


Rhvmnev Valley 8 pocPav- Rd" 22 11 78 Rcabrldse S*«pc8(iv Rd". 17:5 78 £4 


Financial Times Monday May 15 197^ -; 

AULTtWIBORG 

group 

Salient points from the 
Statement by the Chairman, 
Mr. John McLaren 

• Profit before taxation was C2.1 25,000 

compared with £1.930.000 in 1976. - 

After an increased charge for deferred - 

taxation, earnings per share were 4-26p 

(19764*55p). 

• In 1977 we spent £1,374.000 on fixed assets : 

and working capital requirements increased . - 

by £1,100,000. J .“ . 

• Dividend 1 -9Sp per share amounting to 
£383,000 (1 976 1 -80p per share). 

• 1 977 showed progress in almost all sectors of . 
company's business with particular advance 

in some printing ink, paint and speciality 
chemical ranges. 


PRINTING INKS ■ PRINTERS’ 
ROLLERS & SUNDRIES • CONTAINER 
COATINGS - AUTOMOBILE & 
INDUSTRIAL PAINTS • CHEMICALS 
& RESINS FOR INKS, COATINGS, 
TEXTILE, PAPER & CONSTRUCTION 
INDUSTRIES • SPECIALIST COATINGS, 
FLOORINGS & LININGS 


Bob Day^ tax HU is 

big enough to cover Britain’s 

road-building programme. 


Are you 
legal, decent, 
honest and 
truthful? 


■ • 'k - •- •: ’(■ .n 




MS'-' 


£2 ,138m 


t & *>*• 


£l,872m 


£1,515m 


Total UK 
TobaecoDuty 


Tj&rr.fr • ‘ *, 

0m* it 

Education and 
libraries, science 
and aha 


£ 1 , 082 m 


£1,1 57m 


law order 
and protective 
services 


Paymenl In 
rssDeeaatthe 
National Debt 



As the Cost Accountant at Imperial 
'Tobacco, Bob Day (amongst others) has 
the responsibility of making sure that the 
company is paying the right amount of 
Tobacco Duty to the Government 
And as tax contributions go, this 
one is pretty substantial. 

“The point is that we dont just pay 
Corporation Tax through our parent 
company; with Tobacco Duty, were acting 
as unpaid tax collectors on a massive scale. 
In fact, until the rules were changed at the 
beginning of 1978, we had to bear the 
financing cost cf about £125 million that 
had been paid in duty for some weeks 
before we could recover it 

“But the thing that surprises most 
people is the sheer size of the sums involved In our last financial year to 
October 31st, 1977, for example, we handed over more than £1,250 million 
in Tobacco Duty- which was a good deal more than the £825 million spent 
on motorways, trunk roads and local roads in the 1976/77 tax year. 

“If one looks at the contribution by the tobacco industry as a whole 
in that tax year, it came to £1,872 million; nearly enough to pay for 
Government expenditure on housing (£2,138 million), more than enough 
to cover education (£1,515 million), the“law and order* services (£1,082 
million) or even interest payments on the National Debt (£1,157 million). 

“All this tax, of course, comes out of the pockets of our customers. 

But it does show what can be done when you make a product that people 
want and that Chancellors can tax? 

There’s more to 
Imperial Tobacco than Tobacco 
Duty, of course. It’s the major 
British-owned tobacco company 
in the UK market, a substantial v 

creator of wealth, and an 
employer of over 20,000 SS 

people in the UK alone. *S :. 'W% 


* 


imm- 


Income from Tobacco Dufy and how it 
compared with some major Government 
expenditures in the tax year 1976/77. 




Imperial Tobacco: people at work 


Advertisers have to be. 


The Advertising Sondarels Authority 
VniCK> IW Ufcmcwi8*’ian<BKNVJir««' Un«od 

15 f. W^noint MW LvfHofl IVUt !W. 




The Roval Navv 


The Merchant Nai’} 
77/e Royal .Marines 


Our Fishermen 



Their disabled 


Their pensioners 


Their widows 


Their children 


King George’s Fund 
for Sailors 
looks after them all 


In this Country of ours, there is no-one who is 

not connected with the sea. 

Hall the food we eat comes from across the sea. 
Many thousands of us. our relatives or friends are 
past, or present members of one of the sea-faring 
sen ices, or of an industry dependent on them. 

r -T^J: are man >' charities for seafarers and their 
families. One. only one, however, is the central chant v, 
charged with collecting and providing funds for all 
other seafarers charities, and with making sure that 
the money is distributed where it can be of most use. 

_ .. That central charity is King George's Fund for 

SuffTci 8 *-!" ,9i 7 at His Majesty's personal 

■vush, K.UF5 distributes funds without distinction of 

service, ot rank or of creed. The sole criterion is to 
distribute the money to the areas of greatest need. 

^hen ) ou want to remember our seafarers who 
are in need remember King George's Fund for 
bailors. \>c 11 sec to it that not one penny of your 
money goes to waste. 

Please send your donation to 


Imperial Tobacco Limited— a member of Imperial Group Limited 


KGFS 


King George's Fund for Sailors 
^ 7 Chesham St. r London SWJXSNF 

THE FUND FOR CHARITIES THAT SUPPORT SEAFARERS IN NEED AND THSfl iAHlUES. 



, JlA>l 






1 



Financial Times Monday May 15 1978 



Eurotherm Internationa! 



1975 

EUROTHERM LIMITED 

Wt OUfcWSi SMtfHJ FOR 
EXPORT ACHEVEMENT 


29 


Ordinary Shares new offered for sale will open atMajn.on*naw»daS»18a» May 1978, aad will close alsach later timeon the same day as Robert Fleming & Co* 
A of dijQffierlor Sashaying attached thereto die doconieala ^MdEe<I Maar l 1iia»6wn^^"**d*ad»BRe^»Egr of Cotnpanfai far reti^iatfani 

AppUcnionhaa been nude to the Ccumcil of The Stodt&Lhange far ihcu Me crfdiMgMd Ordinary Share caphal of Emotfaciin IncenuriepalT^nriffld ( M theCwapaa? l, ^tfth» T>rwTt»»it rn»i t ^ r»m < ^ T p , .^» l 


taowledgaand 



OfferforSale 

by Robert Fleming & Co. Limited 

of 2,854390 Ordinary Shares of lOp each at lOOp per share 

The Ordinary Shares now offered rank in full for all dividends hereafter declared or paid on. the issued Ordinary Share capitzl of the Company. 


Share Capital 


Authorised Issued and fully paid 

£ £ 

1,400,000 in 14,000,000 Ordinary Shares o£10p each 1,141,756 


INDEBTEDNESS 

The Company and its subsidiaries ("the" Group”) had outstanding at the close of 
business on Friday,, 14th April, 1978 (a) secured borrowings comprising 0) Bank over- 
drafts and advances of £788,418,- (ii) a term loan of £107,144 and (iii) mortgages of 
£273,556, (b) an unsecured loan from .the Eurotherm Executive Superannuation 
Scheme of £305,908 and (e) hire purchase commitments of £79,791.The Group had 
at that date cash balances at bank of £646,606. Save as aforesaid, and apart from inter- 
company transactions and guarantees of bank overdrafts of subsidiaries, the Group 
had at that date no loan capital (including term loans) outstanding or created but 
unissued, and had outstanding no mortgages, charges, or other borrowings or 
indebtedness in the nature of borrowing, including bank overdrafts and l i a bilities 
under acceptances (other than normal trade bills), or acceptance credits, hire purchase 
commitments or, except in the ordinary course of business, guarantees or other 
material contingent liabilities. 


Financial Statistics In Brief 

The following statistics are derrvedfrom the full text of die Offer for Sale and accordingly most be read in conjunction with that text. 


Issued Share Capital • 

11,417,560 Ordinary Shares of 10p each 


£1,141,756 


. Trading Statistics 




36 months 

Ended. 3 1st 

Year Ended 


Year Ended 31st October 

October 

30th June 


1977 

1976 

1975 

1974 

1973 


£000’s 

£000’s 

£000’s 

£000* 

£000's 

Sales U.K. •• 

5,110 

3,260 

2,683 

2,794 

1,157 

Overseas .. 

7,743 

4,774 

.3,792 

3,885 

1,300. 


12,853 

8,034 

6,475 

6.679 

2,457 

Profit before taxation 
and minority interests 

1,886 

1,165 

889 

501 

149 

Percentage to sales j 

14.7 

14.5 

13.7 

7.5 

6.0 


« 

' 

«« 


«« 

Net Profit .• 

1,104 

747 

545 

293 

63 




"" 

" 

r 


Assets as at 31st October, 1977 
Group net tangible assets . . 
Group net tangible assets per share 


Offer for Sale Statistics 

Offer for Sale Price . . . . .. .. .. .. .« 

Total value of issued share capita] at the Ofierfor Sale Price . . 
Forecast of consolidated Group profit before taxation and 
extraordinary items foe the year ending 31st October, 1978 — 
approximately , . .. .. .. .. .. . . 

Forecast Earnings per share for the year ending 31st October, 
1978 assuming corporation tax at the rate of 52% 

Price earnings multiple based on the Offer for Sale Price and 
forecast earnings for year ending 31st October, 1978 assuming 

corporation tax at the rate of 52% 

Expected dividend per share (inclusive of related tax credit)'for 
the year ending 31st October, 1978 payable in or about 

February, 1979 

Notional dividends per share for a full year (inclusive of related 
tax credit) 

Yield at the Offer for Sale Price on the basis of the notional 
dividends per share for a full year (inclusive of related tax credit) 


£5*1 million 
•27*3p 

lOOp 

£11.4 million 

£2.5 million 
10.5p 

9.5 times 

4.0p 

5.3p 

5.3 per cent. 


Board of Directors . 

JAMES ARTHUR HARTNETT, 

Eurotherm International Limited, 8 High Street, Worthing, Sussex BNll 1NU.- 
(Executive Chairman) 

JACK LAWRENCE LEONARD, M.Sc., Ph.D„ M.I.E.E., C. Eng., 

Eurotherm International Limited, 8 High Street, Worthing, Sussex BNll 1NU. 
(Group Managing Director) 

MICHAEL JOHN SOMERVILLE, B.Sc., PhD., M.I.E.E., C.Eng. f 

Eurotherm International Technical Services Limited, 25 North Street, Lewes, S u ssex 

BN72PL. 

JOSEPH DENNIS WILKINSON, F.C.A., 

Eurotherm International Limited, 8 High Street, Worthing, Sussex BNll 1NU. 
BRIAN CHARLES CHESSELL, 

Turnbull Control Systems Limited, Mulberry Lane, Goring-by-Sea, Sussex 
BN124RB. 


GORDON THOMAS ROBERTS, B.Sc, PhD., 

Ghessell Limited, Broadwater Trading Estate, Southdownview Road, Worthing, 
Sussex BN148NL. 

JOHN MICHAEL SHACKLETON. B.Sc, 

Shackleton System Drives Limited, Eldon Way, Lmeside, Littlehampton, Sussex 
BN177HE. 

GEORGE FREDERICK TURNBULL, M. Sc, PhD., 

Turnbull Control Systems Limited, Mulberry Lane, Goring-by-Sea, Sussex 
BN124RB. 

GEOFFREY ALAN WITHRINGTON, B.Sc, M.LE.E., C-Eng., 

Eurotherm Limited, Broadwater Trading Estate, Southdownview Road, Worthing^ 
Sussex BN148NW. 

Secretary and Roistered Office 

DAVID WILLIAM DOWNHAM, 40/43 Chancery Lane, London WC2A 1 JJ. . 

Auditors and Reporting Accountants 
ARTHUR ANDERSEN & CO., 

Chartered Accountants, 1 Surrey Street, London WC2R2PS. 


Solicitors 
To the Company: 

GOULDENS, 40/43 Chancery Lane, London WC2A 1JJ. 

To Robert Fleming & Co. Limited; 

LINKLATERS & PAINES, 

Barrington House, 59/67 Gresham Street, London EC2V 7JA* 

Bankers 

Principal Bankers: 

BARCLAYS BANK LIMITED, 

Finsbury Pavement Branch, 128 Moorgate, London EC2M 6SX. 

Receiving Bankers to the Offer for Sale: 

BARCLAYS BANK (LONDON AND INTERNATIONAL) LIMITED. 

New Issues Department, 2 London Wall Buildings, London Wall, London EC2P 2BU. 

Brokers 

•HENDERSON CROSTHWAITE & CO., 

194-200 Bi&hopsgate, London EC2M4LL, and The Stock Exchange. 

Registrars and Transfer Office 

BARCLAYS BANK (LONDON AND INTERNATIONAL) LIMITED, 

Radbroke Hall, Knutsfbrd, Cheshire WA16 9EU. 


The following is a copy tf a letter to Robert Fleming Ss Co. Limited from Mr.J. A . Hartnett* 
Executive Chairman of Eurotherm International Limited : — 

10th May, 1978 

The Directors, 

Robert Fleming & Co. Limited 

Dear Sirs, * 

In connection with your Offer for Sale of Ordinary Shares of Eurotherm International 
Limited ("the Company"), 1 haye pleasure in providing you with the following informa- 
tion:— 

HISTORY 

The Present Organisation 

The Company, incorporated in England on 22nd August, 1975, is the holding com- 
pany of a group of companies ("the Group”) engaged in the manufacture and sale of 
electronic equipment for industrial, commercial and scientific applications. These appli- 
cations are in the fields of temperature control, the monitoring- and recording of industrial 
processes and their effects, variable speed regulation of machinery, and m the adaptation 
of high technology control systems for other industrial purposes. 

All Group companiesmny draw oh the expertise of a technical development company, 
Eurotherm International Technical Services Limited (‘‘Technical Services’^, but the 
Group originates, develops,- assembles and markets its -products through, separate 
organisations which are hugely autonomous. There are four such companies incorporated 
in the United Kingdom, based atornear Worthing, Sussex.* — 

Eurotherm Limited ("Eurothexm") 

Chessell Limited ("ChesseU”) 

Shackleton System Drives Limited ("Shackleton") 

Turnbull Control Systems Limited ("Turnbull"). 

One overseas company in the Group, Eurotherm Corporation, incorporated in the 
U.S. A is similarly responsible for its own activities in its product and geographic areas. 
There are also sales subsidiaries, some of which have manufacturing or assembly faculties, 
in the U.S A., West Germany, France, Switzerland, Italy and Hong Kong. Two further 
sales subsidiaries are incorporated in the United Kingdom: one operates the Group s 
sales branch in Japan and the other is the channel for Eurotherm a exports. A manu- 
facturing subsidiary in Guernsey makes printed circuit boards ana related products tor 
Group companies, but has no outside sales. 

The Beginning . 

In 1965 Dr. Jack Leonard, who is the present. Group Manogmg Director, Dr. Mure 
Somerville, Group Research and Development Director, Mr. Gerry Martm and I, now 
aged 46, 4S, 48 and 64 respectively, formed Eurotherm to develop temperature controllers 
using the modem technology which had become commercially available. 

. Temperature controllers had been used in industry since the last century. The instru- 
ment in general use was a finely balanced’galvanomctcr which was adversely affected by 
vibration and consequently was nut very reliable. 

11 v 1065 the transistor and other semi-conductor devices invented after the last w-ar 
had cone through tlieir early stages of development and they had reached the point where 
thev^vere reliable and were fulling in price. Eurotherm was a pioneer m the design of a 
em'pvramre controller using semi-conductors for high volume production, which could 
he pneed at little more than traditional controllers. This product was successful from ihc 
start because of its reliability and control accuracy. 

Diversification 

Bv 1971 vc had recognised the need to diversify. Although tie world temperature 
MMThm! market was -rowfog steadily, it had become evident that this single product area 
was unlikely ta give us the opportunity to expand the business in the way we intended. 

The following guidelines for diversification were decided upon:-- 

(3) Cchlc products where sales in the country of origin could provide the base from 

V 1 which larger overseas sales could be developed. 

ThJsuU^L lcJ to Ac- creation and development of Cheeedl, Shackleton and 


CrDl . ■ r IQ 65 its temperature 'controllers have been 

i the incorporation of ^^^^iJL^ products have been added-timers, 
tiy developed and impnwed. Ne forest emphasis on styling and design 

imcns and indicators and we ha ? ^ more advanced manufacturing 

oving our products. Our ^ d ^i"Sftii«rir production processes. 


ment, of which Eurotherm is a supplier, capable of giving a stability of better than 0.1°C 
at 1200°C (white heat). The main customer industries include: plastics and chemicals 
telephone and submarine cables nuclear, semi-conductor, glass-fibre, optical glass, and 
aerospace. No one customer accounts for more than 5 per cent, of Eurotherm product 
sales. 

Eurotherm sells primarily in the advanced industrial countries each of which has its 
own local industrial control industry. The company is the market, leader in the United 
Kingdom and amongst the two or three largest industrial temperature control manu- 
facturers iq the world for its type of product. It is one of the few significant external 
suppliers to the U.SA. and West Germany. Expansion overseas, together with the 
substantial increase in sales in 1973/74, stretched the resources of die company and in late 
1974 it experienced a significant liquidity problem. TIus problem had been overcome by 
the end of 1 975 and certain policy changes were made to improve production and financial 
controls. 

Eurotherm has almost outgrown its existing manufacturing facilities and, in order 
to meet anticipated future levels of activity, plans for the acquisition of new space are now 
well progressed. It is intended to construct a 50,000 sq. ft. purpose built unit an a site of 
approximately 4 acres to be taken on a long lease within five miles of the present factory. 
Outline planning permission has been obtained and the final specification is now being 
decided upon. Satisfactory finance for the proposed project has been arranged. 

In 1975 Eurotherm received the Queen’s Award for Industry for its export achieve- 
ments.. Sales of Eurotherm products in the year to 31st October, 1977 were £75 5m. of 
which £5.3 Sm. w ere overseas sales (including £0.3 5m. manufactured in the U.S A.). The 
present Managing Director is Mr. Geoff Withrington (aged 35), who joined Eurotherm. 
in 1970 to open the branchin Japan. 

C h essell 

Chessell designs, ma n ufactures and markets industrial potentiometric chart reco r de r s. 
These are used to monitor and record industrial processes and their effects — for instance, 
die output and running conditions of power stations and oil refineries, the drying and 
•storage of tobacco, conditions in oil wells and, increasingly, pollution and environmental 
control. 

After five years of operation, sales of Chessell products reached £3.2in. in the year to 
31st October, 1977 of which overseas sales amounted to £1 .45m. Sales teams specialising 
in recorders have been, established in France and West Germany, operating within, the 
local companies. In October, 1977 Chessell Corporation was formed in the U.S A.' to- 
exploit the substantial potential of the North American market by the direct supply of 
Chessell products under a separate management team responsive to the special require- 
ments of that market. 

In 1977 Chessell received a Design Council Award for En gin fating Products for its 
“series 320” multi-pen potentiometric recorder. 

The Chessell factory is situated very dose to the gris ting Eurotherm premises and It Is 
intended that Chessell will take over occupancy of the main Eurotherm b uilding , whilst 
retaining its present premises, when Eurotherm moves to the new building referred to 
above. This will provide Chessell with adequate space for expansion in the foreseeable 
future. 

Chessell is named after Mr. Brian Chessell (aged 45). the original Managing Director, 
formerly Production Director of Eurotherm, which he joined, in 1966. The present 
Managing Director of Chessell is Dr. Gordon Roberts (aged 46). 

Shackleton' 

Shackleton designs, manufactures and markets a range of variable speed industrial 
drives. This electronically controlled power equipment prorides continuously variable 
speed regulation of electric motors from fractional horsepower to several hundred horse- 
power rating. Applications include plastics, paper and textile machinery, cable and wire 
processing, metal industries, material handling, and machine tool controls. 

The Shackleton product range has now been proven and accepted within the United 
Kingdom. Progress is being made in the development of overseas markets and substantial 
orders have been received from Italy, Germany, Sweden and the U.SJL 

Sales of Shackleton products in the year to 31st October, 1977 were £0.81m. of which 
£0.1 5m, were overseas sales. 

Shackleton was named after Mr. John Shackleton (aged 42), its Managing Director, 
who was previously Engineering Director .of Eurotherm, which he joined in 1967. 

Turnbull 

Turnbull designs, manufactures and markets the most recently developed product 
range in the Group, and was formed oil recognition of the market potential for fully- 
integrated measurement and control systems, ' 

Developing initially from established Group 'market areas, Turnbull now supplies 
equipment principally for glass and glass-fibre production, plastics manufacture and wire 
coatin g, far which large systems were previously supplied only by the major process 


control companies. During the past eighteen months- the highly qualified Turnbull 
engineering teams have made considerable advances, enabling Turnbull to undertake 
steadily more advanced control applications in the following fields: production of a new 
type of ophthalmic glass, nuclear reactor simulation, specialised quartz crystal growing, 
turbine blade testing for gas turbine engines, computerised vacuum furnace control and 
television tube production line instrumentation. 

A new range of instrumentation, based on microprocessor technology, is being de- 
veloped and computer expertise continues to be expanded. 

Sales of Turnbull products in the year to 3 1st October, 1977 amounted to £1 Jim., of 

which overseas sales amounted to £0.7m. 

Turnbull was named after Dr. George Turnbull (aged 40), its first Managing Director, 
who is at present Joint Managing Director with Mr. Brian Chessell. ■ 

Technical Services 

Each of the manufacturing companies has its own research and development team of 
qualified engineers, but Technical Services performs a central research and development 
function for the Group. It provides the high quality facility required to enable the Group 
to stay-in the forefront of technical knowledge and provides assistance for the manu- 
facturing companies upon request. 

Technical -Services is also responsible for .technical evaluation and development of 
ideas for new products, and for ensuring that a new product meets the high technical 
standards required by Group policy. 

The Managing Director is Dr. Mike Somerville. 

MANAGEMENT STRATEGY 

The following are the essential dements of the Group’s management strategy: — 

(1) We have aimed from the start to build organisations of a. quality and dedication, 
compatible with the objective of making products which will eventually hold a 
significant world market share. 

(2) .When a new product group fa set up, it is handled by a separate management team 
of three or four individuals formed mainly, but not exclusively, from Group 
companies rather than being imposed on an existing organisation. This team is then 
given freedom to develop its product range and build up its own marketing organisa- 
tion and production facilities, while operating within the Group’s overall control 
procedures, both financial and qualitative. 

(3) Capital requirements are kept to a -minimi wn. The production, processes involve very 
little primary manufacture and consist essentially of the assembly, testing and 
calib ration of components bought in from outside -suppliers. Conscious efforts have 
been made to avoid undue dependence on any one supplier. 

(4) We have employed experienced graduate engineers as the major element in' our 
marketing staff. These engineers are able to converse on equal terms with the very 
highly qualified technical personnel among their customers. As the Group’s products 
are often important elements in complex and expensive manufacturing processes, it is 
essential that these processes are not disrupted by any fault in equipment supplied 
by the Group. Should there be faults, marketing staff must have the technical capa- 
bility to remedy them immediately. 

(5) With approximately 90 per cent, of the potential world market for the Group's 
products lying outside the United Kingdom, particular attention fa paid to overseas 
sales and the requirements of overseas customers. The principles of marketing and 
servicing practised in the United Kingdom are applied as nearly as possible to 
overseas markets. Where it has not been feasible to establish a sales company in a 
particular country, great care has been paid to the selection, training, motivation and 
supervision of suitable agents. 

(6) Particular importance is attached to the styling and industrial design of our products, 
not only from the point of view of their immediate appearance but also to ensure 
ease of operation and case of access for repair and maintenance. 

MANAGEMENT AND STAFF 

The Group fa managed by the Board of the Company which meets regularly during 
the year. "Within this Board structure is a policy committee which consists of Dr. Leonard, 
Dr. Somerville, Mr. Joe Wilkinson (aged 35) the Finance Director and myself. Day to 
day management fa left to the chief executives of the individual operating companies. 
The major United Kingdom companies are each represented on the Board and the 
overseas companies report directly to Dr. Leonard. "Inter-company communication is 
encouraged in order to facilitate the exchange of ideas and the pooling of information. 
Senior management personnel travel extensively and visit the overseas companies 
frequently. In addition, as part of the Group’s planning and control procedures, manage- 
ment personnel meet twice a year in order' to discuss current operations and future 
plans, for the short and the long term, for their particular company's operations. 






30 


Ftn gp tfal -Times Monday May 39Tjf 


Eurotherm Internationa] Limited 

* .Continued 

AH the Directors serve under Service Agreements and brief particulars of their current 
agreements are set out under Statutory and General Infor mati on. 

Front the outset it has been a fundamental principle of Group policy to recruit 
executives of outstanding ability who are young, yet experienced, and -well qualifie d in 
their chosen fields. The successful implementation of tins policy hag ensured that the 
Group is not dependent on the services of a few key peraonneL 

■ The total Group payroll comprises some 950 persona (201 overseas) of whom 
142 are graduates and. a further 60 have professional or other qualifications. Labour 
relations are excellent and staff turnover has been low. Indeed, irmraiy thr oughout . the 
Group runs high with a strong sense of pride arising from its success. 

Alention is made of the Group's Pension Schemes In the Arnmmfcipts * Report* 

EMPLOYEE SHAREHOLDERS 

As mentioned above, when in the past a new product area has been entered, a new 
management team has been formed. 'Die team has been given a hi g h degree of autonomy 
with a view to providing a stimulating environment to motivate the individ ual * concerned 
and to help in the - development of their entrepreneurial and managerial talents. The 
intention has been to re-create, so far as practicable, the same motivation as was present 
m the founders of Euro therm at the time of its formation, and in particular to ensure that- 
the team for the new* product area should stand or fall by the results of its own efforts. 

New companies have been formed to develop, produce and market new product 
groups, and members of management teams placed in charge of those' new companies 
subscribed for shares in those c omp a n ies on their formation. Except in the case of 
Turnbull, whose shares were acquired by the Company for cash, foe shares so acquired 
by team members are now reflected in' their present shareholdings in the Company. In 
addition to the founders of Eurotherm, 36 Directors or employees of Groap mrnpgnif^ 
are now shareholders in the Company.- 

The Board hopes to use foe above or similar procedures when entering further product 
areas and in the future expansion and development of foe Group's activities, both in the 
United Kingdom and overseas, but not so as to enable persons with significant holdings 
in the Company to increase those holdings. The Directors consider these procedures to 
be for foe benefit of shareholders and employees alike.. 

United Kingdom fiscal regulations inhibit the provision of meaningful share incen- 
tives for United Kingdom based employees of established Group companies, but the 
Board intends to examine means by which, further share participation be encouraged 
for individuals who do not already have significant shareholdings. 

GROUP PROPERTIES. 

Details of the principal premises occupied by the Group arc set out separately. 

SALES AND PROFITS 1973-1977 

As shown in the Accountants’ Report foe Group has increased its sales and profits 
substantially over foe past five years. The extent of these increases, foe split between the 
United Kingdom and overseas companies and an analysts of foe sales by product group 
and by country for the year ended 31st October. 1977 are illustrated by the diagrams set 
out below. During 1975 and 1976 the Group made certain significant changes to operating 
procedures, with particular reference . to materials control, strengthened financial 
reporting and performance, monitoring- This improved organisational base enabled the 
Group as a whole, and Eurotherm in particular, to benefit folly from foe general world 
recover}- in the level of relevant industrial activity. These two factors led to significantly- 
increased orders from the summer of 1976 onwards and resulted in substantial controlled 
growth in sales and profits in 1977. 


ACCOUNTANTS' REPORT 

TU* fountain ® « copy rfm. reponvkuk has been teeaetiftOKt ArJtVT Ax&SBO & Ch, Sfe auditor* and repartiat 

Bcewgflawfr.*— 

The Directors, 

Emothenn International Linda*! 

Robert Fleming St Co.jUnaiod Writ May, 1978 

Ci minute, 

We horn examined. tbo balance sheet of EUROTHERM INTERNATIONAL UMITED (the "Company’) 
at 31st October. 1977, and the coudMaUd balance cheers of EL'KOTHERM INTERNATIONAL LIMITED 
AND SUBSIDIARY COMPANIES (the ’‘Group") *e 30th June, 19 73 and 1973, end at 3Iae October, 1974. 197.-». 
1976 and 1977, and the gbtei smiemeno of consolidated profits and coaroHdated scarce and application of funds 
tor the- periods ended 30th June. 1973 and 3 1 at Quebec. 1974, 1975, 1976 and 1977, prepared on the basis described 
fa the a c c nuwln ftpolidoi w.^1 

The Company teas fanned on 22nd August, 1975, to acquire, by way of rime esehanye, certain companies 
<r, ' rf i o™™" il l! in Note 1. the figures shewn in tfaca cajmun rina financ ia l information for 

the periods aiding prior n> lscNoraxtbcr, 1975, are ibaee that would have been reported if the Group structure, as 
presently constituted, had beai-in. existence throughout the earlier periods. We -were not die auditors oE tho Group 
for the periods ended 30tfa June, 1973, and 31n October, 1974. and the accounts of certain overseas subsidiaries 
hare continued to be-excmiirad by other auditors. Such subsidiaries represented a ppro aanately 32 per cent, of 
consolidated, total assets at 31st October, 1977, and sppnBnnuteJy 40 per cent and 33 per cent* xcspe«i»riy, of 
consolidated sales and consolidated net profitfortho year ended on thax date. 

The financial information presented before is based op the audited accounts, after m a kin g such adjustments as 
see consider neeesajy. The principal adjustment is the chmgo in the bw. of accounting far deferred tatatton, 
Which Is explained further in Now 2. 

In our qpinion, tbo financial infbimation sbtron bdotf gina a tzue and fair ricnr, on the faaaea mearitmedabM'^ 

«f the state of affaire of the Company at 31st October, 1977, and of die state of affairs of the Group at 30th JWPe» 
1972 and 1973, and at 31st October, 1974. 1975, 1976 and 1977, and of the profits and source and application of 
funds of thcGroupfor each of the tiro accounting periods referred to above, on basis. 

Accounting Policies 

The wmifiranracamnting pnliri««c ? rinpfrfl in arriving at tfan firmriil ^hrnnrWi ^rernrein tfrfa Report Cc » 

follom: — 

(a) Basis of preparation— , .. . . 

The financial information has bem prepared on the historical cast basis, except far certain freehold and *o°g 
leasehold land and buitdiogt which arestatedar valuation, as detailed taNow4. 

(b) Principle* of oonaoEdation— 

The coraoiltbad financial fafanaation for the Tears ended 3 1st October, 1976 and 1977. includes the accounts 
of the Company and of all its subsidiary companies. For cadi of the earlier accounting period* the fin an ci al 
information baa bean reported as if a Group structure existed u currently constituted. Inter-company txanaacaons 

and balances are duahuted. 
fc) luueatuiental« «nliij<iqiy g jg g p qaSet— 

The Company accounts, for h» investments in its gnbridfo ty companies by the equity method, whereby the 
original eat of -the investments fa adjusted for the increment in the underlying net aaaets applicable tc the 
inrcrimcptaama their lea riieaddirionrimarira which wunld be pawhie noon dia triniifi i m 

of the < 


(6) Behffrimufluuiigfmnti^ 


Slat October 


»U4*r 



isn 

1979 

197S 

197* 

1873 

TWt 


fUTa 

£6M'4 

OSO'o 

£tn»r« 

£99ffc 

•ft- 

CsrpuretiOD tar ob ten ram of tbo net book «aha ef . 







assets eligible for tu oUawaotM over tha eerres- 
PBsdiBBnxwriRen-favm'frieeef aackassws- _ - 

291 

164 

17fl 

in 

IBS 


Attritarabfr taxation in t aspect of property renldaMO 
sorplmcs •• •• ■■ 

Tasann poyatis ia respect of profits earned oversea* 

39 

39 

32 

32 

32 

’ — '•! 

upon such profits bony restart to tbs UX by way et 

OtberKttiaiifi«dii(«rtGds 

297 

Z 

23fl 

«K) 

ISO 

(10) 

78 

tt 



62* 

421 

3*2 

227 

17* 

m • 


In the audited ncesunta prior to those far rbcjrui ended 3 let October, 1977, the Gro up** p ofoy w 

provision iW deferred taxation lisbihuM- During 1977 this policy was chained, and, m aronr daax ^<n« 
Draft 19 of the AccouminE Standards Committee, provision is now only mndefor « EaMiuci wtechthe Pnractots 
bHiei-e harear caamahlewiri nliirofinaterialfsillg in the foreaceable future. The effect of tnu cange a todummte 
the need for a provision in respect of taxation deferred by atockxdkfi, Tbo prior yews* wcouati have bccaasWedr 
gccordiafily* 

At 3lat October. 1977, then is a contingent liability for taxation deferred by atoefc n&f of £594,000 (1976- 
£369,000; I975-£219 1 000;I974-£«,OOO;. 

3 , Earnings per share . .... 

Eamincs pet share hate been calculated by diriiEafi the net profit for each acetmotss PWW by We ambvt of 
shares in issue at 10th May, 197S (1 1,4 17,5t)U sharre). 


4. Fixed Assets 

(i) Fired assets ol the group cMBrae: 


J/Wffrtafar 


JStiJam 


(d) Tranalathm of foreign cunnsaea— 

Current assess and all liabiUtie* existing xa foreign enrreoaea am translated into pounds sfcerinw st me rates 
of enhance prevailing at each. balance sheer date. ' 

Fixed osseta are translated at the otci of exchange in effect vriiensudh assets were acquired, except for property 
ai valuation, which ntaqibied it the rata of exchange rufmg at the valuation date, . ^ 

Salta, cost of sale* and m > ui> « ore unrelated at the average rates of exchange prevailing during each period. 
Exchange differences arising on transactions during each period are dunged or credited to cost of soles and 
impul s es oral difference Tfringp^ rpmlirinn srethareeri or eredml to adlinn and other expenses. 

(t) Stock — 

Stock is stated or the lower of cost, on a urn-in. Bat-cat basis, and net realisable value. Cost include* au direct 
costa incurred in bringing the stock to its prescat state and location, including an appropriate portion of 

miTnifartrrrrngm7 r*h+*A<i ' 

(0 Deferred taxation — 

Deferred taxation is provided to allow for the effect of rtens of income and expense (primarily depredation ana 
additional taxation payable upon distribution of overseas earnings) being attributed for tax purposes to periods 
different from, those in which the credits or charges ate recorded in the accounts. Deferred taiatiim ia providod 
only to tbo extent that there is axeasonable probablllry of payment within the foreseeable future. 

Deferred taxation is competed using the liability method whereby timing di ff er en ce s are tax effected xt the ate 
Of ,4, K p1«TM-a sheet date. 

(g) Sales - 

Sales r e p re s« it the invaietd value, cxclndnig valoe added tat^ of goods abqtped, net of retang, ttadfl diwc o nnta 
and allowances. 

(h) Depre as ti on - 

Dep r ec atio n fa provided on feed resets at cat or vnltt»tiaauna8tcaigfat-linebMis,»ta nnml late* based on tha 

Olfaiatad imnnreir.lr^ rfttMM^ iMfQlkwre: . 

F reeho l d buildings — 2£*J 

Leasehold buddings — orerthoresidaaltenn of the lease 
Pbcot and equipment— 1 0 T.— 20 % 

Vehicles — 2o;;— 33i;; 

(0 Other matters — 

All research and devel op ment expenditure is -written eff os incut red. 

Estimated warranty coses are provided cuneady. 

Statements of Consolidated Profits 




1977 

1975 

1873 

1974 

1973 

1872“ 



man's 

CffiA’s 

£630'; 

ffflO’s 

{SOffi 

IMT 

Fff»bddlBndaafibBiU»|t-mt 

mm mm 

20 

• -* 

272 

216 

18 

« 

-Ylbrt’BB .. 


33* 

334 


— 


^ • 

Loa jterahoti propsrty —cow 


7 

— 

45 

41 

S 

in 

— vahmion .. 


320 

.328 

ns 

299 

2SX 

— 

Short ItoseboU property — eort 


70 

22 


2 

5 . 

1 

EgBipnnrtsiMl oiotef wliidas-Mt M 

mm v* 

1,404 

937 

655 

446 

261 

m 



2.155 

1.913 

W« 

936 

512 

MS 

Lw-BcnrdBtrtdepreaBfiaa M 

.. « 

|EB2) 

p77) 

1385) 

IW) 

l»> 

(S3) 

Net ■■ M «. H' H .. 

•• 

1453 

1.242 

95B 

812 

486 

382 


(b) Freehold and long leasehold properties were valued by Janes, Lang, Yfooitm, Chartered Sunryun. as at 
30th September, 1976. The long lease! told property mu previously profew tonally valued as at 3dth June. 1973. Tbo 
valuations were based on the open market value of the properties with vacant possess ion aud ore refle cte d in tha' 
<Wint* iii in formal ion whorfc 


5. Investments in Subsidiary Companies 

(a) bvastaunti ia ubik&ary canyasios at 31 si OcRher.lS^SDnyriu ; 

Sham.attott H 

Skate of diwrihntaUa 

Share of lavaluation ivplssas, act of attributable defeirod taxafira .. 
Capita] rasareas ubfing ea acqBshuws et minority iatciastt w .. 


(b) TheMosRB8n*i«ftaireiBagnIaidUiia3DfthaConp*>iral51stl}ctater,1S77>- 


Balt of 
hcarpwntwr 


.. » 

.. 2.M1 

.. TIB 
M 1Q1 

2.W 


Jtstoi 

CopittJ 


SALES- Em 

Overseas companies 
U.K. ilncluding tales to 
oventwa agents) 


PROFIT BEFORETAXATION AND 
MINORITY INTERESTS. Cm 


Ynr taSadSt* October 



Sales— U.K 

— onrscaa .. .. « .. 

Cast of Salts .. ■■ » .. .. 

Grass profit .. M 

Salflaa and athar i 


Profit bribre taxafin nd nooritr interests 
Tautien .. 


iz: 


ANALYSIS OF 1*77 SALES 
BY PRODUCT QROUP 




• EUROTHERM 58.7% 


• CHESSQl. 24A% 


•TURNBUU. 3.3% 

-SHACKLETON 63% 
\f— OTHER 0.8% 



ANALYSIS OF 1977 SALES 
BY COUNTRY - 


Z'- 


Y 






-UJC. 

39.8% 



/ 






-U.SA. 

16J% 



/ 






-GERMANY 

10.896 



Y 






-FRANCE 

9.6% 



£ 



I 

/ 






-OTHER 

1&2% 



1 




Profit bolercniatritriotarests .. 

Hraarity Interests .. .. „ 

Nat preht .. ■■ .. .. 

Eamhtgs par share .. .. .. 

Isdodadr* cart nf alas red seflog and ethvixpansis are tha foDonmg 
Bapradalloa .. n .. 

I stalest upsns* ~ — 


Balance Sheets 

£*W 

ShtOctebar 

1977 

£D«rs 

19 Fixed Assets .. « „ „ 

2,864 lavutaanaEaSdsidivyCiavoBtH 

2.803 

Cunvot Assets: 

■— Slock .. 

IT Debtors sad papMuyeam .. 

1^67 _ Doe fro* jaWiiiirycsnpaaies .. 
81 Cash .. .. .. „ 



Vote 

1977 

1976 

1975 



iOOQ'a 

EQOQ's 

CQOfl’a 



5.110 

3.260 

2.683 



7,743 

4.77* 

3,792 



12.853 

8.034 

6.475 



7,143 

A241 

3,450 



5,718 

3,733 

3.025 



3,92* 

21628 

2.136 



1,885 

1,195 

383 

• • 

1 

780 

335 

313 



1,185 

>30 

576 



* 2 

83 

31 


ISoaatbs eoM Yur ceded 
3 Tsr October. 3Blb Jane. 


1974 

SOTQ'a 

2.794 

3,885 

6,679 


6.T7B | 


1,194 


7*7 


545 


591 

188 


333 

40 


293 


1973 

ifiWt 

1.157 

1,300 

2A57 


2 JOS 


149 

79 


Eunrthsm Uostad . ,. h --h«»h 

Oiaxuril Uattsd M .. ., .. M .. 

Sbaekfo ton S»ite« Drives United M H .. M 

Tumbril Control Srrtsau LfraiUil .. ■■ ., n „ „ „ .. .. n 

EanrttErra Exports UodtnS .. . .. „ .. .. M .. .. 

EarotbaraihitaraatianalTathricalSenkfliLiaiiled .. 

Earatkrno (Japan) Unrtad .. 

Euro theta Intemathmal lacwparetBd (temetly Eorothera CaryantiDO>-fJalM States at America .. 

Earatbena Pradaltte fScbweiz) AG.-SanoeriMil 

Earolbena Raglar GmbH— WartGanoany M .. .. .. 

EnrathBrn Autonatioa SAR.L— Fraare M ., .. .. .. 

Earoihern (Far East) Uroted-HaaB Koag (95% onned) .. 

Eaia therm (Guernsey) Uoutsd-Gnnnef .. .. .. .. .. 

Eorotienn B.V.— Hollaod „ 

Eutothsra S^JLr-ltaly (95% emoed) 

Eurutheim Corpocarion changed its name to Euro therm International lacoiporated on 25th October, 1977 and, 
with effect from 1st November. 1977 transferred its existing business operations to two new subsidiaries, Cheasell 
Corporation (91 per cent, owned) and Eurmhcun Corporation, both incorporated in tbo United States of America. * 
Eurothcrm International Incorporated acts os a holding company co-ordinating the businesses of there subsidiaries, 
which bare issued capitals of U3.S8.S00 and U&SS,000, and vrere incorporated oa3td June, 1974 andilst October; 
1977 respectively. 

The Company 

Am/ 

Cofrtaf 


294.65 

E5JU7 

27.3.72 

£962 

11.2.7* 

£432 ‘ 

14,8.74 

CIOS 

18.1.68 

£100 

8.11.75 

£2.008 

1.10.71 

£100 

1.12.69 

IL 5. 83,827 

27.10.63 

S.fr.68j60O 

24.1J87 

ML 168.000 

3.7.84 

F .Fr, 200JM0 

15.6.71 

HJC.8!2^2fl 

17.7.73 

£6.000 

13.9.73 

D.a 50.000 

10.12.73 

ua.ooo,sn 


70 

1 


63 


SolamereUutad .. .. .. 

Cbsssall Exports Umitad 

Terebutl Control Systau (Sales) Lion ted.. 


hcerpontta/r 

16.470 

25^.74 

21.12.78 


flU 

£100 

£188 


Except where otherwise stated, the mmpsntwi are directly or indirectly wholly owned and an ancoroacated ia 
En gland ■« priw,. mh yiw. 


AM 

4 

5 


1.340 


73 

325 

32 

21 

289 

718 

629 

4523 

m 


Carnal Uabifitire: 
CredtonsndBccresitqMflsas 
Duetosobsklten'creijmmaa 

Taxatisa 

CinraaipmtioaolIoDfl-tiRifabt .. 
Bank ovarfrefts, rand .. «, 


latcoiTsit assets m 


THE CURRENT YEAR AND PROFIT FORECAST 

Orders received by foe Gz;oup for foe five months ended 31st March, 197S, amounted 
to £7jm., compared with £5.0m. for the same period in the previous year, and invoiced 
sales were £6.2m. compared with £4.8m. for foe same period in 1977. The level of 
activity to dare for foe current year compares favourably with, foe original forecasts 
prepared by the individual operating companies. 

On the bases and assumptions set out in Statutory and General Information, foe 
Directors forecast that in the absence of unforeseen circumstances the consolidated profit 
of foe Group before taxation and extraordinary items for foe year e n din g 31st October, 
1 9 7S will be approximately £2.5 million* 

DIVIDENDS AND APPROPRIATION OF PROFIT 

On the basis of foe forecast of profit for foe year ending 31st October, 197$, foe 
Directors intend to recommend for payment in February, 1979 a dividend of 4.0p per 
share (inclusive of related tax credit). This would imply a net dividend of 2.64p per 
share ac the current basic rate of tax of 34 per cent, or Z68p per share should this rate 
be reduced to 33 per cent. This would be the first ever d ividend payable by foe Company. 
In respect of a full year throughout which the Company’s shares were listed and in which 
a similar level of profit was earned, foe Directors would expect to recommend dividends 
totalling 3.5p per share (5 Jp inclusive of related tax credit at the current rate of 34 per 
cent.). It is expected in future years to pay interim dividends in August and final 
dividends in February. 

Under current legislation, which expires on 31st July, 1978 foe Company would not 
be subject to any dividend restrictions in respect of the two years ending 31st October, 
1979. 

The following tabic sets out, by way of illustration only, how a profit before taxation 
of £2.5 million would be appropriated, assuming corporation tax at foe rate of 52 per 
cent, and total dividends of 3.5p per share on the share capital of £1,141,756 

£000’s 

Profit before taxation* 2,500 

Less: taxation . . 1,300 

Profit after taxation . . 1,200 

Less: dividends totalling 3.5p per share . . 400 

Profit retained 800 

On foe basis of this illustration, foe dividend would be covered 3 times by foe profit 
after taxation. The dividend inclusive of the related tax credit at the current rate of 34 per 
cent, would represent a gross equivalent dividend yield of 5.3 per cent, on foe Offer for 
Sale price of the shares. 

At the Offer for Sale price, foe Company would be valued, (on forecast earnings per 
share of 10.5p assuming corporation tax at foe rate of 52 per cent), on a price earnings 
multiple of 9.5 times. 

FLANS AND PROSPECTS 

We consider that foe Group has excellent growth potential for foe following 
reasons: — 

(a) New products are frequently being introduced within the existing product ranges 
and at foe present time three such ne w products arc nearing development 

in either the United Kingdom or the U.S.A, 

(b) An important element of the Group’s management strategy, namelv fo c independent 
development of product groups, and their related production facilities and Tn*rfa*in g 
organisations, has not yet been fully applied overseas. 

(c) A new product group, with substantial market potential, is now in foe initial develop- 
ment stage, and a new m an agement team is being brought together. 

We arc of the opinion that our organisational approach is well suited to the expanding 
technological area m which we operate and we look forward to foe future with confidence 
and enthusiasm. 

Yours faithfully, 

J. A. HARTNETT. 

Chairman. 


M28 


10 

3.110 


3.120 


Loss-ttnaDkW.. m •• « 

Bitered Tuatira .. .. .. 

■■aerify Interests « « « 

N straits .. M 

Rqreremipa— 

Skin Capital .. .. L 

Berenee.. .. 


3 

8.87p 

B44p 

4.77p 

2J7p 

0.55p 

ifoDtmnnn: 






269 

169 

144 

11* 

55 


121 

163 

285 

281 

50 




firm? 




3 W October 


39th Jota 

1877 

1978 

197S 

1974 

1972 

1972 

£000'* 

aoo’s 

fumr* 

mm's 

ao&'s 

oar* 

1,663 

14*2 

958 

BIZ 

486 

302 

1^53 

1442 

958 

812 

488 

302 

2.651 

2.064 

1,330 

1,58* 

616 

343 

2.861 

Z.S71 

1.544 

uas 

•853 

451 

47* 

352 

161 

91 

16 

88 

8,106 

5,087 

3455 

3.101 

1.135 

Si2 

1,«7 

1,817 

983 

1.379 

222 

486 

844 

388 

256 

ISO 

9* 

64 

5B 

90 

73 

32 

6 


651 

878 

701 

1,109 

248 

180 

3J58 

3,173 

2413 

2.670 

1.178 

730 

2448 

1414 

1442 

431 

185 

152 

4,401 

3,158 

2400 

1443 

851 

454 

(851) 

(633) 

(414) 

(383) 

(183) 

088) 

l««) 

(421) 

(342) 

(227) 

078) 

013) 

(») 

(190) 

(107) 

(76) 

(28) 

09) 

3,120 

1.812 

1.137 

577 

284 

134 

ID 

ID 

ID 

6 

6 

5 

3.118 

1,902 • 

1,127 

571 

278 

129 

3,120 

1412 

1.137 

577 

284 

134 


6. Stock 

Era up ttntfc comprises:- 


ftnsaalarinltarieirefaauts .. 
Worfc-in-pregre» .. .. 

Kurils 4 gecds M — mm •• 


7. Long-Term Debt 
Coapanr 
31st Oct eber 

1977 
£000 ’s 

loin Iran tks too item 
EMcorira Sipareiuuutisa 
3DS Sdtont 


3t St October 


SMJma 


1977 

1976 

1976 

197* 

1973 

1972 

£998** 

COHO'S 

COOS'S 

COM's 

COM’s 

CDOQ's 

1,448 

1.068 

709 

738 

258 

5 

848 

507 

323 

456 

105 

1 343 

£65 

491 

298 

312 

183 

.2,851 

"y» 

1.330 

"wo* 

81# 

343 


Mortgages on IsaMbold property, 
repayable in ball-yearly 

— iiutaloute .. .. .. 

Mnrtgagw cn freehold property, 
neayabls in tall-yaaily 

— inrtalmots .. , 


Float Aoaoat 
rttteaatieB rates 
date at interest 


Variabia 


TS9D-1938 8S-ll!i 


Slat October 


Creep 


JOtiJm 


- 1S83-19B8 7X-40& 


Msdimn-tarer loin, incered or 
leasehold proparty, repayable in 
118 fcaK-yaadyinatBlneots.. .. 

