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No. 27,560 

Tuesday May 16 1978 

'SOi r 



King & Co. j 

Industrial and | 

Commercial Pi'operty j 
Tel: 01-236 3000 Teles: 835485 1 



Record current 








• GILTS wen- boosted by hopes 
that new Interest rate levels 
would be maintained, coupled 
Kensington residents have won **?* ^cipation of good April 
their light against plans for a balanGe of ^de figures. Longs 
fortress-like extension to the 
Russian Embassy in London, 

The Foreign Office said yester- 
day (hat local opposition to {he 
. proposed extension had made it 
impossible for the Russians to 
go ahead wilh their plans to 
create an enclave of Soviet diplo- 
ma is and their families, sur- 
rounded liy 3 45-foot perimeter 
wall. Bark Page 

Coach deaths 

Five police officers were killed 
when their coach in which they 
wore travelling overturned at a 
roundabout near Wakefield. At 
Mayhem. Co. Londonderry, three 
men were killed when two mini- .. __ . . 

vans collided head-on. School- saw shar P giUDS ot 1\ on specn 
children at the Essex village of lation that the Government 
Ramsey were told oT the weekend broker had refused bids at a 
coach accident which killed six discount for the long tap, but 
of their classmates and a teacher, eased later. The Government 

Securities Index closed 0.45 up 

Plea to NATO M 7M7 - 

Mr. Buleni Ecevit. Turkey's • EQUITIES drifted in the 
Prime Mmi.-ter. called on West absence of demand and interest 
European members of NATO to centre* on secondary issues, 
fill the yap created by the U S. ^ FT ordiliary index dosed 

S r'a™* 0 is coumr - v ' M down at 485.U. 

© STERLING rose 7 points to 
Sn^ara denounced St-8207, and its trade-weighted 

'I'li'* Shah com. ..talon Jnves.i- 

aaisiw alleged abuse of power Th _ c doU , ar . ™ ade hidespriad 
'Jin Mrs. Indira Gandhi’s Sauis and its depreciation nar- 
tMUTyeney i'll I o has denounced rowed to 5.08 per cent (5.12J. 
her r«i- imposing Hie emergency ... 

m 1975 "in ensure her con- ® GOLD rose SJ to $175! in 
him: an ic in power.*' Fage * quiet trading in London, and 
' the New York Comes May 

Menzies dies TwSm. " i " " ” p 

Sir Rnijcrt Monies Former 

.lustra l?an Prime Minister, died © WALL STREET closed & 
in Melbourne. He was S3. Page 3 up a t 846-76. 

account surplus 
of £336m in April 


Most pay 

By John Elliott, Industrial Editor 
. MORE THAN 10m workers have 


Mciai add 10 per com or less m 
employment costs and are there- 

Britain’s current account moved into record surplus in April after the large j pay guidelines, 
deficit in March. The swing in the two mouths was no less than £5Q6m from' These g-utcs, pranced by the 
a -deficit Of £l70m tO a surplus Of £336m. /Confederation -of British In- 

Trade in “ errai.^” items such Europe was on holiday. Ster- 
as diamonds, ship:, aircraft and ling's trade-weighted index ended 
oil. accounted for some of the 0.2 points up at 61 & in thin 
disparity, bui it seems likely trading. The pound rose 7 points 
that one major cause of the against the dollar to $1.5207. 

March deficit was stockbuilding About two-fiftbs — a total of 
by manufacturers. £205m — of the April swing can 

Once the erratic items are be attributed to erratic items, 
removed nearly all the improve- About £120m of this was due to 
mem in the April trade figures the riming of diamond exports, 
can be accountec for by a The trade balance in oil im- 
reduction m imporis — mainly of proved by £93m. Some a»f this 
fuels, industrial materials and was due to timing, but officials 
serm-manufaciures. believe it partly reflected a 

The trade figures have run in higher level of self-sufficiency 

Zaire troops 
fight for 
copper towns 


LUSAKA. May 15. 


£m- seasonally adjusted 





visibles Account 

1977 1st 



— 505 




- 34 


+ 54 

+ 429 



+ 45 



1978 1st 

— 5T8 



1997 Nov. 

+ 68 

+ 102 

+ 170 


- 76 

+ 102 

+ 26 

1978 Jan. 


+ 100 



+ 82 

+ 100 

+ 182 



+ 100 




+ 100 


Sourer; Deportment of Trade 

Hoss returns 


• FOREIGN lending by _U.S 
banks is to be more eloseiy 
UN ir«m|>j. an* besieging about 60 supervised by the Federal bank 
r.ibviiman vuRinintidna in the authorities under a new system 
T> re region. Iran has threatened to be introduced shortly. Page 
l- withdraw its. t roups for the , . . . . , 

UX r..rcc il ihpv liuLumc involved • CHINAS world trade reached 
in ;hi* lighting. President Sarkis gMJbn last year, an increase of 
of the Lebanon has decided to <S per cenu making a $1.4bn 
rcst..r.* IHru* Minister Salim surplus. Page G 
ai-1!ii*ts gnirrmnent. which 

resigned last month. Page 4 , „ , _. . . 

tary for Trade, at a Financial 

Times conference, has warned 
OrSGV trial that Britain faces recurring 

balance of payments deficit, in 
l'lv-fil.-m l.i i -si an scientist tun S pj le y f benefits of Norlh Sea oil. 
Urluv declined to ,, nler a plea ^ack Page. At the same confer- 
when he we in uii trial in Moseim enrc n w „ 5 urged that SNOC 
|| n charges yi allll-Sovlel ugita- gjj QU |j be re-organised and its 
ii^n. Page 3 advisory and regulatory func- 

tions transferred to the* Depart 
(Brief 6y - - - meet of Energy. Page 9. 

Pnirev>cd food label-* should tell Pafajl cal AC 
nMwnm how- much added l ' cwu MIC5 
* .:u-r they are-paying for, says QffvSinPA 
ri»i- Ministry of Agriculture's «U r aiicc 
fiKid standards committee. © RETAIL SALES figures con- 

«■* .u titiued a firm upward tTend last 

Mvan temperatures for the '.**£** month, with the volume of sales 
month : .rv expected to he hicher , fl , htf threg )non(hs (l 

Hum :i\ in all dint nets. Qf ^p r ji running abot 
u'th ra/ br-lnw »ver.«„i. cenl higher than the previous 
Urfrk Page three months. Back Page 

Mr. Fully n Jones ^ ^on von- # PR1CE INCREASES sought by 
“riiieil as dircL-tur of the Sports ^ supplicrs in A pril fell to 

1 r ' l,nci '- their lowest level this year 

tVcsi German police raiding a according to Institute of Purcha.*- 
|.,..,.Xy.o meetm# found a doeu- ^ Supply figures, 
mein iiescriiung the murder of 
Aldo Muvi' .is '"a liberating act.” 

alternate feast and famine for The volume of exports was up 
the first four montbi of the year 4 per cent., seasonally adjusted, 
that it is difficult to identify a on the March figure.' But when 
strong underlying Lreiid. erratic items are removed the 

In the three months to April improvement is only 0.75 per 
the current account was in sor- cenL There was a much bigger 

plus by £34Sm. compared wilh a change in tbe level of imports. . . _ _ e . 

deficit of £36m in the previous These fell nearly 12 per cent in l? o e - d ^TZ f c , en .* ,n . March, 
three inontlis. But no. real sig- volume in April, on both an ft fell -/ per cent in April, 
pificance can be attached to this adjusted and an unadjusted Industrial materials “P ^ 
bec:<usc the exceptinnal £232m basis. P er ceD F in March and fell 13.«5 

January deficit happened to fall The improvement was marked „ t !l. on i tb '- __ Semi ‘ 

in the earlier period. in those commodities in which g j ir l e 4 per 

There was little reaction to the imports bad risen most stronziv cen * and fe 1 — 3 per 

trade figures in the;' foreign in March. The April fall in each <-!!!' , j . 

exchange markets, mainly be- case more than cancelled the i,l er j! n f the 

cause it was Whit Monday and previous month's pain. probability that manufacturers 

virtually all of Continental The volume of fuei imports Continued on Back Page 

• Tables Page 3 © Editorial comment Page 20 • Retail trade figures and Lev Back Page 

‘Incredible’ that SUIT’S 
£4m. loan was overlooked 


A COURT was told yesterday that uf 02 transactions made before alleged that the loan was mis- 
it was “incredible” that an un- April 22. 1976. He denied failing represented in notes to the 
secured loan uf £4.2tn could have to notify another 18 sales and accounts as cash in hand or held 
been overlooked by six directors purchases. . 3t the bank. It was not referred 

of Scottish and Universal Invest- Mr. Redmayne. Mr. Forgie and to in tbe directors' report, but 
ments and described ip the Mr. Grossart denied similar there was a reference in Sir 
accounts as “cash in hand or at charges of share dealing without Hugh's statement as chairman 
bank." informing SUITS. to •*’ short- and medium-term 

On the first day of the trial SUITS, which controls about 20 loans.” This was so general. Mr 

in Glasgow. Sir ‘Hugh Fra«r, ^Pames. has extensive SUeeri said, that it was praetic- 

formerly chairman of SUlTs and ' sh i ng : wh, i£ y * I,y '^pingless. 

now deputy chairman, denied a woninnfi^^ T -n C ! r- M S n! n ' questioning Mr. 
charge under ibe Companies Act C , h h .El MacPhersoo. senior partner 

that be failed to give a true and JJJJ 1 * 8 n U v g v iJmrh^ 1 h ,D ^ Scon i sh of the 

fair view of the affaire of the orap y b - Lonrho - accountancy firm Touche Ross.! 

company by misclassi/ving the * j which audited the accounts of 

loan in the 1975 report and AUolreO SITS, said he found it incredible 

ZAIREAN armed forces were 

today strugslinp for cuntrol of 

accepted phase three pay deals ! two °f the most impnri.-inl towns 

in the copper-producing pro- 
vince ot Shaba — Mut-haisha and 
Koiwezi — folk 'Win a la-»t week's, 
invasion by A ngi dan -based 

Judging by first reports, the 
incursion seemed to be a far 
mure serious military expedition 

d us try's pa y data bank, show | 

that phase three settlements are J , h '^ the 'mvasionT ye^V^un by 

spreading rapidly across industry 
after a fairly slow start to tbe 
annual oegotiatjog round last 

The iUm workers covered 
represent a substantial propor- 

Page 10 

• CIVIL SERVICE Unions are 
expected to reach a pay settle 
Kiam-a Jagger has begun divorce ment this week giving an across- 
prnm-riHig* against Bolling the-board increase of 91 per cent 
Si, me Mn-k .logger. and consolidation of the 1976 and 

1977 pay supplements. Page 12 

I'jirtix police are investigating 

.i ilrcil Kin*, that Israeli secret © LOCAL AUTHORITY and 
uuent*- arc operating on the health manual workers are to 
I'.laniJ. press for a £60- 3 -week minimum 

„ r, .u i -j wage and a five-hour cut in the 
Tli«* Must llev. Peter Buthclezt wor kjnc week. Page 11 
1>< .c' im's Smiih Africa s first 

M.u'k .irchbiihnp. COMPANIES 

Ilammi-r «k* Roburt lws become • BUTTONS SEEDS has been 
pre-adent of t!»e Pacific island of acquired by W. Weibutl. one of 
Nauru, which lias been in a state Sweden's leading seedsmen, 
uf pnli ncal upheatal for two rage 33 

;.‘l^ pf.o“"l.^c • DUNBEE . COMBEX - MARX 

ifcpiwu run nut- “nL to ? reJSS ?6 43n, 

Iioliaii I’hristian Demm-rats (l’5JInil on turnover up from 
njiii'.-d Milisiantully in local dec- XSA.49m to £92.7Sm. Page 30 and 
tnili-.. Pag** 2 Lex 


ri’n.v-! in pemv unless mhcnvw Newman Inds. 



Tii».*Mirv ' | it- 1!)S1 It*S; 
nvehcqiK-r ll’pc IltUS 

lilui pd.l tWi 

W'Z 270 

Vs:.»n'. En^'iiiccfiiia ... 125 
A', mi Kiihh.-i' ■ ■■ 212 
R'.-n.slMi'd |S. & IV. j ... 129 
Ri-rki-lo llamhro . . 1KI 
I'l'iji'.h Vila M 

krui-Lh.iiiM* >— w ^ 66 

Rj nun. Urn mi Hem 34xd 

D:i-.y ini I -HI 

r»iii,‘hi-i*-Cn mbex- Jl.irx J3« + 3 

1»2S Investment 

... 93 


I U/i'.i.v lin. .• 
Fiviu-ji Ku-r 

Kitchen (K.t 
1 -it lies Crulo 

!•<'-• Scrvic*- . 
J-UFS . . 


. .. Xi 


Peareon (.S.) 

Phoenix Timber . 






Prudential -Assurance 160 



Rank Ora 

.... 256 






Stock Conversion 

... 242 


Tov.vr Kemsley 

.... A3 



Williams & James 

... 75 



Weeks Nat. Res. .. 

.... 1S5 







.... 740 






Hampton Areas .. 

.... 126 



Pa ham Cons 

... 67 




.... £12 


Puringa Mining 




Bxpln - 

.... 30 




.... 450 

+ 10 
+ -1 
+ r. 

+ 7 

+ Ji 
+ 4 
+ 3 
■+■ X 
+ S 

4!l -*■ 4 

+ T, 

,"«Vi ■•■24 


Primrose Ind. Hides. 


+ Si 
+ IS 


the same National Liberation 
Front of the Conpu led by Col. 

Nathaniel M’Bumba. 

Military reports reaching here 
said between 3.000 io 4.000 
_ rebels infi ill rated imo Zaire 

Uon of tbe country’s unionised) across Zambian territory appar- rounded up. apphrently for tlwir 
workers, who total some I4m. I ently after stockpiling arms -'ind own safety, 
and nearjy half the total work- j ammunition in Shaba province. David " Ruclmn adds fv«m 

Shaba is the centre of the Brussels; Tbe upnsinu »uav call 
copper-prod ucinp_ industry that min quest ion the imern.ii.M.'u! 
vields about 65 per cent of -ini plan which Bclcium was i rv- 
Zaire's badly needed foreign ln g to cieoidin.ite at President 

ex £j? an P*: . , _ . MubutuS re.piesv 

The official Zaire news agency 
AZ.4P said the men who entered 
high as 30 per cent. There is'- the country were dressed 
"no significant correlation “I civilian clothes, and had the 
between the size of claims and ! backing of tbe Soviet Union, 
the levels of settlements, the! Cuba. Algeria and Libya. 

Confederation says. 

The figures for the settlements 
also back up assumptions being 
made hv hoth the Government 
and by industrialists that the 
general increase in earnings for 
I977-7S will be around 14 per 
of Em- 

made rapid gains. Reports said 

force of 23m. 

The CB1 believes that the 
remaining 11 weeks of the pay 
round are likely to produce 
broadly similar results, even 
though many uf the 1.700 claims 
lodged for 14 m workers arc as 

A meeting m Brus-cl- hi be 
chaired jointly by tin- Forci-'M 
J" Ministers uf Zaire and Belgium 
had been planned fur June 13 
The countries ehic'\> 
involved — the l*S.. Fr.»:i.-i\ 

West Germany, the l.'K. S.utii 
Arabia. Iran and Belgium — were 
due lu discuss what tech meal 
and ecu no nil e aid they might 

A pre-conditiun for providing 

cent. The Department 
ployment's monthly earnings 
figures, to be published to- 
morrow. will probably confirm 
this trend. 

The difference between the 10 
per cent, general level of settle- 
ments and the expected 14 per 
cent earnings total arises from 
two main factors. 

First while S6 per cent of the 
J.243 deals, recorded for 10.25m 
workers so far are for 10 per 
cent or less, tbe remaining 14 
per cent fall in the* 11 to 15 per 
cent range. 

Secondly the Confederation's 
data bank has been told of 445 
self-financing productivity deals 
covering 974.000 workers which 
generally -add between a and 10 
per cenl to pay packets. 

The Confederation also re- 
ports that the 12-immlh rule for 
the gap between pay settlements I CONSTRUCTION OF the ffiOdm 
has held in all but a dozen small \ nuclear waste reproccsxing 
cases, and it concludes that “the; plant at Wlndscale was given 
pressure on this rule now seems the go-ahead in the House of 
to be insignificant.'' i Common:, last night by a 

This is a considerably more \ majority of 144. 
optimistic stance than that being i The Special Development 

But the liberation front 
claimed responsibility for the 
attack in a statement released in 
Brussels. It said its forces bad 
inflicted heavy losses on the 
Government forces. 

Compared to last year’s fight- , . 5 . 

ing the rebels appear to have ^, ai *' e Wlth a,t * ,s ^ iVMdt’iU 
[e rapid gains. Reports said Mobum agrees to 
least five Zairean aircraft Monetary Fund cunifitiun.* fur a 
were destroyed un the ground at ‘Unner standby oredii. 

Koiwezi Airport n ^ 1 > vl b-.*cn 

French-supplied Mirage air- r c . ac * ,l \ d b' 

craft were called in at the 

craft were called in at the .V U U 

weekend to slrafe rebel positions ,CH.-u po , sl ln Ibc NaMun.u fun*, 
at the single-strip airport. Citibank, which is cmi, mating 

There are 10f) or sc. Brifnns in ,/; ink , lnan "• 

qh.ih^ th»» nmn nnmhpr uf n ver • -Oulll. fuP ZdllO. Said U'S- 

Shaba, the same number uf . 

Americans. 400 Frenchmen and „ 

1,750 Belgians. Diplomats said JJ”*. . 
the rebels had taken prisoners V," .. „ . . f . . 

among the European expatriates. deld ; ,he inclusion of the loan.' 
but there were no details. Euro- France in Africa. Page 4 
pea ns in Koiwezi had been Copper price. Page 43 

that it was " much tu»» 
lu determine whether 
in Zaire \iuuid further 



adopted by leading employers a 
few months ago. 

Labour News, Page II 

E in New York 


Mr. James 

Gossmann. Mr. the loan, which was made ro 

that six accountants, including 
two of the directors, and others 
wilh considerable business ex- 

Sir Hugh, 
the miscla 

Nicholas Redmayne. Mr. William Amalgamated Caledonian, a firm iji.., 

Forgie. Mr. Edward Gamble and in which SUITS had an indirect havp mis«pd 
Mr. Angus Grossart. all SUlTs interest through its holding in tion 
directors at the time uf tbe 1975 International Caledonian. .. ic 

annual n,netin 8 . also deny .he AmCal. now in HquidaUon. „ S ™ C eTo hil loan a a 1 
charge. Of the^e five, only Mr. needed the money for a re- *fS nuAihiv 

Gossman is still a director of UevelopraenT uf the Army and could not possi 1. 

tbe company. Navy Stores site m Victoria nave Knovvri ll - 



? -<IM 

■ G l^a>M2K> 


X- 1 li 

0-iV'43. iv ill- 

O.SiAofi -li- 

d 3 fIMHIIIr. ■ 

1.14 .Us 

1.MT-I.40 >ll>. 

j. 12 iiinntli* 

o.O-. .li- 

►>Ai>.fi.S6 <li- 

Order granting the necessary 
planning . permisison was 
approved by 224 voles io ML 

The move was backed by 
Govern men I and Opposition 
leaders, but opposed by the 

In a new attempt to allay 
f ear’s about the dangers in- 
volved in disposing of speni 
nuclear material, Mr. Peter 
Shore. Environment Secretary, 
announced Ibe appointment of 

a Radio Active Waste Manage- 
ment Adiisurv Committer. 

It will hr prrxilk'd oter by 
Sir Denys Milkinson. a fellow 
of I hr Royal Society, lirc- 
Clianccllor of Sussex I’niirr- 
sily and a former chairman of 
the Science Research Council's 
nuclear physics Board. 

Mr. Shore told MPs Hiai the 
committee’s terms of reference 
would be to adi ise the Em irun- 
ment Secretary and the 
Scottish ami I Wish Ser rotaries 
uu important issues relating to 
llir development and implemen- 
tation of an oicrail policy for 
the management of civ il radio- 
active wastes. 

Sir Hugh is also accused of Street. London. It was intended 
failing to notify the company of that House of Fraser, of which 

the financial 
world would nor have known 
about it. Deither would the 

• _ . __ "uiwi ytii hi ir ,f 

his dealings in its shares. Sir Hugh is chairman, would ,»!. ,» m.—.- .. . . , 

Through his counsel he admitted open a shop in the new building. “ r ‘ MacPherson said he had 
some of the charges, in respect Mr. John Skeen, prosecuting. Continued on Back Page 

Bank union insurance challenge 


THE National Union of Bank Mr. Len Murray, the TUC and Britannia. 

Employees gave notice yesterday general secretary, told NUBE’s ASTMS. which is trying to 
of a major recruitment drive annual conference only last make further inroads into bank- 
into insurance following the month that it would be better ing, also in defiance of what the 
acceptance of merger terms by for the trades union movement TUC believes to be in the best 
the Guardian Royal Exchange if NUBE kept out of insurance interests of the unions, has nego- 
Staff Union in a ballot of its all together. tiating arrangements fn a 

5,800 members. j n the Guardian Royal Ex- n umber of large insurance .com- 

Staff associations in a change Staff Union ballot, 2,643 Panics. These include Pru- 
number of major insurance com- voted for the merger and 1,560 de nD‘ak Peart and Norwich 
pames are now being approached against in a poll of about 75 per Union. 

by NUBE in a recruitment cent. Mr. Leif Mills. NUBE’s An Advisory. Conciliation and 
battle with Mr. Llive Jenkins' general secretary said yesterday Arbitration Service report has 
.Association of Scientific, Tecb- that a ig71 jj a ji ot „f sta ff mjjpn also recommended that ASTMS 
meal and Managerial Staffs, members gave a two to one vote should be recognised at Legal 
which views insurance as its against joining ASTMS. and General, 

own recruitment area The staff uDion will retain NUBE, whose involvement in 

The bank unions plans to use almost full policy - making insurance has until now been 
its new insurance sections as a autonomy and Mr. John Forde. restricted to a small number 
springboard into other insurance its president will become a of member* in Son Life of 
companies will annoy the TUC NUBE assistant secretary. Canada and the Ecclesiastical 

leadership, which is trying to insurance companies with staff Insurance Office, is also expected 
prevent the kind of bailies which associations that NUBE has to make new approaches to the 
have occurred in the blue-collar been or will be trying to tempt managers' staff associations in 
sector from developing among into merger talks include Sun Legal and General and the 
white-collar staff. Alliance. Phoenix. Eagle Star Royal. 


European news 2-3 

American new s 4 

Overseas news 4 

World trade news 6 

Home news — general 8-10 

—labour ......... U 

—Parliament ... 12 

Technical page 

Management Page .... 


Intt. Companies 

... 35-37 

Arts page 


Leader page 


UJL Companies 

.... 3<W4 

Faming, raw materials ... 43 



U.K. stock market 


Tyneside shipbuilders: 

Why time is running out 20 
Society Today: 

Morality and politics ... 29 
Film and video: Prizes for 
the Industrial film 18 


Sr] Lanka: Discipline for 

development 3 

French involvement in 

Africa 4 

Westland-Utrecht expan- 
sion 36 


Bavaria 3942 

Malaysia 21-28 


A p rota linen Is Aitas. 
Business Oppu. . ... 


Entertainment Guido 
FT-AciihtIob indices 




Hen and Hatters ... 


Moour Market 







SSsre Io/ arm alien ... 



Tatar's Events 



Tv and Rariio 


Unit Trusts 



Weather _ 



World Value of £ 


Exdico. tlpc MSS . . * 


Anson Reed . .. 3$ 

Banco 01 Sicilia s 

Dreamland Elect. 32 

French Kler . 32 

Can. Com. Invest. ... 33 

Gijrmved 34 

For laiest Share Inde* ■phone 01-246 .1026 

HunlfoBH Grew ... 32 

Albeit Martin 31 

Hoet Henaescy 35 

Selection Trust 32 

Telephone Rentals ... 39 

Victory Insurance ... . 33 


AUSL N2 «S 34 

impala Plat. 32 

Unread 33 

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in^comnuiiiiiies like.Sl r E an«l vi.«iL\l Jloiiks of 

Europe j . \ 15 K.( ) R i. 

J his intci national iiulwoi kgiM--. vouoml.ii l.s 
and iiilormaiion wherever v.iu d«. Ijiimi ■.'■». And, of 
<■ al.sojiivesyon die. same wide raji^eol major hank. 

But what niaki-s u» dilk-renr I mm these oilier 
hanks are our tonneau ms in Belgium, in itiiul the world. As well asmit imliv nhial 
apjiroaLh l'‘eadi client's individual needs. 

" hit'll irmld iueaii:i|i]ii'(ur!ii[i“ vuiiwillia 
lijievi iy nnu and then. 

Banque Bruxelles Lambert 

banking, a matter of people 

Hr arc thcABECOR bank in Belgium. M.wtixluan 24, 1050 Brussel. Tel 

5U.S1.S1. Telex 26 J92 BBL1N 

®asw>^he cpmrnissiomng^^^tr^ 

totake ejr P l^c sasteatl i to&lfg 

2 5897 / 27 & 88 . Telex :: 4 (JQ 59/ 50605 

Financial' Times Tuesday May IS ISTS* 



computer forecasts or the 

outcome iij wide-ranging lueal 
£d:mm»irjthv? elections in Italy 
ionium indicated c sharp 
advance for tin; ruling Christian 
Ueutocrali iDCi and a setback 
for the Coin m un ids (PClt cum- 
pared '.viih the* 197n general elec- 
tion returns. Both main parlies 
hai'.* '.idianced against the most 
recent local elections. The larger 
i-ain has oecn secured by the 
Christian Democrats. 

Today ’*■ elections involve auout 
a t-'nlh of the vlecioraie evenly 
divided on a geographical basis. 

The computer projections, /ori:- 
C - 5 '1 ' ii >; strengths of the two 
qi-.m parties a; 4:1.4 per cent of 
d.e iiHpiii.. r for the Christian 
Le:iMC".i?- compared -.vith I'.S.P 
per ■\*ni in the- general election 
am.! UV; ;■.■!• cum m :hu previous 
i"*'a! elect urns: and 27.:: per cent 
for l nt r'C I Lien pa red with 35.15 

per cent in 1976 and 25.3 per 
cent in the previous local 

One noticeable feature of 
these preliminary furocasLs are 
indications that the Socialists 
d’Sh appear to have recovered 
uyuiind lost in the general elev- 
'/(•n. The forecasts show tlu* 
Socialists gaining 13.5 per conL 
•'C the vote compared with. 9.2 
per cent dn 1976 and 13.3 in the 
previous round of local elections. 

Overall, the .preliminary ro 
ji-tiU — if confirmed in The final 
outcome — seem 4u confirm the 
rationalisation evident in the 
last general election. with the 
three larger parties, the DC, the 
I’Cl and the PSL securing more 
ihan SO per cent of the popular 
vole in a high poll of 75 per 
rent of the electorate. This is 
2 per cent higher than during 
the last series of local elections. 

Only one of the smaller 
parties, the -influential Republi- 
cans iPRIj appear to have "made 
an advance in ibe preliminary 
computer showings. v/iLh 3.1 per 
cent compared with -.<a per cent 
in 1976 and 2.S per cent in ihe 
PMl local ipolU. 

A number of indep«utent 
political observers had detected 
in recent months a .small but 
significant shift to the Centre- 
Right in Italian politics. In part, 
this is in response to the new 
governing alliance which sees 
the Comfnunisrs uniquely sup- 
porting a minority Christian 
Democrat Government, and also 
to the increase of politically 
motivated terrorism. Ail the 
main parties had anticipated 
some advance of the Christian 
Democrats in the wake of the 
kidnapping and murder of 

ROME. May 15. I 

Sig. Aldo Morn, the former Prime ! 

Meanwhile, the ultra-Left Red 
Brigades' group appears intent 
on pursuing its ierron<t cam-! 
paign. Three terrorists, claiming 
in belong to the movement, 
gunned down and serimisiy 
wounded an indu»in:iii-i. $ig. 
Antonio Mazzotn. on iiii way to. 
work in Bologna lod^y. 


The Prime Minister. Sig. Giulia , 
Adrciiti, is to seek a vole of 
confidence in Parliament n>- 

morrow demanding immediate] 
ratification of toucher anti-; 
terrorist measures. These- 
measures have so been held 
up by a concerted campaign hy ! 
the small Left-wing Radical Party - 
to force amendment;? in the 
interest of bunum rights, and h> ! 

the neri-FasHst MSI P:.r;;- lo 
secure even stronger pt ,,vls,Mn 5. 1 

3 Call 



Portugal democratic front plan 

Bj' Me;In Munir 

ANKARA. Mav t5. 
IT. Pfl I IT L Turk ish 
In!'jv;riuli-;i«; and Busincsv 
2 :c;iN .V^syciaiion iTu-siad) 10 - 
daj fs'tm.-d u dcciaraiinn 
ixure‘«'!iii: lunwrii at the 
di>an:i> a mini « Turkey’s 
poliin-al parlst-s mvr political 
vioicJicc whicii. it .-aid. hull 
rc:iLh'-«t '■<fan^crou> dimen- 

tv at-o ili-clarcd Prime 
MitiisJcr Rulcai Ennis's new 
tp.\ package ju he harmful to 
th * econeinj . claiming that it 
n i'U hi .'Ice reuse in\ estmeuts, 
en:pii»> Jii--i3t and production. 

Also loieSng what financial 
clrcii-s t-oii-i(!cr ly be a valid':-. Tusiad asked the 
Govcrr.iient in consult ii on 
t!i<- ii'unii l:\c->ear develop- 
m;t:i p!a:i a.-, private biisiucv' 
a a sits n*r mure than GU per 
C'T.:. •.•inpiuvnieni and pro- 
•J action in iudusiri. 


general secretary of the Portu- 
guese Communist Party, today 
proposed the formation of a 
b-oad democratic front, involv- 
ing representatives of all social 
i -•.'.•trtrs, to help Portugal solve 
| her economic problems, and help 
; -l-.-fend the country’s democratic 
I system from what be called the 
: growing conspiracy of fascism to 
1 i he extreme right of the Govern- 

■‘The Portuguese Communist 
Fjrty remains united firm, open 
u- dialogue and confident." Sr. 
Cun ha I said. 

Speaking at 3 news conference 
io present the new parte pro- 
gramme. Sr. Cunhal sjid that 
the boundaries of political 

parties in Portugal no longer 
fell within strict class lines. It 
was now possible to form a com- 
mon democratic consensus. 

Sr. C.unhal> statement, which 
followed a meeting of the party's 
central committee, confirmed" a 
growing feeling here that 
benealh the official orthodoxy 
of the Portuguese Communist 
Parly, its leadership is adopting 
an increasingly pragmatic 
approach to the political 
situation. Although Sr. Cunhal 
was critical of the agreement 
recently reached by the Portu- 
guese Government with ihe 
International Monetary Fund 
(I.MFi he did not announce any 
outright confrontation on the 

LISBON. May 15. \ 

industrial front, where the wade . 
union movement ii largely. 1 
dunlin ated by -his party. ; 

Noting that there was a grow-- 
ing attempt by extremist iruur^ 
to create the necessary condi- 
tions fur an extreme right-wing 
military coup and the '■ destruc- 
tion of the democratic system ' 
consolidated following Aprii 25.'' . 
Sr. Cunhal ureed the present 
governmental alliance of Soci- 
alists and Christian Democrats 
to adapt urgent measures against , 

.Sr. Cunbal ended by pirnpos-' 
ing a number pf measures which 
he termed were necessary to 
consolidate the country's demo-' 
era tic system. ’ ! 

Opposition party deeply divided 


hits schools 

By Godfrey Grima 

VALLETTA. .May 15. 
3’'-’Rr TSiAN SOU leocfct-rs and 
the niajariiy of school children 
Ken* reported to havr MEjed 
A 'a ay from government pri- 
mary. secondary, lechnica! and 
special schools today mi the of a two-day icachers' 
strike ordered by the Malta 
Union of Teachers. 

THE DEEPLY divided slate of 
Portugal's main opposition, the 
Social Democratic Party', was 
demonstrated at the weekend 
when a meeting of iis national 
committee failed :6 resolve the 
leadership crisis or to define a 
clear political strategy. 

The meeting was abandoned 
by Dr. Francisco Sa Carnein.. 
the party's founder, who bad 
been expected to return as 
leader of a purged and more 
conservative organisation, after 
the resignation of the party's 
political committee of 12 last 

Dr. Sa Carnctro said that he 
would not accept the leadership 
as he had not found general 

acceptance of his candidacy. 
The meeting showed the party 
to be deepely divided between 
hardline supporters of Dr. Sa 
Carneiro and a more moderate 
faction which fears an attempt 
to lead the party away from its 
social democratic principles and 
towards a more extreme right- 
wing position. 

Factional disputes first sur- 
faced at the party's November 
congress, when Dr. Sa Garnciro 
resigned the leadership. He 
appeared to have failed in an 
attempt to swing the party’s 
more moderate "political com- 
miuye behind tougher opposi- 
tion to the Government's 
austerity and land reform pro- 

LISBON. .May 15. 

Although the party's present, 
policy is that of selective opposi- 
tion to the ruling alliance uf 
Socialists and Christian Demo- 
crats, the national comnunc?- 
admitted at the wi**v-erd >ha ! 
there was still no Urn; agree- 
ment about the area: .-.hkh 

this opposition should iic.«i be 

It is believed that cmtiniiing 
indecision is costing rh..- party 
dear in terms of electoral sup- 
port. and must be resolved 
before the party's next c* -re; re- 
later this summer. In ihe mean- 
time. observers will be v.atching- 
Dr. Sa Carneiro who enjoys 
considerable support, particu- 
larly among oiore conservative 
sectors in the North. : 

| Norway 
I assured 
| on U.S. 
oi! search 

By Fay Gjesrer 

OSLO. May 15. 
Norwegian participation in Ihe 
forthruming .search for Oil and 
gas oiT the C.S. East Coast was 
. one of Ihe subjects reviewed 
when twu Norwegian Deputy 
i Ministers met Mr. John 
- O'Leary, L'.S- Deputy Secre- 
tary for Energy, in Washington 
Iasi week. 

31r. Trygve Tain burs men, 

; Norwegian Deputy Energy 
Minister, and Mr. Rcidar 
Engell Olsen. Deputy .Minister 
for Industry, who were attend- 
ing the Offshore Technology 
Conference at Houston. In 
Texas, said the U.S. had con- 
finned that foreign companies 
would he allowed to rake pari 
in the search. The ehances. 
however, would depend on 
their ability fu compete. 

On the proposed export of 
Iranian gas tu llie L'.S and 
Norway's hopes in build the 
giant floating terminal which 
will process the -jus for ex- 
port, Mr. Tombursiuen would 
not comment. He pointed out 
that L’.S. officials do not know 
when a decision on tite deal Is 
likely, since ii depends to some 
extent on Congress'., approval 
of President C'arler's energy 

.Meanwhile, a Norwegian 
company has announced plans 
lo build u VKr Ihn plant in 
Emdcu. West Germany, which 
will produce annually, SSO.flOQ 
tonnes of sponge iron. It will 
he Tuelled by Bas from ihe 
Ekoiisk Field in Norway’s 
sector oT the Norlh Sea. 
The staie-cammlled A/S 
Sydva ranger company will 
huild Lhc plant in partnership 
with Korf-Siahl or West 
Germany. I'onsiniction work 
will Mari later this summer, 
with <.-QmpIctic , ii scheduled for 
early IDSL Norwegian sources 
say the project i~- ihe Uvsi eon- 
erete rc-uli uf Norwegian- 
German discussions, started 
nearly n,o years ago, about 
rn-opcraiion in ihe energy and 
industry fields. 

Home rule plan 
for Greenland 

By Hilary Barnes 

DENMARK'S Minister for 
Greenland has tabled legisla- 
tion to give home rule to 
Greenland from next Stay. 

Mr. .loeruen Peder Hansen's 
Bill provides Tor Greenland to 
remain part «if the Danish 
Monarchy and external rela- 
tions will remain under the 
control or the Copenhagen 

Dr. Andrei : 

tarov (centre), (he loading nuclear physicist and dissident, wailing outside 
the Moscow courtroom yesterday. 

Or! )v refuses to plead 


[DR YURI Or.L' V. the dissident 
leader, today used K» enter a 
plea during tbe lirsr day of his 
dosed trial i:i a Moscow city 
j court on chat-4 ■■ or anti-Soviet 
agilulion. wind carries a maxi- 
j mum penalty n! seven years' im- 
l prison men i au*i »vc j curs' exile, 

; Dr. ilrlov Wild he court that he 
i did not under* md Ihe accusa- 
j lion against in . and when he 

was refused permission tu 

: elaborate, saul c would not paf- 
• impale in a c>i ri whirh did not 
1 allow him ihe: riuht tu explain 

j himself 1 as he .1 w fit. 

1 Details uf , 4:u w*ok pljee in 

| the court mu :m wore relaLed lo 

■ correspondents by Dr. Orlov's 
I w'ife. Inna, wio with his two 
: children. Dimitri and Alexander, 
i was allowed inside the conrf- 
> room, from v. Mch juuriialists and 
i Friends uf Jr. Orlov’s were 
[excluded. | 

[ Dr. Orlov. Ihp leader of the 
: dissident gr-'ifc winch snuglu to 
'monitor Sov:a ohservance of the 
[ Helsinki acofds was accused in 
the l'*irmal irfLictment of having 
i been paid ly the We« for 
! slanderous finformario 
! A rcprese;native from the U.S. 

1 embassy attainted to attend the 
[trial but was barred from enter- 
'■ i ns. No nihe* Helsinki agreement 
.signatory a'Jempted to send an 
I observer to it he trial. 

1 .Mrs. Orifvj said that her 

■ husband, v. Bo she had not seen 
: for 15 nioiufts. since his airest in 
[February 1977. looked thinner 
i in the eo room but otherwise 

! seemed m good spirits. She said 
that he requested that ten wit- 
nesses in.lnding veteran Jewish 
•* refusni i- ” Vladimir Slepak be 
i called in his defence, but that 
| his requ-?t was refused, 
i Mrs. rirlov said that there 
| were approximately 15 prosceu- 
i tion witnesses prepared lo 
testify a;ain>t Dr. Orlov, the 
first of i'ie pri'iininent Moscow 
■‘Helsinki'' group dissidents to 
150 on lria : 

j These apparently include 
former cola-agues of Dr. Orlov's 
who were prepared to say that 
[a document on the situation of 
Soviet scientists with which he 
I was conneclvd was slanderous. 

It was also alleged that 
Helsinki .'roup documents 
slandered Soiiel psychiatry and 
suggested that socialism in the 
Soviet Union was uf :» “totali-, 
tarian type. "The Helsinki group 

itself, however, was never men- 
tioned !>»■ name. 

Dr. urhiv's in ntt-H waited trial 
IS the Soviet Union's definitive 
answer iu those who thought the 
1975 Hrixmki agreements, wdh 
their human rejits pledges, 
would be tiit* basis *if significant 
Soviet mlcrnal lihcralisatioa. 

The agreements gave a now 
lca>c uf life l.» Soviet di.-sident 
activities, but appear in retro- 
spect in have only increased the 
aulhoriues' deienni nation to 
>uppie>s ail lunns uf organised 

The trial uf Dr. Orlov and the 
expected trials of two other Hel- 
sinki group members. Alexander 
Ginzburg and Anatoly Sheharun- 
sky. are the culmination of a 
wave of arrests, trials and forced 
emigrations which appear to be 
aimed at reducing Soviet dis- 
si derive to a handful uf scat- 
tered individuals expressing 
their opinions in private. 

The Inal of Dr. Orlov is 
expected to end on Wednc-d.ij 
but it is assumed that his fate 
bus already been decided, and 
at the highest political levels, 
possibly by the Soviet Politburo. 

The importance uf the case lies 
in the fact that Dr. Orlov ami 
the other “ Helsinki " group 
members sought to force the 

MOSCOW'. May 15 . 
aiithoritiec 10 honour their 

human n^hh. vuinmitiucnii. ur 
demons! rale hv arn'sium them 
huw lilt lo these cmmui.'tuOGis 
were worth. 

The Helsinki groups ;tddr/’s„. l l 
them -selves tu specific Soviet 
pledges in maiti-rs uf i a iiuiiu'iiMimn 
nf faioiiies. religsuio. I'tueduin. 
ami natiiiiia! i|isi'r:i«matn!ii and 
provided reliable, i.ii'toai mfnr- 
mmuin from snura-s ihnmghoul 
tin* Suvii'i L r nu*i» *m h*'*w Miese 
idednus were hetn*.* vmlalnl This 
in for ma imn was made a tat tut -?e 
to Western correspondents and 
thi* embassies of ciiuiilru*s wldeh 
signed ihe Heisink; Fnal Act 

The rt-suli was j dilemma for 
the Soviet ,ml tier 1 lies berau:a* the 
Soviet Union is seeking ;n 
become a respected m*-eiher of 
the wurid community while pre- 
serving its Stalinist structure in. 

Accomplishing this involves 
sf n'tine any attempt l»» puint m»t 
the disparity between f..nikd 
Soviet pledges and actual Soviet 
praclicf*. which is accomplished 
in the case r<f fore ten cnticisni 
by demanding an end to uut-r- 
f'freiicv in international Sou,-; 
affairs and in the can* >«f \hsav. 
denis Through uitiiiiidatijn. 
forced e nwy ration ur arrest. 

London inock trial opens 


EVIDENCE un the Soviet 
authorities treatment of dissent 
collected from 23 dissidents now 
in exile iti the Wor was pre- 
sented today at a mock trial held 
in Luiuiuu tu enable the ease fur 
Dr. Orlov's defence to be pre- 

Meanwhile, the Foreign Office 
issued a statement describing 
the fad that the trial was taking 
place as '‘very disturbing.” Dr. 
David nwen. the Foreign Secre- 
tary. it said, had repeatedly 
urged the USSR not to' lake 
action which would call in qites. 
lion its commitment to the 
Helsinki final ad. 

The mnrk trial has been 
arranged bv Mr. John Mac- 
Dnnald. QC. chairman nf the 
As.soeiat ion »if Liberal Lawyers, 
who 13 months ago was engaged 
by Pr. Orlov's wife Irinj to 
defend her husband, but has 
twic* been refused a visa. 

Soviet civil rights campaigners 
I -v 11 chi ire 1 la AU-Xeyevj. \'alentine 
Turchm. Lvdta Voronina and 
Andrei Amalrik Hew into London 
ft mis the l».S. fur the muck trial. 

At Indai's M'vsinn, held in tin* 
Institute «»f Physics in Belgrade 
Square, evidence was given a limit 
the fureible. treatment of patients 
with drugs 'they did nor need, 
torture through lack uf sleep, 
religious jiursei'iii ion. and Si.ile 
interference with telephones an«1 

Mr. Amalnk. the Soviet his- 
torian. jailed for throe sears in 
Siberian strict regime camps fur 
his defence uf human re.'li' 
spoke of his nights in a pum. h- 
mcnl cell the sire of tile lahle at 
which he was standing. 

The wife of Dr. Leonid 
TMyusch. the mathematician who 
wjs held fur thrc>* tears ai 3 
mental hospital, dcscrilied how 
she saw )*mi deteriorate inio 
"almost a stuffed dumniv." 





* * ‘*i! j i 

• i ' r . •. 

♦ . 

■ ’ ; V*" 

1 .71 i- 

i ■ 

Financial Times Tuesday May 16 1978 


Ceausescn and Hua urge 
united effort for peace 


THE LEXERS of China and 
Romania said to-night that inter- 
oaiiunai tension could lead to it 
new world war. But both stressed 
that war could b«? averted by the 
unified resistance of indepen- 
dent nations. 

President Nicolae Ceausesi-u of 
Romania and Chairman Hua Kuo- 
frnc of China were speaking ai a 
reer'jilion celebrating the visit to 
China of the Romanian leader. 
President Ceausescu arrived in 
Peking earlier to-day to be feted 
in a style reserved for China's 
closest friends. 

Mr. Hua told him to-nigbt that 
both countries needed a peaceful 
international environment in 
which to build their futures. “But 
there are always some people in 
the world who are bent on seek- 
ing world hegemony.*' he said- 

The Chinese leader's remarks 
were an unmistakable reference 

lo the Soviet Union and the 
United States. He said: “ In their 
rival o' they are keeping up an 
intense arms race, each attempt- 
ing to establish military 
supremacy over the other. 

“ They are poking their hands 
in everywhere to sow dissension, 
incite conflict and fish in troubled 
waters. They are bound to resort 
tu force some day, and the 
danger of world war is ever more 

seriously threatening the in- 
dependence and security of the 
pieoplo of all countries. 

President Ceausescu agreed 
that competition for military 
supremacy was a threat, and that 
mediation was the only hope far 
the threatened countries. 

“There exist in Europe today 
sharp contradictions, and the 
confrontation between huge 
armed forces and antagonistic 
military blocs which constitute a 

PElONG, May 15. 

grave danger o the cause of 
peace.” he said. 

** We hold th;t the intensified 
arms race, whies is becoming an 
ever-heavier burj e n, calls for ail 
progressive forces to act before 
it is too late to bring about the 
adoption of concrete measures of 
disarmament, aitf first of all 
nuclear disarmament.” 

Mr. Ceausesiu called for 
peace initiative? in the Middle 
East and Africa. “Romania 
stands for peat* in the Middle 
East, based on the withdrawal 
of Israeli troops from Arab ter- 
ritories they occupied in the 1967 
war. We pledge to help elim- 
inate the remnants of colon- 
ialism in Afriia. oppose the 
policies of apartheid and racial 
discrimination. «nd support the 
right of the Namibian and 
Rhodesian peoples to freedom 
and independent development.” 


A man of the Empire 


will be remembered not only as 
one of Australia's longest serv- 
ing Prime Ministers — he held 
office without a break from 1950 
to 1966 — but also as one of the 
key figures in the Commonwealth 
during the two decades following 
the end of the Second World 
War. Menzies symbolised the 
Australian attachment to Britain, 
which was already growing 
weaker towards Lhe end of his 
premiership, and has been still 
further eroded in the years since 
he resigned. He was a conserva- 
tive figure by any standards, al- 
though where his personal feel- 
ings were involved, as in the 
reform and extension of the 
university system, he could be as 
committed as any member of the 
Australian Labor Party. But 
Menzies deserves a place in his- 
tory as much for the' era over 
which be presided as for his own 
ideas or even his commanding 
and. to most people, attractive 
personality. It was a long, pros- to be commissioned as Prime 
porous, and above all stable Minister, 
period. On Britain’s declaration of war 

Menzies was born in 1894 in against Germany in L-ptember, 
lhe northwest of what was then 1939. Menzies told the nation that 
the Colony of Victoria. After a “as a result” Australia was at 
term in the Victorian Parliament war. He was backed by the vast 
his real career started in 1932 majority of Australians in his 
when the collapse of a Federal decision, if not in the precise 
Labnr government and lhe sub- wording of its announcement 
sequent shifts of key personal!* In Lhe years 194445, and 
ties in the United Anstralia especially after the Labor vic- 
Parlv gave Menzies entry lo tory of 1943, he drew together 
Federal politics. He entered the the remnants of his old party. 
Common wealth Government as numberin some 14 organisations 
Attorney General in 1934, being from the various states, and 
sworn in before taking his seat galvanised them into a fighting 
in the House of Representatives, party organisation as the Liberal 
In 1937 he became Deputy Party. Together with the Coun- 
Leader of the Unilcd Australia try Party under Fadden. the 
Party under the Prime Miniver opposition Liberals made some 
J. A. Lyons, and one of King small inroads in lhe Chifiey 
George Vi's privv councillors. Labnr Government's floor 
When Lynns died early in 1939. majority in the 1946 election. By 
the Prime Ministership lem- IW9, after ChiHeys bank 
porarilv devolved upon the nationalisation fiasco, 'hey were 
Deputy Prime Minisler. Sir Earle Poised Tor victory and inflicted 
Paco, .who was the leader uf the oti the Labor Government a 
Country Party, the minority crushing defeat, banishing the 
Government party. As Menzies Labor Party to the opposition 
(ells it. he had sonic time earliet benches, where they have since 
“resigned from the Government remained. 

when it decided to abandon its Though he could not have sus- 
rocrntl.v enacted National Insur- pected it at the time. Menzies in 
ance scheme, largely under pres- December. 1949, embarked on an 
sure from Page, and returned to unbroken term of office of 16 
practice at the Bar:** Despite years as Prime Minister, re- 
this, Menzies was elected leader peatedly defeating the Labor 
of the UAP and was thus entitled Parry. 

as leader of the najority party World events from 1949 until 

1966 need not be discussed in 
depth, for Australians, and 
Menzies in particular, would not 
mark Australia's participation in 
them as being of global 
importance. At home, Menzies 
presided over a country which 
attained much in terms of 
domestic prosperity and stability. 
The only serious downturn, and 
this was induced by his Govern- 
ment a$ a counter-inflationary 
measure in 1960-61. almost cost 
Menzies the Prime Ministership. 

With a floor majority of one. 
however. Menzies fought on 
tfirouKh a resurgence of domes- 
tic prosperity and wnn“a greatly 
increased majority in the 1963 
election. Menzies stepped down 
from the Prime Ministership in 
February. 1966. f 

Menzies has often been taken 
to task for his vacillation and 
dilatoriness on defence' policy in 
the fifties and early sixties. For 
want of a champion his case 
would seem to go heavily against 
him. His Government's order of 
the F-III aircraft just hefore the 
1963 election spelt trouble for 
his successor governments. He 
has also been accused, with far 
less justice, of failing to alert 
his country to its regional 
responsibilities in Asia. This is 
an extraordinary charge when 
one considers that his Govern- 
ment in 1950 played a crucial 
part in inaugurating the Colombo 
Plan, and later encouraged the 
development of the Indus Basin. 
His Government committed 
Australian forces lo Korea In 
1950, stationed troops in Malaya 
in 1955 (against Labour's opposi- 
tion), assisted Britain in meeting 
Sukarno's confrontation of 
Malaysia, and committed • Aus- 
tralian forces to. Vietnam. \ 

The ail-important ANZUS 
treaty was signed with Menzies' 
encouragement, as well as the 
less viable SEATO. Australia 
played a significant role in for- 
mulating the Japanese Peace 
Treaty, and established trading 
relations with that country of 
inestimable value. 

Today, after the stormy pass- 
age of the Labour Government 
under Gough Whitlam. and the 
restoration of Liberal Party rule 
under Malcolm Fraser, the name 
of Robert Menzies is a reminder 
of how mach has changed in the 
relationship of Australia to the 
modern world- 

of Japan 

By Charles Smith 

. TOKYO, May 15. 

population of five major EEC 
member countries think Japan is 
a nuclear power — whereas in 
reality the Government has 
announced a "doctrine” renounc- 
ing the acquisition or manufac- 
ture of nuclear weapons. Roughly 
the same proportion believes the 
country is either Communist- 
governed or a dictatorship- 
These facts seem to follow 
from the first Europe-wide pub- 
lic opinion poll ever conducted 
by the Japanese Foreign 
Ministry (although polls con- 
ducted five years ago in the UK 
also suggested that many people 
betieved Japan to be Communist. 

The poll, carried out last 
November, also suggested a 
degree of awareness and con- 
cern at the Japan-Europe 
trading imbalance and a strong 
tendency to argue that Japanese 
success is the result of low wages, 
copying or similiar negative fac- 

Japan has been conducting 
annual polls in the US similar 
to Jast year's European exercise 
for a number of years. It appar- 
ently decided to extend its cover- 
age after noting the vehemence 
of European reactions to the 
trading unbalance problem from 
late 1976 onwards. 

The European poll however 
will not be conducted annually 
The cost of the operation was 
roughly Y4m (nearly £100.000 1— 
a large amount to be fitted into 
the Ministry's small budget for 
overseas public relations. Japan 
is equally concerned about its 
image in South East Asia and 
plans to poll the inhabitants of 
the five ASEAN (Association of 
South East Asian National coun- 
tries in the near future. 

The five countries covered by 
last November's EEC poll were 
West Germany. France, Britain, 
Italy and Belgium. Of the five 
Britain appeared to have pro- 
duced the most critical responses 
(particularly on topics related to 
trade) whereas West Germany, 
predictably, produced the 


Discipline for development 


ECONOMIC and political changes from the UNP unions too. into “abuses of power” from 
introduced in Sri Lanka by the Responding to their criticism, 1970 to 1977, 

Executive President. Junius the government assured parlia- The past eight moruhs have 
Jayawardene, and his United men! that the law will apply seen so many “ probes ” that a 
National Party (UNP) have only to Stale employees. left-wing columnist called it 

provoked a Storm nf anxious This tactical retreat has not “’Government by acupuncture.'’ 
protests from opposition MPs. dispelled opposition fears. Mrs. Bandaranaikc- herself has 
Mr. Jayawardene. freshly Assaults on picket lines and described The earlier corn mi rices 
ensconced as Executive Presi- student activists only help to fuel of inquiry as circuses minus the 
dent <an office he created for the opposition campaign. A bus bread. She can no longer be 
himself), has opened his arms carrying some leftwing students quite so amused, 
to an IMF-oriented development was recently hijacked, forcibly Encouraged by Indira Gandhi's 
strategy, with centralised auth- 
ority. incentives to big business - - 

and a much tougher policy to- 
wards unions and on the whole 
issue of law and order. 

The country's mostly socialist 
opposition parties, with the 
recently displaced Mrs. S. 

Bandarattaike at their head, are 
alarmed. They claim that these 
policies are authoritarian, aiding 
Sri Lanka's most privileged 
groups at the expense of the less 

A recent visit to Sri Lanka 
by Singapore's premier. Lee 
Kuao Yew, aggravated opposi- 
tion misgivings. Tbe national 
newspapers, mostly government 
owned, have acclaimed Mr. Lee's 
policies as pragmatic and 
flexible. They have attributed 
Singapore's economic successes 
to stability, foreign confidence 

and economic growth. ■ — , 

la March Mr. Dcva Nair, 
reportedly Premier Lee’s top driven to an unidentified “party dramatic recovery. Mrs. Banda- 

ristt e to Sii Lank! wtth^ a lavish £ arryins some I ef, i win = ,l “ dcn «* ™naik e sailed confidently mm 
!™7ai Mr p 'fil beaten up. Students of the the Colombo West bve-elecijon 

J* eSl hMf 0l »ni% M nn t Vidya,ankar a campus have been for Jayawarde tie’s vacant s-'at. 

diSt faS Spos?? ^virmal han *?“? t0 a,t S nd because Her poor showing has not pre- 

Sr and allow? an ° f threatened reprisals for the vented her from holding counirv- 

emoloyer C fo sack a nv worker death of an " ««**«■ * k L IIed ,r * wide rallies where she adopts ‘a 
Shout cause provided iTe oavs 3 r S rent Ml "pus brawl - Several posture of martyrdom 
7u!d wtu comperSalion f uden ? and 3 M*?™ 1 ™ A, recent LSSP (Socially) 

. ** have been suspended. At the and CP congresses, the two major 

The proposed law has drawn Kandy campus when black flags left parties offered other expla- 
considerable fixe including that were hoisted the day President nations Tor curreni develop- 
pflndtanTam 1 ] plantation labour Jayawardene assumed office. menis. Tbev claim the lamin? 
led by Mr. S. Thondaman MP-;- According to its favoured or trade unions will not unlv 
not am an renownedfor opposi- idiom each opposition party please local enterprise and 
tion to the govern men t--t he in- describes these trends as “unde- foreign capital, but will be a 
dependent middle class Mercan- mocraiic." “repressive," “creep- necessary prelude lo intToduc- 
tile Union— which says the law i ng regimentation," “incipient tion of more austerity measures 
violates !U) conventions, andthe neo-fascism.” recommended bv the' IMF. 

Christian Workers Fellowship— With several harsh years of The UNP Tactic is to fake the 
which claims it denes Pap^ 1 emergency to her credit. Mrs. unpopular steps early. Rank and 
encylicals on workers rights. The Bandaranaike is of course not file restiessnes is evident how- 
emasculation, if not extinction j 0 o forceful a campaigner on ever as the progress of govern- 
of trade unionism is seen as a S uch issues. The SLFP has ment plans slows enibarrasingly. 
real threat other worries anyway. A Pre- A top World Bank official was 

Tbe White Paper drew protests sidential Commission will inquire nevertheles greatly impressed bv 

Government takes new powers 

THE Sri Lanka Government is arming itself with masshc* powers 
to forestall a fresh outbreak of commnnal violence between the 
Sinhalese and minority Tamil population, David Houscro and 
Simon Henderson report from Colombo. 

Describing the situation as a “ powder keg." President Junius 
Jayawardene said today that legislation would be brought herore 
parliament this week to outlaw terrorist organisations, remote 
lhe right of bail for the most serious offences and oblige the 
courts lo impose prison terms instead of suspended sentences. 

In addition 590 armed police and several army units haic 
been sent as reinforcements to the northern Tamil speaking part 
of (he island. 

These urgent measures have been taken following the murder 
during the last month or five Tamil police officers. An organisa- 
tion calling itself the Tamil New Tigers Movement — and com- 
mitted to establishing a separate Tamil slate in the north or the 
island — has claimed respocsibilty for Ihese murders as well as 
six others. 

these plans, particularly an 
aeveleratid Hi a ha veil dam diver- 
sion scheme — a massive multi- 
purpose project. When the hank's 
group meets :i substantial in- 
crease in project aid ts expected. 
The government’s hopes for cas- 
ing lhe rnghremng unemploy- 
ment problem rest largely on the 
Mahavdi scheme. Bui this might 
take js long lo build as the 
infrastructure for Sri Lanka’s 
trade zone. 

Prices keep soaring, while im- 
patient >oung job-seekers, who 
were maiiilj responsible fur Mrs. 
Banda rana ike's downfall, con- 
tinue to boseise the homes uf 
govern men i 31 Ps and party 
organisers. The cons I ant flow uf 
sunshine stories in Sri Lanka's 
over-managed media make 
gloum of day-to-day reality all 
the more irritating." 

Late last year UNP Intel- 
lecfuals Used to say “ wait for 
February -tih.” suggesting that 
after the cnnsiitmmnal change n 
would lie all si stems go. People 
are si ill waning. Party .stalwarts 
now say ** wait (or June and lhe 
third amendment.” 

Besides introducing propor- 
tional represent:! t inn. this amend- 
men! will allow the President to 
reshuffle lhe cabinet and appoint 
district Ministers mu side the 
cabinet. The administration will 
be streamlined and plans will run 
smoother the government argues. 

But Sri Lanka's long stagnant 
economy hecoifles daily ’ less 
capable of satisfying lhe 
aspirations of the young. More 
than half the l.’Jitt tinempioved 
are “educated” .vomit. A uni- 
versity degree is still the only 
passport to a decent job and 
“standardisation” has not only 
helped rural students but 
Sinhala candidates. 

Thus the university is the fla>h- 
point of the socio-economic crisis. 
When campuses opened on 
April 24, lhe Higher Education 
Ministry fa new body) warned 
trouble makers that they would 
be severely punished. 

The union.-, and youth leagues 
want the oppo-itum to close 
ranks. The SLFP nninns are 
also pressing their leaders for 
tin understanding with the left 
on haste questions 


Barristers in Bayonne (64109) — 12. rue Thiers — TeL (59). 25.03.82 
Sale at the Court of Bayonne on Monday. 29 May, 1978 at 14.00- hours in Four Lots 
of The Chateau of Larraldia m ViUefranche (France) and its outbuildings 

1st Lot — Hostelry' of the Chateau of Larraidia 4-star hotel. 21 luxury rooms with bathrooms, 
lounges and reception rooms, dining-rooms, annexes with restaurant, bar, lounges, bedroorr' 
bar-solarium, barbecue, conference room, swimming pool, chapel- All conveniences, high standir 
2 telephone lines. Outbuildings oil 105,022 sq-m. of wooded land, lawn, parks and pleasure gardens. 

'{i/V +■ JiL ’: . 

• mug** ? 

. i- * 


i: r^M 7.~ v ' 

2nd Lot — “ Le Cheval Roux ” Riding Club 

With stables, maneges and accommodation on 
214.791 sq.m, of woodland, lawns and walks. 

3rd Lot — Mill of Poyloa with 2.906 f.q.ra 
of land, situated in part on ViUefranche and on 
Saint-Pierre d'lrube. 

4th Lot Building plots covering-a total area of 64,914 sq m. 

lhe whole facing the Pyrenees mountains, 10 km. from the Blarritz-Parme 
Airiinrt- uliiio.spbcre of calm and luxury with numerous nearby possibilif'cs 
for entertainment Chiberto Biarritz Chamaco golf courae, tennts couns 
ip Bayonne, bowling and two casinos in Biarritz and surfing on the coast 

Reserve price: 

1st lot — FrS.1.300,000 

2nd lot — Frs. 40,000 

;{rd lot — Frs- 5,000 

4th lot — Frs. 250.000 

excluding sale expenses, registration duties and 


Only barristers of the Bayonne Bar may push up the auction price, 
'compulsory lodging preceding the auction in order to bid. 

64100 BAYONNE 

For further information, please contact: 

1 Yi-itirps P Piiiuv.aud ami A. Hummel. Avocats vendeurs. rue Thiers 
France ) - ' TeL i 5 4 J 1 25.03.S2 who hold a copy 0/ the tender documents, 

2- nr any barrutcr of the Bayonne bar. 

For visits, pl«*ase contact: Mattre Ugalde. Htassier de Justice. Cit* du P*lais. Chemin de Marhum 
HU0 BAYONNE (France! - Tel. (59) 25.00.S1. 

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Financial Times Tuesday May 16 1978 

resort attacks Mrs. 


Sarkis to 

New plan for supervision 


NEW DELHI, May 15. 



of banks’ foreign lending 

to re-elect 


NEW YORK, May 15. 


THE INDIAN Government 
today backed the findings of 
a commission of inquiry 
which strongly criticised 
former Prime Minister. Mrs. 
Indira Gandhi, (or abuse of 
power during the final 21 
months of her rule. 

The government, headed by 
Mr. Morarji Desai’s Janata 
Party, has not yet charged 
Mrs. Gandhi, but her sup- 
porters, who fear her immi- 
nent arrest, have announced 
plan? for a national campaign 
of civil disobedience. 

The Shah commission, 
headed by a former justice of 
the Supreme Court. Mr. J. C. 
Shah, tabled two interim 
reports in Parliament, giving 
its findings on Mrs. Gandhi's 
conduct during India's state of 

The commission indicted 
Mrs. Gandhi (or abuse oF 
authority, and found that she 
imposed the state of emer- 

gency in June 1975 lo servo 
personal ends. 

“Thousands were detained 
and a series or totally Illegal 
and unwarranted actions fol- 
lowed involving untold misery 
and suffering,*' the commission 
said, "There is no evidence 
of circumstances which would 
warrant the declaration of an 

Although the way is now 
clear for prosecution of Mrs. 
Gandhi, whether this will be 
done depends on the Govern- 
ment. which Is vacillating 
ba cause of a major political 
offensive by her supporters. 

It Is understood that a 
Cabinet committee has been 
appointed to go into the 
matter— a sign that the Gov- 
ernment Is In no mood to take 
immediate action. 

The Congress (I) Party 
formed by Mrs. Gandhi was. 
however, warned today that If 
an.' violent agitation was 
launched, the . Government 

would lake stern action, al- 
though peaceful • demonstra- 
tions would he permitted. 

The commission’s reports are 
a major indictment of Mrs. 
Gandhi’s rule and in particular, 
of her son Sanjay. He is In 
jail for intimidating witnesses 
in a criminal ease against him. 

u It is surprising that he 
tSanjay Gandhi) should have 
wielded such enormous powers 
without being accountable to 
anyone," the commission says. 

41 The commission cannot 
think of a sit nation similar lo 
this one. in which an indivi- 
dual functioned with such 

authority. ruthtessness and 
effectiveness without the 
slightest claim to (his) posi- 
tion, except that he was the 
son of the then Prime Minister 

The commission said Sanjay 
Gandhi appeared to have had 
no sense of responsibility and 
conld not be called upon to 
account to anybody for his 
action and behaviour. 


k t 


FOR THE first ten years of 
independence. Botswana did 
without an army. “ We didn't 
need one. We decided our slim 
resources should go elsewhere." 
Mr. Archie Mouwe. the country's 
Foreign Minister, says in ex- 
planation. He adds, underlining 
the pacifist nature of Uie 
majority of cattle-fanning Bots- 
wana. that nniy one man was 
killed hy the country's police 
force in ten years. 

Times have dunned fur Bots- 
wana. and it is a sad irony that 
Hi is week's visit by President Sir 
Seretse Khanu it* Britain should 
take place in the shadow of an 
incident in which three men. one 
an IS-year-old Briton. Nicholas 
Love, were shot in still undis- 
closed circumstances by mem- 
bers of Botswana's n?v.Iy-formed 
Defence Force. 

The Force was created last 
year, in response to the growing 
insecurity on Botswana's border 
with Khodova. 

The war and heightening ten- 
rum in Rhodesia ov.-r the ]:i«t 
fev years have adversely affected 
Botswana's development in 
several ways, of which the 
creation of the army — perhaps 
J. nod si rone and cost ins some 
Sirii.n. — is only one. For much 
of the last two years. Botswana 
has received a continuing flow of 

refugees from Rhodesia. Last 
year, the weekly inHux averaged 
600. and is apparently only 
slightly less now despite the 
internal settlement agreement, 
which, like President Kaunda of 
Zambia. President Kbania 
opposes as being a recipe for 
civil war. 

Botswana's carefully neutral 
policy — it accept* the refugees 
fur onward passage but will not 
ailmv guerilla bases, is Inevit- 
ably being frayed at the edges 
as Rhodesian forces in search of 
guerillas foray across the Bots- 
wana border. In a special report 
last year, the UN estimated that 
the Rhodesian war and its effects 
would cost Botswana at least 
$60m.. which was probably an 

One of the main economic 
costs of the war would be a Bots- 
wana takeover of the railway, the 
country's economic lifeline. One 
of the most curious of colonial 
hangovers, the railway was built 
as the first stage in realising 
Cecil Rhodes's dream of a rail- 
road from the Cape to Cairo. It 
i* still owned and operated by 
Rhodesia. Botswana has neither 
the financial nor the manpower 
resources to take it over com- 
pletely. Such action, once recom- 
mended within the context of 

UN sanctions against Rhodesia, 
bad been resisted until now as 
likely to prove far more damag- 
ing to Botswana than to Rbodesia 
(the country's beef and much of 
its mineral exports depend 
totally on the railway as do 
imports of fuel*. 

But the Government fears that 
the line could be put out of 
action if the Rhodesian war hots 
up. or — even more alarming — 
becomes a civil war after Rho- 
desian independence. A British 
team from BR's consulting arm 
Transruark is currently redoing 
earlier studies to make an 
emergency takeover possible: 
further British aid if such a take- 
over becomes necessary win un- 
doubtedly be on President 
Khamu's agenda for talks with 
British ministers. 

Rhodesia is bound to dominate 
President Khama's talks. in Lon- 
don this week and despite his 
apparent greater •' moderation." 
the Botswana President is 
bound to urge upon Mr. 
Callaghan and his colleagues the 
message that they will have heen 
given forcibly by President 
Kaunda of Znmhia yesterday. 
“Do not recognise the internal 
settlement in Rhodesia: do all 
in your power to bring the black 
nationalists together and effect 
3 real transfer of power.” 

By I hi an Hijazi 

BEIRUT. May 15- 
PRESIDENT Elias Sarkis has 
decided to revive the Cabinet of 
technocrats which resigned last 
uiouth, following the failure of 
efforts to forrfi a government of 
national unity, 

The reappointmertt of the 
eight-man Cabinet is expected 
this week after the President and 
Mr. Salim a) Hoss. the premier- 
designate, have held additional 

Conflicting demands by 
Moslem and Christian leaders 
have obstructed the efforts by 
Dr. Hoss — who headed the last 
Cabinet— to form a new one. 

Mr. Sarkis met today With Mr. 
Pierre Gemayel. leader of the 
largest Christian organisation, 
the Phalange Party. Another 
prominent Christian leader. Mr. 
Camille Chamoun. declared after 

seeing the President over the 
weekend that he had no objec- 
tions to reviving the old Cabinet. 

Mr. Chamoun's insistence that 
ail members of The new Cabinet 
should also be members of 
parliament was described as one 
of the main factors which 
complicated the formation of the 
new government. The demand 
was intended to keep out Left- 
wing Moslem activists who are 
not represented in the legisla- 

The decision by Mr. Sarkis to 
revive the old cabinet is being 
seen as a last resort to avoid a 
power vacuum. It sbows that IS 
months after the end of the civil 
war. a national entente between 
Lebanon's Moslem and Christian 
communities remains impossible.! 

As a result. President Sarkis, 
himself a Former banker, will 
still have to depend on techno- 
crats in his administration until 1 
such an entente finally becomes | 

There have, however, heen 
some steps towards Moslem- 
Christian reconciliation. A re- 
conciliation between former 
President Suleiman Franjieh and 
ex-Premier Rashid Karami has 
evoked a great deal of interest 
here. The two met last week- 
end for the first time in over 
two years, at a luncheon given 
by Cnl. Tamer al Jenny, the com- 
mander of Syrian troops sta- 
tioned in northern Lebanon. This 
showed the reconciliation had 
Syrian blessings. 

Mr. Franjieb. a Christian 
Maronite. and Mr. Karami. 
a Sunni Moslem, fell apart when 
both were in power during the 
civR war. 

The reconciliation was inter- 
rupted hy Mr. Franjieh's sudden 
illness. He was hospitalised over 
Ihe weekend after suffering what 
was described as a mild heart 
attack. Hi's condition was 
reported to be satisfactory. 

FEDERAL BANK regulatory 
agencies in the U S. are about to 
introduce, for the first time, a 
co-ordinated system for monitor- 
ing foreign lending by banks and 
for assessing in detail lending 
risks in terms of political and 
economic conditions abroad. 

As a result of the new 
approach, the Comptroller of the 
Currency. Mr. John Heimann. is 
expected to announce tomorrow 
that his office is not going to 
proceed with a proposal for 
applying □ “means" and ■‘pur- 
pose” test lo U.S. banks in their 
foreign lending. 

The tests would have required 
banks to lump together Loans to 
foreign governments nod their 
wholly or partly-owned agencies, 

if an agency could not demon- 
strate its ability to repay the 
loans (the means Lest) or that 
the funds were to be used in the 
normal course of business (the 
purpose test). 

The new supervisory proposals 
for foreign lending reflect the 
continuing concern in the U.S. 
about the increasing Foreign 
exposure* of commercial bunks 
and the feeling in some quarters 
that the ability of regulators 'to 
monitor foreign operations of 
banks were lagging behind this 

The proposals are outlined in 
considerable detail in the spring 
edition of the Federal Reserve 

Board of New Y<jk Quarterly 
Review. The iieti supervisory 
system described I* been oper- 
ated on a trial luisj by the New 
York Fed, and! needs the 
approval of the ® serve Board 
in Washington ho re it can be 
applied lo all Ft ?ra! Reserve 

However, the ni t system has- 
been designed * th a hruad 
measure of agree lent between 
the main agenci responsible 
for monitoring ih foreign lend- 
ing by U.S. bank 

Namely, the P« erai Reserve, 
the Comptroller o. the Currency, 
and the Federal lepostt Insur- 
ance Corporation. 

The article says hat important 
elements in the n w supervisory 
plans are a erm ton reporting 
form and change in pmedure 
for examination f hank inter- 
national loan P rtTolios. with 
emphasis on Wet i lying concen- 
trations of h-ndi e which seem 
large in relation o bank capital 
and condition^ a the recipient 
country. I 

The yrupusul rejects the cstal*- 
tishment of imiSi-m procedures 
which hanks v.nfll.j have to fol- 
low in makina fi foreign loan. 

in the emphasis on analysing j 
“country risk.” which arises , 
from economic, social, legal, and 

political conditions in a foreign! 

.v supervisory 
ion reporting 
in proedure 

and also reject? the setting-up of 
a system of cfedil ratings of 

countrii** and »y li-t nf coun- 
tries which bank mint avoid in 

making loan-. 1 
Where it wijjld differ from 

previous approaches, however, is 

country, as up posed in the tradi--. 
tionai “credit risk" analysis | 
which is common to domestic I 
and foreign lending. . , i 

The s vs to in. as outlined in the | 
New York Fed Review, won hi! 
allow Federal bank examiners; 
to draw on the knowledge amt; 
expertise of specialists within j 
the Federal Reserve system- 
about country conditions, so :is> 
to enable them to identify pnlen-| 
tialiv adverse developments in a 
country. In order to identify 
countries warranting a review in 
depth, their economic perform- 
ance would be screened. 

Uniform methods would foi*j 
cstablishpd for measuring the i 
foreign luan exposure of a bank, 
whether a loan was made from 
head office or a branch or affiliate 
abroad, and also to identify the 
country of ultimate risk in eases 
where.' for example, a loan in 
one country is guaranteed by an 
entitv in another. 

Another part uf the new exami- 
nation approach would involve' 
an evaluation nf the risk m:m- 
agc-mi-ni systems, used by bunks. 
A kev element in the new sys- 
tem. ' which Mr. lleiui arm is 
expected to emphasise tomorrow, 
u til be the importance or diversi- 
fication of foreign lending by- 
banks to protect themselves. 

By Hugh 0*Shaijghncwy 

PRESIDENT Joaquin Batogunr 
ami his conservative Reformist- 
Partv are expected to he 
declared the winners o*I the 
general elections— presidential, 
parliamentary uhri municipal — 
to be held in the Dominican 
Republic today. 

Dr. Balaguer was first elected 
President in . and later 

deposed, lie hv been President 
uninterruptedly since WlMS. and 
onjtiVfJ the support nf the mili- 
tary and the police. He lieeq 
campaigning on fears of a 
recrudescence of The civil strife 
anil foreign invasion of Wn3. 

His principal opposition is the 
Dominican Rovolulioiiary Party. 
a sm-ial democratic* grouping 
led bv Sr- Francisco Penn 
Gomez. The party i? Flitting up 
Sr- Antonio Gurman for tin? 

Ooim-ation groups have Wn 
alleging government pressure «*n 
(he uL-pon wits ’ of Dr Ralaquer . 
Since its indent* r.demv in the 
early IS-tOs, the republic ha* 
never had h peacr-fnl transfer of. 
! power I rum *»ne party in 

More than half of Drum mean 
trade is with the U.S., and U.S. 
invest merits arc munernus Wash- 
ingle n Vis indicated that it 
would find link* ppiMeni to 
accenting the victory iff either 
uf the main cun lenders for the 

Blumenthal opposes tax move 



Saab automobile 
strike in Brazil 

MR. MICHAEL BlumenthuL ihe 
Treasury Secretary. today 
sharply opposed a Congressional 
proposal to cut capital gains 
taxes back to their pre-19H9 

In a letter t.j members of ihe 
House of Representatives Ways 
and Means Committee, he said 
that this amendment, advanced 
by a conservative Republican 
from Wisconsin, would cost the 
Treasury more than S2hn a year 
In income, was inequitable in 
that only the wealthiest would 
benefiL and would set back the 
cause of progressive lax reform. 

Mr. BlumcmhaVs intervention 
in this case is noteworthy not so 
much because of the specific 
\we involved — a major capital 
gains tax cut has realistially 
little chance of passage this year 
—•nit because it illustrates the 
extreme conmiexifv and uncer- 
tainty of the Tax Rill now being 
evolved on Capitol HilL 

President Cartel''* decision 
announced i n Friday to accept a 
smaller net '.ax cut Ihnn lie had 
originally urrjpuM.-J may have 
n a rowed differences over the 
overall size of the reduction but 
it has far from resolved the 
question nf its composition. 

The outstanding Issue is 
whether or nut the tax cuts 
should in etude a rollback in 
higher social security levies due 
lo take eff-et at the start of next 
year. Last week the Ways and 
Means Committee, in which ail 
tax legislai on originates, voted 
by a bare majority »of IS to JSl 
to reduce next year's social 
security tax by >6 2 bn and in 
effect to cut ; he overall tax pack- 
age by a Ilk •• amount. 

The .Vtm mistral i un opposed 
tinkering with ihe new ?»rial 
security rales which were pa-sod 
by Congress only test year. Addi- 
tionally. Senator Russell Long, 
powerful chairman of the Senate 

Finance C uni mil Lee. disapproves 
nf the House proposal tu divert 
general Treasury revenues In 
subsidise the social security trust 

This concept was part nf the 
Administration's nwn social 
security reform proposals last 
year but was ignored by 

However the close division in- 
side the Ways and Means Com- 
mittee makes it by no mean 5 ; 
certain that the full House, let 
alone the Senate, will end up by 
approving a rollback in social 
security taxes. At the .same time 
neither chamber aop»*:trs near 
to agreement on the tax cuts to 
be aophed to individuals and 
corporation''. although both 
seem determined to dismember 
the siniului-.H'uus package of 
revenue raisin-.: reforms pul for- 
ward by PreMilyni Carter, such 
as his elimi nation of deductions 
for " three Martini lunches" 

By Sue Branford 

KAO PAULO. May 15 


.ebel forces threaten vital mining town 

Peru imposes 
more austerity 

Guyana eiectioh 
likely to be 

Supreme Court 

allows uranium 


case to proceed 


THE INVASION nf the southern 
province i.i r Shaba by forces from 
Angola is Ihe third threat Presi- 
dent Mobutu Sese Seko's one-man 
rule m Zaire has faced this year. 
The cupper-mining town of 
Ko|v;e7i is particularly important 
because uf the economic impli- 
cations for Zaire if it fell lo the 
rebels, a- ihe National Front for 
in ( - Liberation of the Congo 
iFNLC' !.• claiming it has done.' 

The i ova is nlsu the military 
headquarter* for the 9.000 mem- 
hers of :he “5.000-man Zaire army 
in Sluha province. They belong 
:;iai :il> to the North- Korean 
trained Kamanynla Brigade, 
viewed a-; one of ihe better units 
"f tie* Zaire army. But. as with 
Hie i I'sl -f ihr ariuj. their morale 
: m-ln-wd to be Inw because nf 
I'-'Jiiy -* in n-ceiving pay and 
thuri.iges uf fond. 

Kolwezi also has 9 symbolic 
value because it was from there 
that the Moroccan-suported 
Zaireans began their counter- 
offensive last year. The first town 
they retook of any size was 
Mutshatsha. a dusty railway- 
halt that has retained its psycho* 
logical importance since last 

There seems little doubt that 
the invasion has been better 
planned and more effective this 
year than last. It is uncertain, 
however, how seriously it will 
jolt President Mobutu's hold on 

The invasion is taking place 
1.200 miles from Kinshasa and 
there have so far been no reports 
here of any popular uprising in 
the rest of the country. Shaba 
itself is still largely depopulated 
following last year's crisis and 

army officers from the Lunda and 
Baluba tribes o / central and 
southern Zaire were purged 
earlier last year. The purge, cul- 
minated in a show-triad in 
Kinshasa after which eight array 
officers and five civilian^ were 
shot at dawn in mid-March. 

Analysts here say/ it is 
questionable how long the rebels 
can bold ground they , take if, as 
expected, Morocco and France 
respond favourably ti> President 
Mobutu's request for assistance. 
What the rebels need is a show 
of popular support. But 
opposition to President Mobutu, 
driven underground or in exile, 
has in the past been divided on 
tribal and ideological lines and 
weakened by the President’s 
harsh treatment or dissidence 
through his secret police. 

Nonetheless, the signs of dis- 

satisfaction 'with President 
Mobutu's regime are on the 
increase. The Presidential guard 
was called out last January to 
put down unrest in the central 
Bandundu area and did so 
with characteristic ruiblessness. 
according to diplomatic sources. 
The purge of army officers fur- 
ther highlighted President 
Mobutu's lack of confidence in 
the army that helped him to 
power in 1965 and has helped 
keep him there since then. 

Apart from the economic and 
military dangers of the invasion. 
President Mobutu is facing the 
possibility of the FNLC becom-i 
ing a rallying point for opposi- 
tion. sparking off general unrest, 
as the Angolan-based rebels seem 
intent on doing. 

East Germany plays an increased role 


AN EAST GERMAN military 
ovk-jjlinn is in ijnngn Brazza- 
iill-- :::* a sign nf the growing 
mv'iltynieni uf East ( Senna ny :n 
A f roan Online*. 1 '.ungu Bruzza- 
villi- on AounLi which 
v as i:n- previous Mop on :hc 
current Alrlcan lour hy ihe Fast 
• it.-i , : :an army iMegain-n led by 
‘ Heinz Huffmami, the 
Lie ten w Minister. 

BERLIN. May 15. 

E.i~t European diplomats here 

■say K.oi •tcrnuiny has tong since 
replaced C/eclio-.|ir\;iki;i as ihe 

second most important source of 
material and political support 
among the European Communist 
conn trie*, after the Soviet Union. 

East Germany has for years 
heen patiently cultivating Afri- 
cans in the former colonies of 
southern Africa by providing 
educational, technical and medi- 
cal aid and. more recently, 
military t«-jiinine. The East 
German Communists believe 
they are now about to reap the 

At a meeting with the Congo- 
lese Defence Minister. General 

Hoffmann was quoted as saying 
that* East Germany would do 
everything in its power to “sup- 
port peoples v.-ho are fighting 
for their liberation from politi- 
cal and economic enslavement" 
In Angola. General Hoffmann 
visited the southern province 
where South African forces had 
attacked what they said was a 
guerrilla base. He assured 
Angola that East Germany would 
" increase the contribution we 
make together with the mighty 
Soviet Union, in the anti- 
imperialist front." 

The President's capital is sur- 
rounded by tawdry slums and 
shanties whnse lm inhabitants are 
suffering from shortages, SO per 
cent inflation and a youth un-, 
employment rale near 50 per 
cent. Any show of organised and 
cohesive opposition cpuld thus 
become a catalyst for serious 

President Mobutu has been 
quick this time to call for foreign 
support. He is believed to be 
preparing a diplomatic assault »*n 
the Soviet Union. Cuha and 
Angola for allegedly mastermind- 
ing the operation. His secret 
service already claims to have 
intercepted radio messages be- 
tween Luanda and the rebels r*n 
which Spanish-speaking voices 
were heard. The Zaireans aJso 
claim whites were among the 
rebels, apparently a reference to 

LIMA. May 15. i 
THE PERUVIAN military gov- 
ernment today announced a stiff 
package of economic measures, 
including a 87 per cent rise on 
the price of petrol, to cope with ; 
its financial crisis. 

At the same time, university 
and college classes were sus- 
pended until further notice as 
from today for fear of a repeat 
of the general strike and wide- 
spread rioting which followed 
last July on the heels of previous 
austerity measures. 

The measures announced to- 
day — the second part of a long- 
awaited economic austerity 
programme — included the 
elimination of remaining subsi- 
dies on items such as petrol, i 
dairy nroducts. bread and edible 
oils. The first part of the pm- 1 
gramme was announced last | 

The announcement today indi- 
cated that some agreement had 
been reached by the govern mnnt 
with the International Monetary 
Fund, which has long heen in-, 
sisting on cuts in public spend- 
ing as a condition for granting 
Peru an urgent stand-by credit 
to alleviate some of its balance 
of payment difficulties. 

It coincided with the appoint- 
ment of two civilians to key 
ministerial positions. 



Suitor for Cor to: Swedish bid 
for Dyxno Industries; Petro- 
fina Canada first quarter set- 
back. Page 35 

By Our Own Correspondent 

A REFERENDUM lo pave the 
way for the introduction of a 
new cousftl ulico for Gnyaim is 
to he held :n July. Should the 
government win. then it will 
seek to hu'.e Parliament turn 
Itself into u constituent 
assembly for the purpose of 
drafting tbe new constitution. 

Announcing this over the 
the weekend, Mr. Forbes Burn- 
ham, the Prime Minister, 
expressed doubts as to whether 
elections would be held this 
year. They arc constitutionally 
due not later than October 26, 

He said that, if the assembly 
were set up. then elections 
would depend on its completing 
its work, but he doubled that 
it could do so this year. 

Tlie government will also 
seek to add to the constituent 
assembly u number of other 
groups and organisations — such 
as the Trades Union Congress 
the Council of Churches, and 
Uie Association of Local 
Authorities. It will receive 
memoranda and hear evidence 
before drafting the constitu- 
tion, The draft will then be 
considered by parliament 

Parliament has already 
approved a constitution Bill 
which seeks to transfer to 
parliament constitutional 
powers now residing in the 
people in a right to referenda. 

Opposition parties and other 
.groups, including the Council 
of Churches, have accused the 
government of timing the 
change to coincide with the 
end of ils five-year terra in 
office, so as to postpone elec- 
tions in a period of much dis- 
satisfaction with the economy. 

THE U.S. Supreme Court 
ret used to prevent a New Mexico 
stale court proceeding with a 
:$700m damages uil brought by 
• United Nuclear Gnrpu ration 
against General Atomic Corpora- 

The stale court ruled in March 
that United Nuclear should be 
released from contracts it 
entered into in 1973 and 1974 to 
deliver uranium lo General 
Atomic. About -7m. lbs of 
uranium ham not been 

United Nuclear, which claimed 
injuries from General Atomic's 
alleged involvemet in an inter- 
national uranium cartel, asked 
for damages amounting to raoce 
than S700m, General Atomic said 
in iLs petition to the Supreme 

General Atomic is a partner- 
ship of Gulf Oil Corporation and 
Scallop Nuclear Ine.. a subsi- 
diary fo the Royal Dmch/Sbeli 


ALL 2.00ft workers at the 
Swetlirh-iiiviicd .Suab-Scama atiln- 
uinbilc factory in Bcrnurdu, 
■mi liu* our.-k.irls of San I’.miu, 
‘have unexpectedly ronic out on 
iKirihe. They are calling tor .i 
j “cl per coni in wages to 
liuaki* up f«*r the erosion by 
inflation in recent years. 

■ They nre also demanding 
j recognition by the Scania 
I management of a workers' emu- 
t mission, linked t«» the Meial- 
. workers' Union, in Ihe factory. 
.The wurkers hay that, when 
I Swedish trade union leaders 
(visited the factory a few months 
i ago. the management agreed to 
•' the formation of this emu mission. 
I but later went back tm its word. 
1 The wild-cat strike, which 
began on Friday, has com-ider- 
nhlc political importance in 
Brazil, being one uf the first 
mgjor stoppages since 19t»S when 
the Government sent troops to 
break up, an important stride in 
Osaseo. . another industrial 
.suburb .of Sao Paulo. 

'Che strike i3 indicative of 
growing discontent among the 
100.000 metal-workers in the 
Brazilian automobile industry. 
During the last throe weeks, 
there have been minor stoppages 
at Ford and Mercedes-Benz fac- 
| tones. 

! Tbe workers have become 
• increasingly dissatisfied with 
! their annual wage increases, 
i which frequently have not 
I marched the rise in the cost-of- 
! living index. Trade union 
'.statistics show that since the 
military Government displaced 
collective bargaining with strict 
wage control in 1965, tbe purchas. 
ing power of nearly all industrial 
wages has fallen. 

The workers claim that, even 
during the Brazilian economic 
miracle in the early 1970s. they 
gained n» benefit from their con- 
tribution to the large rises in the 
toss nii'i'irial product. 

US letter 
charge rise 

Chileans rearrested 

Three political prisoners released 
in Chile under an amnesty granted 
this month were arrested as soon 
as they left jail and will be sent 
into exile. Chilean police said 
yesterday, Reuter reports from 
.Santiago. A police statement 
identified the ihree as Sr* Victor 
Haressman Sepulveda. Hector 
"vyes "Nunes and Enrique Sepul- 
veda Column, and described them 
as highly dangerous to (he 
internal security nf Chile, ft said 
that all ihret had been members 

of the banned Revolutionary Left 

Movement. The Chilean Govern- 
ment recently declared an amnesty 
for political prisoners and exiles, 
but later modified it 

By David Lascciles 

NEW YORK, May 15. 

AN INCREASE from 13 to 15 
cents for inland letter postage 
has been recommended by the 
U.S. Postal Rate Commission, 
and is almost certain to he 
{approved and introduced by the 
| Postal Service Eoard at the end 
of this month. 

J The increase, the first for 2) 
1 years, will bring the postal 
service $1.9bn in additional 
annual revenue, bur this will be 
$57m. less than it requested. 

It was also announced today 
that Western Union Interna- 
tional. the main operator uf 
overseas telex services, was pro- 
posing to cut by u5 per cent, 
its charges for some interna- 
tional cails to Africa. Asia, and 
the Middle East. 

risks burnt lingers as its troops try 


TOi TiT T rr m 


* Major Bases 
’A’ Smaller Bases 
Conflict Points 

WHERE will France be -fighting 
next? Zaire's appeal for French 
military support in its south- 
eastern Shaba province opens 
the prospect of its taking on a 
fourth overseas front. With its 
military involvement under 
attack at home— from the Loll- 
and abroad— from, among others, 
the Danes in the European Par- 
liament last week— France is 
running an increasing risk r f 
burning its fingers in foreign 

The French armed forces are 
currently engaged in three con- 
flicts: in the Lebanon as part uf 
the UN buffer foree, in Chad, 
and in the Western Sahara. The 
Lebanon is of course a case 
apart, but it is significant that 
France should be the only per- 
manent member of the UN 
Security Council to have troops 
taking part in peace-keeping 

In Africa, the concern for a 
French role is ail the more overt. 
A year after the last French 
mainland possession, Djibouti, 
became independent. France is 
the only former colonial power 
now militarily active in its erst- 
while territories. With about 
10,0QP men at the. ready and 

bases in Djibouti. Senegal, the 
Ivory Coast and Gabon, France 
has made it its business to inter- 
vene when the borders of its 
African friends are threatened. 

"Whatever the sometimes dif- 
ficult consequences might be." 
M. Louis dc Gulringaud. the 
Foreign Minister, told a meeting 
of African foreign ministers !as>t 
week. “France remains decided 
to come to the aid of those 
countries which, in trying cir- 
cumstances, request its aid to 
maintain their independence and 
sovereignty, in line with agree- 
ments that have been made.” 

politically the most distant of ex- 
colonies in the region. 

Questioned recently on French 
intervention. M. de Guiringaud 
stated that “French soldiers are 
nowhere engaged in direct mili- 
tary operations." As an after- 

specified number of sophisticated 
Crotule ground-to-air missiles, in 
a deal reported to he worth 
S2QQm. French instructors will 
be sent with them. Fifty Mirage 
F-l fighters are being delivered. 
24 Alpha-jet support airi-raft are 


A fifth Franco-African summit 
starts in Paris next Monday, the 
turnout of African heads of 
government has increased to 
?bout -0 since the first summit 
in 1973. Countries such as the 
Ivory Coast have given open 
support to France's “ stabilising ” 
rule, in counterbalance to strong 
Cuban and Soviet intervention. 
President Valery Giscard 
d'Estaiug, Playing in Gaullist 
fashion on tbe electoral value of 
French influence in the world, 
has been reinforcing black 
African ties and even plans to- 
visit Guinea, which has been 

thought, he added, “with one or 
two exceptions." 

One of Those exceptions was 
the resumption of French action 
in the Western Sahara conflict. 
Last October, after several 
Frenchmen had been taken 
prisoner by the Polisario move- 
ment fighting against the divi- 
sion of the formerly Spanish- 
controlled Western Sahara be- 
tween Morocco and Mauritania. 
10 Jaguar flehter-hombers were 
moved into Mauritania. A Furr- 
night ago. the Jaguars were in 
action again, coining tu the aid 
oT Mauritanian and Morncriut 
forces against a motorised 
PoLisario column. 

France has certainly become 
deeply involved with - ’ Morocco. 
It has just sold Morocco an un- 

on order, and the Moroccan Air 
Farce has French-made Fnuga 
fighters and Puma combat heli- 

When President Mobutu, of 
Zaire, first appealed for French 
help in April last year, against 
an Angolan-based force of 
former Katansan gendarmes. 
French trausport aircraft were 
used to Jly arms and Moroccan 
troops to Lhe regiun. 

The other Focus of French 
involvement— as it has been nn 
and off fur many years — is Chad, 
lbm vast, divided, under-pupu- 
latcd region that occupies a 
pivoral position between North, 
West, and East Africa. Aboui 
1.000 French troops are reckoned 
to have arrived there in recent 
weeks, including legionnaires 

and paratroopers, tn back a 500- 
atrong team of French advisors. 

The reinforcements, which 
changed .1 discreet military rule 
into an overt one. came after 
heavy territorial losses by the 
military regime in the face of 
the Libyan - backed National 
Liberation From (FrolinatL and 
threats lo French civilians, many 
of whom are leaving. 

It is the second lime in ten 
years that French has rallied to 
Chad- In 196$. the then Presi- 
dent Tombatbaye ralied for 
French help and received it in 
the form of marines, legion- 
naires. paratronpers. aircraft, 
and armoured cars. Three years 
ago, after Gen. Felix Holloum 
had taken over and a French 
archaeologist. Mine, Clauslre, had 
been kidnapped by guerrillas, u 
quarrel led to j French with- 
drawal. But in 1976 Gen. 
MaJloum again signed a defence 
pact. Last month. French 
Jaguars landed in the capital, 

This time tlie rebels will nul 
lie sn easily repelled. The 
Libyans occupy u strip next to 

trol of the northern, Moslem half 
of Ihe country. 

The best that the French can 
realistically hope for. it seems, 
is to keep tlie 'ulualinn steady 
long enough for Gen. Mulloum, 
who has already rallied some 
splinter groups of Froltnat lo his 
side, to patch together an 
honourable compromise. 

France has proved consistent 
in fulfilling ii< defence agrei** 
Clients. Rut the question is 
emersme. to what advantage 
and at what post? Invulvewenr 
in Chad and the Western Sahara 
is severely damaging to French 
relations with Libya and 
Algeria, the respective patrons 
of Fmlinar and the Poilsario, 
ami far more important econo- 
mically m France than the 
countries being defended. • 

Giscard African us is making 
enemies almost os quickly ; |S 
friends. Some argue French 
iutcrvnntiuH works negatively * a 
the lung term by encouraging 
—already far "greater — iijterfei* 
cnee of count ries such as Cuba-.. 

iheir own border anti- Frnlmat 
is reported to he in virtual con- 

Fikwi-mi. Inirs Duhli-anJtlniir 
illU - and tK-lidj)-- U.S. JHlWCflBWKl 
i.'** SiatMWt AW- Mailt Wt’* e g5 n 5‘ 

sc.untl -U • . 1 -jMiim fdiiJ «‘t Xkil 


Financial Times Tuesday May 16 1978 

; ” 

Airflow across Citroen CX. 

A unique feature of thie CX which 
contributes further to quietness is that the 
car body is attached by means of rubber 
mountings totheunderframe. (Thiscarries 
the wheel suspension, steering, braking 
system, engine and gearbox assembly.) 
The rubber mountings have the effect of 
soundproofing the passenger compart- 
ment by filtering engine and mechanical 
noise. Vibration and noise due to road 
shocks are also filtered. 

Steering is Citroen’s unique Vari- 
Power system. No other car has a steering 
which can match it. When parking its 
finger light, and power-returns to a 
straight line position immediately the 
steering wheel is released. 

On the open road, VuiPower steer- 
ing grows progressively firmer with 
increasing speed. Deviation from a 
straight line is negligible in the CX, even 
on a motorway in strong cross winds. It 
also prevents wheels being deflected by 
road surface irregularities so that the 
driver is always in complete control 


However long a journey, driver and 
passengers remain comfortable in the CX 
and arrive relaxed and uncramped. The 
seats give excellent back and leg support, 
hugging as if moulded to the very shape 
of your body 

Suspension plays a major part in 
comfort on long trips. Citroen’s celebrated 


?lli T i 





First impressions of the Citroen CX 
can be quite misleading. If ever a car was 
designed to delight the eye then surely 
this is it 

In truth, the elegant lines of the CX 
owe far more to the dictates of practical 
requirements than to any aesthetic con- 
siderations. Its aerodynamic styling 
makes it an exceptionally quiet car to 
drive at any speed. 

It reduces wind noise by allowing 
the wind to sweep ovei; underand around 
the car For extra good measure, there’s a * 
high level of sound insulation in the CX 
which reduces road noise. J 

Benefits of aerodynamic styling 
don’t end there either The shape of the jfi 
CX offers ininimal wind resistance, which fj 
is an aid to effortless acceleration. Its wind Iff 
cheating design also accounts for greater Si 
fuel economy with the CX Pallas (5 speed, 
manual gearbox) returning a pleasantly «p 
astonishing 39.8 mpg at a constant 56 mph S 
(7.11/100kmat90km/h). ^ 


v - . < 




: ■ " " ■ > ■ • -.A - ■ >; .. ■ ■ $> v • ¥ : : x ■ .. ’ p \ V -<'< . •' \ ■/ ' . S? •!. : , % .V ; / ;i’ V 

' ; . i ■: ■ 

. :: : 

hydropneumatic system is unsurpassed 
for comfort and safety in any car at 
any price. 

A ride in the CX is remarkably 
smooth with all bumps and road shocks 
being absorbed. More impressive though, 
in the case ofatyre blowout at, say, 70 mph, 
the combination of Citroen’s hydro- 
pneumatic suspension and CX steering 
geometry maintains directional stability 
and keeps the car safely under control, 
even when braking. 

Joining the silent minority could be 
a lot less expensive than you might think. 
£4636.71 would buy you a CX 2000. The 
range extends up to the luxurious, longer 
wheelbase CX Prestige Injection C-matic 
at £8640.45. with a choice of engines 
(carburettor; fuel injection and diesel) and 
manual or C-matic transmission. 

All CX models have recommended 
service intervals of 10,000 miles and have 

Illustrated; CX2Q00 Super £4895.28. 

a 1 year guarantee. The suspension is guar- 
anteed for 2 years (max; 65,000 miles). 

A selection of the 16 models in the CX range 

Model . BHP Top Speed Price 

CX2000 102 

CX 2000 Super 102 

CX 2400 Super (5 speed) 115 

CX 2400 Pallas (5 speed) 115 

CX 2400 Pallas Injection (C-matic) 128 
CX 2400 GTi (5 speai Injection) 128 

CX 2400'Safkri Estate 1 1 5 

CX 2500 Diesel Safari Estate 75 

CX 2400 FamiHale 1 15 

CX Prestige Injection (C-matic) 1 28 

109 mph 
109 mph 
112 mph 
112 mph 
1 18 raph 
109 mph 
90 mph 
309 mph 
312 mph 











Prices include car tax, VAT and 
inertia reel seat belts but exclude number 
plates. Delivery chaige£68.04 (inc. VAT). 
Prices are correct at time of going to press. 

Please enquire about our Personal 
Export, HM. Forces and Diplomatic 
schemes and Preferential Finance scheme. 
Check the l&llow Pages for the name and 
address of your nearest dealer Citroen 
Cars Ltd, Mill Street, Slough SL2 5DE. 
Telephone: Slough 23808. 


Report from Number One Wall Street 

\lbtfaung\V. Koenig, Vice FresiJenr. 

Jtu L-TTumfW Corporate Bunking Division- 

First-line service. 

"When Wolfgang Ki icny, who 
TieaJ* the Asia Gn.iup of this 
Division, speaks of the Twins: s n ile 
in intenutmnnl finance :inj banking) 
it i> from the firm position (hue first 
things come tirer. 

“We are geared to react quickly 
:md personally to customer netvk 
T I icrc's no complex chain of c» « n- 
mand to go through to get answers 
or action. 

“Were prepared to sen e all the 
important needs of our customers. 
ThU includes making short and 
iivJium tenn loans, using either local 
.currencies or Eurodollars; structuring 
and financing pnijects, providing 
financial counseling; and offering 
foreign exchange reading service*- 

“The tremendous divergin' of 
markers in Asia produces a varietv of 
needs tor our customers, 'who range 
from nraji «r inanutucn.iring subsid- 
iaries of mul ri nationals to I<rn:al trad- 
ing companies doing an 
business. This diversity’ requires that 
our people work efficiently and crea- 
tively to >rav on top of changing situ- 
ation' and that they sen-ice our 
clients’ requirements in an imagina- 
tive and comprehensive wnv. 

“Excellence in international 
banking? he says, “is as- much a matter 
of commitment as it is presence 
abroad. And at the Irving, were com- 
mitted ro providing the highest qual- 
ity service available. And we do? 

R Lci"h DiiritindA'iiv President. Tokyo branch. RicfuirJ T. Mchitns/t,' Vice President, 
jin/vi brJiuA. Aet cti XV' Dri-wli, Via* President, Sinj.Mjurc brunji. 

A fine-tuned 
network. A kev part «*f the 

Irvings network . »f banking and 
financing taciliries in Asia are fully* 
M.itteJ branch offices in 7ok\o. Taipei 
and Singapore. And the international 
h.nikmg specialists who serve at these 
branches are knowledgeable on busi- 
ness customs and conditions in rheir 
Te-pes rive ureas. They km iw what 
businessmen need ro km iiv ab* *ut 
d. iing business in this part of the 


Leigh Du r land, of rheTbkvo 
office. highlighrs the Irving's ability 
t\‘ *vrvc the banking needs of busi- 
ness in Asia: “In addition ro our 
branch offices. we have repnoenta- 
ti \ e •.’! ikes in Hong K» »nc and 
Melbourne. Vie are alfiiiared with the 
Wing Hang Bank in Hong Kong, and 
we have development and financing 
affiliates in Australia. Indonesia and 
rhe Philippines. This -wide network is 
■finely tuned, well coordinated and 

highly responsive to cusrotner needs? 

“In ou r Hupei office? sa vs Dick 
h1cIntosh.“we place major emphasis 
on financing and facilitating import- 
c-xporc activity. Our commitment in 
this area is nor only strong but histor- 
ical. Since 1900 the Irving has plaveJ 
a major role in financing international 

“The growth of commerce and 
industry throughout Asia during the - 
past decade has been phenomenal? 
mi vs Steve Driscoll of the Irvings 
Singapore branch-'The Singapore 
Asia d« >llar market is a case in pi »int. 
Ten wars ago. this was a $^0 million 
marker.Todav it# well over $21 bil- 
lion. Asia is ohvjouslv on the move. 
And along wirh it is rhe Irvmq— ns it 
provides i uir customers with the 
Wanking services and counsel needed, 
to support and sustain this growdi? 

Irving Tryst Company. Unique. Worldwide. 


f in- Ty.ndnn FranOurt Taw ^inijappm Grand Cayman Beirut BuenosAiies Caracas Hong Kong Manila Melboaire Paiis flio tie Janeiro 'Ter.eran 

lr.:w h -.;(j;ed Aim ^nired iuwn> in me iuue rf u<r# Iqrr.. U.SA 


May lb, I97S 

Sankyo Electric Ck, 

Xsesaki, Japan 


3 y 4 % Convertible Bonds of 1978/1986 

Bayerische Vereinsbank 

Daiwa Europe N.V. 

Banque de Paris et des Pays-Bas 

Fuji International Finance' 

Westdeutsche Landesbank 

Abu Dhabi Imestmeat Company 
Amsu-nbw-KonmLam Bank N.V, 
Hanca Na/innule dri La' two 
Bank GutzwiUcr. Kiw. Bungem- lO 

Algemeoe Bank Nedexfand N.V. 

Banes Cammerciate Italian* 

Bank J As Baer International Limited 
I Limited The Bank of Tokyo (HoUuidl N.V. 

Banque Arabc et Inlenutimule d'ln'estissenent (BALL) 
Banque Gcoirak du Luvsnbourg JsA. 

Kjnqur Naiionalc de Paris 
Banque dr fl'niun Luropeennc 
Bati-ri^he laraksinnk Giiwmink 
Kcriinvt Bank \RtkupcscUschafl 

< JrsM; ih-s Di-pots cl (.'nnd^nations 
t hriMiaiu Bank op KieditkaMee 
( K-dii Industrie! ct Commercial 

< Tedil Sufc*c Wtete WcW Limited 
I>Bs.| lain a Securities International Limited 
Dominion Securities Limited 
1 unipean Banking Company Limited 
Antony Gibbs Holdings Ltd. 

I .ulf Imcmational Bank 

-Ruiqw BnneBes Lcmbert SLA. - 
Banque de rindodune et dc Sue/ 

Banque de Nctdlto. SddmnbeTgcr. Mallet 
Baring Brothers & Co. Limited 

Bayerische V'ercttefaank imcrnatioiu] S.A. 

Berliner Handels- end Frankfurter Bank 

.lames C apvl & Cu. 

CnmpaenK Monegasquc de Banque 
Credit Lyonnais 
C rediianst iR- Bank* crctn 
Deotsdie Bank AkOenseseflscbaft 
Dresdncr Bank Aktiesj^sdsschaft 

lust Boston | Europe) Limited 

Ginzeulrak mid BankderustmTrichactKnSpackassea AktiengeseUschaft 
Hambrm Bank Limited 

1 lill Samuel & Co. Lhuiied Jndnstriebank ton Japan (DcmsdiEand) AktieugcseUscbaft 

Kliluln Bancarin San Paulo di Torino Jardine Heroine & Company limited 

klvUVA-ort. Bvumu I Krediethank li.L Luxoabocrgeoise 

kimuh Torvtpn Trading C infracting & Imcstment Co. (S.A.K.) Kuwait International Investment Co. s.a_k. 

A* E. Ames & Co. Limiled 
Banca M GotXanto 
Bank fm Gemctuvrirlsdutil AktieageseBsdiaft 
Bankhaus Gebrader Bcttnsaan 
Banque Franpiw du Commerce Evlirinr 
Banque Imcraatiwale a Lamabm^ SA. 

Banque RottacUd 
Bamiscbe HypotPekeo- tmd WcdnekBuk 
Job. Barenberg. Gosder & Co. 
Blyth Eastman DiUoa & Co. International limited 
CaaenoTC & Co. 
CrerHl Coamerdal dc France 

Credit rtn Nonl 

OaiwaBesope (DwtecMaadl GmbH 
Deutsche Giruaeolrale - Deutsche Kommoualbank — 
Effeeteaha ri b-Warhnrg Aktiengeseflschaft 
Robert FIhdib^i & Co. limited 
GoUtamn Sachs International Cup. 
Heaasche Landesbank - Ginuemnde - 
Bidder. Peabody International Limited 
Kuhn Lttb Iriiman Brother?. Asia 
Lazard Bnahers & Co* Limited 

La/ard Frero it Cic 
MnvL Frock & Co. 

Mibubrdu Bank | Europe) S.A. 

Morgan Stanley International Limited 
NnhrbuKbrhc Middensla ndshan k N.V. 

Nippon humpeati Bank S.A. 

Niirdduitidir Landctdnnk Giroautrak: 

Nil. Oppcnbcim jr. &. Cic. 

1 'Khanken 

SaiiMns-l'iuon Intcnatioual (Hons Koncl Limiled 
Scfiriider. Miindnneycr. Hengsl &. Co. 

Smith Barney. Harris llpham & Cu. Incorporated 
Strains. Tumhuli & Co. 

Manafacturcn. Haamcr Limited 

Merrill Lynch luemational & Cn. 

Samuel MonJaca & Co. Limited 
Naiiona] Bank of Abu Dhabi 
Ncn Japan Securities Co* Ltd. 

The Nippon Kangyo Kaknmara Securities Co* Ltd. 
Den nonke Crt&bank 
Orion Bank Limited 
KotiechiM Bank AG 

Salomon Brothers Internationa] Limited 
Sbwwbank AktiermcscBocbaft 
Soriiie Generate 
Sstniumto Fbnncc Imcnauooal 
Taiyo Kobe Hnance Hrmg Koop Limited 

McLeod, Voudp. Weir Internatimnl Limited 
a Metifar sreL Sohn & Co. 
Morpaa GrcnfeH & Co. tinted 
TbcNatsonal C ommercial Bank (Saudi Arabia) 
The NiLko Securities Co* ( Europe) Ltd. 

Nomura Europe N.V. 

S»i>. Bank Curponilkw lOvcrvefts) Limited 
'I rinkais & Burkhardl l-nion Bank of Soitzeriand (.Securities) Untiled 

A inun- tmd W pohank .Akliwiuivdtschaft W ako Semitics Company Limited 

N. ti, \\ jirburs & Co. Ltd. WardJev Limited 

Pierson. Hddrine & Pwasoo N.V. 
N. M. KodKchild & Sons Limited 
J. Henry Schroder Wags & Co. United 
Skamfimniska FmfcM a Baakm 
Sudete Geaerale dc Banque SA. 
S'coska HaarlehhatAen 
D:W. Taylor & Company Lilted 
L neon tie Banque* Arabev et Europeetmcs SA - U.BAE. 

.iVL M. Waihurg-Brineknwnn. Wiitz & Co. 

WaidJcy Middle East Looted 

Wlnxhadv mtd Privatbank 

Dean Witter RiymiMs Inlcmatinnal 
Yamakhi International (Europe) Litmicd 

Wood Gmdv Limited 


Tokyo airpost bars British 
aircraft on sides mission 


A BRITISH aircraft, the Coast- 
suarder. which has SLOived in 
Japan on a demonstration tour, 
has been refused permission to 
land at Haneda Airport, the old 
international airport for Tokyo, 
and will have to operate during 
a six-day stay out of airports in 
the northeast and southwest 

extremities- of the country. . 

The refusal is attributed to 
congestion at Haneda resulting 
from ihe two-month delay in 
opening Narita International, 
where the con trot tower was 
damaged by demonstrators in 

The Coastguarder arrived this 
afternoon at Sendai in northeast 
Japan after demonstration flights 
in the Philippines. later in the 
week it will fly to Hakodate, in 
the northern island of Hokkaido, 
then to Fukuoka in southwest 

The CoaStguarder is an adapta- 
tion of the Hawker Siddeley 74S 
short-haul airliner equipped with 
electronics for spotting intruders 
in 200-miie fishing zones. Japan, 
which established Its fisheries 
zones in April last year, is under- 
stood to be in the market for 
four such aircraft and is expected 
to decide on a purchase within 
two months- The buyer would be 
the Maritime Safety Agency 
(MSA), an official body ■ respon- 
sible for patrolling Japan's 

British officials concerned with 
the CpastguarderXtour of Japan 
agree that the three ports at 
which clearance was given 
were near MSA bases and thus 
suitable starting points for de- 
monstrations. However, they say 
it would have been easier to 
show the aircraft to officials had 
It been allowed into Haneda. 
The invitations to MSA to attend 
demonstration flights are said to 
have been “ acknowledged ” 
rather than replied to when first 
sent out 

The Coastguarder was one of 
four aircraft mentioned this 
afternoon by the British ambas- 
sador in Tokyo. Sir Michael 
Wilford. as suitable for sale to 
Japan. Speaking at the opening 
of an exhibition of British aero- 
space products ut the British 
Exports Market Centre, Sir 
?,lichael said the others were the 
BAC One-Eleven, in the 670 ver- 

sion designed 
runways, the 
already purebui 
with the pQssii 
orders, and the 

Sir Michael 
chases of one 
four would cci 
ing the UK's 
with Japan. Thi 
Society of Bj 

Companies. Mi 
fering to Ions 
with Japan, 
come “when v 
fit from some 

TOKYO, May 15. 

1,100 metre One of Japan's dilemmas in 
ihort Sky van, ordering aircraft appears to be 
by MSA but to apportion orders between 
fitv oE further various countries seeking to re* 
ertical lake-off duce their Japanese trade im- 
balances rather than pulling all 
( ped that pur- its eggs in one basket. Thus Ton 
■ more of the Domestic Airways, ihep rob able 
ibute to rcduc- customer for . the dal une- 
ade imbalance Eleven, goes ahead with tno 
.resident of the dozen or more aircraft ui which 
ih Aerospace -it is. reported to be mterestM, 
F Hunt, re- the MSA would probably, refrain 
lies negotiations from buying the Cuastguarder. 

the time had Both aircarft are C0I ”PeH®« 
could all bene- with products from Fokker. oi, 
eal action and Holland, another countiy beset j 
by a Japanese trade imbalance.* 

Japai will cut tariff 
levels to ‘single digits’ 


JAPAN AND lc US have “no 

agreement on Jbc specific basis 
for calculating larift protection." 
but Japan will leriainly lower its 
average tariff iirrier to “single 
digit " levels ft the conclusion 
of cuts resultin from ihe Tokyo 
round of Mfltilateral Trade 
Negotiations. | Mr. Reishi 
Teshima, tba new director- 
general for ennomic affairs at 
Japan's Fore In Ministry, said 
today that t sirs' cuts will be high 
on the agenda of Mr. Nobuhiko 
Ushiba, the jxternal Economic 
Affairs Minis nr, when he goes to 
the US on Mf. 24 for talks with 
Mr. Robert fSirauss, the US 
special trade negotiator. 

The US impressing Japan to 
cut its tariff! wall to the same 
level as the fS is offering in the 
Tokyo rminl talks-— 4.14 per 
cent averagq protection by the 
concluding jear of tariff cuts 
(probably 1®S). Mr. Teshima, 
talking to tit foreign Press this 
afternoon, aid it is impossible 
to compuref US and Japanese 
tariffs without first agreeing on a 
basis for calculation — an exercise 
not yet done. But he confirmed 
that Japan would work to bring: 
down tariffs ton average) to 
under 10 per cent 

The Japanese offer in Geneva, 
as it stands, would reduce 
average tariffs on industrial 

TOKYO, May 15. 
items by P er te r nt °“<J[ 

“ bound ’* busts, i.e., front 197- 
tariff levels. But Amenran 
negotiators (as well as the EEC) 
have insisted that the real 
Impact would only amount to an 
IS per cent, reduction from 
tariffs actually applied now. 

Mr. Teshima and other 
Japanese officials have expressed 
willingness to consider further 
cuts, arid sources say high on 
the list for consideration are the 
American demands for eliminat- 
ing or greatly reducing the 
tariffs on computers and eolour 
film. (Partial cuts were made 
in these tariffs as part of ihe 
autonomous package of advance 
cuts made in March in response 
to- foreign pressure, notably 
from the the US and -the EEC.) 
“We arc trying to- think of US 
interests," Mr.. Teshima said 
today. ,r but we must also look at 
the interests of others." 

Replying to a question on the 
pending suit In US courts lodged 
by Zenith Corporation and aimed 

at labelling Japan’s rebate of | 
commodity taxes as unfair; 
export subsidies to Japanese 
exports, Mr. Teshima insisted 
that the rebates u are in strict 
conformity with the regulations 
of GATT. If the ruling went in 
Zenith’s favour. I am afraid 
there would be a mess." he com- 

Ministers meet China trade increases by 

8% compared with 1976 

metal group 
as tour begins 

Financial Times Reporter 

A 15-strong Chinese steel 
mission spent yesterday in 
London with Government Minis- 
ters. They met Mr. Edmund Dell, 
the Trade Secretary. Mr. Gerald 
Kaufman, the Department of 
Industry Minister responsible for 
steel, and Mr. Leslie Huckfield, 
of the Department of Industry, 
who was host to the delgates at 
a reception last night. 

The mission follows a recent 
visit to China by Sir Charles 
Villiers. chairman of British 
Steel. The overseas 3«n of the 
corporation— British Steel inter- 
national— is hoping to secure 
valuable steel plant orders aris- 
ing from the Chinese Plan for a 
big expansion in iron and steel- 

The Chinese mission is made 
up of 14 men, vice-ministers and 
senior officials, and one woman. 
Madame Ning Yu, an economic 
engineer of the Chinese Society 
of Metals. 

During the visit the Chinese 
mission will meet the Metal- 
lurgical Plantmakers Federation; 
the British Independent Steel 
Producers Association; Davy 
International: First Brown; 

Osborn Steels; and GEC Elec- 
trical Projects. 

• The Chinese Government is 
sending a 21-man mission to look 
at agricultural mechanisation in 
the UK from May 25 to June 12 
in response to the invitation 
issued by the British Agricul- 
tural Engineering Mission to 
China in 1977. The Chinese 
group will also visit Italy, France 
and Denmark. 

©China’s 1B78 spring trade fair 
at Canton came to a close on 
Monday with a record volume 
of export transactions, accord- 
ing to Peking's Hsinbua News 
Agency, AP-DJ reports from 
Tokyo. No sales figures were 

CHINA'S WORLD trade reached 
$14.3bn last year. 7.8 per cant 
above 1976 with a balance ija 
Peking's favour of S1.4bn. The 
balance, with the previous geaes 
estimated surplus of $l.2bn, has 
greatly’, improved China’s- foreign, 
exchange reserve ■' 

The estimates, made by the 
Japan External Trade- Organisa- 
tion. JETRO, in a report based 
on a study of China's trade with 
45 leading partners, put Peking’s 
exchange last year at the second 
highest figure in its history after 
the S14.6bn in. 1975. 

Steady growth is expected in 
the current year, particularly in 
imports. Among exports, oil is 
expected to expand, although 
prospects for agricultural and 
textile products are limited. 

In the Jiily- December period 
last year, JETRO reports. China’s 
imports recovered impressively 
after a decline in 1976 and the 
first six months of 1977, rising 
by 7.3 per cent in the whole 
year over the previous 12 
months. Exports rose by 8.2 per 
cent over 1976. largely because 
of increased nil sales and the 
general rise in export prices. 

JETRO named four main 
features of China's import trade 
last year as the recovery of pur- 
chases of iron, steel and fer- 
tilisers, big food imports, pur- 
chases of cargo ships and the 
continued slump in Chinese buy- 
ing of machinery and equipment. 

Iron and steel purchases, which 
account for nearly a quarter of 
China's imports, reached about 
5m tonnes, about "half a million 
tonnes over the previous year. 
More than half of that came from 
Japan. EEC steel sales slumped 
badly at the beginning of last 
year but picked up when the 
Chinese placed large orders at 
the autumn Canton fair. 

Fertiliser sales to China last 

year also exceeded the 1976 
volume. Those from" Japan 
almost doubled. However, as 
prices fell, the value did not rise 

. As poor weather had seriously 
affected 'Chinese harvests, Peking 
contracted to buy 11.3m toopes 
of grain. 

Sugar imports also rose 
rapidly, probably reaching 1.5m 
tonnes last year^. about three 
times the estimated 1976 figure. 

China bought secondhand 
ships, 33 between May and Sept- 
ember and possibly another 27 
by the end of the year. They 
were in the 10,000-tonoe or 
larger class. In ' Hong Kong, 
China bought 16 smaller used 

China's estimated spending on 
machinery and equipment last 
year was only Slbn-S1.5bn? 
despite strong demand Tor 
petroleum exploring and drilling 
equipment. Orders for complete 
plants fell from SlS5m in 1976 
to about SBOm for three plants. 

On the export side China did 
well last year with steady sales 
of oil and petroleum products 
and a general rise in prices. 
Peking, shipped 6.53m tonnes of 
crude to Japan, about 800.000 
tonnes to the Philippines, and 
about 150,000 tonnes to Thailand. 

Exports of agricultural pro- 
ducts, about 40 per cent, of 
China’s total export trade 
remained about the same in 
quantity, but values improved. 
Japan, with a 12-month total of 
S3.5bn. stilt led as China's top 
trading partner, followed by 
'Hong Kong at SL3bn (January- 
October) and West Germany at 
$726m (January-November). The 
rest of Europe was displaced by 
Canada, Australia and the U.S.. 
while Brazil, with a 23.4-fold in- 
crease (mainly in Brazilian im- 
ports) has spectacularly over- 
taken some traditional partners. 

EEC cheap 
steel duty 

By Roy Hod son 

THE EEC Commlsslori's policy 
of defending the Community 
steel market against cheap im- 
ports was taken- a stage further 
yesterday with. ihe imposition of 
a definitive anti-dumping duty 
against Bulgarian iron and steel 
coil imports- A provisional duly 
had" been in force. ' t 

The rate of doty will be 
variable and is - designed to 
bridge the difference- between 
the import price of a consign- 
ment and the '.basic price pub- 
lished by the European Com- 
mission. the Department or 
Trade explained. However; duty 
will be reduced to the extent 
that the Importer satisfies 
customs that an. import price is 
lower than ..basic because the 
goods are inferior. 

The action against Bulgaria is 
the latest in : a series -of EEC 
moves against, cheap foreign 
steel start&t' t>y~ tfio Darignon 
plan for protecting the EEC steel 

industry, which came into action 

at the beginning oT this year; 

I On ‘May- 3 definitive duties 
.were applied against some prn- 
ducts from-' South Korea, Bul- 
garia. Romania and East 
Germany, to replace pruyisiqtifl! 
duties. £ 

• <r‘ ■ 

Norway import 
tax on vehicles 

By Fay G jester .. 

OSLO, May. 15. 

cultural tractors and Tiighly 
priced cars will be affected by 
rwo new austerity- measures an- 
nounced at the weekend. A 
secret meeting of the Storting 
(Parliament) agreed on Friday 
to impose a ■ special luxury tax 
on cars costing more than 
NKr 70,000. (£7,000) and a 20 per 
cent import tax on tractors. 

The measures have the double 
aim of reducing . non-essential 
imports, in view . of Norway’s 
heavy trade and payments deficit, 
and increasing State revennp. 

Tractor imports have recently 
risen steeply in Norway, reflect- 
ing the farmers’ new -prosperity 
after favourable incomes settle- 
ments in the past fow yeans. Mr. 
Kleppc told the Storting he hud 
appealed to farmers to curb their 
purchases- of new tractors, but 
without result. Tractor imports 
last year' hhd reached NKr 430m., 
compared- with only NKr 300in. 
a couple ot years previously. 

The extra tax; cm cars is ex- 
pected to further reduce imports, 
already badly, affected hy rising 
prices and severe higher prices 

Leyland £6m 
bus contract; 

noandal Times Reporter r ! \ 

A £6m_ ORDER from the Copen- 
hagen transport authority has 
been won by Leyland-DAB. the 
Leyland Vehicles wholly-owned 
bus building subsidiary in Den- 
mark. It entails complete 
buses with Leyland engines and 
a further 40 bodies to be 
mounted on a new Scania 
chassis. ' 

The Leyland buses wi\\ be 
mid-enginetf with Leyland 690 
turbocharged engines and Voith 
S51 automatic transmissions. 

x First market 
entry backing 

Financial Times Reporter 

THE FIRST agreement =for 
assistance, under the British 
Overseas Trade Board's Market 
Entry Guarantee Scheme 
(MEGS) has been signed with 
Osro, of Heme! Hempstead, 
manufacturers of metal, and 
plastic finishing machines. 

Osro believes it can build.' up 
sales in the US over the next 
three years. It expects sales of 
more than £2m a year by the 
early 1980s. The scheme will 
contribute . towards costa ■■ of 
offices and staff - 

The sebeme. announced , in 
January, is aimed at helping 
smaller and medium-sUed UK 
manufacturers to develop new 
export markets. Jt contributes 
half the eligible overhead costs 
of entering the new market and 
the contributions are recovered 
with a commercial rate of return 

through a levy on sales. 


Aqaba’s bid for the tourist market 


sleepy southern port resort of 
Aqaba is on the verge of a long 
overdue breakthrough into Inter- 
national tourism. A series of 
events this month bave empha- 
sised what local residents and 
government officials have long 
known: chat Aqaba has the poten- 
tial to become an important 
tourist centre. 

