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No. 27.563 


Tuesday May 23 1978 


15p 




COMTlHENTAL SELLING PRICES: AUSTRIA Seh.15; BELGIUM 


19J5 


SLASH ASSEMBLY 
COSTS will VAUGHAN 

Automatic Assembly 
Mac hines 

1 LONDON 
NOTTINGHAM 
SHREWSBURY' 

5KDALS15 lb ASSEMBLY. IliSKTIiDX PMDtJnW 



P r -25; DENMARK KrJ.5: FRANCE FrJ.Oj GERMANY DM2J; ITALY LSH; NETHERLANDS R.2.Q; NORWAY KrJJS; PORTUGAL EscJO; SPAIN FteMO; SWEDEN Kr.3J5; SWITZERLAND Fr.2.0; EIRE 15p 


£ £\ 
£ S 





BUSINESS 


S. Africa Gilts 




9-month 


South Africa is to introduce a 
Bill to regulate the organisation 
and control cl the Burean for 
State Security', whose existence 
was disclosed in 1969 when it 
became an offence under the 
Official Secrets Act to reveal 
anything about it 

No details were given of the 
Bill, but at the same time Dr. 
Connie Mulder. Minister of 
Plural Relations, announced that 
South Africa was scrapping the 
word “ Bantu ” to describe 
blacks. The name of Dr. Mul- 
der’s department was changed 
earlier this year from “Bantu 
Affairs.” Page 4 


& GILTS were influenced !»y 
speculation regarding 'higher 
interest rates and a possible 



Sadat rams vote . f „ . 

KS d «« Egypt won a The FT Government Securities 

8S.-.9 pi i cent referendum vote index fell bv ft_2R to 7ft lft — its 
in favour of plans to curb , . D ? *0 YO.i» its 

extremists of the Lei t and Right, ,owest for nine months- 
bar Communists front official life a FftUITiFS p<uwi nn 
and discipline the Press. Page 4; “l.. eaSed “ n 

Editorial comment Page 22 '“Sher Inflation. The 


share index 
down 1.8. 


fears of 
FT 30- 
closed at 468.8, 

Killer goes wild 

David Berkowitz. the “ Son of ® STERLING closed at 9LS13S, 
Sara ” Killer, went berserk in a rise of 65 points over Friday's 
a Brooklyn courtroom, forcing close. The trade-weighted index 

IJ* Yo r rk j - dsc 10 ' Postpone improved to 61.6 (6L5). The 

sentencing for six murders until 

•rune VI. Berkowitz. wb-r dollar s trade-wetted depreaa- 
screamed that his last victim ^ oa ^proved to 4.78 (L89) per 
was a whore, tried to leap cent 
through a seventh-floor window ^ 

on his way io court. O GOLD rose $2 to 5179J after 


V olvo to be joint 
concern with 40% 
Norwegian stake 

BY WILLIAM DULLFORCE: STOCKHOLM, May 22 

Volvo, the Swedish car manufacturer, is being re-organised as a joint 
Swedish-Norwegian company with a 40 per cent Norwegian holding. 

The Norwegian Government maker. Last year, Volvo in the new company. At present 
will guarantee a SKr 750m experienced a profits slump and the largest stockholder is the 
(£89ral investment in the share it has been heavily handicapped Swedish National Pension Fund 

capital of the new company by the failure of Its venture into with about 10 per cent, 

under an “agreement in prin- the smaller car field with the j^ r Octvar Nordli, the Norwe- 
ciple” announced simultaneously Volvo 343. made in Holland. * primp Minister said the 

today in Stockholm and Oslo. . Volvo is to become Volvo agreement “ broke new ground 
The company is to develop and .(Swedish-Norwegian). Its present f 0r Norwegian and Swedish co- 
produce aluminium and plastic shares will be transferred to a operation in the fields of energy 
components for automobiles in holding company, Svenska aQ( j industry." The main aim 
Norway and will " localise maau- (Swedish) Volvo AB, which will was t0 jj e i p Norwegian industry 
facture of a certain new car in turn own 60 per cent of the through its present transitional 

model there. The bead office share capital in the joint com- phase 

of Volvo Penta is to be moved pany Employment would be created 

to Norway, where a new senes A holding company, Norwegian by entering fields with more 
of marine diesel engines will be Volvo AS, will be set up in advanced technology and high 

developed and produced. levels of know-how and profit- 

Swedish Volvo will establish A helping hand from Norway ability. Some 3-5.000 jobs are 
“J 1 , Pany which will be p^e 23 expected to be created initially 

granted North Sea exploration Rack Pase in Norway, 

rights under the fourth conces- BacK Fa ° e TWhinr.™ 

ston round for which the Not> ™,2£EL F S?i “ft 

wegian Government is now Norway and will obtain 40 per vofvof agreement ^muiri^hfin 
accepting bids. cent of the stock in return for i 

These are the highlights of the an investment of SKr 750m. It ^ DD i ies _ S ThfswS 
agreement which Mr. Pehr shares wiU be offered on the Eg?* 

Gvllenhammar. Volvo’s manag- Oslo stock exchange with the t^Ncfrw ee Knifo r?h° 
mg director, said would strongly Norwegian Government guaran- 1° orw ^ e * ^ ^ Sea oil and 

Si'“ “• “ p "* &t “ * Volvo Petroleum .the new oil 

potential which it would not Mr. Gyllenhammar thought ^ .J e 

otherwise have had and allow abont half the shares would be ST— 

it to invest in new techniques, sold to private investors but a SlSiSJSSfSn 
It implied a switch from a Norwegian stockbroker expected HSSJ? 01 ™ a ^ a ? ? ffshore 
defensive to an offensive posture that most would have to be “Jr® 0 P™*" 

for Volvo. bought by the Norwegian Govern- olher «*“ 

Volvo's surprise move comes ment at least initially. v 

nine months after the collapse of In January, Norsk Hydro post- - •.£S f *? 0t0r ’ *. sub * 

its merger talks with Saab-Scania, poned plans for a new share ““ l iI i actu J es 

the other Swedish car and lorry issue because of the state of the I |ce ®ce the engines foe 

maker. It will put a stop to market It is likely therefore 

rumours that Volvo was seeking that the Norwegian State will by Saab Scania, is excluded 


GDP up 
1% in 
first 
quarter 

BY MICHAEL BLANDEN 


ECONOMIC activity picked up 
significantly in the first three 
months of this year, according 
to 'the latest figures published by 
the Central Statistical Office. 

The index of Gross Domestic 
Product is provisionally esti- 
mated at 112.1 (at 1970 prices and 
seasonally adjusted). This is 
about 1 per cent higher than in 
the final quarter of last year. 

The growth is mainly a direct 
reflection of the increase in the 
level of industrial output, which 
has already been indicated by 


Belgians face 
breach with 
Mobutu 


BY DAVID BUCHAN 


BRUSSELS. May 22. 


1 GROSS DOMESTIC PRODUCT 

(based on output data, 1970=100, 

seasonally adjusted) 

1972 

110.7 

.1974 

T09.6 

1975 

107.4 

1976 

108J 

1977 

110.4 

1976 1st 

108.1 

2nd 

108A 

3rd 

1083 

4th 

1103 

1977 1st 

110.6 

2nd 

1093 

3rd 

U0.6 

4th 

1103 

1978 1st 

712.1* 

* Preliminary 

estimate. 

Source: Central Statistical Office. 


Award for SdeaGs 


•yuan is 10 receive ■■ 

n II. Humphrey 9 WALL STRET closedfe.57 up 
vurd in New Vorlc at 855.42. \ 

\ 





York Cemex May 

... ...... price was S17S.90. 

Mr. James La! kalian is to receive 
the lire 1. Hubert 
iniernational aw 

tin June 26. The award, from the 
National Committee on American oirlc 

Foreign Policy, goes to the altlh 

statesman whose vision of rela- 
lions approximates most closely All PYROrR - r 
to the ideals of rbc late former 

\ uc- President. • BRITISH National Oil Corpora- 

tion is helping lo boost North 
Boat accident Ssa nil exports to West Germany. 

despite Government restrictions 
Two bodies were recovered by pj» o' ericas sales of UK crude 
police divers after a D.S support mi. i i is gelling some of its 
vessel overturned nn the River crude rn parents of Deminex. the 

• Wavcnev at St. Olive's, ucar I'.ernian exploration and produc- 
Groot Yarmouth The boat bad jinu group. Back Page and Page 9 
licen involved m the atteimit. to 

salvage iJji- bow seciion of the O M.ISSEY FERGUSON, the 
stricken oil tanker Eleni V off Canadian-based multinational, 
the East Anglian eoasL announced 1,070 redundancies at 

UK plants yesterday. The 4,700 
RlDDOn in bsoonn manual workforce at the two 
" w . Coventry tractor factories will be 

A fragrant miniature rose with cut by nearly 20 per cent. Back 
salmon pink (lowers, named after page, 
newsreader Angela ltippon. and 

a deep vc How Judy Garland rose ® CHANCELLOR of the Ex- 
are a in one exhibits at (he Chelsea chequcT, Mr. Denis Healey, said 
(lower show, which opens for that Britain was prepared to jots 
private view today. other Governments in studying 

proposals for associating EEC 
Print union acts currencies. Including sterling in 

^.rniu o. *,« sojne form uf new mo netary 

Machine minders, viluu*- on- arrangement. He was speakiog 
vr* official nrU n hit the Observer after a Brussels meeting of EEC 
; ":.nn two Ktucesnvc Sundays, will Finance Ministers. Back Page 

• not work fur the newspaper . 

' .main, their union, the National O COMPLETED Scorpion tight 

'■^Graphical Association, decided tanks have been marooned at the 
after ;t management demand for Alvis manufacturing works in 
-1 guarantee of uninterrupted Coventry for almost a month 
~ * because of a pay blacklist 

dispute between the Government, 
road hauliers and the Transport 
l . . . , JO ,_ r , and General Workers' Union. 

labour has a 4.R per cent lead pg Ke 

; over the Tories, according to a 

| National Opinion Poll in today’s • INVITATIONS to tender for 
Daily Mirror ll says that 55 per the first stage of a S20bn project 
rent of the electorate are satis- to upgrade and expand Egypt's 
,jit*ri with Mr. Callaghan as telephone network are expected 
i Premier, while only *JS per cent from the Egyptian Government 
Fire happy with Mrs, Thatcher. soon. An immediate injection 
1 ' uf about S3 bn is called for. Page 5 

Tory pledge Q TBE government has 

A Conservative Government been urged by two Parliamentary 
would restore full comparability committees to reject proposed 
to Service pay next year. Sir lan Common Market shipping regu- 
iiimour. the parly’s defence laiions which could mean losses 
pnkesnian. told the Comramas. j Q British trade and jobs. Page 6 
IPs rejected tiy 2S1 to 267 a 
. ory move to halve the Defence 
secretary's salary. Page 9 


litflp fariint* irHi-ftv «ip Non- uwi was seeding mai me Norwegian aiaie win 

Comex May silemcnt CCK) P eratl0a a foreign car become the largest shareholder Continued on Back Page 


Compensation delays 
cut Vickers investment 


production. Page 9 

. Labour’s lead 


COMPANIES 

• GREEN ALL WHITLEY, the 
largest regional-based brewing 
group, has launched a £19 ini 
. .... Untml ci-rned a b{ d for James Shipstone. the 

hat there would be no more 


Brief ly . 


trikes this Mtanin. Page - 

r«ci Bangladeshi crew members 


weeks ago, the latter defeated a 
£13ni bid from Northern Foods. 


Back Page and Lex, Page 44 


---- h - m™ o SINGAPORE AIRLINES has 

^ - *■" 10 

Vpsf A I bioil lK*:.t • MERIDEN .MOTORCYCLE 

1 Ciiv -fl Aii ((»» third Co-operative had a trading loss 

f , im SfiSir ChrnSS of XWTMi for the IS months to 
ticiWMUi- 01 Lieir uiuiise Sl>ptem ber 30 last year. Page6 

iur 

inumemouth omu« has been • TAXABLE profits of Amal- 
rrected in East Germany on gamated Metal Corporation for 
hirers of in ins to smuggle an the first quarter of 1078 arc only 
^st German citizen out of the slightly down, from £2.t4m to 
1 £2.G6m. Page 24 


■jutilry. 




/ 


;HiEF PRICE CHANCES YESTERDAY 

in »«««>» -»«-*- SrtaSf ' \ 

niSHS? Bass Charrington ... 1B1 — a 

/ 7(10 + 10 Bcccham Baa - “ 

* ' H ' ) . 1 »- ' ' v 1 310 23 Coral Leisure 103—5 

^ Produc!* ‘ 128 + 4 Grccna!! Whitley ... 112 - > 

IS i S | E | 

re.ni lei % ; N?tWeS°* . 2SS - 7 

+ 19 Newmark (L.) 170 - S 

I MKury KPc ImIT IUCi - i W««™ Mmln S 533 


BY BARRY RtLEY 

THE . VICKERS engineering Vickers has still not received, is urging businesses to invest 
group is cutting projected capital through its stockholders' repre- and is concerned at the high 
spending for 1978 from £30m to sentatives, any initial Govern- level of unemployment, it seems 
about £20ra because of delays in ment offer of compensation for incredible that it should witfa- 
receipt of nationalisation com its aircraft and shipbuilding hold payments for assets 
pensation for its 50 per cent interests, which were national- forcibly removed and so frus- 
stake in British Aircraft Corpora- ised, respectively, on April 29 trate the very policy it is por- 
tion and its formerly wholly- and July 1 last year, and cany a suing,” Lord Robens states, 
owned shipbuilding subsidiary, book value in the accounts of n W as disclosed yesterday 
Lord Robens, chairman of £6?.6m. that Vickers is delaying planned 

Vickers, described as “ scanda- Asked what amount the com- e5 ^ ens ions of capacity at its 
lous.” yesterday the treatment of pany would accept. Lord Robens successful lithographic printing 
the company by the Government said that £150m would be a fair pj ate subsidiary, Howson- 
“If it was a private enterprise offer, Algraphv. 

dealing with a private enteprise Inhls annual report to share- E3dsti ^ g pIant ^ worked on a 
someone would have been in the holders, published today, Lord fnur .- m#* basis seven davs a 
courts by now.” he said in Robens states that the group's i? ee i? Withwt’ nw ilvmSent 
London. investment programme, designed ig uS?L£m tor torther 

Vickers was the only company to develop easting business and g^SaSsto ou^ft SpeEdtag 
to have had two large slices of to replace nation^sed opera- being deferrS until 

its business taken away. Con- Uc ™s, ’s bemg 5i e group's cash position 

tinning uncertainty made it . .Our abiliti to sustain these becomes clearer, 
impossible to raise money by objectives and initiate further 

SSS mSns TOb Is torough a Plans is now constrained by the Vickers is concerned that even 
rights ti£fe “ Attlee would delay in the commencement of when Government compensation 
nl!er h^ allowed a Goveni- negotiations and the Government offers are forft^ilng the likely 
ment to behave in this way,” said declining to make available to us outcome will be that is the 
Lord Robens, who was Minister any reasonable sums of money by absence ofagreement the terms 
of Labour briefly in the 1851 wav of payments on account” go to arbitration. 

Labour Government “At a time when Government 


the 1.6 per cent growth in the 
industrial production index pub- 
lished earlier this month. 

The figure also reflects a 
higher level of activity in the 
distributive trades and in the 
transport and communication 
industries. 

The signs of a pick-up in 
activity have been supported by 
the recent indications of an 
increase in business in the retail 
trade and a rise in consumer 
spending. 

The latest figures of con 
Burners’ expenditure showed the 
January-March total to be some 
2 per cent up on the final three 
months of last year, a recovery 
confirmed by a clear upward 
trend in retail sales. 

Tbe GDP figure published yes- 
terday is based on output data, 
and particularly tbe index of 
industrial production. 

There are two other measures 
of GDP, based on expenditure 
and income data, which in the 
short term can differ quite signi- 
ficantly. 

The output figure is nor- 
mally regarded as the most 
reliable pointer to short-term 
trends. 

Tbe indicators so far this year 
have suggested that the growth 
shown by the output-based index 
may be confirmed by the other 
indices when they are published 
next month. 


BELGIUM: and Zaire seemed on Robert Mau (finer reports from 
uie brink of a diplomatic rup- pg^s: A proposal for creation of 
Jure tonight afrer todays per- a Pan-African peacekeeping 
»» ». at } a » c • ky President f 0r ce is expected to Ue dis- 
°(J il, D a , 0 . n M. Heun cussed at a Franco- .African sum- 
Simonet, the Belgian Foreign ni j t conference which opened 

B S!i ‘.u - . , . here today under (he ehnirman- 

♦v! s J l ®. confusion S hj p 0 f President Giseard 

another Belgian Cabinet session d’Estaiog. 
tonight which decided to reMli The conference, attended by 
1,200 Btd Sian Heads of Government of 20 
troops from ZaDre. mainly French-speaking African 

n L p^fm Q Tl A?f5 la . riS ’ and Indian Ocean States, was 
Belgjan Pnme_ originally expected to concen- 

later the remaining 600 troops 


Aftermath of the massacre 
Page 4 

Parliament Page 9 
Choices for Carter Page 22 
Copper market fears, Page 39 


would remain in Kamina “ for an 
indefinite period ” or until 
security was established in the 
area. 

Mr Tin de mans reported that 
2.155 white Europeans had been 
airlifted out of Kolwezi. By 

tonight 1,902 had arrived in Brus- . , , , . 

se j s trate on economic problems, but 

President Mobutu was reported i he « b ?. ve ,. been overshadowed 
by the Zairean State news agency by the situation in Zaire and the 
AZAP to have forbidden Ws dip- Frencl ? an ^ ®! ls,arj „ millta 7 
lomats any contact with M. operation. President Uohutu U 
Simonet. “whatever tbe conse- e^toected to attend tomorrow, 
quences.” The proposal for settins'up of 

The two accusations in the some kind of Africa-wide 
AZAP report were that M. military force to resist external 
Simonet’s earlier contacts with aggression was tentatively made 
the Congolese National Libera- last week by President Bongo of 
tion Front made to seek a peace- Gabon, current chairman of the 
ful evacuation, amounted to Organisation of African Unity, 
recognising the rebel movement. i t was also mooted bv 31. 
and that M. Simonet had per- Giseard, and President 
son ally delayed for 24 hours an Houphouet- Boigny of the Ivorv 
answer to Gen. Mobutu's request coast, during the French 
for a Belgian military operation. President's State visit to the 
. . _ Ivory Coast earlier this year. 

Antinarhv The growing threat to security 

rumjiaiilj 0 f African countries was stressed 

M. Simonet has been careful by both M. Giseard and by 
all through the Shaba crisis to President Evaderaa of Togo, 
distance himself from the speaking on behalf of all the 
Mobutu regime, and has stressed African States present, in their 
that the mission of Belgian opening statements today, 
troops in Shaba is quite different The French President said 
from that of the French. His that when the African States 
Socialist Party, second biggest in obtained their independence 
the Belgian Government, has dis- France considered that her only 
played a considerable antipathy objective in Africa was to pro- 
to the Zaire Government vide economic aid. But in the 

The Belgian Foreign Ministry JjJJjSjJJ' for* fttart 
has strongly denied the Mobutu n , !1 . lj . tar - w 

accusations, and one official to- ^ 

day described tbe Zairean Presi- 1216 vlcUnis of 

dent as “ an expert on playing i TVrt 

on the differences In internal £ - Parliament Mr. Ted 

Belgian politics”. Rowlands. Foreign Office Jim- 

Belgian pouncs. isler of State, said that five 

. Tinaemans nad earlier Britons must be presumed to 
justified to Parliament the Bel have been among those murdered 
gian operation in Kolwezi. and j n Kolwezi. 
sought to explain that the reasons David Bell reports from M'asli- 
for any delay were outside Bel- jngion: President Carter has 
s , said that the U.S. involvement 

°P e ^ atlon bad depended j D g a j rB j s “j us t about over." 
upon U.S. aircraft pre-positioning B orts sajd that far m0rc 

Americans were on the ground 

lirtvSan rSSn for u - s - mercy flights than had 
criticised the Belgian Govern- been 0 m c | a n v stated 
ment, and said that wbat bad Deen omciaiiy stated. 

been needed was “ rapid and dis- 
creet” action. 

Some skirmishing between 
rebels and Belgian and French 
paratroopers still apparently con- 
tinued today, amid reports that 
another column of rebels was 
retreating toward Angola, taking 
white hostages with them. 


£ in New York 


- 

>Uy 22 

1 

Frermte 

t?jmt 1 

' S1.8130-SH5 . 

' CLKE34M6I 

1 jnrfntVi ' 

f.SMi rtl« i 

O.Vt-O.M ili. 

3 mootti* 1 

! 1.46-1.57 di« j 

1.45-1.52 hi* 

12 niiTnUm 

; 5.905.70,1;. ! 

5.75-5.60 ,ii- 


Lex Back Page 


Whitehall bunched spending 

BY DAVID FREUD 

GOVERNMENT spending Treasury, appearing as a witness for the end-of-year acceleration 
accelerated at the end of the before the general subcommittee The first was the discipline 
1977-78 financial year as depart- of the Commons* Expenditure of the cash limit “ It’s a very 
meats hastened to use up their Committee, said be was cautious natural thing if you are manag- 
casb limits, tbe Treasury about ordering measures to stop ing a programme to go cautiously 
admitt ed yesterday. the practice. in the early months of the year 

This contributed to tbe 2J per “ From a management point of and then, when you see how 
cent jump in money supply in view we would like to see things are going, to move forward 
the banking month to mid-April, expenditure flow smoothly faster in the last month.” 
ann ounced last week. The pre- through the year," he said. Another factor was the end 

dominant factor in the increase However, from the monitoring of the financial year, when bills 
was. public sector borrowing — figures already analysed there from companies were presented 
accounting for £lbn of the £Llba was evidence of a “ considerable and paid, 
rise in sterling M3. acceleration in spending at the Finally, it was a time at 

• However, tbe Treasury is end of the year.” which programme managers 

reluctant to take measures, to He added: “This Isn’t always ordered their stores. “Managers 
stop the bunching of spending, wrong or reprehensible, but It may keep their orders till later 
Sir Anthony Rawlinson. Second certainly happened.” when they know What their 

Permanent Secretary of the There were three main reasons position is.” 


CONTENTS OF TO-DAY’S ISSUE 


European news 2&3 

American news 4 

Overseas news 4 

World trade news 5 

Home news — general 6,8 

— labour 9 

—Parliament ... 9 


Technical page 12 

Management page 13 

Arts page 21 

Leader page 22 

UK Companies 24-27 . 

Mining 27 


IntL Companies 28-30 

Euromarkets 28-29 

Wall Street 32 

Foreign Exchanges ; 32 

Faming, raw materials ... 39 
UK stock market 40 


Zaire, Africa and U5-- 

choices for Carter 23 

Society Today: Politicians 

rediscover the family 23 

Genetic engineering; safety 
without brakes 14 


FEATURES 

OECD talks on Turkish 
debt: payment postponed ... 2 

GKN searches for new 
outlets 13 


FT SURVEYS 

Audio -visual communica- 
tions 15-19 

Business tra^l 33-38 


AmtaBuK 

Apwlaturentt A4*t*. 
Bwfaas Optts. ... 
Crenmd 

Entertain amt Gnhte 
Ewi. Options ...... 

FY-Actmrfea laiUcss 

Jobs Com nra 

Letters- 

Lex 

Lotetart 


<0 

Ken ud Matters ... 

22 

World Value of £ _ 29 

Banco Aralw Eipnl. 

to 

urn 

Money Market 

2b 

Finleys Fackaalflo.„ 


n 

Rastas 

20 

OFFER. FOR SALE 

F. l-C- lUJIW 

24 

20 

SeJCTBctjj ... 

« 


Clll S DatTus 

25 

2D 

fiber* InfennaUMw 

4&4S 

{Comawet pane 24) 

HalUax BMs. Sot. 

20 

37 

Suck Ex. Report ... 

dO 

Hcte« Uodoa 

27 

40 

Today's. events 

S 

(HTERm STATEMENT 

I«p- Coid Sense 

27 

10 

TV and Radte 

20 

Crwnau WbhJey _. 71 

umd lodastrtes _ 

21 

s 

Unit Trusts 

« 

ANNUAL STATEMENTS 

Tbarsls Snfrtew 

2* 


Ufcstter . 

u 


Vickers — 

2S 

20 

Wlac 

20 

A*etr* — 27 

One LenriMB Rates 

41 


For latest Share Index 'phone 01-246 8026 


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Sea us on ctBod 15* WbfRbieyVYR Exhibition Jims 6*8 







financial Times Tuesday May ^19% 




EUROPEAN NEWS 





And a® 


Dutch Government Swiss bank 

puts forward new 

works council plan defended 


OECD TALKS ON TURKISH DEBT 

Payment postponed 

BY MARY CAMPBELL IN LONDON AND METIN MUNIR IN ANKARA 

the agreement .to re- r ~ : ~ !?(?*'& 

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Air 200 C (Convertible)— a fine 
twin turbo-prop, fully 
pressurised aircraft with the 
facility of either 12 sea ter 
"comfortable commuter" or 
6-8 seat "flying boardroom" 
configuration. This aircraft is 
well known for its ability to 
fly into small airfields as well 


as ‘international terminals. It is 
economical to acquire and 
operatB,and probably the finest 
aircraft in its class. 

If you would like to get to 
your business destination in the . 
shortest time, be able to work 
whilst travelling, and to step 
out of your aircraft just a 
short car journey from your 
appointment— you should talk 
to Neil Harrison at Eagle about 
the economics and practicality 
of applying one of today’s most 
valuable business tools to your 
enterprise. 



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Yiw cam sane more than 
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A JET 


i gMjra 



BY MICHAEL VAN 05 

A DRAFT BILL for revamping 
industrial democracy in the 
Netherlands has been submitted 
to Parliament by the Dutch 
Cabinet The plan essentially is 


UJ5. Lance missiles which go 
into service with the Dutch 
army next year would be able 
to carry nuclear warheads dis- 
pite opposition from Holland's 
Socialist -led Government, Hr. 
Willem Scholten, the Defence 
Minister said yesterday, Rueter 
reports from The Hague, In a 
letter to Parliament Mr. Schol- 
tea said Dutch attempts to 
persuade the West Germans to 
take over Its nuclear role In 
NATO’s Central European 
sector has failed. Holland, 
whose obsolete Honest John 
nuclear missiles were going 
out or service on September 1, 
already formed a weak line In 
NATO’s defensive line of tacti- 
cal nuclear weapons. 


to raise the powers of the exist- 
ing works councils, which every 
company with more than 100 
employees should have. 

According to the draft Bill, 
advice must be sought from 
works councils on matters such 
as mergers, acquisitions (includ- 
ing foreign ones if they affect 
domestic employment), closures 
and the appointment of directors. 

In every case except for the 
appointment of directors the 
councils can appeal to the 
special corporate section of the 
District Court if they disagree 
with a management decision. 
Prof. Willem Albeda, the 
Minister of Social Affairs, has 
said that the District Court will 
not be able to rule on whether a 
proposed director is suitable but 
tbat in practice his appointment 
would not be very likely if a 


AMSTERDAM. May 22- 

works council has in fact advised 
against it. 

Another change is that a 
director will no longer be a 

member of a works council, 
which, according to drafters of 
the Bill, will give the councils 

“ more Independence-” How- 
ever, should a council meeting 
be taking important decisions, 
the director will be allowed to 
attend and speak, but not vote. 

A separate body, the so-called 
"consultative meeting." will be 
created to comprise the works 
council 'and the company 
director as its chairman. This 
would meet before the works 
council takes independent .deci- 
sions, . Another change Ls that 
proposed, current or former 
works council members would 
not be dismissed for a period 
of two years. The members of 
new councils would have to be 
formally erected. 

The draff -Bill, which is 
expected to. be approved In The 
Hague with only minor changes, 
is broadly similar to the previous 
left-of-centre coalition Govern- 
ment's proposals, which consti- 
tuted one of its major social 
reform plans. Initial reaction to 
tbe draft Bill from all sides, 
except for the employers' 
organisation (VNO) is mildly 
favourable. The VNO’s main 
criticism concerns the raising of 
tbe new councils’ competence to 
Include judgment on invest- 
ments and acquisitions, not least 
because of the fear of abuse of 
information. 

Tbe original plans by tbe 
former Cabinet had not allowed 
the director to be present at 
council meetings and included 
appeal possibilities against 
directors’ appointments. The 
criticism that the new draft Bill 
would add to increased polarisa- 
tion between employers and 
employees has now lessened. 




Polio hits religious groups 


v / s ‘ . ■ 




'&0 Jet Ferries 5 
of London and 
50mph to Zeebrugge. 

oth. It's sensational. 





0 * 4814033 . 


BY CHARLES BATCHELOR 

AN OUTBREAK of polio in 
several religiously strict Dutch 
communities opposed to vaccina- 
tion has affected 11 young 
people. A further three suspected 
eases are under observation. Tbe 
confirmed cases, children aged 
2-14, and a young woman of 22, 
are suffering from partial 
paralysis, the Health Ministry 
said. 

The outbreak, the first major 
one since 1971, started in smaU 
communities in central and 
eastern Holland where the popu- 
lation belong to branches of the 
Reformed Church. The health 
authorities have begun a pro- 
gramme to distribute polio vac- 


AMSTERDAAI, May 22. 

cine on sugar cubes to tbe 
affected communities but many 
parents refuse to allow their 
children to be vaccinated on 
religious grounds. 

Holland must expect these 
outbreaks, although the health 
authorities will continue to 
advise parents to have their 
children vaccinated, a senior 
ministry official said. About 95 
per cent of young children in 
most of Holland are vaccinated, 
but in one of the affected com- 
munities the figure was only 41 
per cent HbUradf.has had a 
routine vaccination 'programme 
since 1957, one year after an 
epidemic affected 2.200 people. 


wnm=tBas2 am 


UNION DE BANQUES ARABES ET FRANQAISES- U.BA.F. 
BALANCE SHEET AS AT 31.12.1977 

( IN FRENCH FRANCS J 


By John Wicks 

1 ZURICH, May 22. 

A PROPOSAL by Switzerland’s 
i Social Democratic Party to 
i subject banking to tighter con- 

, trois is “a danger for the 

F Swiss economy.” it is claimed 

5 by the country’s Bankers’ 

- Association. 

’ The body was commenting on 
• a referendum motion passed by 
> the party congress in Basle 
; this week-end. 

1 Tbe proposal, while it does 

- not foresee the abolition of 
■ ' banking secrecy in principle, 
r wants the secrecy rule lifted 
3 in certain instances, speci- 
5 fically in connection with cases 

- of presumed tax evasion. 

[ With regard to domestic tax- 
r payers, the motion calls for 
1 banks to be liable to present 
I information on the accounts of 
F self-employed persons and 
! “owners of capital.” 

At the same time, the Social 
; Democrats want Switzerland to 
! act against inflows of fugitive 
money from abroad, so that 
i “the bourgeoisie in weak- 

- currency areas like Italy, 

- France and the Third World 
I can no longer use the Swiss 
i financial centre to the detri- 
. ment of their own states.” 

The reporting regulations 
r for banks would also he 
i extended, while banks' faold- 
f jngs in the non-hank sector 
i would be limited and obliga- 

- tory deposit Insurance intro- 
t dueed. 

; The Bankers’ Association 
contends that realisation of the 
proposal would hinder the 
i international operations of 
I Swiss banks and thus harm an 
! important support for the 
l national export industry. The 
banking system's ability to pro- 
1 vide cheap capital for tbe 
Swiss economy would also be 
, impaired. 

The compulsion for hanks to 
supply information to domestic 
and foreign authorities would 
i mean that other countries’ tax 
i and foreign-exchange regula- 
tions would be applied in 
Switzerland, even where they 
were at odds with Swiss legal 
criteria. 

The association stresses Its 
belief tbat the privacy of bank 
clients should be protected. 
However, it says banks are pre- 
pared to cooperate In the 
creation of laws and regulations 
“to obviate misuse of banking 
secrecy.” 

Rise of £27 
for Malaga 
hotel staff 

Hotel workers on the Costa del 
Sol signed a wage agreement 
with employers yesterday to end 
a two-month dispute which had 
jeopardised the Spanish holidays 
of thousands of tourists. Reuter 
reports from Malaga. The workers, 
whose strike left holidaymakers 
making their own beds and eating 
cold meals earlier this month, 
promised no further strikes this 
season in return for no reprisals 
by hoteliers. They won an immedi- 
ate average rise of Fta 4,000 (£27) 
a month, with a further 2J> per 
cent promised next July and one 
of 5 per cent 1 next October. 
Hoteliers . said _ the agreement 
could force some establishments 
to dose. j 

Malta merger | 

A merger between Mr. Dom 
MintofFs ruling Labour Party and 
the General Workers' Union of 
30,000 was completed when uniori 
delegates approved by acclamation 
the necessary changes in the 
union's statute, Godfrey Griraa 
reports from Valletta. A 10-man j 
liaison committee from both sides i 
will monitor implementation of | 
the jointly formulated Labour, 
Party manifesto. I 




Turkey's economy as seen by the newspaper MUliyet: 
Finance Minister Muezzin oglu rolling: up help for Prime 
Minister Ecevit. 


BY OUR OWN CORRESPONDENT 


DUBLIN, May 22. 


ASSETS 

Cash in hand, with Banks of issue 

Balances with Banks and non-banking Institutions 

admitted to the money market 

Treasury bills and securities received as collateral 

or paid in cash 

Credit to customers - Bills of exchange 
Credit to customers - Overdrafts 
Suspense accounts and sundries 
Sundry debtors 

Liabilities of customers for acceptance as per contra 
Securities portfolio 

investments in affiliates and participations 
Fixed assets 

Total Assets 

LIABILITIES 

Balances of Banks of issue, other banks and 
non-banking Institutions admitted to the money market 
Company and sundry accounts 
Private accounts 

Suspense accounts, provisions and sundries 
Sundry creditors 

Acceptances for accounts of customers as per contra 

Debentures convertible into shares 

Floating rate notes 

Legal reserve 

Other reserve funds 

Capital 

Total Liabilities 


1976 

11,380.481 


1977 

2,456,840 


Orly security 


8,620,068,953 9,160.995,087 


126,000,000 

1,033,402,015 

227,308,440 

483232,141 

6,537323 

21.806,018 

78,708,440 

119,272,714 

4,799,327 


150,000,000 
2,340,179,567 
561 ,370,856 
627,324,036 
18,100,897 
27,223,944 
■120,229,659 
122.529,150 
7,934,804 


110,732,515,8521 1 13,1 38. 344. 840 ! 


9,085,436,080 
608,397,226 
7,538.101 
581,146,171 
23,341 ,556 
21,806,018 
100 . 000,000 
124,243.750 
10.627,506 
19,979,444 
150,000,000 


11,090,853,934 

460,686,808 

34.167,179 

849,138,788 

30,544,704 

27,223,944 

100 . 000,000 

352,875,000 

13,127,259 

29,727,224 

150,000,000 


Total Liabilities P0,732.515.852| 113,138.344,8401 | 

THp Ordinary General Assembly of the Union de Banqute Arabes et Franchises - U.B.A.F - durina mn.tr.in « lain at ut—.i 

“ ,i ™? 1 vear «“"» suSHw iSSS? ^X»Si ™ “ 

1976. 1 1 F ^ “ 4597 - 534a * nna FF - 21 -391 a 74 far the previous yaar and fixed the tot* dividend at FF. 12P50JOOO against FF. 11.333,200 ip 

BanlfTimitaa roproSi^^bv Mr* ° rdinary General Assembly renewed the terms of office of Arab 

FEU1LLADE F °f®’ 9n Banfc represented by Mr. Abdallah SAUDI. Mr. Tannaguy da 


French police are to step up 
security at Orly Airport after the 
week-end shooting in which three 
Arab gunmen and one policeman 
were killed. Reuter reports from 
Paris. M. Paul Roux, police chief 
at Orly, said yesterday an extra 
company of about 100 security 
police would arrive to reinforce 
the 650 civil and military police 
who patrol the airport. 

Rome explosions 

Bomb attack-, on the Italian 
Justice Ministry and four other 
targets in Rome and Milan, 
caused serious damage but no 
injuries, Reuter reports from 
Rome. A parcel bomb was 
dropped at the entrance to the 
Justice Ministry. It shattered 
windows and blew up telephone 
cables. 

G list nip wins appeal 

The Danish High Court yester- 
day overruled orders by a 
lower court confiscating five 
bouses and assets of Ur. Mogens 
Glistrup. the leader of Denmark's 
anti-tax party, for alleged tax 
evasion. Reuter reports from 
Copenhagen. Earlier this year, 
Mr. Glistrup was fined DKr 1.5m 
(S2 64,000) but both be and the 
prosecution appealed to the 
High Court against the sentence. 

New friendship chief 

Herr Erich Mueckqnbererer. a 
member of the East German 
Politburo, wag elected president 
of the Society for German-Soviet 
Friendship. Reuter reports from 
East Berlin. The society has 
5.5m members. Herr Muecken- 
berger, one of two farmer Social 
Democrats left on tbe Communist 
Party’s iP-member ruling body, 
replaces Dr. Lothar Bolz. who said 
he was stepping down for reasons 
of health and age. 

Travel agency bombed 

A bomb exploded ’yesterday in a 
Paris travel agency which is 
specialising in organising trips to 
Argentina for the World Cup 
soccer championships, Reuter re- 
ports. 



47 10870 11M7 13438 leiyo 18282 "MTn ™ 

If “8SS J3604 ifnS ilaSl aSm 22 


1935 3076 «52 5163 6268 7340 8583 97GI 10893 11934 IS ?“77 

l»i 3092 4053 518L 6293 7409 6615 9763 10032 11945 13635 lS?2 IKS 

20 J 3 3035 4055 5186 6328 7427 8628 9810 10963 11983 13044 iSo? --- 14 20fi13 

2M-7 3105 4082 5282 6350 7454 8718 9861 11004 1198 a 1371R tSSi 

1141 4141 RTfiT 




isi £2* mi Si£ 2=12 52“ Jwb Xlh i 



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fM 

r 


i-'uuul ouu unva.ee a Co 15 . n«iH Nntpv Turn U v ._: j 

all coupons appertaining thereto maturin'- after* ih^ ai »4 surrender thereof villi 

either (a) at the corporate St oKStS-Lr nsdcmpU l n d “* a aL *<= of the holder 
Broad Street, ^ InR STEF’ of New York. IS 

Company of New York in Brussel, £ 5 ^ 8 °®“ of Morgan Guaranty Trust 

Yon wilier & C. S.pA. in °r Remain office of Banca 


On and ailcr June 15, 197S inkxcil shall ceaiefa a«rucon the Notes Ivr^^dKignated'fOT p^TncnL 

GOULD INTERNATIONAL, INC. 

By MORGAN GUARANTY TRUST COMPANY 

n . J -.r ^ UF XBW TOBK, TruVtC 

Dated; May 11, lg 1 s 

notice 

s ™ ® * as uz g& IB m sst is! m il is ^ 


# 1! 1 


Irish police claim 35% rise 


THE AGREEMENT .to re- . • j - ; {*?' ~ U 

schedule the Si^bn of short-term . •_ -*• . *'• 

debt owed by Turkey to official v.W ; y^'T; , 

institutions overMas^marks^tjw f 

pn^acted debt restructuring "1^5 - V 3 , v y 

negotiations. The agreement, /■ (\ . 'Js \ 

which also includes debt guaran- v-v ■ 4m T I:. S -.V;V -T 

teed by public bodies overseas, . ? 

was reached last weekend at a ammm " ^ c ' v 

meeting of the working party of 

U OECD countries in Paris. It jySWffS- On 

is a framework within which ^ is^lf jpS Sa 

individual countries will make ’ff If 

independent bilateral agree- fcw fs l a wW r . 

ments wiLh the Turkish Govern- j S . JmC' ■ f 

meat on detailed implements* : 

In- the couple of years 

Turkey’s debt problem has Turkey's economy as seen by the newspaper MUliyet: 1" 

become one of the mon formid- Finance Minister* Muezzin oglu rolling up help for Prime ’■ 

able ever faced by the inter- rmance Minister Ecevit. 

national financial community. 

?h° e de 5 bS.t ,S S ™ e S $!sbn more hore about S2bn in tbo Stalled extentlnn would apply to depout, 
than five times that of,, for convertible Turkish lira 1 account which matured last year (some 
example, Zaire — so that a- large deposits, and S500m in short-term $400m-> ^ r 

number of . people are affected, placements with the Central At . the end of th e U11 'Jd year - 
The Question to which an Bank. .iTltr extension. —5 per cent, of 

answer has had to be found is Deposits in th e convertible ceiffVouU? 

its unsatisfactory maturity strac- TurkL h lira accounts are short- ^ f ,n^oJh" subsJnuent Jej ? d ° 
ture. A high proportion of Tur- term foreign exchange funds 50 “l J "L 

— many'o^ S SSfiSTSSS »^u,^W F S ' 

SSHar ,0e B?'S,o“ourS fi.** ” Slem ^ SUCKSSfU ' ly ^ 

year.. Turkey had already— — keep t heir deposits intact insteal 

defaulted on 52^bn of debt most A hiffh nroDOrtlOD Of of withdrawing them, 
of it owed to suppliers rather ^ nign propwu-uiiwi The matter of the interest to - 

than banks or governments TurklSll deot Has Deen be paid on the extended deposits 
This year a further S2.5bn. has shortterm — mailV Of the has not *?}. b ®* n resolved. Repay- 
to be repaid, most of it to com- Sn ° ri * , ^ ment will.be made in the fti 

mercial banks.- payments being bunened currencies in which the depots Dv 

The ground rules for debt tnirpthpr this vear and were made. The convertible 

restructuring established by the J- W 5 CU1C1 •“ Turkish lira accounts scheme 

International banking system. iHSt. will remain in effect uiyiUeredi Sjj 

particularly in the case of - - The S2.5bn. restructuring will f 

Zaire, meant that before the not even cover the amounts due 

commercial banks would act for all concerned for a year or j 0 be paid to commercial banks * 

Turkey had to reach agreement so. Foreign banks received by the end of this year. It leaves .... 

with the IMF on an economic attractive interest rates, above completely open the question er 
programme preparatory to draw- the London Inter-Bank Offered overdue suppliers’ credits. The 
ing from that institution. Rate (Libor). The Central Bank precise amounts involved under 

Agreement has been reached used the foreign exchange to this head are by no means clear 
with the IMF for a stand-by finance imports, and local indus- — n ot least because some of the 
arrangement authorising Turkey trialists and businessmen drew $o.5bn. nominally overdue by the 
to borrow up to the equivalent their Turkish lira equivalent in end of last year, 'as far as Turkey 
of SDR 300m over the next two welcome credits. was concerned, had in fact been 

years in support of the pro- The Turks, however, had made covered by Turkish businessmen 
gramme of economic adjustment a bad mistake which, when their from funds they held abroad. 
adopted by the Government of foreign exchange situation But it is thought to be sub- - 
Mr. Bulent Ecevit. In addition, deteriorated, proved near-fatal, dtantiai and to have increased - 
the borrowing of the equivalent Not only was the high interest further this year, 
of SDR74.5m has been approved rate costly, but the deposits What the commercial banks •' 
under the Fund's compensatory were almost all short-term, the hope is that money from govern- 
financing facility. The World overwhelming bnlk under one ments — or from the OECD con- • 
Bank has decided to double its year. Thus the Central Bank sortium — will help alleviate this 
project credits to Turkey and gradually found maturities problem in the first instance, 
provide loans for the financing quickly bunching to Slbn. and Turkey's suppliers are legion 
. then to S2bn. From about mid- and, • while the international 
These sums are not negligible, 1977 the Central Bank could not banks have become accustomed 
but can cover only a small pro- pay the debts as they fell due, to forming committees to nego- 

and they were rol,ed over with tiate with governments, the ques- 
creditors receiving interest only, rion of renegotiating suppliers' n 
WF a^eement was that it opened According to the restructuring credits raises considerable prac- V 
X ^±?T^ l0nS programme which has been pre- tical problems. Some suggest tbat v 
pared by the ei S ht banks, chambers of commerce could 
3 1 ^ w deposits in the convertible play a role here; othens that the ( 

?« th0 mSSt thA Tr.l° Turkish lira account are to be negotiations should be carried j 

mmtotfhv extended as they mature. None, out by the governments of the 11 

2*°!£ d ky J^™e far coraptebon however, are to be extended main countries where Che sup- 

A Thc «™ ■>“« s "“ ated - 

those with - the largest commit- 

ment in Turkey, who between _ , _ • - 

Irish police claim 35% rise - 

restructured — has been formed. * 

Their representatives have BY OUR OWN CORRESPONDENT DUBLIN, May 22. 

reached basic agreement on what 

needs to be done, and their pro- THE BODY representing Irish part of its unti-infiationary 
posals are currently awaiting police sergeants and inspectors strategy, to bold public sector 
approval from the main credit has lodged a 35 per cent wage pay at the 8 per cent limit, 
committees in each of the eight claim, in addition to the 8 per There was a warning todav 
If approved, they will then be cent offered them under the that there will have to be ab 
submitted to the other 200-odd national wage agreement. improvement in Irish industrial 

commercial banks with money Their spokesman. Mr. Derek relations if the country's job 
rtsk in Turkey. Nally, said the claim was based creation targets are to be met. 

There is optimism in the Tur- on the degree to which they had It was delivered in Limerick by 
Kish Central Bank at least tbat slipped in the earnings scales Mr. Michael Kileeo, director- 
the restructuring plan win meet relative to private industry, general of the Industrial : - 
with universal agreement. They were also concerned that Development Authority, which ’ s " 
though opinions vary within the their differential over constables seeks to attract foreign invest- 
co-ordinating group. One view is had been eroded. ment to Ireland. 

“at given Turkey's economic Such a claim is bound to be Last year 400,000 man-days 
problems there actually i s not vigorously resisted by the Gov- were lost. 40 per cent of them 
much choice for the banks, which eminent which is concerned, as because of unofficial disputes. 


NOTICE OF REDEMPTION 

To the Holders of I 

GOULD INTERNATIONAL, INC. • 

9 % % Guaranteed Notes Due 1983 
Issued under Indenture dated as of June 15, 1975 

KOTICE IS HEREBY GIVEN that pursuant to the provisions of the above-mentioned Indenture, 

562s, 0G0 principal amount of the above described Notes has been selected by lut for redemption on 
J une IS, 1978 at the principal amount thereof together with accrued interest to said date, as follows: 

NOTES OF §1,000 EACH 






4C 










r , 




Belgium’s steel 
rescue package 
broadly agreed 


B V DAVfD BUCHAN 

BROAD AGREEMENT on a. 
rescue packose for the Belgian 
steel industry was reached at last 
Saturday's top-level meeting 
between Government Ministers, 
steel companies and unions, but 
-anolhcT meeting on June 15. is 
expected to finalise the details. 

Mr. Leo Tindemans, the Prime 
Minister, who dashed in and out 
°* l °e nVstrone gathering to 
attend to the Shaba crisis, said 
afterwards “considerable pro- 
gress " had been made. 

But the key issue of state par- 
ticipation in the hitherto 
privately-owned steel sector was 
left unsettled. 

The Economic Affairs Minister. 
Mr. Witty Claes, has proposed 
that to relieve some of the BFrs 
babn debt now weighing on the 
Belgian companies, the state 
would take shares in payment of 
interest on public loans it has 
made. 

Under this plait, the State 
could shortly become the 
majority shareholder in the 
most indebted companies. This, 
according to one participant at 
the week-end meeting, might 


Buoyant time for Western 
production and sales 


BY ROY HODSON 

ALMOST ALL the steelmakers 
of the Western world have im- 
proved production and sales in 
recent weeks. New international 
figures show the most buoyant 
period for steel trading for more 
than a year. 

Although the world steel in- 
dustry is still deep in recession, 
and many companies consider 
their trading to be at crisis 
levels, the new improvement is 
being seen as the first signs of 
a return to orderly markets. 

Credit is being given to two 
factors: a general quickening of 
activity in the international 
economy, and the various 
measures taken to stabilise steel 
markets, including the Davignon 
plan for the EEC and the United 
Stales defensive system. 


The International Iron and 
Steel Institute (IISI) reported 
last night that crude steel pro- 
duction in 29 member countries 
(almost all the Western world 
steelmakers! rose lfi per cent 
between March and April and 
showed a 9.2 per cent- improve- 
ment upon the same period in 
1977. 

IISI countries produced 
39297,600 tonnes in April com- 
pared with 36.330,000 tonnes in 
April last year. 

The underlying upward trend 
in steel production and: demand 
is also illustrated by the figures 
for the first four months of the 
year. Crude steel output in 
USl countries at 149,776,000 
tonnes was 3.1 per cent above 
the same period a year ago. 


Sharp drop in orders 
for West Germany 


Brussels Portugal seeks to raise $700m loans on Euromarket 

intervention BY JIMMY BURNS LISBON, May 22. 

ln/tiintmr PORTUGAL is hoping to raise The Portuguese authorities a SSOOm short-term credit con- to the Government's economic countries who last ye 

If I m illlSITV 3700m in loans from the Euro- are hoping that borrowing from ceded in February 1977 by the programme." pledged a S750m medium-tor 

* market to help restructure its the Euromarket will ease stabilisation fund. It is j) r . Constanrio was speaking {“*“ *» h »r P n ?™^ c P rfl2li? 1 

ripfpnrJprl J-T - , de “ “ i Ss£ SM Sf. 23 “fiffiTSita t « 

UClCllUCU stimulate investment trary to wi^t was alleged in February 28. 1978. Portugal's inipnr w naMiin l r ■> «whn mated to bare been drav 


BRUSSELS, May 22 

invite a repetition in Belgium of 
“the British Steel fiasco." 

But . Mr. Claes said the prin- 
ciple of State intervention was 
agreed, not only in the main 
steel producing companies but 
also in stockholding and market- 
ing subsidiaries, and that the 
State would be fully repre- 
sented on their Boards. 

. What is yet to be -settled, Mr. 
Claes said. Us the degree to 
which the big private share- 
holders might also increase their 
stakes in Belgian steel and how 
the cost of necessary new invest- 
ment which the Minister put at 
BFr 25bn. would be shared out. 

For their part, union leaders 
are still worried about the 7,000 
to 8,500 steel jobs that will go in 
the next three years as old- 
fashioned plant is shut down. 
Mr Claes promised that the 
State would shoulder much of 
the cost of creating alternative 
employment But several hun- 
dred steel workers demonstrated 
their concern outside Saturday's 
meeting-place in Brussels, and 
violent incidents were only 
ended after police intervened 
with tear gas and water cannon. 


BY ADRIAN DICKS 

NEW* ORDERS for rolled steel 
products received by the West 
German five I industry dropped 
lm-k sharply in April in just 
under 1.7m tonnes, following the 
jump from 1.8rn tonnes jn 
February to 2m tonnes in March. 

The April figures, although 
naturally a little disappointing 
to those who had hoped lu see 
a more lasting improvement iu 
the industry’s sales outlook, were 
not unexpected. Orders from 
third countries, mainly thought 
In be the U.S., fell back to the 
February level, apparently con- 


BONN, May 22. 


firming that their rise in March 
reflected speculative American 
buying. 

However, there was also a fall 
oF some 150.000 lonnes in 
domestic orders to 991.000 
Inn nos. which appeal's In confirm 
impressions from other indica- 
tors that West German business 
continues to take a cautious view 
uf its sales prospects. 

The April stpel figures leave 
an average of monthly new 
orders of l.S5ra tonnes for the 
first four months of 197S — 
virtually unchanged from the 
same period a year previously. 


By Our Own Correspondent 
BRUSSELS May 22. 
VISCOUNT Etienne Davignon, 
I the EEC Industry Commis- 
sioner, today told top West 
German Indus trail sis that the 
Brussels Commission had a role 
in intervening in European 
Industry to “ facilitate and 
accelerate unavoidable 

changes” Iu Its structure. 

Officials here said H. 
Davignon's remarks, made in a 
speech to the Federation of 
German Industries’ annual 
meeting In Berlin, were speci- 
fically aimed at rebutting the 
attack earlier this month by 
the West German Economies 
Minister, Herr Otto Lambsdorff, 
on the Commission’s failure to 
prevent growing protectionism 
and cartelisation In the EEC. 

The Industry Commissioner 
conceded that protectionism 
could jeopardise the Com- 
munity's trading position, and 
that state aid by EEC govern- 
ments threatened to “throw 
into question the unity of the 
Common Market and distort 
competition.” 

But he said the Commission 
had a role to play in certain 
depressed sectors by controll- 
ing state aids, contributing to 
the creation of new jobs, and 
negotiating agreement with 
trading partners to give Euro- 
pean industry a breathing 
space. 

Significantly,' the sectors he 
mentioned included synthetic 
fibres, where, it is understood, 
a proposed cartel agreement 
by a dozen major companies, 
two of them West German, has 
met with approval from Bonn. 

Last week EEC Competition 
Commissioner, Raymond Vouel, 
said that the Commission was 
thinking of authorising this 
cartel under a proposal which 
would require approval by 
member Governments, that 
would allow the setting np of a 
limited “ crisis cartel.” 

M. Davignon told the Ger- 
man Federation that the Com- 
mission also had a role in 
those other sectors which were 
not yet in trouble hut which 
might shortly be so. Id these 
cases, “ warning systems ” 
should be set up to anticipate 
problems. 

Commenting that the Commis- 
sion did not want to turn Itself 
into a “ hospital for industrial 
invalids,” tile Commissioner 
said there was scope for Com- 
munity action In sneb sectors 
as aerospace and computers. 


Officers denounced 

A leading Portuguese centre- 
right politician yesterday 
accused members of the 
Military Council of the Revolu- 
tion of attempting to prolong 
the role of (he military In 
Portugal’s affairs. Reuter 
reports from Lisbon. 

The council, a constitutional 
watchdog, is due (o disappear 
in i960. Dr. Francisco Sa 
Carneiro, founder of the Social 
Democratic Party, (old a rally 
that the officers were group- 
ing behind the President, 
General Eanes, in an attempt 
to exercise “ presidential 
militarism.” 


PORTUGAL is hoping to raise 
3700m In loans from the Euro- 
market to help restructure its 
short-term foreign debt and 
stimulate investment 
A Portuguese delegation, led 

by Dr. Vitor Constancio, the 
Minister of Finance, and in- 
cluding leading representatives 
from the Bank of Portugal, will 
leave for the U.S. once the 
Portuguese “letter of Intent” 
has been formally accepted by 
the executive council of the 
International Monetary Fond 
(IMF! In Washington on June 
5. The Portuguese mission will' 
meet representatives of com- 
mercial banks In Washington 
and New Pork and then leave 
for similar talks in Loudon and 
Frankfurt. 


Catalan 

farmers 

boycott 

elections 

By David Gardner 

BARCELONA, May 22. 
THE TJNIO DE PAGESOS, the 
Catalan small farmers' union 
which began March’s national 
strikes to press for price 
increases on staple agricultural 
produce, has won an important 
victory following a mass boycott 
of yesterday's elections to the 
Camaras Agrarias, or Agricul- 
tural Chambers, the system of 
farmers representation favoured 
by the Government 
According to Unio sources. 79 
per cent of nearly 100.000 Catalan 
fanners did not turn out to vote { 
in the first democratic election 
to be held in the Spanish i 
countryside. Instead many signed 
petitions calling for the full 
restoration of an autonomous 
Catalan Ministry of Agriculture. 

Provisional figures also show 
that more than half the fanners 
, of Galicia and the Basque 
country, the other main areas 
where strong independent and 
I nationalist-orientated unions 
have sprung up, also abstained. 

The election, affecting more 
' than 2m fanners throughout the 
I country, involved landowners but 
not farm workers. This has led 
I several farmers’ unions to com- 
i pare the present Camaras to the 
| co-operative chambers which 
I operated under Franco. Not 
I long before the former dictator's 
death, a leading figure in the 
Francoist Camaras claimed that 
Ibis power was greater than the 
.Interior Ministry's, because of 
the number of people he con- 
trolled. 

1 The Catalan Pagesos are call- 
ing for industrial workers to be 
treated the same as the Francoist 
unions which have generally 
been supplanted by the demo- 
cratic trade unio os. elected in 
I factory council elections. Along 
with its national federation, the 
i COAG. the Union has denounced 
the fact that an absentee land- 
lord has a vote while an agri- 
cultural worker does not. 
i The elections had already been 
postponed for six weeks follow- 
ing complaints about the census. 
Such poor support for the 
Camaras will not make con- 
sensus easy on the solution 
necessary for Spanish agricul- 
ture’s most pressing problem. 


The Portuguese authorities 
are hoping that borrowing from 
the Euromarket will ease 
pressure on reserves. For, eon-; 
trary to what was alleged in 
some news reports here early 
Id April, Dr. Sltva Lopes, the 
Governor of the Bank - of 
Portugal, lias not succeeded in 
deferring repayment of loans 
that were to be liquidated over 
the next two years. It is hoped 
here that if the S?00m. can be 
successfully raised as from 
next month, the Government 
would not have to sell its gold, 
always officially regarded here 
as the country’s “last line of 
defence" against total bank- 
ruptcy. 

Last year, for example, the 
Bank of Portugal sold 46.2 
tonnes of gold in settlement of 


a $3tHhu ihort-tenn credit con- 
ceded in February 1977 by the 
US. stabilisation fund. It is 
officially estimated here that 
between March 3L, 1977, and 
February 28, 1978, Portugal’s 
gold reserves fell from 857 
tonnes to 741 tonnes, and of 
this only 51.4 per cent is now 
“ free " gold. During the same 
period, foreign currency 
reserves fell from $26Dm to 
$Ulm. 

Although there has been no 
official announcement confirm- 
ing next month’s trip to the 
U.S.. Dr. Constancio said, in an 
interview with Portuguese 
television at the weekend, that 
the agreement reached 
recently with (he IMF would 
create “ new openings on the 
international financial market 
and will give a new credibility 


to the' Government’s economic 
programme.” 

Dr. Constanrio was speaking 
following the publication in its 
entirety of Portugal’s letter of 
intent, requesting a $50m 
standby loan from the IMF and 
setting out as its main target 
the redaction of the country’s 
balance of payments deficit 
from $L5bo to $ibn by March 
next year. This would be 
achieved through a stabilisa- 
tion programme based on tight 
control of the money supply, 
stiff budgetary discipline, a 
firm wages and prices policy, 
and a gradual loosening of 
trade restrictions. 

Acceptance of these condi- 
tions by the IMF on June a 
nil] automatically release re- 
maining credit lines from a 
group of industrialised 


LISBON, May 22. 

countries who last year 
pledged a S750m medium-form 
loan to help finance Portugal’s 
balance of payments deficit. 

Some S270,Sm or this is esti- 
mated to have been drawn 

already. 

The measures set out in the 
letter of intent include a 5 per 
rent increase In the Bank of 
Portugal's lending rule, a 6-5 
per cent devaluation of the 
escudo against a basket of the 
world’s 14 major currencies, 
and sharp increased in direct 
and indirect taxation an- 
nounced in the budget in 
ApriL 

According to the Govern- 
ment, these measures will bo 
sufficient to reduce the expan- 
sion of domestic credit and 
borrowing by the public sector 
during the next few months. 





The Queen with West German President 
Walter Scheel in Bonn: The Qneen began 
a five-day visit to West Germany yester- 
day with security arrangements kept to a 
minimum at her request. Officials said that 
the Queen did not want to be screened from 


the public by big police cordons. Several 
thousand cheering people lined the route from 
the airport as the Queen and her bnsband, the 
Duke of Edinburgh, drove past in a glass- 
topped Rolls-Royce. The reception was 
described as warm bat low-key. 


U.S.-W. GERMAN ARMS ACCORD 


Vehicle deal may help AWACS 


BY JONATHAN CARR 

THE US. has just taken a firm 
step towards fulfilling Its pledge 
of a “two-way street” with West 
I Germany in purchases of 
defence material. 

I Defence Ministry sources say 
the two Governments last week 
signed an accord under which 
:the Americans agreed to buy 
I German transport vehicles to 
equip their array and air force 
I units in Europe. 

I A total purchase of around 
8,500 vehicles is envisaged — an 
order likely to he worth more 
than DM. 200m. The Americans 
will umy approach individual 
German firms to make their 
orders, receiving technical help 
and advice from • German 
Defence Ministry experts. 

The size of the order is signi- 
ficant in itself. But it is more 
important in view oF the con- 
tinuing reservations of some par- 
liamentarians about German 
participation in the expensive, 
American-designed Airborne 
Warning and Control System 
rAWACS) for NATO. 

During the visit here last 
month of Mr. Harold Brown, the 
American Defence Secretary, 
Herr Hans ApeL the 
West German Defence Minister, 
made it clear he supported 


AWACS on military grounds. 
But be also said that to finance 
its contribution to AWACS, 
Bonn would have to cut from 
the defence budget items 
already decided upon. This was 
feasible only if the Americans 
placed new orders in Germany 
to generate business and create 
jobs. 

The Germans now say that at 
the NATO meeting in Brussels 
last week it was agreed that the 
main AWACS base should be in 
West Germany (near the Belgian 
border), thereby creating several 
hundred extra jobs in the area. 

Further, the Americans were 
ready to give orders to the 
electronics and other sectors of 
German industry directly in con- 


BONN. May 22. 

nection with the AWACS pro- 
ject The intention was to cover 
by such orders close to a half 
of the estimated German contri- 
bution to AWACS of DMUSbn. 

The new vehicles accord is in 
addition to this. A further 
project under consideration is 
for renovation of tbe American 
forces telephone network here 
by GenuaD firms — an order 
which would also be worth about 
DM200 m. 

The upshot is that when Herr 
Apel appears before the appro- 
priate parliamentary committees 
after the summer break, he will 
be able to produce some firm 
evidence that the Americans 
have done their best, to meet 
German conditions over AWACS. 


Growth target difficulty 


BY LESLIE COLITT 

THE NEW president of the 
Federation oE German Industry 
(BDI). Herr Nikolaus Fasolt, who 
succeeds the late Hanns Martin 
Schleyer. murdered by terrorists 
last September, says West Ger- 
many will “hardly he able-” to 
achieve the Government’s target 
growth rate for this year of 3.5 


BERLIN. May 22. 

per cent, 

Tbe Government itself, from 
Chancellor Helmut Schmidt 
down, has cast doubt recently 
oo the ability of the economy 
to expand at even this modest 
rate especially with the effects 
of the weak dollar still to be felt , 
by German exporters. 


Italian 
rail strike 
threatened 
over pay 

ROME. May 22. 

ITALY'S main railway workers* 
unions today threatened to start 
a 24-hour strike on Tuesday night 
to buck demands for higher pay. 
officials said. 

The strike by 200.000 railway- 
men would bring the country's 
train services to a standstill. A 
smaller railway union, with 
15.000 members, has threatened 
a go-slow from May 25-31 in sup- 
port of similar pay demands. 

Other unions, negotiating new 
annual pay contracts, have 
threatened strike action in Italy 
this week. They include tele- 
phone and electrical power 
workers. 

The 70,000 telephone workers 
say they will walk out for four 
hours on Tuesday and the power 
workers have threatened to stage 
wildcat stoppages. 

• Italy’s public Prosecutor to- 
day formally charged a Rome 
newspaper with violating an 
order against publication of a 
communique issued in the name 
of the Red Brigades urban 
guerrillas. 

The Prosecutor's office said 
court proceedings would be 
brought against the editor of 11 
Messaggero which defied the 
order and printed an account of 
the communique on Sunday. If 
found guilty, 11 Messaggero 
editor Luigi Fossati faces up to 
three months in prison and a 
fine of L100.000. 

Saturday’s communique, pur- 
porting to come from the Red 
Brigades, said the murder on 
May 9 of former premier Aldo 
More was only the beginning of 
a systematic campaign to destroy 
the state. 

The brigades killed Sig. More 
after holding him hostage fur 
54 days. 

A state prosecutor ordered a 
black-out on Saturday's com- 
munique which appeared to 
contain coded instructions for 
Brigades gunmen. 

Reuter 


Fnvutcru. Times, published daily except Sun- 
day i and bolidais. U.S. sutncnpUon S20u,«i 
■air irrtrbn sjbb.bn ulr nuu|i per annum. 
Second class posiacr pj|j ai New Ynrfc, N.V. 


DOES THE IRISH GOVERNMENT 



POSITIVE ATTITUDE TO FREE ENTER 





CHANGE WITH THE 
PARTY IN POWER? 




Since Ireland's planned industrial revolution was initiated ia 1950, afl three parliamentary parties 
have held office. 

There "was no break in the continuity of Ireland's industrial progress; no break in the rapid 
expansion of her industrial export trade. 

Tbe agreed all-party policy of advancing the economy through the active encouragement of 
her enterprise has been rigorously adhered to, 

- There has been no diminution in the level of cash grants, to private industry. 

There has been no discrimination between, domestic and overseas companies "wishing to ’expand 
in Ireland. 

No party has ever suggested rescinding the concession which exempts exporting industries 
from profits tax. 

No companies were nationalised -or even threatened with nationaEsatiorL 

During the 8 years since its introduction, the National Wage Agreement has been consistently 
adhered to and re-ratified. 

And Irish Government policy has the continuous and unstinted backing of the Irish, trade 
umons-irrespective of the party in power. 

i£i INDUSTRIAL IRELAND 



- -COME AND SEE HOW 

vrfl Y1 VjPA Europe’s most dynamic industrial 

sk V A & W base is only 50 minutes from London. 
: Sft | by air. Any company with expansion 

g* ■ ■ ; • in mind should get a first-hand picture of the special advances the Republic 
Ejt_ : . of Ireland offers. The Irish Government's Industrial Development 
gsa" V ' . .. Authority will gladly organise a personal presentation and visit 
; .;x. to suit your particular interests: factory visits, frank" 
^mtlfrhwfrTi'iWJlaii * 5cussions ' w vh overseas industrialists operating 
MKiifi® i& Ireland, meetmgs with trade unions... whatever 
and whoever you want to see. 

IDA is responsible for all aspects 
~ 1 ' , , i ^ of industrial development, including 

T~"r: — administration of the unique financial 

package which the government offers 
expanding, exporting industry. The 
IDA has helped over 700 overseas 
OTnpanies- almost 50 0 of them Enropean- 
to establish factories. It is the only organisation 
your company would need to negotiate with. 







Confidential: To Hugh Alston, Director, IDA Ireland. 2S Bruton Street, London W1X7DB. 
Telephone 01-499-6155. Telex 051-2475L 

Please tefephewme’wghaviewtt dsa iaai n gaiiarestnieiapadinge tosiaiay comn a ny and a famaansa tion trip to Ireland. 


COMPANY. 
ADDRESS « 


.TELEPHONE 


Tin^nclal Tunes Tuesday May/23 1978, 



NEWS 



AMERICAN 



Sadat wins large majority 
in national referendum 


BY ROGER MATTHEWS CAIRO, May 22. 

PRESIDENT ANWAR SADAT The “principles" on which • Ihwui Hljazl adds from Beirut: 

.scored the huse victory he had the electorate was asked to High-level contacts are under \J 

anticipated in yesterday's dccide are now f orwarded t0 way to place restrictions on B M u 

Mraranifiim <.n nn^cihla mB-UHlvc _ . . nnan-illic in T uVinnn * 


WestBank 
residents 
fear land 
take-over 


Peru ‘has little hope’ of 
restructuring foreign de 


referendum on possible measures PeoD i e v Assomhiv- i PirU-.mi.nn Palestinian guerrillas in Lebanon 
io bo taken against the Govern- p ® op “ (Parliament) and atQ lhftm &ora returning to 


■ BY DAVID LASCEOES NEW YORK. May 3. UWU 

PERU sent its leading financial down to 20-25 per cent of the European banks, and IQ inter- By David Beil 

officials to. New York today to .annual national foreign exchange national agencies. u.t. DanKs WASHINGTON. May 22. 

negotiate relief on its multi- income. with big cinoui Bank 1 THE L f .S. will hold its first gold 

billion dollar foreign debt but Peru’s current estimated debt bank, possibly with ^iwm. wn j foT about lhr ec years 

the prospect ; of even Umited (one >«f. the furrow jvhen the U.S. 


U.S. gold 
auction 
to be 

held today 

By David Bell 

WASHINGTON. May 22. 


Treasury offers for sale some 


i I41V1M rn.iv.. lit# uc Iiiuiiua/ till- ’ ■ - — — ■ 

THE FLAN to build six The officials, led ' by the new will require some Slbn, or 55 per A spokesman for 


>»<* wiU be translated gf ft?™ ?S5FSSff*& success wSre U.ou g bt.ln Sn.nci.t = »' ■*«“** SRSSS ST' "***“ offers for SS 

a.MSS S-jft ‘SLj’gSt S*™," %£FZSSS2£SS&S r ’35. ™ «■*«* « *>"*'« - “£? SM SffiSSt AEAJft- Tsp.1.. for Mann fan- ’S’ZSSSZS^T^i - 

per cent had voted “yes" to the eutor considerable eco^e to move it would pnll its forces fS the w^BSk^^ftSlled 0 "^ 5ft °V he sfSiw tSf vea/^vS debt tUrfiI ? “““i'mmitte 1 ? ^f^US ^ decision to sell gold w as 

Government measures. only against alleged Communists, and south completely b w June 13. West has fuelled frar^ Bank, Dr. Manuel Moreyra, service this year. 1TO0. debt steering comnutlee of ‘ ' ! announced a month ago as part 

marginally fewer than the 99.42 other Government critics M p _/ * T . . among the residents of the travelled shortly after the Presi- service could, it is estimated, eat creditor banks, sail he had no 0 f a concerted altempt by the 

per cent a cbieved 1 in 1 as t v ear's !~! I . f‘ . Fuad Buttos, Lebanon s occupied territory that Israel dent, Gen. Francisco Morales up more than two-thirds bf comment to make today about ^ner Administration to 

referendum following the Janu- W T 5SJ a 'S pe *? od , 1 * b w- mos 5 and Defence Minister, plans to take over tens of Bermudez, made a national tele- foreign exchange earnings by prospects for the talks this week.- re _e Stub ij S h the stability 0 f 

ary food price r ots affected are the leaderships of held talks m Damascus today thousands of acres of land vision address, in which he said Peru. .. However, it is evident from com- dollar on foreiKnexcSan» 

The Inferior Minister, General . th « WaM party and Uie with Syrian leaders on what rnle belonging to former residents, that tee country wanted a major Of Peru's debt, the largest ment in financial circles here Jete The amSinte ofSSS 

Nabawi Ismail, stated that the £ ft ;* ln ? Unlomst Progressive Syrian teoops in Lebanon can west Bank residents have restructuring of its foreign single portion fS724mj is owed that Peru will have a tough time ™ark e ^ The a^nts of gold 

result showed that the Ej^ptlan P r ar & v W1 £ 3 number play m the matter. These troops, complained in recent weeks debts. The aim. he said, was to to U.S. banks. But large amounts at ^ COD f ere nce table. ' T^su^ has d^Sed strono 

“■ deM 

•2.** SsSE Lima paralysed by strike -S£aS— 

is sssl .«x»sssif KX'ffflMj sj’sns^s « u«a. «,• £-& 23 *« • “» 3 


Lima paralysed by strike 


the failure of the military gov- 
ernment in Lima to square its 


to be sold are small, but the 
Treasury has dropped strong 
bints that the sales will con- 
tinue after November, althoogb 
possibly in a modified form. 


position with the I n ternationall Mean while, the International 


BY NICHOLAS ASHESHOV 


LIMA. May 22.. 