Notes payaUe.sararedBa 

— aqripmret and ranter reticles .. 

Loan from Tba Emthtrai 

— PanmanSduraa .. .. 

Inaa secured on iBasaboid ' 


4Xenr 
Barclays Bank 
limited'* 
1983 baniata 


1981 10X- 

1977 18X 

1977 15K 


Statements of Consolidated Source and Application of Funds 

Year eadedSltt October 


1977 

1976 

197fi 

1974 

1973 

1972 

COHO'S 

COOO's 

COOO’s 

COSTS 

[BOB' a 

COM's 

306 

20* 

59 

- ; 


- 

56 

57 

. w 

59 

81 

81 

21S 

255 

23*’ 

2H 

IS 

n 

118 

136 

— 

— 

— 

— 

S 

21 

7 

5 

“ 

- 

- 

42 

188 

87 

38 

4* 

- 

5 

20 

34 

53 

H 

707 

‘723 

487 

396 

189 

188 

5fi 

90 

73 

32 

8 


051 

833 

41* . 

383 

183 

.188 


IS motif ended Year ended 


Saircm of Fonda: 

Operefloss— 

. Natprofltfartbapariad 

Add (Sad^ltannimtiyrrolviBTitheinmswttrfhads-- 

OeprsriatNio.. . .. 

Dahirod taxatwri « .. .. .. .. .. 

Minority iptarau 

MBtBaraogtreadatuBtfrerelaadlaadBiHltHdldiiQS .. 

Tela! fan* frcai operations .. «■ 

lacreaxa (decreare) ia (009 tern debt, nat 

TrauferefraarancjatodtfaredtoatrM .. 

faker 

Trial Feeds provided .. .. .. .. - .. 

Application of Feeds: 

Cnpinl expoadirere. nriaf diepasak.. 

Taxation paMMidistriliotioBstroacrereeresiJbsiiSaies ,. 
AcqafritiraofionBiraburityiiitereiu .. 


hcnreeiaMI cn TWt w els.ctaptMao— 

hsreau (decrease) iostnek .. „ M .. .. 

rntreaea in daUaKHd prepaid cxpoiues 

{btrease} dastasa ia crediton and acaoed expansas 

Increus in taxation .. .. 

OBCTcan(insrtate)inanreQtpQ[tiaeo[laB9-ianidBbt .. 

MotenratiBBeiliiiDidfDDds.asbelew 


■•foment ia Ncttfqild Foods: 

Increase (dicrrect) in cub .. .. — — 

Decrease (incresn] ia beak oratfrafts 


rfotes: 

3. Fortnatiim oTCotnosny and Acquisition otScboiriiaries 

The Companym* inaaporewd on 22nd Attgots. J97S. and acquired, iriih effect from 1st Nor ember. 1975, 
the whole of tie issued Blare capitate oEEuiucbenn Umj red, CbareeR limited and Shockteun System Drives Umi ted, 
ioswIht with those Issand shares of Euroth urn Corporation, now Euroth «m Intematiimal Inconwated, notolnadv- 
owned hy Enrotheroi limited. At that doe, Euroduem Listed already awned either in whole or in part the oth«® 

overseas subsidiaries. 

Prior to then , _ acquisition bp share ewhaaae, the eompioics had bem effectively under common control. Since 
theacquwaonadul not result in a change hi 1 the aterefaoidere, or in thdr indtodual interests, cfle retetTro of the 
siihuttenes at of acqmstban hj the Compwiy arc deemed distributable by the Company. Accordingly, the 

fanaerol intennarion for th« penod of five yean and four months ended 3 1st October, iSTT^hMbccn mooted on 
the bain that tha present Group rrinrinmtiio cffocrivdv mmi thrmuhom th e p»rt ?d, 

2. Taxation 

(a) TbetaxatiaesJiarse.VTiiicb Is based oalbe profitfwtkj psiqd.csaprijes:— 

Year ceded 3ftt October 


1977 

19TB 

1975 

1974 

.... 

1873 

con's 

COOO's 

COOO'S 

coars 

COM's 

1,10* 

747 

545 

293 

69 

289 

169 

14* 

114 


235 

72 

115 

2B 

33 

2 

83 

31 

40 

7 

— 

(38) 

— 



1,619 

1,033* 

835 

475 

158 

18 

213 

51 

200 

126) 

— ■ 

— 

— 

21 


S 

— 

15 

10 . 

P) 

1.63E 

1.252 

901 

'786 

131 

588 

68 

54 

378 

290 

440 

118 

2 

- 

— 

— 

702 

388 

298 

440 

1 1B 

587 

73* 

(17*1 

88B 

273 

318 

1,127 

38 

853 

202 

(90) 

(834) 

33S 

(547) 

(338) 

(256) 

(1321 

(106) 

(56) 

(30) 

34 

(17) 

J*J) 

(26) 

<0 

349 

(8) 

488 

(636) 

m 

934 

872 

611 ' 

265 

13 

1,636 

U52 

901 

706 

131 

122 

171 

90 

25 

(22) 

(») 

227 

077) 

408 

IS6I) 

349 

(6) 

498 

(836) 

(90) 


424 

21 Lass entrant portion 
4B3 


Tha but from tha Furo therm Ennfte Supetvtnuxtron Scheme bens »n*HT nl! at a rate oqutnhnl! to tha 
tedemprion yield for 5 Treasury Stock 19tib/S9 u3fahAj>ril in each year. 10 mo 

8. Share Capital 

At 31 etOOokit. 1977, tke chare capital of tks Conpanytirias foUnrst- 
Asthprued— 

200,000 Onfleatrabacea of 10paatb M 


a»- 


Istoad aedfbQyprid— 

103,736 Dnfiaary shares of IBp eptb .. 


00.083 

£10J3«0 


At 31st October. 1977, there ore included in the issued and Ibflr paid share* 1,28* shores winch the Company 
bad agreed to usuepnor to chat date but which were in fact issued subsequently. 

_ On 11* Dcwanber. 1977, dw Company increased its authorised shore capital to £25,000 by creating on additional 
50,000 stores of lUp each, and unud as fully paid 103,79b shores at poe by way of capitalisation of reserves, on a 
ODc-tor-onc basis. 

*** increased its authorised share capital to £1,400,000 by crating an 

additional 13,7M,000 shares of lOp each and issued as fahy paid !i,2Q9,9bS shares or par byway of gf 

reserves, on x fifty- four- lar-onc basis. ^ * 

9. Reserves 

(a) Tba^BsuoteaGt8ronnreuii8sMlom9-> 


Year eadad 31st October 


ISaamba . 
eatftd Yoareotaf 
31 at October JBtbJttaa 


-Balaets, beflltfBng of partei 

NatproGt tor tb* period 

Strplni en renlaafisa 0! property, ast of attribotablg difanod 
tmtion .. .. „ 

Capital tuirea arising m actdArea of Bunaity iattmta 
Otter .. „ _ .. 


IS meaths tried Year coded 


U.K. ctupt! ration ax— 
Curtail ■ .. 
Daferrad 


Ovareeio taxation 

Deiured tasodoB on Badrttribufeti siwrw earns fil 



1177 

1976 

1975 

Slat Oaabtr. 
1974 

SStiJoec. 

1973 


COSO's 

COM’s 

COOO’s 

COOO's 

COM's 

.. 

215 

76 

26 

in 

27 

■■ 

140 

(8) 

41 

i«) 

2* 


355 

68 

S3 

2 

51 

■■ H 

330 

167 

170 

130 

19 

- 

95 

88 

74 

36 

9 


7BO 

335 

313 

168 

79 


Balance, end cl pered 


(b) Group resente* comprise:— 


DistribuuUd ra serve*— 

Cwnpany 

Sbfeidiarim 

Surplus OR rtialsarieo of property, ut of sttribriaUi 
deferred taxation 

Capital mans arising on acrntaWoo uf alnority 
raiBrests 

Stare prenioBi .. 


1977 

1976 

1975 

1874 

1973 

£ SOtTs 

COOO's 

roars 

row* 

OSS's 

1,902 

1.127 

- 571 ' 

278 

120 

1.104 

747 

545 

293 

63 

— 

23 

. — 

_ 

Sf 

96 

2 

3 

_ 

_ 

8 

13) 

8 

- 


3.110 

1,302 

1.127 

871 

278 

31st October 

' 

39th Jeer 


1877 

1876 

1875 

1974 

1973 

• 1972 

COOS'S 

COM's 

cans 

CDOO'f 

COM's 

Ml 

242 

fi 

— 


„ r 

t T 

2,541 

1,773 

1.835 

482 

183 

128 

IIS 

118 

88 

88 


- . 

181 

S 

3 



-.mm ' 


8 

— 

— 

-• 

• ~ 

■ 

3,118 

1.902 

1,127 

. 571 

_ 276 

1» 


30. Penston Arran ('em on b 

Group ppemte* two pension schemes in tha U.K. as fallow*: — 

W J **- .. Sctea ^^ «wmh«*ooT scheme canto into operation In 196S. AIT employees who 

a Glw » company and w4«» hare attained the ago of twenfy-vre «* 

ny fiynuiK. Koberaon & Co^ Consulting Actuaries, confirmed chat it was full* WM TV— cfnattr VfT* 

eon t abmi o n to iheschcme amounted to £24.000 iatf»yeiirendad31at October, 1977. 







financial Times Monday May 15 1978 

Eurotherm International Limited 


Continued 



Contributor) pcmicn whcmcs are sJm operated in certain of the overseas cars panics. 
lL Lco^c Obligations 

annual rentnb payable « at 31st October. 1977. 

12 . Dividends 

«f «'•« j ‘‘M JtounmS Sd^sT^bS^! dC,l,Ji to ft » sdaraioWcn of the Company during the period 

13. Audited Accounts 

^ JuJitcd jcajuuii been prepared rincc 31st October. 1977. 

• Tanre faithfully, 

ARTHUR ANDERSEN & CO. 

PREMISES 

The follo«in£ table gives details of the principal premises occupied by the Croup 
SCHEDULE OF LEASEHOLD PROPERTIES 


Ortapin:: 


Location 


Date . Lease 
CuinmcnccJ Hxpues 


Length 

of 

Lean 


Date of 

y ext Rent Batts ef 
Berko Bevkta 


Curran 

Brut 

J’jjable Floor 
Per Annum Area sq.ft. 


The Company 4di Floor, 29.9.1976 23.9,2001 23vra. 

Xliiuh Streep, 3 

Worthing 


29.9.1981 Full annual £4,037 
and than market 
every 3 rads rent 

year* (upward. 




Technical 

Serviced 


25 North 
Street. • 
Lewu* 


12.2.1963 11JL2067 Wyn. 


Euro therm Broadtrjtcr 


Broadwater 2S.12.1967 19.5.2063 9Syi. 


days 


Broadwater 2.10.1969 19.5.2063 93 vrs. 

=»**» 


Unite, LI 2.1969 30 J 1.1 990 21 yxs. 

Park .\uraery 

Estate. 

Southdown view 
Road, Worthing 

Unite land 2 1W.1975 1L3.1WS 2Dvra. 

Hazelwood 
- Trading Estate, 

Dominion Way, 

Worthing 


12.2.1983- Current £225 
and then zzuuicetrent 
every 2U for cite 
years (upward 

28:12.1987 Reasonable £6£0> 
and then rent for 
every 20 site 
years 

2.10.1989 Reasonable £340 
and then- rent for 
every 20 site 
yearn 


1.12.1083 Fair rack £3,875 
- rent market 
Trine 


1,307 


2,984 


19,557 


2,700 


13JU933 Open 
and then market 
every 5 rental value 

ycus to ward 


£12,000 6,095 


nheaaeff 


Broadwater 1 9.7.1971 
Trading Estate, 
Worthing 


19.5,2063 91 -m. 

314 days 


9.7.1985 C u rre n t 
and then market 
every 14 rent for 
years site 


£1,795 14,730 


Sbaddeton 


Turnbull 


Eurottiernx 

Produkte 

iSelmcir) 

A.G. 


1st Floor, 29.9.1963 28.9.1984 21 yn. 

3-y Crichctm 

Farads, 

Broathmtcr 

StrcatfWest), 

Worthing 


No. 10 Eldon 24.6.1976 33.&MH 3Sys*. 

Way, Linesidn, 

Utiiehampton 


No. 11 Eldon 25.12.1974 24.12.2009 35 ym. 

Way.Lmcside, 

iLi til champion 


Mulberry Lane, 23.8.1976 22A.2001 25 yn. 

Goring-by-Sea, 


— — £4,000 7,122 


23.6.1981 Gross lull £10,000 
and then ' market 
every 5 rede 
yean 


24.12.1979 As above £4,350 
and that 
every 5 
years 


10,220 


5,300 


Oonng-by 

Worthing 


23.S.1981 Open 
and then 

every 5 rental value 
yean' - - (iycard 


£15,000 10,400 


Kanalstrane "1.S.197J 
J7.CK-8152 
GtatrbruuK, 
bwiucriaod 


— 6yn. 1.S.197S Cost of 

and there- and then Jiving 

after until nnn.miiy index 

terminated 


SJr. 44,544 5,231 


by b months 
notice to 
expire on 
3 1 sc March, 
3UfoJunc 
or 30th ■ 
September 
in any year 


Eurotherm 

Corporation 


11440 Isaac 111.1976 3L10.1979 3 j®. 
Newton Square, 

North Building 
2nd Floor, 

Heston, 

-Virginia 22090, 

UAV 


and 

Bank 

Rate 


— — USS50.34S 11,612 


ChcKiil _ Building 24 

Oripomioa l'cnns Trail, 
Newtown . 
Industrial 
Co rontons, 
Newtown, . 
1'ennsjlvanU 
18'HU USA 


7.2.1978 6.2.1983 Synt, 


6.2.1981 Maximum USS 18,500 10,000 
increase 
7*% based 
on actual 
increase in 
U.S. 

Consumer 
Brice index 


Eurotherm 

Automation 

h.A.K.U 


Centre 
d’A/fnira dc 
D&idiUy, 
BB.I5 


6V57U Danlilly, subject to 


Date of 10.10.1985 9yn. 

banding (subject to 

over final 

(11.10.1076, agreement) 


France 


final 
agreement) 


10.10.1978 National FJFr. 
(Subject to Construe- 332,25(5 
final donCoec 

ajyccmeni) index 
and then published 
annually by IN SEE 


7,965 


SCHEDULE OF FREEHOLD PROPERTIES 


Eiunthmn 

ICiueruivj-) 

Limited 

Earoihcnn 

llvglvc 

(j'mbH 


Location 
(Judies Lane, 

Si_ I ’trier Port, 
Guernsey 

6250 Limbuig/Laho, 

UitomranH.-, 

Germany 


Valuation 

£210,000 


DAL 500,000 


Floor Area sq.ft. 
32,806 


7,169 


STATUTORY AND GENERAL INFORMATION 

1. SHARE CAPITAL . . , 

(a) The Company 

On JOrli Mjv, 1976, being the date wo rear* preceding for dale pf this Offer for Sale, the ^authorised share 
capital ui lhi: Compunv was L2O.UU0 divided into 2U0.0W Ordinary Shares of 1UJ 1 each of which 100,458 Ordinary- 
■Shares had been iisued‘and were lully paid up. Since ihar date there have been the folio wing changes in the airrbonsed 
and issued, share capital of the Company 

(i) On 1 1 tb July, 1977 1 ,300 Ordinary Shares of JOp each were allotted credited as fullr paid to Mr. P. J. Bellamy 
in partial .- tnia idcrotion ot the transfer by him to the Company of Iris bolding of shares in Euro therm Produlae 
(Schweiz) A.G.; 

(ii) On 20th Julr, 1977 754 Ordinary Shares of lOp each were allotted and issued for cash at a price pnchBive of 
premium) ul IS per share; 

(iiij On H'lli December, 1977 pumeint to arrtngcmmiK agreed to prior to 3 1st Octolier. 1977 1,080 Ordinary Shares of 
nip vaeh were mm-d credited fully paid to Muis-icur R. Corbier in consideration of tne trawler by turn to tee 
Com pa iiyui his holding ot ihan» inturiMiicrm Automation S-LK-L.; 

lit * Cii l*»ili lVccmlwr. 1'«77 pursuant to ananReinents agreed to prior to 31st Orlpbcr. 1977 284 Ordinary Shares of 
lUpeaiii w itc ikaued for cosh at a juice (Inclusive of premium) Pf £S per share ;ur>il 

til On 21»r Dc. ember. 1977 lhi- juihariicd shore capital was increased to £25.001) by the ereatwi orSO.IDOOnbruiry 
Mure'- of I Op c.ii-h and IU3.790 Ordinary Shirw of lUp each were allotted and issued, creducdM fully paid up 
bv way «U capi udisatuM t of rc-crva in the proportion ot 1 new Ordinary Share for each ordinary bhare previously 
in iwiie. 

Accordmch*. Immediarefy prior to lOtb May. 1978, the authorised share capiial of the Crawny vu Q5.0M 
divided into 23U.0UU Ordinary Shares of 1 Op each of which 207,592 Ordinary sbarej were issued foDy pai^ 
... L .oil.iimm tuunI at an Eatroordimu-o General Mcetina of the Csaapuny on IQtU May. 1978 



,. of b'p each, rh) rU2.J.99o.Kfl, befog as TO part the baLiaec cm sb^rroniim jixmua aMas to me Daancn 

ir holding* and u£ new Attidcs of Association were adopted ana the Company became a public company. 

ibildiari.es • . . _ . ,,. _ 

u-aurnt to contract (2) below Mr. Roberto Sergio, tfaePretideut of ChcsseE CprooniHon, acquired • holding of 
>«■ amt. of the rented ihsre cntittal of Chradl Coipenrien. Under the terms of theti: 

s therein specified EiunlhCnu Jnlcrnaliomd Jnrorporucd has the right to require Mr. betgte to sell, ami Mr. 
flu^tiw rt'uht in uvuire Euruthenn 1 nt r rnari im jiluairptiraied or ChcsscU V-Otporauon to purcha se, the said 

.■ m a _ ili 1 fU Ci. o irf K .wm T nfwmtinna I InMrtWMriffirl nnrf Mr. Sm»W> jUIW IW-tajptlOn HCdU OS 



K a . .. ih v - nulit o;l ilw ictiui lueroii swonwi ro require uw tacnanpe ot Air. sowaj doiduis 

fh'iJ 1 ..rtildiiare Share* inti* Company. The number of Ordinary Sham in the Couiwoy m be umied on surii 
exihann; in to K calculated on the basis of the formula provided in the Agreement which formula . w related 1 to the 

prc-poi tio ii u Itivb die profiis of Ch case 11 Corporation bear to the consolidated profits of the L mu paay and its subsidiaries. 

Other minority in teswta in shares iasubsUiiarite subsist or are bring neg 0 ^***^, as foBo w, »~ 

WEurAkcmRezlfrGmtfl 

»ih,, _r n \L10.tWH capital (62? par cent, of the issued capital as so enlarged) at market vaaie to teepucr 

?Wittive llr ii K. WauiKrtlt is envisaged that the capital so issued would be exchange able f or fiiUy ^aid 
52STR e aJf «!!»• «SEriSrS«c explained above in retnfon to Cbeteril Uuporawn andl^ 

IL Sergiu, 

^ ^ cent, of the esininc issued eaphol) are «r present held by die Senior T«^ed Engineer of 

Coiporatioii and Air. K. Sergiu. 

'“'ifLrW^fcr cash, at V.SS1 

Sstf£«z£ in ,hc CompJW * aab2ai > aimih * bi 

tlutcsplLiuri) above- in rrijiwn to Ciieasdl Corporation and Air. R. beru 10 - 
ii\) Fiiriiifiirre(Far Ei-.it\Lin:iffd Tib 

Min di.r.i ,.f!IK SI I j r-r ra.r. «f ll« ' 1 ' - 

— r- *■ " — « 

rniuagi-J. ■ 

Ahliaush the mavimui^^cr cf Shra rf SlSf 

SLar “ **"**”*"* 

•bnproent isaucil alur< copuaL 


2. ARTICLES OF ASSOCIATION 

The Article* of Association of the Company contain provisions (rater aliii) to the following efT«fr- 

{Q Vo/a o/.lfrtshm. Sub]ectto snTEpcriiO rigbuorrKtricrionsKte'votine attached to any shares by orin accoidance 
with the Articles, on a show of hands every member, wbo bring an individual ts pretent in pmon or bang a 
corporation is present by a representative, shall have one vote and on a poll every member who is present in 
perwa oeby proxy stall nave one -rote for every Ordinary Share of 1 Op of which he is the holder. 

pi) Directors. Save as provided in the Art it Ira. a Director shall not vote in respe ct nf any contract or umnsemenc 
or any other proponsl whatsoever in which he ha» any material interest othowTje than by virtue of his interests in 
abarts or debentures or other securities of, or otherwise in or through, the Company. A Director shall not bo 
counted in the quorum at a meeting in relation to any resolution on which he is debarred from voting , 

Where proposals ore under tons/aenmon concerning the appointment (indudinE fixing or varying the term* of 
appointment) of two or more Directors to offices or employment* with the Company or any company in which 
the Company is interested, mch proposals may be divided and considered m relation to earn Director separately 
and in such case each of the Directors concerned (if not debarred from voting esoeherwiac provided in the Article*') 
shall be entitled to vote (and be counted in the quorum; in respect of each resolution except that concerning bis 
own appointment. * . . . . • . 

A Director shall not be required to retire by reason of baring attained any particular age and is nor required 10 
bai e a holding of&bsres in the Company. 

pii) B ormang J*ea&! The Dineeton Buy ererdse alt the powers ofti*Conip«uy to borrow money, and to mortgage 
or c barge it* rnidcxialring, property and uncalled capital, and to iniic debenture and tuber securities* whither 
outright or as coliataral security for any debr, Jiabihty or obligition of the Company or of anr third party. The 
Directors shall roxrict the borrowings of the Company and oxcrci&c all voting and ocher rights vs powers of 
control ercrrisabfe by the Company in relation to its bubei diary companies so as ro secure tso for, as regards 
subsidiaries, as by such wwdw they ran secure} that the aggregate amount for the time bong remaining un- 
discharged of all moneys borrowed by the Group (exclusive of inter-company bcurou-ings) shall not sr any time 
without ihe previous sancrioo of an ordinary resolution of tbo Company eacevd an azoouat equal 10 three times 
the aggregate of the paid-tip share cupitai of the Company ud [he eonwlidricdnaervea. 


3. DIRECTORS* AND OTHER INTERESTS 


appear 
be 


Ordinary Shares 
CBenefiaal) . iSon- Beneficial) 


J. A. Hsrtnett . 
J. L. Leonard 
M.J. Somerville 

J.D.Wilkizma 
B. C.Cbeasrir 
G.T. Roberta 
J.A1. ShacUeton 
G. F. Turnbull 
G. X Vfiiliri amoa 


2.154JI99 
764,691 
. 574,61-4 
. 33,01)0 
‘ 377,497 
Sp(.H) 
198,078 
151,071 
340,140 


82,500 


__ T. L. Marrin wiB be interested unmediatrly after the Offer tor Sale In tiieacnregate in 1,653,011 Ordinary 
Shares namely in 1,<JK7,707 Ordinary Shares as beneficial owner, in 322,354 Ordinary Shares as senior of a settlement 
in which bis wife apd cftddren have beneficial interests and in 242,950 Ordinary Shares as settlor of * settlement of 
which be is s trustee. 

Apart from the holdings set out above, the Director* axe not aware of any s h areholding which will np i pe n t more 
than hv c per can. of cheissued share capital of the Company. 

On 27th May, 1976 G- F. Turnbull, L. Treviffion and J. A. Hartnett who together held all the 1,050 issued ordi- 
naiy sham of lUs* each of Turnbull Control System* Limited Cranrierrcd such shares to die Company u apace of 1 up 
per share. 

Save as disclosed herein no Director of the Company has, or hw had,8rry interest in any assets Which; within two 
years before tbejdue her«L have been, or! which ore proposed to be, acquired, or disposed of by, or leamxl to tbo 
Company or any of Its subsidiaries, and no contract or arrangement riibstuta in a lju'dia Director or the Company la 
i ru tc ri aliyintereMcdaniJ win this ri gnificant in rriation to the bicinega of the Group, taken at a whole. 


4. OFFER FOR SALE CONTRACT 

Under contract (j) beliw;-. subK<X intfr oGo, to tbe Council of The Stock Exrhange admitting the Ordfoary Shares 
of the Company to theOfflcial'LiiK not later than =.tkh May, tayg, the Vendors tT. K. lirewev, The Catedonisn 1 nu.t 
Company Limited, Tbe Clyifcsdsle Invcsunenc Company. Limited, R. C. Chcsaell. L. M. Cob bold.' dcBdevori 
I nvestment Trust Limhed, A. J. Hartnett, A. J, Hartnett and L. M. Cnbbold. D. \V. Hjrmert, J. A Hartnett. J. A. 
iiannett and J. W. Hartnett, T. L. Leonant 1- I~ Martin. T. L. Martin md-H. R. Martin. J . ii. B. Roc and Dr. P. 
Wrilings, Scottish Northern Investment T rust Limned, Tbe Scottish 'Western Im-eannenT Companv Limited. The 
Second Great Northern Investment Trust Limited. J. AL ShackleLon, ftL. J. S levin, M. J. Scsnervilie, L. TreviUion 
and G. F. Turnbull) have agreed to aril to Robert Fleming & Co. Limited (“Robert Fleming”! 2,854,390 Ordinary 
Shares of top each of the Company ar p8p per abare and Hubert Fleming has screed to purchase such shares and to 
offer them in the public. 'Under tins c on t ra ct Robert Fleming wiU pay underwriting ccmmn&iona ofr^ per cent, of the 
price at which tbe shares are being offered for sale and a fee 10 the Broken; the Company will pay a fee to Robert 
Fleming (out of which Robert Fleming will pay its own legal expenses) ami all other expenses of or modems! to this 
Offer for Sale- Thu atpiww pnyaM«t t»y rhw Piwipmy atwiuiw*; Bn approximetely £.yi yw; griDStyB 

ofVJuT. - - - 


5. CONTRACTS 

00 Material 
The fa . 
years before the, t 


i, have been entered into within two 



t hereof ssd ere or maybe material 

(1} Dated 1 8th Friinuty, 1977, being an agreement between J. A. Hartnett, 7- L. Leonard, M-J. SotnerriUe,-B. C. 
Cheascll, J. AL Shadoeura and five oihen and Eurotiunn, whereby Euro therm acquired tbo preferred ordinary 
share* held by them in Eunxhexm Produkte ISchweiz) A. G. and A. G. fur Elektmniiceiw KontroUe (ainca 
Iiquidatcd>ibra total consideration of £40^20, 

(3} Dated 21st October, 1977 bring an agreemenf between the Campcny, Enrotherm International Incorporated tmd 
Mr. Roberto Sergio concerning tbefororetion 8nd operation of ChesselJ Corporation as summarised in parsgnnh 
1(b) above. 

(3) Dated 10th May, .1978, being tbe Offer &t Sale Contract between the Vendor* named above, the IMretlara, the 
Company and Robert Flanfog, mentioned in pamgr^h 4 above. 

(4) Dated 1 Orb May, 1978 being a Deed of ^ Indemnity. between B, C. Cbesseff, A. J. Hartnett, A. J. Hartnett and 
L. IVL Cobbold, T. A. Hartnett,). A. Hartnett and J. W. Hjfartnett, T. L. Leonard, T. L. Martin, T. -L. JHartin 
and H * R. Martin, J. E. B. Rawand Dr. F. Weilings, J. M. Shadtlcton, M . }. Somerville and G. F. Turnbull, 
Robert Fleming ana the Company and in subsidiaries rekamgto rbeindemniura referred teinpusgteph b bclovr. 

(b) Service Agreements 

J. A. Hartnett, M-J 7 SomerviRerJ. D- WiHdnson, B. C. Chaseff, G.T.Robeits, J. M. Shackleton, G. F. Turnbiull 

from Jit. 

Jul5.Pl/0, 

has nut . 

annual salary of DJFLS1.750 and J, L. Leonard has a service aRteemeni da t e d lOtii May, 1978 with Eurothttm 
Inter nat i on al J n co i porated ior a period ef three yean as an annual salary of U.S, $60,001/ (subject to a cost of living 
■variation). . 


6. TAXATION 

The Director* have been advised that following the completion of this Offerfor Sab the Company will remaina 
close company within the meaning of the Income and Corporation Taxes Act 1970. 

Clearances under Schedule 16, Finance Act 1972 have been obtained for all relevant periods up m the period 
ended 3 1st October, 1976 in respect of ail relevant companies in the Group. 

Pursuant to contract (4) above certain ahareholdea have given indemnities to the Company and Robert Fleming 
m respect of any depl et ion of the assets of the Company acute anJaddiaaca by reason of capital transfer tax and other 
taxation. 


7. PROFIT FORECAST ASSUMPTIONS AND LETTERS 
(•) Base* and Ass um ptions 

The profit forecast for the year ending 3 1st October, 197S & based on the results of the Group for the five months 
ended 31st March, 1978 as shown in tbe unaudited management accounts of the constituent companies and on the 
following nsauinptiona s— - - . . 

1. The rate of increase in sales volume tinr has taken place since the beginning of the Group's previous financial, 
year will continue for the balance of the current year, with no major change in either sales mix or prices ro 
• customer*. 

forecast and to- 
during the yean 

itmtedah JUKI fnm pnn wit*. 


2, Wages and salary costs are based on the manning level* necessary ro fulfil the current year’s sales fon 
sustain further growth. .They indudetbe effect of all pay increases made, or expected to be made, duri 
Price in creases for the year of approximately 1 7 percent* bare been budgeted for raw materials and con 

3, M an n fiicon ing and other overhead costs wig not in crease sfgm fi cfl n tjy during tbe balance of the year. 


4. International exchange rates, interest rates and impart and export regulations wiTnot' change materially and, 
trading will ant be a ffected by gave nnnrnt in te rve n tion or mdusnis) disputes. 

(b) Letters 

The following arc copies of letters which have been received by ths Board of the Company relating to the profit 
forecast fiir the year ending 3 1st October, 197S.--~ ... ' 


The Directors, •• 

Eurotfaezza T " T *TP nf jffiial LaizziucOft 


Dear Sim, 


1 Surrey Street, _ 
London WC2R 2FS. 
10 th May, 1978 


The profit forecast for tbe year ending 31st October, 1978 (for which tbe Directors of Euroihowi International 
Limited arc lolde responsible} a set our m Tbe Chairman’s letter included In tbe document -dated 10th May. 1928 
issued in connection with the offer for sale of 2,834.390 Ordinary Sharro of JOp each ot "Euro therm International 
Limited. The profit forecast, which includes results based on the unaudited management accouni* of Eurt-therm 
International Limited and subsidiary companies for tbe fire month* ended 31»t March, 1978 is based upon the 
assumptions act out m tbe document referred to above. 

We have examined the arrow it inj* policies and calculations adopred in arriving at the profit forecast. In our 
opinion, rhe prout forecast for the- year erding 3 lu October, 1978, so far ar the accounting policies, and calculations ore 
conceniLd, hat been properly compiled using the assumptions referred to in the previous paraurjph and on a basis 
roiwistcnc with tbe accounting policies used by Eurotherm Internal ions I Limited and subsidiary companies during the 
period of live years and four roucibs ended 31st October, 11/77. Tboc sccuunung puli ties ore tet out in our Report 
W hich is included ic the abat e document. 

Youra lailhTulh', 

■ ---• ARTHUR ANDERSEN & CO. 


The Directors, 

Eurotfaeim tnfprMtinqSl l.'wi i l wtj 


- • 8-Crosby Square, • 
London EG3A 6AX. 
llhh May, 1978 

DearSirs, 

- y 6 *, wf(Br to to?? 8 * for the year en&og 31st October, 1978 set emt in the Charrumi’s letter included 

^ ^ Ma “ r ■* •* ^ 


made. We have 

AnrJ*3xca-& Co. regarding the 


disoissed with yourselves the bases and assumptions on which the profit forecast was 
also conaidened the letter dared. I Oth May. 1978 addressed to youraehres from Arthur Andeaeirdc C 
accounting policies and calculations adopted in arriving at the profit forecast. 

On the basis of the above, we consider that the profit forecast (for which you are solely responsible) bos been mode 
with due care and uitencwn. 

Yours faithfully, 

' - ROBERT FLEMING &CO.LIMITED 

J.D.CROSLAND. 

Director. 


X. GENERAL 


S. Jona, Lang, Woottaa, Owteced Surveyor*, have riven and Ksve nee withdrawn their written consent to tb* 
issue of this Otter for Sale with tire indmuon herein of ihc reference to their t 


which iris included. 


: valuation in the form and context in 



9. Hymns. Robertson Sc Co., Cansuhfof; Actuanea. have given tmd bsve pot withdrawn their written rrment to 
the issue of tins Offer for Sale with the inclusion bavin of the references m their actuarial valuations in the forma 
and contexts in which they are included. 

JO. "Hie above-mentioned consents, a statement of the adjustments made by Arthur Arder&en .V Co. in striving at ihe 
figures act out in their Report and the reasons therefore and copies of the material contract! listed aboi c v. ere nttarlied 
to the copies of this Uffer for Sale and the bums of application deln-urcd to the Kugi»i ror of CoTnpiUHi-.for rcghtritioii. . 

11. No parr of tbe consideration in tespeet of tbe chare* to which this Offer for Sale relates will be received by :ha 
Lorn pony. 

12. Tne Compeny was incorporaied in Engfa m l nnder the Companies Acts 194R to 1967 on 22>id Aucun-, 1973 and 
is registered in England No. 1 223 ‘/ LI. Robert Fleming, registered in England No. 2o23l 1, has its n-gutcti-d office at 
h unw by Square, London EC3A6.VN. 

13. Copies of tbe foTlowing docmrnn maybe inspected at tbe offices of LinUatere & Paines, Harrington Home. 1 

59.-o7 Gresham Street. London EC2V 7JA during Usual business hours for a permd of 14 dav, from the date of 
publication of this Offer for Sale: — ; 

fa) the Mernorandum and .Article* of Association of the Company; 

(i 1 ) the audited consoffdaied accuuntsof rhcCompiny for thr financial yearawidedalst October, l'.'Tu and 1977; 

(<-> the material contracts and Dinaras' Service Agreement* ref erred to shine; 

Iff) lbeAreountsnu' ReportanduateQxnTofadjiArmenumcnuoned'abOVc-; 
t() Che Jones, Long, Wootton valuation referred to above; 

\Jt tfleHymaot, Robertnon& Co. valuariona lefetrcd to above;«nd 
(£> the weinen content trefened to above. 

Jdth May, 1978 

PROCEDURE FOR APPUCAIION ‘ 

Applications {which most be for s roimxniim of 200 Shares and in multiples of 100 
Shares up to 2,600 Shares, in multiples of 500 Shares between 2,000 and 5,000 Shares, in 
moldples of 1,000 Shores between 5, ri>9 and 25,000 Shares arid thereafter in multiples of 
5,000 Shares) must be made on the Application Forms provided and forwarded to 
Barclays Bank (London and Inter na tio na l) Limited, N ew I ssues Department, P.O. Box 
123, 2 London Wall Buildings, London Wall, London EC2P 2BU to arrive not later than 
10 a~m. on ISth May, 1978. 

Each Application Form must he accompanied by a separate cheque (which' must be 
drawn on a bank in and be payable in England, Scotland or Wales) in respect of the full 
amount payable on application, made payable to Barclays Bank (London anrf inter- 
national) Limited and crossed “Not Negotiable”. No' application will be considered 
unless the above conditions are fulfilled. 

Robert Fleming reserves the right to present all cheques for payment on receipt, to 
retain Letters of Acceptance and surplus application' moneys pending the clearance of 
all cheques and to reject or. scale down applications and, in particular, multiple and 
suspected multiple applications. Due completion and delivery of a Form of Application 
accomp a nied by a cheque will constitute a representation that the cheque -will be 
honoured on first presentation; attention is drawn to the declaration in the Form ef 
Application to that effect. 

Preferential consideration will be given in respect of a maximum of 2S5.4J9 Ordinary Shores 
to applications made by t'mployees and by directors on the special forms provided for ibe purpose. 
Such applications must beihraminimuin.of 50 Shares and in multiples of 5tl Shares. 

■ Acceptance of applications will be conditional upon the whale of the issued share capital of the 
Company being admitted to the Official List of The Stock Exchange, not later than 2t»th May, 
1978. Moneys paid in respect of applications will be returned if such admission, to the Official 
List has not been granted by that date.aindt in tbe meantime, will be retained by Barclays Bank 
(London and International) limited in a separate account. 

, U - any application is not accepted, the amount paid on application will be returned in full and r 
sf any application is accepted for fewer Shares than applied for, the balance of the amount paid on 
application will be returned by 'riieque through the post, in either case at the applicant’s risk. 

^Letters of Acceptance will be renounceable up" to 5th July, J97S. The Shares now being 
Offered for sale will be registered free of stamp duty and registration fees in the names of the 
purchasers or persons in whose favour Letters of Acceptance have been renounced, provided, 
that; in the case of remmeiauao. Letters of Acceptance duly completed in accordance with the 
instructions contained therein are lodged for registration on ot before 5th July, 197 S. Share 
certificates will be despatched on 2nd August, 1978. 


Ho. of Shores 


Amount Payable 
£ 

200 


200 • 

. . .300 


300 

•• • 400 . 


400 

■ - 500- - 


- 500 

'600 


600 

700 


• 700 

800. ... 


800... 

900 


900 

. . J.w> . 


. ‘ . 1,«W 

5,000 


; " 5,000 

10,000 


IU.000 

'20,000 "' 


• ‘ ‘ ~’2u,ooo 

50,000 


50,01/0 

. 100,000 


100,000 


Copies of this Offer for Sale with Application Fauna 'cap be obtained from the followings 

EUROTHERM INTERNATIONAL LIMITED 
— .... 8 High Street, Worthing, Sussex, BNfcl 2NJJ.,.,. 

. . ROBERT FLEMING ft CO. LIMITED 

S C'roehy Square, London, EC3A&AN 

. • HENDERSON CROSTHWA1TE A CO. 

194-200 Bishopsgste, London, EC2M 4LL 

BARCLAYS BANK (LONDON AND DTtERNATIONAL)XlMTr£D 
2 London Wall Buildings, London Wall, London, EC2P 2BU 
. - and Pnnctpttl Branches of Barclays Bqnk Limited- and ihc.Banlt nf Scotland. _ .. . . 

P — — — — ~ —o — — — ^ __ — a— — —r «— — -j 

* THE APFUCATION LIST W1LL-QFEN AT 10 us. ON THURSDAY, iSih MAY, 1978 * 

I - AND WILL CLOSE AT SUCH LATER DME ON THE SAME DAY AS ■ I 

J ROBERT FLEMING & Co. LIMITED MAY DETERMINE. f 

* . Tb»a Form should 6e fi lled in and forwarded (o Barclays Bank (London and International) I 

Lmnrod, New fanu» Depttttmeni, P.O. Box 123, Z London Wall Buildings, London Wall, London ' 
JR.2F ZBU ros ether with a-cheqae lor thr full amount payable on application, so as to arrive not I 
later than ID ajn. on Thursday, ISth May, 1978. Cheques, which must be drawn on a bank in and | 
be payable in E n g land . Scotland or Wales, must fee made payable to “Barclay* Bank (London and ■ 
International) Li to iled** and be crossed. “Not Negotiable'* and are liable to he pres rated, for pay- I 
mezU on receipt. A separate cheque must accompany each application. “ 

Form of Application _ j 

Robert Fleming & Co. Limited * 

Offer for Sale I 

2,854^90 Ordinary Shares of lOp each at lOOp [ 

per share (payable in full on application) of | 


I 


! Eurothermjntemationgl Limited 


To; ROBERT FLEMING A CO. LIMITED - - 
Gentlemen. 


Lumber of shares for cchiAl 

application is mooir-^c ' 

Amount of cheque enclosed 

- 

£ - 


- H Applications 'most be 
for a minimum of 200 
shares ; applications for up 
to 2,000 shares must be in 
multiple* of 100 shares, 
between 2,080 and 5,080 
shares in multiples or 500 
shares, between 5,000 and 

25.000 shares In multiples 
of 1,000 shares, and abovo 

25.000 shares in multiples 
ot 5,000 shares. 


I/Wo enclose a cheque payable to Bardayi Bank (London and Intematiqnal) Limited for the abore- I 
nentMneatum, beingme amount payable in iuU on -application for the stated number of the above Ordinary , 
Store of lUp each at 10Op per share and 1/we offer to purchase ibar number of shjrea and If we agree to I 
accept the same or any smaUa- number us respect of winch this application may be accepted upon the terms I 
XJrt Mo for dated f Olb May, 1978 and subject Jo the .Memorandum and Articles of Association ■ 
of the Componj-. ifWe request that you send to me /us a fully paid rcitounceablc Letter or Acceptance. in I 
n^^lr address finrr civ2i below' t ° s * t ^ er B ch ®9 ue for any amount overpaid, by post at my/our risk TO j 

Ad Appllrant Who Is unable lo make the following Declaration should delete It and consult an ■ 
Aui horded Depositary (or an Approved Agent in the Irish Republic!) through whom lodgement 1 
sfiouia dc eneciea. i 

. .l/S 7 * d **f * ^ I m/we.aro not resident outside the Scheduled TcrriKirie*± and amfare not aequirine I 
the Ordinary Shores as the nomineefajofany pereon{s)raidenz outside those Territories. • a 

■ I/We tmdereta nd mat due completion »ari delivery of this Application Form accompanied by a I 
ebraue will constitute a t^pvroe&iaiion that foe cheque will be honoured on first presentation. ■« 
I/We acknowli-dge foot Letters of Acceptance and Cheques for excess application .moneys are liable in be ! 
faelu pending clearance of applicant* cheque*. . I- 


Dale. 


Signs tare. 


PLEASE 

USE 

B LOCK 

LETTERS 


*• Forenai 


*■ Suranr.r i 
desigrutiou 
(Mr.. Mr*., Mira 
or Title] 

m Address (iri full! 


Signature - 


Farenanufi) 

(m/uff/. 


Surname and designation 
IMr^ Mrs., J fur or Titie)- 


AJdrea (in full ) . 


4 T foeCompw (other than to fosrrhoktera Wrote to ^ SShoUM be nKi&]Woftfe • I 

-Meeting. No-jssuc will he SSSSlEb "*SB I 
tvere stUT Tbe control ot me Lwamiivai the mmii*flriMluM.._ . 


Please 

&eh 

'corner 

thequei 


Signature 


ifrlfilUim 


Surname and designation 

■ (Mr., Mm., Mister Title ) _ 


Address (fnfitii). 

4 


— S ignature 


shores i 

publication I __ _, r b . ... 

effectively alter foe aineni} of foe Comirntyor tfaenrttue’of'foshuriiusw'ifoout the prior appiocal offoc Lcputony in 
General Meeting. ... . 

X Details of thctubtidiiiriesiare ase&ted ja foa' Accountants' Repon. 

3. At preamr, some 78 per ccax. of the Furotherni Executive Superannuation Scheme funds is invested bv way of 
loan to the Loapony. As from 1st November, 1977 no further moneji. nill be boreontd by the Company {torn the 
Sche fflf - 

■u n— k— «» — i-* 

Lta ^ * u " Di “'” 5 " i***" - 

6 . m , bare rmr withdrawn their written consent to rhe issue i>f this Offer for 

t ^ r Jeacr 00 **>* Front forecast and foe reference* thereto in the 

?■ , R ? bg ? Fl^ ng has pren rad has not withdrawn ft, written eonsenr rothc issue erf this: Offer for Sale with the 
inclu sion herein of it* kites fill the rods forecast and the reference thereto in tho forth sad cantrayf fo which it is 
ancmge Ot ... 


FemuanAs) 

(in full) . 


(Aft.. Mo , Muter Title) - 


| Addrtstffnfuni. 

I ^ : 

I 


Aforpo ration ibcodd sign under foo hand of a dulyaufoorisSoffiriri' «ho should sure his represattathre . 
capacity. 

No receipt n W be imed for the payment on applicaiton bat an acfcnowlcdpcmenr will be forwarded m 
due cduik rnrouifh toe post by fully paid rcnouuccahlc laCttcr o£ AcnpUukci wtdiWTMuQV oC a^pbciuon 
TOoncj b or any excess t hcreoL 

. , . . . „ ^ EXCHANGE CONTROL ACT J947 

* Authorised ‘ UepwLams ore listed m the cumw iwrav of foe Bank of li nefanffs Notice'E.C.J and include 
thTfako'nian 1 S “* thKjta: ' “» “ d Poetising in, fo e L'nitcd Kinsdotn, the Channel kland* or 

N«i« e'Cvo. ■ I “ stl is defined in foe current fasue-of the Bant of Eagbnd’a 

^ 1,1 . q. 



OVERSEAS M ARKETS 


jhaantftal Times KTonltay Stay IS T97S 


INTERNATIONAL BONDS 


BY MARY CAMPBELL 


CURRENT INTERNATIONAL BONO ISSUES 


Increased activity in dollar sector 


THE DOLLAR sector— and par- 
ticularly the Yankee bond market 
— leapt into activity last week 
just as the last two months of 
weakness in the D-mark sector 
was finally acknowledged by the 
decision on Friday that the 
market would be closed to 
foreign borrowers for at least 3t 
weeks. 

Total new offerings for foreign 
borrowers filed with the U.S. 
Securities and Exchange Com- 
mission last week amounted to 
S705ni. in Europe, two of the 
four new issues announced were 
small in size with the total 
volume of new offerings an- 
nounced amounting to S195m. 

Issue managers are agreed that 
The main reason for this spurt 
in new issue activity was an 
attempt to get in before US 
dollar interest rates go up 
further. Although last week's 
rise in the US official discount 
rate had been expected and thus 
had limited impact on market 
sentiment the latest weekly US 
money supply figures announced 
over Thursday night showed a 
near record S4bn. jump and are 
expected to herald further 
tightening moves by the Federal 
Reserve. 

According to Henry Kaufman. 
Salomon Brothers' influential 
economist, there is a third even 
more important pointer towards 
higher rates. In his latest weekly 


comment he particularly high- 
lights the decision last week to 
permit deposit institutions to 
issue Boating rate certificates of 
deposit 

He describes this move as ** the 
most disturbing bearish develop- 
ment for interest rates” last 
week, saying that it "must be 
viewed as another step to instill* 
tionallse inflation and intensify 
the struggle for funds.” He con- 
cludes his weekly comment with 
the gloomy prediction that 
“ another very powerful fuse has 
been lit beneath the interest rate 
structure. The final result is 
likely to be an explosion that 
may well carry key rates in the 
long term bond markets to new 
secular high levels." 

' If Henry Kaufman proves 
right, the outlook may be bearish 
indeed for the international bond 
markets, last week’s develop- 
ments came at a time when there 
were already strong arguments 
for the view that the dollar was 
due for a recovery' against most 


other currencies. This expecta- 
tion has already had a consider- 
able impact on the D-mark sec- 
tor, even allowing for the fact 
that issue managers (notably 
Deutsche Bank) continued to 
launch bonds on a large scale 
after the market had already 
begun to weaken. A sharp rise 
in U.S- dollar rates would pre- 
sumably hit both the dollar and 
D-mark— the two key sectors of 
the international bond market — 
the dollar sector through interest 
rate considerations and the D- 
raark sector through currency 
factors, 

The one sector which may be 
expected to benefit substantially 
from these circumstances is the 
floating rate note sector. 

The temporary closure of the 
D-mark sector at Friday's 
unusual mid-month meeting of 
the Capital Markets Sub-Com- 
mittee was widely welcomed by 
most participants in the D-mark 
sector. As one of them put 
it, if one includes Canada's 


■ONDTRADE INDEX AND YIELD 

1971 

Hay 12 mm 5 HIo*i Low 

VUa 7.37 99.72 7J5 99.84 (19/4) «J5 OS/2) 

93.76 8JT 93.92 U4 944T7 (M/M 93.09 (13/11 


Medium w 
Lons term 


EUROBOND TURNOVER 
(namlnal saint It 5mO 
US. dollar bonds 
Iasi swede previous week 

Euroctoar LMOJ 677.7 

Cede! L9KL5 2SL2 


Other bands 

last week prevfoac week 
328.7 224.9 

255-4 2203 


DM 600m. in the calendar for 
this month, issue volume bad 
already reached a figure which 
was hardly disgraceful for any 
full month. 

The last meeting of the sub- 
committee bad. already intro- 
duced a new restriction — the 
-terras of any individual issue 
had to be approved by the com- 
mittee the day before the issue 
was due. a procedure which 
caused one issue, for Austria, to 
be lost last week. It remains to 
be seen on what terms the next 
meeting, scheduled for June 7. 
will consider reopening the 
market 

The D-mark foreign bond 
market has in fact recovered 
significantly from its weakest 
point three weeks ago. While 
it is undeniable that there is a 
lot of paper overhanging the 
market the major change in the 
last couple of weeks has been 
the deterioration of the domestic 
bond market and this was un- 
doubtedly a factor in Friday's 
decision. 

