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N I 


than Springs by 



ROILWG TRANSPORT 
SYSTEMS LTD 

rolling Transport 
SYSTEMS (OVERSEAS) LTD 
MA FI (UK) LTD 

Vo.i r.*:.-. 


No. 27.563 


Robert Riley Ltd. IL Rochdale. 

W Tefc4465l 


Friday May 19 1978 


** l-5p 


<#> 


TRACTOR-TRAILER 
SYSTEMS • RO-RO 
FLATS - CONTAINERS 

7EL GUILDFORD (04B9J ”68 15 


JtLliUlLDMJHLMUXHJJ iWia 

CONTINENTAL SELLING PRICES: AUSTRIA Sch.15; BELGIUM Fp.JS: DENMARK KrJ.3; FRANCE Fr.J.O; GERMANY dm? n. IT »« , 

GERWANV DM2.B, ITALY L.SOP; NETHERLANDS FI-Z.P: NORWAY Kr.3.3: PORTUGAL Esc.20: SPAIN Ptu.40: SWEDEN Kr.J.25; SWITZERLAND Fr.T.Oj EIRE ISp 

I (rrnwfll in niAnmr ! Seven ! pQreitrnnnPi 


T£LEXaMi57 


NEWS SUM WAR Y 


general 


BUSINESS 


Ethiopia sterling 

presses fin “ er ; 
L c „„ Wall St. 

^ S f a setback 

on ensive * 


Growth in money 
supply well above 
target at 16 i% 


Paratroopers 
^ r ars take off for 
o r i 0 v ! ‘Zaire rescue’ 

BY OUR FOREIGN STAFF 

BY DAVID SATTER | 

MOSCOW. May IS. FRENCH and Belgian pjr.i- Knlwoi'i. *ent -i\ mffnarv air* 
DR. YURI ORLOV. the Soviet troopers took trfT from ba >«'.■> m craft — fnnr Cl-“n llfrciffc- tr.i.if- 
dissideni leader, was round Europe jesterday in wh.il pons with p.irjirr»tiP n r-> on heard 


BY MICHAEL BLANDEN 


BY OUR FOREIGN STAFF 


fthiopian troops 'hacked hy - 
inks, artillery and aircraft. (-1-325 . s per £ 
rere reported locked in dogged o . 

ighfing with Eritrean guerrillas 
Vest of the provincial capital of 
Ismara yesterday, as air and YS20 - 
..aval bombardments of targets 
dong the Red Sea coast con- 
iimed. 

The action was reported on the 1-815 " 
onrth day of an Ethiopian (ft 

iffcnsive aimed at recapturing ga 

nntro! of the strategic Red Sea ’Qv 
irovince of Eritrea from 1-810 
merrilias fighting for its ^ 

ndependence. Rebels of the two 
najor Eritrean liberation groups 

:ontrol all but five cities and FSOSL 

post of the Eritrean countryside. . 


Growth of the money supply over the past financial year was well abovp the ?u ‘ Uy ln Moseow '"?■* of anU ; appeared to he m inu>mationaiiy and iw«* Em m? 727*.. 

• sterling closed 4o points top end of the Government's target range of 9 to 13 per cent at just under 16 j to 'the ‘ ‘maximum penalty of aiined * ji^evavunlmy forci'anor* :iir! r irV ^! : r l r« , m ' 1 I rnmpMii* Iff 

anean ai M^iia after erratic per cent. .seven years in a ■•sirici-rwiHur " trapped by the ftchlinu in /.tires Fon-icn Lvciim r..ratr»rtpcr<*‘.i!<4 

trading. Its trade-weighted index _ ...... tt . , .labour camp, followed by five copper-rich pmviiuv uf Sli.iba. r„.,l: ..ff ».-i.. r( |.iv ihmi-h :h c 


HanlforB^nTSlJSlSaS^-lS Sr? 1 ° f lhe lDlal riSC ,n s,er,ins . ) K rise ,,[ J'P f*r cent: years* exile m a remote narl of, Thp UK ( ; 0V( . rnilIcnl ^ ];{sf French F.-n-il-n Ministry refund 

bank Of England yesterday viere M-L had hcen widely Inn-seen after the Soviet Union. -1-1,1 ih-n il w ,.i-.*nilv 1., riiintiicn, 

even worse lhan had been The excess growth, he main- last week's revision* lo the; His wile. Mrs. Irma Orlova. ^ ‘ f ~ . . rn , lir p-l-nn ..Hi.mI . ,,d 

expected after last weeks dear tamed, "may have relatively little seasonal adjustment*, applied lojxaid he appeared calm as lhe j £ ,n “ y. , ri !, n J ni-Vt , J. rir , , . 1 ..p. h'.v? 

indications that the official direct effect on the real economy ibe ficurcs. ! sentence .,r Hie 3tn*cnu Cil > ! 1" iSnS r'.n «?. . h-, .p'l ti « i , .i.” .. - ,n lil. 

control of the money supply had or on inflation.” These brought an increase nf^cnurl was read. It was crerteri | r ‘ ^'-* n ^er. n! hi.-n .m.nri i.nhnnmu ,, ,i„. i-c is. re 

slipped badly. The Government was criticised 1 per cent, compared with pre-.hy sustained applause from ' Deui,s nf ,,,c fi-hiin., .nnuml r,,in | ;. , | i 11 ] 1,11 1 • ■ l, -‘ L ,N 

• Thev showed tiiat in lhe ^- v Geoffrey Howe. Shadow vious figures ,n the growth over ’ members of the selected J 1,10 . ,n,, " n u T,, ' n "J bolwrri . 1 , 

month to mid-April the sterling Chancellor, who said that the the first 11 months of the j ear. [“ audience " in the public scals^ ‘IJV? r- "S 2.' i,?'? 5* 1 ? I'S/'r mclrd.-i' i.n^il'-k* aVr 1V1T in of 

money stock on Lbe wider defiS l^wed a low of control The banking figures pointed to a ! Dr. Orlov was ushered out of ; | ,n £ l ?JSS v m £!-, n jn evaJuaiion fr..m 


in evacuate European and other that ”.i *.eru 
furenin workers in Sli.'iha. been set 111 


tinn (M3| jumped by 2.5 per nf the mtmey su PP!y in lhe ,a st further sharp nvr m April, 
cent, seasonally adjusted”raainly **•£•• m ° nths - . . . Over the flve-wer-k fi 

as a result of a sharp rise in - Th 5 Gowenumenl should now period." the Bank - *, fig 
borrowing by the public sector. a,m firm,y ‘ or the twiddle of the showed 


Dr U Orlnv was ushered 1 out of ■ conflicting rcp«»rl« r.f the fate of melurt.- a 1-ii^iMe air 
the courtroom into a closed 1 several hundred Europeans in K f ' | w ,,, ’ i '. f an ev.u"; 


(ivc-wei-k April prison van and driven past a j the town. 


Knh.vrri and I’liinw. 

re wn«* tM’imn* under r><ii**idci.it[i>n 
fate of include a pu*..>il*le air lift out of 
•ans in hnlwi*'i. 01 ,m i*v.K-uaiio;i fnT.i 
there b> ru.iri m neighboiirinc 


May 18. 1978 


In the Commons, Mr. Denzi! 
Davies. Minister of Stale. 
Treasury. re-affirmed the 
Government's commitment to 
monetary targets. 


1 , .. . frnm Reginald Maudling •.<«*■« aKc UU iu b . 

Airport move rosc (OLS). The dollars that “the Government intends The new figures will be noted 

- _ _ . . trade-wei. ililed depreciation to maintain firm control over by the International Monetary 

Tic Japan cs^ Government, intent ,k 5.05 (4^1) per cent, growth of the money supply." Fund team now in London, 

in getting Tokyo s controversial _ „ - The tareef • ranee f nr 1 ht» Tho TTir rani *■ T haJ ti.itKin 4fca 


onetary targets. target range for the current year. 

He said in reply lo a question and should cut tbc planned 
mn Mr. Reginald Maudlins increase in public spending. 


some £l.J4bn after seasonal , 
Editorial comment. Page 22 adjustments. This was rather 
Lex. Back Page greater than the Clbn. plus rises! 

_ recorded in January and . 

rgel rang e Tor lhe cure -, year. Fe ^“S' aln reas0 „ was , Jump ' 
°“J' it„Hin l ; nned in fiovernmenl spendmg as 
The figures will be noted used up thelr cash ■ 


and berore the iron barricades block- • had recaptured Hn* airport 
I ; ih.ai fighting had died down. 


otic «JSfndini nned in Government spending as parliament Pa-el° cian Governments would confirm foy Ki»Iia«r-i — wa 

olic spending. _ denartments used un their cash! Parliament. Pa„e l- that the paratroopers were going a Belgian businessman jesierday 

ires will be noted u ^ its K 1^ — l0 Zaire, although it is being aflernnnn— thai the airport wa< 

atinnai Monetary ^ the Bank said could not ■ ,n S ^ t0 courthouse widely assumed that Shaba is in 'hr haiul.s «r President 
•in London.- BC ^ miniW |aied within the had developed after Dr. Sakharov destination. M.-.t.iHu - s f..m-s and that the 

mined within the norraa i seasonal adjustments demanded to he allowed in to Nor was it clear whether their t°"n wa^ quint, 

domestic credit and unusoallv hi"h public hear **** sentencing. They were role might be solely u> try to The departure uf the French 

IE) which is the expenditure- could hiTve been released later. evacuate Europeans in the area, paratroopers followed h> .in 

watched by the equivalent to as much as 1 per Al leaSt five ° ,Jier P en P ,e were M. Henri SimnnoL Belgian emergency meeting of lhe 
tere was a sharp cent of s t er ii n n ^3 taken into custody during the Foreign Minister, stressed last Foreign and Defence Minister* 

?ase. seasonally At - a time wh ” n 0 ^ lv m0 d er ate da ?- I night that the departure r»T Bel- and this cine! ««f the general >taff. 

• past month. sales 0 j gi[i. e d-ed stock were* Dr. Orlov was the first of three [ man military aircraft and para- presided over hy President 
cent, growth in made thb,°lead to a sharp rise in • prominent Soviet dissidents lo go j troopers had no “offensive Giscnrd ri'FMamg. 
r the year to mid- the p U b(ic sector's borrowin'* I on triil5 in wliat was vie ^ Prt ;,s a ‘ chnraclcr.*’ The *.dlici:*l line is still that any 

icial year for the 0ee[ |g contributing over flbn* '«t case of Soviet atutudesj The invasion of Shaba is the Imnns wliicli France mi-ihl send 

lonetary policy — to DCE *• towards dissent | second in just over a vear. Last '<> Zaire "ill he used onlv to 

fr. Denis Healey's As thie I n r Orlov's son bv a orevinus i spring. France al Hie rcnimsl uf protect ami cxacuate foreign 


Neither the French nor Bel- 


had been killed. 

They receiieii their first news 


lew Marita airport opened on Swiss selling dollars. Page 3 
Saturday, asked Interpol to help * 177R9 r 


n amtain firm control over by the International Monetary ^ thc Eank sajd c0U ld not^ ,n S ^ f»th to the courthouse widely assumed that Shaba is in 'be 
owtb of the money supply." Fund learn now in London.- he ferom mod " led within lhe had developed after Dr. Sakharov ^ destination. Mnlmtif* 

The target -range for the atr- The UK remained within the normal seasonal adiusiments demanded to be allowed in to Nor was ii clear whether their 
rent year was set in the Budget limits A — JS * - - 1 aojusimenu,. , — - — . _ = .w. ^ . tu.. 


521 a "ainst hiilSinn ,,f ® GOLD rose 25c to S177.625 in at * W 1- per cent, subject lo expansion (DCE) which is the expenditure could have been released later, 
juard a^Jinsl hijacking r.f T . An -w,,. VpW v «rfc finmPT revision on a six-month rolling main measure watched bv the . ® _ ° m le^t five 


Ses bound for Japan? 6 The ^on. the New York Comex 53* 
oove underlines the widespread "* a *’ sctt.lement .price was jj r 
lelief in Japan that thc Govern- $1*8.50 (S]}76.70). increi 


pent has turned Lhe frequently L 

ittacked airpon into such a • MzUITlfcfc 
:itadel that radicals can nmv hesitant starr 
mly hope to attack it hy air. ground as \ 

McKinney ban tJ/2? in* 1 !" 


dampened 


revision on a six-month rolling main measure watched by the ^Tent to « much as 1 per Al 

° w r, • IMF. though there was a sharp cent 0 r 5 te r ii n n m 3 take 

Mr. Davies said that the £1.43hn increase. seasonally a, ? time when onlv moderate dav. 

increases in interest rates since adjusted, in the past month. 0 f <>i i linpri ;,n^° d 1 Di 

mid-March reflected Uie Govern- The 16! oer bent, growth in ” ?■ °l , 8 , 1 i l .1 d . 8 * d 


Soviet atutudes 


Hie Daily Express was banned 31) -Share* IndcxJup 2.9 at nonn. 
iy a High Court judge from fl<wed a l -tf'fl.fl. u» 6-6 on the da>. 

publishing further .-irriclcs or onlv minor 

jirlnrcs nr, lhe life of "sex in O GJL TS show eft only minor 
chains’- Ctrl Joyce McKinney falls despite the rfoney supply 
,nd her friend. Keith May. The figures. FT Goierrtacut Securi- 
injunction, effective until Tuev tics Index rw'cd 0?|5 to 7H.97. 
tlav link’s overturned on appeal. ^ - 4 - f _ 

was granled in Penthouse maga- ® WALL !>T..EET,,Wj *.4o lo 
iine publisher Bob Guccionr. KMJK on co-ieern 1 aftout thc 
who alleges that lhe Express in- dollar and inflation. i\ 
fringed his exclusive rights lo J \ 

exploit thc McKinney li/c stnrv. © L'.S. MONEY SlTrT^lf --H 

-hn t^535 3hn •: M - .' '«* 

PC death charge (S833.71bm; coromcrcial> spd 
„ ... r , industrial loans at major h'inks. 

Peter Albert Lovcday 19, of u S179 „, (up S7m); fe ri funds 
New Cross. South London, was 7 34 , 7 r>2) pi . r cent; oo. 119 day 
rharged yesterday with lhe in r -n laced commercial paper 


advanced after a KS , T ?- e ^ per "2"‘ *" nude' 'ihU l»duT a .harp Vise ^!n ! prominent Soviet dissidents lo gc 

3SM Si* f ° r S e oSFpS!^! S over^SS 3 ! i £^£3^ 

lampened m- Gnndb over the past year contrasts with Mr. Denis Healey's t0 A ° C “' p _ lf4 , ... » * Dr Orlov\ son bv a orevinu* 

ors. The FT reflected in substantial measure expectation in his Budget speech £*. '' I P , 7 ' mirriace Dmitri was P eiecti*d 

p 2.9 at nonn. llu* inflows from abroad, which last month that the increase strongly negative R- • ‘ _ f 

0.6 on the dav. corresponded lo about 40 per would be under 14 per cent Continued on Back Page sentendng after he refused ic 

l onlv minor - - — rise when the judge. Valentina 

1 only minor Luhinlsova. entered the court 

phoney suppi> __ __ room. Mrs. Orlova also refused 

!p Fibres pact to go before : 


s nartlv Dr Orlov's son bv a previous I spring. France al Hie rcqunsl iff protect and e\:ici::Uc fore 
negative marriage, Dmitri, was ejected i President Mobutu's Government, pnptikilmn cut off in Shaha. 
„ " I from the courtroom before the | provided logistical support for Responsihilin for both 


Fibres pact to go before 
EEC Ministers soos 


sentencing after he refused 10 Moroccan troops who helped the vasinns nr Shaba is claimed by 
rise when the judge. Valentina IZaircan army finally repel the lhe Congo National Liberation 
Luhinlsova. entered the court- j invaders. Front which has declared that 

room. Mrs Orlova also refused [ Belgium, which has an esti- its aim is the overthrow nf 
tn rise but was lifted up I mated 1.750 citizens stranded in President Mobutu's Government. 


BY GUY DE JONQUIERES 


BRUSSELS. May 18. 


murder of policeman Christopher 
McDonald, whose body was 
found in a river at Worksop on 
Wednesday. 

Tanker sinks 

A race against lime he gun last 
night as the bow sect inn of Inc 
ATCckcri Greek oil tanker Elcm 
V began to sink. Tugs were try- 
ing to tow the Linker lu Cross 
>3nd. nine miles from Great Yar- 
. uouth. si, that thc oil on me 
rpssel could be pumped off. 


7.34 |7.52) per cent; 00-119 day - , • . . 

dealer-placed commercial paper THE BRUSSELS Commission is He disclosed today that he is There could be complications I |2r ia if" vOSSS* 

T.flfi 1 6.96 > per cent. expected 10 ask the EEC Council drawing up plans to ask the in thc U.K, since an exemption Soml sm Possible without Totali- 

.. .-CT nntuvNvc R,inHe^-l of Minislers s ? on t0 a PP r °ve a Council of Ministers to endorse for the fibres cartel would prob- Thn nVme nf lhe Helsinki 

special exemption from the Com- a regulation which would permit ably have to be placed formally *L ~ 'S 1 


tn . rise but was lifted up 
physically. 

Judge Lubintsova said Dr. 
Orlov had been round guilty uf 
passing “ slanderous material " lo 
the West through Western corres- 
pondents. He had been convicted, 
she said on the basis of docu- 
ments put out by the committee 
to monitor' Soviet observance or 
the Helsinki human rights 
accords, which he headed: a 1973 
letter to President Brezhnev: 


Bullock White Paper 

BY JOHN ELLIOTT. INDUSTRIAL EDITOR 


hank Council has decided on mua ity‘ s competition rules (or the usual anti-trust provisions to on ’the register"^ of restriciive l2^i n .; l °i^ n ^ or „pmnn,« v!pp«> n?,t 
mr.,M«res which wHI inject extra the p y , anned H carle , agreement be suspended for “cr^s" agreements iJSSSi J h7S TS-? 5t 32 

liquidity into the banking system, between u major European rro- cartels. Exemptions would prob- On thc other hand, most EEC ; 


p'accd fomally moniloTin{ , group 


_ oeiweeu ,, himjwi |-*u- loucis. cAtnipim.ia wuuiu piuo- vn ini- umer nano, iiiuni e,e,u ; Hplcirki •’rnun dnrmnpnK , 

IRC 3 ducera of synthetic fibre pro- ably be granted for less than governments are keen to prevent , referring to each as a "slanderous ! 

-rx ducers. five years. lengthy delays in putting \he \ a „ti-Soviet document." ’I 

Un?g company There is a nsk that approva M . Voel denied that the Planned cartel into effect : Onr Foreign Slaff w riles: The 
® * could be delayed by poMical regulation was planned only for It is hoped that it will lead , y 5 sharply condemned the 

nr ; P A C QttQr'l-pr! wrangling. Several European synthetic fibres, but other to a reduction in the present ; sentencing of Dr . Oriov .calling 

rtllrtLIkCU governments arc determioed that officials say that is the intention level of synthetic fibre capacity it a Rr0J ^ s distortion or in'er- 
* * r ^ 4 . . the planned fibres cartel should The Commission is expected by about 400.000 tonnes by 1981. nationally set human rights 

PRH.E Commission says that n0l sel a precedent for other to try to soften opposition by and raise the rate of capacity L undard g ThP Sjale Department 

finn.iimiir cniTlorimt>G n.*«G Jn . , . _I r _ j ■ ■ I OCIUI ... ...I suiiuaiui. in. nuiit 1/cpaiiuisiii 


removing lhe danger of coastal The consumer sometimes ^ ll15 _5°| troubled industries. 


pay Luo much for drugs over the 


proposing that governments be utilisation to S5-90 per cpnt. said lhe harsh ssntcnco was I 


,U.S. arms plan 


VfiONl 


jollurion. ' Pi,i ’ lu0 , ° llch for , over the The competition commissioner, consulted over future applies- In adidtion to planned cuts in aggravated bv actions intended 

counter because leading manu- m. Ravmond Vouel, is thought to tion of the planned regulation capacity, the cartel, which covers to humiliate the Orlovs 
U.s. Arms plan facturers spend too much on bave con cluded that Lhe cartel and perhaps even given the right producers accounting for about 

advertising their established no t be approved under of veto. The Commission has three-quarters of the EEC 

Inc I 5 announced a majpr brands. Back Page article 85 of the Rome Treaty hitherto guarded jealously its markeL provides for a division 

1*1 coring up ,»f its eftnun^vney , Mpn p T r n .-nnunerriai without severely bending the right to act autonomously in of total market shares between 

^0^ JUiiTSSSU “ » «■»!».«•» «*»«• ind “ striM '» m ™ at "«»«-• 

\ t-n the event of war. Tbc move is quarter of the UK market last ^ ; : 

me of lhe mam conlributions the mnnth. Page 8 . 

mmim SheO £6m. profit ‘distorted’ 

jn May 30 and 31. Nalo pressure, in order to 

*' fundi! J'S Mr ! Gordon Richard- BY RAY DAFTER, ENERGY CORRESPONDENT 

Hideout found !ion - f >° vernc,r 1110 

England. Back Page. Editorial ^ QUIRK of accounting proce- last month that currency move- As a result group officials were 

Rome police Jiave disc.iVijred^ a comment. Page 22 dures has forced the Royal ments could cost the company discussing with the New York 


THE PRIME Ml NT? TER will 
personally launch:!!?^ Govern* 
mem's YVhite Paper on indus- 
trial democracy. In he 
published next Tuesday. He is 
expected to make a statement 
in Parliament and address a 
Press conference. 

Mr. Janies Callaghan has 
hem directly Invoheil in lhe 
preparation of the While Paper 
during the past few mnnlhs. 

On Tuesday, he is expert r<l 
lo stress Ihal, since I hern is 
no prospect of any legislation 
on the subject before lhe nexl 
General Election, thc Govern- 
ment wants to hold further 
consultations on its proposals 
with both sides of industry. 

Neither the Confederal ion of 
British Industry nor Uic Tl'C 


will be entirely satisfied with 
lhe YVhite Paper, which waters 
down Inn tines not abandon 
lhe Bullock report proposals 
po Mis hoi I early last vear. 

It proposes that then* should 
ho a statiimry obligation on 
com panics lo consiill with 
Iradc union represenlatiies 
before major derisions are 
made at an> level within a 
company or group. 

-\rter n wailing period of 
three or four j ears, it also 
proposes l ha l union members, 
wllh non-u iff, *n isis Having 
some rlglils or appeal, should 
b** able (n claim one-third of 
the seals on a company's 
“policy board” that would 
operate in a two-tier company 
structure. 


Shell £6m. profit ‘distorted’ 


BY RAY DAFTER, ENERGY CORRESPONDENT 


Mr Square Footage 
has something very 
smart in the Grcus 


& 
+ — % 


hideout used by the Red Brigades . „ „ i„, n ,h a j I Dutch/Shell Group to report a between £200m and £300m,' the Slock Exchange, the Financial 

guerrilla group and have arrested • LAMPAIG-V has neen launcnea I pr0 g t Qf on iy £6m for the share price dropped lOp to 552p Accounting Standards Board and 
Pic 111 people. Tile Brigades kid- by nmnmi Vertical and 1 w J - • • - — - ^ •*-- " - 


Me ht people. Tile Brigades Kid- by the Clerical. Medical and nion ths of this year — before closing at 558p. " the Securities Exchange Com- 

'upped former Italian premier General Life Assurance society a drop j, f £4i0n,. on the result for Mr. Pocock told shareholders mission possible amendments to 
A Ido Muro in March ..nd his lu win the investment January-March 1977. at the annua] meeting that the the accounting rules that would 


the Securities Exchange Com- 


Aldo Morn in March ..nd his lu win the investment manag^ January-March 1977. at the annua] meeting that the the accounting rules that would 

hu Met -ridden body wax found m racnl- or lhe pension funds ot a Mj c w ae i pocock, chairman reported result was clearly be appropriate for international 

lhe city nine days ago. Tagc2 number of British subsidJaries " ^ Transport and Trading, “totally unrealistic, without any trading companies like Shell. 

rnlincr nf li.S. mu lU nationals. Back Page arm ^ thc oi , group The problem arises because 

uornreia ruiin B duke of Norfolk's estate has blamed U.S. accounting standards BNOC and BP. Page 8 ® he1 . 1 Quoted on the New York 

U.S. financier Bernard Cornfield ralse d over aim From ibe sale of for distorting what had been an Shell results. Page 24 

is to rave jury Inal in Geneva on a leasehold interest in the improvement in trading cond,- Lex, Back Page Vt v° UoW a /r i fiIfn^ I T!^ 

charges that he swindled in- Arundel Great Court offices in the tfons compared iwth thc latter ^ pacK rage aC - ep - C 1 d . Vtnrt-, 

— .* t part or Iasi vear. principles, .unaet the pAa o 

Net income for the first quar- relationship to underlying rules Shell's stocks and fixed 

ler before taking into account realities." The imposition of assets must be translated into 

the effects of fluctuating curren- FAS 8 constituted- a major sterling at the exchange rate 

niws z i aK^Fii aIa 4 _ fUiv •innli'ina tvhAn urara 


Cnrnfp|d «, —UnaUcaU. B ac k Pa g e fHj 

uomreta ruiin 0 # DUKE of Norfolk's estate has blamed U S. accounting standards BNOC 

U.S. financier Bernard Cornfield raised over film From t be sale of for distorting what had been an Shell r 

3s m face jury trial in Geneva on a leasehold interest in the improvement in fading condi- Lpx 

< "charges that he swindled in- Arundel L»real Court offices in thc tions compared iwth thc latter _____ __ -<< _ - 

-^vestors of his former mutual ‘strand to National Westminster part or Iasi year. M i,» nn .m n 

funds empire. Investors Overseas Bank Pension Fund. Page- 6. Net income for the first quar- reiauonsnip 

.Services lhe Geneva Appeals Propertv market. Page 32 ler before taking into account rwiiues. 


BNOC and BP. Page 8 
Shell results. Page 24 
Lex, Back Page 


Malian financier Michele O UK-SOVIET talks will open in cies was abo ut £2S6m against obstacle to the understanding of ^ 

^-;-::<t&ndon,. lost a court battle lu London on Tuesday to review in the final three months the company's business W* l itah»m£?-S 0 ?S!2Lt!l3f e 2 

: '“-i-hibck h,v uxtraditinn to Italy to economic and technological co- of 197 7. However, currency Afterwards he . said that and liabilities are i translated al 

• « « ... .-.viH.vnn thr» iu'n noun- m i..«i. a An Maiinriatinnc mn rip* in ulthnuch thp rtiRifirTinn m nr) uiow too end of each accountings 


:.t r.-.'-ij^face bankruptcy charges 

Briefly - - - 


wrrenjr ■ ■ ■ delegation. 

Princess Margaret receives a * McDONNEIX DOUGLAS is 
£4,000 a year increase in her * the us dilla processing 
allowance fix, in the laxpaycr cqilipment manufacturer. Data 
•under the Civil List allocations IW , Corporation, for about SISOm. 
disdft-cd yesterday. Page l- page 30 

A cyclone yesterday dev.istatod nrofit 


■jperalion between the two couii- translatiion calculations, made in although the distortion in no way tbo . * nd ° r f acb accounting 

tries. Mr. Edmund Dell. Trade accor d an ce with U.S. Accounting affected the group’s cash genera- P e . nod - - i Se ,. shar P i* 11 “ . th * 

Secretarv. will bead the UK standard FAS 8, wiped £280m tion, he was concerned that I, a,U£ L V i*™? 8 a i. “1° e 2- d °j 

delegation. off the reported profit. shareholders would misunder- l,iean t that Shell suffered 

noun VS is Despite a warning from Shell stand the effects of FAS 8. Continued on Back Page 



uKCin-i-a yesierna.v. * 30 

A cyclone yesterday devastated ftim . . _r.».i3x nrofit 

Kypaukplivu. a town on Burma j 9 900TS made prv tax^ profit 

west mart with a population of nf M d Lex 

200.000. 10 March 31 


CONTENTS OF TO-DAY’S ISSUE 


CHIEF PRICE CHANGES YESTERDAY 

rates in pence unless ntherwis-c NolU"sham Bnck . 



indicated) 

RISES 

Adda Jnlni. 41 4J 

Atlantic Assets 94 4- 4 

Beihs-ay Hldg.s. 

Brown (4.) SW + '•* 

Bulmcr and Lunib ... 34 + S 
Crashy House l h; i y 

Dawbon lntnl B® * 

Gaskeil (Bacqp) 119? + 

.GEC 2«t * -J 

Harris and Sheldon... 57.' + ' 

Hcarh tC. E.i 292 * 

HIHainis 2 ;!0 + ,fl 

Hinton (Amos) .... ST ! ■'- 41 
Howard & Wyndham 23 + 3 

IC1 *. 37H - H 

Metal Llosures 94 + * 

MUbury iw* + * 

^lomsmj |\Vm.> .222-7 

•'loss Bros. 117 + fi 


Nottingham Brick ... 28J + 
Racal Electronics ... * 

Sltarna Ware }« + 

Sharpe tW. NA }±. + 

Sothebv PB , - -J I ® 

Stewart Plastics .. 

Talc of Lewi* 'J T ? 

Wliitehouse iG.l ■■■ J™ 

Siebens <VK) f 

Metals Exploration ... -£ ‘ 

MIM Hides I 5 

Northern Mining ... ■» + 

Tanganyika Cons. ... L™ , 

Western Hldgs. T * 

FAIXS . 

\11glo-Sv. i.**s inn - 35 

Rarlnn Transport ... WJ _ ” 

Boots ... ••• ; 7-i - 2 

Rriiannia Arrow ■■■ __ & 

Johnson Cleaner* •• _ 4 

Shell Tran*. port •• _ -- 

East Rand Props. ... J 


European news 2-3 

American news 4 

Overseas news 4 

World trade news 5 

Home news— general ... SftJJ 

—labour 12 

— Parliament ... 12 


A bracing freedom for . 
French industry 22 

Politics Today: battle of 
Greenham Common 23 


Technical page 9 

Management page 19 

Arts page 21 

Leader page 22 

UK Companies ,*„■ 24-28 

Mining ; jg 


FEATURES 

Engineering in France 19 

North Sea oil review 35 

Caribbean financing: rates 
of Interest to rise 3(1 


Appainlpiesu 2* 

Appointments Mvu. * 

Bank Return ... 25 

CrtMtri • • 38 

F?m retain mwrt GuMe 28 

Euro. Options Ex. — 37 

Food Prices . 36 

FT-Acluartoo lodlca* 38 

Letters 23 



26 

Lex 

42 

26 

Lombard . 

20 

25 

Men and Matters ... 

22 

26 

Money Market ...... 

2ft 

26 

Property 

32-55 

37 

Radas ... 

20 

36 

Saleroom 

6 

38 

Marc Infer matin ... 

m-a 

23 

Today's Events 

23 


TV, and Radio 

Ui,H Tnsts 

Weather 


Inti- Companies 30-31 

Euromarkets 30-31 

Wall Street 36 

Foreign Exchanges 36 

Farming, raw materials ... 37 
UK stock market 38 


S. African borrowing: 
prospects brighter 4 

FT SURVEYS 

Steel stockholding 13-18 

Sugar 10-11 


-*-W rp- r •— "■"* A. ... V^l 


Base Londlns Rales 39 

INTERIM STATEMENT 
Rcdnta, Hcaiurn InU. 26 

ANNUAL STATEMENTS 
Amox Hints b 28 


For latest Share Index ’phone 01-246 S026 


Ban oik Fr. Da 

Coram, E*L .. 
Deortilru Ntkllma ... 

S. Jerome 

Morrisons Suponnkl. 
R»l. Dutch Petrslrn. 

Saroir Hotel 

Shell 

Enslaterlna- 
United “tmnonci j 
W hitbread 


Finsbury Circus EC2 

Entire Floor 5,000 sq. ft. 

Prestige 
entrance 

Air 

conditioning 


Fully 

carpeted 


Automatic 

Lifts 


Knight Frank & Rutley 

7 Birchin Lane London EC3V 9BY 
Telephone 01-283 0041 Telex 265384 


Wfem 










financial Times Friday May 19 1978 


EUROPEAN INK WS 



* 


will 


BY HILARY BARNES 


COPENHAGEN, May is. \ 



uni 1 1 1 

A -%•** 

!.* naHa*! 



rkrafcrt S'* 



THE DANISH Social Democratic 
Government proposes to go ahead 
with the construction of a natural 
gas distribution' network and a 
bridge across the Great Belt 
between now and I9S5, according 
to a programme for future public 
investment projects. 

But the plan to land Denmark’s 
North Sea natural gas and build 
a domestic distribution network 
is expected to run into serious 
opposition from other parties, on 
the grounds that the recoverable 
reserves in the Danish sector are 
not large enough to justify the 
enormous investment in a 
distribution network. 


The Government, however, 
argues that the natural gas pro- 
ject must go ahead in order to 
give Denmark an improved 
security of energy supply. 

According to the Government's 
plan, the distribution of natural 
gas could begin at the earliest in 
1933 to 1984. The cost of the pro- 
ject in the plan period is put at 
DKr 4.1bn and provides for the 
distribution of 2bn cubic metres 
Of gas a year. By the raid-199Qs 
the Government expects distribu- 
tion to rise to about 4bn cubic 
metres. 

By scaling down the gas invest- 


ment in the plan period from -&n 
earlier Kr.9bn. estimate of the 
total cost of constructing the dis- 
tribution network, the Govern- 
ment has made room for the 
simultaneous construction of toe 
bridge across the Great Belt, 
which links the Island of Zealand 
to Funen and Jutland. The 
bridge link win not be completed 
until US7. 

The cost of the bridge project 
in the plan period will be 
Kr.5.5bn. 

Total planned investments in 
the 197S-1SS5 period come to 
Krl63.Sbn., with traffic invest* 
meets totalling Kr.i’S.Sbo., 


energy investment Kr.37.9bn. 
(including Kr.14.3bo. on insula- i 
Son of buildings, Kr.6-55?n. for; 
heating from power stations. 1 
Kr.llbn. in electricity generation ; 
for the rational grid, KrJWQm. 
for nuclear power in the latter, 
pan of the period). 

Education claims Kr.ISbn..- 
communication Kr.lSor,^ environ- . 
mer.t Kr.ll.3bn, and defence j 
Kr.S^tm. 

According to Finance Ministry ; 
projections public sector invest - 1 
men: will not increase by more 
than 2 per cent, a year from ' 
19S0 to 1955. 


Rome police 
hold 10 
‘terrorists’ 


OECD sets up working Ecevit contemplates wages curb 

party on Turkish debts 


BY HETIN MUNIR 


ANKARA. May 18. 


BY ROBERT MAUTHNER 


PARIS, May IS. 


THE OECD’s consortium for 
Turkey has set up a working 
party to work out an agreement 
on the restructuring of Turkey’s 
foreign debt, at the request of 
the Turkish Government 

Chaired by a senior French 
Treasury official. M. Michel Cam- 
dessus. the working party hopes 
to conclude its discussions 
tomorrow or on Saturday. 


The officials are examining an 
arrangement under which a third 
of Turkey's short-term debt, 
totalling S6bn. would be resche- 
duled. The debt under considera- 
tion is made up of government 


and government - guaranteed 
private loans. 

The Turks were anxious that 
their problems should be dis- 
cussed in the wider OECD forum, 
rather than by a more restricted 
body sucb as the Paris Club of 
creditor nations, because they 
felt that they would be treated 
ranre as an equal partner. 

The consortium for Turkey is 
made up of only 14 OECD 
member conn tries, plus the 
World Bank, but the working 
party which it has set up is 
theoretically open to all the 24 

member 1 ' of the international 
organisation! 


MR. B DLENT ECEVIT, the 
Turkish Prime Minister, has 
given a firm new indication 
that be Is contemplating wage 
restraint something never done 
before in Turkey and a critical 
element missing from his other- 
wise comprehensive austerity 
programme. 

Union demands for wage 
increases of 100-200 per cent 
were inexcusable given Turkey’s 
financial difficulties, he said to- 
day when be spoke to parlia- 
mentarians of his ruling Left- 
of Centre Republican People's 
Party fRPPl. Mr. Ecevit re- 
turned from visits to West Ger- 


many, Britain and Austria last 
night 

Mr. Ecevit was prompted to 
make his statement by the action 
of 6,000 workers who went on 
strike yesterday. Their demands 
for a 90 per cent pay increase 
were rejected by the State- 
owned Turkish Petroleum Com- 
pany. The strike is at oil 
welts, the Batman refinery and 
connected work places in south- 
eastern Turkey. 

" I am forced to state that 
duties fall upon trade unions as 
well to save Turkey from the 
bottleneck it finds itself in.*’ he 


told the RPP parliamentarians. 
“There is nothing excusable in 


going on strike in the most vital ! 
fields, because wages have not 
been increased by 100 or 200 per 
cent. 2 nd forcing Turkey at this: 
most difficult time to pay much 
greater sums for imports of oil." 1 

Turkey’s powerful trade ' 
unions have won sizeable wage 
increases and side benefits' 
through strikes or threats of 
strikes. However, because wage 
increases are automatically : 
tagged on to prices, higher I 
wages ba\e become one of the ; 
causes of inflation, which hasi 
been in the 25-50 per cent range 
over the past seven years. Em- ' 
ployers have for years been j 
clamouring for wage restraint. I 


By Dominick J. Coyle 

ROME. May JS. 

TEN TERRORIST suspects 
were being held tonight In 
Rome following the discovery 
bv police of two hidc-oats 
believed to have been used by 
the Red Brigades who assas- 
sinated the former Prime 
Minister SIr. Aido Mora; 
Further arrests arc expected. 

News of the discovery of the 
hide-outs at two separate Rome 
locations came as Parliament 
opened a special debate into 
the circumstances of the Moro 
kidnapping and the general 
slate of law and order In the 
country. A police .spokesman 
slid tonight the arrests could 
be the first major breakthrough 
in the Moro investigation. 

The spokesman acknowledged 
that evidence found in both 
locations was “extremely Inter- 
esting" and was said to have 
Included machinery for run* 

mag-off Red Brigades’ com- 
muniques. 

Meanwhile, opening parlia- 
mentary debate tonight on the 
Moro affair. Sig Giulia Andre- 
otti, the Italian Prime Minister, 
reported the agreement sf the 
parties supporting his Admini- 
stration on the need to improve 
the conditions, efficiency and 
equipment of the security 
forces 

Reuter adds: Italy’s Parlia- 
ment today passed a bill 
making abortion legal in Italy, 
ending years of political 
debate between the Christian 
Democrats and the Left. 


U.S. will boost 




ability to 
reinforce NATO 


IJY OUR OWN CORRESPONDENT BRUSSELS. May IS. 



“Shell private enterprise works 
with governments all over the world 
to help solve energy problems” 


Michael Pocock, Chairman ofThe “Shell” Transport and Trading Company, Limited, at the annual meeting yesterday 


Helping to solve world 
energy problems 


Shell is committed to the development of 
new offshore oilfields, coal mines and mineral 
mines in many parts of the world. All require 
very large capital over many years. In 1977, 
investment in these and other activities 
totalled £2,222 million. Just one current 
example of international co-operation is the 
project to build a £2,000 million natural gas 
plant in Sarawak together with the Malay- 
sian state oil company and Mitsubishi. Such 
is its scale, construction of the plant will take 
four years and it will not reach full 
production until 1987. 


high positive cash flow - by the end of 1978 
Shell will be £1,000 million in cash deficit in 
the North Sea. 

A strong presence and continued growth 
of Shell in Britain is also of major impor- 
tance. Excluding the North Sea, Shell U.K. 
has invested £75-£100 million a year over 
the pastfive years in spite of low growth. 


Britain 

North Sea investment is huge. The Shell 
share of the Brent field alone will call for 
£1,600 million. To be justified, such large 
investments must generate many years of 


People 

Dedicated, dulled and, above all, flexible 
people are essential. Because our world 
changes so fast we have to move our effort 
and people from oil to gas, from oil and gas to 
chemicals, sometimes to coal and sometimes 
to metals. But oil will be the mainstay until 
w ell into the next century. 

We believe in the true participation of 
employees in decisions affecting their work- 
ing lives. Participation is actively en- 
couraged. It must start from grass roots and 
embrace all staff/ 


Energy future 

; The energy crisis is not dead. Progressively, 
; oil must be kept for chemical feedstocks and 
transportation. Domestic heating gas will, in 
.time, be based on coal, and base-load 
electricity on coal and nuclear. If govern- 
ments carry out energy policies, there need 
be no crisis. Lead times for such projects are 
very long and we must act fast. 

It is our job to seek out opportunities 
which an energy-scarce world should offer. 
Shell is doing this in oil, gas, coal and even- 
tually it is hoped, Canadian tar sands, too. • 


For the full text of Mr. Pocock' s speech , 
and of the company's annual report for 1977, 
please write to: 

The Secretary, 

The “Shell” Transport and Trading 
Company, Limited, 

Shell Centre. London, SE1 7NA. 
Telephone: 01-633 9383 . 



i *■ 




)j£u£> 


THE U.S. today announced a bis 
intensification of its contingency 
i plans to rush around .-.nd air 
! reinforcements to WPSt £r n 
j Europe in the event of war. The 
1 move is one of the main contri- 
j buttons the !*■$• is to make rn 
j the lons-ierm programme to 
I strengthen western defence*. 

I which Is to be launched at the 
i NATO summit in Washington on 
I May 30 and ■»!. 

| U-S. officials attending the 
i meeting here of NATO Defence 
j Ministers .^jkI that the nrw 
I plans would involve tripling the 
j number oF U.S. tactical combat 
! aircraft in Europe over one week, 

' and doubling U.S. ground force 1 * 
there during two weeks. This 
would hnne the number of 
tactical aircraft up to 1.380. and 
ground forces to more than 
400.000. 

Current plan? are for a doub- 
ling of the cent bat air force, and 
an increase of abour one-fifth in 
ground force* in ten days. Under 
the new plans, more equipment 
for the ground forces would be 
pre-position ed. roadv for use in 
western Europe, and civilian air- 
liners would be preyed into 
operation as troop carriers. 

The U.S. measures form part 
of more than 3U0 proposals for 
action under the NATO long- 
term defence programme which 
received general approval here 
today. The U.K. is stream lining 
its arraosomrnrs For doubling 
the 55,000- si rung British Army 
on the Rhine in under a fort- 
night. and improving staging 
facilities for f-S. troops and air-, 
craft 

Meanwhile, officials lr'^c are 
hopeful that acreenwftt can 
finally be reached within the 
next two or three monttos on an 
airborne early warning system 
throughout NATO, which would 


the 


be inter-operable 
British Nimrod. 

Only Turkey and 
recorded substantial 
over the long-ierm 
gramme covering 

years and more. 

it clear th.n it hid to lodge a 
" blanket reservation " covering 
its participation Jin the whole 


:aly today 
servations 
lefcnce pro- 
le next 10 
!irkcy made 


programme, as a result of the 
U.S. arms embargo. 

The NATU countries are non 
to examine h»»w far it mi;bl hi 
possible to meet Turkey’? 
request for European military 
equipment to fill the gap created 
hy the embargo. Tl is accepted 
however, that the task will tic fai 
from cas.' . 

The Ministers, on the first <h> 
nf their two-day meeting, wore 
unanimous in stressing the 
serious run sequences for \-\Tf 
nf Hu* eifibarcD. Mr. It.irnlr. 
Brown, the U.S, Defence Serr* 
tary. assured the meeting that 
the U.K. administration Wa., eon 
tinning lu make every effort ip 
th>* wake nf the vote last w<v|. 
hy the Senate Foreign Rotation* 
Committee not to ■ recommend 
that the emharga be lifted. 

One nf the difficulties farin; 
the Europeans is a lack u{ 
resources for such a major 
replacement operation, quite 
apart from the Turkish shortage 1 
of finance. A further problem is 
that rhe Turkish armed force* 
are 05 per cent U.S.-sitpphod. 
and the Immediate need is For 
U.S. spare parts. 

• The Defence Minister also 
heard that senior military 
planners in NATO are increas- 
ingly concerned by the Soviet 
Union’s growing use of military 
Force to back up its global 
political objectives. 

Gen. Zeiner Gundescn. the* 
Norwegian chairman of the 
NATO military- committee, said 
he accepted that the geographical, 
timits within the alliance would 
react to the Soviet build-up 
were derided by politicians Put 
he added that from a military 
viewpoint. It would be advan- 
tageous if NATO could “ project 
its military interests " outside its 
present boundaries. 

His remark reflected an in- 
creasingly strong feeling in mili- 
tary circles that the area nf 
NATO's operations — now- 
bounded to the south hy the 
Tronic of Cancer In the Atlantic, 
the southern ■ Mediterranean 
coastline, and the Turkish 
frontier — should be extended to 
meet the wider Soviet threat. 


3 


t S S 
V ft 


-rt 


Support for Suarez 
party shows decline 


by Robert graham 


MADRID. May IS. 


TWO hy-election results for the 
senate, the upper house of the 
Spanish parliament, have con- 
firmed the strength of Spain's 
main oposition party, the 
Socialists (PSuEj and the decline 
in ihe popularity of the ruling 
Union de Centro Democratico 
iUCDl. 

They also showed the increased 
weight of the Communist Parly 
tPCE) and the right-wing Alianza 
Popular (AP). 

Both seats, -in the southern 
town of Alicante and in Oviedo in 
the northern mining region of 
Asturias, were won by Socialists. 
Their return will leave the Gov- 
ernment majority in the 248-seat 
Senate unaffected. But since 
these by-elections were the first 
test of electoral opinion since the 
June 1977 general elections the 
outcome has a wider political 
impact 

According to Ministry of the 
Interior figures released today, 
the Socialist candidate in 
Alicante. Sr. Alberto Javier Perez 
Ferre, obtained 34 per cent of the 
vote while the Socialist candidate 
In Oviedo. Sr. Fernando Moran (a 
former diplomat), collected 32.5 
per cent. 

In both cases the UCD candi- 
dates were in second place, 
obtaining 31.5 per cent and 23.4 
per cent in Alicante and Oviedo 
respectively. 

Comparisons with the voting 
figures in the June 1977 election 
are unsatisfactory since on that 
occasion three senators were 
being elected. In the case of 
Oviedo, there was a joint plat- 
form of the left that included the 
Communists — an alliance which 
the PSOE broke, much to the 
chagrin of the PCE- 

On the basis of the 1977 Senate 
voting, the Socialists dropped 
4 per cent on the poll in Alicante 
and gained just under 1 per cent 
in Oviedo. The UCD dropped 
almost the same amount in 
Alicante F4.4 per cent) but con- 
siderably more in Oviedo (over 
11 per cent). 


The Communists . increased 
their sharp of the vote by 7 per 
cent, to 15 per cent, and 12.7 per 
cent to 23.4 per cent, in Alicante 
and Oviedo respectively. Mean- 
while the Alianza Popular share 
of the vote rose from 6.3 per 
cent to 10.3 per cent in Alicante 
and from 13 per cent to 14.7 per 
cent in Oviedo. 


Even though the Prime Mini- 
ster. Sr. Adolfo Suarez, cam- 
paigned in person, the perform- 
ance of UCD has caused little 
surprise. Indeed it would have 
been noteworthy' if the party’s 
performance had been better. 


An estimated 800,000 
workers went on strike In 
Barcelona province yesterday 
in the biggest show of strength 
by (he Catalan labour move- 
ment -since tbe death of 
Franco, David Gardner writes 
from Barcelona. The strikers 
are demanding ? that the 
Government ensure fnll trade 
union rights and a “labour 
amnesty " for workers dis- 
missed for union activity. 


since it is in tbe throes of an 
internal crisis over both ideology 
and organisation. Further, its 
honeymoon period with the 
electorate is over. 


The performance of the 
Socialist Parts 1 , although 
triumphantly acclaimed by its 
leader Sr. Felipe Gonzalez todav, 
was much as expected. More 
interesting is the showing of the 
Communists and the Alianza 
Popular, who in last year's 
general elections roughly split IS 
per cent of the national vote. 

These two parties are regarded 
as having a faithful vote, while 
the two larger ones more of a 
floating one. Their relatively 
strong showing could be attribut- 
able to tiie large number of 
abstentions which averaged 50 
per cent — against 25 per cent in 
the general elections. 


French price control move 


BY DAVID CURRY 


SOME EMPLOYERS are trying 
to persuade tbe Government to 
speed up its timetable for 
abandoning price controls and to 
take further measures to 
improve the flow of cash to com- 
panies and the attractiveness of 
industrial investment for savers, 

M. Francois Ceyrac, the head 
of the employers’ organisation 
the Patronat, claimed there are 
three basic deficiencies in the 
plan to free industrial prices 
between June and the end of 
November. 

He thought that services— 
particularly those linked with 
industry— and commerce should 
also enjoy price freedom; that 
the varying timetable for price 
Freedom between different sec- 
tors would create “grave difficul- 
ties”: and that abnipt rises in 
public tariffs to reduce the deficit 
in p ubti c en terprises would 
Impose extra costs on industry 
and increase distortion. 

He complained the rapid 
Increase id public tariffs— 
increases in charges for electri- 
city, transport and postal services 


PARIS, May IS. 


of between nine and 20 per cent 
have been imposed over the past 
few weeks— gave tbe impression 
that freedom for prices simply 
meant rises in prices. 

This impression was wrong at 
least for the private sector 
because of the pressure of com- 
petition. 


On television last night, the 
TTimo Minister M. Raymond 
Barre was at pains to emphasise 
that the public sector price 
increases were remedial and not 
inflationary because they took 
place against n background of a 
controlled money supply, solid 
currency, wage moderation, 
stabilised balance of payments, 
and an improving economic 
situation. 


At the same time he said the 
Government had no intention ‘nf 
insisting that they should be 
completely commercial in their 
operations and noted that the 
Paris regional transport system 
and suburban rail service* 
together received a FJV 2bn sub- 
sidy a year. 


Sk 


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s 


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* VI 


I ! L 

i Hr 


[... El ROPEANNEWS 


■ . v 

v\ 


v:-* 


f ; • • 


m 


Community warns of big j Bundesbank unveils plan to boost liquidity 



| BY JONATHAN CARR 

THE BUNDESBANK Council to- ,<mi lhe sm-j ,.r , 1 ,;. , , 

dav nn ir. .J! ILL* 11 -" - c . aT . a * follow*. From .June 1. the Frankfurt fM'hanso at 2.1177 


Bi>\V M.,j in 
fiiM.ir liinmiMi." . !■ 


BY GUY DEJONQUiERES, COMMON MARKET CORRESPONDENT 


A LARGE number of EEC in a {liven country. This is the soods. In most cases the market 
product markets are now so level a t which anti-trust theory leader is named, 
heavily dominated by a few considers a market is likely to The Com miss ion report ex- 
companies or a single producer „?r, 1 _ n . deveJopin" into an oli^o- presses particular concern about 
that any furiher advance m the P , ,n whlch supply is shared the growth of concentration in 
process of corporate concentra- :®„j' een a reslncte d srotip of retail distribution, notably in 
lion would *• seriously endanger" pr £,L Ucers ; the UK. and about disparities in 


dav decided nn measurpc u-h»,-h to str »rtv ^ . • , . a * >oimwi,. * tom .nine i. tne rranKtun oxcntin^c at s-m. nr. tnin.ir Limnsn^". foi* 

„ : u.icv. u fr ,4 » Fy.- n t S , w' , I,- ron».*' ^ 'J 1 " 6 of L .S. minimum rescue rations for ihc against the Pi-ulsi-lic Mark com Rmuui-lunl. pif-uicft ■ ,v n 

BRUSSELS. May IS. A 1 . 1 * 1 effect frum June I. will “ 1,ent .- The sales ate reflected banks' foreign liabilities will be oared with - 1‘JSn ■ e'tcrdav. .. " ... 

.. .u . ! ,D J e « about DM 4.5bn in extra " “ f aM of D?,i ! -7bn in the net cut lo the level of the ratios ‘ Thi> partly ivifods the' fact ' . l 1 V* 1,1 ,r,i ’ - t ; r 


v markon? pmm«h k.. M i 1 Mmicieni mum rvserve ratios tor coin pruni wun runcern in Tne nup«\ r*ui n«- ai.-o filed the diri.-j- 

five strenpihpnin.. Hi* financ . e frjr a . n economic upswing domestic and foreign liabilities largely oil-impuri induced trade dice in the leu-i nf inu*:^' r.»ii? 


account s for at least 23 i per cent, commonly-used consumer items Another study published in the 1 TM C viidi 

nr sales of a specified product like food, drink and electrical report finds that in the British! “ YURI ORLOV CASE 

- — — — — food and brewing industries} 

THE MOST CONCENTRATED EEC PRODUCT MARKETS* small companies often tend to be I A f • 

more profitable than big ones. A TO "Annil J 

Market Enthusiasts oF real ale mav be Xlil UUCll 

M . Market Share gratified by a table which shows *■ 

M ? rk ff Uadcr % Y e ar that in 1974 small regional by david sai 

Denmark Sugar Danske 86 197S breweries were frequently more 

Sukkerfa- profitable than large groups likc.-ru- . , 

brikker Courage and Whitbread — a find- CROWD outside the court- audience. 

Belgium Cola Coca Cola 8S+ 1976 in " turhicta also bolds true for i f 001,1 where Dr Yuri Orlov was Dr. Orlo 

some distilleries. '■ being tried provided an uneasy from the 



Market 

Market 

Leader 

Market 

Share 

% 

Year 

Denmark 

Sugar 

Danske 

Sukkcrfa- 

brikker 

86 

1975 

Belgium 

Cola 

beverage? 

Coca Cola 

8S+ 

1976 

Trance 

Needlework 

threads 

DolIFus 

Mieg 

85 

1973 

Britain 

White rum 

Bacardi- 

Bass 

Charrington 

80 

1974 

Italy 

Sparking 

plugs 

originally 

fitted 

Marelii 

75 

1974 

Holland 

T ranquii- 
lisers 

U named 

70 

1973 

W. Germany 

Motor 
vehicle 
bulbs and 
lamps 

Os ram 

60 

1974 


An ‘open’ and shut trial 

BY DAVID SATTER. IN MOSCOW. MAY 18 


Washington attacks ‘gross^ 
distortion of human rights’ 

BY JUREK MARTIN. U5. EDITOR WAKIllNi ,T. i\. jt.,-. 


Courage and Whitbread— a find- • TT1E CROWD outside the court- audience, with the exception of focused on Dr. Orlov. Alexander 1HE lJ .S Gru.-ninivni and ..niiiirr, ..r. I..-KII •' ...c 

ing which also hnlds true for . rooin where Dr Yuri Orlov was Dr. Orlov's wife. Inna, came Ginzburg and Anatolv Shcharan- Congress today .ornngly con- hmn.iii ri^ tn.-. witii.i.u font .-r 

some distilleries. '■ being tried provided an uneasy from the ranks of the country's sky. who wore the founder and tinned the wnien.-iny in .lb*- harr.issim-ni " 

The Commisrion emphasises! a udi ence For an animated debate "enthusiasts"; and the honest key members nf the Moscow cow of Dr - Vui '' u ri'»v. The State Th- :hIiuiiii-i:-.iIi..ii h-.u 

the various studies are far from between a dissident and a clean, workers who mingled menacingly group, four members of an :ifli- Deparuneni ilenounced the did n*.i z«i -> ur a-, i,. ii„t, 
conclusive and are not intended'^ 111 F° un S wso who was defend- with dissidents 3nd journalists listed -croup in the Ukraine. ion a> “a truss distort inn i| r .- tr.-uiiiM-m 


to form the basis for future anti-j in E 11,0 Soviet system, 
trust actions. It docs not in any The argument ranged over the 
case have the power to block material situation of Soviet 
mergers outside the coal and citizens and confiicting claims 
steel industries, though it has about freedom 'in the Soviet 
been seeking authority' for some Union, and finally ‘came down to 


were provided by the police. including the Ukrainian poei of 


internationally -;u-ci.-[iii-d divUiiruK \mii 


Switzerland selling 
dollars once more 


h* cs »ch», ini: commission s rrom the trial?” said the clean-cut the trial and what happened in 

authority is imiled mainly to young man. “I'U go over there the court had no influence on ill * lhori,,es 

* Excluding Luxembourg and Ireland P ros f c u ,,on of restrictive agree- 1 and get in now." he added and the sentence nr the rase." witnesses l 

! ments between companies and of began striding purpo^efollv * •, s (rated in 

specified anti-competitive abuses, toward the iron barricades and .w ? retr0i, P ei -'t- Jt now appears to Soviet f 

— — b -*' contpanies in dominant posi- , crowd of militia men harrine the « a i* n, i. 1 Jus i ,rial . of Dr - partiality t 

.£T> dons. . In practice, the smallest : entrance lo the courtroom S Orlov bin ihe Helsinki agree- the Soviet 

flinty market share which it has so | *. ^ barricade he w-jq nvnr the ". ,s ® lv ^ f ‘ ”' ere a of evaluate it 

far deemed to ennstitutA a . . At , tb , e barricade, be was n\er- play in which the Soviet authori- record com 


on authorities made defence Acl Such participation by pri- m-j ; , n i| i, -lN ivil,.\-;.d m» \ 
witnesses unnecessary — demon- vate citizens . . should- be sop.ir.tfo r d n% M/ 


far deemed to constitute «-h^ |»Tw!£ra cSiST 5 tay VLt^iTn ^ S ° V 'fi a “ thori ; record wmpWeJy on its own. t ration in .1^ ‘ of ih? T- 

ejlSs WsSE ar =r ErS 


BY JOHN WICKS ZURICH. May IS. “toiT'ISKt «»PWiV. told' hi. n. pretended to believe them? " "‘"W yPPonuiwy «M m tl.eatrrmpe.l j,„nl interest* l.r Mr l«e eoifr 

AFTER BUYING dollars on the a peak of SwFr S.Ibn in 1980. dominance is far from them ft * is . At least IS people connected promises in international forums imprisonment of ifelsfoki'^roun '^1,. h . 

foreign exchange market in its In Ihe following years, repay- exhaustive. It claims there are w f s how it was during with Helsinki agreement in order to appear respectable members ^ --umi- vm.ri, v here ivlie\<’ tnA. 

interventions during the first ments are expected to be of many product markets where ! the M fou ^ d ay vigil on the side- monitoring groups have now and what ir will tolerate for fear The resolution said th .i fir li V*. lh, ‘ ,r: ;' 1 n ; 
fioarter the Swiss NaOnnaJ Bank between SwFr 3.8bn and concentration Is -even more ! 1 outside ^the open trial of either been arrested or sentenced of losing control. It is now up to Orlov and his ioili ai'un«. «hnniri I/,!?'' ant l, ‘ 1 M ‘ von ' v uf 

has been selling dollars again in Swm".6bn. annually with a 1986 intense than in the 250 covered j£ r - Orlov. The testimony came in various parts of the Soviet the Western powers to decide bp ^ranted their frii.Hnm°nna ^ntence pa>^?d «m nun. »4«-i 
recent weeks. figure ptH-uit SwFr 6.5bn. by its survey, and that in sorne '^ 01 " prosecution witnes ses; the U nion. Although attention has how to react. allowed in du? 1 h '‘ m c S,,vk ' 1 r’l-iunatou.- <A 

Accordinc to nr. Frlt7 T.n»H. Will, Kuii-efranr. unrodv _ ,U ' ,Ur ^“ C InP1 * UW *IH (he US. - 


pretended ZS3& Si 


disparity between what it terms.” U.S. opposition to im.-i” 


recent weeks. figure ptH-tft SwFr 6.5bn. by its survey, and that in some: 

According to Dr. Fritz Lcut- With regard to Swissfranc cases business secrecy; has pre- : 
wilcr. the National Bank Presi- holdings rtf foreign central rented it. from obtaining precise: 
dent, the hank's divesimenls of banks. Dr. Neutwiler said there statistics. 

foreign currency in the period had been substantial withdrawals Some of the assumptions and 1 
from the start of last month to of such accounts from Swiss methods used by the Commission i 
mid-May totalled SwFr 760ra. commercial banks in March and may be open to question in par- 


allowed to pursue their lawful the 


A further SwFr 995m was further witmJrawals woul 
accounted for ny obligatory con- follow \ 

version* into dollars of the pro- There had befn no increase i 
cec-ds from foreign borrowings central hanks’ Iwissfoanc holi 
m the period, giving a combined ings wth ^ fcnk for Inte 
?h V ‘r m c. ir by , , h t c ? ank more national SetllSents. Ther 
l.i5bn-worlh of may. be said, ha« been a ris 
foreign currency. \ 

This compares with what Dr. 

EulWiler disclosed at a Zurich Switzerland’.; fourT-Ieartinc 
Press conference as a net rise aw,lzer . V s t t0 , lir t . g 


further witiMrawals would ticular,. its choice of market 
follow. I definitions. It -is debatable, for "Ta. 

There had befc °o increase in example, whether sales of “cola / 
central hanks’ Iwissfranc hold- beverages" (of which Coca Cola .T~2a.?~ 

ings with the ^nk for Inter- is said to account for more than 

national Settlements. There S5 per cent in Belgium) consti- 
may. he said, hale been a rise twte a distinct market of 

V their own. Jt might be fairer 

, “ 5 v and mora useful t0 ta, k of the ' 

Switzerland^ four 7 leartincr soft drinks market as a whole. /iV- 

eomm/S hlhi S dually, the lack of additional - 

commercial banks -jt union infopmation on lhe nature of the . 


K'.- • : T- ' 'V ‘ ’ ' V : ft : • V;: w : •• 


. • ■ • i' .\- 

* ‘ *. H " t C..\ 



. — ’ “ Mimmpwial hanl?c -* Union otjuttii.', ui auumujidi ./•„>« 

in the foreign currency volume commercial nanAs union j„f 0rma tj 0n on the nature of the 
of SwFr 464m in the first three ** ail J t ° r Switzerland^ Swiss mar kets concerned, their size 
mnnths. when the National Bank Bank Corporation. (Credit anri tbe number and strength or • 

'pent SwFr 4.35bn on foreign Suisse and Swiss Volksbank other companies participating in ! 
exchange market interventions. _^iave today increased . by (hem makes it difficult to V 

The reversal of the former o.5 per cent the Interest on evaluate the degree to which the : v -. 

trend followed the introduction c u entS ’ deposits. This means existence of a dominant market 

at tbe end of February of ahan month leader threatens competition. 

on most non-resident portfolio den0 ^ ts " ii, receive “ 11 ™y a,s0 he ar sued that ■ 

mvestnient*. Dr. Leutwiler J* - month mnn „ v ? i: s n mc of the information on which ; -. 

stressed today that the National a^d 12-month money l.-o .. survpv i s hased is rather 

Rank wants to lift tins restric- per cent interest. This o[( j * smCi? - seV er»1 of the cases • 

non “a-! soon as possible” and increase, the first after a long named date back to 1972. How- 
>.iid lie hoped this would be series of reductions, follows ever, the Commission” claims 
possiMe this year. y, c s ij£ht rise in Euro-Swiss there has been little real change \ 

TTjis would he conditional on f rancra i e B. in the pattern of market dotnina- 

a lasting stabilisation of the t j 0n j n recen t years, and that l&jflll 

exchange rates. The authorities tbe tendency has been increas- 

had la>t week eased the nan to j n E urn .s W issfranc holdings, hut ingly towards stabilisation. lW/Mb. 

pernm ihc purchase by non- ^ sboi ,t d not proV e to be of a The Commission says the total 
residents of Swiss shares major nature. number of reported national and 

^ BC , CU *h U0 ^ i W1 h f l ^, e Professor Leo Schuermaon, international take-overs and 
proceeds from the_ sale nl an- thc National Bank vice-presi- mergers, share acquisitions and 
olher stock unit of this type. sa .^ tbat a C0T]C ept had joint ventures Tell to 2.057 in 

rh?r^ r >Ar5Sr hnmrari 1 is Vftw been worked nut for tbe inrio- 1976 from 2.2S1 the previous 
h it f?Hon n(T S thi C veir duction of short-term, money- year and involved 5.095 com- 
fts* S ,nr‘ ?citlarh In . Vc In "sSct papers by the National ponies compared wolh 5.9m This ggg 
h' nfhir Bank. A programme of this was Ihe first drop since 1973. Wmmk 

JAV the m!5l d Of d fomS ton* would bv introduced The number of international flW 
borrow in*** aiUh‘.ris"d b? the aradually hut could he started at joint ventures greatly exceeded fflBgg 
NaVii^a Bank in lh^ fiM four short nolice as necessary. The the number of national ones. Mlg 
inoX I97S had reached confederation, sutd Mr. Schuer- though there was a preponder- 
Sv.-iv T’tThn as against mann, would nor be present on ance of national operations in 
StvKr flJBIm in ihe name Wriod the bond market with a new the other categories However, Wfflm 
of last vear and SwFr 6.91 hn in issue in the coming quarter and companies from EEC countries 
.fonuarv. April. 1976 probably not it» the fourth played a smaller role in 

The National . Rank has for quarter of this year either. national operations, of which g||||| 
the first 1 pi»i> published esiimalo As far os Switzerland s money hey aSK 

or total redemptions over the supply is concerned, its growth 19z 6- Be M™ e t h^ farn^ MwWbI 
enrnme vears bv foreign issuers was far above targets in the first country where the largest 
nr Swiss franc bonds and notes, months of 1978 due largely to number of international opera- 

These .ire seen as declininc from National Bank forctgnexchange tions took place. 

SwFr S.Sbn last vear to interventions. In March, said fi*ai*ci\l Tivm, pnoiifiwMdiiiv ukcm i sw- 
Su-Kr 4RhD this year and Dr. Leutwiler. the ^ srowth had ft.- 

SwFr 5.rfon In 1979. hut reaching been as much as 16 . . per cent second ci>c% nonuse mid at nw pi.m H6||g|g 


on most non-resident portfolio 10 . . 

investments. Dr. Leutwiler deposits will, receive 1 per 
stressed ioday that the National «-nt and 12-mouth money 1.25 
Rank wants to lift Hits rejjtric- per cent interest. This 
rum " as soon a.< possible ” and increase, the first after a long 
>*tid he hoped this would be series of reductions, follows 
possihic this year. yj C s iig b f rise in Euro-Swiss 

This would he conditional on r _,__ 
a 11 lasting stabilisation ” of the iraucraie*. 
cxchancc rates. The authorities * 

had iJ'-t week eased the ban to - p lir „. CwicB f ranf . i,nirtin-« hm 


proceeds from the sale nf an- 
other stock unit of this type. 

Dr. Leutwiler denied claims 
that foreign borrowing in Swiss 
francs had fallen off this year. 
Due particularly In a rise in 


■ 4 •• • •• ;* : '.f'-j ' ' • i ; . ■;/ ' : j j 

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Deutsche Bank 

Aktiengesellschaft Frankfurt (Mam) 

(Incorporated in the Federal Republic of Germany with limited liability) 


z V- * 


Notification of Dividend 

The Ordinary Genera! Meeting on 18th May. V 978, . J im i rcw'ved to distribute the 
disposable profit of the financUl year 1977 being DM I72.8MJ00 and has approved 
the payment of a dividend of DM 9 for each share of DM SO nominal value. 

The dividend will be paid less 25% capital yield tax against submittal of dividend 

coupon No. 31 at one of the paying agents listed in the Federa Gazette 

!9rh May, 1978. In accordance with the English-German Double Taxation Agreement 

of 26th November. 1964. as amended in the protocol of J3rd March. 1970. the 

Geiman capital y.eld tax is reduced from 25% to 15% for sharetelders resident .n 

Great Britain. To claim this, shareholders must submit an application l for 

ment within three years from the due date. Jh.s application « to be addreswd I to 

the Bundcsamt fuer Finanzen. Koblenzer Strasse 63-65, D - 5300 Bonn Bad 

Godcsbcrg. 

in the section on “Taxation " on p. 25 of the document issued in connection with 
the introduction to the London Stock Exchange of issued 

attention w 4s drawn to the forthcoming reform of the Gei-man corporation rax 
system As a result of the reform, which has meanwhile been earned out. a tax 
credit procedure ha? been in force since 1.1.1977 and applies for the first time 
to the dividend for the 1977 business year. 

Under this procedure, the sund.rd role of corporarion tax ir ,he |l 5J” 

Shareholder, re., dent oUBide ind hM'-J » 0 they rtceivt the dividend resolved 
b>’r he ’company. Ind lhc ^oss atoun^con, inner .0 be snbj.ee to IS% tax dadneeibn. 

In Great Britain payment -ill take place throuph the followinx banks: 

Deutsche Bank AG. Ldndon Branch. 10. Mnorja.e, London EC2P IAT 

Midland Bank Limited. International Dimtlon. Security D.parmene, Suffolk Hootd. 

Laurence Pountncy Hill, London. E.C4. 

. • R-in.in is made in Pounds Sterling converted from. 

LVutsc^ diy of submitul of the div,dend coupon - 

Frankfurt (Main). May 1978 
Board of Managing Directors 




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« 


Financial Times Friday Hay X9 197S 




OVERSEAS NtVVS 


Israeli plan 
West Bank 



AMERICAN NEWS 


for six new 
settler towns 



BY DAVID LENNON 


TEL AVIV. May IS. 



House committee opposes ®“ in s essinen 

SOCial Security tax CUt considering 


THE ISRAELI Defence Minis* This 1* despite low prices and entlv a compromise between no 
try has prepared a plan for six Ter > purchase terms during settlement anri widespread 

new towns and urban centres * P en ^ d k ';“ en there is a high settlement, was presented yestor- : 
on the occupied West Bank, demand for Iow TOSt Cousins. day to the Cabinet committee for 
designed rn house ts non wish The De fe “ce Ministry plan settlement by General Avraham 
families 1 was prepared on the instructions Tarair. the Chief of the Army's , 

Jr. . _ _ . . of the Minister of Defence. Mr. planning branch. 

J R^n t Ezer Weizmaa - He has been The plan calls for the corner-: 
nndMUnH rmir* i^Pnlinn tn involr ? d .in a running feud with sion of Jewish settlements under IX/Jwic, I* 1 

ramahl°?n J?™? Minister of Agriculture. Mr. construction or built in recent ; | Vi JS* \j3llOlil 

IS58J? Arie! sbarnn - who believes that years on th e West Bank- into- ***** VJCUIU**A 

® h ? n - J**** settlements should be urban centres. Throe of »he ! Al_ 
meets are proposeiE It is bound huiJt .« on every Wl |- Mr. centres will be part of the heir IJlfOWS 


BY JUREK MARTIN. U-S. EDITOR WASUlM- H'.V. May i5. 

I CONTINUING TO ; sc cscif in President Carter. , for his part. Administration f" do somethin:: 


UK projects 


Prime Minister 'Desai 


unending knot* the House Wavs tu* made it -Kir that he would about social .-wnsritj s.tving thai 
and Mean' Committee has re. veto any stteh >-nns:rcs«,imiaI Hr Was .-eiT.iiTi thnl ti 
versed a previous vor- and with ihe House deeply Govern me nr did no: .m: the Lon- 

decided ihat it would be unwiM* divided and »tth .*cit’.ral iiirtuen*- gre.-si would. 

Congress. 


order a rollback in social tial Senators siding w;tn ihe. The 


did 


tn order a roil back m social uai »enait-r> siu.uk *i«. mi: Tho Congress. Imv.vicr. 
>ecuri?j laxe.s in the next two President, such a rnn. raniation Anally rrsolvf ycyierday 

UiJ.v nnl m.i term Use II it ones. *i mi | ar h •.rntrr.iivd ilisrulc hut 

r 5 at the present stage it is hard in {h fe A rr \\ i..„t p .: I. ml.-r Uw. 
— the ilnnunrss overriding a rlle c oll .., vs . " - - 

ientm 1 vein. * hv Mafia' 

iron-K opo*7«Pd ;t *'ur ■ r, soci.fi The pjaumino sipa o. _.-ue:.il Jj(Qdgetarv feiiiocs tor thc yrar 


years. 

The "nm.-mtfee v«fc repreren 
a vatory of sorts for !hp Carl nr 


l»« el ba » Pl< yet furlber tbe pros ' Sharon i.» the Minister in charge of Jewish settlement* srretchir.q . 

EgLJ f C S of settlements. north of Jerusalem, designed to 

oveirthe future ofthe West Bank Hr. Wptzraan threatened fo »parato the West Bank Arab 

resign a lew months ago because towns of Ramaliah and Nablus 
The scale of settlement en- 0 f Mr. Sharon’s settlement from the . I wish population con-; • 
visaged is optimistic. In 11 years activity on the West Bank, at centrated on the coastal plain, 
of occupation Israel has built the height of the Middle East The Defence Ministry concept 
almost 40 settlements oo the peace negotiations. Settlement |« to concentrate Jewish KCttlc- 
West Bank, but less than 4.000 activity was halted temporarily ment efforts in these towns. 

Jews live in. them. while the Prime Minister. Mr. rather than continue with the ; MRS 

The Jewish town of Kirvat Menahem Begin, visited Washing- process of setting up small rural * n glory after her party 

Arba, built as a suburb ‘of ton and Mr. Wei z man met Fr&si- villages in nil parts of the .‘M’-ClecUon victory in 

Hebron, bas 300 empty flats for dent Sadat. occupied West Bank, as advocated ■ p ™desh. ha* a simpU 

which no occupants can be found. The new plan, which is appar- hv Mr. Sharon 


,rv;;ri?y levies for F o.,r Thai security i* >cn;nu i" d'-mon- ^ nf j e ’ IWi ; lijv> . ' h finally day tour «f 
•.'■uu'.d '.*?an to iiirth'ir r**du'*i.v.*r. >lru , u the lack *il authority nf the n\ana‘*i-d in »i,> mi. thouch tlu; Ham*- vaid li 

:n the alread*. reduepd tax pack- Gor.cre.ssioniil leadership. Mr Ai niursiTi i’i rhi* ll>>u.*i - »a> a hi.s talks w 

ajr. ‘ L'limar.. cluirman nf Wa >s and min^cul n inrcc v«u*» >m .« a»l- Anu-rivau 


, .. . miniscule 

>'■ Mcar.s. wa- *mc nf those whn iqr division. 


By john.Wylei 

NEW Vi H?K, May IS. 
THI? attitu>k or I.S. 
hiisinpvi people louanK Invest- 
illK 1» tilt VK is ninch 
mure positive than U |P< hern 
for the past couple of years, 
aecnplius; hi Mr, \lan 
Williams, the British Minister 
oi Slate for Industry. 

Nearing (he rrid nf a seven- 
lour «f I he l .Mr. Wil- 
li ere last nighl that 
iUi a number nf 
companies hi 
Chicago and New York had 
proved ver> encnuragini; 
"Several have iutiicaled that 



SOUTH AFRICAN BORROWING 


Prospects looking up 


l Mar 
.dirt 

explaining her success. ' Tb* 1 
Janata Party ha* fooled ?h 
people long enough, hut m: 


Securities law proposals 


BY DAVID LASCELLES 


NEW YORK. May 


time ‘ fn0i 3,1 peop * p a, ‘ ,br SP'.NiFli'ANT vhanBe- VS dnrum»nt.” ihrmch ihe 


1^. 

SEC 


the sUn of the ■.ejr 

However. 4 [■ r;<l.i> dei-i^wm 

tn aerrm .1 luaer snx nil jiacknge 

hV Pr"r.-»Tde>iT f .'"’ev had ihe 

effect nl l(*we:'SU- If***"*!. 
official estiiu »ti*- >tit «5"bn. 


BY QUENTIN PEEL IN JOHANNESBURG 

SENATOR OWEN HORWOOD. insists that such doubts are January. There have been similar 


But the Janata Party. I>»rj 
. ‘Jr Morarji Desai. was n»i: ’he 
. only casualty: Mrs. Gann ill's 
I infant Congress II) Party— the 
M I • stands for Indira — also 

routed the official Concrces 
! Party, confirming her claim to be 
! its real leader. 


•a ere tTopa-ed could .isk fur innic mfurmatinn w hich »•> al-‘> in«* l.i** 1 #! «“.tiUta,e 
American Law if neecssan nf the enrn n! : ear > shori- 


■’.tipirtveri'it t*i 


Uttar Pradesh- was thoushr to 


>ecun:ies la -' a 

today by the — - 

Institute a body •'■hose influence On takeover.*, the Inslituli'N ia, ‘- 

has in the past led to reform in proposals aim tn creak- federal Vwiuros f ... 

U.S commercial lav.. Its >ugge^- lav.- winch "mild preempt iaus |3 V! ^fJ ,s . 'V.'!'” ^ Th.'M-'' icl-iiued 
linns are expected tn play a in about 30 slates giving manage- *" v >< ' r-.,- n* • mdel-.n.'- .n 
major row in a bearing on men t a stronger say than share- f ^ „j ^n„ cu - 

securities low reform due lo be holders in deciding what to do {jjjjj ^ " V,' '.i- Viirllit mi!n- 

held by Congress next year. about tender offers . J Vs ,, ruk , - 

— - - V - _ .. _ . , . . J ■ — ... - Apart from demanding sirapli- The Institute aLsn wants a -Wr ihorJ i.-n.l* n..r in sub- 

the South African Minister ot groundless In the first place tae increases in rail fares and steel , he a Janata Party stronghold acation oi the law and fewer render offer to be defined 

Finance, hopes to renew contacts net new capital requirements of prices. j since the Congress Party •. ute «t 3 te-cy-statu variations. the include all ‘hose directed at roiiincs 

with “leading European bankers the public corporations are much Ar. Horvrood's strongest card, was decimated in 'the ifl“T institute specifically say* that more than “35 persons.” This . . t i,_ rommorn- 

aod induatrialists " on his reduced. The only two major to defend his country.* ability] general election vvijen Indira t^e habihi*. t ,{ corporate wrmid prevent a company stalk- a /!J 1,1 J* 
current trip to Europe. He has projects still needing finance are to service its debts has been the Gandhi fell from power. directors and officers tor filing ing a potential takMt.-r victim iSSS?"™ vJJ th> hw 

chosen a moment when the pros- the Rlbn nuclear power stations phenomenal tumround in the] Th , h f rh „ fa ;., e or imsicading information by quietlv acquiring small Vounniv ... he 

p.cts for potential Sooth African ot Koeroers. and the R2bo oil- no once of pom, cats current or- ; Co „5' c ' s ‘ CI °f* wn reniroi »'IU> the Secnritieo and Eochonce numhers of chores -SwiSSt ■ of ho V. ™ I, no' 1 

borrowers on the international from-coal complex .Tt Sasolourg votmt over the past year. Partly f sau thern stales with :hc Commission should be increased. The Institute’s laM major ,h i National 

market are looking up. -Sasol 2. Much of the cre#t as a result of dw ‘contribution : he ip of political aKS? anri I also proposes that companies proposal h , hut ihe SEC ^ 

In recent months, virtually all for .[ h ^ e ,, \ 0jCheraesls J[ ?adjl > -£? W c n f : won 10 of 16 by-electi«nc to •vnh Ion? records uf profitability cranteri authority lo impose a i n ihr fi r «r tlin-c rioutli* la ■■gel v 

the major South African public “ lh f „ **! Mni*** 16 assemhftes. . Last nuin'.h be relieved of thp' hurden of rode or s&ndards for investment beraust* of Hv ‘u\\wi of »lw TW • 

corporations have made private finance for the foreign rnn- ddnaa 'Bay. but largely as a con- M Gandhi lost a Parliaments;"- filing voluminous docunienfa.inn ad v vers, reomring them fn di.v strike and 
placements with West German factors involved. Escom is the sequence -of the Prolnoged^econ-I by" le cuon m the northern *ia:r w.th the SEC each time ihcy close their nu.il. tie;. turns and the slEhl hnpr.o 


in hr attruded by up fn L'lHi 
YJ». hiiidiirN.smcn. nrcanLiert 
l»y Ompers and Ly brand, ihe 
art-MUntfllR firm. Other partici- 
pant* include Air. Katin Laird, 
the national executive mrmhrr 
or Ui<* Aniaigainafril Union of 
Tngineerlug Workers. 

Mr. Williams will lie sires*- 
ins (lie Government's romniil 
meiit to fortify ills Rritain's 
maiiufaetiitiug serior whir It 
iueludes. among other things 
an emphasis on a profitable 
rale of return on investment- 

He will be armed with the 
latest figures from tbr Depart- 
ment of Employment show-in e 
(hat the rate of pay Increases 
between August. . l!t?? and 
March, 1978 was 9.7 per cent. 
Purine his \isii. he has hren 
stressing that the- Government 
expects the annua) rate nf 
price inflation to fall to 7 per 
rent li> the middle of this year. 


banks, and interest rates have 
been coming down while the 
term of the loans has lengthened 
appreciably. The latest South 
African placement, for Johannes- 
burg City Council, is for 
DM 50m, at -7.75 per cent, with 
a term of four years. In January, 
Escom, the Electricity Supply 
Commission, had to pay 8 per 
cent for a three year loan of 
DM 40m. 

The easier terms are however 
more a reflection of the liquidity 
in the PM sector of the Euro- 
bond market than of any drama- 
tic improvement in the status 
of South African borrowers. 


Khama attacks 
Rhodesia pact 

By Our Foreign Staff 


Deep crisis 


Sir Seretse Khama, the 
President of Botswana yester- 
day bitterly attacked the 
Rhodesian Internal agreement. 
"If anything, the Internal 
settlement has made the situa- 
tion worse," he told an 
audience in the Mansion House, 
London. 

»» «• *1 Pf* ■ P.™ -£ 

of some 3* points over the rate dv J war In Rhodesia and 
forpnme borrowers. created a massive refugee 

Thus Mr. Horwood still bas a problem. He called on the 
major problem. The massive British and Americans to put 
borrowing by the public corp- pressure on the signatories of 
orations and the government the agreement to come to the 
which took place between 1973 
and 1976 is starting to fall due 
for repayment from the middle 
of the current year. Finance also 
has to be found for the con- 
tinuing capital investment pro- 
gramme. 

The big surge in South African 
public sector borrowing started 
in 1970 and redoubled in 1973. 
co-indding with a major govern- 


trade reC balance S °ba* M been ‘ of Hajr J' ana - hut th « victor;. ir.Jiwi* new secunde*. Instead, way 
transformed from a deficit of I V ?* r P fa . desh could we » * a I l^y would only flic an "offer: n a for s 
R1.63hn (£lbn) to a surplus 0 f ‘ warer-snea. 

R75lm (£470m) last year. That 
surplus has enabled a substantial 
reduction in the country's, , . „ 

foreign debt. Mr. Horwood says., “ gives Mrs. Gandhi's in f sn; 

Mr. Horwood and his advisors j P* n j r 3 J^hold in the vrr d 
say that creditors should look to Hind'-speaking northern r.r.t 
South .Africa's export earnings! ,)* " a< * no representation 
potential as their principal.*" Parliament. It also present.* 

collateral. Thus the - ratln of i “Jf r w11 * 1 an opportunity to taunt 
interest and capital repayments;*^® squahbl ins Janata Party. In 
io total export earnings for f acl - lh f. Janata Party is now 
1971-74 was an average 11 per'-T 1 the throes of a deep 
cent, comparable with Canada's ; Fo ™ e ° In January. 19<,. as 
10.5 per cent and Australia's 8 i ? t 5 h ;.?° t 5 h , , of u d . lv . er8eDt r ' 0 ! 1 

per cent, and much less than " ' 

Mexico's 20 per cent 


way rhe> mlculate their charges vihusly csimiat^d 
ser.icp* fail. 


■ i*ri* wii*i»*r — .■» 
■m-nt "H i Jn* piv- 


<> *i per cent 


meat investment programme in 
infrastructure projects, including 
the new harbours for mineral 
exports at Richards Bay and 
Saldanha Bay, the Sishen- 
Saldanha railway line, and ex- 


negotiating table. 

Botswana is one of the front 
line states which borders on 
Rhodesia. Sir Srretse said no 
agreement canid he successful 
without the participation of the 
nationalist guerrilla movement, 
the Patriotic Front. 

lie said hih country had 
played a moral roic in Lbe 
conflict and would try to avoid 


The extent of debt repayment 
last year, according to the 
Reserve Bank's balance of pay- 
ments figures, was almost Rl.lbn. 
Most economists predict that the 
current account surplus will last 
through 1978, with the first three 
months showing a favourable 
balance of some RIOOm. 
Estimates of the final outcome 
vary From a surplus of~R400m 
to a very optimistic Riba. 

What will happen In 1979 is 
more problematical. If the 


ticat parties, it has been unable 
to Integrate into a cohesive unit. 

Since winning last year's 
general election, the Janata 
Party has been immobHisefl as 
the top leaders jostle for posi:;on 
in an open and ugly exhlbi'.nn 
of personal politics. Ideoluc?- has 
little tn do with it. although 
traditional caste factors are at 
work. The quarrels are tailor- 
made for *hrewd exploitation by 
Mr*. Gandhi. 

Caste and class violence 
mounting in northern statesl 
which are ruled by inept, 



Ford strike in 
Brazil goes 
into third dav 


foreign Intervention. But he 
said there may come a time 
" when our own young nation 
may itself be sucked Into the 
conflict.” 


_ _ . -viiivsa at r luivu u m - iiiruu l* 

current signs of renewed [ honest, chief ministers who are 
economic growth persist - and j proteees of leaders in rhe central 
they remain very tenia live-then I Government. There have been 
imports are likely to start pick-: riots, strikes at universities, and 
mg up towards the end of tills J police firi ngi Increasing in 


A soldier accompanies a. ballot box as it is carried to election headquarters in Sahto Domingo, 
the capital of the Dominican Republic, shortly before the military intervened on iv«>dnesilay 

to stop the counting of votes. 


year. Being to a considerable 
extent a developing economy. 
South Africa has always relied 
on a long-term capital inflow to 


U.S. presses Dominicans on poll 


BY HUGH CVSHAUGHNE5SY 


pansion of power and steel 

capacity. Long-term public one exception with a planned cover a deficit on the balance 
corporation borrowing in the capital programme (including of trade, and that situation is 
four years from 1973 to 1976 Koeberg) of some R2bn. likely to recur. But it will 

totalled more than R2bn Moreover, the public corpora- coincide with the need for heavy 
(£1.25bn>, rising from R289m in tions have all switched to a much repayments of the earlier foreign 
3973 to a peak of RTISm in 1975, higher level of internal capital borrowing, thus effectively 
and dropping only slightly to generation because of the short- doubling the borrowing require- 
TieoSm in 1976 before collapsing age of international capital, ment. The alternative is simply 
to only RSOm last year. There Whereas in 1976 some 60 per cent to restrict GDP growth to a 1 s'vnh rnmm : ksi'nn hiK fnnnrf I sencra i election on Tuesday. 

L . nf or„cc minimal lov-ol in , n .- ,r ' nrT, . rr ! ^'On nGS rouno that I .. .. 


was also heavy long-term capital of Escom’s Kress finance came minimal 
borrowing by the government from foreign sources. 26 per cent promote 
and central banking 
including such bodies as the and 14 per cent from internal economy. 


level 

the 


tn order 
strategic 


stability at state-level has dis- 
gusted and worried ordinary 
people. The Janata Government's 
major achievement In dismant- 
ling the dictatorial structure Mrs. 

Gandhi built up during her 19- THE U.S. State Department has Reforrotet Party, a conservative Caamafio Dejid— has expressed 

month emergency rule has been expr essed -concern about the group — would respect the elec- its preoccupation about the 

forgotten. intervention on Wednesdav bv ^on result. situation to Dr. Balaguer. The 

To the ordinary 1 man. Mrs. »h e miiitarv in the Dominican ' nie electoral authorities — OAS mission is formed nf ex 

Gandhi's constitutional abuses p OTVI1 h^ * ho *e premises in Santo President Misael Pastrana o 

and the irresponsibility af her o!L 1C »L»-j ,a iLifts« ISo Domingo, the Dominican capital. Unlombia. cx-Presidcnt Galo. 

*nn. San jay. mean little. The o o 1 Q i i n ^ ^ « tP. * ?- ine " ,( “ rp taken orer by the military Plaza »r Ecuador l now spcreiary- 

before dawn on Wednesday — general of 'the OASi and ex 


self 

sector from SnuTh African investor* sufficiency of ihe South African ; V-»niav Ul r:an , iih i " V< ri in 

. .. I r.r.m Dnnnnmu Hi.t Ikon. jinnu, rJ _ , . linnn ' n 


Id "ua ■wint# Mini 

X ; Mrs Handhi haH rnmmiTinri ?rav<> Yesterday, thf: Department announced yesterday ihat t President Julio Mundez 
consfitutional imnrnnrieiv. and ?3id thai it had made representa- counting would proceed when ihe MnuW-ne^ro of Guatemala. 

But there the danger Sr dh !' is in . jai1 far fi 0 ^ 31 leve, *.°/ Je rural vote had been collected The name nf i.cneral .Nert; 

5 imimidatinx wiTne**ps m a case Dominican Goverami»nt for the 


railways and post nfficel between funds, in 1977 foreign sources is that any growth rate of n f cnm»nal consniracv a «ainst result* nf thp 
7974 and 1976 totalline some provided only 21 per cent. South than S per cent will not absorb ■ ^ SS& SJected 

R600m (£375m>. and further African investors 50 per cent, the natural increase in tb« 1 poiittcal victories .«hn«- that ^ v .. . . . . 

short-term government borrow- and internal finance 29 per cent, economically active population— t proceedings of various inanirv j Jhe principal opposition candi- of the halt ip CDuntinB 
ing to boL*ter its reserves in One inevitable result bas heen resulting in steadily increasing Commissions are becnnrnB ? ake - Sr - Antonio Guzm&n, stand- the ballot boxes with 

in-: J in— e ...i.iii.. nnc. .k« innu,coc f— hpiffc hlanb nnAmnlni'mitnl and nrnh. ! . . ... . . .. * IDS fOT the Slicis! lipinnrratip faVOUnOS the Reformist 


. The opposition clearly r«*ar* Seijas. enmmander of the', 

election to be that the Government nr ihr Dominican . police, has heen; 


By Sue Branford 
1 SAO PAULO. May 19. 

• THE 9,300 day and night 
workers at Ford's ear lactorv 

< in Sdu Bernardo an the oiit- 
: skirts of hao Paulo. Brasil, are 
; cuutinmnx IhelT strike into n 
; third day. According to Sr 
■ Octavio Bueno Mogann. the 
company's law>er, the manage- 
: ment is implacably opposed tn 
; negotiation with the workers 

• or their union while the strike 
: continues. 

: The workers are rirmanding 

: a 2i> per cent wage increase. 

! Yesterday afternoon, workers 
l on the production line at ihe 
. electric light bulb factory 
;• owned by the Dufrh cnmpanv 
i Philips, at Cupuata on Ihe 
outskirts or Sao Paulo, also 
stopped work. The strike con- 
tinued today. 

Thy strikers at (he SAAB- 
Srania and Merced es-Bimz 
molor factories here haic gone 
back to work, as negutiaiions 
with the management are 
nnder way. The management 
at Mercedes-Benz has agreed, 
in principle, to a 13 per cent 
wage increase, to be granted 
In stages over the next few 
months. The company has 
also agrerd not to punish 
strike leaders nor to make 
deductions from wages on 
account of time lost during 
the strike. 

It fs widely agred that thp 
strike movement is technically 
Illegal, according to a Jaw, 

, passed in 1964 shortly after the 
Galo.j miiitarv coup, which forbids 
all strikes earned out m sup- 
port or wagp demands. 

However. In avoid a direct 
ccuflict with the workers, the 
federal go^ ernment ha.* been 
circumspectly speaking «f 
“ work paralysalion.” But. in 


armed forces will take advantage linked with rumours of a military ! ** iar f l contrast with the liylenf 
The principal opposition candi- of the halt in counting tn sluff coup. ‘ . f.?.*! - e _ a 5P = J i , - f,r 


important mobilisations 



Japan may lift currency curbs 


BY DOUGLAS RAMSEY 


TOKYO, May 18. 


WITH THE Yen weakening rate differentials between Japan and $125m. a day Into Japanese 
slightly against the U.S. dollar and the Euromarket. bills (shon and long), but in 

on exchange markets. Japan is Sources at the Bank of Japan April and May the daily turnover 
considering a plan to lilt the confirmed to-day Tokyo is study- £ te J be ^ S25m - 

emergency restrictions placed in J°8. a plan to raise the swap 10 r *°8 e - 

March on short-term curreacv limns, and It is ‘more or less Second, the 100 per cent 
flows from abroad- * likely that such an increase will reserve deposit requirement on 

tt . be forthcoming." incremental free-yen deposits. 

Jnenm i!“? wSfaSti " Meantime, Bank of Japan Ia ^ elf - ^ restriction updated 
Srlief binkrtn T^kvo to^nn,- officials say that l.ftlns the March ?«. 

on currency flows 


:ns mc mav •• sriii be too early/' bu r con- Tokyo set aside with ihe Bank 

*_j .hat Tnkvn •- u-ann tn Japan an amount equivalent 
^7. visit G™* or ease Lbe connote Lt 50 ^ er cent of free-yen 

liscinmar remove or eiJPC me COHirULS <U- rinnAcilc hv rnmlnnaK /vlMrn tb. 


foreign banks in Tokyo to enni- uihvmb wj UIC Noop m h«»r to 

pensate them for the yen's rise restrictions «» last .November to make banks 

in ihe past year. 

In response to the recent 

of . EEC Commissioner -, v “ ii “ u ' * deposits by foreigners (above the 

Christopher Tugendhat to Tokyo **»« ^, n deposit levels registered at each 

on behalf of European banks ‘LLaS.re?' v h^n bank before i be measure was 

operating here. Mr. Tciichiro seli of measures. First, the ban jnslitutcd >. 

Morinaga. the Governor of the «n purchases by nan -residents of Tht , t . rea , i( , n lif 3 joq p er cent j^re o< 

Bank of Japan, recently observed domestic blU* wult a resiQiial reserV e deposit requirement has‘‘ Turtl<ir 


No wonder, then that in spite 
of the official Congress's 

obdurate refusal to merge with - ue ,<«■■ ■#««&■ 

Mrs. Gandhi's party, its members THE JAMAICAN ECONOMY 

are flocking to the former Prime 


Minister's side. The official L 
Congress is on the verge off' 
collapse, and Mrs. Gandhi can 
be expected to pick up the pieces. | 

Janata leaders arc fully aware 
of the threat posed by Mrs. j 
Gandhi but because of their 


Facing a long period of austerity 


SKSSPisSS'SsiSSs anSriMlS'k" r$y*=,:rJr£ttw.t, eraus 

aenswai ?S^SgS^S?w^¥13 l fS!«S!S 

tile Janata 
Desai. 

Home 
and 

defence 

ministers are try in* to I release resources for urgently cent' nf'c-DP.^* ^The^aini !■. P 'i'n ro seek newr markets for the private sector, iaciudjn^ the 


BY DAVID RENWICK. RECENTLY IN KINGSTON 

Reflecting IMF orthodoxy 


that the swap limits have been maturity of less than five years lately dissuaded banks from 
diminishing in terms or yen. and one raonm - AlUiouqn -tucii acce ptmg additional free-ven 

Swap limits, set by the Govern- bills (an be traded between non* deposits, 

ment, let foreign hanks bring in residents, the ban lias greatly cut Japanese monetary authorities 

foreign currency and convert it into the amount of yen ploughed must now decide not just on 

to veil for lending inside Japan into the Tokyo bond market. ,1 '*‘ -- --- 

... ~ * March 16. 




get them together, su far without needed investment, 
success. The objective 

Although Mrs. Gandhi denies decline in the 
that she wants to return to power domestic product 
and disclaims any intention to consumption from 

, . „ , , lifting the 100 per cent require- J contest a parliamentary by- 91 per cent of Cl . . . 

— until this year the cheapest Before Marci lo. market ment. but also on whether to go! election, she will probably do so of SO per vent, within two vears. itself in the medium and inni* rr. n L i*I l £ r he capita! and f rich toned off 

source of yen funding for foreign sources say non-resident mves- hack to rhr system enforced from I }F ^ - T;,na ta Party continues tn _ a severe reallocati-.n yf term from the balance of pav- rn, m V‘ he ‘‘ MF - l .hc potential foreign investors, 

banks here because of interest tors were putting between SlOOm, last November. jlnse support. The government resources by uny standards menti crisis which forecd the p a vnM.k„ fnr nfLS^J ’ 

is sharply divided on whether Hem?P the heavy tax package Governuu-m to resort to (hr IMF niwi ,ii, , r rt and service? n*\e to be a substantial rooiri- 

or not to prosecute her on the amounting to Jamaica $ISQ.3m. depends onk partlv on repress- Vpi-.. 1 , 1 1 » ,ns v- e ar .f farR ‘ «"bin a buUon to production and exports 

Jhasls of the Shah Commission imposed on the public -n tiic ing ennsumption. however. Mr. Thi-’" ' wTii^kT’ . r r by pn vale enterprise. Mr. Bell 

; findings Some ministers are same time as fast week'* Manley recognises that rapid P r,n,.r. in' Rri.iL i 10 .?*' strox * Mn ^ 

i scared of making her a martyr, announcement or ib C devaluation increase in exports and an im- rr,nmr»nJ u .hf„h i ■ itnd : other Government wanted tn 
J The mere threat ..f Mrs b - v 7, ? ance Mmisier Eric Boll, prove ment in the 30 per wni l , n ‘‘ . n a ,rt fn^ihpfr shfo at Th^ f capltn ' ,. 

i Gandhi's reemerpence has been as 1 ^ el, a> *be decision In nm now cnnirihuiod hy this stvlnr nu-nts m nirpni h . Ip f. ,ove, 7 in,t?nt wnuul 

'enough lo revive the trend twth mto the income* policv and lo cross rinmostif proditei can ;hnn-i -■ ! 1ont bs. even welcome such investment,- ht* 

: towards unstable political revlnct ,= -- u -' ■ r * 


Lower Indian cotton imports forecast 


WASHINGTON. May IS. 


- „„„„ „ “tents m 

iNDLVS RAW cotinn import* would probably reduce cotton ducod dninestically 

may fall below present estimates import? Since spinners would be Tht* Government' ha> also wirh- ' polarisation which h^r autiiori- cent 
of 400.00U bales as a result of encouraged to continue using drawn the export *ubsidv of 12.5 tarian rule temporaril\ checked emoluments 

the extension of tho open general larger amount or im porter! man- per cent, on cotton yarn and i Regional, ideological ‘ and jusr ‘The fund? 

licence, giving favourable duty made fibres rather than raw reduced the subsidy un finished! plain power-hungrv political expected 

consideration for man-made fibre cotton. goods to 7.5 from 12.5 per cent.! alliances seem to he rceinerging. sayi.-igs in order w boost' fixed month for ihe next 12 months in whili 

imports until December vl, the Regular yism.e fibres _ »v:ll __lndia has *04 textile mills. huLinone of them yet strong enough investment from it.« nr*si:nr i*.,-pi order in brim? ihn. rnt.ii firnr.,. 



situation had assumed ment has also agreed to rela* 
.. ,^" erp described as its risid price controls because' if 
^nnod propnrtioiu,. is satisfied that "it is essential 

uai’tcrly target^ for the that productive enrerpriscs cant 
lenient of outslanding import rewards which are equitable and 
*> moms have been set hv the reasonably commensurate with 
Jamaica Uhe Central the risks involved;' 





1 1 

L & 


. ^ 


. r ,S 

;1 u 


I •.! 


:; CO e>;hi 


















Financial Times Friday May 19 1978 


ttOKI.I) I R \|)| \HW 



'I If 
<1 

\ t . 

* rlii 


1 


BY CHARLES SMITH 


LONG-TERM INTEREST rates 
are emerging as tbc key issue 
in the successful implementation 
of Japan's eight-year 82(Jbn two- 
ira> trade agreement with China, 
signed this year. The agreement 

provides for Chiba to huy indus- 
Uial plant in return for fuel and 
raw materials. 

Trade will balance out over 
eight years but initially there 
will a large surplus in Japan's 
favour, which will be covered bv 
credits. - The interest on those 
payments is under urgent dis- 
cussion within the Tokyo busi- 
ness community as well as 
between Japan and China. 

China does not, in tbeory. 
accept loans from foreign coun- 
tries. although it does consent to 
"deferred payments." which It. 
claims to distinguish from loans. 
Moreover, China does not recog- 
nise the " gentlemen’s agree- 
ment" by the Organisation for 
Economic Co-noeration and 
Development (OECD) on the 
interest rates attached to export- 
related long-term credits to 
developing countries. 


over ‘loan’ 


. China is believed to be insist- 
ing on an effective rate or 6 or 
6.5 per cent, on “deferred pay. 
ments " to Japan covering plant 
purchases. The OECD agreement 
stipulates that 7.5 per cent 
should be the minimum charge 
on credits payable over five years 
or longer. 

Interest rates appear to have 
been skirted when the trade 
agreement was signed. In recent 
weeks, however, negotiations 
have begun on specific plant 
export contracts (including a 
colour television plant and a 
synthetic leather plant) so that 
the issue has become urgent. 

That appeared to be the reason 
why two separate visits have 
been made to Peking by 
Japanese bank representative's 
during the past few days. One 
involved the president of Sanwa 
Bank, who made optimistic but 
non-committal comments about 
credit when he returned to 
Osaka today. A second group, 
from the Foreign Exchange 
Specialist Bank of Tokyo, is to 


Peki ng on Sunday. 
Japan appears to have two 
fiossjbfe devices in mind for 
urcumventmg the obstacles to 
? “•*“ agreement. One would 
ex c ham? th r e deposit of foreign 
ch S funds with the Bahk 

whi Japanese banks, 
wnich would not officially be 

regarded as loans but which 
couldbe used for financing plant 

The other calls for the Govern- 
ment to deposit surplus foreign 
exchange with the Japanese 
Export-Import Bank, to h e lent 
at low interest rates to im- 
porters of Chinese raw materials 
who would then make advance 
payments on their import. 

Both schemes are being frankly 
spoken of as “loopholes" that 
would enable Japan to escap 
from the restraints nf jm 
OECD “gentlemen's asrcpi^Rne 
Rumours that the UnjtggfiWe ,I1 t- 
Exporl-Import Bank^0R£a Slates 
paring to ieiire tjjvmay be pr&: 
are being fotlowmc agreement 
interest. here with 


U.K. cars deficit withj^gc 

BY LORNE BARLING JZF 


BY LORNE BARLING 

ALTHOUGH BRITAIN'S visible equipment, the increases 
trade deficit with the European exports to the EEC was sli 
Community was reduced signi- less than in imports a 
ficantly last year, the deficit in crude deficit for tha 
manufactured goods worsened group deteriorated 
by £16lni. almost entirely as a £200m. 
result of higher imports of The deficit on 
vehicles. worsened to £23 

The overall trade imbalance £" rt * an ? ou ?l i 
fell by £404m between 1976 and V* .*1 

1977 to O.STbn. but a big f“e by hahp 


TOKYO. May 1S - 

The list of plants that China 
would like to buy in Japan— 
although it apparently bints that 
it will only buy if the interest 
rale issue is overcome—- includes 
factories for making steel: heavy 
trucks; bulldozers; concrete: belt 
conveyors; synthetic rubber; 
synthetic" alcohol and ethylene; 
as well as copper and aluminium 
refineries. 

Vietnam has also hinted at 
possible purchases -of plant, in- 
cluding a 500.000-ton steel plant 
that the Vietnamese are said to 
want to finance over 26 years 

H i? interest rate. 

is emerging as 
importer of 
thanks to a 
>nt reached in 
ing for Jaoan 
ons nf steel in 
the first three years and an 
unsnecified amount thereafter. 
Vietnam, however, is demanding 
credit on its steel pnrehaw* 

although Japan has tradirinnallv 
onlv sold steel for cash on 

delivery'- 


Tokyo attacked 
over building 


increase 
Wit 


element was North Sea oil. 

The Department of Trade, n as .-*jff* 
which released the figures yes- V*mISki 
terday. said that factor w 
largely offset by a marked ri 
in tbc deficit in machinery 
transport equipment, whi 


_... zine Trade and Industry, pub- 
tly lished today. David Freud writes. 
„ the In the IS months from the 
major beginning of 1976 the balance 
some of exports over imports im- 
proved in food and drink, ship- 
ad vehicles building and the category includ- 
.m (with im- ins ceramics, glass and cement, 
to £l.Sbn and Leather goods, tlmher and furnt- , 
bn) and imports ture and paper and board 


equipment 

By Kenneth Gooding 


PARIS, May IS. 
EUROPEAN ArtD American 
mu nui act ure rs ol const rucuun 
equipment are to Join lurces anil 
pm pressure ou Japan tu open 
up its marseL to Lheir product a. 

“Japan is at presem a closed 


Rbn) and imports lure ana paper a»u_ h^s lu be stopped 

compared with an worsened. The balance in other j n»“rkL‘- . u u 


remained roughly con- 


i nc Japanese must be wauu to 
understand trade is a two-way 
operation, ' said Or. tLoinz-tiunler 


turn was more than . 
for hy a sharp deteriq 
the deficit on motur- 
a smaller worsen in 
cals 

For machinery 


a third in exports. items 
term that group, exports of slant. 

mger cars to the EEC in Those movements show ua ! Kohlcn Dresidem of the CJsICE. 
(P977 amounted to £232m 1*3000 when ini pons and | uie tui’opeaii cwtfUVCiiun equip- 

units) compared with £lrlm compared with the total boine m.-i .iiuapiiirei-g associauon. 

(129.0001 in 1976. while imports market, plus exports. The ratio I - — - -- 


and 


— were 982m (483,000 units) reduces distortions, 

pn in against £643m (£362,000) in 1976, Exports of food and drink 
—uunted 3 'deterioration of nearly £280m. moved np from 5 to B per cent, 
'ation in a imports and exports of manu- of the global figure through the 
“and bv factured goods were in rough period while imports fell from 
chemi- balance in the United Kingdom 21 to 20 per cent 

in the year to June, 1977, accord- In chemicals an earlier favour- 
transport ing to figures in the official maga- able trend seems to have halted. 


in 


BY Kl 


WEST 
product 
agree 
overca 
The 
river 
Eure, 
uaiitn 


cord over petrochemicals 

Wn* 


Ivin done, chemicals correspond 


Sod 


oral 


EUROPE'S pettochemicaj "led Plasta* 3 ^Manufacturers in 

ET 1 83S r .'K V crisis Z atL.TmS I35S? on £or 

S ^^r"o""mi/r a,n pro. CE1HC also dlmdjgj* 

h ,Ii c or-ested Sat of rEFIC (the EuropAn Council the world petrochemical market 
l ^achy' e I Jr CE SeXl EU SV.urers- Th.ir aim o, mn.Ul 

,= 2 : S » 3 SfftKsfe 

t-downs hy all producers and upturn in demand. „• - producers. 


meet mauuiaciurevs associauon. 

initial uuks between repre 
seniauves ot the n-uropean cum 
patties and frum U.S. took place 
in Geneva earner this week and 
tactics will be finalised at a meet- 
ing in Chicago next month. 

The European protest coincides 
with growing opposition among 
British companies to the idea 
that Komatsu of Japan, second 
largest of the world's construc- 
tion equipment makers, might 
set up an EEC manufacturing 
operation in Scotland.,. 

There has so far been no 
formal approach to the UK 
Government from the Japanese 
group but some overtures have 
apparently been made. 


[ran £10m order 
ifor Leyland 


Financial Times Reporter 

L\N HAS placed a 
Aider for 2.250 Leyland trucks. 
Deliveries will be spread until 
11, e end or 1979 and the vehicles 
;ill be exported in component 
! Turin fur assembly in Iran by 
1. inland Motors Iran, in which 
Le viand has a minority interest. 

-This order represents a sig- 
nificant entry in Leyland 
\ chicles* worldwide order book 
and was won against strong 
1 Ameriean com petit ion.” said Mr. 
I Vs Pitcher, managing director 
a! Leyland Vehicles, yesterday. 


Slower fall in ship deals 

BY IAN HARGREAVES, TRANSPORT CORRESPONDENT 

I SKifettS ."fS 

£10-5ui land April, .ccordljg .0 .tlUrtc. 


.:„ hlil£ ,, a( , vpsterdav but the April quarter, the highest share 
1 nn deriving trend towards a rapid for almost two years and the best 
n f «he world order quarterly tonnage figures for 
a «nU n nuV,. to Japan since May-July lust year 

Latest quarterly returns from Japan's improvement accounted 
• Ft lSS- records and statistics for all the increase in the world 
the wJrid order book at the total, up to 236 contracts wng 
emd of April was 64m deadweight ating 3.8m. dwL, compared with 
fons (dwt). TS flan half 3.4m. dwt in the previous quarter, 
level two years ago. However, In tonnage, tne Soviet Union 
the reduction between January was Japan's closest rival last 
and April was only 5.6m dwt. month with 228,000 dwt followed 
compared with quarterly falls of hy the rapidly growing South 
hp tween 7m and 12.5m dwt during Korean industry, which took 
1977 omen for 10 ships at 172,000 dwL 


Hong Kong in 
textile protest 

By Fay GJester 

OSLO. May IS. 
RECENT NORWEGIAN action to 
cut textile imports from Hong 
Kong violates the GATT agree- 
ment, the Crown Colony’s 
Goveraraent .alieges. At a meet- 
ing of' Ihg GATT Council in 
Geneva it recalled that Norway- 
had unilaterally sot Hong Kong's 
quota 40 per cent, oeiow the 
1976 total 

The Norwegian Ministry or 
Trade says Norway is not unduly 
concerned at Hong Kong's action 
but finds it surprising, since the 
two sides had discussed the 
matter about two months ago 
and intended to continue negotia- 
tions ibis year. Since Hong 
Kong is not itself a member of 
GATT, it would have to get the 
British Government to plead its 
case in the organisation. 

Argentina sales tour 

A 14-man mission from Binning 
ham Chamber of Commerce and 
Industry met Argentine busi- 
nessmen here to discuss In- 
creased sales of British indus- 
trial products, Reuter reports 
frem Buenos Aires. 


MEXICO EXHIBITION 


Opportunity some prefer to miss 


BY MARGARET HUGHES 




BRITAIN'S LARGEST single 
overseas promotion (his year will 
tie the British Industrial Exhibi- 
tion in Mexico City from Noveni- 

^Thii exhibition, which is being 
sponsored bv the British Over- 
£u< Trade Board (BOTBi and 
supported by Canning House, 
will he entirely devoted to in- 
dustrial technology, equxpmeril 
and services aimed. s»t me 
priority sectors of Mexico s de\e- 

'■■ra.ffir .he chibi.ion is 
1 «,rtl Chalfoni. also president or 

Canning House. The Duke of 
Kent as vice-chairman of the 
DOTH will also attend the cxhi 


bit ion. 
At a 


\1 a Tress conference in 
London yesterday M‘; Norman 
C.ux. British Ambassador w 
Mexico, singled out the areas 
which offer the hest potential for 

British industry- These are petro 

leu in petrochemicals and ! teuiic 
riaclunery; machine tools, steel 


naviuueiy. machine tools; stec 
pJ.iiii: electric power » en *” l ‘ 0 “i 
transport, indudms «Pfn«on i of 
the existing Metro system ® 
n.w complementary *«J*urUan 
railway; health, scientific ana 
educational equipment; a?.tcui 
ture, including food pr0 ^S% s h 
and packaging, fishing and • 
processing; fertilisers, port d 
lopiuent and mining ana 

"Tn'ati the sectors s ,n gjJ 
for British potential there rs 

sriSw*?? 

manufacture usually w*lh 5 P 
cent Mexican ownership- 
are 61 British compaiu«< JrtjJ 
r nera! ing in Mexico in vihb JJJJJ 

;S r prSco tllS cof 1 ,^r C U «tl 

Given 10 So improved outlook 

fur tire Mexican eeunonu . as '<■ 
Amerces from the 1976 cr.MS.t he 
derisiun to ^lugc Britain > larged 
exhihiitoir this year tn - 
has beer. IsrpeSy applauded. 
loo often in toe past Britain 


has been criticised for missing 
the boat in Latin America, allow- 
ing the West Germans, Japanese 
and others. including the. 
Americans, to pick up most of 
the business. . 

But despite this initial en- 
thusiasm, the exhibition is not 
getting quite the backing it had 
hoped for from British industry, 
although most of the exhibition 
space has been taken c _ u P:__^ I t 
the last count some 65 stands, 
amounting to over SO per cent. 
S the exhibition space, and rep- 
resenting nearly 80 companies, 
ara now booked. There u a par- 
ticularly good showing by the 
machine tools s«rtor and power- 
eciuipment industries. 

However. Lord Chalfont, to an 
interview with the Financial 
Times expressed disappointment 

“Te^insied out the Mowing 

2 C The offshore oil induSfay. 

® 1 rt „-t five yrars Mexico 
SlTiiSSStoSl® jilting and 

five production ^ JJ 

the longer term as many as 49 

S a p&omicol S . 

ive^ dSiul I™ 6 *' 

^opportunH'K |f» r jggJU* 

dustrles. Intei 

local "““'iJSS.oit Bank 
American De e . and 

estimates that betwe« sgQOm 
1 980 Mexico will IJy^uipmeM 

worth of ^®!? c anl0 unting to b®- 
Sm Md 5.000 irootor, a 

3«* ar - • * a ii*tih this there will 

Oou.»-d tor to. 


ti Users but in the longer term 
the potential will be in supplying 
technology and equipment as 
.Mexico's own industry moves to- 
wards self sufficiency. 

And as Mexico expands food 
production, including fishing (up 
from 500.000 tonnes to 2.4m 
tonnes a year) there is consider- 
able scope in food processing 
and packaging. Last year Mexico 
imported £10m worth of packag- 
ing machinery. 

• Port development — Mexico's 
development in this sector has 
been relatively slow so far. 
largely because 60 per cent, cf 
imports come overland from the 
U.S.. but as it steps up efforts 
to diversify both its sources of 
supply and exports markets a 
major effort is being made to 
modernise existing ports and 
build new ones. 

• Health equipment— Over a 

third- of the Federal budget this 
year is allocated to the health 
and education services. Mexico 
has all the expertise necessary 

for building hospitals but there 
is considerable potential for e*' 
porting high quality medical 
equipment. Imports of health 
amounted to S22m In 1976. 

But despite this apparent 
potential, all the more so as 
Mexico is anxious to lessen its 
dependence on the Ua. Lora 
Chalfont pointed out that the 
major British companies in these 
sectors do not appear on the list 
of participants. There are. of 
course, exceptions, such as Davy 
International, but by and large 
the big names in these industries 
are absent. 

In the hope of still luring 
them the exhibition organisers 
have extended the final partici- 
pation date indefinitely though 
there will obviously have to be 
a cut-off point since it is under- 
stood that those exhibits which 
have to be transported by sea 
are due to be shipped out in 
August , . ... , 

In any event there is likely 
to be a hard selling job ahead 
since many of the companies 


concerned have already decided 
against going to Mexico 
November. Their reasons vary 
but none, it seems, have declined 
because they were not interested 
in the Mexican market; Indeed 
many are already active there. 

There has been the odd 
instance wbere a company 
despite being a leader in its 
field, was unaware that the exhi 
bition was taking place. In this 
context there Is some criticism 
of inadequate promotion for the 
event or at least indications that 
the promotional material bas not 
been reaching the right people 

But the recurring argument 
against participating is tbat the 
companies concerned question 
the marketing value of an exhibi- 
tion of this kind in their par- 
ticular field. If they are offering 
technology and know-how for 
instance then they -are unable 
to benefit from the visual impact 
of an exhibition as they have no 
product as such to display 
Added to this they argue that 

the considerable outlay Involved 
would perhaps be better spent 
on sending marketing men out 

directly into the field. 

Another argument— and this 
particularly the case in the off- 
shore oil industry and the health 
equipment field— is that com 
panics consider that the more 
specialised exhibitions offer 
better prospects for doing busi- 
ness. 

Mr. Cox acknowledges the 
value of the more specialised ex- 
hibitions but as Britisb Ambas- 
sador to Mexico is anxious tbat 
Britain should not lose out in 
market which is about to take 
off. . The November exhibition 
be points out win be the first 
major show to be staged 
Britain in the market since 1966 
and he considers it important to 
re-establish British presence at 
this particular moment when 
several new sectors are being 

opened and Mexico makes the 
transition in the manufacturing 
field from consumer goods to 
capital goods. 



"Schlumbeiger relies on air freight. Bt gives 
our equipment more working time " 



frcw g i'.s- Ollier . Muruigcr uf 
Export. Scli!iui:bt:rgct, 

Paris. Fiance. 

" Our oii-wdl logging equip- 
ment needs to be on sile'a 
ia minute' to provide downhole 
information. 

It costs Loo much when it lies 
idle during long, slow travel. 

Air freight gives us the trans- 
port speed we need. 

Air freight also cuts risks. 
Our tools withstand the stres- 
ses of deep-well environment 
better than extended surface 
travel We have found that the 
farther it goes by air, the belter 
it arrives at the well. 

KLM flies most of our cargo]' 
They've been analysing and 
solving our transport problems 
for 25 years. 

They Hy to destinations near 
our clients m over 70 countries. 
Their speed and care help 
ns provide better service to the 
oil industry.'' 


If products are lime-sensi- 
tive - ii fried assets become 
liabilities w hen they 're travell- 
ing and can't work - then ,»ir 
cargo's speed provides real 
savings on capital investment. 

Mr. Ollier and his colleagues 
at Schi umberger know this. 

Si do an increasing number of 
others. 

Everyday 

reliability 

They turn to KLM 
for steady, daily cargo . 
services. 

We work hard at each 
of our 280 world cargo 
offices to provide the 
kind of responsible 
help our diems need. 


Thus we react f.isi in emer- 
gencies - can lly boih Schlum- 
berger's micro-mini. itun zed 
spares and their double-length 
pallets to distant wells wilhuut 
delay. 

But Mr. Ollier and our oiher 
regular users continue to be 
must grateful for the calm, 
everyday reliability ihai has 
become a KLM hallmark. 

BdentsiyingWEth 


Reliability ct-iae.- out in 
our handling policies: 

A cargo centre ar SchipKol 
Airport in Amsterdam so 
. large that our cargo can 
besiorcd.documemed. 
repacked, rcpallcted 




W'/V/ 


"Z 


and iranssh ipped under one 
rc»-f and i*utoi ihe w cal he.- 

Wo supply over ?iA >0 cargo- 
proleciitiu nra'i load device--. 

Our Jala pi uce-Milg systen is 
are cc-nsislenily up-i«>da;e. 

C urge training c- nirses ensure 
a knowledgeable staff. 

Reliability comes out, too. as 
we idem ily with clients' 
problems . Carry ine equipn lent 
irnin Houston and iroin Paris, 
we work with Seltiumberger 
men to meet ( heir requise- 
menis - adapt mg <uir contain- 
er* for lheir equipment, 
suggest in z new kinds ot lighter, 
si longer packing. 

We believe il's the right way- 
tow oik. Thar il helps make air 
cargo a pay ing proposition. not 
just for KL M.but lor the tricr.ds 
like Mr. Ollier who rel\ on us. 


KLJ 
CARGO 


.. 


Sfci 


M&' Ft, - . 


This announcement appears as a matter of record only. 




UULc.: ^ 

AND 

ENGINEERING CORPO 

US$ 40,567,450 

for development of a shipyard at OKpo Bay, 
Kbje Island, Republic of Korea. 

Guaranteed by 

KOREA DEVELOPMENT BANK 



US$20,000,000 

medium term 
loan 

provided by 

Lloyds Bank 
International Limited 

(Seoul Branch) 


US$20,567,450 

buyer credit 
guaranteed by E.C.G.D. 

provided by 


and 


Lazard Brotha^s &Co., Limited 


arranged by 


A Member of the Uoyds Bank Group 





Financial Times Friday May 19 197S 


HOME NEWS 



Treasury 
accused 
over cash 
control 


BY DAVID FREUD 


Consumer spending 
up to 1973 level 


BY MICHAEL BLANDEN 
CONSUMER spending 


Inquiry 

seeks 

captain’s 


. — rose “arked in relation to the excpe- a alight fall la spending on food 

sharply in the first quarter of tionally low level recorded In the from the high level of the : 

___ , I Inis year to the highest level April to June period of last year, previous quarter • 

TOE TREASURY was accused | since 1973. Since then, the total has im- The continued "growth of retail ; 

yesterday of systematically help- j ^ growth was confirmed hv Proved on the new estimates by sales contributed to a slight in- 
mg to reduce Pwliuwatuy ( slmost 5 cent - crease in ,h e latest Index of SIR 

* 51360(11112 over Statistical Office yesterday They The office estimated that in the indicators to the present per- 1 

T.SSU «**-» ! SM-fc 52Hf Jt =H£ 

of the Commons Expenditure 


release 


U.S. funds inspire 
unit trusts 
record sales surge 


BY ADRIENNE GLEESON 


Healey 
praises 
tax 


. . I UNIT TRUST sales last month trust Second Broadnmnnt. h> th 

By Paul Taylor, industrial Staff ; were £2i m higher than the Target Group, added j 

. } record figure for the previous grass sales. . 

GORDON WILL3IE8* ‘month. 1 Thf fr - ,n ,he sur - e ‘ 


... . . — aiiui. J.H31UU! i« ■■■■ ...veHH.ml in ' 

•tulff “ th? j Even after , slight inc reascin *g ikr-n hwrj 


Committee, said that the increase 
in the size of Government cash 
block voted by Parliament, com 
bined with The fall in their 
□umber, meant that the Govern' 


in? durin? the period was rather 
higher than previously esti- 
mated. 

The revised figures put the im S 
total of consumer expenditure in jbj, 
the first quarter at £».07bn (at ,£77 

inrn nvifiAo ... ■ \t* * 


CONSUMER EXPENDITURE 
1970 prices, seasonally adjusted 


ment was far less accountable j 1 1970 prices and seasonally 
than it was in 3867-68. when the ' adjusted ). This is £55m more 



£m. ‘ 

1975 

35.269 

1776 

35,406 • 

1777 

35,133 

1st 

8,758 

2nd 

8.644 

3rd’ 

8,831 

4th 

8900 

1778 1st 

7,070* 


Thanks to the 

_ present per- chairman 
formance of the economv. ’. hoard of . 

But the pointers published by .Amoco Cadiz disaster, is to ask 

the office indicate that the pros . the Trench authorises to . almost 50 per cent mgner uun- t ! U . corres- 
pects for the economy further release^ the vessel^ master, previous monthly record of ^ last year, and 

ahead are, less encouraging 
The index of coincident 


repurchases, net new investment the indtisiry » anlo .j,ned if 

in the industry, at £45.9 m. was of this . uines [he 

almost 50 per cent higher than |U3.9m., a'mi tn t i u . corres- 
r lunuvi — » i the previous monthly record of £23.7m. aenuvcu ■ ■ and ■ 

Sing. ■ G»P«a*o F^qualc Bartgri. p so |£3 3 ^ mi xl at height of the Ponding V * wen nf M 
lent indr. he can give evidence 'before j W , luarkct of 196W9 . welt WcU ^ tl e \ c lie . lU ir ;e r 

Is : l th« the arnrd not month. __ > I _ ®Um. achie.^'" ‘ 


BY DAY1D FREUD ,V 
TAX OFFICIAIS itre ? 

gratulated ywtenlayby 

Denis Healey, the ' 
for operating bttt 

tax roIlectJa§ kystem’ila- 
world. ;-£ -‘•i-A. 

“Nowhere in Um wwjtfv 
there A fairer or jaw ' 

nmnlsadM for 


mainly to retail sales 
increase in the index o 
fa ciurin? production. 
The index of shorter 


system was introduced. ’ than the first estimate issued last 

Sir Anthony Rawlinson, Second J month, and- shows a growth of 
Permanent Secretary of the (about 2 per cent compared with 1978 i!T „ 

Treasury Who was appearing as i the fourth VWrter of 1977. * second preliminary estimate' Hire "purchase" new credit *x- Govern meat' hits not responded sale m 

a witness before the general sub- The new statistics suggest that £onfgg> central Statistical Office tended full again and offset the m a similar request from the . American funds. 

committee of the committee. 1 the revival m consumer spending ~ u sharp rise in new ear re-istra-. Ubcrlans * 

agreed that Parliament’s control j was already well established in lions. ’ : It is ' 









had been diminished. 

Mr. English said that in 1867* 
1868 there were 216 separate 
votes averaging about £184.000 
each. Last year the number had 
fallen to 165. the average value 
of each being £256m. 

Taking inflation into account 
which had multiplied prices 
more than 15 times, the size of 
the votes was still 92 times 
larger now and the degree of 
accountability in the way the 
money was spent by the Govern- 
ment accordingly reduced by a 
factor of 92. 

Mr. English said that this 
steady growth in the size of the 
cash votes made it easier for 
people to transfer money from 
one part of public expenditure 
to another. 

Control 

The subcommittee was con- 
sidering a Treasury memoran- 
dum on merging the cash limits 
first introduced in 1976-77 with 
the more traditional spring 
estimates and their later supple- 
menraries. based largely on 
current prices. 

Sir Anthony said one of the 
advantages of retaining larger 
cash blocks was easier mana- 
gerial control. 

However, Mr. English argued 
that leaving the allocation of the 
vote to civil servants led to 
unequal distribution. 

Mr. Nicholas Ridley. Conserva- 
tive MP for Cirencester and 
Tewkesbury, pointed to the 
Treasury's own evidence on the 


the first quarter, and the more first quarter of this year, there Looking further ahead, the Bardarf will" be in London in i month’s sales ro its Z 
recent retail sales figures have was a considerable increase in composite index of lone or lend- , irae for tbe secon d session of land General fund. 



indicated that the improvement spending on alcoholic drink, ing indicators -feiL.iiT April for t h e hearings due to begin in [Britannia says that specu^^e** However. nUhnugh 
has been sustained. cars, motor cycles, household the sixth month in succession. June- 1 

The recovery in the level of durable goods, fuel and light. The main reason for this was 
consumers' expenditure is most This was only partly offset by the rise in interest rates. 


Among others, 

hoped that Captain i attributes 52 per __ 

" employed taxpayers* retards 

total sales, «*» 

efuaniua says uiar bpeciam;-,-“ nawcvei. - .... thoroughly-. 

American units accounted^ are-- healthy ..-n.nich. nu * 1 .\IthoueH i n 


Southampton at last clears 
way for S. Africa service 


Dr. Frank IViswall. counsel J more than 60 per cent and leading cMUpf' 1 ;-''' . m\v\ UTuwm 

for the Liberian Government, (Hill Samucl the proportion waKdustry admit Wd Vised thirsty taxmen 

defenrefew snriS treders," not 


said that the French Govern- ) more than 70 per cent. A new ftp achieved 


! ment had already supplied ! ^erican fund launched hy lhe »^KS t)| funds! one singi* rase of hariwsment-- 

! information for the inquiry, | Framlingtoo group during the ujiu.mallj- formed: had ever ben proved, Mr. 


including extracts from the 
Amoco Cadiz log book, the 


BY IAN HARGREAVES, SHIPPING CORRESPONDENT 



THE PORT of Southampton tial losses to the operators. Over- nage comes into service :n the 
cleared the way yesterday for seas Containers, which has a 16 next mae months, 
the arrival — tea months late — of per cent share in the consortium. Two large container vessels 
the first ship on the problem-hit has put its recent losses at (each of 2,450 twenty-foot eousv- 
containerised service between £50.000 a week. alent unit capacity! are du 1 .* to 

Britain and South Africa. 

Foremen at Southampton's City 
£12m number 208 berth finally call 
agreed to a shift programme for Overseas 

operating the berth, negotiations expect the service to be profit- ... „ , 

for which have been complicated able for some time. selling one or more of the revr, 

by annual pay talks. _ . n, b3slc ptoMem for' the. tKXw Steering 

A fr! n /i Pftn . ** . . - Z i 1 r*«L 1 


officer on board the vessel at 
the time of the' accident. 

The Liberian Government 
has also asked the French to 
supply the Brest radio records 
concerning the accident and a 
report on pollution damage 

■nd Mip rlpsn-nn nnPMlirtn 



^'mni^f tho ' mtinslry-. j Hraley saii 

The Inland Revenue had had 
years wtth far.* 
obtain, infer-' • 
ux authorities 
eonatrieA ;• _ > , 

In the-02^ Canada, France 
and the - 'Netherlands, the 
authorities had. long ha* 
powers is KnofiM.jnpajc^'^ 
records, enter premises -wilh- 


Linked policies reaiiE 
5-year high at £72m. 

BY ERIC SHORT 

LINKED life assurance bond New annualised premiums I 

. business is returning to the amounted tn £J3.2m apamst 
British Transbort Docks Board „ UM,C , ^‘vojvin * u» ™. ten ng them out to other rervicei.i *»«»-•■■■* .halcyon days of the early 1970®, £l4.4m for the final quarter of | 

whi^ owns the “aid ie So . ulhe ™ Africa Europe Con- Lavestment in ships and : The whole of the third day j according to figures released yes- 1977. but 21 per cent above that 

Srreemem readied was witlSn ? a, “ e £ Se ^' ce ct,n roriium. which containers of almost £500m is of the preliminary inquiry • terday by the three life assoeia- far The find quarter of 'last : year. 

SaSnnSriDiv VuidSlnex ‘^ludes Ellerman Harrison, the at 5lake , plus a SduUj African hearings was taken up with |tK.ns-The Life Offices Anoeta- The indica(iun> arc that linked) 

^Njimher^Ss 1 berth va* »idv South African Marine Corpora- Railways and Harbours Adminis-- 1 further detailed questioning of I r, on. the Associated Scottish life assurance business . could , 

in January/** and Southampton ““i Nedlloyd and I Deutsche tration investment of £230 m. 1 Sen or Francisco Garcia Blanco. . Life Offices and the Industrial reach 1973 levels. - 

should have been receWinE Afnka-Linien. is that trade By July, the consortium will a naval engineer who works i Life Offices Association. The overall pMttrn nf 

South African ships from the £ ur °pe and South be offering a sailing from Europe ; for the Han ties subsidiary of These show that new single {ndlvidunj life 3>.«ui ranee now. 

beginning c-f the new service Africa has been severely affected ever y ten days— even when [his the Spanish Company Asiil- 'premiums for individual linked business in ' ,l0 6r#t quarter, in- ‘ 

between Africa and Europe last by poetical problems. interval is reduced to seven days! leros Espanoles which designed [assurance and annuities for the 9H! “I? 8 . 11 ?.,! * 


July. 


This year it is not expected it will not need more than seven j the steering system for the [first quarter of this year a }. 


Because of labour problems, to reach much more than half of its nine laTge ships on pre-j .\moco Cadiz, 
the ten-line South Africa consor- the level the consortium was pre- sent projections. 1 Sr. Garda 


.amounted to £72m. the highest from 

■ miartflrlv fiqnra einro lOTV „)i a . Value WHS 19 


£112 


quarter to 
but this; 


_ .. ,s. 1 Sr. Garda Blanco was 'quarterly figure since 1973 when value wsis .? i, . f>l r JFf n i - 0 

operation of the cash limits dverltium has been transhipping con- dieting when it began planning Labour troubles at the port of* questioned by Mr. Richard 1 single premium bond sales were rorrwponainy 1 Yr' 0tl ju 
the last two years that the j tainers into Britain via Le Havre, the new service four years ago. Southampton last year draped' Slone, counsel for Amoco and jata record level. . Figures were i:jt Produced _?! 

smaller the block, the greater j Zeebrugge and Antwerp. Overcapacity will become in- it into deficit for the first lime 


the level of underspending. 


by 


MoT garages 
may be cut 
about 3,000 

By Terry Dodsworth 

ABOUT 3.000 of the 18.000 
garages authorised to carry out 
MoT tests may lose their licences 
next month when new and more 
stringent testing equipment 
come into operation. 

MoT garages will be required 
to equip themselves with more 
sophisticated and expensive test- 
ing devices with the object of 
achieving more accurate tests 
and less variation between differ- 
ent stations. 

So far. about 15.000 garages 
have met the requirements. Some 
of the remaining 3.000 are 
expected to drop out of testing, 
while others may reply within the 
next few weeks. 

The Department of Transport 
said yesterday that most of the 
garages not renewing their 
licences were smaller businesses. 


This has resulted in subslan- creasingly serious as now ton- since 1970. 

New container plant opening 


SUITS secretary Thought 
loan was secured’ 


MORRISONS 

The better way to Shop and Save . 

At the Annual General Meeting of Wm. 
Morrison Supermarkets Ltd. held at Bradford 
on the 18th May 197S, the Chairman Mr. K. D. 
Morrison in his supplementary report to 
shareholders included the following 
statements: 

66 A genuine volume increase in sales of 
2% to 3% is being achieved. 

6 6 The Company is confident of maintaining 
a good performance. - 

6 6 The future is additionally, protected by 
the strong freehold element of the 
Company’s properties. 

66 There will be no contribution to profits 
in the current financial year from 
Whelans Discount Stores which will add 
4 major stores and more than the 
required return on capital in the medium 
_ term. 

6 6 The Company is optimistic that planning 
application for stores in Darlington, 
Sheffield and Wakefield and other sites 
will result in several new developments. 

64 The Company's largest store at Harrogate 
should be completed in Autumn, 1979 . 99 

Copies of the /ull 397S Annual Report and 
Accounts can be obtained from the Secretory. 


BY LYNTON McLAIN, INDUSTRIAL STAFF 

NEW BRITISH capacity to but overseas competition is Leasing companies are an[ 
attack the £400m world container becoming intensive. important influence on the con- 

market will start production Japan leads the world with tainer industry, baying 300 000 

near Manchester in July. production capacity of 158.000 units every three years. The\ 

The £4m plant at Reddish, units a year. Tokyo Car alone now ovm half the world’s 2m 

owned by Adamson Containers, can produce 50.000 units. In containers, 

a subsidiary of Acrow, will be Europe, production is dominated A growing problem for the 
opened by Mr. William de by Trailor Company of 220.000 units a year total world 

Vigier, group chairman, this France and the West German container market is the rap'd 

morning. 1WT Company, each with a pro- rise in production capacity, with 

Highly automated techniques duct inn capacity of 17,000 units many com panic* moving from [ 

have been installed to produce a year. 

one 20-foot, all-steel container Korea is becoming a major tainers. 

every half an hour. force, with capacity being World manufacturing capacity 

Annual production rate on boosted by 60 per cent to 80,000 could replace the entire world 

two shifts of 12,000 containers units a year. container fleet in three years, 

can be increased through work- 
ing three production lines to 
20,000 units per year, worth 
£28m. 

Britain has nine companies 
making 100.000 containers a year 
worth £140m for the inter- 
national seaborne trade. More 
than 60 per cent are exported, the company secretary of Scot- Corrie about the accounts and 

tisb and Universal Investments, the loan, 
then Mr. George- Corrie. was “Mr. Corrie said he had been 
“led to believe” by Sir Hugh led to believe initially by the 
Fraser that a £4.2m loan was chairman that this was secure, 
secured, an accountant alleged He had now discovered it was un- 
at Glasgow Sheriff Court y ester- secured." 
day. Mr Ranald Sutherland. QC, for 

Mr. Corrie later d*ccovered Sir Hu * h - vv ' h t ? was SUITS c ha Ir- 
shat the loan was unsecured. ^ time : Mr. Carlaw 

said the accountant, Mr. George this week that even now he 
Robertson. 1,0 knowledge as to whether 

„ ' ’ .. . .this loan was secured or un- 

Mr. Robertson was giving evi- secured . Does that surprise 
dence on the fourth day of the y OU 7 »• 

trial of Sir Hugh. Suits vice- Ml l Robertson : “ Yes. because 
chairman, and five other three- jj e was j a r oom when tbis 
tors or former directors. took place." 

They deny that the accounts " And Mr. Corrie said he only 
for 1975 did not give a true and discovered it in SeDt ember or 
fair view of tbe company’s state October. 1976 ? ” — “ No. I have 
of affairs. to disagree with that" 

It is alleged that it showed Mr. Robertson said a Stock 
cash at bankers or In band of Exchange report indicated that 
nearly £10m. when they knew the Board was notified that the 
tbat this sum was no more than loan was unsecured on August 
£5.5ro.. and that the £4.2 to. 12. 1975. 
difference was an unsecured The trial continues today, 
loan to a property company, 9 SUITS said yesterday that. 
Amalgamated Caledonian. contrary to court reports that it 

Mr. Robertson, a former had still to write off the £4.2rn 
accountant with SUITS, said loan, it had In fact made full 
that in July. 1975. he talked with provision against that sum in its 
fellow SUITS accountant Mr. audited accounts for tbe year 
Brian Carlaw and with Mr. ended March 1976, 


Mr. Barry Sheen, counsel for I -t-w V ahu> rea.n hi D hnr the ^ c ? inninu 

l 50 per wnt above the sales for estab,ished - 

® 8 ♦ ?U ^ I the first quarter of 1977. 

which held pipes to the mam Abbey Life and Hambro Life, 

hydraulic > distribution block in leading linked life com- 

the steering system. ’panies. report that the sales of 

hr. Garcia Blanca said other j property bonds are extremely 
vessels using the steering gear buoyant in the wake of high 
had been In operation for ! property values. It was property 

seven years and they “have 

not broken a single flange or 
stud." Apart from the “sad 


If 1977, so no 
has yet been 


bonds tliat fuelled the' previous 
boom in 1973. 

, .. , M . 1 Vanbrugh Life, the other 

case of the Amoco Cadiz he .major linked life company, how- 
saul his company had not been 1 ever, reports sales about 10 per 
told of any other oil leakage [cent Lower in the first quarter 


or steering failure. 

Dr. Wiswnll h2s already told 
the. Board that studs from the 
sister ship to the Amoco 


compared with the correspond- 
inc period in 1977. 

The new business figures for 
regular premium-linked life 


^inm ini>imj>hi[ tn ,ii cf«,i rr.n ■ tile Amoco MHford | business are also extremely 

d t0 steel con j Raven, had been removed for ’buoyant for the first quarter. 


Wm. Morrison 
sssgf Supermarkets Limited 

Hilmore House * Thornton Road * Bradford BD8 9AX 


testing. 

Sr. Garcia Blanco is attend- 
ing the inquiry' voluntarily but 
in view of the questioning. Sir 
Gordon invited the company to 
send formal representatives 
and counsel. 


although lower than sales in the 
final quarter of last year. 


I60r£m , — 
TOTAL HEsAmbU 

140 L premiums 
^29- 



6d- 


4 of 


NEW INDIVIDUAL LIFE 
ASSURANGfBUSINESS 


MR 

jhuife] 


20f 


°iW- 


1977 


S3? 