Monetary Futid, which has 
refused to permit the country to 
draw the second tranche of a 


n vi v ujjcii, si iruidiixauiv m Uiai uic f 1irM i_ v-|„ «niu -- — ■ ™ ffraW fh^ SCCODCl LrailCnC UL *X 

3X£r*ss* “n ^i“ H r arSA ttsz***"*'* b.^ .» 


observers had noted that for long measures should be left in mirffu 

periods of the day the Cairo reserve, conditional on a more ®“ mster * W1 *l head the Lebanese 

\oun-’ booths were almost “responsible" attitude from the siae - 


deserted. 


opposition political forces. 


Editorial comment. Page 22 


OPEC to 
discuss 
oil income 


Move on multinationals 
seen as ‘impracticable’ 


Monetary Fund has announced 
changes in Ihe way iu which 
it holds its gold auctions, 
which arc to continue for 
another two years. Henceforth, 
the IMF will sell 470,000 
ounces of gold a month, rather 
than the 525.000 it has been 
selling up to now. ; All auctions 
will be by the bid price method 
— that is, gold will be awarded 


BY ARNOLD KRANSDORFF 


VIENNA. May 22. 


VIENNA. May 22. 


FINANCE ministers of oil- A SPECIAL adviser to the UN effect they were actual partners correspondents that the 
exporting countries, worried by Commission on Transnational in maintaining the system of Custodian has now started to 

revenue losses due to the decline Corporations, which is holding racial discrimination and apar- apply the law also to those 

in the value of the U.S. dollar, its annual conference here, has theid. emigrants living in non-Arab 

will meet here to-morrow to described as “ impractical " the Dr J. M. Goudswaard. vice- countries. He said this would 

examine ways to stabilise their move by the Group oF 77 deve- chairman of Unilever, has called mean 70 PC r cent of 

income. loping countries to table a f or yafeeuards reeardine the Ramallah land and property 


tho Am prime I uu'ie.kal, smKe caueQ ior -to wain fjiuviu'-ja* oiuuu ..j — -- - wmen lire iu luuuiiui; mr 

TTndar im-soii law ihe nro- hours by Communist and Left- Friday. The reason is that, io the IMF s anD ther two years. Henceforth, 

nertv of aSSs not Resident on wing unions in protest against Throughout yesterday army view, the soverrunent baa not l|w IMF wiH sell 470^)00 

thp West Bank when it was recent swingeing food and petrol vehicles rumbled ■ through, the fully implemented the austerity 0linces 0 f g0 ] d a month, rather 

oecuDied In 1967 ^ considered P^ce rises virtually closed nor- poorer zones of the city in an programme which it had earlier ^ gog.ooo it has been 

LO havebwn abandoMd if the 1031 commercial and industrial effort to convince people that the agreed to implement. 4 selling up to now.-All auctions 

emigrant Hvm in an \rab activities in the Peruvian capital strike would be controlled, and The steering committee -of U.S. will be by the bid price method 
eountrc his property was liable that attempts at violence would banks Whicil creditors of -that is. gold will be awarded 

to be takeu over because he Strikers and sympathisers in he met Annly- ^f^ ev ? r ’ ^ Peru, whose position is generally t0 those who make the highest 
ws in an “enemy country." the industrial zones and the end of this morning, few troops shared by creditor hanks , else- bid . - 

But if he lived* elsewhere extensive shantytowns which we *f 6 f. e ” anl L?£? 1 ? UT jT' where, is that no renegotiation is under the terms of the revised 

abroad a power or attorney surround the city were blocking ™ ade iirtJe effort to deal with possible until Peru comes to articles of agreement which 

was generally accepted by the main roads and often stoning blockages in the -streets. terms with the IMF: have now come into effect. 

Israel authorities. cars and lorries which tried to The 'success of the strike, des- There may be two factors members of the fund are now 

Mr. AtIt Shehadeh, a get through. No public transport pite Government attempts to stop work]ng j D favour of the allowed to bid for gold but, 

Ramallah lawyer, told Israeli was operating, except for a few it. is being taken by bankers and p eruv j an vein ment- The first in a Press release, the IMF 


South African interests, said strengthen their capacity to deal j legal papers presented by 


The .Ministers will meet for- ! there was no ready answer to the with multinaticr-^Js. 


mally in Gezwva next month to ; activities oF multi-nationals in' In a conference paper. Mr. said this was prompted by the 
discuss an interim oil price South Africa He doubted if Goudsw aard. who is a special j discovery aF forged powers or 
increase this year. But the major | apartheid would he weakened if adviser to fh e commission, says i attorney. He denied that there 
producers— notably Saudi Arabia ; multi-nationals withdrew a number of parties would have: was any plan for a massive 


...... lo be protected against any take-over of West Bank land. 

-' e ui failure of the system. They) The slate controller report! 


apply the law also to those By the end of the morning, it cisco. Morales Bermudez^ 10 appoin tees in other senior official lieht of the objective or 

=s= 

PI but ttS? 1 wereTo ‘ISS ^tfoTon JSed Jfe'even tafSJSS 1 ” ’ 'JSSffinSS 11 a h u “ S Uo b n e s CQ 

3^ p°^ shes s^n h g a goid“Sgre 

responsible for the office of the Tbe whole country has been originally due to be held on June speech that Moscow had re- or otlier lbe ban^-g W hich 

Custndiaii Mr Varm Vknin under martial law since Friday 4 but. jast week, were postponed appointed SO per cent of the have been participating in the 

SMS, fhe i a «f f!w momiJs nighL An extensive police for a fortnight. But now many money due to it up to 1980. salcs Most obaerV ers here do 

ihe d Cffl-tod^ swoop on lef t- w1n S politicians of the people standing for elec- totalling ^9Sm. a year, over the not cjcpect this t0 ch a n ge. and 

tough re-Saminadon of the 111(1 “ a e itators ” ™ Lima and the tion are in detention. period lBbt-i. it j s not considered likely that 

legal papers presetted by ‘ :y— — many countries will emerge as 

relatives of the emlgranls. He “ , ' / - 1 • TT T¥F • • — buy ers their own right. 

SSISSS2 Carter seeks UK air concession 

toklo^r at ' BY J UREK MARTIN - U- S - EDITOR WASHINGTON, May 22. S^ld^hil 

The slate controller reported j THE ‘U.S. and Britain appear to carriers front each country could the President with a politital has now accumulated from the 

two y«» r S f a SO that there are j be bea d] n g for another- tough serve - two-. ILS. - cities from problem, since it would meaji proceeds of the first two years 

found of bargaining on trans- London. New York was desig- that either Pan-American of gold auctions 


national monetary situation and j Financial Times. Herr Gerhard information related to the needs Mid that in the last few months ■ awoop on le f t : tt1ng politicians of the people standing for elec- totalling $9Sm. a year, 
plans for closer economic coI- ; Tacke, a fornier chairman of of host countries in particular, the Lnstodian has started a I d - agUators .- ^ Lima and the lion are in detention. period 19S1-7. 

iaboration among the 13 member Siemens which has sizeable developing - countries. to 10U S 1 ' re-examinauon of the , h . . . 


relatives of the emigrants. He 


. . - 

Carter seeks UK air concession 


prooucers— noiaoiy s»auai Arabia: multi-nationals withdrew. a number or parties would have was any plan ror a massive martin us editor - WASHINGTON. May 22. 

and Iran — have already indicated ..... ... .. lo be protected against any take-over of West Bank land. bt JUREK MARTIN, u.b. editor y 

they want lo hold the Price at j mucb W ith abmot action “ Te fail ^ re . °, f (he system.^ They The slate confreller reported | T HE U.S. and Britain appear to camera from each country could the President with a political 

2> 12.(0 a barrel for at least the;™Jf n whi,f qE tlth would include recipient Govern- two years ago that there are - be head ] ng f 0r mother- tough serve - two UB. • cities from problem, since it would mehn 

ri ll th ’ syf: l r - . u I would reactverv emohaticallv nie J 1 ”* from , acti . n S on unreliable over lOO.Ono acres of land land \ rouad o! Wgahting on trans- London. New York was desig- that either Pan-American 

OPEC member states have “J 1 ." «S« tiklK- S£Si and ,ncom P^te information, and 1.100 houses on the West Bank ! a tl antic aviation, as a result of nated as one. white it was left Airways or Trans-World Airways 

reduced their output of crude by J"® * “ JJJ ‘ " K *g p l ™J ntr v ir*F ld individual multin&tionals from belonging to absentee laud- the direct personal appeal -by to the U.S. to, decide whether would have to give up its Boston 
-0 per cent to help shrink a huge [® r “* We eouQtJ > " oultl damaging their business lords. The bulk of the land and . President Carter to Mr. James Los Angeles or Boston would service, with a consequent loss 

surplus on the world oil market. oe „7 , l4 . interests. property is in the Ramallah, , Callaghan, the' British' Prime retain double designation. of jobs at Boston airport, 

according to the Kuwaiti Oil ,. In any event, we as multi- Infonnation, he says, should be Jerusalem and Bethlehem area. Minister last week concerning The Civil Aeronautics Board So. last Tuesday. Mr. Carter 
Minister. Sheikh Ali Khalifa al- nationals don t want to be used disseminated only to govern- flights from London to Boston, has tentatively recommended sent a “Dear Jim" -letter to Mr. 

Sabah. as tools— why should we be used rnents. The centre should not be : The Bermuda II agreement that Los Angeles be granted the Callaghan, saying that be pro- 

Dr. Mana Saeed al-Oteiba. Oil to implement political ideals; allowed to disseminate informa- «n i last year stipulated that two privilege. But this has presented posed that all three cities be 

Minister of the United Arab The conference has heard lion about individual multi- Kf INN Will flfi '■ ' granted double designation. Tbe 

F.mirates. hat- said that Abu African and other Third World nationals, unless those multi- ^ , : President noted ’ that under 

Dhabi might be forced to reduce delegates alleging that multi- nationals have bad an opportunity ... . t Bermuda II, Britain w^s not 

oi! production by between 3.5 per nationals in Southern Africa to check .the reliability Of data hrOUPTll’- Unci nnn/Qol #>r» obtiged to Accept this, biftjiadptt 

cem and t per cent in 1979. continue to sustain and support and to comment on non- u 1 uu b“S '.•? -Jj vtl dllUvdl OH UlijElUdlU V “I hope you will not take this 

Agencies the regimes- in the area. In numerical data. ...i . „ .-Mr Mr step 8T , d thereby limit our 


Wage Council 
predicts 7% 


The Bermuda II agreement that Los Angeles be granted the Callaghan, saying that be pro- JJ1 CU1LL9 / /O 
last year stipulated that two privilege. But this has presented posed that ail three cities be , .. , 

— ' ‘ inflation rate 


i continue to sustain and support and to com 
the regimes- in the area, lo numerical data. 


Fed appeal on disclosure 


By John Hoffmann 
PRESIDENT C 


, i , | — step ana inereuy iiaiii our 

within the law BY OUR OWN CORRESPONDENT WASHINGTON; May 22. Sw^return^be pieparedto 

CAPE TOWN, May 22. THE SUPREME Court today staff 'did not want the Govern- S^'^SuWties 
south AFRICAN cer- announced that it would hear ment to take the case on appeal your - 

rice, the Bureau for Slate arguments on a case which the j® J be rb “ l p r r cme C ° Urt ' U ' e 03 Mr: Callaghan is' understood to 

mncci ir , n ,nma FpHprjil Rpse.rvp Hoard believes ° _ . have replied at the end Df last 


President noted ' that, ' under ******* nvm 

Bermuda II, Britain wjs not .. . WASHINGTON, May 22 

■■rX^y^wni^ot^kf 1 on Wise 

Step and thereby limit our 5l ce n?** , i!!!n\- p red,c ' t f d 


National Sccuritj Adviser. Mr. w»th Te "? sh, £° ^oa. he said, “we recognise j Mr . Alwyn Scblebusch. The litigation in question con- Fed chairman, the Treasury p Jer^are unlikely ^ be straiiSti- 

Zbigniew Brc/.uiski leaves China jnfl H (h r c and share China's resolve to Minister of the Interior, told cerns a suit brought by a student Secretary and the Council of BritishAirwavs whteh 

to •morrow after three days nf ^ Jit resist the efforts of any nation Parliament that be would in- at a local university which would Economic Advisers, and duly 0*555 mt SS 


- ■ within the law BY our own correspondent Washington-, May 22. approach 7 per cent for the 

Brzezinski finishes China talks S0 U t H c ™™ m ™ 2 L 

rice "he ™^: "or Slale TgumenB on . cose »hich the » the Supreme Coco, tbe final y0 J^ cffian is' understood to the remainder of 

in Peking v-!v Security (BOSS), is to come Federal Reserve Board believes have replied at the end Df last i n * * ' nn i„n 

G. M > — un der the law for the first time could gravely impair its ability However, tbe Solictior Generdl week it is thought probable that ,n d * . 

CARTER'S round of talks. In earlier talks ous competition with the Soviet it was announced today. to conduct monetary policy. JS^wiiSatlSSs from ihe he enter negotiations JSiSf ttf lW. & Council 

Adviser. Mr. with vice-chairman Teng Shiao Union, he said, “we recognise ! Mr. Alwyn Scblebusch, The litigation in question con- Fe^cSSl 13 ^ 5 TtStturJ 21?i^Snl&l5^b? l &SSt- ^ "he bebavio^of wages 

i leaves China ™»S and M Hua * (ho and share China's resolve to Minister of the Interior, told cerns a suit brought by a student Secretary and the Council of BritishAirwavs which 311(1 P rJ «s in the first quarter 

three days of h jl ,n ‘ s '® r r - . jjf- resist the efforts or any nation Pariiament that be would in- at a local university which would Economic Advisers, and duly mlsto Boston m«v Iwu much of this year ... did not mean 

10th mu n tries JJfJJ in “b* , 5f* wh,ch seeks t0 esublish global troduce a Bill to regulate the compel the Fed. under the terms i odge d the appeal which the as £5m ? year in re venues which in,la Uon is again on the 

ire for normal f b ,P« -Thn vi- or rc S lonal hegemony." organisation and control of the of the Freedom of Information Supreme Court today decided to u reckonedto Sdn if up aaSnrt rdUipa S e ” ll weot on to blame 

Aeency reiort^d iha?i two ^ Mr. Brzezinski made it clear bureau. No details have been. Art. to dtoeloie j* promptly » the hear in its winter session. oaW one US.^Srrie^ on tiie MD J e °' the Creases on tbe 

elieved that se a P h a if hoT riSusstin uith Hr however tbat **; U.5. had a published. dehberations and ^cltions taken The Fed is. as a result, breath- Boston ian "?£, strike ,. and ^e effect, of 

ft skirted the Tone vesterdav was "serious ^ti-ong responsibility to be Police said today that 14-’ 0 ^i ei l committee, j ng a my e more easily today. winter weather on productivity. 

\o a }$ 35 Sen0US active abroad. . people were injured slightly ^ detenninea monetary pa s ndilIg the Supre J Corut “te tZ 5* 'SSL' "V* ? at ; 

nship between In mi exchange of greetings Mr. Brzezinski said the U.S. and 16 arrests were made iasf pt, “ cy ; . ruling under the suit, it is U.S. COMPANY NEWS Dri®, in min!- 

i on disagree- with the Foreign Minister Mr. bad made up its mind on the night when police used teargas Last y^ear a federal appeals generally understood that niaverf riiJh.rMnj .2!? “ *p 

an unification Huang al a banquet in Peking, issue of friendship with China, to quell a riot among black court upheld. the arguments in ‘prompt . disclosure of open thrvs i er raising S150m by 

vcoenitioii nf Mr. Braetinski spoke of tbe U.S. “ The President of the U.S. is workers at a gold mine 125 the ^t, thereby, .considerably niarket committee sessions means stock issue* itetaxid Container 

cezinski spent commitinem lo friendship with determined to join you in oveiv miles south of Johannesburg, agitating Dr. Arthur Burns, then that they should be made public ( JI2 »f ,e “ t 

t-Kveiiic at the China. Tactfully ignoring China's coming the remaining obstacles The trouble began with a com- the Fed’s chairman. His concern within 24 hours, as opposed to boloere cooiqn liine oia^ egtsterea rates of increase 
China before frequent criticisms of tbe U.S. as in the way of full normalisation plaint about canteen food. was compounded when it emerged the current delay of over a New York kbit in talks with v«L** U!e p4C i e of pr, ?I 

ic for the final a superpower engaged in danger- of our relations. Reuter. that tbe Solicitor General's legal month. banks— Page 29. ■ . 3 . " or example, it said 

• ■ • that average hourly oamings 

AFTERMATH OF THE KOLWEZI MASSACRE . TiWXi '*7t 

- -- — - - hourly compensation rose at 

_ _ - • a record annual rate of 132 

X 1* A . ' A. * ' A • percent. AP-DJ 


“"‘"“ii- a.,„.. v rem 1 1-1^1 ihui .ur. orzezinshi uiaue 11 ciear - - 77 — — . 5 — . , - . , — anuuu. onlv one U.S. earner on 

However, i. ,, believed that sc fhalf hZd^usslin uTth Hr. however that the U.S. had a published. • “gffSSgS ■ Tbe T- ed , is - as a reSU $ bre3,h - Borton ™n. 

far the talks have skirted the Tong yesterday was " serious Str ° ns x 1 rcs 5° nsibllity t0 be Poli ce said today that 14- “K-SSSm immetaS In§ J IltUe u mo ” easll y ^>y* 

main f»bsta.-le.s to a full and frank.” active abroad. people were injured slightly: determine^ monetary p aI , dlxl g tbe Supreme Corut ; .... 

diplomatic relationship between In mi exchange oF greetings Mr. Brzezinski said the U.S. and 16 arrests were made lasf P° uc y- ruling . under the suit, it is U.S. COMPANY NEWS 

the tw» countries on disagree- with the Foreign Minister Mr. bad made up its mind on the night when police used teargas Last year: a. federal appeals generally ^ / understood that . 

ment over Korean unification Huang at a banquet in Peking, issue of friendship with China, to quell a riot among black court upheld. the arguments in “ prompt disclosure of open Chrysler r aising $150m by 

;/nrt tin- »'S recognition of Mr. Brzezinski spoke of the U.S. “The President of the U.S. is workers at a gold mine 125 the suit, thereby, .considerably market committee sessions means 1 tan*, intond Contal ner 

Taiwan. Mr. Enu-zin^i spent commitinem lo friendship with determined to join you in over- miles south of Johannesburg, agitating Dr. Arthur Burns, then that they should be made public 1 “"x,' .lBiTm h-h- 

this morninc sichi-Kveuig at the China. Tactfully ignoring China's coming the remaining obstacles The trouble began with a com- the Fed’s chairman. His concern within 24 hours, as opposed to homers cooiqn .Aime Dim 

Grcal Wall of China before frequent criticisms of tbe U.S. as in the way of full normalisation plaint about canteen food. was compounded when it emerged tbe current delay of over a New *01* KKii in talks with 
return 1 ns in Pekinq for the final a superpower engaged in danger- of our relations. Reuter. that tbe Solicitor General's legal month. banks — Page 29. 


this mtirninc sichl-sveuig al the China. Tactfully ignoring China's coming the remaining obstacles The trouble began with a com- 
Greai IVali of China before frequent criticisms of the U.S. as in the way of full normalisation plaint about canteen food. 


Greal Mall of China before frequent criticisms of tbe U.S. as in the way of fu 
returning 10 Tckinq for the final a superpower engaged in danger- of our relations. 


Reuter. 


ZAIRE : AFTERMATH OF THE KOLWEZI MASSACRE 


French troops comb 
the bush for rebels 


Controversy over rescue operation continues 


BY DAVID BUCHAN 


THE NUMBER of while refugees towm is put at 2.155. But an officials here say Belgian troops announced, according to one airlift capacity to get fuel to the 
10 arrive in Brussels reached unknown number of Belgians have left to the French any hot refugee employee of Gecamine*. Shaba airbase of Kamina I 

1.902 tonight, as' the political an . d , othc r Europeans are stiM pursuit of the rebels outside the Zaire State mining company. Qnlv th _ .. nrnvid|>| 

in .-ih.iiit the Fmnnh missing, and the Cabinet decided Kolwezi. M. Dupont said he learned this , hik . ci'innnrt nnti ILft- - J 


KOLWEZI. May 22. 


controversy about the French 

BELGIAN' PARATROOPS were Black re-idenls of Kolwcri and Bol S Ian r «cue yper3titnis lon ' s 
rapidly pulU-d «»ui nr ihi.> began lilu-ruig back into town grew S' 

lull ••red mining town today arter tiiday. puking iheir way past M r . Leo Tindemans. Belgium's 

:i‘. r J*! Un \ !° more than black and white corpses on p r i uie Minister, today thanked » 

—butt while survivors, of the streets reeking of human putre- ri ■„ . 

bloody insurrection by anti- faction under the tropical sun. President discard dEstaing for 

Government rebels. Colonel Phillipe Ernlin. com- *“* .*P ee “ French reaction. — « 

But French Foreign Legion mandcr uf the battle-hardened X' 111 ^ 1116 ? «l re „ new ? s ,. 486,3 cy 1' 

troops. who dropped into French troops, told reporters bttaonit, l 

hnlwezi last week in a contro- that 300 rebels had been killed ^St 1 ® ,a T 3 F ? r ?j 5n . M1 ^f t ^ r ^° f \ 

versial rescue opcraUnn, as the first wave of 400 lo fiOO dela > lx Jg President Mobutu a ^wtTSj 

remained behind, combing the pjrachuu.su dropped on the town rC i?-^ q . . ° el P I®!" .*■■* /< 

town and Ihe dense bush sur- last Friday. P while Belgians were being killed 

rounding it for remnants of the H(J nut h - i n «e<i -it two m Ko,wezx - ANGO 

rebel force, who were believed , lien dead nil nine wounded and Mr - Tindemans, in a parlia- r 

« whi,M w,,h SSSt?tad n iSi1J;SSS?fiS 


tonight to leave one b 

— 

I ZAIRE 


\ S h a', b a 
HUTSHATSHA 


Z A MB 
LUSAKA, 


*^ W| ,«*u W uvuuuuuw UN session on 

BRUSSELS, May 22. 

5. But an officials here say Belgian troops announced, according to one airlift capacity to set fuelto the tllaniCllI 

if Belgians have left to the French any hot refugee employee of Gecaminess Shaba airbase of Kamina ° ur Own Correspondent 

is are still pursuit of the rebels outside the Zaire State mining company. nn ,„ lh ' 1T c' ^ . . - iTViTFn vatuiik « ... -« 

inet decided Kolwezi. M. Dupont said he learned this Provide j ‘TED NATIONS, May 22. 

battalion of a spokesman for the Congo- fr o ra wounded French soldier, implied that President 1 Carter) Sovtet*Fr\YYn G M 0i ^ KO ’ Y 1 * 
, lese National Liberation Front hj *d been llow-n in from was responsible for much of 1 ho ^ YiYtiT 91 ?- 11 ^* ,mstcr - ani * a 

IT) SHF* thaf^is W mJSSSZ ?is ho U u , sc a tiatmebf elerinS in Si' 3M Frid" -"r 1 ^ 

"'"’SI J. 01,0 * 3 stiU hel ^ Mutshaisha and Another refugee, a Belgian his assent to the use of^U.S ^ir- f or^the ve 8 wepk° "npria ! 

— M had re-entered Kolwezi. He priest, has accused Zaire troops cra/L ' JJL tbe F fl ,Y e - w ?f k , *5 ec l? ! .. i ^; 

!Aia«'»s denied that the FNLC bad killed of killing some whites, taken Thu Fnrpim u \7 C United Nations 

any whites and said - “It is originally as hostages tn nrntc-rt The-. Foreign Ministry here General Assembly on disarms* 

1 Mobutu who needs hostages to themselves from the rebels. The hcld^UD e^de n t &t Mnhi f. ‘ “ 0 ° e 1 ““ YnY!.i5 h is t0 open tomor ' 

pressure Western Govenunents Zaire embassy here today JS* for^ heln^ Mr frlS 0 "’, „ rice*. 

f to come to bis rescue." accused those who spread such Lf.5 d«cribed A Mr *wSh,?!!! Cla M rerYS if «. D ? 

2 ) . , . . , _ stories “of bar! faith ^nri orn« l ooay. .aescriDea Mr. Mobutu as retary of State, Mr. Cyrus 

fu^MASHi The spokesman denied that the ,‘ es or 63(1 faitp ^ gr05S “an expert at playing off the dif- are to meet here on 

f 1 ^ 1 " “ d jotention ally des- ferennes in internal Belgian Wednesday for a new attempt 

Vl troyed any mming^ installations, predominant reaction here politics." Mr. Simoner has been t0 break the stalemate in 

ILaI pus had been done by the j 3 ** b P® n that- Belgian troops under pressure from his own negotiations between tbe two 

Bril Zaire army, the French ‘ and w* Socialist Party to distance bin! superpowers on arms limila- 

Ajf ^ Belgians. He reiterated that tbe Kolwezi on Friday nighL Mr. self from the Mobutu re-time lion - 

J FNLC's eventual aim was to take Tindemans sought to allay these \ further renort «f « ’- Dr - Kurt Waldheim, ihe UM 


large delegation from Moscow 
today led the stream 0! diplo- 
mats converging an New York 
for the five-week special ses- 
sion of the United Nations 
General Assembly on disarma- 
ment. which is to open tomor- 


in-.- 111n-.11 vwuuiiiu. nut Ihe while ri«>-.»h mil n inn . irouph m rvamina airoase. norm auaoa. 

and nolmcal uncertainty. Belgian pL,t i;J0 h,t ' dej,h to ! at 100 had fixed for the Belgian opera- of Kolwezi. until the end of the Refugees have all told of ihe 
.-Did Frem-h officers said the W J”' , .. . .. tion. almost all expatriates still “period of uncertaintiT" kinK Kn S ° t LS£ 

KNLG 1 Congo National Liliera- The mission has seen little, if alive nave been evacuated Froiii Mr Tin Ham me ,..wwi«thst 


I Lusaka J[ Belgians. He reiterated that the ^y****' on rrwey nign L mr. self from the Mobutu re-’ime l »on. 

L o 'mi- 3 oo FNLC's eventual aim was to take Tindemans sought to allay these \ further renorr „r oZ „ '- Dr - Kurt Waldheim, ihe UM 

; s t . . tec whole country,. Starting with charges by tellinn Parliament KrtwS?S«r Freii II liSnn 1 ! ! Secretary-General has called 

airbase. north Shaba. that Belgium had at first good who said he saw Frenrh^mnni I' the sp ® L ' |a > sossion.'tiie first » 

of Ko \\ezi. linn rhp pml ftf fhft PoPimnnr Vinnr. nil A rpfis'rin In *«■ rnHi runt -.nnoolc tn - « ^ r TLIlCn trOOpS, hn 


isniTV>onn rclH-i^ had had sup- -*D>. co-ordination between ibe Koiwezi.” TtJteia i‘ as steppe , 1 ? H p j la5l *v V ? n 5 es 2 a '; t.'8 n . era t. ^nd the Organisation of officer told him afterwards' 

! ""j ainSnu Ihe predominant v French and Belgian iroops. Bel- 1,, ' limltlp - ^ lQ lirhn Sf 1 * 1 *" ,roop ? «ere authonsed It was on teat day that tee first African Unity. Once a military one told us this was a 1 

u-,ubtion of the kev Sian officers vwterdav accused . The number of people who tc. pursue . rebels lakmg white wave 0 r French paratroops operation was decided „n. Bel- operation. A 7airn-,n 

."il.UK 1 U| U Jl ■ .. . r : . bate left the southern Zaire hostages With thpm ■’Rilt SO far i;<nri(3r1 nni nn Frida V as nffii'inllv ->inm K-iri frw H >3 nnnH An .m o 1.1 « 


‘The ornrere - ffi" l5 rfSillCTlS left the southern Zaire hostages with them. But so far landed, not on Friday as officially glum had to depend on foreign unHonuT Wc shoo^ 0 ^ , ^ 

nres>ed fears teal the rebels fleeing whiles. But Colonel Era l in |jr K. C fniiah 

v.ould again rise against Presi- indignantly denied this charge ML a 1 • A m a 3 H/UgU 

if "i h v 3 Frc n ch f also ^wil h d row? “Our behaviour is exemplary.” Mobutu request poses emb^irrussuig question for Paris! ^ ne °n detente 

The withdrawal or Belgian Legion forces patrolled Kolwezi ^ 1 

paratroops started at dawn as on foot and by Jeep today fan- BY ROBERT MAUTHNER . “X Stewart Fleming 

ihcv assembled at Kolwezi air- n lng out at road junctions and P.VRIS, May 22. MEXICO CITY, May 2* 


mixed: 
1 in' 


be devoted to disarmament, 
and the largest anfi most rep-, 
resenlative cath'ering ever 
convened on this question. 


creep back into town. _ 
At Ihe airport Bttigi 
transport aireraH tl 
along the runway to ta 
B'tigian jiaratroops who 


today. But he 


put even more lives in dtangj?.**; 


tiiV ? 1 


S 1 # 1 


DR. HENRY KISSINGER rtft, 
today that what the : 

Union is doing in Africa mo 
porLs of the Middle Eaiit is »;■ 
compatible with detente. JJ-- 
argued that the Wert , 

need to link East-West iraJJ • 
relations with SovJet restrw 111 
on foreign policy belrtViW r - ■ y 
Speaking at the Internal* 1 ' 1 " ; 
Monetary Conference JJ 
Mexico City to the 
mure tlian 100 of ihe won®* 
largest international banks# u- 
Kissinger suggested that . 
industrial democracies j . 

need to develop a code 0*. w o f 
duct for both the tjjw ; 

ocu mimic relations »»« .!-< 

lype or political eouoflJ‘ , ^ 
that Lln-\ wanted to atlse* 1 


I'# 


.VI 1 ' 


I 



! 


■fjf. 


s ;.Nii 


ill In., 

•’'U;n 


Financial Times Tuesday Kav 23 1978 


> V< >KI.I) TRADE NEWS 


BY JOHN LLOYD 


rt to seek tenders for Hong Kong 

, . . # overseas 

• telephone project business up 

“■ ® Tin no Knnii't rfflmuctif ornrirti 


Japan’s trade down at Canton Brazilian 

BY DOUGLAS RAMSEY TOKYO. May 22. {plastics 

tPANESE BUSINESSMEN guidelines for credit and other Japanese paper industry ! ^ 

turning from the Canton instruments to' finance trade. sources said paperboard export |J§ 3 liL tlTlPIlPfl 

ring fair nave reported far The visit coincides with the contracts to China for the first JT vr £#%✓**%/** 


TOKYO. Mav 2 


bSRTS? h from ARETO * side company would provide OOm. 
shurilv. **■' tfn uavcrnQ Jent Egypt s telephone organisation. much of the initial canital and ir__ 


i JAPANESE BUSINESSMEN guidelines for credit and other Japanese paper industry 

I returning from the Canton instruments to' finance trade. sources said paperboard export (fig 3 gif (|(jP||P|| 
(spring fair nave reported far The visit coincides with the contracts to China for the first Jr A *** Jl *' *'”*'** 

I less business than usual, con- announcement last weekend that hair of the fiscal year, started on By Kevin Done 
firming the view that China will Hitachi has won another com- April 1. are estimated at about thf FMFRftFiurF nf rinuAinn. 
make fewer deals at trade fairs puler contract in Peking, al- 70,000 tonnes, mostly unchanged A." ennntric' as a hu* tar 
after the signing last winter of though for smaller hardware from the level a year earlier. The petrochemicals manufactuS has 
a S20bfl agreement with Japan, than the two large machines sources attributed the continued Em undcrJned bv the mmmi* 

Contract, for ab0U , S120 m SSSl^SafftapStf" MffiSS’LV’SSS **“ ■ esT“e£ 

worth of exports and S160m aP S? a cW said todaj ftttiMril, pajer in 1MX - 
worth of imports were wn- peSlon COCOM ^e WKiem ro? exoort 1QUU;,tri ' il prc ^ The plant built by Polihrasil. 

eluded at the month-ions fair SSition that SocessS £ d f ° P >n which Shell has a 46.9 per 

by many of the 2,000 Japanese quests to sell “strategic' cent interest, is located at 

companies participating. materials to Communist coun- SiftPUDOrE hOSDltHi Cupuava in Sao Paulo, centre of 

rm.., a**.* —a . iries. tn aDorove the latest order S " r Brazil's growing thermoplastics 


diaic* injei 
intended fi 


“J tor me imme- Of capital u«rricui.u CUUipdli;,Ul-AJCai« r »■» w Utei JUU j. • Kllotoral ■.orpomont - - 

{Ction Of about S3bn. The World Bank has approved ? nd **0“ ITT, as well as cable 1976 to April 1977. Imports rose Cdr onaiera k cement. cranes, AP-DJ reports from n esse e. The complex is scheduled partners in Polibrasil are 

" r -' i l to make the exist- a £3Gm soft loan for telecom- *TT subsidiary, hy *3.4 per cent to £6bn and re-j Without charting ihe precise Tokyo. Shipments will be made to open next year and the com- Pctroquisa. a subsidiary of 

n— which is unrkino nr s- c — » — > n.. STC. exports, 3t Hl^bn, rose by 14. S ■ decline in orders irom the past from October to next March with pony will begin consulung work Pctrobras. the state oil company 

Among companies known tobei per cent ‘ jtwo fairs. Japan's leading trade payment in yen. this month. which will supply the propylene 

interested in the Egyptian : representative toicl reporters on feedstock, and Pronone. a 

nroiect arp rnntinpntai ii^if rtf. A ll«« el 'bis return to Tokyo today that member of the Coimbra Bueno 


I«v.t cwifkiM „,u: 1 . — 7 . - — uvii ivuit iwi ivicvuur 

miv -:n h ch ,s working at raunications in Egypt and Ihe 
«... . ptfr «. ceB ? 1 efficl ency — Swedish company. L. M. Ericsson, i 
, n ,v J •' cffec tive: then to ex- with France and Japan, has inti 


he fastest 
commodity 
ig of the 
a further 
liana! mar- 
durers are 


ne study recommends that the own telecommunications manu- Libyan deal 

~~ L. M. ERICSSON, the Swedish 

Machine tool orders rise “SE'SE 

for telephone eauinment. 


BY JOHN WICKS 


ZURICH, May 22. 


lYiauimc luui uiilclM I15C won a S15m order from Libya mixed-flow volute pumps are to J * ,ean companies proved especi- Th overseas airlines and a S70m b disclosed but a plant 

I . for telephone equipment. The deliver to the treatment works ! talE ex- !°S n , by f the m * ta ! of AtariM be expected to 

llkelv in Wp^f Flirnn^ order coverfi two computer-con- sewage from two districts W> change account, w II be extended >ndustry for stockpiling or nickel cosl , n the region of SSOm. 

III ?T C31 l^UlUUC trolled transit exchanges or the ? f Kong. Electrical power Poll ester, to the Chinese. to importers through the Export- ^ ... r Production from the plant. 

BY lomu « oo crossbar tv dp for international >. s » be provided by four generat- The estimated SiObn worth of import Bank of Japan. The The introduction of the scheme which will be marketed by Shell. 

BY JOHN WICKS ZURICH, May 22. ° r *J. pe *®T . “jf sets driven by nine-cylinder delivenes under the Japan-China ]£jns^ of three to 10 Sars will was ad °P ted an economic j s aimed at a number or outlets 

WHBnFR . . .. . j i o . ^ _ f raffic - ' v,llla m enforce writes Allen engines. APE-AJlen is also agreement will hinge un provis- inVresfof 6 Der c^nt ner Cabinet Ministers meeting on u, al are developing in fibres 

?m™ RDER .y ol “ m ® thc land - 13 P*r cent m West Ger- from Stockholm. This is the to supply and install all an cUl ary ions to finance the transactions. ° E 6 P cCnI Pe April 21 as one of the most (packaging tape for sacks! 

I < A v n ? j 1 ™ Chin e-tool industry many and 20 per cent in France, -first order Ericsson has received equipment and control panels for ! ] n that connection. 13 officials ‘ mnum - effective measures to reduce mouldings for the motor in- 

is expected to rise by som e 7 ^ Bx Dort Qr ders for the Swiss for 0118 killd of from the pump and generating sets. f from the Bank of China were to The ELxport-Import Bank said Japan's huge balance of pay- duslrv domestic appliances and 

per cent, in tenns of current m ,- h jnp.huiidinB industnr have L,b y a and includes the training which are scheduled for delivery arrive in Tokyo this evening for it is studying requests for the ments surplus. medical equipment and packac- 

vcar CS 1 a . the d - first half of „ this 1 ?,!?° of lfl cal technical staff. early next year. la three-week visit to establish application of the scheme to five Reuter ing. ' ® 

pwn Machine-Tool Ynd^try “S 2 f - thU J*«> Th | Association of [ ' - _____ 

operation Committee (Cecimo) Mach,ne ® u il dera reports 

production for 197S as a whole i bat oew export orders received 

should be higher than last year's 10 . ^ rst w quarter 

.ho selected member companies were 

mnch ' wuon 3 30 p^ r pent below the 1977 quarterly ■■ ™ m ^ — 

The cmnmiuce expresses con- a '* ra ® c ' MM 

rem at "»erious competition'* Turnover of the 200 companies, JKrai£*B|, B BB B 

fr.jm East European states and of SwFr2.9bn for the period, was B fl B B 

certain developing countries, as at the lowest point for two years. JB W B Ki B B 

well as at the wage and price Although work on hand has risen ^B BAJDu mI]b Ah 

inflation in many West European ai ? avera «! of 7 ' 5 niooths* Pro- jm 

markets and the "unstable and auction for the industry, that has 
imbalanced monetary situation.” oecn due in part to companies 
Often, excessivelv restrictive ma -nufacturmg for stock and 
rfifciy regulations are seen as without corresponding orders on 
an obstacle to trade in machine “ e “ books ,n order to U P 
lyols. employment and use capacity. 

The labour force in the Euro- Work on hand for textile 


K 




i he lai'»uir force m the Euro- Work on hand for textile 
! WMM Mj' ii ne-iool industry has machinery builders remained 
been declining since 1973. very low at 4.7 months’ ^output, 
.KYuriiing iu the committee’s with no sign of a change in trend, 
coimmmuiiu?. The reduction of while that of steelworks, rolling 
employees had been 4 per cent mills and ferrous constructions 
m the UK. fl per cent in Switzer- is also running very low. : 

ASEAN fair $40m sales \ 




*d 


r, 

il 








C 



BY OUR OWN CORRESPONDENT 


MANILA. May 22. 


t 








A 



Ti 


THE A.ssneiation of South East Arabia had closed or was about 
.Y-ian Nat inns (ASEAN) ended to seal purchases worth $6-2m, 
ms first trade fair here on mostly prucessed foods. 

Tat “isi 'S&ts 

’ n : i. j w l c r f.,., f, Business with Singapore 

concluded or about to be so. VO uld be worth $3.4m. Australia 

Philippine Trade Secretary S3."m, Austria S1.5m, and 
Trnadm Qm.i/un. chairman of Malaysia S1.2m. 
thi- fan's vxevuuvtt v«m\mittec. A quarter of a million people. 
>ani Ihe mm led con tracts were including 3.000 prospective 
worth *.sn> .iiid only minor buyers Trom 50 countries outside 
fnvm.ilnii-.s w «*ri.* needed In seal ASEAN, visited the fair, which 
i- t n-is i-ovnng goods wo; ill also featured automotive parts 
.i 'urHicv s; :'.2ni. Processed food and components, electronic and 
limn i .iiviimiicil fur acliial sales electrical equipment, chemicals, 
ifiiiih while iUi*i;«l pruducis, rubber-based products, pulp and 
li , vtili.-> ami garments, handi- paper, iron and steel, construe- 
rr.ujs ami .igro- industrial equip- iiun materials and comimtnica- 
lucm .icca.inicd- for s:tin. Saudi lion equipment. 

Pakistan exports off target 







PillP^ 

' Wlx-.-'M : I 


BY IQBAL MIRZA 

FXKISTAN'S EXPORTS during 
ihe first ten months of the cur- 
rent fiscj! jear were 10 per cent 
less than ihe target, but the 
icier nf exports during ihe past 
ruti months indicates that the 
revised target or SI54bn for the 
cmri-ii; } l .. may .bp achieved. 
Kt-puri by the Export Promotion 
Hui-imu i*ii irenus during the 
current fiscal year said . jhai.prt^ 
«re-sivi> ovpurts for the period 
.luIy-Apii! I977-7S amounted to 
JPiUim cninpjred wilh SSS6m ihe 
c.ii i i'*oi'ii*i> ii'4 i**'i'ii»d last year, 
increase i»l‘ I-' i*er cent. 
lii..iigu:':i1iMg tlirce-d:i> con- 
ference tin Pa List. in's Trade im- 
tul.im v ami invisible earnings, 
Mji-j.-if:, ihikal. a«lvis«*r tu 
I h,- i hici Mariial Low AUminis- 
traipr. -aid in Karachi that a 
l*ri*|*er s>>U‘in will have lo be 
ev:.! vet f**r fho foreign exchange 
•MrningK netted through workers’ 
p'lmtuinces frum abroad. White 
tii.- .-harp increase in workers' re- 
nni'jiKvs has been a welcome 
r.-lirf f«*r Pakistan's balance of 
iiu-niv it has coincided with 
a l.irci'-scak* exodus nf skilled 
i: i a iq lower. 


KARACHI, May 22. 

Mr. Gokal said the traditional 
sources of invisible earnings 
have been stagnant around 
§3Q0m for the past few yeans and 
constitute half Pakistan's in- 
visible payments. He named the 
main items as transportation, 
travel, investment income, 
government and miscellaneous 
services. Earnings under freight 
and insurance are nominal. 

Mr. Gokal added that the 
diverse trends in Pakistan's 
exports and imports have given 
rise to an increasing trade im- 
balance. The trade deficit 
increased sevenfold, from S206ni 
m 1972-73 to $1.5bn during 197B- 
1977. Although during the past 
few years the performance of the 
economy has been disappointing, 
il has a potential for growth and 
its development might be 
accelerated, he said. 

In 1972-73 Pakistan's exports 
constituted 14.04 per cent of the 
gross national product. In 1977 
that share had declined to 8.35 
per cent Rice, cotton and cotton 
products continue to dominate 
merchandise exports. 



Only TWA gives you a choice of 747s and 1011s toNewYork And, whichever wide-body you choose, 
the emphasis is very much on comfort with plenty of room to move around. 










Aircraft financing agreed 

BY OUR OWN CORRESPONDENT KARACHI, May 22. 

•II, i-: us EvinitKink has agreed vice to New York. To meet ihe 
|i, 1: ; n «. i he entire S60m rising demand for cargo spare 
r.-.-ii rcO 1 liv Pakistan Inter- PIA has further acquired an aU 
it'h.nal Airlines (PIA) to pur- cargo DC-10 aircraft on lease 
.i' v Bm-lng 747 informed to operate on this rouie. 

J, mv ,. s - ;iM i here to-day. •The Pakistani . Covernment 

, . ' has awarded a $75m contract to 

The aircraft is* epeeted to^be Dillingham Corporation a 
(l. litcjvii hy July 19*8- diversified construction concern 

;. bM U curronH? based in Hawaii and its state- 

k-i'sc from Transportes owned National Construction 
a' {1 ... 11s puriuguescs (TAP). This Company to install four power 
it.' .-i non has been taken in view generating units at the groat 
m! k'ii* profit > earned through the Tarbela Dam project AP-DJ 
.lu iub*'*s hy PIA amounting to reports. The four units of 
*!ii.;irl\ s-rtJm. Air Marahal Nur 175 0 OO kilowatts capacity each 
Mum', vh airman of PIA who be in addition to' fuur hydro- 
muijied iju* I lease of Boeing elec1ric aerators already at 
* rr,,,,! ,V™, P f!;VX fi nurehase the site. Completion is scheduled 

W *»«• «"£“*?• « 

IMA has raised its ^ Asian Development Bank 
.vt-ivnv irr-uuency 10 ,hl? l,u “ jjas agreed lo finance the ?30m 
. '*un tries :.nd India and nas foreign-exphange cost of the 
uiii'iiiiuvi'il a new all c. i^o contract, the Government 

in-iglii :.»*rvnv to A***' ' orK ' ,J 
Kunqie. the third -ll-wnso «?r- .-Jia- 


r-Nirr>A ore 

i_/i_rArCiu 


1 ir- ATijriAu/ 

nttti ntu-/v¥; 


i it? a n tfirw.it 

■ntM' LTi-iuy ¥r r 


nr ati iftAVLi 
nCM i- n fTVl^ V Y : 


‘ArSvi'VES 

v 1 r nv 


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*This sen ice is u 707 until June 81h. 

Three comfortable wide bodies every day. A 1011 every 
morning (first flight of the day) a 747 at j ■ ^ r ^. 

midday and another 1011 in the afternoon. £. A “ £L...m 


' ==== rr^ Introducing 
^TTWAsnewtOlt 

^ The transatlaatic TriStar. . . 
it’s built for comfort, f rollsI t 
The combination of 1 | 
powerful Rolls-Royce Irj) I 
engines together with the rvr | 
world’s most advanced Iri\ I 
flight control system make n nY rr i 
it the quietest, smoothest l— — — 
wide-body in service today. 
What’s more, the 1 Oil’s computerised 
all-weather navigation 
system offers improved 
schedule reliability too. 







TVVA carries more scheduled passengers across Ihe Atlantic than any other airline. 






No.l across the Atlantic. 




r u 


Financial Times Tuesday May 23 ,1978 


HOME NEWS 



Meriden 

deficit 

tops 

£1.5m 


By Arthur Smith, 

Midlands Correspondent 

MERIDEN MOTORCYCLE Co- 
operative had a trading Joss of 
£657.564 for the IS months to 
September 30 last year, it was 
announced yesterday. 

Interest payments of £069.4Sl. 
plus charges nf £199.157. con- 
nected with acquisition of the 
Triumph marketing rights, took 
the total deficit Id more than 
£1.5m. 

The accounts cover the difficult 
period hefure the Government 
rescue negotiated early last year 
and a six-week shut-down of 
operations. The financial year 
was extended by six muritbs to 
cover the crisis. 

Mr. John Nelson, managing 
director, said last night that the 
results were largely a reflection 
of the “ traumatic events" of the 
shut-dnwn. 

" Accounts are largely a matter 
of history. What is happening 
now is important and we are 
all very optimistic about the 
future. 

*' Wo have enough orders to 
Inst through to Christmas and 
beyond. U is now a question of 
producing the bikes to schedule." 

Momentum 

Workers arc thought to have 
hecn told at a special annual 
meeting yesterday that the co- 
operative was not trading profit- 
ably in ihe first half of itae cur- 
rent financial year. 

Rul demand for motorcycles 
was such that a positive cash 
llow and a break-even position on 
trading could he achieved in the 
period to the end of September. 

The co-operative has budgeted 
for a profit for the year hut 
whether this is realised depends 
largely on output performance 
in the remaining months. 

Mr. Nelson said production pro- 
grammes were now gaining 
momentum. “Wc are seeing re- 
newed efforts, and there is a 
spirit and determination- to beat 
output schedules." 

Payment of more than £500.000 
of the interest charges included 
in the latest accounts has heen 
deferred until June next year 
h> the Government as part of 
the rescue deal negotiated last 
year. 

The micros! is nn the original 
£4.2m. Stale loan provided for 
the launch nf the co-operative. 


BAT’s sports sponsorship 
raises major controversy 


BY STUART ALEXANDER 

A BIG controversy, over sports 
sponsorship by tobacco com- 
panies broke out yesterday after 
British • American Tobacco 
announced a scheme which could 
push more than £500.000 into 
British sport in the next three 
months. 

Action on Smoking and Health 
immediately called on the 
Minister for Sport, the Secretary 
for Scotland, leading MPs and 
sports administrators to ban the 
** wholly unacceptable attempt to 
link the best in British sport 
with the country’s largest avoid- 
able cause of death and disease.” 

The scheme, called State Ex- 
press Challenge, would “drive a 
coach and horses through the 
spirity of the recently negotiated 
code of practice on cigarette 
sponsorship,” said Mr. Mike 
Daube. director of ASH. 

Tt was launched in London by 
Prince Michael of Kent last 


night. BAT will challenge lead- 
ing sportsmen and women to win 
certain events and competitions. 
If they do'so. BAT will pay an 
agreed sum to the Sports Aid 
Foundation, which will pass on 
40 per cent to the sport con- 
cerned and distribute the' rest to 
various other sports. 

If.* for instance. Scotland won 
the World Cup. £100,000 would be 
paid to the Sports Aid Founda- 
tion, which would immediately 
pass £40.000 to the Scottish Foot- 
ball Association. On a lesser 
plain. Scotland will earn £2.000 
for every goal scored. £10,000 for 
qualifying for the second round, 
and a further £10,000 for qualify- 
ing for the tbird round. . 

Other challenges include one 
of £50,000 if a British player or 
team wins any of tbe five 
Wimbledon tenuis titles. £50.000 
if Lester Piggott wins a ninth 
Derby, and £50.000 if the England 


cricket team defeats both 
Pakistan and New Zealand this 
year. 

A swimming gold medal at the 
world championships this year 
will win £50,000 with a consola- 
tion prize of £20.000 if the 

British team fields six finalists. 
And at the European Games one 
gold medal will secure £20,000, 
two or more £50,000. 

BAT says the aim is “to fur- 
ther British- achievement and 
endeavour ** -and adds that the 
project is a Ion g-tenn one de- 
signed to help Britain s perfor- 
mance at the 1980 Olympic 
Games. 

• Mr. Denis Ho welt Minister Tor 
Sport, was at a meeting of 
Unesco in Paris yesterday, but 
has welcomed' the scheme say- 
ing.: “I am sure British sport 
wilt benefit, enormously from 
these awards.” He is due to make 
a statement later this week about 


further Government aid for sport. 

BAT said the scheme was. not 
in breach of the sponsorship code 
agreed last year between Mr. 
Howell and the tobacco industry 
and he pointed out that provision 
had been made in the case 
for new entrants. Hie- code froze 
existing spending by the tobacco 
companies at 1976 levels and 
limited • the use of sponsors’ 
names, advertising, and Bags. 

A new cigarette. State Express 
555, was launched nationally this 
month by BAT with a campaign 
of heavy price-cutting and adver- 
tising support.-. 

The scheme follows BATs 
decision to launch its products 
in the UK after its long-standing 
agreement with Imperial to trade 
exclusively' abroad *• while 
Imperial traded exclusively in 
the UK. This agreement was 
rescinded under the EECs rules 
of trading. 


Emergency steering ‘might 
have averted Amoco wreck’ 


BY PAUL TAYLOR, INDUSTRIAL STAFF 


AN INDEPENDENT emergency 
steering system would probably 
have saved the Amoco Cadiz from 
disaster, the Liberian Board of 
Inquiry was told yesterday' at its 
hearing in London. 

Sig. Salvatore Melilo. the 
vessel’s chief engineer at the 
lime of the- incident in March, 
yesterday became the second 
inquiry witness to support a call 
for modifications to supertanker 
steering systems. 

He told the Board that had the 
Amoco Cadiz steering system 
been designed to provide two 
totally independent systems 
hacked by two separate hydraulic 
fluid supply tanks he would prob- 
ahly have been able “ in ihe case 
of u failure to repair the system.” 

Last week, at the opening of 
the inquiry Mr. Paul Vragel, a 
naval architect from Amoco's 
marine transport division, gave a 
personal view that the safety of 
supertanker steering systems 
should be examined and perhaps 
Improved by making additional 
provisions for emergency use. 

Yesterday, the fifth day of the 
inquiry, Sig. Melito was ques- 
tioned in detail about the vessel’s 
steering gear aud the events 
which led to its failure before 
Ihe vessel grounded on the 
Brittany coast spilling its cargo 
of 220,000 tons of crude oil into 
the sea. 


He told the Board that the first 
indication of same defect in the 
steering came from the helms- 
man who found that when be 
put the wheel to starboard the 
rudder went to porL 

Sig. Melito said although the 
Amoco Cadiz was. fitted with twin 
pumps and two sets of twin rams 
to operate the rudder it was 
normal procedure to run steer- 
ing gear on one pump working all 
four rams. 

Asked by Mr. Gordon Victory, 
chairman of the UK institute of 
Marine Engineers and a member 
of the Board, whether both pumps 
were regularly tested, Sig. Melito 
said that they were both tested 
in port before a voyage. 


Under instructions from. 
Amoco, (die pumps were switched 
over every 24 hours while at sea. 

Sig. Melito said that he was 
“confident" of his ability to 
switch the system in an 
emergency, but admitted he had 
never tested the emergency pro- 
cedure. He relied on a diagram 
for instructions on how to- res- 
pond in an emergency. 

The initial failure in the steer- 
ing was caused by five bolts or 
“ studs " which broke under 
pressure. These bolts held 
hydraulic pipe onto the main 
steering distribution block. 

These bolts “ were at no time " 
lightened while he was in charge 
of itlie steering system. 


Airliner talks in Bonn 

BY LYNTON McLAIN, INDUSTRIAL STAFF 


MR. ERIC VARLEY, Industry 
Secretary and Mr. Edmund DeJI, 
Trade Secretary fly to Bonn to- 
day for talks with Herr Martin 
Gruner. German State Secretary 
for Economic Affairs, on which 
new airliner Britain should back. 

The British Ministers will go 
in Paris later to meet M. J. Le 
Theule. French Transport Minis- 
ter. Today’s meeting will be the 


first with a German Minister. 

The meetings come only five 
days after Mr. Varley held talks 
with leaders of the U-S. aerospace 
industry. 

They will open the way for 
evaluation o£ Britain’s role in 
world civil aviation such as the 
Anglo-French-German JET 1. 2 
and 3 project and the B10 
development of the A3Q0 Airbus. 


Onfy Delta 
flies a daily non-stop 
from London to 
Atlanta.Georgia, 
at these low fares. 

[And to New Orleans without changing planes.] 


London-Atlanta, New Orleans Return Fares. 


To Atlanta 

To New Orleans 

Budget or Standby Fare 

£177.00 

— 

Peak APEX (Advance Purchase 

Excursion} Fare 1 " 

£260.00 

£326.00 

22-45 Day Peak Excursion Pare t 

£307.00 

&372.00 

Regular Peak Economy Pare t 

£572.00 

£512.00 

Regular First Class Fare 

£735.00 

£796.00 

* Effective until June 3t). Higher in summer, f Effective until -lime 14. Higher in summer. 

Fares and schedules subject to change without notice- 


Delta Air Lines introduces the first daily 
non-stop service between Londons Gatwick Airport 
and Atlanta, Georgia, the capital of America's 
southeast. 

You leave London at 12:10pm and arrive in 
Atlanta at 4:25pm. After a brief stop, the flight goes 
on to New Orleans, arriving at 6:45pm. It’s the only 
through service to New Orleans. 

Coming back, Delta leaves New Orleans at 
2:45pm every day departs from Atlanta at 6:30pm, 
and arrives in London at 7:20am. (All times 
are local.) 

And you don’tpay a penny more for the 
convenience of flying non-stop to Atlanta. In fact, no 
other airline can take you from here to there for less. 
Except for Standby, you can select your seat at the 
same time your reservation -is confirmed. 

II' you : re flying to other U.S. cities, no airline 


has easier connections. You change planes without 
even changing terminals in Atlanta, one of 
Americas largest airports. 

You have Delta-to-Delta connections to 
America's Southeast, Northeast, Midwest, 
Southwest and West Coast. 

Fly to 7b* U.& cities for £162 with Delta's Unlimited 
Travel Fare. For those wishing to really take in 
America while you’re visiting, one additional price 
covers 76 U.S. cities plus the Bahamas, Bermuda, 
Puerto Rico and the UB. Virgin Islands. Allforjust 
£162 per person with a minimum of two adults 
travelling together Advance purchase is required. 
Naturally with such a big discount, there are other 
restrictions. 

For full details on fares and reservations, see 
your friendly Travel Agent, or call Delta in London at 
01-668 0935, in Crawley at 517600. ADELTA 

I ra run tg aoaCtffWfc 



Delta is ready when you are" 



Further 
5% rise 
in cement 
prices 

By Our Industrial Staff 

CEMENT MAKERS yesterday 
announced a price increase of 
□early 5 per cent, from next 
month and in the process gave 
a sneak preview of the Price 
Commission’s report on Asso- 
ciated Portland Cement, which is 
not expected to be published for 
another two weeks. 

The Commission appears to 
have won from the manufac- 
turers an agreement to charge 
less for bulk cement delivered 
to customers within five miles of 
the works. 

In January, all members of 
the Cement Makers’ Federation 
notified the Commission of. a 
proposed 10 per cent price in- 
crease for Portland cement. 

The Commission decided to 
make Associated’s notification 
the subject of an investigation 
and pending the outcome agreed 
to an interim increase of about 
half that amount which was 
applied by all makers from 
March 8. 

Exception 

The Commission has now -com- 
pleted its investigation and its 
report went to Mr. Roy Hat- 
tersley. Secretary for Prices, and 
to Associated at the end of last 
week. 

Last night the cement makers 
said that the original 10 per 
cent notified increase would be 
applied by them all in full from 
June I. This represents an aver- 
age increase of 4.99 per cent on 
the present price. 

The exception is that, apart 
from in Scotland, the price of 
bulk cement for places treated 
as being within five miles of a 
works will be increased by only 
about 2.2 per cent, on tbe cur- 
rent price, making around 7 per 
cent this year. 

In Scotland the lower level of 
price increase will apply only to 
bulk collections from Dunba - 
Gartshenie. Dundee and 
Grangemouth. 

The federation ^aid: "The 
detailed Implementation of the 
recommendation of the Price 
Commission will result in some 
anomalies and administrative 
complications which will be dis- 
cussed with the Department of 
Prices and Consumer Protection 
with a view to minimising 
disruption." 


Consumer 
law under review ", 

BY EUN OR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT 

being studied, including the pos- 
sibility of class actions, though 

this could not be done .by the 
Department In isolation as it 
would require a fundamental 
change in the law. 

If the American and Canadian 
examples were followed A class 
action would allow anmdjvtdual 
to sue a producer on behalf of 
other consumers who tad. suf- 
fered from, the same 
The damages would then, be. 
shared among all the parties to 

^Tfce^Department Is by no 
means committed to the idea 
and seems anxious to write in 
safeguards for manufacturers, 
to protect them from the rush 
tjf claims which have been made 
in some states in . America. 

\ variation on the class 
action theme under i*’view 
would enable an individual to 
go to court on behalf of other 
consumers to seek a declaration 
that a certain product or service 
was falling short of the required 
standard. It would then be up 
to the individual consumer to 
sue for damages. 

' The Department is clearly 
"anxious to avoid the problems 
of licensing businesses which 
arose under the Consumer Credit 
\ci. But it does want to find a 
wav of clamping down on wbat 
it sees as the fly-by-night rogue 
traders who do not seem to be 
controlled by the existing law. 


THE Department of Prices is 
examining the possibility of 
introducing legislation which 
would allow consumer groups to 
take class actions against pro- 
ducers of faulty goods on behalf 
of other aggrieved consumers. 

The idea is one of a number 
being studied as part of informal 
internal reviews by the Depart- 
ment of Prices 'and Consumer 
Protection. The aim of the 
review is to establish what gaps 
are left in the framework of 
consumer, protection- legislation 
and to try to find ways of deal- 
ing with them. 

Mr. John Fraser, Minister for 
Prices and Consumer Protection, 
has already said that he feels 
more flexible powers might be 
needed to deal with trading 
abuses as they arise. Now he 
seems to want to .make it easier 
for consumers to seek redress 
for themselves. 

The review, which is still in its 
early stages, covers a numb dr 
of disparate topics, but the 
theme seems to be developing 
the idea of self-help and self- 
regulation. 

Codes of conduct agreed on a 
voluntary basis by manufac- 
turers might thus be given statu- 
tory backing. Traders who failed 
to meet the agreed standard 
could be disqualified from trad- 
ing. 

A number of options are 


Pickets today against 
‘shut docks’ move 

BY PAUL TAYLOR. INDUSTRIAL STAFF 


COMMUNITY GROUPS and 
trade unionists plan to picket a 
meeting of the Docklands Joint 
Committee today in protest at 
the Port of London Authority’s 
proposal ' to close the Upper 
Docks. 

The DockTands Action Group 
and the Tower Hamlets Action 
Committee on Jobs, which two 
years ago successfully opposed 
the closure of the West India 
Dock, see the Docklands meeting 
as a springboard for a campaign 
to save the Upper Docks and the 
jobs that go with them. 

Mr. John Cuckney, PLA chair- 
man, is due to attend the meeting 


and present the Authority's pro- 
posals and' reasons for closing 
the Upper Docks. 

Opponents to the plan have 
produced a report. London’s 
Dock5/An Alternative Strategy. 

They say the PLA case is 
"weak" and that dosing of the 
Upper Docks would turn an 
already depressed East End. into 
a "graveyard.” 

Their main opposition to the 
PLA plan is io.jdo with jobs. 
Closure, they say, would result 
in 5,000 jobs lost ; immediately 
and up to 20,000 in dock-related 
industries in the next few years. 


Insurance brokers urged 
to speed up registration 


BY ERIC SHORT 

THE Insurance Brokers’ Regis- 
tration Council was urged 
yesterday by Mr. Stanley Clinton 
Davis, Parliamentary Under- 
secretary of State for Companies, 
Aviation and Shipping to speed 
up preparation of the rules for 
the registration of brokers. 

He was addressing the Cor- 
poration of Mortgage..- Finance 
and Life assurance brokers. in 
London. He pointed out that 
Parliament had enacted the 
legislation necessary for the 
registration of insurance brokers 


and would expect to see it 
implemented with all speed. He 
therefore hoped that the Council 
would soon be in a position to 
subm it . its proposals for the 
working of the Insurance 
Brokers' Registration Act by the 
autumn. 

Mr. Davis warned against 
people, . being /pressurised into 
buying the wrong type of 
insurance, too. much cover or 
more, cover than they could 
affords 


Russians at UK talks 
on battery vehicles 


BY PETER CARTWRIGHT 

VEHICLES driven by batteries 
will be studied by more than 
280 delegates from many parts 
of the world, including Russia, at 
the second international confer- 
ence of tbe Electrical Vehicle 
Development Group which opens 
today in Sheffield. 

The worldwide response re- 
flects the growing importance of 
electric vehicles in helping to 
solve problems of tbe environ- 
ment and declining oil reserves. 


Ad eight-man delegation from 
Russia. has been in Britain for 
some days. It bas bad meetings 
with Ministers and representa- 
tives of the .'Greater London 
Council. - London Transport, 
which is run niog - a wide-ranging 
programme Involving more than 
50 batteryti riven vans and buses, 
and the National Freight Cor- 
poration.; which has closely iden- 
tified itself with developments. 



m 





bank tax 

test easel 

■BY 'MICHAEL lAH-HUTTA 

A TAX TEST case with 
tionsifor many banks bpemtijig 
in London has had' to heittdst- 
poned until'. September becq&se 
of difficulties In asretfng^a-tijfte- 
table suitable for alL&icopitigies 
involved. r. • i \ / , : »: 

The case concerns. the LmSton 
subsidiary of tfie-'.'Miuftie^Mid- 
land Bank of New. York, wfflfch 
is appealing against -an U&uid 
Revenue tax assessment,^ bf 
£1.25m. 

The assessment concems^Tkx 
the Revenue is seeking .flifthe 
notional profits arising fropL an 
increase in the sterling'' vtitfiv-of 
foreign investments, - Without 
giving relief for a corresponding 
notional loss from -the transla- 
tion of foreign currency borrow, 
ings into sterling. 

In an unprecedented move 
yesterday. Mr. Douglas Clarice, 
chairman of the Conpnisaloders 
of Taxes for the City of London, 
made a public announcement 
about the case. . 1 "v 

He said that he was doing tills 
because “of the exceptional^la- 
terest" in the tax appeal, v- 

Fundamentaf:,; ^ 

Mr. Clarke’s sStethent sjjid: 
11 The appeal of Marine MidJfhd 
Ltd. was heard for three days 
last week by the General Com- 
missioners of Income for the 
City of London. 

“This appeal . raises funda- 
mental issues as to the tax rules 
for assessing profits when assets 
and liabilities ore carried in 
foreign currencies. 

"Mr. F. Heyworth Talbot, QC. 
and Mr. John Gardiner appeared 
for the bank, and Mr. D. C. 
Potter, QC, and Mr. Brian 
Davenport for the Inland 
Revenue. 

“The bearing of the appeal 
has been adjourned and will be 
resumed in the last week of Sep- 
tember." 

Tbe Commissioners* statement 
is obviously meant to assure the 
many banks with similar prob- 
lems that every effort is being 
made to resolve the uncertainty 
surrounding the case as quickly 
as possible. 


■-f-~ -.f - 


M£§' 


A FORMER director of Scottish 
and Universal Investments denied 
in court yesterday that the com- 
pany’s directors had “ stuck their 
heads in tbe sand ” over a 
£4,200,000 loan wrongly classified 
in the 1975 accounts. 

Mr. Angus Grossart told 
Glasgow's Sheriff’s court that the 
directors did not see that the 
loan was raiscl ossified when they 
considered the accounts because 


they were not looking for 
mistakes. 

He had been absolutely amazed 
when he learned of the error in 
June, 1976. It was a matter of 
great regret. 

Mr. Grossart, 41, merchant 
banker, was giving evidence on 
tbe sixth day of the trial of him , 
self. Sir Hugh Frazer and four 
other directors or former 
directors of SUITS. 

All six deny causing to be 
lodged before the company’s 


annual meeting a balance sheet 
for. 1875" which did not give a 
true and fair view of the com- 
pany’s affairs. 

Mr. Grossart told Mr. John 
Skeen, Procurator Fiscal: " As 
far as the board was concerned 
we had no reason but to believe 
we 'had very .competent aod 
highly paid, people on the 
accounting staff." 

He accepted the accounts did 
not give a “ true and fair view " 
because of this “ error.” 


Spanish books fetch £89,000 


THE LATE Jean Peeters-Fon- 
tainas devoted his life to collect- 
ing Spanish books printed in the 
Spanish Netherlands . between 
1529 and 1781. His library on 
this subject was unequalled, and 
there was some keen buying 
when it started to be auctioned 
off at Sotheby's -yesterday. Tbe 
sale totalled £89,470 and con- 
tinues today. 

Moonhamers, a Dutch dealer, 
paid £2,800 for a rare, Antwerp 
first edition of “Libro Aureo de 
Marco Aurelio”; Tulkens, a 
Belgian dealer, bought “ Can- 
el anero General, " also a first 
Antwerp edition, for £2,400; 
Moonhamers acquired Gil Polo's 
“Primera parte de Diana 
enamorada" for £2.200. And 
Maggs, the London .dealer, paid 
£2,100 for a first, edition of Guz- 
man's "Flor de Sentencias de 
Sables." The same lot was bought 
at Sotheby's fa 1013 for £9 5s. 

On Sunday in Monte Carlo 
Sotheby Park Bernet started a 
series of general sales. The 
afternoon sate brought .in 
£121.430 with a top price of £&54S 
for a still life by Pieter- van 
Bouele. The evening sale totalled 
£640.700, with a best' price of 
£69,050 from the Musee de 
France for a table made in 1774 
by Martin Carlin for Madame 
du Barry. Partridge, the London 
dealer, paid £35,714, or 10 times 


the estimate, for a suite of furni- 
ture made around 1776 by 
Nicolas-Denis Delaisemont. A 
16th century Spanish carpel 
fetched £35,714. 

Also outside London, allhough 
this time at Fo wherry Tower, 
Chatton, near Wooler. Northum- 
berland, Christie's of South Ken- 
sington, organised a house sale. 
The morning session totalled 
£86,550 with IS George III 


SALEROOM 

BY ANTONY THORNCROFT 


mahogany dining chairs going 
to a Newcastle dealer, against 
London competition, for £9,Srjo 
while a George III mahogany 
breakfront bookcase sold for 
£9,000. A similar bookcase made 
£6,500, and an ISth centurv 
Chinese screen £3.200. 

The concluding day of 
Christie's impressionist, modern 
and contemporary paintings sale 
in New York on Saturday 
realised £199,042. bringing the 
total For the two da vs to 
£2474,960. 

Le Roy Neiman’s “ Elephant 
Stampede " went to the Upstairs 
Gallery, in California, at £19.234 
as did the same artist’s “High 


Seas Sailing " at £12,021. 