The Ito Yokado issue is the 
first under the new Japanese 
policy of allowing Japanese com- 
panies to issue bonds abroad 
without a bank guarantee, a 
policy which Is thought to open 
up the way for foreign companies 
to issue unmortgaged bonds on 
the Japanese market. 

Frauds Ghiles reports from 


last Friday's annual meeting of 
the Association of International 
Bond Dealers (AlBD) in Zurich: 
The AIBD is drawing up a code 
of conduct on procedures relating 
to the Eurobond new issue busi- 
ness, Mr. S. Yassukovich chair- 
main of the AIBD, announced in 
his opening address* 

He delivered a discreetly 
worded but unmistakable warn- 
ing to the Eurobond primary 
market suggesting that unless 
market practices were Improved 
by self-regulation* international 
institutions might move in to im- 
pose rules. One problem be men- 
tioned in this connection arose 
from the system of selling group 
discounts; another was the con- 
centration of underwriting in 
ever fewer hands. 

Dealers attending the meeting 
suggested tbat unless the pro- 
posed new code of conduct turns 
out to be purely a public rela- 
tions exercise to ward off inter- 
ference from official authorities, 
it is likely to cause considerable 
controversy among issue 
managers, many of whom con- 
sider that primary market prac- 
tices are no concern of the ALBD. 

Fifty new members have 
joined the AIBD in the last year, 
bringing the membership to 4S6 
and there are fifteen further 
applications under consideration. 
A Middle East Region has been 
created. 


Amount A v. Iif» Coupon 

Borrowers m. Maturity years % Price Lead nwneger 


U.S. DOLLARS 

jProv. of Newfoundland 50 1990 

;Der. Rn. Carp, of NX 20 1983 

JDev, Rn. Carp, of NX 20 1985 

Ontario Hydro 125 1985 

Occidental 75 1985 

ffAustratia 150 1983 

ft Australia 100 1993 

ttSlto-Yokado 50 1993 

fflto-Yokado 20 ™83 

tt5weden 125 1998 

TfCCCE (steed France) 75 7998 

Canadair 70 1983 

AGA 25 1988 

Dominion Bridge 25 1986 

t+Novq Scotia Power 75 2008 

tf Ontario Prov. 200 2008 


D-MARKS 

t§Seiyu 

JEur. Resettlement Fd. 
Ind. Bank of Japan 
$** Johannesburg 
(g’teed SA.) 
§Nippon Shlnpan 
** Danish Ex port Rn, 

GUILDERS 

{Finland 


Eur . Invest Bk. 

YEN 

$ Venezuela 
j Quebec Prov. 


75 

125 


dObn. 

30bn. 


SWISS FRANCS 
Mortgage Bank 
(g’teed Denmark) 


80 


SAUDI RIVALS 
{•♦Korea Exchange Bk. 


50 


Is 

If 

7 

T 

5 

11 

5 

12.94 

13 

5 

7 

8 

30 

IML 


II 

8i 

II 


* 

SI 

9 

* 


«! 

99 


CCF 

Citicorp Ini. 
Citicorp Int. 
Deutsche Bank 
Dean Witter 
Morgan Stanley 
Morgan Stanley 
Goldman Sachs 
Goldman Sachs 
Salomon Bros. 
Dillion Read 
Merrill Lynch Int. 
Hambros 
Orion 

Merrill Lynch 
Salomon Bros. 


Offer 

yield 


9.1 

831 

857 

4 


100 

1906 

, 

as 

100 

West LB 

3.79 

too 

1988 

8 

41 

100 

BHF Bank 

6.125 

100 

1984 

IUL 

5 

* 

Deutsche Bank 

ti 

50 

1982 

4 

7J 

100 

BHF Bank and others 

7.75 

50 

1985 


33 

100 

BHF Bank 

3.79 

700 

1983 

J 

53 

• 

West LB 

« 


1988 

1993 


55 

105 


7* 

7l 


TOO 


ABN 

AmRo 


75 


1990 

1990 


1032 

1032 


4.4 

6.4 


99.9 

99.4 


Yamaichi Sec. 
Nomura Sec. 


na. 

nA 


1990 


4 


UBS 


1983 


n 


100 


Nat. Commercial Bank 7.75 


AUSTRALIAN DOLLARS 
{Rank 12 1983 S 

Not yet priori t find terms *■ Placement 

tt Rtfistered wftfa UJS. Securities and 


11} 100 
t FJoadn* rate note 
fans# ComraJnlon 
Notn Yields are cdailtM an AIBD bash. 


N. M. Rothschild 115 

II Minimum f Convertible 

9 Purchase Fund 


Indices 


F.Y.S.E. ALL COKHOR 


MEW YORK-mvjosm 


; Slav 

M*v 

May j May 

! 12 

11 

10 j 9 




T57T 


[Since cpmptlut’g 


May, 

12 



1 te_l l 978 _ 

u T \ 

V\ 

9' j HJgb 

Low 

MJfij 

54.38 

BS.71 

6S.B8 54.85 

48.87 

16/3) 


Rises and Fkll«B 

| May 12 j May LI' May 10 


Ibbum traded.. 

1.915 

1.911 i 

1.901 

Ulu. 

1.014 

1.004 

795 

Falk _ 

510 

628 

605 


391 

379 

601 

New Hi/ffas 

254 

165,1 

113 

NbwT^wb 

35 

39t 

29 


High Low | High j Low 


Industrial ... B40.7D BM.3D, 822. IS. 822. 07 824.60 829.09' 

H'meB'nrb*; BA-8 T 88. BO' Bfi.?* 88.80. 88.89' 88.90: 

Trumni-irr.... 1227.75 224.88 222.00 221.51' 223.41 224.78) 

I 'I (I it in 104.60 104.47, 104.63 104.84' 105.48 10S.B5 1 

Trad mu ml., | ' , 

000> r .46.600 36.650 33.3317 30.860 31.680 42.680 


844.31 

<l/6i 
90.88 
•«/h 
227.26 
ilHiSt 
1 10. Jd 


742.12 I 1051. 70| 41.22 


<2Ui2i l(ll/I/7£> 
68.80 ■ — 

•9, t>i | 

194.61 279.68 


(2/7/38) 


11.26 

102.84 ! 163.32 : 10.68 
toil) j 1 22/21 :fX/4/S9>; I28/4/49J 


HOBTBEAL 

M iV 



1978 



U 

iS J j 

High 

I/IW 

Industrial 

Combined 

779.28, 

186.es 

177.74 

1B581 

I77.6C 777.72* 
18BJ271 185.23, 

191.47 (17/41 
187.M (17/41 

162. SO (16/2) 
I7D.S2 (30/1 1 

TOaOHTO Onropualte 

llttk.B 

1096.8 

1031.9; 1891 .& 

1100.8 (12/5) 

"96.2 ilO/lt 

JOHAfftfESBUBG 

('••ill 

200.7 

201.5 

197.5 j 194.5 

210.7 iia 

105.0 <3041 

iiuiuitriala 

222.61 222.8 

221.3 i 221.1) 

222J (11/6) 

194.9 (15 <31 


GERMANY ♦ 



May 12 

Prwea |4- or 
Din. J - 

Ulv. lYM. 
% ! % 

AJSG. — 

81.2 +0.1 

— 1 — 


465.0 

*18 ! 2.0 



18 1 4.0 

BASF 

132.7—1.5 

18.7& 7.1 

Bayer. 

137.5 -0.5 

16 ; — 

18 | 3.2 

Bayer. Hypo. 

277 

Buyer. \ ereiushk. 

2873d -2.0 

IB 1 3.1 

Cibalnt.\CTi.wrt» 

175 +5 


CLfiuneratenk 

225 

17 ! 7.6 


index ■•harmed (rum Auipnf 





1 May 9 i 

April 23 [ 

April 

Cl 

! Veorogo (approx.) 

' 6.61 i 

6.58 • 

5.75 

i 4.60 

STANDARD AND POORS 

Mar , Mav Mar : Mav } 

• 12 f 11 : 10 ' 3 i 

Slav 1 Mav | 
s' ; t> j 

n 

IKS 

;ameer;i<nipiiai a 

High 

| Law { Hit'll j Tow 


May | Pre- • 197B | 1978 
12 [ tfnua High j Low 


164.64 l 3.52 

. ■ 12/5.1 ! i6;3i 'll 1/1/73 ',(30/6/52) 
tCunipmite ' 98.07- 97.20 96.92 B5.Mi 98.10 96 .5 S' 99.07 66.90 126.85 I 4.40 

i ; J I I ! (12/01 ! (6/3) |ill/l.'73»| ( 1/6/32, 


JlniiiiMmiK 106.44. 167.46 105-96105.92. 106.23, 108.64| (0B.44 , *6.63 



1 May 11 | 

May 5 

; A)W. 19 

| Tear ago (approx. v 

Ind. dir. yield ^ 1 

5.04 | 

5.02 

• 5.14 

| 4.40 

Ind. P7E Katin 

1 9 -*«_ j 

9.18 

[ 8.94 

| 10.22 

Le u Grot. Bond yield 1 

! 8.43 j 

8.39 

I 8.30 

i 7.80 


Australia rf) 1 484.29 ’ 482.40 ' 484.29 
, ! '• < 12/6 1 
Belgium (I) 100.68 • 100.08 1 101.16 
. i I fi/O) 
Denmark f'*! 94 j 96 j 94.48 3a. 13 

I i I ft/1 ) 

France (tf) E65> 66.4 1 63.7 

. [ 126.4) 

German vi til 76S.4 1 767.3 If 12.7 

I • 1 10/2) 

Holland (Ji> 80.8 60.3 > 82.1 

iluJJ) 

Hone gnng 450.45 , 449.77 461.83 

^ 1»V | ll.5l 

ItaJv t|3l *1.29 • W-83 63.06 
1 I , (6ri I 

Japan wi «IS2lUlUM 416. U 
i ..19/«i 

Singapore 1 306.73 1 307.26 1 308.73 

^ ^ ito • lias? 


' 44L43 
il/OO 
1 99.78 
I <10/5 1 
j 94.00 

J l*'2> 
47.5 
; '3/Zj 
I 766.4 
j 02.5/ 

; 7b+l 
i |4;4) 
323.44 
! <li/l) 

I 55.46 

! <io/i) 

464.04 
I <4.-11 
!» 2.0 
I (1.1W) 


Spain W) 
Sweden M 

Switzer I’d// 


May Pre. ' 1978' I 197H 
18 vious , High Lmr 


106.46 1 108.05 1 110.73 ; 87.3? 

. <9, 'Si i (17/3) 

384.07 


293.1 


33353 J 397 .35 \ 325.74 
| <3/5) / ra/11 
289.0 C96JMI 279X1 
| (14/4) I (25/41 


Indices and base dates (all case values 
UM except NY SB All Common — SO 
Standards and Poors — in and Toronto 
300-1.000, (be last named Oised on 1973 1 
1 Excluding bonds. I4W Industrials. 
1 400 lads.. 40 Utilities. 40 Finance and 
20 Transport. (SI Sydney All Out 
<10 Belgian SB 31712/63. (— ) Copenhagen 
SE 1/1/73. <rr> Paris Bourse 1M1 
ici Commerzbank Dec.. 1053. Amster- 
dam. industrial 1970 <{]) Hang Sena 

Bank 31/7764. i|]U) Milan 2/1/73. <a> Tokyo 
New SB 4/1/68 rbIBintlls Times im 
<n Closed. Idl Madrid SE w/t 3/77 
<«l SiactiMo Industrial l/l/SB. (ft Swiss 
Bank Carp, (hi unavailable. 


Coot Gumrni. ...... 72 - 

Daimler Benz. - 296.0—0.1 

Desuwa 24S.Su! +0.5 

Denied 153 

Deutsche Bonk.... 287.1—0.9 
Drwdner Bunk.... 240-llui— 0.5 
Oycterli. ifT Zenit.' 145.0 — 0.2 j 

Gutebcffniinc 1B9.0 — 0.2 | 

Ha i oi' Ll.iv. I 1 14.5 — 0.5 

Harueoer.:. ! 278.0-0.5! 

HoecliM 133.8-0.3 

Hoew;>i 45.2 -OJ | 

Horten - 

kail nod &* .. 

KiMailt 

KaufBi>( 

KI-x/lmerDM 100 
KLHD 


29.12! 4.7 

17 i 3.5 
14 I 4.5 

18 . 3.1 
2B.12) 5.9 

4 1.4 


3.2 

5.2 

5.2 

4.4 


iaiftliansa.. „.j 

MAN ; 

Man/le -man a | 


31 iineheaer Ruck 4 
NecLerme an ....... 

Prenmea DM lOOJ 
KbelnWesL-KlectJ 

Sctiennc^ «... 

alemeiw - 

bud Zacfcer..._„ 

Tb_VKjen A.G 

Verte — 

VKBA 

Veieln»k:Wes&Bk 
V'olkswsgen— . 


119.8 

10 

4.2 

131.2 +0.2 i 

9 

3.5 

293.5 +1.0 ! 

XI 

3.4 

199.0-0.5' 

12 

6.0 

91.0 +0.5 1 

__ 



173 -1 1 

12 

3.4 

96.5 + 1.0 1 



— 

226.5*1 1 

16 

3.6 

1.477*4 +2 1 

25 

8.5 

108.7 — L3 1 

7 

3.2 

173.5 +0.6 . 

12 

2.4 

148.8-1.4- 

14 

4.7 

108 :-i 1 

10 

2.5 

630 :-io 1 

18 

1.7 

116 




109.0-0.5 ’ 

_ 

— 

180.8-1.5 

25 

6.9 

251.5:— 1.5 : 

20 

4.0 

244 :+l | 

17 

3.5 

117.Dd-0.el 

11 

4.7 

168.7 +1.2 | 

14 

4.1 

104.8 -0.7! 

12 

5.7 

285*1 +1 

18 

5.2 

198. ^ ! 

25 

6.3 


JOHANNESBURG 

MINES 

May 12 Band 

Anglo American Coro a. ... 5.05 

Owner Consolidated ..... US 
East Dne/ontein 1L40 

Klshum LBS 

Uannnny ....... - — 5.25 

Kineuss — 5.5<v 

Kloof - — 8J5 

Rustonburg PlaUnun) ..... 1.42 

Sr. Helena tl5.20 

Sonllreaal 7.76 

Cold Fields SA 2L25 

Union Corporation — 4.40 

De Beers Deferred 5JB 

Blyvoontltzlcht 5.fin 

East Rand Pty +5.9Q 

Free State Ceduld 2S.B0 

President Brand — +15.D0 

President Stem 1 11.65 


+or- 


+8.08 

+IL29 


-0.1Q 
-0.05 
+ B.BI 
+9.30 
—0.03 


-8.50 


-0.25 

-0J5 


Welkotn 

4.40 

-RD3 

HrVii Dxtefonteln 

32^5 


Western Holdings 

tcr.ao 


Western Deep 

13.00 


INDUSTRIALS 


AECI 

2.63 

+0.03 

Anelo-Amer. Industrial ... 

925 


Barlow Rand 

3.62 

-Q.81 

CNA Investments ........... 

11.60 


Currie Finance 

0.87 

+0.01 

De Reers Industrial 

9 35 


E dears Consolidated Inv. 

11.90 

-am 

Edgars Stores 

23.50 

+1U8 

EverRoady SA 

11.65 


Federate VolksheJeKplnKS... 

l.M 

+0.02 

Greairrmans Stores 

2.30 


rinardlan Assurance <SA' 

1.S7 


LTA - 

1J53 


McCarthy Rodway ............ 

oxt 


Ned Bank 

2.45 


OR Bazaars 

6.40 


Premier Milllnc 

5.D5 

-0.30 

Preiarta Cement 

3.10 


Protea HoMItucs 

UR 

— n.os 

Rand Mines Properties ... 

l-stl 


Rembrandt Group 

3.B5 


Sane Holdings - - 

11.45 


SAPPI 

1.90 


Sorec 

ti).5T 

-o.m 

SA Breweries 

1JJ1 

-0.01 

Tiger Oats and Natl. Ml*. 

9-15 

-0.10 

Unisec 

1.09 

+0.02 


OVERSEAS SHARE INFORMATION 

NEW YORK 


1+7B 

High ‘ I*’w 


sittwk 


I mf 

I 12 


63Jb • 

22 V) 
41>4 ; 
29 

50 
28n 
47 J* 
201, • 

20 j* ; 
44J, 
24:* 
S2 : b i 
3BJ* i 
325* . 

13 t s ; 
SOU 
BOtR 
405, 
28 • 
24Ij j 
38i : 1 
BO 

T* 

445, 
46 U 
33:, ■ 
631, 
34!* • 
IB 

331* . 

14 ■* 
295* : 
23ij 
30<: 
2Zij 
13t: 
20 1 h 
31U 
515* 
3C.-* . 
io., 

27 U 
56'i 
261; 
25i* 
391; 
291 • . 
4H; | 
25 >* 
40. r. 
213, . 
38> { . 

23 

19!, 
50 U 

29 U 
31U . 
31 U 

15 
15'* 
35i, 

16 !* ' 
33 

153a : 

21 

33T S ' 

41 I 

72 1 

34t, ' 

16,ft • 
12 
29: S 
13 

19'* 

57 

41 

16U < 
241* 
37 
35!* 
44,; 
241: . 
35 'j 
54!, 
20’* 
13:* j 
27* ' 

30 J* i 

25'* ; 
53 <* \ 
IBS* 
421; I 
215* I 
12- H I 

195* I 
19 U ■ 
4i : 

20 '; 

28tn 

2i-j 

41', 

1 1’J 
50. j . 
»*•> 
25'* 
25 i 
44 !* ! 
237, ■ 
33-* ‘ 
20:, ; 
lb-y ■ 

-MTg 

j 


50 
137* 
31 is 
22'; 
32-U 
22 
3B 3, 
17:* 
171- 
341* 
18^4 
22 ’b 
3H* 
22 : B 
9's 
391- 
345* 
343, 
231, 
217g 

3ls* 
263, 
16S, 
35* 
39 >4 
32S* 
281, 
57 U 
27;* 
IS:, 
24i : 
10 
255, 
17*2 
26 
19. 'll 
81; 
135, 
27 U 
43t = 
23s* 
BU 
16.U 
44i, 
24-* 
201 , 
34 
255* 
33 
22 
31!, 
14 
33 
21- 
20 U 
14', 
Z5i, 
225, 
27*, 
25': 
9 

12:* 
20's 
137, 
255* 
131* 
16 >a 
31U 
5 

36U 

6flP» 

3H, 

14.* 

lOi* 

24'* 


AUntt lain . 

■*elim Lifelt’ii-* 

I Air I'riiluut* 

lAiro* 

U-wn.%liiii«ilitnni: 

Men* 

Hie**. Luitnini... 
AUealieii.v P"»er: 
\llleil •.henihwi.. 
.Allie.1 »u*rr« . ... 
Alii* V'lMlimm... 

’A MAX 

lAmemiUt He«- ... 
Artier. Airline*... 
'Amur. Brand* — 
Amer. Bn«ln«l 

. Vnier. Ian ' 

: Amer. CratMniiil' 
; A liter. Klee. l*uw; 
Amer. Kxjire*> ..' 

|AniOT.HvMiiel*r>iil| 

rAmer. Me.liinl.,.1 
! Amer. M>4iir*>.... 
’Amer. Ast. <•■■>..• 
\iuer. Stanitenl.j 

Aiiier.ab«tv< 

i Amer. TV/i.A Tel.] 

Ameli’L 

.IMP 

.IMP 

'.tllll-'V , 

] \iK.*li"r Hi. kln,;., 
ti.linwr Uie-.-liJ 
Iriin-oMivi 

V.». \ 

, \ 4Uiii>ni i >il 

' 

\-lilnnil ,til 

All. iri.'liliehl 

Aut" IM* l*n*. .. 

•A Vi. 

Aim 

Ai>'ii I'rnlii'. - ! «... 
Knll li* . Pli-'t.... 1 
Ilnnk Ainen>n. . , 
Itanken* Tr. A.y.J 

hnleri'il 

ll/t:.i<M'Traie>i"l..j 
IWuln.i- Ki—I.. . 
Be ltinUi Ai-i'tiu 
Ifa-ll A 1I..UL-II.. .. 

Il<-ll.ll* 

Uenuiie' 1 '.in* - H' 
Ib-lliii'liriii rHit-i. 
Ilfita k A I tuber .. 

UmilU! 

ibM-i- C*»io le 

Ib-nleii 

■It’D. Wnitler 

Urnnlli Im 

[lmo.nn -A' 

Hn-t«*» M yet- ...... 

Urn. IVt. Al'ii. ... 

idirckirav li las* 

|Brun « irk : 

| Hue in I- Krie •’ 

'audit j 

.UiiU'i* HWIi .... 

1 UurliD^t'Hi St till! 

jBiimniclin ■ 

^'miiptioli >HI !»...! 
i.'n ruiil inn t**eific| 
t *n*i ilon.li'lfjh.. 

1'nrmitlMla ' 


63*1 
22 s, 
41 
28S* 
50 
28'* 
465, 
IB'* 
171- 
45 
24 Jfl 

327, 

36i, 

32'* 

15 

49’: 

50 s, 
40 i* 
28 
217, 
38': 
295, 
2ST, 

4U 

43J, 

46U 

31 

615, 

34 
18 
33U 
14 -r 
295, 
Z3 J * 
30': 
19*9 
13>: 
165, 
29-, 

51 
307* 
10. *o 
271, 
55J, 
241: 
24 >2 
383, 
29ls 
40 
233, 
393, 
213, 
36i: 

3>a 
22 
193, 
493, 
29' j 
28': 
31U 
15 
15 

35 >, 
155, 

32 
15 
185, 
531, 

6 k 
3fll* 

711* 

34 s, 

165, 

lls, 

ZB'I 


1978 

BlRh j I*iw 


StrasK 


M«y 

12 


11+B 

l «ri icri In-n'-ral 

12ig 

15:„ 

•« biIit linn li-J .... 

19'4 

45 n 

jljtli-n'ii-ai Iracrn 

57 

43j 6 

L K' 

53«u 

3b 

1 'i-lnlii.-*. Li’iyll .. 

4n’; 

15 

i. •■HI mi a >. U ... 

15>: 

18^ 

.1. ••:1xlli'i«l....... 

23 >4 

29'ft 

1. 1»- ns \TTi<nil! . 

34l| 

27 >r. 

v iia-i- UhiiImIIhi 

diifl 


•. i>en>i'tii hk.V 

43': 

20 

Cli++I >*vh L'.'ild. 

2414 

291; 


32 in 

42 


B4 h 

Ml; 

<.'lin>ni*U\>V. ...... 

20 

10^ 

■khiv-ter.. ......... 

im 

i J < 

18l 4 

Cm.'. Milaena.. 

30)0 

19>n 

lllirorp 

HB-'a 

45i = 

•Lines tierviee — 

Sl'4 

11J« 

Vliy Invi+li ny... 

151; 

35 it 

AiV* 

434 



21 

101; 

[U'lliini A ih mm.. 

12)« 

27ll 

iL'iiliimhla. fun.... 

27 <4 

13*4 

CiilnmlHa Put.... 

191, 

14'fl 

Coni. 1 neCo^tt A m . 

iai s 

31 U 

C.i|ii!'ii-« ion fcnij.J 

40 


54‘s 
497a 
305, ! 
28 • 
33S, 
403* j 
21'a | 

26 

45 ’* : 
30*: I 
26k ' 
12’* 
19 <8 
16j* • 
287, i 
157, , 
491, i 
39s* 
47'* 
275, 

33 
43 Tg 

1163, 
2178 . 
20 1* 
10k 
54k 
391, 

253* 1 
173* ! 

34 .' 
45U , 

46 1 

38 | 

336 ! 
27 

29k , 
21 ! 
49'a - 
35. a 
395, 

16 

30 I 
235, 
263, 1 
387a ; 
38 | 

24r* | 
51 if 1 
213, 1 
36k ; 

9*fl 

23k 
30k ! 
117a ! 
13»a i 
43', ; 
UK** . 

29 
17U 
&8 
63!, 
51k 

30 k 

66 k 
201, 
293* 

31 
26 

81, 


45's 
42U 
24** 
22k 
29 k 
351; 
167» 

19’* 
34 
23 
223, 
51, 
16 U 
15k 
23 
114, 
384, 
315, 
38 
223, 
25 
361, 
973* 
12k 

16 k 

6 

411* 

33 

165, 

145, 

assg 

295, 

37i a 

28'* 

22=, 

251, 

13 

43t z 

23 

34 
13 

24 
16 
183, 
287a 
30k 

20 k 
405, 

17 
275, 

73, 

18k 
24 1* 
Bl, 
10 U 
34i, 
8. 0 
225* 
Ilk 
373, 
441, 

265, 

263* 

573, 

18k 

24 

284, 

22b, 

-37, 


V.iiruillK (i !•■». ...J 54k 
: CPU Int'n'lu.nall 495, 

tram* ' 30a, 

■.Ctoclwr Not 27>a 

ICmii n Zeller! well; 32 j, 
ji 'im i unit!- Hugim. 1 ! 40s, 
,Oirtib» W right...! ^^'8 

28 
431* 
30 k 
251* 
121 * 

19 k 
151, 

28 U 
15k 
48k 
39 
454* 
265, 
29i* 
42k 

116k 
217, 
194, 
97a 
54 k 
37la 

25 
175, 

34 ' 

35 >* 

443* 

37:, 

» ZT * 

26 
26k 

20 >4 
48 
35 7a 
395, 
141, 

29 >* 
23S, 
264, 

29 k 
38 

234* 
80 k 
214, 
32'* 
9 '* 
224, 

30 
11 -a 
13s, 
437, 
10 

29 
17U 
58 
531] 

30 k 
301* 
627, 

18k 
39*4 
29 
257, 
7lj 


L'«n« I 

I tan In 

Ikere ' 

Del li.. me 

Dpltxua 

Uetuaidy Jurer...: 
Detmit liliiHin...: 
nUnKin.lShHriu k, 
l>letn{ilir<ne — .....j 
UlgliH Ki|mu...,. 

Disney (Walt) I 

Unnjr (-'..rjin ' 

Dow UhenncnJ....| 

Dravo.,... I 

Drewr 

Du P.K1I 

O.vmu Industrie, 

Kikjie Plclier 

liaw Airline, [ 

huiruan K'raiak.J 
tin tun I 

|K. u. & r. ; 

•HI I'iiso Nat. lias] 

him 

.Umersnn Bleetrie] 
lKnieryAlrPr'iubl| 

hiiilian I 

: 

]K/i|Celli,ril I 

I hsnuirb ! 

[htliyl • 

i B, *. |Q I 

iPain-lllbl Laniers 
jFisl. Dept. Mom! 
■PI real. me Tire. ... 
K«. Xat. Hnsli.n,' 

IFIeal t an ] 

, Flint \*.lc > 

Fli.rlilk Ptur «■....! 
iFlui'r 1 

'F.M.C 

•Kuril M.rtitr 1 

.Pemtnni M.'k.... 1 

h'lliin. • 

Franklin 

Fn;e|k»rt Mlaeni>' 

Fnietizmt 

Kbuiui lints 

IG.A.P 

'•nn net i 

• tell. Amer. Int..., 

:i;.a.t..\... • 

i'.'eii. futile 

(ten. L'yn»riMc?... 
|f/cn. KlerirK's..... 1 
General F>-«tj>.,.. 
Gen«m.i Mills....; 
.General M«*toni... 
D«L Pub. Ltll....' 

'Hen. tti/rtut' ; 

Ilian, Tel. Biot... 
■Uen. Tyro...... ...! 

iGeneaco 


1973 

Rtgli Low 


Stock 


“S' 


317, 
76 k ! 
334, ; 
36k , 
28 k I 
341* 

5 

274b ' 

iu* ; 

28 

49 I 
33 k : 
48/ a | 
24 . 

49 k I 
334* 
361* ! 
287, i 

343, 

461, 

20i, 

26i : 

201 * 

20i, 

234, 

407, 

145a 

7 

13 

434, 

37t, 

58 

48k 

15a, 

28 k 


281* [Joint* Mann lie.,. I 
66 "(oiiiiaxn Johnson j 
245* .4>.i|mnm Contn.l. 
29-.* l..y ilitniiini.iiirk' 

23', |K. Mart Lmp 

28 IKxiserAluininf nr 
Is* .Kaiser ludiisrn/»i 
21 '* |Kj*li«rSteeI 

195, .Kemn/wti ; 

40'r 'Kerr McGee 

B74(| Kidtle Waller 

384* K mil wrly Cwn . . 

194, lKu lv er* : 

42 'Kraft I 

25k jhtvfierO. | 

21k >uni dtmuNi : 

254* |Llt*y Ow.Pood.... 


281+ 

23 

•Georgia Paeifir... 

28 

172 

150 

[G«ty Oil 

1671: 

28>4 

23 Ig 

'Gillette 

£Si, 

2375 

19 

ItinncirWh B. F 

22 !e 

17 te 

157q 

Cioelymr Tire. .. 

17l fl 

24:e 

247 8 

f»*llki 

S97) 

28'u 

23. b 

■Ij nue \l . K 

27T S 


134. 
267/, 
2 k 
29'* 
81* 
311* 
16k 
21k 
231-. 
34k 
22 
29 1* 
254* 
145, 
23S, 
40*, 


I'.nnlHiblkiu 8*1— 

Cw'i'tli JvlT-m. 
L'mn'n "111 Ltll IW 
nn. .kitt'lilte.. 1 
■i , »iii|aiii.rS'lciK , t < 
L..it*i. l.,ie In 1 *-... 

V'.tllttW’ 

1 'in. IuIImiii A.Y.' 

Lniinnl Kum ' 

*.'nji*«il Nm.i.in-.-- 
'(.‘■■tiMiiner 

iC..ittiueHtnl ticji.' 
■('.•nilm.-ntaliiil...' 
f.-iii lueiirai rele.| 

L'.-ittruI Data. ! 

.( .«!«* Indue— ...I 


157, 
27 k 
2 k 
411* 
U7j 

55i* 
24i a 
217, 
24 k 
40'* 
22 
31k 

ZS4* 
16 1 3 
31k 

51 


9: 

315s 
141* 
26 ■« 
635]i 
641- 
385 * 
17U 

56 

397g 

284, 

79k 

18k 

39k 

545, 

134, 

31i« 

271- 

12k 

16k 

247, 

421, 

58 

40k 

14!* 

61, 

270t* 

244* 

32k 

43 
25 
17* 
43'* 
341, 
12 
32k 
lk 
374, 
12k 
33 k 


74h 

22 k 
12k 
11 

23 U 
54., 
32 k 
145a 
39s* 
34 

24 


(Jn. Ninth Inin.. 
Greyli.'im.i 

Gull A SVe-I. ru. . 

(•■Ill (IU 

Hv'ili.irr.Hi 

Hums Mtiiunt... 
HaruiM-liiuuer. .. 

Him* I'.irj.ii 

: Heiuz H. J 

Heuhlem 


611, 'Hewlett l'lu.-kanl.' 

141* ^Holiday ItiM - - : 

30k Honmialir 


8k 

23k 

14 1* 

14s, 

Ziig 

64-. a 

32s? 

15ig 

56 

37 

27k 

79k 

181, 

33 


1 431, 

Hnneyweli. 

54 ig 

1 i 11 * 

Hi«vrr 

12), 

1 &2sg 

Hre|-.Ctirp.Amer. 

31*, 

; 23 ! a 

Houehin X»i . fin- 

37ij 

. 10's 

Hunt 1 PIj.Ai Cbm 

IH3 

1 IOI4 

Hucton th.F.l. — 

l*7g 

20i, 

l.c. (ndusines ... 

24ig 

34 14 



1 607 fl 

In^iTRiit Hand.... 

371, 

i 33 t 8 

iiitiind -^Ir+l 

39H 

1 12!, 

In.iici- 

14*3 

7 'Inierewm hnerev 

li. 

i 255>; 

lltM 

26ZS<| 

' 2dJfl 

Inti. Pint mi r».... 

24 j, 

■ 261; 

lull. HarvtMer... 

321, 

. 37j, 

llUI. Mill A 1 lli'm 

43 


20k MuII.ii.ihIn,. 2S 

13 k lucii 165, 

355, Inti, l-ni^r ) 42ia 

26k .Ihl 34:, 

64* ;iiu. Kerri 1 Her . ...' la 

27 Im. Tel. * Tel ' 31V, 

I Intern ! 11. 

27 k ,l.'tvn B«i 36 

U II' Inteman.iaiU. li:, 
27k .J nn Wither ; 325, 


267, . 

48s, . 

304, 

345: 

334b 

454, 

574a | 

201 2 , 

a94g ! 
371* I 
53 

67k . 

S&it . 

48k : 
45 la . 
41i* 
514a 
32 • 

17k , 

23k r 
1S5-, 
33'* 
44 A. 
56k : 
22 ' 
231* . 
354, j 
165* 1 
11 i 
18k 
274* 
41 I 
28', l 
2856 [ 
27 I 
20k 
25k . 
51k 
19k • 
167, 

26 k 

w» ■ 

234, 

244b 
21k ' 

21* i 

75“. • 
267, 
25 
231* 
42k • 
30k 
9k . 
37 k ' 
5U* I 


23 [ 
43k j 
33 

24 

196, | 

6d*8 

55s* 

afl k . 
24 k . 
24 % ! 

iak [ 

36k 

15k 

28k 

85k 

237.1 

31s* 

17k 

23k 

94* 

45k , 

287, 

25k! 


26k 

367, 

14k 

13 

17}a 

185a 

20k 

33 k 

13 

5 k 

9b* 
354, 
29k 
31 
40 
Ilk 
19 k 

2QT, 
325, 
213* 
22»* 
164, 
26 
48k 
135, 
324a 
25i* 
431* 
685, 
44 N* 
395, 
347, 
33 
46 k 
2S4s 

14 


jUggri Group.... 

Lilly (.1210— 

Litton ln.lu«t- ... 
Loeklteo.lA1n-rTt 
iLoue star iurta.. 
iL/in/; liliuui Ltd 
'LnnihliUUi [*m(t. 

jUibrlK>l — 

■Lucky Siiorw.... 
; L'ke Y'uDi^t'wa 

'Mai-Miu,ii 

:A1hcj K. R 

Min.. Hartnver.. 

,Mtp«-n 

IMararh.'ii 
Marine Uiittatnt. 
Marnhall Field .. 


'Mac Dept. More* 1 

MCA ; 

:McDemu.iL 

, McDonnell Doug. 

'Mefiraw Hill | 

jMentoiva 

,-Mervk 

; Merrill LvncVi 1 

Mean Petniieum..; 

!MUM • 

Miiui Uitigb-MtAi 
iM.'Oil Coit. I 

Uonunlc 

ill ray an J.P. J 

Hxlurola ■■ 

.Murpbyt.til 

■NHliinn j 

Aaleu (.lit/tnl.nl, . . | 
|Aaiional Can 


20'* Nat. UiMilier*....; 
121a Vat. Sercii-e In.i., 
29 tt National Steel 
335* Naruuiaa 1 

13 ,.N'e[rfiinc Imp. ...J 
21!« I Now Bufflaud Bl.j 
33 k ;Xew L'ugland Tell 
145g ^Ihipub Muhankj 
9le ‘Niaaara Share. ...| 
15S* IN. L. Industries J 
254, . '.NimutkAWe-terti; 
344* NorUi Nat. Giu- .. 1 
24 Ntha itAlw Pwrl 
20k 'MDtreoi Airllnesl 
21k 'Ntbwoi Baniurp) 
164* N\wuin rflmon. .... 
20 l.'a.-IiteuM 1 Petrol; 
37k ' 'Riley Mather..,- 

174* Olno KdiMia. ; 

157, iUlia ; 


204* 
641 3 
19s, 
234, 
13k 
2UI* 
4 
20 
20I« 
211 , 
331* 
27 
7 

324, 

245, 


Overseas shipe.,..; 
Cwen* Centinu 
O n eits ll'in.'ia.,..! 

I'nnii ■ l.rtr 

J'a.-ilic Lu;liMn*| .1 
'ita •. Pvti. A Jj . I 
•VitnAinV.Val.i Air 
Parker Hannliiu. 

PpuIh.I i Int 

Pen. l*w. Jk Lt,...l 

I Penny J. C 

PennVc.il I 

; Petrie* I'nic 

People* Uas I 

! Pepslco 


17i* 'Perlfln Elmer.—. ( 

32i, ‘fet 

25S, ;Ph*er 

174e Ptielie. Dmiee ! 

18 Jptiilaiielv'hla K(e.i 

56 IP]uli|.Mairru 

27i, (PiuliiiQi'einii'in.l 

33k Puohiiiv, 

151, .Pitney Dime* : 

2Ji* iPitimnti 1 

164a i Pier *ev l/.' AUK' 

231; jPiHuni.i • 

14 Sg Putfiuac Hire..... 
23k I’Wi l.Hiu.int-*, .] 
73 m Pncw u amble. 
214, ‘Pub *i*sve Elect J 

24 'Pullman 

15l, 'furei ! 

20k [Quaker Uat*. I 

5ig ' Eiapl. I American 1 

29i, Hnvthcm | 

22 RCA I 

22 [Republic Steal... J 


325* 
76S* 
324, 
3St, 
25k 
35 k 
17, 
211 , 
12k 
234, 
474, 
33k 
48k 

23 
49 k 
33** 
36k 
274* 

341* 

454 4 

197 8 

26k 

20 k 
185, 
226 , 
40 
14k 

65, 

12b, 

411, 

37S* 

37k 

46k 

ISk 

257, 

241, 

4B», 

30', 

345, 

234, 
4SJ, 
55k 

20'a 

385, 

357, 

657, 

64 

48k 

471, 

40 

491, 

29 k 

17k 

224, 
15'* 
315, 
43k 
561, 
185* 
214, 

331* 

144, 

9‘B 

18k 

26b, 

401, 

24 k 
285, 

27 

207, 

251* 

52 

177, 

164, 

261, 

62k 

21 

25 k 
19 
20i, 

267, 

241* 

214, 

40 

281, 

9J» 

337, 

514* 

23 

431, 

33 

217, 

18 

685, 

35S, 

38k 

24k 

235, 
174, 

36k 

19 

28 
S4t« 

If 

174, 

225, 

fli, 

491, 

28 

247, 


1978 

High 1 low 


474* 
321, 
601* 
25k 
347, 
36 k 

6OI3 

167, 

125, 

204, 

424* 

314* 

307, 

39i : 

71, 

64, 

15 k 
773, 
198, 
19k 
234* 
8k 

301, j 
25 

147, | 
B7k i 

39 I 
341, i 

42 

403, 1 
37k ; 
141, 1 

23 ' 
691, . 

34* ■ 
314, I 
267, ' 
17k , 
355* : 
34k ' 

507, 

261, I 
27 k ; 
19 
4U * 
287, 

26k 

44k 
52'* I 
70k I 

43 k 1 

157, 1 

614* 
43k 1 
46k • 
284, ; 

lO-fl -. 

997, I 
54, I 

33 >« 1 

lit* 

27k 

195, 

791* 

327, 
22 
48 
29 k 
sa 1* 

375, 
16'* r 
215* 1 
36i, 1 
24<k I 
21 

357, ] 

20k i 

40 I 

32i b ; 

284, | 
271* ; 
834, l 
20b, 1 
415b 
56 k 
15 k 
425* 
8k 
62k 
50k 

38 

257, 

264* 

32 s, 

453* 

223* 

18k 
31k 
4! J® 

29 k 

24 E, 
Z97, 
37k 
29 k 
I7lj 
20i, 

28k 

26*, 

24 

047, 

201, 

31 


38 

26l« 

62>* 

20 


St»jdc 


Inv. $ Prem. S2.60 to £— 109J% (109%) 
Effective rate (1.8200) 4«i% (46*%) 

1978 

Blah 1 Lew 


May 

11 


Keriun j 


HvytttiMr Metal*. 

Reynolds U.J I 

Hidi'-wo Merrell.; 
287, [Ki.'kiteJI lnler...l 
28k ill.ibraA: Haas j 

541, Utoyri Dnicb..,...J 

i*k iKfe 1 

IU* llfut. j 

131, (Ryder system....’ 
35k patetbay af..irw,..| 
251* J*. Jne Mine, ala J 
256, pr, tte*(ia Paper..] 

33k Ifenbi Fe Ind* j 

34* |Saui Inrest | 

4k joaxon Ind, J 

10 pchlirz Uhewrruj. 
644, pebinmhwaw:,.... 

151, WCAI 

12k IScott Paper 

19 s * Isuorll Mnr.......... 

61, [rfanir 1 Dnot Yenj 


197 a 
80i, 
lib, 
22k 
29 k 
28 k 
37 
28 
307, 
104* 
16 
464* 

14* 

18 

24S, 

16 

BBS, 

31 
44-k 

22 k 

234* 

151, 

32ig 

215, 

22 k 

245, 

44 

58k 

34k 

12 7, 

437, 

33 a, 
31s, 
184* 

a;; 

32k 

67k 

24* 

28 ig 

74* 
25 k 
171* 
61k 

29 k 
19k 

34 s, 
88k 
41k 
315, 

13 k 
174* 
32k 
21k 

95g 

26-k 

18k 

27k 
20 '5 
19k 
184* 
20 
141, 
353, 
511, 
12k 
375 b 
6k 
4BEa 
41 

7k 

67, 

257, 

211, 

215, 

BSk 

32 k 
18k 
134* 
161, 
29 k 
255, 
17 k 
24 k 
295, 
205* 
154* 
115, 

227, 

205* 

20k 

20k 

16k 

215, 


| Sea Con la inert — i 

.Seagram ........ 1 

I SearlelG.D. 

.Sarr Mnehuck i 

IsKlX'U • 

'■■Shell Oil J 

jsuei: Trauaporr-.J 

|''ienn | 

pignode Oirn ; 

ISimpliL-it? PUI....I 

'iniuer 

SmithKliue. 

'SMItrun | 

isuuthil'.ivu 

suuiiieru Cal. fcd 
'•SHitiiem lv., ’ 

'SUid. Nat.Ke»....| 
. nit hern Ike) ft-. 
ISodihemltailway' 

j+.iuUUanil | 

■S'w’t Man tbare>. 

I-Spetry Hatch 

p perry Rand 

Squill 

istan-lanl Mrandr.! 

iSld.DnCaluoraia 

kM.UII I Q. liana.., 

sul. Oil Ohln....J 
ilaufT Chemical.' 
sierllni: Drue-.,. 
M ndyhaker. 

(Sun 

jsiiiyit*li-an.l... 

SviltM ..... j 

' fa.-ltmi.-ulnr. | 

.Celnronix 

[ I'eeerlvne 

[Tenec*.' 

iTeoorw Petrateum 

i reuco | 

Texa^ul (...._ 

Texas Inst-m ..: 

Texas Oil & Gas^ 
Texas Utilities ... 
Time Inc. .... 


Time, Mirror^.... 
Timken 
Trane........™ 

TruaiWxloa. 

TraiiKO 

jlYans Union 

•Tnut wa? lufpn 
1 Finn, World Air,, 

IrraseJlm 

I Cri Continental . 

■TJI.W ....... ... 

'JXhLentun Fox! 

|U.A.L_ : 

l/AKQO ; 

i;«i 

[HOP i 

iL'iiilet/Br M i 

• Union Batwi*!....' 

Union Carbide....’ 
Union (.'-ommerce 
Unlpa Oil Cali I 
Union Pacific.. | 

lUnnoyai™ 

Unlto/1 Brand,.... 

,U9 Baaatrp.. 

U-Stri'inum ..... 

ijt-h ■«>. 

Icti 

Iu. lecliiKiu^iet..! 

I 1 - V Induitnef.—.j 
!'• in*lllla Klfci....- 

• W tiureeu ' 

. it *mer- Crnim.,- 
, ■V*imr-L»uniwn.' 
; w i*lt«-Alan ' nir/ii i 

.Vu'.s-pantu | 

i^wlun Usiii i T* ■ 
Western K, Amri! 
I Weotorn Unt>m...| 
FminjhK tiiecij 

iWavar-O..... 

WeverbaouEer .... 

llVhlripooi^ 

[White Don. Ind... 

William Do. 

[Wiacooala Htecc. 


475* 
325, 
60 '« 
25 1* 
34 U 
36k 

567 a 

165, 

12k 

204, 
397, 
25i, 
295* 
367, 

6 

63, 
12 7 , 
774, 
195, 
19k 
21 s * 
8k 

36 L, 

25 

147, 

251, 

3640 

336a 

4lk 

404* 

345, 

14 

23 
69 

35, 

3H* 

24k 

197, 

354* 

325* 

481* 

26k 

271* 

187, 

£ ls « 

281, 

24k 

434* 

50 

634, 

431, 

15 7, 
615, 
43k 
46 
284, 

lit 
423, 
981, 
5 k 
33k 

111 , 

25 

191, 

78 

315a 

19k 

48 

291, 

517, 

37S, 

167, 

175* 

36k 

24k 

21 

357, 

194* 

40 

32‘b 

284, 

26k 

21k 

205, 
374, 
51k 
15k 

403, 

7v, 

Bl 

464, 

Z” 

34 k 
287, 
28 aa 

271* 
4SS* 
21 
13’* 
214, 
4i4, 
29k 
B3 4, 
28k 
363, 
29'* 
161, 
195, 

287* 

£5 

24 
247, 
201 , 
27 


Stock 


Mav 

12 


207, I 
5S, j 
50k 
19 k 
161 Z ' 
944* • 
82$, 
6-678] 


175, | Wool worth 20-1, 

s * fWyly 5 

41 I Xerox 90 k 

15k ifctpate 157, 

114, .Zenith Radio.-... 16k 
93,;- C.'r.Trao^i law! 1944, 
t80i* ; r;S.Trea.sAl>Jf';7=| ,807, 
6.078'U jS. 90 Day bill, j 6.328 


CANADA 


127, ; 
6 s, ; 
32i, 

194* 
40 1 

20 | 
203* 
74, l 

69k ; 

30 | 

17$, 

17lg 

6.0 

374, 

17k 

101 * 

143* 

26 k i 
20k 
19 I 
19 7, 

61 t 

4.35 

10 I 

214, 

29k 

30 

17$, 

8k 

13k 

9 

70 k 

Bll, 

68 k 
25k 
18 
14 
21k 
81 

275* 

14 

32 
74, 

33 

Vi* 

194* 

477, 

1B4* 

35 

21k 

19 

117, 

ll" 

16k 
9k 
4.60 
20k 
166, 
25s, 
34k , 

27 I 
187, ; 
307, 
35ig 

2.30 I 

434* . 

37 1 2 ; 

17 

4.70 
1.63 i 
23 
161 , 
14k 1 
1.55 I 
371* I 
101 * 
31?, 
301* 
18k 


10k lAbltibl Paper. i 

4.30 A^tuiL-o Bajtlt 

24k | VUxttLMiiiiiiniuni 

14i, lAJgoniaSfee' I 

34k Aatwtea j 

17k jBankof MLnntraal' 
IBk ; Bank Nora twxia| 
Basic Rmtoirve. 
Hell Telephone.... 
Bow Valley Lod... 


5k 

62 

20k 


141, 

141* 

2.05 
34 
Ilk 

5 s ® 

97, 
22 k 
18 
16k 
15k 

91 

3.05 

81, 

18 
23 1* 
211 , 
15k 
5k 
71, 
6'., 

92 
70 k 
53>* 

21*g 

144, 

12 

163, 

691* 

25s, 
104, 
26 
5 
29 
37 
1548 
16k 
40 k 
17 
274* 
IBk 
15k 

8k 

940 

13k 

13 

6ia 

3.26 

154* 

9 k 
201* 
284* 

21k 

15 

154, 

14 
3.B5 
1.S5 


tBP Canada l 

Uraacau 

lHrinco» 

ICaUptry rtwrer....! 
Camfl.-.w Mines... j 
Canada Cemeat.J 
i Canada X Whan.. 
[Can Imp HnkCurni 
Canada luduat.... 
(Can Pacific. ! 

■ Can. IV-iHr luv. l 
|Can. tiuper OII...J 
Carlin*; O' Keete. J 
[Casas ir Abe*|Q*...| 

'Chieilain i 

ICouiinco I 

[Lons Haihur*l.._j 
[CtutMuner Uaa....j 
JCoseka Resisuewi 
CVsitain Rich-....! 
Onnn bet-uni..... 
Denia.m Minn... 

[Do® Minn 

Dome Petroleum 
I Dominion Under 

iUomtar...^ 

[Dupont [ 

Pa icon 'se Mclde-I 
[Ford Motor Can..) 

.Oejrautr_ 

Irixni Tel'tvknliej 
'.tan" Uil Caua/la J 
/Hanker hid. Can. I 
i Uo" nicer I 

i Home Oil \V ...... 

I Hu- 1 ton Bay Mimi 

[Hudson Hay... ■ 

lUislson Oil A (is-l 

ll.A-C. ( 

j I maser j 

l Imperial UlL. j 

InrtsJ— J 

iulao.1 XaL GOB..I 
Utl'p.yPipeUneJ 
Kaiser Keaouroes: 

LturtFiii Corp,... 