»w noET" 

1978 


Strand leasehold sale 
raises over film 

BY JOHN BRENNAN, PROPERTY CORRESPONDENT 

THE DUKE of Norfolk's estate ceeds will be settled on the many 
has raised more than £llra from beneficiaries nf- the late duke's 
the sale of a leasehold interest estate, or reinvested by the 
in the Arundel Great Court office trustees 0 t his settlement, 
complex in the Strand. London, The dukes of Norfolk have 
to the National Westminster held land on tbe Arundel Great 
Bank Pension Fund. Court site for more than *100 

The sale of a long leasehold years. Even after this week’s 
interest in the £20m office, shop leasehold sale, the family is 
and hotel development meets retaining its freehold interest In 
? p n v l ‘i“ n . (various tax liabilities incurred the property^ which will revert 

! on tbe death of the 16th Duke to them at the end of National 


Shipyards 
to develop 
offshore 
rig service 

BRITISH SHIPBUILDERS is to 


Fulham FC ex-directors 
issue High Court writ 

FINANCIAL TIMES REPORTER 

A HIGH COURT writ was issued asks the court to rule that the 
yesterdav in the battle for control appointment of the same three 
of Fulham Football Club. It men to the Board on July 7 last 
seeks damages and declarations year was also invalid, 
relating to share issues and Fulham Football Club has 

Board appointments by the club, been the subject of a recent 
Four former directors, includ- court action by builders Sir 
ing ex-chairmen Guy Libby and Robert McAlpine and Partners 
Tommy Trinder, the comedian, to recover debts of £273,857 and 
issued the writ in the Chancery interest of £103.858 for the 
Division against Hr. Ernie Clay, building of a stand In 1972. 
the club's present chairman. After ' the court order last 

three other directors and Lady month Mr. Dalton said “amic- 
Miller. .widow of the late Sir able discussions •• were being 
Eric Miller. Sir Eric was chair- heJd Me Alpine's over pay- 

man of Peachey Properties. He ment. 

shot himself last year. ^ ~ 

The writ asks the court to UK design boost 
declare that “the purported The British Fabric Association 
allotment and issue ” of 3,QQQ will set up a textile design studio 
50p shares in the club at par to in London to persuade print-pro- 
Sir Eric in July last year was durers to buy m the U.K. iDJiead 
invalid and of no effect. of importing designs from France 

It makes a similar request and Italy. It will operate on a 
about 200 shares issued to tbe commercial basts. About 75 per 
three other directors, Mr. cent of fashion designs used by 
Gregory Clay, Mr. Brian Dalton, converters are thought to be im- 
and Mr. David Peters. And it ported. 


unit aimed at offering a complete 
service to the offshore oil and 
minerals industries. 

The corporation confirmed yes- 
terday that Mr. Jolyoo Sloggett, 
former deputy chairman of 
HouJder Offshore, has been 
recruited to lead it into a bigger 
share of this market, which most 
British Shipbuilders companies 
have neglected in the past. 

Mr. Slougctt said: “ We have 
the know-how. My job is to 
regroup and pull together the, 
very great skills that do exist 
within British Shipbuilders. 

14 We believe that there is a 
lot of business for shipbuilding 
in the offshore field and we. are 
determined to get a bigger slice 
of it” 


of Norfolk in 1975. Westminster’s 125-year lease. 

The balance of the sale pro- Property Market — Page 32 


Dutch company 
to pump oil 
from Eleni V 

By Paul Taylor, Industrial Staff 

THE wrecked Greek tanker Eleni 
V is to be grounded on a* sand- 
bank while the remains of her oil 
cargo are pumped out, Mr. 
Stanley Clinton Davis, Trade 
Minister, said last night 
The main part of the salvage 
contract has been awarded to the 
Dutch company Srnlt Tak. Inter- 
national, which expects to begin 
the complex operation tonight. 
Smlt Tak's share of the contract 
is said to be worth £15,000 a day. 
Tbeir rivals for the contract. 
United Towing t Marine Services) 
is to provide tugs for the 
operation. 

The remaining oil is estimated 
at between 2,000 and 2.500 tons. 


Homes profit 


1976. Patients’ fee income rose by 
17 per cent, to £8,6m. 


British Caledonian wins 
helicopter licence 

BY CHRISTOPHER DUNN 

BRITISH CALEDONIAN Airways British Caledonian plans to 
was yesterday granted .an 18- start the service on June 9. It 
month licence by tbe Civil Avia- will be limited to 10 round trips 
tion Authority to operate a a day, compared with the un- 
scheduled helicopter service on a limited traffic requested by the 
trial basis between Heathrow and airline. 

Gatwick airports. j\j 0 flights will be allowed 

The application was heard at a between 10 pjn. and 6.45 a.m., 
three-day publfc hearing in April, luggage may be carried in the 
The licence contains strict con- helicopter’s forward hold only 
ditions which acknowledge the and no flight can carry luggage 
many anti-noise objections only. British Caledonian 
lodged by environmentalist pres- originally- -asked for a two-year 
sure groups. licence. 


out notice and Make' inquiries 
a bank, . 

.Yet when • : the - - Labour 
t noacnl took tbe first steps’ 

Go'o«Sr-' out Revenue with 'the - 

to fMiuiJVrrs other democratic 
same lxn^Jte (or granted* one- 
societies t»gwtcher*& speech*, 
of Mrs. Tmcribed these- - asr - 
writers drscN^tarlan drift in 
showing a total 
Government. * 


Eight of? 
companies * 
make ‘Toi 
Twenty’ 

By Christine Moir 

THE BATTLE tn stay at the 
of -the profitability league. 

British industry’ is underline! 
a survey of Britain's top qu< 

Industrial companies, pubitd 
yesterday. , - .1 

Eight new companies appca'rl” W:'Ay, 
the “most profitable'* league V 
1977 for the first time, led ft 
Geers Gross, the advertisiii 
group whose return on capitdl 
employed is SS.6 per cent. f *T-? 

Other new entrants to the mosli^ y: 
profitable “top 20” include 
Kershaw, the Xerox interest.^ j 
group, the market rescarrhord 
AGB Research, James Harrison! 
the civil engineers. Wheeler :: 
Restaurants. Clement Clarke, the! 
opticians. Letrasct International.) 
and United Scientific, the optical i 
and electro-instrument group. 

Last of the 20 is Rotork, manu- 
facturer of valve-control equip- 
ment, which was third in the 
league in 1976. 

However, Rotork has main- 
tained Its generally high ranking 
by getting a rating of 21 points 
out. of a maximum 24 points on 
the Jordan Rating scale. 

.The scale rates companies by 
a composite of size, profitability, 
profit margins, percentage of 
sales directed abroad, and their 
ca«b-current liabilities ratio. 

Top of that list in 1977 was 
Racal . Electronics, with 23 points. 

Second was BSR, the record 
player group. Seven companifs,- 
including Rotork. lied for third 
place, and only 30 of the 1.610 
companies surveyed got fewer 
than three points. 

As was already becoming 
evident in 1976, exports are 
proving no easy road to hiqh 
profits. The companies which 
export more than SO per cent 
of their . total sales do not 
fcatnre in the main tables on 
prnfltibility. 

Profitability must not he 
‘•nnfuspri with profit marein^. 

The tahle which outlines mar- 
gins fluctuates even more 
wildly than others and includes 
a number of surprising names. 

Top of the list is Britlsh- 
Rpmeo Petroleum Syndicate, 
with an S4 per cent, marsin, 
closely followed by London 
Pavilion with Its property 
interest in Piccadilly Circus, 
with 75 per cent. 

Britain’s Quoted Industrial 
Companies 1977. Jordan Data- 
T«*cst, 47. Brunswick Place. 

London Nl SEE. Price £13. 


■■■4 


Impressionists back in favour 

sSasr rsss&'si s r 

siomst and Modern pictures was nf £2.f»00 was Jwid by a German Han and SoHf Lon^n frm.nri 
indicated by the high prices paid buyer for a train set made by 3BS0. f Lond,,n jround 

?e- w *ork on Wednesday Maerklin in 1885 but without its Outside London u enrv 
night, at an auction organised e— iienry 


i r* 


by Sotbeby Parke Beruet. 

The sale totalled £3.209.016. 
with a reasonable 13 per cent 
bought in. There were 11 auction 
record prices for individual 
artists. Japanese bidders were 
back in the saleroom. 

The bighesf price was the 


SALEROOM 

BY ANTONY THORNCROFT 


- London, 

of .fetrord raised 
£5ij996 from silver and jewel* 
with a best price Q r iT.SOO for an 
Edwardian diamond corsage 
brooch. A thrcc-stone diamond 
ring sold for £7.500. Lawrence 
of Crqwkerne sold furniture and 
other works of art for £77.371. 

A 


£199,454 paid for " Improvisa- engine It bad been estimated , of .’ alc Georgian 

tlon mit Pferden " hy Kandinsky. aMSnut £200 estimated mahogany brass-bound buckets. 

It sold to a European dealer and A mode) of a Man-of-War pot aad ^a 

Tbe SSn 30 aUCUOn TeC0Cd f ° C C n^ ed in r b ° ne - by k 3 "a? T °P St he SSt 

* I ’ ■ , Prisoner of war in about 1800. for a Charles I in!-iid naif 

Jd cinWMta bUyer so,d for and a Hornby Solhcb/^ 

S? r W«mee sur lrain set made £ gQo The auction £47.049 from English ceraS 

NUFFIELD Nursing Homes, the while anr.the/ EuropeaJl Se! £96 H» ’men °LinS hf A ? eS ' a ^ 

tnist running 27 private bos- gave JFJ093W for “Femme en fron . wTSSWI murical SSid £19M 1 f T ^ 80ry ’ 

of 1 £134 000 ' Driva-e by n„ e ? 0ir ' A Swiss insiruments auction. Hillman, a dealer bidding by telephaue^rnm 

of £134.000, a drop of £56.000 on, private collector acquired British dealer, paid £18,000 for Tokyo was very active mkinc ll 

S’Sr.A^ 11 " lw.n luBm Boto 6j Joannes | OU . He p.id iUMTor s it 1} 

vumara for £103,825. Guadagmm of Turin. An un- ten Copeland and Garrett tiles. 






my 

... .•*:■>•:' 

; >*&?>* **'v 




pi 


mmyymsm 

iaftpi 


*,.v .»'/ V ■;.$£• 




S - itfii?J,''n'.'... v • ..'• .; 




fm$0.. 

#§l® 


>'.7'v 1 


H >.>V.;,.' s'ivV 
;: ' ■» :-• 


2® ••• 
teW 1 ' 


U.^l 


Generally people react to the arrival 
„ 'ft of the life assurance salesman in the 

>4 / ’Ji ® . same way. 

They run and hide. 

Why? Because life assurance is dull 
and boring 1 . It uses a language that is the 
despair of lesser mortals raised on Emd 
Blyton and the Evening Standard crossword. . 

So, after 138 years in the business, 
we’ve decided to make things simple. 

Our first step has been to produce this 
96 page illustrated book called. ‘Safety in 
Numbers! In plain and entertaining 
English it tells you everything 


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

It will be published during July by 
Hutchinsons, and will be available through 
leadingbooksellers at £1.95. 

At present we have a limited 
number of advance copies at a special 
pre-publication price of £1.00. It will be our 
pleasure to send you one. 





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

We won’t call you. 

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




We talk your language. 


3P- 
•* t 

«. •; 

vf 


provident Mutual life Assurance Association * Founded 1840. 25-31 Mooigate, London EC2R 6BA,TeL* 01-628 3232. 






§#ii§§g 


iiomi: m:\vs . - 


Financial Times Friday May 19 197S 




to have 


s into iron 


factories 


BY RAY PERMAN, SCOTTISH CORRESPONDENT 


more 


THE CHAIRMEN of BP and the out this help and had already £25ra from the Viking gas field. 

British National Oil Corporation sold crude oil at good prices. The Corporation sold no oil test. VPlllr iPQ 
are trying to resolve difficulties Sir David Steel, chairman of year, although it has now started T 
that have arisen between the BP. put proposals to him which to do so and this will be reflected 

two companies over staff train- went a long way to meeting the in next year's report. Allowing • By Teny Doth worth Motor 
ing. Corporation s requirements. for interest charges and deferred Industry Correspondent 

A participation agreement The disclosure that the tax. the loss for the year was ; j\rpr,»T-rn 

nrnirirlBfl fnp HU tmi« Oil r,. n I.Um if h-ivinx In ho pncnJv#»H Cl Qm Thn Cnmnnliii^ ..mum. I- IrUnlLU CQJIMERC 


By Robin Reeves, 
Welsh Correspondent 


A CRASH factory-building pro- 
gramme to attract new industry 
to Cardiff to offset the recent 
closure of the British Steel Cor- 
poration's East Moors works was 
unveiled by the Welsh Develop- 
ment Agency yesterday. 

The agency is to build 20 
advance factories, with 250,000 
so ft of additional industrial 
space, in the docklands area close 
to the East Moors site, and to 
tbe north of the city of Cory ton, 
near the M4 interchange. The 

first units are expected to be 
ready for occupation by next 
spring. 

The cost of building the new 
factories — which will be capable 
of supporting 500 jobs initially, 
rising to double that in three 
years — will come from the special 
allocation of £4m being made 
available from Government funds 
during 1978-79. 

A further £9m has been ear- 
marked by Mr. John Morris. 
Secretary of State for Wales, to 
be spent during the following ' 
two years on special measures to I 
attract new industry to the Welsh J 
capital. j 


participation 


COMMERCIAL 


I Corporation chairman, was asked concerns are very good. 
| yesterday what had been learned 0 , ,* 

j by the marketing staff, he replied KOyaiilSS 


t 4c , -u„ n „• , mnntn. responding to tne present • 

rereived "rinSm fl c ."‘ p ra ‘ , . on : buoyant sales conditions much; 
It? 2 S ™ 0,1 r0 - v ? lt,es ! more effectively Tran the domes ! 
and raised £45«fm m loans : tic producers. i 


! curtly: “Nothing.' 


Presenting the second annual 


, in order: Figures published Yesterday! 

* to meet in capital comimrments. . by the Society of Motor Mar.u- 1 


Mr. Ian Clark, the Corporation's report in Glasgow. Lord Kearton Ahout £22m was snent on facmre-^ anri TrzdeVs srow that’: 

j Board member responsible for put up a vigorous defence of the exploration, a figure which could • orer^?’ Ltea in April went up ; 

•relationships with BP. said that Corporation, asserting that it was rise by two or three times rn . hy IS I per cent to a total of! 

althougn progress was being 0 f considerable commercial and the present vear. Development ; 22.765 units compared with the I 



n ism 


By Terry Ogg 


although progress was being 0 f considerable commercial and the present vear. Development ^ 22.765 ‘ units compared with tl 

made on the downstream acti- political benefit to Britain. costs were £14ffin. i same month last year 

vi ties, marketing was a comm er Referring to recent Conserva- Lord Keartnn said that pxr>»nra-l While wii**? of Kriris 


vi ties, mart eung was a comm er- referring to recent Lonserva- Lord Kearton said that eruiora- 1 While sales of British- JL- UKUirl 

cialiy sensitive area and it was tiv* Party criticism, he said he tion and develonment were likelv I produced vehicles w»nt un bvl * 

understandable that there was a had nn qualms that any future to set more difficult. * .only i,022 units to a total of 

reluctance by BP to co-operate administration would find the "There are important new j 17,351, importers raised their AAWIT1*nnr C 
fu t y 'j it .. . . ‘-orporation doing anything but areas still to be explored, nar - ; registrations to 5.474 vehicles. iqjffti. -B flvl 5 

Lord Kearton added that the a very good job. ticularlv to the west of the Shet-. an increase of 2.472 units. The k 

Corporations marketing depart- Operating profit for last year lands and in the south we«t and 1 importers’ share of 23.9S per cent 

roent was functioning well with- was £4.7m. on gross receipts of these could be productive.’' ' compares with 15.53 per cent in Plans * or the Financial Times 

| April last year. to extend its Internationa! 

-h-w "■ , ■* • a A w t - -- -n ! On a four-monthly basis the coverage look a decisive step 

Redpatu wins £4m. N. Sea dealiijHKs>.ms xjrzftz 

(vehicles a year 250 to 84.718 . \ printing of the international 
BY JOHN LLOYD ! Registrations of British-produced issue In Frankfort, West 

, r«»v, .-icrtPTj j j-n . . . . ; vehicles went up by only 1.776 Germany. The printing contract 

u±T,i? R ?SL h a ^ be T e "r° n ,K compared with a rise of: was signed by Mr. Alan Hare, 


FT Europe printing 
contract signed 


Plans for the Financial Times 
to extend its International 
coverage look a decisive step 
forward yesterday with the 


Better roads 


Frankfurter Socictats* 


Druckerei GmbH. The copies 
printed in Frankfort will be 
distributed throughout con- 
tinental Europe and the UJ5. 
The copirs sold in the UK and 
Eire will continue to be printed 
at Bracken House, London. 
The Frankfurt printing opera- 
tion is due to start with the 
issue of January 2, 1979. A 
facsimile link between London 
and Frankfurt is to be opened 
to enable complete page Images 
to be transmitted to the 
German printing works. 


The announcement was warmly 
welcomed by South Glamorgan 
Council. Mr. H. Ferguson Jones, 
its chairman, said the crash pro- 
gramme would help greatly to 
lift morale- in the area, give 
the construction industry 
a much-needed boost and satisfy 
rising demand for new factory 
space. 

The council is to improve roads 
to provide better access to the 
Cardiff docks area where most of 
the new factories will be sited. 

Sir David Davies, chairman of 
the Agency, said: “ to buy land, 
open up the sites and build the 
factories all wirhirr the space of, 
a year is a major operation. We| 
have already made good progress , 
and we are receiving the fullest! 
co-operation from both Cardiff 
City Council and South 
Glamorgan. 

0 South Wales has just received 
its first European Coal and Steel 
Community “soft loan" under the 
more relaxed criteria for aiding 
areas hit by closures. The 
recipients JPM (Automatic 
Machines) will use the £245,000 
to help develop its new Cardiff 
factory ' makinq gaming and 
amusement machines. 


. riD < riG |a D j --o .. _ . . . . , _ . vw ent uii uv uiixy i.jiui mrnnduj. iuc jjimuuf; Luuudci uuu uuc urc 

: 5in .h 0R ?,™ b ? e " on t ij f T '?l er - Groat ; had been brought back on stream units, compared with a rise of was signed by Mr. Alan Hare, issue of January 2, 1979. A 

«^4,%.3°^2h2irtia^ a tn « e p J nnpe< J ****** break of more than three) 7007 units from the importers, chairman and chief executive facsimile link between London 

Brin *11 Steel subsidiary, tr> enn- from within the structure to seal months. The TTv can* nt »hp Financial Tim»e Fnnirnrv is to hp anmnl 

Brins ^uaners^nd^a^^landHo and t^ie^ntatfnrnr 1 i? 18 58 Tn?- d ^ i^d th n Sel r ; take no encouro ? ement from (pictured right) with Herr to enable complete page Images 

living qusrtprs and a landing and the platforms base* This produced 28,000 barrels a da% of thpsn w'lii'li chnur rip^rlv u*ortinr wirfhin * n « l (nmintlrfpH t/i * ka 

deck for helicoptteis for Conoco, operation was expected to be 01^8.000 b Al more than the rate ; th^v^ve^ far u-^ved 2 S" e ftSSfi£r *& 5 EL£ rerJS„ !SSS 2 

Rodpath will carry out tbe completed by the end of next of production before Fehniary-s ! „ ns hle to rake adwnSJe of ^he Frankfurter Socictats- German printing *orks. 

work at its Linthorpe Dinsdale week. shut-down for maintenance. Ou:-;^, commenrial vehicle market 1 — — 

yard on Teesside. The structures Hamilton Brothers confirmed put is expected to be stabilised i in for ffWir vears ^ _ 

Si^riS^^rs yc,terda? 0,31 115 ArCTU Field «*^*~*» j Outout fails Machine tools static 

The living quarters, which vrtll . 1 j raafo BY OUR INDUSTRIAL STAFF 

fon? r ^l- S ho U e « m 2 V JJ r/JcA^ XODin mine loan ; SAI/ES of machme looIs in the orders in the three months to 

work fibriSfon aiSSt « ar ed up to meet the ; three months t0 thc e nd of the end of January this year 

hpoun and lino tnnn<« n r ^.h. ry muN u oyh j mp ket demand this vearbu f hasj January showed little change showed an increase of 1 per coni 

JSShlffi ’i}, 1 W h H BY fOHN LL0YD 'W™ behind the level of| over lfie level of the previous over the previous three months 


steel platform in Texaco's North 
Sea Murchison Fielrd. 

The living quarters, which will 
be three storeys bi,jh and 115 ft 
long, wil! house 200 men. Steel- 
work fabrication has already 
begun, and 1.100 tonnes of sub- 
assemblies will be delivered to 
the yard by mid-summer. 


Machine tools static 


THE FINAL REPORT of i 
'Wilson Committee will take 
! tougher look at the City and 
financial institutions than i 
progress report indicated. ! 
Juhn Prideaux. a member of t 
committee and Former chairm 
of the National West mi ns! 
Bank, suggested yesterday. 

Sir John told the City 
London branch of the Bnti 

Institute of Management that 
was Sir Harold Wilson's “wi 
and desire" that the commute 
final report be based on a ci 
sens us of al members. 

“A report that is not a cr 
sonsus is a report that is tl 
much weaker.” he said. “Thi 
arc differences between (be me 
bers of the committee but ho| 
fully They will come together a 
a consensus report will be pi 
llsbed.” 

Although it had sometim 
been thought that the comm 
tee’s progress report — publish 
in December — gave a clean b 
of health to the City it would 
wrong to “ bjse on that t 
thought that thc rest of t 
report will be as simple or 
straight forward. 

“ Every 1 financial Instituti- 
will be examined and every wea 
ness exposed.” he said. “But 
am confident that the financi 
institutions will he able 
answer and account for probter 
given them.” 


BY OUR INDUSTRIAL STAFF 


Investment 


BY JOHN LLOYD 

A FIRST loan of £55m to the 


m A House of Commons select - De £ de * nand - ... ■ . . [quarter, according, to provisional and a rise of only 6 per cent 

mmittee yesterday heard evi-‘. F^mires pup^«hed yesterday . fl gures f rom tb e Department of over the same period a year 


shire. 

The loan will cover planned 


CfU\ ■* A. ou.ic. 1 ne^nd acnorrlin^ to g'-TMT «uuji tne same perion ny t per cent. 

5CH>-maie tow The loan will cover planned The British Rail (Selby, Bill. Utatisti'cs. commercial vehicle ! \‘ a,ue of sa[es , in An increi<i*in urders from the 

Ray Dafter, Energy Corres- capital expenditure on the pro- which is unopposed, now moves orMuction drooped ^rr 109.500 ) threl home market of :/pcr cent to 

poadem. h rites: The £2S0m ject up to March 31. 1980. to its report stage. ur.^ a vear aco to 103.700. I per cent, "ver the previous three borne mar . i .i y pcr cenL to 

Ninian i-ield central oil platform Further loans will be available. * , irrjo nart of this fall can i ^ 0Qth s and by 6 per cent over ,‘ n T j 1 ]■ “ r > VSt 


n?.t aunougn ouinui na^ : industry. earlier. 

comnan*on with the „ _ 

rr r> c 1977 it ic lower Dopartmeot said yester^ As a result, total new orders. 

IP fi'^t nuarter nf 1977 da - v that compared with a year valued at El 13m. In ihp latest 
thp "janu 2 *-v to March earlier the volume of sales was three months exceeded sales in 
accordin'’ to V-TMT 1 substantially lower. The actual the same period hv 4 per cent. 

value of sales in the November- . * 

n aZ mnoTfim l2SjiJ«»utry quarter had risen by 7 ^ An incre.Ke hi i orders from the 
n drooped lhe DreV ious three home market of ■)» per cent to 


Ninian rield central oil platform Further loans will be available 
has arrived at its destination in a'ter that date to meet future 
the North Sea after a 50O-mile capital expenditure, 
towing operation from the north- The terms of each instalment 
west coast of Scotland. of the loan, which will be paid 

The 6Qi).Q00-tonne platform, out in phases, will depend on 
claimed to be the heaviest mart- market conditions at the time of 
made structure ever to have payment. 


British Steel «*.» r™,* «*. K® 

P V | V vn-tr m 2.ft‘Q m?iniv hi»c?i.«e nf j change after price increases and k ^iHiutTSiS hicher 

fatahties up ^ wt ^ t™**-*™?* ^ takeQ KS n ir wti£££thnb, 

r vsi Mnes. 1*0*0 account. r 

FORTY PEOPLE were killed on! In the imported pickuo? and I Accord ; ng to the Department, ■ f 


0^3.201 j The figures rwrcenled llttlt 


■ar earlier, the 
from the home 


moved on Earth, was towed by The Commission said yesterday British 


- . . Corporation vans sector*;, the imnopters Inveithe increase in sales value arose Overall nr/er books at the end 

sue of the largest tugs in Europe, that it regarded develnpments premises last year, 12 more ;han . done particularly well. The (from an 11 per cent, rise over of Januarjv^tood at £275m. and 
Its constructors, Howard Doris such as Selby as being essential in 1976. according to figures pub-; Japanese manufacturers have 'the previous quarter in home have increased by 2 per cent 
of Loch Kisborn in the north- to the achievement of Com- lished by the corporation. Thirty j made big inroads, and Volks- j market sales and an increase of durine tne latest three months 


of Loch Kisborn m the north- to the achievement of Com- lished by tbe corporation. Thirty j made big inroads, and Volks- 1 market sales and an increase of durine tne latest three months 
Highlands, said yesterday munity energy policy, which is were BSC employees, the rest; wage n has a lso done well with 3 per cent, in sales made abroad, to a level 33 per cent up on a 
that the pla tfor m had now to be aimed at reducing coal imports, were employed by contractors. I its new LT van. . I The overall intake of new year ato. 


The progress report four 
that there was no blockage 
funds for investment in the ■ 
dustry. The overwhelming mull 
for -investment was the return • 
that investment. Investment 
industry was low because mdi 
try had decided that profits wo 
low and the return from new i 
vestment would be less th: 
ad equate. 

. " There is no shortage 
finance for well-established, w*.* 
managed companies making g«< 
profits. This conclusion was qm 
different from whal the ir.u 
unions expected and quite r! 
ferent from what some politima- 
expected. 

“ But the conclusion regardtt 
the blockage of funds doest 
mean that what ihe vormus ins. 
tutions are doing with ihe fup« 
they raise Is necessarily rial 
This is a question that the cm 
mittce is examining and our cn 
elusions will be contained in tl 
final report " 





mm 



r~i ■ v 





-.F r , - -nr; 



- , -K ' • '• .ylj- V ; 

’’ 


\ .u ■> 

ife ' 


The Saudis and the Dutch have fomafid a new and powerful bank Albank AJsarudi 
•AtfioUandLOur branch in Riyadh is now open. Already the capital and seat of government, 
Riyadh will soon be Saudi Arabia’s most prominent centre of trade and commerce. 

As the name suggests the bankisamarriage of Dutch international banking expertise 
and Arab wisdom and influence. A combination that promises to bring many benefits to 
Saudi Arabia. 


The Dutch partner in the new bank is Algemene Bank Nederland, which has been in 
business for 150 yean and has al ready been established in SaudiArabia for 50 y ears.Iu addition, 
ABN Bank has vast know-how throughout its offices in 40 countries on the five continents. 

To this fund of banking knowledge Saudi Arabia now adds its potential and its Arab 
influence, together with thc value of the local Arab involvement that offers so much to the 
international businessmen. 

The banking skills and financial influence that make up Albank Aisandi AHiollandl 
introduce to the Middle-East a truly modern bank of international strength and sophisti- 
cated facilities. 


rSyadh. Albank AIsaadiAihoUaadi.Ah riiii-rrl* inn Mnscari bin Jawali Street (AldababfcP.QJSox I46Z 
telephone 22991,22987, telex 201488. 


Albank Alsaudi 


Iran (Mercantile Bank of Iran and 












>i./V v y-.-& 















financial Times Friday May 19 1978 



9 


r arh r: 

mm 


*s 


HH7HJBY ARTHUR BEKNETT AHD THJ SCHOETERS 

HilWI Hi— W ■— — 

• AUDIO EQUIPMENT 

Laser beam answer 
for hi-fi sound 

! SSSS?S*^£?5J'SS f 5s-S! i5^nSSL,2? 

.ss?sssa B & “SrH” 1 *7 

market over the next two years t Another characteristic of this 

• “Compact Disc" is the name I?™ 1 °/. recordin S ** **»e very 

the company has given to this st 2 ra ® c capacity it pro- 

project. which stems partly from IrtL and a£ °?ucb as one hour 
the five years or so of research rt ®|" eo ean be obtained from 
and development ■ which lie one Slde 3 10,11 ^ isc - 

behind the production of the Al,nost inevitably this new 
Philips video disc system. The s J' stem w not compatible with 
audio unit looks very like a con- an *' exiting equipment and the 
veotlonal turntable with pickup company has chosen not to make 
arm. But there the resemblance ’ l . interchangeable with the 
stops since the stylus is replaced ¥ldeo disc system because of the 
bv a tiny diode laser at tbe end extensive modifications ibis 
of the ann which projects a cou td email. 

beam of light on to the surface The company expects to be 
of the record. This carries marks marketing rbp new type of 
which correspond to a digital record player “early in the 
interpretation (morse code, so to 1980s” at a price comparable to 
speak) or sound — music, song or that of u good hi-fi record player 
speech — and the reflection from It will be suitable for use in 
them is captured by the pickup combination with all present 
and decoded to reproduce the stereo systems, 
on' yin 3 1 material. Further details of this new 

Since no physical contact is development from Philips In- 
required between pickup and dustries at S, Arundel Street, 
disc, the recorded information London WC2. 01-838 4360. 

6 COMPUTING 

Small firms the target 

EXTENT) INC its equipment for £300 a month on accounting, 
the business market. Data billing, inventory and other data 
General is aiming^ for a major services and use oF the new small 
extension of its U.K. penetration, machine would be amply 
To the existing CS/40 unit it justified. 

has added both smaller and The company's own Micronova 
larger systems designed so that is used in this equipment, 
in most instances they will fit The CS/60 comes in three 
into something that looks like a models, the most powerful of 
standard office desk. which can operate 12 displays. 

The smaller CS/20 comes down two printers and a work station 
to as low as £7,000 in price yet and has communications 
ran cope with small businesses capability. They are based on 
having turnovers up to £liu. a an Eclipse processor and can 
year. In fact. Data General says, concurrently do COBOIrbased 
it could suit the needs of an work at all stations while operat 
organisation with only four ing on development jobs, 
employees. In the range covered. Further details from Data 
companies would spend about General on 01-578 9231. 

* COMMUNICATIONS 

Reports the phone fault 


• PROCESSES 

Treatment 
of waste 
water 

A SYSTEM for treating waste 
waters sharply to reduce BOD 
(biochemical oxygen demand), 
convert ammonia nitrogen to 
nitrate form (nitrification) or 
reduce nitrates to gaseous 
nitrogen (denitrification)- has 
been developed under a licence 
from Ecolotrol tU.S.) but wili be 
marketed world-wide by Dorr- 
OliTer of Croydon. 

Since acquiring the basic tech- 
nology. the company has further 
developed the processes and is 
field-testing three pilot plant 
installation — two in municipal 
sewage treatment applications 
and one involving industrial 
waste waters. 

Replacing large and expensive 
concrete tanks used in conven- 
tional treatment. Oxitron. as the 
system is called, uses compact 
fluidised bed reactors containing 
particles coated with micro- 
organisms proriding high bio- 
mass concentrations. 

Mot only does this significantly 
reduce overall plant construc- 
tion costs, says ihe company, but 
it also requires considerably less 
land area. It is further said that 
the new technology requires only 
a short retention time, minutes 
compared to hours required by 
conventional methods, and pro- 
vide* ext.rEitly good process 
stability’. 

Further from the company at 
Norfolk House, Wellesley Road, 
Croydon CR9 2DS. 


METALWORKING 


More tools for the job 


A FIVE YEAR plan lo improve 
competitiveness and manufactur- 
ing capability, especially for 
heat exchangers and pressure 
vessels, has been announced by 
Head Wrightson. Teesdaie (a 
Davy International Company). 

The company says it has com- 
mitted itself to n multi-million 
pound expansion programme and. 
the first phase, over the next 
year, involves a £2m investment 
£jm of which has been spent In 
acquiring a four roll bending 
machine, to be supplied by the 
W. E. Norton Group. The 

machine will enable the rolling 
of cold steel plate 3000 mm by 
100 mm thick, down to 1050 rum 
internal diameter, and. says the 
company, is the largest four roll 
machine to be installed in this 
country. 

The first stage of a complete 
new machine shop, 40 metres by 
22 metres, will be built along- 
side tbe existing heal exchanger 
fabrication bays to house a new 
tube plate manufacturing com- 
plex. The shop will be equipped 
with the latest NO multi-spindle 
deep hole drilling machine and 
a large vertical borer. 

Initial expansion also includes 
refurbishing of the existing fab- 
rication shop where steelwork nn 
tw 0 existing bays, each 137 
metres by 23 metres, will be 
strengthened to allow an increase 
in lifting capacity. A new 40 
tonnes crane will replace the 
existing 15 tonnes crane. 

The company supplies to the 
international oil and petrochemi- 
cal markets and al the outset of 
the planned expansion, will he 
able to manufacture heavier heat 
exchangers and pressure valves 
than hitherto, and promise 


NQT LONG after a similar an- 
nouncement from STC, Siemens 
has introduced MDGs (mainte- 
nance data collecting system j 
which it emphasises is not linked 
to any particular telephone 
switching design and so can be 
used by any FTT. 

Main component is a receiver, 
generally installed in a large 
centrally located public switch- 
ing centre, which can monitor up 
to 100 unattended exchanges 
comprising a maintenance area. 

There are two page printers: 


one records tb& alarm reports as 
they arrive at . the eentre and 
the other specifies tbe faults that 
have triggered the alarm. Date 
and time of day&ppea* at the 
head of each priff 
The central uniifrpolls the ex- 
changes in a pre-Kt sequence: 
in the event of dbe exchange 
becoming completelyanoperative, 
the polling equipraenEwies three 
times and then signals In alarm 
More from Siemens 4£. Post 
fach 103. D-8000 Munjhen 1. 
Federal Republic of Gernjny. 



• MAINTENANCE 

It! Cleans wet or dry 


y 


A RANGE • of industrial/ BrilJo Industrial Services Divi- 
commercial wet and dry vacuum sion, has taken place In Sweden, 
machines includes models which and the four machines. PV 300, 
cope with the horrors of flooded JB 503. PVT 200 and PV 800P. 
basements, factory Iloors or will now be available in the u.i\. 
wherever continuous water for use in hotels, hospitals, 
removal is necessarv. wet or dry schools, shops and offices and by 
cleaning of difficult -to-rcach contract and specialist cleaners 
corners, cupboard tops, overhead in light and heavy industry 
piping, ventilation shafts, etc. Further information from 
toxic dust extraction and floor Brilio Group Headquarters, Lord- 
drying after swabbing. wallis Estate. Maidenhead. De rk- 

The design and construction shim SL6 iBZ. Maidenhead 
of the range, introduced by 23411. 

• AGRICULTURE 

Sprays from afar 

A HYDRAULIC sprayer boom, lo A spraying width of *4 metres 

ini “ al, -V K AI J m ‘ n J boJr^hte**’ 

1500L trailer, has been devised corporates a breakaway system 
?o that from the. tractor seat tbe fQ p revcnt damage if an obstacle 
driver can fold it for transport j S encountered. Guards are fitted 
to another site. (The outer wings to prevent nozzle damage, 
first fold inwards and thrn each More from the company at 
side of the boons comes round to Bird-ham Road. Uucnester, 
rest alongside the tank.) Sussex. (0243 512511 1- 

• CONFERENCES 

Looking for business 

COMPANIES in Yorkshire, the Al at Lumby. South Milford, 
Humberside and the North Mid- w ^ r ^ nllie , for expansion in 
lands will he given the chance ^n^da's most industrialised pro- 
nwtt month . to assess prospects v j nt . e by way of licensing’ and 
for expanding into Canadian ventures with ^ntano 

and North American markets. manufacturers, nr by cstaonsn- 
Produots and technologies new ing branch plants, will be on- 
to these markets will he con- lined. . ohta ! Qe d 

sidered by Ontario Government More details ca: n i5j w ®JJL£5 
business counsellors at a series from Business Hpi ^ e Charles 
of meetings from June 27-30 at Branch. Out or; gVlY 4QS. 

the Selby Fork Hotel, just off II Street. London. 


customers a significant reduction 
in delivery time for medium 
siied heal exchangers and 
vessels. The Plan incorporates 
the latest flow lino techniques 
for fabrication and assembly of 
heat exchangers. 

Warns of a 
break as 
it happens 

MACHINERY division of Cole 
Electronics is marketing the 
Euchoer JW20 inductive tool 
breakage control which can be 
used for the frequent tool checks 
that are essential to reduce 
rejects from machine tool mass 
production processes. 

It works on a proximity 
principle and is free from wear 
Checks are applied direct to the 
tool after each work cycle and 
the sensor construction can 
accommodate many different 
tool forms. 

In operation, thp tool passes 
through two coils contained 
within a sensor and induces 
voltages in ihe secondare’ coil. 
The ratio of the voltages ’before 
and after tool insertion is 
measured bv an evaluation unit. 

Tbe first check point is 
arranged during tool withdrawal 
shortly before a sound tool 
would leave the sensor. If the 
tool tip has broken off. the 
shortened tool leaves the trans- 
ducer early and when the appro- 
priate limit switch is operated 
an alarm signal is triggered 
off by the evaluation unit. A 
single limit switch can cope 
with several tools if they have 


the same distance from the top 
of the sensor. 

When triggering off the alarm, 
each evaluation unit transmits 
an individual identifying 

number. A slide switch on the 
evaluation unit allows the user 
to select a figure from 1-9 to be 
displayed wiih the alarm signjl 
which may correspond with the 
numbering scheme for the work- 
station. 

When the alarm unit receives, 
this number, ii switches on a 
flashing light and energises a 
relay with an isolated change- 
over contaci which is available 
for user requirements i c. *•(«»■ 
ping the machine. An alarm 
state ir also indicated b> a red 
signal lamp on the vvaiujlion 
unit and continues to light the 
reset button as she alarm unit 
is operated. 

R. H. Cole. LansUmtii'- Road. 
Croydon CRB 2HB. 01-6S6 4411. 

Foundry run 
package 
cuts costs 

PRODUCTION wnrnl package 
fur foundries. designed to 
help improve productivity, 
reduce scrap and increa-e profit- 
ability. has been ueveinpeil by 
RNF Metals Technolug;- Centre. 
Wantage. Oxford>hire. 

Thought to he the «nly re;:t- 
time foundry production control 
package currently available, the 
first system has been in.-Palled 
at the foundry of Stone Manga- 
nese Marine. Greenwich, a S:one 
Platt company. The parkage. 


which consists oF BXF software 
and Digico hardware, is a long- 
term investment by BNF to 
improve production control in 
the rolling, extrusion and 
foundry industries. 

To dale, off-line batch system* 
have been developed fnr foundry 
production control. However, ii 
is estimated that, with the speed 
of change in foundry operations. 
95 per cent of foundries would 
benefit from a real-time com- 
puter system. Any die-casting 
nr sand-canting foundry process- 
ing over 50 orders a week would 
therefore find the RXF/Dieico 
system ait econninu* proposition 
in irons of th- % clerical effort 
rumurerl So work on: the same 

information. 

The ‘■vsJi’iu for S< one* is based 
on a Diujyo -t^h <•. pmces-i-r 
with 1t.fi M .-■it,-. i,« disc 

ilu-iT inv [imm unit. ilr.v»«* 
D-'-i-o Rr'-fsn i !•!■(! di-M’a.i 
units cniaM'* f«.n- - inuilaneuus 

■meratiun and a 15» , : ps matrix 
primer The !«;:?:< f-metinn nf 
ihe s'eui is ii> |iroi-,-ss normal 
foundry product ion i-untrul (lata 
and generate management infor- 
mation. 

The «» «lcm urndi'.-i-s .i 

of repuris. Fur or>l<-r 

and nlam hn tin ■ :r 
cnninrtio* i-.i-t.it-ii ■ -••niiit-iri"k. 
cvahi:iliu‘:.-> of m v <n -I.»r ■ i-nni r.*- 
ments -in.1 auati'*- -if p!.ion«d 
produdton pro-;: -i Kur 

work in pro’ro - i.fiii'iu-'::- n 
gives d •t.iil’- of 'j:i ;s in r*io 
gTCNs. m-t» r -mnni.-r *•- 

and ew-is scrap ivumis T«» 
analyst- pru.lm :u-n .•-.-rfur.oniict' 
it preii-ui- f * ■- 1 ii -1 r -. ■ maiice 

siio i manes. w.i:*k 1 1 :n re perform- 
due.* rl.iln am! »ri.i|» dnal.VM.-i-: 
ami far •‘t'liior uiari.igeuieni It 
cives ,i- nf ihe forward 

load awl or imlhid.iai casting 
production performance and 

L'tl'tS 

Digico. Wedcwuod Wj»>. 
Stevenage. Herts. Slcvenage 
-43S1. 



O REFRfiGER ATi ON 

Instant air 


a 

AN «*N-'Vlll>sr>)T. roll .none dir 
comli timer Mtl-js.* porid. •: : ■ ?y 
make- i; .'Uf'.a •'!>.■ fi»r coviisr.-r 
■»t»il.-s. civ ?*. i 'imc i.'li-wa'.uru*:, 
eon fere mv rooMs .i;i.{ r« ■/:.!. ir- 
.im>. has i ■•on tin rod need l«y 
Ri-ia-l'bi’i of I Ilia lldvdmi.s KoaJ, 
Lundfip. SW IP. 

There are t - -:* i:in‘b-‘- u: ;his 
-erii-r.. i.'hvt I' ■» -t:i L-.i.ii:ng 
i-.ipjii'ii's ■ ii I'.'l 5 i,W. 

I’rr : li.wr—.i .iir.'i ref. . ji-ra.ir 
'h: / .r i-i- clipped tii-elhvr for 
«■ »-; !*.»n ibilny ,md ui»l>in 

uiinii:— i-t l»ei!f* piKUMne.i rji-y 

1'i.lj (ip.-i-iliunal. The i.im? 
is phuj-d iii'i.i :'j.s 

nc.'ivsi 13 mill.-;. ;h.< 

I'vniiancrul* iMnu- , -'i--'l ri-n* 
densnig si'ctii n pnMii.uie.-i ac-j. 
>3i- rlr* •■iniioant. j lliek .i 
swileh | n'o.1 lives u:im-j-i:.[!i. > full 
air cofid 1 1 um in. ’ 

of it - sue iiniili units 

nre 724.nti) b:jli i»;. -}llin:ii wile 
by 34»miu deep » an. I neat d 
It could servo in the Imm-. 
easily inoted fiom Inn; '■■unit 
lo bed ro- mi .*r vice wrsj. 

Mure of PJ -3-13 1H2. 




Engineering Tor a quick lumround in Hong Kong 
Tills 4 5-tonne moting turntable far the new Hong Kong .Mass 
Transit Railway System is one of the many worid-wWe 
engineering projects to whiNh our Design and Prefects 
DiiisJon is contributing engineer ing products and know-how. 



UcVe added our skilt. lo the power of the press 

I ligh-quality printing, speed and economy are the qualities 
customers demand from primers- and the Sot errign Pres 
from Crabtrre-\ ickcrs is proiiding just these advaologcs lo 
die printing industry Used'. 



1 ligh-speed buttling is one ol'our lines 
'\i.iny of luiliiv \ be-a-knoivn ilnnk> arc luiilkd on high-speed 
handling .md' filling Inx-s produced h\ Vii'kcrs-l.Viwson. and 
this is one of uur big -clUng fines in L K and export niarkeis. 



Winning awards and markets for machine tools 
TheKTM400. one of many higb-tcchziology automated . 
machine tools from KTM. has won significant sales 
throughout Ihe world and a Design Award from [heDeagn 
Council. 

:-v J|p. - • ■■ 




■ : :^CRIS1S.''in;the 

I ; RfSI NG COSTS ?. BUDGET CUT-BACKS ? ■ ' 

I y EWER BRE A K-TH ROUGHS AND INNOVATION s - . . : ; 

; ' CEI 

I : ; .an Go u -cc 6s . t n n 

i'fir.jh r INTERNATIONAL J; SEWlfNAR ON ' 

'-'CEMENT -OF RESEARCH AMD DEVELOPMENT,. ^ 

|.vm -. xc 


. tile’ 

Gerievap 




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jlgrketifj' 

ppPrc.cJu 

T-pr^ie' Hi-2! 

'mptoi .... 

■■ 

.•iriCa’iCirot 


ViiaApptfiX 




.ryi'scr^;,-. VOsT'O-'ofie ;■ n,^ , - : 

• 3si tori' rica’ ■ vv> jT 

c ‘.ci-?rr.t!f ;c. cc-'ri-TiU'-firy V- : 
L'ore dgpH-ui project. 


ms-- ^facuiiv : \i 'dritA-: 
l ics.| rid iV* ! T : .t t 


dra^ f^v toe 

■i i ■ V r 


‘j j . ’ 


:ri?Cir.f?iatl'p:n -ptess.?, ;-T V-T.. r-: ;v 

m : C S-NTE R^Oft-E^GGftTrOIv^-^ .. 

i -\f . j Ml ~p, UA T \ ON A L X A t ' 

ciicn.Vvn'-^ .Cdr'Cticd • 

G- 1 '; - 1 

. - Ti'l; 032 / 4 VS.i. 1 p'.^v r'- 



Handling nuclear pn^ects throughout the norU 
Our products for research and amuwrriaJ reacture include 
nudear irradiation test rigs and remote handling equipmnit 
far use in radioactive environments. 


A dependable power in mining from Vickers 
Safe. sure, dtivudubk' power far die i i<ri knv- and liir many 
other exacting cr»\ ironments and iiidustrnsi - i> provided by 
l inkers hydraulics equipment pruduced at Scutli MarMuix. 
Suindui. 




!' s jtfJ • 


Part of our defence strength 

Equipment far defence whkh is winning UK and rauW^niilion. 






Ihnk and assodated recovery vehicles. 


The strength of the Vickers Engineering 
Group depends on far more than its wide 
diversity of products. 

It is firmly based on the ability to build 
on strength in the areas we know, and from 
this comes our ou tstanding record of 
achievement in the worlds most demanding 
markets. 

We are currently supplying high 
technology machine tools to Scandinavia, 
medical equipment to the USA and nuclear 
test rigs to West German}^. We are also 
providing engineering know-how for major 
projects throughout fee world through our 
Design and Projects Division. 


Building for bigger sales at Mkrhell Bearings 

iC^ntiffioadevdopmcnt at the Newcastle plant of 
M/Brarfa^tepM^oTthe expansion programme of a 
Van? Which new sells over 30% of its output overseas in 
sets as varied as riannria, Denmark and Italy. 


To achieve these successes we are 
building in other waj'S. The new £4^ million 
development for Michell Bearings in 
Newcastle, and a new multi-million pound 
investment in our engineering facilities at 
South Marston are just two of many such 
developments now in progress in the Vickers 
Group. 

AH of which increases oiir contribution 
to the economy and gives more work for 
suppliers and more scope for further growth 
and sales. 

The Engineering Group in the UK is one 
of the six operating groups of Vickers which 
cover Offshore Engineering, Roneo Vickers 


Healthy progress in medic oJ equipment 
FurtiiHe inrubulurs from Vickers Makcul liave proved their 
value in competitive markets and other highly >pcriii UmaJ . 
equipment Mich as fsolntcr Tents and ilyiirbanc Systems 
have Wi iai lives aud non markets. 


Office Equipment Group. Howson-Algraphy 
lithographic printing plates and supplies, 
and Engineering in Australia and Canada. 

However diverse their products, all these 
groups have one thing in common - they are 
building on strength to win even bigger sales 
successes tomorrow. 



ViCKBTS 


Building on strength. 

Meiers Limited VtckaaBouse Alillbunk London SU I PJLRA 


FmtiMTtafannflliOTi about \lcten limited Is araJlable: Haase write toaddreaEShmu. 







2Q 


Financial Times Fridav Mav 19 19TS 


FINANCIAL TIMES REPORT 

Frida)' May 19 19/ 8 



Frospects for the sugar market are not bright. Overproduction has become chronic and demand forecasts have 
not been realised, conditions which have also led to growing international' political friction. Yet sugar has , 
other potential uses, and could become an easily produced and broadly based future cheniical/energy feedstock. 


Not a 
sweet 
seller 


By John Edwards 

Commodifies Editor 

THE WORLD sugar market is 
in a mess at present. A huge 
surplus of supplies is keeping 
prices at very depressed levels. 
Consequently much of the 
world's sugar is being produced 
at a loss. This has serious con- 
sequences for many developing 
countries dependent on sugar as 
their main source of export 
earnings. But among consumers 
there is also apprehension that 
the present abundance will 
inevitably lead in the future tn 
another scarcity of one of the 
basic energy-giving foodstuffs. 

Ironically, the present surplus 
of supplies can be traced back 
mainly to the great sugar short- 
age in 1974 when world markel 
prices were pushed to an all- 
time peak of £650 a tonne, some 
six times greater than the pre- 
vious peak. Since then prices 
have come down steadily, touch- 
ing a low of £85 at the end of 
3977, and at present fighting to 
stay above £100. 

Consumption of sugar is now 
recovering from the sharp set- 
backs suffered as a result of the 
shortage and the very high 
prices. But production, stimu- 
lated by the high rewards and 
the absence of any major crop 


disasters in the past few years, 
has cuntinued to go ahead and 
outstrip demand. For the 1977/ 
1978 season it is estimated that 
world output wii) reach a record 
92m tonnes. Consumption is 
expected to rise to around 86m 
tonnes. So once again there 
wil! be another big addition to 
already burdensome stocks. 

The " carry-over." at the end 
of the season in August i* ex- 
pected to reach over 32m tonnes 
— 12m »onnes more than two 
r*»ars previously. It will take 
several rear*. nr major crop 
failures, xo work off these huge 
surpluses— always provided that 
demand continues lu recover 
and that producers introduce 
some vigorous cutbacks in out- 
put. In other words producers 
face a lengthy period of con- 
tinued depressed prices unless 
the market can he artificially 
supported in the interim penuri 
until supply comes back into 
balance with demand. 

There were great hopes that 
the new International Sugar 
Agreement between producers 
and consumers which came jnio 
force in -lanuary would bring 
some stability into the market. 
But so far the agreement has, 
if anything, been a destabilising 
influence. Buvers rushed to 
build up stocks prior to the 
aereemenr coming into force so 
as to avoid the expected restric- 
tions on '3los — producers were 
eaaer se'iers for the same 
reason. They wanted to run 
down their crocks as much as 
possible before their export 
policy became subject to quota 
controls. 

The net result was that 
demand for sugar during the 
first .-:x mouths of the agree- 
ment being in force has been at 
a very low ebb. It has proved 
impossible to lift prices any- 


where near the minimum target 

price ol 11 cents, a pound despite 
the restrictions on exports now 
in force - 

Thu second defensive " leg “ 
of the agreement has yet to be 
irapiemenled. Thus is the some- 
what complicated scheme where- 
by -pecsal reserve stocks of 2.5m 
tonnes are to be built up in 
the exporting countries and held 
off the market until prices 
approach the " ceiling " level of 
21 cents a pound. The cost of 
holding these reserve stocks will 
be subsidised by a levy on sugar 
exports and imports. 

However, progress' on putting 
the previsions of the agreement 
into force has been slow because 
of doubts about its future. Mem- 
ber countries have been un- 
settled by the failure of the U.S. 
to ratify ihe agreement. America 
was a prime mover in the finally 
successful negotiations leading 
up to the. agreement, hut 
domestic ’political interests have 
made it difficult to persuade 
Congress to ratify 'it There is 
little doubt that without full 
backing from the U.S. it will 
fall apart 



Barriers 


Another equally important 
stumbling block is the failure of 
the European Common Market 
to join the agreement. Despite 
heavy pressure from Britain 
and other member countries 
anxious to show their good faith 
to the developing world, the 
powerful farming lobby, backed 
by France, has successfully 
argued that the restraints on 
exports as members of the 
agreement would undermine 
the Fundamental working of the 
Common Agricultural Policy 
under which surpluses are 


exported, if necessary with sub- 
sidies to make them price com- 
petitive. This season the<e «u?ar 
export subsidies are costing the 
EEC consumer a lot of money 

To bring the high-coM EEC 
sugar into -line with the 
depressed world markel prices 
it has been necessary »n pro- 
vide subsidies of close to £150 
a tonne, and with ,owr 3m 
tonnes to be cleared tin* total 
cost, to the EEC Is likely tn be 
well over £500m this sea.-on. 

To make matters wor-c this 
dumping of heavily subsidised 
EEC exports is a prime influ- 
ence in forcing world market 
prices to depressed level'. The 
EEC has promised to review its 


possible. . membership -of the 
agreement, but is meanwhile 
arc-uing that any export con- 
trols applied must take into 
account tne fact that it imp »rr* 
1. 3m ton nc> of cane 'iiviar each 
year from African-Caribbeait- 
Paeific cQiimrio under the 
Lome Convention. 

Sot surprisingly the EEC* 
attitude has raised considerable 
resentment Fr i< pointed out 
that much of the growth in 
world sugar production ha> 
come from Ihe EEC. which 
over-reacted to th*> shortage 
situation in • 1973-74 and pro- 
vided considerable incentives 
to its beet Growers to boost 
production. After two poor crop 


years averacc production last 
year produced a mammoth 
surplus. 

The whole debate on sur.v* — ' 
ah. ays a highly " political " 
cumniudity — hn> deteriorated 
into a mini North-South dia- 
logue between came- producing 
rciuntrie> mi ihe one hand and 
hecr-prnducing and consuming 
countries .in the other. 

In ihoe political battles (he 
interests uf tin? individual i-nun- 
tne> nr croups concerned often 
tend to predominate over <ugnr 
markel considerations. But in 
the long run it is supply-demand 
developments that must be the 
key to the future 

une of the underlying 
•Mrcna.hs ol the sugar marker i* 
that «-f «n ■«umption rises with the' 
uriv-vili in world population and- 
the improvement ;n livins 
standards generally. Increased 
so ear consumption goes hand in 
hand with better living.* and 
there is ihereFnTe enormous 
potential growth in the develop-, 
sue world and the Communist 
bloc countries. An additional 
hui ■- 1 m ■■nn.'innp’ion prospects 
is also likely to emne from the 
increasing possibilities of usina 
sugar for purposes other than 

a foodstuff KiinclamentaPy 
sucar nn lv» viewed as a cheap 
form of energy ih'U could be 
used, for example, in the form 
of :• I -.hi hit! a.-, j substitute 

to petrol. 

The rise in ml prices in 
recent years has turned the 
manufacture of alcohol from 
sugar into a viable economic 
preposition, particularly for 
countries wanting In save 
expenditure of foreign exchange 
on oil impure. 

The prune example here, is 
Bra.’P. which i< pushing ahead 
rapidly with plans to convert its 


surplii. sugar into alcohol since 
it is esfi maied Thai as iv.tuii-as 
2d per cent .-ugnr-an-uhol can 
be used in petrol Without any 
nKKliji.-atmn to existing car 
engines. W i;*i modification-, a 
great deal more — possibly inti 
per ‘ cent— pet re! txiuttf lie 
replaced ami this might become 
a necessity .f the gloomy lore- 
casts alum i future oil supplies 
prow to he correct. S.» a vast 
new nsarkei ruiilit open up for 
sugar m the long term in twn- 
foodstuff :i'C'. including 
chemical'- 


Costs 


At ihe s' | ii r time the rust of 
producing sugar is rising all the 
time. lr '•< dttTieult to provide 
an "accuraie >o?t ni production, 
since ir v.»n>*s front i/.iinUry to 
country and niiieh deponds on 
the exchange la'c ii>cd in the 
calculation* when making omi- 
psrisuas with Hie world prim in 
dollars or .sterling. 

However, it i* fairly clear that 
noi many, if any. producing 
countries* are making acceptable 
profits at present price level?,. 
Some indeed are making heavy 
hisses. particularly those 
countries where, il i* difficult In 
mechanise im* political or eco- 
nomic rvu ••»:!'. In Brazil, for 
example, evpaii-ion m predue- 
tton has stopped, i it h no new 
funds available f 'r investment. 
The CarihiiiMii countries are in 
an even worse =tate. although 
helped to <.un>: extent b> the 

favourable pr ee they receive 
from supply the EEC under 

he 
in 
and 

Swaziland /are better able to 
keep r/ir production costs 
down. 1 

But -.iic; cost of new invest- 


from supply the EEC utuh 
the Lum«* > liinventimi Tl 
highly me* '. Jx liseri industries i 
Australia. rirmth Africa ar 


nwnr hi land, farming inpi 
transport and especially in y 
rcssing and refining build 
and equipment lias heeu adv.i 
injj at an alarming rale. Inc 

ably ibis means Thai with 
present low prices iherc i- 
money . available fur ml 
expansion of output ju** m in 
ihe normal growth in c>>nMU 
turn. Tfii* had led many i*xp« 
to forecast a .shortage uf suppl 
developing again m tin* I! 1 -' 

However, there arc a 
beurifcli long-term impSiiatm 
tine i? that sugar can be gro 
virtually anywiu-rc in the wui 
either in bi*ci uv- cane Inr.ii. 
addition Ibrrc arc pusMhdii 
of extract inu sugar from oil 
source*. The big potential rn 
arc the maue-bascd high lr 
lusc. syrups at present *>i 

available in liquid form. but 
seems only a matter w ti< 
before thoy arc rrysndli^ed. 

For the moment a preriu- ti 
lc\y imposed, by the EEC Co 
mission. . bowing to prrs.-« 
from licet growers, lips halt 
the development of lugh-sn 
lose isoglui-ose syrups 
Europe. The sharp fall in sue 
prices, has also hit iheir in 
petitivencss in the US. N<wi 
theless the fact remains if 
th*s alternative .sweeten* 
which is superior in some w- 
i* si ill making inroads and w 
become an even mure riuuiere 
i-unipetiiur when sugar prn* 
rise again. 

At the same time the dr*vr|n 

iiu-ni of glucoses and. alien- 
liw • sweeteners " means th 
sugar — already under attack » 
various reasons Tanging ire 
teeth • decay in heart a uad- 
is having to fight hard to ret a 
its present share m :!u.» big 
du-stnalised markets riiuh 
present provide the hulk of i 
consumption. 


lij- 



Process Plant 



Tate & Lyle designs, 
supplies and installs 
equipment for all the 
processes involved with 
the production of sugar. 
Backed by more than a 
century oF experience, 
the company has been 
refining sugar and 
building sugar factories 
for more than 100 
years. I is heavy 
machinery division. 




... 


Smith Mirrlees. has 
been manufacturing 
special processing 
equipment since 1835 
and today its range of 
products includes 
milling tandems, 
shredders, batch and 
continuous 
centrifugals, 
massecuite pumps and 
fillers. 


Research 





The company is 
engaged in a broadly 
based research . 
programme at the 
Philip Lyie-Memoriel 
Laboratories on the 
campus at Reading 
University. Much of the 
work is concerned with 
food, energy and the 


environment and some 
developments are 
already paying 
dividends. Tate & Lvle's 
considerable 
investment in research ' 
is also helping the 
company to find new 
markets and investment 
opportunities. 


The Transfer of 
Appropriate Technology 


-> * 5 * 

EHpfef ; - - ---SUV..'.. 

,«YiAi«£-3 


Tate & Lyle technology 
is being used in many * 
developing countries in 
a number of sugar and 
other agro-industrial 
developments. In its 
major projects the 
company provides 
consultancy, 
engineering design, 
procurement. 


construction and 
project management. 
Its manufacturing 
companies supply bone 
charcoal, process 
chemicals, travelling 
irrigators, complete 
surface irrigation 
systems and turnkev 
sugar factories and 
refineries. 



Development 



Tate & Lyle are 
developing new 
processes including one 
which will produce 
transformed sugar — a 
dry. free-flowing micro- 
crystalline sugar using 
a continuous, low 
capital, and energy- 
efficient process, 
Another development 
involves the use of 
enzymes lo convert 
starch to glucose- 

The Talo products and 
processes developed by 
Tale & Lyle For use in 
sugar refining are 
outstandingly 
successful. The Talofloc 
process introduced in 
the world only 5 year.-, 
ago has received U.S. 
Food and Drug 
Administration 
approval and i* alreadv 
used lu produce. io"« ul 
ihe total world’s 
refined cans sugar. The 
more recent Talodura 
process is notv being 
used r.\ tensive) v in Ihe 
manufacture uf while 
sugar direct from cann. 


Effluent 

Treatment 



The .company's effluent 
engineering division 
has developed a new 
method of treating 
effluents, for example 
from confectionery 
manufacturers, which 
contain a high 
concentration of 
carbohydrates. In this 
waste upgrading 
process the product is a 
valuable single cell 
protein which is used in 
the compounding of 
animal feed stuffs. Ils 
feed value.is similar lo 
that of soya bean meal 
and other prolein 
additives. 

The division has 
recently won a contract 
for the supply of 
emiient treatment 
plant to six sugar 
factories in Venezuela. 


Sucro- 

Chemistry 



Tate & Lyle has 
developed a new sugar 
surfactant which is a 
non-toxic 

biodegradable base 
material for use in the 
’ detergent; food, 
cosmetic and plastics 
industries. Another 
new product derived . 
from sugar is x an 111 ail 
gum, a microbial 


polysaccharide with* 
extensive applications 
in the food and 
petroleum industries.- 

Talres Development Ltd 
is building a chemical 
complex to *,; ■ 
manufacture these 
products in the U.K* 
and is already licensing 
the surfactant process 
overseas. 









11 


Financial Times Friday Nay 19 igrg 



SUGAR n 


Radical changes, in 
UK industry 


BRITAIN S Entry into the 
Common Market has brought 
radical changes in its sugar 
industry. Cane sugar, tradition- 
ally imported from the Common- 
wealth countries, is giving way 
to beet sugar grown domestic- 
ally or imported from fellow 
EEC members. 

Prices and production are nnw 
largely controlled by Brussel? 
through the Common Agricul- 
tural Policy. Even negotiations 
with suppliers of cane sugar are 
now handled by the EEC. 
although the bulk of imports 
find their way to the UK market 

Yet Britain remains the odd 
man out in Europe. It is the 
only EEC country with a size- 
able cane refining industry, 
which still supplies over half of 
totai requirements. Britons also 
eat a great deal more sugar per 
head than their Continental 
counterparts. 

But patterns are changing. 
One important change is in 
prices, which are now linked to 
the high-cost EEC regime 
instead of the competitive prices 
negotiated under the Common- 
wealth Sugar Agreement which 
were far more influenced by the 
■world market situation. This 
move to higher price levels, and 
the aftermath of the great sugar 
shortage in 1974. has taken its 
toll on consumption. Increased 
competition is also coming from 
other sweeteners, notably 


glucose and the high-fructose 
maize syrups, despite the pro- 
duction levy-. Another substan- 
tial price rise of neary 10 per 
cent on July L following the 
7.5 per cent devaluation of the 
Green Pound and the 11 per cent 
increase agreed at the annual 
farm price review, win hardlv 
help. 

UK sugar producers al^o face 
the additional problem of a 
surge in imports of EEC beet 
sugar, heavily subsidised by the 
monetary rebates to make up 
for the difference between the 
Green Pound and the market ex- 
change rate of sterling. The 7.5 
per cent devaluation of the 
Green Pound will only help to 
reduce these subsidies. 

This is particularly aggravat- 
ing ~to the British Sugar Cor- 
poration. since the cane sugar 
suppliers also receive an MCA 
subsidy. Nevertheless ii is push- 
ing ahead with big expansion 
plans aimed at reaching an 
annual production rate of 
1.25m. tonnes by the 1979-80 
season. The ending of the zoning 
arrangements, a legacy 0 f the 
war when the country was split 
up into zones to avoid wasteful 
distribution, has enabled the 
Corporation to pursue a rigor- 
ous selling policy all over the 
country, it is now thought to 
have captured the major share 
of the retail “packet'* market, 
although still lagging behind 
Tate and Lyle in the growing 


industrial sector that accounts 
for some 50 per cent, of total 
sugar sales. 

Because of its low-cost struc- 
ture. the Corporation is able 
to sell very competitively 
against Imported cane sugar. 
But so far its expansion has 
been held back by poor crops. 
Bad weather brought three 
years of very poor production in 
1974-76. much to the despair of 
the Corporation, which did not 
believe it could happen. Even 
last year's crop failed to Jive 
up to expectations, yielding 
only some 950.000 tonnes of 
sugar — a great improvement on 
the previous three years but 
well below the peak of over lm 
tonnes achieved in 1971. 


Target 


This year there are record 
plantings again of 209,000 
hectares— encouraged by the 
higher prices paid to growers 
— and the Corporation is hope- 
ful that it will at least reach its 
initial target of 1.04m tonnes — 
the “A** quota assigned to it by 
the Commission. Reaching this 
target is important this year, 
since another failure would 
mean a weak case to present 
when EEC sugar policy for the 
1980s is reviewed. 

The other main .supplier, 
Tate and Lyle — which has 
absorbed the only other cane 
refiner. Manbre and Carton — 


has considerable problems too, 
Tbe growth in beet production 
and reduction in imports of cane 
sugar exacerbated the over- 
capacity problfem in U.K. cane 
refining. "Working closely with 
the Government and the unions, 
Tate and Lyle gained agree- 
ment to shut down two re- 
fineries so as to reduce capacity 
from 1.97m tonnes to 1.4m 
tonaes by 1982. 

But the signs are that if the 
decline in demand and competi- 
tion from beet and other 
sweeteners continues, more cut- 
backs might be needed if severe 
losses are to be avoided. Much 
depends on the negotiations 
with the cane supplying 
countries, which are urgently 
seeking higher prices to meet 
their increased costs of produc- 
tion. The EEC has a political 
commitment under Britain's 
treaty of accession, and through 
the Lome Convention, to 
continue importing 1.3m tonnes 
of cane sugar each year. 

Therefore it is committed to 
maintaining a cane refining 
industry in the UK. the. only 
part of the EEC able to handle 
the quantity involved. But at 
the same time, as French beet 
growers constantly point out 
the EEC is now more than self, 
sufficient in sugar, with a 
“ mountain " of 3.3m tonnes 
having to be exported this 
season. 

John Edwards 


World surplus hangs 
over output 


THE MOST obvious fact about 
world sugar production at the 
moment is that there is far too 
much of it. Latest estimates put 
the 1977-78 world crop at 
S2m tonnes compared with con- 
sumption projections of no 
more than 88m. A 8m tonnes 
surplus would take stocks to a 
record 32m tonnes, or 37 per 
cent of annual consumption, by. 
the time the season ' ends in 
August. In normal years stocks 
are generally equal to between 
20 and 30 per cent of consump- 
tion. 

But the situation is more 
serious than appears at first 
sight Most of world sugar out- 
put is consumed domestically 
and much of the remainder is 
exported under long-term con- 
tracts, often on a govern mt-ni- 
to-govemment basis. The “ free 
market” in sugar amounts to 
only* 14m or 15m tonnes and it 
is in this market that the expec- 
ted 8m tonnes surplus will be 
seeking a home. 

It is obvious that the market 
cannot absorb all this extra 
sugar, so much of it will have 
to remain in its country of 


origin, eflpier for consumption 
on a subsidised home nark.'t or 
tn be plaftd -in store. Even if 
markets cbWd be found many 
of the surplus producers wouid 
be prevented from supplying 
them for fearNsjf exceeding their 
export quota^ under the 
recently negotiated Inter- 
national Sugar ^greemant. 


Structure 



The problems besetting sugar 
producers have their roots in 
the peculiar structure of the 
market There are over 100 
sugar producing countries in 
the world and, as already men- 
tioned. the *• free " export 
market is strictly limited. Most 
of the major producers are also 
net importers and the bulk of 
world exports is supplied by 
relatively small producers. 

The net effect of these fac- 
tors is a basically undis- 
ciplined market. No oountry or 
group of countries is a suffi- 
ciently major exporter to 
influence the supply situation 
significantly so there is little 
incentive for restricting produc- 


tion even in times of depressed 
prices. For the developing 
countries the economic return 
on sugar production is often 
less important than -the foreign 
exchange it- earns and for the 
developed countries the politi- 
cal power of the farming 
lobbies and the desire to limit 
imports generally outweigh any 
financial' pressures to restrict 
production. 

The market is therefore 
highly cyclical, with fairly 
short-lived booms followed by 
five or six years of depressed 
prices. The current depression 
traces back to the 1974 boom 
when raw sugar reached the 
unprecedented price of £850 a 
tonne. Before 1974 high prices 
had hit mainly developing world 
consumption but the unheard-of 
prices reached in that year cut 
back demand even in the 
developed world and the slack- 
ening in the consumption trend 
has once been maintained by 
lhe world economic recession. 

An attempt to encourage 
greater discipline in sugar 
marketing was made last year 
with the renegotiation of the 


Consumption yet 
to recover 


WORLD SUGAR consumption 
has still to recover from the 
damage caused by the sudden 
.and unprecedented rise in 
prices of 1974. In 1975 the in- 
creases. had filtered through 
fully to the consumer and use 
fell from 80m. tonnes to 77in. 
This ended more than a decade 
of steady increases. And al- 
though the trend is once a^ain 
upwards, and 'the losses of 19< 5 
made up long ago. consumption 
is still some 3m. to 4m. loruies 
a year lower than might have 
been expected had the original 
trend been followed- 

Sales slumped lowest where 
prices went highest— in the 
European Uummwttiy and ihc* 
U.S. In the EEC. sugar con mo- 
tion per head or population feu 
to 36,7 kilos in 1975 compared 

with more than 45 kilos a year 
earlier. In the U.S. -it went down 
to 42 kilos compared with 
in 1974. 

Bui there was no apparent im- 
pact in Latin America, tor in- 
stance, where the l(l-year trend 
of an annual increase of about a 
kilo a head continued. And in 
Russia, as far as can be ascer- 
tained, consumption was not 
damaged. 

Mast market experts agree 
that saturation point for con- 
sumption of sweeteners is oe- 
tween 45 and 55 kilos a head a 
year of sugar equivalent. That 
leaves little room for expansion 
in most of the developed world. 
Indeed, there are well-founded 
fears that the market lor sugar 
may well start \o contract 
where alternative sweetener* 
are winning acceptance. 


Glucose syrups of all types 
are rapidly gaining converts in 
the food industry in the U.S. 
And there would be similar 
Fooin for expansion .in the 
European Community if the 
berreroriers of France and Bel- 
gium could be tempted or 
forced to relax iheir strangle- 
hold on the sweetener industry 

and their apparent hypnotic 
control over the policy makers 
in the Brussels Commission. 


Hopes 


The best hope for expanding 
consumption of sugar proper 
lies in the developing world. 
Trader-; harbour great hopes 
for China, for **•*»*■' 

continuing pohl'rtl 

and the tendency Among the 
country's leaders to pay atteo- 
ion to lhe bodily as well ns 
nnlitical and theological com- 

nf the population could 

crease in consumption. 

” land Is at . p* 

J" 53 ' JCr .f pd "real*. MuS 
be '“y'.iTorefore. on the mll- 

depends, therefore^ forejgn 

sbilit> olher trade com- 

exchange barter for 

modities to P a > 

. imates put Chinese 

sis - averase 01 

around 9 kjjjj of faith - 1S ^ 

, A 3°”! lh e development of 
placed m ™ . particularly 

markets in h 0 ii money to 

"XTE V «■“. «* 


sumption in Nigeria — one of the 
richer developing States-^is 
still only around 4 kilos a bead 
a year. 

Overall consumption in all 
the world’s developing countries 
which have rich supplies of raw 
materials is expected to climb 
to almost 7m tonnes this year, 
up from 5fti tonnes in 1974, 
Latin American uptake may 
also touch 14m tonnes, up 2m. 
Use in North America, on the 
other band will probably be 

only the same as in 1974 — 
11.3m tonnes. And much the 
same story applies in Europe 
and Japan. 

One world-wide trend being 
watched closely by the sugar 
industry is the rapid increase 
in the popularity of soft drinks. 
Manufacturers buy large ton- 
nages of sweetners, and sugar 

substitutes are obviously 
attractive to them. 

High fructose com syrup 
(HFCS), for example, can still 
be bought wholesale for 
between 15 and 20 per cent less 
than sugar. And while sugar 
producers and dealers may 
rejoice that it is impracticable 
at present to export this and 
other liquid substitutes, the 
home market in the U.S. for 
example. looks promising .for 
these newcomers. Production 
of HFCS in the U.S. is expected 
to exceed I -2m tonnes dry basis 
this year compared with an 
estimated 880.000 tonnes in 
1977. Output in the rest of the 
world — Japan and the EEC to 
all intents and purposes— will 
be only 400.000 tonnes. 

Christopher Parkes 


International Sugar Agreement, 
but traders are divided on the 
likely effects of the new pact 
Some see the quota limitations 
imposed on exporters by the 
pact as basically “ bullish " but 
others argue that some countries 
have been granted excessive 
.quotas which will tend to 
encourage the maximisation of 
sugar production, exacerbating 
the current problem. 

A good example of the second 
case is Cuba, which was given a 
2.5m tonnes basic quota under 
the Agreement This has been 
reduced to a little over 2m 
tonnes because of the world 
surplus, but with the addition of 
at least 2.5m tonnes to the 
Soviet Union. 1.5m tonnes to 
other Comecon countries and 
650,000 tonnes to non-Comecon 
socialist countries the total 
comes to at least 6.65m, a figure 
which should encourage the 
Cubans to produce as much 
sugar as possible in the current 
season. 

Sugar production is divided 
into two broad groups, beet pro- 
duction and cade production. 
Beet, a temperate crop, accounts 
for about 40 per cent of total 
output, with cane, a tropical 
crop, providing the remaining 
60 per cent The biggest beet 
producer is Russia with 9m 
tonnes projected for this season; 
this country is also a major cane 
consumer through its imports 
from Cuba and elsewhere. The 
biggest cane producer is Brazil 
(8.5m tonnes) but most of its 
production is consumed 
domestically. Other major pro- 
ducers are the EEC countries 
(beet) with about 11m tonnes 
between them, the U.S. (2.9m 
tonnes of beet and 1.55m of 
cane), Cuba (cane) 6.75m 
tonnes, India (cane) 5.7m 
tonnes, China (3.4m tonnes of 

cane and 1.1m of beet), and 
Australia (cane) 3.4m tonnes. 


Different 


Tbe economics of beet and 
cane production are quite differ- 
ent Cane producing countries 
depend traditionally on mten- 
sive use of low-cost labour while 
beet is produced mostly on 
modern farms using sophis- 
ticated machinery. This balance 
is gradually changing, however. 
As Third World labour becomes 
more expensive and less plenti- 
ful the tropical sugar producers 
are being forced to emulate the 
mechanised techniques of their 
beet-producing counterparts. 

The other - major difference 
between cane and beet is in 
their growing cycles. A beet 
crop can be harvested six 
months after sowing but cane 
takes between 12 and 24 months 
to reach maturity. The beet 
producers are therefore in a 
better position to adjust their 
output to suit developing market 
conditions, especially as it is 
possible to switch in and out of 
beet in a way that is impossible 
with cane. It must be remarked, 
however, that the world's beet 
producers have not to date 
shown much sign of using their 
greater flexibility to any great 
effect* 

Rkhard Mooney 



m. 


Booker McConnell 

in sugar 


Booker McConnell has an annual turnover of £523M and operates in Britain, the Caribbean, 
Africa, South and North America and the Far East. The Company has been involved in the 
production and marketing of sugar for over 160 years, mainly from its own factories and estates in 
The West Indies. From this experience it has developed widely acknowledged expertise in the 
identification, design and execution of sugar based projects. It also has a proven record of 
operating and managing profitable businesses under a wide range of political, social and ecological 
conditions. 

Through its two subsidiaries mainly concerned with the sugar industry — Booker Agriculture 
International (BAD and Fletcher and Stewart (FS) — the company can offer an extremely wide 
range of skills and services. Although both BAI and FS can and do operate at arm's length, their 
combined efforts have achieved notable successes in the planning and development of integrated 
sugar projects. 


■ For example , the estate , factory and refinery at Sacita in Nigeria u as the first fully 
operational sugar project in West A frica. 

H In Kenya the Muniias Sugar Scheme, which began commercial operation in 1973, is now 
engaged in a major expansion programme which will nearly quadruple its original size to produce 
about 180,000 tons of sugar per annum. 

■ In Somalia Bookers is responsible for the implementation of a sugar scheme with an eventual 
capacity of 100,000 tons of sugar per annum. 



I 


ip 

I 

V 


I 


I!. 


Booker Agriculture 
International 


Booker Agriculture International offers a world wide 
service, ranging from feasibility studies to the imple- 
mentation and management of agriculturally based 
projects . Since 1970 BAi has undertaken consult- 
ancy and management projects in more than 45 
countries, the majority oif which have involved sugar, 
its reputation is based specifically on its ability to 
carry out die advice which it offers in consultancy 
work and to continue after the implementation 
stage of a project to provide on-going management 
and technical services, and to train local staff to 
assume senior technical and managerial positions. 
BAI has won the Queen 's Award to Industry for 
Export Achievement 1978. 


Booker Agriculture International Limited 



■ ft*# 



Bloomsbury House 
74-77 Great Russell Street 
London WC1B 3DF 

Telephone: 01-637 7272 Telex: 28402 
Cables: Plowshare London WC1 


Fletcher and 
Stewart 


Fletcher and Stewart is a ivorid leader in the design, 
engineering, supply, erection and commissioning of 
complete sugar factories on a turnkey Oasis, hi the 
past 20 years projects have been completed in the 
Philippines, Sudan, (J.S.S.R., El Salvador. Kenva. 
Nigeria, Tanzania, ‘ Malaysia and Pakistan. The 
company has also undertaken a number of schemes 
for the modernisation, reconstruction and rehabili- 
tation of cane and beet factories, as weff as being a 
major supplier of unit equipment installations and 
spares to the sugar industries of the world. The 
company has won three Queen ’s Awards to Industry 
for Export Achievement. 


Fletcher and Stewart Limited 

• Derby DE2 SAB. England 

Telephone: Derby (0332) 40261 
Telex: 37514 

Cables. Amanita De»bv Telex 





1978 


1977 


J;1 



INTERNATIONAL MERCHANTS AND 
BROKERS OF RAW AND 
REFINED SUGAR 


Members of 

The Sugar Association of London 

and 

The Refined Sugar Association 


WILSON, SNI11En& COPE (SU6AS)i 



A MEMBER. OF THE GUINNESS PEAT GROUP (EST. about 1780) 

P.O. BOX 442, 32 ST. MARY AT HILL, LONDON EC3P 3AJ. 

' Telephone 01-623 9333 Cables COSUGAR LONDON EC3 Telex 883887 

Associate Company: 

AMBRIT SUGARS INC. WALL STREET PLAZA, NEW YORK, N.Y.I0005. 









12 


financial Times tenaay May iy i»r» 



MAM ENT AND POLtiUG^aa; 


HP • 

Tories 

threaten 


Fleet Street must 


Royal 




BUI 


By Richard Evans, Lobby Editor 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 

APPEALS FOR management and ‘What has to he recognised is Like Mr. Prior, he called oa 
unions of the national news- that unless these changes are both sides or the industry to en- 

papers to join together in introduced it is highly unlikely ter into Further negotiations on 

renewed efforts to solve the that this industry will be able tne implementation of the rc- 

critical industrial relations to maintain reasonable employ- commendations of the Join! 


given 
6% more 


By Rupert Cornwell, Lobby Staff . 


LABOUR NEWS 


Union claims ‘secret 
payroll’ at Telegraph 

I Sunday Telegraph management Mr. Junor said: "VV'e have top Linotype operators are now 
;ts operating a “secret payroll' to sought details of how the com- canting £14,500 a year and the 
jpay some workers os much os pany has manased to give deemmans £9.700. 

I £14.500 a year, some journalists increases way beyond the osten- During stage one, Mr Junor 
ion the two papers claimed sible limits of pay policy to other said, journalists pay r°sc on 
| yesterday. groups but insist we stick to averace from just over £6 000 

■», ... . - ... , thncp limits assuring us that fn £6.300. more or less in line 

-isf.nft?? " - w asrsSi 

Journalists' Daily and Sunday the w P° lH » * general . manager of the Tele- 


. . . . .. i<t - I-*#. v ai» - iimunhv i V£ iuv icu- 

£Eff&2ZMXS$ a «*»<*• “•* k no formal 


problems of Fleet Street were raent levels and the future of slant. ing committee on new .lech- THE CIVIL LIST allowance for Telegraph Chapter, made . the 
CONSERVATIVE PEERS intend mac jp in the Commons jester- Fleet Street Itself, with its pre- nolosy. the Royal Family this year wilt claim in a statement to the I received mionnauvn iwn ? n X ho mrinnni 

to press further substantial day by Mr. Albert Booth, sent range of titles, is at risk. Although he emphasised that bc &&&&&• a rise of 6.13 per Central Arbitration Committee in secretive move the company had industry a Ftp* eon- 

amendments to the Scotland Bill Employment Secretary. and Mr. “There is no immutable law day5 lljst m disputes on national cent— well within the Govern- London. rewarded up to 60 of its senior «.{* 5 ? ' other «n inn* 

dunog its report stage, thus Jajnes p n ' or, the Conservative thar requires national news- aewrspapci8 were not a3 3 rear as restraint guide I lues ...... ch . ir _,_ management and senior editorial 

making it necessary for the Employment Spokesman. papers to be printed in London. mi „ hl b<? supposed, he added “ irom the £2.405,000 allotted *«*«« JUBor - cliairman J «• — ine company considers disclosure 


Government to impose a Further They said tfiai if their words 


management and 



probable that 


Bill will 


This called on them to work 


become law by ihe summer debate, tiffin a natioanl procedure nn 

recess as planned. 


Manv of the problems lav 


For last jear. 

published hy the 
show that 
erall in- 
mainly to a tiny 
change, in the Queen's Civil 
List. This goes up fay just 2.5 


“vef ™ SdE need' 'for l«*«T •*». ™« * ^ rtfiS’SE, IS ° f P” T 2 TloT * 

,h = ■“! ,n Irom 1-rt ?“ si 


The Bill has already suffered 
13 defeats of substance during uiitim _. 3 v4 
i Is committee stage in the Lords committee on new technology for ^ on 


■11 , e j PC K S n ^- strongly criticised manage- Although several members 


of the wages committee of the a ESlS2F5« !,?„««, of the information required 

chapter, said some workers had al ^ massl ' ,e would be a breach of confidence 

increased their remuneration by “The increases were made at between the employer and the 
a minimum of £1.000 a man and the very moment the company individual union or chapel, and 
in manv cases £3.000. and some removed some 60 tnp people as such would impair industrial 
had achieved levels of pay from the company's payroll— on relations.'’ 
higher than the executive which all 3.000 of the staff nad ft Management of The Observer 
suponseri to he in charge. hecn up to that point — and newspaper decided yesterday to 

_ _ small. non-TUt: switched them to a secret pay- defer any action in its dispute 

newspaper union — has roll called ‘private payroll which with 25 unofficial strikers, who 

taken the Daily Telegraph to the was sent outside the company for prevented the paper appearing 

last Sunday, until the outcome 


and about 50 promises have been newspapers This had been P resent fragmented bargaining ments for refusing the ofiici-ti of the Koval Famllv receive C ^ C - . hcca V. se th c I>a P cr P roce ®inff- 

made by Ministers to study accepted 6 bv management and in Fleet Srreet. demands from the print unions somewhat ' larger percentage refused to disclose details of the Mr. Junor claimed Unotype of a special full council meeting 

points put by the Opposition. un j 0n leaders, but later rejected “There is now an absolute and then conceding them to un- increases, it will be the rise in earn,n!:s nf P nnt un,0T1 mcmb ®rs operators wore earning £10.600 of the National Graphical Asso 


Ministers will be prepared to bv the union membership. need for unions and manaee- official pressure from the shop 

accept some of the amendments ‘fie also proposed that the ment in the newspaper industry floor. H ecould think of nothing 
when the Bill . returns to the problem of the closed shop for to bring about the implements- more likely to undermine the 

Commons, but most will be journalists — now the subject of tion of these, recommendations. " authority of the uninn leaders, 
opposed with the backing of a the charter on Press freedom He gave MPs no fresh inform a- Mr. Booth wanted to see a 
three-line whLp and the guillotine being worked out by Mr. Booth's tion on his Department’s pro- strong Newspaper Publishers 
curtailing debate. department— could be solved hy press on the Press charter. There Association which would give a 

An amendment that seems adopting procedures similar to was no indication in his speech clear management view on th* 
rertain to be deleted is the those heins proposed for the as to when it might be serious problems of Fleet Street". 
Lords advocacy of a system of Civil Service unions; Forthcoming. ' " Ho also stressed the need Tor 

proportional representation for This would entail employees He listed the areas of agree- better communication between 
the Scottish assembly. being allowed exemption from ment reached so far and thought union leaders and their meznber- 

Tbere is no indication that union membership. If they paid that this rey-resented a fair ship. 

Ministers will he prepared to an amount equivalent to union measure of progress. But he indi- 
back this as ai means of retain- dues to a named charity. cated that he is still opposed to 

ns Liberal support. Mr. Prior said that the House any proposals to prevent a closed rnmnraiion 

During the report stage in the chould send a message to Fleet shop for the National Union of ^"1 d LIU 1 1 

thirds. Which should last six days. Street stating: "We don't like Journalists on newspapers This 


ihc sum payable io Princess 
Margaret whose private life 
has recently been the subject 
of controversy, which will 
arouse most comment 

Her allocation from public 
funds goes up by 7.3 per cent 
to £59,900 from £55,000. 

Some Labour MPs have pro- 
tested that the Princess, who is 
in the process of divorcing her 
husband Lord Snowdon, should 
receive no increase whatsoever. 

Elsewhere, the allowance for 
the Duke of Edinburgh is 
increased to £93,500 from 
£85.000. The Queen Mother 
will get £175.00(1 U£ 1 55,000), 


plus In September and October ciatian today, 
of 1977 as against £7.900 at the The printers' 


it employs. 

In what is believed to he the of 1977 as against £7,900 at the The printers' union has been 

first case nf its kind tn co before, year ended March 31, 1976, asked to produce a guarantee of 

the CAC. the Institute has readers £7.000 against £5,100. uninterrupted production and 
Indeed a complaint under the engineers £3.500 against £6,800, has been considering disciplinary 
disclosure of information prnvi- electricians £8,800 against action against the strikers. 

«ions of the Employment Act that £6.200 and electricians’ assistants Earlier this week, management 
the Telegraph has refused to £7.000 against £5.000. told the union it would shut 

disclose information needed for . He added:." f have since been down the paper if there was no 

collective bargaining. told, secretly, of course, that the guarantee. 


. • uu Jit in. . i. ...» _ . Will SCI LU3MI 

Tory peers will press controver- what is going on. We recogmsp is the main point of difference 1113 K I Off TirOOTPCC Princess Anne will receive 

still at issue in the formation Df (E6!>.0fl0 (£50,000), and Princess 


sial amendments on further tax how damaging this is from the 

raising powers for the assembly point of view of the industry, the the charter. THE ANNUAL report and 

ind a reduction in the number of people who work in it, and the He regretted that the Oppnsi- accounts oF the British National 

’ssembly members from 150 to free Press. tion did not agree with the Oil Corporation Dublished vester- 

107— one for each of the 71 con- “We expect to see authority absolute right of anyone to day show that it has made “im- 

stituencies plus an additional 36 resored and common sense pro- belong to a trade union in the pressive progress” in its *ecnnri 

membere allocated under the vail. We are telling the industry newspaper context. IF they wore year. Mr. Anthony Wedgwood 

proportional representation to get ronnd the table again *n proposing to prevent a closed Bonn, Energy Secretary, told the 

aystem. sort it out — and sort it out shop on newspapers then they Commons in a written answer 

In spne of the changes so far quickly." could not stop at journalists, last night, 

made to the Bill, Ministers Mr. Booth stressed the need Printers and drivers could also He said the corporation was 
icquit peers of any charge of for better industrial relations stop the flow of 'information. now making a major contribution 
the legislation as procedures in the industry and “ How cr*ild it he enforced in to the furtherance of the Govern- 

happened in the the adoption of the new tech- any case?" he asked. "Who would mpnt's policies to develop the 

nology. be locked up?" UK sector of the North Sea. 


Boilermakers reject 
plan for merger 


Alice the Duchess of Gloucester 
£50.000 I £25,000). 

The Civil List total is made 


BY ALAN PIKE, LABOUR CORRESPONDENT 

DELEGATES to the 


fiMihustering 
r hey allege 
Commons. 


_ _ _ . , I UIiLib 1 .!. 1 , I 1 ..^ (U 41 . C 4 /Vi.CI- J 4 U 1 OJjU, |.ti, f I L H Ot bC COH) B 

up or a basic -I.* ao. 01HJ granted I ^^5- Amalgamation confer- pletely dead. The boilermakers’ 
under a 1-oa .Act of Pania- | ence ^ Tenby yesterday rule book, he said, entitled the 

instructed their leaders to dis- executive to put such matters to 
continue talks on a merger with a ballot of the full membership, 
the General and Municipal and this was a possibility which 
Workers' Union which would would be discussed- 
have created a new organisation Nonethe]ess . , he decision is a 
for more than lm skilled and huRe bl(W t0 thc GlfWU’s hopes 

oF building a strong hase among 


meat, plus annual increases 
approved hy thc Royal Trus- 
tees — ihe Prime Minister, the 
Chancellor of (.he Exchequer, 
and 1 he Keeper of the Privy 
Purse- 

For the first time Prince 
Andrew appears on thc list 
has reached the age of 


Services 
for disabled 


Servicemen’s pay award 
‘will ensure comparability 


manual workers. 

After a lone private session. ‘ 1 ‘’‘i" mnr^p7 with 

{ft ™l c l Vil . “ I the conference adopted a motion would fiiS 

r?a.f,ni ?n ? S ful? e vtSr lhe l d « larin ? ^ the GMWU talks ,nSn5 

Quccii has asked for the 


by Minister 


GOVERNMENT hopes that The Government was very whether it would honour these 
Servicemen would cease to want much at fault in letting the plans: 

to leave the Forces as a result forces' pay fall far behind. The It had been rumoured that the 

of the recently announced pay settlement was not really satis- report bv Lord Edmund-Davie? 

r <v-at iirrunpiTivc 'll award and the commitment to factory although the promise of on police pay wouM recommend 

hJSftn- thf law Tr iLv »ith e . vetl . tual comparability with comparability by 19S0 was a a 30 per cent increase! for 

oreaxing tne law ir ine> with- civilian wages were expressed in tremendous step forward. policemen. “ I very much hop; 

d K?'^ ,1 for dls J lhe Lords yesterday by Lord He wanted to see the Forces that they get that, 

ablcd solely on the grounds of winter bottom, Defence Spokes- getting exactly the same pay as .... 

financial expediency, the man . civilians " in the equivalent inb " military threat to 

Government said yesterday. Forces’ pay was rhe subject The Earl of Cork and Orrey Europe and to the 

Mr. Aifred Moms. Minister for vvhlch dominated a Lords debate said that he welcomed the breakdown of law and order in: 
the Disabled, was giving a Com- on t h e continuation of the Army, attempt of the pay review body to own land is such that we 
mons written reply to Mr. Hugh Air Force and Naval Discipline f a»r treatment for the should make these tw.j vital 
Jenkins; (Lab Putney), whe has 4cts for another vear Services. services, the Armed Forces and 

claimed that there are rum mrs ' Lord Winterbo'ttoni said that "The Armed Forces have been our police, special case* " 

that the new Conscrvaii7c- u, e Armed Forces Pav Review treated fn a way which they The Government should either 

controlled Wandsworth Council g 0 ^y had emphasised that Ser- woo'd not have -been treated if do justice to the Services more 


in a full year, 
has asked for 
ainoun; to be limited initially 
t<» rood a year. The balance 
will be accumulated by the 
Royal Trustees. 

As usual, the Queen is paying 
out from her ov.n resources 
the allowances agreed for four 
other members of her family, 
the Hull'* of Gloucester, the 
Duke of Kent, Princess Alexan- 
dra. end Princess Alice, Coun- 


„„„ .. tn »h„ made 11 * e blpcest union in ship- 

were detrimental to the building and might have 

s * r }; il should be with relevant Yesterday’s decision will, how- 

*'■ uni ? ns ; . . , ever brine relief to the Ain.il- 

The mam fear of delegates was 

In,, fhnir drnnn mated Union of hmhneering 
Workers. which has long 


plans to cut services for the dis- viceraen should be treated no t h«>' >«ad anything like the muscle quickly or make. way for a Con- 

Mnrri, , 'oss favourably in terms of pay deployed by the tradp unions ” servative government which 1)Rr r - T . mio w c I pbn. on which good progress had amalgamation basis renuiring a 

Mr. . Morris said: "Local , han other members of the com- T - nr d Orr-Ewing fC) said that would do it for them. L-.QL iFlEb a couples „ k«h«. 


that they would lose their stron 

IS a u s „;„ k i n 1„r r .h. r! SJt ™»rd,d the iio \ liTiaakere M , 

decision was taken on a show of potential amaUamati^n partner. 
i la nd. 2 by a majority ot about "J^had ,ene 

The vote came despite a speech f9 r . AUEW to . maintain its 
tess of Athtone. This amounts jn f avour D f ^ nie rger bv Mr vision of a sincie union for the 
to £lfi5.i*ea, compared with j u avlc j Basnett. general secretary encineering industry. 

of the GMWU, and thc Boilermakers' delegates were 
unanimous endorsement of thc told yesterday '.hat the GMWU 
iioilermakers’ executive. amalgamation was “overwhelm- 

Mr. John Chalmers, boiler- ingly in the best interest of the 
makers’ general secretary, said society."- Thk executive said, in 
afterwards: "It is a blow to the a report. thAt we union would 
executive. There is no sense in not have bqen grafted on to the 
kidding ourselves. We were not GMWU hut "would have formed a 
asking conference to approve a significant part of a new union, 
merger now, only to allow us to Under the mercer plan, the 
continue discussions." boilermakers' union would hove 

» .I . become the centre or a skilled 

D2II0I workers’ section and the mercer 

He hinted that the merger would have taken nlnee on a full 


£130,000 last year. 

Married 
■ couples 
tax rides 
criticised 


Ford plant 
halted over 
sacking 

THE TRANSMISSION PLANT 
at the £110m Ford car factory 
at Halewfaod. Liverpool, was 
halted yesterday by a lightning 
strike by 2,000 hourly-paid shift- 
workers over a man's sacking. 

The day and night shifts met 
at the end of the night shift and 
decided on the stoppage. The 

1.000 men due to start the day 
shift walked -out. 

Work was continuing normally 
on day shift in the assembly and 
body-stamping plants, where 

4.000 hourly-paid men work. 

The transmission workers 

demand reinstatement of a col- 
league dismissed this week for 
allegedly striking a foreman. 

Arthur Smith writes: Rover 
production at Solihull was - hit 
when 500 paint-shop workers 
walked out in protesrat alleged 
use of canteen ladies to check 
time-keeping. 

The painters- claimed two 
women were supplying informa- 
tion to two foremen. The men 
rejected union advice to remain 
at work. 

British Loyland Cars said last 
night that the two foremen would 
he kept away from the paint 
shop .area while an investigation , 
took place. 'Further discussions 
take place today, and it Is hoped 
production will not be affected. 


authorities have a clear statutory mui1 jty * although the Government hari Referring to the Soviet name liability ar.* normally sent 

duty under the Chronical'? Sick "The Government has been promised the Services a 14 per For Mrs. Margaret Thatcher, the because, at 

and Disabled Persons Act tn concerned to show that the P a - V rise ’bis year and com- Tory leader, he said: “the Iron present, he is legally responsible 
meet identified and accepted Armed Forces are getting a fair r ability with civilian life in Lady will do it and do it more i°. r .^ ,s ‘i’ 1 ^ s :a:; affairs- Barones 


been made since talks began a ballot of both -memberships. 


needs. 

^It^-fiSSSTtS 1 3 ^' lian Pa 7“^rd ,, b; J restored 
vocally advised that services jq stages to 1980 
may not be withdrawn in the _ w _ rd 

** year ’ p,us ^ firm com ' 
soulht Tor eii mpl^ to wa thdrew milment t0 rest0Te comparability 

KSKS ForeS 


deal." Comparability with 19S0 ' he was s!in anxious to see quickly." 


Act. solely on the grounds of 
financial expediency, would be 
breaking the law. 

“I have instructed my officials 


to make inquiries in any case r,_,. * 

iMhorA rliPYi» i« ronenn In flliinlr CllOu 


the current circumstances.” 


Recruitment problems 

BY MICHAEL DONNE, DEFENCE CORRESPONDENT 


White-collar plan for 
talks on 35-hour week 


Birk, Government spokesman, 
said in the Lords yesterday. 

She added that the Inland 
; Revenue had recently instructed 
their offices in reply direct to a 
married woman about her tax 
affairs. 

She was replying to Baroness 
Ward of North Tyneside (C) who I WHITE-COLLAR workers In the to report by the end of the year, 
had urged ihc Government to (engineering industry will con- hut its findings are now not ex- 


Railway union 
leader hits 
at ‘brawlers’ 


BY PHILIP BASSETT, LABOUR STAFF 


where there is reason to ihink 
rhat a local authority may be in 
breach of its statutory dutv ” 

He agreed to have any particu- 
lar 

examined 




Silkin rejects 
green pound 
devaluation 


treated as weak when there was three Armed Services amounted (pilot, nagivator. filler and 
a financial crisis, they would io 32,231, or 6 per cent fewer aircraft control duties) and en- 
develop a very much understood than in the previous year. gineering branches, became of 
cynicism about the way the The biggest percentage decline a shortage of candidates of ade- 
Government regarded them. was in recruiting to the Navy, quale quality. 


Rent appeal 
to Callaghan 


COMMONS 

arc: — 


debates next week 


BRITISH FARMING is now in 
belter shape to inccl the chal- 
lenges it faces than it has been 

for many years. Mr. John Silkin. 

Agriculture Minister told the M0N »A\: Opposition 
Commons yesterday. 

He was speaking in answer to 
a call by Mr. Alan Hascl hurst tC 
Saffron Walden) For a further 
devaluation in the green pound. 

Mr. Silkin reminded the House 
of the concessions to fanners in 
the Budget, the outcome ot the 
EEC farm price negotiations and 
the 7.5 per cent. *Teen pound 
devaluation earlier this year. 


a n rM h pkpnm inn pth i n shortfalls'in som^sectore resulL branch concerned. ment tn press the Inland Revenue The technical, administrative could win bett-w pay and con- 

hjiiiv i.- jii stotJ this 1 irend*"***”’ ine from the nnhiiritv mvon tn h 'r K /> « rr,se f o address queries ahom taxation and supervisory section (TASS) dilions for qualified engineers 

him. will stop this trend. tng from the publicity given to by 6 per c»nt. hut this was linhiiity direct to the taxpayer of the Engineering "Workers' and. also protect professional 

rds. 

submission said that 44J 
professional engin- 
trade union mcm- 

One motion sets a further hers. Narrow occupational irade 

target of a 32-hour, four-day union organisation in. the indus- 

working week. Another Includes try, though, was" not only 

industrial action as a means of irrelevant to : tb6 needs of 

THE PRiarE MINISTER agreed achieving a shorter working qualified engineers but also 

yesterday to have the level of week. potentially disruptive 

rents ch'arged by Church Com- On pay, thc conference will Poor pay and" lack of status 
missinners investigated. . consider motions condemning deterred well-qualified engineers 

This followed a complaint by incomes policy wage restraints From coming into the industry 
on Liner Conferences: Greater TUESDAY: Wales Bill Second Mr. Arthur Latham (Lab, Pad- and one calling for common wage an d was sending others abroad. 
London Council Bill, report. Reading. dinSton) during Prime Minister’s and salary structures in British Many of the 200 qualified 

censure THURSDAY: Debate on the WEDNESDAY: Conservation i.f question time fn the Commons. Shipbuilders io deal with wage engineers lost by Ley land Cars tn 
Army: Army, Air Force and ’Wild Creature? and Wild Mr. Latham, appealing to Mr. disparities in shipyards — recently 1976, and 300 ntore last ye — 

Naval Discipline Acts (Con- Plants (Amendmenr) Bill, Callaghan, as an ex-officio Church highlighted by “internal and went abroad, the report said, 

tinuation) Order. Films Bill Committee. Commissioner, claimed that the comparative yard disputes." TASS recommended registra- 

FRJDAY: Spring Holdiay THURSDAY: Tuvalu Bill. Third Commissioners had “inflicted Motions will also call for con- tion of qualified' engineers with 

Adjournment Debates. The Reading. Trustee Savings unacceptable rent increases on tinned support for the grouping the Engineering Industry Train 

Bank Bill commitnr, Planning many tenants in my con- together of different sections of ing Board, but argued against 

(Amendment) (Nl) nrder stimenev “ workers in the industry under the introduction of either a 

Health and Safety at Work Mr Callaghan replied that he rh e Engineering Workers' union, statutory register or a reformed 

(NI> Order, Building Rr- U la- would “see this matter is The election of a moderate, Mr. voluntary register, 

tions (ND Order. Licensing looked into " even though he was Terry Duffy, as the union's presi- The success of the British 


Next week’s business 


debate on Forces Pay: 
Financial Assurance for 
Industry (Increases uf Limit) 
Order. 

TUESDAY: Home Purchase 

Assistance a °d Housing Cor- 
poration Guarantee Bill, 

remaining stages: Motion on 


House will adjourn for the 
spring holiday until Tuesday 
June 6. 

the European Communities LORDS debates next week are: — 
Direct Elections Order. MONDAY. Policies on North Sea 

WEDNESDAY- EEC document Oil. Refugees in the UK. 


tNI) Order, Royal Assent. only ex-offiem. 


Welsh conference 
to avoid conflict 

BY ROBIN REEVES. WELSH CORRESPONDENT 


Conditions 
on state 
aid-Cryer 



dent led to comment that the engineering industry depended 
ties hetween the Communist-led on its ability to respond to rapid 
TASS and the rest of the union technological change, 
would be stretched to breaking However, success could be 
point. thrown away if employers con- 

The technical section pre- tinued to put short-term profits 
senied Its submission to the hefore long-term growth, tn ln- 
Finnistnn Committee of Inquiry vest abroad rather than at home 
into the engineering profession and to offer Inadequate incen- 
yesterday. The committee is due tivos to their workforces. 


By Philip Bassett . 

RAIL UNIONS in sectional dis- 
putes appear as “ crude brawlers 
fighting over disputed territory 
and bodies in much the same 
way as Mediaeval barons." Mr- 
Sid Weighell, general secretary 
of the largest rail union, the 
National Lfnion of Railwaymeu, 
said yesterday. 

In a clear reference to a dis- 
pute between the NUR and the 
train drivers' union ASLEF, 
which came near to causing a 
series of one-day rail strikes 
recently, Mr. Weighell said : 
" The long-term consequences of 
action ; are overwelmed by the 
desire to sailsfy immediate, 
short-term demands." 

Mr. Weighell, writing in bis 
union's journal, said that dis- 
unity fn the railway industry, 
though not new. was now reach- 
ing a 'stage of “ inconsistency., 
with our professed, principles ot' 
collective action for overall 
socialist advancement.” 

TGWU post 
for Staden 

By Our Labour Staff 

MR. SIDNEY STADEN. water- 
ways official in the Poplar office - 
of the Transport and General 
Workers Union, has been 
appointed secretary of- the 
London and Home Counties 
region, (he union’s 'biggest with 
over 500.000 members. Mr. Ron 
Todd vacated the post to take 
over Mr. Moss Evans’ former job 
of national organiser. 

Mr. Staden was assistant- 
general secretary of the Water- 
men, Lightermen, Tugmen and 
Bargemen’s Union from 1958 
until 1971; when it merged- with 
the transport union, and before 
that was a lighterman. 


Garners strike in 15th week 


BY PAULINE CLARK, LABOUR STAFF 


BY IVOR OWEN, PARLIAMENTARY STAFF 

t’HE Welsh Lahour Tarty the next 12 months P < i V H RN T?5 NT -n A P under the public CONDEMN AT 1 ON of “This is one of the great I 

assemblies in Swansea today for On devolution, an emergency industry Act will be conditional the sentence impr, ■?,( , )n Dr. states of the world. We either | 

:vhat promises to be very much resolution has been tabled call- companies observing the Yuri Orlov, the Soviet dissident live with her or die with her. 
a pre-election two-day annual ing on the Labour Party add g ^ Crver 1 ust?l "u nd^ m . n "" b /‘ ^ rup-urc "State relations must be con- 

con fcrc nee. trade union movement to take a c°“J? ry ® r ’ .® . ustI ^ "hueT- relations between the British ducted on a different basis from 

The continuing high level ot full part in the forthcoming Sa, u ! " il i r Uimm ° ns and Russian Governments,’ the those of MPs and individual J STRIKE by 60 workere in the th G official strike and that sym- in the company. Eight out of 18 

unemployment, the impact of referendum so as to secure r,|wn Iast n, sut- Prime Minister told the citizens in this country who. p a ™ ers restaurant chain in pathetic MPs from the Labour Garners restaurants are said by 

public expenditure restraint on more than enough votes to bcal Mr. Cryer said that In consider- Commons yesterday. ver y proper iv express their ^ ond01 ?- described as "another Tribune Group and a delegation the strikers to have been affected 

regional policy, the healih and rhe 40 per cent threshold now iug applications for discretionary He said that if the sentence disgust at wba’t'has "taken place/’ Grunwick ’’ by union leaders, of Yorkshire miners were ex- by the dispute, 

education services, industrial written Into the Wales Bill. assistance under Sections 7 and imposed on Dr. Orlov was for There were approving cheers ^ mtn iu fifteenth week yes- peeled to joint the rally. Mr. Abrahams put the average 

democracy and, inevitahly in The Welsh Labour Party* 8 of ihe Industry Act. 1972, his attempt to monitor the from both sfdos Wlt ? tbe strikers prepar- The union made a Section 11 wage among 230 employees in tit 

iVales. devolution are among the official pro-devolution line was account was taken of the com- 

copies " to be aired. also reaffirmed within a policy pany’s pay settlements in decid- 

But the signs are that delegates statement from the party’s execu- ing whether assistance should 

will wish to avoid the linpies&ion live committee on improving provided. Offer letters reserved V1 ^ ws uu ,„ ulv .uuaj treodom House at ine travestv nr a tr-aii - ■ . * — • — 

of serious divisions in the party political and industrial demo- the riahl to refuse payment if at entirely clear, but it should also of^Yuri Orlov aod^the ^ according to Mr. Abrahams, on £37. 

ranks or too strong criticism of cracy in Britain. tne time for payment pay policy be made clear that there must sentence on him." 

■he Government's record at the Besides backing elected na o not been complied with.. be good state relations. He suggested that a senior! fnr i du- nf cniiHamtv - tn Kn j.rri. K "“ J “ r '^r ~—j >w awn 

inset of what promises to be an assemblies for Wales and Scot- This procedure did not apply “While 1 am very strongly Soviet deJeqaUon expected to marked Londnn^nmnrrnw h« ! a ? 10,ls showed that wwtes wero below the statu- 

inprecedented year of elec- land (and elected regional to the provision nf reoinnai in favour of individimi Si i n n rSi *2ft Ue IL" ?. ma i£*-«ty in favour of joining fory minimum, . "The company 

aoneering in Wales. authorities for 

A general election, the devolu- for ihe abolition 
tion referendum, district council Lnrds and of 
oiiiftinnR and keg direct etec- offices such as 

S™™ lib* «P«ted within anh Hi S h Start*.- 55, * tali. 5iVsovi« X&Z . B- SSST I TUC haa" MpiSred Ylippon % 2STJS2. 88?* # ' ” y 







Times Ftid^r May 19 1975 


financial times survey 


Friday May 19 1978 


Althougli free trading has always been the basis of the 
British stockholding industry, this year it has felt obliged to fall into 
line with defensive European measures designed to stabilise the market during a time of recession 

The hope is that the need for this sort of protective action will be 
short-lived as stability is restored to world markets. 


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Great demands are made of 

steel stockholders. ' 

It takes a great steel stock- 
holder to meet those Remands 
GKN Steelstock does just that 

Size helps. 


Its annual turnover is twice 
as much as anyone else. 

Because GKN Steelstock is 
that much bigger it has the ability 
to offer that much better service. 

And better service is what 


British industry needs today. 

When industry demands, 
GKN Steelstock supplies. 

H* GKN STEELSTOCK 

ra The bigger the better... 

HESS C^Sleefeto^Umaefl.womttjum^VktefirtwmpioaVviestMHjianOi 


55.»<r 















financial Times Friday May 19 1978 


EUROPE'S 

LARGEST 

INDEPENDENT 

STOCKIST 

' . specializing : in 

BSC 

COLORCO AT . &.STELVETITE 




ami o.isn 


, J . T ’• 1 •• .*->!■ 





CAPITAL TRADING CO. 
(Coated Steels) LTD. 

Beg. Office & Works: 

East Tyndall Street, Cardiff, CF1 5EA. 
Tel: (0222) 398221 (5 lines) Telex: 497234. 



?g»«73 P090 


I- 


Midland Bright Group 

No.1 in Bright Drawn Steel 

Our three companies — Midland Bright Drawn 
Steel, Hammings and A. E. Godrich & Son — 
have a capacity of well over 1 00,000 tons of 
bar and wire annually. 

„ Freecutiing steels. Mild steels. Carbon steels. 

Allay steels. Wire. Stainless, steel. Rounds. 

Hexagons. Squares. Flats, 
in short a drawn range — up to 4' diameter — 
that’s unbeatable. As too is the quality of 
every single one of our products, thanks to the - 
advanced procedures we use throughout 
production. Our unique range of production 
equipment ensures that we stay number one — 
and provide you with the best possible bright 
drawn steel service. 


MHbnd BrigM Drawn Steel United 

Ri cn mond worts. BnaowuM Iona. 

Wbsi Bramwfcti B70 0DX, 

WepflOM: 021-65/4971. 

Mac 33691). 

HaranringsUntotf 

Gangs Urn SMMd 55000. 

Waptww; EcdasteM 07415)3225. 


A.E.6odrtdiSSonUndM 
Wiwti Snwn. Asm. Bfcmingnam 
B6S5B. 

Mep aofflL 02 1 327 1306. 

Mac 338755. 


A Member of the GE1 International Limited Group. 


STEEL STOCKHOLDING H 


A conflict of interest 


XT ZS ironic that in the year 
British steel stockholders are 
celebrating balf-a-century of 
exuberant trading growth (The 
National Association of Steel 
Stockholders is just 50 years old) 
the industry is facing its first 
severe conflict of principles. 

The steel traders have won 
□early 40 per cent of the British 
steel market during the half 
century (20 per cent of it since 
1950) by resolutely sticking to 
the rules of the free enterprise 
market place. While some com- 
panies have prospered and some 
have failed, free trading (both 
with steel suppliers and with 
customers) has always been the 
name of the game. 

This year their trading world 
has been turned upside down. 
Viscount Etienne Davignon, the 
European Industrial Commis- 
sioner, has proposed, and the 
member nations of the Com- 
munity have accepted, a series 
of defensive measures designed 
to stabilise the market and to 
protect Europe from the worst 
excesses of the international 
steel recession. Not without mis- 
givings the member stockhold- 
ing companies of NASS find 
themselves supporting _ the 
Davignon initiative on the' basis 
that principles must needs be 
sacrificed in the short-term for 
the long-term good of the steel 
industry. 

Clearly the stockholders 
regard themselves as caught up 


In an unstable situation. Prob- 
ably there is not a single trader 
in British stockholding who 
•.would not welcome an eventual 
return to the untrammelled 

free-trading which has been -h? 
traditional way of life in the 
business. 

But within the membership of 
NASS there is a strong recogni- 
tion of the need in this crisis 
year for steel for the son of 
measures that have been 
applied by Davignon. And there 
is general agreement both 
among the steel makers and the 
steel traders that he has 
handled a difficult task in an 
able and vigorous fashion. 

Since the introduction of the 
Davignon Plan at the beginning 
of the year steel traders and 
customers throughout the EEC 
have been learning the new 
game rules. Now, five months 
into the year, the bulk of trade 
being handled by the British 
steel traders is being handled 
with recard for the Davignon 
renuirements that prices of 
EEC-made steei should be 
stabilised, and that cheap im- 
ports should not be allowed to 
ruin the home Community 
market. Stockholders in 
Britain are, by and large, 
following domestic steel price 
lists and are taking most of 
their tonnages from EEC steel- 
makers rather than from third 
countries. 


A rebel minority of British 
traders continues to evade the 
spirit, if not the ietter, of 
Davignon in various ’ways in- 
cluding emphasis upon imports 
of -.eel from third countries. 
But the majority of NASS mem- 
ber?— :n terms of tonnage 
handled the overwhelming 
majority— is now convinced that 
support by the British stock- 
holding industry for the British 
and Continental steelmakers is 
the only realistic way forward 
during the continuing world 
steel recession. They are giv- 
ing that support. 

Protection 

The question all the stock- 
holders are now asking is: 
“ How long? Some senior 
men in the industry take the 
view that the protection of the 
European steel market must 
continue for a further two 
years. Others are arguing with 
equal force that although it is 
still too early to consider dis- 
mantling the Davignon Plan 
there must be a return to free, 
trading in 1979. A third view 
is that the sooner free trading 
is restored the better it will 
be for the steel traders and 
customers. 

That last view tends to turn 
a blind eye to the fundamental 
weaknesses of the Community 
Steel industry which have to 
be tackled during the breath- 


ing space provided by the 
Davignon Plan. 

The serious nature of the 
situation facing European steel 
was summed up by Mr. John 
Peters, a senior EEC official; 
He told steel traders In London 
recently that if events were 
allowed to take their natural 
course the European steel 
industry as wc know it would 
be in danger of disappearing. 

That was why the member 
states of the Community had 
agreed to the plan put forward 
by Viscount Davignon for help- 
ing and restructuring the 
industry^ he said. 

Essentially the Davignon 
plan is designed to hold pro- 
duction of European steel at 
current levels while the effi- 
ciency of the industry is vastly 
improved with consequent gains 
in productivity: this to be 
accomplished over a ten-year 
period. 

The intention is to enable 
European steelmakers to sjipply 
the domestic market and to 
meet competition fmm third 
world countries. The social 
content 'of the plan Is that 
thousands of surplus steel- 
workers throughout Europe 
will have to be retrained and 
redeployed. 1 

Viscount Davignon's first 
attempts to restore some order 
to tbe deteriorating European 
steel market were made last 
year and they were not effec- 


Stainless Steel 
Aluminium 


NFS back their nationwide stockholding of 
sheet plate, strip, rod. bar and tube with a full 
range of services including shearing, slitting, 
circling, profiling, polishing, coating and cutting 
to length. 


And you can count on NFS deliveries! 


glNON-FERROUS & STAINLESS 
SHI STOCKHOLDERS LIMITED 


I A member of the Billiton Group 


LONDON 

Telephone: 01 534 7771 
WOLVERHAMPTON 
Telephone: 0902 2821 1 
BRADFORD 

Telephone: 0274 671200 
GLASGOW 

Telephone: 041 647 5141 
MANCHESTER 
Telephone: 061 865 7027 


LOW DEMAND FOR SECTIONS 


* Demand for steel sections 
is not expected to show any 
significant change from the 
present low levels of trading 
as a result of the deep seated 
depression In the construction 
and structural engineering in- 
dustries. 

The only exception Is prob- 
ably in structural hollow sec- 
tions which stockholders feel 
still have a bit of meat left on 
the bone. Their superior 
strength/weight ratio, clean- 
ness, symmetry, and low main- 
tenance costs arc still .proving 
attractive In food and agricul- 
tural machinery And motor- . 
way construction. They took a 
long time to be wholly 
accepted, following Introduc- 
tion at the beginning of the 
1960s, but their advantages 
when recognised led to con- 


The 


tinned growth at a time when 
other sections showed none. 
Thpy are expected by Che 
trade to continue nibbling 
away at . the market despite 
being slightly more expensive 
than conventional sections. 

But tbe product group as a 
whole can take little cheer 
from an economy where in- 
vestment in buildings and 
plant, especially in the public 
sector, remains low. 

Much depends on the ability 
of British construction and 
structural engineers to win 
lucrative _ export contracts. 
There have been reports from 
some engineering firms 
recently of a fairly high level 
of Inquiries hut It takes time 
for such signs to translate Into 
business activity. At least 


heavier sections, the 20 per 
cent of the business centring 
around universal beams, 
joists, and channels, are still 
cushioned somewhat from 
surplus foreign production by 
the special British range and 
sizes. 

Whereas other products, 
including light angles, fiats 
and rounds have been metric 
for a number of years, so 
that foreign producers can 
roll not only for their home 
market but oars as well, the 
heavier British sections are 
still in Imperial sizes, and 
given only metric translations. 
The British hayp therefore . 
been able to retain more of 
their home market at a time 
when the international steel 
trade has heen increasing by 
leaps and bounds. 


Sections have also played 
their part in the growth of . 
processing In the stockhold- 
ing industry. .One Yorkshire 
firm has more than doubled 
its output of sections cut to. 
length, while its total volume- 
of steel used has not in- 
creased. Processing has heen 
a way of making money for. 
the stockholder and sarin? 
equipment, labour and scrap 
costs for the customer at a . 
time when the overall trading, 
market is fiat 

But in the foreseeable 
future prospects for sections 
are viewed from u awful ’* to 
“■pretty ■staefe'’ " and they 
really do deoend on a major 
upturn in the economy. 

Roger West 


tlve. The limited aim of the 
Commission then was to en- 
courage producers ' to limit 
deliveries to quarterly forecast 
demands and to adhere to 
guidance prices. But, with pro- 
ducers losing a» much as £30 per 
tonne of steel produced, it soon 
became clear that stronger 
measures were needed. 

The improved Davignon plan 
was worked out last December 
and is intended, in the short- 
term, to minimise producers’ 
losses — not to make .profits 
for them. 

Imports from third countries 
arp being monitored to ensure 
they adhere to minimum EEC 
price levels, if they do not 
customs officials can apply 
duties. Thus a breathing space 
is being provided for European 
steelmakers. 

Since tint strong action was 
applied in January Davignon 
has been working out a series 
of bilateral agreements with 
third nations. Each has been 
designed to ensure that pro- 
ducers will regulate their 
exports to the EEC and main- 
tain their prices at certain 
levels. For instance, the EFTA 
countries have agreed to con- 
form to EEC pricing policies 
and are being allowed to fix 
their prices at up to 3 per cent 
below EEC levels in the EEC 
market 

British Steel has undergone 
its. personal crisis during this 
last difficult winter for world 
steel trading. Late in 1977 it 
became clear that the Corpora- 
tion was heading for record 
losses. 

The trading loss for 1977:73 
proved to he £-?4flm which put 
the Corporation about mid-way 
down the lea cue table of losses 
made per tonne of steel by the 
major world steel companies 
during that disastrous year*' 

Since then a new deaf for 
British Steel has beep worked 
out with the Government The 
borrowing non rrs ■ of the Cor- 


poration are being Increased 
by £ 1,500m to enable it to carry 
on. It is working to regain 
profitability by the end of the 
decade by shedding its expan- 
sion programme and by pur- 
suing a more modest new in- 
vestment programme which will 
.put the emphasis upon improv- 
ing quality and reliability of 
the product rather than increas- 
ing output. 

British Steel’s forward pro- 
gramme has been spelled out in 
a White Paper called The Road 
to Viability. It is the most 
important document in the 10- 
year history or the Corporation 
—which now ranks number 
three in the world steelmaking 
league. From the steel stock- 
holders’ viewpoint - the single 
most important feature is the 
emphasis that " efforts will be 
redoubled to improve the 
quality of British steel products 
and bring abuut closer relation- 
ships with customers.” That 
statement still begs the question 
over British Steel's future 
strategy towards the stock- 
holding industry. Now that the 
White Paper is out and the 
dust is settling around British 
Steel, stockholders are await- 
ing some indication from the 
Corporation about how it sees 
the future of Stockholding- 

Much has been done in recent 
months to restore & measure of 
calm and stability to the inter- 
national steel making market 
after the dangerously dis- 
orderly period of 1977. 

Stockholders see the necessity 
for discipline and support it — 
although their souls may cry out 
for the freedom .-of the market 
place. 

The future for international 
steel is still, clouded with doubt 
and uncertainty.. Steel traders 
may chafe, within the corset of 
the European trade restrictions. 
But they arc expected to contain 
their impatience at least for the 
remainder of this year. . 

Roy Hudson 


i 

,i 




n dilemma yoor overheads 


Delivery Price. Service. 



THE EUROPEAN steel stock- result: a failure adequately to estimated— meaning that the from inventory. Direct sales are 
holding trade has entered into align supply and demand so as imbalance of supply and demand those for which a stockholder 
a period of transition, with the to allow the EEC “base ” prices and the consequent price or trader orders from an EEC or 
trade adapting to new restrie- to be effectively observed instability is likely to persist foreign producer for direct de- 
tions, seeking new opportuni- throughout the European mar- throughout the year. In that livery to a user without the 
ties and trying to adjust to ket as a whole. event, profits are likely to be product passing through the 

emerging and as yet uncertain The basic concern about price rare and small for both. stockholder’s physical inven- 

new marketing conditions. The stability is endorsed by Mr. S. Furthermore, the independent tory. 

Brussels-based Club des Mar- John Wocldridee, executive stockholders complain that they 
chands de Fer de la Ceca director of Britain’s National are being unjustly held up by (.0niOriHllV 
(ECSC Steel Merchants Club), Association of Steel Stock- the Commission as the price- y 

representing the larger pro- holders (NASS), who noted that breaking villains. Caught be- The certificate of conformity 
ducer-affiliated and independent the Association's dispute about tween the EEC price rules and must state the origin, quantity, 
stockholders, identified three certain EEC steel policies bas prevailing market prices which price and quality of the steel in- 

basic characteristics of the cur- been shelved, at least for the amount in some cases to 30 per volved in the sale and, in t henry, 

rent situation facing the trade: moment. In favour of support cent below EEC mandated base is a guarantee that the sale 
persistent low level of demand, for measures designed to prices and without the financial conforms to EEC price rules, 
continued excessive Imports and achieve price stability in the support of the ECSC nr their Trade sources indicate that 
insufficient EEC and national market national governments, the inde- many recent *direct sales by 

government monitoring of im- Last year there were a num- pendents are forced tn follow stockholders have involved flat 
port prices and quantities. her of moves by major prevailing world market prices, products and heavy sections. 

Aggravating these fundamen- British companies to acquire They point out that steel prices, Mr. Jean Lenders, secretary- 
tal problems are a number of extensive holdings in large like the prices for many other general of tbe ECSC Steel 
internal European problems, independent stockholding opera- basic industrial commodities, Merchants Club, identifies two 

such as the failure of the EEC tinns on- the Continent, such as are "made" in the spot mar- future directions for the Euro- 

satisfactorily to resolve the BSC’s purchase of Germany’s ket - often involving sales of only pean steel stockholding sector: 
long-standing dispute ^involving Blume, and GKN's purchase of marginal quantities. Historically, concentration and specialisa- 
Italy’s "Bresciam, and, Belgium's Cassart. However, spot sale prices effectively deter- rion. “In the Nine, taken as a 
according to the ECSC Steel t he attractive profits realised by mine the ceiling from which pro- whole, there are simply too 
Merchants Club, the "excessive independent stockholders from duceri must calculate discounts many stockholders competing 
liberality of the steel trade selling large inventories to con- for large quantity “ contract " for the same -business. Certainlv, 
arrangements witn tne wrA sumers hedging against the in- sales, and the independents point over the coming few years both 
countries. Japan and certain troduction of EEC base prices nut that it is not their fault the producer-affiliated and inde- 
2^ are now onl y ha PPy memories, that current spot market prices pendent’ stockholders must 

With ^ arrlval o£ EEC *»- are weU belnw ™ ®ake serious . efforts to adapt 
problems have had one common pul g 0ry prices both producer . dated base prices obligatory for their sen-ices to meet more 

— affiliated and independent producers. closely the needs of their key 

stockholders were faced with Steel Industry sources note customers rather than perpetu- 

new and threatening prospects. th & t independent traders have atinc the existing situation in 

The blossoming trend towards historically dominated the con- which all stockholders try to be 

VMS* concentration abruptly stopped, tinental market fnr long pro- all things to all customers." 

^ • in part due to lack of cash duels, while producer-affiliated Behind this observation is the 

TC. liquidity, but also due to the stockholders and producers have f act that the structure of the 

mounting uncertainties afflict- dominated the market for flat stockholding business has lagged 
mg the sector. products and heavy sections, behind the evolution of the 

, Consequently, the price gap be- market The development of 

Disadvantaop *** ? EC P/*®* and transportation networks has 

. "real market prices is nar- resulted in enlarging ■ the geo- 

Under the new dispensation, rower for flat products and graphical area capable of bein- 

European producer-affiliated heavy sections than fnr long pro- effectively served by a »| V en 
RaMtam Steel has It ati . stockholders found themselves ducts. Paradoxically The EEC’s stockholder. Firms formerly 
Universal beams Column RSI’s. ^advantaged vis-a-vis the in- "arrangements with the EFTA secu re in their regional market 

Channels, Angl«. "'i 0 Ca " ^ now face stiff competition from 

Re-inforcing rod and mesh. Piling, t**** 1 and lawfully. Smitii Afnca and cer^m other more distant competitors and 

Galvanized corrugated sheets, deliver it to customers at least third-coun try suppliers may re- are in turn ^ d tQ 
tubing and all constructional and 0 P er « nt bolow the EEC man- suit in breaking the historic t h eir geographical market base 
atxuctural steel prime and re-usable. date d producer prices. Com- producer dominance over flat At the same time risine rnste 
Nationwide service. — ^ mission sources point out that product prices. The independent for equipment and nersonnel 

Allfabricarion Jgg* t^is^pore 17 disadvantage wjH stockholders hare^bc^Jncrea^ powerful 


The Camrthera MONO BOX overhead travai- 
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The design has been developed and 
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When it comes to overhead cranes, the 
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move up wrm monobck 

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reverse in favour of the EEC ingly- active in supplying the inanolaV* constraint In lh ? U,K * ^ h .? VS Sl f pp,iecl more equipment to steel 

producers as .the quantity allot- market for Art products from „ frequently service centres than all our competitors put together, 

ments granted tn imports are lower-priced imparts. To con- So. it is not surprising that you'll find a piece of 
exhausted. Whatever the trol this trend, the EEC Com- t ^ dc „ urc i in Bron x equipment in every major. Steel Centre in the country, 

theoretical merits nf the EEC mission last week decreed that _ 10 , , In ‘ 

arrangements, producer-affiliated as from May 17. European stock- nu lJ er ^ " ' 

and independent stockholders holders and traders must deliver J d ( 

are largely in agreement that a certificate of conformity on t t‘ “° fi ^ I 

EEC consumption for this year direct sales in addition to prior smaller in<,e P en ^s. I 

has been significantly over- requirements applying to sales Paul Zahn ■ 



Bronx Engineering Co. Ltd- 
Lye, Stourbridee. 

England Dy9BDS. ‘ 

?Sfe: e!03SiS2)414L 









Financial Times Friday May 19 1978 


15 


STEEL STOCKHOLDING IH 


\ I 



world recession 


FLAT-ROLLED PRODUCTS 


2S2 «^ion e ti°" 8 X“e man y , fr ™ a Sr»d“ B SSn G »» f L E F W ‘" ” 0t ^ 

•MS T*** DaYlgnDn has more » SZSSSiSS V TS 

ahead. Sparked on initially by than once tried and failed 


SSL rfel^abou? world steS , steelmakers of now in collaboration with the' EEC steel industry can only be long-term solution to world 

being nsked about world steel Northern Italy. Spirited steel other mmor world steel pro- solved bv trust, solidarity, and steel trading problems. It is 

recognised that the pattern of 
world trading must be gradually 
adapted to accommodate the 
up to one- Outside Europe, America, and ncw er steel industries that now 

♦h«. oil nrirp ri«*e anri »ho~*..iL ~~ :r-- "V t0 third of the theoretical Japanese Japan, the newer steel indus- are starting to have such an 

«auent P world tradin'* slumn the Brescaam 10 heel - steeimaking capacity is surplus tries of the world are having to impact upon the international 

the depression in steel has 1116 ™ a * n setting for fhe international needs. The 3 d a pt themselves to the changed scene. 

hw-ome cnmniiMtPrf v>„ 011518 15 shifting now on to the Japanese steel makers are just nf The A m » r ;«n But it has to be accomplished 

52* completed by other world ^ World ^ chjefs as convinced as -the. Europeans of A" 1 " 10311 ^out ruining the older world 

industry to ^ndereo^a fundi met recentJ y 1x1 South America of need to stabilise produc- defences and the European re- j ^^tries in the process. 
LJ° “JSS 0 t , funda - to give quiet — and mostly un- tion while increasing efficiency. stnctions and duties have 

hllS * oe * Publicised— thought to wars of already given dear warning XXpjjHV. 

fully short of trade. — - ... *h*t ctaoi Trading Jlt-dHli 


achieving a 


steel markets from Fragmentation 


is no longer possible. An ex- For stockholders and merch- 
ample of the way some pm- ants in Britain this means, in 
ducers are adapting is seen in simple terms, that free trade 


Undoubtedly the falling off ^ ^ worId 
in international steel demand “ “ ' 

Is being accompanied by some Restructuring the European 

switching of production to other f “Jg" “gE d h ^° P r m ?£? L r ? d “ st I y "2E ” 0t ** acc ^‘ Spain. There an ECSC-stvie built up upon exports, imports, 

materials such as plastics, con- are UKeI y during the year. The plished without pain. The 

crete. and non-ferrous metals. aruiua l International Iron and Metal Bulletin estimates that 

Design too is gaining in Steel _ Institute 
sophistication so that less steel America in 

is used for the work required in be lhe moment for a new pa ivies— -three in Germany, one . . TPr „. eh as the Davi«nnn Plan are 

each newly designed Structure, Motive towards greater each in France. Italy. Britain. 8y5tem Wlh the EEC S^ssif riur^ th. cormnl 

A more important factor mili- international co-operation. There and the Netherlands, and a system - criricalmonths if the ’patient is 

tating ; against steel sales by the 1S * understandably, talk j>f a fragmentation of the Belgian in- Defensive measures by the {0 be kepi alive. 


pricing system has been intro- and home-produced 
duced for the Spanish home important for the 


slrel, is 
long-term 


x SSS14; s- . * r, sets «» ■= « 

Z , id 1 L T. to harmonise the Spenish steel Ule. restrictions _ of messores 


traditional producers, however, 
is the growth in steelmaking 
capacity in a great many 
developing countries. Notable 
among the leaders are South 
Korea, India, Venezuela, and the 
East European bloc; . 


world steel cartel arising. Those dustry. Viscount Davignon com- big steel-using blocs of the 
on the inside do not feel matters menls: “ The problems of the world are not, of course, the 
could go — or. indeed, would be 


Roy Hodson 


The lighter end of sheets 
and flat-rolled products hare 
started 1978 reasonably well. 

Stockholders report that 
trading is running at a signi- 
ficantly higher rat*- than last 
year although It is difficult to 
tell at the moment whether 
consumption is up because of 
a cut in imports or because 
engineering firms are buying 
more steel Trom UK stock- 
holders. 

Following the good start 
the product group has now 
fallen Into a loll which ob- 
servers say may be because 
industry is holding its breath 
and trying to weigh up pros- 
pects for the next six months 
or because a certain degree 
of political uncertainly has 
crept in during recent weeks. 
One political measure, the 
recent Bndget. has led some 
stockholders to view the near 
future with cautious optim- 
ism. 

If the tax concessions, 
albeit minor, combine with 
the effects of the Govern- 
ment's Phase Three pay 


round and manage to work 
through into the economy an 
increase in disposable 
incomes is on the cards. That 
hopefully will lead to a small 
increase in sfccl consumption 
io the automotive and con- 
* sumcr durables sectors, 
especially in lighter sheets 
and associated products. 
Domestic housebuilding also 
looks capable of some growth 
this year. 

If this comes about it. will, 
of coarse, only be to the ad- 
vantage of UK stockholders if 
British goods art* bought and 
not imported products. 

Heavy plate on the other 
hand is. as one stockholder 
described II — “ flat on its 
hack" — again resulting from 
the deep rooted depression in 
heavy engineering and con- 
struction. The British Steel 
Corporation is now cutting 
hack on Investment. North 
Sea oil rig building is rela- 
tively low. and shipbuilding 
has hit rock bottom. This will 
badly affect heavy plate. 

It is interesting to note 


that since the recession began 
to really bite (here have been-'- 
far more discussions between ; 
.stockholders and the majore 
producers on working to- 1 
get her for the future. Even j 
the present economic climate^ 
has a sih or lining. 

When consumption levels 
plummet producers are faced • 
with financial problems, often ‘ 
with hundreds of thousands 
of pounds worth of steel . 
lying on site and stockholders 
stress that their services can' 
help save producers cash. 

For the next 12 months in - 
the sheets and fiat rolled pro-.' 
duets group the present rate 
of upturn in trailing is not 
expected to show any further 
increase. But stockholders 
will probably hr able m main- 
tain the progress achieved so 
far and ISTX looks like ending 
with a slightly hetier tonnage 
result than 1977, which in 
turn showed a slight Improve- 
ment mer I97fi. Cautious 
optimism is the keynote. 


Roger West 


allowed to go — as far as that. 

Rut there is certainly a greater 
international will than ever 
before among steelmakers to 
achieve a new degree of under- 
standing and some working 
arrangements which will avoid 
The reaction of the big steel * be ' W0TSt excesses of disorgan- 
producers during the last year lsef * markets in future. 

has been increasingly to adopt Iff. Jacques Ferry, veteran AT BEST the British stockhold- 
defensive measures to protect leader of the French steel Indus- ing industry is expecting a 5 


Reaction 


a year turnover to BSCC, and 
have lifted the group’s activities 
in general steel* t u some 7 per 
cent of the total trade. 

BSCC has shown a 7 per cent 
increase on turnover in the last 
year to above 100 m » year. The 
figure can be expected to move 

The independent assessment per cent of the bright carbon British Steel share now to he up again next year as the full 
of brokers Greene and Co. in a steel market. Their sheet sales about 56 per cent. On uthcr cal- effect* of the acquisitions are 


The British market 


their markets from pie floods of try. and chairman of the Euro- per cent increase in trading recent survey of the stockhold- account for more than 40 per eulations it can be argued to be felt. It must also be n -mo inhered 

.. cheap foreign steel. America pean steelmakers’ club Eurnfer, volume this year compared with ing industry is that after a cent of the market. In contrast slightly below 50 per cent. that BSCC is still semiring the 

now has a defensive system; so favours a world steel conference last year. As that aspiration is difficult trading period the steel they have under 15 percent of However, the Davignon Plan market for funher likely 

□as the European Community, so that something can he based upon a virtually static stockholders are improving their the market in hot rolled and cold is now having a potent effect acquisitions l«* brine it into its 

Viscount Davignon, the Indus- thrashed out in public. That is market for steel in 1977 at very performance in a competitive rolled strip and alloy steel. upon market shares ; forcing out desired 15 per cent market- 

- trial Commissioner in Brussels, one route forward. depressed levels it can be seen market for steel and should con- British Steel Corporation imports and giving British Steel share halanrc. 

has spent the last few months The true extent of the world that it is modest enough. tinue to improve. “Companies remains by. far the largest single products a better run at the The return upon British 

improving his basic defences st> e j cr jsj s on jy {, eca ^ e -appar- Much of the trading work is that are managing to return supplier of steel to British stock- business. Steel's stockholding venture is 

by concluding a series of er , W h en . in the autumn of last being directed to staunching the profits now despite difficult con- holders. But the private sector The British stockholding mar- thought to bp running at 

bi.ateraJ agreements with steel- year the Wj0rtd headers met fiow of old wounds inflicted ditions must be well placed to companies belonging to the ket is now dominated by two between 3 per cent and 3.5 per 

making ^hird na tion s which are together in Rome for the Inter- during the depths of the reces- benefit when demand does im- British Independent Steel Pro- powerful companies — GKN cent a year. That figure reflects 

national Iron and Steel Institute sion by the high volume of cheap prove,” the report states. ducers Association are con- Steelstock with some 20 per cent the nature 6f the difficulties that 

conference. steel imports coming into the Greene estimates that stock- sidered by Greene to be of the market, and British Steel’s stockholders have been 

Th . .. . British market holders have some 36 per cent dominant in the production of own subsidiary called British experiencing durinc the recev 

a ^r to U Lm An example admittedly an of the British market Others certain types of steel including Steel Service Centres, which has sion. The other big operator 
»hn»it J '-hp°'nr th q t eXtreEQe one — was the un- will put the figure at near 40 bright bars and sections, and the declared objective of cap- GKN Steelstock has been notch- 

aDour me progress mat naa eXpec t ed flood of Russian steel per cent But however the cal- alloy steels. turing 15 per cent of the market ing up similarly modest mar- 

3S?Hc 6 int0 ti,e British market last culation is made British stock- A certain amount of mystery gins. 

siapuisc marxets ana stop tne year finally provoked holders are selling more than currently surrounds the true T IIITinVPP Norman Richards, chairman 

vicious spiral of mounting Government action _ Th e vo lume 3m tonnes a year all told, and market share of British Steel of AUlUUTCl 


selling into the EEC. 

A measure of the problem is 
that the EEC steel companies 
collectively lost £1.6bn in the 
year 1977. British Steel was 
nowhere near the worst per- 
former in terms of losses per 
tonne of steel made with its 
own massive losses of some 
£440m for 19< <-78 and tbe pros- 


Iossps. Two actions were at the 


of GKN 


Richards. 
Steelstock. says 


■No 


rose from 16,000 tonnes in 1976 their market share has been the total British steel market BSCC. run from a small head- stockholder in Europe has made 


— — . pect of losses of a similar order c ® nt If discussion in Rio t0 joO.OOO tonnes in 1977. The rising slowly. The total business Heavy imports by consumers quarters in Halesowen, now has a killing in the last three years. 


inc such a sombre view of the 
immediate future for •stock- 
holding it is no wonder that a 
hivh -state nf nerves exists 
am. mg some of the medium and 
.small companies. Sn far there 
have been mi >pc.-tarular 
crashes. But it is mnininn know- 
ledge that some ciinipanie- have 
been experiencing problems. 
More than one hn^mcs* •> avail- 
able fur sale at the rt^Ut price. 

During tin- worst period nf 
the steel rccesMon when im- 
ports were flood ing into Bri- 
tain — tip to the imposition of 
the Pav'Simn Plan this year — 1 
«emc companies were managing' 
to tread water by windfall pro- 
fits eii'lcd from price rises and 
by stuck appreciation during a 
period of rapid inflation. 

Tbe stabilisation of the mar- 
ket under Davignon is now 
forcing companies to live on 
their standard profit margins 
alone. It is doubtful whether 
all the British companies will 
be ahle to do that and survive. 

In the opinion of some stock- 
holding company managers the 



during the current y ;at. 

The Davignon Plan has not 
solved Europe's problems com- 
pletely although it has done a 
good deal to help and to restore 
confidence. For instance, a row 
Is still rumbling between the 


- _ _ T r .... LU LUU.UUW luuucd ui i«ii. a lie iuc luuu uusiucbb nett*/ iui^ui is uj ujuouiiicib qutULiTia iftj ndicbunfu. miw nod h iviiiiufi ill me- ia?i tin ic Knlu-nnn nro£pit . Hut- 

tne Davignon Plan for stebiJisa- breathing space provided by the done last year by the industry and stockholders together with some 14 per cent of the market The profits have not been there ? A fJ f . “I 


tron in Europe,- and the new measures against im- was in the region of £800m. tbe practice of “second sourc- and is continuing to build up to he taken.” ln "o' wj r h n„r -iHrinr? 