Its development has been 
stunted by lack of adequate 
facilities, mainly hotels, and for 
water sport and leisure, as well 
as high prices compared with its 
more robust competitor a few 
kilometres across the northern 
tip of the Gulf of Aqaba, the 
southern Israeli port-resort of 
Eilat. But Aqaba appears to be 
snapping out of its stupor. 

The attractions for business- 
men will be as great as those for 
tourists. Current development 
projects in tourism alone will 
probably translate into business 
worth at least S400m or 850Um. 

Other projects to develop the 
port and town from its present 
base of some 20.000 people will 
also mean business opportunities 
of another S500ra. including 
several industrial projects tucked 
away in the folds of the moun- 
tains well away from the residen- 
tial and tourist zones. - 

Some local voices bave ques- 
tioned whether Aqaba can be 
developed simultaneously as a 
port l Jordan’s only one), a grow- 
ing urban centre, a tourist city 
and an industrial centre for the 
southern region. The Jury is still 
out on that one. but the Govern- 
ment. after many years of hesi- 
tation. appears determined at last 
io make a determined effort 
towards that. 

A prominent European holiday 
tours company. Tjaereborg of 
Denmark, is about to complete 
plans to fly into Aqaba back-to- 
back. twice-a-week groups of up 
to 600 tourists a week. The key 
to Aqaba’s breakthrough into the 
international market hinges on 
coming up with attractive prices 
for the package tours, which 
means securing competitive 
prices from the Aqaba hoteliers 
above all. 

Agreement on flights has been 
reached with the Jordanian air- 
line Alia and Sterling Airway's, 
3 Tjaereborg subsidiary, and 
completion or the package would 
mean that half the town’s exist- 
ing 500 hold rooms will be 
booked for the entire year. Tile' 
aim is to start the tours next 
November and the Danish com- 
pany is preparing an interna- 
tional marketing programme. 

The relative lack of sophisti- 
cated tourist facilities will start 
being remedied soon as two big 
development projects get under 
way this year. 

The Canadian company 
Genstar is shortly lo hand in its 
feasibility report about building 
a giant, 1.400-bed, four-hotel 
complex based on on inland 
lagoon and marina and covering 
250 hectares in all, at an esti- 
mated cost of more than $250ui. 
Informed sources here say the 
project will get a go-ahead with 
the idea of building in stages, 
and adding an future facilities 
as tourism at Aqaba picks up in 
tandem with the start of group 
tours, primarily from Europe. 

The World Water-Ski Federa- 
tion, meeting at Aqaba last 
month, decided to sponsor an 
international water-ski competi- 
tion scheduled for the end of 
this month, and local authorities 
hope that a second w.-iter-skl 
(ertival in November will also 
become an annual event on the 
international circuit. 

The other major development 
will gather momentum when the 
Government invites international 
consultants this month to submit 
bids on drawing up a master 
plan for the 20k ni southern 
coastal strip. 

Official sources say the govern 
ment is determined to come u 
with a final master plan for th 
southern strip after comuussioi 
ing at least two similar sludic 
during the past 10 years. 

A further state-initiated cltoi 
just set in motion is to redi 
veiop the northern beach site r, 
the existing Aqaba Hotel. Gran 
Metropolitan Hotels Internal ion: 
is providing initial suggestion! 
with tourist officials indicat in 
expectations of building a larc 
new hotel at a cosr of some 520n 
Grand Metropolitan is also eyein 
involvement in the lagoon pn 
ject and the southern stri 

Until the new facilities ar 
built, water enthusiasts a 
Aqaba can use two newly opene 
water sports and leisure centre: 
providing eauipment for ever) 
thing from deep-water diving t 

Aqaba's attractions inrlud 
superb corals, clean, cool water; 
and quick access to Petra nn 
Wadi Rum. Us potential ha 
always been far ahead of its pei 
fonnance. But now many of th 
pieces of the puftle are faiUn: 
into place after many years o 
talk, unfulfilled expectations am 
unexecuted plans. 

B.rjan Richardson. Genera i Manag-qr. Providem Mutual!*' 

sSS'S.3: :••: •*! 


■ *V‘> 

£ ' V V*--- 

11 ^ 

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••••• • 


•** ■** -Sw.* 

•j^£ '.‘v/ ft-- 'V- t 

We talk your langii 

Provident Mutual Life Assurance Association. - Founded 1840. 25-31 Mooigaie, London EC2R 6BA. Tel: 01- 




Sfer 3(6 '1 4ft 



14 ships 

By Ian Hargreaves, Shipping 

Big increase urged in fines 
for sea safety breaches 


PENALTIES FOR breaches of to look at yet another traffic A requirement for twin steer- as the scheme is almost exactly 

maritime safety laws by British separation scheme for the Ting systems for new tankers is matched by an interim private 

ships would be increased to a Channel. This scheme, involving included, although 1MC0 is re- oil companies' compensation 

maximum of £1,000 from £100 at a continuous 200-mile lane viewing this provision because fund, CRISTAL. 

present under proposals con- system, has been proposed by the regulation proposed would Britain's nilotage systems is 
tained in a White Paper and Trinity House. It will be studied not rule out faults of the kind also overhauled in the Bill. 

THE BIG Liverpool-based sv ip- draft Bill published yesterday, by the interested governments, which left the Amoco Cadiz with- which will set up a new Pilotage 

ing company. Ocean Transport It is clear there will not be initial reaction tn the nlan out control of her rudder and Commission, with advisory and 
and Trading, has sold 14 ships parliamentary time for the Bill w j,j cll w m bp made D ublip later t0 heT grounding. supervisory functions. At the 

so far this year, in spite oi'the[rtus session. The Government’s y,j s wee t j s *h a t it contains a Those measures have been same time compulsorv pilotage 

continued depression io second- : decision to publish it is very larEe number of nractical diffieul- costed at £550m for the world will become the norm at British 

'much an earnest of good intention jjes. fleet and are intended to be in ports, although access to pilotage 

in response to public concern „ f ^ force by 1981. Britain should certificates will be made easier. 

Reforms are also planned to 
prevent ships' masters being 


hand values. 

Sir Lindsay Alexander, (.U9 1 aw tvoKuuae iu (luuiJt: uuuteiu rpt._ ^ 

company's chairman, yesterday [about oil tanker safety after the Ril , * ot 1“ have no'problem in meeting this 

pointed to the slump in second-; Amoco Cadiz and Eleni V spills, b ri tish raSSn of Vh P in ter deadline, but it coirid face em- 

British accession to a number ?. e £££ barrasraent 

or international conventions on 

band ship values as one of the 
reasons why Ocean was expecting 
a "very coosderable reduction*' 
in profits this year. 

Ocean had a pre-tax; surplus of 
£39m. in 1977. 

The company declared its 
intention earlier this year of 
disposing of up to 10 ships and 
reducing the number of officers 
employed by 5 per cent. 

Mr. David Hardy, finance direc- 
tor. said last night that the extra 

sales had been dictated by the 

unexpected availability of buyers 
and, in the case of the sales of 
two six-year-old bulk carriers, a 

national ronwentinns nn Pnii... m being unable to able to fine seamen for breaches 

tion Prevention f 1973 1 thenrnto- rati * y the Safety of Life at Sea of discipline — an on shore disci- 

pollution prevention is also dealt l c , . tha , EQ L e ntln « ■»»«£ Protocol, which stiffens the rules plinary committee system will he 

with. ' f n London eJSS Sds yel? S3 on ■“>* navigational ..equip- substituted-*^ to apply .to the 

a anther 197S Drotoenl tn tho iq-S me nt add on anti-explosive de- marine world the type of inspec- 

ActlOU SEE of Ltie lt sea Convex tankers. tion provisions for factories 

Yesterday also saw the formal tton5 The U.S. is applying strong untamed in the Health and 

launch of Mancheplan, an Anglo- These measures wiJI, when to JO. prow* “ be Commit admits 


French plan of action in the ratified by enough 

event of marine disasters. It give effect to the important *• 

provides for co-ordinated rescue changes agreed in February by t-'OUVeUuOIl 
and anti-polhition resources on a conference of the United When Rnl hp , nmes i 3W 
both sides of the Channel. Nations maritime agency, IMCO. ^ be able tS ratify 

It was decided at a meeting in These changes include compul- an international convention in- 

Paris at the weekend to set the s0r y segregated ballast tanks for creasing the maximum compen- 
plan inaction officially, although n ew crude oil tankers over 20.000 sation payment payable in the 
slight re-positioning cf Ocean in i l[ has been partly effective for deadweight tons and more effec- event of an oil spill to £39m. 
the hulk transport market. [some months. tive oil cleaning systems for This, the Fund Convention, will 

The Paris meeting also agreed existing tankers. make little practical difference 

The company was taking advan- 
tage of exceptionally low charter 
rates to charter in more modern 
and faster tonnage to replace 
some of the vessels which had 
been sold. 

He said he did not expect there 
to be any further sales this year. 

Twelve of the vessels sold are 
older cargo liners, which are due 
to bu replaced as new ships from 
Ocean's fleet renewal programme 
■become ready in the next IS 


difficulties in recruiting Inspec- 
tors make any increase in tbe 
inspectorate's duties proble- 

Tha Bill proposes strong 
penalties for unauthorised 
possesion of liquor on fishing 

* Action on safety and pollu- 
tion at sea: .\'«nr Merchant Ship- 
ping BUI. SO £1.35. 


Financial Times 

Eleni V 



Falling demand cuts sales 
of specialist engineers 


hulk^arri Js h told V were'°!Khu£s | ^ree^ta^ke^Eleni SP INDUSTRIES, the British Airis (military vehides) and were 32 per cent ahead during 

" J Agamemnon the latter for iV met Department of Trade ^ diaries aJso ^ ?SS described the results 

£2.Sm in as " only 


a reported S4.4m (£!.4m). 

Sir Lindsay's statement. Page 32 

£3.25m package 
to improve 

By Paul Taylor, Industrial Staff 
MR. PETER SHORE. Environ- 
ment Minister. yesterday 
approved a £3.Com. package of 

officials and salvage experts in UK's 
London yesterday to discuss what engineering group. 

seven th -largest specialist _ . . „„ „ , 

has cut its CaP^al spending at £2.Sm in as “ only a moderately encourag- 

, r . j ‘ , the three months was up by 32 ing start to 197S," but pointed 

section and the ■’ MO tons^of sale ® ^ r S et . for l 978 fr °m £261m per cent on 1 g 77 - s fim quarte r out that the profit achieved was 

heavv fuel Oil fr rnntainV f t0 £250m in face of con ‘ and ^ 8*0“* hopes to achieve better than in the last two 
b Last niBht the tankerV remains ttnuing depressed demand. the budgeted target of £20.2ra. quarters of 1977. 

, Tk Rnuovor tho prmm cfiii PY Order books improved bv 7 per At the pre-tax level, SF’s firs t- 

53? ^T achSve fnrofifblfore rent * A 1 ™ excluded in the quarter profit was 16 per cent 

foft bv S* Salvaet fntMest and Sc of ™17m £id usual wa *- Dieluding Alvis. which ahead of target at £2m but 54 per 

workers m^aae^ to tow the Mr Da id AbeS! mSaSa receaU y w °* of overseas cent below the comparable 1977 

workers managed to tow tne Mr. uavia AoeiL maaagmg ordeB fQr ^ Scarp i on ltsht tota i of £4.1m. Interest of £1.6m 

wreckage away from the coast- director, when reporting first- 
line late on Sunday night quarter results to employees 
The scrap value of the hull yesterday, 
and the possible £80,000 value of i n 1977 SP, formerly known as 

tank and its variations, orders was paid in'the three months. 

under the expanded ; vt ,?. rod lf Cl fl,^ ad » German gearboxes option 

on heavy Leyland trucks 


urban aid .. programme for 
London's dockland partnership 

A further £15m. has been 
allocated over each of ihe three 
years from 1979 to 19S2 to help { 
solve inner area problems. These 
were identified in the Dockland 
Strategic Plan in 1976. 

The projects for 1978-79 are 
mainly for improving recrea- 
tional and community^ facilities 
in the docklands, but £432.000 
has been set aside for improving 
roads and £300.000 for prepara- 
tory work on a factory site in 

Altogether 65 projects were 
put forward by voluntary 
organisations — which suggested 
schemes valued at £413.000^and , 
by the partnership authorities ' pumped ashore. 

to make the Eleni V a commercial 
salvage proposition. 

Although salvage experts and 

a profit of £ 12.1m on sales of 

In the fim three months of 

Government officials are under- ig78 ^ reat . hed £57 l0 

stood to favour dumping the 
wreck in the Atlantic this is 


thought to contravene an inter- 
national ban on dumping at sea. 
Yesterday Captain Tony Oak- 

lesieruay iuuy - he tareet 

ley. managing director of United 1 m 

per cent on the same period a 
year ago. while profit before in- 
terest and tax was £3.5m, a drop LEYLAND IS to 
of 33 per cent but just ahead of gearboxes on its 

offer German and the expected rationalisation 
heavy trucks of the many models in the heavy 

Towing (Marine Services) sug- 
gested the hull could be "dry 
docked '* in a Scottish basin used 

SP’s problems stem 
from the “ appalling ” market Friedrichshafen, 
conditions faced by its construe- Germany, and 

later this year. Talks have been truck range. The boxes would 

lag Ten i ii 

a Scottish a 
company was 1 
the formal 
Daitra Sports 
tory at Wisha 
The compan 
year, is own 
leading Japan 
and Grampi 
and construe 
The Wisha 
employs 90 p 
ing about 1.0 
each week, 
to Holland, 

Plans are 

extend the fa 
demand, par 
EEC, and a 
production i 
bon fibre r 
The plant 
service sec to 
of rods, ree 
items .of a 
Da Iw a Spo: 
a Scottish 
Archie MeC 
chief exec 
direct Japa: 
has been 
force, many 
The jol 
about after 
UK niarke 

The To 
other ovc 


t mamrfaclnr- 
he tween 
a Japanese 
ugurated with 
ning of the 
ng rod fac- 
in Strathclyde, 
registered last 
50-50 by the 
fishing tackle 
Daiwa Seiko, 
Holdings, the 

ractory, which 
iple, is produc- 
glass fibre rods 
e for export 
Belgium and 

dy in hand to 
iry to cope with 
Jarly from the 
to extend Us 
the new car- 

Iso Daiwa’s UK 
or its full range 
nets and other 
ng equipmenL 
is managed by 
am nnder Mr. 
n. director and 
ve. The only 
sc involvement 
secondment of 
train the labour 
f whom are local 

Korea and (he U.S. 

venture came 
iwa Seiko and 
o I dings’ sports 
illard Bros, 
-based firm has 
as manufaclnring 
Taiwan, South 

Loan curbs bit 
hopes for house 
building revival 


A MARKED improvement in the second half of the year, 
private housebuilders' confl- The housebuilders' Increasing 
dence about prospects for this ouumi and gradually returning 
vear was recorded in March, just confidence - have been brought 
before the Government called about by a more buoyant hous- 
for mortgage lending rcstric- ing market, in which prices nave 
ti OOS begun to rise and profit margin* 

Returns made to the Depart- have been improving, 
men i of the Environment by . The Government s denslon to 
builders suggest that they were impose a cmling on builmng 
expecting to start about 165.000 society advances because of fours 

nm.r hnmM in tha nrivsta tarfnr over rapidly rising house prii'cs 

has been the centre of contru- 

new homes in the private sector 
during 1978. When they were 
last asked for their forecasts, in 
November 1977. .they expected 
starts to reach 150,000. 

In 1977 housebuilders began 

work on just under 135,000 

societies and 
ever since it 

versy among the 
the housebuilders 
was made known. 

Both groups fed that the 
Government acted too hastily 
and that Ministers and officials 

private sector honsing units, the havc not g i ven sufficient thought 
lowest annual total recorded t0 the longer-term effects oC 
since 1974 and one of the worst intervention in what k 

in a decade. If their expectations generallv recognised 4o be a 
for 197S are met, it would be the 2on l pies'’ market, 
best year in the private sector House-Builders Federation 
since 1973. now believes that, despite the 

Tbere is now widespread con- optimistic outlook portrayed in 
cern. however, that 'the expected the March inquiry- output will 
revival in new housing output inevitably reflect the uncertain 
will be seriously undermined by mortgage finance slluntmn. 
the cuts in mortgage lending There is some doubt if even the 
imposed on the building socie- 150.000 starts figure originally 
ties since April and which now expected this year will now he 
look likely to continue well into met. 

Domestic appliance sales 
down on last year 


probe liability 
for defects 

By Our Consumer Affairs 
BRITISH manufacturers are to 
form a committee to try to estab- 

lish a single industry view about 

mainly held with ZF, which is based at be suitable for the new range of | held in 
in southern trucks. 

, a preliminary Sales of the gearboxes will be 

L rnnst— urt 1 R rp nT^Sea oil tion equipment division (Aveling- order la to be placed soon. handled through ZF's UK sales 

platform Barford, Aveling Marshall. Bar- The gearboxes will not he a office. They will be either five 

One of the problems facing any fords of Belton and Goodwin standard fitting hut an option or six speed, normally with a 
proposal to remove tbe oil cargo Ba reb y) and Prestcold, the com- alternative to the Eaton/Fuller splitter which, like an overdrive, 
is the treacle-like consistency of mercial refrigeration offshooL boxes now fitted. The trucks wall gives an intermediate ratio over 
the oil. It needs to be heated to The star performer in the first he over 16 Iomk gross vehicle or below each main gear ratio, 
about 150 degrees Farenheit quarter was Coventry Climax, weight About 5.000 of the 9,000 The boxes will cover engine out- 
before it is fluid enough to be SP's forklift truck business, produced by Leyland each year put between 200 and 350 brake 

who should be responsible for 
defective products which cause 

The move follows a meeting 
response to an invita- 

although Self-Changing Gears. 



On the 28th April 1978, the Annual General Meeting of the Board of 
Banco di Sicilia approved the accounts for the 19 77 financial year which 
showed a net profit of Lire 2,008 million after depreciation, devaluation and 
provisions for Lire 29,851 million at net of transfers of the relevant funds. 

The Chairman, Dr. Ciro de Martino, reviewed the results of the activity 
of the Banking Section and also of the Special Sections for industrial, 
farming, fishing, mining, mortgage and public works credit: 

The results are summarised by an increase of Lire 704 billion in funds 
deposited, which reached Lire 6.254 billion: an increase of Lire 534 billion 
in loans and bonds which together reached Lire 5.87S billion. 

There was a considerable development in activities in Lire and foreign 
currency, with foreign correspondents, exceeding Lire 930 billion, an increase 
of approx. 40°o or» the previous year. 

A Representative Office was opened in Budapest and our New York 
Branch is now operating from new offices at 250 Park Avenue. 


AT 31st DECEMBER 1977 

Funds managed 

Lire 6.404 billion 

Lending by the Banking Section 

2.571 .. 

Lending by rhe Special Sections 

1.692 .. 

Investments in bonds and shares 

1.612 .. 

Engagements and contingent liabilities .. 

. 739 .. 

Banco di Sicilia 

Public Credit Institution 
Head Office in Palermo, Italy 
Capital Funds: Lire 192.702.025.090 

could take the ZF. 

A Leyland spokesman said 
yesterday that he anticipated 
“ significant demand " for the ZF 
boxes, particularly on those 
models sold in mainland Europe, 
where they would improve "Ley- 
land's acceptability." 

Leyland has been considering 
the move for some time but has 
had to delay a decision while 
other factors were considered. 
Among these is an expansion of 
Leyland's own gearbox manufac- 

tion from the British Rubber 
Manufacture of Association. 

More than 30 associations are 
to be represented on the com- 
mittee which has been asked to 
complete its report by the end 
of next month. The Govern- 
ment has already indicated it 
favours a move towards Impos- 
ing stricter liability oo rnanu- 
exlsts under 

demand in the first quarter of the 
year was partly due to restocking 
by dealers. However it followed 
a poor level of demand in 1977. 
when the expected recovery nf 
the market failed to happen. 

He said: “The level of profit- 
ability tn the industry is far too 

DEMAND FOR domestic 
appliances in the UK declined 
in the first three months of ihe 
year compared with the same 
period last year. 

Mr. Michael Colston, chairman 
of the Association of Manufac- 
turers of Domestic Appliances 
yesterday called on the Govern- low. 
ment to take measures to stimu- Since the - Government had 
late demand in this depressed singled ‘ out the domestic 
sector of the economy. appliance industry as one of five 

Mr. Colston was opening the sectors for priority treatment, ho 
International Domestic Electrical was particularly disappointed 
Appliance Trade Fair in Binning- that the differential rate of VAT 
ham. He said: “Much more levied on domestic appliances 
dynamic measures arc needed to had not been abolished, 
rectify present trends, and if the Mr. Colston told his audience: 
market for appliances is to show “ No less than 9m housewives 
any real improvement then the who go out to work start their 
consumer must be convinced that second job of the day in Die 

the economic climate is generally 
improving. A relaxation of puni- 
tive VAT levels and of hire pur- 
chase restrictions are most likely 
to achieve this result" 

Mr. Colston said tbe depressed 


home when most of us havc 
our feet up. 

"With a General Election 
looming, the Chancellor will 
ignore those 9m votes at h*j 

George ID commodes 
set a record price 

horsepower. |facturers than exists under the 

A spokesman for Eaton said! 
last night it was normal practice | 

to offer alternative gearboxes 1 e Ji * so f ia tions represented on 
/range ofi 1 * 16 committee recognised that 

when developing a new range 

ture at its Glasgow Albion plant Manchester. 

He added: “It is a matter of 
pride to Eaton to remain the 
principal outside supplier of. 
heavy and medium, duty gear- 
boxes to Leyland.” 

Eaton produces gearboxes for 
Leyland at both Basingstoke and 

some modifications to the exist 
ing law were desirable in order 
to give consumers the oppor- 
tunity of redress against manu- 
facturers of products which 
were genuinely defective. They 
were, however, anxious to avoid 
the problems which the accept- 
ance of strict liability had pro- 
duced in the U.S. 

Visible trade surplus improves 

AN AUCTION record price for Hazlitt Gooden and Fox for 
a single lot of English furniture £40,000, and another pair of th<: 
was paid yesterday at the start same period went to the same 
of the three-day sale by buyers for £20,000. Two other 
Christie's of the contents of mirror paintings were sold 
Chiidwick Bury. SI Albans, the anonymously for £2S,0QQ. 
home of Mr. H. J. Joel, the There were many fine chairs iu 
bloodstock-breeder whose horse ^ e sale> a set of 10 George III 
Royal Palace won the 1967 dining-chairs In the Chippendale 
Derbj. Mr. John Floyd, manner selling privately for 

THE VISIBLE trade account However if “ erratic items.” 
improved by £506m after tbe mainly diamonds, are removed 
erratically large deficit of £270m the underlying increase was only 
in March. * 0.75 per cent. 

Export volume rose by four The main reason for the 
per cent to just short of the improvement was the 11.9 per 
record level set in February, cent drop in imports on both 

an adjusted and unadjusted 

The rise in March of the three 
items which had . caused the 
deficit — fuels, semi-manu- 
facturers and essential materials 
— was more than reversed in 

Christie's chairman, knocked 
down a pair of George III 
mahogany commodes attributed 
to William Vile for £95,000 to 
Mr. Robin Kern of Hotspur, the 
London dealers, who were buyv 
ing on behalf of a private col-\ 



ffrarttSM rawe ssa sg 

chairs for £10,000. 

There was also a record at 
Sotheby's when a copy of “ Les 
Liliacees." by Redoutd, sold for 
£36.000, plus the 10 per cent. 

a lot of English furniture was 
for the Harewood House writing 
desk by Thomas Chippendale 
was sold by Christie’s in 1965 for 

The morning sessions consisted 
of Mr. Joel’s superb English 






Terms of trade 

£m seasonally adjusted 

Volume seasonally adjusted 


Oil balance 
















707.0 . 



7976 1st 




























1977 1st 












■ 7003 






























1978 1st 



720 S 




7978 jan. 




























. * The ratio ot export prices to Import prices 

Source: De (mrtm e« at Trade 

furniture, among Which was buyers’ premium. It w*as bought 
another George II commode by Burgess, the Londo ndealer. 
attributed to William VUe which at a new auction high for the 
went to Partridge Fine Arts for artist. The eight volumes con- 
£38.000. Mid-I8th century Chinese tain 486 plates, 
mi iror pictures sold for very The printed book sale totalled 
high prices. One was bought by £193.202. 


• Where you pay 1 francs a night-. . -<'A » 9 h# ) 

i pay 2 francs a night... 

1 ...though you sleep in a leading first-class 
| hotel. Our modem double rooms with 
! colour TV and luxurious bathrooms measure. 

, 32 m2 (spare for 2 extra-large double beds). You pjy a sq. metre priced 
i of Sfr. 2.- per person. Cfafldren op to 18 sleep in the second dnubie 
i bed free of change. (For comparison: A •‘normal* first-class hotel 
' charges Sfr. 8.- per sq. metre, and that for a room averaging onlv 
18 m 3 .l So a stay in Zurich hi top comfort need. not be expensive.' 


•Tel. Oi'.SlO If 11 -Telex 57979' 

Tct.'0r830 2576 Telex 5365S-’ 

-Vfo&xfinu &VWC U.K. reservations: 

London. TcL 7227, 

77 55.Tclcx 27574 

P Ask your broker or insurance adviser about H 

■ Scottish Provident, or fill in this coupon; 

■ To: Scottish Provident Institution. Freepost 
Edinburgh EH20DH. 






i 'sag® PROVIDENT i 

^ calf it canny we cdl kProrida^. j 



15 ? 

;• “Ufi^ 

\ / '".I* 

. lit 

■ m 

c *. ■ rPu 

“ «r!*l 

f ; ^ >: 

4 • t 1 1 f 
s i * 

* # 

js- -.'-ye 
■•iri"/.: ' - WtV’A 

IT. .*#. ■ 

if ’•’ F 4 bMS1 

k * -d 

Financial times Tuesday May W 'WS 


Occidental transfers 
chief to Canada 


ONE OF the leading executives subsequently Dr. Arroand Ham- in doubt as in what it is” 
m the North Sea oil industry. Sir. mer, the group’s chairman and Mr. MacA lister wrote his mes- 
Robert MacAJisrer, president of chief executive, rebutted the sage to staff tolS- Mrtfer 
Occidental International Oil, is remarks. criticisms of BNOC by another oil 

being moved to Canada following Dr. Hammer said last week Mr. executive, j| r Georee Keller 
his recent criticism of British MacAJister’s views were not vice-presidem of standard mi nf 
National Oil Corporation and shared by the company’s lop California ttepaSf Chevron 
Government oil policies. management. BNOC, he said, had which is developing the Ninian 

Mr. AfacAhrter. who^was yes- do™-. an excellent job._ _ Bearing Field alongside the State corpora- 


terday visiting Canada, will in mind the organisation's work- tion. 

j 0 5L W ‘F 1 P’ ? ou * las j* at - ] oad it we* not surprising that Mr. Keller had said during a 
cl me, president of Canadian there had been some delays. television programme that BNOC 
Occidental Petroleum. It is The Government, had treated was an albatross around the neck 
expected that Occidental will Occidental with fairness over of the oil inJustry It was frus- 
make an official announcement State participation. Furthermore, crating exploration and develoo- 
about the move later this week. Occidental's relations with the nient while luakin" no nnsitivi* 
The impending departure of Department of Energy were contribution to the 
Mr. MacAlister is seen by the cosdial and professional. economy- 

VK ofishore industry as a major Dr. Hammer said Mr. MacAlister It was in a letter to staff 
blow to North Sea exploration was a '‘strong-minded and valu- explaining tb- background of that 
and devolpmenL He is one of able” man. “When strong television programme that Mr 



made his own 

£X6m. project at 
Shetland airport 



the most oppular and respected characters like this deliver an MacAlister 
executives in the industry. He opinion you are not usually left criticisms 
is also one of the most 

experienced, having been largely 

responsible for the discovery and 
development of the Occidental 
group's Piper and Day more 


His move has not come as a 
surprise, however, following his 
outspoken comments in a letter 
to staff in which he said it was 
the unpublicised objective of the 
Socialists to use the State oil THE CIVIL ^Aviation authority is gineeringAmev Roadstone Con- 
company to put private oil pressing ahead with the speedy slruciion joint venture 
groups out of business in the £16m development of Sumburgh The development which 

, - 0 “ sll ” re sector. He also Airport in the Shetland Islands follows the recent ' planning 
claimed that BNOC’s activities to meet the mounting demands approval granifd by Shetland 
were hindering the pace of oil of oil and gas exploration in the Islands Council, comprises a new 

ar “- terminal, a helicopter landing 

*22 llcIt >. about ,I etter 7T ^_ The P r *ncipal contract worth strip, a new parking apron for 
taused a stir among Occidental s £7.4m. has been awarded to up to 20 S61 helicopters and an 
top management in the TJ.S. and COSTARC, the Costain Civil En- extension to the fixed winrnark- 
— — — — ^ | ing apron for t bree more aircraft 

of the Viscount/HS748 type. 

New taxiways and roads will 
also be built to extend the exist- 
ing airport network. 

The scheme, which will bring 
spending by the Civil Aviation 
Authority at Stimbiu^h'to about 
£30m. in five years, is designed 
to bring much-needed- relief to 
the present airport, which has 
been hard-pressed to cope with 
the growth in oil-related traffic. 

The contract for the construc- 
tion of the new* terminal build 
ins has been awarded to G. 
TKENTHAM (Edinburgh), 
should be completed by next 

The Costarc contract covers 
the helicopter runway, aircraft 
parking areas and access roads 
The works have already 
started and should be completed 
by January next year. Costarc 
has been awarded £l8m worth of 
development work at the airport 
in the last three years. 


hos been awarded two contracts 
together worth more than £2ra 
One is for 35~ flats and three 
shops at Downing Close, Ipswich, 
at £462,000. fur the Borough 
Council. The other, for 171 
dwellings using frameform 
design for the City Council at 
St. Faith’s Fond, Norwich, 
worth more-, than £l,5m 

9i per cent EXCHEQUER STOCK 

ISSUE OF £800J)00.000 AT £94.75 PER CENT 

payable in full on application 

(namely PM.7S lor every EUO of the Slack applied far) 


This Stock Is an investment iaUlnji wlibm Van II of the First Schwtale lo the 
Trustee invL'Stnionis Aci ISifl. Application has been made to rbc Council or The 
Slock Exchange for the Slock lo bn admitted to the Official List. 

lo receive applications for rhe above Siock. 

The principal of and mu-rvK oo ihc SioiK anil be a charge on ibe National Loans 
Fund, with recourse to ibe Consolidated Fund or Urn United Kingdom. 

The Slock will b? repaid at par on VSntl Semember l»2. 

The Stock will be re Elsie red at the Bank of Encland or al the Bank of Ireland. 
Belfast, and trill he rransferable. In muliipies of one new penny, by uutrum>-nt in 
wriunt: m accordance with the Stock Transfer Act MkU. Transfers wilt be free of 
■lamp duty. 

interest wfll be payable half-yearly on Knd March and 22nd Sepfrmber. Income 
tax will lie deducted from payments or more iban £3 per annum. Inieresi warrants 
will he transmitted by oust. The hist payment wdl be made on 22nd SemenSbvr isl- 
at fbc rate of K £2 for wry 1100 of the Stock. 

Applications, which must be accompanied by payment In fall, namely JH4.7S For 
every ON of the nominal amomt applied for. will be received .at the Bank at 
England, New lesuos. waiting Street, London. EOh 9AA. A separate cheque must 
accompany each application. Applications for amounts up to £2,480 Stock must be 
In multiples id £108; applications for amounts between E2JKW and £$80)00 Stock mu« 
be in multiples ef £588; appllcattoes lor more than E5W00 Stock must be In maltipies 
of 0,000. 

Letters of alloinu'm in resptfrt of Stock aDoiti-d win be dr-spa trtiutl hr non at 
the risk or ibe appllcanr. No allmmcm will Is? made for a ims amount than nOO 
Stock, la the vwiii of Partial allot mom. fbc bakinre nf i he -amount paid on applii-a- 
rion trill bt* refunded by cheque despatched by post ai ibe risk of the lippliram; If 
no ailotmi-m i» matin ibe amount paid on application will be relumed likcvtisc. 

Lctlt-rs of alloima-ni may bi- split nun dcnonilDjlJOUs of niu!ilnl-s of £100 on 
written request received by ibe Bank of England. Kite Issues WaUitw Sired. 
London. EC4M 9A.\. hr by any or ihc branches of rite- Bank or England on any dale 
mu laier than LUh June 197s. Such retioesic musi be signed and must be aecom- 
Mnli-d by ibe Iciltrs of allotment. 

Letters of allomti-ni. accompanied by a oomph-led recusirailou form, may he 
loditeil for reyiktralion forthwith and m a nr ease they must be lodjicd for reyisiranon 
not later than I9ih June 187s. 

A commission at the Tatp nf P.l2ip per IIBV ol th< Stoik will be paid to banker! 
or iioeKhruki-rx on nlloinirnts made in tosped of jppiuailons brarinc their slump. 
However, no payment will be made where iff hanker nr sioekbroker would receive 
by way of commission A loidl of lew ihatr £1. 

Uiiltl Ibe elos,- ur business on ISib Aurusi IS7» tnotk iwmil in accordance whh 
Ibis prospectus will be known as Pi per cent Exchrqu. r Slock. !BS2 “A", the law 
date for kidRiricnt ai ibe Bank of Enuiaitd of iransf-.-rs ol "A" Mock will be 
loth August 797k. The inien-st due on 22nd September 1378 will be paid separately 
on evtiftni,- haldmcs of PI per ant Exibeqner Stoek. 19S; and on bnldinps of "A” 
■rock: eo«wguenlly. iiileresi mandates or authorities lor income rax exemplion 
record-d m respect of exhibit: bold inns will noi be applied io ihe pnjmc-nr of in'elvsl 
due* on 22nd September 197d on holriines of "A” stock. From the op>-ninu of 
hnslovss on ui&t AUkWd MTS the "a” stock will be auialcamaied with the csistini; 

Application forms and conlrs of this prospenus may be obtaim-d ai ih? Bank or 
England. New Wallnu: St reel , London, ECtM 9.AA. or at .ury «l tlw branches 

Of the Bank ol Emiljud; ai ihe BaPk of Ireland. PC. Box 12. Dcnic-oaU Place. 
Belfast. BT1 3BX: ar Mullein A Co. 15 MoorHah.. Loudon. EC2B 6A.N: or at any 
on ice of The Stuck Fxchajific in the- Unneii Kingdom. 

12th May 1378. 


Fur use by Banker 

or SiDtiibroker el aiming eummtssion— 

i Stamp) 

VAT Resn. No. 

• it not rent tiered put “ NONE 


9i per cent EXCHEQUER STOCK 

ISSUE OF £800,000,000 AT £94.75 PER CENT 


The applicant -named below requcui vw to a Hot tu bimiber lit tccui-damc wild the 

terms of the nroepectus daied i2lh Mai; 1978 

„ r pounds of the above-named Slock- 

The applicant requests that any letter of aUtrtmtm Us reaped of the Stock allotted be 
sent lo hint brr by pom at bis. her risk. 

■■ The nun dill.- — - he lac ibe amount reuuirwt 

tor payment in full mani-ly iM.?3 for every I1W et Ibe Slock applied for*. t» viic-WSea. 
c If,- declare Thar the applicant Is not resident ouisiOi- 1 he -Scheduled Tt-mlories ,d> 
and lhal Ihe s,-cltnty is iun boind acquired by Ibe appUcwn as itu- nominee nf any 
Bersuniii rcsidt-ne uuisidc Uwao T-mloricx. . . 

May W75 


of. or ou be half of, applicant. 


appttcatiwnta^murc ibap ESOJMfl SL^k must be ta nwlilpfci ‘ 

lhauM to lodged m the Bank ol EnglMUl. New Issues, Wailing Street, Lomwn. 

b cheque must accompany each application. Cheques should be mode 

payable to "Bank of England*' and cmss«l ‘Ekctoquer Stack . 

c IT th*^ drtlttn two emttot he made tt should be dr ^ “ggieSS 

i hi- isle of Man: Aonrotrel Aaenis in tb*.- Hepoblic of Ireland arc usmicu 
Kallk Of FlIKlitlUl * NnliLV KC 10. h i-hmm-1 

d The ta-bv-dUlctl Ti-rntorivi ai pnwni uaniliriiw Ihe L-nilcd KlBCdom, the 
Ulsutls,. the Lie ul Man, ihe Republic of Irelaad and utbralias. 

. ;T9-NKyil£^B0 , - , 7 Ah ^KER'CASv* 
L SAUS-DrFlCt Ofi mNT"' \ 


Write today 




The Stale of Maryland. •‘Home” 
of Hie wcrld-sertpO't of Baltimore, 
and Baiiimore-Wa&Hmglon 
tniemafional Aitport. Located 
wifhJn one day's rail delivery 
from Baltimore are 37°„ of all 
U.S. manutaefurers. arid'3o D » of 
the nation's consumer maikeL 

Three major railroad fines. 

350 highway common carriers, 
and Maryland's excellent highway 
network, provide quick access 
to markets. 

Maryland has overnight truck 
access to 31°c of the U.S. 
population, and 34 *o of the 
nation's manufacturers. 

Maryland can 'arrange up to 
TOO* 1 * financing of land, buildings, 
machinery and equipment at 
low inierest rates tor long terms.' 

Write or phone today for our 
brochure and for our assistance. 

George Van Buskirlc 
European Director 
Maryland Department of Economic 
and Community Development 
Shell Building 

60 Hue Ravensteln, Boils ID 
1000 Brussels. Belgium 

Phone: (021 512.73.47 


THE BRITISH National Oil Cor- 
poration should be revamped and 
many of Its functions -transferred 
to the Department of Energy, a 
senior oil analyst told a Financial 
Times conference yesterday. 

Mr. Robert Nor bury, a partner 
in stock brokers Wood Macken- 
zie. said that the state corpora- 
tion should be told to concentrate 
on its commercial operations. It 
should be stripped of most of its 
advisory and regulatory func- 

BNOC could provide informa- 
tion about reserves, consumption, 
and future production levels in 
much the same way as British 
Petroleum and Shell responded 
to requests from Government at 

Mr. Norbury was talking about 
the City assessment of the oil 
corporation at the conference in 
London on the North Sea and its 
economic impact. 

“ Such moves would strengthen 
the role of the Department of 
Energy -in implementing the 
policies of the Government of the 
day — at the same time BNOC's 
management would be able to 
develop their undoubted skills 
for the benefit of the nation 
working alongside the private 
sector in a feeling of mutual 
trust and co-opeartion.” 

BIr. Norbury accepted that in 
its two and a quarter years of 
life, the corporation had estab- 
iissed “some considerable 

An asset 

It bad the nucleus of a most 
useful national asset. BNOC 
clearly bad a major role lo play 
if the country was to maximise 
the benefit from the North Sea's 
huge and valuable resource. 

The corporation was also 
establishing itself as a major 
crude oil trader. By the 1980s 
it could be disposing of lm. 
barrels a day. 

“ When one considers that BP. 
one of the largest crude oil 
sellers in the market is currently 
selling some 1.5m. barrels a day 
worldwide and the Royal Dutch/ 
Shell Group has crude oil sales 
of around 700.00D b/d. one can 
see Ibe huge position that BNOC 

will be taking in this market * It is going to he a Jong time 
over the next few years." before the Government-owned 
However, ii was difiii-uti to corporations can match the 
understand the logic an the capability of the largest 
corporation insisting cm -jelling operators in the North Sea. 
all of the participation crude io never mind the combined forces 
which it was entitled at present, of the private sector.” 

“ BNOC is not buying ihe oil Bur Lord Balogh, former 
at a discount but at market deputy chairman of BNOC and 
prices, and despite being a com- now its economic adviser, firmly 

rejected the idea that the cor- 
poration had too many functions. 
He told the conference that its 
way of working was actually 
favourable to the oil companies. 

While the corporation had 
been given a 51 per cent, stake 
in rhe most recent exploration 
licences, the state's share in 
offshore activities was still in a 
minority position. 

He wc-m on to attack the idea 
that taxation could be an ade- 
quate substitute for the exist- 
ence of a state oil corporation. 
This was “silly and against the 
national interest.” 

M When companies say that 
money should be extracted 
through taxation without having 
a state corporation, they are 
pany wirta no crude oil trading r* all y saying that they do not 
experience it will soon become a want any _ interference in ihcir 

book-keeping exercises. These 
maximise costs and minimise 

But Lord Balogh denied that 

sm ar*.,!" jbjse .M-Wdis; S 

powerful force in -the market. 

“This an ilself could cause a 
degree of unease among crude 
traders, and there is the addi- 

to get rid of all its oil. BNOC 
might offer a small discount.” 

Mr. Norbury suid that the 
effect of this policy would be 
twofold: not only would the 
corporation make a loss, but it 



Mr. Edmund Dell. Trade 
Secretary, lold the conference 

would also depress North Sea that North Sea oil should not be 
prices in general. As a result, seen as some kind of “ bonanza " 
the revenues of the companies Self-sufficiency in oil offered 
and the Government from the Britain valuable security but 
North would be reduced. security could not he turned into 
The allocation of exclusive cash and distributed to old ace 
licences it o the corporation and pensioners, 
the insistence that it should it was “curious to describe 

have, the right to he involved in lost properly as a bonanza.” He 
any purchase or sale of licences explained that in the short term 
were also questioned by Mr. the U.K. would have been better 
Norbury. Exploration and pro- off it bad been able to continue 
duct-ion activity could well be buying oil at pre-1973 prices -and 
delayed. had not had North Sea oil with 

“Despite the massive build-up its expensive development costs, 
of BNOC resources since its ** If there had been a way of 

formation, it now has some S50 avoiding the oil cartel and the 
employees of whom 450 are pro- oil price increase, if we had been 
fessional. able, to preserve the trend of 

Lord Balogh : BNOC 

world trade growth and world 
economic growth, then our 
economic prospects would have 
been better even without the 
North Sea development.” 

As it was. North Sea oil meant 
that the U.K. was now protected, 
at least partially, from the 
“political use of the oil weapon.” 

Mr. Jo Grimonil. MP. former 
leader of the Libcr:il Party, said 
there was a danger that pressure 
would come to put oil revenues 
into old. unprofitable and 
declining industries such as steel, 
coal mining and shipbuilding. 

Talking with particular 
reference to Scot land, he said 
the money should be used for 
such things as an extension of 
training and the building up of 
new, small scale industries. 

Prof. Arthur Whiteman, of 
Aberdeen University’s depart- 
ment of petroleum exploration 
studies, said that estimates of 
British oil reserves that might 

ls.rru kirk 

favours oil companies. 

bo ultimately recoverable rutiuvd 
from 20bn barrels to 701m barrels. 
The lower figure was a Shell 
estimate : the higher came from 
Prof. Peter Udell, a Department 
uf Energy advisor. 

“The rapid build-up of British 
production has produced a kind 
of public euphoria about North 
Sea oil reserves." said Prof. 
Whiteman, speaking on “hoiv 
much ml remains to be ds.»- 
L-ovcred in British waters." 

Self-sufficiency for the UK was 
going to last for only a lew 
years unless more exploration 
took place, more diseo\ cries were 
made and new fields were 
brought o nstream. 

Mr! G. 11. Ross Goo hey, presi- 
dent of the National Association 
of Pension Funds, said that 
North Sea oil and gas 'industry 
was in an obvious political arena. 
This was why pension funds 
had largely ignored the offshore 
regime as an investment base. 

Twenty-five veaiN ayo Her Majesty The 
Queen became the latest of a long line ntaivcr- 
eigns to dedicate henelftoGod amt her jieople 
in the ancient coronation service in 
Westminster Abbey. 

Westni inster Abbey as we know it u 'Jav 
was founded in the middle of the I was 
decided to re-build the church in tile* middle of the 13 th 
century but the work was not completed until the early 
pan of die 16th century.'!’ he addition ol the western 
towers in the Itfth century completed the Abbey as it is 

The attack of the elements and the pollution of 
London's atmosphere have seriously decayed large ai eas in 1972 the Westminster Abbey Trust 
was founded to raise funds fora restoration programme. 
TheTwst has commissioned the Royal M ini to strike a 
jnedallo celebrate the anniversary ol the coronation and 
a< a means oraugmentitig lunds lor the restoration work. 

The medal lias been designed by Mr.Michjel 
Ritkello.OJJ.E.. President ol the Royal Society ol British 
Sculptors. and features on the obverse a view ol the west 
Iront of the Abbey, and on the reverse the Coronal ion 

Hie medals are being minted in two sLres.1V and 
2 , V' diameter, and will have a strictly limited issue.In each 
size only 50 will be struck in plaiinum.1,000 in 22cLgold, 
f— r> m foVt 2,500 in gold-plated silver and 10,000 
kJ ESUlBJ in sterling silvetEachmedal will be 
supplied in an attractive presentation case with a des- 
criptive leaflet and will be hall-marked at the Goldsmiths 
Hall, London. {Silve r hallmark shown ) ■ 

In view of the limited size of the issue ir is advisable 
to order without delay. Please complete the coupon 
below and return it with your remittance to the Royal 
Mint Numismatic Bureau, P.O. Rox lO.Uantrisant. 

I ’ontyclun,Mid Glamorgan, Cb'7 SYT.rieose aJfovv up to 
90 days for deli very. 

In celebration of the 25th anniversary of the coronation 
The Royal Mint presents the Westminster Abbey Medal 


To: The Royal Mini XmnisitMtii'RiiriMu.TV'. box It*. 
ilintrtoni,Poniyriuii, Mid Glamorgan, ClvtfrU 
I'liMsesend me: 

fWAPty large platinum lYcMuiinsUT Abbey McJ.iii-i 

(weight 3.7;-: o::.| at S1.2tiii each. 

tWAl’SJ— small platinum W^iminster Abbey Med. ill 

(weight .'.-15 02 1 at £70t.i each. 

large gold -plated Mjverltfesinui i ^icrAhhcJ’ 

MedalN (weight 2 MI o;t| at £5t » each. 

-Final] p'lil-pl.iled silver UeMin in «aer Abbey 

Medjljsj (weight 1.60 oil) ji £35 L >jih. 

- large stiver l V-tt 1111 ii>!er Abbey Ale J.i Its) 

( 1 1 ttJ ‘tt £30 each. 

-small silver ttt'MTiini.sicr Abbey 

| (weight I ds ) ai i. 2 i leach. 

f Under current exclianee control rules, ihe 1 2a.>« ilt-.l 

| gold medals may be pun h.i-etl only by iioii-rc-i.lciii' ol 
the Untied Kingdom Didcrmg lor direct export by the 
j Royal .Minl.fton-Umivd Kingdom residents uileiYMi'd ill 
I illesy medals- should Write lor detail* lol he Royal Mini 
J Numismatic bureau. 

I 1 eiu lose a cheque. poslJl order made om 10 tile 

J Royal Mini ibr£ „MJ prices include Y.VI’.jv>iagc 

j and packaging. 

NamejMr'Mrs'Mrs.s ) 


(Slock capitals, plea*) 

I Cuumv ‘Posicode 


This uffe r upplie slot he U.K.nnty. Please J 

allow up to sfti days lor delivery. j 

Struck by TheJRoyal MintJ 

I ' 



Financial Times 

i uesw",' 


et helps fall in 
price increase rate 


THE INCREASE in prices sought with 7.5 per cent, for the siz The most notable increases 
| by U.K. suppliers fell in April to months to March. The total value came in the mechanical engin- 

j the lowest level so far this year, of increases notified fell from eering category, which accounted 

according to the Institute of Pur- £370m. in the earlier month to for almost a third of the BQUfi-i 
chasing and Supply. £300m. in April. cations received by the institute's j 

Th* 9iK.i~.rn . n _|, . The commission said the num- panel of buyers. The average | 

**r of notifications fell from increase sought by companies in 

ms.Jtute s price monitor analysis m in March t0 350 j n April, and this cector was nearly 8.5 per 

t 25 toe ‘OStitute reports a similar cent compared with 5.S5 per 

- - . . i 1 .'* 1 - p f r . c l nt * 10 * iarch - fre nd - “Perhaps the most signi- cent in March, 

search programme he inherited I institute s figures are compiled develoompnt has hw-n a „ . ■ 

last autumn, in the annual report! from price increase notifications dramatic fall in the number of ■ business sector the 

of the Department's research. sent to it by a panel of leading pr j ra increases notified to increases were: metal manu- 

Dr. Marshall was sacked by I buyers. The April drop is i.n line buyers ” it says. facture 9.34 per cent compared 

Mr. Anthony Wedgwood Bena.jwith the findings of the Price j t attributes * some of the with 7.67 per cent in March: 
Secretary for Energy, last [Commission index published last hesitancy in applying for price metal goods 5.32 (9.1) per cent; 

summer to make way for Sir | week. increases to the Budget, but electrical engineering 7.24 (S.29; 

hermann. formerly chief scientist Tije commission indev of price emphasises that the increases per cent; chemicals 6.6 per cent;! 
at the Ministry of Defence. Irises notified to it in the six have been falling steadily building materials 5 t4.75) perj 

report for jjuonths to April fell to an annual through the fast four months cent, and miscellaneous 7.33' 

rate of 7.3 per cent., compared of this year. (7.54) per cent. 

fiy David Rshlock, Science Editor 

scientist at the Department off 
Energy, pays tribute to his prede- 
ccssor. Dr. Walter Marshall, for 
The quality of the energy re- 

to sell 
its 38 




13 % 


Introducing the 
1976-77. Sir Hermann says that 
he wants to record his "apprecia- 
tion of the work which has been 
done to establish a vigorous 
programme in this area." 

The Department spent a total 
of £28.3 m. on energy research 
ana development in 1976-77, the 
biggest single item being a £17m. 
contribution to Urem-o, the tri- 
partite gas centrifuge enrich- 
ment group. 

In addition the Department is 
responsible for monitoring the 
£lU7.5m. research programme for 
ine UK Atomic Energy Autho- 
rity; and the £S0.9tn. for the 
nationalised energy industries. 


Energy research spending 
covered by the report thus totals 
£218.7m., compared with the 
estimate of £240.Sm. for 1977-76.! 

Increase in sponsored research 
boosts Shirley Institute Income 


THE Shirley Institute, the £403.000 to £476.000. a rise of 18 after demonstrating that its 
Manchester-based industrial re- per cent, and from the provision wage rates bad fallen behind 
search association, made a sur- of technical services, up by 13 those of comparable employers, 
plus in the year to September per cent from £311.000 to Dr. Smith points to the g row- 
30 of 174.114. Dr. Philip Smith, £352.000. Income from the De- ing divergence over recent years 
chairman, reports in bis annual partment of Industry through between the Shirley Institute and 
statement published yesterday, the Textile Research Council W1RA as the main reason for 
_. * , . also rose from £104.000 to braking off merger discussions. 

The institute, which has rc- £1 63 i 000. Though Shirley itself was origin- 

tiSe^eedV^re- In P resent >' ear there is ally a purely textile research 
talks ..itn wlka. toe Leeds re- . b continued growth organisation serving the Lanca- 

inincome Vi ^taTlSJuSdS. t f^e cotton and lilted textile 
had f rornl^income of £1 113m rate balance necessary spend- industry, it now receives only a 
compared wi E n 117m i n {h e so that a small loss could be small proportion of its total in- 

JS s vea EwendSiire rSe made - Dr - SmIth warns - Tbe in * COrae fr0TD this source ' 
from fi ft7*m to stitute received permission last The institute's council bad de- 

' “ year to increase employees' tided as a result that the exist- 

The main increase in income salaries by more than the ing arrangements for co-opera- 
cams from contracts for spon- statutory maximum allowed tion in textile research were 
sored research — up from under Government wages policy preferable to a merger. 

Tax bill for student unions up 


examine tbe energy analyses and 
views of groups which advocate 
radically different types of 
energy patterns for the UK 
than those on which the research 
programme has heen based. 

This work, it says, is import- 
ant in assessing the credibility 
or such proposals. 

It is seen as an essential step 
in formulating a research and 
development strategy sufficiently 
robust to match the uncertainty 
in the future of energy supplies. 

The report defines the five 
aims of the present research pro- 
gramme as being: 1. to support | THE TAXPAYERS' bill for In most cases at present, the accountability is more delicate 
emcient exploitation 0. North j student union activities has more union subscriptions — which than the plan of the last Con- 
on ana gas resources; ... [than quadrupled since 1970, range from 50p a year in some servative Government to allow 
a "? lne con- ; according to a discussion docu- colleges to £50 a year in certain individual students more say 

^ e tK ?ne Jrt- *5 irc f s j nwnt published by the Depart- universities — are docked in over how much of their grant 
e *„rJL\" e ° » *r K: 3 * — 1 10 ! meat of Education and Science advance from the students' should be banded over to their 
contribute to effective energy | yesterday. grants and paid directly to tbe local union. The Tory scheme 

Latest indications were that union at tbe educational institu- was opposed by university 

RUDDLE'S the Rutland family- 
owned brewing concern, is to 
sell its 38 pnbs to cope with 
rising demand from other 
customers. It expects to make 
about £lm. from the sale. 

Most of the outlets— 26 — will 
go to Everards, the Leicester- 
based company. North Country 
Breweries, the former Hull 
Breweries group now owned by 
Northern Foods, is to bay five 
pubs located in the Lincoln 

Raddle's says its own pnbs 
take only 15 per cent of its beer 
output— much less than the 
average brewing group. 


However, restrictions on 
effluent disposal by the local 
authority mean that Ruddle's 
must restrict output at present 
to a maximum of 1,400 barrels 
(403,200 pints). 

Ruddle’s makes about 46 per 
cent of gross profit from the 
‘Tree" trade (non-brewery- 
owned pubs, clubs and so on), 
and another 25 per cent from 
its thriving private label busi- 
ness — It makes own-label beers 
for groups such as Sainsbury’s, 
Waitrose and Keymarkets. 

Tbe take-home beer trade, 
the fastest-growing sector for 
the industry as a whole at the 
moment, accounts for 14 per 
cent of profit. 

Sale of the pubs should be 
completed by August. 

of postal 
j service 

I Financial Times Reporter 


-1 r™, i the FUST OFFICE >wterday 

mage last the list of Jartc exk . n ded ns VxpmpM mwr 

from fire 

ast year 

s an rii— already operating 

oosted by - A high , - - . , 

ording to fires are caused by vanda ■ d Binning!™ m. 

lh $ mure , “r Liverpool. Let'ti-Jirf Medway 

nsored by pattern of vandalism which | ^ „ L . W centre*. bringing 

I the total up to 14. Tho new 

vj |/uuvru wi 

iosurance become a major scourge ol 

year were probably 
the firemens’ strike, 
the Fire Protection 
the advisory body s: 

Lloyds' and leadin, 

Estimated losses fi 
year were £2 62m.. ar*ncrease __ 

13 per cent over I0§T their attention to other targets 

The association wafced in this and put lives at risk by threaten- 
year’s annual reporflabout tbe Ing industry and commerce, 
growth in fires starts by young 



conservation ; 4. — to develop and 
assess the potential contribution 
from alternative energy sources: 
and 5.— to secure the benefits of 
effective international collabora- 

Report on Research and Devel- 
opment 1976-77. Enery Paper 
No 2S: SO; £1.75. 

authorities as well as the XUS. 

Tbe latest proposal is to set a 
maximum of perhaps £20 and 

the total public expense of the tion concerned, 
union subscriptions had risen In most local unions, which 
from £3m in 1970 to £13m in are affiliated to the National 

1976-77, said the document. Union of Students, a proportion „ • - . .. .. 

which proposed a " more account- of the income Is transferred to a m,nimuni £1 - 25 on the union 
able" method of providing the NVS funds. subscription to be automatically 

students’ organisations with The Education Department's paid for each student, in effect 
funds - new proposal for greater as part of the person’s grant. 

Council ‘no’ to 
beauty area 

part of the North Pennines as an 
area of outstanding natural 
beauty could bring financial 
benefits, tbe Cumbria County 
Council development control 
committee yesterday voted 
against the proposal. 

The committee bad been told 
that designation might present 
“an opportunity for infusing 
some additional investment in 
tbe form of grant aid priority." 

However, the committee felt 
that the proposals might sterilise 
the iand and mean that its ability 
to make planning decisions 
locally would be diminished. j 

than the previous 
The number of 
increased during 
spending on publi 
prevention measu 
But until tbe stri 
been an improvem 
ing tire losses 
Fires started de 
not diminished an 

fire last 

time," Mr. West said. 

ist He warned that, after dam a5 * ! Qinhff* Swansea. Oxford, Cam- 
of ing schools, vandals could tunn bPldc0 / Edinburgh and Glasgow. 

cover Bath. Bristol, 

‘This sug- 
f parental 
said Mr. 
outgoing - 

Heritage show 
at Selfridges 

Esprcssptwi. delivers at 
prom nini prices, ureenl letters 
jnd packets the day they are 
pos red. Customers in the new 
centres* will be able to book the 
service by u-lfphi'ninj; an 
Expressposl control ccnlfc. On 
giving the address of collection 
.and delivery points, □ price will 
!be quoted and time agreed for 
the messenger to pick up the 

arsonists in schools, 
gests a breakdown 
and school discipline 
Charles West, th( 
chairman. j ' fll 

“ Had it not been f|r the strike, SELFRIDGES' Noble Heritage 
there were indicatifis that the summer exhibition was opened 
overall estimated Icfces for the yesterday bv the Duke of Nor- _ . 

yMr C0 “ ld **" ^ K* & *3 “ttf-Sr ‘inLT^ miniinunl ch. W of 

ostly fires Oxford Street. London, runs until j Fxpre^pnst 
strike and September. l Jlt 

ty and fire It features a collection of por- 
was heavy, traits, documents, armour and 
there bad furniture from 19 stately British 

t in contain- hnmps all of which have historic, - _ . , .. 

links with the Tower of London, able. Further information is 
erately had and is part of the Tower's novo- available by asking the operator 
still topped centenary celebrations. 'ior Freefone 

sen rco ts f I, 

the average Is about 

£1.50. “ 

Inter-city services will operate 
between any of lhc 14 centres 
where direct rail links arc avail- 

Foodf labels should give amount 
of adided water, says Ministry 

Food Siaud'irrts Committee, 
Report on Water in Food. ffilfSU, 
£1 50 . 

for coffee 



FOOD LABELLING rules should the in form at inn should be 
be changed to tell consumers carried on thi- price ticket when 
how much added water they are similar foods are sold loose, 
paying for when they buy “There is evidence that some 
poultry, hams, fish and other canned hams today contain as 
processed food, the Ministry of little as 65 to 7U per cent meat 
Agriculture's Food Standards while about 50 per cent is not 
Committee says in a report unknown, and that a high pro- 
published yesterday. portion of the contents of a can 

The committee says that the may consist of jelly,” the nimenscnwc i.^ 

r I aa t T: 4r kH ;, n< n - h , S 

claimed to make the meat non that a”" Imi ber^flfoodsanf Wng [hSrp rid u n ct S aD 'l^e l Go t 

succulent inevitably results in s0 ]d with a higher water content {£ ^ pSbUsKd ^ prSsaN 

increased water content and 1S than formerly. It cot, Id hardly * for up-danny the labelling 

therefore open to abuse. be claimed by anyone that the ® 

One meat machinery supplier addition of water to milk -ir 
claimed recently that the weight beer confers any benefit on con- 
of cooked hams could be' in- sumers." the comiuince reports, 
creased by 22 per cent by the But manufacturers claimed mixtures as 
addition of water during pro- that adding water gave a more “ reserved ” 

ivu ui rein ents oil coffee. 

The regulations would define 
and lay down the edm position 
required fnr coffee and coffee 
well us certain 

cessing with polyphosphates. “succulent " end-product. Con- coffee* product^ These "descrltH 
The committee says that pre- sumers. on the other hand, had lions could not be used for pro- 
packed or canned hams should complained that "some modern ducts which did not meet require- 
be clearly marked, where poly- ham has a rubbery texture and ments laid down in other parts 
phosphates have been used. And lacks flavour." of the reeulations 

When companies want to find oil, 
Raytheon does the looking. 

In the shallow areas of the North Sea. we use a 
hovercraft equipped for seismic exploration. But, 
we might also be found in a catamaran off the 
coast of Africa or in a marsh buggy in South 

"We" are Raytheon's Seismograph Service 
Corporation, one of the top geophysical explora- 
tion companies in the world. As the search lor oil 
and natural gas takes us into ever more remote 
areas, were finding innovative new ways to put 
our crews to work— wherever the action is. • 

Demand for geophysical services is high, 
and SSC occupies a strong position in this ** 
active, worldwide industry. 

Raytheon is heavily involved in energy pro- 
duction and power generation, too. 

The Badger Company, another Raytheon 
subsidiary, is busy the world over design in c. 
engineering, and constructing chemical, petro- 
leum. and petrochemical production facilities. 

In power generation, another Raytheon company, 
United Engineers & Constructors, is current Iv 
at work on projects totaling more than 24 million 
kilowatts of capacity... including both fossil-fueled 
and nuclear facilities. 

SSC. Badger, United Engineers. Three lead- 
ing companies that make up our energy services 
business-one of six basic business areas at 
Raytheon. The others: government systems, 
commercial electronics, major appliances, 
educational publishing, and heavy construction, 

Together they form a balanced, diversified 
company that continues a record of steady, long- 
term growth. For copies of our latest financial " 
r eports, contact any of the offices or companies 
listed below or write: Raytheon Europe, 52. 

Route des Acacias. 122 1 Geneva. Switzerland, or 
worldwide headquarters, Ra> theon Company. 

141 Spring Street. Lexington. Mass. 02175. U.S.A. 


^ f 1 n :~l-inU • Loiric Luimnl « Irivn, | \J u, 

• Rayiheun Imcnutimnl Daia Swwm*. Amsu-rJjm Nvihcrkmlh Franfcl ^ ' Mho* H..IWe,ier O.m.h H Mum -h u ' ^ , - k l ‘ SC '' 

NethertorKls. Wrc anj Cable: Elcctri ^ ^ ^ 

BAYTHEQtV Q\~ERSEAS LIMITED. EL,ROFF, N OFFICES, 8..nn. Bni -ri.KLi^J. l n. \tnJrul. 

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Clean coal burner 
has good economy 

Czech steel Makes beer quite clear 

1 BREWERY bulk handling equip- automatic baft 

COlHDId ment which will be the first of pneumatic conveying, hi 

X'* wm ' it* V. a hniit in rhn it k’ age. bin activating and v 

IN A MOVE that could be a pre- 
lude to extensive business in the 
U.S... StOTie-Platt Fluidrive has 
shipped its first commercial hot 
water boiler unit operating on 
fluidised bed combustion of coal, 
with a capacity of lm. BTU, to 
the Virginia Polytechnic Institute 
and Slate University |VPI| at 
Blacksburg. Va. 

There, it is to be used for 
research into sulphur absorption 
by such units when operating on 
high-sulpbur U.S. coal and for 
teaching. A similar unit has 
been ordered by U.S. General 
Motors and is expected to be 
delivered to site towards the end 
of the current year. 

But in the meantime, a very 
large market for coal-burning 
units is opening up in the U.S.. 
primarily because it is a localtv- 
produced fuel and the U.S. 
Department of Energy is 
encouraging its use as an alterna- 
tive to imported oil or gas. 

Local pollution laws are strict 
and becoming more rigidly en- 
forced because of a powerful 
environmental lobby. And this 
is to the advantage of the fluid- 
ised bed boiler since it is rela- 
tively simple to control 
sulphurous emissions by addi- 
tions to the bed of such simple 
materials as ground limestone. 

Prior to its departure.- the VPI 
unit was demonstrated exten- 
sively to various authorities in 
Britain and under test showed it 
could deliver 115 per cent of 
rated capacity and had a heat 
extraction efficiency of SO per 
■ cent. 

In the meantime. Stone- Platt 
Fluidiire has earned out a study 
o/ the equipment h has designee 
on behalf of the US Department 

of Energy, covering the capital 
and running costs of units in thp 
range 5.000/60.000 lb per hour 
of steam.' Capital prices ranged 
from £7 io £8.5 per lb of steam 
raised. This would include the 
cost or oil the equipment 
required -to conform with Envir- 
onmental Protection ‘ Agency 
legislation on emissions of 
sulphur dioxide and oxides of 

Running costs of' its units 
under US conditions lay between 
S3.49 and S4.32 per 1.000 lb of 
steam raised at 125 psig. satur- 
ated. They proved . to be the 
most economical of their type 

The UK company is planning 
to set up a demonstration plant 
in one of Stone Platt’s Yorkshire 
factories and will commission It 
next year. The company proposes 
to show prospective users that 
with coal at about half the price 
of oil or gas, the extra cost of a 
fluidised bed automatic boiler 
can very soon be recovered. The 
demonstration plant should give 
a discounted cash flow return of 
about 2S per cent. 

Equipment designed for the 
US market is started on natural 
gas or propane and switched 
automatically to coal after one 
hour, by which time the_bed is 
at operating heat. Control is 
fully automatic and the bed will 
follow fluctuations in demand.^ 
above 45 per cent. load, at a rate 
of 20 per cent, of load per 
minute, which is extremely 
flexible for a mechanically con- 
trolled device. 

Stone Platt Fluidiire, Washing- 
ton Street. Neth*»rton. Dudley, 
We«f Midlands DY2 9RE. Dudley 

VZKG. one of the largest com- 
panies io Czechoslovakia, will 
shortly take delivery of six 
R-range systems announced by 
Retlifon a fei- weeks ago. VZKG 
is a steel manufacturing and 

construction com-pany employing 
over 40.000 people and is based 
in Ostrava. Northern Moravia. 

The six consist of two R3Q0 
data entry systems and four 
R830 distributed data processing 
systems. The;, will complement 
two Seecheck networks currently 
installed with 22 terminals, three 
serial printers and data com- 
munication facilities. 

The £370.000 of new equip- 
ment will be installed through- 
out the factory complexes at 
Ostravn and will provide data 
input and local processing 
facilities with data communica- 
tions links to the Seecheck units 
currently installed in the com- 
puter centre. Applications in- 
clude payroll, production control, 
sales ledger, purchase ledger, 
stock control and banking 

Each day an average of 2.5m. 
characters will be transmitted 
to the central Seecheck system 
for further processing. The com- 
bination of central and dis- 
tributed data processing with 
extensive use of remote ter- 
minals wilf provide VZKG with 
fast information turn-round to 
control daily operations of steel- 
making as well as providing 
statistics for planning. 

Redifun Computers. Kelvin 
Way. Crawley. Sussex. Crawley 
f 0293 t 31211. 

BREWERY bulk handling equip- 
ment which will be the first of 
its kind to be built in the U.K. 
is to be engineered by Simon- 
SoliLec of Gloucester (a Simon 
Engineering company) for the 
new giant brewery of Courage 
t Central) at Wortoo Grange, 

The scheme is new in that it 
applies automated bulk handling 
techniques to ifa kieselgubr 
bright beer filtration system, a 
process which up to now in the 
UK has depended on manual 
handling of bags of powders, 
introduction of bulk handling is 
expected to improve flexibility, 
provide the convenience of bulk 
storage and automatic weighing 
facilities and result in consider- 
able economies due to reduction 
in manual labour. 

Kieselguhr is the name Tor 
diatomaceous earth, a powder 
which, together with lucilite fa 
hydrogell). is used as the filter- 
ing medium. In plants based 
on manual handling, bags of 
powder have to be lifted and 
opened directly over the slurry- 
ing tanks. The new installation 
will use pneumatic conveying to 
transport the powders from the 
automatic bag opening machine 
to the storage lacks, automatic 
hatch weighing being imple- 
mented after tbe bulk powder 

The system was designed 
jointly by Simon-Solitec and the 
Alfa-Laval Company or Brent- 
ford who are main contractors 
for tbe new brewery's beer 
filtration plant. Simon-Solitec 
is also responsible Tor the 
engineering, erection, commis- 
sioning and the supply of tbe 

automatic bag opening, 
pneumatic conveying, bulk stor- 
age. bin activating and neighing 


The contract is worth £130.000 
io Simon-Solitec and completion 
is scheduled for September 197S. 
Simon Engineering. POB 31. 

Stockport SK3 ORT. 061428 3600. 

the waste 

A PRODUCT from the Eilbro 
Group will make its German 
debut ,al the fiflh International 
Sewage and Refuse Engineering 
Exhibition id Munich from 
June 5 — 10. 

The company has formed its 
own solid waste handling divi- 
sion, Edbro/LMS at Bomber 
Bridge. Preston. Lams., and the 
Edbro 250 Compactor is one of 
its newest im induct inns. , 

. This space-saving compactor is 
said to be capable of reducing 
industrial and domestic waste 
down to at least one-sixth of its 
original volume. Special features 
include an hydraulically sealed 
plate which encloses the loaded 
container for transit, and ease of 
access to sill working parts. H 
is controlled by a solid state 
electronic system. 

The compactor is 1714mm 
long, 1524mm wide and 2006m ni 
high. With a compaction cycle 
of 15 seconds il is said to cope 
with up to 360 rubic metres of 
waste an hour and can be used 
with containers frum 6.9 to 27.5 
cubic metres capacity. 

More from 0772 39B42. 

m COMPUTING tr3ff L c 10 ® nd . large 

machines. CTL is becoming a 
significant UK manufacturer, 
U*C3lfcLlI lur supplying essential equipment In 
“ such companies as ICL. for 

low-cost It has made its new offering 

completely compatible with other 
nnm<nfir\n machines in the 5000 scries and 

UBiVldliUlI provided it with ability to corn- 

” municate with them and with 

NEW ENTRANT to the low cost IBM or ICL series machines, 
business systems market. Coni- Designed as a sland-alune 
puier Technology, is offering mj tchtne for small businesses, tbe 

abiliiy in drive fear displays u .^ndT arso 

high speed line printer and a which has apprtiximalclv twice 
character primer from its fc»0-0 processing po\vcr. 
machine at an all-up cost fur g Transaction processing, man- 
full system of less than £30.000. ugement report generating and 
Generally known fur the ex- the businos-Dric-ntc-d language- 
tensive work it has done in Cobol are provided, 
universities. major research Computer Technology. Eaton 
centres and in specialised opera- Road. Hemet Uempsieud I1P2 
ttons such as the control of data 7LB. 0442 3272. 


Pressure is sent by air 


.—a £$' - 

Tl Metsec LtcLOWbury. 
West Midlands B63 4HE 
Tefc021-552 1541 

DEVELOPED by the Budenberg 
Gauge Company of Altrimham 
is a series of passive pneumatic 
transmitters that enable liquid 
pressure readings to be taken at 
up iu 60 metres (200 ft) from 
the sending point. 

There are four types of trans- 
mitter covering general purvuso. 
tank liquid depth, so* ids- be a ring 
nuids. and cargo-handling pumps 
in oil tankers. 

A sealed system is used. The 
liquid pressure, applied to a 
thin and very flexible diaphragm 
in the transmitter, compresses 
(or ratifies) u coin inn of air 
enclosed within transmitter, re- 
mote gauge and the fine bore 
cupper pipe between them. The 
remute gauge measures the 
changed pressure. 

Thorp is a choice of pressure 
ranges, from 0 to 100 millibar up 
tu 0 to 20 liar (0 to Ub/sq in up 

lu 0 to 300 lb sq in i. One model 
can transmit partial vacuums 
down to 0.5 bar. 

The advantage of the method is 
that no elect rica! or coin pressed 
air supplies are needed, and that 
the transmitter can he used 
where the liquids invnlved could 
r:oi be put directly imu small 
bore pipes. 

In addition, air has the 
advantage of not suffering from 
liquid head effecis experienced 
when liquid is used for trans 
mission. Installation is often 
simplified as well, because the 
air-filled capillary (alu-ujs al 
a i mu spheric pressure initially) 
can be fitted in sections, eliminat- 
ing the problem of threading 
liquid-filled pipes through bulk- 

More from the company ai P.O. 
Box No. 5. Broad heath! Altrin- 
cham. Cheshire WAI4 4ER (061 
H2.S 5443 ). 


and heat 

ing and refractory materials in 
knitted wire mesh made from 
heal -resist mg alloy-, has been 
round lu extern! their applica- 
tion* imo areas involving fre- 
quent movement ur disturbance, . 
repeated abrasion, e fusion by- 
high gavveiueuics. or ueejMunal 
knocks and blows. 

Mesh -end used comjmnems says 
Knit. Mesh uf Croydon, retain the 
luw (hernial runduciiwiy. low 
heal -si ii rage and high resist jiuc 
io l he rm a I shuck of the basic 
fibre, and are suitable fur eon- ■ 
tiniiiiu--use temperature., up to 
1.41)0 degrees C in applications 
such as "furnace vkjuy seals, vul- 
nerable pans of furnace linings, 
and gaskets. 

Steam and gas turl mik-s. 
marine-engine exhausts and high- 
temporal urc pipework are lagged 
with the material, and it is used 
as hanging curtains to lurm 
baffles between runes in fur- 
naces. to control melul tempera- 
tures during welding arid stress- 
relieving. anil as protection fur 
workers and equipment during 
hot furnace repairs. 

More on 01-657 U021 


Presses for Iran 

AS A RESULT of the flourishing 
market for moulded tableware in 
Iran and other Middle East coun- 
tries. British Industrial Plastics 
( Turner and NewalJ) is currently 
building 20 special “ Bipel " 
plastics moulding presses for a 
company associated with Kar- 
hamejat Towlidi. one or the 
largest Iranian producers of 
melamine tableware. 

The presses, each with a capa- 
city of 400 tons, incorporate a 
new .control system designed 
specifically for high-speed mould- 
ing of tableware and each mach- 
ine. says the supplier, can pro- 

duce 200 medium sized plates, , 
fully decorated and glazed, per 

As the machines are of the 
“double daylight” typeT twice 
the production capacity of a com. 
the production capacity of a 
compression press is achieved 
when used for moulding flat ware 
and toilet seats, for example. An 
intermediate table operated by 
twin hydraulic cylinders 
mounted within the press 
columns is fitted in between the 
principal press tables, and by 
fitting upper and lower sets of 
moulds, a machine effectively 
becomes two presses in one. 


Four-wheeled workshops 

SPECLNL BODIED mobile work- 
shops based on Range Rover and 
Land Rover vehicles are now 
being offered by Four by Four 

The latest is a workshop which 
has been built with a Luton box- 
van style body more than 
doubling its volumetric carrying 
capacity and providing standing 
room for all but the tallest opera- 
tives. The vehicle also has an 
Allam 7.5 kVA generator built in 
between the two front scats. This ■ 
makes the workshop completely 
independent and self-contained. 

The first iwn vehicles of this 
type arc working at open cast 

coal sites where they are being 
used for the servicing. ' of 120 
tonne hydraulic face shovels and 
in conditions where only a four- 
wheel drive vehicle could 
guarantee - safety and freedom of 

Each ' workshop is fully fitted 
with racking and equipped with 
spares, tuuls and a tower light for 
emergency night operation. 

Four by Four, which has its 
headquarters at Popham Close, 
Him worth. Feltham. Middx, has a 
fleet aT more than 200 Land 
Rovers which includes units 
which can be used us mobile 
welders and compressors. 


Fibre data link 

AVAILABLE as a standard pro- 
duction item from Roditi Inter- 
national Corporation is duplex 
asynchronous data link designed 
for users with little or no ex- 
perience of fibre optics. 

The Jink accepts the 25-pin 
RS-232C electrical plug as input 
and converts the electrical digits 
directly ro corresponding light 
pulses. The output is connected 
directly to pre-terminated fibre 
optic duplex cable. Each end of 
tbe link consists of receiver, 

transmitter, power supply and 
power cable with wall plug. 

Benefits offered by the link in- 
clude that of eliminating a 
modem at each end of the line, 
total security, oh the lines, safety 
in ha-ardoiis environments and 
imrau •'»>• from electromagnetic 
interference. The link can work 
at up to 20k bits per second over 
distances up to one kilometre. 

More from the company nt 
130. Regent Strom, London WIR 
SBR {01-437 1097). 


Discussing waste 

A CONFERENCE dealing with 
new developments taking place 
which are expected to affect the 
movement _ and disposal of 
hazardous industrial wastes will 
be held in London on July 11 
and 12. 

Following a directive Tram the 
EEC Commission in Brussels, 
new regulations are expected to 
he introduced shortly in the 
U.K. which will shape the future 


of waste disposal, and topics 
covered by the conference 
include recent developments on 
waste treatment technology, 
talks on ftiiurc legislation, and 
U.K. facilities regarding waste 
disposal, etc. 

Enquiries lo Oyez Industrial 
Business Communications. Nor- 
winch- House. 11/13 Norwich 
Street, London E.C.4 <01-242 


Vitreous enamelling guide 

ciation with die Vitreous Enamel 

Development Council has just 
published the first in a series of 
design guides. " Design for 
vitreous enamelling." which des- 
cribes the requirements for the 
satisfactory use or vitreous 
enamel as a protective and 
decorative coating for a wide 
range of products. 

Originally used for decorative 
purposes in the making of 
jewellery and bronze ornaments 
for something like a thousand 

years, vitreous enamel Is nowa- 
days applied to products ranging 
from holloware to cookers, build- 
ing panels and grain silos. 

The guide provides the essen- 
tial background to the process 
of vitreous enamel coating for 
normal and for more exacting 
applications, plus chapters on 
colour matchjp gand decoration. 

Published by Heinentann at 
£2.95 idle stride is available from 
bookshops and the Design Centre 
Bookshop. 28 Haymarket, London, 
SW1 4SU. (£3.35 by post). 

electrical wire&cahle? 



Thousands of types and sizesinstodkfor immediate detay 

LONDON 01-561 8t18 ABERDEEN(0224)32355/2 

MANCbESTtH t-e/z-*' IS 


3*Hr. EKERGENCY NUMBER 01 6373567 E*t4Q9 


CaJlmakers are clever littLe 
gadgets that can take care of the 
boring and time-consuming j ob 
of looking up telephone numbers 
and dialling your calls. 

They store the numbers you 
select in two easily accessible 
ways, either on punched cards 
or on tape. CaJlmakers can help 

those people who frequently 
ring the same numbers to work 
more efficiently 

For further details contact 
your local Telephone Sales 
Office. The number is in the 
front of the phone book. Or send 
off the coupon (no stamp 

[ To: MiXe Cottrell, Marketing Dept., 

Post Office Telecommunications, FREEPOST, 
London EC2B STS. 

I would like more information about 



, Address 





Financial Times -Tuesday May 16 1978 

demand more control 

Government expenditure 





Agreement likely on 91% 
Civil Service pay deal 


DEMANDS that MPs should have 
greater control over Government 
policy — particularly over Govern- 
ment expenditure plans— were 
voiced yesterday by back 
benchers led by Mr. Edward Du 
Cann (C Taunton), chairman of 
the Commons Public Accounts 

“ The obvious and easy way of 
controlling the executive is by 
controlling the purse strings. 
Thai is exactly what Parliament 
doesn't do." 

He was opening a Commons 
debate, which he had initiated, 
on a motion expressing concern 
that Parliamentary control over 
the executive had diminished and 
that machinery for Parliament to 
supervise the actions of the 
executive was inadequate. 

The strengthening of the 

powers of select committees was 
senn by Mr. Du Cann as one of 
the main methods of restoring 
greater back bench control. 

This was also taken up by 
Mr. Ian Mikardo (Lab Bethnal 
Green and Bowl, who urged that 
the procedure committee should 
look into the issues raised in the 

“ Something has to be done to 
narrow this ever widening gap 
between the power and influence 
of the Government and the 
power and influence of the hack 
bencher.'* said Mr. Mikardo who 
is one of the leading back bench 

on Commons pro- 

ced tires. 

One of Mr. du Cano's main 
proposals was that a select com- 
mittee of the House should have 
a say in setting the levels of the 
eash limits which the Govern- 
ment now uses to control various 
sections of public expenditure 

He recalled that the Public 
Accounts Committee has been 
examining, with the Treasury, 
ways in which cash limits— 
which now cover 65 per cent of 
supply expenditure— might be 
assimulted with the estimates so 
that they could be readily 
examined by MPs in committee. 

“1 hope it will he possible to 
assimulate estimates with the 

cash limits and possibly to put 
in front of this Chamber recom- 
mendations to that effect.” said 
Mr. du Cann. 

“ Thereby we might have a 
chance to restore some measure 
of control— a control which we 
have almost completely lost.” 

Mr. du Cann said: “ Parliament 
□o more controls Government 
expenditure than Canute con- 
trolled the tide. We are not 
carrying out the function that 
our fellow citizens enturusted us 

He called for the Introduction 
of a Bill of Rights to protect the 
citizen and to prevent govern- 
ments restricting the rights of 

He said we could not count 
on the commitment of future 
majority parties in the UK to 
uphold our present constitutional 
traditions. If a Bill of Rights 
were not introduced and an 
extremist party gaind control at 
some stage, then constitutional 
freedom would be at risk. 


By Ivor Owen, Parliamentary Staff 

MPs could no longer 
adequately examine the flood of 
Government legislation which 
now averaged 3,000 pages a year 
compared with 400 pages 5Q 
years ago. 

He also complained of the 
tendency for governments to 
bypass Parliament and discuss 
the major issues of the day with 
the CBI and the TUC. 

There was also the increase in 
parliamentary discipline with 
MPs voting for the party line, 
and the growth in tbe power of 
the Prime Minister and bis 

“ Never in our history, except 
in war time, has the Government 
possessed such power as it does 
today- Never has it exerted such 

“ As the power and influence 
of the executive has increased so 
our opportunities for scrutiny 
and control and examination 
seem to have diminished. We are 
on a skippery slop away from 


Peer criticises ‘misuse 


to be extended 

of Finance Acts’ 

UNEMPLOYMENT benefit is to 
he paid fortnightly as a result of 
a Government decision an- 
nounced yesterday. 

This Follows the study of a 
pilot scheme under which, in 
certain parts of the country, the 
benefit has been paid fortnightly. 

In a written reply to Mr. 
Eryan Davies (Lab. Enfield N>, 
Mr. Albert Booth. Employment 
Secretary, said: “Tbe Govern- 
ment has considered the report 
on the pilot scheme for fort- 
nightly payment and is in favour 
uf the system. 

LAWS HAVE been passed under 
the guise of Finance Acts which 
peers have no power to alter, 
which enable tax officials to 
break into desks and safes, a 
peer said in the Lords yester- 

Lord Harmar-NfrhoUs (C) 
said in a debate on Parliamentary 
procedure that since 1671 legis- 
lation levying taxes could only 
be initiated in the Commons. 

“We have, however, decided 
that the pilot procedures need 
some refinement, particularly to 
minimise overpayments and 
opportunities for fraud and 
abuse, and the timing of exten- 
sion throughout Great Britain 
will be decided after this." 

Meanwhile, the Social Services 
Secretary would be bringing 
forward regulations to allow tbe 
pilot scheme to continue. 

MPs could change it, as they 
did with the Finance Bill last 
week but peers had no powers 
to amend it at all. They could 
either accept a Bill or reject it. 

He did not think the Lords 
should be entitled lo change tax 
Bills as, unlike MPs. they could 
not be dismissed, but he was 
concerned with “ tackling ” — 
the inclusion in a tax Bill of a 
matter not sr icily related to the 
Bill's subject and which con- 
sequently the Lords could not 

He suspected there bad been 
14 tacking " in the 1976 Finance 

“It is a fact that under the 
guise of a tax Bill there has been 
legislation which enables people 
to walk into your house, break 
into your desk and break into 
your safe." 

Here a separate Bill should 
have been used so that tbe Lords 
could bave' examined the powers 
given to officials. 

Lord Peart. Leader of the 
Lords, said he did not accept 
Lord Harmar-Nicholl's anxieties. 

“I am satisfied with the posi- 
tion as it is at present When 
discussin gthese Bills we should 
always be most scrupulous in 
protecting the financial privilege 
of the House of Commons." 

He doubted whether any 
change in the procedures by 
which MPs scrutinise finance 
legislation was needed. 

He was sure that tbe Lords 
could rely on the regard that the 
Speaker of the House of Com- 
mons and his officers had for 
Parliament and the constitution, 
to prevent “tacking” • 

Mr. dn Cann felt that there 
was a great feeling in tbe House 
in favotir of wider use of select 
committees. One notable im- 
provement, he thought, would be 
to have pre-legislative com- AN OPPOSITION demand for 
mittees to examine government an explanation of the legal basis 
proposals before they were on which the granting of finan- 
finaily embodied in a Bill. cial aid to industry is being 
Policy at the moment was. made conditional on recipient 
rarely decide don the floor of companies agreeing to comply 
the House. It was decided in with official incomes policy was 
Cabinet committees and then evaded by the Government in 
announced to the Commons. MPs the Commons yesterday, 
rarely had the chance to debate Kenneth Clarke, a Con- 

a Policy alternative. There was $ervative industry spokesman, 
2*2?!* no e ® e ! rtlve cited the case of GEC-Schreiber 

supervision of the which is resisting the attachment 
national^d industries. of p ay policy conditions to a 

The British National Oil Cor- £20m. project on Merseyside. 

National Enter- Polnang 1000 jobs 

prise Jtt&itl were spendm* vast wp * h Raid- “ What is 


machinery 6 for a pTamtninp P rbPi? these conditions to offers of 

*** — i*- STSfJSMg-Z 

, Mikardo argued that as criteria of the Industry Act 
legislation grew more complex 1972’” 

Ministers could rely on more and ‘ . ___ „ 

more specialist advice. But there „ . c ** er * Under-Secre- 

had been no comparable tar y for Industry, replied that it 
strengthening of the services would be wnnig for him to give 
available to backbenchers “y detailed explanation of the 

He urged that select commit- negotiations which were still in 
tees should be established cor- Progress and which were being 
responding to the major depart- conducted on a confidential 
ments of state on lines similar basis. 

to those existing in the U.S. With support from the Tory 
There should be more select com- benches, Mr. Clarke maintained 
mittees with more adequate that tbe current negotiations in 
staffing, he said. no way excluded the Minister 

The demands of MPs received from dealing with the central 
a cool response from Mr. Michael issue of the legal basis for tbe 
Foot. Leader of the House, who action taken by the Government 
maintained that the power of Mr. Cryer urged him to -table 
backbenchers over the executive a substantive question. 

ha i iD J? Ct to?* 8 ** 1 1 ® 4 ?- He denied a suggestion by Mr. 

He was against Mr. Mikardo s Anthony Grant (C. Harrow 
proposal for select committees Central! that the Government 
to shadow” specific Government was - bullying small firms " over 
departments and said that t h e incomes policy, 
procedures which were success- 
ful in the I7.S. would not be 

applicable in the UK. D pcpqt'F'ft lflin 

He emphasised bis support for AVC3CXIX LU 111 l" 
the Labour conference's motion . 

demanding the abolition of the UIl£I11DlOVTI16Tlt 

House of Lords. To “lop off" 
the upper House was a major THE MANPOWER Services Com- 
reform that would have to be mission expects to pay a total of 
made. £316,000 to the Manpower 

The backbenchers did not get Research Group at Warwick Uni- 
much encouragement for their versity for unemployment fore- 
views. from Mr. Angus Maude, casts Mr. John Golding Employ- 
replying from the Conservative ment Under-Secretary said in a 
front bench, who was also against Commons written reply yester- 
select committees to watch over day. 

Government departments. Mr. Golding told Mr. Ivan 

Although he gave, a cautious Lawrence (C.. Burton) that the 
backing to Mr. Du Cann's pro- Commission has paid £116.000 
posals for greater financial con- since the programme began in 
trols, he warned that powers to October, 1975. It expected to 
control the executive would not pay a further £200,000 to corn- 
work unless MPs were deter- plete the planned programme by 
mined to act in concert 19S0. 


A PAY settlement fl expected to 
be concluded thij week with 
Civil Service unk s represent- 
ing non-industria staff, Mr. 
Charles Morris, ML ster of State 
for the Civil Sen ec, told the 
Commons yes tenia 

lie said he wou' provide for 
consolidation of 1 e 1976 and 
1977 pay suppleme ts, an across- 
the-board lacreas of ft* per 
cent and for a sta to be made 
on the rectification of anomolics. 

Mr. Morris said that April 1 
would be the opei tive date for 
the settlement, which was 
within the Gove 1 meat's pay- 
guidelines. • 

Questioned aboil the re-intro- 
duction of pay res arch into the 
Civil Service, tbejMiinster con- 
firmed that the 
Unit had begun r 
which was beibi 
under the auspi 1 
Pay Research U 
Mr. John 
Gravesend) suggt 
Pay Research 
expected to read 
elusions to the 
pay for the armedfforces and for 
doctors and deatijjts- ' 

He asked for ai$assurance that 
the Government would face up 
to the implications of the Fay 

Research Unit’s report and to its 
obligations to give the public 
sector a fair deal. 

Mr. Morris said he was unable 
to give any assurance about a 
hypothetical situation which 
micht arise in 1979. 

j»ay Research 

survey work 

carried out 
of the new 
iden ( Lab 
(ted that the 
lit could be 
similar con- 
?nt reports on 

The Government was accused 
by Sir. Robert Adle.v (C Christ- 
church and Lymingtbn) of being 
“frightened" of the imposition 
of a closed shop in the Civil 

Mr. Barney Hay hoc, a Corner- 
tive spokesman on employ- 
ment, described the attempt by 
some muons to secure a dosed 
shop in the Civil Service as 
“ outrageous ” and called on the 
Government to resist it. 

The Minister acknowledged 
the intense feeling among the 

Civil .Service unions on thd 
closed shop but refused to anti- 
cipate the outcome of negotia- 
tions now in progress. 

But he pointed out that one 
crucial factor to be considered 
was that Ministers were answer- 
able to Parliament for tha Civil 
Service. These circumstances did 
not exist in the private sector. 

Labour backbenchers exerted 
strong pressure on . the Govern- 
ment to ensure a better deal for 
industrial civil servants, some 
of whom .were said by Mr. 
Willi am Hamilton (Lab., Central 
Fire) to be on a basic rate -of 
£32 a week. 

Mr. Morris said negotiations 
would start shortly on the claim 
for M a substantial increase ” for 
industrial staff from July 1, 

Production of coin increased 

THE ROYAL MINT has doubled 
its normal rate of production of 
50p coins and plans to make even 
more in coining months. 

But only four representations 
have been received about a short- 
age of tbe coins, Mr. Deozll 

Davies, Treasury Minister qi 
State, told Mr. Robin Hodgson 
(C„ Walsall N.) In a Commons 
written reply yesterday. • -• 
This was apart from advice 
from the books, with whom the 
Royal Mint- was in constant 

A name that’s recognised can inspire awe, 
envy or, in this case, confidence. 

It’s a name with a reputation for accepting 
only the best, and mainta inin g the highest 
standards. An assurance for the wine-buyer 
that his choice has been expertly selected and 
carefully shipped. 

A very good wine reasonably priced. 
Distinguishing it from the ranks of all the rest. 

In other words, a name such as ours can 
sometimes be all the guarantee you need. 

Because when it says Bouchard Aine on 
the label, it says a lot for the wine. 

lead file small print first 

Burgundy specialists and shippers of fine wine 
*Aine denoting the eldest son of the family 

Six new factories 

let in mid-Wales 


Rural Wales has let another six 
factories in mid-Wales it 
announced yesterday. They- will 
provide more than 200 jobs 
within the next three years. 

Mr. John Morris, Secretary of 
State for Wales, told the Com- 
mons in a written reply . that it 
brought to 53 the number of 
fatcories formally or provision- 
ally allocated to tenants through- 
out Wales so far this year. . 

The new arrivals announced in- 
clude Precision Circuits, a Hayes, 
Middlesex, company, supplying 
circuits for the computer and in- 
strumentation industries, which 
is to take over a 36.000 sq 
ft factory at Ystradgynlais, 
Swansea Valley, being vacated by 
Firth Cleveland at the end of 
May. Precision Circuits will 
initially employ 40 people biuld- 
ing up to 110 over three. years. 

A 10,000 sq ft unit at Lland- 
rindod Wells has been let to 
Goode and Sons (furniture) 
which is moving to mid-Wales to 
fulfil expansion plans which it 
cannot put into operation at its 
works lu Birmingham. 

At Blaenau FFestiniog, another 
10,000 sq ft factory has been let 
by the Board to Wallace and 
Linnell, clothing manufacturers, 
to meet demand for its men’s 

leisure wear products. The com- 
pany expects 60 jobs will be 
created within 12 months in an 
area with particularly severe un- 
employment problems. 

At Hay on Wye. a 3.000 sq ft 
unit is being made available to 
Rayburn Plastics of Walsall, and 
‘in Newtown. Powys, Turner and 
Collins. ,a. specialist furniture 
maker, and Gainsborough Elec- 
trical of Birmingham are each 
taking a 3.000 sq ft unit 

The lettings mark a very 
promising start to the Board's 
second year of operations. Of 36 
advance factories tbe Board 
took over when it opened for 
business in April last year, 22 
bave already been allocated and 
negotiations are in -hand for a 
further seven. Another nine 
factories under /construction are 
already let./' 

The Board also has two signifi- 
cant developments under investi- 
gation for the economy of rural 
mid-Wales. One is the possibility 
of building an airstrip at 
Aberystwyth, on the mid-Wales 
coast for an air service to Cardiff 
and beyond. 

The other is an investigation 
into the market for “cottage- 
produced*' top quality knitwear. 

marketed professionally under a 
“ Made in Wales ” label- 

Foot rejects time 
limit on speeches 

A PROPOSAL for imposing a 
time limit on MPs speeches in 
the Commons has been rejected 
by Mr. Michael Foot, Leader of 
the House. 

He said that many of the most 
distinguished MPs, including 
.Winston Churchill and Aneurln 
Sevan, would not- have been able 
to make the contribution they 
did if there had been a rigid 
timetable on speeches. 

The call for an experimental 
time limit came from Mr. David 
Price (C., Eastleigh) who had 
only just risen to ask Mr. Foot 
a question when MPs .shouted : 
too long." 

Mr. Price said that voluntary 
efforts to shorten speeches had 

not been very successful. “The 
time has come to try a little com- 

Mr. Foot was adamant. Few 
things, he insisted, could inter- 
fere more with the essential 
rights of MPs than the intro- 
duction of a time limit. 

Laughter greeted tbe 
suggestion of Mr. Michael 
Stewart (Lab., Fulham) who pro- 
posed that each MP should be 
given a time allocation at the 
beginning of each session. 

Mr. Foot said : “ Your 

suggestion might result in taci- 
turnity at the beginning of the 
session and garrulity at the end 
— I am not sure that would be a 
god system.” 

Concern expressed for Bhutto 

DR. DAVID OWEN. Foreign 
Secretary, has told the Pakistan 
Government that there are many 
people in Britain whose concern 
over the death sentence passed 
on Mr. Bhutto, the former 
Prime Minister, could affect our 
relations with Pakistan. 

This was stated in the House 
of Lords yesterday by Lord 
Goronwy-Robcrts, the Govern- 
ment spokesman following an 
appeal for clemency for Mr. 
Bhutto by Baroness Emmet, of 
Amberley (C). 

Lady Emmet said it would be 
a point in favour of the Pakistan 
Government if they were to show 

clemency, although she under- 
stood that Mr. Bhutto had stood 
trial and been convicted. 

Lord Goronwy-Roberts said 
that Dr. Owen bad met the Paki- 
stan Foreign Affairs Adviser in 
London last month. 

Dr. Owen had pointed out that 
while the trial and sentence were 
matters that fell in Pakistan’s 
own jurisdiction there would be 
many in Britain whose concern 
could affect our relations with 

Beyond that Dr. . Owen could 
not go, without running the risk 
of interfering in tbe affairs of 
a Commonwealth state. 


left dear the iir a little 

We ad know thefeeling - 
1ft stuffy -the atmosphere 
is breathless-irritability 
sets in -production goes 

But production is closely 
linked with working 
conditions. So, why 
haven't you considered 
air conditioning to 
increase efficiency? 

The remarkable S1MA1R 
range of air conditioners 
offers the utmost flexibility. 
The units can be wall, 
window, ceiling mounted- 
free standing or even 
mobile -quietly giving a 
continuous flow of coo), 
filtered air. And they look 
attractive too! 

Designed to give an 
airflow at any angle 
through 360 degrees and 
to overcome the problems 
of limited space. 

The two ranges consist o f 
the SC units designed for 
flexlbiltty-waU, window, 
free standing or mobile, 
and the SN spttsystem for 
a neat radiator type instaff- 
ation. Both offer diverse 
capacities to suit your 
particular requirements. 

hast* an oo&t a ie»fcaat awis. 


HU in the coupon ortelephone: 


f To Eressiura HaakBty Control 

Willow Dee Lane. RuisKp Road, Northolt, Middlesex U85 6RL 
Telephone: 0l-5754l0aTeJex: 935567 



Td (Q90S7) 70513 

J CoropsTf. 
I Address— 



Notice 0I Redemption 

K-Mart (Australia) Finance Limited 

9% Debentures 

NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the Indenture dated 
as of July 1, 1976 (the “Indenture”), between K-Mart (Australia) Finance Limited, a 
Bermuda limited company (the “Company”) and The Royal Bank and -Trust Company, 
a New York corporation, as Trustee, $420,000.00 aggregate principal amount of the 
Company's Debentures issued and outstanding under the Indenture, (the “Deben- 
tures”) will be redeemed through operation of the sinking fund- provided for in the 
Indenture on July 1, 1978 (the “Sinking Fund Redemption Date”) at 100% of such 
principal amount (the ‘'Redemption. Price”) together with accrued interest to the 
Sinking Fund Redemption Date. 

The serial numbers of the particular Debentures to be redeemed are as follows: 






























2571 SOUS 



9883 12325 14827 18738 18833 .21220 2374= =6164 236=8 31104 33661 

9998 12480 14888 16857 18M5 21331 23829 2S=7l 287=9 31199 33703 

2662 51=0 7590 10030 12510 14968 16942 19086 21409 23837 26341 28611 31281 
3753 5=30 7664 10175 12641 15071 10947 19114 21500 23986 26428 289=2 31588 

2827 5=97 7767 10249 1=699 13161 17038 19191 =1578 24048 26310 29000 31458 34039 

2925 5115 7841 10400 12822 16264 17083 1 929 5 21709 24171 26633 29075 31349 34093 

3008 5510 7940 10414 13880 15338 17144 19372 21803 24221 26715 29185 31643 34173 

3102 5596 8070 10477 12983 15409 37207 19504 21854 24312 26786 29264 31738 34290 

3185 5643 8117 10591 13049’ 15551 17289 19541 21976 24422 26892 29302 31824 34317 

3279 3773 8243 10710 13172 35610 1731Z 19647 22035 24509 26987 29449 31909 34443 

3368 5828 8=90 10796 13210 15680 17388 19649 22081 24811 27033 29539 31985 34574 

3448 5954 8372 10883 13317 13771 17433 19816 2221= 24674 27180 295U0 32080 34616 




3810 6300 6770 11=09 13667 16033 17718 20158 £2554 25016 27490 29904 32438 34974 

3897 8351 8813 11271 13783 16070 17803 20204 22814,85130 27Q00 30048 32512 35081 

3983 8477 8880 11410 13878 16097 17899 28357 227Z7 25205 27603 30149 32603 35151 

4070 85=4 8998 11464 13974 18202 17984 20391 2=853 =5251 37745 30=39 3=693 33=43 

4200 6594 9117 71503 14009 16227 18068 20522 2=920 £5380 27860 30270 32792 33336 

4331 6897 9171 11833 14107 16330 18201 =053= 23018 25464 27942 30412 3=934 35399 

4305 6819 9242 11824 14186 16395 18=49 £0743 23097 25943 28029 30493 SSS 35525 

4456 . 66TB 333= 11856 14300 16426 18326 20743 23179 25821 28115 3058S 83142 35588 
4520 5956 0415 11893 14355 16507 18414 20820 23274 25720 28218 20602 23204 25638 

4618 .7053 9521 11983 14469 16557 18491 20910 23360 2S846 28272 30750 33323 3870 

4711 7183 0648 1=J06 14548 16816 18567 21001 23407 =591 3 1 283 BT 30849 33373 35679 

4778 7288 9702 12168 14670 16664 18676 21103 23529 25971 28401 30935 33500 
4896 7323 9821 12387 14721 16713 18756 21140 23060 20086 28528 31034 33562 




The Redemption Price for the Debentures specified above wilt become due and pay- 
able and, upon presentation and surrender of such Debentures f together with all coupons 
appertaining thereto maturing -after the Sinking Fund Redemption Date), will be paid 
on and after the Sinking Fund Redemption Date at any of the following offices of tbe 
Company’s paying agents: the Corporate Trust Department of Morgan Guaranty Trust 
Company of New York on the 13th floor, 15 Broad Street, New York, N.Y. 10015, 
United States of America, the main offices of Morgan Guaranty Trust Company in 
Brussels,- Belgium, Frankfurt, am Main, West Germany, London, England and Paris, 
France, of Bank Morgan Labouchere in Amsterdam, The Netherlands, of Banque Generals 
du Luxembourg S.A in Luxembourg, Luxembourg and of Union Bank of Switzerland 
. in Zurich, Switzerland. On and after the Sinking Fund Redemption Date, interest On 
tbe Debentures to be redeemed will cease to accrue. 

Coupons due on July 1, 1978 should be detached and 'presented for payment in tbe 

usual manner. « ' 

K-Mart (Australia) Finance Ltd. 
# By The Royal Bonk and 

• . Trust Company, 

* - - - • • . New York, as Trustee 

May 16, 1978 * : ■ 

,rj>' - 

■Vsn 1 '* 





ii ’ 









k . % 


W ■ ' - \ v | 

* M3 


i ■**•>* 

, «.-. r ? T 



Clean coal burner 
has good economy 

l.N A MOVE that could be a pre* 

Jude to extensive business in the 
U.S.. Stone-Plait Fhiidrive has 
shipped its first commercial hot 
water boiler unit operating on 
fluidised bed combustion of coal, 
with _ a capacity of lm. BTU. to 
the Virginia Polytechnic Institute 
and State University <VPI> at 
Blacksburg. Va. 

There, it is to be used for 
research into sulphur absorption 
by such units when operating on 
high-sulpbur U.S. coal and for 
teaching. A similar unit has 
been ordered by U.S. General 
Motors and is expected to be 
delivered to site towards the end 
of the current year. 

But in the meantime, a very 
targe market for coat-burning 
units is opening up in the U S.. 
primarily bpcause it is a locrtllv- 
produced fuel and the U.S. 
Department of Energy is 
encouraging its use as an alterna- 
tive to imported oil or gas. 

Local pollution laws are strict 
and becoming more rigidly en- 
forced because of a powerful 
environmental lobby. And this 
is to the advantage of the fluid- 
ised bed boiler since it is rela- 
tively simple to control 
sulphurous emissions by addi- 
tions to the bed of such simple 
materials as ground limestone. 

Prior to its departure.- the VPI 
unit was demonstrated exten- 
sively to various authorities in 
Britain and tinder test showed it 
could deliver 115 per cent of 
rated capacity and had a heat 
extraction efficiency of SO per 

In the meantime, Stone- Platt 
Fluidfire has carried out a study 
of the equipment it has designer 
on behalf of the US Department 

of Energy, covering the capital 
and running costs of units in lUp 
range 5.000/60,000 lb per hour 
of. steam; Capital prices ranged 
from £7 to £8.5 per lb of steam 
raised. This would include the 
cost or ail the equipment 
required to conform with Envir- 
onmental Protection ' Agency 
legislation on emissions of 
sulphur dioxide and oxides of 

Running costs of its units 
under US conditions lay between 
$3.49 and S4.32 per 1.000 lb of 
steam raised at 125 psig. satur- 
ated. They proved to be the 
most economical of their type 

The UK company is planning 
to set up a demonstration plant 
in one of Slone Platt's Yorkshire 
factories and will commission it 
next year. The company proposes 
to show prospective users that 
with coal at about half the price 
of oil or g as. the extra cost or a 
fluidised bed automatic boiler 
can very soon be recovered. The 
demonstration plant should give 
a discounted cash Sow return of 
about 2S per cent. 

Equipment designed for the 
US market is started on natural 
gas or propane and switched 
automatically to coal after one 
hour, by which time the bed is 
at operating beat. Control is 
fully automatic and the bed will 
follow fluctuations . in : demand. 
above 45 per cent. load, at a rate 
of 20 per cent, of load per 
minute, which is extremely 
flexible for a mechanically con- 
trolled device. 

Stone Platt Fluidfire, Washing- 
ton Street. Nethertbn. Dudley, 
We«r Midlands DY2 9RE. Dudley 


Czech steel 

VZKG. one of the largest eoxn- 
panips in Czechoslovakia, will 
shortly taki- delivery of six 
R -range systems announced by 
Redifon a fe»; weeks ago. VZKG 
is a steel manufacturing and 
construction company employing 
over 40.000 people and is based 
in Ostrava, Northern Moravia, 

The six consist of two R300 

data entry systems and four 
RS30 distributed data processing 
systems. The;, will complement 
two Seecbeck networks currently 
installed with 22 terminals, three 
serial printers and data com- 
munication facilities. 

The £370.000 of new equip- 
ment will be installed through- 
out the factory complexes at 
Ostrava and will provide da La 
input and local processing 
facilities with data communica- 
tions links to the Seecbeck units 
currently installed in the com- 
puter centre. Applications in- 
clude payroll, production control, 
sales ledger, purchase ledger, 
stock control and banking 

Each day an average of 2.5m. 
characters will be transmitted 
to the central Seecheck system 
for further processing. The com- 
bination of central and dis- 
tributed data processing with 
extensive use of remote ter- 
minals wilt provide VZKG with 
fast information turn-round to 
control daily operations of steet- 
making as well as providing 
statistics for planning. 

Redifon Computers. Kelvin 
Way. Crawley. Sussex. Crawley 
(0293) 31211. 

Makes beer quite clear 

BREWERY bulk handling equip- 
ment which wilt he the first of 
its kind to be built in the U.K. 
is to be engineered bv Situon- 
Solitec of Gloucester t.a Simon 
Engineering company) fur Lite 
new giant brewery of Courage 
(Central) at Worton Grange, 

The scheme is new in that it 
applies automated bulk handling 
techniques to th kieselguhr 
bright beer filtration system, a 
process which up to now in the 
UK bas depended on manual 
handling of bags of powders. 
Introduction of bulk handling is 
expected to improve flexibility, 
provide the convenience of bulk 
storage and automatic weighing 
facilities and result in consider- 
able economies due to reduction 
in manual labour- 

Kieselguhr is the name for 
diatooiaceous earth, a powder 
which, together with iucilitc fa 
hydrogell ). is used as the. filter- 
ing medium. In plants based 
on manual handling, bags of 
powder have to be lifted and 
opened directly over the slurry- 
ing tanks. The new installation 
will use pneumatic conveying to 
transport the powders from the 
automatic bag opening machine 
to the storage tanks, automatic 
hatch weighing being imple- 
mented after the bulk powder 

The system was designed 
jointly by Simon-Soiitec and the 
Alfa-Laval Company of Brent- 
ford who are main contractors 
for the new brewery's beer 
filtration plant Simon-Soiitec 
is also responsible for the 
engineering, erection, commis- 
sioning and the supply of the 

automatic bag opening, 
pneumatic conveying, bulk stor- 
age. bin activating and weighing 

The contract is worth £130.000 
to Si in on -Sol'll ec and completion 
is scheduled for September I97S. 

Simon Engineerin':. POE 31. 
Stockport SK3 0RT. 06)428 3600. 

the waste 

A PRODUCT from the Edbro 
Group will make its German 
debut ,at the fifth International 
Sewage and Refuse Engineering 
Exhibition in Munich from 
June 5—10. 

The company has formed its 
own solid waste handling divi- 
sion, Edbro/LMS a l Earn be r 
Bridge, Preston. Lanes, and the 
Edbro 250 Compactor is one of 
its newest introductions. t 
. This space-saving compactor is 
said to be capable of reducing 
industrial and domestic waste 
down to at least one-sixth of its 
original volume. Special features 
include an hydraulically sealed 
plate which encloses the luadert 
container for transit, and ease of 
access to all working parts. It 
is eon trolled by a solid stale 
electronic system. 

The compactor is 1714mm 
long, 1524mm unde and 2006mui 
high. With a compaction cycle 
of 15 seconds it is said to cope 
with up to 360 cubic metres of 
waste an hour and can be used 
with containers from 6.9 to 27.5 
cubic metres capacity. 

More from 0772 39642. 

• COMPUTING lraH L L - ! "^ nd . fr0m ,ar ne , 

machines, CTL is becoming a * 

Mlririrm significant UK manufacturer. 

1 S flT supplying essential equipment to 

® such companies as I CL. for ‘ — 

low-cost w Tp r oe , u r „ ir ,„ n6 

completely compatible with other 1 ■ 

nnAi*nfiAn machines in the S000 series and X ^-IT * 

operation « as asssassa 

NEW ENTRANT t«, the low cost IBM or iCL series machines. 

business systems market. Com- Designed as a stand-alone ■ ■ — ■ ■ ■ ■ 

puter Technology, is offering n,a rbine for small businesses, the , 

,0 drive four dtopbn . c ^ndTTl'„ “| 03 S • MATERIALS 

high speed line printer and a which has approximately twice A hpOCinn 
character printer from us $020 t he processing power. ilUI aMUU 

machine at an all-up cost for a Transaction processing, man- * 

full system of less than £30.000. .-jgenient report generatin': and QYlfg Iipqf 
Generally known for the ex- the busines-orienled language MllU llCAl 
tensive work it has done in Cobol are provided. • , > 

universities, major research Computer Technology. Eaton TPClCTPfl 
centres and in specialised opera- Road, Hemet Hempstead HP2 * vJWtvU 
lions such as the control of data 7LB. 0442 3272. ENCLOSING FIBROUS im-uiut- 

in 3 and refractory materials* in 

• INSTRUMENTS knitted wive mesh made from: 

B - 9 heat -resist my alloys has been 

PrOCClITD 1C? com hir Oil* found lu extend Jlieir applica- 

X ICoSUlC 13 oCHL fJj (dll tiuns into area, involving fre- 

v quent movement or disiurt)onj.-c. 

DEVELOPED by the Budenberg to U to 300 lb sq in >. Une model repeated abrasion, erosion Ivy 
Gauge Company of Altrincham can transmit partial vacuums high y as- velocities, or occasional 
is a scries of passive pneumatic down to 0.5 bar. knocks and blows, 

transmitters that enable liquid The advantage or the method is Mesh-enclosed components <:i;.s 
pressure readings to be taken at that no electrical or compressed Knu.Mesh of Croydon, retain the 
up to 60 metres (200 ft) from air supplies arc needed, and that tow thermal cundiiciivitv. tow 
the sensing point. the transmitter can be ttspd heal -storage and high resistance 

There are four types of irans- ^hcre the liquids involved could to thermal shuck uf the iij.-ic 
miUor covering general purpose. P^l clirwily inlu hiiitiJi fibre, iind jn? suiiaUio fur iron- 

lank liquid depth! soiidsbearing bo . rc . linuuiuf-uw temper a turvs up to 

fluids, and cargo-handling pumps . n addition, air has the 1.4U0 decrees C in applications 
in oil tankers advantage of not suffering from such us furnace tluur seals, vul- 

* M I __j ic „ liquid head effects experienced Durable parts of furnace tinmys. 

A sealed system is used. The when liquid is used fur irans- and gaskets. 

Ihin 1 ^ .kWs 10 a mission. Installation 1* often Steam and eas liirbinr*. 

h D ii d »IS«^i e £SSSI! Simplified as well, heniMC the marine-engine exhau.sis and lilgh- 
. ^ e »;c ar l S,a,lter i com P reis 9 s air-filled capillary (always at te m pera lure pipe work are la gued 
f® 1 ! 1 '”",,®! a1 „ r atmospheric pressure initially) with the material, and it is iise.l 
can 1,0 fitted in sections, climtnyl- as hanging cur tains in lorm 

m?mnr B n no e J Th!L ,n S lhe P rob!em 11 f threading baffles between /.unes m tur- 

copp r pipe between them. The Rquid-filled pipes through bulk- naces. 10 control nn*ial tempera- 

I' » me “ urM lhe heads. turcs during welding and stress- 

cnangea pressure. More from the company at P.O. relieving, and a> protection for 

There is a choice of pressure Box No. 5. Broadheatli. Altrin- workers and equipment during 
ranges, from 0 to 100 millibar up chain. Cheshire WAJ4 4E1! (061 hot furnace repairs 
!•» 0 to 20 bar 10 to Ilh/sq in up 02S 5441). More on 01-657 0021. 


T1 Metsec Ltd.. Oldbury. 
West Midlands B69 4HE 
Tet021-552 1541 


Pressure is sent by air 


Presses for Iran 

AS A RESULT of the flourishing 
market for moulded tableware in 
Iran and other Middle East coun- 
tries, British Industrial Plastics 
(Turner and Newall) is currently 
building *20 special “ Bipel ” 
plastics moulding presses for a 
company associated with Kar- 
bamejat Towlidl. one of the 
largest Iranian producers of 
melamine tableware. 

The presses, each with a rapa- 
city of 400 tons, incorporate a 
new .control system designed 
specifically for high-speed mould- 
ing of tableware and each mach- 
ine, says the supplier, can pro- 

duce 200 medium sized plates. , 
fully decorated and glazed, per 

As the machines are' of the 
“double daylight” type, twice 
the production capacity of a com. 
the production capacity of a 
compression press is achieved 
when used for moulding flat ware 
and toilet seats, for example. An 
intermediate table operated by 
twin hydraulic cylinders 
mounted within the, press 
columns is fitted in between the 
principal press tables, and by 
fitting upper and lower sets of 
moulds, a machine effectively 
becomes two presses in one. 


Four-wheeled workshops 

SPECIAL BODIED mobile work- 
shops based on Range Rover and 
Land Rover vehicles are now 
being offered by Four by Four 

The latest is a workshop which 
has been built with a Luton box 
van style body more than 
doubling its volumetric carrying 
capacity and providing standing 
room for all bul the tallest opera- 
tives. The vehicle also has an 
Allam 7.5 kVA generator built in 
between the two front seats. This 
makes the workshop completely 
independent and self-contained. 

The first two vehicles of this 
type are working at open cast 

coai sites where they are being 
used for the servicing- of 120 
tonne hydraulic face shovels and 
in conditions where only a four- 
wheel drive vehicle could 
guarantee safety and freedom of 

Each workshop is fully fitted 
with racking and equipped with 
spares, tools and a lower light far 
emergency night operation. 

Four by Four, which has its 
headquarters at Pophant Close. 
Hanworth. Fellham. Middx, has a 
fleet of more than 200 Land 
Rovers which includes units 
which can be used as mobile 
welders and compressors. 


Fibre data link 

AVAILABLE as a standard pro- transmitt 
duction item from Roditi Inter- power ca 
national Corporation is duplex Benefit 
asynchronous data link designed elude ti 
for users with little or no ex- modem a 
perience of fibre optics. total sect 

The link accepts the 25-pin in ha ari 
RS-232C electrical plug as input immu • 
and converts the electrical digits interfere! 
directly to corresponding light at up to * 
pulses. The output is connected distances 
directly eo pre- terminated fibre More 
optic duplex cable. Each end nr I3fl. Rege 
the link consists of receiver, 6RR (01- 


Discussing waste 

transmitter, power supply and 
power cable with wall plug- 

Benefits offered by the link in- 
clude that of eliminating a 
modem at each end of the line, 
total security, on the tines, safety 
in ha ardous environments and 
immu • iy from electromagnetic 
interference. The link van work 
at up to 20k bits per second over 
distances up to one kilometre. 

More from the company ni 
130. Regent S»r»i*t, London W1R 
6RR (01-437 1997). 

A CONFERENCE dealing with 
new developments taking place 
which are expected 1o affect the 
movement and disposal of 
hazardous industrial wasies will 
be held In London on July II 
and 12. 

Following a directive from the 
EEC Commission in Brussels, 
new regulations are expected to 
he introduced shortly in the 
U.K. which will shape the future 


of waste disposal, and topics 
covered by the conference 
include recent developments on 
waste treatment technology, 
talks on future legislation, and 
U.K. facilities regarding waste 
disnosal. etc. 

Enquiries to Oyez Industrial 
Business Communications. Nnr- 
winch Honse. 11/13 Norwich 
Street, London E.C.4 (01-242 


Vitreous enamelling guide 

ciation with the Vitreous Enamel 
Development Council has just 
published lhe first .in a series of 
design guides, *' Design for 
vitreous enamel ling,” which des- 
cribes lhe requirements for the 
satisfactory Uac of vitreous 
coamo! as a protective and 
decorative coating for a wide 
range or products. 

Originatly used for decorative 
purposes in the making of 
jewellery and bronze ornaments 
for something like a thousand 

years, vitreous enamel is nowa- 
days applied to products ranging 
from holfoware to cookers, build- 
ing panels and grain silos. 

The guide provides the essen- 
tial background to the process 
of vitreous enamel coating for 
normal and for more exacting 
applications, plus chapters on 
colour matchin gand decoration. 

Published by Heinenrann at 
£2.95 the guide Is available from 
bookshops and tile Design Centre 
Bookshop. 28Haymarket, London, 
SW1 45 U. (£3.35 by post). 

electrical wire&cable? 



Thousands of types and sizes in stockfor immediate delivery 

LONDON OI-SGt 8tt8 ABERDEEW(0224)3235^2 

MAf*CHE$T£H 7-4/X-4'15 
J4 H ^EMERGENCY NUMB £R 01 637 3567 Eid.409 



CaHmakers are clever littie 
gadgets that can take care of the 
boring and time-consumingjob 
of looking up telephone numbers 
and dialling your calls. 

They store the numbers you 
select in two easily accessible 
■ways, either on punched cards 
or on tape. Capmakers can help 

those people who frequently 
ring the same numbers to work 
more efficiently 

For further details contact 
your local Telephone Sales 
Office. The number is in the 
front of tiie phone book. Or send 
off the coupon (no stamp 
required). /Us 

I To: Mike Cottrell, Marketing Dept. . 

I Post Office Telecommunications. FREEPOST, 
I London EC2B STS. 

I I would like more information about 
j Callmakers. 

| Name 

| Company 

, Address 



Financial Times Tuesday May 16 1978 


Highway code for a successful career 




I *L. J 

* • 

WHAT MAKES for career 
success? The question is clearly 
important, not least for young- 
sters about to enter the un- 
known territory ol the working 
world. But who can answer it? 

There is no lack oC purported 
solutions, of course. They come 
mainly from personages who 
write those "simply follow my 
example’* books which, as far 
a.s I can see, are read predo- 
minantly by salesmen. In view 
of the such varied personalities 
who develop satisfying careers 
in such varied circumstances, 
however. I feel sure that brash 
do-this-not-thar prescriptions 
are prone to be hazardously 

Here, no doubt, as in so many 
nther matters, the truth is 
seldom clear and never simple. 

Yet the busy burrowines nf 
occupational psychologists and 
sociologists. let alone the 
medical profession, can hardly 
have failed to find raw material 
fur sensible sets of answers. 
And it strikes me that another 
useful thing this column might 
now dD is to try to elicit 
relevant information and 
assemble it occasionally for 
criticism and expansion by 

To do this could be valuable 
because, lacking any clear 
guidance on how to succeed, 
youngsters particularly tend to 
enter work preoccupied with 
how to avoid failing or. perhaps 
more importantly, being ex- 
posed as failures. The first 
thing T really wanted to know 
— surely typically — tin starting 
my first four jobs 20 years or 

so ago was “ do they sack people 

There is a wealth of difference 
between seeking success and 
avoiding .the taint of failure 
as has been pointed out uy 
among others, the American 
psychologist David McClelland 
in his works on the need for 
achievement in human beings. 

One test which sorts out 
achievement-needing- people 
from the counterposed fear-o f- 
failure people, he has said, is 
the broad types of problem they 
arc characteristically inclined 
to tackle. Take yourself for 
example: given a range from 
very easj', through increasingly 
difficult, to odds-on impossible 
problems: which measure of 
difficulty would you feel 
attracted to attempt? 

[f the answer is those of the 
middling to higher difficulty 
whore your own ability and 
effort would decide between 
good and bad results, then the 
likelihood is that you are an 
achievement type of person. 

A taste for very easy prob- 
lems where success is virtually 
assured denotes the fear-of- 
failure breed. Sc does an incli- 
nation for impossible tasks 
which ran be attempted with 
every sign of bravery, and with 
the guarantee that nobody will 
blame the inevitable failure on 
the at tempter’s personal defici- 
eni-cs. As I said earlier, avoid- 
ing failure is often less impor- 
tant than avoiding being seen 
as the cause of it. 

Professor McClelland has sug- 
gested this division — only 
rmiahlv outlined here — as nart- 
explannfton why big injection's 
of financial aid have not 

promoted economic , develop- 
ment in areas such as the 
Indian subcontinent. . 

A necessary condition of 
economic development is a 
ready supply of achievement- 
needers of the entrepreneurial 
kind. But in places like that 
the culture heavily encourages 
the fear-of-failure attitude. The 
inhabitants are thereby psycho- 
logically prepared for the con- 
tinuing impossibility of scratch- 
ing an adequate living from the 
soli so long as they can blame, 
or patiently accept, an external 
agency such as Providence as 
the cause of their penury. 


But offer to make the farm- 
ing viable by providing mach- 
ines and fertilisers, and they 
arc likely to become . afraid. 
Rather than face what is now 
dearly a test of their 'own 
mettle, they often migrate to 
cities where, lacking anpropri- 
ate skills amid overwhelming 
competition for jobs they can 
once again fail quite blame- 

This is not to say that Pro- 
fessor McClelland would specify 
high achievement-need as the 
prime requirement for a suc- 
cessful management career, 
especially in the senior ranks 
of large organisations. There 
he thinks the prime trait is a 
nped for power — an urge to 
influence the actions of others, 
not for personal ends especial lv, 
but in the interests of the 
organisation or some particular 
division if it 

To the extent that the organi- 
sation of work tends inevit- 

ably towards bureaucracy, 
therefore, a need for power 
may well be a better basic 
qualification for managerial suc- 
cess than is the entrepreneurial 
ache for recognisable achieve- 
ment. But it would surely be 
wiser, and feasible, to select as 
the heads of bureaucracies 
people whose power-urge is 
allied to some need for achieve- 
ment, rather than to the coun- 
terposed fear-of-failuTe. 

Unfortunately, the more nega- 
tive combination seems to be 
the general rule in the extend- 
ing State bureaucracies, and not 
just in the United Kingdom. 
■Witness the observation of 
Professor Fred Ikle^-until 
President Carter’s election the 
director of the United States 
Arms Control and Disarma- 
ment Agency — at the annual 
International Management Sym- 
posium which I attended last 
week at the University nf St 
G alien in Switzerland. 