In other lots, Maurice de 
Flaminck’s “Entree du Village ~ 
was bought by the Unieda 
Gallery of Japan, as was a water 
colour, “ Les Regates & 
Henley,” by Raoul Dufy far 
£5.409. An anonymous Swiss 
dealer paid £5,109 far a pen and 
bl ®J* mk drawing by Matisse 
entitled “ Femme Assise.” drawn 
in Nice in 1919. 

A sale of Japanese works of 

ar L ^ in London 

yesterday totalled £30,752. with 
a late 19th century, heavily 
bronze model of an eacle 
perched on a piece of rock, 
realising £2,000. Tt was bought 

Franldyn. ^° nioa drl 

toled birds amid peony, camellia 
and hamboo went to Nash 
Antiques at £1.650 and a poly- 

Aa?derink V of 

In a Phillips sale oF furniture 
carpets and ceramics ve«?l,~uS 
the total was £29,560. with oniJ 

tigs Tr S3 

IUS0 ** eishTWiS; 


F think unless one bad been 
looking for this particular point 
for some reason, I don’t think 
many people would have picked 

it up.” 

There was nothing in the 
system of preparation of the 
accounts that would have pot 
any of the directors on their 
guard that an error was likely 
to be produced. Directors were 
not normally checking for in- 
accuracies. 

Mr. Skeen: “If people want 
to go round sticking their head 
in the sand and -not asking for 
information that may dear up 
points, they have, only the®’ 
selves to blame?” 

Mr. Grossart: “There was no 
point to pick up. We had no 
reason to ask at that stage f° r 
detailed schedules. Accountants 
had been working on these 
accounts for five months and 
auditors had been paid £48.008 
to verify accuracy." 

Earlier. Mr. William Forgie. 
45. former director, told t&e 
court he was unaware in 
that he had to tell the company 
in writing of his share trans* 
actions in SUITS within 14 day* 

Mr. Forgie and two others oj 
the accused are also charge 
with failing to notify the cos- 
pany of share transactions with® 
14 days. 

Mr. Forgie said he bought 
shares in SUITS in May. 
and another 1,000 in NovemB£ 
that year. But it was towanB 
the end of November before w 
told the company, in an intern 31 
memo, and he did so then “J 
cause the company secretary 
, asked him to. .*_ ■ 

The share certificates for™?- 
May purchase did not 
through until November. It JJ 
then he mentioned the 
• to the company secretary. VD 
i told him of his obligations' 
i Sheriff Irvine Smith 
i the relevant section of the 
Act to Mr. Forgie* 

“Yon HM not know w 

! nHmtt ** ^ 

i Mi- !■*.«.• •! . • That’s right. ' 




Gilts ‘could 
trigger 
corset curb’ 

By Michael Blanden 

INTEREST rates in the UK 
could start to rise again later 
this year unless the gilt-edged 
market recovers soon, Williams 
and Glyo’s Bank said yesterday 
in a review of European interest 
rates. 

The authorities could be forced 
to ro-impose the so-called corset 
restriction to check growth of 
money supply. 

The bank added that the latest 
increase in the Bank of Eng- 
land's 'minimum lending rate to 
9 per cent, appeared to have 
satisfied pressures In the money 
market — at luast for the present. 

Renewed uncertainty over the 
outlook-for the dollar could lead 
to quieter times for sterling. But 
UK interest rates had moved up 
already against the trend in 
much of the rest of Europe. 

The bank reported ihat the 
general trend seemed to be for 
easier money market rates 


Error ‘amazed’ SUITS ex-director 


Abr. 
BIO • 
G^r.; 
»v 
ti-iy 


■SC.-A- 

C'Ia»r _ 
■ K >.- 

'■ClV- 

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*1*1 r . 


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i 







ytfk+f rtf' 



Laurence Brookes, Arthur Smith, Ray Slaughter. 



lv- 


A lunchtime drink provides three 
B ICC Globetrotters with a rare 
opportunity to swap anecdotes 
about their hobbies — and to talk- 
of the business challenges that 
have taken them across the world. 

Laurence Brookes talks of rugby 
— his disappointment at missing 
Saturday's rugby match and his 
club St. Helens in triumph — and 
of 3 ndonesia, the reason for his 
absence. He outlines the major 
logistics problem that has taken 
him to Indonesia — the supply of 
labour, material and equipment to 
no less than a dozen sites in the 
country where a BICC team is 
installing a £54 million telephone 
network. He talks of personal 
pressures — particularly ... 
pressures of time, getting the 
right plant and equipment to the 
' jfight site when it's heeded — and 
ef the chaHenge^of maintaining 
effective liaison. 



Expert training and supervision by 
expatriate BICC staff enables unskilled 
labour to' play a maj or part in installing 
BICC cable for Indonesia^ telephone 


network. 



ideal Fibres - - - television pictures via 
' "> fibres slimmer than a pencil point. 


Ray Slaughter talks of the future 
— of a new technology which is 
about to revolutionise 
communications. For Ray, a 
research physicist, has devoted 
the last seven years of his life to 
work on optical fibre cables, as 
part of an eleven-man team, 
whose research has contributed to 
the world's first commercial 
installation, in a cable television 
distribution system, of this 
unique type of cable. 

Ray tells of his travels, 
investigating suitable qualities of 
fibres and wor king towards 
international standardisation of 
the new materials. 

Yet he still finds time for his 
hobby — photography. As he 
points out, his ‘portable’ hobby 
goes with him on his business 
trips, and his photograph album is 
worthy of any world traveller. 


Arthur Smith turns the 
conversation to D.I.Y. — puts 
forward some novel designs. But 
his colleagues, more interested in 
his activities overseas, enquire 
after India and Indian Cables 
I Incab), with which Arthur has 
been connected since the early 
1960's when he helped to design, 
and commission the thermoplastic 
cables plant. They question him 
about the progress of the 
Continuous Catenary Vul canis i n g 
plant which will reduce the 
dependence of Incab on imported 
paper and lead. They ask of the 
projects for which tie is 
responsible in Pakistan, New 
Zealand and Australia and the 
contribution he is making to 
building the cable manufacturing 
capabilities of those countries. 


Laurence, Ray and Arthur: rugby 
player, photographer and D.I.Y. 
enthusiast. Three of the 54,000 
people worldwide who work for 
BICC — and make things work! 




Main cable plant of the Indian Cable 
Company Limited (Incab), at 
Jamshedpur. 


The BICC Group is diverse; one of 
the world s foremost cable 
manufacturers and designers; but 
also deeply involved in the 
refining and fabrication of metals; 
heavily committed to research 
and development in new 
communications technology; with 
a major stake in civil engineering 
and contracting through Balfour 
Beatty, a BICC company; 
possessed of hard-won skills in 
tunnel design and construction; 
and railway electrification; -with 
specialist expertise in industrial 
plastics, electrical accessories, 
capacitors, printing plates . . . One 
thing makes it all work. One thing 
makes BICC a stable, successful, 
growing company that competes 
successfull y in so many different 
markets. 

The quality of its people. Highly 
trained people co mmi tted to 
getting things done — better than 
before — for the benefit of all of 
us. 

This booklet tells something of 
the range of skills of BICC and its 
people, something of their 
achievement, and indicates a 
great deal about their pro mis e for 
the future. 

For a free copy, write to: 

BICC Limited, 

Group Head Office, 

21 Bloomsbury Street, 

London WC1B 3QN 
Telephone: 01-637 1300 
Telex: 23463 & 28624 
Telegraphic address: 

Bicalbest London WC1 




Laurence Brookes 


Makes it work 












HOME NEWS 



rm 



Call to reject EEC 
rules which hit jobs 


by 


BY LYNTON McLAIN, INDUSTRIAL STAFF 

THE GOVERNMENT should more fully in world shipping and rigidly to the 40:40:20 formula; 
reject proposed Common Mar- to provide a set of rules for there would be problems fixing 
ket shipping regulations which conduct of liner trade. freight rates and settling dis- 

eould mean losses in British trade The main proposal which the putes; and the UN convention 
and jobs, two Parliamentary com- MPs say would hit trade and had dubious judicial standing. 

mittees said in reports published jobs is that cargo carried by Acceptance of the code would 
yesterday. liner conferences should be involve obvious disadvantages 

The regulations would hring shared in the proportion of 40 for the UK. It was also doubt- 
member states of the Community per cent each for the shipping ful whether it would help in 
into line with a United Nations lines of the exporting and im- restraining unfair competitive 
code. Four years ago Britain porting countries and 20 per cent practices by state-owned shipping 
rejected the code and MPs now For those d£ third nations. fleets. 

■ want the Government to await . It was a question of judgment 

• further proposals from the EEC A dlulCUlty whether the EEC proposal sufll- 

before changing policy. . Some oF the provisions are ciently mitigated :bc sbort- 

The UN code of conduct For also incompatible with the comings of the UN code to 
liner conferences was adopted by Treaty of Rome and member- warrant a change in UK policy, 
a meeting in Geneva in April, states of the EEC so far have In general. Britain accepted 
1974. It has stilt not come into failed to agTee on a unified the need for the code to prevent 
j effect. Acceptance of the pro- approach to accession to the “unregulated action by govern- 

I posed regulations by all nine code. raents in the allocation of 

| members of the EEC almost cer- The latest regulations aim to cargoes," but it was likely to 
i tainty would bring the rode into provide a common EEC policy call for further proposals on 

effect within six months. which also would reconcile the competition policy when the EEC 

Liner conferences are asso- UN code with, the Treaty of Council of Ministers meets on 

ciations or international ship- Rome. June 12 to discuss the new regu- 

owners providing regular general But MPs on the select commit- lation. 

1 cargo services, fixing rates, dis- tee on European legislation and Bouse of Lords Select Com- 
, tributing cargo and pooling members of the Lords select mittee _ on the European 
THE NUMBER of forms to be| rev enue. The trade accounts for committee on the European com- Communities. 25 th report session 
filled in by businessmen has been 1 24 per cent of world shipping munities said yesterday that 1977-75, HL149; S.O.; 
cm by 14.000 each year, the ( an{ ) 20 per cent of UK shipping, earlier British objections to the Bouse of Commons Select Corn- 
Government said yesterday. ; The code has six main provi- code were not affected by the mittee on European Lepwlation, 

Mr. Leslie Huckfield.. Industry s j 0 ns. designed to enable de- new EEC proposal. 21st report session 2977-75. 461-i- 

Vndor Secretary- said that the I velopins nations to participate It would be difficult to apply ii. SO. 

cut in the number of forms sent ; 

out by the Business Statistics] 

Office was the result of a strin- 
cent review. 

The total number of forms — 
including those dealing with 
VAT. tax and grant applications! 

— landing on businessmen's desks 
was about. 10m. a year. Of these 
last year about 470.000 came 
from the statistics office. 

Mr. Huckfieid's announcement 
came after a report by the Con- 


MR. LESLIE HUCKFIELD 
•• Rigorous system of checks." 

Whitehall 
slashes 
forms 
14,000 
a year 

By David Freud 


Underwriters urged to fund 
inquiries into cargo frauds 


BY SUE CAMERON 


federation of British Industry , B rjtish insurance underwriters law enforcement activity that 
?rduv calling tor,j,^„ 0 hann uMmi h>. Mr Pna «aiiaH fgp ijjg ability Tn 


. ...... ....... Police reaction is unde rstand- 

1'iihhMiort yesterday calling . to . r ! j| av p been urged by Mr. Eric called for the ability to able enough in times of man- 
form-filling to be kept to a mini'; £j| cn pres ident of the Inter- transcend national barriers of power shortage, bat I am asking 

. i national Association of Airport jurisdiction, communication and for a greater willingness by 

The report recommended the . s ea p 0rl p 0 uce. to set up a co-operation, this is it." everyone to appreciate the extent 

p^abli.snmcnt of a standing, spec f a | ( un( j t0 stance inters The whole problem oF of the problem and to do some- 
cnmnmt-re i« watch over the : national police inquiries into inquiries into cargo crime had thing about it." 

unvcmmenl Hr 1 ’. , , . cargo swindles. been complicated by the grow- Mr. William Whitelaw. shadow 

col' ecu on i»T officiui statistical! R epor | S to the association ing use of' containers. In future. Home Secretary.' also called for 
d.iin. This committee should ne from } ls members In SO countries there must he a "complete chain maximum international co- 
s** trice cl in- ,1 ■''r^t'tenca ; s j, ow a mar ked increase in fraud of investigation. operation to deal with the ter- 

yjnev rnnirni umi within to e | 0n 1 he high seas. They claimed “ No longer is it acceptable rorist threat at airports and 
Lcnirai sintisucal Office. | r3rs o swindlers were making for people through whose areas seaports. He said that ruthless 

\t- Huckfield 1 millions of pounds in profits these goods have passed to fend terrorist groups had introduced 

' - u ‘There’s a new dimension of danger to 

happened members of the travelling public 
nothing of all nations— particularly in 


' , , . ' ' millions or pounds in uronis uiese guuus nave 1 

sei^iiied to he an and many of the resulting losses off the inquiry by saying ‘1 
.:V. in<! ' t * 5 un .^l? e „ 1 were having to be met by the nothing to suggest it hat 

at will. Tn fact, there u as a ; London-based insurance market, here’ — and then to do n 


Mr. Ellen told the association's to aid the investigation, 
annual conference in London 
yesterday that one of the biggest 
problems was fraudulent bills of 
lading where goods ordered and 
paid for were either not deli- 
vered at all or were of the wrong 
type when they did arrive. 

The present lack of inter- 
national co-operation over inves- 


rignreus system of checks and| Mp P , ll>n t nta th* sewwinHnn’s to aid the investigation. * aviation, 

balances. 

The statics nffii’i* annual re- 
port for 1977. published yesfer- 
ci.iv. said that in recent years the 
office hid ai f emoted to reduce 
tho hurtten of form-filling in five 

n'*in v.->\y 

0 Using sampling procedures 
and excluding small companies 
from surrpvs where possible: 

0 

cm.. . 

editor crime Z “ ZJS B 

iXZSZ " f JlSnta.'idTC .!U*S "on, , Models! the 

& ■•l-iH-’g M:ii'*»ir.d forms more jurisdiction nr the country uimd consultants. production there P*r c®*! 1 

vre.-.-ntahie and ea-ier u. com-' likely (o bear Che cost and the. increased consumption will * h J® H £ e ?7' 3 ' 6 CJ fc 
pi.,.re: :many conspirators who are result from higher levels of Production from sweeten is 

0 M.-dine ihi* maximum use r»H involved There is a danger that advertising in newspapers rather t0 S row at a sl, S mi >' 

aliernanv* -ource> of infnrnn- 1 this type of crime will than from increased circulations. m ?r er L a .» 
turn, including administrative! proliferate as the advantage to it says. Advertising revenues for Demand, lor pnnnn.s 
ii-vi such .is that derived from] the criminal becomes apparent the Press as a whole 
VAT. 


Newsprint consumption 
expected to rise 3.3% 

BY MAX WILKINSON 

V 1 : in e m n I ' o/ Vnm p;mi e«i in ligations into** crimes of this type CONSUMPTION of newsprint is this year and 3.6 per cent next 
■injoip oniv xiinpie formx with ' nieant criminals were having "a expected to grow by 3.3 per cent year. 


/ 


1 ms announcement appears 
as a matter of record only. 




for printing and 

iub tti> B nuuit a^e writing papers in the UK is fore- 

“If ever ihere was a field of expected to grow hv 7 per cent cast t0 St®w by about 2 per cent 

— i a year until the end of next year. 
Demand for wrapping and pack- 
aging papers is expected to grow 
by nearly 7 per cent this year. 
0 Consumption of waste paper 
fell 8 per cent in the first quarter 
compared with the same period 
last year. 

The Joint Waste Paper Advi- 
sory Council says there has been 
a substantial reduction in tbe 
high level of imports, but beef'se 
nr high stocks collections * 'e 
been reduced to below the L el 
of consumption. 


U.S. $ 20,000,000 


10 YEAR TERM LOAN 


POLYSAR 


POLYSAR LIMITED 

Sarnia, Canada 


by 

WESTDEUTSCHE LANDESBANK 
GIROZENTRALE 


V, 



Grants will 
encourage 
students 
to enter 
industry 

By Michael Dixon, 

Education Correspondent 

THE FIRST 100 national engi- 
neering scholarships to encour- 
age pupils to train for manu- 
facturing industry are to he 
awarded for courses beginning 
In October, (he Department of 
Education and Science said 
yesterday. 

Each scholarship is worth' 
£500 a year tax-free on top of' 
the student's normal grant, 
with the scheme being 
financed equally by Govern- 
ment and industry- 
So far about 40 companies 
have offered a total of £90,000 
a year. 

The awards are restricted to 
special four-year engineering 
courses at Imperial College, 
London, and the universities 
or Cambridge, Oxford. Strath- 
clyde, Brunei, Manchester and 
possibly Birmingham. 

Promote 

Later the scheme will be 
extended to approved courses 
at other universities and at 
polytechnics. 

Mr. Oscar Hahn, chairman of 
an industry-education commit- 
tee formed to promote engi- 
neering studies and an execu- 
tive director at Guest Keen 
NettlefoJds. has written to 
schools and colleges asking 
principals to toll students of 
the scheme. 

He adds that the Govern- 
ment and leading industrialists 
have been concerned for some 
time that not enongh high- 
calibre students are gotng into 
careers in manufacturing 
industry. 

Home price 
rise fears 
attacked 

By John Brennan, 

Property Correspondent 



Midlands 




A new lightweight uniform for postmen and postwomen goes 
on trial round Britain this summer. The light grey outfits 
with contrasting darker collars and cuffs will be worn by 
l.tttW postmen and 80 postwomen to assess staff reaction and 
confirm durability tests. 


•5TP RAVTunvn PrtTTFR rk n ir !aUow ^ operation to meet its 

nM h» LSl Jc' C0StS ' ' Ttle Vallle 0f ,he 0UtpUt ,S 

man of the Halifax, Britain sj about £ 500.000 a year and most of 


Move to boost output 
of Lakes tungsten 

BY PAUL CHEESERIGHT 

EQUIPMENT is being commis- called in to make a feasibility 
sioned this week at Carruck Fell study. 

Mining, the UK's only tungsten As a result of this limited pro- 
producer, as part of a. plan 7 ’o duction started at the tine last 
bring the mine to -'apacity pro- September. It employs 30 people, 
ductinn later this year. World prices are at their low 

The mine is 10 miles west of for the year of $135.50 for 10 
Penrith in Cumbria and about kilograms from a high of 
one mile inside the Lake District $172.50. 

National Park. 

Ore extraction is running at th- 1 

about 1,500 tonnes a month and JulStl COiTinflUV 
tungsten concentrate production * J 

is about 10 tonnes, enough .0 £ 9m c J a j m 

for damages 


biggest building society said 
yesterday that fears of a house 
price explosion were exaggerated. 

He told the Halifax's annual 
meeting that the Government bad 
become seriously concerned 
aboyt a possible price explosion 
and the effect of this on its own 
efforts to bring down the general 
level of inflation. 

The Government's consequent 

request for a 10 percent rcduc- i ts 'Tnve7tmedt"." The -nii'ne"was HoUba. Newl/n. Cornwall, bad 
tion in mortgage lendmg in the. started by Weccr which shut it challenged enforcement notices 
second quarter of 19i8 had been d nH . 0 , n j‘972 leaving it rn a’ core and "stop" orders issued by Pen- 
acceded to by fhe Hali fax. which j an ,j maintenance basis, when with District Council which 

tungsten prices fell. - ‘ killed off the development. 

Four vears later, when the The company's £9m claim for 
.market looked more promising, damages— loss of profits and cost 
A restriction on mortgage ! Amalgamated Industrials took a of work carried out— was dts- 

finance cun cause frustration and: .«_—•» «>vni.>r * miceorf in the "Wish Court last 

disappointment, particularly for 
first-time buyers. 

“On the other hand if the worst 
fears about bouse prices were 
proved to be well founded, many 
mare first-time purchasers might 
be priced out of tbe market 
indefinitely, especially at a time 
of wage and salary restraint 
“My hope is that a house price 
explosinn is no longer around 
the corner and that experience 
over the nexT few months will 
prove such fears have been 


gloomy 
picture 

By Arthur Smith, 

Midlands Correspondent 

CONCERN about the -continued 
lack of confidence of Midlands 
industry was expressed yesterday 
by Mr. Richard Hale, the retiring 
president of Birmingham 
Chamber of Commerce. 

He told the annual meeting in 
Birmingham that quarterly 
surveys among member com- 
panies underlined the low level 
of confidence. Any improvement 
bad been slow. 

“The latest survey presented 
tbe gloomiest picture for some 
time, and emphasised members' 
special anxieties about the 
stagnation in world trade and 
the need for much better produc- 
tivity from our capital equip- 
ment and plant.'* 

The recent Budget bad failed 
to provide the necessary 
stimulus. Many of the individual 
measures were welcome in them- 
selves. but the Chancellor had 
not “taken the opportunity to 
restore some much needed incen- 
tive in the economy.” 

There was a need for some 
form of centrally agreed -incomes 
policy, but there was a danger 
of setting “norms" which 
quickly became regarded as the 
minimum entitlement. 

The chamber favoured a two- 
tier scheme incorporating a low 
basic award with an additional 
flexibility allowance, payable at 
the employer's discretion. 

Bid to keep 
abreast 
of Japan 

By Sue Cameron 

THE Industry Department is to 
set up a meeting with the CBI 
to discuss how UK companies 
can best be made aware of the 
need to keep abreast of the 
Japanese. 

Mr. Alan Williams; Minister of 
State. Industry, told a Parlia- 
mentary committee on science 
and technology that Japanese 


lent a record £ 1,328m last year. 

This restriction of mortaages 
could create a serious dilemma.} 


North makes out home rule case 


BY RHYS DAVID, NORTHERN CORRESPONDENT 


DEVOLUTION needs to be 
extended to the English regions, 
claims the Campaign for the 
Sorlh, a pressure group dedi- 
cated to unshackling 15m 
northerners. 

Tbe campaign, founded last 
year to try to bring the north 
belatedly into the devolution 
debate, has attracted the support 
of several MPs. including Mr. 
Richard Wainwright. Liberal Cor 
the Colne Valley, and Mr. Austin 
Mitchell Labour Member for 
Grimsby. 

Both were present yesterday at 
the launching of a booklet. Up 
North, setting out the region’s 
demand for a better deaL 

The case put forward by tbe 
campaign, which has its head- 
quarters in Hebden Bridge, 
strategically located ' between 
Lancashire and ' Yorkshire, 

follows closely the arguments 
offered over the years in Wales 
and Scotland. 

It complains of tbe lack of 
democratic regional • institutions 
to control the growing army of 


civil servants established in 
mini-Whitehalls outside London 
and the host of non-elected 
bodies covering functions such as 
health, water and energy. 

It also points to tbe failure of 
regional policy to narrow the 
gap between the richer and 
poorer parts of the UK — a gap 
which it sees widening because 
of tbe continuing growth in 
importance within the economy 
of tbe service sector, largely 
concentrated in the south-east. 

But while Wales and Scotland 
are to have assemblies, the needs 
of the north bave been neglected 
because of the mistaken assump- 
tion that England should be 
treated as a unit on its own, tbe 
campaign says. 

“The key political division in 
Britain on every conceivable 
count is not between- England, 
Scotland, Wales and Northern 
Ireland but between the pros- 
perous and dominant core on tbe 
one hand, and all the peripheral, 
disadvantaged parts of the U;K., 
including the north and snuth 


the tungsten is exported. 

Carrock Fell Mining is a joint ALLEGATIONS THAT a local 
venture between Weco Develop- authority acted dishonestly and 
ment. a U.S. group, and Arnalga- maliciously in blocking develop- 
mated Industrials of the UK, ment of a fish processing factory 
whicb is going into mining, for after millions of pounds bad been 
the first time. spent on the. project were re^ 

Tbe details of the joint venture jected by three Appeal Court 

are still being worked out and judges in London yesterday. wtullvlusJ 

centre ;.on the amount Amalpa- Western Fish p ™d u otis. gj-ner i cmamerciai. intelligence was far 
cared industrials hHouW pay, for of t the factory ^Stable ! strd nger <ha n British knowledge 

of the capabilities of Japanese 
industry. 

The Japanese .“scoured the 
world " for rtevv methods and 
products. Yet when two of 
Britain's biggest companies 

visited Japan they were “sur- 
prised at what was going on.*’ 
Mr. Williams, reporting on a 
visit to Japan in April, told the 
committee that one of Britain's 
biggest shortcomings bad been 
its failure to exploit products 
invented in Britain. 

Although the Japanese had put 
a great deal of work into micro- 
circuitry, for instance, the UK 
had “considerable expertise in 
software." 

Features of Japanese research 
and development which bad im- 
pressed him during bis visit 
included: the priority companies 
gave to technological innovation, 
their competitiveness and ability 
tp absorb technological change 
rapidly at all levels: and tbe 
structure of research and develop- 
ment. where teams worked on 
product possibilities 10 years 
ahead, on product developments 
three to five years ahead, and' an 
immediate developments one year 
ahead. 


year's option to decide whether a missed in the High Court last 
re-opening was possible. Robert - November. The Appeal Court 
son Research I nternational was will consider cos ts on Friday. 

New vehicle sales up 

FINANCIAL TIMES REPORTER 

TURNOVER in the UK motor cent. Sales of used vehicles rose 
trades rose by 2S per cent in the _24 per cent *** value- 

first quarter compared with the Sii, uresi ™are“ and 

same period or last year. accessories rose by 15 per cent 

New vehicle sales showed the compared with the first quarter 


exaggerated." Sir Raymond said.' biggest increase, rising by 45 per of last year. 


west of England, on the other. 

“There should be assemblies 
for each of’ the major English 
regions, and ihey should be 
given ihe same powers as Wales 
and Scotland," says Mr. Paul 
Temperton, the campaign's 
director. 

The campaign is hoping to 
stimulate debate and, therefore, 
is sketching our only tbe possible 
forms which devolution within 
the UK iuight take. 

Its preference, however, is the 
liberal proposals for a Federal 
UK. under which all but key 
national powers such as defence, 
foreign 3ffairs. -customs, currency 
and citizenship would be trans- 
ferred to the regions. 

Tbe campaign also wants to 
see a major reform of the local 
government system with the 
strategic powers now exercised 
by the upper tiers in the metro- 
politan counties, as well as con- 
trol over non-elected regional 
bodies, passing to the new 
assemblies. 


A main area of difficulty for 
tbe campaign is Lo decide 
whether' the north should be one. 
two, -three or even four devolved 
regions, and where the capital 
or capitals should be. Possibly 
the strongest opinion within the 
group is in favour of three 
regions based on the existing 
economic planning councils of 
the north west, Yorkshire and 
Humberside and tbe north east 

The campaign hopes it can 
make devolution for. the north 
an issue in the next general 
election, though it is against put- 
ting up candidates on the 
grounds that this would cot it off 
from the large body of support 
which it claims already exists 
within the main political parties, 
and in particular tbe Labour and 
Liberal parties. 

Tbe fully paid-up merabersblp 
of the organisation is put at 
about 200 

Up North. Campaign for the 
North, Hebden Bridge, West 
York* HX7 nnc,. € I 00 


Print plant 
deal planned 
with Thailand 

Financial Times Reporter 

THE Brjtish Printing Corpora- 
tion- is forming a partnership 
with a consortium of Thai banks 
to build a factory in Bangkok to 
produce cheques - • and other 
security documents. 

It is the corporation’s first 
printing investment in South- 
East Asia, atthougb it has had 
publishing companies there for 
some years. 

The Tactory is expected to start 
printing in 1979. It will be the 
first of several projects planned 
in developing countries by the 
ciirpnratinn 


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PARLIAMENT and 


Censure motion on forces pay rejected 

Tories pledged to restore 
comparability next year 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


BNOC 
changes 
planned 
by Tories 


Postal workers favour 
further incomes policy 

BY PHILIP BASSETT, LABOUR STAFF 

POST OFFICE workers yesler- In the period of free collec- His qualified belief in the pos- 
da>; broke ranks with the tive bargainin'; between August sibility of u TUC-Govcrmuent 
majority of the trade union l. 1974. and July 31. 1975, tbe agreement on Phase Four did 
movement by effectively agree- union won wage increases aver- not stem from a desire to benefit 
ing an agreement with the unions aging 33 per cent. a Labour Government, because 


to the 77’ ■ iT "7 * aeieacc. uovermnent irTont Eeocn. main- 

Sir lan QhJI last night by A shortage of men. modern tained that the despondency’ 


spokesman. 


Workers, traditionally staunch per cent worse off after the big- Election, though all those thinus. 


,|ftn or Mr. Mulley for the ‘"in- "rowin'* He wanted in fcno\I- whether ♦ 'o ,5iry - * ere inemDers 01 a general election. ing agreement with the unions price explosion. People stopped planned, unfettered colleriivc 

excusably complacent" wav he ° Russfan , an k« nntnumbered the rfonnSrinn tLiEumi th!t - mv e umop ’ cowrie took » similar °n a fourth round are not greatly posting letters and thought twice bargaining and the attendant 

■£§ d M » sasa-w ssaraur.BSiSK Sill- jS-ls •ass-Ftt 

d x; ZJZ'LLZZ VSHZ1ZTZ twwa StSS 1 SSS ssr^iis&s 

sought io halve Mr Mu J lev’s Tribune GrcmnhTnulht Mr. trie would flJ Si Con- ,n ^e Danish army. West Ger- of .rs oower Sir Geoffrev for opposition to any further would move by about 10 per conference to co-ordinate a claim 

salary, was defeated by =5S Bi JS SlXai AS SersaT^ad ttade ^inS &e£d ?bat its .SlvitS? La incomes policy. cent, inflation by about 7 per to be put 

mem majority or M (381-3871. Mr. Hefter said that the pay was merely political reDreintatjon hd d regulatory agency were incom- The link between Labours cent That coupled with tax ^ shorter »orkmS 

The Scottish Nationalists voted Tribunites only wanted to bring manoeuvring. representation. patible with its role as an operat- General Election plans and an reductions, would leave Post need to cm unemployment 

With ihr» Tnn>. ...kn. .i d — rv a .. r., .. ^ u. .. i ■ ,Wr Afirha^i S»«?u!art /I ah i. ..*.a .v._. .1 >p sprpempnt with tha nninnc nn Oftlrr workers between four and ana increase leisure limi. 


closer contact between those who * n & a debate 9? ^? 0| Th Sea oil in! Mr. Jackson said that neither more jobs. 


blamed the Defence Secretary Sir lan retorted: “The Tribune closely closer «* Qlacl between those who a dePate on * ortn sea oil m . 
for the poor morale in the Group is neutral against the For the Liberals, Mr. Emlyn “ >n ”L r ” ed wtb army pay jje ^ords. swi «««* 
fi.rccs and for the “stampede” West. They don’t see Russia or Hooson made it clear that his «*> S|? ll u* de 00100 movement d nterert* Sf ^th? 

Of officers and men applying to the Warsaw Pact as a threat parry would not be supporting as 3 whole - State d those of one State com 

leave because of dissatisfaction Perhaps they see them as a the Tory vote of censure. He Mr. Bob Melllsh (Lab Bermond- * at * 2110 one Mate com 

with pay and conditions. promise.” said ah at the Liberals did not seyi questioned whether the w 

He coupled this with an attack The indictment against Mr. think it was worth taking the Government had gone far enough Our overriding interest was to 
on the Left-wing Tribune Group Mulley was heavy indeed, said risk of restoring comparability in giving servicemen more within use the improved balance of pay- 

who were, he said. ” never hap- Sir Ian. He alleged he was guilty before 1980. as it would set a the strictures of pay restraint ments to repair the damage to 

pier than when trying to dis- of •* cowardice and indifference ” precedent for other groups, such Servicemen had never been our reai economy but nothing 

mantle the defences of this to the interest of the Services, as the police and firemen. Paid properly and their condi- BNOC did was adding to the 

CU m ry »* “ He should have resigned and He called Sir Ian’s speech tions were never as good as they vital private domestic sector, 

in thr y repIied by accus ' ^t it to his successor to defend “ rather deplorable " and thought should be. They deserved the Among measures for which 


NGA to discipline 
Observer strikers 

BY PAULINE CLARK, LABOUR STAFF 

IE OBSERVER newspaper London, said the contribution 


Close win 
for union’s 
Grunwick 
moderation 


pro„,i,c,' 0 !un™l?v'ic t ^orapani- ^ ^ ° ™ E OBSERVER newspaper London said .he contribution HIUUCI dllUll 

jss^su as «SSSs~ aw&m tstrrt&yisrjsi 

lhat the initial reaction to this armed forces into disarray at a ** } 5 of -0 Per rent forthwith. u* Energy Department and S av « go-ahead for disclpUn- Observer crisis - may some day * 01 / ost n 

in ihe armed forces had been time when the Russians had been BNOC and would tax the Corpor- ary action against rebel machine found to be worthy of note in ^ked its le?S handlinn of 

’ •itmo satisfactory.’' growing even stronger and the r| . ation like other companies. minders and took steps t< o ensure the history of both journalism RJf 1 ““JJJ tJvokement incite 

taVhV* 1 ? ° Pf ir l i on tT rrom dangers to the West increasing. PrOHlIS6 Oil 06081008 Lord Strabolgi. for the Govern- and of industrial relations in Oils c4n^ck ^dispute LsTv?irwheS 

r Jv n l0,d ,h « Hoosc: 11 wa» the blackest part of the 1 1 U11 pClWiU113 meat said that the Tories still t bop aPer again. country." IMUPwSmbcrTal Crickle- 

*.mnparammy should have Government’s black record. TUir . .... believed that production in the This followed a warning to The union decided at a wnnd snrtine nffi.-e Vonh 


tile Energy Department and save tie go-abead for discipiln- Observer crisis “may some day w^k ve *te«t -»v « ar/cwlv 

BNOC and would tax the Corpor- ary action against rebel machine found to be worthy of note in 
ation like other companies. minders and took steps to ensure the history of both journalism 

Lord MWH. r„r U.o Govern- “i" "* '"°' k tW “ «W SfJtaSS? ‘ffiS ‘or "w & 

ment. said that the Tories still roe paper again ' country. i«n ttoui ... 


1010 tins House: It was the blackest part of the ~ ment said that the Tories still IU 1J ***** country.” 130 UPW mmbws at Cricklc- 

iwrSv^? l SVi.i “ ou,d h3VC Government’s black record. THE GOVERNMENT has de- T> vears’ service will «et beJieve d that production in the Jhn followed a warning to The union decided at a wood sorting office. North 
been restored this year-not next When there had been a leak of L that Serrtcemen ^tirtite exttf £426 nw 4nnim and e ^ onh . Sea could be controlled union leaders last week that the national council meeting before London, refused to handle 
’ :! r ,‘ u . ; , figures or men leaving the ter- <; ldea that ben. icemen retiring extra P« S u “ 0 through taxation. But the Gov- Sunday newspaper would be shut the weekend to take a tough Grunwick mail 

I give i his pledge to : tbe vices, the reaction of the Govern- from the armed forces between >ears ernment had a more orderly down if uninterrupted produc- stand against members who have The union executive faced a 

armed forces: A Conservative mem had ben at first ignorance April this year and April 1880 \%uZ^* 2 *- nt . ot , a approach, ensuring a State ^on could not be guaiSnteed. E SnSlS of K stroneh“Sorded ' f ote of censure 

i«vernneai would restore com- and then petulance. »lM receive pensions emulated Kta ^;^. uU 0 ey * majority in each new licence. The paper was prevented from paper ^ de^e of un on but defe^ted if in a ciose block 

Dar:«lnhiv hpvt anA noiAr i* k. nn on a baKis fullv rnmnamhlp with Standstill on bervice rents for <miw.r nn w ., nn «R«; n i Paper id ueoam-e ot udiuh uui uereaieu it *n J tlus *r u,l _ K 


M . ,l; js son of am. happen toe Chief, of SMff ftr ^lesk pay. Mr. Mull., «• £« brSf^ bear by “**»• ««***»* ,, '‘ ^ !s pSbablya, ne?r asm. ln!“ b?incbes by MM 1o 8.033.‘ a 

"Accordin'' to Sir Ian the situ- would^L™e \ri^ to ^tOD the This mpans that a rnmnrai of rents at the moment and is oil companies had been invalu- weekend by 14^f thferouo who “n eet to meeting management’s majority of 661. 

ilirom. "nL:Z, jwTSSS PtQpl ' kMWinE thC iffrel’elv^n rtgmi ° He^ro^rt?! ttMe'wouId “" tIQUeii their attion ' p’ro/uS.'" ° f iiSraa^b.twwn iS' rales'anS 

vaa, euu in dof^M,^ n?e? W paal IS moSbs. It * warrant nlbcer a 5 ed 50. w.lb bnown. Unn of Iheae v.lal reaoureea. “^^nfX tfcgJS ^ c L”n Hfa^tbmcSS 

_ A — — _ Graphical Association as Dr jjjjji 1 "' for lhe Grunwick film processing 

k a 1 a • % T ■ AT 11, ^ A. — . J ^ __ Conor Cruise O’Brien, editor in *P dC . de ^ be F le _i? CD P‘ Plant in support ot the workers 


BY IVOR OWEN. PARLIAMENTARY STAFF 


vast cuts in defence expenditure over the past 12 months. It ~ ““ cu W,L “ KUWWlJ ’ UUQ OI v,iai resourees * ^ndon officials of Se National Mirror Group ' s . 

■w-r f M -m Graphical Association as Dr jjjjj, 11 ** 

Act does not aim Valley for talks - today SES-S ss-vasr 

4-^-v nwkAlB *. defence and vindication of two hers involved are said to 

111 %|T|ii II t ’ • Pv 1 sreat freedoms— freedom of been among the 25 

iJUlltlA /|1V71| 1%AI1A1T expression and freedom of valid originally took action or 

•rn ■ m ~w Ull Y II All. 1/1 A I L 1111 IILr ▼ collective bargaining.’’ Observer but only one Is be 

kiaoiyiAOOAP T AITAI* V m ^ M ^ Dr °? rien - speaking at an to have been involved ii 

ifl | % 1 I Advertising Association lunch in week-end’s action. 

A-J V * BY IVOR OWEN. PARLIAMENTARY STAFF 

BY RUPERT CORNWELL. LOBBY &AFF CONSULTATION rather than little Red Riding Hood. course. S03llinil 11TQP8 HUP 1171101 

MR. HAROLD LEVER. Chan- protection for the employee not Ann negotiation has been the Both were reminded by Mr. Mr. Geoffrey Pa ttie ( C Cbertsey L/LWIUU1I UU1VI 

rotior of thr? Duchy t>r to punish the employer or close main purpose of the talks so far Varley that oo derisions had and 'Wationi emphasised the p ■■ • j , 

Lancaster, vesicrday colled for his business. We need to held by Ministers who are pre- been taken at the present stage, defence aspect Boeing, he said. T/Nj" pQ p jl 1 fl#J|| Cf J*V 

> moTc balanced "'approach by encourage a more balanced view paring the way _ for policy either by British Aerospace or dld oot oe the best of awa vuvis _ 

sinall businesses, who have com- of this legislation.’’ Mr. Lever decisions on Britain’s future civil some 0 f the other interested lhe A >nerican contenders, even BY ALAN PIKE. LABOUR CORRESPONDENT, IN HASTINGS 

plained about the employment said. aircraft and engine manufactur- bodies. assuming that the U.S. involve- 

I'm lection \ci. Thn Gnvemim*ni also -linu to in S programmes, Mr. Erie varley. „ . . . ,.., r ment was required. THE BRITISH trade union move- amalgamation with the G< 

Mr Lever, a kev financial make life easier for small con? Industry Secretary, told the Com- 'Jf JSSt Agreeing tiiat defence was ment should move towards one and Municipal Workers' l 

ajvisrr lo"b, p£Se “ni^r ™£ S 'Z % »“ S?»Sl!l>55 3W « jgtt , ? Ch , ^“Tjf £ .be AinW ba, 

and m charge of ihe t.overn- possible the red tape they have He announced that the con- tion’’ would be given to the that Borin'* had 60 per cent of rininn^f Fiip/hm* so ve tbe P rob,em s arisin 

mcniv new P^SJ 3 ”" 1 ^ Lo hclp t0 deal wUh and by encouraging sultative process would be taken commitment made S io Europe^ Ihe world’s 0 civ, ’l airline market! ^g^V^ei^sald yertertS °* J. 1 * : f ?i lure Ji- in,e ! ra f 

.1 sei-inr ii has come to regard aa mcreased How of finance, an important stage Further today i nterests . wh ;t e 0 <her American emooames « ”, ■ , existing four sections bef« 

;i , , t,i. prior, ty. emphasised particularly from the private when, along^ with Mr. Edmund l n ‘ es “_ . were much S^enSto can ,0 P k ^confidence ^ 


ment was required. 


chief of The Observer, publicly t,nue p 1 * 11- unofficial action in on strike there for union 
praised the union for making a su PP° rt of more P a >- recognition 

“significant contribution to the About seven of the NGA mem- The UPW conference earlier in 
defence and vindication of two hers involved are said to have the year had passed a motion 

great freedoms — freedom of been among the 25 who not to black Grunwick mail, 

expression and freedom of valid originally took action on The Sorters at Cricklewood blacked 
collective bargaining.’’ Observer but only one Is believed the mail, and were eventually 

Dr O'Brien, speaking at an to have been involved in last suspended by the Post Office. 

Advertising .Association lunch in week-end’s action. The union gave them £42 a week 

hardship money, but .the execu- 
tive all along urged them to 

Scanlon urges one union 

£ _1 • j j posing the motion, said yesterday 

tor 6^1 6 H innil8rrv lbat he believed the union’s 

lUUUtSU J . • . executive was “ morally wrong '* 

BY ALAN PIKE. LABOUR CORRESPONDENT. IN HASTINGS Mr. Tom Jackson, general 

secretary of the union, opposing 

THE BRITISH trade union move- amalgamation with the General the censure, said endorsement of 


white n<k., — " * CAISLUl” 1 UUT aeiTUUUS OClUrfc IL U,...., T. vu ,u umiiki u|iii.w .HU 

were much more ^riemTfed to , H S. ^ 0 anoua ’ confereooe can look with confidence to amal- union and put its fabric at risk. 
rniUtln' ride or,entated t0 of TASS the AUEWs white gamations with other unions. 

^ Sn. u 5 or ,wo SkSS? 5S3 c " painters ’ 

lS!LSrjnr^Si- , » KrM as 'ZlT£lVT ,y T a,r ^-^s^sorjsrss SS: s *iS, ! Sr£ Strike may end 

at Rover plant 

,,(V L . that while some argued that over- Mark Gruner. State Secretary, at J^Si d the Government to accede The results would form part ol auSv chou?d seek amalca- for ?. slD 2 }e system of * 




By Arthur Smith, 

3PES ARE RISING Tor a 
ttlement today of the strike hy 
inters which has halted pro- 
iction of Rover saloons, at 


m fiupluyccs. The Govern- This could be achieved by a on tb e 535 version of the RB-2U 
m.-ni alsi* plans ta remtrodure loan guarantee system, already engine. ^ _ 

ih.- Commons the Bill that under study by an NEDC Com- 1210 Government was warned r p o |l / - c , rkn D n0 r#l 

would have sorted out the mittec chaired by Lord Roll- Mr- M r *FJunfp Whitehead, (Lab., X diKS OH JtjkJV-/ OGaffl 
prc.-onl ’’ nuiltijdicity " of Lever himself is holding talks Derby Nl and Mr. Robert Adley Ivor qwpn 

li-'isl:iUun. which failed to com- with clearing bank reprcsenla- (C„ Qinstchucb and Lymmgton) ivcir uwtN 

plrir it!' fussucc Iasi session. tives to sec how their financial to beware of seductive offers ON THE eve- of the publication Charles Villiers, chairman of 
- \\V michi to keep clearly in and advisory services can be from U.S. aircraft companies. 0 f t ij e Government’s proposals BSC, on Friday. 


;.|«-ii- it> pjssacc Iasi session. tives to sec how their financial 

- We might w keep clearly in and advisory services can be 
mind that the Act is to provide improved. 

Japan car shipments 

monitored IVIiniSter w W2l oe lveen W0J1 and committee tomorrow and Sir BSC Board. who is to visit the factory today, inner-city areas. ' ' do bot ‘ want craftsmen To earn 

BY IVOR OWEN • _ The men. who work for Trailer «”>»** than those on production 

SHIPMENTS UF. Japanese cars air. Willia ms assured him that *7 cllAWC TIP Pit fftr TT H1VTT1P MushT^bSp^from'^he 8 ^^ ManaffCrS b^Cfc 

j.i Britain arc being monitored, the ^partment of i^dustt. ? a d M-jAUi C ^TTfyrYTi^ TJII^V'IJ. IvTJL JZiULT controlled Newham Council and > Winrfcpalp 

Mr. Alan UiHiams. Minister or the Department _oI Trade were J? their MP to stop the business FCUCr WOrkfirS WlIJQSCaSc 31011 

Siau* In cl u .-dry. told the Com- fully aware of the problem. in jnt j iqu idation. . 5 » ■. 

iiinnT vrsiiTilJv when the value It had been expected because A » • S ,, r,,, ,. R ,, . , A WORKERS council, which has ITIPTI 50 haClv 

.If Ihr m, cement reached with of the large levels of stocks of TirilT CQT7C? I lOITlDC , Mr - Danny Atfield- for ,the wor- overthrown and blacked the top WaLli. 

,l„. Japanese r.nvenuiwm on the Japanese cars at the beginning VU UUvl dllUlu odj 3 JJdVIvS “bJJIS maQa ^ ement of 3 b5 8 menial hos- Fim construction workers who 

i 111 •« 1 , 4 . 1 , «f exports was called of the year. . AT 7 •/ the Naliona Enterprise Board pitai and is running iL has been downed tools a fortnight ago 

imt. m t'olion Inevitably, a little time would „ - ... _ . _ . . _ . . . and Mr - E . r!c ' arley. Industry j 0 uj ed by members of middle when radioactive contamination 

mu. tp.i Robinson (Lab. be needed for the agreed figures EUROPEAN countries with Mr. Ted Rowlands, Foreign hians were involved in talks over Secretary, had been told of tbe maneement. The workers decided was discovered on a building s jlc 

t’nviMJirv \iVi proicsied iliat to be achieved. interests in Africa should set up Office Minister of State, had con- the protection of those in the company s plight. 0n their move because of *»riev- at Windscale atomic plant, 

•in- -iul-cn^ of the British motor Mr. Williams stressed: “We a permanent system of cd- finned lhat five Bn tons must now path o£ possible fighting. There Mr. John Davis, managing ances against the district manage- Cumbria, have returned to their 

.« . inriiivirv wa*i hcinu ** aravelv * ,r c keeping a close check on operation to cope with emergen- be presumed to have been .among would have to be collective director, said tbe company, which ment team running Brookwook jobs. 

< >'!!.. -iii-neri " b’t- the gmwing shipments and on prospective cjes_ like that in Zaire, Mr. J*hn those murdered in the “ appall- support in order to take the makes heavy trailers mainly For Hospital. Woking Surrey. The men restarted work on 

i.M-i nr import* from Japan shipments." P*' , , les ’ ! bad ? w f“ rei -^ 3 Secre- ing atrocities in the town of issue to the Security Council. export, had been unable to raise Middle management decided building a new storage pond for 

m inch scorned in be in “marked A Twy advocate of import “* d 10 ^ 001111110116 Sir^SSlS** - S ‘ m ' Mr Stan Newens (Lab Harlow) capital 10 fiaance whal said yesterday to join the workers, radioactive waste fuel yesterday 

...Mi-adii'linn” lo the under- controls Mr. Alan Clark (Pb- yesterday. ...... . pa thy iotheir relatives. ■ winSter 1 ' he wlfuM w *» growing overseas demand The council was holding a meet- after accepting assurances that 

•, i n given. mouth SuttoflL conuasted the Mr. Davies added that the con- Mr. Davies aid that the ■ fif at WO fi d for the firm’s products. ing to deride its next move the she is now safe. 

■ . ... . .. .. ...Wi.L r*3rl tlnuorf nromnpB r«ihart and Tnnac warn “ cimnlr hnmfidil investigate ivuortS that the 


Mr. Whitehead stressed that on industrial democracy. Mr. Mr. Varley said the talks 

the long-term aim of American Eric Varley, Industry Secretary’, would cover “the possibility of 

mterests was to kill off tne told the Commons last night direct worker narticipation on 

design capacity of the fij a t be is to have further talks the Board of British Steel in 


Uiiuicro nmm 0 iuu 0 uvui *'*'-'* r ** 1 ul u a ...fill l * * . _ 

The ATJEW is already engaged merger between the AUEW and 10 

in merger talks with EPTU the electricians' union — is e fJ 1 ^ n & ^ n •' ^. le rs 
and it will be looking vrith re- demanding guarantees which wb ? ^ a Fr,dd -' fc ,n 

newed .interest at tbe boiler- would make it more difficult at 1 r e u f° M by , n i n 

makers, whose conference last for the Worthing structure to ^ °V. canteeT1 acbes 1,1 

week rejected an alternative be altered in the future. c Fu in ?'n«.-« . , 

Ahout half the 4.000 assembly 

workers were laid off yesterday. 

T g . • a a • _ a a but all hands have been recalled 

Liquidation move protest rrsu, memb ,„ th , 

BY OUR LABOUR EDITOR Transport and General Workers’ 

Union at Le.vland have called a 


t * — - ... iuiuici taiiu i»uai« v, uiiuau oicci in union at Levjana nave called a 

{5? l JSS!TO:* ".ll! ? n .i he D app S ta l ED ® m „ 0 L w J )r Ji e7 l witb Government policy." F1FTA’ WORKERS at an East Both the management and the mass meeting for Wednesday to 
air. Atuey suggested that the to the Board of the British Steel It was. announced in April London factory began a “work- workers argued that the firm consider a report bv shop 

partnerehip w'hich Boeing would Corporation. that Mr. Varley had offered the in” yesterday and threatened to deserved assistance because of stewards on pari tv payments. 

I* Se . v w i Ui . Rolls-Royce was akin He is to meet the TUC Steel steel unions Six seats on the refuse admission to a receiver tbe Government’s promise to help They oppose them because thev 

■to that between the wolf and Committee tomorrow and Sir BSC Board. who is to visit the factory today, inner-city areas. do not want craftsmen to earn 

• Tbe men. who work for Trailer more than those on production 

/oira shows npprf for F Iiroilp SS B hSp l lM t X 8 *i3ioJ5 Managers back I, " e *' — 

I" their MP to stop the business ‘rebel’ workers Windscale alert 

j • • e °M° n* t0 iq . U ,R A WORKERS’ council, which has ITI0T1 20 bsclv 

^10 Mr. Danny Atfield. For the wor- nv«nhmvn ami hiaAiru, >k. r^.., 


v, .‘ m-ludin? proposals for Britain with, the difficulties constitutes a permanent threat days." H e called for steps to be or uenerai »uiu s army. \T„»v»L 0 « /vf — L., 

, . system of monitor- placed, in the way af British to peace” and ^ould be raised itt taken to protect those in the path Mr. Rowlands told him the ^1101 DCF 01 JlStCU UD 10 HS 110 DV Zo 
in!, riljpiitenis from Japan. goods .sent for export, United Nations Security of the retreating guerrillas. Government had no confirmation MU1V11 ' 3 u lr 


Council. 


Mr. Rowlands said the Zam- of the report- 


protest over cash for industry Callaghan stresses devolution aim 


BY NICK GARNETT, LABOUR STAFF 


BY JOHN HUNT 

■1*111? CONSERVATIVES last 
ni: lit Mninuly opposed the Coin* 
inni;. giving approval to a Gov- 
.■muii'ii I Order increasing 

Mnnrijl a-^i>taiH*e to inquiry 
b" , further £ 3 Sum. The Order 
,n , mu that the limit Cor 
,v!,-. |j\c a: ft under Seetiuo S ej 
till' ti.ihi-.ti N Art would he raised 
li'Htu A’SSOPi iu i’J Ibn 
T‘„* m-.-.itt «h tection or the 

1 T’orie.-s was ih.it the Got eminent 
u,iv U'fng the aid as si mesins uf 
enforcing its pay pfdicy. In some 


c.tscs, a promise In confonn to 
the 10 per cent guidelines was 
being made a condition of lhe 
assistance being given. 

Mr. Kenneth Clarke, a lory 
-industry spokesman, told the 
House that the Government was 
behaving in a disgraceful man- 
ner. and that Ministers «erc 
misusing their power under tne 
indusrry Act. Money was beln„ 
disbursed on - conditions which 
were Quite possibly illegal, ^nd 
mamfestiy unfair, be saltL 


BY RICHARD EVANS, LOBBY EDITOR 


THE GOVERNMENT wonld “go 
to the limit " to ensure that the 
Bill on Scottish devolution 
reached the Statute Book this 
session, the Prime Minister said 
in Edinburgh yesterday. 

The Scottish people could 
then declare their own opinion, 
Mr. Callaghan told the General 
Assembly of the Church of 
Scotland. 

M We believe giving Scottish 


people more control over their 
own affairs will strengthen the 
sense of national community and 
the links between the people of 
our islands/* 

.The comments underline the 
Prime Minister's determination 
to get the Scotland Bill into law 
before he calls, a general elec- 
tion. 

The Bill has just completed its 
committee stage in the Lords 
and will start its report stage 


in the first week of. June before 
returning to the Commons. 

Peers have already inflicted 
numerous defeats, most of which 
the. Government will seek. . to 
reverse. 

In a wide-ranging speech, Mr. 
Callaghan said another area of 
change was industry and the 
Government would be publishing; 
to-day its views on the develop- 
ment of a new- system of indust- 1 
rial democracy. 


AT THE end of last year there 
were 4S5 listed trade unions. 
273 certified as independent and 
about 200 affiliated directly or 
indirectly to the TUC. according 
to the latest report of Mr. John 
Edwards, certification officer. 

This was an increase or 2S over 
the end of 1976 and of 78 com- 
pared with the last quarter of 
the. previous year. 

The renort suggests that the 
increase in the number of listed 
unions during the past two years 
was due largely, to established 
organisations seeking formal 
status rather than through the 
formation of new unions. 


During 1977. certificates of 
independence were issued to 59 
trade unions, 17 of them TUC- 
affii fated. 

The report says that in four 
of the country’s Sigeesl unions — 
those with more than 100.000 
members — and in unions which 
maintain political funds, less 
than half their membership paid 
the political levy in 1976. 

The four were TASS, the 
whitiMMllar section of the Amal- 
gamated Union of Engineering 
Workers (48 per cent!, the 
National Graphical Association 
(46), the Association of 
Scientific, Technical and Mana- 


gerial Staffs (37). and the 
Society of Graphical and Allied 
Trades (IS). 

Seven unions gave the pro- 
portion of their members contri- 
buting to political funds as more 
than BO per cent These included 
the National L'nion of Public 
Employees, the National Union 
of Genera] and Municipal 
Workers and the Transport and 
General. 

According to union returns for 
the end of 1976. Si trade unions 
with a total membership of 9.4m 
maintain political funds and 
about 81 per cent of their mem- 
bership contributed. 


"-L 




ID 


THE JOBS COLUMN 


Managers fear scientific selection— Eysenck 


BY MICHAEL DIXON 

"HOW DO we so about selecting 
managers?" asked Hans 
Eysenck, Professor of Psycho- 
logy at the London University 
Institute of Psychiatry. "I think 
we so about it very badly at 
the moment" 

“1 believe that much of the 
poor performance Britain has 
been suffering from is due to 
the fact that the people chosen 
for jobs, particularly at higher 
levels, arc not tip to them.” 

The famous advocate of 
rigorously scientific approaches 
tn psychology then confirmed 
the truth nf a piece of recruit- 
ment-industry folklore, which I 
had previously assumed must 
be a myth. 

"In a U.S. company I studied 
we tried to find the real criteria 
by which staff were chosen. We 
were at a loss in the typing 
pool, because the women there 
differed widely by every 
measure of personality, work- 
quality etc. . . . until we noticed 
they all had bust maasureraents 
of 3Sins or more. 

"The point is that, by com- 
parison. the criteria generally 
used for selecting managers 
seem tu have results which are 
less aesthetic, without being 
very much more relevant to 
getting the work done well." 

The scientific evidence was 
that fairly commonly used 
••instant-insight” devices based 
on handwriting, colour-choice 
and even astrology were invalid, 
ihc Professor said. Moreover 


the almost universal selection- 
interviewing had largely been 
shown to be unreliable. 

Here he cited a wide-ranging 
investigation carried out in the 
U.S. Army which showed that 
the only factor which con- 
sistently predicted that a candi- 
date would be chosen was that 
the interviewer had got on 
with him well. But the hiring 
was not usually sustained for 
long. In most instances it soon 
evaporated into an average 
indifference, and quite often 
fermented into dislike. 

■• You see, although there 
may be signs of pre-psychosis 
and so on which a proper 
psychologist could pick up. an 
interview of about half an hour 
just doesn’t tell you anything 
really about most people's per- 
sonality. 


Angels 


And there again, when em- 
ployers have come to me and to 
colleagues to ask us for help in 
selecting people, they mostly 
have very little idea of what 
they want. They usually give 
you lists defining what an angel 
would be like." 

It was true, Hans Eysenck 
conceded, that some organisa- 
tions do know what sort of 
recruits they want and have 
reliable methods of identifying 
them. The Civil Service was 
the best example, perhaps. 


*"1 am sure that I could not 
Improve on its procedures for 
recruiting the people it wishes 
to have. But whether those 
people are the kind of civil ser- 
vants that are needed by the 
rest of us in the community, is 
altogether a different question.” 

In the main, he believed that 
they are not Recruiting pro- 
cedures of the Civil Sendee 
kind seemed to he psychotic 
about the universal importance 
of intellectual ability. But In 
practice personality was at 
least equally important, and 
mental approach perhaps more 
so. 

“ What does occur to me be- 
cause I personally come into 
contact -with it is the terrible 
danger of having people with 
an arts education rather than 
one in science clustered at the 
top of the Civil Service. 

“There’s the question of 
criminality, for example, which 
we have done a lot of work on 
at the institute here. I find 
that the Home Office, however, 
holds unshakably to ideas which 
are quite unscientific and- do 
not work even though it per- 
sists in them. People like that 
don't seem to have any appre- 
ciation of what evidence is. 

“ Scientists know that ' the 
real point is to look for evi- 
dence, but civil servants 
apparently don't. Their inclina- 
tion is to make it difficult for 


anyone to find out what is hap- 
pening.” 

Nor did Professor Eysenck 
think that business employers 
were worthy " of significantly 
greater approval. 

“ la companies which need to 
be competitive, one might 
expect senior managers to be 
more amenable to scientific 
method in making decisions 
about people and other things. 
But 1 doubt that they usually 
are.” 

The only sensible way for a 
company to set about devising 
criteria for recruitment was to 
start from successful achieve- 
ments which it would like to 
have more of, and failures 
which it could not want to 
repeat even if it could afford 
to, and then identify attributes 
to be sought or shunned by 
studying the people associated 
with either kind of event 


Refined 


Thereafter . the criteria — 

which would probably vary with 
different Jdnds of organisation, 
and with different jobs within 
them — must be continually and 
rigorously reviewed in the light 
of their practical effects on per- 
formance and.be changed and 
refined accordingly, Professor 
Eysenck said. - 
But he believed that few. 
concerns had instituted recruit- 


ment methods of this kind, and 
that very few would do so on 
their own initiative. The main 
reason was possibly fear among 
the existing top managers that 
such investigations might 
expose their own deficiencies. 

“I remember a study done 
for a multi-national group some 
yeazs ago. It was not about 
recruitment; it was to find why 
the company's retail-sales were 
suffering by comparison with 
those of their competitors. And 
the researchers established that 
the shops were reacting 
adversely to the very restrictive 
rules that the company was 
imposing on how many 
machines of which kind the 
retailers could have, etc. 

“ When the researchers 
reported this to the man in 
charge, he dismissed it as non- 
sense and threw them out. The 
rules they were criticising were 
precisely the ones that he had 
introduced. As it happened, 
the group being American 
owned, he was sacked shortly 
afterwards. 

“Now, however, to . sack 
people is being made more and 
more difficult, which makes 
scientifically based recruitment 
of greater importance than ever 
before, especially since mistakes 
are getting increasingly costly.” 

But, I asked, given senior 
managers' understandable resis- 
tance to personnel procedures 


which might undermine them, 
how is more appropriate selec- 
tion to be brought about? 

“Well, one thing that can be 
done.” Professor Eysenck 
replied, “is for the person at 
the very top to establish under 
his own supervision a small 
independent section of highly 
trained people. Some bave done 
this; I understand that Esso has 
a good unit. But there are far 
from enough. 

“ Expert teams tike this need 
not just concern themselves 
with devising and following up 
recruitment criteria^ they can 
also be useful in other ways. 
For example they can help a 
company to detect the onset of 
mental breakdowns or 
alcoholism before they become 
real probiems. 

“ Of course, it is very 
important to pick the right 
people for the team in the first 
place, especially since there is 
more charlatanry in psychology 
than almost anywhere else. 

“But the outcome depends 
once again on who is the chief 
executive. Xf he is of scientific 
outlook, and demands evidence 
that a new method will work 
before accepting It the team 
should show good results. 

“If, on the other hand, the 
chief is the kind who likes to act 
on prophesies, then perhaps the 
team doesn't matter. The com- 
pany is probably done for any- 
way.” ' • • ‘ 


Group 

Financial Director 


for a successful public company with ambitious growth plans. 
Present sales arc expanding towards .£ 30111 , including a sizeable 
international business. 

• responsibility is for all aspects of the group’s financial affairs in 
an environment where the emphasis is on both entrepreneurial 
innovation and effective management controls. 

• the requirement is for a Chartered Accountant with exceptional 
all round experience and ability. 

• preferred age: 35~45- Salary unlikely to he less than £ 15,000 
with good additional benefits. 

Write in complete confidence 
to A. Longlaud as adviser to the group. 

TYZACK & PARTNERS LTD 

MAN A OF Mb NT CONSULTANTS 


IO HALL AM STREET 
12 CHARLOTTE SQUARE 


and 


LONDON WIN 6Dy 


EDINBURGH EH2 4 DN 


Trade Association 
Commodities 


This Association represents the interest of producers of 
vegetable raw materials. The appointment is in London, but 
the involvement is intcmationaL 

• A successor to the retiring Secretary General, who is 
French, is required. The post demands proven administrative 
ability coupled with the presence appropriate to repre- 
sentation at Government level. Close affiliations with a Larin 
country and fluency in at least two languages are also 
essential. 

• treferkhd age about 40. Salary is negotiable and could be 
in five figures. 

"Write in complete confidence 
to G. W. films as adviser to the Association. 

TYZACK & PARTNERS LTD 

MANAGEMENT CONSULTANTS 

TO IIALLAM STREET - LONDON WIN Ctyf 
12 CHARLOTTE SQUARE - EDINBURGH EH2 4»N 


INTERNAL AUDITOR 
required by 
AMERICAN BANK 

The First National Bank in Dallas is interviewing for an 
AccaunHnc ro be in charge of the Europejn Internal Audit 
Office based in London. This responsible and rewarding position 
involves auditing and analysing all of the activities of the Bank 
and reporting directly to the Head Office in Dallas. 

The successful candidate, male or female. 25 plus, should be 
a qualified accountant, preferably a graduate with auditing 
experience in a leading professional firm. A working know- 
ledge of E.D.P. systems and French would be an advantage 
but is not essential. 

Salary and benefits are negotiable. 

Apphconii should submit written detoi/s of qualifications and 
experience to:— 

Miss G. Bock. 

First National Bank in Dallas. 

60. Al derm anbury. 

London EC2V 7JT. 


ASSISTANT 
ACCOUNTANT 
required by City Com- 
modity Brokers near 
Fen church Street. Quali- 
fied person preferred 
with experience in the 
profession gained after 
qualifications. Company 
have I CL 2904 but Com- 
puter experience not 
essential. Salary £7,000 
p.a. + annual bonus. 

Please write Box A.6362 
Financial Times, 

10, Cannon Street, 
EC4P 4BY. 


Managing Director 
(Designate) c.mooopim 

WADDINGTONS' HOUSE OF GAMES LIMITED 


Ourclientwishesto appointa Managing 
Director, Designate, to succeed to the post 
within a year. The Company is a leader in its 
field, with 'Monopoly' asone of its brand 
leaders, and plans further developments is 
located m Yorkshire and is a member of the 
John Waddington Group engaged in the 
Packaging, Print and Publishing Fields. 
Candidates should be able to 
demonstrate 

■ practical experience of managing for 
profit. 

m applied marketing skills directly 
related to improved sales 
performance 

■ ability to lead a successful executive 
team-*: 

■ experience in operating appropriate 
functional controls in procurement; 
production.sales and distribution. 

The Managing Director of the House of 


Games Ltd. isdirectly responsible to the 
Managing Director of the Publishing Group 
fbrthe profit performance of the Company. 
Experience in printing and publishing is not 
essential.The emphasis in selection will be 
on marketing and management skills and 
commercial and innovativefiair.The person 
appointed will likely be in the age range' 
38/45,hut calibre and experience will be the 
main criteria. . 

Salary is negotiable and will be related to the 
candidate's potential contribution to the 
Company's continued success. An attractive 
Executive Benefits Package, including car 
and re-location assistance, will be offered. 
Plea se write, sta ting age. current salary and 
how you meet our Client's requirements, 
quoting reference MD/ 3339/ FT on both 
'envelope and letter. Men and women are 
invited to apply. No in forma tion will be 
disclosed to our Client without permission./ 


Urwick, Orr & Partners Limited Slough SU3PF ' 




Business 

Development 

Moscow 




Acompsffyinvoh^exdiia^intrade^ 
the USSR and backed by the considerable 
experts© and nssoiroes of its shareholders, 
three major Oty financial institutions, recgj&es - 
a further represeniafivs in its Moscow office. 
Current areas of operation include agriaftura! 
machinery, feedstuff aid Svestock systems, 
food processing plant, bufc hancSng arid 
refrigeration systems, construction equipment 
and mat^iate.arKiaLtonrativeeqLapnWrt.TTiQ 
new executive wffl reportto the senior Mosoow 
representative and his/herprincipal task win be 
to promote specific fcnportfexport prefects by 
following through deafngs with the various 
state organisations an a day-fcxiay basis. 
Liaison with the London office and cflerit 
companies viriti be continuous. Candkiates 
aged 30-40 should have experience of 
technical seting, preferably n the Soviet 


LWon. Fluency in Flussfen S mandatory. The 
earnings package is worth ^jproximateiy 
£1 0,000 and cunentiy attracts nti Soviet tax; 
there is therefore scope for signfficanlsavings. 
Furnished accommodation is provided against 
anom nal rent Four UK visits annually. 
Assistance with mecficaJ expenses arid 
children's education as appropriate. 

PA Personnel Services Ref: SM34/63831FT 

Initial interviews are conducted by PA 
Consultants. No details are divulged to 
clients without prior permission. Please 
send brief career details or write for an 
application form, quoting the reference 
number on both your letter and envelope, 
and advise us if you have recently made any 
other applications to PA Personnel 
Services. 


PA Personnel Services 

Hyde park House* 60aKn&ibbridge, London SW1X 7LLTd: 01-235 6060 Telex: 27874 



Chartered Accountant 

FOR SHIPPING INSURANCE 

Leading Shipowners Mutual Insurance Company in 
the City seeks a newly qualified Chartered 
Accountant aged about 24/26 to join financial team 
engaged in the collection and control of premium 
income. 

The job will initially involve the development and 
control of outstanding premiums, which is computer 
backed, but the successful candidate will be expected 
in due course to expand his duties to include other 
aspects of the financial work of the Company. 
Opportunity for advancement is considerable. 

The overwhelming majority of the Company’s busi- 
ness is with foreign shipowners and with claims 
abroad. Accordingly, applicants must be prepared 
from time to time to travel overseas and a know- 
ledge of a foreign language would be an advantage. 
The appointment will carry a good salary based on 
age and experience, plus excellent fringe benefits. 
Please write giving full curriculum vitae to Box No. 
A.6364, Financial Times, 10, Cannon Street, EC4P 
4BV. 


JOB 
HUNTING? 

OVER £5J)00 
UNDER £254)00 
OVER 27 
UNDER 57 

If'yas’taaUBws^v* 
are 30% c6ft»n wa can 
help you get a better job 
quicker. We are not an 
agency but Europe's most 
experienced executive and 
professional career 
counsellors, so telephone 
us now for more information 
about our services. 

Percy C0UTTS & Ca 

01-839 2271 

tea Grand Buildings. 
TrotBlS* 1- Square. WC2- 


Financial Times Tuesday May 23 1378 



METALS 

Account Executive 

A reputable firm of ring-dealing LME members is 
currently seeking a bright, articulate and educated 
ACCO U NT EXECUTIVE to join its young team. 
■Our client is wishing to attract an application from 
an individual with proven leadership qualities, and 
with directorship potential. _ . 

The position requires an inventive mind, and 
pleasant yet business-like disposition. The ideal 
applicant must also possess an in-depth know- 
ledge of all aspects of LME operations. Age:28/32. 
Initial interviews will be conducted by Charter- 
house Appointments Consultants. No details are 
disclosed to clients without prior permission. For 
further details of this and other senior vacancies in 
commodities, please contact: Robert Kimbell 


Charterhouse Appointments 
40 Bow Lane London EC4 
Telephone 01-236 1221 


IACA 

International Air Carrier Association, 

(Association of International Charter Airline) 
requires for its Geneva office 

AN ASSISTANT TO THE DIRECTOR 
GENERAL 

to assist in his daily work and be especially 
assigned to European affairs, liaising between 
regulatory bodies and the air charter industry; 
co-ordinating and managing working groups. 

The successful applicant, preferably aged between 
30-40, will have a degree in economics and/or law 
and experience in these fields, ideally with know- 
ledge of airline policy affairs. Fluent English 
essential and other languages wifi be decided 
advantage. Must be willing to travel abroad 
frequently. 