American scheme monitor- is a |i 0W | n gr both steel- Tbe stockholders' penetration ing” by steel users who found its weakest sector — ■ general Cliff Keeler, director of i ,, l"-. ,, ' 

ing imports which i§ based upon makers and traders to reshape of the market varies consider- themselves short of steel during steels. During the past year BSCC says. “The worldwide J. , ‘ J ' h :, ’ h ' 

their mam threatlJapanese their businesses, and to do their ably between types of steeL a period a few years ago (when BSCC has bought two companies, gap hetween demand and supply T 

production. t best to stimulate some new mar- Greene estimates that stock- British Steel was having pro- Graham Wood (Millwall, Bath, in the steel trade will persist I" ‘ ih.. w «■«.« nmrtJ-t 

But the Japanese hare prob- ket demand without such holders are now handling just duction difficulties! forced down and Scotland! and John Lee for seme time- in the consumer's ” * - . * * ' n o si 

Northern European steelmakers lems enough of their own and extreme competition as the over half the British stainless the Corporation’s market share (Grantham) which together favour.” p 1 v 

and the Bre'-cvani — the small are trying to deal witirkthem Russian case. steel market and more than 30 last year. Greene considers the have added some 60,000 tonnes With the market leaders tak- K.H. 


raw 







ON THE STOCK 

MARKET 

As a reader of the Financial Times, the chances are that you 
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Taking stock of your steel supply situation makes sense. 

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British Steel Serricetoi^ ^ands B63 3LE 


Ag 


roup within the BnfisT- Steel Corpora 600 



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Financial Times Friday May 19 1978 


16 


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STEEL STOCKHOLDING IV 


NASS feels the strain 


THE National Association of 
Steel Stockholders (NASS) has 
been feeling the strain over the 
past years. The effects of the 
Davignon Plan— which the 
Association welcomed, and 
judged to be a success — have 
included some dissension among 
its members, and some dis- 
content among its customers. It 
is possible to conclude that the 
longer-term outcome of the 
past year’s excitement will be 
an organisation with even 
closer links to the producers 
than it had hitherto — though 
officially, the word is that all 
will soon be returned to normal. 

An important part of the 
background to the stockholders’ 
upheavals of the past year lies 
in the greatly increasing level 
of imports in the past five years. 
In his report for 1977, Mr. John 
Wool ridge, executive director 
of the Association. drew 
attention to the situation. 

“In the last five years, the 
British Steel Corporation has 
lost its share of the U.K 
market to the extent that it has 
only about 55 percent compared 
with 70 per cent five years ago 
(1972)... there has been a 
swing away from domestic pro- 
duction. . due initially to the 
Corpora t inn's failure to deliver. 
Consumers and stockholders 
have found it necessary to draw 


on alternative suppliers and are 
naturally wary of merlin? to 
a major dependence on t'.K. 
production. 

"The simple spread of ri«k. 
however, has not been the 
whole story and steel has been 
distributed within this country 
at prices which have been 
shown to represent ’ dumping." 
The producers, in seeking 
Government action to deal with 
such import®, have had the 
support of NASS, ■since in a 
restricted market, price will n °t 
produce additional sale- and 
merely debases stockholders 
inventory." 

The real import "f the 
director’s remarks was con- 
tained in the last one— that 
NASS’s interests and the pro- 
ducers interests were br.-acHy 
the same in a restricted marker. 
Since no extra sales overall 
could be made by selling 

cheap imported steei-. it 

followed that the extra sales 
of one stockholder were Jhe 
reduced sales of another. The 
logical outcome of that develop- 
ment was a price war at the 
lower end of the market, and 
there were at the very least 
quite a few prolunjted 

skirmishes. Thus, when the 
Davignon Plan came, the NASS 
was predisposed in ns Javnur. 

The Davignon plan put 


tariffs on a ranee of imported 
steels from non-EEC countries, 
and made it legally binding on 
.-♦eel «tuckhoi tiers and traders 
in all member countries not to 
sell certain steels at prices 
below those charged by- their 
home producers. BSC. and the 
private companies represented 
by the British Independent Steel 
Producer?' Association, naturally 
found the arrangement a good 
one. Both BSC and BISPA sent 
letter! tn their larger customers, 
informing them of the plan and 
asking them to observe it; con- 
ditions. 


Typical 


Aiming the non -enforceable 
conditions on which BSC and 
the BISPA companies asked 
their customers' co-operation 
was a commitment tu buy 95 
per cent of their steels from 
European .sources. A letter from 
GKN to its customers was 
typical. The relevant section 
read: “ U'c think it would bo 
m conformity with the Commis- 
sion's objectives if you would 
undertake to place 95 per cent 
of your requirements for each 
steel product on mills Jncaled 
in the European Community and 
a-iociatcd states which have 
agreed tn conform v.-ifn the 
aspects of the Davignon Plan 


relevant to their product 

ranges . . . “ 

NASS welcomed the plan 
enthusiastically, issuing a state- 
ment nn February 13 expressing 
support for the Davignon mea- 
sures. It "recommended its 
members tn sign undertakings 
on prices in the BSC and inde- 
pendent prnducers. It is confi- 
dent that almost all members 
will follow this advice.** The 
statement did. however, admit 
that everyone might not share 
the same enthusiasm for the 
measures when it went on to 
say— “ Naturally, there will be 
opposition from some consu- 
mer-. In particular these whose 
aggressive buying policies have 
obliged stockholders to turn to 
the dumped steels from coun- 
tries who seek to export their 
unemployment to this country." 

NASS also decided to Fend a 
letter to its members, telling 
them of the plan and urging 
them to support the BSC/BISPA 
proposals — ?upnon to be sig- 
nified. as Hip producers* letters 
made clear, by signing the 
letter and returning i: to the 
producer. In large part, the 
NASS letter was a much-needed 
explanation of the complex and 
badly publicised Davignon Plan, 
together with an argument for 
the Plan's desirability. 

However, in «-ne important 


STAINLESS STEEL 


The stainless steel mar- 
ket has been a curious blend 
of peaks and troughs over the 
last few years, showing as 
much di ffercncc across I ts 
own restricted spectrum as 
the steel market as a whole 
bas done, yet often in a 
different phase. 

There' is little doubt, how- 
ever. that the first four 
months of 1978 have seen 
signs— -and actual evidence — 
of a modest recovery, 
especially in flat products. 
This brighter outlook caught 
some producers, and not a 
few stockholders, rather toy 
surprise. There is no clear 
indication of where the hoik 
of this demand is coming 
from, beyond evidence that 
there has been a fairly wide- 
spread end to de-stocking. 

Long hoped for capital de- 
velopments in the chemical 
industry arc still slow in 
materialising, and process 
plant manufacturers are still 
unhappy at the number of 
contracts being wooed out of 
the UK by European con- 
tractors. desperate for work. 


The food and drink industry, 
however, an increasing ly im- 
portant customer, is busy, and 
companies report continuing 
developments through the 
year. 

Alloy and Metal, a leading 
independent stainless stock- 
holder, agrees the year has 
got off to a “ much hotter 
start " than was expected. 

“This is not to say that 
trade is particularly good: 
simply that it has exceeded 
our expectations. The best 
description of conditions 
would be * patchy.* 

"This is amply illustrated 
by the fact that several of 
oar suppliers are still quot- 
ing production lead turn's of 
four weeks on certain items, 
while another 'has " extended ' 
his to 20 weeks," said an 
Alloy and Metal spokesman. 

Obviously, the tremendous 
Implications of the Davignon 
plans for the stability of steel 
tend to cloud future forecasts. 
Originally, only stainless steel 
flat products and blaek bars 
were covered, but the net was 
soon widened. 


A major factor in the flat 
products field is the commis- 
sioning of the British Steel 
Corporations £I30m stainless 
expansion programme in Shef- 
field. Although it will be the 
end of the year, or early in 
1979 before the Corporation 
feels the full benefit of their 
investment, early phases of 
the programme have been on 
stream for some time. 

This is the key factor In 
the growth of the BSC share 
of the stainless sheet market 
in the UK. which had 
dropped below - 40 per cent. 
The share is now approaching 
50 per cent and should pass 
that figure before the end of 
the BSC financial year til 
March. 1979. 


perhaps more muted in the 
private sector. where 
specialists in both stainless 
strip, and stainless bar report 
little in the way of any 
dramatic increase in orders. 

Bar producers, probably hit 
worst of all by the two years 
of low price foreign competi- 
tion speak of modest order 
improvements in run of the 
mil! specifications, but point 
to substantial amounts of bar. 
imported at low- prices, still 
in the hands of some stock- 
holders. 

Back in the publie sector, 
the British Steel Corporation 
has announced an £8m expan- 
sion programme at their 
Stocksbridgc works, aimed at 
increasing production of good 


respect. NASS went further 
than either BSC or the inde- 
pendents in what it asked by 
way of commitments. It re- 
defined the clause an 95 per 
cent of requirements earning 
from European mills, to the 
same percentage to come from 
British mills. The relevant para- 
graph reads: 

"The BISPA letters ask for 
an undertaking to plan* 95 per 
cent of requirements for each 
product on mills in European 
Coal ami Steed Community 
countries (the same as EEC 
countries) . . - tout the Corpora- 
tion Jetter only expresses the 
view that this policy would hold 
out the best prospect of achiev- 
ing the objortives. 

"The whole purpose of the 
Davignon initiative is. of course, 
to prevent the collapse of steel 
production in Europe and this 
is without question in the in- 
terests of the stockholding in- 
dustry. with the added con- 
sideration that we ail, as tax- 
payers. share in the current 
losses of the BSC. Most members 
therefore would have no hesita- 
tion in giving the 95 per cent 
assurance to t : K onlg sourcing." 
(NASS emphasis.) 

The NASS letter also asked 
the member- who received tt 
to sign and return the letter 
to the Association. Such an 
action wa> :» statement of - in- 
tent rather than a legally bind- 
ing agreement, of course; but 
il could fairly be taken to mean 
that if the letter was returned 
signed, tiie >!ockhoider who 
signed it would abide by the 
terms cwt tamed in it. 

Most members. It seems, did 
sign the letter, accepting the 
NASS arguments that the BSC— 
and the UK independent pro- 
ducers — needed support, and 
that such support benefited 
them all. Some, however, did 
not, not because they did not 
want a strong domestic pro- 
ducing industry- hut because 
they were more susceptive to 
pressure from their consumers, 
the steel-li-uiR indnsty&s. 

That procure wAs certainly 
soon felt. One example among 
many is thi- extract from a 
letter writ i on ,hy Flexiform, a 
medium size/ steel using com- 
pany, to NASS. Calling the- 
agreemcnr of BSC and NASS 
with the Davignon proposals a 
“national monopoly to protect 


the selfish interests of these 
bodies,'' the letter went on* 

"As a British manufacturer 
we arc pledged to contain our 
prices In the national effort to 
reduce inflation— so much for 
th.- example you are setting us, 
and endorsing ! In pursuance 
of free enterprise and price 
restraint we. have now to pursue 
the possibilities of obtaining 
steel from the Far East." 

The British Iron and Steel 
Consumers' Council was much 
more moderate in its approach, 
but was still unhappy about the 
practical details of the Davignon 
Plan's implementation. In par- 
ticular, it thought that the 
British producers and stock- 
holders went much further than 
Davignon recommended, both in 
setting, roferenre prices for nil 
steels— rather than just tho*-e 
specified by the Commission— 
and in seeking to enforce ibc 
95 per cent UK rule. 

So. some stockholders refused 
to sign. Wade Steel was one 
such, which sent a declaration 
of intent to aJI its customers, 
telling them it refused to siun 
any declaration and that while 
il would obey Davignon. it 
would nut uo further than that. 
It claimed some success in 
persuading «nme other stock- 
holders to follow suit. 

The Davignon initiatives, by 
far the most dramatic event in 
the European steel world out 
the past year, thus showed that 
while most NASS members 
regarded themselves as ton 
closely tied in to the producing 
industry to act independently 
of it— at least during bad timrs 
— there were some who were 
prepared to stand-out against 
the trend. 

Now. the body -of opinion 
appears to be swinging away 
from Davignon again. The 
larger stockholders doubt if it 
will last beyond the end of ihe 
year, though some facets of n 
may survive. This will especi- 
ally be the ease if the Commis- 
sion can succeed in negotiating 
quotas from the major non-EEC 
exporting countries, so that the 
European industries have some 
more permanent form of relief 
In the end, the stockholders do 
not like to be seen to he tan 
close to their suppliers — though 
the reality seems to suggest that 
the proximity is inevitable. 

John Llovd 


"“iMS-SSg- -B?* "St 

rue latter marhet 


stable daring 
months of 1977. and a rise in 
the price of stainless sheet, 
which some in the trade fore- 
cast as likely to be up lo 5 per 
cent, was shelved. Stainless 
plate increases, also expected, 
did not materialise as ex- 
ported in (be first quarter. 

Optimism over prospects 
for the remainder of 1978 are 


Intense commercial compe- 
tition. among a handful of 
major world producers seems 
to shroud such developments 
in a cloak of secrecy, how- 
ever, and little in the way or 
accurate output statistics is 
forthcoming. 

R.W 


Training efforts 


STEEL STOCK 



EDWARD S. JOHNSON & COMPANY LTD 

Chalnbiidge Road Blaydon NE21 SSy 
T el. 089 425 4211 Telex 53715* 

Carlton Industrial Estate Barnsley. South Yorkshire S71 3LH 
Tel. 022 670 3994 Telox 547414 


THE GOLDEN Jubilee year of 
the National Association of 
Steel Stockholders (the Associa- 
tion was rounded in. 1928 as the 
National " Association of Iron 
and- Steel Stockholders and 
adopted its present title in- 
19581 will also mark the 2lst in 
the s°ries of working weekends, 
the first of which opened the 
door io a programme of educa- 
tion and training to all levels 
of stockholding management. 

It is almost 20 years since 
a small group of younger stock- 
holding executives voiced the 
need for organised training 
within their industry and urged 
their more senior brethren In 
the National Association to act. 
While the suggestion was re- 
ceived sympatheti rally by the 
Council, jt was felt that those 
oressine for action shoo’d them- 
selves be prepared to play a full 
part in taking it. 

The formation of a Yo'uneer 
Executives Committee was the 
outcome, and the introduction 
of working. week-ends, held In 
hotels up and down the country, 
was the first — and. for several 
vears. the only— move. In time, 
the initiative and foresight of 
these ynunser executives naved 
the wav for the introduction nf 
university courspe and other 
activities, all of which are now 
ihe -responsibility of the Asso- 
ciation’s Education and Train- 
in'* Committee. 

The fact that week-end 
courses remain the most popu- 
lar and effective training mea- 
sures suggests that those who 
initiated them accurately asses- 
sed the needs of the industry. 

Skills renuired in a stock- 
holding business have much in 
enmmon with those of other 
commercial activities; In addi- 
tion. there arc rhoso that are 
peculiar tn steel distribution 
an4 m-nr-e-isina. 

Subjects revered at working 
week-ends in vp included ac- 
countin''. stock cnnt"nl. market- 
n<7 i rjd'istri'ii relations, sales, 
credit cnnt^nl pc'-«nnne! man- 
anpuioiji financial krmvled^p 
foe :llc lirni.or'win-if-int. niir‘'his. 
■11". isvnmepwil ""^osnnrt. hsrir 
Crt’nmPP'ifll -net nine selling, 
a* 1 -* leader«>»in nH'lf'ill'iin. 

Two pave hern 

devoted to business games— on 


stock control and on marketing 
and finance. Business games 
obviously call for maximum in- 
volvement of all participants, 
tout all courses provide opportu- 
nity for questions and discus- 
sion and most allow time for 
working in small syndicates. 

In steel stockholding, it is 
usual for .young men and 
women— and the number of 
female entrants is increasing — 
to move from one activity to 
another and so gain broader 
knowledge and experience of 
the business. It thus makes 
sense for. say. a sales repre- 
sentative to attend a course on 
purchasing, or for a person cur- 
rent Iv engaged on stock control 
to learn about transnort and 
industrial relations. The broad 
scan of subjects covered by the 
working week-ends is of in- 
estimable. value in giving people 
aa insight into th • orinrina] 
activities of a stockist's opera- 
tion. 

Newcomers 

While the courses are not 
specifically designed for com- 
parative newcomers to the in- 
dustry, those with little experi- 
ence are unlikely to be out of 
their depth. Conversely! those 
with many years behind them 
usually find the courses to be 
admirable refreshers. On occa- 
sions. there has been a course 
specifically for senior execu- 
tives. 

Only rarely have people en- 
gaged in the industry conducted 
the week-end courses, although, 
when they have, ihe standard 
vf lecturing ha* been first class. 
The courses are usually in the 
charge of specialists able to 
speak with etmal facility to 
people in iiviii>.try generally. 
The subject of the most recent 
week-end. for example, was 
"LEAP— -the Leadership Educa- 
tion Action Programme.” ihe 
joint brainchild nf the British 
Junior Chamber or Commerce 
and P A. Manaceineni Cttnsnl- 
lanl.i Ltd. 

Directed by Mr. A. C. Grey, 
with Mr. Kelvin Redtlrop* and 
Mr. David Sharman as support- 
ing lecturers .m» that a total '«r 
over 8U participants mulrf be 

split mtn managcahip groups. 

ihe course presented a □ intro- 


duction tn a subject that has 
been the inpic nf extended dis- 
cussion, research, and argument 
for many years. 

“Management docs not com- 
municate effectively because it 
fries to dn it toy remote con- 
trol.” Mr. Ernest Barratt. NASS 
president, told the delegates 
before the start of the course. 
" There is no substitute for 
face-to-face contact with the 
people you manage. Motivation 
of other people is always time- 
consuming and we tend to 
thrust it on one side, bui it 
really is so. very important." 

Leadership will always remain 
a confused subject if it is seen 
as extraneous to management, 
only relevant to a privileged 
few who have certain mystical 
powers. A much more produc- 
tive view starts with the assump- 
tion that the leadership element 
is an essentia) part of every 
person's make-up. There are 
certain tasks within every job 
that demand such leadership 
skills as direction, drive, and 
representation. 

Direction calls for the elimina- 
tion of uncertainties as to what 
should be done and the co- 
ordination of maximum effort 
in the group to puli in one 
direction. Drive means getting 
the group to want to go in that 
direction and involves motiva- 
tion with all its implications. 

while representation means 
representing the group, both to 
the outside world and to those 
collaborating with it. 

Leadership is inevitably an 
Integral quality in virtually 
every activity in steel stockhold- 
ing, as in any other industry, 
and to devote an entire course 
to the subject was wholly 
appronriate. 

Although steel stockholding 
is a less tangible business than 
manufacturing, with less in- 
volvement in technical prob- 
lems than i$ encountered in 
manufacturing, it nevertheless 
calls fur a high decree of entre- 
preneurial skill and judgment. 
A srniur manager in -riockhnld- 
int* must he market-orientated, 
cmolanily updating himself on 
short and lunu-irnn business 
trends The change from a 

hover's tn a seller's market, fnr 

example, can be swift. If he is 


going to compete successfully., 
he must have knowledge of his 
customers’ business, just a* he 
must ’ be knowledgeable about 
his suppliers and hrs conipcti-| 
tors. In olher words, he must he 
flexible and ready tu adjust hi* 
own policies. 

Among his customers, the 
stockholder should be able to 
detect and be willing to support 
the potentially successful busi- 
ness. That is important for the 
longer-term profitability of his 
owu operation, for a steel user 
who is not encouraged when he, 
is small is likely to place his 
orders elsewhere when he 
becomes large and successful. 
This sort of judgment is often 
difficult to make, but it is vital. 

Good stock control forecast- 
ing is equally vital. Upturns and 
downturns in trade must be 
anticipated if possible in' 
advance of one’s competitors 
and with greater accuracy. 
Successful forecasting can 
make a significant difference in, 
the amount of capital tied up 
in stock in a downturn and in 
the availability of stock when 
trade improves. 

Business planning in stock- 1 
holding calls for different 
balances of skills. Companies; 
do not expand nr become more 
profitable by leaving their plan- 
ning to chance. Experience 
counts for a great- deal. but. 
without a thorough grounding 
in fundamentals, experience ini 
itself could be of little avail. 
If the NASS week-end 
courses do no more than prr»-| 
vide an introduction to the sub- 
jects covered, they at least do 
that very effectively. In l97o. 
NASS, in conjunction with (lie, 
School nf Industrial and Husi- 
ness Studies at Warwick ITniver- 
shy. introduced a series nf 
wcek-lons residential course*. 
Obviously, more can be aecuiii! 
plishPd in a week than in u 
week-end. and the in-d^pth 
course* have gained gin»d sup 
P'*rt. Busmi'S’i sirateyv. mana- 
gerial pr»«4uT i nil ii«i r ml rein- 
lions, arrnuiihnc nur! finance, 
ami oilier p'uiailv ret»>v«ni sub- 
jects have i -«ivcr •'d. 

P' ,;i in CVen 

. Eiiiturwl nir*rtnr. 

Steel Times 



Ws seS steel without wasting your time. 

D&F STEELS LTD TEL: 0532 704961 

COUTiNHO STEEL CO. LTD. TEL 01-476 0444 






Financial TfcnesFtiday May. 19 1975 



'STEEL stockholding V 



Transport problems 

wsinSTUSL by e u.e r aSe e theft.toSig"<2”i .Z” 0 "" nretD " sr i! ' 3 *“* To do that iie vriU which ordinarily perhaps, they 

crucial and one of the most com- loads have been made up a trans- I0 " maa general engineering need the right’ mix of vehicles would not seek to enter, 
pies of all the operations in port manager will already be re- business in a back street or a in his fleet, and this comes On average a vehicle may be 
itfbicb, ultimately despite all the hearsing the loads for the follow- Slant .of industry, the problems only with experience. Order reckoned to do_lQO miles a day 


TUBES AND PIPES 


computerisation, success or ing day7 soV suhcontractor can of “loading (and therefore in books and stocks can be t>m- on deliveries. This involves six 

otherwise depends oo the indi- generally count on getting a * he fir *t instance of loading) the puterlsed- not this function. A or f ,eht n t ma \ be “ a f e 

jgS*™; Sf C °^, ar K 0n ' ft,u * ,le of days’ notice. While his Jfny are similar, for the farili- manager has also to cope with °i whVhnr*M?.^ 

distribution i in the retail busi- charges obviously have to be { ™ doing so vary enor- downturns in demand, as well fs of an order 0r * heih r 

j ms 7 ,ce ' 13 311 uac om- highly competitive to come with- mc "Jsly. Some loads have in be excessively busy times. For 
plicated paradise. in the strict parameters laid unloaded by -hand, at other w stockists, e.pe'ciaUy in the f 1 * f irm “ l J n . ara - 

For one thing customers' down by the stockholders' trans- Premises it may be by fmk Midlands, the biggest single in- I-eens or jaanenester. A driver 

demands fluctuate over a far Port department, he often has J ruck or crane or some other fluence 0 n the flow of business 

wider range of product and chance to pick up a load on fo J m of mechanical handling. So j S the motor Industry, and it 
time. It could be a few hundred- a return journey. A sub-cnn-trac- wbat Jnads to put on a vehicle — needs no underlining here to 

weight on Monday, eight tons tor making a “drop" into and where— do not depend en- realise how slop-go that c 3 n be. 


of an order or whether custo- 
mers are in and around a big 
city like London. Birmingham. 
Leeds or Manchester. A driver 
is unlikely to be able to make 
more just because the vehicle 
can be loaded up with half as 
much again. There is. therefore. 



customers' unloading facilities house to try to arrange a return Faced with these elastic fac- mand. for the latter means 
because some unloading can load. This is something stock- tors, a transport manager -is smaller loads and the same, pos- 


economise. on the use 
contractors, who help 


sub- 

iron 


DBcause some umoaoing can loan, xms is som editing stock- tors, a transport manager us smaller loads ana the same, pos- * . - ni j . 
only be done from the back of holders’ fleets don* usually do. doing his job well if he can sibly greater number of drops 0U1 “ e ups 0 ns ' 
the vehicle — and other consign- since they are not operated to achieve 80 per cent, vehicle ulti- in total as stockholders fi*ht to B . r . , 

ments must be manhandled, make a profit but to provide a E satin n and 70 per cent carry- extend their business into areas JrCtCr U3nMTlgni 

Hence the prime importance of service, though British Steel Ser- 


Some stockholders say that 
the present recession has bit 
tubes and pipes worse than 
most other products for the 
first time since World War 
Two. 

Sales are down by about 40 
per cent in volame terms on 
1974 figures and there is no 
real sign of an improvement. 
The only other product worse 
bit is probably heavy plate. 
The heating and ventilating 
and construction side of the 
tube and pipe market is flat 
exeept for stainless steel pro- 
ducts and the main hope of 
growth Is in the petro-cbemi- 
cal industry. 

British Steel Corporation 
sources say there are signs of 
a pick up in trade through 
North Sea projects by the end 
of 1978 or early 1979 at the 
earliest. But the trade has 
seen similar hopes come to 
nothing In recent years. 
Another depressing sign is a 
possible worsening of export 


prospects In the mechanical 
engineering sectors. 

Despite the slump there is 
quite a fair amount of pro- 
duct development, adding 

different finishes and new 
sizes to the range. The only 
interesting market develop- 
ment in this particular sector 
Is fei stainless steel tubes and 
pipes. Trade sources report 
that although the market is 
still fairly low key it is grow- 
ing eaeh year by 7 to 10 per 
cent for those special pro- 
ducts. 

Brewery and dairy Invest- 
ment projects last year led 
to a healthy demand for 
stainless step! tubes. Food 
processing and decorators 
were also interested in the 
light and hygenlc products. 

Like Sat rolled products 
these products are at present 
ra light In a trade lull, uncer- 
tain whether the former 
buoyancy will return, and 
waiting for customers to de- 
cide what coarse to steer in 


the next six months. 

But the steady lfl per cent, 
market expansion is unlikely 
to he deflected as consump- 
tion of stainless increases and 
as the products encroach fur- 
ther onto the low alloy and 
black steel markets. 

More manufacturers are 
recognising that initially ex- 
pensive stainless steel plant 
will last longer and cut down 
heavy replacement costs. But 
any developments in the 
North Sea prim-chemical in- 
dustry are not likely to hold 
important implications Tor 
stainless steel. The market is 
still basically black pipe 
oriented. 

So the overall tube and 
pipe sector again depends on 
the movement of the British 
economy. At least stock- 
holders are managing to sur- 
vive. despite tightened hells, 
and the general reeling Is that 
tradr can only get better. 

R.W. 


having knowledgeable drivers, vice Centres — the stockholding 
The essence of stockholding 11111 05 BSC— seeks out return 
Is to be able to provide at least loads from other BSSC centres, 
a 24-hour service. To accomplish Ideally, any transport man- 
fliis within a single organisation ager, and especially in stock- 
with the degree of reliability bolding, would like to run his 
demanded would require a fleet at 100 per cent vehicle 
mixed fleet of vehicles, an un- utilisation and carrying capacity. 

acceptable proportion of which If that ever happened the man- •• THEY'RE QUITE prepared to centres to provide the exact 


Capital investment 


would be idle on any one day. ager and his staff would feel pay three times as much for needs of the engineering indus- 1975 was a traumatic experience of two 


an absence of firm prospects for ment. In America, where the 
the rest of the year, it is small ideas and general philosophy 
wonder that capita! investment surrounding the industry tcnil 
is hanging fire, and that thp to move faster than in most 
order books of some plant and other places, replacements seem 
equipment makers are only a to be made around a five-year 
fifth or a quarter of what they cycle for crucial units, whereas 
"‘ere in the halcyon days of the minimum in the UK appears 
1974. And if one was to remove to be around seven years, with 
But for most plant builders matic coil bander does the job ,lic BSU orders from ihe cqua- ten year* or longer a tnmn for 


m or three men. The fion lh f situation would be even some. 

In general, therefore, stock- like painting the office red, if not a car" but Ifwe did The Mine ttieiTcouId receive ari unfortu- after abumper year. BronxEn- material is accepted for the downy. though doubtless In this time the demand 
holders tend to operate only the nearest town. Some ol the they'd wince and weep into natc check. gineering. which grew up with capstan on a tilting table which pn .'!: a ] l e S ^ 0T stockists could from those making washing 

two-thirds of the total fleet that infinite variations in loads have their handkerchiefs.” This bit- Were it not for the fact that steel stockholding in the early takes it to the horizontal, and do wiUlDU * having to take machine* and other consumer 

might be needed on a busy day been mentioned. There is ter commen t on t h e willingness most manufacturers of plant 1980s and has probably installed a roller conveyor transfers it to tbem int0 account. \\ hue BSC's products and in general encm- 

and to rontract out the remain- another, wider difference, be- t0 f 0r k out for status trappings and equipment for steel stock- as much equipment as most if the banding station, where it is cm p' into, stockholding in J975 coring fur material cut prm>cly 

jng on third. These sub-contrac- tween those handling general but not, relatively, for the plant ists either have customers for the other similar makers put strapped and banded in three with the aim of. securing 15 per in required dimension* ha-' 

tors make themselves available steels and those dealing with flat arid equipment which sustains their products outside this sec- Together,' supplied ten slitting places. It then carries on to the cenl - of the market created no hern growing apace. Semco 

it short notice and wot* for products. With heavy (or light) them came, not unexpectedly tor of the industry (export and cutting lines in 1974. In end of the track where it is res- ne "' capacity, since it was by rentres that can provide an 
more tiian one stockholder, not sections, joists, beams .and bars from a maker of capital plant markets have been of only mar- 1975 the order book plummeted tored to the vertical for placing 

exclusively for them, although, tonnages are greater and the to the steel stockholding ginal help) nr make * other to one. and even last year it was on a four-arm mandril, 

of course, fleet managers at number of “drops’ 1 per vehicle industry. ranges of machinery, not many only two. The slack times have ^ m . 

stockholders rely on the same fewer and, generally an articu- i D the past three ye^s there would have survived for this been used to introduce more IJOITlDPtlflOn 

people since they are an exten- lated lorry carrying pernap® has been a dramatic drop in long. To prosper in such sophisticated machines and to 

sran of their own operations 20 tonnes or more, is needed. th«» m-rforino «f canitai nianr adverse pirptimstanrpc ha. nnr seek out new markets. The first While Drices for new and im 


takeover, finishing plant being adequate. 24-hour nr on-cnll 
added at the mills suggests lhat service can enable i , inu>*nn , rs 
the going will be tougher for tn free space by eliminating 
some of the independents. th^ir own stocks and prorevsmq 
Although vhe UK was a late lines. But thw means slitting 
starter in steel stockholding it and cutting facilities accurate 



important to 
the hired. 


Customer 


the hirer as 


varying needs of customers, small bundles perhaps weighing improvement since. Even allow- tional features, some of it made and to supply mills direct, own efforts to increase produo- pulled ahead of the field. But By these standards, say plant 
Continuity of business is as less than a hundredweight and i ng for the fact that 1974 was under licence. A ca*e in point helped by a break-through in tivity have had a restraining in- the very fact that innovation makers, quite a lot of plant is 

to in large. something of a vintage vear is Durmech. which in a couple computerising a flying shear, fluence. Typical before and after has been so lively has meant outmoded. and ihe deficiencies 

They are the raw materials on the fall in demand has now of years since startins up has which crops material on the inflation prices do not that earlier installations are would become glaringly obvious 

which makers of. washing gone on for longer than can sold ten (nine in the UK) move. One has just been com- altogether reflect the general in- tending vo become outmoded, if the UK economy really got 

machines.’ small vehicle com- arguably be justified by events American designed turret-type pleted for British Steel Corpora- crease in prices even though In the view of leading stockisis going again. It is pointed out 

ponents and a host of other which have embroiled the step) slitting lines with double or lion's Panteg works in South current machines often incor- who like to know what .the for instance, that stacking steel 

No one, of course, expects a products rely to keep and associated industries. It treble heads and push-button Wales. The unit is claimed to be porate an appreciable addition opposition i s doing, as well as coils— they come in up to 15- 


mb-contractor always to have on their production .lines going. The is true that substantial over- control. On more conventional in, advance of what can be in sophistication, 
instant call the right type of days when even large-scale capacity has been uncovered by machinery up to half an hour bought in America or Germany, 
vehicle for the job but one can manufacturers bought their own the receding tide of demand. On can be consumed in changing for example, and underlines the 
usually be found within the coils of steel and cutit to size the other hand, unless replace- from one operation to another, leading position the UK holds 
gronp of sub-contractors special- on their own processing equip- ment and modernisation picks Durmech claims to be able to in the development and manu- 
long in this work. Moreover, ment are steadily disappearing up soon ‘then, in the view of save as much as four hours on facture of this type of equip- 
vfcile the function of stockhold- as the functions are takenion by both some plant makers and eight changes a day, with ment Another to have come for- 
ingis to bold material for the specialist stockholders o\ser- stockists, the movement to rely obvious advantages in provid- ward with a major new unit is 
custom# until he needs it, and wee centres. 


in the view of plant builders, tonne loLv— in “pyramids" «n 
Faced with over-capacity and there is a lot of outdated equip- that one has to move several 

to get at one on the floor, is 



1974 

1977-78 

Slitting line 

£150.000 

£360.000 

Flying shear (up to 3mm) 

£180,000 

£340.000 

Cut-to-icngth line (13mm) 

£260.000 

£430,000 

“ Hump “ cnt-to-length line 

£140.000 

£220.000 


still too prevalent and should 
have been overtaken hy modern 
crane and Tacking or similar 
systems. 


Peter Cartwright 





FROM THE STEEL SPECIALISTS 


FLAT ROLLED PRODUCTS 

general steel products 
reinforcing bars • ENGINEERS washers 


r JMLT STEEL SERVICES LTD. 

Loxdale Street, BQstqn, 

West Midlands WV14 OTG 
Shone: 0902 43181 
Telex: 337381 

rM T STEELS & SUPPLIES 
(NQBTHESUOLTD. 

Derker Street Oldham, 

Lancs. 0L13NA 

Telephone: 061-652 3115 _ 

Tfelex: 667743 


C.MX MIDLAND 
STOCKHOLDERS LTD. 

P.O. Box 69, Oldbury, W arley, 
West Midlands B69 4 AH 
Telephone: 021-552 6161 
Telex: 338598 ' 

CJM.T. STEELS & SUPPLIES 
(SCOTLAND) IHL 

Unicone Works, Farmeloan Road, 
Rutherglen, Glasgow G73 1LU 
Telephone: 041-647 5543 
Ttelex: 778257 


NORTON STEEL BAB LTD. 

Oldbury Road, 

West Bromwich B70 9DS 
Telephone: 021-553 0561 
Ttelex: 339407 


ADAMS & BENSON LTD. 

Union Lodge, Oldbury Road, 
West Bromwich B70 9DS 
Telephone: 021-553 0561 
Ttelex: 339407 


CJMLTSTEELBA SUPPLIES LTD. C.MX (LONDON) LTD. 

Broadwell Road, Oldbury, Warley, 9 Fieldings Road 

West Midlands B694BQ. 


Telephone: 021-544 8818/9 


Cadmore Industrial Estate, 
Cheshunt, Herts, 
^telephone: 29470/79 
Telex: 28230 


DIVISIONAL head OFFICE:loxdale Street, Bilston, West Midlands WV14 OTG. Ikl: 0902 43181 telex: 337381 












m 





matters 


quality service, quality steel 



Bore Steel Limited. Brock hurstCrescent. Bescot, 
Walsall. West M idia nd S.YVS5 4A R 
■Telephone- 0922 31311 Telex 339806 


A member of theUnited Spri ng & Steel Group Limited 



We have a countrywide delivery service for many types of 
steel cube including the following:— 

Cold Drawn Tube* — Seamless and Welded 
Cold Drawn Tubes — Annealed 
Hot Finished Tubes — Seamless and Welded 
Seamless and Welded Pipes for the Petro-Chemkal and allied 
industries 

Seamless Tubes for Grinding and Honing purposes 
Hollow Bored Bar 

' Thick Walled Mechanical Seamless Tubes 
Gas and Water Tubes 
Circular and Rectangular Hollow Sections 
Cold Rotted Electric Resistance Welded Tubes — Bright and S/Bt, 
Round, Square, Rectangular, Oval 
Spirally Wound Welded Tubes 
- Open and Close Joint 5 ted Tubes 
Spiral and Longitudinal Lockseam Tubes 
Boiler Tubes 
Air Heater Tubes ” 

Heat Exchanger Tubes 
Hydraulic Tubes 
Fuel Injection Tubes 
Refrigeration Tubes 
Cold Rolled Sections 
Special Finishes — PVC, galvanised, etc 
Lamp-posts and Street Furniture 
Imperial and Metric Sizes 

ALSO ALUMINIUM TUBES, SHEETS AND SECTIONS 


Head Office and Warehouse: 

ELEY TRADING ESTATE, ANGEL ROAD, LONDON N18 1BR 
Tel: 01-803 1424 (20 lines) Telex: 21318 (Gilltube, London) 
Northern Office and Warehouse: 

United Trading Estate, United Road. Manchester MI6 0RJ 
Tel: 061-872 4876/9 Telex: 669193 

Midland Office: 

36 Regents Place. Rugby. Warwickshire CV2 12PN 
Teh 0788 73941 1 2 lines) 


Western Office: 

39 Downend Road. Down end. Bristol BS 76 SUP 
Tel: 0272 561759/561634 



For the right material, in the right place 
at the right time 

•COLD SAWING •SHEARING (Capacity: 4.25m x3mm & 
3.50m x 1 2mm) •DECOIUNG & CUTTING TO LENGTH 
(Capacity: 1.50mx3mm) • SHEETS. PLATES, BARS, 
SECTIONS, WELDMESH 
• METRIC & IMPERIAL SIZES 



H-STOCHWELL & CO.LU). 


HEAD OFFICE: ROYTOIM, LANCS. 

Tel: 061-624 0404120 linesl-Tel ex: 668905 


NOrtt Wales: 

Caernarvon Road, Bsnqor 
Tel: Senior 4041 (4 lines) 


4lr.o- Hatfield & Partner 
Skippers Lane Industrial Estate. 

South Ban'% Middlesbrough 

Tal E'.ton Graivae 69373 ’5 i>n«t T«?'e» 


63442 


STEEL STOCKHOLDING VI 


Financial Times Friday May 13 1378 


The specialist producers 


THE GROWTH of the steel 
stockholding industry over the 
last two decades did not go un- 
noticed at the steelwork*. In- 
creasingly, the producer became 
aware of the gap between the 
mill and the consumer, a gap 
which, when strengthened by 
the growing service element of 
many stockholders, became too 
obvious to ignore. Not only 
were producers becoming a dis- 
tant supply point, but their 
overall influence on price and 
market trends was declining. 

Many of the producers were 
able to accept the stockholder 
as a typical middle man. A mer- 
chant speculator, perhaps, who 
himself was a constant custo- 
mer. But when that same 
entrepreneur began to take an 
interest, and growing influence, 
in the shaping of market trends, 
many producers sensed that the 
gap had become too great. 

This was not simply a buzz- 
ing of their own trade antenna. 
In Europe, and in the U.S., 
there was already a growing 
trend for the producer, particu- 
larly the specialist steel pro- 
ducer. to maintain a much 
larger interest in the distribu- 
tion and sale of his product. 

The specialist producer was. 
perhaps, ideally placed for such 
a development. Invariably, he 


had a strong feedback 
information from customer*, 
and often co-operated in pro- 
duct development and technical 
fine-tuning. 

UK producers were late into 
the field, but as they saw stock- 
holders develop from prototype 
middle-men into something akin 
to mill agents, the devolopment 
■was inevitable. Sometimes this, 
to the steelmakers reeked of 
alien encroachment on sacred 
ground. Sometimes profit was 
the dominant launching pad. 

By the early 1970s. the 
switch into producer stock- 
holding was well under way, 
with the British Steel Corpora- 
tion’s substantial market in- 
vasion of 1974-7 confirming 
both the importance and the 
inevitability of the pattern- 

Since then, there has been a 
considerable blurring of boun- 
daries. The last three yea?s 
have seen the development of 
specialised stockholders into 
much, more intensive fields of 
servicing, some of which have 
been nudging the province of 
the manufacturer. Producers 
have gone so far down the 
stockholding road that it has. 
occasionally, become as impor- 
tant an arm of their everyday 
business as the actual produc- 


tion of steel, or its secondary 
processing. 

For those same three years 
have seen recession trading 
levels for many producers: even 
tlie specialists with their bunt* 
in buffer of expertise and 
technical ability. 

For ail the technical back-up. 
and product knowledge of many 
producers, stockholders still 
held a market edge: their in- 
telligence network which gave 
them an especially sensitive 
fee! for market movements. 
They had to back their own 
estimates with hard cash to 
offer the accepted 24/23 hours 
from stock service. 


Margins 


Low order levels, and high 
stock positions did give the pro- 
ducer a better chance to catch 
up. Margins grew even thinner 
as market competition between 
stockholder and producer/ 
stockholder grew. The sharp 
increase in low priced imports 
only accelerated this trend. 

The turn of the year, witn the 
Davignon plans for the -cabili- 
sation of the European steel 
industry did see some check on 
this bitter battle for wha: sales 
were available. But there 
are now very few steel pro- 


ducers which do not have 
extensive stockholding in- 
terests. either through a dis- 
tinct segment of their own 
operations, ur through an asso- 
ciate, usually a wholly-owned 
subsidiary- 

investment in >ueh operations 
has been quite substantial, par- 
ticularly for an industry where 
capita! has been distinctly tight 
fnr some years. This invest- 
ment has not been confined to 
home country* operations. 
America was a prime target, 
despite the welter of anti- 
import activities now current 
there. What often began os a 
foothold in a foreign market by 
a producer, often rapidly trans- 
forms into a full-scale service 
centre, handling not only the 
parent company’s steel, but a 
selected range from other pro- 
ducers. both in the country of 
origin and outside. 


In Britain, the activities of 
two specialist producers illus- 
trate the importance they now 
attach to stockholding. Both 
are placing considerable em- 
phasis on the modernisation of 
initial stockholding operations. 

Edgar Allen Balfour, the 
mam UK producer of tool and 
high speed steel, is already 
reaping the benefits of its 
modem, centralised stockhnld- 


SPECIAL STEELS 


Changing times are forcing 
both steelmakers and stock- 
holders to re-think the use of 
such titles as mild steels, 
general steels and special 
steels and these changes have 
taken place both at home and 
abroad. 


A decade or two back, stain- 
less steel was very much a 
special steeL Now, the 
British Steel Corporation is 
producing and rolling it in 
the sort of tonnages that 
would apparently qualify it as 
a bulk product Yet in terms 
of quality, and even usage 
this is still very mneh a 
speciality product 


The last five years have 
seen a major world growth in 
low alloy steel capacity, with 
countries like South Korea 
emerging, almost overnight, 
as producers In bulk, and 
extending into products like 
tool steel. 


In the UK, private sector 
producers dominate the upper 
end of the special steel 


market, which in their terms 
range from tool steel, 
through such products as 
valve and high speed steel to 
the exotic super-alloys, pro- 
duced and sold in relativcly 
small amounts. Few in the 
private sector are enthusiastic 
about any real recovery from 
current low levels of order 
Interest this year. 

One of the few bright points 
on the horizon appears to be 
the early warnings of sub- 
stantial Increases in aero- 
space activity, once the 
measured debate on Britain's 
future rule as an aircraft 
producer is finally completed. 
• Industrial gas turbines, as 
well as more conventional 
areo-engines, invariably • pro- 
vide business for the special 
steel Industry, both at home 
and abroad, and specialists in 
both production and stock- 
holding fields are watching 
cur-out developments with 
interest 


Cher the last three years, 
the UK special steels market 
has been changed drastically 
by what the steelmakers 
insist is something approach- 
ing a flood of low-price 
imports. Some of these, they 
claim, have been dumped. 
Certainly, imports of tool 
steel, and to a lesser extent 
high-speed steel, have shown 
startling increases, and it 
seems more than likely that 
a fair proportion of this is 
still in stock. 

Davignon moves to stabilise 
the EEC steel Industry and 
the subsequent curbs on 
Imports seem to have plugged 
many of the overseas sources, 
however, and If— as seems 
likely— the crisis measures 
lead to a complete round of 
third-country Import agree- 
ments the special steels mar- 
ket will again have to re- 
think its position. 

Talcing a medium-term view, 
many in the industry are 
reasonably optimistic, despite 


the current, and surprisingly 
lengthy, period of uncertainty. 
Current investment is sub- 
stantial. particularly in the 
new GFM long forging 
machines, seen by some as a 
potential subsitute for 
specialised rolling mills, and 
currently in use in such a 
role at the Edgar Allen 
Balfour plant in Manchester. 

There are faint, but quite 
distinct, indications ihat many 
customers are pausing In 
what was obviously a planned 
de-stocking exercise. This has 
led to a somewhat patehy 
order situation, but the 
industry generally now feels 
it is “off the bottom " of 
the 1974-77 recession. The 
first reft! signs of the signi- 
ficant tarnround now so badly 
needed throughout the in- 
dnstry is likely to come with 
new orders from chemical, 
oil and especially aircraft 
industries. 


R.W. 


BSC gains acceptance 


THE BRITISH Steel Corpora- 
tion moved into full-scale steel 
stockholding in 1974. It .caused 
considerable fluttering in exisl- 
ng dovecotes. A rather large 
cuckoo in a small nest seemed 
o be the shrill alarm rail that 
.vent athrnugh the industry. 

Four year*! on. and BSC — nr 
rarher British Steel Service 
Centres as their stockholding 
inn became known — is accepted 
as one of the flock. Occasionally 
there is still a hint oF nervous- 
ness. but by and large the 
behaviour nf the offspring has 
settled most minds. 

Some stockholders even offer 
grudging praise for the first 
four years of operations. “We 
were all a little worried about 
all that muscle, and the pros- 
pect of an aggressive pricing 
policy. But the BSSC behaviour 
has hcen little short of impec- 
cable " remarked one competi- 
tor. 

In real terms, BSC were 

always in the stockholding 
business. One of the pieces of 
the national isa tinn jigsaw that 
produced the Corporation was 
wholly owned stockholding 
company. H. F. Spencer. 

It was a hardly noticed piece 

in the puzzle, and tended to be 

overlooked by those outside the 
trade. But it was no insignifi- 
cant little operation. In 1973-74. 
Spencers sold about £10m worth 
of steel sheer, with a return on 
capital of 29 per cent. The 
latter figure would be worth a 
low whistle of approval in 
terms of today’s performances 
by almost all in the industry. 

Other ■«ign.< had been 
apparent too. fnr Jho'e who 
cared to look and listen. In 196S. 
BSC made it dear to some 
stockholders that it was their 
eventual intention to disrnhute 
flat rolled products through a 
stockholding network. When 
the corporation did move, they 
brought in Mr. Clifford Keeler, 
n astute and respected stock- 
holding evecuii'e. to head the 
operation. Xin» years with 
Miles Drure. and before that a 
period as sales director of 
William King Limited gave him 
plenty of ex pc rente in the 
field. 

Why did RSf! decide to move 
into stockholding? Perhaps the 
most important factor was the 
exrent of •penetration, hy 1974. 
Of stockholders into the British 
market. This was then some- 


thing like 44 per cent in flat cannot meet the demand. field. This was seen as a major 

rolled products and about 35 The BSC expansion started initiative on the part of BSC 

per cent in long bar or general with the takeover of Lye Trad- to expand exports to the Coiii- 

ste els. p ing. This £6.5rn deal, approved mon Market. At the same time. 

At the time. Mr. Keeler by the European Commission there was expansion in stainless 
summed it up: "With that sort far more quickly than some steel stockholding, with the 
of penetration existing, you do stockholders thought likely, led acquisition of Alfred Simpson 
not find it very ea«y to sleep- to the merging of Spencer and Ltd., the UK’s third- largest 
in your hed when you know you Lye. Since then, expansion has stockholder in" its*- field, 
have in excess of 40 per cent been cautious: in 1975. BSC had With a total turnover nf nv»r 
of your output going through something like 11 per cent £63m. profits after, taxation 
a series of basically untried penetration in one stockholding according to the BSC accounts, 
third parties.' There was also field, flat rolled products. Today were £300,000. a result that was 
some BSC worry over contact, it is perhaps 12 or 13 per cent, repeated in 1976-77’ on a turn 
Not just a loss nf conimunjea- The last four years have not over of over £S7m. 
tion with smaller cusomers — been boom years for steel That year saw more expansion 
but even with some of the stockholders, squeezed as hard in the stainless steel field, to 
larger ones as far as fhe basic as anyone in the nutcracker of further develop the Alfred 
market place was concerned. world recession. But Mr. Keeler Simpson division nf BSSC 
■ . ste * ,raaJlin ff- ^ i- c often ts .satisfied that the operation of together with the takeover r,f 
vital to know where the bulk BSSC has soothed some who David Bennie, a small Scot- 
° f J 0 vT wil1 h * USE j were apprehensive of what they tish sheet stockholder. T**e 

ana wnat will be manufactured considered a newcurner. lugic behind th«* latter acquisi- 

from it. i,o back, for a moment, -We have tried to behave tion was the desire' to sene 
. OV ' could very* responsibly, certainly in the Scottish market locally. 

; ? r , eve ? a terms of our pricing policy." he rather than from the BSSC Mid- 

said - competitors readily agree, lands base, 
losjsl.ral difficulties? there tau be™ no ducstion of ^ 

There was a third factor. A -favoured nation " operations, I nn^IS ITITfif Irtll 
spectre of tbe times it may now BSSC seem to have weathered 

seem. - ut tneri the threat was the recession as well as most, The stainless steel market is 
real, wuh EEC membership, a although experts in the indus- a special sector for the Corpora- 
.“ iroURh lhe utd us ‘ try duuijr if any of the major Hon. which produce- the bulk nf 
rr>. wnat was to stop a Euro- op eratrtrs arc at all happy, at Hie stainless steel sheet and 

P_\?” nr«r' ,n *5? thc moment, with the son of P |atP that dominates Ui.g 

etl * L^TJZ 0rkS - a "V 1 ’ return nn capital figures bent market. 

.. St ^ kh - d ^ as . a USfiFul : turned in at the end of the Consumption pattern* 

important j ear stainless steel fiai product* 

Today, with the Daviennn involve a large number nf smnl 
decrees hanging over the slock* customers who rnnsumc n-',a 
holding industry like a well- tlvc L v email quantities indiviriu- 
T,U» final far*#,,- , sharpened sword. BSSC has to ally, with a much smaller qn.up 

obviously. Having gauged S be wh,ler rhan whi ’°- v/ilh th * 0[ .™ stnm * r5 requinn5 5uhsTan ' 


and commercially 

foothold in Britain' 1 


Profit 


extent of market rLne-r*?-nn it P arcn * a S e K has. ibis is under- r ‘ a ^ v * :,r2cr amounts. 

, P ene nation, it standabfe and inevitable BSC Stainless work w-ih mv 

SJE it . VSShdi “depend™ •«<«■» ™ -^Idin. ™. 

stockholding at that judgment on rhe success of the Panics to service the majnriiv 

■Vi’* ,n,e ' British htov. ir.™, w l 10se „ rdfrs d „ 


From 


start, however. 


have 


had" rider. Thc ruiure T#w «. < ^ Steel- 

stock. Mulberry. C. Walker and 


British Steel stoekholding offi- surcwi ° f the ™l«pri* » « gpn* and Alfred Simpson 
dais made it dear .tj they »»«•«! *tlh difficolues as any from ^te o^hZ', 


here more than hist the s^ies other, in a renwion which, even ,„f K 


extension of lhe steel plant, the optimists .Until, shows little ^ T, e echn“.., 

Obviously, limited penetration sis" OF really ahatinp until next J*. “a™" ^ 


penetration =■»» ijaison meralliirgic.il services nr 

of rhe marker, depending year— at the earliest. _ BSC Stainless in 


entirely on BSC output would 
be foolhardy. 

Priority was given to estab- 


In 1975-76. expansion wa-: 


ive customers 

bnth at home and abroad, with a J IV ° n 
the Requisition of rhe general d TJ ? B^r P Sr-iniP« S«°L-if n i , i' 
iishing a rappon with other sice! stockholding lmsinnHs of operation lia^ niei wirh a! .' 
steel mills which were competi- Wilsnn Steel Sen-ices Lid., and. ? f [ (h ! th * 
tive to BSC plants. Such aXe Through BSC r futornationa: 1 t g "' l £%d ET toSSSJ! £ ‘1 

was 'seen as essential if a . stock- Ltd., the West German steel ^rt|« n ; n J , h ^ ’me 

holder was to ol, servo a mime * , " c h “ 0,d "' Sipns that' the eorporatinn an. 

independent Gen^ '2S£ —'»'»■ *» -«"> ^ 

for whatever reason. BSC itself holders m the plate and coil K.VV. 






) 


ing service at Oldbury* ideally 
sited on the Midlands motorway 
acth'ork. Claimed to be the 
most modem computerised dis- 
tribution centre for steel in the 
UK, it has computer links with 
production centres in both Man- 
chester and Sheffield which 
offer a constant check on both 
orders and stocks. 

Such a sophisticated stock 
control and order input opera- 
tion, especially when linked 
with new Manchester produc- 
tion facilities centred around a 
£2 .25m. long forging machine— 
the first in the U.K. special 
steels industry — gives EAB a 
powerful market position, af a 
time when welcome industry 
stability has seen a slight but 
perceptible falling-off m import 
tonnages. 

The Sheffield special steel- 
maker Osborn Steels has just re- 
organised ii> stockholding 
operation in an interesting re- 
shuffle. Citing changes in mar- 
ket demands. Osborn has modi- 
fied its entire .-ales structure 
in an at tempi in effectively in- 
crease its market share of all 
products. They also claim a 
better tailor-made service to 
the customer. 

The company now operate 
two sales force'-. • toe is a small 
team of specialists charged with 
promoting sales direct from thc 
Osborn mill. They will manage 
major account-, bntli current 
and potontiai. and will be ex- 
pected to increase the sales of 
high-speed steel larger custo- 
mers. as we!! a- developing 
sales nf valve -Teel ami stainless 
steel on a direct ex-mill basis. 

But the larger nf the two 
forces will be engaged in the 
sale of tool and high-speed 
steel from .-tuck. Thi>. Osborn 
frankly admii. i> now highly 
competitive. In effect, this 
group will be in open and 
obvious cnmpetitirtn with estab- 
lished st.iekhi'id.'rs, spiling higji- 
specd steel to --mailer users, 
and handling virtually ;rf! the 
Osborn alloy tnni sieqf custo- 
mers. 

Mr. 


Add to ■ this the successful 
establishment of stockholding 
operations in the . sophisticated 
aerospace steel market, and the 
in-group stockholding consolida- 
tion of several large independ- 
ents, and the growing: challenge 
of producei/stockholders can be 
easily gauged. 

Surprisingly, perhaps, this has 
brought no apparent public rift 
between the producer and th« 
stockholder, although an obvious 
reassessment of their respective 
relationships has been con- 
stantly under way. 

Certainly. o*er the last few 
recession years, there has been 
no major supply difficulties for 
the stockholders, whose effec- 
tiveness depends, to an exten- 
sive degree, on his sources of 
supply. Unless the stockholders 
ran rely absolutely nn iho 
supply of steel at a comparable 
price and quality to. those of 
his competitors, his future is 
threatened. So far. however, 
there has been no evidence nf 
direct obstruction, in a market 
sense, by the producer. 


Testing 


r. D. 1.. general 

ager of Os town JStcel Stock- 
ers. explain-.-*];*" For some 


manager 
holders, ex p to 
years now thy company has 
pursued tin* viol icy of invest- 
ment and d ". olopment through 
Osborn St**el Stockholders to 
penetrate progressively into the 
tool and. high-speed steel mar- 
ket. ; ; ... 

“ Now. with the formation of 
a stockholding sales force under 
central sale* management, we 
expect to move into top gear 
with rising sales and increased 
penetration in this highly com- 
petitive market” 


Perhaps the testing time will 
come when the steel market 
lakes off, although few. either 
m stockholding or si eel making 
arc prepared to speculate when 
that might be. Should in ills 
deliberately restrict outoidc 
sale* to feed their own *tork- 
bolding operations, the strain 
on working relationships will be 
severe. 

This is unlikely to happen in 
market sectors where there is 
no obvious dominant supplier, 
and the increasingly European 
pattern of steel production and 
distribution suggests that, tor 
most normal THirpnses. it will 
be an unlikely scenario. 

There is lilie doubt that the 
expansion of steel producers 
iota tlu* stockholding livid will 
continue; the base for this is 
already lirraly established. 
Whether this expansion will 
continue at the same pace nm * 
the mill order hooks fill out 
completely, however, is less 
certain. 

Some stockholders believe that 
the surge ot pressure on produc- 
tion that an upturn will bring 
will certainly slow grow lb :n 
allied interests of producer-*. 
The steelmakers, however, insist 
that their stockholding activities 
are not only here to stay but 
set for regular expansion a# the 
operation becomes an essential 
extension of production. 

R.W. 



ira many 


^ Long experience - we understand your 
real needs . . 


❖ Excellent reputation - built up over 
fifty years in the trade 

$ Complete Steel Stockholding service 

- with a wide range of steel including: 

BARS, SECTIONS, PLATES, S.H.S., BEAMS 
UP TO 36', 16l« COLUMNS UP TO 14 * 16 


SHEETS-DE-COILED AND RESElEARED 


❖ Our warehouses can be your 
stockyard - saving your space 

* Prompt delivery service- no delays on 
the urgent job or the planned ahead project 


Everybody would like to cut costs, save on space 
and meet deliveries. So why not give us a ring - 
it’s where our strong points begin. 


Roway Lone, Oldbury, Worley, West Midlonds.B69 3BA 
Telephone: 021-552 3351 .Telex: 337473. 



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David Curry reports from Paris on an engineering company with an unusual combination of employee policies 


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S$ V* 1 

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^11 


A history of growth 
and diversification 


LEROY-SOMER employs ahoul 
6,000 people in 15 factories 
scattered over six French 
regions and three overseas 
countries — Italy, Spain and 
Canada. It takes in some 30 
subsidiaries and associates. 
1976 group net profit was 
Frs.36.7m. and the parent com* 
pany earned FrsJS.om. 1977 is 
expected to have seen a 10 
per cent, volume increase in 
sales and a 15 per cent- spurt 
in turnover, which was 
Frs-l.lbn. consolidated In 1976. 

Tn 1960 Somer was number 
13 in the league or French 
electric motor manufacturers. 
The inaugural step towards 
growth was the merger with 
Move UT» Leroy in 1967. but 
even this created a concern 
large only by the standards nr 
the market town of Angouieme 
in the t ha rant f. with two* 
thirds of a Frs_3Sflm. a year 
turnover in small and medium 
standard electric motors. 

Much more important was 
taking control of Pompes 
Guinard in the same year. Two 
men from the parent com pan v 
were despatched to the 
Prs-SOOm. a year pumps manu- 
faefnrer to take it in hand. 
This development was crowned 
in 1973 when the Italian pumps 
company Lowara was added lo 
the group and. together with 
fiuinard's Italian subsidiary 
Rotos. made Leroy -Somer 
Italy’s leading pump* manu- 
facturer. 

Spurred on by the knowledge 
that Eastern European com- 
petition was making the stan- 
dard electric pumps sector 
virtually untenable, Leroy- 
Sfraier went hell-for-leathcr 
for diversification, aided, ,-it 
least ill the early 1970s. by a 
huorant market aud strong 
cash -flow. 


Borrowing 

doubled 


Parent company tumovrr 
from 1972 lo 1974 went from 
Frs.348m. to FrsiilOni. and pre- 
tax profits from Fis.64m. to 
Frs.S9m. Borrowings were 
doubled. From 1971-74 Leroy. 
Somer built one factory a year, 
in 1973 il came to market with 
a small part of its capital: at 
the moment .some two-thirds 
Of equity remains in family 
hands while 12 per cent, is 
owned by employees and the 
remainder Is In pnblic hands. 

Although since 1974 the 
recession has marked a pause 
In the pace of financial expan- 
sion, and only a slight further 
increasr in Indebtedness, the 
company has remained on the 
development path. Last year 


BUILDING 

SOCIETY 

RATES 

Every Saturday thp Financial 
Times. publishes a table giving 
details of 

BUILDING SOCIETY RATES 
on offer tn the public. 

Far further details please ring 
01-2IS 8000 Ext n, 424 


saw it buying into one of the 
country's leading raanufao 
tarers of lifting motors and 
electrical pulleys; in a heat 
pump concern and. more 
recently, in viticulture equip- 
ment. 

As recently as five years ago 
electrical motors accounted for 
40 per cent, of sales. Though 
Lcrey-Somer is still the largest 
manufacturer of such motors 
iu France, they now account 
ror only a quarter, supplanted 
to a large extent by pomps, 
which provide some 47 per 
cent or sales. Alternators clock 
bi with 13 per cent, and various 
items of mechanical equipment 
for about the same proportion. 

Around 40 per cent, of total 
group sates are overseas, 
double the proportion five 
years ago. 

Convinced that its cash-flow 
and profits arc recovering 
momentum, Leroy-Somer is 
thinking hard about the direc- 
tion' or its product develop- 
ment. 

Moving into 
solar energy 

This is the responsibility of 
Paul Ribeau, a robust 43-year- 
old who came to the Job after i 
15 years as a divisional mana- ' 
gcr. An engineer by training, 
and a man, like so many of his 
generation, marked strongly 
by his experiences as a young 
French officer in the Algerian 
war. he has a strictly practical 
outlook. 

One line of development the 
group has embarked upon is 
solar energy, via photovoltaic 
cells. Pompes Guinard. under 
its ehairman Xavier Mallei — 
one of the two men despatched 
from (he parent company to 
the new- subsidiary when it was 
first acquired — Is concentrat- 
ing on the use of solar energy 
to power simple electric 
pumps in isolated settlements 
in the third world. 

Leroy-Somer has recently set 
up ? joint subsidiary to 
asscmblr the solar panels in 
France (aiong with Solarex or 
Hie IxS.): It also makes the 
motors which power the 
Guinard pump. 

Sales are at a modest experi- 
mental level now but Xavier 
Mullet reckons that in five or 


Profitable French lessons on 
the social face of capitalism 


IF COMPANIES can gn tn "■Tfc. fM a f f 

Heaven then Leroy-Somer must l>f*AnTn 5*% 8 BJ *M. 

have ns passage booked. ■ ■1181621 11 It F 1 

Thrmignout lhe recession, -*-*■ 

when most French companies 

have been shedding labour, it ‘ 

ha* been taking men on: in a ® ' q B* 

country with a tradition of T|% A CAAlQ I TQ/ 1 
patriarchal management il has ■ | B 1& B B I /£ L 

workers on the Board: it has kJv ^ 

indexed salaries and profit- 

sharing: and where ever pos- . __ __ 

sible it has shed production line 30 jobs. The faetnry was set : •.•*<2 

techniques in favour of - work up without any form of outside -• \~.V. -/ . , - *-,/>■ 

teams." aid, the 250 villagers subscribing ^ . .. ^ •' -r ■ 

As well as ail this the com- FFr200,000 capital. ' - ' 

pany has promoted the estab- He cuaiinues: ” We can t be 
iishment of small factories in ver 7 proud of what we have * 
the countryside: ir has invested done * n France over the past 30 • * 
heavily in new technology; and year*. Our industry has -de- 
it has attacked export markets 'eloped very quickly but this ^ 
with model patriotic zeal. developoient has been badly . 

Add lo that the fact that the orientated. It took the route •. 
company chairman. Georges of excessive centralisation and - 
Chavenes. is also head uf the the big towns 1 hirst for power, 
state-backed industrial invest- Evoking the spectre of a 
merit agenev, IDl: is the local t0H ' er block civihsauon in the 
head of the Chanmic regional >'t ar f 000 ’ he claims that the 
Economic and Social Commit- liberal economic system ci»elf w 
Ice: and is the spokesman of al issue. “ Can you imagine that 
the employers' organisation, the pe °P' c indefinitely accept 
Pairnnat. on questions which a jo which care far 

mav be 1 'Nisei v summarised as , n,p f 1 s .. w ’ e '' are , counts for 

■ the social face of capitalism." bale? he asks. “-lusbce. 

and it is noT surprising that purity and liberty are the 
short of actually beating swords legitimate preoccupations of a 
into ploughshares Leroy-Somer eo ™P a n> chief, 
is ranked near the lop of the , Not hesitating to admit hat 
-harts fur industrial enlighten- Ills 0w " attitude is an cxplieir . 
men , reproach to many of his fellow 

Lerov-Somer’s eye-catching c^p-any heads Chavanes • 

^■ia! Identity is very much agrees that on strict economic _ ; 

ihe work of Chavanes himself, pounds the case for rural fac- chairman of Leroy-Somer. ( 
a strong advocate of factories J™* 1 ? not „ cut L and , d " ed - behind the , 

in the countrvside. and the most Nonetheless, he acknowledges 



’^1 


Chairman of Leroy-Somer. Georges Chavanes — the driving force 
behind the company's philosophy 




ficult to organise autonomous 
teams, the more conventional 
fl IBIV fl BIB units operate under a leader 

1 jBB. who is responsible for intc-prot- 

ing the general slate of the com- 
pany to his own work group. 
B j *B • Transcripts of these briefings 

|4 a r| 1101%% >0 all team members-. 

I B I I BIB r, n the eighth of each monr'i 
B. — the sacred day m :he calendar 

—department heads meet 

Chavanes to discuss monthly pr»»- 
afler-tax turnover is divided grammes and discuss general 

among the work force on the policy. The autonomy of the 
basis of a points system linked operations of each department 
with production — a useful inccn- or division is a fundamental 
live to regular attendance. This principle of the group's opera- 
share-out only takes place in full ij ons 

if there is a 2 per cent, pre-tax Two white-collar and rwn 
profit margin. If the margin shop -Hour representatives sit on 

sinks below that, the bonus the huard, with one of each hiv- 

declines proportionally. ms> voting power. Chavanes :n- 

The structure of the profit- sists that these representatives 
sharing scheme is built around are not mere symbols uf partici- 
the requirement for regular pro- patiun. 

Stability and growth. The The company's social arrange- 
company argue?:, when it is meats arc also in operal:un in 
accused of compromising iL> various fnnns at the subsidiary 
functions as a business, that the concerns: fiuinard. lur example, 
profit-sharing .-ctienu* itself puts the emphasis on the work- 
imposes its own iircesMt.v fora inc environment ami panicipa- 
high level uf business ii»>n raihcr than on profit ^har- 
performance. ing. 

The payments arc not a suh- It is wry ea-y tu cnccr at all 
slitute for a dm-nt level uf this, as du >omc of Chavanes* 
salaries. In theory ihe cum pany oppoMte-n umbers m the 
says it prefers tu pay about lhe Patronat. as a form nf inn: placed 
regional average in order not in compensation tor the capitalist 
upset lhe labour market. In past, a sort of quixotic naive 
practice Leroy-Somer wages liberalism bused mure on 
lend to be above local averages, nostalgia than on cos t-eff cell ve- 
and in Angouieme probably ness. Alternatively, it can Le 
approach double the average lor seen, as some of the union 
the area. leaders are inclined to. as a 

More inlercslmg at a time rather dangerous precedent 


m the countryside, ana me mosi • More interesting at a lime ramer dangerous prccedejit 

articulate exponent of the rM<m- ^ ^ were startpd following appeals practical terms on the shop- *'h‘.-n the French Lcfns arguing designed to render them un- 

pany’s participatorj- framework. ?*, f ’ h : by local communities to save floor. for a reduction m French eurn- necessary and lose the good old 

A bulky 53. with silvering tg f an J C o nvC y andng fecs> t i,e Jobs in flic wake of closures. The first application is in Jng diffcrential> Leroy-Sumer's class war in paicrnalistic fog. 


resources, returned to France, phjiosophv i S manifested in the the P lant 1,110 operation and mainder is halved. The first top It). Including the chairman. ain,! » l,r »u«ne»» pruhtalnlii?-. 
He financed his own studies cona . lrucl ; on 0 f sma n factories taken back half the workforce half is distributed among the This ratio puts the Leroy-Somer a!1 « Tliat hjj** Hicse elements 

front the age of 14 unul he <ome wav . from fhe companv'c even at a cost of Frs 150,000 a workforce on a scale dependent board slightly m the left ■ f the n««T J|| li> the taking of dcci- 

cmerged in 1949 with an engi- roajn An o 0U jerae base. * month looses. on basic rates earned by each French Communist Parly. In the long term they 

neering diploma from the o roup has nine units Th e three principles under- man. This distribution is. in chavanes who does not carrv j «°ubUe>s argue, if busi- 

Grenoble elect ro-techmcal msu- wbich fa ]j Jnt0 the category of l>ing the company's social poli- fact, blocked in the company for a political label but is certainly d fme^smn" i t wnihasten'tl m S 
tut /; . 4 . . . rural factories, employing an cies are. ac..-ordmg to Chavanes. five years and capitalised at 6 not an ideologist of the Lelt. Sn h l! s l 

Chavanes adm. s that seen,. averaee of 80 ptapk each “ At jnslice secunty and presen-.n s percent. desrril.es the profit-sharms 

U S ‘-, u. r- l ,nl ^ llcc ua , 1 f n ° the top end of the scale the individual identity and expres- The blockage lias two advant- scheme at ihe Lemv.Sr.mer A rn .. nfl th „ hfl<r 

Charitable Catholic circles, left h ion “Anv nmninv ean find I. Amund the bust of Marcell in 


Ardeche in Eastern France -including La Louvcsc— which man. you get much belter link between shareholding and attempt in mtruduce more Than th.nZJZ rhT.ZZ, 

where he made home-a region under lhe Sa niov electric results.” Or again. " well- lhe shop-floor: second, it enables lihert? Wherever possible work ln hl 

with the worst .history of motors man , ltf prQV ide work for dressed gentlemen who go into the final distribution, which can has been omanisc/a round auto ^ounri 'the Met 

depopulation in France. 150 people between them, while a factory to adm, re the range between 5 and 20 per n,?moS S wPn " pera^ and m 

His passion for rural develop- Socoraeta s establishment at machines while ignoring tlie cent, of wages, to be made tax vuihout a formal leader P JUem- GhS-aScs u™5d nnitahiv* 
rnent was formed in this small rnnfnW emntnvs mnr. men who work them do not fra*. TU v,,if : 1U1 1 ? J nna . ,caDt!r -..' lc "' Chavanes would probablv W.,nt 


KrsAOOm. or the Tfcs.l.al)n. 
French market Tor punws and 
adds *>alf as much again from 
overseas. : * V 

A second line of development 
is in water, portly in the pro- 
duction of under- water pumps 
and partly in windmills. Ribeau 
becouirs almost Ivrical « hen he 
talks ahum water-driven mini- 
power stations Tor small rural 
communities, with hydraulic 
turbines coupled to an alterna- 
tor to create autonomous 
sources or energy. He reckons 
(hut the np-daled water-mill can 
be buffi al half lhe cost of more 
conventional stations. 

“IVe are looking for some- 
thing effective, economic and 
saleable. Wc don’t want to get 
bryund »nr techiiologrcal reach, 
hut to provide accessible tech- 
no log j which we con back up 
with after-sales service,** 
remarks Ribeau. citing the use 
or tools to automate certain 
mnnotnnuus factory operations 
as an example of such 
accessible technology. 


llo discuss the establishment of eventually rise to 200. fact that there is a dear effort 

a tool factory to provide 25 to In some cases these plants to translate the rhetoric into 

Food for thought on training 


THAT MOST oral of institu- 
tions, lhe Food. Drink and 
Tobacco Industry' Training 
Board has just unveiled what 
it believes is something of a 
first iu training aids for 
managers. Called Development 
af- Work, the Board boasts that 
it is special because it is for 
managers rather than trainers, 
it is practical and not stuffed 
ful or management educa- 
tionalists’ jargon. 

Hie handbook is divided into 
| two parts. The first, just 28 
: pages, covers "the theory’’ of 
management development. One 
member of the Board claims it 
is the “distillation of two 
rinelres of management text- 
books.” 




Locked owoy }n*c Wror* some Q Vj| HE wines ^ 

the W, culinary ^ H « n ^^ ; ,:’nJ(||||BRl ' We’ll be pleased* spoil you. You- 
We reserve fhein for those «««*». lUUICrV conrcsetvc ycu , tet W (or o lordly lunch 

w,,h exceptionally f.ne hntes ^nd on, ||V||C| . or dinner by telepkoninq 01-709 0840 . 

opp.cootion of lb» or, cf haute cujsi no. ;|||||EB - The Princes Room, The Tower Hotel; 

.They're proudly presented at' ^ ^ HEARr0 v 1DND<>K St. Katharine'* Way r London El' 91D. 

Pnnccs Room, THeTower Howl, ana ■ iT » n ' HOTEL 



The second half, about fwice 
as long as the first, is a series 
of practical tests and games to 
be used by both individuals and 
groups, on w'hich the board 
lays considerable emphasis. • 

The tests are not new ones 
dreamed up by the board’s 
trainers, but are culled from a 
number or established sources, 
which are duly credited- They 
are also the ones which the 
compilers found to be most use- 
ful in extensive tests within the 
industry. 

Although it has been specially 
designed for and tested on the 
food, drinks and tobacco indus- 
try there is nothing in Develop- 
incut at Work which would 
appear to make it unsuitable 
for any other industry. Only 
the illustrations give a clue as 
to its prime target area, with 
drawings ' of the occasional 
bottling plant and people who 
have a tendency to put pencils, 
glasses or cigarettes into their 
mouths. 

The Board says that Develop- 
ment at Work is aimed at 
managers at all levels and that 
it is not designed to be waded 
through from beginning to end, 
but should be used on what they 
call a “dip into” basis. 

As David Mitchell, director of 


the Board, explains: '* Many 
people still equate training 
with formal instruction and 
attendance at courses. In fact, 
one of the most potent sources 
of learning is everyday experi- 
ence at work. Development at 
Work aims to help managers 
tackle this type of on-ihe-job 
training — this is why it 
emphasises what is practical 
and recognises that development 
cannot always be systematic or 
regular.” 

The practical section provides 
tests and games which can help 
a manager see how he rates as 
a ” coach,’’ or how to identify 
the development needs of his 
staff and, perhaps more reveal- 
ing, how good he is at actually 
working with people. 

Development ol Work is nol 
a sophisticated document and 
participation in its tests would 
involve a fair degree of enthusi- 
asm from individuals that may 
not always be forthcoming. But 
it* simplicity will be '.Is 
strength, hupes the Board. 
Development at Work costs £10 
and is available from lhe Food. 
Drink and Tobacco Jizclnxlrp 
Traminij Board, Barton House. 
Borrow Street, Gloucester. GLI 

iQQ- 


IMPORTANT NOTICE 

To the Bolder v of the 
9Tc Guoranlced Debentures due 1982 
and 

Holders of Debenture Coupon Xo. 4 

US. FINANCIAL OVERSEAS N.V. 

Guaranteed by 

f.S. FINANCIAL INCORPORATED 

(formerly U.S. Financial) 


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is < IaOSZ ,1 7.1 ;:: ,Jrr : i A«!» i »«•*. dKiCT.««» X» i N..- A 

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Mj;- 5 , IPrs 


CITIBANK, N.A., 

on behalf of Lhe Reoraanimiun Trustee 


Jason Crisp I 


So that we can quench your thi 

more quickly 



Unde cares. For Linde forklift trucks improve -yi 

productivity. They transport drinks or timber, concrete. '~m 
paper - the most diverse goods. In industiy and trade. 
Unde forklift trucks are technically advanced and are 
easy to operate. They are available with several 
tvpes of drive system. With lift truck capacities from * 

1 0 to 7-0 tonnes. Unde forklift trucks - the ultimate choice 

But Unde does not only build forklift trucks. The Unde M 
oroup af® in the forefront of the capita! goods and j* 
cervices sectors, with a comprehensive and forward 
looking range of services for meeting high quality S 
reauirements. Leading the way in development and H 
whnology Unde have a turnover DM 2100 millions. . jflj 
J5th a workforce of 19,000. 


Linde AG Wiesbaden ' 

Represented by: = « 

Linde Hydraulics Ltd 
Nuffield Way a . 

^("“none (0235) 22828, Telex 837477. 


j| 







20 

LOMBARD 


ins stock 


Into an employment minefield 


Financial Times Friday May 19 1978 

1 


BY JOHN GRIFFITHS 


BY ANTHONY HARRIS 


"THEY'VE KILLED the quite dead yet. ProdiiotJ-r. has m’srk?. prospective w deB«?i« rhe county all hough exploiting have to create another lO.Qnn ividuumi 
! uniting, they’ve killed the fish- stopped, although the arc- a£ a y.zc- and quality :•< them is complicated by con- to 11,000 jobs if the unomploy* .CORNWALL 

mg— even the chough's damn keeping at bay the water which provide adequate v:aa:i:?y for fusion over the ownership fo ment rale were to be even __ _ 

Inear ejrtinct.” So runs one threatens to inundate :hc work- the future. mineral rights. 'halved," he says. 

current, cynical view of the i" 8 * at a rate of 4 . 5 m :a!iw B . s - .,. na?=ver -;- e valid:? -»f f. m J n -The count? ‘s structure plan. Cornish fishing — the pilchard 

three subjects in the Cornish a day have been kepi running c : s :-k v.hvn David P,:i- V^Cilllal iUHUS due to be published in the — me inshore fi-ihennen hn« 
coal of arms which suggests that by oitinry funds nh:ie :«! a the Opinions re- g uT rte cllisures do sC pous!v ^tumn. will seek to establish watched with anger a* trawlers 
it's Untie to design a new one. turns y-.' on with two c«-'r> pan: vs= wR i:y :hai U’heal JaW* exacerbate the problems of manufacturing industry in miist f rom tiu , x« and Sinihml. 

County officials hasten to say. which may yet Eake *!.e n-ne closure wi.uld ?« "a d:ja*?«.-r ." ‘ u tv ofliciaii who admit thev a ™ 5 of lhc k ' oun i; v ' " The themselves deprived or rlu-ir 

correctly, that things are not "ver. But many of :r.f aws he was n«r.*:y exagzerjtin?. In h - { (1) improve on **.' trouble K'' W* . Mr. Harry traditional territories hair 

that bad. But there is no dus- have gone, as have 3- M ‘r.c nr.-a n:cs: dirv-zly affr.ied. fecord of «j, e past dtcade if Robinson, the principal planning zeroed in on the mackerel 3 huaU 

SJiising the nail-biting that has workers at Mount WeMn-ron. ••vera:- :;n •■mployrac-nt »a« 14 a “ n ,. ‘ reai lnroads arc to be made officpr ' ""’ i ‘ canput d ! s ! r ^ ul S to supply the Hast European 


mere is no strong reason veny pat ] ljn< wc can final ly : nail down losing nearly half the county's Pumping costs « .™ * ^a.. . r 

hln a real-life example of two econo- tin mining industry at one blow. „ - bwa. economy « peak for 

should Sot" a Iso h ha v-t taken » lIt ‘ ie^end^- the idea «tiat inteU 1 - And lhc subsequent battle w Consolidated Goldfield* »:■* ihcsnrtlve,: the 'f-md-ng gene- 

snouia not also have taken nt speculators stabilise the ........ .i...... nf nnp nf rhp that it is the dosure of M«>un' ratea from a w;.? lid. nf over 

£?hH. 0f A "£? l M ey i iaV i! markets. a r.d the. idea that a rise Z i!-JL ± Wellington which hL p:-- oil- £!An: otcr I’m in stores and 

declared, and since March is jn , he eX chansp rale produces a two mines involved ^ has pro- - . . u -k >ea' services purchased: oavntent in 

about the most popular month to lirk deierioration in the trade duced a united campaign across y e ^ snuiaown of lVl 

end the accounting year. .h« J ™ ^Ta^n.nproves ” party boundaries by the affected The «tra 6 HJW a year 

could go some way to explain the . . ama’Q throe MP« T iheraN naviri Jn pumping costs, the company an “ -<n..ia. *- r u.o . pro raw. 

extraordinary iradc figures in If companies showed enough 1 p . argues, tips the scales dc ,- :»:vc- v for .dount V. eltingtcn. 

March, which showed imports or enthusiasm for playing the com- Pentagon and John Pardoc . Wheal lane* v-in- r 0 fr.*-h mip”V’ t hu« hwn- 
industrial materials rising far modity markets, the whole .system and Tory David Mudd. as well ” De “ ;‘f ne - ^ ‘ Vow i.-r' nor a 

■ faster than anv other caiecorv— of floatina exchange rates could as the protest march of 500 tin ' iaWe - The quality ol ... e dea.t a ...ajo. .i.oa n.r, n l a 

•a most abnormal stale nf affairs actually begin to live up to its miners thrnuph t.nndnn_ has in any case been poorer Ilian mil a. one. Apart iM South 


local economy «pcak for vverc :g 


mg and cnn.si ruction industries 


order to nuke it attractive t u E | lt , Ministry of 'Agriculiurt.-': 


infrastructure. 


'pSS^-^fJ 0 operate ?n 'a ^ *“ ^ P##Kr i^n'S K']S. >«* ^ ftSS But the ....anon h., nut tu.na during thP^ f ,«- ^ar, 

T . 1*1 a stable and stabilising fashion. The result is that Wheal Jane, c ta ff ar whp 9 i t k - - --r, successful t-n mine a few the 19<2-<3 boom the figure rose been helped u.\ in cprobleni* oF The depressing fact. hcwe\«r. 

interlinked The trouble has been the lack of Consolidated Goldfield's tin . ™ 1 f 1 ”■ ?aI Jape p2 *' , n j swav from Wheal .lanel. to nearly 8.000 a year and Is Cornwall’s two other basic in- is that Cornwall remains uni nn 

.... . ... intelligent speculaiion. and the mine perched on the brow „f • a ^ ce ^ ineir own set of - a <j eevor mine— nea.- Land's End still running at up to 5.000 a dustrics. fishing and a gneuitu re. an economic as well as. a gc- 


ihu S JIm O rn’i—Ln^i i prevalence or unanticipated uae picturesque Carnon Valley w ' hlL ' h assents that althou^n the _ is .. i; , f , D( . ra ., n? successfully, year -Even if there were to Fishing, too. has hardly been graphical limb— and ts hke'v to 

siron°!v S suspect that there is ‘■ ha ^ s in ^ K vhanse rates- jnci- a f ew jnii es f rora county mine would have to run at a Pr fcss-.onal opinion is that be nn population increase be- killed. Bin with the exhaustion remain sn fnr perhaps a l«*ng 

somerbing in it— it nicely illus- forward to* a fall in industrial CT,unt:il offices ai Truro, is not slight loss for the n*v. T -^ profitable lades remain within tween now and 1991 we would of the traditional mainstay or time to ernne. 

(rates the fact that the material imports until the pound — . _ ' ■ — - .— - - 

economy is a fully interlinked recovers a little — - 

mechanism. Interfere with one 1 — _ _ ^ . — — — - 

ESSSEfS The cause Newbury should suit Hurakan 


part of it — the rules for corpora- rri „ Q . „ 
tlon tax — and you are liable to J. Ht vdudC 


cause movements in quite distant 

parts of the machine. If the However, any explanation 


mam effect is -on the timing of which relies on a sudden increase LESTER PIGCOTT. whose name A respectable fourth i-e-iind •'e fancied after a prom isiii a fifth 

stock purchases. then the in tbe applied brainpower o could soon be linked to Hawaiian Nonchalant on his rawvur«e a: Lonatr.amo last month, 

seasonal adjusimen i? for the British industry is perhaps a Sound in Derby discussions, had debut at Wolverhampton. ..tier; I expect Royal Blend's class 

trade figures are Lhrown out. in little too good to be true, and a particularly lean time at his he met with interference rte>r seeing him through, but doubi 

just the same way as the rush there is a final explanation of the favourite course. York, with just the end. Hurakan i.,cn if Alatnea. whose dam. Vive La 

in Whitehall to write cheques imports which relies, more one winner from a doren mounts, appeared to get bogged do- n m Reine. is a fj ; l sister to the creai 

against any unspent cash limits fashionably, on monetary forces- Today he goes to Newbury, holding conditions at Winder m Vaguely Noble. w:i! prove up to 

in April has thrown out the The cau*o in this analysis is where the stables of Henry Cecil, a division of the Libert v Maiden ma!C'r.:r.g strides w:lb the 

seasonal adjustments for the exchange controls. Il goes like Doug Smith, Michael Jarvis and Stakes. ' Hahita: fill;.. Sborir.ouse 


FM KK I VltSMK.N I GUIDE 


- — rn e i« inNiies item u'tun credit i 
raras o* :cle?"one or i: the box oBice. , 


If. as l expect Hurakan prow-x 
a great deal better on trnlavN 
good ground than that Windjnr 
running might suggest, hv .s 
sure to take a great deal «.'f beat- 
ing. I hope to see him open his 
account with a victory ti»*.r :m- 


borrowipg requirement and the this. A current account surpiu< „ ' . Hurakan 

money supply. If companies are is earned by the private sector: •'real deal better an im'v\ 

generally running a higher level bm if the private sector is for- Mod ground than 5 ia^ W od/nr 

of slocks because of tax relief, bidden to export its financial hACSNS funnilT ^ niisht suSt h.. 5 

this has involved a once-for-aU surr'us by '• ay of capital export* B¥ nnwiwir wiruj 0?,. ?L . , r 

burden on the trade balance. land \i indeed compelled to BY DOMINIC V/1GAN sure to take a great deal of 

Either wav. most people seem horrow dollars for this purpose i in =- 1 pope to see him open r.is 

to regard the rise in material the money piles up in the bonks account with a victory o’er :»n- 

stocks as a deficit in a good of exporting companies, itching F ulke Johnson Houghton will all other twice-raced colt. Persian 
cause. It ensures that we will to net spent.' Cheap raw materials be making use of his sen-ices. Conquest, a good second m Turn 
not suffer as acutely as we have make a hv*hly attractive buy in Piggoit does not often ride for N p 'l over today s one mile to-co 

in past years from a rise in raw these circumstances. In other cither Doug Smith or Michael furlongs at the last meeting litre, 

material prices if and when words, it is almost impossible Jarvis and his booking for Casino in the afternoon’s two prin- 
vorld demand recovers; and it to sustain a current account Boyale and Hurakan could be cipal events, the Aston Park 
also suggests that the sinister surplus vh«»n there are exchange significant. Stakes and the Samlelfnrd Pri'-r;. 

rise in material costs shown in controls, end when companies are My idea of the best bet from stakes. Piggott will be yooard 
recent wholesale fisures will reasonably Rush with cash, this pair is the Jarvis runner. Henry Cecil runners, 
come through in prices some- Instead of acquiring official Hurakan. a twice-raced Seappic Royal Blend- his mount in the 
what later than might be reserves nr paying debt, we pile colt who runs in the familiar Aston Park, is thought :•» -*e 
evnected. In short, stocking up up raw materials. It is probably beaver brown and maple leaf back to the form which saw Mm 
while the pound was high and quite a sensible outcome: but it green colours of Lady Beaver- chasing home Hoi Grove in i:.<t 
the world market depressed was is certainly not what the Govern- brook, carried with predictable year's Chester Vase. Alathea. hr* 


to OPERA £ BALLET I 

lhc C3LISCUM. Cfos t :.ird»- 01-140 5SS* ' 
Reservations 01-536 IlCl. 

ENGLISH NATIONAL OPERA 


I SHIRE R<fn-k 
1 THORPE <.i 


THEATRES f 

“ ■ ' OiOt. Eves B &4ls- SAVOV. 
n.nj HALE. aui*i MftMI*- , M4I 

..t MwORE. Ccret WCOO- 
T*>c TRIBAOE5. b* Per , Michdc' 
O-oi Enouist Ojrv B 


THEATRES 


Tnere i- no more < sn*?»*dilv- Toni. & aoo. ne»t r.io count ory, to- i 

. . * mor . Mon A Tnurs nest ? SO Cur*- I 

ore a j'i’. ■_ , ni:e mjnin^ a aeout in mint, tuc ne»: t so tnb two fmcvl 


i HAMPSTEAD ~-2 0S0». Eves B S4»v SAVOV. Ql-BJS BBtS. E*ns R «}0. 

s l » licii'n.M HALE. MU 1 HAMC-i MAI Wc3. S-OO SaI i-li 6 J 6 
I SHIRE Ri-nj.-.i MuOKt. Cclet WCOO- RALPH RI^HAROjUN 

THORPE Li T, »^ TRIRAD15. b» Per, Alichdcl GAMCON JATjTOt* 

! 0l0 , Enai/ist Gjrv BOND JM""* VAN GtitGMtM 

; havmarkEt! oi-ssd M32- t«Bi b.bo.i ^aZicI^bovs " 

; Mats. *«l :» u^ifr^AM V * " A JOLLY GUOO EVENING OUT." FT. 


INCRiO BERGMAN 
■VtNOV MIlLER 

corns 


Bles*cd SI Ij- Penny Bles-ring. This 


Of oprfor itu nee LonCon Season Ends 

Mjy 27 


WATERS OF THE MOON 


brown daughter of Pennycuick. covent garden, cc. ;<d iobsJ " ConorVuGi-c o,i .ci is'eie hoasiiy 1 .. 
a half-sister to Mummy’s Pet. ic.****.. sn' on'jVS* 11 ^.^ »! 


THE ROVAL OPERA 


[■Mum SHAFTESBURY. CC. 836 669., 
Shartesboiv Am WC2 Migit Ho born 
L.UILA I [ V g, tt a 00 Mots. Ylitits . HI Z.CO. 
a I JOHN REARDON and JOAN (XENER .n 

** KISMET 

1 "A SMASH MIT THIS MUSICAL H.V» 
EVERYTHING.” S. Mirror 
CREDIT CARD BOOKING S3E 660.* 


good business. 


mem intended. 


I distinction by Boldboy yesterday, mount in the fillies race, can also 


NEWBURY 
2.W — American Braul? 
2."Cl— Royal Blend * - ’ 
::no — Jazz King 
"..Id — Short honvc 
4, (in — Hurakan'* 

4-"0 — Penny Blessing- 
NEWMARKET 
2.i-i— Th? Sampinn Girls 
.1.1. i— Georgian Girl 
4.15 — Moiyvos 


Are., eci. sir isr:. ut.ni 27 Mar- travelling music show ‘ ..„V Mn T ' ~ ~:t~~ , ~ ~ ~ - .~ t :~ 

vatuavali I Wl ih a.- ... tWitirh-. -STRAND- 01 -336 2660. Everina-. a oo. 

Dancer* irom Kwaia.^naiA. Evos. »t J Oirectrd t> HURT SHEvfLOPC 1 r M«. Tnur*. ^00 Mturtfava-S.SO A « 30 
7.33. TontB.1t A T amerrom TfcB “ H H PJ.--7.1 <a Iji’H.iXL- nO.nl «*,» ! - NO'SEX PLEASE— 

Miiiabtaarata. .Mon Tus A Wed. nr it. I «h* Derunall'. i.fl io»f' rr«r|i,^ B-'uir. 

The sons «* Pandu. ••Ewmomi* Fcrsvin. 1 Sur t,ore-.% ^TRe Jodlem.«| TKt , .Yi?ut?£ 

ticjtntal and fan. ‘ Guard in. cheere.l >..< T^lraraplt. M*KER 

KtNGVROAD-THtATRe. — U2~?4m ' - ®L“JS. J 4 - 00 : - 

. Mon. 10 THurv. ••- O rr.*. Sat. 7. IQ. 9-30. . STRATFORD-UPON-AVOH. Ro>*» ShJVr. 

THEATRES a.tne rocky ho/ror show TRejtrB toras ar^ti T.tfcen 

* J _ 'Lu-'U* ' viPtMiaieiY »» 4 'l 4 h:e lor RSC m THE 

ADELPHI THEATRE. CC. OI-SJ 6 7B1T, _THE GREAT B.'.KJW ROLL MUSICAL, TAMING OF THE SHREW. Mar 24 


v tT 



ALREADY 
MILLION 
CREDIT C 


NS BEST N1GI 
Sundav Pfopic. 


•come. 

BY OVER ONE- 
THEATREGOERS , 


THE TWO RONNIES 
a YDururaljr 
C/.MiOY STAGE REVUE. 


Mat. Tun*. 2-45. SaU. S W 1 
AGATHA CHRISTIE S 

>N HAPPY THEATREGOERS! . ALV '.FATS fiOOKABLE NCW I • THE MOUSETRAP 

r CARD BOOK INGS 33 6 ra n. | ca.Si; «.»S; ESoa. C?lo"fiTso ‘ WORLD'S LONGESI-EVER RUN 

83o 387 fl PiMy - R4 I'm Creo i t ’ ^00«_»" a Hofl.ua P I-137* J05S 1 1 - . . : ; ' **** 

IQS B56 -1971-Z "from & '» m. td J ,V‘R ^TRt . CC- O T • jYf ‘SOU c'. E*A i TALK -tff THE. TOWN. CC. 7M 5C5I 

.. Mon., rue*.. Wed. dud Fri. [ B-00. TVfen. SjOi.- 1 S, at. SO and 8 30 ; BOO Dmiog. OantMiR- g.30 Super R*»u. 
,m. Thurs. and sat 4.20 and 8.U0 ! *• JOAN PLOWRIGHT , odph ai 7 15 non.) 

-lOUS AND TiMES WtLCOME IS '1 RAKLE DAZZLE 

J.10NEL BARTS _ _ 1 aiu aATRICIa HAYES In 1 and at 11 om 


ALBERT. B36 3878. Part 
Wfd UkoS B36 1971-2 1 
6 pm.. Mon., Tue».. 
7.4S P.m. Thurs. and Sat 
" A THOUSAND TIMES 


" MlRACULOUS N MUS*CAL. ! ^ Ftn. Y.mos. . 
OLIVER 

-IUI ROY HUDO ano JOAN TURNER 
" CONSIDER YOURSELF LUCKY TO BE 
ABLE TO SEE IT AGAIN.' DailT M-rror 


t indicates pro gram me in black Galore. 5.35 Magic Roundabout. 


and white 

BBC I 

fi.-lft-7.5a a.m. Open Univcrsil.v. 
4>.3H For Srhools. Colleges. 10.45 
"You and Me. 1 1.03 For Schools, 
Colleges. 12.45 p.m. News. 1.00 
Pebble Mill. 1.45 How Do You Lio" 
2.03 For Schools. Colleges. 2.0ft 
.Tcithr Tir. 3.30 The Sky at 
Night. 3.33 Regional News for 
England l except London >. 3.55 

Play School (as BBC 2 11.00 a.m.). 
4.20 Seoobv Dno. 4.40 Potter's 
Picture Palace. 5.U5 Horses 


5.40 News. 

5.35 Nationwide (London and 
South-East only). 

6J20 Nationwide. 

6.40 b'portswide. 

7.00 The Tom and Jerry Show. 


11.01 The Late Film: ■ 
Save A Marriage 
Ruin Your Life." 


How To 
. . And 


8.00 Hawaii Fivc-t ». P .M.-: VuL*. 6J3 tana.-djlr r-.T.t " consider VouRStLF 'lucky TO Si 

0.00 People- Like f s. a.OJ Hr' ry. W.3S Da-.:S .vt-eu-s werM a ble to see it again.- Pauv M-rror 

10.00 News f - :jb ALOWYCH. B3S GdO«. Info. 636 6332 

IflTO pnliro i <. HTV CYRim Wales— ^ 4s HTV General ROYAL SHAKESPEARE COMPANY m 

IW-iO Police 0. fi.TL.n- - * :v 1J0-I.23 p.m. P.in.i»da-| rocirtcins Tonight 7 30 HENRY VI 

10.40 Russel Harty. Xe* *!:>-. V lja-isa Ten V.ars , i 1 J»t , S B tt, M SSa rasSp-.ed' 

IJ^O Hoiv To Stay Alive. g^V'.r' * ftSUSr V, t.Sok henrT'v 2 '^ 

jf-'J 0~tr Hamilton K “hV JSf W & T, 5 

W.40 Uo-e — A pnelll Ijy Rick '*S.. 2 I I TD-IJJ p.m. R-.-ain Wm; Hdail- Pi*:ad«lv Th«atr« in Pw Nichols 

Ferreira read b> Rudolph “a.«. Rcwn v.:v. a oo A « iS YouNG A ““on'c"^^ 1 Sift 

'‘aiKer. SCOTTISH c amlet on ice. 

All IB.\ Regions as LonduP i.a p.m. x* -vs an.l noad ft?win uo almost free. 4 ss 6224. ■■ D-nsm 

\ ivir. I 1 a Oic of T-r.-.-r. T2.2S --idir Film lli-mm- Encounter*" by Brian W. A>d<u Tu« - 

AiNULIA ' Mv T a— n7.-ns r- l,r t,' 1.15 p.m. Suns. 300 and 5.00 p.m 

1.2S am. t-i.f'l-, ox _. } * .-J®*- 5-Lr Toajmo n q chew Mondays 


RAZZLE DAZZLE 
and at 11 o m 
FRANKIE STEVENS 


All Regions as BBC 1 except at 10.30 Police 5. 


the following times:— 

Woles — 1.45-2.00 p.m. Bys A 
Bawd. 5.55-6J20 Wales To -day. 


7.10 The Wonderful World of 7.00 Heddiw. MS Cadualadr. 


Disney. 

8.00 It's a Knockout. 

9.00 News. 

9JZ5 Petrocelli. 

id. 15 International Soccer 

Special: Wales v. Northern 
Ireland. 

U.OO Regional News. 


7.3041.00 Glas Y Dorian. 11.00 Ferre 

Kane on Friday. 11.30 News Tor Walks 

Wales. 1131-1.10 a.m. The Lale All 1BA 
Film: “ How To Save A Marriage • 

. . . And Ruki Your Life.'' , i2s pnl ^ 

Scotland — 5^5^20 p.m. Report- Film Mann-’..-- 


ABLE TO SEE IT AGAIN." D4IIV M-rror | " •«AY i>i T_F i t > LL _THE LYRIC FOR A . 

— -I HUNDRED TEAH&/ 1 Sunday Tutm 

AIJOWYCH. BIS 6404. fnfq. LZ6 533 2 ^ AY i A 7jT nr ET—jrrr i 

OAVAl CUAIIKMADE i*nun A Rlv ^ * ►AIR. LL 529 IQTfi 


^ . t>P ttivJKSo fiupm IM552L 

TH<ATRB aW4 i 

A i — aajgga g jaggLagsat -a m 

iky xaIr; p c j VAUDEVILLE. -836 9983. CC. Evi 41 S.DO. ~ S 

w/n M Frl 8 0 C £.- n rn ^ Mat TuOT. 3 4S. Sat. S -nd 8 . « 11 

GORDON 04 AT?R 52.*- « ' Oituh SHERIDAN.- Dvlclc GRAY S 'g 

THE Elcx: UTH»N « ' 7 Eleanor bUMMERFIELO. j.m« GROUT V 3 

BENJAMIN f2ank?IN K • A MURDER IS ANNOUNCED a V 

B SWe j 5 mT M - J ; THE NEWEST ftHOOUNNIT f> .4 

"A comowsrcnste funny. *».— civ cIoqumi ‘ » .-* v AGATHA CHRISTIE ’ ' ‘ 

Bi.iv - Can- ■* H.ijr.oui " E Sid 'W«>cdl» I •'* •*«■*“»» Agatha wHh another who- i 
imuslna." E. New. ■'Soollblnalng." . Obs l ^y.T ,, . r ’ 1 i- Ao*tha Chriitf.c h Jtalking th« J 

iermaId! 27a“~fiM T!LfKS !2EJS^Sr-SL^ «. 


10.40 Russel Harty. 

1M0 Hoiv To Stay Alive. 

12.10 a.m. George Hamilton TV. 


1.25 pm. A.nt'la N:u-s 12.25 Fnd.tj- s'iu 'i-r, V m-Hv 

Mb.. Thr lliit*rrr Ol Mr. - ' 5 23 


« J OJCimo 1 No fhco* Mondays 

6.03 SuMland — • — 


F.T. CROSSWORD PUZZLE No. 3.671 



Northern Ireland News. 5-55-6.20 . 
Scene Around Six. 11.00-11.01 120 

News for Northern Ireland. p, ?0P i 

England — 5.55-620 p.m. Look 
East {Norwich): Look North 
■ Leeds. Manchester, Newcastle); Tht>c 
Midlands Today- (Birmingham): Echo. 
Points West (Bristol): South 
Today (Southampton i: Spotlight ti.a 
South West (Plymouth). M unu 


SOUTHER iV 


v2r?Mf A 2»iP E ' i, ' t, j 1 S ' J,, i me km Ain ‘*7a~£r- — _ ■ - — WCM ■ End vet apaln with anolner ot her ,** v ./ 

X2 U KS: V,C onC r * rl on,v j.-- AI Sj_ *** c f 5 ® 243 6«ldishlY inocrHOUl murder mvYter.rj " 

ON ICE. Wed. to S. 1 -. 8 30 Mots w w , Felix Barker. .Evealnn Nrv«. •• a . 

rrl. Mfl Sat. At 5 45- — . ■ . ■-■ ,»>. — - — ■ — ■ ~ - v • 

; " C i- - 4 ? S C?'! 71 .J A NE ASHER VICTORIA PALACE.' " '■ . 

by Brian W. Aldus Tum - WHOSE LIFE IS IT ANYWAY? Book N«w. &3 B 473S-6. 834 1^17. , v > * 

P.m Sun*. 3 00 and 5.00 o.m E‘erY Moil and Tues. at B IS D.m. 1 TR AT F-ORO JOHNS i. •.«! 

Momlars n 4HEILA HANCOCK 

« R b:0O m.«, WMS 6 2.U 71 ' %*. 5^ ST' j-^' 73 °.. M4» AI> ff?d. and 9*2**._ W _ J 

an "°* t tv i'\ sssfr.j.rfliuSir. 

-.JJ- .. »fi5 lnrr: *"*> Orchestral Comoanv. Too't B-00 John Ford's *T15 
The If.o*'! . hv TOM STOPPARD ano ANDRE PREVIN I FITY SHE’S A WHOSE Isold out). Adv 

- SCng^thf N pli , v ON aS 11 „ SM .t "n ER „r. an 2252 . 1 - 


BVgs. Aldwvch. 


S-un- South East .Cbantwls 10 . 41 «l and 

BORDER ** 0!l1 ’• Clialleiuto ».if The S.-s«s. | 

tl.M p.m. Epnl-r x«n. 2js M-ntm-n: !.■??*“ D ? l,a [ : 'i sn Vs 1 *."* 

•• U Mamed." S.I5 Tin- Panrulue Family. 'X n Ao ^!'-' n « f ^rth Jasper 

6.33 LoiIm round Friday s.DO Quincy. -rhT^’i ?I ,U « 1 tr, l.''«V Eslr .?- 


BBC 2 


A: lor ol the Year. E. Sid. 

•• IS SUPERB." N.o.W 
SHUT YOUR EYES AND 
THINK OF ENGLAND 
"WICKEDLY FUNNY." timet. 


TaTTo^^a" ^osTyvo rlIk “C? J an 'Ll* ! p "“ l Rayniand ' bkh 
romor a LOST WORLDS by Wilson John Sax Revue of 


6.40-7.55 a.m. Open University. 
11.00 Play School. 

4.55- Open University. 

7.00 News on 2 headlines. 


1Q.3D Durdt-r Parliament K< oorl. nj» 
Laic Film: " Thr FBI Sinn*— .Ufack on 
T->rror " 1 12.40 a.m. Border Sews 
Summary. 


The Late. La:e Show: “ Jaiucc 

TYNE TF.ES 


ARTS THEATRE- Ol -E36 2132. 

TOM STOPPARD'S 
DIRTY LINEN 

“ Hilarious . ■ see It “ Sunday Timn*. 


Border News ,_ a ,. m . Ttl .‘ |.. ard . tMawta by Monda 5 a rordI5 U « da T 0® 5-d 9 ^ 5 " *** 

.. -onh FUsi X.:ns lleadUni-s. WO p.m. Saturday at 7.0 » W d__ 9 1 5 . 


“* v «wf - Car park. Re<tauriH 928 
t 0K - Credit erd oka s. 928 3052° 

OLO ' 928 7618* 

PROSPECT AT THE OLO VIC 
Last WMjk Of current season 
Eileen Atklr* a* 

SAINT JOAN 


I Eras- 8.30. Frl. and Sat. 6.45 ana 3. no 
• Paul Raymond presents the Sensational 

I Sex Rrvun of I he Ccnturv 

DEEP THROAT 

Due K> overwhelming public demand 
J Season extended 


fLJ 4 IVIVIf* ..unn r-asi .x..i»s noadJni-s. W0 P.m. — — 1 ... „ 1“*" 

.. V.rJ AIyIyLL VorUi Eas: News and Lookaround. 1.30 Astoria theatre. Charing X Rd. fwim ! r-n.. »Vn n ^.. pr ? <, in tl f ,, ^'.„ su ? d,v Te, • 

1.1B p.m. lyt.-innni Lur.i-hnni- News and «-'ur uf To-.n t2.2S Friday Fi,m .Matmcv: , “ ,,v «eows« RMMorontJ. 0I-T34 4i9t , NTE »n*t ion ale r a 'iV 1 SEi' 3 


7.0S That's The Wav The Money Wha . 1 ’* ,Jn Wh,,r ' • 2-25 The Friday “ ily Con«l'i Kaeha-L" 5 J5 Mr. and Mrs. 

Hops * Jla'lner- "Drop D> ad Darling." AW B.M Norrhc-rn Life 7J0 Oh No. It's. „ rp nwino . „ . 

■7 nn x- j . R-pOrl VI Six. 8.00 Quin. y. 10^8 Chau- Selwvo Froggitl. 8.08 The Streets 0? San ELVIlT L,la Kenr-y». Jean Marais In Auditorium . 

i\evvsua> . nel UM V^'S. 13,55 Nlgbl Movk* t'rAiiviS^O. 10 JO Snonsliai^. 11 -OS "Hir " *nf«t»0UY WftvaVlTt^j Toot-Momoino ano ^ WUUHCfi VfYNDHAM'S. O') -£36 302B Cart 

8.13 The Money Programme: ,B i T. ,|nc u Fflr lor-.' liio a.m. Kcu-s Friday Sich; Film: 'The Cr?opjn« nearMhumpiwg ■ Observer. tupkiw riar« Dl « 5 - 836 107T-2 from 9 ai. to 6 p m. 

Does Stress Kill? and rn Fren-.lt. Flesh." I2J5 -.m. EpiIobm. sea, or w Cl .5^50 oinnee-Tep L . R ™J*" = MOn - nu ^^O^tr S %i»' 5 ' " 3 °' 

9.00 Ripping Yarns. GR AMPIAN ULSTER ! o'rS? V!e very funny “ i toUl nm 

9.20 Inside Si ory. 4J3 a.m. First Ttnrw;. IJO p.m. W0 p.m. LunchunK 2JS Friday Man -Th^rs and Fri". clod o-m. oniv. j Of'cn -, aiil-' RMent's' PanL — 486“ 243 T Mtnf °o ? NCE , A CAniOLlC Com<dv 

10 JO The Devil-s Crown. l 1 .*' 1 " 1 ! 1 "":- ua Fniuir Wmw. *Tibh «u Ihe V|K*> uf best ^-usic al «»„ the ye a^ a mioummpr "igh^s^Wam ■■ supreme o* ,ct.pion.” 

11.15 I ale News on ’> ‘ v , ® ,U1 *!'" Knuhi Hiihnui Armour" CoH 4^3 l-bii-r Ni-ws Headlines. SJS g VEHi N G standard award j • *'h Miy. fcmird Siiw'j THE man Daily Telenrapn 

* SLT^il.“'o-in«-v.. Am oramnlan Today 7 30 Thu Mm TIk- HlTHStoay<!. b_M LMer Television CAMBRIDGE. 836 BOSS Mon to Thurs J?* °**K LA nr OF "MAKES YOU SHAKE WITH 

11 Ja Ddm-e Month. Balanchine .M.aU'Od Show. B.OO Qn.n.y lam N-ns. 6 -QS rmsimadc t-W P..fu' r .. (HI IJO FF j" ”- 5 W ” “ 30 ^ • — c SOHNerfi Jams reper to.rp July 1 7. LAUGHTER- Gu.rd.an, 

Festival. ReflytliuliS. 14-45 Friday Film; - Dr. Paine 5ix. 8JH West side Vt.'divBl. 1P» TOMB1 . PHOENIX. Q1-8S1 1 2 294 Evenings 8.15. 1 ■ - — 

12J5 a.m. Closedown (reading). rr "'"' s R, *» " 12J0 a.m. 19JB Ti.u a: U.43 Snansean Ev-.-fma Bluk Air.on MeUcai a 'S»iiWp , * y T f J, ” d a *°. . 1 - lklCL1 ,. 

inivi nniu ° r!,,, ‘ 0,i,n ^ ind l gP^en 8 ^^ LVg^ d c i5a‘« ’ CINEMAS 

ir#/\l30|N GRANini Lj, ‘ KtJ ' a-m. Rednnti-. -hird great year the unvarnjsked truth 'abc .; 1 * 2 shafte«bury ave *.«* 

V. 1 '. IVTCTu-inn Omr«r and lo«»-prwe seal £5 75 m r i 1 Comg4v t»v ROYCE RVTON 1 8B6I. Sea. Perf*. Alt SEATS RK BLE 


Does Stress Kill? 
9.00 Ripping Yarns. 

9.20 Inside Si ory. 

10.20 The Devil’s Crown. 
IMS Lale News on 2. 


Nearest tube Tortonham Ct Rd. Moni- INTERNATIONAL SEASON AT THE 
Thurs. 8 . 0 a P.m. Fri. and Sit. 5.00 u*.v , 

'nd 8 45. In«4nt credit card booking , ,JX. N 5. s , 

ELVIS LIU Kenr^i*. Jean Marais in I 

” 'nlertiou^ aoteaHTrg leet-saomnlng ano *- Ea TFRRIBLCS 

ncarc- 1 hum ring •• Observer. may zz-27 . 

ELVIS THE TUPKISM CLOGS 

Seat Brrcw Cl ,50£S SO Dinner -Top I . Mar 29-Junr 3 

price seat £8. SO. Half-hour before show • ua " ,PM WNTiiiraiK oo-n ll[# The Old V:e 


WINDMILL THEATRE. CC 01*437 6 312. 
Twice Nightly BOO and 10-00. 
Open Sundays G 00 and 1 00. 
PAUL RAYMOND presents 
RIP OFF 

THE EROTIC EXPERIENCE OF THE 
. ' MODERN ERA 

" Takes td unprecedented limits what h 
permissible on our stage " E>g. News. 
You may drink arid smoke m the 
Auditorium. 


any avallab'e top-urice tickets £2 50 


ooeii before or after the show. 


Mon -Thurs and Fri. 6.00 P-m. o-rl onl*. OPEN AIR.- RMCnt's Pane. 4&6 JiiT 
BEST MUSICAL OF THE YEAR A MIOUMMM NIOHr^OfiraV Fiv 

E VEN IN G STANDARD AWARD 7 tr-h May . Bernard Shaw’s THE MAX I 

j°¥4 4 M Sfd l ? vl hurs D SONNmj0.nV ,C re^tof r e L ^"y i*7L ! 


WYN OH AM'S. 01-E3& 3028 .Cred'l Card 
Bkss. 636 1071-2 from 9 a.rfi. to 6 p m. 
Mon. -Thurs 8 Fri and Sal 5 IS. 8.30. 
" ENORMOUSLY RICH 
VERY FUNNY " Evcn-ng News 
Mary CM *!<?»-* smashthit Camedv 
- ONCE A CATHOLIC 
■' Supreme comedy o" set and iclipion.” 
Daily Telcprapn 

“MAKES YOU SHAKE WITH 
LAUGHTER" Guardian. 


LOIVDOIV 

9.30 a.m. Schools Programmes. 


CINEMA5 


GRANADA 

WO P.m. This Is Your R 14 I 11 . IJ0 The 


WESTWARD 


ACROSS 

1 To leave the country could 
bo a fault 161 

4 The last possible moment and 
the phone's not working iS» 

10 Anguish of people in the 
wrong legally (7> 

11 Stealthy way I tackle badlv 
CM) 

12 Two gases making one bristle 
Hi 


6 Report of French to people Round. 2.25 Friday Alorine** 4.15 

(10 1 Four Idle Hands. 4.43 Magpie. 

7 National Hag on top of 51 i» Emmerdale Form. ^ 

hospital initially (5) *•*! ^5" S- . „ R'Ton uji 

8 Not liable for river policeman Thames at 6. 75* 

at head of Thames (61 411 ' 

9 One wa> spirit could give thT »!* r r.T*w* A r n , ■ , Underwj .- 

< JO The Many W ives of Patrick, sjo Cmsxrt 


VORKLSHIRE 


MURDER AMONG FRIENDS 

. _ " Blacfema.1 armed rebberv doub'e nluf . ____ _. .. ... 

!•» P-«. OdSlJxm JSo Winner- iT,d i ™ 

|V, n 11 . . IJfl Ten ' ca^, an<1 lAwiA 122 s l-'r.ilp.- Film Mjtti.tri- Rsc ' : *o «» the Alawycn jno wjrohouu? 1 V . Bet^dlucci t JWW Part 1 '>• ,f r ‘ 

!!r 1 ’’ Ji:- v -;- s ' Lnunlrv 2.08 tt'amn ■■ t-oitusc To Lit." USS ijrtnr.n Tim.i CRITERION, Credit Cards. _ 930 J2f6 . Thcalrm 1 4 >5 5.15 3 15 L<tln tAOW MIji 

n Thn Wav T« Th ' ne . *2* ?«. M T 0urn ' *■“ Calendar 7J0 EWW JSw 8 '|N *fr» UGON 3 1 D yJ5S . 1 0 P ?! N “ EDWARO-'cC. (Farmeriv~CgiHno.i 1 a ,Thjt. Djrn.j 

_u f’vrrjm. SJ3 The uh Nu Its Selu-yn FrdEgJir 8.00 The LESLIE PHILLIPS 1 B877 Red pr.ee orev> June 5 -WEENeV CHARIOTS OFJ 

** f i^JDUin Nemo SireuU of San ITjnciBCd. 10J0 Aanmn:- in’siX OF ONC* 5 * »3 and_20. 8 O. June it 5 so and 1 . „ ?TPP* _*■ 00 4 55 * 


024 3 si it 2 ' HAVE® ‘died/?’ Su™°Ti!Sw T ‘ '^Sh'e feR , bOODBYE G1PL lAl. WV A Sun 

at 7 00. M«V A «?ELJGHr"E. Stand '' GLORIOuS . ? 00 5 810 Late %how Ml. ' 1 1 0 
d T-22- CONTIN UOUS LAUGHTER " T imes - 1 2: SWEENEY 2 ■ A AI Wk & iun 2 00 

.PICCADILLY. 437 4506. Cred-I caro'^dT ! j,IO 9 10 Lafc Ihow Ton.gnt A Sal 
0^-930 2579 1971-3 Iron* 9 a m -B p.m F»gj. a.' .. u 

ONY ‘b^tVn 30 J cSmpan^in 3 ' I J?wW5 W l“ , :5 

t JWffltlR * LSH ° UTR by GE P°«e S r U ° SS C ° MEDV \% S N 0 F 0 *“« OU PLACARD i«l. 

nil(U» DD1VATBK ON UDllW I PUD. i.DB. 9 0S 


11 Stealthy way 1 tackle badly pluck <5> ine “ an > « i'es> oi r airicK. sjo Crossruud!,. 6.00 R,„, n Wen. BJJ-mcci U.ift Ft-jr- “Twins «.if Evil ” 

CM) ' " 14 Western crew on the French — 

12 Two gases making one bristle ship are like astronauts in 0 . r^v^ t ht™ id nr , , ' 

. Hi orbit 1 10) RADIO 1 24 ufL P ?nm. l , - w J n ' 1 0rt,|,wrrj ,l s ^ ? ' hi! *‘* 1 ' ‘Si. w vorevs an-j v>b« 

13 of "i«n from -side of 17 Dark hoije it is imagined (9i s<0# ^ w ST7Sf ! ! m 7SV,n u, S^tSlTSJS 8TZ*3S 

. head? 1 6-4 1 18 Began with ledrner inside and Travi«. 9.80 suron bjics.- mi Paul »a» «»n k™ 1 '? piayhiii 'S>. iojhj tu.:- world Toniuiif. w^i; 

13 Itiding a untcvcle? (61 caused sudden alarm (S? Kurn-.-tt. mcmdins ujo p.m. ^e-osh.-ui fs, Vh n,; \- 2 - M B Rv|n-noiro Knimg .. . -si. uts ur d>.':i^; u'.ua 

JJ K « current 'this month (T| 19 and man u 'oaura* ten SSJT' Jf‘SE5rS^,.* 3 S J ?1l^'-TSS3: 

20 Vessel used by small Friday (8> , ironh and TUv Xi-u- Million Am .s. , 8011,14 •••'nnnu.di. Ml JO HI.. nr. UM Nvirs 

o crowd m 22 Stop and speak to airman over / 0,1,1 p '°' •*.. BR C Radio London 

21 Move steadily nn with tip nf price ifil _ B-u Shakt-6p,.jn- jnd in.- n^mnes. ’S^d 206m and 94 J VllF 

trunk, but elephants never do 22 Fabricate 1.1 endlessly i5) RADIO 2 l.5U0m and \*HF Musk- from pcwh.- r.mi— p Jn j is>. ’J>* s.oo a.m. As R^iija 2 .. 6jo Rush Hour. 

• (61 25 Cave in distant realm l5l 5.00 a.m. Nv„s Summarr 5.02 i{ 4 > E C Ba ,?2 V *’!- 1 , 8 i- ?-2? .bS^ L ’’" r p m - r - i,!1 10 

24 Magpie caught Luton foot- 27 Charge which is about right to rlf %ho,i 1 t 

bailer fining to fight (7-3) give release (4) Jjft * am ‘ ana L'j-jt. Slop. Llsl>»n. 7 JO 

25 ?u!Si r ^- f Zh. U ?4r 1, ,ni hiS SOLUTION TO PUZZLE RADIO 4*" t-S JSJShSZIu »3S 

28 Nothing at dinner but grain No. 3,8i0 SiiSS.c c Sis 3 cS sj^oavid bis ^nSSf London Broadcasting 

29 Sh to catch on end of line? BSHfe'S S»E SpLtt ™ x « «■ lK - fS?2E 

Rubbish! (7) nffl4 Sa i sBMlBT Hr ibb sas ffgSaoS *“ I™**.: ^ Vesf ? mw khhup dbus. .morm.uon. travel. S3 om 


by Peter Uii'lisls 5 on 7 no q ni 

PRIVATES ON PARADE !- . 5 J”l “5? - 

'' 5$g‘PS!L£i!i m El-'^i ESFI 0 ?*- .CLASSIC l. Z. 3. 4. O.totd St toon 
£, 5SS BY ,.? f £ TS l r* t y ; Totltfnham Court «1. lubtf) F-36 0319 

RSC *:»o at thf Alawycit jna' wjr..houi 1 l. Bertolucci* 1900 Part l ixi 

Theatrn i 2 15 5.15 3 15 Late ^now M Ij f. ,n 


‘Hi.iT 


Lau- Night Louden. liBB-Clas*.'- As Radio 


30 Secs tide change in the north- 
east or England f8) 

31 Fellow accepting me is lower 
in status 16 1 

DOWN 

1 Continental wife and husband 
(Si 

2 One who supplies vessel to 

• take angler around i9i 

3 Heartless chief conk (4) 

a Going off sImdc embracing 
leader of casl could be 
thrilling tSj 


BHEnnS ;0EHBQHQE 
H 'El E . E n H . H2.- 0 
EnBSGHnnEi yanan 
B E - C2 V'B— 0 a S / ;0 
HESHH cm EEBSHEHna 
m a Pi-®::;© s--. v-c 
QEHBESQ^aSHSBB 
3 ' EI- E : 5 

E000OB- 0000BHE 

S3 ; '. : • B-'.n -' E 

SQ0ESHB5SEBV: 0BQE 

m R E 0 • B D 

EStinE .vfpffiEQffiSES 

m jn- ts n - n.: :E 


NOW-.N SECOND ' ye AB , “ ' sUI? = !»' C^JoTS^E 

.. vt ^“Tn I ,r 13 ssr-s- -aVn.r 00 4 SS 

SECOND HILARIOUS YEAR ' ; 3. HprtTv WlnL'.«r HEROES -AAV Ihrw 

Em ry “lamcT aTFie" bTob. ^ . 1 ” ,,nc e ofw*les.cc a 1.99a mu , ' 1S 3 40 6 1,10 l^w* 10 -' 5 

I'.qht 6 00 Wed. *"« 5at 3 00 r ? P J!‘ . 1 ' - 

A CHORUS LINE ! ANn RatfIr.,U , A v r 3 C0 4 - B-rtiiloco s 1900 Part 4 X) Pr.’T«. 

■a rare (TV*” ■»!'"« Intone Floniuilna L ° rSStenv D u.y Y S 310 ’S 38 - a - 15 LpHf »hc« 1 1 10 P m 

•funner - Jurtday T.m ei ' .. Y75v . , U . . 1 "T L HIT . 

— . "HILARIOUS Th« tun riiD-ni^ cirmi w 1 49P 3 ^ • 

D'l^HERR. 814 8?aj Mm. iq T h trs. • I LOVE MY V/IFE PARDON MON AFFAIRE >Xi EnOlKh 

E.-is 8 ' DO i, M F , r, rA»riTTT* 5 > a,,d 9l0 ° • " *LL JUST GOOD CLEAN 3 55 C.IO and 8 30 L«t Wc<-fc-.. 

OH! CALCUTTA FUN. Dally Frnrn. 1 . • >- ■ 

■he Nu-Ui v is Vim.nn." OH, T-i 1 rn.ju CARD BOCK INGS ' 930 0846 LE'CESTER SOU ARE THEATRE. 9dC 5'S? 
9:h Sensa tional Year. — -■ - ■ ... Shlrli'v M.wLain? Ann«i flanrrpfr M'*h»J 

driifi" - OE‘ vhnir'ie ” — " lii i [ , N l« TH i 4 TR f. CC. 01-734 llfih . Barvihiuknu In i Hi-rocrt Pp« n in' WE 

nUK E«° F a Y M R ^W*d s ,.° Vt i nn 12 i E ’ q: “ B '°- TtSSunui V, 1 , . S 0 n * “ 3 «> i TURNING POINT -4- P.tw. Wk Hi 

EV9-. 8 . M. W«d. Sj at 3 OQ ..... ANTHONY _ OUAYLE I 4 30 BIO. Sun. 3 30 7.4$. t*te *>ww 

iWK. ^,TH BB OOK MICHAeL SL d R ,d- e , Fr( .nd sa, „ 4 5 B ,n 

.k if noNA« production 6 MB I aaevr 1 - 

MunelPaylowaj MISS M APPLE In THE FESTIVAL OF ' OOEON LEirrSTER ff'UARE. 910 M *1 

M „*f-«irHA CHRISTIE 5 e „ . EROTICA CL««E ENCOUNTERS OF THE THIRD 

M URO C R A T THE VICARAGE J Fully Air-Conditioned. You ma* drink ! KINO f AI Seo or Jos. DM Onor* «n.-n 
Third Great Year and smoke In the auditorium i 1.05. 4-15 7d5. L«i! show Frl. A SJf 

GARRICK THEATRE. 01-936 4601 ; RSCentTheTtHe: fisTs^fil ' ” '' S PM ' AM i ** U 

tygs, fl.o Mat. Wed. 3 o. Sat 5.30 8.3a.' Moi'i.-Thun » 30 Fri «n L lit 1 m* booked. . . 

TIMOTHY WEST. GEMMA IONFC . "F ?.™' 0 *. ?. A J>: nniT n 


''■'men 


HALF-LIFE 

A NATIONAL THEATRE PRODUCTION , 


9DEON HAYMARKET. 930 2758 7771. 
Jane FendA VmMti B.-tlnrave in » 
Fred 7inni'tr.im nlm 
JULIA <A\ 

Snp Praqs. Daily 2.30. 5.45 B -*3. 
Feature Oly. 2 45 COO 9 00. Lain '.how 


MICHAEL KITCHEN 
IP HAROLD PINTER'S 


THE HOMECOMING 
ANT— A TAUT AN 


JAUT AND EXCEL- 


LENTLY ACTED PnoOUeTION.” O, fri' i L m, T?2r««- 0ri 
■AN INEXHAUSTIBLY RICH WORK'-: ^WELCOME - 

Gdn. MOT TQ be MISSED." Timer. / - - ^LLCOME 


THE CLUB 
A new mu ileal 

.. CiuKit ana CtmHc." Tinw. 
Show scores wncs. •• D Tel 


TO THE CLUB 


Inu 5.45 Snorts Dost 6j45 Snorts TVit i. n.Z, iwpj. vesivro-u .sini-siup unit, iniarmaUOD. iravpl. S30rtS TIMOTHY WEST. GEMMA IOnfs prl - ° u * ■ *»■ 

7M2 Nat memhMd l£ C^MiUimi TL Pjl ffi' 30.00 Brian Hues Snow. MICHaIl' KITCHEN J ° Elp, ‘ ,n '- ™I 0 ^ K enoaalno -" « n 

Airs in band’ PwadeiS^'fndudmiTJO ^ ’}«' 'th^S^ecoWng 5 .. r A?4 iW«. 

SSy«?fc?SuqR£eSW SS ssift “«»£*! Sii .55 JSSf V«a- t 

s-jf-ja* jfjas » .« SS«T«s? T a ssr-js K VSR.’TJS;.'™- a? wreustit:; - nr 

■” WSE P INm.ndMJVHF WW’feTTTfWW* » «. - iS 

hniiui't ftHw Rdroducus iJM Tfti' World .U Oj,,.. zjo T he Arelwrs. *-00 Am. Graham Doni-'s BroaHasT Paul codington: julia M-KErtzPc I h« c OLAI 2 u K f N 5 

as %”?E 

RADIO 3 4« m ..s.rr,. & vHF ^ „» JrWJISS K. ^C.hS An"Jf JK 


Elegant, goed h'-ngurri enoaQlog." Gdn ■ ODFON MARBLE ARCH. 723 Mil I 


THE BETSY *•. S"p prnns. Man.-Sif 
1 30 4 45 8 13. Sun 3.30. 7 30 Lair 
tiff" Fr|. A Sit 11 45 o.m. All SHU 
hfcbla. evenot 1.30 perf. Mon.-Sat. 


r nr” r Mis' 1 -" J wiSfre Charles' *>*7 437 'g I HI. 


, 730 174& 

Sal. al 0 SO ' 


Musi and M*v 24 SWEPT AWAY •»'» 
5»n Peris. Oaify fine Sun )• 2 10 5 .’9 
8.40. L“i** ihm Sat. 1 1 SS S--»ts RLh'- 
Llrnnsed Bur Fnjm Ma» ?S M«I Riwke 
HIGH ANXIETY i At. Ea* Offii-c Now 
Oneo 


YuS J™™”--"' TTj«irc fS. MM' , S«C“«S" ShA^s M.ru ^ W £&«&.■%. “So^r iat^^% oV^mlW 

1 Medium Wave pnly. rpiampmns-T.BS and Pnjvftctuli®. Wullv's Oom l.m.* >5.. 9.00 .Nicks Horor's jj!l -"'sublc t.Bmng." Sunda y r, n .„ Cononn t ri t i^ rotr “ * °°' 


; ROVaVty. Credit CJrds 01-405 8004- I 1--Lnce«cr Sonarr iWmpdw Sr 


TSJ5 a.m. Wcalhcr. 7.00 Nek'S 7.85 Srorr Tlnn-. S-OO PM n v -riorfB. 5-40 Vnur Moih-r Wnuldn't Llfcr'li i.Si u.oo Greenwich theatre! ~ 
uicriiire <S*. 8 JN N»wf. S.K Mnrnlns KnqnirT Wiritln S.SS Wrathi-r: nri'BTadima rninran Jnhn:«iii‘s I.at»: Shn« •«■. 2.M Ereninyj 7 so 

I Cfim-err >Si. 9.60 Non i. 9.05 Thu Weeh’s X*un MO ft 30 r:n ins Plare* «.m. .'an riasrison’s Lvndon Link law rur M »r U nlrL, ? . S r°^rr_. 

Cdmpnscrs. Respishi and C-bl-IU iSi. 7,00 News. 7.0S Tlio Archers. 7J8 Pick nauonal iSi. A E pift» CM by R Don 'larior* 


ass T?5i 


430 4470 

Wmdy Allnn'c KVFRVTMING YOU 
A"VAY9 WANTED TO HnfOW A80 ,r T 
SEX Of 1 3.50 ftnB 9 15 BANANAS 

1 IS 4.25 1 40 L«tr ShfWf Frl. 
A Sal 10 55. 


BILLY DAN1EL5 ,n st * 4.S0 R 0*1 9 15 14N»i»ni 

nunimr. B 9 own sugar '**<■?, l»S e 4 !!S ? 40 Lace Sho* Frl - 

Bf.il Mi-ileal of 1977 1 _' D ?*■__ 

,fr 7nfed. Ms IDT rren.t . ;Tiimo oitarit Clrrut ’ 4 rr - * *n-'. 

snerigi redi-md ratm fnr ir«nnec* fnr I IPHJCTNia-ai 12 /n 3.30, f-53. 0 *0- 
a limited oer.oa only. I Late Show 5 if 11 05. 




!AP 







r 




Financial Times Friday May 19 1978 

Cinema 


Covent Garden 



Cassavetes comes out 


Rigoletto 


RONALD CRICHTON 


by GEOFF BROWN 


j The Zeffirelli production of 
!ffi 0 ofetro. staged by Richard 
: G reason, is bad? for another po 


Opening Night (AA) 

Screen on the Hill 
A piece of the Action (A) 

Warner 3. Fulham and 

Edgware Road ABCs 
The Betsy (X) 

London Pavilion. 

Odeon Marble Arch 
Les Enfants du Placard (AA) 

Camden Plata 

The Stick Up l A) 

Columbia Theatre 

Few American directors can 
hold a candle to John Cassavetes 
in bis fevered depiction or per- 
sonal relationships. Tn films 
like Faces. Shade irg and Hus- 
bands a tangle of souls arc bared: 
the dialogue comes at us m a 
quasi-improvised headlong rush: 
the camera keeps pace with de- 
manding close-ups; the editing is 
nervous. The total effect is 
claustrophobic, strident and a 
little unwieldy. In recent films, 
though, a strong narrative has 
begun to encroach bn the pro- 
ceedings. bringing a greater 
degree of shape and perspective. 
Opening Right marks a further 
stage in Cassavetes' progress to- 
wards more conventional film 
methods. For the first time in 
his films tbe environment of the 
characters suits their self-regard- 
ing loquacity. For the environ- 
ment is the theatre: Opening 
Right is concerned with the 
painful days before "Le Broad- 
way premiere of a new play, 
almost sabotaged by the leading 
actress' difficulties in relating to- 
wards her fellow players and her 
character. 

A serious film about actors 
and acting necessarily needs fine 
acting to succeed, and Opening 
Right boasts some very fine act- 
ing. Some of the cast are Cassa- 
vetes regulars. Gina Rowlands, 
so powerful in .4 Woman Under 
the Influence, rules the roost as 
the problem actress Myrtle Gor- 
don: Ben Gazzara provides solid 
support as the show's producer, 
trying to bring Myrtle to heel 
without suffocating her in sym- 
pathy. Rowlands' supreme 
ability to play a woman under 
the influence — whether of alcohol 
or interior demons — makes the 
bulk nf tbe film highly rewarding 
viewing, most of all when she 
enters magisterially drunk for 
the Broadway opening, has her 
make-up forced onto her and 
sways alarmingly around the 
stage set. 


the cast 
the aud 
much so 
problem 


truth in Lise plsj\ One of the While Cosby works to uflcovpy theiT television counterparts rolc^thure are not 

minor obstacles to lhe Sim's total the man responsible Tor their Rich Man, Poor -Van; often r ,a ? y wh # ° can " Bul , Mr - W^xell s 
T'TJLll delivers to his prove such compulsive viewing. .£"£*.5 T' 


up the actress* own youth and in throw' dUpensed by S’dl^iass JudoT embrace* all the cCra* . JJ? a ad ™” d ™ E *? 1 
part possesses her. An exorcism teachers earning a living out of ters with such pretentiouslv a , s !?" ( L r !! ~ f \ f? n ,K h u de * 
is hinted at: fortunately we others' miseries. After the plot >iow. comolox camera move- *?£ k t 80 Cjpab |- V lherei was 
never reach the stage of levila- has run its roundabout couVse. menU? XnTe .he crazI- way lhe ’ i rea,,y mov,ne or 

l\fin5 find \ nm I) . Vint thA iVl I thn nnn man raam *■ H cot tn nn ■ 1 1 )U Hi i h 3 i 


a*!? 1 '* Iad - V *, TaES 


Thus encapsulated. A Piece of character importantly ascending- 
e Actum may sound syrupy an imposing stairway. 


was almost a miniature 


iv oman never strikes one as a 
viable theatrical property 


momsing. the outrageously mis 


croaks thp Sfi- 


woni an is ing Duke 


(though its thematic concern ju ?^ d Cf,n,P T ? y 4 “l vo,vin S * he ye * M,d Harden, an Senior: it is MantIl3 was Ryszard Karczykow- 
l,t" ,Jn 0 comp™ I ela,lons 01 * 0 ivers unmarried Laurence Olivier speaking, and « ki _ the Po hsh tenor who sane 


with ageing usefully 
ments Cassavetes' 
design V. Moreover, tl 


F Foitiers unmarried t-aurence uuvicr speatung. ana eki t h e Polish tenor who sang 
Cassavetes' overall " uma ' 1 - Hie hrief glimpse of piroughout he throws himself Alfred in las r winter's Fled,*r- 

Moreover the piece's lh,? Danee Theater of Harlem, into creating the ludicrously , maus . He gives a dashing per- 



tone recalls the nervous violent Co ' b - v and Poifier are Pleasantly crusty wJmelchaired rapscallion ( f0Pma nee or some . harm, using 

enerev of Method acti'ne and Personable, and the film's inci- with a distressing degree of j his voice — as Tar as it will go role on Mav 24 and 27. Alfredo 

playwriting: for such a plav the dents l, nger in Uie mind more enthusiasm. jin this role — with address. The Kraus on June 9 and 15. 

beiim-eliM* Wics HnnHu cco m c 3 than one might at first expevL * [trouble is that rhe voice won't. Aj- f;.r as the- emission nf 

iq r ess Take the sequence where Poitier a mother divkion he(w*en ovl* ' aS the ,a?f acl c,eal | . v showed, beautiful tone was concerned. 

fa, Tils aDd hls class lcsl the 'irtues of I k! !!!!!! * * %0 far enough. Mr. Karrzykowsfci there was nntfaing to rival 

1 3UJ15 M#inimriti #»rnirf ocv Ki- ncLHnx an d content can be fuund in a „„„ .. t'J ,i„ .. n-. .... 


bejewelled Miss Goode- seems a ^ P / 10 n,, * JU 31 ? rsi 
iudlcrously unsuitable authoress. ^ a j e v - be set l u f nce where Pouter 


But For all its odd fa„iie ana his class test me virtue? or . 2 ^ „ »o far enough. Mr. karrzykowsfci there was nntfaing to rival 

Opening Right rjfns tis lentfby con,mor L c ; jurte »' *?>' a ® kin 3 fifm frwotheopposneend of - inay b * , “ ckier * ,lh " La donna Uwypne Howell's Spsrafunlc. >el 
course f two bouTs olust without P ass frs- b - v for directions to a mobile’ another evening. The it is not entirely ea>y to accept 

any dul! patches whatever. to fThe Ctart cSrenJj 05 ^* Peter Dvorskj ' sin e s lhe lhls s,n ^ r » a ^ckstreci thug. 

* heart of any Surrealist which put in an appearance at | 

Sidney Poitier bas been direct- * last year's London Film Festival Coliseum 

ing himself in films for a good _ now makes its commercial 

seven years now. but his direct- There is nothing shaggy about debut at the enterprising ^ 

ing manner is still verv basic: d °e' ° f 3 story l0]d in ^ Camden Plaza. The style of 1/ - y X ^ 

in .4 Piece of the Action his only Betsy, which, the credits tell us, director Benoit Jacquot inescap- I I | \/ Tl 1 T| £-* 

concession to the nuances of is a “Harold Robbins Inter- ably recalls Bresson, whose he - 1_ J Ll I V CI»XXUa JLV/ 

style is to shoot the scenes tak- national Production," fashioned Diable. Probablement recently m/ 

ing place in hi* own character’s fr ^ ra tbe master's latest best- played at the same cinema. The 

flat in curious soft focus. The seller. The story lor all its film Is replete with slow con- English Vational Ortera mostlv iinder-sun- and disi-n*. 

director’s loose hand means that elaborate pattern of flashbacks, versations between characters Drodu ljon , Leber’s Eurnanthe sin-Iv under-conducted 
the film goes on for too long (it is as short-haiied as they come, standing facing each other, the ; proa “ j: , . V. , L - u " r -1 . r. i 

also runs two hours plus) and and details the troubled characters' slow perambulations | " borD 1-st November, in diffi- - ,ro ^ s Jljjt i? 


tngvar Wixell 

The assassin’s su-lcr MaddaU-na 
was Gillian Km-ln. her appear- 
ance more sen-imus lhan her 
singing. ' l r url...'x Rubmsun';. 
Monierune cur<ed to fine effect, 
ihe Boi'->a and Maruilo of Robin 
Leegate and Jonathan Summers 
did' MunvlhiD 1 ' to reconcile one 


it, lh.u unwieldy fir-t sccr* 
which im-viiubiy nevo.xil.ues the 
L-S'ira inicrval. Edward Dow::cs 
cun d in- led. from the iiiiusuallv 
gripping prelude onw.inl- finding 
lhe furm ilul had just eiuded 
bun in the Trur utnrc earlier lh:i 

sL'i.xun. 


Euryanthe 


bv MAX LOPPERT 


success or old-fashioned charm- where Ford’s Model T and characters merely sitting, pensive; which a wonderfully rich and J™ ?“ -5 !£,» a Ah» e IS«5S 
For with its mixture of suspense Hitler's Volkswagen left off. In and immobile. But the substance colourful score is shackled tn a 'jfe 

and comedy strongly laced with the process, large rattling to support these minimalist | bb ^o_o[_cl a ^c j unAieldiocss 


rattling to support these minimalist 


and Damon Runyon. PoJtJer ls " .B m ,o roll" on to brother (to* Cmi) S hd .bat for |ng aod poasan, chores ,bnn= 

teamed, as in his past films, with assemhiy line to he adored roamed sister (the radiant JJJjJJ 11 ** I»^ntimi-.i h cnnihcn \ n F^?,! 

lhe amiable Bill Cosby: they play dr.veo and crashed by millions. **«*>; b w v h ^« ra ebM- fffl” “app” di"™ informed 

hood experience in a clothes John Blatchley has evidently Ibe characterisation of ihe 

cupboard where they carved 3 f flir amount of his worlds of good and evil so vividly 

crosses on to their \hnuldprs original staging; the opening evoked in the music (even if 
with lhei? father's swoSk dumb-sbow is removed, the haraSMedly in the librcttot. The 
The air is thick with shade s *cond ghost dispensed with score plodded. Listening to the 

business deals. deeD-seated euilts fwhich stiM ,eaves one 100 choriw * apparently near su(Tn, a. 

Sd aencra! hiS aStv fto raax, y ) - lbe more egregicusly tion in the cl inter of Stefanos 

borrow th? title of MeI B?ook's nielodramatic detail in Eglan- Lazaridis’ absurdly Fussy co^ 

newest film ouenina next weSci 11116,5 final downfall restrained, tiimes. one sought out memories 
But little 'of the atmosphere! 







Bill Cosby and Sidney Poitier in 'A Piece of the Action* 


But little of the atmosphere 

congeals in any useful way. and ffiSiJLly d 

on first acquaintance at least the I 1 

film is deeply boring, which 

could never he said for tbe hectic - 

nonsense of The Betsy. 