Increasing State interven- 
tion in ali Western-type econ- 
omies. Dr. title said, meant char 
managers’ attention was forced 
away from Innovation towards 
the typically bureaucratic pur- 
suit of politically manipulating 
complex rules and regulations 

Of necessity, he added, 
“ these managers will then have 
to do what bureaucrats arc 
always best at- promote their 
own career by avoiding risks 
and collectively defending 
their vested interests. These 
are not the habits that create 

But they are habits which 
denote fear-of-failure. as does 
the British bureaucrats’ institu- 
tional insistence on not being 
identified with the decisions 

which they have recommended 
political leaders to endorse. • 

Worse, however, is that the 
urge-to-influence part of the 
negative combination apparently 
drives such people to impose 
their preferred working con- 
ditions increasingly on others. 

Gone is the old tit-for-tat 
whereby people in private- 
enterprise employment received 
higher pay in compensation for 
lower job seenrity. Instead we 
have “ more equal " pay for 
State employees coupled with 
legislation intended to provide 
private-enterprise workers with 
a more public-service kind of 
job security. Going also is the 
rough and ready career race 
traditional in business, whereby 
people risked their abilities and 
efforts against real problems. 
Instead we have a drift towards 
pre-planned career paths, Allo- 
cated to recruits primarily in 
line with their success accord 
ing to the academic values nf 
the education system, in the 
approved Civil Service manner. 

graduates who Jwent into 
industry and coi merce and 
followed up the r progress. 
"Above-average a van cement 
was measured 1 a salary 
increase of at leas 10 per cent 
over the first t o years of 

Of those who st ed that long 
jn jobs within th< scope of the 
study, above - verage ad- 
vancement was ac] cved by nine 
out of every' te youngsters 
with a parent in highly paid 
and esteemed jot 

The same was achieved by 
seven out of 10 rito. whether 
their academic re ird was. weak 
or strong, had joined com- 
panies with \y i organised 
training program les. 

So the two m sr influential 
factors would eem to' be 
external to the y masters’ own . 
abilities. But no hear this... ■*“’ 

Six out of 10 t io had parsed 
their driving . test =• 'before 
graduating aci eved above 
average advance lent, whereas 


achieved by 


And what is the effect on the 
factors associated with career 
success? Well, if the Govern- 
ment thinks it is in favour of 
the chances of people born :n 
the working classes, it must oe 
blind to the available evidence. 

There is plenty of this — 
overwhelmingly pointing the 
opposite way. But the only bit 
I am quoting here is an un- 
published study started a while 
ago by Inbucon-AIC which 
peri.died for lack of funds 
after four years of effort. 

The study took 478 volunteer 

nine out of 10 
failed or not 
received less 
advancement ! 

I insist on 1 
sign that the a 

■io had either 
Iken the test 
[ban average 

We require experienced accountants (A-C.A. or 
AfC A) to fill senior investigative positions 
in our central team, based in London. A sound 
knowledge of advanced computer 
would be a distinct advantage. 

You will, from the outset, make ^ Positive 
contribution to efficiency and profitability by 
conducting wide ranging financial investiga- 
tions and ensuring financial control throughout 
the Group. ... 7 ‘ 

This work wiU give you a first-class opportunity 
to prove — both to yourself and to us — which ; 
path your future career could best take, j.Cy 
into senior line management or upwards; In. 
.financial management. 7; 

We are a JE400m ’ group of over 59 companies 
— the largest road transportation complex in 


png that as a 

lie ve merit atti- 

Stai’ting salaries within the range £6,2Q0-£7,400 
plus other attractive conditions of service. 

tude still counts! for something 
in industry 4d commerce. 

After all, the firiving test is 
something a rersnn has to 

volunteer for. a distinct from 
being entered f institutionally. 

and pa:s or faiflirc depends on 
the pe. ton's dling a real-life 
task sue. essfullj. 

In that, the driving test dif- 
fers from ac^emic examina- 
tions whi.-h, tw the way. pre- 
dicted nei her |nne way or the 
other how the graduates aot on 
in their subsequent career. 

Please telephone or write for an application 

form to: _ _ 

Rov Dvson 

*>15 Great Portland Street, London WIN 6BD 
Tel: 01-636 S6S8. Ext. 244 . 



this appointment is crucial to the further development of 

jntcmuituial oil industry business for a leading London 

based bank. 

• with the overall goal ot increased financing capability in 
this area, responsibility includes project feasibility analysis and 
appraisal, financial structuring, negotiation and marketing. 

• the requirement is tor significant di recti v relevant 
experience in a bank widi substantial business in oil industry 

• vritfuui-d age: middle 30s. Salary not less than £12,000 
v iih excellent additional benefits. 

Write in complete confidence 
to A. Loiuriand as adviser to the bank. 






The National Commercial Bank. Jeddah. Saudi Arabia, is 
expanding its international syndication activities and now 
has two vacancies in this area, to be based in Jeddah. 

The bank is growing rapidly, and recently announced net 
iacome for 1977 of U.S.S93 million on a balance sheet total, 
including contingent liabilities, or nearly U.S.S8 billion. 
Applications are invited from those who meet the following 



We are particularly .interested in those who have .Middle East 
experience and/or are familiar with performance guarantees. 
Attractive'’ ft itial salaries on a contract basis will bo offered, 
together, with a comprehensive programme of benefits. 

If you would like to be considered for one of these positions, 
please send your resume (including salary history! to: 


All applications will be treated in confidence. 


Age 25-35 

Financial Analyst 

Oil Company 


We are the U.K . subsidiary of a German oil company engaged 
in the British North Sea. Tiie recent expansion of our business 
activities makes it necessary to reinforce our London-based 
Finance Department with an experienced Financial Anabist. 

One of London 5 leading Intemacional Banks, with an active and expanding dealing operation 
seeks a senior dealer, fully experienced in ali aspects of currency exchanges and deposits. The 
successful applicant will have the ability to supervise other members of a professional team, 
and will report direct to the Manager. This is a rare opportunity ro join one of the world s 
prime Banking names. 

Being a young growing company . ire offer excellent career 
possibilities, a salary commensurate with experience and 
qualifications, and fringe benefits. 

In the first instance, please telephone, in confidence. Rod Jordan 

Applicants, who must be prepared to travel abroad should 
have the following qualifications: 


Age 25-30 to £7,500 

Prominent Consortium Bank seeks to appoint 
a capable and ambitious Analyst with Euro- 
currency and Sterling exp. The ability ro 
accept considerable and immediate responsi- 
bility is essential. 

Please telephone Brian Durham 


Age 25-35 £6,000 

Newly established and rapidly expanding 
International Bank requires Banker with in- 
depch Accounts knowledge to indude B.ofE. 
returns, P. & L. A/C’s. and B. Sheets- Superb 
prospects and benefits. 

Please telephone Richard Cooper 

Ten years of practical experience in similar positions: 
Good banking background in short arid medium term 
lending, foreign exchange dealing and short term deposits; 

Commercial financial knowledge acquired, if possible, in 
the oil exploration and production fields; 

Experience in interest relief grant formalities would be 
helpful: and 




A public company of approximately £4,500,000 
turn-over, located in SouthWales, is seeking a non- 
executive Director, specifically to advise ana assist in 
matters of financial policy and planning, and generally to 
enlarge the collective experience of the Board. 

A strong and proven financial background is an 

important requirement; and a substantial knowledge 
and experience of high level general, management would * 
be desirable. Further, it is envisaged that the successful'" 
candidate will be currently engaged in a position of 
senior business responsibility. 

This would be a part-time appointment, in which 
intelligence, effectiveness and participation in 
management decision-making would count for more 
than time spent at Board Meetings. 

It is expected that this appointment would attract 

remuneration of the order of £5,000 p.a. . -• 

• • ■ ■ • 1 . y t ’ .• 

Living within the SouthW ales area would be of r 
advantage, but an address in London or the Home . 
Counties should not be seen as ruling out applications. 

Please reply in 

confidence to the company’s advisers: 



# Mackenzie Hill 

international propertydevelopers 

Same knowledge of German language would be an asset 
but not essential. 

To discuss your career requirements not related to the above, please telephone Mark Stevens 

Interested candidates are invited to send their applications, 
together with a curriculum i-ilae. to the address be lore. 


*3-1 /*i3 London Wall 'London EC2 -Telephone: 01-5 BS 0781 


Berkeley Square House 
Berkeley Square 
London W1X 5LE 
01-491 8191 

Age — Up to 45 

Chartered Accountant 

Salary — £15,000 

Generous fringe benefits and travel 



Preferred Experience Legal and secretarial 

Common Market and other foreign countries 

Property industry 



c £6,000 

Central London 

Personal Characteristics Determined, energetie. intelligent, highly 

numerate and a good administrator 

required by major international financial publishing company for 
weekly Intel-national business magazine edited in London, published 
in the United States. 

Knowledge of U.S. business readers and United States experience, or 

background, essential. 

This is a unique opportunity to join an expanding venture. Apply only 
if you have: 

(a) a track record of at least three years’ sub-editing 
and page layout 

lb) experience on a business magazine 

(c) ability to comprehend serious economic and 
financial copy 

(d) demonstrable Hair for attractive headline-writing 
and sharp, accurate editing 

The SUB-EDITORS will have these qualifications. The DEPUTY 
EDITOR will, in addition, have the experience and ability' to take 

Apply in confidence to; BOX A6359, FINANCIAL TIMES 

We are a rapidly expanding private toiletry com- 
pany and are looking for an outstanding young 
accountant with commercial experience to assume 
. wide-ranging responsibility for financial planning 
and control of our business. 

This includes all the usual financial routines 
preparation of accounts, budget and other manage- 
ment information and the development of new 
and existing systems. 

He/she will work closely with the Managing 
Director contributing to the profitable and efficient 
operation of the company and will need practical 
business acumen. Our continued expansion pro- 
vides exciting prospects to the person with the 
necessary ability, drive and enthusiasm. 

Please contact: Robert Beecham 

26 Nottingham Place, London, W.I 
Telephone: 01-486 8883 

Job Specification 

Take over completely the group accounting, 
secretarial and administration function, 
based on small West End office 
Monitor reporting front overseas subsidiaries 
Assist directors in expansion of the Group 

.Mackenzie Hill has fully autonomous subsidiaries and affiliates In six foreign 
countries, .creating prime office, shopping and industrial buildings. 

The Group's raison d'etre is to supply industry and commerce with its property 
requirements and the investment community with secure, inflation-proof, lone-term 

The present international management team possess a Unique experience in 
carrying out the development process in many different countries and business 
environments, and require a person capable of absorbing and understanding this 
complex and fascinating business. The successful -candidate, must be. able to 
contribute meaningfully to Future growth. -. 

Please write, enclosing full career details, to: 

R. G. Bornetnaa 


9 West Haikin Sirect 
London SW1X 8JL 




» V i i- 



v V 

nH n 




Financial Times Tuesday 1676 



35 New Broad Street, London IHC31V1 1JMH 
Tel : 01-5883533 or OT 5SB 357G v 
' Telex l\io. 887374 i/; 

An exacting and demanding position — opportunity to reach the board as Commercial Director in 6 — 12 months 


£ 10 , 000 — £ 15,000 



we invite applications from Solicitors aged 30-3$, who have acquired at least 3 years post admittance commercial or industrial 

expermnce and are fully conversant with negotiating and setting up commercial or industrial contracts overseas worth upwards 

Tt' P /| |,, * n m- and ar j conv ? r,aft * with negotiating and setting up commercial or industrial contracts overseas u K —» — 

01 £1 million, and dealing with related legal and administrative activities. Responsibility will be to the Managing Director 
for the effective control and the total commercial function covering work analfjij, negotiation of the legal aspects of overseas 
contracts written under British law. arranging letters of credit, financing ami liaising with the Bank of England, E.C.G D., 
embassies and the firm s outside professional advisors etc. Up to 1S% away travel will be necessary in the U.K.. European 
Continent and Middle East. The successful candidate must be used to working with l high level- of autonomy, have sufficient 
commercial judgement to make a significant contribution to the Company's future rapid and profitable growth. Initial .alary 
negotiable £10.000-£ 15.000 j car. contributory pension, free life assurance, free B.U.P.A.. assistance with removal expense* 
If necessary. Applications in strict confidence under reference CMS3857/FT to the Managing Director: 


35 NEW BROAD STREET. LONDON EC2M 1NH - TELEPHONE; 01-598 3588 or 01-588 3576 - TELEX; 887374 



The Confederation of British Industry is looking for an Assistant (male or 
female) in its European Advisory and Export Finance Department, dealing 
with advice on exporting and investing in West European markets; export 
finance, credit insurance and other financial export incentives including 
customs and excise matters. 

Candidates should possess a degree in economics or business studies and 
relevant practical experience in banking or exporting.The job also calls for 
a fluent pen, the ability to grasp highly technical issues and present them 
dearly and simply in committee or in representations to Government. 
A knowledge of French would be an advantage. 

Salary according to age and experience from £4600 pa. 

Application form "from Miss Jane Hopkinson, 
Personnel Assistant. Confederation of British Industry, 
21 Toth ill Street London SW1H 9LP. 

Tel no: 01- 930 6711 ext 5. 

Circa £11.000 

Exceptional opporcuiucy offered “ich 
quoted conglomerate for qualified 
accountant to bead group financial 

Service induitrr background ideal. 
Excellent management fringe package. 
Contact Trevor Brown on 
01-499 5202 
Dewey Brown Associates 

for European, London baled subsidiary 
of American skateboard safety equip- 
ment eompeny. Sports equipment 
sales experience preferred. 

Send resume to 3110. 

■ * Sonia Rosa Avenue 
Santo Rosa. Californio 95401. 

Computer-aided Retrieval of 

For our nezv office in Bruxelles we seek a capable person 
who fulfills some of the following requirements amply 
and none not at all: 

- Experience of international contact -work 

- Legal background 

- Insi ght in information sj/sk’mthmywnl practice 

- Proficiency in English. French and some other language 

We shall be glad to answer any questions. 

lntervieivs will be arranged in Bruxelles . during May and June. 

S-104 65 Stockholm, Telephone + 468 743 05 55 
Telex 10393 KVAL S 
Attention: Hans Karlgren . 

£4,500 neg. 

Ideal opportunity lor part qualified 
accountant to loin medium nzrd 
expanding West End practice. 
Excellent opportunity to extend 
experience and progress. 

Salary and (nngta including study 
leave n-q-iriabln. 

Contact Trevor Brown on 
01-499 5202 
Dewey Brown Associate* 




International financial organisation 
requires experience*! financial -liter, 
to write comprehensive economic 
analyses, in reporional stvle. on the 
various principal industrial countries, 
on a per article basis. 

The organisation will provide the 
research material required to write the 
articles, to be written about various 
countries, as designated, bi-monthly 
the articles to be written about a 
single country, m each case. 

The successful applicant will have a 

OUnd In 

background In international financial 
reporting. The lee (or writing each 
article, ol aon oximatety two thousand 
words. Is £100. 

Please veolv. sending resume and 
esamoies at work go: 

D. S. Lowery, 

P.O. Box 9533.* 

Nassau. Bahamas. 


40 years old having 12 years experi- 
ence at general management level ill 
Pans in consultancy and corpora** 
finance seek* position of responsi- 
bility with British or American com- 
pany extending operations in or into 
France. CV and salary requirement 
avsileble. Write Biox -A. 6358. 
Financial Times. 10. Cannon Street. 
EC4" 4BT. 



A qualified accountant, aged between 27 and 45, with at least 
three years' Co-operative experience is required by the Central 
Co-operative Union of Swaziland in Maruini. 

The successful candidate will be responsible for keeping CCU 
accounts up-to-date, and for the production of financial 
statements end monthly trial balances. He will also be required to 
make financial reports to CCU committee meetings annual 
financial reports to the A.G.M., and wifl be expected to undertake 
on the job training 

Salary is up to the equivalent of E6761 pa including a substantial 
tax-free allowance paid under Britain's overseas aid programme. 
Basic salary attracts 25% tax-free gratuity. 

Benefits include free passages, generous paid leave, children's 
holiday visit passages and education allowances, outfit allowance, 
subsidised housing, appointment grant and interest-free car loan. 
The terms on which civil and public servants may be released if 
selected for appointment will be subject to agreement with their 
present employers. 

For full details and application form write quoting IWC/843/ FT 

The Crown Agents for Oversea Governments and 
Administrations. Recruitment Division. 

UsndqnSWIPBJD - 


520,000 tax free & Accommodation 

Capable Chartered Accountant sought, prefer- 
ably with experience in accounting in agricul- 
tural business. The candidate in question, whose 
preferred age would be 35*45. should have had 
experience in the establishment of book-keeping 
records, budget control and analysis and 
preparation of cash flow projections. Location 
for the position is Belize City, Belize The 
position is in a group with banking and agricul- 
tural interests in Belize and other parts of the 
Caribbean. Salary of up to US$20,000 per 
annum, net of tax, offered together with free 
furnished accommodation, car, air fare paid 
leave to Europe every two years. 

Please reply with curriculum vitae to 
Reference 16 



The National Electric Power Authority of the Federal Republic of Nigeria requires 
well qualified and experienced Engineers for appointment as District Engineers in its 
Distribution Division. 


The persons we are looking for must possess a University degree in Electrical 
Engineering, or an equivalent professional qualification, registrable with the Council 
of Registered Engineers of Nigeria (COREN). In addition, they must have acquired 
at least seven (7) years post qualification practical experience in an Electricity Supply- 


The successful candidates will plan, schedule and co-ordinate the planning, construc- 
tion, operation and maintenance of distribution facilities in a District Undertaking, 
and directly supervise staff engaged in these activities. They will also review and 
approve plans for distribution improvement and extensions, load readings, network 
studies and surveys in order to ensure that the quality of power supplied to 
consumers complies with statutory requirements. Other related assignments will be 
handled from time to time. 


Appropriate salary point in Grade Level 12 i.e. N7,104 x 216-N7.752 per annum will 
be offered to the right candidates, depending upon their qualifications and experience. 
The post also attracts several fringe benefits including housing and car allowances, 
leave grant and medical facilities for self and family. 

Contract appointment will be offered to non-Nigerians, the terms of which will be 
discussed at the interview. 


Applicants in Nigeria can obtain application forms from the Director of Personnel, 
Electricity Headquarters. 24/25 Marina, Lagos, or any of the Directors of 
Operations /Directors of Distribution /District Managers/ Undertaking Managers 
within the country; while applicants in the United Kingdom can obtain application 
forms from the Authority’s Resident Engineer, NEPA, London Office, Westminster 
Bridge Road, London, S.E.J. 

All completed application forms must reach the Director of Personnel. Electricity 
Headquarters, 24/25 Marina, Lagos, Nigeria, not later than Friday. 26th May, 1978. 



£10,000 p.a. 

with excellent fringe benefits 

A new appointment for a Commercial Director for a company 
specialising in electronic servicing activities to Che oil industry. 
The company is based in Aberdeen with offshoots in Houston 
and Canada. The company is directed and managed by a 
young successful team of technical specialists. 

The Director will be responsible for .setting and maintaining 
the policies on which sales and purchases are made world 
wide. He/she will control the accounting, purchasing and 
contracts department and musi be able to bring to' the job 
real knowledge, skill and imaginative leadership lo suit a 
business well placed for wrowth, bigger profits and better 
cash flow. 

He/she will probably be aged between 30-45, initially qualified 
in accountancy, and a formal business school qual ideation will 
be an asset. 

The job location is desirable. He/she will be well placed for 
further advancement in the group. Assistance will be.fihren 
with removal and transfer cosis. 

Replies in strict confidence should l»e addressed To the Chairman 
with full C.V. and stating relevant achievements. Address 
replies to: 

J. It. F. Macphereon, 

Messrs. Touche Ross & Co, 

100 West Nile Street, 

Glasgow 61 -QQ. 


A challenging vacancy exiscs for a young analyst to specialise in 
selected shares with some emphasis on the engineering sector. 

The ability to write statistical reports quickly and concisely is also 
essential. • 

There are good opportunities for advancement. Salary negotiable. 
Please write to 
The Research Partner 



(Both Incorporated in the Republic of South Africa ) 


None* is hereby eiren chat the directors of the above-mentioned companies 
have rfec'ared dividend* for the hall-fear ending 30th June. 1978. payable to 
shareholders registered in the books of the respective companies an 20th June. 
1*78. The dividend* have o«en declmtd in the currency of the Republic of 
Soptb Africa. 

Warrants will be posted from the Kimberley rod the United Kingdom 
Offices of the transfer secretaries on or about 3rd August. 1978. Registered 
shareholders pud From the United Kingdom will receive ehe United Kingdom 
currency equivalent on 25th July. 1978 of the rand value of their dividends 
(less appropriate taxes). Any such shareholder* may. howover. elect to be 
paid in South African currency, provided rhat the request Is received at the 
offices of the companies' transfer secretaries in Kimberley or in the United 
Kingdom on or before 30«h June. 1978. 

The effective race of non-resident shareholders’ tax .is 1 5 .per -cent. 

The dividend Is payable subject to conditions which can be Inspected at 
the head and London offices of the companies and also at dto offices of the 
companies’ transfer secretaries in Kimberley and the United Kingdom. 


South African Currency 
Per Share 

Consolidated Company, Bultfontein . 
Mine. Limited 

G'iquitand West Diamond Mining ■ 

Dutoitspan Mine. Limited 

5 cents 

25 cents 

By order of ehe Boards 
For and on behalf of 


London Secretaries 
- J. C. Green smith 

London Office: Office of United Kingdom Transfer Secretaries: 

40 Holton viaduct Charter Consolidated Limited. 

EC IP I AJ. P.O. Box 102. 

Charter House. 
Pirk Street. Ajhf--4 

Jith Mol. 1 977. Kent. TN24 8EO 


No. 001-tS or UTS 

Chancery Division Companies Court. In 
rbe Mailer of INTER CITY BU1LDIVU 
Mailer of The Companies Ati. INS. 

Prntiwi for the Wmdiiu: up or ibe abo«<- 
named Company by the Hisb Court of 
[Jasilcv was on the 5Ui day of May 
| I RTS. prc-stnicd to the said Court by 
I rvgi«icm*d office Is situate at 2-14. Hasnne* 

] Road. Croydon CRS 6BR, Builders Mer- 
chants. and that the Raid P. tmon is 
[ directed to be hoard before ibe Couri 
. sjuinc at the Royal Courts of Justin-. 
Strand. London WC2A 5LL. on the 
. 12th day of June 1978. and any creditor 
! or contributory or the said Company 
I desirous to support or oppofip tin- making 
; of an Order on the said Petition may 
; appear ai the time of hearing. In person 
or by his counsel. for that purpose: and 
a copy of the Petition will be furnished 
by the undersigned to any creditor or 
contributor: of the said Company rcqnir- 
1n* such eopv on payment of the regulated 
charge for the same. 


2 2. Hind Court. 

Fleet Street. 

l-omtou. EC LA SOS. 

ReR F TTH. Tel: M-5S3 8511. 

Solicitors for the Petitioner 
NOTE. — Aoy person who intends to 
appear on the hearing or the said Petition 
must serve oo. or send by pom to. ihr . 
shore-named notice in vrrltlnij of his 
, imenuen so to do. The notice ranst state 
ibe name and address of tin- person, nr. 
j if a firm the name and address or the 
firm and must be slcncd by Uil- person or 
firm, or bis or their solicitor ilf anvi 
[ and musi be served, or. if posted, must 
• be sent by posi . lo sufficient jim,- to 
[ reach the above-named not later than 
four o'cloeJr in ibe afternoon of The 
9ib day of June 197S. 

No. oOlttd of 10TS 

Chancery Division Companies Court. In 
* PARTNERS LLMITED and in the 
Haller of The Companies Act. IMS. 

Pent ion for tiic Winding up of the above- 
named Company by the Hi eh Court a( 
Justice was on the lOih day of ifjy 
ISTS. preuenied to the said Conn hv 
LIMITED whose n-qiaien-d offiev iv 
vnitaie at: 2.1. Willow Lane. Miicham. 
Surrey. ScaffoMInc Specialist#, and that 
Hie said Petition is direcied to bo 
hi-ard before ibe Couri slit inn at the 
tiVal Coons of Justice, Strand. London 
»02A -’LL. on fill- I2lh day of June 
IKS. and any creditor or contributory 
of tne said Company desirous to support 
or oppose the making of an Order on 
the said Petition may appear ar the 
lime of hearing, in person or by his 
counsel, for that ^purpose; and a copy 
of the Petition mil be furnished by ihe 
undersigned to any crediior or coairtbu- 
tory or the said Company requiring such 
copy on payment of the regulated chars* 
for the same. 


2 3. Hind Conn, 

Fleet Street . 

London EC4A 3DS. 

Ref: F. BH LB. Tel: 01-553 MIL 
Solicitor* lor the Petitioner 

NOTE. — Any person who intends lo 
appear on the heariiu of rhe said Petition 
musi scree on. ur send by post to. the 
abovi-named notice in trniwu of hit 
In io m ion so io do. The notice rnuvi stale 
ihe name and address of th.- person, or. 
if a firm the iisnn- and addn-Ss of tite 
firm and must he s-citnl b»- th.- person ur 
Finn, nr tils or ih-ir solielior <if anyi 
and must be served, or. If posted, must 
be vent br post III -.uffii-uui time to 
reach the above-named not later than 
four o'clock In ibe afternoon of the 
till day of June ion. 


7 * per cent. 1973/1988 FF 200 , 000,000 Loan* 

Notice is hereby given to bondholders of the above loan that a 
fifth redemption of FF 7,000,000 was effected before May 15. 1978. 
Amount Dticstanding on May 15. 1978: FF ,165.000X100 

Luxembourg. May 16, 1978 - 

Commerzbank »Miuuuiu.uti>Ari 



In ceres ring, opportunity. Vacancy in ’Private Clients department 
of large firm. Experienced Assistant (aged 25-351 required for 
Partner. Candidate will have passed S.E. Exams. Capable of 
managing clients' portfolios without constant supervision. Good 

Please write Box A. 6360. 
financial Times, 10, Cannon Street. £C4P 4BY 

hoibe.s Uiat loiiowlnn a >esaiuclon njsn 
ar Che Annual General Meeting Ol yiare- 
hoiders nets on l2lh May, 19/8. a Divi- 
dend tor the vew enneu 3Sst Detemuw. 

re77."wiir"oe MW. as from 16th May.' 

.6.50 per iluie of DM.50 
~B»lnsc — -■ 

presentation _ 
lodgement ai 


An international investment bank located in Mayfair area seeks 
a junior Dealer with b-12 months’ experience to operate in the 
field of Japanese convertible bonds. A knowledge of Schweizer- 
Deutsch will be an advantage. The salary envisaged will be 
around £5.000 per annum, plus free buffet luncheon. 

Applications in writing to Bax A6346, 
Financial Times, 10. Cannon Street. EC4P 4BY. 



The work will be varied and same bookkeeping knowledge, will be 
essencjal, but additional training will be provided. -A top salary 
will be paid to the person capable of accepting this responsible 
'posi aon. For appointment telephone 01-328 7151 or 01-328 2727 
reference' Mi. 

1978.’ of OM 

S ri I Oil field. 

upon No. 3^ -- -, 

London Deport Certificate* 

Sqtiiitf No. oO. ’ . 

: All dividend wvmcnts will oe sublet 
its a seduction of German Capiat ricku 
’Tax of 25%. 

Coupon* *"d lOmSOrt Deposit Certifi- 
cate. should oe . lodord "Jlh:— 


Coupon Department. 

St. Albans Houss. 

, Goldsmith Street. 

) London EC2P ZDL. 
irom whom apwopriate claim forms can 
be obtained. 

Coupons will be, M*9 at tho rate of 
exchange on the day ol prewrrtation. 
Payment In respect ol London Deposit 
! Certlhtaus will tw madu «t the rate ol 
I exchange ruling on the day or receipt 
lot the dividend on the «ru Fra lent snares 

deposited In Germany. 

United Kingdom Income Tax will Be 
j fled urted at the ntie of ip% unless 
i claims are accompanied by an affidavit 
German Caolut Yields Tax deduetea 
ifl . excess of 1S*» Is recorerablc by 
United inptfnm residents. Th, Company's 


Ulllinj inpeoi'l MRIIHnV) 

United Kingdom ^25. Aupnt will, boo,, 
reouest. provide Authorised Depositaries 
i with rtte approortate tqroi for Such 


16th May. 1970. 

ART. 33. Sackvillc -™ 



I |1 .« j/ I iia. 

I paintings aod Watercolours. Until 3 Juno. 
- 10-6. Sacs. 10-1. 

OMELL GALLERIES. Flhe British and 

40. Albemarle Street. Pfctadffry. W.l. 

Trit FAKKEfc GALLERY, 2, Aibema'e 
Street. Piccadilly. W.l. ExhlStlon MOM ’ 
marine, military and sooritng and tooo- 
graphical prints and paintings aad ships 
• mown. 


WILDEIWTEIN. A Loan Exhibition ~or 
days 1J.5-3U. saui.nayt tn- u.^p un..i 
2Sm Mav- AdmteMgn 30p in aid or the I 
Cl tv -ol Slaniaglaa .Appeal fan), 147 - 
New Bond Street. W.l. 

EVE, 189. Regent Street. . 7 34 Q3S7. A la 
Carte or All- in Menu. Thi-e* Spectacular 
Floor Shows 1IMJ. i*-4S ana 1.45 and 
music of Johnny Hawkesworth j Friends. 

For the tnirc a warier o: tne year ending 
30 June. 1378. impale platinum Limited 
has declared a dividend ol 20 cents 
oer snare 'third quarter 1977 — 20 cents). 
In consequence thereof. 8 a hop s ga te 
Platinum Limited his declared a dtvioent. 
of Z cents per share, notice ol whkh 
.is set our harnmder. 

NOTICE 15 HEREBY GIVEN that divi- 
dend No. 19 ol 2 cents per share, 
being the third interim dividend lor the 
year ending 31 August. 1978. has been 
declared payable to members registered 
In the books ol the company at the dose 
Ol Jniafncss on 2 June. 1978 

The transfer registers and registers gt 
closed from 5 to 9 June. 

members will be 

1978. both days Inclusive, and dividend 
warrants will be posted from the Johannes- 
burg and London transter offices on or 
about 4 Julv. 1978. 

Members paid Irom the United Kingdom 
win receive the United Kinadom currency 

equivalent on 20 .June. 19.78. of the rand 

value of uieir dividends Hess appropriate 

The effective rata ol non-resident share- 

holders" tac^ is 15 oer cent. 

The dividend Is payable ■ub l ect to con- 
ditions which can be Inspected at the 
Johannesburg and London transfer offices 

Ot the company. 

15 May. 1978. 

Bv Order of the Board- 

per R. ft. E. BILLING 
RegNlwHl Offerer 
Fourth Floor. 

Annuity Hons*. 

IS RiSSik Street. 


2001 . 

TraosKr Secretaries; 

Union Corporation Limited. 

74-78 Ma-shalt Street. 


Granby Registration Services, 

Granby House. 

95 Southwark Street. 

London. SEi OJA. 


GARGOYLE. E5 Dean SVevt^London. W.l. 
.. show at Midnight and -i.pjB. 

Mon.-Frl. Owed Saturdays. 01-437 545$ 


Copies Ql the 1977 Annual Accounts 
Of I.C I. international Finance Limited 
can br obtained irom Registrar’s Depart- 
ment: - imperial Chemical Industries 
Limited, hi ill bank. London SW1P 3JF. 

No. OOUS8 of 1978 

ChamMT Division Coinpanies Court, in 
Ihv Matter ot NAHOSTAH IJMiTED and 
in tiic Manor or Hie Cota panics Ad. 

Peril Ion far ihr Winding up of the abuiv- 

I named Company br tiic HJjth Court of 
(Justice was -on «h* $th day ot May 

I I UTS. pn-sjnied 10 Ihc said Court bv 
whose rctasti-red office is rtiuate ai 
J The Buildingii. Rawreih Industrial 
Kstaio. Rau-rerb Lane. Essex, a Creditor 
of the above-named Company, and that 
ibe said Petition is directed 10 be 
heard before Die Court si ulna at Ibe 
Bora! Court*- of Juauce. ' Strand. London 
WC2A 2LL. OD ihr 121b day of June 
1978. and any creditor or eonuibuiory 
of the said Company demrous Id support 
or oppose the making of an Order on 
ibe said Petition may appear ai Ihe 
lime of hearing. ■ la .person . or by hi# 
counsel. lor that purpose: and a copy 
of Ihc Petition will be fomlsbed br the 
undersigned 10 any creditin’ or nonlnbu- 
lofr or the said company requiring soiA 
rovy on payment .of rile regulated charec 
for ibe win. 


5£. London Road. 


- ’ Essex. SSI lOtf. 

Ref: DRC.SM M443. 

Tel: 1 0702 1 354435. 

SoUi-nprs lor Ihe Petitioner. 

. NOTE. — Any person who inlmds lo 
appear on ihe hearing al the said Pennon 
mdsi serve on or send br posi 10. ihc 
above-named notice tti writine of his 
intention so to do. The notice mast siaic 
[hr name and address of the person, or. 
if a firm the name and address of ihc 
firm and musi be Signed by the person or 
firm, or his or their solicitor *if any ■ 
and ttwai be served, or. ir posted, musi 
he «cn( by posi in suffldeni time la 
reach the above-named noi laicr than 
four o’clock in ihr afternoon of - Um 
9th day of June 1978. 



URGENT— The Mar* Curie Memorial 
Foundation is arolounaiy grateful 

those kind friends who hare to date 
made interest tree loans enabling us to 
com mission our two new homes caring 
lor over 100 seriously Hi cencer 
patients. However, more loans, provid- 
ing a wonderful dividend in Hie rellai 
of human auBering, are urgently needed 
to finance the outstanding capital cost 
j mounting 10 K't million. Will you 
please help? Repayment guaranteed 
at 6. 12 or 24 mOftitn. or on 7 
sail. Details rrom the 5Mre*ary. fjg, 
swane Street. London. SW1 9 BP. 
Tel. 01-730 -9158. 



"lQOriiM In >1 Da-4 
'EIBbuK TfiaifM iLuipsp' 
fw oMvi+tt 


<m fv *■» ruitMM rtW.i .nj , pf 
** ^ •" •Bftfait » " <nn 
Mljcrep^qf .-VI ,'jreip 

"raw ><Qi" 

rnr ouonv cOl^LiitiOv 

mtErosT tg 

mg? IBP 











4 6U 

Conwffemai & Indtuinal 


Rcsldi-mia! PropcrU’ 
Business ft investment 
OpDontralues. Corporation 
Loans. Production 
Capaciiy. Businesses 
For Salc'Waniod 5.2a 

Education. Moiors. 

Contracts iTcndcri. 

Personal. CardcnJus 4^5 



18. M 





Ratels and Trat’cl 
Bsok Publishers 

Premium positions available 
(Minimum sire 48 column cms.J 
Q_S0 per single column cm. extra 
Fur iu ' tiler details unlc to: 

Classified Advertisement 

Financial Times, 

10, Cannon St reel, EC4P 4BY. 





Financial Times Tuesday Hay 16 1978 


Who wants to be a 

Should this cap happen to fit you, you would be well advised 
to fix your sisbts on real property, in which 90% of ail 
existing millionaires achieved their fortunes. All the signs 
indicate the imminence of another properly boom; rising 
house prices, falling investment yields. City institutions 
buying farmland. To keep ahead of the herd in this fast- 
moving market you need to study the Property Letter, 
which gets to the very heart of the property business with 
down-to-earth pungent articles providing you with infor- 
mation. ideas and unusual approaches that you won't get 
anywhere else. The Property Letter could just possibly be 
a better investment for you than the property market itself.' 
For details of a FREE TRIAL OFFER, write or telephone 

The Property Letter. Dept. ILF, 

13, Golden Square. London. W.l, 

Polase send me by return of post details of the 
FREE TIUAL OFFER for the Property Letter 



ur phone 01-507 7337 CM hour answering service) 

This cash voucher 
entitles your company 
to an immediate 

75 % CASH 


Cash flow profaisPTkn cash this! 

Need Cash Now? You've got it right there on your 
books! Confidential Invoice Discounting Ltd gives you 
75 u o cash against invoices — money you can put to work 
today. Our invoice discounting system is entirely 
confidential. Your clients remain totally unaware of its 
existence. For the full facts post this voucher now or 
phone us direct. 

Confidential .Invoice Discounting Ltd. 

Circus HuusP. New Enijlanti Road. Bnriliiun. Sussex EN1 4CX 
Telephone: Brighton i0273l 6067U0. Telex: 87383 
Al.-o Birmingham Car>iiii. Leeds London. Manchester. 

A subsiduuv ol Iniemduonal Factors Limited. 


To Solicitors. Trustees, etc. 

1st Mortgage ( s ) required up to £500.000, redeemable 
5-15 years, on newly erected blocks of two-storey flats 
all fully let. Market value £1.500,000. Box G.1927, 
Financial Times, 10, Cannon Street, EC4P 4BY. 




from 4m x 3m io 1,90m v 1.35m 
Principals only. 

Write Box G.H31. 
Financial Times. 

10, Cannon Street. EOF 4BY. 


C- •• jr- ■. • Sn«S la,- 


Comoan, 'illness Law 


Comoan : s res* Law 


Compan * • ». .ess Law 


Comoanv tun.iess Law 
flie complete expositions covering all 
Business Commercial. Taa. Oil. banks 
ft Comoanv Laws Editor by m a. 
Nara. Lawyer Hardback — anorox- 
matetv 440 pages each. Printed b t 
Oxford University Press. EJ5 each 
olus p »"'* n. free r 'rom — 


1A Esniwii.-t Cardens Mews, 

rd.: D1.509 4295. T«'e»: 916503 


These arc modern Ounjjlowi and 
semis valurd al £12.0UQ cash. They 
arc leased, not rental to elderly 
tenants it Peppercorn Rents. At to- 
day'! values are worth Ll.Jm. Buyer 
sought at £650.000 A second 
similar batch will he available at a 
future date. Excellent long term in- 
vestment. shewing 22"* growth P.A. 
Writ, lor details: 


CO. LTD.. 

2C. Central Road. Leeds 


To assist U.K./European 
Mirs., etc., to establish in 
America a complete service 
is offered. 

• Market Evaluation 

• Location & Evaluation qf: 
Company Acquisitions, 
Distribution & Munufactg. 
facilities, etc. 

For broelwre. etc. contact: 
INDUSTRON consulting 
270 Mndison Avenue 
New York, N.Y. 10016 
Telex: ITT 42.3067 

wtihout inxrttmcnt and saving labour 
:osn- Wc Oder our know how at 
manufacture- of complete industrial 
machine's or spare parti. Pluaie lond 
•is suiub'e mlotmst.on ai.d our 
■ nginet-'t will send you Our belt ex- 
• O’li quotation. 





Write Box G.192S. Financial 
Times, 10. Cannon Street, 

Facrory reconditioned and guaranteed | 
b» IBM Bur save up to 40 p.t. | 
Lease 3 yean from £J.7iJ weekly. 
Rent li-o-n £29 per month. 

Phone: 01-441 2365 

£1 A WEEK lor CC2 M»r»a or 
nertW! Combines .kies — lotev 

•■-imer £.3 a «««-. vrestige otnics near 
S:e:li Message Minders Inter, 
nat.onal 01-b23 0S3J Te!e-« 8SH7J5. 

M.F.V. YACHT 57 —Gardner dics-’l. well 
eouippcd. s-iooer maintained, e-reel lent 
or.-cr 3 Double T Single Obins. saloon. 

local home or snorter yacht. 
£j. ■5jJ'J oners mailed. — Dartmouth 
05 04 -> ,1J. 

COMPUTERISED navrool service. Write nr C. & N Bookkeeping A Payroll Co.. 
214 London Rood. Southend on Sea i 
Tei 0702 33 48 TO. 

additional *ori>ino capital In excess ol 
£50 000— Hor farmer details write Box 
G 1 9- J Times. 10. Cannon 
Street EC an JBY 

■or sale annual turnover £60.000 and 
increasing Good r canon lor sale Norrh 
East igcalmn Write Cox G 7922 ! Tunes, IQ, Cannon Street. 1 


Rent or buy an apartment in Cram, 
the lovely sunny Alpine golf and ski 
resort. Private and buiinou invest- 
ment opportunities. 

Please contact 

Andrew Bainbridge. >4 Dover Street, 
London, W.l. (01-491 1452) 



£0 Gtv Road. E.C.I. 

01-«:a J<34/5/73dr. 9»J6 


with strong links in Africa, Middle East ar 
America would welcome contact with manui 
seeking responsible representation. 

Write Box G.1862, Financial Times, 10, 
Street, EC4P 4BY. 



Executive posts} ; 
on Royal London 
Mutual Board 


Our business is 
merging your business.! 

36 CHESHAM PLACE LONDON SWI. 01-235 4551 j 


A factory specialising in electronic high-quality [ifihl e 
electronic assembly and testing is looking for addicoj 1 I 
fill an intermediate shortfall in load. Skilled labour and u 
can be made available in the short term for global I * 
than £3/h our/op era cor. 

We should be pleased to hear from any concern wr 
interested in taking in excess of 2.000 hours of cap*C y, 
Up to 40 operators can be made available immediarel) l 
arrangements can be made where mutually acceptable. /t 
than electrical/electranics can be considered. 

Write Bax G.1883, Financial Times. 10. Cannon Street, E< 

Art and Decorative Iron 


for D.I.Y, builders’ merchants, protective clothing, industrial 
cleaning, contractors' plant, equipment, and general industrial 
outlets, required to enhance existing range of items marketed 
in UJK. and overseas by publicly quoted group company. 

Write Bos G.1925, Financial Times, 10, Cannon Street. 
EC4P 4BY. 

We are a major European ferrous Foundry wish origins at tig 
of the industrial revolution and a brand name which say* 

We are proud of our continuous link with the pate and hi 
many of our traditional skills. These have always found reW 
'outlets but no senous attempt has been made to commercial* 
opportunities in this Reid on any sca'e during cho last fifty yea 
We are interested in hearing from any indjvWual or organisatij 
chat they have cht knowledge and capability to lead a veq 
aimed at re-developing this market in which we were onw ui 
Write Bax Gl92fi, Financial Times. 10. Cannon Street. EG) 

Mr B. Skinner has been 
appointed depttOr chairman or the 
tion to his position as a director 
and chief general manager, ”*"• 
W. U. Fowy has become deputy 
chief general manager and con- 
tinues as a director and general 
manager in charge of the field 
division. Mr. F. J. h . Gann and 
Mr. C. Brill have joined the Board 
and remain secretary, and invest- 
ment manager respectively. 


NATIONALS has opened its 
London branch at Port Lind House. 
72/73 Busing ha II Street, EC2. 
Senior manager of the now branch 
is Mr. Maurice E. Constant. a for- 
mer general manager of Grindlnys 

* • ■ 

,<> re cxi nod 

1 select 
exploit our 

to feds 

jre p inject 



presently senior executive in steel 
industry, has spent a lifetime telling 
sophisticated capital and consumable 
products to the engineering and main- 
tenance industries seeks challenging 
and rewarding propositions, not neces- 
sarily in above fields. ' Start up 
situations of particular- interest. Bat 
all offers will receive careful con- 
sideration. Please reply to: 

Please reply to 

Box GI929. Financial Times. 

10. Cannon Streec. EC4P 4BY. 


Wonders whether his considerable 
i knowledge and Professional qualifica- 

i lions in Construction. Property and 

Allied Industries can be put to 
extended mutually beneficial atef 
I Totally growth orientated. Would 

, enjoy deep involvement: in re-stru:tu-- 

i mg. acquisitions, diversification and 

expansion from sound base with High 
! Board position or Comu I ta iu t m 

[ London. Direct discussions only in 

! confidence. 


Light engineering company, rapidly grooving sub- 
sidiary of U.K. group, wishes to expand jjs product 
range through licensing or acquisition. 

Write Box G.1936. Financial Times, 10, Cannon 
Street. EC4P 4BY. ? 

I Write Box G.1924, Financial Times. 
I 10. Cannon Street. EC4P 



being visitid by Managing Director 
mid-June interested in securing addi- 
tional assignment!. 

High cost capital equipment with air- 
port application of particular interest. 
Breene Tel. 0580 291285 
Telex 95653 


Do you require a produce to 
manufacture to take up scare 
capacity ? 

Write Bo* G1653. Financial Times. 
10. Cannon Street. EC4P 43V. 

with Profitable Order Book requires 
additional working capital in order 
to meet iti present sales. This is 
an opportunity either for a straight- 
Forward investment or an investment 
with a working Directorship. Please 
enquire in confidence tp Kay Fenton. 
Chairman, Chief Executive Assignments 
Ltd., the Giencs Advisors, ac 9 Man- 
chester Squa-e. London, W.l. 


Good appea ranee and address 
Willing to travel, step in and take 

a hand 

Young enough in heart to leant In 
return for ample salary and share of - 

Investment of ClS.OQO required. 
Please reply n Box G.1939. 

Financial Times. 

10. Cannon Street. EC4P eBY. 




Company specialising in the rental of scaffolding an-i shoring 
to the construction industry with over 20 years' operating 
experience. The company dominates its present market fifth 
in sales and tecbnical innovation and is an authorised 
distributor of Western North America's largest scaffolding 

Present owners will consider either a management contract 
with prospective purchasers or a partnership arrangement. 

Principals only should contact: 

Chartered Accountants 
CANADA Tel: (604) 684-8484 


Construction Crane and Hoist rental company for sale 
The organisation is the major supplier in its present 
market and the authorised distributor for two lead- 
ing international manufacturers. Growth, prospects 
are excellent. 

Present owners will consider either a management 
contract with prospective purchasers or a partner- 
ship arrangement. Principals onlv contact. 
Chartered Accountants 
CANADA Tel, (604) 684-8484 

Mr. Graham fioleliouse has been 
appointed deputy managing direc- 
tor or JAS. BRDADLEY. Mr. Hole- 
house joint'd Broad ley in 1D73 a*; 
secretary and chief accountant 
and a year later became finance 


Mr. Patrick Bailey has been 
appointed to- the new post of 
exploration manaaer. CLUKF 
sidiary of Cluff OIL 


Mr. R»y Lansdmvn has been 
appointed' fo the new post of 
director, coal minin': equipment 
division. by BOART INTER- 
NATIONAL." He is succeeded as 
KeneraJ manager of Diacarb, a 
Boart group company in XriPia. 
Zambia, by Mr. John Carr, assist- 
ant general manaucr. Mr. I^ms- 
down has moved fo Johannesbur? 
to take up his new appointment. 


Mr. David Cramb. a director nf 
Rowntrce-Mnckinlosh has been 
elected chairman of the CAKE 
succeeds Mr. Rill Bowman, a 
director or United Biscuits itiKI. 
whose two- rear term oF office 
ended at Mm Alliance’s annua! 
meeting. The new vice-chairman 
Ls Mr. William A- Polmer. a direc- 
tor of A«nrbied Biscuits. Mr 
Gordon l*alnv.-r. chairman or 
Associated Biscuits, has been 
i elected an honorary vice- 
chairman. Mr. Harry Larrett. 
formerly deputy secretary, has 
been an pointed secretary In suc- 
ceed Mr. Robert Nlmnin. who has 
retired. .Mr. Brian H. Lawson 
has been appointed deputy- 


Mr. Riehard Wilkinson has heen 
appointed finance director or 
Sarsdle Rroiher*. Cranford Distri- 
butors i Supplies) Li miLf! and 
Cranrnrri Distributors (Direct 
Sales), the constituent companies 
nf the wholesaling and imiwrUns: 
divisions of PENTOS GROUP. 

Mr. Wilkinson was previous! v 
mana-cm- director of Ha.siand. 
Mr. David Payne and Mr. Noel 
Halsey have joined the Board of 

Marshall. Morpan and Scott PuWL 
cations, a member nf- Pcntox 
Group. Jlr. Payne joined Marshall, 
Morgan and Scott Publications in 
1076 ns chief executive, record 
division. Mr. lfaiscy has been 
markciinn' manaper^nf the com- 
pany since early^STT. 

ing the appointment of Mr. 1*. J. 
Rurchclfe ;is manager (City 
office). Mr. M. P. Polton hwomox 
senior. numaRer. ( internal lonal 
finance) and Mr- L R. Mallby, 
manager fbiils.itod credits). 

Dr. John Moncavln litis Cecn 
annointud medical direnor of llw 

Dr. Mungavm. who has, been 
director of medical affairs with 
the Sterlins-Wlmlrfop' proop In 
Europe since 1967, is expected to 
take - over his new- post next 


Mr. (!. P. It. McGuiunesvSiuith 
has been appointed a director of 


Mr . CL I.ciser, manuqmx dirre* 
tor of Jeltck and Mr. S. J. Red- 
stunc. manoKinj; director, .of 
Lesser Land,. have l wen appointed 
croup directors of the p;irerit 
eompanv, J, E. LESSER AND 


Mr. Peter J- W'alL mnn.igio^ 
director of J. 1. CASE COMPANY 
UK, has taken mrr resimnsibihty 
for all Case/Poclain operations in 
the. UK.. 


Mr. Graham PicherinR has heen 
appointed group financial direc- 
tor nnd company secretary ol 


Mr. Alan van Cuylenhurc, 
director of personnel and manage- 
ment services has been appointed 
managing director of llONSOX 
PKODl : CrS. 

•He succeed!) Mr. Churlrs Du (field, 
who is rettrtne bcvaiiM' of ill- 
health but remain.- with the wm- 
pany as a consultant. Mr. Colin 
Cookman has rcsi^in-d as j direc- 
tor' to take up another apyoim- 


Mr. David Morris has rejoined 
COMPANY as an assistant director 
and head of the broker division. 


Mr. C, A. Kecley and Mr. A. P. 
Sinmnian have been annoim*-d 
directors of the NINETEEN 

Mr. C, V. l-Tesich. manaj-'iir.f 
SERMCES, has been appointed 
cl ioir man. IHr. ill. Ranfinni-Wilt 
and Mr. R. E. Dec low • have 
become joint manaaiau direr iors. 
The company is a member of the 
Bremar Holdings group. 



An opportunity for Investment in established business engaged 
in the storage and pre-sale preparation of new cars. Extensive, 
excellently situated freehold property S.5 acres tup to 2.000 
cars). Good trade connections Turnover USO.OOO with potential. 
Principals only are invited to contact Box G.1932, Financial 
Times. 10. Cannon Street, EC4P 4J3Y, for further details. 

Successful established business. 2 Depots, 
Aberdeen and Edinburgh. Turnover £700,000 
Good order book, low.overheads 

Write Box G 1940, Financial Times 
10 Cannon Street, EC4P 4BY 



A privately-owned furniture manufacturing company, 
employing SO. Situated South-East England, 
producing a variety of lounge furniture, including 
quality show-wood frames for both xhe contract and 
retail markets. 

Turnover in excess of £1 million per annum, asking 
price £575,000. including freehold and long -lease- 
hold, plus stock and work-in-progress at valuation. 
Write Box G.1935, Financial Times, 10, Cannon 
Street, EC4P 4BY. 

Public Company 
wishes to acpire 
Business with potential 
Up to £1,000,000 + 

(Petrodollars Informations) 

(Jn Bulletin bimerssuel 

Existing Management retained 

Tout sur les petrodollars et leurs 
utilisations: prets, contrats, 
investissemehts etc. 

All replies treated in strict confidence. 

Private Company in 
West Midlands 

Packing Case & Industrial 
Woodworking Manufacturers 
Leasehold premises— S.B00 iq. ft. of 
workshops and offices 
Well lituand lor across to Motorway 

Pnre for leasehold premise*, value of 
business and plant & machinery 

Full details from: 


Please apply to Box G1933, Financial Times, 
10, Cannon Street, EC4P, 4BY. 

Robinson. Osborne & Moulei. 
Chartered Surveyors. 

I 53/1 SI New U non Street, 
Coventry CVI 2PL. 

Tel*: 0)02 57329. 

An IB-year-old Steel Stockholding 
■-ompany located in the Weit Mid- 
lands. The profits have shown con. 
Uttenc qrowtfi without losses OT reach 
the current level of in excess of 

The Managing Director and principal 
ilureholder is prepared to remain 
... wr ’* 1 td m P jn r rf required. 

Write Bo* C.1B89, Financial Times, 
10. Cannon Street, EC4P 4BT. 


Business and Envestsnenf 

Concrollhj interesr in Quoted Com. 
piny. Main dealers in motor garage 
butiGou in Provinces. Directorship 
available. Price circa £2P0 000 Prin. 
cipali with Bankers able to substantiate 
suitable funds apply Managing Director 
Box G. 1902. Financial Times, 10, 
Gannon Street. EC4P 4 BY. 


A rare opportunity occurs to purchase 
the leasehold of a new intensive flah 
farm In Southern England. Estab- 
lished manacemenc and marketing 

Minimum capital required, CSQ.QQ0 
Details from: 

(England) LIMITED 

Fish Fanning Managers, Engineers 
and Scientists 

Meriden, Warwickshire CV7 7LJ 


Private engineering company wishes to acquire a business 
which supplies the civil engineering industry: — 

— Tie-rods and heavy fasteners 

or . 

— Non-mechanical equipment 

Location Midlands. Turnover £lm. 

Write in confidence to The Chairman. Box K.957. Walter 
Judd Limited (Incorporated Practitioners in Advertising), 
la Bow Lane. London EC4M 9EJ. 


Petro money vous apporte egalement des 
renseignements encone-confidentiels sur les activites 
dans les pays producteurs de p^trole et notamment 

► les n§gociarions en cours fcontrats, Sppels 
d'offres etc.}; 

► les activites des etablissements bancaires; 

► les prpjets en matiere de placernents de capitaux; 

► les grands travaux en cours Ihotellerie, 
construction, routes, complexes industriels, etc.). 

Petromoney traite egalement des activites exterieures 
des pays de I'OPEP, et particulierement de leurs 
investissements internationaux. 

1) dans les pays industrialises; 

2) dans les pays du Tiers-Monde. 

la verson fran^aise editee £ Paris parait en meme 
temps que I'ldition anglaise grace S un systfeme 
rapide de transmissions et d'impression. 

■ Vendu uniquement sur abonnement. 

Prix de I'abonnement; FF 1.600. Pour les destinations 
hors d’ Europe desservies par avion, prevoir un 
supplement pour routage a6rien.; 


Every Tuesday and Thursday 

Rate: £16 per single column centimetre. Minimum 
5 centimetres. For further information contact: 
Francis Phillips, Financial Times, 10 Cannon Street. 
EC4P48Y. Telex: S65053. 

Old established wholesale tool 
merchant in Central London. 
T/O £450.000. 

Write Box G.I937. Finndxl Times, 

10. Cannon Scrccc. EG4P 4BY. 

Specialist r«produe:ion business with 
i/o approx. £750.000 p.a. Greater 
potential. High productivity equip- 
ment and low staffing ratio. Inur- 
nithanal reputation. For sale around 
/3h0,OCQ. Principals only apply in 
ttriet confidence to: 

Box C.I9J3. Financial Timet, 

10, Cannon Street. EC** 

We are seeking to acquire and manage an established business 
preferably manufacturing with sound assets backing. May interest 
shareholder /director wishing to retire. C.T.T. or C.G.T. arrange- 
ments possible. 

Write Box G1938, Financial Times. 10, Cannon Street, EC4P 4 BY. 

Pour tous renseignements, ecrire a: 


Graph-Lit Publications 

v 28 rue Louis-Le-Grand 
X~ 75002 PARIS 

01-248 4782 & 01-248 5161 



For sale by tender 
A property investment com- 
pany with an assei value in 
excess of £100.000. Enquiries 
to Messrs. John Lewis & Co.. 
Chartered Accountants. 21 
Bennetts Hill. Birmingham 
B2 5QP 


Freehold 3 ire and Showroom. Servic- 
es *n4 petrol silw. Turnovnr 
, 400.000. Noninghamihirc town. 
££0.000 + stock. 

Mr. Giles. Beardsley Theobalds, 
Chartered Surveyors. 22 Market St.. 
Nottingham 0602 48751. 

An established private company with 
seven. figure safes, good profit record 
and adequate fundi, trading mainly in 
high value material for engineering, 
electronic and chemical industry, seeks 
association with a company of com- 
pilable t* S*. possibly manufacturing 
high-quality equipment in a comply, 
mentary field with the objocc of 
widening ict trading but and 
Strengthening management. 
Principals only should contact Auditors 
at Box G.18B3. Financial rimes. 

10. Cannon Street, KT4P 4flY. 


Write m strictest confidence to; 
Box C.1934. Financial Times, 
10. Cannon Sereot. EC*P 4BY, 

Financial Times Limited 
Rag. Officer Bracken House, 
v -10 Cannon Street, 

V; London EC4P 4BY. 
it Registered in England 
PkX- No. 227580 

i West or Mldianos Controlling interest i 
i or puriliaM. Write Bor G.I930. 

Fmanc^ T.mes, io. Cqnnon Street. 


^ c 

XL, ‘ 

Va--i ■ -mj* 



The Management Page 

- v •. •> 1 


TBE current debate in the 
U-S- about corporate respon- 
sibility has focused most 
sharply on the role of company 
directors, that privileged but 
increasingly harrassed breed of 
men (and in a growing number 
of instances, women) who are 
being called on to account not 
just to shareholders, but to the 
community at large. 

In the words of the chairman 
of the Securities and Exchange 
Commission, Mr. Harold Wil- 
liams, the corporation these 
days plays a “quasi-public" 
role, in some cases because of 
its size. In others because of 
its functions. And this means it 
can no longer conduct itself on 
a purely economic basis. Social 
considerations play a role too. 

Many companies have 
accepted these broader respon- 
sibilities by taking on more 
outside directors, some out of 
a sense of social duty, some 
because they had no choice, 
and others because they felt it 
would do the company good. 

Among the companies which 
have undergone a major trans- 
formation on this account is 
Sherwin Williams, the largest 
manufacturer of paints and 
wall coverings in the country, 
which has its headquarters on 
the banks of Lake Erie in 
Cleveland. Ohio. In recent 
months, the company has com- 
pletely reshaped its board, 
drawn up new rules for elect- 
ing directors, and put itself on 
what it hopes will be a more 
prosperous path. 

Painting a new ima 

Prosperous, because one 
reason why Sherwin Williams 
opted for chang e is that its 
operations had got bogged down 
with a conservative manage- 
ment, outdated equipment and 
an unnecessarily broad range 
of products. 

Founded as long ago as 1S65, 
Sherwin Williams was, by the 
second half of the 20th century, 
a large but old-fashioned com- 
pany, where 83 per cent, of pro- 
duction came from equipment 
over 50 years old. 

In 1971, a new chairman, 
Walter Spencer move in. He 
gave the company a thorough 
shake-up, modernising equip- 
ment, narrowing product lines 
and improving management 
practices. But perhaps the most 
significant thing he did was 
arrange for the appointment of 
a Board Composition Com- 
mittee, composed solely of out- 
siders, to look into the way the 
Board worked, and recommend 

That was in 1973. By 1977 
Mr. Spencer's company shake-up 
had still not borne the expected 
fruits in terms of smaller debts 
and bigger profits, thanks partly 
to the highly challenging nature 
of the U.S. paints market (Mr. 
Spencer resigned several weeks 

After yesterday’s article on non-execntive directors, 
DAVID LASCELLES reports from Ohio on a 
company’s pace-setting decision to have 
80 per cent outsiders on its board 

ago, claiming that “the job is 
no longer fun.*’) But another 
reason couJc! hare been that the 
company's Buard was not of the 

At the beginning of last year, 
the Board consisted of J4 
people. Six of them were 
insiders, including Mr. Spencer, 
who was both chairman and 
chief execuiive officer. Mr. 
William Fine, the president and 
chief operating officer, and four 
vice-presidenis who repre- 
sented the company's main 

In view ol the Board Com- 
position Committee, this set-up 
did not sene the company's 
interests on three counts. The 
balance was too heavily 
weighted in favour of insider 
representation, the spectrum of 

non-company interests was too 
narrowly reflected, and the 
three-year terms of office for 
which directors were elected 
was too long. 

Although fhe composition of 
the Sherwin Williams’ Board 
was comparatively usual by U.S. 
standards. it nevertheless 
accepted the Board Composition 
Committee's recommendations, 
and put them to last month's 
annual meeting — where they 
were approved. 

As a result, four of the 
Sherwin Williams' management 
directors lost their seats, and 
Mr. Spencer's resignation 
brought the size of the Board 
down to nine. Of this number 
only two, Wiliam Fine, com- 
pany president, and Richard 
Bull. vice-chairman, were 

insiders, meaning that in one 
swift blow the Sherwin 
Williams' Board had become 
nearly 80 per cent, outsider. 

In. another big change, share- 
holders voted to elect directors 
for one year only— instead of 
voting on a third of the Board 
every year — and abolished the 
post of chairman by not appoint- 
ing a successor to Mr. Spencer. 

The changes attracted-a Jot of 
publicity; though none of these 
measures was essentially new. 
they had seldom been intro- 
duced on such a scale all at 

“We are not conscious of 
leading the field with these 
changes," Mr. Fine says. “We 
introduced them because we felt 
the company needed them. But 
obviously we are aware of 

recent changes in concepts of 
corporate governance." 

Mr. Fine explained that Sher- 
win Williams wanted a board 
with, at most, two inside direc- 
tors, the rest to be “ people with 
broad experience in business, 
policies, government and the en- 
vironment who bring some wis- 
dom which might not otherwise 
be available to us." 

The company also believes 
that reducing the number of 
employee directors will ensure 
that board decisions are nnt 
“ management-dominated." Com- 
pany officers will still be called 
on to give information and 
reports, but they will not vote. 

The idea behind reducing the 
length of service of directors 
and of putting them up for re- 
election each year is to make 
them more sensitive to share- 
holders' interests. As for doing 
away with the post of chairman, 
the company says that it is 
neither necessary' nor required 
by law. Sherwin Williams has at 
times in the past operated with- 
out a chairman and would prefer 
to do so now. but Mr. Fine will 
effectively take that role when 

Having taken these highly 
laudable steps, Sherwin 
Williams now faces the task of 

finding a set of suitable out- 
siders to fill the gaps on its 
board. The indications are that 
this will not be easy. Apart 
from the obvious qualifications 
of experience and knowledge, 
directors are also sought for 
what Mr. Fine described as their 

There is no point, he indi- 
cated, in having directors who 
do not or cannot attend board 
meetings, since this rather re- 
duces the point of having out- 
siders at all. A frequent criti- 
cism of outside directors is their 
tendency to turn up only to col- 
lect an attendance fee, while 
contributing little or nothing to 
the discussions. 

Mr. Fine would also like to 
have female representation on 
his board, but this presents pos- 
sibly even greater problems, be- 
cause women tend to be both 
less experienced and available 
than men. But while he said 
directors should also represent 
community interests, he did not 
feel that race should be a factor. 

It is obviously too early to 
say whether Sherwin Williams 
will benefit from this Board 
room shakeup. but changes of 
this kind are generally welcome 
in political and community 
circles, since they appear to 

improve corporate account- 

On the other hand, there is 
the view that Sherwin Williams 
was in such dire straits — ■ 
having failed after seven years 
of restructuring to move into; 
steady profits — lhat tho manage-* 
ment was forced by the fear 
of being thrown out en masse; 
to accept a greater outsider 
weighting on the Board. The 
management might also have 
feared that as a field leader 
with a depressed share price; 
Sherwin Williams was rjpe foe 
takeover, possibly by a large 
chemical company looking foe 

But the view that the manage- 
ment felt threatened run# 
counter to the conspicuous face 
that at last month's annual 
meeting, when the company 
announced plans to reform the 
Board, there was not a single 
question from the floor, though 
Mr. Fine had prepared himself 
for a barrage. ; 

This seems to confirm thaf 
shareholders these days tend id 
be speculative investors who 
will sell their holdings when 
a company performs badly', 
rather than people who will 
protect their investment by 
demanding changes in the 

If this is so. the impetus for 
Boardroom reform will have to 
come from either management 
or the Boardroom itself; in this 
regard. Sherwin Williams could 
well be setting a pattern. 

IT IS a big stride from electrical 
consumer goods to jute. But 
this is the path which Brian 
Gilbert, chief executive at Low 
and Bonar, has travelled since 
an assignment took him to 
Scotland 14 years ago. 

An accountant by training, 
Mr. Gilbert was despatched by 
EMr, the Middlesex-based giant, 
to its Morphy Richards subsi- 
diary at Dundee, where an in- 
vestment programme had not 
produced the right results. 
After its successful completion, 
he decided against a return 
South, and stayed on in Scot- 
land with Nairn Williamson, the 
floorcove rings group at Kirk- 
caldy. In 1973 he moved back 
to Dundee and joined Low and 
Boaar. a sizeable, if little known, 
name in British business, with 
interests in packaging, engineer- 
ing. textiles and floorcoverinfis, 
and a turnover last year of 

At EMI Mr. Gilbert bad spent 
part of bis time with the group's 
team of internal management 
consultants, and it has been the 
problem-solving approach which 
he has again had to bring into 
play af Low and Bonar. 

Before his arrival the com- 
pany was by no means 
unsuccessful, but it was facing 
problems, not least the lack of 
any obvious management 
succession. A change of direc- 
tion was needed, as the board at 
that time realised, if an 
essentially conservative Scottish 
group was to be brought up-to- 

The problem was partly that 
the company’s growth over the 
years had happened more or 
less by accident Mcrchanting of 
Dundee jute products — the 

original business in 1903 — later 
developed into manufacturing, 
spread overseas to Canada and 
Africa and also into other busi- 
nesses in the U.K., including 
electrical engineering. While 
still making profits, the group 
had become vulnerable to 
changes in technology, in par- 
ticular the replacement of jute, 
and to over-dependence on 
markets showing a low rate of 
growth or in potentially risky 
parts of the globe. 

In Britain, the traditional out- 
lets for jute Id packaging and 
in carpet backing have been 
largely lost to man-made 
alternatives. Although Low and 
Bonar had invested in the 
newer materials, the process of 
adaptation still had a long way 
to go. In its other main U.K. 
area of activity — electrical 
engineering — the ' group, 
through its Bonar Long sub- 
sidiary. had a big share of the 
U.K. transformer market, but 
since only 20 per cent of pro- 
duction was expected. It was 
susceptible to cutbacks in U.K. 
public expenditure. 

Attempts at diversification 
had met with mixed results. 
Like a number of other Dundee 
jute concern's, the group had 
made a move into polypropylene 
carpet backing through an 
extruding and weaving opera- 
tion, set up jointly with Sidlaw 
and later -taken fully into Low 
and Bonar eontroL Efforts to 
move directly into .the floor- 
coverings market with a new 
carpeting product had met with 
less success. The venture. 
Started in 1971, ran into losses 
both because of Low and 
Bonar' s own lack of knowledge 
of the carpet industry, and be- 

Fighting hard to 
get a grip 
on diversification 

.'*W- /. . I 1 

aft*- , . . , ***- f- 

:■ sf- ^ i.i \ : 5 'JL- r\~- 

Catch the sun 

dailv in London. 

Only National flies non-slops Heatfvoiv- 
Miami -Tampa ard onwards seven days /• ' ■ ;■ ...**£? 

a week. . 


cause of difficulties with the 
equipment acquired for the 
manufacturing process. 

The extent of the problem in 
the U.K. was reflected in the 
1974 results. Though the group 
managed to produce profits of 
£6.7m. on a turnover of £61.6m., 
only £44,000 came from U.K. 
sales, with more than £4m_ 
coming from Canada and £2.5m. 
from Africa. 

Yet in both these markets 
there were also signs of prob- 
lems ahead. In Canada the 
group has a substantial share 
of the packaging market The 
profits in 1974 were the result 
uf the severe shortages at- that 
time in packaging; the boom 
conditions were later to 

In Africa, Low and Bonar 
makes textile goods ranging 
from tents to jeans. Though 
market conditions have re- 
mained generally good, there 
is the prospect of further 
Africanisatiou of businesses and 
increasingly strict controls on 
remittance of profits. 

While conditions were dearly 
going to become more difficult, 
the group was still being run 
much as it always- had been. 
For instance, much of the time 
at board meetings was spent 
discussing jute buying policy — 
even though this activity 
accounted for less than 10 per 
cent of turnover and even less 

jgfgp: . 4 . . . 

Contact your travel agent or 
National Airlines. 81 Piccadilly. 
London W1V 9HF (01-629 S272). 
National Airlines Inc. is 
incorporated in Uie stale of . 
Florida U.S, A. 



■/- yf 

Except in Canada, accounts 
were kept on a six monthly basis 
and no proper budgeting system 
was in force. In between, head 
office relied on experience to 
judge whether or not the dozens 
of subsidiaries were making 
profits or not. The overseas com- 
panies were left largely to run 
themselves and investment 
decisions were taken on a one- 
off basis. The management 
structure at head office in 
Dundee had also grown in a 
somewhat haphazard manner, 
and although it worked on the 
whole, it was in need of change. 
The four senior directors each 
had responsibilities across the 
different product groups and 
geographical locations rather 
than in defined product areas. 

"There was a need to adopt 
a more logical system of run- 
ning the company and at the 
same time to find ways in which 
it could broaden its product and 
geographical spread to reduce 
its dependence on declining 
businesses and markets,” ex- 
plains Brian Gilbert. 

One of the first moves was 1 
to introduce monthly accounts 
for operating companies and a 
system of budgeting. The group 
has also been reorganised into 
four divisions — packaging, en- 
gineering. textiles and Flotex (a 
new carpet textile) each res- 
ponsible to a divisional director, 
who with the company secre- 
tary. finance director, and c>ief 
executive now form the execu- 
tive management structure. 
Decisions which could be taken 
at a lower level within the com- 
pany have been devolved to 
managers, enabling the board to 
concentrate on its main role as 
policy maker and forward 
planner for the group as a 
whole, and as banker to the sub- 

If • it-'.' 




A 90-ICVA transformer being manufactured at the electrical 
engineering subsidiary of Low and Bonar. 

bought up companies in each 
of its three principal areas of 
operation: textiles, engineering 
and packaging. The result of 
this, says Mr. Gilbert, is a 
better balance of activities 
through the group. 

One of Gilbert's bolder moves 
was to bid for his former com- 
pany. Nairn Williamson, which 
to his regret was snatched up 
instead by Unilever. His main 
interest in Nairn had been its 

expanding wallcovering division, 
but in 1976 he was able to buy a 
somewhat smaller company 
which specialises in hessian wail 
coverings— one of the few 
growth areas left for jute and 

The traditional jute activities 
— mainly making sacking — 
have been phased out: the com- 
pany is also running down the 
production of woven flax, which 
is used for tarpaulins. 

Apart from a small amount 
ot flax spinning, which is being 
retained to supply the wall 
coverings division. Low and 
Bonar in the U.K. is now com- 
pletely out of the traditional 
Dundee industries. 

The group's U.K. packing 
operations — previously dwarfed 
by the giant Canadian arm — 
w*?re greatly increased by buy- 
ing up Bibby and Baron in Lan- 
cashire. So far this has been 
one of the less successful pur- 
chases as it is still losing 
money in the depressed market 
for paper bags. Low and Bonar 
is hoping investment will boost 
this division’s position as a sup- 
plier of polyethylene plastic 

Last year Low and Bonar 
bought the international engi- 
reeung group CHP, which pro- 
duces sophisticated power con- 
trol equipment for the electrical 
industry, thus dovetailing with 
Bona- Long’s transformer busi- 
ness. “This should make it 
easier to win overseas contracts, 
particularly in markets such as 
the Middle East, where custo- 
mers prefer to buy a complete 
package of equipment tather 
than aeal with different sup- 
dIjc rv Mr. Gilbert claims. 

Finally, in the floor cover- 
ings division, the losses have 
been baited and a wide product 
range including domestic tiles 
has been Introduced. 

Throughout the business. Mr. 
Gilbert argues, the trend in 
future will be away from bulk 
products, whore price competi- 
tion is strongest, and towards 
increased specialisation, enab- 
ling the group n> sell primarily 
the technological expertise it 
has in a variety »»r an*a.v 

With the process nl change 
and adaptation from its tradi- 
tional still only partially 
complete, the effect un the com- 
pany's results has .vet to he 
fully felt. Pre-tax profits for the 
year to the end of November 
J9<< reached £7.Jm. mi a turn- 
over of £1I3 di., compared with 
£6.6m. on a turnover of £S3.4nt. 
in 1976. The spread of profits' 
is now better balanced between 
engineering. largely based in the- 
U.K., textiles largely based in* 
Africa and the Canadian packag- 
ing operation, and there are 
hopes that the remaining loss-' 
makers can soon be eliminated. ' 

Although the link with Dun-; 
dee's traditional produet has 
been ait but severed by its. 
diversification drive, the connec-'. 
tion with' the city will remain.. 
With its newer product range 
and international spread of: 
activities, the company eon- 
But in the end Dundee remained 
as good a base as any for what 
is still basically a Scottish com-’ 

vCyA** Acquisition 


_J T-. ' 

(C The most beautiful 
hotel in 

That's what visitors from abroad 
say about the Pierre. For the best of 
reasons. It's the one hotel graced 
•with Old World touches. Sweeping 
murals. Elegant decor. Airy 
suites. Service that pampers. And 
architecture that meets the sky 
where Fifth Avenue joins the 
park. The Pierre. It's a rare 
beauty. And the world never 
has enough of that. For _ as 
reservations and information * £ 

in the U.K., call London, j ^ 


fc b'c 
r ft f ‘ 

fr- ■* JL* 

if l w f 

Jr «• *■' 
jp. i* r* 

Promotional and technical 
literature for export 
sales to the 

Arabic-speaking countries 
of the Middle Hast and Iran 
must be translated aud typeset 
in the idiom aud style 
the market demands, 
by specialists 

TELEPHONE; oi-on 327T 

s *. — MILAN — ■“ 

Decision-making structure 
apart, the main priority was to 
develop a sound UJv. manufac- 
turing and profits base. This 
has largely been achieved 
through the acquisition of 
businesses complementary to 
the company's existing opera- 
tions. though there have also 
been cutbacks. As Mr. Gilbert 
points out, the group had after 
ail been making profits, and 
there was cash in the bank and 
in investments. A reduction of 
the unnecessarily high stock 
levels released further sums for 
developing the business. 

Low and - Bonar has, so far. 



9/13 June 1978 

On dune 13 the event will close at 2 p.m. 

at the Pavilion 30 (Piazza 6 Febbraio) 
in the Milan Fair grounds 

Sole and complete panorama of the Italian leathergoodg pro- 
duction. where all the Italian manufacturers meet twice a year 
with buyers from all over the world. 

At Uie MIPEL are displayed: leather items (or gilts, office articles, 
suitcases, travelling bags, handbags, bells, umbrellas, small 
leather dams. waileis. coordinates, leather garments, skins and 
substitutes, fabrics, buckles and fasteners, leathergoods acces- 
sories, leatnergoods machinery, sundry articles. The only special- 
ised markei-show reserved exclusively for buyers. There will be 
displayed the novelty samples for Aulumn/Wlniar 1978.79. 

MIPEL Sp 8.-20152 MlUno (Italy) - Viol* Beatrice d'£stM3 
m.(02)s4sofei - 534522 

-ijislf •>-- : : >’:• Ull r* i 

T be Wembley Conference Centre; 
irt more than just e place where 
people congregate in droves-upto 
2^00 of them- to talk about sales 
figures-and marketing plans, review 
recent research advances, attend fully-staged 
presentations or discuss matters of great moment 
in their own particular fields. 

They gather in smaller numbers to do all these 
things, and bold seminars and AGMs, debates 
and symposia -up vo 500 of them in the Avon and 
Severn Suites. Jess in the Westminster, Chaucer 
and Abbey Suites. These facilities are in addition 
to the 2500 scat main auditorium, the Centred 
focal point, which, with its full projection 
faciiitics.ra eight-language simultaneous 
translation capability, its closed circuit TV 
availability, its proscenium arch and adjustable 
apron stage, is the most up-to-date, most versatile 
and most sought after conference venue in 
Britain. Itis equally adept at coping with 
conferences for, say, i;QOO using the flexible 
lighting system to black out sections of the hall, 
or bv Introducing a classroom style of seating. 

But, in the one short year that it has been 
officially open, the Wembley Conference Centre 
has also established itself as a lively and 
responsible cultural and ans centre -in much the 

same way as the Arena, the Squash Centre and 
Stadium that make up the rest of the Wembley 
Complex have done in the world of sport. 
serves the needs of the local communUy;bulit 

This in addition to staging the T g 77 Eurovision 
Song Contest Finals and the Bmi»h Acjdeim of 
Film and Television Arts Awards. 

All these people have got to be fed. or at least 
refreshed in ihe intervals, and the Wembley 
Conference Centre is Hilly up to meeting this 
self-imposed challenge. The four main. large 
bars can be supplemented at will, w Hilo full 
banqueting facilities cun he laid on for up (0 2.000 
in the exhibition and display ureas - as long as 
there isn't an exhibition on at the lime.oi'coijrse. 
Any number up to that can be catered Coral any 
level, with menus worked out lo meet each 
organisers requirements. 

Fot all these reasons, the Wembley 
Conference Centre can claim to be the new- 
centre of London. But is it in the centre'.’ Welt, 
it's only 20 minutes away down (ho Wes! way and 
there are no parking problems once you get 
there, either. It's also close on the Underground, 
and if you want to run a conference, there’s a 
British Rail link that puts Marylebone Station just 
10 minutes down the line. That's central. More 
important, the events that arc staged there, and 
can be staged. are central to Britain’s whole 
commercial, cultural and community life. 

Goorf Management 
fof a Prosperous Britain 

goes much further, loo with a continuing 
programme that has featured such names and 
diverse attractions as Morcam be .ft Wise, the 
Royal Philharmonic Orchestra, David Essex, Ihe 
Yatran Ukrainian Dance Company, The Spinners, 
Mary O'Hara, and the Syd Lawrence Orchestra, 

If dial sounds pretentious, call Bernard Oweq 
or Anne Banford on 01-902 8X5? . and lev them 
bring you down to earth with the practical 

potential or the Wembley Conference Centre to 
further your next conference, exhibition or 

f" To: Bernard Owen, Wembley Conference [ 
I Centre. Wembley, London. England. 1 
! I would like lo know mure about London's ( 
1 new centre, its lacUities. services and 1 

l availability. I 

I Please send me your brochure □ I 

1 Please telephone me O j 

Please tick 

Conference Centre 


I Name_ 

. Company name — — 
I Position in Company _ 
j Company address 

- Town ___ — — 

j Country ; 

I Telephone No 



For whom the 
bridge tolls 


THE PAST 25 years have seen If it does, there will be an out- 
Sdmetbmg of a revolution in our cry despite the fact that the 
transport system. From time to bridge will save some 70 miles 
tjxne the Government has taken driving and almost £2 in petrol 
an axe to the railways, lopping for the family motorist. The 
off branches with the result that Severn bridge saves about £1.40 
country stations have. on in petrol, yet there has been 
'occasion, turned into country strong opposition to another Sp 
cottages. Inter-city air services on the toll- 
have been expanded and wbiie Drivers have been conditioned 
the network is in its infancy to, and expect, free motorway 
compared with, say, the US it driving so that it seems ail the 
is still improving. And there has more unusual for the transport 
been the massive motorway pro- authorities to insist on tolls for 
gramme. some sections of that foad 

system. Why is there this split 
TD n J! M l mentality in the official mind? 

‘ Kadial system Why charge for one part of the 
" motorway — which crosses water 

- For those who only venture — when the rest, which crosses 
outside their office or their borne land, is free? 

"zrt the week-end or on holiday The official answer is cost, 
the extent of the motorway net- Bridges, and particularly suspen- 
work comes as very much of a sion bridges, are expensive to pul 
surprise. Unlike the railways, uPi cast a lot to maintain (for 
which are now pared down to a is months the Severn bridge was 
radial system with London as its reduced to one lane in each direc- 
cenu i e. motorways have been ti 0Q because of structural faults) 
designed to link the parts of and are subject to heavy traffic 
Britain. It is easy to get from, flows For relatively short periods 
say. Bristol to Doncaster, or 0 f the day or the week, especl- 
Leeo's to Preston, or Liverpool ally on Friday and Sunday nights, 
to Leicester, without venturing This pragmatic answer 
off the motorways. ignores the fact that some orher 

• Motorway driving is cheap, parts of the motorway are also 
too. Unlike France, where the expensive to build and yet they 
cost is so prohibitive that many are toll free. Both the M4 and 
drivers prefer to use the old the M40 at their point oF entry 
roads, it has always been a guid- Into London have long stretches 
in" principle of British motor- built on stilts above the sur- 
way planning that access should rounding houses. No charge is 
run only be free but also easy, made for their use. 
Consequently, entry points are There are also hundreds of 
placed every few miles. Between (non-suspension) bridges on any 
London and Cardiff there are 29 motorway route for which no 
exil<. an average of one every charge is made. On the M62 
?our miles: between Liverpool running into Hull a mile-long 
and Hull 38, one every three section crosses the Ouse. The 
mites. driver speeds along Its happily 

- Motorways are therefore just without a care: but if eventually 
-an extension, albeit a superior he turns right to cross the 
one, of the trunk-road system Humber into Grimsby then there 
and it is this which differentiates will be the toll to be paid. 

British policy from that in many 

other countries. But. as in every- , 

*hing else, there is an exception {H COFIOmiC C3SP 
to the rule and the exception is 

the very big bridge. This split mentality spills over 

' To cross the Severn on the onto the trunk road system. 
!M4 costs 12p. and plans to put Drivers have to pay to go 
Ibis up to 20p have heen so through some tunnels but not 
Strongly resisted that the others. The Blackwall tunnel in 
JWinistry of Transport is conduct- London under the Thames and 
tng an inouirv into the rise, the Clyde tunnel in Glasgow are 
Across the Forth on the M90 free. But the Mersey costs 20p 
costs lap and the Tay crossing is between Birkenhead and Liver- 
12! p. Even the Cleddau crossing pool, the Tyne 15p between 
in Dyfed, which is not part of the Newcastle and Gateshead and 
motorway system and which, any- the Dartford, also under the 
way. is a lot shorter than the Thames 25p. 

Severn bridge, costs 30p while it An economic case for charging 
is 5p to go across the Clifton tolls can be made quite easily; 
susnension bridge Ln Bristol. economists have done it inter- 
■ Worse is to come. When the mittently over the years. But 
dumber bridge is completed next bow does one justify charging 
year, linking the M82 outside for one section of motorway or 
Hull with the M18 outside road without extending the 
Grimsby (the longest single-span principle to the whole? Either 
bridge in Europe, it has been it’s illogical or it's British prag- 
unkindly called, linking one set matisra at its best. As one who 
of country roads with another) uses the motorway a great deal, 
the toll may be as much as 80p. thank heaven for pragmatism. 

Flickering prizes for 
the industrial film 

Financial Times Tuesday May 16 1972 

»s chance to prove 


her Classic potential 

NEWMARKET train* Michael Queen s Tartan P eias° previous dinners :n the after- 
_ _ . Stoute has a stron team of has not been seen out : since uw pplncipai tu-o-year-oW 

IN CASE anyone doubts that creatively stimulating but film-maker has little choice. three-year-old fill®. and mg home cherry iimiuxi racei ^ Tattersalls Yorkshire 

British industrial films really totally useless. Industrial film When the points to be made are although Fair Salmi: and Glint- Argo Star cut - ■ ' Stakes, lost his action badly In 

are the best in the world— a judges sometimes lean over veiy specific, there is little scope ing, his two 1.000 Cu eas repre- last autumn- h lhe mud w hen going down at 

claim often made in this column backwards to take the functional for artistic manoeuvring. Such sentatives, are ‘ly smart Whatever neir odds 0 f 813 

— the U.S. industrial Film rather than the creative view- is the case in Look Again, a two- P«- L hel e Sofala Garter Stakes at A«oL If tore 

Festival held last April has but often fall off their seats in part film made for Lawrence C0 M proyeto e • Js b ' ■ ^ are unlikely to leave the “ _Pf_ fu 5 h * p rt ra h“« tateSS 

proof. With ten awards to its may not be enough if the dramatic enactment of retail ^“^^^aS'onlu^hishiy ^ LadyBoaverbrook^ \w»in» Decov ’ Bov colt to return to 
credit, British entries gathered creative framework is such that shop fiddles— namely in notWe ton stiff a Usk m^hc 

winning form. 

let him 

yielded another harvest of the process. Functional content Security Services. This is a L.^^'Ird" filly auraf S££ 1° expect this speedy 



_ . . ... nrohablv best left to to twice* 
I liked the way in which this the lt-leagtb con- 

daughter or tp ^^3S v g?ftSJ quorar or Sir Chris at Newmarket 
out under stron-. drivin., lrnm nut. 

Carson to bold off Georgian Girl, tost umc vm. 

,2 per cent ef ell the prieee the fells asleep. 3^7^ -M H***? n3 «« * *. is 

although the number actually Video Arts has demonstrated stores. For the unsuspecting -i with only b « * . — - *-— * *>*« *■"«»- 

entered was less than 3 per cent in many films that the enjoyable shop assistant, the film is a 
of the total of nearly 800. training film is generally the mine of information showing 
Festival judges would appear “ore successful— in commercial the extent of human ingenuity 
to be fickle people, however, terms at least. Even training in arranging for goods to drop 
and the British sponsored film officers are unlikely to be im- off the backs of lorries, 
festival held in Birmingham last pressed by boring films. The 
week produced some strange re- latest from Video Arts does not 
suits. One of the U.S. winners, } fear, qualify for total success 
and a film acclaimed in this in those terms. With a title like 
column as one of the best of The Control of Worfttnp Capital, 

was conceding 


Little choice 

to whom she 
16 lb. at the end 
market’s Babrabam Handicap 
Musidora 0V er to-day's trip, and I can 
see no reason why she should 



Varishkina in Yor! 


The winner of allftwt the first not follow up . „ 

or her four races tolflate. SoFala Ribellaro vu\y get t e 
"bowl'd herself to £ oo Oaks of Review and Amber Valley for 

... The subject left the 

to" year, was BP Chemicals' it will achieve’ automatic hirings makers little choice. suo * ca _ 

film about the safety labelling purchases-* must for scenes are in shops and stores ect in t h e nlkinq when second P ,ace ‘ 
system for road tankers— many. But the formula of John and the scripting is straight- wiUl suniT 

Hazchem. It won a Gold Camera Cleese and Ronnie Corbett forward, but the performances . ri[ Kandicap 
award in Chicago but nothing standing in front of a plain are convincing, the messages travelling femoothlv in 

last week in Birmingham, and background, talking to camera axe unambiguous and the result • 1 ,, event, Slfula cruised 

similarly a production from and relieved only by animated is both helpful and satisfying. the lead distance 

Millbank Films about participa- drawings, is never compelling ^ fte Wnd o£ fi]m th at before showing a jean pair of 

tion — The More We Are — festival judges will like because beels t0 ^ j^n 

Together — won a silver in __ it is easy to evaluate. The leam- 


2 . 06 — Fleurs _ 

2250 — Sehweppeshire low* 

3.00 — TopWrd*" 

3.303— Sofala**" 

4.00— Panglima 
4.30— Princely Fool 

The form 

Aid for Westminster 
Abbey restoration 

Suni obliged A bbS d Tkist! Mfchael RtoSS. prafdeSt of thJ 

?k. and there 



Chicago but nothing in Binning- FILM and VIDEO ing points are there and the, bQQSt whei 

ham ' . . marking systems will cope easily * . inafi p, ri , ast w , 

A cynic might say that festi- BY JOHN CHJTTOCK with relating the quantative to ,ar Lin '=> neia 
val prizes are meaningless any- 
way, but conscious of this leer is bln: comnlex and ^ ^ mn tir & Corona.ibn Chafr 

doubled was that of restoration of the abbey. _ _They are being M* », 

. c . ject is big, comptax and maybe 

danger, the organisers of the and rarely as funny as intended, remote from the obvious 1 ien =ths ia ai 

pr^eni ed resterday with the Royal Society of British Scul£ 
wjtn rejauog ure m ju. douhtlthat Sofala 's ofanew 'edition of medals tors, feature the west front of 

Si q^lative. But if tta ^| perforinance iQ by ^ S h of h a 3V n e C 'bcen struck by the to abbey and op the reverse to 

v _ - j «4d * ■ - * — 4 VUiUlv & L UUi 1 _ , 

British sponsored film festival cto is Left with little more criteria of a marking sheet, it|o»*ej»een 
are careful to put on their juries than the didactic content, which becomes a problem, 
many people who are represen- non-financial managers will find 
tative of the actual audiences useful but little more, 
for whom the films are intended. 


. ,« 

Tbe'presentation was’raade by strictly limited cation in 
Mr. Denis Healey, the Chancellor platinum, gold-plated silver and 

an extremely use , iraic . ^ ^ 

Th,,, T om thBt onp of | I hope to see h4 give further 'ScdHHi'uer.'and ex^fficTo rilver and ‘'range *" 

ebest films of^iepS S°ar— evidence of her c|ssic potential Mas ler 0 f the Mint, at a cere- £12100 to £30 each. _A gold 

films, and so on. 

When content and creativity chrbSo Sd 1 ? ' The LriwClto with a victory T e over that mony in the Jerusalem Chamber edition is 
Thus training experts are given work together, to result is 1 a a bronze mrd w ellnmade Biakefey filly, the of to abbey. abroad, 

the teak of judging training often success *11 round. The two 

latet front Renk-How to Clo« portrayal of the social and in- 
to Sale and The Art of Tiro- d[jsrria| blems of Ca]catta L<! 

Way Communication , — come masler , y ob5er% - ation and Us 
closer to th^s ideal balance. The sensitive and humane. 

proiwc i sas o of o ™inS ri “uH? SWS-." -sr% w s- f ?s_ a? 





Two successes 

f T Y TAT’ 

I ■ II l-t 

■; X' \J;V 

films, might smile however. Richard OSuliimn plays a sale* prob,ems of the Third Wor,d 

may defy evaluation. Perhaps 
the only imnortant criterion is 

CC. — Thea^ acccot certAla eredll 
cards ft* iclHrt-iiw or at tno oo« oftco. 

training what it will achieve for peoole, coliseum, cx-jh cards 

training customers, but to Tessa Wyatt „ ^ushnatio^I opera 

Man Hunt, one -of their most man w ho fails to pop the uJti- 
successful films — in constant questions— not only to 

demand by the training customers, but to Tessa Wyatt . . . t . ar . 

fraternity— was rejected by the who is trying to seduce him In n ° l J ud ? e5 - and ^ar is 

judges at an earlier British The Art o/ Two-Way Communi- question that no one in this 

festival. Rank can do better cation, Penelope Keith brings industry has ever been able to 

than this by naming two of a delicious touch of class to the answer conclusively, 
their own most outstanding sue- training scene set in verv 
cesses. Letter Writing and Time middle class surroundings 
to Thinfc. neither of which even Y et simplicity in treatment 
passed the first hurdle, of pre- ran yj e id its own form of 
selection for the British festival creative satisfaction. The plain. 


0;-24O 5258. 

Ton',, ond Fri. next T.3J Count Orv; 
Tcmaf. SJT .»nd Mun. nc*I 7.30- 
Eurvinth^l I n.jr. ncx p 7.30 Tlifi Two 
mti rii iciJ n-i'conv aojts dlHJrk jtaii- 
ablo o v ci 1 ourt. London iMMin eno& 
Ml', 27. . 

World nremiere 

fGjrd-nchuf trrdi: r.iruo, S36 6903) 
Ton', & fri 7.00 Li d> Figaro. 

T'jmor S. SV. . 7 .30 K noIMM Thot. & 
Mon. nerr 7 :•) Peter Cnrtdk 6S Amptn* 
-av4>l- iron IQ a m. an car ol ptrt. 

The Rantayana. 


(but won prizes elsewhere, in- rtraightfo^aS s^le of to Pri " ce of «''*«*>* “SSfUi 

eluding Chicago). iatest offer i ng from th e Cement lhe v¥0r,d P remiere of new ' ev 9S . „ 7. 3 o ka ^*V Ker,.. 

Yet to poor judges can never and Concrete Association— An p f ie r Seller film Rerenpe o/ to '"««•»• T *-'t * t«r» 
win — few people ever seem to introduction to Prcsiressed Pmk Panther at the Odeon 
agree with them and the use Concrete — wins attention and Theatre. Leicester Square, 
of numerical marking systems approval because its treatment London, on July 13. in aid of the 
gives little insight into a judge’s j s so cogent and unpretentious. Newspaper Press Fund and the 
often complex and individual When explanation in a film Welsh Environment Foundation, 
reasoning. comes over with such con- Tickets for £5. £10. £25 and £40 

At the heart of the problem, summate ease, there is often can be obtained from the News- 
with industrial films at least is something very satisfying paper Press Fund. Dickens 
the conflict between art and about it House, 35. Wathen Road 

function. A film may be Occasionally, however, the Dorking. Surrey, 

A DELPHI THEATRE. CC 01-836 7611. 
E*gs. 7.30. Mats. Tnurs. 3 G. Si«. 4.0. 

Of T 9~fi. 1*77, Jflfl 1?7d! 


Sumtev Pp:pIc. 



ALSERY. 336 3876. Party Rate). Credit' 
lard blegs. 2S6 1071-2 .from 9 a m. to 
6 0 .n»..\ Mon.. Toes.. Woo ana fn. 
7.45 P.m. Thtrs antf Sj.\ 4.30 ind B.OO. 



«llh ROY_ HUOD 



Oadv M.rror 

CONSIDER yourself lucky to be 

t indicates programme In 
black and white 

BBC 1 

fi.4G-7.55 ajn. Open University. 
94SS For SchooLc, Colleges. 
12.45 p.m. News, t.00 Pebble Mill. 
J.45 Ragtime. 2.00 You and Me. 
2.14 For Schools. Colleges. 3.20 
Dechrau Canu Dechrau Canmol 
l hymn singing). 3^3 Regional 
Mews for England (except 
London). 3-55 Play SchooL f4.20 
Champion the Wonder Horse. 4.45 
cinober and the Ghost Chasers. 
5.05 John Craven’s Newsround. 
5.10 Stopwatch. 

5.40 News. 


7.40 It Ain't Half Hot Mum. 

8.10 The Standard. 

9.00 News. 

925 Singapore — One Man's 

5.55 Nationwide (London and day. 8.50 Heddiw. 7.15 Teithi’r 
South-East only). Tir teyfres). 7.45-8.10 To- 

6^0 Nationwide. morrow’s World. 12.05 aju. News, 

&50 The Feather and Father Weather for Wales. 

Scotland — 5J»5-(L20 p.m. Report- 
ing Scotland. 7.40-8.10 The Good 
Life. 12.05 a.m. News and Weather 
for Scotland. 

Northern Ireland — 3.53-3.55 pjn. 

Dream (the story of Sir Northern Ireland News. 5-55-0.20 
Thomas Stamford Raffles). Scene Around Six. 12.05 a.m. 

I0J5 SportsnighL News and W’eather for Northern 

11 J5 Tonight. a - r- « o n , „ 

11 40 Plav Golf England — aJk>-&20 p.m. Look 

11.40 Play uoit. East (Norwich ); Look North 

12.05 a Jiu Regional News. (Leeds. Manchester, Newcastle); 

All Regions as BBC 3 except at Midlands Today (Birmingham); except at the foliowing times: — 
the following times:— Points West (Bristol): South 

Wales — 535-620 p.m. Wales To- Today (Southampton); Spoilight 

South West (Plymouth). 



1 Discourse to help backward 
rare (Si 

5 Voice that needs a chance to 
make money f6i 

9 Relevant stuff (S) 

29 RAF set prepared to bomb (6) 
II Ton fastidious about French 
resjri (S) 

72 Credit half left to please (6) 

up zn 


8 Chapel broken 
breeze (8) 

13 Soldier under water 
blueisb-green (10) 

15 Sailor at riot reversed 
shambles (8) 

16 Tolerate a thoroughfare in 
principle (S) 

17 A coiling design Tor one who 
thinks deeply (S) 

14 Go in disguise possibly made Mad, making me book a 

square (10) learner (6i 

15 Weaver wiih clothing that 2< > Collided with vehicle from 

provides best drag (6, 4) sou .t h (®) . 

21 Return evil snare for game 21 Professional heavyweight has 


2? One who grieves later about 
people (S) 

24 B,r: Ali cautiously, there's 
hidden acidity (6) 

25 Suspect it could be water 
vapour and corrosion (5) 

26 Mammal’s not red? Of course 
ii is! (0) 

27 Pelt Carnivora's family (S) 

an elementary part in the 
matter (8) 

No. 3,667 

arcasE EEEsgnaa 

S Q Ef-'B 


1 Fruit for mother and child (6) 

2 Learnt to make a horn (6) 

3 E.iecr for' soldiers to call (6) 

4 W’liite French chap gets half 
a wobbly sweet (10) 

A Fee paid to keep a servant (S) 
7 Bird that was an omen of 
imminent death (S> 

525 Crossroads. HTV 

„ Lao p.m. Report Won Headline*. l_25 

6.00 Thames at 6. Report Wales Headlines. 2.00 House party. 

7.00 The Six Million Dollar Man. 5J5 Popeye. sjd Crossroads, tew 

8.00 The Gallon and Simpson S2S" 

DUnk...... Emmerdale Farm. > JH E ionic Homan. 

Playhouse. a.oo it’s The Xarrowboai Show- ujo 

Police Woman. 

MTV Cyciro /Wales— As HTV General 
Service UD-L25 P-m. Penawdao 
Newyddlon Y Dydd. <L20 Min Mawr. 
VX4M Seren Wib. tOO-fcJS Y Dydd. 
WJO Yo Ddeg Ocd. 11.1 5 World in Action. 
U.45-X2J5 a-m. Happy Days. 

HTV West— As HTV General Service 

3ff ASS!?*“ poera by Wfl * Head ' 


TJ5 p.m. News and Road Report. US 
Tea time Tales 5-2D Crossroads. (LOS 
Scotland Today. 6 JO whar's Yoor 
2JI0 House- Prcblem ■ 7 -0O Bmmcrdale Farm. 7 JO 
c jjjp Late Call. 

lALDWYCH. £36' 6404 Info. B36 5332. 
reoerroire Tomflh: 7.30 HENRY VI 
Part 2 "The best Stokcsnear* oroduc- 
fion I ha»c o»er seen." F Tin-es. Wuh: 

henry Vi Pan 3 Itomor.. Sat. e.«» 
HENRY V (Thurs.1. HENRY VI Part 1 
rFr> ) Part 3 »Sni mat 1. RSC -also at 

8.30 Armchair Thriller. 

9.00 ITV Playhouse. 

10.00 News. 

10.30 Opium. 

1120 Man and Woman. 

12.00 The Andy Williams Show. 
12.25 ajn. Close: Rudolph Walker 

THE WAREHOUSE (see under W1 and 4: 
Plccadlllv Theitre m Peler Niehat*' 

ALMOST FREE. 485 6224. - Disrant 

Encounters “ b» Brian W. AJdls*. Tues.- 
SaM. 1.15 P-m. Suns. 3.00 and 5.00 a.m. 
No gnaw Mandays 

AH IBA Region.? as London 

AMBASSADORS. , 01^36 1171. 

Nightly at 9.00. Mats. Weds. 2.45 
Satv SOO and 8.00 


The World-famous Thnlin, 
“ Seeing tne olay again a in (aci an 
utter and total I or." Punch 
Dinner and Too Price Seal £7.50. 


1-25 p.m. Ansi la News, 
party. SJ 5 Emmerdale 

Farm. 6.00 

Cci Some In! 

BBC 2 

6.40-7^5 ajn. Open University. 

10J0 On Union Business. 

1LQ0 Play School. 

2.15 pjn. Ocher People's Child- Emmerdale^ Farm, 

2.35 Having a Baby. 

320 The Living City. 

4JS5 Open University. 

7.00 News on 2 headlines. 

74)5 A Woman's Place?. 

7.30 Newsday. 

5U0 Chronicle. 

9.00 Rhoda. 

925 The Man Alive Report. 

10.15 Living on the Land. 

10.40 Late News on 2. 

About Anslia. 74M Challenge or the w,th±n T 1108 * 5 WaJls - 
Sexes. 7 JO Get Some in! tn .'W Our Miss 
Hammond. 17.7 5 a.m. cnmdans In Action. 

UL35 I 


L20 p.m. South era News, zoo House- 1 arts theatre. 
Dirty. 5.15 Betty BadP- SJ2B Crossroads. 

APOLLO. 01-437 2663. Evenings B.OO. 
Mars. T'xirs. 3.00. Sal. 5.00 and B.OO. 
Aaur ol the Year. E. Sid. 

■' IS SUPERB " N.o W. 



L20 p.m. A TV News desk. 5JL5 Laveme 2 3y , Day u " ?,udu, « Soothsport. 
and Shirioy. 6.00 A TV Today. 7.00 ffnmerdaJe Farm. 7 JO Gut Some 

Emmerdale Farm. 7J0 England Their Jf- “- 30 E J lra u - fl8 

E ns I and — One Last Chance. UJO Marcus Drive-In. 12 . 10 a-m. Police Surgeon. 


9'' 1 * 1> l Bv 9^ a.m. The Good Wort followed by 

Tl-20 pan. Border News. 2.B0 House- North Earn News Headlines. L20 North 
party. 5_I5 Out Of Town. 6JM Loofc- East News and Look around 5J5 in 
around Tuesday. 7.00 Emmerdale Farm. Search 01 Atlantis. 6-00 Northern Life 
7Jo Get Some Id! mo Bare! la. fl2J£ 7 .00 Emmerdale Farm. 7J8 Get Some In' 
aju. Border News Summary. 1U0 Police Surgeon. UJta Epilogue. 


1.Z8 p.m. Channel Lunchtime News and 130 p.m. Lnnchtimp. U8 Ulster News 
Whai's On Where. 505 The Flimsumes. Headlines. 505 Friends Of Man. 6.00 
6J0 Report AI Sis. 7 AO Treasure Bunt. t-Tster Television News. 6JB Crossroads 

7 JO Charlie's AnscJs. 10.22 channel Late 6J0 Raports. 74X1 Emmerdale Karra' 

10 jo The Old Grey Whistle Test UM r- In Con « irt: *»«■ 730 Get Some ini UJO Cam^alns Today! 

1L30 World Championship Ten- “ Bedtlmo - 

FinaL r.R Aivn>iA)M WESTWARD 

f AAinAhJ oh , „ s-Zl Vi irf p ' m ' Cus Honey bun's Birthdays. 

LONDON „ , a "^r Thing. 1-20 pjn. 100 Westward News Headlines. 505 The 

ann „ . , Grampian News HeadLneB. 5J5 Challenge Filnrsiones. 64X3 Westward Diary. 700 

9-30 aju. Schools Programmes. SrJtes - t0 ° Grampian Today. Treasure Hunt. 7 JO Charlie's \ncJu 

13.55 Beany and Cecil cartoon. rjr TP^JL- Emergency. IiOO loos Westward Late News, taiw i n 

g? “sj ssRaB?a.a,saj?”- tir$ e . john ^ — ■ « 


108 p.m. This is Your RJehL 5.10 loo p.m. Calendar News. ■ 

5-15 Crossroads. 6JJ0 tenge or die Sexes. 6.00 Calendar 

01-836 2132- 

‘‘Hilarious • • . see ll.” SiHidi, Times. 
Monday w Thursday 8.30. Fri say and 
Saturday at 7.0 and 9.15. 

; ASTORIA THEATRE. Chartnq X Rd. twin 
Fully licensed Restaurann. 01-734 4291. 
Nearest robe Tottenham Cl. Rd. Min ■ 
Tmirv a.00 O.m. Fri. and 'ist. 6.00 
and 8.45. Instant credit earn booking 

Infectious, mxreahng. toot -stoma Ing and 
heart-thurnoing." Observer. 


Seat prices E1.5D-E5.50- Dmrer-Too 
price seal £9.50. Hall hour before show 
any available top-price tickets £2 50. 
Mon. -Thors, and Fri. S.DO o m. oerf. 



HAMPSTEAD, r:; Wtn^opnw ton't at 

Gearaina HALE Susan HAMPSHIRE 

Dr Per Otov EnguJst 

HAYMARKET. 01-930 9BS2- EvgS- B.OO. 
Mats. Weds. 2 50 Sat 4.30 and 8.00. 



■■ Ingrid Bergman nukes tbu stage radiate 
—uniss.iil.ioii- charisma." Oauv Mail. 
•■Wends H-Ler is superb-." Sun. Mirror. 

HER MAJESTY'S CC. 01-9 50 ^ MkOK 
Evnui'is -! . 10 . Mats Wed. A sat. 3 00 
m LESLIE SMCU 55 C a*»d 
is,;n D.'rek Gnlli'JiS 
D.rr.-lcd =v BURT SHEVELOVE 

is bursting aoidt wuh 

"II is c .i,fe ;d is bursting 30 >nt 
the w>wn.i»:r .ira sheer energy pi Bruce 
Forsyth.' tapreys. "Tne audience 

.;h-er.'d " Sunday Telegraph 

Mon. to Tnu -.9 0 Fri.. Sat. 7.30. 9 30 



LONDON PALLADIUM. CC. 01-437 737 5. 
Opcmrii TnursuA*. Mai 4!». at 7 lor the 

S umm-' Soisor. up August 19 onlv'. 
ub-- Mur Tun . Thun, and Fn. at 8. 
v/eoi and S.iri at 6*0 and 8 50- 
<« n soi-ctocuiar 

L4S0. £.17 5. £3.50. '.2.SQ. ft I SO. 

BeoLinj Hetllno 437 :05S. 

LYRIC THEATRE. CC 01-437 3686. Ew. 
9.0. Mat Thuri 3.0. 5 0 and 8.30. 


Directed £°fSS&?o'*8S?relu 
" TC.TAL TRIUMPH." D Mirror. 


SAVOY. 01-836 8866. £w >M». 

Mat. WML 34N. Sit- 5-30- B.W • 

Garr BOND. Jtwnna .YAW .GTSECHjM. 
Geoifrev K EE N^n 



Evas, at S O. Mats Ttnira. Sat. 3410. 

EVERYTHING." S Mlrrar ■ 

SHAW THEATRE- . "bl - jll W.. 


nr Arnold WW»er , 

Evgti. 7.30. Mats. Tu». ft rhutg.'. 24HL 

STRAND. Ot -836 2660 Evounsn «.W. 
Mat. Than. S.OO Sarortavs 5.SQ A-4L30. 



GOOD SEATS El 60 to £4.00. 


Ldcare Theatre (0769 227 1). TkMta 
Immediate hr available for RSC In THE 
mat.* Jane 1 inur.). S. 6. B.- THI 
TErdPESrt. Mav. 4b (mat.). Jim 1^2 
(mat J Recorded BeoKIng Inta (07V9 
09191). ■ 

ST. MARTIN'S. CC 836 1443. Cogs, 6.00. 
Mat. Tups'. 2.4S. Sat*. 5 and X. 
26th YEAR 

S.QD. Dming Dancing 9 30. Super Revue, 
iBars open at 7 15 p.m.< 

and at 11 P-M 


Prev. Tumor 7.30. OPW» Ttiur. It 7. 


VAUDEVILLE. 836 9988. CC.Evs. lt 8.00. 

' MAI _ _ . 

HUNDRED YEARS." Sundlt Times. 

MAY FAIR. CC 629 3036 

Mon lo Fn. 8.0. Sat. S 30 and 6.45 
GORDON CHATER " Brilliant." E N. in 
Bv Stop J. Spear* 

"A compassionate, tunnv. hprcelw eloquent 
Slav." Gdn. ''Hllarioua." E Sid. 'Wichedl 
amusing." E. Nows. "Spellbinding." Obi 

MERMAID. 2tS 7656. Restaurant 246 
Zd35. Mun and Tucs 8.1 S 
Sunday 7.30 P-m lull seats sold) 
Wed. to Sal. 8.30 P.m. Mata. Wad.. Fri 
and Sats. 5.45. 



Olivier i open stage)- Ton't 7 30 THE 
COUNTRY WIFE bv Wycherley 
Tomor. 7 Brand. 

LYTTELTON prusecinum stage): Ton't 
Tomor. 7.45 PLENTY, a new play br 
□ a>id Hare. 

COTTESLOE < small auditorium): Ton't 
LOST WORLDS by Wilson John Kalne. 
Tomor B Don Juan Come* Back From 
The War. 

Many excellent cheap seats all 3 theatres 
da,' ot ocrl. Car park. Restaurant 928 
2033 Credit card hkgs. 926 3052- 

CAMBR1DGE- S36 6056. Men. ro Thurs. 
3.00. Fri.. Sat. 5.4 S. and B.30. 


Evcitmg Black African Musical 
■'The girl* are beautiful bare and 
bouncing." S. Mirror 
Dinner and lop-price seat £8.75 lltcl. 

[CHICHESTER. 0243 81312. 

Tonight. Mav 17. 19 at 7.00 Mav T8 
& 20 at ft 7-00. 


News plus FT jades. L20 Help! 

(-30 Crown Court. 2.00 After ..... . 
Noon. 2.25 Racing from York. 420 n£f n l n “ „ 
PauL 4.45 Magpie. 5.15 The 
Brady Bunch. 

505 Chal- 

COMEDV. 01-930 2S7B. 

Even i no B.OO. Tllur. 3.0B. Sat. 5.3 0 . B.30. 

Margaret COURTENAY. Dcrmot WALSH 
Blackmail, armed robbery, double blulf 
and murder. ' Times. A good deal of 
hin." E*enJnm News. 

RAJDIO 1 247m Music fS). lioiiuich Barer concert 5 .« ScrentSIpiiy 5JS Weather- Pro. 

(S) stereophonic broadcast lfjis Sf m ' S , 1 ' grarnme Nrtvs- 6.00 Nows. (L30 Just A 

54K a-m. As Radio 2. 74B Dave £ce i . , i d . dar . J?*”” - Pan . ii Minute (S>. 7JD8 News. 7.05 The 

CRITERION. Credit Cards. 930 3216. 
Evenings 8 0. 5ats. 5.30 8.30. Thur. a.O. 

•• VERY FUNNY.' S. Tet. 

OLD VIC 928 7616 

Last week of current season 

an outstanding revival." The Times 
Today. Wed. 7.30. 

E.'cen Atkins as 

" a stunning production." Sun. Teiegrarm 
Thurs.. Fri. 7.30. Sa*. 2.30 ft 730 
Ilia Kedrova Jean Marais in 
May 22-27 

May 29- June -3 

La Barca restaurant opposite The Cld vie 
open before or after the show- 

OPEN AIR. Regent's Parti. 086 .2 431 
ZSIh May. Bernard Shauns THE .MAN 

THE SONNETS loins repertoire July 17 

PHOENIX. 01-836 2294. Evenings 8.15 
Friday and Saturday M md MB. 
GARDEN make us laugh.' 1 D Mall hi 


The Hit comedy by ROYCE RYTON 
HAVE DIED.'' Sun Times. " SHEER 

LY. 437 4506. Credit card biesj 
9 an ,j7l.i from 9 a.m.-S E»PS. 8 
Sat. 4 45 and 8.1 S. Wed. mat. 3. 
Royal Shakeespcare Company in 
by Peter Nichols 
" Rlnroartitg irmmnh." S. Ex 

" Rlnroartng truunoh." S. Express. 

Ev. Sta. Award and S.W.F.T. Award. 
rSC atsa at me Aidwych and Warehouse 

MlIO tjtne. UJ! The Financial WorhJ TonlEtil. \ 
3K30 1130 Today in Parliament. 12410 News. 

Radio 2. Including US pjn. Good Listen- 

ing. 8.02 N muring Rendezvous 'Si. 94B , W J5? UIH * , _ . ra.a«..r.... 

Among Your Souvenirs iS>. Spong Wor * L. H, l* 1 Tramme- 7 -S) The RPp Rarfin Unrion 

Desk. 10JB Wllh Radio I. 12JW-24S2 a.m. ■ Enrwo Canuto. 2J» The DD ^ «aOIO IjOnQOIl 

With Radio 2. Phdharmnnia Orehesira— Part 1 tSi. 835 206m and 94 J VHF 

* r\rr\ -i i ew m-fS 11 “it of R?50rt5-Part l: Worth- 5.M a.m. As Radio 2. 638 Rush Hour. 

RADIO 2 1.300m and VHF ™ _ JJ-® Tdc Philharmonla drehesfra — 9JJ0 London Live. 12-03 pjq. Call In. 

5.00 >.m. News Summarj-. s.02 Ray 7 

oore rS» «Hh The Early Show. Includ- “J 

Wosu iSi, including 837 Racing Bulh?'r‘io s P l J- t * aa ’ ,s '- New 

and 8 AS Pause for Thought. 10 4)2 Jimmy 5 Schubert Sour <5>. 

Yoons «S.- 3iis pa. Waggoners' Walfc-r^^ ”' y , Tt 00-7 " •** w 

1230 Deii O'Connor's Open House iSi. ® wn Unlveraily. - 

mcluding 1A5 Sports Desk. 23o David KAOlU 4 

434m, 330m, 285m and VHF 
645 ajn. News. 637 Farming Today 


Nudity Is stunning-" Dally Tat. 
8th Sensational Year 

Moore (5> wiih The Early Show. Usliid- ^ “'rated by CeraJd Look. Stop. Listen. 739 Black Londoners, 

ins 635 Pause for Thoufibl. T32 Terry— "s , - ScnoeCk and Bore Sonna 130 AH Thai Jazz. 1D4B Lure Night 

Ha mil ion (S». including US and 3.05 
Sports Desk and Racibg from York, ajo 

635 Up Tn The Hour. maidW* news 

113b News. Loudon. 12418 As Radio 2. 12.05 a-m. 

Ouesiion Time from the House ot Com- 
and moos. 14)5 Close: as Radio :. 

London Broadcasting 

261 m and 97.3 VHF | 
S-flO a.m. Morning Music. 6.00 AM.: 
□on- slop news, information travel, sport 

DUKE OF YORK'S. 01-836 5122. 

Evgs, 8. Mat. Wed. Sot. ot 3.00. 
in Julian Mitchell's 

Brilliantly witty . no one should 
miss it, ' Harold Hobson > Drama >. instant 
cremt card reservations Dinner and ton- 
price seat £7.00. 

FORTUNE. 836 2238. E*g*. 8.0. Thur. 3 
5at. S.OO and B.OO 
Muriel Pay low si M'SS marple in 
Third Great Year 

PRINCE EDWARD. CC. (Formerly &**<!».) 

S 1^437 6877. Red. price Drew. June 
. 13 ana ZD. 8.0. June 17 5.30 
8.30. Opens lune 21. 

. . EVITA 


iNCP OF WALES. CC 01-930 86*1. 
Monday to Friday at 8 pan. 

Sat. .5 30 and 8.45. Mai. Thur. 3.00. 

FUN." Dally Express. 


John Dunn iS>. inclurfinc mTSm^ 'dmIT wi-“L *“ T aour - reviews, ig.m Bnaa Bayes Show. 

6JB Sports Desk. 7.B Four is ™ ^ Iro LOo p-m LBC Reports. 34M Geonw 

a ?? t 35" 7J5 SlP&B SLSS 08^ Gj,es 3 ^ LBC 

S^ ffl v e k ssssr- ^ 

A Row Time — Part 4: Billy Cuttoo. UJO Daily naOJO 

Eisht with Ian 
wiih Bryn 

_ _ ______ Nifihl Extra. 

Sports Desk. 1042 Three in 

A in^S nr Busl JJ ew - ujn Brian Service. UA5 MontiiwSlary. liiofl News, 
inelurttne JSSS. Mldl ! , . ,lln ' H 4 * 5 Thirt i'- M ' ntrtc Theatre.- UJ5 Profile. 64M ajn. Graham Dene's BreaWa-n 

nWMa«B«NGW8. 2.0&-24Q aum. News 12.00 Km 12.02 p.m. Von and Ynuns. Show »Si. 9410 Tim Rice is". liM 

bummanr- 1230 Desert Island Discs. 12JS Weather: Dave Cash 1S1 lag p.m. Huger Scott 

464m, Stereo & VHF J** AI i Su 7 -“ London Today. Lneludlna Prime 

one. ls) The Archers. U5 Woman's Minister's Question Time fS). 730 set 

-i BC ! u,,1n 4_ 2 : D ®^® News. £45 Listen Book Repeat: ''Greax Expectations "/ 

EVBS. 8.0. Mat. Wed. 3.0. Sat 5. SO A.M 
1 NOT TO be MISSED." Tlm«. 




t Medium wave only. 

OverrunT'i*?! * bjw ' ^ juul' 118 n nc t ^ Nows - *** Qwwtlwn " OHver Twter." a!oo^Wan*WoU'™ D S>en 

1° !*“ *^1“' Minister " Uvo " from Line fS). 9.00 Mdc Home's Your Mother 
^nart iSi. 9^0 News. 9415 This Week s Hw House of Com nuns. 335 Money Box. Wouldn't Like It (Si. XL DO Tony Myarrs 
9? s £. ila ,s '- <Lns Oirdenert’ Queatlun Late Show 1S1. ZM «jn. Dtmcan John- 

930 Plaiosoiig and the Else of European Time. 435 Story Time, sin pm Reports, son's Night Flicht iS). 

194mand 95.8 VHF | globe theatre. 01-437 1592 

Eve*. 8.15. Wed. J.Q. sat. S.q. 8.40 
Tins must be the happlesr launiiter- 
makcr in London." d. Tel. " An "maiS- 
■biy enjoya ble conning." Sunday Times. 


Prw. Tomor 7.30 Opens Th„ P . 7.0! 
Subs. 7.30. Mat. 5a ta 7.30, 

A play by. Don Taylor. 

-M'S THEATRE. CC. 01-734 1186. 
Evss. 8J0. Wen. 3.0. Sat. 5.0 and 8.30. 

m. , BEST Jf LAY 9 F THE year. 

Plavs ann Players Lundon Crilics Award 


A Paul 9 ,<wcn Sn,T 'i 

PAUL RAYMOND prosents 

Conditioned YOU may 

drmk and smoke m the aDdltartum. 

REG f ’Jfn Tft i . <¥•' OI-fST WS3. 

Fri- Sot. 6 ft a.*5 . 
THE CLUB. A musical diversion.' 

R0YAL t “S RT ' . J ■ 730 1745. 

Evenings 8. 5at. at 8.30 
Bv Snoo Wilson. World Premiere, :. 

Credit Cards. Ol-aOS 8004 
S l, 95^L n y , !T2 ,a ? Evmiiim.* 8,00. Friday 
5.30 and 8.4$. Saturduvs 3 00 and 8 00. 
■ London Critics vote. 

_ BOSt Musical ol 1977 

Boownw accepted. Maior credit cards. 
Special roducMrates rm mabnece'fsr 
* -limited period onlvV 

Mat. Taes. 2 45. 5*1- S a<U)_B,_ 
Dtnah SHERIDAN. Dvlcle 


Eleanor SUM MER FIELD N ^*ai»ro_ GROUT 

Re-enter Again wrth. anotnar. 

dunn4^IHL Agatna ' Chr'ttla Is WMMny tha 

West End ret asaln wiih another .. 
hendlihlv. I ngentous, murder .ynttw. 
Fell* Barker. Evening News. 


Book Now. a 2B_47 3Srj;.._B34 1317. 

ANNIE _ _ 7.30. Mats. Wed- *«« Sat. 2.4*. 

WAREHOUSE. Donmar Theatre. Covent 
Garden. 836 5808. Royal Shakespeare 
Company. Tont B.OO John Ford's *'■5 
Pinr SHE'S A WHORE fSOW 0«O. A dr. 
Bkffi AJdwvch. _ 

WESTMINSTER. 01-834 0283. 


ov Malcolm Mossertdga ft Alan ThonihHl 
Prer Tont 7 AS opens Tomor. 7. 

Subs 7.45. .Wed. 3.0. Sat. 4.30. 

WHITEHALL. .. 01-930 6892-7705. 

Eras- B.30. Fri. and Sat- 6.4 5. and 9-00-. 
Paul Raymond presents tiw Sensational 
Sox Revue ol Hie _ Century 

tevue m w 

Due to overwhelming pubHc demand 


WINDMILL THEATRE. CC- 01-437 5312. 
Twin Nightly 8.00 and 10-00 
Open Sundays 8.00 and B.OO 
PAUL RAYMOND presents 


"Takes to unorecedeMod limits what ■> 
Permissible on ear stope." . 1*1- iJ*A 
You mav drink and smoke In dw 

Audi tori rnn. 

WINDHAM'S. 01-836 3028- Credit Cart 
Bkgs. 836 1071-2 from 9 a.m. '0 2_PJ5* 
Mon.- Thurs, 8. Fri. and Sat. 5.1 5. 8.30. 
VERY FUNNY." Evening New*. . 
Marv O'Mailev'i smash-hit Comedy 
" Supreme comedy on *e* and raligion. 
Daily Tdoorann. 

LAUGHTER.” Guardian 


ABC 1 and 2. Shaftesbury Art. 836 8861. 
Sep. p-rts A-l seats bookable. 
Sun. 2 00. > 1u a 10. .... „ 

2s. SWEENEY 2 uAAi. Week and Sun. 
2.00. 5.10 8.10 

Tube). 485 2443. Melville'S classic 

Resistance- thriller „ 

3.10. 5.45. 8.2S. Most End May 17. 

CLASSIC i._a. _3._*._Oktoni 6 §! 0 <§ ?S: 


Tottemiam Court .fid. Tube). 

1. Bertolucci's Y900 Part 1 (JO. 

2.15. 5.15. 8.15. 

2. John Thaw. Denrte . WatffMM 
GODS CU1. Press. 2.00. 4. 55. 7-S5. 

3. Henry Wlnkinr HEROES (AA) Progs. 

1.13 3.40. B.05- B.30. „ _ ' „ ' 

4. BcTtolueecs 1900 Part 2 (Xi. Progs. 

2.30 5 20. 8.15 ; 

CURZON. Canon Street, W.l. 499 -3737. 
3.55. 8.10 and 8.30. . Last WwM- 

5252). Shirley MacLalne. Anne Banejolt. 
Mikhail Barvshnalrey in » H ith er c Res* 
film THE TURNING POINT (A). Prafft. 
WR. 1.05. 4.30. 8.10. - ■ ' 

ODEON HAYMARKET (930 2738-2771 »■ 
Jane Fonda. Vaneata. Rertflrmre In- a 
Fred Zlnhemdnn film. JULIA (A). SCP- 
Rreos. Dly. 230. 545. 8 AS. Ifoansra 
Div. 2.45 8.00 9.00. AH Hltf 
at Theatre. 

(830 6111) 





1.0S 4.75. 7.45. U«» .. 

SaL Doan open it. is p.m. AH teats 
may be booked. 

a . Doors, open 
gw Fri. and 

ODEON MARBLE ARCH (723 20l1-2>. 
STAR WARS IU>, Doors OOCfi Dly. 1 JO- 
4-35. 7-50. AM soots tilth M- MW 
1.30 pert. Wks. 

PRINCE CHARLES. Lett. 5a. 437 ’0181- 
Mast End May 24. SWEPT AWAY OCL 
Sob. rerfs. D*v. (Inc. S«nJ. 2.15.- SJI5. 
8.40. Seats OVbfo ‘ “ 

25 Mel Brooks" HIGH ANYlirv 

Box nifice Now Open. 