Apply in strict confidence, sending full career and 
personal details to: Mr. F. A. Pfiffner, Director 
General, IACA, P.O. Box 105, 1215 Geneva 15 
Airport, Switzerland. Telephone (022) 9S 11 19. 


& 




e • • • 



• Accountant 


around £8,000 plus car 
Mayfair 

A service-based public group with a turnover 
of £5m and market leadership in its sector 
has created this post to improve financial 
planning and analysis. It carries responsibility 
to the FD for budgets, project analysis, cash 
forecasting, preliminary acquisition studies, 
profit improvement exercises, control sys- 
tems ’development and adverse variance 
investigations. 

Candidates, ideally aged 26-30, should have 
prior experience of management information 
work in commerce ox industry. They could 
either be young qualified accountants 'or 
mature ACCA/ACMA/ACIS finalists with, 
more practical experience. Prospects are not 
confined to the financial function. 

For a fuller job description write to John 
' Courtis & Partners Ltd., Selection 
Consultants, 78 Wigmore Street, London, 
Y11H 9DQ., demonstrating your relevance 
briefly but explicitly, quoting reference 
*7031 /FT. This is an equal opportunity 
appointment. 





COMPANY 


FINANCIAL ACCOUNTANT 


LOCATION 


Tbe UJC Subsidiary of a large International 
Group with diverse activities in many 
industries. 

In a pleasant part of the East Midlands 
with easy access to the Motorway. 

APPLICANTS Should be qualified accountants with expert- 
. ... * nce of controlling a busy Accounts Depart- 

ment and with the ability to provide a service to other 
members of the Management Team. Experience In both 
a manufacturing and distributive environment would be an 1 
advantage. 

BENEFITS Attractive salary, bonus scheme, excellent 
company pension scheme, assistance given 
with relocation expenses. 

arar&JMrsr ff^*ssrap , 5v?“ , "“ Dm "“- 



YOUNG MANAGEMENT 
ACCOUNTANT . 

mxlm i bi iTt^ c m ? r ! C ?. c ' n ®' planning, production and to 

MS k",K* r?4 Tn£‘ IS 4 " c ' k holW ?'' 

a stfmufotine and 8 r.™ expand your corporate experience, in 
a sum mating and progress, v e atmosphere. Salary around £6.500. 

Ring PARK EXECUTIVE BUREAU 01-930 2081 


INTERNATIONA ^NUfaCTURING CORPORAY 
SEEKS HARD-DRIVING 
MANAGER 

^nefi2* n in e /erJriioM| eS EalL^o 'f 0 " “ UK ’ P,an 

•wramclr hUS g ' 5 >nly ex Perienced. a 
xiremcly hard workers need apply. 

F?iwncfof U Tlmes W, fO £ fere,,e V to A-6356 
,mes - 10 Cannon Street. EC4P 4BY 






Finance and 


on 


London c £18.000 + car + benefits 

reacted and growth-orientated investment banking firms, our client provides a fuU 

directed from itssuteidiarv inSS 3 Wprld '' vide ^ ale - The interfiaiional banking activities are 
no i is subsidiary in London and a programme of expa nsron is now under way which will result 

m opening of new offices in major world banking cen tres. 

Mana ai«g Director and as pan of the young management team, the Finance and 
rnlrl^ ^ rat,0, ? *'^ ana 9 erw, H bo f^sponsible for the efficient operation of all the financial and' 

anon and personnel. With irvdeplh involvement in the governmental relations of the firm the 

i n - row calls for interface vmh company management in offices throughout the world and the Manager 
will contribute to the formation of overall policy. 

Can ^‘? v !l r - h!s P °S ti ° l ? * !l1 h? qua,,fied Accountants, men or women, who have acquired several 
■,rr,rJ. rt J S l Xt ^ nen ^ ldeal, V' inan international financial environment. Personal qualitiesare eauath/ 
portantand candidates must demonstrate enthusiasm, commitment, leadership ability andlniegrity. 

The compensation package will be structured so as to be attractive to the person who best meets the 

qualifications described above. 

Please wrrte in confidence, quoting reference T.871, enclosing concise personal and career details to 

D. E. Sheflard. 


Arthur Young 
Management Services, 

PoSs House, 

7, Rotts Buddings, Fetter Lane, 
London EC4A 1NL 




m 


MARKETING OFFICER - BIRMINGHAM £ negotiable 

Owing to promotion, a vacancy exists at the Birmingham Office of a 
leading international bank for an "experienced Marketing Officer. 
Ideally, candidates will be currently employed in international 
banking in a marketing role, will have knowledge of the more 
important commercial corporations in the Midlands, and will have a 
good background of banking knowledge including credit appraisal, 
foreign exchange operations, and bil/s/credits. 

This appointment entails management of the bank's Birmingham 
Office, and there are excellent prospects for future progression within 
the organization which is represented in all major regional and 
international financial centres. The salary and benefits offered will 
fully reflect the demands of the position, and will attract applicants 
of the highest calibre. 

Contact Sophie Clegg 

EUROBOND SETTLEMENTS to £5,000 

A leading investment bank is expanding its Bond Settlement 
Department to meet the demands, of increased business. Two 
opportunities occur for young people, ideally aged early/mid 20s, 
who are experienced in bond settlement procedures via Euroclear 
and/or Cedel. 

Contact: Richard Meredith 

DOCUMENTARY CREDITS : to £5,000 

An international bank seeks an experienced documentary credits 
clerk with a minimum of 4 years' experience. Salary is negotiable and 
there is the usual range of bank fringe benefits.- 

Contact: David Grove 


.■vtt * 

V iU « 


Finance and 
Administration 


Director 


han 


£ 25 , 000 + 


A unique opportunity lias arisen lo 
join a niaii >r French company expanding 1 
rapidly in the imemniwnnl service 
industry tbr.a Finance and 
Administration Director to bo based in 
Inin. 

Ideally aged 30-4U years the 
M'kvird candidate will possess an AC A 
«»r ACMA. and have senior level 
experience in tin* total protect control 
ot ail financial and administrative 
limn ions in the construction or service 
industries. A minimum of five years 
Internationa] experience is required, 
and candidates must be bBingual in 
Fnulish and French. 

The selected candidate wil have 


total responsibility in Iran for all 
financial and administrative matter* 
including financial and management 
accounting business planning: treasury 
and bank relations, legal and tax affairs, 
office administration and personnel 

A salary of at least £25000 vriB be 
negotiated In addition cair client offers 
free fiimished i named accomirKJdatioxi, 
company car. paid leave and other 
benefits. Interested candidates should 
send liifl details ot thdr qnaTifications 
and experience to date, in strict 
confidence, to Chris Jamtescm. Lansdowne 
Recruitment Limited Design House, 

The MaJL London W5 5LS, Tel: (01) 

579 22S2. (Ref ME650} 



JcSnoltttO ■ • lUkUnvu - K ^t ■ LfPy • U ndOQ - 

jSST- • N«*W • W * * ■ ■ S*** 4 - S*W» ■ Si—fTWliU’TMM 


COMPANY NOTICES 

KWrSBUWTS!^ 

nonet is merTbv GIVCN thJi thj; 

ANNUAL OtNUKAC MCtriNG m T»t 

TilAKblb SUI.PHUR AN D COW R COM 
WHY 1 1 MIT ID, •“*" M U C *«,5?, *4 Pan* 
llul-l UiikjWr ~ im, a 


BMLOWSi UMITE.D 

NOTICE IS HEREBY GIVEN HUI ‘Jw 
Transfer Boons. OI tlw Company muins 
Uo-rtl on Wednesday. 31 Mar. 1378. 
jo F rioav. «ti June, mcluwvi.*. »or tTlc 

Of r-f.jr.il Ion or Olvldcnd 

far and on behalf of Bjrio,-. Ltd- 

A. REDFORD. S««rurv 

'selected RISK INVESTMENTS sa 


Tup ec Bern 75 Paris ! NOTICE IS HERESY GIVEN to Share- 
fnnr»oa* 1 5>h June- if» 7 B at j hoi am that following a Krtomi'®" 
tap Ihr loliow.no r«n»m ! at I hi- Annual General J L S £iIS 

. iimor the Pcpori e ' nnlm-rt held In Luirmbaura an 16,h M«. 


noon ta! thr loiioomo euroasev j as me Annual General Meeting a";"-* 
Tu i answer and .moot Ihc Pcp0« ® | nnldrrt held In Luxembourg on 

O,?r!iori .15d the A«eun» Inr i he I 1973 3 dividend lor the vc»r 1,9*7 01 
mr rtilnJ Jhl DecemDcr. 1077 wilh > U.5.h0.25 oar sh-jre has M»n sKcWM* 
report di the Auottora thereon and! th* dt-Ktend will be i*a<d 4 f„. l . w J| 
w-irr I bwmi.«M. . I 22nd Jvn« . 19/3 aswlnst pirttmation ol 

iRe-olUlien No. 1 1 ] Covoo" No. 14 a* the Company v PaVinp 
.. ........ n.. .vinra lAncnrs m the United KinAdom 


BUSINESS AND INVESTMENT OPPORTUNITIES 

READERS ARE RECOMMENDED TO TAKE APPROPRIATE PROFESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS 


Finance 
for Growing 
Companies 

If you are a shareholder in an established and 
growing company and you, or your company, 
require between ^?0,000 and .£1,000,000 for any 
purpose^ ring David Wills, Charterhouse Development. 

. Investing in medium size companies as 
minority shareholders has been our exclusive 
business foe over forty years. W e are prepared to 
invest in both quoted and unquoted companies 
currently making over lOO.OOCTper annum. 

JSgh pre tax profits. 


m CHARTERHOUSE 

Charterhouse Development. 1 Paternoster Row: St. PjuIs, 
London ECJM 7DH. Telephone tli-248 3999. 


Public company 

with £800,000 cash available wishes to purchase 
either for cash or shares, or mixture of both, a 
very strong private company with profit beuween 
£250,000 and £1,000,000. It is pofoible that the 
owners of the company purchased could become 
the major shareholders in the public company. 
No agents will be answered, only principals please. 
Write Box G.1865, Financial Times, 10, Gannon 
Street, EC4P 4BY. 


WELL ORGANISED. OLD LINE, SMALL COMPANY, 
LOCATED IN MIDTOWN NEW YORK CITY. 

NOW ENGAGED IN LARGE VOLUME BUSINESS IN 

INTERNATIONAL 
STEEL TRADE 

Interested in representing manufacturers of steel or related 
items used in industry. Our company has shown highest degree 
of responsibility in management, is exceptionally well financed 
and is prepared to act as manufacturers' representative for 

SALES, WAREHOUSING AND MANAGEMENT PURPOSES. 

interested parties are asked to submit all details to: 

Box F.1019, Financial Times, 10, Cannon Street, EC4P 4BY. 


BUSINESSES FOR SALE 


LIGHT CLOTHING 
FACTORY 

Due to retirement of owners, offers are inviiied for the freehold 
factory and plant making childrens and mens clothing for a 
National Retail Organisation. ... . 

There is a complete management team — 150 trained machinists — 
full order book— T/O £2m — 30,000 sq. ft.— situated in the 5ouch 
East. 

A going concern— easily run with enormous potential. 

Reply Box K962, Walter Judd Limited (Incorporated Practitioners 
in Advertising), la Bow Lane. London EC4M 9EJ. 


AUDIO AND VISUAL COMMUNICATIONS COMPANY 

international Company with established U.K. business in AUDIO 
and VISUAL communications systems field. 

FOR SALE 

PrincipaLasiets consist of equipment rental contracts to major U.K. 
public companies with forward contracted income of £1 J million. 

Principals only reply Box G.19 77 
Financial Timas. 10 Cornisu Street. EC4P 4BY 


HOLLAND 


SMALL INDUSTRIAL DISTRIBUTION COMPANY FOR SALE 

Jointly owned by British *nd Dutch partners, it is now desired to offer this 
unit for sale, either as a base for a company seeking ta develop in export 
possibilities or to merje with a larger Dutch enterprise. Good range of 
established industrial imported products with well trained and experienced 
safes personnel. 

Apply ta Box G19S9, Financial Times. 1C Cannon Street. EC4P 4BY 


SHARE CAPITAL 
FOR SALE 


Long Established Structural Pre- 
cast Flooring Manufacturers 
Located in Owner/Occupied 
Freehold Land and Buildings on 
8 Acre Site adjoining Motorway 
in Lancashire. Considerable 
scope for expansion. Further 
details available on request in 
writing. Write Box G.19B1, 
Financial Times. 10. Cannon 
Street. EC4P 4 BY. 


PRINTING INDUSTRY 

Spccliaist reproduction business with 
tjo approx. £750.000 p.a. Greater 
potential. High productivity equip, 
ment and low staffing ratio. Inter- 
national reputation, for safe around 
£300,000. Principal* only apply in 
strict confidence cat 

Bo* GIVI 3 , Financial Times 
10 Can non Street , EC4P 4BY 


COMPANY 
FOR SALE 

Old established wholesale 
company supplying machines 
and tools to the engineering 
and building trades. Based 
Central London. Turnover 
£500.000 p.a. approx. Prin- 
cipals only. Write Box 
G.I951, Financial Times, - 10, 
Cannon Street EC4P 4BY. 


Better investment return 
through a multi-million 
commodities group 


ICOMPUTeS 
I TESTED 
.POSTFOLIO 
MAMCEMENr: 


Dunn & Hargitt offer you a new 
way to invest by participating in 
a muftimiilion dollar group of 
■ commodity investors. Proven 

s record of success. 

All participants receive detailed account records 
monthly. Minimum investment $20,000. 


% investigate this profit opportunity, write for 
the “Dunn & Hargitt Opportunity 
Brochure" or call Dunn & Hargitt 
Brussels 640.32.80. 

When writing: Dunn & Hargitt, 
h Research, Dept 12a Bte 6 
18 rue J. Jordaens 
1050 Brussels. 



Resulted in Belgium and U JC 


Ssrfj 


. j !*._£» ■'~£kk' j_ 


1x5 

^@7 


Representatives of The McDermott Group will be in London from 
May 27 to June 1. to meet with prospective investors interested in 
major businesses and/or real property in the United States. Please 
send inquiries to or contact: — 

Paul j. Zeman or Randall O.T. Courtney 
c/o The Hilton Hotel. Park Lane. London — 493-8000 or 
the McDermott group, 

3703 Rainier Tower, Seattle. Washington 98101. U.S.A. 


WE OFFER AN INVESTMENT OPPORTUNITY LN 
A CHAIN OF 

GERMAN FASHION 
RETAIL SPECIALTY STORES 

through Swiss based company in the very strong DM-currency. 
Same system as MCDONALD'S in fast food or RADIO SHACK 
in electronics but not on franchising base. Professional 
management Very high yield can be paid tax-free. Minimum 
DM 360.000. Strictest confidence. For further information on 
personal meeting please write Box G.1963, Financial Times, 
10. Cannon Street, EC4P 4BY. 


PRODUCTS WANTED 


Rapidly growing manufacturing company 
presently exporting successfully to over thirty 
countries wishes to diversify and expand its 
product range through licensing agreement or 
otherwise. 

Especially interested in engine driven applications. 
Write Box G.1969, Financial Times, 10, Cannon 
Street, EC4P 4BY. 


ARE YOU SEEKING NEW CUSTOMERS? 

Team of top Sales Executives with access at all levels, are at your 
disposal to get your company large volume, long term contracts 
with the motor, domestic electrical and oriier consumer durable 
industries, if you manufacture a good, competitive product, have a 
good quality control department and want to expand NOW — 
either in the U.K. or Europe— contact: 

PETER ]. GARRINI & ASSOCIATES LIMITED 
130a Burnt Oak Broadway, Edgware. Middlesex. 

Tel: 01-952 6626 - Telex: 923598 


invest for Profit or Retirement 

Limited number of most zttracrive sins on exclusive residential estate near 
Malaga, Cos ta del Sol, are available for outright purchase or ever three years 
at prices not exceeding 10.000 US Dollars. Any major currency acceptable. 
Very lew cast building package available. Money back guarantee if purchased 
without inspection. Each she approximately j oi an acre in breathtaking scenic 
valley with clubhouie. riding, fishing, golfing, skiing, swimming, scuba diving 
nearby. Full particulars from owners' representative now in London. 

Write Box Gf97f, Financial Times. 10 Cannon Street, EC4P 4BY 


FABRICATION 

Overseas Engineering/ Fabricating Works seeks contracts for 
light steel fabrication. 

Due to special circumstances very competitive terms can be 
quoted. 

Write Box G.1984, 

Financial Times, 10, Cannon Street, EC4P 4BY 


FURNACE CAPACITY WANTED 

Wanted: Subcontractor (long rermj to heat to 200 degrees C 
a variety of metal fabrications. Max. length Hft. max. width 8ft. 
max. height 6ft. 

Write Box G19SB, Financial Times 
10 Cannon Street. EC4P 4BY 


OLD ESTABLISHED 
MOTORCYCLE SALES 
& REPAIRS BUSINBS 

Laidiny Agencie*. Looted West of 
England Tourist Centre 
FOR SALE A5 GOING CONCERN 
Stack, Debtori and Goodwill 
Principals only 

Write flo r Gf961. Financial Timas 
10 Can non Street, EC*P 4 BY 


i ihr .".uotiori thereon ana i cW.kpend will be t*a*d ■** '™5 

Jl di,«K«i. . ;-22n(i junt. 1973 awlnsf preit ntalion ol 

iReuliilicn No. 1 1 j Cot.no" No. 14 at the ComoJnv i raVinp 
. n.ioctors ;*nci»rs in £he United Kinfltom 

; In rr.no I D,lOC, | , fl r J i0 , utlcm N „ 5 . ™-4. | u S. G. Wartxim & Co. I.IO., 

I 1, , ,4, ooint :h* Auditors and :a Coupon Department. 

J iliihmi'-o Inc Du.-\lora to BeWrenmc the St.AUwrei House. 

" . „i me Anoilnrs. Goldsmith Slreet. 

rrm.M.crefoi’ iRrtoluhon No. 51 London EC2P 2DL 

n * Order ot Hie Board. ’ irsm whom claim terms mav he osuaincjn. 

“ * w _ M > IT tDl t Ii.iim VmrWim Inrniw Tji Will 


u. ..ir biuiu. r »rom nuuni viaim un no — — ... 

R. N PETERS. United KlnoOom Income Ta* wtii » 
Sccreiary rwdneted at me rate pi >> « <3^ ®rntc 
. tn the -t unless claims ate accomnamed 

Xraisirrrd Cihie b* an Slhdavit. _ . c . 

ill. w.-v I.«rni- Siretl. « SELECTED RISK INVESTMENTS SA 

L>ia aw G. - ”r igth Mav. 1379. 

;? na Ma, io:a. NOT|S 

ART GALLERIES — 

® *^'xvgu. W ‘ BLOND 


ART GALLERIES 


"'rf Warrants to Bearer qmim GALLERIES. nnc _ Btlt^ 1 ' “"*} 

fioni l.om the Keaisjcred OWtc Ot tne 5u. A l6om arle Slre e *., P tC J ; 


oW oi im ag B ggma.M p B»Ba? , 6m<iiu. " »■ _ 

LHln-anr o' » Jr00 n - cd f M E“ PARKER GALLERY. 2. Old 

c*. ^ 1 5». ,p a»i , J0gS ss 

ssa'fe- .war h £ «-r,-c i 


•Jfc*«5Bsrv v«:s uta 4 A 

m >* >uc Alrii'n^rn. >■ nf venUr 

ai the saw o» u>*s iiotice. 


.WENTV M AS TT Rrlt i- r > 

JS , ®n5!S5iSSSJJ^*»i FuntL 147 - 

New Band street- w.l. 


CLASSIFIED 

ADVERTISEMENT 

RATES 

, Simple 

JVr mlurnn 
hnc mi. 

I t 

CtMnmereiar & Industrial 
Property 4-Hf M.OO 

Re&hk4Ual Prcptny :.oo s.oo 

ABWdnmH'iHfi . 4.5ft 14.0® 

BMa-ss £ inveswifDt 
upcxmanibes. Corporation 
uuns. FYod action 
Capadly. Businesses 
PorSatei'Wauuxl SJ5 16.00 

Bdocaiion, Mwors. 

CoBtraMt & TVnden. 

Personal, Gardwdns 4 J3 H.flft 

f*«eb end Travel 2,75 lQ.ftft 

Book Publishers — ;,Bft 

Premium xotition available 
C Minimum site Oft column cots.) 
“A hor staplo cofamn cm. extra 

Far further dcuais mite to: 

■ Classified Advertisement 
Manager, 

Financial Times, 

10, Cannon Street, EC1P 4BV. 


WEST COUNTRY 

Private, successful Company 
wishes to purchase businesses up 
to £100.000 preferably manufac- 
turing & consumer orientated, 
but not necessarily. Strictest con- 
fidence maintained. Write Box 
G.I960. Financial Times. 10, ' 
Cannon Street, EC4P 4 BY. 


RADIO CONTROL 
BUSINESS 

Manufacturer wiihes to diipoce of ib 
radio control equipment interests as 
a going contcrn. Price of £10,000 
covers completed sets, components, 
trade marks, etc 

Mr. N. F. Brazell 
V/IPAC GROUP 
London Road. Buckingham 
( Bu:kinetara 3031 J 


NON-EXECUTIVE 
DIRECTOR 
London based 

Available for long or short term Board 
appointments, covering Britain and the 
Continent. Experienced Chartered 
Accountant (48), familiar with finan- 
cial and business problems would be' 
glad to hoar from interested parties 
through Box GI9A0. Financial Times, 
10 Cannon Street. E C4P 4 BY 


CA WITH TECHNICAL 
DEGREE 

AND 

INTERNATIONAL 
MARKETING MANAGER 
iDoth early 3 Os) 

wish :o locate opportunity to Invest 
High energy talent and experience in 
industrial company tn return lor a 
remuneration package which includes 
courty participation. _ , , 

Write Bov G-1B65. Financial Tunes. 
ID. Cannon Street. ECflP 4BY. 


BCOTCH.CHjyAS REGAL. BLACK LABEL, ; CAPITAL ROLLS-«OYC1. CAR HIRE for 
^ »u p»l !C5 Jo rjw omtrt buyer- 0772- | chautfeur driven 5 1 Tver Shadows. — Ring 
616997. 01-500 0758. I O1-SS0 63d2. ' 


BUSINESSES WANTED 


I BUILDING COMPANY f 
\ REQUIRED ;j 

> An expanding pubDe company wishes to i 
^ purdiase an established hou&e building com- > 
^ panv in the Yorkshire area. The company ? 

should have a substantial land bank, good f 
^ management and maintainable profits of !■ 

> approximately £500,000 per annum. J 

v Write Box G.1976, Financial Times, 10, J 
5 Cannon Street, EC4P 4BY. J 

■•■WWWWVW ^V WlJWWWWWWflJWW/WWMWWWWW^ 


LIMITED COMPANIES 

FORMED BY EXPERTS 
FOR <78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 
EXPRESS CO. REGISTRATIONS LTD. 
30 City Road. EC1 
07-626 S434f5/736t. 9936 


Specialist company manufactuTinj 
patented machinery far expanding 
market with great export potential, 
requires investment based in NE Eng- 
land which Is a special development 
area, The company it acknowledged as 
being the wprjd leader in ta field. 

Write Box G19BD, Financial Times. 

10 Cannon Street, EC4P 4BY 


INVESTMENT 

REQUIRED 


LESSORS WITH 
SUBSTANTIAL FUNDS 

taught by well ei oh licked Leasing 
Management Company. Minimum 
trenches £50.000. Currently placing 
i million monthly for lessors. 

Principals or their advisors please 
write so Bax Gf 932. Financial Timet 
10 Cannon Street. EC4P 4BY 


FISHING TRAWLERS 

Company required to operate 
overseas one or two trawlers 
on 60/40 basis with local 
expatriate company. 

Good location— Advantageous Tax 
Reply AS.A.P. - Principals only 
PHONE 01-941 4S5B 


IBM ELECTRIC 
TYPEWRITERS 

Factory reconditioned and guaranteed 
by IBM. Buy save up to 40 p*. 
Lease 3 years from £3.70 weekly 
Rent from £29 per month 

Phone; 01-641 2365 


COMPUTERISES oayrell service. Write or 
rins G, A N. Bookkeeping & Payroll Co.. 
21 a London Road, Southend on Sea. 
Tel. 07D2 354870. 

HEATING AND VENTILATION Comoanv 
lor sate, annual turnover £60,00D and 
increasing. Good reason for sale. North 
East location. Write Box G.1922. 
Financial Times. 10, Cannon Street. 
EC4P 4BY. 

SMALL EXPORTING COMPANY making 
quality product* seeks loan £2.aoo- 
£4.000. fully-secured, with attractive 
Interest. Write Box G 1967. financial 
Times. 10. Cannon Street. EC4P 4BY. 


COMPANY FOR 
SALE 

“ Company Doctors Ltd.” 
No assets No liabilities. 
Telephone 01-734 2626 


■"S5 travelling BRAZIL 
1 B ^revenx b l a Hir U, p eoittrmss^n. • 

Aie? t uTnfc m Bi,,, ' e St. Mary, 

Fu f ,p S available tor Property situa- : 

oarticulare in Bov G-I97B. i 
EC4P t 4BYy lBW *‘ ,9 ' “ nnt * n Street. 
NBw FLAT to Let to reoutabie firm. 
Cloveopn. Avon. WrKt Bo. G.1970, 
EC4P"4BY TlmeS ' 10 ' *-* n,,on Street. 
A W7K lw t.CZ address Or phone 
ComWned rate* + tele* 


PRODUCT RIGHTS 
WANTED 

We require our own products. luS 
KintlaNy employing prncnc capacity 
but prepared to expand lacilities. 
Prefer established products, v. oil'd 

f u rebate production rights or on 
cence. Acquit' Iran of exuting market* 
ing and manufacturing operation 
considered. 

We are a well established, profitable 
company in Derby with a good cash 
petition. 

At present sub-eontrarrorj of good 
quality engineering components in- 
volving turning. milling, drilling, 
grinding and assembly work. Very 
efficient and competitive. 

Write Sox G1935, Financial Timet 
10 Cannon Slreet, EC4P 4BY 


ACQUISITION 

WANTED 

U.S. manufacturer of industrial 
process valves, controls, instru- 
ments and piping specialties 
wants to acquire ownership of 
small-medium size U.K. manufac- 
turer of related products, or to 
acquire U.S. manufacturing and/ 
or marketing rights. President 
visiting London June 5-9. Write 
Air Mail to President, Box 43621, 
Cincinnati. Ohio, U.S.A. 45216. 
or telex US 21-4464. 


FINANCIAL MANAGEMENT 
AND MARKETING 

A Chartered Accountant (and Associ- 
ates) it a ipeciJlitt >n management, 
marketing and administration. 

He alto offers advicu on difficult or 
unusual financial requirements. 

He would like no meet with principals 
of organisations who wish to increase 
their profitability. 

Assistance could cake the larm of 
management support or help with 
obtaining further finance. 

Write Bax G196&. Financial Time i 
70 Cannon Street. EC4P 48 f 


VIDEO 

POTENTIAL 

The anticipated breakthrough in the 
Home Video Sector will produce a 
lucrative and capital intensive market. 

Our clients have successfully completed 
a test marketing programme and are 
developing nationally. 

£600.000 is sought by way of loan 
capital mid-term. 

Equity available — Principals only 
Write Box GJ964. Financial Timts 
10 Cannon Street, EC4P 48 r 


NEW PRODUCTS 

We manufacture and can now offer 
two interesting products. "The Square 
Egg'* maker and "The Diddy Box." 
a small attractive multipurpose con- 
tainer for scoring all kinds of small 
dungs. Outlets could be stares, gift 
shops, premium offers, leaflets, etc. 
Please write far details to: 
ROTALAC PLASTICS 
Canal Road. Timperlcy 
Altringham. Cheshire 


ADDITIONAL PROFITS ? 

Established and profitable builders 
merchants distributing dariy throughout 
East Anglia, have targe warehouse and 
tarmac yard space available (or any 
mutually profitable venture. 

Anything considered 
A. j. READE 

Lelston Station, LEISTON. SUFFOLK 
Tel: Le titan >30123 


PROPERTY DEVELOPER 
ESTABLISHED 12 YEARS 
IN NORTH WEST 

with assets £lm plus and approx. £2m 
schemes at planning stage would be 
pleased to discuss possible merger with 
small public company with view to 
establishing investment/ trading bale. 
Write Box GI972. Financial Tunes 
10 Cannon Street, £C4P 4BY 


SMALL BU5INE55 
ADMINISTRATION 

Come ana ,i$it our stana at the 
Business to Business Ernibition. Rovai 
Horticultural Hall. London, sw.t. 
Stand No. 1503 open today, closing 
24tH Mar. 

The comorehcnsire service Icr the 
small businessman. Finance. Marketing. 
Administration. Evoort Promotion, 
iwtermercant'ilc House 
114. New Carcndish St.. 
London. W 1. 01-5B0 6563. 

Free brochure on apollcation 


FILM PRODUCING 
VENTURES SOUGHT 

Private Euro-American venture finance 
group seeks to make investments in 
Rim making projects regsndlcsi of size 
or extent of participation. 

Write Box (77974, Financial Times 
70 Cannon Street, EC4P 4 BY 


CONTENTS OF 
FRINGE BANK 
find from other sources) 
Exceptional quality office furniture, 
teak decks, hide chain, swivel chant 
in tweed, filing cabinets, and filing 
cupboards. Adler and Olympia type- 
writers. ) 00s of other bargains. 

Phone for details: 

Brian North or Bill Raynor ac 
"Commercial." 329 Greys Inn Read 
London. WCJ - 01-039 9463 


SOUTH COAST 
HOTEL GROUP 

With freehold assets of million 
offers potential mongagre a first 
mortgage ol 50 of value. Repayable 
over medium or long term subject to 
negotiation. All replies treated in 
strict confidence to: 

Bo* G1979, Financ'd! Times 
70 Cannon Street. EC 4P 4BY 


FINANCIAL DIRECTOR 
REQUIRED 

to control new group of worldwide 
companies with a fully evaluated 
multi-million pound project. Wide 
international experience essential, 
expertise in high value licensing pre- 
ferable. A minimum financial commit- 
ment of Cl 5.000 is required for 
proposed equity holding. 

Write Box G196Z. Financial Times 
10 Conneii Street, EC4P 4B7 


COMPUTER 

PACKAGES 

Small bur nationally known specialist 
firm. 7 staff, turnover £110,000 profit 
after tax £20.000 seeks majority or 

large minority invertor with or without 
personal Involvement. 

Write Box G7946, Financial Times 
10 Cannon Street. EC4P 4BY 


FINANCE 

i We . arrange all types of business 
; finance. Including investment more- 
| gages, remortgages, bridging facilities. 
, equity finance, corporate development 
r capital, business purchase capital, 
| invoice discounting, leasing, etc. 
Phone or write 

1 Canon Financial Consultants, 

24, Careen Street, London WIT 7AE 
Tel.- 01-499 7722 


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Over 400 sets in stock 
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| C 1-986 8231 

Telex 897784 


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EDITED BY ARTHUR B03METTAWD TED SCH0ET3SS 


S SAFETY 


© HANDLING 


V-KMV 5 ’ x '->5 - W.'-'T'- -: 


0 COMMUNICATIONS 


Keeps the flames Hydraulic access platform Pneumatic 

■T ram ptost* nnhiir* chnwine af in the one-man version (models />i 


Data network needs from 


DOMINATING the papers and 
discussions at the recent Euro- 
trump meeting were thoughts 
concerned with telecom municu- 
iiont, both practical and 
theoretical. 

Sumo indication of future PO 
data communications plans was 
aiven l>j Brian Cross, head of 
data systems planning in PO 
Tf.*lecoinn?unifJlions. He began 
with the proposition that the most 
-igniticani market development: 
will be access to large specialised 
data buses: inter-coimnunicatins 
word processing systems, and 
electronic funds transfer. The 
current telephone network is not 
Mjiiahlc fur these types of appli- 
cation. and a new type of public 
data network will he needed. 

The PO is now looking at a 
proposal to provide a national 
packet switched service, which 
initially would be built out of 
exintmu telecommunications faci- 
lities connected by an overall 
national network of special pur- 
pose built packet switching data 
exchanges. In the longer term, 
ii might lie possible to integrate 
j.uch a network with the System X 
digital network. 

The PO has plans (tentative I to 
offer private digital data circuits 
as soon in the I9S0S us possible, 
in be followed shortly after by an 
e:nbr>ci circuit switched service. 

What is sinking about the PO 
paper is Ihe almost total success 
of the packet switching philo- 
Miph>. As the paper states in 
discussing rhe deficiencies of (he 


Datel service, all the difficulties 
cad be overcome by the creation 
of a separate data network which 
is packet switched, with circuit 
switching being added later 
when the penetration of digital 
plant in the telephone network 
becomes significant. 

At the law speed data end. the 
PO plans now under considera- 
tion include the installation of 
SPC telex exchanges, which 
couid work at a rate of 300-600 
BPS. and an international telex 
gateway, also SPC, equipped to 
cater for traffic in the 300 baud 
as.wichronous range. 

The conference spent the best 
part of a day in an attempt once 
more to grapple with some of 
the social consequences of the 
introduction of computers, but as 
at previous attempts, inconclus- 
ively. 

The professor of science and 
society at the University of 
Bradford. Tom Stonier, pointed 
out that not only is knowledge 
now a dominant input into 
modern production systems, but 
that, often unnoticed, there has 
grown up a transnational pro- 
ductive system, dependent upon 
electronic systems, computers 
and communications, for its 
organisation. Except in a couple 
of areas, the existence of this is 
as yet hardly known or 
researched. And he describes 
this technology as a ■* mein- 
technology," by which he means 
that it affects all other tech- 
nologies. 


AS FIRE losses continue to 
mount, more manufacturers oF 
fire-proofing or fire-resistant 

materials are coming up with 
a variety Of products interesting 
for owners of existing premises 
and builders of new structures. 

One material which has been 
tested as a coating for a steel 
beam subjected to heating to 
1000 degrees C for 60 minutes 
is an intumescent paint by Fire- 
guard and called Therm-O. 

Examined by the Warrington 
Research Centre, the material 
has been certified to give one 
hour's fire resistance, to BS 476: 
Part 8. To achieve this, a coating 
only lmm thick was applied 
while, according to the makers, 
competing products need five 
times that thickness. 01-883 0139. 

For Gyproc Fireline hoard, the 
claim is made that with one 
layer the same fire resistance is 
achieved as would require two 
layers of plasterboard. 

This version of plasterboard 
has glass fibre and vermiculite in 
its gypsum core and can give i 
hour fire protection when fixed 
to timber flooring. It is now 
available in 1200 mm width with 
tapered edges for dry construc- 
tion work. 01-4S6 1282. 

Faster assembly or installation 
in building operations is also a 
characteristic of Vermiculux. an 
asbestos-free structural fire pro- 


tection from Cape Boards, which 
has been tested by FIRTO in 
stapled constructions and con- 
firmed as meeting statutory fire 
protection requirements for 
periods of up to four hours. 

Installation time, using staples, 
with this unique board is some 

7S per cent faster than tradi- 
tional methods and the staples 
are much cheaper than screws. 

Cape Board has, io the mean- 
time. announced the develop- 
ment of an asbestos-free board 
for ceilings in ship aecommoda- 
iton. Marinite board *'L“ is for 
areas where a painted finish is 
sufficient and veneers are not re- 
quired. Fire resistance to class A 
is provided and DoT approval 
has been given specifically for 
the purpose described above. 

Again with ship safety in 
mind. Camrer has been pursuing 
the goal of producing solvent- 
free paint systems for use in the 
marine industry. One of its pro- 
ducts is a pitch epoxy with a 
volume solids content of 83 per 
cent. Applied by airless spray 
methods on pre-p rimed steel- 
work. this product is sufficiently 
low in solvent to improve work- 
ing conditions In enclosed spaces 
very considerably. 

AN solvent was eliminated 
from the company's Cam web 
epoxy water-based coating, which 
also has high corrosion-resistant 
qualities. Sunderland 70S11. 


THE FIRST public showing of 
an S.7 metre (28.6 ft) hydraulic 
access platform from Simon 
Engineering. Dudley, will be this 
week at the Expomat Exhibition, 
Bourget Airport, Paris which 
closes on May 27. 

Features of the model, called 
A70. include dual-cable cage 
levelling, full hydraulic control 
by the operater within the cage, 
easier entry to the cage from 

the ground, and continuous turn- 
table rotation through 360 
degrees. This British exhibit 
has a safe working load of 130 kg 


in the one-man version (models 
with four jacks will carry 170 kg) 
and will be shown mounted on a 
Volkswagen type 22 pick-up, and 
fitted with two stepfast stabilis- 
ing jacks. 

The company will also exhibit 
an S263 26 metre Simon plat- 
form. a D50 15 metre unit and 
an F120 13.5 metre unit built 
by its French subsidiary. Eleva- 
teurs Simond SA. After 
Expomat. the new machine and 
two others will go to Soest, 
Holland, for private exhibition to 
Dutch and Scandinavian contrac- 
tors at the premises of Klockner 
Bamaco BV. Uie company's 
Dutch distributor. 


Huse lift for mines 


ONE OF the largest mine cages 
ever built is being installed at 
the Bosjesspruit colliery for 
Sasol in South Africa. 

It weighs 44 tons and measures 
9.5 x 4.7 x 3.7 metres internal 
height and was designed by 
Mecb&nical and Engineering 
Technical Services (Pty) and 
built by W. J. Engineering Works 
(Pty) at Potchefstroom. 

Identical cages are being 
installed at the east and west ser- 
vice shafts of the colliery and 


each is capable of handling 300 
workers or a complete continuous 
coal mining machine weighing 
40 wanes. 

Twelve ropes and sheaves that 
are built into tbe superstructure 
of the cage provide support and 
the cage is counterbalanced by a 
weight of 75 tons. 

Shaft Sinkers is the owner of 
both companies involved with 
cage design and construction and 
operates from 34 Amesbof Street, 
Braamfomein 2001, South Africa. 


Pumps corrosive liquids 


Sales will grow fast 


WORLD MARKET for lelecom- 
ni u nuat ions equipment will mure 
than double by 19S7. when it 
will loliil fiflohn as cum pared with 
sitUbn in 1977. That forecast by 
Arthur n. Little. Inc., has just 
been presented to telecommuni- 
cations executives from both 
hemispheres attending the firm's 
executive forum nn ihe outlook 
fur iniernalinoiiJ jeJe-communica- 
n.ins held in Amsterdam. 

According to ADL's telecom- 
munications experts the total 
volume of related services such 
as research and development, 
installation, engineering, opera- 
lions and maintenance is about 
the same a* for equipment sales. 

Private sj stems (largely 
re>ir:ciod to the U.S.. Europe 
and Japan) will grow the fastest, 
jt an annual rate of 19.2 per cent 
between now and 1S97. However, 
i.otn -witching and transmission 
.in -1 Jura! distribution represent 
iam*r markon, with 821. 41m and 
?2.t.4i>n respectively projected for 
1987. ur mure than one third each 
of ail equipment sales. 

Annual growth uf $.1 per eem. 
bv the transmit ion and local 
distribution market over the 
next d'-'Milf i< forecast. Radio 


cable, and satellite systems which 
make up this market will grow 
this fast because developing 
regions will expand their inter- 
national and intercity trunks and 
principal cities will extend tbeir 
local distribution systems. 

North America will continue 
to dominate world markets with 
sales of S26bn in 1987. up from 
8I-?bn in 1977. However, the 
North American share of the 
world telecommunications mar- 
ket will drop from 47 per cent, 
in 1977 to 40 per cent, in 1987. 
Markets in developing countries 
will grow tho fasLest between 
now and 1RS7, at a rate of 
almost 10 per cent annually. 

Another forum topic was the 
privacy issue, with transnational 
data communications <reen as the 
colliion point of technological 
economic, legal, and social 
forces. Varying individual pri- 
vacy standards and national 
security practices from country 
to country were described as 
contacts that must be resolved 
in the light of growing traffic 
in data crossing borders world- 
wide. 

ADL. 25 *corn Park. Cam- 
bridge. Mass 02 HO. V.S. 


DEVELOPED BY the Water Re- 
search Centre is a technique that 
allows simple detection of leaks 
in both drinking water mains and 
pressurised sewage mains. 

Sulpbur hexafluoride, a non- 
toxic, non-flammable, tasteless 
and odourless gas is injected into 
the main at a concentration of 
about seven parts per million by 
weight. The input flow rate of 
the gas is accurately monitored 
by a device designed at the 
Centre. 

When water escapes from the 

© COMPUTING 


pipe the gas comes out of solu- 
tion and permeates up through 
the ground to the surface, where 
holes are drilled for it to 
accumulate. The. hexafluoride is 
about six times denser than air 
so that it collects at Ihe bottom 
of the holes. It is delected with 
a leak gun manufactured by 
AT Industrial. 

The method is particularly 
suited to rural areas where lack 
of fittings preclude sounding 
methods. Leaks at -1.5 metres 
den'Ii have been detected. 

More on 0438 2444. ext 303. 


A SMALL GEAR pump assembly 
from Leafields Engineering of 
Corsham, Wilts., operates fully- 
submerged in highly corrosive 
fluids and is believed to be. says 
the maker, the first agricultural 
pump application far Polypenco 
GL25 glass filled PTFE. 

Previous use of stainless steel 
with glass-filled PTFE liners 
was dropped early in (he develop- 
ment in favour of the glass filled 
material for tbe main com- 
ponents. Although an unusual 


material for gears, it Is said that 
this choice provides greater 
strength and offers a solution for 
dealing with highly corrosive 
fluids. 

The pump operates at 3,000 
rpm and delivers up to 130 litres 
per hour. It has been developed 
for metering either propriooic 
or formic acids to special spray 
heads for prolonging the storage 
life of hay. They are marketed 
by Feed Services which also 
makes the preservative. 

More on 0799 23101. 


WHAT amounts to the pneumatic 
equivalent of the printed circuit 
board used in electronics has 
been developed by the products 
division of Vosper Thorny croft. 

The pneumatic circuit board, 
for use mainly in ships control 
system, is produced by bonding 
together two more layers of 
resilient material containing air 
ways to form a laminate. 

Mounted on the board, at rela- 
tivelv high density, are a number 
of miniature control elements 
(valves, etc.), resulting in the 

minimum use of interconnecting 
pipework. Since staip-bome 
pipework of this kind is suscep- 
tible to shock and vibration 
damage reliability is improved. 

All the board inputs and out- 
puts are arranged as exit-entry 
ways at the edges of the board 
Hike the fingers at the edges of 
electrical boards) and are 
clamped to manifolds for con- 
nection tn the ship's piping and 
on to control lever heads, engine 
room and air supply. 

A further advantage is the case 
of testing and replacement of 
the controlling elements— they 

are all in one place— and the 
convenience of their adjustment. 

The company says that, in 
spite of the inroads into this kind 
of control activity now being 
made bv the microprocessor, the 
use of pneumatics is preferable 
in marine applications where 
pneumatics are already present 
in other contexts. In addition, 
computer software costs are con- 
sidered to be too high for the 
quantities of systems involved. 

More from the company at 
Northurbour Road. Coshain. 
Portsmouth. POfi 3TR (07018 
73511). 

© PROCESSING 


for 

construction 

01-9951313 


Various options can be used 
to enter the data, including 
thumbwheel switches, numerical 
kevpad. punched cards or floppy 
disc. Data logging outputs and 
alarm messages arc available 
far recording on printers. If 
desired, it is possible to link 
several weighers and micro- 
controllers to a host computer 
programmed to suit the applies, 
tion. 

More about the system called 
Microbatch, from the company at 
Park Lane. Basford. Nottingham 
(0602 277721). 

@ RfflATEKBALS 


© NAVIGATION 

Easier to get a fix 


GERMAN chemicals giant BASF 
has appointed Datac of Altrin- 
cham as ti e official UK distri- 
butor nf floppy discs and drives. 
The UK company will also 
undertake servicing. 

The agreement covers the 
6101 and 6102 eight inch drives 
and also the new 6106 5.25 inch 
mini disc drive. The low cost, 
compact size and fast access 
time of the 6103 makes it par- 
ticularly suitable for micropro- 


cessor-based applications such as 
terminals and control systems. 

Datac will shortly be offering 
a controller for this " micro *' 
system together with a packaged 
unit consisting of drives, con- 
troller and power supply in a 
free-standing or rack-mounted 
case. 

More from the company at 
Tudor Road. Altrincham. 
Cheshire, W14 5TN t061 941 
2361 p. 


MARINE radio receiver de- 
veloped by Magnetic Components 
of Falmouth is linked by a 
permanent cable connection to a 
hand-held direction finding unit 
with its own aerial, compass and 
null indication light. 

Main advantage is that bear- 
ings can be taken wbich are 
independent of ship’s heading 
and are unaffected by its motion: 
tbe task can be carried out effec- 
tively in any weather from cabin 
or cockpit or anywhere else on 
the craft. Compass used in the 
hand-held unit is a modified 
Sestrel SuresighL with Beta-Light 
illumination for night viewing. 

The main receiver has short. 


medium and long wavebands, a 
7 x 3 in loudspeaker and can be 
mounted at any angle on a bulk- 
head. It uses a ceramic element 
IF filler, synchronous detector, 
and is equipped with beat fre- 
quency oscillator, product detec- 
tor and sharply tuned audio 
filter. 

The frequency of a beacon, 
taken from the nautical almanacs, 
can be set to within 0.1 kHz, 
appearing in inch-high figures on 
a four digit liquid crystal display. 
When the hand held unit is 
pointed correctly a lamp dims, 
the pointer on tbe main tuning 
meter dips, and tbe audio signal 
fades. More on 0326 72267. 


fey micro 

USING its own single bosrd 
computer based on the Intel 
8080 processor, Richard Simon 
and Sons has developed a con- 
troller for batch weighing which 
enables ail the usual data to be 
stored and updated as necessary 
to suit the job in hand. 

Basic sequence data is pre- 
programmed by the maker, and 
the user can then enter material 
code numbers and required 
weights fur up to 12 components. 
In addition the user can program 
change over from main feed rate 
to dribble, tolerances on the 
weighed quantities, compensa- 
tion fnr “ in-flight “ material and 
certain alarm levels. Thereafter 
the weighing sequence for the 
associated batch weighing equip- 
ment is completely automatic. 


THE MAIN conclusions of a 
detailed study of the paint 
industry in selected European 
countries show that, as consump- 
tion of paint is a direct function 
of the level of general economic 
activity and. since tbe latter is 
currently depressed in all the 
countries studied and shows 
iittic chance of imminent sub- 
stantial recovery, tbe forecast for 
growth of the industry is less 
than 2 per cent per year over 
the period 1976-85. 

As rising costs or oil 
accelerates raw material prices 
and greater concern for safety 
and protection of the environ- 
ment begins to threaten tbe 
established position of conven- 
tional solvent borne paints, the 
market must consider adopting 
more alternative systems for 
industrial applications, including 
high solids, water-borne and 
powder coatings. 

The report analyses consump- 
tion of raw materials, lists Lhe 
capabilities and activities of 
paint manufacturers, examines 
paint distribution practices and 
prices, and discusses marketing 
factors, etc. 

Providing a detailed descrip- 
tion of the market in tbe UK, 
West Germany. France and the 
Benelux countries (Belgium and 
the Netherlands are combined in 
one single volume), with fore- 
casts to 1980 and 1985, the report 
is available at a cost of £2 500 
for the complete study, or £750 
each per individual country 
volume. 

Further from the publisher. 
Industrial Aids. Terminal House. 
52 Grosvehor Gardens. London 
SW1 0AU (01-730 5288). 


His banker must be the same* 


WiMiamD. Baird. Jr. Vice -President. Chemical 

Photographed in Florida crop beds prepared by International iOSG ti 


Since 1851. International Harvester 
has.beena vital force in world markets. 

Today, with new growth opportuni- 
ties overseas, the company has 
re-focused on the international scene. 

To help direct the financing and 
financial services required, Vice- 
President and Treasurer Frank Milnor 
has to be as multinational minded as 
his company. 

So has his Chemical banker, Denny 
Baird. 

International Harvester employs 
many financial institutions. 

But the International Harvester - 


Chemical Bank relationship has been 
buttressed by the fact that both enjoy 

out the 8 Ph y S,Ca ' presence thr <wgh-' 

So when Milnor and his team saw 
an overseas need. Baird and his team 
could provide quick response. With 
financing for International Harvester': 
exports to Iran, Colombia and Vene- 
zuela. With lines of credit for Interna- 
tional Harvester’s subsidiaries in 
Canada and the U.K. And with foreign 
exchange assistance out of Chemical 
Bank's Zurich office. 

At the same time, U.S. needs 


The difference in money is people. 


haven t been neglected. Recently, 
competitive pricing and fast turn- 
around have helped Baird turnish.a 
multimillion dollar financing package 
for the International Harvester Credr 
Corporation. 

While theirs is a professional 
relationship. Milnor and Baird will 
tell you that it's also personal and 
rewarding.That's what usually hap- 
pens when corporate of ficers'get 
together with Chemical bankers. And 
results is bottom line benefits 
tor both the company and the bank., 


Hu do Janeiro. Rome. Sor. fvjnasco. Sao Paulo. ir^jpore SvfSnli • ■fcl ,v M " Jn - M»rir*. u . Nasaju. Ra 

yunq. Tuipci.Tei ir.in. Tokyo. Toratto. Vienna. Zu 








4& 


Tli e Management Paue 


GKN : searching for new outlets 


IN PRIVATE, British component 
aiaiiufai'iuriTs are rarely slow to 
criticise the .shortcomings of 
Brmsh Ley land. But they are 
nevtn heli-s?, forced into grudg- 
ing ad in i ration uf I<ey land's per- 
f.-«rmanvo in „ np area of their 
own lie Id — sjra re pants distribu- 
tion. 

In this business. Leyland has 
unquestionably shown them the 
way- it has et instructed a large 
operation (turnover of more 
than £3U0m.t. with an astonish- 
ingly high rate of return (profits 
or about £70ni. >. and with a 
much more entrepreneurial 
approach iu market opportuni- 
ties. as in the development nf 
Uni pari. than any of its rivals. 

Tins record of success is now 
boin^ underscored by GKN’s 
appointment of Mr. Jerry Clancy, 
Ihe man who used to run Ley- 
land's parts division, as a new 
diylrihii-tinn supremo. 

By contrast with the State- 
owned motoring giant, GKN, 
Briiain'.s largest engineering 
group, has up to now shown feet 
af lead in ihe distribution field. 
Ten years ago, according to Mr. 
Basil Woods, planning director, 
it (nok the decision to establish 
itself in spare parts distribution. 
But since then it has done very 
little, moving only into what 
"Woods calls the “ bizarre end 
of the trade " with a chain nf 
cash-and-carry warehouses sell- 


accessories under began a management overhaul 
the GKN-Spa banner. * at Quinton Hazell. its parts dis- 
It is by no means clear as tribution subsidiary, which had 
yet where Clancy will take GKN. been a possible candidate for 
His brief is simply to get the sale. 

company into the distribution At the same time, GKN's own 
sector as quickly and as aggres- product range is not ideally 
sively as possible. This could suited to form the base of an 


priate in-house range for spare 
parts distribution. Tbis bas 
brought into the group shorter- 
life components like joints, 
bearings and axles, all com- 
plementing its basic forgings 
business. But ideally it needs 
additional short-life parts, with 


Terry Dodsworth on why Britain's top engineering 
group is so keen to move into distribution 


mean acquisitions of masting 
businesses, development on 
green field sites, or even on 
the Continent and in the U.S. 
But at the moment, GKN - is 
waiting to see what opportuni- 
ties Clancy manages to unearth 
in his initial research period. 
“This is a highly entrepreneurial 
business,” says Woods, explain- 
ing the appointment. “Most of 
the businesses in this field 
centre on an individual, and 
flow with one person’s drive.” 

On the face of it, GKN’s 
options appear limited. Until a 
year ago, it would have been a 
reasonable bet that it would try 
to force its way into distribu- 
tion with one big acquisition — 
Clancy is said to have £l00m 
at his disposal. But the last real 
opportunity on this front 
seemed to disappear about a 
year ago when Burmah Oil 


internally constructed parts dis- 
tribution organisation. Most of 
the other big UK component dis- 
tributors have arrived on the 
scene via this route, establishing 
wholesaling organisations — 
Armstrong Equipment has also 
made & serious attempt to set 
up a large number of retail 
shops — with a basic range of 
products made "by the company 
itself. 

Thus Lucas's businesses is 
based on its own electrical parts, 
and Associated Engineering’s 
on its precision engine com- 
ponents. The trick, then, is to 
pursuade other component 
manufacturers that they need 
to distribute through outlets 
other than their own, if they 
are not to lose business. 

GKN's acquisition and expan- 
sion policy in the 1960s was 
designed to give it an appro- 


a more rapid replacement cycle 
than its own forged equipment, 
to fprm the basis for a big dis- 
tribution network. This was one 
of the reasons behind the pro- 
posed acquisition of tbe Sachs 
Group of West Germany— which 
bas been blocked by the German 
Supreme Court. It would have 
brought clutches and shock 
absorbers, both in high demand 
as replacement parts, into its 
product range. 

The other possible strategy 
for GKN is to use its muscle as 
a strong company with a wide 
knowledge of tbe motor industry 
to set up an independent dis- 
tribution arm with little 
obvions bias towards its own 
products. The difficulty with this 
approach is that it would be buy- 
ing parts from other component 
manufacturers, which would 
then be competing with it for 


distribution business. This bas 
always been a problem io the 
industry, and for many years it 
made the growth of the larger 
groups difficult But Woods 
believes that it can be over- 
come. “Getting supplies,” he 
says, “is a scale problem, and 
you must also remember that 
they (the competitors! depend 
on us for supplies a.s well." 

Woods* own. unspoken, predi- 
lection seems to be towards 
this more independent type of 
operation. Sis belief that GKN 
still bas time to establish itself 
in distribution is based on the 
type of operations which exist 
in the UB. These are generally 
independent, in the sense that 
they are not attached to a parts 
manufacturing company, and 
have achieved their prominence 
entirely through their com- 
petence in the distribution field 
— namely the ability to give a 
rapid and efficient service. 

“In the U.S. there are 
national distribution systems 
which can offer 24 hours' ser- 
vice throughout the country," 
says Woods. “Who has erer 
heard of a repair shop in the 
UJK. being able tn say to a 
car owner that the part will 
definitely be there the follow- 
ing morning? This sort of thing 
is standard in tbe U.S., and a 
similar approach in Britain 
would create sufficient leeway 
for us to break into the UK 


EDITED BY: CHRISTOPHER LORENZ 



•• - • - ii-jU li rj .l t T -y - v~ 

* '£•**,**' *'****•'*• '** • C.* %:***-'. i .. > 




L A V. 




Leyfand's Unipart— Is this the way ahead for GKN ? 


market even late in the day.” 

A straightforward copy of 
the American system would 
probably not be possible in 
Britain or on the Continent. 
This is mainly because the 
Americans make simpler cars 
with a far greater number of 
common parts. But the prin- 
ciples on which the American 
companies have grown — 
detailed computerised analyses 
of vehicle '‘populations,” 
management of customers’ 
stock levels on a sale-or-return 
basis, and rapid stock turnover 
of their own — will clearly pro- 


vide guidelines for GKN's 
development. The best U.S. 
companies reckon to turn their 
stock over seven times a year. 
“In my book, if you put 
together a high rate of stock 
turnover with reasonable mar- 
gins in distribution you make 
a lot of money.” 

Clearly, GKN is aiming high — 
some critics believe too high. 
They say that with more manu- 
facturers going into parts dis- 
tribution. margins will begin to 
fall, while costs will go up as 
companies are forced to buy re- 
placement parts overseas for the 


increasing number of foreign 
cars coming un to British roads. 

GKN sees things differently. 
It has identified distribution as 
an area which can inject real 
growth into its business, and it 
is prepared to move almost as 
far us the retailing sector in 
order to achieve these aims. 
Indeed, Woods says that It 
might consider francbising 
retailers, so that, in a few 
years' time. GKN's name could 
well be scattered along Britain's 
High Streets, with franchised 
retailers “ selling under our 
banner.” 




- v- 

--g£- 


IT IS hard In imagine a family 
atmosphere in a company which 
employs nearly 400.00(1 people 
all over the world, but that was 
part of the character of Philips 
which Frederik Philips, a mem- 
ber of the second generation of 
the founding family, was deter- 
mined to retain. He admits that, 
as the boss’s son, his route to 
the top " did seem to be mapped 
out in advance.” but he points 
out that a dynastic succession 
has its advantages. 

To have a member of the 
family at the top imparts a 
sense of stability and security. 
The family tradition strengthens 
ihe finks between the managers 
in ihe nutpusit and the top men 
in Ihe head office. “The people 
m distant land*." Philips writes, 
“ran say to themselves. ‘There 
is someone in head office who 


BUILDING 

SOCIETY 

RATES 

Every Saturday the 
Financial Times 
publishes a table 
giving details of 
BUILDING SOCIETY 
RATES 

on offer lo the public. 

For further details 
please fine 

II KMX H«m*. Extu. 266 


will never leave us in the lurch 
to improve his position else- 
where.' ” 

Paternalistic, n on-bureaucratic 
and strongly imbued with Chris- 
tian principles — tbis is the 
philosophy which emerges from 
Frederik Philips’ account of his 
years with the company, lie 
joined as an engineer in 
2930. became a member of the 
Board in 1954 and was president 
from 1961 to 1971. Strongly 
influenced by Dr. Frank Buch- 
man and the ideas of Moral 
Rearmament, Philips believes 
that industry's role in God's plan 
fur the world is to serve the 
community of which it is part 
Similarly the manager, in mak- 
ing his commercial decisions, 
"cannot leave his duty towards 
his personnel, his country and 
the world, out of consideration.” 

This is a personal record, not 
a corporate history. Philips 
describes briefly the company’s 
disappointing experience with 
computers (including the break- 
down of Unidata "for reasons 
which had nothing. to do «ritli 
us"), the move into integrated 
circuits and the acquisitions of 
such companies as Pye in the 
U.K. and Ignis in Italy. 

But there is no account of the 
internal deliberations which 
presumably preceded these 
strategic decisions. On product 
planning the company has 
stayed within the broad strategy 
laid down by his father— to be 
a pioneer in consumer products 
and to steer well clear of heavy 
engineering: Anion Philips liked 
objects that could be put on his 
desk. 

Philips, believes that the 
success of a company depends, 
not on structure or organisation, 
but on the atiiuide.s of the 
people who work in it. But 
the organisation was profoundly 
influenced by external events, 
especially the Second World 
War. Because the links belween 


The paternalist who 
governed Philips 
with a sense 
of moral purpose 



8*03# 


3 


•ifeESssa m, 


the overseas companies and 
Eindhoven were virtually 
broken lor five years, these 
companies became much more 
independent. The management 
in Holland decided after the 
war not to revert to the previous 
policy r»f centralisation, but to 
move towards "a democratic 
federation of Philips establish- 
ments.’* 


Politicians 


Unlike most other large com- 
panies, Philips has never had 
au international division. "We 
do have men in Eindhoven who 
co-ordinate all contacts with 
foreif&i establishments and who 
look alter their interests rather 
like envoys. But we give 
relative autonomy to these 
establishments and they report 
directly to the Board of Man- 
agement. So the head office has 
to be able to grasp local prob- 
lems in addition to the general 
business aspects. We have to 
know the conditions under 
which our people are working 
all over the world and have a 
feeling for the political climate 
in each country. This means 
going to see for ourselves.” 

Helped by his name and in 
some cases by contacts made 
through Moral Rearmament. 
Philips had access to must of 


the world’s political leaders. He 
describes a conversation with 
President Nyerere ef Tanzania, 
in which be explained his 
refusal to co-operate with 
Communist China. He told 
Nyerere that his experience of 
Nazi occupation had made him 
decide "that 1 will never lend 
such a regime a helping band, 
whether it be Fascist, National 
Socialist or Communist.” The 
Red Chinese were welcome to 
buy 10m. lamps from Philips, 
“but I refuse to co-operate in- 
dustrially with those countries.” 

His most important achieve- 
ment was to keep the Dutch 
parent company alive during 
the war. Most of his senior 
colleagues had left the country 
and he had to decide what atti- 
tude the management should 
adopt towards the occupying 
power. The aim was to hold the 
company together and yet 
avoid making any contribution 
to the German war effort 
Deliberate sabotage by workers 
within the factory would have 
achieved little. Resistance was 
organised from the head office 
and. says Philips, “we became 
past masters in the development 
of highly sophisticated equip- 
ment without ever producing 
anything.” 

It was, a tense and dangerous 
period for Philips and his 




m w- :t 


Champions at risk 


Frederik Philips (left), sitting with Konosuke Matsushita, founder of 
the Matsushita Electrical industrial company. 


family; he was imprisoned for 
several months and later had 
to go into hiding. But after 
liberation, despite damage to 
the plant-ami the loss of many 
Philips people, the , company 
was able to get back on ius feet 
with remarkable speed. 

As for the future, Frederik 
Philips is optimistic about the 
ability of his company to con- 
tinue to play its part in bring- 
ing prosperity to the world. 
Managers from countries out- 


side Europe and North America 
will have a bigger role in the 
organisation (though “the 
Dutch contribution will con- 
tinue to get priority"), hut tbe 
primary objective remains the 
same— that Philips must be 
part of the cure, not of the 
disease, of the world. 

Forty-five years with Philips, by 
Frederik • Philips. Blandlord 
Press. £7.25 

Geoffrey Owen l 


EUROPEAN management 
champions Jobn Chappell and 
Paul Webb are in danger of 
losing the United Kingdom 
national title which they have 
held for the past two years. 

Unconfirmed reports from the 
National Management Game 
headquarters iu London indi- 
cate that the Rank Xerox pair 
are struggling at the mid-way 
stage of the quarter final 
round, which ends on June 6. 
Unless Chappell and Webb, 
both cost and management 
accountants, can find the 
resources for a booming finish 
they will lose nut only the 
£1.000 UK prize but also their 
chance r»f retaining the Euro- 
pean title, which they won at 
West Germany's leading busi- 
ness school last autumn. 

Whoever wins the national 
championship in London an 
July 25 will automatically be 
invited to travel to Stockholm 
in September, to represent the 
UK against the champions uf 
other European nations. 

The experienced Rank Xerox 
contestants confidently managed 
their "paper” consumer-durable 
company to a winning profit in 


their part of the draw during 
both the preliminary rounds. 

Now, however, with only 
about three “trading periods” 
remaining — each involving 
decisions on how much banked 
or borrowed cash to invest in 
marketing, production, research 
and so on — they are said to be 
lying "a poorish second at 
best" in their current playing 
group of four teams. 

Only the top side in each 
group will be selected by the 
computer for the semi-finals. 

The identities uf Chappell 
and Webb’s opponents in the 
quarterfinal are being kept a 
close secret at the game’s head- 
quarters. But it is undersloud 
that the survivors include a loue 
British banker playing by Telex 
from Tokyo. 

Meanwhile, 43 other teams 
are competing for a subsidiary 
£500 prize in the "Plate” con- 
test for first-round losers in 
the championship proper, which 
is also sponsored annually by 
the Financial Times, ICL and 
the Institute of Chartered 
Accountants in England and 
Wales, in association with the 
Institute of Directors and Con- 
federation of British Industry. 

Michael Dixon 


VIEWDATA 

— the paperless carriage ? 

21 June 1978 in London 

A onr-day seminar for those interested in the 
editorial "implications and function of viewdata 
wiihiti the broader context of electronic publishing. 
Speakers include Dr. Alex Reid, Director of Prestel 
the Post Office viewdata service, and Anthony 
Smith, broadcaster and writer on media and 
in fui-mat ion policy. The seminar, presented by 
Mills & Alien Communications Ltd. in cooperation 
with Post Office Telecommunications, will examine 
critically the language, content, style and function 
or viewdata. 

21 June 1978 

at: PO Telecommunications HQ 
1-6 Finsbury Circus, ■ 

London EC2M 7LY 
Fee: £65 + VAT 

Detail* and application forms from: 

HARRIET BLAIR-FISH 

MILLS & ALIJ2N COMMUNICATIONS LTD., 
Broadwick House, 15/17 Broadwick Street, 
London MTV 2AH 01-439 9541 ext 23 


m ■ : 



lies. 


Hold everything 


The strength of steel, the corrosion 
resistance of glass,thafe Howard 
Permaglas^lndustrial Storage Units. 

Glass-fuscd-to-stcel plates give you steel strength 
- plus internal pro Lection ftom corrosive Viquids-cxlemal 
• protection from Industrial atmospheres. Whether you're storing 
powder ur pellets, fibrous materials of liquids of any viscosity 
we have a r.myc of tanks up to 423,000 gallons 1 1920 cu. 
metres) and dry storage structures up to 1170 cu. metres. 

. If you have a storage need-said lor our 
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Ask you r secretary to write to: pEL' “MV" 'P 

^HOWARD (fppn 

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TB.E** (1337*87) 7Z3 S.T >»- j 

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■ 


THE TECHNOLOGY'S 
FfNE.jm.BUT 
WE HAVEN'T GOT 
THECASH1D 
DEVELOP IT NOW. 




V 


Call NRDC 
We can provide 

oney-nomr 



If you’ve got a genuine 
technological innovation and you 
need money to develop it you 
should have a word with NRDC. 

Our money and technological 
backing could be yours for the 
asking. 

NRDC can provide half the 
development and launching 
costs and shoulder half the risk. 

You don’t have to pay a penny 
back until you start generating 


sales. And you stay in control 
throughout. 

So contact theNationalResearch 
Development Corporation, 
Kingsgate House, 66-74 Victoria 
Street London SW3E 6SL. 

Or better still, ring Brian Mann 
now on 01-828 3400. 

NRDC 

Finance for innovation 




14 


Notice of Redemption 

ALUSUISSE INTERNATIONAL N.V. 

7% Guaranteed Debentures of 1971 Due July 1, 1981 


Notice is hereby given that pursuant to the provisions of paragraph 4 of the above described Debentures, 
a mandatory redemption of S 4'949’OOQ.- principal amount falls due on July 1, 1978. $ 1'41 7*000 — prin- 
cipal amount has been purchased by Alusuisse International N.V and surrendered to Credit Suisse 
hThe Trustee*! in partial settlement of said mandatory redemption. 

To complete the mandatory redemption, S 3’532'QQO principal amount has been drawn by lot in the 
presence ol a notary public at the Head Office of the Trustee on Wednesday. May 3. 1978. The serial 
numbers of the 3’ 532 Debentures of S TOCO.- principal amount each drawn for redemption at par on 
July 1 1978 together with interest accrued to said redemption date, are listed below (in groups of 
consecutive senal numbers). 


271 

0624/ 5 

6041/3 

10561/70 

14131/5 

17306/3 

20512/4 

23921/30 

27924/30 

3146170 

276:fc0 

362330 

6848/50 

10661/70 

14190 

17394/6 

20524/9 

23961/70 

27981/5 

31541/50 

611/2 

3354.9 

6911/7 

10721/9 

14211 

17404/7 

20621/8 

24026/30 

27990 

31561/90 

631.? 

3862 4 

6961/70 

10754/7 

14213/20 

17409/10 

20661/70 

24121/5 

280317 

3166170 

63 7; JO 

2666.9 

6992/700C 

1 11049750 

14243/5Q 

1741 1/20 

20702 

24128/30 

2808170 

31741/50 

6*3 

2900 

7021/30 

11051/3 

14321/4 

1 7451/7 

20705/10 

24141/6 

25071/80 

31771/80 

7C1 

4063/70 

7297/300 

11055/60 

14471/60 

17460 

20861/70 

24201/10 

28112/20 

31843 

726 

4031 '4 

7352/60 

11061/70 

14501/3 

17498 

20921/30 

24291 

28122/30 

31911/20 

730 __ 

4036/90 

7591/3 

11071/6 

14505/10 

17502 

21031/40 

24293/9 

281357 

32011/20 


4256 

7595/6 

11079/80 

14681/90 

17507/9 

21281/90 

24561/70 

23139/40 

32121/30 

£21 'iO 

4253/60 

7599/600 

11091/9 

148Q2/7 

17511 

21461/4 

24581/90 

28153 

32131/40 

6~2 3 

4563'9 

7601/10 

11181/4 

14802/90 

17513/5 

21466 

24701/6 

28156/9 

32221/30 

icrs-zcu 

4 579, SO 

7611.20 

11189/90 

16031/40 

17517/20 

21591/600 

24710 

28181/90 

32341/50 

1JZ- 

4644,50 

7649/50 

11221/2 

15071/60 

17626/30 

21611/20 

24801/4 

28261/8 

32421/30 

1 -.49.’; 0 

4697/700 

7691/7 

11224/S 

15111 

16003/7 

21621 

24807/10 

28281/90 

3246170 

IISI.'E 

471 1,-4 

7650 

11236 

151 13/4 

18009/10 

21623/8 

25295 

23291/300 

32531/40 

11S7 

4716 

7751/60 

11233/9 

15171/80 

1S031/40 

21630 

25298/300 

28321/30 

32571/80 

1 201/4 

4718/20 

7781 /90 

11231 

15302/6 

18141/8 

21751/60 

25391/400 

28531/40 

32581/90 

1206.10 

4745 

8121/4 

11334/5 

15311/20 

18150 

21801/10 

25421/30 

28881/90 

3266170 

121 ICO 

4747/8 

8171/80 

11391/400 

15351/60 

18194/200 

21981/2 

25471/80 

28891/900 32671/80 

1250 

4753/4 

024 1 -a? 