Uffltaw Com.»H'.. 

Jle'mill'n Blnelt., 
illaney Penuann! 
Jlflnlyri'.„ i 

■ U or ire Ciirpu j 

[ \..ranila Mine*-.: 

Vurcen Unerjtv...i 
. .’(l li u. Telecom ... 
j Nnitiat; On i l«i. 

; Jakw.vl I'etr'iu./ 
r .rjjprl M.| 


33 k jtWtii: Pel n.leii nil 
31i* jilui. Can. Per'ni.f 

14 k l Pan no j 

3. BO FPeuplea Dept.. 
0.80 [ I 'la i-o Can tc I ijl,^ 

19 U jFtoeerDetBlopniii 
9T, il'nutrUorioittl'n’ 

10 1, [Price j 

1.03 Quebec tnurtfeotii 

25 k Stoasor OU 1 

81, Ueud tibia j 

244* nip Aigom 

25l* Royal Hk.of Can. 

15 Royal Trail 


101* | 74, 

27k 22k 

171* 14 L, 

5.25 4JSu 
35 22te 

5k 1 4.4U 

25S, I 224, 

H.7U I 2.30 
4ZJ* j fl4 
IBk i 166, 

154 134* 

lui* 84* 

713k 10 

154, - 10 
74 ; 7 

334* 263, 

35 | Ilk 

18k [ 13i, 

t Bid. 1 AsfcetL 1 Traded. BXew Stoclc.l 1 _“ l 


jNsepereR’aounjeBi 

| 

-'he-' (.itoaila 

| -herntt U, Mines 
| "tewma O. Vi- .-.I 
: 'iriipsiuisM... ...... j 

1 nee* oi Canada.... 

[ leeplfucfc iron.! 
■Texaco Canada —I 
IVnnmtn Dvm.Bk.l 
1 1' ran r/Can Pipe Lnj 

Lrand Mount Dpsi 

I'ruee— I 

Union Gas < 

Hid. si’rfwMlnea 
IValKor Ultaui.... 
-West Coast Tea*. 

| ftV^fon (je... _.... 


124, 
4.70 
31k 
16k 
39S, 
19$S 
204, 
tak 
56 k 
30 

15 
16k 
•4.60 
37k 
12 k 
IClB 
ilk 
277, 
120 
18k 
197, 
59 

4.25 
10 

18 

273, 
30 
175, 

Si* 

13k 

9 

691* 
an* 
65 k 
24 k 
i7 a 
131, 
19s, 
80 

271, 

114* 

27 

74b 

32 k 
41J, 
16T, 
lflk 
415, 
18k 
344* 
19 k 
18k 

117, 

104* 

145, 

141* 

9k 

4.50 
19', 
121 , 
21k 
34k 

25 1, 
1360 
29 k 
35'., 
4.10 
2.28 

363, 

33 

i!5>, 

3.90 
1.63 
217, 
154* 
14 
1.20 
35 k 
10 
291, 
294a 
181* 

73, 

274, 
141, 

5.25 
27k 

5k 

25$, 

2.50 

38k 

171 g 
144* 

»U 

12 k 
10 k 
7*8 
334* 

im 

17 


Securities Rand SUS0.73 
(Discount of 36.52%) 

AMSTERDAM 


May 12 


Price 

FU. 


1+ *'l 


Div.rYliL 

% % 


Ahnhi (PI.20) : 104.8*1 +1.6 s21 3.4 

AluwlKIJSO) 28.6 +0.1 j - - 

Alpeni BnklFIlOO 1 348 ; + 0.S A283- 6.7 

AMKV (Pl.lu) 85.7 +0.5 As44'l2.8 

AmmlMnL iFtifi 1 77.2*1 +u.3 1 23.6' 5.8 


Bijcnkorf i 9J.5+1.8I 23 

BuLnlVeel'iii iFlOj 120.3 fU.3 80 

Hu rlirm Tet tei r. le 70.0 26 , 

Llw/i ier \ i Ki.2Ui.. 2693id + 2.5 ! 27.5 1 

Kiinia.v.C.iiMivR 144.7— l.S 37 JH 

Ktm*>iiiTVt( Pl.lOi 65*1 B4.fi! 

Hist Bn.Mi.le»<P10J 31.6jd-0.6l 23 J 
HeinekeotFl^ri, .1 102.8+0.9 

U.K^vcfu i Fl-201,' 

Hunter D.iKI.lOOi; 

K.L.M. (FI .1001... 
lui. 11 nller il20)..i 
-N Harden 1FI.IO1...I 
Sat.\wlln».(FUd 

McriC'red Bk<FL2& 

.Ned Mklflk (FLhfj 189s 

Oee (FL 20) ; 

Van Ontmeien. . 

Pa k hoed (PI. 20) 

Philips (FI. 10)... 

RmSehVenFi.loOj 
Kt*eo (FI 
Kullnuo (FLbOi.J 
Konn to (FI. 6O1...I 
Ko.valDittehiPI.2tf 

3laveubur<; . . 

titeiin liiplFlJih| 130 
Tukyvlft'^. HliIn.t/'lOB.Q Ml +U.5 i 3U 



148 +1 
125 +7.5 

39.8 +0.8 

24.9m 

82 +1 
166 +1 
125 +1 

13L8-D.2 
128.1‘+0.6 
2493*11+0.1 


5.1 

6.7 

7.4 

2.0 


3.4 

4.6 

7.9 

3.7 

4.3 
7.9 

5.8 

4.8 

6.4 


6.8 


A 256 7.7 


14 

55.7B! 

19 

*7*1 


l-nlieter iFI. Mi.j 

ViKingKes.IntSDI 

IVestlau'du.Uanb 


114.6 +0.6 42.8 
39.8 +0.3 • 20 
385.0*1 -0.5 ! 33 


5.3 

8.4 
7.6 

4.2 
U.7 

7.4 

1.2 

4.2 


COPENHAGEN * 


May 12 


1 Price 
I Kroner 


+ or 


□lv. 


12 

12 

12 


Yhl. 

* 


An.«elJUanaen 135.251 

Uumi'ser W I 428 [+2 

Danake iknk.^..., 121.25'.. [ 

Itas* A/iati (_i». 159.0xr^... [ 

Puuwsbankeu.....; 13O.S0I+0J5' 13 1 10.0 
For. Byjy*erier..J 341 +1 1 12 1 3.5 

For. Papir 75.6| a 

Handle* bank 1 123 JCP 12 

C«.N ’th'nH .1 KriWi: 262 .0' + 0 . 5 

-Nonl Kahel ,245.50*1; 

UlieTabnu ; T7AKJ+0.2b 

PrivatfinnK • 130.60.' 

Hiuvintlank ' 135.25: 

hopli. Rerenditen. 381 i + 1 
-’Jiitwno* ; 190.75 +OJl&| 


11 

11 

12 


10.6 

8.9 

4.1 

5.0 


STOCKHOLM 


May 12 


Prte 

Krone 


AGA AWKr-aOl... 
AltaLaralUlKiHl] 

A5KA (Kr.EOl 

Alla* Copco. Kr&| 

Uillenui ■ 

Bofnrs 

Canid. 

UetiuloM* 

Elat'lux 'U'rii.— 
tricau.it 'M'/Krt/CH 
fcr«elte 

Fajjem* 

H rani/e* u'tnrl ' 

Han.( 1 vistnUcii .. .1 

JHamlsiti 1 

I Mi Di.ui-lti.J 

hsndtil. A. II 1 

ri.K.P.’H* hr* ' 

tikitnd Ktl'klMa...', 
land' lili *8' KiOt- 
l.'tidclliillil [ 

V.dt.i (Kr. out. 


209 
160 
83.5 *l| 


+ ur 


+4 

-4 

—5.6 


125*1, 

79.5^ — 0.5 

laout 

186xc 


Dli.|t. 
•it* 1 t> 


6.6 

6 

5 

6 
4 

e 


2.6 

3.3 

6.0 

4.8 

6.0 

3.3 

5.4 


226 

ISIxtj— 1 

10 

6.3 

4.4 

4.2 

136 }— 1 

3 

4.6 

244 I 

8 

3.2 

105 j + S 

4 

3.8 

45.6 




£15*1 + 1 

lb 

3.0 

120*1 

a 

6.7 

60 |+4 

0.5 

10.8 

205 1 

a.73 

2.3 

76 •_! 

4.5 

5.9 

140W 

8 

5.7 

79W+3 

5 

6.2 

53.0 + 1.5 

</— 


88.5+0.5 

6 

6?8 


BRUSSELS/LUXEMBOURG 


May 12 


Price 

Fra. 


+ er 


+ 15 


Arted 2,585 

Bq. JQra. Infub....] 1,550 
Hetert 1,900 

C.B.R. Cemeat«,i[li360 

L'dctsriJ 489 

KUHS [S. 300*1 

Kiectmbsi -6.640 

Fnlniqne NhL„...I 2,G05 
(f.B. Inno-Bm„...[2,065 

Oe exert— 1,322*1 

Hobnken - 12,250 I+4S 

Int+rvom [2, 060 i+10 

K red ii-tl tank ^6,700 1+ 10 

U ttoiijr ilein.JG.010 (—40 

Pan ri..M.n,{. [2,450 ! }s2J6 

IWfiua 4,335 , + 55 1 174 

5k«; ( leu Uimqur.. i l 2,9BO 
tide Qhi Uekiuuc[2,015 

itotiiM...., Js.oaa 

say 12,570 


.+#5 
1-20 
+ 76 
+ 8 
+35 
+6 
+40 


Traction Elect 

LCB 

La Min. (I/IO1...J 
V ie lilt. Mootagne] 


60 

116 

100 

177 

(430 

170 

150 

B5 

170 

142 

265 

6u6 


-10 1204 
+25 [140 
215 


Diy 

Kt>. 

JlBt 


Yu. 


2,775 

964 

780 

1.660 


+ 10 
[-5 
+ 13 
+ 8 
'-20 


IA200 

170 


60 


33 

6.1 

7.3 

T.l 

8.5 
0.8 

7.8 

0.4 

7.6 

6.9 

3.6 

5.1 

3.2 

4.0 
6.9 
6-9 

7.1 
73 

6.1 

GA 


AUSTRALIA 


May 12 


Aii*t. S 


[+ur 


ACM TL (25 cent) i t0.72 

low Australia tO.81 

Allied Mut-Tridjf. Inda SI t2.30 

Ampcl JKIxpluraiion.... .) 11.19 

Ampul 1‘etrulrutn. | rO.BO 

Ahjoc. lllneiab j 


Assoc. Pulp Paper 


tl-20 

11.18 

11.76 

10.92 

tL53 

T0.41 

10.33 

11.08 

11.18 

16.62 


Awtu. Coit. Industries.. 

Auat. Fmitulation Inrest—j 

A.N.I I 

Audi mm. I 

Ausc. Uil X Uu 

Bine Metal luil ....! 

iJotiCum ille C.ipper 1 

Broken Uil I Prratrietan' ...| 

HH South ; tO. 87 

Carlton L'lilteii Brewery —i 11.86 

C. J. C*«le fl-98 

UtiltlSU 12.93 

I'.ei, I iuMtlrhis Alls* 12.59 

L'tiDtaiiier (til) 12.35 

Lkazipe Uiidintn 12.28 

I'.wlain Ah«i ralia ............ 11.48 

Dnnl")i Jtul'hertSti .. 11.38 

USCOlt 11.00 

Bl.ler^iiiitli 12.0 

H.1S. liuiiiMries 12.10 

tfun. i'roiieity Trust 11.53 

Hsnimlev - tH.10 

Hnuker 10.74 

IX 1 . 1 . A list rails 12.18 

later-Ci. pi +r — 

•leaning* Industries tl.30 

Joan (Da viili ] 1 1 .28 

Lunnanl Uil 1 10.23 

Metals Kx [s-rtsti.m 10.15 

HIM Hnldings. j tl.08 

Uyec Emporium I 11.78 

.New 1 12.28 

\ leli.'las Ini enial iurtal. I 10.84 

.\011h Broken U'llings ibOc| fl.12 

OskbrWge. 11.65 

OilSeareh 10.09 

Otter Expluratiuu. 10.19 

Pioneer L'iNicrete— 1134 

Heekrl+A LVJxrmti 1233 

H. C. Sleigh - tO.70 

timithkml Mining 10.20 

S:I5 

Walh.ii*. 1035 

Western Mining <50 cental 11.27 
Woolnoiths ! 11.63 


TOKYO % 


-0.01 


+0.M 


i-B-05 

+0.03 

-o!o i 
+0.03 
+0J1 
+0.04 
+0.08 

-Ml 

(+033 

1+0.04 

I+0.D8 

;+0i(U 

pOilK 

1-Mi 

I+0JJ3 

Volos 

Itiio'i 

[+0.05 

Vo!oi 

1+0.01 

+o.oa 


+0.02 

+0.(ffi 


PARIS 


May 12 

Price 

Fra. 


feme 44 

717 

-18 

A(riqlleO• I ckPt , le 

408.2 +0.2 

Air Linuid 

296 

-3 

Aqnilauie.^- 

429.6 

+ 1.0 

Hit’ 

480 

-12 

BqiiVKW*..— 

684 

+ 4 

. i.iorvbk.,... 

471 

-4 

Carrel ihi> 

1.592*1 

-21 

0.0. t 

348 

—2 

C.1.1 Akutel 

1,101 

—29 

CIm lieuteire 

308.1 

-6.1 

Club 

402 

-2 

Credit Cinn Fr Ve 

185.0*0 

-0.8 

Cininot ten re 

81.0+0.2 


819 

10 

Fr. 1 'cm ••le' 

125.2 

-1.8 

Gen. On -nlnn lair 

188.0 


lineial 

59.0 

-0.6 

JnutuM Ik +el 

117 

-1 

ljllarj^n 

1BO 

-a 

L'Oival 

720 

-15 

labtranil 

1.720 

-15 

Uuxai I'Jieinx.. 

950 

-50 

Michel m “H" 

1.414 

-11 

Mi+r Mi , nnn»v... 

470 

—4 

Minilmex 

154.0 —6.8 

toritea 

158.0 

-0.7 

Peelunei 

66.2+0.2 

Peri n»l- R ich rd .... 

263 

-6 

Pi'ilKiM-CitneU.. 

355 

-1 

Pnulaiii 

184.5 

-S3 


4J,. 1 0.6 

!U6i S.2 
6.6 
ijffi! 6.1 
2.7 

j 42 f 6.2 
40.5, 8.6 
75 1 4.7 
Sl£ 9 1 
; 58.2; 5.3 
12 , 3.9 
11.26; 2.8 
12 j 9.6 

[ 7"* . 0.9 


k).u 

- 0.02 

+0.01 


+ 0.02 


HMD 

'+ 0.01 

,-OJIl 


Mat 13 

•Price* j + ur 
Ten , — 

biv.lVM. 
% \ * 

\kjhi b'liw 

340 

— 1 

14 

2.1 


478 

—2 

12 

1.6 

'-0*111 

591 

-9 

25 

2.1 

L-liiiioa 

353 


2U 

2.3 


655 


18 

1.5 

Fuji Pivkn 

. 578 

+ 7 

15 

1.3 

Hitachi 

243 

+ 2 

12 

ZA 

dnoila Motor*..... 

678 


IB 

1.5 

douae Food... 

1,120 

_so 

35 

1.6 

C. Itoh 

225 

+ 3 

12 

2.7 

Ito-Vokndo— 

........ ..... 

671 

+ 1 

13 

1.0 

J.aJ. 

2.650 

+ 10 





1,110 


10 

4.5 


344 

—3 

18 

2.6 

Kubota 

278 

— 1 

15 

2.7 

Kyoto+teramle 

3,620 

-10 

35 

0.6 


745 


20 



27B 


10 


MJt«ublani Bein' 

136 

— 1 

12 

4.4 

Uit+ubnihl 

438 

+ 3 

13 

1.5 

Mlwul 4 Co. 

534 


14 

2.1 

AlittiUofchl 

351 

-a 

till 

1.8 

Nippon Denari 

1.420 

+20 

15 

0.6 

Vippinj tihlnpen— 

685 

+ 16 

12 

1.0 

tti+on Mntur. 

804 

-2 

16 

1.2 

Vxieer w 

1,860 


48 



250 


12 


aekl«jl Prefab.— . 

913 

+ 2 

30 

1.6 

-’■wy 

1.830 

+ 20 

40 

1.4 

lolelKi Marine^— 

239 

-l 

11 

2.3 

tekeda Chemical. 

361 

+ 1 

15 

2.1 






ieipn 

124 

+ 3 

10 

4.0 

I'oklo Marine. 

504 

-2 

11 

1.1 

luklt' Klttl Pow'i 

1.070 

+ 10 

8 

4.7 

tukyo tianvo. 

317 

+ 7 

12 

LB 

lokyotihi Ijonr* 

146 

+ 2 

10 

3.4 

ioniy 

147 


10 

3.4 

m-nra Motor- 

970 

1^6 

20 

1.2 


Radio Tet*hnh|ireu 

Ke> tonic 1 

Risen- Pouk/ue ...; 
tiu D.iImiii 
tikis KoMiguul ^..1 

ti.ier - ! 

Trim icaiuque. ... , 
Thumwin Uramli. 
Dahinr 


VIENNA 


437 '-5 
561 '.-5 
88 . 8 - 0.2 
144.8 -0.2 

1.6051 

274 [+1 
733 +3 

189.7 -2.8 


6.7; 9.7 

16J7[ 9.3 
12.88' 2.2 
J6.75.I 2.1 
39.9, 4.2 
32.S&I 2.3 
12.6] 2.7 
5 1 1.9 
19.9812.6 
7.5' 8.7 
?.B| 2.9 
15! 4.2 

al ! 6.2 

U7 1 4.8 
9 10.0 
14.bfi 10.0 
39 i.S 
2s.b 9.3 
25.S : 3.5 
15.15 S.O 


' 24 .B -0.8 • - 


May 12 


1'nee 

% 


+ »v 1 DU. IV hi. 


Creditanstalt j 342 I J 10 l 3.9 

tieleeta 589 +2 38 ! 8-1 

oeniperVV j 93 l— 3 I — — 

Steyr Daintier. ,.i 185 !-4 | 7* , 3.8 

Veit Magaesit . ...| 24 2 |-2 ' 14 i 5.8 

BRAZIL 


May 12 


"Price" '"+or(IHT. il'id. 
Crus ) — .Cm* I %, 


Aew.it* j 1.00 -0.02 i.K 112.0 

banco ,l.i Utiuil.. ! fl-22 '—0.07, ..IV i/.49 

Banrollau— J 1.20 ■ 1 .!» ' ».ii 

deigu Mini'iraOI'i 1.95 i-rO.Or..l<. !g.67 
Lojaj. \mi». Ul*..[ 3,11—0.01 .<r- h.da 

Pern.lau. PI* : 2.92 ; -u., 3 0.10 ,15.42 

Pirelli 1.74 , + 0.14 .J0V2O 

ti.ni * t nir UP....J 2.80 1 • J.iic jd.u7 

L ull. Ph'.- ! 8.02 2 l U.50 

Vale Riu Disw HP 1.51 —0.01' '.13 r.61 


VoL CriiSi'Di. Sharei. -cl.Gnt. 
Source: Rio de Janeiro SE 


Source N'ikko Securities. Tokyo 


SWITZERLAND 0 


Mav 12 


Aluminium. .... 

BBC* A* 

Cite Dei*' v< Fr. lOO[ 
Du. Part. Lort_ 

Do.liej; - 

Credit buiae..„„ 
BlecDowait ...... .. 

Fincber (Oeorye).l 


PriL-e 

fra. 


1.195*l| 

1.680 

1.260 

900 

632 

2,210 

1.630 

676 


+ ■«■ 


+ 40 
+ 60 
+ 80 
+ 50 
+ 16 
+ 30 
+ 10 
15 


ELotfman PtCerta-l 8a500|+ 1250 


Uiv.,yid. 

% I % 


Do- USmall) [8,078 


Inlartaad 11 ... 

Jdrooll fPr. 100) 


3,750 

1.470 *l| 


Nestle (Fr. 100l_.(3.430 


Do. Ree- 

OertfkonB.(FJE«j 

Pirelli SIP (F.lQQj 
tiaortuz iPr. 2301.. 
Do. torts Cent 


2.250 

2,260 

270 

3,800*1 

464*11 


+ B6O1 


6 

10 

22 

22 

22 

16 

10 

6 

650 

66 

20 

21 


+40 
+ lOOjaB&Jl 
+ 20 [nfi£>.7 


+46 

+4 


2.6 

2.9 

1.8 

2.4 

3.5 

3.6 
3.0 

5.7 
0.7 
0.6 
2.6 

1.4 

2.6 

3.8 
16.3 

5.5 

1.7 

2.8 


SebitnlterCtsFUK] 

285 

1+5 

12 

4.2 

tiu liter Cts tF.lUO 

380*)! + $5 

14 

3.8 

tinriaadr iFr. AW 

! 818*1+ 10 

10 

! 4.3 

Swim Unnh iF.IOi 

[■ 379*1 + 10 

10 

| 2.6 

Swi«s iHe. t\2&li) 

4,500 

+ 50 

40 

1 2.2 


2.990 W'+ 15 

90 

> 3.4 

liirurli Inn — 

10,7Gdd| + 12B 

44 

j2.1 

MILAN 


Pru-e 

t-or 

Dir. 

l’.i. 

May 12 

Lmr 


Lire 

♦ 

A.NlC 

98 

+3.2S 




434.7S 

+1G.7E 

— 

— 


1.946 

+ 9 

15C 

7.7 

Da Priv 

1.687 

+9 

160 

8.9 

Funrider 

77 

+ 1.75, 

— 

— 

Iteteameab— — - 

10.670 

-84 

200 

L9 

Ira Udder — — 

ISO 

+2.25 


— 

ll&Uotanca 

32. BBC 


i.sod 

3.7 

Moatcdlaon — . 

138 

+a 


— 

Olivetti Prir. 

930 

+ 50— 


— 

Pirelli A Co 

2.105 

+ 15 

130 

6.2 

PireUitipa....^...- 
tiniaViscora..— ... 

809.6 

+20.5 

J 


OSLO 


May 12 


Bergen Dank 

Wnrr*W«ard 

C red 1 thank..— ... 

Kcemw ( 

Kredltkaueen ......' 

Korak Bydrokr.kK'l 


Pfire | + ir j Div'.il'VL 
Kroner — 


93 •— 1 
64.0—2.6 
ioa.6 +0.5 
355*1-5 
106. 5) — 0.5 
191 i+1 


I 1 * I *** 

WreUrend i 96.251 + 3.76! 9 


9.7 
6.2 
9.2 

7.8 
10.4 
6.0 

i 9-4 


SPAIN ¥ 

May 12 

Attend ..... ..... 

Banco Bilbao 

Banco AtlanUco U.(HW» 

Banco Cemrai 

Banco Exterior ...—. 

Banco General 

Banco Granada H.OOO) 

Banco Rlsparra 

Banco Ini. Cat. il.OOUl 
B. lad. Medlicrraaeo — 

Banco Popular 

Banco Santander i23n> 
Banco Urtjuija ii.ooai 

Banco Vizcaya 

Banco Zarasozano ...... 

Bankunlon 

Banna Andaluda 

Babcock Wilcox 

CIC 

Dragatios 

inroobanlf 

E- L Araffonesa* _... 

EauenoU Zinc ....... 

Expl. Rio Tlnfo 

Fees* u.«Ni 

Fenosa (1.0MI 

Gal. PrecJodas 

Gnipo Vclatxtoex f«0> 

Hldrola 

Iberduero — 

Olarra 

Papeleraa Beumdas ... 

Petrohbcr 

Petroteos L 

Sarrlo Papal era 

Solace 

Soscflsa 

Telefonica 

Torras HosfencS 

Tnbacea 

U&ibn Elec. — 


Per cent. 
122 
323 
258 
370 
3» 

287 

UM 

238 

141 

209 

2S5 

ano 

276 

25fc 

325 

162 

221 

24 


- 2 
“ 4 
— a 


- 3 

- 6 


+ 2 
- 1 




285 
93 
60 
no 
102 S 
73J5 
7X35 
83 
165 

84.75 
82 

143 
70.5 
130 
201 
M 
48 
125 
90 

46 — 

125 +3 

86.75 +■ 0J5 


- 4 

- 825 

- 1.75 

- 3 

- J.71 

- 3 

- 7 

- 2-5 

- 4 

- 4 

- 1 

- 1 


New project by 
Kowloon Wharf 

By Anthony Rowley 

HONG KONG. May 11. 
THE HONG KONG am) Kuwlooa 
Wharf and God cnva Company, 
one of the biggest properly 
development groups here, is r o 
undertake a major project 
known as "Harbour Cily" m 
Tsirashatsui in Kowloon. 

The five-phase development, 
which will include d 500«room 
hotel, 239 residential apartments, 

400.000 sq ft of office space and 

300.000 sq ft of shopping space, 
is scheduled for completion in 
early igSQ. 

Architects are the HonfT Kon? 
firm of Eric Cumine Associate*. 
Projected cost of the development 
has not been disclosed. 


Ot/oraeaa price* exclude 5 premium. Belgian dtriUerals are after 
wftUioMlni: tax. 

un,W8 oibcrwlse saioti. V Ptas.3* aenonu unless orttenrise 
. d y. nom :. u . Klc6a ouisnoMi mated, ft Fft.308. deaum. uiiIuhs 
I fp/rJno AiS» ■“» oiherwuie stated, s Price at flmt> oi 
^ a alter DewlinE rtahte 

£ft3ri“»r jftsr.iiaa 

z.iffisss. 








Financial Times Monday May 15 '1978 


INSURANCE, PROPERTY 

BONDS 


33 


AUTHORISED UNIT TRUSTS 


Abbey I -tie Assurance* Co. Ud. 

j jSi raul'f 'huivlit an). KIM m * 

1 Vi'.my ... . 

' Kipilli A-i 

. rwn> F>i - ... 

1 lYPPi'rt*' *>•«• 

. s. i ii> Kjifi 

i ,n»irtiMr Fuml 

VM,«I1"" Fund 
I’cr* !Wi*l1y _ 

IYflv.Sr|pr':io . 

IVtu. Si-cunl;. . 

Ivor Manac*-.!.,,,, 

IVfls VinilU 
ftyi’l'. F.I M-r 4 

*MJ<i K.l Sit 4 

Wlmlv VJ Si-r 4 
n .-ni Kit >1— 4 
fUnn.1 Kit. Si-c 4 
ITi.'t-c u[ I)*, o 

Albany Life Assurance Co. Ltd. 

?!.« 'lit IlLTlinctnn Sl-W 1. 01-437.5982 

•KiIllilV hi \fc.. w 

IhM-d Im. Arc 

Oiifd Miinc i KiL Ai-.. 

•Inil Man Fd ,1 .m . 

#Pwr Fd Arc. 

pli- Ini- Arc 
Fqtlily IVn Kil \tc 

Kixitt I Pro Ac,- 

ti'id Man IVn Ace. 

. |n' I MnJ'pFrt.Ai r . . 

I Top FVn Ait . .. 

M pie Ini Pen Acr_ 

AMEV Ufa Assn ranee- Ltd.V 

Alou7lM-.Aim.iRd , nn^aic HWp«t.^inm 


»2 

187 


304 

32] 


286 7 

154 V 


iS* 1 , 8 

168 ^ 


183 

831 


1297 

1366 


120 5 



171.9 

181 1 


S54 

071 


1347 

. i4i e 


176 0 

185 3 


159.2 

267 b 


ust 



133 0 

1400 


3J.9 

357 


tiOS 

U6 7 


loas 

U46 


L a I lift! ion normally 


POrtf ° li<> “ fe l0& C *" * PI Visions Maoagcmeni Ud. 

SS 3 SCT“i* B,, {a rt T T- t *'***»' 

Portfolio Laptlal ... [4] 7 47.SJ i!;;. ) - ■™L" . I” 61 , ?»2| ... I _ 


Abbey I'nit Tst., Mgrs. Ud. fa) 

72-80. Gatehouse fid . Aylesbury 

AlibevL'apllo! 132.0 34, - 

Abhee Income . . 139 5 42 01-0. 

Alvtiei tnr.Trt. Fd-.[343 34 71*01 

Abbey Gen. Trt. W54 <6 7f +0 


(iartmorc Fund Managers V (angi Perpetual I'nit Trust Mag jnl.V iai 


„ r,r « May 3. .Next dealing June 

Greshmn Life Ass. Soc. Ltd. .. 

2 Frinre nf Wales hd. B'mouih. (OK 707655 I ' ew Zealand Ins. Go. (I'.fLI UtLV 

ll.Ui'arti Fund ...IS4 0 201 M -j- Maitland Huur-c 

tj.J.KguilTFund ..1103 5 10S.W ™„‘. — Kim Key Ini pi 

1 . L Gilt Fund (109 D 1M 71 Small Co'* Fd . 

vi.L inil. Fund . ...nib 5 122 w — Trrhnoloci- Fd 

1* Ppty. Fund H5 4 100.91 ..... — E«ra Inc. Fd .. . 

Gronih & Sec. Life Ass. Soe. Ltd.* vSESn.* ~ 

Wnr Rank Bray -on Thames. Berks. Tel »2M Hi* 1 F * 

Flex 1 blp Finance _ I n rtex 

Und bank Seen. . | 54.71 

Londbank Fcn Ate 11* 9 117 

t» * S >u per Fd . . | £7 B70 


Allied Havbro Group la) fg) 

Allied HamtTu Group iji ■£> 1-1 Ease* 

Balanced Foods 


^&L.5lanAiT.BC3A8RP. 

*011 4.03 1 1 'American Tnt._..|2!* 30 7 

5 S3 British Trt. 'Arc < 5#1 582 

*2 Commodity Share . 1535 145 C 

3BB (1 • Far East. Trust— 310 »3 

lliRb IncomeTsL... gj IS 1 

Income Fund 103 74 jj 

In*. Agencies . .... 1380 1458 

I nil. Exempt Fd .... Ml 93 7a 
u'lnlLTsLiActi— [3L5 338 


0 1 -283 3W 1 48 1 tart S« . I lenley ■ .n Thame* 


+0.41 

:S* 

TO.. 
-0J, 
— Olj 

*<lll, 


IbiQIJdRffi 

024 PpCtnakap.Vilh ,|38 7 41 J| . 1 )M 

2.80 Piccadilly (, n>t T. Mgrs. Ud.P onhi 
? *2 Wmtdc le llsi . 58a t ondon Wall fc. %l 1 


Ertra Income ... 
5£; Small «.o< Fd. ■ 
fjji Capital Fund. . .. 
t nt. Enu. & Asstu 


*08 
1 45 


Mi 


— '‘enPepocit Fd.-..!(958 


1324 

1J6 


1011 

106 4 


103 9 

108* 


100 7 

106 C 

+0,6 

1101 

115.4 

+ )r 

1020 

107* 

+0 7 

1028 

1082 

1959 

100 9| 



ITS,* 

1H5 

+12 

1363 

143 4 


1136 

119.5 


102.4 

107.7 


107 8 

113 1 


USB 

1671 


105 7 

2165 


1715 

' 100.4 


HflO 

134.6 

1136 


121 S 

1278 


183 2 

203 4 



Guardian Royal Btchaitw Min«ojrunii., J 

Rota! Exchange. El’3 . 01-3837107 pSpSWlld" .1 

Property Bunds -11744 1 BL 6 < ,\ — Ftxvd lm Ku»d 

Depart Fund 

Nor. UnlL Apr. J5.. 


Hambro Life Assurance Limi ted f 
7 Old Part Lane. London. W1 OI-40OOOS1 

Fixed Ini. Ih-p nwi m n 

fckjully 

Property. _.... 


Norwich Union lnsorance Group 

PO Ho* 4. Norwich NU1 3NG. 0603 22200 

1207.8 21871 *0A| - 

33W 353.9 *1J 

125.1 131.6 . 1 

14A2 1571 *051 — 

“V" : 


tilth &tor..... M3 

Elect. & Iitd Dec 331 

Allied C vital 712 

Kambro rVJTlil 1844 

Ham bra Acc Fd |U9-8 

lime Funds 

Rich Yield Fd. (684 

High Income 1*8.0 

A.H. E4. tuc pa % 

liUenatlMl Food* 

Interna Uonzl I2SJ 

Sees of America., gl 

Pacific Fund PSa 

SprctaUat Fuada 


«ol + n 3 IS Gibbs (Antony) Unit Tst, Mgs. Ltd. AecumlL-. nivt . 

*•■1 9-tI s -3* .h m rjjk r.-fiu -i-r ... TCehnolocr Fund . 


388 *04 
S 5 4 a - 0 J 
762 4-0 5 | 
1154 * 0 T, 
1282 -rOSt 


.-161 KV Manaacd . 

AMF1 MK-J -t 

iMFV Vofiifj- Fd 
.AMEV Equity FJ 
.iMKV Fti.-rf Ini . 
.»MKV Prup Fd 


AUKlTKcdTpon Fd [87 2 


'1328 

1001 

MX 

k 


Occracas 

Gill EdRCd _ .. .. 

Amencon Arc 

Pcn.F.l.Dcp Cap.. 
Pert P l.nep.Arc 
Pfcn.Pn>p.i.'Bp. . 


AMEV sled IVn K 
Flcaiplan . 




138. a 

1015 

1024 

1028 

1035 


Arrow Life Assurance 

HU. ribndgf Road. W.1S. 

>cl Mh Fd.rp. fnL . [805 85 2 

Acl Mk.Fd.ST l nl Nt. 0 1014 

Pen Med Ffl F*J . 11384 * 122.1 

Pen Mod Fd.— F 1 ..114 4 118 2 


Pen. Man. Cap.— 1 

Pnj. Mam Are 

Pen. Gilt Edg. Cap. 
~ P*n. Gilt Edg. Ace.. 

Pen BS Cap ... 

Pen. RE Arc. ..— _ 
Pen. DAF Cap 


Hearts of Oak Benefit Society 


1246 

1734 

i&£ 

— 

160R 

1683 


137.8 

UU 


1699 

8il 

1291 


1270 

1025 

1337 


1474 

1551 


2014 

212.0 


2508 

271.6 


2003 

230.9 


2565 

2711 


1204 

126.1 


126.1 

132.8 


1234 

129.6 


139.8 


.w..’ 

1DL2 

1 102.1 



Phoenix Assurance Co. Ltd. 

+R. Kins William Bt. ECtP-iHR 
bIMi.Vi*.. „ .mil . 137.01 


~ . Fh‘r. Ph. A«. 
_ Eb>. Ph Etj-E 


....''.| 1111 746 
t 1715 


7 sjI = 


5 00 ia;Afi. Income*. ,.[401 4JW 

42S laiAG.GrdwthtT... p82 41.M 

5JJ2 t»'A. li. Far East- -ffll 

4.43 Dealing *Tue*. 8 ) Wed. 

* GoveU (JohnJV 
2 fl J,j7 T 7 ' London Wall. ECi 

^ Hi Vfcl gSjt^KlfiwdSoJ 169 . . 

Nest dealing day May 10 

573*0.61 loo Grieveson Btanagemem Co. Ltd. 
sag ..—( 245 58CreahamSl.EC2P21>s. 

Barrington May 10 .01-7 
3451*0 24 ( n ■ Acctrni. DnIUl gfl .4 

80 0J+05 5 72 lAcenm. Lniiai — wo® 

S£2 tn jj S2 Endoov.Maya 1^2 

423+83 447 lAcnimUSt*)... — tt** 

2ZlS 3+LH 5« Grnebatr. May 13— 0.7 

_ + 1.41 lAmmu Ugitm 965 

Anderson Unit Trust Managers Ltd. USSJiIJ.pl 


[31 7 
!« 1 
[474 

R7 3 

Friioie Fund E8 0 

|B2 

1574 
S3 
125 5 


33 81 -031 
43 ^ . 1 
509 . . 
505 -C^ 
407 -0l[ 
446 
41 5C -0? 
272 -o: 
27.1 +0.7 


440 

398 

35» 

24B 

291 

324 

442 

110 

LBO 


J® American Fund— . 

030 Practical Invest. Co. Lid.V fyktet 

44. Bloomslairv Sq. Wi'l* 2R.A 01-623 ESSO 
PratricaiMaylO... Q 443 1553 )....] 415 

2195 | -i 4.15 


01-588 5ffl) Accum.UBC» 1207 0 

IS pr< 

i04 ^ 


141 g - ...j 206 Provincial Lite tnv. Co. Lld.V 


Smaller Co s Fd ... 34.1 
2nd Smlr. Fd. , 415 
Rerm-oiraits.... - Ml 
, MeLMin.AC-dty . 99 7 

«« ■lassfflfflagb 


Prop. Equity & life Ass. Co.P 

1 18 Frewford Street. Will 2AS. 01-4060837 

R Nils Prop. R»i . I 1788 

fSkoJi 711 


158 Fenehurcb St ECSlf 8AA 

AndeTaon kj T.. l*T T 


Blfihor+gkle. E.C2. OI-2476SO 

rruliTieUnih HI 1 86 9* -1 7) 318 

High Income { 1083 114.B4-04J 7.53 

218 8} 0, T^ Portfolio Mngrs. Ud.9 UtCbnci 

4 47 Holhorn Bars. BC 1 N SXll 0I-WS92Z! 

753 ITudemtai [125.5 1335n( -1 0] 454 

im Qoilter Management Co. Lid.V 

too The Stk. Exchanse. EC7N l HP ' OIOOOait; 

7 87 Quadrant Gen. Fd . .1104.7 U8 Did I 4 23 

Quad rani Income— [123 2 127 lj j 7 .91 

282 Reliance Unit Mgrs. Ltd.P 


ia2-6| .... 
2 09 S 


182 U 

75J| 


tLI 


513} 450 


Guardian Royal Ex. Unit M&rs. Ud. Reli 8 nceHn.TunbndgeWeai.Kt 080222 S 71 


‘loney Bd I 


148J 


Uk-WUKl 

H 5 


Royal Exchange- EC3P3DN. 


HI:d 


Ol 408 SOU OjmortuidlyFld.— 144 8 

Anabacber Unit Mgmt. Co. Ltd. t.o^ardhdtTu-Wa ozJl+gsi 454 + 

1 Noble St-EC 2 V 7 JA. 01 - 6238376 . Henderson Administration (a) (CJ ( g) Management lid 

I nr. Monthly Fund DA20 17201 I 858 Premier OTA^mln-SRarle.rfi Head, Hutton. C8 U1 »"“*«“ent Ltd. 

Brnrumod, Fwm tffT>-a7 238 

UJL Fuad* 


545 

522 

522 


01-5345544 

BMUe, - 

tsa +oJ{ 

1135 +85 
1032 
1882 
962 
488 
44.6 
1047 
1021 


' +2J 
I tO. 1I — 

Bare lays Life Assur. Co. Ltd. 

252 Romlerd Rd . E7 

ILarrU) bonds' 121.9 

Equity. . 113.4 

Cih tdeed 1048 

Property — 1024 

Managed 1IJ74 

Mono . 88.8 

Man- Pen* Arcum. . 95.1 

fit Initial 9SJ 

i kill Ed {Fen* Ace . 9JJ 
lx- Initial 917 

Mimei Pens .\cc._. n> 

Pa. Initial .. . [ 97.1 

'Current unli value May 15 . 

Beehive Life Assur. Co. lid.f 

71 . Lr-mbard ft.. EC 3 . OI-ffl 3 i 288 

Bit Hone May 2 | 128 15 | | — 

Canada Life Assurance Co. 

:a High S< . Potten Bar. Herts. PJBar 51122 

Eqtt Gth.Fd MayC I 583 1 1 _. 

HeUnt5ied.Apr.a_l 11*1 J | — ■ 

Cannon Assurance Ltd .9 

1. Clrmotc Wy, Wembley HASO.VB 01-802 8878 

Equity L’niu 104 . 4 * 

P roperty L-mts.. [985 

Equity bon<i'E*ec..[Ql_39 
prop Bond Exec... 03.10 


Property Fund .... 
.Property Fhnd i AL. 

Agncultural Fund . 

Apnc Fund i Ai 

Abbey Nat. Fond 

O1.7490J11 ?' C,H ° i< f 750a ° pISSSwJlKi^ 

. HeartsofOak 1343 38.4| . . [ — I m moment Fd.i.4> 

1 - Htn Samuel life Assur. Ud.W 3 Sl?MrA 7 - 

Ni-ATwr- AddlBComboBd..Cror. 01-6884355 Money Fund .. " 


- I^operty Growth Assur. Co. UtL» Arbutbnot Securities Ltd. (aMc) 

Z p“L^^..‘il rW ' d, ! 0 ' C ™i^ U ; 0»«0 MM 37 . Queen St London EC 4 S 1 BT 01-385381 


♦Propeny Unils ....[1510 
PropettrSorteaA _ 108.0 

Managed Vniu 1*3.9 

Managed Senes A . 9* 7 
Man aged Serlea C _ 94 8 
Money Units 1196 


1 S&U 
1055 . , 

1725 -01J 
10L4 -Ojl 
99.1 -0.J 

1535 
no 5 
1148 
100 
108 
100 
IOC 
100 
lool 

Imperial Life Ass. Co. of Canada 

Imperial House. Guildford. 


Money Series A 194.'* 

Filed JnL Ser. A — 929 
Pna. Managed Cap- 1385 
Pus- Managed Aec_ 145.5 
Pns. GJeed. Cap — 104.9 
Pna. GlewL Acc.*^ 1102 
Pens- Equity Cap - - 85 
Pens Equity ACc_^ 95 ■ 
PnaPxflnLCap .._ 95 

Pna FsdlnLAcc 95 

Pens. Prop. C*p . ._ 95 
Pen*. Prep. Acc 95 


Money FundiAi 

Actuarial Fund.. ._ 
Gih-edeedFuad. „ 
Gilt- Edged Fd, iAl_ 
♦Retire Annul hr... 

dimmed. Ann*t>' 

Prop. Growth Penal 
All wither Ac L taJ 
♦Alt We aiherCapT: 
Wnv. Fd. uis. . .... 
Pension Fd. Ul*._— 

Conr. Pens Fd 

.<fov. P»a. Can. Ct 

Man. Pena Fd 

Mon. Pens. Cap. CL 
Prop, pens Fd. . J 
Prop.PensCap.CtS 
Bdfg.soc. Pen n 



Extra Income Fd 

High Inc. Fund M0.7 

J ♦‘Acctim.CtuCsi. 548 
— i8i*fo Wdnel Uta.j 54J 
1 Preference Fund. . 25 4 

fAccum. Urnisl 37.7 

Capital Fund 183 

Commodity Fuad .. 55 Z 

■ Arewn. Unltal 79* 

ilOWWMawl.V.I. ... *84 

FlaAPropFd. 17.0 

Giants Fuad *60 

(Acc Din Uoiti) 462 

Growth Pond 53.4 

(Accum. Unlui— . 395 

Smaller Co's Fd 24 B 

i Eutero & UU. Fd. . 245 
I r«H Wdnri Ltsi_ |U 

ForeiKn Fd. 82.9 

, N. Amer. * lift. Fd. JO b 


113 2s* +021 1189 
445 + 0*1 - — 
593 *o 3 

57 jJ * 05 j 
27 4} 

40N 
19 tt 
58 Md 


21. « ^ 

42.3 Xo 3 
29 0 m 

15 

3353 + 0.91 


S g&Sfe-gl 

Sector Fnnds 
Financial 4c TTC — pS 7 

OU A. Nat. Res Ia.1 

ft 

c 


47 


POBOV41B.3B40. Kennedy S*.. Manchester 
061 236 8521 

91+0 31 1 35 Ridgefield lot UT.I95 0 1030] 

, 3^5 3 3 if Ridgefield lucerne. [96.0 103.3 

* "Oi] 655 Rothschild Asset Management tg) 

a 23 


242 

8 88 


58. 


277[ rOJ 


100 



175 9x4 +0« 
350.8? -03, 
— Q4l 

-l 3 

-15 

■*0 5 


2.84 
247 
658 
173 
171 
'4 17 


Australian.... _ 

North American — 992. 

ArCras. May J 2 119.4 

CabotAmwAm.Co. 


Growth Fd-^M^U .Jg 7 77.H+0.7J — 


Pen*. FU May 

Unit Linked Portfolio 

Managed Fund. — Ml 99.01 .} — 

Flxedlnt-Fd. fe.4 . 1D0 a +05} - 

Secure Cap Fd hss iooi| ._. 1 — 

Equity riwd_ — [93.4 100.71+05] — 

Irish life Assurance Co. Ltd. 


Soe. Cap. it-, 

^f 55 Provincial Life Assurance Co. Ltd. 
7BS| +0A[ — 222.Blshopagate.EC2. 01-3878533 

Prov. Managed Fd.plU 117 71 1 - 

Prmv Cash Fd Iu4.3 109M .. . _ 

Gill Fund 20 ®50 121.1] +D 5| — 


-o 
*0 
+0 

l+ 2 . 0 ( 0 . 

Hill Samuel Unit Tst. Mgrs.t tai 
Archway Unit Tst. Mgs. Ltd.? (aMc) *5 Beech St, EC2P2LX 
I 317. High Hoi born, WC1V7NL. 01«1 8233. ' 

Archway Fund (02 4 0771 -4 585 JfltSiirTrenr" - 

Price* at May 10 Next aob day Uv 3E .SeStoirS* T 

Barclays Unicorn Ltd. taXgJTtc) i b i TTOrt!^ 

Unicorn Ho. 252 Romford Rd. E7. 01-534 554* 


18 N.C ^igy Rea.TtfJll3.7 

_ „ N.CL Income Fuod7lX4t.0 157 4^ 

*” N.ClnU. Fd. i!nc.J9i2 971 
2-«» NC.loU.Fd. lAcc.fea ■ 97 l 1 . 

BBSs* +D7I 2J4 N-asmllrCoyaPdllKO 141B| 

J3 53 *03{ 162 Rothschild & Lowndes Mgmt. Ui 
79.01+05] 485 SL Swj thins Lane. Ldn„ EC4. 0 I-«j843S6 

-an ->Mi HewCt-Exampt- ..K112 0 119 0] . . . | 3T7 

~02( 5 ™ Fnc® on April I ■. Neat dealing May 13. 
Rowan Unit Trust MngL Ltd.Mia) 
City Gate H*e_ Finsbury Sq . Bl'2 01-606 1066 


Hal Bd Eser-l'nlt 12 97 

Deposit Bond 110.4 

Equity Aceunt .. _ . 175 
Property Areunt — £ 12.41 

Mngd. Accum. 1571 

UnuEquily 92.9 

2arl Property — 1032 

2nd Managed. 9*4 

2nd Deposit - 943 

2 nd Gill- 88.8 

2nd Eq. Pen>, Acc . 84 4 
iHlPrj-Pcns Arc 105.7 
2nd Mgd. Pen W Acc 93.2 
2nd UepPcnv'Acc. 97 4 
Sid Gilt Pens Act. 09 0 

L8KSI F. 575 

Lft ES.I.F.2 U&5 

Current value May II. 

Capital Life Assurance? 
Conlston House. Chapel .4sb WToo 

Key loved. Fd. [ 100.72 I ... 

Pacemakerlnv.Fd..| 10414 | .. 

Charterhouse Magna Gp.f 

IK Chequers Sq. tbtbndgo UB8 1NE 
- B7.4 


m 


13 721 
1188} 


1093 

102 .?, 

101 ? 

3 | 

103 .ll 

94.3 

40.3 
28-3 


0071 

-D 05 j 


A 


11. Finsbury Square. OC2. 
Blue Chin Mgy li_ _ 

■ManagodFuod.— — felH.9 

Prep Mod. May 2._.p758 

P»F Mod. Gib. [mi 

King ft Shaxson Ltd. 

52. Corn bill, BCE 



Prudential Pensions Limited^ 

HoJ born Bara, EC1N2NH. HI -485 0222 

6253 |4ulL Fd- Apr. 1B..IC23J0 24 

Fxd. Int Apr. IS. |£U.U If 

Prop. F. Apr. 10— .B2S.20 25. 


Unicom America—' 

Uo.Auat.Acc 

Po Auat toe 

DoCapiLaL. 

Do. Exempt TsL 

Do Extra Income _ 

Do. Financial 

Do. 500 

Do. General—. — 

Do. Growth Acc 

Do. In come Ho. 

■Do Prt.A-na.TM... 



148.7 

159 Onl 

*1.11 


391 


■oZM 

82 fin 

+12 

-its 

at 


72-2 

88.3 

+0.6 

270 

28 9n 

+0.2 

as 

565 

+0.3 

28.9 

32.0 

+0.2| 

at. E.Ci 

01-2* 

R82 

84 <H ... | 


America a May 1 1— 47 2 
SecurtUeaMay B .1440 
High Yield May 11. 92 
01 -tea 80 II lAccnm. Unlu>—. 757 
Merlin Uni to 74 b 


092 
395 
781 
721 
374 
3 76 


OFFSHORE AND 
OVERSEAS FUNDS 


Arbuthnot SccnritieS i<M.I Limited 
!■•! IV>. yW-St.’lleln r J« r*-. 1 . il5iH72IT7 

i.'np.TK .Jertcv. 11150 118 0d| 1 4 20 

\i*» i >1ealinc dale Slav 23 
KastAljul l- i -*1- 11120 1190] ... J 315 

Nrit »nb. .9t.iv 25. 