* 

Finally, at the bottom of the 
heap there lies the British-made 
T7ie Stick Up. an egregiously 
unfunny vehicle for the wan 
charms of David Soul. The 1 

American writer-director Jeffrey J 

Bloom began with a serviceable 
notion — an American adventurer 
at large in Devon in the year jf 
King George Vs Silver Jubilee, 
which with the right handling 
might have drawn forth -whimsi- 
cal fruit. But he strenuously 
drains all interest from the pro- 
ceedings by his impoverished 
script and- his insistence on 
shooting in dull close-ups. The 
film was originally to be called 
Mud. a substance much in use 
in the way custard pies used to 
be. It's much the better title. 


(though to bring reassurance that ihe 
over-designed), sound has not always been so 


vve'uly. *>0 half-hearted. 

For the five principal rule.*- 
only the A- lea 111 nf a company 
will really do. Margaret Curpbcy. 
new iu the title role, is at 
present the nearest approach on 
stage 10 lhe necessary level uf 
accomplishment. In the first 
cavatina, the lone was kepi lou 
Far hack, with unclear dictum; 
but Miss Curphey was soon sing- 
ing out. with much of (he 
warmth of tone and clean line, 
the ease at both ends of a wide 
compass, the stamina, that ( 111 * 
long and immensely taxing role 
demands. In her playing there 
is dignity and poise, though not 
u yet the full sweetness and 
natural goodness of the character 
—desirable if these qualities are 
not to be mistaken for hopeless 
silliness. The murk of sets and 
lighting would in all probability 
defy the communicative powers 
uf a Lotte Lehmann. 

Unusually pinched of tone, 
familiarly hammy or manner. 
Elizabeth Connell made a dis- 
appointing Eglantine. The Press 
was told that Kenneth Wooliatu. 


Ad, ilar. was 111 pout he..ith. The 
.tiniivuvi- >lumlj al.-ii have been 
vciuvliAufcd the in (urination, f.ir 
many muit liau* been wondering 
wh> a normally strong and reli- 
able tenor should have been 
delivering phrase after under- 
powered phrase muddy of colour 
and unreliable <■( pitch. In the 
latter respect Mr. Woo 11 ant was 
by no mejns the sole offender, 
as whole sections of the second 
act finale made disastrously 
plain. 

Fur L;. start Malcolm Rivers 
has the dark si age presence ami 
the dramatic intelligence, but 
nut the hehienlHiriion to carry 
through hi> intentions. The 
King was inadequate — even in 
this relatively small part 
Weber's vocal writing requires 
and also repays strung casting. 
fThe charming Sally Burgess, in 
the even smaller role uf Bertha, 
proved the point.) Though my 
own love for the opera and belief 
in its true stagewortbiness 
would wish otherwise. I fear that 
with this Euryauthe the EXO 
bas come a cropper. 


A FINANCIALTIMES SURVEY 




Royal Exchange, Manchester 


A Family by MICHAEL COVENEY 


Ronald Harwood's family, is 79-year-old paterfamilias Ivan tfaal r the family circle should not 
Jewish of no fixed abode. In a (Harry Andrews) demanding a be broken agam. . 

Play irritatingly suspended in celebration for the 33rd annt- Tbe trouble is that this central 
place and time, we are presented versa ry of Freddies liberation theme is gtven suefa thin ex- 
u-hh ihP ihe a trU*a]]v h 3 L -kneved m Ualv. Working backwards pression. Tbe characters are 
Picture nf the family as a selL through' the events, it is revealed individualised, if they are lucky, 
destructive unit gathering duli- that Ivan parachuted into Italy by mannerisms and the odd 
fullv al the firandparents' "for tea to greet his son. a reconciliation speech. A yawning chasm of 
andantinathv P crudely reconstructed amidst the noncommunication exists be- 

ana antipathy. Eaiherinc by sound effects and tween tbe girl (Celia Gregory) 

Leading an all-star cast, Paul bright lights. But was Freddie and her parents (Eleanor Bron 
Scofield "taps on a typewriter. eaq c r t D ' return to tbe family and Gary Waldhorn) and is left 
bumming snatches of a haunting bosom? gaping throughout. We need to 

nine and remaining aloof from borf-ridden c ,r * ** attempt- know more about their set-up. 

the mundane squabble. He plays . a ,, ara j] t »| isolation, driven Almost inridentallj, Ivan’s son- 
Freddie, the middle-aged dortor *, jr ' bv parents who do not in-law (Trevor Peacock) con- 
son impervious to requests tu ,«»n ir nunicate except through her. fesses to Freddie that he is sud- 
attend his sister's daughter, con- threatens suicide and runs denly impotent after 21 years of 
fined to bed on a hunger strike. Sl reaming into the street in her marriage. ...... 

_ , . , . ' , ., 1 . .. P-.-pitrlip brings her Scofield finds a physical tnck 

The pld.v takes an awtiil time en jJjJ” a righteous for his performance by eliding 

to oef going and •Jj 1 c ft rsi bad, jeiermined distracted bumming to state- 

narrative jolt ss provided by the diatribe irom 


tnenbs of bafflement and inquiry. 
Finally, the young girl emerges 
as a substitute for tbe lost Italian 
beauty and a sort of pact is 
sealed between her and Freddie 
over Ivan’s grave. 

Irene Hand!, as Ivan’s wife, is 
given a few stale Malaproptsms 
to establisb herself and Mr. 
Andrews stumbles through the 
play with a deaf-aid, chopping up 
sentences into incomprehensible 
clauses but imposing a ferocious 
physical presence on the 
assembled tribe. 

In all, Casper Wrede's produc- 
tion leaves . as much to be ex- 
plained as to be desired and I am 
especially confused as to why 
Ivan should have saved his heroiv 
confession for so long and for 
this- day in particular. 


Westminster 


Elizabeth Hall 


Sentenced to Life English Chamber 

.• es sKsuss -M-w Orchestra 


Eileen Vickory is a pianist, society 1ad3 f. { -tinn wai*’ a^Ireal CjL\QSXJL 2 , 

‘'dally paraJised by a nervous tiiat his convn non »*» (ce ,-* and V/IVIIVJHU 

disease. She and her husband day for Bnush J ' - a{ y, e | ■ 

Gerajd. an Oxford dun. are bulb organises a celt I 1 , _ 

Jchevers in euthanasia and un- Connaught ^°°‘ u ' nn:i w ho fends bv DA V I D MURRAY 

^hovers in God. so unh flic law But even uecc^^ • <hows no I 

hniu^W^She aS/Kl^doi’ior understanding of ^verted™?; Barfofc ' s for Strings, RattJe made the intricacies or 

Ul do 11. s be asks her husband, feelings, w™ 10 - , s - k5 himself Pero«sio»i and Celesta had most the wnting tell, though at first 

■ It . ■ k... ■■na niull'' . m I __ e jlv_ . : 1 _■ A l __ nAflPlTt n caiwa •«-«. ■ . 


.•mother 


and the plaj 


ly- was the soloist in 
in Plano Concerto, 
nor Rattle showed 


■o intellectual rather than a sa»yy* “f. “ t ' 00 f c w- “ faultless balance 'and neatness, 

JESS'* mS. ««, « »«n-t 


fiugerslips was 


lers at* m WtUniv Christian teachms ' k : nSl with- fiercely, while both unfolding an quick sympathy, and passages 

one 5£uhJ aSfomaliwtiv ran°e of Gerard > Ian ^ ” r ^ m ents of academically ingemous sonaia- which skittered hegligentiyV^ 
emeseti 2ainJl 0l »»II SScfflan nut ^tisfyinn. the ar- n n , . structure and little by little dis- It- was playing which promises 
^^hioklTiSrn^ I i fc B "' would the ordinary A . fOUNG gorging a inarch (hence its title), interesting things. when it settles. 

fascinate the viewers.” and tbe 


Now to be published 
in two parts 

August 29 & 30 1978 

The Financial Times Survey on Nigeria will now 'be published in two 
parts on Tuesday August 29 and Wednesday August 30, 1978. 

The editorial content will be topical, factual and present a completely 
unbiased view of the country’s political, economic and business life. 
Theie will also be articles on Industry, Agriculture and Foreign trade. 
For further information on the editorial content and details of 
advertising rates please contact: 

* 

Helen Lees 
Overseas Department 
Financial Times 
Bracken House 
10 Cannon Street 
London EC4JP 4BY 
Tel: 01-248 8000 Ext 238 

FINANCIALTIMES 

EUROPE’S BUSINESS NEWSPAPER- 

The coulent and publication dates of Surveys in the Financial Times are subject lo change 

ai the discretion oE the Editor, 





22 


FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET. LONDON EC4P 4BY 
Telegrams: Flnantimo, London PS4. Telex: 8W341/2, 883S97 
Telephone: 01-248 800ft 


A 


Financial Times' Friday May 19 1978 



freedom for 


Friday May 19 197S 


As bad as 


French industry 



By DAVID CURRY, In Paris 



A 


NDRfi GIRAUD. aged 53. abuse), the Government hopes freedom for the banks) and the losses piling up at the rate of 
Minister of Industry, for to arrest the declining profit- priority accorded to narniaming FFr 10m a month, and creditors 


and kept from the door only by a 


the French nuclear power pro- . . , 

grammo. a precocious product ^°dcbt 

of the top technicai schools. •• TnrinvirioT 

THE RECENT behaviour of the figures will almost certainly be w j t{l a lifetime dealing with in- a coumnc - 

gilt-edged market has been, at encouraging: but the market is 

least on the face of it perverse, aware that the year-on-year. , .. ... .... . 

Last week there was news of a comparison will be flattered by Qf cm * service: ' DU can ‘ vfl ' MQUSiriai prices 


ei«ht vears overlord of ahility of doing business :n the value of the franc 
* h France and to liberate balance restoring the balance of pay- proper sense of pre-eiecloral 


overwci^hty merits must remain. At the decency until the poll was 
same time — and here his new safely passed in March, the only 
•* Industrial countries where liberalism runs out of brealh- question was whether the con- 
price rises have been the most he intends to keep the l:d firmly cent would die with a bang or 
dustry in the highest echelons moderate are precise! v linnse on wa »® increases. For most a whimper. 

industrial price-- are wage-earners increases must A week ago w. Jean-Claudc 


Barre. simply compensate for cost of Boussac unveiled a miraculous 
French living increases and no more, rescue plan based on the dls- 


further steep rise in the price special factors and is more sot ask the stale to guarantee ^ e i n _ c ? m iF en * s 

paid by industry for raw interested in guessing when the the present number of jobs in -iw are no «iatu‘nrY con- posal of assets, the abandonment 

STrtSS rise a° ain'and°!n tte riraii" if "” T °" e - * K " n “'* ^ find it less iZortJ^o Ifth. Dm when “bile '«ctor by the family of credits to the 
[he Sits JttEjEX Jhe -eneral election enterprises.’ face price competition than they unions Iasi year refused to sign the , 

vev Of thl S ° RENE MONORY. two years did sheltered behind The new collective agreements the »** and Closure or half 

was far from Seerful The Themone - v supply figures, on older, Minister of ' Economic reassuring finality of ad mini- Government simply imposed company a operations in the 
was rar irom cneeriul. ine {he other hand, have nroved to ... «**.*,». iw. (.wi An the \osges region, and the injeo- 



of the 
financial 


the 


ment. Yet the gilt-edged market 
remained reasonably firm. 

The market as usual, was 
looking forward. Not only did 
Minimum Lending Rate rise af 
the end of the week to only 9 
per cent, the smallest increase 
expected, but the monetary 


unions declined Proclaiming a dry and unemo- 
Private sector companies “ onal veto. before the National 

the economy, the more Sta < e electricity utility and rail- were told that if they stepped indicates that “the 

. . . wavs, will have their relation- out of une they would be 31 r . .. . . 

in sterling 513 during the month you destroy progressively ship WI|h the State and Jhcir refU!ied pricc increa £ e5 and ? rou P is 'ncapable^of conduct- 

to mid-April is attributed not imagination. . pugnacity and t . a ji 0 n its resources defined in would lose Government con- 

only to the difficulty of selling creativity and the less competi- a series nf 4 ‘ company contracts” tracts (with none of the fuss 

or planning agreements with the this threat provoked in Britain). 

Tbe unions, which represent 


money Tupplv durki^he «* spread th/goJpcl *of liberty and yean The leTding ^bfic" ecr.r tions) 

iT^rOT&SSd Se IZJrZZZ?* e Sfica , ion vompetition. The more you enterprises, including tne battie. 

well on the wrong side of the T he ris? of ^‘oer cent assisf ' 1 ”' ’ K State c,ectncitT utiKtv and ra,1 ‘ were 1 

range laid down by the Govern- , terIirw 5I3 dlir , mn nth v 


gilt-edged stock to the public jtive you ultimately become.” 
but to unusually high public 
expenditure at the end of the 
financial year. The gap between 
the forecast and the actual bor- 
rowing requirement, in short. 


^.horities 10 I* opprov- ^ «S 5 ' 1 1, 

mg this level of rates with the 
announcement of a new issue 


the time of the Budget. 


RAYMOND BARRE, M. 
Monory’s age. Prime Minister, 
pedagogic, sure of his analysis, 
scornful of politicians who 
have no stomach for the long 
haul, reinforced by an election 
victory: “ We want a modern 
society based on competition, 
progress, justice and responsi- 
bility. The necessary interven- 
tion of the state should not 


of short-dated stock. This week s Rollino tov&pt 
news, moreover, was generally 0 ® 

expected to be good. It was The rise over the financial 
generally assumed that Mon- year as a whole is not only- 
day's trade figures would show outside the target range of 9-13 mean that it controls everything 
a considerable improvement on per cent but markedly larger regulates everything, and 
the deficit of the previous than the Chancellor forecast in assumes all powers of decision.” 
month and that the index of his Budget speech — no less than These statements, all made 
retail prices to be published lfij per cent. The importance last week, signalled the start of 
today would show a further of this excessive growth is the the post-election offensive to 
sharp fall in the rate of infla- greater because the end-year transform French industry to 
tion. The money supply figures figure will, ;is things stand, be confront the “ new realities " of 
would be bad. but that had the basis for target growth of the international economic 
already been taken into account. S-12 per cent in the current order — permanently high energy 
Ptth/ir Knwlini* financial year. The Chancellor prices and tile brutal corapeti- 

i uutit. r/.ui//£ has a [ read y suggested that tion from newly industrialised 

As things turned out, how- purely technical factors will countries. M. Barre. M. Monory 
ever, it was the good news of tend to make monetarv growth and M. Giraud form the trium 
which the market had already faster in the first half uf the virate at the centre of operation 
taken account: its performance year, and movements m the stand-on-your-own-two-feet. 
this week has fallen short of reserve will now tend to mask The strategy is a bold one. 
official hopes — and not only rather than increase it. If the m. Barre is attempting to 
because of the refusal of tbe gilt-edged market is tn support change the habits of 30 years 
Government broker at the begin- the necessary volume or sales, which have seen the resources 
ning of it to lower his price for therefore, it should be made n f a paternalistic and sometimes 
the long-dated tap. The trade clear that the next rolling re- authoritarian state brought to 
figures were, if any thing„belter adjustment nf the monetary hear to close the industrial gap 
than anticipated. But recent target will take last year’s over- between France and her corn- 
fluctuations from one month to shoot into account If it seems petitors That °ap is now clodd- 



ing an analysis of the accounts 
worthy of the name. Tt is im- 
possible to commit taxpayers’ 
money in such conditions.” 

only a third of the private n The message- was clear: 
sector workforce - nd P were Boussac. haring failed to pro- 



ML Barre : wants to change 
the habits of 30 years. 


M. Monory- a carrot for 
liberty and competition. 


ployment, knuckled under. 

This year the technique will 
be the same, and while the 
Government may no longer have 
a formal prices sanction it is 
relying on the subservience of 
the employers, the shell-shock 


• k _ vide for its own survival, must pretend that the future or Anfi this begs the essential 

intimidated by mournm, unein- gQ Jnt0 receivership or at least France depends on the number question about the new Indus- 
n nvmpn -xim 0 nn &r suffer some judicial interwn- ships we sell at 3 loss or the trial policy: has President 

tion to allow reconstruction volume of steel we make and Giscard d’Estaing the nerve to 
from the boliom up under a cwnot sell. ’ make it stick? While M. 

management in which the Gov- Sectors in serious difficulty Monory’s stock is rising and 
eminent had confidence. could nut expect help at the M. Barre’s lease on the Matiqnon 

Terriit, France's largest ship* company level unless they could looks at least medium-term it 
_ . . repairer, was already in the come lip with a convincing in- may prove inert asingly hard to 

oi The union leadership, ana the hands of the receiver when the dustrial plan of reorganisation, combine a rigorous policy of 
implicit sanction of unemploy- Government received urgent Shipbuilding, paper, textiles . . . the economic purge with the 
meriL it Hopes that more wide- calls t0 s , ep j n t0 sare ^e j 0 b s the list is substantial, and in social and economic “apemngs- 
spreaa sectoral or plant level of the g-jg raen W ho were about most of them the Government up” desired by the President, 
bargaining may make the system tQ be made redundan[ . Xhe has been hawking its own 

. . 4.000-strong workforce went on schemes of restructuring around 
S ^ e strike and the Communist-led reluctant Boardrooms, 
e * nerous treatment to the CGT UIUQn promised to make But, of course, the policy has 

its cost. While M. Barre makes 
a distinction between *' purga- 


i*. m- . , umuu ui umiovu in u 

lower paid. Tne minimum wage M ar*eiiiP imn a dead nort 
(the SMIC) will rise slightly Mar5se,i,e int0 a deaa P orL 
faster than the cost of living 
(there are 700.000 “Smicards.” 
two-thirds of them Algerians) 
while the Government is moving 
towards the idea of establishing 
a minimum household income 
by a mixture of wages and 
benefits. 

Finally, the strategy indi 


New market 
conditions 


tire " and inflationary price 


Prime Minister’s 
good sense 

At some • stage ( M. Gistard 


increases the distinction pfay bo ^’Estaing, increasingly thinking 
less obvious to they average D f his own re-election to the 


union mern her. M. Mdnary will presidency in 1981. will want to 
probably be happy vf prices rise ive tlie Government a dim^i- 


The Transport Minister. M. «««? s * on beyond the 


me imuauuii luiiiiaici, tn. - , i, ,n aiuii ui-jumi uic CCOnUiniC 

Joel le Theule, made the blunt an ,?? h i n ? hf- 1 spbera to provide his platform 

cmajiv, uie strategy' mui- reply: “The sun-ival of com- ^ ndt KoMetGn* f0 / the ^ 

cates a dear hardening of the P an >es depends on the realism hilnw 78 S advanced liberal society-. Hi-; 

Government's attitude towards with which they adapt to new *“™ seIf De D 0 Delow 5 per antennae will certainly be out 

sectors with basic structural market conditions. There's ccnL • for. the moment the sometimes 

problems and management de- nothing disastrous about re- The strain will also fall on intimidating good sense or his 

ficiencies. In order to get assist- ceivership: it enables the comr unemployment, now just above prime Minister fails to strike an 
ance. ailing concerns must pre- pany to function and customer The lm mark. SI. Barre s policy echo'iri'the country. 


M. G fraud : carries the stick. 



the market was not unduly 'trot will do more harm than simply pass, according to the company finances, notably. hy management. similar smaller ones— sent a ment is uniikeiy to create sub- =■ j 

. pjy—- p" s-e asprsa.’? &gsetifM rrs-a zSSCsSI SSsrds 

uildin 



nira’rt ridden sectors of industry. sector they inherit from social 
” irau “ democratic administrations. 


very machinery of control and legislate for the creation of vivid illustration in the past M. Monory with his carrot quite ejopioyment 

I dirinisme must be dismantled, preference shares to facilitate couple of weeks. The demise obviously loomed M. Giraud naoen secioi 

The centre-piece of this the raising of equity capital 0 f the textile empire controlled with his stick. While M. Barre will extend 

strategy to restore corporate without surrendering voting by M. Marcel Boussac (at S9 “There are no condemned youth employment incentives, -Raymond Barre is having a 

finances and rebuilt sectors control, for exemption from tax one of the surprising number of sectors." M. Barre commented,. this simply absorbs some of the go at undoing at least some of 

suffering from structural of income from investment in octogenarians in French in- emphasising the need to pro- new increase of labour coming the effects of 30 years of State- 
debiiitv is the pledge to end new share issues, and to provide dustry) has been expected for mote innovative and .high- onto the market and also tends sponsored Industrial develop- 

industrial price controls by fiscal incentives for people to years. With accounts sunk in technology industry. “ But we to promote a transfer of jobs merit and refashioning the atti- 

Deceraber this year. devote income to building up a hopeless tangle of family and must recognise that there are from older to younger workers, tudes which grew up simul- 

By allowing companies to set ao equity portfolio to serve as corporate interests, bitter com methods of production calling IF unemployment is closer. to taneously. The result could 

I their own prices subject only to a “nest egg" for retirement, fiict between the old man and for a' large, low-paid workforce l.Sra at the end of the year than force the revision of some 

! the constraints of competition M. Barre insists that the cod- his nephew, the “managing which are no longer appropriate it is to lm it will hardly cause fashionable notions of what coti- 

THE BUILDING societies have and that a rise in deposits would hand safeguards against trols on credit expansion (no director for life" over policy, to this country. You cannot surprise. stitutes practical politics, 

recently been attracting an un- provoke a general rise in rates.] 
accustomed amount of criticism. 


in context 


from the clearing banks, from This is indeed becoming a 



the Government and from inside P r e ssi ?S question. The move- 
the movement. They have been mcilt ls reluctant to change its 
accused variously of exploiting rare ® . frequently for strong 

unfair advantages, of refusing administrative reasons: but in . ,, 

to recognise their responsibility a world of large fiuciua tions. the I VsIFinin^S Otl til© 
for the level of house prices, presence of a huge intermediary 
and nf over-expanding their Vk ^* , fi° es nrit respond tn 
branch network. Although they market pressures generates vast 
tend to react defensively to any A nw s ,n and r, f 
form of criticism, thev must supply as officially defined. A 

recognise That their very sue- large rise in building society „ nv _. 

cess, and their size and import- deposits w t hus from R aC al: “We always try to Nathan 

ance, must inevitably attract fy tuI ^, 8 5° 1 II!. t .u' I sell to the losing side, because 

they will need to re-equip. 


MAHERS 


losers 


heavy outlay involved, while the 
first model was being displayed 
yesterday. It seems that McCain 
—on behalf of Red Rum Ltd — 


If you happen to export military P ai J « a time for his sign a ; 

equipment and wonder if busi- C nm missioning 6 ^ the" Sculptor, 
ness could be better, take a tip Rnval Academician Philip 


oinside attention t» their opera- ** either to a sub- 

sequent rise in mortgage lend 

Indeed, those opera lions can 
no longer be regarded a* an 
isolated question of housing 
finance: the movement now has . - 

m,ch weisht that it ran alter 


ing. and a large flow out nf 
building society reserves (held 
largely with the public sector) 
into general circulation, or a 

to 

. . ... . .. ihe banking system. Monetary 

^■‘a f h fi conlrol might well be improved 

uai 5. . if innre regard were paid in a 

Landmark broader measure of liquidity: 

It was asainst this background 

that the Governor of the Bank the operations of ihe movement. 

of England framed his address «* ' a " no *5 xpoc . l t 
to the movement yesterday, a entirely free in its operational 
speech which, although it was decisions, 
tentative and friendly, may _ r j 

come to be regarded as a land- Long-term JitnaS 
mark in the development of The Governor's other pro- 
The movement posaJs included a clear hint 

Mr. Gordon Richardson made [hat it is time io put a formal 
it dear that official involvement en d to the mortgage rale cartel, 
in the affairs of the movement so tliat the more efficient 
is not only inevitable — That societies can compete on rales 
warning was given by Lord ra ther titan opening ever more 
O'Brien nearly a decade ago— branches. He suggested that 
but it is likely to become closer ^e movement might diversify 
and more continuous. its sources of finance, seeking 

The potentially revolutionary more long-term funds, as part 
passage in his speech was con- of an effort to stabilise rather 
rented with the movement in than destabilise the housing 
the context of the money supply market — a somewhat more con- 
and the financial markets a? a iroversial idea, since the ability 
whole. For the first time a oF the movement to raise its 
Governor has suggested that the lending when the economy is 
growth of building society depressed helps to stabilise the 
deposits is a matter that may economy as a whole. Prudential 
have to be taken into account and supervisory standards may 
m monetary policy. What this also need raising to match the 
implies is that the authorities growth of building society 
mav not be able to sit passively operations. These arc all vaiu- 
by * if the movement again able points. What the Governor 
chooses to ignore a genera! fall did not suggest is that the move- 
in interest rates, and maintain ment now perhaps belongs in 
a margin which attracts a flood the class of institutions most 
of Funds. It is possible that tiie appropriately supervised by the 
movement might be made to Bank; but he said enough to 
come more quickly into line, or show that the Bank has the 
that Mahomet would be com- interest and knowledge to equip 
pelled to come to the mountain, it for such a role. 


Compton’s greatest concern is 

pxolanafion for the unit ! uenes s of his hand- 
explanation paimed edition. He says that a 

would-be rival is being threat- 
ROt,eT ened with a writ 


Tii is was the 
offered lightheartedly 
Racal executive to 
Coghill. managing director of 
Jordan Dataquest, when told 
that the company had emerged 
as the overall best performer 
among quoted industrial com- 
panies iu Daiaquesfs latest 
survey. 

But you can also make your 
mark in the league tables for g d ^ a ' s 


Tax 

revolutionaries 


Members of the Meade Com- 
mittee, whose report on 
tax structure was 



Printing profits 


British companies by being h _ Qnai „ Q j ... .. 

strictly domestic “merch.m of 5? 


death." A new arrival in the list 
of firms with the highest profit 


respect usually reserved for the 
report of a major Royal Com- 
mission. will meet for dinner 


“ It does him good, but when 
he thinks of the profit margin 
he has a relapse." 


Five years ago Italy's handsome 
500 lire coins were becomin 
collectors' items. Now they 
have long since disappeared 
and visitors to Italy are finding 
that the same is happening, to 
the far less attractive 100 lire 
pieces. One reason, I was told 
yesterday, is that some 
Japanese have followed many 
rich Italians’ example of smug 
gling currency abroad. But the 
Japanese do not build up stneks 
of 100 lire coins but use them 
as watch backs: they are strong, 
light and. even allowing for 
polishing, cost less than the 
alternatives. 

But the real reason for the 
present dearth is more mun- 
dane, according to one Italian 
economist. The banks are 
apparently hoarding coins and 
issuing cheques of between 50 


margins in 1977 is Dundouian tonight ’in Westminster Former far overnight seem decidedly and 350 lire. These, however, 
winch runs a ^‘3 Treasury Minister Dick Taverne, humdrum beside Chiang Ching, arc printed on such poor paper 


crematorium. Appropriately ^,^0,. 0 f sponsorin'* Instl’ < - ha * rman Mao’s widow and her- that they soon deteriorate and 
enough, it appears at Number f 0r Fiscal Studies Admits a f° rme 7 actress. As prime the public throw them a wav s n 

that it will he something of a 


,* h „ hinH „ tute for Fiscal Studies, admits sc “ a Iormer aeir es5 . as pnme the public throw them away. Sn 

knD»T do™t« of lho dead.' XlitS •™r™! l, , i Sf„ Xe a - m °" S - the are never collected. 


Madame Tu^sauda. 


China jumper 


d t _ she is alleged by the 

expected was instant convcr- ^ ki ^ P ’? a P les ° a . ,1 ^. t0 ha '’® SoiicitniK 

sion.” he says, “hut [he welcome 111X1 l . hc . CuUu f e Ministry with OOUCIIOUS 

given to its publication was J n iron hand but It is always good to be wanted 

better than we dared to hope.” knuckledusters too. b ut having the credit card eom- 

The main message of the report The Chinese clearly have such panles seeking your patrona n e 


Red Rum has jumped his last was that taxes should be based talent for the macabre that they can be demanding. Three weeks 
fence, but the idolising of the on expenditure rather than could run a horror film industry, ago American Express decided 
Grand National maestro remains income. Members of the’ com- The latest attack on Chiang to mount a campaign to show 
unequalled since Caligula mittee have been lecturing in Ching says her henchmen per- how many companies’ directors 
wanted to make his horse a different parts of Britain and secuted more than 1.000 “cul- were their card-carrying mem- 
/-imcni 4, in«. ,i„n.fi..i.«* jc..r™0 an A i— * *- — — ’’ Prison and tor- bers. R. E. J. Roberts of CKN 


consul. At least, that is the hop§ Europe and have just beet* ture workers. . 

of Lee Compton, a 2S*year-oid asked to speak at a Brookings ture were commonplace, and as one of their dients, was arawic 
East Endor who has coromis- Institution conference in Wash- a result some of them were those who allowed his card to 
sioned several hundred bone ington. crippled, went mad or died of be shown in an advertisement 

£!? “!«“*• “ f Red Ru “; The first printinj of the £6.95 ^ - The advertisement dulv 

Ki"ir“VS ! i ilS VSr K° n sold out ‘‘ If their <=rset was a sinser. appeared m the Press yesterdav. 

. no ,. u \[? s at “ 6 ?. 0 a * ime ' within a month. A growing they tried to break his nose: if The papers landed in Roberts’s 

^gether^wth a^cernflcate frum volume of orders are coming their target was a dancer, they mailbox at the same time as a 
trainer, in from the U.S., for the second Uled lo break his legs: and if letter from American Espress 
impression. thei r target was a musician, A Mr. J. F. Quarterly was writ- 

Simple arithmetic demon- ■ they tried to break his hands, ing to ask him if he would like 

strates that Compton will be Comrade Chang Hai-mo, an out- to take out an American Express 


the steeplechaser's 
Ginger McCain. 


doing very nicely if he sells all rnichorc standing script writer at the card, 

fho HOn dlahlrittrit nnui hoina VMIIM ® MOIIwlO Pfil'inn film chl(JiO i W3S b^8t?0 

brightly-lit film 


made in the Potteries. But he The old-style Hollywood '.moguls to dea th on a 
told me earnestly about, the who could make or break a set;” 


Observer 


IT ISN’T ONLY 
TRUE OF 

ICEBERGS 


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VCe develop our own sites, our diems sites or til id 
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Our good plan ning has meant security and 
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Financial Times Friday May 19 1978 


POLITICS TO-DAY 


ipf ^ 1 twit m n«gw{M ■ ■ - '■ wiJKS 

f ? w? :r - 


23 





J*. 



ONE OF the mysteries of poli- 
tics is why some causes are 
automatically identified with the 
Right and others with the Left. 
Conservation ism, for example, 
ought naturally to be a cause 
of the Right, on the assumption 
that one of the purposes of the 
Conservative Party is to con- 
serve. Yet in practice — with 
exceptions like Stanstcd — It is 
more readily identified with the 
Left, and even the far or dotty 
Left at that. 

This peculiarity has already 
been recognised in the ILS. A 
liberal Democrat Congressman 
remarked to me the other day 
that if only the Republicans had 
the sense to take np the pro- 
tection of the environment, they 
would sweep the country. And 
he could be right. Certainly 
there is a case going on in 
England now which suggests 
that once the Right gets the 
conservation bit between its 
teeth, it can achieve such things 
as the Left has scarcely even 
dreamed of. 

The case is that of the 
American tanker aircraft — the 
KC-135s — and their ~ possible 
basing in Britain. It is begin- 
ning io look as if the aircraft 
might not be allowed to come 
because of local objections 
about their noise level. 

It should be said from the 
start that the case has not been 
well handled either by parts of 
the British Government or by 
tbe U.S. Administration. At no 
stage does any attempt seem to 
have been made in public to 
explain why the aircraft are 
needed, or which are the bases 
under consideration. Equally 
there is rio reason to believe 
that the people who oppose 
their deployment in the South 
or England are in any way anti- 
American, anti-NATO or anti- 
defence. But it is this combina- 


tion of bureaucratic secrecy 
and muddle and local ontrage 
that something is being done 
without any proper explanation 
which has led to the present 
impasse. 

‘The story goes back at least 
to April last year when the then 
Commander of the Third 0.5. 
Air Force informed Mr. Michael 
McNair-Wilson, the Tory MP 
for Newbury, that the U.S. 
wanted to reactivate the airbase 
at Greenham Common in his 
constituency. The reason given 
■was a reappraisal of the threat 
to NATO and a decision that 
the U.S. needed more tanker 
aircraft based in Britain if it 
were to be able ro send enough 
airborne reinforcements to 
Europe in times of emergency. 
The tankers refuel fighter or 
cargo aircraft in flight. 


Questions 


The Commander, however, 
spoke in confidence. He appears 
not to have informed the British 
Government Mr. McNair- 
Wilson asked a number of ques- 
tions in the House of Commons 
and elsewhere, hut the Govern- 
ment continued to deny all 
knowledge of the American 
plans." It was not until- late 
January this year that the U.S. 
request was formally submitted 
and the unrest which had been 
simmering in the Newbury area 
boiled over. 

The Ministry of Defence was 
distinctly embarrassed for a 
number of reasons. Not only 
had it shown itself ignorant of 
American thinking: it had also 
in the past given encouragement 
to the belief that there was no 
chance of Greenham Common 
being reactivated. Indeed the 
very surroundings of the base 
had changed substantially since 
it was used by the Americans 


in the late 1940s and early 

1950s. 

Yet in Newbury suspicions 
still lingered. Greenham Com- 
mon was one of three standby 
bases for use In emergency, 
exercises or when an opera- 
tional base was being repaired 
or improved. In the summer of 
1976 there was a temporary 
deployment there of U.S. F-lll 
strike aircraft followed by a 
few heavy transport aircraft. 
The summer was exccptionplly 
hqt so that people — being out 
of doors more than usual — were 
unusually conscious of the noise. 
Mr. Ray Pcdlcy. the headmaster 
of a local school, calculated that 
the number of “ O " level passes 
per candidate fell by nearly 
half and said that the effect 
of aircraft noise on the pupils’ 
concentration must have been 
at least partly responsible. 

It was also plain that a num- 
ber of improvements to the- base 
were going on. The aircraft 
shelters were being hardened 
and the runway extended and 
reinforced, all of which could 
only be done with the permis- 
sion of the MoD. Thus, when 
it was finally confirmed that the 
Americans were after all seek- 
ing reactivation, opinion in the 
Newbury area was already more 
or less mobilised to protest. 
What has happened since has 
been an outbreak of feeling so 
strong that it is difficult to see 
how the British Government can 
allow the Americans to go ahead. 

The local residents’ case is 
based oh a variety of factors. 
One is the proximity of the 
Atomic Weapons Research 
Establishment at Aldermaston. 
Its air-space is a restricted fly- 
ing area, yet about one day in 
three — when the wind is in the 
wrong direction — the tankers 
would be forced to take off to- 
wards' Aldermaston. They would 


be obliged to bank fairly 
sharply. That in turn fosters 
the suspicion that sooner or 
later there would be a crash, 
possibly on Aldermaston itself. 

The tankers are also un- 
deniably noisy. The EC- 135 Is. 
in fact, an early version of the 
Boeing 707 civil airliner with- 
out any windows. Because it is 
an early version its engines arc 
much louder than those of 
nearly all the 707s still in civil 
use. The only aircraft now regu- 
larly flying that makes more 
noise is said — even by the KC- 
135’s friends — to be a fully- 
loaded Concorde. 

At the MoD there is a good 
deal of sympathy for these com- 
plaints, as indeed there should 
be. as it was the MoD which 
indirectly encouraged some of 
the development of the sur- 
rounding land to take place. 
Thus the Government's response 
to the American request to re- 
activate Greenham Common was 
to 2 sk the U.S. Air Force to 
consider alternative sites. The 
trouble is, however, that the 
same sort of local protest has 
now broken out at the most 
obvious alternative: Fairford in 
the Cotswolds. 

Fairford is where Concorde 
was tested, so its population is 
used to noise. It also has a 
less dense population than 
Greenham Common. It is true, 
too. that the Cotswold District 
Council initially solicited for 
the KC-135S when it heard the 
Newbury plan was in trouble, 
the argument being that an 
American base would help the 
local economy. Yet thal solicit- 
ing has now been dropped fol- 
lowing an investigation into the 
likely noise level and the 
emergence of very considerable 
local feeling. 

The people of Newbury and 
the people of the Cotswoltls may 
protest in different ways, and 


there U more than a little rivalry 
between them. The Cotswold 
protesters, who are relying 
heavily on big names., -descended 
on Whitehall yesterday by 
bus.- The Newbury Action Com- 
mittee. by contrast, is shortly 
sending two r>£ its representa- 
tives to the White House. But 
in the end it comes down to 
the same thing; it is becoming 
just as difficult to see how the 
British Government can offer 
Fairford to the Americans as it 
is to see how they can comply 
with ihe American request for 
Greenham Commnn. 

At this siage it is worth 
examining what the American* 
really want. Their requirement 
is a base that can be made avail- 
able as soon as possible at the 
least possible expense. Long 
before the debate became public 
knowledge, they had done their 
own extensive surveys and con- 
cluded that there were only two 
real runners. The first, and 
preferred, candidate was Brize 
Norton in Oxfordshire: rhe 
second was Greenham Common. 
Yer the problem with Brize 
Norton is that, although it was 
a U.S. base in the past, it is 
now fully used by the RAF. 
The Americans decided that if 
they were going to have a fight 
with anyone, they would rather 
take on Ihe environmentalists 
of Greenham Commnn than the 
Royal Air Force. 


Welcome 


There is yet another compli- 
cating factor. Some people in 
the country actually want (he 
tankers on their territory. The 
Lincolnshire County Council, 
for example, has said that it 
would be more lhan happy to 
have them. In March this year 
five Tory’ Lincolnshire IIP.? put 
down an amendment to a House 
of Commons motion tabled by 


Mr. McNair-Wilson against the 
siting of tbe base at Greenham 
Common, and asked for it to be 
in Lincolnshire instead. The 
motion was not called, and it 
is not clear that the local MPs 
have been very active in push- 
ing their case since. Yei there 
does seem to be something to 
be said for at least examining 
the possibility of putting the 
base in a place where it would 
be welcome, where there is 
precious little new investment, 
and where environmental objec- 
tions would be presumably 
muted both because of low 
population density and because, 
mure often than not. the air- 
craft would he flying out to sea 
and not overland. 

The position now is that the 
U.S. Air Force ha? agreed t«* 
re-evaluate dip sires jointly 
with the RAF. There is a short 
list of four, or rather three and 
a half. The Americans would 
prefer Brize Norton, but are 
still going for Greenham Com- 
mon and would >etilc fur 
Fairford. The half option is 
Waddinulnn in Lincolnshire. 
The USAF does not take it 
seriously because it is not 
sufficiently developed, and lo 
make it properly operational 
would require time and money. 
It admits. however. that 
geographically there is nothing 
wrong with the location. 

The sums of money involved 
are not large: almost nothing 
for ihe immediate use of Brize 
Norton, perhaps S5m for the 
final developments at Greenham 
Common, perhaps S25m for 
Fairford. (Fairford is not on 
the fuel supply pipeline.) 
Waddington would cost rather 
more. But the key question is 
lime. It is estimated that the 
development of Fairford would 
lake a good 18 months, yer the 
Americans want to be in before 



The other battle : Cotswold villagers of (he Fairford Action 
Committee at Westminster yesterday. 


the end of this year. 

AH those problems ought lo 
be soluble, the more so as 
nearly ail (he leader? of the 
protest movement., a( both 
Greenham Common and Fair- 
fnrd have said that they would 
be prepared to drop their oppo- 
sition if it were demonstrated 
that there were a clear strategic 
need for the base. They have 
also said that they would 
welcome (he temporary station- 
ing of the KC-lSos. if it were 
made clear that this was only 
a step on the way to a more 
permanent base elsewhere. 

One technical possibility 
would be for the RAF to give 
up part of Brize Norton and 
redeploy part of its forces m 
Lincolnshire, thus getting the 
best of both worlds: putting the 
Americans where (hey want io 
be and giving a huu5l to the 
Lincolnshire economy. And 
indeed there are all sorts of 
possible variants. 

For the moment, however, the 


majority of the residents of 
Newbury and the Gotswulds re- 
main implacable; the M»D is 
saying not lung to enlighten 
them and appear, umerlain 
a bm 1 1 wh.il in Jo next. It 
quite pns.-iblr that in the end 
there will lie uu base at ail 
because the local outcries have 

been mi groal Thai is the kind 
nf result that has hardly ever 
been achieved by the Left. Yet 
the wider moral is that the 
Government and the A men cans 
between them have faded in 
explain what they are doing. 
South country conservatives 
are probably conservation ists at 
heart: they are al<o pro-defence. 
What they are reacting agum-t 
is government that cannot fell 
them what is going on. and why 
Thai could lie a formidable 
movement if further unleashed. 
The Cabinet should now draw 
ihe lesson and rerngnue that 
open government sometimes 
pays off. 

Malcolm Rutherford 


Letters to the Editor 








April trade 
figures 

From Mr. A. S Reynolds 
Sir.— In all the euphoria sur- 
rounding publication of ihe April 
irade figures, I feel that I must 
introduce a note of caution on 
tbe level of imports reportedly 
down by 12 per cent, in volume. 

I have been disturbed by the 
fact thal not one economic com- 
mentator. whose views l have 
read, has seen fit to point out 
that during the whole of April 
tutr largest port of entry, 
Southampton, has been closed by 
a strike of maintenance men. 

All inward deep-sea traffic 
bound for this port has been 
diverted to Continental ports and 
goods have been off-loaded to 
await feeder vessels hack into 
the UK. Thp consequent con- 
gestion nn short-sea ferries and 
in smaller UK ports has resumed 
in delays to imports nf three-fnur 
weeks. Thus imports which 
would have been included for. 
at very least, the second-half of 
April, are only now arriving in 
the UK. 

Exports, on this veasion. have 
been far less affected, according 
to the shipping lines, since 
greater outward capacity was 
available and exporters were 
able to use a greater number of 
alternative ports. 

Therefore, although I should 
tike to be proved wrong, I believe 
we nu/?f be prepard for a sharp 
upturn in the level of imports in 
May. 

A. 4!. Reynolds. 

22 . 'hncerfield Rnad. 
.STiocburyuess, Eswj\ 


service when flicker starts. 

Dr Carrick will be concerned 
with the quality of lighting as 
well as energy conservation, and 
here the subject of light polari- 
sation will be of interest as it 
achieves benefits’in both ways. 

With modem • multi-layer 
polarising light controllers, both 
direct and reflected glise can be 
reduced and light sourcls appear 
less bright to the hunkn eye. 
This helps to remove ettnmon 
causes of eye strain andYjead- 
aches. Polarised light also im- 
proves task visibility and.ceflour 
rendering, thereby improves 
visibility without increasing 
lighting levels. 

It is reported by the Lawrence 
Berkeley Laboratories on behalf 
of the U.5. Department of 
Energy, that by the use of 
polarised light there is available 
to the American nation savings 
nf between 12.5 per cent, and 
25 per cent, 'overall and more 
in individual cases. The phe- 
nomenon of polarisation is 
described in (he 1977 edition of 
the lighting code of the Illumi- 
nating Engineering Society 
(London). 

R. L, M. Tye. 

325. Latimer Road, IV 10. 


1946-47 to 1977-78 there have history of product orientation- 
been 17 increases.. eight in the of attempting to sell what is 
'last seven years; and these have made rather than to make what 
become operative in no less lhan can be sold. .Michael Edwardcs 
11 different weeks of the year, of British Ley land is only the 
viz. the 2nd. 11th, 21st. 23rd. laiest in a long line of dis- 
24th. 28th. 2flth. 32nd, 38th, 46th tinguished industrialists coping 
ami 50tb. with the results of marketing 

Is there any reason . why myopia, 
pension increases should riot be Too often marketing is seen as 
announced in October each year different ways of promoting, 
and, implemented in the April selling and distributing the same 


following? 

W. F. Richardson. 

34 Queens Drire, Fulwood, 
Preston, Lancs. . 


A patriot 
for whom? 


Quality of 
lighting 


Froirr Mr. ft. L. .If Tye 
w Sir. — Further to Dr. David 
Carrirk's comments on office 
lighting — (May S) and Mr. Victor 
Bryant'? letter to-day (May 15), 
silent ion has bPen drawn to the 
better lighting efficiency of 
fluorescent tubes compared with 
filament lamps. There is also a 
difference in rated life in favour 
of fluorescent tubes ranging from 
5 in 7.5 limes depending on 
wattage rating. 

Flickering “ death throes " ran 
be prevented by the use _ of 
modern starter switches which 
cut the defective tubes out of 


Taxation on 
pensions 

From Mr. V. F- Richardson. 

Sir, — Is il not time that the 
present system of announcing 
state pension increases for the 
retired at the beginning of the 
financial year and implementing 
them during the middle of the 
vear were dispensed with? 

Elderlv peoole with an income 
tax liability have, at present, to 
determine when the laiest rate 
became operative and Tor how 
many weeks they have been 

receiving it and then do a 

similar calculation in respect ot. 
the old rate. 

Life would be much easier for 
many of them and for the inland 
Revenue, who are undoubtedly 
participants in much correspond- 
ence which would become un- 
necessary ir new rates were 

introduced at the beginning of 

ihe financial year., lu say nothing 
of the .worry and humbug that- 
might be avoided if the only 
necessary calculation to deter- 
mine an annual pension were 
to multiply the weekly rate by 
52 (or 531. . 

In the 32 financial years from 


or slightly modified products, 
while technical staffs beaver 
away at interesting technological 
phenomena for their own sakes. 

There is much evidence lo sub- 
stantiate this point of view: for 
example, the collapse of Britain's 
motor cycle industry, not because 
it could not design machines but 
because it did not perceive whai 
Front Mr. Bernard Compton a new generation of customers 
Sic. — I hope all those rabble- wanted: or the success of the 
rousing rhetoricians now busily Forfl Motor Company in Europe 
bawling "Buy British!" and j n which British managers and 
“British is best! realise that technologists have played 
they are contravening the Race significant part. 

Relations Act, inciting racial This suggests thal the priority 
hatred, flouting the Treaty of muS j be to harness product 
Rome, antagonising our Common development to perceived future 
Market brethren, and behaving customer requirements, and to 
in a thoroughly un-British search for market opportunities. 

isle patriotism has long bee a i so re p 0r j ec | the concern of, 
ft! SK Lord Wilfred Brown that Boards' 
?hft uS ™ an nffpnrp manufacturing industry do 
J? 1S i27w mmiv not appear to know what their 

*hnw ?nmp onaint executives are doing about pro- 
admit it or show some quaint fluet ,i e vPioDment 

old fashioned pride in it - the taFSE \ Britain, the 

swifter and smoother will be Board consists of only executive 
our mey 1 able decline and fall direclorSi and tb e chairman is 
into total nonentity We cer- chief executive. This raises the 
tainly cant have it both ways. mU ch wider question : how much 
EJther we are a non-naucraal. of |he shortfall in company per- 
multi-racial community trying to fomiance generally, including 
conceal all our national marketing and product develop- 
characteristics and traditions, or „,ent. is due to this UDSunerrised 
we are British and proud of it- “cosiness" although it cannot. 


To-day’s Events 


GENERAL 

Retail price index for April. 

Labour Party Wales conference 
opens, Swansea tuntil May 20). 

First meeting of Council for the 
Securities Industry, the City's 
voluntary body set up to maintain 
ethical standards in securities 
trading. 

Institute of Purchasing and 
Supply conference on Measure- 
ment of Purchasing Performance, 
Royal Festival Hall, SHI. Lunch- 
time speakers include Mr. Leslie 
Buck field. Under-Secretary, In- 
dustry 


Court of Common Council. 
Guildhall. EC2, 1 pm. Open to 
public. 

PARLIAMENTARY BUSINESS 
House of Commons: Second 
readings of Home Insulation Bill 
and Solomon Islands Bill. Remain- 
ing stages of Independent Broad- 
casting Authority BUI and Domes- 
tic Proceedings and Magistrates' 
Courts Bill. 

House of Lords: Second reading 
of Inner Urban Areas BilL Con- 
sideration of Pools Competitions 
Act Continuance Order, Agricul- 


tural Holdings Act Variation 
Order, and Church of England 
(Miscellaneous Provisions) 

Measure). Debate on social 
security benefits. 

OFFICIAL STATISTICS 
Construction new 
(March). 


COMPANY RESULTS 

Debenhnms (full year). Ever 
Ready Company Holdings Hull 
year). Whessoe (half-year). 

COMPANY MEETINGS 
Barrow Hepburn, .Hyde Park 
Hotel. R\V. 11. Bow 3 tv vs, Dor- 


chester Hotel. W. 11.30. Crosxlcy 
Building Products. Stockton on 
Tees. 12. Dinkie Heel. Bristol. 12. 
Dixor, Ep.som. 10.30. KC Finance, 
Aborcorn Rooms. AVC. 12.30. Hori- 
zon Midlands. Birmingham. 2.15. 
Reed Executive. Windsor. 12. 
orders Sandemun i Genre* G.». Con- 
nnughl Rooms. MV, 12. Watts 
Blake Bearne. Morienhamp<tead, 
Devon. 12. 


SPORT 

Soccer: Wales v Northern Ire- 
land. Wrexham. Golf: Martini 
tournament. Epsom: English 
amateur stroke-play champion- 
ships. W'oodhall Spa. 


What’s it to be. Jim? 
-Bernard Campion. 

34 Trcveneague Gardens, 
Manadon, Plymouth. 


Product 

orientation 


Current cost accounting 


From Mr. S. If. Farmer. 

Sir. — On ;i number of occasions 
"rolcssor Myddelton has staled 
thaJ CCA has nothing la do with 
^Nation. His fetter (May 9) 
repeated this reckless assertion 

added : "If there were no in- 
flEtioTi there would be no mvd 

‘ r, r m rial Urn arcuunting : hut the 
arguments m favour c»f current 
{ttsi accounting las opposed to 

historic cost accounting) would 

he unaffecled." 

For the sake or his students 
and possibly f« r other interested 
Parties, it is worthwhile com- 
menting that, these words. 
Quoted by me. far from being a 
ra up de grace for CCA, are a 
T®ry good reason for implement- 
's CCA rather than Current 
Purchasing Power accounting, os 
Implicit in them is the thought 
th al CCA directs the minds of 
management towards likely 
replacement costs, whether there 
* inflation or not. 

CPP, on the other hand. 
Mtempis io answer the question 
"'hat would costs and income be 
transactions took place on 
,h e Iasi day of the accounting 
hcrifid having regard for changes 
>n prices originating from in- 
jiaiion alone." Price changes due 
‘ n Scarcity substitutions and 
‘fchnicai change are not con- 
siaered * in CPP accounting 
Whereas the question of replace- 


ment cost in CCA inevitably 
causes these influences to oe 
considered in estimating the re- 
placement cost of assets. 

Prnrcssor M.'daieioc 

frequently asserts that inflation 
is a monetary phenomenon ana 
that ( implicitly) therefore the 
onJv way Jo deal with « 
accounting methods ts to w*J*urj 
the change in the value of numey 
and to apply this perL ^f t l c| 
change to rhe Usures » 
accounts. However, to measure 
the change In the 

^^■^""SSrs 

prices of the commodities in t 
index are determined on we 
demand side at . least. BY 
chasers substituting so - |ty 

modules ■gS-fin 1 U well 

bottlenecks or innovation 
ax inflation influence * ne / 
prire of the various «»»"“£ 
P This, .market J?. r ?5 MS , ne asure- 
Impossible n r inflation 

ment of tht influence of 
in isolation from other ww, aa 
pn prices. inflation 

endeavour to measure mi of 
alone becomes a JXSS from 
changes in pnees arism. 

» 2522 .°* Phasing Power 


from the outside, be traced back- 
to it ? Probably a great deal, 
although its effects only come to 
light when a company fails 
(London and County Bank) or 
when it runs into some financial 
difficulty (Reed International). 

This points to the need for 
British Boards to restructure 
themselves — to provide an effec- 
From Mr. T. G ■ Sandeman. -live check on the actions of the 
Sir,— There can be no argu- chief executive and .his small, 
ment about the need in Britain close-knit, group -of senior eseeu- 
for more product development tives, and, taking into account 
(or should it be_ better-directed the diverse pressures of markets, 
development?), highlighted most technology, the work-force and 
recently in your Management society.- to wse them to higher 
Page on May 12 and. indeed, the performance, 
subject of a number of articles Boards should be composed 
since the beginning of the year, predominantly, of outside direc- 
British industry has a long lore especially selected for their 

capability, individually and- col- 
lectively. to direct and monitor 
their executives. The majority 
shoald probably be successful 
figures when produced are vir- chief executives of their own 
tuaUy useless for management companies (or divisions of very 
purposes but when we add to this large ones); others might he 
the inescapable fact that they are specialists who can make par- 
sMt what they are intended lo be ticular contributions to Board 
anyway. the whole CPP thinking. The chairman of the 
philosophy becomes ludicrous. Board should be selected from 
I would, however, like to in- non-executive directors, 
vite Professor Myddteton's com- T. G. Sandeman. 
ment on one aspect of CPP Tripp Sandeman and Partners, 
accounting which has been 53/24, Great James Street, WC1. 

grafted on to ED IS in Statement 

14. This relates to the assertion « 
that borrowers gain : duriRE in* XlOlISC DriCGS 
flation a percentage of their r 


borrowings equaUo tiie percent- Q^ninct rmlr) 
age rate of inflation irrespective agalUM gUIu 



suggestion 

bow" switch sains are realised if using housing as pan of 
prices of the borrowing firms Jh® backing for the note issue 
output do not rise with inflation: has an ancient and disreputable 
kept down by market forces. If fD £® bea £ 
such gains are not realised with- The French assignats" were 
jn the accounting period should notes secured by a pledge of 
they not be valued at a d*s- productive real estate and hare 
counted current value, using an interest of 3 _ per cent The 
estimate of likely inflation as one in ^ ,as for 

element of the discounting per- 'w«n. within less than six years 
centage? The crucial question “assignats in circulation 
however,. Is when -will they be amounted to 40bn and they were 
realised, if ever. If such gains scarcely- worth the paper they 
cannot be realised are they gains were printed on. 
at all? Donald Toft. 

S. W. Farmer. The White House, 

Cl Woodedge Close 22 West Side. 

Forest Side, Chingford. E4. ’ Wimbledon, SWIfl 



It took taxi-fleet owner Stanley 
Perkins to discover yet another use 
for Dun & Bradstreet. 

True, we Jo a lot more than most people realise. 
But even we didn’t guess at a particular strength of 
the Dun »&. Bradstreet Register, 

Mr Stanley Perkins, Hampstead taxi-tycoon, put us 
righr.He ordered the Dun & Bradstreet Register- 
all five volumes plus Index -then stunned us by saying the 
contents didn't interest him. (Details of 200,000 companies 
plus credit ratings!) Whar he wanted was the sheer prestige 
and respectability chat rhe books would lend to his otiices; 
*Mv customers will be impressed no end* 

Nice to know we have yet another function, when, 
many still think of us solelv as the world s largest 
credit reporting organisation. Fact is, we re larger than that. 
Our list of activities is so varied, it s almost certain diac 
at least one will answer your needs. 

rick any, and ask us at Dun &. Bradstreet (call us 
JD&JB) for iijl facts. •- 


let i if nc Ip 

Marketing and Selling. Pi> 
peinunE prospects, analysis or markets, 
improving sales effort, increasing 
turnover; -filing or promo tine by mail, 
increasing export-efficiency. 

Answering international 
questions or sJo. markenng. 
company »y*Tver>liip, Ttianajiuunt, 
creJit control - through DGlBs 
B usiness Bookshop.4 8 publication?, 
millions ot. facts and guidelines 
■worldwide. 

Simplifying taxation for 

proiessiunal ad\ a-cr*. 


Kecpingyoq rmonev 
‘working: effective debt-collectioiv 
tracking down disappearing debtors. 

Educating tomorrows credit 
management: Smdy Course for 
future credit controllers. 

Minimising risk instantly: 
2OC.0M cpndeh'ed credit reports in 
the PiScB RegMcr. 

Tailoring credit reporting to 
your special needs: nine JincrcnC 
services UK and Oversea.-. Dus 
comp.mv balance *-hect >cn icc*and 
company sear Ji sen ice. 


DUN& 

BRADSTREET. 

Marc. than credit to our reputation. 

2&S32 Clifton Street.'Lonclon TC-F 201 Phone; ?L-C4r43T7- 




24 


C OM PAN Y N KWS + COM M I : \ T 


DIVIDENDS ANNOUNCED 




Stagnant market fails to halt Brockhouse 


.W*ocia(ed Paper 

Emits Co 

Bruckhfrtine 

Matthew Brown 


REPORTLVG TAXABLE profits 
for the six months to March Si. 
Ifl78. some 17 per cent hi = her at 
fl.21m. Mr. R. J. H. Parkes. chair- 
man of Brock iiouhe. says he 
expects this trend to continue. 
The mid-term rexult was achieved 


INDEX TO COMPANY HIGHLIGHTS 


Chamberlin and Hill 
lnjilon-Forsbaw 

inss are shown at 4.13j» »3«Bp) R. -A. Dyson 
per share.. *"“* 


over. 


profits of £2.G2m. 


which the company ser.es is 
picrure of stagnation. says. M 


tinue.s to suffer from the effects 
of world over-sunply and low- 
priced imports. However, so far 


ahead of that 


Ing period. 

H nMi?:hs 1 

m: 


1977-7? 

lSTfi-TT 

is:s 


£<mo 

:n.» 


Sales 

-J.115 

j«T 


Trading pmflt 

1 .<■.;* 

l ..Tp. 


Interest 

AnH 


2. 

Pro-UK profit . .. 

U12 

1.031 

I K IU 

J.' 

m 


Ororaeav las 




prnfli 

1 nr: 

fiii 

- 

Ex chance Rains 




Exirsord. . 

■ — 

— 


Avails Uli- 

»: 


J. 

- Credit. * L 





Company 

Page 

Col. 

Company 

Page 

Col. 

Anglo Swiss 

26 

5 

Leslie and Godwin 

26 

7 

Associated Paper 

28 

4 

Luis Gordon 

is' 

T 

Boots 

25 

4 

Peerage 

24 

4 

Brockhouse 

24 

1 

Petrocon 

24 

5 

Brown (Matthew) 

25 

8 

Pyramid Publishers 

25 

6 

Buimer and Lumb 

24 

2 

Ranks (Ireland) 

26 

4 

Coates Brothers 

26 

3 

Redman Heenan 

24 

4 

Dutton Forshaw 

25 

I 

Royal Dutch Shell 

24 

7 

Dyson (RA-) 

25 

5 

Simon Engineering 

28 

3 

Eurotherm 

24 

I 

Sphere Inv. 

26 

4 

Garnar Scotblair 

26 

6 

Stenhouse Holdings 

24 

5 

Hinton (Amos) 

25 

5 

Sunderland and S. Shields 24 

6 

Industrial and General 

28 

3 

United Newspapers 

25 

7 

Jessups 

25 

4 

Whitbread Investment 

24 

3 


Decline at 

Redman 

Heenan 


Anon. Hinton 

lnd. and Gen. Tst. 
Jessups (Holdings! 
Peerage or B'ham 
Pyramid Group ... 
Ranks (Ireland) 
Redman Heenan 
Sphere Inv. . .. 
Whitbread Inv. 



D:-T0 

Corre- 

Total - 

Total 

Current 

of spemdins 

for '. 

lasr 

Piisiwi: 

payment 

div. 

year 

year 

i^l 

— 

l.l 

— 

23 

... . lirl 

— ' 

1.7! 

2.09 

2.71 

1* 

July 3! 

I.H 

— • 

332 

.rnt. I- 1 

Alls. 4 

1 

— ■ 

3 02 

1“3 

July .1 

1.55 

s.u 

231 

... 1.53 

— 

1J4 

2.73 

' 2.44 

SStT 

— 

!SS 

2^I{- ' 

234 

13ft 

July 13 

2.:s« 

2.1 

2SU 

. . .. I .Til 

— 

un 

2.80 

2.6 

. 1.15 

•Tunc 16 

«.!»3 

1 73 

1.43 

ir.t. *13 

July 7 

0.5 

— 

1 JO 

0.S7 

July J 

(IS 

1 62 

1.46 

I.SU 

.lull K 

I 64 

2.43 

2.18 

mr. 1 3 

.\U3. 1 

2 

— 

4.2 

i hi 

Out. 2 

n.si 

_ 

1.82 

1.85 

June 23 

1.7 » 

3JI 

23 

2 6 

July 21 

2^S 

404 

3.61 


Financial Times Friday May 19 197$ 

R. Dutch/Shell 
cut to £6m. 


Iin 1 ' 11 




to 


AS FORECAST at lhe J'inua! 
meeting taxable profit nf Iti-dman 
Heenan Internal tonal d' cimed 
from il.OTm to £0 92m m th** 
March 31. HITS, half-year on turn- 
over 10.53m Tower at i'ljiHm 
Directors say thar after a " ! ° m * 
Mart in the lirsL two monili- of 


Dividend* shown pence per share net except where otherwise staled. 
*■ Equivalent after allow in’ for -.trip issue. » On capita} 


increased by nshis jr.d or acquisition issues 


and profitability improved 


Stenhouse slips to £4m 
at interim stage 


Pre-tax profits for 
to March 


ihv mx Emtinecrins was affected 

iy7S. «if primarily by a low level of call 


Itf l 


• comment 

Growth at Brockhouse has heen 
checked by the steel side v here 
protits have been hit by the v oriel o\ TURNOVER 


Buimer 
& Lumb 
expands 


the 


recession”' The steel division icprc- £24.27 rn. to £27.4m. pre-tax profits rll-pr^T-LSon 
sen ts a firth of sales but the nf Buimer and Lumb (Holdings) Auditors r«mun>.ra:ian 
Rpneral engineering and handling expanded from £1.44m. to a peat: Profit before tax ... 

and processing equipment divi- n f £2.I9m. Tor the 52 week;. to TMJ • 

sions have more than offset any April 2. M78. At the ha!f-wa> d.V.'"" 

downturn from steel and left the <[ a ge. directors reported profits Additions i duusend- 
group trading profits ahead by 7 up from £fl.4Bm. to £0.7m. and said iird. jmerim 


Pros- 
pects indicate results for the full 
year will show some advance on 
laM year's record £2.53m. 

The result of the en -, inei.'rirfC muni ns 

croup is after inlereM~ charges Slrnhousc Holdings slipped from offs for pressings due to lower 
down Trom £80.000 lo £47tH"> and -M-Wm to £4.0203 tractor sales and jewellery found 

leading Yorkshire subject to tax or ii'Jn.OOU insurance pre-tax profits were mail order demand disappointing 
groups. i£1h7.0OOj. down from £7.05ni m £6.41m. and export Miles were difficult. 

The group's balance -heel is The interim dividend i- hfsrd Insurance hrokinc cummis.sj.in Timber suffered on two counts, 
'irons. the directors add. and from 0 08I25p to l.Offiip net per and, fees of S-.M-m iio4.,_nu Timherland hnre ihe opening 
liquidity is good. Adequate finance lop share, absorbing the hole of were earned one nei interest ana PDS {, 0 f f nur ncw retail wnre- 
is considered available to enable the current permitted maximum rental income came lo -i-iMn hour's and the ktichen factory 
development of the group to cun- 1ncrc3.se for the year, li v. Hi cost i£l-*Smi. OperaiiiiK experienced low demand as the 

£150.000 f £121.000). A 1.0025l» final totalled £J3.74m i£&.4sm) and resuJ , of Jhc building trade 

was ».-iitl la«» tima D -h®- 1,cais --SO.fh'n _ i — lU.OOUi. recession. The industrial dhri- 

The proportion of insurance cion's results for April were 
broking profits attnbuiable to the better 
croup came out ai £fi.47m against . ... 

Insurance broking premium 
lo £30!hn (QftOm) 
net sales to third 
£20m tIISm). ‘ 


tinue. 




L8T7-7B 

: 5* r i>- r t 



r 


- 

Group tumomr 

. . 7T.TO.lil* 

a 

n 

TraduiR prufli .. . 

JAM .7: 1 

: M9.6.M 


Iiiicto-si payable . . 

-S 

;«q rs. 1 


D"P red auaii 

a:: ua 



comment 



nii: dclsyed at that time bcAu-e nf finance and other costs absorbed 
.t.viXi ,^0 uncertain industrial pn-ition. X275.C90 (£307.000). _ * Comment 

But the picture has improved :»nd uroup tax took I) 97m i£22hlmi 
i y 5;; Redman's forward order book has and extraordinary debits £128.000 Mcnhou.sps latest 


1.M9..72". 

:;.30u 
2.0411 
IW.sj* 

:4SJ2'l 

oriw.r*Mni t -nx urown: the order book 
» For 


• comment 


12 per cem. uverseas. accountin'? he not le>s than tho.-e Tor the an ' d c ?IJ^S n Sofirr l i-7u5! 
for around 13 to 20 per cent, of 13T6 n >ejr. 
turnover. Brockhouse has done The directors now say ihat the 
well. particularly in North policy of steady inveipnent 
America, where despite the unex- new plant and 
citing economic situation trading improvement* lo 
has been fair! 
larly in- Canada 

perhaps due ■«* ... - patvu w '»m iuhiih> ; i «■■■.• |ici mu inuma ■ i.ic. nini.il itucLij n j - ,l J _ 

dominant position in Canada — it further improvement in trade volume growth or around 5 per renetis me decision 
claims to be the largest roll which should result from the 
former. Progress at the pre-tax recent downward movement 
level is expected to continue sterling and the forecast increase 


. . - . half-year 

Aoril CI.TW.000I leaving £2.u:snt f£l.Smi. Insures were just a shade -below 
«-77. stood at £19m against £IHm at ihe Earnings are shown at 5.4lp market expectations. Xevcrthe- 
beginning of October The trend t-».«!p> per 25p share before extra- less the group looks on target 
has continued but Redman needs ordinary items. . - for^lfiom. compared with £I02m. 

to work this through fairly F, ? r an group pre-tax The shares at 102p stand on an 


carrying nut With direct exports down. and the = k ‘. =, ■ f fulfil W chair- Woii:s came to £ 10.02m and divi- undemanding prospective p e of 

buildings has home market only slightly belter. “e dends totalled 4.03p neL 7.7 and yield a probable 6 6 per 

fluctuations again ccn *- Ihe more favourable move- 
insurance broking mont 0 f currencies and interest 
compared with last year. r . ;i,ps uill bolster the second half. 

The group hius coped well enough 

pre- 
marine 
group 


>mic situation trauing improvement* lo buildings bas home market only slightly belter. „r hi.hae nrnC-< dends totallet 

tiriy buoyant, particu- continued, resulting in increased indirect exports seem to have been °Th« ihJr.. Cu-rencv 

nada. This result is efficiency. The group i, well,hc key to Buimer and Lumb'* 52 £ ' h f n f “" ?? a , ^i iv disloned i 

ue ,. ! !° P la e. ed . l0 .J a _ k - e a l v - a _ n . 1 a? 5_ °L a "l Per vent profits rise, which reflects thJ ^dLhJon *VS nitroase results comps 



IX LINE with Us April wanting, 
currency losses o( the Royal 
Dntch/Shell Group or Companies 
soared in the first quarter of 1978 
from £53m to £2Stim. leaving net 
income at Mm against £4IGm in 
the same period last year. 

Net income before currency 
translations was well down from 
£M9tn to £2RBm. . but in 
Comparison with the final quarter 
of 1977 was up from £Hlni. In 
the first quarier last year there 
was substantial -tuck appreciation. 
This year there was an element 
of stock depreciation. 

Directors say the business 
reality- of the quarter showed an 
improvement over the linnl ficriod 
or £977. Viewed against the 
disappointing stutp n( most world 
economic*: and with the continu- 
ing oil suppiv surplus and excess 
of tanker and oil refinery 
capacity overlt.utging the market, 
this is welcome. 

But figures for the first quarier 
results arc distorted by The U.S. 
accounting standing FAS 8 wuich 
deals with ihe translation or 
foreign currencies. 

Directors say that previously, 
currency translation effects on 
stocks sold and on monelary items 
have offset each other to some 
extent while in ihe latest quarter 
they moved in the wrap direction. 

Sales proceeds for the quarter 
dipped front £7.0Sbn to £6£)bn. 
and sales taxes, excise duties and 
similar levies camr to £I.38bn 
<£1.32bn). Excluding these taxes 
and including other revenues of 
£J38m. (£14unt>. the share _ of 
associate earnings of £5tni 
mMini and interest income of 
£S0m t£H0mi. revenue was 
£5.5fibn tOiOSbn). 

-Shetr Trading and Transport s 
37.7 per cent share or income is 
shown at 0.44 p per share (2&3Sp) 
or S0.03 tS2 11'- and the Ro>-al 
Durrh «2 per cenr share at SU.Ofi 
CS3.S41. , . , . 

Toial ml sales. including 
532.000 t litH.ooo » barrets per day 
or criule oil. were 
(5.557.000) barrels per diry. 

Natural gas sales ran at' 7,782m 
cu ft per «1.i.v. up from 7.025m 
cu ft previously. Chemical sales 
proceeds were down front £S0Um 
to £577m for the period. 

Directors say Shell in the t : .S. 


increased Brat quarter dollar 
earnings five -per cent, but 
because or currency effects its 
ster!ini; contribution was lower 
than in the first and fourth 
quarters of 1977. Shell Canada's 
dollar earnings and sterling con- 
tribution were tower compared 
with similar periods. 

Excluding the I'^L and Canada, 
oil products and natural gas 
volumes were little changed from 
the corresponding period. 

The oil trading situation hi 
Europe showed some slight 
improvement over the extremely 
difficult circumstances of the 
fourth quarter of 1977, but 
directors say It would he rrm 
early to say there is a longer term 
real improvement. Muffins arc 
still clearly Inadequate. 

Outside North America there 
was little change in the overall 
business environment for 
chemicals. Sales volume** were 
marginally up on the 1977 first 
quarter and while earnings were 
down they were an improvement 
on the fourth quarter. This has 
given hope that the deterioration 
.seen throughout 19*7 has 
bottomed out. 

Capital expenditure wj* 

virtually unchanged at JM43m, and 

at March 31 long-term debt wa< 
£3.4Sbn (£2A2bn). while cash and 

.short-term securities were £!.U5bn 
(£2.Sttbn). The increase in debt 
reflects substantial currency 
translation effects and a SaOfitr 
notes issue and a Canadian 
5125m debenture issue. 

1-iM guar'i-r 


excise 


REVENUES: 

Sib'5 PTMTCOS . ... 

l^-ss nalrs ulm. 

ilQivs. rtv ... 

Other iweiliws ... 

.V4or. Mmpanir* c^nungs 

InlemM mraim. 1 

ataKlDH - 

COSTS AND EXPENSES; 
PuiYbsa-K. (HH-miiiH 
Sc nice, is.-ifc.-ral. atlium. ... 
Xxploniiitin . — :... 

ICpanrr!) and deciikmncnt 
Deprvcutiim. deptettun. 
amctmsaiiut .. _ ... . 

Interest 

Tas 

To minonu>*s 

Mukiiut - 

Net Income 

See Lex 


inrs 

rro 


197 

£m 


fl.wt r.o;< 


l.»“. 

13S 

Fit 


5 .737 


1.32* 

Ml 

I?: 

N 

cu:: 


fils 

na 

91 

c 


4.l< 

34' 


1. 


ins 
T9 
411 
34 
3 :.ii 
i 


14* 
fi> 
W 
J- 
S Kl> 

Hi 


_ 

^ b 


ore 


through to the second half and tn consumer spending. 

full year profits of £3m seem a L'nler* there i- an ad\ers _ 

likely estimate. At that level the change in the situaiion. they say home market was responding to 
prospective p e at 67; p (fully tpjt profit* for tile current year slightly higher consumer spending 
taxed) of S drops to 4i taking a are n ot expected to be less than but exports were an eighth lower, 
line through the interim tax ;hc figure- now reported. mainly because oT Lhe stronger 

charge and the yield amounts to Earning- per 20p share are pound. Nevertheless, ihe results 
9.2 per cent. «hown a* 12.1Bp (T.flkp) and the were bettr than expccleri and ihe 

dividends stepped up Lo 3.10S0?p shares jumped -Sp to 54p for a 

(2.S065pi net. the maximum p e of 4.3 while the P per cent TURNOVER for 19*/ at Perragc business 


Eurotherm well 


Peerage of 
Birmingham 


business 

operates has been lacking, say rent of broking profits earned 
llie directors, and this has been oversea*, largely in Canada, cur- 
cotnbincd with .a reduction in reney movements have not helped 
premium rales in many areas, either. althati-.:h there was 
This has been offset to a' certain improvement in the second 
extent in the L"IC where the quarter. In addition the group 
results are enctuiricinr: and new was supported to a small extent 


Delta Metal confident 


development 


all on the industrial side by a better 



Shares ... -ram 

closed yesterday morning heavily next interim dividend. InV SlflPSin half 'profits ahead from £I46.«IU0 products, 

oversubscribed. Problems in the group’s knit- 1o £24S.U00. the directors sjid 

The offer attracted over 30000 tins sub-ri diary, which has been Profits for the yar lo March 31. that although they did not expect 
applications for a total of 243m affected by the weak demand lor idts, at Whitbread Investment — Lhe same rate of profits growth to 

shares. jersey fabrics, have been sorted in which Whitbread and Co. has be achieved in the second half. 

To-day the bankers. Rohert out and ihi* unit i.s operating a large stake — rose from £2.44m. full year results should show a 

Fleming, expect lo announce the profitably, the directors *tale. to £2.79m subject to lax of £ 1.06m satisfactory increase, 

basis of allolmenL A spokesman The company has secured a against £0.92m. After tax of £288.374 (£214.51(1 1 


Petrocon sees recovery 


Some 


_ . ' recovery by Petrocon increased to 4.3338p (4.-1425p). On 

for the bank last night could not major foothold in the Middle East The final dividend is 2.600 ip net full year earnings are shown at p/ 01 *?.* 4 looked for in 197S. says a CCA basis pre-tax profit Is 





BTR play an important part 
indie development of heavy . 
electrical equipment through 
insulation products such as . 
Pemiali laminates. These help 
to support and brace the stator 
windings of large turbo- 
generators. Expanding use of 
reinforced laminates has 
contributed greatly to our 
growth in recent years. 

AXfe supply diousands of 
other products to die 
engineering, transportation, 
energy and mining industries 
worldwide. Vital components 
for cars, trains and planes. Hoses 
of all types. Heavy-duty 
conveyor belting. Oil platform 
sceel-wo'rk assemblies. Rubber, 
plastic and engineeri ng 
components. 

V£Ye confident we’ve got 
the right mix to cam- on 
growi ng; Sales to key industries 
and worldwide manufacture and 
distribution. Above all, an 
operating philosophy that 
actively encourages growth. 


brockets '.‘j l'cmaii Jc mijicd tiuuii (auK.uttc. 




BTR. Limited. SilvcrtownHouse, Vincent Square, London SW'IP 2 PL 


the group's ability to win orders Working capital decreased by 
in overseas markets, he adds. £393,197 auainst a £98.942 increase. 

Figures for the first four As at May 4 John Swire and 
months of the current year show Sons held 12.7 per cent of the 
an increase in order inlake of issued equity, 
some 40 per cent compared with 

last year. The chairman adds. Cu.** J O 
howi- rr That the benefits of this dUndCfJHnd & 
are not ckriy io be seen -before ~ 

lhe_ second half of the year. $Ollth SHlddS 


The directors, he says, v.ho m 
the past have made substantial 


Taxable profit of Sunderland 
investments oterseas. will con- and South Shields Water Company 
tinue with this policy in countries in the March 31. 197S, year wax 
where aiw rh prospects exist. £l.61m compared with Il.ti7m in 
As reported on April 28 pro- the previous 15 months, 
lax profits for IS), < were £BS5.2oS The result is suhject to tax of 
on turnover of £10.!2m. compared £427.568 compared with X49G.15G 
with respective figures of £1.5m previously- The full year's divi- 
and £13. 72m for the previous 16 dends have been paid and so do 
months. The net dividend is final dividend is proposed. 


Viscount Caldecott*, chuirmau 
of Della Metals, told shareholders 
at ycxivrd.ij'x A(»M that he 
remained conlident about the 
group's ii» or. i II pro*ju*cts nnd 
that lu.* expected profits to 
increase in the current year. 

He said that i here wa.s a slow 
recovery in demand in lhe L’K. 
Hanover di-ptites, caused hy 
dissatisfaction over n tup differ- 
ential*. had affected ouHhit. There 
were ;«!*" Mgns oE- 1 increaxing 
compelilitm in export markets. 

Extracts from ovher chairmen's 
statements at j.(imiul meetings 
yesterdu.v include: 

Johnson Uroup deauers: Mr. 
J. L. Urm Kill I said that recent 
speculation about a possible bid 
for tht* -„roup wm just ” gossip." 
Results for March quarter showed 
a soun'iil improvement over the 
cor re- 1 ion dm a period last year 
and the preliminary results for 
April, revealed a similar trend. 
"Wcjjlo'ok' ' lo the outcome of the 
year s trading with some confi- 
dence.*’ he xatd. 

Wm. Morrison Supermarkets: 
Mr. K. D. Morrison said that sale* 
were currently running 21) per 
cent, ahead of the same period 
1.1*1 year while mltime sale*, tn 
real icrm.x, were between 2 per 
cent, and 3 per rent ahead. 

Erith and Co.: Mr. G. Fisher 
said that the wet weather ex- 
perienced so far this year bad 
prevented any significant upturn 
and current trading experience 
indicated that first half results 
would be - in line with those of the 
same period last year. 


Splrax-Sarco: Mr. A. C- Browr 
said that Industrial management: 
were now realising the advautauc.- 
of minimiKinj; waste of cxpensivt 
fuels. “ 1 believe our increasei 
order intake at home is due mnri 
Ip this than to any real rerover; 
in industrial investment level 
generally.'' he said. 

Trading so far this year hat 
cuntimtcd well, with total order- 
sales and profit* showing ver; 
satisfactory increases in reu 
terms over the first four month 
of last year. Subject In unforc 
seen circumstances, he was cur 
(idem of substantial progress tlii 
year.' both at home anil oversea* 

Henry Boot and Sons: Mr. E. I 
Root Mild thar there was litt) 
room far optimism for the imnu 
diale future of the construclio 
industry in the UK 

Nurvic Securities: Mr. C. > 
.Metcalfe, reported Ihat again 
tile background of a fiercely con 
petitive UK shoe market tl 
company had shown a Ur 
quarter opcratint? loss of iTs.m 
on turnover of £3 tin. He sa. 
Ihat the second quarter wnu’. 
show an operating profit but it w: 
unlikely that this would elinunai 
the first quarter delictt. 

Sir. Metcalfe added that thei 
would be no interim dividend an 
a final would be considered i 
the context of the full ye; 
results. 

31ctal Closures Group: Mr. ■ 
Boden said that there had recent 
been signs, in certain sectors, t 
an up-turn in demand and, th 
indications were now mot 
promising. 


Vi:. 






Henderson 



North American Gross Fund on 
the 15th November, 1976 it has 
outperformed the Standard 
and Poors Composite Index by 


/ t 


IS%. The composition of the 


Chai. 


Portfolio which is invested 
6o°o through a dollar loan is 
as follows: 


id: 


Consumer Non-Durablc 56'' 


Henderson North American 
Gross Fund offers a simple 
method for wholly exempt 
pension funds and charities to 
invest in the important US and 
Canadian markets which we 
believe represent good long 
term value. The Fund is 
managed on a day-to-day basis 
by our North American 
specialists in an organisation 
with over 30 years of American 
investment experience. Since 
the Fund was reconstituted as a 


S' a 
9°, 
12".; 


10% 


ijp.' 

—j .a 


Consumer Durable 
Money Sensitive 
Natural Resources 
Industrial Goods and 
Services 
Capital Goods 

For further details of this Fund 
(dealings are weekly oa Friday) 
and the pension fund 
management serv ices we offer, 
please contact Colin Day, 
Henderson Administration Ltd, 
11 Austin Friars, 

London EC2N 3ED. 
Telephone: 01-5SS 3622. - 



Henderson 


nil Administration Limited 


A muitreftke Uni: TrxtA^<vi*&nt 


Jf ct afpILchit afire 





Ldja 


% 


& 










Iltri,. pp" 

V * * ^Jj i Financial Times Friday May 19 1978 

1 -fiiij ' Dutton Forshaw jumps 
33% to peak £3.21m. 







Boots at peak £107m— 
final half growth slower 


Good start by 
Utd. Newspapers 


pjf TURNOVER 21 pnr rent 

libber at £H0m, pre-tax profils 
0 f Dutton Forshaw Group 
advanced by 33 per cent, from 
£.4m to a record £3.21 m in 1877. 

Jn September/ reporting a first 
jtalf rise from fi.iatn to £l.6m, 
the directors forecast a good in- 
crease for the year. 

They now say that motor divi- 
sion results have been excellent, 
including a record contribution 
from both the Rolls-Royce and 

Ley land divisions. 

profit also includes £632.000 
from the agricultural and con- 
struction companies 

The final dividend is 1.805p net 
for a maximum permitted 2.805p 
(2.34 p.) total costing £670,000 
(£299.000) on capital increased by 
fast year’s 2-for-o rights issue. 

The contract hire division con- 
tinued to grow in 1977 increasing 
its profit contribution by 55 per 
rent A continuing increase in 
profits of the division is confi- 
dently predicted. 

In the agricultural and construc- 
tion machinery division planned 
expansion continues. 

During 1977 a number of 
surplus properties were sold, 
realising a total of £315.000. This 
exceeds book value, and is par- 
ticularly satisfactory, say the 
directors, because it indicates 
that the company's properties 
ore conservatively valued. The 
group's remaining properties 
Dave been valued at over 111.6m. 
representing m excess of 45p per 
share. 

Demand for Rolls-Royce cars, 
both new and used, continues to 
be extremely buoyant and the 
order book has never heen so 
high. The directors regard the 
future of the Rolls-Royce and 
Bentley distribution as *' very 
bright indeed." 

In spite of all the difficulties, 
the results of the British Ley I and 
distribution side for the first four 
months of 1978 have shown a 
substantial increase and the 
group is currently selling new 
and used cars at the rale of 
(0,000 per year. If supplies can 
to reasonably maintained, the 
directors anticipate that these 


BOARD MEETINGS 

The fuilnuirua wmparrica have nulifk*! 
dtfh-s >if Board mwriuff. lu the ShkI* 
Exchange. Sudi mM-uns 1 - *re usually 
hi. ]il far rite ourpn-c* nf ennn [terms divi- 
dends. Offlual inJiL aliens are hot avail- 
able whether Ciiidcr.d; nmiwriwd are 
In: eriiiu. or finin', and the sutMlivixii.nv 
■siiown below are ba>cd mainly on lin 
> car's timetable. 

TODAY 

Interims — BplHrsr. I.eed-t and Dwnn 
Dyers ami Flrm-tar.. Management Agencl' 
end Maslv. Kpoeaur Industries. WlfciMu*. 

Finals — Debenluins. Ever Ready. 
Fa ■hi on and General lnvestmem. A. 
Coldbers. Edward Ur Ba>. 

• FUTURE DATES 

In ttt Inu 

ROC Infematwual May 24 

Caur ijutmi <Dnnca5teri ............ May 24 

Klmdrlvc Encineerlos May 2V 

JenFs and Cauelt Slav 23 

Keystone Inve-imeni Mjv is 

Proprietors. at Has '5 Wharf May 23 

Fleet*— 

Ambrotc lnvefinicm Trusi May 23 

Chuirhbtfry E.-ia'e- - . June 1 

Cutler Guard Bridge June 2 

Puck Groop Star 24 

Uuntios A««oa*lfd ipdu-ine« Stay 23 

Koy-ter Utlmann May -'1 

Leivure Caravan Park' - May '-3 

Mmstee Mai 23 

«'iiv Group Vav 23 

Young and CV» Brewery . . June I 


excellent results will continue. 

On the agricultural and con- 
iLruction machinery division they 
say that there Is some indica- 
tion of an upturn in the con- 
struction industry in the UK and 
they ore confident of an increase 
in volume in 1978 and an accept- 
able contribution. They . antici- 
pate a continuing growth in the 
agricultural machinery division, 
particularly as the range of 
machines handled is in the 
sectors where demand continues 
to be buoyant. 

Management accounts for the 
first four months of 1973 show- 
profits considerably higher than 
for 1977 and they look forward 
with confidence. 

The BDT Group of Sunderland, 
and Stevensons Motors, Ton- 
bridge. have been acquired, thus 
consolidating the Ley land distri- 
bution In those areas and ihe 
group has now completed the 
acquisition of Spa investments 


* (Harrogate) for £894,160. This is 
to .be satisfied by the issue of 
£l.Q'J5.Gfi4 ordinary Shares and 

<1 £450,260 In cash. The shares will 
fc not rank for the final dividend for 
l 1.177. 

l’ Spa's proR i for the year ended 
tr December 25. 19n. before tax and 

- an exceptional debit item of 
“ £30.713 was £190.764. The net 

tangible assets at ihat date after 
providing £200.000 for deferred tax 
y amounted lo £072.857. 

Sna is an old-established Ford 
■- main dealer in Harrogate with 
■ retail outlets in Ripon and 
Knaresborough. The benefits ex- 
pected as a result of the trans- 
4 action are representation in the 
4 Harrogate area and a spread of 

* franchises. 

3 a comment 

3 DWutlon Fnreshaw were perhaps 
i slightly below market expect*- 
r tioni taking in a vUitlc perform- 
’ once in ifae second half compared 
, with the first six months. New 
■j and second hand sales of Leyftnd 
s products amounted to 35.000 units. 

* against 32.000 in 1976. and boosted 
by the retent " super deal *’ offer 

* Dutton could be target for 40.000 
this year. Bui the J super deal" 
is now over and the company 

- may find it necessary to provide 
V further discounts soon and this 

- » 111 hit margins. Delivery prob- 

- toms a i Rolls-Royce — Dutton For- 
i shaw has 20 per cent of the UK 
s market — leFt volume unchanged 

- at about 250 vehicles but RH's 

- increased production for home 
f customers should sho wthroush 
, in Dutton's profits in the current 
f year. Meanwhile, the company 
t has just acquired its first Ford 
s dealer and further franchises are 

likely in the near future, but it 
i may have jumped on the Ford 
v bandwagon a bit late. Agricul- 
l tural and construction machinery 
i profits, which account for nne- 
fifth of the total, were also static 
, last year but the agricultural 

- If conditions on the car side 
n remain favourable Dutton will be 

- side should do better this time. 
; aiming for at least X4m this year 
; At 481 p the shares stand on a 
s p e of 3.67 and yield 9.1 per cent. 


Fi iLMAVIXG A £t.9m rise in firsi 
half profits to -£47.Rm, linols 
Company added a further i'fim m 
the second half io end the 
March 31. 1975. year with pre-tax 
profit ahead from £91. 1m io a 
record £107m. 

Sale* Tor the year were up 
rrom £735 m io £BM.Sni. Last 
year's profit was after an £8.$ni 
conrribiiliftn towards a pension 
fund deficit. 

Directors say UK retail sales, 
excluding VAT. increased by 
18.2 per cent, with volume growth 
representing about one quarter 
of the rise. 

World wide sales — retail and 
industrial— increased by 2d per 
cent, as they did in 1976-77. but 
net margins were generally 
somewhat reduced owing io a 
slow growth in world trade and 
competitive pressures in such 
conditions. 

.Some revival in consumer 
spending is expected this year 
and directors are budgeting Tor 
a bigger real volume growth, bur 
anticipate pressure on prices and 
margins to continue. 

The result is before tax or 
£5fim compared with £47.901. and 
minority interests of £a.7m 
t£0.Kmi. 

A second interim dividend of 
T.9)83p has been declared and 
makes a total of 2.9962 p. Pro- 
vision has been made for a third 


interim of O.029p if the lax rale 
ir changed. Last year dividends 
totalled 2.70S&P net per2 _ »p share. 
See Lex 


A. Hinton 


turns in 

£1.73m 


AFTER AX 83.4 per cent increase 
to £l.Q2m. for the first 2S week-, 
pre-tax profits of Amos Hinton 
and Sons finished the year to 
March 4. 1978 ahead by 43 per 
cent, from £1.21m. to £).73rn. 
Reflecting an increased market 
share from existing stores- sales, 
excluding VAT. expanded by J5.9 
per cent, lo £61.06m. The company 
operates as food and drink 
retailers and distributor*. 

After tax on the EDJ9 basis of 
£905.000 (X5S5.000 adjusted), earn- 
ings are shown at la.Q&p U1.39p> 
per JOp share, and the dividend 
total is raised from 2.fit>47p to 
2.S87!>p net with a final of I.4472p. 
Following the chance in account- 
ing basis £lJSlm. or deferred tax 
has been wnilen back tn reserves. 

The directors -ay that the 
drinks subsidiary increa.-ed profit- 


ability which will he enhanced by 
the acquisition of Dyers from May 
5. 1978. 

19277? 192677 

Rain 1 cxclcdirj! \ AT > . . fi) Oifi 2-2. S- 1 

Front before tax' 1,73? uu 

T^x .. !*'V> 

,\.-i profit . . »> fi.» 

Ksiroordiborr loss '.-fi 44 

AiailaMi- 7‘i? n7ii 

• Aiur doDr.xiii.on £a»<sn. 01 iri-Khttld 
■nd IDU i>'i!>. I bu.'d Du I Id in 1.5. Cnriipjrja:- 
■dlusliReiil of £<23*00 rosdv id *976.7; 
tunircs. Profii. 

The company's manufacturing 
units were closed during the year 
on terms favourable to employees. 
Satisfactory alternative supplies 
have been obtained. 

Competitive activity makes the 
outcome of the current year diffi- 
cult to predict, members are told, 
but ihe company's plans should 
ensure real profit growth in Du* 
medium term. 

MIDWAY DECLINE 
BY BAGGERIDGE 

On turnover down by £Q.!Sm to 
£l.83m profit of Baggvridge Itrirk 
Cunipans fell from £111.000 In 
£41.000 for the half vear to March 
31. 197S. before tax of £21.000 
against £58.000. 

For the whole of the previous 
year, pre-tax profit came tn 
£2772*10 and a single 2. 334 73 p net 
dividend was paid. 


Jessups £0.3m. up and confident 


Luis Gordon back to profit 


; ^ » ? !l ! ly( ! ||l A SECOND half profit of £397,000 
nun pared with a loss of £131.000 
it Luis Gordon Group enabled 
this importer and distributor of 
ihe tries, wines and spirits to turn 
in a pre-tax profit of £8.000 for 
ifae whole of. 1977 against a loss 


ihe whole 
of £444,000. 


The directors said at the in- 
terim stage they were hopeful 
that they would be able to report 
a more favourable picture when 
the full year's results were 
announced. 

Sir. David Palengaf, managing 
director, now says that while this 
ivkuII is by no means regarded 
as satisfactory, it indicates that 
the company has taken. " a signi- 
ficant step down Ihe road to full 
recovery," and the directors are 
able lo view the future with 
greater confidence. 


Sales to date are substantially 
higher than in the same period 
last ye&r and, with fixed costs 
firmly under control, the company 
wiil continue to make progress, 
directors state. 

Earnings per lOp share are 
shown as Q.lp (8.2p (ossl nod as 
last year there is no dividend 
pay-out. 

Turnover for 1977 was down 
from £15.G9m to £lL53m and 
pre-tax profit was struck after 
exceptional debits of £108,000 
t£ 184,000). 

, Total sales of sherry in 1977 in 
(he UK and Eire remained at a 
similar level to 1076, the directors 
state. The group’s share of this 
market fell somewhat because of 
the group's determination to 
obtain reasonable margin^. This 
fall in market share has been 


temporary and Double Century 
has again returned lo its previous 
position as a brand leader. 

During the year strong 
measures were taken to reduce 
fixed costs, and it is anticipated 
that in 1978. when a full year's 
benefit will be received from the 
cuts made, fixed costs will be 
lower than for 1977. 

The group has been able to 
reduce its bank borrowing by 
£1.500.00(1, and the directors 
expect to be able to operate 
within the existing bank facilities, 
in the current year. 

1977 1076 

id*» moo 

rurflot*r . ... . H.35I 13.HM 

Trading profit »» 174 

lnii-rcM 333 654 

ttV(-<-n;U>n<t d-.-hins .. W* l«4 

Profit before too . .. t t*w 

Ta* < — 

•Wl profit 4 t+*4 

' Loss. 


On sale* £32>7m higher at 
£12.19m taxable profit of Jessups 
(Holdings) jumped from £206.000 
to £32S^50 in the February 28. 
1978. half year after Joan interest 
nf £200.039 against £225,931 last 
time. 

Mr. A. Jessup, the chairman, 
says the year continues well and 
that directors believe the final 
profit will be substantially higher 
than last year’s peak of £0.55ni. 

The present intention is to lift 
the final dividend to the maxi- 
mum permitted amount. The 
interim dividend is unchanged at 
o.-ip net per lOp share. A 1.05p 
final was paid last time. 

The result of the motor 
vehicle dealer, body builder and 
leasing specialist is subject to 
tax Of £172,250 (£109,000). 

Mr. Jessup says the first half 
saw continued improvement in 
the fleet sales and vehicle leas- 
ing sectors, together with an 
expansion in the commerci«J 
vehicle market. Although the 
supply of certain models was 
restricted, there was a consistent 
delivery of vehicles from the 
manufacturers. Funding require- 
ments for vehicle stock remains 
high, although short-term bene- 
fits have arisen from lower 
interest rales. 

Complete redevelopment of its 
properly at Southend was. carried 
nut and will be finalised in mid- 
June. The development of the 
group in placing its major invest- 
ments in handling VauxhaM, Bed- 
ford and Ford vehicles together 
with leasing has shown the 
anticipated progress and the 


future continues to look bright, receipts for the period were up 
lie says. from £1.85m to £ 1.94m and the 

The new’ Ford subsidiary has operating loss deepened from 
integrated well into the group £33,309 to £116.022. 
and progress is being made Lo Last year there was a surplus 
obtain main dealer status. - on ihe sale of vehicles of £99j)So 

which pushed the group into the 
v i io black. The latest result is after 

'sAPnnd-.halT investment income of £2.870 

kJtH/II Hflli (£2,398 1 and associated company 

1 acc P rofils ° r £5 - :ss 

IUw Lit IN There w as a tax credit of 

R * -w-v £55.375. compared wiih a charge 

A I jvenn of £3.009. As usual there is no 
“ L interim dividend Last year a 

AFTER DROPPING £39,127 into 12.!»07S4p Act per £1 «0 deferred 
the red in the second half, pre-tax share paid from profits of £1472144. 
profit of R. A. Dyson and Co. was 
cut from £89.132 to £40,570 in the ■ 

March 31. 1B7S, year. The final t^Vl'Qinirl Q f" 

dividend is down from 2.3 635 p to * JUII1I1U al 

136p, Tor a 2.M)2op t2.SS73pi total. j 

At halftime profit hud recovered rCCOrd 
Trom £1,007 lo £79,697. Turnover 
for the year wan. £2 -Sim i£2.34m), £‘'7'T7 AGT! 

and after tax of £18,523 f £47.71 6) / 

**f l *E£ w *“ d0 ' vn from «W!» Pre-tax profit of P>Tamkl Group 

. (Publishers) for J977 rose from 

.r.i P fSKZ £^20.665 to a record £237.497 on 
■hmn down from 4.141bp to lurnover 0 f n.04m against £0,7tim, 

— , . In their interim statement the 
-JftSSJL!. 1 " ,e niai,ufartur * r directors said that ihe fuU-year 


Pyramid at 

record 

£237,497 

Pre-tax profit of PjTamkt Group 
(Publishers) for 1977 rose from 


and engineer. results should show an improve- 

ment on 1978. 

n< nn ■ After tax. for the year, of 

£lU7.Jo3 lOSS (£120,021) slated earnings 

7 per 10p share are 5 3p (5p) and 

Raefnn Ute dividend is lifted io 2.45043p 

lv>I D41LUU t2.17G.Spi. the maximum per- 

np__ _ a milled, with a final payment of 

1 ranSDOrt I50M3P. Profit retained for 19TT 

Aiauoptm came om at f70 754 (fB4177) . 

A £160.650 lurnround to a Although trading conditions re- 
£207.363 pre-tax los* is reported main dilficulL ihe directors stale 
by Barton Transport Tor the that the financial position of the 
March II, 107S. half year. Tralficgroup continues to be strong. 


£107,363 loss 
for Barton 
Transport 

A £160,650 lurnround to 


WITH CONTINUED growth on 
the adverting from, especially 
m classifieds, ihe current year 
has got off lo a good Mart at 
United New spa tiers ;,uj profits 
for :hc first four month.-, are over 
30 per vent ahead, says Lord 
BamcLson. the chairman. 

Subject only tu the genera) 
economic climate and io ihe 
statu of labour relation-, (he for- 
ward uullook is sjiu-fsu-uiry. he 
icJJ.-; mombers in -ins annual 
statement. 

As reported oil March 29. pre- 
tax profit ro-e from rj.93m tu 
£3.57 hi for 1977, on itiruo\er Up 
lo £48.33m UEHi.nimw. Stated 
earnings were 48.4p i.'iL'Jp) per 
25p share and ihe uuidenil is 
lifted from 12.62UU2p to lJAlTOUlip 
net. 

arose mainly from rather wider 
margins, better trading condition- 
and a gradual uplift in the 
demand for advertising space, the 
chairman points out. 

A divisional analysis of turn- 
oxer (in rows anti pi-rccniagei 
ami pre-tax protu tin £009- ) 
show new -paper publishing 
EiS.fllS. 7S.7 and X4.5»1. inana-'lne 
publishing L't.52:!. 7.3 a ml £.’S5. 
ccneral pnmins HUST. 5* H and 
£166. jnd nn> cel la neon- avtivines 
£2,129. 4.4 ant) Tin m-pectively. 
Invesiment income anmunied to 

£5(J2.0tin. 

The value nf goods extKiricd 
from the UK during ihe year was 
£559.000. 

At the year end. cash resources 
.stood at £3.396.000 iyii^75,000) 

As a result of ihe impact of 
ruit inflniiun expenditure weni UP 
by 17.8 per cent tu mure l him 
£43m and Lord Barnet son ex- 
plains ihsn in this siiuniion. the 
main answer had to be found in 
ivvo major sources of revenue — 
in advertising and newspaper 
sales. 

On the advert imiiu -ide, £4m 
more was earned and m vonnec- 
tion with newspaper sale- retenue. 
almost nil the company's publica- 
tions raised ihcir cu\er prices 
with a relatively modes) cffcrl on 
cireuiatiun. 

After a somewhat sluggish and 
disappointing year >n I97K, cum- 
mcrctal priming mined into 
higher turnover and better 
margins, and more than doubled 
its contribution to profitability, 
the chairman stales. 

The new publishing centre at 
Northampton is due fur commis- 
sioning within the next few 
weeks. With computerised photo- 
setting and web-offset production, 
the centre embraces the new tech- 
nology. and will turn out 40-pagc 
broadsheet newspapers, with 
colour on up to eight pages. 

Provision has also been made 
for further press capacity should 
it prove to be necessary in the 
years ahead. The £3m cost of the 
projeci has been financed entirely 
out of cash flow. 

In addition to this expenditure, 
over £lm was invested during the 
year in improving production 
facilities ai other venires. 

CHAMBERLIN 
& HILL 

The final dividend of Chamber- 
lin and Hill has been amended (0 


].525p net making .1 total i.ir^the 
>i*ar lo M.irch 3i. ( .f 2.72. ip 

f 2.44 pi per 2op ih-irc. 

The InJ.itid Ri.n-.Mnio ha-- »n- 
rormiL'il ihe vonip.m.' )h.*i tlw* :ir..i! 
of l.-ui'. bj-od «*u .i’i \i."l rate 
uf S3 per wm. ,md irntamcd in 
jx^terday x icp.iiL iinahil 


First-half 
advance by 
M. Brown 

ON llll.il l LR liimou-r uf £*.» 43m 
against £7. 96m pre-tax preiit of 
.My n hew Brown and lii. the 
brewery cuniern. .iib-mccil hv 
13 jn-r 1 ■•■in m.tm l'l.!75l«*in to 
£i.:::t2.ouu fur the 26 w«-k a 10 
April 1. 197S 

Tile ilireeiiii » llit 1 ;- aie 

ii«ip«*f ■)( nf iK.-uiii.ciiinj !::eir 
-ales .111:] t lief cl c. •'( :::i 

pruxiiig i»u«»b-:.!l* 10 ■•ml 

half ih«* 1 .lie- i*f in. ii-jm- :i»re ul\ 
aehiewd m ihe |*er»i'd uuw rr- 

p.irleii 

AD«-r l.ix ■•f 1 mm . 
nei prutii fur the luJJ-.M-.ir mi- 
pruxed I rum £56.'>.uuti i«i £uTi »»iw». 
The nitiTim dnnlcnd i% I Ip ■ 1 p • 
net — la.sl jc.ir. im> iiivtii- luUiH.tl 
.‘(.92 p pci 25p -h.uc I rum •.;! njm 
taxable prulil 

First-half |irut«t W.i-> sliilrk after 
clcpr4M i.it 1011 uf £274.lltHi r 11 *::.: mail 
and interi—t uf £l.'!«nm iir. l .i»H | i. 
but nu-liiilci! profit on tile di<- 
po.-al of properties »»f iVl.iniQ 
UTI.IHHII. 


BANK RETURN 


i-.. 

Mr* 1 , 

I •. 

BANKING I1KPART37;: 

IIMI1.U1H- f 

4|-llll- . . ’S ' ' v‘-' 

''iiW'ii- 1 ii-|- — • 1 1 . . 2s..-!. I i 

-l'i- 14 U1-1--11-. I.;< .“ it.ii - . 

ilniiai'i- j-v.. 1 1 -• -... 

Ci-s-i ».•..* 'MJii-l 
.x.i-s. • :» 


\-MKtS 

in'll. * m- >>: ii u • . 4 >1 

Wwii 

\ «... . ti.-.Wl.' 

t • ■! I ic-r .-M- . . L". 

\,*i i?s 

.*ni i I 


t-rl t: 1'H'AIri MKM 
l.l'VuM.l l It's '■ '£" " £ 

\..i.- I , r.U.vAVv.*-.' 

Ill I msi «H. 'll. {.I'/i.M.'i.r'. T I.i'l.'.'.l- 
I 11 limit- *U Uej-l 

A -St T~ 

tl.vh'.l'.v 

' Him Oi«i, Sd>. l.Pi.iP.WI — !!• 

■ 'liter Svuiitie-. W l .2- - i -5 

t. 01V.I.V iC.L‘.M 


UK. 


£'000 


Europe - Australia & North & Rest of 
&U.S.S.R« New Zealand S, America the World 


£'000 


£'000 


£'000 


simon 


74,800 51,100 15,300 20,600 35,500 

37.9% 25.9% 7.8% 10.4% 18.0% 












Simon Engmeering adds up 
to a balanced range 
of international activities - 
whichever way yon look at it. 

The Chairman, Harry Harrison, comments on the Group 


1878-1978 

The operations of the Simon .Group date 

SSSJSJSKSS-’RSU 

^ “ »», 

small beginning into a broadly b ^ s across 
group employing some 8,000 P®°P c0 ntri- 
the world and making a sigmfic 
bution to our nation's wealth- second 

We look forward t0 rt ° r U nnf fdence 
hundred years with continuing c 


simon 



THE FUTURE 

The international economic outlook, at least 
for the immediate future, is not encouraging ; 
all the indications are that world trade will 
continue to be sluggish. This will require 
even more aggressive marketing on our part 
with the knowledge that competition will be 
fierce. 

The measures taken over recent years 
to extend the range of our operations have 
put our Group into a strong position for the 
future. From this sound base any reasonable 
upturn in world trade cannot but be of benefit 
to us. With many imponderables and un~ 
certainties ahead of us it is extremely difficult 
to forecast with any degree of accuracy. 
However, given that there is no serious 
downturn in world trade we look forward to 
continuing growth, albeit more modest, in 
1978, 


Activity Turnover % Profit 


Food 


Industrial 

services 

infereslefc. 

Total 


* £'000 


£’000 


464)60 23.3 4,249 29.7 


Manofnctwhifl 27,941 14.2 3,162 22.1 


SSST 81,197 31.0 2,836 


62,165 31.5 2,632 


- - 1/ 


197,363 100 14,322 


CAauflc Hetah, Stockpori, Cheshire S£3 0RT 




26 


fr 


1. 1, Dewhirst 




Holdings Limited 
clothing Manufacturers 
Hi^ilightsfrom 

the statement by the Chairman, 
ALISTAIR J. DEWHIRST 


ANOTHER RECORD YEAR 


Profits 

* Group pre-tax profit of £1.050,605 - up!5°4 

Sales 

* Sales of £11, 788,046- up 30?i. 

Dividend 

* Total dividend for the year of 1.76p. net- the 
maximum permitted - which is covered 719 times ■ 
based on actual tax payable. 

Bonus Issues 

* Proposed scrip issue ofl for 3. 

% Proposed scrip issue of 1 New Preference Share 

for every 15 ordinaries. 

Expansion * 

* The new factory at Hull will be completed in 
July and In production in the Autumn. 

Future 

sfc Our forward orders and sales to date ahead 
of the corresponding period last year. 

* Improving demand for the majority of our 
existing products with further expansion coming 
from new lines. 

% I expect an increase in profit for the first half 
and anticipate the results for the full year to 
continue to show further growth. 


Copies of the Report and Accounts may be 
obtained from the Secretary. 

I.J. DewhirstHoldingsLjmited,DuwearHouse. 
Westgate, Driffield. NorthHumberside.YOZ5 7TH. 


u 

jjd 


1978 not promising 
for Coates Bros. 


Garnar 

Scotblair 

optimistic 


Financial Times Friday May 19 197 S 


THE Ol'TLtJuK for 1D7S at rhe. sruup's already higher than 
Coates Brothers and Co. is not normal depreciation char;? 
promising. Sir Richard Mcyjes. Meclmc. I.udsate Hf< : - E 
the chairman, says in his annual Juno 9 at 2.3Q p.m. 
statement. 


The main factors inhibiting 
profitable growth in 19TS and 
possibly beyond are: 


Continuing recession in all its 
important world markets leading 
to sluggvh or nil volume prov.th. 

Inflationary pressures forcing 
up costs: 


Deficit 
at Ranks 


Ireland 


And pressure on margins as 
competitors try to compensate for 
inflating costs and lack of market 
growth by struggling to expand 
their market shares. 


But on the positive side. Sir 
Richard says the group i* finan- 
cially sound and well placed to 
withstand current economic and 
competitive pressures and to move 
forward strongly if and when the 
world economic climare improves. 


Meanwhile It is steadily 
pursuing its investment and 

development plans many of which, 

such as its reprographics expan- 
sion programme, hold out strong 
promise Cor the longer term. 

This year will sec the first 
tranche of its four-year Invest- 
ment plan for expandins the 
reprographics division's Norton 
factory and construction of a new 
factory in Nigeria. Sir Richard 
says the main problem area for 
this division concerns the new 
production processes at the 
Norton works. 


Tl’RVlVER for the ha’f ; ear 
March 4. 1978 of Ranks l Ireland), 
a Ranks HovU McDouall sub- 
sidiary. rose from fifi.'hn io 
1 1 7.73m, but the com pan;- i re- 
curred a pre-tax loss of -H7.4 1 7 
compared with proGts or 

After a tax credit or £S'>.U00 
f £410,000 Charge!, the fo« por 
25p share is given as 0.:;p 
earningil and the insvini divi- 
dend is reduced from 2p to l-3p 
net. 

The directors say that second 
half results should impro’-c ant! 
the total dividend will be judged 
fuainst the full year figure.'. Last 
year a second interim of --P was 
paid. Profits totalled £1.74;n 


dividend fotii :s lifted from 2 '<p 
to njri with a final payment of 
I S5p cct. 

Tlte Board intends to pay an 
interim !.55p i I.45pt. an increase 
nf_ IS,' per cent, ir, December 
lflTS. Th> is a cort.nuai-n:: nl 
normal policy whereby interim 
dividends are half the prciiou.* 
year's tots', dividend. 

Net asset value per share after 
deduct in- prior ch antes at par. 
was J 47 ^p rifi!«pi Mau.h "i. 
Tins include* the foil investment 
currency premium of 43} per 
cent 1 41; per Cent ) ur.ionntin- 
to 13.3p tloLTpl. In the even; of 
a sale of the investment a: valua- 
tion. values v.cul.-f have been 
red need by a liability for las on 
capita? gems estimated at 7p 
<!0.4;ij. 


Anglo Swiss 
slips further 
into the red 


19." 


IT mi • !•' 


iM> 


*if ,«v> 
a" •ii.) 
!'■ !•-••• 
V7.M 
~n An-. 
i.i-: 


I'M !£.*; 


Is •“)*•• 

529.133 

43A «-.M 
I Ii-** 


In the lithographic plates divi- 
sion new measures for makmg it 
profitable are under urgent 
consideration. 


Overall capital spending for the 
year in the UJv will total some 
£4m. and Coates is expected to 
draw on the £3. 5m loan nego- 
tiated last year to fund the plans. 

Profit in 1977 was static at 
£Sii4m but there was a £1.74m 
increase in net liquid funds 
against a £0.67ra decrease 
previously. 

At balance dale fixed assets 
were £20.S3iti f£2nj25in). and net 
current assets £l9JJSm (£18.32m). 


rijiiuiaL jjrjon cons 
Dvortcia^on .. . 

Jm-.-rcst 

t rum associates 

Pre-tax lass . ....... 

Tax *.Ti-dis 

Tn mmonrics .... 

* Prohv. • Charac 

An insurance claim in re.-pcet 
or a building destroyed by fire 
during a previous pound .5 
expected to result in a -urplui. 
less tax, of £430,009. member.- are 

told. 


Sphere Inv. 


For the year to March 31. tr»7S. 
Sphere Investment Trust reports 
a rise in pre-tax revenue from 
£l.S9m to £12Tim. 


Tax. including foreign with- 
holding faxes Of £ 78.342 u’fl!Ui 5 Si. 


A current cost statement with 
accounts shows profit reduced to 
£7-20in by a £ 1.23m cost of sales 
adjustment. a £274.000 net 
monetary assets adjustments and 
£84.000 depreciation additional to 


look £657.881 against £44$.s7I. 
Net revenue advanced from 
£0.96m to £l.lm. 

Despite the initial adverse 
effect of a Sum loan, stated earn- 
ings are 12J per cent ahead fr-»m 
3.1Sp to 3 j?p per 25p share. The 


Ajizti)*! entirely due io the had 
iiLTiormance of Ang'o-S** i=s Screw. 
!i:e pre-tax .‘oss of Augfu-Suiss 
Holdings, engineer. ;r.crea?ed from 
£S5.Io8 !o £242.742 in JM77. 

The directors say that steps have 
been and are being taken to im- 
prove the po=iijnn at the sub- 
sidiary. .«nd overall the croup l-- 
expecied to make a -null profit 
In 107^. Whether this w:il bo suf- 
ficient :o pay a div.dcnd cannot 
be forecast a: this stage. The last 
payments made *n 1974 totalled 
3.1U575p net. 

The full-year's result w a set- 
back. for at half-way when report- 
ing a reduced deficit of £70.000 
i £103.000). the directors said they 
were cautiously optimistic that 
rite company had started on the 
road to recovery. 

Turnover for 1977 totalled 
I4.04m i £o.33n] » and There ua* a 
credit of £iy3.»5S5 (£41.554-. 
The attributable loss was £-20.0<iO 
(£38.104 » and the stated loss per 
25p share £5.19p 1 £!.(!&.) 1 . 

A financial package amounting 
to £l.lm and comprising over- 
draft, mod Sum-term loans and 
.'cosine has been arranged v.'rli 
the company'^ bankers. ’ Barclay* 
Bank. This should be sufficient 
for rite needs of the existing busi- 
nesses. 


Sir Kenneth Newton, the chair 
man or Garnar .Scotblair, telks 
members in hts annual statement 
that The potential for leather is 
greater ibun ever. Prospects 
are encouraging, he say*., oven 
though margins may be more 
difficult in maintain, due to the 
instability of raw material prices, 
The fluctuation of exchange rates 
and the general economic 
uncertainty. 

As reported on April 20. pre- 
tax profits ro>e from £1.12m to 
£1 2 Sm in the year <0 January 31, 
197R. on turnover of £30.7CQ] 

1 121.15m t. 

Trading »tmfc place asmust a 
background of continued rising 
costs and unsettled conditions, 
says rhe chairman, but llie 
diversity of own turns helped the 
group to vithst.md the unrst 
efTccLs. About 64 per cent, or 
the leather produced during the 
year was shipped overseas and 
total i>\pon« rose 10 £ 112 m. 

During the year the group 
made additional acquisitions in 
furtherance of the poliev of 
ensuring that adequate supplies 
of raw mateml should he avail- 
able from l'K sources. The pur- 
chase! of City Butchers' Hide and 
Skin Company gave useful access 
to raw niaierial through markets 
in Coventry. Hanley, Stnkc and 
Reading and in July Derby Hide 
and Skin Company was bought 
which further siren.-;! lie nod the 
group's ptis'ilmn in Hie Midlands. 

Leather interests have been 
exixinded by the acquisition of 
Wilson and Tilt u ho.se special- : 
i-ed production is complemen- 
tary to the lea 1 hers currently 
being manufactured in Bermond- 
sey and Walsall and will greatly 
strengthen the group's market 



Iraq ready for 
export growth 





(ffijrnm 


lithe 


Iraq is to increase the annual on core drill stem tests 
exporting capacity of its northern participants in the well arc B»»\ 
oil field< to ‘to- 1 ,n|is from • w,tt Valley Inds. Numac Oil and Un 
ions according to Majid Hussein, and Chevron Standard. 

Chairman of the (jonernl Estah* * * * 

lishmcnt f«»r Northern Oil - _ tJ 

tGENO). M hen alt seven -fields in th ; s 

En n ineertng designs have been Ekafisk area of the Nora eg 1:1 
completed for the projttted Jjirlh Sen mw on stream i: •: ! 
increase amt GENO will purchase Ihe early lWSOs crude oil produf- 
turhtnes pumps. pi|>cs. electric tion is expected to average abou 
■'enerators and other items GoP.UOO barrels daily, accordin’’ 
required for the project directly to Phillips Petroleum, 
from manufacturers. In 1S7G the company estimate.- 

Tosl a*ai mates for the project that the Phillips croup's pea .. 
have not been mealed and thorp crude oil production would b ’■ ■ 
were no indications a>* to whether between roo.uoo and 750.000 bar 
international lenders are to be refc per day. The company - 
opened l!,at •‘though the new figure 1 

' + + + lower, mainly’ because of slippage ^ 

Sun Oil has found natural gas 01 the construction limeinbt ■* 
at a disco' pry well, for which and new production regulation 
it is operator, in the Mackenzie issued by the Norwceiau Petri ..*/ 
Delta The well was drilled to leum Directorate, total ultimai ‘ f1 ‘ 
131fl:i ft olT the edge or an island recovery estimates remain th 
in’ the Delta and is about 5 km same.. 

north of a previous Sun Oil and Projected production rates 1 ;V 
Gas discovery- * natural gas and natural s..- ' 

A drill stent lest of a sand none liquids have not been significant! 
below- s *) t 5 ft produced 7.2m cubic revised- and Phillips expect-; pe.i '- f 
ft of natural ga> a day and a group annual production of 11 art 1 r. 1 l g.-' , 

nr shallower sands had a flow tn average more Ilian l.Bbn. cub n^\ ' 
rale of 14 2 >u cubic ft daily after fret Unity and natural gas liquir 1 
stabilisation. production to average abut 

Further evaluatior is l>einp dune oO.OOU barrels daily. 7 f i. 


TA 

s« 

1 • ■ 

... .»!i 


*vi RU 


u P 


„ r fit 

., t 1 Ur 


m 


\DlNt 

UMPi 


Ti TtN 


Leslie & Godwin outlook 


... .. — last YHAU was a difficult one be nude on proflls.-ihe group.-. 

position as major suppliers to the ^ j^esiic and Godwin as the sales effort p- being strengthen!' , ..* 
iMihnr-norfs and bookbinding growth in revenue was insufficient and -redirected. The chair nuu d« • ' " 

to offset higher expenses. In not, however, see an enrnura.gin ' 
terms of revenue Mr. Jacnb growth in the profitability of tf 
Rothschild- chairman, says that overseas subsidiaries and a.vii»e Ai 
he foresees a simitar trend for ates. Overall the group anticipate 
197S. a ruodesi revenue growth in I!i7:;..-I 

With iiicrea-tng competition j lfl7 


wrsTi 

MGS Si 


leathcreoods 
industries. 

Meeting Bermondsey, on June 
12 at 23l» p.m. 


■FAGS' TO MAKE 


group pre-tax prnfi;.. 


ARREARS PAYMENT «^TKrTW , l."pSS!S « 

nmECTORS OK AMofasrastn to divert Ivumuoss which in the ij^appalntln* ‘^the "group 

(Chili I and Bolivia Railway Coin- past has been Placed on the hasin(>w is wi< u.ly spread and if.’ ■ 

pane have decided to pay a cash London market, in audition tne nr0 wth of reinsurance revenu" 

dividend of 1.75 per rent, on the chairman docs not see any ^ ntmuC(J l0 ^ sanafjetnry uii*’ ? 

5 per cent, cumulative preference immediate revival in internattonal ^ Japan and Suut ' 


IOM1 
i'QSt 
Of O 


v DS 

iMIlAI 


stock on ai-eount of arrears. trade, which would boost the Xi^erica" bein^th? main market 
After payment on July 1. divi- groups miportr.nl marine insur- _■ 

dends on the slock will remain IS ance intcre.-i*. .Meeting Great Eastern 

months in arrears. Although no early impact will EC, June 8 at noon. 


Hmc 


United Newspapers: 


Profit for 1977 over 40 % up 


Current trading well ahead 




The Chairman, Lord Barnetson, reports: 


Rather wider margins, better trading 
conditions, and a gradual uplift in the demand 
for advertising space - these are the major 
reasons why the Company’s performance in 1977 
showed a significant improvement over the 
preceding year. At /5>574 jOOO, pre-tax profits 
rose by £1,641,000 or 41.72 per cent After 
taxation, there are equity earnings of 193.S per 
cent, equivalent to 48.45P per Share, compared 
with 32.3P for 1976. 

Trading turnover went up by over 20 per cent 
to ^48 'j327,ooo, the overall profit margin rising 
from 9.8 per cent in 1976 to 11.5 per cent in the 
year under review. The profit includes 
investment income of £502,000, compared with 
£701,000, the downturn bring largely 
attributable to lower rates of interest. At the year 
end the Company’s cash resources stood at 
£5,396,000. 

Total dividend for the year has been increased 
by the maximum allowed under present 
regulations. It amounts to 13.97906P per 
Ordinary Share, equivalent to 84.72 per cent 
gross, compared with 77.01 per cent gross for 
1976. At the new rate it will be 3.46 times covered. 

Throughout the year, and not for the first time, 
the prime challenge for management was the 
impact of cost inflation - on newsprint, wages, 
pensions, transport, and supplies and services of 
almost even - kind. As a result, expenditure went 
up by 17.S per cent to more than £43 million. In 
this situation the main answer had to be found in 
the Company’s two major sources of revenue - in 
advertising and in newspaper sales. 

On the advertising front we were able to earn 
about £4 million more than we did in 1976. This 
came partly from rate increases for display and 
classified, implemented at various stages during 
the year; and partly from a rising trend in the 
actual volume of business, especially during the 
second half. That momentum has been carried 
forward into the current year. 

As to newspaper sales revenue, almost all the 
Company’s publications raised their cover prices. 
Most of the weeklies did this in the early pan of 
the year, but for the evening papers - which 
represent the major contribution in revenue 
terms - the increases were not introduced until 
July-September. -Thc effect on circulation has 
been relatively modest. 


Christmas cards ; this is a growth marker, and 
appropriate investment has been made in new 
plant and premises. Our enterprise at Bletchley, 
the flagship of our printing activities, improved 
its performance, and good results were also 
forthcoming from our centres at Blackpool, 
Blackburn and Luton. 

Profits from periodicals and book publishing 
moved slightly ahead of the record results 
achieved in 1976. The weekly Farmers Guardian, 
and the three monthly journals - Arable Farming, 
Pig Farming and the Dairy Farmer - all had a 
good year. So did our agricultural and veterinary 
textbooks, whicb expanded their sales both at 
home and overseas. 

Punch continued to make a satisfactory profit. 
According to the National Readership Survey for 
1977, its readership went up by about 100,000, 
and now stands at almost a millio n readers every 
week. 



Capital Investment 

Our new publishing centre at Northampton is 
due for commissioning within the next few 
weeks. Designed to cater for an expanding 
catchment area, and for the consequential needs 
of readers and advertisers alike, it provides 
sophisticated new facilities for the evening 
Chronicle & Echo, for its associated weekly 
newspaper, the Mercury & Herald, and for its 
monthly magazine, the Northampton & County 
Independent. 

With computerised photo-setting and 
web-offset production, it embraces the new 
technology, and will turn out 40-page broadsheet 
newspapers, with colour on up to eight pages. 
Provision has also been made for further press 
capacity should that prove to be necessary in the 
vears ahead. The cost of the project is £5 million, 
financed entirely out of cash flow. 

In addition to the Northampton expenditure, 
over £1 million was invested during the vear in 
improving production facilities at other Company 
centres, continuing the policy of phased 
development based largely on the new techniques. 


Trident Television 

During the year Trident Television redeemed 
their unsecured Loan Stock, of which we had 
held just over 10 per cent. At the same time, we 
took up our rights on an issue of two for five 
non-voting Ordinary' shares, and our holdin g of 
that Stock had at the year end a market value of 
£1,368,000. 


Forward Outlook 

With continued growth on the advertising 
front, especially in classifieds, the current year 
has got off to a good start, and profits for the first 
four months are over 30 per cent ahead. Subject 
only to the general economic climate and to the 
state of labour relations, the forward outlook is 
satisfactory. 


Summary of Results 

Itvr ended jlst December 


Printing and Periodicals 

After a somewhat sluggish and disappointing 
year in 1976, commercial printing moved into 
higher turnover and better margins, and more 
than doubled its contribution to group 
profitability. A significant part of the upturn 
came from the Castie Publishing Company, at 
Preston, which specialises in the production of 


Retail Shops 

Concerned to ensure the maintenance of home 
delivery' services for rhe readers of our 
newspapers, we decided in 1976 to open up a 
number of retail outlets in the Sheffield area, 
partly as an experiment and partly to familiarise 
management with the problems involved. At this 
time a year ago, there were eight such oudets. • 
There are now more than thirty, and we have 
found that, if properly sited, they are not only 
useful profit centres in their own right, but also 
helpful aids to sales expansion. The Company’s 
intention is, therefore, to make further selective 
investment of Lhis kind in other areas. 



3977 - 

7976 


£ 

£ 

Profit before taxation 

5,574,000 

3 ; 913 ,wo 

■Profit after taxation 

3,409,000 

2,300,000 

Ordinary dividends* 

84.72-0 

77 .oi% 

Retained in the Group 

2,359,000 

1 : 337,000 

Ordinary dividend cover 

3.46 

2.5s 

Earnings per share 

48. 4 P 

3 2 - 3 P 


*Gn 


OSS 


The Annual General Meeting «•»// beheld j: 33 - 2 -, Tudar A';., 
Lenient EC-f Tuesday, ij:h June, ifTS a: 11 ruron. 


United Newspapers 


MONEY MARKET 


Uncertain trading 



Bank of England Minimum 
Lending Rare 9 per cent 
t since May 12 . 197 M 


iiqures hitil already been dis- supply yesterday. and 1 
counted, but uImi becau.se the authorities j;a»c a.viLslance hv bu 
market can lx- reasonably ing a small amount of Trca*u 
. . . described . 1 " -bell shocked after bills front the bouses. 

The lack 01 demand yesterday t j )p 0Vl . ||lfi ,,, ihe pabt week or so.. • Banks brought forward surpl 
for the new short "lap Exchequer Discount liuusejf' buying rates balances, Government disbur- 

si, pur cent iys*2 was u further ror three- m .•'nttf Treasury bills menu exceeded revenue payment I ■, 

symptom of the recent malaise ucre ren.-raUf firmer, hut ent»- to the Exchequer, and W 1 * 

v *hieh has settled on financial rinuod tu njdicate an unchanged market was aL*® helped by a \e 

markets, and nltuough the Lon- j Mb| an( ^ Minimum Lend- slight fall in the note circulate * - — - 

don money market gave a calm in „ Rall . ,,*f <, cent. On the other hand there whs 

appearance on rrte surface, the Demand for bills from outside not take-up or Treasury bills 

underlying situation gives lillle t h 0 Uncount markel is unlikely finance, and the authorities In 

cause tor confidence. - ^ ^ „ paV y at today's bill tender, maturing local authority bills 

Yesterday’s money supply but ,-uily a modest number of Discount house-, paid 7S 1 
figures were worse than the £l50m is on offer, and thus amount cent for late balances, while o» 

market would have thought po- shooiil be absorbed without put- night money commanded 9|- 

Mhle until quite recently, but they ting.ttoo much strain on MLR at per cent in the interbank m.n i 

he ib 


PR 


ELiM 

FOR 


the moment. 


in the afternoon, before ctosi 


impact, partly because 

very poor Duy-lo’-day credit was 

in short 

at around 3 per Cent. 


f. 


Slfilma j 

— — - 

r.--i* 

I,hi: a - till. 

F.npiKT ! 

P 1 - 1 .. 11111 L 


1 K>ur. i> 

— — 


Mm 13 

l.'wlili'.afc 1 

I uleH min 

A mi — 1 u»- 

• imj-IW - e . 

H.W 


llultkifl 

Ti'.n*uir 

n>nk 

Pn..-li 

4 *• * % 

IM-- 

-.1 lll-| . — -I K h 


• ll-l-iwll-t 



• Ik-i—u- 

•lepH-il 

BHK * 

Bill. 41 

iiit;- 

- :-rn 

Ill I--1IIU III . . 

_ 

3-10 


_ 

— 

9 

7«l, 

' — 

— 

-• 


.* n-'tin.. 

1 

*— 

Bi.- 8'-. 

— - 1 

— 

1 

— 

— " 

— 

— 




— 


1 - ! 

— 

— • 

— 

— 

— 

- • 


i .hi. it. it !■•■>.. 


B;-9la 

Bs^ B-'j 

; - > 

8.9 

9 >4 

7\ 8 

— . 

-- 

— 

- ’• 

(■ill- llll-Illll... 

Bt; e;i 

B..9L 

8 :, 9 

1 flu -8 rj 1 

■Si 9b 

• 91, 

' 7>,-a 

. 8 U 

8 M 

91 


1 n.i ni. iilli- .. , 

9 tT, 

»9n 


. 9li*t- 

9!3-PJfl 


BU 

BU- 8 !fl 

Bnt . 

FJ. 


1 tiro- im nili-.: 

9:: 9.. , 

9,* 9^i 

8 :; 9 

! 9M-B5a | 

9U-9i v 

fli.i 

85a 

a.-i-a,-, ' 

B'l 

9j 


“l> mi'iil-i-..... 

Slct,., i 

bia 9il 

. 9lp9^ 

' 9i s -«i3 

9=J 97a 

— 



9U 9,' t 

9 


Niiif iiK-mli*.'. 

91-.- 9, I 



• 91? 9 ! 

ID 

— 

— 

— 

— 



'Hu- M-W 

9,19 V 

9:,-9:o 

9;- 10 

: 96d 9u ; 

10 i B 


— 

— 

— 

— 

- : <! •*< 

1 n- yim- i 



; l&i- 10 U 

' — 

— 

1 — 

— 

— 

— 1 

- 


Loral authorities and tlnjiuv nous- x ,-n dans’ nauiv. others seven days' lix.-d. Long-u-rai local authority normal r 
nominally tkm Trans lii-lU per rein . i.i-jr years uwr rent: five yt-ars IT-'.'- 1 ! per com. -h Bank bill rains 111 lahlr . 

huvjiitt rat*.-* for primn pawr. Burn’-. iur Imir-moaih bank bills iE-SJjb m-r c,-n: four monili trade bills 8! p-.-r tent. 
Approx! mail- svltliip ran-c tor mi.— month Treasure lulls SI per mm: two xnun:h si Si per c-nt: amt ilie-i-imi 
per cent. Approximate mIIiiii; rale fur ont-uiomh bank hills Si imt mir and nro-munih S“|* per i-cni: and ihr 
mor.tli S"-Sii|6 per c m. iine-monih rra«l- t-lll-, SJ m-r woi: run- month S p4.-r n-HI: and also itir-c-mnnih 9J per r-ni 

Finance House Base Rales (piibli-ik.-d ij« rhe Fhwwr Houses Awnci.nloni 71 per win from May I. I97S Clearing Bi 
Deposit Rates ifnr small aiims at see. n noucei 6 jar cent. Ctoarlng Banks Base Rates for lending 8 per win. Trcasi 

Blltsr Average tender rales of diseniini S liLil per cent. 


*f.*r 

■t Ci 


•yt 





■ s rJ 

'i’t t 


E>ividend Increased 


. 'Yn 


Interim Results for 6 months ended 31 March 1978 


mcn ! hs to 
SI i?t March. 1378 


i? nicnlhi l.i 
Z'.zl March. 1977 


Year to 
]0:h Een. 10 


»• 


Turnover 

Trading profit 
Interest payable 

Profit before taxation. 
Taxation 

Profit after taxation 
Extraordinary items 


Dividends : 

Preference 

Ordinary 

Profit retained 


A. 000 

i'COO 

i.'Gi’i) 

_ 13,039 

15.569 . 

31 . IK 

949 

1 . 1 C 0 

0 . 6 - 1 " 

(«) 

( 30 ) 

lit • 

902 

1.070 

0,531 

( 236 ) 

f 197 ) 

ilk. 

666 

•'O 

1-4 

CO 

2.4 If 

— 

- 

( 3 : 

666 

S 73 

2 , 38 ‘ 

( 6 ) 

( 6 ) 

(i: 

( 150 ) 

( 121 ) 

( 27 C 

510 

746 

- 2,io: 


«i 


! 7i.- 


- ..I. 

s-i 


★T’he Directors declar* un interim 
dividend of l.OOOp. net oar .Ordinary 
' '■ l “ : 1 25 P- 1 ?"7) equivalent to 
1.506 ip. gross. The whole of the 
maximum permissible increase for - 
the year is therefore beinq made • 
v;ith this interim payment.’ 


Redman 

Heeitan 


i M 


•; 7- ft* 

r '**? . 




★Results for the year as a whole 1 * 

should show some advance on 1977. 


International Limited 

P.O. Box 29i Shrub Hill Road, Worcester WR4 9E< 


v”-e 

•1' V* 1 










'■"r» — ft-- -"-v 


■ . >, v 


CHi 









Financial Times Friday May 19 1978 



# 


S. JEROME &. SONS 

{HOLDINGS) LIMITED 

Worsted Spinners & Manufacturers 


^ Turnover and profit 
reach all-time record*? 

WiIJiam Jerome, Chairman 


TURNOVER 
PROFIT BEFORg TAX 
PROFIT AFTERTAX 
EARNINGS PER SHARE 
DIVIDENDS PER SHARE 


1977 

£7,529,610 

£601,831 

£336,626 

11-IP 

3.Q547p 


1976 

£6,010,056 

£509.526 

£283,301 

8.7p 

2.770p 


* TURNOVER UP 25% 

* PROFIT UP 18% 

* EXPO RT TURN OVER £1.68M UP 70% 

* DIVIDEND INCREASED BY THE 
MAXIMUM PERMITTED 

* ONE FOR TEN SCRIP ISSUE 

* £1.5M INVESTED ON NEW PLANT AND 
BUILDINGS DURING THE LAST 

5 YEARS 

* IN ADDITION TO ACQUISITIONS, 
FURTHER £0,5M INVESTMENT. 
PROPOSED FOR 1978 

* DIVIDENDS NEXT YEAR EXPECTED 
TO BE SIMILAR 


BIDS AND DEALS 


Boustead move to keep 
controlling interest 

BY JAMES BARTHOLOMEW IN LONDON AND WONG SULONG IN KUALA LUMPUR 


Conoco selling U.K. 
chemical holdings 


Zi 


BY KEVIN DONE. CHEMICALS CORRESPONDENT 


Continental Oil of she l'.S. St.r.oIcy 
setl'me its i-hpciical intercMst in n*fininins 
the l'.K_ which ft holds joiniiv chcraicnls. 
with the Nat tonal Coal Board and tonnes a 


■> involved in the 
of bpnrrtp d nrl other 
Vmjtcv ha.-- n 60.0(111 
year Pic olant, hut 


produced preiiN of pre- 

f.ik .n li'Tu jiiii £1 tli.iiO!* i:s ■ ho Itiif 
year ro tj-t June*. 


Bonstead. the overseas trader, giving full details and convening 
has agreed to soil a Malaysian an EGM will be sent to Boustead 
rubber estate for ILlra in order shareholders shortly, 
to retain control of its Far Eastern Boustead will retain ownarship 
holding company. of another larger estate in 

Boustead is to sell Windsor Malaysia, Taiplng Rubber Planta- 
tions. which has 4.143 acres. .Mr. 
Michael Thesiger, financial con- 
troller of Boustead. said yesterday 
that no plans existed for its dis- 
posal at the moment but ulti- 
mately it would have to be 
" .Malaysian ised.” 


(FMSj Rubber Estate to a local 
company. MalakofT Bhd. This will 
doubtless put Boustead in thp 
Malaysian Government's good 
books but this is not the prlroaiy 
reawn for the sale. 

The main reason Is the two-for- 
seven rights issue by Bousteadeu 
Singapore. Boustead's 50.4 per 
cent owned holding company in 
the Far East. If Rcustt-ad did nor 
take up its rights, then its stake 
would have been dilated to below 
50 per cent and control would 
have been lost. By posing- with 
funds already outside the UK. 

Boustead will be able to sutwerili*? 
the necessary EO.Tm wittinvit 

harinq to go through the dollar 

premium. Bousieadco Sine apore mV' cent} cf that class, 
ha- eneineering, agency and othpr ~ 
intrreMs in Hong Rons. Australia 
and New Zealand as well as 
Singapore. 

Windsor Rubber owns a l-ftte- 
o ere rubber and palm oi] estate 
with a rubber processing factory 
in Perak Stale. It marie pre-tax 
profits of £83.(100 in 1977. 

The purchaser. MalakofT Bhri, 
a plantations company which 


SHARE; STAKES 

News International — Mr. P. R. 
Haralyn, director, has sold 5(1,000 
ord shares. 

Chamberlain Phipps — Mr. B. H. 
Chamberlain. director, has 
acquired an interest in an addi- 
tional 70,953 ord shares. 

Lirien Moldings — Prudential 

h-.. r A UllHlA 


Arerys — Britannic Assurance 
has increased holding to 2-£5m 
ordinary shares. (6.09 per cent). 

Winston Estates — Priest gate 

Trust Mild 20,000 ordinary shares 
at 32(P xd on May 15. 

YernOn Fashion Group — Mr. D. 
Wettrelch. a substantial share- 
holder. has disposed of 30.000 
shares. 

RetUand— Mr. J. W. 51. Wallace, 
director, in his capacity as a 
trustee announces the following 
sales: May 8 10.000 shares at 14fip: 
May 9 5.000 at 144p: May 10 5.000 
at )4*)p; and May 11 10.000 at 
Hfip and 10.000 at 147p. 

Home Counties Newspapers — 
County Newspapers has disposed 
of 7.000 ordinary shares reducing 
interest to 1.43nj (37.2 per cent). 


the British bieel Corporation. earlier pirns for a big expansion 

Conoco announced yoterdav !L a ' c )h . beC £,,.i 1 ± >e ‘i, ^ 
that it is offering for sale its 50 rtejirraaed 

per cent interest in Vinaiex. ihc lrad,n « co,,dmon ' in plastic*. 
PVC manufaouirinj* company and Conocu’s worldwide die mien I 
its lb per cent interest in operations had a turnover of snipe 
Stave Icy Chemicals. S504m last year and net profits 

Connro said its investment in ^ 8S4.5m. 
the two companies no linger Its present major investment* 
formed anv parr of the lone-term are in j join vcm > ire :«■ manu- 
plannine for its chemicals enrra- fact lire ethylene and related pro- 
lion-. The assets in Vina lev and duet.- unit Mau-.-ru.. m :iie l'.S. 
Staveley could be better ccnilo.icd and it is aha expandiiw numii- 
elsewhere. faciure of al<n>h«- in West 

Conoco took us share in ihc Oermany m i;.- h.ilf-«u ned affiliate 
Imp comp?nie« in I'.WB at a time company (Jondca Un-nm.- 
when ir was in pannerxhip wiili Yinntv-x headquarter- are in 
the NCB in ;Yie exnloralion and llava m. ll-uil.-. M,ih another 
development of the Viking gas piant at Slatclcy in Jjerh>-inre 
field in rhe southern sector of the which employs approximately 

I fin people. 


North Sea. 


This partnership was continued 
when tiie oii! search turned to 
Epicure Moldings — Mr. R. Cal- the northern North Sea where 
director. sold 2.1,000 it was joined by Gulf. The NCR's 


a ha* r>f ^irnil ^aua. uiir«i»r. -UlU ii was jmncu oy UHH. I OC S 

fvnthUv -harp- rmlurine ordinary shares at 14 p on Mny 12 share was subsequently taken over 


.Assurance 
ord i non 

Kan*”™ i SUns and Jefferies- do rat ion. Conoco has interests 
Claver house Investment Trust— RHUnitfe Assurance now holds in severe! North Sen fields includ- 
fM AmSSSJe kSTSiulJS * 603000 ordinajr y -''hares (11.11 per ins Thb-tle. Murchison. Su.tfjord. 
further 70.000 shares ‘ increasing Ce ? a , 8nllan Royal B(hiw As- 
surance — Government of Kuwait 
sold on April 2R 100.000 ordinary 
shares reducing interest to 
7295.000 (5.705 per cent). 


is 

has had two years of shandy 
rising profits. The IVm profits 
nf Ringpil.s 8 2m compare wrll» 
Rin-zits 2.3m in 19 1 a. From th> 
resulting position of financial 
strength. tr wants to increase ’fs 
acreace which has been eroded 
recent I v by envernment acquisi- 
tion and housing. 

MalakofT is connected ' with 
Boustead been use its uliimztlc 
parent Boustead Holdings Bhd 
which owns 252 per cent of 
Boustead The proposed trans- 
action will therefore be subject 
to shareholders' approval of bolh 
Boustead and .MalakofT. A circular 


DORADA BSM 

“ Shareholders m Mansion Honse to'Snc^e the~,ha^ in Sraveiev , uTI" buy s >* n ^ rU 

vinvnrp -111H Tuimc ithMa i nac. 4f..‘* s ” 'n“'- snares in Jitateiey Indu-lrul Holding-, a -ub-idiary 

T h * »“*• be,ort? W of I!'-!' which include- an 


interest to 1.01m shares 1 10.01 
per cent). 

Canadian and Foreign Invest- 
ment Trust— On March 10 the 
Kuwait Investment Office sold 
lom) holding of RH5.OQ0 ord shares. 

Ward While Gronp — Prudential 
Assurance now hold less, than 5 
per cent or ordinary capital. 

Warne Wright and Rowland .... 