11551 

15531/40 

18211/8 

21936/90 

25821/30 

28931/40 

32722/30 

1331/3 

4758.60 

6501/10 

11554/60 

15561/70 

18361/70 

22001/2 

25841/50 

28941/50 

32801/10 

13S7/9 

4761-90 

8637/40 

11643 

15632/7 

18401/10 

22065/9 

25851/60 

28971/80 

32831/40 

IcC-f/iO 

4971,30 

0561/70 

11645/50 

15639/40 

18552/60 

22212 

25861/70 

28981/90 

32891/900 

16H-20 

4981/90 

6571/30 

11981/90 

T56&2 

18563/70 

22215/20 

25871/80 

29031/40 

33021/30 

l'!0 

5001 .‘3 

8581/90 

12101/10 

15695/700 10572 

22431/40 

25941/50 

29171/5 

33211/4 

1 76 1 ,'J 

5009/ 10 

0621/30 

12161/70 

15701/10 

10575/80 

22441/3 

25951 IB 

29180 

33226/30 

1 767/70 

5041,50 

S71 1/20 

12201/10 

15381/2 

18561/4 

22636/40 

25960 

29241/50 

33231/40 

i77i. -a 

5105/10 

8731/40 

12211/20 

15888/9 

18590 

22681 

26131/40 

29331/40 

33241/50 

163.? 

5161/70 

3751/4 

12231/40 

15942/50 

18591/3 

22711/6 

26141/50 

29391/400 33251/60 

1 861 ’90 

5241/50 

0757.60 

1225 1/cO 

15952/6 

18596/600 

22718/20 

26151/60 

29421/30 

33281/90 

1941 SO 

5251/60 

8771/30 

12261-70 

156G0 

18611/20 

22781/3 

26171/5 

29481/90 

33311/5 

OTi.S 

5401/10 

£831.8 

12301/10 

16131/4 

18687/90 

22785/90 

26177/80 

29511/20 

33431/40 

2014:20 

542 » /SO 

8903/ 10 

12321/30 

16137/40 

18711/20 

22821/30 

26181 

2956170 

33511/20 

2021/30 

5501/10 

8961/70 

12331/40 

16331/40 

18721/30 

22971/80 

26185/90 

29611/20 

33621/30 

2731.6 

5511/2 

6181/7 

12411/20 

1635 1 

18945/50 

23011/20 

26291/300 29631/40 

33681/90 

2l33'40 

55*8/30 

9190 

12471/80 

16381/90 

18994/5 

22081/90 

26351/40 

29701/10 

33801/10 

2460 

5621/20 

9391/400 

12631/90 

16451/7 

18997/9000 23101/10 

26387/90 

29711/20 

33901/10 

2467/7 

5721/30 

9482/90 

12761/70 

16531/2 

19041/5 

23291/300 

263917 

29741/2 

34251/60 

2471 

5E11/20 

6731 

12861-70 

16634/7 

19047/8 

23301/4 

26411/9 

29746/9 

34381/9 

24 74.^0 

5821-30 

9734/5 

12941/50 

16551/6 

19363 

23306.' 10 

26521/30 

29752/60 

3456170 

2=26 

5371.80 

9731/3 

12691/3000 16571/9 

19366/70 

2331 1/20 

26971/5 

2976170 

34571/4 

2633. S 

6031/8 

9735.7 

13151.60 

16601/10 

19631/40 

23341/7 

26977 - 

29911/20 

34576/8 

2640 

6010 

981 1 '20 

13341/50 

16611/7 

19761/2 

23350 

26980 

29921/30 

34691700 

270i"lO 

6161.3 

6871/7 

1.U2W30 

16619/20 

19784/90 

23361.70 

27091/6 

29951/60 

34751/60 

2346 50 

6166 

0621 

13491/500 

16645/50 

19841/50 

23381/90 

27098/100 30111/20 

34761/70 

2252.7 

6163/70 

9923 

13571/80 

16722/7 

19924 

23391/400 

27211/20 

30381/90 

34861/70 

2659.60 

62:“/9 

9927 '30 

13601/10 

16362/70 

19927/30 

23621/30 

27651/60 

30651/60 

34931/7 

2944:? 

6392 

10111/20 

13621/30 

16331/40 

20081/7 

23632/40 

27771.-30 

30711/20 


2932/90 

6451/3 

10133/40 

13631/9 

17091/100 

20069/90 

23698/700 

27791. '800 30721/30 


2-177 

Ck456‘'7 

10211/20 

13642/50 

17254 

20358/60 

23721/2 

27S01/10 

30751/60 


2351 

655 1 '60 

10521/30 

13621/30 

17260 

20361/70 

23726/30 

27S1 1/20 

30826/30 


3 -54.60 

6571/5 

10552 

13971 /g 

17366/8 

20431/7 

23741/50 

27851/60 

31071/80' 


2417/5 

6577:3 

10555 

14077 

17370 

20465/90 

23731/90 

27371/80 

31101/10 


3-: 7 7/20 

6771/30 

10558:60 

14126/30 

17362 

20501 

23381/90 

27900 

31171/80 



The Debentures specified above will become due and payable on July 1. 1978 and upon presentation and 
surrender (with all coupons maturing after July 1,1978) will be paid at the principal office of Bankers Trust 
Company in New York or at any of the offices located in Switzerland of Credit Suisse, Swiss Bank Corpo- 
ration and Union Bank of Switzerland, and at the principal office of Amsterdam-Rotterdam Bank N.V. in 
.Amsterdam. Societe Generale de Banque S.A in Brussels. Deutsche Bank Aktiengesellschaft in Frank- 
furt am Main. Credit Suisse White Weld & Co.. Limited in London. Banca Commerciale Italians in Milan, 
Societe Generale in Paris, and Banque Generale du Luxembourg in Luxembourg City. 

On and after July 1. 1978. interest on the Debentures specified herein will cease to accrue. 

CREDIT SUISSE 

Zurich. May 23. 1978 as Trustee 


RESEARCH INTO CENETICS 


Financial Times Tuesday May 23 1978 

BY JOHN MADDOX 


A way to safety without brakes 

skjkes sLrr-rE-: ~ SsSxS SHiSfiS SSHSs 

— means different things to acquired by these means the tow n^would be the harvest attempt to give in bacteria still remain a 

different people. To some, it capacity to produce harmful of understanding ^nScan industrea sporting theoretical possibility!. The dis- 

is a technique that may for trains, or even the genes which it has emerged, for example. ^ few hectic eovery that many animal senes 

example enable all plants to fix may be involved m the genesis that in some ammal and bac- ™ com mced that are not always continuous pieces 

nitrogen from the atmosphere of human cancer? terial viruses, genes with quite 1 a ^ deed the only, of DNA makes it less likely that 

or to harness photosynthesis TTiese fears were first made different functions occupy over- “J®"* ^vising an accept- dangerous genes will be acci- 
more efficiently. To others, it explicit at a small nofcnmce lapping stretehes along ^ a workable system of dentally inserted into other 

is a way of “perverting the of molecular biologists in New length of a DNA molecule. In a in the u.S. is to cells. Perhaps more important, 

human germ plasm." This is Hampshire in Jtily. lf^ter- mis ^ many ^ genes m gj prese „ t pIan t0 the experience of GMAG and 

bow Professor George Wald, ward* Professor P** 1 Berg of the cells of organisms more * c ^;f 8e Mch H experiment in similar committees elsewhere 
one of Harvard’s Nobel prize- Stanford University and a group complicated thaii bacteria con- detail w 0 re the event, and has demonstrated that it is in- 
winners. described genetic of bis colleagues ejj'jd . for a ^ not continuous pieces of instead t0 issue to interested deed possible confidently in 


uuwcvci. agicc tartz 4haf fho iau,lsu luiwrcuuis a^cmica C02Z2SatfUC W1UI JU> SUC U -“'-v - «■ ■- 

the time being the use of J^ aniwli „ the function of which (if any) m enL Each licensee would a set of guidelines. «ie ^retro- 

certain new and powerful h]lT is not understood. The bearing submit a detailed annual report Spe Clive scrutiny oE work in a 

research techniques should be ? rrh^hnntd 8 ^ carried out of these discoveries on the way and his licence would he sus- licensed laboratory would be 

regulated by people other than W ^L “ Mde J in which the cells of higher pended if he were found to have entirely feasible, 

the scientists themselves. Many » ‘ aedto m event the organisms have evolved remains broken the rules. There are. olwuise, snags. 

plan to legislate to be seen. The reason why governments People might deliberately break 


on the subject. S ca^iS Uih For molecular biologists, elsewhere should trim their the rules. Revoking a icence 

In Britain, the legal instru- “ tu£i “d po tenriaS tormiS genetic manipulation has thus sails to suit the U.S. Congress held by a government labora- 
ment will be a regulation under 300 PO^nany narnuui an tooI of j S simple. In these matters, a tory would create novel and 

the Health and Safety at Work senes. investigation No laboratory kind of Gresham’s Law perhaps insoluble problems. 

Act (1974). It will require that Cp r ntinV working in molecular biology operates. Given the dominance The procedure might be cumber- 

details of all experiments based 0^1 U 111 MJ witi foTable to stand aside. If of U.S. laboratories, unless some. 

on the new techniques De A committee under Sir Robert BnMltBIW &, P annrovuu’ governments elsewhere help Even so, this alternative to 
notified m advance to the 


A committee under Sir Robert ^ procedures for approving governments elsewhere help 
WiJ-liams, Director of the Public proposa i s experiments con- Congress to arrive at a work- the present procedure for regu- 


* , bo V y . caIle f . W commended In the summer of h,., he strained bv the flood of wU1 find their nwn systems of manipulation deserves more 

Genetic Manipulation Advisory there should be a regulation undermined. consideration than it has been 

-reup, w^chwtiltten approve Adyi ^s^th^s^dy^U b^ given. The Circumstances are, 

followed** precautlons t0 be Group (GMAG) to scrutinise all ^roval^Ttach LlCeOSing -JJ. unusual When Pro- 

Su^a procedure Pas »£•* £- — JL* for the JSlSTSS 

operating since the end of 1976. soecified safety inevitably Bcensing 0 f laboratories rather ing, they were themselves fear- 

Academic scientists have com- speemed saiety ^ tb .e use of the technique ^ Lhe scru tiny of individual fuJ of what might one da)- be 

piled at the request of the P rn exnecta- le ssfl exi *>ie. experiments is that licensing done. With the passage of time, 

financial sponsors of their Contrary tq i some expecte The second group of diffi- would more adequately protect most scientists in the field con- 

research. Industrial companies “ons, the procedure has worKea cuIties ^ witemauonal and commercial secrets. The present sider that the risks, always 

have done so voluntarily. As w etL More than iw researen political, since Professor Berg’s arrangements require that com- conjectural, have abated somc- 

a member of the Genetic proposals have been scrutinised, moratorium, most governments panics should declare in w hat— and that “ gene splicing ” 

Manipulation Advisory Group the job has been done con- sough* to regulate genetic advance, to people who are not ^ no t, in any case, the most 

since the beginning. I endorse sistentiy; and the progress of manipulation. Few have been saddled with the fiduciary re- hazardous of the tricks of the 

the claim in the group’s first research has not noticeably been ^ fortunate as the British sponsibilities of employees. Qew biology, 

annual report, published last delayed. GMAG is a curious Government in its discovery their plans and even hopes for They also acknowledge that 

week, that the first year’s work animal, inchtding not just that ^ Health and Safety at research in genetic maniputa- havin n ar0U sed public concern 

has been constructive. At the scientists but people intended to WOTk Act provided a ready- tion. Such a requirement goes the now te u people 

same time, however. I have the represent the public interest made rec jpe. against the grain. In British cir- ^ ' is no need t0 worrv , a] . 

gravest doubts about the per- and the trades unions. Even its ^ . the u c a Bi]I introduced cumstances the confidentiality Professor Berg ^ 

petuaudn of this procedure. more acrimonious discussions by senator Edward Kennedy a arrangements worked out by - * reC ru it ‘signatures for a 

M . ‘ have been constructive. Thus the yMr ag0 was defeated GMAG are probably a sufficient m “ rc reassuring “ p , lb l ic state . 

somewhat stolid insistence at it ena:led ae enaction of but they will on- men[) n aJmMt for the 

Involve the Isolation of genetic tie trade union representatives individua! righB legis . doubtedly be an encumbrance Brst timc in ,i c ^ l0Iy of 

material from one organism oa ^ i etter a f ^ i 2W giving senaratelv and not as it for many com P anies - 711056 science governments are about 

sasr 1 sraTM ,*» res,rictions ire ,east 

“ B ao3m“^, y in re rrfuip?e ^ taduS' ^ b “< “ub,ic interest is on boa ffiSSfSil 

be given the genes and thus the ■■ wlshers glve 11 not more ^ a sides of this fence. The more JP®, *£ W - 

functions of »me other. laboratories, which now grvea 5a50 chance> meticulous the regulations, the p ^ c, P le 15 not °^ jec ^ on : 

Although most of the genetic ^'f' 1Iiary t0 researcfa what happens in the U.S. is greater the public sense of ?„ ^vanc^s- 

manipulations so far carried out important because research in security. But the more British ^ t^SL jncreasjnolv 

have involved the transfer of , 2 ■ x, ^ wl S enetlc manipulation is truly companies are hampered in this 2“ h V![Tf h , t 

foreign genes to simple bacteria 10 wt>rkui S international. At present, entrepreneurial research, the Jamfeted, ^th the result that 

and viruses, it should for ex- well? There are in my view acat j em ic research there is less prosperous we may become. ^^ ne fl s . of 
ample be possible to give 05 . r&asons - the closely (and ponderously) regu- Two years ago. licensing * he P°l° ntiai of 

simple bacteria the faculty of of “ the , lated by the National Institutes would not have been a sufficient have been amply demonstrated 

manufacturing insulin or other spread throughout molecular 0 f Health, the chief source of assurance of the public interest. 111 1110 p ^ st four 5 ' ears Wl1 be 
naturally occurring medicinal b i°l°gy technique some- funds. Technically there is Now, a great deal has changed, postponed. 

materials. Cures for some con- times caHed ** gene splicing.” no way dF regulating what hap- Laboratory studies have shown 

genital diseases by this means From the start, the most pens in industrial laboratories, that bacteria carrying foreign John Maddox, Director of the 

is a more distant and perhaps immediate prospective benefit Congress is in a familiar genes cannot become epidemic Nuffield Foundation, is a mem- 

unattainable goal. ‘ was the deepening of people’s dilemma: should it be as pathogens (although other less ber of the Genetic Manipulation 

The potential dangers are understanding of how the living meticulous in its defence of the dramatic conjectural hazards Advisory Group. 



i 

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The revolution in communications produced by the growing 
array of audio-visual media still has a long way to go. Up to now 
the major uses have been in the entertainment and cultural fields, but there 
remain great opportunities for their use in education and training. 



use 



By John Chittock 

Till: MODERN ntPiiia of cuin- 
mumi-aiion embrace a confining 
array of electronic technologies 
— not only 1 etc vision. n«iw quite 
old-fashiont'il. bur video reeord- 
i:ig. ivliMoxt .md Viewdata (the 
TV data .systems), satellite com- 
munication. com pu ter graphics, 
even electronic picture: process 
ins which renders visual infor- 
mal ion a> malleable as bmevy 
ciiuntinp. 

In Jir.iain. these developments 
h.iv.- en un from un historical 
I »:«-«■ >'( invent ion and refinement 
•M the audio-visual media. Ph.uo- 
.vr.iph' uv.iv more to the British 
.u-.t j\i,ir> than t" any others: 
hfceivi -e r.'h vision and areuably 
eMu niaiegrai'hy. In more recent 
tino'S. the extension of broad- 
..a-i i»'le\ iMi»n services into 
i? .illy data transmissions — 
ihroivh the BBC’s Ceefax and 


ISA’s Oracle systems — has been 
another caw of British pioneer- 
ing : likewise holography (used 
in 3D picture-making). much of 
the work in fibre optics (which 
ailuw ii^ht to be sent along 
“cables” like electricity), in 
say nothing of our skills in 
making creative use of the 
media. 

One consequence of this is 
that, fur all the innovation diiv- 
played fay the British, it comes 
as merely part of a process of 
technical and creative evolution 
— built upon the experience of 
the country that pioneered the 
first public television service in 
the world, invented the negative/ 
positive photographic process 
and conceived the idea (and the 
name) of the documentary film. 

Some would argue that in the 
late 1970s this also yields a 
handicap. In many countries in 
the Middle East, television 
arrived before the cinema had 
become established.- And even 
in Australia and Canada, where 
the film industries have achieved 
international respect, .there has 
been sufficient freedom from 
cinematic tradition to allow the 
new media considerable scope in 
development. 

In consequence, Australia has 
become a very video-minded 
country — hkc Canada and some 
of the more affluent nations in 
the Middle East Many Arab 
schools and hospitals have the 
more sophisticated internal 
video systems for use in com- 
munication and education— 


often installed by UK suppliers, 
and often more refined and ver- 
satile than many in the UK. 

It is almost as if the countries 
with the deeper-rooted film 
tradition are taking longer to 
discover practical uses for the 
new media. For example, not 
only is the USSR very slow ‘to 
make a significant switch to 
video and other new media; 'it 
actually clings to 35 mm film as 
a production gauge in situations 
where the west prefers 16 mm 
film. Since the Soviet Union 
contributed a key chapter to the' 
history of the cinema, notably 
in the 1920s. it confirms the 
notion that old traditions die 
hard. 

Abandoned 

In China, the situation has 
been hardly any different In- 
deed. Peking has recently con- 
structed a new Technicolor 
film processing plant — using the 
three-strip colour process that 
dominated colour cinema- 
tography in the west, but which 
has now been virtually 
abandoned in Europe and 
N«rth America as new systems 
have taken over. 

Fur the businessmen ' and 
media entrepreneurs, it seems 
that market research into the 
future might be best carried 
out beyond our own shores. 
What the Arab countries do to- 
day in television, may be Britain, 
will do tomorrow. Where 
cinematic traditions are firmly 


established, video w;li take 
longer to. find acceptance. 

These are largely techno- 
logical symptoms. Where a 
country has fewer economic 
constraints but pressing needs 
for a crash programme in com- 
munications. then' technology 
can offer ready-made answers. 
The Japanese ' have demon- 
strated aspects of this, although 
oddly one tends to think of tbem 
as innovators rather than users 
driven by necessity. 

Other factors have also con- 
tributed to national charac- 
teristics in "the media world. 
Political attitudes have, for ex- 
ample. inhibited the develop-' 
ment of cable television in the 
UK — whereas the free-wheeling 
enterprise . of North America 
has encouraged it. Environmen- 
tal factors have • played their 
part too: in the U.S., cable 
television started because some 
geographical situations made 
broadcast reception difficult — 
whereas in Holland it has had 
a head start because the country 
is conditioned into having a 
wide choice of TV programming, 
situated as it is in the reception 
area or TV sen- ices from border- 
ing countries. 

In consequence, growth in the 
development and application of 
the audio-visual media has not 
followed always rational paths. 
Some countries have jumped 
head first into the jet age, by- 
passing the piston engine, while 
others continue to rely on the 
oxen'. 

The rash of development is. 


however; gradually beginning to 
level .out - or catch up. 4 The 
35mm colour slide, the audio- 
cassette, and the 16mm film are 
now almost universal standards 
around the world — and popular 
tools in most countries. And if 
ideaff about applications have 
tended to differ In the past — 
in the USSR “ industrial ™ films 
tended to mean advertising 
films 1 — there is less to distin- 
guish national trends today. - 

Imbalance 

.The imbalance persists in the 
electronics media. Paradoxic- 
ally, the Third World regards 
television as more of an educa- 
tional tool than the west: hut 
technical' progress in Europe 
and thf^U.S. is turning televi- 
sion into such a flexible medium 
that we may well have to re- 
learn hqw to- exploit it 

Perhaps the greatest revolu- 
tion, in the west at least, is yet 
to -come through this shift in- 
attitudes. ‘ The mass media have 
for long been regarded as the 
preserve of entertainment, and 
the specialist stuff of the slide 
and 16mm film has been rele- 
gated to education, training and 
information purposes. Yet Un- 
economic future of the west 
may well hinge on re-lraining 
and the re-motivation of our 
workforces. A massive job is 
looming ahead, and for once we 
do have the tools with which 
to tackle it. •' 

This presr.i poses a new level 


of awareness in political circles. 
While the allocation of the 
fourth television- channel has 
occupied the debating arena in 
Britain over the past 12 months, 
the argument has largely 
centred bn at worst entertain- 
ment uses and at best cultural 
ones. Where were the submis- 
sions to the Annan Inquiry from 
industry — staking a claim for a 
fourth television channel for 
training, productivity and re- 
employment purposes? Some of 
Annan’s proposals, notably the 
Open Broadcasting Authority 
that would run the fourth 
channel, left the door ajar but 
the politicians quickly slammed 
it shut again. 

It may be that private enter- 
prise will once more have to 
show the way as it has done in 
its exploitation of the training 
film. Most of the industrial 
training media of the Western 
world is produced on a com- 
mercial basis, where the main 
criterion is not ** : wjll it' help 
the national problem?" • but 
“ will it mafc^ a profit?*' Jn con- 
sequence, the popular subjects 
such as .sales training are over- 
served. while others — such as. 
industrial relation s— are 
neglected, except in areas where 
impending legislation makes a 
subject urgent overnight. 

Early signs of this are evident 
in the operating structure that 
is emerging for the Post Office's 
Viewdata system. In making 
every TV set in the country a 
potential visual display unit, its 
ultimate success will depend on 


the quality and relevance of the 
information supplied. The Post 
Office has decided to leave this 
in the hands of private enter- 
prise: over SO organisations are 
already signed up as “ informa- 
tion providers,” and anyone 
wishing to access the 
information will pay for it (via 
their telephone bill) at what- 
ever rate the provider reckons 
the market will stand. 

Up to a point, this should 
work very well. But is it not 
time for the national need to 
be more positively serviced than 
by the fickle forces of the 
market place? 

Australia had started to 
demonstrate some of the 
potential benefits when it 
established a Department of the 
Media. This enabled national 
priorities to be seen across the 
media spectrum — embracing all 
the traditional audio- visual aids 
alongside film production, the 
cinema and broadcast television. 
The Department of the Media 
went with WhitJam, and notions 
of anything similar in Britain 
are charged with political sensi- 
tivities and thoughts of 19S4 
being only five years away! 


Freedom 


Yet traditional media like 
magazines and books have 
yielded a freedom of choice 
because they are relatively 
inexpensive to produce and have 
a potentially big commercial 
outlet The new audio-visual 


media are expensive to produce 
— a 30-minute television pro- 
gramme can easily cost £40.000 
before the distribution costs are 
reached: and in the west the 
available market is nothing like 
the 90-plus per cent of adults 
who are able to read. In conse- 
quence, different criteria apply 
to the new media, as indeed 
were thankfully allowed to 
prevail when the BBC was 
entrusted with creating a tele- 
vision service in the late 1930c. 

If governments will not grasp 
this nettle, at least some would 
argue that they should release 
the political brake to allow 
private enterprise to fill the gap. 
In Britain, the Cable Television 
Association has long had plans 
to bring a wide array of TV 
material into homes, and at 
least one consortium in the past 
was frustrated by Government 
in its attempts to run a 
“ television for industry " 
service. 

If our economic and industrial 
problems get worse before they 
get better, perhaps necessity 
will drive us to make more posi- 
tive use of the media. India, 
anxious to check its accelerating 
birth rate and desperate to raise 
food productivity, has already 
used satellite television to edu- 
cate its scattered population. 
America provided the satellite 
and Britain some of the produc- 
tion know-how. But it was left 
to India to provide the problem. 
Maybe the moral for media 
people is to look east for a light 
on the future. 


A : ' ' \ 


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The film and its 


THE INDUSTRIAL film pro- A psychoanalyst 50 years became generally more pro- 
vided financial fertility far the hence might well reckon that matic, concerned with specific 
documentary film as we know the industrial films of the 1950s products or the daily problems 
it today. The creative ideas and and 1960s reflected an urge to of industiy. Selling banking 
entrepreneurial climate that look at the world afresh. Gone and financial services (mainly 
gave birth to the documentary was the pre-war emphasis on from Midland Bank _ and 
film movement of the 1930s social themes, replaced by a Barclays Bank in particular); 
owed its origins to sponsorship, brave new world of technology an increasing trend towards 
The first of the species was and affluence. This was typified employee behaviour and human 
about one of Britain's key indus- by many films of that era: relations; a boom m training 
tries — herring fishing. Drifters, Shell's Song of ■ the Clouds material, 
sponsored by the Empire Mar- (about air transport) and its in very recent times, if a new 
keting Board, was released in classic The Rival World (about trend is discernible at all, it 
1929 and brought a new kind of insect control); Unilever pro- may well be about corporate 
cinema to the screen — the duced a brilliant series on affairs and international rela- 
cinema of realism. scientific themes loosely related tions in industrial and com- 

Since then, the documentary to food and household products; merclal activity. The latter 
film has chartered (almost un- a Dever-ending output of films theme is not merely exporting 
wittingly) the professed and emerged on. atomic energy, i D a grander style, but a real 
hidden "truths of social change, engineering, plastics and indus- sense of internationalism creep- 
and in the industrial films of trial technology; and occasional ing into sponsored films, 
this span of nearly 50 years we indulgences for affluent man shell pioneered this long ago 
have a unique insight into tech- came in swinging fantasies like , b y ensuring that all of its films 

nical and commercial growth. PirellPs Tortoise and the Bare W ere free of national clues or 

A sponsored documentary film (a love affair on the Italian idioms. But the films of others John Grierson (on right of camera ). ; 
is clearly trying to say some- auto-strada). * now perpetuate this trend — a directing a scene from Drifters in 1929. 

thing, honestly or dishonestly. When social themes did Wimpey construction film could 


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John Grierson (on right of camera i. pioneer of British documentary cinema. 


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iuki, ueueve ui dapire uuiu e nan Creates tan amusing ais- ainereui; a oweuiau ut«»ua 6C ~ u "z.'Y “ . the same in so many of the films ve- 
in relation to the environment sertation on creativity through ment film tackles and reflects divisions of interest are being to-dav hind it. Whatever views may 

of the times. the ages). No doubt we all did all the same problems in the eroded. Even on a more de-. analysis "ame could be prevail about the Bullock Re- 

Thus John Grierson’s Drifters feel rather comfortable in those same way as those of most tailed level, the preoccupation - bv sn n C u- Port, perhaps some of its ideas 

reflected contemporary preoccu- days . despite the cold war. Western nations. of present-day industrial films ^ . -. * are a j readv influencing indus- 

panon with the Empire, trade Sioce ^en a new preoccupa- National barriers, economic [and video programmes) with Xu t The future on the try's use of the media. 

lmo^ S0Ur Marietir nS °B 0 «d e has «* * themes dis P arities ' cor P oftte identtties labour relatl0nS perpetuateS gJSf Jf TfL - ^ dues ^ current . . _ . 

existed to make the public Employees are not only John CblttOCk 

aware of the industry and 

activity o£ the British Empire. _ j— — — - — - 

The somewhat heroic style oF ■ M _|_ 

Drifters, which revealed the 1 /A I O T - r~- 

gritty life of seagoing fishermen, . I I II II I . Ill ^ I I I I 1 

also reflected a growing con- M JL. V-X L/XVr XX J.L/ 

ccrn for the lot of working . . 

people — as did later films made 

bv Grierson and his disciples. . ^ - • 

KSirMSS's fhp nrnrlii r*prc ■ 

of the time: as' Grierson him- vXxV^ \ k \” thisisfheES3601 1 

self described it. “documentary -*■ ■ . I I I f I 

film was created to fill a need, - fh© DOftable Sllde/SOUnd 

and it has prospered oerause particularly common Put it another way: in 1972 achieves his/her aims, he tends „ ,i _ i a 

Uiat need was not only, real but stand m fTQm ^ pe ople thinking of any- to use a-v again (and will often SVSf8nfl that HOS 171000 171076 

. Since then, the fiims of survey of the current audio- ^Llly^turr^ppol?? SSJl^ S-tS mOnevformOre D0ODb 

industry- have proliferated at an visual . scene -«m explosive ^ vKated S are achieved then . . . nothing. mOH^y lOTmOre 

t'psa -Ids' JMSUE SCSi; ^r e via°d“" rt ve At ,S producen? » S ' than any other umtof 

!FirI'£:5 «--r: nss^sr^rsst itstype. 

hrhinri rheir svmbnlism 3 nd tremendoiis increase in the com- expensive infancy. in business. Taking the UK 

rationalisations a wealth of plexities of available equipment. As a result life was relatively 

social truth. techniques and basic media. simple for both the production J* Z, 


Problems for 
the producers 


thisisfheES3601 
- the portable slide/sound 
sysfem that has made more 
money for more people 
than any other unit of 
' : t>"; its type. 


techniques and basic media. 



simple for both the production a yai v lst ^ k ‘ the number ^ 
companies and the user. Any productions being entered 

project with a sizeable budget * or .. ®^ ard ? each . y ,T ar ., has 
was bound to end up as 16mm. 

The habit had been formed J08 m the peak year ^ oi '19?? 
over a 40-year time span. Users *? B - Ut 16rh ^l 

— Ebe production eompeiues* 5^, busmesa -hwi. 

customers— were very different 

from those around to-day. S ^ f 

Before recession in the early/ the traditionary oriented .film 

mid-1970s an amazing amount 

of money was squandered on ?" e S St ' 

high budget productions which, in ® ^ 31113 . ^ ave wner ® ed * 
quite often, either accomplished p,„, • '* 

literally nothing or were used X rOIllII16DCC r 
for some particular event and ^ UR . for the 

then just left to he on the to promineacg 0 f Cygnet 

T S Sf™ °LL STL- 80 fihn , Guild Communications — geared • 

iW ^^ement tQ tight budgeta bat wn . 

by objectives had beep around ce atrating almost exclusively 
for years, only a few visjonanes on ^ significant. 

S?u^rt of applying analytical particularly as.-' this originally 
tjunking to the use of audio- smaij company has by now 



The PS 3601 forms part of an 

outstanding range ot exceptionally 

cost-effective audio-visual equipment spanning 

the full gamut ot commercial applications - company presentations; 

exhibitions, sales, data display, training and public entertainment 

You will project a better image wtth Electrosonic A-V equipment 


AuiSo, Audio Visual, UghUnj 
8 1 5 Woolwich Road , London 


l Praa«nMkm and Hira 

j578LT.Tel:0t-6551101 


visual. 


taken over what many con- 


364daysayearth^airp(sa!lQiistiave0Qierldeas: 


General Motors 

Xerox' 

National Semiconductor 

IBM" 

Boeing 

United States Gypsum 

General Electric 

Monsanto 

Reynolds Metals 

Ford Motor Co. 

Lockheed Aircraft 

Hoover" 

Mobil Oil" 

Sperry Rand 

Digital Equipment 

Standard Oil 

Gulf and Western 

Bell & Howell 

1.T.&T. 

Honeywell 

Tektronix" 

Western Electric 

Bendix 

Foxboro 

Westinghouse 

Singer 

American Cyanamid 

Union Carbide 

Allied Chemical 

Sun Oil 

Phillips Petroleum 

Johnson & Johnson 

Coca Cola" 

Eastman Kodak 

CBS 

RJ. Reynolds 

Dow Chemical 
RCA 

Whirlpool 

Quaker Oats 

ABC 

Martin Marietta 

Levi Strauss 

Texas fiistruments 


Advent s VideoBeam large- 
screen video systems are 
owned by all the organiza- 
tions listed above and 
hundreds more. Some find 
the large screen invaluable 
lor group sales and technical 
training using \ idcotape 
cassettes or live on-camera 



Advent systems are available 
for 6-foot diagonal, 7-focu, 
10-foot and rear-projection 
screens. Computer display 
and many other specialized 
modifications are available. 
Service is nationwide. And 
the uses for large-screen 
viewing are endless, includ- 


demonstrution. Others use the large screen for ing sates presentations, educational instnic- 
planning meetings, boardroom presentations lion, teleconferencing, management briefings 
or on-line computer display ot" financial data. . . .and. of course, watching the Derby. 

For information please contact: 






Advent Corporation. 195 Albany Street. Cambridge. Mass. U.S.A. ^6l7j 661-9500 
TELEX: 92-1479 ADVENT CORF-CAM 


In t™ °f 1 tfae Producer, life sidered t0 ^ of 

wets pleasantly uncomplicated, industry 
A-v in general (and film in At ^ ^e as many 

particular) had a mystique of established companies 
which somehow kept the buyers have decl med for, to be kinder, 

Da ? 7 been outpaced by development) 

about budgets, and a whole m- a number of new . spec i alists 

dustry grew up around a num- ha7e made mai T k _^ deo 

ber of vezy small individual producUon bouses g Uch as 
companies which, in most cases, zoom, Trilion or TVI; mum- 
only needed to produce a few vision producers such as Media, 
films a year (using rented Applied ' A V, Prater Audio 
equipment, technicians and and carabiner snecialist 

‘talent ) to make a very com- con f erence companies such as 
fortable living. Roundel, MMA or Purchase- 

y • point; even low budget high 

I leaping volume slide/tape programme 

_ , .. . . 0 ... suppliers such a 5 Martak. 

Sm “ ^ However, the point must be 
early 19/0s technology and an n, ade tbaf are speciaIist 

increased customer awareness complies in the rrU(? 5ense of 
of audio-visual have been leap- ^ word. Fine if you know 
ing ahead (practically hand-m- exactly what you are doing 
hand) until we have reached (and dou > t that wit g 

today’s situation- One can now thinking you know what yon 
count on at least five different are doingJ but ^ d ten ^ 
media being available for appli- maior on one tedium each. 

Som e of the production corn- 
film (16mm is still the format), panies doing best now are those 
videotapes (as many formats which have turned ihSn^lvS 
as j*ou or anyone else can pos- i nt0 something rather like an 
sibly imagine), multivision (m- advertising agency-using mar- 

S ' dc kefin ® and consultancy Skills to 
projectors on one or more be i p advise the client before 
screens), simpler slide/tape getting down to creative work 
programmes (usually using a andi most importailti he lp in 
pair of slide projectors) and arranging distribution. 

^ (there are, again, a The problems involved are 
mu ^ f ^ or i ri u t3 ^ systcn ? s now fairly formidable. As well 

available). East of these media as choosing techniques which 
is especially ngfit for a certain will help to achieve the client’s 
application. Most of them can marketing and financial objec- 
k . U t ed combination to tives. the producer has to blend 
achieve the clients objectives, creative style with accounting 
One ton, lor example, produce skills and sheer organisational 
on videotape and distribute on ability, which would have been 
film, produce on film and dis- unthinkable 5-7 years ago. And 
tribute partially on video, con- things are not going to get any 
vert slide/tape to film and/or better, 
video, make slnde/tape pro- CONTINUED ON 

grammes, convert them to film wcirr patp 

strip and convert the filmstrip rWje 

version to video ... or fihn. It ' 

really does go on etc., etc. . . . 

A contributory factor to the 
development of new systems 
had been education of existing 
users and the appearance of 

new ones in the marketplace. NORWAY TRADE CENTRE 
Economic stringency and the 2D. pall mall 

devolution of better manage- LONDON S.w.i 

ment techniques (even into com- 
pany backwaters like the public 22-26 MAY to a.m. — 6 pjn. 

relations and film units) has c a . , ki . (ti „ e . 

made the production companies’ per ^ yscem in 

clients much more aware of action — Talk to us about 

costings achievement of objec- Low Budget Film Production 
tives and, above all. cost-cffsc- E . „ 

tlveness. When the Client especially Video Users 


THE :r 4 

lOTEtvissON a--' 

TV. LIBRARY. 



Because our t.v. library is 'a brand new 
; concept in home video entertainment ..What Is il? - 
Bfielly. a comprehensive ranpn of specially s«lecl«d video pro- 
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general interest topics, plus-feature and ‘adult movies, all 
available on a low-cost tenta* basis. ' • 


(TRADE NOTE: for news of «pftcial bonefit* please con- 
tact Richard Cooper) 


Intorvision Vidoo Limltod 
1*5-20 Poland Street 
London WtV 3DB Tel: (01) 433 




-/ 

has the future in vic-v. 


CONTINUED ON 
NEXT PAGE 


A New Marketing Concept 

A Projector & Tape recorder In tan 
- # Attache case. 

B Project your image 8. capture vour 

$ customer’s attention at the push of a 

button. 

&|||||S gk » Project Wo fid or onto wolf. 

Records S. plav^acfc synchronised with i 

skies. 

For more informotiem on the Uttimaie AucSo- 
Visucri Portable Presen (alien contact. 
Ptemagten Audio-Visual 36 Southwefl Rd 
AVIP *^0 London SES Tel 733 61 19 Tete* 8951560. 


NORWAY TRADE CENTRE 
2D. PALL MALL 
LONDON S.W.I 

22-26 MAY 10 a.m.-6 P#m . 
See this Super System in 
action— Talk to us about 
Low Budget Film Production 
— Especr'affy Video Users 


Super 8 Associates of the (British Supe^ Centre 

ViDEOTRONIC CASSETTE rW TO J 

PROJECTORS ‘ 

Low Budgei Film Production ■ y' • ” h^sCSBo 

Equipment Suppliers and Hirers W: om 2 5d6B3 

Post Production Services ijM -‘V ptk^t • ^ ; 

Free Advisory Service 

Your Single Contact for - • 

Everything Super 8 - 










Financial Times Tuesday May 23 1978 


17 




v 

- '» V 


C VW'l 


DAILY, GROUPS of people Of 
sexes are clustered round 
(clevision monitors or film 
■ vtr ip play-back machines, or 
a,v ■-ittjng in makeshift 
cinemas equipped with a tape 
slide or ]6 mm film projector. 
They arc listening to their 
leader's dosing remarks before 
the audio-visual aid they are 
going to see is switched on. 
"What he has to say has been 
carefully prepared from that 
all-important leader’s guide that 
in most cases accompanies the 
programme. Nowadays the 
trend ia for packages of instruc- 
tion comprising not only the 
audio-visual programme, but 
all sorts of documentation as 
well. 

The leader has carefully 
tailored his address to fit the 
special circumstances of the 
people lie is training. If may be 
that pan of their job is to 
supervise others and he is going 
to show them “Safety end the 
Supervisor " which is a 
cautionary tale about a 
machine-shop accident caused 
by a failure to get priorities 
right. Or they may need to be 
taught the art of communica- 
tion as a managerial skill. 
” Tiro-Wnii Communication.' 1 a 
recent re-make of one of the 
first films of this kind to be 
marie in England. wilJ do it 
nicely. Possibly they may need 
to know about a hearing in 
front of an Industrial Tribunal 
and the events leading up to 
it. then the film strip *• The 
Case Before Vs ” will he found 
to contain many useful points 
for line-manacement and per- 
sonnel specialists. 

This list could be lengthened 
indefinitely. This is not to^ay 
Hint there is no safety or train- 
'll- situation which is not 
•ivererf hy one or other of the 
enny audio-visual aids. OF 
there is still a lor of 
::»n;ie fur the enterprising pro- 
lncer oT new programmes. But 
in the na-i five nr six years there 
r.:u been a great expansion in 
ill!., area. No une cause sparked 
if off. hm certainly the Rubens 
Rfji.u* and the appearance of 
»h- Health and Safety At Work 
Act !97 J . had a great deal to 
do with tin- decision of Millhanb 
film', the brand leaders in the 
■nfi-ty film market, to mabp 
.heir first two films. Thouch it 
n-M i h.' added th,*’! the Health 
in 'I Sat -tv Executive, who dis- 
.r:'*n<i« their films thmush the 
.Vntrnl fi'm Uhrsry. have now 
.•e*«nHcd an impressive list of 
Aims. 


of legislation governing employ- 
ment, such as the Industrial 
Relations Act 1971, the Trade 
Union and Labour Relations Act 
1974 and the Employee Protec- 
tion Act 1975— sot forgetting 
legislation on sex discrimination 
and equal pay. TSus is a field 
which Macmi-Han Film Produc- 
tions have made particularly 
their own. 

Progress in the last five years 
bps been rapid. Whereas when 
this British success story started 
the total expenditure for 12 
months in this market was, 
according to the best estimates, 
baredy £500,000, today it is put 
at least at £Sm annually and 
probably more than that. It is 
expanding year by year as more 
and more companies in an in- 
creasing number of industries 
realise how cost-efficient audio- 
visual aids can be. 


Volume 


Dependent 


P.iivill:*! -villi this and ante- 
.laimg ii !:■ %i>n»e extent, w.is 
.Jw pro luetiv.n in Britain of 
■ :J:n-vi' : u:d aids in the sales 
training :ipd nionagemcni-tTain- 
tyj .irc-is. Tlii« market had been 
liov; established but was de- 
pendent lo a very great extent 
nn imparts from the U.S.. which 
seemed in have a monopoly in 
Miavinurist and motivating 
film-. Rank Aldis, Video Arts. 
Tnu nine Pi Inis International, 
inrt Management Training (a 
subsidiary uf Guild Sound and 
Vi-iinii) are the principal names 
.ss.ieiated with this type of pro- 


jui-tlon. 

There is a third area, that 
uf Hu; relntiunship which has 
i«, be cultivated between the 
employer, or his representative 
;..i ;mv level, and his employee. 
The e.iuse of this is the plethora 


It would be hard to find a 
more successful training film, 
produced in Britain since the 
boom began, than Rank’s “Who 
Killed the Sale?”. It has gros- 
sed approximately £500.000 in 
revenue in the past five years. 

The advance in volume has 
also been prodigious. In five 
years Vi0eo Arts, under the 
chairmanship of Tony Jay, has 
made 27 films. Five years ago 
their initial print order for a 
production would have been no 
more than 20 prints, now they 
expect to get through 150 in the 
course of the first two months. 
Prints of its "Balance Sheet 
Barrier’* have heen hired over 
1.000 time* in its first year, 
while Millbank, with John 
Goodwin in charge of marketing, 
has sold the same number of 
their safety film “Make Light 
nf Lifting.” John Minoprio of 
Training Films International, a 
library for a number of inde- 
pendent producers, reports that 
business is 66 per cent, up in 
the first three months of this 
year over 1977. Some 45 per 
cent of it in both years was 
contributed by safety films. 

When we turn to film strips, 
small amounts are involved, hut 
the expansion is just as remark- 
able. Take MacmiHanV own 
figures, for example. J. Siins- 
hury. the food retainer, 
approached the company for 
training material to use with 
the L» Belle film strip machine 
in 19771. Larcelv due to this, 
turnover was £70,000. By 1976. 
with Sue Fleetwood in charge 
of sales, it had risen to £180.000 
and over 8.000 La Belle cart- 
ridges despatched, and the 
latest figures are expected to 
show a comparable improve- 
ment. 

Another early convert to the 
use of the film strip in train- 
ing was Wool worth, which now 
owns nearly 300 film strip pro- 
jectors and has a library of 50 
training programmes. To date 
it has invested over £250,000 
with Macmillan’s. It seems 
that retailers have a need for 
readily available training 
material to instruct an often 
mobile workforce, in many 
cases with a high ratio of part- 
timers. 

Film strips are usually sold 
rather than hiied. With lower 
production costs, in the £2,000- 
£4.000 bracket for a 12-15 
minute programme, they can be 
marketed at around £50 each, 
and at that price companies can 


afford to buy rather than hire. 
In fact Macmillan’s estimates 
that it makes six sales for every 
one hiring. 

With 16mm films and video- 
cassettes the opposite is true. 
Although Video Arts* film and 
gold award winner Who Sold 
You This, Then? a training film 
for service engineers, sold 126 
prints to 340 hirings, it is an ex- 
ception. In general the ratio is 
six hirings to every sale. 

Mill bank’s fully dramatised 
safety films sell at around £175, 
comparable with those from the 
Health and Safety Executive. 
Management and sales training 
subjects come out at about £100 
more. Part of this higher price 
is accounted for by the use of 
well-know a televisions actors 
and actresses in leading roles, 
a policy initiated by Video Arts, 
which has John Cleese on its 
board of directors. He has 
featured in almost every film 
they have made. ' Among the 
other famous names who have 
also appeared in training films 
are Arthur Lowe. Ronnie 
Corbett, Tessa Wyatt and 
Penelope Keith. 

The boom seems likely to con- 
tinue. The Health and Safety 
Executive has at least five films 


lined up for immediate produc- 
tion. The subjects are diverse: 
safety when working on roofs : 
the safe use of mobile cranes 
on construction sites; the safe 
use of modern ships' derricks 
particularly when ships are 
under repair; a film for the 
Agricultural Inspectorate; and 
one or two films on the per- 
sonal responsibilities imposed 
on both employers and 
employees under Section 7 of 
tbe Health and Safety At Work 
Act. 

MUlbank also has four safety 
films in various stages of pro- 
duction for completion this 
year, and a further six planned 
for 1979. They see themselves 
going as weJl into the field of 
industrial relations and plan 
some films on these. This is an 
area which Macmillan’s is also 
currently investigating together 
with two other subjects: nego- 
tiating skills and transactional 
analysis. As Sue Fleetwood says, 
“video, film and film strip all 
have their place in training, 
creating atmosphere so that 
trainees can identify with situ- 
ations more easily. It's a ques- 
tion of horses for courses.” 


Kenneth Myer 


Television stars Tessa Wyatt and Richard O'Sullivan taking part in a sales training film entitled " Kou 

Close the Sale ” in ade by Rank Aldis. 


r to 


Producers 


CONTINUED FROM PREVIOUS PAGE 


J¥' 




(inly the i»*«st pessimistic 
ji.ni.Jiiv could possibly expect 
I Ik. rale of growth hems expen* 

by the business-oriented 

aiiriio-viMial industry even to 
vj.irt slowing down during the 
m»\t tew years. Growth has 
•.wen at least at the rate of 25 
nor i-erv per annum during the 
two years, and software— 
i!„. programmes lb run on that 
■.■\poiiwvo equipment — is what 
all the muse is really ail about 
The customers-— industry and 
roiiinterce which wants to com- 
nuiiiuaic more effectively — are 

.i mixed ha;-. Existing larger 

. C alc users of a-v are already 
M-ry vophislicated in their pro- 
ject planning and the integra- 
tinn of a-v into their “normal 
opera li' ms. They are going to 
jii'coiiii* very demanding of 
id, >ir suppliers and very know- 
led-oaWe. They, at least will 
v,in out the efficient and intel- 
iiycniiy managed producers 
i nun the rest of the puck. 


SELL & LEASE 


All A-V and 
Video Systems 
Conner David Morris 


OF BRADFORD 


Raw ton Square 

. . mi . i nan 


But even the very best pro- 
ducers — those who have already 
diversified into a range of 
media and are modelling their 
organisations on a consultancy- 
production framework — are 
going to. have difficulties with 
new users. 

Consumer developments are 
important in this respect The 
gradual saturation of an execu- 
tive m ark et with domestic 
videotape recorders will 
undoubtedly lead many man- 
agers into thinking about using 
the medium. Producers could 
then find themselves having to 
convince a potential client that 
tbe medium which attracted 
him to them in the first place 
is not necessarily the one he 
ought to use ! 

Whatever happens, tbe pro- 
duction companies are continu- 
ally having to update their 
expertise in the major discip- 
lines of production and distribu- 
tion. They need to keep an 
eye on the hardware and the 
consumer market. They need 
to quote for business (and 
charge for it when they’ve got 
it) in a businesslike way. 

They need, in many ways, to 
ape the best of the advertismg 
agencies. Above all, they need 
to remember that during the 
next five years they will be 
pitching for market share in a 
business which must eventually 
stabilise. The going might seem 
easy now, when it would be 
difficult not to make money, but 
it should get sticky later. 


JVC VIDEO HOME SYSTEM - THE FIRST THREE-HOUR HOME TV RECORDER 
In spite of anything other manufacturers may say (and they’ll be saying plenty 
in this new video age) those in the know will tell you that JVC have consistently led 
the field in the development of a TV recorder specially geared for the consumer. Take 
tape length, for example. First last year in the production of two-hour cassettes, JVC 
have now gone one better - and produced the first three-hour cassettes on the market. 

So the JVC Video Home System gives you longer r unning time at, inevitably^ 
more economical r unnin g costs. 


You can use the JVC Video Home System 
to record* any colour or black-and-white 
programme. 

You can set it to tune into any channel 
and time it to switch on automatically 
(and justforamoment, consider the implications 
of that; you could be out having dinner 
or flying half-way across Europe and your JVC' 
will be sitting quietly at home recording 
your telly for you). 


You can watch one programme and record 
another simultaneously - or you can even 
transform, the whole thin g into an instant 
TV studio to make your own programmes. 


VHS 


m. 


Peter Lloyd 




ANOTHER STEP CLOSER TO REALITY 

*RejmSsz CzdpLz,ixxk cf nuttne. map report cotuou. See Copyright Act I9S 6 thtytrformmProtecliiMAci 

JVC -VHS A V All. ABU? FROM JVC rtLKJ LTT>_. 


And yet the JVC Video System will connect 
with every standard U.H.F.TV set 
in ihe U.K. and is so brilliantly simple any 
bright six-year-old could operate ir. 

It’s also the smallest, lightest, nearest home 
video recorder you can buy and it records and 
plays back with all JVC’s inimitable quality. 

And, for the 64 dollar question, it’s tbie most 
economical to run. Under £ 1 5 for a three-hour 
cassette (one-tenth of the price of film !). 


TTY n/VlITVAl T TDAnTMO TTBTiTC GT11M Be f-rtn.r 


AUDIO-VISUAL COMMUNICATIONS in 


The safety and training boom 







Financial Trines Tuesday May 23 1978 

AUDIO-VISUAL COMMUNICATIONS IV 


RR 


The video battleground 




Begirsswfth SVS. 


I VS operates the largest Technical Centre in the UK devoted 
exclusively to the duplication of vidoo cassettes. We are an 
official SONY and PHILIPS duplicating centre for 
Betamax and VCR cassette formats. Our facilities include 
PAL/NTSC standard Quad VTRs, 16/ 35mm telecine, auto- 
matic subtitling systems, sound-track interlock and complete 
engineering services. We guarantee you the highest standards 
of technical quality for video cassette processing. 


Contact us for brochures and prices. 


I VS (UK) LTD One Redan Place 
London W24SA Telphone: 727 1556 


FOR 


V/M 


FILM & VIDEO 




PRODUCTION 


{at-iuk \ds)cr-'teL 


11 Moseley Wood Way. 
Leeds LS16 7Hf4. 
0532 610673/666469. 


camera talks 

aj'd.c v.'s^a:Vidi‘ A.-V : ■ 


a series on 
HEALTH & SAFETY 
ATtfJRK 


.-^LCl^.93.2 5 5 w ; S| ;V?* 



Please lend me on approval the 
following slide sound presentations 
206 / I Eye in Industry □ 

10612 SKin »n Industry G 

229 Health S Safety at Work 1-2 G 
263 Noise ft Hearing I -2 Q 

269 Operator Training 1.4 (film 

loops 1 □ 

301 Clean Pood □ 

309 Manual Handling in Industry 
1-3 

323 Abrasive Wheels 1-2 Q 


Praetk.i Laboratory Safety Q 


342 Food Hygiene 1-3 
3 S3 Health & Safety in the 

Office 1.2 

357/1 Cnme Prevention /Walk in 
Thief 


Telephone 


THE KEY moment in the 
development of the home video 
market to date was the decision 
.by RCA last autumn to adopt 
one of the two main rival 
Japanese systems. Not only did 
RCA back the Video Home 
System (VHS) developed by 
the Victor Company of Japan 
(JVC) and its parent Matsushita 
Electric, but the company 
also broke a significant price 
barrier by launching the re- 
corder with a 51,000 suggested 
retail price. 

Confusingly known as the 
SelectaVision VCR— RCA calls 
all its video ideas SelectaVision 
and VCR is usually recognised, 
in Europe at least as Philips’ 
name for its videocassette re- 
corders — the VHS system was 
given a multi-million dollar 
advertising boost with eoast-to- 
coast prime time television com- 
mercials. This was much 
needed as the rival Sony 
Betamax had a head start in the 
market place. At one point 
it was even being suggested that 
Sony’s advertising budget for 
the Betamax. said to be $6m. 
was so large that the costs could 
not be recouped from expected 
sales. 

Meanwhile. another Mat- 
sushita subsidiary. Quasar, was 
selling another system, exclu- 
sive to that company, called the 
Great Time Machine, as well 
as providing an American out- 
let for the VHS. As soon as 
RCA committed itself to a 
$1,000 price for its VHS 
machines. Quasar reduced the 
list price of the Great Time 
Machine to 5995 and offered 
dealers an extra $100 rebate, 
with the result that it was pos- 
sible to find the GTM dis- 
counted to as little as $795 in 
some stores. 

Sony refused to indulge in 
such unseemly activity as 
price-slashing and left the Beta- 
max at $1,295. until the onset 
of the Christmas rush, when 
$200 was suddenly knocked off. 
By the height of the shopping 
period, the asking price had 
stabilised to a typical $995 and 
sales were limited only by the 
supply of machines coming in 
from Japan. About 250,000 
video recorders were sold to 
American consumers during 
1977, the vast majority of them 
in the last quarter. 

With both sides claiming to 
be in the lead, the truth is that 


honours are about even. Cer- 
tainly Betamex had been out iri 
front but has lost ground to 
VHS. A company supplying 
pre-recorded cassette pro- 
grammes. Magnetic Video, 
reports that the ratio of demand 
had been 65:35 in Sony’s favour 
at the start of the year but last 
month was equally split at 
around 10,000 copies for each 
system. 

Sales have fallen sharply in 
the first months of this year. 
JVC reported a 30 per cent drop 
in January and 50 per cent 
in February— indicating that 
Betamax has been faring even 
worse, RCA is again advertis- 
ing heavily to encourage a 
year-round buying habit, but 
some other companies are philo- 
sophical about tbe seasonal 
nature of sales. 

The rivalry is not like that 
between different television set 
makers. It is absolute: the 
systems are Incompatible. So 
the struggle is more than 
merely to see who can sell must 
machines: it is to determine 
which, if any, of the rivals will 
establish an international video- 
cassette standard. 

In Europe the battle lines 
are even more complicated. 
Philips has been selling its 
domestic video recorders, the 
VCR range, for four years in a 
slow, steady way. Sales figures 
have not been issued, but Philips 
estimates that 97,000 video- 
cassette recorders of all makes 
were sold in Europe last year: 
that figure includes the institu- 
tionally oriented Sony U-Matic, 
which is very popular for indus- 
trial video installations. 

With VHS in the shops since 


the end of February 3nd Beta- 
max due here next month. 
Philips has already started to 
pull out the competitive stops. 
The price oF VCR blank cas- 
settes has been cut by 40 per 
cent — although even then ther 
cost twice as much per hour as 
Their rivals — and a new Philips 
three-hour tape has been pro- 
mised for later this year, 
bringing VCR up to tbe same 
maximum recording time as the 
VHS. Dealers have started to 
discount VCR recorders, which 
can now be bought in London's 
Tottenham Court Road hi-fi 
shops for £719. The VHS list 
price is £799 and Betamax will 
carry a £750 rrp label. 

YHS's advantage in America 
seems to have derived, at least 
in part, from the number of 
companies lined up behind 
Matsushita and JVC. Apart 
from RCA. 'the adherents 
include Akai (already selling in 
ILK.). General Electric. GTE- 
Sylvania. Hitachi. MGA, Mitsu- 
bishi, Sharp and. most interest- 
ingly. the Philips subsidiary 
Magnavox. Betamax supporters 
include Aiwa, General Corpora- 
tion, Nippon Electric, Pioneer, 
Sanyo. Toshiba and only one 
non-Japanese company. Zenith, 
the U.S. colour television 
market leader. 

In Europe VHS can also 
count on NordMende. Saba 3nd 
Thomson-Brandt. So far only 
one British company. Thorn, has 
shown signs of getting into the 
act. In the past it made a cheap 
version of the Philips VCR, now 
it is interested in VHS. Philips 
has one long-standing, stead Fast 
friend in Grundig. which is also 
to supply VCRs to ITT starting 


in August. Seventeen other 
companies have at one time or 
another espoused the VCR for- 
mat but few. if any. are now 
regarded as serious contenders. 

So Phi rips has a tough fight 
ahead, and confidence in the 
Dutch company's ability to sur- 
vive is not helped by knowing 
that both Sooy and Matsushita 
have tried to persuade Philips 
to abandon VCR in favour of 
Japanese technology. But there 
will be a fight JVC predicts 
British sales of ; 100.000 
machines of all makes this year 
but itself has only 5,000 dealer 
orders for delivery up- to 
September. Philips estimates 
200.000 machines sales in all: 
Europe, of which the UJC. will 
probably take a third, roughly 1 
coinciding with Sony’s predic- 
tion of 50.000-70.000 recorders. 

The UK pattern will almost 
certainly, not match U.S. 
experience. The addition of 
Philips to the equation 
diminishes the impact . which 
Betamax and VHS can make for 
themselves alone. Philips and 
Grundig — the latter now 
planning to open a hew factory 
to produce 250.000 VCRs a year 
with a four-hour running time 
— manufacture their hardware 
in Europe primarily for Euro- 
pean . markets. For' the 
immediate future, Betamax and 
VHS are being made only in 
Japan, primarily for NTSC- 
colour areas, i.e. Japan and the 
U.S.: Europe is something of 
a production line distraction. 

Before the end of 1979 a 
fourth party is. expected to join 
battle. BASF initiated a pro- 
ject to develop a simpler video 
recorder with a fixed (rather 


than rotating) recording head. 
Bell and Howell. Btihipunkt and 
Bosch have aligned themselves 
with BASF and the longitudinal 
video recorder (LVR) is 
scheduled i'.i he in lime for 
Christmas sales next year. 
Being simpler to make, the 
LVR machine will probably cost 
less but the tape may not enjoy 
such an advantage. 

Perhaps even more signifi- 
cantly, Eastman Kodak is 
known to be engaged on a 
similar system — possibly even 
incorporating the recorder into 


a luw-cost video camera. And 
mi i he same horizon is the 
Philip^-. MG A video disc system, 
which to some extent will com. 
pete for consumer alien lion and 
cash. Other related technical 
developments form a queue 
which backs up towards the end 
of the century'. In the circum- 
stances, it is hard to see bow 
the vidoo battle can ever 
resolve iticlf. except by peace- 
ful co-csistencc. 


David Fisher 


Editor, Screen Digest 


TI 


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What’s the best way of watching how the future of TV develops? 


You watch. We watch your interests. 


IF A 1947 car had followed the 
same development as the transi- 
stor, it would now cost a tenth 
of a penny, weigh one grain — 
and be parked in a thimble. 

This cost redaction — 50 per 
cent every IS months — and 
volume compression — 50 per 
cent in a year — will prevail at 
least until 1985. This is the 
basis for computation and in- 
formation handling costs that 
approach nothing — " zero cost 
computing” — and which is also 
the foundation of numerous new 
advanced communications tools, 
promises and threats to old 
problems and old communica- 
tions media. 

From the information carrier 
point of view, microelectiunics 
gives a new boost to old means. 
such as the good old telephone 
system (Viewdata t and ordinary 
TV (Ceefax-Oracle). At the 
same time, new means develop, 
such as communications satel- 
lites, video/cassette and video 
disc systems, and optical fibres. 

The new services may be 
given “trade names" such as 
Viewdata. TV games, cable TV. 
But they may also be described 
by function, i.e.. electronic mail, 
electronic journals, or simplified 
computer aided instruction. 
Electronic mail is thus sent over 
data networks and Viewdata 
telephone links, with the aid 
of computer conference ter- 
minals or telefacsimile tran- 
ceivers — and relying upon tele- 
communications satellites. 

Interactive and to a certain 
extent individualised training 
can bo performed with View- 
data. video discs and cassettes, 
cartridge-based video game 
systems and small home com- 
puters. 

But which of all this will be 
reality * in five years' lime? 
Everything is a reality today, 
but not in a big way — and most 
of it will not be really big in 
five years' time, either. 

Communications systems ba-ed 
on fibre optics will thus initially 
have their greatest impact in 
" special feature ” markets, 
such as fur instrumentation uf 
aircraft and computers, heavy 
load tel ccoium unications line?, 
etc. By the end of "the period, 
the world market for such 


systems might approach $500m. 
But beware — the Japanese are 
designing a cabled city, based 
upon optical communications, in 
the Hi-OVIS project, Higashi 
Ikoma, near Osaka. 

The other Japanese cable 
experiment, in Tama New 
Town, west of Tokyo, is just 
being completed. The public’s 
high appreciation of news in 
any form and also of the simple 
telefacsimile ‘“letters” trans- 
mitted to the home give clear 
indications of future develop- 
ments. The other sign of a 
revival of the interest in multi- 
service interactive cable TV is 
the initially successful Qube 
project in Columbus, Ohio. Cable 
is a growth industry in the U.S. 
and will be so in Japan, but 
probably not in Europe for the 
next five years. 


Written 


The Japanese have decided on 
a character based written 
language rather than an alpha- 
betic system, and aim at 
pioneering in telefacsimile 
transmission systems. But elec- 
tronic newspapers based on this 
system 2re stiil a long way off. 

Satellite TV in a way offers 
substitutes for cable. According 
to international agreements, 
each European nation possesses 
five direct broadcast satellite 
TV signals — but in practice only 
trials are expected before 1985. 
when the Scandinavian nations 
may have joined forces to share 
their 6-S channels. 

But not even the 
Scandinavians speak exactly 
one language. Here Ceefax- 
Oracle might come as a useful 
aid. Several of the still picture 
channels could be used for' 
subtitling or for immigranl . 
langauges and deaf people. 

Broadcast texr-TV would. , 
however, have its main features 
in news flashes of general and 
specific kinds, in specialised in- 
formation. local information— 
and most probably classified 
ads. This again brings us back 
to the topic of politics. In most 
West European countries these 
new means of communication 
are seen as more efficient for 
specialised needs than the 


established channels. - But this 
higher efficiency poses a threat 
to the established media— 
which in many instances both 
affect public opinion and con- 
stitute a rather fragile 
structure. 

The same holds for Viewdata. 
Who should possess the right to 
establish fact banks, learning 
systems, electronic mail ex- 
changes, game pools for this 
everyman’s computer network? 
And what about pricing and in- 
voicing? 

Quite probably, this powerful 
technology will have forced the 
politicians to decide on polices 
by 1980. And both Viewdata 
and broadcast TV-text will have 
started to make their inroads in 
the home by 1983. By this time, 
institutional usage, particularly 
of Viewdata, will be very inten- 
sive. making viable both 
"specialist sharing” and “inter- 
active edutainment" and "the 
paperless school." 

Viewdata and TV-text point 
towards the desirability of TV 


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financial Times Tuesday May 23 1978 



y 

-•? 



AUDIO-VISUAL COMMUNICATIONS V 


19 


Sliding to 




in U. 




JJL™ E . UnWed Sf ates one 
^ defflopmcnt has evolved 
cr Uie past few years at the 
heart of American business 
communications. Now ranked 
SSllJL " ne * s,ides have 

St?ii ded h ,nl ° hish volume 
hi.*?™ hroughout enure 

coas" communit y coast to 

rirfl^ n ' br ° adcast tele «««on and 

f^m , r hf° f r? in ! have graduated 
„ tlle fresh enthusiasm of 

* new media” role to the 
more steady growth of a 
medium sifting out the in- 
effective applications. Super S 
motion pictures, a 35-year-oJd 
concept that never lived up f0 
m advanced build-up. ha*; 

ZS faQy taueht on as a major 
selling tool. * 


Ihe 16 nmi film continues to 
f ll k Cd heavily by business but 
at the meteoric rise of past 
decades. The film strip medium 
Js going: through an adjustment 
as the newer 16 mm and 
Super-s film stTip gauges take 
noia to compete with the 
traditional 35 mm film strips. 

The slide medium. 35 mm 
film double frame in a 2 x 2-inch 
mount, is the current glamour 
medium. Sophisticated audio- 
visual programme control 
devices t dissolvers, syn- 
chronisers and programmers) 
nave led to dramatie presenta- 
tions involving as many as 15 
or more “Carousel-type” slide 
projectors. Furthermore, many 
speeches at conferences and 
conventions are illustrated with 
slides as a normal procedure. 

For two or three years start- 
ing: in 1972 the video medium 
had the centre-stage spotlight 
as corporations rushed to con- 
vert rather simple black-and- 
white in-house television pro- 
duction systems to colour and to 
add video networks ” using 
the J-inch U-format . video 
cassette players. That con- 
version is over and TV/video 
growth has slowed. 

In the past year the appear- 
ance of the i-inch home video 
recorder systems (two major 
systems not compatible with 
each o tlier or with the older 
I'inch systems of Philips and 
Panasonic/Matsushita) have 
muddied the whole video 
medium. For a . company just 
moving into video, the decision 
is a matter of choice. For a 
company already geared up with 


3-inch equipment, it means 

eventually having two incom- 
patible parallel systems or phas- 
ing out the J-inch system if 
the quality of the 1-inch units 
becomes acceptable. Schools and 
institutions which have limited 
budgets and must keep one sys- 
tem in operation over a long 
period of time are faced with 
some difficult decisions. 

The tried and true 16mm 
mm. long the dominant medium, 
came back from a period of 
slight decline several years ago. 
Manufacturers of projectors 
such as Beil and Howell. Singer 
view lex ( formerly an’ RCA 
model) Eastman Kodak and 
Kalart-vietor, are being- chal- 
lenged by two Japanese firms 
with excellent machines, Eiki 
and Elmo. 


-Alaska by train would be 
another $18,000. And the * pipe 
handler ” could not be demon- 
strated in a confined traditional 
booth. 

rse * seven-minute 
516,000 sound movie made, 
bought two Fairchild super 8 
fnovie projectors and used them 
in his booth. Result he landed 
contracts that raised his 1977 
income to $2m. from $750,000 in 
i 9 ' 6 - is now reported that 

he has landed a $48 m. three- 
year contract in Saudi Arabia 
plus several smaller ones. He 
credits the movie for getting his 
company off the ground! 


Sales of prepared training 
films increased 16 per cent, in 
39/ • as they reached $73m, pass- 
ing educational film sales which 
jumped 17 per cent, a surprise 
to the media industry as observ- 
ing school budgets became 
tighter. 


Education 


Convinced that it can gain 
by the use of a-v media, Ameri- 
can business last year spent 
more than $lbn for a-v products 
and services (plus an additional 
investment of more than $lbn 
for in-house production and 
administration of media pro- 
grammes). in comparison, a 
little more than $750m was 
spent by education and another 
5387m by Government, health- 
science institutions, religious 
and community agencies for 
products and services alone. 

The leading business function 
in the use of a-v media is mar- 
keting. Most media money is 
spent to support and often carry 
the promotion and sales func- 
tion for many companies and 
products. Some companies even 
owe their existence tothe effec- 
tive use of a-v media... 

One of the success stories of 
the year could turn out to be 
C. R. Morse Company of 
Anchorage. Alaska. In 1976. 
w’hen *■ Red ’* Morse wanted to 
display his new pipe handler, 
a huge tractor-type machine that 
can lift a mammoth pipe as a 
person would pick up a hammer, 
he found the booth rental at 
the big petroleum show in Tulsa. 
Oklahoma, would .be $18,000. 
Moving the rig down.. from 


• Century 21, applying a new 
concept in reai estate selling by 
franchising individual real 
estate companies to use a 
national programme, used Tech- 
nicolor Super 8 sound projec- 
tors to build its programing 
Now each franchised firm has 
nims to recruit brokers (sales 
people), train them and use in 
the listing phase — showing 
people why they should list 
their home with a Century 21 
broker. Total projectors: 3,000. 

Point-of-purchase selling via 
a-v media is expanding rapidly. 

Movie and film strip projectors _ _ 
are becoming common sights in [NJptwrfcl'Ir 
retail stores across the country. ^ CIWOrK 


long been the backbone of the 
training field and continue their 
strong position. Even as video 
is used heavily internally, 
16 mm training film sales in 
3977 were more than three times 
those of prepared videotape pro- 
grammes. Film strips are one 
of the most cost-effective train- 
ing media, and the slide medium 
is becoming increasingly import- 
ant. Within the past year a 
proliferation of rear-screen slide 
projector models have made the 
use of slides a flexible and low- 
cost medium. 

With the advent of Super 8 
sound cameras, that medium has 
also picked up momentum 
especially among smaller com- 
panies nnt wishing tn commit 
themselves to the long-range 
heavy investment of a video 
system. 

The new video medium has 
become a significant factor. 
Several hundred companies! 
possibly 300, now have full- 
fledged in-house television pro- 
grammes with a production 
studio and network of video- 
cassette players located in 
plants and offices throughout 
the company facilities. 


with its “The Story of Dr. 
Lister” which in 14 years has 
been seen by 32Um people at a 
cost-per-viewer of $5.86, or less 
than half the exposure cost via 
a colour full-page advertisement 
in a major national magazine. 

Business spent $I.7bn on the 
three leading media last year: 

• The explosion of the slide 
medium resulted in more than 
3757m being spent on the 
medium for purchases of pro- 
jectors, a-v programme controls, 
slide-making equipment, custom- 
made slide programmes and in- 
house slide production. 

• Ranked second is the 
motion picture with expenditure 
of $549m including hardware 
and software— proprietary film 
purchases, custom -contract pro- 
duction and in-house pro- 
duction. 


A new firm. Jewelry Con- 
cepts, based in New York City, 
has 1,500 Technicolor Super 8 
sound projectors placed in 
jewellery departments and 
shops to show women how well 
their little scarf clip works, 
bales drop whenever a lamp 
bums out. 


• American Motors uses 
LaBelle 16 mm sound film strip 
projectors in' 800 showrooms to 
point out features and. acces- 
sories of its new cars. .Each 
autumn for the past'four years, 
the manufacturer produce's eight 
or nine programmes tn use in 
the projectors. .• 


O A pew game using a ball on 
a long pole (Jokari). could not 
get sales moving. The game 
could not be demonstrated in 
the confines of a store. Using a 
Super 8 movie the company has 
had a very, successful first year. 

The role of training is gaining 
stature as executives realise that 
employees need development 
beyond just, the actual job 
skills. A-V media play a major 
part in the process. 

Sixteen millimetre films have 


The most extensive video 
training and employee com- 
munication network in the 
countty is that of the Bank of 
America — the world’s* largest 
private bank, it has 1.100 
Panasonic VCS machines in the 
State of California alone, one at 
each branch. A staff of 13 in 
the San Francisco headquarters 
turns out. 55 programmes 
annually. 