Australian Selection Fund XV 

Marfci-1 iipponum«ii~‘. o lnah Yount; & 

(■ulbwaitc. 1IT7. Ki-nt Si.. Sjdnry 

LSI] Share. . ,| iUSlfJ j-B [HI .. 


King & Shaxson Mgrs. 

1 1'hanngCni*). Sr linlirr Jertev,.fljM 
Valle* Iti-e. .■>! IViit P.irr i.rns].. ..iy»l- Zi _ J*3 


1 rnirniA'. Klrccl, IvuiU 
till! Fund i Jit-. 
toll Tnif.i • I n 
■ -tiihhd Luern 
Ini). G«»L Sm Til 
Kirs sinning . ill 38 
Firat (nil 1184 37 


... V 

r*.i , i , i N IS 9 2?*5 

>1|' 107 1 *0911 

wn—|f 9#8 96 ?| 


*j:i 

12 M 
17 00 
j 12 M 


184*1 
184 71 ] 


Rank of America International S.L 
35 Roalerjrd Royal. UitHibune >ir». 
Wldicreu Inrmne .Jll'Mllfi ILltl]- 0 22] $83 
i Vices at Mai II. Nc\l .*ub. day Mac IT. 

Bnk. of Ladn. & S. America Lid. 
■10-66. Quren V: cion a SI .Ft. 4. MI-KU2ni3 
Ait-xaoder Fund ....[Jl.S* 7* — ! .... | _ 

Net aiact value May 10, „ 

Basque Bruxelles Lambert 

2. Rue De Is Ri-genre It 1000 HrussrI* 

Rents Fund LK.-*- [1.835 1 8921 +2) 7 88 

Barclays Unicorn Int (C'h. Is.i Ltd. 
1. Charing Croat, St. Ilciier. dray uNM 73741 
■ n'cncu Income .- (*8.5 51 W -0 2[ 10 90 

I'nulollsrTrDM IV .01 K U«U . . 4 25' 

Ufllhond Tnuu [U‘*9I« Will .. ) iM 

Subject to lee and uilbholding lavr^i 

Barclays Unicorn Int. (1. 0. Maui Ltd. 

I Thomas 5t. Doug lac. I oM. 062*4856 


Kieinwori Reason Limited 
20. Kenchurrh SI.. fC3 
Eunnveai. Luv. F. 1 038 
iiurrnseylnc. . — 5SS *2 fl 
tm. Aceun. — _. . 71 Z 75 5 
Kit Far Kavt Fd . . SI *;lo 62 
Kttlntl Fund 51 si] 14 

KB Japan Fund SL -.30 tic 

h.a.L>.U*lh Fd. 51 "S3 1 Wo 
Si poet Bermuda. ... 5LS4C0 
-LnifonQS' DM' 17 45 13 40! 

'KB a.1 M la>no 


H Mt3 .9)00 
337 
4 M 
442 

1 32 

2 36 
0 W 
079 
147 
914 


-a iOi 


I aimm Aint. G>L. 

[<o Auk) Min 

Ito Grlr. Pacitir . . 

Id. inil. Incumr . 

Po. I of Man Tm ...|472 
K'.Maav Mutual.. |ZS 1 


S9 


52 
30 9 

27 D| 


178 

180 

8 40 
B 60 
150 


Ml r»"n; agecu only. 

Lloyds Bk. iC.U ITT Mgrs. 

pn bnvim.si ll+lirr. Jer*+i £i Y>4 TTot] 

LIoydsTM 152.6 55 3n* ..i lbs 

Nett ilf-at.TiK dale Sts' IL 

Lloyds International Mgnut. S.A. 

7 Rue du Rhone. Pi* F»i» ITP. 121 1 tl.-nna IX 
IJoVd'InLCr-iwlh jiFDSSl }»«HI . I iu 

LJovdt lot Income J.F33T 50 Kt X| . .. ) 4 20 

M ft G Group 

Throe Qua.. « T.*»cr Mil! Fr.’ail 9 By p;^CB *'><9 


Allanlir >D> -J . 
Auil E« M»-. in 
I laid F.\ May 10 
lalana .. 
i Accum Umiii 


t l .'7 65 28tj 

inSS >13 ) :: 

118 2 125 3"Jj * I Oi *3 49 

1672 1779) +! 5| *J49 


Rt shops gale Commodity Ser. Ltd. 

P <1. Bo* 42. Douglas |nM OK+23811 

ARBUC-Apr 3. „IMSa«6 MUJ . I _ 

■' X\R IIC* • mbv 2 . .(Cl 008 2.0681 - 

COI-".T—MiyS. |C2 3S7 2 478) . I 2.11 

< ■nginally issued si 'S10 ana - ■£ I 'XL 


Bridge Management Ltd. 

P.O. Buv 608. CiiiuI Cayman. Ca>man Is. 
Vfcirhi May 3 .. ../ 515542 I I - 


Samuel Montagu Ldn. Agts. 

1 14. Old Rr-uJ Si , K i'2 HI 5806*84 

Apollo Fd .Mai |fl .lsre3 75 52*91 .13 U 

J apfrsi Aart I 2® |tl!KlZ !t ' UliCI I 114 

ll 7 tirp.Mo» ;t -Ivsies ISffl 2 09 

II7Jcrs**v .[iaM S«f[-9M| 0 77 

117Jra\Us.\|-r 28 0185 12 571 — 


| P 5 I Act out. Uhi’li i |855 

455 Roval Tsl - Can. Fd. Mgrs. Ltd. 

Jtl M.Jennyn Street. S# 1. 01-63*8^52 

750 Capita] Fd 145 9 495} ] 375 

, , 5 09 Income Fd. _. .[10.9 74 81 I 753 

i b> High Yield Tst.. J29.9 3Z0| +0.2] 769 Prtcea at Apr 28. Next dealing May IS 

157 InteLV (8 Kg) Save ft Prosper Group 

01-247 7343 4. Great SL Helens. London EC3P SEP 

Intel. Inv. Fuad. — 189-2 86 0| ... | 650 68-73 Queen St. Edinburgh EH2 4NN 

BJ 5 Key Fund Managers Ltd. <ai(g) Deaitngs to oi- 55 i am or 031-228 tjt.i 
5'3 25 . Mtiksu EC 2 V 8 JE. ui- 6067070 . Save & Prosper Securities Ltd-V 


ms 


Bond Fd. Exempt ^ (18653 107.721 ] — 

Neat dealiae dale Mi ~ 


Reliance Mutual 

Tunbridge Wells, tent. 

01-8285433 ReLProp.Bds. 1 

Rothschild Asset Maaigemcut 


196.9 


0882 222TI 

I I - 


+0.71 

i'oji 


090328511 


Royal Insurance Group 

New Hall Place. LivetpooL 


ChnhJe EncrRy 
I'hrtbse Money .. (29.2 
Ombio- Managed CB 0 
Cbrrhsc Equity. . . 

M jem Bid Soc ... 
Uagtu Managed . 


»...a 

1498 


52181 


_ Jealiag dale May 17. 

Gon.5ee.Bd.. _ .[11958 12550} ] — 

l oi n g ham Life Assurance Co. Ltd. 

LanitbainRa.HoIinbroakDr.NW4. 01-3035211 

Longhorn 'A' Plan- [645 67.61 ; I — 

VProp. Bond 1148.9 148JI — 

Wisp 1SP1 Man Fd 1755 785—4 — . _ 

Legal ft General (Unit Assur.) Ltd. Atfri Shield Fd.._|l325 138.9} | - 

Ungswood Home. Klngawood. Tad worth. Save ft Prnanor r.m n rf 
Surrey KT208E1 1 . Borah Heath 33458 awe * Prosper broupp 

Cash Initial 1952 lfiffa +fl-l — 4, Cl5t Jtelen's, Lndn, EC3P 3 

Do.Aeetun.. 86.6 Mlfl ..... — ' " 

Equity initial us? I24ij +03 — 

DO. Accum 120.0 1264 +03 — 

Fixed Initial 1147 1208+03 — 

Dol Accum. 116.4 1225 +03 — 

InU. Initial 952 100J +dJ 

Do. Accum. 952 1002 +05 

Managed Initial 1158 1219 

Do ACCura. .... 117.6 1235 

Property Initial 87.4 1026 

Do. Accum. 889 1042 

Legal A General ft. nit TtuhnULId. 


Do. Recove+y 

Do. Trustee Pmul.- 1132 
Do. W'ldwide Trust 49.0 

BtatJnFdJnc W2 

DO. Accum. ... R5 


Baring Brothers ft Co. Ltd.y (aKxi 
I 88 . LeodenhulJ St, E.C 2 


Key Energy InFd.. 756 aeq+05 

Key Equity fc Gee.- 180 723 +0 7 

eKeyExempt Fd. 136 J iac.9 .. . 
Key Income Fund- 795 849 +0.7 

Key Fixed InLFd - 597 435 . 

K«y Small CO** Fd- [984 9*3+0 81 


350 Imernailoaal Fonda 

450 Capital. ..1343 

6 90 I.TOJU... ft* « 

823 Unit-. Growth ... . [45 7 

Increasing loesme Fond 
High-Yield.. {542 


+0.i 


535 


Prices at April 2 $. Xext aub. day May 31 
Do.Raoowcvy 4*14 gam *021 538 

1 § 3 :o 3 Kleluwort Besson Unit MauigeroT H igh income iw» 
6554 +0j| 535 20.FhnchurcbSL.ECA 01^ 523 6000 High Return 

KB.UntlPd lnc...»4.4 98E +3.r *“ " 

CK.B- UnltfdAc — 0*5.9 115.3 +4 
K-B. Fd.lm-.Tytx.— 1525 S7 J) .... 

c w 01-5882830 L ft C Unit Trugt Management Lid.* oanain r -*- . 

5t.5w4thmaLaiie.Ixmdon.EC4. 01 « 28 «k 5 fl( Stratton T*L 1168 -0 175i +22J 415 The Stock Ecbange. ECSN 1HP. P1588 2800 Europe | 82 J 

N.C. Prop. Mar. 31 ..SU3 12L64 J — I DO. Accum. J2B84 2173 +27| 425 LACloc-Fd. 1133.7 1379) I 1 04 Japan [93.9 

Next SubT Day June 30 ) Next snSTday April 38. ijSc InU A Gen F(l. (84 5 97 0( J 208 |H» 

Bishopsgale Progressive rni rmt Co.V Secs. Ud. flmci ijj 5 


58-H +03j 7.02 


-^.-..jtnrn [657 

4.97 Income— WJ.4 

*•*? UJL Fonda 
" UK Equity \fOS 




798 

839 


46.71+43} 5.01 


3.20 

117 

084 


:°i 

+07| 


Clly of H'estminstrr Assur. Co. Ltd. 

Riniyirad Hniw. 6 Whitehorse Road. 


I'rwdnn CKU2JA. 

Wear Prop Fund... |5?6 
Man+xru Fund 
Koturf} FUnd 
Fsroland Fund . . 
Mnro Fund 
f.il» Fund . 
iriAFunn 
Ivnv Mflgd Cap .. 
Pens-Mnsd At>- 
rent Money Cup 
Pens Mon.t Arr 


Exempt Cash loll. _ 955 

Do. Accum. 84.9 

Exempt Eqty. IniL- 112 5 

DA Accum. . 113.8 

Exempt Fixed tnlt. 106.1 
Do. Accum 107 2 


I^iuitv l ap ...}53 3 
s Equity Acc . [552 


B-r-g W 


.1796! 

+OJ[ 


01-0849064- Exempt Mngd. IniL 


Do Accum. 123 8 

Exempt Prop InJt. . 95.8 
Do. Accum. [86.8 


+0-5. 
^1 = 
+D.i| •— 


BaL Inv. Fd. .... 

Property Pd.- 0494 

GUI Fd. 1172 

Deposit Fdt 1224 

CompJVns PHt. 1987 

EquityPenj.Fd ut2_z 

Prop Pens. Fd.*—.... Z101 

COL Pena. Fd 912 

Depoa PensJ^d.t |#7 6 


1582 

123.4 
1284 
3192 

192.4 
2215 

96.0 
1025 
Priced on May II. 
tWeekly deaungs- 


SEP. 01-554 BBSS 
13251+0. 


a= 

li 



B'gaBePr. -^IxyO., . . 

! Act Uta. **Kay9 [220.1 

B'gatelnL May 3_ 07X7 

tAccnmj Majra, 0894 . 

Next sub, day 'May 16, +* 

Bridge Fund BfumgersVfaXc) 
' King William SUEC4R8AR 
American 4 GenJ. 4242 


1 Capital Inc-t 

Do. ACC .t 

Excraptt-. 

Interotl. Ioc.t 

Do. Aec.f _ 


§75 

036.0 

089 . 




661 Financial Secs 172.4 

4^ HlgbdOnimnm Fund* 

STt Select InternaL (250.6 

Soled Income p41 

Q “ Scotbhs Securities Lld .9 

iS+3 Scothrta ft82 421 

1573 Scotyield KlJ 55.: 

13 Scotsharea B7.2 6U 


+0 71 

+ 0 nJ 
+« 3 1 


2 * 57 ^ioij 


400 

729 


1125 


1009] 

1020 

1185 

m 

112 9 
1185 
119.1 
100.8 
102 0 


Schroder Life Groupf 

Enterpnae House. Portsmouth. 


Equity May 0...... .. — 

Equity 2 May 0. 
Equity 3 May R 
Fixed Ihl Nay 9 ..._ 
Fixed Int. 31 a> P 

InL ITT Max 9 

ft A S GiU May o 


50 

S6.ll -02; 

, sail -« 3 l 

Fund currently closed to new tnrCslmmL 
Pettcrm Unli» I 197.7 J ...J — 

City of Westminster Assur. Soc. Ltd. 

Telephone 01 -6W 8684 
Fire* l nils 
Property l nil* 

Commercial Union Group 

M Hr'on x I VnJorshaft. EC3. 


Legal ft General Prop. Fd. Mgrs. Ltd jtagd.Kix^&?B 
1 L Queen Yictona Sl_ BC4N 4TP 01-3480878 Managed Ma, #.„ - 

LftCPTO-Fd liar 2.11000 10L7[ | - 3 %?■ 

Next Mb. day June I D«SivMa>^ft 

Life Assur. C*. of Pennsylvania ‘ • Propen> m»-B. :.... h 524 
3 W 2 New Baud 5 L.W 170 RQ. OM 8 Q 8305 S’ff'x’SK.'' - PH 

LACOPUntta [U 00 1050} I - XSWil 

Lloyds Bk. Unit TsL Mngrs. Ltd. Mn.pj.Cp. May s_ jm o 

TL Lombard SL. EC3. 01-8231288 Mn. Pn. Acc. l»ay«. J2S35 

Esempt — I * 1 MU|._..-| 818 ScotUah Widows' Group 


2150 

1174 

1344 

144.4 

134.0 

1411 

®3 

m 

§ 0 S 


2148 


1226 4 

123.5 

141.6 
1519 
14L0 
164.1 
125. b 
1362 

MB 

285 

2 SK 


m 


0705277331 


8 Baw ’Materials — Q 8 6 42 . 0 ) +L «1 

FAccum. Unit *) — <3 4 47.2 +L 6 I 

•Growth Fund S62 61.1 

lAccum. UnfUt — 02 445 

ttCilt and WarrnnL 37.4 404 

tAmerican Fd- . ... 14.7 26.3 +CAl 

5 Accum Unluj 25.7 27 J +o 2 

—High Yield 475 515 

01-6284051 “fAccum. Units) _ 155 ‘ 723 

1 « De * L * MoB - " Tb “- rtWwL rihnr*. “Fit 
6*8 Legal ft General Tyndall Fxradtf sentaclYid.- _ 

337 18 . CanyngeRoad, BrlstoL 027332241 Price* at May 10 . Next Bub. diVUli 24 . 

(AocwnLUnltn.riZ ^.2 76 .S + 3 ^ 5.8 Schlesiiig er Trust Mngrs. Ltd. (a)tz) 

371 Next sub. day May 14 ilncorporating Trident Tnisu> 

Dealing -Tucs. fnmra. Price* May Leonine Administration Ltd. 140 . South Street. Dorking. iTO 06 >aikMi 

° n0JU - S.DabeSC.ZxwdonWlM&IP. 01 - 4885 BB 1 Am! 

Britannia Trust ManagementfaKg) lgSgsr“zJj ’ ^ 


SC 0 LEx-G*hH ._^5 


+05 

♦5.41 

♦oil 4.57 

246 7d I 1 95 

167 « .. . | 7.71 


3 UM._ DM Buiidi«p. I aM & w^ Lloyd. Bk. Unit Trt. Mngra! Ltd* t» 


London ECSM SQL 

. Asaehi — J70J 

Capital AcC —_ 313 

1 Comm fc I nd S 3 

Commodity 75 6 

I Domestic 71 ft 

Exempt 1034 

Extra Income 385 

Far East 19.4 

Financial Secs 63 J 

Gold a General. — 05 

Growth 789 

Inc. A Growth 743 

Inri Growth — 59.4 

ImeaLltLShares.- 44.9 

Silneralt.. K 3 


Vat At) 4c l‘t May 12} 
Im Annuity rts .. ) 


5412 

1786 


{+014} _ 


1^1 

Coufrdrratiou Lift* Insurance Co. 

SUTiancert LanC.WiTU iHE. 01 2420282 


Lloyds life Assurance 

20. Clifton SL, EC2A 4MX 

BlLGtb.Maf 8L 1 329245 

Opt£ Prop. May I J..RZ3 1 129 

Opi3E<rty.M»ll..U267 133, 
01-2837500 CipLI^TKaflT (152.7 160 


*3.8 :d- 


WaL High Tin*—. 781 

Newlaaue 351 

North American— 29 5 

FO Bos 802. Edinburgh EH18 5BU. 031-8998000 1 S^tySharoa Z 12 5* 


In vJ9t Series 1 — _{: 


II J - +- Iltr. Ply. Series 2.^ W0 

HJIj — Inv.ChrtApr. 2 a_.p 71 

mi — EX-ULTr. Slay 3 034.2 

}60 J — MEd.Pes.May 3 — ^93 

U7 4 — — Solar life Assnrui 


— Shield. 


Statu* Change C9 6 
I Unlv Energy. 


tabo 


765} +03] 
55J +03 

59.4 +0.4 
H3s +05 
40.« +02 

USJa +12 

42.4 +02 

205 

70 -£ +03 
88.1 +89 
85.9 +0.7 

78.7c +0.6 
635 b +05 
483 +05 
34.7a +U 
B*.o3 +0.9 
37.7 +03 
3U +0.* 
515.7 +45 

135 

49* +03 
3X9 +02 
* 3 Si) +0.4] 


321 Registrar’ll Dept. Goring-by-Sea. Inc. J0% Wdrwl 

456 Worthing. West Bumex. 01-60 1 28B Imnl. Growth .. 

4.44 Firat (Bafocdj 150.4 54 LM +0 2 } 434 Inv.TM.UniL. 

536 Do. i Accum.) 65.4 7 « 5 | 

4.59 Second (Cap. i HIS 

754 Do. fAccum. l Ml 

932 Third (Income L — [825 


+05 

3s+o| 

m *s +*3 

12 LS + 0 . 9 ) 


394 
1303 
M77 

C5.0 

434 Market Leaden — CT.4 

18 HMwjfe 

fcg jBBSB!Er.fe 

7.74 ILIL Grtb- Accum [212 
7.74 U.K.Grth.Di«L_ (l87 




271m 
27S 
30 Ta 
42.3 
32 91 
5L3) 
26.91 
3L4j 
29M 
25 3 
26.8) 




+ 02 ] 

+ 0 J 

+ 04 


L49 

176 

8.42 

4.19 

9(5 

9.47 

9.47 

274 

454 

4.41 

iTm 

2.40 

248 

5.94 

-5.94 


3.47 Do. (Accum. > (U25 12L0j +0.9| All fecial Si L To — .gb.l 2airi+01^ 

*fi Fourth rExInc ,.p3 Ml +0.« 7.74 UlL Crib- Accum pi? 22M -+0.i| 

ia Da-tA mm u— +-J645 . TLM+qjq " 

2 'n Lloyd’s Life Unit Tst. Magns. Ltd. J. Henry Schroder Wagg ft Co. Ltd-f 

J2 7x «- G * tebou »vRiL Ajrleabttry. 029850*1 120, Ch natal de.E.C2- 01-2403434 

3 65 Equity Accum. [1515 19»5| I 3.91 Capital ifofi rioOJ M.7M I 20 

836 W ft G Group* (yXOM 

4.90 Three Quays. Tower HUL EC3B BBQ 0108 450 lAccum. Units' £69.9 

See also Stuck Exchange Dealings. General May 10. — ‘ 

— 53.1] +0^ 152 Wrcmn.Unltsi-..Jl00« 

54 ij *9-3 lib 


GPU. Bos .-«0. Hone Ximn 
Nippon Fd. Ma) 10.il a 73 16 4^ 

RaAeek Split 

Britannia TsL MugmL iCil Ltd. 

30 Bath St . Si. H el 1 rr. Jersey. U5M 73114 

Growth Invest ..I32S 3491+0 61 *00 

luutLFd.- ... ..74 0 sool+iB IN 

JmcrEanoTfL. 1389 15o3+0 3 25 

l.'aiiti. Dir TTX . [sl'SS 05 532 +0 0* — 

lnivsl.STvt.Slf: |E216 227} +0 1 LOO 

Value May 12 Nett dcalinc May 15. 

Bulterfield Management Co. Ltd. 

P.O Bor 105. Hamilton, Bermuda 

Birare-.sEqu.ty 233 2 55] . I 174 

Buuresa Int-nme |2 0J 194} I 7 38 

Price* at May A Next .sub. da> June 12, 

Capital Internationa] 5 .A. 

37 rue Noue- Dame. Luxembourg. 

Capital lat Fund... | SUS14 87 I | — 

Charterhouse Japhet 

1. Palemoster Row. EC 4. 

Adi rope 

Adi verba 

Foe dak 

Foodia... . 

Emperor Fund KL720 

Hlapano - 

Clive luvestrarnts (Jerse>) Ltd. 

PO Box 320. Si Helier. Jerarv 
CllvoGilt Fd tCH MBS 9, 

Clirc Gill Fd-'Jny.i (983 9.86} .. ...| UN 


Murray. Johnstone tlnv. Adviser) 

Jfl 3 , Hope Si _ Gla«cow. CL ill 1 •“ ; f d 

, -HnpeSt Fd I SCSttbl I [ — 

I 0.76 *Mi*nu> Fkind. } SI ‘SIC 65. } — 

*N.\V April Ji. 


Apnl 

Neglt S.A. 

IPa Boulcord Rota’. I^ncmb+urg 
NAV May 3 1 SCS10J8 | | — 

Negit Ltd. 

bank of Bermuda Hlrf.;* . Hninllinn, B-mHa, 
NWApnlSB . U*83 - — 

phoenix international 

PO Bot 77. M Is-lrr IVn. Guvnvwx-. 

Inter Dot; j r Fund (2 30 2 48] .J — 

Property Growth Overseas Ud. 

28 Irish Toun. til brail ur 
1* S Dollar Fund. .1 51 -85 B9 

Sieriins Fund .. . | LLK05 


• i.ir -1 ni.Mi 

1-351 - 


Rirhnaond Life Ass. Ltd. 

U I 2483890 ^ Athol St rrer Douslav lijti 



•xlTheSilvi-rTniw 
Richmond Bond 07. 
Do Platinum Hd . 

Do. Mil Bd 

Do. Era. 07 K Bd .. 


1104 2 
1HJ b 
116? 
1019 
164 8 


0424 121014 
10 S 8 ) -0 bl - 
191 1 19 78 

122+ +76 - 
1072 

*173 51-04 1143 


Rothschild Asset Management (C.i.l 

P.(>.Bot SB. St. Julian* i-l uuorn< ev. 0481 2RI3 1 


Corn bill Ins. (Gaernseyl LltL 

PO Bov 157 St Pvlrr Pori. Guernsrr 
JutrJ. Man. Fd. J 167.5 182 . 5 ] [ 

Delta Group 

P O Box 3012 Naxaau, Bahama*. 

Drltainv May 2 }S 1 66 1 74 } | 

Deutscher Investment-Tnist 
Postfacb 2885 Biebergascr 6 -JO 0000 Frankfurt. 

Cencentn _|WOI 7 » W 8 M- 010 ] — 

InL Beutenfoiuis 71 M|+ 010 | — 

Dreyfus Intercontinental luv. Fd- 

FO. Box X 3712 . Naicau. Bahamas. 

NAV May 11 .. . _.| 5 VS»* l*H) | _ 

Exnson ft Dudley Tst.MgLJrsv.Ltd. 

PO Bo« 73 . Si. Holier. Jersey. 053420591 

EDICT. (114 0 1331 . .. | - 

F. ft C. Mgmt. Ltd. Inv. Advisers 
1-2 Lou rence Pou ntney Hill. EC 4 R OBA. 

02*823 4880 

CenL Fd. May 3 | SUS 5 I 5 | | — 

Fidelity Mgmt. ft Res. (Bda.) Ltd. 

P.O Box 670 . Hamilton. Bermuda. 

Fidelity Am A tr . SLS 24 35 
Fidelity Int. Fund . I SUS 20 .61 
Fidelity Pnc Fd . I SVS 44 22 
Fidebty Wrld Fd ...| JUS 13 74 


053137381. O.C.Fq Kr Apr 2H 
11 N O.L" inc.Fd. May 1 
O.C Inil Fd *,. 
n.C SmCoFdAprtS 
Of. CommodlD*- ■ 
O C- Dir Com.liy 1 


151 1 
150 8 
'S124 

134 8 142 Bj 

131 4 140 01+5 7 

525-38 27 DO at 


5411 . 

160 +1 i ... 

,L? 2 i • 


3 01 
7 X 
1 M 
354 
461' 


Price i<n May 12 hc.i itcalmii Mai 21. 

■t Price on M*r 8. Nett dealins May 22. 

Royal Trust (Cl) Fd. Mgt. Ltd. 

PO Box IN Royal Tit Hw .Ji-rv"'. OKU 27-H1 
. RTIlltTKd.. .(US806 84*:. I 3M 

RT.intT iJxy. Fd j 88 «| I 1^ 

i at Apnl 14. Next d+allnc .May 15. 


Pncn . 

Save ft Prosper International 

Dealing m: 

37 Broad St.. St Heller. Jeney 
l -S- Dollardeunml aaied Fund* 


DlrFxdInl-Ma.no »53 

lnirraat.Gr. a ; K61 

0739 


Far Eastern *T . 

North American*} .{1 49 

Sepro* ■*_._. . |n.T 


1161163 


10.101 
7 17] 
40 «) 
3 89j 


0534-20501 
691 




IBS 

439 
2.78 

440 

55 


American. 


SB 


OpL5taan- May 11-045 0 

OpcsDep* Mfo VV-WV 9 ui* - \ - Solar Life Assurance Unrited 
London Indemnity ft GnI. Ins. Co. Ltd. KF 12 ei* place London E.CJN 0 TT. 01242290 s 


lAM.TheForbary. Reading 58351 1 


Kquil> Fund 
VM+no El'll Fund . 
FL-ea.-iii.il Pen Fli 
ywtx ivr. Fund 
Ricd In! Pen. Fd 
Manugtil l*i-n Fd 
™otrt« lVti im 
OP n-tch-d in pnl 


Sf§i mI9 

70J 2134 73 ^ 
188 5 
1787 
1308 
357 4 


Solar Managed S . 0771 
Solar Property S ... US-2 

Solar Equity 5. 1419 

Solar Fxd. InLS. .. 1145 

The London ft Manchester Ass. Gp* fS"S 3 h s S .r ; 'i:_': J »7 


Monc^MannKer..— 132 6 


, MlbllL . 
Fixed Interest. 


35 II + 0.4| - 

- 


ConihHI Insurance Co. Ltd. 

X.<'«mhll1. E r;« 01-6285410 

'’■ap.fch.Apr. 

J'kpK 


The Leal. Folkealone. Kent 
Can. Growth Fund . 

OExempi Flex-Fd. 

0 Exempt Prop. Fd. 

JExpi. inr Tat. Fd. 

Flexible Fund.. .. 

Im Truxf Fund..... 

Properly Fund 

M & G Group? 

Three Qiupa. Towor Hill ECSB 8BQ 01-826 4588 


000357333 Solar Managed P_ 


>. fcb. Apr. IS .1114 5 _ |.-1- 

Snei Apr. 15 .. [47 0 — J .—-I — 

Bmlih Fd Apr D'.|l615 170j| | — 

Credit ft Commerce Insurance 
IS* Refr+il .<1 .London WTR5FE 01-6387061 
VgL'Unrd Fd |122.0 1320) . | — 

Crown Life Assurance Co. Ltd.V 

Ufc Hm- . Woking, Cl'S! I XW 04882 5033 Cllt Biwl*“ U£5J 


2186 

+1 

1300 

+0.4 

08-0 

*03 

1874 

+1.3 

110 1 

+0 6 

132 7 . 

+ 1 3 

H.9 

+0J 


Solar Property P._. I1IU 

Solar Equity p. 1415 

Solar Fxd.lntP U47 

Solar Cart P 885 

Solar Inti. P — 99 7 


h 26 B 


133.1 +0.B| 
n*l ... 

170.5 *0.4 

1206 +5j 
185 4 . ... 
1059 +L0 

133.5 +0 26 

115.4 

1783 +L0 
1203 +0-2 

105.7 

105-9} +1.0 


The British Life Office Ltd .9 fa) 

Balance Hae-Tunbridge Wella. KL0BB2 23271 

BL British Life M9J 527a* +03} 550 

BL Balanced-. [03 4B3q .. ,7J 551 

BL Dividend-, . — [42.1 450^ — .| 9 64 

•Price* May 10. Nest dealing Slay J7. 


— I Brown Shipley & Co. Ltd .9 


( Accum- Uurtsi- 

Aaatrakasum 1 

lAccum Utulsl Wi 

Commodity [72*4 

lAccum. L'niui. _ — [78 0 
Compound Growth 0033 
Coorersioti Growth|54.7 

Com-eraion Inc. KL3 

Diride nd — |U8 2 

(Accum- L'nitsi B28J 

European... [473 

lAccum. Ifoitsi [47.9 

Extra Yield— *35 

lAccum L'niui IU15 


5.98 


a«f 'd Fund Vf 
Slang'd FtL Inrm. 

Mxnr'd Fd Inn ... 

EqoJi.i-Fd. A.-c , 

JquttaFd Inrm. 

Equiiv yd inn . 

Ptvpeni l-'rt \tr 

prix-nyh'd Inrm.. 

1 fi»t+-ny Fd lint 
Im T«i Kit V 1 
Inv. T-i Fd Inrm 
l*» Tu Fd tr.ii 
Fixed tul Fd Arc 
i'xa Ini Fit Incm 
lulnr l M Alt 
E lerl FJ Incm 
MontwFil tic 
Miaii-j Fd Invm 
’•ui Fit Inrm 
llwti Brt Ini A' 

Crusader Insurance Co. Ltd. 

tinculu Hiiiim* Tiiwrrl'I .Et3 01-8388031 

'•■h Prep Mm 3. [49 4 763ul -I — 

Eagle Star InsurfMidlaud Ass. 

1 hitr rtiim+dlr SI . K' 3. 0I-M8I212 

Lucli- MiO 1 nit*. 1519 53 1| +0J3 SIS 

Equity ft Ijw Life Ass. Soc. Lt d.9 

Smeribain Hik>i Wycombe 04 W 33377 


(99.1 

UMJ 

+0.7 

993 

10*3 

+0.7 

839 

104 1 

+0.7 

850 

1D0.0 


9S.0 

1000 


"SO 

100 0 


959 

uao 


95.0 

1000 


950 

ICO 0 


950 

100 0 


950 

1000 


950 

100 0 


944 

88 3i 

+0 2 

944 

983 

+0.2 

950 

100 9 


950 

1000 


953 

1003 

+0.1 

853 

100 3 

+01 

891 

104 3 

+0." 

1503 

— 



Pars. Pcnnmi*^ 2234 

Con v. Deposit* 1172 

Equity Bond" 1533 

Raml^-7P«1'« — „ 155 3 
Family 81-88" 177 8 


IntenialnL Bond**. 862 
J6annSfdBd**+.._^ 132.5 

PrepertyBd** 154 7 

Ex. Vlfldd Fd. Bd.*.. B0 
RMorory Fft.Bd*^ 

American Fd. Bd.-. 52i 

Japan Fd- Bd ". 51.4 


123-2! 

J 40 S 


110.41 

103-fl 

13921 

1626 ) 

«1 

54 


+5.9] - 




San Alliance Fund MnngmL Ltd. 

Son Alliance Houxc. Horsham. 0*0384141 

= 

San Alliance linked life Ins. Ltd. 

Sun Alliaace House. Horaham 0403 64111 

Equity Fund - — — 

FlxedlniernatFtl .» 

Property Food 

International F«L_ 

Deposit Fund— 


Mngrs: Founder* Cl. 1331 

BS Unit* May 6 @06 

Do. fAec.1 MayB.w W52 
Ocroolc Traau taj fg 

Financial |3*.l 

General 

Growth Accum. M5 4 

Growth Income — 136 1 
High Income — Q9 1 

Index. 

Ovarac 

Performance 1 

Rocorory — l 

Xxmpc. April 10 — I 


W=d 

36.a+02j 
196 a .. . 

481 +0* 
383d +0J 
JL 6 +0 2 
2L3 +0.1 
27.0 +0-2 
280 +0J 
60.9a +0.4 
23 G +OA 
6 SJtc ...... 


01-0008530 Far Eastern .. 



ja§ 

Managed Fund (106.1 1127} +0 jJ — 

Sun Life of Cuutdt fUJU Ltd. 


52J +0 
77 J +13 
K3J +14 
1109 +0.8 
6U +0.4 
653 +0 9 
1244 +15 
2152 +3.C 
58.4 +02 
51.0 +02 
869 +0.7 
1168 +09 
533 +05 
564 +0-5 
64 J +03 
777 +0.4 
1861 +26 
2793 +3.4 
1064 +67 

*» Japinfocoine TTIT [wi 156 Bn +13 

956 tAccum. V nllsi 1473 1575 +1.2 

Magnum 197.9 21U +25 

(Accum- Units 1 M6S 2443 +3.1, 

Midland. 162 8 173.4c +0i 

lAccum. t'nitxi 2695 287.1 +L2 

Hecui-OT 77 3 823 +0.9 

lAccum. Unttsi..— 71.1 833 +0 9 

- ... . . _ - Second Gen — 1473 31LS +15 

Canada Life Unit Tst. ktagra. Ltd.y (Accum. Unitai — i».a znj|+ ?J 


458 

488 

358 

4*2 

438 


50.0 

lAccum. Units ■ 1548 
Find of J nv T*ts_- [403 
Areum-Ltulxi — ..[723 

General 1683 

Accum. L'nitsi^..— R573 

High Income [10U 

CAceum-Unilai -11656 


350 

40 

647 

IS 

4.80 


IM 

758 

758 


[ 24 High SL, Potter* Bar. Herts. P BarSllg j fcgS f SSST. K|g 

Can-GanOtaL Q81 40.11+a-' 

Do Gen. Accum. — [443 46U +0, 

Dome. Dial. — {381 35Brf+0 

Do. Ine. Accum- |445 44 9) +0. 


125.41 


243 

192J 


6 68 

2/9.1 


668 

»*J 


146 

UMJ 


3«t 

3L8a 


232 

JbJ 


Ifi 

16ft* 


422 

24J.5 


371 

1082 

-a7 

504 


Specialised Fund* 
Trustee 


[1445 


lAccum. L'nltx'. 678 3 


859 


S.6 4. Cockapnr SL, SW1Y SBH 

Merchant Investors Assurance Maple tj Mangd - 1 l»9 

01-0880171 jtkple u. Bqly. ___] 1273 

15L4 +0.11 

1576 -0 U 

561 +Dil 

1655 +1 : 

1803 -0.7 

iro.s - 0 . 

1279 +0. 

1365 +0 

1543 +07 

135 3 *0._ 

104.1 +35 

1062 +23 


_ Prices on *May 10 "May II ***May 16 


_ 125. High Street, Croydon. 

_ Property. _ ' 

F*iopcn> ppns. 

- 3 £w ,-r 

_ Money Market - — 

— Money Mkt. Pens. .. 

Ifoposit 

Deposit Pen* 

Managed 


Managed Wm 

I ML Equity 

InU. Managed. 

NEL Pensions Ltd. 

Mihoo Court. Dorldog. Surrey. 

Nelex Eq. Cap (7? A 

Nc-ic* Eq Accum. ®4f 


01-9305400 


PeraaL Pn.Fd 1985 

Target Life Assurance Co. Ltd. 

Target Hooae, Caleb on »e Rd_ Aylesbury. I 
Bncka. Aylesbury iC286t SMI | 

Man- Fund Inc [1809 104.M 

Mxn. Fund Act 1156 12251 

Prop. F4 Inc. 104.2 1125^ 

Prop. Fd. Ace. 134.0 

Prop F6Inv..__ 107.0 

Fixed InL Fit Inc. 188.9 


Chari bond Mcy0... 

Capel (James) MngL Lid.V gS* ~ 

] 00 Old Broad SLEC2N IRQ 01-5888010 Proa En.May8 [1319 13624] 

Capital. 00.4 

Income - _ [75.6 




1792 liTi 


Prices os May X Next dealing May 17. 

I Carliol Unit Fd. Mgrs. Ltd.V lailc) 


Us} - j ^ MgnuXJfe Management Ltd. 


2jj5 tAceumVtdui 

7 PC *Pen*CharFdAn25p63 9 
3.99 Sj^pec£*. May lT (06 2 

3.88 "ErrOTery May ]2._|lIJ.6 _ 

339 ‘for tax exempt fund* only 

^ Scottish Equitable Fnd. Mgrs. Lid.V 

7.81 aSSt Andrew* Sq .Edinburch 031-55801111 
751 Income Units . [483 527 oi ,.| 5 10 

2-87 Accum Units . . [564 60 M . | 530 

2.97 Deal'ng <J6»’ Wednesday 

■27 Sebag Unit Tst. Managers Lid.V (ai 
POBoxStl.Bcldbiy Hse.E.l'4 OI-StfiNU 
Sebag Capital Fd.. [331 34il +-0 6j 3 87 
Sebag Income Fd. . (30 1 51 a +oi| 823 

Security Selection Ltd. 

fj* 15- IB. Lincoln's Inn Fields. WCT. 01-8RI 8836-9 

I5S Unrl 001*191 Acc —123-8 258] .J 3 78 

LJ2 Umrl GthTjt Inc — (268 22 31 . .. { 370 

Stewart Unit Tst. Managers Ltd. Ia> 

3 82 -45. Charlotte Sq .Edinburgh- 031-2283271 
£■*2 fStewart American Puail 

5-2 Standard Units _... 168 2 48 51 \ L43 

•SJ.AwmUiuB M.9 15% 

Withdrawal Units ..(5L2 54.8) 

5ja -Stewart British Capital Fund 

423 Standard 0321 M2 A) 642 

a 23 Accum. Units 051-3 1634} J 

Dealins 7FrL *Wed. 

635 Son Alliance Fund Mngt. Ltd. 

Sun Alliance Hae.. Horsham 0*038*14! 

777 E\p.Eq Tat Vlny 10. £20*7 215# I 440 

777 VrfteFamllyFd [855 1813+06) 347 

5.72 Target TsL Mngrs. Ltd-V «*Hg) 

31. Greaham St.. Ed Dealings- O206SM1 


::e 3 “ 


3.42 


Vquiti Fit 
ltn[M-'!+» K«l 
1'ixnt lr.ti+i- 4 F . 
*■'■1 I h ih.-i: I- il 
B led V. I 


| 1 M 0 







Nelex Money Cap- 468 
Nelex Mon. Acc. 441 
Nelex Gib Inc Acc.. 874 
Nelex Gib Inc Cap- 87.9 
NelMxd.Fd.Cap... 177 
NelMxd.Fd. Acc.. .[87.9 .... 

Next Sub- Day May 2s 
Fur New Coart Prope r t y aee eader 
UlnrtlH A met Managrawat 




Deo. Ftf.Aer.IOc_ 862 
Rtf Flu Ac. Pen. _ 73.3 
sail Rel 0anCapJ*en_. M5 
HoCPlanMaiAcc... 1261 

— Pel PlsniUn-Gap.-. 11*4 

— Gift PM. Am. 328.7 

— Gilt Pen-Cap. 1232 


110 9 
1017 
».l 
643 
1354 
22SJ 
1349 
1302 


SL George's Way. Steeenage, 0*3858101 Target Commodity. 131-6 

Growth fnttt. i51 J 542) ... I 3.75 T^Trt 

„ Mayflower Management Co. Ltd. tuwEuu'is' see 

Mil bun Bouse, NmromUMpo^tytie 211® la/iaGroahamSu EC2V 7AU. 01 AOS ages 6P0 Acc — 2771 

Carliol — 1664 668s( ) 6.48 Income May JD (1052 1102) I 820 Target Gfit Ftind .... 1150 

General May 10^7 |483 72.9} 5.19 Target Growth J264 


Do. Accum Units - 
On. High Yield. 


^'4 


4.48 

as 


Target. lntL. gr? 


Next 


Do. Accum Units -J49.9 52^ 'ZIJ 155 Memury Fund Managers Ltd, do fteinv.'UniU_..[302 

! date May 17. 30.Gre«nam5L.EC2PSEB. O1-0OO4S55 Target luv. 289 

Tarrat Pr May IO... 157.1 

ala Tftiw M4 

4*4 T 1 p»l 


~ TrangintetnaHona] Life Ins. Ca Ltd. 

_ 2 Bream Bldgs.EC4Uv.-v. 01-4058407 

— ■ Tulip Invert. Fd_Q39.» 


Charterhouse JaphetV 
L Pa t e rn oster Raw.DCA 
C J. Internal' I — —g-8 

Ac rum- Units 24 1 

CJ. Income..™- S3 6 

CJ.Enre Fin 245 

AccmtLUatta — . — 302 
CJ.Fd.lnv.Trt.__ 264 

Accum. L' oili [38 4 3 EL 

Price May 16 Next dealing Stay 


FINANCIAL TIMES STOCK INDICES 



>lny 

ij j 

.Mac ' [" 
11 ! 

M*y 

JO 

May 

V 

U«Y i 
8 ■ 

May 

P 

A year 
«g" 


. .71-OS- 

70.97, 

71.01 

71.12 

71.43] 

71.73 

70.39 


!C72-36i 

78.23! 

73.17 

72.30 

72.86) 

72.34 

70.21 

In.t,i+t:inl Ohlmir*.. 

.;'488 3| 

479. ol 

476.01 

471.1 

480.1! 

4B1.6 

467^ 


.' 146.6; 

iso.ol 

148.4 

144.1 

145. l| 

14L8 

117.0 


5.401 

6.58, 

6.54 

5.68 

5.56) 

16.94] 

6.58 

4.92 

larii'i.ya.Y'lil^illill:,* 

- 16.65) 

lP.92| 

17.11 

17.23 

16^3 

15.17 


5 004) 

7.8 lj 

7.B2 

7.77 

7.90 [ 

7.30 

0.67 

I'l’nliii^* lurrkcl., ... 

. aE5.03Bj 

6.061; 

6.436 

6,010 

6,412) 

5.741 

98.60 

7,696 


.1 . — 

80.23' 

72.«2 

71.1ft 

74.12 

167.92 


, 

15,090 

16.065 

15,767 

17,461 

17,444- 27.052 

13 + Pi. 

4SI i). ’ll a. n>. 453. 
•: l> 111. 4S-7 4. 

Neon 45a.-:. 

3 (, m 4K1.5. 

1 p.m. 4S3.4. 



fc.iv*'. 

ihCX li 


Latest Inde Cl -244 < 026 . 

■ fcu. vd "ii X p»-r vtm. cnrpnraDim iat. 

'M ft-ra. ij was. mod ,3 --- 

I cli Aillidj July-UiN*. 1042. 

highs and lows 


Ni)= 7.S0. 
liuL Ord. 1/7/36. 


Gold 


S.E. ACTIVITY 


WM 


,4lni*o Uninpllatinn 


RstLirw.,,. 


fi*H Int.... 

Iu 6 . Out 

f +o!-t Mini-*.. 


Hi K i> : 

Ja-« | 

i U)gb 

j I+*w 

1 76.58 i 

; Lvi> j 

70.97 

|!LW 

! 127.4 

1 c*i/a* 

49.18 

(3;l/75j 

01.37 , 

rf.l* j 

72-17 

iWJ« 

150A 

pfillWT) 

50.53 
&lfl 8J 

497.3 i 

m.-ii / 

433.4 I 

iS;U 

1 649 3. 
,14,9,77) 

j 48.4 

( (2P/6.4Q) 

16B-6 i 

: I 

130-5 [ 

vA* 1 

442.3 43.5 

lJ2.tv78) jiJJfolOi 1 \l 



May 

May 


12 

11 

-Jlaity 

fiilt-EdgDd- 

152.3 

132.6 

Inliianire.— 

180.7 

186.0 

Sjrfculatiie-. 
TulsiL 

37.8 

114.7 

36.7 

115.8 

6+Ixy Ar'ruse 

nm-Kii«e>i... 

152.9 

152.8 

1 ml un Inals... 

196.9 

204.6 

tSpi+ulallro. ■ 
Tomb 

37.4 

122.7 

3S.0 

185.9 


FT— ACTUARIES INDICES 


Mnv 

U 


Mt>- 

It 


>1aT 

10 


May 

- 0 


ilRV 

F 


1 May 


| A 3 car 
i BK- 


... 2 ) 2.631 210.4b; 208,40' 207A3! 210 .M j 211 -iaj 1B4.0B 


so Start! U UP » "... 2383 a' 254 . 181 251.90 231 . 57 ' 2 S 4 . 7 lj S 34 . 05 { 210.78 

0:. Vwl-t tyl," ‘ 5.34* 5.39J 0.44' SA3 5.37; 5.38; 8-28 

I 1 k Km i.. melt i 8 . 19 ! 8 . 12 ' 8 . 02 ; M 4 | 8 . 13 : »-SI 

Alt M,.,., 218.081 216.52! 214.02 2l3.75l 217.04 216-Br 193.84 


Tul)pManrt.Fd — 

Man. Bond Fd- 

Man. Pen. Fd. Cap.. 

Man. Pen. Fd. Acc. . [125.1 

Trident Life Assurance Co. li*LV 


1162 



30. Great) am 5L. ECSPSEB. 

Mare. Gen. May 10.. [1760 

Acc.Utx. May 10 R31. 

01-2483009 Mere. Int May 10— to-6 
627 AremUta. Ma^IO .166 1 
in ' ‘ 

747 

554 Midland Bank Group 
| 8 * unit Trust Managers Ltd-V (a) 

3 m Courtwood Bouse, Silver Street. Hand. 

17 SbeaieliLSlSRD. 

commodity* Gen .148 0 



IS Trt- P rof 


"IJ 221 Coyne Growth Fd.>|19.1 


367J+OJ3 
45.9 
40.7 
2145 
257.1 
1204 
305 +011 
30 C +0.1| 
325 +0J, 
J 22 B + 0 J 
145 4* 

31.1« +0.2) 
J52n 
265 


3.9* 

430 

573 
564 
566 
300 
4.45 
J- 4 S 
145 
342 
4 29 
634 
1)38 
852 


6 75 Target Tst. Mgrs. (Scotland) lank) 

10. Athol Crrseem. Edin. i 03I-2B&88SI2 


[i«:j 


Pent. MoEd. Cap. _ U 3.0 
Pens. Mnxd. Arc. _ U 7.1 
Pens.GtrOjep.Cjp_ SOLS 
PenX-Gtil.Depa*cc.. 1062 . 
Pen*. Ppty. Cap. — 112.9 
Pen*. Jty. Acc__ — 1149 
TrduBood 369 


13214 


Chieftain Trust Managers LtdAHaKg) P o- Ac cum. _!(gj 

ltNewSLBCZM4TP. 01-2832832 Si 

American ..-ki 2 J 2 248 j + 0 «| 161 CopitalZZZ” 27 6 

High Income — - M64 43.7ttj +0.1] 9.44 Dol/kccum 28 7 

Intera^nalTtt-.^ai . H.| -o| 331 Inc ot^ZZZZ 518 
Basic Resree. TMJ263 2*5) +02) 639 Do. Accum. 58 9 

Reuxlade House, Gloucester ■ 0U33B541} Confederation Funds Mgt LttLV la) Sol 

50 Chancery Lane. WC2A1 BE 01-3*20382 !^ cJ ! YlgJ<1 K-i 

Growth Fund t«J 62-8 ---I 686 ^ 0 *, 

CosmopolUan Fond Managers. AortTSLM* d^hg May si. 