SCENE 1 L«MC- So. tWargouc 'St-f 439 
"T9. Woody Allen’s tVER^W^gM 


always wanted 

SEX (XL 2-53. 6.06. „ 
(AAl. 1-15. 4.25.-7-40. 

2. I. , 0, 

Oxford cirou. 


437. 3300. 

2l me" 5 GOODBYE 

12JS. 2.45. 5-25. 6-05. ftTM 

•A». 12.45. 3 JO. 5-55. sSO- *■ 

Alton, maha Keaton DtXiHe. PIOMIBW 
(A). Z JS. 5.E.D. S.fflS,' LOVE “’AMD 

" ' UHh 4.1S.3L30. 




r> ' 









Financial Times Tuesday May 16 1978 

Elizabeth Hall 

Fine Art 

Festival Hall 



■ft*"* .® erkele - v ’ s 75th EGG'S available forces, was for 
birthday on Friday was marked six solo voices and 12 instru- 
Dy a concert of bis works meats: the composer's son 
31 Elizabeth Hall Michael Berkeley has recently 
we Park Lane Group. A made an arrangement for small 

distinguished audience headed orchestra (leaving some of the 
oy Princess Alexandra gathered score in the original form) 
to greet a composer whose which should help the work to 
appearance, manner and. it may find the wider circulation it 
be added, recent music, all belie richly deserves. The style of the 
his age. Nicholas Braithwaite Stabat Mater owes much but not 
conducted the Park Lane Music everything to middle • period 
Players and a number of soloists. Stravinsky. The music ca me over 
The programme included two on Friday with the force Of an 
works written in the past decade, urgent personal statement — so 
the Dialogue for ’cello and urgent that here the composer’s 
chamber orchestra (King’s Lynn habitual discretion is a strength. 
Festival. 1971) and the Antiphon not a weakness, 
for S trings (Cheltenham Festival, Berkeley has pierced through 
1973). with an important revival the medieval words with their 
of the much earlier Stabat jingling metre to the agony and 
M 3t er ; , grief of the situation so erndely 

Berkeley's French affiliations, described. Michael Berkeley’s 
of blood as well as of musical note implied possible use of 
education, were represented by chorus, but this performance 
the Introduction and Allegro of used the prescribed six soloists. 
Ravel, a composer who be knew in the capable persons of Teresa 
and greatly admired. There was Cahill. Diana Montague, Merle! 
a time when practically every Dickinson, Brian Burrows, 
account of Berkeley’s music In- Richard Jackson, and Stephen 
eluded some reference to France Varcoe. Though the pulse in the 
— after the war, when his works slow sections was once or twice 
were becoming known to the almost imperceptible, Mr. Braitb- 
general public, the elegance of waite made a strong case for the 
line, sparoness of texture and work. Clifford Lantaff was the 
fastidious refusal to be prolix, accomplished harpist in the 
untidv. pretentious, or vague (ill Ravel 
of them no doubt qualities * 

brought out if not actually im- At the Wigmore Hall on Sun- 
planted by his teacher. Nadia day, the "Six of the Best” 
Boulanger) seemed more exdn- series added their own post- 
sivefy Gallic than they do now. script to the birthday celebra- 
The French label was not really tion with a programme of songs 
much more than a convenient and two-piano music The latter 
generalisation: the same qualities included a new Passacagiia writ- 
could also be seen as a reflection ten as a greeting to bis father 

The artistic pleasures of Paris 

By DAVID PIPER, Director of the Ashmolean Museum, Oxford 

TTie museums and galleries of should perhaps not be printed on calm, pale and cool, but amongst Grand Trianon fully refurbished, 
Paris are alive and well — mostly bright white, as they tend to out- it fs the spookiest display in enchanting even through the 
so. anyway. Except of course on stare the actual paintings, but Paris, the spotlit petrified forest armour of heavy polythene pro- 
Tuesdays, ihe great French fast their content is both illominat- of Khmer heads, uncompromis- teeting its curtains' and em- 
day for culture, when almost all ing and succinct Then there are ingly frontal, ineffable smiles, broideries. Fontainebleau is as 
museums are shut The great special thematic exhibitions — eyes closed and inward. delightful as ever, and at Sceaux 

prestder, the Louvre itself, upstairs on Death in French On the Left Bank, Cluny is (till July 3) there is “ Vbltalre 
staggers still as ever the eyes. Sculpture- (admirable essay of also refurbishing, much already voyageur de l’Europe." 
mind, and inevitably, the feet jo autographic exposition, and complete, and to leave Paris Take money. Average entrance 
The display i s throughout sen- strangly unmacabre though without visiting the flowery- fee to French museums is FFr 5. 
sible and sensitive, and the void of visitors) and on Greek bowery rabbit-startled glades Three museums in a day is £2. 
French instinct for sheer style, and Roman techniques in where the white unicorn consorts Refuge, if broke and weary, is 
and no less for metropolitan ceramics, sculpture and paint- so agreeably with bis ambivalent though always offered by the 
decorum worthy of Paris itself, ing. Mid-floor, the Italians: plus ladles. In the most magical divide limbo of the Metro-— 
continues supreme. In common post-impressionism (here are tapestries in the world, is cheap: clean stations with com- 
With other museums everywhere, the Seurats), plus a quite fascin- scarcely permissible. Over in fortable bucket seats in clear 
parts of it are closed — for months ating history of the development the Marais, the Carnavelet. the green, yellow, shocking pink, 
or for years maybe, for new 0 f the self-portrait drawn from Museum of the History of Paris The famous Louvre station with 
installations, or just over lunch- Louyj-0 holdings of that but Of 50 much more than that, its tasteful decor, lighting and 
time: in common too with great narcissistic art, which alone is Including the radiantly benign facsimiles, dispensing the un- 
tourist attractions the world over, worth the trip. Plus Symbolism, Rbost of Mme de SevignC, as well scrupulous from -the need of even 
it has saturation problems. The p j us nineteenth -century “Natur- as the shadow of the guillotine, entering the Louvre itself; the 
Mona Lisa, in particular, is now ^sm ’’-some good, and unex- 
so withdrawn, remote within her English here: not only 

^ i d SMS Orpen's famous Cafe Royal 

r^ UjI £ P T f) P™' ¥ (featuring Augustus John and 

George Moore), but Maxwell 
that a reproduction would serve Armflai.* Walter Crane and 
just as well provided that no one uSeLWaWed fwho»-^!amSit 
let on that it was a reproduction. cKfi? l£S£- 

SsSSrHi sssstf £ ssjfsi 

XQ3U3 sir^diD svi sy s nn , tfr irnnnn 

slowly with that rhythmic loiter g °ntw 

of the window-shopper, irresis- Laurens - Rouault-and other 

tible so thai 

modern acquisitions. The mix- 

SL."SL£S S SB**"*- but 11 potaa 

•ctartljr 5lop to look. “SSSKfe. back again way 

On the other hand, certain eas t of the Louvre, in that de- 

parts of the Louvre are open till presslon which once was Les 
8 p.m- and between 6 and 8 is Halles, the now-famous Centre 
the time, if you wish to con- Pompidou flaunts Its Beaubourg. 
template in tranquillity the stacked vast in its metal scaffold^ 
power of art to stop time live in ing , proudly displaying its poly- 
its tracks. And even at densest chrome guts op its east side and 
crowd-time; so vast is the Louvre the transparent colon of its 
that you will find (having escalators up the west. It snr- 
succeeded in the entrance queue) rives thus far triumphantly all 
that whole sections will be but queries about Hs durability; and 
thinly populated — European outdoes (certainly for the 
sculpture; the applied arts, for natives) the Eiffel Tower as 
example — or the sad little single popular attraction. Up to 2,000 
room where English painting an hour may well be going 
lurks unmolested by prying eyes through it yith you: buskers 
and frankly, not at its best (might clamour, juggle, sing and play 
we not swap some Turners, for in its forecourt. Through two 
say, a Georges de la Tour?). floors of open-stack, micrcwfilm- 
The maintenance is admirable reader- equipped. information- 
(apart from the Italian Renais- retrieving library the public 
sance the masterpieces of which wanders and students apparently 
the Louvre seems steadfastly w °r k - Top floor has cafe-terrace, 
reluctant to clean); the lavish ao <* temporary exhibitions (Moi- 
intemal architectural decor Is levltcb ends May 15: but Jasper 
respected, as are those parquets Johns, is till Jane 4). and there 
that creak so humanely to rebuke and ^low is the national collec- 
the spread In English museums tion of modem art. But there’s 
of wall-to-wall carpeting that a SDa S. caused by the sheer 
speaks in genteel hush of depart- VMHJJ °* »eai*ourg itself 
mental stores, and inevitably *5 object. .Beaubourg itself is 

.goes scruffy. Carpeting may well “* exhibition, and 1 regret to 
prove ubiquitous in the end, for f e P° rt ttat Modem Art, includ- 
reasons of economy of main- as it does, some of the 

tenance, but may it not be for ™ os t reproduced, widely known 

long yet. twentieth -century works, j s flourishing, as the two issues whoosh of ... 

ImnressinnMm cHti fiiic thP . - a i bIt , t ““ thi* ■rttllW. of Apollo magazine devoted to it trains, and. winding down the 
Jeu de Pauml at tiie a,1 2f st rre ev ?° t Elswrhere ve have recently emphasised. subterranean corridors of the 

F«£ 3TS5 -2* but “ arbitr ? r ' v ** •- «■« 

pleasure, the marvel, of simply bookshop, etc. 

I not being blind. " - 

The Mona Lisa * now so withdrawn 1 

the rubber-tyred 

Mass in B minor 

Voices have been heard good at keeping all levels of in- 
during the 1978 English Bach strurnemal activity both 
Festival suggesting that it was muscvilarly rhythmic and cleanly 
perhaps a mistake not to have meshed, particularly when some- 
performed all the pre-classical of the tempos stated for the 
music on display on contem- larger choral movements isucq 
porary instruments. For myself, as the opening •*Kyrie“) and for 
1 am glad that Lina LaJandi the solo duels might at first have 
follows a non-doctrinaire path, seemed unusually slow. But 
and that her festival still em- the results were almost alvavs 
braces, for instance, more than justified, because every detail 
one way of performing the appeared to be the consequence 
music of its household deity, of choice and careful con- 
B ach. „ . _ si deration. There was a structure 

The Mass in B minor on t 0 the performance ; it added up 
Friday, which brought to a to more than the sura of its mow- 
close the London activities of ments. and of ihe B minor Mass 
this inestimably valuable enter- ifaai can surprisingly seldom be 
prise, was given what one might said. 

term a “ median ” performance. This thoughtful reading was 
It was sung by a choir of about W ell served by an interestingly 
40, very well prepared (by chosen team of soloists. among 
Stephen Cleoburyi and sturdy whom the most familiar. John 
Of voice in each section, able to Noble. was also the least satis- 

fontiEKVnrt £ S?-,,? factory — in the bass “Quoniam." 
brilliance and the solemn groi^ lhe notes were Sl .|dom precisely 

« - 

modern Instruments in the 
modern manner, with no attempt 
to pursue styles of phrasing or 
adjustment of degrees of vibrato 

radiant soprano, bringing the 
long breath and limber move- 
ment noticed on her many 
recordings, but also manifesting 
more ‘’flesh" on the tone than 

r’Tsr „ uu *H«nr iit-sii on ine ionv man 

haw be^i nusm to nrard as ,hc microphone sometimes picks 
authentic. But it was altogether 

up. Ortrun Wc-okel (alio) and 

) from these painters 
disparities in their work become Cezanne 

. Sir Lennox Berkeley 
of a ldnd of modesty, a dislike by Michat! Berkeley, a pleasing 
of strong emotions, publicly ex- piece with the elusive virtue- of 
hibited. and a liking for under- sounding like two pianos, not 
statement that are part of an one slightly thickened — actually 
equally conventional (and now 1 thought Sir Lennox’s Sonatina 
possibly outmoded) view of the for the same, combination, heard 
English character. Indeed on earlier in the programme, had 
Friday the two strains appeared rather less than his usual clarity 
to be closely amalgamated. To of texture- Richard Rodney 
tak»- one example, the frequent Bennert and Susan Bradshaw 
edgy tang in Berkeley’s harmony also played Bennett’s own 
is both Roussellian (Roussel Kandinsky Variations, effectively 
emerged in this procramme as a written for the medium, and 
more obvious influence than. say. achieving an unusually convinc- 
Ravel or Poulenc) and English in ing interpretation of a painter’s 
the tradition of the xnadrigalisis style in musical terms, 
and Purcell. The songs selected by Meriel 

The two-movement Antiphon and Peter Dickinson which in- 
is a satisfying example of this eluded the Five Chinese Songs 
stylistic mix. The finale of the and three each from his various 
Dialogue, on the other hand, was settings (mostly early in date) 
a case where, as sometimes of French and English poets, 
happens, one rather wishes confirmed the suspicion that 
Berkeley would be a little less Berkeley is among the best of 
discreetly self-effacing, less in- English song-writers, bis natural 
clined to stop the moment he gift for subdued but genuine 
over-modesily thinks he lias lyricism undiluted on this small 
nothing more to say. Note- scale by the usual unassertive- 
spinning can sometimes bring ness. The very early, pre- 
worlh- while discoveries. Partly Boulanger "Thresher.” to words 
this impression may have been by du BeiJay, is a nice example 
due to the pc-rTnnnance. Christo- 9f the cultural cross-breeding 
Pher van Kampen. the cello referred to above — the easy tune- 
soloist, is a technically assured fulness from the world of Ireland 
player of considerable experl- or early Vaughan Williams, being 
ence. In the stow movement the presented in a sharper focus 
lyricism of the writing drew him than the English style in those 
out. The outer movements on days normally allowed. Miss 
the other hand needed, not Dickinson's unobtrusively good 
necessarily louder tone, but diction made up for the absence 
keener projection. of printed words — -but since the 

The revelation of the evening booklet does duty for a series of 
was the Stabat Mater, written concerts, perhaps It is unfair to 
in 1947 for the English Opera complain. For Friday’s event 
Group and first performed by incidentally, the Park Lane 
them under the dedicatee. Group provided a most useful 
Benjamin Britten. The original document complete with chrono- 
scoring, designed to suit the logy and work-list. 

uvc. 01 aim hi v r.™«nnn a»i- L of . there js echoes of flute and guitar, or 

If as we recede < tR K £ 2£ t! th„,,oh , n ,rt enou S h in Par, s to absorb the cello and oboe. DIeu. que fnime 

era in time the thl 1 £°,w “jSHwtim 1 * *3 f ^£ resident’s full time attention, let le son du cor au fond du Metro. 

Lr work ^come nm iull ^3 rrinJ alone fhe visjtt,rs ’ bul do not And the other day. outside the 

more aoparem fthe fauTtES Palris reviewe/ in tw for 8 et outliers. Versailles is Invalides Metro, a demo to swell 

Renoir &ld appalling p,c- hy’ WfflJmTaH-e'r” 25sPC S2£fi? ^“e b ™ k "f‘ s 

S’yLlnn^t ‘Mon^^ve^n' 2SS? tTStt "TS ^ 

masterpieces ly ]IkCTnse US become SSSSfe HT.SSS &S ttWSGUT" 

more arresting. at the Marmcitton (onen Tues- 

Sorae old Louvre favourites- 

r,«u U ZyTa^ ’SS gSS 
S? tt^eTrn« K'lHSSS 

» h h^S ™ (5e» “eTuarter “taSel 
Art h.T* ti M p d , e ™ mart- And re. handsomely refur- 

TV^n 1 ^ bished in part though still 

S*5’ ir A °* y - 0 confined to its ground floor, 

literal translation) the Ancient rewards the visitor (afternoons 
Museum of ..lodcrn Art. The only) with the other version of 
creation of the Centre Georges the Uccello St. George in such 
Pompidou, better known as unfair armour slaying a so 
Beaubourg. has brought with it obviously make-believe dragon — 
new problems. Beaubourg has and of course, great Rembrandts. 

£* a ™ e “ ma,n permanent ex- Mantegnas, and. remarkably, a 
himtion of modern art from 1905 superb Reynolds, 
on. creating a void in the marble From there up to the Parc 
expanses of the former Museum Monceau. the salons of the 
Of Modern Art, Part of this is Nissim de Camondo filled almost 
now annexed for Louvre objects: ruthlessly, so formally elegant 
here you will find represema- and so uncompromisingly uncom 
tion in depth of the Italian fortable, with fine French furoi 
setcento. even of Venetion six- ture and decoration, and next 
teenth century (including world- door the very select oriental 
famous paintings like Titian's ceramics of the Cernuschi. The 
Madonna xcith the Rabbit), but main Parisian collection of 
displayed didactically, using Eastern art the Musee Gulraet 
large explanatory panels of text, over by the Trocadero. retains its 
X-rays, photographs. The later pristine but scrutable oriental 

Awarding aecMton for reasons Heiner Hopfner (tenor), though 

tS“S3rt5r^ a TS ™T r t k T t r ntire, - v ./ rue . 

above: because the great work PJ^b al . a J_ n P mcS- i wer l. b, 01 ] 1 
was rendered with a regard for gratefully Grm and unaffected, 
its maoy layers of meaning and Pj, 31 " ia tke best tier nun sl.rie* 
feeling that gave it new life. Bach soln singing And the 

The conductor was Helxnutb banlone. Philippe Huttcnlochcr. 
Rilling, a Bachian with a con- delivered a most allnifiivdy 
siderable reputation in his native tight Et in spirit um sanctum. 
Germany. He was particularly MAX LOPPERT 

Russian theatre at 
Edinburgh Festival 

A principal theme of the Symphony Orchestra and Teresa 
drama side of this year's Edin- Berganza in the title role, 
burgh Festival (August 20-Sep- Zurich Opera’s acclaimed 
tember 9) will be Russian theatre Monteverdi cycle will be con- 
as interpreted by both Russian ducted by Nikolaus Harnoncourt 
and English companies. and Scottish Opera will give 

The Malaya Bronnaya company three performances of Debussy's 
will present Gogol’s The Marriage Pelltws et Mtlisondc. There 
and Turgenev’s A Month in the wilt be two performances of 
Country in Russian with simul- Jaoacek’s Katya Kabanova by 
taneous translation available. Frankfurt Opera. 

The British approach will be Three operas will be given in 
represented by Trevor Nunn’s concert farm. There wilt be the 
production of Chekhov’s TTie British premiere of Luigi Nono’s 
Three Sisters for the Royal Al Gran Carico del Sole. Stravin- 
Sbakespeare Company and by sky's Le Rossignol will be given 
Toby Robertson’s view of by the BBC Symphony Orchestra 
Chekhov’s Ivanov for Prospect conducted by Pierre Boulez, and 
Theatre Company. Peter Maxwell Davies will con- 

Shakespeare will also be duct The Fires tff London in the 
strongly featured. The specially premiere of his own opera Le 
created Edinburgh Festival Pro- Jongleur de Kotre Dame. 
duct ions will present The The 150th anniversary of 
Tempest and A Midsummer Schubert’s death, and the 50th 
Night's Dream. anniversary of Janacek’s will be 

At a new festival venue, Daniel recognised, as will the 75th 
Stewart’s Melville College in birthday of Sir Lennox Berkeley 
On een^ ferry Road, the Royal and the 70th birthday of 
Shakespeare Company will give Messiaen. 

Twelfth Nipht in the amount of Visiting orchestras include the 
space available for the earliest Dresden Staatskapelle and the 
performances of the play. Chicago Symphony. 

The 32nd festival will have a The London Symphony Orches- 
particularly lavish opera pro- tra will give two concerts under 
gramme. There will be five Claudio Abbado and two under 
repeat performances of last the Russian conductor Yevgeny 
year’s Carmen in Piero Faggi- Svetlanov. The London Phil- 
oni’s production with Claudio harmonic will be conducted by 
Abbado conducting the London Guilini and Barenboim. 

There’s only one way to take Glenfiddich! 

Soho Poly 

Girl Talk 

Come to your 


^ _ 

exhibition and 

'■ The senses you should bo envaropf- arc. audio and vnual coei. 

Eftective cGfnVnuricaudn through fhe use of audiO'VisuBl aids 7 - fhaf - , 
the message to you at Audio Visuaf- 73. , - . - 

W he t h e r,y o u a r&Ve I li n'g.' trVi h i n g‘ 0 r. condo rn e d with education, the 
entana'inment business, secirHr/applicatiori in Indus try or any other 
form of comtnunicavioa.Audio'yisuai-'7S js for ycu. - 

. The complete o-v picture from the simplest through to The most. • 
sophisticated aquionient will be oh shew arthe exhibition, taking wp-;- 
ibevvboWi'ot iho‘W®mbW’/tConferenc» G»ntr«. 

; There arc four'professionafcdhforehces-.wuh'to^ speakers on each 

o< Che- following applications-of^-wtechniqiws:- 

.. :: 'Cooletencoi. ExhibltiDhsV'Saro^PromDtJonnnd Publicity. & Training. 
- ' - Ajvisft-to «ith»r the o^hibition oro conf«>ence--'orptefeiooly both .- 
rcutd’brih?,in=r(MijnciTift<c>eiicy't'oryour. otgfnijahoh..- V. , ; •- . •; 

'for fu'lijnformation^rtd akhibitiophcketphona or-.vritatm -lone " • 
‘XyaU-Jaek; AV'73. P O-Box fQ 3 . 69 77 High Sr-cot. Creydon.CM 1QH .... 
Tel:bt:GM.77BE,Te(M;^6GG5^>‘- < /.;Y^7; 
i . ItrcOlly’does mBke’seusor -X\ - ■ 

May 23-26,1978 
:• Wembley. 

Co irfercn c»; 
. (j^ntrie' 


audio uKUOl 



Punk theatre, the testimony springy enough, but there Is no 
of the disaffected young, has clinching dramatic context for 
been, on the whole, the onstage the monologue; where, for 
preserve of bored factory instance, exactly are we? Per- 
workers or frustrated football haps on a bomb site, perhaps 
fans. Stephen Bill’s lunchtime in an institution. The content, 
monologue gives the floor to an in fact, supplies the form, with 
aggressive Liverpudlian girl. Mary recounting her adventures 
Mary, whose rage owes as much in crowded thoroughfares with 
to a claustrophobic, almost' a Stanley knife to slice through 
incestuous home environment as handbags and trouser pockets 
to her clear-eyed rejection of interspersed with a confession 
tattered ethical standards as of her affair with a school 
evinced by pop stars and TV in- teacher and a less salubrious 
tervi ewers. encounter with a sex maniac. 

In Sue Wallace’s riveting per- The tone throughout is con- 
formance, Mary conies across as vtncingly maintained bat judg- 
an all too recognisable street meot on Mr. Bill’s ability as a 
urchin of the 70s in her blue playwright will have to be sus- 
wind-cbeater, calf-length dowdy pended until he shows signs of 
skirt and block-heeled shoes. She incorporating his talent of 
speaks to us from a rusty bed- observation into a more tbeatri- 
frame, surrounded by white cal confection. The director is 
walls. The writing Itself is Andrew Norton. 

Two playwrights join 

Thames Television has an- 
nounced that two more play- 
wrights have been nominated to 
join its Playwright Scheme. 
They are Leigh Jackson (27), 
author of Eclipse, and Ron 
Hutchinson (31). author of Soys 
f Say s He. Jackson is sponsored 
by the Royal Court Theatre and 

Thames TV scheme 

Hutchinson by the Royal Shake- 
speare Theatre, Aldwych. 

The Thames Scheme — run 
through the company’s com- 
mittee for grants to bte arts and 
sciences— offers £2,000 to the 
sponsoring theatre to encourage 
the development of promising 
dramatic talent by selecting a 
playwright for a twelvemonth 
attachment to the theatre. 

Nicol Williamson at the Royal Court 

From September 12 Nicol 
Williamson will appear at the 
Royal Court Theatre in 
Inadmissible Evidence by John 
Osborne. This production, to be 
directed by the author, will be 
the first revival of the play in 
London since it was originally 
produced at the Court is 1964, 
and its subsequent transfer to 
Wyndhams Theatre. 

Nicol Williamson will' 

appear at the same theatre in 
Sam Sam by Trevor Griffiths. 
This will be the first time a play 
by this author has been per- 
formed at the Royal Court and 
it is a new version of the 
original, first seen for a brief 
run at the Open Space. It will 
open on October 24. 

You can take ir straight. 

Or with a little plain water. 

But do remember that you're 
tasting no ordinary ScotcL 

GleniidJich is a pure, single malt. 
Distilled in the ancient way, in 
traditional handbeaten copper stills. 
The result is, perhaps the finest 
whisk)' the Highlands have to offer. 
Take it slowly. Take it seriously. 

'OlaifuUicIi in G didk mams 
r WiILy oj the Deaf 



Telegrams: Fmanlimo. London PS4. Telex: 886&U/2, 883897 
Telephone: 01-248 8000 

Tuesday May 16 1978 

Trade on the 

. Financial .Times .Tuesday. May IG *978 



By IAN HARGREAVES, Shipping Corespondent 

THE April trade figures are at is concerned, they show a very 
least as good as the markets had sharp drop on the inflated 
come to expect towards the end ^ arc ^ figure and one covering 

— * only raw materials and 

of last week, with a visible 

not omy raw 

deficit of £270m suddenly irons- ”™ i5 f hut , , fl °j sh f d 

a ./mb. tures— for which the fall in the 

formed into a surplus of £236m. “ , . 

The Department of Trade rate have been 

at least partly responsible. Per 

describes the deficit as h ___ - - . , , 

i, n „„ A naps the firmest ground that an 

erratic and the subsequent ftnHw ,4 C * 

surplus as “exceptional.” This 
is partly because the greater 
part of the latest improvement 

optimist can find in the whole 
of these latest trade returns is 
the three-months roiling com- 
parison of trade volume in the 

can be put down to a more £bi« which exclude 

Favourable balance in oil and notoriously erratic items. The 

in the items which tend 

„ _ . . , _ t0 volume of exports, on this 

™!Llll n ’ ly T f r ?! B . 0 ,!!? io op by 8 per cent that 

month to another. It is also 

of imports by only 1 per cent 

because the shifts from surplus Yet ^ officia] stati5ticianSt 
to deficit and hack again over as aj ready pointed out< seem t0 

the past few months have been have ^eir doubts about even 
exceptionally Frequentand vio- ^ fi a jde t0 the 

lent. Even the usual device of trend . The confederation of 
comparing the past three British wou]d shaTe 

months as a whole with the 

their doubts about exports. Its 

„ previous three gives little use- , atest mrvey revealed a grow- 

ful information about the 

ing lack of confidence about ex- 

under lying trend on this occa- pcirt prospects, due not only to 
smn. since the latest period rhe state 0 f wor i<j markets but 
happens to include two good t0 growing difficulty in compet- 
mnnths _ and the preceding on price; t y, e reC ent in- 
pennd twn bad months 1 out of crease in raw material prices 
^ree. points in the same direction. 

In its commentary on the ' 

latest- figures, indeed, the via-eqyeH 
Department itself shows a B .v themselves, too, the latest 
healthy scepticism. The volume figures are not enough to dis- 
of exports shot up in April, but P e l fears often expressed 
this performance is said to about the likely trend of 
exaggerate the underlying imports. Apart from the fact 
trend which “at present is per- that imports of raw materials 
haps only slightlv upwards. 1 ' are bound to rise with husiness 
The volume of imports fell activity— the fluctuations over 
sharplv, but the Department the past few months may have 
stresses thot the trend is been due to stockbuilding at a 
“ almost certainly upwards." favourable ' exchange rate as 
Outsiders would do well to be much as to changing views 
as cautious as the official about the business outlook— the 
statisticians. UK propensity' to import has 

r . been rising steadily, especially 

erratic in the case of finished manu- 

Because of the way in which factures. Although the latest 
the figures for any particular (and provisional! figures for 
month can be distorted by trade retail sales published yesterday 
in large items which are excep- show little significant change 
tionally “lumpy."' the official between March and April, real 
return now includes tables consumer spending power is due 
which exclude the most impor- to rise quite sharply over the 
tant of these — ships and am next few months and it will 
craft. North Sea oil installa- be a welcome surprise if 
tions. and precious stones., imports of consumer goods do 
These are the tables on which not rise too. The latest trade 
analysis of the recent figures, figures are good, in short: they 
so far as this is possible, should will relieve the financial raar- 
be concentrated. So far as the kets of one major and imme- 
volume of exports is concerned, diate anxiety and help the 
th^se tables show a slight re- authorities to sell more gilt- 
covery in April over March to edged stock. Until these sharp 
a level below that of February month -to -month fluctuations 
hwi well above the average for cease and a trend becomes 
any quarter of last year. So apparent, however, the same 
far as the volume of imports anxiety is still apt to recur. 

T ODAY THE 26,000 dead- been achieved without the shock Hebburn Shipyard last week— 
weight ton bulk carrier treatment of the Polish deal productivity has fallen. Not 
Desdemona will slide from But what really hurts is the surprisingly, where work is 
its building berth at Hebburn fact that having put this indus- petering out it has become an 
Dock, Tyneside, and one of trial relations milestone behind increasing problem. Absen- 
Britains most modern ship- them, work is still remorse- tee ism at the yard is running 
yards will be without a ship to lessly running out. Shop stew- at 12.3 per cent— worse than 
build. When Desdemona com- ards believe there Is time to the industrial average for all 
pletes trials and is delivered get back some of the Polish industry, but better than the 
two months later, the dock— ships, but this will not happen, average for shipbuilding, 
which at least from the point There is the chance of a small Mr. Norman Gilchrist, the 
of view of technology is the American oil tanker contract, group's head of industrial rela- 
jewel of the Swan Hunter group but this has still to be finalised, tions. believes that with the 
— will be without work of any The yard is virtually certain to labour agreements recently 
kind. get the Navy’s next cruiser secured and a reasonable order 

Across the River Tyne at although on present plans this book, the yards would now be a 
Swan Hunter’s Wallsend yard, will not require the cutting of £pod match for any in western 
the massive, automated steel steel— of which the group is Europe. There is still plenty 
plate panel line designed for most critically short— before of room for small improve- 
flow production of supertankers ^79. ments in working practices, he 

is also virtually idle, with So the future of Swan Hunter ^frees. but: he says the funda- 
nearly all the yard workers con- is in the balance. With Tyne- menl ^s have now bee so 

centra ting on building a highly side unemployment already at ^ Hunter has for 

sophisticated cruiser for the the 10 per cent, mark and other P a - V deal - Swan Hunter has for 

Navy. This task will tafce an- heavy tadustiy in the ares not btmin yards and 




:V. . 




(early 1980 s ) 




other three or four years, but without its problems, any ques- * 


■ I BULK CARRIER (July 1978) 

hebburn yard 

jobs. This was well in advance 

it will not use the main facility tion mark over shipbuilding is ‘ * £££! 

♦ho ™w» ,Hoo„ ♦« a threat of some other groups in British 

the yard has been designed to a threat to the Newcastle dis- i-ZiT 

trict’s economic heart “ No Shipbuilders. 




NAVY TYPE 42 FRIGATE (Spring 1979) 

One criticism 

offer. trier s economic 

These are among the ™ atter how much money the cm,™]* resists 

symptoms shown by Swan Government offers in redund- su „,Lj OI] "that ' it 
Hunter, Britain's biggest ship- we know that to leave 

which the 
is the 




THIS WEEK, (wo of the four Cuban alliance 
African Presidents whose coun- deeply involved in the affairs 
tries straddle the frontier of the Horn. And while no 
between black and while ruled overt Russian or Cuban in- 
Africa arc on official visits to fluence is proved in the present 
Briiain. The countries which invasion of Zaire, it is clear 
President Kennel h Kaunda and that Moscow and Havana would 
President Sir Seretse Knama shed no tears at the downfall 
S»vcrn differ greatly in side, of the government of that 
natural resources and geogra- western-backed mineral rich 
phtcal position. Yet despite country, 
ibis, the Zambian and Botswanan 

£8.5m in its Wallsend yard for years. — — — - _ . . . 

the panel line and new cranes more of being able to compete This company has never bought 
Hunter untams meeest stun- -»«.*. im» u . . .. .. Tt c between 1971 and 1975 and £l2m with the Japanese and Koreans British in the past and it will 

builder i the world shiobuildl is to seU the jobs of our child- ^ ,p3 5L was spent on a : thorough over- on the construction of relatively be, i meriting to see whether 

. . - * +ati f ren," «aid one shoo steward. ^ n °i . hsd 1° pay °n ^ ^ ^ Hebburn Dock, but the uncomplicated vessels such- as it feels that the poor image of 

Sfe^iup'sXe "JS S c^Sw^H^ter other rtrafyarfc Se received £*ers and large bulk carriers, British yards-pariku arly their 

have^ meria^sHip ?or in its preset form and with ,itUe capital *"***• Shop With demand for ships in a jjputatioo tor n^fdtvenng on 

as- s-- £ ssl-%xs 

■n.e other wmpton. of the J des *„* to y , ™ overmanning. Sden to run «t le» then pol«y. 

p ™ s d u52 s suss sss ss ! 7or s :^“ n ^ 

“S Sveoufp'u, XpZ'X Ef^TX" •» order, for the UK's still hUities suggest thetnselvS a " r S^L?J?gSS£ St 

SihrLfw e5dst ove r any long period of cated vessels with the minimum ^ery large fleet, companies like breakthrough into highly 

the £I15ra Polish shi?s time - Broadly, however, the of fuss. Although not forraallv Swan Hunter are ill-suited to specialised markets where com- ju* atttej naodero onea Against 

share of the£115ra Polish ships position is Lb / t Swan Hunter desi ^ at&d a navaJ vard . it has the kind of highly intensive petition is less fierce: massive thw is tiie toss of the ability to 

like British industry in a bigaer naval programme than marketing which is required m subsidies from the Govern- JuiW different, types i «f 

to-day’s conditions. One leading ment: some sort of scrap-and^ vessel simultaneously which a 

British shipowner admits in build scheme tn encourage reduction of production centres 

private that during a period of British owners to keep the yards would eauso and the fact that— 

almost ten years, he had only busy: and an acceleration of the British Shipbuilders* point 
one visit from a British ship- naval building programme. of view— -the worst of the Swan 

building executive. The ^jj oF t h es o, with the possible Hunter yards is less of a finan- 
Japanesc arrive in threes. exception of scrap-and-build, ciat headache than several 
Nowhere has this failure to which British Shipbuilders is others within the corporation, 
adapt to markets been more currently considering in detail, These are the -strategic enn- 
ap parent than in the offshore seem likely to play a part, siderations. Meanwhile. Swan 
oil field, where a company like There is a limit to the effective- Hunter’s management is trying 


Since that debacle, in which 
the men gained a reputation as 
Britain's leading industrial lem- 
mings and which has done 
serious harm to the reputation 
of the British industry abroad, 
much has changed at Swan 

Most significantly, the group's 
trade unions have negotiated 
together for the first. time and - 

agreed a common pay structure. 
This gives outfitting trades, 
such as plumbers and electri- 
cians. the same basic £83 a week 
as the boilermakers, against 
wham the outfitters have tradi- 
tionally vied in one of indus- 
try’s more vigorous leap-frog- 
ging pay exercises. Under the 
new scheme, labourers will be 

3 °2 T&i 

* -‘- a : y ' 


20 .: 









1§55 '57. ^ W ’63 *65 ’67 6 9 *7f 73 ’75 771 

Swan Hunter was well placed ness of the first option hecause to alter the composition of the 

to resist' the carve up of the of heavy competition even in workforce, which was specially 

marine supply side of North the construction of very coni- geared up to build Swan Man- 

Sea development by Scandi- piex vessels, but no one is in time tanker? when 45 per tent, 

navian, Dutch and German any doubt that without a ship- of the workforce were steel- 

interests. But it failed to, building intervention fund even .workers.. This figure was down 

do so. larger than last year’s £65tn to 40 per cent, at the end of 

Although many in the con£ to offset lack of price com- March and will be further 
pany have -now grasped tft&.petitiveness, the industry can- reduced .because,. tiig hulk «f ilu* 
urgency of tht problem, some not survive. \ present redundancies are among 

Paid an agreed proportion of general, has . hot increased its any of the nominated warship shop stewards ‘still argue that As for naval wort, there is boilermakers. 

the £83 and there will be a production significantly since builders. Japanese shipyards are less well intense competition between The problem in planning lor 

common starting date for all the 1940s. T This reputation for good equipped to build sophisticated British Shipbuilders' yards fur change is that, if the industry 

new agreements. Productivity, also hard to workmanship has. however, ships than the best of the these orders, but it, seems a forecasts are correct and Swjii 

It sounds simple, but for an measure because of the wide been achieved largely without Europeans. Even the South fair bet that political fears of Hunter bears an average share 

engineering concern with over variety of vessels under con- investment in modern facilities. Koreans, unknown in world aggravating already serious uii- of the contraction, it will suffer 

11,000 men — before the redun- struction at any one time, is The looting in some of the yards shipbuilding six years ago. are employment in key -areas of heavily: reduced to perhaps a 

dancies— and 150 years of inter- said to have risen to a peak is pre-war. * producing container ships of Labour support such as Tyne- couple oF yards and to abuuf 

trade's rivalry behind it. the about three years ago. when This reflects the industry’s medium complexity. These Far side will he ennugh to on- hall its workforce, 

scope of the agreement is re- Wallsend’s plate line was fundamental problem during Eastern, ships are now being courage the Government tn Mr. Gilchrist says:.. “If you 

markable. Already, manage- working at full stretch fur a the days of private ownership marketed at sometimes half the bring' forward the warship look clearly at the figures for 

ment is speaking of “a series tanker order for the ill- when not enough cash was price which Swan Hunter is building programme. world demand, you would simply 

completely changed atmos- fated Swan Maritime consortium generated to modernise, able to offer and not infre- British owners, although they go home and shoot yourself. But 
phere” and “ morale better with Maritime Fruit Carriers, although in nearby Sunderland fluently with much shorter would no doubt respond to a we know from past experience 
than we have ever known it" As the Swan Maritime pro- there are examples of much delivery times. generous scrap-and-build policy, of the industry's cycles that ship- 

The men agree that relation- gramme has been worked smaller companies which Under the pressures Britain’s are unlikely to order many building ism’t like that and our 

ships are much better although through — the last product car- managed to invest in new series share of world ship output has ships this year. An exception aim is simply to hang on, by 

they bitterly reject the idea tier, recently sold to Vene- building systems. slumped from 27 per cent to is European Ferries, which hook or by crook, until we come 

that the changes could not have zuela. was named at Swan’s Swan Hunter did invest just over 3 per cent inside 25 could be in the market for up through to better times.” 

, , . .. Dr. Kaunda and Sir Seretse, 

leaders have an overriding pre- with the de3r backin of their 

iK'cupatinn. They want io see. ca u eague Dr , Nyerer ~ of Tan _ 
and are deeply airaid lhat they zanja, ^ 

now warning west- 
ern guvernments that unless 

>« i"* 1 - jsr> ur.. ta s; , st “s 

will noi net. a stable and rela- 
tively orderly transfer of power 

over a 
of their 

desia as happened, 
decade ago, in both 

Dr. Kaunda and Sir Seretse 

that this time the results 
will be worse — for them, and 
for the west. None of these 

. . , , Presidents sees the internal 

nnw m-osnisc only loo clearly MtUement jn R,, odcsla ^ a 

thiit times have changed since 

viable solution to that country's 

they themseli es came tn power rob , cms The sett i eme nt. they 
Thp "Hpmlla war >n K . ... 

Botswana's careful policy 
neutral i ly is fraying ai the 
edscs. Zambia finds itself, at 

. real transfer of power, it divides 
1 the African nationalists further, 
and becomes a recipe for civil 
war. It is neither politically 

over increasing cost to its own osaihle _ nor they would 
economy, drawn into the Rho- J rguc morally ^ per . 
dcsian struggle. suade the Patriotic Front, one 

The dangers wing of which is already being 

For more than a decade now, armed and trained by the Rus- 
Dr. Kuanda and his colleague sians. to accept the settlement 
African Presidents have warned And Dr. Kaunda has now made 
of the dangers of an escalating it clear that his government 
conflict in southern Africa, fares a crucial decision as to 
They have rebuked western whether R will seek military 
governments, in particular, for aid f r °m Moscow and Havana 
failing to appreciate black both to quicken the nationalist 
Africans' depth of commitment military effort and to derend 
to majority rule and for failing. Zambia itself ^reni increasing 
therefore, to put full western af+ack hv Rhodesia whose 
weight behind peaceful efforts army 15 already relyina on the 
to remove white minority nf foreign mercenaries, thus 
governments. They have con- already implying a decree of 
sistemly warned the West that internationalisation of the con- 
the black nationalists, thwarted 

in their attempts to win power Dr. Kaunda believes that the 

peacefully, would seek it mill- west can help. He believes 

tarily, and would be bound, in that it can force the still white- 

the absence of help from the pyn Rhodesian government to 

West, to seek support from the its knees, and thus to the con- 

communist bloc. These key fercnce table by use of the oil 

African leaders are not com- weapon, among others. He and 

munists and neither, at least at his colleagues still believe that 

the beginning, were any of the the AngJo-American settlement 

nationalist leaders. proposes, with their British 

Much of these leaders' ea>-> resident Commissioner and 

prophecy has already come their UN force, provide the best 

true. Angola, in the wake of basis for a settlement The 

the Portuguese coup. sou?ht problem with that position is 

help from Russia and Cuba who that while there is widespread 

put and now keep the present agreement with his objective— 

government in power. The and his analysis of the dangers 

• 3I UI$I a j nat i ona,lst movement —there is no such agreement 

RussS? h Z the on his choaea ffleth bd of achlev- 

kus sians, while the Russo- ing iL 


New crusade for 
angry islanders 

action lasting five years. Later ... j Lahore High Court, 

the British Phosphates Com- ^13 Tlglir ©Q Out Seventy journalists and news- 

mission (BPC) — owned by the With commendable attention to paper workers- have been 
British, Australian and New detail, the German Chamber of arrested and some 700 more 
The Foreign and Common- Zealand Governments — offered Commerce in the UK has have volunteered to go on 

wealth Office is far from £800,000; then last year Britain worked out how much to put up hunger strike. By flogging 

moused at being belaboured °ff8red to create a trust fund its subscriptions. Members are three the army hopes to deter 

about two contributions of £500 £6-5 ot drawn from BPC told that " inflationary tenden- the others. The policeman 

each sent to the war victims of reserves, but with severe restric- cies ” in Britain since 1975 have delivering the lashes has a run 
Portsmouth and Plymouth 31 tions. put up the retail price index by up of about 10 yards. Most 

years ago by a group of Pacific 7 Brain e Y en £. 0I L a f act- finding 41.4 per cent, “ and by the people lose consciousness after 
islanders. The FCO has long t0Ur to the Pacific two years beginning of 1979 this accumu- seven lashes. The journalists 
wanted to hear the last of the Y ltf1 John Lee Labour MP lative inflation may well stand got between three and five, 
islanders, who are the dis- ^lawyer and also^a pleader at 49 per cent.” So it recoin- 
possessed Banabans of Ocean ^ campaign. “ Callaghan mends a rise in the subscription ~ 

Island; but the campaign in this was very badly advised by the for British members to £75 plus Dimir n uff 

country to help them is now FCO on the matter when 1 be was VAT, an increase of 36 per cent pull 

acquiring renewed force. Sir Fore ign Secretary/’ Braine told in three years. The German- At the risk of giving publicity 

Bernard Braine. Tory member _^5_ a ^,' He wanted to based members are let off more to a somewhat contentious -topic. 

Come to Corby 
where the growing’s 


for Essex. South East, and a money ^,* fact ”r in- lightly: the Chamber notes that I have to report evidence of 

dozen more MPs of all parties, Stinting an FCO change of atti- they have not had to face an pot-smoking during the. First 

intend to make Britain think a time is that the islanders were increase since 1971. rince when Punic War (264-241 BC). The 

great deal about the Banabans. L® rc ?^L£ ron L .if. homeland by the German cost of living index information comes from the 

Air a first step. Braine and » n admired has risen by 40 per cent. " and Science Museum in South Ken- 

five other MPs will put ques- *™f : ^ at 2L^ ho wr J t ® * h ® st b - v the beginning of 1979 may sington. describing the excava- 
tions next week in the Honse to t'auem of islands, well stand at 43 percent” So tions by a British team of a 

Foreign Secretary David Owen. *| ia nme tiie p &cmc. the German members will have warship which sank off Sicily 

In essence they want the . J:! 131 J/l?_ Ha ! ia 4 r ans — ro P a >' DM 500 — a rise of 25 per during an engagement between 

Government to say how it now ! ne *5 ™ 3 000 of them— cent, in seven years. the Roman and Carthaginian 

interprets its moral duty to the 15 V” , "ri tain wants to keep - fleets. An exhibition opening 

islanders, whose homeland has c °ntrol of the £8.5m fund and , . next week at the museum will 

been mined — and totally ^_ ere !f <, £®_, out . U** interest ^13 S remedy include photographs of the 

ravaged — for 75 years to extract !?„ n The >r leader is a 
phosphates, " This has been, in preacher, the Rev. 


contents of the vessel; the 

month ago, General Zia . . , 

Pakistan's military say that because of 

pnuspuaies. inis nas oeen, in m V V i uir no. u j.jj aa 

my view, a very shabby episode « Atuar 3 Blfnkir a , Is ruier, was maintaining fh^fthe anaerobic (oxygenless) condi- 

m our colonial history/ say s Tr ? tuara B uokira -^od Help Paidslan press wa aninn g the tions of the seabed, two baskets 
Braine. a leading Conservative 1 

authority on Commonwealth 

Among the patrons of the 

Justice for the Banabans *' 
campaign are Leon Brittan, on 
the Tory front bench. Lord Pitt. 
Colonel J. R. p, Montgomery-, 
and Joan Lestor, chairman of 
the Labour Party: she is down 
to ask one of the questions next 

The value of the phosphates 
taken out of Ocean Island in 75 
years is £78m. During the war, 
the Japanese shot some of the 
Banabans and put the rest in 
labour camps. Some 700 sur- 
vivors sent £1,000 to Plymouth 
and Portsmouth. The six MPs 
making up the campaign trus- 
tees contrast this with the £9,000 
awarded in compensation 18 
months ago after a High Court 

most free in the world. A ?/. . pia Pi Material have been 
strongly self-righteous man, he ‘ Wen tinea as probably being 

is unlikely to think that the cannubis saliva, 
flogging of three journalists at 

your pick as to 
a whether this is evidence that 

the weekend for going on . . 

hunger strike contradicts this al1 r^ e sailors w " er, t ' n to battle 
view. The journalists were pro- smoking pot, or.merely that the 
testing at the curbs Zia has im- c T ew * n A“esim n were sunk 
posed on reporting in Pakistan. ^ rou v . * 5e ‘ n § niore fuddled 
particularly on news stories t “ an l " e ‘ T * 0e5 - 
favourable to ex-Prime Minister — 

Zuifiqar Ali Bhutto. _ . 

Zia took over last July. rrenCr) flattery 
declaring his belief 

How long can we go on 
whispering • Wolf ' 7 ” 

democracy. Privately he now 

says that he decided against ii!2 s Ex ' 

killing Bhutto at the time of the mental Frrnf ^ 92Tt ' 

coup to avoid bloodshed. He ^ * dge u on 

also admits that he has no in- competitors, claim that 

tention of being deterred from ! t!l French counterpart COFACE 

hanging Bhutto, who will appear Ifi r h°- inrn^ 8 ^ tele P hone 
before the Supreme Court on Wlth ICI ‘ GD ' 

Saturday to appeal against the 
death sentence passed by Lhe 


If you’re looking for a - ^ 
place to .re-locate or 
expand your business, 
the New Town of Corby 
has got so much going 
for you. 

Its ideally placed in 
the industrial centre of 
Britain. Within easy reach of the East Coast ports, 
London and Birmingham. And neatly situated on the 
major road and rail networks. 

What’s more, Corby is young enough to be 
vigorous and exciting - with modern factories ready for 
you to occupy at highly competitive rents. (Or our 
“design and build" service will help you plan your own 
specification.) But Corby is mature enough, too, to offer 
well-established housing, schools, shops, public 
services, leisure activities. And skilled and unskilled 
labour is readily available. 

Many companies have already putdown roots in 
Corby -with success. Why not join them? Our 
experienced help and advice 

is at your service. 

\ \ \ I / 

brochareon Corby, contact K.R C.Jenkin.BA, 
online ert 5®» 0H icer. Corby Development Corporalion. 
9 Queen s Square, Corby. Northants NN 17 1PA. 

Telephone 1053 66) 3535. 



F -7 W.; 

No one even talks any to six roll-bn roll-off vessels. 


JftafiCfaTTfcnes- Tuesday May - 16' 1978 


Tuesday May 16 1978 


The Malaysian leadership has shown strength and resilience in dealing both 
with its political opponents and the problems which have dogged the country since 
independence. But, although investment is still hesitant, in spite of moves to relax the Bumiputra 
policy, the outlook for the economy suggests the bottom may have been reached. 




more than just coming home... 

Sime Darby is going places! 


Companies like Sime Darby 
thrive on new developments and 
new directions. That’s a contra- 
diction in terms, of course, be- 
cause in the exciting business 
world of Asia there’s really no 
other company “like” Sime Darby. 
But you’ll understand the point 
we’re making. 

We’re used to doing a dozen 
different things at once. That’s 
the price of diversity. It’s the 
nature of our business. 

On any one day we’re testing 
a new plantation strain in one of 
our field laboratories; closing a 
liquor supply contract with a 
major international airline; deli- 
vering refined oils to a new West 
Asian market; setting a new car 
sales record in Hong Kong; 
signing a new trading agency 
agreement for a highly technical 
industrial product; supplying 
heavy equipment for a major 
national development project — 
or perfecting a new high-precision 
optical instrument. 


Our businesses run steadily, pro- 
viding employment around the 
world for some 60,000 people 

and turning in sound profits and 
dividends for our shareholders 
(last yearM$151 million pre-tax pro- 
fit and 40 percent total dividend). 

But to keep these businesses 
running successfully our ma- 
nagement teams work at top 
pace — and sometimes have to 
think and act a good deal faster. 
We’re not complaining, of course. 
It's part of the excitement of 
working in Sime Darby. 


And right now we’re really 
working at top pace to keep 
Sime Darby coming and going 
— “coming home”to 
Malaysia and really 
“going places”, inter- 

Why “coming home”? 

That’s best explained 
in the words of the 
Chairman of Sime 
Darby Holdings Limi- 
ted,TunTanSiew Sin: 

“Over the past 10 ye- 
ars the company has 
developed and diver- 

sified into hew countries and 
into new activities. This growth 
has been exciting and demand- 
ing, but it has not been at the ex- 
pense of profitability or long- 
term stability. The parent com- 
pany has for many years been 
registered in England and ad- 
ministered from Singapore, al- 
though its obvious base has 
always been Malaysia. There has 
been a consolidation of the 
Group following the rapid expan- 
sion in recent years. The ASEAN 
region has emerged as an im- 
portant international organi- 
sation. There has been continued 

growth and development of the 
Malaysian economy under the 
New Economic Policy. Given 
these factors, the Directors of 
Sime Darby Holdings Limited, 
in sympathy, with national and 
regional aspirations and reali- 
ties, have decided that the time 
is propitious for Sime Darby to 
‘come home* ” 


That’s why our Head Office is 
right now moving from Singa- 
pore to Kuaia Lumpur and work 
has begun on the major cor- 
porate reconstruction necessary 
to reincorporate our 
parent company in 

It will be a complex 
administrative job 
to bring Sime Darby 
“home”, but it will 
position Sime Darby 
firmlyas Malaysia’s 
biggest internatio- 
nal company - the 
flagship of Malay- 
sian commercial 

It will allow Sime Darby to 
operate more effectively in our 
traditional businesses and give 
us a headstart in developing new 


Sime Darby’s “homecoming” will 
be a cornerstone of our strategy 
to keep us “going places” — in 
plantations, in commodity mar- 
keting, in ail the forms of trading 
we handle, in engineering, in 
manufacturing, in heavy equip- 
ment and the automotive busi- 
ness, in insurance and money 

And in the dozens of new pro- 
jects we’re currently evaluating 

— right around the world. 

If you want to know more 
about us and where we’re going 

— talk to Sime Darby, now. If 
you want to be part of this ex- 
citing growth, we’re waiting to 
hear from you — if you haven’t 
already heard from us. 

While we’re “coming home” 
and “going places” — and work- 
ing top-pace on both — we’re 
never too busy to talk. Your 
place is ours. 

The Sime Darby Group 


Financial Times Tuesday May 16. 1975 

MALAYSIAN LEADERS have A problem ahead is to choose plained of Chinese ascendancy 
always laced a difficult lask a date for a genera! election, in commerce and industry, 
managing the country's three even though it is only due by Its success depends on mini- 


quality of Ins leadership which position, which would make 
were voiced when he became July the most probable date, 
prime minister in January 1975. with victory for the ten-party 

jobs planned between 1976 and 
1980. it seems likely that young 
Chinese job seekers will be 


Area: 127,316 square miles 


Population: (1976) 


Imports (1976) 


GNP (1976) 


Exports (1976) 


Per capita 


Imports from UJKL 


Cnrrency = Ringgit 

Exports to U.K. 


£X = M$4>3465 

(M2 months to Dec-. 1977) 

The Malays ar* meanwhile to forge closer Unto among his fly Malaysian airspace, Malaysia 
facia® their own atnmnu of Asean partners, though there refused on what was called 
urbanisation. An anti-materialist have been difficulties over the environmental grounds. Britain 
e" Wan# grouping continuing exodus of MM 

Local Chinese businessmen, Malay proportion of 

unable to tolerate ‘the pace 
T 1 urban life., and there is a grow-' Marcos. 

It has not been easy. Only a n interest Pen a,ised on this count ■* weI1 - who want to see the Industrial population. It has become an Jng inddei ; ce o£ drag abuse and O A „;h;i:4.: 0C 

tew months ago his coalition I'tilL _d ubL the main ^terest The Government is aware of Co-ordination Act scrapped, obsesaon. . beroin addiction. TJatuk Hus- o6IlSlullltl£S 

coyernment led by his own a ” ^ CUS j°H li,! the anxieties. The rate of have a particular grievance The Chinese are also having . u ggijj ui at. “religious _ 0t , 

tion of many young Malays Moslem movement is in revolt given a trial period first. Both 

unable to tolerate^-the pace of against the regime of President sides maintain the two issues 

cannot be linked. 

drip ahuse and As a major commodity pro- 

s L. T.i.nn dueor. Malaysia has been clnsely 

involved in discussions over a 
fund which would help 
commodity prices. 

1Km iddictiofi of how ue ? u c%c “ “ ,u ‘. c Malaysia .9 chief worry about the 

not the trend iR regarded. siarl se nsi hihties hare been, type o£ f un d n0 w under discus- 

compehsa- n ervou ^ the lread IS regarded. hjjrt by , what officials consider ^ on is that it L1)U id find itself 

i the The worries -about com- an attitude of “ taking. Malaysia putting In an unacceptably hi "h 

w ruup which dismissed uninese uemorrauc aciiod base prDTided hy export earn- and that the poliev foreshadows numbers of Chinese in senior tnunisra have not prevented him ..for, granted ” in the past. contribution without receiving 

its own chief minister in the Fariy (DAP). ings from Malaysia's dependable a halving of foreign ownership administrative, military, police following up the 197 o establish- The trigger point came last a commensurate beneiit. It 

slate of Kelantan and with- Though neither of these two and diverse range of coramodi- of share eapital in Malaysia by and judicial posts. Moreover, as roent of diplomatic relations year after changes ta tnc air slands to gain most from a 

drew from the central coalition is expected greatly to improve ties, which now includes oil 1990 to 30 per cent Yet they the Chinese have Lost their old with Vietnam however, by a services agreement negotiate*! fund financed largely by 

government. iis position, the DAP has as well as rubber, tin. timber feel they are being penalised grip on the important cabinet- trade- and technical agreement, between the two countries Rau Western governments, but is 

The niovn threaded tn managed to capitalise on the and palm oil. under the policy— for while posts of finance and -trade and This was signed whan tne left the Malaysians unhappy. realistic enough to recognise 

divide the Malavs anainst them- objections oE many Chinese™ ■ foreigners are being en- industry. and the number of Vietnamese Foreign Minister when the Concorde sen ice to this w i!I probably not 

selves and in tunT ignite old parents and students to the SlOWuOWn couraged to invest, they say Chinese parties in the National visited Kuala Lumpur earlier Singapore was announced last materialise, 

communal feeli^s aS The handicap imposed by the so- * fl 7 _ ' that their own entitlement to 4fl Front has grown, their political this year. At the same time October and Britain sought per- 

Chinese Datuk ‘ HusSSf de- «*»«> “ quotas over merit '' u Nonetheless the Government ^ ^ ^ in^fidently recog- influence has waned. the Prime Minister has moved mission for the aircraft to over- 

.■lard an emergency , he poli„- w hich Favour, Malay %>*»* *%£*,£*% nised. 

Chris Sherwell 

Slate and Wn mnnths , 8 n railed um^Jor urd- J|"J» 

an election — " 1 -.— -k«.* 

-■* s. 1 rnnvniuinte ahrti» which ia me tudin ldLiui ucumu Under the^ policy, Malay indi- 

sction which he won hand- versuj places. Complaints about f orowth rate bv in- viduaia and Malay interests 

somely. In doing so he both t* 115 are ™ led b ut as 11 18 creas i n e public expenditure should receive the remaining 
strengthened his own position seditious in , Malaysia to question Fearfu f of exacerbatii ng inflation 30 per cent. share of the cor- 

and lowered the temperature of special Malay rights and privi- furtber h 0 " weveri i t believes porate sector’s equity capital. 

■•nmmunal tension by delivering ll? ses. But the DAP's proposal thjg has n(JW reacbed a pealc This phased transfer of owner- 

a bluw to the extreme Malay for a " merdeka” 1 independent) beyond W hich it would be ship is already slipping behind 

right wing. Chinese-language university has dan „ eroug t0 g 0 , schedule because of a shortage 

embarrassed the main Chinese ^ government has therefore of Malay buyers, and as a re- 

UialleRge ?, ar . ly In the Nauonal Front the fffllowed mother tack over the suit a phalanx of government 

® Malaysian Chinese Association past year as weI1 RecogIliS i n g backed institutions is taking up 

He was equally tough when f MCA j, on whose -participation j ba ^. local and foreign business- H 1 ® slack, 

faced with another powerful in government UMNO depends raen are WO rried about the These include banks and 

challenge in March from Datuk for continued communal peace. Buraiputra policy because it stat e development corporations. 

Harun Idris, the former UMNO The *>■* been unable -to i av3 down requirements over the giant national corporation 

youth leader and Chief Minister reject the idea and unable to lakin g Malay partners and em- Pernas. MARA (the Majilis MALAYSIA HAS to go to the denly lifted the emergency and against a pre-July poll, though of seats and the selection of 

«>f Selangor who had been con- accept it, and th^ Government ploying Malays, the Govern- Amanah Rakyat,) or council of polls before August next year, called a surprise election for that is not inconceivable. candidates is therefore crucial, 

victed on charges of fraud, a* a has done little to ment has taken steps to show trust for indigenous people and but beyond the fact that the March 11. After a carefully The UMNO Congress and the choice effectively rests 

forgery and corruption. In spite tackle the roots of the problem, jhat it wants to be more flexible, most recently the M$200m. outcome of the election is easily planned campaign that mixed dominates political horizons as with UMNO, and specifically 

t'f the potentially explosive The Deputy Prime Minister, Apart from amending the in- Bumiputra investment founda- predictable— the ruling National just the right proportions of much as the election, since Datuk Hussein. UMNO demo- 

n retires on him to pardon Datn Seri Dr. Mahathir dustrial co-ordination act. which tion . which will hold in trust Front should be returned to carrots (development projects Malays dominate the political cratkally makes its own deci- 

Datuk Harun. the Prime Mohamed. says the education businessmen saw as a means shares reserved for Malays. All power with a large majority; f or the backward state) and scene and UMNO dominates sions tor itself, and then after 

Stable outlook on the 
political front 

asserting his authority over his students in the past are limiting with the strict requirements of and contracts. Malays buy re- Datuk Hussein took over the Assembly seats between them, succession — an important mat- jfPPffehUy worked to the sans- 
col leagues and party in a the numbers they will accept, the policy will be temporarily served shares and sell them at premiership on the death of his Th . _ . j or . h ia ter In a country where political *?“ 1Qa . ,. e .^? 1 . a , ysiaI J 

manner that was not foreseen The issue is an example of waived if that will ensure the a higher price. They jump be- predecessor Tun Abdul Razak. Th p rn^hiH? virfnrv nilrSvpfl .skirmishing revolves as much jS' 1 , 10 ! 

when he took over the premier- how the Government's policy of project concerned goes ahead, tween jobs.' and 'give their and has been in office for 28 h scejutonw r*> und the ambitions of indi- “SIS.,? *£S?h 

ship from Tun Abdul Razak. favouring Bumiputras I indi- These reassurances have come names to Chinese-run com- months without going to the undenSned ^e^litical wreeE Tiduals as . U does ^l 1113 thc '{j^O they wre tfi? only cum- 

— of key Interests 
nitv_ ' 

favouring Bumiputras _ ... 

He is quiet, and slow to make genous Malays) has not worked from Dr. Mahathir, whose grow- panies to win Malay-reserved country. The general view is “J" represteuwuuu m Micmu 
devisiuns. but determined to as intended under the new ing authority as Deputy Prime contracts. On The overall objec- that he will call an early elec- ° n t{; £ S e re th P te had ^ the community'. T 1 S5 n ^LK“ 

carry through policies on which economic policy of 1970. Tntro- Minister and past pro-Malay tive, a knowledgeable former tion to capitalise on develop- see Hp d , ik H V andTestored the Datuk Hussein is certain to 

he is convinced duced after the police tion image are two useful political official admits: “It wasn't really meats over the past few months fjrtunes^ of TenJtJ *£ 52 * 5 ? be co^raed S na^v Sent mflueDtial poslt,ons 1,1 lhc 

riots in -Kuala Lumpur in 1969, assets in such a delicate task, thought out clearly. Thirty which have vindicated his poll- "JIT* ^2rE. 

the UMNO Congress in June, the policy i< an attempt to So far there is no sign that in- per cent, was selected as a 

and is confidently expecied tc 
he confirmed as party president 

He is also well placed to face riots in Kuala Lumpur in 1969, assets in such a delicate task, thought out clearly. Thirty which have vindicated his poll- ‘^“had ^ffieTby JbT^o£ ^he^ramrac^nTpreSt^n ESS? 

te. the policy is an attempt to So far there is no sign that in- per cent was selected as a kind tical judgment, boosted hi* L5 e D wS 

,7 jsrss: srsssir hesun to pick up r= g ™«“ b .n ' ransf °™ t,d his «-«« .tm fun^rv 5 ??i d M n«. 

it. ta p et» of the Malays. who_com : in response. mg less than the 53 per cent iorrunes been and had not Deputy Minister, Data an acknowledgement of their 

l_ _ u _ ^ UL *“**■ - ear ' PV-aftlv pnwpred himself V/ith Rprl Dr WahafKIr UnKnaul 1 C rlnvntnAn 4 < i*«\! n in (Ka immttw’e 

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Datuk Hussein onkpd « exactiy covered Wmsel£ with Dr Mahathir Mobamed. is dominant vole in the country's 

he needeTsomethina ?o bSSb ^ whiJe heading ^ two certain t0 be elected ^ usin&ss affairs ' 

his sa-ein- position for tS natioaal corporations, Pernas Deputy President (and next That has changed as the 

National Front aooeared to he and Petrona5 -^ Datuk Nasir Prime Minister), an achieve- Chinese position has eroded. 

* mino anart at T J was rewarded with a cabinet ment in itself after his contra- The MCA*s influence has been 

m”mbI4 P S5l capped U* of post last month - versial W'ntmert. diluted by the broadening „C 

the 154 seats in the Dewan The sunrise and welcome T . the alliance .in the 18i0s into 

Rakyat (house of represents boost for Datuk Hussein, the 1 HID SSI Oil Nat ^ *5?'JE ,t 5 itS i e " 

tives) in the August 1974 elec- “ost important outcome, came r component parties. The broaden- 

tion, and 210 of the 238 seats just after he had caused the .Dr. Mahathir has consolidated mg allowed the participation in 
in the 13 State Assemblies. But final act in the protracted Harun position by giving the im- government of five representa- 
since Datuk Hussein bad come affair to he played out winning Passion that he has moderated tive parties from East Malaysia, 

to power, the Selangor and Perak still more hearts though alien at- I 11 ? st T I J21^J ,n> '^ a ^ ay image (he but at the same time (and b> 

Chief Ministers had had to ing a few others. Convicted of left t thel960s and 

resign, the Sabah Chief Minister fraud, forgery and corruption, ?? okc on PAS platforms, and ‘J 

had been dismissed and the Datuk Harun Idris, a former ^ P rovocatlve book, The Malay P® 111 ®®. ll ? e non-Mala. 

Chief Ministers of Sarawak and chief Minister of Selangor and htfSIfhArS Pera^ and° the^predornTnamiv 

Malacca were under serious UMNO youth leader, had failed 5 also added to his authority Perak and the predommantly 

challenge. in hi« Qnn o«i + ^ by acquiring the trade and in- Chinese Gerakan Rakyat 

Embarrassed further by “con- r.,*im.ii ^ftho d .ustry portfolio, and, knitting < e^P 1 ®^ „ ^ MCA has 

entitlement to 

in tiio ,, . 1 _ — . abHUUUlK UIG UtUC ilUU 111- _ — 

r bv “con- if f, if JIf ? P j VT d ustry portfolio, and, knitting (People’s Movement), 

ist sympa- # ^- t ^ e ^ ope ? £ a P 3 ^ don these achievements together, he 0n tQ P ? f tb* 8 the 
thies from two federal deputy ?°^ i f he 1 refused t0 has souiit to mollify Chinese allowed its entitlement m 

ministers earlier in the year t0 331 Naming he was already businessmen anxious about the important Cab met posts (the 
ministers earner in me year, a prisoner in his OWn home. Mn Taarlan i« «nw Minis. 


the mood spelled trouble for the ‘ *7 1 “,“ *“ ,,,a w "“ “ u “« 5 - . new economic policy. His seat leader is now Mlnis- 

United Malays Nation Organ i- 3 prepred j n parliament is meanwhile ter . of Labour, albeit a 

ration (UMNO) — the Malay fo 5 tT ® l ? le ' D . atuJc Hussem — under strong challenge in Government member), 

party which has comoletelv ? b0 had earJj er had -to back Kelantan from those factions And bis loss of bargaining 

dominated the government coal- l owo over «-admission of seeking to reestablish their strength has been ^acerbated 

ition since ildep^ence in t0 UMN0 “ 51004 finm Potion. by less effective leadership. At 

1957. The difficulties su a sested by bis commiunent to stamp out Greater interest attaches to a . Ume the powerful posi- 
an imasual lack of control and corru P tion adhere to the the three elected vice-presidents of . ™* Chinese business 
with worse to come, threatened ^ tow - (another . two are ex-officio community has been under 

to undermine Datuk Hussein's Harun .went to jail, ending his P 0 ^ for w Jich there are four *“** “is auution of what 

credibility. flamboyant career Datuk main contenders: was never enormous political 

SSSSSrte ouriSTo;- this issue Tengku Razaleigh. the young ggjj - S'l 
,nd rms nun - HnrunS »u Si - SZZUtoSVSg h« 

The dismissal of the anti- question as eafly as !969 - “f 5^™°" Irom the Sd^liiel 

corruption Chief Minister of earned him more admiration ^ P 05 ^ 011 ^TheresSfii^St the Chinese 

t PS* JP'SS'i and support 111311 any eIection Tan Sri Ghazali Shafie the P arties have failed to exploit 
Nasir was a membet'of^S^ ^ Home Affairs Minister whi JjW"* P 01 . 1 ^ 1 ^eakneraes in 

st“d«r MUa?TSJ» IdS ^ As w a «>°sequence, although his chance through the NatioLl £®^ ay r i“ ders . hip '- n aT,d hav t e 


inti A JStlrnSiFmnf in 1079 t0 Dls satlsfactl0n . need for good deal of power as head of Ca ^ ^4-1- 

He° h^d ^pn anfnfrftpd 0 rhi>F an “ election Cabinet" as it is the police and internal security StF 6 Hgth 

He had been appointed Chief seemed fiven ]ess likel network . rm „ * 

M-inister by Razak gainst the and a quick poll to capitalise on Datuk Musa Hitam, a young ® «“ Xh ' 5 that 

national his achievements and confirm associate of Dr. Mahathir who UM ^ i0s Position looks iin- 

leader, Datuk BSohamed Asn his position looked unnecessary, was sacked from the cabinet assa,!ablc . !t does nDt nican 

r f ose A11 sara e this meticulous with him in the late 19fi0s and no P ol ‘tical forces are trying 

Ot UMNO s Relantan p^ef, man with the reputation for is now back, in the "spring- t0 hack « W V its b&sc - Datu k 

lengku Razai eigh Hamzah. the taking one decision at a time board'* Ministry of Education Hussein puts communism at the 

teaerai Finance Minister, a con- had moved so quickly and (Razak Hussein and Mahathir Aop of the list of problems thc 

flection which discomfited PAS. with such tactical know-how did a stint there) government and country face. 

When Datuk Nasir moved to over Kelantan that the odds Ghafar Baba, UMNO's Secre- and apparently with some 
recover land leases as part of a shortened considerably on an tary General, and a former reason. There are no liberated 
campaign against the corruption election in the four-week Agriculture Minister whose zones in the country, nor any 
that he believed, had retarded “window” before the month of behind-the-scenes work for the “no go" areas, but the threat 
the State's development, fearful Moslem fasting in August. The party, notably in the Kelantan posed by some 3,000 guerrillas 
PAS members of the Kelantan thinking is straightforward, election, has earned him good in three areas across the Thai 
.Assembly voted to dismiss him. Though there is no longer any .odds to retain the vice-presi- border and some 500 inside 
This provoked demonstrations raal hurry and an election next dential position he already P?nin ffl ilar Mala™.!* i«c fir 
and riots in support of Nasir Qt year I the nert "window") holds. souft ^ Beotomf inst K J\Z 

suoh vehemence that a drastic wouId come when the fr uits of Just as the UMNO politicians north of Kjiala Lunimir 
decision to impose emergency lfl e Third Malaysia Plan appear, jostle for position ahead of the nromnteri snmp w»ii^niihlir.icnri 
rule was taken in Kuala Lumpur ^ predictability so far in Congress, so the anticipated Ltion tL vp«r WelI ' Publ,C,Sod 
in November. Against UMNO advanee would make for an election has invigorated the “ * 

orders PAS Federal MPs voted f rdu 1 °, us r aDd potentially other parties in the National 
against the move and the .party- 
left the National Front. The 

The Malaysians launched 

Other end 

campaign. At the Front. The parties will caid . three combined operations with 
of the calendar, the paign for voles under a single the Thais during 1977 under 
soecira* oV°Ma!av disunity was a PP eara nce on the voters’ rolls banner, and will not compete ™?w agreements as well as n 
r3 j_ ed " k of some 880.000 newly>regis- with each other in spite of their number of minor operations by 

tered electors next month rules strenous efforts to maintain t,ieir own security forces in 
Three months later and out a pre-June date, and the their separate identities outside Pahang. Perak and Kelantan. 
largely at thc behest of Tengku UMNO annual congress from election time. The allocation The array said the ground and 
Razaleigh, Datuk Hussein sud. June 22 to 25 is said to count CONTINUED ON NEXT PAGE 


Tmancial Titnes Tuesday TVfay 16 l$/§ 






i he 

HIGHER PUBLIC spending has 
helped offset the recent slow- 
down in private investment in 
Malaysia. But it has failed to 
arrest the fall in the growth 
rate from 3 handsome 11 per 
cent, in 1976 to 7 per cent, 
last year and a projected 61 to 
7 per cent, this year. This may 
still seem high by international 
standards but few other coun- 
tries can look to a combination 
of rubber, oil. timber and tin 
to boost their export earnings. 

The official explanation for 
the slowdown' in private invest- 
ment is the impact of the longer 
than expected world recession. 

A more important factor is that 
businessmen are holding oft 
from new commitments because 
of thejr dislike of the require- 
ments under the New Economic 
Policy to guarantee jobs and an 
equity stake for Malays. 

As a result private investment 
has been well below the target 
of an annual ten per cent, in- 
crease in real terms over the 
1976-80 period set under the 
New Economic Policy. A four 
per cent, increase in 1976 was 

followed by a six per cent. m °ney supply still further, not ing 

Raking ore ot a gra rel pump tin mine. 

implementation of the Thus, while 


increase last vear. excluding the been aU owed to accumulate its Bumiputra policy, has added to accounted for only 19 per cent 

oil sector, if the M$400m. of } ar se foreign exchange earn- this feeling. of Malaysia’s 1977' export 

petroleum - related investment in Ss abroad. The Government All the same, the worries receipts of US?6-27bn, tin and 

last year is included, private views the present 5 per cent, seem to persist. Businessmen oil took 25 per cent and the 

fixed capital outlays rose by a inflation rate with considerable say ministerial assurances are rest came from agricultural 

more impressive 11 per cent. concern, and fears that inves- not enough, from however high exports like rubber ftaking 22.5 
But the Bank Negara tthe tor s will accept it as the norm a level, unless civil servants per cent), timber (16 per cent), 
central bank) is worried by the to r the future, 
trend. Jts recent annual report in an attempt to restore busi- 
says; the nation's stock of fixed ness confidence the Government 
capital has expanded far too has amended the Industrial Co- 
slowly in recent times. The 
volume of business fixed invest- 
ment per person added 10 the 


To counter the 
government pushed 
expenditure by 23.4 per cent. 

implement the policy flexibly palm oil (12 per cent) and other) 
with ministerial instructions in commodities, 
mind. Dr. Mahathir speaks of oil is now the third largest 

_ a changed style of govern- export item after rubber and 

ordination Act. a major source nient now. and says this will be timber, with receipts growing 

of unease when it came into done, but businessmen also 15.5 per cent in 1977 to reach 

effect in May 1976. Business- wonder whether deferment of US$840m (the rise in 1976 was 

labour force was appreciably men saw the requirement of a compliance is enough, antiripat- 104,8 per cent). The volume 

smaller than it had been during licence for manufacturing ilJ S that the Government might of crude and partly refined 

the late 1960s and early 1970s. activity’ as not only impairing s * e P in on behalf of Malays if petroleum exported last year 
This development would un- their flexibility but also as a ^h e ^ r ventures are profitable, amounted to 7.8m tonnes, with 
deniably affect medium term device to make them take Malay but Prubably not the reverse. some 83 per cent of it going 

growth of productivity/’ partners and employ. Malay T . h * Bank's projections about to Japan and the United States. 

workers under the Bumiputra bu<5 ‘ nes s confidence and private As a producer of low sulphur 
policy. The Government in- ^vestment reflect this uncer- petroleum Malaysia also needs 

sisted the Act was intended to taint >"- ^ sa ys * ts latest survey to import crude petroleum, and 

trend the ensure orderly growth of Industnal trends and expec- last year purchased US$360m- 

up public tarton s (November 1977) indi- WO rth, a 24.5 per cent increase. 

. ... per cent. ,. e amendment excludes tfates ^ go per cent of com- y 

last year (against 14.7 per cent. /J 0 ™, panies surveyed (50 per cent, pa vniSrSlhlP 

in 197&) through civil service ^nuireinent and also relieves j n t jj e j une surV eyj expected -* dOlc 

pay rises, spending on develop- Thera Df llie need to reserve 30 business to improve in 1978 and Overall the external picture 
ment projects and loans to * r * u, V fo * ? aIa >'*’ IW». with only 2 to 4 per cent. is heathy In ?977 SS2 

public agencies and store gov- whlch Ihrealened to delay in- foreseeing a deterioration. The exports rose 12 per cent (46 
eminent £ This year govern- vestment still further because bank also says outlays on fixed pS cent V 1976) though 
ment expenditure is to rise * vestment by the sur- ^lumerosejustllperceS 

again, (hough at about half the h rti “J! 1 “i" ve y ed companies could be ex- ( 20 per cent, in 1976). Gross 

rale of last year, partly because n 1 ' enl ,s *P$<- ,fi cal)7 directed at pec ted to increase 20 per cent, import*; rose 14.4 per cent (15 4 

officials are hoping for a Sf ™ "!£• !lm- ' the l " 1978 in ^ sec0Itd Per cent ^1976) w USjl^bm , 

reroverv in private investment p " ses ln . ,he t0Untr >’ tbe half, and 10 per cent on with volume growing ll.l per 
Bin fears of exacerbating in- Climese business community average in 1979 and 19S0. cent. with the customary 
flation also limit the amount of * r ' 11 waT1ts rhe strapped. At the same time, though, deficit on services and trans- 
it I rast nurture spending con- The government refuses, saying the Bank forecasts a rate of fers, Malaysia’s current balance 
sidcred prudent at a time when f ? e m,mber of licence appjicn- non-oil fixed capital formation showed a US$500m. surplus, 

there is not the manpower * ,ons P rov f s thc * ct ,s not "not siginificantly higher” on capita] account the in- 

available tu carry’ out all the hampering investment. than the estimated 6 per cent fluence of oil is marked. Net 

projects in hand. The Govern- Further signs of government reached in 1977, It is on the inflows of corporate investment, 

ment is also not willing to make accommodation have come in basis of this — together with pro- notably for oil production faci- 
a major move into public sector speeches this year from the jections about public spending, ijties, helped to produce the 
industrial investment because Deputy Prime Minister. Date private consumption and ex- basic balance surplus of some 
of the belief that this might ri Dr - Mahathir Mohammed, ports and imports— that the US$992.5m. A deficit in private 
signal a weakening of its com- Be has said that the govern- Bank foresees a slightly lower financial flows, the most impor- 
mitment 10 the private sector, nient is prepared tu consider growth rate of 6 J to 7 per cent tant component of which was 
It equally believes that there " variation of and deferment this year. Petronas’ accumulation of 

is no point in further lowering fropj complying with specific b foreign reserves abroad (esti- 

i merest rates. Investors have conditions of the industrial It jnT)J|QC|C mated to amount to over 

not taken advantage of easy coordination act “ depending on sr US^SOOm.), reduced this to 

money terms, with the result the merits of each case. He also in making Ihis forecast, the some US$315m. After deduc- 
1 hat licruiditv ratios have soared S3 - VS " no projects nave Bank emphasises the impor- tion for an IMF repayment, this 
over the 40 per cent mark. ^ en ® r will be prevented from tance of the world outlook and produced an addition to the 
some 15 points above the mini- being implemented ’ simply 0 f private sector confidence. It reserves of US$204m. 
mum requirement Money because a company cannot fulfil anticipates little help from Th _ 197g nTntertten 1hat 
supply (including fixed and the Bumiputra reservation con- exports, which it says will face imports tviJ) conttoue to rise 
savings deposits of the private dition weaker demand and pnees. But and do s0 fasler evports ’ 

sector) rose 27.7 per cent in Coming from an ardent ad vo- the pattern of those exports contributing^ to a cmreni 

1976 and 16.4 per cent, last cate of special Malay privileges highlights how Malaysia counts aecount deficit But with a 

year. in the late 1960s who now com- 0 n the primary sector to bolster S er rise in conmrate mflows 

This has raised Government sufficient authority from lt s external economic perform- as oil investment booms the 

fears of pressure on domestic the Deputy Pnme Ministers ance and how it manages to b asic balance is expected to 

prices. Inflation last year was chair to make people believe outweigh some of the problems reraain 5^- ^ £ furtb " 

4.7 per cent. (2.6 per cent, in him. these indications of a new of a continuing dependence on aerumulation of reserve*; i*s 

Iii76 1. but would have been flexibility are being welcomed fluctuating world markets by anticipated 
larger had the national oil as significant. Dr . Mahathir s diversifying .into palm oil in .4J1 this means that the ringgit 
i-nrporation, Petronas. in a move long experience on the foreign the past, for example, or oil as has remained a strong currency 
designed 10 avoid boosting the investment committee, oversee- now or cocoa in the future. j t is adjusted against a basket 

of currencies of Malaysia's 
maior trading partners, but 
broadly speaking i s kept 
deliberately low to help exports. 
Foreign reserves stood at the 
equivalent of US$2.8bn. at the 
end of 1076— more than twice 
as high as the country’s external 
dpbt. which rose some 

blocks. The police says 15 guish a new development- USS200m. to USS1^75bn. „ in 
“terrorists” and nine com- oriented new order from the 1977 to reach about 10.7 per 
January and April and Sacred munist agents were killed last old. But Datuk Hussein has cent of GNP at current prices. 
Rnv 1 and 11 in the Betnng year, and the special branch stayed above the fray, allowed Servicing of external debt, in- 

r,./j 0 n in Julv had set the captured six “ terrorists ” and ministers a fairly free rein in eluding principal repayments. 

vvit>rn»as back on their heels "6 underground agents. There their pwn paddocks, and as a [ os ^. “ om 35 cent in 1976 
hv d7snintiiv’ their network- is also a self-help civil defence Ia wyer arrived at conclusions to o.l per cent, of total gross 
bi.tlhJ ^ rea?ln.Donan L v Ttiic monilisation known as Rukun after careful consideration. The V*?*? m 1977 - historically 
a Temngga. u . Prime Minister’s slowness is SgL but *•» by 

' ’. b ri . The guerrilla war, which is real]y jneticulousness. but bis S espeaally 

Though the infiltration routes the Communists’ second war of unwillingness to juggle several T-t, n ' standards - 
appear in be mure difficult with liberation (they lost the first in ba51s simultaneously has meant -nMiniMd^hirel 
“ ‘he. 194WJ0 emergency), means deJays or clse decisions [ake0 commueo to nate 

the ««]y Po^mial challenge to by others on his behalf _ a maney markets, using its favour- 1 


air operations — Big Star 1 and 
JJ in the Sadao Region in 


country has therefore 

the i-iinti miing construction of , he 1 948410 eniergenev). means deiS^ or dse^ecistors Taken 5 ontinued 10 h ® ve , no double 
the Fast-West highway as a the (mlvp.»teutiaT^ challenge to 2y ottere on his behalf l borrowmg on the internatioiial 

" f'^-broak ’’ straddling the the UMNO-dominated Malaysian frustration for ministers and Sw^piSuonto “ 
north, and the new obstacle of Government Cflmes from the officials> SmiJT iff 

a large dam. there are regular n ..i itarv . o,,*. j n r pi-pivinz impro\e its credit rating, and 

report*; of dashes with small , e , ’ But , Q . t The decision on an election re-negotiale previous loans. Last 

guerrilla °roups and the capture lavish a P' nllon ,® nd . a . Ir i date remains with him, and he y par negotiated a US$400m. 
S“ Ki But ihc ™°, ney IIS tr f dm " Dal will probably arrive at it ip lo™ « a spread of 1 per cent 

movement appears lo lack popu- l? oks . ! ,,r Da l h e consultation with his ''inner °y e r UBOR with a maturity of 

lar support PP The communist Hussein and his colieagues. the cabinet" of Mahathir, Gbazali «fl h t years, and this year has 
presence mav be a convenient 111410 P”* 1 * 01 ^ey have faced Razalei g h Musa ffitam> aQ gone to the market for a 
alarm bell for the Chinese haS 11660 convincing people they increasingly successful team. US$140m. Joan and a YI5bn. 
coni muni lv to noint to when its raeon wliat “V. 0° com- These men are continuing a 

vital interests are under attack, hating Comammism, their deter- course vigorously pursued by This international seal of 

and mav also be a worry for mination emerged quickly Tun Razak which finally seeks a PP roral provides Malaysia with , 

narentK of frustrated vounc- enough. On cleaning up Govern- to dissolve the coincidence y et another string to its develop- 1 

— — -• *• — — — j economic .ment bow, and a good reason: 

Uf liring. “Communism is not provided a strong boost realities” _'(«* it> 'pulLrecog- “JgjL 1’,/S? ™ 

a real aTtcrnative for this coun- Part of the difficulty Is Datuk mses racial distinctions in the te c on ?f e ?**™l™™* 

trv ■* UnEcein’s diffprent st vie TenCku membership of its political prospects, as any government 

f Ab^u^Itohma ^had^a Veialivo^y parties. It is no small achieve- ^ilheyTvould prefer growth 
The effectiveness of the nd , n _ arent iy happy post- ment that it has gone this far T ° be higher ■still. In the rimim- 

powerfu! security forces tends Razak sur- without dangerous friction. stances they have cause to I 

to keep things this way with mdependeuceship. 6 remain broadly. satisfied, 

regular curfew* house-io-honse rounded himself with advisers rk-j- Sherwell C C 

searches, questioning and road who together sought to disun Valins onerweil 


Financial Highlights * 


1977- A YEAR OF 

The financial highlights for the year 1 977, in brief can be summarised as follows:- 


1976(9 mths) 
In Million M$ 

Total value of Management & Co- 
management debt and equity issues, 
underwriting and syndicated term loans 



Total Assets 

. 255.0 


Shareholders' Funds 



After Tax Profit 

; .1.2 


Loans, Deposits, Lease and Bills 



Bank and Client Deposits 

• ' 224.0 ' 


These figures reflect the trust which clients, associates and friends place in Arab -MaJavsian 
Development Bank. They indicate the confidence in Malaysia— our home base — a country' 
characterised by pragmatic political leadership, healthy economic growth with low inflation 
rate, and bright outlook for future prosperity. As the first Arab-associated financial institution 
in Asia, we will endeavour to multiply our efforts to link Malaysia and other countries of the 
region with the dynamic economic and financial markets of the Arab Middle East 


-f <Lfc jC. it I \ 

Arab -Malaysian Development Bank 


P.O.Box 233, 

Tdephone [5 lined 
Telex: ABMALMA31 167/MA 31 169. 


Al KhaMn Road. P.O. Box 5619. 
TdephoiME 57059. 57978. 
Telex: 8583 ABMALGJ. 

* 1977 tgu&s are corsak izied. 

youngest industry 
is growing up fast 

In the lastten years cocoa has grown to be an important 
crop in Malaysia and now makes a valuable contribution to the 
country's economy. 

Harrisons Malaysian Estates have developed 13.000 acres 
of cocoa, working always within the broad guidelines of the 
Government’s plans to create a wider economic base for Malaysia's 

In cocoa - as in oil palm, rubber and coconuts -we are 
deeply Involved in both fundamental research and technological 
development schemes, basing new projects on the experience 
gained through our 70 years’ involvement in large-scale agriculture. 

Our plantations’ management now covers some 221,000 acres, 
comprising 122,000 acres rubber, 85,000 acres oil palms, 11000 
acres coconuts and 13,000 acres cocoa largely interplanted in the 
coconut areas. 

Our research stations and laboratories specialise in plant 
selection and breeding;’ quality control and new processing and 
handling techniques. 

On the industrial .side. Harrisons &Crosfield areinvestors 
with Malaysian partners in engineering; chemicals, timber and 
building materials. 

Internationally, our extensive trading network provides 
worldwide markets for a wealth of Malaysian exports. 

In these ways our work in Malaysia and with Malaysia 
helps to foster progress for the country audits people. 

Harrisons & Crosfield Led, 

1-4 Great Tower Street London EC3R 5 AB. 

Also in Penang, Ipoh, Tel uk An son,Kuala Lumpur, SerembaaKuantan, 

Port Kelang; Malacca, Kuching, Sibu.WCri.Kota Kinabalu, Tawau, 
Labuan,Kudat, LahadDatu,and Sandakan. 



Financial Times Tuesday May 16 1978 

Asean dominates the foreign view 

As and economic influence, in 
the terms of buying from Malaysia. 
Pro- both Japan and Britain showed 

MALAYSIA IS A small country’ dustrial projects to the tune of Malaysian foreign ministry described Thailand and East a rather mysterious land areas of co-opera^an. After favour producer cartels, 

in South east Asia with a large $lbn. official. Malaysia as “Siamese twins.'* mass. They are quite happy with that, Malaysia plifc-ed host to stmh. Malaysia sra 

Chinese minority. Islam as its But again, Eettin" the five But even friendship has not and went out of his way to doing business with their tradi- the annual meeting of the iWCTAU inug marginal changes. In 

official religion, and is a big com- pro j e cts off the ground is Prevented the Vietnamese from pledge Malaysia’s economic aid tional markets in the West, Islamic Development Bank. ^^S im^ortance * 1966 the Japanese market ar- 

moditj- producer. These facts de- proving t0 be no j delivering a stinging blow to if TtaUand is in difficulties. Japan and Australia. Being a .producer cf “most i p - counted fur slightly over is 

termme its foreign policy. tmn, given the economic conflict Malaysi f s chensh . ed ' d * a of a During General Kriangsak’s In March, a conference was primary commodifes, Malaysia Another approacn per wnt . ftf l0 ial Malaysian ev 

In the past year. Malaysian uf i Qterests among SOrae mem- zon * ?? p . eac °- t f ™ do ™ ™ d visit t0 Kuala Lumpur early held in Kuala Lumpur to explore has been taking a much more ofexpurt ports, while Britain took seven 

leaders have had cause to be bere 0nlv ^ Tndnnpsifln lirpa neutrality in South East Asia, this year.' the Malaysians the idea of promoting a active role in international com- stabex (sUbilisation m expurt » Lasl vrar . Ihn 

satisfied with events in South project has nroJed tS be“i™ Malaysia's proposal was shot succeeded, in what they con- "triangle of growth” combing m odity issues indecent years earning*) scheme. The toot accounted for 

East Asia. The Association of singapora's dleseL en-ine down - « 1 ** non^ign confer- sidered to be a breakthrough, the financial resources of the The Malaysian . international w^fth M P<*r cent., while Bntam 

Smith East. Asian Nations, com- pr03 ®^was allowed to «o ahead eDCe m CoIombo in 19,6 - ™ Setting the Thais to accept oil rich Arab states, with the commodity policy is aimed at dnn "? Z s ° took five per cent However :n 

prising Indonesia. Malaysia. J n! j afteMt agreed noUo make n i , the idea of “joint and balanced" technological and managerial countering any adverse price Mr. Fukuda last August. , — i.i — 

Singapore. Thailand and the engines below fi gQg horse power RelatlODSOlP 
Philippines, is a going concern. for ^ in donesian marto? L The ^ 

Reunified Vietnam has shown its nu:i r “: ‘. '"IT" — Malaysian leaders say thev areas are no shining examples resources m Malaysia ana tuner ian in me ruu^nw 7- rr- hff ahead 

readiness to talk to its non- L-iS *? e s V n committed to the idea, of economic prosperity, they Southeast aslan countries The off serious ?em^strations by developed Thev ' nevertheless make 

the idea of “joint and balanced" technological and managerial countering any inverse pnre «». * u«w«« -7 ” ten n 5 or ' selling to Malaysia, 

development of their border. expertise of the Western nations instability which might trigger Japanese indicated that u y h ad fallen far behind 

While the Malavsian border and exploit the vast natural off domestic tenfions. like the would W^^****^ the Japane^. had surged 
eas ar « no shining examples resources in Malaysia and other fall in the lubbagp SlJjnS rfmuhMtt ahead. British goods iMtd lo 

shown sufficient 0116 of Kukrit and Seni Pramoj, fuelling secessionist tendencies. 0 f Islamic Central banks, which sumer participation in such slipped badly, reaecting 
> be accepted by have improved. But Thailand Another spot of concern for set up committees to explore agreements, anji does not erosion Ot ariusn p 
lies as a viable remains an area of utmost con- Malaysia is the continuing fight- 

communist neighbours 
Malaysia played host 

I":: * t not sure ** * marbet for better position, psychologically, on the Thai side would defuse to do the bard work getting out and feels this a best served members, 

n Immii in Kmla LumDur their soda ** “ d urea ‘ to discuss the idea. Malaysia’s some of the social and economic and woo the Arabs. through international com- Japan 

followed hv 1 mifing he Asean has problems reconcil- relations with Thailand, which grievances ip South Thailand, The conference was followed modity price 

„ irv tL.- *h„ ing the interests of its members. were strained under the civilian which play no small part in by the first meeting of governors agreements. 

tween Uie .Aseau iieaua ana in. . t 1 . mis A( Viilm. .*j C..; Iiiallim, t.>rt^ani<jac - e hntlrc luhifh eiimur nnrtici 

prime ministers of Japan, DUC .,. K n “ 

Australia and New Zealand. . ^osT^untries 

The Kuala Lumpur summit jJmMSast Asian" 1 grouping! tern for Malaysia (and ing in the Southern Philippines 

produced no dramatic results. v -j etnami for its own reasons. Singapore!. This is natural. Six between government forces and 

but a significant course was 0p p 0ses j t How to handle the governments had emerged in M os' em secessionists. More than 

charted: Asean is to remain an emergeac e 0 f a reunified, and Bangkok in the past five 300.000 Filipino Moslems have 

economic organisation, with no assert j ve Vietnam has been the tumultuous years. The fled across the Sulu Islands tn 

military aims. However, this preoccupation of Asian leaders Malaysians arc happy to see the East Malaysian state of 

does not mean that Asean is not j D recent years. General Kriangsak at the helm, Sabah since fighting flared up 

security conscious. In fact the . - _ eBoe l* Malavsia has and * s even mor - reassuring seven years ago. The presence 

organisation is a forum where {^JtL th _„ ' thp ! t0 find h p had gained a large of these refugees (who comprise 

members frequently discuss n ,. m i vl cs n , A riini- measur ® support at home, about 15 per cent, of the State's 

common defence problems, and atic re i a H 0ns werp established whiIe externally. he had population) is a sensitive issue 

security' has been the main pre- with Hanoi in t97=i th* lines of raana sed to heal wounds with in Sabah. Some Sabahans want 

occupation uf Asean leaders coramuniration between the two aod reinfor « contacts them to be repatriated, while 

during the past three years. “SiWes have broadened A W1 ? Chij ) a - „ . nthers want them to remain and 

General Kriangsak is no become Malaysian citizens. If 

has emerged as cent. Japanese goods had n >en 
stabilisation Malaysia’s biggest trading from 12 per cent, to 23 per 
It welcomes con- partner, while Britain has cent, during the period. 

reflecting the ^ Sulong 

The Asean leaders agreed trade and technical agreement after 10 years, it was time W as signed during the visit of L ‘v: ------ 

for the organisation to take off. the Vietnamese foreign minister h , made . t man5r f “ ends clt J 3 ® nsh| P' w . ouid J*’ r 

h..r ,h-fp discussions showed Kuala Lumpur earlv this ™.ts as co<ha.nuan polmcal balance .n Ssbah m 

: this was. The mem- j-ear. This wasftllowedby an ^JSSJ^^STS S “ 6 S 

The need to improve 
the infrastructure 

but their 
how difficult 

taM iM^SrieSkrlti™ 1 ^ experts^ whiL.’ied 5 to^h^siero S?emsreuiSu e Hns“ved° rder C °M?laysia e has asked the Manila ■ vra0 has tnyeUed currently hampered by the activities, shippers say the port runway is beinp extended 

f 1 ‘ f n ! n f J? , Jf d .“PL Despite the signing of a new Government to resume talks wi ii testi f r to the absence of a road. situation has not improved and a new terminal built 

Md trade Ihrou-h a fariff which M^ayria wo^d agr 5 emen t and the with the Moro National Libera- ^ ne ^ 0 rk of read? aiports Because of the shortage of much. Shippers say that a com- More than M$Ibn is being 

preferential swtSS: 5 Vietiiam the rehab Uitati^f launch - mg of major j° int tion , Front t0 get * . pea ® e,u | and telecommunication facilities manpower, the Government plete overhaul of the Port’s spent under the Third Plan on 

preferential system. Vietnam in tnt rehabilitation of opera tions against the 3.000 settlement of the conflict, least jn Ma]aysia . Jn Peninsula recently announced it would in- administration and workforce is improving telecommunication*. 

Malayan communist guerrillas it attracts active intervention ^ few popu . V ite the private sector to under- needed, but the problem is com- including MS400m. fur switch- 

last TPar thp Thaic ara Viooin Frnm niTtciHp nnuipre ATalaVSiS . . / “ . L _ i 1 - .mm « l : . ...1 k.. tkn »knt tka incr MSlS 9 . 5 m fnr subscribers 

its rubber plantations. 


Indonesia, fearing a loss 

revenue and damage to ______________ 

fant industries, resisted moves always a possibility. Asean unless the Malaysians are pre- complete independence. reduced 'to "a ~matteY ’ of hours to recover their costs and profits area, and he is averse to any 400.000 telephone lines arc being 

for a wider tariff preferential members can only be vigilant, pared to help them fight the Being a. Moslem country. witb the expansion of roads and through tolls. action which might anger the installed. Overseas com mu mca- 

system. In the end, Singapore yietiiam is beginning to play Thai Moslem secessionists. Malaysia is placed at an advan- rura j semces. A sum of M$200m. has been port workers, who are his voters, tions will he expanded hy a 

had to concede to this demand. role in^ South-East Asian In a country where Islam is tageous position to attract Arab ^ ^ ^ ^ . allocated for the improvement A sum of M$630m. is being second earth satellite station at 

.Asean leaders were on more 


So far, Malaysia finds it com- Thai Moslems 

situation— more so when the venture into the Middle East, telephone and telex applications profit “ corapared t0 the severe that handling capacity of West men t announced an additional 

" - , T . _ , 1 - * _ f^AAimnt nAu . n - uiai Haiiuiuic. La^aLiij kii ncai ’ - 

common "round when thev con- . ^T *“» “ w »«" Uiuaicm = ; are of Malay Trade is being hindered by and the frequent power cuts Josses u sufferad ^ previous Malaysian ports will double M*1.3bn. 

front JaDan Australia anti New that no arms from slock aQ d h »ve close relatives in the lack of shipping contracts, present another view of the This is largely due to the front 6Sm P tons in 2975 to fanlities 

Indo-China had found their way the northern Malaysian states, and unlike the South Koreans situation. Malaysia’s inf rastnic- its Setlc -eneral 11 S, tons'in 19S0 

SSL" “ t0 ^ hands of the local But, says the Malaysian Prime and Taiwanese, who have carved tural development has been im- ***« 11.4m. tons in 19S0. 

obvious tar^ei, and the Japanese guerrillas. “The Vietnamese Minister, Datuk Hussein Onn, out a hefty slice of the Middle presslve, but demand has out- hp took over ft 

Pnme Minister. Mr. Fukuda have shown that they want to Malaysia will do nothing that East business, Malaysian stripped, supply. 

promised to 

leading to Before he took over four Olltlet 

extend financial befriends. We have to assume would threaten Thai territorial businessmen (who are mainly severe strains being felt in ^bJic^Mndaf It hatTno noltar The 

fie five Asean in- thev are cinr-ere ” cauc a canin, intaai-it,. TAnt., 1 , TT I _ _i:u e_j ii_. ,r.- 3 J, _ rartain cnrrnrc PUDIlC SCanuBJ. IL lld.ll UU H ' ' 1 nC 

on telecommunication 
under the Plan. 
Demand for electricity i* 
expected to grow by 12 per 
cent between 1976 and I960. 
The Government has allocated 

assistance to the «ve Aaean in- the, are sincere.” says alenier integrity'. Datuk" ■ "'Husse'in aSSS^m'm & iiudT. «rhun seetors. ' Gudang iZod 

Under the Third Malaysia was high and its stock was sioned last year and will be an- in Wps f Malaysia is 

Plan, a bold attempt is being heavily underutilised. Even to- important outlet for \the in- ex P ected 10 douhle from 911,1 
made to ease these bottlenecks, day, there is opposition lo creasing volume of palm oil and ? e fQof tts “ ,Ud0 megawatts 
and to provide infrastructure to efforts to clean up the mess, rubber from Johore and by 198 °- 

areas that are currently poorly some coming from the railway Pahan^ The M$200m. port at. Ow in B to the rise in fuel 
served. staff, who find their lucrative Kuautan is expected to be c ? s ? s - the authorities are now 

The total allocation under the sidelines being cut by Datuk operational by the end of this *»Sap h> !han 

Plan fnr mads rail wavs oorts Ishak s reorganisation. There year. electric power, rather than 

airports, telecommunications,* k evidence that some of the During the second Malaysia Great . Potential fur 

postal services, electricity and re «mt derailments were due lo pi an> airports in West Malaysia Th a °i «» np h ^nH 

water supplies amounts to sabotage. . . recorded an annual 21 per cent and Trengganu. The long anrt 

over $M6.3m., compared with As P art of Us modernisation increase in passenger traffic and ra Ptd flowing n\ers in barawak 
§M3.3bn. under the Second Plan, programme, the railways will an annual 37 per cent, increase ***. vu tually untapped and a 

spend MS54m. on new coaches, freight while smaller, but s ^ ud -' 1S being conducted to lap 
M$21m. on diesel locomotives, significant increases were re- . e hydro power resources of 
Increase and signalling systems, and co,.^ by East Malaysian au 1 - Sarawaks ri ' ,ers and 

^ * * - a M$25m. on track renewal. ports. - electricity to West Malaysia. 

Even taking into account mfla- As an indication of its confl- •. Bnprovements are bein'* Major Power projects cur- 

ti°n, this is a hefty- increase. dence ,- n yie future of the rail- ma de to the Kuala Lumpur and r f Q ? y . bein ff imdertaken in- 
But finding money to finance wavs _ fiovemment is study- Pun in r* aimnrtc tn iiin,., tha«. dude the- extension of the Prai 

,-v r ^!^i' y k 1 Point : /vt a i a y.§.i a . ; s : t ‘ • & ■/■/c f •! d ■ s - ! a rij® s.r 
;7 : . P,r<kJii e'er c ! , -:od i'cal . I i m be ; '„a n d : i rrib'af ■ 
;/-^?v>o=v ''-accounts; fo; 5% otj ha 'cduh try s-QN p 
' ;.'-yfind..;S2;5CG rnP i ■ oTi ' a year, in export 

-5- '••. ; /©srnintiSi To oversee'- 1 he scfivitiss'o^- 
tHs tfnporla'n* dfivfiipRrnenHridusiryV' 
;v v ; >h^' oaver^ne--. has sue^a; :y. created 
Malayan 7 ■•nbef Lh dec r/ Board. 
Point: We -are . the e.-per- ticensinc; 

' .abthOri i v; We. S.-3C- oo-orddiale the 
•' V.^’-activiti-es. di.nrore man • dPO organ;- 
‘"‘zajiqjns involved id the p ; arte tap* u re and 
v. •; V 1 : . d ex pert o *■ l i rri b e r- a n d -i i rr: b o r- products • 

•idi ‘,-k v'^nci .p roy iae- corri p pg h ens r »• e services — 

preanisatidhs ._:cx:-nntc.ted'--vv,itfe ; drhe - 
-.ndiisirv. We ais'n maWtaVi' <l r Hfi- i ix«th-' : 
V a r : d ; j s , 1 h : s rr • a t 1 on. j) h it>o f: r esekr.c h ' 

■ arid dir. Hl';o'p r no*. + ;" :.';'.'>a r idSt-iv n 5 ^c 1 '- 

rectr-vs 8 CC r 0 pers f, c -^. 0 - p. : r?.C P' 

area r es . ?.c .-a .. -.y.a'rvc i-'p-.' 

■■proposal s. 's-'W-W "p'' : - r •! 


•siarr ' ;• rh'b e a- thdi^STV' Beard W .'Wat'-We^ 

.v .ij- O' ■ ivss r -cvv ■¥- 

V-Wd ^ ' d • for. Ma ■ 1 a n nrtur by Mo' j ng M 

r rade , ' - ' . ' Ml 

■■ ■ proble'---: , 

• . r i - o . ; - W r d doaa la 3 r -e o o-s 1 ; ' i e c ■■ 

' ~ r '' ■ 'tv 6 i-j n n ■ /'o 1 y ferrt-'; • 

' ■ . "JfC: ..." W.W'e- (yfaja-y c an tj rdcn-iiv 
^ s ' . 'S'tf'r' . aqdudtq^W dyrd ; ; rst: k tac .• 

| adt* 71 5- dddr'dd$~ ; : 

S'Hb.vvft&fe I'ovvW 

cut nnaiEie, money to nuance waj . g tbe Government is study- Penang airports to allow them c : ude ^ extension ot the Prai 
infrastructure does not present ^ poss i b flity of extending to handle a peak hour traffic of station -with three 120 

a to r th .® the network from KujUa 2,600 and 1.000 passengers res- MW in . stal,atio " V f 

Government. It is estimated Kuan tan and the East Coast pectively. The Penang runway two ^ MW units at Pasir 

that 40 per cent of tiie : cost of M welI as laying a new line £ bee J a ‘ iSShSdtoTSS 1 thennal f stalion - and 

5J5? S! betweea and Port LunmL i^bos. A^new airport S development lhe 400 Mw 

W ? A ?^ S While significant improve- Senai in Johore was opened .two K« n ,.7 re i[l Sganu ' 

World Bank, Asian and Islamic nent is being 00ted in the rail- years ago. although traffic is . J* 1 ® 35 ? Mw Temenggnr 

Development Banks, and bi- ways> tlie situation at Port slow in picking u^ ! ,ydro project was completed 

lateral aid and credit. Klang, Malaysia’s premier port. i n east Malaysia, where poli- I 35 * . v . ear - but its commissioning 

“The loans we float in the is deplorable. It was hit by a ticians. administrators, busi- { s “Clayed owing to. the 

domestic market for develop- container crisis last year when nessmen. and ordinary citizens a . of , water a ^ tb e ^m- There 
ment projects are always over- thousands of containers clogged rely heavily on air transport to was 3150 .. a p . - l0 build a 
subscribed, and our credit it up and ships had to leave get around. M$47m. is ■ being P° wer station in -Pahang with 
standing overseas is excellent." without loading. spent on new rural airfields. Kussi ? n a ’d* but owing to 

says a Treasury official. “Our Long delays, pilfering and Kota Kinabalu airport has been ® ecu f‘ ,t >' ^ easons ' t1ic Project 
main constraint really is the gangsterism are common, and converted into an international nas Deen dr °PP e n. 
lack of skilled manpower. This despite efforts to check these ' airport while the Kuching air- Wong Slllong 

is what is preventing us from 
pushing ahead faster." 

The Government estimates 
that it is 20 per cent, short of 
professional people, like 
engineers, architects, surveyors. 
and technicians, and in the 
Minister of Works and Utilities 
alone, there is an urgent need 
to fill 500 posts for engineers, 
architects and surveyors. 

In Peninsula Malaysia, road- 
Iway has doubled to some 12,000 
miles since independence but 
the' number of vehicles has 

ssrsii? J? a p sa ^ 7sian ™ --n'r « 

especially on the west coast and ^ * a ,n °; > ear> s 7.4 per 
in the cities. cent, drop in production of tin- 

A sum of SMI.TTbn. will be J ? K 
spent on ruad construction ct » 7 L 
and improvement, including f 1 * ; ? mh * r 

$M500m. for Sabah and e^rted this year, per- 

Sarawak. Among the major be *®f 5 f , 000 tonnes <aut- 

projects currently undertaken f . in 1h 
-is the East-West highway link- iqts* 5 i h„lj 

ing the northern Malavsian 19 ‘* ? r ° JeCtl0 fl- 0 L« b 4 otton, ™8- 
states: the Kuantan-Segamat ataorae W°° # h ton “ s ' n 
road, which will open up the ? he autu J nn '® ,80 . Q ‘ 

jungle areas of central Pabang now looks 

state, and the Kuala Lumpur” d “idediy optimistic. 

Karak highway, which will Malaysia nevertheless remains 
shorten the distance and world's largest tin producer, 
improve safety for traffic to the accounting for some 35 per cent. 

The outlook for 
tin production 

of global production in 1976. 
And buoyant international 
prices last year certainly 
cushioned the impact of the fail 

a dual carriage hiehwav and *2 out P“t- T . he P ricc burst 
the building of the link between 5JJJIS * hc IntC I 

| East coast. 

Two other major roads being 
planned are the conversion of 
the West coast trunk road into 

national Tin Council's newest 
the first 

Kuala" Lipis -in Pahang and tho . 

Kuala Krai in Kelantan, passing r“f®_ v n Ve ? «° f 

through Gua Musang. =t nr k if d *** b . U f Br 

- stock of meta l a week later. 
The Kuala Lipis-Kuala Krai soared past a new MS200 to 
road is of strategic importance. MS 1.500 a picul (133.3 ibsi 
Like the East-West highway, range established in July, and 
whu-h is three years behind touched a record MSI .895 in 
schedule because of communist October, The price has since 
harrassment, it will add mobility eased and was hovering above 
to the security forces, who are the M? 1,500 mark in April. 

Thus, in spite of the lower industry! The iqts 
1977 output and a fall in the is bete/put at wel below^ 
import of tin concentrates for tonnes, an impraveraenr on 'Iast 
smelting end reexport-to- year’s 

gether making for an 18.4 per „„ _ . pnijwnon. 

cent export decline to 66,516 '-'ncertamty over U.S. policy 
tonnes — Malaysian tin export 0 . 0 ? ls /? osaI of its iar Ste tip in 
receipts actually climbed 12.8 s te ck P 1 ie has also influenced the 
per cent, to a record level of pnce ’ Th( : u - s - is a tia con- 
Kl.Tbn. in 1977. This surpassed taking 35 per cent, vf 

the 1976 record of M$L5m. and if . y ? ian expurt s last year, but 
made tin the country's fourth . Iaa . a Potential " producer" 
largest export earner in 1977, n T Jn stocks put at soro? 
contributing 11.3 per cent, of 2rtSln tonnes abov ' e its 35.000- 
foreign exchange earnings. w.000 tonne strategic stockpile 

requirement. Developments over 
TnfliinnoA the passage through Congress of 

lniiuence various bills authorising disposal 

“Strnn-v of Up to 45 ' 00 ° tonnes have had 

«innlv“ b w?c ,h d * d ■ t,8h * an unsettling effect because this 
supply was the dominant could upset the market as well 
influence on prices in 1977, as cover the shoXl 
according to Bank Negara (Cen- Malavsii «™t r 

tral Bank), and the world short- aUenltin - fJi?^ k i‘ f 

revised^ te^lSOOO^toTnesS^as * Anieriwu! t ore?ease 

sXeVaH 'JZSS& r jsw*" a B srs: c r ss 

and dampened demand (with likely^nce ft?us TegiSe 
continuing slack in the steel position is dLu£. hSSSSI 


Financial TJroes Tuesday T8ay 16 1978 



Oil and gas in 
the pipeline 

TKG CONCLUSION of u This doss not include the 
agreement two months ago capital expenditure on the LNG 
between Malaysia’s National oil project in Sarawak, where work 
company. Petronas. Shell and is now going full steam ahead. 
Mitsubishi, to build a $USlbu. Preparation on the site, at 
liquid natural gas plant in Bintulu, has started. Shell has 
Sarawak marks another land- sent its top officials on a recruit- 
mark in the development of ment exercise in Europe. 
Malaysia s oil and natural gas j n the meantime, oil will con 
resources. tinue to dominate Malaysia’s 

If there are no further delays petroleum industry. With the 
(the project has been delayed commissioning of two pro- 
by four years because of pro- duction platforms off the East 
traded negotiations), Malaysia Coast of Peninsular Malaysia by 
will begin to export LNG to Esso early in the year, the 
Japan by January 1983 — at the country now produces well over 
rate of 6m. tonnes a year for 20 200.000 barrels of crude a day. 
years. The commissioning of the West 

Yet, it was not long ago that Malaysian field and increased 
many people were questioning production from fields off the 
the future of Malaysian’^ oil shore of Sabah has helped to 
industry. Negotiations on pro- offset the decline in production 
duction sharing during 1975-76 Sarawak, 
were tough and tense. At one Esso plans to establish two 
stage. Esso stopped exploration more production platforms in 
and threatened to pull out com- the West Malaysian field, which 
plctely. and the Prime Minister is siuated some 150 miles from 
had to step in. shore, to- better utilise the 

The sweeping amendments to potential of the field. Petronas. 
the Petroleum Development Act while stressing heavily the need 
providing for management to conserve the nation’s oil and 
shares to Petronas. were quietly gas resources, has so far been 
scrapped, and production sbar- very receptive to the request of 
ing agreements were concluded the oil companies for higher 
by tlte end of 1976. production. The major argu- 

Since then, the oil companies .®ent behind the conservation 
are bringing back their men. policy is that Malaysia is a net 
The oil bonanza is now on in exporter of oil by a comfortable 
Malaysia. With investments in ntargin. The three refineries in 
most industries still sluggish. Malaysia last year refined 5.3m. 
the oil industry is being looked tones of crude, of which 3.8m. 
upon as a new growth leader, tonnes were imported. The 
Bank Negara, the Central Bank, country o n the other hand 
has singled out the oil industry exported 7.8m. tonnes during the 
as the fastest growing industry y ear - 
in terms of investment and out- 
put for last year. P 

The value of new investments L/UU8Cl ¥ dlwu 
by the industry last year It has been estimated that 
amounted to nearly M$40Om., or without conservation Malaysia's 
nearly 10 per cent, of total lbn. barrel reserves will not 
private investment. This trend last more than 12 years. Given 
is almost certain to continue the diversity of her sources of 
this year, as the industry has revenue, Malaysia can easily 
already made large commit- afford lower petroleum revenue, 
ments in the years ahead. Lesons derived from the 
According to Petronas. the exploitation of other depleting 
foreign oil companies collec- resources, tin in particular, have 
tively will he spending some- prompted the Malaysian Govern- 
thing like SM1.44bn. this year ment to be more cautious in 
on exploration, development, developing oil .and gas 
production and other expenses, resources. 

It is the Government's 
philosophy to maximise partici- 
pation by‘ local interest in the 
new industry. This, however, is 
possible only if the industry’s 
rate of expansion is slowed down 
so that local entrepreneurs can 
catch up in terms of technology 
and capital. 

When the Petroleum Develop- 
ment .Act was introduced in 
1974 making it necessary for 
downstream oil companies to 
concede part of their equity to 
the national oil company, many 
thought this would happen 
almost immediately. But they 
were proved wrong. Until 
to-day, no “serious ” discussions 
have yet taken place on the 
matter although the chief execu- 
tive of Shell in Malaysia, Mr. 
Jan de Ruiter, said this would 
perhaps be the next area of 
settlement between Petronas 
and the oil companies. 

Petronas officials have always 
confessed that they are not 
about to do things outside their 
capacity to do well! And this 
means that they have to move 
pretty slowly given their limited 
expertise. To rectify Its lack of 
expertise and knowledge of the 
industry. Petronas has con- 
tracted a host of foreign institu- 
tions among them C. Itoh and 
the Industrial Bank of Japan, 
and Morgan Guaranty of the 
U-S. as its technical and finan- 
cial advisers. 

Without thinking of direct 
participation in the existing oil 
refining and marketing opera- 
tions. Petronas already has 
more than enough to concern it- 
self with in the next few years. 
The implementation of the LNG 
project, the first direct participa- 
tion by the State oil corporation 
in production, will constitute a 
challenge in terms of finance 
and management 

Given the estimated develop- 
ment cost of $lbn. and the 
national oil company’s obliga- 
tion to fulfil 65 per cent, of 
this, it would place a major 
strain on its existing financial 
resources. While it is in the 

position to make use of its own 
resources to pay for its partici- 
pation in the joint venture com- 
pany to run the LNG project, it 
will be compelled to look at ex- 
ternal sources to finance the 
capital cost of the project. 

The search for finance will 
have to begin soon as initial 
tenders have already been 
called for the LNG plant. 


The importance being 
attached to oil to-day is more 
for its investment and leader- 
ship of the country’s industrial 
development rather than the 
immediate need for foreign 
exchange. Nevertheless income 
from oil has been on the 
increase since the 1973/74 oil 
crisis. Exports of crude and 
partly refined petroleum last 
year rose by 15.5 per cent, over 
1976 to M$2bn. as a result of an 
increase in export volume and 

Minerals have always been an 
important component in Malay- 
sia’s exports. But the decline 
in the production of tin since 
the beginning of the decade has 
threatened to reduce the 
importance of the sector until 
crude oil comes into the picture 
in a big way. Since 1976, 
petroleum has emerged as the 
third most important foreign 
exchange earner after rubber 
and timber. 

Malaysia's oil and gas opera- 
tion to-day is excusively offshore 
although the first field ever to 
be developed was onshore in 
Miri, Sarawak. Attention 
shifted to offshore areas in the 
early 1960s. Until the com- 
mencement of production- 
sharing contracts in late 1976, 
these areas were explored and 
developed based on the con- 
cession concept where the 
Government's takes were 
limited to royalty and income 

Eight international com- 
panies— -two from the Royal 
Dutch/Shell Group, Mobil, 
Conoco, Esso. Oceanic, Aqui- 
taine and Sabah Telseki— were 

given exploration licences 
covering 160,000 square miles 
of offshore area. Shell. Esso 
and Conoco struck oil of com- 
mercial quantity. At the end 
of 1976, Shell and Esso entered 
into production-sharing agree- 
ments with Petronas. 

Conoco, which struck oil and 
gas in two locations off the East 
Coast of Peninsular Malaysia, 
also joined the production 
sharing negotiations but nothing 
has so far materialised. 
Petronas has made a firm pro- 
posal for a joint venture to 
develop the field, but accord- 
ing to an official of the company, 
Conoco is yet to reply to the 

With conservation forming 
part of its major policy. Pet- 
ronas has been rather conserva- 
tive in estimating the country's 
oil and gas reserves. Oil 
reserves have been placed at 
about lbn. barrels and gas at 
17 trillion cubic feeL Of the 
oil reserves, Esso accounts for 
about half. Shell around 400m. 
barrels and Conoco 50m. 

Eleven trillion cubic fee t of 
recoverable gas so far deter- 
mined are non-associated. Shell 
accounts for nine trillion cubic 
feet and the remainder belongs 
to Conoco. Shell’s reserves will 
be developed under production- 
sharing contract with Petronas 
to supply the Bintulu LNG 

The next few years should 
see Malaysia entering a more 
exciting era of oil exploration 
and development Petronas will 
open up new areas for explora- 
tion in the near future. Down- 
stream, Petronas is expected to 
increase its activities to supple- 
ment its existing aviation fuel 
dispensing and bunkerng. There 
is also the likelihood that it will 
go abroad through the proposed 
tripartite venture to set up a 
refinery on the Indonesian 
Island of Batam, south, of Singa - 
port Talks have started between 
Malaysia. Indonesia and Kuwait 
for the project 

A. Kadir Jasin 



and the price range is widely 
expected to be revised upwards 
at the next meeting in July. 

Producers want the rise be- 
cause. even though the market 
price has stayed beyond the 
ITC range, the floor provides 
a benchmark Cot future invest- 
ment Costs have risen so 
markedly that the floor price 
is providing insufficient 
security. Bank Negara says the 
average cost of production of 
tin metal in Malaysia in 1977 
rose 26.4 per cent '(to MS1.274 
a picul) for gravel pump mines 
and 42.5 per cent, (to M $1,002 
a picul) for dredges. (The 
figures include export duties 
and surcharge paid by com- 
panies under a tin price-based 
formula.) Producing countries 
are saying the price must top 
MSI, 600 for any new mine to 
show an acceptable return. 

Higher prices alone would 
not stem the decline in pro- 
duction, however. Paul Leong. 
Deputy Minister for Primary 
Industries, recognises the need 
for improved processes for land 
leasing, fiscal incentives, better 
surveys and higher technology 
to halt the decline in the num- 
ber of mines (from over 1,000 to 
about 840 since 1970. wi th 
nearly all the 780 gravel pump 
mines re-working old ground) 
and the fall in employment (23 
per cent, in tbe past decade). 
The companies want action on 
land and taxation in particular. 
In spite of government efforts 
in both areas, they are still un- 
happy about the deal they are 


With tbe depletion of existing 
ore deposits, revitalisation of 
the industry ultimately hinges 
on the land issue. The govern- 
ment began to move last year 
to counter some of the difficul- 
ties and delays in obtaining 
approval of new land for min- 
ing, renewed mining leases and 
prospecting licences. Last 
August the National Land 
Council approved the establish- 
ment of a National Mining 
Code to standardise procedures 
on prospecting, land alienation 
and the issue and renewal of 

But the problem goes further 
than time-consuming bureau- 
cratic hold-ups. Land is a state 
matter, so the federal govern- 
ment is virtually powerless in 
this area. The New Economic 
Policy demands that 70 per cent 
of new developments be 
Malaysian-owned, and some 

states will open up new land 
only when BumipuLras (in- 
digenous Malays) can venture 
into the industry. This can 
often only be effected through 
slate companies (like Kumpulan 
Perangsang Selangor <in the 
state of Selangor) — though 
“Ali Baba” cases are known, 
in which the policy is frustrated 
through Malaysian Chinese put- 
ting up the cash for Malays. 

Some states have also been 
unwilling to open up new land 
because they believe, with some 
justification, that they have not 
benefited from the exploitation 
of a valuable non-renewable 
resource to the degree they 
have deserved. This feeling may 
have been assuaged lo some 
extent through the larger cut 
of the tin cake proffered in the 
1978 budget. But Selangor, for 
one. is still obviously dissatis- 
fied. and its latest intentions 
have set industry and federal 
government hearts fluttering. 

The Chief Minister said in 
January that renewal of expired 
mining leases would, like new 
applications, be “ subject to 
Kumpulan Perangsang Selangor 
being involved either as a 
partner or through ihe issue 
of subleases.” In March he 
repeated that the state govern- 
ment would in future take over 
mining leases once they 
expired, and all future projects 
would be given to joint ventures 
involving 70 per cent, participa- 
tion by the slate government, 
that is, Perangsang. No more 
leases would be issued lo the 
private sector for tin raining in 

In the words of one industry 
source, the companies are saying 
"to hell with this," though it 
is stressed the issue will not 
blow up properly until the 
federal government view is 
made known. If it does come 
to a head, the industry will 
probably seek compensation, 
even thougb legally tbe concept 
of an expiry date implies the 
possible loss of a lease. The 
industry says companies simply 
will not invest in the period 
before expiry- 

Meanwhile, Paul Leong has 
written to the Perak chief 
minister to propose a joint 
mining committee consisting of 
government officials and indus- 
try representatives so that 
some of these kinds of difficulty 
can be resolved. By the middle 
of April he had received no 
reply. The long fuse of this 
potentially explosive issue there- 
fore continues to bum. 

The lax issue may also be a 
continuing bone of comention. 
Some 70 per cent, of net 
revenue of the more profitable 
tin mines can go to ihc Govern- 
ment, and as a concession m the 
1978 budget last October the 
Government changed the tin 
profits tax from a flat IU per 
cent, rale to scaled rates. The 
industry is now suggesting this 
will only help companies with 
profits of less than MSfilHi.ntJO. 
adding that the way things 
work in practice, with small 
companies deliberately not 
posting profits, the tax looks 

The Government also in- 
corporated its two most import- 
ant revenue earners, the export 
duty and the export surcharge, 
which the high tin price? have 
been making still more import- 
ant. The change envisaged a 
reduction in the overall duty 
which companies paid n.« long 
as prices wore below MSI. Soft, 
but Ihe industry (eels Unit the 
move mainly benefits the Stale 
governments, which had pre- 
viously received :t 1ft per cent, 
share of the export duty only 
and nothing of the surcharge. 