Close to 1,000 business firms. 
Government agencies and pri- 
vate institutions sponsor films 
and some videotapes. Note- 
. worthy is a five-film series 
“American Enterprise,” spon- 
sored by Phillips Petroleum, 
which has achieved 200,000 
bookings in two years with 
10.000 prints. ' The programme 
has set records and high 
standards in sponsored-film dis- 
tribution using Modern Talking 
Picture Service and Karo] 
Media. Another petroleum 
ffiant Shell Oil Company, 
handles its own distribution 
with 20.000 prints booked from 
its Indianapolis, Indiana centre, 
and a drug company, Warner 
Lambert Pharmaceutical Cora- 
paay. has set a record of sorts 


© Third is the video medium 
with a total expenditure last 
year by business and industry 
amounting to $36 1m. also in- 
cluding product purchases and 
production, but not including 
broadcast and TV commercial 
production. 

Looking ahead, the most 
talked-of potential new medium 
is the video disc. Based on 
estimates for costs to produce 
discs in mass quantities, 
American business media ex- 
perts seem to feel that the disc 
will not provide a low-enough 
cost to replace any of the pre- 
sent media. Most training 
needs require less than 100 
copies. If schools ever 
acquired video disc players in 
huge quantities, then business 
sponsors, would show true 
interest Copies would reach 
up into the thousands. 

Projection television is 
around the corner as a practical 
tool, but needs further refine- 
ment 

The - videotape/television 
system serves the. requirements 
for immediacy at a higher cost 
The 16 mm film serves the broad 
market today. The Super 8 film 
system serves the requirement 
for a highly portable motion 
media t hat can take a message 
into a prospect's office. The 
ffim strip and the slide serve 
the mass need for reasonably- 
priced media. Slides have the 
additional feature of extreme 
flexibility, especially to support 
talks and presentations. 



ZTy ta ont% 


Miracle 


CONTINUED FROM PREVIOUS PAGE 


Tom Hope 



systems of a higher resolution 
and of hard copy output units 
linked to TV sets. Neither is 
likely to appear in the near 
future. Hi-fi TV would require 
a major systems shift and hard 
copy units will still remain low 
quality, highly priced. Large 
screen TV will continue to 
spread, but will not take off 
in a major way. Japanese com- 
panies have now promised to 
start to deliver flat screen black- 
and-white TV sets by 1980, and 
sudi items will probably rapidly 
fund specialised applications. 

If many of the new develop- 
ments depend upon public tele- 
communications authorities, this 
does not bold for one of them : 
video. Philips and Grundig have 
been marketing their VCR sys- 
tem in the consumer market for 
a long time now, with growing 
impact But the real boost in 
video is expected to come with 
the new generation of Japanese 
consumer video systems, of 
which VHS — produced by JVC 
Matsushita and others— has 


already arrived in Europe; 
Sony s Betamax is expected 
shortly. These systems feature 
long playing time on a relatively 
low priced cassette, high picture 
quality and recorder reliability. 


Optical 


Thus video will be a major 
consumer item in the next five 
years. Whether the video discs 
will also make it in the same 
period is, however, questionable. 
Despite recent news of major 
efforts in this field, the MCA- 
IBM Philips optical disc system 
seems the most viable proposi- 
tion. And that is planned to 
appear on a limited scale in the 
US this autumn, and in Europe 
—perhaps Britain, possibly West 
Germany, Sweden or Holland— 
in late 1979. But programme 
catalogue and player population 
will. take time to build up. ’ 

Much talk, much effort, and 
many benefits, mainly in limited 
and specialised market, sectors, 
are thus foreseen for these new- 


electronic media in the next 
five years. It has, for example, 
been forecast that electronic 
mail would by 1985 have can- 
lured half of mail volume. Some 
companies are already shifting 
to this means of distribution 
simply because it is faster, more 
reliable — and cheaper. And why 
speak of electronic journals 
when computer conferencing 
opens up possibilities for truly 
selective discussion and dis- 
tribution — instantaneously — 
of specialised information? 

The caution about the develop- 
ment in the short run advocated 
here might seem peculiar 
against the background of. the 
fast developing electronic tech- 
nology. But the experience that 
information technology indeed 
was the field where the fore- 
casters of 1970 overestimated 
the pace of development should 
teach us a lesson. The techno- 
logy has been at hand for a 
while. Market acceptance is 
something else. 

Bengt-Arae Vedin. 


PHILIPS 


Philips VCR. Six years ahead of any 


other home video cassette sys 



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development ofPhilips proven VCR system. -WHILE YOU’RE AVAY™^ 

It otters longer playing time, improved picture As if all this wasn’t enouel 

quality and greater versatity than its best selling pre- N1700 will record prognmSf 

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years experience in home VCR. CiCVlslc 

The N1700 works rather like an. ordinary cassette 
recorder, but it records both sound and.vision, so that you 
can tape entire programmes. J 


111 

television set 


3 n 
1 l u 


~j r 
3 


2Yi HOUR CASSETTE • 

: The Philips N1700 ? 

uses a 2Yi hour video 
cassette no larger than 
the average paperback, 

~ and like an audio cassette, ' 
the video cassette recordings can 
be played back whenever you lik 
and as often as you like. 


There is a range of cassettes, from 
' 2 M 




r r -*-v: Cm 


Upon your return,. 

1 simply rewind the cassette and 
i P^y tack the programme. 

. If you find aS this a little 

■ hard to swallow, visit your near- 
: est Pliilips VCR dealer. 

He’ll be happy to show vou 
the N'1700 and play vou 


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otherwise miss, and switch itself S? ' y ° ud ve ^youll have to 


believe it; 


Simply years ahead 



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RECORD ONE CHANNEL WHIIJE YOU 
WATCHANOTHER 

B ccause it can decode the three signals from the three 
TV channels independently of your television set, you 
can actually be watching one programme while the 
machine records another one for you to see later; ' 







r Awr n?5fe; also i he performers' protection ACte & * tow» 





r 


t 


20 

LOMBARD 


Financial Times Tuesday Way 23 19 iS 



BY ANTHONY HARRIS 


ALL THE comment which has 
appeared since the publication 
of the money supply figures last 
week has been concerned to ex- 
plain why the figures were so 
high; yet if you once start to 
think about the explanations, the 
puzzle change? its nature. What 
needs explaining is not why the 
figures were so high, but why 
thev were not a great deal 
higher. If the explanations are 
jme— -and they are highly per- 
suasive — they explain a great 
deal too much. 

Take first the state of the gilts 
market. The counterpart of the 
famous Duke of York is the less- 
discussed shadow play aspect of 
the thing. If investors think the 
nionev supply is overshooting, 
thev "fear that the authorities 
will" have to drive up interest 
rales, and hold their own funds 
off the market — so that they then 
appear in the money supply. 
They are thus conjuring up the 
very shadows at which they 
subsequently lake fright. 


up day their awn resources are 
at the highest plausible level — 
just as a lady of easy disposition 
might take a deep breath before 
being measured for her stays, 
in order to avoid later discom- 
fort. 


The extent of this deep-breath 
ing is again a matter of guess- 
work. though the sign of it is 
clear enough— the flurry in the 
money markets ahead of each 
banking make-up as loans are 
drawn and redepostted for the 
night. The effort would hardly 
be worth organising for less than 
a percentage point on the book — 

and two percentage points would 
explain the whole business. We 
are already near the point of 
over-explanation. 


Ideal period 


The year up to April was an 
ideal period to study Ihis nun- 
yensc. It opened at the pe3k of 
a hull market in Cnvcmmcnt 
stock, with institutions com- 
mitted up to the ftilr. and snap- 
ping up every new part-paid 
n [ferine on the day of issue. 
Their liquidity mu<t have been 
;i prudent m mini mil This April 
i-unic after a sullen and nervous 
interval in the market, with lillle 
action in the laps. The hiiild-un 
of inslitutional liquidity wa> well 
under way. 

The exact sums involved are a 
matter of euesswork. Estimates 
of institutional liquidity at this 
moment range from about £i;bn 
ip over £-ibn. with £3'>n as a 
popular central figure, and 
nobody know* ju*t whnl propor- 
tion of this sum is held in local 
authority and other short public 
sector securities, so that one 
cannot say whether the lull in 
tap sales added film. fiflm or 
even more to M3. However, 
since the total over'- limit to he 
explained is only about £-bn. 
thi.. nonson'e aloro goo* a long 
wnv to c*nb>n what hinocnod. 
If iPchimMliv <;if:ge*t-.' fhal 
brokers who quite rightly cive 
hc* 3 r:«h advice on Ci!ls in th-'ir 
investment clients should watch 
their language when thev com- 
inont on ‘ be inon-ta.-v re-ult of 
that advice being followed. 

However, that is only the start. 
The banks also indulge in 
shadow-boxing. They fed that 
the overgrowth of the money 
supply may force the authorities 
to reimnnse the corset so they 
try ir» make sure that on make- 


We have not yet as much as 
glanced at the official explana- 
tion of the bulge — the foreign 
inflow in 1977. which has only 
begun to turn back into an out- 
flow. however dramatic the 
recent figures may look. This is 
supposed to account for some 40 
per cent of the whole growth of 
the money supply in the year up 
to April. To be sure, a part of 
this inflow represented the use 
of foreign rather than domestic 
sources for ordinary trading 
finance, and the proponm is a 
subject for yet more guesswork: 
if I say a half, it is only another 
guess This would leave a fifth 
of th»- total growth — or more 
than rhree of the Id points at 
stake — explained by the 
abnormal rise in corporate ster- 
ling liquidity, signalled earlier 
in the rise in MI Add these three 
explanations together, and we 
are cerrainly over the top. 


Take fright 


Even now, we have special 
factors to take into account: the 
rush in Government departments 
to use up unspent cash limits, 
which may account for £400m or 
so; the operations of the building 
societies, who were lending at a 
high rate; and the sterling 
counterpart of Eurodollar bor- 
rowing to finance the rise in 
British private real investment 
oversea*. The whole story 
suggests that the underlying 
demand for credit to finance such 
things as the consumer boom 
remains rather surprisingly low 
—as miehl perhaps be expected 
when companies have had an 
excellent cash flow 


None of this means that the 
build-up of liquidity does not 
matter — though probably the rise 
in institutional liquidity is of 
largely statistical interest. It 
does, however suggest that apart 
f rout having a s.vs'^m vhJch runs 
in an illogical wav the market is 
much ton ready to take fright at 
it* own shadow. 


Variety is the spice of claret life 


WHETHER CLARET Is the most 
drinkable of fine wines may bo a 
matter of personal taste and 
argument, but there can he little 
doubt that it is the most discus- 
sable. This is mostly so owing to 
the great variety of red wines 
produced in the BordeauxTegion. 
Also. though are those who like 
to suggest that, say, “1975 is 
another 1945." or that 1976 
“will turn out like 1953," in fact 
no two vintages are ever identi- 
cal. Nevertheless when two suc- 
cessive years produce very fine 
claret, the discussion on their 
respective merits Is likely to 

become animated. 


Speculation 


Whether our forebears, per- 
haps now in “another place." 
have the opportunities still to 
argue about the merits of the 
'64s as against the ’65s {the 
missing digits are, of course. 
"IS"), must remain a matter of 
speculation. Yet certainly such 
controversy did continue for 
many years about the 1899s as 
compared with the ISOOs. Per- 
haps the 1899s had it. though the 
1900s were much more plentiful, 
and I cannot imagine anything 
much better in its way than the 
Lafite 1900 that I drank at the 
chateau East autumn, as was 
later mentioned in this column. 

What is even more certain is 
that the arguments about the 
next celebrated pair — 1928 and 
1929 — have never been con- 


cluded. As w/tii 'other pairs, such 
divergences of opinion may be. It 
must be admitted, somewhat sub- 
jective. A wine merchant or 
consumer may wefl be influenced 
by the direction in which be has 
laid out his money, and even if 
the wines hare long' been finished 
or are clearly past their best, 
the outlay remains as well as 
a certain" obligation to uphold 
the judgments of the past. When 
the 1928s appeared on the scene 
there had been a gap since the 
1924s. For while .the 192fis were 
thought fiae, if .rather hard and 
backward, they were ex- 
tremely expensive, partly owing 
to a revaluation' of the Franc; 
and they were little bought for 
the British market. . So the 1928s 
received a good deal of publicity 
and were widely acquired. From 
the outset they were bi? wines, 
classic in gtyfe and with a lot of 
"breed” but rather tannic. 

They were immediately 
followed, however, by the ’29s. 
full-bodied, immediately attrac- 
tive because less tannic, and 
forward. It was said by some 
tbat they were too forward to 
last. Yet they cost as much as 
the 'SSs initially, although a year 
or so later were given away, as 
the world- .slump developed. So 
some merchants and their 
customers preferred to rely on 
the -'28s, while .others plumped 
for the *295. Among the mer- 
chants the distinguished firm of 
Berry Bros, had gone nap on 
the *2Ss. and the late Allan 
Sichel, a shrewd'iudge of claret 
also, - while the -rising firm of 


Averys of Bristol had -largely 
opted for the ’29s. 

To-day, alas, many examples 
of both vintages are “over the 
top.” though not all. . la some 
cases the ’SSs have Tasted- better, 
yet for the mast part they have 
remained rather tannic and a 
little lacking in ■ charm. Last 
June at Christie's at the tasting 
that preceded the great sale of 
over 80 vintages of Latour. L 

carefully compared the two 
vintages from. a' chateau acknow- 
ledged to have produced one of 
the best wines of each year. To 
my ' mind.- the *29 . was stfll 


seOmed fine. I bought quite a 
number' myself. Then the 53s 
turned up, tighter, more flatter- 
ing - and- much easier to taste. 
Though they were lacking the 
stuffing of the previous year, 
they had more charm, elegance 
and what may be called "wel- 
come.” But had they enough 
substance to live on? Today it is 
probably true that most of the 
'53s are showing their age. 
though not the finest, but 
though the best ’52s are still 
quite big wines, others have 
given up tbe struggle with the 


WINE 

BY EDMUND PENNING ROWSELL 


superior, being fruitier, fuller 
-and rounder, while the US though 
fine was still a little severe and 
dry. Personally I have drunk 
more '29s than '28s and have 
preferred the later vintage. 

Tbe next twinned pair were 
1952 and 1953. Rather as with 
the 1928s the first occurred after 
something of a gap since tbe 
1949 vintage. As I remember 
clearly, initially the ’52s were 
big Wines, with lots of guts and 
backbone, and promised to de- 
velop and ke**p well. Certainly 
the Medocs were distinctly tan- 
nic, but it is tbe tannin tbat 
helps to keep a wine, so that 


tannin and have lost much of 
their fruit. A clear-cut decision 
either way is not possible, for 
while the '5S Medoc and Graves 
have given more pleasure than, 
the ’52s. the Pomerols and SL- 
Emilions of the eartier vintage 
have had much more concentra- 
tion than tbe rather light ’53s. 

As the '66s are clearly 
superior to the ’67s. and the »0s 
likely to excell the "Tls. this 
brings us to the 75s and the 
76s. 

The former were received with 
near-religious fervour. After the 


disastrous slump and Poof-lo 
moderate T-\ T3 # * ' ,1 ij 

had not turned out « ell. as 
Voltaire said of the Almighty it 
would have been necessary to 
invent it. Fortunately, after a 
splendid summer, the vintage 
turned out very well: a little 
short in size, but reasonably 
priced. A number of merchants 
here made early special offers, 
including Adnains, Averys, 
Corney and Barrow and Laytons. 

Then after a no less fine, very 
drv summer, but in a very un- 
settled vintage period, came the 
76s: a crop scarcely smaller than 
the record 73. Those who picked 
before rot set appeared in the 
vineyards will have made tbe 
best wines, thus introducing an 
clement of variety' less obvious 
than with the 75s. How much 
was the quality diluted by the 
rain, as in 1973V In some cases 
it certainly was. and many petite 
cfuSteaux made light, quick- 
maturing wine. Yet some of the 
finer 76s that 1 tasted at the 
chdteaux when they were a year 
old, were very attractive, with 
good colour, fine nose and a good 
deal of charm. Too much so for 
such young wines? Only time 
will tell. Perhaps, like the 75s 
now, they will " go into their 
shell.” 

Generally speaking. "75 is con- 
sidered the finer year, and it 
would be difficult to contest this 
as regard the SL EinUions and 
Pomerols. whose 78s seem io 
lack a little body. Yet even in 
Bordeaux there are those who 


prefer the 7>» Medocs an<j 
Graves. For they argue that the 
75s are im» tannic, and they 
make dark references u» the ov, 
and even in the "34>. much 
heralded wines liial lt»l their 
Fruit before their lauiun, pjr- 
tieularly in the Medor. 


Choice 


The answer for us consumers 
must surely be to represent both 
vintages in our “collection.? 
The 75s. though now advanced 
in price owing to their popu- 
larity. arc si ill lb be found 
reasonably priced on the lists of 
merchants here who bought them 
early. The 76s generally opened 
at the same Initial prices as the 
75s. but have now risen some- 
what in view oF the unpromising 
77s. Yet they arc still not ex- 
pensive. and once again many 
wine merchants have made 
off era of wines ihal are, pf 
course, still not bottled. My 
choice for the moment would 
largely be confined to tbe MOdocs 
and Graves. It would appear dt 
this moment that the 76s will 
come round more quickly than 
the 75s. But in the long run 
will they be as good? No one, 
not even the experts m Borv 
deaux real Ip knoic. However, 
those of us who arm ourselves 
with a Fair range of each vin- 
tage will in due course at least 
be able to join the discussion, 
equipped with “ inside know- 
ledge.” 


Balmerino has confident vote 
to win Clive Graham Stakes 


GOODWOOD 

2.00 — Rose Track* 

2.30— Gap Ferrat 

3.00— Harvest Supper** 

3.30 — Balmerino’** 

4.00 — Nation Wide 
4.36— Lot ta Contlnua 


CLIVE GRAHAM, that polished home straight at Longchamp, 
and much liked writer and com- Balmerino finished better than 
raeniator, is remembered at any and it was by only a short 
Goodwood today where the If bead that he failed to collar 
miles Clive Graham .Stakes sees Italy's champion ■ four-year-old 
“ Arc " runner-up Balmerino Sirlad for third place. 
br» k in action. Sure to -he ideally suited by 

Balmerino. a luckless runner today's retun*; jo U miles over 
last autumn, who had Milan’s the course and distance on which season colt in Harvest Supper, a 

Gran Premio del Jockey Club he toyed with: Lucent and ijghtly raced son of the Pretty 

taken away from him in the FluelJeD " !■* Sepemoer s p a jj y stakes winner, Royal Pan- 

stewards’ room after he had gone., Valdoe Stakes, Balmerino will ca | ce> an[ j j ,hall be surprised if 
close to lifting the Arc Ae a tremendous amount of this j ate developing hay who 

beating. _ caught my eve at Newmarket last 

He is green. -a confident vote lj;Tie out does not g0 extremely 
ra preference to Malecite who clJ jn the Tangmere Handicap 
has yet to recapture the form 
which saw bim landing two good 
prizes at Maisons-LaBfile Iasi July. 

. Pat Eddery, -the rider of 
Maiecite nnd the -likely Derby 


entertainment g i mi 


RACING 

BY DOMINIC WIGAN 


Grants to fight 


Malecite and the -likely uerny , • . 

Triomphe from an almost impns- pilot for Antler -now that QrU2S SH SDOlX 
sible position un the home turn. Leonardo da Vinci has blotted ~ ~ 

has made just one appearance his copybook, could have better THE Sports Council will grant 
this season. luck earlier in the afternoon on £25.000 a year for three years to 

At the end of last month the the Irish challenger. Cap Ferrat Chelsea College for drug detec- 
New Zealand bred six-year-old j n the Halnacker Stakes lion work under Professor 

stable companion to the Derby This twice-raced juvenile. Arnold BecketL 
favourite, Shirley Heights, put trained by Michael Kauntze in One of the main aims of the 
up a highly encouraging display Co. Meath for his wife, is grants, announced yesterday by 
when fourth behind Trillion, expected to have too much speed Sir Rohin Erooks. the Sports 
Monseipneur and Sirlad in the for Lester PI MOtt’s mount, the Council chairman, is to encourage 
£44.444 Prix Ganay. top weight, Mr. Minstrel. British sports organisations to 

Behind until making significant Peter Walwyu has a progres- introduce tests on a much wider 
headway on the turn into the sive and fast improving Silly scale. 



t Indicates programme iu 
black and while. 


BBC I 

6.40 a.m. Upi-n l/imer.-ulv. 9.38 
For Schools. i.‘.o!lcycs. 12.45 p.m. 
News. I .(Nl Pebble Mill. 1.45 Rac- 
lime. S.Mfl You and Me 


lime. 2.HO m>u and Me. 2.32 For 
Schools. College*. 3.25 Dcchrau 
C.inu Dechr.ui Canmol. 3.53 
Regional News fur England 
i except London). 3.55 Play 
School. *4.20 Champion the 


Wonder (torse. 4.-!0 Goober and 
the Ghost Cha sort. 3.05 Stop- 
watch. 5-35 Roobarb. 

5.40 News. 

5.55 Nationwide (London and 
South East only). 

6.20 Nat tun w ide in Europe, 

“ live ” from Brussels. 

6.50 The Feather and Father 
Ganc. 

7.40 It Ain't Half Hot Mum. 
8.10 The Standard. 

9.00 News 

9.25 The Poisons That HeaL 


Noon. 2.25 Sam. 3.20 Disappear- 
ing World. 4.20 Paul. 4.45 Mag- 
pie. 5.15 The Brady Bunch. 

5.45 News. 

6.00 Thames at 6. 

6.35 Crossroads. 


FT CROSSWORD PUZZLE NO- 3.674 



i 

4 

H» 

11 

12 
13 

15 

16 
19 
21 


ACROSS 

huitev French article iu pre- 
:ne (P> 

I'j.ctplinunun hj* summed 

ibel left inside (Si 

owe r tut member using 

hy&icul force (9» 

e serve some ritual partially 


and 


intemptible person iu notice 


Like the accessary arrange- 
enis to nurse (-5. 4. -■ 
i temp l to find outlet 10 river 


28 

29 

39 


art of ndc getting turbulent 
Channel ifi* 

ixnn th3t could be spoken 
written i6) 

Hhcdr.il in which one must 
a vo minister <7> 
ill meeting with no pro- 
•sal (10) 

up following north-easterly 
ruction Tor headland 14) 
i>. putting it back to the 
nire tS) 

strument changing into 
Fence (9) 

j posed to argument against 

ilway IS) 

mad for a bailiff 


G Recti in consciousness 
visit us 1 4, 6) 

7 Great Enigma Variations of 
Elgar (5 1 

S Confirm soldiers fit to get up 
before end of day (6) 

9 Putting silver in reserve 
could be cruel l6) 

14 Noi in sequence and iu need 
of repair (3.2.5) 

17 Punish men l at college about 
female assemblage t9» 

18 Existence of an imposing 
bearing (S) 

20 Supply i^rno French offal (7) 

21 Charm mothers to bed i61 

22 Item brought up in Fleet 
Street district is sickening 16! 

24 I'm noi becoming an 

Athenian misanthrope (5i 

26 Two notes for celebrity f4» 


Solution to Puzzle No. 3.673 


DOWN 

Certain tt could be a photo- 
graph ? ... (Si 

ves, positively! tsi 
Allowed Pole to enter fast 

Eastern politician in trial 
creates a storm i * > 


BESBHElBE.VEQaaZig 
Q a 

H35J03EJ0E' F00QEEE 
B-i*H a ; E E 

BEB3~SBBBE3 
H-.-E, Kj, -ra :Q- E 
zsgerHEEnno 
atr ci H 55 0 

lansc . : 

.El '-0 

5 

Q 

a. 

_ _ a 

geaE0EPaQEgEsnii 


10.55 Tonight. 

11.35 Play Golf. 

12.00 Regional News. 

.All regions as BBC I except at 
the following times: 

Wales — 5.55-6.20 p.m. W ales 
Today. 6.50 Heddiw. 7.20-8.10 
The Feather and Father Gane. 

12.01 a.m. News for Wales. 12.02 
Snooker: 197S Pontin Professional 
Tournament 

Scotland — 5.55-6.20 p.m. Report- 
ing Scotland. 7-40-8.10 The Group. 

12.00 News and Weather for Scot- 
land. 

Northern Ireland — 3.53-3.55 p.m. 

Northern Ireland News. 5.55-6.20 except a! the following times: 
Scene Around Six. 12.00 News 


HTV 


L20 p.m. Report West Headlines. US 
Repori Wales Hiadluv.-s. 2.00 I louse party 
505 Poptye. 5.20 Crosroads. fa.00 Re- 
port West. 5-15 Report Wales. 6JQ 
Emmerdale Farm. 7J0 The Six Million 
Dollar Han. UJO ilrand Fra Show 


7.00 The Six Million Dollar Man. jumping. 

8.00 The TV Times Top Ten • htv cymni/waies — as a tv General 

Awards. Service except L3-L25 p.m. Penawdau 

g.J5 IT V Playhouse. K**wyddion y Oydd. 4.20 Mlrl Mawr 

10 an News- 4.3M.« Seren Wtb. 6J0-U5 Y Djdd 

in an r£iT,«, TO JO BrwnL IUL5 World in ,iction. HAS- 

J?™ ? P UK m -„ ia» a-t". Hippr Daw. 

11.30 Glbbsvllje. HTV HTV General Semi. 

1—4 a.m. Clone. Joan Scott except: 1 . 20 -iJO P^n. Report Weat Head 
reads a poem by Elizabeth, lines, usuo Renon w c n. 

All I BA regions as London SCOTTISH 

1.2S p.m. News and Road Report. 5J5 
Tea. uric Tale*. 5 JO Crossroads, ta 


for Northern 


and Weather 
Ireland. 

England— 5.55-6-20 pan 
East (Norwich ); Look 
(Leeds. Manchester, Newcastle); Moons. 
Midlands Today (Birmingham): 

Poim.i West 1 Bristol); South 
Today (Southampton): Spotlight 

South West 1 Plymouth).* 


ANGLIA 


A TV 


Scotland Tcwiaj. 4J0 What 1 * Your Pmh 
!‘*m~ 7.00 Emmerdale Firm 7J0 Tn 

US p.m. Anglia News. 2jq Hdnsepartj. Gallon and Simpson Playhouse Ujt 
Ijtofc 5JS Emmerdalc Farm. 6.00 About An*Ua. Laic Call. UJ5 Within Those Walla, 
.rr ,r 7U» The Rolf Harris Show. 7-30 Gnlron 

.Norm and Simpson Playhouse UJO A Thousand SOUTH FRN 

IMS a.m. Anthology. , ^ . U 1 n „ 

L2D p-m- Southern News. 2.09 Rous. 
P^riy. 5-13 Betty Boop. SJ3B Crossroads 
6-00 Day by Day Including Souihspor: 
1J9 p.m. ATV N Wider* . SJ5 Lavcmc 7.0a Emmerdah- Farm 7 JO The Calm: 
and Shirley. 0.00 aTV Today. MO and Simpyon Playhouse. U-30 Southern 
Kmmerdjle Farm. 7J0 England I heir N rvi!1 Exira. IL40 Drive- In. 12J0 a.m 
F.nsland: A Sorix or Women? UL30 police SurH>.-on. 

Marcus Welby M.D. 

6.40 a.m. Open University. BORDER TYNE TEES 

10.30 On Union Business. SUM p.m. Border N*.,s. 2.00 House- 

11.00 Play School (as BBC 1 3.55 0ur , u ' T? l ' n - 

around Tuesday. 7.00 tlinmeldale I- arm 
7 JO The Gallon and Slmuaon Playhoos 
11.30 Baretta. 

Summary. 


BBC 2 


CHANNEL 


p.m.V 

230 p.m. Having a Baby. 

■L55 Open University. 

7.00 News on 2 Headlines. 

7.05 A Woman’s Place. 

7.30 Newsday. 

8.10 Chronicle. 

9.40 Tbe Man .Mire Report. 

10.30 Living on the Land. 

10.53 Late News on 2. 

11.05 The Old Grey Whistle Test. Previsions Meteoroluaioues. 
11.45 Closedown: Mervyn Levy 
talks about "The Fairy 
Feller's Master Stroke.” by 
Richard Dadd. 


OJS a.m. The Good Word followed h> 
N'jrtn Eail New*, Headlines 1J0 »-*n 
North East News and Looks round. SM 
In Search of . . UFOv LOO Nnrthe-- 

Life. 7M EmmertluW Farui 7 JO Th- 
12JS a.m. Border News c 3 i, Qn an d Simplon Playhnu'e. . 11JC 
Police Surgeon- U O B Bnlloguc. 


V1X p.m. Channel Luiu tinme News and 
HUM'S on Where. 5-15 The FlWtstooca. 
6-00 Report at Six. 7.00 Treasure Runt 
7.30 The Cation and Sioipsoa playhouse. 
1028 Channel Uiv News UJO Th'- New 
Avengers. 


ULSTER 


120 P-m. Lunchrlme. 4JX Ulster New 
Headlines. SJ S Friends of Man. 6X1 
Ulster Telrvl'ion News 6.05 Cmssrnjd* 
fcjo Reports. 7.W Erornerdsle Farm 
7 JO Gallon and Slmp-ann PlidrnM. HJt 


JZJSaun. CommeBtahvs « Gardening Today. liM Bed lime. 

WESTWARD 


_ r»n, P.m. Gu> Unneybun's Blrthrtav 

8J3_gjn- First Thing. L2D pan. Gnn\- ^ Wesnrara riewy Headlines. 5-15 Du 


LONDON 


plan News Headlines 545 Challenge <y| 
the Sexes. 6-00 Grampian Today. 645 
Country Kocua 7.oo Kmergency. UJO 
RcOetnions. 1135 Sight Gallery 12-tfi 
a.m. Grampian Late Mem Headlines. 


GRANADA 


9.30 BJn. Schools Programmes. 

11.55 Beany and Cecil Cartoon. 

12.00 Issi No ho. 12.10 p.m. Rain. 

*■ ^0 Day. 1.00 GrMada Bwrts . 6J0 F-nB . 

Now* plus FT index. l^JO Help J 1M Tht: Bionic Woman. UJO Police 
130 Crown Court 2.00 After snm-on. ius Drive-in. 


FUnrwoocs. 6X0 Wolward Diary 7Jt 
Treasure Hum. 7J0 The Gallon an>' 
Simpson Playhuuse. 18-28 Westward Lai 
News. UJO The New Avengers. 12 J5 
a.m. Faith Far Life. 


YORKSHIRE 


1-20 p.m. This is Your Rtftht- 
Wftat’s Men. 545 Crossroads. 


540 

6.00 


148 p.m. Calendar Nw, S.1S Chal 
lenge of the Ses'.s. 4 l 0O CaJondai 
■ Bmley Muor and Belninm edlUoiisi 1JK 
Eramcrdgle Harm. 7 JO The Gallon and 
Simpson Playhouse. UJO Drive-In. 


DtntQ 1 247m Strioa Quarfer. Part I UJ5 Interval Time. SJB PM Reports. 5.40 Serendipm 

n;l reading U.» Undo? smog Qaartei. 535 Weal her: pregra mm e news. LOO 

{SJ Stereophonic Broad Cart part ., lS , 12. IS p.m. Midday Concen. News. 6J0 Jusi a Mlouie <S>- IJB New 

5-00 i-m. As Radio - TX2 Dave Lev pan 1 iSi. LOO Wnj. jjg The An* 74>5 The Archers. 740 Time fer V«r«e 

Tra*:a. 4X0 Stirtun Bates. 1U1 Paul world Hide. U5 Middav Concert, part 2 7 JO ■■Henry IV " by Luigi Pirandelta 
Burnvlt, lading 12-M P-™- NuwAru. (Si. 100 Schoben from' Bctotol ‘St 340 9J0 KalcJdcucope. 6J9 Weather IBOK 
2 M Tors Bia:khuri. 431 Rid Jensen, a LllUe Ltsftt Music uJi. 448 Berfceley The World Tonight. UJO Nm Now. I’m 
tncludios 5J0 N^-tshra:. 7.30 Sports Drift and Mozart . S». 5,is Today iSi. Lisienine Again. 1UD A Book at Bed- 
■ Joins Padio -i. 10.02 John Peel tS • JS.4S Hamvaanl Bound 8645 N>'Ws. time. 11 -LS The Financial World Tmtigh 

H&-12M «,m. A> Radio 2. fUO Hooiew.ird Bound ' conilnoed i. T6J0 U-30 Today tn Parliament. 1240 News 

VHF Radios l and 2-4.00 a.m. With Llf.- lines: Work and Training is^nesi. RRp T nnrinn 

Radio ‘i Including LSS p.m. Good part 5 730 Verdi: ■■Tbe Two Foscart " ZxaQ‘0 LiOnaOIl 

L:Str n;ns. M 00 Wiib Radio |. 12-DO- opera tn thr.& acts. ,\ct t <5i. 8-8S Tbe 206171 aDt) 94.9 VHF 

202 a.m. With Radm 4. Other Venn,, ualk by Julian BmMem 5.60 a.m. As Radio 2- 630 Rush Hour. 

RADIO 2 1.5 (Wm and VHF L?I'_T hc ? wo F«ean/'_Acl 2 JSi. 9-« Jfndon Uye. pjn._CaU J_n_. 


Dramas .n ccrsc. Ijj" ■■ The Two 2.03 206 Showcase. 133 Home Run. 640 
5. B0 a.m. .Vews Sumaiarr. SAG Ray Fosearl." Act 2 iSi. 10.00 Prophet wnh- Look. Slop. Listen. 7.30 Black Londoners. 
Moore >S- with The Early Shov, lac'ud. out a coumrs ■ orofli.- an d critical assess- 8 JO All tbat Jazz. UL03 Late Nisbt Lon- 
ir.R 6-15 Pause for Thouphi. 7.32 Terry meat of At an a Bubcri 1145 Franz don. 1240 As Radio 1 12.05 u,m. Queg- 
W'-wafi 'Si inelvdiag 8-27 Racing Ballerto Sehrefeer rvelul iSi. ti .y j NawS. IMS- lion Time from the House at Commons, 
and S.e Pause (or Tboughr. lfl.02 Jlmnty U.C To-rucbt's Scbuberr Sots 'Si. 1-05 Close: As Radio 5. 

Young i Si. 1245 p.m. Waggoners' walft. Radio 3 VHF onfe-6hB4j0 amt. and 1 2lndnn RrnndpacHn? 

12J0 Pete Murrey s Oaen House tS>. In- 5^5-730 p. w . Open Uniwr^- LAnOOn Br0a 5*® aSn “? _ _ 

eluding Snorts Desk 230 Daeia n . . 261m and 97 3 VHF 

Hamilton 'Si including 2 X and 3.85 KAUlU A 5-00 l.m. Morning Music. 6.00 A44.: 

5p4ru Desk, fljo WaggMK-rr Wa3s M5 434m 330m S8£m and VHF Non-stop news, information, travel, sport 

’ and revrewi iaoo Brian Kay« Show. 


Sports Dusk. 45U John Duns iS'. inciwf- 


Ins 5.C Snorts Dost 6.4S Spans Desk. . ^ XS I1 ^‘ r ^ *~ 17 Farmi re Tt'd^ p. m , LBC Reports. 3J» George 

7 II? Cr llr Tt <6. 7 RA n»*6- V IZ 


Up _w the Hour. 7J0 Ncwfc 748 t; a i e > s 0'a«* CnU. 4.00 1BC Reports 


comniiiM. a. 00 After 


a tne Tiurc Beat tsi. L02 The Don tM Hew* ii' Toda v — i»JS ' Ycrterd ay coniinues. sag <uier Eight with tan 
isher Band iS.. 0.02 Araons Your m Parham«m « bikL, o os Tteriav Cartel- HXa XWrtme with F.rm Jon-.-s. 
HivenL-s .s., SJB Sports Desk 10.B2 &L u3Tn«« Sub" hSws to" LnM -» am - Kl « h, wlltl Al«n King. 

SJrTJSc' r nS SSZ. ?*!!■■ s ' Matthews., uuo Capital Radio 


TJa Folk TS IS- 730 Sports Desk. 733 
■In the Turd Beat fSi. 8.02 The Don 
Lusher 

Souvenir __ _ 

Three m a row. 10JO l:'i a Funny Bust- Time, part S- JeasiT*^ait5ew6- HUO Capital 

*» -W i ■riii Daily Service. 10-35 M.irMns Srory. UX6 ” loin, ,-dKavnv 

Maith-.-w inuroduces Rooad MMmsht. U>- ius Thim-nUnuie Theatre. 114$ 1 34m and 2*3 ' HF 

clad: ns lice News. 230-2,02 a-rd. praBIr. 12 AQ Nows. j2.bz pan. You Jhd 6-00 a.m. Graham Oeso's Breaktan 

Summary Yours. 1240 Own Island Discs. I2-SS Show »S>. U* Tim Rice r$i. 12J» Dave 

RADIO 1 464m. Stereo & VHF Weather: orngramme news. "Hw Cash tS*. 3 JO pjn. Roger Scon 'S*. 

KALFiy 3 , World at One. UO The Archers. US 7.00 London Today «Sl. TJO Sei Boift 

-Mooiotn wove only Woman's Hnur including 23MJ0 News. P'.-oeat tSi “1110 Merchant of Venior." 

1635 a-m. Weather. 740 News. 745 2.0 Liston With Mother. 540 News. 3.10 60 S Brian Wolfe's Open Line iS>. 040 
Overture >5i too News. 845 Morning Questions t q tho Prime lOnlster. “ Utc " Kicks- Horne's Your Mother wouldn't Like 
Cocceri iSi 040 News. 14 » This work’s rrom the Houf-e uf Cnmmoas. 3J5 Money It *Si. 11.00 Kerry Jnhy'i Late Show 
composer: Elgar. 1045 13T7 Benson and Boa. 440 News. 445 Gardeners’ Ques- > Si. 240 a.m. Dun can Johnson's Night 
Hedges Gold Award i Sr. 1040 l-mrfsay uon Time vlaiu Cucrnser- 435 5 lory Flight ■ Si. 


CC — These theatres accept certain credit 
rT fK bv telephone or tt the box Oftyic. 


OPERA & BALLET 


COUSEUM. Credit 0*8 0 1-2*0 5258. 
Reior*at<ons Oi-a36 3167. 
ENGLISH NATIONAL WZRA 
fon'l A Fr.. 7.30 The Two Foscari: 
Tamor. A sat. 7 00 Count on: Ttnir. 
740 Ennranihe. Ida Mlcony «JU 
always available dar ol oerlormanee. L*M 
Week ol London Season. May 23 to 
June 10 THE STUTTGART BALLET. 


COVENT GARDEN. CC, -ISS 8 ; 

(Gardenchiroe credit cards 836 E903.J 
I HE KOVAL OPERA 

Tomorrow A Sat. 7-30 Rlgoletto. Thor. 
4 Mon. W,t 6.00 Tristan end Isolde. 
Fri.- 7.30 Peter Grimes. 65 Ampbl' seats 
avail, tor all oeifs.- from 10 a-m. on da* 

o* oir* 


GLYNDEBOURNE FESTIVAL OPERA. May 
2B to Aup. 7 wdtti London Pnil- 
hanronic Crchestra. May 28. 30, June 

1 and 3 at S 30- Die ZauberMte. Jane 

2 and 4 ai 5 30 Don Glavannl Possible 
returns only. Box Office Glvndeboume 
Lewes E Sussex. i0273 812 41f.i 


Lewe s E. Sussex 
saoler's WELLS 


THEATRE. Rosebery 
Ate.. EC1. B37 I fits.' Lilt Week. 
KATHAKALI 

Oancers tram Krrala. India- Exgs. ai 7.10 
Tonight A Tomorrow: The Sons of Panda. 
Tbur • The Ramavana. ” EnO'mousl* 
theatrical and fun . . nry solrndMJ 

entertainment;* * Guardian. May 29 ta 
Jane 3 BALLET INTERNACIONAL DE 
CARACA5 


THEATRES 


858 7755 


GREENWICH THEATRE 

Evcninflj 7.30 
Mat. Sets 240 
THE ACHUHCH LETTERS 
a olay ov Don Tavior 
- Sura Kesteiman is superb as Achurch 
. . . Julian Currv is a splendid Snaw. FT 


HALF MOON THEA IRE. 480 6465 486 
4196 

“WE CAN'T PAT! WE WON'T PAY! " 
by Dano Fa 

British Premiere Mon. 2Z Mar at 7 a.m. 
23 Mar- 17 June at 8 p.m 


5.00. 

8 . 00 . 


HAYMARKET. 01-930 9832. Ergs 
Mats Wed 2 30. hat. 4.30 and 
INGRIO BERGMAN 
WLNDT HILLER 

DEREK DORIi FRANCES 

GODFRfcY HARE CUKA 

WATERS OF "tHE MOON 
■' Cong ra tula funs on complete capacity 
and record making show Must unlor- 
tuiiatelv (rnisn on July 1st owing to 
tom mil men is ot Miss Bergman and Dame 
Wonov Hiller." 


THEATRES 

ACELPHI THEATRE. CC 01-836 7611. 
6«gs. 740 MJIX._ R ThLprv 3-0 Site- 4.0. 

THE BEST MUSICAL 
Ot 1976. 19-r7 and 19781 
IRENE 

- LONDON'S BEST NtCHT OUT." 
Sunday People. 

ALREADY SEEN BY OVER^CNE 
MILLION HAPPY THEATREGOERS. 
CREDIT CARD BOOKINGS 836 T S11 
Credit 


ALBERT. 836 3878. Party Rates.,, 
card Dkgs. 836 1571-2 from 8.30 a-m- 
340 D-m. Mon.. Tues. Weu. ara Fn. 
7 45 p.m. Thurs and Set. 4.30 and 8.00 
•• A THOUSAND TIMES WELCOME " IS 
MONEL BARTS 

• MIRACULOUS MUSICAL" Fin- Times. 
OLIVER 

with ROY HUDD and JOAN TURNER 
CONSIDER YOURSELF LUCKY TO BE 
ABLE TO SEE IT AGAIN." Daily Mlrecr. 


.LDWYCH. 836 6404 Info BZ>t S3SZ 
ROYAL SHAKESPEARE COMPANY .n 
reoertoire. Tonight 7.30 last oert. 

HENRY V 

"Cionous niece ot work.' Times 
With- HENRY VI Part 1 'WYd l. Part 2 
Thurs. i Part 3 iFrl.L Final pens Trilogy 
Day Sat -said oott. RSC also ar THE 
WAREHOUSE (see under W> and ai 
Piccadilly Theatre in Peter Nichols' 
PRIVATES ON PARADE. 


%ir.1?ST FREE. 48S 6224. “ Distant 

Encounters" br Brian W Aid 1st Tues - 
Sals 1.1S o.rn. Suns. 3.00 and 5.00 b.m. 
No show Monday;. 


tMCASFAPORS. Vi-836 1171 

N.gMI, ai 8 09. Mar Weds. 2 45 
SatS 5.00 and 8.00 

PATRICK CARGILL and TON f ANHOLT 
in SLEUTH 

the world -tamogs Thriller 
By ANTHONY SHAFFER 
• Seeing tne ptav again is in ract an 
utter and total lov ‘ Punch. Seat Prices 
C2 00 to £4.40 Dinner and Too Price 
Seat £7.59. 


SPOULO- 01-437 2663 Evenl-gs 8.00. 
Mars. Thurs. 3 00 Sat. 5 00 ana 5.00. 
DONALD SIN DEN 
Actor o' tne Year. Ev. Stand. 

IS SUPERB N.n W. 

SHUT YOUR EYES AND 
THINK OF ENGLAND 
"WICKEDLY FUNNY. Times. 


HER MAJESTY'S. CC. 01-930 6606 
Evening* eS.OO Mats. IVed dr Sat J DO 
BRUCE FORSYTH 
in Lcbi-ib BKICUbbb and 
ANTHONY NEWLCT S 


TRAVELLING MUSIC SNOW 
Griffiths. 


-•th Derek . 

D-recuro by BURT bnEVtLOVE 
'• It is pai-kuo to Bursting PO.ni with 
die personal, |v ana sneer energy or Bruce 
i-orsvin sun. Emrcss. * fne aaoicnte 
cneeroo.” suno*v Teleoraon. 


THEATRES 


SAVOY. 01 -83b SdEta Exenlngs 8 00. 
Mat. Wed. 3 00. Nat. 5.30 8.30. 

RALPH RICHARDSON 
Micnacl GAMBON. Michael, JAYsTON 
Gary BOND. Joanna VAN GfSCliHtM 
Geoffrey KEEN In 
ALICE'S BOYS. 

A JOLLY G-JULl CVtNINU OU T, f T. 

IS -OM^ ?n 8 “' 

'URT*' 

-JS HlAY I URGE YOU 
SEE it." Gdn 

Evas, at 6.0. Friday ai'd Saturday 
5 45 and 8.4S 


MOME^eTuus. 


■aSBSSSTk. WC2 C ?H.,« Hoieorn^endi 
l»gsi. al_?.00._ MMs. Tnute ^3.00. 


JOHN REAKDON^^^U 

"A SMASH HIT .His MUSICAL HAS 

EVERYTHING " S Mum 

CREDIT lard BOOKING. 63b 6597 


SHAW TKEATPE. 01-388 1194. 

Eves. 7 30. Mats. Tues and ’huts 2.30. 
ROOTS 

Arnold WesSers Classic 
•' Still Stirs Ihe heart. D. Tel. 

Low prices. £.>s» parking. Last » wks. 


!THW 



KINGS ROAD THEATRE 352 7488 
Mon 10 Thurs. 9.0. Fri. Sat. 740. 9.30. 
IHE ROCKY HORROR SHOW 
NOW IN ITS 5TH ROCKING YEAR 
The GKtAT ROCK 'N‘ ROLL MUSICAL 


LOrtOON PALLADIUM CC. 01-437 737 i 
Coenmg this Thuridav at 7.0 lor me 
Summer reason (to August 19 Onlyi 
Subs Mon Tues. Thurs. ana Frt at 8. 
weds, and bats, at 6 10 ana 8 SO. 
THE TWO RONNIES 
in a spectacular 
COMcOY SI AGE RtVUE 
ALL SEATS BOOKABLE NOW 
SA.SC £3.7 5. £3.00. £2 50. £1.S0 

Special Booking Hoiline 01-437 2 QoS 


LYRIC THEATRE. CC. 01-437 3686. Ev. 
8.00 Mat. Thurs. 3.0 Sat 5.0 ano 840. 
JOAN PLOWRIGHT 
COLIN BLAKELY 
and PATRICIA HAYES in 
FILUMENA 

by EDUARDO FILIPPO 
Directed by FRANCO ZEFFERELU. 
TOTAL TRIUMPH." D. Mirror. 

•• MAY IT FILL THE LYRIC FOR A 
HUNDRED YEARS " Sunday Times 


MAY FAIR CC 629 3036 

Mon. to Fri. 8.00 Sat. 5.30 and 845 
GORDON -CHA i ER "brilliant " E.N m 
THE ELOCUTION OF 
BENJAMIN FRANKLIN 
By Steve J. Spears 

"A compassionate runny fferceiy eloquent 
oiay. - Udn. "Hilarious.” E.Std. "Wlcltwiy 
amusing." E. News. "Speitoinalnn." OSS. 
Special Mat. Today 1.00. Norm. Prices 


MERMAID. 248 7656 , Restaurant 248 
2635. wed. to Sat. 840. Mats Wed- 
Fri. and Sat at S.AS. 

TOM CONTI JANE ASHER __ 
WHOSE LIFE »S IT ANYWAY ? 
Every Mon and, Tues. at 8-15 o-m. 
Alec McGowen 
ST. MARK'S GOSPEL 
(Suns, at 7 30 pm. all seals soldi 
Prev. June 13. Opens June 14. 
Subs. 7 30 ana 9.1S. _ 

EVERY GOOD BOY DESERVES FAVOUR 
A Piece tor Actors and Orchestra 
By TOM STOPPARD and ANOWE PREVIN 


SRTS THEATRE 01-836 2132. 

TOM STOPPARD S 
DIRTY LINEN 

• Hilarious . . - see it ' Sundsv Times. 
Monday to Thursday 8.30. Friday and 
Saturday ai 7.0 and 9 15. 


VSTORIA THEATRE Charing X R<J. ,y,.th 

hilly llce»!ied Restaurant! 01-7 34 4291. 
Nearest rube Tottenham Cl Ro. Mon.- 
Thurs. 8.00 p.m. Fri. ano Sat. 6.00 
ind 8.43 Instan* cr^jll card hooking. 


NATIONAL THEATRE. 928 2252. 

OLIVIER l open suae? Sat. A Mon. 7.30 
ired or pre*s> MACBETH ov William 
Shakespeare- 

LYTTELTON I proscenium stagci; Tomor 
tThur 3 and 7.45_ ired. or prevs.i 
7.45 PLUNDER By Ben Travers. 
COTTESLOE small auditorium? Totrt A 
Tomor. 0. LOST WORLDS by Wilson John 
Ha Ire. 

Many excellent cheap seats aM 3 theatres 
day at peri. Car park. Restaurant 
928 2033. CrOdrt card pkgs. 928 3052. 


STRATFORD-UPON-AVON Ruya 

pear- Theatre .0799 22# ti I ■."!* 


al Shakes- 


/rn mediately available 

TAMING OF THE 5HREW 

t i mat.). 


THE firaPEST May” 25 "'mat June' 8 

,J .n ^,0'7 S a9 ffflr *** ** 


RSC in THE 
_W M -.y • - 

14 15 .mu r ij 


ST. MARTIN'S. CC. 836 1443 Evas. 8.00. 

WORLD*S lt LO l NGES1 T EVEH RUN 

26tn YEA R 

CC. 734 


TALK OF THE TOWN. CC. 734 6051- 
8-00 Dining Dancing. 9.30 Suuer Rc-vuc 
(Bars anon at 7.1 S P.m.i 
RAZZLE DAZZLE 
ana at 1 1 o.rn. 

FRANKIE STEVENS 


:30 2554. 


THEATRE UPSTAIRS. 

Evening 7.30 p.m. 

1978 YOUNG WRITERS FESTIVAL 


VAUDEVILLE. 836 9988 CC Evas, at 3.00 
Mat. Tues. 2 .45. Sal. S and 8 
Dinah SHERIDAN. DulOC GRAY 
Eleanor SUMMERFIELD James GROUT 
A MURDER IS ANNOUNCED 
THE NEWEST WHODUNNIT 
By AGATHA CHRISTIE 
■' Re-enter Agalha with another wno- 
dunnlt hit. Aoatha Christie Is sulking the 
West End Yet again with another ot her 
hendlshlv Ingenious murder mvsierics. ' 
Fel'a Barker. Evening News. 


VICTORIA PALACE. 

Book Now. 82 8 473S-6 834 1317. 

STRATFORD JOHNS 
SHEILA HANCOCK 
ANNIE 

Ergs- 740. Mats Wed and SaL 2.4S. 


WAREHOUSE. Donmar Theatre. Covert 
Girden. 836 63 09 Koval S»ai-p« Mr ^ 
Company To'nt B 00 Slriiidbere x THE 
DANCE OF DEATH Sold outi Tran^eri 
to Aidwvch Theatre 1 3 June 


WESTMINSTER. 0I-B34 0283. 

SENTENCED TO LIFE 
bv Malcolm Muggerigge A Alan Thornniil 
Eyenings 7.4S. 

Matinees Wed. 3.0. Sal. 440 " l was 

sharply moved Dy tne oerlormanee ol 
John Byron. ' J. C Trcwin 


WHITEHALL. 01-930 6692-7765. 

Evgs B. 30. Frt. ana Sat 6 45 and g.OO. 
Paul Raymond presents the Se<i UI io n al 
Sea Revue ol ihe Century 
DEEP THROAT 

Due to overwheimii'g puOlic demand 
Season extended 


ELVIS 

- Infectious appealing lool-stomplng ana 
heart- thumping ■ Observer. 

ELVIS 

Seat prices £f.S0-£5.S0. D>nner-Tpp 
orlce seat te.50 Ha.i-nour r-tsre Shew ; 
try available top-prtec tickets £2.50. 1 
Mon -Thurs. ano Fri. 6.00 w.m. o»r*. only 
BEST MUSICal. OF THE YEAR 

EVENING STANOARD AWARD 


OLD VIC. 928 7616. 

Mav 22-27. Direct from Ihe Theatre 
Antoine Paris Jean Cocteau's 
LES PARENTS TERRIBLES 
with Joan Marais and Lila Kedrova. 
Simultaneous translation. Today at 7 30 
Sal 240 and 740. 


WINDMILL THEATRE, CC. 01-437 6312. 
Twice Nightly o.OO and 1O.D0. 

Open Sundais 6.Q0 and 8.0Q.- 
PAUL RAYMOND presents 
RIP OFF 

THE EROTIC ‘EXPERIENCE OF THE-.. 

. MODERN ERA 

Takes io unoreccaeiirea limits whji * 
permissible on our stage." Etg Newfc 
YOU ma» drink ano smoks in the 
Auditorium. 


AMKUOCf B36 6056 Men. ro Thurs 
8 00 Frt . Sal S as and 8 30. 

IPI TOMBI 

Exciting Black African Musical 
" Thr girts an beauH’ul hare ana 
hou-clng S. Mirror 
THIRD GREAT YEAR 
Dinner and tep-Drtrt> sear rg.TS I net. 


CHICHESTER. 0743 8131? 

Tonight. Mav 24. 26 and 27 ar 7 OO 
May 35 at 2 00 
THE INCONSTANT COUPLE 
Mav 75 »• 7 "O. Ma. 27 at j 00 

A WOMAN OF NO IMPORTANCE 


OMEBY. 01-930 7578. 

EvenHes BOO Thur. 3.00 Sal. 5 30 8 30 
MOIRA LISTER TONY RPITTQN 
Margar-t Courtenay onr-nm walsh 
TH* HIT COMETiY THOtl.LFR 

MURDER AMONG FRIENDS 
• Blarkmnl. a r m—q robbery deuble otuh 
and munter •• Tl—es. " A ncod real of 
ni" ' Evening News 


OPEN AIR. REGENT'S PARK. 486 243 1 

A MIDSUMMER NIGHT'S DREAM Irom 

20th May Evgs. 7 45 Mats Wed. Tnur 
and 5at. 2.30 with PULA LENSKAi I AN 

TALBOT. ELIZABETH ESTENSEN DAVID 

WESTON. HELEN WEIR. ANTHONY 
SHARP 


PHOENIX. 91 • -835 2294 Evenmgs B.t S 
Friday and Sarurdav 6 00 aro s 40 
-Tint BBOOKC TAVLOR. GPAf ME 
GARDEN mik- us lauah.*' D Mall in 
THE UN VARNISHED TRUTH 


The HK Comedy D» HOYCE RYTON 
•LAUGH. WHY - f THOUGHT I. WOULD 


HAVE.DIED- -Son T"ties. " 


"SHEER 

Glorious 

'■ Times 


Pirr-AOILLY. 4_37 4509 Credit Card big> 

B56 ITO-.Z JVP.PJSg 0 30 o m 


Evgs B. Sat -4.45 ano B.TS. Wed mat 3 
Royal Smlewnrt Company In 
AN OUTRAGEOUS ADULT COMEDY 
bv Peter N>rhols 
PRIVATES. ON PARADE 


Ev Std. Award, and S.W.E T Award 
RSC also at the Aidimtch and Warehouse 

■ neat re? . 


■feabi'." 1 


WYNDHAM'S. 01-836 3078. Credll Card' V- 
“•“•J 836 1071-2 tram S.30 am. IP 

040 o.m. Mon.-Tnurs- 8 Fri. aid 5at. . 

„ S.1S S.10. - B - 

ENOBMO-I.-lY RICH 
v 6Ry FUNNY Evening News. 

Mary O’ Mallet -a s-nasn-mt Comedy ' j 
... ONCE A CATHOLIC 

supreme comcdr on aex and rctigion." ' • 
.. .... paily Telegraph - 

MAKES YOU SHAKE WITH -l'. 
LAUGHTER." Guardian 



CfNSMAS 


& 2 SHAFTS; BURY AVE. 036 
Scp- perfs. all SEATS BKBLEi.*? 


i- the goodbye girl lAj wiT!»'-* 

l“ n sw^nIv 1 d -, 6 - y> 5* * Wi 
,aai wk - 


CAMDEN PLAZA 
Tubel 48a 2443 


Opb. Camoen Towa- 

Bnglrte Fessev La.- 


7*00^0^ tAA '- S Q5 - ^ 


CRITERION. Credit Cards. 930 3216. 
Event -as 8.0 Sa»s S 30 8.30. T hut 3.0 
NOW IN ITS SECOND YEAR • 

LESLIE PHILLIPS 

in SIX OF ONE 
" VERY FUNNY " Sun Tel 
SECOND HILARIOUS YEAR 


-'prince idward. c'c. Di-930 acaf. I 


CRUPY LANE. 01-836 BIOS. Everv 
eight B OO Mariner Wed. "-d SaL 3 00 
A CHORUS UNI 

" A rare, devastating. Joyous astanlsnlna 
(tanner Sunday Times. 


DUCHESS. 836 8243. Mon. ra Thurs. 
Evgs. 6-00. Fri. Sac. 6 IS and 9.00 
OH • CALCUTTA I 

"The Nudity 13 stunning." Daily Tel. 
Bth Sensational Year. 


0 1 -437 6B57 Red once a revs June 
12. 13 and 20. B 00. June 17 S 30 and 
8.30 OM^ June 21 


PRINCE OF WALES. CC 01-930 8681 


I J- 


1 - *■ 4. Oxtord-'si, IW 

1 ^ DUT I to he' • B36 osifi 
1-lffMBl.lNO Part 1 IX J. PiMH 

2 day' 1 Inhn Thaw. 1 

Waterman 5WCCNEV ■ Z ' 

2 00’ ,, ?? S °7 5?** CODS 

<fc,ysl H «>rY WinkitF HI 
tAAl Pr:ai lis 1.40. e:05. 

t 1 ! 00 « 2 iXil • 


Monday lo Frldav at 8 p m 
. 30 and Y 45 

LQ—ry'-’-J Af-tr* - -'-'AD " ' Y’S 


DUKE OF YORK'S. 01-B36 5122. 

E»RS. 8. Mat. W~t.. SM at 3.00. 
JOHN GIELGUD 
in Julian Mlrchell'S 
HALF-LIFE 

A NATIONAL THEATRE PRODUCTION 
" Brilliantly wlttv - no one shpulp 

miss It" Harold Hon son tDramji. intrxnt 
credll card reservations. "Inner and 
1 OP- Drier seat £7.00. 


FORTUNE. 036 223B Eves. 0.00. Inur. 3 

Sit. 5 00 ar fl a.OO. 

Muriel Pavlow al MISS MARPLE in 
AGATHA CHRISTIES 
MURDER AT THE VICARAGE 
Thlro Great Year 


GARRICK THEATRE. 11-836 4801. 

Evgs 8.0. Mat Wed 3.0. Sat S.30 8.30 
timothy west gemma jones 
MICHAEL KITCHEN 

in HAROLD PINTER'S 

THE HOMECOMING 

" BPILUANT — A TAUT AND EXCEL- 
LENTLY ACTED PRODUCTION.- D. Tai. 

AN INEXHAUSTIBLY RICH WORk~ ' 
Cd-I. " NOT 70 BE MISSED.' Tlnel. 


G'OBE THEATRE 01-437 1 587 

Eves, s.15 Wed 3 0 Sar 6.0. 8 40 
PAUL EDDINGTON JULIA MeKENZIE 
BENIAMIN WHITPQW In 
ALAN AYCKBOURN S New Comccv 
TEN TIMES TABLE 

•• This must be the happiest lauqhtnr. 
maker In Land cm.' D. Tel. ■■ An Irret.yt- 
ibiy enj arable evenlna." Sunday Times. 


COMEDY MUSICAL HIT! 
i H lovTTMy WIFE 

-A»rflS! c a ^ ,t f h un - 
Daily Eniwt 

CREDIT CARP BOOKINGS 930 0846 


QUEEN'S THEATRE CC 01 -734 1165 

Eygs.BOO.^.OO^ O andVfS 
FA,TH a?S°?ScH W E l. CH K A E e h!ipf^ R '°« 

in ALAt4 Sen NETT'S 

THE OLD COUNTRY 
BEST PLAT OF THE YEAR 
Play* 2nd Plavers Londnn Cnhcs 

Direct od by CLIFFORD will* am 5 ° 


RAYMOND REVUC8AH CC. 01-734 Fso? 

Ai >a 5 B sw^x!'- 


EROTICA*" ° F 


REGENT THE ATPE. 

Mons -Thurs. 8 30 


037 


-Elegant, good ftg^g g j^enaaglllj?- Gdn 5 
A new ^mus.cai 

T-mes 
D Tei 


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‘Show vores tn 

" Linda Thoreen ■ . . d revelatinn *’ ■ V L 
"WELCOME TO f 


ROYAL COURT r-lv 

■.e-lnax BOO^a, /IS * « 

Snoa WHSOn World 

Tines' 


" Brilliant ' cc m it u-V.iiro ■ p t*n’!Y r c 


ondiyTfh utedifv * eVe^c, °J -*** ^ 
5 30 


RUBBLING BBO^SURAH 
®” t . M , * s,e »l « 1977 


Bookings M - Inr -• • 

Special reduced rsie^ 1 fr° m^|^LL 

a limited Period mW * ,or 


C S5o?KL. C l£EtS ! l S L rect - W.l. 499 37, 
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- *■” 6 »0 and 8.30. Last Week}. 




l 1l.?^ ster sou are theatre (930 

Anne BaiKtom. ? 

3 Herbert- Ross Mm. THE 
I xn L N P. P°«NT f Al. P-ng-i. YYV.H.BS- > 
"■ 3 p. ® '0- Lav Three O.tvs Trang^} 
ta PU&t 4 and Odcon KgnsIMRQn trom 
Friday rtfh Mav. ’ 


OOEON. Hayniarkct. -930 ^738 1 773.1- 
jane Fonda Vanessa Redgrave lrt‘ * 


Zlnnemann him JUUA' 1A1. S»_ 
Progs Dlv 2.30 3 45. 8.45. F*al»>. c 

® v 1,3 6 00 " 00. All seals bkbiu 
at Theatre 


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21 



Financial Times Tuesday Mav 23 197S 

2 Vic 


Les Parents 
Terribles 


h > B . A . YOUNG 


t inc* fnclur 


■f ! ,ke 0n,:lr - Wf »»'J- 


iiltl^T‘iknftw .1 7 ! L : r - a^umcni about it and' about/' j 

nunnni" min I'- hc ,03s1 lhe argument is colour- 

u mamn /,!■?* m? Hi™** J S u and drai « *'»<=- Lila Kedrova's 

I . . I 1 * 101 J nunvontional Yvonne, shin inn from mars In 


great 


V, U *“*I Yvonne. Shirting front tears 

f ! ”?' Th,, |i a S 11 h °r familiar hoarse laugh and 

if .spends a f hen ^ ac , k a ^ ain in u flash, is frighten- 

i ^ flight «4V\u\ from inylv v in **><%« m mti^u 1 

Horn 


t ow »«8ly convincing — so much so a 
lu- Vs .!?“ 1 teUinglhem where that it seems odd that no one f 
■i , ,s mUv £ does more so save her when she I 

• mother .s boy.) Without much fin.illv nnienne hornblf tUm I 1 


iri.nliii- ihm' , iA J V IL h< ? u L 1,1 uch fil,a!,y P oi 5Dns herself, a 5 they 
uhn-rT { Z ! that hc wa5 musl have known she would. 

. n ~ ,rl ' a nd they reart sen- Her dumpy flenre in its red 
r,r «w<l in M hwi. «*,. dreMta*swni by* 

|U> .1 1 -all on the girl to assess contrasts teltinglv 
Ium L-tiuracnn-. Lw». the helpful guardsman figure' 

•••uni. i» enchanted: Yvonne, the Delahalles sensible Leo also! 
ncuimic mother, is satisfied; but well placed °! 

rCsp ? ctaWc . fath ®. r - Jean M^ais. Michel in the first; 
that his son »s ■.•Mining bis production, has moved 
own in i»i revs. Madeleine. generation 

The 


Nina Ricci 
with the 
of France 


up a i 

Vast, dignified and! 

missing factor is what Srey. he carries off his embarras-j 
caused the scandal when the play sing situation with confidence, 
fust appeared in JS.’IS. I said his voice now a bear's growl eap- 
thal Michel was a mother's boy. able of great authority. His 
itncleau has so emphasised this son t Pierre Malet) is uhra-J 
relationship that it could easily boyish, jumping on his mother's ' wX * . 
lie. and indeed was. interpreted bed like a trampoline to express : V.' : ■£.&*/ 

.!> incestuous. The triangle situa- his excitement and embradngj TO. 
imn doe*, not con rein .Madeleine. Ibis particular terrible parent jyy .f '3 jTTjw 
Michel and Georges so much ns with enough intimacy to confirm 



Half Moon 


We Can't Pay ? 


We Won’t Pay! 


J Left-wing farce is an unknown the Pope, with his intractable 
■ commodity in ibis country and it stance on the use of cuniracpp- 
;is refreshing to find the Half tion. This is why the women 
i Moon temporarily breaking blow up to ante-natal proportions 
[loose from recent po-faced agit- to the bewilderment nf their 
j prop tradition and falling with spouse*, even if the womb can- 
i gusto on the work of Dario Fo, tains only a few pounds of mixed 
] the Italian comic and writer salad for the evening meal 
who runs a political collective This kind of delightful sur- 
I in Milan. Fo-faced agitprop, in realism typifies the writing and 
jlbis instance, features Iwo it is a quality fully rcali.scd in 
1 married couples with mounting the exuberant playing of a tup- 
] debts and a burgeoning commit- class company. The female dim 
: merit to direct illegal action as of Frances de la Tour and Patti 
ja method of combating rising Lute play their scenes to the 
i prices and. since the country is hitL Miss de la Tour domi- 
j Maly, any amount of Papal bull, natmg proceedings with her 

! The religious icon..c!a S „i of lvh T,™ f! 

,tbe piece is less effective Jn ’X'dteine ‘ 

■‘Has my wife been v.*ems the 


.Madeleine. Michel and Yvonne. 

Within these enlarged boun- 
daries. the play is sfilJ basically 
a boulevard piece. The pint has 
the neat artificiality nf an opera 
libretto, and the dialogue is 
never allowed to veer into any 
subject lhal is not strictly 
relevant. The boundaries 
actually .co beyond a mere sus- 
picion nr incest, for the conlest 
nf mother and girl fur Michel 
may be held to represent the 
compel it inn of old claimants and 
young claimants for u young 
man. a matter probably as com- 
mon in the world of Cocteau as 
in the world of Lytlon Slrachey. 

What keeps the play valid is 


the worst suspicions. It would dO| pJ 

him -a lot of good to marry quiet.;-'? j.: *£0% 

composed Madeleine ( Anne : *■ J: 

Ludovick). whose salon. is lined ‘ 
with shelves bearing richly I 
hound sets of volumes. “Tu as lu i 
les elassiquesC” Michael asks her j 
lightly, and frotu the tidiness of •. * * 
those shelves he had 
his doubt. He does a 
Taint when he is reunited with „ > 
her in the last act. ■ 3r- 

-lean Marais himself is the 
director. His problem is to keep 
the semblance of action during 
long static conversations, and be 
solves this well enough .by. mak-l 
ing the characters walk about 
tbe rooms. j 

It's for the acting 1 recoin ’ 




^ St ; ? '■ .r ' > i : t 


! tidiness o f • ** • if i&j 

reason fori|g^V:i»^^^f '^/ r :i; 
spectacular; <T$. * .wAW'; •- 
united with 1 »V- ' ' jf \ , 




the richness of (he acting mend a visit. The fire _ in the play j 
material. The dialogue is has been dimmed by the permis-| 
written with continued passion, sive ambience of our day. but the j 
and if sometimes we feel that, piajers arc not to be missed. 


Elizabeth Hall 


Musica Reservata 


bv NICHOLAS KENYON 


llnnuncndahly. Musica Reser- 
v.it;i huvi* never sought i» make 
thciv euncerts of early music 
Miperfieiallj attractive i»> 
deploy me vast numbers nf 
medieval and renaissance instru- 
ment*- on the stage, ami by 
“orchestrating “ the accompani- 
ment t«> their vocal numbers 
with mult iculou red effects nr 
ll.tiirishos of added percussion. 

They look restraint of instru- 
mentation t«» the opposite 
extreme last mchr. when they 
i» resen led a program ine enn- 
iiMsltng the iiUancicnx of 15th- 



acruss the light rhythmic subtle- 1 
tics of the Spanish Tres monttas' 
without a hint of heaviness; and 
the bass Richard Wistreichj 
joined her in one of Josquin's 
sublime canonic chansons, Par- 
lous rcoret:. with a sonorous.* „ , . _ _ 

rich voice that was always abso-i Burlington HoUSe, PflCCadlSfy 

hnely plum tn thp centre of the 



as a limber 

OO ciiCKHVr 111 . i 

translation, but the theatrical 
imagery is clear enough. Twvi 
housewives, one active, one com- 
pliant. fend off the inquisition 
of husbands and police by stuff- 
ing groceries up their jumpers 
and feign Ins pregnancy. The 

farce progresses with irresistible „ . ,, , , , 

chop losic. "ell-Plonned 'b^! S* lo"S 'l 


Pope?" a.-ks the contused L*'ici 
(Dennis Lawson) at unc point, 
trying to reconcile a brief 
marital history with Miss Love’s 
inflated condition. In (he second 
naif. Luigi and Giovanni iChru- 
some 
before 

waking lip to the failure of Lhe 
Party to assist in their grass 
run Is struggle. 