3a Flat Street. London SW1S0EJ. 01-2S58S3S. Mlmilww ir mia .w 1 ,j 

Coemopoin.GttJd.tl7A 267rf +03 4*0 flUn8Ier Fl,nd »«»***« Ltd. 

' W MlnrterBae, Arthur SC..E.C.6 01-623109 

Crescent Unit Tst. Mgrs. Ltd. (aXg) SS£S r J!Si 3 -™B^ ■ S3 — I 
4MrtriUaCre^£rtutxirgk)3. 033-226*021 

Crescent Growth — B7.0 290] +031 4JA MLA Unit Trust HgOBJIt. Ltd. 

Crea.itfetnat '1 p 4 0 MjJ +o!fl 050 

Crag. High. Dtrt. — j42.7 +5^ f m 


Man 

Gtd. _ 

Property 1477 

EquiWAmerican _ IS 8 
U+L Equity FUnd _ 187.8 

Hicb Yield U73 

Gilt Edged 120.0 

Money — 122.1 

International 99.7 

H«caJ-.-_. Q6S 

Growth Cap 1283 

Growth Acc 127.8 


128.1 
1539 

1564 ..... 

90.1 + 65 , 

1142 +0.4} 

145.* 

127J ..... 

3S2 ::::: 

5S rr 

1353 

119.7 

124 0 

1076 — . 

U14 

UU 

3231 .... 

■TidLC.1 Bond.— |99i2 - . . 

•Cash value for £100 premium 

Tjudall Assurauce/PenslensV 
16 CanyngeRoad. Brian!. 037232241 


79 J +05 
4ZJ +0J 
.444 +03 
295 +01 
111 +01 
534 +03 
43 0 +63 
+ 0 i 

■.a 33 

AS :. 0i 

1064 


<Hd Quran street. 5W1HWG. 

MLA Units p 90 4 U) j 


3-way May II 

Equiiy May 11 

WrotlMejll 

property May 11 . . . 
PrpOsil May 4.. . .. 
.T wa>' Pen . Apr. 20 . 
u teas inv. Mkv ll. 
M6PH3;WMar2- 
Do. Equity Mar Z— 

lie Bond — 

Do. Prop. May 2. — 


1223 

1420 

1434 

JM 1 

1267 

Vi 

1666 

2532 

17*2 

854 


1 Discretionary Unit Fond Managers i&.cepthsii avc.ec=R7bu. 

22. Blomfinld Si. Ef2M 7AL. OI-03844S Mureal Sec. Plna_. 1508 

■Mae Income 11665 1712* +80} 526 Mtuctffoc Trt. 1*75 

Matual Blue Chip... 

, E. F. Winchester Fund MngL LUL MnnaiHighYltf.-.. 
old Jewry. EC2 01-0062107 NaDonai and Commercial 

Great Winrhe gar R6 7 
GLWinch'er traraalUd 


Target Amer Eaglo{24 S 28 J| +0 «| 134 

Target TWrtle U06 4372+0^ 545 

Extra Income F 4_[59 2 43 . 7 | + 02 ] 10 21 

4 M*o^ 1 ftt Trades Union Unit Tsl. ManagersV 

2S-3+V-N 100. Wood Street. E'.’i 0I«M801I 

323 TUlTMayS — . -|480 5224 1 542 

Ira Transatlantic and Gen. Secs. Co.V 

344 91 » New London Rd Chelnuford ttMSMflSI 

531 
531 
39B 
405 
445 
5 70 
5 7D 
487 
6B7 
502 

502 
272 
272 
365 

83« 
670 
4.70 
528 
5.84 
863 
8.83 


*2 (Accum t'suix 
251 usbExM ApraB . 
251 Buckm May 1 1 „.. . 
lArcum l-nlbi.. 
t'olemo May 12 _ 
534 lArcnm l‘nn»> _. 


Glen Maj-0 

(Accum. Gnit>' — 


553 


Van'Hjr. Majr0 .... 



75 9 

80S 



114 « 

1211 



sab 

Ul 

■ ■■ 


80S 

M7 



581 

103 J 



1267 

X334 

+ 26 


1520 

160 8 

-31 


516 

53 la) 

.... 


563 

604 



522 

554,4 



671 

712 

• •■•■a 


509 

533 




36.0 

bOB 


_ 

*9 J 

nil 



MS 

63 7 



716 

754 


0 

444 

470 



452 

47 0 



593 

63 3 

... . 


710 

751 



*6.D 

692b 

+0.7 


757 

793 

+oi| 


Emsen ft Dudley Tst. MngmnL Ltd. 
| 30, ArbngtonSt..SW.I. 01-4887551 

Om e n Dudley TsL.|64 J 


683 Do Accum. 

bio Tyndall Managers Ltd.V 
861 18.1'anvngeRo 
Income May ti> 

23 ".'JTb SN?” 

lAcnnn I'alhi.. . . D93 1 201 
lUpLUnt ... 12L2 US: 

__ lAenraTtaitai.- |l47.6 153 ....... 

49.71 i 3JQ Nkiianal Provident Inv. Mngrs. Ltd-V i \rou5'i n?i 

«, Grarachureb St. EC3P3HH 01-80 4300 ‘J^Sm.-oS* 


Van bra gh Life Assorance 

41-43 Maddox SL. Ldn. WLR0LA 01 -<804823 

ManadcdFU. 1144.4 152ti*0.4j — 

Equity W. 2M.9 243J >1.4 — 

Inml>uad , 888 188.0 >D6l — 

Fixed latnret FtL— 163J 1711 *0ii — 

_13« 3461 . 

- U7.7 223.1 . 


Equities Secs. Ltd. (a) (gj 

i 41 Blabop«9ae,EC9 01-0882851 

PTOSKHive (661 68.7ti) +0i) 409 

Eq ^ * 1 **; Y* ** WW« ' *Prtera on iiis 3 N«i «EWn 

AsneraijasnRt.Hlih Wycombe. MW 33377 X iHm.i KestminsterVUti 


M 

-agro. 1 
Oi-ss 

NJ*lCth.Ue.T«t ..184.0 449rt 1 5.1 

lAgrem.Umur 57jl 31 

-VP1 CTaaat. Truat BZLB - 12631 1 2/ 

lAccum. Cnttar* ...029-0 1366}....] 2.' 


r-- in»><- >- mb' 

■3* Exempt April 2B .. 

J* lAccum 1 mi.' . . . 

3-35 c*tiynge May in 


**Rricae on nrit 


RrqpenyFU. 
Cbxu Fund. 


Equity 6 law. 




7tL2) +H5} 4.05 


Vanbrugh Pensions limited 


41-43 Maddox SU Ldn. V 1 R 8 LA 
Menaced [ 9*5 

Rxe^InlOTrtI~m!7 84 
Property. -)95 8 UO 

Cuaranlecd kc ‘In*. Ease Bales' tabic. 


01-4884823 1 lB ' Ae * wt 


Framlincton Unit Mgt. lid. (a) 

M.freUnd Yard, BC4B5DH. 

AmorW-an po 

capital Tat. fmj 

Income Tk 1154.' 

Int Growth Fd. 


Ml. Chea pride. EC3V 8EU. 01008 6000. 



Capital (Accum. i_ . 

Exjrainc _ L 

01-2488071 FfoanctaT!. ' 

XM Crewtb Inv. 

3.98 tarn. B64 

S0S IfortlblhilBr Fd- W* 
235 Vaiverstl Fdfdi— . ) 3 > 9 


F 659 
662 
— . S64 

-»?J 


3'S S>rot i‘ap May 10 
25 lAccum Unlisi . 
5-3 !w« In* 'lay in 
Next May 23 lend on Wall Grau 

I to. Accum 
Euro Inr. Growth 
Do Accum. 



*34 Financial PFrty 
732 Do. Accum. . 

4.94 HlEhlrtC. Priority ...|g 2 
402 InnernaUonal — 

636 Special Sox 

|“ TSB Unit Trasls ty) 


[100 0 

105 0 


1780 

10SC 


1234 

1286 


1722 

U10 


105 0 

1104 


147 0 

15*4 


970 

102 ft 

... . 

120 2 

126 4 


7486 

252 6 


267.6 

2810 


1342 

141 Q 


1588 

167 0i 


1600 

168 ij 


[HO 

064] 

-11 

82 6 

883 

+ 10 

J72 

389 

+0 J 

527 

45.9 

+0.4 

160 

17 2 


193 

209 


622 

6U 

+0.B 

30 B 

331 

+0 5 

30 5 

326 

+0.1 


*■» KEL Trust Managers Ltd-V (aKg) a'.ttaattyWe^alrosrjl!^ 
Triends’ Provttt. Unit Tr. Mgrs.V KUtan Court Doridnc-Surfey Nil reflNB.^nefaJ./ 

ihi TSB Income. 

For Sew Coart Fund Managers Ltd. " d» up Accum 
sec Rothschild Asset Moagenrat 


7 78 
778 
390 
380 
792 
792 
500 
5 W 
518 
510 


527 

002 

IS 

;u 

470 

216 

5.0Q 


new 62 188 


hill fU Jm - ' r ~ 

Fidelity RfgbiL Research (Jersey! Ltd. ' Imnl Fd.iSmort'- 

WueriraHac.. Don SL. SL Heller. Jrraey. 

Senes AHntnll — | ' £362 
Series B iPacificj — | £754 
Series D (Aiu-Aac <| £1681 


SlerUu-deBaml naird Fundi 
Channel Capiial6~|Z29 6 24]7}+15| 1 65 

Channel lrJandrt 147 3 1551 +0.71 501 

f-'emunod Ma> 1 1 ... 1195 125 9] .. .} 

Sl F xd May 11 . ..1104 lUaril | 11.89 
Prices on ‘.May --May lu. —May 11. 
{Weekly Dealings. 

Scblesinger International Mngt. Ud. 

4], La Malle St. St. HcUer. Jersey. 05G4 73583. 

ftftr- 



Far Eart Fund... ... 

•Next 6uh. day May 1* 

Schroder Life Group 
Enterprise House. Portsmouth. 


|+ 0 U| - 

First Viking Commodity Tresis 

8. SL George's 5l_ Dcrnfla*. Lo.M. ‘ 

Offi-1 4882 Ldn. A&k Dunbar h Co.. Ud. 

5i PaU Mall. London SWJ75JH. 01-0307057 SFIxcd Interest 


Frt.Vik.Cm.Ttt. 
Frt.Vk.OW .Op.Trt 




230 

LTD 


18* 

1295 

187 

297 

095 

U5 


ia.oo 

Fleming Japan Fond SA 

37. rue Not re- Dame. Luxembourg 
Finn. Mays | SUS46D6 | | — 

Free World Fund Ltd. 

Butterfield Bid*. Hamillon. Bermuda. 

NAV Apnl 28.. . | SUS173B9 ] | — 

G.T. Management Ltd. 

Park Hse. 18 Finibury’ Clrcux, London EC2. 
Tel 01-828 8131 TLX. 888100 
London Accnu lor 

Anchor B Vniu IS'-SOD DJH| 

Anchor Gilt Ed^e „ £9 75 in 

Anchor InL Fd . . ftMN 830 

Anchor In. Jxi Trt.2-44 263 

Berry Pac Fd SI S81 93 

Berry Pac Stria. — HIM 260.00 

G.T.AtiaFd ODII03 845a 

G.T. Aria Sterling.. 0288 1338 ... 

G.T. Bond Fond .. .. SUS1232 +061 

G.T. Dollar Fd JUST 82 +0 Jl 

G.T. Parity Fd 5US1267 +003 

G art more Invest. Ltd. Ldn. Agts. 

X SL Mary Axe. London, EC3. 

Gartmnre Fund Mast (Far Earn Ul 
1503 Hutchiton Hie, 10 Harroun Rd. RKoae 

HK* Pac. V. T*l - ftHKlM ZM I 2 7T 

Japan Fd... -.IllSUTTI DM 1 069 

N. American T«._..lirS5l 4* lLItf r 1.40 

IntL Bond Fund _ [IVSUC Uaj| | 620 

Cartmnre Inuretment Mngt. Ud. 

P.O. Box 32, DousUr. IoM- 06M SOU 

ImeRiatiPiial Inc. .{205 21 M .. ..J U 50 

Do Growth. |618 450) ....1 444 

Bambro Pacific Fund HgmL Ltd. 
2110. '.'otinauefal Centre. Hong Kong 

Far Cost May 3 BTOJi* UJfcd .. . I _ 

Japan Fuad _ ..p. 5692 73^-W»| — 

liarabros (Guernsey) Lt*L/ 

Hambro Fund Mgrs. (C'.I.J Ltd. 

PO Box 8S, Guernsey 


International Ftrnds 

LKq Lilly 

5 Equity 

EFiiCdlnlerert. 


LMonased 

SMsoaged «J 


115 4 

12Z7 


121.0 

1237 


1350 

143 6, 


105 3 

1120 


1273 

1356 


U2.9 

120.1 



07052773 * 

— t 


J. Henry Schroder Wagg ft Co. LltL 

lao.i^beapiide, EC12. i)I-5B8«o* 


ChcapS Ma> U . 
Trafalgar Apr! 1 30 
A-siao Fd May I .. 

Darling Fnd . 

Japan Fd. May 4.. 


SVRU.52 -OVh 251 
SI ’S114M . H - 
II ?<15 #8 1575 3 17 

SAL 79 190 . I 5 *0 

2* S7i|... I 0 15 

Sentry Assurance Internationa] Ltd. 
PO. Box 326. Hamilton S. Bermuda 
Managed Fund . .. |Jl'qt3» UKS| -I — 

Singer ft Friedlaader Ldn. Agents 

20. Cannon SUEC4. 01-2480640 

Dckafonds 1010*3* 37M .. .. | 641 

TotypT*LApr.2a.[ SUS350O j .... J 177 

Stronghold Management Limited ' 

511 PH Box 316 Si. Heller. Jmvr> N3+7I4N 
0 73 Commodity Thiil ...[90.15 . 9*08] | - 

_ Sminvest Mersey) Ltd. Is) 
fli.mn-isai (fueena Hio.Doo.Rd.GL Heller, Jn-. 053427349 
Amenean Ind TM— [£0 39 0«g+OO5| — 

Copper Trun klOQO iim-bjS — 

Jap Index Tst fUJ3 ILfel-OOfi — 

TSB Unit Trust Managers tC.l.) Lid.- 
Bagatelle Rd. St. -Saviour. Jerxey 0KK 734P4 
JerscyFund. . ...M5 7 4011 | 688 

GurrnSoi Fund . - J45 7 43 1| . | apf 

Pncrs 00 May 10 Next Rib. da)' May 17. 

Tokyo Pacific Holdings N-V. 

IntimiF-Managemem Co N.V.. Oirarao. , 

NAV per .chare May 0. SCS5O01. 

Tokyo Pacific HIdgs. /Seaboard] N.V. 

luitmls Management Co. XV. Curacao. 

NAV per xhare Maj 8 SUE38.6R 


CL Fund . 180 4 1487- 

InloL Bond SGSIM61 J07.BI | 030 

Jnr. Equiri SI'S 1051 10.83} 250 

InL S'p. 'A' SI SL02 105I I fl_50 

lot Sv*i. 'B* SI'S 104 1H .... 250 

Price* on May Id. Nett dealing May 17. 

Henderson Baring Fund Mgrs. lid. 

P rt Box K4723. Nassau. Bahama* 

Japan Fd ..BIS17* UM I _ 

Pried- on May II. Next dealing dale Mar 17. 

Hill-Samnet ft Ca (Gnernseyl Lid. 

8 LeFcbvro SL, Peter Port Guernsev, Cl. 

CuernxeyTM ,|1«7 159. Oat +1-H 354 

Hill Samuel Overseas Fund SJL 

37. Rue Notre-Dame. Luxembourg 

WSM58 HD) +024) — 

International Pacific Inv. Mngt. Ltd. 
PO Bo* R237. 5tl Pin Si. Sydney. Au»l 
J aielinEquit)-m |S2 04 2J4|-005i — 

J-E.T. Managers (Jersey) Ltd. 

PO Bot IM. Royal Trt H«„ Jersey0534 27441 
Jersey Exrrel.T* .1160 0 37001 .. | — 

-V» ai April 2& Next aub. day May 31. 

Jardine Fleming ft Co. Ltd. 

40ih Floor. Loans ugh I Centre. Hong Kong 
Jartine Ertn Trt. . f SHKS40.99 ' 
JardioeJ'Mi.Fd.*...! SHK32115 
JardtoeStA- .... SHK1352 

Jardine Ftm InL. . | SHK846 , 

NAV April 28 *Equlralenl sU, 

Next sub. Mar 10 


Tyndall Group 

- — P.O. Bex 1258 RamlllM 5. Bermuda, !-RN 


Cherseus May 10 ...Ul'SUr 

1 Arc um I'nllxi , m'Sin 
3- wav Int. Apr 20 |SVU5a 

2 New SL, SL Reiter. Jeney 

TOFSLMay I! ...JC730 
Arnin* Units . . .. £1130 
Amertrxn May 10 . 81 0 
lArcumrtiare+i HI 

Jersey Fd. Mai 10. 183 2 
iNonO.Acr 2718 

Gilt Fund May I0_ 1880 
■Accum Share.*- 136.B 


6 N 


mailt 

680 


7N 

1053 


Victory flute. Doaslax. Die ol Man. 083* 25020 
Managed Apr an. |124.Z 133.0] .... | — 

Utd. IntnL MngmnL 1 C.I .1 Ltd- 
1*. Mulcatter StreeL Si Helier. Jersey. ■ 
1 'I.B.Pund pL'SWB Ul« 5 [ .. ..[ 0 .U 

United States TsL Inti. Adv. Co. 

14. Rue AJdringer. Luxembourg- 
US.TsLlnr.Fnd .1 SI 1 SID 50 |+0 12) 0.85 
Net asset May 11. 

S. G. Warburg ft Co. lid. 

3*J. Gresham Street. EC2L 01-BD045SS 


3 00 

..... 0 90 

. 230 

'.'saiJjo" 


Warburg Invert. MngL Jrsy. Ltd. 
I.CIuriu Cros*. Si. Holier. Jay. Cl 053 * 73741 

Keyoetex MngL. Jersey Ud. ESSuif® ‘"".ES® lltol “ I = 

PO Boy M. SL richer. Jersey.. lEnfc 01-800 7070) MettlsTtt April 2Q.JU1.44 21 7V| 


Focsele* 

Bocdseles 

Keyseler Infl .. . 
Key**!** Luropc.. 
Japan Glh. Fund 
Kcv*e!et Japan . 
Cent. AasasCan . .. 


FtiUU 
FrJZm 
£6 35 
pB 4 
« :2JJi 
lUL +6 
03267 


IM 

12775 

718 

434 

26 ? 

12J1 -070) _ 


2 80 


417 

386 


TMT April W - ..pfS855 
TMTUd April 13. 119 7* -i.+f) .. . | — 

World Wide Growth Management^ 
10a. Boulevard Rnynl. Luxembourg 
Worldwide GI* Fd| 5L'S14a7 |-0j6| _ 


PI xbam Bod. Darting 
Friends PRM.UU...K1 9 - 44W +[}ri 4^ 
DnAfiaim...... ,gil STg+O^ 4.29 


G.T. Unit Managers LtdV 

18. rmxbeiy ClreuxECSM TDD 


TWRfrothah. 
lb 1 Do Aeeum 


1452 

484 

573 

61J 

616 

65 6 

62 B 

6b" 

811 

863b 

067 

923 



Wrifore Insurance Ca LULV __ 

The I m PolkcCUme. Kent. 030357H31 +'+ A-_ “’m « 

Moneymaker Fd I 10U I -I — I Do. Aral _ M* 

Fur other Lind.*, pi raw ruler to The London 6 1 G.T. Ine Fd LV,_ pan ? 
Haneberter Group. 


Windsor Life Assur. Co. Ltii- 

1 Hlsh StieeL Windsor Windsor 08144 

Idle lu+ Plann K60 . 

FiHupeAsnd G«hia> 190 

mi are Asad Gifrb) 4L0 

Ret Atxd. Pieae £24. 

Flex. Im . Growth -LUM 0 


Windsor 081* 

mi 


C T. UJ5.* Gen |l*3* 

G T. Japan 6 Gen _ . B77.9 
OGLPMxExFd -_p39 

G.T. Inf L Fund En* 

G.T ftwrYfird.p* 

G. ft A. Trust (ai <g) 
5. Rayleltb Hit. Brentwood 
d.4A^. P23 


.87.1 +fli 
1086 -0.9 

mo +i.7 

1525a +22 

SSI 

*8,1:1* 


O 1 - 0 ZSC 1 S 1 PO Box 4 . Sorwreh. MB 1 3 NG 


000823900 


O-JL! 352(1 
4071 +0 11 505 


150 GroopTst Fd _.|I40T J50ll+14| 4.% WannC.SlreeL 

2^4 Trust Managers Ltd. UHgKzi 1379 

STS 332Hl*h Holbein. WCIV7EB oi^tBprai 1 ml Tn,st Account ft Mgml. Ltd. 

Pearl Growth Fd. 328 24 Let +0.1) 4.% Kin^WilliamSI W4RUXH uld=3*B5l 

Accum Units [272 _p9-g+vl| 4 , 4 ^ Frian- ll+e Fund 114*0 

Pearl lite... _ - (315 53M +0J] t.J* Wider 'LU.. Fnd. (28 9 

PeatlUnSlTsL |3bl S69|+aa 676 tVAnuOL -1336 

1 Accum. Units _4lft +OJ] 678 wider Growth Fund 


140 

400 

2 JD 

7.00 


157 R 4.32 

30 5 . 447 

35 3) J *« 


Pelican Units Ad m i t ). Ltd. (gKx) 


h Ins William St Ei'JH9Afl 


„ 81 Fountain St. Manebestar 081-2385003 |2B9 

S45rt+«] 4 j 48 .Pelican Uni?*— —»_|BL5 076^ +6 H 5JI aSSuS^^-ISJ 


0I-8334BSI 
MSI . I 442 
35 J] i 442 


NOTES 


Prtri-s do net include S premium except u-hcrc 1 ndi rated +. and are in pence unleti ui heron nr 
indicated 5 iela‘ V. ishuun in last nilurani allow (or all bujina expense* ■ Offered pnr« 
include all npefiAtw b Today’s prim c Yield based no offer price d Esnmaird e Today c 
opening pure h inxinbuiiau Into of U.K lane*, p Pert ndlr premium insurance plans a Sinjle. 
pr ^S' u J ln -'; ursBrr ‘ 1 * "tfrred prire Includes all cipcrxe* except open! 4 rnmmiKion. 
JL 1 -? j. P ncr includes all expenses if hough! thrnuEO manasers 1 Preiinu* ilai'f pnre. 
v am «J<on realised capital pain* unless indicalod by* 8 Guernsey pros* t Suspended. 

9 Mela before Jcnie-. lai t E»-*ubdi»i*lan. 


CUVE INVESTMENTS LIMITED 
1 Royal Exchange Are, London ECSV SLU. Te!.: 01-253 1101, 
Index Guide re at 10 th May, 1978 (Base 100 at 14 . 1 . 77 ) 

Clive Fixed Interest Capital 123.00 

Clive Fixed Interest Income US. EG 


CORAL INDEX; Close 486-191 


INSURANCE BASE RATES 

t Property Growth Si'Ti 

t Vanbrugh Guaranteed S-'T, 

Y Address shown itndi-r insurant*' and Property Bond Table 


Or L/ Dec. Rubber 55.4-56.1 


I.G. Index Limited 01-351 3486. 

29 Lamonl Road. London. SW10 OHS. 

1- Tax-free trading on commodity futures 

2. The commodity futures market for the smaller in\estnr 










[^G^tp^ple fo build: with 




Henry Boot Construction Limited 
Sheffield Tel; 0246 - 41 0111 


I. Ap.Jy. 0 PlnnrCflre.5%^ 

Ford Kotor $2 — „ 

— — — - Mr.Jn.S.D. catt c _ 

Apr Oct Gra-HecLSSj— - 

**BKITISH FUNDS &IS: SSSjsr 
"ST | ^ I *? |'f| EB.»BS "<&szz 

MrJiLSJ). IngersoD-RQ 

•‘Shorts M (Lives op to' Five Years) m 5 ?s.d. lu?K*SS 

14J WiijirrnasuryicCjpe-^^i 1M A| 9 U110 47 r non F-MyAuN.lKalser ALS, 


P3TS) MrJe.S.D. I lHiitgr naiinTia| i| OCdnwrf 
810 FJIyAuN. Kaiser AlPiZZl ■ 27^3 
a 75 ApJuOJa HwiHan.US57.5Q 30% 

8A4 JajftpJyO. Morgan OP) CSS25 38 

6.M N- F My. An Kartm Simon Inc. SI. 16%d 

7 55 MJelS.D. rtans4U.S3.J25_ Z6U 

966 Jii-OpJ^ QuaterOteU^: lK 

6m Man?h Reliance W25 26%ri 

9 66 J-AJ-O. Rep.NV.Corp.S5. g&L 

ou F.MvAuN. Rwmarrig .. ijud 

&J4 S.dTMtJu. RlcMsjL-JBTliSUi 1W 

532 784 Mt-JilS.D. Saul(B.F.)S] 492p 

12.33 u on HrJeS.D. Shell OU SI 26% 

uM SS Singer (51(71 -f* 

« M All M 17 lb CMHOi.jtnn 45 


LiM9tiT7T?il 


[ 11*11 If U km n t mu 




ShlTieL'Bynijiie'TSS... 
y.1pTns?..„_ 
*4« 74-19.. _ 
^tfCTSS... 


33 “ H Nov. JulyjCal'nfa 

in Z fig* JS&J 2 

1 S' S “ I! May 1 Not. Cement 

^ = fg’Mffis 

w= gB? 4 sgas 

OcL April Crouch 
H May Oct Crouch 

S = Ij April Oct D-num 

tt= SMM 

“ 2* Not. . May Erith_ 


HM “ l-flDec; Jua 
it? ^ Dec, Juol 

ra jXZo. KiTySSs: “JS * tuo Z ]V|ra«f 

964 F.MvAuN. RanxrdS™. 15%nl a4 83c — 39 & n - 

k84 S.aMrJu. RlchdsnJMLSlW 19 *| 72 We — 2.7 Ntw - 5IayF«j.Lai 

734 MrJjtS D. SsraNana 492p 1174 — ■ _ _ .. - 1 . &£«* 

iSS »j«M£ ISrXSzz; ■$ i]j z H »«oi»r naKki 

JS «,”■ ABB- g&«BK 
a« 8 f ■ sa teak-5*, .sf.s’ssz ji |s§ 

7 « I- Ap. Jv. 0 Tesoro Pt CSSLiSj . . 9040 145 _ _ _ OctGkKS® 

ling MrJeJaJ}. Texaco 583 2tT 35 S 2.00 _ 5 6 Er 1 St^J ? 00 

M'S MtJilSJJ. Time Inc 37% 222 SL» _ 92 §*"• SeptHXT.Q 

in« laApJaO. TnasamsicaSL- 12*1 302 80c — 3 6 

7 KarJnSpDc UtiTecfc SUS5_ XU affl SZflC Z 3 1 f' ^ ^ 

IflS MrJeis.D. Uisteein 21 U U 5160 _ 42 ?“* 

g'm MrJe.SJ). WootworttE J3*z— 16 133 5L40 — 4 9 l J fln - Jnly HeadaM 

Uj '79 ApJy.QJ. Xerox Ctrp. SI . 40 ' Z 8 J S2.00 — 28 »“■ 

1082 „ - XoBicsIntlOc 69Sp - 7^ _ a 6 Jan ’ jEly S r 

1079 OJtApJy. ZapaaCocp.25c — 135* 91 site - lj tw && 

“ S^- List Pronina 46>2% (baaed w $VSL828^er £j K iBSSSto 
in " 05 . _ Jsh. July DftBest 

Conversion factor 0.6827 (0.6822) f * r -' Sept toroids 

Apr. DCCL LD.LUfc 

Nov. Slay ttstock * 

1096 Apr. Oct IntTunb 

9 J 1 Jan. . July jjlhoM 

1052 - — J.CE.G.- 

JSSI CANADIANS 

I . imEfc ttSHH 


2PC "77-80..- 9353d 

ipcTWKtt 9^d 
erl3pcl380{i 105. td 
llljpcIMUj. ina 
SjpcIBTML 69 i 2 

(ftp: 196*- 98% 

upc 1981 Wild 

liPciiai 4&>4 : 

•"> Upc 1831 86% 

VpaUe'glff.. 96Ad 

“’S: ^ 

■ BseSiZ: 109% 

naWeBW- 95 Ad 

— 41 V. 

M 

JT= U 

12pclS83tt_ . 103‘?J 

Five to Fifteen Years 

“ MB 1 96% 


F^AConsfn 


492 p 1174 -■ I - I _ 


aittajiBiaea 

i njw ^biif .An Stn renocca. 

1071 June Dec. Dfl.I0KLn.5tk9l45 
7m *■ a 8- 3 I- 0. resOToPtCSSOJSj. 

lam Mrj&SJ). TexacoSSlS 

M'S MtJilSJJ. Time Inc. 

■(«'« JaApJaO. Ttans3inakaSL_ 
7S MarJnSpDc Utd.TechSU5S_ 

»n MrJe.S.D. U5. Steel J1 

an MrJe5J). WoahmtfE J3%__ 
IK 79 ApJy.QJ. Xerox Cap. «_ 
20 82 - - XomcsInc.l(k__ 

2079 OJUVpJy. ZspanQxp25c_ 


UHiUStkSl*. 

uroPlCSaUSj- 

moSOffi 

seine 

insamskan_ 



■ 3387 **. TV* 

P 3 * 

TW6_ 62% 
8fr89_. 66 

-1-199W- 103% 

<8791* — 79% d 

-]%pe 19BL... 99% 

SBSSt xSf* 

idpcisas 871-1 

-jpc -92 100% 

Over Fifteen Years 

w%pc 196* 



904p 14.' 
. 20 3: 

JPa 72. 

12% m: 

36*4 2 DJ 
. Zguf II 

■ Ji ■ S 

69Sp — 
13?* 9J 


Conversion factor 0JB827 (0.6822) 


TiMfe 

iPclSS5 

&V78.: 
Iffjpc I9S7. 

iPcTssra:.. 

ipCffi-U*. 

cVStt 


^pcisa*.. 1 

wjpc 13S9-- 
: a>C 6 M 4 .. 
XMW*.- 
'08- 1*. 
.• 4 pC'Ci* 

Undated 

IF l.AlConsdMpe 

1J 1 DlWar Loan 3 jjctt 3! 

1 -t 1 (J Conv. 2!^f «Aft 

? A , POTreasu.->-3pc66Aft 

oj lAJu-t. 1 . (lchmIs 3;pc. 

IA lOlTroesmy'jQL. 



10.96 
Ml 
1052 

sa ' . CANA 

DhiM * i 

10.15 Md I Stocflc . j 

nf? Ma.SJ.Il. iBUIontrealSL.- 

iiiZ F_My.Au.N. EkNovaSeodaSl. 
10 K AJy.OJa. BeU Canada 25c_. 

M 0^"^^= 

S^&SSSHhr 

July Jan. DatocDeb-OOL 
J^pJy.O. GulIOUCanJI 

1263 ApJy.OJa. Hawker Sid. CauJ. 

n FJdyAuN. HoflingerSa 

MM Apr. Oct Hudson'* Bay D 

12B4 Jan. July HuiLB.(hJG?S7z_ 

2272 MrJe.S.D. Imperial QiU| 

3201 JaiLAgJ.0. toco 

12M FJ*y-AuJV. Ini Nat Gas SI 

1244 MrJejS.D. Massey Ferpl 

1247 June Dec. Pacific Pet SI 

.72 12.71 — PlawGasSl 

67 1216 June Dec RwAtemL— _ 
.17 12 96 J M y e - s - D - RnyalBtCan SI— 
83 1? 71) SeDeMrJu Seagram Co. (31 

s; .- i3 g FJIyAuN. TorDom.Bk.Sl— 

12 79l J-ApJy.O. (Trans Can. Rpe „ 


CANADIANS 


] Last) Mr. 


I ICwlGrt J uly Dec. Jones Edi 
I &ron ltTfrlGTs Uay Nov 

35 Dec. July UfarpsS 

3 0 Nov. June LainfiUo) 

4 9 Jan. Aug. LalhmnQ 
02 May Nov. Lawrence 
40 Aug. Dec. Leech(Wm)20pL 


SL44 _ 3.4 Apr. Sept LertandF 
97c — 35 Mot. June lifts? PJ. 

4% — 1L8 J Bn - July London Bi 
51.14 — 2JB Ape- Nov.Lownry.. 
40c — 38 July Not. McNsill G 
52.06 _ 4.2 Apr- Aug. UsmAti 
69c — 25 Jan- June MaDinson 
SL6 Q ~ 25 Mot. June KandenO 
8&4c — 3.0 Dec. Apr. Marchwlei 
80c — 2-8 Aufc Mar.Ma ky_ 
80c — SJ Mar. Oct Manhalls 
— — — Fab. Aug May i Has 

B6.4c — 15 Mar. Aug. HeanBro 
_ _ _ Jan. July MebiUeD 

SI 08 _ 24 Feb. MeverfMo 
5146 — 35 Oct Feb fiflbuw— 
92c — 22 Apr. Nor. MfllerfSta 
80c — 0.0 Oct Apr. Mlxconae 
103c — 47 Not. May MctLEngu 
m i-i Jan. July Monk £A)_ 


r . , _ MotLEngi) 

gg Uat Prenrinm 4«%% (tamed ou *2.0313 per £, j£ 

11 ba Jan. June Newnitbill 

12.95 Jan- July NotwestB 

1279 Aug. Feb. NottBnck 

1220 Apr. OctOnneDevs 

12 57 I9OT. JulyPtaterTini 

as BANKS AND HIKE PURCHASE j f S‘ 

11-62 HAtayki' 1 1.— - , 1™., Jane Dec.RMC 


JIM 

DWdwds 
1L81 Paid 


(Loti Dtr 


281: 1250 
25.410.97 
231 10.16 
13 1248 
13 1206 I 
2321253 


Jan. JuMANTSAl ^ 270 121 

Apr. July Alexanders D.£l 250 30 

Mu? Aug.AlR3WnePll00 02M 2 

Oct Apr. Allen Haragy£I_ 445 13 

Dec. June Allied Irish 183 3U 

Mar. Sept ArtathnotL£l_ 160 281 
Mar. Sept Bank Aiaer.SLSBS. £19 30. 


I Net |C*tT|Grt[We Oct May 

IWI2& - 3.0 - JdV_D«r. 

M2S "" RH “* J«°- June 

S£ “ ? n Apr. Oct 
— a 5 ~ Dec July 

mrw k'i Oct May 


“INTERNATIONAL BANK 

15F 15A.|5pc Slock TT-BS | ■ 83 | £1] 6.02 I 


July Jan. Bk. Ireland £1 367 ZLI1 15 00 — 64 — ???■ iyh 1 

Mar. Sapt DalOpcConv- £165 132 Qltnt - »'l — t 3 ** 31 

May Aug. Bfc Leund I£1 „ 18 26.9 016% — 29 — J *¥ > ® 

Aug. Feb! BtLeumi(UKl£l 160 301 736 15 70143 2?- ^ 

Jan. July Bi.N5W.SA2_ 500 1212 tQ30c - 37 - 
Nov.- May Bank ScotbuxTIl 296 17.4 1089 36 5.5 76 %!■ 

A. J. O. Ja Bankers N.YJH0 . ipoom _ _ J*My Qct, 


1 - av 1 iii , — , not. may Haim scouanau Z9B 
1 83 | £1] £02 | 9.97 a. J. 0. Ja Bankers N.YJ10. £30% 

Apr.Oct Burkwa 352 

Jan. July Brow Shipley £L 215 2 
Jan. July Gala- Rwfer£l_ 290 . * 

ION LOANS &JKSS 5 MBfc 2 l 

I 95 I 311 9 73 I UM May r^rbkDMlO*: £17% ' 


“CORPORATION LOANS £ B ES I % 

lA 'S™ hanPijjc'nWl- 95 311 973 11.10 May CMn'xbkDMlO*- £17% 51 

' JMptjW — 91rt 14 . <A 851 10.89 , -March Cbgn.HbtKrlOO £17% 7. 

i"i,w52 102d 25.41225 11 36 July Oct ComthiaulOp- 22 d 2 

lMi? 101232 1210 . May CTed. France r73 £21% 57 


i KV*tiWufluflS s 

pit M SUSS 


EedJaod— 
R'ch'da.Wd 
SrfwnsAd 
Rohan Grot 
Bonfinam: 
RoycoGrec 
RnberouL. 

il&S; 

SharpetR 
Smart 0.) M 
SostberaCc 
Streeters in 
CamucSOp 
Tavim-Wood 
lifbuiyCTgl 
Travis & An 

Tumid Bail 


! ?7 7 iP Z z SSSHHL. 
5^ « « Mfift F i!lSfir 10p - 
SiS z H z (s;- 8ft S® 


i, 041 ? 10-1 1232 1210 r May CredFranceTO £21% 577 0957% - 2! 
9^82— 93%)i 2D.4 9.91 021 Jan. Apr. Dawes(G.R.>— 39 18011 — _ — 
90%jd 244 5.78 10.40 — D«al»Bink|»BO. EllOTj - Q18% — 2 

98% u 552 871 — F.C. Finance — 66 d 25 200 * 4 


28F 3SAug 


75-79 

<i41 



■e-or 


98% 1J 5-82 8.71 — 

92mI 17.410.58 069 — 

23 13 1286 _ - 

99Js 101 654 £97 r — • 

92% D 10J0 10.93 June Dec. 


92% ,131000 10.93 eune uec-MumdS 
94% 30 jl 653 1041 Jlay Nov.BibbsiA. 
■Bill IS 51 kVi MU Mar. Aup IGfllrtt Rn 


First Nation 2% 974 _ 

Do W n t$.’&83 % _ _ 

Fraser Ans lOp.. 12 B76 0.03 

Gerard NatnL _ 170d 25 8.17 


07 ° I! ag r Dec. JulyW™ton! 

0957% — 29 July Not. Watts Blake 

_ Z - Z Jan - July WesttrickPi 

018% — 21 _ J . an - June WettemBnx 

200 6 45 * Apr. Sept Whatlingsa 

_ _ _ • Nov. a&y wwfgh’mia 

~ Mar. Oct Wiegfe Con. 

003 — 0 4 — 2^ July 9WwiaCannotfyi 

817 — t 5I ^ Oct|Wnnpey{Geoj 


^w-a WhW 614*11 i'vt.wiuwi.T.u — , lin iLD CM I — I U.ll — 

8fti a 152 £34 10.34 Mar. Aug GillettBroi£] _ 200 711 15.18 — Oa — 

z 78% 15.12 7.16 10.72 „ March Goode Dl Miy5p W 2 17.4 0J3 1 1 

67%i2 115 8.09 11.19 Nov. -April Grindlajs 102 3.4 2.75 

,«■; 1212 lO.ra U-90 April QcL Guinness Peat.— 236 30J tlO.O 

23%» 251271 — Dec. July Bambro, 193 281] t952 


ft,, ■“SirSTT r*‘ , , J1U 1 lu.U 

23%» 2a 1271 — Dec. July Hambra 193 2811 t9J2 

•T.'P;'. 1 ®® -a 91% 152] 5.75 1053 Dec. July Hill Samud 91 280 t4.32 

ld| 9.62 11.20 - Da Warrants — 462 - - 

_j".J'<8)„. 102%d 14^12.19 U 27 Sept- Mar. HougShngSigO. 256 233hQ59< 

June Nov. Jessd Toynbee- 72rt 25 4J19 
Jan. June Joseph 1 Leoi£l_. 160 280 T8.01 


- O.B - 

7.2 4.1 35 

nirj|“-**elv!-S? I rca * — IJB 3uu| tj.u.u I — 6.4 — 

UM 1 I ^"1 “ \z l 1 E CHEMICALS, PLASTICS 

071 .id I IV 1C I 1171 ISpnr War lltnnsCliiHiCsqn 7U nilurun-l ^ l.» u..Jinn 


Jan. June JosephileoiElI! 160 280 T8.0 
Feb. Aug Kffser Dllnaan. 44 Z7i 052 

,TH & AFRICAN LOANS «« SZ S!ttS 9 i*!L ig J 5 

&-I 8UHH|JS^tti|e!kKV HA 

.vn 1 mi I 7 HI •- ~ Sent VomirvSim no 257 3J9 


27 _ Jan. 
8.d - Oct 


AKZO 

Albright mb 


■a’lCS-TS 

77«J 

81^1 

lOTtTB. „ 

•'600 

SMB 

5*=pc"6B-T0 .1 
S6l 


33% m 651 1090 c *Wr MaonySeca— 119 Z 

97'id U5 410 | S SEP*- APF- 378d 3 

93% 301 647 1059 P«c. June Da-PABWO- £87 14. 

86% 1511 901 1062 ^!f ne P? Dal0J«%»«_ £89 1C 

94 28J 10 13 11 M ■! an - ttcrtcrAMetS™ 62 It 


T8.01 - 75 - July Dec. Algte&Inda 

052 — LI — Jan- June .Alida Pack 10 

339 — 8.9 — Apr. Sept Ail'd Colloid; 

4.12 _ 6.1 — July Nov. Anchor Cbem 

9.09 55 4.7 5.9 July Not. Bayer AG. DM 

12.79 15 8.8 11.9 9®*- Apr. BlagdenNoai 
339 — 43 _ Not. July BreKCheins : 


feLM 13 5.9 Mar. SeptgfcBmdM 


37%% 213 19.0 — Feb. Ai 
»WA2Ud3.0 - Jan. Js 
1355 21 8.7 9.0 Jan. Je 


94 2010 13 1LM , ■ July Bfinster Assets „ 62 1411 t355 21 8.7 90 Jan. 

53 _ ^ une ^ Nat?£AustSAl. 223 1411 «a4»x: * 4.0 * Jaa 

S3 12-S — I _ J . an - JulS JW.Oan.Grp_ 77 1212 tZU 4.6 53 £2 Dec. 

' ^ 1 Aug Mar- NalWestil — 292 13 J 1149 4 2 6.0 6.0 Mar. 

May Nov-SchrodeisE] 410 14 1155 _ ax “Mar. 


LOANS 

Board and Ind. 


_ J v w .’. ■»*« J.V 11.33 — * J mar. ot 

Jan. July SeccanbeMCil. 230 2811 1206 — 8.0 _ Feb. Aug Coalite Cbem. 

Nov. June Smith StAub 7W 25 5.01 _ 9.7 _ Jan. July Coala Bro*_ 

Jar \ - Aug aMffdCtartEl. 408 111211759 3.9 65 53 Jwt July Da‘A'NV_ 

Id Ind. *£"£*. §8 IS ®1 * H * %£■ i™ 

86 mSJ' 97 1340 Km ‘ 283 — 3.1 ^ Jan-^Aug. 

29% r 10 46 I* 5S Nov " JunejWintrwaaOp 62 13 Z 353 - 7.4- Jan. July Farm Feed— 

39 1411 6M nan Jaa. July FlsonsEI... 

93% i4.u 10:09 1240 Hire Purchase, etc. "S- Sb! ffiw«dlS 


11 U35 ri a i- mh: s^mE^ac® 


.. . KB9._. 
jv-'SS-W. 

r Jt-.-B 

ISC .. 
6'scrahir 


Nov. June Smiast .Aub 78d 

Jan. - Aug StamFd Chart £1. 408 
„ June Trade Dev S130. SU 

Sept Mar. I'rioo DiscD 310 

. - _ CDl 38 


5.01 — 9.7 — Jan. Ju 

--11759 3.9 65 53 Jan. j u 
577 055c 4 55 4 Sept Jut 
30Llhl5.81 - 7.7 - Jan. Jut 
: — . - - 1L2 , May 


29% 131® .46 1214 
139 Il41lj 6.68 0 40 

93% 14.11 10.09 1240 


Financial Feb. 

» 103 301211262 1166 ™ 

1030 34 U 59 1140 A„e." 

r - 109% 2111 13 44 1292 

rV;ST»HE B2 DJ£79 10.90 Feb ‘ 

, b - 17 J 5*2 1160 ivr " 

,Jn.jlnJ«. 96 311139 12.00 

J*LnW - 96 31 11.94 1230 " ' 

96Ji 311275 13 00 A n 

’»»«- 65% 14.U 1161 13 05 Ap 

'»*«- 62 1321194 13 20 

ft-W — 74lj 132 1228 1295 

*257 70% 10113.06 13.70 



341- 3 

£54 15. 

94 1 * I 
42 3 

.10 87 

101 13. 

25 13. 

17 77 


5e. etc. Aug. Feb Hksn. Welch 50p. 

„ . Dec. May Hoechrt DSB0._ 

11 h203 17 8.910.1 June Dec. DoJTEffl%UmLn. 
155 Q125b — 28 — Apr. Nov. Imp.Chem.xl.. 
— — — - Feb. Aug. Da5%PL£J_ 

3.1 t3.95 19 65 12.4 Feb. Aug InL Pant 

3/ gl57 3.0 £7 £4 July* Nov. Lapanefo05.50p_. 
873 - _ _ 18.1 Nov. Mar. Norsk. UKrBO. 

13J 4.87 25 13 9.0 Feb. JuJy Hysu 10p— 

132 htL3 2.3 7.9(69) Apr. Sept. Ransom Wm. lOp 
— — ™. y Nov. Reutokil lOp_ 
27^h206 23j 7.4| 4.4 July Not. R«enexZ_.„ 
Feb. Nov. Scot Ag. Ind. £1 > 
Ftb. Nov. Stinran Ptasdcs. 
May Oct IbarorBantelft 
Apr. Oct Waidlei Her.) It 

No\‘. M^ymobiP nhfdny 

xm ODIOTTC Apr. OctlYmksCheiiis— 


N BONDS & RAILS 


Price ( Lasi [ Piv 


firms I Yield 


19 871 — 

34 2SU li- 
ra 31 3 

415 1 12 4: 

54 m 25 31 

49 1: 6 

43 34 4 

55 25 41, 

67 zau 

84% 1212 7»; 

81% 152 9>. 

370 112 _ 

70 3.1 --6 

157 3.4 3 

7S 31 6h 

SWj 25 9 

IM81 17.4 6*: 

94 Zi 31- 


BEERS, WINES AND SPIRITS T 0ct,YarteCheins - 

Sept Mar. Allied Bre«!>. 94 16113.93 1 91 65 129 

Feb. SepL Anal Dig FT 10p. 42 301 m0.25 — 09 — 

m n rusi 

May-D«.iSd;SE?. iS Hi in Ts 36 170 CINEMAS, THEATRES AND TV 

Ian. July Border BreS 1 *.. 74 2311 3.50 4 7% * .. .. 

Aug Feb. Brown iMaUbewi 122 1212 3.92 2 2 45 if 9 lAadtoTV "A"_ | 79 

tan. Jiilv HiiHflmr Rn. aa. 1111 .1 r. - 4 Mar. Cictl.Ass.TeIe “A". I 1T7 


n; ftag Jan. July Buckley s Brew. . 44 1212 tl 64 2 7] 5 71 9 7 M. ar - /ict .AstTeie. “A" — 117 

£ Ibil Apnl Aug BulmenHP.i 156 132 U66 2ffl 7 5 85hL ?n * J u Be te ran, Pian , A , 10p 39 

S Anmut Bnrinmrood l«7 bs i m bB 4vl 2«|Nor. Apr.lGreeniimmlOn 65: 


August Bmtonwood 147 89310 

Feb. Aug CH; Lon. Del 61 1/3 24 

Apr. Ort. Clark (MatthewL 134 135^ t5^ 


exclude iuv. 5 premium 


CANS 


V j|-S Apr. OAGartiMathwr;: 134 13J 1521 33 59 78 

7% uM Feb - « 31 654 3J 54 91 

o£ 12 61 »- “ , , GardOTiLi 10p_ 19 376 — — 

_ _ 01 Nov. July uoceh BtjK^ajp. 52 1711] b2.8 13 8313.9 

■6 UM ^ £eb Greenall WhiUcy 119 31 2.62 3.8 33120 

3 192 ■ * ug - Greene Enc__ 243 ]£1 1653 28 HuJ 

•» $ gfitjUaga fl T S H &JB 

i il *t;^Jsasas=: s n 

Apnl Nov Xacalbu. 310 34 4.62 2 3 2 3 223 

ireraium une Jan. Moriand£l 460 1212 1245 2 6 41 §9 

■Ian. June Sandman 68 DA 231 6 51 * 

May Aug Scrttixewaip. 6 9 i 2 131 2 8 58 110 

OteL Apr.jTomatjn — 105 3.4 3.00 2H4313DI 

Mar. .Aug.lVaiu — 116 31 t4.02 5.3 1171 


134 UJ t521 32 

L l1 376 * - I J 

52 1711] M.8 12 

^9 31 2.62 3.E 

!43 ]nl t6J3 U 

56 31 7 02 2.6 

42 174 29 23 


ii Knot. Apr. Green Group 1 to 65 » 
6D157., — trwrdwdaip. 201,5 
K*H May Oct HTVN.Y-. 11^ 

54 21 Apr. Oct LWTA 131 

* A “Jan. July BedH.TVprel£u 73 » 2 
8 1 lie B*- . Scott- T\ r “A" lto 57a 
3 3 wn O^ *5^ TndtTV'A' 10p. 54 

HJfJjJan. July CIsterTVA 1 ’™ 60 
57 jg Dec. JunetWotnrd TV 10 p_ 26 
3.1 19 j 


1212 1245 26 4.1 13.9 
DA 231 £ 5.1 6 

272 131 20 £81L0 


Tt.v-eml;«r 
sella \o 


llastl IHt. { Jl“ld Ian. JuneJWoli. DudlerZ-J 201 
| ai | Gram irwlGrt Jul jYtmng Brew 'A' S0p[ 172 

pd 8.5 80c - Z.S 

1% 159 5% - 14.8 

45 5175 - 3 3 

I 44 S140 — 2.6 


!72 131 20} £8^120 

I? IWL la 4^13.0 Mar. Aug 

3} 14 K 24j 53111.7 [Apr. Ott 




19%xd 124 30c 
13 ml 35 40c 
41 25 64c 

lS% 232 90c 
28% 63 $228 


5-74 3 W 4.3 118 Jan. Junef Do/A-Sp. 