Central Manufacturing and Trad- ,n S- ibe group which control* the deal with 
ing now holds yoO.OOO ordinary British School of Motoring, -are concluded, 
shares (8.75 per cent). advised to take no action on the 

Singapore Para Rubber Estates bid document from Dura da Hnld- 
— Kuala Lumpur-Kepong Invest- ings. 

The Board i- con«ldermg the 
position in conjunction with 
advisers I/azard Bros., and have 
been advised by Mr. D. A. Jacobs 
that he i- hi the final stage- of 
rcramlaimg his offer. 

A further vomnuinirniinn will 
be sent within the next few days 


Dunlin and Hutton and also has 
a refinery on the Humber. 

Mr. .lack Reynold-. C.nnncn 
manocjng director in the I'K. said 
laid nk-hi that no sule had >el 
been linaliswl of its chemical 
inicrests but talks were going on 
with imereMed panic?. The NUB 
and BSC would have an option 


1970 TRL:ST TO 
RAISF INTEREST 
IN BENTIMA 

The 1970 Tru-1 i« to mrre.ise 
it- shareholding :n i lie* cluck and 
jii-irument in.il.c--. . Rcntiniu 
Industries, front XU 2 per vent tn 
5<i per cent. ih-'»uuh a deal 
whereby Keiiluiu acquires a Mib- 
s-idHry of 1970 

The Takeoic-r Panel hi- 
appro veil the n)crc>.i-i- m 
-t.iki- subjecl it. tin* ciin«fni of 
C-cmimaV -harehnlilci-- at j meet- 
ing 1« be ealleil hi l.ift- June 
Item ini a wan:- »■> buy St.indjrd 


nients is the beneficial owner of 
139.500 ordinary shares (5JM5 per 
cent). 

Fiber Industrial— Tanganyika 
Concessions and Use subsidiaries 
have incrco-ed interest and now 
hold 1,040,792 shares (58.43 per 
cent). 


a third party was 


Vitiates and Staveley had been 
taking a disproportionate amount 
of management lime, he &aid. 
compared with the .-i.e of 
Conoco's investment in such a 
"small and minor operation. l\'e 
would rather concentrate our 
investment now in big thincs." 


c n m nver n u gi uiip and a -mall 
i--iiin<: hou-e. ''if I had net 
tangible a*-vl.- of £13S.UH0 after 
full ia\ prmisli.n- at the cm! of 
February nnd h.i- f-irova-i pmlit.- 
uf Ilt'II.Din I or 111 v »c.ir to June 
La-1 i car- pre-tax profit- were 
£102.0011 

There i- ;» cotimiun m.in.'iceincni 
between Ml! and l-vmima wh>h 


Approach to 
Harris & 
Sheldon 

Harris and Shcldun Group, a 

huUUnu company with interest t 
rangini: from -T.irima guru tn 
lifr- niav 1m.- at Die ri'ivivng enl 
ol ,n> nJTvr for u.s rJl'Uul The 
-•hare- wsimlav ro-v Tji fo 73 in 
nn new- that Ui-cu-' .nn- are 
takinc place which "niav or mav 
ii.ii lend in an nlTrr living marie." 

Tilt* .hrevtor- -aid ilia! file talk*; 
arr -r ill a: j preliminary -lac-.* 
anri that "If i- mo earlv in cue 
anv indication ns to whether fhvv 
w ill nr w ill nof reach a succc— fit! 
cimeUiMnn.'* 

The coim>an\'s 1977 annua! re- 
port .-‘hiiwvil that hv-nic. j;< five 
director- who hold a Mi p«-r pent 
of ii- capital of £w.ilpt. the only 
tiiainr -h.ii'chnliicr i- Knr.innie 
A— urrmce. which own* 2X5::: .if 
ihi* 2.7p -liarc- mp SSji nee cent i 

The croup had net a- -•*!-■ of 
III. Km at end- V. 17 7 with borrow- 
ing- of ahoul 14.1m — In lin.im-e 
-i lb>iili a rii*« ‘ vx Pa n- m n— •* v u»y t e> I 
in resell Hi 5ni by ihv Iliiddlv i*f 
Du- year 

llarri- h.i< a railtcr ui:impr«*s. 
slvp profits crow Hi rcc-ini *n 
nwnl ycHr- - ):«77 nu'-ta\ prnliis 
were UP bv mill ft i|i-r i-vnt to 
on nirmiirr uf iX.'.ym tup 
13 per cent t. 

rc»THr RCII.L A 
ll\R\TY 

Kol herein and llanri i- buying 
fill* | ll'l 'll 111 IJ.s opi-r.l'islll nf »!!»' 
l iini|ie<h‘\ ilUi-nm .«f Tl. Flexible 
Tlltu*-. aUfl I- Hoi .i('f||<il ihg fn!8- 
poile\ :ii siaicd in Wi'duc-ilaj’s 
Finanri.il Tone-. 



PRELIMINARY ANNOUNCEMENT 
PROFIT FOR YEAR TO 25th FEBRUARY 1978 


£ 000 ’* 


Turnover 


Profit before depreciation and funding charge* 
Deduct: Depreciation . 

Bank and Loan Interest payable 
Gain (ios*) on foreign exchange 


Profit before Taxation and Extraordinary Items 
Current Taxation 


Profit before Extraordinary Items 
Extraordinary items, less Taxation attributable thereto 
Attributable to Minority Interests 
Preference Stock Dividend 


Amount attributable to Members of the Holding Company 
Ordinary Dividend: Interim Paid 
Proposed Final 


Transferred to Reserve 


Earnings — pence per Share 


Note: 


-Basic 

Fully Diluted 

Fully Diluted (Old Basis) 


Year to 

Year to 

25/2/78 

26/2/77 

573 369 

518.473 

67.649 

66.963 

( 12J57) * 

(10,948) 

(12^64) 

( 12.2M ) 

990 

( 1557) 

43518 

41.897 

6.786 

10.121 

36.732 

31.476 

1.575 

( 934) 

( 23) 

( 67) 

( 415) 

[ 415) 

37569 

30.060 

2,671 

2.309 

6.277 

5.617 

25.921 

22.134 

16 I3p 

13 7Sp 

14 76p 

12 6 7p 

9.90p 

7.94p 


Th. undemoted ch.nje, in deprecation >nd deferred «uon «»n.m.„d.d by .he 
international and national attoentinj bodie, have been applied to the . 

ending 25rh February. 1978 and the undernoted adfuittnents have been made to the 
figures for 1977: 

(a) Depreciation of freehold industrial buildings l £677.000). 

(b) A reduction of £11,897.000 in deferred taxation which will not have to be met m 

the foreseeable future. „ J , . ... . 

,c> Th. above change, in accounting poiicv have been reflected tn " 

# ivide a comparison, earnings per share have a«so 

of accounting for deferred taxation. 


earnings per share. In order to provide 


been calculated on the "Old Basis. 


Harris Carpets acquires 
Scottish retailer 


Harris: Carpels has bought a 
private Scot hah retailer, J. Ross 
and Co. (Carpel*) and Park 
Properties from the Ross family 
for £428,000 cash. 

Rosa currently operates 30 high 
street stores: 25 in Scotland and 
five in the north of England. 
Turnover for 1977 was approxi- 
mately £3m. Park .Properties 
owns two retail properties occu- 
pied by Ross. 

Harris, which In July last year 
acquired Queensway Discount 
Warehouses for £2m. Li a private 
company owned by Mr. Philip 
Harris and his rami'y. It cur- 
rently operates around 100 hiph 
sireet retail carpet stores in 
England and 21 larse-seale 
Queensway warehouses in Eng- 
land and Scotland. 

Mr. Philip Harris said that rhe 


acquisition represented an im- 
portant expansion of the carpet 
retailing interests into an area in 
which Harris had not previously 
operated in the hiph street. It 
was also complementary to the 
Queensway marketing operations 
in Scotland. 


DE VERE HOTELS 

De Yore Hotels is no longer a 
dose company. Mr. L. Muller 
the chairman and Mr. A. T. W 
Harvey, a director, have sold 
350.000 Shares out of their joint 
hoi dine. The sale look place on 
Monday when the shares rose Un 
lo IfiOp ex-dividend, nnd was suffi 
cienflF In-ce Must over 3 per rent 
of »he total “nuitvl tn chant's ihc 
compnnv’s status frnm a elosr 
c-mopnv 


DIVIDEND— Whitbread and Company, Limited 


announce that a Final Dividend of 2.7886 .pence per 
- , , ;.e . FpKru ary 1978. making a total for ih« Year of 3.9743 pence per 

share is proposed for the Tear ended 25th ( February ’■ 1 represents an increase of 10% over the dividend 
share, which, when taken with the appropriate tax credits p 

for the previous year. 

. i MM -, m rn be held on IBth July. 1978. the Final Drvidend will be 

If approved « the Annual G e n era I M e erm g f busjnesJ Qn J2 t h.june. 1978. 

paid on 21st July. 1978 to shareholder* on the register at cio» 

-. . r-: u ;ri*nd is at the rate of 34% and. when the Finance 
The tax credit appropriate torfie P r °^” e f d J‘ na ° uCl f 0 n in the basic rate of income tax will be added 
Bill 1978 receives Royal Assent, the benefit of any reduction 

to the Interim Dividend for 1978/79. , 10 -7e,f7 

i io77 '7R at £573 J69.000 *s against £518.473.000 for 1976/77 
TURNOVER-The consolidated '^nfvsr tor IW 8 T ' showed a fir „ half Browth of 7.0°; and a 

showed an mcrease of Comparisons by half year P 

second hull s-ooth of Hiv „ tr „rdin>rv items foe 1977/78 W3JI8.M0 

mOFITS-The consolidared proflt before B«tion snd evtr.oreinjrF 
as against £41.897.000 for 1976/77. an increase of 3.9 c 

, .. i_. foreign exchange, by half rear periods show « erst 

Comparisons of profits, before che adjustments 
half decline of lO.b 5 ., and a second half increase of 10 5. 0 . 

j mainly br industrial problems and the poor summer, 

TRADE— Following the first half decline caus-d mai y reduction In volume during the Gnr.Mf 

we are pleased to report a good recovery in the secona ^-^^^ demantJ for-Whitbrejld Trophy hirtcr, 
was substantially made up in our second halt oy an he ptiona , performance, of our canned 

Heineken and Sctlia lager,. Cold Label. English Ale and J 

. , , Lancenbaeh German wines and Corrida, Long John 

Wines and Spirits performed well. h t e h cr profits with increased sales to the Jmted 

whHky continues to grow in popularity and at 
Kingdom and Ov=r,ea, market,. ^ 

Our Soft Drinks operation had a rather mixed yea ■ ■ {||ljed thei - r growc h and marker penetration. 

of R, White’s lemonade whereas sales of Rawlings mixei* 

reironao of lhls financial year, our volume recovery 

Whilst the weather has not be™ l «* S?™ *'? i‘Z r . a reasonable summer, we are confident that our 
throughout the second half of 1977/78 contmues and. g v r ^ w mak€ furEher progress dur.ng 1978/79. 
Wide range optional brands and local draught beers ^ ^ : nvestmenMp p roximaipJy 

"Our confidence in the future is demonstrated by o and neXT yw . These decision* have been 

£50 million in 1977/78. with higher sums P f ® r * „ / reasonable return on the capital invested 

taken -qn the assumption that we be a o Government and the Brewing Industry have 

‘ W'e are pleased that the recent consultations ac kowledged that the Industry is making a Ir.w 

been concluded on a satisfactory basis and that '* *? ! “ b | B profits we cannot modernise or. expand our 
"turn on its capital employed and that w.thout reason* 
business.. 

- . BREWERY. CHISWELL STREET. LONDON EC IT 4SD 


A 



ROYAL DUTCH 
PETROLEUM COMPANY 

(N.V. Koninftlijke Nsderlandsche 
Petroleum Maatachappij) 

Established alThe Haaue.The Netheilands 

fi Hal dividend 1977 

The General Meeting of Shareholders of Royal' Dutch Petroleum 
Company held on 18rh May. 1978 has decided to declare a total 
dividend for 1977 of N.fls. 10.75 (including the interim dividend of 
N.flt 5.00 already made payable in Septeimbor 1977) on each of the 
124.01 8,622 outstanding oKUnn-v shares, so ni» the dividend still to be 
made payable on these shares wiHamoum to N.fls. 5.75. 

A. On the Bearer Shares 

(i) This final dividend will be payable against surrender of coupon 

No. 163 on or alier 29lh May. 1P78 at thq offices of N. M. 
Rothschild 6> Sons Limited. New Court. St.' Swithin's Lane. 
London EC4P 4DU on business days- between the hours of 
9 30 a.m. and 2 p.m. * ", 

Payment will be made m sterling at ihe buying rate of exchange 
rurreni in Amsterdam 'at 2 p-.m on 2Slh May. 1978 in iho cose of 
coupons presented on or before thst date, or on the day at presenta- 
tion in (he case of Coupons presented subsequently. In view of lh? 
fact that Netherlands -guilder funds are being provided by the 
Company far payment of thisjlividond. tlte^sual foreign e/chang 
commission will be deducted from, (he sterling proceeds. Coupons 
nuist be accompanied by a prasentation forn\ copies of which can 
be obtained from N. M. Rothschild & Sons Limited, nnd tlwj fdi-.e of 
each coupon must bear rhe stamp or other indication showing (he 
name of the presenter. 

Coupons must ba Taft for an appropriate period (or examination and 
must be handed in personally. Coupons cannot be paid through the 
pan. 

In the case of shareholders not resident within the Scheduled 
Territories the paving agent mav. el the request of the Authorised 
Depositary presenting the coupons, pay the dividend in a different 
currency. Information in this respect will 'be supplied by the paying 
agent upon request 

Netherlands dividend tax at the reduced rate of 15 per cent will be 
deducted from tha gross dividend where : 

(a) United Kingdom Income tax has also been deducted : 

(b) Coupons era presented on behalf of residents of the Uniied 
States of America, Australia. Austria. Belgium. Canada. Danmark, 
Finland. Franca* Ireland. Japan. Luxembourg, Netherlands 
Antilles, Norway. South Africa, Spam. Sweden or West Germany, 
provided they lodge tha appropriate declaration form. 

Netherlands dividend tax at the reduced rate of 20 per cent will be 
deducted from the gross dividend where coupons are presented on 
behalf of residents of Indonesia or Surinam, provided they lodge the 
appropriate declaration form. 

In all other cases Netherlands dividend tax qf 25 pgr cam is to be 
deducted. 

(ii) On 29th May. 1978 this final dividend will be paid >o Deposit 
arias admitted try Centrum voor Fondstnadministratie B.V.. 
Amsterdam, on tha shares whose dividend sheets were In their 
custody at the dose of business on Tfiih May,, 1978, Such payment 
will be made through the medium of N. M. Rothschild & Sons 
Limned, after receipt by them of a duly completad CF Dividend 
Claim Form. 

Where appropriate, the usual affidavit certifying non-residence in the 
United Kingdom will also ba required if payment Is to be made without 
deduction of United Kingdom income tax. 

Where under the double tax agreement besweon the United Kingdom 
and the Netherlands. 15 per cent Netherlands dividend tax has been 
withheld, the 15 per cant Netherlands IB’*. ^ altdwabto for a resident of 
th# United Kingdom as a credit against the United Kingdom income tax 
payable in respect of tha dividend. The deduction of United Kingdom 
income tax at tha reduced rate of 1 9 per cent instead of at the Basic Rato 
qf 34 par cant represents a provisional allowance qf ciBd'tt at ihe rate of 
15 percent. 

B. On the Registered Shares registered In the Uqfted Kingdom 
Section of the Amsterdam Register 

The sterling amount of the dividend is fixed at 1 39.8S6p per share based 
On the starling/guildar rate of exchange, being N.fls. 4.1105 “ £1* 
aurrent in Amsterdam on 18th May. 1978. 

The record data wil' beS’Jth pytev- 1S78; Bhcrcholdars registered at the 
close of business on that date will be entitled to racelvB the dividend. 

On or before 20th June, 1978 dividend warrants will ba posted by the 
transfer agent. Aigemena Sank Nederland N.V., Amsterdam, to share- 
holders registered in thftirbooks on the record date. 

From the dividend on tha registered shares Netherlands dividend lax of 
25 per com has also to ba deducted. Where under the relevant MX 
convention shareholders are entitled to a reduction of the Netherlands 
dividend tax this can only be effected through a request For a partial 
refund ol the tax withheld on the appropriated affidavit. 


i l 


13th May, 1973 


ROYAL DUTCH PETROLEUM COMPANY 




THE SAVOl 7 


HOTEL LIMITED 


at the Annual General Meeting on S Ma>, 19?iL 


Receipts 

JM77 

21.814.300 

I!»7H 

17,230,800 

Profit before 
taxation 

2. HSU, 174 

1.237.173 

Profit afler 
taxation 

1,988,483 

938,494 

Earnings 
per share 

A Ordinary 

R.n4p 

3.S2p 

B Ordinary- 

4.U2p 

1.91 p 

Dividend 

(Gross 

Equivalent) 

18.92 'Vi 

15.38 ,7 |, 


fn speaking to shareholders 
Sir Hugh Wontner said: — 

When Queen Victoria celebrated her 
Diamond Jubilee in 1897. The Savoy 
Hotel, then only thi<s building racing Ihe 
river, was celebrating its eighth birth- 
day, and rejoicing with the nation in the 
world-wide recognition of such an out- 
standing sovereign. Eighty years later, 
when Queen Victoria's great-great 
grand-daughter, the present Queen, was 
celebrating her Silver Jubilee, aruid 
national rejoicing. The Savoy Hotel, now- 
more than double its original siic and 
the centre of a small group oi hotels 
arid restaurants of international renown, 
joined with the rest of ihe nation, and 
many other nations as well, in paj'ing 
tribute to another well-loved and 
remarkable Queen. 

In these SO years, almost unparalleled in history, in whatever aspect you may 
examine, a period of upheaval and of scientific advance and social change. The 
Savoy has never lost its premier position among the hotels nf the world, and today, 
as the centre of this small group, and supported by the other members of it. it is 
able, 88 years after the business was founded, to report the best results it has 
ever had. 

Commencing with total receipts in 1977 just over 25"* up at Jl 21.G14.3UI), it had 
last year a balance on trading 50«o higher at £5,509.476. and a pmfil. before 
deducting corporation tax. of £2.686.174. a rise of no less than £1.449.000 in twelve 
mornhs. which was an improvement of 117%. We feel sure you will be as delighted 
as we are with these results. 

It was. as you may know, an unusual, almost a unique experience for us last 
year lo have the business we did spread so evenly and consistently -*ver sn many 
months of the year. Normally the months of January. February and March. April a* 
well, and even May, depending on the date of Easier, arc unprofitable to a varying 
degree; this was not our experience last year. 11 remains lo be seen wheiher in the 
future this pattern was the exception, or whether we may now count upon a inure 
even distribution of demand over months hitherto unprofitable. 

We have always sought, and I think always have had, a close and friendly asso- 
ciation with our staff everywhere, and if it is their wish to continue with us. it i- our 
errnest desire, in thi« very special, personal, and unusual business, that this Hose 
association should continue in harmony. Without it. the business, and all lhn-e 
connected with it. would sulTer very serious damage. 

This gives me the opportunity u»-say how very fortunnte we are still t»» have tn 
our several enterprises so many highly qualified and talented people in ><• many 
varied and different categories of employment: and iheir skill, devotion, and run- 
stsney. in whatever pnM'inn they occupy, makr (he company what it Mill is. one nf 
the nin-i successful of it-- kind in Ihe hum! and rolauranr businc** in the world, 
and. however simply i may >av u. the thanks nf all of u.-. directors and shareholder-' 
together, are overwhelmingly due to them. 

TIIE SAVOY 

f LARIPfiFTS THE BERKELEY- THE CUNNArt.HT 
SIMPSON'S IN TIIE STRAND - STONE'S flllOT HOUSE 
THE LANCASTER IN PARIS 
THE SAVOY THEATRE AND OTHER INTERESTS 



American Express Company 


established in New York, N.Y., U.S. A. 


Introduction 

Trading as from 
issued by 

Official listing 

Price 


to the Amsterdam Stock Exchange of CONTiNENTAL 
DEPOSITARY RECEIPTS f'CDRs'} to bearer, each representing 
five shares of Common Stock of US $ 0.60 par value each. 

May 22, 1978. 

Amsterdam Depositary Company N.V. ('ADC'), established in 
Amsterdam, as Depositary, 

The inclusion of these CDRs in the Official Pricelist of the 
Amsterdam Stock Exchange will be applied for. 

The first price at which the CDRs will be traded will be 
determined on the basis of the closing price of die shares of thfr 
American Egress Company on the New York Stock Exchange 
on May 19, 1978. On the first day of trading ADC's charges 
on issuance of CDRs wiJi fae for account of the American 
Express Company. 

Listing Prospectus Copies of the Dutch prospectus and of the Deposit Agreement 
and of an English translation thereof may be obtained free of 
charge at the offices of the undersigned in Amsterdam and 
Rotterdam, where also copies in English of the annual report of 
Voii !l ca * n > Express Company for the year ended December 31 . 

1 -i *. ts By-Laws and Certificate of incorporation are 
available for inspection by the public and a limited number 
may be obtained free of charge. 


amsterdam-rotterdam bank n.v. 


Amsterdam, May 19, 1976 












Supermarket Operators and Wine. and 
Spirit Merchants in North East England 


Group Financial Results 


BSmdoi 
,04 iSP* toBMaick. 


2-38Z5p 2.6047p 
lS.06p lL38p 


Sales (excluding VAT) 61,056 52.683 

Profit before Taxation. 1,233 "1511 

Taxation. 905 585 

Profit after Taxation 828 623 

Extraordinary It ems — 

(Loss)/Sarplus (126) 44 

Available for Equity 

Shareholders 202 670 

Dividend per lOp Share &88Z5p 2.6047p 

Earnings per lOp Share 15,06p 11.39p 

* Sales increase of 15.9% gives increased market 
share from existing stores. 

* Pre-tax profit 43% higher than 1977, almost 2£ times 
. that of 1976 and nearly 10 times that of 1868. 

* Drinks subsidiary increases profitability which will 
be enhanced by acquisition of Dyers from 5 May 1 978. 

* £1,811,000 of deferred taxation v.Titteri back to 
reserves following change of accounting basis. 

1977 tax charge adjusted accordingly. 

* Deprecia tion charge of £50,CO0 on freehold and long 
leasehold buildings. Comparable adjustment of 
£47,000 made in 1377 figures. 

* Manufacturing units closed during year on terms 
favourable to employees. Satisfactory alternative 
supplies obtained. 

* Comoetitive activity makes outcome of current 
year "difficult to predict but Company plans should 
ensure real profit growth in medium term. 

Annual Report and Accounts will be circulated to 
shareholders on 15 June 1S78 and thereafter may be 
obtained on application to the Company Secretary , 

Amos Hinton and Sons Limited, P.O. Eox 24, Master Road, 
Thomaby, Stockton on Tees, Cleveland, TS17 QBD. 


Simon expects 
modest growth 


Financial Times 


Directors of Simon Engineering 
look forward to continuing, 
although more modest, growth m 
1978 provided there is no serious 
downturn in world trade. 

Mr. Harry C. Harrison, the 
chairman, says in his annual 
statement that the international 
economic outlook is not encourag- 
ing for the immediate future. 
Ail indications are that world 
trade will lie sluggish, and this 
will require even more aggres- 
sive marketing from Simon with 
the knowledge that competition 
wiU be fierce. 

Measures taken to extend the 
range of operations has however 
put the group in a strong position 
for the future. 

As previously reported pre-tax 
profit in 1977 climbed from 
£10.0301 to £1422m. 


At balance date fixed assets 
were £32.3grn (£29. 17m > and net 

current assets £26.42m (£20.78m>, 
with current assets including 
£32 m (£23nu of short term 
deposits and cash and bank 
balances. 

Meeting, Stockport, June 12 at 
noon. 


Indust. & Gen. 
earns and 
pays more 

GROSS INCOME of Industrial and 
General Trust rose from £7 -82m 
to £S.83m for the year to March 
31, 1978, and revenue advanced 
to £6 Jim against £4.98m after 
charges, including tax of £2 ,33m 
compared with £L82m. 

Earnings per 25p share are up 
from IJMp to l£8p and the divi- 
dend is increased to l.75p (1.43p> 
net, with a final of 1.15p. Net 


MINING NEWS 


asset value per hhare. after 
deducting prior charges ol par, 
is shown as 67.5p (60.6pi 

Associated 
Paper up 
at midway 

ALTHOUGH RESULTS were 
adversely affected by production 
problems associated with Hie in- 
stallation and commissioning nf 
new equipment, pre-tax profit of 
Associated Paper Industries rose 
from £794.1112 to £538 in the 
April 1. 1978. half year Turnover 
was £0.3m. lower at £lA.45m. 

The directors say the ounmi^ 
sioning problems arc continuing 

hut it is expected they will be 
overcome in the next few weeks. 

They report several of the units 
In the group arc much busier than 
last year. Allied with other 
encouraging developments this 
encourages them to view the 
future with confidence. 

Profit for afi last year was £1 Sm. 

The half-year result is subject 
tn tax of £435.900 f£413J30i» and 
there was an extraordinary sur- 
plus of £38.033 (nfl). 

The interim dividend Is up fmm 
Lip net per 25p share to I2lp. 
A IS04p final was paid last year. 

EDINBURGH INV, 

Edinburgh Investment Trust has 
borrrowed a further Sam. 

ASSOCD. TOOLING 

E. B. Savory AIJUr has pur- 
chased on behalf of investment 
clients including: the Electra 
House Group, the bolding in 
Associated Tooling Industries, 
previously held by Laser 
Engineering. 


Base metal hopes grow 
in Western Australia 


BY DON UPSCOMBE 

TWO WESTERN Australian base 
metal prospects are iikoty to be 
revived within the next lew 
weeks. They are the Golden Grove 
copper venture, 240 miles north 
of Perth and the Fnrrestania 
nickel property, about 300 miles 
south of Perth. 

In both cases. Conzinc Riotintn 
nf Aiu/ialia. part r, i :hc Rin Tinto- 
Zinc Group, is believed to be 
intercs'.etf. This r* part oi the 
group's general policy nf expan- 
sion. 

Golden Grove is ’riven the belter 
chance of a rapid decision on 
further development. It was placed 
nn a care and maintenance basis 
last year, when the joint 
venturers. Amax nf the U.S. and 
EZ Industries, an Australian base 
metals group, decided not to 
commit further funds on any 
scale. 

Is late 1977. however, they did 
produce a prospectus inviting 
lenders for a portion of the equity 
in exchange for funds to bring 
the prospect to its next stage: 
shaft sinking and bulk metallur- 
gical sampling. 

It is understood that Amax and 
EZ had about a dozen responses, 
mainly from oil companies, 
expressing a willingness to make 
an A517m (£l0.5ra) investment for 
one-third of the equity. The 
proposals are still being sifted. 

Forrestania is a more specula- 
tive proposition, but CRA is 
believed to have advanced a 
development plan to the present 
joint venturers, Amax and Amoco 
Minerals, also of the U.S. 

The plan is thought to follow 
the lines of the Golden Grove 


scheme, an equity stake in return 
for development funds. 

Forrestania has three mineral- 
ised areas— Cosmic Boy, Flying 
Fox and Digger Rocks. Endeavour 
Resources has a 30 per cent 
interest in Digger Rocks, and has 
estimated that the three zones 
contain total mineable reserves Of 
4m tonnes grading 3 per cent 
nickel nr i4m tonnes grading L3 
per rent nickel. 

in its List annual report, 
Endeavour said that the establish- 
ment nf a mining complex would 
depend on the integrated 
development of the three areas. 

CRA's apparent interest in the 
project comes at a time of 
depressed prices and retrench- 
ment through the industry— the 
counter-cyclical approach, iniact. 


Profits fall 
at Boliden 


BOLIDEN. the Swedish metals 
and chemicals concern, made 
pre-tax earnings of SKr 5.0m 
(£GR0,3S0i after extraordinary 
items during the first quarter on 
sales of SKr 639m (£752m). This 
result presented a profit fall of 
SKr Sm In spite of a 8.7 per cent 
climb in turnover, writes William 
D allforce from Stockholm. 

The operating income before 
financial items was SKr 34m 
against SKr 32m. but the first 
quarter performance dimmed 
Boliden 's hopes of reversing its 
three-year profits slide sufficiently 
tn return pre-tax earnings of 
SKr 25m this year. That target 
depended on the price of copper 


averaging SKr 6,300 a tonne in 
1978. The average price during 
the first three months was only 
SKr 5,764. 

Boliden Metal's sales rose by 
14 per cent during the first 
quarter in spite of the fall in the 
prices for copper and zinc. Pro- 
duction is described as “ good ” 
but earnings did not keep pace 
with the 197S target. The 
chemicals company raised sales 
by 3 per cent but prices did not 
climb fast enough to offset 
increased costs and profits dipped 
slightly. 

Mr. Aake Palm, the retiring 
managing director, told the 
annual genera! meeting yester- 
day that the traditional market 
mechanism for copper had been 

E ut out of function by protectlon- 
t measures and half-hearted 
efforts to restrict output 

kalgoorlie 

SOUTHERN 

A further attempt is being 
made to avoid the collapse of Kat- 
goodie Southern Gold, the Mel- 
bourne company with gold mining 
leases in Western Australia. 
Universal Milling of Perth is buy- 
ing for 0.! cents a share the 30.S 
per cent stake of Western Mining 
and the 27.1 per cent interest of 
Gold Slices of Kalgoorlie, it was 
announced yesterday. 

WMC and GMK are to waive re- 
payment or funds owed la them 
by Kalgoorlie Southern, which; in 
return, will buy Universal Mill- 
ing's 50 per cent interest in Three 
Springs Talc. 


Friday May 19 1978 

Losses mount 
at Roan 

ROAN CONSOLIDATED, one nf 
the two major Zambian copper 
producers,, yesterday announced 
b net financial loss for the March 

quarter, of X624m <£4.(M>m), 

bringing its accumulated losses 
for the first also months of the 
financial year to K22.im. 

Tn the 1977 March quarter there 
was, by comparison, a net profit 
of K2.9m and after nine months 
of the 1976-77 year the profit was 
K20A6m. 

Surprisingly, in view of the 
problems with shipments and the 
depressed level of market prices, 
there .was *a profit on sales in 
the latest quarter of KS.09tr 
(£2.4 ml. This .followed losses ir. 
both September and Decembei 
quarters of 1977. 

The tumround probably owe; 
a good deal to the- mrenripnen 
programme launched last year 
which. Roan said, was showing 
good results. A small profit ir 
expected in the June quarter. 

But the overall financial post 
tion remains bleak. While thi 
devaluation of the Kwacha ma; 
have helped the return on sales 
it also resulted in n lofts on nc 
liabilities tn foreign currenele 
during the March quarter o 
K7.t2m. 

The lack of liquid resource 
prevents the declaration of an: 
dividend. The share price wa 
. unmoved- by these latest figure 
and closed yesterday at 6Sp. 


,r>v NTS 

.r i*; r 1 

.jliin 


VIKING RESOURCES 
INTERNATIONAL 
N.V. 

NA.V. at 30.4.78 
|21 26 ( D.Fls-46.81 ) 


INFO riatttm, Hridrfef * W*non N.V. 
Hmngncht 214, Autfidn 


INVESTMENT TRUST COMPANIES 


The information in the columns below is supplied by the companies named, which are members of The Association of Investment Trust Companies. The figures, which are in pence except where otherwise stated, are unaudited 


Total Assets 
less current 
liabilities 
♦ 111 
fmiflicm 






Net Asset Value 
after deducting prior 
charges 

Investment 

Currency 

l 

Total Assets 

Company 


Date of 

Annual 

at nominal 

at market 

Premium 

less current 

Shares or Stock 

Valuation 

Dividend 

value | 

value 

(see note g) 

liabilities 

(2) 

(3) 

| (4) 

(5) 

♦ 16) 

1 

♦m 

(S) 

♦ fl) 

/million 


Company 

(2) 


Shares or Stock 
<3> 


.VALUATION MONTHLY 

I Alliance Trust 

j Anglo-American Securities Corpn. ... 

British Investment Trust 

Capital & National Trust 

Claverhousc Investment Trust 

Croiwfriars Trust 

Dundee Si London Investment Trust 

Edinburgh Investment Trust 

First Scottish American Trusr 

Grange Trust 

Great Northern Investment Trust ... 

Guardian Investment Trust 

Investment Trust Corporation 

Investors Capital Trust :.... 

Jardine Japan investment Trust 

London & Holyrood Trust 

London & Montrose Investment Tst. 

London & Provincial Trust 

Mercantile Investment Trust 

Do. Do 

North Atlantic Securities Corpn. ... 

Northern American Trust 

Save & Prosper Linked Invest. Trust 

Scottish Investment Trust 

Scottish Northern Investment Trust 

Scottish United Investors 

Second Alliance Trust 

Shires Investment Co 

Sterling Trust 

Technology Investment Trust 

United British Securities Trust 

United States & General Trust 

United Slates Debenture Corporation 

Do. Do 

Bailiie Gifford & Co. 

Scottish Mortgage & Trust 

Monks Investment Trust 

Winterbottom Trust 

Baring Bros. & Co. Ltd. 

Uutwich Investment Trust I 

Tribune Investment Trust 

East of Scotland Invest. Managers 

Aberdeen Trust 

Edinburgh Fund Managers Ltd. - 

American Trust . 

Crescent Japan Investment Trust... 
Electra House Group 

Electra Investment Trust 

Globe Investment Trust 

Do. Da : 

Do. Do - 

Temple Bar Investment Trust 

Do. Do 

Do. Do 

F. & C. Group 

‘Alliance Investment 

Cardinal Investment Trust 

Do. Do 

F. & C. Euro trust 

Foreign & Colonial Invest. Trust ... 
General Investors & Trustees ... 

James Finlay Investment MgmL Ltd. 

Provincial Cities Trust ; 

Cart more Investment Ltd. 

Altifund 

Do. Do 

Anglo-Scnttish Investment Trust ... 

English & Scottish Investors 

Group Investors 

London & Gartmore Invest. Trust 
London Sc Lennox Invest. Trust ... 
London & Lomond Invest. Trust ... 

London & Strathclyde Trust 

Metdrum Investment Trust 

New York & Gartmore Investment 
Gartmore Investment (Scotland) Ltd. 

Scottish National Trust 

Glasgow Stockholders Trust 

John Goveu & Co. Ltd. 

Border & Southern Stockholders... 

Debenture Corporation 

General Stockholders Invest Trust 

Govett Eurooean Trust 

Lake View Investment Trust 

Do. Do 

Stockholders Investment Trust 

G. T. Management Ltd. 

Berry Trust 

Do. Do 

G. T. Japan Investment Trust 

Do. Do 

Northern Securities Trust 

Hambros Group 

Bishopspate Trust 

City of Oxford Investment Trust... 

Hambros Investment Trust 

Rosedimond Investment Trust 


Pence except where £ stated (see note d i 


Ordinary 25p 
Ordinary 25p 1 

Ordinary 25p 1 

Ord. & “ B " Ord. 25p 
Ordinary 50p 
! Ordinary 25p 
Ordinary 25p 
£1 Deferred 
Ordinary 23p 
Ord. Stock 25p 
Ordinary 23p 
Ordinary 23p 
Ordinary 2jp 
Ordinary 23p 
Ordinary 23p 
Ordinary 2.‘»p 

1 Ordinary - 23p 
'Ordinary 2-Ip 
Ordinary 25p 
Conv. Debs. 1983 
Ordinary 25p 
Ordinary 2ap 
Capital Shares 
Ord. Stock 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 50p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 23p 
Ord. Stock 25p 
Conv. Loan 1993 

Ordinary 25p 
Ordinary 23p 
Ordinary 25p 

Ordinary 25p 
Ordinary 25p 

Ord. Stock 25p 

Ord. & “ B " Ord. 25p 
Ordinary 50p 

Ordinary 25p 
Ordinary 25p 
Conv. Loan I9S7/91 
Conv. Loan 1983/90 
Ordinary 25p 
Conv. Loan 1985 '90 
Conv. Loan 1987/91 

Ordinary 25p 
Deferred 23p 
Conv. Loan 19S5/87 
Ordinary 23p 
Ordinary 25p 
Ordinary 25p 1 

i 

Ordinary 25p 

Income 50p 
Capital 50 p 
Ordinary 25p 
Ord. & “B" Ord. 25p 
Ordinary 25 p 
Ordinary 50p 
Ord. &- •* B " Ord. 23p 
Ordinary ,25p 
Ordinary 25n 
Ordinary 2»p 

Ordinary 25 p 

Ordinary 25p 
Ordinary 25p 

Ordinary 50p 
Ordinary 25p 
Ordinary I2Ip 
Ordinary 25p 
Ordinary 25p 
Conv. Loan 1973/98 
Ordinary 25p 

Ordinary 25p 
Conv. Loan 1993 
Ordinary 25p 
Conv. Loan 1987 
Ordinary 25p 

Ordinary 2op 
Ordinary 25p 
Ordinary 23p 
Capital 25 p 


23- 4 73 
2S‘4 7S 
28/4/78 
2S ‘4 *7S 
30 ‘4 78 
2S/4-7S 
28 ‘4 '78 
28 4 78 
28 478 
28 ‘4 78 
28-4 78 
2S4.TR 
2$ 478 
an '4 78 
30 ‘4 78 
28- 4.78 
28 ‘4 ‘73 
28 4 78 
28 478 
28/4.78 
38 '4 .78 
i 5/78 
28/478 
28/478 
28 '4/78 
30 478 
28 '4/78 
30 '4 78 
28/478 
28 '478 
28/478 
28/4/78 
28 '478 
28/4/78 

30 '4/73 
80/4 '78 
30/4/78 

5/3/78 

24/478 

28/4/78 

30 '4 78 
30/4/78 

30/4/78 
30 '478 
30 '4/78 
30/4/78 
30/4/78 
30/4.78 
30/478 

28 '4 78 
2S/4.78 
28 4 78 
2S.'4 78 
28 4 78 
28 -‘4/78 

2S - 4 78 

30 '4/78 
30 4. -78 
30-4 78 
30 -'4 -78 
30/4 78 
30-4 78 
30/4/78 
30'4/7S 
30'4 '78 
30 ‘4 '78 
30/4 '78 

30 '4 78 
30/478 

30 ‘4 78 
20 - 4 7S 
30 ‘4 78 
30 '4 78 
30'4 7S 
30 *4 7S 
30 '4 78 

30*4.78 
SO '4 78 
30.-4 78 
30 '4 78 
30'4/7S 

28 .‘4. 78 
28 '4 • 78 
2S'4. 7S 
2S.478 


5.3 
0.415 
1.6875 

•2.45 

1.7 

05 

•2.5 

2.4 
1.375 
125 
0.4 


258.8 

129.1 
IP5B 

106.7 

102.1 
. 100.5 

85.4 
278.1- 

121.4 ' 

102.7 

130.1 

lOfi.2 

t 

103.1 

195.7 

153.9 

251.4 

147.7 
*53.0 
£80.90 

120.7 

129.6 

158.4 

131.0 

125.6 

96.1 
245H 

153.3 

230.9 

136.1 

165.3 

254.8 

120.2 
£132.20 


“IIS.S 
®'£1 35.90 
“£102^0 

t 

152.4 

£123.40 

•’“.a 

2236 

144.0 


400.5 
85.7 

145.1 

54.0 

12.1.2 

£100.90 

120.3 

82.1 
£119.00 

174.2 

£198.00 

153.5 


297.2 

135.0 
199J 

169.4 

102.1 

100.5 

86.9 

293.6 - 

123.4 . 

106.7 

138.7 

110.8 
t 

ins.7 

195.7 

157.6 

255.4 
1502 

57.6 
£S6.40 

123.7 

132.8 

158.4 

334.9 
133.6 

98.9 
2543 

153.3 

237.4 

137.3 

166.5 
261.2 

324.3 
£136.70 


t 

t 

T 

t 

oc 12T.5 

«-£13S^0 

“■£104.50 


757.7 
£127.70 
67.5 
232 2 
148.5 


407.6 

R7.fi 

156.1 

34.0 
12S.9 

£171.90 

134.1 

82.1 
£1 >9.00 
■T173.8 
£107.70 

158.0 


1*4.0 

oc£4.60 

«£3.40 


Henderson Administration Ltd. 

Witan Investment Ord. & “ B " Ord. 25p 

Electric & General Investment Ordinary 25p 

Greenfriar Investment Ordinary 23p 

Lowland Investment Ordinary 25p 

i English National Investment : Prefd. Ord. 25p 

i Do. Do Defd. Ord. 25p 

i Philip Hill (Management) Ltd. 

I City & Internationa! Trust Ordinary 25p , 

Genera! & Commercial Inv. Trtist... Ordinary 23p 
I General Cons. Investment Trust ... Ordinary 23p 

{ Philip Hill Investment Trust Ordinary 25p 

] Moorgate Investment Co Ordinary 2ap 

! Nineteen Twenty-Eight Inv. Trust Ordinary 25p 

• Industrial & CorcraL Finance Cpn. 

London Atlantic Investment Trust Ordinaty 25p 
r North British Canadian Investment Ordinary 25p 

• Ivory & Sime Ltd. 

: Atlantic Assets Trust Ordinary 25p 

British Assets Trust Ordinary 25p 

Edinburgh American Assets Trust Ordinary 25p 

Viking Resources Trust Ordinary 25p 

Keyser Uilmann Ltd. 

Throgmorton Secured Growth TsL £1 Capital Loan Stock 

Throgmorton Trust Ordinary 25p 

Kleinwort Benson Ltd. 

British American & General Trust Ordinary 25p 

Brunner Investment Trust Ordinary 25p 

Charier Trust & Agency Ordinary 25p 

English & New York Trust Ordinary 25p 

Family Investment Trust Ordinary 25p 

Jos Holdings Ordinary 23p 

London Prudential IuvesL Trust ... Ordinary 25p 

Merchants Trust Ordinary 25p 

Lazard Bros. & Co. Ltd. 

Raeburn Investment Trust Ordinary 25p 

Romney Trust Ordinary 25p 

Martin Currie & Co., C.A. 

Canadian & Foreign Invest. TYust... Ordinary 25p 

St. Andrew Trust Ordinary 23p 

Scottish Eastern Investment Trust Ordinary 25p 
Scottish Ontario Investment Co. ... Ordinary 25p 

Securities Trust of Scotland Ordinary 23p 

Murray Johnstone Ltd. 

Caledonian Trust Ord. & “ B ” Ord. 2an 

Clydesdale Investment Trust Ord. & “ B " Ord. 25n 

Glendevon Investment Trust Ord. & “ B " Ord. 25n 

Glenmurray Investment Trust’ Ord. & " B " 6rd. 25p 

Scottish & Continental Investment Ordinary 25p 

Scottish Western Investment Ord. & “ B " Ord 25 d 

Second Great Northern Invest Tst Ord. & “ B " Ord. 25p 

Schroder Wagg Group 

Ashdown Investment Trust Ordinary 25p 

Do. Do Conv. Loan 1988/93 

Australian & International Trust ... Ordinary 50p 

Broad Stone Investment Trust Ordinary 20p 

Do. Do Conv. Loan 19SS.-93 

‘Continental Sc Industrial Trust Ordinary 25p 

Trans-Oceanic Trust - Ordinary 23p 

Do. Do Conv. Loan 19S8/93 

'Westpool Investment Trust Ordinary 25p 

Do. Do .■ Conv. Loan 1989-94 

Stewart Fund Managers Ltd. 

Scottish. American Investment Co. Ordinary 50p 
Scottish European Investment Co. Ordinary 25p 
Touche Remnant Sc Co. 

Atlas Electric & General Trust ... Ordinary 25p 

Bankers’ Investment Trust Ordinary 25p 

Cedar Investment Trust Ordinary 23p 

City of London Brewery Deferred 25p 

Continental Union Trust Ordinary 25p 

CLJl.P. Investment Trust Ordinary 25p 

Industrial & General Trust Ordinary 25p 

International Investment Trust ... Ordinary 25p 

Sphere Investment Trust Ordinary 25p 

Trustees Corporation Ordinary 25p 

Trust Union Ordinary 2jp 

Williams & Giyn’s Bank Ltd. 

Soewell European Invest- Trust ... Ordinary lOp 

Atlanta Baltimore & Chicago Ordinary lup 

West Coast & Texas Regional Ordinary lop 

VALUATION THREE-MONTHLY 

Cumulus Investment Trust Ordinary •’•in 

Ringside Investment Cn Ordinary *>5n 

Oil & Associated Invest. Trust Ordinary Hop 

Do iConv. Loan Stork 

Safeguard Industrial Invest 'Ordinary 25n 

Cariiol 'Tyneside Group i 

Carliol Investment Trusr lOrdlnarj' zip 

_P°- . . ®°‘ •: Cnnv. Loan 1994-99 

Tyneside Investment Trust Ordinary 25p 

Do. _ Do. Conv. Loan ] 994.99 

.East of Scotland Invest. Managers * J 

Dominion & General Trust Ordinary 23n 

I Pent land Investment Trust j Ordinary 25p 


Date of 
Valuation 
(4) 


2S ‘4 78 
28 4. 78 
28 i 7S 
2S/4'78 
■jf' 4 TS 
■IS/ 4/78 

1 30/47S 
. 30/4/78 
) 3(1-4/78 
* 30. 4/78 
S0.'4 'TS 
30/4/ 7S 

2S/4--78 

28/4/78 

2S/4'78 

2S/4/78 

2S/4/7S 

2S/4/7S 

28/4/7S 

28/4/73 

28/4/78 
28/4 /TS 
2S/4/7S 
28/4/78 
28/4/7S 
28/4/78 
?«r'4/7S 
28/4/78 

30/4/78 

30/4/7S 

30/4/78 
30 '4 '7Ji 
30/4 '7S 
30/4. <78 
30/4 '78 

30/4/78 
30/4/7R 
30/4/78 
30/4/78 
30/4 /TS 
30/4/78 
30/4/78 

2S/4/78 
2S/4/7S 
28/4/78 
28'4/78 
28/4/78 
28/4/78 
28/4/78 
28/4, 'TS 
31/3,73 
31/3/73 

30/4/78 

30/4/78 

2S/4/78 
28/4 /TS 
28/4/78 
28/4/78 
28/4/7S 
28/4/78 
28/4/78 
2S/4/78 

28/4.>7S 

28/4'TS 

28/4/78 

30/4/78" 

30/4/78 

30/4/78 


2S/4/7S 

S1/3/7S 
31'3/TS 
31/3, TS 
SI/3,'78 

30/4 78 
30/4/7S 
30/4/78 
30/4/7S 

28,-2/78 

28/2/78 


Net Asset Value 

after deducting prior Investmen 
charges Currency 

Animal at nominal | at market Premium 
Dividend value mine (see note g 

m ♦(6) *<7) (S) 


1 1 1 
Pence except where £ stated (see note d) 


105.7 
101.6 
130^ 
101^2 
*3.0 

oci28J2 

1148 

183.1 

£128.20 

121.4 

199.6 

I133J0 

253.8 

232.8 
£145.50 

134^ 

£121.00 


39.8 

59.2 I 
70.0 i 
£157^0 
92.4 I 

i 

163.4 

£140.50 

156.9 

£134.90 


53.4 

S.7 


1S3.7 

10.7 

■ - K-r * 

75.J. 

6.9 

J .-. « 

1002 

9.5 

1 

93.2 

02 

> 

59.3 

2.3 

. v 

,.r id 

f 

t 

97.2 

11.5 


173.1 

123.7 

22.8 

16.4 

- 

157.0 

18.7 


1W.5 

19.6 


181.6 

182.5 

27.5 

2R.S 


256.6 

1092 

36.0 

19.4 

1 94.4 
138.1 
1012 

1S.9 

262 

17.1 


83.0 

15.1 


«131J 

ac22S 


118.5 

21.7 

- ’ 

lSfl.fi 

232 


£132.70 

£1620 

s ■ 

121.4 

212 

• 

207.1 

252 


£138.00 

flfi.90 

• 4.» 

264 J 

22.9 


239.1 

31.4 


£149.50 

£19.60 


137.7 

16.1 

' ,:lf 

£123.90 

£14.50 


112.0 

S.fi 


52.6 

3.7 


84.7 

5.S 


7S.fi 

fi.l 


91.4 

7.2 

* : " 

80.7 

l.S 


1642 

16.8 

' 

95.0 

7.9 


73.0 

6.3 

* - 

105.4 

9.1 


158.8 

152 


1922 

ll.fi 


1448 | 

02 


101.4 ! 

12.1 


68.1 i 

6.3 


85.0 J 

9.7 

• ; *i t 

412 

2.8 


592 | 

0.3 

. 

71.0 1 

7.4 


£159.70 

£1(1.80 

: : '•M 

34.0 j 

- 

:r 

IBS. 6 i 

22.1 


£145.00 

£19.00 


160.9 

21.6 


£138.40 

£18.60 

■ ‘xx.; 

231.9 

23.1 

■ - - ri 

1432 

15.6 

" '? i* 


♦ The net asset values in the above table take account of the reduction in the rate of Us on realised chargeable gains from 17% to 10% 
as proposed in the Budget on 11 April ih/o. 

•ApvlkS to OrdlRaiT — -V* Ordm.-irv only 8 VT surtojw. or- Adjusted for rlelits Uwifl. t Company w.H annnun«. year^wt nr 

tntentn rvsuirs shortly. - nnu- «h« twlow. ® Not diru«b cornwrable niih pre vio Us , puwisli.;d aniri. £t UrrpcndCQi on ” B ” share cunvi-rslons. * biuie tn the 


Utior charet* Kinco Uiq previous published fisurc. 

Holes:— 

(I) CMa. #. 7 Qoojed Imrcsttnena are price *i *»*••«** a* valuMi.nt both Include 1U0 per cent, of any Iitwsunem nimno premium 

arter akin? mu account the premlumim aay sunhm or on any shortfau of fords* currency assets asotost foreisn currency loans 
fbl cote. X, fc T All mniuo account ficm an; ucludni. 

(O Cob- 1. t, T Ho account has hum lakcnd any Uablltryinrewca 0 f taxable sain which might arise on ruure disposal rf Invesnnents. 

W Cols- S4 Arijwna -re ™L° f s ^ fc aD0 ConeonTble Loan such. Column S preosely s rated: column M n nearest anMenth of a peony <wr share 

S? SU« “**■ •— « - “» h — 

(g) Col. B Tteny* w skare/nodi ronresewed by 100 per cent, of tho hnreitmertt currency premium applied fat calartatliia Uw reluaUon ffar Cob. L 

(h) cok M *" “SJT® 7*"* “*« Un * r ■**•' wv share. Convertible stocks are treated as fully convened at 

the rate for tfae next conversion date, or «here a nsure Is marked “ « - a. uriw charyei; warranto or sabstriptlon rights are treats K^nSrereSd. 




THE LNVESTiMENT TRUST YEAR BOOK 1978, which is the first edition of th< 
official \ear Book of the Association, will be published shortly by Fundex Limited 
and will cost £7.S5 (inc. p. and p. in the U-K.) 

Please send your remittance to : 

The Association of Investment Trust Companies, Park House (Sixth Floor)’ 
16 Finsbury Circus, London EC2M7JJ. 



Financial Times Friday May 19 1978 

1 appointments 

European bank 

« . 

post for member 
of ‘Think Tank’ 

fir. Richard Ross, a deputy sec- as managing director Hr. E. W 
reiajry of Uje " Think Tank "—the Marshall has joined the Board. 
Cabinet Office s Central Policy 

Review Staff — is to be nominated ,, „ _ . „ 

m the Prime Minister and the - “ r - “*»**« Ortiz P. has retired 
rjianceUor of the Exchequer as .. . M ^°. ar ^ . °f A JTALGA- 

• vice-president of Uie EURO- *®ATED METAL CORPORATION. 
pfiAN INVESTMENT BANK. He ★ 1 

«UT- succeed Sir Raymond Bell, Mr. H. L. K. Browne has become 
who. is retiring before the end chairman of LONDON AND MAN- 
of his six-year period of office. CHESTER ASSURANCE COM- 

7iSU 1 «%T£<£35 , 5 5PSL laKVWff"® 

s&*t bS’jbt: js* b- a jSr*syas--s 

"ffi'mSdSS *3* Tour 9 vice- S™ bas bMn mad * rtie£ 

jreSidents are responsible for the . 

jay-to-day running of the Euro- Mr _ c , 

lean Investment Bank, which has „ Mr -/- S.«rdpe has joined the 
wadquarters in Luxembourg. ®g“* ® f HIGH-POINT SERVICES 
[he hank makes loans and gives as chairman. He was 

•uararuces to public or private ™. r meriy chairman of UAC in 
mdertakings within the KEp f 0 r ^Beria and a director of Taylor 
egional development and Indus- "°odrow (Nigeria) ajid other 
rial modernisation. It also pro- companies. 

•ides assistance to develoDing * 

ouutries associated with the Cora- KNJGHT FRANK AND R UTLEY 
'““’“S' . j®*"® ! he VK the GROUP have re-organlsed the 

SECin 1973 it has received loans structure for its top management 

ot ailing about mom. and appointed Mr. Samuel 

„ • ... ■ „ * Goodeooiikb as senior partner 

Mr- vv. p. Schmoe. head of UK and Mr. William Yates as manag- 
^Jortb Sea operations, is to be biff partner. 

>o-nrdraator of all CONOCO * 

WS WS JBJSB 

nan' of Continental Oil Conipanv and Ii1i,liranc e Services, 
nd co-ordinate the functions of * 

jtnoco affiliated companies in Uie Mr. K. H. Williams has been 

JK- .. . ' appointed to the Board of BRUSH 

Additional appointments have ELECTRICAL MACHINES and 

■wen. made in other Conoco will succeed Mr. J. ill. Durber asi 
isolates. ■ - In Continental Oil managing director from June 5 . 
.opvpany. Mr. R. P. Wheeler will Mr. Durber, who was recently 
K-eomc managing director, appointed a director of Hawker 
coordination and administration. Siddeley Group, remains chair- 

tLm. J « P &. ss."* s 

executive j 

■J’l bf ch'imS H j\ k . er ?”■■■ 

nd managing director, marketing. «- ho P f s te?vin« thr nSlsJESS"”' 
fr. r». F. Cameron, managing ,s ,eavln 5 thc company, 
tirector, reflnina. and Mr. J. j. ★ 

Veidoer and Mr. J. T. Zeien, -Mr. Francis G. Way* and Mr. 
lirrctors. Timothy K. .\. Abrahams have 

•*- been taken into partnership with 

Mr. Michael Shaw has been GEORGE AND WILLIAM BEECH, 
node joint managing director or stockbrokers. They were 
he CLAYTON DEWANDRE previously associaled with the 
3R0UP. firm. 

* * 

Mr D. S. Taylor, senior partner Mr. R. C. R. ToBer has retii'M 
-in Stavelry Taylor and Co., has from the Board of BRITANNIA 
seen elected chairman or the LEAD COMPANY. Mr. C.A- G. 

Ll ir? >0 ?!F br F , RE T°r vrT Fn«?‘ DaVy hjLS bccome general sales 
YumiceS e,JJ.~»rf£?Tfr F rS 8 -" P ana ?er of that concern, whieh 
F.' hSSs! d 2 ** 18 a subsidiary of MIM Holdings. 

a. ★ 

Mr. Ian Davis, group account- 
ant of THOMAS ROBINSON AND 
SON, has been made a director 
with special responsibility for 
group finance. 

* 

pointed director of markclinc of . /’ Ir ' Jcrcm >' J- Yate has justi 
COMMERCIAL CREDIT SERVICES £22?.-,? ppoinled 3 director of! 
HOLDINGS. Mr. P. J. Churchill D£EKu - 
has become director of staff ' „ _ * . . 

operations. Mr. Ren Johnson has .been 

* appointed production dirertft of J 



APPOINTMENTS 


29 


Marine Transportation 

• this is a new senior appointment in London for an international 
oil and chemical group. 

• management responsibility will be for a current turnover of 
•870m derived from the operation of owned and chartered vessels. 
The task is to ensure the most economic sea transportation of thc 
company* s products from their source to c onsumin g centres. 

• The need is for specialised experience in the chartering and 
ship management of a tanker fleet including knowledge of thc 
economics, finance and law of shipping. An understanding of bulk 
carrier operations would be an advantage. 

• salary is for negotiation around -£ 22 , 000 . Age: middle to 
late 30 s. 

Write in complete confidence 
to P. T. Prentice as adviser to the companv. 

. TYZACK & PARTNERS LTD' 

MANAGEMENT CONSULTANTS 

IO HALL AM STREET - , LONDON" WiX 6VJ 
12 CHARLOTTE SQUARE - EDINBURGH EH2 4 DN 


COMPANY 

NOTICES 


Lonl Ebbisham has been elected 
resident of the BRITISH LM- 
RTERS CONFEDERATION m 
plact.of Mr. Harry Cave. 

Mr. John Shaw has been ap- 


JS 


Mr. E. J. Gandy, managing direc- the Barlaston division or JO! 
X ""T?: managing airec- WEDGWOOD AND SONS. 


tor of the Rustless Iron Company, 
has been appointed to the Board 
of the VITREOUS ENAMEL DE- 
VELOPMENT COUNCIL. 

* 

The new headquarters of the 
VICKERS OFFSHORE KNG CHEER- 
ING GROUP is jl j Maritime 


Mr. Derek Baadey. managing 
director of Metropolitan Pensions 
Association, has become, presid- 
ent-elect of the SOCIETY OF 
TENSION CONSULTANTS. Mr. 
Harry Jacobs has been appointed 


Street. Leith. Edinburgh, and the secretary of the society. 


Biwrd has been returns l it uu-tl to 
uieludo the following appoint- 
ments: Hr. J. Rorkc. group 
managing director; Mr. A. IV. 
H'nodthurp*. »wiMant menacing 
dirrrtor and roramercia! (iirectnr: 
Sr. J. S. Tucker, marketin'; direr- 
Inr; and Mr. J. R. Beaton, director 
of product lun xvn ices and indusi- 


Mr. Mike Henderson lias been 
appointed marketing and sales 
direr l or to BRITISH SISAL- 
KRAFT. a member of the SL 
ItegU International group. 

★ 

Lord Wall of Coo m be has been 
appointed in the Board of 
rial relation v Mr. N. N. Aylmer GRAHAM lltiW AND COMPANY 
jams the group Boaiti as a pari- (INSURANCE BROKERS 1 . Mr. 
lime conMilt.uu. Douglas A. R- May has become 

* maiiaginu direct nr and Mr. Barry 

.Mr. John L. Hancj has been I*. Martin, an executive director, 
apyi in nted deputy ciiairiu.nn of Mr. Rirlunl G. How remains 
RUUTOX I lti'li; LS and i-nn limit's chairm.ui- 


banquefrancaise 
du commerce 
exterieur 

The annual general meeting «f sharehnldfrs. under 'the 
chairmanship uf Mr. Francois liiseard d’Eslainfl. ».nair- 


GR£ATERMANS STORKS LIMITED 
1 Incorporated In ttie 
Republic of South Africnl 

NOTICE TO SHAREHOLDERS 
DECLARATION OF PARTICIPATING 

PREFERENCE OIVIDEND NO. S 
NOT! Cl is HEREBY GIVEN that a 
Dividend or Z.i cents per stare Icoih- 
pralna a Preferential Dividend of 3J 
cents and a Participating Dividend Of 
0.6 cents per share) in respect of 
thc Cumulative Participating Pre- 
term*e Shares lor the »V» months 
ending 30th Juno. 197B, has been 
declared hr the Board of Director* 
payable o« the Soth June. 1978. to 
Participating Prelerence Shareholders 
registered in the books ol the Com- 
pany at the close of business on Fri- 
day. 2nd June. 197». 

The dividend Is declared In South 
Alncan currency and dividends pay- 
able (ram the London Office will be 
oajd In United Kingdom currency cal- 
culated at the -rate of eschange ruling 
_ aBd Sterling on me 
16th June. 197B. 

Dividend cheques despatched from 
the London Office to persons resident 
in Great Britain or Northern Ireland 
Will be Sublrct to a deduction of 
United Kingdom Income Ta» at rates 
to be arrived at a-ter allowing for 
rnflel ill any) In nsoect of South 
AlHcan Taxes. 

*be Company will, where applicable, 
deduct the Non- Resident Shareholders' 
Tsx o- 1S*t from dividends payable. 

For the purpose of paying the above 
Dividend, the Participating Preference 
Shan? Register will be closed from the 
3rd June to the 16th June. 197B. 
bath day* Inclusive. . 

Dividend ctaoues . In payment will 
be^posted .on or alter the 50th June. ' 

*y Order of the Board. 

I. B. MEHL. Secretary. 
Renta Wrd and Transfer Olhce: 

220 . Commissioner Street. 
JOKANNESBURG. 

London Tnwftr OMSK 
Granby Rentatration Services. 

Granby House, 

95. Southwark Street. 

I QNPON SE1 OJA. 

GRESHAM INDUSTRIES LIMITED 

• Incorporated in the 
Republic ol South Airlcai 


INTERNATIONAL APPOINTMENTS 




v 


rhairmanship .. — 

man of Uie Hi-ar.i. a-siMeil by Mr. iumnas Anmai. 
llnnnrarv Chairman, icttk place on Apn|_ -*>■ u 

approve the fin-nirial resitlth for the year Jfi» » 

Permaimni v.ipital- fumis |w\e been Mil!»santiall> m- 
i Teased by a new floating m»te issue tboml ,SM, v,i?„ 
I’SS 3t> miMn.it nitcnns the nencr.il re.iur.cinems ol . ine 
bank as well :»s by a revaluation of n«in-»leprei ‘Ptins t*e« 
assets for an ammini of I'K 41.S niillmn. ami 
a ilcrisinn to inerraw the capital from M" ,nl 101 r 
W 2IK3 million iSU-., of wliL'ti hj* i«c«T»»orat«» Mf 
resen'es ami the reiuaJiiHij; by ca>h» n . 

throurJi present «harelmldcn.: besides, due l« adrtmoi . 
appmpnaiions, the lotol »f permanent capital funds 
now FF R30.3 million. 

The Igtlance sheet total shows an increase of ' •' 

depreciation and provisions and is, fur the h*>i 
excess nf FK IlHl billion. 


Medium and long term supplier*' and buyers 
crvdiu lugpihor amount n» FK ^5 7 hilUnn. i.e. '. U1 'j 
billion eiim^iHoiding tu endursement of nit < 
long term n'finammg notes i ■SB-S'lT.i *** 1 
bdhnn correspi*nihiiK in direct bnanciny cither • li0JJ 
or through iciliscountm*: of the lunc itnn 


or 

t-i-ly.a'V, ). 

As for tile two previous years, neti-ssarj r ^" nr ‘‘ tl t. ( . pn t 

Wen supplied by the financial - riicular. 

national, fifty per cent lntcmaiioniil with, in t jn 
the nr ihe first FreiiL-h public borrtram-. n1 ' P . 

ihe Dutch niarKci. 

should 


have 


be 

4 


and the first B > ismk* •»« ^ holIltl 

Among the other hai.mce sheet lie.idings. »* • p-j.-m.-t 

noted, under liabilities, that “reMfurves P‘ r r lire ]jn 

increased proportion *•/ f " re J hc 


btllmn with 


?lnni|:lv 



Dcrtion appearing under "off balance 
e»*»ii\raBy from export credit mans. 


-Vt iiicyiwe. up by ■■■ ■ nn . v; -;,.n m 

^ (as against FF.17.ff million in ‘ f .V n „M,n„ iippi"- 
KK53.K nuMmn for nimiuuy tas I'M '■* ind en*"f r 

nriM ^.1 ■ l.mUhtIC?. fUCIlllUrc .U»t 1 *' ' 


priBlcd for ticprcciaiion .m I mihiioy-. J ur " ,, r nlil 


mmu as well ;««. M-j 
sharing ciminbtition 


j nuihon for thc 



bn ,\m ember 1 , hrr Uie Kim.nnn new share" 


NOTICE TO SHAREHOLDERS 
DECLARATION OF 
PREFERENCE DIVIDEND NO. S3 
NOTICE IS HEREBY GIVEN that a 
dividend at thc rate oi 6 -j per 
annum on the 6 "„ Cumulative Pre- 
ference Stare* in reapeci ol the si* 
months ending 30th June. 1973 
leoulvalent to iiv Cents per share), 
tas been declared hr the Board ol 
Directors payable on the 30th June. 
1978- to Preference Shareholders 
registered In the books ol the Com- 
pany at the cioae of business on 
Friday. 2nd June. 1978. 

The dividend la declared In South 
A'rlcan currency and dividends pay- 
able from the London olhce will be 
paid >n United Kingdom currency 
calculated at the rate ol csttance 
ruling between Rand and Sterling on 
the 16th June. 1973. 

Dividend cheques 1 deseatched Irom 
thc London Office to persons resident 
in Great Britain or Northern Ireland 
will be so Dice' to a deduction ol 
United Kingdom income Tm> at rates 
to be arrived at after allowing ter 
relwt ill any) in respect ol South 
African Taxes. 

The Company will, where applicable, 
deduct the Non-Resident Shareholders' 
Tax ot -15% from dividends parable. 

For the purge* es ol paying the 
a bora dividend, the Preference Share 
Register will be closed from the 3rd 
June to the 1 6 th June. 1978. both 
days inclusive. 

Dividend cheques In oavment win 
be posted on of alter the 30th June, 
1978. 

Br Order of the Board. 

I. 8 . MEHL. Secretary. 
Registered and Transfer OSkce;- 
220, Commissioner Street, 
JOHANNESBURG. 

London Transfer Other: 

Granby Registration Services- 
Granby House. 

93. Southwark Street. 

LONDON 5E1 OJA. 


Botswana 

Senior Auditor 

A professionally qualified Accountant, preferably certified or 
chartered, is required by the Office of the Auditor General.'. 
Responsibilities will include the writing and application of 
audit programmes, the setting up and running of new audits 
and the training of local personnel. 

Candidates, aged 30-50, should have a minimum of 8 years' 
experience in a professional office, preferably in the auditing 
of statutory corporations, although sound experience as an 
external auditor covering other fields will be considered. 
Salary is up to the equivalent of £8.520 pa. including a sub- 
stantial tax-free allowance paid under Britain's overseas aid 
programme. Basic salary attracts 25% tax-free gratuity. 
Benefits include free passages and education allowances, sub- 
sidised housing, appointment grant and interest free car loan. 
For full details and application form, write quoting MC/113 



The Crown Agents for Oversea Governments and 
. . Administrations. Recruitment Oi vision, . 
--- 4Millbank. London SW1P3JD. 


J 


COMPANY 

NOTICES 


McCarthy group limited 

«|Mt>j-para»l In th; 
Republic of South Africa) 


STANLEY ELECTRIC CO. LTD. 


NOTICE TO EOR HOLDERS 
The Company tas announced in Tokyo 
that the Hate ol the Starehokjem' 
General Meeting will be June 28. 

1976. The Company also announced 
business results and forecasts as 

follows^— 

Results 

Current Previous 
Term Term 

■April 1 i April 1 
1977 to 1976 to 
March 31 March 31 
197B) 19771 

ven Ten 

• Millions) (Millions! 
49.597 41.906 

4.777 4.135 

2 345 1.863 

Yen 30 14- Yen 29.97 


Sales 

Oroinar* proh: 
Profit for Prr*od 
Front per Stare 
D it idead per 
. share 


Yen 3.50 Yen 3.2S 
Forecasts 
First Hall 

Next Term Nest Term 
Yen Yen 
(Million*) l Millions) 
Sale* 25.500 52. ODD 

Ordinary Pro*t 2.450 5.000 

Profit for Per. od „ 1.200 2.450 

Dividend ser Share Yen 3.50 Yen 3-50 

THE CHASE MANHATTAN BANK 
N A.. Lonoon. 

As Depositary- 


NOTICE TO SHAREHOLDERS 
__ PPEFERENCE DIVIDEND NO. 61 
NOTICE IS HEREBY GIVEN that the 
sixty-first half-yearly preference dividend 
at the rate ol 5>- (five ana a half) cents 
. per share has been declared by the direc- 
tors and payable to holders of preference 
I stares registered In the books ol the 
; company at tee close ol business 90 the 
:30th June. 197B. 

| The dividend Is declared In thc currency 
'olthe Republic of South Africa 
. Po‘ Ihe purpose el cctabiishlng the 
shareholders entitled to participate In this 
-dividend, the oretemue transfer register 
of the company will be closed from 1 st 
July. 197B. to 8 tb July. 1979. both 
. days Inclusive. 

Dividend warrants will be posted to 
aboretalflcrs on or about the 27th July. 

, 1 9 » B . 

In terms ol the Republic of South Africa 
■ Income Ta* Act of 1962 las amende"). 1 
! the non-resident shareholder* tax or 1 55i ; 
Will be deducted by the comosny from 
dividends payable to shareholders whosr | 
addresses m the register are outside the 
Republic of South Africa. 

By Order of the Board 
C. R. BANNISTER. F C.I.S.. 

Secretary. 

Registered owes: Transfer Secretaries: 

i 112 , Nc-banv Circle, Hill Samuel Registrars 


577 Pen: Road, 
, DURBAN. 


1 9th Mav. 1978. 


■S-A.J Limited 
PO Bo* 52*18 
M POSH ALLTOWN. 
2107. 


FIVE ARROWS FUND N.V. 
(Established •« Curacao. Nctherlanda 
Antilles) 


E-I.D. -PARRY (INDIA) LIMITED 


DIVIDEND NOTICE 
DESIGNATED COUPON NO. 10 
The Annual General Meeting 0 ! share- 
holders hoi this day approved a dividend , 
ol U530.1S per share tor the fiscal vaar 
ended December 3T. 1977 payable on May 
, 26. 1978. In accordance with me I 

: recommendation of the Advisory Board ol 1 
■ our Company. ■ 

Stockholders ot record on Mar 19. 1978 I 
will receive payment of such dividend in I 
U.S. dollars, as Id low*: 1 


CLASSIFIED 

ADVERTISEMENT 

RATES 


1 1 . 


NOTICE tS HEREBY GIVEN that the . 
transfer books of the Equity Stares will ' 2 . 
be closed irom the .9th to 26th June. ! 
1878, both days inclusive, tor payment 
of dividend on the 29th June. 1978. 

By Order of »he Board. 

C. P. FEATKERSTONC. 

London Registrar. 


EVERARDS BREWERY LlMITCO 


NOTICE JS HEREBY GIVEN That. M 
preparation lor the payment of the half- 
yearly dividend on the SOth June. 1978. 
the transfer books of, the SK Cumulative 
Preference Shares of ‘the above named 
company will be closed on the 20 th 
June. 1978. 

By Order of the Board. 


G. ROBERTSON. Secretary 


In the case of holders of registered ■ 
certificates, either by cheque or by 
bank-transfer. 

in the case of holders ot bearer 
cvrttfrcates upon presentation ol , 
conooo No. 10 on or alter Mar 26. 1 
1978 at the offices ol the Company. 1 
» well os its agent banks. Viz Banquc ; 
Rothschild S.A., Paris. N. M. Roth-, 
scbild and Sons loiIM. Lonjoq.l 
Pierson. Hetorlng and Pierson N.V.. I 
Amsterdam and The Hogue. Pierson, 1 
Heidring and Pierson (Curacao) N.Y_ 
Curecas. Baaque Bruxettes Lambert ! 
S-A^ Brussels, Banque Prl.ee SA. 
Geneva, and Rothschild Bank A.G.. 
Zorich. | 

FIVE ARROWS FUND N.V. i 
By: IntimK Man age me n t Co. N.V. j 
1 Managing Director). V 




ST’ipl* 


Per 

ro Amin 


Jme 

rrn. 


L 

£ 

Commercial & Industrial 



Prop^rir 

4.30 

14.00 

RrsmenUaJ Properly 

?.no 

9 I'lO 

Appointment* 

Business t Ins-.snuvm 

4.50 

14.00 

Oppominiue? Corporation 
Mins. Prod u ci loo 



Capjciir. Buiinpsavs 

For Sals Yarned 

5.25 

16.00 

Education. Motors. 


Contracts -5- TVuders. 
P>TS 0 Sal. •'■ardeDioa 


13.M 

Hotels and Travel 

2.75 

10.00 

Book Pnbl'slierS 


7.00 


Premium positions available 
(Minimum da 40 cstoma cm.) 
n-50 per single column col extra 
For fur tiler details write to: 

Classified Advertisement 
Manager, 

Financial Times. 

10. Cannon Street, EC4P 4BY. 


UNILEVER N.V. 

DIVIDEND ON CERTIFICATES FOR ORDINARY CAPITAL ISSUED BY N.Y. NEDERLAND5CH 
ADMINISTRATE- EN TRUSTKANTOOR 

Final dividends tn respect of the fear 1977 will be paid on or after 30th Kay 1978 as follows:— 
SUB-SHARES OF FL.12 IN THE NAME OF MIDLAND BANK EXECUTOR AND TRUSTEE COMPANY UNITED 
now MIDLAND BANK TRUST COMPANY UNITED 

A dividend. Scr.al No. 100 of Fl.3.096 per lub-sharr. equivalent to 75.CS18 benie converted at FI.4.1235^£I. 
DUTCH DIVIDEND TAX rehtf » given by certain Tax Conven ti ons concluded by (be Netherlands, a resident 
of a convention country wifi, generally, be liable to Dutch dividend tax at only l$° a (FI. 0.4644, 11.2623 pence 
per sub-l bare) provided the appropriate Dutch exemption farm is submitted. No form is required from U.K. 
residents if the dividend is darned within Hit months from the above date. II tht sub-shares ar* owned 
by a U.K. resident and are effectively connected with a business carried on to rough ■ permanent establishment 
in toe Netherlands. Dutch dividend sax at 25 7 (FUJ.7740. 18.7705 pence per tub-sharc I «■>< be deducted and 
will be allowed as credit apitw toe tax payable on A* profits of toe estabEshmenc. Resident* ol luxxonvenuon 
countries are liable to Dutch dividend ax at 25^. 

U.K. INCOME TAX ac toe reduced rite of 19^ <14.2655 pence per sub-sbaru) on the j'ou amount will be 
deducted from payment to U.K. reside 00 Inste ad of ac toe basic race of 34®' This represents a provisional 
allowance o> credit it toe rate of 15:* for toe Dutch dividend tax already withheld. No U.K. income tax 
will be deducted from payments to non- U.K. residents who submit an Inland Revenue Affidavit of non-residence 
in toe U.K. 

To obtain p»7 mcns of the dividend, sub-share certificate* must Or list ad on Listing Forms eutxinable from — 
Midland Bank limited. New kxue Department. Mxrmer Haase, Ptfrs Street, London EC3N 4 DA 
Northern Bank Limited. 2 W*rw Street. Belfw* BTI ZEE - 

Allied Irish Banks Limited. 3/4 roster Place. Dublin 2 
Clydesdale Bank Limited. 30 Sl ''intent Place. Glasgow 

The Form Include* on undertaking to mark toe tertMlates an release and toetu need not be [edged with the form. 
DUTCH CERTIFICATES OF FL.1.000. FL.103 AND FL.20 

A div.dend of FI. 5. 16 per FI. 30 against surrender of Coupon No. 100. Coupons ni/ Se encashed through 
one ol the paying agentt in toe Netherlands or through Midland Bank Limited; m toe latter use they mu*t 
be Intud on the special farm, obtrcuble from tor Bank, vlvrii contains a decline on that the ce-trKcares 
do not belong to a Netherlands randeat. Intmmions tor Claiming relief from Ourth d-vWtnd and U.K. 
income tax are as set out above except that U.K. residents liable to Onto dividend n> at only 1 5', must 
submit a Dutch exemption form. Dutch dividend tax on this dividend *•* F* I 29 at 25 - and Fl.D 774 at 

IS.;. Thc proceeds from toe encashment of coupons toroajh a saying agent In toe Nether lands will be ciodirrd 

to a convertible florin* account with a tank or broker m the Netherlands. 

A itatamenx of she proaadure lot cUimWis rtl.af Item Datto dividend ax and for toe encstoment of cn moots 

including ruffles o! paying agents and convenma county*!, can be obta-ntd from Nrdli"d Bank Limited at 

tta above address o* from the London Transfer Office. 

N Y NEDERLAND5CH ADMINISTRATE- eN TRUSTKANTOOR 
London Transfer Office. Unilow House. Bla-.hfnan. Laodoa E£4P 4BO 
fTth May I97B 


N 


Scottish Development Agency 

INDUSTRY DIRECTORATE 

Two new senior appointments are to he made, responsible to foe 
Director, Industry. 


Assistant Director - Industry Services 

• the role embraces general management of thc Agency's portfolio -of 
industrial investments and the continuing contact with invested and 
other companies in need of close support, advice, and ' guidance. 

• the skills needed are those of a senior industrialist experienced in the 
direction and control of a diversified group of operating companies. 


Assistant Director - Investment 

• to direct and be responsible for thc overall appraisal and evaluation 
of potential new industrial investments. 

• the appointment demands thc. experience - and financial authority of 
an accomplished investment banker or director of ail industrial 
holding company. . 

• remuneration will be in five figures for both appointments, which are 
in Glasgow. 

Those to whom either appointment is of interest 
are invited ro write in complete confidence 
to J. E. B. Drake as adviser to foe Agency 


TYZACK & PARTNERS LTD 

MANAGEMENT CONSULTANTS 

JO H ALLAN STREET LONDON WIN 6X)J 


12 CHARLOTTE SQUARE 


EDINBURGH EH2 4 DN 


Chief Executive 

THE WOLSEVGHAM STEEL COMPANY LIMITED 

• the company, part of British Shipbuilders, is one of the 
oldest producers of heavy steel castings in the United 
Kingdom, with a plant which has recendy been extended 
and modernised. Current turnover is in the ^ 5 m region. 

• the Chief Executive wishes to retire shortly. His successor 
will take over and develop further a business whose potential 
has been increased by the capital expenditure programme. 

experience in a similar role, either in die steel or a related, 
heavy engineering industry, is the requirement. 

• A five-hgure salary will be negotiated. 

Write in complete confidence 
to Dr. R. F. Tuckett as adviser to thc company. 


TYZACK & PARTNERS LTD 

IO HALLAM STREET ■ , - LONDON WIN bDJ 
12 CHARLOTTE SQUARE *• EDINBURGH EH2 4DN 


c£12,000 


South Coast 


Our client a nonriife insurance company transacting both marine 
and non-marine insurance has annual premium receipts in the 
region of £25M. . „ 

They now wish to reerprt a Financial Director to assume complete 
responsibility for the financial administration of the company, 
including E.D.P. and systems. 

This is a particularly demanding role calling for an “operating 
' accountant’, professionally qualified and probably in the age 
.range 35-45. A strong personality and solid experience in an 
operational background are essential, together with a proven 
track record in the development and introduction of computer 
systems in a commercial environment Insurance knowledge 
would be desirable but is not essential. 

The successful applicant can expect an initial salary in the region 
of £12.000 p.a. and a significant benefits package in line with 
good modern practice. ■ 

In the first instance, interested applicants should write with full 
personal and career details, listing companies to whom replies 
should not be sent, to: 

■John SalkeicJ, Position No MAI 28 
Robert Marshall Advertising Limited 
30 Wellington Street. London, WC 2 E 7BD. 


Robert Marshall Advertising Limited 



— 1 


SO 


Financial Times Friday May 19 1978 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 


NORTH AMERICAN NEWS 

New court 
move in 
Kennecott 
voting row 


CARIBBEAN 

FINANCING 


McDonnell Douglas in $150m. bid j nteres t 

rates 




BY DAVID LASCELLES 
JIcDOXNELL DOUGLAS. 


NEW YORK. May IS. 


By John Wyles 


the Last year it employed 3.600 
major i-.a. aerospace company, people and reported net income 
today announced agreement in 0 f $6.1m on total revenue of 
principle to buy a manufacturer gi.-jsm 

of data processing equipment as a McDonnell Douglas spokes- 
part of iis diversification into the man said that the acquisition 


that converts digital ipui s-sdio from Montreal that Northern 
information, and c : micai diag- Telecom, which owns 31 per cent 
nostic devices. ' of Data 100 Corporation’s 

McDonnell Douglas also has a common stock, says it will study 
finance and leasing company a? the offer by McConnell Douglas 


electronics business. 
The company will 


NEW YORK, May IS. The company will acquire 
THE PROXY battle involving Data 100 Corporation, based in 
Curtiss-Wrigbt and Kennecott Minneapolis, For a price which 
Copper Corporation has been a spokesman today described as 


for Data 
A Northern Telecom spokes- 
man said that a decision tn 


to be 
increased 


well at a computer servicing 
fitted into a diversification pro- company to serve its crowing 
gramme which had been under- data processing division. But the 

way for three years, designed to acquisition had no significance . h vcDonnell 

increase the company s strength for the company's aerospace „ ? ... . .' ^ 

in information processing and division, the spokesman said. °^ cr ^ ntade o.v Nonhem 
plunged further into a legal around S150m, though the exact communications, an area where McDonnell Douglas will finance Telecom's Board, and added that 
thicket by an attempt to block sum will depend on a complex it saw good growth possibilities, the purchase Internally. How- the Board's nest 3chedu»ed_mect- 

the release on May 30 of the acquisition , formula ' involving Data IQO’s products, he said, ever, the acquisition term* call in? is on Thursday. May 35. 

results of voting at Kennecott's conversion of McDonnell Douglas would fit in with several items for issue of preferred stock for “No definitive agreement has 
annual meeting earlier this shares. which McDonnell Douglas had up to half of the purchase price, been reached and no ofi^r has _ 

month. Data D»s main line of husi- developed Itself. These include with Data J00 shareholders been mane, so v.e're anaer no “I',™ 11 Development 

Curtiss-Wri^ht has filed an ness IS manufacture of remote control devices for milling having the option or taking rctfh. pressure u» com-? to a quick p 30 * I i llc ..P r ?! n,or lor l R 

application aimed at keeping The data processing terminal systems, machines, telephone equipment Meanwhile, AP-DJ reports decision." the spokesman said, 
voting figures under wraps. on 


BY DAVID RENWICK IN 
PORT OF SPAIN 


the grounds that it would suffer 
“irreparable harm" by the release 
of the figures In advance of its 
appeal against a Federal Court 
decision on May L This ruling 
would have prevented Curtiss- 
Wright from voting its 9.9 per 
cenL stockholding at the Kenne- 
cott meeting the following day. 

but was lifted by a stay issued by 
the Appeals Court jusi minutes 
before the meeting began. 

The Appeals Court said then 
that no further action should be 
taken in the proxy fight until a 
full appeals hearing had taken 
place. Curtiss-Wright is arguing 
that release of the voting figures 
is prevented by that decision. 

This latest court move is being 
interpreted by observers as fur- 
ther evidence to support specula- 
tion that Curtiss-Wright has not 
won enough votes to unseat the 
entire 17-man Kennecott Board. 
The outcome of the ballot was 
due to be announced earlier this 
week, but the Corporation Trust 

Company, which is counting the 

voles, said it had not completed 
its preliminary' count and so an 
announcement was put back for 
two weeks. 


Weather hits 
K mart 


Banks reject inflation accounting 


Overseas lift 
for Woolworth 


K MART corporation re- 
ports net earnings for the 
first quarter of V&3m or 29 
cents a share compared with 
S43m or 35 cents. Sales 
increased to 2.2hn from $2bn 
reports AP-DJ from Troy. 

K Man officials attributed 
the drop in earnings partly in 
poor weather and lower sales 
rrom clothing departments. 

Earlier this month. K mart 
executives said that sales* for 
April, which were likely to 
show a rise of only seven per 
cent to eight per cent com- 
pared with 15 per cent a year 
earlier, had been bit by the 
fall in the Canadian dollar as 
well as by the weather. 

Sears Roebuck, the nation's 
largest retail group, reported 
earlier this week that profits 
for the fir<t quarter would Tall 
below lest year's peak levels. 
Sales were rising but margins 
hart narrowed. 

But J- C. Penney. Sear's 
rbief rival, pushed first quarter 
profits ahead by 14 per cenL 
as both sales' and „ margins 
strengthened.. 

Both the major retailers pre- 
dicted farther sales growth 
this year. 


BY STEWART FLEMING 


NEW YORK. May IS. 


The 


study finds that some 

The report "has been produced forms of inflation accounting w t _ ^ 

in response to the wide ranging would make it more difficult for causing the directors some con 
reappraisal of how companies banks to raise new capital — 


term funding institution in the 
Caribbean Community and Com 
man Market (CARICOMl region, 
is suffering a cash flow problem 
and has decided to raise its 
interest rate on " hard " funds by 
t per cent. 

. According to the Banks report 
for 1977, presented to the annual 
general meeting in Georgetown. 
Guyana, the projected financial 
position through to 19SI was 


at 


cent, since it revealed that “in 


THE U-S. banking industry has tb^ annual report, 
rejected any shift towards requir- 
ing commercial banks to report 
earnings and balance sheets on an 
inflation adjusted basis. 

Following a lengthy study of a 

wide range of alternative 'forms ti . . --- 

of inflation accounting including *•& conceptual _ framework the bank with the accounting steadily over the period, as would 

current value accounting and 
senerai purchasing power report- 


report their operations 10 inv«- favourable terms, could alter t h e absence of policy changes, the 


tors, the public and other in- decision 
terested groups, which is known decision 


making 

making 


preeie.sfcs 

processes 


in 

in 


net income position on ordinary 
capital resources would decline 


for financial accounting 2nd re- basis driving the bark to make 

_ porting." The conceptual frame- business decisions which are not 

ing. the five major U.S. banking > ork study; is. being nndenaken commercially sensible, 
trade associations have issued a financial Accounting \ raajor stumbling block is 

report recommending that annual Standards Board, the orcanisa- jhat while it is possible to devise 
financial statements should be ni ™ chiefly responsible .or logically an inflation adjusted 
kept in their present historic cost JVt acc °nnting standards in system for the assets side of a 
form. 


on shareholders 


The study concludes that the 
alternative accounting models 
now under consideration “are 
not appropriate for the primary 
financial statements of banks and 
bank holding companies, and in 
fact some of their basis of 
measurement may not be appro- 
priate for supplementary disclo- 
sure." The report does not rule 
out the possible inclusion of 
some form of inflation adjusted 
information being given in 
tupplementary information la 


D.S. bank’s balance sheet, the study 

The banks' response relates to suggests that the liability side 


the pan of the conceptual frame 
v.ork dealing with the measure- 
ment of companies' operation*. 

9 heading which raises the issues 
of inflation accounting. 

The banks are the flr*i indus- 
trial and commercial sector of financial analysts 
the economy to prepare a forma J panels, is released 
response and there is Hearty 
concern that any general .novo 
towards requiring inflation 
adjusted amounts •*oyid 
adversely affect the industry. 


the return 
caiplal." 

The ordinary capitat resources 
are composed of members' share 
subscriptions to the Bank and 
borrowings in the international 
money market. 

Up to the end of December, 
CDB had received paid-up equity 


(deposits! cannot readily be subscriptions from its members 


inflation adjusted in a logical 
v ay. 

The study, which was carried 
oul by three firoups of outside 
consultants and with input from 
and banking 
by the Inter- 


fall the English-speaking Carib- 
bean territories, the Bahamas. 
Canada. Britain. Venezuela and 
Colnmhia — the last four being 
non-borrnwing> of U.SAU3m 
and had made arrangements to 
raise $40m. from the World Bank^ 


Association Committee on Bank the Export -Import Bank of Japan 
Accounting and. entitled “the and CART COM Central Banks. 


banking industry and the con. 
cenfua' framework for financial 
accounting and reporting." 


NEW YORK. May 18. 

A STRONG advance overseas, 
with the notable exception or 

Britain, helped F. W. Woolworth. JVJaV StOTCS slips 
the major U.S. retailer, to a 47 J r 


Exxon expects further growth 


per cent, increase in first garter 
net profit The out-turn, at 
S10.3m. gives a per share of 
32 cents this time against the 
21 cents for the 'first period of 
last year. 

Total revenue was 6.7 per cent 
ahead at Sl-23bn against S1.15bn. 

Mr. Edward F. Gibbons, chair- 
man and chief executive officer, 
said that although domestic sales 
were adversely affected by the 
weather, an earlier Easter and 
the economy. Kinney Shoes, 
a wholly - owned subsidiary, 
registered another outstanding 
sales quarter. 

Agencies 


Bearing out its fears earlier 
In (he year (hat severe winter 
weather and the coal strike was 
damaging prospects. May 
Department Stores suffered a 
9 per cenL fall in first quarter 
net profit to $6.7m. This gives 
a net per share of 30 rents this 
time against the 33 cents for 
the same period a year ago. 
Agencies report from St Louis. 
The group, which recently 
agreed a deal through its 
Vent are Diseouni division for 
acquisition of 19 Jewel Com- 
panies stores, reports first 
quarter sa*^ ahead by 7 per 
cent at 5508m. 


MIAMI, May IS. 


MR. C. C. Garvin Jr, chairman In 1977 Exxon had net earn- isation of our marketing opera- 
of Exxon Corporation, told the ings of S2.42bn. or 55.41 a share, lions in Argentina." 
annual meeting that "1978 is so jf r . Garvin said that so far 19/ « was a year “of important 
far shaping up as a fairly good this year, earnings from refining miiesones for Exxon. There is 
year." and marketing are up. due every indication that 1978 will be 


The net income on ordinary 
caiptai resources last year was 
52.2m compared with Si. 4m 
1976 hut the largest portion of 
this came from capital apprecia- 
toin on investments and exchange 
gains and not from interest and 
fees on loans. 

Even less profit, probably none 
in real terms, was made from the 
Bank's “soft" resources, the five 
special funds. 

Far example, the agriculture, 
housing, commercial livestock 
and counterpart contribution 
funds among them contributed 
S4S.000 to net income last year. 


Referring to the previously largely to higher prices on -ome an equally noteworthy year for 7 hc . l0 c2-!.^t Of r»^.t JfSSSS 
reported increase in first quarter of Exxon's petroleum products, the company." f unf L lht V 

earnings Mr. Garvin said " for “ But it may be difficult." he Oil exploration has finally be- f, 571,000 less 
1978 as a whole, on r best chance said, “to hold these improved gun off the L'.S. East Coast 
of improving on 1977 results lies downstream (non-prod;, cingi where Exxon holds a strong 
in our upstream (producing! results for the full year because position and is currently drilling, 
segment of the business, mainly downstream earnings in J977 said Mr. Garvin, 
because of the increased crude were bolstered by some non- The Syncrude project to ex- 
oil production we will be getting recurring items including the tract petroleum from Canadian 
from Alaska and from the North sale of low-cost inventdru-* and oil sands will start this year, a 
Sea." the settlement for the national- ?2bn undertaking in which 


than 1976. 

By raising the rate on loans 
from ordinary resources, which 
have recently been carrying 
interest between 8 and 9 per 
cent., the CDB is hoping it can 
at least main la in the net income 
return on this portion of its 


The big money bank* 



Exxon's Canadian' affiliate, Im- . 

penal, has approximated a one- Th * directors are also consider 
third share. ing a possible increase in the 

Exxon will also open Its first Bank’s authorised capital, which 
Appalachian coal mine in 1978 stan ds at $192,000,000 (1969 


in West Virginia. 
AP-DJ 


stands at 
values). 

However, as the Trinidadian 
economist Mr. William G. Demas 
the CDB President, would be first 
to point out, the Barbados-based 
Bank was not conceived primarily 
as a profit-making body but as an 

„ . . . agency designed to provide the 

Harnbcnfe^er Corporation, the Caribbean territories with the 
material handling equipment sort of finance were finding 
maker, reports a drop id second- t <a fficuM y Io obtaining 
quarter earnings to 51 cents a elsewhere. 


Harnischfeger 

setback 


net 


share from 7S cents. Total 
was S4.5m against S6.8ra. 

Net shipments of $ 123.5m com- 
pare with SI 24.3 m. Six months 
net totalled ,S9.4m or SI. 06 
against 813m or S1.48. Net ship- 
ments of $244m compare with 
$240.7ra. 


Ranger Oil steady 

Ranger Oil of Canada announced 
net earnings for the first quarter 
of 28 cents a share against 


This was particularly true of 
the smaller states in the area 
liie so-called Less Developed 
Countries (LDCs). a group which 
embraces the following 11 mem- 
bers: Belize. Dominica, Grenada 
St. Lucia, SL Vincent, Antigua 
St Kitts-Nevis, Montserrat 
British Virgin Islands, Cayman 
Islands and Turks and Caicos. 

This group is the prime 
recipient oF the ’* soft " loans 
which carry a maximum interest 


cents previously. Total net °f f 1 ceQ t- These 


was 81.2m against 31.1m. 
Revenue increased to 32£m from 
S2.5m reports AP-DJ. 


Dayton- Hudson ahead 

DAYTON-HUDSON. the depart- 
ment store group continues its 
strong record with a 19 per cent 
gain in first quarter profit to 
S9.7ra to give 60 cents a share 
against the 50 cents for the first 
period of last year. Agencies 
report from Englewood. The 
company, which recently signed 
an agreement to take over the 
West Coast-based retailer 
Meryvns for S2S4m, managed a 
15 per cent increase in revenue 
during the quarter to $492m. 


Any bank can lend money. But it takes a 
big money bank to lend big money. 

There are only a handful of such banks in 
the world, and Security Pacific Bank is one of 
them. 

Wrc one of the ten largest banks in the 



United States, with assets of more than 
eighteen billion dollars. 

So if you’re looking for a big money bank 
to handle the big share of a loan syndication, 
you should consider Security Pacific Bank. 

® The big money bank. 


Gtms8xmnYManeNATUMu.aAMc member we 


SECURITY RAC9FIC BANK 

International Banking Group, 333 South Hope Street, Los Angeles, CA 90071. 

ig'SERVCE UAHifOWNEO BY SECURnvp*-jnc cQaawnoN 


Studebaker sale 

Studebaker - Worthington has 
agreed to sell its controlling 
interest in Susquehanna Corpora- 
tion for $46.Sra. The figure 
appeared yesterday at $46Sm due 
to a printing error. 


resources have been contributed 
as a form of development assist- 
ance by governments such us 
the U.S. Britain, Canada, 
Germany. Venezuela. Colombia. 
Trinidad and Tobago and New 
Zealand. 

Last year, the LDCs received 
78.9 per cent oF the money 
advanced by the Bank, including 
virtually all the “ soft ” • funds. 
Some 45 new loans to finance 42 
new projects were approved, to 
a total amount or S29.9m. Of 
this, S21.6m was in “soft” form. 

The advantage enjoyed by the 
LDCs in loan approval is seen in 
better perspective when their 
78.9 per cent of the funds is set 
against the fact that they have 
only 13 per cent of the popula- 
tion of all the Banks borrowing 
members. 

Since its inception in 1970. 
the Bank has made loans to the 
value of Sl40An. of which 64.S 
per cent has been directed to 
the LDCs. 


EUROBONDS 

$100m issue for Finland 


BY MARY CAMPBELL 


THE views on the U.S. dollar 
sector continued to be mixed 
yesterday with na dear trends 
developing. The response to the 
latest issue to be launched on to 
the secondary market has hardly 
been enthusiastic — the Occi- 
dental offering was priced at 99 
and yesterday quoted at 97 on 
the bid side by the lead manager, 
Dean Witter Reynolds. 

The Deutsche Mark sector was 
helped psychologically. If not to 
the extent of seeing prices move 
up. by the Bundesbank’s moves 
to cut reserve requirements and 
release DM 4.5bn of extra 
liquidity into the German bank- 
ing system. 

These moves had an immediate 
impact on German domestic 
bond prices— the weakness of the 
domestic bond market has been 
a significant factor in the weak- 
ness of the foreign bond market 
recently 

The Republic of Finland has 
filed with the U.S. Securities and 
Exchange Commission for an 


offering of SlOOm notes due 1985. 
Lead manager is Salomon 
Brothers. Three other institu- 
tions. Goldman Sachs, Merrill 
Lynch White Weld and Smith. 
Barney, Harris Upbam are co^ 
lead managers of this issue — 
each bank takes it in turn to lead 
an issue for this borrower. 

The Brazilian National Eco- 
nomic Development Bank 
(BNDE) has announced the 
terms of its Y16bn foreign bond 
issue. Managed by Daiwa Securi- 
ties, this will pay interest at 61 
per cent on a 10-year final 
maturity with the Issue price set 
at 99.3 per cent. 

• Tjinon Corporation will make 
a SwFr 100m convertible bond 
private placement in Switzerland 
with Swiss Bank Corporation and 
Fuji Bank (Schweiz) AG next 
month. Reuter reports from 
Tokyo. 

Terms of the five-year loan are 
yet to be fixed, but It is expected 
to carry a coupon of 3.625 per 
cent, banking sources said. 


Air France back 
the black after 


accounting changes 



BY ROBERT MAUTHNER 


PARIS, May 18. 


AIR FRANCE, the French 
national airline, today announced 
that It had made, a modest net 
profit of FFr9.5m ($Bm) and 
an operating profit of FFrlT-Sm 
In 1977. the , timc ^ h » s 
been in the Mark since 1973. 

However, last year's profit, 
compared with a loss of 
FFr418.5 in 1976. reflects a much 
les sensational turn round of the 
state-owned company's financial 
situation than the bare figures 
suggest, it i< the first time that 
the accounts reflect the principles 
embodied in the planning agree* 
ment signed between Air France 
and the Government last 
January, under which a dear 
distinction is made between its 
role as a commercial, operation 
and its role as an instrument of 
government policy.' 

In the new aernunts. payments 
made bv the State to compensate 
the company for its latter role 
are cloarlv specified. In the past. 
Air France was obliged to pub- 
lish what it considered in be an 
“artificial ” deficit on its global 
operations, the Government then 
restored the company's finances 
with a jwst facta increase in its 
capital. 

Under last January's contract 
with the Slate, Air France is due 


to receive from the State pay- 
ments of FFrlQOm. FFrSSm and 
FFrlfim for -the extra cost in- 
volved in operating its fleet of 
obsolescent CaravcBes in the 
throe years from 1977 to 19SQ. 
The agreement also provided for 
a State contribution of FFrSOfhn 
to :i capital increase, to help the 
company finance its subsonic air 
craft purchases, and large com- 
pensation payments for ' the 
obligation to divide its opera- 
tions between Orly and Charles 
do Gaulle airports. 

Last but not least, The Stale 
agreed to reimburse entirely the 
rusts of investment in Concorde 
services, inclod ing the purchase 
cos! of the airerafL 

After all these compensation 
payments have been taken into 
account. Air France’s turnover 
last year Increased by 2t.S per 
cent to FFr9.7fcn. compared with 
a 16 per cent rise in' expenditure. 
Us cash flow totalled FFr 646.2m. 

Receipts from Concorde ser- 
vices rose by 42$ per cent, 
□gainst an increase of 413 per 
cent in spending in this field. 
Receipts from subsonic services, 
not including State compensa- 
tion payments, rose by 15.6 per 
cent, compared with a 14.4 per 
cent increase in expenditure. 


Hire a 


■ -.v u t 


Michelin to raise $200m 


BY OUR FINANCIAL STAFF 


GROUP profit •* seme 15 par cent 
higher despite a major .setback 
among its tyro and rubhrr 
imprests is announced by 
Michelin. The company also 
plans a substantial funding pro- 
gramme involving up to Frslbn, 
oe some 

Group profiis for 1977 ha ve 
increased to Fra I25.5m (S27mi 
at the net after tax level com- 
pared to Krs 109.3m. Ln striking 
contrast, the tyre subsidiary. 
Manufacture Franca is des 
Pneutuatiqucs Michelin saw net 
earning:; slip dramatically from 
Fra 115.4m to Era 35.4m. No 
reason is given for this setback. 

The company also intends to 
shortly seek shareholder 
approval to raise up to 
Frs lbn “or the equivalent in 


other currencies ” either on the 
Paris hond market or m inter- 
national capital markets. Last 
September Michelin tapped the 
domestic French market for 
some FrsS.OOOnt. 

At the time of the issue the 
company said it e peered cash 
flow in 1977 to emerge at a lower 
level than in 1976 because 
“ prices cannot be' increased to 
the full extent of the rise in 
production costs and because 
adverse currency movements had 
depressed the value of overseas 
earnings.'' . 

Pneumatlques Michelin is cut- 
ting its 1977 dividend to Frs 28 
a share from Fra 73. The parent 
company, however, is lifting its 
payment on the N A n shares 
from Frs 34.95 tn Frs 39. 


BBL increases dividend 


BY DAViD,^UCHAN 

BELGIUM'S* SECOND biggest 
bank. B.yique Bruxelles Lambert, 
aanaun^s a higher net dividend 
of BFf 72 for 1977 on the back of 
net profits of BFrTQfim (S21m) 
compatrrt to BFr5»4m the year 
before’ In 1976 the dividend was 
BFr 60. 

The dividend will be paid in 
full to holders of the 3.3m shares 
that existed before last year, and 
on a proportional basis to the 
holders of the 2m new shares 
issued in May 1977. This last 
category is in effect the holding 
company of the Lambert finan- 
cial empire, Groupe Bruxelles 
Lambert, which in a financial re- 
organisation last year increased 
is stake in BBL from 10 to 4S 
per cent. ' 

For a bank that is only just 
sorting, out the complications of 
a merger three years ago. 
between Banque Bruxelles and 
the much smaller Banque Lam- 
bert. BBL r s performance was 
creditable. Its total balance sheet 
total rose 14.S per cent to 
BFr4933bn. On the incoming 


BRUSSELS, May 18. 


TAG will not I SGI reduces 


save Terrin 


PARIS. May IS. 
TAG, the group representing 
Arab interests and headed by 
Saudi businessman Mr. AJkram 
Ojjeh, has -announced that it will 
not, after all, bail out the ailing 
Terrin ship repair group at 
Marseille, AP-DJ reports. TAG 
had been stndyins the possi- 
bility of acquiring an interest 
of up to 40 per cent in Terrin's 
capital at a cost of around 
FFr 60m. 

A TAG spokesman said that 
studies had indicated that a 
positive’ solution is unlikely to 
he worked out.” 

The legal settlement of the 13 
companies making up the Terrin 
group was 'ordered earlier this 
month. The group accounts for 
80 per. cent of all ship repairs 
carried out at Marseille. It 
employs 4,000 workers and in- 
directly another 5.000 through 
73 sub-contractors- 


deficit by 60 % 


ROME. May IS. 

ITALY'S largest private construc- 
tion and property group Societa 
Generate Imm obi Hare (SGI) lost 
L 19.5b n (522.3m) last year com- 
pared to L53bn in 1976, writes 
Paul Belts. 

The company confirms that its 
financial reconstruction, involv- 
ing support by a consortium, of 
leading Italian banks, is going 
ahead and that foreign debts of 
540m. have been consolidated. 

The company's capital will be 
written down from L71.5bn to 
L42bn to cover last year’s losses 
and subsequently increased to 
L93bn through the recently an- 
nounced financial reconstruction. 

Meanwhile, Ste Internationale 
Pirelli SA said in Basle that it 
expects net profits for the year 
ending June 30. 197S, to be 
similar to the • -SwFr32.7m 
fS16.6m) net profit reported in 
the previous ye ar. 


Deutsche Bank starts year well 


WEST BERLIN, May 18 . 


OPERATING earnings Of 
Deutsche Bank AG, West Ger- 
many's largest commercial bank, 
were up “ significantly ” in the 
first four months of 1978 com- 
pared with the average year- 
carlier period, Herr Wiifried 
Guth, joint management board. 

spokesman told the annual meet- 


ing. 


He gave no absolute figures, 
saying it was still too early to 
make a forecast for the year. 
Interest margins continued 
nder pressure in the Brat four 
months, so that earnings will 
again depend on higher volume. 
Herr Guth reiterated his enn- 
iction that real growth of the 
German economy would not 
reach the Government's target 
3.5 per cent this year, citing 
fact till exports showed a 
real rise of only 1 per cent, in 
first quarter from the same 


the 


period of 1977 as an indication 


that 


the time of export-led 
growth was over. 

The hank bad total assets of 
78.607bn at the end of 1977 


DM 


and earned a net profit last year 
of DM 283m ($133m). 

Meanwhile. Deutsche Girozan- 
trale reports that net profit rose 
20 per cent in 1977 to DM 195m 
(S8.77m) from DM 165m. in 
1976, AP-DJ writes from Frank- 
fursL 

Deutsche Girwentrate Is the 

central bank for the Landesbank 
Girozentrale. the central sav- 
ings. hank in each state. 

Total assets rose 7.7 per cent 
to DM 19^3bn compared with 
DM I8.51bn in the previous year. 
Interest surplus jumped sharply 
to DM lG?.4ra Trom DM 92m, 
while commission surplus fell to 
DM 3.5m from DM 3.Sm. 

The ll(ht amount of business 
In the domestic market allowed 
the bank, to strengthen »* 
foreign activities. The hank 
participated in almost ail 
Deutsche - Mark - denominated 
Eurobonds, most other . Euro- 
pean currency - denominated 
bonds and many private place- 
ments, for a total of 262 foreign 
issues. 

AP-DJ 







; J * i •; \/sl 


■i-.l 


side, clients 1 deposits rose to 
BFr 2695m, at the end of March 
1978, while bankers’ deposits 
r use to BFrlSO^bn. 

As expected, credit to the stale 
rose faster than tn the private 
sector. Private sector credit rose 
by 15.6 per cent to BFr206.6bn. 
by March 1978. By contrast, 
credit to the public sector rose 
by 18.7 per cent to BFrl32bn.. 
while the part that BBL played 
in taking up state bond issues 
amounted to BFr48L5bn. 

If Prime Minister Leo Tinde- 
mans' plans to curb public spend- 
ing and borrowing come to 
fruition, then the banking 
sector's activities in this field 
will decrease, but there is still 
no sign of the long term spend- 
ing cuts which the Prime 
Minister said would be presented 
to parliament by the end of this 
month. 

Observers are sceptical about 
how far a government that con- 
tains the Socialist Party as the 
second biggest coalition partner, 
can act to reduce public spending 
without itself breaking up. 


•>r : • i 

.*i - i. » ^ * ■* ^ 


rzfm 

-proven 


!~t S 


1 

•.risi* 1 , 
' 7 1 


’Trtlli- 


& 











r ;»u 


i i 


Financial Times Friday May 19 1978 



i i 

' V. T. 


* v r : . 




-IN TKR. NATIONAL I I \\\ CIA L A N 1) C O M PA NY N FAYS 


U ! , 


♦ .*» 
i ■ 


v.-; 


sjh 


• s 


Higher tax charge reduces 
at Ford-Werke 



BY JONATHAN CARR BONN, M *y 18. 

FORD-WERKE, the West per ceat to DM lO^bu. While Herr Welher expected 1978 to 
Gentian operators of the Ford total West German vehicle pro- be another good rear, despite 
Motor Company, increased turn- Auction rose by an average 6 per some slackening of the domestic 
over and production sharply in cent last year, Ford production vehlele boom.' Orders in hand 
1977 but net nrnfit f*u w8 - s up by 8 per cent tQ S 78 * 0 ®* assured good use of capacity and 
^ ,C1 units. a high level of employment At 

fmnarf^r pnni%? ufe f of toe Unit Mlea lacreased by 13.7 the end of 1977 German Ford 
impact of corporation tax reform, per cent to 026,000, with the employed 66,332 people 3400 

p*Sm!!!hw E h3 !» rm , a K n ‘ ? err Taunus most popular model, more than in 1976. 

Pc er Wdhfr, said the reform a total of 535,900 vehicles were In the 
had brought the company an exported, and Ford raised 
added tax bill last 


Hen- 

West 


longer term, 

, --- its Weiher warned, the 

y , „ j. , yea 5 of shsre l ° West German vehicle German motor industry would 

5 1 * 1 exports by 2 per cent to 23.1 per have to face increasing 'com peti- 

to DM 5 T«Ei f (S?*25 W- 6 figure cent- Against that Ford's tion from Japan. As Americans 

M . V ' , ,~ n ?. 1 _ domestic maFkei share in became more competitive with 

> Most other statistics on Ford s passenger vehicles, measured by small cars oa their own market 

Swv”.n S ?™ r Z hv 1S ?-T E' 1 *! "?«•«« loufdT “££ 

notably in turnoter, up by 1,.4 by i per cent to 14.5 per cent, ingly forced to look to Europe. 


Threats hit Lufthansa earnings 

BY OUR OWN CORRESPONDENT BONN, May IS. 

a 5 ai ??u the 7 - per ceHt * or 1976 - ®“t this The upshot was that in November 

i^ est i ^5 rznan ® ,r * ,ne , Lufthansa time they will benefit from the and December alone the airline 
late last year brought a sharp West German corporation tax lost some DM 80m. 
reduction .in passengers and a reform, which became effective Altogether, Lufthansa carried 
bl Tv U * pro .® ts - . . for the first time in 1977. 11.7ra passengers in 1977 com- 

The setback continued into the The result is doubly disappoint- pared with 11.2m the year before, 
new year and only now does the ing for Lufthansa since results while freight totalled 328,000 



but do profit figure is offered. ing of a Lufthansa jet to Somalia DM4*25bn. 5TJKJ up 0t frota 
mrso-m lQta Ll ed ~ aQd , . subsequent terrorist DM 3.94bn in 1978. After last 

mf af l!, r bI ? w up other pUuies - year's lower profits and the sharp 

,n , 19 ' 6 - After , add ' j This brought a massive cutback fall-off in passengers in the final 
mg DM 3.7m to reserves, it is during the last two months in months, first quarter results in 
P^P°ff d - t0 pay 5™““* the oumber of passengers— on 1978 have not shown any notice- 
balance sheet profit of DM 36m some routes by up to 40 per cent able improvement Passenger 
as a 6 Per cent dividend. Paraenger traffic accounts fbr traffic was below expectations 

4v, S k 3 - h i der ^T°J mucb 75,6 P* 1- ceDt of while costs and results from fixed 

Fede * raI sovero ; T eveD Ji e * a f a ”L sl 31 - 6 ^ «« ft >r routes have shown no improve- 
ment wnh /4 per cent— received freight and 2.8 per cept for post. ment. P 


Brostroem expects outlook to stay bleak 

BY WILLIAM DULL FORCE STOCKHOLM, May IS. 

BROSTROEM. the Swedish ship- Sales of ships gave a small net grown by Kar 228m meantime, 
ping group, offers little comrort income of Kr ltoi but exchange while the long-term debt fell by 
to its shareholders, who have losse ? °f K * 82“ against gains Kr 53m to Kr 1.64bn. 
had no dividend for four years. Kr 34m gave a lws _ This year Bros troem has had to 


The final 1977 


rcoort extraordinary items of Kr 190m. increase the share capital of its 

... , ... l up by Kr 8lm from the previous Dutch subsidiary by JFI 30m to 

that 19. s> will be another poor ye ar. FI 35m after it had turned in a 

jear for shipping.' Significantly, even after trans- net loss after tax of FI 39m for 

Long-term prospects rest on ferring Kr 114m from the 1977. One bright spot came from 
the radical restructuring and reserves Brostroem was forced to the U.K., where the Hoverlloyd 
modernising of Brosiruem's fleet show a net loss after tax of cross-channel ooeration last year 
towards container and RO-RO Kr .7f»m on the consolidated raised its pre-tax earnings by 36 
vessels and specialised hulk account compared with a loss of per cent to £1.5m. 
earners. But the group's financial Kr 16m in 1976. This has reduced The re organisation of the 
position is gradually being under- the equity shown on- the balance group into four division*— liner, 
mined. sheet to Kr 161m; wtaieh is lower bulk and tanker, marine services 

Last year Brostroem had than the Kr 192m share capital, and trading— has now been com- 
hoped t<» move nut of the red. ' At the same time the untaxed pleted. The future depeqds on 
Instead it turned in an operat- reserves have declined from the 11 modern container and 
ins loss of Kr 45m. higher by Kr 700m to Kr 554ra. At the end RO-RO vessels, ordered for de 
Kr 27m than the 1976 loss, on a of the year Broestroeris- bad livery in 197BS0. which it is 
turnover of Kr 2bn (9433ml. The Kr DOm in cash and’ bank'diold- claimed, will give Brostroem one 
pre-tax lo*s grew by Kr 4im to ings agaiast Kr 304m a Year of the most modern liner fleets 
Kr 134m (?33.Sm). earlier. The short-term debt mad id the world. 


Earnings dip at Roche 

By John Wick* ZURICH. May IS. 

NET PROFITS of F. Hoffmann- the second largest in the Swiss 
U Kochc u nd Cie AG. parent chemical industry, but it was 

coinr.ni) .,f ih,- Kwt» chemical VKLKhiK 

jinktiv Vam yo&r to 1 1 1 (1 1 OK Sap He nf Canada unicb 

fwl-’r 67i:i from SwFr 72m l"oks ^ a f le 'j ri d r o1 v^ ter nn ] d 

m wT»t. It is rocommendinR an ^" d «hn fnrtp’-'tnm 6 

ii nr iia iu:«*d divid- nd of SwFrSSO ^ i vea?s 

per nhiire and participation pa " d *>* b lhe prev,,WB year5 
certificate. swFre.imn. 

Ahhi'v.Mh it gave no explana- Roche, second to Hoecnst of 
tion fur the earnings decline, a West Germany in the world 
deterioration hart been expected pharmaceuticals league, gen©- 
zs a re<ull of the sharp rise in rates more than half its turnover 
the exchange raic of the Swiss in this sector, the rest coming 
franc. No sales figures were mainly from vitamins, aromatics 
revealed either for the — oup, and flavours, and cosmeticB. 


Consortium 
bank ahead 

By Michael Blanden 

LONDON and Continental 
Bankers, the consortium group 
owned by the central banks of 
the co-operative movement on 
the Continent, reports a rise of 
54 per cent, in its pre-tax profits 
from £132m to £2.Q3ra (S3.6m). 

The bank reports that all areas 
of its activity contributed to the 
growth. The lending activities 
increased, with loans up by 20 
per cent, to 1157m. there were 
“excellent results" in money 
market and foreign 
business. 


exchange 


MEDIUM TERM CREDITS 


Improvement in Sonatrach terms 


BY FRANCIS GHILtS 

SO.VATKACIi. the Algerian spread of Ij per cent. 


The negotiated or In the market, this 


* M,rked iraprov& 


cated in the market, the longer ment for the borrower, 
one among the eight co-lead This Improvement is con- 
manageis and a group of co- firmed by the long maturity on 
managers which has not yet one of the tranches of the credit, 
bopn com Piet cri. Ihe longest ever obtained by 

Thr rest or the S350m is Sonatrach in the current cycle, 
accounted for bv a private place- Of the eight banks involved 
Sm nf S14t)m -Acre will be in the club deal two ; are 
r.u5c $ar.nm. The banks arc different tranches with maturi- Italian, which is not surprising 
Am.’i-ii.ink. Banca Commcrciale tics runn ing from m to 14 years as the funds ^“B^raised will 
hdhan.i. Rank or America. Ban- and the intoreM rate is expected Wto finance the gbn _ trans- 
fees. Trass Inrern.VMnal. l^nnm* to l«- just over 10 per cent. Nedii ^ranean gas p i pe!m_e f rom 

Europw.'nne dc Grvrtil. l.r*'«lu The terms nn beth the SSn^n 1 norSi em* Italv 
Lyi-nnais. Instiiuto Bancario San placement and * he credit do .not Bolog^ cre J^ for 


succeeded in improving quite 
substantially the terms dr which 
it can raiti* money in flu* inter- 
national financial markets. 

It has past given a mandatp 
to a group of eight banks to 


sar-TUr Tc ™ c ^' skss 

*2r S55T r. is* w « 

the eight year tranche, the casts so that Sonatracn w” 1 


Credit Lyonnais Is co-prdinat 

fus^fSM as & g 

r «e. on the ten year tranche a for Sonatrach currently being booiss. . 


Half-year 

earnings 


at Dorbyl 

By Our Own Correspondent 

JOHANNESBURG. May 18. 
INTERIM FIGURES from 
Dorman Long Vanderbilt Cor- 
poration (Dorbyl), (he prin- 
cipal South African heavy 
engineering group, show a 
decline of 12 per cent in pre- 
tax profits, along the lines 
forecast in last year's annual 
report and reflecting the 
genera! slowdown in the 
economy. Operating margins 
have fallen because of more 
competitive tendering in the 
wake of reduced work avail- 
able in shipbuilding and in key 
sectors such as the railways 
and steel industry. 

Net income before taxation 
fell from 118.5 m to R7.5m 
(S8.6m) over the six months 
to March 31 and indications 
are that the figure for the fnll 
year will be well short of tbe 
previous R20.7m- The tax 
charge has risen RO^m despite 
the lower operating profits, a 
move attributed to the ending 
of assessed losses within the 
group. 

Shares in issue have risen 
from 7.7m to 7.9m, reflecting 
the issue of shares to GKN and 
to English Steel Corporation 
(Overseas) for certain in- 
terests acquired from them, 
leaving DorbyTs earnings per 
share down from 61- cents to 
51 cents for the half year. 

Though' the full year figure 
will be below last year's 
178 cents, the dividend is not 
in any danger and the Board 
says that a maintained pay- 
ment of 55 cents can be 
expected. 


TNT on road to recovery 
after longshoremen’s strike 


BY JAMES FORTH 


SYDNEY, May 18. 


Thomas Nationwide Transport to business by the - “ extra- Ansett Transport Industries. 
(TNT) suffered a 23.2 per cent ordiaarUy” hard U.S. winter was Profit from the sale of the 
downturn In erouo nrofit from considered. investment in coal producer. R. 

Aei i 7m tn aw (inf /tt e etn 1ml Australian activities, which W. Miller to Atlantic Richfield 
AS11.7m to AS9.0m (U.S.$10.1m) operated below budget in tfa e for AS2855m —which is stfll 

m the nine months to March 31. half, improved and indica- awaiting Federal Government 
The decline, however, is more tions were that this trend would aproval— will come into extra- 
Lhan accounted for by the continue. Canadian operations ordinary items for the full year. 
AS3.6m cost to tbe group of the returned good profits although TNT directors said that All- 
longshoremen’s strike on the they were not fully reflected in trans Express of the UK bad 
east coast of the U.5. This strike overall results because of recently acquired Inter Country 
was largely behind the pre- currency movements- Express (Holdings), a parcel 

viously announced 27.6 per cent Brazil continued the trend of operator with a network of 
reverse in earnings for the first above-budget results, while depots throughout the UK. These 
half of the current year — the expanded operations in the UK activities were being combined 
first significant downturn for were moving in tine with with existing Kwikasair opera- 
TNT in the past decade. expectations and were poised to tions and, combined with the 

Tbe directors said today that make a valuable contribution, three trucking companies pur- 
progress continued to be made Trading conditions in New chased earlier, would provide a 
towards recovery of the cost of Zealand were still difficult national service under the Inter 
tbe strike. ' Acme Fast Freight altbougb there were some signs Country name, 
of the U.S. continued to incur of an upturn. - Reciprocal arrangements had 

losses during the latest quarter Group revenue rose 12 per been made with Consolidated 
— somewhat less than for the cent to A53S3m. Freightways ■ Inc., one of the 

same period last year but still In addition to the group profit largest trucking companies in the 
in excess of budget The TNT made an extraordinary U.S. and FEE Transport Europe, 
directors said they considered profit A$3.Sm, -which was entirely a division of TU International 
tbe result was satisfactory, bow- accounted for by profits on the of the US. for International air 
ever, when the disruption caused sale of portion of its bolding in freight forwarding. 

Amoco Australia turns in record results 


Beltek faces 
bankruptcy 

TOKYO, May IS. 
BELTEK, a Tokyo-based car 
stereo maker, and its sales 
subsidiary Beltek Shoji. filed, 
for' protectlou under the cor- 
porate rehabilitation law with 
Tokyo District Court, facing 
bankruptcy with a total debt of . 
about Y8bn. (S35m.), accord- 
ing to Teikoku Kvshinsho, a 
private corporate credit In- 
quiry agency. . 

The agency attributed the 
financial failures to a sharp 
decline In exports of car 
stereos and suspension of citi- 
zen band transceiver produc- 
tioa. The steep rise of the 
yens value against the dollar 
was also cited as a factor. 

Beltek Corporation's liabili- 
ties are estimated at about 
Y6bn. and Beltek Shoji's debts 
at about Y2hn. 

Agencies - . - 

Fundraising 
rise in Japan 

TOKYO, May 18. 
rUND RAISING by major 
Japanese corporations in the 
current fiscal year, which 
started cn April L is expected 
to expand 41 per cent from 
the previous fiscal year, to 
about Y2.6 trillion (million 
million) equivalent to SILobn 
according io a survey by the 
Nihon Keizai Shimbuo, the 
Japanese financial daily. 

The survey, which was con- 
ducted on companies listed on 
the first section on major 
Japanese slock exchanges, 
said, however, that tbe 
expected rise is due mainly to 
active equipment investment 
planned by electric power 
producers. 

Excluding electric, power 
concerns, fund Increases are 
shown as growing at only six 
per cent, to total about YL02 
trillion. 

Capita] spending planned by 
general corporations, exclud- 
ing lhe electric power sector 
are projected to fall by 36 per 
cent. — the third consecutive 
annual decline — to Y279bn. . 

Industrial bond and con- 
vertible bond issues excluding 
the electric power sector 
it Is said will rise 27 per cent 
to about Y743bn. 

The survey indicates that- 
Japanese companies are shift- 
ing to bond Issues from share 
issues in raising capital, follow- 
ing recent cuts in coupon rates 
of bonds in response to a 
series of cuts In the official 
discount rate. 

Overall capitalisation in- 
creases are -expected to total 
Y809.3bn i dp 39 per cent, and 
bond issues to - total about 
Y1.9S6 trillion, lor a 42 per 
cent rise. 

AF-DJ 


BY OUR OWN CORRESPONDENT 


SYDNEY. May If . 


AMOCO AUSTRALIA, tbe local crude from Victoria to its as possible expansion within 
petroleum refiner, lifted profit Queensland refinery. Australia would be funded from 

almost 18 oer cent from AS7 6m company has declared domestic profits of the group. 

tn .Jvl AcarTm^ ^ dividends totalling- AS1625m for In 1976 the company paid a 
t 0 J ° A¥ ,. fU-S.lo.lm; in y eaj . i of w ij c ij AS6.5m went maiden dividend of AS15m to the 

1977. The directors saad the Amoco Holdings. The funds U.S. parent. Standard Oil Corn- 
improvement bad been achieved were used to finance associated pany of Indiana, which owns SO 
in the face of a petrol price companies in Australia and no per cent of the group. -Tbs 
freeze in New South Wales, dividends were remitted over- remaining 20 per cent is held 
increases in crude costs and seas. by the State Government 

freight penalties In shipping The directors said that as far Insurance Office of Queensland. 


Stanbic-UDC Bank deal settled 


BY RICHARD ROLFE 


JOHANNESBURG, May 18. 


ARRANGEMENTS HAVE been some time that ban king interests to move out on the basis of 18 
finalised for Standard Bank were "outside the normal scope Slanbic shares for 100 4JDCH, 
Investment Corporation (Stan- of its operations." an effective consideration of 63c. 

hiel to acauire line Bank, tbe UDCH ran into problems over SA Breweries is getting out for 
SSiiLSwtmS it5 Purchase three years ago of an effective 25c per share 

local associate of UDT. The move money market operation, because, with UDT International, 
takes place in the wake of the Ryaa Nigel, a group which it is assuming responsibility for 
South African secondary banking showed rapid growth in earnings R5.2ra of Ryan Nigel's “ non- 
crisis, which blew up in March up to the time of the banking income incurring debtors " at 
1977, following a spate of ration- sector crisis. The full extent of book value, on which a provision 
aJisa tion moves and acquisitions Kyan Nigel’s difficulties has of R4m.bas been made. UDT 
in the past IS months, involving emerged gradually, but it is at International will be left with 
such -companies as Trust Bank. least clear from tbe latest docu- 10° Per cent of UDCH if minority 
Santam Bank, Concorde Bank and meats that ont of a total debtors shareholders accept the offer. It 
Bank 0 f the Orange Free State, of R40m disclosed provi- will thus hold Stanbic shares 

and now UDC Holdings, the hold- sions of RI0.7m have so far ( which will probably be placed 
ing company of UDC Bank, the be eu required. Collection of the with local institutions), some 
banks which appeared vulnerable rest of Ryan Nigel's book could cash and Ryan Nigel’s debtors 
have largely been underwritten lead to further provisions being hook for which Stanbic has 
by or merged with .strong required. agreed to provide finance up to 

partners. The original discussions R20ra for up to two years. 

The deal with Stanbic provides centred on Stanbic buying the 
for the listed LTDC Holdings, in listed holding company rather 
which UDT International and SA than tbe unquoted bank, opera- 
Breweries each held 40 per cent tions of which are sound. But 
and the public the balance, to sell Stanbic concluded after an 
UDC Bank for 3.5m Stanbic initial examination that “it 
shares, a consideration of could not make an offer for 
R22.25m (S14.1m}. In addition, UDCH until it had carried out 
UDCH is selling its other main an in-depth examination of ail 
investment, 50 per cent of the underlying assets, particularly 
trust company Metboard. to a the Ryan Nigel debtors.” This 
consortium headed by Metboard would take some months to com- 
, executives. In a related trans- plete and "its outcome is un- 
j action. SA Breweries is selling its certain." 

40 per cent of UDCH to UDT The deal now struck gives the 
International, having felt for UDCH minority the opportuniiy 


31 


Engineering 
takeover 
by Sirae 
Darby 

By Wong Sulong - 
KUALA LUMPUR, May 18- 
THE Side Darby Group tad&FT 
announced it has acquired 8B . - 
per cent ef the share capita] of *■ 
a small but successful spdel-:? 
alist Singapore-based engineer-:' 
ing firm, and is making «n •: 
unconditional cash offer for the : 
rest oi tbe shares. 

Sime said its subsidiary, - 
Conquip (Private). Ltd, paid 
SS4.6rn for 588,235 shares of : 
Mechanical and Combustion 
Engineering Company'' 

(Mecomb), representing SS7B5 
per share. The cash offer for ' 
the remainder o( the share*.- 
places the whole of the issued- 
capital of Mecomb at 5$T-7m 
(33.3m). 

Mecomb which has been - 
operating in Singapore and 
Malaysia for the past 25 yean,- 
are specialists in mechanical ' 
and com bust! on engineering, sales - 
and servicing of electronic test- 
ing instruments and in the" 
supply and installation ol ‘ 
Honeywell industrial systems. 

It employs over 250 people, has ; 
a last audited turnover of -- 
SSI 5.5m and a net profit of - 
S $96,000. 

Gain at New 
Serendah 

By Our Own Correspondent 

KUALA LUMPUR, May 18. 

NET PROFITS of the New 
Serendah Rubber Ccnppan? 
trebled last year to 3.22m 'ring*. 1 
gits (U.S.$1.3m). largely 4s 4 
result of income from invest- 
ments from a subsidiary ' com- 
pany, and the sale' of' some of 
its investments. 

Income of investments front 
the subsidiary amounted to 
3.7m ringgits before tax, while 
the company made a profit of. 
500,000 ringgits from the sale " 
of investments. ‘ ~ 

A final dividend of 20 per cant 
is declared, making the year’s _ 
total to 30 per cent As the final 1 
dividend Is to be paid on the ear - 
larged scrip, shareholders will 
receive the equivalent of 50 par 
cent in dividends for this year. * 
as compared with the 30 per edat 
for 1976. 

ifc- ★ 4? 

MALAYSIA’S largest > bank... 
Malayan Banking Berhad, has ; . 
bought 8.6 acres ef land isw 
Kuala Lumpur for 16m ringgit* > 
(U.S.S6.7m.> in cash for its future • 
headquarters, writes Wopg Sulong * 
from Kuala Lumpur. 


Tnmround at Pan Electric 

Pan Electric Industries raised Pan Electric is active in 
its group post-tax profit by 21 electrical appliance manufac- 
per cent last year to SSd-SSm tore, shipbuilding and repair. 
fU.S.S2.3m), arresting the sharp and marine salvaging in Singa- 
decline suffered in 1976. Group pore. 

pre-tax profit for 1977 was up by The group is maintaining its 
16 per cent to S$6.2m. writes proposed gross dividend paymenr 
H. F. Lee from Singapore. at 10 cents per share. 


0 


Change of address 


As of Monday 22nd May, 1978 the new address at 
Oppenheimer & Co. Ltd. 
previously at 39 King St London EC2V 8DT Is 


Portland House, 72-73 BasInghalJ St, 
London EC2V 5DP 

Institutional Sales -Telephone; 01-606 3271 
Corporate Finance-Telephone; 01-6061788 
Telex: 3812 326 Opine 

Oppenheimer & Co. Ltd. 


Bid Offer 


straights 

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SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


Bid Offer 

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Scarce'. VHUte WeM S^earitfes. 


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FLOATING RATE NOTTS 
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B-VP 1983 Slwpc 

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CONVERTIBLES 
American Expi*rss Ml* ‘BT 

Ashland 5pc 1SBS 

Babcock L Wilcox fiipc TU 
Beatrice Foods }}pe 1952 .. 
Bcarrire Foods iipc 1K2 .. 

Befeham 6Joc IS92 

Borden Spc KHB 

■ Broadway Hah? Hoc M37 . 
Carnation ter 19S7 

■ Cbreron Spc IBIS 

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Economic Labs. 41 PC 1997 

Fiwtiooe Spc 1BE8 

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This announcement appears as a matter of record only 


March, 1978 



Alufinance and Trade Ltd. 


Incorporated in Jersey. Channel Islands 


This credit has been 
arranged by 
S. G. Warburg & Co . Ltd. 
and is provided by 


$70,000,000 

Medium term revolving credit 


Credit Lyonnais 
Credit Suisse 
Soci&te G§n6rafe 
Amsterdam-Rotterdam Bank NV 
Bank in Liechtenstein AG 
Bank of New South Wales 
Banque Beige Ltd. 

(Member of the Soriditj G6n£rale de Banque Group) 

Creditanstalt- Ban kverein 
Commerzbank International SA __ 
DG BANK Deutsche Genossenschaftsbank 
Girozentrale und Bank der osterreichischen 
Sparkassen 

Lloyds Bank International Limited 
London & Continental Bankers Ltd. 

The Philadelphia National Bank 
Scandinavian Bank Limited • - : 

S. G. Warburg & Co. Ltd. . 

Westdeutsche Landesbank Girozentrale 



The 



BY JOHN BRENNAN 


Lord Rosebery’s 100 -room Meet- 
more Towers mansion in Aylesj 
bury, the trustees of the late 14th 
Duke of Hamilton are now :o 
market the family's Ki^b Parks 
at Hamilton in Scotland. 

Edinburgh agents Bissart 
Baillie and Gifford are tv Offer 


Financial Times Friday May 19 1978 


a-- ^ vj--> 
.a 


Arundel Great Court sold 


*''""•** uiiiura arr 1 ■ 

the Hamilton estates on the open 
market at Martinmas— Voveraber 


Eight months of negotiations 
were concluded on Wednesday 
when National Westminster 
Bank Pension Fund completed 
its purchase of a 125-year ground 
lease on Arundel Great Court 
from the Duke of Norfolk’s 
Strand Estate for a' price ‘'in 
excess of film.” 

Arundel Great Court, the 
£20m, 323,000 sq ft office, shop 
and hotel development that 
stretches from The Strand to the 
Thames Embankment. . now has 
three tiers of ownership. 

The Duke of Norfolk’s estate 
has retained its freehold of the 
site and will receive a nominal 
1 per cent of N’atWest’s ground 
lease incoma. 

The NatWest pension fund 
has now bought the Norfolk 
estate's 125 year ground lease 
on the building, and the bank 
will receive a head rent of 


£560,000 a year from the Legal 
and General - Assurance Society, 
which financed the development 
of the three-year-old office com- 
plex — initially j n conjunction 
with Capital and Counties Pro- 
perty Company. 

L and G in its turn receives a 
current rack rental income of 
£3.4m a year, as Arundel’s head 
lessee, from the Howard Hotel 
and from office tenants which 
include Chemical Bank, Security 
Pacific National Bank. Philips 
Industries and international 
accountants. Arthur Anderson. 

The Norfolk estate, advised 
throughout the development and 
in the latest sale negotiations by 
Matthews Goodman and Postle- 
tn waite. decided to sell its single 
most valuable holding tn meet 
various tax liabilities. The sale 
also enables the balance of the 
proceeds to be settled on the 






many beneficiaries of the late 
Duke Bernard's Settlement, or to 
be reinvested by the Settlement’s 
Trustees. 

NatWest has accepted an 
initial yield of ju»i 5 per cent, 
on its film. ground lease. But 
the lease does incorporate a 
five’ yearly review and. as the 
price was hammered out before 
Christmas, the seemingly low 
purchase yield cannot he taken 
as a guide to current market 
rates. Nevertheless, as NatWest 
is understood lo have outbid a 
number of other funds for the 
lease, by a fair margin, the deal 
docs underline institutions’ v.- til- 
ing ness to look lieyond marker 
prices on the rare occasions that 
they comp across an unquestion- 
ably “prime" investment. And 
an L and G covenant on the lease 
income certainly puts Arundel 
in that class. 

Walker Son and Packman and 
County Bank advised NatWest in 
the negotiatioas, which were de- 
layed in part because of prob- 
lems in settling the exact amount 
of L and G's rent. Part of the 
development financing arrange- 
ment incorporated a head rent 
formula based on the final 
settled accounts of the scheme, 
and although the offices were 
completed late in 1975. various 
bills for the work were still being 
settled earlier this year. 


— “imuiuudS— 

*--tius year a * negotiations to 
oner the land to the nation in 
settlement ' of Estate Duty are 
making little headwav. ^part 
from a 520-acre arable farm the 
Hamilton lands include the 
unique oak woodlands of the 
High Parks as well - ,s the 


remains of Cadzmv Cast I? end } 
the listed, but nov; run: tackle : 


“« UlJVl iaill.uuv.MV 

CnateJherault mansion. 

Of more jastitutinnal interest 
i« the 600 acre Anv.ick Manor 
Farm in Lincolnshire. the 
market through Sj-.iiD. and 
another sale prompted estate 
duty liabilities. Sfeini" Grade 2 
arable land, and availa'dc either 
a.s one unit or in fiw inf-, the 
late Dick Dennis's farm should 
easily fetch aver Lim T«n ihe 
June 28 tender day. 


Funds In B’nr.ingbasi. 

“ Property.' 1 be argued, “ is 
fundamentally appropriate for a 
long i cm investment* and 
while he would not be drawn 
in:o “ com?c‘:Eicr» at crystal 
goring ’’’ on current prices, he 
did knock arauments “that 
it is more serially responsible Jo 
invest in British industry. 
Where did the ’idea con:*’ from 
lha; office v.orrt Li not an 
:::d-i.i*ry? That invisible exports 
arc loss desirable than visible 
one-* . . . lavesur.eci for such 
purposes is no less important 
than investment in factories 
unices we iielieve that there arc 
indeed two nations. *he deaerv- 
ir.z manual worker* and the un- 
dcservi.nj uffice and »hi»? 
workers.” 


GRAHAM TITFORD. in; e-l«ipn: 
manager of BP’s £500m pensma 
fund put a strong c;*^e for 
property investment at last 
week’.-; conference of the 
National Association r*r Pension 


Reviewing ins;l:*.::i^ni’ ^re^nt 
pr'iperty hGidirr*.. Mr. Titford 
explained that £5- hr., cr 19 per 
cent, of the ir.mnr.ee cnrnpasiiV 
assets are held as properly ti:i t 
that pn/perty accounts far nnly 
£2un. 13 per fi-r.t. of pension 
funds a>.se?s. W-ihi:? 'h 1 .* pcti- 
sw.= sector I'r.e Naf.-ma’.isvil 
Industry :«r.ds h.v.o 25 ;-t cent 
of their c*?et.< in nr.inrriy. the 
reiver.' >oe'.<r funds 13 ncr mil 
and iocal authorities just 2 p*-r 
cent. As We funds, particularly 
the local authority funds, are 
rekiiiie la it com or? to rsmnorly 
investment, they are now the 



2i M 1 

inter Hiinipfmcj 


uiO'it atrnvsMve buyers. And 
that aggresniun creates problems 
a.s tiac smaller, less experienced 
funds all chase liin to £jm pro- 
perties and. without sufficient 
>;ip;ily. arc driven lo secondary 
quality purchases and lo develop- 
ments. As Mr. Titford said. 
“ The price of good property 
always appears lo be too high.'’ 


l.i *NDoX will ios«? one. and 
gain fwo overseas banks in the 


next frw weeks. The two new- 
comers .ire the Hong Kong bused 
Shanghai and Commercial Bank 
and Hie !ir*t London branch 
nffice of the First National Bank 
of Maryland. The bank point; 
home is the Trust Company uf 
Georgia, which is w dose its 
representative office here at the 
end of June. 

First Maryland opened a 
representative office in the City 
.some years ago. But on 
Wednesday it will open a full 


IN BRIEF 




Terra Kirfc 

Arundel Great Court — an £Ilm lease for National 
Westminster Bank Pension Fond. 


DEATH DUTIES and Capital 
Transfer Tax have forced a 
number of major properties on 
to the market this year. Apart 
from the Duke of Norfolk’s 
Arundel Great Court sale, and 
the proposed sale of the late 


THE CITY of London"? Court *>f 
Common Council will discuss 
plans for equity parucip.Jti' , n in 
a 127.000 square feet nffice de- 
velopment in Lower Thames 
Street, EC3, at its meeting to- 
day. 

City Corporation par? >ci patina 
in a joint company v.i'h the 
Swiss controlled Trade Develop- 
ment Bank would bre:;!-: a four- 
year impasse on plan* far the 
redevelopment of Peninsular 
House and Billingsgate Buildings 
hetwen Lower Thames Street and 
Pudding Lane. And the joint 
scheme, which "has the racking 
of the Corporation's officials, 
would resolve the problem* of 
untangling joint City, and Trade 
bank ownership of the 22.590 


Bank scheme for City 


square feet site, is well as en- 
suring an eventual muiri -null ion 
ponad profit for the Corporation. 

The City owns 43 per Cent, 
of the redevelopment site and 
Trade back’s uii owned sun- 
sidiary. Helherseu Investments, 
owns the rest. In January 1974 
Heiberset; obtained planning 
permission for a 1 27.000 square 
feet office block, with y small, 
element of showroom and resi- 
dential space. The Corporation 
arranged *.o sell its interest in 
the site to the bans. But the 
deal feii through, and tins joint 
scheme has been worked out us 
an alternative. 

It is proposed to form a trustee 


company called Vitaglade. which 
will lake over boih the City and 
the bank’s land and. which.' with 
£S.25m for site clearance and 
building work, will carry out the 
development. 

Both parties will pay for the 
scheme in the 43:57 proportion of 
site ownership, and ihn City's 
£3. 5m building costs will he lent 
hy Trade bank. On completion, 
at the turn of the decade. Vi la- 
glade will he able to sell the 
scheme, possibly to Trade Bank. 
On a very cautious estimate of 
ihe scheme's value on comple- 
tion the City's estates committee 
believe that, after repaying all 
development costs, the Corpora- 


tion will net at least £lJ25tn pro- 
fit at current values. 

In fact, it seems probable that 
the Corporation's net interest in 
the completed scheme would be 
worth v«tv considerably more 
than £I.25ni. But even the con- 
servative estimate does not 
detract from (he logic of the 
joint company, which w ould 
enable the Ciiy to unlock a capi- 
tal profit on land which, as it 
stands, is pretty useless without 
Trade bunk’s site. 