There are some magnificent 
set-pieces involving slammed 


: grenades tossed off in the dfrec- 

• tion of the Church, the police. 

| the mythology of childbirth 
[and the Communist Parly. Bind- 
I mg it all together is a firmly 

* established domestic milieu in j j . , . 

i which bills must be paid and. if d ?° re .? d -? mum-faceted figure 
! need be. soup concucied from .° nn , dU t h b 0 . r , l > RDb t, 11 ' 

millet seed and dog food. j 0 ?,. ! ha, l dema ' l(l enmiiiertiu 

dell arte skills of execution. The 
! The translation is hv Lino company manage as best they 
| Pertile and that, in turn, has can. bul settle, sensibly, for a 
| been adapted by Bill Colvill and precise style of English farce 
•director Robert Walker. Their playing that relies oh speed of 
; approach is flexible, at once con- reaction rather than physical 
■ firming the Milanese background pyrotechnics. Especially memor- 
janri allowing for jokey refer- able is the quiet exit of Grandpa 
lences tn “News At Ten." M15 <Mr. Robertson again) front a 
land the VAT inspector. Every- scene of frantic recrimination 
, one’s plight, even the weather, momentarily frozen for a group 
jmay be blamed on the Govern- expression of familial decorum, 
mem. But the real culprit is MICHAEL COVENET 


Festival Had 


Symphonica of London 


J ^ _ 

Three portraits from the Royal Academy Summer Exhibition. At the top Cremei God ley. Gnmo and Jack by Humphrey Ocean, and. below, 
Charlotte, Lady Bon ham-Carter by Peter Greenham (which won the £1,000 Wollaston Award for the most distinguished picture on show), 

and Giri in Spain by Edward Wolfe 


nuie— -a rarity indeed in this 
range. 

The a.M-etu* nature nf Mr. Mor- 
rows programming demanded a 
high degree or concentration 
from the audience — somewhat 
unfairly sui. I folk, in the Spanish 
half of the concert, .where fhe 


■ r'.,P nf lJ incmnn" ^!- rumbustious pestpundisil atmo- 
cn * 1.T- I,, d <;»licrc in lhe jollier numbers 
I ii*. .Not so much as a soln.it> .... :<i *,»vvi*d bv the barren 

^Toinpnnicd the „*^ u ..j an rt or n half-empty 


familiar, bnunemp strains of 
1’iissr el iiymi or J?o drip.j Unr. 

hiMvad. «mly viu|> or 
rehefs with a soft wnmicn Hull* 
abi»\e them prut idvd the back- 
grmiiuf wo m«*ic able to concen- 
tr.ite instead on the disiinctivc 
»ocal sound* of ltic coiiburt. 


Royal Academy’s Summer Show 


by WILLIAM PACKER 


| The cream of the London sounds remained glowing, but 
: orchestras and chamber groups the purpose behind them began 
□as been ski in rued to provide the to seem Jess assured, if \Ycin- 
j personnel of the Symphonica of farmer's arrangement is not to 
London which. beTore last strike the listener as a mon- 
nights South Bank debut con- slrosiiy. a gigantic spelling-out 
I cert was exclusively an of a message the strength of 
: orchestra . of the recording which is contained in its coin- 
1 studios. Its first public appear- puclness. strict unanimity r.f 
:ance. under its musical director ensemble in all parts is or the 
-V-yn Morris, occasioned an un- essence. Here, it was not 
[usually enjoyable concert, un- entirely to be relied upon, 
satisfactory tn many details. There were wisps un some of 
| lengthy in its programme, at tiie those ferocious high mites. 
very least a display of rich, en- denoting fractional hesitations 
thiisi as tic. and glowing orcbes- behind the front desks. Man for 
tral sonorities. man. one began to feel, this was 

Hie oil! of fare was Mahlers one of the most luxurious in- 
iviintn Symphony — frequently strumental assemblies gathered 

served by conductors as the in the Festival Hall for some 
single course of an evemng~pre- while: but the sum of its parts 
°J e «“ re J°. Wag- had not yet quite become that 
ners Rtenzi and the Wemgart- mysterious entity, an orcheslra. 
ner stnng-orchestra arrangement The impression was allowed to 
of Beethovens Gws.se Fvge. It grow in a Mahler Nine of manv 
was a long concert, and one a virtues — not the least of which 
conductor of an earlier era. a was the unbroken insight into 


Bruno Walter say. might well lhe * unfolding of boib its long 
have chosen to give. In Mr. melodic lines and its deep struc* 


rilfm/CKW wnc transformed into 
rhe immensely sophisticated 
IliougJi Michael .Murn>v.‘< h>*arl -searching nf -losquin. 

ai'iupa. li to tht* vueal sound has incessantly delivered fo grief/’ 
»<ii lieen --igiufirauiiy mo, I died as one chanson put it. It was 
during the deodv or mure that regrettable th3t rehearsal time 
hi* im alualile pmup has been xi-cmed to have run out ms the 
p«‘t forming, his personnel have last and greatest items in the 
dunged. I? w.is a pleasure lo concert approached: both Plus 
bear, in .nidi) ion to the reliabl> utile rcprcis and tlueiir.-! dc*olc: 
'tiaracicj-iM.-fl sound.- «»f Jnntina were underplayed. Elsewhere 
Noorniun land the less reliable though, rnnductor John B>Tt 
iiiics of Edg.ir Fleet* two young shaped Josnuin's imm-cahle 
sinyeis whose aj’pro.ich to the vocal lines with sensitivity. The 
*imnp. straight, forward-pro- instrumental group were allowed 
jec ted Reservata noise is le.sS a few .groups of vocal transcrip- 
riid.-ifi!.- and less indexible than tions. played with crispness but 
lhal uf the fuunder-iiiemherx. not much spirit — somewhat too 
The .,i; It Margaret Philpoi put reserved for Resen'ata. 


No .matter how varied and in English art. There rtc many given over to it. usually a most be discounted merely because , Morris's conducting, likewise, an tura t foundation — that «■« vet 

fbrilliafit its programme of notable absentees still, some, awkward and uncomfortable they are members of this odd ; unhurried spaciousness and marked bv a sufficient rmintitv 

Eli.raberh Hall stage. But Jos - \ exhibitions might be throughout including one or two of the room but hung this time with club. Greenham is a good breadth oF movement recalled 0 f bpsifaiionj: -md diffn«inn- „V 

mi in’s /lu mein oinaur le rfepnrti the rest'pf the year, and in recent ereatest distinction, of very long admirsrble discretion. it con- example, and among the others | earlier schools of orchestral ensemble or slh-bt rent« 

sit th>' start of the second half] times itrhas been notably aciive standing; but, though the old tains works by several younger are Frederick Cuming, with his i direction; there was none of the ; n t h e orchestral web tr, o, V p 

immediately raised the inu.sic-jj n that - respect, the Roval hatchets are nm ail buried yet. painters who already are attract- cool and smoky, abstracted in- 1 bright, crack ensemble so often r j se trt ,i le iu S aici<»n that 'the 

in iking nn lo a new level; the (Academy's Summer Exhibition they are. at least, grown dull inr* nmirp w'tew. m.iahlv leriors. and Robert Buhler. whose i sought by today's conductors. rehearsal time wv s Jpss ih-m 
ua<ir fo'k> despair of the slower 1 remains' lhe heart of its business with disuse. The Academy mean- Ken Oliver and Bruce Russell: but recent paintings of Venice are) Jn the ftienzi Overture, always m jo hlv Wf , rk demanded Mv 

' ' — concern for living artists and while has been at pains to other arusis. lou, distinguish splendid, the best treatment of | a spirited outing fora mettlesome Morrises a »en tie Ivrieal Mahler 

their work, a,s ever, its raison encourage a number or important themselves. Here, are Noel thaf most hackneyed, yet ever; band of players, the phrasing c0 nductor if we mi=s thp snarls- 

d’etre. defections into the ranks of its Forster, for example, and espew- seductive, of subjects by an was gorgeously expansive and ;. n d fh*. rivirQ nf what «-nnM hi, 

The Sinnmp,- Sh„w atira-ts uwn meuibers * aQ d ^ *IL the ally. Anthony Whishaw. who English artist since Sickert; and 1 —— ^ J dna me r0drs nr wn< “ could ht 

altration to S2 f for manv nlhnr slri}Ti - er for iL ■ . **** »»** two splendid paintings Olwyn Bowey. David Tindle. 

reawns rciJoni ihi haw Hnle ®° al lasl we be 3 m t0 ralcb in Pride of place in Gallery III. Elizabeth Blackadder. Jeffery 

tndnwith^rt hn» ^ rtP-H tn ?hl a hint ' fr0,n } ’ ear to year * of J 11 ® the huge room that commands Camp and Edward Woirc should 
lUf.JlJMrlw . ut t ® tl,e better things being done else- the whole interior of the be noticed for their work 

hearts of diarists and programme w b ere; nC it much more than a building. shown this year. John Nash, who 

nmp ea ri WC edltor *. whl ? would hint, admittedly, but a very palp- Most of sculpture, too. is died in the autumn, is accorded 
»vhfhiri«n able him ■ I1 the same - And, abstract, and again, in itself, the customary memorial display. 

wfw bm0 InmplLhPr 1 * ^ in lhou S h there ,s never a ^ in S t0 rather better than before: but As for the rest, the visitor 

S! be •c® 1 * of u,e avaat unfortunately concentration has must make his own way through 

??.«. „ .1° be ^ j OTe . r excitements of the moment— this not served it so well. The Large the work, indulging his taste and 
tvPki? , ,? n . s°* s, P P f year’s show is quite without con- South Room is its preserve but testing his judgment for himself- 

tlw Private View that brings in trove rsy. the sculpture alone so open and expansive is' tbe an A should he do so within the 

wbal passes today for the affording a mild frisson to the nature of the ' work, that the firs t nine woeks of tbe run, he 

rrj.rt' 1 "," -■ *- .... *— may pqt them to the vote. 


What do wine drinkers 
look for? 


Season, in the eccentric tradition ^nocent-there is Sways' much i^ce shrinks a^d soon grows *oo . . . 
and distinction of the Banquet, 0 f genuine interest and quality, terribly cluttered. Those nieces *^ le Summer Show itself con- 
SSL co e mr ° vers ; v h or the generality of the work spread around elsewhere tinues until August 13. 

KSfJVL soundly made and honest enough, better off. and argue 


are 
for a 


o ..sJl .V. v...j j . J. . . r ■ anfl [ne roars nr wnai could be 

ftc dHrmt h h m'Vrtr caHed pre-expressionism in trie 

ns warmth, never bJanng. f.i. S4 -m phonic fabric, we welcome 

the loving way he draws out the 



high 


in the sheen cast over the entire seeQied , ike an elernity . , hope 

1S the Snnphonica of London per- 


string section, is obvious — it 

only because this correct orcbes- , evereq wit i. its oubJil . anD p ar . 
tral seating is today seldom em- ances and thit this tSterawta. 


be pointed oul 


in the Crosse Fug8, with its 
temations of simple and com- 


alternations of simple and com 


pound time signatures, its cross- ■ "Yoa te sfaee 
hatched and often aggressively JnciJ Jle stase - 
contradictory' pari-wrfLing, the 


allowed to rest at this somewhat 


MAX LOPPERT 


found But the days are over 

reife D d *ZJ*%* m L c S W f,S ** *bere Ja a. shade too much In addition tfttj Sem/s 



sq us r*» 1 a du inc? thn' H is SD C0S,1 J'. PQUably, own award of £1.000 that goes to 
i ^ re S ularl - v competent. the work most popular with 

h c™ I CT J ° ° a J The show lhis J' ear ,is rather visitors to the show, itself j 

l +?. 8S0 u nd , rt M f 11 sse< larger than has been usual lately, fairly recent innovation, spon 

Snv ^, , 0 h ?v W ,it„ d , n „H X,". with » e " "« r 1 - 400 « hlhits awards have been intro- 

d thU a P art from tl)e 30 0r s0 dured this year for the very first 

p o de good, easv copj. architectural works: it is densely time. The most substantia] of 

The exhibitions have been but effectively hung, tbe work in tbe four, the Wollaston Award 
changing in character, subtly but some of the galleries three rows again worth £1,000. has been 

significantly, for well over a high but none the worse for given to Peter Greenham. the 

decade now; and. for these past that. Figurative work predonii- Keeper of the Academv. for his 
several years in particular, have nates, as it always does, which portrait of Charlotte. Lady Bon 
demanded an increasingly serious is not to say that abstraction ham Carter, a painting held by a 
critical attention, more so than has been pushed aside, last year’s committee of the Academy to be 
for generations. That the old har. Far from it: plenty or the most distinguished work on 

Academy should ease its way abstract painting is hung, of show. It is in the wav of such 

bacJc/however slowly, towards its better quality than, usual. Per- things to disagree with 'the prize- 
old place in tbe centre of the baps it is simply that we have givers; but for once their deci 
stage, is important to us all. No grown used at last to seeing sion is unexceptionable, this 
group or open exhibition, cer- such stuff in these galleries, quiet painting, and a portrait at 

tainly of this size, can ever be what with the Jubilee Survey, that, being very good indeed, 

better than the work sent in to Robert Motherwell, et alios: or is The Academicians increasingly 
it, nor rid itself entirely of the it just that what has been chosen set the tone of their owp exhibi- 
navour of the bazaar; but whereas is quieter, less self-conscious tion, supplying an ever greater 
once so much of the work shown than before? Certainly it is very proportion of the memorable 
was trivial, if not actually inept, well integrated, hanging easily things, or so >t seems. We must 
the Summer Show today is with work of very different not over-state the ca6e, but there 
marked by the professionalism of kinds. Gallery VTH, at the end' are among them a number of 
artists holding the. middle ground of the back straight, is virtually artists whose merits should not 


Arts News 


Early music at Spitalfields 


Shippers 
they can trust. 


Many or Britain's leading in works by Dufay and Josquin, The two composers whose chain- 
exponents of early music will be Counter tenors James Bowman ber music is featured this year 
taking part in -the festival of and Rene Jacobs feature Blow, are Mozart and Rakhtnaninov. 
eurly music at Christ Church, Handel, Buononeini and Purcell Artists taking part include 
Spitalfields, from June 4 to June on June 9 and the festival ends Jean-Phflippe Collard, Clifford 
10 - on June 10 with Handel’s Soul Curcon. .Annie Fischer, Victoria 



‘ ‘W - 

nuiiw.nicprouu 

\ ivihcr it r* appellation or not ami what vintage. 
The right shipper V name nlone is your guaranw- 


il.mchai d Aine assure you of a lii&H standard. Our name has 
.namiaiiwd ii> rcpuumm of expertly selecting, accepting o . 
;]ie (hM .mil careful J\ .shipping. 


>\ hen x fii see Houchard .Vine on the label, you know 


.rwnl »i«. reasonably priced. Prom a 
shipper uui can tiu“t. ^ , 

Rnurhard Arne 


The Academy of Ancient conducted by Richard Hickox. Postnikova. Craig Shepherd and 
Music, directed by Christopher Soloists will be Felicity Lott, Tamas Vasari' (pianists); 
IHogwood, appears on June 5 Margaret Marshall, Charles Richard Slaltzman (clarinet), 
with the soprano Judith Nelson Brett, Martyn Hill and David Gy orgy Pauk (.violin). Cedi 
in a programme which Includes Thomas. Aronowitz (viola), Julian Lloyd- 

I works by Purcell. Vivaldi, The festival opens on June 4 Webber (cello > as well as the 
Geniimani and Pepusch, with Richard Hiekox conducting Amadeus Quartet, th> Alban 

Op June 6 The Consort of the Richard Hickox Singers and Berg Quartet and Janet Baker. 
Musicfee, directed by Anthony Orchestra in works by Purcell, The four finalists of the Ben- 
Rooley "with -the' tenor Martyn Bach and Handel son and Hedges Gold Award for 

I Hill offer Violin Setts, Suites for There will be two lunchtime Concert Singers will compete for 
; two Bass: Viols and songs by concerts. On June 6 Andrew the Award (first prize. £2,500) 
iLa wes. Watkinson (violin; ‘and Gordon at a public euncert during the 

Ars Nova, directed by Peter Back (piano) play Mozart and festival, after preliminary audi- 
HoJman with Richard Morton Schubert Sonatas and on June S nous in London and two further 
(tenor) provide an evening of there will be a harpsichord eliminaiorv stages at’ Snaoe a 
music from the London play- recital by Melvyn Tan. for eight 

houses and concert rooms. * season ticket, for eight concerts. 

1660-IT60- on June 7 and the The second Benson and Hedges A Pfehmin- 

following ’ owfliftn MinVonl tfviL-'n Prutfiirql triiK ^tvH Final. Will bfi avail»hla 



The whole of Wales is an 
assisted area, and incoming 
industry qualifies fora wide 
range of government incentives. 
If you could make good use 
of a piece of Wales, we'd like to 
■hear from you. 

Because the Welsh 
Development Agency offers 
incoming industry factories, 
finance and advice. 

Corrpleie the coupon and 
well tell you more about the 
Welsh Development Agency. 
And about Wales. 

■Welsh Development Agency, 
Treforesc Industrial Esratc, 
Pontypridd, Mid Glamorgan 
CF37 5UT. Telephone: Tretorest 
(044 385j 2666-Telex; 497516. 


To: Commercial Department, Welsh Development 
Agency, Treforesr Industrial Estate, Pontypridd, 

Mid Glamorgan CF37 5UT. 

My business is expanding. Please give me the facts 
about the WDA. 


Welsh 
j Development 
| Hgenqf 


Name. 


Position.. 


i 


Company 

Address 


i 


Tel:. 


L 


I 




Financial Times Tuesday May 23 1978 


FINANCIAL TIMES 

BRACKEN HOUSE. CANNON STREET, LONDON EC4P 4BY 


Telegrams: Finanlimo, London PSL Telex: 886341/2, 883897 
Telephone: 01-248 8000 


Tuesday May 23 1978 



break for 
Mr. Sadat 


IT WAS $»mcwhat predictable ticularly those of the economy, 
Uiat President Sadat uf Egypt seeru intractable he needs some 
■.iii'uld ijf " rewarded " yestev- sort of a break in the search 
tiav wiih an overwhelming for a settlement with Israel. In 
:i civ p tame or Ins proposals the short term, this would pro- 
«ii hni it ted Id a national vide a distraction from troubles 
... * r« a tv n tin iii These dealt with P arUes and politicians. 

'.SnluHv wl,h carting the «»« »*®» 1*™1 this »dly 
. , .... ■ ■ appears not to be forthcoming, 

aenvities Of politicians on the 

left and those on the right. 


numbly Hie New Wafd party, 
wlu.i-e origins are rooted in the 
luv-Nasscr era. In addition, 
further restrictions on 
Press were proposed. 


Changeover 


In the past few days there 
have been two disturbing indi- 
cations of Israeli policies 
towards the West Bank. The 
T 1 ' first was the plan put forward 
1 e by Mr. Ezer Weizman. the 
Defence Minister. which 
involved the establishment of 
six urban centres, not villages. 


Mr. Sadat, in supplementing essentially to form a security 
tin. single political party {which screen around Jerusalem. The 
remains in a watchdog capacity) second was the indication that 
hv a multi-party system, has Israel was considering a change 
undertaken an exercise laudable in its laws towards land held 
ami rare in developing by absentee Arab landlords to 
countries; The problems are enable the takeover of some 
predictable As long as the 100.000 acres on the West Bank, 
rimeminem is seen to be enjoy- In both cases these ideas are 
success — whether at home far from becoming law. and 


nr abroad — this kind of innova- refle « the jostling for position 
turn can work with reasonable by individual senior ministers 
Em liberalisation of ™tbin Mr. Benin’s Government 


at 


-iiicciv 

I he political scene came 
the same tune as opening up , 

mummy ro foreign invest- accep;eu ' 


for having their policies 


towards the occupied territories 


ilio 


The point is that the U.S. has 
been critical of Mr. Begin’s 
policies towards the West Bank. 
At one stage the Israeli govern- 


ment and private enterprise. U'esr Bank problem 
.iii.-r years of domination by 
the centralised Government. 

Inevitably, in the changeover 
period. during which the 

pn^’.ble benefits *»f a more , nent sii aa es ted that the seminal 
M»eraJ economic system are L?iV reso f uf i 0D 242 which calls 
neither felt nor seen except by fnr Israeli withdrawal from 
ii few. and money appears « llc cupied territories *’ did not 
t., he creating corruption. app | y tu t he West Bank. But 
criticisms will abound. the West Bank is the eore of 

The reaction of Mr. Sadat's the problem embracing as it 
•jut eminent is. in effect, to docs what is left of what the 

plead fi»r more discipline in Palestinians could regard as 

criticism, but the test of homeland. Israel has modified 
whether his concept of impos- its position by suggesting that 
me discipline will work will a form of administrative 
i-cune when it is necessary tD autonomy could be set up for 
put new legislation into prac- an interim period. Just at this 
lice. moment efforts are being made 

Although the conduct of by the U.S. to try to determine 
foreign and domestic affairs is how transient this autonomy is 
often considered in different to he and what is to happen 
contexts in Egypt, one of the thereafter. 
cumplainK from the Left is Thus, these Israeli ideas for 
that Mr. Sadat's initiative in the West Bank not only compli 
--ling in Jerusalem last Novem- cate American efforts 
her aIk/uM nnw be acknow- mediate, bur also make it harder 
lvd-cd to he a failure, and for the Egypt-Israeli talks to 
ilr-mped. This is not neces- restart For it is essential to 
-nnl\ the •jcneral new in the Mr. Sadat's position that he 
cum try. but there comes a time should nominally at least seem 
in F-ypt when criticism of to be claiming to speak from a 
d.»me.Niic affairs becomes linked pan-Arab pulpit— in other words 
;«> ibe feeling ibai the manage- attempting to ger some conces- 
ment of the country's policies sions in areas other than just 
;i- a win >lc is weak. Sinai. He cannot, if it looks 

Thi< aniiiunts to saying that as if Israel is hardening its 
j; his problems at home, par- position on the West Bank. 


Africa: a cockpit for 


outside powers 


BY BRIDGET BLOOM, Africa Correspondent 


T he INVASION of Shaba The avowed philosophy of better led, early on acknow- neighbouring Angola in 1975- 

orovince and the French independent Africa, as en- fedged that their weakness 1976. For Angola holds a key 

p . . , . , . _c called for a cont in uing French position vis4t-vis Zaire and in 

and Belgian intervention shrined in the Organisation of including troops. That the coming battle over white 

there underscore the desperate African Unity, is that African for senegal/and the com- rule -in southern Africa. Tacit 
instability and weakness of conflicts should be solved by paratively richer Ivory Coast. U.S. backing of the South 

Zaire, one of Africa s biggest Africans, but, manifestly, Africa Wptrf Afripa ha _ .-_ a sense African invasion of 


Military Conflicts in Africa 1978 


Angola has 


and most strategically placed j s not strong or united enough | uc ^y. j t ^ no * co nsi dered reinforced the view that the 
countries. In response to a t0 ma ke this a reality. African strategic as other areas. Had Soviets, in southern Africa at 


‘right” side. jr~.: 


similar invasion 14 months ago, wea ^ ness ^ created areas of ^ feast, are on the 

KSfJEK "«“» non-Afrio* Whether- or not there in a 

Sr.™' LI to! nr ^ f* 11 l h i™ “ long-term Soslan P Un for 

to President Mobutu’s Govern- . . foreign influence already. As it Africa, Russian involvement 

ment This time, direct French The consequences of this for is. its resources have been 



of Shaba, while the living ments. And there are worse backing for those fighting 
Zaire, however, is only one standards of peasants will drop cases than Ghana. minority rule in southern 

example of African weakness further M a resu]t of the chaos. ^ weakness today is AS ™*' the West is Ukel y 10 
and instability. There are ei ? ht ^can Governments are nhl; n *ci« ^ nN .««« in continue to lose out to the 


aTMKS 


fought in Africa. AU involve eagtJWest confrontation in T sense* the °reat”*DOwVr con- ment o£ “P eaceful solutions” 

”£ 2 **“ powers tD varyUJS Africa, while the growing in- kf beSmTin Si£, « toe Ss. so far 

The Zaire Government is volvement of Soviet bloc aod Soviets ^ed to m ^ and. arguably, wiU not be sue- 

, A he government is js begimiag tQ produ ce an vacuum left bv the Belgians cessfuI > 511 *» the extremes 

^stered byjrench tro°Ps and ^ onising dilemma for western ^ 1960 . u& “won” in j 0 * 8 area. In the foreseeable 

ofCuban Sops “d democracies. that the West has backed the ™“ re - there could be a power 

Russian Advisers. Tbe Ethiopian Why is Africa weak? There favoured strongman General ™ 

Government probably would are innumerable reasons, some MobuUu since his mUitary coup JJ SnS they nol «erdS 

not have defeated tbe Somalis of them, like the effects of in 1965. The western worry mey now 6X610156 

in the Ogaden but for Russia world recession or often non- now is that a rivalry quiescent w 

and Cuba which now at the sensical colonial boundaries, not for years may be resurrected The dilemma for African 
least, provide logistic backing of Africa’s making. A clutch of by the Shaba troubles. states like Zambia is that they 

against Eritrean separatists. In former French colonies have Though no direct Soviet cannot (and will not) stop 

Chad and in the Sahara, neither the economic resources involvement is proved in Shaba, blacks fighting for majority - ■ lfri „ t L. 

French troops are involved nor manpower for real indepen- western concern over Soviet rule. But (as far as Rhodesia to achieve majority rule with- potato- obviating tne > reason 



against rebeT "movements. The dence: some Governments, like intentions h _ ei S ^ned Rowing goes) ^ they are_not^ strong out forei So ^! i < j[ m™!? ^itrong 


Soviet bloc is providing military Chad, are there because the the Russian “victory” in the enough to overcome the are not strong enough, either, they 

aid for Namibian and Rhodesian French keep them there. Others, battle to fill the vacuum left differences among the different to persuade the West radically enough ultimately to say no 

guerrillas. perhaps because they have been by the departing Portuguese in nationalists, something needed and rapidly to change its to the Russians. 


Competition in 
savings 


the 

the 


TilE SHARP fluctuations in the Savings Bank, despite 
•»\i! of interest rates likely to £50,000 limit pLaced in 

caused by our present summer in the size of individual 
«i»*i 1 m«K of coni rolling flic accounts in an effort to dis- 
nniiiey >upply are now a familiar courage institutional funds, 
fact nf market life. When the because interest rates were 
growth m* the money supply is kept up here after rates else- 
nniiiin^ .-luiiloriably inside the where had begun to fall, fn 
tar'-vi range ami interest rales the current year, when there 
are expected to fall, sales of is likely tu be a sizeable in 
mb -edged rise. When, on the crease in real net personal 
other hand, monetary growth incomes, the Chancellor decided 
to he celling mu of hand to concentrate more on Savings 
,i kI interest rates are thought Certificates. In his Budget 
jijnje UkOy to ri«v than Jo fall, speech he announced the ter- 
s;:ii-s .»! c'j)t-'.'dgod dry up and mination in June of the existing 
t l:o pi-fUmn lends to become issue and the offer of an 
w..r->- still. That is uhy the alternative, with a lower tax- 
rvc-iU rapid growth n[ sterling free return but a maximum 
M:;. the most commonty-used individual holding raised from 
uuM'urc. has not only upset the £1.000 to £!.n00. 

■^di-edged market but set off The rapidity with which the 
,i new demand for experiments- financial climate has altered fur 
:.i*n with "new types of Govern- the worse van be gauged by 
ment Mock, as well as for the fact that deferment of the 
emergency mea-ures like the new issue was announced only 
remipiisiiion of the corset cn five weeks after the Budget: 
the growth of bank deposits. its terms had been overtaken 
Even before the growth of by the intervening rise in 
>]:: Iwvamc as rapid as the interest rates. Instead, the 
hies: Retires suggest, however. Treasury announced that the 
the Chancellor had recognised existing issue would remain on 
that tile institutional appetite sale and that the maximum 
for »tl:-i*dged was not insatiable, individual holding would be 
In his Budget speech, which raised from the beginning of 
set a new target for monetary July to £3,000. 
growth of S-12 per cent, Lc National Savings results in 
Mic costed lhat sales of gilt- month of th* new fluan- 

cdgi'd :n the current financial year were well up. Sales 
> car \vould need to be no higher 0 £ Savings Certificates played 
than in the previous two and a major part in the improve- 
somewlval smaller in terras uf men t, and this was probably 
the institutional fund!* available, because investors were buyiog 
They would be supplemented to U p existing issue when they 
an important extent by sales st yi expected it to be with- 
er Certificates of Tux Dejposit d r^vvn in June: this special 
T«> companies and of National factor may not be so influential 
Saving*; io persons. now that it has been reprieved 

But it is clear that the Govern- 
ment means to market National 
This emphasis on the polcn- Savings aggressively, and this 
ji.il importance of National will inevitably affect other 
Savings as an aid to regulation institutions which depend on 
»it thf money supply may hayc personal savings. The building 
surprised anybody who still societies in particular, which 
ivgxrd.s this' medium as a have been told by the Govem- 
facilny provided primarily for ment not to lend so freely as 
tin- convenience of small savers, to push up house prices and 
During J 977-78. in fail, a smaLi warned by the Bank Governor 
outflow became a large inflow that their operations must be 
and the inlal sum invested at taken informally into account 
the year-end rose from just over when considering the growth of 
fSthn to just over £10bn. A large the money supply, must now 
l>crt of this increase was feel more uncertain than ever 
attributable to investment about their commercial freedom 
account with the National of action. 


Certificates 



Hard choices for Carter 


By DAVID BELL, in Washington 



countries ' 


resist Communist continue ml'eJ' they lire stopped Understand the complexities of itself open to tbe charge, made cannot respond by backing Mr. 

incursion, and of the danger ^ S1 f 6nt has 6aU ^ and that the U.S. cannot afford African politics, and that each by the President, that it is Ian Smith, the Rhodesian 

that unless the U.S. calls a halt ? n ^ 507161 Union manj times lQ them without grave of the brush fire wars currently “ racist. leader, or Mr. John Vorster, the 

to Soviet “ adventurism ” the 10 the past tw0 “. on 7 1 . s . s ^ op damage to its credibility as going on has such deep and Mr. Carter is under great South African Prune Minister, 

world will conclude that {Jf “ ad '' i e , ntu f l f“ “ leader of ^ w «stem alliance, different roots that the best pressure to revert to a strong In pracUce the president has 

America really is a "crippled ms , nave Deen i^noreu During the Ethiopian counter thing to do is not to intervene anti-Communist stand, the kind „ teprf , d a midfJ r e course invest- 

"riant” and the Administration disclosed attack in ^ 0gaden againjit and to lea ve .Africans to solve of thine that is invariably good Salomons dibSic ^effort 

1351 6 «»" a Somalia, which was apparently African problems. for Hageing presidential ISVJ 5S«I>n of iSSSbia and 


This week’s invasion of Zaire, review of ways in which the 


led by Soviet and Cuban forces, Cuba, according to this view, popularity. Yet the situation in Rhodesia t0 dem onstrate U.S. 


by forces apparently trained by U.S. might intervene in local Df Brzezinsld was reported to’ cannot for' ever sustain a situa- Africa seems nothing like dear 




has given great concern, though American fighting men force t0 the Horn, although ter of its army is fighting over- moment, to warrant that kind nefiotiated settlement is essen- 

the steady expansion of Soviet Mr. Carter said that the wou j d do w ^en it seas - no matter how much logis- of action. Massive aid to Zaire. ■ f 

and Cuban involvement in restrictions placed on presiden- th t . H • J? tic support it gets from the even if Congress . allowed it, 

Africa has been-causing mount- tial freedom in the aftermath . . . , SU o g pited suDDori- Soviet Union. Mr. Carter him- might prop up President This case by case approach is 
ing anxiety for months among of the Vietnam war hare ® 6 “. iinhS forces h * s noted that Cuban losses Mobutu but his ailing, corrupt now entangled in an argument 

those who see the world in become steadily more “frustrat- 1hp ^pr a rnvprnm-nr in Angola have been consider- regime is hardly a model gov- about great power rivalries, 

terms of American-Soviet ing” — with some exaggeration, “Jr* ./l ^ tr .' n able and that a decisive victory ernment tin any case Zaire is It will require a very steady 

rivalry. since the constraints imposed ^ s nowhere in slahL *' The probably tbe only country where neree to resist pressure to 



under 
his 
whole 


Union. The Administration has fleet an intense debate that is lecnmcai nejna._ me group t0 j, av . e Vietnam," Somalia with weapons for its requires great sophistication, a 

resisted any attempt to link going on in the administration 1081 opposes this view has ..ad one sen j or official said. battle against Ethiopia. But steady head and tbe ability to 

Soviet activities in. say, about how to react in tbe tbe u PP®r hand ever since tnu Some State Department ex- Somalia was clearly the explain policy so that it is 

Rhodesia with the Strategic present situation. The debate Carter Administration took perts say that Russian policy in aggressor and. only months credible. Mr. Carter is both 

Arms Limitation Talks. But is being conducted with great office. It rejects the great Africa has already had its share before, had been one of the sophisticated and cool, but he 

Congress is making the connec- urgency and the political centre power approach, arguing that 0 f failures. In return for deep most virulent critics of the U.S. is not notably good at expound- 

tion. Even the liberal Senator of- gravity may now be begin- Africa is too complex to be involvement in the politics of on the African continent. In ing policy, nor at relating U.S. 

Dick Clark, the Senate’s leading ning to swing towards a more approached in this way. unstable Ethiopia, Russia has Angola neither the Uoita nor actions in one part of the world 

expert on Africa, says that the conventionally “activist” This group, which includes Mr. “lost" both Somalia and the the FNLA forces are demon- to those in another. That is 
Russians ** have to be made to approach by the President The Cyrus Vance, tbe Secretary of Sudan. Only a year ago Cuba stably better equipped than the the challenge facing him at a 

understand that they are not group favouring this line is State, Mr. Andrew Young, Am- was supporting the Eritrean MPLA to run the country. time when his own standing in 

going Co get a SALT agreement usually identified with Dr. bassador to tbe UN, and Dr. Liberation front which it is now Even in southern Africa the the polls is not good. 


MEN AND MATTERS 


1975, only two are still awaited Russian restaurant, and as a solution, even if it is one more 

for 1976. Perhaps those imper- good Iranian, intends to hark suitable to NASA (the National 

turbable QCs and chartered back to Tsarist days. But in the Space Agency) or Dr. Who, 

. . ,, .. . . . accountants who make up the meantime he is practising peace- than to one of Washington's 

SS d «S U S5 tt rt °Lrson Ju rating teams are a? last fttl coexistence. For hi the less exciting bSeaucredw 

mSJSSL bearing the plaintive message troubles between Moscow and Visitors to the eight-floor 


Boost for 
health food 


3522* ”2 £»£! that three years Jfbera", in WccadiUy^ •_ new building are now liable to be 


arrive 


white Rolls-Royce to open a 
Health Food exhibition. The 


at nonn at the Roval ^ a lo J ,g titne in business. As example is being set: Djavadi's greeted by robots. These 

1 1 uWfLi hr. t jloH/in i n 0,6 London and Counties restaurant burrows underneath “beep” their way down the 

e oj£KL!!L ^ J!!!L - example shows, where there is the London offices of the Soviet corridors like mn-away carts in 

a subsequent Fraud Squad airline. Aeroflot. search of their drivers. Follow- 

ing a line of magnetic dye 
which is invisible to the naked 

eye, they lumber through the 

ing. Barbara Cartland. She has Drink pink . j haUs at a to P s P^ d oI one mile 

persuaded him to make a speech 


neaun ruou euuuumu. me investioaUnn th^ro ie f„whfr 
explanation is bis admiration de)9 J s ’ re !S fuTther 
for that tireless advocate of 
outhfulness through right eat 


Art whirl 

Christie s are about to expand an hour. At various fixed points 


IttEZStSEEZ M5E3TAri» 

Mountbatten is renowned as ■ new restaurant this weekend. °^ e6 * ors ^ust tola our 0ne sat i S fied mailroom super- 
witty speaker— and, indeed. Instead of starting with ^ sor says: " You do not have to 


the assembled vegetarians £ mar . t thinking by the Iranian they stop for 20 seconds and 


occasionally a mischievous one. London 's demi-monde, he worr ? they wiU get sick or 


* hope that he will spare the ^ se ?' ed j the first night for all r!l° ^ 8 S! stop t0 61131 secre- 

company an account of one of ,he he ? d doormen of the most ‘° t tanes.” Nicknamed “ robbies,” 

favourite recreaUons, expensive hotels in London and dd e h ,° r h !, h ?. 9fV,£jSI 016 Department dow has five of 

their wives. years, says that he is seeking ^ $13500 •• maiimobilps " 

Les Annees Folles had no out Qualified local people trtio TJje originally 

belly dancers or. more typical 6 “ Q ‘ ct , ^ representatives for designed t0 ^ 
nj-ri-- of Iran these days. anti-Shah Christies throughout the mam thoi f eh failed 5! D pc' 

Digging deep demonstrators. Djavadi already Middle East states.’ He adds p orce QUt Qne ^ 


ms 

underwater fishing. 


was 

docu- 


If you have a remarkably long I s Involved In four restaurants ^ 101 “.“JJJ'JJJJ JJ Pentagin! “5“ decided 6 it 

memory a company named in 1 i an and wanted this one to Jf L e - h ^ e ? risky to send classified 

rteSvr ssS 

2=1 -?-a?SR JS interest comes from «o 7 i 

Djavadi is now planning a the Middle East being the ^ eseot human robots. 

fastest growth market for — 

Christie’s, but back in London 


tween them, they hold a record 
of sorts — although both have 
long since disappointed their 
shareholders. They are the two 
remaining companies for which 
inspectors were appointed in 
1974 under the Companies Act. 
but over which silence still 
reigns. Admittedly, the appoint- 
ments were made in December 
of that year, but it is fortunate 
that the inspectors cbosen were 
relatively hate and youthful. 
Yesterday, I asked the Depart- 
ment of Trade whether 31 j-ears 
did not seem an unconscionable 
time to uncover the truth about 
what had gone wrong in a com- 
pany. ” Any length of time the 
inspectors care to take is reason- 
able." I was blandly told. “ The 
pace is consistent with the 
complexity." 

However, it is encouraging to 
learn that while eight investiga- 
tions are still hanging over from 



Director V *of tfi Se auctioneers^ listing UHIOn 
sounded rather surprised by It is good to see that the Trans- 
Lraigs plans. “I am not hidinc port and Hphawi wni*A« 


. . _ , n °f hiding port and General Workers 

bdt 1 have to deny any Union have learnt to be good 

such intentions, he told me yes- losers. Three times in 1976 and 

teraay. 1 tried to reach Craig, 1977 Trust Houses Forte 
out was told he was off seeking blocked their attempts to obtain 

• sin6ss — ^ rom recognition for unions in hotels 

- P onu ™ of noble art. North belonging to the group. 

* emen - But despite this, the TGWU 

" has allowed Trust Houses Forte 

M .. inside the doors of its own hotel 

Mail Glinuch and leisure centre in East- 

.. . . . bourne. A member of the hotel 

rtnJ? ti? corri- told me yesterday that the 

dors the U.S. Department of hotel’s catering is done by 
Coerce so dcmpralwes mes- Gardner Merchant. This j Ust 


sengers that even in periods of hapP ens to be the industria 
high unemployment maiiroom ^ 


jobs go a-begglag. But the De- 
partment's flurried administra- 
tors have now come up with a 


catering division of THF. 


Observer 



Wfe ^ Lome, it 

mj uKole wdtj (ifc 


When one has known a certain way of life, and rising 
costs look like taking it all away, who is there for people 
like us to turn to ? 

There is the Distressed Gentlefolk’s Aid Association. 

The DGAA is run by people who understand. They 
know that we want to stay ia our own homes, surrounded 
by oui possessions, and close to the friends of a lifetime. 
So, they help us with allowances and with clothing parcels. 
Only when we can no longer cope do the DGAA see if 
they can offer us a place in one of their 1 3 Residential and 
Nursing Homes. 

The more y.iu can help the DGAA, the more the 
DGAA can do to help others. Donations ate needed 
urgently. And please, do remember the DGAA when 
making out your WilL 


DISTRESSED GENTLEFOLKS 

AID ASSOCIATION 


VICARAGE GATE HOUSE - VICARAGE GATE 
KENSINGTON LONDON WS 4AQ 

gro ' v with 

« Z5 15BgSasa>5g- 


V 

r 11 





23 




i 


1^0 


financial Times Tuesday May 23 1978 


SOCIETY TO-DAY 





re-asscover me 




PARENTS CAN reasonably 
export |c> dt» belter out of the 
ne\L row Budgets than single 
person*; or childless couples, for 
uur politicians are rediscovering 
the family. Mr. Healey's recent 
Budget, which promised two 
increases ip Child Benefit over 
the present fiscal year, set the 
time. It would not be surprising 
iv there were more to corue. 

There is a hard political 
reason F«, r this. Before the 
Itovernincnt's recent recovery, 
when Labour was doing badly 
and seemed certain tD lose an 
farl.v election, detailed analyses 
or the opinion polls were 
especially instructive. This 
scrutiny of the statistical 
entrails showed that the Labour 
Parly had Inst a dispropor- 
tionate number of voters classi- 
fied as -women, aged 25 to at*, 
in CDE social class groups" — 
or. simply, young working class 
mothers with small children. 

Of course it would be foolish 
t" draw general conclusions 
from a single political fact of 
this kind, but it it nevertheless 
worth noting that the improve- 
ment of the Government’s posi- 
tion in the polls has coincided 
with a new emphasis oa “family 
policy.” starting with the 
"Family Budget” of a few weeks ' 
ago. : 



when we take our decisions in 
Cabinet . . 

Thu Conservatives set aside 
a dehate at their conference 
last October on the family and 
Conservative policy. As might 
be expected, their belief that 
“Family” is something on which 
they have a patent (like the 
Rag. or unionism) has filled 
them with confidence that it 
is an issue on which they can 
beat the Socialists whenever the 
challenge is laid down. 

Hence the exchange in the 
Commons last week, with Mr. 
Callaghan's hint about a new 
cn-ordinated family policy, 
which is needed "if we are to 
preserve and enhance the 
family's dimension and the 
family circle, which I believe 
to be a very precious asset in 
our national life” — and Mrs. 
Thatcher's “is it not better in 
leave tbe family with enough of 
its own money to keep its own 
children, rather than first take 
it away in income tax -and then 
to compel the family to suffer 
the indignity of applying for 
means-tested benefit such as 
school meals?” 


DISPOSABLE INCOMES bv household type 1976 


4,000 «£ 


2,000 



Tax bias 


» The Prime Minister, who 
knows about winning votes, has 
begun in give attention to the 
family in his speeches. Address- 
ing the National Conference of 
Labour Women in Southport 
just over a week ago he threw 
in everythin? he could think of 
as a Government action -for rhe 
family” and rammed his mess- 
age he m c with: “I don't believe 
dial tlic Government has done 
enuucli — hardly started to 
ciuiMdcr as a whole the impact 
ol it pel u ses on the family 


Anyone who regards these 
exchanges as mere election- 
year platitudes should consider 
the underlying trends. Since 
1969 the proportion of- income 
paid in tax can be shown to 
have risen much faster for 
households with children than 
for those without, if one 
includes cash and social security 
benefits and employees’ national 
insurance contributions in the 
computations. During the 
period 1969 to 1975 the sector 
which suffered the greatest 
rise was “ households with two 
adults and two children the 
archetypal family. The average 


proportion of income, adjusted 
for cash benefits and con- 
tributions. paid in direct tax by 
these two-child families rose 
from 9 per cent, to 20 per cenL 

New work on the relevant 
statistics has just heen com- 
pleted by Muriel Nissel, a 
former editor of the Govern- 
ment Statistical Service’s Social 
Trends, and now a senior fellow 
of the new Policy Studies 
Institute — formed from the 
recent Centre for Studies in 
Social Policy. This study, pub- 
lished as Working Paper No. 1 ', 
shows how remarkably biased 
against the family our system 
of taxation and benefits has 
become. 

Muriel Nissel starts with the 
newly-fashionable and admit- 
tedly imperfect method of using 
“ adult equivalents ” to measure 
the different standards of living 
of different families or house- 
holds. As she puts it, “ a 
married couple with two child- 


ren relying on two earners ti» 
bring in a net income of £4.000 
does not have the same standard 
of living as the same family 
with the same income and only 
one earner.” One might add 
that children cost more at one 
stage of their lives than another. 
A young childless couple may 
have a different expenditure 
pattern from a retired couple. 

The chart shows one result 
of an attempt in her PSI paper 
to allow for both the family 
cycle and the notion of “adult 
equivalents ’’ — the latter by 
using as a broad guide the 
current Supplementary Benefit 
differentials (one adult = 1 ; 
two adults = 1 . 6 : two adults 
plus two children = 2.4 and 
soon). ” These calculations are 
admittedly very rough and 
ready but they arc sufficient to 
bring home the point that the 
income available to individuals 
in households varies consider- 
ably at different stages of the 


life cycle and that it matters 
a great deal how many types of 
people live in these households,” 
she writes. 


It can be seen from the chart 
that in 197fi average disposable 
income, which is the amount left 
after cash benefits have been 
added and direct taxes deducted, 
seemed to be spread according 
to some conception of equity on 
a household basis, bat not on an 
"adult equivalent basis.” Thus 
on the “household” definition, 
parents with four children were 
able to dispose of a hairsbreadth 
more income than the other 
groups in 1976, but on an 
“ adult equivalent “ definition 
the best-off were two adults 
below retirement age (a child- 
less couple, say) and the worst 
off were in fact those very 
families with four children, 
followed by pensioner couples. 

Another, similar, chart which 
appears in the PSI paper shows 
that for retired persons cash 


benefits are of much greater ira- the effect of the recent Budget 
portaoee than income from on all this. Mr. Healey has 
other sources, while for those increased Child Benefit, which 
with childen such benefits, in- is not taxed, from £1 for the 
eluding housing and food sub- first child and £1.50 fur the rest 
sidles, have been “ substantially to £2.30 to lor each child. A 
outweighed by taxes.” It is only further increase, to £3, is due 
when, in a third chart, the in November and another, to 
benefits in kind, of education £4 a child, next April. Even 
and health are thrown in that if the concurrent phasing-nut 
the family is shown to be ahead, of child tax allowance is taken 
in proportion to the number of into account, the net effect of 
children. this exercise is a substantial 

. . switching of funds towards 

PlinllP rinminn mothers’ purses. But the overall 
X uuut upiuiuu effect, for different households 
■* It is clear from these charts and "adult equivalents'* at 
relating to 1976 and from different points on the income 
analysis of the trends going scale, has yet to be seen, 
back to the 1960s that family What does seem Jjkelv is that 
policy as implied in Govern- T he recent Budget alone will 
ment legislation has not not suffice to reverse the long- 
favoured families with term trend. There has been a 
children,” comments Muriel small upsurge in the number of 
Nissel. “Why has this come births this year, but we are 
about? One of tbe influences still below “replacement level" 
has probably been tbe fear of and it remains to be established 
overpopulation. Public opinion whether any return nf popular 
lags behind the facts and the confidence in the economy will 
implications of the fall in the be accompanied by a rise in 
birthrate in the UK since the the birth-rate, as it has been 
mid-1960s have only recently in the past, 
been appreciated." in fog short run, and par- 

Like the Prime Minister, she ticularly during an election 
notes the large increase in the year, there is 110 difficulty in 
number of women working out- working out the obvious policy 
side the borne as another factor fur both Government and 
contributing to “the pressures Opposition. Both sides will 
against the family." ifore than express concern for the family: 
a quarter of women with a child both will indicate their inten- 
aged under five and at least half lion of lowering taxes — or 
of those with tbe youngest child raising benefits — and both will 
at primary school are now em- no doubt collate their various 
ployed, as can be deduced from health, education and housing 
calculations by Peter Moss of policies into neat brochures 
the Thomas Coram Research entitled “Our programme fur 
Unitt The tax system the Family." or some such, 
encourages them to do this, par- In the real world, however, 
ticularly when the husband’s none of this is enough. A 
income exceeds the standard transfer of resources to 
rate. It is as if a positively anti- families with children means a 
family policy had been con- transfer away from others, 
sciously devised. Single people and childless 

It is too soon to calculate couples also have votes. Again. 


a conscious pro-nalalist policy 
tin the French spirit) may 
seem justified, but it may turn 
out 10 be another example of 
Government tangling with a 
natural social cycle and losing. 
And a change in the balance 
of taxation and benefit designed 
to encourage mothers of very 
young children to stay home 
and look after them may out- 
rage the movement for the 
equality of women. 

As one who supported this 
“liberation” movement in its 
modem form even before its 
most recent resurgence in this 
country. I still cannot help 
thinking that everyone would be 
better off if such mothers did 
refrain from taking jobs. The 
very well-off can perhaps man- 
age with nannies: the majority 
simply du the children down. 
The increasing propensity of 
women to work in all sectors in 
the economy is welcome, yet it 
is surely one of the causes of 
the rise in unemployment in 
the West — and. for the most 
part, this has to be accepted as 
the inevitable concomitant of a 
major social change. 

Transferring income to 
mothers who look after toddlers 
might, however, in the end mean 
fewer people out of work as 
well as happier families. This 
has nothing to do with the rest 
of the army of women who 
work: just that small segment, 
for one segment of their Jives. 
Such an element in a “family 
policy" might be decried in pre- 
dictable quarters, but it would 
not necessarily be unpopular. 


By Joe Rogaly 


- fo-ri/j III id bi.nr Ilf*; Uocs redistribution 
If 4 ■ Vic FUmilvf Bu Muriel XUscI of 
ziiL* Puliru Mu.li us nuurutc. uroilabit* 
Imm 62. Douplny Street. Loudon, U'Cf.Y 
2 LX. 

* Tbe h'amiltt and Unemployment bu 
Frier Mow. Thi«nas Curum Research 
l ull. June l«7. 


Letters to the Editor I Provisional unemployment TodSV^S EVCfltS ornCUL^TATlSTicS R °° m ^ 

figures f or M a y . A O New vehicle registrations 

solicitors to sell property and the US. Air Force is aware of Let me finally try to answer ynSfSS on' induSSSTESS Sf" r STf .-ft™?!? company uraiiT 

it has only been within the last this development then its choice Mr. Farmer's questions about cravv , Trade Ind Economic E C( MuTrhcad ^halfVLr) 

20 years that any serious inroads of Grcenham Common is very CPP gains on monetary liabili- The Queen continues Slate visit T Mr Wemb cv^ cJnfe^n^ S COMPANY MEETINGS" 

into this particular aspect of difficult to understand. There is ties Money interest rates are to We* Germany. Secret^ soefks at Fore S ^ (until MayaS Anchor ChemiwL Manchestcr 

business have been made by ample evidence to _ show that the likely to be higher with inflation United Nations special dbs- As&orSrfan P iimrh 11 PARLIAMENTARY business 11.30. Bridon. Chartered Account! 


The housing 


debate 


From the liircctor. Shelter. 


lk>. quite extensively und their This evidence to 1 

l cannot however, asree with methods have shown them to be thc nn .: cv ..Homed bv 
his unquestioning acceptance of acceptable lo the public. '- in and designed 

the current orthodoxy on the Scottish solicitors felt there- the operational caoab 
effects of the 1974 Rem Acl and fore llidt a new and different 11 s bases from urbai 
the need for devwttrr-1. method of selling property had ' The ideas b 

U’heii security of tenure was l" he considered a-vi .ipproxi- nulicy are set out in 


. Trade and Economic Relations. Audio Visual Exhibition opens. Muirhead (half-year), 
es State visit Mr. Peter Shore. Environment Wembley Conference Centre COMPANY MEETINGS 

. , .. Secretary, speaks at Foreign Press (until May 2 B). Anchor Chemical. Manchester, 

special dw- Association lunch. 11, Carlton PARLIAMENTARY BUSINESS 11-30. Bridon. Chartered Account- 
* “P 6 ™ 5 in House Terrace. SW1. House or Commons: Remaining ants' Hall. Moorgate, EC 12. 

Mrs. Shirley Williams. Educa- stage* of Home Purchase Assist- British Printing. 20. Alderman- 

cZlriZ Uo11 Secretary, addresses Hamil- * nce a . nd gnulng Corporation bury EC 12 . Fisons. Dorchester 

i„ Countries ton by-cieciion meeting Guarantees Bill. Motion on Euro- Hotel, W. 12 . Lindsay and 

? na - .J , Conservative Women's pnnfpr pean Communities (Definition of Williams. Manchester. 3. Trk-en- 

[ygold sales Centre? hIu Trearws > «> Order. Vrol, Abercorn Rooms. EC. 12. 

LOGO ounces) ’ Wcst ‘ House of Lords: Wales Bill, Webster* Publications. Winchester 


until May 24). 


second reading. 


House. EC. 12. York Trailer, 


extended to furnished lenanK m mat fly seven years a 
1974. the percentage of homeless faculties tlucal law 
families cum mg from the private established solicitors 
rented sector fell from 28 per centres. These cec 


u£? r .!!? S . ser ?L nar -u 0r3 , a ?. sed -Select Committees: Nationalised Northallerton. 12 . 

Industries (sub-committee A). SPECIAL SERVICE 
ional Cafe Rnvat 11 Subject: Innovations in rural bus Annual service of the 

i°nal. Cafe Royal. Wl. services. Witnesses: .Association Skinners' Company. Sl Mary 


?! i< -flcii argued llial the nt jhis schedule fr ;m the ventre cnuse neiiher the USAF nor the nominal £3.4bn. of irredeemable 
1974 Rent Act 1 ms dried up the and make immediate :*>■ range- Ministry of Defence has provided securities, at about £400m. tin 
supply of private rented accmn- -ncnis to the house, ine T j, e necessarv information. In- December 1877 pounds), 

nidation. Bui tile brrt a vail, ihlc pioperiv centre does not. as nep( ^ moD 'b as 1*4 us a j| t 0 If during an inflation the 
ffici.nl <lat i>» ics >huw no increase such, sell the property Jims is believe that Greenham Common money prices of a particular 



m the rale nf decline ci the prj- done hy the vendor's solicitor. would not be reactivated except Ann's* output do not change. 
Vat e rrnU-tl sector fallowing lho Mr. Rest vi*r> pronely points j n an extreme emergency. then in “real” terms those 


.7 . ,u : 1 , VJ, m an extreme emergency. men in -real terms those 

out tlKit Ihp sale of htn.scs ID ^ , _ oriccs arc fallin o Tbis nhpnn- 

SS,«W?S , U , «HF:dK S3SJS gJS?, 

> pi»p«n™ piiri'llll-er UUIUUIU »“■ !L d . n “- Sl “‘ 



C Mr f, H; r rr‘" S al S o appears 10 he a wM will* wake on his believes in the* principle time ' 

■H-iiin- in favour 1 nf markci hehalf all the nre.nmnary on- embodied m its regulation, it D. R.Myddelton 

■ s Vindcn's Dtrcc- nuincs and the necessary should withdraw its application Cranfie d School of Management 

fa? of TSSwd IS arranscmenis for finance and so Common Cranfield. Bedford. 

rm-Mily. 40 per cent i.f Camden V >'£ *" a position 10 i-tit in an and look elsewhere. — 

families have a net weekly in- ‘.’^vr as so^n Philip J Jnnes. Llppf Qf rppf ’ C 

enu- which 1 ^ loss than the mar- As Best says tfa' Armwel. Baron Close, OilCCl & 

J,d rein of the most modest flat cur.rrfti have been wjin *®. Newbury, Berks. frrxiihlnc 

.a :uUM« m Camden. cessful and m be VMreci *» «I*J . , irOUDieS 

Shelter hopes that the Review }^ c .. ! «,mI 1 L ’i^s5, r , 1 i?-orth of domes- AcPOIIfflfin** 3 Off From the Director. 

nr I he Ill-Ill Acts Will lead lu a * Jl SSSrt^w ^>d tluuSgh dUU Aims for Freedom and 

w-ij.tr >ini plication of the pre- *)' ’ -f^SSin.. 1077 " inflofion Enterprise 

•S l: i*- ' nSS WSSr. ccrwcl -to mtlation _ Sir. — The title of Ha* Wilkin- 

milicies nf rieconirol impression given by Mr. Best From Professor D. Myddelton sons excellent article on Fleet 
Ihirff eioenencc jSSSfKS J h « nftZi -Kj Sir.-In bis letter of May 19 Mr. til 3SSL VS? 

ea.i in a flrjiii ’. up of the private * h * “M uf ri lt f ^ ld pnlocriv S - w - Farmer implicitly accepts §,Wre trmfhle^f JJf 

'nnin-l ^ivror *i drinMtiL' in« ^ thi IoIjJ ^3iC fpf. * ^ - my 11 rcckJ^is " assertion that IrDUOleS. - - - it} com- 

? . to, centres require to meet iheir Srent cost Scounring hi noth- ^ laml ^uid be that there is 

, “V J on the centre's listers many “ InflSo? * 48 tin- CoSSt- P f 05 P ect of state and therefore 

Technology and ff&SSS-rlplWS KTItlS'iSsaSS: SSSTki'TS 

plastics ^ =i 

r,iiu Mr. j. Dingle. icred in tbe resists. Thn .^-• t Jf t ore»nin warns , ng habit of deliberate mistakes 





UldMIlS !•' Wi MUi «• tinn' ” (Nnr rsn“ wp follow uib s-;uxi, uie graw- 

r,.»{ Mr. J. Dingle. icred Jn the registers. This Moroeth s Steerinc Groun mg habit of deliberate mistakes 

r apfjsr am tSA bxvALus ESwHHHi 

SSS: i^SS££5*2S 

^ I;il nldiT, h.* cfli P for t f, e M J e and is e'itil»eu to sat CCA). one of its members quite recentlv 

. iioulil W »-mii ■ duvut . 1 ! a ■ charge his client a commission Of. course, firms may need to for daring to apDear in adver- 

ilicu-nt (irodua rs srinuia out far bi s services. The iusstmiiuih consider how to finance future tisements for D. C. Thomson, the 

f Hie market ir the piJ« ” rommission rate in Scotland i.- activities, including possible non-union newspaper publishers. 

*yuslvv.s sirui’iural pruoams are ., er ccnt uorRia n y t hi-- is replacement" of some assets. That, in my personal experience 
JI ’• he solved. U'duced to 1 per cent or less. But in an accrual accounting has alarmed a number of newfr 

. T)u- tunc must be unroinenu The , iroper! y centre eh.M-co is system “ profit ” is not the same paper people— which was no 

f 1 ' 11 l«-i> 111,1 ' . a T'®°' really similar to the e.)St of a thing as ” cash nor is account- doubt its design. 

*w - hen .he nperalmg level 01 pro’ newspaper advertisement and j nE f or the past the same thing In addition we have the 

* ’ luiiiiui loi-htiiiH>gy iranMcrrea j s rcco verc*d from The client as 3S nroviding for the future. bizarre situation of the in- 
, - ri. vclupmg ” countnes tin- dJJ outlay on his tclialf- No doubt there are arguments credibly poor reporting bv Fleet 

imliiig the Louiccnn h oc w no. e R w p r it C h a rd ! n ! avour of CCA. So there are Street of its own facts. This even 

; ,ii-s under ■ btu batk con- m favour of using specially thin led to the non-publication of a 

j'.u'K apparently conti Ibutc to pu boiid. paper' in annual reports, or Hansard recording a House of 

In- pJ-c-iiM industry « ■«S!!I5f c,lok - jardt, “- cleaning the head office windows Lords debate On Press freedom 

.ill lv more advanced than lhe L.mnourga. once a month. But none of them for something like 10 davs. with- 

1 i’ii-:i! lcv«‘l of technology # has anything to do with inflation out a mention of this appearing 

perilled by West European pro- TTQA P rnailiQtinfl accounting. Since the pound has in the Press. 

:umx. It w . ,u 4..2S2- n 0 L ,l I rcglllaUUU ingt about two-thirds of its Britain is probably unions 


4 



n ■■■■ ------ ; . n .i *•', me adit: auu ta c mny», - - uac ui 

- huulil he Mmt uovs _ iv- rharRe his client a connni«»on Of. course, firms may need to for ds 

ilu-u-nt prudua*rs snnum o ‘ f or bis services. Thv niaxnnum consider how to finance future tiseme 
f Hu- market .1 the piasi cs - romnussjon r:ile , n Scotland is activities, including possible non-ur 

*ytislrv'N siruciurtu pruoams are ., er ccn t Lut uorntally thi-- is “replacement” of some assets. That, i 

•j, he solved. , t reduced to 1 per cent or l««- But in an accrual accounting has al 

* Tin- tunc must be imtutnenu in operiy centre cb.;,- 2 e is system “ profit ” is not the same paper 

f 1 ' 11 1 ms nut al reaiiy urrivea. rea jj v S i m i| ar t 0 (he f-Mt of a thing as ** cash nor is account- doubt 

** » bi-ii ;1 il- npcratmg level 01 pro- newspaper advertisement and j Q g f Qr the past the same thing In 





Britain is probably unique 


The 5% who make the grade always end up on probation 


national newspapers went bust! G fOUD 4. 

n n<4 u'p caur 9 rrmtutS nf I ‘ 


95 out of every 100 people we interview never find their way into 


Those whd do, go straight onto probation. For at least three months, 
it's the first stage in a Training Programme which, in the total security 
business, is second to none. Vfe do it so well, companies all over the world 
send people to us for training. 

When it com® to equipment we're even tougher. We design, develop 


. SnSSS even on a fi= V m7 * -me bankrupt narionalpap^ fnTc fnr “ R * ^ G ° mPan,eS 3,1 0V6r 1116 W ™ 

li nJ ,rp hlivifl 0 ' r-irv basis, for a military airbase, ’general index” of prices is not and a government rushing in. at Send DSOpIO tO US .for training. 

• c 8 EF’SE a ~ few*™* <*■ tougher. Mte design, develop 

,a. ,n v 1 . JBS^ h u avT,«T. tx rS5SRjSSSW» tSWJSZ^LSSiS ourselves. Vife test it to a fault— then we check it again. And 

• !; w "' 5S“i in fSc town SIon - A general index of UK will be very unpleasant indeed. 39 a,n - ^ , 

V Tr!ir£ intii-cd ^ru, » ^ 

v & s && 

*■•11 in ( ill's iM'upcrty rcntrcs _ m arouna tne jse and mdex showing 1968=100: 1978= 5. Plouah Place . . UffeiUL 


= fa a ° T ? ^ihowing 1968=100: 1978= * Plouph Ffime 


As part of the largest total security in Europe, we've a lot to protect 
including our own reputation. 

V\fe can't be too caretoL 

Anri npithpr ran uni 


'TOTAL SECURITY 


Giving the world a sense of security 


Grouo 4 Tnbl Lid . 7 Carlos Pbre. I nndrmllU 1 












AMC marginally off in first quarter 


Outwich 
Inv. Trust 
at £1.56m 


l£27.67m). 


current loans and debenture 
stocks at par. Investment 
currency premium per share is 
given as ia.9p <i4J2pj. 


TAXABLE profits of Amal- 

g a mated Metal Corporation for iiinrv TQ COMPANY HIGHLIGHTS 

the first quarter of 197S are only miiEA iu bumrARi nianuam 

slightly dow n on the exceptionally Company Pa ge Co l. Compan y p agc Col 

Koorf result for the corresponding Amalgamated Metal 24 1 McCairm Motors 25 4 

period of last year. * j- Milford fiSta 2S 4 

8 *L! aSSiS-- « L OurwiehlojoTst ?4 f 

tin .-.inciting interests equaled Compton Webb 25 1 Scottish Northern 24 5 

! a V >: c ‘ ,rs . ,,er . rorr !!!r"..„ an ,« Duport 26 6 Short Brothers 24 5 _ 

industrial interests continue to — — — - — - 

show improvement. Metal trad- Fashion & General 24 1 Usher-Walker 24 5 

me re Mi Its from the terminal Greerull Whitley 24 3~ Vickers 1 26 3 

l,m physical iradinu activity -nil H ancock Shipbuilding 2 6 6 Winchmore lnv. 24 6 

reflects' ihe l»oor mark “is Helene of London 24 4 Witan Inv. Tst. 24 2 

experienced in Ihe past three ... ->» Y 

successive quarters and the “P° rtc 25 7 Wormalds Walker 25 4 

directors Teel this will continue 
in ihe current year. 

Outwich 

-g- nr> a are shown as 123p f 106.01 taking 

First quarter earning* per U Iriy I f*11C*T current loans and debenture 

share are shown at II. Sp. JLMM t • JL Jl Uul stocks at par. Investment 

pared wnh iMp before last currency premium per share is 

17S r p S afier ri ‘ 0rdm!iry " ° ,,d of £1 ^Avvi given as 18.9p <14.2pj. 

Thru- month* 44 . 1 . cfc* A. • *- V£ 1 X 1 
IKS IS77 TAXABLE REVENUE of Outwich 
*°" n i non investment Trust climbed from L\v»i4-li 

i-.mup iiinwv-r •■*$•«? 30; X 1,341,990 to 11.564,661 in the fd lj|rij|^F 

Pr*m before U« 2.Mfc j.7» Mapch 31 jg-g year- The resu l t } s •*- lllV1 

Minnrm In-1 Mi 4“i subject to tax of £565,586 against a. 1- £ ^ 

: ^ . growtn tor 

There is also an exchange credit 

• rnmmpnt ° r £2 - C37 compared with a £22,767 A 

commem debit , ast timc Earnin cs per 25p /\ yPry§ 

Srrons performances by .VMC’s -hare are shown at I.82p (l.46p) J 

Malaysian Lin smelling subsidiary and net asset value per share at FURTHER GROWTH in turnover 
and it' diversified industrial 64.4p (59p). and profit is expected at Avery* 

imprests enabled u 1" record first Thc Hnal dividend o[ i.o23« net «" 197S- Mr - R- C. Hale, the chair- 

quarier pre-tax results only tilkcs the lota , from 1265 p to man. says in his annual 

marginally down nn the compara- ^ statement. 

t.vc figures in 1977. But increased " The leve , ot outsta nding orders 

<»V‘ iS FS“> Witan Inv. lhe * * od 

performance bv ihe ->0.0 per coni. J 

controlled Datuk Keramat Hold- 1 Home demand, particularly in 

ing-i meant thai the nei earnings f*$|T l TlSk Qllfl the retail market continues to be 

were 33 per cent, down on last Aavj U11U good but overseas orders reflect 

year's first-quarter figure. The the state of world trade and show 

nlhor significant factor in ihe TIOVC ITl^irf* HUl* growth despite strong 

latest first-quarter performance is ^ A1AVA V. promotional efforts, 

an improvement by the sieel ...... 4D1 , . UK manufacturing facilities of 

fab lieu ling and merchant ins AVAILABLE earnings for me tbe weighing, testing and measur- 
oper.nion. In 1U77 rhis sector con- > ear April 30. 19iS of Witan j ng mac ‘hines group will continue 
fributci! a lo»s of almost £lm. Investment Company came out j 0 be enlarged and develooed in 
It i.- '-till mu clear whether or £0-31 m higher at £2 0Sm and the jgyg 

not losses were continuing but dividend is stepped up from 1.9p . . q _ . n ro fit advanced 

.here were mciications that the to 23p net per 25p share w.lh a fr ^ iiV.67m 5 flsSSS 

impriivemcnt was being main- fin* 1 *-»P- 
t a'»ned. Gross income for the year was 

ahead from £4.SGm lo £5 63m and 

i ,h e available earnings were I— I o ITTX70 XT 

Fashion and ^TsJS£ l\? iSSZ nairvva y 

General Inv. 24,p ,IS4p ' p " »» rise at 


over was up bv nearly £llm to 
£61. 76m. 


On reporting the full 1976-77 


£I0.18m. Mr. C. J. B. Hatton, the 
ebainnan, said that he was opti- 


tinue to increase its market share 
of beer sales. He now say* that 
beer sales volume continues to 
grow and indicates a further in- 
crease in the market share, but 
this was not fully reflected in the 
results, due to rising costs. 

16 whs. sr, whs. 


Turnover ... 

1977-73 

fOOO 

1976-77 
£000 ED00 

30A73 197.006 

Tradlns orofli 

#J3I 

r.no 

15.361 

Properry repairs ... 

1 .86! 

1.4KS 

3.2X7 

Dfpreclatloo 

1.07S 

SS0 

I.6M 

Irilep.-Sj payable . . 

«l 

S-u 

1.028 

Investment income 

1 IW 

133 

2*5 

Profit before tax . . 

4.972 

4^J6 

UJCL 

Tax 

: j«3 

2 .J01 

5.361 

Net urn a I 

!..»7 

!,033 

4.S20 

Prefereju* div. ... 


— 


Available 

!.:i84 

2.033 

LS20 

Interim dlvs. 

US 

588 

l^iTl 



Financial Times Tuesda y May 23 1973 

ISSUE NEWS AND COMMENT 


|5 ! i ** 

1/ ; , 


4 lilt 


70p cash return in 
W.N. Sharpe scheme 


W. N. Sharpe, the Bradford a W per cent increase oit IheLj. 
based greetings card company, bus dividend pmd by Sharpe 
announced proposals for a Rspect or IHk. * 

restructuring of it* capital which The new company i s cxpbwm ' 
will give shareholders a 70p cash tn pay a single dividend in raw! : 
payment for every share they hold* 0 r the period ending Dec^^' 
Thiif U-III result in the distribu- 31. I'JTS. Tile gross cquivalraTT, 


This will result in lhe distribu- 31. IU.S. The gross vquivaicm 
lion of about £5m cash to share- this payment will be eqoal tofu 
holders. «n al " ro>is iwymew made Z 

In the last accounts Sharpe •'hnrpc in ivjtpect of ^ • 
showed holdings in Government jncrta>i.d b. K* i>cr cent of 
securities and quoted investments l0,al " r0<s ment. 
with a market value of £4.9Sm. The directors intend to a i ' ■ 
The majority of these imestmen is culnlc Tuiurc dividends as if y,. 
will be sold to finance the cash new company had paid total gns, ■ 
payment. dividends m respect of the 

News «r the scheme coupled l5, “ s of ti.3. - J.>Sp per share, 
with a jump in the dividend Arrangements are being - 
payout sent the Ordinary and to enable option holders tj’- 
- a " shares 25p higher to 200p in receive upon ihe cxcrrisc of Ui^ ' ; 


<*.r,iUP llimov-r 

Prom More Ui 

T.11 

-.1 infirm losi 
FTirjf'rilinjn - d>-hu 
\.-i pruili . 


comment 


Further 
growth for 
Averys 


Wines and spirits, and soft 
drinks, bad a satisfactory hair 
year, he adds, and retailing activi- 
ties. especially hotels. “ have done 
particularly welL" 

Stated earnings per 23p share 
are shown as 4.S8p (4.2 pi for the 
half year, and the interim divi- 
dend is raised from lJ2099p to 
J.3309p net— last year's final was 
1.4123p. 