Whatever the arithmetic 
demonstrates, (ho companies are 
nnw talking of continued ill-will 
in the indusl ry. But they >nll 
think tin has an nsMircd hmire 
in Malaysia. even if its sfar ts 
in relative decline. A Bunii- 
putra company is producing 

2.000 piculs a month with a 
single dredge i»n j new mine in 
Kuala Lancat. A jninr venture 
between Perangsang and Rn» 
Tinto in the same area is 
ted to produce 2.5U0-3.00U piculs 
with its new MS- ’«n. dredge, the 
biggest in the wmid. 

Preparations arc also slowly 
going ahead to exploit what is 
potentially the world'.-* largest 
tin mine, the Kuala Langat deep- 
level deposit estimated at 

300.000 tons, a tier tortuous nego- 
tiations between Charier Con- 
solidated and g nvc rnnie nt* 
hacked Pernas. Land is still a 
big prohlem. and this enterprise, 
as much as any other, has 
demonstrated an emerging 
truth about the Malawian tin 
industry — that the problems it 
faces are political as well as 
technical. But it is apparently 
worth it. As Paul Leong points 
out. the list of tin's uses keens 
growing, vast markets still 
remain untapped, and overall 
consumption can only increase. 




Malaysia is a land of many assets. A stable government. Abundant, 
educated, easily trained labour. One of the highest standards of living in South 
East Asia. An average annual growth rate of 8% in real terms. Described by the 
World Bank as one of the richest nations in Asia. 

To these assets add one of the strongest currencies in the world — used 
by the International Monetary Fund as loan currency. A world leader in the 
production of tin, rubber, palm oil, timber and pepper. 

Investment incentives are available for labour intensive, agro and resource- 
based, high precision technology and export-oriented, industries. These include 
tax holidays of up to 10 years, free repatriation of profits, excellent infrastructure 
and speedy processing of proposals. 

• - . Perhaps that’s. why more than 600 international manufacturing companies 
are in Malaysia today. 

. Examples: 

Europ e — Robert Bosch (Bauer), Carlsberg, Siemens, Plessey, Ericsson,’ 
Kehrli X-ray, Nordmende and Dunlop. ICI. G.E.C.. J & P Coats. Guinness. Unilever. 
Newey, the Inchcape Group, Beechams, EuromedicaL Johnson and Johnson and 
the Glb<o g roup from the U.K. 

Ja pan & Hong Kon g — Matsushita, Toshiba, Hitachi, Toray Industries Inc., 
Textile Alliance, Carter Semiconductor, Sumitomo, Marubeni Corp., Mitsui, 
Sankyo Seiki. 

. U.S.A. — Goodyear, Monsanto, Texas Instruments, Motorola, Union 
Carbide, Colgate Palmolive, Esso, Dow Corning, Borden International Corporation. 

If you' re prepared to expand, we’ re prepared to talk investment. Let's talk 
Malaysia. Your profit centre in Asia. 

Fill in the necessary or attach your call-card to this tear-slip, and mail it to: 


Malaysian investment Centre, 

17 Cuizon Street, London W1Y7FE, England. 

. Cable: Malcentre, London. Tel: 493*0616. 
or . . 


Malaysian Investment Centre, 

4000 Dusseldorf 1, Konigsallee 30, Federal Republic of Germany. 

Cable: Malcentre, Dusseldorf .Tel: 3204005/5. 


Malaysian Investment Centre, 

42 Avenue Kleber, 75116 Paris, France. 

Tel: 727-66-96. 

Dear Sir, 

We are keen on examining the possibilities of establishing a 
manufacturing plant in Malaysia Please send us a copy of your free brochure 
‘’Malaysia — Your Profit Centre in Asia". ■ 




Federal Industrial Development Authority of Malaysia 

4th-6th Floor Wisma Damansara, P.O. Box 618, Kuala Lumpur, Malaysia.Cable: FIDAMALTel: 943633 

financial Times Tuesday May 16 1978 


Easy money rates fail 

i" *’« 

to quicken demand 


becoming increasingly con- 
cerned about their high 
liquidity. Despite an easy money 
policy adopted by Bank Negara, 
the Central Bank, during the 
past two years, which included 
a one per cent, cut in interest 
rates last June, bank liquidity 

has been rising. 

¥n w&Sh: 


To compound the concern, 
there are few signs that a strong 
demand for credit is round the 
corner. Bank Negara shares 
this concern, but feels its 
present monetary policy is 
liberal enough. It has also' to 
worry about the effects of an 
easy money policy on inflation, 
which is showing signs of edging 

For reasons discussed in other 
articles of this survey, Malay- 
sian businessmen are uneasy 
about local and international 
conditions, and this hesitancy in 
investing is likely to prevail for 
a while yet. Faced with a weak 
demand for credit, and an influx 
of funds from good export 
prices, Malaysian banks found 
that their liquidity is now at a 
15-year high. 

Although they are required to 
maintain a statutory minimum 
liquidity ratio nf 25 per cent., 
this ratio has risen from 36.2 
per cent, at the end of 1975 to per cent, in 1976 to 41.8 per 
cent, last year. 

Commercial banking activity 
last year was less buoyant than 
in 1976. reflecting the slowdown 
in the economy. Deposits rose 
by 16 per cent, to M$1.733bn.. 
compared to 30 per cent, the 
previous year. Loans and 
advances increased by 18.6 per 
cent, to M$1.5bn. compared to a 
rise of 24.6 per cent, in 1976. 

Malaysian hanks underwent a 
fairly critical period during 
1973-75, when many began to 
compromise sound banking 
practices in ihPir search for 
growth and profits, and snme 
began to find themselves in a 
tight spot over their loans 
when the international reces- 
sion began to hit the local 

The local banks allowed their 
equity base tn be eroded, so 

'4* -'f ’* 

-hi . 7 - 
' v L- 

that by 19io, the equity ratio now serving a six-year prison some form of penalty. above had increased from 9 per f v ?T ^ 

to total assets was down to 6 term for corruption and "Agriculture forms 30 per cent, to 54 per cent .during the JB a 

per cent., compared to 10 per forgery 1 the bank incurred cent, of out GNP. yet this same period. IB S y -f '.L - JBvai 

cent, in 1965. The Central massive losses. The Govern- sector receives only eight per Due to excess liquidity, jgflfi ^■-4 ‘ 

Bank stepped in and due to ment had to make an immediate cent of total loans. This is merchant banks had been able - .r«- . - v/g yafT m 

strung pressure.- the domestic loan of M$47m. to prevent it very unsettling." says Tan Sri to take advantage of this cheap h jafap ■'*•« ‘ V- Jf 

banks tuok corrective action, from going under, and it had to Ismail. source of funds, but they could ‘ - : f 

including injecting new capital take over its management. He concedes some banks face face problems once this ■iJSm ‘ -l. 7*1 

and adopted a more discrimina- Foreign bankers often difficulties in meeting these liquidity is absorbed. • . 4. , 

tive approach to lending. The characterise Bank Negara's targets. As a result, he has While merchant banks have ■" a W 4,. r^ : . V* 

ratio has been stabilised at policies as conservative, but ’he directed them to deposit been concentrating on the more ' j'inm ■. ^ ‘ 

around 6 per cent., and Bank Governor, Tan Sri Ismail Ali, M$27m. with the Agriculture elementary but lucrative money ■ I r *n\ •• ’ 

Negara feels that the worst is denies this. He points out that Bank to he given out as loans market and other fund-based t X .it i 

now over: and the banks had local banks are even more con- to farmers. operations, the Central Bank : ■ ?. f, .'£• ' ■' . ’ “ . ' 

emerged in a stronger position servative and that many new Another institution created feels it is time for them to get " s - 

than before. and profitable areas of business, for this purpose is the Credit more involved in functions . . , .. ..i., -mrtuniinn imvrnc 4/mrt’ nfflifto- 

The great weakness uf Malay- such as foreign exchange opera- Guarantee Corporation, formed expected of them, such as loan The beginning and the end of the ruoOcr proai C on j . . - • t , , 

sian banks is sUll the lack of lions, were introduced only in 1975. In return for a fee syndication, corporate finance tiotl ICOrkers loading latex into transport tanners anu oeu*c. vuimhu 
professionalism among its after Bank Negara's insistence, of a half per cent, per annum, and management and financial 
directors and management This Tan Sri Ismail sees Bank it provides banks with guaran- investment services, 
may be because many local Negara as the guardian o-f a lee cover for 60 per cent, of The Malaysian stock 

banks are small, but many strong Malaysian economy and the non-recoverable loans. By exchange, which has been list- 

directors tend to regard the ringgit. High reserves is part last year, loans issued under I ess since the collapse of the 

banks as their personal property; of this policy. The external re- this scheme amounted to boom in 1973. received a fresh 
forgetting their responsibilities serves currently are capable of- MS4S5m„ of which 42 per cent, bout of attention during the 
as trustees of public money. A sustaining seven months of went to the Malays. first f° ur m onths of this year, 

common malpractice is for bank imports, but there was a time The New Straits Times indus- 

di rectors to give themselves or when they could sustain nine |5Va trial index moved past the 300 

companies in which they or months, and Tan Sri Ismail * 1 tfliliC WOJTJv point mark not reached since 

their relatives have an interest, would like to see such a record Th „ r „ a™ r,«i„ Jan uary 1976. and bit a high 

large lean,, without the usual again. banks in Mali™!.* - 5 of 337 ° n . 2 “- A t0Ial ° f 

evaluation and security. Malaysian authorities are not them formed only a couple of . in fa^V'inths^rnrri 1 

„ .. interested in compete with years ago. Beeause of .heir „ Turing the' 

Relies Singapore and Hon* Kona for small numbers, they have been J‘" d D lri 0 ? S 1 «f\..f r S h 

providing a fine network of operating under a set of guide- “"he more “able domestic 
Bank scandals do not often banking services for the region. lines issued by Bank Negara. .- 

wine before the public eye as Malaysian banks have to grow The Central Bank feels they jV 


Bank Negara does not want to in tandem with the economy and should now come under a Keiantan™ state * elections in 
upset public confidence in the now monetary instruments are proper legal framework, and M 1h _ H _ ilinrT _ r n ^ 

banking system and relies on introduced when there is a need negotiations on this are under- « anin encoura^t-if buvin° 
“mural suasion " and arm- for such innovations. way. This will provide a legal • , * T . market ju° 

twisting measures in private, to Banks are required to reflect basis in case of disputes, hut ‘ ‘ , ' j nw ,.hninm.'al hnnet 
mak«? banks fall in line. the new economic policy in merchant banks are expected . , *i . . 

And over the years. Ihe their recruitment and lending, to operate as before. ■ ‘ v-riin »».h 

Central Bank had been effective A central bank directive re- They will continue to be pn^an-i' Consolidated— after 

in weeding out corrupt directors quires them to channel at least barred from dealing in foreign io-,".!, 

and maintain a healthy hanking 20 per cent, nf their net in- exchange fto give commercial • ... . _ «-hen 

industry. Recently. Parliament creases in loans to the Malays: banks a head start), and their • . f ‘ nn Hr 

gave more powers to the another 25 per cent, for manu- domestic borrowings must not * . rubber strive rrpflpctino 

Central Bank in overseeing the facturmg: ten per cent for exceed 15 times their share- 

dispensation rrf loans, and agricultural food production and holders* funds. 

several directors of a large ten per cent for residential In its 1977 annual report. . t !?. irtii»rp<n qn 

local bank were stripped of housing. Bank Negara sounded a word rth !"„' h " n Z mid 

their powers to approve loans. These targets are difficult to of concern and dissatisfaction . . . , _ h _,_ c a r t h rt , Iff h 

The exposure of the Baok meet, particularly for foreign over the performance of '^•ellndustriolshares. although 

high commodity prices i as well 
as the lower priced, specula- 
tive counters, the interest so 
far this year has been on mid- 
level industrial shares, although 

in “ VAiwaure ui we can r mwi, iui ivrcigu "»ci inc pvnorniante ui , , - ti il Pn lnv ennd 

Bakyat fiasco last year is a banks with few branches, and merchant banks. Over the us r . ■ 

reminder of how dangerous it which have little dealings with years, they had tended to thif °«SS 

can be when politicians manipu- some - of these " priority " borrow short and lent long * J * ... h „ M jned |fl lif ^ 

late a hank for their own ends sectors. Bankers want more The deposits with maturity of fJ, pp ni , rL !' 1 t * r if a . lf c C 

and abandon sound banking time and flexibility in meeting six months and less had risen marKCl u > 1 m 

practices. Under the chairman- these targets but Bank Negara from 56 per cent, in 1972 tn . W .S. 

ship rif DatuTc Ha run Idris (the wants them to meet them by 85 per cent last year, while . 

former Selangor chief minister, the end of the year, nr face their loans of; .one year and 

the market out of its doldrums. 


Manufacturing growth 

slowing down 

THE MALAYSIAN manufac- The most worrying aspect of lation during 1974-75 had ere- Prime Minister, Dr. Mahathir, 
turing sector, after a decade of the economy- is the lack of ale'tf some misgivings among again, tried to allay any fears, 
impressive growth, is running private investments, especially investors. These laws, it enn- The concessions made in the 
into difficult times. Although in the manufacturing sector, tends, are not bad, or anti- ICA, he said, were proof that 
manufacturing still leads as the Under the Third Malaysia Plan, investment, but the timing was the authorities bad always been 
country V_fasT e st growth 3rea. this sector is expected to create wrong, coming as it were just pragmatic and reasunabic in 
its expansion rate has slowed 34,000 new jobs a year — or after the fall ot Indo-China to dealing with. the private sector, 
down. Exports of manufactured 23 per cent, of the total jobs the communists. “ The Government has ans- 

goods are also facing weak over- under the plan. But present in- But if one were talk to wered by word and deed that 
seas demand, and with growing dications show that the manu- investors particularly local new industrial investments are 
protectionism, Malaysian manu- facturmg sector will not be Chinese ’ businessmen. they a matter of priority, and mves- 
facturers will find this year a able to me** this target unless wou id lten( j t0 put the blame on tors can be assured that we are 
difficult one. Foreign and local there is a sharp upturn in in- Governme nt legislation, and certainly not going to kill the 
investments are not coining in vestments during the next 30 policies, adding that inter- Soose that lays the golden eggs, 
at the rate the Government had months, which is unlikely. national uncertainties are only The best way io tost the Govern- 

expected, and this could spell The disappointing situation a contributory factor. ment’s intentions and assur- 

trouble for the economy. j s reflected in the number of antes is To come forward and 

Output in the manufacturing applications to set up projects, t apply <for an ICA licence) and 

sector for Peninsular Malaysia Io 1976. the Government ap- LltcUlt: sec if we are keeping our word." 

(the East Malaysian states have proved 425 manufacturing pro- Chinese businessmen, who Dr - Mahathir went un to elab- 

few industries to talk of) rose jeets. Involving a total proposed . th f th > ' cal orate that although the Govern- 

hy 12 per cent, in 1977, com- investment of MSIJbn. and wtth we scered of the “ ent requires raanttfadurms 

pared to 19 per cent, in 1976. a job potential of 32,300. But Tjjdustrial ro-ordination Act It firms tu 30 per cent, nf 

Manufacturing now account last year, only 400 projects were “ u manufacturing con- H»eir equity for Malays, this 

for 16 per cent, of gross approved - involve la proposed a D Sjy for a I feen eetS . I ^ed not be done immediately, 

domestic producL “"« J* W'-S' 'of jf • • «"-«• 

a ramrai Pont- rtnnr»»i porcuLiaj oi mui omy are j MaJav Dartner. this reamrement 

I The Central Bank reported plant and change of product Malay partaer. this requirement 

that although output and sales JJJ "{ie ' id |S Unes) and Chinese businessmen dBf ri erred / u f a ““P 1 * 

generally increased. there are worried that this Act mieht and ™. ch shares may 


Bank Bumipuira ha? emerged, wiihin a short span of time, 
as the most important financial force m Malaysia t<xley. 
This unque position is attnbutabie to the vigour of its youth 
and to a philosophy ot cautious banhng practice. The 
success ot Bank Bumiputra is also due lo us active 
and direct involvement in every aspect of ihe 
nation’s economic growth. A bank with the 
capacity to mobilize vast capital financing tor 
corporate and public requirements and with the 
inlrastructure to offer strategic banking services, 

joint venture arrangements and indepth investment knowhow. 

Consistent with its phenomenal domestic growth. Bank 
Bumiputra has now established a network of offices and 
correspondents m key market centres throughout the 
world A drive to gain momentum worldwide to further 
enhance international banking services /or its 
clients everywhere. 

the companies surveyed were when . app'iua lions to set up Following the furore, some 

operating at 51 to 80 per cent {*^ r « s iq ^ re much hi S her ^"cessions were made in -the V n f ls * a7o? of talk nf monS 

capacity, while another 43 per . Act. Rubber, and oil palm mills, K e j n o passc d UQ der tlie counter 

cent were operating at 81 to r „ T “ J 005 investment, the and businesses with less than ?o upappnira i 

100 per cent. This compared to Government cut the prime rate Jm. ringgits in shareholders 10 ® peed up apprnvats 

50 and 45 per cent, respectively , by 01 ? e per cent - t0 ' - 5 P er cenL funds, or factories employing To ‘i 01 red tape ' Dr Mahathir 

in 1970. last June, and this was followed loss than 25 workers were * who ia in char S. e of P rr >mbtm^ 

v . , by the Budget announcement exempted. This leave's the investments) is proposing to set 

The rate of expansion for ex- extending the accelerated de- majority of tiie rSES nr!! »P a “ one-stop ” centre at the 

ports of manufactured goods predation allowance of 80 per prietorihips and small cum Fe ^ eral Industrial Dcvdup- 

ce,,t - for capital expenditure on ZVes our of the ZfviewZf ^^hnrity where applica- 

by 9 per cent, to MS-.5bn plant and machinery to all in- the ic\ Further ampnHmpntl he processed. In- 

compared to 27 per cent, growth dustrie., / weVmade^riy th 5TSSTS r «»W 

• This incentive is only for two appoint a civil servant' as the have ln around Font depart- 

np years, ending in 1979. and the ii,-,*ncina ment lo department, filling in- 

Textlles Government" hopes that in- "r a? the Tppe^s chairman numerable fnrms f,>r w,>rk per 

,,, lvi + , dustrialisb will lake advantage previously Sfni«pr mits - land - water ‘ ^rttdvilj 

Mllayuan textiles and foot- 0 f it to replace outmoded both the Yicensin- nffw and and ouston,s exemptions. 

L ea =tiff ere 9 ParU f- 3r ! y affect5d n,achinc r>’ and expand produc- appeals ^hien " ■ deputy Prime Minister 

by stiff international competi- tive capacity. However, officials . ' has also passed .word down in 

tion. Textile output fell by 3 admit that these monetary and The . Governmen t has gone ufficials that while the ohjei- 
; per cent - last year, compared to fiscal measures can only help ou . t , 0 ^ wa 7 t0 erase any fears tive* oC the new economic polit y 



i r* w«.»r*» ■ VFC| J (,jW 

per ceuc. last year, compared to fiscal measures can only help ou > . ot Ub wa 7 t0 erase any fears tives of the new economic polit y 
a 41 per cent, rise in 1976. Ex- to a certain extent, but the real aris,ng frora thc ICA, and the remains unaltered, ihe priority 
ports rose by only 7 per cent, barrier tn private investment ? ew economic P?l«cy. but un- is to encourage investments and 
to MS323m. compared to a 45 per is psychological. fortunately, doubts still remain, growth. With growth, the objcc- 

cent rise in 1976. The reasons why investors in the s P eeches at tives of the NEP can he 

The textile industry is facing are not putting their money in the Chinese economic con- achieved with less controversv 
a difficult period. Most Malay- the country is becoming quite feren J e m Kuala Lumpur last and rancour, 
sian mills are small and frag- a sensitive issue, with* some mont h- . The Government’s high-power 

mented, and are in np position racial undertones thrown in. One frustrated British sales- Investment promotion activities 
to compete with the vastly The Government’s explanation nian mid me last year how he the past two years is being 
more efficient mills in South is quite simple: investors are was about to clinch a deal for utainlalned. Dr. Mahathir hiin- 
Korea and Taiwan. It is there- not coming because of the the sale of two M$500.000 eolr-ur seIf » s how in Europe, leading 
fore not surprising that general sluggishness of the in- printing machines to two Chin- an . investment mission, Otlu-r 
Malaysian mills are happy with temational economy. As such, ese firms, when they cancelled ministerial missions will go to 
the bilateral agreement with the investments are expected to the orders to avoid coming un- the United States and Canada 
EEC. which allows for a reason- pick up once the world dor the ICA. in September, another tn 

able rate of expansion of economy is in better shape. In a major policy speech to • IEasterrt Europe in October and 

Malaysian textile exports to the However, it admits that to 750 Chinese businessmen in aQol hW to Japan in November. 
EEC. some extent, government Iegis- Penang in March, the deputy W.S* 



'w’£ 7 

> > 


Financial Times Tuesday**®*? T6 1978 


Prospects of a cartel 

to protect rubber 

-X/ ■ '*•: 

OF LATE, it Is quite common to 
hear talk, even among high 
Malaysian circles, about the 
declining role of rubber. 

In a few years, oil and 
natural gas will be Malaysia's 
biggest expan earner. Rubber 
will be second, after 70 years 
al the top. and it may even 
suffer the indignity of being 
elbowed further down to third- 
place by palm oil. This is a 
welcome development because 
it shows how much Malaysia 
has diversified away from rub- 

However, rubber is still 
Malaysia’s most important com- 
modity, and its biggest em- 

Oil is new to Malaysia. It 
means big money, but its dura- 
tion will be comparatively short 

and its social impact limited. 
The rubber tree, on the other 
hand, pervades all levels of 
Malaysian society. 

Most Important, the 730.000 
rubber smallholders and 
tappers on the plantations are 
voters. They and their 

dependants control 1.5m. votes. 
These are rural votes, and 
under Malaysia’s constituency 
demarcations, one rural vote 
often carries the same weight 
as two urban votes. No political 
party can afford to antagonise 
the rubber tappers. 

Most Malaysian estates are 
now so well advanced in their 
switch from rubber to higher 
earning palm oil that increas- 
ingly. rubber is becoming a 
smallholder's crop. Last year, 
Malaysia’s rubber production 

The timber 

was l.6m. tonnes— 2 per cent 
lower than in 1976 because of a 
drought Export revenue from 
rubber was M$3.38bu. or 22.5 per 
cent, of total exports. The 
smallholders’ sector account for 
59 per cent, of this output In 
the 1950s. their share was only 
40 per cent 

A glance ar the annual 
reports of plantations listed as 
“ rubber companies " on the 
Kuala Lumpur .stock exchange 
dearly reveals this trend. Con- 
solidated Plantations had 53.600 
acres under rubber and 31.900 
acres under oil palm in 1973. 
Last year, its acreage consisted 
of 49,800 acres rubber and 
71,300 acres oil palm. Kuala 
Lumpur Kepong had 63 per 
cent, rubber and 37 per cent, 
oil palm in 1972. To-day, only 
43 per cent of its 87,000- acres 
is rubber and 57 per cenL is 
under oil palm. 

Last year, the smallholders' 
acreage under rubber increased 
by another 40,000 acres to 

3,520.000 acres. Rubber in the 
estates declined by 18.000 acres 
to 1. 460,000 acres. 

Although they form the back- 
bone of the economy, rubber 
smallholders (apart from those 
on government land schemes) 
and estate tappers are among 
the poorest Malaysians. 

There are serious-thinking 
people who contend that the 
poverty of smallholders can 
never be conquered by present 
means, because most holdings 
are uneconomic plots. The 
obvious answer is tn consolidate 
them into larger plots, but this 
would mean that perhaps half 
the smallholder population will 
have to move out to other occu- 


When this was put to Dr. 
Nor Abdullah, the . chairman 
of the Rubber Industry 
Smallholders Development 
Authority (RISDA). he fought 
back with a spirited reply. “ We 
know this is the quickest solu- 
tion. But is it possible? You tell 
me how?” RISDA was created 
five years ago to take up all the 
functions of the three govern- 

ment agencies helping the 

The single must important 
factor that had enabled the 
Malaysian rubber industry to 
survive the threat from syn- 
thetics was the introduction of 
replanting in the 1950s. This 
gave Malaysia a generation of 
new trees, capable of produc- 
ing three or four limes more, 
and this keeps the natural 
rubber price down. 

Among the plantations, re- 
plating posed few problems, 
once the initial debate on its 
merits were thrashed out. How- 
ever. only about half the small- 
holders' acreage has been 
replanted, and replanting is still 
RISDA's major responsibility. 
Under the Third Malaysia Plan, 
a sun) of M$670m. has been set 
aside for replanting and RISDA 
plans to replant 600,000 acres 
during the period. 

RISDA also runs comm unity 
development centres which buy 
and process rubber from small- 
holders. as well as disseminate 
information about new tech- 
nology. There are now 1,450 

such centres. RISDA also 
operates a. plantation pro- 
gramme for smallholders whose 
lots are too small and so far 

87,000 acres have been 
developed. The smallholders 
work on these estates run by 
RISDA, and they receive wages 
and dividends from profits. 


“Smallholders are now more 
receptive to government pro- 
grammes. and are beginning to 
change their fatalist attitude 
towards life. Every small- 
holder knows the daily price on 
the Kuala Lumpur rubber ex- 
change (broadcast on the radio) 
and he is not easily short- 
changed by the private dealer 
for bis rubber sheets.” says Dr. 

The success of the Federal 
Land Development Authority 
has been well documented. 
Suffice to say, it has so far 
opened up more than 750.000 
acres of jungle for rubber and 
oil palm, for more than 22.000 
families. These settlers, each 

owning 8 to 10 acre plots, earn 
anything between. M$3ti0 and 
MSI, 500 a month. 

Another Government agency 
which helps smallholders is the 
Malaysian rubber development 
Corporation. Mardec. It buys 
latex and rubber from small- 
holders and processes it into 
premium Standard Malaysian 
Rubber iSMR'i. Mardec has IS 
SMR and latex concentrate fac- 
tories. and turned out 62,300 
tons of SMR and 12.900 tons of 
latex concentrate last year. 

The SMR scheme is another 
technological breakthrough in 
rubber, pioneered by Malaysia, 
which had proved to be a 
tremendous success. It was in- 
troduced in 1965 and to-day a 
third of Malaysia's rubber is in 
SMR form. 

Further improvements to the 
SMR scheme would be made 
later in the year. Certain grades 
would be reclassified, others 
abolished because of low de- 
mand, while a new grade (SMR 
GPl would be promoted for use 
in ihe tyre industry. 

Malaysia hopes rubber will 
one day be regarded as a semi- 
iudustrial product rather than 
a raw material. 

High freight rales are a 
matter of growing concern. Last 
August the rubber industry- 
secured a separate shipping 
agreement from the Far Eastern 
freight conference, the main 
line between Europe and the 
Far East, which allows for a 
2.5 per cent, discount for rubber 
in return for 75 per cent, of 
the rubber to be carried by- 
conference lines. The agree- 
ment is for three years. 

The future of natural rubber 
looks good. Synthetic rubber 
should not pose a serious threat 

as oil prices rise, and environ- 
mental controls become more 
stringent. Malaysian planners 
expect a shortage of \m. tons 
of natural rubber by 1985. and 
prices should remain high at 
around MS2 to M$3 a kilo. It is 
possible la grow trees giving 

6.000 lbs per acre per year- 
three times ihe current yield. 
Tapping can be revolutionised 
so that a tapper can lap three 
times more, although the merits 
of such an innovation are ques- 
tionable. considering the 
amount of unemployment it 
would create. 


On the international front, 
Malaysia's crusade for an inter- 
national rubber agreement is 
beginning to bear fruit. Under 
Ihe auspices of the UNCTAD 
integrated programme for com- 
modities, the rubber producing 
countries have drafted an agree- 
ment for a price stabilisation 
scheme. It will be submitted in 
consumer nations for discus- 
sion in Geneva in September. If 
accepted, the agreement will 
provide for a mechanism, 
similar to the operations of the 
international tin bufferstock. in 
stabilise prices persuading 
rubber consumer nations in 
discard their suspicion* about 
a rubber producers' cartel, and 
getting them lu participate in 
the price stabilisation scheme 
has not been easy. 

It is hoped that the scheme 
will be implemented by the end 
of the year, although time will 
tell whether it will work to the 
satisfaction or both producers 
and consumers. 


j SEVERAL RECENT ■ develop- Gross exports of saw logs at 

* r-.; a - 

i& i* t 

, r j 

tactics and possibly bridge the log exports from Peninsular 
''i.-. :.- ~ divergent views of federal and Malaysia declined by more th fln 
>A . : state administrators on manage- 28 per cent to 271,600 cubic 

y .. i ment of vvhat has become a metres, largely due to increased 
£ jhighly politicised industry. domestic consumption, the drop 
= - - .v.' . For years, the industry' has was more than offset by an 

^ been steered by the various increase in Sabah’s exports 

, jv a state governments which, realis- which reached some M*1.28bn. 

•>. ing that timber was a major Overall, about 13m. cubic metres 

J r: ' hankroller for development and 0 f ] ogs were exported, well 

..j- Hher programmes, jealously exceeding an earlier Treasure 
; guarded their constitutional f oreC ast of only 10.7m. cubic 

t right to administer it. metres 

The result was poor co- 
ordination, if any co-ordination Qiifinlv 

: was possible at all. between 

federal and state governments j apan . by far ^ ]argest im . 
on management of an industry’ porter, increased its offtake by 
which last year netted some on i y per cent. t0 8.8m. cubic 
M$,.4biL in export revenue, metres largely due to high • 
Exploitation of forests was inventory. One factor which has 
- allowed to proceed at a pace kept the growth in saw log 

■' . : which threatened to wipe out exports from peninsular Malay- 

\ ' 1 - v ; ' f he remaining 8.1m. acres of s j a j n check has been the export 
productive forests left in ban on cer taj n popular species 
Peninsular Malaysia within the t0 ensure lhat domestic protfes . 

ne ^. 1“ ye ^ rs ', . , sing industries secure adequate 

Although federal warnings supp ]ies 
that logging to satisfy short- _ ‘ . .. . . . 

terra gains could only be Sawn timber did not fare as 
allowed to continue at the weiI earnings drop- 

i expense of long-term ecological Pi n S some 5 per cent to M$841m. 

and economic interests had gone last year although volume 
unheeded for years, fears that exported rose 1.2 per cent, to 
reserves would soon be totally 3.1m. cubic metres. The export 
exhausted began to sink in last unit value slipped by 6 per cent, 
year when a national forestry to M$272 per cubic metre. An 
policy was adopted in August encouraging development has 
The overall objective was to been the increasing emphasis in 
cycle timber resources to ensure East Malaysia to process more 
reasonable economic returns in wood locally. Sabah, for 
perpetuity. example, increased its sawn ti ro- 

under the policy, the state ber exports by almost 90 per 
governments were to set aside cent, to 30,800 cubic metres 
permanent forest estates to although this figure is small 
ensure a continuing supply of compared to lhe state's total 
forest product#. 'Hie policy exports. Increased domestic pro- 
included a programme for cessing is expected with the 
forest development through Government’s promise • of pro- 
approved silvicultural practices motional incentives. 

and a plan to foster the further ^ TOmpctjtIon froin 
development of wood4msed Indonesia and ^ PM]ivP ines, 

industries. long a thorn in the back of 

A drawback however is the exporterat received 

elusion of the East Malayan some attejrtion Sa bah ' s e x- 
,-tates of Sabah *™J Sa . porters have initiated a dialogue 
Jfficiais readtiy admit that a common pricing policies and 
ouch tougher battle w. lb marlwting ** their 

necessary for t P y counterparts in Indonesia on the 
timber* has 

supplied ihe necessary funds lo Sf an «? a common stand 
or political coffers while con- appears likely-. 

-essions were until recently a At the governmental level, 
neans for rewarding the party representations have been made 
’aithful. to Japan, Canada, Australia and 

New Zealand on the high tariff 
Prnarp^ and non-tariff barriers such as 

1 1 quantitative restrictions and 

A good measure of progress strict health regulations which 
ras also made in marketing, have cut into exports. 

■re a ter attention is being given increasingly, however, the 

0 the non-traditional markets realisation that greater domestic 

uch as West Asia which « ast pro cessing and use of timber for 
merging as a major buyer due construction will provide an 
n intensive promotional work. effectSve ^ beginning to 

‘he Malaysian Timber Industiy bpjd. The processing of tira- 
loard has been quick to seme ^ er iQto sucb as piy- 

n llic high level of buildin„ w>w j < veneer, mouldings, dowels 
nd construction activities in and sl j]j acco unts for 

ounlrics m that region. only about 20 per cent of the 
mproved pipping services esport value of timber fronl 

etween Malaysia pt ! rts " Peninsular Malaysia where the 
Vest Asia, a prtbl«B a . the {nduslry is more devetopBd . 

ast, is expected to further But if lhe vicissitudes of the 
utmulaic sa es to theJJnited market have been a major pro b- 

ir t b . lem to contend with, some 

■ahrain. The inroads into new ^ exporters have not 

larkeis did not. however. faelped much by adop tion 

litigate the revenue lost ^ ri ® 1 of what can only be described 
generally weakening market as un ethical trading practices. 
The combined export earnings Supp ij es have often failed to 
rum both saw logs ^and sawn conj pjy W itb conlractuai obliga- 
imber rose by only l.i per cent. £j 0 ns and a major public rela- 

1 MS24bn. last year compared tions exercise has been oeces- 
i an increase of 11L per cent. t0 re p a - ir . ^he industry's 
t 1976. Exporters have blamed ra ther tarnished image abroad. 

much slower growth to the ^h e home front, the intro- 
iw [eve! of construction activity d UC {{ 0n D f standard contracts by 
i major industrial nations ana the timber board has helped 
high stocks held. The slow bring order to dealings between 
rowth in volume wa5i a . ^ sawnullers and exporters. 

’ s ° tlemas m Mervin Nanibiar 

A COUPLE OF£’S per night for the lot. 

K, -• —-•■"V -75 

4 if 

O'” * * A- . 

W "~ l 

M4K7.-' * ' ■, 

‘ ‘ •'*•*** ,v.»-V «• •• f 



Ask anyone who’s ever flown across lhe ^ 
•world non-stop, and they’ll tell you that daisy-fresh 
is not the way you feel after.24 hours in the air. 

So we have a wonderful new deal for people 
flying further than Malaysia and Singapore. Malaysia 
Stopover. Now you can take a few days break on 
your way for just a couple of £’s per night (on a 
share-twin basis). 

Here's what you get t First class accommo- • 
dation, all meals, transfers between airport and 

hotel, a welcome drink, a souverwr gift, shopping 
discounts v a Malaysian cultural show, special bar 
rental rates and a three hour city sightseeing tour. 

And for a little more you can even spend 
some time in Penang or Singapore. . 

After a few days, relaxed and refreshed, ■ 
you take your MAS DC-1 0 on to where you* re 
going. Why rush? This is one offer too good to 
refuse. See your T ravel Agent. 

Hy uxtfiAlbuchqfGdd 

malaysian airline system 

* Offer frnited to MAS passengers booked beyond Malaysia and Singapore. 

25-27 St. George Street. Hanover Square: London. .Tel: 499-6286 
6 FranWurt/Main Goethestrassee 22. Frankfurt. Tel: 295424 

Presented by W. C. through MAS. 


Financial Times Tuesday May 16 197& 

THE TOURISM industry in 1975 figure or a yearly increase 
Malaysia is now gearing itself of about 12.4 per cent. 

» ■> .% ii 

Weighing newly -picked oil-palm fruit. 

airlines operatinglin Malaysia 

__ have an important role to play 

. K 1 i i w j j in promoting thejauntiy as a 

Setting new targets mwm 

tourist generating markets, a f 

‘ role which MAS has been urged 

f® j * to assume. 

T /^V ^ T" /'“V "1 1 O MAS advertises Malaysia's 

1111 II 1 | I | I ^ III tourist attractions widely in the 

fi \ J 1 I, LL 1 1 LI 111 countries to which it flies but in 

JL. -JL ] ts package tour programme, it 

appears to be more concerned 
with flying Malaysians out of the ■ 

THE TOURISM industry in 1975 figure or a yearly increase It literally means that tural shows and festivals, watch- room-boom in Penang and a countries than ' bringing in 

Malaysia is now gearing itself of about 12.4 per cent. Malaysia will have to redouble ing Malay, adults spinning tops, slump in Kuala Lumpur, foreigners. ^ 

to seize a bigger chunk of the Most of the Western European its efforts and, assuming that flying kites or performing the Tourism promotion will have to intra-regional -travel among 
world travel market in the travellers will go to Thailand, there will be a steady growth silat (Malay art of seif- be carried out continuously and the peoples of the Asean coun- 
decade ahead. Singapore, Hongkong, India, of 10 per cent, per annum, defence); visiting ruins ^ of effectively. This is not an easy tries is an important factor to 

This is a task which will Australia and Sri Lanka. Malaysia can only be admitted Portuguese and Dutch buildings job as the TDC has found out. the growth of the tourist • • 

require soul-searching, foresight Malaysia will have to share to the million-visitor dub in in Malacca, or seeing Bajau or After working at it for five industry. ^ . 

and hard work from all con- the remaining 42 per cent. 19 ^- „ , . native horsemen in Sabah and years cooperating vith tour A ^orts & this direc- 

cerned. The industry, having <i.2m. Western European Does Malaysia have the re- Dayak warriors performing operatorSi associations, dubs tion have been to drop visa " 

gone through a most difficult arrivals) with the other 27 sources and the ingenuity to at- ritual dances in Sarawak. and even schools sponsoring rMiiirements for travellers 

Period caused by world-wide PA TA countries. tract these potential travellers That such campaigns have. mlaysia » ^kions to ^ tile member countries' 

recession, is painfully aware Qantas projections indicate 1°. e ext ent , lt . can re< : eive lts not keen too effective can be sucil j a p an . Aus- cornnrism 0 Malaysia, Singapore, : 

that it will have to redouble that by 1985-86, about 3.6m. {“* ■*“». *« frt ? m the balance sheets of ^ and . EurWi the fnC is SS°thc Philippines and : 

effons. revise marketing AustraMans aro expected to JS* jnS.LfJ ‘SS ?* 1 q * es }} oa u Ss forced 10 admit that “ very Indonesia, as well as devising ■ 

strategy and tourism develop- trav -el abroad, three times the *J“ h re wJTjL °^rn many people m tourist generat- a fare package sufficiently I 

ment if it is to get a fair share ev j su - n<f number Malaysia, with its 127,316 ranging from MSl.lm. to j n g counties still do not know attractive enough to appeal to 

of the tourist cake. Mr Baharoddin said if the SQUare and 13m. people, MS3.5m. in the financial year SU ch a country named Malaysia.” J^SS! 

True having to make do with ' / JdU ‘ ir “ UUJn M,a ** is a rich land well-endowed by January-June 1976/7«. . .. . travellers. 

“crumbs" the industrv had present number °f Australian nature . y Since 1977, direct advertising An Asean dlde ^ fare 

been able to grow in "fits and lm ' ris . ts . Y ul ?“ 8 Ma,a> ' sia . ,s There are over 1,000 square GrUldeIill£S rampaigns constitute SO per inLroduced b y the national air- 

starts ” to surpass the million- refl ected in this projected in- miles of beautiful sandy CllUO cent, of its total advertising Iines Qf five count ries was , 

visitor mark if arrivals from crease *>>' simply multiplying the beaches, island playgrounds What is urgently needed is a appropnat t d - “is. a flop because it was not com- [ 

Singapore were included. figure by three, some 373.000 dotting both sides of the Penin- clearer policy on tourism toe TDC has been hampered by pet jtj ve- This has been V 

But it is a sad commentary Australians will be visiting sula and in Sabah and Sarawak: development and here the TDC financial constraints and thus re placed by an Asean promo- 

that Malaysians travelling Malaysia in 1985-86, or about there are cool mountains, rich has a major role to pay in the gwes pnonty only to campaigns ti 0 nal f are offering travellers 

abroad still come across many 1.022 persons a day. flora and fauna in tropical drawing up of policy guidelines, most likely to give tbe best a 3- per cent . dj scoun t for any 

people who haven't the faintest Using the same simplistic pro- jungles said to be the oldest in Tourism development in results. Asean destinations but this 

idea where Malaysia is, despite jection. Malaysia can expect the world and the cultural heri- Malaysia has been a subject of There is also a need for tour is st jjj not as attractive as j 
the fact that it "is the world’s some 300.000 Japanese arrivals tage of three great civilisations controversy. While everybody operators to be more aggressive f ares offered by the Orient Air- ' 

lar°est exporter of natural by the mid-1980s when the (Islamic, Hindu and Chinese) agrees that it is a valuable in covering foreign markets jj nes Association. 1 

rubber, palm oil, tin and number of people from that to attract travellers. source of revenue, the author!- rather than just acting as Whflthpr Ma , aw _ ia hpi f ^ 

tropical timber, despite the country travelling overseas is Tourist infrastructure like ties are concerned over the handling agent* J^ether Malaysia ill oe 

global publicity surrounding the expected to increase two-fold first-class hotels, restaurants, adverse effects of exposure to There are 628 known tourist ab e to acmew the . 

Japanese Red Army attack on from the 1977 figure of 3.1m. public transport by road, rail “ alien culture " on the country's agencies in Malaysia, most of out for ^ounsm industiy . ^ . v 

the American Embassy and the 30 d air are generally adequate, youths: local residents in beach them small operations. There is will, in the final analysis, ^ ,-fT .-■*.> f ; ■>: -v • '-.y-u-'l- 

stagin' 1 of the Muhammad Ali- Vnliimo Although promotional efforts areas and conservationists are much competition leading to depend on how all parties gear * " - - 

Joe Bu*»ner World heavvwei^ht ’ OIUIIIC in the past by th: TDC. tour opposed to the development of undercutting and irregularities themselves for the future- It 

boxing "bout in Kuala Lumpur American tourists still prefer and tTavel a S e "«- hotels and beach hotels on the grounds among the agencies and there ^ r ®S ul " e n l^ t _ d of hard work Weighing newly -picked oil-palm fruit. 

in 1975 Fitmnp but the ruimhor of tra th e national carrier, Malaysian that they may spoil the natural have been several attempts to from ail concerned. 

Mr. ‘ Baharuddin Musa. ve ii e re from the U S to pvta Airline Syslems (MAS) had beauly of the beaches and fenc- regulate their a ctivUies. p 

Director-General of the Tourist countries had increased from =f p 1 ,ta M sed 011 attractions, mg off choice areas to deny the Mr. Baharuddin believes that *-• ^ njn * — 

Development Corporation said 922.OOO in 1967 to 1.8m. in 1977. Malaysta iippears to be losing loral of .,?. l ? elr n * ht t0 

recentlv: “No one can be The number of American OUt t0 , Thailand and Singapore enjoy these facilities, 

induced to come to Malaysia if tourists to PATA can stiS be m 35 we - U a f, HonS Kn " g a c " d T !! 1_ The TDC ’ which has been 

he does not know where Kd to increase be m wan in the scramble for the attempting for y.ears to draw up ^ A 

f"ho«To h he hei?t a ho h ?o Projection, are Tf a° tourist deatieation. irtSSrtf iTfnWI 110" ItlTNl Ptl PP OT 

“ “ srarsM s & jssj -raws ssAff-^r-Tus VJIUWI 1 I 5 1111 1 UC11CC U1 

vi a S t h Pr ; u . nmmisin? w,, ' h Singapore and Thailand istic delights of Thailand: and between poliev and decision 

furor* IhA ioHiKtrv ifnrn accounting for most of the wh^re shopping is concerned it markets of the State Govem- 

2 ^ m 7n AsMn traveUers - is Tar behind Singapore and ments and the various govern- M ^ 

wo JOrn Using statistics covering the Hong Kong. A Thai-style ap- ment authorities associated in I I 

li q P i n period Jailuar y 10 June I976 - proach to attract tourists is out one way or another with the 1 I T| >1 I ||| 

Japan. Amenca and Australia in the TDC has computed that 76 of the question for this conser- industry. V 3 I 1 1 / CJL. 1 fl I I 

the mid-1980s (and Malaysia s per 0 f the tourists visiting vative country, but a move has This would ensure that the 
share of the tourist cake)— come Malaysia in 1976 (1.2m.) came been made in the setting up of industry would grow at a more 
ab ° ut - _ _ , from the Asean countries. Out duty-free shopping areas for rapid and yet orderly pace, with 

♦ - f Ii of thi !’ s7 - 7 _. per cent - d-04m.) tourists. the development of tourist infra- AS A latecomer to the com- 3m. tonnes in 1981; from and regulate the activities of Ail these efforts to produce 

toe msuru _ - were from Singapore. Unless there is a drastic structure and facilities carried modity scene in resource-rich 400.000 tonnes to 700.000 the industry. The money (or an orderly development of the 

port, ha ® prp;i ® d . If Singapore visitors were to change in approach, promo- out according to master plan Malaysia, palm oil has made an tonnes for palm kernel; 176.000 research and re-planting will industry depend on constant 

Fnron* tn J 36 * con ^ de J. ed se P a rately„ the tional efforts (though likely to studies. impressive impact Through tonnes to 308,000 tonnes for come from a tax to be imposed, demand and steady prices. 

D.n!! 3 6 TMomTiei! am y?* s , fpr be mte nsified), will continue to Lack of such, co-nrdmation careful planning and planting, palm kernel oil; and from though the amount has yet to Malaysia, as well as other pro- 

PATA countries b> 1982. This is Malaysia iin 19i« would onJy be ° n Sdcb attrac, ^ ns as had resulted m the current this commodity has become an 208,000 tonnes to 365,000 tonnes be fixed. The production tax ducers. is worried about the 

a 1 9 per cent, increase from ih ar uod 56i. 0. beathes and hill resorts, cul- situation diaractensed by a important foreign exchange for palm kernel meal during will enable PORLA to have an growing protectionist tendenries 

earner in tittle over a decade, the same period. estimated working fund of 0 f the U.S. and the European 

Palm oil’s success is no fluke ^ theliast 10 years between M* 30 ™- 10 MS40m. annually. Economic Community which 
®? d ils emergence is due to a 1935 i9g5 t the production All producers, millers, could affect the commodity's 
high return on investment and of patal 0 y could increase from brokers and exporters will future. 

' . “ e . Prevailing price on inter- 4.3^ tonnes to 6.9m. tonnes; have to get licences from 0f nartieular concern Ls the 

naUona | markets. In recent 989,000 tonnes to 1.6m. tonnes PORLA before they can at titiide ofX United States 

years, the authorities have been f or palm kernel: 455,000 tonnes operate, though the fees have w hich is the bissest buyer of 

M( palm industry aU to 730.000 tonnes for palm not yet been fixed. PORLA MalS-BUD ^Im^U wito DUP 

9 toe attention they used to kernel oil; and 514.000 tonnes will be responsible for laying chJJ^ 0 f about 330.000 tons 
|H devote to robber, which has to 841.000 tonnes for palm down an efficient grading annu^y Malaysia is extremely 

I h®® p toe mainstay of the kernel ^ system and cooperating with ^elb^move%^S!l 

m WB economy tor over ,0 Th£ indusny i5 ^ on]y Qne other agencies in the establish- thre« «nt ^ (ui ) on ^m 

B The switch to palm oil makes j° wMc h Uie rc Is an even dlstrl- “ S^in/ pljm 'if producJng oil entering the O.S. 

“■ 1 _ H economic sense since it brings butl0n between the public and . This concern was conveyed 

H in a higher return than rubber. P™te sectors. The main gov- to Mr. Bob Bergland, the U.S. 

9 For example, the net profit from enuneI, t agency is the Federal llfdpcLlUI 3 Agriculture Secretary, during a 

H an acre nf rubber is only M$250- ^ d Auth0 f*l y PORLA will also be vlslt last y ear - Mr - Bergland 

I _ H MS300 while that for palm oil is wh,ch 1S . respon . slble au tJortosd to enter into negotia- ^ ve a persona] guarantee that 

^ I a.Ts°c S^esTfs ^ 

I arris S ax ssm sa 

lmU&U=OLZ—\ fl new tavJsfient “ ntender oil palm. of licensed operator^ soyabean lobby and the fact 

i 7 ■ In opening the seminar on Together with tbe other With more processing mills that being a farmer, President 

\ ncnuim / fl market development of palm agencies such as the Sabah being set up, the government Carter might want to protect 

\ MALAYStAJVffSfTEfOVAnOfJAL SWPPtNG CORPISLBStHAD / 9 0 [] products organised by the and Sarawak Land Development has also drawn up stringent his own kind. 

\ / • fl International Trade Centre of 5° ards and toe various State regulations in order to reduce Such probIems notwithstand- 

~ 9 UNCTAD/GA1T in Kuala Economic Development Co rpor- pollution. There are about 150 ing| the government and 

/■“““l fl Lumpur in March, Mr. Paul th ??® V™"™* . “ Ito llI , and » private sector are optimistic 

Z=3Fa fl Leong, the Deputy Primary enpandou “toe In- refinenes which wtU have until th at th ere is a bright future for 

r-i ron/^rrri r~ fl Industries Minister, said the J* ab ®S P nr nfl^ July this year to come into line, pain, oil, which is slowly but 

I Mil liSil Ln I 1 H CODimndity was expected t0 fjH ,♦ y SSooo tons of crude The new legislation will cost surely capturing a larger slice 

Ul/UUGJU=Ln \ 9 account for MS4.75bn. in export J the industiy millions of dollars of the edible nils market. So 

V T 9 earnings by 1985. compared to ' Jf 1 ana ’ OI v in installing the anti-pollution far, the M$Sbn. which the 

\ Rili KPR / H th ? t estonated M$4.46ba for BiE mficant development ®ac*unery. The industiy has investors have put into the 

\ /WfOO DULtVCK OCnirlte / m rubber. M^aaemt hevei^ment ^ u could ^ indastry ^ ^ welI speot 

N f fl r, £ afaige S estate crop expenditure and there h™ more will have to be 

H Confidence in that the smallholders just ^ 10 “ ld b ® no problem in 

fl „ ........ could not afford the resources implementing the scheme since preT ?^ er agricultural crop in the 

fl . poi , nt ®f to®* ^toat to mm crops But the the machinery is available con31ng y eaTB - . 

Growing influence of 

oil palm 

latecomer to the com- 3m. tonnes 

from and regulate the activities of All these efforts to produce 


been the mainstay of the 
Malaysian economy for over 70 

The switch to palm oil makes 
economic sense since it brings 
in a higher return than rubber. 
For example, the net profit from 






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f*i% Ma l2? a .tp3^Sn be taS 0 S government participation has locally. 
n f m an .| e 1Sfim changed the picture somewhat 

£fi!L OLl; i 55 °f°JnnmMi “d through FELDA, there are 9 

kernel oil and 400W tons of Q0W 17 such millg 

meal Last year. Malaysia ex- fiy tave5ting hundreds of ®JI 

naim a k<*ri^! raill, ons in such oil palm 
and 130.500 tons of palm kernel schemes the eovernmenr has 

M* 1 ^„ eStimated eamiI,gS ° f -^est toeSoTe^oensu" 
* 1 ui'V 3Dn ' -.—rirf-rf- , the proper development of the 

demand Industry. Unlike the rubber 

demand for the commodity has 

S “,et?mem°^d e tte ftVp rivaled tot 

““’“S up of 
decided to diver- PORLA (the Palm Oil Registra- 

nnfh?tl i ,0m L S0 . that and Licensing Authority) 

not be too dependent on rubber, year . things are beginning 

tv, Th ioiJ? eClS10D ^ as t{ ? en 111 t0 lo ok up and the future de- 
tne 1960s, at a time when the velopment of this growing 
rubber price was under strong industry will be planned on a 
pressure and coupled with the sounder footing, 
threat from synthetic rubber. PORLA is an all-embracing 
Palm oil appeared to have a dis- body. It will look after the 
tinctly brighter future. Those different facets of the industry, 
who took the plunge early are ranging from research, re- 
now reaping handsome harvests, planting and marketing tn 
The industry has made great transport. It will be like the 
strides in the past 10 years Malaysian Rubber Research and 
and Malaysia is now the world's Development Board and the 
largest producer of palm oil. Malaysian Rubber Expori ■ 
White this is a remarkable Licensing Board all rolled into ■ * 
achievement. It was only made one. K 

possible through conscientious Legislation to set up this I D 
planning and the proper use of organisation was approved by ■ JJ 
resources. Parliament last year and a fl 

A concerted effort to plant senior civil servant, Ur. Toh H 
and re-plant palm oil has in- Ah Bah, has been appointed its 
creased the acreage lmpres- first executive head. Thnugh it fl 
sively. Last year both mature was formally set up in Novem- U 
and immature acreage totalled ber last year, PORLA is yet to ■ 

1.8m. By 1981, this should be in function properly. It still lacks 
the region of 2m. acres. the staff required tn run such 
The projected production is a specialised organisation. 
expected to increase from 1.7m. It will be entrusted with all 1 
tonnes in palm oil last year to the powers needed to control I flft 

V. K Chin 


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Cables: ROTHPUTRA & < 


Financial Times Tuesday Mav 16 1978 




common sense and 

■V. -l 

THE PROSPECT of an October Yet the need to get our values once the new moralitv laid 

hifmw' the summ * r ? £ « probably more press- down that ell forms of dis- 

Snunbu*, that must precede it, mg today than it has been at crimination are evil we were 

is almost too dreadful to con- any time since the great clash bound to travel the road to 

template — hilt thmi ic nno T3u nf volimc am4n^ thn . u j-, ... . . 

tempiate—but there is one ray of values that , ended in the absurditv. \v e were right to 
of Dope. Some politicians may defeat of fascism. This is not turn away from the principle 

■ V* 


do. us the service of giving -at so much because there is any of hierarchy but we failed to 
mast passing mention to the immediate threat of victory by foresee all th* consequences 
most important question facing people whose values are . 

our society today. The question totalitarian (although that , s ® c ond I p: - inoipIe that once 
w. of course. “What values do threat is not so remote that 5e J™ ed to hold society together 
we hold most dear?" — and it can be Ignored) — but rather CT J~\ e *, P nn ciple of order, or 
among the politicians, naturally, because the rapid disintegra- -niJCtiire *J as been abandoned 
are Mrs. Margaret Thatcher, Sir tion of formerly binding prin- *? * av ® ur a new taissez faire 
Keith Joseph, Mr. Anthony ciples has left so much of our Uiat * 1 ^ 5 nothing to do with 
Wedgwood Berm and Mr. Eric society floundering. economics, it is found in the 

Hotter. ... realm of personal behaviour 

' Whatever their defects, these nmnPtpnPP ' P erm i s ®i v eness "j; the arts 

political leaders do have one 'W les of bricks); education 

merit in ; common. They under- For example, the principle of ,, never mind the spelling or 
stolid the Importance of social absolute egalitarianism is now . fi^mmar attitudes to 
and political morality., and they marching triumphantly through F P1B |f ' lf Jt ! sn t nmrder ** 
are prepared to discuss: it. Mrs. all the old notions.- The idea m ® tter s and in the 

Thatcher will not" hesitate to that at least in the colonies constricted yet formless daily 
tell us the values of the self- some races were inherently r 1 ves .. people in our 

made man-ror woman; Sir inferior to others was officially iar ® e cities. 

JKeith wDI speak at sometimes respectable in this country Here again there is con- 
embarrassing length about his until Mr. Macmillan’s "Wind of fusion. One may favour the new 
view of the “common ground;" Change” policy in Africa. The Personal freedoms while yet re- 
Mr. Wedgwood Berm never notion that women’s place in coiling from the increase in 
shrinks from an opportunity to society is of a distinct and thuggery, or the consequences 

Hcffer r _ ___ _ r _ w j 

matters than Mr. Benn that he the U.S. it has' become impos- of order became anathema, we have been'negiectedT marketplace, is the true deposi- Not only Mr. Crouch has 

is outside the Cabinet. sibJe to practise overt discri- had no alternative but a kind It would be wrong to deduce tory of democrats and freedom, noticed this: the eariv-warnin* 

J am quite serious about this, situation on grounds of age; of chaos. that tf, e Left is t0 Wa , me for ai] y et lt ls tj, e x^eft that is the signs suggest that many Conser- 

Our values — our political when this one has been diges- It wit) be noted that both our troubles. For one thing, the focus of attention in a coxnpen- vative speeches will be 

morality — ought to he the cen- ted we shall still be feeling these major changes in social injustices perpetrated by a dium of articles in The latest peppered with precisely such 

tral focus of any election the effects of the proposition values — the abolition of hier- rigid adherence to the old issue of New Universities Quar- references over the next few 

debate. It is an unfortunate that it is wrong to disc riminat e archy and the banishment of values— on hierarchy, or the terly*. In the first. Mr. Colin months, 

defect of the British national on grounds of competence. order — are usually associated discipline of order, or the use Crouch, a lecturer in sociology 

character that open discussion Granted, it is confusing to mix with the Left So is another, of non-union labour — were at the LSE notes the share of T 5*Timir 5 C vqIiiac 

or such matters is usually up the several values listed in equally powerful, change; the always associated with the the Left in our general crisis " auuui 3 ValUCS 

avoided, so that politicians and the above paragraph. One may apparent weakening of the Right, and it is in protest “The long-term decline and For a funny thing has hap- 

others who do speak of morality favour the abandonment of sense of personal responsibility against them that the Left questioning of a set of stan- pened over the past few rears, 

are usually dismissed as policies based on theories of that once motivated so many has done so well. For dards inherited in the main There was a time when Vefer- 

■ extremists’ or "preachers” racial or sexual superiority people, such as nurses, firemen, another, there are still from the 19th-century has be- ence to values, or morality was 

or noiier than thou. ’ Vrt " j,a — • »• - * • — - 

not get much 
values in the centre 

Ashkv Ashiawd 

Mr. Anthony Wedgwood Benn and Sir Keith Joseph — two politicians who understand the 
importance of social and political morality. 

most was doctrine, or ideology, to the relative difficulties of 
If they had values, they were getting money makes such talk 
unspoken, taken as read. To- a weapon of status- 
day we face an election in It is no use Conservatives 
which a Labour Prime Minister trying to slip away from this 
is likely to concentrate on with talk about how com- 
down-to-earth everyday policies passionate they are in 
while the Leader of the Opposi- practice as against the 
tion and the ideologues around Labour Party’s merely theo- 
her aiT their newly-defined retical compassion. Neither 
beliefs. party is free of hypocrisy and 

The first of these, stated pretence. But the shocking 
often, loudly and publicly, is consequences of some of the 
that no greater harm could be- new values of the Left are well 
fall this country than the re- enough known, and some of 
turn of another Labour Govern- them have been fully rehearsed 
ment That may ring true to above, 
some people if what is really _ m 

meant is a Government led by IflPnlnOIODl 
the Stalinist minority within 

the party, but it sounds odd Now that the Right is on the 
when applied to the party led ideological attack, its own 
by one of the most conservative ability to cause human 

Prime Ministers since, shall we casualties should not be f Dr- 
say. Harold Macmillan gotten. Those who maintain 

The muddle arises from the that ™ st , of ? e unemployed 
failure to think through the are ldle la >' a bouts . or that 
proper values for modern ? means te ? f - houwr sensible 
Britain. It is perhaps a bit 1D "S™"""* terras ' ran - be 
hard to blame our Roritanian applied without someone getting 
politicians for this, since few burt \ tbat em P 1 °y®J's are 

of them have the necessary “variably humane while em- 

breadth of vision. Mr. Benn and P ] ° yees ar * ied by " ose by 
Mr. Heffer state the values of unions: or that some of the poor 
a policy based on the hegemony , undeserving are more 
of a declining class (and if It Ji keIy b f r " *° be espousing 
» »>•»».•! workers they favour. 
a minority class): Mrs. Thatcher 

and Sir Keith put forward the 

We all have our personal, 
secret, thoughts about which 

values of a bygone age in such form of unpleasant political 
a manner that their precepts « i? 1 * *“* 

appear to many people to be pf the Left or the Right. But toat 

mere “weapons of status.* 

is of no real consequence at the 
moment. There has been such 

x i * ^ i - __ muuiv.ii I. iiii'ttr iiiih ucvii ouvti 

Colin Crouchs esLy ^nceTt a <S,a " 3e in tone's percop- 

stales the defect of current 

tion of right and wrong that we 
all need to think afresh. In a 

W hen thfi -ability to speak m a forhIne this would be 

lb J® the fundamental flaw of competence is a necessary test rather than the proper subjects For instance, it still beats me nonnlessness.” so that they claimed them. The Tories, on 

the ‘practical, common-sense that all must endure: Yet the of their professional attention, how people who can buy any- “yearn for the restoration of the other hand, were the pra w - 

approacn. ’ contusion as unavoidable, for Sad to say. it would be possible thing that costs money preach apparently discredited guaran- matists: the evil they feare*d 

certain way was a test of com 
petence to broadcast, that was 
a weapon of status at the BBC. 
Now, when freedom is so often 
defined as the freedom to spend 

of debate. 

Joe Rogaly 

■ New Unh'emUn Quarterly Volume 32. 
, , „ No. 2> Spnno IST1. Basil BlarkiccU, 

money, the absence of reference oxtm t 




Letters to the Editor 

Something to 
shout about 

From Mr. Terence Higgins. MP 

through a Fall the hospital the public seem well satisfied in 20p. My company operate _ 

authority informed me that Scotland with Solicitors' Property 12-16-hour, seven-day-week ser- 

nevertheless they were discharg- Centres. Nineteen of these centres vice, giving official bank rates 

ing her as soon as she could be sold, during last year alone, on foreign currency dealing. 

“ fetched." Only the re-iteration houses to the total value of Similar to Chequepoint, we are 

, that she was totally immobile £255m. They would hardly have also compelled to sell our cur- 

bir. — To-day s article. (May 12) brought an ambulance' into scr- done so unless they' were satisfied rency to authorised banks, but 
“The Tories Find Something to vice. They insisted that they with the “marketing" oF the since Mr. Jorden apparently 

Shout About.' makes a number had no bed to offer her and she bouses. regards his company as “one of 

of valid points about the situa- must go. Jn fact a hospital eleri- Because, in Scotland, offer and the pioneers of tbe bureaux de 
tion which has been created by cal worker told me there were acceptance lead to an imme- change business,” I am surprised 
the Government's Finance Bill beds. While I did not get this diately binding contract (whereas that he is unable to obtain the 
defeats. But it would be a mis- confirmed it is possible that, as in England the offer is custo- fine rates which are offered to 
lake to accept the view that it is in our local hospital, there were marily made subject to a. future us after only a year in business 
up to the Government to decide pay beds phased out by the contract and therefore not —the authorised banks with 
what off-setting action, if any. Government and standing empty, immediately binding) it is very whom we deal are always pre- 
should be taken. We are among tbe fortunate important, if that part of tbe pared to offer us well in excess 

The article states it is the few who can pay for a private Scottish conveyancing . system of tbe 1-li per cent which Mr. 

prerogative of *be Government nursing home where mv mother was- introduced here, as .your Jorden claims is ail that he is 

lo raise revenue. That is true, j S now Installed and being well correspondent suggests, "that a offered. 

tbe Opposition cannot move cared for client should not enter into such Finally, T am a little surprised 

amendments to increase taxes, what would have been the a contract without having had that, since Mr. Jorden apparently 
But it does not follow in tbe piicbt of this shocked and help- the opportunity of consulting his regards this company as a " small 
present situation that this less old Jadv bad she been with- solicitor for be may well be enter- provincial office” to be compared 

enables the Government to 0 ut both means and someone in 6 int0 a contract which, for with a “ corner grocer shop " (his 

choose how any revenue is to articulate to help her" And bow one reason or another, he cannot letter of April 21 1, he should be 
be raised. many each day are "discharged or it is against his other interests prepared to devote so much of 

Indeed, if it attempts to do 
so in the ways Mr. Healey has 
suggested, increasing employers’ 
insurance contributions, corpora- 
tion tax. or stamp duties, it is 
lo be hoped the combined Opposi 


to fulfil 

(see evidence of Law his valuable time to composing 

the Press regarding 

from hospital totally unable „„ _ . , „ . . _ , 

cope? Society of Scotland to Royal Com- letters to 

The situation is. of course, the missia'n on Legal Services in our ra e?flu 

fault of the system rather than Scotland) That close contact Alan Stibbe, 

the individual (although, sadly, hftweeo chant and solicitor from £nainnmi ; 

_ — . ihe constant failure of the tIle outset of any transaction Stibbe Eurochange 

tion will vole down such pro- SV ste'rn to back up the medical (contrasted with England where Port of Dover, 

pnsals and go on doing so until needs of oatients is reducin" 100 oftcn client does not con- Burlington House, 
the Government puts down medical staff to take decisions salt his solicitor until the estate Townwall Street , Dover, 

sensible amendments or goes to which wou j d never have been agent has sold the property "sub- — ^ 

the country. countenanced at the inception of ^ “ a ^f s for AprffllltlJrG 

Personally. I strongly support Health Service) greater speed overall ra the buy- nglU-UllUlw 

the criticisms made in your first The Health Service is the iD *. 31111 selling whilst guarding ; ’D^ k »«4iirTril 
leader. •• Righting the Balance,” Jar aest single employer in this an imprudent bargain IB JrOITlIflRl 

of Mr. Healey's suggestions, and country aE & one of biggest ’ a 5 h Mr. Dick Stafford Smith, 

your view that there should be spenders. The demands on the Sir-Democracy throughout 

a .shift from cUrect to indirect service have risen far faster than of the property world is clearly under enor- 

laxalion. Restoration of a stan- rale at which resources have P r nn Prtlf rpmS o mous stress at tbe moment and 

been allocated. 2HJ2S«?.7K r P ersona,! y its vere survival must be in 

Again we must question tbe fj* J* a newspaper it doubt At such a lime it is pure 

?e to which the replacement It , cheap er th an paying comm on sense for fhose nations 

who believe in freedom to do 

dard 10 per cent rate of VAT 
would have all the advantages 
l stressed when steering the 


replacement s * uiu ' ;u cueaper cuau paying 
original legislation through tlie of ^ °seff-helpTn“d Iree choice bv th f. ^ o£ both estate agent and 
Commons and raise sufficient paternalism is not only * 0, ' cl 2 r ' 

revenue to mwke charges of destroying our very necessary P ' _ . 

Opposition irresponsibility even spiril of independence and enter- Church Rood, 
more Implausible than they are prise but aIso producing in- Tunbridge Wells. Kent 

at „Tresent. creasingly inferior services. 

Such a combination of changes The problem in respect of the 
would certainly areally mi prove ^ is enormous, and its solu- 
thc Budget The Opposition j 0D g t ernij certainly one 

answer should be to reverse the 
rundown in NHS" beds and to 
encourage private medicine. 

Were it not for the doctrinaire- 

S£ 3 ? fzT b ' . , , 

of staff, the occupation of these f l J< 1 would be grateful 
beds would not only bring in >°“F correspondent Mr. M. 

parties have the power to bring 
this about and should use it. 
Terence L- Higgins. 

House oj Commons. SW1. 

The cost of a 
de change 

Health service 

everything possible to succour 
and sustain their weaker 

It is therefore all ihe sadder 
to find every possible obstacle 
being placed in the way of our 
old ally Portugal in her attempt 
to join the Common Market and 
thereby stabilise both ber 
political and economic future. 
She is grouped with Spain and 
Greece aa a future liability and 
Mr. Silkin, on his return from his 
Milk Marketing Board battle, has 
once again drawn attention to the 
problems of increasing the 

Mediterranean” agricultural 

Fruiu. Mrs. Roicena Mills. 

much needed revenue, estimated \ 0 / ,^5 < i u * po ’ n i Se ^ ces — — . 

at around £50m-f 60m per arinum, {JJgl 1 *}• S? u 1 ! d / efer A 8a? i D S luts fhe three new members 

but would also release beds Published on April 25, of are. admitted. 

bv people w hieh he makes criticism, since This is 1 believe to misunder- 

»e apparently fa, not mad it 

sonal crisis few of us — , 

degree to which the traditional medical care, 
caring- conscience or the medical M,Hs - 

profession in ibis country is Crops, 

being slowly, but inexorably,- nyfliercornbc Rood, 
eroded in the face of tbe con-. Haslemere, Surrey, 
straiats arising from the present 
method of financing the NHS. 

This week my SI J-y ear-old 
mother, a victim of arterio- 
sclerosis and able to walk with 
only the greatest difficulty with 
a walking aid (and quite unable From the Chairman. 
to move without ). fractured her British Legal Association. 

House buying 
in Scotland 

stand and misrepresent com- 
He mis-quotes my letter as hav- pletel.v the reality and potential 
ing claimed to “thrive" by of Portuguese agriculture. That 
charging a fiat 25p for cashing country has, in tbe Tagus valley, 
cheques, whereas my letter one of the most valuable agri- 
actually referred to the offering cultural assets in Europe. By a 
of official bank rates for the happy confluence of nature and 
buying and selling of currency history the valley contains some 
and travellers’ cheques. of tbe best soil in the best 

Mr. Jorden is obviously per- climate and in the right man3ge- 
feetiy Tight in stating that on a ment units for intensive market 
cheque of £6.25 or Jess, our flat garden production one could 
charge of 25p would amount to hope to find, 
more than Chequepoint ’s 4 per The climate is her own, the soil 
cent, but since so few cheques has washed down from Spain 

the centuries and the 

right arm. She was admitted to sir, — Ray Perman's account of are cashed for such low amounts, over .... — ^ 

tbe large comprehensive und_ buying a house in Scotland (May this argument is sheer nonsense, management pattern comes from 

very modern hospital unit serv- joj was timely because, as some The average amount of the the fact that Portugal was the 
ing her area of South West 0 f your reader; will know, our cheques we cash is £22.30. for last country in Europe to move 
Surrey and her arm duly set- solicitor members have as a which our charge Is still 25p and from feudalism to redistribute 
The doctor then brightly an- matter of. policy decided that Chequepoint’s “would- he S9p — wealth and that only in the last 
nounccO she immedi- Solicitors' Property Centres, on 256 per cent more. Mr. Jorden few j-ears. This plus the fact that 
aiely discharged. We pointed Scottish model, should be also omits to mention that the country has no landlord/ 
out that since she could no introduced into this country- We Chequepoint have a minimum tenant tradition has meant that 
longer use her walking aid tlhe a rc pressing the Law Society lo charge of 20p for cashing vast areas of the valley have 
use pr which is entirely depen- support this move in the public cheques. been managed as single units, 

dent on tiie stiengthof her arms) jjjterest. However, as a bureau de As any land economist' or 

she would he totally immobile No doubt shortage of space change, we are, in fact, basically politician will know all too well 

with only her T^year-old bus- prevented. Mr. Perm an from say- in business to buy and sell cur- the usual problem with trying 

hand with angina resident to ]ng that whereas estate agents id rency and travellers’ cheques, to modernise ah agricultural 

help her wash and dress (a pro- England and Wales charge 2 per rather than to cash cheques — I industry lies in the dlfficolty of 

ccss which prior to the accident C eu't or 3 per cen t 0 f the price of cannot account for Mr. Jorden’s introducing new programmes and 

hours) and go to the the property as their fee, the curious statement that cashing systems when management is on 

took . 

lavatory. Solicitors’ Property Centre, at sterling cheques for £6.25 0 r less a very fragmented basis. Here 

Having repeated this at inter- fte moment, charges only £10- forms a substantial part of his that problem does not exist and 
vals to various Staff, we even- per house sold through LL A very business. It is the rates offered with a little help from her oldest 
tually got, her admitted for the real consideration for any to tourists for foreign currency ally Portugal’s agriculture could 
night in order that arrangements vendor and of indirect benefit to by. many bureaux that have very quickly become a powerful 
fur her care could be made. Her everybody because it helps to recently come under fire from tool in her economic armoury, 
doctor, howerer. informed us that keep prices down overall. Mr. Rost, MP for Derbyshire She would then become a 

Ihe di^irict nurse was shared The suggestion made by Mr. South East, who is quite rightly valuable ally and trading partner 
with another partnership and the Perrnan that solicitors in Scot- demanding a * Govennnent in the councils of Europe as well 
tim* she could give (a iny land “very rarely knew how to inquiry. For the cashing of as a. stalwart in the struggle to 
mother would be minimal. In ‘'market* a bouse properly” is a sterling travellers’ cheques we maintain democracy, 
spite of this and in spite of our view which no doubt comes from make no charge at all. whereas Dick Stafford Smith, 
reminding them that she had estate agents, but is not borne Chequepoiut’s charge remains at 7. Avenfield House, 
broken her arm twice before out by the facts, to any event 4 per cent with a minimum of Park Lane, WI. 


Index of industrial production 
(March, provisional). 

Prime Minister speaks at CBI 
annual dinner. Dorchester Hotel, 

Cabinet committee studying 
future UK civil aircraft and 
engine manufacturing pro- 
grammes expected to review pro- 
gress of talks between Mr. Eric 
Variey. Industry Secretary, and 
presidents of Boeing and 
McDonnell Douglas. 

President Ivaunda of Zambia 
ends visit to London. 

President Sir Seretse Khama of 
Botswana arrives in London for 
talks with Prime Minister. 

Inquiry opens in London into 
grounding of Amoco Cadiz. 

To-day’s Events 

Second and final day of Finan- 
cial Times conference on The 
North Sea and its Economic 
Impact Grosvenor House. W.l. 

Mr. Ernest Armstrong. Under- 
secretary, Environment, opens 
one-day conference on The Homo 
Improvement Market in Great 
Britain, Cavendish Conference 
Centre. W.l. 

Police Federation conference 
opens, Blackpool (until May 181. 

Specibuild *78 Exhibition opens, 
Olympia (until May 19). 

Bouse or Commons: Finance 
Bill, committee. 

House of Lords: Scotland Bill, 
coraruiitee. Films Bill, second 

Select Committees: Nationalised 
Industries (sub-committee A). 
Subject: Innovations in rural bus 
services. Witnesses: National Bus 
Company (4 pjn.. Room S). Joint 
Committee on Statutory Instru- 
ments (4,15 pjn.. Room 4). Ex- 

S enditure (Social Services and 
mployment sub-committee). 
Subject: Public Expenditure 

White Paper— Social Security 
Chapter. Witnesses: Department 
of Health and Social Security 
(4.30 pm.. Room 6). 

Coats Patons (full year). C. E. 
Heath and Co. (full year). Ranks 
Hovis McDougall (half-year): 

Trafalgar House (half-year), 

Unilever (first quarter). 

Ash and Lacy. Birmingham, 
6.15. Associated Biscuit Manufac- 
turers. Great Western Royal 
Hotel, W., 12-10. British Enkalon, 
Hyde Park Hotel. S.W„ ;:.15. Brix- 
ton Estates. 22-24. Ely Place, E.C., 
12. Chersonese (FMS) Estates, 
Plantation House. E.C.. 12. Oil 
Exploration, Abercorn Rooms, 
E.C„ 3. Padang Senang Rubber, 
Sevenoaks. 12. Winn industries, 
Dorchester Hotel, W.. 11. 

gMWioens mnover 





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DCM down on expectations at £6.4m. 

Financial Times Tuesday May 1«‘ 1978- 

Doubled profit for 
Alpine Holdings 

n S 

ON EXTERNAL turnover up from 
£8ti.40m. to £T»2.7Sm. pre-tax profits, 
of Daabee-Combex-iiiarc. advanced 
by 9 per cent, during 19n to a 
peak of £8.43m. compared with 


iak of £6, 43m. compared with Co mpany 

Alpine Holdings 

At halfway (when profit was well ; — - — 

ahead from £lf»B.lW0 to £721.0001 AUSt,n Kee * 

Page Col. 
~30 T 

r,onal incomes during 1977. How- 

highest expectations. The year 
began well, but abnormally late 
buying of toys nt retail level 
restricted the increase of the 
year's profits. 

Though the toy d (vision in- 
creased its trading profits by some 
20 per cent, some companies in 
that division and io the D1Y and 
industrial division fell short or 
their 19713 profits. The problems 
affecting these companies have 
been tackled, they add. 

Beattie (James) 



Clydesdale Inv. 






Drummond Investors 



Empire Stores 






Fisher (lames) 



French Kier 






Hield Brothers 

Huntleigh Group 
Leyland Paint 
Madame Tussauds 
MSS Newsagents 

Old Swan (H’gate ) 

Prudential Assurance 

Stag Ling 

Sunbeam Woisey 
Tube Investments 
Young Co.'s Inv. 

over a week ago Hunting Gibson 
omitted- its final dividend, and now 
Stag line has passed Its interim 
dividend. In common with the 
Page CoL other companies it is losing 


•W . 

money since freight rates in the 
bulk trades are not adequate to 
cover operating costs if deprecia- 
tion and interest charges are 
included. In addition. Stag Line 
has more Immediate problems 
since the M.V. Photon ia has run 
aCTOtind ui Milwaukee of all 
places. The company is on the 
noint of taking delivery of a new 
bulk .carrier costing £6.Sm and 
•s obviously finding it toueh 
going. However, it should be well 
received if it applied for a tem- 
porary deferment of its capital 
under the (J.K. Government's new 
scheme. At 105p the company is 

capitalised at just £Ilra. 


J lj> a a* ‘directors made useful progress in 

IP restoring confidence within the 

o group and with its customers, he 

-» . says. 

grfTl Current order intake and 
t/A will E.w-7 Immediate prospects of two of the 
^ _ _ company’s light engineering 

fu / activities — British Castors and 

fia! Evered Security Products— are 

, „ markedly better than 12 months 

i >N TURNOVER up from £2a.l6m a «r 0 . However the main deter- 

Hield Bros, 
to £0.65m 

Mr. Basfl Feldman (left) and Mr. Richard Beecham. joint 
managing directors of Dnnbee-Combcx-Marr— significant rise 
in order intake achieved in current year .to date. 


Alpine Hldgs. 



.. l.fiaf 

.. 2-»s; 

The group acquired' Aurora io £27£ra James Beattie, retail rninant of the group’s profits is AFTER A turn round from a loss J- Beattie 

Products Corp. in February, this departmental store operator, re- the level or activity in the mills. of ■£145,000 to profits of £284.000 "j-ewerj me u.w 

year, and the directors say that ports pre-tax profits ahead from Although this shows some im- ,n 036 first half, Hield Brothers, Dnnbee Combex ?- W| 

this may well change the pattern u.OGra to a record I2.54m for the provement Trom the depressed which makes worsted cloth, trench Kier *_ 

of seasonality of group profits in year ended January 31. 1978, after position prevailing in the second fini shed the 52 weeks to April 2, ")*“ Brolliers . v'" }I'i 

197S. They are encouraged by serving members dividends cost- half of last year, the mills are 1975 - with a pre-tax surplus of rs,ews ^e nts “ ll - ^ 

a significant rise in order intake to ing £223^24 against £181,000. still operating some way below £630,00ff against £68.000. Turnover Old Swan (Harrogate » u-oi 

date, and they anticipate a year in Earnings per 25p share are up canacity- expanded from £8.9m to flO.Tlm Stag Line •• • •- ■ 

keeping with the group's past from an adjusted S-S3p to 10.54p Britannic Assurance Company including. 67 per cent ( 65 per cent! >oimg Cos. Trust — •* 

profit performances. and the dividend is effectively holds 13.73 per cent and exports. Dividends shown pence per shan 

Earnings per lOu share are 24 5n raised from 2.0731 lp to 22S302p M and G Recovery Fund 8.44 per ®®E n, . n * s are given as L982p * Equivalent after allowin' 

1 17 In) arid the dividend is effec- net Also announced is an aridi- cent, of the equity. (0.095p) per 3p share. The divi- increased by rights and/or acqu 

IL-J. tional 0.03189o for 1076-77 on the »s held at 0.745D net. for 1976-77. 

int. Nil 

o •>; 

Date Corre- Total 
ef spending for 

payment div. year 

July 7 081 2.48 

June 7 2.07* 2 2!8 

— 0.8 — 

Nov. 10 3 -58* 5.5S 

July 7 0.5 l.i a 

July 3 0. <!> 0.75 

July 5 0.7 — 

— 0.53 1 

— 3.8 __ 

July 5 2.1 3.65 

Nov. 10 
July 7 
July 3 
July 5 

July 5 

11B5 5 '-' pnn <ii,r um liis of Alpine Hold- and this improvement fins cot 

S2 *Sr .«» i4j.nmAmw.uiwi*, 

aluminium uindovis group* more sw- ■ 

than doubled from £464.000 to There Was m MbMnur 
PFK*|w 5SB £930 mw for the 52 weeks lo credufor the period of OMft 
ian uar v 31 1978 — almost reaching (£69,000 debit) which comprised 
3ng&EK Se record J356.000 csiablished In profit of £312.000 on the dtapos 

mi-m&i SSm S72/73 the ITOP*. s*»reboWlng j 

At t jic 27 week stage (when Century Aluminium Company, an 

,? profits showed a rise from £9G.00Q a profit on the sate of a 51 pt 

«■ ^®Sg§5sI t0 tw ooo tjie directors said that cent shareholding in Alpinai 

- with the industrial window £48,000. less the £50,000 costs i 

. • IS activity closed they viewed the closure of the industrial vflndo 

i “ future with confidence. activity. 

7 The year’s results Indude nsso- As at January 31. 1978. fixe 

■ dates share of £130.000 (£113.0011) assets of Alpine were JK08.0T 

' : and are stduck after deducting (£614,000) and tafciug in Do^n 

: j E1S7.000 (£384.000) trading losses as at December 31, 1977. tht 

X I for the discontinued activity. wore £874,000. On the same has 

i. f The directors stale that trading „et current assets are shown i 

’’j . in the current year has started ri.i5 m and II .97m ar 

strongly and subject to unforc- ner asset value per share 3Si 

i seen cireumstances they anticipate (io.4p') and 17ip. 

* further profit improvement from 

L' ■ ■ their existing businesses. # COmiROnt 

■ AM-J Mhuvc-d Thcy adtl that the group will . roducpd ^ in thc since a 

eecham. joint have the benefit of a contribution t( d industrial windt 
[gnificant rise ™v,™1nd funher UdwT 

,0 iue - Sn? fSS.rtTi. T s Sm domestic double ^aztos are tl 

- improvement In group profits, 1 97^ urofi 

Stated eaminss per 5p share recovery to the 1973-73 profi 
Cf) arc well up from L54p S> 4,29p level. Largely because of hout 

and the dividend is stepped up to holders concera about rnrng fu 
Total Total 2.475P (l.fi25p) net with a final »i!K and the availability of to 
B for last 0 f i ,85p. Thc directors intend to up mortgages. JEW? 1 

year year progressively increase dividend 016 double glazing division 

2 48 1 63 payments in line with future around 15 per cent, with -most 

O 007* growth in profits. it coming towards the end of t 

— 2 77 Alpine (DouNe-Gtamfi) Co., the year in particular tor rpplaceme 

5 58 5 08* group’s principal activity, achieved windows where Alpine hoi 

175 0 5 a substantial trading improvement about a firih of the over. 

0 75 0 75 io the period with a profit increase specialist market. Thc compa: 

__ o‘io of 45 per cent to £1.32m on a sales also has a share of around t4 p 

1 0^ advance of 29 per cent lo £11.97tn. cent in the double glazing mark 

it 4 The directors explain that this and further penetration hi bo 

3 65 3.3 was achieved after absorbing these areas should now 

^ . initial trading losses in respect of possible throuch the retaOJ- 

A4iU-j .Vshinxd 

lively raised from an adjusted t'°nal 0.03189p for 1976-,/ on the 
5.07r,*lp to 5.58481 p with a final of reduction in ACT. 

3.93461 p net. The directors state Net profit was fl^lm (£1.02m) 
that if ACT is reduced then the a ft f r tax took £!.33m (£1.05m>. 
proposed final payment will be Sale-s 3nd profits for the first 
increased. three months of the current year 

t- . ' ^ , n _ . , . have exceeded by a substantial 

mnom - amount those achi««'od during 
£0SSm. compared with £-..n9m.. th(? jj ame period in 1977. directors 
following ED 19 no provision has s tato 

£“« “S*? for deferred tax for Meeting. Wolverhampton on 

for 1976-77. 

i shown pence per share net except where otherwise stated, retail selling' through Debenfcams arrangement with 60 Debenhai 
ivalent after allowing for scrip i-^sue. .t On capital sjores which commenced in stores, which contributed about, 
by rights and/or acquisition issues, t Additional 0.031S9p September 1978. This activity tenth of divisional sales in t 

NSS ahead to £ 1.93m 

after six months 

stock relief of £L73m. lilm.i. June' 6 at'2.30 p.m. 

External tumourrt 

Pre-tax prefit lu 

CurTeni ijx 


Esirjnrd. debit 



f.K 4W 

6.033 5.012 

* Compnses croup mmovi.T n>in.74 
usvkidi. loss inter -cum pan; [ransocuon- 
ir 9 fim iif.jsmi. 

More progress 
In slpht 
at Evered 

dend is held at 0.745n net. for 1976-77. contributed a loss of £89,060 on first full year. Meanwhile, t 

. T ■ A- ?■ Park, the chairman. half, but following agree- sale of Century has boosted n 

3 IFPfb sa f- s -tl a '* in spite of some lourer _ _ n 4 /\/« ment with Debenhams on a new cash to £OS4m- Alpine h 

KJtL Gita. JLiAAilC activity in the second six raonihs. TyTL ^ rearaiQOrfil T/lt -f- | IJ -4 TIM basis for its future operation and already acquired Dolohin Showc 

considerable progress has been I l" Ar JL significantly improved sales it has to Improve its position In t 

rro* nn towards improved profit- contributed to profit in the second home improvement sector a: 

S3* llW ? d j lU( v n ^hort-term _ ^ g _ r -b^ii o h:ilf - The directors now view the there Is talk of moving into t 

had , be l n , e r fi?nnn 3.9^01^ future of retail selling through home security area. The curre 

reduced and now stand at £416.000 ******* Debenhams with confidence. year could also sec some or 

1 RtjgP Jg lYi fiiJLim.). SALES FOR the hair "ear to weeks of the interim period and Alpine Dreamline made a £0 3m outstanding with debte 

M.JS.AA Direct exports represent a -4 April 2i 197s. 0 f NSS Newsagents another 20 or so due to come on reduced contribution to profits from the industrial wind* 

ON LOWER turnover of £1^7m ? er - ce ”t “Wwvemem Jn value eS p an ded from £22 33m to £27 19m stream in the second half, refiecling (he depressed trading aefirity. The hich rating— ar p 

against £1.41 m Stag Line incurred during tne year. and profits increased from £l.f>lm including a couple of major “high conditions in thc furniture sector, of 12.9 with a yield of 8.8 per cei 

a loss of £157.360 for the six . “ iat J**® ori ?^ r to f 1.93m subject to tax of £lm street” styled openings. So turn- Some improvement in trading was at 57p — is clearly antiripati 

months to April 30. 1978 compared lower than tne ( £o.5a m '. over should keep pushing ahead experienced in the second half further growth, 

with a profit of £537.034 last time. * v ^ ras f’ , 1 e r 3 Earnings are shown to be up fairly significantly and even 

before a tax credit of £81,827 ff^poiT level of activity .or frora 4 65n t0 547p peP 10p share though net mareins could come ^r. . j 1 11 _ 

(£279258) charge. Tfi™' tJI,! ^ thJ'noZ and the interim dividend i; lifted under some pressure— wages are CfiPWiirffC f'llSlIIPnO'P 

The result takes account of " rTD v,en .°, n ^ from 07p to OSp net costing due to rise 12} per cent — NSS k3jlfl.V0 tjIVTTMiUij LllulivlIinC 

investment income of £28,866 fin a n oaJ year as a whole he adds_ f 13 - ^ ^^.OWD. A scrip issue looks capable of £3.9m profit this __ _ ^ 

(j.i5iJ2). depreciation of £101.948 ,9 V^ I9, £ T^ of one new 9 per cent £1 cumula- year. At lJ9p rhe prospective fully r | 1 1 « nhonmiQll 

(£116,602), a surplus last time of ernnp turnnrar in‘713 sTso: rive preference share for every 10 taxed p ‘e of 10} and yield of 3 JL LH4II 

£441^36 on the sale of a lip. and Tradina _ B n« un* ordinary held is also proposed. per cent is a reasonable rating. Tuh _ i nV p S , n , £ , nti ' shon stow . ner cent.. 1985-95. £1.367.146; 7 p 

ON LOWER turnover of £lJ!7m P* r . cen .t “P™ 
against £1.4) m Stag Line incurred during the year. 

MfmjW ,0S A 10 profit of £1 19.671 in 125.474 TjQsiM).' ^ 

(Jljitro J *T- On any substantial upturn j n view of the loss the directors not pmGi .. . 
jp j. £ '? doinrind in its mam markets d0 not cons j der an interim divi- dnniicn<l« .. 

tor rest Ot lh * d,r : ?clor<; wnu!d ■ far dend appropriate fcyt considera- Protwsed 

UH IVJI ui more than pronorrlnnate Increase Hon wM , b o given to a payment 

T? 9)0*3 Wf*I- 58 r n J pr °,2 tS ‘ u 3 ^ S S,r T'-T,"'* Har i out reserees ar the year end 

ford, the chairman, in his annua! year ^ in , erim of 3>8p net MAXIMA 

A. Mendez and Co. (UK)— TJK ^ nr ^hi«m- th-t P er 11 share was fo,, owcd by a T . Hil . PPtnr< 

“*«!¥».. JIe . n - d “ ,ntcr : h»TE h-WnS SS that the SSS 

P^Hts at Evered and Company ,r«!6 t 692). a surplus last time of cmnp tumors 
Hi. dings should show fur. her pro- £441.2313 on the sale of a 'lip. and Tradinn omat ., 

gress in current year following pre-deb very interest on loan P*?orpri*dnn 

th" recovery from a OVUM pre- capita ] in respect of - Begonia ” S2|f» - - f ^ 

liv fnee tn nrnht nf PllO^/1 m _ r em- <n . r> nei* Praia More USX 

Shop stewards challenge 
Tubes chairman 


The directors of 

} 3 « For all 1976-// dividends 
68 totalled 2.1225p 

d At Lhe end of the period the 
company was trading from 396 
U5 retail branches, a net increase of 
24 since the start of the year, 
including a group of ten shop?, in 
Nottingham taken over at the end 
of March. 

:r cent is a reasonable racing. Tube i nveslinente . shop „iew- per cent.. 1985-95. £1.367.146; 7 p 

ard-s forced the company to c^nt. 19S2-S7 £346.248: 8} p 

QT | FTC defend its industrial relations cent., 1988-93. £562.807. 

OnJxJ.O ttl record, at the AGM in Birttuag- The programme of purchas 

■t • j e • ham vesterday which was announced on April 

09(1 TOr SIX Mr. Alec Hodder. chairman of 1978, has now ended. 

the unofficial shop stewards 

isrpol'linc combine, which claims to rep- . 

YY resvni (he 30.000 manual workers. TfierPUCP nV 

Scottish and Universal News- challenged Mr. Brian .Kellett, the lilticajc 

wMItey of "iSndei Inter TIie Problems that final of 7 6n Th«re wS a prc tar The d,rectors of Maxim’s state Mnnc the outlook for the paper ^ a subsidiary of SUITS, is chairman, nn his statement rn the 

nattenal W Hon» Kom lirent hsve b-dnvll!cd the cre-.p over f or the full' vei of that the option to receive shares remainder of the year depends to prepnrin . a bid ' for the six annual report that tax rebates and 

crou^of finanei^? a^d^tSd* ,h - ,a ' t, few >’ ear * n^olv ihe for the full year of _6oo.a9a. jn lieu of the final dividend of 5p a large extent on a more settled wcck | ies nul li s hcd by the supplementary benefits might he 

Sic comranfi oSrat tie mStelv maior ,0 - se5: nf i;s hardware and q comment pcr 27 '° share is t0 be 3t lht rare ? evvspape {. ,nd “ #l - ry rhe compan> collapsed M Publications of a factor contributing to the 

!n C .h,» Vn^oiSr Jn controls activities and ihe decline 9 wmmwi of one new share for everv 1P5 hopes to benefit From some over- in Fjfe length of industrial disputes. 

rash n^rRninweli , PrnriuSpHnirf! ° r ?h¥1 rol, ’ n " Olil!. hT-e now been Stas line is the third small ship- existing shares in respect of resi- due price increases for newspapers lv ill have to submit an ft,r - Kellett said he was not 

Increase by 
Young Cos. 

I Publications of « factor contributing to the 
rjfp length of industrial disputes, 

have to submit an Kellett said he was not 

Profit Tor the year to March 3^ 
1978, of Young Companies Invest 

in th.» F-JI- Fast <n nftsr jn cnnrrois nviivmes ann me necune "i one new snare lor every mo J'*"*" 1 .\rbroaUi in l-jfc vm miuumimi . -r—,.. msP r-™, /■■<■>*) ooj 

rashnarRaiawllia Priduee HnW or the rolling mill, hi-- now been Stas line is the third small ship- existing shares in respect of resi- due price increases for newspap.-rs SUN , viJ1 have to submit an ft5r - Kellett said he was not o??ll7J5i»2r 

Ines ?hare Produce HoW - resol-ed. Many prohlcms remain, ping company to announce a cut dents of the UK and scheduled and from the businesses acquired app ii catiori 10 lh e Office of Fair Suggesting people went on strike ^rrd wrthYrtllS £ - 39eo 

J' , _ but th.-v 2 re less d-nnting both in its dirdend in less than three territories and one new share for *he Gr st halt. The rate of mUa- Tr;Jliin „ for permission to take f° r security benefits, winch p stw ^ earnin' «s ner £1 sha- 

The offeror, through a sub- in number and mirnitudc than weeks. At the end of April. Turn- every 72 existing shares in respect 1,00 on lhe S^cds sold has slwed rh( , wh , c h are be in" he welcomed as a cushion against . 

sidiary. already owns Sii 12 per -hose v-hich f'-ced the board ar hull Scott cut its final dividend for of residents outside the UK and down but costs continue to rise k ahve through the voluntary problems of uiuunploymcnt. he dlScn?TotiI iq rais^fm 
cent of Ra jawella s capital. the end nr 19.4. During 19.7 the the first time since rhe war: just scheduled territories. with a further wage increase due pff ' nrrq nf Ifi i 0 um,l,st< who have However he thought it was "an ^ 1 

1 in July. Nevertheless the dircc- rcVused^ o a »dV redundancy . "bwrvnble fact" that whore to 3.8op net with a final 

I ■ i tors hope for a satisfactory result The journaSli are producing P pc P |c on strik.* were supported. — * l _ 

r zzrz z rr z ra 1 ^ ** ^ e*™SelSn!Vte3 ih t. M ^ 

w, ra s^. 1 

a Si! K N i 1 a 

5 0 ."T. Vir . iy -3 


for the full year. 

© comment 

emergency editions of t 

©comment papers, of which some iOJlOO "J. ^ on I'^yvi-iis ior 

j- r , r ..^ c pnmpc upp i.pi n .Y svilwnntr'u'l Wi*\ lold nnluCr* IhPTO Imd bPPG 

Profits growth of a fifth from NbS copies are being aui>conir.ia ■ , , f : lh ., pnera i 

M IS& SSkS^i».K “iftdfT} 

aispuie.s in rieet sireei jna me , sonic resnocis Ihe outlook was 

Mr. Kellett. on prospects for 




Mr. S. H. Cooper, the Chairman, 
reports: — 

newspaper wholesalers. All in all Union of . Journalists. ^ ‘hir 

outside disputes have cost NSS There Jire rwo leg.'l prob.^ni> ..~ Thri ‘ 1 

some respecis lhe outlook was 

Group Profits for J 977 after Depreciation 
but before Taxation were £9,554,024, 
again a record being an increase of 6 % 
over the previous year. 

“The- improving level of con 
suming spending, although patchy, 
is generally encouraging and is 

Figures shown are in £m 

Results were adversely affected during the 
second half of the year by the strength of 
sterling overseas, a sharp fall in interest 
rates and industrial problems in the 
United Kingdom. 

SUMO of profit. Meantime the to he resolved before a final ^ 

tobacco giants have been fighting appUwuon could be made to the ^ , 'Vere H v LncoiiSJSfc arid is 

it our in the *kms sire '’ market OFT. however. direct hoInhS ™ SbH? to 

which has inevil ably caught up One concerns the liquidation, directly helpful particularly to 

refers in promo, ioial activities'! which is technically of M PuhlJ- our do me. tic 

As NSS tobacco margins fell with- Elions parent comnany. T. Buncle l l* *£" ‘SluiIBS 
out any corresponding tncrease in and Comnanv. and the nrher w.JJJJ 

volume which actually fell 3 per over an ESO.noo security held by ™ SSSLiJJ^S 

cent. However confectionery SLOTS on Publications rince P ^" , ‘J„ by some hardenin - of 

sales were brighter, where, after lari year, when the Glasgow-based p wa . that 

considerable customer price re- ?reup sold our to Mr. Jack erSSS SmiJS 

sistance in the previous year prices 'Tolland, who ran the company maintain*/* in i Q-^ r0UL 

nniii i/c would be maintained in 197S. 



■ 7 ^ Directors recommend an increased final 
dividend of 1 7.2005 % (1 5.4 %) making a 
total of 23.3437% (21.13692%). 

considerable customer price re- ?r°up sold our to Mr. Jack of Trl nrn.itc 

sistance in the previous year prices 'Tolland, who ran the company *! , £., ri P hJ in i Q-^ r0UL 

have stabilised and volume is until its collapse. ' vould ** maintained in 1973. 

showing signs of a recovery. The The liquidator. Mr. Peter HATr' 17'TV 
overall lack of volume growth is T.vinr, of Deloittc and Company. LIALllllI I 
demonstrated by the sales break- Edinburgh, said the directors of Since April 19. 1978 Dalgety 
down, which shows turnover M Publications had agreed to has purchased the following 
growth of only 11 per cent from partition for his appointment as amounts of certain of Its 
existing outlets. Still, the store provisional liquidator so that the Redeemable debenture stocks: 6i 
opening programme is speeding newsnnners could be disposed of, per ccnL. 1979-84. £1.912.507: 

up with 10 bought in the closing hopefully as a going concern. 61 per cent., 1979-84. £298,118: 6* 

13-85ja3*4ljl5*1?pS-7S lS-S3p8-5l|23-17f 2S-2 j ^-5 ^*7 
1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 

■$£ 1977 was, on the one hand, an encouraging 
year for the Group and on the other most 
frustrating. Encouraging in that new 
rentals and new sale business were at very 
high levels establishing new records by 
considerable margins. Frustrating because 
in the United Kingdom, industrial unrest, 
late deliveries of equipment and delays on 
customers’ premises resulted in our 
installation programmes not being met. 

Faith In the Mure of Teesside 


(included in Turnover) 
Figures shown are in £m 

! i 

S-I5S3-44 8-8«j S-SzllS-JlI-lshz-SStU-iS 15-2 j 57-2 


:!w « 1 **» *s 

1968 1969 1970 1971 1972 1973 1974 1975 1376 1977 


Figures shown are in £m _ 

Future Prospects 

During the first quarter of 1978 new rental 
business has continued at a high level 
whilst new sale business is substantially 
ahead of 1 977’s results at this stage. At the 
. same time, there is a formidable backlog of 
installation work to be dealt with during 
the year. 

I Provided, therefore, that our installation 
i programmes are not adversely affected by 

- industrial difficulties, yo ur Board is 
s confident that further satisfactory progress 
j 2 will be made during 1 978. 

machine tool 

*4G[4-B 5-2$j5-B5 E-flSjS-JSj Mg j ?-?| jg-gljs-5 

Meeting 8th June, 1978. 
Dividend. payable 4th July , 1973 . 

1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 


Figures shown are in £m 

; t 


[g«jl7-Mjl8-82j2K3j22-?g|25-31j2?-dj1-^ SS-SsjsS-Oi 
1966 1S69 1970 1971 1972 1973 1974'l975 1976 1977 

TR Services include PABX and 
Internal Telephone Systems 
Data Communications 
Staff Location ■ Time Control 
Production Control - Fire Alarms 
Fire Detection - Hotel Services 
Security Guard Protection 

Head Wrightson Teesdale and the W. E. Norton Group are pleased to 
announce the purchase of a single remarkable machine tool which will ensure 
job security for many workers on Teesside. 

W. E. Norton Machine Tools is to supply the Davy International 
subsidiary with the largest capacity four roU bending machine ever installed in 
Britain. It is the major item in a £2 million investment scheme in the Teesdale 

Sale of the machine, for more than £500.000, represents the most 
valuable order for a single unit won by W. E. Norton in the past 25 years. For 
Head Wrightson Teesdale the bending machine is at the heart of its biggest 
Teesside investment in a decade. 

W. E. Norton Chairman Walter Norton comments: “It is obviously a 
source of great satisfaction for a company turning over around £12 million to 
sell a single machine worth more than half a million pounds in the first few 
weeks of a financial year We have been working on this order for three years 
de, j^ j Cd t ^ t ^ aQCtion I® 5 n °w been given for a scheme that must bring 


TR House, Bletchley* 
Milton Keynes, MK3 5JL. 

W. E. Norton (Machine Tools) Limited, 50 Pall Mall, London SW1Y 5JQ. 

Our specialist loss - - 
assessors will take a look 
at your present insurance 
cover on buildings, 
plant, machinery, fixtures;-, 
and fittings and negotiate' : 
your claims -including ■- 
any consequential loss. 
Can you afford to take the 
risk of not consulting us? 1 

Beecroft Sons 
& Nicholson 

II Soul h Audley Street, 
London W1Y6HD 
Tel: 01-629 9333 Telex: 26198S 

*5, Established 1842; - 

•H. ■'» AsjaLv^oniriaBgntoomnl^PTtiwv 


}'a. Financial Times Tuesday May 16 1978 

W T7 1 B . ~W7~ • 

nn | 

** *.i. rW. I 

* If! 

v a 


« U 

v l 

French Kier tops £6m. 
and sees same for 1978 


DESPITE A marginal fall in turn- 
over from £L56.1m to £l54.7m. pre- 
tax profits of French Kier Hold- 
ings- jumped from £3.08m to a 
new d £6.01m in 1977. 

in November, reporting first 
naif profits up from £0-83m to 
£2j5m, the directors forecast a full 
year surplus of not less than 
£5. 5m. 

Full year earnings ere shown to 
be ahead from L6p to 6-3p per 
25p share and the dividend total 
is stepped up from o.ap to l.75p 
net with z final of lp. 

Borrowings were reduced to 
£4.Gra (£9 .3m). and cash balances 
increased to £9.5m (£5 .3m), say 
the directors. 

There was an increased profit 
contribution from UK construc- 
tion companies despite slightly 
lower turnover and higher profits 
and turnover from overseas con- 
struction companies. 

FuU provision has been made 
Tor contingencies on the Hong 
Kong joint venture. Products and 
services companies maintained 
turnover, and there were improved 
results from property develop- 
ment and investment companies. 

The corporate structure has 
been reorganised and the Depart- 
ment of Transport convertible 
loan repaid. 

The UK order booh heW steady 
during the year and overseas 
orders were maintained despite 
Increased competition. 

A furthering of the scope of pro- 
ducts and services companies is 
anticipated and property develop- 
ment and investment companies 
are entering more constructive 

Taxable profits for 1973 are 
expecte4 to toe not less than those 
tor 1977, the directors add. 

Extraordinary items comprise 
losses arising on currency re- 
alignments of £208.000 (£149,0001 
a surplus on sales of properties of 
£40,000 (£993,000). a deficit on sale 
of investments of nil (£78.000). 
premium on acquisition of invest- 
ment currency nil (£294.000), pro- 
vision against loan to trustees of 
French Kier Holdings Share. Pur- 
diase Scheme written back £41,000 
(£2,000) and premium on repay- 
ment of convertible loan from 
Department of Transport £135,000 

• comment 

French Kier has doubled its pre- 
tax profits in a year in which 
turnover is marginally down. The 
disparity arises because of the 
delayed recognition of profits on 
long-term construction projects 
both in the UK and overseas. The 
■ties downturn comes mainly 


The following companies have notified 
dates of Board meetings to the Stock 
Re Ch an ge. Such meetings are anally 
held for ihc purpose of cwHMerin# divi- 
dends. Official Indications are not avuj]- 

ab lc w hcihcr dividends concerned aw 

interims or finals and the sub-divisKKsj 
shown below are based mainly on last 
year’s timetable. 


I uteri ms;— Concentric. >-»n4 Investors, 
Pemiand Investment Trust. Rank Hmns 
McDougaU, Reo Siafetfl Organisation. 
Trafalgar House. Yorfcsiure sad Lanca- 
shire Investment Trust. 

Finals: — Bloeklrss, BrtUsB Vending 

industries. Biuzle Palp and Paper, Cake- 
breed Robey. Coats Pstoas. Knalish and 
International Trust. Fidelity Radio. Foster 
Bros., dotting. Furness Witbr. Fambros 
Investment Trust C. E. Beath. Kwik-Ftt. 
Ll-c Cooper. P. Panto, Walter Bnndman. 
Seceombe Marshall nM Campion. 

Leeds St Dist. Dyers A Finish ers May 19 

McCorquodale June 7 

Management Agency and Musk May 19 
F hud si — 

Exchange Telegraph May 2S 

imperial Cold Storage and Supply May 22 

New Tborgmorton Trust May 25 

Peerage of Birmingham May IS 

Transparent Paper May 23 

from the UK side, where the 
figure has dropped from £U9nj to 
£1 07.6m, though trading profits 
are up almost 30 per cent at 
£6.3m. On the overseas side the 
trading profit contribution has 
doubled to £X.6m on turnover up 
from £22m to £34ra. But it is still 
difficult to get an idea of the 
group’s recurring profits, excell- 
ing material — though undisclosed 
—provisions. UK construction 
profits, for example, have appar- 
ently been struck after a £]m 
provision in connection with the 
Department of the Environment 
affair, while full, but unspecified 
provision has also been made for 
contingencies on the Hoag Kong 
joint venture. At 33p, the shares 
trade on a pVe of S3 on 9 non-ed 
19 basis, indicating that the group 
still has a lot of work to do. 

Advance by 
Old Swan 

Pre-tax profits of the Old Swan 
Hotel (Harrogate) advanced from 
£54.874 to £96.255 in the year to 
March 31. 1978. 

After tax of £55,625 (£23.407). 
which includes a transfer of 
£45,000 (£7,000) to deferred tax. 
earnings are shown at 2.7-p (2.1 p) 
per lOp sbare and the dividend 
is lifted from Q.S927p to 0.9969p 

net ■with a final of 0.6051P- A two- 
for-Lhreo scrip issue is ‘ also 

ready for 

In his annual statement Mr. 
Leslie Fletcher, the chairman, 
says that Glynwed is now ready 
for the next period of growth, 
much of which wU4 be generated 
from internal sources. 

The group has consolidated 71 s 
activities following several years 
of acquisitions and this will give 
it the strength and confidence to 
look For real improvements in 
profits and earnings in the 

As reported on April 13 in a 
full preliminary statement, pre- 
tax profits slipped from £14.63m 
to £l3.03m in ihc 53 weeks to 
end-19 * i on turnover of £2S5.44m 
(£243. 03m). 

Meeting, Sheldon, Birmingham 
on June S at 3 pjn. 

to improve 

Despite the problems facing 
Sunbeam Wolsey, My. c. O. Stan- 
ley. the chairman, is confident 
that the group can still further 
improve its position In the current 

It is difficult to predict the profit 
for 197S with any degree of cer- 
tainty he tells members. Efforts 
to create a better business climate 
still need to show definite results. 
The new Multi Fibre Agreement 
perhaps offers a less rapid rate 
of deterioration in trading con- 
ditions within the EEC than 
occurred over the past five years. 
The international <cene is look- 
ing even more difficult and “if we 
are not in a position to compete 
internationally we cannot be suc- 

As known, pre-tax profits ad- 
vanced from £457.921 to £935.293 
in 1977 on turnover of £20.93m. 

During the year the Board bas 
been concerned to conserve 
financial resources and consoli- 
date the strength of the balance 
sheet. The surplus on current 
assets over current liabilities is 

: V, Vi,\K1vi 

■ . ■ - - ■ r'- v , 

•-!»>• .CUOfcy. - .* ■ - 

Interest rates steadier 

Bank oT England Minimum 
Lending Rale 9 per cent 
(since May 12. 1978) 

Trading in the London money 
market was generally calm yester- 
day, in sharp contrast to the pre- 
vious ” few" Mondays, when the 
expectation of a rise in Bank of 
England Minimum Lending Rate 
has led to very nervous conditions 
from the beginning of the week. 
Discount bouses buying rates for 
three month .Treasury bills were 
8,^-8 per rent remaining firmly 
within the bracket for an un- 
changed minimum lending rate 
of 9 per cent. 

The UK trade surplus for April, 
announced yesterday, was in line 
with' market expectations, and 

had already been discounted in 
the general level of interest rates. 
Short-term rates eased slightly 
following the figures, but then 
returned io previous levels. 
Market sources suggested that 
only a very bad ■ set ot trade 
figures would have produced any 
sharp re-alignment of rates. 
Longer term rates were generally 
easier than on Friday. 

The supply of day-to-day credit 
was very patchy, and although 
an overall shortage was expected, 
the authorities did not intervene. 
Banks arc therefore expected to 
bring forward run-down balances. 

Banks carried over surplus 
balances from Friday, and the 
market was also helped by a .sub- 

stantial excess of Government 
disbursements over revenue pay- 
ments to the Exchequer. On the 
other hand there was a very 
substantial net take-up of 
Treasury bills- to finance, a slight 
rise in The note circulation, and 
the market was also faced with 
the monthly adjustment on 
special deposits. 

Discount houses paid up to 8J 
per cent for secured call loans, 
and closing balances were gene- 
rally found at around 7-74 per 

In the interbank market over- 
night loans opened at 7?-7§ per 
cent, and touched SJ-8J. per cent, 
before closing at 4-5 per cenL 

Rates In the table below are 
nominal in some roses. 


i >ri ifi-ni c 1 nt iTtniik 

«■( -li-jiiiviii. 

i L»«nl ris*nl A mil. FI mun i* | 
j Amb.irity ! iiesctinl-lL- lliacv !(>'i"pnny 

ili-jirtitt. .' hnwl* IH'in-M * | Mi|n- its 


I market. Treasury 
• dei'ivic Bills j 



Owndohi ...... — 

2 day* nntiLv-. — 

TdajVnr ■— 

f it&y* mil ire., — 
One month .... 8a*-8i» 

Tvn mimth 1 ... 8h'8Ij 

Three munilis. Sif-tiW 
Ax nn-nih* — 

Utae uKinUir.' 9t«-94 

One jw 

ran vrar~ — — 

Ps 8 -97 B < 

lOij-lOTa i 

! , X r-rXtfcal aufHnrirfc* and finance houses erven days' notice, others seven days' fixed. Long-term local authority Tnorttaae rate 
M nominally three years IJMli per cent: Tour years llJ-12 per cent: fire year; 111-121 per cent. 9 Bank MU races In table are 
gl bt lying rates for prune paper. Bnylna rates Tor fonr-raonth bank huis fi-'-' c-Si per cent: four-month trade bills 9i per cent- 
al / ■apnmrHm rn sefflns rates (or one-monUi Treasury bills fc-M per cent: two-month 8i per rear: and three-month 8 per 
m oebu Approxlmaie soil I ns rate tnr one-momh bank MBs P'«-M per cent: two- month stba-ssu per cetm and three-tnonUi 
*■ 1 8>ba-8f -per eat. One-month trade bJUs Si per cenr: nro-momh W per cent: and also t hree- month w por ccnt. 
i ' Finance Hum Ease Rate* i published by the Finance Houses .Wnciatlon' 7) per cent Iron May 1. MfiB. Clearing Bank 
rfrrillt Rates (for small sums ai seven day*-' nonce j fi pur cent. Clearing Banks Base Rates for londlnx 9 per cent. Treasury 
Bins: _ Average tendu rates -if discount 8.4631 per cent. 

i / albert martin) 


■ ' Manulacwrcts o( men's ladies' and-cliHdran s wear || 

Results for 1977 

Profit before tax 


Earnings per share 
Dividends per share 






Awarded to 
Albert Martin 
2977 Knitwear Lxd- 

£1,685,000 up 50% 

£18,1 Q7.0Q0 up 38% 

£4,875,000 up 47% 

3.696p net 

♦particular success in overseas 

' *50 years' association with Marks & 
Spencer, marked by continued growth 

♦record level of capital expenditure 
financed from profit 

♦strong financial base for 
continued expansion 

♦increased manufacturing facilities 
iand strong management 

♦well placed to achieve further 

copiBS rf ’.be annual report are available ham tfw eomp«ff 
secretary. Albert Martin Holdings Limited. Union Lana. 
JiTOingteo, NG7 ZhZ A 

* v 

Yes ! You'll haveto speak up for battery electrics. 
In fact, you may have to shout at the top of your 
voice: 'TLefs get rid of that noisy truck and get an electric! 19 
Shout loud down your cost accountant's ear too! 

. "Electric trucks cost more to buy but they're cheaper to 
: run because an electric truck comes with most of its fuel 
pre-paid for 5 years. It's an electrical energy package 
; called a battery and charged' 

Speak up for a rugged Chloride battery while you're 
■ at it. And get a Chloride engineer in the deal, to look after it. 

So if you want to lower the decibels on your job — 

; speak up for electrics. * 

. Chloride Industrial Batteries Limited, 

. P.O.Box 5, Clifton Junction, 

Swinton, Manchester M27 2L1L 
S Telephone: 061-794 4611. Telex: 669087. 



Specialist Reinsurers 

Consolidated Results for 1977 

... big where it counts. The first major consortium 
bank: its members have aggregate assets of over 
£53.000 million. 

Reinsurance Operations (Net) 

General Insurance Premium 

Life Insurance Premium 

New Life Sums Assured _ 

Profit and Loss Account 
Investment Income 
Revenue Account Transfers 
General Business 
Life Business __ 

Expenses, Exchange 8tTaxation 
and Minorities in 1977 

Profit after taxation 
Proposed dividend __ 

Retained Profit 

Shareholders’ Fund 

Share Premium Account 
Retained Profits and Reserves 

Net Assets 

...small where it matters. Your business will be 
handled at senior level by experts who pride them- 
selves on providing a fast, efficient ana, above all, 
personal service. 

27.598.000 21,448,000 

19.077.000 19,782,000 
667 million 469 million 

2,668,000 2,350,000 





1,153,000 1,262,000 

















*TotaI Group assets now exceed £120 million. 

•Premium income growth of 29% in General insurance 

*No relaxation of General insurance underwriting 
standards, in a period of significantly increased 

*30% increase in Life new business. 

"Life In-force sums assured exceed £2 billion. 

•Level of pre-tax profits maintained despite 
unfavourable underwriting dimate. 

Copies of the Report and Accounts for1977, incorporating the 

Chairman's Statement may be obtained from The Secretary, 

The Victory insurance Company Limited. Victory House. 

Castle Hill Avenue, Folkestone, Kent CT20 2TF. 

...wide ranging and flexible. Whatever your 
particular need, MAIBL will tailor a. financial 
package to meet it, whether it be the provision of 
working capital, project financing, leasing or 
restructuring debt 

...truly international. The scope of our services 
spreads throughout the world, so that we can assist 
you wherever you need our help in bringing your 
plans to successful fruition. 

a* x f TT \ \^v 

| (MjgE) 

If 26 Throgmorton Street London EC2N 2AH. 

| Telephone: 01-588 027L Telex: 885455. 

g ' Representative Office in Melbourne, Australia. 

£ Subsidiary Company: MAIBL Bermuda (Far East ) Umi led. Hong Kong. 

Member Ranks' Midland Bank LimilrdiThcTuronln-Daminion Bjnk;Tht-SiujidjriCliarieftd Bank Liiniicd; 
^ TheCommi-n-ial Bank yf Ausiralia Limned. 



Financial Tunes Tuesday my IS'TST? 

Preliminary results for year 
ended 31st December 1977 




































Report and accounts will be posted to shareholders 
on Tuesday. 30th May 1978.- 

Annual General Meeting— Friday. 23rd June 1978 
Final Dividend payable — Friday. 7th July 1978. 




Ocean Transport warns 
of big profit cut 

Empire Stores expects 
continued progress 


THE CURRENT year has started 
badly for Ocean Transport and 
Trading. The world recession, 
continuing slump in bulk ship- 
ping, increased competition in 
some of the group's liner trades 
and delays in West Africa, all 
mean that a very considerable cut 
in profits must be expected for 
1978, Sir Lindsay Alexander, the 
chairman, told the annual 

There is growing competition on 
some of the company's shorter 
liner routes, and some fall-off (n 
cargo volumes generally. In 
Apapa, on which its important 
West African trades binge, the 
first quarter of this year has seen 
acute shed and container con- 
gestion and there have also been 
continued severe delays at some 
other West African ports. This 
has meant that the company has 
so far only completed about two- 
thirds of the number of voyages 
it expected, with a serious impact 
on first-half results. 

This fall in trading profitability 
and in the net proceeds from the 
sale of surplus ships in the bad 
market means that the directors 
will have to draw substantially on 
the group's cash resources to 
finance its building programme, 
with a consequent reduction in 
earnings from cash surpluses, 
which have made a valuable con- 
tribution to profits in recent 

! Tn the longer term, our 
expectations of an improved trad- 
ing background reinforce the 
comfort we draw from the funda- 
mental resilience and diversity of 
the liner trades In which we are 
involved." he added. 

logs of L82p (L67p) per 2Sp 

The set asset value stood at 
95.5p at the half-year end (9L6p 
at September 30, 1977). 

An interim dividend for tbe 
current year of O.fip (0.5p) net 
was paid with last year’s l.l«p 
final. Full-year revenue for 1976-77 
came to £L?m. before tax. 

seen by 

Inv. ahead 
at midterm 

Revenue of Clydesdale Invest- 
ment Co. rose from £713.128 to 
£939.777 In the six months to 
March 31. 1978. before tax or 
£380.909 against £287.216 and the 
directors estimate fuli-year earn- 

Subject to reasonable economic 
and political conditions Huntleigh 
Group should increase its turn- 
over and profit In tbe current 
year, says Sir Joseph Hunt, the 

As reported on April 11 pre-tax 
profits fell from £870.705 to 
£720,432 in 1977 after a rise from 
£402,000 to £458,000 in tbe first 
half. Turnover for the year was 
up from fS.eixn. to £B.76m. 

The electronic and medical side 
contributed 51 per cem of turn- 
over and 70 per cent of profit and 
engineering 49 per cent and 30 
per cent 

Current cost profits are shown 
at £453358 (£645385) after adjust- 
ments for depreciation £66,791 
(£07.220), cost of sales £224.883 
(£186.000), less gearing £25.100 

Sir Joseph says group com- 
panies performed well, with the 
exception of Hymatic Engineering 
whose shortfall in output and sales 
was largely attributable [O the 
exceptional influx, into series pro- 
duction, of a number of newly 
engineered aerospace products, 
the pre-planning of which, in the 
event, did not prove adequate. 

The new products are now estab- 
lished In production. Supported 
by a good current order book and 
long term forecasts of future 
requirements, it is expected that 
Hymatic Engineering will show 
much improved sales and profit in 
the current year. 

The company has been re- 
structured. and from the begin- 

ning of the current year will con- 
centrate upon its aerospace and 
allied products business. 

In its first full year within the 
group Setpoint made a profit. 
During the year, work com- 
menced on a development pro- 
gramme designed to expand, both 
the scope and size of the Setpoint 

The investment wDJ inevitably 
be a drain on group profitability, 
which will last through to the 
end of 1978 and possibly somewhat 
beyond, says Sir Joseph. It is 
intended to expand production 
facilities during the current year. 

The group generated a positive 
cashflow during the year enabling 
the early repayment of the 
medium term loan of £260,000 and 
investment in fixed assets of 

Meeting Howard Hotel on 
June 5 at noon. 

Stores (Bradford) are optimwnc 
in spite of rhe difficult times ana 
the group expects the current 
year’s figures to show continued 
progress, so that there will be 
satisfactory increases in DOUi 
turnover and profit 

Mr. C. T. Wells, the chairman, 
says in his annual statement that 
for the first three months of the 
1978/79 veer the. group has con- 
tinued to beat the Inflation figures 
in the sales it has obtained. And 
he says the directors believe that 
Empire will maintain this 

As reported on April IS, on 
sates up from £77.43m to £93. 34m 
taxable profit for the year to 
January 31. 1978; rose by 27 per 
cent from £5. 43m to a record 

EBSSm. And the dividend to 
SSfrom 3.33p to Jig 

Treasury consent in context wun 
the rights issue last year. On n 
CCA basis following the Hyde 
guidelines pre-tax profit w 
adjusted to £4.9Sm after adjust- 
ments for additional depredation 
£221,000 and the gearing factor 

Mr. Wells says that sates were 
difficult to achieve in the autumn 
and winter period, and the 
economic recession that affected 
almost all of rhe retail trade was 
reflected in the groups market. 
He adds that during the period 
the croup continued to add pages 
to the catalogue that sells its mor- 
chandtoe and by spring 197S it had 
increased by S per cent on two 
years ago. 

The chairman states that as the 

principal business of the group 
expands, tbe relevance of sub- 
Sidiary Fattorini and Son, 
becomes even more Insignificant, 
particularly as the nature of 
business, which is the manufac- 
ture of badges, industrial name- 
plates and medals, is so (ttreraa 
from the main group activity. 

Agreement has been readied 
for a sale of this business to Mr 
Alan Jones, director and general 
manager of Fattorini. at a price, 
including repayment of the foterw 
company loan, which is about the 
same as the net asset value of the 

Mr. Weils to lo retire {Haring 
the current year and wfil be suc- 
ceeded by Mr. John Gratwfck. 

Meeting* Bradford, on June is 
at noon. 

Broad base 

Optimism at Austin Reed 

Leyland Paint 

IN THE belief that they have the 
Ilvl r right trading i strategy and 

policies the directors of Austin 

Reed Group look forward to the 

year ahead with optimism, Mr. 
The broad base on which Barry Reed, the chairman tells 
Leyland Paint and Wallpaper is members. 

based covering the new building, Given an upturn in consumer 
maintenance. DIY, and export confidence the company is 
markets encourages the directors ^pabie of achieving a further 
to anticipate a further satisfactory increase in its realised net profit 
year, says Mr. Peter Simmonds, aTU j j n j ts return nn investment 
the chairman. be adds. For 1977-78 trading 

The group has increased its pro fit was 40 per cent up to a 
sales volumes during two very record £2. 55m and. although 
difficult years For the building shorf of t ^ P director's objective, 
industry, which is experiencing its improved to 7.7 per cent 

worst recession in this century, ant j ''return on investment to 20 
he tells members. per cenf . 