The new building is planned 
as Trade back’s London head- 
quarters And even optimistic 
projections of its space require- 
ments by 19S04J1 suggest that at 
least half of the net 110,000 
sq ft of office accommodation will 
be available to be sub let. 


branch at Richard Satmder# - 
former offices at 48-54 Eattcheatv ■ 

EC3. The 3.100 sq ft former ; 
rectory Ueft) was recently ; 
sold by xbe agents for around 1 
£71)0.000 to New Court Property . 
Fund, as arm of ths Rothschilds : 
Property Unit Trust for Pension ; 

Funds and Charities. 

The Georgia Bank, which will • 
be leaving the offices it sublets 
from the First National Bash of 
Boston at 5 Cbeapside in the-vj*^ 
CUy. is the first overseas fcantetQK* 
leave London this year and. 
according to figures produced hy 
foreign bank advisers Noel - 
Alexander Associates, it is on!*-- * 
the twentieth foreign bank to • 
leave since 1980. : 

The Noel Alexander figures 1 
show that 245 new overseas : 
hanks have set up offices in ; 
London since 1960, taking the ■ 
total to 299 before accounting for 
another Six which moved in 
during the first quarter of 1978. : 

The success oE the Bank of : 
England's open door policy lo * 
reputable foreign banks, and th« 
appeal of London as centre of ther %. 
Eurocurrency market, has gonqr* ' v * 
a ted a mass of consultancy busi* 
ness for Noel Alexander. And . 
the firm has n aw extended its : 
advisory services to include ■ 
property with the formation of a 
joint cumpany with City Agents : 
created- to act. exclusively for 
overseas banking houses in, or 1 
thinking of moving tn. London. 

Even with over 300 overseas ; 
hanks in the market a consul 
ancy based exclusively on t W&J’-Z 
sector, and with direct rotetkwiij^^ 
with only around 40 of the newer" 
arrivals, might seem Too 
narrowly based to survive. But 
the banks that settle tend tn 
generate additional advisorv 
work hy trading up like First *:i« r 
Maryland from a small Initial 
representative office to a full* 
scale London branch within a 
year or two. And there i& no sign 

of u slow-down in the number of - 

incoming banks, with 1978 fore- 
casts suggesting that the average £*: 
of 20 new banks a yeac over the 
past decade will he well beaten. 


■-r^XjfSk 


Property Deals appears 
on Page 35 


;-5 79 

•V J 





TRIAL 









PROPERTY 


r”"2 




Jr, 1 - 

JpJ ■ 


1W" 'Gt*'* 


,4ft 


Provincial Offices 

Birmingham 


Centre City. 50,000 sq.ft remaining in 
orime modem air-conditionedof5ce b 


prime modem air-conditioned office block 
Liverpool 

TheTriad. Suites from 3,000 sq.ft and floors 
9,000 sq.ft, in modem office building. 

Maidstone 

Suites from 2.000 sqJrtup to 3 7,500 sq.ft 
modern air-conditioned building. Special 
rental terms. 


Suburban Offices 

Sutton, Surrey 

7,400 sq.ft New office building opposite 
BK. Station. 


Streathaxn, S.WJ6 

1,070 sqJt/2,945 sq.ftTwo modem office 
units. Immediate occupation. 


Richmond-upon-Thames 

16,200 sq.ft.New air-conditioned offices, 
centrally situated. 


to let 

Pall Mall SVV1 prestige building 

Hill Street W1 whole building 

Buckingham Street WD2 6,000 sq.ft. 

High Holborn 5,500 sq.ft 

Furnished suites to let Central London 

Clients' requirements 

Covent Garden freehold 


Brentwood 

Becket House. 69,000 sqft air-conditioned 
office building in central lncation.Extensive 
car parking. 

Banbury 

Town Centre House.19,000 sq.fL air- 
conditioned offices withlOO parking spaces. 
Exeter 

Southernhay.Modem offices in City Centre. 
Single floor of 9,550 sqit with car parking. 


Tol worth. Nr. Surbiton 

8,285 sqit. Excellent refurbished modem 
offices-Immediate occupation. 


Lambeth, S.W.9 

54,710 sq.fLNew A/C office building dose 
to VictoriaLine Station. 


Tooting High Street, S.W.17 

2,620 sqit Entire floor in modem building. 

centrally situated. 


Provincial and Suburban Office Departments. 
103 Mount Street, London W1Y 6AS. 

Tel: 01-493 6040.Telex:23858. 


Provincial and Suburban Offices 
Two of the JLWComputon Services 



Chartered Surveyors 


The 
latest 
edition of 


our survey 
Gf the West End^ 
office market 
is now available. 
Telephone for 
your free copy 






(IC) for Industry 


Air- 


ENFIELD, Middx. 


Single Storey Warehouse 
50.000-sq. ft. 

TO LET ac LOW RENT 


GLOUCESTER 


• Factory/Warehouse 
' 9770 sq.ft. 

Sire area .76 acre TO LET 


HEATHROW, Bath Road 


m 


New Warehouse /Offices 
A Units of 13.000 sq. ft. 
TO LET 


* f 


KINGS GROSS 


Excellent Single Storey Warehouse 
14.150 sq. ft. 

TO LET 


:,’5HEE2j. 


LEWES 


New Factory/Warehouse Unit* 
3.850-38.000 sq it 
TO BE LET 


LUTON, Beds. 


60.000 sq.ft. 

Factory inc. 20X100 sq. fc. Offices 
TO LET — Competitive rent 


SOUTHGATE, N.11 

fi, 000-105,000 sq. ft. 


A New development of Factory /Warehouse 
Units to tenants requirements 
TO LET 


TAUNTON 


Factory /Warehouse 
4.350-8,700 sq. ft. 

TO LET — IMMEDIATE OCCUPATION 


Kmg 8 *Co 

Chartered Surveyors 
1 Snow Hil!> London, EC1 
01-236 3000 Telex 885485 
Manchester, Leeds and Brussels. 


victoria swi 

Superb Air Conditioned Office Suite 
(7,500 square feet approx.) 

IMMEDIATE OCCUPATION 
TO BE LET 


Write Bos T.48S9, Financial Times, 
10, Cannon Street, EC4P 4BY. 






35 Bruton Street 

together with 

11 Bruton Place 
Mayfai^London W1 


.. .. 




By order oi the National Westminster Bank Ltd 


i? Ii-,. a, ypy ■ : -[ -v. . -?• 

c”Vj • "w- ■ < . r,\ ■ • 


1st FLOOR OFFICES 

Appror. 7400 Sq- Ft 

EALING W.13 


ADJ SERVICES AND WITH L.H. 
RENTAL LESS THAN =.W P it 54- iL m 
May Divide 

BRENDONS— 01-008 2711 



^Debenham 


Substantially refurbished 
office building with 
car parking comprising 
approximately 
4,945 sq ft net 


Tewson 


& Chmncwiks 


To be let 


Ch jeered. Surveyor^ •> 

:.r> 

W-- 44 - 4 & B rook^l^e efc**? I 

W*f- London [ 

f:' 


• 

li- ■:% yt&f > £ .->^s 


Freehold Bank Premises 

13 High Street 
East Grinstead 

West Sussex 

For sale by fender 

with Vacant possession except for first 
floor offices let to the County Council 

Closing date 12th July 1978 (12 noon) 

Vendors retained surveyors 

Walker Son & Packman 


iW 








Chartered Surveyors j* EstabSshed in 1867 

2 London Road, East Grinstead, West Sussex RH19 1AQ Tel (0342) 24622 

Head Office: Blossoms Inn, 3/6 Trump Sheet, London EGV8DnTe! 01-606 8111 

Branches, in Bristol, Exeter, Truro, Edinburgh, Leeds and Overseas 





WANTED 

4,000 sq. ft Offices 

for Foreign Government j Rentals up to £10 p.s.f, 
in West End 4,000 sq- ft. Trafalgar Square 


.to The Tower 


URGENTLY WANTED 

Vacant Prime Shops 
1 to 3 months occupation 
Southern England/Midlands 





-v . "Lon don S.WTV 6 P.F- ' 

/- - 01 -93Ct1 090 ;; ^ . V;-l 


OFFICES RE0U9BED 

2,000 6,000 sq.ft. 
Freehold/Leasehold 
in West End 



A minimum of 10 acres 
required in West London. 


10,000 sq. ft. 
Warehouse to Let 
Immediately available 
Competitive Rental 








J4J I 


IjSp 





■ ..^iS ,-r:. 


Sfc 



atthepeakof 
Welsh potential 


With its large, mnlti- 
skiUed workforce, proxim- 
ity to major markets and 
nationalAmcnuiiional com- 
munications networks, this 
progressive Welsh county 
dominates the north-west- 
ern development scene .The 
news in Clwyd is about 
sales, not strikes — and 
it's a great place to live, 
too. 

Talk to us about the 
low-cost sites and factories 
plus extensive financial aid 
available to incoming in- 
dustries — well make you 
a deal you can’t refuse. 
Contact Wayne S. Morgan, 
County Industrial Officer, 
Clwyd County Council, 
Shire Hall, Mold (tel. Mold 
2121) for free colour 

brochure. 


ft « « ft ft • » t ft m ft aft ft • t it 


rm - AM 




Stiles Horton Ledger 

; 6 PaviliDn. Buildings, ... 
Brighton, Sussex. 

y ‘ Telephone 0273/21561 

V A>soo: Easfboi.-'ne. Hove a n Q Wcrtr.-na 


JOINT AGENTS 


Bentray Investments Ltd. 

; ATV House j' • • 
17 Great Cumberlanc} Place, 
London W1A1AG. .> 

Telephone 01-262 3G4C 


■M 


OF 495 991! 


m 




Air-conditioned office building 


3,470 sq.ft, approx 


Chartered Surveyors 


>• 


33 King-Street, 
London ECJ2V8EE. 
Tel: 01-806 4060. 
Telex: 885537. 




hijipT ■ 




■ ■ ?■ 
if39 





SIART WITH A FREE COUK>N 

How on eerth ccn 5.000 sq. ft. oF factory space be going Free? When you send 
US; this coupon you* if know — because we'll tell you. £ II fell you obouf ihe 
fQOfiy cash incentives ioo. Find out today. 


Wrife for fut* ir, ^motion. 0 atidMjwtf. Industrie! Dc^lcp^nr Officer, 
FREEPOST, P.O. Box SS, Lhcsaeoi L&92DH. Tel: 05 1-22. o~ . o 


Branching out to Birmingham 

means you won't be out on a limb. 

If your organisation is planning a move to the Midlands, 
you’d be wise to consider the advantages of office 
accommodation that's built to capital city standards. 

■A visit to Centre City will show you immediately that this 
superb complex measures up in every respect. Standing on 
the Inner Ring Road, it's just a stone's throw from the Inter- 
City facilities of New Street Station and has easy access to 
the network and Birmingham Airport. 

■Continue to judge by London's standards and you'll be 
somewhat surprised at the price. Centre City's available in 
quarter, half and whole floor areas — at only £2.25 and £2.50 
per square foot respectively. 

So branch out to Birmingham by all means — but don't go 
out on a limb. Ring any of the numbers below for an early 
inspection tour. 

AVAILABLE AREAS 

Of the total 170,500 sq.ft. 50,000 sq.ft, remain in floor 
(3750 sq.ft.), and whole floor (7,500 sq.ft.) areas. 


JOINT LETTI NG AG ENTS. 

Hii; 


1,1 ! ! ■ *i 


mmmbM. 

LnmmvML 

TH.0M93UML 


aOWratooSuML.- 
B.PM m l M . 02 VTi. 

TAUizann 

LMDOMMmilMWIAIMMNCHtSIEI? 


llRmrtaaSvM, 

UiMmKSUC. 

TU.BZ14«3MM. 


^ ii/ia T v A &m\ 

Fully. carped offree^reas:^ V 
. Acco'usfi? filed .suspe : rid^Cfe’irng^^.l 

* <S^1^e&&e.ntral.he^ihg. ' - -r- 

. ... . ;<• ""n.--- ■ v- . ... 

#■ Presiigevpfltrance had?. -“ 1 

zkr-.:i\.Vyy . 


& M/E^oilets.on evecyJioor^ ■ 

• • • - 

v* OrvsifQ earmarking; >,v 

:Detatefe5v ; f ^.‘. y IXP 

nealey-&'Bdker r 

. JfC^’k-tsaifeiisftwi -fcEeo in iortetarf*''*. 

G»c>nafi Strie t, Ka oowrScf«ar«, ' 

... ... _ bt-B20,0JBflfci^‘ 

V. ' T ,i *' .'AS.'*.,- -■rfrXS&Z'**,. 


^uiinanmivinin^''^^»n^ 


SOUTH SEIM FLEET, ESSEX 


Between Basildon 
and Southend. 


«50 s 9iUU sq.ft. 
Single storey Warehouse 
on 3:5 acre Site. 


sq.ft. 

Factory/Warehouse 

with retail outlet. Fronting A13. 

Sole Agents: 

&Seaiey & lESaksr 

1 EiiotoncoBaOmtowJon 

V*v 29 StGeorgc Streti.HanovcrSquart, 
London W1A3BG 01-629 9292 


Ohadiveil H3£th,lomfard 

Factory/Warehouse 





rnm 


LONDON N.1 

Excellent Modem Warehouse with Offices 







|r?2 u^per^hAmes-st _ 

^it)P > ?'Q5'5\;ri HViMT p ; 

P'p} . \ ■ : l '■■■■Tp.-'p '/ V r/vV ". ■ . -I ' >/ p]-\ T-pp 


Sports Ground For Sale 

BlacklieathSEs 
Approx: 10 Acres 

Indadii^ Pavilion 
and Bungalow 




iHenry Butcher & Coj 

m inr-r-rpijraiing I 

Can Leopold Farmer & Sons dbh 

59/62 High Holbom, London WClV 6£G 

Tel: 01-405 8411 


91,250 sq.ft. 

-K Loading bays & covered parking 

* Two 3 ton goods lifts 

* Central heating & sprinklers 

* Roor loading up to 6 cwt 
per sq. ft. 

FOR SALE FREEHOLD 

Chamberlain 

&WiUaws 

ChurchHouse. Ironmonger Lane, London EC2V8EU 

Tef: 01-606 9611- 


ISJ^tSSVSZ'OvD^P 
■ ^EPERTa&ifcSSST'* 

urn 


38.250 sq.fL 
on 4 acre 


[Fronting MS Motorway] 


For Sale 
or to Let 


DERBY 

Freehold 

RETAIL CASH ‘n’ CARRY 
WAREHOUSE 

44 f OOO sq. ft. Large Car Park 

E0WARDSYMM0NS 



■ v - v-jssr. -f ' 


Single Storey Factory/Distribution Premises 

Dunlop Heywood&Ctx . . ^ A. 


IBSgglStglilfRl 


6/52 VViKon Poac. Lcncon S 


Ounetcd Sun wore 

PCLDcJn^qub.-. 

Mdixhcsitr 

U6I-834 83S4 


W.nringtiHI C.4B^p 
llcrwv Town CW 

Waninglon-Developmenr Corporation 
PO Box 19 Wamngiort 
Telephone [ 0925 J 51 1 44 


C SAVTLLS 3 

TO LET BY TENDER 
14 ACRES 

SPORTS GROUND AND PAVILIONS 
HAROLD WOOD. ROMFORD 
ESSEX 

TENDERS CLOSE 20TH JUNE 1978 
LEASE TO COSDIEXCE:— 1ST AUGUST 1978 

Full FurtXniar* "JAVtLLS. 13- Loaftoa * M j, Chchn Esae * 

Tel: CieimslDnl (0205) 6033.1 


Th« 

Investment Department of 
SINCLAIR GOLDSMITH 
is now offering 
a personal service 
to provide investors 
wishing to place 
from 150,000 

In commercial properties 
Please contact 
Peter D. Morgan 
20/22 Qufien Street, Mayfair 
London W1X BAR 
Telephone 01-491 3305 


OFFICE SITES i&™ 
















Financial Times Friday M^19 1978 





miles,'' Heatihrow 6 miles 


-- .• -sr •. 


• ■> • -•■. •■• . . 

d:% 

|.'M< : 5 " 

I v » >- . ^ ?*• T , -*A-.-V* •> - C- jMi 





R 



SjTn 














[ti^Niurirti 

I .Uui./.rZLki-u^i 


38 Curzori Street, London WJY fiAL 
Telephone: 01-493 2700 


5.4. 1101-6236685 


DfimonStpps'l. lowicm lii.;-l\ ?A\ 


MIL PREMISES 10 LET 


YORK WAY, NI 


Excellent first floor warehouse/office 
showrooms 


10.650 sq ft 


KINGS CROSS, NT 

Warehouse light industrial with 
offices. Covered yard. 

5.840 sq. ft 


Adj STAPLES CORNER 
NW2 

Factory warehouse with offices and 
large yard. 

71.000 sq ft. 


ROMFORD, ESSEX 

Excellent modern light industrial units 
for general industrial use from 

4,000 to 34.000 sq. ft. 


CHELMSFORD, ESSEX 

Excellent warehouse offices. Large 
yard. 

7,050 sq ft. approx. 


HOUNSLOW, MIDDX. 

Exellent modem headquarters 
industrial warehouse under 
€1 25 per sq ft. 

17.250 sq. ft. 


OFFICES FOR SALE OFFICES REQUIRED 


KENSINGTON, SW7 


Overlooking Kensington Gardens 
Office building with residential 
accommodation For sale freehold 
With full vacant possession. 

5,100 sq. ft. 


LAMBETH/ 
WANDSWORTH area 

Self-contained building, together with 
parking for 50 cars. 

15/18,000 sq. ft. 


Agents : 


DE&JLEVYl 


Estate House 130 Jermyn Street, 
London SW1Y4UL 



Garden House 
Covent Garden 
■ London WC 2 ■ 


* i'riMiiincxii poMiiun ini lie heart »>f 

l 'mail Garden . 

# Kwuid r«.» .i very biuh ■,! jnJjrd. 

# Itl.UW it| li itl v oi'ficc». 

It iiidu .trial 'Sindiuv 
* \ iri'iuid H.ior Unidine car parking. 
* Vn p.i .enyei lili and .corral lieai in; 
* Suspended culling'- 
and carp eicd throu shout. 


I .« runlu-i iiilomuium 

.-••iii.iei a>le te-nto? .lycM'. 


E. A. SHAW & PARTNERS 

IVA. 'ii Bm\ Si reel l.'ovcnKiarUcn 

1 ■iixI.ih\U 2 H TAB Tcl:i« 2-10 22 ?: 


FREEHOLD INVESTMENTS 


NORTHAMPTON 

Abington Street 

RETAIL/ WAREHOUSE 
Sire area 59.000 5 f. 

PRESENT INCOME 

£24,350 p.a. 

Reversions from 1980 

FOR SALE 

£ 200,000 


WANDSWORTH 

Garratt Lane 

FACTORY 

Floor area 32.90C s.f. 

PRESENT INCOME 

£50,000 p.a. 

Rent review May 1979 

FOR SALE 
£500,000 


BEDFORD 
35 , 000 SqJt: 

Factory Premises 

To Let 

78p.perSq.Ft. 

Juint .S».»le Ayenis 

Chestertons 


ms 


58. GROSVENOR STREET 
LONDON. W1X ODD 
01-4J0 8151 
Ref: C.W.C. 


Qiarteivri Sum v-trs 

; 1 Tel: 01-499 0404 


KILROY 


I Commpicwl Department. 

Tel: 0234 50952 


225.000 sq. yd- 
Coblence 

German Feder«i ^so'jo- * 


In the centre of the r ' • . ■ 
EUFfOPEAN ECONOMIC COMWUNITY 
designed for the future 



l 



Size of site . 

approx. 225.000 sq. Yd. 


PREMISES 


Production 3 storaBt* areas 

approx 362.000 sq ft. 


Office & social aincmly areas 
approx 17 000 sq ft. 





I *3* -'•He- 


Highly modem design for universal use. with 
excellent access to the European motorways. 
Continental railway tines, and river and canal 
networks leading to the seaports. 

Rights are held by the factory for the use of 
industrial water, there are own railways sidings, 
and optimum power supplies are available. 

Asking price DM 16.000.000,- 

Further deiaiFs from the sole agent 


■'ll HORST FG.ANGERMANN 

ij.-t; mak 4Q| Mattentwiete 5. D-2000 Hamburg 11. West-Germany 

nMIVIDUna Tel.: (040) 36 76 91-93, Telex 02-13 303 - 02-15 272 


, i # 

; i Id a 


Bn Order of ■ . 
•VotKmal Westtm'nxtrr 
! BankUd. 


For Sale iv Tendei i 


FREEHOLD 

COMMERCIAL 

PREMISES 


Tender date 
4th July, 19731 


Details jrom: 

THE JAMES ABBOTT 
PARTNERSHIP 
25/17 Alexandra Street 
Southend-on-Sea 
Tel: (9702) 300073 


Btarow squaw, w.C.1-4ikn - 
1 .090/1 .74012.490 *q. (I. to let U 
[ orn-m tt. in. to Dm. 1979. snoc 
HALLS £22 1X14. 


BRETTENHAM HOUSE 

Lancaster Place London WC2 

^ Modernised Offices 

Car parking 

Central heating. Carpeting 
3,500 - 9,000 sq. ft approx 

To Let 


AD*Y*Japfrmt by. Th* Friends' Prmrldmnt Uf» Offio* 


NSW CAYSKDtSH STRUT. W.1 

oiratuf* omcap. Boon from 3.383 w. 
T3 ODD w. :l- to Let. --in. central n. 

mo. aw M Et na. draw* Btaing- in 

[ Alai* KCUBUUa. ' ROBERT IRVINC 
BURNS. 33-24^ Manwret Street. lo* 
WIN BLE. 7*>. Na. 01-4M? 0371 


— — Joint Sole Agents 

Weatherali 
\_a_ 7 Green & Smith 

H 22 Chancery Lane WC2A 1LT 
01-405 6944 

Knight Finank& Rutley 

7 Birchin Lane London EC 3 V 9 BY 
Telephone 01-283 0041 Telex 265384 


^ RAYLEIGH ESSEX 

New Warehouses/Factorie« 

Rayleigh Trading Estate 

5| 025sq.ft“" 1 8 yl 40 sqit approx. 

(Urgtr wits cm be c w n tractcd to twaots re qa^e w a rts) 


| AjlTOM. HAMKHUU — OcUCIMKI 2 
; <q It olbce funding Nltb edmii .- 
ojrkma Town twn location 
lejie nn«tr £5.90 w 

tost rk anoufn No local rettrkttpi 
me. Ail vn^uirlet W«r*i«rr Cmar C 
I merclat Dooartment. T«. Ca»“« T* 
Farntiam. TvnhoK Fattiham fi £2 


WANTED 


« IMMEDIATE 
POSSESSION 
« FLOOR LOADING 
890 lbs per sqJt. 

$ FURTHER LAW 
FOR DEVELOPMENT 
« ADJACHTSOUTOEI® 
ARTERIAL ROAD (A! 27) 

# SOUTHBflWMWEA 

■ 6 MILES 

* LONDON 37 MILES 



URGENT REQDiJKMEN 

' UP TO 

50.000 sq. ft. 

MODIRM OFFICES 


KF 

+R 



With C*r Parking and wirr 
2 mile radius of Charing v'rc 
■fiorrh of river. 
Wrice-Box T.4S90, fmonc.o, 
Times, 10. Cannon Street 
EC4P 4&Y. 


INTERNATIONAL 
i PROPERTY 


CANADIAN AND U.S.A. 
INCOME PROPERTIES 


Prime, new 1M : - If: Uioppinjt centres. oCice building and warehontr* m 
Canaria and U4I.A. I Texas). Good yields on equity. Ourright sale or sale, 
leaseback. Representative in London lune 1 5th. 


EARLE PULL AN REAL ESTATE LTD- 
141 Adelaide Su W. Toronto. Canada (416) 366-5277 


FARMING ENTERPRISE 

IX SUSSEX 

lo bo sold as jjoinu omicornl 
S00 aervb, modern bmlduu.. S tWeUin“s. 

Pcdigrei* dairy herd. Present luanuttcinem available. 
Freehold. Ideal pent-inn fund partnership. 

CLIFFORD DAMN & PARTNERS 

Albion House, Lewes. Tel. 4.175. 


ALIj forms of 
INDUSTRIAL 
CARPENTRY 

MODERN EQUIPMENT 

te ten SMlh-fe'jDM of Han* or rr\ y 
waj 4.738 «un. «ii- Bnur huil l 
on 7.J09 sq.m. For sah* or '•» 
Wnty in; ClURBuXMER. 128. Sww 

i-ard HjuuunaflB r-aow'LRis.FTa* 

Tt’!.: .W.:A.a 


ADVERTISEMENT 


Harrison . « Pmeri. '.•flivt: Six-oallal- 


'SURREY 

.M Blaiillyrd S: .'will “W. r.-tv. Mn^ cUiLDPORD ' Pttwtty f.oastritanm. AaV 

Wrt h * Wo*. Comm.-rcial Surt^or.-. m 

■LS'. i 'fiKcK la a- u, . h v..,.. . umidfii-ri ^n*rclal Sc tndanrial Ptoperth*. sot 

and .\ssoi-. ortlwv in Dublin atat Mair.t. ... c Mia. Fnwny Uaruuscmiia intesmi. j 


''<Sla^SS&# , SSSSi«?.T n iSE FACTORS! 


ESTATE AGENTS 
DIRECTORY 


T.-l: oi ••■■'s *Si. I’fUtv's la E-lmimralA J H , JT un»Tdl»ni 'm.Tdal Sc Industrial Ptownvs. Hot VVlPFMfJ 

and .ViSai-. oiNwv m Dublin atat Maif.t. n<ta^ dff«Li*3 U ufuuci* ni Sarr.-t Mia. Pnnww UanaKcmeW IntMUdfi V^AdtnU 

Anthony Upton & C«, WTiiv. Indnand to*. ’ 1*" c ^ ow > UBd. Shrmeu SL.3EF. T< i i.,oi 

jn-; lnv :Mmvti:_Sur\oror». 3b Cur.tra Si.. woKHtC ’ Tli 77 . Tuba: 3 <MN ELR. 

J' J, J 7ul - „ . D«vM Sm Soares PaitnenUA Cmr.nhTi.lal YORK 

ReHl Diner A Cb. tOffice and i.nnim.;rr.sl CoosoIruis. 1 West Street. tVoklsw. Rrwder & Spencer. Surr.aorj. Value . . 

FTaiwriy bprctaiw** l.P New UOflfl T.l Hotel.; C36b6 I'tUR Ai^irra. AB"tloneen and Railr L-t - ATI 

vreei. tm itPD. dl-491 Sl.kS. Mann 8c Co- Uiarb reri Survt-yurs. Surveyors. BrMsc Street. Vorti. Tl 1 * »— 1 1 


AVON 

BRISTOL 

Aider (Stanley) SL Price. "-j 

Street ESI IEU. TeJ; BrstuI ••j:.'-:. 

U53I51. 


BEDFORDSHIRE 

Connells Commercial. Estaie A-jt:.-* 
Valuer^ auU Sun'. jWi. t Cpmt ■.•.ar..* 
Str-.-e; lat:u:. '.-ii*. aUMl. 

SO troy. E.-uw AXciir-.. JU Si. Lui\s 
Bedlord Tvl-.;<auur: fOJS4- juK^. 


BERKSHIRE 

Chancellors and Co- Commercial Pro. 
a^r.7 Ofllve. js Urerlriars Road. Rcad- 
ini: Ut34 J*n?:sf4. 


CAMBRIDGESHIRE 

CAMBRIDGE 

Ekias, Dllley and Handley. Char; -rod 
Surveyors. touiutry Hon^:-. Huntma- 
Uo!; PL It dHij land at Bigslcr«-3T. 
Limorid-c. Lly. St- Ives ate SL News.. 
Tel: Huiiliiudun 561.1, 20 line*. 


CHESHIRE 

WIONES 

Dixon Hcnderswi & Co.- Chartered 
Surveyors \! Widiies Rd. .Ojlj Lli. 

ESSEX 

ALL ESSEX 

Balruow Ere*. 73. Hick Siruet. Brer.:- 
iiO<j(L *0277 ac t i 

BARKING 

Glenny (A.) & San. Ctuncrcd Surveyor*. 
31 East Sir.- 1 . 01-534 3017. 

CHELMSFORD 

Glenny (A.) & Son, Chartered &ur\,.)ors. 
127. Lu'-Uon Road .17:74 

Taylor ft Co., Chartered Surveyor*. 
LtKain.-rv.nf ajrf indutifnal .Sterns ji:d 
VjIu. ri. r, L'uke SI. Tel: <8S43> j53-,L 
HARLOW 

Derrick. Wade ft Waters, lenniuu* 
Huns-. Th.- High. Uarl.w. Ksws 
i:M; 0 ll'T Tot: snisn. Tcks: btVala. 
SOUTHEND-ON-SEA 
Watcna. Temple, Talbot ft White, 
■.'hjrii-r Surveyors. .14 Claroui-e at. 
T .l: -ot-j. -^iQTTT. 


DARTFORD 

Prall Champton ft Prail, wUP-rvil 
■‘ur.vrars Aik-tio<te;ra and Estate 
A.«a:i. *"S S'.ivt:;. Tel: lerB' 

MAIDSTONE 

Geering ft Calyer. darter-. a ourv-iort. 
- '-jiinjj Hcitai . h'.:*B a.r-.ii. .Maid- 
stone Tel: .OwS* MIL '22 24 Hwdl 
Sirec:. Tur.ur.ift.' Welt* T..: >1)5921 
23i «. isac.k street .vsmord Toi: iDiiii 
24.14! 

ROMNEY MARSH ft DISTRICT 
Tinsley ft Clinch. YaJncn, and Estate 
.WjUU. New Romni-y. Tel: 067KS 31M. 
SEVEN OAKS 

Hodflins ft Son. FRICS. Bouse -teenu. 
Estate Housh. Sevcuoaks. Tel: 32331. 
TUNBRIDGE WELLS 
Gening ft Co Iyer, Chartered Surveyors. 
•22 24 BLfth Stre.L TuobnflUe Weils. 
Tel: 10*92. '23134. 

LANCASHIRE 

PRESTON 

Derrick, Wade and Waters. L'nireatre. 
Lords Walk. Preston. Lancashire PR2 
IDII Telephone : 5773s. 

LEICESTERSHIRE 
MELTON MOWBRAY 
Walkor Walton Hansen, Chartered 
Survey urs. Esiate- Aftenu. Auctioneers. 
Commercial i. wdusinaJ Property. 
Plat: L Machlriry Sales £ Valuations. 
27 Uarfco: Placv. lltltor Mowbray. 
Leicester Jure. Tel: '06M> OTftia. 


Ian Scott ft Co,. Estate .Mwnis and Hold tin. HulMlunL Camberie). Fare- ciCTMi 21441. ' 

Mirveyors, BcrKclcr Hops'. 28 Eerkeks ham, Klraotoi-uaun-Thanit*. Waliun- . > 

'.•reef. Looduir. If. i. ftL-urt MIL npon-TfcanJM -U .Usodafed uiffcus SCOTLAND 

Smith Meixack. Surveyor*. Valuer* and IbroBKhom Surr.-». Hants.. .Berte. Belt Ingram. . darter rd Survn*nr 

Citaiu .Wnts. S Cork htruO. HM. Tel: Mlrttte.. Sussex jiwl Dnrs.-i Sl.uul UiWv: Abenk-en. EUttibunih. GIusm.v. Lmian 
07-I2S4 633], 22 Cowtnvrt jl Way. Wnklnt:. Cl'21 1KB- ivnh. Walter St.. Edinburgh. Oil -2 

SOUTH WEST Tel: Wokuui HMbif2i .'W71 <10 Imvsi. K71 . 


0I-429 OJttl. 

SOUTH WEST 

Jameo Andrew ft Ptnrt.. C oiteultant 
kirverors and E«raie AceniR. <a Pall 


".■L'fi.’SN « 

TO 


Tel: Wok nit HMbif2i 70071 <10 lutes). 

SUSSEX 


SWIY 44aL ™'£or S 0 xu»™7 


HAUcr Parker May 1k Rowrien. 5 Suu A ? ? il O X . 
Char tone Snver. 831-223 59SS. 


David Baxter, Crnmnenaal D- p:.. 1L$- srtlcs L«S^. Sunwurs, 6 wd E^ie Aaul^. 

‘■ODiFh Street. Peow. SE20 TOB. TeU PartUon BoUdJncs. BrtRlUPn. t«73. ^nSitnini) lu 

Pl-tWI 1839. 215*1. and at Hove 729771. Eas'Jwum. 

NORTH 3fflU H-orfhins and Crairky 3i«8fil. SU C 55? vuE**' Abentefa ’ AB1 

Michael Borman ft Co- Shop i*i»kv * Geo. White ft Co., iComroerunl Depart- jfrT Snrvi-rur 

irrdusirtol Speiiallnis. 339 Re*«sts Park mcUL 2S-29 Ship Streel, BnfttHon. I? 0 ???" i si 

Hold. Klnchler. NJL 01-349 9211. WS3 2»1!G is local offices). “ . S f?f t ' ABl l0a4> 

NORTHWEST CRAWLEY EDINBURGH. 

Bennett ft Co.. 137 Crlckleuuon Broad- N* James Associates. 13 High St.. S. 0. EHtson, 55 North CasUti SL Te 

nay. SHI m-«: GOAL Soi-iialisis -In ' 039:1 * 21158- Tek'*: S758S. 831-238 8831. al*0 at Newcastle. 

ruDhnerrtaJ and resloenna) prnoeRlesL J“hn Stick ley ft Co- Chartered Sur- Leavers, 7S 99 Gcorse Street. Tm: Kk 
Pfaffip Fisher ft Company. •• K Isher wTore. 14 BrUthron Road. Tel: 2M25. 22* 4»L 

Hnus-?.” 379b Hendon Way. London HAYWARDS HEATH «***. Kenneth and Fwten. Ctarftm 

XW4 3LS. Tel: 01-2IK liofii Inc-jrparaied Georlng ft Cotyer. Chartered Somr.-yors. Surveyors. 71 Hanover Street. EKi LEI 
Valuers. Autrtnneers and Surreynrs. 133 South Road. Haywards Heath. *«: (Kil-223 **»-. 

Salter Rea. Industrial. Shop. i'.omni-.-relnl Tel: <8441) 57311. GLASGOW 

t Hvftrtennal Spocl alisu. 2fij Keouab HORSHAM Conrad RUMat. Consult. Snrv. and Vlr 

TnuTi Road N.»* 01-28. 20.1. Ktag ^ chasemore .Commercial) 3 Royal Cres.. C3 TSL. 041-S32 3677. 

MERSEYdinP CarfSW. lforsbam. TfeJ: KH03- #4441. Rytfen,. Kenneth and Partners. Charier' 


Earned <F. GO. Cham. 


WIN Surreyor 
.-Hts. II HuoUla 


A^'HUX. 


James R. Thomson (prapertloo) Lu 
a Crown Street, Aberdeen, AM 2H. 


Wohner & Co- Clumi-ml Snm-rur 
60 Union Street. ABl IBB 10224) K«S3 

EDINBURGH 


P^'STIGE 


bi 


GLASGOW 

Conrad RltMu. Consult. Snrv. and Vlr 
■ Commercial) 5 Royal Cres.. C3 TSL. 041-S32 3677. 

03 1 #4441. Rxdhn. Kenneth and Partners, Charier' 
Surveyors. 121 W«t Cenrte Slree- 
^ Glasgow. G2 IQS. Tel: 041-321 6581. , 


GLOUCESTERSHIRE 
Powell and PowtdL Chartered Suneyors. 
■luuirncrcial and Indmiriol Sn-fc:aliste. 
37,'ii ClarviiLi- Srreei. Glauciai-si GL1 
LE.L T->1- j<kH4 also at Cardiff 27Wo. 
CHELTENHAM ft DISTRICT 
Lawson ft Lawson. Chartered Valuan-ju 
Sor s. -yon .: Oaak- .\kL-iite. 1 Rva ni 

scti!«. , l •jOvjionham GF.'ii) ini 0242 

-•1&T7 9. 


GREATER MANCHESTER 

Suuons, chanured .Surveyors, mi Spn:i; 
Gard.lv. Uj1-s:c 3103. 

L'ldlu brjouhes in .'■'onh cite^mr-. -irie 
in (li-r!<»utr>-. jud ote hi Yorkshire. 


HAMPSHIRE 

SOUTHAMPTON. PORTSMOUTH 
FAR EH AM 

Hall Pam a Pntur. Chart i r-d Sunv-rfv. 
v-luvrs. K-^atv Atw-ms- Loudon Raid. 
Sou;h.inir,fM i 'KVI' 2S91.». 

HERTFORDSHIRE 

HATFIELD 

Moult St Co- R I.CJK.. 'ijm. ate Pud. 

nj- „nrt neTi-Ioptnuiii Consultni.is. 
S:»lisi.iirj S*|.. HatMi-ld Tel- Wi479. 
HEMEL HEMPSTEAD 
N. J. Aiumsan. Charter- d Sun.-yun. 
fi'i 2torl-iu,-s. Hijra. I tlrUinstead j+in 
Gordon Hudson ft Co.. 4-1 Oiii-i-n.ivvay. 
iS"ni- 1 H.-innsu-ad .1*2SS '• lines'. 
LETCHWORTH. MITCHIN AND 
STEVENAGE 

HendalM, indusrnal b«-i»:.. 44 Eread- 
•>jy i.- i^htiiinh . J7.J. Hltrfuu .-i»*4s 
>i. v. -aenu. 

WATFORD 

Gordon Hudson ft Co.. 147 Tic Parang. 

Wairunl JJiU ilO lines-. 


KENT 

ASHFORD 

Burrows ft D#y. Umrtertd Survej'Wj 

a cd Usi.iir Atte'di4. «' 41 Bank Street 
1' l: Aalifurd '8333. 24321 
Ceerina ft Cotyev. Chan -.red Surv-.y rs. 
hirr Slr-.xl- Ashford. Tel: .0233' 24207. 

«"iPMLEY ft DISTRICT 

Banter. Payne ft Lcppcr, Chartered 

Survejnr-*. 19 gut Virect 0I-4M HAi. 


LINCOLNSHIRE 

Brosden ft Co- Chan, bur-,35. Eild'e 
Ap-nia. Silver Sireo:. Lincoln. 1)332 31321. 

LONDON 

CITY 

Bairstow Eves. Aldermans Hou.su. 
lii&ho?s-ia:c. tli22. 4N122 IH5I. 
Chestertons, t.'fiaritr-.d Sun lil'-lfi arm 
loul'.' U'-uis unj. Holborn ana 
D-^cvnirj)^.-'] Cffinra. 9 wood si.. 
K> 5V 7AR 01-6)0 SOM. ' 

Char A Beats, i.iffioe spedalisia. 12 Well 
Cuorte K.C.4. Tel: SIS 3731. 

Collier ft Madjc. Chartered Surveyors 
and Pro-j-.-r’y Consultants, j Si. Bride 
S*re-L-:. London ECU 4DK. 01-333 BTBI. 
Can rad Ritblal ft Co. Consul: an' Sur- 
■i ..-rors and Valuers. Plama'.lon Boose, 
l-unk.huri.-h Stn.-i.-l. KC3 01-023 01 la 
De Greet Callls. Estate Ancnis. Valn.>rs 
and Sorc-.ynrs. !o2 .Mooritere. EC22J 
tiTB 01-628 4704. 

Kcmsiey. IVhftelay ft Ferris, Chareered 
Surv-syore. 30 Ropemaker Stresi. E.C.2. 
ni-«£ SS73. 

Newton Perkins- Surv-;iors. VjIis.tb and 
Esiaiu Ajteni*. ID Northimiberlsiul Alley. 
R C..3. T-l: W.4>s 4421. 

Smith Melzack. Surveyors. Valuere and 

Kv.aie .Ly.n-j,. 17 Si. H'lcn's Plaec. 

EC:. Tel- +j9i 

John D. Wood. Surveyors. Auonpnwrv 

Valuers and Estate ARonra. Wurnlorf 

-'our Tlinwnortea m.. EC!N 2.4 T. 

Til: 

WEST CENTRAL 

It i chord Corey ft Partners. Cluttered 
■Sun'eyury Li to Duidunjum; wiv I. 
Strand. London W'C?N SDV -'v'fle 

Dc Great Calfls, Estute Ai-.uts, Valutri 
and Surr-.-ivini. :mh :.ll» Rich lloiborn. 
V.'CIV TLX. 01-w; 7U31. 

Larder Barfield. l.'.'i.?r.'i:r«-d XurCtiyirx. 
nar.nur Hnsc. :ui Lamb'n Cundun 
Slrr'fi. Wax 31.L Tel: OI-SU Rill 
Hfgel Kins ft Pmcr'3™ Survey ura. Esr. 
.\iccnu ate Valuer?, bl Carey Sir-.vi. 
w«:.Vv :tm ui-hb ^n. 

Tucker* ft Co.. i'h:r<J. Survs.. 1S-20 Buiv 

s:re,.-t. v:r. : ki.-jw iai. 

WEST LONDON 

Anthony Barriman ft Co. SurroyoiN Si 
Properu 1 i>r.ia:Han!i>. SiandUnjuL- llousn, 
2 '■ «.*:n Riiiiu ri:r-'>-i. wi T-.-i- Ol-hN uWi. 
Ayiao Keonar, dinm-n-d SurrvVOK and 
Esiau” I Alte-nuri-* Si., ivix 

'Hi- D1-2W 5MI. Anri brj-jvhes in TVoM 
I .n'.iiJun ar.n Uirnsuuhjni. 

ChestcrlaiK. iJhjri'-n-l >iir”,’cors and 
L-.:a> .U'-.-us Weil End Ofli -,-s. F :■:■ 
iun«. War-fiotue*. eta. SO Giwenor 
Sire.— L W_T aiF. BMW 0404 
Connells Commercial. Estate Aaenis. 
Valuers and Snrvorors. fi'2 Grojtenor 
S:ree:: WIX 9DA. 01-493 483. 

Conrad RftMat ft Ce>. Cu::3'Jlteni Siir- 
v->«r.i and Valuere. Mibte-r House. U 
Maudi.sier 4»u.. IViK t'AA. Ol-Oli -WU. 
Davis ft Co., 62 Berners St.. W.I.. Es*. 
Aucn'.i. Valuer) & )irv>w» Ul-S<i llhfl. 
Dc Greet Corns. Esioto. ,\Aenw. Vaiite-ra 
and Surreynrs. 9 Clifford S:rc«. WlX 

■2tt 111.734 13IM 


MERSEYSIDE Camw. Uorsham. TO: twro. «444i. Rydhn. ICennoth and Partners, Charter' 

LIVERPOOL WAlfa ■ Surveyors. 121 West Cwm Sire* 

OIkoo HcoilcrMii ft Co.. Chartered Powtfl and Powell, Chanertd Surveyors, Webster' ft 2 Cof Chanered^Slffviyw 
Surveyors. 44 Old Hall Street. L3 9PP. Conrawirclal and Industrial Sped all sis. Sj.'t:' r,n rj duSm orr" 

M: del -236 443d. —.ft? '-St. Johns Square. Cardiff CPI 2SB- 21 KBb *" CU PJ ’ 8ttaM °“ . 

Ramsey Murdock ft Putorc. Commercial Tel: 278W. also ui Gloucester 36444 . IRELAND 

Property and Inv-.-himuni Valu.-rt. 45 BRIDGEND • ■ B ei eact • • • •••••- 

CasT to reoo ' [£ TL->. 03J .-16 I44S. David E. Little Ptwre- Chart. Siu-tl. Ltatw ft Smu. 18-M DUam Squ-r 

. c 'v VW'T! SSSSST- S'cS » «■“■'?*-* «“ 


* 'HT Ml 

MARKET 


MIDDLESEX 

HEATHROW 


lord 67213 and London HI-5S0 4948. 
TYWYN. GWYNEDD 


A PC International. Ind-urntl ant Com- Fh*er Afaliu ft Cn- MRMntwcr*. Hist) 
murclal. Surrerors. Prcj..-i : Manse rs Sireel. LL3B BAD. i0834i “1W8S. 


j;id Pruptr-j- CwiKUlraris. Th. l.udK*. u/eer Mirvl nunc 
Hartnondsv,orrl' V.«t Drayion. JiiiMK- ^S5A.I? 1 , Rt ANDS 


Jones. Lara WoqttiM. 89-83 Dawson Si. 
Dublin 2. TUI: 78301 J WlSDl. _ 

Leavers. S Damon 'Street, Dublin. Te 
tftnii T74S23. • k t _ 

Utwy A Sou* M St. Stephen's Go 
Dublin 2. Tel: iMOlt 7644TL Telea: aS-J 


■jes. 01-7311 0948. 
HOUNSLOW . 


t'RMINGHAH 

Aytoa Hooper. Cbanenyl Surveyors. 
021-613 WI4 is- 1- West London'. 


Home ft Sons. Chart surveyors. Fi^r isT ^.'*4 10 *”** ***** 

IS) High Streer. Tel: ui 37u 2244. 5.5 .^.- E b,-^v3 ’opijo? Chambers. Glaieany Ewlamite. S 


JSaJUSL ™ : vl Xtt H "* »™«- a 

STAINES 5341. 

Richard Bramoton ft Ci.. Sunc.'on. 

Auwiin and Valuers, -r. Wind^-r Ruad. YORKSHIRE 

wraysburr Tel: Wrayaltury l'2-S. SHEFFIELD 


CHANNEL ISLANDS 

GUERNSEY 

Lo Fan Estate Agea 


Hirt Street. Hartoree BU Rff. IDI-Or KSTPm. oSSr. ' f5h MU 'W 


OVERSEAS 

SPAIN 


Wraysburr Tel: Wraysburr '.'2-s. SHEFFIELD • ' 3r "‘" 

EmmlK Hath bone. Comra-re-iai Industrial T. Saxton ft Co™ Chart en-d Surveyors. MALAGA ' ' 

and Reside": ia I Surveyors. WRuern and Estate Aueuts and Valuer*. S3 .Onm-n FUEN5DL. TO ItRE BLANCA dot SD> 
Estate AjteOM. 13 Clarence StreeL Street. Sheffield i07B» 'T7B35. and ' 10 Fuenslrola Ualatfa iCuSlu del Soil. Te 
Staines: T.-l- Vliliu* ¥iv-i Tht. rmiu Dni^rhimi M,w nffirvr I0S9I OKI 7*41 KBf.TtP ACBIHfi. Valuer 


Staines Tel: Staines S3321. 

NORFOLK 

Tunttwlf ft Co.. C li ant-red Surveyors. 
S'10 EanV Street. Norulch. Tel: 40381. 
14 Blartfnars Ste. Kin.< Ljiui. and 
Marker Plaiv. Holt. Tel: j-'M'l. 

NORTH EAST 

S. D. Ellison ft Partners. 24 NcnliunihtT- 

land Rond. Kcwrasik-unon-T: n u . Tel: 

'»s:2i 24024 uUu al Kdinburcli 
Storey Sons ft Parker, (.bartered 
Suneyup-. \i-.TasUr ih,s; 'fifpj. 
M lddlohrou^h (i642 ASH. Siokrdtrv 
1)442 7 1 Dote. 

NORTHAMPTON 

Arnold Bennett. ARIilS. 2i> sit.-™ si.. 
Nunlintnoinii Tel: nmol' :o.-,ir 

NOTTINGHAMSHIRE 

MANSFIELD 

Walker. Walton Hanson. Uun-re d Sur- 
veyors. Kblnl'" -Hjenis. AuciiuneCRL 
>.g-iinii:b.'lal and Iteustrial Prwi-rtY 
Plain and llaohm-rv. s.il. .nu Valua- 
Hons. 43 block well Gate. Ma&aticld i0«3) 
M427. 

NOTTINGHAM 

Benrdilcy Theobalds. f'un:nicr-lal and 
RrynteDIlaL .Vuriicx S:r>."-i. 1,1411; 4&73L 

Cavanash 1 William H. Brown. Property 

iVf-.n'L ft! 1- rl.ir Lane. Xoitinuhain. 

T. -I: idfiK- 40747. MiunKnam- 

Lindsav Fraggati, Bank 1 Ihrmlv-rs, S 
Mount Street. N'Ditlncham. uimrji 4n02JL 
Associated wilh Llrl u u r> ! Snmnoru ft 
Partners of I^initau and Jlljndicsier. 
Noales of MotUraham. r.hRn.: rv -d Pure 
Wore. 30 Bridtoftmlih Gate. r.wt i' ' 

Walker WaJioa Han Mr, Chart- re-rf Sure 
vv-jore. . Estati' Aa-nvs. Auetlonccre. 

1 nmnienda; and Indnurtal Pro»-rt.v. 
Plain and 'laehimry Sal.- R A n,| valua- 
tlnns* Brard Une. Rndlesmuh Gale. 
Vu: in.- barn >06v2) 34272. 

SUFFOLK 


The Crolis Rotherham. New Office:. i93S) 461124. Estate' AKoms. Valuer 
31 Mark Place. RotfonL Tel: 784748. . Specialists In Viffu. Land. Hotels. 


PLANT & MACHINERY 


Alrey Einwtstlc. S?34 Cross sirwf. .Kannsttt Raffow, 1 . Ctertcml Sure 

Manehestcr AI2 TAG. Tel: 061 -S3 4 9177 veyors. Aucttonem and Valuers of 
Baimow Eves, Vainers and Ahc- Plant. Machinery . «Dfl - Factory 
noo-jcra of Plant * Machinery ate Premises tbroneboot Ainlcte Kins- 
Trade Srocks ihrmwhour the lUv. nom: TO Bra 1. so Rich Street. 
AWeraujB Walk. HCUl 3UL. 01-623 RMSh Wjyomoe. Bucks. - Tel: 10404) 


Frank C. Bawen Limited 1E.11 . ik2*i. Kenyoos. Luffib Lane, Ateensiuir. 
«!pvvlall5i AU'iiua-ere and Valuers Manchester 1134 3UW. Tel: 06 1-31 1) 


or il.v'hin.’ Tnols. Ten lie Machinery, siis. 

IS2S”S a,, L a !fi.' > !fS rta ft Kiw ft. Co^ Cbartered Surveyors 

ftiPekl. I'ff In !hn UL Is Creek ■ !inn, u sm inmt.m F.fia iDl_ 


5™ ,L ,S S 1 Sno« Bill. London FXlA 2DL. 

L0,H|00 Tel: 01-226 anOO. Telw-UflW.. 


E,1 

modern 

S »C3E Y W. 
23,000 

TO 


W1V0NY. T.-l; 01-437 3244. - 

Henry BmcAor & Cs. lac. Leopold Rushton. So* 1 Jl ^**«ysm 


Former ft Sons, Auctioneers 


Valuers. 59/62 High HoSboro. Londoa L ^* s ^ ^ 

TOV 6EG TH: 01-483 541 L Also ^ ^ b!off 

at Birmingham ft L-x-ds. J,® 1 *** ’ 

Eddinms. 1 bartered Surveyors. Waiwhcsicr. 8rt«F ft HelWirw 

Inctbstrlnl HuiWins, Plant ft Smdorenn Towrwnd ft Gilbert. 

Riachlnwr Aucltonevrs and l olwre. ukKHeSbrouidi 0641 2441917 Hew- 

m-^^n^ ,C ^ UWd ?*^ii. RZ, o T S : ‘-■■‘Stfc! 0B32 (U268I DarlUurtan 0323 

■f0332 i 30101, Also M HpddclSftcW. mux 

Bradford and Hamas. . , , . 

Edwards, Big wood Ecwtey. W e - Siratewn ft. C®.. Auctloown- 
Coimoiv now, Birnmuftam. Tek Surersws and valuers ^ P»« 
021-236 S477. Macfaiucry and Kavtary PreiW** 

John Foord, rjiartered Surveyors, LJiwdJ Hank Bulldima. C3 Kim si- 
fll Lfihcn'6 Cardins. W.2. i)l-4ir2 usol. Uanehessur 2. 0C1-S32 SB7I. 


' ; v BE 


Valuers or Plain and Machinery in »- 


coiin. u™ ^u a. r-n—nii tt Auciiourcirs » valuers, au»iu re_ 

«c« »ET. Tel: TJteSScer IS . ^Op 


UI--L1 AN. 

Fader Pciser, .Uurtutvd SurvL-yore, ft°inii|!ti4in. 

0 iMuold 5iiwj. Shrffil lil St IRK. Woatlwran Groeu ft Smfclw Chartered 
Tel: iu!42> 2433L, Tulca: 54ifi83. Saneran t tisiatc AowrtA 


^•YUPE 

C it 1 


Ei'Kl URkv London. VJiancvry Laue. Londotu. W.U2L. Tol. 

Goddard and Smith. 22 Kina Syrtt, 01-483 R944. 

St. Jaiii>'s , s. London SWIY fiiyi, 

TiH; 0) PM 7321. Valiten uf all Plant Wuntlwrall Hollt* V GtlB.-Glnrtmd 
ain.l Mjidunery and Industrial Survi'porH • EdlhlO- AMOH. . L-dl.-V 


■UR Y ST. EDMUNDS EAST ANGLIA 

“Jf “HI- i.ommercial. Agricultural 
ana Residential Sur vr; ore ^nu 
itonwre. n Hatter Slreet. ti»2*4i raai. - 


an.) Muchncn- and Industrial Surveyor* Ayxoa.t-Ai.A- 

FTcmifa ihrouahimt the ttoited Houiu. 20 KUtk Street. LoeOa- rei- 
K-n*lom and Coni'Uepr nSW 442066 

















NORTH SEA OIL REVIEW 


BY RAY ©AFTER 


-^Jiuwrooin area uf 3.000 sm ft and 
Sv'c to 0,000 sq ft of storage 1 . 


^building 


1VORK has now started on a -* 1 *►'*’ ^ ■*- J 

135.000 sq ft Chatham store for 

the UDS Croup. UDS trading as IF MARKET forecasters are 
Alider* of ij]ia lliam, lias pre-let correct the offshore oil supplies 
the whole of Fraser Wood Pro- industry should see the start 


Platforms: no cast iron future 




NORTH SEA COIMCRETE PLATFORMS 

Present I (^Future ? T 


The siiriTy shows thai new j«on. Decacon is carrying out the duclion platform sites in the 
orders fur industrial builrtinqs * M ' 1 , j , U.K. is testimony enough to the 

reached £4Hni last jear, 22 ni-r " e nr Tnylor and l.nmpany lack of new development pro- 
'i*™ “p <"» ‘be 1976 level t;,i' over lhe P*« ihree years. 







1970 prices i. Assuming an ««- •£ rc, j ,nM x " lh | he Philips and Pje 0nlv three ^ t j eish! 5 ile: ; 
demanding io 3 hit n Hen^i.n Fund, which should see ‘ * “ “ • s ei 

annual srnwih of r.row Do in Stic Mn * v * n,ual 7 u,rn <» f abound 7A £ McDefmmr 

Product in the nest few v cars » ,,r «*m l,n lb" slnre when it is rk ’ McOermof t s, . of 

- BMMC expects la*l year's exccp- houe'n m on rumplriirin Taylor. Artiersier. Highland l-abnca- 

1 ' tional increase in building orders 517113 Hussev’* have been retained ,t,r s at Nigg Bay. and Fledpath 

to he main lained. And u ..on- lj V the developer as consultant De Groot Caledonian at Siethil 

. tras-ts this. growth rate with an a?®nts. being the fortunate ones, 

average* annual increase in Indus- • One steel fabrication yard, 

trial building of iusf^ 16 per cent IXSTlTUTtOXS may now be Laing Offshore's Gvayiborp 
he tween 3958 and JS76. standing back from the property racilin-. has pulled out of the 

hmirtimf E?* e Jr£T r >\« in r v uf u ent - market as ,he eff ‘‘ cl& Platform construction business 
- hmldme brfs speeded up. the of higher interest rates are con- altogether Two concrete nlat 
emphasis of building commit sidered. But agents arc still busy ~ ^ P „L 

...'ions has also changed. In 185S tying up a flood of first quarter n ,?*■ Hunterslon and 
'■ S3 per Cent of new industrial deals, most or which fall into th« have still to pain 

huildmcs were commiwioned by under £ltn category. In Edinburgh Uie,r fiTst contracts. And lhe 

V .manufacturers, hut by 1956 Abbey Life has picked 'up b.-WU successful tow-out of the 

..private developers, lhe lnsuiti- square feel of offices at 19 and JO iVinian Central Platform, enm- 
tinns’ development programmes Coates Crescent for around plelert on Wednesday means 
* and advanced factory schemes £350.000 Abbey, advised by Con- Jhat its constructor Howard 

- Sad cut direct end-user coin nus- rad RJtbial. has arranged for (he o 0ris or Loch - KUhorn joins 

sions tn ofi per cent of the total, buildings' renovator and vendor. !. h „ rhlJl Ahw 

■ RMMC has good news for the M.D.W. Properties fpart of the other Three concrete fabn- 




j jL; 


industrial property «*iior. But Melville Dundas anil Whitson c ? tioo i 571(15 * n bein ®, "’ithout 
good news conies _ dear. The Group/ to rciarn resnonsihilny w'°rk_- 100.' 


• ; .M 5 ":- 


, . f f P R ®^P rc ** nt ani3 ' possibly, future concrete platforms. Left the Howard Doris central platform for the Ninian Field with (left to 
T 8 ) * yona concrete and steel unit designed by Redpath De Groot Caledonian, a gravity tower designed by Howard Doris, and Taylor 

Woodrow Construction's teles epic buoyant concrete column. 




nil Industry „n shaky lez-:'" 
Undoubted! v ilu.-iv h.ij* a 
guod deal »»i psitching-nri umV. 
on suuih’-rn ua* plntiurni*. 
British Pvtr«ilfuni said th«' ! wvi*k 
Jhat tf-w.-ij* ahour to <!rmoli*ii 
its li-yoar-Mld nnmau;n'd " \VK " 
platform i:i us U>«i i -_ m- 
tieiil. allhi'uuli the ciunpany 
cmph.-i.-,i<cd that tho uni: v.i* nut 
■ k'sivtiK'd to In.* i null- 
, yuar.- anyway Tin 1 Hnnultovi 
Bn«th er» grtniji ha.-. r r.'pi.i iL-niv ! 
u -tli.'i'l taii-iuv and t pr.>li- 

| a loins on U' Arvyl!' Fl«‘M prndu 1 *- 
nuii system i :nlnirrt»-dly -.ii :t 
.Used stri-l plaifiirni i vvlm-h re- 
sulted in tin.’ rlii'im; r»l !h»* lie Id 
fur mnro Ilian throe uionlh-. 

mi: il Wednesday this week 

The eonerete iiirlii-tTy *eenis 
q In .tee- -pt that ..n hm^ :i> ih»* • » i ! 
| iiulu.-iry insist* on n>mp.inn.’ 
9 -|oe| plan. >rin. v. :th Hi-- •'•-.til. 
| first cum rot «• **re.e- 

§ inri>, ii may }..i-,-o .i p.-ohS-'nj r :i 
l pr-n ni£ M - . •■mp' , MV.vei.c<.* in 
| sfr:<-t e-isr lerm* 

3 A few veal's ;il':> it w;i% sai.I 
j! that v.luk* -miu'ete platforms 
dweie U» nines ho.v. U'l' than 
S3 .steel plat forms, die unit rest of 
eniKTOle W. 1 > •Mie-Ienl-'l that <'f 
steel. That rule -*l thumb :io 
i hi iger applies: i - niirretv h.v? 
beimine relain el.*, umri* c.vpi-n- 


report. available I 
3S. Fveter Sired, 
' /cool. £85, 


rnr tnsianre. tit-ward Hurts ji-p. i we w,M fake -i 

reason to vnn- has submitted a firm teiuh-r nmrli im-r-' -»p!u-t:ea*<--l 
slcel platforms for ai leapt nne prr>jcrr while approach." s.-iul lir Sntnervill- 


t, 


- DISCOUNT STORES have been has also been in the market. , tart ea r ne cr a llPH - wal i ,-ide nn ^rrtlr r«V = „iJ ; 'T'u . .T 1 ™ " n - v . n ! “UP. pmduelinn and accomnn.- form win lie ordered f.ir .it Muhi.-r. -in lui-tre w wont 

„... involved in a countrywide price paying £235.000 and getting an v lir ,t- c ejl devplnnmenr • r.r.n o er f r a h\ed plat- thought steel platforms liad da lion units in the harsh Nnrih lea ? t the next thr'-o years. I»e asked to du a -dmi-..* haumu-r 

since Tescos decision ia« S-5 per cent yield on an IS f l P fo ™ n ? Nt - vear Hhlle rbe gained favour with oil com- Sea conditions. - - 1 • •• - - 

^ June tu offer its customers prtce year old. 6,000 sq ft office in ,nr tanricatt n exploitation of the nearby panioa. In essence, he said, steel There is even* teasnu .u v ..u- s... ...... , a . .. ,,, 

- is rather , than Green Shteid Market Street. Bracknell. Berks, T’? 1Iu ?. on Kle,d - afe ' a,n « x P ecled Platfnrins could be pr.iduccd elude thai future* sleet platforms for at least one prr.jcrt while apprnjrn." > ; ,»| p r Somemii- 

- ( -tradrng siaitips. lescos develop- Uruce and Company advised »*" > J * Jfr "L jou ™; 1 - w, \ hm the near future, might much more cheaply than con- will be conim.sstnned very much M, -Alpine Set. Tank at Ardynr Air. Alarm, rUn-f.-r 

*' around* London ^is^nfy one f£Zt«Z tSe veX ?l£fi ^uTi^Z^r&'u ^ 'had ^ £7™' , T t''T 'Z™ i^T Z* aml ^ ne,al >f 

... Step in the discount invasion of interestingly enough, was the accounts for about » M r tint r m mil .m-.wihw- Z, " n,y haS , '. hc l, ? h,,rc , ^ ,us!ry 1,1 ]c appnmdn-d l,v ..,1 cm- M.-.Xlpim- S.v, Tank. h, X '^ 

' .the South Southern Electricm Board. „r n a nital ■'ond< nrrteri'rl -and 0ther P r °J etts »*»*-* could improved L.insiderably. and improved us pi I in? techniques panics seeking hudming uifnr- i ii; ,. -If nil ci.niranios utve 

" .T The. recent £l.U5m. purchase b> Back in Scotland Prudential. i„ ss ,u nn R J PP , f ' lh f , , receive approval in 1B7R nr sleel .*'■# more suitable for for pinning the "jackets" to mafion. Il is known th.il a u h fi-oerluni in ■losigti n i.uncrc:- 

f* e . .liniqrds, the West Yorkshire admeri by Edward Erdman. has , m . rl J 1980 include the development of analysis than reinfurced con- the seabed bur the new genera- number «>f nperanne croup-, piaifurm in ni'-i-t their need- 

“ < Supermarket group, of 17 Key i R » C n plating Monopoly at. full ^ Phillips Petroleum's Maureen cretc— an important considera- ti.m «,f crane ships means Jhai have far .from diM-uunlcd the Wl . arL . ab*..iiiteiv .-nnii l-iu we 

Avurkcta Lnndivn discount stores scale. - building up sets of pro- T ' p y Field. Marathon's Brae Field, lion when platforms were being the installation nf deck equip- use uf concrete. n , aJ .u r ■... >l ' M i i ,bru-it lir % 

- XZi P^^:- by buying Shops next to h ™J er -f the _mn«d of the M structure in«aHed in completely new mem should be accomplished Homer. Dr Gcrge Sumer- j n h t, ,1 IC 

xrw “gr »•»/*«?• •*«« ^ tSK *»-»>? „, ure r . n «. r ^ .«* * t 

■ llillurds’s advisers yii Lhe pur* street. Glasgow eont £103000 rii-mi-h 'ales nfltce* i' that A wyn Field * Phillips' Toni/ ^ , wt-aiher conditions lhan ha» de\ L *lopmem 31 the < .enipnr and lllliri Wt , ^j,, n „, ir ..nrmsKm. 

“chase. Mlrhuel TmiIw and Rom- fr0 „, seMIhli Melrapolllan Pro- „r,l. rs f » r seven plarfnrms Thcn,a *" d «w™l L-Omplete be F, n I™*"’* *" «** l»f- . =" nrrr '.r *«*•' *"? ' h « ..no has pr„.l„.-,.,l ,t. v | 

n.vni" hrimvp iht> "rmi-im- . u i. ....j . . * 11 ■ .Mr. Sheridan, who also has often oil oininumc^ were fniinu .. . 




Mr. Sheridan, who also has often oil cnmpunie* were F.i|inr. 


sinieliire that is: ru.*.l-p:vnf." 


i^r- experience nf working in the tn compare the total costs ;m<l ' 

mu concrete construction industry, benefit* of concrete •structures . , . .. p . ; 

'.!« aid lhai if ..il cnmpvmi-, »„h.- .ihuM f..r ,i«l. K>.r '' " 

in S wanted platforms to he" tnw’cd Instinw. concr-ti* phtforms * ‘ ~ rj >i uaun s 

are tn tho in an ,.np,uh. noe,. a-nen- mnr*. rfi.rnMn nnrt- t«.a. 1,1 Sf,|1 ‘ 1 ' 1,1 I^V WCH* 


'" now looking for unifh rhrouch- 
„_pui the country with -i miniurnm 


'Old Ibr rtP.n. ar i; ^ ana instatiarion tecnmqite.s are t0 lh e field in an unruOtt-tiosi- -were more- durahie and- less "V '• 

n C Won.- two crructuresfOr few yearsw.^hauv Mjure of helping tn reduce the delay ^on with most nf the mpsirle fan aur .irni .-orroMnn prone h'khb.yhU'd at the rec-nt u.T- 

me the M-a Pntr*\mm * tnshure ^l ^onhdenc-e. Thai hair between the delivery; of ,he equipment in place there* was than steel units. O-nsequctUly. O.ii:.wni-o 

Z:L v" a u r T F,P 4m ? n i ? 1,fher . n u" .r p nn n, ^ h ’ k , basic plaiforni and the start- nn reasnn svhy such structures he claimed. rVy w-ld need f, ,ui . L:;h,h, " on '» ”*»usl..n 
" isLi >T r Amoco s have concentrated on tabncai- up of production. Conm*ie llM( be ma de from steel less maintenance and repair*.. lav,n - P^rsuarKuI .b- ml 

lViVrs r i r >** Field: and mg >(pel umb. platform builders have he*r, or , mixture of steel and cut- The comments an, pertinent ,n:lu ' ,rv n,,,v <* aw *'- v ^>» 

ivd bv n " i \\ h v ~ a 4,n - ,n , ' n,t Fnr For 11 15 nnw generally able ro huast that they could rre r 0 . A number -*f oil com- at a lime when Government ^.iflnuma 1 steel M:i< ami 

lam. and Kssn 4 N,,r!h Cormorant accepted within the oil Industry, deliver their structures to ihe pan ies have looked ai the p«-s- .ifllcials and mi industry cx-cu- ;ir, ‘T*' '!.«• tinit *.*n.> m .-.■n- 

K . P „ ... .. ihe unit I'mid. the offshore supplfe? sector and fields virtually complete and ability uf using a steel and con- lives are hemmim.* cnni-crno-l ' ' re,e idiilf'um*- — the monster^ 

Man tV . ^ ^ rA II,,,inr barker Ma> ..nd Am.ipo says in it' annual ihe'Departmem nr Energy tliat w\h most r.i • the- deck equip- cre t e hybrid structure but up m lalihnuch. as ve, not ,.ve r - "f X«rth Sea— i»ic .i.nrretf 

old" 'ro-,.1 imrvi ML* in ! ' ,r »h ( ‘ Machav rep.m thai the croup is also in those ca.ies where fixed plat- menl already installed. Steel now none of thorn has been anxious) about’ ih- Mnc-i.-r«i fabricators now lace flic prw- 

mcr Ini' "u ft The -roup which w,l! * nri " ,fc,,,r,n h"'* 1 ^ ^iph ha* Planning the development of forms will be required— as, platform**- need a great deal prepared to be the innovator, imecritv of flee! production pen of bavins r«. won ihe or! 
want* 10(1 showroom^ b% >.97!' i> !et !hc shop - 11 - , » n - rK ' n 3 »hc Northwest Hutton Field, a opposed io sub-sea or flnatwe of offshore installarinn work. - So where does this leave the platforms. An article tn the New companies all m.-r again, tin* 

f R reservoir capable nf providing production systems— steel will however. Invariably only the cunt-tvlp platform fabricators'; 1 Scienn.Tt recently -carrier! ih«* iiiiic t*» .--ain aa-cpimi.-e for the 

( J. o. a peak production rate nf he the preferred material. legs and rir-ck support struitu re Surprisingly, they are not alarming headline: " I.< Britain'-* new Hc-mciis. 


FACTORIES AND 
WAREHOUSES 


HEATHROW 

MODERN WAREHOUSE 

TO LET 

APPROX. 71420 sq. ft. 

WCLUDWG ' 
APPROX. 6550 sq. ft. 
OF 

PRESTIGE OFFICES 



NTfcHNAMQNAL 
Ttiv Lod|,V Hd»i»iO»»ilS»«*r,h 
W:;i Drtjion Middlesex 
U87 CLA 
01-751 


WEST MIDLANDS 
MARKET TOWN 

0 -rif»jho"i <0 

*15 Motor >«i ? T "'■•.-i 
ExceMfnt Freehold LIGHT IN- 
DUSTRIAL PREMISES .bu*»t 
t Q 60 enwarost. exiondnijE so 
54.00C iO it 

Hcticrn Office Fsccr <sc Fa: 
e»fr i; 33.5DD ic •: f to;* 
%pjc*. eaulr d»*idi-d ,p tc ^ 
sections. C»”!frn lAcitiuev S'te 
j*C4 TWO ACRES 
POSSESSION Rc! LU5 

ilrlij’ ' ' 

RUSSELL. RALDWIN & BRIGHT. 
Lr«nni(«r |1*1. 4llll. 

Hr(|fii,dilKi * 


E.16 

MODERN SINGLE 
STOREY WAREHOUSE 

21,000 sq. ft. 
TO LET 

Wish Referee Prcn*«un' 

KEN3Y BERNEY ROWLAND 

87 Regcm 5t.. London. W.l 
Ol.TJ* 3522 


HtOMllv-Wj.Mri.ir 'n nM *>-. 

l« <v— ..a-S. r-rior" Ce-»-;-.r* l' 


BUILDING LAN 
AND SITES : 


Hctmthote. rear Manchester 

Sup<>? rfi.J-n!J I'K »'-.i f 'i!' 

p'sn*- n; ,->i- muuan - o' T 5-* dclif-'ictf 
sno ir.n..i‘ii:Vd hcut-.-i i^- u.r nv 
i.'-dv hi t*a Idu or »* a 
« l.ale M— ::nsv !S v ns 
l.-n.-.-d.jc.- tn-i ®-5»en 
-l-.e-d. ?sn»*M- UnJ 
C.-nr^.: M w,id'n. 6 5:. ■'5v'».. 

e»! e- 5 *:r.-. J?'. U* pn Roifl. 
r-v > Jr* ti'* A::- "r'Oi’. t,*n:»»!ii-f 
*«i>2 


COMPANY NOTICES 


EAST SUSSEX COAST 

l *■ '-l IJ r**,V« W-*>T'ni!, 

VilujtHf Freehold Building Land 
LTOO ROAD. CAMBER, near RYE 
* hour d .V *.-ci 

f., i r r pii«t* nr CfH'*! '}• H.fh 

Dtn.ir R»tidj«r»i 
■ r.r 1 i-d t **d"c-rn.-d hr'.t“. 

-id RjU R> A L -r;-pn ?F>* l.’-f fOr5 
P-*> ii --(i 

GEFRING a colter 
RTE (Telephone SlSS, 5u«*» 


SHOPS AND 
OFFICES 


OFFICES 

TO 

LET 

WEMBLEY 

Entire top floor 
of new building 

3,333 sq. ft. 


PEPPER ANGLISS 
& YARWOOD 

'.CflCefipe.PWc. vendor Wry.etL : 

Tel 07-499 6066,,^ 


FOR INVESTMENT 


SECONDARY INDUSTRIAL 
INVESTMENT 

SUSSEX 

MODERN TWO STOREY 
BUILDING FULLY LET 
GZ60.C00 FREEHOLD 
TO SHOW 1C 5 


’*«> *’23 MO r» 

3 iPBnj.-. in we.lv-. 5> f' 1 IJ" 
* ■■ . , :ii 


FR 7C MARCKANTT 

rr- 


THE MESSINA (TRANSVAAL) 
DEVELOPMENT COMPANY LIMITED 

Incaroo'Jlea >n :n* ReairoiK e* S?u:u Alr, ;i 

Director* Camm-nfler H F P G'Cnlelr .DSC BN Octr., C*».r-n»n 

-YY. 1 Srrncf Depiily CH»i"rj». "W j Wi i 0 i. Mjmju-ip S.r K»*'1 «•!“ 
KBE. - ProlellOf f I rill PlesliS. *1. Mrckenile DSC* -W 4, ,5eir. 
D a Triomuio". D G K.;rrfl'ioi* 'il:erm:c! 

■ Saute Ai- :*n 

INTERIM REPORT 
UNAUDITED INCOME STATEMENT 

Coma.iiw G-3"? 


mon:ns i?nci«j 
il J 77 J1 r ?! 

P 700 « 

S-i monsni »-Hfw 
!1 3 72 31 3 77 

326 

.1.1751 

Post leiv I'jri ’T.-1 

2 036 

• 6.999 




P’Ofit f’Om inflos'.r, ’JftC- 

tfeofKniioni 

• * 463 

4-230 

_ .... 

- 


— - - — 


3. '6 

3 236 

.1 17*. 

2 472 

I'-Om* I’Sm »UMCi3l«Iv tav.Pl'./ri 

. 3.504 

11.229 

■6531 

• 21 1 ‘ 

Projecting ocojiiaiiur.* 

2*1’ 

■ 9911 

217 

2 94ft 

750 

1 7 »ft 

IKtrn! 'Util Suwon *"3 O.M' 

•ncomc :c*’- tuntf-. 

c«ojnc:orr '5 20<- 

Pr^it lLost'i 60*0rr lUK.Dr. •! 9' a. 

3.5685 

6 &?!> 

525 

PS 

T4«.lion 

121 

1.871 

- — - 

_ — _ 

■ 

1 


2 421 

1 151 

Profit i Lass' filer !(S4:<0" 

•2.0JS> 

. 4 799 



Outsrrfc sh4rehai?fr* 'i*erJ*: * 

tuinidiarv compa-iie* a-oMs ■ 

A 

1 42? 

2 «71 

i 151 

Pr«'(..lw(i 4-*-.5-jua'« to 
holding comnifr 

•2 6b9) . 

3 J?2 

2 "40 


E’lr*ordii*#r. .'fn| 

— 

1 000 

5 161 

1 7 51 

Pro*! iLCS" lot !** V« 

•2.4691 

« 372 

2 198 


D'.in.nfl sell'll 


Tim 

s: o 

IO 5 

C*fnll per *f|*rc 

Earning* — ►e*ntr 

•:«ps 

__ 

30.6 

■ 47 O 

IO 5 

*f,.r !i:riBrrni'f 
!em 

• 

39.8 ‘ 

20.0 


Dii-.M-id 



20.0 


VWic 

eisntru rio»d 
11-5 T B su.r^ 


Sr* rfip-nhs encec 
J1.3.7P 31 Z.77 

i soe.doo^-rBi? 300 
>4 064 14.3B7 

•Toro 

T* 6S2 T7.410 

1 b 395 23.933 


CAPITAL COMMITMENT! 

C&mpin-r _ G'OUc 

Si» momn* enflpri ' * eisnuii ;*d*S 

31.3 7? 31.3 7* "OtJOY 31-3 ?8 31-3.7? 

Canunrle'enn rrsoost ot 

ZD1 CADiTi* «.3tnartur«. 1C T41 13.93? 

MINING RESULTS ^5™ Momlo eneee^ 

t.3PD' , T 'TSOlJ 

Ore' mill w 1308.900 1.B37 400 

Recoirrjp'c iOPa?r . ,4 _ 14.38? 

Smelter proouctKJ" *nd *•'«* °' a ., 

ProOudion llntludina nuf<h*5Ml 1« 632 17.410 

Sain 16 395 23.933 

COMMENTS 

On 1*1 Ditofcer 197? i-.oi.ttt a* laaaet .« M.-MW.n we'e n-suntii 
j-okhi ,nr rep rini nmr ana vjluea a! :ti« 'ower a! tax or np- ml>ubir 
l9 i u; jhv eficct or thn t hinge <n .{counting practice rt ra imreatr Gioud 
mmirtg preMS l*v Some R2m ■ — 

Loner -omrcr oroouMier jnri t*te» 'P-.'V capser p-;es in* » 1'igfit 

in.-rcJse >n com lute >««'!!« •" » rninlng onrt: -c3lic:<^n a* K5m comparer 
With she hrst ha« oi l»it vear. Tne MBimj Mine operates .* a loss 

A iocs ai Jimosi R2m wsi iicorrea oir.np ;nc oerioa -jv the Steeim-aiie 
Gioiip 'iegeir m me manulAC!i<-*e ol containers- Losses were also incurre-i 
h< premier Me*ji ann Leason- aimet. During M« 19?8 She L*a<.on-Aime.. 
crane h.re buirrrtS was Sain at a loss al RS.Sm and Messina"' jn.esvnent 

■n Concorde Ban* Ml written oil resi.»7il« In e.*J-aarelnarv 'OSSe* SaUTep 

R3.22m lor which pro-ision was. maBe •" the accounts for the hnancia: »e*r 
ended Seotemocr 1977 

Bv me end a* tie oenoa undo' -.i*e t«-e o’ ..»a-jstr>». <ass*i 

ppen susstontleii. reducefl » nj me -.enoe* <*«-. hag .-icreased I* >s antleiaalea 
that the Group w*n sho- a pro*t tor me yea* 



A. T. TfCKNES? 
sonao-i le:re'ar, 


W l. SPENCE 1 _ 

D A. THOMPSON f Drills'* 


Trans re' Oiaees: 

rs M*ir,$on S-rnet Jonan-Tiaoro 
6 C’KMDJ! p'ace Lanaoe SVfi® H*L- 


FLEMING JAPAN FUND S.A. 

societe ananyme 

37. rue Norm-Dam* Luxembourg 
R C. LUXEMBOURG B B.?32 

A ifindcnd of 1 7.S dollar «nw has been dec’ared payable on ; 
May 15:h. 1978. ajainsr surrcndei of Coupon No. 6 to ail share* 
Outstanding on May 9th 1978 


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 maintaining 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. 

read the small print first 


BRAZILIAN INVESTMENTS 5-A. 
SOiicn.ar or iwwwmwwo 
eELfiElO — LAW NO 1401 
noiIlE IS* hereby GIVEN _««4I 
me ’eror. s»i a-.’.cmi*u o' 

Iio-vf .emwnv »| "r. “',n 7 g° 

-fw-.pf. rnd.i-'i M*,." j' f Z' 

STuiG'ic id ip' iftJ'fhei.'cf • il 
a%rc. Dt WO-.SM C.y»<»rl Y T’ui' CO 
.1 N*w YSrl 

P’ll’-.K IS 'i'."’ 

, -.niton. ?3 Ib-i'm'I . . . 

N*W Voi* 7S Wall Vr*rt 


EQUITY & UW LIFE ASSURANCE 
SOCIETY LIMITED 


NOT 17 f IS HEREBY GIVEN IS.! i r . 

I rant 'Ft Baot-S Oi Sa:i;:v .. , r* 

* a ' B «4v !9?S la tr.r 
■ IT JODf 14.! S9T-, MirlUJ 1 ,<■ *3- 

The •»rea»’*lip"’ ot War’a-tSi »p- — * 

. **l«*s U.oS’e 0« -I. '3-' ; 7nr 1978 

H.. S’. STfWAOT 

s«:n-, 

-X-.L Ir- F *.-v 

WC2ft 3ES. 



Burgundy specialists and shippers of fine wine 
13 ECCJLESTON STREET, LONDON SWl 
*Aine denoting the eldest son of the family 












Financial Times Friday May v 19 197S 


WALL 



+ FOREIGN EXCHANGES 



and sagging $ 



stocks 


BY OUR WALL STREET CORRESPONDENT 


NEW YORK. May IS. 



THE 
sharply 
ponding 

dollar. When the dollar sagged 
on the exchanges, investors 
decided to take their profits and 
get out. 

Investors 
cou raged when 

Reserve apparently 

tighten monetary 


when President Carter's coun- with alleged payments 
seller. Mr. Robert Strauss, said Japanese officials, 
he sa‘-»' no reason to believe in- 
flatinn would lessen. 


. maintained bui 

to Oils and Engineering' were ojlv 
about steady. I metal was •* tinn 


Hoffman n>La 

icncr after 
profit decline 
Maurer Bearer 
strong giin. Ga.r.s 
leading industrials 


Prices fell on the American Point, saining FFr 2.1 to FFr 52. included BBC Dearer. Nestle and 
Stock Exchange, ending a string But Pernod Ricard To*: FFr r ’ to Alusulssc. However. Suker lost 

-.r . 1 - : -i. -E I n. . «..T ■ j nr- * nrn:nr 



THURSDAY’S ACTIVE STOCKS 


shares from 45.-*9m on Wednes- 
day and declines led advances. OTHER MARKETS 


Chaise 

»o.*k Clowns on 


traded 

General SLsnai Corp. wi.friO 
K-itar corn nr*'*) 

L'.S. [RdUUTV.l Mi .. TOO 

Anen Realty 4 D«c. 324.8H1 

Fa.int; Mac r 9.500 

Sc-titjlC Jos Browing tOi.49‘1 

X' rox Coro 300.23*1 

V,v«!'n;hou.<c Elect- 2S7SM 

Cni.:orp 2'3.;oo 

Sambo's Restaurant* 


pn r 
■s; 
2»; 


day 


The Stocky index lost 1.53 to 
292.12 and the Transport Index 
shed 0.34 to 230.91. 


CANADA — Canadian >harc 
prices closed higher m active 
trading as bank i‘>ue* rose 
sharply following the introduc- 


..I 

Mi 


K Mart lest i to S25i after report- 
ing Jo - - 1 er first quarter earnings, 
j. C. Penney, also acthc, gave 
up 51: to $37?. 

Xerox dipped 75 cents to S522 


last 
s 
all 

sectors. Banco Popular vent 
ahead 20 puints. to 243 The 

acr.erai index finished !.19 hither 
a: 103.75. 

MILAN— Stocks shewed selec- 
tive aair.s in fairly actsie tnsdina 
a; the close uf ii;c monthly 
account. Fioslder. ItaJsider and 


TOKYO — Share prices dosed !^!£ n new banking it-jislatiun. 

.... lower all round after late profit- The composite index "»* up 3.6 

’inSifi 23 'tn takin " w*P«d out all early gains, at U23.3. a new high for this 

,.ippe*i 2 j cents to S2Si. Active The Totcio stock exchange index >, ea ^ and advance.'. ■ v - l!oa 

closed 1.S9 lower at 406.42. 

Electricals. Cameras. Public 
Works. Foods and Pharmaceuti- 
cals led the falj. Honda' Motor 

. . ■ . , . .... fell VI 0 to V370. Pioneer V40 — 

In nei '""-' trading although it fore- Y7flfr and Canon declined Yll fall in net profit in the tir«r 197S index advanced ? lightly. 

cast strong L3/S operations ana l0 Y456. Mitsubishi. Mitsui and quarter. Other we.tl- share? 
also depressed the bond market, announced p.ans Tor modest price Toyota all declined. included Heineken Bills and 

The tightening led to specula- increases on its duplicator BR .-<; SELS _ * harp AmFas. But most SbipanA*. Gis, ‘ 

lion that U. S. mono supply products. _ , , , .. I!*? *»rora«tes -*-• 


.iJo outpaced Olivetti Privileged gamed sharply. 

declin es 2 48 to 234. u hi'e Fiat. Genvralr Imtnohillare. 

AMSTERDAM — Sh..:c nritvs .VNIC and Soia Viscusa also 
were generally tower. Rnjal Dutch firmed. Pirelli Spa cased, 
lost two guilders to F! 127.6 on Montedison little changed hut 
the announcement of "he sham Monteiibri- fe:; sharply. The 


figures, released after the close 

might not prove as innocuous as 
expected. 



levels 


AUSTRALIA— Gains wore made 
by leading mining slocks and 
o.ne speculatr.e shares but a 

fe'.L 
cents 

year 
its 

find in Victoria with 



Product 

thp first quarter, the Commerce cent; to 8321, Lockheed S1J to generally firm, with an under- Geigy recouped moiT of 
Department reported, revi.-in? its P23J. Boeing 50 cents to 847} and current of foreign buying. Electr- coupon fall and the comr-ny said 
previous report of an 0.5 per Rohr Industrie* 1 to 814}. The cals were again particularly in it planned further U.S. acquisi- 


Indices 


If.Y.S.E. AIL COMMON 


Rises ana Fails 
Mac 1? Ms, 


Mu l r 


NEW YORK -BOW JONES 


Mur 

IS 


Mav 

li 


Mav 

16 


Mm 

15 


177; 


Hisn 


L/llt 


UrUeS Lrj 
Ki«r».. . 
Fail* .... 


■led 


*1.901 

370 

959 


1.902 

790 

693 


’.957 

979 

546 


Mm Mai Mar 


Mu 

li 


Mir 

12 


May 


l fie 


finer compilai n 


HiSb 


[i'i< 


Hljth 




I nd t n*J .. 830.95 858.57 5&4.5D 840.70 I4D.70 8I4.2D 3M.57 

■li.c. 

H’tneB’ail** 86.69 88.35 eS.aS 38.54 88.fi 83.80 aO-Sts 

•*.l, 

Tmc*p>rt.... 250.91 231.25 123.65 22 7 . 34 227.75 224.30 251-25 

■ 17 o, 

L'nlitie* . ... 104.09 104.06 104.09 tC4. 45 104.50 104.47 H3.se 

>i li 

Trading «■., . 

,2. STB 45.430 IS. 180 55.500 45.500 56.550 — 


742.12 
iS-Sl 
88.55 
/17..T, 
lita.41 
I9.li 
102.94 
72 2, 


1D51./0 

■ U lilii 


41 22 
r i 7 i2i 


273.98 

• i 2'ATi 

165.52 

•2k 4.«‘ 


I3.M 

•S I.?2i 

10.58 


56.20 eS.GO 55.55 '55.13 55_.«0 *i.H 

. :17 i. .+ i- jfewLew,...' 

S72 

138 

35 

4 22 
207 
40 

284 

4b 

X0KTB£AL 

Mav M*v 
. 18 11 


197* 




16 la' 

Hi*b 

•*-' 


lndcudrul 

Cnmbtned 

182-05 1B2-28 
. 190.85 189.95 

120.67 178.74 
IBS .50 186.58 

182.45 1I8/61 . 
160.06 < IS16. 

1,2. :0 
tro.tJ 

:-I ! 

TORONTO Cumpowte 1125.S 1113.9 

1110.5 1103.1 

1125.5 (1861 

iSi.S . 

■-:• 1 

JOHA1TNE8BORG 

GoM 

202.5 201.5 

702.5 200.5 

218.7 ii £• 

1:3 u 


ln>1ii*tn,l. 

225.5 225.0 

222.8 222.3 

225.3 ilfc-iv 

W 8 - 

" 


"Mm- if ln>*c* Hnnif'l imn« AuauK 


Inrt. ilir. vipl. I % 


Mar IS 


.Mar i 


April 28 ' Tear apo iappn.>x.> 


Mav 

13 


Pr*. 

nous 


tJTfi 

HlgD 


i'li's 

ls>v 


Mar 

IE 


Pre- 

vious 


lj. ■ 
fl.> 


5.51 


5.61 


5.58 


4.70 


Aaatralu.^ w.«a «ai.92 494.es esi.i? 

hs,&. 


(!i W.92 


STANDARD AND POORS 


Mir 

IS 


Mai 

17 


Mar 

16 


Mar 

\5 


Mar 


M lV 


1S7T 


niu-.-e •. "nijiilat a 


Hten , Loir - Hlsb Low 


:i.i.iu«triai» ioa.mia.si loa.ss ioaj\ 103.44 

3LolDpu»lte 38.62 S3.B0 33.55 93.75 36.07 


107.48 1 10.S1 
<I7t. 
37.20 98.60 

•17-ii 


<r,3l 

89.30 

rti.i'. 


184.64 3.52 

•11 1 7J> -iO <7 - a2i 
123.45 4.40 

. U 1/5. .1^,62, 


Belgium 
n arnnar bf 94.98 93.17 
Franc* *e.7 
GernunjC'i 
Holland «w- 30.7 


te.0 


7c‘3.« 


el.Q 


Hong Kon^f ^e.S; 

Ilalv ‘14> r2.42 


Mar 15 


M«r 10 


Mavj \*«arao» appu.a.r 


Ind. rtir. rleM % 


4.85 


5.04 


Japan 


5.02 


4.34 


ln-1. P'S Katin 


9.53 


9.16 


9.18 


10.37 


Singapore 


>*> 


101.16 
*8 it 
98. li 
.9'ii 
6;.i 

■'inA. 

«12.i 
itJ-': 
ti.l 
H0.2. 

«Vi3.S: 

•tc. 
■f i.-.l 
.r-,5 

416.11 
(14.4: 

314.59 312.(6 . 312.7? 
■ - »■ 1 '17 


99.5; 
l?:n 
9» .» 
.6 3- 
4<.r 


Spain 
Sweden 
Switneri'd'f 88 £2 


«f> 103.79 , 102.80 
if-- i76.K are.5f 


282.8 

Ir : 


(.- ‘ 


61.96 
Ml M6.42 408.31 


7r9.4 

.tici 

■jc-’J 

(4 i, 
a'sc- 4 * 
•I* li 
-A 
.10 !■ 
«64.*A 
4 I. 
262.:. 
-150.- 


Lir > G..U. Unnil new 


8.42 


8.43 


8.39 


7.72 


tnniusa ana Base dares tali oj>» ruue. 
!BU nwsi NVSE Ail L-m-rna - v 
Stand dr ja ana Poors — U dim fn.-oun 
tofl -I. lino. Hie last named OaseC -vr is.j. 

' ErUudina txinds. i «hi lr.-l<:*Tru!» 

! 4fl(i i:.n . iu unlines. 4ii (--na-ire aa- 
2u rraruiaarL. (fiSmaev Ail Orr 

>‘l Relklad SE 31 '12- S3 i*-i I nD»nnjd>> 
SE I'l-73 •’▼I Parts Knu.-y* 1941 

i”i Comma rzaank Ore.. l&T. ■ - ■ - Ana?' 
dam. tuausrrui 1910 i*-. Hm.-j Sen. 

Batin n.*i'44 ■ 1.| » fill lan 1'1'r. roS.ii 
New SE 4'1/W 'Hi MraUs T-mrf !9^, 
<r-i Om-n irti Manna SH 7 

in S-dk-khnlin imfn»na< 1/1.95 «i 4an-.> 
Rank Cr.ru mi IlnavaPabl* 


s; company 
uranium projects. Mill rose 
9 cent;, to AS2.14. Ilamerslcy 
3 cent? to AS2R2. and Beach 
Petroleum 7 to 53 cents on turn- 
over exceeding 130.000 

JOHANNESBURG— Gold shares 
v. ere generally steady by tile cla*e 
in nuiet trading. Mining Finan- 
cials followed the trend in Golds. 
GFSA was 25 cents lower at 
R2.100, but Gen Mia gamed a 
similar amount cl>cwhere. De 
Beers gained three cenis to R593. 
Platinum share? were unchanged 
to higher in quiet trade, while 
Coppers were at previous levels. 

HONG KONG— The market 
closed little changed in mode- 
rately active trading. 


Pound improves 



GOLD MARKET 

)hi\ IS . ; Mur 17 


.Sterling and the U.S. da!l«r 

both plotted an erratic course in at $ 1771-1 3n< ^ showed litUd 

yesterday’s foreign exchange movement throughout the day, 
market with .-ucrling finishing 


RuM Bultlim.! i 

f^^sf s5?i!ts*'Wmi 




at $1771-1 78 ann^ snonca ^ muu <ii*i, ( ng. ::...;si78t a .tT7H M7b^ 177 

JiL -minet ‘ 


stronger and the dollar losing 
ground- The pound opened at 
Sl.Sioo-l.srJd and eased slightly 
on the initially firmer dollar to 
91.SOSO-I50S5. However, positions 
were reversed during the after* 
noon with sterling improving to 
Sl^2nO-I.S210. Trading was des- ’ 
enhed as quite active with the 
U.K. money supply figures having 
little impact. The pound finally 
closed at $1. Si 70- l.Sl SO. a gain of 
-HJ points over Wednesday’s close. 

Against -JO Other currencies 
usin.c Bunk nf England figures for 
the pound’s trade weighted index, 
the opening calculation showed 
an improvement to 6l.fi. slipped 
back lu 61.5 at noon before 
closing 0.1 up from Wednesday 
at fil.6 

Comment * by Bundesbank 

president Otmar Emmtnger. t‘«al 


NS 


w: 


252| 


MV 


Ml 
- <T""" 

Swv 

a* 

Jl 

YEN 

anSOtfireWI 
«*> VI > I**" 

lirur»‘V0+™ J 

/ 

* 

r 1 

\..A 

f 

i 


1977 

\ 

1 

1 

4 


... 

1 

1 

187«i 

Doc Jan Feb Map Apr May } 


..*•176.43 
1137.254 1 
:S1T7.50 
'138.267- 


i^oingtks’a 6176.14 
(OTAftOi 

Attrm n fix'f Sl 77.40 
1i£B7^384 

tintJ Cllll.r.. 

•{•xm^itinilh .. . -r 

Kniatminil . S182U-184U, siB2in.iB4i| 
■riOOi lOl*. £10Oj-luli. 

N'«v;)iii' c nB..>55-a7 »84i 4 stS3< 

•(caoii si Ui utsuu 3ii« 

UM Sul 'ixm. 355-57 5544] 

>UOI| 31141 -iUOl| JK«. 




- — *> 1 
J -i 


U. t.l Ci4w . ‘ 
rijum-iAtln i 

Kn4[CTraini..:SlB2U-164i| SlSSiji-luai* 
i.glOO;- lQI^i .ClOOj IU1., 
NftrSm’Tjpi. SS5 B7 ?54( 4 56', 

%C50-.4Atl4i L'3014 3IU- 

Ol»f Sji- rjn* sa5 87 

■ CWitSn,) .1*3011311,. 
$.rC M-l*-. . s 274 -277 $276-279 


FOREIGN EXCHANGES 


the recent improvement in the riiDorwrv ratfci 
dollar may have been exaggerated, ''UhrltnuT rw \ U 


Mm is 


i Ikmi - 
Hale, 


Haikrt Vain 


were partly responsible' for a 

general decline in Ihc currency. 

In terms of the Swiss franc it 
>lippcd to SwF r l.u? from ‘ " 

SiwFr l.flNsti having been as low 

a> SwFr 1.US35 at one point. The 

West German mark also gained ’ 

at the dollar’s expense to SK"":’. 

D3I 1 lOTT? from DM 2.1293. while Ur^wn Iran.- 
ihc French franc improved to Rani-i* »r--i.c 
FFr 4.64S7J against FFr 4.6310 " ||<-(H^hc'»> 
u’sing Morgan Guaranty figures i™! 1 , 
at noon in New York, the dollar’s if,",,., Ii;n 
trade weighted average deprecid- ini«m-ro «.-i- 
lion widened to 3.05 per cent from x>-i«- 

4.SI per cent while its index on - 

Bank of England figures slipped CTr"V k IT 
to 30.4 from 30 S. 


Uet'-s 

S^utsarf 


C'Sficr- 


Special ; Eurqpvaa 
Draw mg Umi oi 

Righn : Accoubi j 

HbV Ttf Ma| tc 


0.669610 

t. Cl 186 

1.55036 
18.4627 
40 1520 
6.96377 
3 56636 
2.74830 
5.6597b 
10S5.77 
377.051 
6.63009 
98.6200 
5655X4 
e. 59 70b 


0.670595 

1 21487 

1.55105 

1B.49SO 

40.2516 

6.976 72 

2.57441 

2.75513 

S.bD847 

1098.37 

275.980 

6.03670 

98.8073 

5.65808 

2.40452 


Nf* tn|i .. 

-Hnllltn . . 
Ain-uithuii • 
(lintlj. . 

I ■•uoiilMwit 

I.l-I-Hl ■ 

M-iltii! ■ 

Mt.nn . ... 

Il<u 

... . 

T«i.v.r, ; 

ViPIUM 

y.iuwh , 


I 'Li#85 I.:2W 1.31/0 t.MEO 
9>? StHWI (.0S46'7.c24a 7 t?.‘5 
4 ; 4.034. 1} 4.034 4.18* 

b’t IA 78 60.30 &9.7SSasr. 
10.W 10.42 10.48f lu 4i4 
5.-7 5.W ; i.-J. i.ii. 

32Ja-KJh) - l 355 ti.4M 
'147^5 IfeJHJ ltr.23 14/ V> 
LM7-1.5M .I.6&U I.S t| 


9 
& 

13 

a 

tti- 


9.Kkj.a.*j 

E.-*4i-,4/(i 

416-418 

2M«-27A5 

4.67-3.61 


9.0 
6. <4* ■ .43, 

, C.46-- if. 

1 414 416 
27.MC7.hO 
3.67*1 iWf. 


! Jt*rm mi-'«n for. converiltiic Irah.n 
Miutaial franc- x 9 . 90 .m 1 e. 


OTHER MARKETS 


NOTE 5 : Oi jrMs srci'S aiaxa tw!on 
:*Jaic 5 3r?ir..im. n-vUMn dlvMenda 
4 ?- »t:-T 1 . !k 

* DM51 (janim. «■.:«»» WMriStie stated; 

-.eM> 3ijia cr -.«• d:vaten-!» plu, laa 
V Piis -'- M .icn-un. u" leas atbenese anted 
4. K: ;o« if«r,rrn arj..H OTWi’rrnjs sravr] 
t LrsKO "■'(■■om a*i Bearer slure« 
■iSt-fX <ia;rr.«i r Yea jn dunum 

s Pri.-» at iipik 
> t su.aeas.u.-i i:>ir.r;ns r- Sctullima 
C^=*s j O’l’l.-an a*:,'.- c*r.3;sa r-j:ni^ 
,.1-t or s;nj> isiu.-. f P?r war* > Kratiua 
ifirc-Ti *, •: 3S3-jni»(l OKC-nit atfei 
- ■ 3 ac7 or nsr.-fc c At'er Iseai 

-a**s m', taa *r tf ! a rra.m: lodadmu 
i r.:ljc e-r i< Norn 0 SJiaro saliJ v Dit 
ri-g jr;e:d ex.lur.- iBKij. oavrn-*.i:. .- Indi 
a»i-J Civ « l'n.4" -a; trad-.t.a • I.finanis 
i.-M.-rs cnlv. j Merj?- p>rd.na * \ckhi 

• B.3. 1 Tradcrt ; 4*:i*r * Iimutm 

\{ Ki naS's s'* dir.S'ad ic 
sens -ssne. sjj Zj all. • iatenm sine# 
-ncreasee. 


EXCHANGE CROSS-RATES 


M«r It l':iin«iiin ,\ru lis-i. 


lin— ci* l«-.t 1141 litiri cUirnJi 


-MCA liW 


rnneiitri 

\._.p V-i 47.;.: r5 

l'.in :*J.vl 4.1'^i «;• 

b-vj-,— ;«... I r..- 2.-7 AMO !r 
L-tniiii.. . i.r2;-?5i la-Kv-fv 

XniMJim., I'-T.Ot-cS 2^5=^ ‘.♦fl 
45J544 


4o-?.: U 
iUCil 


7. 'l l! 
4.4(4 4'4 


tMrtCJ- 

W.07-1C 


rj.22 7s r.*r. 


! S..37- £ ’ J.'AO 
l.:K' J1 ' 4UA54 wjfc.: S.a* 

.•».87 ■K.’.O?: U.6^4 | *.',|TT 

A" - -APty-IGi 3.57/ :*;f 
4ti>IIP' - IU.47.-J 

Vi .'.-■74 N/ Ji.l't 1$ _ 


L’.J*. S m 1 on*n|.> l’>. - l 1 I^V-lil j) i'sinn,tisn eonr- 

Caua.i'.u S »n Ni'w -39.? 7 S9 h'ik l .S. 5 m Milan 
MorJiu- -.it It it* n 1 j7?..S’ 1:77.52, 


| .S.-ti— Knir- 

.1 rc*nrms . L*M I,«* Wmtria. 1M0 I3C0 
tu-rn'b .1 MIS I.BI79Au:i,nU ,W5i 

. rfl 95-41. Bd . *>9, hi 

1 luiati'l . /. r’bSO /.77M (!m?lt . . . • 43 38 

U'.hn- . sI.ISiU.B&.'iiimiI*., .*3 012 0' 
lh«ng kiOi"' Q.45-4.(7^ iienruarK ..: 10.36 1* 
!**••.. . 124 HO t ewe . -8.40H,: 

Ku**»ii .. . O.WO-LJilO ajetuuini J 4 nD 3 3: 
LuNi-iiili ii; S3 7$ 63.86 Gii-iur .' .! 6 h-I2 

Xtataviia . .4.5770 S l 39O0.l(nw IMS- » ru< . 

N./i-aiaiH. I.6;Si 1.9)14 N[«n 4U> -l."i 

>mili Antf ; VO 6.90 NMhcrl'iHl 4.05 4.7V 
M>n>|’"Rr. 4JtfrtO-A2Wf.\i-nni.r.. (i.tt 10 DS 
b. \irs-a.. I.MSd LM10'l'i«rtuJ»i. 1 16 .1 

I" I* .jSpiig. ..» I |4 >Ui« 

(ViiM'l, .. . :>!tii;'i»uil! 4 si-i.*.- 

LSI • -. ;i"ji J1.6I-LW1 

l‘,S..iiut».. B3.r2-H.7K Tvicir*Uvln 44.46 

RiU-s alren fur ArsctiUna Is "a lire rate 


.V! 


EURO-CURRENCY INTEREST RATES* 


Mai Va 


Stirling 


1 .In*' I in 1 1 

ti.-IInr 


L'ulcn 

i ; .tf. iXillBt' t.lilKlt'pl 


itaih' 


•\T.'G«i~»a 
■ iiiaii. 


FORWARD RATES 

VliK-nKHUh 


flnvo tnT-ntiir 


ibliurr |.-r'r. 9 9^ 

/ ibiv- Di4i<r lOL-lOi. 

lOio 10: . 

I lirw tn- -nt li». 10.'-; Ill, 
■<:x 11 -ill h-- II II-. 

(ini' Ymi. • - 31*4 12!, 


bl.- 71; 
6lj 71; 
/•( 7m 
7i-,H 

SU-S*} 
81, 8j^ 


i»5-r* 

71,715 

71; -7 », 
74s 8 
B'abia 
8U «i; 


4>-. -»>, 
4!; 4-'i 
4 V. 4 -.,i 
4>. 4 j 5 
4-, 6 
5 51, 


■* ?n 

1 , 


I.; 

I,'* 1* 
1..- X.- 


i i Sy 
5-i5,; 
6*, 5 So 
5,, 5 v 
3 Sa -Ala 
5.:- i:k 


New Ynrii <0.50 0.40.. | -m >140.1. 50 .>n> 
Mnmieol .<0.50 0.40 > (>m .1.49 1 35 >m •« 
5 uiM'-lnm B»i U; r. |>ro ibig-Blf . . it.- 
Bru-uidj... JO 20 .-. ]4ii v 75-6b 

I'iip'itbgfl 43 ,. nr* <))., 7 », 91 , ,,r. ,i|. 

Fmnhinrt 2i, -IJ* i-l |-n> <7ss 6 rw 1-1 pi- 
T.nfcw»„.'. -25-85 1 ..-i 

Mfctri.L... 20 l00c.,1ia ' 1 123 195 .*.s 

Milan 3 6 .InmIIs ,1* ; 15 In.- ic. 

Oslo.. ,.,.iil}5l*ul*i1h |5l4-7L| iot- ill* 
I7n». . ••'14,-J, '.tan -2.H-I3, * ,<r> 

!.- (nltuKin: noaiuul rjtcs were quoted for London dotijr crrni'ui.'i nf <fetXftii: 

mih 7 43-7 34 p, r rein; tUnv-month 763-7.73 prr ceui: Six-month ./.RMlOO /. m ,lu aL_*J, ;4a-22|,n pi- 


Euro-Kri-nih di-oosit rai.*s tviwlajr M-SJ per M'lfn-day Ji-'t iK'r cent: 

on.:-niun:h SJ-Si per rent: three -month 9U4 per cent, six- month u>4i d -io.'j b per cent; 
one- year Iii-IIi W- r out. 

Long-!, rm Eurodollar deposits, two years »-'!t- s, is prr errj: three years 
?1-Vi Oi.r etnt: four year* 9U,a4Ui6 per ceni: tlir >.«,!> Si-Si orr cenL 
Th 

oni'-munth 


p,T mu: oiK -ycar S.l.i-S C3 p<-r rent. - - 

Short-urm rates arc call for sterling. U.S. dollars aud Canadian dollars; 
days' none-- for BUlld. rs and Swiss traces. 


iCtinch. ... 33fl -25ft<- |.m '8H-73, e. pm 

lira Six-month forward dollar 2.77-:.s7c pn>. 
12-mouth 5.Sj-j.4ic pm. 


OVERSEAS SHARE INFORMATION 


Inv. $ Prem. S2.60 to £1121^ l IlOi'V, 
Effective rate (1.8175) 48f n Q (47i% 


NEW YORK 


Siurfc 


Ji*r 

le 


Mar 

17 




Mix 

1? 




Siwk 


M.r 

IE 


Msv 

17 


St-ick 


Mav 

13 


31 a v 
l« 


•'•toe* 


Mav 

18 


A14> -tl lain .. .. 
Ad«ti?T*.<ani|<h 

Aems Lite A i_b»<- 

Air I'r.'ilu.-ir 

AW 

Alcan A)* unlntum 
Ali**a 

Alive- L ,<1 uni... 
Allegheny Pn»ei 
.A i ne- 1 1. lu-im «it„ 
Alllirl -I. let. 

.A id- i.lulnmn .. 

\M\X 

Amerwla He"- ... 
Ain-i. Airline*.. 
\i-ki. Hrari-i-. 
Amei. kc>«1«i-i 

Amer. I. an 

A.iiei.t \aiiaim-l 
Amei. Ki*--. l*-» 
Alltel, t \|ii— . 

Antei.H-niel'n-l 
An. el. Ale-lleat 
Aniei. 31-4- -r*. 
Atner. Nai. ««a-.. 
A liter. >i" mar-i. 
Arn-'i.M.-ie- . . . 
Am-i.Te-.A Te-. 
Anirttk .. . 

a 3i r 

AMI' 

Alii,-e\ 

•\i| -li--i H .-kioe 

Allheu-ei Hu-eh. 
Ann.-- -I eel. 

A ■*. \. 

A -anm: * Hu 
A«i 

A-limj'1 i.»l-. . 
An. Itt -htiei-i . 
A..:. Uai. P.... 
AH . .. „ 

.A i .*• 

•A * -’i» I'r.-ui I- . 
Han li*- t-e-l. . 
Him. Ameri.w. 
HankBi* l». A.t 
Harlan nil. . 
Hielet Trn»tn-.-l.. 

6-alit T t.,-l„ 

H. " i-n I *i -kena-iii 

k K.-a-li.. 
Ken-lit .. .. 

W-nKi-fl "W 
belli eHein bipei. 
Hia -u A l>p.-her .. 
b-eing . .. 

Hum- t. B«--a.le... 

b-irien 

b.-ig Warner... . 

ill-mill Ini 

bn," -an "A' 

Hn*l->: M ver»... . 
Hm. Pei. Al»K.. 
Bi-ekvaj t.iui*> .. 

bnin-nki 

Hife-i ru- Ene . .. 

bndd 

Miilixa t'lllcli ... 
Burtimci-'n Vbn 
k-um-uglt* .. 

I. ani|leli S:m|i... 
Aani.llin Hai-uii- 
l anal Kanikiif*h.. 

t arnatl.il 

Lartiei Alreiimil 
t a.-ter Hi* ie, 
t aierptlim I rscl* 

' Hh... . 

1 “laiitf-e (.-v»-ii .. 

I *ull*l 4 >.W. 




I eiia-iiiev>i .. . 
i‘-*"*r.a \ir i*n. . 
1 ha«*> Alanlianan 
i heiin.'ai Mk..\\‘ 
I lie- eiuifh I’nnil. 

( h, -ten- . 

« ur .-a;-, tfrl-lg* . 

1 hrAiii*il--,‘ 

• ni , *iei 

I tneimiiui . .. . 

t’m -. Mnai n-n . 

lilt l-K! 

, ‘it :*•- , 'ei »i.e.. . . 

> -i , Inte-l-ng. . 
i .-.a, ■ -na . . . . 
i -ugaie I’m ni. . 

• .-iiin- AiAintn.. 
i il.imlm tipa.. . 
l. •'■■i in' -i* I *i-i. . 
■ ’••hi. I li** 'i-.i-i Art, 
i -mt>i,.i 1,-u Kiig 

i ■ -nil -ii *iti -n . 
t ’m’, i’ll, H'lie-n 

• --in',, "tli 'til I, 'pi 

• .-ini:i. "lalPlmi-.. 

• MiiiiiiitervieiiiT' 

• -ilin J.ne In*.' . 

1 -Hira- 

• -n. t n *. hi A.L 
i -.:iu-i F-it- 

• --ii--. \ai. ■■*>. 

• -■n-iiHl'.'i I'-'nni 
'. •••|litl-.-'(U Gr|- 
t.««»tinanu.i.*i. 
I'.nMaiD 1 * 1 la'» 
'.■torrfii Lutt* 
Cooper Imiuiiu 


635, 

234® 
40 ig 
28u 
50 
28A, 
47a; 
183, 
17i, 
417? 
*5i« 
321; 
571, 
52G 
13 
50 
bOag 
40i, 
29 1; 
21 36 
58 a-, 
2918 
26 
45, 

4 IT, 

45aa 

33i, 

621] 

341.; 

IBi, , 

3aT, 

15 

30 
se4.', 
Jlic 
197; 
131; 
17 
30 
51T, 
314b 
10G 
J£5l; 
54 
24"-, 
25U ' 
38L 
29 

43 
241; 
387, 
20L 

39 <i 
31, 
24a; 
l9ia 
471; 
29*, 
2SA3 
31’, 
131? 
IS 
36 jg 
IS.-g 

34 
19J, 
1B>, ( 

35 >g 
6>2 

411, 

71 »P 

35 

171. 

H 

287, 
121, 
20 > 2 
S7i, 
65 
43i- 
ISaj 
241, 
32 
32 L 
41', 

251, 

53's 

54:- 

191? 

ll>t 

3>a 

30G 

fc&l: 

Z2u 

15>q 

43’a 

22 >, 

13 

27’-: 

181-.' 
ISA* 
401- 
171; 
27 ‘I 
2 it 

44 
12 

56 •, 
24i; 

22 

34 

*0'c 

Xl'i 

31 

5 1 ’a 
I*!: 

All, 

63U 


Gc-tnuiK Cub* 

' CPA.. Ini'n’ilmu, . 

Cm tie 

cr-icker >at 

*- town ZoUfriaurnl 
i. min in- bngint 
.mil- Wrigln.. , 

L>*na 

Im;i Induainu.. 

iiwri'C 

Uei M-mie 


6578 
23-5 
41 
29 
60 
291; 

48 
19 
17ii 

25 ai I l ' e;una 

I»cni*t-*v Inter.. 

' Ue* rr.it Lltont... 
Uiara-in.i^hamrL 

l.'ivUi hune 

uigtta Kqulp 

Ml.nev'W*lti.._. 

L'l-vet A-jtf-n 

U-„ tbemicei-.. 

Uniri- 

■>iw*er 

Du Pont 

L‘\ m-< In-fuame" 

tju:ie Puiber 

La»i Airline*...... 

man Kou,.. 
talon 


K. L. A (i 

Ki Pm-.- Nat. fiaa 

K.in, 

Kmerv.-n Electric 
hntnrAii Fricbi 

fc.nih.ri 

K.AI.1 • 

bngeihand 

K«nt*rk 

bth»: 

B*j-h 

, PalivhiM umn 
Ke-t, SlOiB* 

| Finwif.rae Tire.'.. 

' K*i. \«t. fck“irm. 

Flexi Van 

Knntkr-ie 
FI-rid* Power . . 
j F-uur ■ 

, K.M.C 

Fort Motor. 

FuhernoBi Met... 

' F.-xboro 

' FmnRitn Mini.... 
Freepnrt Mineral 

Fruehauf 

Fa-tua Inda s-i 


33!., 

57 a; 

32*s 
13 1 
49-5 
5 lag 
4UJ, 

28-, 

211; 

30j; 

29;, 

26 
415 
42 1, 

46t; 

33 ip 
62 K 
33', 

18 J, 

33-e 
15;, 

39', 
as: 5 
311; 

)9ia 
I3G 
17 
30-V 

52 i, 

311, 

10 
26 
54U 
24 ij 
25 1; 

381; 

291; 

42 
241, 

39 
20!, 

38 ia 

3a i. 

247; 

21 
48 
2938 
29 
32'* 

131, 

15ia 
35 r B 
16 
35 1; 

16 
lBlp 
53 1 8 
61; 

40*8 
73ia 
35U 
17is 
11 

281; 

12Sfi 

20 'j 

u 

53 a* ', IVu Mian PsrTee. 
431? Lrt. \--rth Iron.. 

, a .„ I Utwii-xinii. - 

Q Z, | i-uii A Weftern.. 

. Halihurl--n.. 

Haim* Mining.— 
Hanna- litHtUr. • 
Itarrir l.'.wpll.. . 
lleinrH.J. — 



; Hew.pn Parkajd. 

t M»it4*y Iiin" 

j Hvnie«tnl>P 

Ilunev *ei> 

: H-iote* 

It- ,..C.«t-_Ai'Wi- 
1 H--HM-H Sal-*-" 
Hi 

liuitiin iK.t'- 1 -- 

• 1.1 . Ill.lll-IM*’ • 

I \ A 

1 lii|jei*-.iil K«n,L- 

In mu-1 steel 

I ll*i 

tutei n -ni V-wrai 

i IhM 

I lull. Flat. tit 
lull. Kiuv*>l< r 
I nil. Min A * hem 

• lull. Muili:— ^ • 

: I II -a- 

. Inn. Pit|**r 

Ill’ll 

I ini. lied liter 

i li|». I*i. A, If- 
Intern.. 

■ t.-w* fcee, . • ■ 

1 1 1 ; »ntertt«*''.'’“ 
Jim , 


54a, 
49. 5 
29 Sa 
271. 
33a; 
401; 
lttl, 
28:, 
4a G 
30L 
261, 
13 
la:, 
15i, 
28: 5 
161 ; 
47 ii 
39a; 
45 i; 
261; 
285, 
45G 
115 
26 a; 
2L, 
104" 
S3 i® 
39!fl 
26 ij 

X71. 
34 5a 
37 
45?, 
371; 
2.; 
261, 
28i, 
21 

47 a, 
361; 
40 >; 
Wa» 
291; 
331, 
26* 
29,; 
38 ", 


55 ; 9 
SO 
29 
28 
33!j 
4H, 
18 

27 ij 

44 

SO-; 

251; 

13,, 

18?, 

15-& 

29 

1 6 4s 

49 1 2 
40 
451, 
274, 
28: a 
45U 
1164u 
27i, 
2Ke 
104« 
54h 
3948 
261, 
17ij 
344, 
3 7 la 
461, 
375, 
2.; 
261, 
2812 
2UH 
48i, 
37 if. 
4uifl 
14„ 
a9, s 
83 aa 
26<* 
297, 
39 1; 


I John* Mam lite : 
-I'.'bnv-ti J-.bawiB 
J-.-bne.in i.'ootr-:-i.' 
■ loyAlaniitaccur'a 

h . Man i.ori- 

h*t»et.\ utntni’m 
Haitet Imusiriei. 

ttaiset ate*; 

K*v 

heuneci-ll 

*veir Mi.-Gee 

Ktn-Ie Wa i*r.. . 

Klniten, (.Ktrk .. 

K'yj-f-er* 

I Knui 

. nfiucei 

• Leaseway Tran*.. 

I^vi Mnuo 

1 I J b*-y On .Food .. 


33 i, 
771. 
32* 

34 
25-18 
331; 

1-8 
231; 
124s 
231; 
49 
32 
49 1* 
23 1; 
467; 
34I 4 

34 1 2 
361; 
274, 


34 

7878 

334s 

35H 

264, 

334, 

2 

23*8 

12U 

234g 

50 

321, 

SO 

231; 

464, 

34 .'a 

34U 


1 tfevion 

> lievoolda Meta la. 
1 Kern, lbl a R. J„ .. 
Rich "on Metre) I. 
R-i.'lweii Inter... 
l&Jini A Ham,.. .. 


47 r S 
334, 
60i« 
264« 
331; 
344, 


48 

341, 

604, 

27' 3 

334, 

36i« 


Royal Dutch 

RIB 

Hum Lnyt 

Hy-ter fcy.tern... 


S6i* 

lo-i 

124a 

21!; 


^atewty Mote*....' 41a; 


' UUKri G'-.-u,-.... 

I IjU.A -Kit- 

LtLf.-D lndu-1.. 

■ LucLbertAnvr’u 
I Linieblar In-N . 

; Loiui I»Lbui 1 Ltd.. 
L--ui-.i«na Laml.. 

Lubntui 

Lucky Ntoie*-. . 
I.'ke Y'unif»t"wn- 

•' Mx-.-Miiran 

j Jlacy K. H 

I Mu a. tOuiorei . 

I M ‘P" 

Marat hon Uu.. .. 
Marine Mutian-I.- 
■' 'tai'hali Ficht . 


331; 
45 a; 
19 1; 
231, 

20<i 

184, 
231, 
40 
15l( 
71; 
12 aa 
427* 
384, 
371; 
461* 
157, 
33i, 


! "ft. Joe Miner, 

I ••?!. Real* Paper.. 

1 -iiiu Te »nd*... 

J 'aui liivesi 

r tiaxun i uds 

374« | ■Selling Brenmi-.. 

I rcuii Paper 

j N.'-, i" Mrs 

! Sender Din- • 


33ig 
46i; 
1948 
25 1 3 
207a 

184, 
33 is 
39*8 
15ag 
7 

12U 

431a 

3B;j 

38 

464* 

161 , 

231; 


264* 

29-a 

57U 

6 

61* 
15 
75 
19 U 
161* 
214, 

an 


56-. * 
171; 
121 ; 
2IS* 
4H- 
26>a 
30 
371, 
6 

S J 5 

14.* 

i6:g 

191; 

164* 

314, 

e: 2 


• W.^iwi.rtt . 

,S£:r 

Zapata... 

/-railli K«-i • 

. T'.’-.Trea-^-. 

• tS.Tr*e*fi/^;: Sc 
. L’-d.aj Dr. r.ri- . 


14- 


205* 

51* 

526a 

154, 

15 L. 
t94I* 
iSOij 
6-31; 


204* 
5 a 
53i» 
15:* 
16 

r941« 

rBO.r 

6.25; 


CANADA 


24-a 

501, 

21 U 
36i. 

9.-; 
214b 
31 « 
111-4 


24 H 
501; 
21a* 

36t ? 
9-\, 
22 i. 
317, 
li. a 


I Mar Dept, .-lore* 

I MCA 

j MiiDcrmtn 

I M.-lAnuieii D-nip. 

' \I i"i*w Hill.. . 

Mem-iie* 

Meri-k 

. Merrill Lvnch.... 
.View Petroleum.. 

I MOM 

I Mluu MinpA Mtp 

! Mvfii con, 

1 'L'osaxun. 

Mutean J.P._ 

Mot-.-n-ia 

Ifurpbr Oil 

Aabiao.-. 

. Aata;- Chemical. . 
National Lan. 


Z4i, 
49 S* 
284* 
33 1« 

831* 

471* 

57 lj 

20a* 

367* 

34 

55 

64 

54U 

494* 

47U 

414* 

494* 

301* 

171* 


25 

50 

29t; 

544* 

23J* 

46U 

571* 

204, 

384b 

341, 

553« 

654* 


I ' >«,LuQlainen-... 

sea^ram 

searie-O.D.i 

. Dear R«eb,*;L..... 

■SEDCO 

Shell on • 

' Miei- Ttan-port... 

i ripna. 

Slgfiuale Con 

Sintplu-ity ru. .. 

; sinicet 

'mitliKune 

foilinjo 

: M<uth-1ciwn 

I ■'outhern La:. E-1 
i Southern . 

Si ho. Nat.Ke-. . 

1 >.--utheiTi Pa- th -. 
, sout neniHai: way- 


33 
25 J* 
141* 
244, 
381; 
34 1* 
40 
44U 
351, 
134* 
23 
69 U 
34*. 
52 U 
*£;* 
15 (S 
57U 
337* 
491* 


55 ta 
26 
14da 
Z5i* 
591, 
341* 
4012 
44', 
35l 2 
1312 
23 
694, 
51* 
321* 
23:* 
IS* 
37m 
33 U 
49 i* 


l A bit idi Pdi-e 
j V:i»i"u Kip-*- 
. Aima.\iutn:aip:ii 
: VigvnwSte* 

.V»t-eii- - * 

bankut M-uii i-a 
8auk N'-.,a N---tip 
bast ■ Ue^.iu tt. 
Ueii t eleph-'Oe... 

1 U-.w Valiev ln-t. 


12 :, 

4.70 
3 IS, 
20 
387* 
20 
224* 
6-', 
57c* 
285 5 


1275 

4.6U 

32i; 

191’ 

39:, 

194 

2i:& 

51; 

57!; 

29 


^intbuin--. ... 

s’w'l Heni-haie*. 
•eiTrrv Hutch... ' 
spenv Ranrf. .. 

tl|Ult- 

-tauiimpi dian-l. 


271; 

28 

SOU 

421, 

387* 

267* 


ciT | ’•W-LHiLain.Mma 431* 
49^ ! •U.Oiilu-Iiana..' 504* 


491* 
401* 
495, 
31 U 
171* 


jAi.A.F ' 1SJ* 

i tiannett 4* 

Gen. Amer. Ini — ; 10:, 

.G.A.T.A 301, 

Gen. Lab*e 17 

Gen. Dynamic*... 57 
. iJen. Kiecriw.. 53 
Genera; F-.-oln- . 30 

Ucieral Mb'* 311* 

General Moron... 62 
Gen. lAik LUC...: IQ , 

Gen. Stgtial 2c -j, 

Cren. tel. Elect., i 28:* 

Gen.T.vie. 26 

7i, 

Ge-ireia Pacific-- 267* 
Jelty Oil .’1701* 


Gillette. 

Uojim.-h B. F.....| 

Gwijwtlr*. ■ 

G-iuM 

il*mvW. K.... 


X,t. DiiUlier*.. 
Nat. Service Inn. 
i AaiKMiai -steel. .’ 
>alnmak 

i NCR 

■ Neptune Imp 

. New Kmriand HI. 

: New E.ugiiD<t lei 

• NGfcaia Vlubawh, 
I Nlscara S-laare. ...' 
j N. L. Industrie* .’ 
I N.inoiuAWestern 

• Sortb Nst. Gn>...' 
i Ntfin states Pwr 
; NtiiwesL Airlmesi 

Mbwen Bancorp. 
! N-jncn Slr&on. . . 

Ivjrt-temv Petrol! 
I Ugilvv Mather.. 

. udio Kdifou 

■.iiin 


22J, . 
1512 
324* 
40i* 
54i* 
IB', 
211; . 
34!. 
14 

103« . 
187* - 

at, I. 

401; l 
241; ' 
281; 
275* ! 

20'a 

25U ■ 
52 . 

17 a* ’ 
163* I 


324* 

16 

32i* 

414* 

566* 

18a* 

214* 

344* 

14 
104; 

15 
2612 
41>, 
244, 
287* 
27 7 S 
2H* 
8618 
52U 

174* 

16 


:id. On Ohio 

Haul! Cberaica-. 
^teninij Urue... 

riu-let*ker • 

'un Cu 

>un-l>Lnn-1 

i ',nt« 

fecbmroiur 

leutronia 

leie-Wne 

rwe* 

r«w 


504* 

84', 

451* 
15o* 
644* 
48 T* 

471, 

27U 

11a* 

421* 

974s 

5S, 

33 


27 

27a* 

Ml, 

43 7 9 

284, 

27 

«*■ 

6612 

455, 

15S, 

65 

43 
484* 
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44 
99>i 

6 

331* 


8P Lana-bt 

! Braavan 

Bttiiei- 

. Caizirt Pu« cr. . 
L«nid.-w Mi,ie> .. 
Lai, a< la LVniem . 
j Lana. la MV Lan. 

' Lanlmp Bni-L-.m 
( vsiu'ia : uiJum. 

; laii IV-in-- . 
j Lid. F, ihc Inv. 
t Lan. 'ui<w On.. 
LaiiiupO'Kvetc. 
Ca-tal, Alvfl,* . 

! LhUflUiii 

I Lo nlnco . .. . 

! L-JII* BatbuiX. 

I C—nsumer Gas. . 

I L'oseka Re"..ni,ce, 
Ccnlain Rich 
L'a-jii Lev. mt .. . 

1 ten Iron Mi net- .. 

■ Lhjni Mine* 

| Dome Petn-'eun. 

; LiMicin.i-u Bndui 

L^mtar 

Uup-.ui 

1 fairMo'ee Ni-.-kie 
fconi M.-torL-aii. . 


14sa 
1618 
6.0 j 
37 7; 
131, 
IV l 3 
11* 
284* 
20 
191, 
201 * 
58 


144, 

I6r; 

*4.60 

37.j 

13 

10’., 

115, 

28 

7l97g 

191; 

291; 

59 


4.45 

4.50 

Vi* . 

9i» 

ie*g 

191, 

29 

28U 

281? 

29 

171; , 

171; 

61, ■ 

6U 

13JB 

13)8 

8 m 

9 

68 l B l 

67t, 

r81 ) 

80), 

60S, 

631; 

243* . 

25 

1812 

181, 

13 Ig 

131, 

2i>« ; 

21 la 

*79 | 

79 


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33 

42); 

25!* 

32>, 

53sp 

191; 

115, 

3i, 

30 

25:* 

52 
15 1; 
441, 
224, 
<2)8 
27*, 
19 
18* 
407s 
164* 
27t: 

2 1; 
44 
Xl»« 
37 
25 
21.: 
24* 
40 
21 •; 
31* 
31’: 
16 , 
52 1; 

53 


Uverenuahips.... 
i.i-nen, Ciirnin;..' 
Owens Ultueif....- 

Htcih-- One 

Pa-'iHc l^ithiing . 
IV . Pn i. A U.. 
t’anAniW-.rl.i Air 
Pararr Hannifin. 
IV*i-» IV Ini 

Pen. •'». A Lt... 

i>nny J. I 

Peiiii.--ii 

I’e^.w Drug .^-. 

Poepiet- (-at 

I Yin i-." 1 .... 


-28 
321, 
21 :* 


271* 

314* 

21-p 


[ Feac-ro Petroleum 

. I e«n» 

tesaa^uli......... 

leans Inst.m 

real- Oil A Ira*... 

leans Liililtew ...- 

Tune Inc. 

• lime; Mirror... . : 
: t Irak eo ■ 

I InuwmwK*. I 

I I nunco 

1 I ran* L'mou 

i Inui niT Intr'u: 
; I runs W'-trld An. 

I m velum, 

iriL-,ntineDta< ,| 


10»r ; 
2473 • 
20ia ' 
79 s3 , 
32 

19** i 
474. , 
297* | 
61*3 | 
39 ! 

181* : 
18J, ■ 
37i, ■ 
257b j 
21 

354, - 
19s* i 


11 

25i, 
203* 
80 1; 
33 
19s* 
483, 
301* 
617* 
39 
16 1, 
19 
364, 
254* 
217* 
361* 
194, 


; uenMat 

i Iiimi lei'nknne 

t Gun Uu lewuu . 
Ha-i ker >i.i.l,an 

H.-- lujer 

Home Oil -,v .. . 
Hm-imhi bav Mu- 

; Hu dam bar 

1 du-lson t «i i'A (>■• 

, I.A.L 

, i m*i *, 

•tnpenai i»ii 

• I a. ii . i 


271; 

124* 

267* 

7!* 

t33 

41 

171? 

195* 

424* 

18 

35 

191; 

201; 


271, 

7121* 

264, 

74* 

331; 

411, 

171* 

19), 

42 

IB 

344, 

191; 

194, 


Parkin Klinrr.. . 

feu 

I'n. rr 

l'ln-1,1- Lkm*i-... . 
Pima icIpt.Ta Kle 
I’llll'l-M.irri" ... 
PluHtpslY-lr.il'in. 

PilalHii i 

Piint-v Hones.. . 

l*itt"ii.|i ... . 

l’ie«« Li**AI-i; 


23 Ig . 

231. 

19 

19ig 

2U3, 

20'; 

7G 

71, 

273* 

27 1; 

24 is 

24 i. 

21(4 

2Ji« 

37)$ 

3833 

£9 

29 : 8 

9*8 

10i s 

34'g 

34 

31. ’8 

321, 

23), ■ 

23i, 

42 

43 

32i, 

33'« 

23). 

22*, 

to. s 

18!) 

bB 

b9i« 

44>g ; 

35-a 

47.4 

JB'it 

241; 

■£S 

23 

23,g 

171, 

17 


' I .K.W 

- iiLh Lemur; fci.r 

LA. Is 

I HIGH 

U,i 

top 

i 

i i ill ever N \ 

1 t m.-ii bnn— rp . 

- -.iii.ni Lai tun. . . 

; -ii '-omineivi 

' i HI, .li Hi. t n j| 
j L in . hi I’aii he... 


40 
311, 
27)* 
26i; 
2!4e 
2L4* 
56'* 
51 
14.* 

41 
6 

5148 

49U 


404, 

321, 

27/* 

2b: s 

9X8* 

204, 

361; 

5048 

IS 

414, 

71, 

52 

49 s 8 


i-i la 

■ ulan-t .Nki.Ga*..' 
Inl'p.r t'if^- Line. 
Halaer Res-.urt'eaJ 
l/nuri Fin Lurp... 
UttrtaB L-.Jr.'b'.., 
41 .-'mill'll it |- Mil., 
Mnuey Fersusnn: 

Mrluiyre ; 

llv*-re L-virpn .! 

, Nuran-la Mine*...! 

N-wtajn Eneray.... 

■ Mini. Ielw-,m... ' 

I A inn*.. i..|, ij*. 1 

i Jakw-s-i Pet-’m. 

1 iV-ihv-i.r.|. l4r i JJ ; 


12 ' 
10S* j 
144, ! 
144, ; 
91* < 
4.3U ! 
IBs* : 

134 i 
224 - 
36 

263, • 
153, 1 
SH; i 
341; ! 
5.90 1 
2.05 | 


121 , 

104* 

144, 

144, 

91, 

4.50 

194* 

137j 

221 * 

361* 

261* 

154 

304, 

54 

4.00 

2.02 


.’n-in.-IV, 

•’an. Lan. Phi m 
•Nil in- 


' i , --i*i”i-: 

I'l-t-.ifiHi Kin .. . 
Till In-iu-inv'.. 
pi ■■•te, l-aniloe. 
Put- -five K.M'I 

Cu ii in* n . 

Pill «-v . 

'Jink-r i.ikt-. 

Kai-i 1 Aniorii.ni 
n . 

-Ki.A 

Republic atcM 


35'; 
14.., 
30 
66U 
£2h 
oQif 
li-G 
1 5 
9\ 
45>i 
VB.’j 
36 -i 


55(2 
1437 
50), 
66 •« 
2b 
31>9 
17i, 
23G 
9-: 
d5« 
?B*= 
364 


<- (ltn-,-'l 

• ml vi Bitiidi. 

Lt I'vnniM- 

i si.;, |* un , 

• -■s'h ^ 

.a '■Irf 

t. I well III 111 |ps 

• V I ii. 111*1 nr-. . 

• ii ; nun Ki,.>.-I... 

'A ,-;i— i-n 

■' "iiin • L.-llil-il. 

•'‘trnri tx-.iv.l 

-l'i-tr.'|,n ini-i. 

■' — - Kup. . . . 
-) ii llrni ■-. ]■ 
>' 1~|H1 II N. till. 

.tnucni I nii.ii.. 
•V -sli|r;ti.p K «... 


7-a 

9 

344, 

25 

27 i* 

297s 

43-', 

214 

13?* 

2li) 

414 

30- , 

254 

2S-4 

56 (; 

48 « a 

164 

214 


341, 
26)* 
27. * 
297, 
45 4 
21** 
131; 
21 
414 
30j, 
24 
28(, 
36'; 
284 
16 
214 


i 1 f-r'e* I «-rpl J» . 

I'lA.s* I All j ll||.. 
•*l**v: I III ^1—1 fui 
-■-W" J-,„|- |( 

-'iiin- . 

i-iriHK ti u:sei ,1 

-t,ll K lH lt,| 

'••-e-l “lan 

'll*- -A ‘jr ni 

li-ysi iu „| 1. ,,,. 
•{••vs- I rim 


36)g 

321; 

tlSA, 

4.05 

0.93 

231* 

16i 2 

Ml; 

1.84 

33 

lLl* 

30 

304 

18)* 


njr..-i 


'svl-li If*. 

-cap ax'" 

■Jn-.- 1 ni 1 si In .. 
•iwiiii >>.l|iiie* 

'H"Mn • I. I 

>IH|n..l|. 

!*ti ■, 1 nna-,n.. 
'"T 1 1 -.-.I. 

Ir-As.<. I a IIS- la ... 

I • -I • -III., i '■■■■■. |tk , 

1 ,nl‘,|> Lu. 

1 an* Al-aii , 1 ii| • 


lU.t .. 

•1 '\ ?> li,-,,- 


W iMon«m EievL.- 


274 

267; 

234 
934 
IPG 
21 « 


27 
a' 54 

■JJ’™ 

241: 

204 

271, 


• in. m 1 ... 

• '-I. l-..s'.V|||„- 

•' * *-•" Hu .uu 

I'-.SI I | is-*. 

•' -|. 


(7* 

281* 

141* 

5.6c 

26*1 

=a« 

25a* 

Z.65 

374 

191, 

154 

S)B 

ll2ls 

10)0 

Si* 

334 

11* 

17 


56<p 

32s* 

7151, 

3.85 
0.94 
23 
15), 
14 j* 

1.85 
34 
10 
294 
291; 
184 

7l; 

28.* 

14 
5.75 
26a* 

= •4 
25!|, 
2.59 
37 
IBs; 

15 
9> 

;12i, 

101; 

84 

357- 

H?E 

17 


GERMANY ♦ 


Mav 


Yztrx 

II.-. 


cr Utv. X-,i. 


» 


ALL 

A-::»i:r Vtr*W.... 

BMW 

- 

Ik" or 

tbjw. K\ j-.- 


TOKYO 1 



1 ’ Pnee* . + or t«v. Vki 

11a, l? 

■ ven - : % % 


f. Valnt .Ned. wt G 
L-mr— r.-'auk.. 

L -.*□» IU.X3II 

t-a-n.v' Bert.* - .. 

I'rufsra 

iKje-aj 

tie-.t-.nc Rank. .. 
Lr*-s:*ier Bar.k. . 
liv.-a*-:. •" Ztzr.l. 
4'-:e. -.‘Tts-r.s*.. 
ila.*.- L-.y. 
Ha-i-r.-tv: 

H-.-c L-t 

I tv.- .ii 

Hvt 

K« 


80.5-0.1 



\-nilii tjla** 339 


14 

462 -2 

■ 18 

2.0 

-annn 456 

- ii 

12 

227.5 

4.0 

18 

4.0 

'.hall 565 

-20 

25 

135 5 

-1.3 

W.« 

b.9 

•. lull' <li.. ... . 350 


20 

138 7-1.2 

16 

_ 

Ibu I'riin 544 

-2 

18 

276 


18 

3.2 

fc'i.i ' 555 

-3 

13 

2e8.5c 

0.7 

18 

3.1 

Him- Ir £40 

*1 

12 

180 . 




ik*n.ta MitU't*....., 570 

-10 

18 

214.5 +0.3 

17 

7.9 

'luu**? I***' 1.130 

-20 

36 

74 


_ 

_ 

-.lt.it 222 


12 

293-5 -LI 

M.ll 

4.8 

U.-V-kv,.. 1.310 

-10 

3kJ 

242.2c- 

-0.8 

17 

3.3 

1* .+ bSt 

-17 

13 

MB . 


14 

4.7 

l.A. I., .. 2.650 



206.0 

-1.5 

23.12 

4.9 

L-pi. Hu 1.120 


10 

239.3 tt 

-0.5 

22.12 

6.9 

■vuiiiiii*vi 335 

-2 

18 


AUSTRALIA 


•BRAZIL 


Mav 15 


.+ or 1 


A iot. S . — 


Mat 18 


CPrW I + ctj Dir. Yi.v 
One - - Ifn-i 


L’nii 


/ 


srr 


rvs—la.,* 


n«u' 

N D.’-li. 1 ... 
JvHD 

L.t: e 

u ei.'-.a-. 

Loir Jar. -a 

'■I AN 

a -lki.iur macn 

Mera'.^s 

'■l::iiiMe-.c- l:.i. ; k. 
'eSurtjuu 

Preu-ee DM 1C1 
lj:i*-.-.Wc.t.L o.-t. 
*c..et;r.e 

■leincif. 

—j-i /ii.-kei 

Tiiv— nn A.C',. . .. 

Varta 

KHA . .. . 

) vretn>l W'e-t Pi 
A v-.k-w kuen. .. 


145.0 . . 

190.0 -0 Jb 

114 . . .. 

230 -1 

135.6 - 1.3 
45.3 sQ.l 

1 19.5 -0.2 

132.0 - 1.5 
296 -1 
2-2 -2 

91 -u.5 

173.4 -0.4 

9a 

426.5 s * ^.5 

1.476 s 

1 12.0 -0.6 

175.0 -0.5 

151.8 -2.8 
196 -1 

533 -3 

117.0 -0-2 

108.7 

182.5 t0.2 , 

254.0 -3.5 

274 -1.4 

245 -3 

11B.4S -0-9 

165.6 -0.5 
104.5 - 1.2 
285S .. 
196.8-0.4 


4 

14 

12 

9 

10 

4 

10 

9 

20 

13 


1.4' 

5.2 
5.* 

3.2 


ivuNhc 


279 


■ ■I— Lei» nuc ... 3.4SJ 


•latoii nua liH.. 734 


4.4 

4.2 

3.5 

3.3 
5.9 


279 

136 

426 

329 

541 


12 5.4. 


16 

2s 

7 

12 

14 

lu 

18 


5.5 1 

«| 
3.2 | 

3.4: 

4.6 
2.0- 
1.7; 


25 

<2u 

16 

17 
11 
14.: 
12 

18 
25 


0 . 8 ! 

3.* 

2.9 1 

5.9 1 

4.6 

4.2 1 

5.-; 

3.2 

6.4 


'iH-iitushi lan*-.. 

•Iii*i,r-i":r He-,) 
■1ii--jLi Iii i.i-rp. 

4it*ui A I.. 