1289 | 3.8J 2l5|l5.9 June Jan. Andiotremel 
■ Aug J Feb. Bate's SBsi 
June Sept Beattie UP A' 
-May Sept BenlallslOp. 

— BltannACotl 
Feb. Sept BoartbnanSO. 


— 0.8 reb. Sept BoanhnanKO— 

Z n BUILDING INDUSTRY, TIMBER jtec. 

— 2fl * nnm^ Jan. July Brtt. 9onKStrs._ 


■Sr. IB: *1 & Z It AND ROADS 

L, rlfi:7' 9frS2 1£3 S 40c ~ H N'oj?jAhw*enronS-| 93 | 3J0J4.I 


D ROADS Feb. Aug[BiwraiNi3)p_I 

rl I III zl h OT i Hit 


| vu wiUlk 

, Comb Eng 12)jp 


jj sg = yg %Bsnev: A a sg*« ss 
1 f IE a a « s ssssr- 
1 1 if» - ijE-fiBSKr- -a gig a 1 «®- *“»■* 

S'iaSfi = life sms&sl- ti SHSJKJSRSSKfc 

ExecuiexaDp 


23 ^ ia S1J2 

|i Z g 5>| 9i| 51 

^ m : * S iJsjssas* 135 §i H ii fir 

^ ME : IIP mUF 1 11 h SAM Sr* 
17, - m. dasat is fc 33 n S 


« ^ isrEcaa-pSiz & \\ h m 

!34ooc. Apr. Breed® Ume_ 85 *4527 ' i f 

S] Ktr^ng- 32 Uh t03 _ 9 -5 - 

ju May Nov. aimn jisa. 20 p 85 174 in nn in ti 

ii'£ isasssfe:- H Sbs I il li 



DRAPERY AND STORES 


# 



Ij^ 




























































































































































; *®**icTar TWes Man (Say SBy 15 ipry 
INDUSTRIALS — Continued 


'35 


fOMdnd. 

hid 


Stack 


Dec. 

£- 

July 

Jan. 

Ort 

Nov. 


Aus.ILKlnd1.Im-5-. 
Jan.lL.RC IntlQp-. 
June L3Wex„.. 


N«v. 

Oct. 

July 

Jan. 

Apr. 

Aug. 


ti.Mb 

ilSriw 


Aug. UatotaH.seiiiw 
May LeBasiEtfi. 
Mar.LeWrFoheljop" 
April LehuKllMTts._ 
Jan. July Leigh bw.5p_. 
Jan. Aug. tenure Car IDp. 
Mar. Oct LepGmup lop 
Jan. July tesney Prods. ;ip 

Feb. Sept Letrawt lup. 

— Lidwt Kto _ . 

July iiwta> &Wiur_ 
Mar ij odium*' 

Feh. Ling Mac Urn... 
Uct tens Hm&ij IQp. 
l, tt. uangttin Trams 
- Apr. ter-sdab ViuitjI 
Dec. June Lewi Bouar adp 
June Hec.MY.Dan.iap_ 
Jan. J uly fljcuut Lift, fto 
May Soul. U’cTUwPh.aOt,. 
Oct Mac MacfarlaneGp.- 
May Oct McBride Rh. Hip 
Sept Apr. MrClewyLA-. 
Aug. Mar. HaepbermniD 
Oct Apr. *hrmeTlis'd<5p 
May Sept Magnolia Croni 
June Jan. Mngmt, Ac3U+ 
Ort Apr. HaaSbipCan il 
Feb. Oct Marline Ini 
Dec. Jun. Uar<haD Utj '.V 
Jan. JuJv Marshall's I'uiv 
Dec. May Martin-Black-. . 

— Matheron* 7W. 
June Nov. ManMrds25p . 
Apr. Dec. Medmi aster 10p.. 

Ort Feb. Mentmoreap 

Jan. June Mela] Broil. 

Nov. June Metal Closures. 
Dec. JuaeUetto 
Apr. Nov. Miln.Mrstn 50p 
Apr. Dec. HitCofliTrspt 
Mar. Oct M'santo 5pc 8M 
— Monument lOp. 
Jan. July Morgan CrueiU 
CKt Apr. MiunlliAbeii . 
Jan. June MossiRobLOOp 
— MoritexlOp. ... 
Jan. June MyHHiGp ]|to._ 
Mar. Sept. MahU.f iSew 
Dec. June Nathan 1 B. 4 L 1 . 
Mar. Aug. NatCit'i 

May Nov.N.CJLft 

October Kexmn&Zambni. 
Apr. Aug. NeflfcVncerlOp 
Oct Apr. Ne* Bump. Hip *_ 
Sept Mflr. Newer Group £L 

Jan. Aug. Norma _ 

■Oct Apr. Northern Eng... 
Jan. SeptKwtoui'KT’t.Hto 
May Oct. NmvlcSosJOp. 

Oct April Nu-Swifi5p 

May Nov. Oce Finance Cr._ 

Jan. June Office & EJ«( 

Oct May OfrexTOp 

Jan. 'JnfteOvenstonelZ* 
PJtA [Holdings 
April Oct Parker Knoll '.Y. 
Feb. Aug Pauli & Whites— 

Dec. July Peerage lOp 

June Sept Pmfiand lfc 

Oct May Prates 10p , 

June Dec. tumQ;.la.U& 
Jan. June Petroeon 

PWllip? PatecU. 

May Jan. Ptwtax item 

Dec. PbotoMcMp. ... 
Aug. Pflkineten & £L 
June Dec. PiltfyBowesLn. 
Sept. April Ptajbr Const lOp 
Oct April PleasuramaSp- 
Apr. Nov. PtdynaiklOp — 

Jan. July Portals 

Jan. Sept PoireU DnftaOp 
Jan. Auc. ProBiWmjap— 


Aug. April PresfcRt Group. - 
Jan. June FTtahard Sts. 5p 
Sept Nov. Prm.teunds.5p.' 
Apr. Ort. Pullman RAJ.Sp 
Feb. Sent RFD. Group lOp 
Dec. July RJ3D Group a)p . 
Jan. July Rj-iaatMu 13.S 
'June Randall J-LlOpTj 

Jan. June Randalls 

Nov. Apr. Rank Organ 

Jan- July RedptttoLSOp-. 
July Feb. Redfearn Glass - 
Jan. June Reed Exec. 5n— 

Jan. Aug. Reed IntL El 

Ort. June Rriyan F«WS. .. 

March EewranInc.Y50 
Feb. Oct Renwiek &onp- 
Mar. Sept Resnwr— 

Ja.Ap.Au. Rexmore 

July Jan.Rfl«iEJ.»Wp_ 

Nov. May Roemre, 

Dec. Aug. RnpoerHMgs- 
Dec. Aug. Da' A" 

Jan. July 

May Nov. Rowan* 

. Nov. May Royal Wares 

Jan. Sept .Rns*dl<A.il0p_ 


Jan. 

<$ 

July 

Jan. 

Nov 

May 

Apr. 

Feb. 

July 


May 

May 

Oct' 

Feb. 

Dec. 

Oct 


July dUMamPnloo. 
Dee. Jane Sale lllnet.. _. 
Jan. Apr. Sut&tum Marini-! 

Jan. Sept SangeraGp 

Jan. Aug. Scans Grom- 
Jy.OJa.A- ScUmnbergerSl 
reb. July Scotuofi- 
Dec. June Scut Heritable - 
Mar. OctScrt&Unlnw.. 
July Sears HWjo- 
Aug. Mar. Securinrijp 
Aug. Mar. Da-A’N-V 
Aug. Mar, KefuwyServicei 

Aug. Mar. Da 'A'N-V 

Apr. Oct Sbanm Ware30p 
Apr. Sept Siebe Gorman— 
Dec. June SileutnLghtlOp- 
Jan. June Sdlwuetir.vaSp- 
Jan. July SiWrthorne lOp. 
July Jan. SmjwmiSi’.v.. 

Dec. July SkrtriUej- 

Oct Nay SrmthfcNeph.lOp 
June Dec. Smiths lufeSOp. 
Ort May Solic.UraaOp _ 

Aug. Feb. Sonar 

Sept Feb Socbebj'P.B 
May Not. Sparnwul w.flfp 
Jan Aug SpcariJ W.l„. 
May Dec. Staffs. Potts. .. 
June Dec. DaMfr Cut-In. 
Jan. Aug. Staflexlm-. 

Oct. May Stag Furniture.. 

Nov. Apr. Stonin' 

Slrisx JJfloL HES1 
Apr Aug. Sterling IndlSjpJ 

Apr. Dec. Stocktake 

Apr. Aug. Stenchfll HHgs. 

June Nov Sumner (P I 

OcL May Sunbdil Snv. IDp 
Feb. Aug. SutdiSe Speak . 

June Swedish Match K50 
November Swire Pacific 0Dc 
Mar. SepL Syltone - 
January Tubex&p 

— TCbMlllDp 

Mar. Auc. rhennal wud . - 
Jan. July IN Tunes Vn.5p. 
Nov. May ruling T 3jp.— 

Jnn. Aug rooUullRW 

June fTo^e 
June Feb- DafalgarRaihj. 
MrJn.S.D Trans I' ilUSSL. 
Nov. May T^mjpon Dev . 
Feb. July rranmxxlGp.Sp 
July Ja n. Turner* New.D. . 
Feb. S«pt Turner Or- M 

Feb. Aug GKO IntL -1 

Dec. MayCmrarDlDdnst’s — | 

Feb. Aug Uniflex lOp 

Dec. May Unilever 

Dec. May IVt X.VJI.12 
Jan. June I’td.CaffienlOp 
Jan. Kept United ilaslods. 
March l>. Guarantee 5p. 

Jan. July I'nocbnnne 

July Valor 
Jan. finer* Wp 


Price 

40 
40t* 

w l 

l48td 

105 

41 
SI 

156 
118 
238 
77 
134 
20 
41 d 
142 
29 
37d 


IT| 

2811! 


Dir 

Net 


„ 1-Id, 
r«r Crt p|E 


lfl.W 

SM 

2aji 


59 
B4 
175 
5 5d 


20 

98 

62 

420 

S 

w 

72 

220 

38 

tSf* 

56 «d 
£100 
135 
21 
14 
312 
84 
53 

195«1 

75 
027 

9 

117 

52 

35 
14 
71d 

107 
51 at 
v<JS 

£77^ d 

103 
12 

Vr* 

21 

25>i 

£96>I 

106 

115 

26 

40 

104 
120 

36 
21 
64 td 

036 

fiOd 

14 

40 

270 

485 

£69 

39 

76 
56 

216 

177 

22 

158 


Aug.IVintenGrp.20p_ 
" rft'Rihbons lOp. 


Ot!C. 

Mat-jWadeFttU. 10p. 

May Waiter HBir.5t>... 
Nov WauriordSp 
Ocl Watsham'< 

Aug WawnRtlOpt- 
Dec. Wedgwood .... 
Mar. Sept. Weste Baanf lOp 
WUnnp 6<^yP 
fuh Wlock. M.KX5I 
UcL WheUnuB Angel 
Whiter iG.M! _ 
Apr WhRertiitdkR 
Aug. WhitecroB 50p _ 
July ft-hiideyRSJiW. J 
May WilkesiJi . .J 
Dec. June Wilkins Mltcbetl. 
Apr. Oct. Wilk'soVtcblt 
June Dec. Ho lOpcCov - 
July Feb. WilliwnsiJ < — 
'May Nov. WiRsiGeotfC)--, 
June Dec RilxraWiUMlBp. 
JuR* Not. Winn lads. 20p. . 
Apr. Oct Witter (Thomas). 
November Wood 6 Sons 5p. 
May Woodihrtbvr'Sp 

Pccember Wood Hall 

November Zeners 5p_. 


61 
20 

32 

* 

250 

478 

272 

K>nt 

113 
78 
230 

44 
132 

66 
32>z 
119 Z 
42 
41 

45 
26 

132 

S> 2 

* 

24 

fll 

100 

TO 

38 

112 

74l 2 

£ 

106 

104 
89 

178 

91d 

44 

18 

in 

33 
272 

105 
230 
142 
ram 

10 

ioa 

189 

38 

24 

60 

93 

16 

27 

53 

U4V 

119 

188. 

23 

«r 

9 

117 

38 

337 

*68* 

44 

186 «r 
V* 
167 
101 
40 
524 
£24% 
63d 
56 

S* 

40 
30 

109 
76 
33d 

*8 

42 

227ri 

34 

82 

188 

41 

39 
170 
£97 


.2.60 
1W U.23 
34 2.91 
15 737 
4.09 

fi:§ 

132 3 27 
2811 6.55 
1212 f h4.03 
11 t3 3 
1710 2.90 
161 b5.39 
373 - 
Zi 300 

112 90 
U 1 52. D 

25 else 

199 td3 46 

132 4 63 
17.4 1089 
2J t2.l4 
U 1.80 
27.2 3 94 
174 3.84 
174 4 90 
34 025 
272 2.64 , 
132*K319j 
174 d2.70 
3J 5A1 
82 1556 

1212 db092 
25 d2.49 
3110 7.02 
25 4 .00 

iT, W 

133 +182 
1212 0.92 
2811 +1351 

17 4 4.21 
3L10 2.12 
25 415.68 
133 i+3 36' 
16.1 Q5^| 
1073 — 
1411 531 
133 2.42 

1212 g2 06 

1174 - 
25 1.00 

301 518 
25 3.3 
27 2 132 

£ $*' 

113 2.00 
133 0.98 
476 - 
11 4.02 
15 6.00 
31 1d3B 
34 22 

133 1.57 
3110 Q9%| 
1711 4.08 
174 362 
1411 Q6c 
674 - 
133 +324 
1212 $4.22 
1421 1 

19.9 0.66 
25 429 
2531 " 

25 454 

1175 B- 
3UD 12.72 

17.4 tj.96 
Uli 1 10.56 



t2 


1413Q5Jz%J 

SiP 

271 +2.48 
, i7.4 7.;: 

2811 ao.o 

25 *0.84 
132 558 
1431 +L35 
17.4 0.40 

272 M6.0I 
161 +1.43 

^ fllf 

31M +dfi : 

iSik, 

BBM 

1411 1320 [ 

34 L_ 

2831 +L94 
+L94 

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mi 


1L1| 
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8 

9.41 

136| 
6._ 

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7.6 

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2.W 
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4.8 

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113.51 21 
■237 
4.7j 49 


q25%to9l{lLd - 


7.7 

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7.0 

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55 

13.1 

10.7 

6.6 

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4.4 

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ll.fl 15.2 
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291 

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190 

135i 

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5.0 

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13. 

5.2 

45, 

10.2 

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33 


7.1 

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72 

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42147.6 




toliaiifisi 


1411 +1.24 

MV 

3.4 125 
272 125 
27J 2.0 
27; 2.00 
17.4 d2.40 
33 +5.08 
15 d4.01 
Wll 3.27 
1212 dL2 
311 381 

4B 

17.< +7., 

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33 b8.25 
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Wlffl, 

17.4 4Jt 
975 934c 


74 

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86 

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i-9f 


52 


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INSURANCE— CtratTnneiT 


Ditidrab 

Paid 


Seek 


Price 


Last 

c 


Hiv 

Net 


Jan. JuIyjSun Alliance El _ 544 
June He*. San life 5p-— 1 
April Taisho Mar £DR I 
Nor. May rradelndamiity [ 
MaJuSeDe. Trawlers JIM - 1 
Dec. June WUils Faber - 


544 

U.ll 20.15 


102 m 

25 1342 


S55 

g(J10% 


16b 

14 §A7 




25 (£1.68 

_ 

265a 

23 9.0 

2.4 


I |TH 
ICtTjGr'i 

5.7' 

I 

5.1 1 


P/E 


121} 


MOTORS, AIRCRAFT TRADES 

Motors and Cycles 

EBit.Lev1andMp[ 
il« :Htf. Unite-., 


MrJe S.D. 

Jan. JuHljniaCtflOp...- 
Augurt Reliant Mtr.5p_ 
Sept Mavjaclii-RmivMtu..- 
May ivdroKiSO 


23rr 




250rt 

48 

8f> Q34c 
675 - 

17 

7 7 

_6-’? 

.’75 - 

_ 

_ 

93 

>4 M5 lb 

24 

64 

£141; 

377] or*. 

obl 

5 0 


April Oct| 
April OeL 
Jan June 
December 
Aug. Jan. 
Mar. Oct 
'let. May 
7.6j.lune Tier. 
Apr Aug 
Apnl. ixt 






Cwnmercial Vehicles 


Feb. Aug 
August 
June Feb. 
May Jan] 


|EJtF.iVfld&>— 
FwtetfiMpi . . 
Peaklm.tats.10p 
Ptaitras...— 


J uly QcttYdrt Trailer Wp. 


107 

58 

9U 

77 

68 


16 1J h2 17 
257 43.25 
577 

3.flb325 
22 jH >J214 


6.4) 31 


Components 


Mar. Sept lAbbey Panels— 
Feb. July AHiSoa-Smsm- 
May Nov Anns'ngEq.ltip 
July Jan. Assoc Gw'S - 

September AatotonHie 

Aug. Mar. Rlaemd Brc* _ 
Oct June Brant Bror. llkp- 

Mar. SepL Donfli'orp. 

Apr. Sept DowtySOpv 

Jan. July Pimlop 50p 

Dec. June FligMfidwIluig . 
Jan. June HnnaSrathlOp. 
Mar. Dec.KwAFitl&^Mp 

May Dec. Lncaslndx.il 

Oct July SupraOrouplOp. 

July Feb. rumnMfg. 

Jan. July Witast Breeden: 
Feb. Aug. WoodheadiJ ■ ... 
May [araUrA'SOpw.- 


56 

78 

65 
121 
131>2 

66 
23 

tZOJj 

194 

B2d 

127d 

9 

50 

314 

52d 

109 

KW* 

94 


3011 

1431 

If 

“J 

r.d 

u| 

251 
251 
14 JT 

1 


d264 
t4 47 
T2.04 
4.69 
2.04 
3 67 
U.06 
Qtiatci 

If 

2 85 

025 

+0.71 

TB.22 

USB 


30 U 3.99 


3.08 

th3.41 

4.4 


3B| 


35l 87 


38 

39 

^6 

15 

3.7 

V 

1.0 

S3 

43 

4.0 

52 

33 

5.3 

♦ 


83, 


7.1 


V 

82j 

5? 


P 

5.01 


16 

133] 


5J«Jan. 
5 4]' 


Gorafes and Distributors 


Sept ApriJlAdams Gibbon - 
— Alexanders 5p— 
Nov. May AppteyanfGrp_ 
Feb. Aug Anmdnti Motor . 

-.Jan. July BSGtot IQp 

7 II Aug. Mar BnkdGnMDSp- 
4 6 ] May Nov. Brit Car AoclJOp 

Mar. July C.G53 lOp. 

Jan. July CaRynsSOp 

Jan. sept Mmorelnrs 

Jan. July CowielT.iSp 

Jan. Aug. Davis Godfrey— 
Jan. June Dcrada—— 
Jan. July Dutton Forshnvr 

August Gdtt'F.G .1 

March GtoafeMtwr.. 
May Ranger lma.I0pi 
Jan. June Ramson (T.C.i 

Jan. July Hartwell* - 

Aug. Apr. HedysZQp 

Oct April Heron Sflr. Grp. - 
May Nov DoiJOpcCnv..^ 
Dec. June Runt iQuales) 
i J an. July Jessups Up— 
Apr.' Oct. KemtragHir — 
Oct May Lei Service Grp.. 

Oct. Apru Lookers 

'May Oct Lp»& tarn — 
Aug. Apr. Manchester 10p . 

— NeteonDmidfi). 
September Pennine Hr. lop 
.. 'Dec. June PenriTLl Mbs.. . 
7.9|May Oct Qoki(H.*J.i5p 
liter. Oct Reynold*WJ 5p 
— Rix (Oliver r5p._ 

May Ito of Leeds — 

uune Nov. WaffliHnStr.lOp. 
Dec. JulyfWeswnMtr 


79 

IBi, 

94 

125 

41 

41 
46 
22 

127 

43 
4U ? 
88 
74 
49 
58 
31 
34 

108 

98 

125 

102 

£157 

BSd 

42 
70 
82t 2 
65 
78 

199d 

52 

44 

£• 

42 

90 


272(425 
3rtl - 


133 

12.U 

SUB 

3Q1 

174 

132t 

3J 

Mil l 

301 

25D 

34 

14.11 

5TI 

H 

i4ij 

Mil' 

30.1 

32 

174 

25 

1411 

161 

133 

m 

174 
lb 1 
107, 


M6.25 

t7 75 

213 

138 

+198 

1.42 

5.84 

d2.17 

dl.70 

+3.03 

4.57 

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1.25 
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+3 23 

155 
4.15 
3 47 
2.46 
60 
U 50 


2M 


265] 1.65 


I 


538 


♦0.62 

0.63 

22 

2.20 


3 2i 83, 


4.6 

55 

i! 

J! 

174 

35 

30 

32 

2li 

$.4 

37 

42 

52 

1.9 

62 


73 

?9 

27^9 

* 

84 


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S:3 7J 


5.1 
6.6 
9.W 

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3. 

6.3J 

2.1 
5| 
6 21 
8.1 
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5.3 

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41 


223! 

76 


102 
92 
104 
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3.7] 
5 3 
5.8 


6.8i 

8.6 

163 

3.7 

6.7 
8.4] 
55 


46 

S' 

3. 

60 

37 

166 

3.S 

Ji 

2.3 

4> 

35 


NEWSPAPERS, PUBLISHERS 


Aug Aanc.Nen.„- 
May Aa Book P.20p 
May Dec. BPU Hldff. ‘A.. 
Feb. Sept Born Brother - 
lJuljr Oct BtadtfAftC.t.. 
Feb. Sept Bristol Put — 
Oct Mm CoUiasWUllanL 

Oct May Da "A" 

Feb. Aug. Dak Mail 'A' Sip. J 
Jan- . J® LMu. Allied 'A' 
Apr. Oct. Gordon *Gotch_ 
Oct May Home Counties.. 
Oct Feb. Indraeffltentf-. 
Oct Apr. L'omuD PWSte. 
'Nov. J uly MarchaR Cav.lop 

Nov. Jane Newslnt 

Nov. July tanas Loagnum- 

Jan. July Pyramid Mta 

Mar. Sept Boudedge ft KP. 
May Oct Sharpe (WNi — 
Dec. June Thomson-— _ 
.Nov. June WlNewmawrs 
|Oct Feb. Websun fob 5p 
'April Sept WUiou Bros.aip. 


152 

an 

+5 73 

41 

57 

71 

175m 

75 

407 

ft 

35 

ft 

54 

34 

2.87 


8! 

of 

60 

272 

+2.13 

2« 

5- 

97 

98 

17 i 

49 

ft 

76 

ft 

120 

1217 

+58 

2 ; 

T 

41 

142 

a 

468 

2 1 

5( 

77 

142 

>c 

4.68 

25 

5( 

77 

280 

i. 

til 61 

1< 

6: 

176 

TO 

14 V 

tH3 

4« 

hi 

7 C 

85 

16 j 

f? 64 

4.1 

47 

77 

73 


45 

2 G 

91 

54 

122 

161 

65 

2.6 

R 1 

7? 

132 

3t 

7 76 

2.4 

81 


54 

242rt 

i/Jli 

25 

436 

89 

j?S 

129 

5.6 

1.4 

1*164 

7\ 

599 

41 

4.5 

77 

44 

14 IJ 

142.21 

2.3 

76 

90 

170 

30J 

■Vs 

J.« 

31 

17(1 

152 

131 

d3 3< 

58 

3 3 

79 

2/2 

HA 

197 

2.6 

LI 

523 

JMut 

25 

15.98 

ft 

60 

ft 

34 

41 

1IA 

311 

Hb 

3.4 

34f 

6.0 

4.7 

g] 


PROPERTY— C&ntflrnrf' 


INY. TRUSTS— CtmttnHed t FINANCE. LAND^-Contfnued 


Dfridodfi 

Fkid 


Stack 


Jan. 

Julv 

Jan. 

Jan. 

Apr. 


July 

Oct 

Aug. 


Iteceober 
Apr. Oct 
Apr. Nov. 

Nov. April' 
■Tan. July 


, Prop Wife, illiv. 
)Prp Inr.ftPiiUl- 
Pnjp.Part’ship_ 
iProp-ftRev A'_ 
Prsp.S«.[itv50p.. 
Raglan Prop 
Regallan — — 
Regional Prop— 

Da A’ , 

Radi k Tonptios] 

Samuel props 

Scot Jtarop a)p 
Second City ICp- 

SloufihEsts 

DQlONCom.90 
Slock Conversn .. 

Sunlri'B'Im 

Swire Pit pert ;er 
Town Centre — 
Town A City lOp . 

Traflo.il Park 

URPropem— 
Ud. Real Prop - 
Warner Exiaie . 


Apnl Sept 


July 


Apr UcLlWandord lot 2fy,. 


Webb'J«'5p. . 
{VnnmerP.aop. 
tfetlWitHOTEas.— 


Price 

295 

110 

85 


135 

5 

11 

80 

bl< 2 

m 

79i 2 

104 

36lj 

114 

£154 

232 

192 

52 

59 

12 

98 

19»a 

244 

121 

268 

15i> 

16 

33 


Lad] 
« I 
311 


12J3 ft+4.0 


31IH 

» 

3811 

273 

19.* 


Div 

N« 

E634 


281^+1.59 

mad459 

ym — 

4‘74| 

27.21 
773 
1AUI 
3110 
nio 

34 
34 
MU 
132 
27.2 

28111 0.82 
228)0(11 
t3.65 

5.17 
+ 2.66 
t4.86 
hd0.48| 

ii7 


ilS 
#21 
U 94 
TL73 
2 27 
OIOS' 
&2.0 
3.95 


PTE 


jrai 

CvrlGt'sl 

in 


JOwi'l Is. Inc £1. 

27 Jl Do Cap 

|41.1 Aue. Mar. rtorta-Tnua- — 

— Mar. SepL OtyftCora. Inc._ 

1 DoCap.t£li 

nivftFffl.lm _ 

H4 May Dec[Citpftfnlenin_ 

53 1- Nov. June City dtixfonf. _ 

* Mar. bept 

107 — Clifton In«I0p.. 

46.5 Jan. May Clydesdale Im _ 

1L0 — Ho-B" 

,27 5 Aug, May TolenalSecs M4 _ 

— Feh. Aug Continenflftlnd 395 
J.3I485 Dec. June r<mbnent3 1'cion .1 188 
3.l| — — Cres'ntJipanDOp.l 167 

* Mar Aug Crossfnari . . 

590 January Cumulus 1m. 

— Feh. Aug. Danaeflnc u9Sp. 

18.6 — DaiCapilOp... 

— Aue. Mar. Debenture Corp 

|40.5 Aug. Feb. Dertwminc El 
305 - Do tap SOp — 

|34.1 Dec. Julv DamisdoaftGen. 

13-2 Apr. OcL Drayton Corn'd _ 127 

— May Dec. Po.Com. 145 

6.0117,2 Apr. Ang. Da Far Eastern 351 
Apr. Aug. Da Premier — 185 
Nov. Apr Draftee. 50p 6|i 2 

SHIPBUILDERS, REPAIRERS JjSSSSS; - 


12 

1.9 

18 

134 

24 


2.8 

7.2 

3.W 

fb.7 


Dfridradi 
Paid . 

| June Dee.|Cedarlnv- 
May 


I Iasi I Div 
Price | is j Nrf 

64 


TM 

Cvr Gf* P/E 


24 Ut 


[+4 07 
t3 05 
38 

I +1.67 | 1.0| 


+3 32 
, 0.8 
[T2.B7 

hi.io 

13.43 


185 


June Dec 
Dec. June] 
May &ept 


Jan. 


Pec. 

May 

Oct 

Dec. 


Hawthorn L30p. 
[Swan Hunter £1- 

. iVospcr 

MaylY arrow 50p 


70 

138 

15b 

264 


u-rej - 

1710 6.86 
31 4.65 
2913 +4.61 


SHIPPING 


Aug. 

Dec 


MaylFbberrJi 

Way- 


May ijct 1 
July 
Jan July 
June CKt 

Ju|r 

Nos . May] 
Alar. Sept 
Apr. Oct] 


.Apr. 

riJan. 


Ocli 

luly| 


BritACoo.S(k>. 
Cnmirnm Brw fdp 


. Furness Wltijr £1 
July HoatugClbsn.il . 
Jacote'J.I.iaip- 
Lon.O’Seas.Frtn.J 
Lrie Shipping. . 
Man. Liners alp 
^eneyDlLl-ims 

Viiford DockstL 

; Ocean Transport 
P.ftO.Wdfil 

ReardooSmSOp 

Da'A'SOp 

RuncimmiW.i— 


274 
13 2d 
140 

275 
140 

37 

33 

120 

212 

»■ 

87 

39 

106 


28111+8.42 
75 581 
1W 1.53 
1411 t7.43 
17.10 500 
3 dl.85 
67T 337 
171t 4.90 
3110 510 

3U0 2.72 
17.4 8.25 
112 6.54 
277 *L64 
277 tL64 
2811 (816 


April 

. — lApr. Nov. 

7-51115 Jan. J 
4 St 5 8 Feb. AuBj 
2.7] 87 Nov. July] 

Oct A 
Sept 
Jan. Se 
Sept 

May Dec-] 

4.71 79|Dec. J 

October 

L6 « May Nov. Family tovTs. 
4.1 4.9 Sept Apr. Pim Scot Am... 
ft ( 5.4 ft Nov. Apr. Foreign A Cal . . 
L2| 7.6)156 Jan. July F.l'!uTJRIU5> 
,CL9\ May Nov . Frodtow* tec. . 


381 


4J 

2b 

t 

25 


155 


11.1 



30S 

Ifiat 

iHlfl 

31.101 




03] 6 315181 - 


SHOES AND LEATHER 


Bootbilanfi— 


July Feb. 

Sept Feb. 

Apnl Dec 
Oct June] 

December 
Nov. May] 

Mar. Sept 
Apr Oct 1 

.Apr. Oct. 

10.1] Oct April (Oliver 1 iJVA 1 ., 
Jan, MajrfPittanfGrp.- 
Feb. Aug. 

Mar. Nov 
July 

Sept Apr. 

SepL May 
February (WearralOp 


Sioimgir Fisher 
Stylo Shoes 


18 

TTI7 

ion 

ft 

t 

62 

ETfTT 

4.39 

ft 

ni 

59 

wjfr- 

+d3.89 

2.4 

inn 

96a 

■ 15 

LVite 

ft 

71 

37 

1411 

pl-?5 

45 

51 

88 

17.< 

490 

ft 

ft 4 

60 

31 

227 

37 

57 

41 

3< 

317. 

25 

117 

49>2 

?I2 


3D 

8.6 

.47 

IX 

187 

27 

6r 

52a 

It 

777 

4.2 

81 

39 

161 

th 1 9? 

1 6 

74 

60 

Til 

+4 74 

2.4 

107 

53 

7l\ 

17? 

ft 

51 

29a 

V 

hi 16 

31 

61 

75 

V 

M3. 96 

ft 

80 

25 

3J1 

Ul 

h 

8.0 


Da Cap. 1 

ft Oct Mar. IC.T. Japan- _ 

0.6 Nov. Apr. uen. ft i wn d 
57 Aug- Apr. Gen. Cunsoldtd. , 

(4.6) Sept Mar. General Funds.- 146 
(8.9, — DaConv. I0p_. 113 

9.7 Oct Apr. Gen. Investors _. 

4.4 Dee. June G« l S cottish.... 

52 Jan. Sept tea SfMdre.l3ip 
Jan. SepL GtadowSrhUrs. 

Apr. Nov. Gtodevon Inv... 

_ Do *B" — 

(June Feb.GIflumiT7ayIm..f 
Da'fff 

Inv 1 




14-U 


[July J 
Jul; 

Mar. . , 

Jan. Jum 
jJ Mar. Sept 
53 Dec. J 
56 July Dec.l 

9.3 Jan. J 

4.4 July 



SOUTH AFRICANS 


Apr. Sept 
Sept Mar.' 
Feb. Aug.] 
May Nov. 
Sratember 
July Dec- 
Feb. Aug. 


Aberroro R£L3Q_ 
UsglDAm.la.Rl 
WTt^ZmLSOe 

ItoldFTdaP.siic 

jGrtnn-A-SOc- 

HulrtrsCpaRL 


March SepL, 


Dec. 

May 

May 


ssk 

Nov 


Dec. MaylOK Bazaars 50c .. 


Primrose lOcts. 


|SA Brews. 20c_ 
OatsRl — 


ngerf 

Umsw 


104 

535 

272 

3^ 

Sg? 

L7 

2.4 

7.J 

107 

27.6 

Q19c 

3.6 

1L5 

48 

133 

tQ4c 

2.9 

5.0 

65 

231 

QBc 

12 

7.4 

132 

161 

+mf»r 

0.6 

1 

122 

3.1 


L4 

J 

360 

77 

MU 

133 


i*6 

ml 

i 

130 


Q28c 

4.0 

12.9 

78 

1411 

QUc 

ft 

8.8 

550 

133 


ft 

5.6 

62 

3.4 


ft 

101] 


6.0. 

June 
June 
Dec. Jun 
Sept Mar. 
Oct Mar. 
Sept Apr. 
June Nov. 
Dec. J 

. M 
35] Mar. 

53. 

J 

Oct 

10.9 1 May Nov. 
4.6 1 July Feb.] 


TEXTILES 


PAPER, PRINTING 
ADVERTISING 


4.4l 



28Ukd03^ 
3.4(4.32 

72a 

5Tfldl26 
3J)5.16 , 
73qa.92' 
1333.19 
17 a 

25 015 
31 0.72 
2212 +R12 

13.4 5.48 
677 d2.79 

17.4 1250, 

TBBfl 

AflT 

1212 da 48 
28J1 +L91 
2811 2.14 
Jil 054 

17.4 «5 
25 bl.42 
25d09 
25 Q130 
132 +3.62 

1213 td2-15 
28.11 +6 80 
3Urri3J5 
974 
171 tOISc 
25 .Sbs 

lSdtft 

1213 032 
677 051 

3.4 3.75 
31 tdOl 

30J « 57 
1411 610 % 
1212 1275 
DU 155 
280 +3.23 
Zb 280 
27 2 314 
25 066 
17 4 0.90 
14.11 (5.32 
3.1C 1.16 


July Assoc Paper — 
July UaPinci'oni.- 
Dec. June Ault ft wVborg._ 
an Dec. May Banns*.— 
a Jane Jan. Brit Printing .... 

* Jan. July RrunrdngGfp— 
Sj Jan. Juv DoR«tnc.vi&.- 

70 Nov. June Burcd Pulp 

62(132 D*c- June Capsealsap. — 
55 75 — CauuKmiSrJL- 

6.4 8.3 J*n. Ang. Ctapaun M Wp 
LQllOA 15 J. May Cla»iRiehardi_. 
20(10.8 6.9 June Nov. Cdlen Dam IQp 
47115 - CnttH 1 Guard — 

\1 a April Deh-nSOp 

12 6.9 Nov. July DBG. I 

3 8 65 Sept Apr East Lancs. Ppr . 
B 5 July Nov. Eucalvpdis- — 

- --Apr. Nov. Ferry PicklQp - 
Apr. Oct Finlas Holdings- 1 
Jan- June Ceexs Gross lfip- 
Dec. May Harrison ft Sons. 

Mar. SejZ. IPG 100s. ! 

Apr. Sept luwrasfcGro 5fn. 
Dec. Jane L ftp Porter SOp 1 
Job- Feb. MrConjiwdateD - 1 
[Sept Melody Mills...- - 

S Nov Milkft Allen 50p 1 
Dec MareO Ferr lOp 1 
J.S.D. OalifftilSC.— 1 
SepL Apr. Cures F. Mill 30p 
June Oxley Print Grp.- 

Apr. Saaldii K9>— 

8 fal( 67 ilFeb. Oct SmUhiDi-id'SOp 
deg Jan. July SmurfitiJeilsn'. . 
^ xn (Jan. July Transparent Ppr. 
]Feb. Aug. Tridant Group _ 
cn {Mar. Sevt-lt'sWr Walter Ifii 1 . 

74 Jan. JulyiWace Group 20p- . 
'Feb. Aug.(WaddinrtonU.i.. < 

swterttiiip- 


D.fl 

35l 

u 

h 

u 

4.1 

3.7 

I 

Ml 

3J 


sH 5 


ll 

L 

120 


3.4 

3.0 

li 

5.W 

3.8 
0.7 

u 

24 

3.9 
22 

U 

ft 


Till 

5.2 4.6 

12.0 7.7 
7.4 12.6 

5.0 43 
9.8 93 
6.7 43 

6.2 £41 
30 2?.9| 

llaioljM; 


5-61 


9-4] 


113|C4.4i 

IB 


7.4 

■ 8.2 

moo 

■13.6 


u 

21 

6ii 

12«i 

4J 

23 

53 

AW 

7.7| 


2-7 


■5.31 

bl_W 
9.6f 
0.4 

■75 
HQ0.9 
H8 5 

3.8 


6.6 

9.7 

U1 

3.1 

4.0 

9.4 

33 


[Jan. 


5.6 


73 

4.1 

72 

83 

fa 

75 

69 

1531 

80 

133 


INSURANCE 


Nor. JuneBownnfVTt. 
Feb. July BreuiaTl Mlfp - 
May SepL RnfaimicSp- - 
•F.M.S n rcatinrf.to it. 
Nov. May floram 1‘nion — 

Jan, July Eagle Star 

- Edatftalm'.Bs , 

June Dec. Enma\;S9+»Cta J 
September Equity iU^Sp. 
Jan. July Gen. Accdenl .. . 
Jan. . Slav Guardian Royal- 
July Dec. Hanbretele — 
Jan. Julv Heath iC£i2Qp- 
Urt. Mar. How Robmson- 
OflL Apr. I|o«ukilMIC 9>. 
Dec. June LcBtl*<ite-89« 
SepL June J^s.ftt3<h*n. Wp 
Nov. Uay lea&Uan 5p_ 
DrL Apr. lotwlOD l nu»1 N> 
Nov July Matthew Wr JOp 
Nov. June MinrtRWpW 
Mar. Aug Uomsirinsiajp 
!«. June Pearl 3p- 

Dec. JunePbortiU— ■— 
Dra, Mnj RnutteiS'A -• 
Dec. May I»"F — 
Nih. May fruilcnlialSp - 

Nov. Slav Educe 5p 

J»U. May Rora - 
Feb. ttel.Scdg Forte Wp. 
Oct Apt. Meihotw — — 


107 

« 

170 , 
£MW 
156 
144 

230 

232 

322 

265 

190 

181 


3' 
164ad 
192 
201xd 
57 
240 
270 
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12401 
256 
140 
370 
420 
103 


31(8295 
31 128 

3J1 d. 23 
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17.4 6xi9 
3LU 810 
17.4 10.17 

17.4 20.0 
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3.4 5.77 

25 4.47 
17 J£ 16 48 
25 421 
3 ID 9.19 

34 1259 
14U 1035 
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25 8.17 

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13 J 81 
34 16 35 

133 9 59 
272 405 


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PROPERTY 


Sept Mar. .Allied Textile _ 
Jan. Ang. Atkins BrtK. 

Dec. July Beaks llj20p_ 
May Nov. Beckman A lOp- 
June Dec. Blackwood Mori. 
Apr. SepL Bond St Fab. 1 Op 
Dec. July BrigttiJohni— 

- gpmw. 

Apr. Sept Brit 
Feb. Aug.ButaerL'mb.llpJ 
Jan. JalyCaiidiDmideei- 
Dec. May Carpets Ini. 50p. 
May Nov. Carr'gte iTyeUa. 

October Cawdawlnd—. 
Dec. June Coals Patoos — 

Oct May Corah 

Mar. Sept ConrtauMs- — 
Mar. Sept DaTNDeb82-7 
July CrowlhenJ.) — 
Feb. Sept DBW6oniatl._ 

Feb. Sept Da A' - 

June Nov. DixoafDaridi. . 
Nov. July Barts 1 C. 1 t M.%! 
, Jan. July Foster 1 John] — I 
Apr. Nov.HaggastJ.il 
Feb. Sept fficfinfiPal . 
July HleldEEnH.5p_ 

Jan. Aug. Hirfianis 

Mar. Ott Mai Grp 5p — 

June Jan. Bombay 

Oct Mar. DTgiwrthltaOp 
Oct Mar. Do.'A'Sflp— _ 
Jan. Aug. Ingram iH+10p_ 
Nov. May Jerome iTOdgsi . 
Jan. Ja!yjJ«dsDjms- — 

November UnghMflfc 

Iftvexfy 

(Apr, Dec. Lister 

Jan. July lflestSiaDp 

May Dec. Mackay Hugh — I 
Apr. Ort [Mackmnoo?ax+ 
Jan. 

Nov. 

SepL Apr. Ifotafmt 

July Dec. Notts. ManiE — 
Mar. SepL Nora Jersey 20p_ 
Mar. July Parkland A' — 
Jan. July Pickles (W.1& Co 
Jan. July Da .VNVl^>_ 

Apr. Sept RJLT. IDp 

Apr. July RaUwFashiQns 

Ang. Dec. Reed nftn.1 , 

Mar.- Ort Hehaace Knit 3®p- 
May Feb. Rkftonh I0p — 

Mar. Oct S-££T 2Cp 

Dec. Mar. SccdFobertsoiL. 

. ,Jan. Sekenlot Hto— , 
Feb. Aug. Saw Carpel* Wp_] 
June Dec. Shiloh Spinners- 
Mar. Sept. Sjfla»lnd&50p- 

Jan. ■ way Sirdar 

Ort. May SnaUftTSdsnas. 
Apr. Aug. 5a T htosi LL 9M J 
Apr. Aug. Do.Prh.L12llO- 
Feb. OcL Spencer iGnal— 

Apr.' Nov. Stoddard 'A' 

Jan. July Stnwd Riley Dr'd- 
Jan. May FerttConsnlate- 
Mar. SepL TWtTdJisy.lOp. 

February TmUnm iw _ . 

Feb. July Torta 


July 


r _ r Dec.lAff4UmdonH)p 
[Jan. Sept AllOTH London .. 

— MalpaaiBd Stats 
Apr. Oct Apex. Props. 10p. 
Mar. Oct Aqois. Secs! 5p- - 
August AvaueCTwap 
— Bank & Cowl Op. 

I Sept Mar. Beaumont Props 
Jnn. Apr. BearenC.H. 1119 -' 
Dec. June BenwayHld&-. 
July Dec. BertelevHaihro-| 
Nov. July BUttmitary) — 
Dec. Aug. BraiffordProp. 
„i — BritAraaiuap— 

t '2 — British Land — 

2, Apr. Ort Do. I2pc Cm aicJ 
July Nov. Btecn Estate — 
4 2(154 J4ar ' °c*- t^P- .iCtairfiH- 
_ Do. Warrants - 

* Feb Ang-CanGnfiGniupSP ■ 
7\ Jan. SepL Carrington lm ;Mp 
Sa — rrtronnaal 20 p 


u — aiowS ecs^- 

■ n Dec. . June Ctorchbly &*-- 
Apr. SepL City Offices 
t * Jan. July CSnrke PTietofla; 
63 — contnflSecE. 1 P“ 

Inly Apr. QaBkLu# ^ . , 
c'| Apr. Oct CatnNwT.lto-] 

jo, February Catjftftst lOp- 
i r'= Mar. Sept DaejtafW'- 
J 5 — Pare* Estate* lift - 

? 7 Feb. Aug. DomngtonlOp- 
07 Jan. May Eng- Prop. SDp_- 

May SepL DoffacCm — 
April OcL DAlSpcfiw.— 
July EsJatAgaW^.- 
Nov June Eas.ftGen.3iP 
Apr. Nov. Estt. Prop Inv. 
pan. Aug. Ertns Leeds . 
Apr. Dec. Fauricw E*K. Wp 
6.8 1 - Gilgatelto - 

fjlApr. Dec. GlauUeldMts 
lFeb. Sept GLFBrtlaDd50p 
Jan. Apr. Green (H-HOp — 
[Ian. Jub Gwe«oat5p v 
June Hamnwwn A • 
November HBlkjlad 
Feb. July Haslanae - 
Sept Mar. HXLand.TOC$5- 
Mar. Septllnny Property-- 
Apr. Sept InterenropMnlOP 
August Jennyn Invest— 
IflfcUuly OcL Laud lines 

JWggtZb: 


■Mar. Sept. . 
[Mar. Sept DaftWmw.®- 
tor. Sept DfcWStfbnv/K* 

Uuly Nov LawU«id3to 

lOct Mar. UndLeawSW 
Dec. June Lon 
[Apr. Dec. Lw.Sk nm 
'Apr. Sept ImdonHdjs W 

Dee. June aEPC-- — 

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Uclnenwir 
Mar. Oct. McKay Scrt. 
Apr. Nov Midhnrstftfc. lift- 

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Aufi. Oct SoitWL- — 

May Nov. Pwte'' 


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228 207 
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April Oct TraHord Carnets 
Jan. July Bteorflie Hh> — 

Mar. Sept Vlta-TfexSOp 

July ymte.RBeW.38p. 
Oct May|Ya>glul 


111 ttt.49! 
1212 334 
1401 288 

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1413 246 

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Mar. Sept Loaft Abdn Pfd5| 

Dee. July Lon. Atlantic..^. 

Mar. SepL LcmAusUnvlAl 
October Loo.4 Gait 50p„ 

60 Nov. July Indi-fcHoljTOod 
ft June Jan. toa-Mamm.- 
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12 Nov. 

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0.98 
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WP 1 


iM7.: 


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4.9 25.1 

5.6 tei 

4.6 323 
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6.7 June Dec. Ntim-Ameriew. % 
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42 Jan. Aug. OiiftAxtotlnv- 
62 June Nov. Ontwich Inv . _ 

7.9|6.9 Apr. Ang-Pendudbiv— 

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9.1 Aug. Feb Raehnro 

1A.9 Feb. Sept Reahrooklnr.— 

4.7 Apr. Oct Rights* Is. Cap 
ft Oct Mar. River 4 Merc. — 

Sept Mar. River Plate Del - 
Apr. Nov.Robecottt.lFlSO £59^ 
j.7 Apr. Nov. Da SuhSh’sPE 592 
91 — RoUnco NV F1S0. EftW, 

3.6 - DoSab.Sh’sFB- 447 

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. U& 56 ggp — RShSSdIii.58p” lS 

81 Dec. June Safeguard Ind— 71*1 1 
3.9 OcL April St Andrew Tst_ 112 
75 July Mar. Sett Am. tar. S 0 p_ 

3,0 December Scot &O 00 L In. 


December 
March 
September 
Mar. Sept 
November] 

January 
November 
May Nov 

i i Aari“|J*n- ■JundangloHldttlOp- 

iiiiy^sssjsassa- 


. 5 7 Mi, 
l.fH 8.0 18.6 
- 1531 

12 .il 


lil 


0 . 9 J 1.51U71' 


Assam DooanEI 
Assam PhmtMrtl- 

AssamlnviLl 

Empire Plants I Op- 

(Joindtl 

Longbooroefl — 
McLeod Rnssrtil. 
Moran £L 


1M 43 : 


205 

AS? 

♦951 

5M 

305 

131 

616.25 

45 

114 

m 

ft; ■ 

3.7 

24 


♦L9B 

16 

285 

14.11 


35 

305 

tl>li 

♦10.00 

64 

235 

yffi\ 

113.5 

2.7 

390a 


15.08 

4.9 

23 

k.tjl 

WU2. 