As reported on April 7, pre-tax r compan v showed losses on 
profits came to 11.73m for the 65 in Scandinavia due in 

weeks to end 1977 against £l.39m part to a ^queere on consumer 
for the previous 53 weeks. At the Endin'* The outlook in Denmark 
year end there was an increase in ■ d Sweden JS now a little 
liquid funds of £187.000 <£I.4m). 2",“ 

It to proposed that the 
authorised capital be increased to 
15.35m. An extraordinary general 
meeting is called for June 7. 

Cadbury & 
Peter Paul 

- . . brighter tliwn six months ago but 

On a current cost basis, profits if , generally believed that there 
are shown at £1.24m after adjust- w} j| ‘~ not £ e anV anprecinble 
ments for depreciation— £50.000. imnrovemont in their economic* 
and costs oF sales-fMj.000, Ie*s 3n79- he exp | a j n s. 

gB ?Ieet S ing" Leytond. on June 9 at To . d ;! te 11 7 1 .S* r.p*?®” 

‘>30 om sanctioned to cover the first ih 

“ _ 1 months un tn November 197S for 

No date has yet been given as 
to when the U.S. Federal Trade 
Commission will complete its 
study of the $3S.2m. acquisition 
of Peter Paul by Cadbury 
Schwcnpcs which was carried out 
laic last month. 

Mr. Rohert lx, chairman of 
Cadbury Schweppes American 
region, said yesterday that the 
company was co-operating with 
the FTC on the investigation. He 
believed that "viewed on its 
merits" the merger would 

enhance competition rather than 
reduce it 

Sir Adrian Cadbury, chairman 
of the group, said that the 
products of the two companies 
complement each other rather 
than overlap. Cadbury’s to strong 
in “ moulded " chocolate bars bin 
lacks chocolate-covered coconut 
bars which Peter Paul does have. 

The main priority front now on 
would be to see the Peter Paul 
business grow. Further acquisi- 
tions in the U-S. will take second 
place to this and in any case, Sir 
Adrian said, organic growth to thq 
central concept. 

Tn Britain Cadbury Schweppes 
is seeking to improve its return 
on assets from 15 to 16 per cent, 
as at present to 44 nearer 25 per 
cent ** within four years. .It was 
aiming at this by concentrating on 
its major brands. 

Points from Hie statement to Shareholders of Selection Trust Limited by the 
Chairman, Mr. A. Chester Beatty: 

The mining industry is nearing the middle of the fourth year of recession, but 
this does not affect my personal faith and that of the Company in the long term 
prospects for good mining projects, on the basis that world demand for the 
principal mineral commodities is bound to grow. 

Group operating profit 
as a percentage of 
consolidated revenue. 


In this belief we have pursued a policy of exploration for new mineral deposits. 
We have no intention of being diverted from this strategy for we know that 
present metal prices may have little relevance to a find which will take several 
years to turn into a producing mine. 

It is through our own future mining operations that we look to achieve the 
earnings which will secure major long-term growth for the Company. 

We have been somewhat insulated from the effects of the current recession. Our 
greater involvement in the UK and Europe has enabled us to increase profits at a 
time of exceptionally low metal prices. Over the last five years net profits have 
more than trebled and, even allowi ng for the increase in capital, earnings per 
share have more than doubled. 

Once again the relative contribution of operating profit, as distinct from 
investment income, to our total revenue has also shown an increase and has now 
reached some 63%. 

<*• v aiy V -.V-vV- 

!. : * '*3 r. 1 a .PC J <- «< 

Looking at our prospects for the current year, you will appreciate the problem 
in forecasting results in view of the complex nature of our business, but present 
indications are that we will find it difficult to maintain the rather exceptional 
performance of the previous nine months. 

At Agne w, our developing nickel mine, it is now expected that mining of ore 
from stopes will start in early 1979 and output will build up gradually thereafter 
towards the scheduled production rate of some 10,000 tonnes of contained 

1970/1 71/2 72/3 73/4 74/5 75/6 

76/7 1977 
9 months 

The end ofl979 should see full production reached at Unisel, the newgold mine 
being developed under the management of Union Corporation. 

At Detour, in Quebec, we expect feasibility studies to be completed, by the end of 
this year. 

Evaluation at Teutonic Bore has demonstrated the possibility of bringing this 
small high grade orebody into production on the basis of an open pit. As this 
project would require a relatively short tune to develop, it has been decided to 
delay aproductiondecisionfor thetimebeingandawaitan improvement inprices. 

Profit before tax 
Net profit 
Earnings per share 
Total assets 

Results for 9 months 
31 December 1977 

Full year to 
31 March 1977 

Contributions of 
operating segments to 
total revenue. 

Other revenue. 

36 . 7 % 

Minerals, concentrates 

& natural gas 

Quarrying & 


contract mining. 
Stockholding &_ 
Contracting & 

10 . 5 % 

6 . 2 % 

technical services. 

Manufacturing — 


0 . 6 % 

The company has changed its accounting year from that of April-March 
to that of a calendar year. Results to December 31, 1977 therefore cover 
only a nine month period. 

Copies of the Statement and of the Annual Report 
are obtainable from Selection Trust Limited 
Masons Avenue London EC2V 5BU 

Selection Trust 

A British-based mining finance house with an international spread of 
interests and operations the most important of which relate to: mining, 
minerals and metals; investment; contracting and civil engineering; 
off-shore oil and gas. 

months up tn November 
the refurhishiiu: and modernisms 
of the comwinv's principal store 
in Resent Street. The second 
phase, involving other denari 
ment>: and floors, is uniter 
consideration for lW9 and 1989 
When the work is finished the 
directors forecast that a very 
substantial increase in sales and 
profit w'll be realised. 

La^t year rn expenditure 
amounted to £l.ilm. 

Turnover Tor the year tn .l \nu- 
arv31. 1978. was better at f-*W OUm 
(SiSRml and the uross dividend 
is raised to 4.331 77S9p (3.!»S79SI>Hpl 
per 25 p share — as reported April 7 

On a current cost basis profit 
was mnreinaHv reduced io I2.43n> 
after nddinnnal depreciation of 
£47.897 and extra cost of sales 
of £81.947 and including searing 
adjustment of £25.820. 

Cash at year end was down 
£151.365 (un £l.K2ni> and hank 
overdrafts amounted tn £259.686 
(£594.581). Capital spending con- 
tracts had been placed for £{150.090 
t £373.0091. Last time an addi- 
tional £759.000 had been author- 
ised but not contracted. 

The two specialist nuinufnenir- 
ins companies both achieved 
record .sales and profits hut the 
shirt-making business of Stephen 
Brothers was re-orpanised. involv- 
ing the closure of a factors 4 . This 
company's turnover is only about 
half that of a year ajro. but a 
return to profitability has been 
attained and the bu-ine.-* is now- 
on a sound footing. Mr. Rcctl 


Smith SL Auhyn (Holdings) 

scrip issue of preference shares 
turns out to be an issue of 1.35m. 
of 9$ per cent Cumulative Second 
Preference £1 shares. 

The new shores will be issued 
in the proportion of one for every 
eicht Ordinary 25p shares. Deal- 
ings in the new capital start on 
June 12. 


Huntleigh Group 

"The Huntleigh Group generated a positive 
cashflow enabling the early repayment of the 
medium term loan of £260.000 and substantial 
investment in fixed assets of £376,000. Ail 
Group Companies performed well with the 
exception of one company which was set hack 
by an exceptional Influx into production of new 
products. The Group should increase its 
turnover and profit in the current year/* 

. Sir Joseph Hunt; Chairman 


'Profit before Tax 
Profit aftertax 

1977 1976 
£000 £000 
6.759 5,611 
720 871 

561 496' 

Dividends per share 
Earnings pet share (fully diluted) 
Net Tangible Assets per share 

2.35p 2. lip 
172p 15.2p 
85. 8 p 73.4p 

The Annual General Meeting of the Company wiH 
be held at the Howard Hotel, London WC2 at 
12 noon on Monday. 5th June, 1978. 

Copies of rhe Report and Accounts are avaBabfe 
from the Company Secretary, The Huntleigh Group 
Limited, Glover Street, Redditch B387BQ. 


‘L. i - 


f Incorporated in the Republic of South Africa) 

Interim Dividend 

The Directors have declared a quarterly dividend of 20 
cents. South African currency, per share. This will absorb 
R2, 400 ,000. 

^ London Secretaries. 

L. W. Humphries 

Princes House. 95 Gresham Street. London EC2V TBS 

J5th ftfair. 1P7S 


Europe's Largest Manufacturer of Electric Blankets 

■ *>*«??? 

“I believe a 
further advance 

in profit should be 
achieved in 1978 


F. R. Williams -Chairman 

4s 1977 - a record year for profits at £704,000. 

* Dividend increased for sixth year running by maximum permitted to 2.541 p. 
4 s Capitalisation issue of onerfor-one recommended. 

* Freehold premises professionally assessed at £1 .25m, some £680.000 

above current book value. 

* Products established as firmly as ever in brand leadership. 

* diversification needs will be amply fulfilled by our Alarmline fire 
detection systems and soon these are expected to contribute 
substantially to overall profitability. 

* Determined to improve our export record and have revitalised our export 
department to exploit vast potential of the European market. 

* First quarter's trading for 1978 well up to expectations, continuing to 

reflect steady increase in consumer demand for our products. 

Copies of the Annual Report may be obtained from the Secretary 

LAND Dreamland Electrical 

Appliances Limited, 

ALARMLINE Southampton S04 6YE. 

SjU a 

. ^ 


•* ' « :x V ' 




Financial Times Tuesday May 16 1978 

| BIDS AMD OEflLS | roS if 

t rm M-n « S, Osborn 

HME forecasts £24.9m. gllSIiS 

ni _ on Friday morning holding 29.5 

. -SnTfi"? ASHf ttav ® «>d*. Duncan will make imcondi- pany. per cent of the equity) Aurora 

■Sf 16 .?* j T tne m bringing out lionai cash Offers fDr all the sharp* qil. _ . _ announced that it had won aceept- 

the offer document for Harrisons of each cbS af n wr sfatrf g ciSLSS BUrnejr I cb * jrm * n ° f uks from 50.87 per cent of the 
The estimated each case 31 a share a Cuttnaw and . reoating g3i?Zd that the offer is now 
profits for HME in the year to s a PPf<>acb m that caps- unconditional. 

March 31, 1978, are £24Jtoi and TJTD. GAS SFT T S city, happeu3 to also be a director Acknowledging the inevitable, 
the fixed assets have been re- vAa ot,LJ_,2> of Mooloya. A statement by Osborn's Board said simply that 

valued at £ll»m. this figure GERMAN OFFSHOOT S, 00 °? a SAld: Sir Burney w jth control now passing to 
results in a net asset value per jrr»i> nnn has taken no part in the approach Aurora, it “no longer expects to 

share of Slip. rOK £392,000 bj Mooloya. recommend rejection of the 

Among the weaMi of informa- United Gas Industries has j 00, ? ya has CTtered “to con- Aurora offer.” When shareholders 
rion in the document is included agreed the sale of a wholly owned 5 JTl0naI WMrawnt* with certain Ke t the offer document however. 
9 list of the holdings of H. and C clman TSmS^SS* &£“££ ^"'bolders, parti cn- Osborn intends to Outline ITS 
***«* were increased by the Bamag Gastedmik GmbH and the T a iL Z ^! n T rs . and ftl . end i S “reaction to the offer." 

acquisitions of Matayakun and subsidiary of that comoany Petry ri ^ acquire 2*528,470 ■ . 

-llarcros Investment Trust, and GasregStochnik “ “S' SlSS P* 5 * t T tl I? r ^ t J e SLOUGH SELLS 

how these writ be increased fur- DM 1.5m (£392,000). I??*® 00 shares already held by SUTTONS TO 

.f^ siU0n ,° r “H®- T be business of PBG consists to 47 ^ cent SWEDISH GROUP 

The 1IME deal writ result m four of ihe design, engineering and "rSfJTO „ iWKUI3n , TJ „ 

more companies becoming sub- manufacture of pas control and ~ n ? of the conditions is that slough Estates has sold its 
si diaries of II. and C„ *KuE “ISStog Ltlol* aS Si ^in fin^ dal information be in £^ in the Torbay-based 
Selangor Rubber. Sabah Phinta- measurement, conditionhiR Sid f„ b f ™i a 5° u i, Customa r S,c - ™s garden seeds fim, Suttons iSeefla. 
non*. Glenowne Rubber and H. regulating instrument*; It made i"J orn ?. at l 0, I ,?■*. 50 far been to the Swedish group W. Welbuff 

and C. Latex Sdn.Bhd. a ore-tax nrnfit nil 2_4m in ^ ruse, I hut Mooloya was yester- aB. . 

H. and C.’s stakes in six other 1977 day consulting lawyers about Slough acquired Sutton in 1975 

companies wilt also be increased UGI is seUto" because of the ? 0w * m ‘S ht be extracted and a as a means of taking over its 43- 
but 1o below the 50 per cent level, extreme fluctuations in the re- ™r' her announcement is expected acre site at Reading when Sutton 
Under " additional information ” sulis of PBG over the vears. due °VEL weefc - was considering transferring its 

a list ot dealings in HME shows to large contracts because of Jllf t * rnjs of the mooted offer trial seed grounds to Torbay. It 
that a and C. was a regular this the future PRGhas he- wlucfl Customable has rejected was envisaged at the time of the 
buyer of the shares between May rome uncertain * ami baviX Were 20 °, ^ share “ caah or Purchase that the weds business 
JB77 and February 8 this year record new P 8rti v convertible unsecured would eventually be sold. W. 

when the ImaSOOD sham were I^L 10 a T JS *5^*^25222 loan stock - ^ board of Cu*to- Welbull is one of the leading 

flEfrn? iTF sr d Jssss=."4saa.T£ i 

torb^ o, Mo^avA- ”£ Kt^ssr up “‘cia'sa-w ,, “ ii,y -* “ d pliu,, br “ ai ° e - 

S ml day 11131 ntgotiatlons UGI expects to announce on day that it has agreed to* lease DAVID OLNEY 
merger were begun after July 13 profits before tax In excess Customiic Housl^to GSlahJS mrrrc ncwrnV I 

^ ***• ln mW-Marrt. of £2m for the year ended April 2, for SO yLre at SsiSlo S? QUITS BENLOX 

„ annum. ThT^roperty hasiSieiSfy Mr. David W. Olney, who. until 


General and Commercial 
Investment Trust, Limited 


B. A. C. Whitmee, F.C.A. (Chairman) 

B. R. Basset R. W- Dawes 

W. L Grant C. A. Keeley, F.CA A. P. Simonian 

Year ended Ten years 
28.2.78 ended 28.2.78 

Performance statistics % % 

Net asset value +7 +54 

Middle market price . +19 

(Stack Exchange Daily Official List) 

Rate of dividends (net) +20 

Retail Price Index + 9 

Distribution of investments at 28th February 1 978 

Equities and convertibles 



halunna j , T. .. . . * iuui 1^5, UIC UILCIH.'UUIUQICU « UUO.WI « wu-l* 

oamnee sneet aates or its com- and also a loss of a similar value of £i.lm is equivalent to all its subsidiaries to devote more 

ponent companies.- Since H. and amount, a major part of which is 21. 4p per share. time to his private business in- 

v-. is already not highly geared, in respect of non-recurring items. te rests. He has also disposed of 

the new group will have net tan- arising from the reorganisation of BRITISH LAND his 25 per cent shareholding in 

gible assets of £JL.1.6m (without UGI’s thermostat business in the TtfrY^ CMiil ¥ the company. 

.revaluation of estates; support- UK. SdAdtottv As part of the further re- 

_ho r row*ngs^trf jio more than As an extraordinary item the * KUrLKiY CONCERN organisation of the group, it has 

£P- 7 * * the ^ & 2}. b jS ed L°. r accounts will also include a For the third time in a year been decided that the company 

«. ana u and HME -at March 31, book loss resulting from the sale British Land, the property invest- will not proceed with taking an 
ThiL i h i * ■« of PBG lthe net assets of wh5ch company, has bought a stake interest in the partnership in the 

This has clearly helped facrli- 3 t December 31, 1977, were in a smaller property group by United Arab Emirates, which was 
JiL- npo f^ ^ S? nt of around £950,000. Group way of a share issue. called Benlox (Gulf) Contracting 

iesgh Group 

! 5 t‘'-H 


' i‘l 

■» :?e 

■ “ ‘ •' •*»•:! tA 

cnairman or h. ana C-._ says in i977 > adjusted for the subsequent was to issue 815,400 shares in It is also announced that a 
MS circular. to making this rights issue, amount to £8.95 tn. return for the whole of the equity settlement of the litigation has 
(dividend) proposal your Board LtGTs investment In PBG was of WelUngrove Property Invest* been reached with the vendors of 
IS . Con ;^ lou ^ the sroat financial financed by loans of DM 45m of meat, a small private group with the W and W group and that the 
strength of the merged group. which DM 2.5m would, in the property assets valued at £323,000. business of Merrow Associates 

absence of the sale, be outstand- The purchase price, based on a has now been sold by the receiver 
DUNCAN GOODRICKE ° n 30, 197S. Arrange- marked price for British Land at as a going concern and at a price 
rtrrrr> rAn , . _ menu have been made that these 3ip. is £253,000. satisfactory to the group’s 

1/rrfcK rUK LUnluAl loans will be partly repaid out of Exactly a year ago, British Land bankers. * 

Waller Duncan and Goodrieke the proceeds of sale and It is issued just over 2m. shares to pay - - ' "" ' ' - 1 ■ ■ 

has to-day bought 7.505 Ordinary intended that the outstanding for a 15 per cent stake in Bridge- 
shares. 5.37S “A" preference balance will be re-financed as water Estates, bought at 212p. In 

shares and 2,105 "B". preference soon as possible by a sterling loan October it sold the stake for 259p 
shares in Longal Valley Tea Com- to be repaid by the end of 1979. a share. 

pany in each case at £1 per share. Then in January this year the 

These purchases, with existing. MOOLOYA OFFER company picked up 18.3 per cent] 

holdings and those or associates, irril? rTICTflM AI^Fr 1 of Property Investment and 

bring the total holding to 44311 ruiv v-woiubiauiv Finance, in two tranches by way of 

ordinary t50.92 per cent.), 10.979 A bizarre takeover conflict was the issue of a farther L8m. shares. 

“A” preference 1 5S.53 per cenLt revealed yesterday as Mooloya Within three weeks it had sold 
and 5.99.1 **B" preference (53.88 Investments emerged as the the holding to an associate of 
per ceni.l. suitor for Customagic Manufac- Imperial Life of Canada for a net 

In accordance, with the city luring, the stretch covers com- profit of £50,000. 

Overseas 27£% 

(including UJC companies operating mainly abroad) 

Fixed income 5£% 

Extract from the Chairman's statement 

Our present revenue estimates are running at a higher level than last year and we hope to be 
able to recommend a further increase in the dividend forthe currantyear. 

Copies of the Report and A ccounts can be obtained from /ffin, 

Philip Hit! ( Management ) Limited, 8 Waterloo Place, L ondon SW7 Y4AY, f ylr 1 

NEB buys more Boveri 

The State-owned National Enter- BBK, which recently announced 
' prise Board hns recently pur- much increased pre-tax profits of 
chased some shares in Brown £8.3m for 1977. against £3m in the 
Boveri Kent but docs not plan to preceding nine months, is now 
( raise its holding in the group— making a farther rights issue to 
controlled by Brown Boveri of raise £3.8m: both Brown Boveri 
Switzerland— to more than 20 per and the NEB will take up the 
cent. shares offered to them. 

The NEB’s stake in BBK. a 
manufacturer of process equip- 
ment and instruments, has until TEA INTERESTS 

/ lately been 17.6 per cent. An TAKE 27 % STAKE 

increase in this slake to 20 per rnncbv uni icc 

— rent, would allow the State body HUUSh 

to include an appropriate propor- hiraiegie share stakes in Crosby 

non oi DBK’s profits In its own House, the loss making freight 

nccnnnts. it would also be m line ^rwarding group which is suing 
"‘til the NEB’s desire that t hc t* 101 ®" c . 00k * ^ av , e changed hands 
V'-tV equity boldines it has in other ^ce ay am and further mnnaue- 
coni panics should, if possible, be ®on* chases *iu probably 
of not Jess than 2<t per cent. 

A spokesman for ihe NEB said 

last ui«ht' “We be«an buvin® who bas boen chairman and chief 
very recentlv with a view toeolns ««“« for P«t six weeks 
not' above ft ier rem. where we s ' nce a Wardroom row resulted in 

can “tSsiiiSf wt-OTtS 

With BBK’s knowledge." He could jSidTTfa 10 ^^'er^ceit rtSS’to ? 

f?r ha hpen P rivate Jersey-based investment 

. hares had so far been bought, company which has sizeable tea 
At last niaht i 'PJice or ^ P | ntereslSm Crosby used to be a tea 

BBK— .i 1975 peak and up 21p on company and its main asset still is 
the day the cost of purchasing £lm in compensation coming 

lu 1 ' C.’iJFV'rr' 10 rai<l ? through over the next three years 

^ the NEB s holding to 20 per cent f rDn j Sri Lanka following 
. would not be much above £Im. nationallRation. 

5Ir- John Lutyens, chief execn* tTip purchaser is International 
- five o( BBK, in which Brown investment Trust, whose directors, 
of Swifrcrlanrf holds 541 Mr. Nigel Newby and Mr. Richard 
—■ per cent, said that the NEB had Robinow, have strong business 
tnld them nr its intention to buy connections with the tea plant a- 
mflrr shares, though not raising tjnn business. It transpires that 
Its holding above. 20 per cent. I IT had acquired a stake of some 
. r. “ W<> have token note of this.” he 12.1 per cent in Crosby over the 
S-H f v ] added. . past few months and associates of 

£• Lv BWI The .NEB’s recently awruirod HT also held 5.4 per cent. With 
7 ^ r 5 Shares were bought through the the purchase of Mr. Keailey’s 
marhei. an umi«ual. though not stake — which he acquired in 1975 
- . uonrecedL-ntcd, procedure for the — I!T now holds 27 per cent. 
i-- 1 *’ NEB. which picked up some BBK Yesterday Mr. Keatley explained 
shores by market purrhoses at the that Crosby was badly in need 
time of the rights issue in I97G. of a permanent chief executive 

and that be was unable to give it 
the time required. Crosby also 
needed better financial control 
which he hoped would result from 
the appointments 0/ the two ITT 
directors to the Board. Mr. 
Keatley retains a 1.9 per cent 
stake and will stay on as chairman 
for the time being. 

He hoped that DT would 
establish trading links with 
Crosby. One important possi- 
bility was using the 110,000 sq ft 
Crosby warehouse in Liverpool for 
storing tea. 

In the meantime *’ taking every- 
thing into account.” Mr. Keatley 
said, “I hope that Crosby will 
show a profit in 1978.” 

Mr. Keatley added that the 
container storage and repair 
business was going well and that 
the losses on the freight forward- 
ing ride were being covered by 
the temporary employment 
subsidy. Further advantages had 
already come from tightening up 
on management expenses and the 
remaining loss-making divisions 
were being reorganised. 

As far as he knew TIT did not 
intend to make a bid for the rest 
of Crosbv. Besides DT there was 
one other major shareholder. 
M and G Recovery Fund, with a 
121 per cent staki*. He believed 
that M and G wanted to retain 
the holding. 


W. G. Allen and Sons (Tipton) 
has been notified that Brockhnuse 
has acquired 475,900 ordinary 
shares representing 14.18 per cent 
of the capital. 

The directors of Brockhouse 
have informed Allen ' that these 
shares have been acquired as a 
long-term trade investment. 

A name you can bank on 
around the world 

Banking on Grindlays means more than taking advantage of the 
Group’s network of branches in some 35 countries. It means working 
closely with our specialists in such fields as export finance, foreign exchange, 
eurocurrency finance, and corporate banking. They take full advantage 
- of the regional knowledge and support provided by over 200 Group 
branches and offices located in most of the major world markets. 

This teamwork provides the right financial products and 
packages at the right time. 

The Group’s Eurocurrency Department 
continues to be active in providing 
medium term loans to major corporations, 
governments and government agencies. 
Recent managed syndications include those 
to the Bolivian State Petroleum 
organisation, the Jordan Hotels and 
Tourism Company and Beogradska Banka. 

The Grindlays’presence in important 
markets has recently been strengthened 
with the opening of offices in New York 
and South Korea. 

Members of the management team of our 
new branch in Seoul discuss ECGD finance 
of U.K. equipment for a Middle East project 
with a leading Korean construction company. 



,.-*d be 
_ >* 





‘ H. v-j 


■« ' i'S-f 

- ijc 



0 30% Increase in pre-tax profit despite £1 00,000 reduction in pre-tax 
profit caused by disruptive industrial action outside the company. 

o Interim dividend 1 .00p per share payable 8 June. 

O Profitabilityln Germany remains buoyant and again surpassed 
previous levels. Small loss in Canada. 

Trading profit arid pre-tax profitforthe yearcould 
^ and £400,000 respectively and a final dividend of 1 .50p would then be 


SUMMARY OF RESULTS (£'Q00) JAN1978 JA ^ B77 [ 

External sales 7.042 * ** | 

Trading profit and partnership income • 555 ® 7 ® [ 

Profit before taxand extraordinary items '» ^ j 

Attributable earnings j 

Basic earnings per share 15,360.041 shares) T^21p P_. _j 

Manufacturers of 

Specialised fastener systems for the aerospac e, co nsumer durable. 

automotive and building Industne© 


»• ~ % ’Tin 


-t.:-., o v.s- 


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r..y v 

m?>;r r '^r 

^:-»e , i <’ m \ ;; #1 . • • • ■■■ %’,re V’j. ■ / ! i’i,’ 

<\.' m ’■/:*./? Vv^ V"’ 1 IV : ? V ■’ ’ 'V;-.-, y " 

j;\ 1 ^ s'". ■■■■ •' y, ,' ^ *■’ - 


Highlights from the Statement of the Chairman 
Mr Leslie Fletchei; to the shareholders 
ofdynwed Limited. 

□ Turnover £285 million; profit £13.03 million. 

□ Group's overall U.K. performance showed 
improvement on 1976. 

| | Successes in 1977 included Steel, 
Engineering, Fastenings Distribution 
and Tubes & Structures activities. 

Q Exports more than doubled in two years. 

□ Final dividend of 5.75p recommended 
making a total for the year of 8.20p 
(1976: 7.425p). 


Financial Highlights 








Group trading profit 



interest charges 



Group profit before taxation - 
Group profit attributable to 



ordinary shareholders 


6,1 43 

Ordinary dividends 



Group profit retained 



Operating assets employed 


96,1 97 

Capital expenditure 






Earnings per ordinary share 




fully diluted 


11.61 p 

Dividends per ordinary share 




To : The Secretary. Glynwed Limited. Headland House. New Coventry Road, 
Sheldon, Birmingham B26 3AZ. 

Please send me a copy of the 1 977 Report and Accounts. 

Address __ . 

_ FlJ 


Australia and New Zealand 
Banking Group Limited 

ilncorporaLed with limildl liability in ihcSute oi Victoria, Australia) 

Half-yearly Profit and Dividend 

1 he directors ol'ANZ Banking Group 
Limited announce an unaudited, 
cuiiNulidau-d prulk alter tax. excluding 
cxtr.iurdinorv itom>. ol$A2b.b2 q .OOU 
lor the to March 31, 197$. 

1 hi> i> an im ivasic ol $.\4,S1 3.0UU or 
22-1 per cent compared with the 
pr«-\ iou- cor re. ponding hall year. 

Al tor extraordinary ilcniN, the 
consolidated profit fur the half-year 
wa> $.\ 2 S. 388.0U0 c cm pared w ith 
SA22.4S 3.U0U lurlhe 1*477 hall -year. 

Detail?. of die cun-olidaitd result for 
the hall-year to March 31. 1 9? S are 
M'l out below. 

The directors have declared an 
interim dividend of 1 * cenLs a share for 
the year to September 30. 1 97$ (1977 
- $ cent-s a -.hare). It in payable on July 7, 

I 9 7 S lo shareholders registered in the 4 
bouks of die company at the close of 
business oil June 12,1 978. 

. L)i\ idends payable to shareholders 
on the London and Wellington registers 
\\ ill be cum erted to local currency at 
the appropriate rale fur telegraphic 
transfers on June 1 2. 1*478 and transfers 
must be lodged before 5 dial 
day lo participate. 

Net banking profit after taxation 
Net profit after taxation from 

non-banking sources 

Croup profit before extraordinary 

Extraordinary items (net) 
surplus cm sale of properties 
surplus on sale ofinvestments 

G roup profit after extraordinary 


- Banking Companies 

to 3 1/3 '78 

l I.iif-Yi ar 
tu il- - 3 7 7 




1 U.S i u 

+ 130 


1 1 tiOo 




+22 i 



+ 163-7 




22.4b 1 


(Banking Act basib) 


1 * 8.801 

+ 16-3 

- Non-banking companies 


S 9,0 7 3 



-Banking Companies 

(Income, Land and other taxes) 



+ 13-5 

- -Non-banking companies J 


{ 13,002 

?.3S 3 

+ 38-6 

Depreciation including 



7.02 S 

+ 19-5 

Clouds linger over 
Selection Trust 

Financial Times Tuesday ^Xay 16 1978 _ 

Prudential reshapes 

■i 1 ' 

management control jj\ 


THE IMMEDIATE prospects for 
Selection Trust earnings are 
cloudy, Mr. Chester Beatty, the 
retiring chairman, yesterday made 
clear in his annual statement. 

We will find it difficult lo 
maintain the rather exceptional 
performance of the previous nine 
months he said. 

Net profits in the nine months 
to December were £9.6m compared 
with £10.4Sm in the year to March 
1977. The group is changing its 
financial year end. 

On the gloomy side, revenue 
from the enmesh ip Thor will be 
lower under new arranpements 
with Deere ma. and receipts from 
the Mount Newman iron ore 
operation in Western Australia 
will be affected by the interna- 
tional steel recession. Low metal 
prices could damage results from 
both the South Bay base metals 
mine In Canada and the Snnrgo- 
ville nickel mine in Australia. 

More cheerfully, there will be a 
full year’s revenue from the 
KJeeman companies in the U.K. 
A successful offer for the group 
was made lam November. 

The industrial interests like 
Kleeman provide Selection Trust 
with a source of revenue at a 
time of low metal prices. The 
poor demand for some base 
metals has led to a postponement 
of plans to brine the Teutonic 
Bore denosit In Western Australia 
to nroduction.. 

But Mr. Beatty made it plain 
that the group sees its future as 
being in mining. Thus exploration 
has continued in the lean years 
on an undiminished scale. “We 
have no intention of beins 
diverted from this slralegy for 
we know that nrnseni metal 
prices may have little relevance 
to a find which will take several 
years to turn into a producing 
mine.” he said. 

And he did . his best to lay to 
rest suggestions that the group 
should sell it® gj pp r cent holdtno 
in A max. tlje diversified U.S. 
croup. “We regard our invest- 
ment as of Treat rmnortancp in 
the future.” he stated. Selection 
Trust shares were S98p vesterdny. 


The Sydney Stock Exchanae 
yesterday suspended dealings in 
Leonora Nickel, one of (hr 

exploration companies bom in the 
boom of i860. An inspector is to 
investigate the company's affairs. 
This is linked to another exami- 
nation into the affairs of Laverton 
Nickel, a Leonora associate. 

+ * + 

Shipments of metallurgical 
from Kaiser Resources, the 
Canadian coal producer, to 
markets other than Japan will 
increase this year. Mr. 
KaLser, the president, told the 
annual meeting. Kaiser has long- 
term contracts with, among other 
countries. Korea and Brazil, where 
the steel industry is expanding. 
Thermal coal business is also 
increasing, he said. 

• * * 

The European Cum mission is 
calling for tenders from U.K. 
companies and research bodies 
wanting to take part in a raw 
materials research programme 
aimed at fostering exploration and 
the develonment or mining tech- 
nology. Contracts will be partly 
Rinded by the EEC, which has 
budgeted about £L2m. for a four- 
year programme. 


Record production levels at 
Brenda Mines, the Noranda con- 
trolled copper and molybdenum 
producer in British Columbia, 
have led to a 197S firs' quarter 
profit of CS2 6m l£i-7m) com- 
pared with CiSIJlm in the same 
period or 1977. John Saanich 
writes from Toronto. 

The company was a iso hs^ped by 
an increase in molybdenum prices. 
Gross revenue at CSis.Sm was 
slightly higher, aided by a gain 
caused by movements in the 
exchange rate. 

By contrast. Bethlehem Copper, 
another British Columbia pro- 
ducer. only just managed to keep 
its head above water with net 
income in the first quarter at 
CS376.0P0 t £153.900 1 compared 
with CS27.000_ in the first three 
months of 1P«/. 

Copper shipments at »m lb were 
less than half Thai in the same 
period of 1977. relive! ins the 
general depression in the industry, 
Bui Bethlehem is constructing a 
molybdenum circuit anti this 

should be working by the begin- 
ning of August. Contracts for. the 
sale of molybdenum production 
have already been made. 

payment lifted 


Impala Platinum, the second of 
the two major South African pro- 
ducers. yesterday declared a 
quarterly dividend of 20 cents 
(J2.6p) making a total for !9if-7S 
of SO cents, or 10 cents more than 
the total payments in both 1976-77 
and 197.476. 

The increased tool was fore- 
shadowed in February by Mr. Ian 
Greis. the chairman, when he 
commented on the greater 
strength of the market. The com- 
pany is 405 per cent owned by 
Union Corporation* but the mam 
investment vehicle for Impala is 
Brshopsgatc Platinum, which owns 

2L6 per cent. Its shares closed 
in" London yesterday at 79p. 

BLshopsgate itself announced a 
third quarter dividend of _two 
cents, the same as in the 1976-77 

Jas. Fisher 

In his annual statement Mr. \\. 
Eccles. the chairman of James 
Fisher and Sons, says that the 
shippinc industry is so dependent 
on economic and political factors 
and in the midst of a world trade 
recession and with no sign of any 
upturn on the shipping front, it 
is difficult to predict future trends 
in the activities in which the 
group is engaged and thus there 
is Little basis for optimism. 

Such, however, is the pattern 
of group activities, with much of 
its Fleet engaged in long, term 
business, and the wide spread of 
shipping services it provides at 
the ports where it is based that, 
given no wnrsenine of conditions, 
“we can face the future with 
rcasonnhlc confidence." 

As reporlpd on April 14. pre-tax 
nrnfils rose from £I.QSm. to 
£l.3fim. in 1977 on turnover of 
LS.flilm ac^inst £S.14m. At the 
year end there was a decrease in 
net liquid resources of ft.ISni. 


Prudential Assurance Company, 
the largest life company in the 
U K is proposing to mane 
chances in its management struc- 
ture with the objective of soparai- 
in” the responsibilities tor 
management of the overall group 
from those of running its indi- 
vidual companies- , „ t . 

This move, foreshadowed in me 
chairman's statement for nhO. 
would involve the formation oi an 
holding company - Prudential 
Corporation— which would not be 
an insurance company -itaiOjr. but 
act as the parent company for the 
insurance businesses By this 
means co-ordinating of the activi- 
ties of the various companies 
would be implemented more 


Shareholders will be asked later 
in the year lo approve a scheme 
of arrangement under which they 
would exchange their shareholding 
in the group company for ; an 
equal number of shores in Hu* 
Prudential Corporation. Their 
interests m the profits and divi- 
dends of the aroup would remain 
unaltered and they should not 
meet any adverse tax implications 
in the U.K. 

The holding company will be 

technically freed of dividend re- 
strictions but there is no plan at 
present to lift the dividend above 
the present limits. The present 
directors of the company would 
become directors of the Corpora- 
tion and would retain overall 
responsibility for the affairs of the 
group. thereby maintaining 

Prudential has. in recent years, 
expanded it* insurance activities 
both in the U.K. and overseas and 
has made important changes in its 
structure. There is a growing trend 
overseas for U.K. life company 
operations m be through sub- 
sidiary companies rather than as 
branch operations. 

New electronic 
parts company 

A new company. United 
Electronic Holdings, has been 
rormed with substantial interests 
| in lhc distribution of electronic 
1 compnnenLs. 

It will be the hnidins company 
for (he business interests of Mr. 

| Bennie Linden, which include Hie 
! Intel Group of Companies and 
Edmttnd-inn Electric Components, 

! a former subsidiary of the 

I Charterhouse Group which has 

been acquired recently by Intel. 

Mr. Linden will hold 50 per cent 
of the share capital, the Charer, 
house Group 22 per cent and the 
balance by Charterhouse Develop, 

incnl Capital which has Charter- 
house and leading pension fundi 
and insurance companies at 

For the year ended March Si. 
19TS, the croup made profits of 
around £0.5m. on a turnover nf 
some Jam. 

Chairman Lx Air. Linden while 
Mr. -John Hardy of Charterhouse 
am! Mr. Dennis Wright of Intel 
have been appointed directors. 

to meet 

Drummond Inventors is calling 
a meeting later tins week to seek 
the approval of creditors for a 

scheme of arrangement, the High 
Court has been told. 

The company is reswuni: a 
compulsory winding up petition 
presented by Mr. and Mrs. Stan- 
ley Swift, of Weymouth, creditors 
for £1.990. 

When the petition was last 
before the court on March 2 ft, 
it was said there were eight 
Mipj»ortiug creditors with claims 
tolullmg £10,500- 
Mr. Robert Reid, for the com- 
pany, was granted an adjourn- 
ment until June 12. when it is 
hoped the scheme would have the 
court’s approval. 

peak £1.66m 

Pre-tax profit or Madame 
Tuxsaud's. a subsidiary of S. 
Pearson and Son, expanded from 
£ 1.23 m to a record ri.WJni Tor 1977- 
on turnover up by £I.45m to 
£4.4 6m. At halfway profit was 
ahead from £320,000 to £549.1)00 
and the directors said they were 
confident of another year of con- 
tinued growth. 

Basic earnings per 5p share are 
8.7p (2.79P1 after tax of £873.440 

There was an extraordinary 
debit for the year of £9.600 agnin-t 
£22.436 and the amount retained 
came - nut lower at £244 754 
(£ 359 . 301 ). 

International Tubas Inc. took nine 
months to dispose of a stock of 
left handed. tubas. Each month, 
after the f i rst, they reduced the 
'price eft each tuba by $100. ’• “ ’ 3 " 

.-is:- - • 

As a result, they sold each month Wj 
(after the first) four more tubas than " 
they sold the month bet’ore.The selling 
price was always an exact number of $. 

Cross receipts in the nine months 
^ were $315,300. International 
Tubas paid $700 per 
Spjj instrument. 

file above figures are unaudited and are based on exchange rates rulin' 1 at 
March 3! in each \ ear. * * 

5*0,1 3U.9I8 ordinary shares wereun i»ue at March 31,197$: 

Can you work out the month in which Tubas Inc. made the most profit, 
bearing in mind that the selling price is always to the nearest $ 1UU' 

After you've tested your brainy 

test Creditanstait-Bankverein's. 

Wc rc the largest hank in Austria, and a bank most deeply involved in 
the country's sustained economic growth. 

On these grounds alone, if vou ru thinking of a business operation in the 
Austrian market, you should certainly think of Creditanstalt-Bankvereiri before 
anyone else. 

\Ve can help you develop throughout Europe too. 

Our foreign exchange services are sophisticated, and we can put together 
a financial package to meet virtually any development project. 

If your horizons are even wider, as an F.BIC bank we are your contact with 
an international network stretching from New York to London, Brussels 
to Singapore. 

If tou need a bank that can match your business ambitions with wide- 
ranging resources, enthusiasm and skills (and for the answer to the problem 
above) contact:— = 


Schottengasse 6, A-1010 Vienna 

^ rilUBH Telephone: (0222) b 622 2539. Telex: 74793 

=i ,: 4' 

• • 

Financial Times Tuesday May 16 1978 








Mixed start for major U.S. retailers American 




NARROWING profit margins 
have agmn hit the profits of 
Sears Roebuck, the nation's 
largest retail stores group, at a 
time when its main rival J. C. 
Penney, can report another 
surge in profits in the first 
quarter of the year. 

Sears, which is having to 
revise its marketing htrategy 
because of poor results, this 
piorning reported that net 
income for the first quarter of 
197S would be siigtly below last 
year's record level at $151m 
<47 cents a share) compared 
with §154 m i4S cents a share). 

The decline comes in spite of 
another strong earnings perfor- 
mance from its Allstate insurance 
company, one of the nation's 
largest insurance groups, which 
has increased its contribution 
from 25 cents a share to 34 cents 
a share. 

The group's net sales increased 
12.9 per cent to just over $4bn 
in the quarter, but profit margins 
narrowed at the operating income 
level from 6.3 per cent, to 5.3 per 
cent of sales. The company 
pointed out, however, that this 
represents a considerable im- 
provement on the fourth quarter 

of 1977 when margins declined by 
3 percentage points. 

In contrast, J. C. Penney 
reported improved profit margins 
in announcing a 14.3 per cent 
rise in first quarter net. Earnings 
rose from $30m <46 cents a 
share) to 334m (52 cents a share), 
and sales revenues rose from 
§l.Sbn to §2.2bn. 

Commenting on the outlook 
for the rest of the year the com- 
pany said it expected a continua- 
tion of excellent sales- Profit 
margins, however, are likely to 
be under increased pressure 
from competitive conditions. 

NEW YORK. May 15. 

Sears also is forecasting con- 
tinued sales growth for the 
retailing industry of around 9 
per cenL compared with the 10.5 
per cenL rise last year. 

It is anticipating further 
moderate growth In spending on 
consumer goods for the balance 
of the year. 

The company is stepping up 
the pace of its expansion pro- 
gramme. having opened six new 
stores in the first quarter includ- 
ing four which replaced stores in 
the same markets with a net 
addition of 500.000 sq ft bringing 
total store space to 112.5m sq ft 

suit continues 61 Suitor for Corco as loss rises 

■ ‘ i^i ud 

!*■- :ik i\. 

THE U.S. Supreme Court has 
refused to prevent a New Mexico 
court from proceeding with a 
STOOm. damage suit brought by 
United Nuclear Corporation 
against General Atomic Corpora- 
tion. A New Mexico state court 
ruled in March that United 
Nuclear should be released from 
contracts it entered into in 1973 
and 1974 to deliver uranium to 
General Atomic. About 27m. lbs 
of uranium have not been 

United Nuclear, which claimed 
■ injuries from General Atomic's 

alleged involvement in an inter- 
" national uranium carteL asked 

^ for damages amounting to more 

. than S700O)., General Atomic 

OOtH “'d in its petition to the U.S. 

Supreme Court. 

When it announced the deci- 
sion in March, the New Mexico 
district court said that it would 
take up the question of damages 

The Supreme court's refusal to 
hear Genera! Atomic’s appeal has 
cleared the way for these pro- 

The Supreme Court left stand- 
ing a ruling by a state court 
judge in New Mexico, who con- 
cluded that General Atomic had 
engaged in a u wilful and 
deliberate policy of concealing 
. rather than in good faith reveal- 
ing the true facts concerning the 
' imerantional uranium cartel in 

which Gulf Oil was involved— 

from and during 1972 and into 
_ 1975.” 



COASTAL Slates Gas. the 
Houston. Texas-based fuel and 
chemical company, confirmed 
today that it is taking a look at 
Commonwealth Oil (Corco), the 
refining company which filed for 
protection under Federal bank- 
ruptcy laws al the beginning of 

Corco today announced dis- 
appointing figures for the first 
quarter, as had been widely ex- 
pected. The net loss per share 
increased from 45 cent to 87 
cents, after an extraordinary 
credit of S800.000 or 5 cents a 
share. The net loss more than 
doubled from $6.3m to $12.?m, 
on sales down from S280.8m to 

Coastal said today: “As you 
know, we have a supply arrange- 
ment with Commonwealth, and 
we are studying and evaluating 

a possible closer relationship 
with the company. Rut — and 
this is the important part — we 
have not made any offer to 

Coastal thus joins the long 
list of companies who are exam- 
ining Corco including an Arab- 
controlled holding company. 
First Arabian Corporation. 
Though the seriousness of this 
suitor bas been questioned. 

Other entities currently show- 
ing a strong interest are led 
by Charter, the Florida-based 
oil company, which is the only 
one so far to have come up with 
a firm offer. Charter proposes 
tu settle Corco's S400m. worth 
or ■ debts partly through cash, 
and partly through an issue of 
securities by the new merged 

However. Charier, which is 
approximately the same size as 

NEW YORK, May 15. 

Corco, may not turn out to be 
in as strong a position as 
another possible contender. Ten- 
neco. This major Houston- 
based diversified concern has 
revenues several times those of 
either Charter or Coastal 
States, and it would be better 
placed to provide a major in- 
jection of capital. 

Tenneco confirmed today that 
it had been talking to Corco, but 
it also stressed * We has not 
started negotiations.” 

Corco has been in financial 
difficulties for several years, 
partly because of special fees 
imposed by the Government of 
Puerto Rico where it bas its 
main refinery. However in 
February its position was 
worsened when fiTe swept 
through this refinery, causing 
several million dollars' worth of 

Canadian drop Molson increases offer 


well ahead 

REPORTING a 47 per cent rise 
in fourth quarter net profit to 
39.7m American Stores, the 
major food chain whose store 
names Include Acme and 
Alpha Beta, comes in with a 
net per share of 51-82 for the 
period against $1214 for the 
same period of last year. This 
was on sales up 11 per ceut at 


Carrier upsurge 

With Inmont Corporation 
providing a boost, Carrier Cor- 
poration the cooling and heat- 
ing equipment maker reports 
second quarter net profit over 
90 per cent higher at $29m to 
give a fully diluted share net 
of 85 cents against 60 cents 
Tor the same period of last 
year. Sales rose 72 per cent 
In Lbe quarter to $583m. 
Renter reports from New York. 
For the six months this gives 
the company a 92 per cent net 
profit rise with per share com- 
ing out at $1-23 against S3 cents 
on sates 60 per cent up at 
S945m. Carrier acquired In- 
mont in December last year. 

Superior Oil slips 

A sharp rise In intangible 
drilling and development costs 
due to accelerated drilling 
programmes offshore and on- 
shore Louisiana cut sharply 
into first quarter net profit ar 
Superior Oil which reports 
$8-33m or S2.0? a share against 
the $21.9m or S5.49 a share for 
the first period of ia>t year. 
Agencies report from Houston. 
Revenues were also lower at 
5128m against $151m. 

By Our Own Correspondent 

MONTREAL. May 15. 
continuing refinery overcapacity 
and tight margins, plus a soften- 
ing in world-wide demand for 
petrochemicals, for a sharp fall 
in first-quarter profits. Earnings 
were C$5. lm or 51 cents a share 
against C$8.5m or 85 cents on 
gross revenues or CSl53m. up 15 
per cent fro ma year earlier. 


MOLSON. the major Canadian 
brewing and industrial and con- 
struction materials group, has 
raised its bid for the American 
speciality chemicals company 
Diversey of Chicago, from 
U.S.S2S per share to U.S.S30 
per share. 

The cash bid is conditional on 
the Diversey Board recommand- 
ing the terms to shareholders. 
The offer will be made formally 

MONTREAL. May 15. Iowfl beef rise 

on May 19. However. Mr. 
Herbert W Kochs and Mr. 
El George Hunt, chairman and 
president of Diversey. have 
agreed to leader their own hold- 
ings under the new offer. 
Together, they have about 10 per 
cent of the stock. 

Molson already owns about 11 
per cent of the Diversey shares 
after buying several blocks in the 
market over the last six months. 

in hi in in \\\ life life m/ Austin Reed Group Limited 

Mr. Barry Reed reports for the year to 31 Jan 1978 

• 40% increase in 1977/8 1976/7 

pre-tax profit “ ^ “ 

• Earnings per share Turnover 33-06 31-28 

35% up Pre-tax profit 2-55 1-83 

• Maximum permissible “ 3 

.... . . Earnings 

dividend increase pe rshare(p) 12-4 9-2 

• Further progress Dividend (p) 4-3 3 9 

expected this year — 

The principal activities of the Company are the retailing and manufacture 
of high quality, mens and ladieswear in the UK and Overseas. 

Copies of the annual report can be obtained from the Secretary, 

Austin Reed Group Limited, P.O. Box 2, Thirsk, North Yorkshire Y07 1PF. 

Iowa Beef Processors, the 
meat packing concern, reports 
net profits 43 per cent ahead in 
ils 13 week period to give 
52.55 a share against the 81.82 
for the same period of last 
year. This was on sales ahead 
some 40 per cent at $689m, 
agencies report from Dakota 
City- For the 2G weeks this 
brings the company lo $19m or 
S3 -97m against 83.05m on sales 
ahead from SlXKbn to $124hn. 



Alcan Australia sine isss wti 

AMEV 8pc WST 9BJ 971 

Ails) raj tan aj. tS Mw: Vt 



Barclays Bank 9! pc 139.' 



97 : 

Bowaici Mdc 1682 


Can. N. Railway 81pc 19S6 
Credit National s: D c ms... 





Denmark sjpc 1SS4 



ECS 9 pc 19BH 



ECS 8,’dc 1997 


. as: 


EIB Sipc 1B92 


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Erbo 8 pc 19S6 Now 



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KjUro Quebec Spc 1992 ... 







ICJ Slot I9S7 



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National Coal FW. 8pc 1W7 



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Newfoundland »pc 1999 



Nordic Inv. Bk. «pc 1988 



Monies Ram Bk. Siw. IB92 



Nomine S3 pc 1989 



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Oslo Bpc IKS 



Pons Auionomej 9pe 1991 



Pkjt. Qoelwc 9pc 1995 ... 



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«*K. Bn ok I'D 5?oe 1*« .. •• 



Pro*. Quebec foe I9°B 



RatHaniuU:i 13 pc 19SS 



9jialn apt- l? 8 * 


Trnnrtheim 3'pC 



TVO Power Co Bn -’ 1988 ... 



VciKCUels Bpc 1059 ...... 



World Book Sloe 1990 




RaaJt of Tokro 19W ? 1 * 1 * PC 



BFCE 19M SJpc — 



BXP 1983 91 <4 PC 



'TT 1683 9oc 



WMF last 71pc 


f’retMdntfali 1994 "Spc 



Crvdii Lyunnils IBS 8pc . 



Dr, Bank I9S2 7»ir,p«. 



1770 IW1 Sli..pc 



!ni? W.vmlns'iT 1984 SBC 



Lloyds 1P« 7CDC ... 



T.TCB 1953 Spc 



Midland |9«2 Spc 



Upland 1997 7»«.pc 


OKR 19*3 75PC 

UQ - 


SNTP 1983 S' pc 


Sid ami Chird 'S* THloW 


Wms. and Glyn's m *> W;or 66* 
Source: While Weld Securities. 


Swedish take-over 
bid for Dymo Inds 

ESSELTE. the major Swedish 
office equipment, printing and 
packaging company, through its 

indirect wholly-owned subsidiary 

Oxford Pendaflex Development 
Corporation is making a cash 
tender offer to purchase all the 
outstanding common stock of 
Dymo Industries, the San Fran- 
cisco based visual systems maker 
at $24 net per share. 

The purchaser is wholly owned 
by Esseite's U.S. subsidiary 
Oxford Pendaflex Corporation. 

Esselte moved into the U.S. via 
the acquisition of Oxford Penda- 
flex a little over two years ago. 
At about the same rime, the com- 
pany purchased its U.K. subsidi- 
ary'. Pembroke Packaging. 

Last February, following a 
strong third quarter perform- 
ance. Esselte confirmed that its 
sales and earnings for the year 

NEW YORK. May 15. 

ended March 197S were “well on 
target" for growth of 11 per cent. 
The overseas operations were 
said to be developing more 

strongly than those in Sweden. 

In 1976-77 the company in- 
creased earnings by a full 6S per 
cenL to Krl43m f$3f).5nii on 
sales some two-fifths higher at 

Ob receipt of the offer. Dymo 
said it had requested the New 
York Stock Exchange to halt 
trading in its stock pending a 
directors meeting tomorrow, 
when Dymo - will review the offer. 
The company will make a state- 
ment aFter the meeting. 

The offer is due to expire on 
May 25. but it is not conditional 
on ’a minimum number of shares 
being tendered. 

Morgan Stanley is to act for 
Esse lie in the offer. 


Lippincott terms changed 

THE TERMS of the merger 
agreement between Harper and 
Row and U. B. Lippincott have 
been revised. The move is the 
result of larger-than-expected 
operating losses in the year and 
first quarter by Lippincott. 

The revised terms give Lippin- 
colt shareholders ihe choice of 
receiving either 0.885 of a share 
of Harper and Row Tor each 
Lippincott share, or $13.50 in 
cash per share- The previously 
announced terms called for one 
share of Harper and How coxn- 


NEW YORK. May 15. 

nion or $15.25 cash for each 
Lippincott share in a transuciion 
that was valued at Sl$.7m. The 
other terms remain unchanged. 

The change in the terms was 
not unexpected. Earlier this 
month, the Philadelphia-based 
Lippincott said thal representa- 
tives of the low book publishing 
companies were lo meei to deter- 
mine whether Harper and Row, 
of New York, should reduce the 
terms of the merger agreement 
in view of a substantially larger 
los by Lippincott in ihe first 
quarter. Agencies 

to acquire 

FORT WORTH. May 15. 
PETRO-LEWIS Corporation is to 
acquire al! the assets of Shenan- 
doah Oil Corporation at a price 
<»f over $320m. This amount will 
be sufficient to provide a net 
cash payment of $42.25 for each 
of the 3.2m shares outstanding 

of Shenandoah Oil. 

In a separate transaction, 
Pelro-Lowis has completed the 
purchase or all the assets of 
imperial- American Energy at 3 
price thal provided a liquidation 
distribution nf $21 a share (o 
lm pc rial- American holders. 

Petro-Lewis today reported net 
operating profits for the third 
quarter of $1.45m nr 52 cents a 
share compared with $1.09m or 
40 cents a share, on revenues 
up from $5 22m. to SS.41m. After 
an extraordinary debit of 
SI90.000. the net opcraling profit 
came out at &1.2dm or 46 cents. 

Bertea agrees bid 

Holders of some 74 per cent 
nf the outstanding slock in 
Bertea Corporation have said 
that they will accept an offer 
from farker-Hannifin Corpora- 
tion of 0.53 of a share in Parker 
for each Bertea share. AP-DJ 
reports from Irvine. 

Kennecott delay 

The annual meeting of Kennecott 
Copper Corpora tiun. postponed 
until this morning to allow time 
for ihe counting of votes in the 
company’s proxy contest with 
CurtissAV right Corporation, has 
been further postponed until 
May 30 as the count has not yet 
been completed. Reuter reports 
from New York. 

$25m. for Mexico’s agricultural bank 


WITH the European continent 
closed for the Whit Monday 
holiday, trading activity in the 
Eurobond market was Lhin. 
London dealers said that if any- 
thing the dollar sector tended 
lo weaken. 

The only new issue announce- 
ment was a 7m Kuwaiti dinar 
(S25tn) offering for Mexico's 
national agricultural bank— the 
Banco Naclonal de Credito Rural. 
The issue, the first ever bond 
lanched by this borrower, will 
pay interest at 8} per cent for 
a 12 year final maturity. The 
indicated issue price is par. 
Lead managers are Kuwait 
Foreign Trading Contracting and 
Investment Company and 
Merrill Lynch International. 

In contrast to the practice in 
the Eurobond market, the terms 
are not formally indicated by 
the managers of issues on. the 
New York bond market. How- 
ever, if current market condi- 
tions were lo persist until the 
pricing dates for the large 
number of yankce bonds which 
were filed last week with the 
Securities and Exchange Com- 
mission. secondary market yield 
on outstanding issues would sug- 
gest tbe following approximate 
yield levels (pricing rates are in 
hrackets): Sweden's $J25m 20 
vear issue— 9.20-9.25 (May 23 1; 
Australia's S150m five year issue 
—8.40: Australia's 3100m. 15 

year issue— slightly under nine 
(May 25): the French CCCE's 

S75m 20 year issue — slightly over 
nine per cent (early June): ito 
Y oka do's $20 m five year notes — 
nine per cent: Ito Yokado's S50m 
convertibles— six per cent (mid- 
June); The latter Ito Yokada 
bonds will be convertible im- 
mediatelv after issue. 

• The statement in Monday's 
Financial Times that the .Associ- 
ation of International Bond 
Dealers (CAIBD) was drawing 
up a code of conduct on pro- 
cedures relating lo the Eurobond 
new issue business, and that an 
announcement to ihi* effect had 
been made by the AlBD's chair- 
man. Mr. S. Yassukovich. was 
incorrect; the code or conduct 
in question relates solely to the 
Eurobond secondary market. 


At its meeting on 21st April 197B, the Board of Directors of MOET- 
HENNESSY approved the accounts for ihe year ended 31st December 1977, 
which showed a net profit of Frs. 8,713,976.43. This cannot be compared 
with the previous years since the year under review covers six months 
only, from 1st July to 31st December. 

In accordance with previous announcements, at the Annual General 
Meeting called for 29th June 1978, it will be proposed to pay a net dividend 
of Frs. 8.40 per share, i.e. an overall income of Frs. 12.60 (including tax 
credit), the same as for the preceding year but on a financial period of six 
months only. 

Otherwise, given the consolidated 1977 results as shown below, the 
Board has in principle decided to pay in January 1979 an interim dividend 
for 1978, of an amount to be fixed later. 

Consolidated Results 

(in F.Frs. ’000) 




Turnover before tax 




Gross trading profit 




Net book profit 




Net readjusted profit 
after reincorporation 
of provisions for price 
increases - net of tax 




Cash flow (1) 




Net adjusted profit per share 




(1) On the basis of the net adjusted profit, depreciation and provisions for 
investments (provisions for participation excluded). 

Champagne Business 

The consolidated turnover of the Companies of the Champagne Group 
reached a total of Frs. 717.191,000 tor-the year 1977. an increase of 20.65% 
over 1976. 

The trading account showed a distinct improvement, with a trading 
profit of Frs. 67,308,000 as against Frs. 27.717,000. The net adjusted profit 
amounted to Frs. 27,595,000 as against Frs. 13,426,000 in 1976. This figure 
takes into account a total loss amounting to Frs. 6,267,000 in the 
Californian subsidiary, larger than in the previous year, due to the 
operating costs of the first trading year. 

Cognac Business 

The consolidated turnover in the Cognac sector amounted to 
Frs. 396,349,000 as against Frs. 376,149,000, showing a trading profit of 
Frs. 25,058,000 as against Frs. 22,418,000. The net adjusted profit showed a 
slight drop from Frs. 19,073,000 to Frs. 16,896,000 due to a carrying-forward 
of unpaid taxes. 

Perfume and Beauty Products Business 

In 1977 the Christian Dior Perfume Companies achieved a consolidated 
turnover of Frs. 413,915,000 as against Frs. 342,268,000, an advance of 
20-93%, which produced a consolidated trading profit of Frs. 67,242,000 as 
against Frs. 33,227,000 in 1976. The net adjusted profit for the year reached 
Frs. 28,693,000 as against Frs. 13,757,000 for the preceding year. The steep 
rise in profits in this sector is largely due to the restoration of normal 
productivity levels related to the full utilisation ol the Orleans factory. 

This announcement appears as u matter vf record only. 



U.S. $25,000,000 

Medium Term Loan Due 1985 

Guaranteed by 


Arranged and Managed by 

; LROBRAZ/^^.. 

Provided bv 

Bank of America 

National Trust & Savings Association 

Brasilian American Merchant Bank 

Compagnie Financiere de la Deutsche Bank AG 

The Dai-Ichi Kangvo Bank Limited 

European Brazilian Bank Limited— EUROBRAZ 

This advertisement appears as a matter of record only. 

Hie Republic of Botswana 
US $45,000,000 

Medium Term Financing 

The Jwaneng Diamond Mine Project 

Arranged by 


Provided by 



Agent Bank 

-- ^ 


MAY !?7S 

Financial Times Tuesday May . l6.S?78. r 



State seen 

Expanding in Europe 


WESTLA.YD-ltrecht Hypmheek- c.nUoFIs 40.4 trillion (millinn 

bank hopes one day to be in a “*“«»">■ u ‘ ean offer. Il will also mean | 

position to help the prosperous 1 W&JJ sees let * J Uie mortgage banks an* freer to I 

as major 
in Cockerifl 

By David Buchan 

uuaiuuu iu neiu uic inuahicju*.* --- . inn mnrigaue uanM< acci i r 

German businessman build his J.™ gJJ, ^M^neral ions. It cxte P d ,he,r nnKe of bankins ; BRUSSELS. May 15 , 

Rhine-side villa as well as under* Hann „A B „« th* n.ileh capital services. ; &Y oarJ} . igty) s the Bclgiaa 

Rhine-side villa as well as under* rtept , n(ls on the Dutch capital 
pin the efforts of City of London market to place mortgage bonds 

The central bank’s controver- 

s lock brokers purchase property and raise private 'loans. Des- sial credit regulations have been 

“ r .. .■ a. v ■ _ nnn J haii'i* inn t VlA Irtrt 

in Surrev * pite the present liciuidity or the good news Tor the mortgage 

As Holland's largest indepen- market. WUH wants to tap 5 nan- banks and for the mortgage divi- 1 
ant mortgage bank the WUH is cial markets outside Holland, sions of the commercial banks, ; 

UCU ( IUU1 VtlUEV LUC •• W1L »« wiui - — - . , . . ■ g _i . 

pragmatic enough to own that The bank's small margins mean The central bank has limited; 
this tvpe of cross-frontier indi- it cannol run any foreign ex- credit expansion funded by, 
vidua f mortgage operation is still change risk so it must finance short-term borrowing to b per • 

slate might become the 
majority shareholder in the 
country's biggest steel- com., 
pony. CocKcrilL and could hold 
about one third of the equity 
in the next three largest steel 

vldual mortgage operation is still change nsK so it nun nnanve “ .‘Lilt * • concerns 

a long way off. But the bank is foreign projects locally or on cent in the > ear to next March. < roncerns 

presshi" ahead with a wide- the Eurocurrency- market. To WUH would like to extend its; Economics affairs mmisier Wlffy 

ranging” plan to expend its busi- finance its present modest opera- personal lending activity. It has| h.^fhP 

n« audits proposals are pruv* lions in Belgium. West Ger* alread y diversified into insurance j ^ rt£Z 

log remarkably imaginative. “A operates a life assurance- oj whieh Se' 

\VL'H has recently comm is- . company jointly with the i s i etf * mausui. wmc » tha 

sioned studies ^v^consu Hants of Pressing ahead with a wide American multinational ITT.; government wtU formally pro- 

the EuS^an property market ranging plan to expand busi- This means it can sell life insur- pose “i 0 .?' 

and of the legal frameworks m-ss, the bank has recently ance alongside a mortgage and next Sahirday. The „oveni. 

behind it in different countries, commissioned studies by con- allows it to compete more j**™ ? u navnwnt or *£ 

And it recently changed its su ltanLs of the European cffecuvciy w. h life assurance ie aa5 °; o {S! 

?"?“ JL»-V2a? properly niarke, l. g e.Per with «S’S'5»*SSiSL a “ "““I * “ *<=' 

WUH also wants to expand into 
the savings account sector 
Perhaps the bank’s most pro- 

in the rest of the EEC and Swii- :*' s i e „, a i frameworks n,ns 10 seu mori '=- a P es 

zerland. Despite the potential 11 ** Since insurance agents rather 

market of first-time house pur- “ than WUH's 30 branches are the 

chasers— just over 40 per cent. France and Switzerland main source of mortgage busi- 

of homes are owner-occupied in h ’ I borrowed local currency ness ,b,R IS an tutptirlaru link. 
Holland compared with more Dutch hanks WUH also wants to expand into 

than half in the U.K.-Holland WUH sees the Dutch mortgage thtf savm « s scctor 

it seems is becoming too small banks as having an advantage Perhaps the bank s most pro- 
for Westland-Utrecht. over t h e j r foreign counterparts miring diversification— and the 

The bank took nearly 8 per in the flexible system of house one w-hich it sees as the spring 
cent of the FIs 42bn (S19bn). financing which has developed board for development into an 
market for new mortgages in In Holland. Dutch house buyers international real estate bank- 
1977 and is the lamest speci- neet i lunl t0 only one institution « project development. It has 
alised mortgage bank in the to raise a mortgage, unlike the for some lime been involved in 
country. But compared with the complicated procedure m Ger- housing and commercial pro- 
mortgage bank division of the many. while they can offer a P«ry development in Holland 
Rabobank— the former farmer's wider range of services than an d has more recently moved 

ning to sell mortgages j steel sector. 

Since insurance agents rather According to one estimate. this? 
than WUH's 30 branches are the might save the industry some. 

might save the industry some 
BFrTbn t? 2 l 0 m) a year to' 
interest repayments. It is not 
clear whether this figure also 
makes provision for the big 
private shareholders— nudnly 
Belgium's big three industrial' 
holding companies— taking the 
same action as the state to 
relieve suuc of the debt 
burden on the steel companies. 
M. Claes is urging the holding 
companies to increase their 
equity stake in steel, pointing 
out that in this way they can 

Iiiuuuuun — iuc imnici Wider UI SU1» mail — . . , ' ■!__ . J »ml*iiv.llni> 

co-operative— WUH's operations u K building societies. The outside the country. The size match state participation, 

are modest. Rabobank's mort- commercial basis in Holland of investment in this form of Losses of the. Belgian' steel in- 
gage bank subsidiary has about means Dutch mortgage banks aciivtiy is limited to twice the dustry arc now enormous, with 

one-third of the market. The compete keenly on the rale of value or equity capital, whieh CoekfnH a | 0 ne recording a 

other commercial banks such as interest thev rharge and they ai WUH is currently nearly BFr r.2bn loss last year. The 

Algemene Bank Nederland and give up to 135 per cent mori- FIs 3o0ni. Mortgage lending is steel union leaders, who saw 

Amsterdam-Rotterdam Bank also gages. limited by restrictions on bop M. Claes ana Prime Minuter 

have sizeable mortgage bank Unlike the universal banks in r nw |n? which can go as high as Tipdemans at the end of last 

subsidiaries. Holland, the mortgage banks are 25 times equity. week, are worried about 

WUH' mortgage portfolio self-Tegulating. They were not Real estate business gives government r ® s ? , ™ a *? s tnit 

rose a net FIs 2.52bn in directly affected by last year's WUH direct experience of pro- some #.000-9,000 jobs may have 

1977 to FIs Sbn having practic- central bank curbs on lending, perty markets in the different to go in the next three years, 

government estimates that 
some 7.000-9,000 jobs may have 

1977 to FIs Sbn having practic- central bank curbs on lending, perty markets in the different to go in the next three years, 

ally doubled in two years. Mort- although they did agree to fol- countries. It is now engaged in as obsolete plant is shut duwn. 

gages granted to owner-occupicrs low the genera) guidelines laid a housing project in the Saarland According to press reports, banks 
accounted for FIs 33Sbn or 70 down for other banks. Under a area of Germany. The financing will also be asked to increase 

per cent, of the gross volume bill now. before parliament, bow- for this has been arranged by their lines of credit to steel 

of new mortgages of FIs 3.2bn. ever, the mortgage banks will WUH giving a guarantee to a companies by 20 per cent, and 

Business broke all records last come under the direct jurisdic- German bank which then lends to cut the inrerest they charge 

vear and net profits rose 52 per tion of the central bank. WUH io the builder. by 2 per cent. 



World Value of the Pound 

has 4i% coupon 

By Jeffrey Brawn 

The table below gives the latest available 
rate*- oi exchanuc for the pound ugamst various 
currencies on May 15. 197S. Tn some cases rates 
are nominal. Market rates arc the average of 
TERMS of the convertible bond buying and selling rates except where they are 
to be issued by Commerzbank shown to be otherwise. In some cases market 
by way Df rights include a rates have been calculated from those of foreign 
coupon of 4} per cent and a currencies to which they are tied, 
maturity extending to 5A years. Exchange in the U.K. and most of the 
Pricing will he undertaken cuuntri#-* lifted is officially controlled and the 
closer to the date of issue and rates shown should not be taken as being 
the bonds— which will be alio- applicable to any particular tiansaciinn without 
cated to shareholders on a one- reference to an authorised dealer, 
for-three basis— will carry the Abbreviations: fS) member of the sterling 
right to a subscription of four area other than Scheduled Territories: (k> 
new shares for each bond held. — ; 

Balance sheet considerations Value o> 

aparu the choice Of a convertible Place and Local Unit i£Sterlina 

funding by Commerzbank, which • 

is the third largest of Germany’s Afghanistan bi.oo 

joint stock banks, is dearly %ltallM ; 10>ail6 

fortuitous. The domestic market . ; , ,,, 

in conventional bonds shows no ~ i Fnwii Finn.- a si 

signs of recovering with the omni-b km*’ im.m 

longer term f 12 years) tranche a ng>ii« .......... h* 

of the DM 1.5bn. offering from '""a- wwfcn * «.9! 

the Government still not fully '«b«kuw— .u. i’kaKiw mm 
placed nearly six weeks after its Wraiia <■?«. Au«tniian s ubmb 

issue. \n«lrm -'•Inlltrip 31.75 

" \anes ftirtiis. Kvuilu. B3.0B 

The temporary ban on new Bahamas <-j Bn. i»..iii»r 1.BM7 

issue activity in the market for B-nom.^h 
foreign denominated DM bonds SSSTh- iV “: SS 
is an indication of the Bundes- [hH M .i,>,s< a.64 

Scheduled Territory: fo) official rale: <F) free 
rai«: <T) tourisi rate: (nc.» nun-cummercial 
rate: (n.a.) not available; (A) approximate rate 
no direct quotation available; Csgi selling rate; 
(bg) buying rate; (mun.) nominal; (exC) 
exchange certificates rate: (P) baaed on U.S, 
dollar paritiex and gnine sterling dollar rote; 
(Bk) bankers’ rate; (Bas) basic rate; (cm) 
commercial rate; (cn) convertible rate; (fn) 
financial rate 

Sharp lluctuatluns have been seen lately 
In the foreign exchange market. Rates in the 
table below are nor in all cases dosing rates 
on the dates shown. - 

Place and Local Unit 

. Value of 
£ Bierbuff 

PUuwaod Loca' Unit 

I Value of 
l £ Sterling 

"I*. Iv-etn 


I.F..U Fn-n.- 

bank's concern. But with the 
dollar continuing to recover in Belinillll .. .. Fn , nn 
foreign exchange markets there 

is tittle that the authorities can {£,,',7; “p ^ Kn . n ,. 

achieve short of putting an end UcrmiHia'isi! ilV.'s 

to market uncertainty over the i, i»>i»i» ii»tfan i{>ip« 

future short-term trend of U,,,uta B " ,,vtaB 

interest rates. umkh.m .m. Pu» 

The rapid decline in long term 

yields earlier this year was to 

some extent artificially fuelled wuiwria Lev 

by the weakness of the dollar 

and the scramble by investors h,lU 

for D.M assets at almost any Bunin*! Burundi Fra.m 

price. The subsequent reversal „ _ _ . _ 

of currency pressures could con- ;“P ciw-Vi.JT 

ceivably sec the Federal Rail- iwuiryi- S|«ai>ti ivm 

ways (Bundesbahn) return to 

; iH^t^-cn.iiKV 

(IlMIIH *711 I Hi* 

lit bin liar iK'. (iibralliu X 
■ iJiini Au'i . IMttir 

(iimv Um-hn>" 

• iivuiilami .... Damsli Kiunei 
(iiviui.Ifl 1S1... K.Cwri1«iui S 
<lua>la'iwii*... Lrn-a Franc 

l.iiani l.«.S 

liimlrirmlB quel»l 
U ilium ICcF^-Biii 
II II him. Ki- -«u 
Lintin iSi.... Uu^anne V 

Haiti tiounle 

Him.(iira> Hpj' Uaiifrini 
KiimeKunc (Si H.K.k 
Hum,in Funm 

Pj iu s uav ...... CtMtaiM 


. I.BHB 
, 68.421 

• 10.45U 

: 4.91 

1 37.683 

i B2.1B7 
, 9.10 


«wm #2.68 

P'pf l>. Hp 

i*f Yemen -. Yemen Umnn A i0.< 


Pt>Hi|i{une>... t'li. |«ro 

j A 18.8218 
jw-A 237.17 

! t (t in 8M0 

Furtupn I’ese. fi-vuitp 

run rimur.... lnnnc K-*. mlo 

Mi-mi 6B.20 

Iceland iSi._ I. Kruru 

Indln iSi Inn. iln|iee 

Inihmeria lluiiMIt 

Iran Ktal 

Iraq Imi Ulnar 

Irt-h He*. i Li. £ 

leiael KrnH £ 

>lal\ Lin 

ln»v Lea... t.M. Franc 
Jamaica ISI.. JumaicaUallar 

Ja|4Ui Yen 

Jvnlm cSi_ Junlu Ulnar 

Kampuchea. Uid 

Kenvi la) Kenya Sbllline 

Kurea * Xr It* Wvn 

Kuna* (Mill... ttim 
Kuwhii iSihi. Kuwait UlnM 

Lam Kip Put F« 

Ldnnon Lehnne« £ 

Leauiliii >. Airioaxi Band 

l.iberlH ... Lit».-rlaii 6 

IJhja.. Libyan Lunar 

coupons of 6 per cent for its ..up** vent* i. cai* v 
forthcoming bond issue. Cij.iiaui .'Sitiy. *. s 

. . . ., i cm. A*. Up... L.F.A. Pima 

This issue was originally L W f.F.Al Fnn.- 
planned for later this month and L < hlle l.Pwo 

™ said to be In the region or Cllln ,'; ! Itollininhl Xm 

DM 7O0m. The offering may be c, i-cm* 

postponed until June. ' '' e ' p ~- 

Llci-hi'mitii... ‘mu Franc 
LusHrabourg . Lux Franc 

l*mii.-i|a l-lc. Fc «. Kh'ikIu 

I'ucrlii Kiwi.. . l.a. S 

V'l« (Si Valar 114*' 

t.w Kniniun 

(ivim /!L6 b 1 c de m french Franc 

I Vi (ii -i 36.53 UbodM*. UlnalesUU S 


lb.8758 Human la Mu • 

*55.59 liwaorla Itvaoda Franc 

, «A| 12a St. Csriato- 
1 IL5587 nher 7SL— K. l.anb>«an S 

-l. Re* rai 9L Helena £ 

"'t. LuvH fti).. B. Uarililiwn S 

Pin tv L'.F.A. Franc 

H-V lucent (Si K. CariUiaui 8 

'talvndtn K 1 ... (Jok-n 
Samua lAmi.-. I’.S. S 

'W<i Mnrino^ Italian Lire 

■S*n Tbnw l‘R*e. k-cudo 

4audi Arnliia. Ifyal 

'eurffm L-.F.A. Franc 

-eyohclito S. I(u*«« 

■ilerr Lf'nedil Lemu 
-luaapRirel'). 'ma-i-w S 
so'.imiin I-y*i Soloraun la. $ 

frma i Hup..,. -,iin ->b< 
III. Alrk-afS) Kami 
’.IV. A incan 
terriiime iS> >. A. Band 

<A| 12a 
ae .77 






21a. S 

iKi 0.559 


. 1.2627 

I I CM I 8.49 
I in, «■*' l 22.78 


















Kvmi Kymmene 
lifts sales 27% 

<-*iinoio- L’.F.A. Fran. 

.'ill"»lH'ihfi.. U F..\. Fran.. 

-."■ta ICI.-n. fo.un 

-■ilai Cuban l'e>u 

, vpru- .Si f vni* £ 

i." whui k» at. h'urnra 

By Lance Keyworth 

Denmark lianiah Krtmc 

r*jil.*ull Kr. 

I 4-iim llllca (■■#... K. C" 5 

HELSINKI. May 15. — ...... - , 

KYMI KYMMENE'S net sales «ev- Uummwu iVw 

increased by 13 per cent to Ecuador.... .. hum 
FM 1 .Tihn in 1977. while the 

consolidated turnover rose by 27 •tow-— BKTptian£ < 

f (Bill 45.84 

I 6. ISM 

! iFi 98.40 

• 425.!i 

. 425.5 

1.58 66 
j a iL-urn 9.96 
!- ui. -i 19.90 
, I .T.10.B9 
: 10.451* 

aiK .. 
4.92 ~ 

, 1.8207 

2.09hn. Kthiupia Kihk-plan Bln 

Despite the apparently good KqVi uuinea 
result relative to the depressed 
state of the Finnish economy, the } Falkland i».£ 

company notes in its annual .an. i, Uauui. k* n «» ! 

report that “ the increase in total 

• IU 145.27 
i '.0)0.754 
■ t'T. 1.37S 
(F. 5.7732 

Mac&O Fnlan 

Mail pint Pun us'ueKictiflo 1 

UhIp^tim 1{ i .. H(. Franc 
AI a ji 7 [ (ili.,,. Kmdia ! 

Uaaviia isi„ Itinapli 
SlaMhe la.jSi SI*. Kii|.«e I 

Umi Kp Mail Frnru- I 

Ukiib im IIhiIcm- C 

VlaiTIuHiuu... laioc Fran*.- '. 
ituiiHianm.... llugiilyx l I 

Mauntiiis i>»i. M. Uu'pre 

JlMW lies KHIl I’SMl I 

Mique'uu f.F.A. Iranc J 

lluiwco. French Fra no 

ilnnuolia Tuurll ii 

Muniavrmi ... K. I'amhnu 9 | 

Minuml>K|ue, Mw. Kinulo ■ 

(0)5.544 4. [) 


ip*m Pf*rl* 

■!r*n. Hurt* In 
Surtli Aim*. Ftwlii 
Mii Liulu. 1 S. 1 S.L Kurcc 
XMMII SuiUo £ 

SiirinAiii .. S. Glider 
■*»* xeIIuii ib.) Ujuuieul 

irn ii. Knuw 

Svlbn-an' ..Siviss Iran. 1 

ri- Nina U 

Taiwan Sen Tainan 

r-iunnla <9.1. Tan. bbiiliiUi 
I lii I la ml Unlit 

T r*o Up. L'.F.A. Frao. 1 

limon I*. (S.\ lYuiii 

rrinlda .1 (S.i.TMo. Jc Vuitp) 

1 uniaia Tunisian Dinar 

lurlev ...TuHnah Lin 

Vurfck Jt f«... L.-. > 

Vuii ii A nit in lan £ 

Offanda f i*. shiiiins 
I'M Slate* ... U.S. Dullar 

Nauru Is. — Ami. Dolls* 

Ae*«l Aui«lese liupee i 

■Velherlaiiila.. (iuiltlvt 
Adn.Aiii'lea. Am llilau tiuild ; 


L'ruuuay Fbkj 

U.A.K. Uirtum 

Xen Hebrides 

X. 4»ibiiiJ i 2 ii W.. Dollar 
Xlca.rat;iia..... L-inlubci 

XL: vi Up V.F.A. Franc 

Aiarria Naim 

Nunvay Nr*y. Krone 

Uimn MiHan- 
«P nf (Si.... 

- .an.i|*. (Ja ii lull Krone 10.45 '4 

report that “ the increase in total F ui i- Fiji * 1J84 

output and improvement in ! 7 : T S. 

profitability for the parent com- p r . f' ?vii'.\r vmw 1 425.5 

pany were only slightly hetter Fr.Gui«i«.... wi Fram: 8.5t 

than in the previous year and Pr. IV. N--U.F.I*. Fwuu 154.73 

therefore still unsatisfactory." c.f.a. f« u .- ! 428.5 

Tne company s net earnings 1 ;a mi-ii. «i.... Dalasi [ 4 . 00 B 

after taxes and depreciations Ger "" ,n ' . 1 unm*rk i.asii 
*o tailed only FM 370.000. ,ka ‘ * 

Nevertheless it will pay a divi- 
dend of FM 4.5 per share. nan n* French Wvsi Africa nr French Eounninal Aims 

The paper and board divisions r S ,,la:C3 Pl ‘ r 

U’nrbarl nr -r S 5 T,l, ‘ Aumnva nun r. piacco the UFA rranu. Tllr CKehsiisr 

worked at S3 per cent of capacity WJ> *n4dr at s rale nf UFA Frs.S m «11K» Midi nf ihs 


vSSSSST” ! » 1 “ Ut * 

V pnf f.ueJn Mxnr 

143.38 l 
i A '0.854 
3.82 >i 
I A 7.1482 
4.578 1 

0.758' nl 



1 1 1 ui 18 m 
ija • 

VlwanmiKUii . 


I 7J1 

I <0< 4.43461 
'( m 4.1685-0) 

! 5.3615 

! iai»T . 

Parkiiitan .. PU«. lhi)«r 
Panama Ihltw 


Vernon......... *._. 

SSL?® z-iiv 

Thai pan of the French vommunitv in Alma fomn-rly 
pari n* French Wi-si Africa or French Eoumnnal Aims 

worked at S3 per cent of capacity 
last year, the pulp division at SO 
per cent, the sawmill division at 
79 per cent and the chemical 
division at SO per cent. The 
engineering division complained 
of lack of orders. 

Kymi’s foreign subsidiaries and 
associated companies on the 
other hand, operated at full 
capacity throughout 1977. These 
include Star Paper. UK. fully 
owned by Kymi. which increased 
iis salp« b' - 19 per cent to E^°.in 
and Nordland Papier GMBH. 
West Germany. 50 per cent 
owned by Kymi and one of the 

t Grnrral rares of oil and Iron nwm 71.489. 

II Haaen on urnss raies *uuunsr Huxsoin nuioie. 

"* Rale la il» Transifrr marlcci icnniralledi. 
tr Raw w now iukM on 9 Rarhadn* t m ihv ooJIar. 
h Now nnp nRirial 


Cook Bankers 

largest manufacturers of wood- 
free paper grades in Europe. 

Kymi and Star Paper acquired 
- 70 per cent holdins: during the 
year in Pa pc terms Bouches SA. 
France, which has two paper. 

Thomas Cook Travellers Cheques I 
The accepted name for money. Worldwide. ^ ^ 




I Jd>\ 

Financial Time s Tuesday May 16 1978. 

**nij ()r 1 ' Spanish electronics 
group fails with 
" ^$22m. liabilities 

ANZ lifts 
and interim 


IYSSA (Enciavamientos y 
enales SA). the Barcelona- 
a$e<i electronics company, has 
ad its submission of technical 
ankrupicy approved by the 
tarcelooa courts. The application 
noted liabilities of Pta l.Sbn 
S22.2m\ against assets of 
la 2.3 bn. 

The failure has caused conster- 
ation in Catalan business circles 
oth because EYSSA was hlrberfo 
onsidered a dynamic enterprise, 
ble to compete successfully 
broad, and because of the 
e so nance in Catalan and Spanish 
ndustry of the company's main 
ha reholders. 

-EYSSA had. won contracts, 
lainly for traffic control 
ysteras, in the Soviet Union, 
■oland and Switzerland. It also 
as subsidiaries in Italy, 
■ortugal. Mexico and Puerto 
Uco. - Technologically far in 
dvance of its Spanish competi- 
»rs — a characteristic which 
wild cause serious problems 
.■hen. the company reaches the 
. iquidation stage — its main 
Ueots in Spain are the town 
alls and municipalities, the 
late-owned railways RENTE, 
he SDciaJ Security fit supplies 
lectro-medicat . equipment to 
ome 140 Spanish hospitals), and 
rivate and State-owned utilities, 
a 1972, EYSSA was named 
lodel company of the year by 
he then Spanish, administration. 
It was founded in 1948 by a 
ormer public works engineer in 
Varcelona's town hall, but the 
urn most closely linked to the 
ompany*s development has been 
:r. Carlos Ferrer Salat, president 
f the CEOE. the Spanish CBI. 
ir. Ferrer was in the news last 
aonth for his - controversial 
tatement, made in New York, 
ailing for US. and European 
elaboration to secure the future 

BARCELONA. May 15. By ° ur 0wn Correspondent 

of a free market economy in 
Spain, in the face of a Govern- 
ment Bill designed to formalise 
trade union freedom. 

Following the remodelling of 
EYSSA 's equity in 1976, Sr. 
Ferrer now holds 16 per cent of 
the company's shares; Sr. 
Enrique Masso. former mayor of 
Barcelona and managing direc- 
tor of the electronics firm 
OECSA. 33 per cent; Sr. Pedro 
Duran of the Corporacion Indus- 
trial de Catalunya and president 
of Catalans de Gas, 13 per cent;: 
and the Industrial Banks of, 
Bilbao and Catalunya, some 141 
per cent each. These two banks 
are owned Pta lbn by EYSSA. 

Not six months ago, Sr. Duran 
expressed his belief that EYSSA 
provided a platform for national 
expansion in its specialities. On 
March 14. the company won legal 
sanction for a 50 per cent reduc- 
tion in staff to 300. which it 
considered the necessary sized 
work force for future progress. 

Catalan employers have been 
prominent in the campaign 
against full trade union freedom 
in the factories, and for adequate 
legal provision for shedding 
excess labour. The failure of a 
company which was able to 
remodel its labour force, and in 
addition had the backing of sub- 
stantial public contracts, is 
likely to fuel the controversy 
aroused by Sr. Ferrer's com- 
ments last month. 

Banking sources attribute the 
firm’s demise to a too rapid 
expansion on too slim a base, 
while trade union sources stress 
the company's "delusions of 
grandeur” in expecting an early 
return on a large medium-term 
outlay. EYSSA management is 
for the moment leaving the 
matter in The hands of the 
judicial authority. 

Stevin sees profit rise 



TEVIN Group, the Dutch 
redging .-'concern,., plans . to 
xtend its range <4 services and 
a geographical spread of acu- 
ities. The company would like 
> be involved in projects from 
he design through to the man: 
gement stage instead of simply 
arrying out the contracting 
vork. according to the annual 
■eport. . . .. 

Increasing competition in the 
fiddle East means Stevin wilt 
eek opportunities in North and 
iouth America. It expects a 
unber increase in profit in 197S 
oUowIng. the 45 per. cent rise 
th F13i<3*n.- . last year.- 

■umover is expected to be littte 
■hanged after- the -5 per cent 
icrease to FI.79bn (SSQOtn) in 

Orders in hand at the start of 
te current year were F12.2bn. 


The share of turnover abroad 
rose to 57.5 per cent from 55 per 
cent Investments in 1978 will 
rise to between FU60-J80m from 
F163.5ra last year. This will be 
largely due to the recently 
announced FI200m order for a 
sumi-submersible self-elevating 
cutter dredger placed with the 
Dutch yard Itijn-Scbelde Ver- 
lotue, This dredger, which can 
work at depths and in waves 
which were previously impose 
siblc. opens new prospects for 
deep-sea mining- . 

Stevin is continuing talks with 
the Dutch businessman, Mr. 
Rioter Heerema, who recently 
announced' he had acquired a 
42- per eent holding in the com- 
pany. The talks are aimed at 
securing a written agreement 
that Stevin will be consulted if 
the shares are ever sold. 



SYDNEY, May 15. 

THE ANZ Banking Group h as 
raised Its Interim dividend fol- 
lowing a 22 per cent. Increase 
In earnings, from A32L8m. to 
A$26-Sm (US$30m) in the 

March half-year, 

A solid result was expected 
as the bank’s wholly-owned 
finance company, Esanda, last 
week reported a 24 per eent 
gain to AS 125m in profit for 
the March half. 

The directors have raised the 
interim dividend from 8 cents 
a share to 9 cents. Last year, a 
final of 12 cents was paid, 
making a total for the year of 
20 cents. 

The ANZ*s experience was 
similar to that of the Bank of 
> New South Wales — the largest 
of the Australian trading banks 
'—which last week reported a 

22 per cent boost to A533m in 
the March half. 

However, another major 
trading bank, the National 
Bank of Australasia failed to 
match this pace,. and Increased 
group profit only 5.2 per cent 
to A£21.7m. in the March half. 
The main reason for the 
National’s poorer performance, 
was a slowdown by its finance 
arm. Custom Credit, which 
earned 3.6 per cent more, at 

The ANZ reported a 13 per 
cent increase from its banking 
Bank of Australasia, failed to 
AS 12.2m. This compared with a 

23 per cent lift in the Bank of 
NSW*s banking earnings to 
A$21.6m^ and a 163 per cent 
from the National, at A$12.7m, 

Profits from the ANZTs non- 
banking sources rose 31 per 
tent, from AS1 1.0m to AS 14.4m. 
Banking income rose 163 per 
eent to A 3231m. 

Hongkong Land 
hid terms 

By Anthony Rowley 

HONG KONG, May 15. 
PANY and City Hotels have 
agreed the terms to be offered 
to holders of the 47.4 per cent 
of City Hotels that it does not 
already own. 

Recommended terms are 
that HX$40 in cash, pins an 
interim dividend of KZK$2.0 for 
1978. will he paid for each 
share in City Hotels, subject lo 
the enabling scheme of 
arraugement being approved. 
.Shareholders will also receive 
the outstanding final dividend 
for 1977 or HK51.40 from City 

Profits of City Hotels, whose 
holdings include the Mandarin 
hotels In Hong Kong and 
-Manila and the Oriental Hotel- 
in Bangkok, among others, 
have been ahead of budget in 
the first four months of this 


AUSTRALIAN Commonwealth 
and State Government Ministers 
have agreed to proposals which 
will result in a uniform national 
regulation of companies and the 
securities industry,, along with 
reforms to many existing com- 
pany takeover practices. 

All amendments to the legisla- 
tion once established would be 
implemented simultaneously in 
all states, under the plan. The 
Northern Territory has been 
invited to participate in the 
scheme on a limited basis, and 
to become a full member once it 
achieves statehood. 

At present, company and 
securities industry legislation is 
a slate responsibility with varia- 
tions existing between the states. 
At least one state does not have 
a securities industry Act while 
in another state there have been 
no amendments to the companies 
act since I960. 

The scheme for uniform 
national legislation involves the 
establishment of a new regula- 
tory Federal body, known as tbe 
National Companies and Securi- 
ties Commtesion. It will have 
executive responsibility for the 
scheme, but will itself be subject 
to the control of a Ministerial 
council to be set up, comprising 
State ministers, and tbe Com- 

monwealth Minister responsible. 
The council will have complete 
control over the operation of the 
legislation and its administration 
throughout Australia. 

The NCSC will work largely 
through existing state and ter- 
ritory administrative bodies. The 
scheme Is expected to start 
operating in 1979. 

Tbe ministers also decided 
that a large number of changes 
were necessary to existing legis- 
lation to tighten the controls 
over company takeovers. The 
last' major amendments were 
made in 1971. and there has been 
a recent spate of takeover 
activity which has attracted 
strong criticism. The major com- 
plaint has been over “ creeping - 
takeovers where control has been 
purchased, on and off the share- 
market. without formal offer, and 
with no comparable bid having 
been made to the remaining, 
minority shareholders, who have 
been left in a locked-in situation. 

Tbe major changes proposed 

O Where no takeover offer is 
made a 'buyer must cease pur- 
chase for four mombs after 
reaching 20 per cent, of the capi- 
tal, and is then limited to a 
maximum of an additional 5 per 
cent, in any four months period. 
Additional shares can be 

SYDNEY. May 15. I 

bought if the buyer uncondition- ! 
ally guarantees to purchase all 
shares offered in the share market 
for a period of one month, at a 
published price at least equal to 1 
the highest paid in the preceding 
four months. This price can be' 
raised or lowered from day to 
day so long as ail offers to sell 
at the announced specified price 
are accepted. 

• If an offer is made, the bidder 

can buy shares outside tbe take- 
over scheme, but once this right 
is exercised there can no longer 
be any minimum acceptance con- 
dition on the offer, if a higher 
price is offered outside tbe take- . 
over offer, whether in cash or 
otherwise, the higher terms must 1 
be extended to holders accepting , 
the offer. i 

• Tighter rules wii be intro- 
duced to cover profit forecasts 
and statements about the value 
of assets by target companies, 
offers to selected shareholders 
will be banned, and takeover 
offers will generally be restricted 
to a maximum period of six 

The Ministers said that the 
changes proposed on takeovers 
should be made as soon as pos- 
sible and in advance of the full 
scheme for national legislation 
and the NCSC. 

High yen rate and 
slack home demand 
slow down Pioneer 


EARNINGS OF Pioneer Elec- 
tronics have suffered consider- 
ably from the rapid appreciation 
of the yen. Interim results for the 
half-year ended last March show 
that Pioneer’s non-consolidaied 
sales rose to YS4.0Rbn, a 
disappointing growth rate of 7 
per cent on the comparable 
period a year earlier. This 
reflected a slump in home 

Exports, accounting for 5S per 
cent of total sales, fared well, 
with brisk sales of car stereos 
in the US, but export profits were 
eroded by the yen’s appreciation. 
The company said the yen’s rise 
in the six-month period caused a 
Y6bn exchange loss. The company 
has accordingly raised export 
prices by 15 per cent and tried to 
cut costs as much as possible. 

TOKYO. .May 15. 

Recurring profits totalled 
Y9.31bn, up S per cent over a 
year earlier, but net profits 
declined by S.4 per cent to 
Y4.S9bn i$21.6ml. Earnings per 
share on a non-oemsolidatcd basis 
were Y57.4 against Y62.5. In 
anticipation of sluggish demand, 
the company has curtailed us pro- 

On a consolidated busi*. net 
profits declined by 13 per cent, 
to Y8.74bn on. sales of \TD4.7bfl, 
UP 2 per cent. Pioneer forgely 
blamed the profits setback nn 
its American and European sales. 
Proflls per share nu a consoli- 
dated basis declined to Y74.3 
from Y95.S a year earlier. On a 
quarterly baste, howewr. they 
Started to recover from Y35.2 
in the first October-December 
quarter to "V39.S in the second. 

Dai-Tokyo in US moves 

Paribas stake in Sun Hung Kai 

SUN HUNG Kai Securities and 
Cie Financiers de Paris et Des 
Pays-Bas (Paribas) have an- 
nounced tiie reaching of ao 
agreement for Paribas to acquire 
a significant minority stake in 
Sun Hung Kai, the leading Hong 
Kong broking company. The 
move was foreshadowed in the 
Financial Times last week. 

Paribas will initially acquire 
about 23.43m. HK$1 nominal 
Sun Hung Kai shares, comprising 
8.43m. to be bought through 
Hong Kong stock exchanges at 
HKS1.75 and 14.99m. shares to 
be issued by Sun Hung Kai at 
HKSL85 a share. 

The stock market purchases 
will commence when trading in 
Sun Hung Kai shares is resumed, 
and if sufficient shares are not 
offered at HKS1.75 within ten 
trading sessions, tbe shortfall 
will be made up by Sun Hung 
Kai chairman, Fung King Hey. 

Sun Hung Kai’s present issued 
capital is HK$lS7.29m, and tbe 
new share issue would bring it 
to HK$202_2Sm. 

Acquisition by Paribas of 
23.4m shares would give it an* 
initial stake in Sun Hung Kai 
of 11.6 per cent at a cost of 

HKS425m (US$9. 2m). 

The agreement is conditional 

HONG KONG, May 15. 

on Government and shareholder 
approvals being obtained before 
September 30. 

The companies say that tbe 
move would give Sun Hung Kai 
better access to international 
capital markets through Paribas' 
banking network, while Paribas 
would benefit from improved 
market penetration through Sun 
Hung Kal’s position in Asia and 
Hong Kong. 

Paribas vice-chairman and 
president. Pierre Moussa, will 
join the Sun Hung Kai Board. 

Sun Hung Kai shares were 
traded at HKS1.54 before their 
suspension on May 1, 



DAI-TOKYO Fire and Marine In- 
surance Company announced 
to-day that it has received per- 
mission from the Finance 
Ministry to acquire a 12 per cent 
interest in Drake insurance 
Company, of New Jersey. 

It will be tbe first Japanese 
non-life insurance company to 
take a stake in U.S. insurance 

Dai-Tokyo, in which Nomura 
Securities has a stake, and which 
is largely involved in automobile 
insurance, will invest S1.2m. in 
Drake and Sl.Qlm. in Cranford. 

The acquisitions will enable 
Dai-Tokyo lo engage in insurance 
services throughout the U.S., the 
company said- 

Tokyo Department Store an- 
nounces a net profit for the year 
ended March 31 up from YS.Sdhn 
to Vfi.TTfin (S30UO, AP-DJ 
reports front Tok>o. Sales 
totalled Y22I.14bn ispSGnri com- 
pared with YtJO'J.lflhn a yejr a;n. 
The company's forecast fur tin? 
current fiscal year is a net of 
Y7.55lm. on sales of Y2o5hn. 

The Tokai Bank Ltd 

Negotiable Floating Rate U.S. Dollar 
Certificates of Deposit 
Series B Maturity date 
17 November 19S0 

Guardian lifts Liberty holding 


GUARDIAN Royal Exchange's 
66 per cent owned South African 
subsidiary— Guardian Assurance 
Holdings— is, for the second time 
this year, planning to buy 
another major block of shares in 
th e Liberty Life Guardian has 
only just completed financing 
arrangements for the purchase 
of a R11.4m block of Liberty 
shares from the Manufacturers 
Life Insurance Company of 
Toronto. While this purchase 
took Guardian's interest In 
Liberty Life from 65 per cent to 

77 per cent of the equity, It is 
now planning lo buy another 
400,000 shares, this time from 
Sun Life Assurance Company of 
Canada for an amount not ex- 
ceeding R4m. This will take 
Guardian's stake in Liberty to 
SI per cent, the balance being 
beld by the public. 

The first tranche from Manu- 
facturers life— was. bought at 
900 cents a'share, while' the Surf 
Life tranche is expected to cost 
near 1.000 cents a share. But 
with the Liberty shares strong in 
the market since the beginning. 


of tbe year, this nevertheless 
represents a discount of more 
than 10 per cent on the current 
1.125-cent market price. 

Financing for the first tranche 
has just been arranged in the 
form of R12m of 11 per cent 
irredeemable preference shares. 
When the issue was announced 
only four weeks ago. Guardian 
was contemplating a rate of Ilf 
per 'cent but such is the demand 
for fixed interest stock at the 
moment, that Guardian obtained 
a rate of 11 per cent. Tbe issue 
was twice oversubscribed. 

In accordance with the provisions of the Certificates 
of Deposit notice is hereby given that lor the six month 
period from lo May 197S to 16 November 1973 the 
Certificates will carry an Interest Kate of S' g Vi> per 

Agent Bank 

The Chase Manhattan Bank, N.A., 


This announcement appears as a matter of record only. February 1978. 

77mS announcement appears as a matter of record onfyc 

Banco Nacionai do 
Desenvolvimento Economico 


Term Financing 

Managed bv 

BankAmerica International Group 

Co-Managed by _ 

Toronto Dominion Bank 
The Royal Bank of Canada 
The Bank of Nova Scotia International 

The Bank of Yokohama Limited 
Commerzbank Aktiengesellschaft 

The Long-Term Credit Bank of Japan, 

in Conjunction with 

Bank of Montreal International Limited 
Canadian Imperial Bank of Commerce 
• (international! SA 

and Provided by ■ 

Bank of America NT & SA 
Libra Bank Limited 
■ Toronto Dominion Bank , 

The Royal Bank of Canaaa 4 w . 

The Bank of Nova Scotia international Umtted 
The Bank of Yokohama Limited _ 

Commeizbank Akt i eng esel ischaft — New York Branca 
' 'The Mitsubishi Bank . Limited 
. The Long-Term Credit Bank of Japan, limited 

The Nippon Credit Bank, Limited 

Orion Bank Limited, 

Security Pacific National Bank 
*Unrted California Bank -Nassau 
Bank of Montreal International Limited 
Canadian imperial Bank of Commerce 
.(IntematiooaJlSA . ....... 

- . \ 'i ^ TEeSiSlSo^Tmst ao^Banklnig • . 

'* The YhsudaTlust aha Banking Co., Ltd.— , : 

:1|w^^^I&^ited-NdwYBrkbr9nftft- • 
r'- m " '‘ttieD»waBank,D.d.‘ . ■■ ... ^ . 

/V Lincoln First Internafipnai - - . 

•TheMitsulTrost apd Banking Ca^LM, ... . 

%: - • : ■■ 


Libra Bank Limited 

The Mitsubishi Bank, Limited 
The Nippon Credit Bank, Limited 
Orion Bank Limited 
Security Pacific Bank 
United California Bank 

Chemical Bank 

The Sumitomo' Trust and Banking Co.. Ltd. 
The Yasuda Trust and Banking Co., Ltd. 

The Sattama Bank, Ltd._ 

Arab African Bank-Carro 
Banco de Estado deSao Paulo SA— 

Bank of Scotland 

Dafwa Europe N.V. , . 

Internationale Genossanschaftsbank AG. 

Associated Japanese Bank (International) Limited 
Kuwait Foreign Trading Contracting & investment Co. 

Kyowa Finance (Hong Kong) Limited 
Deutgch-Sudamerikanische BankAG. 

— Affiliate of Dresdner Bank AGr- 
TheToyo Trust and Banking Ca, Ltd. 

Wells Fargo Bank, N A 
Landesbank Stuttgart (Wuerttembergische 
Kommunale Landesbank) 

.Banco Arab© EsbanoLSA 
Banco Union CA -New York Agency 
Bank Morgan Laboudhere NV 
The Folton National. Bank of Atlanta 
TheNikkofLuxembourgi SA. 

Skandinavlska Enskllda Banken 
TbkaiBankNederland N.v. 

Trade Development Bank-Landon Branch 
UBAF Bank Umlted . 

:S? ; 

Petroleos Mexicanos 
. Term Credit Facility 

Managed by: 

BankAmerica international Group 
The Bank of Tokyo, Ltd. 

Canadian Imperial Bank of Commerce 
Citicorp International Group 
The Industrial Bank of Japan, Limited 
Manufacturers Hanover Limited 

The Royal Bank of Canada Swiss Bank Corporation 

Bank of Montreal 
Bankers Trust International Umited 
Chemical Bank International Limited 
European American Bank and Trust Company 
Lloyds Bank International Limited 
National Westminster Bank Limited 
Westdeutsche Landesbank Girozentrale 

Commerzbank Aktiengesellschaft 
Banco Nacionai de Mexico S A — BAN AM EX 

Credit Lyonnais 

Midland Bank Limited 
Multibanco Comermex S A 

The Bank of Yokohama Limited Bayerische Hypotheken-und Wechsel-Bank DG BANK Deutsche GenossenschaRsbank 
The Fuji Bank, Umited The Mitsubishi Bank, Limited Morgan Guaranty Trust Company of New York NMKB Finance Cy, (Curacao) N.V. 
The Sanwa Bank Limited Standard Chartered Merchant Bank Limited Union Bank of Switzerland Wells Fargo Limited 

Provided by: 

Bank of America NT &.SA Bank of Montreal The 8mk of Tokyo, Lid. Bankers^ liust Company CanetSan Imperial Bank of Commerce Chemical Bank 

Citibank. NA Europeat American Bank and Trust Company The Industrial Bank of Japan, limited Uoyde Bank International United 


Manufacturers Hanover lusl Company International Westminster Bank Ud. The Royal Bank of Canada Swiss Bank Corporation SA. Panama 


WestLB international SA. CcmmeBbank AWianBeaeBadhaft CretSUyonnaia Mkfiand Bank Limited The Bank ol Yokohama Limited 

(Newtek Branch) 

Bayerischo Hypctheken-urjd Wecft^Bank DG BANK Deutsche Gsnossenschaflsbank The Fuji Bank, Umited The Mitsubishi Bank, Umtted 

[Cayman Islands Brawn) (Cayman Wands Branch) 

Morgan Guaranty Trial Company of NewYbrfc NMKB Finance Cy.(Curagao)N.V The Sanwa Bank Limited Slandard Chartered Bank Umited 

Co- Managed by; 

Bayerische Hypotheken-und Wechsel-Bank 

Union Bank of Switzerland 

Wofis Fargo Limited 
BfG Luxemburg 

Banco Nacionai de Mexico SA— BANAMEX 

Banco IntemacronaL SA 


Multibanco Comermev SA 
Docker National Bank 

Banque Nafionale da Fferis BfG Luxemburg Toronto Dominion Bank Banco IntemacronaL SA Crocker National Bank 

l&anF«nes»A8W!efl IMuocoj 

International Energy Bank Untied Irving Trust Company MeBon Bank, hLA ■ The Mercantile Bank of Canada The Mitsui Bank Umited 

(New Yortf Branch 

The Mitsui Trust and Banking Co., ltd. The Saitama Bank, Lid. The Tbyo Trust and Banking Company Um'rtad The Datwa Bank, limited Bank of Scotland 
{Now ten Brandi) 

Benque Canatfieflna Nafionale (Bahamas) Untiled Credit duNotd E Van Catechol Bankers Rrsl City National Bank of Houston 

Hartford National Bank and Thi» Company Womalionate Germsansctattsbank AG Iran Overseas Investment Bank Umited The Kyowa Bank, Ltd. 
Kyowa Finance tHong Kong) Umtted Norddeutscbe Landesbank tnlemaiioralSA SaHama-Union Inlemalfonal (Hong Kong) Umiled .SOFIS Untiled 

Sumitomo and East 'Asia Limited 

The Vtouda Trust and Banking Co, Ltd. 


The Sumitomo Trust -and Banking Co, Lid. 


Texas Commerce International Bank Ltd. 
The Nippon lust and Banking Co, Lid. 


Financial Times Tuesday May TB i97S 



Strong finish after initial setback 


NEW YORK May 15. 

AFTER SHOWING an easier bias 
on profit-taking for most of the 
session on Wall Street today, 
stocks resumed their advance 
near the close. 

Tne Dow Jones Industrial Aver- 
age finished 6.06 higher at a new 
I97S peak of S+H.7G. after an initial 
reaction to 834.72. while llie NYSE 
Ail Common index ended 33 cents 
. stronger at $53.1$, also a fresh 
high for the year, after touching 
$54.72. Rises finally led declines 
by SQ3 to 871, while turnover was 
a substantial 33.90 m shares 

although well below last Friday's 
very heavy 46.fi0m total. 

Analysts said the closing gain was 
impressive in view of the further 
credit tightening widely expected 
on Wall Street to emanate from 
tomorrow's Federal Open Market 
Committee meeting. U.S. money 
supply rose ahout $4bn in the 
latest statement week. 

However, Federal Chairman 
Miller said a relaxation of mone- 
tary policy may be possible in the 
third quarter because of recent 
actions by the Carter Administra- 
tion to aid the U.S. dollar, and 

cut the Federal deficit 
Analysts added that the mar- 
ket continues to exhibit resiliency, 
refusing to hack down in the face 
of normally adverse news about 
inflation and Interest rates. They 
said this hag investors nervous 
about whether to commit more 
cash or liquidate their positions 
and take profits. 

Active American Telephone 
sained l to $62*. while SM added 
3* at |26&*, Teledyne 2j at 5100* 
and Bausch and Lomb i{ at S5ij. 

Motor Manufacturers reported 
a 9.6 per cent rise in early May 
sales. Active General Mtors put 
Sears Roebuck eased i to $24* 
on predicting a first-quarter earn- 
ings decline compared with the 
year-ago level. J. C Penney 
slipped l to 839*— it reported 
higher first-quarter results but 
expects mote pressure on margins. 





21... lily 




.. :5i.{K» 


R-ihr Industrie: . 

. L'S0.2W 


< .-jr, Roebud: 

. -•o.wo 




. “ll'.TOU 


+ 1 

i»-ni-ral Moiurs .. 

.. 193.500 


> 2 

Rocinu . .. . 

. isa.ano 


— ■ 

White Motor . .. 



•2- n 

i 'hillin', Peir-ilm 

. IS1.3W 


+ i 

Am-T T.-1. & Ti-1. 

. 1T1.1U0 


-f l 

Gulf Siao-- L'liK. 

. i r.'-.onu 



AUSTRALIA— Markets remained 
buoyant in active trading, with a 
fair number of stocks rising to 
new peaks for the year and the 
Sydney All Ordinary index gain- 
ing 2.92 to a fresh 1978 high of 

Favourable comments by Lon- 
don analysts sent BHP 6 cents 
forward to a new high for the 
year of A36.6S. 

David Jones, among retailers, 
rose afresh to AS1.34 amid further 
take-over talk, but later came 

back to AS1JJ9, a cent harder on 

Banks were sought, helped by 
some recently -announced good 
half-yearly profit statements. ANZ 
gained 10 cents to AS3.05 on 
higher profits, announced yester- 
day. while National added 7 cents 
at A$tSS and Bank of NSW 6 
cents to A$5.60. 

Building Material Supplies and 
Transports also performed 
strongly, but Property stocks were 
ignored and Finance issues 
turned In a dull performance. 

Minings often advanced on buy 

recommendations from London 

BH South, which has kept rising 
since announcing that it was 
shutting down its losing phosphate 
operation at Duchess in Queens- 
land. closed another 6 cents up at 
93 cents. 

Forecasts of higher steel pro- 
duction in Japan spurred Utah 
15 cents ahead to A83.85 among 
Coal issues, while Hamersley rose 
5 cents to A$2.l5 and Robe River 

a cent to 69 cents. 

The Federal Government's 
approval for Pancontinental to 
start drilling at Jabiluka as part 
of its environmental study saw 
the Uranium stock rise 50 cents to 
AS12.70. Peko-Walisend added 10 
cents at AS4.85, but Queensland 
Mines eased 7 cents to A$2,GQ. 

TOKYO — Stocks finished mainly 
lower after late profit-taking more 
than offset early gains. The 
Nikkei-Dow Jones indicator 
posted a loss of 16.35 points at 

5,499.51, with volume amounting active trading, with Real Estate, 
to a modest 250m shares, com- Transportation and Communica- 
pared with 228m on the half-day tion issues leading the gains. The 
session on Saturday add S50m Toronto Composite Index ended 
last Friday. The Toky o SE index 2.3 higher at a 1978 high of 1103-1. 
shed 1J8 to 411.83 while Metals and Minerals added 

Export-orientated issues led the ™ “J 

and profit-taking in the absence 
fresh market factors. Sony lost 

HONG KONG— Market firmed 

to 452.33. 

and Canon Y5 to 

Kaken Chemical fell Y60 to __ .. _ , . 

Y1.130. Matsushita Seiko also Y60 

to Yl,140. Nissin Fond Products to" mSSsi^SSII 

Ski Vso to Wieetock Warden 2.5 cents to 

ViS “ d D,eseI Kn " 1 KKS2.425. Hong Kong Land and 

, , m Jardinc Matheson were steady at 

In contrast Midonya rose *47 HKS7.SQ and HKS13.00 respec- 
to Ya/o, Hatsuya Department fj T eIy 

“ EbewHereT* Cly Hotels closed 

at HK54L75, against a previous 

EWriJvqn t , 0 HK8S930 bid, after results. Hong 

Kan* Wharf rose 50 cents to 
Chain Y2o to Y189, Sankn Metal ^KSiS.40. 

JJf 7 and JOHANNESBURG— Gold shares 

N ppon Lace Y23 to > 164. were slightly easier for choice at 

— tiie close on declining Overseas 


Mining Financials were mixed. 
Am gold and Genmin each gamed 

fl- ~ + _ nn" TO am J DOT 4^ 

Stock markets In the follow- 
ing countries were closed 
yesterday for the VUt Monday 
holiday: — 

Austria. Belgium, Denmark, 
France, Netherlands, Norway, 
Sweden. Switzerland and West 

CANADA — Share prices closed 
firmer for choice after fairly 



Rues and ?uis 

: May lb r May L2 1I*V 11 


Mav May llay , Slav , Il*v 1 Iky ' 

IS . 1C ■ ll • lu > <1 1 * High 

.mdcv i-iimpilac n 

Lon i High I Loir 

I I I 

Industrial... W6.76 040.70 654.20 622.18 .622.07 .824.58 848.76 j 742.12 1 1051.70 41.22 

. (Uh9f ! (28/Ci (2/7/32) 

H’lin* K'u.K" 88.84 88.81 88.80' 88.74 88.80 88.89' =u.« i BB.64 ; — - 

i4/lj i (16/5/ ! 

Imv-txiK. .. 227.94 227.75 224.66 222.00 221.51 225.4 V 227.94 [ la. .51 i 279.98 I 18.22 

1 16 t>i ! rV/I) I i7.2/6yi i iSn.'XH 

I'nlili*. 104.45 104.60 104.47 104.65 104.84 105.481 1 10.-,* 102.64 , 168.32 • 10.68 

. <5 li I (22/21 ,20/4:69, ,26/4/42i 

Trailing . ' | 

'.«0' - t 55.900 46.600 56.630 33.550 30.880 64.680, - . — . - I — . 

1 1 I 1973 

Issues ttwl»i ! 1.924 

1.915 1.911 
1.014 1.004 

510 . 528 , 

is ! 12 i li ; io 

1 HWh 

1 , -> w 

1 671- 

G5.T8' 54.85, 54.38 53.72 55.18 
: j | j ii5/oi 

1 rr : 450' 

NewHiabm... 1B2| 

1 ‘6/3) SenUma. 1 45! 

39 1 379 | 

254 165 

35 59 | 


« r j 


u ! 5T ; 



iDdiutrral j 
Comhrnerl > 


178.74 179.26 1 
1B6.6C 196.65: 

177.74 177.86 
105.51' 188^7, 

iei.47(U/4) ; <17/41 1 

162. *9 ilt.Si 
170.62 (36.1i 

TORONTO L'onjposite; 1103.1' 

1 100.8 j 

7086.5 1031.8, 

1103.1 (15,81 

<3^.2 ,j0 1, | 



Iruluslrwls f 

200. s' 

222 J- 



201.5 : 197.1 ! 
222.8 1 221.9 I 

218.7 tl/2i ! 
222.9 1 15.-51 ; 

IBS.Q (A 1 -*) 1 

134.9,13-3', I 

'Bi-I- .'i Italy* •■Ihiii^i-i I'vm A In; nil 1M 

lll-l. dll. .Vli-lil % 

May 12 Mh.v & April Year agr, itRvnis. 

5. SI 




.Mar • Pro- ' 1978 • 1973 
15 riiMis High . Lon 

i May J Pre- ' 197c I9ii 
l 15 ■ Wju» Hl^ll 



. » (Since L*jmpilai n 

Mm ' Mh\ May May Mm May 

lc> ■ 12 It 10 9 B i Higli . Ixitv ■ Hiuli | 1+nv 

:fjidri<.irui<- 109.31 108.44 107.48 ID5 .-6 105.S2 I06.23 43/ 154.64 5.62 

: ilA/ji ib.ii 1 11,1,75 1 /J0ie»S£j 

4' "hi|**>ite 96.76 98.07 97.20 85.92 95.80' 86.19 98.76 ' 86.80 ] 125.85 : 4.40 

Atutrali*t?i 4«r_2i 434*0 
Belgium <S) 

Denmark t** 

Franca 't* 1 

R armnny lCl 
Holland <*'•( 

io 100,6? 
ill j 94.96 
irt 65.5 
(•■1 ; 765.4 
in • SO .8 

Mav 10 

I i15:5i ! 16/3) 1 1 l-l;, 
Mav 3 • Apr. LB j Yearng.ifaprmn.i 

Hong Kane; 462.33 450.42 
Italv Sni 6L29 

Ind. itiv. yield * 





Japan tai 411.83 ’ 413.26 

I ml. I*K Kali" 





bi : Ill'll. Uuud \IW-I 





Singapore ' 311.07 1 308.73 

1 15/5i 
' Sfl.U 
l <9/l> 
' i3>.«i 



I o2.1 
• lift! 


; aifi.ii 
« 15/51 


( 1/00 




' (6’2i 

i -.2) 

.12 6i 

• .4,*) 

. \ 15)1) 

• 56.45 

: (Ml 


• 1 1/60) 

Sweden iez 

irfl- (fl I 106.4^ 110.7£ 

.9<3. ili-3l 

1 324.07 . *7.95 325.74 

! .3:. «il. 

SwiteerlW' v) i SM3.1 vi9.0 

i | |I4.4| . l26.-4t 

Indices and (muK dates (all Daje vaJnn 
70 -uceol NYSE All Qimmjn — 50 

ion -acepi NYSE All a/m/nan 
Standards and Poors - in and Poruntn 
8D<| 1.000, the last named based mi l?oi 
t txdudiDR bonds 1 4u) industrials 

2D Transport. (I) Ssdoei All Ord 
'll ) Belxian SE 81/12 'S3. i*~) Ci'O^nnariei' 
SE 1/1.73 in') Pans Bourse 1W51 
<X2i Commerzoaok Dec.. 1955 r;i< Amsiei 
dam. Indnamal IB7o itn Harm Sena 

New SE 4/1/69 'ftl StrjJIs Times 1986 
in ) Closed id* Madrid St 4/12//- 
let Sinckhnlm Indiumai LT'aS 'fi Swi> 
Ranh Corn mi Unavailable 



Inv. $ Prean. $2.60 to £—109}% (I09J%) 
Effective rale (L8207) 46 1% t46i^) 


Sl.«;k la 



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(..ntniMils 1 '1 

l ..nlrn) tints 

ln-(«r I«nlu>.— -i 














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43i d 
46 U 

32 T a 

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28 it 


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43 Ja 

33 >4 

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k'liiTihiM limv.... 

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turn- lVrcilii.. 


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j Delt'.'UM 

. Ue-nlS|.|y llllcr.. 

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491? . 49i, 

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til Ha vi .Nat. l>s> 


hnn/rvai Kii-T rii- 
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bar • 


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hu.le Waller.... 
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Ki,|i[,e« 1 

linn.. 1 

hinder L-». I 

Uvi tiinusn. 

Libby Ow.Foud...| 

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| KuynulUa Metals.' 
lt*voQ|.1a U.4^.... 
lia-L'non MemHl- 
Ki»irwril Imer-.j 
I Untaoi Jc Hans | 




26> a 

33s a 

36i s 

47S 4 


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37 ij 


26 >2 
20 1 1 
14 1 8 

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2640 ! 263« 

29 a,, 1 29 1; 
38 ■ j | 38 

H.M.C ' 

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K.irv-nniM Mi-W. .. 


KnauLiiri Mint... 
Karjun Miiu-ihi 


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23»4 : 
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3214 . 


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Uhl Hull. L 1,1. 

lieu. »i«nal 

Lien. Tel. Hle»-t. 

lien. Tyre 

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laiuixiana Lan<1.. 

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kyier tjyatera....' 
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pi. J-a? Mineral'.. 
si. Kr«i* Hb|«-...I 

Santa Ft Jd,1r 

ian Inveat • 

saxon ln>lR- 

■Sell III.- Brevlu-. 


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56/a 1 
12 ■ 
197a . 

39), I 
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36 7 a 








latcky Store* 

L'ke Y'ui 



Maey H.- H ' 

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'I -Uran Hill ... 


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southern Cal. Kn 

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N,*1h Sat. Chi.. . 
Mill, sialea Hur 
Atiitte-L Airlin--. Llan-vri' 

Aurinn Siunai. ... 
LLvi.leoia. Heiml 
Oiflli.i Malhei 

OliL. &Vi*>n 

Uiin I 

I il l iran-i 

Si me* i 


fekrrvm.x j 

le.e>lvoe.... 1 

; fries j 

redeem , 

26i* I 

27 I 

507s j 
65 ' 



1001 ; 












43i a 






42 Sg 

Tourr. Petruieum 


| Texaaftull 

, Texas : 

Tew Oil & lias.. 
Texas L'MIltlaa — 

Time Inc. 

Tlurn Mirror 

] Tlmkeo [ 

Traue | 

Irani meric* ...... I 


Tmii. L’nvtu 

Iran- way Inrr'uj 
I rail* WiM-lrf An 

ili - er-wi»?lii|-»....l 

i.lueus i.nruui 

Oueus I Hi la, k ! 

1'aLili. liar 

1*111 ,IW- Lti/u in-; .. 
Hit . I'm. £ U... 
HriiAIiiU'oH.- Air, 
Ksrkei Han n I lit,.' 

Kwtasly lul ' 

l*eu. Hiv. a la....: 
IVnny J. L'. J 


Heuriws Urn- 

Hev(ie* Oas 

Hepsitv ; 

i ravel let* J 

fn Continent* I ,| 

ll 'a 
IS >a 
16l 0 
24 ig 

Ui a 





















Zenith ■ 

M.'.-lV-s- 19K' . 
L'.b. fti l lay I, ill-.. 









20 i b 

15 ; e 
794S 3 
1B07 5 


VliiUbl l*s (*ri 

VifDtLT, Battle 

tlcan A 



Us uk oi Moat i -a- 
Bank Xui's sy-isoa 
Basil (lew-run -e-._ 
Hen Telephone.... 
Bow Vsllevlo.i... 

Bt* Lanada.........* 

Brastad ! 

Brineo ! 

Oaipirt INiaer....; 
CarnUmi Mines... 
Canada Cement.. I 
Cana.ia.NW Lan..' 
Can Imp BnlcConn 
1 4oa,Ja indiisi..,.! 

Cau Hue, Ac. '■ 

Can. HW inc Ini-..' 

Cau. ai«f*.>r Oil 

Cai1ln K 0‘Kevie.. 
Csnsir Alierti- 

lei tain * 


Lviij. Uat burst....' 
» 'SMinitrliM,... 1 
Oweka Ke*Leireefi 

Costalu liieh a 

Daon lievimt 
lleniRoo Mines ...5 

thiro Mines j 

Dome Heuoleuin- 
Dominion Bnrlp-: 

Diimtar..... ! 

L/upmt 1 

Bslcvn'ge Nhifcle-j 
Herd M.nor Can..j 

19 la 
6l fl 

147 e 


10 1r 
59 U 


29 ig 
17 ‘a 



671 2 
13 U 











111 ; 
27 To 
















Za cents to R27.30 and R2 
respectively, but Charter Consoli- 
dated shed 3 cents to K3.13. 

Other Metals and Minerals were 
basically steady in very slack 

Industrials were steadier in a 
hesitant trade. Barlow Rand 
hardened to R3.63 on the results, 
but subsequently came back to 
R3.82. unchanged on balance. 
Premier Milling put on 10 cents 
to R5.15. but De Beers Industrial 
receded 25 cents to R9.00. 

MILAN — Share prices gained 
ground in selective trading. 

Financials. however. were 
mixed, with Generate Inimobiliare 
ending marginally lower. 

Flat rose IS to L1.964. Bastogi 
10.25 to L445. Olivetti Privileged 
40 to L970. and Snia Viscosa 23.5 
to L635. 

Bonds were higher in moderate 

lioiaUr - 

Ulami k'c'M kllllc 

Ollll Oil LBMO.M _ 

Hxwkersi,!. Inn.' 

du inget 1 

duoie Uil 'A' 
du-Ufon bay Mna, 

lill.l9.UI U«\ 

dunaoti UII AlJn* 
I.A.C • 

I njt*v> > 

Imperial Oil ! 

iiirn. i 

27t* : 
til)* ' 
26.0 : 

, 7#a , 

33 ' 
411* I 
163, ; 
195? : 
4i„ ; 

34 U j 
19 I 
18)0 I 


i li * 












r.u.w ; 

otli inilurr r..%' 



ferkiu Elmer — 1 

Hei ■ 

Pfizer ! 

Phelps linlp.'' — 
l*lulB,iel*rfiln tie. 