■I it -uk..- In 

»'H"-ii IMi**-.... 1.300 
M|.|..n <,iiiipar.. 656 
*>• an M..|..r* 793 

• Viuwi 1.700 

■ii," 345 

’Cki ,:» Pmial- 671 

in ml" 1.06a 

'•II.I 1.780 

• 'la line. 239 

■ uh-sia 1 J ram ics'. 541 

- UK 1 99a 

vL'ii Ia7 

-vfcK- MartH, '.. .. ' 491 
■■ku.t ecl Pu»'i 1.04 J 
■k>.» r*p,u .. ... 301 
•ikv.i'bi linra..." 144 

-iev ! 144 

--v-iti M.-i.-r .. 944 


- 1 

-40 

-3 


-4 
1—1 
- 6 
-30 
-19 
-10 
-40 
- 2 
•9 


19 

35 

2U 

10 

12 

13 

14 
2u 
16 
12 
Vc 
48 
12 
io 


2 1 1 

1.5 i ACM 11. .f: . • 

g 9 ; .Venn, Vu't^uiii 

2 9 Allu'-i Mi.jj. 

1.7 1 \iiM" « fc ,^ft. rs(;,ni 

1,41 Ami- : 

2.5 [ As.*. - * M iih-rnl* 

L6 1 Asr.s-. Put, 1 P»|<vr SI. . . 
1.5. i-isjt. Vun. Iinlu*irirs 

1-0' \u.l{jlKv..!. . .... 

", Atls*. WJV.V G*. 

4.5: Mine Metal tuo. • 

2.7 . Bougainville '.Vpr-er 

2.i . Hickeu Hit. I't -j-neiarv .. 

0.6 »H Nmili 

1.4 ' sritvii I’u licit Brwwenr .. 

l. 5. L'ult-s. 

LsK/iH'.. 

1 vns. Gvdritielrls Auri ... 

1 •.•ntaliier ,»!•„ ; 

1 ••n.-iuv Km m 1 r, 

• i-staio AiMtnlia 

Liuuk'ii RuMvi i31 

hSCLUi 

hl.icr-Mniih 

L.-L. lunuiiinl's 

Gen. Ptnjcny Twt. 


1.8 

4.4 

1.5 
2.1 
1.8 
0.6 
0.9 
1.0 

1.4 

2.4 
1.7 


tO.70 
tO.BI 
*2.24 
; 1.27 
tO.BI 
11.20 
tl.18 
71.6 7 
t0.93 
1 1.51 
10.40 
tv>.44 

rl .12 

11.84 
t6.74 
1 1.03 
rl 87 
f 1.98 
73.92 


-0.01 


-O.QJ • 

-♦on r 


-bwlis. 

Uatioiiia Emii... 

rtwuv lieu 

Iicittii Miuelra tilt 
UM«k Ann*, tip..: 
. IVtnilws PP . 

; I’lttflll 

i ts'iis* Lm.- OP.... 1 

-4J.DS ' 1 '»P p K- 

-0.01 PI'! 

.-0.D4- " 

-0.02 
■♦a.02: 

♦03IS ' 

-OSLO 

.0.04 

* 0 . 01 ; 


1.00 0.08,0.12 ,12 00 
9. 16 :-O.M0.17 7.9? 

L2o:.. .. i0.16>U.j,< 

235 -0.01 0.23 18.07 
3.10 -0.030.2u 6 4r 
2.84 —0.020.10 3 4* 
1.70 — 0.056.16:9 41 

2.86 0.23 8.L« 

7.93 -0.Kfl.BO 2 6! 
LM ; ■kO.Ol'O.t) 8 5 
V01. Cr3i«n ' Sham *4 tan ' _ 
Swrwr Rio de Janeiro SE. 


.. , T W* ’• -Fnr UTrTTEL ’ s 

M«v 13 :.Kioneti — : % i 

la.’SI Bergen Bank ; 


•D^.-ODn 

:: : U 


94 ;+i 
64 -1 


9 . 9 6 


12.77 -O.M ' 64 

72.40 ’ ... , AW“t»nk 108 .... -. 11 

Jiwti. h, ’ n "'’ - 26541... 20 

W I KirtUlfca-ytu 105.75 -*0.2S 11 


:2.47 


il.42 
M.Ou 
12.05 
|2.15 
1 1.55 


a m i '* ,rik RjHrukr.SC. 188 -3 12 

~ V , ttorel-n md ^ 97 .5; ; _9 


9.2 
- 7.5 
•104 
5.E 

. 9 a 


.-D.US 



itainv Ntkkn teeuntie*. Fn«yo 


AMSTERDAM 


BRUSSELS/LUXEMBOURG 


Mas 13 


Mae 15 


Price 

Pis. 


ur Di».Y..J. 

- , % i 


1 .NiLea 

I Uq. bm. Lvmt’. 

I deken ••If 


\hvl-i .FI.30. 

\hr>.' iFl.20- .... 
\Ltern BnkiFilJO 

A MLV Fi.lu, 

A ill r., Lank • F ■ -2k>. 

btjenk'.irr 

BokvAVoi'mi Filj: 
Diirhmi Tetienrie 


.21 3.3 1 


107.5U - 1.3 

28.2 —U.5 - - I 

349 -l AZ3.& 6.7 ! 

84.8— U- 2 A v+4 12.9 
76a— 0.2 di.i o.fl 
94 * 1.5 23 4.8 

120 ... . 8 J o. 7 

70.3 .. . . ' 26 7.4 



l»>v. 

Frio 

* •« l ; r. 

. tfr. 

— ,\lH 

2.45a 

;-ao - 

l.sSU 

+ 20 6. 

1.630 

Ub 

1.348 

— 2 1 ju 

426 

-17 - 


3.8 


■>Mties iDavnii 

Lt-tituuvl Oil- 

'lenw biuimnon 

M1M HoWinp* 

Mver Lai|>oniim 1 

\kivji 

NieUctau Intermiimuil 

'utth Brnkeu U 'dings isOd 

(.'aLlmdice 

; ‘.'-i .^eaieli.T \ 

1 "iter Lspldraitun 

| Pmiwet Coovrete 

j Kurkin A' Ci’Linan 

! H. C. ak-ipb ; 

, -••uthlanil Minute ! 

*iwrsr>» E\pl>]rat*sn. . 

Lrihilt : 

W a lii.ii... 


h!3 ■ Minmp 13O ram*.. 


11.32 

10.25 

10.26 
12.14 
Jl.75 
t2.35 
t 0.85 
’f 1.17 
tl-68 
(0.11 
♦0.26 
tL57 

ria.BB 
♦0.78 
tO. -2 

t0.23 
1 1.85 
tO. 06 
tl.42 
tl.67 


'♦0.06 
i— 0.02 ■ 
*0.05 : 
*0.07 ; 
-0.02 1 

1*0.05 ; 

'-o.ot ! 
* 0 . 02 ; 
•+0.05 1 
'♦il.ul ’ 
*4.01 


Past Drieronteio 

Evl5bQrg 

Harmony 

Kinross 

KSnof 

Rustenburu PlaBomn 

St. Helena 

Suolti Vjal 

Hnf(1 Fie to SA 

Union Corporation 
De fleers Deferral 
RlfTooruKdcJii 


♦0.01 1 East Rand Pry. ... 

• ! Free Slatr Cedntd 
*0.84 i Prcwdcnt Brand 
-U.UI j PrvsHom Steyn . 

-7.03 - Stliroiilcla 

,0.06 ; WpOmhti 

west DrMont-*tn 
iv\-wom Holdings 
Western Deep .... 


rO.lt 


kCTI 

EBbff 2.22JM— 40 17/ 

b',--iu.iiei 6.50 a — 41045u 

Fnfnque Nut 2.335 -a 1 /„ 

fr.B. Inui-Bio.. .. 2.03 J —20 iau 

Getaert 1.5U&M— 4 85 

HiiG.keu 2.350 —50 1 17 l 

luier.-rvnr 2,^25 

Ll»evier A iFl.SOi. 269.5x0 T 2.5 27.5 2.0- u— 6 7SJ 
Kunn N.V. bearer 1423.0.2 47 * 


8.0 

0.51 PARIS 
0.7! 


85a .... 

30. 7w *0.9 
100.5-2 
32.4'— 0.4 
26.0 -0.4 
177.5 * 16.5 

44.1a 

35.4a — j,4 
111.3 -0.2 : 
53.5a 


KuroL'-raTu Ft.I'J' 
ir, bro*i(e»'T!l> 

Heidekem Fi^£\. .- 

HiOK'-vem-lFi^Ot- 

Hunter D.iFi.lUO- 
K.L.M. iFi.IWi. 
tui. MulleriLsUr.. 

Aaanlen iFl.10... 

Xnl.Nel I □ -.* F; 10 
NolL-red BhiFi^O 
N«d If id 8k 1 FI. 0 O 189.6a * 0.5 

(>.« I FI. 30 1 

Van Onutwreu... 

Pahtmed 1 P 1 . 20..; 

Phiiipn 1 Pi. 10»... 
RJnScbVetiFI.ICO: 

ItobecoiFJ 50) : 

U.illDCU iFL fcOt...' 

K«enlo iFI. 60».„- 
Ucya I Dutch! FlJal 


94.6 5.4 
SS3 6.?; 
14 . a.5 ! 


12 4.6 


18 7.7 
I2.D, 3.8 
48 1 4.3 
21 , 7.9 
28 . 3.8 

36 ■ 

18 


Pan HuMiog -2.600 

PetK.hn* 4.255 

Oen Han't ue.. 3.000 
iw? Geti Hpi*i<]iiAl,98S 

■ultna. 3.070 

ao ra.v -2.535 

frartkui Elect 2.'i95 

UH 946 

LnStio-.lilOi • 774 

Vieuie Montague. 1,620 


-10 142 
> 10 26 a 
)aa 


*40 
-15 
-5 
*3 
-21 
-10 
+ 43 

*32 

-20 


7.4 
0.5 

7.2 
7.L 
3.6 

6.3 
«. 2 s 3. a 

174 4.1 

2U4 b.8 

14U 7.1 

215 7.01,. 
13ID 
I7u o.l 


Mat 16 


Pn,» 

Kr*. 


+ nr. 


Dt, .'Till. 
Frs. 1 * 


737 +7 

4U5.5 -3 
300 +3 


Rente 

ttirquelVuirtV 1 
Mr Ijqull..,. .... 

A'lmtainp 

UIC 475 -5 

Hum Riie* 685 — 1 

I'.lN.linvir 507 2 

■ Cam.-lnui 1.6 17 u) -r 8 

351 +6 

.1.1 AkxtP 
I >.' 1 p Dance ire 


. ■’'a; 0.6 
'21.16' a.3 
16.6- 5.5 


AF.CI 

Anglo- Amor. Industrial 

Barlow Rand 

CM A InvextinentB ...... , 

Currie Finance ... 

De Been Industrial .. 


Edftar* Stores 


441 -i,5 at.» 6-Oj VoUcsbefc/OEtoga 


1? 76' 2.7 Orratenttans Stores 
42 ' 6.8 1 Cuarttan Assuraore 
403- 7.9 Holsts 

• 75 i 4.6 •• 

• 31.6 g.i|NedBank : 

1 1 140 ; -23 1 BBA S 1 1 Bazaars 

'516.5 *4.5 - 12*1 3la £T B ®l? r gw»"» 


50 e.S 


•- .«• Meute... 4US -*2 ;il.J5i 2.8 1 

1.64* 1:3 ■ 18 1 9.8 1 3 


4.9- 
8.3 * 


SWITZERLAND 


17 


146.8 —0,6 
127.5 : .+ 2.7 

41 

24.3*1 -0.8 

83.6 

168 — J.l ' A26fc 

127 

JiM c "S’ 2 Uft,' | Aluminium il.230*L 

127.6—2 133.76. B.4 uu,-..- 1 . 7 QO 


7.6 



1 Price | + or Div. Vl-I. ' 

| May 18 

’ % % 


Credit Com Fr'n'l23. 

C>eu?oi Loire... 82.9 + U.5 ■ — j — 
805 1-15 7.5 1 0.9 
184.9— 1.1:14. 10-11.3 
189-3,-0.7 : Q.2&I 4.3 
5.7, 6'.2 


li'iruea.. 

•->. PetnUe* i 

U*u. I).vki1(iiiiel 

Imelal 

I ».>| job Uorel [ 

Gisnjt 


L'Dmi 


Uytsml il.748 

Miiroru, Pheu1s..r- 917 


62 >+2.1 1 
113.6+0.6 
187 <+.7 
731 f+'B . 
i + 23 
,+ 11 



Rand Mines Propersps 

Rcnvhrandt Group 

Retro . 

Saw 1 HnfaUtiKS ..m— 

SAPPI 

C. CT. Smith Sugar .' 

5A Breweries .. - 


Band 

+ nr — 

_. *87 

+!• W 

, .. »3 13 


.. !!.« 
.n 1 !)H 

-11 ir 

.. SM 

-On? 

... Aid 
.. 8.45 

+ it 113 • 

... 1 59 

.. *13.M 

+0 30 

.. T.n 

~ — 

... 31 .to 

-0 73 - 

.-a 4-45 

, 

590 

ttu. 

5 St 

-Oif! 

4.75 

-e :i 

. . TC.flfi 
... M.70 
11.73 

■Hl.'.B 

... 4.nn 


. . - 4.» 

. . .i:.73 

+ » Id 

.. :is.» 

+ (l Ut 

Tisaa 

-0 73 

M.S- 
.. «.B5 


... 0.^ 

.. 8.87 

... J.w 

+0 I* 

-. O.IP 
- 18.W 

+1 na 

.. 1.95 

+ 8 th 

- »» 

1. t.li 

-0 45 

. e.t3 
l» 1 w 

-OiK 

5 90 
.. I M 

-n in 

.. 5.47 

+ 8 07 

. « id 
3.2) 

+ n <n 


+0 in 

t.ts 

+n,c 

1 Si 

+ 1) uf 

. a t« 

+ 0 IH 

fl.'M 


. 1.45 


..- l.W 

-0 ns 

6 in 

+(t.;n 

.. l.W 
r. 9« 


. l.W 





Unlace 

Securities Rand U^^ 0.73 

(Discount of 36S%) 


COPENHAGEN 4 


* vri''-eS‘ t*>'P r re*l iti< 

uot ,1 <u«ri* * RM t ;»keti 
I Traded. 8 N* 1 * R 4c fc - 


Mm ).£ 


Hoffman PtLeri-. 76.250;— 3760. ;5u 

LV), iBm-MIk... 7,800 ;-150 35 

lnHTlor«) U ;3.B50 ; .. .. 20 

J el moli fFr. UK)i. 1.40Sa — lu 21 
Nevile (Kr. 100, ...'3.450 |*33 .. 3 ., 

L*. HeS '---.- ; :2.Z55 *10 m, 6 .7 3.6 . 7u a ... T.B60 '-70 j 39 i 2.4 , 5an« CuWraT 

Price • +or . Du.. Y m. I.H?njki)nU.,f,oui 2.395 *4s 15 15.6 ' ..1 277 1 + 3 

Kroner - ' t • % | Hieill »IPtF.W'!_ 275 !-7_ ; 15 5.4 j i'vStfm'euui'inue. . I 724.5'~2.5 ; 26.6 3.5 


• 1 Dragne-L 

J -' P-x.'lain ! 

0.7 Ra.il» 'Tecbntriuej 

2.5 lieduute 

1.5 ' lllnoe PrqjItTH" ... 

2.5 1 -st. GutMln • 


186 i-7 . 

438 +6 1 27 6.1 
662 1 + 6 i 27 4.5 
89 j+0.91 9 10.1 
146 | + 0.9 11436 IO.U 


SPAIN * 

May » 

Aslaud ..... 

Banco B(1t»D 

GaiK-o Atlantiri) U.M9) 

Bani-o Crnrrol •... 

Banco Caterior 


Per cedi 

‘ in 

3M 


351 


+ 6 
+ J 
+ J 


Mulel’tanken .... 135.25 .. 

Liirni’-er IV 426U-11* 

Liaii'k« bank 

A'latiLo... 

Fiiun t<auken.... 

. ..r. Uvi'gericr... 

r.jr. Pa !•>■ 

Hr.ii'lli— i.virth .... 

G.N’tb'iiH.tKre., 

N.i ( Kal<ei 

■ '.irjal.rik 

PnvAIIauk 

Pr»vin>l*Qk . . . 
f'l'ti. Ueremi-en. 
iii|*-rfv* 


12H, -I, 
160m — l, 

12913 

344 * 3 

72': —21, 
123.au . 
2661, * li, 
243a . 

79 

1301, -l, 
1351; - 1 , 
391 -4 

190 - 1 


J >*irlf.it -Pr. £iui_. 3.700a -25 

8.11 Do. KRtisCortv 486a + 5 
3.5!^ bio.ire,L't«Flv*>j 290 -5 
9.0 ’ 4ut/er Ut> tF.luJi. 355 a —5 
?JB ; svcinmir iFr, aeUt- 815*0 — 3 
10.0 ' UnnkfF.IOC' 386a;— 3 

3.3 "roi'v die. F^sO>. 4.650 .' 

10.7 1 non bank :3.CllOn - 10 

, 8.9 <um:li la, 10.760a .. 

01 ' __ j ,\0 A AUKr^Oi...! 


2a 

2b 

12 

14 

10 

10 

40 

20 

44 


1.7 

2.7 

4.1 
3.9 

4.5 

2.6 

2.2 
3.3 
2.1 


rue: . 

I'riemeiMiuiiM!... j 
I'hi'nmin Hraniit.; 
I'l-llW ' 


189 

24.05 - U.»‘ - : - 


STOCKHOLM 


. I’n.-e +■ vu , Div.,1. 
May IB - \ Irw } — 1 Ki, i f 


5.0) 


8.5 
8.1 
5.1 
a. a 


MILAN 


Mav 17 


Price 

Lrp 


e wi .Div. V. 
- ' Lit* , 


VIENNA 


Mav 1*. 


1‘ru-e + ur I'iv.YiJ 


ASIC - ; 103 ,1 

Da-tug! 1 450.0+6.5 

fiat : 1.980 -2 

! |t«. Pn; 1.715 :-13 

I Fin-Mi.-i . .. 

1 luiIcemcDt. . 


Alia Laval b(Krt*.[ 

A5bA (Kt.60|..-. 
Mia* CupcrfKrSr. 
UiilfTU 1. ........... .{ 

UcHun......-~ 1 

C«nkt..— 

v ciiuiM ; 

fcjiert'lux ’R' iKn> 

Lnoswjn - H' (first 

B" 


210 

147 


'. i*j*1itaiiMa.l .... 

P-.'t'ir.-.'sr 

•■:tt*:la 

-*ttn»>et n . . .. 
•I»t> 1*«(in'*r .. 
)'“>* Maintcyt. 


342 

262 .. .. 
589 

91 -2 

186 -2 
242 . .. 


10 

9- 

38 


26 

3.4 

8.1 


14 


3.8 

S.B 


liRi-mei. 
Medi-iwuca .. 
Until *4 inn 
<>>ive*ti Pnv.. 
Plredi A L*i 

PinHIt rra. 


Jhu Lb ■ fc^selu? - 

>ou 8.7 , Pager** - 

• 'I ™* * iuo i-a 1 ViSSStaES::;: 

‘ J2 . - - I Uarahou 

"i & Mu Ih4i Dnin«tP.. 

143.25 -U^S - .. > ■'tn.ivlfc A.ti 

,I.U90 +90 - I ."LK.fr. "B" Kr* 

Z ol 5 n ’ toli 6.1 -kamt tn*kilda. 
962.0 -B.a 80 8.1 ' r*n.Uik ’8' Kr.-j 
1 LVniehuim . . 

| I’oIto (fit. c0>.. . ' 


677 +20 - 


256 

105 

47.5 .. . 

319a* 1 

i2ua 

61 . 

24 i -5 
71.3* 1.5 
147* *2 
76a . 

5J-5 -2 * 

87 -1 


Banff) Granadd- (l.UOOi 

= = 1 r - 1 B4IW6 HiSpaltO 

1-2.5j 16.I5 80; Battct) inrt. Cat. M.Wtt 
I R. fml. Mi’dltemmuo . 

| Bantu Pnuulur 

1 Banco Santander C.'tOi 
jn.mw UrnnUa « l.DUUl 

• Banco Vui-aya 

“* Ihinco 7.aranoxatw 

l Bantu nidi 1 

_ ; Ranus Audalucla .» . 

2 a 1 H'lhtOvk wiu.ni 

/, ■ nc 

o'* ; Drauadus 

Ininubanlf 

E. 1. .Arajcmious 

Esnuflola 2lnc 

Etni Bio Timo .. .. 

...Prita tl.HU* 

fcVltXJM ll.lHHIi . .... 
t-“ tlal. Pn-ciadn* 

*•' Criipu VvloMUi'r 

i l . irwroia 

iie., IhenJUlTO 

_ 1 Harr a : 

^ o ; Pap.*|i>rafi Reumrtas 
g 7 VvtrahbiT 

i Pnimlwi* . . ... 

Sait 10 Papalnra ... 
Siiiatc 

Sutu'iivi 

Teh-tiimra 
Timr+s ItoRlcoch 

Tub, ccs .- 

UlUOn Eire. 


6.8 

i+ 1 '5 

83.5 a -0.5.' 6 

i&ja; t> 

77 4 

120 a v4 

185.V. 

235 1 
140 a 
133 - 


1J 

10 

o.3 

9 

8 

4 


+.8 

5.3: 

3.3 

9.4 


■ «a> 


a. tv 
4.a 


2.3 

а. a 

a4 : 

б. 7 


1 ’ b ’ 6.9 I 


2» 

1U 

225 

1U 

20S 

20 

an 

m 

2* 

316 

152 

221 

a 

» 

272 

n 

« 

108 

va 

722S 

75 

.•70 

16 

SMS 

BOA 

12S 

.70 

UO 

20B . 

41 SO 
as. . 
125 
Jt - 
« ' 

B2.ZT 


+ 3 
- 1 



+ 1 


+ 10 
+ 5 


+ 7 
+ a 
+ o.» 


+ 1 
+ : 


+ 2 


+ : 

+ iw 
- » 

+ i.n 


y k 

.+ 2.yi 







) j & j > 


- .* . +4- 




.7 







JM 




* Financial Times Friday May 19 1978 ‘ 



I \RM.IV(, AM) RAW MATERIALS 


37 


Fertiliser prices 



i BY KEVIN DONE. CHEMICALS CORRESPONDENT 


FERTILISER prices will be Both price rounds reflect 
raised again at the beginning of increased labour and raw 
June, only five months after the material costs. But they also 
* 3 ?L i^c , ^e , as 5 , , . . take account of the higher price j . 

The latest round of increases ICI is paying for its supplies <?3S marketing consortium, 

has been led by Imperial of -natural gas from the British h*' 11 * cut price of its mid- 
Cheraical Industries, ~ 


Cheaper 


By Our Commodities Staff 


. the Gas Corporation. Natural gas is 
dominant producer jn the OK used to make ammonia the main 
which holds about 50 per cent of raw material for nitrogen ferti- 
le straight nitrogen fertiliser lisers. 

-* r ICI ’ fi 1 5-year supply contract. 

It is raising iU fertiliser prices which was worth -£250m to British 
by an average 5.5 per cent from Gas whan it was signed in 1969. 
June 1, the begin mug of the new was belatedly renegotiated last 
fertiliser season. year in the light of increased oil 

Straight nitrogen fertiliser prices following the- four-fold 
prices will nse just over S per OPEC oil price rise 
cent and compound fertilisers by Fertiliser prices in the UK are 
an average of just less than 4 per coming nearer to Continental 
writ. . European levels, especially for 

Some of Id’s major com- compounds, but they are still 
petitars in fertilisers notified the some 20 per cent below average 
Price Commission of slightly EEC prices, 
higher increases, but they are Prices, particularly in West 
expected to Fall in line with the Germany. Holland and Belgium, 
market leader. are higher although average UK 

UKF. Fisons and Albright and prices are somewhat higher than 
Wilson all confirmed yesterday French and Italian levels, 
their intention to raise nitrogen Because UK prices have been 
fertiliser prices by ahout 8 per below those on the Continent for 
cent and compounds by about 4 some years, imports have played 
per cent. little part in the UK market. 

Fertiliser prices were last taking only 3J-4 per. cent in the 
raised in January, when ICI last 12 months. The import share 
Increased straight nitrogen ferti- could rise late/ this year, hnw- 
liser prices by 15 per cent and ever, as UK prices become more 
fertilisers overall by an average attractive for Continental and 
10 per cent. Comecon producers. 


EGGS WILL be cheaper next 
week. Prices for all sizes are 
coming down because of a rapid 
build-uo of stocks. Goldenlay, 


range sizes three, four and five 
by 5p a dozen. 

Sizes one. two, six and seven 
will come down 3p a dozen 

Goldenlay said the reductions 
had been made became of over- 
supply ar home and elsewhere 
io the EEC. Imports from the 
Continent were no heavier than 
usual but exports had not been 
as good as had bten hoped for. 

The lower prices might per 
sist for some time. The surplus 
shows no sign of easing. Stocks 
will develop again during the 
coming back holiday when shop- 
ping stops but the chickens go 
on laying eggs. 

Most egg producers are over- 
stocked with laying birds and 
the industry’s advisory organisa- 
tion. the Eggs Authority, has 
twice warned fanners to slow 
their rate of expansion or face 
a period of low, uneconomic 
prices later in the year. 

Beef. particularly grilling 
nu? Jiiy steaks, will be more ex- 
pensive this weekend. The Meat 
and Livestock Commission’s 
weekly survey shows rump steak 
has gone up by an average *p a 
pound to £1.S1. The highest 
price reported was £2.06 a pound. 
Cheapest rump to be found was 
£1-60. 

British Iamb as as much as 5p 
a pound dearer according to cut. 
and some cuts of New Zealand 
lamb and home produced pork 
are about Id cheaper. 


Tin lower on 
news of U.S. 



move 


Pesticide sales jump 

BY KEVIN DONE, CHEMICALS CORRESPONDENT 

rtriME AND export sales of year of 1976. But the return 
pesticides increased 26 per cent to normal weather patterns 
list year from £192m in 1976 sharply reduced the need for 
to £242m. For the first time ex- insecticides, which were - in 
ports moved significantly ahead heavy use in 1976 because of 
of sales in the U.K. market. the serious infestation of cereals 
-Pesticides remain one of tbe by aphids, such as greenfly, 
most profitable sectors of the , The use of herbicides on sugar 
cuemieals industry suid have crops is increasing steadily 
been less affected than most an d some areas are spraying as 
others by depressed trading. many as three times a year. 

_ . . . Usage on potato crops- is 

Even given the 15 per cent tatic following the steady 
rate of price inflation last year decline & demand for potatoes. 

(including changes in import- 

prices) the agrochemicals indus- 

try showed real growth of about 
11 per cent. 

Export sales increased 29.4 
per cent in value to £126.5m and 
home sales rose 22.6 per cent 
to- £115 5m. A FIVE-MONTH drought which Brazil was affected by the long 

Herbicides, or weedkillers, ac- has sev erely damaged crops here dry spell, and the damage to 
counted for 67 per cent of the and threatened to uproot rural this year’s soyabean crop and 
industry s sales last year, accord- j a h 0ur ers has ended with heavy t0 the next coffee harvest will 
ins to figures produced by the rainfaUs throughout southern 'ni be reoaired bv thTrain 
British Agrochemicals Associa- Brazi i rCDOrls AP-Dow Jones. n ° l . , r ®P a,r ® a we . rain * 
tion. Insecticides took 19 per . . _ . . officials acknowledge, 

cent of the market and fungi- ram began i on Monday in 

tides 9 per cent the western part of the key agn 

• The area of ‘ cereal crops cultural state of Par? 

treated bv herbirides In the UK reac hed the state capital 

increased last year aTter the tsba b * mid-afternoon. W end. allowing farmers to move 
reduction during the drought The entire area of so^Kem into the fields. • 


KENAF EXPORT 
OUTLOOK GLOOMY 

BANGKOK. May IS. 
THE OUTLOOK for Kenaf 
exports is gloomy despite the 
fact that more was shipped in 
the first quarter qf this year, 
according to the State-owned 
Thailand Bank. 


BY JOHN EDWARDS, COMMODITIES EDITOR 

TIN PRICES fell on the London the market dosed virtually un- 
Metal Exchange yesterday arter changed. 

news that the stockpile sales rnmmndiTies Research tlnit in 

fhe POS r!fn?,« bee ? ftP™ ved It. l3!Swte“iS^ ys 

pamraittf-? r fut Pared before ,he Zaire Invasion, 

committee. But the bill passed paints a gloomy picture for the 
by the banking economic stabih- ' " s “ a rket durina the wnnrt 
sation subcommittee was mainly -ear ? It sa ■ th 

ss as *25 

This is different from the pro- P re dicted. 
posal for the release of 30.000 The report forecasts a slight 
tons passed by thc armed ser- decline in copper prices during 
vices subcommittee earlier this the third quarter of the year, 
week. before rallying to marginally 

The progress being made to- '® ve * s lbe butt quarter 

wards stockpile releases has . , IS . ?P? r an ” i mov,n 8 up 
created nervousness in a market slightly higher next year, 
which many dealers feel has But the forecast rise in prices 
moved up too fast. is expected to be barely sufficient 

At the same time the decline to matcb the rate of inflation 
in the cash price, which Inst £85 until late next year, 
to £6,420 a tonne, suggests that Surprising! v. Roan Consolida- 
te shortage of immediately ted. one of the two major Zam- 
avallable supplies may be easing bian copper mining companies, 
slightly. reported yesterday that it had 

Copper prices were held steady made a profit on sales in the first 
by continued uncertainty about quarter of the year and expected 
the situation in Zaire some to do so again in the June quarter 
consumer buying interest and following thc implementation of 
forecasts of another fall in ware- economy measures. But afier 
house stocks. taking - financial liabilities into 

But profit-taking sales con- account there was a net financial 
tinued at the higher levels and loss. 


Free market ! FARM PRICE REV,EW 
platinum 
up again 


Hollow victory 
for Mr. Si i kin 


BY JOHN CHERRINGTON, AGRICULTURE CORRESPONDENT 


CURITIBA, Brazil, May IS. 


Next year's wheat crop Jn this 
and state “ expected to be planted 
.- as soon as the rains come to. an 


Uganda coffee ban widens 

THE GENERAL Foods Corpora- Following the Falser ban Mr 
tion's Maxwell House and food Clement Zablocki. chairman of 
service products divisions are to the House international rela- 
end all future indirect purchases tions committee, urged other 
of Ugandan coffee through American corporations to take 
importers and brokers. similar steps. “1 also urge 

General Foods said it ended Prudent Carter to take 
direct purchases of Ugandan * m^sures to discourage 

coffee last December. Yesterday’s support of Idi Amin and 
move follows an announcement hls Gp^eniraent. 
hy Proctor and Gamble that ils In Rio de Janeiro meanwhile. 
Folger Coffee .subsidiary has the Brazilian Coffee Institute 
begun a boycott of Ugandan president, Sr. CamielSo Calazano. 
coffee. said Brazil registered a total of 

Coffee is Uganda's main export fi”™ 1 «« »■» 

wo'JiS VlMa’afvei 0 Uihl ^ S«d., .nd Wedn«da^ ThT, 
worm or it ia.t year. follows registrations of about 

Later Hills Brothers Coffee, 200.000 bags last Fridav. 
announced it was also suspending Trade sources said they 
coffee purchases from Uganda. thought these recent sales must 
Hills Brothers said it had not mean a good part of overseas 
bought any Ugandan coffee since buyers’ needs for the first half 
last January. It added that pur- of this year from Brazil, plus 
chasfes from Uganda represented part of July’s needs, have now 
less than 0.5 per cent of its total been covered, 
coffee requirements. •- . Reuter 


By Our Commodities Editor 
FREE MARKET platinum 
prices advanced strongly again 
yesterday. Tbe sterling price 
gained £350 to £138.16 an 
ounce. The dollar quotation JOHN SILK IN’S self-pro- This lack of price parity is 

increased $8 to $251 breaking • claimed victory in Brussels last likely to continue as lonv: as there 
through the S250 mark for the the EEC farm price is nn complete EEC currency 

first time since 1974. .review negotiations contains a equa list ion. fllr. Silktn admitted 

Platinum futures opened the . * a } r clement of delusion which he that parity in Europe would he a 
permissible limit up of 510 on j m isbt have cause to regret at long time coming if at ail. 
the New S’ork market as i0mp stage. He also agreed that the 

speculators rushed to cancel i There is no doubt that the devaluation of the French, Irish 
previous sales, particularly In | re,en,ion of the Milk Marketing nnd Italian "green" currencies 
the •‘spot" month. i Boards has been a boost to could aid the imports from these 

Main b uvlng Interest In i confidence. But the countries. 

London and New York was ; roicntton of the Boards in iLself On Hie broader from Mr. 

reported to be coming from 1 automatically ensure Silkin’s claim that thc settlement 

speculative sources as a “bear , daiiy milk deliveries in the face is a start in controlling structural 
squeeze " tightened. \ uf falling cnnsumpttun and the surpluses is preposterous 

Demand was encouraged bv j al | r3Ct ion of supermarket milk un m i!k. for instance, thc 

the rise in other precious ;? a eSl perhaps with milk imported package n-diire< r he dm mvn live 

metals, and continued uncon- * ro ,J n Ireland and Holland or tlu- cu-responsibility levy from 

firmed rumours that the Soviet , A?- v P. sure . r ’ I,l;b farmers j 5 p ,. r cent jo 0.5 percent Apart 
Union had been buvinc "“Y* gamed from Mr. f rmn a proposal to rnnsuior »ho 

■ B Sifk.n s achievement m th.S held #iluat|lin ' in „ ie JU , umn . 

1 ha.s been nullified bv i.vir diMna.i w1h .„ , ho •• ,| ush " of 

al fi " dmR thal ,n, *« ^ the ■ nothin'* at all hjs 

mnneury eompensamry amounts. Ijecn llline ;ft curh - 'product urn 
which subsidise imports from ,, ,, 

sss,sr^. 

! £g J 4c m rioytnnw ^ 

A NEW .« n,^er !«P|» -"bn. iiiarK.^i' iii.i,rmd fmi 

zlrr 

the highest level since lasr j the crucial issue lnda>. Farmers nca u, ’ r '°- 

Octnher. Trade 3nd speculative j read of the high prices almost all The extra cost «f the packace 
buying also boosted prices onjihcir opposite numbers arc wi! entail an increase of about 
the London futures market. ! receiving in the Community and 10 per cent in the larm budget. 

The advance, which continued • there is" a suspicion abroad that If production goes on rising .it 
the trend of the past week, was ] Mr. Silkin’s defence of the Boards the present rates tip* cost of 
encouraged hy news from Malay- ■ was .1 smokescreen in conceal Lhe coping with it could well cau«e 
sia thai the international rubber inadequacy of his defence of what the Cnntiimn Agricultural Policy 
stockpile plan, drafted recently . they consider to be farmers’ rear in explode. Perhaps this n Mr. 


firmed rumours that the Soviet 
Union had been 

Rubber hits 
new peak 

By Our Commodities Staff 
NEW 

yesterday lifted the London 
physical market's RS5 No. 1 spot 
price by 0.75p to 53.75p a kilo. 


Si (kin's long-term strategy. 


Italy removes last 
obstacle to pact 


BY MARGARET VAN HATTEM 


BRUSSELS. Mav IS. 


had been formclly proposed. Thc | interests, 
plan which is linked In Unctad's 
scheme for a common fund to 
stahil’se commo'tify prires. 
envisr<!M a 099-1 on ne inter- 

national stockpile. 

Rumours tha: rhe U S. General 
Services Admmistnlion planned! 
tn stan a 5POA tonnes a month! 
natural ru’nhpr buying pro-! 
gramme in October caused marv 
rubber consumers to maVi? pre- ! 
eitulionary - nurrhases addinr to 1 
the strength of the market. ! 
trade sources said. i ITALi TODA\ lifted its reserve included in the Mediterranean 

on "the EEC prices agreement, package. 

reached in Brussels last week. Mr. Marcnra fought hard dur- 
This clears the way. after five ing thy price review to set the 
month's of talks. Tor me“Tnlroduc- whole Mediterranean ' package 
'tion of the "higher prices awarded approved, and his refusal to 
to farmers during the Com- ratify the agreement ir.unedi- 
munity’s annual farm price 3, cly was regarded as a face- 
review. saving device. 

It also releases funds for an There does nut. however, 
extensive . 1.5bn unit of account appear to be much opposition 
programme of. marketing and to the two projects among other 
Structural reforms in Southern members member stales— Mints- 
France and Italy. ters explained the deferment 

Last week Mr. Giovanni Mar- 

cora. the Italian Agriculture J*. e n r v f ""j IS 4 A ^ n ’ 

Minister, refused to ratify the J* 1 ®* ba .j not had sufficient time 
agreement, reserving his decision t0 Cfms,lder properly, 
for a week after other member They are committed to decid- 
states agreed to defer their ing on the projects before the 
decision on two Italian projects end of September. 


COMMODITIES 
CENTRE PLAN . . 

By Our Commodities Staff 
Considerable -progress had been 
made in the campaign to 
establish a world ! commodities 
centre in London. Lord Seebohm, 
chairman of -Finance for 
Industry, told a reception held 
by thc Parliamentary Group for 
World Government. 

He said an interdepartmental 
commitee was studying the 
matter following a meeting held 
between representatives of the 
seven international commodity 
organisations in London and Dr, 
David Owen, the Foreign 
Secretary- 


COMMODITY MARKET REPORTS AND PRICES 

BASE METALS 


PRICE CHANGES 


.COPPER — Sllgfttlr Hr liter an lhe London 


liu.- nrlco hr re rise l» H3S fullmviOK 


COPPN1I 

4.m. 

IJfflcin- 

4- or 

Unofllda' 

tHH-r 

Wire bam 

£ 

£ 

£ 

712-.5 

£ 

+ .25 


726-5-9 .+6 

732 .5 

+ 1 

Srtti'm'nl 

7U9 

f 5 

— 


Cathodu- 

700-1 +7.76 

702.5-5 

+ 1.26 

a-*n-ini«s.. 

72D.5 

+8.5 

723.5-3 

+ 2 

SiHt<'a)'nL 

701 

+B 

— 

...... 

ll.IS.buiL. 



M 



EEC IMPORT LEVIES— Effective today prices at representative markets nn 
m nnia at account a tonne. In order May IS: GB — Carrie TO.afJp a tcclu- t-ri.ofii. 

current lev? plus June. July and August UK — Sheep 153. Sp a ksesidew i-H.Sj. 

premiums, with previous in brackets. CB— Puss MSp a kpli* j+iJ,. 
COCOA Common wheat: S4JS, n-si nil isamei.- England and Wales— Carrie up l.ti per 

Durum wheat: 127.21. nQ. nil. l.M isamei. cent, averoae pnee Tl.Mp »+0.M>. Siteea 

TIN— Lower in active trailing Price' Further lenders against rhe spot month Rye: 79.61. rest nil «ML29. n*si nil*, up 10.8 per coni, average pnee IFI.Ip 

Drtinpfi nronnri tiutlalVv fonowmc ihe sharp trunated more Ions llumdarinn m qurel Barley: 73.J6. n^T nil i79.5fi. ml. nil. 0.«>. t-l.li. Pur' duwii S.8 per cent, averase 

H-sp in i hn Ponane nrlce with Torward wnditinns, repo ns GUI and Duff us. Oats: 77.15. res nil isamei. Maize (other price 64ffp r-O.Bi. Scailaiut— Canle up 

nse ui ira- r™» than hybrid for seeding): 6H.M. 0.67. 0. 67, 12.7 per «?m. average prire TD.BTp 


Afiemoon: Wirebars. three months £731. 
35. *4-5. 34 . 33.5. 33. 32.5. Kerb: Wire- 
bars, Ihreo m-mUis £771-5. 32. 


Prices 

sated. 


per toniM unless otherwise 


proHi- taking then pared lire pnee 


UUIW'I llllll WtUltlNU- UUJIIU. BIIU ni'IIIV • - ■ , _ ■ a I.im.hnr V IOCT.U-W.il IWU.ITWi* 

irj^lo imprest. ProtiHaJUnit nn the laic ^rt^i massed anoihcr siace prOTnpied tanner Ju ^ ..If95.u-lfl00 -22- S jl85ti.«-17B2 

kem tort values a shade easier wnh Amalsamaled MctaJ Trading reported seJJ«w which Mt Uic price al t6.770 on ^ I765:fl-G6.T1 1-9.0.1780.545.0 


(••ru-ard maiertal finally £7T.5. “Turnover Uiut m thc morning cash wi retort, uaded the laic kerb. Turnover: 1.815 tonne* j 1-10.76 .1756.8. 06.0 

;«.3nn innnc' al £706.5, three mnnlhs £729. 2S.5. 29. 1 _ 7.m. ' r i 

TIN 


Buckwheat: All ml. Millet: i + lff9i. Sheen dmni 13.5 per cent. Metals 

79JW. rest ml mamei. Crain Snrahum: averace prlre lSl.np 1+5.31. 

79.74. rest ml lumri. For Flour: Wheat CO VENT GARDEN nn sterling a pack- 
er mixed wheal and rye: 130.02 <130.021. age unless stated’— Imported produce: 

Rye: 123.52 >127.27i. Oranges — Crpnot: Valencia Lams V kilos 

3.4ftJ.W. 15 kilos 3 0041.50: Jaffa: Val.-n- 


RUBBER 


LG. Index Limited 01-351 3466. Oct./Dec. Rubber 57.85-58.55 
29 Lam out Road, London, SW10 OHS. 

1. Tax-free trading on commodity futures - 

2. The commodity futures market for the smaller Investor 


EUROPEAN OPTIONS EXCHANGE 


OpUr-n 


Trice 


July 

d~e Vnl. 


Oct. 

Cl nee Vol. 


Jon. 

Close Vnl. 


Bqill'.v 

plivw 



540 

15 

— - 

15H 

.w 

i 15)* 

— 


S45 

10 

— 

11 

— 

11*4 

— 


S5Q 

5t B 

— 

6S« 

6 

8 'b 

” 


860 

I <4 

8 

2*4 

6 

35a 

o 

»-M 

SSO 

13t B 

— 

14 

— • 


— 

CM 

860 

5 

— 

Bi* 

— 

6)a 

— 

41 M 

$70 

>8 


m 

1 



IBM 

S34D 

28 

— 

50 

2 


— 

IBM 

$260 

12 

— 

IBS, 

— 

18*4 

~~ 

IBM 

$260 

3«a 

26 

6*4 

23 

9>2 



7330 

£6 

— 

27.50 

— 




F-540 

17.00 

5 

18.60 

— 



AlKVKtcne 

F350 

S.50 

— 

12.50 

— 




F70 

7.30 

— 

8 

— 




F75 

3.20 

— 

3.50 

— 




FBO 

1.70 

— 

2.20 

— 



Xu Xc-t 

FlOO 

32.60 

— 

13.80 

— 


“ 


FI ID 

4.50 

1 

7 

— 




F22.S0 

2.60 

— 

3 

e 

5 



FB5.00 

1.10 

— 

1.60 

08 




P27.50 

0.30 

240 

0.60 

112 

1 


E. L«. shell 

F120 

6 

16 

7.20 

19 


3 

H. ft. shell 

KI30 

1.50 

59 

3 

41 




F140 

0.10 

30 

1 

25 


JT 


FI 10 

4.40 

23 

6 

17 




Ft 20 

0.50 

. 1 

1.50 

. 25 



I'otlvvcr 

FI30 

0.50 

— 

0.60 

— 





May 

Ancon 

Non 

rnher 

BP 

700p 

— 

— 

” 

— 



UP 

750p 

*— 

— 



— 



BP 

8J0p 

— 


“ 




i.hC 

200 [■ 

— 

— 

— 

— 

“ 


OEC! 

225p 

— 

— 

"" 

— 



RKC 

250u 

— 

— 

— 




CEO 

275p 

— 

— 





in 

300p 



““ 




ICI 

325|. 

— 

““ 

— 




ICI 

360p 


— 

— 

— 



HI 

375p 


— 

— 





i S54I* 


S623 4 


S2647 b 


7349. 


F76 


[F 111.30 
K24.30 


F127.30 


FI 11.80 


B86p 


26 Bp 


378p 


PUBLIC NOTICES 


CITY OF BIRMINGHAM 
GAS AND WATER ANNUITIES 
NOTICE IS HEREBY GIVEN that In 
order io prepare annuhv rcMYmcncs Bwe 
an the tit July. 197B. ttvc annuities 
'Miht<r Mill iw dosed trom 1st June w 
>5th June. 1378. both dales Inclusive, 
w. S. PAGE. 

principal Cntcl Officer 
_ and City Treasurer. 

The Council House. 

_ Birmingham B5 SAB. 


ART GALLERIES 


BROWSE a DARBY. 19. «.. Wrt. 

FORAIN. -MOIL-Fri. 10.00-5.30, 
10.00-1 2 JSD. 


CITY OF BIRMINGHAM 
MORTGAGE LOANS 
NOTICE IS HEREBY GIVEN lhat the 
rja'Hcr of mortunnes wlH tjosed t® 
Irtm 1st Jufft »» Mlh J" 110 

*978. twin nates Inclusive. 

W "PTi'ndra? E £hici 0«ecr and 
. CHy Treasurer, 

X"c Connell House. 

_ Birmingham B3 SAB. 


TAM ESI DC METROPOLITAN 
___ BOROUGH COUNCIL 
t2.50O.O0U Bills offcrrd l 25 78 for 
Pwmeirt 173.78. due 18 8 78 at 8 2 53 4. 
Aonueallon* totalled CSS-Sm, No oOutr 
r'J* 'outstanding. 


TAYSloe REGIONAL COUNCIL BILLS 
, £2.000.000 BUIS maturing on , istn 
R^busi 1078. Mere ottered a»d teued 
L" 2?. ,,, .May. 1978. at an average rare 
2Ju B , ’■'*« "-a- Total appl»«llgn» tor 
!"** Issue amounted to £12.500.000 and 
in ert arc £*.000.000 BMW Outstanding. 


CLUBS 


*yz. 18B. Regent Street. 7S4 D5S7. A la 
Of All-in Menu. Three Sportatuiar 
^or snows 10-45. 12.45 and 1.45 niW 
o* Johnny Hawkr^wortii A Prlentfs. 


OAROOYLB. GO. Dean Street. London. W-1. 
NEW iTR I PTEAsI fLOORSMaW 
THE CUAT BRITISH STRIP 
. Mirtnwit and 1 am. 

. Ctaaed Saturday*. 01-437 8*55 


Thackeray gallery . i ib. -Xa^SSF 
St.. Kensington 5q.. W-B- 01 -9e 7 
BEN LEVENE unUI 2 ju™?- 


dart 10 . 
25 rh Mav, 


3-5-50- Saturdays 10-1 ^j»0- u n*« 
asm Mav. AdiSfesion sop m aid “• 

City ol Blrminshair i Appeal Fund. 

New Bond Street. W.l 


COMPANY 

NOTICES 


notice of purchase 

EUROPEAN INVESTMENT BANK 


7.25% YEN BONDS OF 1977. 

DUE MAY t. 1M4 

notice is »«« Y .S VE JUSS-^SSS 

holders that «wrtn» w* . '■1977. and 
period eommeiteiho June * ■ * Euro- 
cndlnp April «»■ *2”- Bom* 
pean investment Banie S 7 J5^o pyr- 

ot 1977. due May J. I®® 4 - J!SterSam 
chased »v Daiwa Eurtwe N.V.. M(|y 

lor actDuirt ol ju*h “•"Jf-*: a i such 
1 ina. me principal amounj "■ was 
Bonds rejSnlM in circulation was 
Yon 10.000.000.000. 

EUROPEAN INVESTMENT BAN»- 
Mjv 19. 1978. ‘ 


n.m. 
Off ii IB I 


Siffti Grade C 

Uafli 6520-5 

. months- 6440-5G 
irttiain't. 6252 
Standard 

U«h 

3 moatJis . 

seu ipoi’t. 

ffnii: E.. 

.New Yurk 


0435-40 

6520 

:81660 


+ i-r 

Urmffli-ia_ 

t+w 

£ 

f 

£ 

+H7.B 

6410-30 

—86 

+67,5,6390-406 

-57J 

+ 95 



+00 6410-30 

-SB 

+ 60 

o5B5-95 

-42-B 

+90 

— 


+40 




Mav lln6B.U-7B.II -9.0 i IBM.B-8ti.il 

July ilc5a.B-6b-0 , + 2.0 IB68.D-50JI 


Sales: 3314 1 5.609 1 lots of 5 tonnes. 

International Cocoa Omanisadoji lUJL 
cents per pound 1— Daily price May 16: (4BBi lots of 15 tonnes. 
139.69 <147.501. Indicator prices May 18: 

15-day averase 146.63 U47J0JI 22-day 

average 14S.06 H4S.70i. -'">1 Flwrtou* 


STEADY opening on the London 2.80J.IH); caUionv 
physical markeu Good interest through- Nsrels l.Od-l.nj. 
out the day, closing Ann. Lewis and Peat 3 544.50. Lemow 
reported that the Malaysian nod own price 350. new crop 4.50-3.N: Spama: small Fre* Market idf ibilsi.95 
was 215 <212 > cents a WJo ('buyer. Junei. tra>-s 25 50* l.«0-:.M): S. African: 86.-I95 
Sales: 15 <5! Iks of 5 tonnes and L051 5.00-5-50. Grapcfruitr-Cypnoi; 15 kilos 

2.00-3.00: 50 kilos 3.3M.00: S. African: 

Jaffa: 



May IB 
. 197n • 

+m ! Mnnth 
— j <UP' 

Metals 

A'liinmium 

Free market <el»1 
l'-’|il<er<aieh V.B»n- 

3 TH-'llt ll,- dn. ,lr>. 

Lash L'altHH<e_ 

5 month* tin. *ln. 
CoM Trey 

£BBO 

$1,000 ID 

C712.ZS 

£752.25 

C702.7B 

L722./6 

8I77.E25 

L-680 

:SBBO-95 

+ 0.25£o8B.2b 
+ 1.0 ! 1:705.25 
+ 1.7BL'67b.5 
+ 2.0 £696 
+ O.S5 S 1BJ.B75 

£302.5 

+0.GES LslO.5 

is 1-93 

& mr-niLu..._ 

Meket ...._ 

Free- Market tdflbi 

£201.26 

SI. 96 


-2.05] 

| -2.03 


U.S: Markets 


"'Vtv' 


COFFEE 


- R0BUSTA5 eased Initially hot comma- . 

Morning: ^ Standard, cash 20, trausp bnyinc ai lhe lows steadied ’J u “ c - 

Three nioolhs E6,<a0. 40, 45, 40. UW the market as the moronic progressed. 

Grade, cash £6ff30. Kerb: Siandard, three Qrtsel Burnham Lambert reports. In lhe viv^sejit 
months £6,440. 35. Aflvnwon: Siarnfard, nriemoon dealer bnyinc took the market T- -1 " 
three monuK- £6,445. 30, 20, £6,400. fum, j 0 day's hifffis as New York firmed 
SO. 16.400. MJS5. 90. Kerb: Standard. ^ mrmcr profit -laklni; softened values 
three months £6.388. 79. ta dose fS-IM higher on lhe day. Market 

^ sources saw the besliam fiactuatjora; ns yev- Uci 

LEAD— Barely changed In Une with thn aB f-yfensjon of Wednesday's reversal bur Jan-M*i| 
trend In copper. Forward mt-tal onenea mum on remained reservedly bulltah. 
a shade firmer al £301 bnt then fell 10 



40.48s 3.09; Jaffa: 30 kilos 3.0M.95. •|}vjl n n *" 

Apples— French: Golden Delicious 20 lb r, uwkMivIiVwihT 
Li. .inn.-, an ■-,»« hn,..c Mineainiver rwip.i 



£297.5 ourtns to proEl-laklns. In the 
aliernnon the price recovered 10 £301,5. 
reflecting the upturn in copper, but eased 
back to dose at 090.5 on the late kerb. 
Turnover 2,550 tonnes. 


I'OFFifU 



- 3l«.V 


+ or 

p.m. 

Ltnottieiai 

£ 

£ 

-2.26 

291-2 

1—2.6 

501.56 

1—2 

— 


31-33 


|t-fw July-'. 

— September - 
““ \rrfcmler_. 
® Jmiuut— ~ 

March.. 

+ .825 .J!,, 


Vevterrtay’vi 
Clone | + or 


li periunnr , 


Bu-mwa 

Done 


SOYABEAN MEAL 


1656 1658 -t-12.0; 


1680-1625 


Morntnc: Cash £288. three months J339. 


V" ft'-o'le- 1 ««if 7 nn slarffing Delicious 7J4L8 00: Chilean: Oils 

m .ft'25 TE Granny Smith fl.aM.TO: Near Zealand: C.omot tl'hll) 

..'.ni... Stunner Pippins 163 7.30. ITS 728. Cos’s C.'naiotjiui — 

OranRC pippins 103 3W T.2IL8.70: DsolBta: Lin-euil CnMoivj.. 

(2.4(1^2.00, fcj.SDeO.25 Kf pound, Spartans 0 11-0.13. Pears— Palm Malayan. , 

Physical dosing prices 1 buyers' were: s - Alncan: canons. Pachham’s Triumph 

Spot 54Jp ' 53.75): June 54p 153.0 1; July R-M. Betirre Bose 7.00-7.50. Winter Neiia 

54.25 p i53.5 1 . 7.30-7.50: Dutch: pur pound Conference Beads 

O.l-i: Belsian: Conference 0.11-8.13:. Vic- CVH*ni Philip 

Toiiao : Josephines S.60-3.50. Peaches— smysbean iXf_hi.j„._ 

Spanish: C-'Ds 3.50-1.00. Grapes— S. 

The market opened lower totlowirm the £{£f ca " : ,? lew rl fir > ? - b 6-2 ^ 1 ® arlm, L a *: 25_ Grains 

1538 1640 +06.0 156B- 16 IS overnight decline in Chicago. Long 5- 30 - GoWdl Hill B-aO: } A" 05 ' ffariev KBC 

1461-1463 + IB.ol I486- 1 4M liquidation depressed prices further and Almnrla 5J0. Red Emperor 4 SB . . Aprleels H.'ine Putorefc... 

1410 14SD -t- 17 S 1433-1888 ^ market moved liresulariy until Isle — Spanish: a kilos -■ >0-4.00. K a n a n at— \jj, 

1 a 70 13BO + 20 " 0; iarq. lAflft 1° iht stssioii, wbep It dipped further Jamaican: per pound 0.15. Avocados — jr r nch Npl*o Am 

1390-ilaO iK 1 noder (he - -Influence of Chicago. Kenya: Fmno K-74a 4 OD: S. African: 

ifnStTin 1 17 ft 1 13ai - 1M» -«Pons SNW Commodities. Fume 4.00. Sirawbwrles-CalJloniiao: 

1300-1310 4- 17.5, 1521-1286 : l.M: Dalian: 0.3M.4U Spanish: 0.354.40. 

Onions— Chi lea rt- cases 4J3M.50: Canary: UnBlwh MUltn. 
^.40-L50: Dilikh: 2.60-2.20: . Israeli: 4.30- cw? SUumlnu "! 
4 -50. Capsicums— Spauab: per pound 0Z2: pUforeJiSy”^.'” 1 

^EnnOtb produce: Potatoes— per 5fi'lh. 

LVlbui '4‘ Index... 
ffuiiOer kilo..._ ; 


g 11 7.60 

1-43.5 E110.6 

j#l3 J-55 

4 1.1 p7Z.25| 
4-l.0 5n.65. 
-~B5.0L3.3J7. 5 
-dl-VL'S-SC-S 
—1.0 j-139-4* 
4-3.0 

fS.12nt299.26 
. . j #550-600 


Sales: 3ff47 C3,879i lois of E tonnes. 
ARAB l CAS were firm' throuEtumt the 



ki+ttaiiat'i-t or 1 Itu-unei,' 
Ulia+ — Ihinr 

June 

IFiwrtiinncI ! 

120-80 2S-0 -1-7D I31.OD28.0O 


■ So. 1 Kal 2>prmjr 
X,< 2 Hard Winter^ 


9K.5. Afternoon: Cash £292. threemonths nca rt^ positicms, Drexd Burnham Anguvt IM. SJ-60J— 1. SO i 32.90-60. 50 

£301. 1j. Kerb: Three months 1301. Lambert reports. Oetoxer (128.W-2H.7 1 — lifl 160.00-26.60 

, tr-rui m mnner Prices -tin order buyer, seller. ^chmise, Uewwnner ...!l2B.Bfl-fc5J— 1.15 126.40-16 JM 

ZtNC — Higher. A firmer trend « i copper bosineasi: June 190.59-191.00, +2.50, lfll.OO- Petauarv I126.2:f.27.0 — L68 — 

coupled with switching tr^t km saw ^ 00: August tBO.OU-iBV.®, same. 181.50- Anm i — l.Hh _ 

forward metal rise. from £316 io Olfl tn ifn.tnr; oct. 1TO.00-171.00, +2.25, 172.00- Jane ><'7.011-2911—1118 — 


WfalH-<TlL-ds 2.10-2.38. Lettuces— per 12 
1.60-2.00, Cos 1 -SB. Beetroots— per 28 Ib 
2.49-2.60. Carrot*— per bag ew-i.M. 


Pamfpa— per » a 1.00-1.30. Onions- muTiJta wi^" 

per 54 Ib 3.00-3.30.. Swedes-per 2S Tb _ _ ^ «1io-. 


6.M. Rhubarb— per pound, outdoor 0.95. 


Lhe afternoon before easing back to d«M itijs: Dec. 15B.00-I59.50. +4>2S. J5LOO- ... . 

at £318 on me uue kerb. Turnover 8,750 ja^uo; j 49.00-153.00, +7J0, untraded: s a*«s : T7S iiaat lots of loo tonnes, 
tonnes. March 142.IHV.149.00. +3.50, nn traded: - Trr , . n 

ijjL April 140.00- I45.D0. +3.00, nntraded. Sales: jLbAK ‘ ^ _ 

I+W 21 liai Io,, of itjko kUns. per pound Conference O.IJ-O. la. Tomatoes 

— irn Indicator prices for May 17 nii LONDON DAILY PRICE (raw ancarl —oar pound English 0.23-0.25. Green*— 

-cents per pound): Colombian M1M a#OT 1 noi.OOi s. tonne df for May -June per- crate. Kent 050-1.00. Cauliflower*— 

Arab leas 191.50 (same). unwashed ®? upmc «. 'Yhlte^augar daily price was per 12 Lincoln 1 JO. Kent 1.50-2-20. Celery 

w mlU “Td at r 



Z1NO 


Caah | 

: maulbo. 

finnk- . 
Him. Wen 


a-m. [+ ' 
Offleiai — 


, NomineL i Unatmrea. ‘ < Mujuna. 

Cucumbers— pm- . tray 12 24s 2.00-2ZO. i Mav-Aiib. n June, n Aurtklnne m Inly 

Misti room*— per pound 03041.40. Apples — v May -July. t Juoe-Jaly * Per mn 
per pound Bramley's 9.1141.17. Pear*— 


505. B-e.6+2. S J L30S. 5- 9.6 


515.5-6 +.B26| 
306.6 [+.76 


fum. 

UnoSkuai 


L' 


518.75-91 
■z9 


+ 3 


-Arablras 154.25 (154.52); other qjBd 

Arabics s 169. 83 <189.231. Ttobnstas I33J 
(samel.- Daily avenge: 15L67 (15L42). 


□MJ0 (£105.110). 


—Per 12.18 3ff63.«L 


Morning: Three months £316. 16-5. 15.’3. GRAINS 


neixuts ™itr iur- m „ l/VAf i-irTmrmvfi 

cargoes of while sugar in I be Sudan on WOOL FUTURES 

Wednesday — In fart eight wore purchased 

— gave the market a steadying imperils f Pence per kilo) 

Initially yesterday. Gains of about £120 


is Ts n i* — Kerb 7 Three mouths £316. STLia i." Aurtreiian ieacrd .TS -f- n 

AXferooon: ^TTiree monita -JBM. UA 19. LONDON JWIUNB fGAFTAl-N™ SgeT^^mSSf traS 1 m Cwb^WbbI Clare [ - 


YeareNlgy’Bi 

Prerlona 



Clow 

Done 


Wrtr'Threc months £319.5, 19. crops found good professional buying with tt ^i, r .' w t be remalndee of semlnn. 

r CeptE per pound, t On previous values gencreJly steady all day despite 1*00^ c Csaraikotv' 

offict^ doaL t SM per picuL hedcing Interest and closed 45p4fflo higher. . 

More Interest was apparent m wheat than augur 
ort vren In barley. Old Crop barlev saw further Pref. 

JiJLV Ett Mod liquidation gad values traded 20p Comm. 

SJTJSS&V U «2 SSTre^ “* ^ 460 e « CT ’ 

equivalents of the fixing levels were: spot . _ Aug..... 

5143c, up JLte: three-month 522.1c, np 
2.8c: six -month 531.6c. op 3.1c: . ana 
lS-mimlh 353.0c. up 2.5a The racial opened 
ac 2834-2844 i514-5i5ici and dosed al 
2S3J-2S4JP *516-51740- 


£ pfrrumno 



WHEA1 


'BARLEY 


Ye- Wffday'i 


Tertentni'- 

■ Of 

31 'Mil 

e<««e 


tune 

.— 

Mav 

98.20 

-0.45 

83-30 

+ 0.0fi 

6epL 

65.30 

+U.50 

70,35 

+0.45 

-Nov. 

87.75 

+u.ai 

82.4ft 

+O.U 

Jan. 

90.35 

+ U.BB 

fc.4.90 

+0.45 

Mar. 

92.90 ]+ ..60 

67^0 

+ 0.4B 


Urt 


March .| 


An«-— ■ 


KiE.504 8.40 
109.66 08.45 
117.*v- .7. 0 
150.80-20.75, 
I2S.8>26.73 
127.0J-27.7l 


AnrtmiMD 
Greasy Wool 

Ywtcrd'yB-}- nr 
Close | — 

Dnsloeu 

Done 

May 

229.0 

I+D.5 


July.. 

2SB.U-3T.0 

-lb 

- 

UcMer 

2a6.D-89.il 


— 

Deccniher... 

UB.0-5fl.il 

in 

T 

row 

Uatdl 

245.0-48.0 


— 

U>v , 

£45.0- 48 J] 


— 

JuIi-h..L«. 

14fi.D-48.fl 





IJifliihur 

247.0-60,0 



_ 


1O0JS64I5.4O|1lG, 39 va.40 
108.85-00.90,109.79-00.0 < 


(A vera xr IB24-2fr3g-J M f 

MOODY’S 


Sales: nil <4) lots of 1.300 kilos. 

SYDNEY GREASY— <ln onler buyer, 

118.70-16.85i 1 17.95-17,(0 Seller. btBjheM. sales i: MKran Contract: 

HB.BO-2II.H121Jin-SO.26 May 338.S, 339.11. 338.0-338.0. 3; July MO.?. 

126, 15-25 J5>] — 341.0, 340.^340.0, 15i Oct. 344.5, 844.9. 

12hJB-!B,2E - 344.S344-3, 10: Dec. 349.7, 350.D. 3H.0- 

- = -jz Sales: 1.443 tl.lffli" lots of 50 wm«. vS 7^80? ' MlfoS S^T^JuN ^ 

+0.6Q TalP and LjIb cz-rP&QtPV nrkw* hr jM.oi 3q||iW««5* it JttW 

+0.« CT* BUlatCtf basis wbJie^^r was 1242.40 f'*****^'' ***'*' 

, , --- ■ afs 1 m s™, 

jk Business done— Wheat: May 98.TO-9B.io, Imeruallimal Sunar Aorcement — U_S chh“*«l with flmuiesa only developing 

!+|^fl Sent- Hm. niMMA, Jan. cents per pound fob and slowed Caribbean ln rt,spo ^ 10 a T a ^?’ “ crassl,r « 1 , 

1 tmuuoted, March 92.60-92.60. Sales: 83 port pnccS lor May 17; Dally JjB 17141: two- which prodocod some gains. COTTON. LJycj-pmI— S wr 

ZZ lSHlWf a Xf ra ‘ : I B 1? PALM OIL. London— May. June. July totroea, hh^ihe 

IM. nf~ui'nM Mireh n«wJo, oaluretf effective today and August all 3M.604SW.M; Sept. 290.00- !5«?J *«■ week so far to 33fi tonnes. 

LMB— Turnover 14S CITO) loteof March wwwoted. Salem 91 lota- In qmu of account per too kilos, with 330.00: Oct. M0.0IW2fl.00: Nov. 280.00- ? "*£.■ ■"■«» uffhdtc occurred, mainly 

ms. Moriilng: Three mooths_ 250^ BO B, IMPORTED— Wheat: CWRS No. One Previous in brackets: White 25* tsamcj; 816.00: Dec. 380.0H10.00; Jan. unquoted. MKUe Eastern qualities; reports K W 


financial. Times ' 

"SovlBi Mav 17fMtintn agoiyniriKO 


2A8.S5 1206.10 | 239.7V [273.80 


(Bose: tuly 1 . IBSSbIMV 


REUTER’S 

M«r Ifl M*y I7,M^mh 


Y«*r ago 


1470. 3 1Q66.3 | 14 48.0 1 iftvn 1 

iRase: September fg 1BSI=ID0) 

DOW JONES 


Wow | Slav 


JlitlO- 


18 


May' 

17 


Unm Ii 
atm 


spot — -|3®1^3| JB2.13 SfiOAsUnu — 
Fiiture«i3fi6i3B, 364.76)3 b4 HBlaoo 57 


1 1 air 

i- 

20.60 


Ueudy't 

Mh> 

IB 

*JM> IMunrhllwr 

| * ■ * j 4fit1 j UgH 

apie L'ommtT 

92S.S 


< December ai 

i- 


90,7, 90.9. 91, 90.9, 90ff. 90.B- Kerbs' 134 per cent. May £95.50 Tltbnrr. U.S. Raw 2159 (2L73L Sal«: uU. 

Three months »L3. Aftenw«:_ Thrws Dark Northern Spring 'No. Two U per — , 

months 292, 9lff. .*>•*■ J®-*- cent. May £87.50, June and July £88.75 MFAT/VPrjPTAIlT CC • o/>rrre>/\AT ’rwremin 

Kerbs: Three months 290.3, 99A. 90ff, transhipment East Coast- WltA 1 / ” J-UtlADLCj COTTON OUTPUT 

90,8,90-4.. ■* Mala; Uff. 'French Mar flDSJO. June smith FIELD ('pence a pound i— Beef; _ _ _ 

S ad .,i°' T SS East CoasL scoiush killed sides 63.0 to 57.0; English . FAUL PREDICTED 

IT Tp S. African White June; July £E0.^ Cluasw. hlndqnartcr.s tlj» » 73.0. forequaners L 

, S. Utican YoDow June-July £80. Glasgow, 37.0 lo 40-0! Uteer HJuduuaners GOff to WASHINGTON, May IS. 

DUNDEE JUTE— OuteL Pdoe c and f . Etaricy. Sore tram, ous: jut unquoted. 77.9, forenuartere 38.0 to ©ff. WORLD CottOD Droduction urob- ™«*bn«> ff-So^.76, f !a™ 

UK for May-Junc dtlpmem BWC OO, . .K&CA— Es-farai spot prices for May IS. • Lamb: KnglWt^smalL m*w Hasan fifi.O <- ?oAo^ fl.Sfl, medium hadtfcSisaSS'Sf 

BWD-&Q- Tossa: BTB £3ftL BTC CT2, Feed wheal: S, Ltncoln £84ff8, Wfllshtre to 76.9.' Imponcd’ rrtwen: N2 PL '50.0 to a ^ly Will decline -iE lDfS-Til, hMdpdt C.BtWajo larS'^f 4 ' 48, S’™ 

BTD CM, Calcutta • geads easier. £96.00. Feed barley; &. Unrota £87 JO. 5I.D. PM 49.0 to 56.0 primarily because -of a drop in £4 90. medium pfairein 

Ouocationa c and f UK for May shipment Wflwhlre W.J0. Portc Ensti^, ten than 100 Ib 3S.0 to US production, according tO the “a* 1 P uu * OMMuo a«iS 

10 oz to m £9.n. 74 01 n.67 per 109 The ITC monetary coefficient tor thc 40.0. MMS0 lh 37J w «.0. 128-160 Uj ttc P q ,. , . ilargri K 

. June W.6S, £7 81 July £9 73. n.4K wL-ct irom Mar a ig esyected » be 30.0 m iso. ■ US agriculture department, fmoJaS) uE 

B- twills £38-74, StSJS add £28.93 lor decreased to U84. MEAT COMMISSION — Average fatStOCk repOXtS AF-DOW Jones, nff0-J2J0. ' “ arse) »■». •9l“ ie 


TsttcrealL Buyers were rehic°anr to 

izistip —*""*** 


demand nad. Prtcro a 5,0™, gK.p-., 

»•* ^nlo-S, 


Sugar up, 

cocoa 

unchanged 

NEW YORK. Hu IS. 

PRECIOUS metals rallied oo Cummi-jjnn 
House buj-ioB and shorti-utcnoK rnilnuios 
the charp .slide ->I the U.S. dollar. Coppt-r 
closed steads nn speculative buying nver 
Ls-ni'crn pf pn,Mbk- European iniersentn>n 
in Zaire. Suur rallied nn trade hrdae 
liftiDji. Cocoa finished nnchaosed in 
mlaed trade and Cununt-ssinn llnu^e 
acUrity. Bache re peris. 

CO W May II1JS0 il43.55(. July uy, >5 
1139.80), Sept. 135.30. Dec. 130.45. March 
127.15. May J24.90, July 132.65. SopL n<L 
Sales: suo Inis. 

Coffee— ■■ C " Contract: Hay 175.00 
I175.1HI-. July I6J.0D 1 I£.'.u0 '. ScpL 153.75. 
DCC. 143. 9u, March 1 34. IKL 136.60. May 
129.00-131,00, July 12h.ti0-126.73,' Sept. 
120.DO- 122.19. Sales: 46n i..| k . 

Copper— May fiO.90 ■ 59.ftt >, June Si. TO 

160.00 1, July *>1 7(1. St-pt. 62.70. Dec. 64 40, 
Jan. 94.911. March 66.00. May 67.00. July 
6S.06. Svpl. 69.00, Dec. 70.60. Jan. 71.10. 
March 7220. Salct: — 7— . 

COM on— Nn. 2: July S2.20-fi.3S 1 62.3o i. 
Oct. 64.30-64.45 Ib4.4l i. Dec. 6S.40-65 «. 
March fUi 40. May 67 00-G7 r<3. July h7 4f»- 
67 jo. Oct. hG. 50-66. 72. Sales: DG.ftVJ 
bales. 

•Gold— May 17*50 iTTO.TIti. Jim* 179 110 
ilTTffO'. July Isn.io. Aus. 191.40. Oct. 

I S3. 90. Dec. 1S6.40. Ki-h. 1>P DO. April 
191.70. June 194.40. AUK. 197.10, net. 
199.30, Dec. 202.60, Ki-b. 205.40. Sales: 
9.500 Inn. 

tMahe — Mav 263i-264 lid 1 . Joly 253- 
257| I25t:i>, Sept. 2361.2561. Dec. 236i-230. 
March 205 <-265 j. May 2h7j. 

{PtnUnum — July 252.W-2S2.fO <242.90 1, 

f| ct. 24S.itfl-25o.sn < 242 2ia i. Jan. :4unn. 
247.5(1. April 21fl.jn-247.in. Julv 247.511. nvt. 
24S.fO-24H.OU. Jan. 247.40-247.60. Sales; 
2.913 loll. 

tLarri — Clilcajsn Inn-.e tint available 
■22.501. New A’nrk pnuic steam 24.00 
traded -same'. 

^ Stiver— May 518J0 <512.701. June 319.30 
<513 901. July 523.00. Sept. 530.10. Dec. 
541.50. Jan. 545,50, March S.v.od, May 
561.79. July 5 70 JO. Sept. 576+0. Dl-c. 
MI-90. Jan. S9fi. 4n. March Wa 60. Sales: 

8.000 Int.s. Handy and Harman spnt; 

514.00 i3I3.Ni. 

Soyabeans— May 720-72S iTISJ*. Julj- Tin. 
7tA| 1 70911. Auk. 7014-702. Sept.-fl66i.767. 
Nnv. 631-630. Jan. 635-b3ti. March 642, 
May 64.1. 

Soyabean Dll— May 2S.454S.4D <27.771, 
July 27TO-272S <26.551, Auk. 26J5-2fi.M, 
Sept. 25.30.254S. Oct. 24.30-24.23. Dec. 

MjO-n.53. Jan. caJO-2110, March 23.00. 

Mar 22.70-22.75. 

IISmbCM Heal— May 177.70 tlTS.Wi. 
July 1SB.78-1S1.W1 1181.30). Auk. iro hl 
! 51-no. SenL 177.00. OeL 171.00. Dee. 
l«Rff0-l€9.W, Jan. 189.79. Marrti 171.50- 
172.00. May 172.50. 

sugar— Nn. ii; July 7^6-7.27 1757) 
K0PL 7.53 <7ff3t, Oct. 7.67. J.in. 7.SO-7ffl! 
March 8.4J, May S.fi3-».B3. July SWJ.KJri 
ScpL SffS-fi.M, a CL 9.09-9.10. Sales: n 
lots. — 

^Sr^-W'MS.IM asked <540.00 a:-k«l.. 
wiwat— May 324! <C|]|. July 3L’li JL M 4 

'Si': Dk - ntmtm Xlarkx 

h.? 73 * 1 ?* « G> tlP 1S ‘ ««»e-May wxoo 
b <2e«n' 1K 'fL bW '' lPT-OO anted 

‘‘“J 0 Oct. MT.ffl a-ked. Nn^ 

Dcv - ]Q7 -'0 asked. 

^ ,S6 - S ° 1 ' Ju, V «-40 

SV’nlJftfi 0 "- nm M "«■ ■ 

w?^SI , 2fr®f av S>SS July FflffB 

<9-V0 asked. Dec n In 
aikcd. March 73.40 asked. ' ^ , ' 40 

b ‘i*. 

JUir -- W-2V I26fl.j0). Off, -4fM JA roqtnH 

N..^25S.3a_hid. Dec. siffobd ' 
^TWbeat- SCWRS LU per rem' urnp^.n 

W 5r™m S ‘- LaHTtno> ««« “«13. 

a?at saw.Vi.* 

SWStflW ftS£ 

cent nnniy delivered NY “c™« ^ 
troy ounce K.w a reh 0 „ c ;- a. , £™ 1 "J 

•• Cents per m ?b h^Bhei 3 ^ 

1+ Cents pjer 24 ih , e ‘, 10 store. 

Sgs-Ei 


r. 




38 


STOCK EXCHANGE REPORT 


Financial Times Friday May 19 1978 


Markets unperturbed by grim money supply 

Second-liners again active along with situation stocks 


Account Dealing Dates 
Option 

•First Deciara- Last Account 
Dealings tions Dealings Day 
Mav 2 May 11 May 12 May 23 
May 15 May 25 Slay 26 Jun. " 
May 30 Jun. 8 Jun. 9 Jun. 20 

* " N«w tin* " dealings may 
from 9.30 a-m. two business dav* cvfiw- 

Reversing the trading pattern 
of the past two days, equity 
markets began a shade hesitantly 
on the report that excessive 
growth in wage costs— eamin?s 
are now rising faster than prices 
— would eventually lead to a 
reverse In the recent downward 
trend in inflation, but sentiment 
soon improved and prices moved 

higher with the emphasis on 
■selected leaders, situation stocks 
and many second ary i. e,, ue. B . 

The upturn renched i:« peak 

around mid-day and ahead of the 
latest money supply statistics, 
which showed that rhe growth 
rate had risen to 3D annualised 

18 ! per cent. well above the 

Government's target range. This 
subdued interesT in all sectors and 
the market hpgan lo give ground. 

1CI attracted more supnort than 
recently following the Shell view 
that last year's deterioration in 
the chemical industry was prob- 
ably over, but Boots traded in the 
opposite direction because of pre- 
liminary results below market 
expectations and later news of the 
Price Commission's remarks about 
excessive profits being made in 
certain drops and medicines. 

Illustrating again rhe underly- 
ing firm tone, however, rises in 
FT-quoted Industrials maintained 
their ascendancy over falls hy a 
fl-to-f ratio, while the FT fin-share 
index after heing 2.SJ higher at 
holh the midday and 1 n.m. calcu- 
lations closed a ner O.fi better at 
4R0.9. Official bargains, at 4.T93. 
fell not icefl hi v on rhe previous 
day's figure of 3 707 and Lhe week- 
ago level of 5.061. 

Gilts inconclusive 

A fairly inconclusive day in 
British Funds brought minor falls 
in the end which, in view of the 
highly unsatisfactory news 
regarding last year's growth in 
money stock, was held by most 
lo be a satisfactory performance. 
Awaiting the latest hanking 
statistics, released at 2.30 p.m.. 


business was minimal, but early to 204p on (he return to profitable 
losses of i were resained and the trading. 

shorts made some attempt to Building descriptions lacked a 
Improve. The early afternoon decided trend. AP Cement ami 
trading brought fresh slight Tunnel B both firmed 4. to 23-ip 
easiness but no further deteriora- and 268p respectively, while Mag- 
lion occurred despite after-hours’ net and Southerns added 3 to 
rumours of an IMF dispute with 19Rp. In contrast. Taylor Wood- 
the Government and even wilder row closed slightly lower follov - 
talk of an imminent . General ing the chairman's statement and. 
Election. Application lists for the similarly. Higg* and Hill eased 
new short tap Excfaeqncr 9J per 2 to 82p on the chairman’s re- 
cent 1982 A opened and closed marks about current-year difficult 
with all applications from the trading conditions. Elsewhere, 
public being allotted in full: little Milhnry. 90p. and N’ottlneham 
interest is expected to be shown Brick. 260p. put on 7 and IQ n*- 
when the issue makes it debut snectively after demand in thin 
today. markets. Brvunt Holdings dosed 

In another reasonably active ? hisher at tfn, but disappointing 
trade, the investment currency - Jesuits left Baggerldgc 

market saw more buyers Than " nf " 2 lower at 31 u. Frith shed 
fliers with demand mostly reflect- * 1° after the chairman s 
ing intentions to invest in U.S. statement. 

securities. The premium ended HI became pmmtnent at SToo. 
2 up N per cent, after touch- «P ,H. ■?« the encouraging indi- 
ins J-.i; per cent. Yesterday's catmnsjor the chemical industry 
conversion factor was 0.6736 * ” ’ **'" 

(068491. 


Home Banks easier 

Hone Banks remained unsettled 
by talk that the Bank of England 
mav reimpose corset restrictions 
and further small losses 
recorded. NitlVest cheapened 3 
to 2 c -*;t and Rarclevs softened 2 


in the Roval Dutch Shell quarterly 
report. Fisons firmed 5 to S7Sp. 
Elsewhere, further demand in d 
thin market left Stewart Plastics 
6 higher at 144p and. similarlv. 
Hickson and Welch and Scottish 
Agricultural Indnstrics ntif on 5 
apiece to 21 Op and 215p 
were rcsnecfively. 

Rowqrd and Wvndham not on 
3 to 25p in resnonse to the suc- 


tn 3.10 p as did Midland, to 373p. cess of the Train Robbers' honk 
Lln>d- closed only a nennv off at published by its UJS subsidiary. 
2S«5p Further consideration of \V. II. Allen, 
the results helped Cater Ryder 

advance 7 to 302p in Discounts. W OOlWOTth firm 
Alexanders, however, ended 7 

down si 243p. Wool worth edged forward a 

. , , n - . . , . penny more to 67p on further 

A »hide firmer immediately In cons jd«?ra t ion of the slightly be’ter- 

L rnn , ^ i L t** 1 AnSfr on SU »h ihan-expectcd first-quarter profits. 

% 4*1 


Press comment on 


pro 


named are due today. Moss Bros, 
stood nut among secondary stocks. 



FOOD PRICE MOVEMENTS 



May IS 

Week ago 

Month ago 


£ 

£ 

£ 

BACON 

Dani.eh A.I per i.in 

1 (W0 

1.090 

1.060 

British A.I per ion 

LOW 

1 .065 

1.015 

Irish Spncia! per Ion 

1.0W 


1.035 

Lister A.I per tnn r 

1.083 

1.085 

1,035 

BUTTER 

\Z per 20 lbs 

1141 11.52 

} 

11.41 '11.52 

English per l-\vt+ 

69.61 

+ 

87.38 

Danish salted per ewt* ... 

70.15 72 42 

i 

70.15.72.42 

CHEESE? 

NZ per renne 

1.161.50 

*■ 

1.16U3Q 

English Cheddar trade per 

tonne 

130210 

t 

1H02.1G 

EGGS* 

Home produce: 

Size 4 

T..00 .1.50 

3.10 3.60 

3.40 3.90 

Size 2 

390 4.70 

4 10 450 

4.30. 4 .SO 


.May IS 

Week ago 

Month ago 


P 

:i 

D 

BEEF 

Scot trill killed Aides ex- 

KKC.F 

sS.O 57.0 

53.0 57.0 

52.5. 56.3 

Eire forequarter/ 

— 

— 

36.0 40.0 

LAMP 

English 



6fi.i> 76.0 



NZ PLvPMs 

49.0 51.(1 

4S.0 .'iO.O 

43 5-47.5 

MUTTON — Engli-h ewes ... 

— 

— 

— 

PORK (all weight, i 

.16.0 46.0 

16.0 46.0 

36.0 44.0 

POULTRY — Broiler chickens 

35.0 16.5 

35.0 37.0 

33.0-36.0 

* London El-j Exchange 
1 Unavailable. ’ ror delivery 

price per 
May 20-27. 

120 eggs. 

t Delivered. 


cheancr at PI Ip onconcernaboirr showed a Press-inspired rise 

the implications of the company's 01 JT.' r .,,, or .j 

decision to withdraw bonus pay- „ ? m££ at 

al Tro«a '^whiTc br< Matthcw SiT J£ ¥ SSd'JSfiS 

Brown cloned *2 easier at IIS fol Elcc^o^onco^ «)4^ put on 6 
lowing The interim report. Else- WK Electric improved d 

**-■ — ’■ SU 

at 242p. up S. 

Fot the third consecu t ive 
trading session. John Brown 
dominated proceedings in 
Engineers with favourable Press 
comment ahead of forthcoming 
preliminary results sparking off 
fresh investment and speculative 
support; the shares closed 13 
higher for a three-day rise of 32 
to 3Wp. Other leaders were 
quietly firm with Tubes 2 dearer 
at 378p and Vickers a like amount 
higher at 175p. Elsewhere. 
Williams and Janies were wanted 
again at 83p, up 5, and While- 
house were notable for an 
improvement of 6 to S9p. Further 
consideration of the excellent 
second-hair performance lifted 
United Engineering 3 to 41 p but 
late details of the increased loss 
Tor the year prompted a decline 
or 4 to 3Sp in Anglo -Swiss. 

Retailers made a prominent 
showing in Foods with Amos 
Minton leading the waj with a 
rise of 4J to S7Ip on the substan- 
tially improved earnings. William 
Morrison reflected the optimistic 
tenor of the chairman's statement 
at the annual meeting with an 
improvement of 7 to a 1978 peak 
of 222p. while small buying in 
restricted market lifted Hillards 
19 lo 230p. William l-ow hardened 
3 to 9$p as did J. Sainshury. to 
185p. Elsewhere, interest was 
.fhowu in J. B. Eastwood. 3 up al 


Pip. and A. Q. Barr. 7 higher at 
83p. Afier reacting initially In 
l”Qp following an adverse Press 
mention. Tate and Lyle rallied to 
dose without alteration ai I74p. 
Riikusen. a firm market «f late 
bid hopes, eased 1 } to iS> 

Adda International Soared 
prominently ip HotcK and 
Caterers, rising 4 * to a 197V peak 
of 41p after active tno-nay Trat| ing 
generated by the announcement 
that Mr. H. J. Edwards and asso- 
ciates have agreed to buy a 
29.5 per cent slake. i*riu«!_or 
Wales finished 8 better at ISSp 
on the chairman’s optimistic 
statement. Rowton improved 7 to 
165p. but fading bid hopes Hipped 
10 more from Wheeler's Restao: 
rants at 3?0p. M. F. North, at 47p. 
save up the previous daj's rise of 

Boots relapse 

Miscellaneous Industrial leaders 
were featured by a sharp relapse 
in Boots following disappointment 
with rhe anneal profit c and 
accompanying bearish statement 
and also the fact that the croup 
failed to announre any -wrin-issue 
pronnsals: standing steady to An" 
in front of the announcement, the 
shares fell awav on :hem and 
were around 1 ? lower rhe 3 SO 
p.m. close before fallinc again 
aDer hours to end 19 down at 
205n on persistent selling further 
aggravated by the Price Commis- 
sion's unfavourable report on orn- 
priefary medicines. Beech am 
cloved below the best. pn^iPS s 'in 
at 665p. after 670. A dull market 
since Tuesday’s disannomtin® 
fi-<5t-qnancr figures. Unilever 
rallied 4 to Sl4p. El-'e where. 
Harris and Sheldon rose 7 to 57; o 
in response to the late announce- 
ment that a bid approach has 
been made for the ronronny. while 
Crosby Hnuse gained 10 more to 
lfiap on hopes that a full-wale 
offer may now follow the recent 
news that a large sharehnlding 
had changed hands. Cnunirv huv- 
ing lifted Haskell and Cn. (Bacunt 
12? to llOlo. and fresh speculative 
demand prompted gain-’ of s »n 
•Sharna Ware. I09n. and Metal 
Closures. 94p. Press comment 
drew buyers’ attention »n Sotheby 
Parke, which advancer] 6 to 27 Sp. 
and Centreway Securities revived 
with a rise of 7 to 262p William 
Press, however, declined I ' ;n 
following nervous selling ahead of 
next Thursday's annual re«uhs 
and Barton Transport lost 15 to 
IflOp in reaction to the increased 
loss for the half-year and the 
omission of an Interim d'v-Hend. 
Johnson Group shed 5 to ingp on 
fading bid hopes.' 

Motor Distributors alt meted a 
reasonable business am! closed 
with widespread gains Tuie of 
Leeds rose 51 for a two-doy coin 
of 9 to 70p oh small buying in a 
restricted market 

Newspapers completed a quiet 
session with W. N. Sharpe promin- 
ently 10 up at lG7p in a thin 
market. Pyramid eased t penny 
to 45p in response to the annual 


profits. Tn Papers. Associated im- 
proved 2 to 59 p after the interim 
statement. 

Properties firm 

Bell way Holdings featured 
quit?:*:- traced Proper:;**. rLstnu 
j] to 66;p ahead ol ia-day'-s 
Interim Scares. The r eadecs cun- 
tisued firmly with ME PC cloving 
:: higher s: I24p. wb.le English 
Property. 3Sjp. and f^and Securi- 
ties, 2ti9p. bo:h recorded modest 
impro\?mc-n:.s. In .secondary 
is-ut's. Berkeley Hamhro sdd“d 3 
to lW ip and Chctiteriteld 6 ’.u 2Ps«i. 
Invotmcnr f!--m ■*>:]>! developed for 
Counrv and D : .s:ric: which firmed 
21 :n SSp. 

After reasonable turnover, 
leading Oils closed with mixed 
movements. The early announce- 
ment of Shell's first-quarter 
figures prompted an immediate 
fall to 552p: however, considera- 
tion Of the chairman's following 
remarks brought about a partial 
recovery with a ciose only 4 lower 
on balance at 53Sp. British 
Petroleum, initially a cnunle of 
nsnee firmer at SP2n, eased on 
Wall Street influences to close a 
net 6 down at SS4p and small 
U.S selling saw Ultramar ease 4 
to 2S8p. In contrast, Bnrmah 
firmed 2 more to 63p. a 1D7S 
peak, while speculative interest 
took Siebcns U'.K. 16 higher to 
37Sp. after 3S0o Similarly. Oil 
Exploration closed 6 better at 
240.1, after 244 fi. 

.Mlhough business «a< at a low- 
ebb. Inve-iment T ru.-t> wore 
again better whore changed 
Atlantic .Assets ro.-e*4 to a I97S 
Desk of 94p m:rror:ng. the 
!?'.rei=:h of Oil Exploration irt 
which it ha* a shareholding of 
around 21 per cent Camellia 
Investments improved 10 furfher 
to 24Sp. while Mnoloya Invest- 
ments. 5Sp. aid Rights and 
Issues C:p!!tl. 30p. pu? on 3 
apiece In Financials. Britannia 
Arrow !o«: 2 more to i 197S low 
of 17?p on ftttther consideration 
o fhe preliminary .«Tarem?nT. 

Shipping? pu* up a better -bow- 
ing ilian of l3tc in clo«:ng with 
modes: ga : r>. 

Bulmer and Lumh featured 
Textiles, rising 8 to S4p on the 
substantially increased earnings. 
Dawson International rose 6 to 
130p as speculation rerived, v.hilc 
gains of 3 were *ecr. in Notting- 
ham Manufacturing. I27p. Sirdar, 
72n, and Geo. Spencer. 44p. 

PJablations displayed a firm 
bias. Blantyre rose 25 to 5H'p in 
a thin market 

Australians up again 

The euphoria in the Australian 
mining market remained yester- 
day. Prices again moved ab^ad 
sTrongl’.. in line with a further 
sharp rise in overnight Svdnex 
and Melbourne markets, despite 
momentary hours of profit-taking. 

Activity was again reported as 
very heavy but often snenita’ivc. 
and extended to all areas of the 
section, with a wide variety of 
issues attaining new highs for 
197S. 


figure 


The participants in the .Ashton 
joint venture exploring for dia- 
monds in the Kimberly region ot 
Western Australia all attracted a 
good demand. 

The major partner in the ven- 
ture — C*> mine Riot lute — touched 
22Sp before casing back to dose 
5 up nn balance at 225p. while 
Northern Mining, with 5 per cent 
of the presoect, were finally 5 
better at "Op. after 72p. The 
London-registered Tanganyika 
Concessions, which controls. 8.4 
per cenr. climbed 10 to a 197S 
high of ir»op. 

Among Uraniums, Pancontl- 
nental were arttvcly traded and- 
L'loscd 1 up at £124. after touch-' 
in-* £13. while Peko-Wallsend, 
4 Blip, and F7- Industries, 200 p, 
gamed 3 and 5 respectively. 

Rase-metal producers were all 
firmer although generally a frac- 
tion off the day’s best at the close 

of business. 

MTM Holdings led the way with 
o min at IPSn. after a year's 
hi**h of 200o. while further con- 
•hderation or the hase-metnl dis- 
rnverv in Vo-roria prompted a 
further imnrnvement of 4 in 
Western Mining to lflflp. after 
136p. 

Amonc the more speculative 
issues, rises of :t were common lo 
Metals Esnlorntton. 26p. and 
Mount I .veil. 27 p while Whin 
Creek ndrferl 3 at 45p. 

On ihe other hand. nro^Mahint 
continued in Newmetal Mines. 1 
cheaner at 3»». and Paringa. a 
pennv off at 25p. 

South Afriran Golds remained 
ouier but fhe fresh 23 cents rise 
in the bullion price to Sin 625 
per ounce enabled share nrires to 
re-dster modest cams w hich were 
reflected by the 0.4 ri«p in the 
Gold Mines index to 151.0. 

*eainrt the '•eneral trend, how- 
ever. Ea«t Rand Proprietary 
dropped 37 to 270n following per- 
sistent overseas selling. In the 
heavyweights Western ITnldlnes 
were prominent n nd finally a half- 
point un at £17. 

A higher investment rurrenw 
premium promoted small 
scattered gains in South Afriran 
Financials. IV Beers put on 4 to 
353 p. 

In the London-registered Finan- 
rials Rio Tinfn-Zinc were aga'n in 
demand and Ihe chirps closed 
another 2 better al 2!Sp after n 
197S high of 2J9p 

Elsewhere continued Irish bur- 
ins fitted ‘ttlvermlne* 5 more to 
a high of 52 p 


financial times stock indices 


K*F 

IS 


Slav ’ 


I TF 




“Sf'pjr • 


OoivniaiKK ’itw 

Fii«J luicrrrt «... 

Imlu-u ria 1 1 'nliiwr.. 


70.97; 

78.00 

480.9 


GoWMiur- SS4-» 

Got. Dir. V»-UI \ 5.BO 

fawilnyw.T “liiti fn’lH*: 16.M 

P;BRaH„inrtv:\ S.OB' 

Dodiiws nisrknl 4,795 

SSriuity turn." rr I'm — 
tS^nitTfaMOUiM tt4al.. _ ' 

1C 2.3). 479.4. 


71.1* 7I.S4, 71.47! 7L081 70.97, 

73.SO 73.40! .7*401 7338' 73.33; 

480.3 481, b! 485 Jl! 4885] 479,9' 

150.0! WI-*i 149.2 I48.0j lSO.d 

S.0kj 5.5*1 ' 5. SO' 5.49; S.6 b| 

16.75 16,751 16.68)' 16.091 *6.9af 

8.00 7.99 8.02' OAfc 7.91] 

5.707; 5.865 5.548! 5.0591 8,061; 

73.53 87m 93.80^. 82.76; • S0J13 1 

16.361 17.938 17.688 18.4*4. 15,098.' 

1 POL 4831 


A V<w. 

•K” 


7U 

71.1 
467. 
10 $. 

4.9 

15.1 
9.7i 

7.15: 

114.9 

23.40! 


II a-m. ttd.9. Kaon OCJ J, 
g pm. 4C.0 3 pio. 

Utnt i p-to y I2IOS4 tD2L. 

■ lUsrg on X an ran. rorperatton tax. 
Basis 1M Curt. Soci. Tj ID 2C. Ffxcit |rl jssn, 
Mines 12 9 3& SE AcPCttr jnijt.prc, IBIS, 

HIGHS AND LOWS 


Nil =733. 

Ifld-.Onl. 1-7.*. auk 

S,E. ACTIVITY 






lligb 

78.58 
(4l» 
83.37 

All 

tort. Dn!_.... 497.3 
i r-U 


IfW 


Uijtb 


(tan. Six*... 


Blxrd !nt.... 


L i2 


Mar ’ Mav 
W * 17 


-Daily •[ 

a«if-lMnd 

ImhtBmM.J 


GnM !Uirw«. 


168.5 

- 4. 


70.97 127.4 49.18 

(ILW IS.1.J6) | fri.llin 

72,17 , 150.4 . 50.53 

|10*1 .,-»/! uvy <3. 1 -751 

435.4 i 300.2 i 49 4 ^ 

A* !iiS»n-.'i»Mfc P'^w-ri 

130.3 .; 448.3 i 43.6 

iftil J '2?ifi 7fn| £* W ill | TrtSu».„ 


{ Specnlctive...: 

! TutaU 

j idarAr’nqte 


134.8 149.2 
371.7 205.4 
57.0 , 50.0 
109.1 ; 129.9 

149.6 1 149.2 
194.5 i 197.4 
41.4 < 41.3 
1*2.8 j 124.0 


ACTIVE STOCKS 


Dcnomina- 

ot 

Clash)* 

Change 

M78 

197S 

Slock 

Don 

marks pnee (p) 

on day 

high 

low 

ICI 

£1 

17 

376 

+ 14 

373 

32S 

BP 

£1 

10 

S84 

- S 

892 

720 

Glaxo 

50p 

ID 

387 

+. 4 

610 

315 

Lucas lnds 

£1 

0 

312 

+ 2 

318 

240 

Shell Transport ... 

2Sp 

9 

558 

- 4 

5S6 

4S4 

Adda In if 

lttp 

S 

41 

+ 4* 

41 

41} 

BATs Dfo 

25p 

S 

298 

+ 4 

206 

227 

Dawson Inti 

S5P 

S 

ISO 

+ 6 

130 

69 

GEC 

25p 

S 

SOL 

+ 5 

27S 

233 

GUS A 

2ap 

25p 

S 

2SS 

— 

312 

256 

Rank Org 

; S 

263 

+ 5 

265 

226 

Beecham 

25p 

7 

665 

+ 5 

f.7S 

583 

Trafalgar House 
Turner & Xcwali 

20p 

7 

131 

— * 

167 

117 

“ new " 

fl 

7 

ISfi 

+ 2 

186 

163 

Ultramar 

25p 

7 

28S 

-4 

204 

194 


OPTIONS 


DEALING DATES 
First Last Last For 

Deal- Deal- Declare- Settle- 

Ings ings lion ment 

May in May 22 Aug. S Aug. 15 
May 23 Jun. 6 Aug. 17 Aug. SO 
Jon. 7 Jun, 20 Aug. 32 Sep. 14 
For mfe i»:rf in: tints «md of 
Share Information Service 


Money was given for the ca 
in Rnstcnhurg, Mldhurst White 
Metloy. Vickers. Eastern rr 
dure, ‘Ullramar. Orme Dc\clo 
ments. WiUbtui Press, Pa- 
Continental. Trfrentrol. Lonrio 
Brick Two, Associate 
Fisheries. Town and City Pr 
Pcrtlrs and Adda Internationa 


NEW HIGHS AND LOWS FOR 1978 


RISES AND FALLS 
YESTERDAY 


Brill FiuidC 

Up Down Samo 
3 W 19 

Corona.. Dam. and 

Foreign Bonds .. 

7 

If 

39 

iodtiftriols 

393 

m 

974 

Financial and Pro*. .. 

1«9 

M 

304 

Otis 

U 

4 

15 

Plantation 

13 

1 

» 

Mines 

71 

11 

49 

Recent Issues 

2 

3 

21 

Totals 

451 

339 1.433 


Trip rai:a« ng wunt e* i»«H ■■■ m 
Sil'r ini; -rul-o*' Sw*irr yfrr--f»V 
•tu>n«a non and i.vi far VOrj. 

NEW IIIGUS (233) . . 
BRiriSH FUNDS (II 
AMERICANS illl 

Canadians <9|- 

BANKS L*> .■ 

BEERS (SI . 

BUILDINGS 151 
CHEMICALS (7) 

CINEMAS lit 
DRAPERY & STORES 111) 
ELECTRICALS >6i 
ENGINEERING ( TGI 
FOODS (SI 
HOTELS (A) 

INDUSTRIALS LIOI 
INSURANCE <S> 

. MOTORS «9> 

NEWSPAPERS 
P«PER ft PRINTING 141 
• PROPERTY :i I 


TEXTILES rS> 
TOSACCC 


TOBACCOS >31. 

' TRUSTS (25) 

OILS I4> 

OVERSEAS TRADERS «4> 


. RUBRCR5 (El 
TEAS (31 
MINES (201 

NEW LOWS (2T) 

„ BRITISH FUNDS 19* 

13l«.- TORO E». -+•!»/» B'. n, 1981 
I‘«yi 11'jDt 1981 Sat ’995 

farhM 9',oc liar Rearing. 3« 8R-96 
Exhra O-.M 1RB1 War tom S'-pt 
T-ni J'.» IH2 

CORPORATION LOANS (41 
?'•'!>« 'MicJM L.C.C. S' ot 85.8? 
I r r j'.'w 77-01 ICC 6 mr 'Rfl.ao 
COMMONWLTH. a AFRICAN LOANS (1 

“ N 71-Dc .8T-|| 

FOBEIGN BONDS 111 
Iceland 9‘«at '91-9E 
„ CANADIANS (11 

Canadian Pacific IK Orb 

CINEMAS ID 
Scott 1 sn T.V. a 

. IWCWKM5 m 

Bowl horde 

INDUSTRIALS € Y* 

PhOtaK .Lon 1 

SHIPPING H) 

WanfAwter Lmm 

TRUSTS (II 

Bf'annia Arrow 


LONDON TRADED OPTIONS 


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14 j - , £6 - 

Volume fitfiire" ooi antaMe. 

36 

- i 



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EQUITIES 


ll.ur 

Tr'r 

L.- 

l!rt> 

| 

iilllpii 

Hlfth ! Lon 

lua j r.p. 

26 4 

14.* \ UV- 

1 ' 





FIXED INTEREST STOCKS 

Dfl 

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I = - + -r 

6t»+ ! £ -r — 

■ it | 

| Hittb | Lou 


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tlU|> I<M|I :Armlta«e «i.l lUlg% ^D-l Cum. Frei 

I03|i| 100) (driUaiR- v^Uuuv. i/iiiii. Kml. 2n.l I'hm 

ill? ( : ta<irk Malas. L/J Ih. N<M1. *«.- 

491* 481*- Jreenwl'-h «l»n. Il.iin.r4i l l/t 
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litoi : 
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</] is I'iiUm -4'J; Cum. Hri 

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iOl^lViule PMinie l«»* I'tvt 


97*p; 
S£>9>4 
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48 1„ 

104 4f . 
101 
SIIjd 
97 , 
I'll i 

91, 

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“RIGHTS” OFFERS 


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II t«'. .L,= 


i Cutting i-l- "i 
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23/6 .m l-l'in Uii'ii n Uiivm. Kent 

Al J3C ' tie 'p./lhuab 

— 1 4I|hii v3,.in 'Caimlhn lHi|vrwi Un 

— 2imi , Xu 'L'n.' hnia I.uhI XI uliaxt 

23.6 J.ijini. 3 ]|iiii Hun.'tm 5Iul:aml- 

33'6 02pm 4 1 4[.ni rvc- tLx-LiPtmti 

9 6 oo 1 OKI; 5nnm 

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— aii,nii| WHlu/ 


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.'20i£um 

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52nm + 

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Ken uncial Inn dale usually last riav mr rieslt/ig trrt ol siamp duty, o Figures 
Oaset 1 on Drosto-cTus esnmaic. a .vwimied -imrtetxl and yield, o Forecast dreirfervl 
iimi based on preemiie year's earmnss. r Dividend and rletn tusen on prospeenu 
or other official estimates lor 19T3 q Gross r Ktgun?s assumed [Ojver 
(or cQQversloD ol shares not oow ranftiiu; for dividend or raokina only for rg ni i c i e d 
iivideinl< • Placing price 10 oubllo p; Pence unless otherwise maiealed | issued 
hi tender. |l Offered to holders ol Ordinary share.* as a •• risltrs." — [sMett 
by wav ol capitalisation, t* Minimum tender price 19 nelnmatuced n Issued 
in connection with reorEanlsatwo merssr or tafcc-orer tn intrnducuan. ~[ issued 
w Conner Pretwnee holders. ■ Xlloiment toilers (or rulb-Daid). • Provisional 
or panly-paid allotment loiters. * With warrant*. 


FT— ACTUARIES SHARE INDICES 

These indices are the joint compilation of the Financial Times, the. Institute of Actuaries 

and the Faculty of Actuaries 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 

Figures in parentheses show number of 
stocks per section 


Thurs., May 18, 1978 


Index 

No. 


Day’s 

Change 


Est 

StndsEi 

Yield* 

(Max.) 


Gras* 

Ut 

Yield*! 
IACT 
at 34 V) 


Est. 

P/E 

Ratio 

(Net) 

Corp 

ItaSK 


2 

3 

4 

5 

6 
8 

11 

12 

13 

14 

21 

22 

23 

24 

25 
28 

32 

33 

34 

35 
38 
37 

41 

42 

43 

44 
«S 
« 
40 


SI 


CAPITAL GOODS (178). 

Building Materials (27L 


Contracting. Construction (281. 
Electrical* (15). 


Engineering Contractors (Ml 

Mechanical Engineering (71) 

Metals and Mttal Forming tt7> 

CONSUMER GOODS 

(DURABLE) (59 

LL Electronics. Radio TV (15) 

Household Goods (12) 


Motors and Distributors (25! . 

CONSUMES GOODS 

(NON-DURABLEKITS) 

Breweries 041 

Wines and Spirits (81., 


Entertainment, Catering (17). 

Food Masn£actnriiig(221-_ 

Food Retailing (16). 


Newspapefit, Publishlng(l3) . 

Packaging and Paper (13) 

Stares (38) 

Textiles (23). 


Tobacco* (3 

Tegs and Game* (81 — 

OTHER GROUPS (27) . 

Chemical* (Ifl), 


Pharmaceutical Products (7)- 

Office Equipment (6) 

Shipping flOL 


Mjacrilaneous 
INDUSTRIAL GROUP (4>g). 


Oils (51. 


FINANCIAL COUPON). 

Banks(6)- 


Discount Houses aQL 

Hire Purchase (5), 

IwaranceQJfejaO). 


Insurance (Oomporite) CD. 

iaroraDceBrokKs(lfl)_„ 

Merchant Banks (14 ) ■ 
Property (31). 


Mscdlaneouafl). 


214.92 

192J4 

343.90 

451.72 

32S.7& 

172.61 

168.05 

198.06 

23156 

17653 

126-86 


205.09 

240.45 

26237 


263.40 


193.68 

20157 


39032 

13039 


183L02 


18456 

263.18 


10552 


198.68 

27524 

26200 

137.14 

43454 

208.97 

21239 


498.07 


236.05 


16831 

198.04 

19926 

15229 


14036 

12837 


35131 


1 8032 

23054 


10950 


Investment Trust* (50. 
Mining Finance (4) _ 
Overseas Traders Oft. 


m } AUrSHAKE 1NDES873) 1 218.00 


20930 

9738 

31836 


+05 

+0.7 

+12 

+03 

+ 0.1 


+05 

+05 

+03 

+05 

- 0.1 

-01 

+03 

+05 

+13 

-03 

+02 

-13 

+0.7 

+ 1.0 

+03 

+15 

+23 

+0.7 

+13 

+0.5 

+03 

+05 


-0.7 


+03 


+03 

-05 

+0.1 

+21 

+02 

+02 

+0.4 

+ 0.2 

+05 

+05 


1738 

17.72 

19.45 

1514 

1759 

1859 

16.77 

17.08 

15.19 

1630 

20.04 

15.74 

14.02 
1532 
1339 
20.12 
14.07 
10.00 

20.03 
1132 
2039 
2117 

20.05 

16.04 
18.26 
1L04 
17.81 
18.25 
16.10 
3630 


1432 


16.08 


23.90 

1235 

1330 

237 

2336 


-03 

+03 

+03 


+02 


316 

1710 

7517 


555 

554 

3.94 

3.93 

629 
6.07 
834 

430 

371 

639 

636 

5.71 

5.58 

5.49 

6.48 

5.73 

454 

318 

912 

4.41 

730 

717 

5.92 

5.71 

630 
339 

4.71 
725 
616 
551 


3.97 


536 


550 

5.44 

856 

539 

6.46 

655 

418 

5.96 

3.03 

725 


451 

734 

6.49 


5.40 


■ 8.01 

8.09 

7.45 

936 

7.70 

727 

8.02 

837 

9.43 

8.43 
7.17 

8.60 

1025 

9.84 

10.81 

658 

9.79 

14.43 

7.07 

12.99 

5.99 

552 

652 

821 

7.45 

1133 

6.65 

6.74 

R/41 

834 


Wed. 

My 

17 


Index 

Ho. 


2X3.89 

19146 

343.95 

44635 

32285 


732 


8.16 


634 

1152 

U39 

6453. 

530 


3157 

7.23 

823 


17141 

267.98 

196.99 
23838 
17638 


Tubs 

May 

10 


Index 

No. 


* 1 ? 


Index 

No. 


May 

l* 


Index 

Na 


Year . 
«P> 
(approx . 


Index 

No. 


12622 12668 


20539 

24057 

26237 

262.73 
19269 
198-98 
39L43 
13018 
18630 
183-28 
258-70 
10518 

195.74 
267.62 
26038 
33535 
43223 
287-26 
21141 


50137 


23537 


16838 

19926 

19914 

14912 

14071 

127.93 

358.4? 

N65 

22932 

108.92 


20915 

9738 

31818 


217.47 


213.93 

19252 

me 

447.09 

32L9S 

17136 

168.77 

19751 

230.60 

17655 


20559 

239.60 

26215 


26235 


19352 

19957 

390.07 

13031 

186.70 
18458 

258.70 
10453 
19535 
267.48 
259.66 
13557 
43417 
20738 


2U56 


498.49 


23530 


169.40 

20219 

19817 

250.46 

14074 

22966 

34144 

8051 

23035 

10811 


28739 

9125 

319.45 


217.63 


214.97 

19457 

34758 

44857 

319.95 

17165 

16958 

198.78 

23230 


176J5 

127.05 

20715 

24139 

26535 

263.95 

19459 

msz 

39033 

13L27 

18834 

189.43 

26839 

105.94 

19633 

26825 

26055 

23433 

44137 

20754 


212716 


50051 


23659 


169.79 

200.92 

19735 

1SL46 

34L81 

330.91 

nn 

8138 

731.15 

18736 


20639 

9635 

31957 


2U52 


214.72 

19455 

347.03 

445.42 

319.69 

17155 

17155 

19812 

23331 


17636 

326.04 

207.45 

24115 

26136 

263.97 

1.9531 

ms 

388.16 

13251 


188.71 

19L90I 

25959 

10535 


295171 

26630) 

26051 

1X32.73 

44938 

206.96^ 


21 233 


498.70 


23632 


268.95 

200.94 

29816 

M9J2 

13938 

SL49 

vm 

auz 

2Z732 

mis 


20575 

9511 

32754 


21836 


18637 

25832 

25437 

356:70 

253.04 

170.42 

160.17 

17R20 

38934 

16670 

114.08 

173.12 ■ 
180.69 
20134 
22335 
Z77.98 
17437 , 
29838' 
12412 
14738 
17159 
234.95- - 
97.93 
18534 
25353 . 

030 

22257 

532.97 

18631 


18SJ3 


589.43 


21LB4 


143.68 

16070 

17139 

134.77 

222.79 

117.86 

297.93 

7X58 

19856 

9835 


18735 

9837 

287.91 


194.49 


FIXED INTEREST PRICE INDICES 


British Government j 

Aon. 

IF 

Day's , 
chuge , 

xd adj. 
ToaIat 

xd adj. 

1978 
to data 

1 

Under 5 years 

105l66 

+W0 

— 

363 

« 


m as 




3 

Over 15 years 

12U9 

-0.14 

__ 

4.97 

4 

Irrsdeenabtes 

12R55 

-038 



6.00 

5 

An stock* 

11363 

-0.09 


3.97 


1 

Thurs. 

May 

10 

Wed. 

toy 

4? 

Year 

. 

(appnuj 

1 

Low 

5 years..- 

153 

832 

709 

2 

Coupons 

15 years. 

VM 

1M5 

10-43 

3 


25 TftBlS. 

1146 

lie. 

1153 

4 

Medium 

5 yeas* 

10.97 

2R94 

9.41 

5 

Coupons 

15 years. 

1108 

2205 

1128 

6 



1227 

- 3234 

1197 

7 

High 

9 years. 

U25 

1UM 

1017 

8 

Coupons 

15 ycerj^^.. — 

1230 

USB 

1236 

9 



13.04 

1*81 

1162 

EH 



1US 

1130 

1170 




Thtire-. Mat 18 

M.V 

fuputa} 

M*y 

16 

Moudaj 

May 

.15 

VrMajr 

Sine 

12 

! riiun. 

! - Hay 
j 11 . 

j WuU J 

j May 

1 to 1 
, 1 

TumOm 
Mav 
' 9 

:i Y*sr 

| ■«>■» 
jiappci'M 

lodes 

1 Vn 

YMJ 

4 

4T 


15 

tfFyr. Red. Deb & Loans (151 

I 57.87 12.83 f 

87.63 

57.87. 

87.73; 

87.69 1 

57.70 | 

67.68 

57.77 

68.46 

16 

Investment Trust Prefs. (15V 

82.35 1 

13.85 

82.17 

68.17 

9Z.17] 

B2.16J 

58.86 1 

53.40 

82.46 

sa.oi 

17 

Coml. and Indl. Prefs. (20) | 

70.47 j 

12.97 

70.41 

70.30 

70.3Z; 

70.33 j 

70.32 1 

70.35 

70.58 

71.47 


t Radompdoe yield. HIbIm sad |«w» record, few dam nod values, ami conitltamt dunvos are yub&slMd hi Saturday 
* "ew Hit or the eonethitoMs is mllikh from the Pullriitn. the flnndil Times. Breritcn Masse. Canaan Street, 
London. ECtP SBY,, price 13a. by past 22p. 


















































































"Vr *?«V c* 

'o&N 


OFFSHORE AND 


Abbey Life Assurance Co. Ltd. General Portfelio hu r- t-hm iw _ am** incnm* „..l3?.s 

«£=»“-, ~ kbsStS 5 ? r' St- 

BSMcdSfii £2 ::::: z r auw hoo*™ g* 

i?i' p SZ?L^?Z^— [£*2.6 im. 7 „..., — . Gresham Life Ass. Soe. Ltd, HamhWs Hsc^Hontxi. I 

cSSStThte^a - ^!?- iu j — - 2 ef Wales Bd, B'nxm a oaa Timss NpTr Zealand Ins. Co. (U.IL) Ud.V 01 ' 588 2851 w 
cMcag'Fuirt 1(1207 iw 'i ZZ — {%£, 3®-®! | — Jfwtlanditcuro. Southern! SS12JS Q70CKZ955 B »laae«! Foods 


PMf>a 9 ra.~. — a#* _ 

Property Arc V5Z6 lta.Tt „.. _ 

Srfertlw Fund jte 2 St* “ Z 

Convertible Fuad _ fi2»8 tK.7I .... ' _ 

MteowFuiHi [1207 127 JJ _ 

Beaa ftwfn, iTVa m3 __ 

ffeen-Seirctl--* fc-fl B7.W _ _ 

ftrt- Security 034 9 142.0 — 

M*n»|{TO ___ fI7pJ| 1B5 (J __ 

JW<i5.Eqjl;y [155 f* 167.S .,.. — 

9Pr»p.PiEer.4_^p25 7 152.W ...... _ 

VUn. TC. St- i 1401} _ 

esu.-r.-Fl Scr4.p3 9 15.f| .„... — 

C-»v, t’d. 5tr 4_.RW.'» llbfl ..... _ 

C5J0CP5- Kit Itr. 4.„ fier 9 114.71 — 

Pr.'VM at May 10. Valuation twnnnily Tus 


c * rtn “«* Manages* * (=»gi Perpetual Unit Trust Magmt.v tui 

mESHSF Vfl^ u I, 0’.aii23I W.2tf 

am* “”m3"*Zp.s nirM 111 SSJSW^air'iB I gfl-flil 82 P>-iu-:n P . l ;sh.. .. ;«o «o; ■<■:*! j: 

AcbSyo^ Trt Ft! gfci aaM^a 112 conTBi?^*i?> Shjrr~}?563 l|g|+lj{ 2K Piccadilly Unit T. Mgra. Ltd.? lalll 

.ZZZZlZ “ -KSl&MRflt sH *5 


Convertible Fund _ [12? j 

BStcowFuzni [1207 

Ee»w»?fn7 |j?La 

Peas. Sdcrtl-e fc-fl 

ftrJ. Security— OK 9 
Pro* Mana^fro ___ fWfijf 
jvns. EQjlty [1554 

9Frap.Fi Ser. 4 1125 7 

9tun. Ftf. Ser 4 IJ0J.O 

Cfli.-7.-Fi Ser 4-B3 9 

t?«4 C-* A iMf.Q 


Allied Kambro GrOupV <a) (g) 
Hamhrt'} Hsc, Hutton. Brentw™!. Eivtt. 
U1-£B8 285] or Bl-vnlwood i.OSTTi 2: Hi8 


£f-E4Bi>7Uad_hOS.O noil _ JL -Fi &y lat . Plan . U7S W1H ,7.„T 

KS'S 33S-3 — STJfcjlCp'sPd. U1.7 1071 ♦0 21 — 

SiSiSKSfcte" Sidr sa : 

UE' am. sot. LM.» ig? rj Z 

^Ptr Baafc. Bray-on-Thames. Bcrka. 0S28^irH Erip.ed Fd ip? o- isaj ..^Tj 


* <a) ig) jaromt- rund [n.7 77^ -Oi 070 vSh'r *Fd |S2 

t«nt»L £h*t. Iw Afcncies (14C2 ie« -51?i >32 v.Z* t*? 

Ir.n A.-fflBird.JaiT &» 

R " “ 1+jB >J 1a«l Tm 1/rfe . .. |s 9 3sJ-D<| 1 J7 Si 

7a ti xfl. [H G»W»S Lin tool 1 Unit Tst. .WJJS. Lid. Meuakr Fugo 

«.§:§■] IH a»««hft.WNWL 015S8.II1 

33.BJ ., .. ( 515 ,SI A u [IKS' IW ..{;■! 0 MOri .] C 20 Anendan Fur.d._. !3>: 

357rt-0^I 4.% I3i A»j G(V«\hT| 475J J 483 __ , . . . _ 

Jb.«A.0 3l cj 3 i^A'i.FirEss'-fce 2*3 ...Jj #30 Practical ! ovest. C 


p3 4 >s.fj .„.J — P**=W4Plnajice..| C.053 | , V _ 

_ K16.S 1153 ._.! — laiulb«ckS«e»..._.| 54*1 " f _ 

rtiiJCW Fd.5»r. 4.. flCT 9 u«.« ... ..J - 117.91 ; Norwich Union Insurance Grann 

Pr. W at Mai - m Valuation no^uOJr Tn«. « * & Su^r Fd. ^ £7.870 I - J - 4.Sfanricb NRiSSa^ oSLoO 

Albesy Life Aseanuioe Co. Lid. Gnardun Poy*l Exchange K^oat;cd Fend __ ^9.4 220.414.0.11 _ 

^.tJIdflurliofitOTStMVM. 014375882 Hoyal Ewhaage, E.CA 01^257107 ?S| ?S‘9 +0 -’f ~ 

ar^tyFU-Acn—nTW W7.41 ♦Z.g - PropettS' Bands — [174.4 1£U4 |_ uf i g'L'S I 

™18| “ Uie Assurance Limited O SgtfK&ur “1 “ 


_ Cast Deposit Fd_ |«fi 


yr^mTrFd-AM — 

, aF-jecc InL Act 

I (CuLMmerFdAi. 

■ tr*l JMMn. Fi! P,on . 

«Prop.PcL44e.. 

Is*. An 

_ FBn-FtLAcc. 
n'^tfLiCaAK_. 

(MUmlIVitiAK 
jMlJbLFnFdAcc. 

-. jfp}*^nv[Fen[Acc 

AMEV Life Assurance LUMP 

Alma Qao. Alma Rd.. Belgoto. Beizote 40101. 

AMKV Kanased lUSJ Z424i ._. _ 

wssvMgd.-y Uoai 153 _... _ 

Xkev tvscir,- ru h«.4 ifH.q 

»swat p 1 i 'M-- z 

• A4SV Prop. Fil J7*3 1(0 __ _ 

AMEVaJctfPeiLPdiWa ’o*3 „ ' _ 

A5S5' HeiPen.-e-mfi 102.3 .._ _ 

Hex] plan _pi2 103j] _ 

Arrow Life Assurance 

30, UsbrJrfce Row!. WJ2. 01-7490111 

SeUULFti.Qp'Jirt..|9aJS ssa _. I _ 

Sel3£^F)L5(.DliL_BA0 Kl.3_.Zl — 

1-4^ Kc<Lru.I>i. _hlHA 122.3 

P»nJAaoLF£L-Fi_pM.S lkr^ j _ 

S Barclays Life Assur. Co. Ud. 

SlSeraiori Ho., E.7. 01-SMS&M 


7 Old Perk l^oa. London. W! 61-489 Off 

Pl*ed In!. 5«p-^.«tl24.7 15m I _ 

S ^gyr - 175A «S.9 tji _ 

GS^S-S lb0 * IMA -*0.4 _ 

Mar^. tied Cap 134.fi 147.0^1? ^ 

Menace d Acc 1722 1813 +2.4 — 

Oetobm ... 119 9 HA 1 „ 

cut Edged — ___ H2M 3 tj iSi __ 

Amoricon Acc.. — .100.9 1043 +38 — 
PenJiDep Cap — , 127^ 1333 _.. _ 

P^PUMpu4ea.__ 1478 1556 

Pen. Prop. Cap ZC24 71? f _ 

£en £n>p. Acc. 7592 272.9 — 

PmMaiCip — £a«,J2 zu.! _ 

Sf?- ZM-4 27BL4 _ 

Fou. Gilt Bd& cap.. 121.0 127.4 

Pen. Gilt Edg. Aet. 12T.D 133 7 ' . _ 

Pen. US. Cap. 1234 T4? A __ 

P«.B5.Acc._ 1^8 iSI — 

79t.ILAF.Cap 1KL2 — 

Pea. DAP. Ace mbi — 


4-0,11 — iMemaiifeud nods 

♦091 Intenuiuonal 

....J — Sera, of America.-— 

-^{Jj3 Pacific rund 

1 — SpeelaUEt Funds 

— 4 — Smaller Co 's Fd _ 

EnC Stnlr. Co's Fd. . ; 
Recovery SI U 1 

01-8260878 

1 Overseas Earn mgs 1 

— J — £xpL Stair. Co's — *1 


Allied lK 1668 

EnL iBd*. F-und IfiCS 

Cnh. ti inc [3*3 

EIpcl & Ind. Scrffll 

Alued Capital RU 

Kambrc Piiod [1M.5 

Ham Dm Acc. Fd. |i20 j 

Income mods 

lilfD Meld FA lfi<t2 

uipi income— ^I m.D 
rA.H.Eq. Ibc. lj9 J 


■US 12 SB*- ■ - - - — ■ - •■■ 

!6> 3 51 

V (alfbt AvtNilhnot Securilies 1C.L1 Limited King & Sfcaxson Mgr S, 

r.O.Roxssi v; llelii-r. Jcrwr- PtCMTBl™ 1 CharinrC«>». St. Hehe.-. Jersey it*W. 73741 


Phceclx Assurance Co. Ltd. 

4-5, King WU2Uin5L.Er-U’4KR. L 

Wealth ass. JUZ.fi uifil 1 _ 

Bsstfist— C5 = 


7t.fal ,Q 3 
USA -0J 
123.7] +2J 


m 


6J3 


VI 

«0ri I CM 

475; ....J *5 83 
24^ ...J #JJ0 


Aeeanltr rime _ll 
TerhnolArsPaafi^t 


American Fiir.d. — iK 4 


’2i Australian Srieclioa Fuad W 
H B[ t» 5*.?.-kei •;iTWnuu.t!i v ‘. c-o ln->h Ymitw . 
5f . j 1 :> . nii.iuf Je. 127. Krai Si.. Sidney 

.— I 1 M I I'XIS Mta.-s«t I SUSU3 1-0 0|| 


CUi Fad. UuenuejjwM 
latl Gmv Stou 7k. 
FimMerMufi jSSSS 


:iS3.fc2 w ocj „_.4 _ 


Practical Invest. Co. UiV lyMcj jEauk of America Internal iooal SA Klplnwort Benson Limited 


Luxembourg (1 v. 

L'.on<7 U1U{ . I 583 
Next sub. dh.v Slay 17. 


Eft Fenrhureh 6L Ei.71 
Eurlmeil I ux. F. I 

Guertmcy Inc. (63 ! 

fta. .\reum |7ft I 


GHeveson Kaaageun 
59 Crrsbaci SL E23SP ZDS. 
2.44 Barrington May 17 . irfl7.fi 
i Acram. Vnila-i K49 


SmofierCo sFd _EM.8 37 JI +0.11 4 70 18. 177J 

gtCSmlr.Co'sFd.. 4£J ♦O.fl 4.48 J&J32? &?? i ull 

Recovery Slit 85JS 9L5e*B.SJ 5 63 SHSK' «&?«? 1S7 

KyLMln.LCl«y._ M.0 42*i +03} 5J5 V4S2ffii®S mZ! my 
Overseas Eamiags 59 0 633 *o3J 4.44 H2£5fi.“SE, — £5 

£xpL Ssilr. Oo'» _*R135 Z24 .t} +03} 534 ^A&SSwiT: fil 

Anderson Unit Trust Managers Ltd. Ex 

IKflnWnehurfbCi Rr->ifAA a momi Goftrdian HOjal u, 


J52i,? n S I i?. a ^!f !sa - Ud - !? ,aMhMt '' Basque Bruxelles Lambert 

t *J6 BOJWf« Bc*.BCI.»2.*ii 1 n.Z r.* 1 . b mu v„. 


0!#T3.‘»a0 
♦1? SJ7 


St'KMU 
5fS:ifif. .J.V 


52? D*s»l.ei: Til«. tlttVL 44. Bloomslrj^i Sq V.V; \2a% i'il j£ 3 3-> ‘laulevurd Rorti, Luxembourg Cn Eft Frnrhureh 51 . EiTU 0!«3»aO 

Gorett tJohqjV Pracliea: May 17_ IlKJ J573) : ; }fifU-',tinses:8Kme pi'.-aafl uim . | 583 ££££*}. * 1X - F - L, , 3X50 J -*- 1 } >-?2 

n.M.nu.1 ir :. 01-S386G» Accutlaus. [23*7 22E5J . I 4 IS lTw«r» ov Slsj- 11- Next sub. idy Slay 17. Sj «g «-i 

fcW SfcSfffN.v-ffigf H 2£f ProrfErf:J ur * *'«*■ Co. Ltd.? Baii. of Lndn. & S. America LUL nnrMMjtf — 5t-«10M j ! ' j 132 

» *>■**”*& ?daWWiH ^ fSSXs***™ , .««*» EteMi-.: M o 1 ^ 

?« 2fr*, , ?!S5sr“ “• £l« ?E «- jaissKi ‘sas* U j ?s 

« sh# 5 - II i| m It fr 5 ^ 23 * 1 »»« Jfs tsAtssar - wrs » «4— - w *** 

IS KSsSbctf «= » 25&«^S*»H1.TSW ^'WZSjSf^.JSfer' » 


_2«<| ._...| 


Prop. Equity & Life Ass. Co-V 158 Pencil urrh5LJ5C3iI BAA 823 9231 

^ 5 M^ Wll ' {AiL 0^0857 -^dersoc U.T. — —(477 513| — J 430 23Jg£525B nS? 

1 tz£ +ij| z Ansbacber Unit MffmL Co. Ltd. Henderson Admlnisrai 

FlexMoa-yBd 1 1483 | — 1 Nofalo St, SC2V 7JA. . 01-8238378. Premier IT AdmiruSBaj k 


FlexMoa-yBd 1 1483 | — 1 Nofalo SL. SCEV 7JA. . 01-OS 

»> ., . _ Inc Mootuly Fund. D&20 17291 4 

Property Growth Assur. Co. Ltd.? 

Leon House. croydon . crs ill' 01-8900606 AitaUuiot Securities Ltd. (aHe) 


Empcrar Fund 

Property Fiuui(Ai_ 
Aericel rural Fund. 

Aaiz. FurdfAl 

AC otyMK. Fund.... 


Barclay bonds* 
EuuiCJ- 
CGI 
Fro- 

yrnqg 
Do. Initial 

cut 

Do ^ 

if saef Fens. Ace. 
DalaUifll 


121 E| *0.4 — 

££!:“ z 

aa^! = 

Wz: z 
|| :z: z 

lfW * .._. _ 

WMl .. .. — 


Hearts of Osh Benefit Society AtptvNatFuixL_ 

16-17. Tartstocfe Place. WC1H 0SM 0143875038 f v^' } 

HnartaofOab B63 Sftfl J - :ate^an"E! Fd-iAI-l 

HiD Samuel Life Assur. LUL? 

NLA Twr- Addlaeombe Sd, Crny. . 01-83S43S5 Money Fund 

* 156JJ _ Money Fund tA I 

m 3 _. . — Aemwisi f.-iih._ . 

USB *L2 Gih-edijed FUikL_ 

103.71 -0J — GCt-EJftj id Fd. UU 

:m.S +DA _ *Retirr Annuls 

laSiq ... . — eisoned. AnaTy 


Apropewy Unila 
x7t»porty Senes 


*— ** SlLAtUUKi Un it. 

01-SJ4S544 lS»d£XA 
3S3-.J — Kenejed Serie* C 




saizdz 


‘Current unit value May 1" 
Beehive Lit? Assur. Co. LtcLv 

-n.LcBiiMrdSi-.B3. 6*0231288 

Bik-BorseMao-S — | 128.15 |„.j _ 

Canada Lifts Asacrance Co. 

M High SI. potttr* Bar. Jrtrta. PJBcr 91122 

&!tj-.GULPll3Eqa.| 5EJ I J _ 

£etmLFed.Apr.6_| 11 G1 [ . , _ 

Canad a Assurance Ltd-? 

1, OlTTnpicWy. WrKbicy HaSO-VB Ol-S^ssm 
Equity Up I ^ — I I _ 


Kouey Unila. 

1 Serins .. 

Ini Sor . A 

Pns. Muw>fied Cap. 

Pol Mazutsad Acc.. 

Pjti.C7eeo.Cm. 

PW. G'ieed. Acc-. 

Turn. Equity C^p 
Fens. Equity Ace 
Ptc-F id_lm.Cxp . 

Pn=FxdJttt-Aci — 

P«k. Frop. Cep 

Pew. Prop. ak. 

Iznperfal Life Ass. Co. of Canada 
Imporl*l House. Gulldtoni. 71 

GnnKLPd.Mcyl2.l7L7 77.4) J - 

Para.Fd.K£J>12_K53 79 M _Z1 - 


F^Grov^tai^u fi Unrids Ltd. 


Ainrther Ac. 
9AU WrxlherCnp. 

o:=v.Fd-Lti 

Pemdoc Fd. Dbi 
Conv.pnaa.Fd. 
Car. Fw. Cup. 
Sicn.Pecx.FU. 
Men. renr.Cep. 
Prop Pena F*. . 
PrDpJteax.Cap.Ultt. 
Bda Sot. picn. Ut 
BlagTsoc. Cap. Dt_ 


127J ,_... — 

XS .6 — 

SR z::: = 

1313 ...... - 

142.7 — 

1322 . — — 

1493 — 


37. Queen SL London EC4R1BY 
Etlra ln«nneFd — 11055 1141 

Hifib lor. Fund «L2 # 

« AVcati Unitxl.— 553 6t 

i&i'*. Vdrwl. Ubu 553 « 

PrcI*jreatfFirnd— S5.4 Zl 

lAcnn Unilsj 37.8 ® 

Capitol Fund — 193 2 1 

Canucoditv Fund— 563 61.J 

I ACCum. UDttel S-4 SI 

nOThWdrwUJ.i— «6 53 5 

Flu fkPropJT-U __ 17J U 

Giant? Fond MJ 44 

fAccum. VaiW 46.9 50 

Groofj) Fuad Jfl.l 36 

iActubl UnlWi 402 43 

Smaller Co'aFd.__ 272 294 

Eastern t MIL Fd- 24 3 2& 

fKfc WdnvLUtsJ— 193 20 

FVireicn Fd r- S-9 ■ 91 

N. Amor. Il InL FftPLO 333 


Ltd. Hendersou Admlnlsretive ini(c) (g» * .. *:'■ 4,71 s “ 1“'- E,t "(?n3 

01-6238378. PremierUT Admin-SRii loigh noad. Huiwn. ^ 7,^ e ^ e ^ Minijenent Ltd. nS. Gsr’rti'u.cZr ud 

J UM Brentwood, Ease*. QE77-217 J3S*i2 x Kenned) Si, 5 lac cluster [\i Irtll. Inrom-.- JVJ 

tfJL Funds . PH =0 . 4521 t<u. [. of Mail Tlf 671! 

aKe) Cap.Crawth Inc. JfiSS 49 S! *021 330 KWc*flej 1 In;. fT . I°4.0 136C|+?0 2 42 C>u Uuu. UiiIubI .25 6 

oi^E* fsasa&tzw sI +D i ii? cr?-!rr « la3D! ••• , common 

^ 11J2 Bjjft, j aame FuJr ^ 421 F.othscbtld Asset Managemeut t£» J Ko.B«4ftriousiw.iAM. 

+01 9J9 Hxgl 1 Incmne 159.9 63 7rf +0JI 8C6 — ' ®- G+tehoafC Rd. At lesbuiy L-2»S91I| AJl'-JAC -IK- v-S BCSTJ3 

+DJ 910 ttu** f"C- — P#*2 593 ..ZZf 652 N.C.Equil* FUait-C67 0 I77 6J+0 4I 2*3 j CAKtUIO--Vav2._E.OC3 

12M Senior Fund* ** -* N.C. &cyJlc- T«Kl75 125 3+14 21L 2 ... |Sji7 


by iiSw*iaL_..„ 

“aa? io l 'Jm BKb *ceeme Funds 
2n« ini q in High Income I59.B 

gsi :gj fi§ 

si fSSc S ift 

200 _ Oil t. Vat. Res 

61.0s +L4 553 lnternallenal 

87.9a +2.0 5S2 Cabo!™.. . 

53 54 +L3 532 Jnl'.-rtiBli'inal 

19L7 ..... 306 World Wide* 

Si S ?£} Oewta Fan 

5?« -B - Z ?-S AuitrflJIan 

36 1 293 Eunjocan— 


no Au-L.v.u E0 4 

Do.G'r PvcU.c eah 

I rvi. Iittl. Inram-.- W3 

Cxi. I. of Man Tar 672 

Cm Uunx Untuel . 25 6 


2?ej +D.VI ISO Ttrre Qum*. To+rr 1111! Et3T. SBC. OlfCfl 4S£3 

i — • AUnnUcMoj- id Bl-f£7! S93J....J — 

<-5 8.20 AttSLEx.Mav 17 Rl'-.C 11 Ely . ..! _ 

| 860 Gold Ex. May 17 9343.. f — 

*7.6) . . .J 140 Island [1:96 127 3*5 -0.JJ 93 S6 

, c_- iM i.Vceum Units' 11692 ISOS;. ..143.44 


Cm Uuax Mutual .|2S 6 27.6) .. J 140 Ldand ... 1 [1:96 127 5e5- 

Bi«bop* W lc Commodity Ser. Ltd. * l,nU * '"l lw 2 120 =■ 
ko. &r-x42. nougiBx.iio.M. ftCv-23911 Sam ur 1 MonURu Lin. Afftj. 


7V ix Flaxue/aJ & JTU H4J 

_ Oil fr Vat. Res |26Ji 


_ Oil fr Vat . Res 
553 Internal lea al 
5S2 Cabo; 


+Z.Q 552 Cabo; B42 

+13 532 tnl'.-rnaiional ]EL9 

... .. 3 06 World Wide May J™73.9 

OmMil Flmda 

-D - Z Australian 111 

2-S Eu.-uoejn J7 4 

2.93 For East figj 

— — 7-55 North American— 417 
L« AcGntj.Uarl2___U96 
i-S? C^hotAmerSm-Co. 513 


“sSSJ+oil 

7d +Q-^ 

359+4181 
39 Erf +0 4 
719) -J 1 

lavil T. 1 . 2 
Ki| +0.1 


m r-, VC. InromeFond- J467 
iSJ V C LnIL Fd. lice > 942 
^ M C. Inti. Fd irt.-r ' 94 2 
. „ VC. Smllr Coys Fd 153 5 


i£sa :n\ fai«Cwffi? B -ra :::::] En 

^53:22 tfSi tinging uKuod at "Sin auu -aloft ifl?!SlSS a?Z.|il ©» 

lS^JiXorj I Briepe '^tuigniieui Ltd. urjcr?ry Maj j ,|t4 53 


— I H. Uld DikbiJ St, LOi 


RolhscbiJd & Lowndes Jlfgznl. iai i g ro FmT5« - "lSt.l»* Kona ~ - murray. joituiwiic « 

44S Sl 5wiihles Lane. LdJE— EC4 o:-fS64ET4i Nippon Fd. May 17 BPsUO MlCI I 0.77 183. H'<pr St.Glanuu . i'Z. 

Kwri Ehcflipt - ;n-r»o xk fi) . . j 341 1 Ex-^tock SpllL ■Hupent.Fd I «.'« 


lOPJj Uy 16S ' 

1U4| +3J 413 I F 'J pox SAL Grand Cayman, Cayman la. 

: um.1 ..*i ! 5f ts,h. ■rnr3 ._.. .. | yisjc i 4- 


n:.S30MM 
52^ . .. » 3 54 
lies ....1 :u> 
1!» ... 2 CS 

5«t ... 077 


*, a* v XCi D1 . . I XI 

j jg Price on May 15. Net', dealing June 15 

Rowan Unit Trtssi WngL LuLv mi 
2 02 Cily Gate Use.. Finsbury 5«. ECS 0:JSWia 
p vi Aiwrtcu May 11—164 5 7301 +2 Cl O' 

SeCon^oa Yjly 16 -|ZKI.D 17tW . j 91 


Britannia TsL .UnfinL (CIi Lid. 

30 BnthSUSL Heller. Jersey. 053473114 


l!7Jrr*ry Maj J .ftdSS 5 471... 077 

117 Jrtyvi > Apr » IOL95 lijll .... I — 

Morraj-, Johnstone ilnr. AdvlMTl 
183,H'<prS(.,Glamni.f^. 04:-S2iE52t 

•Kupem.Fd I SL’SSIO? I .. ! — 

■ijurru)- Fund — 1 SUSUW j _... ) — : 

•NAV Mai- lit .! 


SSS*iir*!{^',?m^ rd - n« 7is “ Provincial JUfe Assnrance Co. Ltd. 

pim. Fd. MfcV 12^.|Sj 70 Jj ZT 22Z.Bbbopagata.EC2. 01-3C7GS3 

Unit UHbed PortfcB,® Prov. Uawmed Fd-OULa 11771 — J — 

KemwedFund 1943 — Prov.CtfflbFd 0013 25? *9 ~xJ “ 

Fltedlot. Fd 195.4 1 BOM. — Gilt Fuad aft___S&A -02J — 

Secure Cc?. Pd._N55 ICftS ._... — 

Equity Fund -(956 ijj«t -4 — PradectiBl Psnskiu LitwhwW 


Atrinny Unit Tst. Mgs. Ud.? taWc> ih.BriiLih Trust 
317. High Holbom. WC1 V 7VL 01-8318233. 0,1 1? 1 .? 7f1,sl -■ 

£g£ sHi 

Baretays Unicorn Ltd. (aXgmc) !b!s^“^ T T?5k._ 
Unlearn Ha. 252 Romford Rd-E7. DI SK 5544 ibi High Yield TW— 

JSMJESlII "Aim is “S1.25L. 


+i-jj IS lUMWlIK^tlri JSfflrafflWtKS 

«„ Bcee h Sl_ EX2P 2L-V 01-8=38011 lAeeum. Praia' 16 9 

* — ‘ ‘1490 1594rf+C5l 536 -Meriin May 17.^„ 77.4 

— co^+oi 3J7 i A eeuin. Ucitai _[n4 

86prf +d! 3| 235 Wnvnl Trf r+ n IV 


Equity Cocti/Esec.. 
Prop. Hu nd/Excc _ 
Bol Bd-.'CreertjniL. 
D-^opuBatrf. 

EauttyAet-jan. 
rnspm Amm. 
tiaaLAecunL 
Sn.-fEatitj __ 
1-rx.Propeny 


K M- 


Irish Life Assurance Co. Ltd. Hoibo™ Bor*. Bcu; 2NH. 01- 

11. Flnabwy Square. EUL 01-C0BESS3 gfciUt PiHn Vt-KAOT Z5^ — 

Blue Chip Jfeyi2_El3 74.* 1 4.43 — SJ2 ifS — 

K=nnged Fliad__.HlE.9 2304 J 4.40 Fr«P-F.M«yl7-_|E25.95 26B4) — 

m,u. G di. fz nail ZZl — Reliance Mntaal 
King Sc Shaxson Ltd. Tnnbrlds* Wellx, Kent 08 

■*p ftc uwi Fri . 01-C09SG3 Ttri-Ptop-B d* . — , 1 196.9 1 ■— 

^ ^ 7“-' ™ EotbscMW Asset Management 


ZZJ — EarcSays Unicorn Ltd. (aUgiftc) 
— ■* — Unlearn Ho. 252 Romford Rd. E7. 01-50 

rv 1M Unicom America _ Bs 1 37.7rf +o.i 

b*- LW - Do. A ueC Acc.._. .1697 754 + ? i 

01-347 6533 Do. AusL Inc [553 54 J +L9 

Z x& &CT ot tm^TZ. ttiiiB nsArf Io3 

^ S:fczzz:fei Zi 4 +Si 


American May IB — 693 7301+J.ei 09 

SeCan-JO*Vjly 16 - 160.0 17tCH 4 2 

ilign 9'lell May 19- 5+ 2 57Jq +0 :{ 7 6 

i.Vccum. I'.-Jls' 169 83 cd -1C 7.t 

JMerltnMivlV.™. 77 A 6’J 3 7 

iAccua.Ueitai 914 99i; . 37 


1 * 04 aw Tst. On. Fd. Mgrs. Lid. 