3^ 

223 


P13-0 

3-6 

169 


9.0 

471 


42 
5.8 

52 
L5 

5.7 

7.8 
2.2 
8.3 

5.2 L’nlcu utbcrwtw iaUcaML prtcra and art dividend* are la 

5.8 pnre awl doMoriaMtou are ZSp. Earireatad pricr/eandnga 
nKiataadearetv aw tMaedMlaUroi annual vcvoita and accsuBia 

46 amt "6*rc poaaitde, are npdaud an hall -yearly runres. P/Ba are 
5 4 eakalated an the baala of art dlaMbatian: breckrtrd flsom 
"i tndtoalr id per rent or more di&mnre If calcnlaied an -nil" ’ 
. - dlatribtfian. Coven are baaed ob -ma nrimn ai" diauiboiWn. 
n \ Yldda are baaed 00 middle price*, are (ran. adjaated to ACT of 
X4 per rent and allow for valor of declared diatriba liana *ad 
’■J rltbOL SemrUloa with denandnaUoBa other l baa aterUon ara 
3.0 quoted ladoatve of the Inveattartn dollar pr em inm. 

.Sterling denominated aeeunuos which include investment 
dollar premium. 

"Tap- Stock. 

Hlgha and Lows marked thus hate been adjuated to allow 
for rigUU Issue* for cash. 

It Interim ainee increased nr resumed. 

|t Interim since reduced, passed or deferred. 


i§:?' 


1&1 

34012 


2.65 

418 


1.0 52(28.'. 

LI sflf.7 

1.1 4.! 


SJlApr. Sept|LtnnitfEL 


Sri Lanka 

! 210 

Africa 


May Nov Blanhre£I_ 
Feb. OCMRnoE*WH._ 


ul 


17.4(500 

272(13.0 


-J 20.6 
_ 53183 
10} 53 LB 

- «3L6 
LflliO 12.7 _ 


MINES 

CENTRAL RAND 


9.9] ft Mar. 
62P4J Apr. 
_ Dec. 


pec.1 


Cllles 'A'— 161 
East Inv— 138 
European- 38 b 2 

ishlnv 96 

Mnt fcTst. 
NaBonal— 142 
Narthera.. 100i 2 
Ontario 137 


LZj 4.6 280 
7.7 1B.B 
_ 53 27 1 
l.« 4.4 33.0 
1M 23 443 
LM 7.6 182 


•Aug. 

Aug 

Aug. 


IDiffbanDeepRl... 
Feb. feast Rami rip Rl. 
Fe b.rRnadfort'n Est. R2 
Feb.JWart Sand FO 


3212 +7.92 
111 526 


U2( a July Jan.] 
lOlJlOj June Dec.i 
' * 4.0 June Dec. 

I’ Eg ES; 

— Aug. Mar. Scot CM Inv. 73 

7.7 Apr. Aug. Scot Western 911* 

5.7 — „ Scot Westn. *B‘ — 8 te 
32 Apr. Oct SccMlunTst— 

4.7 Jan. SepL SecGreatNtha. 81 

26J ^ - DorT-- 77 

112 Dec. Jane 5eeurtflesT.se- 188 
j 71 June 5e!taBi41nr.SC55 400 
|47.7 Apr. Sept Shires lnr. aSp— 129 

80 November SizeweD IDp 70 

58 Dec. June Sphere Inv 108 

18 Dec. Jana SPUTInc. lfln_ 160 
ft — SHU Cap. IQp _ 58^2 

ft Jan. AUg. Stanhope Gen-L. 100 

Aug. Apr. SJerlingTM 167 

June JauStockluHdaslnr... 911* 

September Teduwh®,. 91 

Mar. OcL TetnpleBa 1 911* 

April Nov. Throe Growth. __ 21^ 

5J] 19 „ - DO&P.E1 97 

, — . 58 Mar. Aue. rtannoortw — 69U 
63J 3.4 &9 MW Nov. Da^%Loan_ £UHT 
2.0(10.7 58 Mar. Ort Tor. Invest Int_ 73 

9.3 56 Z9 October [ Do. Cap. 106 

ft 1 73} ft Feb. 


EASTERN RAND 


4.1 36.0 
15 

3.7 371 
ftl5 2 ft 


* 5-3 ft 


4l]30.i 


May Nov. Bracken Rl..,_ 

Februaiy EaafDafflaRl 

— EHHaBOM 

Ang. Feb. GrootvieiSOc 

May Nov. Kinross RJ 

Oct Mav Leslie B5c 

Ang. Feb Marierale H650 

S. African Ld. 35c _ 

I Aug. Feb. VtaUonteinRl. 

(May Nov. WteMiasiHO 

Wit Nigel Sc 


69 

2*2 

338 

B8h 

326 

41 

S 12 

47 

43l 2 

629 

42 


9,3 f+ Unlisted security 
’ 12 J 5 * Price time of suspension. 

33l 64 9 Judirsted dividend after pendme «cnp and or rtfihta Issue: 
1 c'n cover relates la prevlaus dividend or rorecssL 
** Pie* of Stamp Duty. 

♦ Merger bid or reorganisation in progress. 

♦ Not com parable 

■rtd ft Same interim; reduced final andar reduced esrninjte 
8-8 Indicated. 

8.1 ft Forecast dividend; cover on evrnlnsa updaled by latest 
i merlin stalemenL 

Cover allows for convoreion et sham not now ranking lor 
dividends or ranking only for restricted dividend 
I 1331 53 '( L5[ 4.0 1 A Cover does not allow for Shares which may also rank for 
' dividend st a future date. No P.'E ratio usually provided, 
ft Excluding a final dividend declaration, 
ft Regional price, 
ft 1163(8 1-0 P" 1 * ,alu * 

I Kid* Ta* tree, h Figures based on proepectos or oUier official 
v ,u ' 7 |coUmale c Cents, d Dividend rate paid or ptiakle on pair 
at capital: cover based on dividend on full capital, 
e Redemption yield, f Plat yield, g Assumed dividend and 
yield, b Assumed dividend and yield after scrip Issue. 
1 PagnnMt tram capital sources, k Kenya, m Interim higher 
than previous total, a Rights lour pending q Eamlmta 
baaed on preliminary figures, r Australian currency, 
a Dividend and yield e* elude a special payment, t Indicated 
dividend: cover relates to previous dividend. PE ratio based 
on latest annual earnings a Forecast dividend cover based- 
on previous year's earnings, r Tit free up to Wp in the L 
a Yield allows far currency clause, y Dividend and yield 
based on merger lerma. x Dividend and yield include a 
special payment Cover does not apply to special payment. 
A Net dividend and yield B Preference dividend passed or 
deferred c •'aradian. D Cower and P'S ratio exclude profits 
of I'.K- aerospace sutMadinnes. E Issue price. F Dividend 
and yield based on prospectus or other official estimates for 
IB77-78 G Assumed dividend and yield after pending icnp 
22 xiand/or rights Issue H Dividend and yield based on 
' 'prospectus or other official estimates for 1S7B-77. E Figures 
. . based on proipectui or other ofttrlal earimstes (or 1 S 7 B. 
i,5b * Dividend and yield based on prospectua or other official 
esUmatea tor lSil N Dividend and yield based on prospectua 
0-* or other official estimates for 197B. P Dividend and yield 
4.4 baaed on prospectus or other official estimate* for IfTTV 
3L0 Q Gross. T Figures assumed. I' No significant Corporation 
— Tax payable Z Dividend total to date ft Yield based on 
|343 assumption Treasury- BID Rata stays unchanged until maturity 
82 of stock. 



6*2| 

6.2 


3<l 

31 

XI 

3.4 

U 

11 

676 

31 

3f 

874 


131 

L2( 

L0] 


FAR WEST RAND 


lOct AprJ 


2.9172 

33|i238>| 


TRUSTS, FINANCE, LAND 

Investment Trusts 




L9j L9J428|Dee. June Aberdeen Ims.- 
Dec. June Aberdeen Tnat- 

Jan. SepL Msabw 

Dec. Jub' Alliance Inv 

May Affiance Trass — 

July Aittfnnd Inc. 50ft. 

J-QSi.4 Now. . July Da. Capital 3 ;^- , 
4.6 — Dec. July Anbroielnv.be J 

LS I29 S — nn thi n 

58 88 Ort May AmencsnTnat- 
43 ft — American Tft'F 
86 XLf Aug. Mar. An<k>Ajn.Saat- 
04 rUZi Sept. Apr. Anrto-InL Div, 

B3\ - _ Da Asset Shi - 

June Dec. AnglttSaiLlnv... 
Aug. Feb. Asd»E*desIat. 

— Do Cap-SOp 

Dec. June .Arm Im'.fJAlj.. 
Aug. Mar. Ashdown" 
January Atlanta Rah lOp 
. ..November AtlanficABtls. 

4.9] 1931 Dec. June Adas Etecf 

2.138.? October Ama.fclnl.rshi 
5.3|101|Nov. July Bankerflnv.- 
December Benylkiat.-. 

Klshopsedf Prop, 
Nov. June fflshwsafeTtt- 
May Dec. Botts&siuL%. 

June , iBmaFomlM 
JAIL ' July Brazil Inv. GJ1- 
BftmJrTst— 

Jan, AUg BridgenterUp. 
Apr. SWA BrtLAltfcGenJ 

*■ JyO Jan BntlfihAaetg 

y NOv. BtUfirtSEuSp, 
Feb. Aug Brit tod fcGenl 
Dee. JmaaJrir 
Ort Apr. Broadsiooef 2 ft»j 

Dec. June Brunner Iw. 

December BncourtSOp 

June Dec CiAFliir 

Dec. Aug. Caledonia Inq._ 
Feb. Ort Calednmanlbt- 
Da“B" — ... 

_ Jun Dec CmsfertaaiadCen, 
M3] 17J30B May Cs»»\lalj»fs.% 

_ 7 -, Dec. JuneCatifcFtaeign_ 

?■ JI 6-6 Apr. Nov. espial fc Nat _ 

3 1827 7 _ la -B* 

661*724 Sept Mar. Cardinal Md 
3-81 — Aug. Apr.jCarUolto. 


51 

136nf 

1031; 

91 

219 

121 

S 

44 

98 

43 

122 

43 

68 

35 

142 

123 

7tPi 

88 

^2 

871. 

Si* 

574 
71* 
156 
278 n) 

25 

# 

«P 

168 

144 

91 

74. 

230 

75 

73 

82 

212 

108 

120 

114 

ins 

209 


32 +422 
2811 24 
34 7J 
1710 8J 
urn oa- 

hh +4.06 


3.4 


135 


112 3.0 
272 3.2 

v $. & 

% ?S %: 

2811 03 
318 0.41 
17J£ L90 
733 12.7 
17.4 233 
Mil (087 
3U£ - 
1212 625 
23 t73 
676 

15I2QS531 
2811 +03 
43 032 
ZJJ U5 
132 2.00 
25 +03 
1411 3.4 
4.65 
13J 515 
MU 335 

I# 

2811 +737 
1212 fliO 

^ s 

Wl 3.60 
132 4J0 

m 

1313 3.85 


Dec. J 
Fbb. 

Apr. 

72}* Fteb.*^L_ 

_ nil S. S i" 

H 5o IK “■ 

i_5-5 2?-7 Jtme 

IttJ ft July 

0.4 — March 

1IL6 112 

M3L0 Jubjmtanlnv. 

7 . - July Da“B" 

46 29.7 Apr. SepL Yeomaiilnr. 

|213 BJ July Dec- Verb items.. 

T? sTt “t Vorkgreen JOp 

5.7 26.7 Dec. Ji 
U.5 33.1 


L 


1 

a 

* 

s| 

t 

Lfl 

LB 

L2 

12 

?U 

II 

ft 

i 


163 

ibnneTmat^ 64 
pteteLLtcSOp. 60 
Im Capital £2 _ 139 

Unkn W2 

Corp_ 

(tav 

btr 58 

. Brit Sera._ 1231, 
M Capitals — 19J 

7SDeb.Carh_ ra, 
^fcGnsdlrt 181 
TrutFtmdSU 825 
ikmftBannet. 
■.fa.fc'rmswp. 82 

■ . Inv.£l_ 390 

inter bottom 188 

84 
80 
161 


if m 

19.W 0.49 
JIM 5.0 
JhL3 
17.4|439 


Feb. AugfelyrovS 
Feb. Aug. BnfielsR] 

- Deelkraal R020 

Feb. Ang. Doamfnntdn R) _ 

Allg. Keb. EastDrieRi , 

38)38.6 — - Sudtrau)GM.30c_ 

7.^17.9 Feb. Aag.EJsbmgRJ 

JUJ Feb. Aug. BaiteboedRl . 

1 Feb. Ang Hoof GddRl_, 
93(15.8 Feb- AugLihononBl — 
February Sonthnul 50c. 

j 10 .4] 1X9 Au^Peb.^fcnteio 50c 

All, 

4.7130.9 Fe 


YoQngCo'ilnvILj 



LI] 4.1 
ID 5.i 


4-21295 


OR. Keb. VaaJ Serfs 50c — . 

so. Aug. VentoroostKl 

Feb. Aug W.DrteHi 

Feb. Ang. Western Areas BI_ 
Feb. Auft Weriero Deep R2_ 
Feb. Aug. Ztmdpnn HI 



Abbreviations: nl ex dividend: k ex scrip issue: r ex rights, nex 
all; C ox capital dlftribuUon. 

“ Recent Issues ” and " Rights " Page 25 

37 (This service Is available to every Company dealt in on 
Stock Exchanges throughout the United Kingdom for a 
fee of £400 per annum for each security 


REGIONAL MARKETS 

6-8 The following 15 a selection of London quotations of ihuyt 
1-6 previously lifted only in regional market* Price j. of Irish ■ 
0.9 Issues, most of which are not officially liMed in London, 

4.4 are as quoted on the Irish exchange. 

6.4 


O.F.S. 


19 ft May. 
X4I4JI. — 
5.6 24.1 


1.0 7.1 
LO 6.6 

L0 L0 21J] 


Sept. FebJFree State Dev. 50c 

Jun. DecJF3.GediikI50c 

F3.S»3daasR]_ 
HfinnonySOc 
iteraiaz 

[pnes. BrsmJ 5Dc ... 

Piw.afyn50c 

1st Helena R1 

[Unisei 

WeflmniSOei 


Jim. 

Jun. 


Dec.l 

Dec.|tf Holdings Sfc.. 


80 

310 
■ 84 
896M 
701af 
774 
173 
258af 
Eteiaaf 



Ash Spinning 

BeitJUU 

Bdg*wlr. EsL 50p 

Clover Croft 

Craig A Rose n 
Dyson m A.i A. 
82 EUta&Mcndy. 
Sj Evans Frik-lOp. 
Evered— 

j.; SSSSifiS;, 

12 I.O.H.StBJ.U.J 
8-9 Polttjoa.i USp. 
— N'lhn.Ooldsinlihl 

81 Peaicetf. H 1 .. 
Wl Pbel Mills . .. 

Sheffield Brick 


23 


45 


32 


270 


22 


426 


41 


62 


570 


15 


50 




140 



B2 


147 


250 

-8 

55 


150 


20 


48 



Sheff.Relrohmf.l 
Smdali iWnU 


u 


1BLSH 

Conv e%- 0 O «2 
Alliance Gas . . 

Arram 

CarrolJ 1 TJ .1 ... 
Cloodalkin. . .. 
Coacme Prods. 
Helton iHldgs.* 
In*. Carp. 

Irish Rope# — 

Jacob _.... 

Sunbeam 

T.M.G 

Uni dare — 


HIS 


75 


320 


07 


ZOO 


132 


40 


148a 


125 


65 


3* 


1904 


95 



42 19.6 
5.0 30.6 
LI 791 
0.7 492 


FINANCE 


%fal Feb - w 


Finance, land, etc. 


Akrqyd&rathen 
.AnuourTsL 10p_ 
Im.Sp. 
RritemaJ Arrow. 

Oaddfsiey- 

CniGengeQp31 
CbUtahWteGp 
C0imH)nMkLlp, 

wgag fl 

Si Si Oo <*er a Ore Mining 1$. 
5-4^5 Dec. July Batine Home- 
lo Oct July Ex Lands Kto — 
Tr October ExphnatawCaSp. 
Dec. July Fasa»n& Gen. So. 
July FmracefclM^ 

eU = saasat 

2$ 43.8 {iShteS.Sl_, 

TV m. Feb. .Sept InvonnentC<i._ 
« Feb. SepL Katoziia. 

1-5 * — KllrtlTKiarlUp 

« J?_ September Kwdmifi---. 
xi ana August UncnlHJdi Jflpf 
ctl-scn ' — tea Euro Grp. - 

I Jaa< Nov l-oaMntbam.- 
5.4(213 June J4a.S.fcG.HUlSs.5p. 


4 

63122.6 

;•] ^ K. S, 

3a33.9 Apr- Ort| 


ail 20.0 

127< - 
1275 - 
475 

m - 

■SI 0121; 
161336 
SlJ Q25.6 
1W tll.76 
34 +L0 ' 
, 677 - 
,221 d0.99 
2811 L72 
[ 221 L01 

, as 0.49 
M +4.49 

'1 LC 


4.7114.11 2, 


U lIlLI 


4.0j 



■MW 


Apr. SepL Ang Am Cm! 50c. 
Jau. June ADgloAmer. 10c _ 
Mar. Aug. Ang. Am. Gold RI- 

__ Feb,- Aug. Ang-VaalaOc. 

2.9 Jan. July CbnterCos... 

53 May Dec. Cons. GoWFieMs- 

— July May East Hand CoulOp 

— Oct May Gen. Mining R2.. 

6.0 Mar. Sept- Gold FW$SA3c _| 

‘ Feb, Ort Jo’bmCpiB.Ja.- 

Aug, Feb. Hiddlewn25c 

(82}|Mar. OrtpsjorroSBDL40_ 
7,4 Mar. Sept New WU 50c — 

J9A - Patino 3WFli5 

83 Npsembw Rand tendon 15c_ 
Jau. July SelrttiOBlhat— 
'Aug. Feh. SntnutUc.^ . 
May Oct SilvmnlMsJjP™ 
July Jan. rvaaI.ttam.UQU- 
Mar. Sept D.C.teeaRI — - 
May Nov. U won Corpn. 825c. 
Sept Mar+VogeiJ! 23^c 



OPTIONS 
3-month Call Rates 


DIAMOND AND PLATINUM 


Nov. MOTjAnds-AnUm-Kic- 
Apr. Sept BiiWpsptePli I0c_ 

May Nw. De Beers W 5c 

Jan. Aug. Do.4flpcPf.B5— 
Nov. May 4*nbur ' 

Nov. Maylrnn. Plat 


£36 

81 

9 

63 

84 



Ul 


U 52 


l33j 

i.a 


20.0 


9.0 

10.9 

I 


Industrial a 

A Brew 

A P. Cement .. 
B3.R.. .. 
Babcock.. 
Barclays Bank. 

Beeebam.... 
Boots Drug-,. 
Bowgtm. 1 

British Oxygen 
BftreniJ I— . 
Burton "A' 

CatJbnrys 

Courts aids . . 
Bebenluuiu..-. 
Dtatillerg 
Dunlop . ... 

IS!.'. 3 !":- 

Gen- Accident 

ben Electric 

tiiaxo 

rtrandMet .. 

r-US -,v 

fmardiwi . 

lih'N 

Hawker Kidd. 
House of Praser. 


UT 

■■Imps".- .... 

I.C.I 

Invereak..-..,., 

itrA. 

Lad broke . 
Legal At Gen.. 
Lex Service 
Lloyds Bank _,l 
"Loft"— .- 
London Brick. 

Lonrbo 

Lucas Inds 

ityonutJ.) 

- Mama ". 

iMrka * Spncr 
Midland Bank 

NE1 - 

Nat Wed. Bank. 
Do Warrants 
PftODfd. „ 

Pleasey.. 

R.H M 

Rank Ore. 'A*.. 
Reed IntL — 


Thorn. - J 

Trust Houses., 


Tube Invest .. 

Unilever 

Did. Drapery., 

Vickern. 

Wool wo rtbs —] 

hypwt v ' 

Bnt Land— 
C*^. Counties 

Intreuropean 
Land Secs.. .. 

MEPC. 


Peachey.— 
Samuel Props. 
Town fc City- 

Oils 

Brit P etnde ui fl- 

BureuhOilM- 

ChaRerhaJI 

Shell 

Ultramar—. 

Mines 

Charter Cons.. 
Con*. Gold ... H 
RloT. Zinc. .J 


3i* 

5 

5 

* 

IB 

10 

2 




> 








36 


r 


MH’Mih'l 

The Best Blast Cleaners 
in the World 


] 


FINANCIAL TIMES 


Guyson International tinitte.cl, 

Avenue. Qti.&yrV/cv 'r'c.rks.'vre LS21 
; Tel- (09434) 3422Teiex 51 542 . 


Monday May, 15 1978 


li's wise 


}f you wane a factory, office Of 
shop* to contact — 

□□ Grimley & son 


□□ 


B»"«nTlun40S1 236 0236 

L>nir 01 - 8 MHB 4 

Wr J ut.oa-5ewi3 


Liberals 
hint 
at end 
of pact 


Sy Rupert Cornwell, Lobby Staff 


CBI pay advice plan 
stands slim chance 


BY JOHN ELLIOTT, INDUSTRIAL EDITOR 


to 


THE PROSPECT of an October 
general election strengthened 
further yesterday as Mr. David 
Steel, the Liberal leader, gave 
the clearest hint yet that ibis 
party would be unable to 
renew its pact with the Gov- 1 to 
ernmeot beyond tbis summer.' 

Mr. Steel stressed that the 
agreement still stood despite 
the row between the two 
partners over tax cuts which 
led to the humiliating string of 
Government reverses on the 
Finance Bill in the Commons 
last week. 

But an extension into the final 
year of the Parliament would 
depend on a really substantial 
concession by Mr. Callaghan to 
the Liberals, particularly over 
electoral reform. “It is rather 
unlikely that the Government 
will come up with anything 
thar will satisfy us." 

He urged the Prime Minister to 
call an autumn election if no 
cumprebensive deal could be 
agreed. It would not be in the 
country's interest for Labour 
to carry on. depending on one 
or other minority party on a 
day-to-day basis. 

Negotiations for an extension to 
the Lib-Lab pact will start 
fairly soon. The outcome should 
be apparent well before the 
end of this session in July. 

In the meantime the Liberals will 
go on backing the Government. 
so that the devolution legis- 
lation can become law, and 
“Liberal" meaures in the 
Budget, such as profit sharing 
and small company assistance, I 
can be enacted. 

Mr. Steel’s remarks, in a BBC 


THE Confederation of British from all interested parties and especially as economic factors 
Industry’s proposals for the receive expert help from a small may well not be the only con- 
creation of a special Pariiamen- secretariat It would then issue siderations to he taken into 
tary select committee on the an annual report to Parliament account when framing a pay 
economy, to advise oo pay limits, and the Government setting out policy. 

seems to have little chance of what it regards as the realities Ministers mnv u.-ii therefore 
being implemented as long as the of the country's economy, and „ r ^'nnoositionw be 

remains ta therefore *** « * farcied SSLS? S5« 0P S“m VaVS 

P° wer - for^ wage rtses^ and senior civil servants who. 


New loan 
funds 
sought 
by Italy 


The Prime Minister is known , mOHOS!? for different reasons, would not 


have serious reservations j?* 1 want s «ch potential influence on 

about the proposals, aod senior m/nrhiJ- Govermuer >t policies removed 

civil servants are also opposed from and Downing 

expanding the role of select l ° apP ™ * them Street to 'Westminster's coram it- 

committees. In addition, union on weunesuay. tee ^oms. 

leaders are unlikely to want tp u ? Union leaders like to deal 

wage policies debated m such a ^uuiuer&uun: direct with top ministers ofl 

forum. The Prime Minister will economic issues, and are loth to 

The idea may have more appeal address the Confederation’s see other interests, apart some- 
for Conservative Party leaders, annaa i dinner in London, to- times from the Confederation, 
who have thought of linking an morrow night. He could take the given the same treatment. In 
expanded National Economic opportunity to spell out his own their Social Contract discussions 
Development Council with a scepticism. with the present Government 

Parliamentary select committee j n ^ commons last week, they have been able to widen 
as. part of their approach to the w h eQ asked by Mr. John Pardoe, the debate beyond the issue of 
attack on inflation. the Liberal economic spokesman, wages. 

The Confederation's proposals what be thought of the idea of a Senior civil servants resent 
have been designed to meet special select committee being select committees prying into, 
objections from leading 1 indus- created, Mr. Callaghan said. “I and perhaps disturbing, the 
trialists to "corporate state " can think of few worse things." formulation of -policies within 
arrangements whereby both sides Although this reply drew Government Departments. Like 
or industry meet the Government laughter from the MPs in the the present Government, many 
to decide what the country can Commons, it was not meant of them consider the best way 
afford in wages. entirely flippantly. . is to have talks between the [ 

The CBt's idea, which partly Senior Ministers are likely to Government and both sides of 
stems from experience in Ger- regard the Confederation's pro- industry first. Parliament then I 
many, is that a select committee posals as unnecessarily cumber- being presented with policy pro- 
of MPs should hear evidence some, and difficult to operate, posals. 


State oil group to spend 
£2bn. over five years 


BY RAY DAFTER, ENERGY CORRESPONDENT 


BRITISH National Oil Corpora- The State corporation is facing private companies to pay for at 
tion expects to spend about £2bn a heavy investment programme least part of the State's share of 
raJlo "Vntei^iew!"'reinforce^thel° n off sh °re activities in the five in a number of North Sea fields exploration drilling costs in 


growing conviction at West- 
minster that however much Mr. 
Callaghan would like to soldier 
on. the Parliamentary situation 
beyond October will not allow 
him to be sure of picking the 
moment of his choice. 

All the parties are preparing for 
an autumn election. Mrs. 
Thatcher proclaimed her 
readiness at the Scottish Tory 
conference in Perth. 

A break with the Government at 
I he summer recess would be 
for the Liberals essential to 
allow them time to re-establish 
a separate political identity. 

Mr. Steel did not specify what 
move on electoral reform he 
was after. Other Liberal MPs 
insisted last night that at the 
very least a referendum on pro- 
portional representation would 
have to be promised. 

Even then, after tbeir chastening 
experience with PR for direct 
elections to the European 
Assembly, most Liberals do not 


believe that the Prime Minister Parliamentary consenL 


years to the end of 1982. in which it has an equity in- future licences. 

The Corporation's five-year terest. Draft conditions for the 40 ! 

plan presented to the Govern- These include the Thistle Field, blocks to be awarded under the j 
ment — but os yet unpublished — which bas just been brought on sixth round of licences could — 
is believed to show that annual stream; the Ninian and Dunlin if adopted — result in u unique 
expenditure will he maintained both of which are due to begin auction, with companies being 
at least at the present high levels, producing oil later this year ; and asked to state the degree to which 
The State oil undertaking spent the Statfjord Field — the biggest they would be prepared to carry 
£39Gm. in its first year of opera- discovery in the North Sea — - BNOC’s costs. 
tion*up to the end of 1976. Lord aod the Murchison Field, each Another new factor in the pro- 
Kearton. chairman and chief of which straddles the UK/Nor- posed conditions — now being 
executive, hinted last spring that wegian median line. considered by the oil industry— 

the Corporation could spend well In addition, BNOC is building is a move to provide the Cor- 
over £42Dm during the following up its exploration activity. Under poration with a greater stake than 
few years; the exact investment the terms of the fifth round of the standard SI per cent, in new 
figure for 1977 wifi be contained licences the Corporation is pay- licences. Once again, companies 
in BNOC’s annual report to be ing its share of costs for most of may be asked to state how big 
published later this week. the exploration and appraisal an interest they would be pre- 

In spite of the spending levels wells. As BNOC has a 51 per pared to offer BNOC. 
foreseen in the five-year plan, cent stake in most of the 44 fifth Furthermore, the Government 
the Corporation has told the round blocks it could find itself wants companies to outline to 
Energy Department that it does contributing £2ra or £3m for each what extent it would be willing 
not expect to call on the Govern- well drilled. to sell crude oil lo the Cor- 

ment to raise its borrowing limit. Recently BNOC was also poration or, in some 
The undertaking is empowered awarded a batch of nine licences circumstances, to buy back crude, 
to borrow from ihe National on blocks scattered around the Other new conditions would 
Loans Fund up tD £600m — which various prospective areas. These provide BNOC with the right to 
can be extended to £900m with concessions were not offered to assume at least joint respon- 


R03XE, May 14. 
THE ITALIAN Government is 
hoping to negotiate two major 
new loans this year from the 
International Monetary Fond, 
and the European Economic 
Community, as part of a con- 
certed programme to consoli- 
date some of the country's 
short to medium-term debt 
obligations. 

The loans, planned initially 
as standby credits rather than 
an immediate drawing down of 
funds, are thought to amount 
to about US$2-5bn, according 
to Treasury sources here. 

This is abont half of the 
coon try's repayment commit- 
ments In terms or principal 
and interest through to the end 
of next year. 

preliminary discussions took 
place in Rome last week on 
the new funding with Mr. Alan 
Whiltome, European director 
of the IMF. 

XL Fran col s-Xavier Ortoli. 
the French vice-president of 
the EEC Commission for 
Economic Affairs, had parallel 
talks here yesterday with the 
new Treasury Minister, Sig. 
Filippo Mario Pandolfi- 

Detailed negotiations Tor 
both loan facilities are -ex- 
pected to start about mid-June 
and, on present plans, will be 
advanced simultaneously — 
although any EEC medium- 
term funding is likely to await 
formal approval of the Slbn. 
standby being sought from the 
IMF. 


Review team 


could deliver on such an under- 
taking. 

Mr. Steel intensified Liberal 
attacks nn the Budget. He 
accused the Government of 
failing to carry out what was 
agreed on the key issue of tax 
reform in last July’s exchange 
of letters between himself and 
Mr. Callaghan. 

The remaining day of the Finance 
Bill's committee stage on the 
floor of the Commons is to- 
morrow. It is doubtful if all 
ihc Opposition parties will 
again make common cause to 
triumph on the most important 
proposal to be debated — that 
would reduce stamp duty on 
hau.se purchases. 

Mrs. Thatcher's election 
challenge. Page 5 


private companies and the State sibility with licence operators for 


But last year it strengthened corporation will have to bear the all public announcements and 
its financial base by raising cost of all exploration appraisal statements and would ensure that 
S825m (worth some E453m at cur- and development work. all meetings of licence operating 

rent exchange rates) in loans However, in order lo ease the committees are held in Glasgow 
from a group of British and corporation's financial burden, — the headquarters of the oil cor. 
American banks. the Government now is asking poration. 


N. Sea shipyard effort urged 


BY IAN HARGREAVES, SHIPPING CORRESPONDENT 


Tories will 
oppose tax 
avoidance 
clause 


By David Freud 


THE GOVERNMENT'S attempt 
io nhminate orguinsed tax avoid- 
ance will be weakened by Tory 
opposition lo a clause in the 
Finance Bili outlawing an avoid- 
ance scheme retrospectively. 

The aim of the retrospective 
legislation against Ihe “com- 
modily carry" scheme was lo 
destroy the rationale of the tax 
avoidance industry that has 
developed in the past Tew years. 

Retrospective legislation would 
have the double effect of estab- 
liFhinc a precedent for dealing 
with avoidance schemes and 
•caring off putennal clients who 
would otherwise be tempted to 
use ilioin. 

However, the Conservative 
parly now has decided to oppose 
the measure in Standing Commit- 
tee nn constitutional grounds. 

Even though it is unlikely to 
defeat the clause— unless there 
are Lahour defections— the im* 
pact oF the measure will be 
reduced. 

This is because the Conser- 
vatives will have shown them- 
selves unwilling to operate the 
retrospective precedent. So some 
people are likely to feel con- 
fident enough to operate 
avoidance schemes under the 
next Tory administration. 

The Standing Committee is 
equally divided between Labour 
and Opposition MPs. so the chair- 
man’s cabling vote — no the 
Labour side — is likely to deter- 
mine thr* issue il the committee 
divides un party lines. 


BRITISH SHIPBUILDERS is craft constructed for the oil in- ing for this work and offering 
six to eight years behind its dustrv in the last five years and flying repair squads, in addi- 
competitors in servicing the off- none of the 94 semi-subraersibles tion to building modules for the 
shore oil market — and requires a delivered in that period. platforms and carrying out 

rapid and substantial xeorganisa- More than 50 world shipyards hook-ups. 
tion and investment programme are designated as oil industry According to the report nff- 
if it is to catch up. according construction yards and none is shore oilmen’s reliance on land- 
lo a report circulating within the British. Of six major deep-water based — chiefly American — perro- 
corpnration. buoy designers only one is chemical engineering experience 

Coming at a time of increasing British — and even this company has led to errors of judgment in 
Government pressure on the oil- builds under licence. the North Sea. Such errors have 

Geld operators to buy British British shipbuilders’ contribu- involved under-estimating the 
marine equipment, the report is tion to the design of specialised cost of platform jackets by three 
the work of Mr. Clifford Moriey, craft has. says the report, been D r four times, 
a former Swan Hunter executive "minimal compared with the The approach recommended 
and chief executive of the Malta same industry on the continent, ; s the establishment of an inter- 
Drydock Company. Fie now works the US and Japan." nal division of" British Ship- 

in the offshore oil industry. Mr. Moriey contends that the builders responsible for design 

It presents a thorough analysis worldwide search for oil and engineering and marketin'* iii 
of the British shipbuilding indus- other minerals is bound to move offshore energy indusreies 
try's failure so far to move away into deeper and more difficult About 70 per cent of the nennle 
from simple ship-shape siruc- waters and that the marine in- required for such an operation 
tures to the wide variety of sur- dustry is best suited to meet the are aSeadv wlthS, the Kora 
face, submersible and seabed basic design and construction “ion ' corpora 

constructions which have been requirements. British Ship- Production farilirip* wm.M 
developed for use in offshore oil builders, he says, should be using have to he modernised ° d 
exploration and production. the North Sea as its launching Althlh n TSu. „ =. 

*»« **'<* ^ f ° r ' ■“* *"»'»* ™r.d r™U°T U," 

Shipbuilders is engaged ureentlv 


Earlier this year, the 
Italian authorities repaid on 
schedule the first tranche or 
USS35nm of a Community 
facility or SL4bn extended to 
Italy three years ago, and 
three similar repayments are 
due in July, September and 
December this year. 

An IMF review team was 
due to visit Home earlier this 
year to study progress on 
economic and monetary man , 
agement commitments Incor- 
porated. in the terms of the 
Italian letter of intent this 
lime last year — when the 
Government secured a furtlwr 
drawing from the Fund of the 
equivalent of US$530tn. 

The team’s arrival was post- 
poned, however, partly be- 
cause of the Government's 
difficulties In gelling all-party 
approval of the 197S Budget, 
and more recently because of 
dislocation to Government 
business caused by the kld- 
nanning of Sig. Aldo More. 

The DIF team is now 
expected to arrive in mid- 
June and probahiv about Ihe 
same time as a mission from 
the EEC 


Weather 


considered at the highest level market 
in British Shipbuilders, has On the maintenance side alone, 


attracted enthusiastic support the North Sea fields are expec- markirim?^ ^Snrt Mr °Jolvon 
from some executives. ted to generate contracts worth ^ ° V 1 


It shows that Britain has built £250m a year. British ship 
only 36 of 586 specialised service repair yards should be tender- 


Car statistics move may 
obscure import content 


by TJERRY DODSWORTH AND ARTHUR SMITH 


FORU ILK. has put forward 
tentative proposals lo change 
the basis of publishing figures 
on vehicle imports to Britain 
so that it would no longer be 
clear where ihe cars sold by 
the big British manufacturers 
were made. 

The suggestion wax discussed 
recently by the Society of 
Motor Manufacturers and 
Traders, which compiles sales 
statistics. It would mean that 
the Import content in the sales 
of Briaio's four indigenous 
manufacturers would no longer 
be presented on a mo nth- by- 
mo nil i basis. 

This rollows a period in 
which the multi-national manu- 
facturers— Ford. Vauxhall and 
Chrysler— ha ic been Importing 
heavily Trent their Continental 
plants to make up shortfalls 
In their UK production. 


it also coincides with a new 
proposal by Leyland Gars to 
import a limited number oC 
Minis from Us plant at Seneffe 
in Belgium. 

Longbridgv shop stewards 
will meet today to discuss Ley- 
land's plan, which would 
mean importing about 750 
Minis a week until August. 

Hie Idea is to build up stoelcs 
to cope with the current strong 
market which could rise to a 
peak of well over 200.000 
registrations in August. 

• Prices of some Leyland sports 
cars will rise an average of 7 
per cent from today. Examples 
of ibe new prices include- 
Triumph Spitfire, up from 
to £3.082: TR7 from 
£1.877 lo £4,072; MG Midget 
from £2,441 to £2*648; and 
MGB soft-top from £3,324 to 
£3,491. 


SI os sett, formerly with Houlder 
(Offshore), has recently been 

appointed at managing director 
level within British Shipbuilders 
to head this project and a new 
offshore proEramme will be 
announced within the next few 
weeks. 


Continued from Page 

Kaunda 


had warned Dr. Henry Kissinger, 
former US Secretary of State, of 
the dangers inherent in the 
Angola situation in 1975. 

“A few months later at least 
Kissinger had the courage to 
say: ‘If only we had listened we 
might have saved the situation.’ 
I don’t want that to happen 
again.” 

Although he would not be 
drawn on possible differences in 
the approach to Southern Africa 
of the US Administration and 
the British Government. Dr. 
Kaunda said be would prefer! 


UK TODAY 

SOME RAIN in most areas. 
London, S.E„ Cent. S. England, 
E. Midlands 

Showers. Max. 13C (55F). 

E. Anglia, E_ Cent. N. England 
Rain at times. Max. 9C-10C 
(48F-50F). 

W. Midlands, Channel Isles, S.W. 
England, S. Wales 
Sunny intervals, scattered 
showers. Mas. 14C (57F). 

N. Wales, N.W. England. Isle of 
Man, S.W. Scotland, Argyll, 
N. Ireland 

Bright sunny intervals, scat 
tered showers. Mas. 12C (54F) 

N.E. England, Borders; Edin 
burgh, Dundee, Glasgow 
Occasional rain. Max- IOC 
IMF). 

Aberdeen, Cent. Highlands, 

Moray Firth, N. Scotland, Orkney, 
Shetland 
Mostly dry. Max. 10C-11C (50F- 
32F). 


BUSINESS CENTRES 


Afccodrta 

Anwdm 

Alliens 

Bahrain 

Barcelona 

Belfast 
Belgrade 
Berlin 
BrmRftm 
Bristol 
Brussels 
Budapest 
B. Aires 
Tjiro 
Cardiff 
Colnani* 
Coih-Atui? c 
Dublin c 
Edinhurcb r 
Frankfurt R 
r.nnpva C 
Chit-sow c 
Helsinki C 
H. Kant; s 
Jo'burc C 
Lisbon s 
London r 
Luzuqib'c C 


Vitojr 
M W-day 
-C 'Fl 
f 3 13 Madrid S 

CUM MancfiRr R 
F Cl 70 Melbourne C 

S 33 91 Milan S 

F 17 83 Mammal c 

c to SO Moscow R 

C 13 33 Munich c 

C II 53 Newcastle C 

«■ 10 M Sew VorVt r 

C 10 50 New Delhi S 
C 9 4fi Osin f 

C 10 50 Pans C 

C 15 39iP?n»i S 

■j 33 93l Prasuf C 

C 0 4Nj Rojkjovlfr r 


1 -.' m 

10 oO 
10 50 
10 SO 


Vday 
Mid-day 
°C 
20 88 

8 4S 
U 57 
17 « 
-1 TO 

11 52 

12 JH 

9 48 

13 W 
40 104 

11 5" 

12 M 

13 53 
il 

7 43 


Rio d>; J’o S .10 Sfi 


Rome 
Singapore 
Stockholm 
3j Srrashrp 
32 i Sydney 
5; [Tehran 


24 7K 


34! Tel aviv 
i Taliya 
7Si Toronto 
*—? Vienna 
s 4S{ Warsaw 
in 50 1 Zurich 


5 17 SI 
J? 23 
F 11 32 
C 11 
S 13 <54 
S .12 90 
S 22 
C 21 7u 

R it in 
C IB 39 
F 14 57 
R 8 


HOLIDAY RESORTS 


Ajaccio 

Ateit-la 

Blarriu 

Blackpool 

Hordosnx 

P.oulume 


Vday 
Mid-day 
°C *F 
S 18 84 
C 20 68 
C M 57 
C 8 48 j 


Casablanca c to « 


Jersey 
i Las Pirns 
Locarno 
Luxor 
C 14 57 f Majorca 
C 10 30)Mal.i*a 


Malta 


Faro 

the US to "take the f rent* sea L**; 

Once the issues of Southern ’ 
Africa came before the British 
public “each leader takes a 
party line, and that ends the 
strength of Britain in lackiiflg 
this problem." 


Nairobi 
Naples 
NIM 



Caw Town s ?o ual 
Corfu cue: 
Dnhrovnik s 13 sel 

C IS si! .Nicola 
F i» Citilnorin 
C 13 64i Khodcs 
Clbt-aliar c 18 i.4|Sjliburs 
fluernsoy H 8 4fiiTanr'n?r 
Imuhniik C 11 32j Tuncrife 
Inverness c to 50 Tunis 
ISlo Dl M. C H 4S 1 Valencia 
Istanbul F IS 84 Venire 


Y'day 
Midday 
»C “F 
10 SO 
20 B8 
19 E6 
W 93 
IS 66 

10 eg 

JI 70 
19 86 
18 64 
IT fij 
24 75 
18 fid 

S M fiS 
V 11 .72 
C -JO 63 
3 10 lU 
c to fis 
C 1.4 R4 
F to Kl 


S— Stmuf. F— Fair. C— Gundy. K— Rain. 






b5£ 


THE LEX COLUMN 


When sterling 


was strong 


This is the curious story of 
how British Printing's 1974 
profits before tax and excep- 
tional items changed from 
£3.03m. to £4.69 m., and then 
back to £3.1m. It is also about 
how iCrs 1977 profits did not 
rise from £482m. to £512ra. pre- 
tax, but instead fell from £540m. 
to £483m.; and about how 
sterling strengthened during 
1977 much less for Fisons and 
Lesney Products than for most 
other companies. 

The subject is, of course, the 
tortuous one of accounting for 
foreign currency transactions, 
which has been thrust into 


fcU0nSper£' 





iMfflb 


prominence after the curTen^ ICI decided that although , „„ w 

gyratjons of the past fe yea chanse Its currency tnmsla- upswing in the second half. And 

It is some extent be n tl on method was desirable, the is confident that it will 

regularised by a forthcomins 1977 accounts did not provide make pro f} t by the fourth 
accounting standard of which the rigbt occasion. Other com- q uar ter 

Draft— ED 21 panies took a different view. ^ ' three m in st0 nes round 


the Exposure 


was published some time s«o. Faced with a likely fall jn pro- the Continental industry's neck 
But jn the meantime quite tax profits fcs.7 m t o art jfi e ial fibres busi- 


— . .tax profits ... 

sharp differences in accounting £52.5m, Redtitt 


reclassified” ness< t h e plastics business and 


treatments persist among exchange differences and so re- —particularly for the German 
number of por t e d £57.9m against £51. 4m and Swiss producers — the 


British companies, a 
which have made 
recently. 


changes (one of the rules - of the game strength oF their currencies 
being that the previous year’s against (he dollar. The misery 


Ail companies with significant figures are also revised). A in fibres has no ^. Ied t0 thfl 


overseas operations have been similar change improved Rolls- near-certainty of some form of 
affected by destabilising cur- Royce Motors' profits rise from official European cartel arrange- 
rency movements in the past is per cent (which it would ment t0 contr ol output. The 
couple of years. Results for have been on the old account- overcapacity in plastics, esacer- 

1976 were swollen by a year-eod ing basis) to 27 per cent. Com- k ate ,j j, y mounting Comecon 

dollar rate of under 31.70, fol- pared with reclassification the exports, has led to pressure for 

lowed by a sharp reversal in effect of switching from closing an equivalent arrangement, 

1977 when sterling rallied to to average rates is small, but though this idea is deplored by 

S1.92 or so at the end of enough for Fisons (where it ^ Germans 

December. The impact was added £500.000) and Lesney The climb of the D-Mark has 
worse for that minority of com- (where the benefit was £300.000) forced the German industry tn 
panies— including ICI and to consider it worthwhile. protect it s profitability in ways 
Reckitt and Colman— which had The award for greatest flexi- which IC j wi if have to 

made a practice of including bility in accounting for currency follow. .First, the .German 


exchange gains or losses on items must, .however, go to ma j ors havo i ea rned in the last 


overseas current assets in the British Printing Corporation, fhree years to manage their pro- 
profit and loss account This which has changed its basis duelion much rigorously 
practice amplifies the impact of not once but twice in successive prQfit in vifiw second, 


* ■ , rriui inum ui viuw, w^viiu, 

currency swings on overseas years. Currency of mtn-ed .steadily 

— e *- £J.66m went above the line for * ' 


’t finance directors were •JJ*- 

faced with a strong sterling st .gainst £4 ’3m for 1975. In the . a ^ iro ® bu *„ PI °1^1 S - 


W1U1 41 OUUI15 aicwsug * — . is fhp Inns-evident 

the end of 1977 they weighed 1977 accounts, however, a size- *' s !!!!!: 

up the alternatives. They could able exchange loss has been ° Jm 

take it on the chin, but in many shifted back below the line and “J®* ^ yer J*. 

cases that would mean a fall, in profits before exceptional* are ®s - much abroad this >car 

reported profits. They could £5.B4m against a restated as it will at home, 

change from a dosing rate to an £3.1 m. According to BPC. the Recent statements from lul 

avetage rate method of conver- U-turn is all in the cause of have , shown how worries about 
sion, which would cushion the ED 21. profitability, are now constraln- 

blow. And where translation ^ . ing its own plans for expansion, 

differences figured in the p and Chemicals But at ICI too there is a feeling. 

1 account they could be taken As a curtain-raiser to ICI’s tb®* 1116 -demand-price climate 

below the line. Any changes in first quarter results next week is improving. Hedderwick 

accounting policies however, the recent quarterly reports Stirling, whose expectations fur 
would raise awkward questions presented by some of the largest the German Industry have now 
about why this particular continental chemical companies raised to one of unchanged 
moment had been chose a for made, on the face of it, rather profits for the year, feel that 
the switch: why should this gloomy reading. Hoechst. Bayer Id's pre-tax figure for the first 
year's currency losses need and BASF in Germany all quarter will be around £80m. 
more urgent treatment than reported that profit in the first little clnuiged from last year's 

last year's lush gains? three months had been about fourth quarter .but well down 

Confronted with this choice, one fifth below ihe first quarter on the same period last year. 


Afewmxrds ' 

about Tokai Banks expanding 
international operations. 


As pou might know. 

Token Bank is one of the ■ _ 
leading banks in the world 
with over 15.000 employees 
and 200 offices established 



It probably doesn't surprise 
you we re modem, 
progressive, and one of 
the first banks in the world 
to utilize on-line 
computerization in our 
banking operations. 



What may 
surprise you 
is our commitment 
to international 
banking. 



At present we have over 
20 offices and affiliates 
around the world, and 
we opened in Toronto. 

And recently 
opened in / 



Currently we're serving 
■ the worfd through loons. 
And also lending 
something as ua/uable 
as money. Financial 
advice gained through 
Over 100 years 
of banking 
experience. 

y 




* So don V just 
think o/ us as 
a Japanese Bonk. 
Think o/ us as a 
bank that serves 
<japan and 
die world. 



wTOKAI BANK 

N ?«ova. Tel.: 052-711.111, (S™, NmKrici (BrshchesSt.: 


Los Angrib. London. Frankfurt;'(B^ BmMt i ve Officer Taranto. »**> «*.-*> •• 


Paulo Paris Tehran e ' „ , 7 . umcesj I oronio, RWXIQO liflV, ooo 

Ja ? rW; <SuteidiariB5) T °tei Bank of California, :Tokai Bank 
'* As * Lnrnted, (Affiliatw & Associatas) London, Paris, Bangkok, Manila,. Hong Kffl*' 


Sydney 


© The PuiaAdAi Times Ltd., jng- 


\ 


of the previous year. Akzcv in 
Holland, could do little more 
than break even and forecast 
that 1978 would be a fourth year 
of loss. 

Yet among watchers of the 
industry the feeling is wide- 
spread that business conditions 
are gradually improving. For 
the German companies these ■ 
hints of a new optimism, ore 
linked in the main to hopes far 
a stronger German economy in 
the second half. But there are 
some firmer dues as well, 
BASF's April sales figures were 
much closer to the figures of a 
year earlier than was the ease 
in the first three months. 
Hoechst has talked of a profit 


X