I ’listen v i 

Plinev Bone- ■ 

I'll Lit nn 

Plcwv Lx.i A Dlt 

I '-An I Min ' 

INAMuae b.«- 

Pill 1,1,1 ,1-1 1 le-.. 

Pnsie* iiBiiii„e. 

Pul., vnr ki«ci. ' 



Ouakei I htl *_.... ; 
KapM A nierlm I. ] 



Kepubiu; oceel-..; 







21 i* 


20 i* 


cm esei 



I'un+vvi ,N 1 . . 



•jIi + .m turn-' r)- . 



6'„i"/i Carl, „■ .... 


33/ a 

s. in. Luinni+ru 


Oiimi Ot. Lfl'ii 
Oniou Bn.iHr„„ 



23 f 



LrUa. 1 unndr^. 



LS Uancrrj, 


2l /g 



csL, laum 


^ »roe 



356 8 

L -- Iccbnt/i.igler. 
s V Imliibtrics... 




24 ig 

‘ iroiula Bien_.. 



* ,-iii««. 



,\ truer- Com mr, 
•Vs+iiei -Lnn.beri . 








» Wlfm K&iii i>p 


35; a 


»i«uero l niijn... 


W -‘nugbec U'etc 





Ao>ertuieii«KT .... 






W luteUnn. liwl... 

234 t 


"‘■‘lain Go 



Wji-uiuli, Klew. 


86 1; 
15 ■* 







267 3 








201 ; 

23 5 4 






267 B 




201 * 


In ia. j 

• niao-i .Nat. Una. 1 
Kawer Kewnm.^*/ 
LuirtFin l-.ii 
L oi.,iaw LY>ra.‘ii , 1 

W. 'lUIII’/, U'lr— ll.: 
ilat-ev Pwan«v.| 


•U«nv L., , i |,ri 

AiH-HIhtH Mill*-....’ 
A,uveu Butripy .. . 
•Mini. ftiwa'k.J 

■luiiuii- * >1, i I,,:' 
Cku.s.1 I't-t-'n, ■ 
•belfhr Copper >1 J 

13 '7 
291 E 

117 6 







12i s 









■suiliLfei iL'ieniiii 
**an. Cm. Pei'in.! 

(1iri,ii, i 

Peupka. De,ajs.„! 
Plaw L*n A Oil J 
Power Li eporai' ii| 


vjuelHc atuiae>K.| 

rtdoser Um j 

ileeri .stun 

Bio Alpun J 

Itoyiw ufc.ol UaoJ 
Buyai Trust 4 

xMttre K'anuto 

3 WET® rur- ...... 

she’,. Lunula 


■eiMsO li--. 


leei ut Caiuhia... 

■ eeplt'u l„jt. 
i exao. Canaua ... 
ToiKIlIU Lii/ 

t'ra.M N J i -in I U(- 


kin, iu In. 

'•IJ. 'isce.Mme, 
iV-ukei Hiram.... 
Wpst Lnut Tra». 
M'-s,f>n Tie, 

36^ . 
tl5>* > 
3.95 r 

1 . 1*0 f 
161 , 

1.24 i 
10 I 

29 j 
295s i 
18i* 1 
73, ; 
28 | 

5.25 | 
261; | 


25 S; : 
2.55 t 
371; 1 
181* < 
143* l 
930 ' 


103, ' 
113 B j 
17 I 







15i 4 








NOTES : Overseas prices shown below 
exclude S prenuum. Beisian dividends 
arc after -.vithhokliac rax. 

4 DU50 denim, unless p;hcrul«e flared: 
yields based on not dividends plus IU. 
V Pias-300 denom. unless otherwise staled. 
A Kr.iifl denom. unless o(h>. -raise slated- 
•l> rn.jflO ilcnum. and Bearer shares 
unless orbervrise staled. I Yea 30 denom. 
unless oth,.- 'raise staled. £ Price at tlmo 
0/ suspension. >j llorms. b Scbilllnm;. 
c Cents J Dindend afu-r pendins ripfus 
and or scrip issue, c Per share. 1 Francs. 
•(Cross Jir. h Assumed dividend after 

serp and or rights issue. k.Uler local 
maos. i»s ' . lax tree, n Francs: including 
Unilac div. p .N'om. u Share spin, a Oiv. 
and yield exclude special payment. 1 tndi- 
eai-d die. n L'noftival trading, v Minority 
bn 'decs on|r. y .'.Tenter pendinj:. * .NsketL 
Eld. 5 Traded. " Seller. : Assumed, 
sr El ndns. xd Ex dividend. xc Ex 
scrip issue, xj Ex all. a lmertm suico 


• Pri,-e ■ * -n 



Mav 12 

lln, : - 



81.2 +0.1 


A.-UtD* ' tlNch.. 





224.5 -0.5 




137.5 —0.5 

16 - 

Bayer. H.Vpu 

277 -1 




287.5*1 -2.0 


• 3.1 

1 1 :t«l ni.N+.l.wrtf 175 -5 

L'.jm merchant.... 



• 7.6 

Liwil bumnn.„„ 


1 - 

Daimler Beiu 

296.0 - 0.1 

28.12 4.7 





Denl+ be baDk... 

287.1 -0.9 



Drainer Utnb... 

240.0*1 -0.5 

28.12 5.9 

Dvi-Kerli-.IT /.tm 1 

145.0 -0.2 


• L4 


189.0 -0.2 


1 3.2 




• 6.3 


278.0 -0.5 


■ 3.2 







! 4.4 

H- -rteu 


IO ! 4.2 

Kan 1111,1 aalr — 

131.2 +0.2 


: 3.5 


293.5 -1.0: 


, 3.4 


199.0 -0.5! 


! 6.0 


91.0 +U.5, 



173 —1 



kru W . 

96.5 + l.Q ] 




226.5*3 ! 



LuK-enl-mu I'JU... 

1,477*1 +2 I 



1 LurtbanMi- ! 108.7—1.3 1 




175.& + 0.5 


1 3 ' 4 

11 Malice 

198 7-1 ! 



Uuncbener Buck. 

530 H10 







Pnu.+ui LiU 10C. 

109 JJ — 0-5 ( 




180.8— 1.5! 




251.5—1.5 | 



aun Zuckej 

244 +1 j 



Idf’+B A.C 

1 17.0a3 —0.6 | 



' «rta_. 

168.7 + 1.8 ' 




104.5 -0.7 1 



A et+ireji; \% ea Uk 

285a] + 1 1 




198.1 1 




Price + on 



May 12 

6'ls. • — ( 



A bold 1 KIJOi 

104 .6xd +1.6 1*21 


28.6 +0.1 


AU-eio Bilk iFl 100, 

348 +0.5 A2j^' 6.7 

AMKV (Fi.luj 

85.7 +0.5 .\m44i12.8 

Amrobauk iFlii/)' 

77.2*1 +0.3 



9J.6 +1.8 . 



Baku West 'in .FlO, 

120.3 +0.3 1 



Bn rbrm Tellcn 

70.0 ' 


blsenerl iFl.Sji. 269 +2.S ' 



hliiuB \.\ .IStmrur 

144.7-1.3 • 



65*1 : 


31.6a —0.6 ! 

Heiaekcu, FI^Fi. . 

102.8 - 0.9 i 



H«ii»i eii-> "FI.'JOi 

32.6 tO.9 1 


26.1 rJ.l 1 


K.L.11. , Ki.IOj,... 

146.2 + 1.0 i 

Int. Muller 'LX:.,. 

46.5 -0.2 ' 


Nriamcii iKI.lO.... 

33.5a +0.3 | 



Nar.Neil ln^.i Hit/ 



Nell ,e<J BkiKlJO 


Nrt Mid Ok r H_i*> 

189x1.-2 | 

22 I 


i'X» ,Fl. L-Oi 1 

1*18 + 1 | 



\ an Uuimereu....' 

125 '' + 7.5! 



Lkkl„*+.1 1 Fi. £C-,.. 


f*hiU|i»,F1. W,...., 

24:9a * 



l!jn.S,-h\ vfiFi.IOOi 

82 +1 1 

11,+wu iFI SO ! 

166 +1 iA25bi 


Kulinru iFl. 

1*5 1 + 1 | 



K.ironlo ifl. 50i...! 

131.8 —0.2 1 




128.1' +Q.6:5«.76; 


■'lavedUin; _.' 249Xid +0.1 1 



id Grt*'Kl.20> r 

130 ’ 



T,.k yi.Pkc- Hld».Si 109.0x0 +u.5 • 

do 1 


l aileirr |Kl 2tiij 

114.6 +0.6 .42.3 1 


^ ihiusllo>.fnlSl,! 

39.8 +0.8 1 

20 ! 


M e»l /an'iluJtaiikj 

385.0a— 0.5 j 

33 | 



l*in» 1 + Or [ lliv. 'liii. 

May 12 

knuwr ; — , 



Pound firmer 


Mite!? Majilr 

Trading in yesterday's foreicn 
exchange market remained al a 
very’ low level with public holidays 
closing most of the major financial 
centres. Sterling opened at 
S1BS-5-1.895 in terms of the L.S. 
dollar, and rose Mr around 
bv lunchtime on market expecta- 
tions Of satisfacunj- UK trade 
figures for April Some- selling 
developed immediately prior to 
the announcement and the pound 
fell to $l.sno-LSl$0 at one point 
before better than anticipated 
trade figures boosted the rate to 
31.S230-I.S240. However, by the 
close, sterling had slipped back 10 
$15202-1.8212. a rise of just se\cn 
points. Using Bank of England 
figures, its trade-weighted index 
improved to tii-S from 61.6. having 
.stood at fil-T at noon and 61 -S in 
early dealings. 

Forward sterling continued to 
narrow with the 12-month dis- 
count against the dollar 
strengthening to 5j!2jc against 
5.75c previously. 

The U.S. dollar showed net 

gains against some major curren- 
cies. helped by firmer interest 
rates in the U.S. Although 
closing slightly off the top. it 

showed a gain against the West 

German mark to DM 2.IIS71 from 
DM 2.1125. while the Swiss franc 
eased in dollar terms to SwFr 1.99 
from SwFr 1.9S624. On Morgan 
Guaranty figures a’t noon in New 
York, the dollar’s trade weighted 
average depreciation narrowed 10 
5.0S per cent from 5.12 per cent 
on Friday. 

Gold improved $3 an ounce to 
S175-175J in very quiet trading. 
The Krugerrand's premium over 

Us gold content widened to the 
common close of .i.TS prr cult 
over the prcuous common vlose 
of 3.0S per cenL 


» bi»i:i"n 
m finr .nwr'i, 
l l,..,. . «173 X7S’ 

■ 5X74S* 
Mining iik's sXTS-UO 

AMiTit'n six's SI 75.25 
:£ 96 . 37 X) 

(■•.M «.■-«.■ 1 . . 

■ h mu - 1 ph li* : 

Kru^i'nvn’l . SlUl-ltSA 
£99 100, 

N‘ii'N"-.‘Hin. 561; 


1 i|.l ie'.; 

1X303 1: 


.4X75.10 1 


,S 114.70 ; 

iiCOSlBO^] ^ 

!*l79lBi i 
t'98;? pMi.i' 
N631-. 55,. 
■,LE«i- 3y: ,, 
■344 56 * 

>229)4 30^} 

4 l ' . f » ,1 

(Swvss Franc) j 


• 1.4.1 O-n- ... 
l.iuci’iinii'l.. S131-XS5 
.£99 IUC- 

\i-t» Jk.r’rstl'- 3:541; 5bt - 
'■■L30 31 

Oi.1 S*n-'r?i» S54i-i 56 1; 

•rV.IO At' 

SiV ..>277.280 


M7B 1B1 
•ifUPj-99i B l 
■-'30 31: ' . 






Msy Ilf 

3Urla4 i;»tpi' ' 

' !ian!i — -- -- — 

.liAlrf. IW\> 

'J. .Nf. frail CIim* Q 

*. L 

Slay Is . 



Slav L' 



1.21495 ; 


1.55115 1 







■ - 


■ - 



1059.74 ! 


Ja|«llr \«-u. 

274.943 . 




6|at|n i*-rlx.. 

— 1 


- - 


&IIIM '.!1in*‘ 



.Ni-it S'liri .. 7 
Uxilna.. ..; 8H 
Aiii-tcnlani 4 

11,'. ,*&)] 

t'..|«-tili«i-, R. 9 
I'taiikSiiri . J 
LiOnn.. .. • 19 
Ma, still ... ■ 

II. In. 


SI. --Mi> .Ini.. 
T..k\.. ... _ 

1 i.-inu« 







' itan, < s', ven 

1- iuju.-mI Iraac 



4.1H.M* . 4-1K4J? 

- SiBft.n.iB . MOB-sWiM 
. - 

3.M J.W; Jjs; . ?. 

: 1464 146. Jb I46.3B.IU. A' " 
:• I.WH.B.-! , I.M> t i.bffii 

; a.91.d.» a.?54 B :wT* 

, 6.47.1 B.5S : a.* 

' P.4M.49i 8.47^4*4*- 

! 407-4 lb 4 IQ j 4Uj -- 
27.60 23.08 37.y0.2?j«..-' 
3.6BJ.6AJ Iii:..»i,;i < ':_ 

tnr i Mivi-niM- Traih-T 
rm HMW-J4. 


May 13 J'lankum Ni-tt \ ,,rk ram itru'.*»-i- J*,n»i,3i fiiw Tv rtuiwh 

Pari-" ... . 


CCUi, 6,40-41 .i.7AS-c46 9S.40S6 

41.12-15 ! ” I 21^6^9 JM2£mXZV l.-M t-li- IS 

2SW.66-15 '4. 1^2.607:' - M.UM« VS.I-JM AVrO-iS 

. IxpIj'o 7. CV -09 j9.91*-0.k*r. 14.VJ%» 

U <n> ton _ S.5C1.66: Uj.<-52i 2 8j0vSU : MjW-M a .U. I£i 

Au.M.lam* 107.UI4A 2.^7-342 43.4to.ol? KS42MS 6.111? 

Zurirh*.... 33.764-304 1.9783- Wf 6 Cj 836<0| 6.\A,>55o:.i| -*'-ii; S' 



L6 1 


J'A S In Tiimnin T.S. ^ 1 If. 9^-)^ I'.ilUi-httl .-.lit’- 
CauaUian S ,n Xi-tr York =40.10-12 ,vnl*. I’.s. S ,n Milan ?I!loJ-iU 
Sterling in Mil/ui 155^.lO-gffi.4C>. ■" Itit*-- lur Mny 12. 


■N.*— TJ*Iim * 

Vr^.-Mtina. 1.412 1,416 ;.Vn;i.JU lux., 1230- UEB 
AiHintiM. LEOCS-LfiggA.iiiifiKiui., 2V&S9.6 
.. 61.02 &2.B2 63GBA 

Kimjtikl .... 7.75-7.77 Unuil 1 33 4* 

tin-., . . .97.6»4^a.2GrU3=i>'a 3-03-S.ft 

H'tijj h,,»j7il.4bZS-S.47751VttRiar(..-: ID.n>4--- 

Iraii 126-161 IFrann,.. .'8.40-8.60- 

Kum mi .....' 0 502 0.6(2 |t 7*e*iun>i\ . ! 3.76-3 B6 

LuNemti'K. BOJE-60,13 Bb-72 

Ma la vita.. .4.5726 -4.38.- 6 Italy USO-ISH' 

.S./ralaiiiL->./567-l.llf4SJA(.«u^.^_' 468 3.18 

i^ikli Anti. 6JS6.33 NpUH-rl'raL 4.U4.I0 
MiiKH(aiv-.‘t.2bS0.4.:Ga5\«ir«Hr ...i 3.*'>S 85 
S. \frhn.... I.S7B0- 1.5552 I'm tu,*:. I 78J>6 

l> s|«in i 146-148 

• non. In , SivH-''ti«n,l, 3.55-3-Cq 

l Si... .... I...M. ,....1.821.61 

L 87.8fi-B7.S9 ■ V ,ui>wbi no; 34^56) 

Rale iivi-o (or Anxolnu is a fn-r rue. 

• > \ 


May lb ; 

Sjerlinc j 



i:.+. Ik.ila,- 

(tilt ll 



AV. lien 1 

tSIn-rt Ci-rin... 



73+ 7», ' 



‘ 339'U 

7 iU, ' in i,ii+. 

9 10 ' 


7 V* 7l; 


14 'l 

33* U 

Mimth , 

11. *0- ll?s' 

7 if -7+4 



'0 1 

: 3)(i 1* 

Him- ill*.' 



7: 9 81,. • 

4 „ 4.J 

H.-11* ‘ 

3,..' -3.; 

Sl\ in- -Hills.... 


U-83u j 




3,, -3.; 

Dm* Near ' 

12!/, 1Z 


8»; 83, 

551, ■ 



Olll- IlMflllJl 

■llmv nn.-aiLui’ 

M/veiHfay Dl-sj per cem: 
six-muiiih 91-lPl wr n-nt: 

ihri-e vojr; 

Eurn-KrvMli dt*yi»Mi rait-s - tu-n-day H-s; prr L-onri 

urn.-- mil '..■SI pi-r vent: thrt-r-niomh 9.-9; per cl-hi: 

iiDC-vnr i0:-10/ pi*r c.-ni. 

Li«x-u*rin GHtuAulter depus-iie two inn s oer ccni; 

S3-S7 pnr ctiii: f iur j-.-ars < ;-S] m-.t *vu: live Si-9 per cent. 

The (.,|I-iu irk •i"irtliul rates were gu»tvd fur LuiMlan dollar cerillicaie^ of depo.if' 
une-iugmli 7.M-7.I3 per real: iliree-mnoib 7.75-7.-ti per cent: Mv-nienth S.U9-4I0 
per ltiu: ear s3.Vk9.3p per eon:. 

Shon-ier'u rai-'' arc rail fur Merhnj;. U.S. dollar^ and Canadian dollars; lu/n 
days' R111 lee fur snllder- and Swif. franc*. 

.New York' 0.48-0.32 e. t.„i 1.22 1.12 . ..„ n 
.Moiitresi .0.42 Q.AJe. j.iu 137. 1.27 v.iua 
AirraMnui Si, -1<* pm ,pl; $I|> ■ . 1,111 
Hni<-W> ..iS717k-.|m 

r<,|,'iiii U ii. 5 5 in.-.ii- 

t’rnnklHrt Srj-lSi ti pm 

LialHsil 25 150 1-. Hu 

HaJrii I. ... tni- 80 1. .lia 

Mimh 5-6 llP> <I|H 

IV.1,1. '2i|-4l* .iiviii-. 


-*'_(' klii,ln/Ji,|, , |,Mi l.iiv, li- 2 1 ;- >-.- <ti- ,4>: 
Ym-uiib. ...| 15-5 f-iii pin 33 23 rHi pm 
/.«(« El* i- pm 7/m e. |.m 

75-60 ,-. M ,„ 

SI 10; lire ,1]* 

7t* 6le |,l jai, 
Juo 5un . .11- 
50 15D >- ,/<■ 
9 14 hiv ill* 

& 8 urn til- 
5* 1 -2--* . . pm 

Sivmmilh (nra-art dollar . 9o-3.4Ne Trfa 
12 nuniih Mil. 


Mil It 

■e» + III 

lliv. Yin. 
*C I •• 










27 ij 


101 ; 





In.hi G'iiji... 

VII, ........ 

"-I." ...a ...... 

- ' 

■ 'ui Mi|i|„u I'rmij 

l-iij, Hhi*- j 

rill*, hi — , 

lliHMa M..|nrt— .! n— 
•*e 6 %vm_ 1.160 

- Ill 81 226 

Utri!,4(i*,i.i...._ 1.340 


I.A.L 2.650 

UMI««| b I'n. 1,110 

wwnuitin 345 

A.uK«a — 280 

* y, >ti v Ceramic ... 3.630 
•liioH-hU* In .... 746 
Mibnlnhtu I »Rk_ 279 
‘lit-uW-n: He . in 136 
•lit-iibishi jp.., 433 

•lit-ul A i«. 334 

•1I,0,ih,i. In 543 

' If Cvnan. 1.380 

Atfifuu Milopan— 671 

*l-win Umix-n ' 805 

r'l'KlBW 1.840 

mijjv. Kier-tn, n.., 248 

.'ohi-ui PreiaJ, 890 

,in.ei<iu 1.09U 

«*IV- ; 1.820 

■ ai-hu U*nw w ..i 240 
>nltHi> C>,em,e»' J 3b0 

•Dhu. (2.040 

■e-j'N.. ..1 125 

>.*,>•• Mil nte I 503 


■ -Jiu \ . • I 305 

Mikrnil,, i«nn,..( 146 
•"•4V. ! 145 


: — 2 

14 [ 2.1 
12 1-3 

2a 2.1 

4U I 2.8 
18 ! l.o 
la : l.a 
12 • 2J> 
la 1.5 
>40 1 33 1 1.5 

1 ; 12 • 2.7 

; 3U ! t.t 

>2 13 1.0 




+ 1 

+ 1 
+ 10 



r — 50 

! +1 
: — 20 


I 18 

i 13 

! 35 
<su - 
. 13 
. 14 


' 16 . 

j 12 ' 

lb : 
1 48 , 
, 13 ; 

I 3u ; 

I 2k> . 

4u j 
1 11 ' 
I 15 i 

I 3j I 

1 10 
' 31 

I 12 

' u 




0. 5 




1. a 


0. 9 

1. a 




2. a 




a. 4 



Mat U> 

+ nr 

AwiL S - 

Source Ntkko Securities Tokyo 


May 12 

j I'rict- t .H 
! Fra. ! — 

j Div 





3.565 .‘ + 95 


li*. Bra. la nils.. 

l.aSQ —20 



Bekert ••li". 

1.900 j+75 


6.1, Ceiucnt 

11.360 ;+8 




469 ;+35 



2.300*1-+ 5 




6.840 !+40 



Fabnque Nat 

2.505 ' 



G.U. Inno-Bm.... 

2.065 !+15 



6 e wit 

1 1.322a • — 2 




2.250 1 +45 




2.U60 1+10 



At.MILiiitfilli : 

A.-nrtv Aii-tra.m 

Allini JIuk- Tni|>. fn-l' Si. 

Anifkii Kx|„..ratn,n I 

Ani|ki> I’l-tmliiim ! 

A-w. M in. mi. ! 

Aw*. 1‘ulfi >'«|«rSl J 

.V»«*w. Cun. lni!ii..tcu.- ' 

A Uat- IuvctiI... 

A. .VI : 


Aim. Dll X On • 

Blue Metal ln.1 .' 

l*» w nsiu 11 I lie iJ.-l if a-r 

tin, ken Hill l'tu(iri.4n,.\ . 

Hit .>*u«h ■ 

Carluui 1'iiiinl I'rrnerv .. 

1..I. I.'nle 


C>iiia. 4,llli'l.l- Aii'l 

1 i-iiuiliier I 

Coll. -Jut- ItllU 1111,1 

I'nMKIU AiKIrsIfn 

Uiml-’P Kuliber (Sli 



K.2. lu-Jiistne- 1 

Gen. Property Tni-ti i 

Ha men. ley : 

H*«.kcr I 

I. L'.I. AuNtniliA J 


JemmiBs I111I1101 rie-, 

J. iun, iDaviil* 

Leiiiutni Oil 

llei Hi > 

HIM H.-Mliey. 

'Ile-r Lin|n.num 


N h-Iu.-Ih- liilei’iiHlb-nal 

N,,nl» Broken H'lhntp. ,s0i 

OHkLrnUte. _.| 

on o^tch 

Oiler Hsplnraliuu —J 

Hiuneer Cnurreie I 

Ifwikitt a. Ci.lntiLD 

H. V. Blanch ' 

(Mill Ilia ml Minlim 

•4|arR,n Explmtioa I 

T.wrl. (Si ! 

Wall ,i0s I 

Western Mining (50 ecdlai. 
Wuol wort hr I 











12. IU 
10. 16 


tO. 72 




Mav 1? 

; + „r • !in.;V.|, 
l nu ( — Cm. 

,—0.0 1 



A.vallH ; 

esni-i, u. arn?|... • 


■ .-u.-i.AliuenitlH) 

»»■.** Vine . Dl'..! 

PMroha- IT ' 

Puri U ! 

,«H4 l mz m 1 ....; 2.86 

I nip 7.95 

‘airk'ii, IkM'I'l 1.50 








.. .. D. 12 ; 12.0 

-0.W0.17 7.6> 

0-16 li ii 

. . . 0.12 6.15 
- 0.03 0.20 6.43 
-0.070.10 3 51 
-0.010.16 9.41 

0 23 8.07 

-0.07 0.20 2.5! 
-0.010.15 8.67 

Vol. Shjn-s .W Uu 
Source: Km *u- Janeiro SK. 


M»v 12 

I'run 4- ."1 . IU, .1 l.l. 

I ’ - 

hU.U 1 1 
+0.05 | 

*0.0! [ 

1-0.0 1 

- 0-02 

+ 0.01 







I'VnlllMIvlill, .... 342 . . 

IYrn„>v»e 262 . . 

••-nils...- 589 -2 

>em|a-i ll 93 —3 

(‘te.ii t+nnilci ....j 185 —4 
Veil liaeiMrtl. ... 242 , - 2 


9. i 3.4 
38 ■ B. 1 







3143- IS 

Anglo American Corpa . 
Owner Cbmolidatcd .... 

Hasi Dnvfanieln 



[+ 0.02 
1+0.0 1 



: 8.1 
. J.5 
■ 9.9 
: 7.6 
! s.z 
■ 10.6 

G.N'tli’nH.fKrSO); 262.0 +0.6 ; Id j f"l 


uiimi-a» 42 a +a“"; 

Dau<ke Bank ; 121.25 ! 

Iiiv.4. A'tali L'n. .... >59.0 ir 

Firuu, Uniken 13j.a0 +0.26 

Pvc. By-J*efier— .. 341 +1 

Pr-r. Papir ■ 73 . 5 ' 1 

Hai+iioilwak 123.30 










Vml Kiitiel 243.60*1 ! mmt 

Dneinlirik < 77.00 +0J5i 12 

PruBUotas ; 150.50 ,.! — 

Pronn-hank ...... 135.251 ; 11 

•iopb. 8ersu.l+en. 381 '+1 ! n 
(uperltn 190.75 + 0.26i 12 







•Toronro d rices: Monrreai nrwss 
■mt arallable. 1 Bin t Asked. 
C Traded. I Now stock. 

f Priie f+ »jr ; Uiv'.;Ytii. 
M.% 12 | Kmurr j — + - 

Jcrjton Uank J 93 1— 1 I 9 

Jxi rc-jiar.l „.l 64.0 —2.6 ’ 4 

cral itlsuik _.j lua.S +0.6: 11 

tvo-m»- 2B5ffl!— 5 : au 

W+e-tivkiirnCTi I li>6.b — 0.5 ' 11 

Ni»r»k Hvd«i>kr^Su| 19 1 • + 1 | 12 
dtoreLnniil I 96^51+5.75 9 



Kroliettvo* ..6.700 

La H.iysi,- Be ler.. |6.010 

Hat, H.m, line 12.430 

Petrod/ia J4.336 

ara.- Gen Uanque— .2.950 
Gen He:aig>re;2,015 

auAira.. '3.020 

so v*y„ ,....[2.670 

I'raetiou Lieti |2,775 

LCfa„ 964 

L'n Uid. (MOk 780 

V tel lie Mjnta/fneJl.660 


1269 ; 3.6 
i905 I 5.1 

+ 53 
+ 83 

1 74 +.0 
«04 | 6.9 

■+ 10 
I — 5 
,+ 12 
+ B 
— 20 

62.26] 3.2 

140 | 6.9 
216 7.1 

AdUk 7.8 
170 6.1 

i - 



Pri+e I + or | DIv. Yki 
M ayI2 I Kra. | - \ % i f 

Ammmluiu. :1.195 ml +40 

lBO-.V.._...._....|1.680 i+60 
:iUt 0 »-iei ( Kr.iuyj .260 
IV-. Part. 900 

D«i. I loft I 632 

're.Ui Sui+«e 2.810 

+ 80 
+ 50 
+ 16 
+ 30 
+ 10 
+ 15 

An 1 
IB , 
lo ; 

I/». (3mniii....;8.07S | + 2bO a6 | 

” 4U 1 


U-L Ifca !!.lz,250 1+20 


ncniKiHlUHP.fflUi ,2.260 ' + 4 
Pirelli M I* tP. I ul- 270 |+4 




l*v Pari.. Ctrti! 464*tli 1 £a 

» biu.llL-rCin+ iud 286 ' + 9 1 12 

S,i,7« Cto tP.WJi 1 , 380*1+35 ! 14 
>n-l«*i|| iKr. »0ij 818*1+ 10 
3nL« UnnkfK.IOul 379ul+ 10 
dulssilto. F.fflO). *4.500 j+50 
L'niim Bank 2.990m'+lS 

Zurich lns.._ 10.75(hd,+ 125 44 





а. 7 



б. S 











Ma\ lb 



A .ML 

Hi- P m; 


Uu. Pm... 
r'np „lci .... 

lla- iili-i,.., 
■-■-ivetti Pri 
Pirelli 3c Co. 
PlrelU Sia.. 

.. 44a +ID.2S 
.1.964 I+1B 
,|l.o97 .+ 10 

7B.5i + 1.5 — j _ 

10.793+1 181 iuul 1 8 
, 151.5: + l.a - I _ 
32.745' + 195; 1. 2 ou 3 6 
142 [+4 I - I - 
97u ,+40 

+ 1 

130', 6.2 
“ 8.2 

+2SJ1 - ! - 


May 12 


Fra. • 


j Fra. 

. VMrf 

Rente 4* 



! 41si' 0.6 


408.2 +0.2 -21.15 5.2 



429.5 + 1.0 (26.25 1 6.1 

al t' 




i J? 


Cmb Mpiite, 


I — 2 

jii-ssi 2.8 

Lrcili (.Vim Fr*i» 

125.0a — 0.8 

1 12 ! 9.6 







1 0.9 

Kr. BeLroie> 


! 14. 10- 11.3 

Geu. O ’ I'lcnbtie 


l 8.26. 4.3 

1 metal 


1 5.7 9.7 

J<*cques Borel 




Lrfraroe ■ — ........ 


16.77 9.3 





16.96 2.2 
36.75 2.1 

Mainmr PIh.-bix., 



39.9 4.2 

MMiellil ■•U” 



32.65 2.3 

Meet Heruiumy.. 



12.B 2.7 


154.0— 8.B 

1 3 



86.2 +0.2 

7.5 Bi7 

feruisl-Kiianl ... 



7.5 2.9 

l*ei ijssil 4.11 naui.. 




- 4.2 




Ibullu Teel ■ ui. 1 in- 










liixoie PouWn.- ... 

83.8 -0.2 



Skis Ho+sigiml .... 






+ 1 

1 26.6 9.3 

ilrtci 1 leva n n 1 1 w. . . . 


+ 3 

I 25.5 3.6 


189.7 -2.8 

15.16 8.0 


24 .£ 

— O.B 




T ■„ 


May 12 

is nuir 



•VGA AMKrxO)... 




AimLaoH l'iKtCL 





85.5 a 




AMiu OtflKnriiraj 

125 a 
















■ eliui.+U 







4 : 2 

KntMon 'B’lKreq 





t-e-U- '■»" .; 



106 1 + 5 


(■nili^n. (• reel 



llniulii-i|«iArii.. .1 


+ 1 | 

llKniluii ...._.| 



Mu IVHi Ik+n-li^. 

60 1 

+ 4 I 


(MiHvik A.b^.._.! 

255 | 


S.K'.r. ’U' Kr-„,..| 


-'£ 1 



Kbvwt Ku>kiMa >r .i 


Ikudrtik krbOj 

79x5 + 3 

Ltkleholui - 1 

63.0 + 1.5 

V „K6 (Kr. 301 | 




Harmony ■ 



Ruslenburg Platinum 

Si. Belona • . 


COM Fields SA 

Union Corporation ... 

De Bern Deferred . 


Kast Rand Pry 

Free S.aio Ceduld .... 

President Brand 

1 President Steyn 



West Drlufontein ... 
Wearorn Holdings ... 

Western Deep 



Aiuslo-Amcr. Industrial .. 

Barlow Rand 

CN.\ investments ... 

Come Finance- • 

Do Boors Industrial 

Cdaars CousoLdaied Inv. 

Edgars S'un-s 

EverRoody SA 

Federal c VoVcvhelotudDcs . 
Grootcrmans Storea 
Guardian .\3Surancr ,SA< 



McCarthy Koduay ._ . ... 


OK r.*xaars 

Premier Milting 

Pro i ana r v -ment 

Proiea Rolduuo 

Raod Minos Prooerlhj ... 

Rembrandt Crouo . 

Ri’ico ... 

Surc Holdlnca 

SAPPt _ 

C. C. Smut, Susar 

SA Breweries 

Tiger Oats and Natl. Mis. 
Uhlsec .. ...... 


•f or - 


■1 0.H3 

:< 15 

- U.Qj 






5 50 


—0 01 






* JU 





J 3.WI 


+ 0.15 



1 1.411 


— O.KI 



- +1 ■>% 

4 Uaw, J 












•; w 




1 i.-. 






1 Hrt 

Jfl 16 




1 15 

+ 0 ID 



1 Si 

+ 0.03 










+ 0.01 . 




Securities Rond US$0.73} 

(Discount of 36 


May 12 

Asia ml ... — . 

Rauco citbaii 

Banco Allalitiea <1.0 lH» 

Banco Central 

Banco P.xtvrMr 

Banco Gcwral 

Banco Granada 11.(1001 

Banco HkUKino 

Banco in] Cal. .<LKU> 
B. liui. AUNun-rrattco ... 

Banco Popular 

Rsnen Santander I2»> 
Banra urwiijo G.fJMl 

Banco Vteraya ... 

Banco Zarasozano 

Rank union ... 

Banna Audalncla 

Babcock Wilcox 


Dree ados 


E I Arason+sas 

Esuarmla Zinc 

Kxpl. Rio Tlnto 

Fetia (innoi 

Frnnsa (I.OMI 

Gal Pr«ian*K 

Grunn Velazoiiea r400l 

IIidr.Ua .. 


ULirra .. . ;.. 

Pnp.-k»rak Reunldas — 



Sarrln Panalara 


Sasrfisa ... 

Telefonica. ; 

- 2 

- 4 

— a 

- i 

- 6 

Per cunt 







182 J 



169 - 

M.S - 1-75 

w: - 1 

103 - 7 

J0.9 - 2.S 

4- 2 


- 0 

- 0J5 

- 1.7S 

- 3 

Union Etc. 



. 96 
. 16.73 

— 4 

— 4 

— 1 

+ 3 
+ MS 




*?. k: 


Vt ^L0 

H| T 

Financial Times Tuesday May 16 1'9Y8 


Tuesday May 16 1978 


The popular image of Bavaria as bucolic and beer-drinking is, as this Survey shows, 
out of date. Economic growth in this. West Germany’s largest State by area, runs well 
above the national average, and industry, commerce and transport are flourishing sectors. 





' ALL BAVARIA is full of Alps, 
ha Alps are full of pastures, the 
lastures are full of dairymaids 
ind the dairymaids are full of 
nnocence. Td the extent that 
Qouiitains, bulbous spires and 
ottages leave space for addi- 
lonal structures this is filled 
vith breweries and beer tents.” 
That, in the view of a former 
iirector of Bavarian broadcast- 
ng, was how many foreigners 
aw his home State. No doubt 
ome still do. But there are 
igus that the old cliches are 
ying— and that West Ger- 
lany's largest State in area is 
t last being seen as one of its 
lost dynamic. 

Not before time: the economic 
rowth rate in Bavaria has been 
ell above the national average 
»r years. Half the country's 
?rospace industry and one fifth 
' its refinery capacity is sited 
tere. About one quarter of the 
- r est German electrical in* 
ustry's turnover is produced 
tere. It is a key region for 
recision tools, optical instru- 
ents. modern transport and 
•ientifie research (not to men- 

tion some of the most advanced Franconia. The latter pro- 
weaponry in the world). duces, among other things, a 
None of that fits the tradi- particularly palatable wine— a 
tional image of a conservative fact not always recalled by those 
State and supposedly stick-in- w ^° associate Bavaria strongly 
tb e-mud inhabitants. But then with beer - Of course, there is a 
a glance at Bavarian history lot of tkat too— though there 
makes one wonder whether that are bigger German breweries 
image was ever a fair one. The Bavaria’s borders, 

diesel motor was invented in Together with this natural 
Bavaria and so was the rotary beauty goes an intense Bavarian 

delight in festivities of every 

This Survey was 
written by 
Jonathan Carr 

printing press. 

Bavaria bad the first German 
railway — though an Englishman 
called Mr. Wilson was driving 
the engine at the 1835 inaugura- 
tion. The Bavarians seem to 
have been big travellers too. 

One of them turns up in the 

eighteenth century in the ■ — - 

unlikely role of director of the kind in music and the dance 
a*™ 0 ™* 81 * the visual arts. Even 

Sr 1 ™- Tbose v who 1 se miad do ^ s tourists just passing through 
not easily boggle may be q] U ^ struck bv at least 

„,'n° rr 

number there. denzi, lgnaz Guenther or ^ 

The reputation for slow- man Riemenschneider. And 

wittedness hardly fits famous there are moments in the 

men horn in Bavaria in our own summer when almost every- 
century either— men like Dr. one in Bavaria seems to 
Henry Kissinger. Dr. Ludwig be putting on a music 
Erhard, father of the German festival— from t<he world-class 
“economic miracle.” and Dr. presentations in Munich and 
Otmar Emminger, President of Bayreuth to the local bands 
the Bundesbank. oom-'pahing away in village 

That said, at least part of the squares, 
quotation at the start of this * n company with this artistic 
article really is true. Despita sensibility goes a fiercely inde- 
ranid industrialisation and a pendent spirit — often described 
movement away from agriculture by those who have fallen foul 
Bavaria remains an area of f < r » as sheer cussedness, jpg if two thirds of the Federal Federal Republic of Germany settled along and below the 
great natural beauty. It is Characteristically. it was States ratified it Bavaria alone will only . be readied rather Alps and clearly aroused strong 
bounded on the south by tba Bavaria which at first opposed of the States has its own special later. and divergent feelings right 

Alps, on the east by the ratification of the West German political party. And when one The fact is the Bavarians from the start One bishop 
Bayerische Wald — the great basic law (the provisional con- crosses the border from, say. have had some degree of inde- claimed them to be pious folk 
Bavarian Forest which is one of stitution) in 1949 on the Austria or Switzerland, it is pendence for aroundl.000 years, ready for the Gospel while the 
the l3st really wild regions of grounds that it wanted more hard to avoid feeling that one They first emerged from the Augustinians saw them rather 
Western Europe — and to the autonomy. But it later agreed is entering “ The Free State of east as the “people of Bohemia” as a “pack of wolves." The 
north by the flowing land of to consider the basic law bind- Bavaria ” first and that the — that is the “Baiwarii.” They capital, Munich, founded in the 

12 th century, owed its rise to 
its position on the main route 
for the profitable salt trade. 
Bavaria prospered first as a 
duchy, then from 1023 as a 
principality within the Holy 
Roman Empire. Less than two 
centuries later it became a 
monarchy at last — thanks to 
Napoleon, who wanted a 
friendly buffer state between 
France and Austria and pre- 
sented Roman Catholic Bavaria 
with Protestant Franconia and 
the Tirol. Bavaria lost the 
Tirol again in 1815 but kept 
the rest 


Much is made — usually too 
much — of the friction between 
Roman Catholic and Protestant 
Bavaria. The same goes for 
the much-proclaimed enmity 
between the Bavarians and 
Prussians. There is something 
in it of course. But the 
Bavarians often had a healthy 
respect for their northern 
cousins and were not always 
enemies. The point is empha- 
sised by that huge memorial 
to Bismark which still survives 
above Lake Starnberg— where 
King Ludwig the Second of 
Bavaria was drowned, that same 
monarch who offered the Ger- 
man imperial crown to King 
William I of Prussia in 1871. 

Ludwig n is for many people 
the most memorable of 
Bavarian kings — with his sup- 
port of the often thankless 
Richard Wagner, his sad dreams 
and his fairytale castles like 
Herrenchiemsee with halls, as 
one writer put it, “in which 
no one ever danced, reception 
chambers which never saw a 
foreign diplomat and boudoirs 
which never heard the laughter 
of women.’* 

Perhaps more representative 
of Bavaria was Ludwig I who 
worked hard and with success 
to make Munich a ?reat city, 
who had artistic temperament 
to boot — and who heard per- 
haps too much of the laughter 
of women. It was his attach- 
ment to Lola Matuez (alias Mrs. 
Eliza Gilbert) which finally 
precipitated rioting and his foil 
from power. The Bavarian n»«*n- 
archy itself survived until li»iS. 
finally going down amid the 
brief rise of a workers’ revolu- 
tionary movement. Munich 
street battles and plunder, tn 
be followed a few years later by 
the announcement by Adolf 
Hitler of his programme in the 
same city. 

The name of Munich is asso- 
ciated in many minds with 
Hitler's rise and the “peace in 
our time " pact with Chamber- 
lain. It is fair to remember, 
too. that it was also the scene 
of one of the bravest acts of 
resistance lo Nazism — the 
“ white rose *' student move- 
ment during World War II. 

What of the future? The 
direct, economic answer is that 
Bavaria is rather better placed 
than most to withstand the 
structural changes being forced 
on all of Western Europe. The 
more distant problem is raised 
by Bavarian folklore, which 
claims that a monster lives at 
the bottom of the Walehensee 
in the Alps and that it will one 
day rise to destroy Bavaria and 
Munich. It goes almost without 
saying that numerous people 
have gone looking for the 
beast— so far without success 
but to the considerable benefit 
of local tradesmen. The com- 
parison with *• Nessie ” and 
Scots is irresistible. And that 
in itself is a big due lo the 
character of the Bavarians. 

The BV Group - a big family with 
consolidated assets of DM 65 billion. 
Bayerische Vereinsbank is active in 
commercial banking and long term 
financing. A strong and experienced 
partner for all who trade and invest in 
Bavaria with a long tradition dating 
back to 1780. 

The other Bavarian members - 
Suddeutsche Bodencreditbank, 
Bayerische Handelsbank (both in 
Munich), as well as Vereinsbank in 
Nurnberg have a sound mortgage 
tanking background. 

The family of BV Lions extends 
beyond the Bavarian frontiers to 
Luxembourg, Diisseldorf and 
Saarbrucken.the homes of Bayerische 
Vereinsbank International SA„ 
Simonbank AG and Gebr. Rochling 
Bank. You can meet the BV Lions at 

any of our foreign branches and repre- 
sentative offices throughout the world, 
from Tokyo to London, where our new 
Branch is due to be opened this sum- 
mer. In the USA the BV Lions in New 
York, Chicago and Los Angeles are 
known under the name Union Bank 
of Bavaria. 

The BV family operates in retail and 
wholesale banking throughout Southern 



Germany and in corporate banking 
nationwide and internationally. We offer 
a wide range of financial expertise for 
real estate and industrial development 
projects as well as international trans- 

If you want to know more about us please contact: 

Bayerische Vereinsbank 
Representative Office for the United Kingdom 
40, Moorgate 

Telephone; 6289066-70, Telex: 88 78 76 bv! g 

Bayerische Vereinsbank International 
Societe Anonyme 
1 7, rue des Bains 

Telephone: 428611, Telex: 2652 bvi Ju 

Bayerische Vereinsbank 
Head Office - International Division 
Kardinal-Faulhaber-Strasse 1 
D-8000 MGNCHEN 2 

Telephone: (089) 2132-1, Telex: 523 321 bvm d 



Economic framework 

fc; " .. 

is soundly based 

BAVARIA HAS long had an 
economic growth rate higher 
than the West German average 
and seems set to maintain that 
record. This is clearly no 
guarantee of high growth as 
such. Between 1960 and 1975 
West German annual average 
real growth of gross national 
product was about 5 per cenL 
and that of Bavaria, more than 
6 per cent. It would be a brave 
— if not foolhardy — prophet 
who suggested these figures 
could be matched in the period 
to 1990. Yet Bavaria stands a 
good chance of staying ahead 
in the growth stakes. 

Part of the reason is that 

Bavaria started on industriali- 
sation later than, most of the 
rest of the country, and the 
rate of growth reflects the surge 
from a primarily agrarian to 
a modem economy. Beyond 
that, Bavaria was able to learn 
from the mistakes of others, so 
that growth was not just fast 
but balanced too. The firm 
basis thus established will serve 
the State well in the coming 

A few figures show how big 
the structural change in 
Bavaria bas been. In 1960 more 
than one-fifth of those employed 
in the State were working in 
agriculture, com pared with 

about 13 per cent in the 
country as a whole. By 1975 
the Bavarian figure bad dropped 
to 12.8 per cent— with another 
44.4 per cent in manufacturing 
and 42JS per cent, in the ser- 
vices sector or State employ- 
ment Over those 15 years the 
number of those employed in 
industry in Bavaria increased 
by 10.3 per cent to 1.3m. (from 
a total population of 10.8m.) 
while those in industry in West 
Germany as a whole declined 
by 5.8 per cent Over the same 
period Bavaria increased its 
share of West German GNP 
from 15 per cent to 16.7 per 
cent, the biggest increase of 

any single federal state (but 
closely followed, incidentally, 
by Bavaria's neighbour,. Baden- 

In which sectors in particular 
was high economic growth 
achieved? Table one shows ten 
West German industrial 
branches which had above 
average turnover growth (all 
more than 200 per cent.) 
between 1960 and 1975. In 
every case but one (wood and 
wood products) the growth of 
the same branch In Bavaria was 
faster over the same period. 
The table also shows that each 
of the three fastest growing 
branches — plastics, petroleum 




founded 1870 


Pacellistrasse 4, am Lenbachplatz 



Steinstrasse 4 

Neue Mainzer Strasse 55 

and electricals — make up a 
larger proportion of total indus- 
trial turnover in Bavaria than 
they do in West Germany as 
a whole. 

The second table gives the 
leading sectors of Bavarian 
industry in turnover terms. 
The first four — electricals, 
mechanical engineering, motor 
vehicles and chemicals — all 
figure in the ** top growth ’’ 
table. The first are also by far 
the biggest private sector em- 
ployers in the State. 

Of course no one can be 
certain that the trend will con- 
tinue. Most of the top chemicals 
companies are going through a 
very tough period, though they 
are relatively confident in the 
longer term. Many in the motor 
vehicle industry fear that the 
domestic boom of the last few 
years may now he ending. 

But at least Bavaria has 
demonstrably identified the big 
growth areas well in the past, 
and has a good spread of 
industry to help cushion sec- 
toral difficulties. Further, it is 
worth stressing the particular 
importance of the electricals 
industry. It is by far the big- 
gest sector in the State, both 
as employer and in turnover 
terras. Indeed it accounts for 
about one-auarter of all West 
German electricals turnover. 
Two developments speak well 
for the future. One is the drive 
of the developing world tn 
industrialise, meaning good 
opportunities for West German 
exports of power engineering 
equipment. The other is the 
race by many sectors of West 

jl ' : ■ 

A production line in the BMW Aftmich factory. 


1. Plastics 




(\V. Germany) 








share of 
(W. Germany) 
I960 1975 

0.8 1.9 

share of 
(Bavaria l 

I960 1975 

1.2 2.3 

2. Petroleum 






5 i 

3. Electricals 






17.7 “ 

4. Motor Vehicles 







5. Chemicals 






7.0 ~ 

G. Paper cardboard 







7. Wood 





~ t ~2.9 


8. Precision tool, optical 
watch and clock 






. 1.4 

9. Printing 






2j» ~ 

10. Mechanical engineering 














i -| iAn ,i| U of their significance for a par- pro I eel ion areas over 31.000 mid-way between Munich and 

titular branch. For example, square kilometres (4,250 square Nuremberg, An offshoot from 
rouchly half the West German miles) — about 15 per cent, of the Trieste pipeline also sup-, 
aerospace industry is located in the Slate. plies the marathon refinery- jt 

Bavaria. The biggest company T j 1 . lt s j iecP s | ze an ^ richness Bur l*aust*n -on the Bavariah- 

and computerise, implvin? glow- 
ing prospects for the micro- 
electronics and data processing 

The names 

, Of the biggest K Mesworulimidl-Boelkow-Blohni ^ i andsrapi ,. which amcte Auarian border. TnscthM Ilie 
in Bavaria are " f Ottobninn near Munich. But tuuris , s , of rourse brinss its six have a capaetf*-«t 

Hrundig. in motor vehicles su ecessfnl too. 

necessarily mgu ana so 15 roe - -- 7 -- ..—t 

capital investment needed to J 5*! 5 

Augsburg -Nuern- of small and 
Others, possibly enterprises for 

medium -sized electric power grid. Further. Currently the refinery?- tqjgj- 
the Bavarian the State is -far from the big throughout Europe fades 

in Bavaria: 

General climatic conditions 

Bavaria offers in every respect an 
ideal dimate for entrepreneurial 
initiatives. The political and econo- 
mic stability which this West German 
state has enjoyed for many deca- 
des helps to safeguard your capital 
investments. The profound confi- 
dence placed in Bavaria's economic 
ond political development is reflec- 
ted in the high level of foreign 
investments: DM 3.2 billion since 1962. 

No dark clouds over the 
labour market 

Bavaria's well-trained workers are fair 
partners who will give you a square deal. 
They are well-known for their loyalty to 
firms in which they work and their reliability. 
Statistics show that strikes are few .and far 
between. The large number of qualified young 
people coming to Bavaria to work there shows 
that the state is a magnet for high-grade 

Infrastructure helps to generate a 
propitious investment climate 

Bavaria's infrastructure meets the exacting 
requirements of a modem industrial state. The 
Federal Republic of Germany has the most 

extensive network of autobahns or superhigh- 
ways in Europe. The international airports in 
Munich and Numberg and many strategically 
located airfields throughout the state link Ba- 
varia to the international air routes.The sources 
of energy available range from natural gas 

to nudear power. 
Bavaria offers indu- 
strial sites with utility con- 
nections in all ports of the state. 
Bavaria's economy bas- 
king In bright sunshine 
Take advantage of Bavaria's 
dynamic economic growth. 
Here ore just two examples: 
1. Bavaria's rate of GNP growth 
has been above the federal 
average since 1962. 

2 Productivity in industry increased 
by 45 per cent between 1970 and 

Bavaria is a prominent location of 
West Germany's electronics and elec- 
trical engineering industry and the princi- 
tl centre of the country's aerospace in- 
dustry. Stienceand research centres offer valu- 
able locational advantages, mainly to com- 
panies employing advanced technologies. 
Fruitful showers of public money to 
promote sound investment projects 
The Bavarian government encourages the 
establishment of productive facilities in Bavaria's 
assistance areas by granting generous toilor- 
madefinandal aid (e.g. subsidies of up to 25 per 
cent of the cost of an investment or low-interest 
long-term loans). 

Wfelfum® to Wlmwmwml 

. . West Germany's mast nttrnrHvo knIM#,.. 

FT 73 


Boyerisches Stoatsministerium Fur 
Wtrtschaft und Verkehr 
Prinzregentenrfr. 28 
D-8000 Miindhen 22 West Germany 
Telex; 05-23 759 bywvm d 
Telephone: 0 89/21 62-6 42 

Please send me, free of charge, 

a. the Industrial Location Atlas 
'Bavaria - A land with a future' 

b. information on government financial 





City or town. 

employed in industry in the pean heartland — such as the means -that the establishment- iif 
State are in companies with Benelux countries and Nor- th<* industry in Bavaria was un- 
Fewer than 500 workers. Sectors them - France; And it has a wise. Before the refineries carat', 
like clothing, printing and 356 km border with Czechoslo- State was dependent on SMP- 
wood products are typical vukia and one of 419 km with Pltes f ro,n the distant north- 
examples. But even iu the East Germany, which, politic- *' cst of Germany. Their estah- 
mechameal engineering branch ally, economically and cutiur- liahraent meant, for example, 
nearly SO per cent, of enter- ally used to be virtually a dead that price of heating oil in 
prises employ fewer than 200 end. They are not quite that Tl,e Munich region need be no 
people each. any more. The Federal Govern- higher than that in either Ham- 

The Bavarian government has ™ n *'i " Ostpolitik » has b «rs or the Ruhr area. 

gone out of its way to help bro |j* ht S0 “ e eaSin f' ® ut } he T? 

these concerns, in particular border regton remains the big- EXOaDSlOD 

through a law passed in 1974. " ea f though not the only- . 

It provides, among other things, regional problem for the Oil has thus been Ihe hi* 
for longterm low-interest loans Bavarian government. It has energy growth sector — its ex- 
and tax benefits to help modern- *°“8ht through tax benefits, in- pansion more than matching the 
ise existing small or medium- vestment grants and the like decline of cual. which in IflfiO 
sized enterprises or to establish (with he| P from the Federal supplied half the State's energy 
new ones. The government has Government) either to tempt needs i.and- to-day provides less 
also acted to help on the export industry to establish itself than 4 per cent. The other fa.M- 
side. Companies of this size ,bere or 10 persuade existing growing energy source is gas- 
often fiud themselves at a grave enterprises rn remain. Between almost all natural gas. This now 
disadvantage here, not least 1960 1375 more than 63,000 meets some 10 per cent, of 

when faced with demands from "vw jobs were created in the energy needs gainst 1.5 per 
State-trading nations for “com- bord « r ? reas - and the State pro- cent in 1960. The state has 
nensatinn business" that is moted investment there worth benefited hugely from arcords 
barter 0 DA13.Sbn. But it is an uphill with the Soviet Union under 

, struggle. which West Germany supplied 

The Bavanan governments Giveil the justice from the massive steel pipes and received 
conviction is that these com- big „ est European mar kets and natural gas in return, via the 
pames not only ?u\e the from ^ pbrt5 Qf nDrthern Ger _ Czechoslovak-Bavarian border, 
economy a flexible base but are manv jt is easy to see why Tbe first two agreements of 1970 
often a particularly rich source Ba ^ aria has ■ raade intenslv ; and 1972 alone provided for a 
of new ideas. This theory was e g orts t0 expand its trade and total of 120bn. cubic metres of 
by no means greeted with uni- 0T h er links to the south and natural gas t» flow west into the 
versal approval in Germany at south-east 0 f Europe. This area 1990s. Since then there has been 
first, but in the meantime there a far higher proportion of a further trilateral deal between 

are clear signs that it is gain- Bavarian exports (27.5 per West Germany, the Soviet 
ing increasing support not cen t ) than it does of the Union and Iran. Despite the 
least in the Federal Govern- export 0 f West Germany as a eariy reservations of some 
ment in Bonn. whole (18.2 per cent.). Italy is Cassandras. the business seems 

of decisive importance here. In to function almost without, a 
Ilflftct * 97 ® ** t0 °k S° 0( k from Bavaria hitch. 

UUU31 worth DM4.3bn. — that is more It is hoped that the same 

Thus far the economic pic- than 13 per cent °* the State’s will prove true of another east- 
ture seems relatively straight- tntal exports worth DM32.5bn. west link of great importance 
forward- You identify the Th* 1 m akes Italy Bavaria’s to Bavaria, namely tbe Rhine- 
growth areas and you give a hugest customer and also Main-Danube Canal. Work is 
boost to the smaller companies, ““f* 1 P |ain wh >’ Italian now underway on the final 
But there are several complicat- POlit'cal and economic develop- 100 km. stretch between 
ing factors— not the least the ments are followed with such Nuremberg and Kelheim near 
temperament of the Bavarians concern. (That goes for Regensburg. When complete, 
themselves. They are cautious Ba > , f nan farm exports in par- sometime in the 1980s, ships 
people who set very- little store .as the agriculture will be able to navigate a 3.500 

on a strategy simply described ar^.*' e |£! * b * s Survey makes km. waterway between the 
as 11 going for growth ” no mat- P*ain.) Hence the marked en- North Sea and the Black Sea. 
ter what. Bavaria was the first thusi95ni in Bavaria, not only with manifest economic benefits 
Federal German state tn have * nr en ^ ar ° cment the Euro- for the areas through which 
its own minister for environ- P ean Community to include they pass. The only bint oir 
mental protection — and it Greece bu * also for any moves the horizon, underlined by the 
shows. The government was try t0 grease trade links Federal Transport Ministry in 
clear from the start that indus- between Community and the Bonn only this monih. could 
trialisatton was essential — but btate tradin s nations. be a legal battle between ihe 

not at the expense of a land- The south is crucial in Eastern European countries 

scape which is not only the another way too. Oil now a ? d w ^st Germany on cun- 

State's natural heritage but also accounts for more than 70 per ditions n£ use. 
brings in a healthy profit, cent, of Bavaria’s energy needs Bavaria, of course, fervently 
Bavaria is much the most itn- /against less than 30 per cent, hopes it can be avoided. II 

portant tourist area of West in 19 60), and most of the crude stands to gain greatly from the 

Germany, accounting For some- comes up from the Mediter- waterway which — along with 
what less than one third both ranean via two transalpine pipe- further extension of (he Auto- 
of the country’s hotel capacity lines, one from Genoa via the bahn system and construction 
and of its tourist traffic. The Bodensee, the other from of a new airport for Munich- 
Bavarian tourist branch Trieste. They both feed five is a key element in its irons- 
generates well over DM3bn. refineries gt Bavaria's “oil port policy and economic plan- 
annualiy and employs around city” of Ingolstadt, roughly ping ae a whole. 

100,000 people — chiefly in the 

f r 


V ^ 
v ^ v 

hotel and restaurant business. BAVARIAN INDUSTRY: THE BIGGEST BRANCHES (I97S) 

Many tourists of course come 
for the festivals— in Bayreuth. 

Munich. Ansbach or Wuerz- Electricals 

burg. But many more make for Mechanical Engineering ... 

the forests, lakes and moun- Motor Vehicles 

tains of what is, afrer all. one Chemicals 

of the country's least populated Textiles 

and most beautiful states. To Clothing 

make sure they keep enraiug. Glass * 

Bavaria has established natural 

Turnover ■ Export* 


(DM bn.) 

(DM bn.) 











. 7.V 












:V.^- fi 






il "f Vi 

w* *« 

* &.* 

L v . ’ 

V’ J \v, ■ 

in farm exports 



i Bavaria even ih^.wko min ^5 average size has risen from Not that the farmers do not workers on farms of between Another problem is the 
i a different time Manv nnn° S< T hectares tQ 11 hectares, do a lot to help themselves. One five and ten hectares was less transit tax to be imposed bv Ml 
■ Bavarians useri to jako a Ia , some ways these fi * ures e ?“ unple h the organisation of than half that for those of 50 the Austrians from this sum- &,■ 

, « «.mns uaea IU lahtatrilicai a rp rieppnttvo Vow the ••r^T19’ , wctorn a ~ -rw. TV.., r, : L. 

.• 'f 

^ -.Jt.-' 

•U- ■' :V'«V 


look at one asnprt nf thn ct„ n v are deceptive. Few “average “ring” system undeT which hectares and more. The dis- raer and which, the Bavarians 
a^rieuituni nniirv- anrfenon!^ farms ’ are to be found in an voluntary associations are parity is worth stressing at a say, will force up the prices 

»TihPr thst ihp Hoj“t e5t area which embraces Alpine formed to ensure that the most time when nationally pressure of their produce in Italy. This 

nod all to d pt her r t si , ons - ‘hick forest land efficient use is made of available j S growing on farmers to give in turn will weaken their com- 

bine backward* Th.. 4 pi-.Viii of lhe Bavarian Forest and the manpower and machinery. up some of their long-standing petitive position on the Italian 
ture Mini ctrv if- JemP<? ™ ’ § en °y flowing pastures of Despite this there has still tax benefits. There would be market — particularly against 
triiinp thn Vlrmlt- Franconia. Tbe Ministry’s deci- been a big general movement little point in removing such French products entering by 

rn think Ufvlri 5ion t0 he, P small farmers (later off the land, though it has been benefits for those with smaller other routes, 

the land aSd pled^ng hS !“f p0I ! ed action fro^ Brus- less rapid than the national holdings only to be forced to Eut ^at is a relatively minor 

,hL n P s . els to help hill farmers average. Since*i960 the num* increase other aid to ensure onint when set against tu. 

•• ■ W-v 

the land and pledging help if Vi* l 1 acuo J 1 ,f ro “ i5rus ‘ ,ess rapia than the national nomings omy 10 oe lorcect to Eut ^at is a relatively minor 

thev were reacLv to^S- ?? s 1° he!p h Jji - faxmers average. Since*i960 the num* increase other aid to ensure point when set against the fear 

~ .. . . .J.' .. throughout the EEC), takes ber of those working in agri- they remained in business. of import restrictions The erv 

un the face of it the idea account of this. The moun- culture in Bavaria has dropped Whatever argument there mav for defence of the free EurrC 

STha d t ad 0 Scd tain ° US and f by- .38. per cent, to 625.000- £anm££t1s ^ng?hreu"£ 

from Bri^selffor^P E^m 2 2"*, s,mply d(> n0t * end HJ!!? 1 * fa " of 47 u pt f "“F their incomes, two statistical out the Federal Republic-but 
Cmmrmnitv c„ r *»T *>, themselves to large-unit farm- for the country as a whole. This f ac ts are undeniable. One is nowhere more so than among 

fnr S,™;n f , utu ? e *"*• Ye t farmed they must be. may be a cause for surprise jn lfjat Bavarian farm production Bavaria’s farming community 

for European agriculture lay in Tourists who love Upper view of Bavaria’s big indus- h " CO n Sfan ti v increased Jr is .1^— 

H'ggeT units, fewer people on Bavaria— the picture-book pas- triajisation programme and n w worth more than DMJObn — — - - 

the land-nut hitler mcom?s for tores and forests— are usually above average economic growth , nnua ii v and reoresents rouehlv 

tho<e who remained. What, unaware of the vital contribu- rate. But it reflects two factors one -quarter of the West Ger- 

then, were the Bavarians up tinn of farming to the beauty in particular. man total. The other is that 

*”■ of the landscape. They soon One Ls a strong native caution Bavaria has emerged as a sig- 

r**i j would be if small farmers were —of which the help for small nificant agricultural exporter. 

I r 6HU forced to give up. The land farmers is one example. Even The value of total annual 

. would quickly become a in the country-wide economic exports has more than doubled 

me Bavarians would not dis- wilderness and a drop in tourist boom years of the 1960s. those since 1970 and now totals 
agree with that general rule — earnings would inevitably fol- in Bavaria thinking of leaving around DM3bn. Key exports llUGIvl 

and can produce figures to show low. Quite apart from the the laad were urged to consider include dairy products (milk 
this has indeed been the trend direct agricultural benefits, carefully whether job prospects butter and cheese together 
in their own State. For example, Bavaria has won back from and living conditions in the made up 45 per cent, of 
since 1960 the number of farms tourism many times over what towns would really be better. Bavarian exports by value in 

has dropped by about one it has oairi to keep small farmers Many left all the same — more 1975 against S3 per cent, in ... 


Despite some drift of workers from the land farming remains a major economic 




quarter to some 326,000, while in business. 

T'TTW’T '*’- 1 

than 40,000 annually— but it was 1P73), as well as live cattle and 
never a stampede which dn- n>* a L 
slroyed the whole social fabric 
of life on the land. 

That paid off handsomely in 

the 1970s with slower general ^ . ' 


(Frankona Reinsurance Company) 
Maria-Theresia-Strasse 35, 8000 Munchen 80 

Founded 1586 

’ economic growtli in the wake a £ n * ha ? f q opd cau f 

• of the oil crisis and lm. unem- 3 ^EFr n m imhi » r % 1 

•r ployed. A job on the land is 1 n £f came a . n E ? C mernb€r ’ ^ d , 
: not everyone’s desire-hut it is, W 75 Bavarian farm exports to ( 
at least * iob tl,e U K - ^^eased six-fold to 

at teast, a 30b. a totaI value of DM144m. But 

The other point is that by far the biggest single market 
Bavaria’s economic develop- is Italy which takes about two- 
ment has given those on the thirds of exports. Hence the 

land the chance of part-time particular concern with which 

farming combined with a second Italian economic and political 
income. Most Bavarian farmers developments are followed, 
have taken advantage of this. Every day lorries loaded with 
ft might be a chance of shift dairy and other produce make 

work in a new factory half an the drive of but a few hours 

hour’s drive away or a job at a f r0 m Bavaria through Austria 
petrol station or even at a kiosk and across the Brenner Pass 
selling souvenirs. Further, int0 northern Italy. Even tem- 
-j many Bavarian farmhouses rent porary import restrictions im- 
out rooms to tourists. And in posed by tt<2 Rome Government 
passing it is worth noting that because of internal difficulties 
farmhouses, especially in Upper bit the Bavarians particularly 


Data 1976/1977 

Guarantee Funds DM 1,127,200,000 Gross Premium DM 680,500,000 
Capital Investments DM 1,189,000,000 Net Premiums DM 510,000,000 

Telegrams: Frankonaruck, Munchen Telex: Munchen 05 22531 frar d 

Telephone : 9228-1 

^ ^7-«£ 

Ervit and vegetable market in Munich. 

Does ell that imply that 
Bavarian farmers are really 
JfeWt rather well off? The answer can 
only be given with caution since 
so many factors (such as self- 
supply of food) do not fully 
emerge in the statistics. Some 
Bavarian farmers are mani- 
festly doing well— but there is 
clearly a big range of income 
related in particular to the size 
of the farm. In 1974-75, the 
average annual income per farm 
worker in Bavaria was given 
as DM17,400 ' compared with 
DM13,700 in 1971-72. But 
despite all the help for the 
smaller units, the figures show 
that the average income for 

Amessage from the bank 

Local banks make 
steady headway 

TAKE AN above-average eco- usual the watchwords. During Bayerische Vereinsbank has 
noimc growth rate, the rise of Bavaria's high gTowth period had a full branch operation — 
new industry with extensive there have been several major JJnicm Bank of Bavaria - in 

nusjudgroents m building and New York since I9i4, to which 
international links, a local rea ] es tatc investment. In each it has added further branches 
copulation noted for thrift and casfi Bavarian banks have been in Chicago. Los Angeles, Tokyo 
i landscape which attracts the conspicuous by their absence. and the Cayman Islands. It too 
vealthy — and what have- you soIid reputation certainly has 3 Luxembourg subsidiary 

;ot ? An ideal breeding ground applies to the biggest Bavarian a ° d its . foreign representative 
or banks. So it is in Bavaria, credit institution, the Bayerische 2L ces include London, Pans, 

Mur, than a fifth o, t h, rradit Laud-bat*, owned Jointly by 
ns 1 1 tut ions in West Gerraanv the btate and **»• savings banks ana xenran. 
iavt- tlieir headauarters in w,,ich had a baIance sheet tolaI 7116 spokesman for the man- 
^varia TLether Cy had a at the end of 1976 of more than aging board. Dr. Max HkU. 
iu si n ess volume at the end of P M3 ?S D - Several Land esbante notes that Uie bank plans to be 
976 of about DM2 46b □. Further- m other Swtes have suffered on hand wherever German tn- 

uo rc, the share of Bavarian eith f bad badm * nag& - dPS ^.! e ? a g f?T th market T 

■anks in the business volume ment or ^th; not so this one. an attitude which appears to 
f all banks in West Germany « ,• foreshadow considerable further 

as risen year by year. Spreading ,0 J 1 * 0 ex P ansi0a ; 

Munich is of course the main H & Bavarian banks generally 

emre lU wcI? as being the Wt*Ui Bavaria it has been have substantia! branch net- 
iate'> Iud bankinc cirv it also Particularly active in providing works with a good spread of m- 
otV; The coSntS? third finance for housing, energy and dustrial clients. The advantage 
truest -stock exchange in turn- agricultural development is rather different in the case 

vcv terms and West Germany's schemes. But it has been spread- of the Fuerst Thurn and Taxis 
igsesi insurance group. Allianz ing its wings well beyond Bank, headquartered m Munich, 
ersicherungs AG Bavaria — not least through the Here Pnnce Johannes von 

But the industrial areas in opening last year or a represen- Tbuni iund Tans stands behind 
nd -iround Nurember" and Wtlve office in London and the bank with all bis assets — 
utburgTrc important^oo and through its interest in the which are demonstrably worth 
w " h-mks have buUt up their Beutsche-Skaodanarische Bank, far more than the bank s 
ranch network accordingly. at picking up business in bailee sheet total of around 

\% it fair to sneak of Bavarian the Nordic countries. DMSOtoi. It is thus a bank for 

anks — or does the expression Expanding foreign operations ^Tse^re^and th^nersoT^ 
mply mean hanks in Bamria ? are also a key characteristic of rh * n I , J JSS? 

ertainlv the “Big Three" West the activities of the other two H ,e . ulII10 ® t secuntj- 

erman’ banks— the Deutsche, big Bavarian banks, the ££ Trivafl 

resdner and Commcrz— have a Bayerische Vereinsbank and the ™|v ** 

rong presence in the State. Bayerische Hypothekemmd ^s in the counby. Merck- 

ut there are also specifically Wechselbank (Hypo). Inter- and* SSfart D — 

avarian banks which have both nationally the Hypo acts pnn- seiaort ana tTankfurt 

-own with the State's economic cipally through Abecor. the big ^e of Here AuaS^r to^Fin^fe’ 
iccess and contributed mightly F.unmean banking group, and rune of Here August von finck 
, i t has direct access to Euromarket repuiecuy one of tbe richest 

U is probably too mn-b to h" throuah its Luxcm- niea ln tha « >Un ! rj '- 

aim there is a vpcriSr-Mv h^rr subsidiary. Last AH this makes for added com- 
avarian banking stv’-* Sulfirv S-^'.rmber it also became the fort — even in * Slate which 
to uv tiiar so! id 1 tv and eiqhrli German hank to open a has seen nothing like the Bank- 
mtion are even more than branch in New York. haus Herstatt collapse. 

in royal service 
l since 1835. 


^^OPflria- Hypo-Bank. Established by King 
.O Ludwig 1 ot Bavaria in 1835. with a 

distinguished history of modern, innovative 
banking and a tradition of personal service to its 
customers and their financial needs. 

Headquartered in Munich, Hypo-Bank is 
Germany's oldest publicly-owned (joint-stock) bank 
and one of its largest with 480 branches and 
consolidated assets of more than DM 53 billion 
We operate the largest branch network in 
Southern Germany, and we are also active on a 
nationwide scale, in key centers such as Frankfurt 
Hamburg, Diissetdorf. Stuttgart and Berlin. 

Our services In Germany cover the broad 
spectrum of commercial and investment banking. 
And with the intimate market familarity and vast 
contacts that come from doing business in 
Bavaria for over 140 years, Hypo-Bank is ideally 
placed to introduce you to potential trading partners 
and to investment opportunities such as mergers, - 
acquisitions, or joint ventures. 

Internationally. Hypo-Bank offers the full 
range of services. From ex-im financing to Inter- 
bank money dealing. From syndicated loans and 
major project financing operations with direct 
access to the multicurrency Euromarket via our 
Luxembourg subsidiary to portfolio management 

Through our network of subsidiaries, a full- 
sen/ice branch in New York, representative offices, 
affiliates and our partnership in ABECOR, 

Europe’s largest international banking group, we 
offer services worldwide. 

For an introduction to Hypo-Bank’s domestic 
and international services, just get in touch with 
us at: » 

Theatinerstrassell CQ2? 

D-8000 Munich 2 || M 

Telex: 0523468 SB 1 FlIlSYk DffllSt 


((crfcmtffan&intjuiffic {tacit fflfiijftfZharfificH 


Herr Strauss and 

CSU party 

POLITICAL PROPHECY is are offered tend to be on these collecting over 45 per cent of The upshot is that the CSU 

usually a dodgy business, but lines. the State vote before Herr has become a '‘peoples party " 

here are three forecasts where The CSU exists only in Strauss became chairman in in the broadest sense. Over a 
the chances of error are Bavaria— though it sends depti- 1961 — thanks not least to the quarter of its members are 
unusually small. The Bavarian ties to the Federal Parliament efforts of its earlier leaders Dr. white collar workers, just under 
Christian Sncial Union (CSU) in Bonn and has a joint Parlia- Hans Erhard and Dr. Hans 19 per cent, farmers. IS per 
will easily win the State Par- mentary group there with its Seidel. cent blue-collar workers.. 

liament elections next October, allied party the Christian Demo- Moreover, the CSU stood bv 17 5 P er cent, self-employed and 
The CSL chairman. Herr Franz cra tic Union (CDU) which Herr Strauss when he was 15 per cent, civil servants. It is 
Josef Strauss, will become- operates countrywide except in forced to resign Ministerial aIso a relatively young party. 
Bavarian Prime Minister. And Bavaria. Thus the CSU is auto- office in Bonn in the early About half its members are 
his elevation will not mean a matically identified with the 1960s— and this support helped under 44. and half have joined 
final retreat from the national preservation of specifically him bounce back as Federal the CSU in the last five years, 
political stage where he has Bavarian interests against Finance Minister only a few It is clear that CSU matters 
been a source of enrichment— Federal bureaucrats. years later If the CSU owes a t0 Bavaria. But does it matter 

and exasperation — since the There is something in this lot to Herr Strauss, he owes to the Federal Republic? Could 

Federal Republic's foundation argument — as all will appreciate much to the CSU. the CSU advance to try to scoop 

in 1949. who have heard the roar of up support beyond the borders 

Munich University. 

- Nurrbe r c ^ a good place for you to-set 
•-c : n bus r>es$.\V Sether you 'are sc industry, 
trade cradrr.ristrstidjn. this town has eJNhe 

f;C ur isr.rexcel'eht- transport facilities. • * 
v. tn ore' of Germany's largeslmcTorwsy; 

m popart ?a\y.-ayhynctidf> T' soofnen. • ■: 
Ge^ a’portibn ^e-Rh-ne^Vajn--, 
iDaruice Eurbca Cc~al,schoc!s ancfccregei 
for a steady sCpbly of quchfiedstaff . ; \ , v 
theatres n-j/aurrsancJ .aisbre.a'eas.hc and 
aroura the cTythaiacd a new;<P : rpeosi'a'V 
tc ; e : sure act:v:bes 

i l »«B 


t .^1 s.6! in tdoslr ta 1 : artcL- 

1 1 fra nd; withpu t r 'rail;ll 

• Kh e mam cieyelppn icot' area of • ' ' Ty xRR 

.appf 1 oxifiia tei y SfO a c res.;is'ipVa'^^^^ 

Ibc po’rtTvh. V' . -y.-./'-TT. 

P I esse ;c_on tact; - • ' 
iSta dVNti cnberghb: 
-V V irt sob ajts referat tbT 
Ro stf 5 

m DC 

Tei exo;e 0 gWMn Bgd : : 

The CSU has not alwaj-s 
formed the Government of 
Bavaria. Although the strongest 
single party, it was forced into 
opposition by a coalition of four 
others between 1954 and 1957. 
But in all Bavarian State elec- 
tions since 1950 it has won in- 
creased voter support. In the 
lalest State poll in 1974, the 
CSU gained 62.1 per cent, sup- 
port against 30.2 per cent, for 
its nearest rival the Social 
Democrat Party tSPDi. The 
Liberal Free Democrats (FDP) 
— the third noteworthy political 
force — barely achieved the 5 
per cent, minimum needed to 
ensure Parliamentary repre- 


So the only real question 
mark over the poll this October 
is whether, yet again, the pre- 
vious CSU performance can be 
surpassed. Herr Gerald Tandler, 
the CSU general secretary since 
1971. cautiously hopes for per- 
centage support “ in the 60s ” 
and is visibly aware of the bur- 
dens of success. Presumably 
the trend must change some 
time. But happy indeed is the 
party which can view something 
less than 60 per cent, of voter 
backing as a setback, 

The CSU's success has so lung 
been a political commonplace 
that little scrutiny is now made 
of how the success has been 
achieved. Such explanations as 

approval from CSU supporters 
urged by their leaders to fight 
so that “ Bavaria will stay 
whrte-blue." Those are the 
colours of the noble Bavarian 
house of Wittelsbach included 
in the State coat-of-arms, and 
were around long before the 
black, red and gold of the 
Federal Republic's flag 
appeared on the scene. None- 
theless, while the emotional 
appeal of such a call is strong 
it does not of itself explain the 
party's steady increase in 

It is said that as a conserva- 
tive party the CSU has been 
able to rely on the fanning vote. 
But there has been a steady 
migration of population from 
the land. Logically this should 
imply an erosion of CSU sup- 
purt. whereas the opposite has 

Then there is the argument 
that the interests of the Church 
and the party are closely inter- 
twined in this strongly Roman 
Catholic State. It is true that 
a big majority of the party 
membership is Roman Catholic, 
but it is also a fact that this 
proportion has been steadily 

Finally it is argued that the 
CSU is the instrument of one 
man — Herr Strauss. When he 
goes, then surely the party's 
success must fade too. That is 
unlikely. The party will cer- 
tainly suffer a shock, but when 
air is said and done the CSU is 
more than Herr Strauss. It was 

So why the big support? For 
one thing the CSU has managed 
to keep credibility by rarely 
promising on the campaign 
trail what it cannot produce in 
office. It knows well enough the 
innate caution of Bavarian 
voters — their tendency to look 
at least twice before they leap 
and to judge by results not 
promises. It is also true 
enough that election promises 
are easier to keep when 
economic growth — and Govern- 
ment revenue — is relatively 
high. But that presupposes 
State policies which permit 
such growth to occur. 

Furthermore, the party has 
a decentralised structure (ten 
regional associations. Ill dis- 
trict associations, and 2.S00 
local organisations) which 
allows a lot of autonomy at all 
levels. The key rule is a 
minimum both of interference 
from above and of appeals for 
help from below. 

The party has been able to 
adapt itself to differing local 
needs, strengthening its hold on 
some areas and infiltrating 
others which were once opposi- 
tion strongholds. Here it has 
been helped by the ideological 
divisions within the Bavarian 
SPD. Probably the clearest 
example is in Munich, where 
SPD in-fighting has just helped 
make a CSU man Lord Mayor 
there for the first tiirte in 30 

of its own State? 

This possibility, with which 
Herr Strauss has long publicly 
toyed, hangs like a sword of 
Damocles over all West German 
Parliamentary parties — not ex- 
cluding the CSU itself. The 
CDU-CSU alliance at Federal 
level has often been a troubled 
one. For the CSU to move out- 
side Bavaria's borders might 
bring a break between the two. 
and a counter-move by the CDU 
to put up its own candidates in 

Yet a CDU-CSU split would 
also have important implica- 
tions for the FDP. in coalition 
in Bonn with the SPD. A CDU 
freed of attachment to Herr 
Strauss might become more 
attractive to many voters who 
previously supported the FDP. 
The Liberals, who gained only 
7.9 per cent, of the vote at the 
last Federal elections, would 
then be in fear of their Parlia- 
mentary lives. That would 
naturally increase the doubts of 
the SPD about how Jong it 
could continue ro reckon on its 
coalition partner. 

In short, a CSU move outside 
Bavaria would probably mean a 
thorough shake-out in West 
German domestic politics-^- 
which some would feel to be no 
bad thing. The mere prospect 
of it has caused a bis stir and 
a re-thinking of siraiesy. That 
may after all be the real reason 
why Herr Strauss has for so 
long made public his thoughts 
on the matter. 

The insidious charm 
of Munich 

MUNICH HAS insidious charm did for the French capital, to Munich, the host possible companies. It is a major trade 
hard in convey to rhose who Munich's Alte Pinakothek Cal- way of coming to town. fair centre and of growing 

have not already succumbed to lery. another contribution of c t i„. s «-.le is excel lent— and iuipor,auce for fashion. B was, 
it. A cliche like - Germany's King Ludwig hardly matches is , he ‘geographical position. ?£-$°nS . S ‘ lC ° f the 

secret capital " dues not help the Louvre— but its collection „ . ha . i akes . a „ d muun . I9T2 Olympic Lames, an ojrour- 

much. Munich is capital of uf Flemish. Italian and German ‘ “ 1|t on its doorstep— indeed L u,,, I y II yrasp f'?, . Wlth J 011 * 
Bavaria and that, its citizens masters alone sets it among the , hp D0;jks spfim L . Iase enouEh to hands _:tn establish modern 
will tell you. is much t 
purlant than being the 

h more im- finest in Europe. And Paris L ",u h ; th .. Flieh - ^ sports facilities and to construct 

capital " of anywhere else, baroque edifices of the Asani . sky c]par (and j ne jdentalTy Are there no draw!j aeks? 

Strangers to this city uf 1.3m. Brothers or the ISth century c3US ' es ' many j n Munich to act Indeed fllcre ***■ Even those 

people may scan their guide- Rococo interiors uf the Wal- more cnwilv lhan ^ „ do even who love Munich can be 

books, note many pleasant loon, Francois Cuvillies. at paschin" or Qktoberfcst asluttisi hed at its apparently 

elements hut then ask scepU- imis ic on time*. Then the city is high- i ^ t * An capa “! 1 y , 

caliy what is so special. On offef Munich cnmp ctc 500 metres above sea level-so adoration. Sonic bookshops 

the face of .t they ha\e a point w[t[| Lnn(Jon n lllUV | 1 it i s not that the distinction between the jjj*”* tu 
Arasticaily and architec- al j Mozart. Wagner and Richard seasons is sharp and invigorat- lo 

turallv Munich w clearly not as Slrauss , Munich's own son) as mg. Above all. southern Europe tl ®" *' Al 
rich as Pans-though there are sonie mipht helieve . Current is neawnd you can feel it 1 » r s .“ - ,p e 

some comparable features. With Verdi offei .ings at the Bavarian A couple of hours drive takes £?.!*£. 

the creation of broad avenues National 0pera ilK . Uul(? • Otello * one to northern Italy: a few ' doomed to evistSe 

hke Ludwig; trasso. Kins ! Lud- and Traviata -. linder the hours more to Florence. And the K 

wi? the First of Bavana did for conduetor Carlos Kleiber, and light in Munich on a late sum- e ^ hPrL ***** ^ 

Munich in me first half of the are widely haiied as perform- tner afternoon playing on ll« Sf ^ „ 

last century what Hauwmann ances unsurpassed anj-where. brown and yellow buildings in "JJ :L“. 

But of course the German- the city centre reminds one or ! tf“E. W vSIr * 

Austrian repertoire predomin- nothing so much as Tuscany. ' ?. 

jMJWS, 5 Blotted 

Egk. Munich has its own Phil- ? he ™ j s afso a arMte? fled J neSt ^■‘"an-only zones m 

harRiunie, . scod b»nd which “*J. “ r«“ ne» i“ "e and 

happens to share the city with . . livp not fdund p m,k *>y rt«»nin^ the area with 

an even better one, the Bavarian ^.^her north S m »? of surpassing ugliocss. 

Radio Symphony Orchestra. furtl,er nortn - Further the establishment of an 

built to great heights first under It would be easy tn stop inner ring-ruad uf doubtful 
Eugen Jochum and later Rafael there, leaving a picture of value chopped off the edge uf 
Kubelik Munich simply as peculiarly °ne of the city's most delightful 

What then uf the theatre? civilised and naturally fortun- restaurants on a corner of the 
There is certainly a lot of it ate. But that would be wholly elegant Maxiinilianstrasse. leav- 
from the classics' (ancient and fair neither to the city’s pa*t inc an unsightly void behind, 
modern) at the Karamerspiele nor to its present. After ail There are still areas where 
and the Residen^theater to the Munich really began life some old buildings need a good clean, 
“off-off” shows in Schwabing 800 years ago as a market town, ir not renovation. And the 
fan area very loosely described o win e its growth lo the profit- extension of the underground 
as Munich's Chelsea). But the a 61o salt trade. Its history is railway, desirable in itself, still 
truth is that the best of it is dominated not only by the arts makes for a lot of inconveni- 
still beiow the best Berlin can men science too — like ence (currently .around the 

offer even though manv Gabelsberaer who invented main railway station). 

Berliners have come°to Munich stenography or Oskar von That much must be said to 
to enrich it with their wit and founder of Munich's preserve a balance. But it does 

not least their satire On the' induslrial and scientific not eradicate the attraction of a 

other hand Munich is ahead of D ' ?utsd,t ' s Museium ; T,wl ?- V 11 ^ . MUHht and 

other German cities as a centre " n,a, " s a ««« for science p^ie as diverse as Ihe 
for film-making, its talented pro- » th "s. the Mas wnter Thomas Mann, the 

dupers nmhahiv ioH i«- th*. Planck Institute, the Nuclear film-maker Ingmar Bergman— 

lific Bavarian Rattl Research Cenlre at Carching or the amoroi,s - cigar-smoking 

FassWnder Ra,ner ^ erner just ro the north and the Countess Revenrlow. The expert 

Messerschmidt-Boelkow - Blohm ience of the American. Thomas 
, company in Ottobrunn to the Wolfe, is instructive. Knocked 

^-3tin p south-east, whose key activiies down by a drunken band 

^ Include aerospace and modern shortly after arrival, he stayed. 

Before or after the theatre transport. Munich is also the on and later testified that 
there are a lot of restaurants base of some of West Germany's “Munich almost killed me. But 
to choose from. You can easily foadhiS industrial concerns it also presented me with mote 
avoid eating Bavarian special- l j ike Siemens. BMW and human experience in five wcekv 
ties like hog jowls, dumplings, Kratiss "Maffeil and of some of than most men can gain in five 
skewered fish or sausage if you its bi Sg est banks and insurance years." 
wish i though even the most 



portly should give them a try). » . 

But when all is said and done xK ?V.- Wt,! 1 VV S *. " 

you will not find the choice of ' - . * * ^ - \ ^ 

New^ York. And though there 

ermpa^s .HP U. 

Munich is much more than the ^ *'* ^ ^ " •' - ' JftRA 

sum of its parls. Those quali- 
ties which enrich the mind and 
the heart — not to nientiun the 
palate — do not only co-exist 
they interact because the scale 
of the city allows it. Munich is 
certainly bigger than the 
Greek ideal, according to which 
a man shouting in a city centre 
could still be beard on the out- 
skirts. But it is still easy to 
take in almost everything worth- 
while on fooL You lean almost 
walk across Munich from north, 
to south through parks (includ- 
ing the famed " English Gar- 
den " designed by an American) 
and alnng (he banks of tile 
River Isar without having lo 
cross a busy highway. Better 
still, take a big raft at Wolfrats- 
I hausen to the south— as many 
do in the summer— and float up Tile annual jollification of fi»> Clbinh* rf. 

The annual jollification of the Oktuber jest 



Financial Times Tuesday May 16 1973 

FARMING and raw materials 

' : , ;; "ty- -“A V' •-. • ' JJ.i* y , A', ' ’V V * 

•• v. >:*•> ' m - - - -v- >m -y ; - , . 7 _.^v ; 

• &&&*. -►-.. ...„ . _ . , . j. 

£3s ' v® :r; 

'• ■••■_'^T; : •-& 

*gsg g?t«y. 


9“^ tea Silkm backs Price 

m better „ . . 

demand Commission stance 

By Our Commodities Staff g» J • -■ . 

^ss^srw& on teed industry 

London auctions yesterday. ** 

Average prices paid for quality BY CHRISTOPHER PARKE5 
teas rose by sp to l35p a fcg. 

medium qualities gained 7p to J HE DUSTER of Agriculture to respond to an v criticisms in 

Copper up 
on Zaire 

Tea market sources described E!®*® and °P enness * n t be a nim al mg tie best possible service to ' <I * he n,arhe t was aIso boosted 
the shift to better quality teas fe *& manufacturing industry. farmer and consumer— and being by a ^ Iar ? er 01811 ex P ected raU 
as an encouraging sign for pro- , Price Commission has seen to do so.' 1 tonnes in copper 

ducers. Opening up the price k* en under fire from XJKASTA, Th Prif _ ’ rnr , imlc -.„ stdeks held in the LME ware- 

‘•concertina" in this wav is said the f eed makers’ association, and n i?in!L4 *• P 0n, 2? 1 ? sl0 , n c< ^ n3 ‘ houses. Thn decline reduced 

to provide more scope for EOCM-Silcock— the major com- SSSSS?.,,®* - 1 "sufficient toul warehouse stocks to 

blenders, who are believed to P an >' singled out For special gjjJEj! Silroek‘f a i r ^i£* t |«2S.i«* 643,550 lonnes - 

hold plentiful stocKs of pbin mUmm-jnce relonso of A “ u >" f » u >" a » *“■<*— 

Our Calcutta correspond,--! « UKASTA's oomi^ coo- Ji 8 * 

Our Calcutta correspondent * ut at UKASTA s annual con- te m nd dis . choulrf be tonnes— was in line with expec- 
writes: Weather conditions la §«» 3 . n Eastbourne yesterday shed so farmer? c £ i ake tadous. But a decline in 
north east India still remain un- £ olm Sdkin made it clear better com o arisons between 1 the Penang prices over the week- 
sa tisfactory for tea growing, that he agreed with Commission s ter __ 0 * p , he different feed end. and reports of new motes 
Upper Assam in particular is overall assessment of the coadi- comDan jA S In 'Congress aimed at releasing 

continuing to suffer from "^5.®' *° e * eed industry.- ’ surplus fin from the strategic 

draught There was considerable interest -Mr. Silkio also sounded an stockpile, kept the London 

Tea outoni to date is about in th ® Price Commission report, early warning about the state of market under pressure. 

4m h & 1» «S •“ said, because feed costs British cereal crops this year. He . w<MW „ lh 

AorilleSSf 3lSn k« d affected both the farmers’ profits said the cold, wet weather had A®?S* “JJ, 

India S? -» ■«- » ° f ,00d «• « d f™ 11 ’; 

Apm «a s to 6' m T/nind U e s t%“e r°i k “ 0 ”' * c ° urse ' ,hal J0U hi ‘ d & "££ ?’ 

II? RQ 7m b k« d 1 J were DOt entirely content with seea in 1975 and 1976 with less !52_r^jj® /fk ^ntribudon 
figure of 69. kgs. sotue aspects of the report, and barley planted. But last year’s K JfS?S»uSir! 

Meanwhjle. the West Bengal it is your right to put on record heavy barley crop had been J^ e l n te roa honal Tin Council 
Government, which fears a rise any points of fact or emphasis handled well. Exports had been DUHCr s,oci '- 
m pnees may bring •’cornering” on which you disagree," Mr. ’* pleasingly hieh - and only a *t »s thought that lying the 
of stocks because of the current Silkin said. “ minimal *’ miantitv of arain 30.000 tonnes proposal In with 

crop situation, has promulgated 
an Order asking all dealers to 
flic returns of stocks regularly. 

The Stale’s action is a follow 
up of the central measure which 
first declared tea to be an essen- 
tial commodity and then required 
all dealers iu India to register 
and declare stocks at regular 

Record Indian 
wheat crop 


uui eilLiieiy milieu i » mi Jn 19iO anu WILD less \ ,t,„ 1IC IA 

some aspects of the report, and barley planted. But' last year’s fJT 7«t^ a V,fnai°Tin H? r ir! 
it is your right to put on record heavy barley crop had been]” 1 !,™ . Ti " CoU “ C “ 
any points of fact or emphasis handled well. Exports had been Duner 

on which you disagree," Mr. “ pleasingly hieh " and only a H »s thought that lying the 
Silkin said. “ minimal ” nuamity of grain 30.000 tonnes proposal in with 

** But I am sure you will want had been sold" into intervention, the buffer slock contribution. 
required by the Administra- 
tion, will bring quicker Con- 

.. # gr ess tonal acliou. 

Brazil coffee croo ^assfjss 

, o 5915Q t00nes< v -, s rather 

more than expected. Zinc 

f a i a *■ n j stocks fell bv 475 to 61.400 

■ rVIT" tonnes, while LME sUrer hold- 

1 1 1 B. RJP Y C- ‘“S 5 declined by 260,000 lo 

v - O 17^60,000 ounces. 

BY SUE BRANFORD SAO PAULO, May 15. Talwnn was reported lo have 

bought 2,000 tonnes or tm at 

This YEAR'S Brazilian coffee tations overnight, in a single 11s metals buying icuder last 
crop will be down by at least 2m blow, but from which, from the week. 

bags (60 kilos each), owing to the next day onwards, the business b u . j# cnt purchases of zinc 
prolonged drought in Parana and begin to gradually recover.” 3 500 tonnes, against an 
Sao Paulo. This information He aDd other farmers are original request for 26,600 
was given by Camilo Calazans. predicting a 50 per cent, redue- tonnes, and also rejected offers 
President of the Brazilian Coffee tion in next year's harvest in 0 f 40,000 tonnes of copper and 


SAO PAULO, May 15. 

But it cot purchases of zinc 
3.500 tonnes, against an 

INDIA S 197S wheat crop will Institute. The new Crop esti- Parana, and an even greater cut- 15.000 tonnes of lead because 
oe a record 31m to 31.5m tonnes, mate is 17.5m to lSm bags. back if the drought continues. prices asked were considered 
7 to 8 percent higher than 197T S The worst-affected state is e- «.{„ ton Rich. 

. IV » rail ojguer man 13ft rs me worsi-aueciett siaie is Sr Calazanc sairf that this too high, 

record 29.08m tonnes according Parana, where only 3.9m bags “S2SL 1 

to U^. Agricultural Department are now expected, compared with JJSL* tS? SS!n 

aeld reports frotp New Delhi. ao initial estimate o£ 5.5m. The abando? its SsS pi" of RR A 7 rf MAY Slf^' 
Total foodgrain output is esti- co ^ ee .is producing low yieds exporting lm. bags per month dKAlIL MAl nil 
mated at 123-135m tonnes. 10 to . whe l *t « shelled, because of throughout the year. IJ S SOYARFANS 

SJTiiSS SSSL than Iast t^heToughT fonnatlon due v \? SSJSSS TSSSUSl ‘ Washington. May is. 

f0 S l T^mm™n£ ^gVlXprove 31 ” J+nSi SJ TSSitS**? 588^0 SoSSfftSi Sul mSU 

Hrin destructive for next years EJSSes fSto h!o«l SSSS to fill excess crushing capacity 

fi w^rUTbouf wiTfo harvesf ’ Man y of ** Parana Reuter ( fi * P resulting from this year’s short 

1977-78* onttSm b { ™ rs its unpact Tflis is 5 per cent higher than crop - ? ^.S. Agriculture Depart- 

a uuLtuin. will prove just as harmful as the 1976-77 record of 9 3m bne<L ment field report from Sao Paulo 

Wheat exports in 1978-79 are the frost in 1975. reflecting generally favourable said, 

expected to total 1.45m tonnes. Luis Suplicy Haffers, a Parana weather, better farm mangemenL If the 1978 soyabean crop is 
including aim-tonnes repaymient farmer, eplained: "The effect of and greater use of hilh-yield near 9.7m tonnes, the 197S-79 
to the Soviet Union 4TO.W0 the drought is slow, insiduous varieties. crush without imports should be 

a °d 50,000 and etremely difficult to esti- Legal coffee exports could total about Sm tonnes, compared with 
t0 AI 8 &3ni5taa - mate. It is quite different from Ttu. bags against 5.3m in 1976-77, 8.7m last year. 

lic,,ter a frost, which * bums * the pUn- it said. Reuter i 



By John Edwards, 

Commodities Editor 

COPPER PRICES advanced on 
the London Welai Exchange 


Jiion. partly fostered by 543.550 tonnes. 

SilcockV loyalty discount ltl Hn 

:. and suggested that price , Another fall in tin sloriis— 

and information about down by 180_ tonnes^ (o 2.215 

THE 255 per cent average rise 
in EEC farm prices for 197S-79, 
agreed by the Council of 
Ministers last week, continues 
the squeeze to which the Agri- 
culture Commissioner, Mr. Finn 
Olav Gundelacb. is committed. 
Last year, the increase was held 
to 3.5 per cent, compared with 
75 per cent the year before and 
10 per cent before that. 

The Commission no longer 
believes in price " freezes." 
Past experience has convinced it 

that they lead inevitably to much 
higher prices the following year. 
But it hopes to continue a slow, 
steady squeeze for several years. 

This year’s agreement, includ- 
ing other measures indirectly 
affecting prices, includes the 
following main points: 

Green currencies: A 6 per cent 
devaluation for Ireland (cutting 
its MCA to -3.9 from —10.7). a 
5 per cent devaluation for Italy 
f to -12.3 from — 1S.4». a 3.6 per 
cent devaluation for France in 
1978-79 (to —31.8 from -)6> 
followed by another 3.6 per cent 
in 1978-80. and a 0.9 per cent 
revaluation for Germany ( to 
+ 7.2 from +7.5). 

The decision on a French 
devaluation a year in advance is 
not binding — the French may 
seek further adjustments in the 
interim depending on foreign 
exchange movements — but pro- 
vides a legal means of giving the 
French an immediate 7.2 per 
cent devaluation on pigmeat 
alone — a precedent conceded 
only reluctantly by Britain. 

Milk, together with wine, pro- 
duced the biggest fights, with 

Belgium well to lhe fore. But 
the Commission held fast un 
prices. The intervention price 
for butter is set at l’.357J units 
of account a tonne, an increase 
of 2.07 per cent against the Com- 
mission's proposed 1,9 per cent. 
Milk powder goes up to 957.8 ua 
a tonne tup 1.8 per cent against 
the proposed 1.6 per cent) and 
the taryet price for milk goes up 
to 177 ua a tonne— up 2 per cent 
as proposed. 

The Commission was less suc- 
cessful on the related measures. 
Th e co-respon si bi J i ty 1 evv on 
milk is cut to 0.5 per cent of the 
target price from 3.5 per cent, 
backdated to May 1. and looks 
like being dropped altogether in 
the future. It has been a bit of 
a flop from the start, as no one 
has worked out what to do with 
the money. Since it does not 
affect consumer prices, no-one 
will he really sorry to see it go. 

More significantly, the proposal 
to suspend intervention buying 
of skimmed inilk powder during 
the winter months was thrown 

The beef conversion and non- 
marketing premium schemes lor 
dairy farmers quilling milk arc 
expanded, though less than the 
commission wished. 

All butter subsidy schemes 
have been expanded. The special 
U.K. subsidy is extended by 
three months, and 50m ua have 
been set aside for subsidies for 
under-privileged consumers. 

The above measures, as Mr. 
Gundelacb pointed out last week. 

do not go nearly far enough in 
view of the current butter and 
milk powder surpluses. A com- 
prehensive review of the whole 
dairy industry is planned for 
September. This could lead to a 

Commission appeal for tougher 
measures in next year’s price 

The Commission is loathe to 
take action to cut production, 
preferring to stimulate butter 
consumption and cheese exports, 
to encourage use of milk powder 
for animal feed, and in bribe 
farmers lo get out of dairying. 

The plans to suspend support 
buying of skimmed milk powder 
will almost certainly be 
resurrected and. if all else fails, 
the threat of quotas no doubt will 
be trotted out. 

Cereals : The German demand 
for a 3.5 per cent increase in 
average cereal prices was 
knocked firmly on the bead, but 
the proposed cuts in rye and 
durum wheat prices went out 
the window. Rises in intervention 
prices arc as follows ; Common 
wheat 121.57 un a tonne (up 1.25 
per cent) against ilie proposed 
1.26 per cent): durum wheat 
203.01 ua a tonne (unchanged, 
against a proposed 3.59 per cent 
cull; rye 130.25 ua a lunne (up 
J per cent against nil ■ ; barley 
121.57 ua a tonne (up 1.26 per 
cent as proposed ; maize 121.57 
ua a tonne (up 3 per cent as pro- 
posed) and paddy rice 174.9$ ua 
a tonne (up 2 per cent against 
nil 3. 

Sugar: Here also, the Commis- 

sion relaxed, and the •nter.i-n- 
lion price For while sugar was 
set at 334.96 ua a tonne, up 2 
per ceni against the proposed 
1.16 per cent. 

More significantly, it failed to 
get the “B" quota (eligible far 
smaller export refunds than the 
“A" quota) down to 20 per cent 
of the W’ quota from 35 per 
ceni. compromising on 27.5 per 

Meats: The intervention price 
fur beer cattle was set at 
1133.7 ua a tonne (no 2.5 per 
cent against the proposed 1.25 
per cent i but the com miss: on 
succeeded in getting through 
proposals for occasional suspen- 
sion of intervention buying. 

Since beef surpluses are 
mainly cyclical, it is hoped la 
deal with them by bending the 
intervention sjsiem auJ Use 
quality' criteria. 

The basic price for pignioat is 
increased m 1.266.04 ua a tonne 
tup 2 per cent azainM vtw pro- 
posed 3 per cent i The council 
agreed to .sdiiisi the tcfhniauo 
for calculating MCA> on pi smear, 
basing them on 7s per c-ent of 
lhe basic price compared with 
S5 per cent at prescni. France. 
Italy and lilt- I K wanted the 
MCAs ba;ed on 70 per cent. 

This will hit Dutch. Danish 
and German exporter? uf bacurs. 
ham and fresh pork. Their 
ministers proles led sirongly. but 
the change docs not go far 
enough for the UK. Franco and 
Italy. The commission has prom- 
ised (o ro-cvainine the question 
later i it iho year. 

Concern over Norwegian fish stocks 


STOCKS OF North Sea herring 
and mackerel and Barents Sea 
capelin are all threatened by 
over-fishing, Norwegian Marine 
biologists believe. 

They have urged the Fisberies 
Ministry to act immediately lo 
reduce catches of capelin and 
mackerel, and to extend for a 
further year the temporary total 
ban on fishing for Atlanto-Scan- 
dinavian herring. 

The curbs recommended in- 
clude a 50 per cent, cut in the 
joint EEC-Norwcgian mackerel 
quota, at present 190,000 tonnes. 
This would have to be agreed 
with the EEC. 

The 190,000-tonne quota is 
already one-third lower than las) 

A senior Fisberies Ministry 
official would not speculate about 
the chances of gettinc EEC 
agreement to halve the mackerel 


If nothing effective was done 
this year, mackerel fishing might 
have to be totally banned next 
year, he said. 

If the recommended terms are 
enforced, it will mean several 
spells of. enforced idleness for 
part of the Norwegian fishing 
fleet. The National Executive 
of the Norwegian Fishermans’ 
Association is meeting Later this 
month to discuss the situation. 

Meanwhile, Gunuar Saetcrsdal. 
head of the Norwegian Marine 
Research Institute, has denied 
allegations by a Danish MP that 
Norwegian marine biologists have 
suppressed facts about damage 
to fish stocks resulting from 
last year’s Ekofisk blow-out. 

The MP. Progress Party repre- 
sentative Uwe Jensen, says 
Danish fishermen have told him 
that fishing banks east of Ekofisk. 

where the Danes usually take 
large catches ot sand-eel", have 
yielded hardly anything this 

On the other hand. 25,000- 
tonnes of sand-eel were caught 
last autumn much further south 
than usual, indicating that the 
fish, which were not poisoned 
by the oil spill, had beea driven 
southward, away from their nor- 
mal grounds. 

Jensen wants the Danish 
Government to investigate, and 
says he suspects that Norwegian 
scientists have been “keeping 
their mouths shut" about damage 
to marine life following the spill. 

Saetersdal described the 
charges a “complete invention." 
Research into the effects on 
marine life of pollution from 
North Sea oil activities had 
shown "no disturbing trends." he 

Cheap loans 
for Danish 

By Hilary Barnes 

Svend Jakobsen, has re.-ponded 
to fishermans' demands for 
larger fisheries quotas and fin- 
ancial assistance, by offering 
them loans on favourable 

They will he able to obtain 10- 
vear loans at 5 per cent with 
a two-year grace period. The 
total amount available for lhe 
loans will be DKr 50m <£4.Snn. 

Mr. Jakohsen has also offered 
a lota) in loans of DKr 25m to 
fishermen who will lay up their 
vessels for an initial period of 
90 days and then for further 
periods of at least a month at a 

Last week Danish fishermen 
used their vessels to blockade 
20 Danish ports in a protest 
against quota cuts in the Baltic. 

- ■ \ 

■ • v ;«V;. 

V.. i A 

.Vi * -y" 

^ • ffi* % 



COPPER — Gained eround in active !* “* af H™»n values Junk-ncd with Kerb: standard. tbr«- months UMa. — — 

iratUns on the London Metal Szdiuue. L orwar<1 loocbini xaa ioUnwmg a Alicronon: Su*l»Td, caih I6J80. SO. ihr*e AMicrdny s 

Reports or fobilns in Zaire cwmhnl uri'h flrnwr «M" la * 00 Cemex heron: easing motnhs £6X50. 45. 40. 30. 25. Kerb: COFFEE ’ th-e 

a .-.bcMIj- larger lb an cxpcc red fan in 5? 1 * 10 dofc? « iris on the lair kerb. Standard, three months £6.E0. r 

waiphttURc Slocks saw forward mriil TUi uOruTt 2Q.325 toQnts. - — — • . .. . - — — — — d. j^rloun® i 

nsr tp itjr on ibe pre-market This Icrel . Arnal * ama,e<1 Metal Trading reported I •Ju. If or' i^m. |f+or — 

attracted proflMaUvThowi-ver, and the ,ha L»! Ihr uiuraing cj<h wi rebar- traded Tn | Offi- m 1 { — It noffl.-m j — jj«y —-j >630-1631 

ertr jl n Jamaican: 5.50-6.50. Lemons— Italian: n 

OlUAn • 1M- 120-8 S.60 3.SO. new croo 4.5M.N; 

LONDON DAILY PRICE fra* wwar> SpaiUMi SmaiJ trays I.60-LS0; Pna 

rag 50 (£P9 (jOi a tonne elf hr May-June South Alrlran: W-’lSa S.Oo-j.Sft. Crane- stated. 


tonne unless otherwise I 

i+-l»-r SIT MR m ui 'JM* • s* . __ 

: — j none a[ nn s.oo isamet. 3.iO-3iO: S. , uncan: 40.'4S's 3.(Hi: Jaffa: | i i 

|+'<r I'.ni. it+'-r 

l Ufflcb" | 

— 1 CnnntcU' J — 

i' £ I 

| £ I £ \ £ 



1 1 

C'tih i 695.5 6 1 

+ 1JS 6093-7OOJ + 6 

i tnr.nt:i>.. : 714.3-6 ,+2-B . 718.5-9 V/.& Pre-market owing io the Fall in 
iletu'ni'nii t.96 i+1 1 — I Fenang price orer lhe weeki-nd. R- 


lbat in Ihr uiunung cash irirebar- traded 
at «sr. 36 j. 90, ihrec nioniiu £715. 15.5. 
16. 17. 16.5. IS. 15. 14.5. Kerb: Wirebars, 
ibree months £716. 15.3. .Afiornoon: Wire- 
bars. lhroe months 1711 11.3. Kerb: 
\Yircbar.‘. tln-eo months £71 S. 17.3. 

TIN — Barely changed. Forward standard 
metal was mark.-d down to £6,"Jio on the 
pre-niarkel owing :o the Tall in the 
Penang priro orer lhe week-end. R-pons 

Ubt )& +•■> 
1*7- — 

3. .Ulornnon: Wire- wL 6390-400'— 37i,'6370-8Q J— S4 Anrember . ' 

IT IS. IS. 3. Kerb: 4 nmnth*. 6335 6 :+4 ,6335-45 1+17* January I 

hs £71 S. 17.3. gWtHpirt. «0O —35 - | ..._. b , 

- - - Btandaxd 11 ! ! 


o 5 c° increase in The Caribbean/ UK fa-iRht rate 6 JO-6.50. Jonathans '..'64. ou: Victorian: 

by M.50 tn £12. Granny Smiihs fi.s0-7.00: Italian- Rome Atuuuuium C680 L 

+3.U lAOh-iZiD Beauty, per pound 0.13. Golden Delirious 1-rw: nnrki'i. 'ei-j'Moo-IOI!,.. 

l*4-h- 686.5^.5+1.5 . 690.5-1. 5 + SJ »f bn then lifted the pnve to £6.:» but T _ 

UuJu 16390-400—19 :6370-80 ‘-B 

4 months j 6535-8 *-18 ] 6320-5 '+10 
dwtr-iem'i .[ 6400 15 r — I ....„ 

Str.iT- E..\ 161625 1-15 > ~ ! 

Xetf Yori,' - I • 

Ha c ; 1210-1220 1205 

5nKuiili»..7W.5-b.B-t2J6 709.6-10 4-73 

t+tn'm’ui. 686.5 +1.6 — ; 

3ml.. — I 64 | 

ibereafior it drifted owing to pmfit-iaking 
and dosed at £6.320 on the lute kerb. 
Tnnwver. I..TV1 tonnes. 

I.G. ludex Limited 01-351 8166. July Cocoa 1888-1 

29 Lamoni Road, London, SW10 OHS. 

1. Tax-free trading on commodify futures 

2. The commodity futures market for the smaller Investor 

enang price orer lhe werf-v^. R-pons \~W ' “ i -- c 

lhat Taiwan bad purchased 2 mo I on lie* H l* lb 25 -15 ■ — mo Indicator pricoa /or May 1_ tU.S. 

’ Un then lifted the pnve to £6.:» but _ !." ' - 2,,,* iglfan^ 1 

Jd^ckwd 11 itkl+l? LEAD— A shade Hrmer In oulet tradlna Arabicas im'oo <iamei; ' oiher mild 

wtnmw “i mmSL" ^ klrt> ' and ma«U reflecting the steadiness of Arabics* 169.M U68.M-. Robust as 13150 

Mining Standard rash £6 4(13 ftinn copper, although the Tall In warehouse U32.00>. Daily average 149.7S (150 jfl.. 
Murniog. Manaard. cash x-.aito. f-wo. saM I0 be , marshuijy nion- than 

~ , — T t anticipated. Forward metal opened at rD / 1AIC 

July Cocos 1888-1894 ISH and touched the day’s Wsb of £30i ORA II "3 

S, at the start o£ the olteraoon txdore casing 

Itfv r n fnr«« is?** 00 fi* kerb IO dose at £303.5. WHEAT j OarlEY 

'•v 10 lures Turnover. 4.40 tonnes. „ . . , ! 

'ket for tiie smaller investor _ ... :**-teniay* -fur iejetij»\ i 


' ’ ™ 

; ' 1 J ™ 

itvf. lYuiirnUy'V 

, J'reri'rti- 


C'niiii. j Ckwe | 
r«:*u. ; 

! CIUMS 1 



.. . e 960-95 

Rally fey 
copper and 

Prr pound Cmfvrttin* Free MsrVet itn ibi 51.95 

Alan. Cnnftrenci' 

MM' IS: 
Grapes — 

1_.„ 3 rtincun: oew uwu o._u. t-uraiif.3 4 un. 

Ui-L._.;i2ll.0O-!.''.00!l!Ki«-25.7h|I28.0O.a/Ji Cnlden Rill C.00: Chilean: 5 kite. 
' SulbaVlAn ■ n.573 . lots ot » tonne-i. ” *>««•■ 6 -°- Rl>d Empctnr 4.:* Bananas 

nc. i 1,1 “* ,lrr - Cl ralliiYl un !:y Til 

I artNllJkll' iA lid C*<i||| llll": --It if] HiiUrl* buyiDK 

-2.03 and stiiuir *>n a mu • f.i[- 

r l^uink reVivHifi mdu-irul |in«;inc and 

I^ili*nni1fi»vnz.. l!l20.9Q' 'Cl 17.50 1 'tonwivtum. MjcUk w* 


■•lib ]6or| p.rn. it4or Al'otlil 
Ofiie» j — I t-'nofticiai| — r 

Tate and Lyle os-reftnery nn« rw -JWMtcwi: Per pound o 15. Avocadna- 
ranulalixl hj\ii while Sueur was GC.III Kenyan. nMIC H -» S 4 D0-4..U S. 

+ 0.70: t3.7a 

Frw ll.rui-l V 126.6 ! + 3.05 f 1/6.55 

tjun-^iu.i ri I /'•Ih.i.'e 127.32 -13 5a 

"■ waniiiated ba»js wtuie sugar was tJtt.tu Kenyan: Fw.-rtc H J* s - I jvM- 'Jii S. } mutln ajj'n, 1 O Uhlls 

- .same; a tonne for home trade aud AMcwi: FUcrte 4 StrawherriK- T , , . ||* 'ko3?s -5 O -ts M? 

X1*.M .£1581*. rur capnri. CaMlorpto; 0^ , . Italian :. o-eO.M: , ^ \i£zvU Iu 

+ 0-W Interualional Sugar Aaroement: Indt- Spanish: 0 Onronw-ChDean: Cases rif ' ! Mi!j 

Cocoa— May IW.4U •11„.15-. Jul? M...I3 
' lid la*. Sepl. 13*75. Dec ISi S5. 
IT!.W. May K3J5. Juts l^tt.73. Sj1.s: 

Caffow— " C ” font ran si.u KT-3-l7.:,75 
■ !7j.**i. July uw :.viw:.>ju 
Mi...,, Dec. riUj.i3f.u, Mjr.ti Il>, ikL 

K. Kudak 
I K. Kixlaif 
K. Kodak 
K. hmiob 



A turn 

A inn, 

Xnl Xisl 
Nat Nr.) 


Pin I it* 










C1«t. Vol, 


Close V.4. 



lfitg i — 


161 a 

9*4 1 14 

1Q1 3 



57 8 | 32 



7 J a 

lh 1 10 



3j 4 

1 - 




4*t j 3 





lip 1 

1 J 4 

27 B 

301 « 



12U 10 

16* i 



4i« ; 39 

PS 1 _ 

7ta ; 
OR nn 1 


10t 2 

vuah 293.5-4.5 +.78 2B5-.5 '+1.5 -' ov - 87.65 . j.3s c.i.40 — J.2& B rtd flowed Caribbean port ror May 

; mouth 303. a +2 304-.6 .*2 r~ Dally 122 I7J»>: average 7 

-etntu'ni 294.6 l+I - ?" f - I S2.B0 ; — J-30J 87.40 I— 0.5)1 .same). 

t'.S.S|nr. — | 31-33 I Business dent — Wheat; May 98.70-98.60. 

S*W- S6.00-SS40. Nov. SS.W47.65, Jan. __ __ 

Morning: Throe months £304. 3, 3.5. ♦. 91.03-90-20. March 93JM3.53. Sales: M3 WOfil FI TlIKFV 

3.5. 3. 3.5. Kerb: Three months £3033. Wv. Bariev: May SS.7U43.I0. SePL StL5fi- wa- * u 

Afternoon: Three moo Lbs £505. La. S0.10. Not. S3.06-82.-K>, Jan. s5.60-85.ia LONDON— Dull and feainreli'ss. repo: 

ZINC — Ftnner. Va/oe hardened to line March 3S.00-S7.W. Sales: 90 lot*. Bacbo Ualsey Stuart, 

with the trend is cooper and lead, with HGCA — Regional and UK average ex- > Peace pet nio) 

forward metal trading within narrow farm sp-it prices for week-ending Thur*- AnMrallau Vestetxl’i i>+ wr JMiaw 
limits to doae a shade firmer on the M>'* May 11: Feed wheat — S. East SaJN, Gre»«v U'rwl Cl. «e — I d..u«- 
late tort ai £313. Turnover. 4573 tonnes. S. Wesi 0420. Eastern 9A4L E. Midlands — I ■ r 

LONDON— DuU and featureless, reports 3 20- Dotrtr UUJn Cuvms-v: 3 60-a.M. I’alm llatatau [S&90K- 

Carrots— Cypnot: 1.961.7*: French: 1.10- 
120. Asoarastts— Californian- Pi-r pound 
0.90-1.00; Hungarian: Per bundle 0.65. 

25 1 


; 26.00 j 

• 27 

16.50 ; 






1 11.00 | 


; 13.00 

8.30 ' 


' 8.80 

' 9.50 

4.00 r 


I 4.50 ' 


: 5.50 

2.20 ' 


1 2.60 ' 


I3.5D . 


: 14.00 i 


. 14.50 

5.50 . 


. 7.60 


1 9.00 

3.40 1 

- • 

■ 3.70 ■ 


■ 4.20 

TtHieuom sfardlu etaoln etaoio etaoln n 
I «.m. ]+'w] |..m. il+«i 

31 NO I Oflk-in — Unofllrta,! — 

1 3034 :+ .26 1302.5-3.5 +.5 

runuilw..) 319.6-3 +6 *12 .b ;+2 

I'oieui 3U4 i + .S I — 

— £V ’■ .... 

S5.SH. W. Midlands 94.86. N. Eafl 9i58. j r I 

N. West 93.30. UK 9490. change +90. aHTMS.B U 1.® 

tonnage 4.C96. Other rallUng wheal— j ul y ” "52.0-33 n + LS 

Eastern 96. M. E. Midlands 99£U. W. Mid- 153^589 ! 


change wnnaue 1.S77. Feed barley— \| Bn j, 248 n 1 ... 

S. East 81.70. S. Wui 92.70, Ea.siern 83.-I0. i,.™ bil'n « 1 

E. Midlands 6190. K. Midland* 8L58. li'y«o; ,N '"| 

N. East 51.50. N. Wm 51.40. Scotland tn 

I'l- o- 1ft 4-<n lA-ti'lwr CjU.U-S/OJ I 

Eafllnh produce'. Petames— Per 56 lbs. S*1 ,r ? ^ °' u ,twu» 

Whites Reds 290-2.40. Lettuce— Pur 12 ^X"***" (l>.b.).-.:629B« I+2.25.-3D0.5 

1.40. Cos 1.40. Beetroot — Per 2) lbs 190. 1 1 

Carrots— Per bag 0.S0-1.40. Parsnips— Grain b ] ; 

Per 2S lbs 1.20-1. SO. Onions— P<'r *0 lbs Barley KEl* ; ' : 

3.00-2.50. Swedes— Pur 2S lbs 0.546 Ol. FulwV*.... 1*7B BS •— 0.3 t'79.85 

TUiubnrb— Pur pound, owdoor 0. 05-0. 06. - 

Cu combers— Per irny 12 Ws 190-5 30. Fr null Xu. > Am £106.5 ; £1.6./! 

Mushrooms— Pur pound 0.400 SO. Applos SI I, uni 

— Put pnrpid llramh-TW 0 11-0 17. Poaro — A... | lh-i *i|'"iio l JA4.8 [+09 194.5 

P.T pountl Con fnri flue 0.1M.15. Tomatoes .\<>zUnri lvimer' ; 

— pi r p'liinij Fn^lisb 0 23 Greens — P -t bnuli-li II illnis .. 'Lljt ■ -caT-S 

+-2S.OO. 1.20 
F27.50 - l.SO 

h*. 1». >lx-ll I J-’l&O 

1 OtButat close. *- $M per otcuL 

’ S32u. UK 82 10. change +40. toonac? ^ . — - 

4 On previous y*' 2 *- Mahing^^ barter — S ; East 87.00, spies: Ml «sarpe> lots of 1.500 tity. 


E ?-I crn ..S- 7 2l — ‘ S5 ^°- Scoiland , SVONEV CREASY — 'In order buyer. 

1 0 2 j Greens — p-t tnali-n yi r|jiii»..> ux • ’taT-S 

Cauliflowers— Per 12 LW«h sl,i,i n ,^,i. .. gl.975 +51.0 t'2.120 

K. l». .-tin'll 
K. P. .-.hell 
T ntlci'er 
Lul lever 

: K13D: 1.80 ; 30 

1 F140 1 0.40 1 — 

Kilo; 6.50 , - 

K120 O.SO i 11 

I F150J 0.40 1 — 


700p - — 

750u — — 

800 [1 — — 

ZOOp — — 

325 P — — 

230 P - 

275p — — 

300p — — 

325p - — 

350p — 

375f* I - 

3.20 • 22 

1.20 1 5 

5.70 j - 
2.00 j 5 

0.60 f — 


— - 862p 

- — 265p 

- - - - SSSp 

l tnf a ^r W /i Bxea , 0 -^. *V ?“ nce J 0 ,f er The UK monetary coefficient for the WMMi ^**5$ 

|Ior spot delivery (n the London bullKm Hdk bc6mnlM May 3 is expected 10 uImTcl ' *' ul “ 

"^BTED-Wc t CWRS NO. one 13* 

a ? I,0c '. - flwa - XM ’- Per cent. May £B4-S0 Tilbury. US Dart 2so.oo-3iD.W1. Jan. unquoted. Sales: JUL 

1 Jc^’ ^Jwn’ ‘VSc Ji|jrTbcnl ' No - *»» M PW cent, 

1 T^e'tortal iS*& *** *** 

I ami NlftraH «r n JMi *9« /CADI &&N 

9.4-35f«V 2: Juiy iJrttti,... |fc98.B ;-O.B .L'lOl 

tict iu i-369.ll 3U4.S-3U 3. 1 Total LONDON PALM OIL — Closing: Mar Ms fcllr....] 2B0p I.,..,.... 474i< 

Ite- fft - 300 06-36.011. Jan- July !_ 

BRADFORD— Somp busllltss is rcDoriDd 30-®0. Aux! lMMLDO-3fl.OO. Si'W . 290.OMBfl.nn, 

eSSScd m *?*£***• Nor - *%*?£*•&*- MmmML ? Uncuwcd. ffMay-Jm 

Isthfolv npolvffIMl. 2sb.00-310.00. Jan. unquoted. Sales: JUL 1 May- sue u Junu. v 1.. 

Iq e D ge CoUon — N". 2 Juiv iju.3>hi}.n5 1 '.o.o: 

IH1. 1C.r1D-1C.3r1 '1.2.43'. DuU >G.'V-b3.7A. 
lurch M.dO-nl.70. Mai "''.3"+>,'i.4U. July 
iG oO-tir.iW. uui. m. l0-'/3 411. Sales: 

‘> + 5.0 £405 balfs. 

i+2.25’i3D0.5 "Cold— .Mu' 176.W * 1779.SQ*. June 17s >;o 

'lT-1.40'. Jill) 177.70. Aua. ITS. 90. lid. 

; 1SIJM. Due. 1?;.UU. Fob. IS** iu. 

I'W >•0. June 191. jf. .\ue. 194.20. Oil Ift. *0. 
. Due. 199.70. Feb. :'U2.3U. Sales- lu|.. 

J.3 1.78.85 tLsrd— Clncjen I'K'-e O'" .« aiLiliie 

vi c n, ■ WM - prime fleani -’J.7'. +.|iud 

tl - b - /5 • 

IA L'94 5 tMiiic — Mj) '.’nl :.'.ic!' «2V. •. .lulv 

-■.'■74 'SSI! '■ St-jil. Jju. Due 237 J -2.17;. 
ll.irvli 2»t.. 11 jy 2i«i 

11.0 t'2.120 ’Plallnum — Jul; r^i.'is.js I ."11 «22.: hi*.. 

14.5! C2‘. mo ”1 lO'.'l **I '2:4. Ml'. .1.111 2.-2 dn. 

. \nril 2-IJ 7U-2J3.96. July 2.77.'lil-2>.]i'. 0. 

5.0 Cl. 5 1 8.5 -’4 a. -'u-241. uo. Jan. 242.70-242.W. bale: 

.... |47.a ■Sliver— Mar 307 50 <a(H m> June -Hi’* ;B 
1.6 C 101 ■3‘lVOi. JilL\ 312 «>. Me | it. ."tP 70. D. i*. 