93 f |!Z. 4 to 54 Jcrmyn Street. S.W.l. Ol-C 

285c 753 Capital Fd W-l 77.91.... 

54.7 +0J 5.08 Ir.tmne Fd, 1742 7831 .. . 

3L2 ..... 7.64 Prices at Slay la. .Ned dealers Sis' 


1358 Stn-tine Dnoatiabd Fd*. 

092 firow\b Invest 02 3 Saw I 4.1 

4 25 Inin! Fd. (74.U M Cl I LI 

763 Je.-Mf EncrnTa. .1130.9 15721 1 12 

7.t3 Uaivrl.STsLSIi .. (£+16 i27] .1 LI 

3 71 high I ouaia-ln-. .(LOO — I J 12J 

371 t'3. Dellar Peantalaatfd Fdv- 

I'nimi. ST»L ptlSSOS 533 I — 

l!« RlfthlULTit*. Bl'SiM - \ I 4( 


| lit High lot. TkL' 


KesU S.A. - 1 

4.00 liu nwlcitn] noyoi. Luxembourg 1 

NA V Muy >2 ( SLSdO«i ) | — ' 3 

NeRlt Ltd. ' i 

Bank of Bermuda Rides- llmllon, Pntxia. j 
_ NAV Stay j2 )£4J5 _ | 1 — 4 


i street, sw.i oijbcb! ^ ^ Deri lap W a*ia Pho '- n ix I nienuitooal 

■ ■ jnftl ^.91 .. .. | j-SS | Dealing Juno 12, Ufii PO Bo* 77. St. Fetor For", Guerrwer. | 

deSns 'Mai al Brown Shipley Tsl Co. Uersey) Ltd. hat*- Dollar Fund.. [2J3 -C.06J -. -j 


ts ,aHg ’ Save * ftosper Group 

3i9 r- Ci 0»-=< 77 =O *. Grtai Si. Helow. Lmidoo EC5P 3SP 

432 ItiicLiDv.FUnd H92 96.01 — ■( «>.•« 6C-72 Queen S-_, Ediub-irth ErtT AST: 

6C3 Key Pond Managers Ltd (-vyrj Dealing ur 01-55-: 8333 or tr. zEd 7391 
25, son St, Ecsvais. tu-0O6707ft Save & Prosper Securities Ltd.9 


Po.lk»*SB^fcHelter.Jta*ey osmth« Properly Growth Overseas Lid. 
SlerllnflBood Fd. _,aaM 10 K) ......| 1L75 +g Irlrh T(Wnii ( Glbl SIM 


01-4058282 Da. Growth Acc pl3 

— J — Da. Income Tsl. 

— . -Do, Prf.A-na.TW., 11353 


i4 ro il: 0 i 


+03 537 Kei-Eaemrln.Fii. 780 

+D3 6 Bfl KoyEgail) &Gen_ M 9 

+0.2 4.145 ♦Key£ssmptFd._ 1449 


ft M Key Ineame Fund., i 
4 96 K*y Fivrd InL Fti__f 


154 lj ... . 

m 


Prices al April 2R Next sub. day "May 31 Key Small Co'iFd "193.0 98.9 ;Z] L3 

pS:?SS?kSdIp?8 lsioltoil 5.04 Weinwort Benson Unit Managers? 


Do. vnrlwide Tl 

zzzsss™ . 01 C 58 M 3 , m, 1 .!??“ 5 aaafe=« m m a mm igj hT« g^=B» 

EotbflrMM Asset Management Baring Brothers & Co. Ltd. V InKrl 

GerLS«iBft_Z|3l¥.30 1235<K ..„4 - St- Switto In* Lane. London. ED4. 01-6364308 Eft LeadenhaU Su EC 1 OlJaBaaao Thr<L.v7vft+^ ftE*? 1 **»***' ,r+* 

Utaghrm Life Assurance Ca. Ltd. nxl P rop. iWUms ma 4 - s^tu* TsL rugo m» ... ^ £c w-1 "T go 

LangbamUa.Haltabrookllr.NVn. 01-0038211 W Sub. Duy Jtwb XJ Uo. Acnum. ^ fee 4 Z17j ....^ 4.15 IJfcC InS £ (jan pidlWd uJrZZZZZZ:^ 

iSl H Z Boyal Insurance Group - w ^ oar mv w. Lawson Secs. Lid. Wnjfc) &5SLE?? !fl 

wSotSbFB p53 7ft9 ZZ| — NOW Ball Plm*. LherpooL 0512274429 BtafeepSgate Progressive Mgrnt. Cn.W IPGoorgq St, Edinburgh EH231C. 031-2=83011 Ima 


123.0 +0J 
543 +0J 
«lc +oj 
7S.7 +0.1 


135 20. Ftmcrfaincfc SL. JS.C3. 
4.76 KB. Uni I Fd In t ™ IM.9 


4=CB. Uni JcLAe- 
SJ3. FcL lav. Trta. . 


+t/H 34Q latgmtm! Fuda 

a ar==K 

+0.9 7.9S Untv. Growlfi |fi70 

— VS lurrsalos t"*™ Fund 

••Z. - Htgb-Yleld 159.0 . 

lasers y High inwiy FVrada 

««n» 

I 6-S 7 Income — |fl3.4 

430 U-KFnada 

3 WfOTnity IOJ 


Butterfield Management Co. Ltd. 
P.O. Box 195, Hamilton, Bennuda. 

Buttress Equity UL53 255] I 1 

Burress Ibbobw— B 6J lifl I 7. 


V S L*aU«r Fund ..I 
Sterling Fund | 


&u<ase9 

il24 9S 


ErJ Eq. PcnaJAcc. 
t-.iprr Fonu/Acc. 

Sad luj+L Pnu/ 

Cad Den Pena.' 

3rd Gilt Fen sJ. 

LAE Si? 

LftESiF.2 127.3 2 

Cmfwm value Uay 


sm.a ...3 - 

117- S .J3 - 

itM.a .._.i - 


CMh 

Do-ACCUZZL 

Capital Lifts Asuffancef Equnyiattisi 

Foni?U)KEouxo,Chnp«l AfibWtoo 000228311 Dp-AC CUm. 

fESStKsr.1 S5 Iris. 


i FOS ir 


fESStKsr.1 SS |ri=- a s 

Cfcortertonsc Hagaa Gp-V te^SSSSZ: 

3 S. Choqaen Sq. UxLrtdge OE3 INK 92181 Do.Accmn.__ 

Cbrttt* Energy B7.4 59.-S — Property Initial 

Ortbie. Moeey B2 Sod — SaAccao. 

Cbrthae.MeKaaed.EB.0 as® — Legit t General 

Cbnhae.E;oMy — ttfliJ 3531 — Zxanft Caab inh. 

t£agna Bid. Sac — ) 2U I — L«.A«cam._ 

Magna Managed — ( 1418 ( — — . . Exempt Kqty.Iatt 

City ci Wesiaiiastcr Astftzr. C*. Ltd. 

: Aicuia. 


xScH zzzf z: Soy* 1 tnsanmx Group 

Wlap CSP> Ifan FdpsS 7?9 — New Ball Pimm, UrerpooL 0512274423 

Legal A General (Unit Asrar.) Ltd. BnjniShWdFiL-.tmA mu) -4 - 

Sara ft Prosper Group? 

SS7fam.n ' m 9 latstZZT — < GLSLBWen'a. i J idn .. EC3P SEP. 01-954 88M 

1033 j — Bal.lDV.Fd. G2SJJ 13321+001 — 

• 1273 +23 — FroportyFd.* ESw J _ 

1293+23 - Gilt FcL &04 124.7 -0j) — 

12L3-Q3 — DepocttFOt 523 129® ....„ 

323J] -0JI — GUsqxFenttFd-t 1 2M.4 2U-C — 

10^+161 — EqmtrFcns-Fd PS3B 1963 +L8 _ 

133.0 +U4 — T**piNraa.Fa." mil 2213 — 

123.3 +o3 — Gilt P+OVL Fd Blb r*. 1 -00 — 

125.5J +0.91 — ‘ DepoaO’ana.Fd.t (97.7 1029 +02 — 

1E27] +OJ — Prlcea on Hay 10. 

— Weekly -Wlf -,[.■. j 

|m.9| — ,4 — Schroder Life Group? 

“"1 — Enterprise Rsuae. Pottamouth. ' 070527733 

313 - Equity fto»ie^ 1 8Zli I — .1 — 


9. Buhopagale. ELCi. r...-, 

K'KB.e Pr "May 0_flrt.4 1W81 ...._l S.?B 

Acc. Ul*. “MnyS _. 1223 J 2Sia ( f.78 

a-gyelnLJJA7ie...p773 lM7j j L3u 

lAcccaoMajr 18 — p95-b H8. ' 

Nett gob. day "May SL — 


Rir-Sriood douse. 8 WbiteboeM Road. 


Croyds-nCKOSJA 


Bridge Fuad ManagersWaKc) 

Kras niUiAcsSL,EC4R BAB 016234351 
American t Gan4,ttE.4 26* +13) 1 Cl 

lacome* SCJ 54&3 $£h 

Capital Ine.t- 353 37.S9 ,.... 5.23 

Do. Acc ,f 3S9 41* .,... 32* 

Exemcjt 137.8 JMj 553 

Intern tL Inef 15 5 l£5rf 353 


016888280 M«^rials_ GSi O.M — .1 fcj.1 Financial See*. |733 TSsl -ii'il 293 

.... I 3 IB S 2A-5 -J pro*; ’ 

-I J-n -SS^^jS&rZIfcii 65 J “zi| i'« Se|«tlaienua.__[253 ? 267.M+0 71 233 

• i *-*9 WGUlandWamuit.pT 7 a0.9 Z-l 1.89 Sel** 1 Incomo [54J 5T.tS +0d| 734 

id “ (Sgasiwitr fe:? ' 31 - 5J8 ScIMta Eccarlties UK, 

. . **Hl»h Yield C73 52.0 *0'A 1051 5 eol '»;4 l i I5S-S <241 +0 J| 360 

S) -'(Accun.tlBllgt_.jS7j 725 +0iJ 10.61 Scotyicld — 54.3 — 1 7CS 

016234351 DejL * Mon - *Tn-a. TfWed fTtaura. —FH. Scotafaarei — {53 617] .... J *53 

+13j Lfl Legal ft General Tyndall Fund* ££gSS%— ffi -- 1 

zrj lls ?5‘ C ?!SSRl Hottd, ^S^f ,L 027282541 Prices si toy loTNext snb Sy May a* 1 

-■■■* — ■'^firiZzipi 76% :r| SXI Schlesis^er Trust Mngn Ltd. (alls) 

Nnvt sno. day May ll (Incorporating Trident TVu.csi 

te Jb 2 «•_+ Al Warn '.AA f TlalOft- TSmAAbm .IWMhNMn 


41* j |jfi Dil April 12 at 68 

14*n 1 (Acmm. Unrtal _,(72J 76, 

uSS % *a Nmrt snb day Mar 1 


7Ui-yj.il 

<fta|+8.l] 

47.8s +0-21 

88 8) +021 
w5+ai| 

Cl.cJ +05) 
BP 51 +0 41 

TS.flj +0.3 
7S® +0il 

57.9sE +0 71 

sr.ol+dii 
61^ .... 4 


+oa 2«B 
+C5) 20i 


i%J 730 Bcchmoad Life Ass. Ltd. 
X day jiao ML 4ft, Avhol Street. Douglas. LO 3L 


lz . J Z 


(ciTtn Silver Trun U07 8 1UJ41 +CL2j — 

RlcMmml Bond 117 J23 0 19271 13.71 

Do naliniuu ikL _ 125 4 U7 CJ • r .Gi — 

Do. Gold ltd Vu; (, iozd+A.M — 

Do. Qc 07-iC Dd _ U63 ins) -c ij 1153 


:<sct +<..« 
ms) -ca 


016M88K Eieept Mnsd. 

1 _ Dc Accmn.__ 

ZTJ — Er-op: Prop. Inlt 
+011 _ DC AfClCZL 


8i<ff iT w rjj 7 ^ »a -a-4 3» Leoauce Adndnistralion U± l«*Soiia> street BoiUv 

Dt=all»g Tues. t|o±^bni8. prices May ^ Duko Sl. London Wai SIP. 0MMKB1 a5gK L ZZT^7 

LeeDlst I7J.1 7RM+0J1 553 Exempt High ¥!d_I2ft9 

Sritaonia Trust Management fa) (g) ^ Acrum 181.6 BSfl+oi) *61 E**mF.^aLdra_(25i 

3 Eondps Wall Buildings, Londcn WalL L3o ^ ds Bk - Unit TW. Mngrs. Ltd.? (a) Eӣi n Si3r L 

LaodonB=M5QL 01-8380473^473 Resittrm-« DepL. Corin£-by-Seji. IocIO^VW^L — &>4 


, m incus ■« May ft. Next wb. day June 12. 4ft Avhot Stn+t. Ixmelaa. LO M. DC242391) 

26 73. 1 Capitol International SA. 2 

72^+ojj hi , a,s w . s=2 

Cnpiul lu. Fund,.) SUSUlO I 4 — Do. Gold ltd Vu: 6 tract +t,.« — 

58.01 —■ J 7.C3 Charterhouse Japfaet Do. Em. pt-ic nd _ U6J ms) -ci[ 1153 

nr! +011 7tt Ad r SST*" Bo ’ r, iSSUi mraJSS^SSf Bothechiid Asset Muageiarae )C.!.» 

<ftd| +8.1) 9.43 Adivoma- ~ P“tLU Saao}+u!a |jS P.O.Pox SU.St. JulInniiX Gorrrrcy.UC15SCl 

Fonda V; r-KRid JL.-q+0'C 651 2-£-Wr - i'JP r - =*- ,** V — s £i 

47IK+0JI a an Fbndu 93321 iLrq+aiO 5.78 O-C-Jaetd Mnrl_ -Sna UC«cx 7J3 

§f+|^ l§ CUve investments (Jersey l Ltd. 2 ? S S| ; 1 U 

C3.C) +Q5) QJQ p.O.BoaSPISt HoUvr. Icrscy. 0SM 37391. '!£'« ua lay \Z Neat deaUm May 31 

. _ CUroGit: Fd. iCLl,)9g7 *5M-051i 11.09 TFricc 03 May & Neat dealmj Hay S. 

a ^ J *“• icn Fd.Mgt.ud. 

TS^+Oil 2.95 P.O. Box UM. Royal Tat Km, Jcnnr. 0534 37441 

P.O. Bex 157, St. Wer Ixirt. buernacot ILT.IMT Fd fiL'yin iim I in 

79sfi+8 7] 2J3 l3tul.Man.Fd. fl67j 1B2J)._,J.- H.T.lal1.u2f..FA:^ “'.'1 sH 

5T.B(+aj( 934 D«lta Group Prices at March 13. Next dealtaf Jam 15. 

9 * Prosper International 

««] +0JI 3S0 Oeltelcv May lfl_|SLM L771 . — | _ X3wallns r«J 

H-Sj — I Oeutocher In^esiracaGTru^t 37 Broad SL.su. Holler. Jnracy Ksussn 

■ M I PwttxeV 2685 HWberEnwd-10 row Frankfurt. tLK. Dodardnsecdnatcd FOodv 

t+3 Coaccaou (DHItn DiXriUOl — pUF5-Jnr-*lL c -10, 955 :31tt 1 (Q 

tSvitolzi lSiS^Wnfonda — IDMK69 TL^ZZl - htowwrilr.rt 6 70 ^3-4- 

- y /,)(+) Prayfns InwrctmtiaenU! lav. Fd. North -\meripin'*; .' in 4 *« "Zl — 

* i * u - wm P.0. Bo* N37U Nassau. Bahamaa Sepro-J If.’SUifl Mijj J — ■ 

NAYMaylfl., .,... m iS lAJt lia^+OJIt — SuritaUmcwItairi Fonda 
Eovm & Dudley TsUKsUrsyXltL 

K3 I*-O.B«s73,SLHo!ter,JM-Jcy. 053420501 Comraod. Mayll,_(^9J Ss ....J Z. 
ri3 tn-y H»LC.T |U7» 125.4) 4 MO SL.PpUfiBjll, — 11L2 llT.tl +0^ 11*2 


O.C10U Fd.t. 


3T ,j 3 i . ■Pnc« t»a *+ay \Z ! 

11.03 Ti^lcc 03 May 8- Nc* l dulmj May S. 

tL0 ° Royal Trust iCI» Fd. Mgt, Ltd. ' 

r.O. Bo* IB4. Royal T«L K«, Jersey. 0534 37441 

B.T.IM1. Fd. .HL'Wia fSTx! ._.,) 159 

.— R-T.lall. (Jsr.>Fd..|5l «3 .... 121 

Prices at March 13. Next dealta£ Juno Li 

Save ft Prosper International 
Dealing to: 

37 Brood SL. S*. HeWer. Jersey 0O+2B3D1 


2*2r1 +8, 
35.9 +0. 
2733 +C. 
27*= -a 
33 73 .._ 


(0333)83441 1 
+*J» lH I 


K*S.-c. rity 1C ,._c 




FL-LAFUEd 173 0 17a4 — ' IAtftpJU K*y 2,floao MX.7^ — v_, (r .™ 1R 1 

PHIS Hteci C5w._ 1X53 mx ZJ - Next rob. day lane l “ 

S* J 2 «3 “"j Z ^ Abbot. Co. of Penssyhnnia Kve-crSy la. J 
iWiKarcyA^- C-ht 5§3 Z“ J — 3BC(ewBocdSt,WJ7aRQ. ■ yOI-4838386 n?ff , S 1 a 5ifJ-?"l 

p^lSSgSS-aa - ^ ctpCnlti — ■*>* «®«Wi - 

^Sd^^^SSi to n^ramS: Bk. Unit Tst. MngraFV 

JVrfanaIInl«tt___|^ IWJ l-.-J — 71.LoabartSt.ECS. 0. \*8 MitJ ^ As5 - 25171,1 

City of Westminster Assur. Sac. Ltd. ~ ." , ^ a lffLe ' •- 

Telapbono 0I-8M GBSfi Uopta Idle ASSlUtmce 

FlrrtUnto- plHfi 124® __J _ 3ft CliSon St, SICCA -HOC 


Tefopbooo 01684 GBbfi 

FUrt Units UU 2»« _.J — =0 Oi 

'PWOrtyUoiu p*3 E7fl —4 — WLa 

CoHucercld Union Group optsi 

■51. Helen's. L Uaderahaft.Era. 01-3887300 gP*-3 
VcrAcAcVLMar lfl SU2 | ...J — " 

he. Anndty Ut*— 4 ITX9 |+ft(^ — 

Coafcderation Life Insurance Co. 

m.FhancCfy Im&ftWCZA IHE. 81-S42K32 

CEcubj Fuiul B5ft3 157JU _...J — uCT 

VSictt"j;:dFtand„ 'J33 1SL< 

PtmonalPco Fd_ I9J . 73.4 — ITT 

fiintty Poa, F\rad_ WA — The 

Fjtd lot Pon. Fd. M+S — TheL 

Kaiot+d Pen. Fd — . 17B.7 — r«i r 

Psjp*nyPm.lhL-. W1 — 

*?»«tected In. PkSM 357* - Jgg 

Ccmhlll insurance Co. Ltd. ®£p- 

I2.CotnmE.Cft 016*5410 

CSp. Feb. Ape. 15_ [I14A — I J — p ropi 

ftag&spm&h m =3 = ■ * 

Credit ft Commerce Insurance 2^|f 


,,w BSpa.Ca.iio/iI.- 
— Key 13, 


lte.Pn.Cp. Key ift, J99.0 a 
-gg MnJ > tLA»aicyia,|23SJ 2< 

r Scottish Widows’ Grcap 


LaadonECSUSQL 

4»-A. 

Capitol Air 

Ccmm A l.id 

Conuaodiar 

Donna Ic- 

jjampl 

Extra Jncnne 

Par Kart 

Financial Sue*. — , 
Gold i General 

Grmr-Ji — _______ 

tec. & Growth.. — _ 

Inti Orawth ' 

teveaTStaiarw- 

Kinorala.. 

Not. High Inc..— — | 
New bane 


01-83S3473/C47B Rraijtrnr's Dept. Gorin E-by-Sea, 


5J.4 Worthing, Wen Some x. 

4.92 Flni(Bainrdj__lBi8J 

Sfe'icSw— ij 3i?tt ^ 4ia FideU ' ty & ^ ®d*.» ^r—m a ' 

0S3 Dn.lAmmu (fAi H.e +CJ9 3 lfl ThcL A GOt TrilsL.. te.O 24 “i nu P.O. Box WR). HasUtoa. Bcnn-ido. nrttoilt iSS? 

7J9 Third Ilneomo) hs BC.7M -m.5 6J3 FropcrpEboro*— sib M T. 2ji Fidelity Am. Au_[ JUS5J5 I — 1 _ PJi fa 1^? 

S-S Do.CAfi-H3i.l_ hjpo 1214+0.1 t n EpeeUd Sit Tht 7S7 JETJ +C2 2JC Rddity tel- Wind- St-f-W.61 JTJ — fi ydlxaSTfelH 

2-S ?°“? 1 >>icritec4 E?0 63.4c +0.4 7.91 tUC Grib. Accuo. 2i.4 23 0a{ +02 5/A 5*&SftJSi- 3US44J3 „_.J — *Fm£waFW_I‘I«^ 

07 teUmrnu ^7J 7lS*oi) 7.91 UiCQrtli.Dla..ZI[lfi.9 23 —4 A«. Fidelity WrWFd— | SUSMJ7 J ,...J — *v«m£ day 

to: ***** 3 wre Unit TsL Mngra. U& J. Henry Schroder W agg ft Co. LtcLV FW«IityMcn:L Cese^rcb aersey) Ltd. <- hrodM . _ , fn ___ 

6W 73-83. Gatehouse Krt-Aj-loaburv. 0295 5W1 121). Cheo pride. EC J. 0*<»3W34 Den SL. Holier, Jcraoy. SzZzS* 1 ^ 


i WdrwL E0 4 


+0J 501 SecoodiCapj -!57J 

+D0 413 Do. Lire uzn.) _»54 

+0J 709 Third ilneomo) 

-01 401 Do. tAm-n.1.. , Irnn 

-04 302 rourlh lEvIneJ [59 0 

+00 407 Dutnecum.) — „>70 


01-8231259 Intel Gm-xth , ‘ sQ.i 

54JrlJ +0A 4J4 ter. T*t- Unite 236 

74.4 +l.i 4J4 Marie: ueoders 2 «1 

£2 +0ol 310 *Nd yield'... 730 


BP.7ri[ +o.a 
111.4 +0 9? 


3.10 Prot a GUI Trust—. C4.( 
613 FropcrtjFbra** til 


Lloyd’s Life UnJt TsL Mngrs. Ltd. 


Vi 

7.91 UX Grth. Din 


966 F. ft C. Hgtnl Ltd. lav. Advisers 
!w l^=^ftw«»yHm.E«F.OBA. 
il? Ccot-Frl May 10 _| SUSS16 | — 

413 Fidelity MgaU. ft Bra. fBda.) Ltd. 
jJV. P.O. Box ff)o. HamUloa. Bcimida. 

2J1 Fidelity Am Au. — I fUS2515 I 1 _ 

2CC FldeUrytei-Fund J SL-529U I _ZJ — 

5% F.'tfeUtrl^ie- Pd._f SUS44J3 .._.J ~ 
M6 Fidelity WrWFd—1 SU5M17 | — 


r.-Linr— jiterio,]«Hr3 :a.ie) l fin 

vtat.Gr.-t .1670 T.ra .1 

Itestera**- — 13744 ..,.5 — 

h-Vmerlpm*; ,n 77 4M j — 

a-t [p-’SUW lAftri 1 — • 

bso-drootnlnaied Fonda 

iQCl Capitate- JS41 246^-011 162' 

■iclX£laizKta9-.|!4B6 35623 -05 496 

nod. May 11 blVJ 125.9) ....rj _ 

td. ltes ii Ull 117.5) +oa n*2 

Icea on -Mcr is. —May IT. -—May in. 


Schlesinger Xnterauioiial Mnjtt. Ltd. 

4L La Uoue St, St Heller. Joroey. C9S473SBS. 
SAll U34 M J 015 

cntF^Z. — ZZia? "Z3 u5S 

IteLFAJersej-- — 107 U2j +ij 023 


lrtnl.FdjSS3is....bl69 

•Far Eau Fuad P» «l . 

■Next sub. day May 24. 


2.M Eqnity Accnm. [156.7 ILSJ^ +5 J) 3.52 

lfl M & G Group? t+KcKri J'^/teylS 

BJ1 Three Qcajte Dnnrr Hill, 6C3R 8BQ. 01638 450 - (Accmn. U&ltsi 


E hi eld — ___ — _ 
Status OuiiiBB_ — 
Univ Energy —2-.,, 


irS?? p| PO Box 302, Edinbur-Kb zaifl 5BU. 031-85&8DC9 

=0. dion St, BCEA -net J tevJTy^crirtl [M51 1B5JJ — SteSriyfitmwZIEj 

Bn.GO.VLna. L29295 } M lav.Pty. Seri»2_ 953 VA& — j S?.v 

OpU Fop. May 13, ZE.1 1KM ,.~J W- tev.tteahMBy 10„ t72 102.4) — Status CteCnaCZ^SlJ 

OpU Eriy. Hoy 111. 1S5 137.9+41)1 — Ex. ULTC. K«73_ 1362 M2.3 — tlSStiXSZZv- iw» 

Opt^MarTS 1535 10.3 +sa — Ibid- Pen. May 10 --[2604 2633J -Zj — **** 

Opt & Vo. Me.-, i: ..4475. IS'.-W +2J9 — The BrEkli lJfr IK 

™ ~ U“> Aanrance Limited STaa« Sdl 

Lcitdr: UKEUmlty & Gnlt Ins. Co. Lid- hvU Ely Place London E.CJNUTT. 012622905 BLBriUsbLlIa^— 1499 

lBraT^Porbury,Ba«dtega83&si. Solar Uzaa£cdS.>llZ7.9 124.7) +041 _ SLBalanced- te 5 

frump.- r*»tl 3551 +04J _ Solar Property s — 1IA2 llfc4[ — BLDlvutend- K2.7 

'fla: SSi^ElgS &ZS!= -FricwMay 17. Next 

The Latdm A Manchester Abb. Gp.9 ISm^SSZTZZ mZi iSlicj Z S^S«2£Si.^t2 
The Loot FolkeKona, Keic. OSOB 57333 Sajar Managed P_ 1275 ISdS +04 — 


See alao Slock axchanco Deal: 


Bn.CteMnft um If 

Opts Fop-May 18, lg.1 1298 W- 

Opt5E»y.HiwlB_lK5 137.? +41 — 

OptajMnlS 1535 1SLC +21 — 

Opt 5^ May 10,047a 15ft9 +22 _ 

OptJD<TvtMarl5,|1214 127J) +04] — 


i+9 Anon can — 5L6 

442 fAccum. Unite), — , 525 

AM AiutralaaUn 5BA 

4|7 (Accua. Units i — 5L3 

<57 Coonnodin' 736 

+■« lAccuru. Unite) 794 

OaiapemndGrocth. MAd 
I Coav+r»ian Growth 592 


558 +C.J 
56« +04 
51.7 +03 
54i +04 
79.1 -04, 


Groanl Mw 17 
L2fl (Accnm. Unite) 

LZ5 Europe May IB 
2.03 tAfetue-UnUsl 
203 'FWi&CharFdAp2S 
KM S^peeJXIteyU- 



O5MG7S01 

2M Series A ilntel.) — I a 52 I — 

fiil Scries BiPmftcj— I £757 I „...! — 

6.61 Scries D <AaaAaa.i| 0759 ( — 4 — 

1% Firsi Viking CMEUsodltjr Triuts 
232 e - St Ge«»B , BSl_ Douglas. LnJt 
1 3T Uta. Agta. Dunbor 5 Co, lid, 

M, Fhll XnU. Lcndoc 5W175IB. 01-0007857 


Emerp rise ‘Boose, Portsmouth. 
Incnsteu) Fnnda 
tKrrady. 016.0 33 


Crtxea Interest 1364 SSwt 1 J — ' 

JFtsed Interest— _ IflSJ Jli« ..ZJ 


IManaged^. 

jM a wn ged-. 


520.9) J — . 


— t).l| 4M 'Recover* Kay ^.[SES 6 


The Britlch Ufe Office Lid* fa) SS S 

Reliance Hae, Tunbridge Welle, SL W i32 a sf7 1 Conversion Inc 

UL British Ufa W9.9 K.V ..„| 5.65 f?!*?!?"™ 

vLBntexir«|-_ fe.5 - *9.7) ..J 558 <* ccnm . Unltsi 

BL Dividend- _ — .(Sf <5.7| J 947 SSSSS*?!— vti"" 

-Prices May 17. Next dealing Map 81 S&SfTiiJT' 1 


»H3 j-j „ „ ‘ For ta f fands ' fleeing Japan Fund BJL 

fii[3 ... tu Scottish ESqaltebiC FM. iltgrs. Ltd.^ 37. roc N'otro-Dnue, Luxembourg 

JZRfl 7.7B 3BSLAndrwri5q,BdJaSmr3b 03I-5MHI01 FTcC-Maylfl 1 5US45JM | 

api jS S!bS}S— iJ “g •} IS P-'»W«5d Fnnfl Ltd. 

ffiia+flJ! 353 ^ r&ns ■£- WednSdSyi Lu««rfl--d 3:dg, Hamilton. Bug 

lpl^i el Sebe- UtJt TsL S^g«B Ltd-9 tai 1 

POBox 511. Bckibry Hie.. EC. + MWJ 

wia+oS 4« «*bngCos!tHFM.,B3« 75.0) .. ..j 3.63 b“-p ^ r y i»& ** 

TfsJSj ■ftBCMMBBW.-PU SL7) -DJJ 8.17 ^ 888MD 


» ewaadw aat^ 

flesiog J&pan Fund SJL 


GrochFund-[ 
H Fle*.FkLl 


1IS.5 — 

1714) +05 — 

X702 -07 - 

W5L7 — 


| ia),P.iKeotSt,Lm!oc WlBJFE. 01-4307081 (tenv. Depet* 
^CsCKnnLFd. [USA 132« J — g oagte Ban". 

} Crown life Asanrance Co. Ltd.? F^teOMt 
• Own Life Ban, Woking. GU21 1XW 04802 5033 “taonfl-- 


Inr. Trust *Uad 1 132.7 ] — 

P n ^CTC ' ~nd„ — | 0.1 | — 

a ft G iroopv 

Throe Qua?. Tnwer BUI OTB SKQ 01-53) 4588 
PsrftFWBSI^ 11 


. +3-« - 


Mar Pt up art y P-.- 

SolniGcmt?? 

Solar FMJntP 

Solar Caab P 

SolerlnU.? 


Sira AULeoce Fund Hacgml. Ltd. . 

Sun Alliance Bocae. Hcirhisu 0403 84141 

BxpfdJjd.hUylO.lCn.9S 15650) — J _ 
lot m. May 17 [ £4365 | — } — 

Son Alliance i.jnl"fd Life Ins. Ltd. 

SanAlllaaceHbuan.Hontaam 040384144 

Equity Fund ~|U9.D 1220 +L0j — 


Brown Shipley ft Co. U&Sf 
Mnyn; Foand+rs Cu ECS 

Bi' Units May 8 I7Z12 232.8) 

Do. (Acc. i May 8 \nio 2596) 


Diriatnd (120^ 

(Accnm. Unltsi 1222.7 

Europecn W75 

lAccun. Unite) M9.1 

Extra lid vl [S53 

iAccubl Unltsi !UZ7 

Far r j rt em.— - (5V6 

OIC0O85SO iAccujjl Unitei (566 

) 436 FSmdoflnr.7F.ti — 1+0.4 



232.8) ) 436 Fund of Tnr. Tf-u — W.4 

2S961 J <A lAecua. Unltsi 73.8 

GoovTol 1A8J 

u* | in IAccuie. U nltsi™ 257. D 

19*3 ""i am Klgblncwae 1025 

ttS ! 5SS lAwam. Unite) 164.9 

ancJ """I ify Japan ln r -«ae — -1433 


120 J. Henry Schroder Wagg ft Co. Ltd. 

120, rbeatuJde. E.Ci 01-5884000 

Cfcroa 5 May 17 J SUSZin I J 145 


89^ +0. 
120.5) +0. 
55.W +0. 

ejja +0.1 
64.93 +0J 

7*3 +5. 


+0.3 354 
+0JI 825 


Luttatfleld S.dg, Bocrilton, Beonuda. 

NAVApniiS 1 SUSU3J9 | _...J 

G.T. Menagemcct Ltd. 


Cfcrop S May 17 J SUSZin I 245 

Trirfldrar April 30_f 3USU466 J — 

Asian FftMiiy 15 _ pit JtK DM ±20 

Darting fS_™[saXM L«3+O01 fUS 
JapmnFd. Mny lft_|lU5445 66q-046) 045 

Sentry Assurance InternatiQual Ltd. 

P.O. Box 32), Bamllton 5. Berinnda 


Tc, I Park Ksc, lfl Ploriswy Clrons, London BCZ tuiiwwl i^-d tciciJ-an iwm _j 

| Tel: Ol-eOl 8131. TLJL BSSIOO ^ ^ — A 


31 o ... .. 9.78 
Zl 7 +04 358 

27.C +04 4.04 

2U 334 

&2.0S +D1 2.92 

3ja +0 2 3.93 


fAccum. Ututel 1446 


3 JS Magnum 

lAcciun. Units) 

J” Midland 

(Accnm. Unite)— 

=-X Recovery — — 

ft; (Aecum Uaitel 


Z73.ri -1. 

io;.2f -o. 

177 3-0; 
IE. 4^ -I.. 
154.71 -1. 
214 jj -o; 


Security Selection Ltd. 

656 1&-19. Uncoln'a Inn Fields, Wd 01-831 6C35-P 


■ ManT d Fr.nd Aw. 

: 1 Vertg'd Fd. In rm 
Krog-.l Fd. IniL- 
8;uSyFd, Ace. 

I- j'jUy Fd- D)«n 

SauJC-Fd-lClt — 
ITcpeny Fd. Are. 
i Property PA lncm, 
Prorwrij* Fa. lrit 

la-.Trt. Fd. Acc. 

■ Inv.T*t. Fd. Incm, 

1 , lav. >«t Fd. Inlt 


«sil +8.71 — totoMjteLBwl**. 
1BSJ +0.7 568 


— FiaaiiiterwitFd.. 

— FroperisFund 

— Internnrtmul Fd_ 

— Deposit Fond 

— Maimprf Flwtf! 


MM Z.-3 •:« jSSSSc£SZ 

Canada Life Unit TsL Mngre. Ltd.9 1Jniw 

3d Hlsh St, Potter* Bat, Herta. F. Bar 51123 (Accum Unltsi 


Can-GeaDtet B3.7 

Do. Gen. Ac cum. — 4S.9 

Do. Inc. DUt. 53.9 

Do. Inc. Accnm— — 445 


Z "frLwi on Cay la —May S'^-Hby 13L 
— Merchant Itvestora Assurance 
^ JSS. High Strot Crojdaa. 01-8888171 


Sun Life of Canada fU.KJ LUL |_ . , ' . ,.7T 

2,3.4,Cockipsir St,, SWITobh 01-0005400 rt^pel (James) Mast. WL9 


429 Sp c ctell ted Fnxufa 

Trijrtw n«i3 

Z-S f Accnm. Unl tei (3315 

7*2 Chart bond Jatw IS -I 11 

Chari fd. Hcj IS t®A 


-04 a 56 Un«IGth£x.Aee.-C35 S5.-9 ....{ J 15 

-l.-i 150 UnvIGthT5tIne_..|».9 Z2Jj | 573 

l2j Stewart Unit Tst. !SsBasers Lid. 

-03 3.71 45. Charlotte; Sq, Edinburgh. 031-SS3Z7) 

t2-i f S tStewart American ftaid 

HI i p 7 1 

-OJ 54? wimjraqi Unjia..|py4 57. lfl +L2l - C-Artoare invest Ltd. Ld 
-0.4 549 -Stewart Brihrtl Cro!ul Find 2. Si. Mary Anc, Umdon. EC3- 

+ftt 4.14 Sian dan) fclLS 14' 7] I 315 Lwf« ItaxVteB. 

+o31 416 AroumUtute^fu^ .jg.4 \ 1-3 ffifw&JS 


SL7( -oil I J7 “«*= W«e B3I. 74: 688100 
>L7|-DJ) 8.17 s^Aniinbr 

.-teeb ar*!* Units — CCS9 JH 

S-3 — -j sii Anci«-!a Jry.TK 

Z2J ' I 3 73 Berr.-PAcFd. ISU&4866 

Lder; Lid. f'l ^--nyF^so-ls — B35.ce 25< 

CT <_«Ja Fd KQ4.0 1 

03I-23C32T1 G.T. AwStartteZ 10255 U 
n 7. Eo^d FVud I STi S12-21 

n.4i+L9 157 Jffiffl® 


Singer C: PriedLrader Ua. Agents 
JM 20. Cannon SL. EC4. O!-248OA<0 

potafanda — .--iwcca ajff+uq am 
2$ Tokyo TsLAp*.3ft,lsuS384« |ZT3 \T1 

ug Stronghold M a n age me nt Limited 

3-78 P.O. Box 31S. Sl Holier. Jersey. 0534-71480 

£49 Commodity Trust _f9U15 9499) 4 — 


3J3 *?-3 Son Alliance Fluid ICngL Ltd. 
5i.8)+B4J 653 c„„ ah, u 


ntilat-Rl lncm. 

lnlortL IM. 

Intcr'i. Fd. lncm. 
iioa Fd. AM- 
Pk>My Fd. lncm— .. 

Wct. t-d.lucm. 

Crown 3rt.Unr.-A 1 


iSS+fti; Z IS ftHlgh StrotCwqdoB. 01-888 

^§^4 Z ^ ^ e rtyProTZ l 3576 ZZ 

^SSFan*. Z U65 ZZ 

J»a ...... _ Money aterbot— MOJ 

flS3 ..Z — WoooyMM-Pcn- ’“* 

lS3 B. 73 gep aatt . - — 

1S5I+OJ 849 

__ I || I l U i lim M mi a n m ■- 

CruMder Inonrance Co. Ltd. Jnjwpnny—Z WJ [ Z^ 

VlnWlaHoow.ToworPL.EJC3. 01^88881 “"“•jfj— ; ^ 1 

CtftFrop. Mny2__t694 76 Jb) 4 - MEL PensitBSsLtd. 

Eagle Star Inssr/MMland Ara * ' 

LThrtted»«dloSl,EX3. Ol^BBlStS ggE 'iSsnSS ■ 1&3 ^04 

E*gJ+,Mid. Unite— 193.7 536) +04J 5JI7 Hdc*KteM V Cu.JLa 644 ..... 

Equfcy & Law Life Ass. Soe. Ltd.* j?32a£fti4E!“ %i ZZ 

Amocift-an Rood. mgfc Wycombe 04M38 OT7 Netex G tblae Cap- .9 raj 

Dj+^f h Witt 12141+061 — Nel M=<J Fd . l ..._. - 

■- Nfe gSuiDgyM^ TS 

ats a-^- lfia. = “MSssrs^iKsr 


Hapbi IX Grth.-. I 

Kuple 14. Mangd. _.| 


100 Old Broad St, EXSN 1BQ 
} CBfulal — __.B?.6 


d-Sfrii p ssTir£ a sr ! ^ », „“??£ &sssSc 

Carliol Unit FA Kgn. Ltd-V (aKci Mayflower Manegenseot Co. Ltd. 

.UDborn Boom. NeweMtle-npoa Tpe 21)65 14^18 Grothnm Sr^ FCZV7AU. 01-0088080 4-Du.Ace.tlaiu 

Carliol |WJ 7L3rf — J 4.40 Income KoylO I1B52 130.71 I £23 TteW Oil: Fund 

Do. Accuot UolU._fe.Q fc-5) _...1 4.4D General May ID |M3 72.fl .,...) 559 Jomet Growth 

Do. Hi 5h Yield K-6 Wl3 _J 650 KoZZZ^EV,„+ M,. nr „ , w f . TarartlnU 

Da Accmn. Units ._ (518 54 -fl 1 050 mercury Fond ISfinagen Ltd- Do. Itelnv. 

Next dcaung date May 3L 30,Gr«shamSi,SC2P2SB. 01-8004&S5 Thrg«Inv, 

Cbarterboase JapheiT W W = « 

kTESSSSS w,asr 55 rS£^Sa?:Ha M=IS« 5 *sssk 

Areum. unite. — . za2 3«.g +l« 234 wg §K;3 -- S-S Target TsL Mg] 

CJ.lBcomr— ___ 342 36.4+06 832 Acemn-Lts. Apr-...L«6 2S191 475 , n jTk^, rv~—*Z. 1 

CJ.Enro.nn_ *3 451 MLUnad Bnnit Group 

CJ^^T5 — ‘ siie'6 IS Unit Trust SSanagero L*d* (al 

Price Mar !7. draliaa'Wk SStfo^.WS 

Chieftain Trnst Manogere LtAffaBg) ^ Arcum._ ».4 ».c +Oi 568 ^ wood aroet,Ej 

11 New SL EX3M4TP. 01-2832332 STtSr.'^ M7 to j 

American hu2» 256) +021 157 taj 302*03 347 Tronsotbiatlc ai 

mctlnctnue—, — Hi.6 9.57 Do.Aecum. — fOS 326+03 147 p; -80 New London S 


01-CSS 8010 
W4I [ 4.13 


KWfi&dffi iBU: 

KzaoLife Management Ltd. 


Target TsL BSagro. LttLi? (aHgl 


31, Greohom Sl, Ed 


; ZZ — Target Ufe Assurance Co. Ltd. 

~ Tfereet Hocm. Gatebonao Bd, AyteHbmy. 

- — — Buck*. Aylesbury ((BUS) 50 

— — Man. Fond Inc ML9 107.H +1U — 

-— z Man. Fuad Ace U6.7 1233+1.0 — 

' — _ Prop.Fd.ine. 1062 132W ._.. — 

Z 1 r»s>- m acc. _ ofto — 

Prop.Fd.lnv 107.9 ] „..., . 

Fixed Im. Fd. Inc. 105.5 lii jd +06 — 


ace Co. Ltd. Carliol Unit FA Kgra. Ltd.? (aKc> 
a Bd, Ayiwbury. JHDbarn House, NemMUMpna-Trae 2118 

Ayleabmy (parti 58U carlicl IWJ 7L3rt J 441 

1B76J +1.B3 — Do. Acctuit Units. ,|85.D B>5) — .1 4.41 

1233 +l.q — Do. Hi 5h Yield K16 MJjrf J 65! 

UZS —.4 — Da Accinn. Units „B18 54fl J 051 

368 I 1 — Next deaukg date May 3L 


TlSi - 




Fixed Int Fd. Inc. 1055 laud +05 — Charterhouse JanbetT 

S?'KaiijS'pSZ St ^3 Z 1. Row, K’4. 

a,. BeunonCaaPea^. sftl 653 _ CJ.Intornart «0 

mu - &SKzz:g 

m -z: Z ^^ufczli • 

^ ***** - — CJ.Fd.Inr.Tst__ 276 

TranBintenudlfHuii Life Ins. Co. Ltd. * M 5&|&nrfLSt dw 

JBroera Bldgs, EC41NV. 01-4038497 W «« or* 

TttUp invest Fd.»_|3M6 Mftffl — J — ddeftain Troat Manog 
S!mBS3l&f“”" 11E3 — J— 11 New St EE2M4TP. 

,gEE£aS£-.SS H rj = - 


Snrinwest (Jersey) Ltd. Is) 

C-KIOH, ;=.«t IM. Ldn. Agtt. 

2, Sc Mary Axe, London, ECU. 01-2233531 copparTTOat E11M nj«+01jj _ 

Gs.-teKwc rtmti Mn^. >Ftar EtesO Lid. Jap. 3ndaTK._ (1145 UJm+OiB] — 

1S23 Hutchison Hsc. 10 Harcourt Bd. BJvens - 

*■-5? n!f p '- T *— fiSHi vf<9 -I z ^2 Unit Trust Managers (CI.) Ltd. 

X.'AWninftZl3? SS “' f a in EseoteUetW, St Snrimir, Jersey. 0KH73UM 
IjnLBwa S F U n+__g.-i>'a 5-70 gSSiSfvSrrfiifi S3) H 235 

“ 0824=911 rh ™ " n “■» 1 '^ X± ^ ^ ® 4 - 

^ t\ Tafc ®° ***** Holding N.v. 


xlity.nt7 
dal — 1^0 


Coyne Growth Fd. 


^0^02=0504. uiuatjro ~ c 

65.3 428 2110, Conns cght Centre, Hong Konx 

1 FarE-jt2&y3 iuu 4 _ Tokyo Pacific Hldgn, iSeabtuu 

5.™ m ^..4 - 1^1 ^ madc*™*™ c«. n.v. 

127 4 SwM aamSTOB (Gnerareyl IAAJ nav per share uay is. 5US3! 

e! m i Jssaaa" (CJJ ^,^=. ^ s>»p 

52^3 jjj -1 |S CJ. Fluid [1J2.4 15L7UI J 1*3 F Om *** l2ss Ss mtlten 5. Btsmtads. 

163<frf iia '-Sted-Bond wsfetfl 107 jS ZZj mb OwracM lAsv 17 — UW+fl: 

bS * 1 ig is^-a-IlW sa^ ^ assS.’szi^ 

2 5 fl+0i| 4.45 


InUnds M ramw l Co N.V, CnroepcL 
NAV rex share May 13. SUS4B59. 


Tokyo Pacific Hldgn. (Seafaonzd) N.V. 
Intimis Management Co. N.V, Curacao. 

NAV per share Uay 15. 5US35A1. 


n 3.05) 'IT' 3-way Int Apr. 

z ■-"•I Z50 2 NCW 3 

Next dealing Kaj 2V TOFSLMsy.lK 


Tyndall Group 

P.O. Bax lEte Bsnrihcn S. Benntaft. ST» 

Overaru (day 17 BCSTM UU+tBS) 660 

tAccum-Unitei bl'S17* lMtHM — 

3-way InL Apr. S3— RCStaS 26m ...Zl — 


Target TBL Mgrs. (Scotland) (aKb) Her^rtn^ingF^V^TCii fiSSSp, 
IS, Athol Crowent Edin. 3. 031-229 SBSLB p /> ■f.ZZ_Z ,P ^' ^ma.CBU Uay I 


65343^311-3 
| 660 


Tarzct Aoer^aiildSS 3041 +041 l»* f ® ert N4723. Kama. B aha m a s lAcriim shares). 

^^^iK^«ar®L»Stff3UL^aS«i; ^ „ 

Trades Union Unit Tst. SSacagersV Lcd * Stamps haSes'* fl376 X«J^ +05] ^ 

100. Wood Street. E.Ci (n«!fl8aF B ue rcuvrc^st, Port CT^-nsey, cx Vlcwo Knar. DoerJnn. late id Xten.or2i2Sn 


568 100. Wood Street, EX12. 01-628 «m 

323 TUtn - Uay 2 |4M 524x6 [ 5.42 

fjy Transatlnntlc and Gen. Secs. Co. 1 ? 

-47 K-raNewLonoaflltd. Chelmsford 024SS1CS1 
£43 Earbiwj) May IS__/77.4 
5*2 lAccum. Un:teL> 


HlEtinegme- 

Intereabocal Tal — , 
Basie Rente. Tst, 


t Life Assurance Co. LtcLV B « nc +°- 3i 

1 Houae, Gloucester 043236541 CODtcdeT&tiQD Fd&ds BSgt. UL? fzl 

1 E24 355^’ — I — 60 Chancery Lana WC2A1HE 81^420232 

RS t 1 S3 — 7 Z Growth Fond. KL2 43J| ■ — I 


Br»S=Bi 


BASE LENDING BATE; 

4.B.N. Bank 9 P&B HiH Samuel g 9 % 

Ali.'C-d Irish Banks Ltd- fl % C. Hoare & Co f 9 % 

American Express Rk. 9 % Julian S. Hodge 10 

Amro Bank 9 % Hongkons; ft Sh:shaJ 9 % 

A P Bank Ltd 9 <5 Industrial Bk. oScot 74% 

Hi>nry Ansharhcr 9 % Keyscr Ulimann 9 

Banco do Bilbao fl % Knewsley & Co. U- ... 114% 

Bank nf Credit St Cmce. 9 % Lloyds Bank 9 % 

Bank of Cyprus 9 % London Mercantil' --. 8 % 

Bank of N.SW 9 t o Edward Man son JGo. HH% 

Banque Belse Ltd 9 % Midland Bank 9 % 

Bnnquc dn Rhone ...... 94 %■ Samuel Montani -•- 9 % 

Barclays Bank 9 %d M oreau Grpnfell --. 8 % 

Barnett Christie L*r1.... 93% Notional Westmiror 9 % 

Bri-mar Holdings Ltd- 19 % Norwich General Tst 9 % 


1457 

1477 

Fundi 1074 

L37 .4 

iai-3 


InlmiB lln Ml . 

Do. Acrum. 

UiCh Held 


Bart>.Ei:ptApr45 

2.M Ec^tci.Uajl3 

851 lAwun- Unitsi. 
•4J Colemo Mny 12. 
f-ff lArium. Units) 
55* Cnmld. Kay W 


mn= 


Growth Pkmd. K14 43J| ...-4 441 

Cosmopolitan Fund Managers. ^riwSS^iAp riT^Ve 


prill Bfngll Cap— USD U9.7J — . 

Pros. Muxd. Arc! 1274 33451 — .. 

FenttGU-bep£ap.. XSL5 3075) 

gs^a^iSH igl zz 

•TMtG4Bro3Z_t99D — 1, 

■Cash tbIpc lor *300 promhan. 




Br»t, Rank of Mid. East 9 

2 Brown Shipley 9 % 

Canada Perm't Trust 9 % 
Capitol C ft C Fin. Ltd- P % 

navzor Ltd 9 °7. 

Cedar .Holdine.s 9 J .% 

"3 Charterhnnce Japhet ... 9 
Choulartons 9 5 

Consolidated Credits... ”*% 

Cn-oi>erative Bank * 9 % 

Corinthian Securities... 9 % 

Credit Lyonnais 9 % 

The Cyprus Fopular Bk- 9 % 

Punca’n Lntfric ? 9 

Eacil Trust 9 % 

English Tran=conr. ... 9 % 


9 ri P. S- Befson A Co- 9 % 
9 % Rossminsler Accer' s 9 o; 
9 ^ Rnynl Bk. Carndg Tit 9 % 
p Schlesineer Limited- 9 % 

9 E. S. Schwab .'Z 10i% 

9 J ."rt Security Trust Co. L 10 % 

® 3 Shcnley Trust 8J% 

9 5 Standard Chartered 9 % 
9 % Trade Dev. Bank ... 9 % 
7*% Trustee Savings Bar 9 % 
9 % Twentieth Century Bil° % 
9 5 Uni led B^nk or Kuwai 9 % 
9 ^ Whifeawav Lnidlaw .. 9 ?% 

9 5 Wipioms S' CBvn’s 9 % 

? ^ Yorkshire. Bank 9 % 

a S’ B Members of iho AMWitos 0 ™*® 

B % Cnnunmw. 


Tyndall Assurance/Feoslonsf Old Jewry. EC 

iftCasvagtBj^Brijfui. flZTZ32au Grett Winriwi 

3-wnyMin' 1232 +07) — Gtwweh’er 0 

Equ*»J£»yl8 1645 +2.-S — ' _ , 

Bead HwlR 16*4 +lri — Knsllfl & K 

iai -Z aLArttafitoaS 

- §f Z *™*t**» 

SS3SS9SSSS: ‘ 35, z » 

D^SqrtslBuftZ S34 - 41Blahopjfi«i 

Da Bond — 1744 — PM»W4fit*_ 

Do. Pro?, May 2 6 SA — ' 

Eonltv At 1 

Yaubrugh Life Assurance AmershnmRd 

41-43 KoddnSL,L<la.WlRCLA. 01-4804023 js^auALmt.. 
MansfedDl. IMB4 IBU+O^ — 


MCiumcery Lane. Wd.tlSft D1-SI20SB a« i Arrum.!'iotel. 

[ Growth Fbnd. KU -~i «1 Si^gSsKzIgj ijM ffl 

Cosmopolitan Fimd Managers. ^w^tA^Maxt-d^i^- jil^ SS^Un " 

Sa PWntSlreat.^itouSWlftffiJ 01-235^. Mnv ter FVO^ SEaUgerS Ltd. Gteo-Kayll 

CorotepoIa.Cth.Fd.P74 HLM+04] «l ^wra.091 

ftS ».« KLA Unit Trust MgemnL Ltd. tefij 1 fc. 

Crt-S- Inlrmatl [57-1 61-2] +5^1 0.75 Old Queen Strori. StflH BJG. 01-930 7333. VarntTVe May 17_ 

C~s.HjgftDtet._to4 4ft2n(-OJj «-« ICLAUnla P»A 4L6) _...( 4J3 i Accnm. Units J 

CTOttRerorwa J«.7 tt5|+o3 449 Mntaa j Unlt Trout Kanagatf (ajfe) 

Diserotiopary Unit Fund Mwagers i&CopiliaU Art.EC2Rrau. 01-6D84B03 wictDlT.Mcy 12-, 

22, Blcanfield St, ECO! 7AL. 01-8384485 Mutual See. P]n*._[M.9 5JU -04) 6.43 Do-Aocnm psj 1 

Disc Income fM05 V13* 546 gflgl ^ Tyndall a^Oftgera Ltd9 

K. F MmIi mIt K teirt «wrt l l.). Mntuai ffiffh Yld - |faA 59^-041 875 1ft CBaynre Rood. BriatoL 
SijewSSra ^M«ana7 WaUonai and Commercial ineoBcMayiT^poia u 


tL% *xs 
iso.* ....:: 

55433 

wB 

5643 


f2? v^B^oxrMWrd^octteEl 

. 87. Rue Nouw-Dcon. Luxntboore Utd. laCuL Mngmnt. (C.t.l Ltd. 

5“- . WBUt ISnf+ftOfi) _ H. Uulcaatar Street. St Heller, Jersey. 

sr. !tuercr» Hanoi Pacific Inv. Mngt Ltd. U-LRFund 15139! « Ul^riUij 044 

1-3 S *tw "t _ ««A« Tdl mu. A dr. Co. 

■ ™ IRT fi‘lnnrnr+r.1 il 14. Hue Alljrlaar. I tt W l ri lOIJg. 

Vo £^ T ' !2f^ < TL! J 5 r9e,> LW * UJS.ltt.Inv.PbiL„| SUSU4E |-10y 0.92 

5.i0 pa Box im. Royal TsL Bro, JeceayOXM Kill Net aiawt Uay IT. 

JS J«raey £rtrnl.Tst_p6ftO 170,0) „ 1M J _ . 

Aj at April SO. Next nib. day May 3L 9. G. Warburg St Co. LUL 

544 Jzrdine rteBring ft Co. Ltd. 30, Gresham Strew, ECZ 01-800-tass 


S-r, <&h Floor. Conronefat Ontxe. Bens Ram! 
5J2 JM*»»EraLTW-J 33X2*0.99 1 Z..J 31 

^ ffiSSSKiy -•■ n 

|S Jardlne FlemJnt — I fHKZ.it I " ".j _ 
fiflj NAV April 23. "Kmih-iieet 5UA8848 
5 Tfl Next rob. Stay 15 

Keysclex Mngt.. Jersey Ltd. 


L S. G. Warburg St Co. LUL 
39, Gresham Street. ECZ 
„„ Cav.Fd. Fd. May J7,l SUSS 65 
K- EneraLlr.t.MlorI7. 5US1740 
3M Gr.SbSFd. Apr40_.l 5US&85 
feW UrJiw Hay 17 bjaDW M4 


Warburg Invest Kwgt. Jray. Ltd. 

1. Charing Cross, SL Heller, Jsy, ci 05^4 73741 

CMFUd. April ST.-ttVSUJt UB1 1 — 

CM Ltd. April 27. _.K324S 1466) .._“( — 


njf i!.Z3 50 Bo* 08- St Hell eriJemey.-CEna- 0100870701 MeateT3C.\pril~aZ ^4444 14 
. lan 1 IW TWTltayii fene* u 


IneomcMay I 
■Accnm. Unite) 


I07H +L4 — 
17 Tfi -0.7 - 
14ft! .._. — 


E d |UM 12«| — | - 

gh Pensions Limited 
IdoxSL.Ldn. Wlft&LA «-«« 
194.9 _9M1 +041 — 


1 Urn, Baw Kaw* - tatOo. 


Orett Windira«r_.US.4 2fi.ll J 6 jK 31. Sl_ Andrew S^uanvEtUabui^h 031-530 01E1 cSSSi'il»n 

Gtwinch'er (Taeaa|l57 ZL5) — 1 456 Income Hay. 17 P47.J W4 — .1 £48 1 Accnm. Unltsi. 

Emson ft Dudley Tst. Vagrant. IM. Jg| ~\ 

StLArilnEwn Su S.V? .L 0I-40BW61 f 1 iBV^MKoZ' t 

Bmsoa twdley tbl.|644 69.71 \ ISo postal Fr^deOInv.Mngra. Ltd.!? '^^.'-^7 

_ ... . 4ft ffi-acccliun-b Sl FCSP3EFB 01-gQ4£30 ScManulSSai 7 ' 

Equities Secs. lid. (a) (fij (z) n 4>x Gth.Un.Ta - («5 485*4 — ;* 

41 BlahapjgMe,EC2 01-5S82851 ~~ p 7 Tfl — -• 2|S fAcenfa. Unlte)- 

Prtgrorolv* 1674 7UaS +04J 413 ^ ZZ 1% 

Equity ft Uf Un. Tr. M.5M»fbKc) tfiSX&t&Sg&gfEiE ftftoSSt?' 

WIBW NttlOlUl ffBtaL'BStoVia) 

Equity cc Law W A 7B.fl +0J( 4.01 igj. Cheopalde. ECCV8EU. 01-008 8060. Do.Aecum. 

Framllngton Unit Mgt Ltd (e) gteWtAccumc- 

5-7, Ireland YJ.-d.EC4E SDH. 01-24BGC71 Finnnclal 

SSStm. hoa.4 UJLfl „..,1 5K Portfolio I55W. 


{Rxl,(U 131 

Rondaelex Itizuo 121 E 

02 R 22341 SWrttetal- CftSJL 733 

j 7S K«*ln Europe-. f3 « «jk 

— tS Plmd— SIMS 2tta 

vs KeJxelexJapaa — OLS6 wai 

J-g^ Cent Aaaets Cap. rfeT2B9 

™'. 752 — 

^.... 7.92 

— 1 S.M 
5.58 

S f>7 

5-07 Prices do rot iadudt S pretnlmn. 


gj ~J ~ 


IW TStTMny II BClffN USq ,,.J -, 

— TKTun May U_(ac37 lnj^ 4 _ 

Jcs Wcrid wide GraMh fihnagemeiiLt 

— ltta. EJoulevard Royal. LuxesiboiirC. 

~ -Worldwide Gth Fd] 5USM36 |+QJ6) _ 


NOTES 


(48 A. 31i» 1 UW 

= 1535 sfl 

^Jik ad % 


First London Secs 9 %• ?^»n r jcposiis f*. i-monTb “•*» 

First NrI. Fin. Cnrpn. 10 "fi « ">• 1(Vin 

First Nat. Secs. Ltd, ... 9»%t May iUwri**! «n wrae rf ’ 

\nttmv CliKltt n lie. and mu!i*r sr\. 111* ta a*#** • 

■vuimy virtins .... u * ^ ow rcs.wm 


■3 Antony Gihbs 0 % an« 

Greyhound Guaranty... 9 <V, . jz 

Grinds, Bank * 9 < 


nmr rt.WM VA. 


«..iiui»ys nann * o n.-mand d.*pesirs M^- . 

■ buinness ftl.lhOD 9 °f» q r.i+ atou applies in Sicrtlnif 1 ®' 

i Hambros Bank 9 % sea. __ 


Welfare Insurance Co. Ud-V 

TfwLros. F01ke*tone. Kent. 03095)338 

KuUudar Group. 

Windsor Lite Assot. Co. IM- 
lH«h Street. Wndror. Wlndaor 68144 

LEtUv.Ptaca MAO 71h — A — 

Furore AaaA-GthteJ.l WJ 1 — 

BHWfflri Jtt • rq = 

Flex. Inv. Growth _P04n 109JS •— J — • 


-ssa d i 

Friends' PnmSL Unit Tr. a Ign.f 
Pfxbatn End. Dnrtdug. 03085 

El i 

G.T. Ualt Manager* Ltd.? 


*_» capital lAecuH-i-. 
*** Extra lac. 

01-43186071 Financial 

I UM Growth Inv 

^...J 3.99 Income . 

.....1 SJS FWtlolioXnv.Fd. 


25 LrodM 9FUI Grow 

4t Ccpiihl Growth 
Do. Accun — . 
Extra inc. Growth- 

Do. Aecum. I 1 

4J9 FioancleJ Prtrty 
7.63 Do. Accuxl — -. 

5J» HI eh loc. Priority 
4.42 lnlemsthmal 
6JM Special Site.. 


228 UnWdrxalFduy — r»+i» aan^+Lij i 
US NEL Trust Manage** Ud.f (bKB) 


||g TSB Unit Trusts (y) 


sai +05 
90i^ +0.7, 

«3 +gi^ 
<6.3 +o^ 




+0.7 SAl 
r?ii 9.83 




Jcraev tax. t Es-i 


10^ CctUl-Dorfa ns- Surrey 5flU (bltSBGca^SlZrf 

Nelatar 5-M Ibi Do. Accnm. 1 

Nel«arHlRhIoe.^pl.» . 53,6) -fiij ).<n ibl TSBlneoac- 
For New Cwrt Fan SouaKen Ltd. <h) d o. Aecum — 

* , Btb5w2i r A«ttoSS^t 

Norwich Union Insurance Group <b> IT ,ecw Rahkw 

Dnn_< Nwwi.h. NR1 3NG. m*M » <wwin IJ “* C + ““f 


21 , Chantry Way, Aadoier, Haola. 0C84821I 

DeaUnfif to 0284 63432-3 ' 

rtrtTSB General (®.i C8.B +0L1 3‘ 

(biDo, Accnm™, 157-7 61 C 11 

lb) TSK lntomp — (&8.S * 64.<« -0^ 73 

(b) Do. Aecum 631 67 ? -03 7J 

rsa Scottish 83.2 #L5 h +03 us 

G» Do.Aecum. |S9D 94.7 +0.7 26 


’ lftFtasbMyCSratuECSMTOiJ 01-8288X31 PO. Bex i. Norwich. >0*1 0^22200 Wop( Z;<:ZZ7Z,T f Z-. 

•BMraaa excaaiac !»=?_ JM-J l-S “■-==.?!“ S5fl+MI*a aSS£S2E££!j£i.> 


zzl 3.48 pearl Trust ^ Managers Ltd. CufuMzt ftiGiawr Growth. —137.9 40.7) | SJd 

—■f Z-S 2sajuioti Raiborn. wci v 7ZB Unit Tnist Aeepanl ft Mgsat Ltd. 


rT us.i d r-L n ~” mi io« iio asjmgbHoiboro.wivTEB «^«*i Unit Trast Anecrant t 

GT JaSi*«5Z 2M5 ffl3i ZZ IM PWort Growth W—EM »4M +0J 4 W ®hJt KTlitete SI.EC4R SAJI 

Sal 155S&W-, 133 J WflJ 4jM AcctuuUaits—.— -K-S 4.9B FMarstoaFuad—ttWO 

_ — UC7 m.7 ZZ R40 pearl lac. — -K-Z +0^ 670 Wider G1th.FBd._g5A 

58,44 GXlSu-ySSte a9 Slh ZZ 7*0 rtteriUnriT*. +0 J 4.74 Do. Accmn- &U 

— I Accnm. Urate) Hj* • Wfl +0.7f 4.74 Wider Growth Fnnd 

Z a ft A- Trust CaHgXr) . Pelican Unila Aftnfn. Ltd. (gKx) Sniwiii nmsh EC 4 R BA 2 

S. Roylalgh Rd, Bran (wood - <0277)227200 81 FbautalB SL, Mhochater OBLCMSOffl Income Unite- B9.4- 

) ~ +■ « -p* 3S5H+0JJ 148 Pehcan Uuite— 8fcBnf44LS| 5 JO Actum Snlta— P4J. 


01-034351 

3l| 43 

♦lfl 43S 


a 


, , Clive investments limited 

1 Royal Exchange Ave.. London EC3V 3LU. Tel.; 01-2S3 1101 
index Guide as at lOth May, J97B (Case 100 al 14.1.77) 

Clive Fwed Interest Capital 128.00 

Clive Fixed Interest Income 113.S0 

CORAL INDEX: Close 479-1M 


INSURANCE BASE BATES 

t Property Growth 8j<$ 

t Vanbrugh Guaranteed 83*0 

t Addrosa aho^a umyr insurance anil Properry nond Tabic. 

















































































































































































































Financial Times Friday May 19 1373 
INDUSTRIALS— Continued 



41 


1978 

** **») Stedi 

JUthffllRWL- 

MLCLlntlOp 

ILwtf x 

)Le«dIndi 50 d_ 

lUSei 

Letts (Ed 

UboflFobdlOp 

i-*bas Harris 
Lrighlats.5] 
Leisure Car. _ r . 

LepGroiuil0n_ 
Lesser PtwfcSp 

Letrwetil* 

Lid-wite -. 
LmdrajitWas- 
LuuJustriec,_ — .1 

jl-oa. Jfc NihiL Grp, ,] 

[UmgHmfcly.IOp. 

urngtra Trans 

U) little UnkrsU. | 
Latr&Eojaraop 

i*£S!Vj 

[MYrJwPh.atp. 
UadananeGa.. 
UeBrideKbLlQp 
McQeciyL'A^ 
tSacphnsmCD). 
JMd'iwTusdsSp. 

stagKiliaGTOm. 
Mn.-rnL Af M I Qn i 

MttsSpGatnj ; 

ras.ft 

MarsteU'slinh'. 

Martin-Black 

£103 £86ij MaihesatisT 3 *™^ 
136 l%f 2 

23 20 Medminster lOp 

15*2 10 Jtentmore5ti_ 

320 288 *ttilBox£J__ 

94 77 JfaaJChsnres-. 


INSUSANCE-^Continued 


032 £100 
H>2 71; 


yn.ltatrs.5Dp. 
ICaCJ.Tr'tp'L _ 
5pc£2-8_ 
/>> luonmcent lDp _ 
.06 Margin CraSte 
34 ItotrattiAbel'— 
32 Mass iBobt.il Op. 
12 (Mnritprlflp—L. 
iG&lOp— 
J.FISea. 


Naainmffl.Sld 
Nfl-CWnalO 
. , . ~L4*.3SS8_ 

75 • jN'fgrSfiiZubra. 

, 65 (NoliStfncerlOp 

13*1 [ 32»a JXe* Epnlp. 10p il 
GroupIL 

■:SibernStlZ 

Ifcrrtoo&Wrt lOp. 

HotvicSecs. lOp. 

9a-Sirifi5p 

s Finance Cr_ 
:4Efcd — 
tlftj. 

tsunelSbc. 
PJ£A.(fioMin«iZ 
" ’erKnoCfA 1 . 
s 4: White— 
ilOp— 

038 |£ 325 rDiT»frUBe 

lips Patents. 

a (Lorn 

, >Me50p__ 

lPUklDston Br. £L 
IPittfywfmlii 
cComtlOp 
_ uraffla5p__ 

iPdynmtlOp 

iPortab 


+1 


Dr* I , 
Net 1 Pit! 


5.0j 9.7) 6.0i 


-raw 

High Low | 


Stock 


7 2 6.7] 


— Wi4.Sfl!b22| 


iDnaaop 
. *(Wm.)9p__ 

(Prestige Group- 
chart Sw.5p 
. c,laraids.Sp. 
Pulton! RAJ. 5p 
FJX &wip lOp 
!D Group 20p 
duBilfttCtoJ 
llLltipJ 


g ! 48 

278 1199 
117 M2 
248 1223 
158 , 

030 £270 


rfE-LUOp. 
ue_— 

rfti — fHWp — 
Da ‘A . 

at SOP— 
l&BOOEB- 
ifforcs— ... 
l(AiiOp_ 

l-GobihimMC-l 

!TUnEj_ 

dkmturtet 


Heritable- 
*Un-lnrs_ 
Hldga.. 

near Go. 

Dfti'A'If-V — 
ip Service* j 
, Da'A'N-V. 
Storm Ware 3Qp 
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18 iSilv'nhjme !0p. 
70 ISinpOTuS.i'A. 
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41 


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£63 


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93 5tmUie5p- ... 
679 TaistoMar.EBP. 
155 Trade IntJctany 
£17H Travelers Si5d_ 
257 Whs rater — 


+ or Brr 

Price - | N« 


916 
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539ri»+3 ■ 29.151 - 


104 

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Motors and Cycles 

23 prttlerfaadSOp 
185 Gen MB.L : n«s- 
37 lausCariOp— 

5*2 ftoliaWMtr.Sp- 
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82 (eJLF.tHMer-L- 
49 FodenS'50pi — 

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26 





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538 

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220 


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123 

123 , 

265 {DaJJyltri'A’StoJ 
67 fe Jod. Allted ‘A 7 * 
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Roodedw 4 KP.. 
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PROPERTY— Continued 


ffifih Low 


347 

110 

87 

315 

156 

iS 

87 

77 

115 

96 

118 

«. 

129 

£174 

270 

228 

55 

70 

17 

101 

24 

282 

148 

292 

20 

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jEaelan Prop 3p 
8 (Rcgriur. 

75 JP.ecioDa! Prop „ 

59 [KvA'.... 

89 tstirt & TompkiiL- 

72 I Samuel Props 

97 lSfntMHrep.aip 
55*2 Jseciffld City JOp . 

{100 tSIoughEsts. — . 

£140 j tULlCSODBRlO 
1236 SuckCowssrstu. 

|170 SnrieytB’lm— 

33 ! j [Swire Properties 

56 iTpwn Centre 

12 fT(iwn&C:tj'10p- 
82 TOBordParL — 

, 18>2 fL‘ K. Propeny — 

|2« [l id. Rea Prop,. 

,119 m aroer Estate.-., 

262 pTa.-rionllrrr 23nJ 262 
14 Wrt*,*»iF.p - — 

16 nfraiRnerP.SOp. 

30 [ffiigtoa Eas— . 



INV. TRUSTS— Continued 

1-1 N« IcrriSiFTE] 


FINANCE, LAND— Continued 


SHIPBUILDERS, REPAIRERS 


75 

157 

181 

;295 


294 

200 

150 

«■ 

145 


64 


135 

260 


J252 

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012 

gOfi 

36 

30 

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Hauthorii L 50p 

70 

— 

SusnBurttrlf- 

345 



Vnsper.,.. 

158 

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270x1 

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SHIPPING 


255 (205 


20 

84 

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140 

46 

US 


22 

65 

67 

104 

39 
90 
63 
41 
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50 
55 

40 
70 
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34 

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Fisher fj, 

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HcsmgGitra £1. 
Jacobs (J.Li20p- 
Ltm.O'^os. FnrM 
Lfl* Shipping.-. 
Man Liners ap- 
Mersey Dt Cmt3 
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279 

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142 

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205m 

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123 

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39 

108 


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337 

490 

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05 63 50.9 

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33 J 44 
9 120 $ 


SHOES AND LEATHER 

i S rt 


16*2 Aflebooelttor— 
60 Booth ilntn'fi — 
Footwear Inrs... 
GarnarScottdair, 
Btafi«i.Sm5a.l 
ratons20p_ZZ? 
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29 

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36 LawbertHth.2Dp_| 
38 S'ertMldABniAJ 

40 olhcr'Gi'A' 

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33 &eal&Sia‘A'. 
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66); ff2rd White. 

24 l^eamlft) 


53 

96 

39 
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61 
41 
49 
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52 

40 
60 
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28 
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280 
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3.7 5.6 55 

25 11.7 53 
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2.7 6.0 33 
42 81 4.4 
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8.1 7.9 3.9 

26 6.0j 7.4 


SOOTH AFRICANS 


116 

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105 

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PAPEft, PRINTING 
ADVERTISING 

|+2 | 1289 | 4 

:MTz 


AsKcVaper — 
DafaPcCtmr- 
*rit6Wibarp— 

Bemrose 

Brit. Printing-— 
BronringGrp.— 
Do.Resnc.Vlc_ 
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CasHtonlSirJ.i- 
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CtollbcJardi— 
CoUeODaralOp 
Cuter Guard — . 


333 

308 

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Ferry PicktOp — | 
Finks Holdings- 1 
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Harrisoa65cns. 

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ltotre*kCro.SOp- 

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206 WaddinEtonv5j_ 

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4.4 75 63 
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31 | yS:ii 

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„. 49 « 

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67 173 
55 27 
10.9 91 
62 " 


PROPERTY 


iff 

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QOS 

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INSURANCE 


B 5 SS&J!r ,+2 


BWtaqme5p.— . 
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K 177 MstthcwWr.Sto 
**' 151 MbwUMfs £ip, 
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220 PesrlSp 

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Prudential 3p 




170 




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+7 


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AITd London 10p 
ABnatt London- 
AtnlgwWSwes. 
Apes. Props. Mp. 


084 

59 Asenoe CTse! 

26 Bank*ComJOP- 
79 Beaumont Props. 
47 BeaMiC.HMOp_l 

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28 BritebLand — 
lUS Dq.12peCto-.WE_ 
89 BrixteiEsut&— 
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88 Ckmngtoninr.Sflp 
64 CntJwiodal30p 
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47i; Ctty'Wwes-^— 
52 Oarte?4leko)ls_ 
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1154 CwnEKta®**^ 

21 rnorIft;T rat- 

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47 Domnglporop.- 

27 EntPropMp.- 
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AfldnsBJM— 
Beales UJ Dp. 
Beckman 6 lOp- 
BlactfTrwd Moh. 

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Bright (John)— 

S¥ggfc 

1 BriL Mohair, 

BoIflwrL'ob Iftj. 

Caird (Dundee) - 
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1 Corah. 

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Da'.VDp 

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Jerome '.Tndgs 1 . 
Leeds Djers— 

Lendl Uuis 



Lister 

Lyles(5Ltap — 

MsctayHneh — 
MactononSaaf 
KartintA.)20p— 
36 lSlter(F.)JOp._. 
46 Uontiott— 

1(C Notts. Mari* — 
24 Jersey 2Bp- 
58 Parkland ■A’. •- 
12 PicJde« nr.)6Ca 

§ Da - A'N\'lft»_ 
HXT.lOp— — 
41 EadlwFastoms 

69 ReediW-n) 

36 BeUaace ExitSy- 
19 RkhardslOp — 

48 SZEX2U? 

25 Scott RebsKsw. 
18 SekersInLlOp - 
20 SuwCeTpetsIDp- 
20 SiikhSpuzien. 
84 

50 Sirdar 

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39^ DaPrir L1200_ 
40 SpeccerlGeai — 
26 Sioddart-.V— 
23 SoueiHileylB'd, 
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27 rraflord Carpets 
48 rneoriHelfip— 
41 V r rta-Tex®p — 
34 Y«te FiaeW.aopJ 
31 [Ycojital 



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66 j 56 JCcdarliw 

140 124 Chan I is. Inc. £1. 

515 (455 Do. Cap 

55 I 46 kiinwTrt'!— 
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Price 


15» ' 

High In* I 


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74 

2«5 

203 

112 

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79 

30 

44 

4 

65 

222 

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190 

134 

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195 

65 
228 

63 

125 

227 

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74 
110 
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195 
292 

92 

159 

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121 

1*3 

86 

147 

124 

106 

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109 

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94 

90 

69 

66 
114*2 
67 

75 

65 

63 

82 

92 

39 

187 

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76 
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214 

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118 

156 

248 

49 

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140 

57 

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44 

101 

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346 


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2.7 1U 
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7.7332 
53 19J 
4.6 1B.0 

»Z4 

,J — 

L4 027' 


[BAT Ends- 


, D&IWd. 

(330 { Dnnlg iWlDp, 

iEBF. 


1+4 [13.01 

1732 
- . 5i « 
d«r 


J3.4J 5.71 6.8 

65 J5 I? 
2010.7 S3 
9.4 5.7 28 
* 72 « 


2-4) 


8.56 
3 % 

|^ f dL36f 




19.7 
39.4 
10J 

L5&P 

L9S?5- 

M1*J| 
0L5 


a 


39 J27« 
3.2 15 B 
L4 40.7 

0 jA u*nv 


♦L41 \iA3\ 

l5 . 

tbZ-22 
20 ■ 
IZOO; 


L33W 


TRUSTS, FINANCE, LAND 
Investment Trusts 

235 


94 


Aberdeen lm.,) 
. Aberdeen !Dna- 

2 Alisa Inr 

AUiaDcelw, _ 
Aliian«TnsL_ 
AMfnndlne-SOp. 
Da Capilal 50p- 
AahreselaT.Inc. 

Do fti p _ . 

t .American Trust. 
American Tst- ‘B 1 
Anglo A3. Sera. 
Audo-Int Div. .. 
PaAsretSte - 
AtEjo-Sctllnv 
.Arcmmedeslnt. 
DaCap.Sto — 
Areoto. iSAl’- 
AsBdtnralm.— 
Atlanta BaHlOp. 
Atlantic Asets.. 

: Alias Sect 

AusLAInLfSOpj. 
Bankm’lac— , 

! Bear Trust __ 
BiibojegalePnB).. 

BlRK&i 

it SsrilFuadOSI 

BmUIuv.cSi..} 
8«n)orl3l_ 

.aase 

British ABUS— . 

aaig?. 

Sritlmesc — ... 
Broa«No»(2Clpi 
Bnim erto: 

BiycourtSOp 

C.LRPJdt. 

'-fliedoiiialiRS 
: CatedmunTct _! 
Do 

CashnnudGal 

Cm.4r ■ 
Caitelw 

; Lb,-P 

(CardtedKd. 
fCaiirilw^. 


135 


♦L61 

505 


1+1 

3287 


+10 


Hi 


a 


UT4a»3 

10.4 13-5 

66322 

,4i30i 
(11-1 13.1 

5^6 733 
1.0013 133 


4.9 19.0 
4.9 3L1 
10 81 9 
0.7 526 

4.9 « 
4-6 3L3 
63232 
23W.4 

So? 

4-0 317 
43 3.7 
4.7 20.9 
29 35J 
6.9201 

64 229 

3.9 338 
8.7131 
53 25.7 

53 2& 
53 25.7 
52 229 
4 6 26.7 
Iff 24.7 
28 44J 

65 £0 
U 6 
52 6 
10 302 

55 267 
5.2219 


:iiy£ Irterad, 
__ .Citjaricford .. 
7Mj liTIarerhouM-.Vip 
b*j nibcnte* tup,. 
b&z r&kipic', n<_ 

2\l CrtMcslSZlitt 
160 Cuntroenn 6 led 
94 iMtatttKmrc. 
116 1 rt :t Japan iOr'- 

68 Croesiriars 

24 Oa=uJ«iii»- 

38tf DanacdCcPSOpi 
31 ; Dftil'np ilDp. , 
56 Debenture Corn - 
1200 De-tKTS. Ine.II 
[140 Da. Cap JOp— 

(17 2 PcmimimiGea. 
106 Dnfttfl Gam'd - 

1123 Da rbes 

27 DaFarEtoten 
155 Da Premier — 

61 Dcai.reslK.50p 
163 DaCapiUlEU 

55 DucdeeftLen.— 
861* EdrrbnnhAaTtl 

194 Bdm.Iw.or.£l. 
%ij Dedralto Ts - 
60 BaS-iGm....- 
74 Eng, k Internal! ■ 
6? Eng-AN V Tniru 
58 EcgtSrotTni- 
91 &mityr«p'tE). 

102 Do Def dap- 
170 Equity lot Srfto 
[258 EsiaierKitiejI).. 

37 RkCEkmom 

70 Kanri' Ine Tsl_ 
76»j Firs so*. .Am.... 
130 Foreicn l ft.) 

37 F.V.GlTrB03i 
35Jj Fmidinrea tax , 
49 Da Cap 

062 G T Japan : 

120 Gen.6Coa3n>] 

73 tier- CocsoiduL . 
115 GwsraIFu«ls_ ' 

97 Do C"n r JOp ' 

88 Gen.Iineaor?_. : 
722 2 OeaScottuh ... 
72*2 Gtoi. St iiMrj. Jl-rP, ! 
84 r.5argo*i-.t)4rv_ 

71 GJendr.'on Lm_. 

68 Da “IT 

UOi Glemtianav In» . 

56 Da*R‘ On! 

97 Globelnv ; 

55 Gomt Europe._ 

65 QtunEcTruit. .. 
90 (2- Nortb'n (to - — : 
67 GrecnfnaMm _ 

56 Gresham Im 

46 Group Imcsort . 
69t 2 Guardian ta 7c, 

78 Hambros . 

26 Hsrcnjjliir Jhp. 

[360 ffiD iPtrilip; 

69 3skE 

63 Do. "3" 

£8)4 IcofondiSi—.. 

[600 Da lii , 

427< IndwcraJ A<.^n. 

,65^ Internat-llnv 

147 Inthi7.TS.Jiri]. 
[107 to iaSocces?. 

. 62lj Investors' Can 

174 lmeaK.Trt.Ctp._ 

103 Jaidmc Japan— 
70i 2 JanhntSft HES5. 

(103 JeoerEst pup 
22B JsmGea£J— 

41^ IroHofaUnp 

44 Iroelnr. InclOp 

„ 4 Eu.Cap.3p 

(125 K£7Sooeinr.50p_- 
W 2 Kiig2delnr„Z] 
75 Lake Tier Inv._ 

36 Lane, i Lon. to- i 
S7V, LawDcbccture- , 

ftSEfe, 

’sates 

ImLAustoiAl 
Um.iiJsrt.50p. 
LadakHatTraxi-- 
.. LoaiLcncox— 

16 leaiUv.lCp^ 
59i 2 Lcn-iLomood- 
[157 Loai Montrose., 

Lon. 6 Pro r | 

LoaPredential. 

stsrap_-i 

Ltrotodto^- 
8iCDuJIac.]6|i 

79 IlaM%]bK.l^ 

_ SsatSss: 

44 1 40 SSfc) 

Merchants Ta. 
fcbtalmert^., 
Mont BoOca Kip 
DaWcrtaU — ( 

Uoomesto — , 
W-xrsideTruS_| 
NeeitSASlfSl. 
NewTferot. Inc- 
ite Cap £1 — 

_ Do Nes Wnrs.- 
, 31 NYiGartmon.i 

lie3 iSBlmwt 

7P? Nlh.AUanticSec 
79>j Ntha American- 
95 1 : Northern See- 

51 Oil 6 Assoc to_ 
Ootwichlnr^ __ 
Pcntteodto — , 

65 Prat Sa. to. SM 
23ta ProvindaJOtie* 
Raeboni. _ . 

37 Kenhrookto.— 
322 Rii-ta tbl. Cap 

171 tl*a Kverfcttee-1 
123 Hirer Plate Dri. 
£46% RobecotBr vFBO 1 
M7 DaSdbSb’sPU 
£36V BofineoNVF15(L 
(325 DaSc6ain5 
73 Romney ®t$d— 

52 Rosedhuond lac 
48 Do. 

,159 BctochMlnMp- 
, 67 Safeguard bd— 
1101 St Andrew Tst_ 

74 it Scot An. lor. SOp.. 
43*2 Scot A Coot to . 

151 Sect-iatiro-A'.- 
U4 Scot. East to— 

34 ScotEnremn- 

82*2 Scottish Inv 

94 Scot- Bon. t Tst 
119 Scot Notoll-. 

86 ScotNcnhern„ 

Qli> Scot (teano 

58 Scot Did. to— 

72ti Scot Western 

69 Scot Westa'B’_, 

‘ SecAffiaaeefoLj 
Sec. Great Ntfan. 

, Da-B". 

|154lj Securities T. Sc-, 
boo SekeSh*IntJI®4 

to ' Sknesto.50p_ 

58 Sta^reD li^Z— 

94 Sphere to 

150 STTjTInc.Ift)_ 

48 1 2 SPLIT Cap. 1^3 
90 SlmbopcGen. . 

145 StertingTs 

76 Stoctokteslm.- 

SO Terimotogy. 

Blh TOTplS 
21tj Three. GrtnT 
86 DaCipU 


J+2-5 j LH 63 
|q1SD| * 1L4 

“ ' To I: 

IK 9.9 


lot > 2)2101 


LOl 


3S pia. : f6f Iets-HIP- 
ilartin iRP - 5* 


uq 5.0 
rflia5 


h2.40 

13.43 


+1 




3 


-*-1 


18 5.7 


14 13 


MajaSLtiR^ 
N-MCtoi 12:^, 

Fi St; iftij 315 
Paramhc " 

ParLPlaci mi _ 

PurttiffcSer. 

t rreBfc i-i.frta!. 

5l Gears! i'lp- - 
Scot & tJcre. \V. 

5x Ann-. 

Smith Brof — 
StePitHMiic 
1 SuezririNFlW' 1 . 
ttartMlLT" lp. 
Wsu.Selert.3ip 

VeSofEnd-nJ. 


‘ + ml 

i w« I - 

71 J — 
52 *1 
HUsl+tg 


Dir 

Net 

065 

S.93, 

«U6! 


fSTlGl'iiPff 

m -m 


n H 7.9, 

- 65 - 


70 il'uleCtUoIOF..-.; 73 


OILS 


8 !... 

a» :. 1 . 

10*2 

202 1 ... 

£50 j 

58 

Bi. . ... 

aauU:* Uag 
26 +1 2.1 1 

*• jtL38 

-2 1J9 


0.7.113 1 16J 


♦10 
a 81 

ir» 

i&!r« 


3 5 58j 5.8 


4.6' 91 
4 Ji — 
69' 4, 

li ii 62 

12.qi07 
... 391,103 
3.81 2.4> 9i 


a fully Integrated banking sarvtea 



3.8)352 


23.6] 


44 4 


.Cap. 

05. Oce2nic_ 


rrans. 

rrtbcDetoest— 

Trudl'nita 

Tfuste«Ccn»_ 

94 toKblfito 

53 updtranto 

106*2 DtdBntSeea.^. 
18 UJd.Ca«tals__ 
j 80te USDcKCora — , 
163 GSkGeaerOUi 
600 US Trust PmdilZj 
74 tlbnsRHoorcei-f 
59*2 S' 'M. 6 Texas Up] 
278 WemT^to.£I_ 

tTaiterbottiHn 

691; ffitaoto 

. 65 Do.'B" 

(148 Yeoman to.—. 
26 ’I'oifa. ALaocs— 

5 Yorkfre«Mp_- 
69 TmrasCo'hlnril. 


n. bVldLS 52( 7.81 J 


-1 


k 1 : 


+1 


23 
11 
6.75 
4.J7 

S' a 5 

2 45 

♦594 11 
396 1.2 

6990 u 
6.00 « 1 
0.B5 i: 

3.65 1 0] t b\ 

2 . 85 1.0. J. 7? 

377 1 IQ _ 
♦V5 : cf 12 iff 113. 
♦Iao 1.0 *e)iM 


; 21 1 a 552 
1 1 5.7.233 

11 6 6(21.9 
1C 4 3f30.9 

12 TA & 2 

1.0 1 3)1199 
11 3W560 

13 : 7'45 6 

u rpl*9 


148 *66 lAttxkSa? , 78 

HI W arr-pcrreaito.l 158ot 
1 892 |720 RrtlFeL'or-'.fi ' 884 

I Ite5*rP!.£l ) 70 

j?i-=an£l 63 

I Dot- L:.9i » . £61 
"•-■.T'.ic 838 

l£b 1 57 

JrtiarteraiJ15p..I 24 


MINES— Continued 
CENTRAL AFRICAN 


76” 70 
03 42 

£<»: isi 
£11 : <!E53 
jTij 1 i9 
30 J 21 
Z2 : ’f”.’. 


430 fell KiauSMES. . 362 
144 1116 ‘-tChdePBsrtCt 136 
l o: i|9‘j [EsdcivatcSOc.. lStj 
-- 1 2b )KC.\. . . . ! 26*i 

168 


19D. {l&.juipp 


110*4) r.oo iyssi<:ff:!ff:-WEio3*j 
J15 2 sj :a.w.?s top j 570 | 


+2 6.74 

-6 22 10 
569 


-«ii 

Ji 



«-■ 


+1 


. , 4^202 414 350 

— 1 — -1^1- — 55 J 0 


+*5 


l+lj 


10 

l 


L«12.«tLB 


6^0 


113 * 72 


6.N2U 


69(25.9 


151J | lOj 8.9(19.71 

Si 



,455 [Sceptre Ses .. 1 540 
sria Trass. Res 558 
1 61 !*o “tP? £J . 61 


tZ43 


0.1 

914“ 


^11 


C3 7? 

15 7~ 


4.9C»iUIC| 


3l| 
suSia.r 


30 



1 pc Or. 
•AeeksNatKWi . 173 
!_ I [<C Pic tec :wJ 275 
(Wcodadc . J 74 


58 

245 


3 3, 


iST* ; 
High l in j 


>1ock 


210 
24 
73 
150 
4 5 
1617 
9 3 ‘ 3 

63 

1 1:5 

-,-■1 

34 Op 38 

_ I .O 
__ 200 


l 7 & 

_ 42 

_ 03 

3 fi9 .5? 
9 b ■;?? 
— 3^6 
_ 50 




Falcor.R.1 «J- i 

Rtoi r. ‘.ore ](?£• | 
. .. Rimm ;*r.« K4 1 

|122 Tancar>:i-T¥*p 

1 £>• Pref Wp . -i 
WankieCol Kh 1 


10 |Gan>. pr .[ 


Prlrr 

168 

15 

68 

150 

SO 

35 

14 


1+ er[ Pic. 1 ITT4 

■ - ! vi .r«.r.f* 

;.... t^SCci 13:25* 
| [0^ !«;57 

i^lOjQll OJ ll! 7 3 
I .. QV-ilb*! «a 
jrtS^.-cj 14 IB 3 


4 j 
12.4' 


6.3 


10 
H 
63 
148 
*8 
l H 
* ID 
125 
10 

Vo 

|U7 

30 

750 

12 

310 

94 

35 


AUSTRALIAN 

10 


ACIW<;< 

fc.LCJirn.lir... T">j 

1 iHTTf H:-. : «v 

p M EiliWn-ll 
Hamntn iri-vlp. 
iMrul> La .'ji- 

i+lotnxl Vll-V.. . 
Newmc. si l.\ ._ 1 
\nr.-iH. 1 

Mil lulamli - . -! 


11 * 

95 

225 

5b 

13 a 

2b 

19S 

27 

5 


l _ 

: Q8c 


I4‘ 4 4 


109«; 

AV:H: 


[WlTc } 22; 2S 
1 1 4^ j * i) : 6 

’ g?c \ If ;s 


gj-- ; 1 5) 4 5 


.Mil (UUQiril -I , -- . — ; — 

OaHhciiKrSAJ ... 153 *5 rtjlle 19 ; <5 

rvr:!ic i.irpcr . 42 •: - ‘ ' 

iPanrt-itl t/v ■ (lUj *., j -- ' - ( - 


jPanrt-itl 

Panna 'liErto. 
I'CVn-WaUicndNa:. 
WfcJn HituucS* 
[WhinCTKk J>c .( 


‘S’-’ 

465 

133 

45 


,-l - - - 

I* 3 <Ji5cU^ 13 

!;J i 


OVERSEAS TRADERS 


£63 !£*9 


1280 -.tfnean Later _ 
tO lAuS-ArrcSOC- 
C S (Fcn'icpti? £W . 
6J iSinrsiilto -J*b 
25i; EcusreaiMOji.— 
250 Firii) ‘iss ‘50p_ 
GilliDuSus — 

GLNtta.£!0 

rfris'ns i>» Ci 

Hter.ua; 1. — 

lnrbcape£l 

Jaete^m 


84 

130 

66 

36* 

333 

260 

£62 

475 

82 

440 

28 


£92 m 

73 


Jittatca Sugar .! 17 
tasto-. 

MttrhdIiCC‘. . 
N‘u:CTi^ Elcc. _ 

Ocean TflS=s 2Cp 
PatrrarKh. !0p_| 
Do.'A'SYlOp— 
San^sriJZi lCp. 
SnoaSocarSOp . 
iSureDart? 

Steel Bros. Sbp_ 
TuttrEems.SOp. 
Do.0pcCcv,Bl. 

U Otj’^ec lte. 
DalOpcLn.1^ 


70 

<3 

190 

34 

S 

161 

410 

53 

£90 

73 

72 



44 

19.0 

?.l 


915c 

11 

26 


54 13 

41 

4 N 

♦3 

62 

tl 

14.3 

+1 

3.50 


63 


fi? 

7C 

1(1 

+4 

4 

5.1 

-1 

PIT 11 .. 

2.4 

19 


M218S 

3.C 

70 

*1 

426 

2.1 

79 

-3 

115 0 

1.2 

3.2 


ZQ.pfc 

63 



655 

72 

14? 

f5i 

14 

17 

I?D 

+$ 

13 2 
h??9 

u 

82 

38 


17 7 

75 

6i 


57.7 

75 

61 


t fl 43 

13 

* 

+»i 

R- 




S 1 

33 

? 2 


4.4 

48 

-2 

3.10 

ii2 

8i 


19.2 

J9C 

+1 

Ih075 

lit 

lb 

+1 

0.4 

312 

as 


30 
15S 
60 
235 
, 2.6 1 « 

3 15 270 

y ™ 

tl 11 

2 f 7 480 
106 370 

lli | 
l 5 l a 

(3.9i ,91 
60. l™ 
285 
193 
3J| 75 
33 ICO 
61 « 
'205 


, ? 4 
,240 

B! 

220 

130 

78 

10 

. « 
(450 
280 
40 

, 50 
1165 
49 
,47 
(140 


.toil ‘iiserui 

.VyrrHuamSMl 

RcraltTin 

BerjumaiSMI 

Greirr _ . . . . 
i^ldiBawisy.. 
ikiperrsC^r . _ 

Hirng*iW 

hbuiOp . 
JaatariS.-p . ... 
KajnumincSMDW 

Ellindm 

UabvDralpiuSUl. 
liPriffliTvc - 

1‘ntrfcjlpo Ifti 

, Petal lr^ S>n 

[Stun! Pi ran 

boaihCroftj-lOp.. 
South KimaSMu-V 


TINS 


[220 (SthnMdajaniMl- 


Soncfl ResiSMl-. 

e -Coro. SMI 
tsp — . 
Hrbr.SM] 
Ml 


27 

355 

60 

280 

140 

9‘a 

270 

160 

87 

11 

68 

480 

370 

66 

62 

195 
57 
SS 

190 

285 

196 
75 
90 
98 

20$ 


1-3 


♦251 
rtWaV 
375 
JVlIfir 
h4 SI 

150 

125 

roil* 
Q12? 

TSf 

_ p* 13 
rS tOTTSc 
♦5 rtfLHt 


kio 

*5 

A-l 


*3 


flP 

CS63‘). 


VP*l 
!l’! 
U *5 

aJ is 

♦ j^o 

t7J 4 9 

m 

4.« 53 
1^10 5 

ts &«• 

11' 9.9 

“a* 

• 1C.9 
16125 

* 92 


6.9| 

* 

l9| 


COPPER . 

96 [ 70 IMessumROH ) 76 !......|iQ39c| X.9f t 


RUBBERS AND SISALS 


|:£ 

385 


Prim 


75 [Anrto-lndaoesV— 
65 BertamConilOp-. 
11*2 Btrif.A£rsai..Z_Z 

31 Brarhrall lOp 

ilb5 Cartefirid )0p 

53 Cberrooese I0p__ 
23^ Coos. Plans ujp__ 
57 GadekObtoJlfii 

S Grand Central 10p.< 

GotbrieEl , 

65 B.'naraMvEK.WpJ 
56*2 Hi&hJand?15(lc-Z? 
41*2 Koab KeponsMSl. 

29 ttKalirnffiOc 

69 LdaSaaarralOp. 

48 ilatooaMSl 

30*2 MuarRiv^rlOp — 
55 PUtLaUmHktolQp 
37 SuoseiaruDlOp— 



Cw, 


5.1|“7 1120 


2 4[ M .S 
15 

to 
12 


5.; 

15 
_ 53 
12)11.7 j 
H-2 


TO 


n9 064 


4tl 2 




d 


MISCELLANEOUS 


30 


Burma Mines 17* j. 
Cfttt Slurrii IDc^ 

.Sorth^recSl 

R.T2. 


Sabina lnds.CSl.-_ 

[TaraEirabLSI 

nthHjBiceralOup. 

fl'ukonCons.C5l— 


16 

250 

365 

218 

42 

no*j 

45 

167 


*•15 


Q30c 

95 

* 


72 

66 

ii 

20 


NOTES 


83 lolett othe r > te r tsdhiM. prin* and m IMJreds an tm 
5.1 once a at iti iwadmuiiioi are Sy. Eriowd pdedenlsii 
6.4 ntbuaalNHnMrttotmbMtanfllRfMiaMliNHn 
43 ud, where posalhlr. ore updated os half^eoitefliam.^Eaff* 
4 n fleolpted on the bsola of net distrlbnrtoii: t n d w n l flpm 

” ' ore dlBotenco U ttlniMrt «t> “nil- 

htifil on -MotMiW dfa ir lh iit loo- 

' prteea. ere mow. edJtiaUHi to ACTol 
, Per retd, uni «llew Tor ndne of deetared dlstrQMisbn* oad 
fi ripB. Securtttw wtth de it o alnUhn ia oUmt then merlin m 
4."iu«Bi*d tndoahe td the tmnnnu Mia r prctwhna 


4 0 caiewted on the bote of net 
i \ Ittttot W per ml. or toe rr 1 
a~? darihgtiM. Cotera are Noe 
a ? ITdda are baaed oa ariddlr prli 

’■I U Ml __A .1U%> ta- 


28 


— i — ) — 1 — |213 (175 lAssfa»l*0CB»a_ 
385 280 Assam Frontier £L 
117 104 Assam 
24 20*2 Empire Plana lOp- 

3C0 212 total £1 

320 222 LKSgOnoniell-.. 
245 180 McLefdRwselCl. 

420 390 Horae U 

23*2 22 SinKln HIrip. Wp . 

228 181 Warren Plants- -- 
172 [138 [WUIianbitqSl 


■'I' J567 


TEAS . 

India and Bangladesh 

+s m 


* z LIL 

,♦198, 
...... 1*12. 00 


+5 


w 

15.08, 

♦FL72 

P13.0 

9.0 


4 Sterling dpoomlziated aecnritlea which Inctnde 
dollar premium. 

• "Tap" Slock. 

• Blcha rod lam routed Ulna ham beaaadjaaind to aOcro 

for Tights Issues for cash, 
t Intenin aineo inexeased or resumed. 
t Interim atoco reduced, passed or deferred. 

TsxJree to noa resldents on appJlcsrtoa. 

5.9) 6J 9 ngunte or report awaited. 

4 9f 8.0 tt Vnllmd semrUy. 

. 9l d Price at time of suspension. 

IPS 9 Jndirnied dMdcnd after ponding scrip and. or ctflrta bro/c 
cw r relates to pnertous dlcldend or foracast 

4.7 ~ 


5.9 

1L8 


Free nl Stamp Doty 

* Merger bid or reorganisation in pr o gr ess- 

* Not comparable. 

0 Same interim: reduced final and. or reduced *f*b|a 


Indicated. 


8.8u Force m« dividend: rarer m earnings updated to latest 


1 210 )123 [Lunnra El- 


203 55 | Ml 4J 


Africa 


BtoftreiU 

RcoEaacs. 


510 *25 50D 
165 -... 13.0 


325 14 
416 24 , 
£3iA2 £2%( 
178 78*2 f 


iDrepKI..- 
tRandKftBl- 
tfonnsEitlC. 
t Rand RI 


0.01 inierlro smerornt 

It r«w: allows tar cmmsrsioa of share, not on ntUsi ter 
Sri fjnka I dividends or ranUng only for restricted dividend, 

cr 1 mum I* Cover does not allow far shares which may also rank for 

dividend at a iuloM date. No IVE ratio usually prwldad. 
V Excluding a Anal dividend declaration. 

* Reglonat Price. 

I No par nln 

1 740 a Tax free, b Figures based on proapoetns or ocher official 
770 cellmate, c Cent*, d Dividend rate paid or payable oa tut* 
el capital: cover baaed oo dividend on full capital, 
e ftedemrotou yield, f Ret yield, t Aammed dhidrod and 
yield, h Assumed dividend and ykdd altar scrip tasem.. 
J Payment from capital aooim. k Kenya, n Interim hlrhcr 
than prevtouv total, n Rights laana pending 4 Euroags 
based on preliminary figures, r Australian e ui r an cy. 
• OMdeod and Meld ncludo a spocial payment- t Indtcatod 
dividend: cover relates to previous dividend. P/E ratte baaod 
m> latest annual earring*, n Forecast dividend: rover baaed 

P I on previous ) ■car's earning*. V Tan free op to 30p lo tbo t. 

(ov Ns a] 4. w Yield allows for currency clause. * Dividend and yield 
w 1“ * based 00 merger Jerma. x Dividend and yield teclnde a 

pay ment , 
d or 


MINES 

CENTRAL RAND 


238 

+4 


270 

£3W* 

135 

-37 



S*s|spaelal payment: Cower don not apply to special 
« A Net dividend and Mold. B Preference dividend 


9 55 


EASTERN RAND 

$ 


flBractaiBJ 

East Dima Rl__ 

ERdSmso 

Grootrt«S)c_ 

GutmsEI 

tesbefilc 


&riereteB050 
S- African Ld. 35c - 

VTakfcmteiii Rl 

Winhal’teaiRO- 

irk Nigel 25c 


69 

27 

348 

84 

332 

402 

630 

41 


+5 

I 

+1 

+i' 


-i> I I -1-1- 

fi 8 ' 

i05 
228 
W.75| 

L88 


FAR WEST RAND 


. 438 . 

im 

0.49 

5M 

hJ-3 

4.39 


!-£ jejy 1 i.iuu.ii*s.< 


7J 20.7) 
68 219 1 

* 1 7i ♦ 


[764 


122 


241 152 
589 
163 


firmer 25 

BuffebRl 

Jl Dee&rasl RH20 — 
(214 DoantooLaoRl __ 
EiaDneRl— 



HaitebeestRl _ 

, .. KtoriGddfU 

1432 LfixmonSl 

419 SoatoBal50c 

206 Stiifeitetn50c__ 

a 

S36S| W.Driertl 

Western Areas Rl_, 
WetteruDeepKt- 
ZandpasRl 



_ fta , 

dnferred. C Canadian. D Cover and PtR ratio exclude prarita 
of OJv aeroopoce aubsMIaries. E Issue price. F Dividend 
land Meld ba*cd on prospectus or other official evH«uyie< (nr 
1877-78- G Aam* d dividend and yield after pending jertp 
aad/or rights issue, tt Dividend and .cield hawid on 
I Sl23.fi) prospectus or other offlcUl emimates ter lTOB-TT. X Plguraa 

- based 00 prospectus or other official estimates ter 1KTL 
• « Dividend and yield based w pro sp e ct us, or other tfHdal 

lUliae cstlinalej tor 11T8. N JJiridood and yield baaed on prospectus 
*5 “3 or Other official erfimotos ter 1P7B. P Dividend and yield 
*» b-1 baaed on prospectus or other official animate* for lflTT. 
L2 4^ Q Gross. T Ficuzes assumed l’ No slgniflcaas Corporation 
7-0 3X.Q Tax payable. Z Dividend total to date. H Yield hosed on 

— — asstnDptioQ Treasury B0I Rate stays unchanged until marorby' 
0.4 33,8 «< stock. 

2.7 &2 

Abbrovlalionamovdbruiend:sexicripbwaa:a-azrigMs:ss«c 
all; d ex capllnl distribottoa. 

“ Recent Issues ” and “ Rights ” Page 38 

23 \ 8l2| t W* service Is available to every Company dealt In on 
85) Stock Exchanges throughout the United Kingdom for a 
lee of £400 per annum for each security 


REGIONAL MARKETS 

_ _,Tbt fpUovring is a selection of London quotations of sham 
?■; I previously listed only in regiomil market*. Price* oi Irish 
issues, most of which are not officially listed in London. 
8.61 are as quoted on the Irish exchange. 

4.41 


OJ.S. 


£39% 


(Tree State Dev.SOc 
zv^DednUSOr — . 
IF-S.SaaiptassKl- 


Pres.BmxJ50c.__ 
[Pres. Steyn 50c — 

)703 j St. Helens Rl 

Dnuel 

[WeUwmSOe- 

WJioWti«s50e-_ 


80 

a 

QUc 

Wflc 

2.7 

zu 


Q55c 

47 

87 



05 

891 

-7" 

«13§f 

2.6 

705 

+2 

tw20c 

9.9 

775 


lV^3c 

23 

172 

-2 




262 

£17 

+i. 

as 

19 

15 


Atom lav. a>p. 

«&“!?“) 
Sd^wtr.Ed. b6p 

ClouerCroit 

Craig tiiosetl 
Dyson iR. A. i A . 
Euio St McHdy J 


Fife 


-|L0SZstm.£l_ 

7-7 1 Ucdt (Jos.1 SSp_, 

I KTUm. Goldsmith] 
Pearce <C H 

Peel Utils J 

Sheffield Bnck 


23 


272 
22 
420 
36 
62 
57 d 
15b1 
50 
20h 
1« 
B2d 
145 
250 

55 

Isom 

20 

46d 


+2 


-5 


Shrfl. Refrthwt.l 
5indaH (WjnjLJ 


nosH 


Conv.P%»« 
Alliance Ga«._ 
Arnott 


Carroll iFJ.i I 

dondnlUn _| 

Concrete Prods.. 
Helton i Hldga,) 

Ins. Corp 

Irish Hopes— „ 

Jacob- , 

Sunbeam 

TJtG 1| 

Unldare 


V 

MO 

032 

40 

M8 

^ >d 

iM 

95 


FINANCE 


Finance, Lan^i , etc. 




AbrndSmilbers 

ArntaurTstlOp.. 


2 Britannia Arrow. 

, 14 ChaktelO'. 

1103 ChaUoMeftpj! 

56 ChsrteifiwficGp 
ODV CUnWDlOllp. 

221 DalgetyEl — — 

27i 2 LtoJwrDay^. 

13*? EdtalmTU^ip. 

50 ElOre^iiiiUlOp- 
40 &jkjqeH«mse.- 

12 Ex Lands lOp-_ 

22 CxpierahacU).5f). 
lOfl FastiwnfcGei.*. 

16 rmsK«6]allQp 
9lj Ficrpvlnvw 

!7 Gnmrowf 20p_ 

25 Hirchro Trust _ 

T iS 

16 toesywntCa._ 

80 Kakua kti - — , 

44 luichH-T^Urite 

78 SKxhU Ifti , 

15*2 limmSKstept 

13 Lcn.EnntGpi_ 

^73 Dn.Me-ciianL_ 

1U4 tW [3L4aaUss.5p.jll2-! 


20X | 4.7)134) 2.31 
2.9 { 

-M - 1-1 = 1- 


+2 


.... 6.0 

7.9j22Ji) 

6.9] (B 4 j 


fir 

025.6 
10176 __ 
tLO 3.7 

d099 
1J2 
112 
049 
t4«9 

l+'4 ( - - - - 

♦164 43 7.B 46 
+1( - - - - 


jQ.96 1 

w 

165 
tuo 
as , 

ffl 


424 Aug Am. Goal 5(fe_ 
246 Anglo Amer. 10c._ 
Q-P, ABg..toGoURI- 
621 Ang-V*aI50c._— 

119 Charter C*ns- r 

163 Com Goto fields- 
17M Eas Band Cm. lOp 

i £14 GetLlfinineBS 

. £103, GoWF*ldsS.L»„ 
,|£30 te’bareOHis.BZ.- 

KiddteWU25c 

Siix«oSBDL«..- 

Stmifir50c 

Pata»N\.’rIs5 — 
Rand London 15e_. 
Selection Ttufl— 

Scrtnist 10c 

Sihecnfnes 2*jo — 
rraalJljiKLtnri. 
182 IX Inted B1 — 
)238 limes Corpo 625c 
40 VogeisSIfC — 



OPTIONS 
3-month Call Bates 


5B 

„ 86 

1 J| 86 Industrials 

83 klAT* 

5j Babcock- 

8.4 Barclays sank.-. 
8 J Beetham— __ 
92 footaDTtt^ 

SSS~§K.i 

»ag: 


W Sytortds.ZZ 1 
4j Dehenhana— 

{■2 — 1 

8.1 gage star 

•7*0- AccuJenl 
- Gen. Electric 

DIAMOND AND PLATINUM is^Sjfcczj 


£373i £30 
. 90 64 

t- 354 285 


ACSlo-.tofo'SOc, 
SAncptcae P1L K)c„ 
DeBeeiDLSe — 
Do.4ftcPtK5__ 
I^JentojflSrtt— 
ftu*. PlaL lOc»._, 


£36*4 

+4. 

Q600r 

ly 

87 

+1 

10/ lp 

10 

353 

+4 


3.3 

£11 


[jMk* 

mt 

70 ■ 



u 

. 91 

+1 

l^cj 

14 


<£vs.:k~:~ 

Guardian .J 

... G£.S_.._ Zj 

8.9 HawimrSiild-| 


I.CJ. 


BK 

l ^r~ 

Ladbroke, 

tegrtfcCeiJ 
LexSerptee— 
UwdsBanlt J 
Lota 


London Brick. 
Lonrfao— _ . 

Lncaslndg. 

tonstl.l 

“Mama" 

IMrjte. & Spntr 
JUtitaftd Bor.b 

NXJ 

Nai. ’Wea.Bnnk 
DcjWaxxaat* 

PiOOLd..»_. 

PlesMj— 

R.HJ4. — 

Rank One. ' a-_i 
R eed I Mal_- . 

|B pilfers 1 

j 

nSSnSis:; 


talteltisMt J 

Lnllavar i 

JJU. Drapery 1 


Wool worths— 1 


PtePcrSy 
Brit, toad 

SSL^Hft 

Tntreurapakn 1 4 



(Mia 

|BrS.ngndnBb. 

Burmah O il., 
Charterhaa_ 
Shell 

Ultramar— 


BOjim 

Charter Com. j 12-4 
Cons Gold - 
SwT.ztoe- 


” --essaffianiss;-. 


get 














4‘J 



WM 



STEEL AND 
VIOOLSi- j 


FINANCIAL TIMES 


Friday May 19 1978 


3 

B3 

E 3 

1 

'] 

L’S 

SCOTCH WHISKY 


b: 

E3 

I 

J 

L’S 



societies 
urged to 
compete 
more 


Commission attacks 
rug company prices 


BY ELINOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT 


Boundary 
decision 
made for 
Europe 
elections 


THE LEX COLUMN 


d«».a up its pft-viiional »isi a grcar success, attracting 


BY MICHAEL CASSELL 


: THE PUBLIC is sometimes pay- made m the Commission after it major companies, ti :t»und tha* 

: n? l«0 much for drugs bought was revamped last year. five leading brands v..re making 

over the counter becauac leading Compared to the Com mi. lion's a contribution to overheads and 

manufacturers overspend on reports on banks and animal profits well above iiw average 

■ advertising established brands, feeding stuffs — the only other sec- fur the industry a- a whole, 
the Price Commission said yes- toral inquiries published so far These 
terday. — its latest report is highly crilt- national 

; The Commission suggested that ca J; . . . . £* s P nn 

because the big companies were Bul toj it* relatively narrow Product;) „. w ... „ 

advertising *0 heavily they were t®™ 5 ® f reference, it seems (Sterling Health pr. j ducts ' R .mu a - in ^d.Iltir.n to P° ,nl QUt uf fine with the mar- 

should able l fl protect their market likely that the Commission would Rennies f Nicholas Laboratories »; r 0!jr f„ r w-j#... announced on ket and it would be surprising 

dnminance and so make very nave made stronger recommen- and Beechams Powder- Tuesday — rarae from jn if it had attracted anything more 

The Commission did no; ;;. t solid Labour a re 2 -if Lauca- than a token sum. by the lime 


Over the limit by 
3i per cent 


7 Robert Flemings £2.83m • change, and 6ft- tbfe basis it n 

THE BOUNDARIES Our.imssum | EuroUiwm offer for sale was { n( Jex rOSC 0.6 to 480.9 P° is,bU - toNwWtt-*; that tier 

income, stripping put ezchihge 



dalions. 


BUILDING SOCIETIES 
give careful consideration to the 

dismantling of their recom- high profits. 

mended interest rale system in The Commission stopped short 
order to compete more aggres- 0 p -ei-orn in ending a restriction in 

sivcly among themselves for elf her the prices' or the ad vert Is- Thc Commission concluded 
funds, Mr. cordon Richard sum jn? expenditure or the hi? five that there was verv little price 
Governor nr the Bank ol rri ni panics in thc proprietary sensitivity in anv nf the sectors 

England, said yesterda:- ■ ■ 

Mr. Richardson told The 
ing Societies Association 
conference in Bournemouth 
was difficult to judge 
the movement's i merest 
“cartel was rfiscoura 

efficiency and innovation and — y'Y* allowed to raise the other. 

promoting competition 01 the ices n f t h cir branded druus In analgesics, for example, 

wrong sort, for example in h f lh Comm i5 S i on had held advertising costs went as high . , . . n 

unnecessary expenditure on ' L full . v . a j e inquire into each as 35 per cent of sales revenue rcsearch , an . d 

branches. a-mlicaiion ’ and averaged 25 per cent for the " 

Such suspicions. Mr. Richard- : 1 


specify exactly what pr»!its were S r-:re East to 570.173 :n what will application lists closed voster- 
being made on individ'.M! brand-* undoubtedy prove the Cnnserva- day afternoon, 
but its figures show thal m the live brief of Hampshire Wv-L ‘ 


_ . ... op- 

analgesics market, dominated by rapid g!an#i* i;t the disiribu- 
Asprin and Disprin, ihc five lead- Urn of :’a>: new ci:nMituenc:CS 


The gilt edged market is not 
a happy place these days and 



MONEY SUPPLY 
STERLING 

M3 


The report accepted the need 
for such successful medicines 


sice. 


expansion are 


raent of new ones bul ev 
the very high profit margins 


Such suspicions. Mr. Richard- • ‘ , . . . leading brands. This was equal inc ver J ni sn P ro °' margins '-r> ; 

son said, might be aroused in ; ft al: *° reconi mended that l0 the ~ C05ts 0 f manufacturing could only be justified ;n excep-. must oeas 
inrist industrial nr servicp 1 Ontrex. thc Hocvhst subsidiary o Var «„ a trZ tional circumstances. o f 516.000 



most industrial or service . 

sectors of the economy and which dominates lib.- v><n»vp all industries, 
scepticism was hound to arise market, should not be. allowed Commission 


near rhe median size 
as possible. 


differences awl -sl«k’ gates or 
tosses, could recover ; to .near 
£350m. But barring a wcond 
half recovery in world etfnlainic 
growth it 5tiif--Ftttottei . prdbshlo 
that the groups net ineajoe.for 
Uiu full year will fail so the war 

short of. 19771s £l.S4biT '(After 
an FAS' S dedust too ;or £37m ) . 

On FAS' 8,'. inetdentaUy; Shell 
is pressing for special past? con- 
cessions fn>m the Financial 
Accounting Standards: Board, 
hm is reluctant to rudt either 
» loss of its New -York- listing 
or a qualification .to Its U.S. 
auditors' repnrts, so it will con- 
tinue to comply for the time 
. . being. As for dividends, the 

beginning to backlog will pot necessarily he 

was to ex- paid out' at once to Shell Trans- 
quarter, net in- port shareholder if - dividend 

„ . - compared with restraint ends in July. The 

Having overshot £4 16m for thc same period of Board may he persuaded to 



A M J J ASOKQJFMAf 


/! 

j 

)! 

11 


riMUMi; and well above the average for tional circumstances. “■ — »™-» -» *• “““ 1 l,. 91 ________ 

eyedrop j", in ^,l.; nc In the case of the Optrex solved me prnnlem by lumping 3 * percentage 


. AIIC Vj „, lllll jssipn said this subsidiary, which lost nmney last together between si: Ml . . ..._ „ ... W „ K 

in any situation where the iradi- to raise its prices before March c tralegv secured verv high re- year, the Commission « id tha* it casting Westminster st«ts Tor that DCE in 19<8-79 would be pared with the fourth quarter U10 unrestricted yield would jje 

"* T’’ 0 ' .arkPt leaders am! appreciated the comnan-. wanted new consututT-y. . -— - 


imriahin hut hant i j- uil ui.-oui.inn introduced by the 

also mark ci by the Prices Secretary been fairly steady a i around 20 called upon to finance this 10 •’ rl^r 1- seems to be orowin^cmf U.S. acd uniting standard FAS 8 depressmg 'reaults"^ from^seVeral 

to last September as one of the per cent, on a historic cost basis, such a large degree. , Their projects are. not much | £2 n ' which required a massive £2«yni 


tional objective te-*t of efficiency next year. The selling price ^u ril f 0r market leaders and appreciated 
— profit — was absent. It was. ^ Opt rex. it said, was already imposed unnecessary costs on to build up 
therefore. important that fiv ® limes lhe production «:ost. t j, e conS uiner. For the 12 com- expand its range 
societies considered “alternative The Commission was asked to panics studied, the average re- not think that 
arrangements." . look at the over-the-counter drugs turn on capital empl tyed had Optrcx eye lotion 

Mr. Richardson, who 

called on the societies .. . _ 

examine alternative sources of. first hatch of sectoral references The report concentrates on 26 Boots results. Page 25 
funds and to seek some longer-! 
term deposits, said the societies’ j 
success in itself provided part of 
the defence against accusations I 
of inefficiency. ; 

It was not altogether surpris-' 
ing. however. that people 
queried whether branches only 
earned their keep because the 
margin between borrowing and. 
lending rates was fixed under: 
present arrangements in ensure- 
such an outcome. i 

Mr. Richardson echoed sug. ■ 
gestinns that, if interest rate! 
decisions 


it has £ ,s ^. 9< " ,S Stcrl »ns M3 target 1977. actually represents an im- spread the payment over several 
ng oy 3{ i percentage points. Ote provument in “underlying busi- tax years to avoid tax problems 
10 Chancellors Budget promise ness reality.” certainly com- tor *o me shareholders. At 5Sfip 
. «9 | 8-79_ would be pared wiih the fourth quarter U10 unrestric 
neinw £6bn is beginning to look of 1977 when net income was S.3 per cent. 

Boots 



major factor is. of course. 


After the recent spate of 


more promising ;r. Scotland, al-pidcrahlv more smartly. The 


25 mwK j* : oL-undiiu. ar i no 1 n rpsoert nf curn>m'v ffisjor retailers • anali*sts had 

ihou=h recommends lions for tre March figure has been revised ^ocks^anrt monotart duping that Boots, at least. 

«•••'?»■» “» »»' -•« sharply upward,. ££ "'S?* S2 W SSS ll»« »P ii:«P«tatlo n5 . 


Japanese shoes accepted 
by England athletes 


N ajS“lf1:w«d 10 ieaL.. *«' *> not have ”»t 

including several likely an J «*hcrcnt explanation tor ciatil>ll alter the end- 1976 OPEC pre ' 1 ” ?!^ S per 



BY SUE CAMERON 


non. 

■ Among 
Greater 


^dtb & * ° directors^ of^KdlSdlS ENGLAND’S Commonwealth White. 

...... 1 j 1 -Games team, has turned down a should 


said the England team Asie<’ UK agents. Starcrafl. 


VVIIIL17. SHIM HU Lill,«iaMU 'tP III .-»OI V ."'TlUail. !_ _»L 

should have rejected the Asics Sports, said it had been “quite rl .K- 


! three seals. Birmingham two and might he a better word — may .I,,,, a ' .« ar ~ an S.y 

'Liverpool one As might h c ex- have relatively little direct effect „ 1 " „ * r 5 ‘ ) 

pected safe Labour seats arc con- on thc real economy or on 2,“-.™.? “L 


it? offer"* of*" "free Ww U SST teere 'tnU'rlf** 

and nasslnc Gaining shoes in ravour of a UK alternative. free training shoes accented It a lh .® Snu* =■«■« 

investors and borrowers. Jhe'laDanese ' ^ u “ 1 adm l l » h at we should have ^ lfJ oxpe h c p ted n J.^ n -^V «-?th north ‘country coastiruencieL 3 

Mortgage costs could rise he - ine Ja P ,inese - been quicker off the mark, and * 0Ul(J »e pr«enu.<i .utn 

admitted, though whether this The footwear irdustry is ex- I have now instructed the German-made Adidas shoes. ; 

would be temoorarv. while adjust- P® rien!in S considerable diflioul- management of our Cheetah sub- Mr. Dick Palmer, general; 
ments to the svstem were takin-> ! ties - not ieast as a result of sidiary to keep a closer eye on secretary of the Commonwealth! 
place, or whether it became ;com P etiti °n from imports. these situations ” Mr. Birch said. Games Council, said lhe England : 

permanent, would depend on the ■ The Commonwealth Games “° n the other hand I think it is team in the last Olympics had 
extent to which competition was ;c o uncil said yesterday that the a ?reat pity that the England worn Adidas footwear. He hoped, 
genuinely unfettered. ■■ Japanese Asics company, manu- team will be completely kitted the present row would encourqe ■ 

Keener competition could lead facturers or Tiger sports shoes. ou t in British-made clothing. British manufacturers t» come 

to mergers among societies m ade its offer nearly two months except for their footwear. forward with offers to supply UK , 

which might be desirable, but it before the British Ward White ** When you consider that we athletes for the next 0!> moies. 

could also sue rise fo fears group, makers of Cheetah Toot- cannot export our footwear to Ward White said its Cheetah 

about imprudent practices creep- wear. the Japanese— they are coni- subsidiary had recently been 

ing in. Supervisory arrange-; The 260-udri members of rhe pletely protectionist in this field revamped, and was pursuing a 

ments would need to be con-i England learn .were therefore —I Feel that the team 

stantlv examined for their committed to wearing Tiger have thanked Asics 

adequacy and relevance. shoes, which retail at £20 a pair, plained that it was now ^. Uj »u.r. • h=v i.,., nnhnrf a de: rmjn d d j ^ 


slightly less fast. The aroum , r 125m . Even "allowing sta - c profitshadbeenover 13 
other big cities. | omt*iaI line is that the excess f 0r j} ie « e items, however, net P cr eenl 

Manchester receives I nf monetary growth —explosion incomt . , ip[U . at ^ | 0 tf c some ‘’Btlm Sa,Cs - on ^ Other hand; show 

hieh a 20 pcr - cei,t increase, with 
^ jn ahuut a qturtex of r th\s «m\ing 
on the real economy or on ^1 cal'/ and the*' decline In frn ^ v , 01 ^ and 

“""SSL. nl rd ii tlie riol, « r against sterling over perhaps half of theater repre- 

Yesterday. Mr. Denz.l Davies the |W1 ., VC months tQ March sent mg new ttpaee. Gross 

reiterated the Government s A( le:isl Sh is hJ . . margins have suffered— par ttcu- 

determination tn keep sterling j«. . . urrent cost mar t *in'5 on nil torly on the UK retailing, side. 

M3 within the S-12 per cent ™ .^ve ^ Improved «m- Here Bools says it has 'been 

979 eI Bin rhe parc ^ wlh bolh !hc ^ and facin S much tougher competi- 

19/9. But the^ilt-ed^ed marku quarters last year and Gon in the High btreet as the 

thoLil market appcars S'have food price war forces mr* 

nPPH bot ^ nL ‘d nut (though the retailers (like Wool worth) 

nmafl n k r f™i al if. sa, «c may not apply to chomi- move over to mra-fpod lint '■ 

haw Slln m.rtodil un caJs, ‘ ^^uct prices nn thc The good news is that sa^ ’ 

I-uppp^-ru? h ?Inp l Slrtf« ' s P ot markci have firmed a little for the last quarter of the 

surce-s-.ru 1. in Europe, and with the Saudis were IS per cent up, wijf * 


U.S. drive 
by Clerical, 
Medical 


Commenting on lhe clearing! Last night Mr. Philip 
banks’ criticisms that the socie-! managing director of 
Ue5’ recent successes as deposit- i 
tjiking institutions was based par- 
tially on privileges not available 
to them. Mr. Richardson said the 
two sides should between them 
establish fair competition. 

One meeting along these lines 
had already been held and 
others seemed likely to follow. 

Whether or not the societies 
should he subject to the same 
controls as the banks and finance 
houses depended on the extent tn 
which thc housing sector, 
because of social priorities, 
should he treated 
from any other. 


^inn- Lr thJ?m2rm nf hr.' already restricting the avail- almost half of tills cc 
•■wwt" and Tot aggressiJS * m ty of Arabian light crude from volume groVfth,^- 

1 should much more aggressive marketing ^ ^ f « ndin 5- Pending measures »u 

and ex- policy. This included substantial sLf p n ,?. take a tight srip on the banking 

iw going promotional work. The company SirtlS fXSSLtSfii ,CCt ° r 5 m ° n ° tary baSG ’ site 


By John Wylei 

NEW YORK. May IS. 


Ahfi 


Birch, to take advantage of an oppor- hoped to supplj shoes for the- Ih 

nr.. D-iti.U .k.n. D.iltrU ..t-UI df,.' • * n * r, V ^-3- IO WID 


Ward tunity to wear British shoes." next Olympics to British athletes. 

Fleet Street managements and 
unions criticised in Commons 


- ri ,„ nciiri , . ... there are signs ol more general Boots now says that' volume 

. OPEC ou n>“l ™' s Shell has sains aie- now runnins in the 

been helped, however, by. a region of 12 per cent. NcvCr- 
ht tendency for demand* tn thclcss, pressure on. prices and 
swing towards the heavier end margins is likely to conti pae for 
of the barrel. „ some time, so profits- for 1977-7S 

The second quarter appar- may be around 17 per cent up 


man.-emem '«'V%SSl R 0>al Dutch/Shell 

funds of a number /if BriUsh The Royal Dutch/Shell _ rr ._ 

I na lin nils' eS ° f Amsncan mu ^‘ Group’s formidable public rela- entl y shows little underlying at £12 5m. 

In one of the first such moves 
j by a British life assurance com- 
pany. the society is aiming to 
wrest the portfolio management 
of some funds away from estab-[ UK TODAY 


\ 


BY PHILIP RAWSTORNE 


Weather 


fished London merchant banks. n RY w j t h sunnv sneik pv.-ent 
It already manages about £25m. f n K J ha ^ S y speUs eXLept 
of external funds in addition to s 

2LT* Iunds Df mor ' EisS 

Mr.' 'Roger Corley. > director *?*$[. 

, MR. ALBERT BOOTH, the tain reasonable employment said other industries were facing! of the society, said here yester- ” ax ’ 1 . 'vrv .- 

diRcrcnlly j Employment Secretary, and Mr. levels. technological changes without, day that portfolio management n . h ■ t*’ . s “ a .. 

James Prior, his Conservative "There is no immutable law the traumas affecting Fleet! was not and would not be a fl{ 7p?' Dn S Qtenia S- «iax. tbC 

news- Street. “A lot of people are : major money spinner for ir l „ 

any having to accept changes who are 1 Clerical. Medical, but that it 


Bui the greater thc number nf shadow, yesterday joined in an that requires national 
n u* r,| | 5 m u ,u Se Icoam? by; urgent appeal to the national papers to be published 
the hanks or by Inc societies mtn 1 npwqnaDor indnsti-v ro resolve its longer in London.” he dec _ 

The employment Secretary «wse position than some of) Investment managers and helped) D r ™' s . 

id MPs there was an “absolute the printers in Fleet Street.' _ J support the costs of employing J 1Q ^ a IaQ | Masl 3 c 


other aro:»s nr finance, the 
slronger’ the case would be for 
trealinp thc two sertors -jiinilarly 
/or moncivy policy purposes. 

Editorial Comment Page 22 


Continued from Paee 1 


England, Borders, Edin 

newspaper industry to resolve its longer in London.” he declared, a lot worse off. and often in a | added to the challenge for its bur *b. Dundee, Aberdeen. Moray 
industrial relations problems. Th” — - c- Inr wnrsp nncitinn tlian enm p nf: investment msnanorc and hplnml I riTVft, tX.fc. hCOUanu 

Mr. Booth criticised manage- told — - ■ . , 

ment and unions for a situation need” for a renewed effort to weak managements nad 1 analysts. 


Shell 


Which, hc »mi Mr. P^rTald. implement the Advisory. ConcT- allowed ^heuiseWesTobe swayed j Two of the society’s senior KjS' wJf^J! T*) 

threatened rhe future of thc Nation and Arbitration Service’s by the influence of a tow union 1 executives have been touring the Jf; ™ 

industry and could weaken recommendations to strengthen inerabers and had not been suffi-|L.S. for the past two weeks ^ . 2: 

democracy. negotiating procedures ciently involved at shop floor 

Sneakin n in a Commons ACAS had highlighted the ,e Y, e *: . . 

ri^bSfe on ’ihe iLue ihev OT««d con, P l,Ca ted and fragmented Nothing is more damaging in 
for renowed iaiks on ihe fn?o s - vste m of national and local industrial relaUons than strong 1 

. la,K f °J* l , ,n .. agreements a-! a serious Doten- words followed by weak action .« 

ducrion or new technology and d ? S utes P or no action at all” 1 management ii 

more cumpiehenMve disputes The industry P eedetl a more This had helped 10 undermine, social security 

... . effective management organisa- position of union leaders, he H*® u->nt of tne much greater 

both slocks sold and monetary 1 Mr Booth -.aid it had tn be tion and it was vital for union said . But he called on them interest which BriPsh trades 

Mc . ms ' , ! recognised that, unless there leaders to improve communica- P°' v l ° re-assert rheir authority : “">0" are taking in tb« subject. 

In spite ni the picture por-, werc technological changes, it tioo with their membership at instead of washing their hands. ' particular concern to U.S. 

1 rayed by i* ,t? bgijres. iiowever. | was highly unlikely that the in- all levels. °f the situation, 

llic urriLip 5 u npu blished trading j du stry would be able to main- Mr. Prior, opening the debate. Parliament Page 12 


currency translation |n-ises on 1 and -bargaining procedures. 


talking to 25 American com- Scotland, Glasgow. Cent High 
panies with major British ‘ an “ s - Argyll, N. Ireland 
subsidiaries. _Dry. lunny spells- Max. 14C 

They have been stressing the ^ 7C (57F-63F). 

Channel Isles 

Occasional rain. Max. 16C. 
(61F). 

Orkney, Shetland 
Dry. fog on coasts. Max. SC 
(46F). 

Outlook: Mostly dry and warm 


margins, in terms or cents per 
barrel, were improving, Mr.j 
Pocock said. There were signs; x-__- 
that the worst of tlie recession m ! CoDtlHUGa froill PagG 
the chemicals industry might be 
over. Thc oil marker had also 
cone through its lowest phase and 
had " bottomed out." 

Mr. Pocock hinted that the 
ri92m worth uf dividends, held 
up by dividend rostra ml. mav 


Growth in money supply 


companies is the society's track 
record as a portfolio manager 
since it took on external business 
itl 1974. 

The society claims that in the 
36 months between January 1975 Amsidm. 
and December 1977. it achieved 
an aggregate rate of return of Enwioni 
170.3 per cent compared to a Beirut 
! median return of 123 per cent 
} found in a survey of comparable ecrim 
\V\ pension funds. Brm-iiun 


BUSINESS CENTRES 


The society is not expecting | 


stockbrokers 
ho urged in a 

outflows Pound gaming a little against a monetary bulletin lhat the ? dramatic catch from its trawi- Budapest 

!ak dollar. Government should reimpose the in g of American companies and b. Aires 

Sterling ended 40 points up at corset control over the growth of! Proposes to limit the total port- gJJJJu 


; through its presentations several | EdlSrsh S 


GROWTH OF THE MONETARY AGGREGATES (£m.) 


contribution of some £45nm. to markets, with gilt-edged stocks came from 
'.money Mipply r,n the external showing little movement and the Greenweil. 

not be paid to shareholders in ai s, d e - r, -fi?cling lhe weak dollar 

lump sum. even if the res trie- 1 associated with thc official inter- ' 

*"• tT? 4 -. k W*”* •* m* «■*»««* »*« under manegemem tolHSi, 

I.’ 1 ^n=iH Th ,K B f d| The figures were received with index at 61.6 against 61.5. measures u, overcome excess! 3 ^ JlOOra. However, officials cuten? 

implications Mnd C nih!.eVnnnSnS^ a P parenl ^ uanhnity |n the city Kenew cd criticism, however, monetary gro wth 1 ;vere optimistic that if it follows I SSSf*"- 

before recommending the 1 
method of payment. j 

The Shell chairman also dis- 

closed lhat lhe group planned ■ 
m invest £2.5bn this year com-! 
pared with £2.2bn in 1977. More ! 

than £500m of this money would 1 

lie spent in the N'orih Sea and ; 1977 
must of lhat would be allocated j April 20 .. 
to exploration and Production May 18 .. 
activities in lhe UK sector. June 15 ■■ 

Shell's North Sea production was 'July 20 ... 
expected to double in around 1 August 17 
RO.O00 barrels a dav ihic year. 'Sept- 21 .. 

Earlier Mr. Pocock had'® 1 * 1 H " 
criticised Lord Keartnn. chair- 1 Nov. .. 
man and chief executive, of Dc*- 14 ■■ 

British National Oil Corporation.!” 78 
who had claimed that Britain’s |J an - 18 ■■ 




15 


North Sea tax regime was; 
“extraordinarily attractive” and M*™ 1 15 
that capital allowances consti- ' April 1? .. 
tilted an invitation “in make” 
money on being inefficient." 


Money Stock MI 

Season ally 

Uiudiusud adlusted 

M 

Money Stock M3 
Sterling 

Seasonally 
UnatfiiKted adjusted 

Vi 

Bank lending-* 

Seasonally 

Unadjusted adjusted 

Domestic credit 
expansion 

Seasonally 
Unadjusted adjusted 

823 

640 

3.4 

1.058 

795 

2J> 

368 

105 

967 


170 

161 

0.8 

J90 

353 

0.9 

120 

389 

117 

. 

440 

2?5 

1.5 

461 

309 

0.8 

124 

439 

820 

- 

131 

426 

2J. 

658 

358 

0.9 

U41 

182 

239 


276 

59 

0.3 

- 55 

- 1 

_ 

-707 

385 

-257 


523 

817 

4.1 

810 

730 

1.8 

174 

398 

- 72 

- 93 

748 

594 

2.S 

669 

595 

1.4 

580 

469 

277 

132 

481 

325 

1.5 

438 

296 

0.7 

no 

239 

388 

355 

663 

233 

7.1 

799 

413 

U} 

28 

292 

504 

161 

-256 

AT7 

2.8 

60 

1.036 

2.4 

737 

182 

-345 

258 

113 

484 

2.1 

378 

1.050 

2.4 

328 

284 

206 

- 963 

364 

170 

D.7 

369 

313 

0-7 

313 

576 

534 

£98 

795 

354 

1.5 

1.735 

. 1.137 

2.5 

387 

261 

2.034 

1.428 


new accounts can be won. 

London hotels 
‘have record 


kranktun 
Grih'ra 
Glascoiv 
Helsinki 
H. Koiic 
| Jo'hurc 
Lisbon 
London 
lusi mb's 


Y’d»y 1 
mid-day! 

•C *F 

15 59 Madrid f 
a 73|ManchPsu-. S 
32 90|&Iclt>uumc R 
18 « Milan c 

S3 77 [ Montreal c 

15 59 . Arosrow S 

SO «8l Munich S 

IS HfXcircgylo 
13 55 New Dl-UN 
II 52 New York 
S 13 WjCDtlO 

F lii 01 .Parle f 
S 15 jfl Perth F 
S 35 B5iPraRoc h 

R II 52 |Rp>kjsrlk K 
S A Ji 72 R|d dp J’o » 
P 19 BHjRomc Th 
S 15 59 1 .Singapore C 
17 tCjSTockhoim 

13 59 Strsobm. 

is W I Spdn>.*y 

14 57 1 Tehran 

15 M'TV-lUiv 

« 75 1 Tokyo 

25 77 ; Toronto 

23 77! Vienna 

V IS H! Warsaw 
F 13 59. Zurich 
K IS *1 : 


V'«tav 

oudiliv 

•r 'f 

ro ns 
13 33 
13 ij 
c IS 59 
c 17 s: 
S 19 

s 1: *\ 
s u 

S J1 Ms 
R M 57 
C III 511 
C l>j r.I 


h- 1.1 
7 45 
29 s-i 
IS 


19 IM 

K >S4 

32 fill 


HOUDAY RESORTS 


crime rate 

\ Ajaccio 

, THE CRIME rale in London 
! hotels i= thc highe>r in Europe Blackpool s 
| and rising so steeply lhat some Bordeaux rt 
, American tour operators are BouIokoh f 
sending agents to stay in them gjf. tJJJ; ' c 
and check their security, accord- coriu s 
ing to a police officer. D*r«nuik s 

In an article in Caterer and ci,™.-., p 
\ Holelkeeper Del. Sergt. Terry Funchal I 
Healing, head of the Metropolis tnuraiur s ii riisaiiburs 

u , nit ; &3SS r !J S.-KSSw 


S 21 TBiJt-rwy 
S 23 73i Las Plnui, 
16 61. Locarno 

16 61 [Majorca 
U 35 Malaaa 

17 KI.Malia 
19 OH Njirub. 

Hi til 1 Naples 
23 73 Nassau 
•*3 77 ^lc^* 

19 66’ Vicnsia 
21 TP 1 Oporto 
IS 64 Rhodes 


R IV .v| 
K VI :n 
<: 1.-1 
r 2i» 


S 24 71 
k 77 
S3 N-2 
1.4 CJ, 


j * To private rector in iterling. 


says that petty thieves who slart 
to dabble in London hotel crime 
,h ' ra i! 


19 


imciWM c 15 .ail Tunis 
We of Man 9 i] £ Valencia 
Istanbul S 29 6S‘ Verier. . „ 

5— Sunny. F— Fair. C— Claquj'. R— Ram 
Tb — Thunder. 


IP 4. 
ID 

IS i.l 
29 4* 
s :» 71 
F IT hi 





s 

l 


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