474|. -"To HU. Jan. .114.90. March 742 !"). Mur 

.‘'31,00. Jul) .7.79 40 *>epl. jsT.VHi. L>,-e. 

usO.J". Jan 3«3.IU. llurril 394 .'n. Sale,; 
s May-June. II oUO. llamly and Hannan ?p»i bullmti: 

and dosed at 2792>28PJp fSOS’-slOct. 

London Sc Atlantic Market Brokers Ltd. 
Metal & Commodity Brokers 

On the London, New York & Chicago Markets 
Portfolio Management a speciality. 
Contact : David H. Lamb, A.C.A., A.M.B.LM. 
London & Atlantic Market Brokers Ltd. 

116, Borough High Street,. London SE1 2 LB 
Telephone : 01-403 0582. Teles : 886826 

-1 LVBB 



fin oc 


ropy 0*. 



278. 6p 

1 .. 1 

-0.9 1 

279. 9p 

i iiKnOh*.. 

284 .dp 




292.ap - 



1’: lh-. | 


-1.7 1 

Mahce— US/Prenrb May fl 06.50. June 
and July QW, 75 transhipment East 

June -July £80.00 Glasgow. 

Barley. Sorshum, Oats— All tmehanged. 

■ n-. i »iu,i -i.f I physical tnarkeu uitle toiurt-a' throwsh- __ gVjj, ,-u.3i. Scotland— Cjnle 

!— Turnover 113 (183) Jois'nf 10.W» "“mbtnf down 4 n Pit rent, average prli u 

Horning: Three munlhs 2»3 %. 5.1. ^P°qcd that the ValaWin godmra ur«» 0.770 1+0311. sh^-u uo*n 75 .S p..-t cent. 

1 LME— Tumo 
: nas. Morning 

rolativriy ac&lvcwd. 


MEAT COMMISSION— Average latsiocic 
price* ai rutwvsunlstive martsts on 
Monday/Salurday weekend May 13: 
CB csiUu 69255P per KgJLW. 1 -*-11.60'. 
UK sheep l«l>p per Kg.esLd-c.w. 
t+Ujj. GB pigs EI-6P P« faLLw. 

Entgand and Wales— Cai tie numbers uo 
8.3 ptr com. avi-rsiie 702J2p 1+0 -5*>. shrep 
up is.6 pt-r cunt* antaw price |(Q.fiB 

Scotland— C j nit- 

iMay-Awt. ujline. v Apnl+Junu. ir luly 'SlO-b 1 . 

„ 1llK . _ __ . Soyabeans— May 737} 'TtSi. July 722-720 

nunnrn ' tnaioM and waies— came numbers ir 

jlUB D jlK 6.3 per com. avt roue 702!2p 1 +-0-5ki. shrci 

iiurutKren _ n 1h . ... . up is.6 pt-r trill- awraw price KQ.r.i 

^ n , r ^ t+U.m. pigs up 22.5 per rent. +rrra» 




MANILA. May 13. 


Nn.1 • Provltitw .Yet'nbj'i Uun ines 

H. , ulo«e iiua« 

'ycsterdai’R. + or Husinw* 

COCOA I * Circe — Done 

1 — 1 .... . * 

' xubCtna'c; j I 

Slay 2lS50.M5.fl +45.61965.6-010 

■ 1 1 v JiiHt RCi • I"- *-* v Mine: ft/.«w , An _ -An 

pt-r kgiw * -0.68). UK >hcvp 109.1m ucr tween 400m. and 500m pesos 
knestdew *+7.ji. gb mss 83-Sp per Kgtw (between S54.6m. and S6S.4m.) 
1 8.4'. England aud Walct"lTtt()T » vpir in ^uhsidip4 tn sn^ar 

numbers down U.3 pcf cem. avsmeo a > ear 10 suosl “ ies 10 sngar 

price 76.50& l+f.l2i: Sheep up 3 ! per producers. 

S 2 r- : 8 SSS 8 flSS 8 ff‘ u ' 5=1 Sil Miming sugar placers in 

Jly^li SAToSj? hS- 64.75 ScaOaad-Cailli' number* down NegFOS prOVJDCC, lhe Philippines 



Over 400 sots HI Stock 

ley wMtfr front the manitfeeturen 

- with fell afor^ale* wrvlea 

Telex 897784 


M« v — .7". .—hi ifl.fl. 2 fij j + 86fl' 1 710.B-) S 80.0 Ort-Dw 1 BojfiM « eojo- 60 . 4 o' «D 6040 is u bought sugar from producers at 

■ Mr 18BH J1-17 W ' + 8 3.6| 1685-0 Jin-W 61^0-61.811 61.40-61, S Wi J* aSglaSS^TSfo Si S&SiA a subsidised price of 90 pesos a 

Sale*: 2^00 ( 3.0351 lot* of 5 lonnes. Physics) dosing prices 1 buyers I were: » 41 . 0 . Ulster Mndqnsners 68-0 to 71 . D, picul. 

Intern alias al Caen OrsantsaUwi iU^ Spot 53p isamej. Juitu 52.75p f5BJ); July forequarters »0 to 40.0. 
cents Per ooimdt— Daily price May 12: 55p (51737. Voal: EwUiBh Pal* 72.0 to SO.O. Dutch A ' present world market 

141.97 <143.147. indicator prices Mar 15: - Binds and Bads 9fi.O to M0.60. prices, Mr. ftlarCDS said, the 

CENTRAL REGIONAL Council ceWS per pound i— Daily price May 12 : 5-p ( 52 . 75 ). 

£2m. Bill* >»««» 70i.7B at 8*7*6*-*. hj .87 {143.141. indicator prices Mar 15: 

ti* J 1 iSm w ^ average 14S.99 (1 «aDi: 22+iay cnviortw *xr a » 

reoiacM tne nOHce shonn on WBdncsdav. avflraec 150^9 (15L70). SO\ ABEAIV MEAJL 

v May-July. xJuoe-Joly. z Per ton. 


Slav" lfr~itSr UfSlnMtTuuiri ¥nf+KiT 

£■43,5 8 i 243. 61 1 Z42.27 J~Z69.77 
'Base: July t. 1«SS=t00> 


ilai lb Mil* 12i li.'i'iir 0 SfY™"i^ 

M6lT WSaTf 145 SjO |T679T 
(Base: September" 15. i931=lMj 


lK.w I Jliiv*:" - Slai I iluiiUT'l ZnT 

Jiuic* J 15 12 ■ n»n | hk» 

^7Zji6I 98 35 7. 96 363.304 1 7.9 S 
F>HHiw+a a 0.4 *34 7.49 J 54. 50366.55 
(Average IBS+CS-'JB^IOO) 


„ . . ! Jl"' ( M*tv :JIrtnUi|fiT 

MnWV» j IS I 12 » . ... 

Sfie Li'mn ii rl* 18 9 909.9: 909.4:'s3S^ 
•neermber si. ]93i = lttfj 

1 0tn May. 197B. 

Council: Central ffc 
CS-OOQ.hOO dsue doh 
maturing am Novo mb 
Applications totalkd 

tncra are 

nimr .Ywtetitav + .« au-iutw to ai.B. 

Jt/lfe ; w : - ; 1 W 

DUNDEE JUTE— Quiet. Prices c and 'fiwnimnc lOO-iSO lhs 

L^ K tI“c£ BTC Si* BTO i UDB 'ttS-SJ-aU + I.Q 152.20-28.41) 10 ^ 

£s* Aucu* rai J33-i2-a ^ t-Sn5L«-28Aa- CqvENT 

C 6 .ooo.oon_ ana 
Bills cutstandmB- 

Binds am Ends 9fi.o to M 0 . 60 . prices, Mr. Marcos said, the 

t.“* Mudtum “ 0re rPaIlsUc P dce WOUI <* ** 

Frozen; KZ PL 50 . A to Sl-8. KZ pjj tf.5 pesos. 

English m.p ID 66 B. However, to prevent a collapse 

PoHe. English, under iso ih&ss.fl to te n, or the m u tisl o\ Hr. Marcos sajd. 
uw-120 iiK to 44.0. uo-ifio as 36.0 the Government would continue 


[Hess. £EP&. 

II Sun.). 11JO-9 pj". 

am. Cuicutu hubs chat. Qtmt-iions . I'SIm aoibg per paduw* «ec« whom said he bad also authorised ggj; M nwtnufl* m u 

I7161'. AUs. Tlt.'-'OI. Scnl. (Wli-M!. Xmi-. 

Jan'. SIS:. March 5X... Ua) iQP. 
Soyabean Oil— SUy SS.40-VS.M .JS.30i, 
July 27.40-27.20 i27.55 1 . Au»:. 262t3-wiS.."0. 
R'jU. 23210. Oct. 24.13-U4.IO. Dec 23 ML 
2325. Jan. 2U.95. March U2.70-22.SD. Mav- 
22 .+'•22.. VI. 

Soyabean Meal — May l<U.:HHS(l.50 

. 1 77. SO 1 . .tub- is2.:;o-is-2..«t . tauni. An+. 

!. -2. (VMM. 60. Swill. 173.10-17.4 Xl. 11.1. 

I'O.nX-IIIM.SD. Dc«. lhri.KU-|i;7..'iP. Jim. Ino.llil- 
IfriilH Match 171 W. >13 Y 
Susar— Mu. 11 .litl> T.L'iT.'j; <7 22 7 22'. 
Sual. 7 il -7 31-7.32'. Out. 7 <2>. Jan < to- 
s.:u, March Mai Jul\ « y< 

SSI Sepl. s.uo-f irj. ogi. 9. lip. I?. 


Tin— 523 00-.»4a.liD a sfcrri 1 *u.nn-4.iii.nn>. 
■•Wheat— May .T.'!.' rSCJt. Ju!» “.’itL 
321: i H2| I. Supl. 324. Dec. 329. Maruli JJH. 
May ”0 

4Y1NN1PEG. May 17'. Rye-May i»33o 
hid 1 103. Tn bidi. July 106.71) a -kid i|H3 70 
j'kodi. Dr(. 1M3I). Niur. lil4.i)G hid. Dec. 
»c..» twtl. 

-Oats— AIJV 63.hH i>3 7fli. .lulv $B.M 

hid ini.ih hid'. On. tv 211 a-ked. Dec. 
7 t> m hul. March 7h.u(l Bum. 

tJBarlcy— May SOW) iM.tiDi. July *1.50 
I *1'. 7b 70. 90 1 . Ofl. SII.OO, Due. 79.90 a =Kvd. 
March W.90. 

'-{ Flaxseed — May hid .2*?_2n Mi. 
July :66.50-2«7.M <271.00 bldi. nit. -jfi.. yi 
asked -2 67.00. Nut. 263.00 a'kt-d. pec. 
265.00 asked. 

r ‘ Wheal— SClfftS 13.5 per ceni nrut.-in 
content cK St Lawn-nce 1U3JS 1 i»j.2«.. 

All erws per iniiiml cv-warrhuii'-' 
link'** nthnrwltv -la led. ■ Ss per It'iy 
.... — iiin-ipiiocc Puts t FhJcayn m-i.p 

is per mn lh — Dew »f 3 k prli e. prr- 
uiiiii day. Pnmu -tuam tub NV buflr 
r j i:|r*. Cem* pur 36 lh bu-hr-l ov- 

vurchwic. 3 0110 Bunhi'l Inisi. f s--- per 
irni" 'luncr fur 7+ «z. units or W0 tier 
ci-nt purity dt'livurni NV. • rent-, per 
Iroy ounce CK-warehniisr. '• Nik ■■ K 
enntrnci -■ in s s a -h"M fur bulk lots 
nf ICO J-hiirt funs cU-In trud fnh cars 

- £9^4 and £7.74, July £SA1 and SXJU 
“ B ” twiih: C6.W. £.>7.01 and C7.6B foi 
■» fine 'he restwebTe shipmeu perloda. Yarn 
y " and doth prices firm. 

Sales: 198 UWj Una of 1 D 0 ioiuks. • . cUtfOcsiAm 

^htaslRBea — . help finance. 

rrardumM X4.P0; lemon soire iiarn 
£7.00, 1 medium j £6.50, salthe H.6OC.1V 

e. l.(UW-Uu4iol 

Financial Times Tuesday 


Gilts anticipate April’s tumround in trade b: 

Longer maturities up £1— Equities lack follow-through 

t . 

Account Dealing Dales in the movement with gains to J 
Option and the recently-issued Tyne and 

•First Declare- Last Account Wear 12 per cent 1986 scrip 
Dealings lions Dealings Day regained, t to par in £lo-pald 
May 2 May 11 May 12 May 23 «™- J 

Mavla May 25 May 26 Jun- 7 Traded Options again attracted 

May 30 Jun. 8 Jun. 9 Jun. 20 3 a “°unt of Interest, the 

* " Hew time M dcitiras mav taKo place nunibK of contracts 'done, 781, 
from 933 a.m. nw business days earlier. being the , Second highest since 

Pride of place in stock markets business started. Courtaulds were 
yesterday went to British Funds again prominent with 159 trans- 
of a longer maturity. Leading actions, while ICI and Land Secs, 
equities -were relegated in the were next with 142 and 122 

absence of any lasting follow- respectively. The BP 900 series 

through demand as the funds which started yesterday were 
extended opening gains on were busy, particularly the July 
increasing enthusiasm that last position in which 58 trades were 
months trade balance would be j one 

in sizeable surplus. This was made A irt-tle more business than oi 
factual at the 3^,0 p.m. close and developed in the investment 
the announced figure of a curr ency market helped by the 

surplus, at first glance, cave fresh trade figure ^ Sonie of 

impetus to the advance. the premium were not quite 

MrlS’ SL? Z'mTJr ‘cent lift™ 

IS Vwfter tom in'll,, ^, U Ky *"«*n l» 

leaders, bur the Inn Re r fundVrfU £?Jl r fn 

closed a full point higher on the * acLor was 0.6825 (O.SSLi). 
day. while the shorts were V or ANZ better 

Beainninrr at Friday's enhanced r 5 ™* 11 J rr ?£ u,ar . move- 

levels, industrial' found some order of the day 

support but in the case of first- t * le tnajor clearing hanks 

line stocks it was countered by ® t J un Jj? de £. 

selling and recent institutiona' hardened 2 to 380p but Lloyds 

buvers sraduaiiy lost interest. A , Ibat much to 290p. 

downdrift ensued before inquiries at -92p. held on to last 

revived acain ahead of and after Fridays rise of 4 which followed 
the official news or April’s trade news that the group is to buy 
outcome, hut in the late after- control of the National Bank of 
hours' business prices were turn- North America for $300m. 
inu off azain. Australian issues were firm in 

Measured hv the FT Industrial symDathy with their domestic 
Ordinary index, the market was markets. Higher interim profits 
onlv 0.6 off at the 10 a.m. ealeu- additionally helped ANZ rise 9 to 
lstinn. 5.5 lower -at 2 p.m. and 27Dp, while further consideration 
finally 3.3 easier at 4R3.0. Resili- of last Friday’s half-year results 
enre in mnny secondary iscues left Bank of New Snath Wales up 
allowed rises to achieve a 7-to-2 12 more to 512n. With the exeep- 
maioritv over fails in FT-ouoted tion of Hambros. which relln- 
Todustrials and the broader-based quished 3 to 190 d. Merchant Banks 
FT-Actuaries All-share inrte* to made modest progress. Guinness 
end narrowly higher at 218.52. Peat, 240n. and Schroder*. 414p, 

T « nj r Giltc ernnd rose 4 ar,iece and Leonold Joseph 

Umg La HIS gOIKI added g t0 165p ujjy hardened 

Hopes that the new level of 2 to 40 p amo ng quietly firm Hire 
interest rates would hold coupled purchases. 

with optimism about the April insurances firmed late in line 

balance of trade encouraeea v itli markets generally. London 

support of longer-dated Gilt- United put on 4 to 168 p as did 

edged stocks. The demand was Prndential, to 160p. the latter 
relatively small but aided by following news nf the scheme of 
speculation that the Government arrangement which includes the 
broker had refused bids at a formation of a new holding 
discount for the long tap. it comnany. WilUs Faber added 5 
brought sharp gains which a t 270p and Matthews Wrightson 
extended to IJ points after the hardened 3 to 195p. C E. Heath 
trade figures had been released held firm at 2«5p awaiting to-day’s 
officially at 3.30 p.m. Clarification preliminary figures, 
as to how the unexpectedly good Breweries were idle and little 
improvement in trade was changed with Vaux improving 2 to 
achieved aroused some sceptism a 197S peak of 118p in belated 
and in the late business quota- response to the interim figures, 
lions faded from the best to finish Buying interest in Buildings ■ 
around a point higher. The slackened ahead of the trade 
shorter issues were checked by figures, but the firm tendency w>as 
the presence of a new tap, in generaly maintained. AP Cement 
which first-time dealings will remained dull however, easing 4 
begin on Friday, but still to 259p Elsewhere, Phoenix 
managed rises of J, although Timber rose S to lKSp in a thin 
these were being eroded very late market and P. C. Henderson “A" 
in the day. Illustrating the firmed 5 to 74xd, the latter still 
revived firmness, the FT Govern- on the second half profits re- 
ment Securities index, 0.43 up at covery. Improved nrofits prompted 
71.47, recorded its best rise since a rise of 3! to 33p. after S4p. in 
February 16. Corporations joined French Kicr. while M. J. Gleeson 

put on 2 to 48p in front (Si in- 
terim figures due tomorrow, and 
Cakebread Robey “A" remained 
steady at 23p ahead of today's 
preliminary results. 

Initially dull at 35Sp on bearish 
estimates for the first quarter 
profits due on May 25, ICI re- 
covered In late dealings to close 
2 higher on balance at 363p. 
Fisons hardened 9 to 374p. 
Laporte added 5 to I07p xd while 
small buying in a thin market 
left William Ransom 5 dearer at 

Ladies Pride up 

Secondary issues provided the 
main focal points in tbe Stores 
sector. Press comment drew 
buyers' attention to Freemans 
which rose d to 315p and Ladies 
Pride, 4 higher at 4Dp, while John 
Meades closed 3 to the good at 
163p for a similar reason. NSS 
Newsagents hardened 2 to 119p 
in response to the higher interim 
profits and proposed scrip-issue 
and Vernon Fashion continued to 
draw strength from recent excel- 
lent results, closing a further 11 j 
better at 139p xd. Greenfield 
Millets added 3 at 51p and Foster 
Bros, gained 4 to 109p. Following 
the Board's strong rejection of 
Mooloya's bid worth 20p per 
share and accompanying details 
of the property deal and revalua- 
tion. dealings were resumed in 
Customagie at 2Qp compared with 
the suspension price of 19 gp and. 
after touching 22; p. the shares 
closed at Slip. The leaders 
closed firm but below the best 
with the exception of Motbercarc 
which ended 4 better at 172p xd. 
Shoes closed firmer throughout. 
Press-inspired gains of a penny 
were respectively recorded in 
Ward White. 76p. and K. Glp. 
while Headlam Sims put on 2 to 
39p and Stylo 3 to 56p. 

Although business in Electricals 
remained at a low ebb, the trend 
was to higher levels. Newman 
Industries stood out at 93p, up 5 
more on good results, while GEC. 
25Sp, and MR Electric. 173p, put 
on 4 apiece. Automated Security 
moved up 6 further to S2n, but 
Philips' Lamp shed 20 to 880 p. 

Some useful gains were 
recorded anions secondary En- 
gineerings. Martonair Inter- 
nationa] rose 6 to 17fln as did 
Davy International, to 250 p, while 
Averys. 159o. Birmingham M'nt. 
7 Sd, and Williams and James. 78n. 
all closed 5 higher and Soirax 
Sarco advanced 7 to 27 Sd. W. G. 
Allen (Tipton) edsed forward 2 
to 48p on the disclosure that 
Brockhouse, 3’- dearer at 6fip. had 
acquired a 14.18 per cent stake 
in the company. Whessoe 
hardened a penny to 90s follow- 
ing Press comment but news that 
Aurora had gained control of 
Samuel Osborn through market 
purchase* left both unaltered at 
{14r> and 0?)o xd respectively. Anart 
from GKN which declined 3 to 
2S0n. after 279p. the leaders were 
harder with Tubes up 4 at 370p. 
In Shipbuilders, Swan Hunter 
rose 4 to 142p and Yarrow added 
71 to 27te xd. 

Foods spent another quie t 
session. Rank Boris McDnugau 
were marginally dearer at 33p in 
front of today's interim statement, 
while bid speculation lifted 
Rakusen Group 2 to l&P a™ 
Robertson Foods 4 to 15*P- 
CuIIen’s Stores were also popular, 
the Ordinary and A both closing 
3 better at the common price of 

Hotels and Caterers were widely 
betrer. Savoy A dosed 3 higher 
at 75p ex the scrip issue, while 
Old Swan Hotel (Harrogate) rose 
7 to 44p In a thin market on the 
increased earnings and capital 
proposals. Small buying in anti- 
cipation of today's interim report 
left Reo. Stakis 31 harder at 41j>. 
but Wheeler’s Restaurants, at 
353p, gave up 10 more on a bid 

Avon Rubber wanted 

Miscellaneous Industrial leaders 
bad drifted lower from a Gnn 
start and were standing around 
opening levels at 3,10 p.m ; when 
publication of the April l : K trade 
figures o romp ted a fresh upward 
movement which left prices 

firmer for., choice. Pllkington 
stood out with a gain of 10, to 
495p. while Rank Organisation 
finished 6 to the good at 25Gp, 
after 25Sp. Beech am moved be- 
tween extremes of B66p and 660 p 
before dosing 2 up on balance at 
664p and Glaxo ended 3 to ihe 
good at 583p. In front of toddy's 
first-quarter figures, Unilever 
touched 52 fip before finishing 2 
easier on balance at 522 p. Else- 
where. British Vita. Hfip. and 
Caravan International, S3p. rose 
3 and 3 respectively in response 
to Press comment and Letraset 
hardened 2 to 136p for a similar 
reason. Dnnbee-Corobex sained 5 
to 136p following the results and 
Alpine Holdings edged forward 2 
to 59 d, after 6lp. in response to 
the doubled annual profits. Buy- 
ing ahead of the interim figures, 
due on May 24, left Avon Rubber 
up 6 more at 212p. while Brown 
Boveri Kent advanced 3| to 
54pxd on the disclosure that the 
National Enterprise Board is 
increasing its stake from 17.65 
per cent to 20 per cent through 
the Marker. ICL were In demand 
a 2 a in at 290p, up 8. and Havs 
Wharf were notable for fresh rise 
of 7 at 143p. Bedfearn National 
Glass, at 27Bp. recovered 6 of the 
graund recently lost following the 
Monopolies Commission veto of 
the bids from Rockware and 
United Glass. North Sea nil stock 
TC Gas advanced in to 373p a fid 
Fnseco Dlinsep added 4£ to 165p 

Motors and Distributors made 
fresh progress under the lead of 
Lex Service which rose 3 to a 1978 
peak of S5}p. WHmot-Breeden 
hardened 2 to 74}p, while gains 
of 4 were seen in Lucas In- 
dustries. 31Sp. Dowty. 19Sp, and 
Associated Engineering. 125 p. 
Applevard rose 2 to flAp for a two- 
day gain of 8 on the chairman's 
statement at the annual meeting. 
Commercial Vehicles provided 
contrasting movements in ERF. 5 
better at ll2p. and Peak Invest- 

ments. a penny off at Sip; the 
latter on the first-half profits set- 
back ami dividend omission. 
Dunlop were also notably dull at 
79p. down 3. 

In Newspapers Thomson, dosed 
3 better at 275p. after 27Sp, in 
further response to the annual 
report East Midland Allied Press 
“ A H added 2 to 02p. Associated 
Book Publishers. lSQp. and W. N- 
Sbarpe, I57p, put on 5 in thin 
markets. Among Pa per /Printings, 
Bunzl shed 3 to 9Sp on adverse 
Press comment ahead of the 
annual results due today. 

Properties firm 

Properties encountered further 
good demand that continued into 
late dealings. Leading issues to 
extend gains after hours included 
Land Securities. 5 firmer at 21So 
and MEPC. 4 ud at 123p. English 
Property, Initially steady, rose 2 
to 4l)p and Stock Conversion 
closed 10 higher at 242p. In 
secondary issues. Berkeley 
Hambro out on S to HBp, Chester- 
field had a rise of 7 to 29 Qd and 
Bernard Sunley finished 4 belter 
at 196p. Land Investors improved 
marginal!*- to 40p ahead of today's 
interim figures, while Evans of 
Leeds added 4 to 93p in a thin 
market. Greencoat rose 1} to 7!p 
following Friday's announcement 
nf agreed compensation from the 
French government regarding the 
los c of building permits. 

Oils passed a relatively quiet 
session in which leading issues 
fluctuated narrowly before closing 
with -marginal .. improvemenis. 
British Petroleum firmed 4 in late 
dealings to S6Sp an_d_ Shell a 
couole of pence to 576p. Aus- 
tralian Oils moved ahead in 
response to firmer Australian 
advices: Weeks Natural Resources 
rose 33 to lS3p and Woodsfde 4 
to Tip. 

Overseas Traders contributed 
their fair share of firm spots. 
Tozer Kemsley responded to Press 
comment with a rise of 4 to 5Sp. 
while Hong Kong and Kowloon 
Wharf advanced S to 32(lp on news 
of the company’.* involvement in 
a major project in Kowloon. 
Inch rape moved up 5 to 440p and 
S. and W. Berisrord 6 m 129p. 

Capital issues made the running 
in a firm Investment Trust sector. 
City and Commercial rose 6 to 
IQSp, while M. and G. Dual. 112p. 
and TriplcvesL 144p. closed 5 
higher. JL and G. Second Dual 
hardened It to 2lp. Elsewhere. 
1928 Investment rose 6 to 222p xd 
for a two-day gain of 7 on the 
results and capital proposals. 

R. Kitchen Taylor featured Finan- 
cials with a jump of 12 to 75p on 
further consideration of the com- 
pany’s move to acquire the out- 
standing shares of RKT Textiles. 

S. Pearson advanced S to 210p in 
response to Investment demand, 
while revived speculative interest 
lifted West of England Trust 21 
to 522 and Fltzroy Investment 3 
to 13p. 

Lo/s came to the fore in Ship- 
pings. rising 2i to 35!p on a re- 
vival of speculative Interest; the 
preliminary results were an- 

nounced on June 26 last year. 
Furness Withy edged forward 2 to 
277p in Front or today's prelimi- 
nary figures, but P. & O. Deferred 
gave up a like amount at SAP xd 
following adverse Press comment. 

Tern -Consulate continued firmly 
in Textiles- rising 3 to 57p for a 
two-day Press-inspired gain of 9, 
Su-slant indy higher earnings lifted 
Hield Bros j to I3p, but Coats 
Pat on>; finished marginally easier 
at S3p in front of today's pre- 
liminary figures. Courtaulds were 
also dull at WTp, down 4. 

Highlands and Lowlands stood 
out in Rubbers with a gain of 5 
to lOJp. 

Australians advance 

Australians held the stage in nn 
Otherwise subdued mining market 
A strong performance in over- 
night Sydney and Melbourne 
markets was followed by a good 
demand here and prices moved 
ahead across a broad front. 

Pan continental featured with a 
further half-point improvement to 
a 1D7S high of £12 on further con- 
sideration of the Government’s 
decision to set the conditions for 
the building of the main access 
highway to the mining area. 

The other major uranium pros- 
pect, Pcko-Wallsend. advanced IS 
to 450p m sympathy. Ocean 
Resources, which owns leases 
adjacent to Jabiluka. hardened .2 
to llip. while Mid-East Minerals 
put on 4 to 32p reflecting its hold- 
ing in Pan continental. 

Continued speculative buying 
lifted Pnringa Alining and E&ploru-; 
linn SI more to 3i)p— the shares 
have risen around lSp over the 
past four trading day#. New metal 
Mines also attracted speculative 
interest and closed another penny 
up at a high of Blp. . 

Further consideration of the 
closure of the loss-making Queens- 
land Phosphate mine saw BII 
South put on 3 more to a high of 
S4p. Other base-mein I producers 
to show good gains included 
Hampton Areas, G higher at 12Rp, 
MIM Holdings, 4 better at lS5p. 
and Western Mining, a simitar 
amount to the good at 12Qp. 

A tone weak spot in the section 
was Tasntincx. which dropped to 
T.Ip at one point owing to profit- 
taking before rallying to close 3 
lower on balance at SOp. 

In contrast with Australinns 
South African Golds and Finan- 
cials remained neglected despite 
the firmness or the bullion price, 
which was finally 73 cents better 
at SI 75.375 per ounce. 

Heavyweights moved narrowly 
but in tfie lower-priced issues a 
modest demand enabled Doom- 
fontein to close 12 up at 2S6p and 
IJbanon to put on S to 4S7p. The 
Gold Mines index registered a 0.6 
rise at 140.2. 

Elsewhere. RTZ put on 3 to a 
new high of 212p. while in tins, a 
strong performance in Eastern 
markets took Pahang up 7 to 67p. 

Dealings began in Mining In- 
vestment Corporation (formerly 
Selukwe Gold Mining) under Rule 
163(2) and the shares, after open- 
ing at 21p. closed at 24p following 
a brisk two-way trade. ■ • 

financial times stock indices 







•ri.AI, 7LQ2. 

Gutcntiisiiit an - 

FiMil IllUW't 

lii.I*ivl rial > .... 

t..iM Umi- - 

( Ihi . lllV . ^ WWl . . . . 

Far iiu'£" A 

l»:K . . 

Ik-nliii^- n.isLnl 

y,|.uiy ii:r-i,*irr Clii. 

EumlV lolli:ail> Tt-Tdl . 

• ' inn. 4SJ — - 

z p m. 4Ki.s. 3 p in. f-Tv 
LKHU min tt-B* sa»L - 
• lUstU un X' ix r toot. Lcrounmwn rax. riii'f-J.'C. 

K{«-: jiw iliui. ii’c*. 15 ta Ju liv'd lei. ifcr. lai Ont. IT .S. 

Sli-ni Jic SK AStltllV Jub'-ilOV. iMT 







408 5- 










7foir fti.ii; n*« ! 

73.17. ,'M.Stf 7®.M| 
47B.O: 471.1- 4«0.l[ 
148 4; 144.1: - 143. t 
S-84 : ‘ 5 W 5.58J 
17.11 : 17.33’ 

7.8? 7- IT - 7-901 

3.43 i s,4ia; 

72.48! 71.13* 74.I3 : 

«92 7(r 

. — |1B.42S 1S.09B- 15.06ft 16.T6T S7.46S 

S? ‘ ltd rn. pij i~ Nmm W V ]' m ’ Nf 






7.2a t 







I'TTt . 

i'luti* Ci,mp< t BtA'u 

I Ibch l-n> 

hwi! Int.. r 




;«• 1) 

70.97 i 127.4 ' 49.28 
(U.5> ; Cl'trjtn j ('tai 
72.17 ' 1MJI.4 .' 50.5A 
1,10.=: 43-.-H.47t; ixl.h) 

4M.4 : 549.2 : 49.4 

«*«>: . 
1303 ! 442.3 : 43.5 1 ^navuIpiUt*; . 

. :Ea*;7f-. J.,U.vat -. *RM». . . 


luaiiitra-.-i... [ 

• t « bs .. ; 

Uv A 


Muy ! 
i» : hs 

144.3 i tsai-. t:-' 
29t0 J JBO* -f?.- 
,40.6; STtirfr 

106.2 ; uw; 


196.3 . 196.9 - 
37 Ji • 37.4 
123 3; 121^7 


DEALING DATES were Burma b- OH, .VwGttaiali' 

First Inist Last For Fisheries, Oxley Printing, Lofv,: 

Deal- DvaL bwian- Settle- Sthrmtan, F.ngfisb VrBpftbv 
ing< ings tlun went Pacific Copper, Queen's Maatr- 

May 10 May 22 Aug. 3 Aug. 13 Houses, Associated Dairies.^ 

May 23 Jun. C Aug. 17 Aug. 30 Maurice James, BP, Cbri.-sti«r 

Jun. 7 Jun. 20 Aug. 31 Sep. 14 International, and Jessups. A pat!* 

For rate indications see end of was taken out in PariHga, whUs^. 

Share Information Servux doubles were arranged in BP anft'i 
Stocks lavuured fur the call Burinah OIL 

The lc!iaw,n? lccwtlief aiiated in the 
ShjfO (a(Drm=:iwi Scrrice minnuy 
JT Mined ne« HioM and Lqhs far 1978. 



■- ^ • cucnttCAus tit i 

AltdtQ FMdil* 

lNDUSTlnAI.S *7 1 • •_ 

AHlihAnRIuii AiDhatt tunc AUttn* j 
. . , MOTORS 111 .. r~ 

PiMk Im. 

tmu m 

rattwi-ir inn, 

_ _ TRUSTS (11 

AWMileen iiws. . . 

NEW HIGHS (208) 

BANKS 131 
BURS ill 
FOODS 171 
MOTORS fill 
TRUSTS 123) 

OILS (61 

TEAS 111 
MINES (3) 


British Fund 

Corpus. . Own. ant . 

Fwvtpn BooUs . . ' 

Financial and Prop- ... 


PljflUUfUl .... 


Recent Issues 


Up DmeSatWr' 
« - U ; 

As Z 04 '-£ 
57i in nr : 
a <a. - y sn . 
ii -. j is - 
U S IT - 
U 29 M 
• ) U ' 

J® 1,232 






European Ferries 
Shell Transport... 

BAT Inds. 

Marks & Spencer 


Barclays Bank ... 

Beech am 

Grand Met. ...... 

Lonrho ...... 

Lucas lnds. 

Midland Bank ... 
Northern Eng. ... 
Rank Otr 





1978 - 

1378 * 


marks price (p) 

an day 


. low - 




+ 2 






+ 4 






' J 






* 2 


.' 4*4 




+ 2 






- 21 






T 2 






+ 1 

338 ‘ 

201 S 




+ 2 


















+ 4 


‘J40 •' 




•h 2 


530 . 




-+ j 






'+- C 



Edited by Denys Sutton 

The world’s 
leading magazine of 
Arts and Antiques 

Published Monthly price £2.00 Annual Subscription £25.00 (inland) 
Overseas Subscription £28.00 USA & Canada Air Assisted $56 

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


^ I UU'"*** SIK£Hi. LuiVUOiV K.L4P 4BY 

Telex: Editorial 8S624L/2. S82897 Advertisements-. 8850SS lelegrams: Ftnantimo, London PS4 
„ _ Telephone: 02-248 800® 

For Share Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester, Tel: 246 8026. 



Amsterdam: P.O. Box 1295, Amsterdam -ft 
Telex 12171 Tel: MO 555 
Bivniingfiam: George House. George Road. 

Telex 338850 Tel: 021-454 0922 
Bonn: Pressham 11/104 Heussoilee 2-10. 

Telex 8869542 Tel: 210039 
Brussels: 30 Rue Ducale. 

Telex 23283 Tel: 512-9037 
Cairo: P.O. Box 2WU. 

Tel: 938310 

Dublin: 8 Kilz william Square. 

Telex 5414 Tel: 7S5321 
Edinburgh: 37 George Street- 
Telex: 72484 Tel: 031-326 M20 
Frankfurt: Im Sacbsenlaner 13. 

Telex: 416283 Tel: 555730 
Johannesburg: P.O. Box 2128. 

Telex 8-6257 Tel: 838-7545 
Lisbon: Pnaca da AJegria 58-ID, Lisbon 3. 

Telex 12533 Tel: 362 508 
Madrid: Esprondeeda 32, Madrid 3. 

Tel: 441 6772 

Manchester: Queens House, Queen Street 
Telex 866813 Tel: 061-834 9381 
Moscow: Sa do vo -Sanaa tech oaya 12-24, Apt 15, 
Telex 7900 Tel: 2$4 3748 
New York: 75 Rockefeller Plaza. N.Y. 10019. 

Telex 66390 Tel: ( 2 l 2 > 541 4625 
Paris: 36 Rue du Sender, 75002. 

Telex 220044 Tel: 236.3743 
Rio de Janeiro: Avenida Pres. Vargas 418-10. 
Tel: 253 4848' 

Rome: Via della Merecde 55. 

Telex 61032 Tel: 678 3314 
Stockholm: c/o Svenska Dagbladet Raatambs- 
vagen 7. Telex 17603 Teh 50 60 S8 
Tehran: P.O. Box 11-1879. 

Telex 212634 Tel: 682698 
Tokyo: 8th Floor, Nihon KelzaJ Shlmbim 
Building. 1-9-5 Oteraaehl. Chiyoda-ku. 

Telex J 27104 Tel: 241 2920 
Washington: 2nd Floor. 1325 E. Street 
N.W h Washington D.C. 20004 
Telex 440225 Tel: (202) 347 8676 

advertisement offices 

Birmingham: George House, George Road. 

Telex 338650 Tel: 021-154 0922 
Edinburgh: 37 George Street. 

Telex 72484 Tel: 031-226 4139 
Frankfurt: im SncbsenUiRer 13. 

Telex 16263 Tel: 554667 
Leeds: Permanent House. The Headrow 
Tel: 0532 454969 

Manchester: Queens House, Queens Street 
Teles 666813 Tel: 061-834 9381 
New York: 75 Rockefeller Plaza. N.Y. 10019 
Telex 423025 Tel: (212) 489 8300 
Paris: 30 Rue du Sender. 75002, 

Telex 220044 Tel: 236.86.01 
Tokyo: Kasaham Building. 1-6-10 Uchihanda, 
Chiyodn-ku. Telex J 27104 Tel: 295 4050 





Janus rv 


bVndwj CtaJna- : Closina- | Ckwlne 
r>rn-e i offer i fol- offer I Vo I „crer . 









1 1 



! 866p 





! 105 






. 73 

, 94 





' 45 





Li«m. Unlnn 




1 2 


Liira. Uiihiu 






! i 

L-'tu- Gn[d 


22 1 3 







UoiU. Gold 











301 S 


3U a 





20 1 3 










16 ia 









13l a 














271 a 


35 li 






23 i a 




Grand Met. 







( irsn.1 Met. 








Grand Met. 
























land Sees. 






11 • 


land Secs. 








Lead Secs._ 




13 1 2 


Marlu i apj 




15 is 




Marks 4 mli_ 















573 p 



50 | 









21 j 






















11=-! UiioiW-’s 

Slocfc [STZl+ur| — c 


Bolirteys 138 ;+2 ,6.75 12 7.5 92 













is PF 




I 9,6 
1 28 7 
| 9/3 


I 2/9 


Hi” 1 1 ( Lon 


its R 

I Oi'l 










fl j+ « 

Sf - 



Anui. Inna. lu.r'L Pn i fl6 p . 

Amer. fcxpre*>- Ini Kin. V*rwi.n- c2 ls99sj 

Amilta/ie IG./ 10 inii Cum. Prt:l M _ I HOiJ 

dri 11 a.m.- Uouv. ijum. Ik-1. Ifni I'rvH i lGSi. 

(iii.lpk 1 UIb\, loi |.,i. Mi>n. v-.— j 27 j 

jSlwnwlijU (lani. pli tif* Uni. 1866 ..' Bbg, +'ig" 


|01|kJ«nkaA Cat tel I 10* fum. Pref... J 

Uenrie* iJ.} 3* Cum. Prei 

Mi.l-s5ua*ei Water 7^Ke1. Pn. Ifldi 

97l2[Pittiir.l ai^ Cilia. PH 

-i JTall.<\ Hi C'nr. Cui. lui. '7£LfiJ 

Spin 15^ Cn\-. Cus.Ln.iaa 

9I fl|Tvne A Wear 1£* lied. 1956 

10i[.Wa>iu riitteno lOi Pref 

aaai + in 

iQi w 

..I 105|.Ull; 

101 -l 3 
.. 97 

".‘YD 1 |+te" 

..:ioi ) 


iM.llt 5 “ 
Pnw 5 ^ 
PI \<-z 


























Ktuuin , 

■» I 


: High [ Is.ik 



! w-v i - 
I 1C : 

38(6 19&CIM 1 l£[,oi Brown Uoven K«\t 

alto} 135 I Ilk 'uuilouuh 

— : 39jun 1 33|im , Canadian Imperial Bok„ 
_!.?pin I Nil ;U«!ikr*ai Uoi/1 Mminu.., 

Jfipn-.iH'irlion UUliivl- 

E3/6 SOnni 

S3/6i ol|ini4lipin : K<J»ntTi» ILa-.-kintvsh .. 

a/o' Ud • 42t4;aii|>ra 

13/6, IPfi 16S -Turiiw i \ewail 

— ; 3ipml Sipm : WrfUNi 

19ia iiun+2 

J3fi i+i 

-...[ 39 pm I 

1 I 

38ljpm‘— -ij 

| 50pmi + 2 

52 | 

— . ..J 186 1+5 

Renunciation dare usually last day for deallnc free of siamp duty, ft Ficures 
baaed on prosueciui maimate o Assumed dividend md yield, a For>-ca« divtdorM- 
ower based on previous rear's eamliiBS v Dividend and yield baaed on prasueciua 
or other ^Hclal exumaii'K fnr. ISIS g Cross r Figures assumwi ; ijown t i.., a> - s 
for conversion of sharos not now rauRuis for dividend or ranking only lor restricted 
J" 11 * t 0 ,5 uW ic. pJ P-.ow unless othi.-rirtsc Indicated, “.Issued 
by tender, tl Offered to holders of Ordinary shares u i '- dahLs.” ** issur-d 
W way of caDlraUsstlon. n Minimum lender price. 55 Reintroduced, 
in connection wlift reorsamgation momer or take^wr 111! Umnducuoa. 
id former Preference holders. ■ Aiiumwor letters for (ully-ooldi • 
or parUi-paid allotment letters. * witb warrants. 

r. Issued 
□ Issued 


These indices are the joint compilation of the Financial Times, the Institute of Actuaries 

and the Faculty of Actuaries 


Figures in parentheses show number of 
stocks per section 

Moil, May 15, 1978 








Building Materia ls (27)- 

Contra cling. Construction C26)_„ 

Electrical* U5 I — I — l 

Engineering Contractors (14). — 
Mechanical Engineering (71) — 

Metals and Metal Forming Q7) 



LL Electronics, Radio TV (15). 

Household Goods (12). 

Motors and Distributors (25). 



Breweries (14) 

Wines and Spirits (6). 

Ent erta in ment, Catering (17) ; 

Food Manufacturing (22). 

Flood Retailing (16L 

Newspapers, Publishing (13) . 

Packaging and Paper (15) — 

Stares (39) — 

Textiles (35). 

Tobaccos (3). 

Toys and Gaines (6) 


Chemicals (IS). 

Pharmaceutical Products (7) J 

Office Equipment (0), 

Shipping (IQ) 

Miscellaneous (551. 


Oils (5). 




Discount Houses Q0)_ 

Hire Purchase (5). 

Insurance (Life) (10) „ 

Insurance (Composite) (7)~ 

Insurance Brokers OO) 
Merchant Banks (14)™ — 
Property (31). 

Miscellaneous CD. 

Investment Trusts (30). 

Mining Finance (4> 

Overseas Traders (19). 


448 67 







































+ 0.1 


+ 0.2 


+ 0.1 

+ 0.1 



- 0.1 



- 0.1 




+ 0.6 













+«*. . 

+ 33 


- 0.6 











Tax 52% 



























15. P2 











Yield % 
at 3tt» 





















































































































































































































Year - 






































257 J4 




















213 .75 

15455 . 

3SLW ' 
15729 . 

16691 \ 
187.67 : 

JAL98 '• 


18K79- - - 
21850 - 
13685 . 
295.64 ■ 
i ang z?-; 
16804 : + 
22930 ^ 










29661 . 




m (•: 

1932 , 



itish Government 







xd adl, 

xd adj. 

to date 







5-15 years «. 




• 2.44 


Over 15 years 












All stocks 





Br. Govt Av. Gross Red. 






. 12 

/ ’ ' 






low 5 yean 

Coupons 15 yean 


' MO 

8- SI 









Medium 5 yean 

Coupons 15 yean 

25 years 












High 5 years. 

Coupons is y ears — .. 

25 years. 




11 Ji 










Mnthlny, JUy 15 

lihlex t VU-UI 
Nu. j % 








Tim la v 








‘ a 

- 4 



Tkuis. j VW 
May i: . 



20-yr. Rod. Deb 4 Loans (15) 

57.73 It 12.86 


37.70 } 57.68 


67U7 j 68.43 J 98.43 


Investment Trust Prefs. (15) 

52.17! 13.61 


52.20 j 52.40 


53.87 I 64,23 j 94.29 


Coral, and tiidl. Prefs. (20) 

70.32 ' 13.98 


7CWB 1 TO.35 


7 1.26 ! 71.09 '71. .23 

85.38 } 
51.88 ‘ 

SS h, ^ P “ blW ^ «* Timm. SrariUEU O— 

7 ; 

\ . 


Financial Times Tuesday May T6 rSPTS 


Abbey Life Assurance Co. Ltd. 

1-3 St. Paul's L'burchyurd. EC4. 

Equity Fund 136.3 

EquityAee iJ04 

nxjpcBirtcf . . . H6.7 

Property Arr ISZa 

SehNifm FUnd.— B8J 
Convertitiln Fund Ut 7 
manor Fund _ ... mj 5 ' 

PniS. Property 1710 

Hens. Selective . .. BS4 

Pena. Security .... m 7 
Pen*. Managed _. . 17^0 
Petit. EduJtr 1S9 + 

WTOr, Fd Sit. 4 1258 

7*1 an hit. Sor 4... 133 n 
VMqiuty Fu 5*. r 4 .. !2 ? 
Tt'unv Frt SrT.4 _ 1108 
VHaney Fit Ser. 4... 1DBS 





■ 93.0 



181 ft 


M 1 J 
167 6 
13 SL 5 

■■««« u.. 

' Portfolio Fluid 13MI 1 Jf-'^cwhurehSuEaPSHH. 01 -8234300 

Portfolio Capiud.. .[41.7 473 Z:.] _ • 152ftJ ... . | - 

Gresham Life Ass. Soc. Lid. . ^ 1 Ju “ L 

2 Pnntc of Wales Rd- B'mouUi. iC 03 767033 ^* ew Zealand Ibb. Co. (U.K.) Ltd.* 

CJ. cosh Fund 

— GLE^uKj Pbnd„..|W35 

£- 1 + t*}? B? nd - "-■■■|i«.o 

*ji.l nil. Fund , (uii 

C L Ppfy. Fund —.|W.9 200.9 

Growth & Sec. Life Ass. Soc. Ltd.* 

_ Maiuaod House, Southeod SSI 2JS 0TO2S2855 

Kiwi K*j Inr plan 
Small Co'^Fd. 


Aamrtcun Fd 

Far Edit F«L htJ3j 

— * eir Bras -on-Thaciofi. Berk* TeL 34284 Jj*UEdgM FslT.~. 

Fleahta Finance 

Landhank Sers 

54 71 

Priwa at May p. Valuation normal iVtuci, 

Albany Life Assurance Co. Ltd. 

— Laadbar.t Sr*. Acc.lll4 9 U7. 1 

_ Con. Depoxi*. Fd.... 






W .9 

ML 8 + 5 JJ — 

1067 +03 - 

lias +n _ 
loai +<u — 
1179 + 2 £ — 
1087 +U — 

M 8 ft - 

100.9 — — 

* 1 . Old Burl Ingion SI . W ]. 
VEqurty F<J Arc ... 17a 4 
VFUedUiL Arc... .. 1363 
6Gtd.H0neyFd.Ac-. 1136 
OlBU ManjFtLAm . 102.4 

. » Prop. Fd Arc 1073 

\.Tii_ vwpfo lav. Acc — isas 
* 'lITi Equity Pen Fd Acc. 105.7 
■I FlwMl.FeiLAcc...-. 1715 

ij idJUon Pea. Acc. . (127 7 

InfLMnpDFiiAK — 


IT pic inv Pen. Acc- 





143 C 
1 193 


216 5 




li. & S. Super Fd...! £7870 

Guardian Royal Exchange 

01-4375003 Porcl £xcbaniw.E.C:s. 

Property Bonds |174 4 XBZ-6f ... 4 — 

Hambro Life Assurance Limited* 

7 Old Park Vjme. London. W 1 01-4880031 

Fixed InL Dep ... >■■++* +•■■ — 


ITopcrty . ..... 

Ma narcil Cop . ..... 

Managed Ace 


till Edged . . 

American Arc... . 



Norwich Union Insurance Group 

ro Bex 4. Norwich .VRl3.>tfG. 06(822300 

Managed Fund BSKA 

Fixed lnl_ Fund _. . 150 a 

Depoui Fund 105.0 

Nor. LniL Apr. 15... iqU2~ 

22631 VLU — 

3567 +aa 

131.7 +-0IJ 

158.7 +L71 
11 0-5 

AMEV Life Assurance Lid.* 

Almn Hsc-AlmaBd .neicate. Krtcntr 4016 L £* n Prop fcap. 7 — 
AMEV Managed . —I13ZB 1MW I _ Fen Prop Acc 

aium’ Mud 'B" IJmi .sS2 Jp* 11 - 

AMEV Mosey Fd. — 104.4 104.4 

AMEV EqulW Fd — i 074 11 S .7 
AME\ Vixwlst_ 98.4 ' 95 J 

AlffiV Prop. Fd. _ 963 1015 

AMEVMcd.RtlLFd 77 ft 102.4 

ASSEV Mitd.Pen. H , J? 7.6 1028 

Field pi an fl 8 ft 103 J 

T-en. Man Ace.' 
Pen.Ci]tEd J j.Au-. i . 
Pen. B.S. Can. 

Pen. B S. Acr. _.!. _ 
Pen. DAF. Can. 

124 6 


U 3.4 




137 8 

143 J. 


17 B .9 

139 9 




97 J 


lft »2 





*- 0.5 

2 B 2 .L 



259 ft 


+ 1 J 

206 ft 


+ 6 ft 


27 B .4 

tS 3 


ZZ 7.4 


277 0 


+ 0.9 



159 ft 


101 ft 



Phoesis Assurance Co. Ltd. 
«.KinKWdlianiSt.Ev 4 P 4 Hll. 01-0288078 

_...p i5 74 6 u,t 5 i +L5 ! = 

EbTTtiiqE. [ 7 L 5 75 . 1 J — 

Prop. Equity & Life Ass. Co.V 
1 10 . Crawford Street. WlHtiAS, 01-1880857 

lls 3 

h Silk Prop Brt — 


Hex Muney tad 


Arrow Life Assurance 
M. li thridge Road, 
SelMk.rd.Cp Unt.iB05 
SeLMk.Fd.St 0 

Fen. Myd Fd. Eq. _(11B 4 122 1 

Peo-MiillJFiS^-F.L-tllSO mil ; ,.j _ 

Barclays Life Assur. Co. Ltd. - 

252 Bomferd Rd . E.“. 01-5345544 

Pro perty Fund __ _. 
Property Fund <Ai. 
Aftncultnral Fund. 

„ Acnc. Fundi a> 

Hearts of Oak Benefit Society S at -E UDd - 

, w _t^ 

Hill Samuel Life Assur. Ltd-* EqSg SSSva;““ 

NJ-ATwr-Addlicocnhe Rd-,Crov. 01-0S84355 VoD+yFuud- 

- Property Growth Aasur. Co. Ud.* 

— i*on House. Croydon, C 7 U) 1 LT 3 OieaOosOS 

Do Initial _ 

GliiEdpPenLAcc'. . 

Vo. Initial [m .7 

Monej Pena. Acc. _ ' 
Do. initial 

Bare I aj- bands * R 21.9 1234 

Equl» — 11142 lkH 4 fl' 7 | 

L.Ut -edged ... IUjO Z 116 : 

Proper; hm.6 1GB.C 

Managed [108 0 1138 *031 

*«»*?• pB.l 103 3 + 0 . 1 J 

M*n f’ens.tccum. . 195.1 imi 

fe - 3 ;;; 

fej 96.1 ... 

51 7 Wj 6 . 

■W 9 4 104.7 ... 

. ^ J? 7.1 3 . 023 | ... 

‘Current unit value May 15 

Beehive Life Apsur. Co. Ltd.* 
Tl.LondiardSL.EC 3 . 

Blk. Horse Hay 2 | UB 14 | J _ 

Canada Life Assn ranee Co. 

Z« Hish SL. PWters Ear. Hens. P.Bar Slim 

EqtJ , .GlKFd-J 4 ay 2 ..[ 5 RS I I _ 

nxm. Fled. Apr. 8 .. | 17 6 J | ( — 

Cannon Assurance Ltd.* 

•Property Units 
I'roi’^rtyScrtm A . 

Managed I'mts 

Manaced Senev A- 
Managed Series C. 

Money Ciuu .. 

Money Series a 

Fixed In t Ser i.. 
Pml Managed CspJ 
Pna Managed Act. 
Pub- diced. Cxp._, 
— Pns.LTteed Acc .... 


feu 7 


1 139 5 

— Pons. Equity Cap _ 9S.« 

— Pena. Equity Acc — *5 Q 

— PnLFxdJtaLCap 95.0 

— PniFxdJnLAcc. 95 0 

Pena. Pmp. Cup 95.0 

Pew. Prop. Acc BS.O 


1051 .. _ 

1024 +Dit — 
100 6 +1L6| 

125 9 

1018 .. , 

980 +0# 

VA11 Vi' ember Cap? 
Vint Fd (Is 

Pension FiLVu.. .. 

Conv. Peru F,i. . 
Cne. Pns. Cap L-lJ 
Man. reni-FU _ 
Man. Pens. Cap. Vt. 
lTop.Piwis.Fd. .. 
Prop. Pc as.Cap.L‘ 15 . , 
BdfK. Soc. Pen. L'l| 
Bide Soc Cap. Dv- 

Motiey Fund iAi'.."_! Fund 

Gill-edeed FUnrf 
CLl-tci<al Fd. l A>- 

♦ReUre Annuity. 

Ounined. .Ana'iy-. • 

Prop. Growth Pmlsui & tauniila ■ 
All. W. Uwr Ae. i:ts.[127J SSfi 

176 7 
746 9 
JJ 9 B 


11803 127 Jj _ 

144 8 
U 15 

01423 1283 tm P eriftI Life Ass. Co. of Canada 

SSSjSr 1 ..... ™ rn.rt.cial Ufa Aa™„ C. Ud. 

Pens.Fd. 7 b3 rJ — 

Unit Linked portfolio 

qr: : 

iGVA^LdB JS 3 - 1 - 

222 . Bialxopscma. E.C 2 . 


Ciit Fund 20 .[1163 


l.otmipicWy .Wembley HAS0NB 01-WCG873 If*?? LUo Assurance Co. Lid. 

Equity Units (£ 17.07 

, "n property Units ?95 — I 

isinfsSastfciSa gg* 8 "* 

BaL E xSJExot'UdIi 02.99 1375+0031 

V, Deposit Bond 118.4 1168 

* BQtUty Arctun. 176 — + 1 J 

• Property Arcu!t._. 02.41 __ 

• Mngd. Accum. L 573 — 

2 m E quity 935 989 i + 0 ta| 

2 nd PropatiTy 1032 109.2 

Aid Managed. 966 io £3 + 0 . 2 I 

aid Deposit WJ IBL? 1 

2 nd Gilt 33.8 94.0 

2 nd Ea-PfatalAec. . 9 M» + 05 t 

SndFro PeaV.Aee. _ 105.7 111 9 

2 nd ktol- Pens/Acc SS 5 ' 1 M. 2 J + 03 ] 

• 2 nd DepJ’pns/Acc. 97.4 1031 

2 nd Cat Pens/ Acc. B 9.0 94 J .. . , 

L*ESLF 38.0 405 I -+051 

LAESLF. 2 . 1265 2 S^ 

Curmtl value Hay li 

Capital Life Assurance* 

Coristnn House. Chapel Aah WK» 

Prudential Pensions Limited* 

HalbwnBtra. EC1NSNH. 01-4058222 

018288253 EquiL Fd Apr I3„ 
a« Fxd. lnt Apr ;fl_ , 

4.40 Prop F - Apr 18 

11. Finsbury Square. ECZ. 

Blue Chip May 12._[712 
Managed Fund E21&9 

fjop Mod. MqjrS U75.6 - „ .. 

Prop. Mod.v>th. — [1932 2834 4 — Reliance Mutual 

Kin;; & Sbaxson LuL Tunbridge Wellr. Kent. 

52.Comhill.EC3 01-8235433 Bel Pror-. Bds | 196.4 

Bonn Fd. Exempt _ [10638 107 721 .... I — 

S«xl denlVng dale Mqy 17. 

Gort.Scr.Bd. _.|11930 12550) —f — 

Laoghas Life Assurance Co. Ltd. 

Luigbam Kx. Holmbrook Dr, NW4. 01-3035931 
Lanjt'riBm-.V Plan_[M2 

•Prop. Boqd h4U9 

Wisp ISP) Man Fd 1758 


I I - 

Rethscbild Asset Management 

£l Swilhios Lane. London. BC4 01 
N.C. Prop. Mar 31... [1143 HIM ..... J 
Next Sub bay June 30 

jSail Z .Royal Insurance Group 

' 79.6J ZZj — Now ball place. Liverpool. 

05 1227 4422 
139.9) __.J _ 


Abbey Unit Tsl„ Mgrs. Ud. fat . Gartmore Fund Managers * tal(g> Perpetual Unit Trust MagmL* tat 

72-80. Gatchnusc RtL Aylesbury. 

Abbe v.L'jpli ill [32.9 
AhbevTntiMne.. .. -P 95 
AWicr tni-.Ta. Fd..IJ47 
Abbo Gen-Tfit [ 45.9 

Allied Hambro Group far l£> 

Allied Hwnbro Group iw if J Ejsci 

Balanced Fund* 

Allied 1st 166 D 

Brit I Mill Fund 64.6 ' 

r.nh.tlnf 36.4 

Elect. & Ind. Doc. 333 
Allied Capita] . — - 7L5 

Hambro Fend IffiJ 

Hambin Acc. Fd. [1203 

IbmW Fonda 
High Yield Fd. 

K^h^nrome .. . — , 

IslmBthBAl Fan* 


Secp.Ol .\mencJ — 

Pacific Fond 

Spec ini Ltt Fan* 

Small crL'o.'s W _ 

2nd Smlr. Co'aFd. . 

Met Min-AC'diy _ 

Ou-rscu Knm logs. , 

Expi. Smlr. 1.0 a _.9|21L4 

.Anderson Unit Trust Managers 'Ltd. 

I £8 Fenchiirch SL FTC3M &VA 8239231 

.Anderson f.T. |477 5L3I | 450 

Ansbaeher Unit Mgmt. Co. Ltd. 

1 Noble SL EC2VTJ.V 




+0 3 












+0 3 


14 64 



' 943 





0296 5W 1.2. St. Mary Axe. EC3.1 TOP. 

(EiAtnerican Trt...... 

BrlHsti TM.iAee.i~ 

1 jjmmodilJ- Shore . 
in FarLart. Trurt... 

High Ineome TM — 

Income Fund 

inn Acencics ...— 

Jnll. Exempt Fd — ra.9 
mlnil.TsLtAcvj — 

Gibbs (Aniony) tbiit T$t. Mgs. Ltd. 
2J. BJumlii-lt) SI.. 1X251 7NL. 'D-iSSill 
xaj ,\.G. Income' (H.O 445«HRntT_ IS8i 41 

iaiA.0. KarEas*—. _ 

Dealing *Tues. ttW 

Govett (John)* ' 

77. London Wall, E.CJL 

S'hldr. May 5 |U4.2 14141 

Do. Aceum. Unit — llaS5 169 2] 

Next dealing day .Ma; 

01 2833531 48|2anft. Ifenley un Tlwmcs U4I>!2b»6H 
Sli ,,, f*" UB,t; P-' Jsh - WJ 4L4! .... I 3 66 

28 * Piccadilly Unit T. .ifffrs. Ltd.* laKb) 
g” WardcIcHse.SSki lajnflnn Uai: EF2 £180401 







hiiui 1 1-0 ■ 1 d 




Capital Fund.- 



-0 1 




*<i 1 

7 SO 

ITn-aii- Fund 

38 0 



Arcvraltr Fund. .. 


666 - 

3 ft 4 


M 2 


-0 7 


KarEaM Fd . 


37 fa) 

+0 i 


Amcritun Fuad...... 


27 M 

+J 5 


030 Practical Invest. Co. Ltd.* tyirct 
- 44 .Woom 5 i>uD'Sa wni 2 R\ ui-trsiwn 
FraeiealMn-14— 11463 1553] ...| 

Dl-figa^fiTO Arcum. I a in .. )M7D 219 3) .. .. ] 

••••I 2 06 Prorlncial Life Inv. Co. Ltd.* 

p"‘ 1 *' U6 222 . Biifaopxcale. E.'- 2 ■ 01-2476533 

a is 


Grieveson Management Co. Ud. ^income . IL! : |ioa% iu f! 

MG re uli am St. BC2P2DS. 
Barri ngtoo May 10 .B0L7 
iAecum.L'nil3i. - OAh 
BlU.EVd.mjll. H43 

'Aceum. Dniisi 3004 

Endeav Mar 9 — 174 J 

(Aceum. Unllii 1*8.4 

Grncb'lr.Moy 12 — 93 7 

< Accum. L niUI 965 

I .n Jt Brxls. May 10 - W.7 

(Accum. linltai |72 3 



(inme+ra .nmgrs. Ud.* iai(b«« 

a 47 Hulborn Ran. EON 2 NH 01 -US 9222 

781 Prudential | 126 S 1345 t<- 01 [ 430 

1 gd Quifter Management Co. Ltd.* 

180 ThoSth. Exrhance. FX— Y IH 1 ’ 01 -mu 4 IT 

Ouadrom Gen. Fd.. 1104.7 lOftOdj . .. I 4 23 
tjuadratji lnr.wnc .{l232 U7l! -1 7.91 

2 82 Reliance Unit Mgrs. Ltd.V 

Guardian Royal Ex. Unit Mgrs. Ltd. Reliance Rse.Tunhn dee Well *. KL 0 BB 22 ST 1 
Jtoyal Etehango. EC 3 P 3 DN. <■!«]£ 80 11 Omw W- [M 8 JA 3 

(afikCuardhiUTA- 190.0 Wfl +051 434 2 tSl:StI | }S 

210 EH 

It Opportunity Fd. 164 8 
„ Sekfordc-T.iAccA—WH 

„ . ... . . .. w SekfordeT.lnc. _[*10 4381 + 93 ] 

i NowesuEcvvTj.v ui-eE3B37B. Henderson A flnunlw ration tai tc) |g) a| ana _„ m _ nt » ,j 

loc. Monthly Fund. {1620 17Z.0) f 8.68 Premier HT Admin- 5 Rayleigh Road. Hutton, fz? 6 i ,n °r ZT?* 8 * , r , ■ ■ 

• Brentwood, Essex. 0277-217 238 PO 1^4 18. G&40. Kenned y Si. M^ncl 

Arbnthnot Securities Ltd. (aHc) r.K. Fond* 

37. Queen Rl L ondon EC4H 1BY 01-2365281 Cap.C rowl b lnc-» 

txiro income Fd- |2M 9 lUSaf *0J| U2? 

081 238 8521 

. Vaneheslcr 

Iluthinc. Fund 40.7 

C+ Aceum. l : ni v>i. 54.9 

■»;% Wdrwl LU*J 54.9 
Preference Fund — S.4 

Aceum. UniUi 17.7 

rjtpiial Fund 185 

Uommodl iv Fa nd . - 55^ 

Arcum.1. nil-.i 1*4 

10*. W'drtl.l.'.i.... 48.4 

KmiProp.Fd 17. D 

'ii&nrtl-'iind 40 4 

Arclim. UnilAi 46.7 

•luwihKuiMl SIX 

Accum Uiuiiti 39.9 

Smaller t-'o sFd . - 27.0 
Ea-ilerntrlnll Fd.. 243 
1 8% U'drwI.L'Is./— . 19J. 

Foreign Fd. . 829 

X. Amer. * Inu Kdpo.7 





20 n 
596 tt 
522 n 
293 c 
• 20.0 
332 x) 

+ 0.1 




+o 3 [ 


















103 0| 
103 0 

Archway Unit Tst Mgs. Lid.* fal(c) 

317. Ilipb Holbom, WriYTNL. 01-83 1 823^. 

Arch Fund [82 4 87 . 7 )....} 5 .B 5 

Prices at May 10. Next Rib. day May 18. 

lilgfa Income Fond* 

Hlch Income 

Cabot Run Inc 

Seder Fun* 

FI nan r tai tc ITU — 

Oil A Nat. Res.— — 
lnierauionol ■ 

Cabo! - 

International — - 
World Wide May 
OrawK Funds 
Australian — — . — 


Far tart 

North American — 

AciJras. t!4y!2.. — 


Hill Ss-mel Unit Tst. Mgrs-t <e> 

121 + 0+1 xvt Ridficfield lnt. tT .[96 0 
IgJ+Ojl Ridceticld ItiLomc. f 96 0 

it +oi-| 631 Rothschild Asset Management (gi 

iiuuin six TWW.tiMeheuse Rd . Avlci*urj . dSestHl 
59.S 852 N. C. Equity Fund.. |166J 174 

H 1 *** N C". EngyJfcs.Tii.ju 4 9 122 

3 ci d . D1 . t-i N.C. Income Fund. 

B 0. 701 *03 

”7 a *3 

N.C. Income Fund. 1148 7 

------ ,j 9 26 

... ' M 26 

N.C. Smllr Cot-j Fd[l 529 ' 

• 9 +13 
1222 -U 
1581.1 -07 
98 6 +1 5 
98.6 + IS 1 , 
1627 +0.<^ 

34 h 

| +0 7 

403 a 

74 ; 

-0 i 



IM - 

62 ', 

45 Beech Su EC2P2LX 

ibiBntLb Trust 

*G'Iut7 Trust 
igi Dollar Truxt... 

Barclays Unicorn Ltd. (a)(gi*icl 

Legal & General (Unit Assnrj Ltd. shield Fd._|i 32 L 3 

Key Invest. Fd 




Cash Initial _ 

Do. Accum. (96.7 

Equity Initial kl93 

08083861} SSxifSISh.7 

I :d r 

Chatterhonse Kagna Gp.* 

18. Chequers Sq, Uxbridge UBS INE 
Chrthse Energy _._D7.4 J9.4I 

Cfcrthse. Monty §92 3oi| 

Cttrtnae Managed.. pa 9 4851 

CTirUiac. Equity _...m,0 3951 

MagimBld. Soc. — [ 1246 ) 

Magna Managed _.| 149.8 | .. 

City of Westminster Assnr. Co. Ltd. 
Ritu-Atead House. 6 Vhiusborxc Rood. 
Croydon CRO 2) A. 

West Prop. Fuad_.B95 

l6un»K**J Fund flTC 7 

Equity Fund jsa* 

Futniand Fuad [741 

Money Fund .. 

Gilt Fund 163.9 

PX.T-AFUitd.._._. 173.0 
PBwi.Mngd.Casx„ 1133 
Ptiu. Mnsd. ACC — 1173 
Praia. Money Cap. _ *6.4 
Pena. Moser Acc. _ *b.o 
»P cn» Equity Cap. „ |53.4 
Pens Equity Act _ 

Rmd currently i 

Pcrtonn Units ...) 197,7 

City of Westminster Assnr. Soc. Ltd. 

Telephone 01-084 8804 

Firn. Unite UUta 1M5[ I _ 

Property Units p4J S75| | — 

Freed Initial 1152 

Do- Accum. 1 1169 

DHL Initial _K6.7 

Do. Accum. .--.—196.7 

Managed initial. nifiA 

52181 Do. Accum. pin 2 324, 

— Property Ini hn]_..|97 A 102. 

— Do Accum. _«;W,9 104. 

— legal & General! Pcamtoosl 

Unicorn Ho. 232 Romford Rd. E7. 

Unicorn America— 34.4 - 37 0: 

Do. Ann. Acc 67.D 72 

l>o. Ails. Ine. 533 57. 

lux Capital. -66.6 

CVxEjioniptTrt.— H9.2 114. 

Do. Extra Income .. 28.0 30 

Do. Financial 60.6 65 

Do 500 71.8 77.- 

Do. General 310 33.! 

Do. GrcmTh Acc. 430 

DolncotaeTR 83 6 90 

Da Prf. A 'ns. Tst .. 135.0 141. 

Prices at April 28. Next Rib. i 

Ik-. Recover* „ .1417 

Do.Tnine*.-Fund .1136 
Do. Widwidc Trust »9.4 

B uLln.Fdlnr - 614 

Do. Accwn — (725 

Baring Brothers St Co. Ltd.* (aHrt 

8R Leaden hall St. E.i\3 01-5882830 

Stratton T A |1680 175-21 1 415 

Do. Accum. . 12084 217 2/ 435 

Xetl sub. day April 28. 

Bishop 5 gale Progressive Mgmt. Co.* 

Bjfhopscalc. E.C i 
B'gal e Pr. - *ltay 8 _ 0864 
Acc. I'li '-May8„[220J 
B'gllcInL May 3 (171.7 

. Caulial Trust — . 
b< Flnv.clel Trust, 
bi Income Trust 

01-5345544 'bi Security Trust- [53 0 

Kste!.? (aKg) 

15. Christopher Street. ECi 

InteLlnv. Fond -.— (89 6 


159 4 a 



40 4 i 

+0 5 

78 4 

83 9 m 

+ ! 1 



+ 0.4 


99 0 

+ 0 J 


34 . 9 m 




30 ft 


+ 0 J 

01 -62b 80 11 

11 li 


161 Rothschild St Lowndes Mgmt. tai 

4 -b= St Sn-i thins Lane. Ldr . LC4. 0 MM 4lifi 

■10*. New rt. Exempt _ 1012 0 1190). 1 3 77 

g-jj Price on April 17. Novi dr.hnC Slav l.l. 

7 6 J Rowan Unit Trust MngL Ltd.Viai 

2C2 UltyGalelLsc.. Kin-bur. Sq.,ET2. t'l^.ip IL<*1 
D4 American Mac II. 1672 70 21. 1 0 42 

SccurilinMav 9 -[166 0 174 o| 

High Yield May]: |552 582) 

Merlin llu> 
f Accum. U 

1 Yield May j: [552 582^ 

uni. Uni:'). . 75 7 79 n 

in Mat lu .... D66 80n 

um-Uniti-i — 1935 96 51 ... 

3 95 
7 21 
7 21 
3 76 
3 76 


Keyat 4 ra-lD.Fi-.JJ 4 
Key Ertiny ^ Gen— ,693 
4Kry awag 7d. — D-*A9 



5 .. 

+U4 3 48 inieraanonai ruuni 

+gJ| 4-7B Capital I36J5 39 21-3 3 2 9« 

♦5 a J*® LT.u p *5 rtjui-oi] 399 

+0H 6J2 Unic. Growi h .. . 662 - 71M+D5| 20J 

58 2( +03| 7.01 

Exempt Cash lntt. _( 95 B 

Vo. Accum. ... Rfr.9 

EaemptEqty IniL- U 25 

Do. Accoul .11136 

Exempt Fixed ItdtJl06 1 

Do. Accum ..._h37.2 

01-8348864. Exempt StaigcL Init.hli 5 

Do. Accum C1SB 

Exempt Prop. IniL .rate 
Do. Accum. [96.9 


Property Fd.- 1*9.4 

Gill Fd «ta«L 

Deposit Fdt I22A 

Comp.PensJ r d-t 193.7 , 

Equity Penfl.Fd 1B2.9 1933 

PTOp-FY-nalU* 2103 7?iH 

GUI Pena Fd. 922 973 

DeposPeni.Fd.t— 1*7.6 ]02| 

Prices on May 11. 
tWeekly dealings. 

Schrader Life Grauyi* 

Enterprise House, Portjnoiitb. 


Bridge Fond MfltzagersVCaKc) 

King Wllham SLEC4R9AR 01-8234051 

American A Ges4- 


Capital fne-t 

Do. Acc Y - 







inlerntL Inc t__.— [15.4 


I Dealing 



543 n 

36 4n 


. 145 0 



Royal Tst. Can. Fd. Mgrs. Ltd. 

M.JennvnSLnjv-u.S W 1. 01 029R251' 

Capital Fd. - . .169 1 72 9 | +3 4 | 3 58 

Income Fd. .174 2 7 * i) -> s| 7.20 

Prices at Ma\ I.>. XeM dealing Slav 31 

Save St Prosper Group 
01247 7243 4 . G(eat SL Helms. Londc-r. EUSP 3 KP 
+ 0 . 4 ) 6.40 68-73 Queen St . Edinburgh EH 2 4 N\ 

E-?y FQLd I^snagera Lid. (ailgl Dealings io 01 354 «s» or dsi-em 7351 
2 s. Ki^k si.ECYEJS. tii-606 7070. Sa '* & Pnwper Securities Ltd* 

80 81 +0 4 | 34 $ Inlcraallaiul Fnodi 

+0 4 iemearing Incame Fund 

Kleiowirt 3 aiM= Unit Managers* SJ SSL mT* 

-mIIFE&Zt-- -JBi 

*K_B. UaltFKAc — W5.9 1151 . ... 4 97 

K.B. Fid. Inv.Tsts, -|S25 57jj . ..} 4JB 

L & C Unit Trust Management Ltd.* 

The Stock Ec flange, EC2N IMP. 01-588 2800 Europe [826 

LAC lnt Fd -1133 7 137 91 .. . | 8 .M P? 0 

L&CInll&Uen Fd.| 94.0 97 .$| J 269 L '-S- 

^wson Secs. Lid. *fa).c) 

ni.SHHflritn 63 George St_EdlnbttnhEH 221 G. 031-2263811 Km-rcy . *69 5 

01-S8B62W JRow. Materials ^ 6 *2 0J . . .( 6 61 FltSSciJl Seek ! T [« 7 

Higb-Xbilmaa Funds 
i S Select InternaL 1252 3 
i %% Selmlarome. 1542 

Scotbits Securities Lt±* 

J073 Seotblta 092 4211+011 

1033 gcoty .t eld- gJ2 55 ^ -0.1 

W Accum. Units* <34 

-Growth Fund S55 

*■ Accum. Units 1 605 

tfGilt and Warrant. 57.4 

t American Fd. 24.7 

Jl Accum Units! 25 7 

“High Yield 470 

-'(Aceum. I'nltai _^)&55 




*6 a; -an sms 

47.2 ..... 
604 -o.-rt 
658 -08 








Deal. *Mem. Toes. ttWed. IThurs.' ^Fri. Scotshanre —[572 

ScoLEK.Cth-6 {2155 246 7e4 

_ >... [1602 

Legal & General TyndaU Fond* *w.EYa«r.Biia " 1 i 7 .ll 

18. Canvoge Raad, BnsIoL 027232241 Prices at May 10. Neal sub. pay Slay 24. 

li? Schlesinger Trust Mngrs. Ltd- fails) 

Dts April 12 {568 

(Accum. Units' (723 76.4| 

Next ntb. day May 14. 

1191 ' — Equity May P. 

Hi! ” _ Eqolty2hiy0._.... 

112.4 . _ Equity 3 May « 

U33 — Fi'^ed lnt Mny8 

119.8 ...... KreedlnLMarO.— . 

190 9 - InLUTMqvB 

1S2.0| — KusiGiltMayft 

Legal A Genera) Prop. Fd. Mgrs. Ltd 

11. Queen VlcKura St, EC4N 4TP Ol ZdUMDS Md-*wecd M*y9 

“nfau'! 1 - • Ksssfc— 

Life Ass or. Co. of Pnuuylvanlai 

• to new iweacnrot. 

_ 3042 New Bond SLW170RQ. 

LACOP Doits. POM 105CI 4 - 

Lloyds Bk. Unit Tst Mngrs. Ltd 

Money 3 May 

Deposit May S. 

Property May B — 
01-4838380 PM'P^rty 3 May 8 — B«U 

BSPn.Dn.May 8 — 


Mn.Pn.Cp. May ft . „ {197.0 

Conunercial Union Group 
SL HolenX I. Undentanft.5C3. 
Ynj-ADAoCUKay 12) 5432 

Do. Annuity Uti.. .T| 17B* 

- Confederation Life Insurance Co. 

3ft Cbarxoiy Lane, WC2A IKE. 012420282 

Wlvnoced Fund— 
fVnmifl Pro. Fd 

71, Lombard SL.EC3. 

Exempt 196.8 • Ml* ._..| 

Lloyds Life Assurance * 

23. CUHxm SL ECftA 4MX 

BiLGth. May ft 1 L 29295 

OptSPropTMay 1L.1233 124 

Opt5Eqty.Mayll.U6-7 13?) 

01-3537900 Opt- Hr. Hay 1 1 Ij52.7 1601 

I l „ OptSMmvMnyll.ttftSft 152. 

I :: : t — OPt5l>ept.MarlL.P2JJl 127.' 

01*23 1288 Ma-J^-AHtSteFB-fOLO 

215 J) 
















B 21 


... , rtncorporaling Tndcct Trusts' 

■Tubs. tWejL ±Thu«. Prices May Leonine Administration Ud. ' J«. South Street. Dorldng 

m 2 .DukeSt.Londoo W 1 .MR 1 P 0 I- 4885 BB 1 JKEgSSff 

-I - I?" 1 ?" 1 ' T " a . .ro ** tSfS 3 E=Bl "JS:l)l a f 5 SSBML-i.! 

IuwShScSU . n n OWBftMWOG# U»y«b Bt Unit Ts 3 Mag re. Ltd.* (a) **"£*-*«- ^ 6 

•03CWi M44t 

207 ^ 



AMeLs._ _ 

CapllnJ Acc— 


Commodity- — — . 

Domestic — 


Extra Income— 

Far Eart. ...... 

Financial Sec*— 
Gold* General 


Inc.* Growth 

Inf! Growth 
1 ncestTjL Share*.. 


Nat- High Inc 

New la&uc. 

Yurth American. 

Scottish Widows' Group — — 

PO Box W2, Edinburgh LH 18 SB D. CM-8B58000 


Inv. Ply. Series 2 WJ3 

Inc. dab liar 10 _W72 

Ex. It TV. May3 [136.1 

Mgd. Fen. May 10-.| " 

Property Shares 


Statu* Chan go 

Linlv Energj- — J33.D 

Regi9rar's > Dejx . Goring-bi bea, 
northing. Wert Sussex. 

Fim iBaJacd.) ' 


SretmC iCap.1 _ 


Third Hncome' — 

Do. (Accum i — 

Fourth iExlnc.i. 

Do.iAccum.) — 

Income Dim ..394 

Inc.KBkWdrtrl ...304 

01-8231288 intnl.Growth..— ... 484 
Inv. Tat. Unit* ..— 252 
Market Leaden... 29.6 

■Nil Yield 27 9 

Pret* GlUTrufl-. Z4 0 
Property Shares-.. 25.4 
Special S1L Tst.. . .263 
UJv- Grth. Accum. 213 

U 64 

7.92 V.K.Crth.Dirt fVB.8 

Lind's Life Unit Tst. Mngrs. Ltd. j. Henry Schroder Wagg & Co. Ltd.* 

02 W 594 I mpheapride.ECi 

73-80. Caleb ousc Rtt. Aylesbury 
Equity Accum. ...... H53-5 1595J 

M & G Group* fyKcKzl jmWifayB 

Three Quays, Tow Hill, EOR 8BQ. 0U38 45B8 - tAccmn. I'nltai 

See alto Stock Exchange Dealing*. General May ID — 

3.93 CapimJ lUyB- 


. . . . ' Solw Life Assnrance Limited 

Iondoa Indemn ity A Gnl. ins. Co. Ltd. iwi 2 Ely Place London ecjn oct. 0 LD« 2 B 0 slBf'| 5 ^*yi e — 

18-20, TbeFortmiy. Reading 5835 1L SolarManagedB-gZ7.7 1J45| -HJ.71 - {aLDreftW- TT" 

11505 157 e 

|£3J 1819 

n j 75.9 






3521 + 0.11 — 

FqurtvFer Fuad 
Frxed lnt. Pen. FdJ 
Managed Pen. Fd.. 

Property Pan. I'd . 

VTYrecrtcd In. Poll 

CorahiU Insurance Ce. Ud. 

33.Cornhlll.EC3L 01-0X5410 

Cap Fch. Apr 15 .. .0245 
■ GS Spnr. Apr. 15 ...147 0 
Mn.lTth.FdApriO-flilj 170.! 

Credit & Commerce Instmuce _ _ . n m 

120. Rcgont SU London W1R 5FE. 01-4397081 Conv Dcr-wH*. H 
CACklngd. Fd.. . — |1Z2J} U3.fl| .-.J — . Equity Bond- 

Crown Life Assurance Co. lid.* F^S-sv^r/Z 

Crown UleK«e-WoU nfi. GUT1 1 XW 04883 5033 GntBowP-*.^ ._.. 

Mo «T Manager — t 
M.M. Flexible- 1 

fixed Interest.. t - — . - 

The London & Manchester Ass. Gp.* s^lurinrls." 

Solar Property S... 

_ Solar Equity S 

_ .SoierPuTlntS. ; 


jjaJ ::::J - 

The teaa, Foltortoue, UenV 
Cap. Growth Fund 
OExrmj* Ftare-Fd. 
♦Exempt Prop. Fd. 

*ExpC luv. Tst. Pdj 
Flexible Fund -_T 
Inv. Trust Fond. — 
Property Fund 










147 4 






030057333 Solar Managed F_ IZTA 
Solar ProperWP— 1182 

Solar Equity p 162A 

Solar FidJnt-P 114.7 

Solar Cash P 993 

Solar tntLP iflftl 


17L< +0.9 - 

1ZL1 +*5 — 

1 RM 

106.4 +OJ 
13*2 +0.7 
115.9 — 

17LI +0.9 
1202 +05 


106.41+05 — 

Mnng'd Fund Acc... BOO 0 
Mar.g'd Fii Inem. —llOO.O 
Ms lut'd Fd- 1 OIL . mo 

Equity Fd. Are (JOB 

Equity Kd.lnmj.. -1930 
Equity Fd.lniL .1950 
Ptroert* Fd Act -.195.0 

Prnportj- yd Innn psa 

Property Kd. Imt -R6.0 

Inv. Tst Pd. Acc .195 1 

Im Tst Fd. loan. «5i 
Uiv.TsLFd.laiL .l«.l 
FucilltK Fd ACC.. 

Fred luVFiLlhrtu..V 

iMrn.Fd. Arc f 

Intera Fd-lacm. — f 
Mows- FtL A»-r .. . 

Mann Kd. 1 ncm . 

Ihrt Fd Imm. . . 

Crown Brt. Inv ‘A . 

10521 + 0 . 9 ) — 

1052 +0 9) 
1050 +0.91 
100 * 

10 CX 
100.1 +c.l] 
looi +o.S 

1001 + 0 H 
1001 +07} 
100.0 +0.7" 
ioo e 

lSsl! +14 


M * G Group* 

Three Quays. Tower HUI EC3R 6BQ 01-038 4988 

U72 I232J 

233J 140.0) 

1553 - 

177B — J 

1052 1W.£J 

IiUnrnatuL Bond**. 43.2 U332| 

Managed Bd"‘— . 1225 139-3 

Property Bd- 1547 lfc26l 

Ex. Yield Fd. M - .. £30 iW.ll 

Recovery Fd-Ud.*- 603 6351 

American Fd. Hd.-. ZZ2 MO 

Japan Fd.Cd. 1 BL4 54.ll 

Prices on -Stay Ml -*Stey 11. —May 12. 

Merchant Investors Assurance 
128. High Street Croydon. 

Sun Alliance Fund MangmL Ltd. 

Sun AlUance House. Honham. 040384141 

ExpJTd j u t. Ka y in.|OA8ft8 1 5&50| .... j — 

ltd.Bn.MayB f £1 

Sun AIH an re Linked Life Ins. Ltd. 

Sun AHianee House. Horeham 040804141 

Equity Fund.—. 0352 119, , 

FUrdlnterestFd. „ 103.1 108.6) +0. 

Property Fund 1076 11331 ..... 

Interna Uonol Pd. 1050 110hJ +0. 

Deposit Fund- 96J 

ManEged Fund [106.4 

lAcc-um. Unite) 

An sira lari an 

f.V-ciim. Uuitsi 


(Accum. L nitsi 

Compound Growib. 
Conversion Growth 
Convert on Inc. 


1 Accum. Unitsi 


■Aceum. Unitsi - 

Extra Yield 

(Accum. Units' 

Ol-dOOffiao ParEaslore, — 

t Accum. Unitsi- 
Fond oil nv.Tsu._-. 

lAccukl Units; 


(Accum. Un 1 isi 

High Income 

(Accum. Unitsi.— 

Jf) Japan Income 

’ “ (Accum. Units; 

j-5* Mugn^m ^._ iaaia 
4.ra tAccum. Unitsi-™™ 

3^ Midl and .. 

2-55 (accohl Unitsi 

*« SSsiiTz:- 

■ Second Gen 

Canada Life Unit Tst Mngrs. Ltd.* lAccum. L'niUi — 

3-G High Su Potters Bar. Hens. p. Bar 51 122 Special 

can. .On Din. [38 4 40.41 +03| 432 

Do. Gen Accum. — M65 49.BI +0.41 432 

Do. Inc. Dirt. |J41 35 93 +03 75fc 

Do. Inc. .locum.— [446 469) 756 

The British life Office Ltd.* tat . 

Reliance H«f .Tunbridge Well*. 10.088222271 

53 « +031 5.47 

!3 485 id ....J 551 

_ 2 9.64 

•Prices May 70. Next dealing May 17. 

Brown Shipley & Ca Ltd.* 

Mngrs: Founders -Tt. EC2 

BS Units May 8 

Do. I Arc.) May 8 — 

Oceanic Trusts tai 



Growth Accum. 

Crowtfa Income 

'High Income—. 


Index.. — 



Roeovery .. - 

Exmpt. April 10- ..[584 



| +05 

) 4fth 



I +0.4 

[ 4.B6 



| +0-2 

[ 388 


19 8>d 


[ 440 






48* +Q3| 
38 W +9^ 


613m +0.4[ 


Sun Life of r pnarfa (U.D Ltd. . . _ „ . 

2, 3,4. Cockspur SL, SWlY 3BH 01-830 5400 1 


180 (Accum. Uttittj- 

1 Its . Europe May 4..., 

198 (Accum. Units).. 

198 ■Peis&CtiarFdAp25 

[ 100.1 

. 338 

399 6-Spcc.Ex.MarTl_l236 2 

Recovery May 12... 





3 V 93 


!M 3 

243 H 

189 ^ 


Arbutbnot Securities (C.I.) Limited Ring & Shu sod Mgrs. 

P.O. Bov B84.S*. Halier. Jersey. MU472177 : Chari nq Crtris.51. Heller. Jervy.rtBMi 7X41 

Gilt Fund tJcree> i_|9 23 
C,ltTriist,Lo.M.i.. 107.1 
GiltFnd Guernacyjtft 63 
lirfl. fieri. Sre«. Tm. 

F1PB Sterling 11839 . 

Firttlntl 18437 

Cap. Tst. 1 Jersey *....1115.0 U9.<M .... | 420 

NeiL dealing -late May 23 

East &Intl.TsL<Cli..|li26 139.fl ] 3 15 

■ Nest sub May 26. 

Australian Selection Fund NV 

Mnrltct Oppnrtunllle*. c Ip !ns(t Young St 
Oulhwaile, 137, Kcol St-. Svxlncy. 

US»I Shares 1 .SUSLK \ J — 

Bank of America International SA. 

35 Boulevard Royal. Uixcmbount GJ>. niriawrt Lux. F 

Wldironl Income ..ISUSI1I47 UI®1 . . f 5 83 

prices at May 11. Next #i«b. day May IT. Do^Acxmn 

Bnk. of Lndn. & S. ,\merici Ltd. HfiEBSTi/.: 

40418. Queen Vlclortn SL, EC4. Ill-9an2313 KBJapinFund-.. 
Aie*juid*t Fund , .[Il'SkM - 1 ...J _ K-RU5.Gwtb rd . 

Net *sset value May 10. I_ 

Volley Hsc. St. Peter Port. fira*. (0481 2*Ti« 
I Thomas Street, [•ouftla?. 1.0 M ,0474 - -V?M 

915)4 I 1200 
109| . 12.30 

963 i &» 

ibSS:..:I = ' 

Banque Bruxelles Lambert 

2. Rue De la Recraw B IW0 BruiaelK 
Rents Fund LF- -.[1,835 U42i . | 7ft8 

Barclays Unicorn InL tCh. Is.) LUL 
1, CBflringCrnu. Sl Halier. Jrxr. 05347374! 
Crterxeus Income _.M8£ _ 51.6} ... ) 18.98 

Uni dollar Trust prsWB Ud . . 425* 

UBitond' Trust pt-iWB UtJl| ... [ 800 

•Subject to ice and withholding Lues 

Barclays Unicorn InL (L O. Mam Ltd. 

t Thomas St. Douglas. I.eJU. 0024 4856 

Kleiawort Benson Limited 

. 20. Fenchurch St. EC* 01 -GS »B 

~ r ■ 1,039 J 3JT 

PUS 670 . ... 4 64- 

1713 7SS ... 462 

Sl'&lOU .... 132 

SL'SIL 16 ... 2 06 

SL'S30.4=rt .... C 53 

SUK1L4M ... 079 

5LS423 167 

'1765 18 60) . . Bift 

•KB net nr. London paying acenu only. 

Lloyds Bit. (C.I.) l'/T Mgrs. 

PI) Box 19b St Heller. Jerscj 0534 275*1 
Liny ds Tst. Crxcai -B55 5841-111 2J0 


Unicorn Awl ExL .M9.0 

Do. Auk. Mm. 23.7 

Do. Gru\ tactile — 603 
Do lull. Income — 38ft 

Do . I of Man Trt. 472 

Do Manx Mutual.. [25.1 

52 71 
30 9a 






Neal dcahiui date V.»> 15, 

Lloyds International Mgmnt. S 3 . 

7 Rue du Rhone. PO R>iv ITU .211 tiuirvs 11 

UoydslnLfirowih.|srB!JO | 1 M- 

Uu) da Inu I neoroe |sFWtM J3«j { 620 

M & G Group 

Three Quo> r , Tower Hill FX3R DPQ 01«B 4.'88 
Atlantic Mat-2 B152H ;|W ... I 

Altai. Ex- May 10 STSIM 21ft — 

Gold Ex. May lu kt+IH l«c( [ - 

Island — ... ima 1264=4 -0 m 4347 

1 Accum UniLt 1 1680 17B q -O 9j 43 47 

Bishopsgate Commodity Ser. Lid. Samuel Montagu Lda. .Vgts. 

P.O. Box 4C, Douglaa.l o M. 


CANRHO-Tlw 2 ... 
ecu. "NT** May s . ..[£2337 2 « 
Onemaliy umed at *110 

MEA-SOll 1M.OM Brand V4.E.CU 


Bridge Kaoagement Ltd. 

P.i> Box MW. Grand C«>nin. Cayman lx. 

N'haafai May 3 I >15542 I . ... | — 

U P O. Box 50ft Hnns KOOK 

Nippon Fd. May 10.11573 16 451 | 076 

Ex Stock Split. 

Britannia T&t. Mngmt. (CP LuL 

Apollo Fd Ma>-10- SFM.7S 
JanhrelApnluO .. 14)0316 
1 JTfirp. Maj-.l . . JlSlkiJ 

llTJcne Mny3 .. C448 
UTJrsjU'vApr 38 0X15 

52 4D| 


1 I 57 I 

7 lb 


1*41 221 V.21 

4 .U 




3V Bath St.. St. tlrlirr. Jersey. 

Growth Invert 132 3 7* < 

lalnLFd 174 0 601 

Jeney Energy Ts: .13C9 150. 

Untvsl. Dtr Tvi . -BI S5 05 S3 
Umvvl.Vru.MC -Ifslb zx,. .. 
Value May V— Next dealing May iSC 

Butterfield Management Co. Ltd. 

P.O. Box 185. Hamilton. Bermuda. 

Bn areas Equity — (233 2551 ...J 176 

Buttress Income — pis L96f . . | 738 

Prices at May & Next sub. day June 12. 

Capital International SJV. 

37 rue Notre-Dame. Luxembourg. 

Capitol InL Fund— | SUS16B7 ) — 

Charterhouse Japhet 

Slatray. Johnstone (Inv. Adviser* 

1(3. Hope Si .filaiiion. 

-Hope SI Kd .1 SU.S7261 

-Murroj Fund I V':-UK 
■NAV .xprtl 30. 

Ncgit S.A. 

08M73IM io* Uoulrv-ard Rojal. Lairmlwurc 

NAV May & . _ | 3 USX 0 J 3 1 . . . | — 

Ncgit Ud. 

Bank of Bermuda Ridgy, Hamilton. Rmda. 
NAV Aprils ..|£A9> — — " 

Phoenix lnlernatioiul 

P0 Box 77, si, let+r port, iluernxev. . 

Inter-Dollar Fund 1230 2 451. . I — 

Property Growth Overseas Lid. 

2B Irish Town, fiihruliar -i..b-tims 

V S Dollar Fund 1 SUS3S89 | . { .- 
Rtcrltug Fund . ..[ U24DS \ . [ — 

Richmond Life Ass. Ltd. 

OI.2«a»flO 4B. Athol Street. Dvmglof. LO .M 082423814 

1. Patemorier Row. El" 4. 

lYduppa — tUM24 80 

Arijverba. IMMlja 

Foodak miGOeO 

FcndJs fPMZLa 

Emperor Fund. Bca SI 

HispoUO .... [SUS4LS 

Clive Investments l Jersey) Ud. 

P O. Box 320 . Sl Heller, Jersey. 05M 37381. O.C Eq.Fr Apr. 2S .1511 

537 Richtnond Bond FI. 

Do. Platinum Bd.. 
Do. Gold Rd . . 
Do. Cm. 87. re Bd ... 

105 8 
Ml 1 


" Rothschild Asset Management iC.i.) 

P.OHox 58. St Julians Cl Guernsey. 0481 2833 1 

L'liiofiilt FcLiC I.i.|9 85 




1 . 1 . 191 . 

ancCllt Pd.Usy .)-|9JQ 

Cornhill Ins. iGnernseyi Ltd. 

PO. Boa 157. st Peter Port. Guernsey 
In tail. Han. Fd —11675 1R5{ ( — 

Delta Group 

P.O. box 3012. Nassau. Bahamas. 

Delta Inv. May 15- |SL69 1.771+0.(0) — 

Deutscher Investment-Trust 

Pomfach 2888 Biebenw 8-10 8000 Frankfurt. 

Concentre- „ [Dma .70 »tt ... I — 

InL Rentenlonda — IftKMjH TUMI [ — 

Dreyfus Intercontinental Inv. FtL 

P.O. Box N3712. Nassau. Bahamas. 

NAV May 11 PUS11N KM) | — 

Emson & Dudley TsIJWgLJrsyJLitL 

P.O Box 73, S. Heller. Jersey. 

EJDJ.C.T. (114.0 1213)... . | — 

F. & C. Mgmk LUL Inv. Advisers 
1-2. Laurence Puuntney HUI. EC-tR OBA. 
oi-un 4OB0 

Cent Fd May 10— | SUS5.16 |+001| - 

Fidelity Mgmt. & Res. (Bda.) Ltd. 

PO Box 870. Hamilton. Bermuda 

... 54 

OCJiW.Fd.Hay 1- 150 8 Z60Cn 

o.c mu Fdt - S154 131 

OC-SmCoFdAprtM 1548 1435 

O.C. Commod In- .... 1316 140.9 

OjC Dlr.Comdty T... S2538 27 COc 
Price on May li Next dealing May 

1 34 


Fidelity Am. Ass— 
g;de'ity lnt. Fund. 
Fidelity ?ae. FA — 
Fidelity Wr d Pd . 

JVS13 74 

rPrtce on May 8. Next deoilcf May it 

Royal Trust (CIi Fd. Mgt. Ltd. 

P.O. BOX 1M. Royal Trt. Use.. Jersev. 0034 37441 

R.T. Ml Pd [JTS904 9*41 ... 1 30a 

RT.ltKT.tJs>-. 1 FdL JOT 93] | 3J21 

Prices at April 14. Next drallns May 15. 

Save St Prosper International 

Dealing l*>: 

37 Brood Sl.SLflelier. Jersey 0534-20M1 

U5L DolIar-dniOEilnrt*d Funds 

101W | 6.93 

4 aS» 

093420581 SeproHL.'lZT- i-lstsdlU H«| 

Sterliurdnaombixted Fonda 
Channel Cep|taJO-.B33 0 24531+3.61 1.63 

Channel Idandst— [K4 3 157H+21 4.94 

Cammed. May 11-. 119.5 125.9) ( — 

SLFsd.Mayll |ll04 116 Bid) . | U 90 

Prices on *May a —Ma;- 10. —'May 11. 
JffeeUy Deannas. 

Schlesinger International Mngt. Ltd.* 
41 . La Mode SL. St Hriler, Jersey 0634 73388 . 

DlrFxdlnl— Stay 10. 1953 

IntendL Gr t 16.63 

Far Eastern* J 17739 

North Amert can't - J 64 

— S.AI L. 


SA-C'U Mft5 

Gilt Fd C32 

Fidelity MgmL Research ( Jersey! Ltd. 
Waterloo. Hse..Doq St- St Helier, Jersey. 

0534 27581 




£16 III 

:~J = 


Maple U-Clith- — 1 
Maple LLMacKd.- 


Property .... 


ra^utey 1 

Equity Pen*. 

Money Mnrttot 

Money MkL Pens... 


Deposit Pena.. 


Manaced tana. - — 
Inti. Equity 

56 1 


Crusader Insurance Co. Ltd. 

Vincula Houm, Tower PL, Ed 01-8288031 loO.itutaced 

fth.Prop.Mas-1 — HA.4 763b| . . ..[ — NEL Pensions Ltd. 

Eagle .Star Iwrar/Midland Ass. court Doriane. Surrey. 

>.Thrt.adn«.dle 5 t.E«- 2 . M-SWIM g£ SBqiS&tSnillSO 

iaxle'Mid L’nils-.| 5 I 0 539 ) + 03 i SftC sSo^yC,p .-6011 

Zonliy & Law Lite A«t Soc- U d.* S 3 , 

'nirrshant Rood. Illfth Wycombe 04M 23377 Nalcx Cth Inc Cap .{47 9 

U1-8WS171 Maple Lf. 





.100 Old Broad St, ECSN 1 BQ 

Capital )80.# 

— Target Life Assurance Co. Ud. 


„„ 85.N >....! 433 

Income _(756 8051 . . .] 748 

Prices on May 3. Next dealing May 17. 

ICartiol Unit Fd. Mgrs. Ltd.* (aj(c) 

•For lax exempt funtte onty 
B .77 Scottish Equitable Fnd. Mgrs. Ltd.* 
7.75 28 Sl A ndrews Sq- Edinburgh 031-5S69KH 

7.75 Income Units 144 5 527cd ....I 510 

305 Accum. Vitus . 156.4 630 b} .. ..4 5 J 0 

Deriing dey Wednesdar, 

8.23 Sebag Unit Tst. Managers Ltd.* (at 
POBax51]. BcWbry Hw.EC.4. OI-SMSOM 
446 srbau Capital Fd _|33 4 35 Of +0.4| Z 83 

499 Sehag Invome Fd. .. [304 Jlg-rOJI 

5 M Secnrit y Selection LitL 

BB J9-W. Lincoln's Inn Fields. WC2 01-8316938-0 

853 L'nvj Gtb Trt Acc _..|Z3 8 25.4) ( 3 70 

123 llnvl Gth Trt Inc _ . |20.9 223| ... | 3.70 

Stewart Unit Tst. Managers Ltd. lai 

"3.®! 49. 'Tharloue Sq, Edinburgh. 0312283271 

?!! ISicwart American Fund 

5™ Standard Unite. [642 685) ( 143 

• n Accum. Unite ....<M9 T 

? WllhdrauaJ Uniu..|512 • 

5.18 'Stewart British Capital Fund 

4 21 Standard.. 11321 14261 ] 3 42 

4 21 Accum. Unite J1513 1634 ...J 3.42 

DmtJIn*! IFrl. -Wed. 

iX Son Alliance Fund Mngt. Ltd. 

L a Sun Alliance Hue . Horsham. 0403 Sill! 

ExpE^ Tst. Sla.! 10. 11284.2 UU| fl ^| 

V The Family Fd ... [96.2 

5W Target Tst. Mngrs. Ltd.* laxgi 

‘■quUy F'd . - 
■ropertyEd .. 

1»M lnlcn+1 K — ' 

Ud lN-f+raii Kd -Mi 
llx-dFd . - -1109 

Net Uxd. Fd. Cap-|477 501 

KelMxd Fd. Acc -.(47.9 .S0.4 

TJext Sub. Day May : 

Ftr New Court Prorertx see under 
BothachUd Aaaet Management 


.\ B-N. Bjnk B 

Allied Irish Gunks Ltd. *.» % 
.American Express Ek. 

Amro Bunk 

A P Bank Lid 

Henry Anshurber 

Bunco de Bilbao 

Bunk of Credit Cmce. 

Bunk uf rjrprus 

BjRk of N.S.W 

E. inijiiL* Roltn? Ltd 

G.ihguc dll Rhone 

F. iri'ii'ij s Bunk 

R:i-r.t*ir i^irNire Lid .. 
i:, Holdings Lid. 10 
Bni Hunk of .Hid. East 0 

I Rruvvn Shipicv 

U..:i!id:i Pi’rni‘ 1 . Trust 
Curdl'd C & C Fin- Lid. 

Ca.iver I. Id 

Cedar Holdings 

Charterhouse Japhet ... 


C. E- C dales 

Consolidated Credits... 
Co-operative Bank .- " 

Corinthian Securities.. . 

Credit Lyniinais ......... 

The Cyprus Popular Bk 

Diineau Laivric i. 

K:<.Cil Trust 

File I tail 'I'r.mMNint. ... 

London Bees 

Fir-; \at. Fin. Corpn. 

V;r.,i .Nal. Sees. Lid- ... 

Viiiony Osblis 


Crindb.vs Rank : 

Cusuness Maims 

Hand; ros Bank 

9 % 

H l n 


9 % 
S < 7 . 
9 % 
9 % 
R "i 

9 *^ 
9 T. 

n % 
a «« 

9 °n 

y % 

9 % 
9 % 
10 % 
7 t% 

9 ‘.v; 

9 % 
9 ^ 
9 ‘T> 

y % 


R % 
V ‘Ti 

10 ‘V. 
a t. 

BHiil Samuel S » ( T. 

C. Hoare & Co t 9 % 

Julian S. Hodge 10 T, 

Hongkonfi & Shanghai 9 % 
Industrial Bk. o£ Scot. 71 

Keyser Uiluiann 9 

Knuwsiey & Co. Ltd. ... 1I1«T, 

Lloyds Bank 9 % 

London Mercantile ... fl % 
Eduard Munson & Co. 10 j. l V» 

Midland Bank o"‘7, 

B Samuel Montagu 9 ^ 

B Moreau Grenfell 9 *7, 

Xalionai Westminster 9 p,', 
\nrwirh General Trust 9 “it 

P. S, Kef sun St Co. ... 9 «V, 

Rossminstpr Accepfcs 9 
Royal Bk. Canada Trust 9 °,'i 
Schlesinyer Limited ... 9 % 

E. S- Schwab 10J l u 

Security Trust Co. Ltd. 10 % 

Sherdey Trust 9i% 

Standard Chartered ... B °p 

Trade Devi Bank 9 % 

Trustee Savinjs Bank 9 % 
Twentieth Century Bk. 10 ^ 
United Bank of Kuwait 9 % 
AVhiteaway Laidlaw ... 9f-°i 

Williams & fllyn’s 9 °fi 

A'nrksbirc Bank 9 

0 Mvmintrs uf ibo AcuCbUitg UouscG 

Comm ill 

• 7-day ilupailis 0 ... 1-monih dtposlw 

■ 7A.iv dvpnMg un sums of riWM® 
ami noikr »•: . un m £23.000 6i% 
ami over JLS.tWU rti .. 

T Call Opposite OUT CS.OtUI s%. 

; tb'IRilllll lll-positx B'.'ii 

1 nan; also appUM io Stcrlins teO. 


Prop. Fd. Acc. 

Prop. Fd- lav 107.0 

Fuad InL Fd. Inc 104.9 
r-«p.Fd. acc. lac— me 
U+'. PUat Ac. Pen., 72 B 

RcLPlflnCapPfui 68ft 

Rct-PjanBInaAcc— 12*1 
I(ct_PlajiMBn.C»p... Uft .4 

Gilt Pan. Ace. — 128.7 

cot Pen. Cap. {raft 

Translateraatfenal Life ins. Co. Ltd. 

2 Bream RMg.. EC 41 NV. . 01 - 40 S 8«7 

Tulip Invert. FA — 03919 147 . 

Tulip ManvM.Ftl_.lni5 HI; 

Man. BurefFd fli 4.9 120 

Man. Pan. Pd. Cap. . 118 ft 124 , 

llan. Pen. Fd. Ace . 1125-1 13 LI 

(Accum. Units’— 

Specialised Funds 

Trustee — 1146 0 15 AB +1 

(Accum. (Jmte>— ...D8D3 295.7 

Chan bond May 9 -J 109 . 9 s] 

Charild. May B ]l 446 146 . 8 a g 

(Accum. Units) ( 179 ft I 8 L 9 .. J 

Peas. Ex. May la— \1» 6 1M.94 +U7\ 

Manulife Management Lid. ai. Graham sl.ei .-2 

Sl George's Way. Stevens* e. M 38 MI 01 TarBWComicodity. 34 4 

Growth Unite... - 151.5 54 2 | | 3.75 Tareci Pins ncial.... 599 

Mayflower Management Co. Ud. Taraw^Mwib- 2084 

1 S 5 D 
28 ft 


[Charterhouse Japhet* 

s l. Paternoster Row, EE 4 . 

PCJ. Internal! [22.8 

lAectim. Units fZb.B 

fCJ. Income B 3.6 

CJ. Earn Pin 060 

Accum. Unite [302 

CJ. FA Ins Tst 064 282 

Accum. Units |30.4 324 

Price May 10. Next dealing 

30. Gresham K..EC2P2EB. 
Were. Gen . May 1Q-I178.0 

Aec.DLs.May io B31-2 

01 »8 3000 Mere. InL May 10 ._KLo 

01-0004555 Target Inr. ■— W? 

■ 056 ^-aeiO-IgTi 

-I SrnsCromh'FA 

-P 9.1 









Accm. U Is. May 10 -166 1 
McrcftbcL AprftT -.P03.4 , 

Deal infix (KS85W 
37 01-0 3 ) 3 91 
655 — 04 | 

40 4 - 0.3 
120 4 

305 + 0 -\ 

32.9 + 0 .ri 
325 « +0 
165 . 4 B .... 

313a +0 2 . 

15 fta 
206 + 05 ) 

3 90 


Chieftain Trust Managers Ltd.*ia)(g) 
11 N«wSLEC 2 M 4 TP. “ 01-2833832 

American hz23J 25.ll +021 lfcfl 

High income HO 9 44-0>d +03 959 

Z 3.4 253 + 6 S 353 

6 28 M +oii 457 

A ccmn. uii Apr-2”. [2428 " 2^91 " " f 4 75 Tareet Tat ' M « rs * «Sw«l«» d > 

^ IB. Athol Cresccttu Edin.3. 031.220082111 

u+s w . ,?4 -oil U! 

Coadmud House, Silver Street. Head. Extro Income FA -[59.4 63 9) +02| 1025 

Sheffield, si 3 RD. w^ 7427 | 8 C Trades Union Unit Tst. Manager* 

Inir mat local Tsl_. 
Baric Re* ret, TsLi 

CommodiryA fien. 

Do. Accum 


Do. Accum. 


Do. Accum. 

Trident Life Assurance Ce. Ltd.* 

Renriade Bouse, Gloucester . [Confederation Funds MgL Ltd.* (ft) 


GM.3&d. - 


. M 55 
- 247.7 

BatdtyJAamateMi— 36.4 
UJE-Equl* Pond. » 107ft 

High yield. 1375 

GUI Edged 1Z0 D 

Honey— 1225 

ln!onv»tio™il ... IBU0 

Fiscal 124ft . 


Growth Ace.. 

Pens. MngtU Cap— 115.0 
Pena. toed. At*.— U 7 JL 
Fens-GtADeixCapk - 1015 
PenjxGJdJJepAiX.. 1115 ft 
Pena. P 7 *S.Cao. — 112.9 

Pena. Fty. Acc 116.9 

Trttt. Bond 34.9 

TntL CXBcmd 

-Cosh value (or fioo premium. 

130.1 +L0) — 

256.4 ... 

915 + 16 ) — 





3 S : 5 

23BJ ._.. 

1197 .... 

2246 ..- 

107J ... 

112.4 ... 

1295 ..- 

^ :::: 


Do. Accum. 


Do. Aceum. — 

( SO Chancery Lane. WCftA IHE 01-343 DS 92 Hlfch Yield 

Growth tahd J 40 ft 42 6 ) I 4.46 ~ 

Do. Accum.* 

[ 3 a PtmtStreo. I xmhIoq SWUE 0 EJ. 01 - 235 852 S. SSXEL*" ' "• 

[Cosmopolitan Fund Managers. 

X9EJ. 0I-Z 
ZA9hf +02J 4.84 

5 61 1 00. Wood ShreeL ECO. 015286011 

3 S TUVTMsya )49.0 52ftxd| .. ..I 542 

jaf Transatlantic and Gen. Secs. Co.* 
3.41 01 ss> New London Hd. Chelmriurd 0345 91651 

Tyndall A ssurance/Fenslons* |oidJewi>,Bca 

IB, Cwtynge Road. Bristol OZ 72 322411 Great W Inchest ei-.- 118 .* 

UL WiDCh-er 0 - sraril9 7 

t -23 Rarbicnn May II — 75.9 
Jfj lAccum. Unite >—.. 2144 
2 -W Barb J^x pL A pr 26 . 85 6 

J 5 Z Borintx May fi 836 

JJJ lAcruai Unite) 98.1 

CoJcauIttvi: 126.7 

|A 4 i Accum Unitsi 1528 

564 cumld. May 10 51 6 

(Accum. Unite) — 565 
Glen. May 9 . 522 

. Mi nriw-Hyc- Arthur Sl.EC. 4 . 01 - 823 10 SD tSon^ii — M 9 

Crescent Unit TsL Mgrs. Ltd. («Mg) gimirBwiL 06.0 38 ft) +L 5 J 5 A 7 Umt . i 

4 H+lvUI«tr!n«.EdinhiKli 3 081-2384031 Exeiapl April 28 — 91 JJ J 552 Van.Gwth.MayB — »-3 i 

+ 02 ) 411 MLA Unit Trust MgenmL Ltd. — S* 

«"?S 81 

ss^sasr^Eaa SSSESStH • 

23 , Blctnfidd St- EC 2 H 7 AX- 0 I- 83844 BS Martial Sec. Plus —Sl 1 5471 + 02 ) 640 Do. Accum. R 5 7 7 

Uac Income p 605 171 ftd) | 526 Huinallac-Tw 167 7 72 . 4 ) +03 732 T In.... 

Mutual Blue chip Git afiri+aj! *.« Tyndall Managers Ltd,* 

E. F. Winchester Fond Mng t Lid. Moure! TUeh Yld -^[55 j 593 | +tu 3 B .77 lacanynge Road, Bristol. 

— CosmopahLGtlLFd. 1176 

4 HelvlUe Gres- Edinburgh 3. 
Crescent Growth _)Z7ft 

Crc*. In ten afl 

Cies.agh.Dict Von 

Crec. BftfiBrrea (406 

121 1 
55 lx 


BandMay II 

Property May 11 — 

Deposit May 4. 

3-wBy Pen. Apr. 20- 
O'sea.i Inv. May 11 - 
Kn.Pn2-W Mays... 
Do. Equity May 2 — 
Do. Bond v—— 

Do. Prop. May 2- „ 





- 253 ft 

174 ft 

«S 4 

O 14 S 6 S 107 Njrtiftnul and Commercial ' Income llay io 

M-y 6J* “LSLAoUrew Square. &lmteirahCQ15E«9151 

lAccum. L’nitet..— 
634 Exempt April 38.... 
iS tAccum. Uoitei 

ELS +1-4| 4J 

335 CanvnfielMay 10— - 

Vanbrugh Life Asauruce 

41-43 Mftddoi St, Ldn. W1R0LA. 

ManaEodFa. ' 

Equity tV- 

lntnl. Fund 
Fixed intent Fd.— 

Property FtL- M95 

Cash Fund — 



(ArciaJiUtutel.... [147.6 153. 

Nrihmal Provident Inv. Mngra.'lftd.* Taccuiu. iiniuT 
4ft Greceehurch Su K3P3HH 01-0234300 

3 .J 5 

lAccnm. Unite )■■— Ifi9 0 1366f .”i.l Z.7V 

Prices on jml 27 Next dcadijfl May s£ 

Income Stay 4 . . 

Emstm & Dudley Tst. Mngmnt Ltd. CapOtey. 

20. ArlinatOB SL, S.W i. 01-4007551 

Emson Dudley Trt. (64ft 69.71 4 3.00 

Equities Secs. Ltd. (a) S-paculkuim-Ru 

41 Blshtipsgate. ECS 01-5882851 (Actaun. Uni tai-. _|53fl 

Proszefirive [666 +0ij 4 j» 



Scot Cap. May ID. 

■ Accum. L’niUi 1159 8 

Scot Inc. May 10 - 4160,0 

[ 100.0 

1179 0 

R 722 
240 6 
267 6 

Equity & Law Un. IV. BL* (atfbXc) 

M 7 J 

Lndn Wall Group 
Capital Growth Ml ft 

Do.AMum. 83 0 

Extra Inc.Growth— 172 

181, Cbcapride. SC2V 0EU. 01-608 G08D. Do. Accum 527 

Capit al (Accum.) — M.4 713^ +0.3 4^1 Financial Pr'rty. 162 

5-7, Ire land Yard. EC4B 5DH. 01-aUBP71 Finanriai r ftfcj +IJ • 497 High In&Prioriu'I' 6 fti 

- [Framlington Unit Mgt Ltd. fa) 

Vanbrugh Pensions limited 

41 -43 Maddox SL, Dda WlHBLA 

Managed- — 99. 

Equity -Wft 102. 

Fured Interest -TO.9 96ri +0. 

Property. W.9 HU-Q +0 

+ 04 ] 

, Int.Clrtnrth.FiL.., 
01+1894023 1 ■ Do - Aecttm. 

G»»rthXnv,— _.Rl.7 

Income-. — u6 fa . 

Portfolio Inv. Fd 70.7 75^ +0j 

UnireaSal Fd(d(._p98 Mfta[ +0.9) ftjl 

NEL Trust Managers lid.* (ajfg) 

First Viking Commodity Trusts 

BjSt. George's SL. Douglas. I.O.M. 

004 4883. Ldn. A £10. Dunbar a Co- Ltd.. 

S3, tall Mall. London SWI7SJR OJ -830 7857 SFixcd Interest- . MSJ 

1b:I Fd. Jersey , — 
IniaLFd-ConUrg. ... iSD15Z 
•Far East Fund. „ (« 

'Next sub. day May ri. 

Schrader life Group 
Enterprise House, Portsmouth, 
lutenuttlnrel Funds 

tEqultj- [U5 4 1Z 

SEquihr hTLO 12£ 

IFlxed Interest 1S5JI 143 


1 L 75 


303 ' 

0705 27733 

Fst-Vlk.Cm.TBL „J 15 ft 
Fst.VkJ 0 W.Op.Trt _ ISDftO 





Fleming Japan Fund S.A. 

37, roe Notre-Dame. L+utembourg 
Fling. May 9 .1 SUS4&06 | | _ 

Free World Fund LUL 

BuKeifleld Bldg- Hamilton. Bermuda. 

NAV April 28 | SL’S173ft9 | | — 

G.T. Management LUL 

Park Hoc . 10 Finsbury Clrtn*. Loudon ECZ 

Teh 01-828 6131 TLX- BKUlW 

Loudon lieaa ler 

Anchor B' Units— SU50B OfM . ...J lft4 
Anc bor Gilt Edge. - £9ft3 9ft8+007 12ft5 

Anchor InL Fd IL'SLtt 4Ji Ift7 

Anchor In. Jsy. Tst. 24.4 26J 2.97 

Bury Poe Fi SUS4X93 0.95 


>3 T. Aria Sterling... 0248 1339 1.49 

G.T. Bond Fuad .... SUS1231 -0Q1 531 

G.T. Dollar Fd. SUS7ft2 on 

G T Pa ei vc Pd _ SUSZftU +OXil| Ifts 

J- Henry Schroder Wagg & Co. Ltd. 

120.Cheapsldc.ECft. (I1SS84UXI 


Dari Inr Fui 1 SAL 21 

Jspar.Fd May 4 ]K'Stft9 

- 329 

L42ri|+0Oa 530 
• 7»| T| 015 

Sentry Assurance International Ltd. 
PC*. Box 336 , H ami lion 5 . Bermuda 
Managed Fund {KSUSn 1 CSS| J — 

Singer & Friedlander Ldn. Agents • 
20 . Cannon Sl. EC 4 . 01 - 24806 W 

DekaforwU — [DMMJt HUI . ..I 6 6 L 

TbkyoTtf. Apr.3B.| SL’SJSftO | .. .J L77 

stronghold Management Lxmilcd 
PO.Borhl 5 .St. Heller. Jersey. C 534 - 714 C 3 

Commodity -Tu*t_B 035 94 ft 9 ) .... 1 — 

Gartmore Invest. Ltd. Ldn. Agts. Surinvest (j-raeyl Ltd. «*) 

2 . SL Mary A». London, EC 8 . 01-2833231 Queena Hse. Duo. Rd.SL Helier. Jay. 0934 27 J» 
Gnttwre Fond Mntft iFirEvu lid Aiwta Ind.Tfl. ,KB 3 B — 

imHiibiSS ST io iteSSt Rd. HJtons M*Sla - 

KK&PUc.U.TsL„|SJ)ttn .IM-’-l 2.70 7af»- Index Trt. [1131 12-541-0.03 — 

1 « TSB Unit Trust Managers iC.f.l Ltd. 

-I bftO Bagalcllc Ri , SL Sari our. Jcrsej-. Q 6 ."M 73 +M 

Jersey Fund [45.7 4811. | 4 99 

06242391 ! Guernsey Fund __MS .7 48 U . J 4 99 

2 L 8 ri| j 1158 Prices on Kay 10 Next sub day May 17 . 

japan Fd. KlSl2fm 

N. AmerteanTB .... SUS»« 
1«1. Bond Fund pcsaK 

Gartmore law iums i KngL lu. 
P O. Box 32. DoufiJaa.loM. 
Inicrnatiuual Ine -1203 
Do. Growth [falft 




Hambro Pacific Fund Mgmt. Ltd. 

2110. Connaught Centre. Hone Kong 

Far Bam May 3 — BHKU76 UJfad J — 

Japan Fund ffTSiJZ 73$ ] — 

Hambro s (Guernsey) UdJ 
Hambro Fund Mgrs. (C.I.) Ltd. 

P.O. Box 86. Guernsey 

C-LFund tUW A 1<WT 

Intel. Bond JUS 104.61 107J 

InL Equity SUS 1051 10 B 

InL Svga. ‘A" 5USL02 U 
lnt Svga. ‘B’ SUS Ufa 10.. ...... M 

Pr.m on May Io. Next dealing M»y 17. 

Henderson Baring Fund Mgrs. Ltd. 

P.O. B<n N+723. Nassau. Bahamas 

Japan Fd BfriTM UM 1 - 

11. Next dealing ante Hay IT. 

HlU-Samuel & Co. (Guernsey) Ltd. 

8 LeFebvre SL. Peter Port Guernsey. C.I. 

Guernsey Trt. [149 0 159/M +0.4) 3-54 

HUI Samuel Overseas Fund SJV. 

37. Rue Nou-e-Dame. Luxembourg 

prSU75 H5B| +0.371 - 
International Pacific Inv. MngL Ltd. 
PO Box R237. 58. Pitt St, Sydney, Ami 

Javelin Equity TU.. 162.04 2,14) J — 

JJH-T. Managers (Jerseyi LUL 

Tokyo Pacific Holdings N.V. 

In turns HanafemeiU Co N.V, I'uracaa. 

NAV per share May 8 . SUSSOftl. 

Tokyo Pacific HIdgs. (Seaboard ■ N.V. 

Intuuis Manaeemenl Co. N.V.. Curacao. 

NAV per share Kay &. *"053689. 

Tyndall Group 

8J0 P.D. Box ISM Hamilton 5. Banmidi. 3 3780 

L»»erseas May H»._ .1 
lAccum Unite) _ 

3* way lnt Apr. 30., 

2 New 5k. SL Seller. Jersey 

.-.Bt-sua uu . | 6 i 

— BUSL71 in| .... J - 

1.-.PL0521 Zm ...I - 


1 .Accum. Unite’ 

American Mar li>. 

■: treum ahxresi. ... 
Jersey Fd. May IQ _ 

■ N'an-J. Acc. Lite 1 

Gilt Fund Kay 10 ..{183 8 




(Accum Shoresi 



1 ft 0 ? 

110 .I 


10 83 

Victory House. Douglas, tele of Kan. W34 25028 
Managed Apr. 20 _.jl26 2 L33 0J ... . | — 

I’td. lulul. Mngmnt. 1C.I.1 Ltd. 

14. Mul carter Street. SL Holier. Jersey. 

LM.B. Fund ISkfiBUS 1CL4SI | 813 

United Stales Tst. Inti. Adr. Co. 

14, Rub AJdnngcr. Luxembourg. 

fOBox 1 M. Royal Trt. Hse.’. Jer--eyU 534 27441 Ui ™' lnP ‘ 1 1 0 95 

Jersey ExtruL Trt.. P 68.0 170 . 0 ) I — ^ 

As at April 28. Nert sub, day **"y 3L 

Jar dine Fleming ft Co. Ltd. 

48th Floor. Connaught Centre. Bong Kune 

lardlmi Estn. To — 


Jardlne SEa 

Jxnilne PlemJnL..., 

NAV April 28 . •Soutvalene 

Next sub. May 15 

Keyselez Mngt, Jersey Ltd. 

S. G. Warburg & Co. Ltd. 
SO. Gresham Street ECft 
Cu*.Bd.Fd. Mil 12.. 


01 -800 -1353 
SUS953 1+0 (S3 — 

5U£I7« |+fl HI — 

PO Boa SB, SL HeUer. Jersey.. (Eng. 01 nos 7D70I Menl»Tst_Apri la>. . 

Eacr.QjnL May 12 , 


JBrFur-Mjiy 10 [SUSlIfti U 4 iJ 

Warburg Invest Mngt. Jrsy. Ltd. 
l.ChanncCrots. Sl Heller. Jjy. Cl 053473741 
CM F Ltd. April £7_JJVSia 
OOLld. AprtJ.27_£j?J5 L 


Bondselea — 

Eey+elci Int i. . —