Mr. Richard Ringwald, chairman of Laporte Industrie* 
(Holdings), who tells members In his annual statement that 
all the signs point to continuing low* demand. 


DIVIDENDS ANNOUNCED 


tin* market. options thc s.rme consideration aj '' 

The terms of the scheme are existing shareholders, wtth«mt C 
that under Section 206 of the bringing forward the date irb^ • 
Companies Act shareholders will their options must.be exercised, 
receive one Ordinary of “ A ” non- Klcinwori Etcnson are advi^ ' 
voting share in a new holding com- to the scheme, 
pany in place of existing holdings See Lex 


Witan Inv- 
earns and 
pays more 


statement. 

The level of outstanding orders 
is generally satisfactory despite 
the depressed level of the indus- 
trial economy in the UK and 
elsewhere, he says. 


Helene of 

London 

confident 



Date 

Corre- 

Total 

Total 

Current 

nf * ! 

spondmjr 

fur 

last 

payment 

payment 

div. 

year 

year • 

Greenall tVhitlev int. 1.531 

July 22 

1.21 

— 

2.62 

McCaJras Motors int. 1.5 

June 30 

12io 

— 

4 

Milford Docks 2.6S 

July 3 

2.fiK 

•2.6S 

2.68 

Ootwich Inv. Trust 1.03 

June 27 

6.95* 

1.--3 

1.27* 

Stockholders Inv. ...int. 1.0 

July J4 

0.S 

— i 

2.05 

Winchmore Lnv. Trust ... 2 40 

July 7 

122 

2.SI 

1.55 

Witan Inv 1.3f 

July 21 

1.1 

2.3 

1.9 

Dividends shown pence per share net except 

where otherwise stated. 

* Equivalent after allotting 

for scrip issue. 

t On 

capital 

increased by rights and. or acquisition issues. 

f Total of 

22Iop forecast. 


pany in place of existing holdings 
plus a cash payment of 7Up per 
share. 

The company has built up sub- 
stantial cash resources over (he 
years from its trading activities 
and cash and investments 
accounted for 43 per cent of the 
company's net tangible assets in 


Last night a spokesman for Lhe 
company said that the directors 


BL holders 
apply for 
rights 


Despite recommendations from 


had contemplated diversification the directors of British Leyland 

. < . 1 -l - . 6K»I >*r PVrlhfp n F emonv. 


elsewhere, he says. MR. M. BURKEMAN, the 

„ . - chairman of Helene of London is 

Home demand, particularly in optimistic about prospects for 
the reta'I market continues to be 1978 and he has ev?ry confidence 
good but overseas orders reflect in the future of thc company, 
thc state of world trade and sbow „ . .... 

little growth despite strong “ e s»ys the financial position 
promotional efforts. of t j ,e 5°mpany remains very 


UK manufacturing MM. or Tt 

e weighing, test mg and measur- whinh u.-tn finiii , he nnn rimin. 


Short Bros, blames poor 
productivity for loss 


some of the company's accumu- people out of a total of tfl.wio 
lated cash. investors took up their rights for 

The directors are not big share- - 1 - 77 share- 
holders in their own right. In alt The National Enterprise Board 
they probably account for less applied for S3S.06S.322 shares and 
than 6 per cent of the total Lhe remaining fi9.P96.02I .shares 
capital. w ill be subscribed for by the NEB 

Institutions hold about a h3lf or under the term* of its under- 
Sharpe's equity. writing agreomcnL 

Sharpe’s directors intend to pay A*.**!? ^ n , d «.°-s thc .i d: !Li h i !: ^ JEB 


for , , 

sCoifr/*" 


\\ M i - 

iu ■=**• 


August 31, 1977. II 1.0m in home markets and £25m 

■ reported on April 19 pre*(<ix from i'xoon sales. Of the intnl 

profits for 1977 increased by 43.1 .The loss, just below the P re- n'?sTile 4les and sS*vfc^ 

per cent from £0.81 m to a record vious years tram, was incurred !* f fl « i m ( f 9 imi air” 
£1.16m on turnover ahead by 34.9 on turnover of £36.6m (£2S.6m;. ;!^f t " alos and inSig £7 «m 

per cent to £ll.53m. .And the Sir George .says that bhori*. and 'oHdln" and 

dividend is stepped up from which is now fully Government d mmLh no^m 


impriic 

lamed. 


Fashion and 
General Inv. 


I'mliis iff Fashion and General »:rn« uk-oiiu; 

Iiivrsinicni n*so from £1:14.044 to 
4141.13:: m the year to March 31. 

■!>7S subject 10 tax of £411.476 Earning available ... . 
agjmsl 43U234. urdmair dlvidrad* ... 


Halfway 
rise at 
Greenall 


Barnet Corpn. £5m issue 

The application list opens on offer. Thc underwriters are likely 


1*77-1* 197ft-77 113 V Ml 

■■Sts “its Greenall 

1 .210.43* I0-J6.2M »c****** 

fOK.7% J.5R.7W PRE-TAX PROFITS of Greenall 


0fi097p to the maximum permitted owned but outride the national- components £L..9m Thursday lor a £5m issue of stock to end up wi I h some of the slock 

0.6707p. ised aerospace group, was unable ,£, ' h '* m V • _ - hy Barnet Corporation. unless the gilt market rn.il.es a 

In the balance sheet there is a lo introduce bonus incentive ab JJ? future aircraft airf SSS !!• Thc issue is of 12 ! pcr Thu^dav^ betueen and . 

liability of £475.000 due to vendors schemes during phases one and SvJ.f there wore Rf, rieeinable Stock 19Si ar £98 Thursday, 

of subsidiaries. Thc directors two of pay policy. h cr cent pavable as lo £16 per 

cent on application with £46 per -irk/-* , 


intend to satisfy this by an issue 


, “ encouraging signs." Prospects 

However, under Phase Three a f or the SD330 commuter aircraft 


of 306,000 of the 12 per ceni ^tlcment’ was' Cached with nd the ’ KSi™ 4 and lhe balanCC 

convertible redeemable cumula- manual workers within Lhe 10 per e „od and the improved IndusIriS on Au " ust 29 ' , . 

tive preference shares 1979-86 of cen . guideline and a self-financing t-oiatinm. n»n«i k<> mdn. Inieresr on the stock is payable 


half-vearlv on June 1 and Decem- 
ber i with the first payment next 
December equal to £4.02507 /less 


BCA £798,000 
placing 


ihk is aireaay proving circcine However, within the last tivo 'iTam Tim* British Car Auction has : 

and is resulting in a marked weeks a dispute involving 1.500 I4k03S0 ~ * arranged a £798.006 placing of 2m 

rcbm/tP m thC industr,aI relat,ons white collar staff has threatened ^e stock wlll be redeemed at new ordinary shares of I0p at 41p . • 

' cb ™ ate - to hit production and there are nn T unP lias? reaeemea ai each, and plans to raise the . 


, , to hit production and there are j T 19S7 eacn. and plans to raise me . 

The operating loss rose Trom no immediate signs of this being 1 Pr ” ds of t he issue will be dividend for the current year by .* 
£I.9m lo 12£m. Added to this resolved. useS m ^ 25 per cent. ' V 

ing. in meet capital expenditure Tbe shares rose Ip higher iff) .■ 
f T » TT T if il I • pending, the raising of Joans, to market lo 47p. J." 

1 ChPr.WQluPr niltlninu' redeem Other loans and to make In a statement yesterday dun.; 

U OULI MII\i/i l/UUUUI\ authorised capital expenditure. directors said that recent acqubi-!-- 


Diverse interests supplying 
a wide range of materials to industries 
throughout the world 


ing. to meet capital expenditure The shares rose Ip higher in) _■ 
pertdim j. thc raising «*f loans, to tbe market to 47p. j 

redeem other loans and to make In a statement yesterday ffte • 

a L>.: M J ifiiCA flieootAe. r-.iH tVlnt rorOn f OWTIlid.' “ - 


authorised capital expenditure. directors said that recent acqiasi-' 


.ltk f 5 in a^regaTe ofTT*. which Stm ™ 

on hmli r, r a S, a ?;n7r P vpm?P multiples of £160 for applications financed out of the company's 


difficult and unwise to Torec3st on 
confidently for 1978. but says it gci 
should be a satisfactory year. v* 


Lead Industries Group 


SOURCES OF PRE-TAX PROFIT 

(excluding minorities) 


re-organisation within its roller 
subsidiary is proving beneficial, 
and directors hope it will con- 
tribute more to profits in the 
future. 

The group also plans to extend 
its Scottish factory. The benefits 
of the expansion at its Heywood 
works are beginning to be seen 
and the croup continues to 
explore other possibilities or 
expansion, he says. 


Advance at 
Winchmore 
Inv. Tst. 


£20.006 in multiple* of £3.000. This improvement has continued. 

Brokers to the issue are The directors had considered a 
J aDd A Scriingeour. rights issue, but bearing in mind " 

the discount and commissions ^ - 

• rnmmont involved in what would be a rela- •■'. 

cummein tively small issued they decided*' 

Barnet's terms look very tight that a placing would be more 
At the issue price of £98 per cent suitable. 

the redemntion yield is 12.628 ner In conjunction with the plaein? 


METALS AND CHEMICALS 

Major UK subsidiaries: 

Associated Lead Manufacturers 
.-Ingorc ( Antimony Division) 
Fry 's ^ lcta Is . Fry's Diccnsl ings / 

'Lead, tin and antimony alloys for the / 
batten - , cable, printing and / 
engineering' industries: lead / 
rom pounds and chemicals tor / 
plasties, batteries, paint, crystal / 

•glass and TV tubes; antimony -,«» « 
oxides and chemicals for use as to. JIT1 
flame retardantsin plastics. paints Irani UK sr 
and textiles; lead fabrications for subsidiary 
chemical plant, architectural and 
acoust ic cladding and weather \ 
proofing: solder, fluxes and \ 
l-'lnw snider machines for industry; \ . 

p«:wtyr sheet lor jewellery; aluminium \ / 
and zinc diecastings for motor ^5 

accessories, domestic and office \ 

ai»p!innces and electrical equipment. 


PAINTS AND WALLPAPERS 

Major UK subsidiary :Goodlass Wall 

— .. .. Decorative paints and varnishes : flame retardant 

paints: masonry paints; metallic and other car 
£4.1m ^ s. finishes; industrial coatings; wall coverings. 

from UK and ovarseatN. — 


pxulore other Dossibilihes nr A p,.. «n t he redemntion yield is 12.626 ner In conjunction with the placing 

exwnrion he Ly* n ,H cent and the running yield is 12.5 they forecast that. unless 

o -c* " r .. , , . . . °t £i?^S acaif Jt t £13.1oO. P r 6bf per cent. Though slightly longer prevented by any controls in. 

Profit of the Printing ink and of Winchmore Imestnjcnt Trust da ted, Barnet's issue will be com- force after current dividend 

i !Li5 T0U ^«nc S i*>- Car r0Se ^ rom advanced from £2u./08 to £3S.o36 nared with the last two unsuccess- controls expire. they will 

11478.444 to £496. L.O. in 19i i. ful offers, Greenwich and Tyne recommend a total gross dividend 


in 1977. 


At balance date Daily Telegraph Gross revenue for lhe year was and Wear. The redemption yields in respect of the year to end July 
owned .15.48 per cent of shares £+*.439 compared w ith £41.011. on these two are around 12.B9 and 31, J97S equivalent to 3.75p per 


and ITC Pension Trust and 1TC Earnings per 2ap share are given 12.6 per cent respectively. So the share — an increase of 23 per cent. 

Pension Investments 6.38 percent, at 323p <L74p) and a final (livid- pricing of Barnet does nor make The placing has been arranged 

Fixed assets were £f).72m e nd of 2+6 P takes the total from it a . particularly attractive issue by Robert Fleming and \V. I. Carr 

(£0 62m) and net current assets Loop to 2.Slp. although there is only £5m nn Sons and Co. 

£insm i£0.9im). { 


subsidiaries and 
associates 


Meeting. Connaucht 
VVC, June 15 at noon. 


Rooms, 


£6. 3m \ 

Irom UK and overseas 
subsidiaries A 


£4. 6m 

from UK and 

overseas 

subsidiaries 


/ £4.3m N 

Iron i associated company 


CERAMIC SUPPLIES 

Major UK subsidiaries: . Qpntflch 

Harrison Mayer, C. E . Ramsden OV.VFH last 

Anzon (Zircon Division) Nnrthpm 

Colours, glazes and prepared clays for nuiUlCIU 

the pottery and china industries: CURRENT year forecasts at 

colours and stains for glass, bricks and Scottish _ Northern Investment 

1 elastics ■ bauxite for rand surfacing* Tn,sl , indieate ,,l ? t il 0 “" hf 10 b , e 

plastics, oauxiteior loaasurtacing. possible to continue lhe Trust's 

ceramicsuppues for craft and educational recent poficy of providing share- 

purposes: zircon for sanitary ware and tile holder* with progressive increases 

glazes, vitreous enamels and refractories. * pL r Tf n > ' me t n h t ^' Ju?* JL 1 !' 


LILLEY GROUP 


sin j _ 

fj* T r. 


CliRRENT YEAR forecasL* at 
Scottish .Northern Investment 
Trust indicate that it ought to be 
possible to continue the Trust's 


iSilk 




« 


X/ - Iazes - YitPBOUB camels and'refractories. j« rlcmfoTThe' cSman! 

jmpariy in annua | statement. 

TITANIUM DIOXIDE r e l’?n u r e eP T 0 r 1 ' Z ^riild-Tro” 

Associated company: Tioxide Group fo-^ ruary 3 ', l9 Tv i-m 5 ’I arch 3 b 

Titanium pigments for paints, plastics, paper and textiles. for the prSlousn 


Extracts from the accounts and statement 
by the Chairman , Mr. J. Aitken. 


TURNOVER Em’s 


The Group has had another successful 
year. Turnover has increased substantially 
and the pre-tax profit reached a level not 
previously attained. 


RESULTS IN BRIEF 


Profits before tax 


1976 

hfam/ 


months, and the dividend for the 
period is increased to 3.S6p 
(2.8p). 

The chairman points out that 
result* reflect a satisfactory 
outcome to the policies which the 
Trust has pursued during the 
period. He says that over a year 
ago directors decided to repatriate 
funds lo rhe UK and commitments 


* The directors recommend a total dividend 
of 15.2 per cent gross, compared with 8.00 
per cent gross last year. The dividend is 
covered four times. 


115-1 
■ 20-3 

34-5 


Associates 


Subsidiaries 



Difficulties foreseen in the home market 
led the Group to embark on work overseas 
but, in the event, it has succeeded in 
maintaining a satisfactory rate of expansion 
at home. . 


£13.7m £20. 5m £20.9m 


Producsr*: 

copper* molybdecu m • ocld 
silver ■ lead • zinc • abrcuivez 
rpecially ir.d atrial products 
pollution cor.:rol equipment 
titanium ^la-j 
iton end iron po A‘dc:s 


* Direct exports for the year were £2.4 
million compared with £1.6 million in 1 977 
and overseas turnover amounted to £1 3.5 
million against £4.4 million. 


PRE-TAX PROFIT Em s 

74HM11 
75BMHI6 
20 

77BBnUBHf2-5 


Safes ^ 

Profits after tax and 
minority interests 
Ordinary dividends 
Net assets 
Capital expenditure* 

“Including share 0* Associates 


£ 192.0m 


£251. 5m 


£287.7m 


£6.5m 
£1.8m 
£70. 5m 
£10.7m 


£9. 3 m 
£2.0m 
£86.3m 
£ 11.8m 


£9.6m 

£3.0m 

£97.5m 

£15.1m 



QUARTERLY 

DIVIDEND 


THE OUTLOOK 


c 'The diversity of LIG’s interests means that it would benefit 
from a general increase in international trade . . . 

Group companies have the capacity to obtain a higher share 
of world markets, and the net volume of sales, _ ^ 

compared with a year ago , is quite encouraging I 

Ian G. Butler, Chairman. 


A cash dislcibutioa at 15ft per 
chare (a total of appro amatol/ 
55,000.000) was voted by the 
Board ol Directors to be pcid 
June 19. 1978 LO Kcprecott 
shareholders a( record at the 
clv-’e ol business on May jO. 
1978. ' 

F. I\ G-rrasa, "•sirdar? 


■"•Over the past few years, the Company has 
9 reatly increased the level and range of its 
activities and, although there would not 
seem to be any immediate prospect of a 
reversal of government economic restraints 
so far as the construction industry is 
concerned, the past success of the Company 
in overcoming that circumstance and the 
present record level of its order book 
supports the directors' belief that trading 
levels will be maintained.” 


NET EARNINGS PER SHARE 

74MBBH4-58p 

75 — — 6-6 5p 

76 — ■— 7-97P 

77 — — — 9-75P 

78M— ■—■110-8 


KENNEcnrr 

COPPER CORPORATION 

161 East 42ndSireot 
New York, N . Y. 1 D Q I 7 


ills EV T i e a . 3 broad, r bas8l! ™l engineering end construction 

IB.LE I r6puts ™- °“ r i"“nS 

n QnauP 0nd underground railways, the construction of pipelines 

industrial hmldirin * ewa 5 B ' fo,inda fi 0 ns and concrete woita. 

mdustnel building, bodges and harbour works, the manufacture of 

SB5Zr Bt p,pes and f,8nfles * 9rDund SI*- : 



■pi'TSivf (he 1?77 Report mid Accounts may he obtained from The Secretary, Lead Industries Group Ltd., 11 Gresham St., London ECIV7AT 


Kisaas -agsagag?-. — Y 







;. ? -♦ , 






in . 

>}l V 


Financial Times Tuesday May 23 1973 

Low demand con tinuin g 
to affect Laporte 


25 


Milford 

Docks 

slumps 


TOU-pVTOC THE sharp down, 
•nm in tlu.' second half of 1977 

01 Lb pone Industries (Holdings) 
tolls members that at present 

{JJJJL aro fvw **6°* o f material 
iinproiemeni ui One tirsi baif of 
the current year. 

The outcome for 1978 as a 
whole mil depend mainly on the 
world economic situation and 
trading conditions. Mr. Ring, 
tvald reports that *o far this year 

•ui the signs are pointing to con- 
unumg stagnation of demand 
which was particularly flat in 
i-.iiropo and Japan at tile end of 

1**1 year. 

The outlook in the U.S^ where 
•'input remained at a reasonable 
»• vcl throughout most of 1977, is 
now also uncertain, he says. 
iiJ>2 1 10 ■ vear cn <ted January 1. 
i!»7S. two significant factors more 
than account for the reduction in 
profit from f 15,35m to UOJMm. 
1 hese were intensified competi- 
tion m the titanium dioxide 
market leading to reducing 
pnees, and the strengthening of 
sterling. 

There are now signs of harden- 
ir,ff titanium dioxide prices and 

dollar 5 hflS ea5ed againsf 

These trends. If maintained, 
vhould exert a beneficial influence 
on the 19T8 results. 

The chairman explains that the 
worsening market conditions for 
fne sale of titanium dioxide on 
world markets proved to.be more 
severe than indicated- at the in- 
tenm stage, international makers 
of titanium dioxide pigment try- 
inn to maintain tonnage in a stag- 
nant. or in some areas reducing, 
mark-pt created an environment of 
ailing prires. . Export prices 
(Topped sharply and this was 
coupled with weak demand. 

In general all other product 


BOARD MEETINGS 

The foUffwing companies bare notified 
dates of Board meetings ta the Stack 
Exctunee. Such meeting* an.- usually 
held tor U»e purpose of considering divi- 
dends. Official indications are not avail, 
able whether dividends concerned are 
interims or Coals and the snb division* 
shown below are based mainly on last 
rear's timetable. 

TODAY 

Interims— Thomas Bonlrwkk. K Shoes. 
Muimead, PI ai ton’s iScarboronahi. 
R.dh jrn Nathmal Glass. Scottish National 
Trusi. 

Finals— Advance l^mndnes. Ambrose 
Imrsunrni Trust. British and American 
t-ilm. Fine An Developments, Hunting- 
nPiavlalrtl Indnetncs. Lrwurr Ora van 
Parka. Transparem Paper. Wave Croup. 
FUTURE DATES 

Interims— 

At lied London Properties Mar 74 

Martey tMay 31 

Norm Bniiah Steel May 28 

Pleasurama June l 

Finals— 

Caplial and Counties Property . May 28 

Crate and Rose June 5 

Crowtber iJohni May si 

DpranaXande Robber Estates .. June l 

Dykes tj.l May !8 

Manchester and London In*. TsL May 24 

PcfiJer-Hat renter June 13 

Racal Electronics — ... Jane 22 

Tanganyika Holdlnss _... June t 

Untdcx May 38 

Westport Invest me nr Trust ..... Jane S 
t Amended. 


groups performed well and the 
peroxygen interests had another 
good year despite demand which 
was not buoyant. The chairman 
feels that a considerable part of 
the group's future growth and 
progress will result from the 
further development of this 
business. 

The group has embarked on a 
heavy investment programme 
which will continue during 1978 
and this is supported by signifi- 
cant expenditure on research and 
development. The amount of ex- 


penditure approved and outstand- 
ing at January 2, 1978, amounted 
to £4,71x11, 

Group sales in 1977 showed an 
increase from £8G.9m to £10z.4m. 
UK sales increased by 18 per cent 
to £5&2m while export gales went 
up by 23 per cent to fSSfiro. The 
attributable share of sates of the 
principal Interox companies 

amounted to S4fl.tw> ag ains t 
£4A5m. 

The chairman points out that 
the volume of export sales from 
the UK increased by lfi per cent 
but due to competitive pxe>.‘urcs 
and the rise in the value of the 
pound, net export prices were 
only 7 per cent higher than those 
of the previous year. - 

On the basis of ED 18 with the 
application of appropriate indices 
for chemical plants ■ it is now 
estimated that the net current 
replacement cost of the fixed 
assets of the Laporte group is 
£]49m compared with- a net' book- 
value of £3Sm based on historical 
costs. The attributable share of 
the principal Interox companies 
is estimated at £36w compared 
with £i2m based on historical 
costs. 

The pre-tax profit adjusted in 
accordance with the Hyde guide- 
lines is shown at £6.1 9m (£9 ,83m) 
after additional depreciation 
£2.66m (XI .62m , cost of sales 
adjustment £1.79m (£L34m). less 
gearing adjustment £408,000 
(£450,000). 

At the year end there was an 
increase in cash resources of 
£2 .12m (£3.37m decrease). 

At April 22, Solvay and Cie held 
19.6 per cent of the equity, Soivay 
UK 5.39 per cent and Ministry of 
Finance Government of Kuwait 
6.48 per cent. 

Meeting, 20, Alderman bury, EC, 
June 15, at noon. 


INCLUDING an exceptional credit 
of £29.720 compared with £30.102, 

E re-tax profits of Milford Docks 
ompany for 1977 slumped from 
£1S6,0G2 to' £14.777. At midway, 
before- exceptional items, the 
decline was from £39.647 to 
£2,097. 

Tax for the 12 months took 

£6,837 against £73.500 and the 
dividend is held at 2.68p net, cost- 
ing £20,904.. Accumulated profits 
Stood at £312095 (£325,159). 

A professional valuation of the 
group's dock structures and land 
and buildings carried out at the 
end of last- year amounted to 
n.89m to show a surplus of 
£777,000 over the book values of 
these assets of £1.1 lm, excluding 
th'e oil tanks having a net book 
value at December 81. 1977. of 
£28456, and before taking account 
of any taxation which would be 
payable oh disposal. 


Compton & Webb expects to 
hold market share 


ALTHOUGH CONDITIONS con- 
tinue to be difficult. Lord Chei- 
wood, the chairman, believes that 
J Cnmpton Sons and Webb (Hold- 
ings) will hold its own during the 
current year. Longer term pros- 
pects are very, encouraging, he 
says in his annual statement. L 

Currcm domestic demand for 
uniform « remains slack and there 
is still ’io fen or an upturn but 
the croup has fully retained its 
share of ihe reduced market and 
is noil 'd.-iced to expand produc- 
tion when ii improves. 

Concern r3 rimi on improving 
icciin ui ties, .-landnrd.s and designs 
in ainiH it earning access to a 
more qu.dit.v-consciou.s home mar- 
ket. eNpeeulfy that for structured 
.:.irmcm>. and the croup is 
developing ns export connections 
in Europe, Africa 3nd the Middle 
East. 

As known, pre-tax profits 
slipped from £2.38m to £l42iu tn 
W77 on turnover of £!8.47ra 
t£i{».13m>. The maximum per- 
mined l&fiffip net dividend is an 
indication of the directors’ confi- 
dence in the company, which 
remains in a strong position, 
members arc told. 

Liquid funds were down 
CltWJWi) (fO.nim increase) at the 
year end. 

Exports more than trebled, from 
f.kij.ouo to £l.7Sm. and this largely 
made up for the 10 per eent Tall 
in the value of thle home market. 
However, exports sfill represent 
only about 10 per cent of turn- 
over and the directors hope at 
least to double the figures in 
1978. 

Sufi competition tor fewer 
orders at home from traditional 


customers meant lower margins, 
says Lord Chelwood. Over- 
capacity. combined with the con- 
tinuing recession at home and 
abroad, accentuated the problems 
of the uniform clothing -industry. 

There- was strong continuing 
emphasis on improving the 
quality and designs of uniforms, 
and the group spent close on 
£350,01)0 on new machinery and 
techniques. 

The directors consider that the 
costs of replacement of plant 
and machinery in an infla- 
tionary era would be the 
most significant factor affecting 
tiie group when considering the 
assessment of profits on the his- 
toric cost basis. Consequently the 
plan i, machinery and buildings 
have been revalued in terms of 
current costs and their -future 
life. After allowing for depreci- 
ation at realistic rates the net 
value of group's fixed assets has 
been assessed at £4.4 m which 
represents an increase of £J$m 
over the balance sheet figure. 
The depreciation charge under 
the current cost convention for 
1977 ia assessed at £480,000, an 
increase of £210.000 as compared 
with the £270.000 shown in the 
accounts. 

Meeting Quaglinos, SW, on 
June 13 at noon. 


RUGBY CEMENT 

The directors of Rugby Portland 
Cement consider that the market 
value of group land and buildings, 
at end-1977 was at least £13m. in 
excess of the book value of 
£2 1.25m. The £60.33 m stated fn 


yesterday's report is the total 
fixed assets. 

In the reference tD source and 
application of funds, the figures 
were transposed. At the year-end 
bank balances were reduced by 
£1.2 0m, compared with an in- 
crease of £3. 53m. 


Standard 

Chartered 

Australia 


Standard Chartered Bank has 
increased the capital of its 
wholly-owned merchant bank unit 
from A$1.5m to A$5m and 
changed its name from Wallace 
Sassoon to Standard Chartered 
Australia. 

The increased capital will 
enable the company to expand 
its merchant banking, commercial 
lending and money market 
activities in Australia, ~ 

Meanwhile, shareholders 'in the 
finance company. Mutual Accep- 
tance} have approved the 
previously reported allotment of 
12m 50 cent par shares to 
Standard Chartered Bank at 85 
cents each. 

Standard Chartered's stake is 
increased to 51.98 per cent (344S 
per cent) and Mutual Accept 
a nee's issued capital is up from 
33m to 45m shares. 

Both moves are part of the 
bank’s continuing aim 
diversifying into settled political 
areas such as Australia, it 
stated. 


McCaims just 
ahead at 
halfway 

On turnover up from 15. 79m 
to £7 48m. pre-tax profits of 
MrCaJrns Motors for the half-year 
to March 31. 1978, were just ahead 
to £2864-19 compared with 
£277,974 last time, and tbe 
directors state that trading 
results for the second half should 
be similar. The company achieved 
a record £680,000 for tbe whole 
of the 1976-77 year. 

Earnings per 25p share are 
749p (7.65p) and the Interim 
dividend is increased to 14p 
ll-25p) net— last year’s final was 
2.75p. 

Net profit was £157.822 
(£132,974) for the half-year,' after 
tax £129,127 (£125,000). The 

company is a motor vehicle 
distributor: 

Wormalds 
Walker back 
to profit 

A tumround of £613418 from 
a loss of £516419 to pre-tax profits 
of £96499 Is reported by 
Wormalds Walker and Atkinson, 
woollen textile manufacturer, for 
the 52 weeks to February 25. 1978, 
on turnover down from 15.54m 
to 1424 m. 

Stated earnings per 25p share 
are 3.05p compared . with a loss 
of 16-42p and again there is no 
dividend, the last being a L675p 
final for the 1973-74 year. 

The directors say that the profit 
on trading has been arrived at 
after crediting receipts from the 
temporary employment subsidy. 

Tax took £1400 (nil) and after 
an extraordinary credit of £133.456 
(£106.953), representing surpluses 
realised on the disposal of certain 
fixed assets after tax. profit for 
the year came out at £229455 
against a loss of £409466. 



1977-A Vintage Year 


Summary of Results for the Year ended 31st December 


Profits before tax 

Profits available for Ordinary Stockholders 

Capital and Reserves 

Dividends per Ordinary Stock Unit (net) 


1977 

1976 

1975 

£m 

£m 

£m 

20-4 

13 : 4 

79 

156 

6’9 

39 

47 '3 

28*9 

18*6 

8*712p 

5*72p 

5*20p 


In his Annual Statement, the Chairman 
of the Gill & Duffus Group, Mr. F. M. Gill, 
reports: 

1977, .by any standards, proved to be a vintage 
year for the Gill & Duffus Group. Not only were we 
celebrating the Queen's Silver Jubilee, but also 
the company's 70th birthday, Pacol 's 40th and 
Gill & Duffus in New York their 25th. It is a particular 
pleasure therefore, to present once again record 
results, indeed for the eighteenth consecutive yean 

Group profit at £20 4m. represents an increase 
of 52 per cent on the previous year. 

Taxation has been provided in full on the 
profits of the year, but again this charge consists 
almost entirely of a transfer to deferred taxation. 

In this respect, the Board has decided that the 
provision for United Kingdom deferred taxation 
made in the 1976 Accounts relating to relief for . 
stock appreciation will not be payable in the 
forseeable future; and the sum of £5,131,000 has 
been released to the Profit & Loss Account. After 
taxation, minority interests, preference dividend 
and the adjustment referred to above, there 
remains a balance of £15,607,000 attributable to 
Ordinary Stockholders. 

The Board recommends a final Ordinary 
Dividend of 4752p per Unit making a total for the 
year of 8712pand equivalent to13 - 2p gross as 
indicated at this time last year (1976. 8‘727p gross). 
The Board also recommends a one for one Scrip 
issue to Ordinary Stockholders. ■ 
v Gross profit retained, together with the 
proceeds of the successful Rights Issue in May, 
1977 have resulted in a substantial increase in 
shareholders funds from £289m. to £473m. 

In the commodity world, 1977willbe 


remembered as the year in which the prices of 
cocoa, coffee and tea rose to higher levels than 
ever previously recorded.The unprecedented ' 
rise peaked in the summer months, only to be 
followed by an equally dramatic decline in the 
latter part of the year. 

in such conditions, it is noteworthy that all 
sections of the large industries involved, from 
production to distribution, and the futures markets 
used by them, came through without undue 
difficulties. 

An outstanding year; like 1977, once again 
demonstrates the quality of the people we employ. 
After two such years, it would be easy to askfor a. 
breather However, merchant venturers do not 
stand still and there are already signs that 1978 is 
shapingwelf. 

If you would like to receive a copy of the 
Annual Report and. or the descriptive booklet 
entitled “The Growing World of Gill & Duffus" 
please complete the following coupon: 


To-The Secretary' GILL & DUFFUS GROUP LTD., 

St Dunstans House, 201 Borough High Street, London SE1 1HYNE 

Please send me a copy of 

□ The 1977 Annual Report arid Accounts. 

Q The Growing World of Gil( & Duffus! 


Name 




' 



FF 



we’ve got behind us 



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all the benefits private aviation has to offer. 
Plus a few others that the others can’t 

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Not simply with airport facilities, but 
with an international network of offices in 
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Ready to provide you with cars, 
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England. 

Tel: Churchdown (STD 0452) 
855877 
Telex 43607 



Compensation delay 
inhibits forward ptannirt 

Points from the Statement by the Chairmen The Rt, Hon , Lord Roberts of 
Woidingham pc dcl Lld and from the 1977 Report and Accounts, 


Overall profits of continuing businesses in 1977 maintained 
at 1976 level. 

Order intake of these businesses increased in real terms. 

Dividend increased to maximum permitted. 

Derisory payments on account of only £7m for the profitable 
shipbuilding and aircraft interests have reduced profits. 

£75m programme of reinvestment since nationalisation 
legislation initiated. 

Delay in receipt of fair compensation has forced deferment 
of Compands development plans. 

TJX. export orders on hand more than doubled from £35m 
to£84m. 

SUCCESSES IN 1977 INCLUDED: 

Howson-Algraphy again achieved a very substantial increase 
inprofits. • 

U.K. Engineering Group increased profits for the seventh ■ 
successive year* 

Broadly maintained profits from engineering in Australia 
.and Canada. 

O Advance in Roneo-Vickers profits in a difficult trading year. 
O A successful year for Vickers In s t rume nts. 

LardRobem’ statement concludes : 

“The uncertainties which continue to surround compensation for nationalisation, 
togetoer with the present Jack of growth in the U.K. industrial economy, makeit 
particularly difficult to forecast future-profitability. However, we are well placed to 
increase profits when industrial acti vityand particularly capital investment in U.K* 
accelerates and, in the meantime, woenjoy a strong competitive position in export 
markets.” 


Consolidated results for the year ended 
31st December 1977 



1977 

1976 | 


£’000 

rooo I 

Sales (Notel) 
Consolidated trading 

409,388 

424,234 rj 

profit (JVote 2) 

26,617 

26,777 g 

Investment income 

273 

221 §3 

Interest payable less 

26,890 

26,9 93 jj| 

receivable 

9,795 

9,595 |i 


before taxation 
.Share of profits of 
associated companies 

17,095 

17,403 | 

{Note 3) 

7366 

20.896 | 

Profit before taxation' 

25,061 

33,299 | 

Taxation 

11,013 

19,160 S 

Profit after taxation 
Minority shareholders’ 

14,048 

19,139 l 

interest 

Stockholders* profit 

133 

3.194 

ul 

before extraordinary items 12,655 

17.945 i* 

Extraordinary items 

(1,655) 

(2.376) gj 

Stockholders’ profit 

11,000 

*1 5,569 b 


O 


o 


Profit retained 
Earnings per £1 of 
Ordinary Stock before 
extraordinary ftem* 


4,675 


4,222 


6,325 11,347 


28.lp 40.2p 


rooo 

204,279 


NOTES £'000 

1 I n clu d es SfiipbolliEag sales 59,144 

2 In dudesShipbnildlag trading 

Profit 3,839 

3 1b ct odes share of profits of 

Bntu* Aircraft Corporation 
(Holdings) Waited 74W 

Copies of the Report and Accounts 1977 hare 
beenposted to Stockholders of die Company, 
The 1 1 lffi Aimual General Meeting ofYickers 
limited will be held on the 16th June 1978 
at Mill bank Tower, 

London SW1. 

VICKERS UMITED. 

VICKERS HOUSE. 

MILLBANK, 

LONDON SW1 P 4RA 






26 


THARSIS 

THE THARSIS SULPHUR & COPPER CO LTD 

The Annual General Meeting of rhe Company wiU be held on 
Thursday. 15th Jure. 1978 in the Hotel Lancaster, 7 rue de Bern. 
75 Paris Seme. The following Features are from the circulated 
statement of the Chairman. Mr. James C. Robertson. 

The official reply received in January. 1977 from the Spanish 
Ministry of Industry to your Company s proposal of July, 1975 gave 
two years to comply with the requirements of the Spanish Mining 
Law of 21st July. 1973. This two year period exptres at the end 
of January. 1979. During the course of 1977 preparatory work 
and preliminary negotiations with the authorities culminated in 
the presentation by our Spanish lawyers of an official document 
outlining our proposals and applying for the necessary tax exemp- 
tion on the transfer of the mining and industrial assets of your 
Company to its wholly owned Spanish subsidiary now called 
Compania Espanola de Minas de Tharsis S.A. \ formerly Minera 
Balboa. S.A.. " MIBASA "). This document is at present being 
studied by the various departments of the Spanish administration 
involved in such an operation and we expect rbar a final decision 
may be received in the course of the next few months. 

After taxation the profit for the year amounted to £690.552 com- 
pared with £608.822 in (976. The Spanish peseta was devalued 
by some 20 in July. 1977. This had an adverse effect on the 
trading results For che year. In spite of this devaluation the 
rc sufrs show an improvement on tne previous year due mainly 
to an increased sales tonnage and che effect af the reduction in 
the labour force of some 220 men referred to in my interim 
statement. The considerable increase in the cost of che remaining 
personnel was compensated by che increase in riie Spanish sales 
price granted in February. 1977. 

The mines produced satisfactorily during the year. A labour 
dispute which arose in the Autumn of 1977 was resolved by 
giving effccc from the beginning of November. 1977 to the wage 
increase previously agreed to be effective from January. 1978. The 
Company srrfi has imporranc itocfci of mineral available to meet 
any possible additional tonnage reauired bv the market. 

As 1 informed shareholders at che Annual General Meeting in June, 
1977 and in che circular dated 6th September. 1977. your Company 
now holds 24.65 > of the capital of AIPSA after the latest Increase 
of capital in April. 1977 in which Tharsis decided not to participate. 
Although the economic conditions presently prevailing have led to 
a slowing down of che project, we and our partners remain com- 
mitted to it as being in the long-term interests of both the 
Company and the pyrites industry in Spam. 

The sales of parcels of land in che 3rd zone continued during 1977 
and this zone is now practically all sold. The revenue from these 
sales has contributed an important part to the profit of the year. 
This completes the firsr scheme of development and further 
expenditure will now have to be made to develop new areas of 
our Corrales Estates, plans for which arc already prepared. 

As the economy of che European countries and specifically Spain 
is still depressed, it is difficult to forecast with any certainty 
future prospects. Nevertheless as far as Tharsis is concerned 
1 would like to outline some favourable features. 

A further increase of about 19* in internal sales price of pyrites, 
authorised with effect from 3 1st January. 1978 should help co 
offset the increase in the cost of wages as well as in the price of 
purchases and services and compensate for the decrease in the 
cinders price. 

Regarding sales ir is expected that we wilt at least maintain our 
1977 tonnage figures both to- national and export customers. 
During the first months of 1978 a trial cargo was delivened co 
Italy and there is a possibility of further sales to this market. 

For the year 1977 the Directors have paid an interim dividend of 
< pence per share inclusive of any tax credit or tax deduction and 
they now propose a final dividend of 6 pence per share inclusive 
of any tax credit or tax deduction. The payment of this dividend 
will be conditional upon obtaining permission from the Spanish 
Exchange Control authorities for the transfer of the necessary 
funds. 


Compensation delay puts 
Vickers spending at risk 


DELAYS IN the commencement 
of negotiations on compensation 
fnr shipbuilding and aircraft 
assets nationalised last year, 
followed by “ niggardly ” 
payments on account. have 
forced Vickers to increase borrow- 
ings and tire now putting its 
forward investment programme at 
risk. Lord Robens. the chairman, 
says in his annual statement. 

He says he always expected 
negotiations would be protracted, 
but never believed the commence- 
ment of discussions would be so 
long delayed nor that the 
payments on account would be 
so small. 

The company has received just 
over £3m. on account for its share 
of British Aircraft Corporation 
and intends accepting the £4m 
offered for its shipbuilding 
activities. 

Lord Robens says that partly 
in anticipation of fair compensa- 
tion the group has carried out a 
substantial reinvestment pro- 
gramme. totalling some £75m 
fince the nationalisation legisla- 
tion was announced. 

As well as investments made 
so far. future plans include 
redevelopment of its hydraulics 
business and provision of major 
new factories for printing plates 
at Leeds and Thctford. as well 
as continuing investment in new- 
machine tools at other plants. 


At December 31. 1977. loan 
borrowings were up from £63.7 lm 
to £7S.78m and bank overdrafts 
and sborl-term loans were ahead 
from £27.im to £31.22m- 

In 1977, with profits from its 
vested interests down £l3m to 
£ll.S3m, pre-tax profits dropped 
from £l8.3m to £25.06m. 

For the future, the chairman 
says that the uncertainties about 
compensation together with the 
lack of growth in the UK 
industrial economy make It 
particularly difficult to forecast 
future profitability. 

But he says Vickers is well 
placed to Increase profits when 
UK industrial activity — and 
particularly capital investment — 
accelerates. 

In the meantime the group 
enjoys a strong competitive 
position in export markets. 

In its engineering group the 
growth of its design and projects 
division has -been of particular 
significance with firm contracts 
up from the 1876 level of £10m. 
to £4Qm. now. 

A £10m. contract to supply and 
in5tai aero engine test facilities 
in China — ils second major con- 
tract there — is expected to lead to 
further opportunities Tor increas- 
ing nts business with China as the 
country's drive to greater 
industrial isation gains momentum. 

Overall the engineering group 


has begun 1978 with a much 
stronger order book than in 1977. 

Elsewhere, the completion of Its 
machine tool investment pro- 
gramme and an improving order 
book. Vickers Australia is belter 
placed for the future. 

In the offshore engineering 
group Josses became inevitable last 
year as demand fell back and com- 
petition -increased. 

But two major new develop- 
ments which directors hope wiH 
-provide bases for successful busi- 
nesses -in the future have been 
undertaken. Patents have been 
established and the group Is 

developing operating procedures 
for the underwater welding and 
well-head developments. Each of 
the developments calls for sub- 
stantial expenditure, which is 
being written off against profit 
as incurred, Lord Bo-ben says. 

At balance date -net current 
assets were £74.0Lm_ (XSS.TSm.) 
and fixed ass pits £123- 6 7m. 
(£130.69m.). 

Nationalised assets are shown 
at £67.6m.. and as it is not yet 
possible to determine the amount 
of compensation which will be 
-received, auditors have qualified 
group accounts on this point 

Meeting, Millbaok, SAW, June 
16 at noon. 

See Lex 


Financial Times Tuesday May 23 1978 

Duport first half hit 
by depressed demand 

k&xss 

the group Mr Eric Sayers, chair- was able to ^riU'SK fustaE? continued i -mStfS 
man of Duport, says that firet-half prices for eng! neetiti„ quality ou ^ , )n a „ reeoient ^ 
results are likely to fall well short steels in the home market. J»er k • for (he pr0{ jucuon under 
of those of the corresponding seas, where it sold aver \a per rej Burman range in 

period of 1977 but are expected cent of output, prices were /e>5 

to Improve in the second half. remunerative. . For the domestic division the 

In the year ended January SI, . .Reduced demand for tnc lower jj,. e tors sla t e that the effect of 
197S, group pre-tax profits feii "grades of scrap resulted in some reduction in retail sales of 
from £ 11 . 45m to £8.Q2m reflecting easing of buying prices but other s ^ curtain rail systems in the 
-lower steel and engineering costs .continued to rise and, in a first f,alf was accentuated by 
profits and a loss of £2Am (£0.74m weak market, these increases wjdesprea{ ] de-stocking toy -whole* 
profit) on the domestic side. The could not be fully reflected m ^ anrt retailers, 
current cost profit amounted to higher seUing prices. By tne ena Deman d for Sluraberland and 
£3 .58m after additional deprecla- of the year margins had con- V(jn0 bwls an d uphostered 
lion of £3B3m cost of sales adjust- traded .significantly, the directors furniture f e jj away sharply earir 
“* -r « i*«, gearing report. , , , . „ , n the year. • l *“~ 

In South Wales the sleelznaking 


meat of £l.fim, less 
adjustment £Q.99m. 


While there was 
the autumn. 


Encouraging start for BSG 


TIIE CURRENT year has started 
on a -high -note and internal 
figures for the first quarter are 
extremely encouraging, says Mr. 
Harry Cresi-man. chairman of 
BSG International, in his annual 
review. 

New vehicle sales are running 
in ithe region of £I.Cm. which is 
comparable to the record years 
of 1972 and 1873. 

This trend, together with 
increased spending power result- 
ing from the April Budget which 
must help consumer demand in 
ihe U.K., can only enhance pros- 
pects in 197S. 

As reported, pre-tax profit for 
J977 was a record £7.74m. 

£3.S9ml. Total net dividend is up 
from l.G250p .to 2.1323 p. After 
additional depreciation of £0.S6m., 
cost of tales of £241m and a 
£ 1.78m gearing adjustment, 
current cost -profit as shown at 
£6.25 m. 

Mr. Cressman says the enlarged 
car market and the greatly 
improved industrial relations, that 
appear to be developing in che 
motor industry will be beneficial 
to the company’s dealerships and 
motor component companies. 

The used car sales -market has 
been very healthy during the first 
quarter, and stocks, even with 
record sales of new cars, are 
below the normal level at this 
time of the year as the peak 
season for used vehicle sales 
approaches. 

Mr. Grossman says there is 
every indication that vehicle leas- 


Halifax Building Society 


FTwerf” * : rr* -. 

LSrj* • .. 

\ ■ <,7,v . ■ 


— ■■ W-. - -■ — *».*i**rw 


Points fromthe statement I.-?, 
bythe Chairman, 

Sir Raymond Potter, 
presented atthe 125th 
Annual GeneralMeeting 
on22ndMayl978. 



Progress during 1977 

At 3 [>t January J97S the* assets of the 
Halifax, were £6.51 W million having 
inere.i.Mxl by £ 1 .0°S million during the 
t jnaneial veur under review, yn increase of 
20.3'V. Receipts from investors and 
depositors (including interest credited i«> 
accounts and not \\ ithdrawn ) amounted to 
£2. U 3K.X million: \v ttlidrawals for the vear 
were n.N75.ti million, and the re.su/taiu net 
investment inflow i'l.Uto. 2 million. 

During the last J jnancial year over one 
million new investment accounts were 
opened together with 143.800 new mortgage 
accounts. An average of 3,787 new accounts 
was opened each working day and at 
3 1st January 197S the total number of open 
accounts exceeded 5,S00,0UU. 

Investment Experience 

The net invest incur inflow' into the 
Society during 1^7? off 1.065.2 million 

represented a substantial improvement on 
the inflow figures for the prev ious year. 

This is most satisfactory especially vv hen 
looked at against the general fall in interest 
raies w jiieh was a significant feature ot the 
vear. Although these reductions have taken 
place the return offered to investors has 
continued to be extreme] y competitive when 
compared w itb other forms of investment 
within die personal sav ings secret This is 
particularly so when one considers 
whal I call the package deal of a Halifax 
investment, namely ease of access, 
maximum security and the minimum 
of formality. 

As I have slated before, what will do 
most to help investors protect their savings is 
a continued reduction in the level of tlie rale 
of inflation. 

Mortgage Lending 

The Society advanced on mortgage 
£1.327.8 million.* of which £58 million was 
lent to existing borrowers for home 
improvements. Of equal significance was the 


fact that this record sum was distributed 
between a record number of borrowers. 

The following figures may also be 
ofintcrest:- 

22.8% of mortgages granted during the 
year were to people 25 years of age orunder. 

47. 1 *ii of the number of mortgages were 
to first-iime borrowers. 

49v, i of all mortgages went to people 
v\ ilh incomes of £4.000 nr below. 

2S'. , .» of loans were on properties built 
before 1919. 

The frequent changes in interest rales 
last year meant that the cost of mortgages for 
our existing borrowers was reducedfrom 
12i% to the present level of I would 
hope that this refutes the claim often made 
that we are slow to reduce the mortgage rate, 
although I would add that to have introduced 
changes more frequently than we in fact did 
would probably have meant that ouclending 
programme would not have been as 
successful as it was. 

Administration 

The rea <rd performance we have 
achieved is not something which happens 
merely because ol our size but because wo 
offer the sort of service which is only 
possible when all those associated with the 
organisation tackle their duties in such an 
exemplary manner I extend to them ail my 
most sincere appreciation. 


HALIFAX 

BUILDING SOCIETY 

Member of The Building Societies Association 


ing will continue to be oC growing 
importance. The requirement for 
vehicles on lease or contract hire 
vu further enhanced in June 
1977 with 'the removal of the 
Contract of Hiring Order of 
December 1973 for vehicles used 
for business puiposes. 

On ihe continent vehicle pro- 
duction is running ahead of last 
.vear, and the industrial climate 
in France « looking better since 
the elect ion there.' Te saj« legis- 
ts Dion on compulsory Ailing- 
rear .seat bolts and high intensity 
rear fog lights wiU be bonefic-ial 
to the company. 

Ail its European companies 
should produce improved results 
thus year. 

Hr. Gressman says >the indus- 
trial fastener and bright drawn 
steel companies are performing 
better in the ftrat’<*uarier “and 
we firmly believe this trend will 
continue.” Even its loss mailer, 
Hostess, is back in the black. 

First quarter performance by 
L. A, Rumboid, aircraft .seating 
and interior ftinBShing, shows a 
considerable -improvement over 
Last year. And he adds ihat over- 
seas the company is making every 
endeavour to enlarge its foot- 
holds or open new markets with 
direct or licence agreements. 

At balance date fixed asserts 
were £22H7m. (£22£nU and net 
current assets £9.64m. < 0.37m.). 
Net Iiqfuid funds increased by 
£2.26m. (£138.000 decrease) in the 
year. 

Meeting, Savoy Holed, WC, June 
15 at noon . 

Sun Alliance 
unit linked 
success 

Sun AUfance Insurance Group 
reports a successful operation of 
its unit-linked life subsidiary 
which was launched tow-ards the 
end. of last year. The funds 
under-management are already in 
excess of Cm in less than six 
months of operation. 

The company reports that the 
market for single-premium linked 
lift business has been expanding 
rapidly, and attributes this 
growth to the realisation by 
investors that they need pro- 


fessional management of their 
assets If they are to maintain the 
real value of tbeir investments. 
Single premium bonds offer pro- 
fessional management with im- 
portant tax advantages and 
administrative simplicity. 

The company offers six funds 
into which investment can be 
linked and over the past few 
month-? has found that investment 
is being concentrated into two 
funds — the Property and the 
International. Support for tbe 
Tatter reflects the current general 
interest in the American market 
This fund has an excellent track 
record reflecting the joint Invest- 
ment expertise of its own and its 
American advisers. 


40 companies 


Ijostment £Q.99m. In south Wales the sleeimaKin 0 sonIC recovery in the autumn 

During the year expenditure on plant continued to contribute demam i a tui fell far below 
fixed assets amounted to £l3.3iSm significantly to earnings ana capac jy. As a result factories 
—steel £L0.56m, engineering improved on ils performance ot Wor ked y,e 1 ! below acceptable 
£ i.5lm. domestic products £1.06m, the previous year. levels and steps have been taken 

general £80,000, and miscellaneous Demand for the high alloy and l0 reduce production facilitiM. 
£163,000. There were also out-, stainless steels produced by Swift a group statement of funds 
standing contracts valued at Levick was low. Depressed market shows that there was a net inflow 
£2.5m at January 31 and in conditions resulted In losses and. or ci)S ti ol £l.3Siu during the 
addition the directors had while cost savings have been ymu - i The operations of the 
authorised the further expendi- achieved and further rationalisa- group yielded a flo"' or £12.Sm. 
ture of £7.5m at that date rnclud- ^on is planned, satisfactory The proceeds of the sale of 
ing £L4m and £6.3m respectively returns will not accrue until Ewarts amounted to £2.7Gm which, 
for the new steelmaking facilities demand improves. together with £2.4 Pm in respect 

in South Wales. On the engineering side require- a f‘ shares issued for conversion 

In their review of operations ments of the agricultural tractor of loan stock and the drawing oE 
the directors explain that the and commercial vehicle manu- the £-"»m Midland Bank .Joan 
world- wide recession in the sieel f a cturers provided a consistently facility, provided louil luoas or 
demand continued throughout strong order load but demand £23.07m. Th ^,, 

1977. Demand on Duporfs steel from the general engineering amounted to I21.i3B.ww ana tne 
units was again low with industry was more variable net inflow represents an increase 
deliveries only marginally higher though some improvement was of £1.294,000 in amount held on 
than in 1976-77. Over the year evident in the second half. deposit J»nd' current 

plants operated at only 75 per Duport Foundries had an a reduction in bank overaraits ol 

cent of the level reached in the excellent year and high levels of £39 ; 0Oo. h 

last peak demand year of 1974-75. Q U rput were maintained. Meeting. Eirnun 0 ham, J unB 14 » 

This under-utilisation of Demand for B-urman’s heavy at pm. 

Receiver for Welsh shipyard 


BY LYNTON McLAIN, INDUSTRIAL STAFF 


wound up 


ACUTE CASH flow problems have 
forced the Hancock Shipbuilding 
Company (Pembroke), the only 
shipyard in Wales, to appoint a 
Receiver. 

The company is controlled by 
Mr. Peter Hancock and has a 20 
per cent share in the Celtic Haven 
Group, a public quoted company 
with a turnover last year of 
£1.85m and a profit before tax of 
£101,068, compared with a £61,698 
loss in 1976. Mr. Hancock .is 
managing director of both 
companies. 

He said last night that the 
problems at Hancock Shipbuilding 
would not affect Celtic Haven 


which has interests in farmint 7 
and in servicing oil exploration 
in the Celtic isea. 

But last >' car. Celtic Haven 
announced plans to merge its 
Barn Lake marine engineering 
subsidiary with Hancock Ship- 
building. Both companies were 
then making cargo barges. The 
merger plan has now been 
abandoned. 

Hancock has orders wortb £4m 
for three cargo ships. One was 
to have been delivered to an Irish 
company. Coal Distributors, 
Dublin, later this year. The hulls 
of the other two are being manu- 
factured for the Norwegian Paa! 


company under sub-contract to 
the nationalised Robb Caledon 
Shipbuilders of Leith, Scotland. 

Mr. Hancock said that it would 
probably be up to the customers 
to get their ships completed. He 
was not optimistic about a rescue 
operation for the shipyard. 

The company employs 150 
workers and some may be found 
alternative work. The receiver, 
Mr. John Gaston, of Dixon. Wilson 
and Co., is expected to make a 
statement about the prospects for 
the company before the end of 
the week. 

But Mr. Hancock said it was 
unlikely that the company could 
continue. 


Orders for the compulsory wind- 
ing: up of 40 companies were made 
by Mr. Justice Oliver in the High 
Court yesterday. They were: — 

R. and R- T. Baldock. Orchid 
Development Mapesbury Lodge. 
B.C. Improvements (Enfield) 
Company, Torqueu-on, Doctors 
Financial Advisers. Planaway. 
Sheerness Development and 
Property Company, Baffin Invest- 
ments. 

Hotel Majestic (Scarborough), 
Pegasus Repairs (Alvaston). 
Porterfield Holdings, Castle 
Upholstery, Roberts and Coyle, 

R. Sbenstone (Decorators), W. J. 
Cottis, Veba Investments. G.RP. 
(Civil Engineering!. 

J.C. Plastics, J.C. Cowley 
Technical Services, Lemonfield, 
Marchmeadow, Roxford, E. W. 
Harwood (Builders). K. E. Part- 
ridge (Northampton), Knights- 
bridge Ceramics, Generation Gap 
Records. Worksop Sound Centre, 

S. E.D. Television. 

Danniscult Builders, Heard and 
Stevens, Basingstoke Swimming 
Pools, Clew’s (Hers ham). Polish 
Meat Products. Countfleld. T.MJS. 
(Commercials), Allkam. Willesdcn 
Plant Hire. Tweedwitch (incor- 
porated 1973). Tweedwiteh (in- 
corporated 1974). 

Compulsory winding up orders 
made on Mav 13 against T and M 
Builders (Eltham) and Cannon- 
quest were rescinded. Both 
petitions were dismissed. 


COMPANY NEWS IN BRIEF 

ALLEBOHTE AND SONS (AuCwvarfor £31, -TVS tuiJt and authorised but not 
makers and retailers*— Results for 1377 conrraciul for £38.000 mil). Tanaic; win 
rupoRud April C9. uroiip Bated assets and Co hare asre-'d to stand dotra as 
Ei.jTm i£i.94m<, current aswu £2-92m total auditor enabling appointment at 
iC.ssmi, current liabilities £ 2 .Cm Messrs Buzzacou and Co as sole aodilor. 
lEZ^Umi. Year end bank orcrdraXts up Chairman says Incruaaed sales coupled 
at Sl.iwm iIUTini. Chairman says an with rising proBrs or new optical acqul- 
Jmrvascd Level of production is now strums should benefit croup from this 
being obtain -_-il at both factories and. rear onwards. Meeong, Mandevllle Place, 
Kllft a lull orr/i-r book, orosvccis for tv. June S at noon, 
lum-ot rear look enoiurastnc. Meetms, CIEVES CROUP— Results for rear to 

Ki't'rnnp, June 9. noon. January 31. tWs reported Mar 13. F fired 

SMITH ST. AUBYN AND CO. (HOLD- ansris £3. 68 m iqJ^ui, net current assets 
1NCS) i discount bouse i— Results rear to rt.ilm tustni. Bank i-rerdrans Elm 
April 5. tHTs. reponed April 27. _ Bills iX4.9m). Working capital increased by 
discounted. less rebate. fl ei?“ ni rD.Mm ifi.OSrai. Chairman says present 
i£33-UHiui: nvnoiiahle CCDs iSAJi-an or bank borrow naa is well wlthm 

■n 9 mh»: cllu 191.03m <£a0^4ntl, loans group facilities and cash positions for 
EJlu.Tjm lUL-O.^Jnii I’hairman says ihe encr.-nr year do not cause >.oncern. Meet- 
Ummu and uncertain results of impending K r 0 l m- S Uoiel. W. June fc, noon. 

Cik'iiifal ElctUon viU for ntrvoin nURdkM AND PEArnne 

UTarfcL-is— A-omliimns which Carr y wh^losalcrs'— HhsuUs fur 1977 

* with fun preliminary 

earnm.i far the <.omno'iv. UceOU. "“"l statement. Fixed assets £S.39m. i IS. 3 Im.>. 
Liuii Court. EJT 3. Jutie Nol current asset* CT.Wm. ■U.tSm.i In. 

L K INDUSTRIAL INVESTMENTS-- ,. rBase {„ ca ^| 3nt j sfa, r |.tnrui depnslts 
Results lor the year I'TT renortcd.-'pr , l £3*1, n >£D.Wnii. MectlD.:. Richmond, on 
tiroup I lied CjWJirtO ir.i 0 j. 6 l»i. j une w at jjjg aJ0 

Net currenl as-V.-ie Jlw.MM ,£3l.»10l At britiSH-BORNEO PETROLEUM SYN- 
^BI li; DICATE — Results far year 10 Mar<± JI. 
T ■KSoi? WT »- already known. On and tnw coocoa- 

n^i.s.. 1 ’™,^ slor,s Jt ^ (U70.I7B i nil,, fnicstmem* 

S^nnnn - ' Kt ' nui,v ' vn Boal1 * SE * Jul,e listed m UR— at or under cost— £>.9ftn 

ELBAR " INDUSTRIAL .dl«MbUlor Of St* 

tfi an,. I 1 M.KD II3384I3,. Mectjnfi: Windiesier 

niEm Ho>«w. EC. on June W. at noon. 

ifs.asmi. enrront Labilities £ti.uani burrells and ca_Re«uti): ropier; 

Nol current assets £1.7$m 

|nAS down Il.Oliti fnp £200.402*. luHrtaio Alccima Cr^nr Pastern Hate! 

holding company TanganylSa Concessions r7 2, lfTii S Eastern Hotel, 

B - AMD I- 'NATHAN 1 furniture manu- 
J bener reflect coaromTa P«^nt f 3 CtU reri-ResuHs for 1 B“ repotted 
3 -:Uriftcs. Ch Jirntan sm Bni Uuarier Apptf , 9 Flxe „ assc(i n 29nl ^.anu, 
of 1978 had Us difficulties . Ml .‘ ca ” net current assets I3iC.MI <07,633'. 

,. ba 4 Weather. BJJkfclpJiUy m Working capital Increased by £2 so. 83 1 
ScoUand. lie expects overall tcamu nr Meeting. Great Easiern Uotcl, 

current year at least as good as 19... E C-i Jllnc 7 . a| nnun _ 

M. 'cuiic. iJianored insurance Instlinte. M . F _ NORTH « hotels >— Result* (nr 
E 9- W77 already known. Group itsed b^h-is 

LONDON PRUDENTIAL INVESTMENT ^ ;g m I [iJm,. not current liahilitie.-, 
TRUST— Total cross revenue EKW.SbS £uoJ «2 i£i«.l54i. Xet llouid lund; ln- 
< KMT. Me i lor soar to April 30. M»S. c-rea.%ed RSJSt ’UT-HS dccrearei Man- 
Retennc before tax £263.aM* icn.mii , nj , > rinalott Cuuri Hotel. S.W.. June 3Q. 
nftcr unal exm njvs and inlorwt H 6 T79 al ^30 p_ m . 

(£4l.9-t7i. Tax M1.793 ,£75J«Si. Earning prince OF WALES HOTELS— Results 
n~r sharf >7p i;. 4 U». Asseis _P"-r f or 1577 aJrrjdy known. FLtc-d assets 
orJliurv shatv PKp iTA.apl- Ji,llal ‘■•'P El.f.Tm iC.lfini'. net current lidbiUtles 
making lutal J.5Sp <2.ipi, an Increase or jstw.iw il»7.M7.. Bank uwrdraRs 
1S.7 per edit. nSS.Fji (£<TC».»»>. Liquid funds ln- 

DELS 0 H 1 nut and boll manufaauror creased by £T.l.ni5 II46I6.7 dr-crea set. 
anil ilistnbuWr i— Turnover far six months chairman conMcnt that upward (rend 
to January 31. 197?. i’i.aK.fiTS « £2.364.5*1- •- will eonUnuc in current year. Meeting. 
Profit < (4.999,. no tax 'sonte>. suoihpors. June 9 at noon. 

Company’s monthly figures show en course- SILHOUETTE (LONDON) 'foundation 
ing *t£B. should this trend continue garments, swimivrar etc.- — Result* for 
anitblpaird Lhar profits for (all ycae will 1577 already known. Fixed assets 11.67m 
be m excr-ss of £75 000 t£ 33 . 0 Mi. t£l.S7m’,. nc! corrvnt assets £2j7m 

EDINBURGH INVESTMENT TRUST— I'E.WmV Working capital decreased by 
Resttlis for year to March 31. MTS. re- 09.4W (£271.019 increase!. First quarter 
ported -April 11 . Quoted investments in sales about 15 per cent up. bat group snll 
U.K. £39.3410 1 EaJ.b-iat abroad £2l.43m working betow capacity. Meet In;, S4. 

naquoted S 2 . 7 m (£ 2 rfkni nod Baker street, w. Juno 10 at 3 pm. 
taSwldlaTles a.om mm.- l. Net current ATLAS ELECTRIC AND GENERAL 
assets £l.4tm iC.iimi. McvUng. Edla- TRU5T— Results 7 ear ended March 31. 
burjh. June 12 . r.-JJii pan- 19TS. already reported. Dlreaor* coni- 

J. E. ENGLAND AND SONS fldent that Increased dividend can be 
(WELLINGTON)— Potato, sra'h prl> " maintained. Investments £33, 33m 

duif merchants. CroUP asseis i£S6.37mi— unrealised appreciation £53 S3m 

£ 1.23m tPl.s-.nii. Md cprriHit zsseis ir42.33mi. Mvoung Winchester TTouse EC. 
£439.676 i£545.rin. Decrease In worklnz June » at p.m. 
capital £37h..‘>44 if7N.452 Ipcreav.-i. Meet- j. b. HOLDINGS Ccivil engineers .and 
lmt. T'fUord. Sbrondure, on June 9 at construction)-^ RMfllltfi (or 1977 reported 
J .30 nnl. May 12 . ‘Troup filed assets tt.BTm 

CLEMENT CLARKE (HOLDINGS, iCl.fiTtni. Ni*i curreni asscis £5. arm 
invvstmrnt hnldlnr coi.— Results for 1977 ir4.u4oi>. Mceilns. Oiarlns Cross Hotel, 
already known. Following recent vilua- WC. un June 18 at noon. 
i.on, direetorj are of new that prapena-s hutchinSQH (publishers' — Results 
have valuation i.-orunaerubiv in excess of 1977 already reportod. Creop Used asoefa 
tuiolf value and preluninarf reporis indi- JU.lISm ‘il.kTin’. Net current assets 
cate that value wiu bo in reston ol i-tn. ESfim tn.GSmi. 

N. -l current asavu l£374.4SD«. CITY AND COMMERCIAL INVEST- 

Cash and bank balances down by WENT TRUST— Net asset value per 
"•jn.i'S 'up iw.ns,. Future cupiial capital share as al Apnl " 0 . 1S73 lMlp 
spetidimt vontracied far but POL provided tlStp as at January 51, i97Si. 


MONEY MARKET 


Very nervous conditions 

Bonk of England Minimum showed great reluctance to buy to relieve the shortage. The Bank 
Lending Rate 9 per cent any paper, quoting very wide of England gave a very large 
(since May 13, 1978) . rates between buying and selling, amount of assistance by buying 

Expectations of an Imminent and it can be assumed that the a very large amount of Treasury 
monetary package from the houses are only holding very bills from the discount houses 
authorities led to a further bout short-term investments, as a and a small number of local 
of very nervous trading in the guard against higher interest authority bills. 

London money market yesterday, rates. . Banks brought forward run- 

Fears in the market included- a Their buying rates for three- down balances, there was a net 
call on special deposits, reintro- month Treasury bills were take-up of Treasury bills to 

duction of “ corset” controls on per cent, pointing towards a rise finance, and the market was also 
banks’ interest bearing eligible oF J per cent to 9) per cent in faced with a rise In the note circu- 
liabUities, and a further sharp MLR this week, but this was more lation. On the other hand Govem- 
rise in Bank of England Minimum an indication of the defensive ment disbursements slightly 
Lending Rate. attitude adopted by the bouses, exceeded revenue payments to the 

The market was so uncertain rather than a suggestion of tbe Exchequer, 
that no firm suggestion could be probable level of MLR. Discount houses paid 6-8 per 

made for the future level of MLR, Day-to-day credit was in’ short cent for secured call loans, while 
but anything under 10 per cent supply, and under these condi- interbank overnight rates touched 
was generally considered to be tions the houses were happy to 9-9i per cent, but dosed at 6J-7 
unrealistic. Discount houses sell bills to the Bank of England per cent 


W«r22 

1978 


Steriinjr 
Ortlftrato 
«f tfuposiu 


Overnight 1 

2 (lavs untk-o.J 

7 da.v< or [ 

7 ilayn no, Ice.. j 
One month..... 
Two niontlii... 
Three ninutli*. 
rti-v mi tilth*... 
Nine montha. 

One year. 

Two yean 


•A-W ■ 

91- -9U 
93*-9is 
IOL 9 9>e 
104 9.'b 
10ti-9v* 


Inlet-tank 


frttl 

Authority 

•Iepn*tl5 


I Urea I Ahtlu 

necotiflble 

hondtt 


61- -94 


84-9 

9- 9,v. . 
94-95i) 
95B-978 
9Vfl-lOi 4 
97 b-104 

10- 1040 


8 5s -873 

8V91« 

9-94 
91- 9»s ■ 

97 a O.O 

104-11 


Flnuni'e 

Hnure 

Uepoaita 


B5b-9 

9XB-95D 

97*. 9 SB 

97*-^S8- 

978-94$ 

1D-01 B 


8 '1 -9 4 
94-91- 
9S 8 97r 

10101a 

IOAb-UUz 

£05* 

lCSs 


i Discount 
Company -j .nuu-Let 
De|i.«it* ! Jei<wlt 


84 


9 

9* 


6-8 


! 7lj-8 
t ai«-84 
* 03B 

8 4-8 5a 


Treasury 
Billi 4 


Eligible 
Bank 
BUI* 4 


§■? 

8fr§6e 




fig-® r? 
9-9 la 
9.; -9 la 
97s- ID 


Pine Trade 
Bills* 


9,J 

9*4 

10 

104 


Local an thorn ics and finance houses seven days’ notice, others seven days’ Heed. Long-term local authority mortgage rate 
nominally three years Lt: per cent: four years til per cent: five years L5j per cent. ® Bank bill rates in table are baring 
rates for prime paper. Buying rates for four-momli bank bills 91-S! per cent; four-month trade bills 10i per cent. 

Approximate selling rales for one-month Treasury bills 83|s per coni: two-momb 85|6 per cent: and Uiree-tnomh Sfis 
per cent. Approximate selling rate for onc-mooth bank bills 8 1 * 16 -SUk per coot: and Iwo-montb 8i3i6 per cent: and ihrec- 
momh M-SJjs per com. One-month trade bills 9i per cent; two-month 91 per cent; and also three-month 91 per cent. 

Finance House Base Rales 'published by the Finance Rouses Association, 74 per cent from May 1. 1978. Clearing Bank 
Deposit Rales 'for small sums at seven days’ noticc'j « -per ceaL Clearing Banks Base Rates (or lending 9 per cent- Treasury 
Bills: Average tender, rates of discount a. 4524. 


Automated Security(Holdings) limited 

Principal subsidiaries: Modem Automatic Alarms Limited, Brocks Alarms Limited 

Four Years of Progress 


The UK's largest operator of , 
security alarms— specialists / Turnover Up 159Z 
in design, manufacture and /£,ooo 
instaliation of security and 7 
fire detection systems 



, Copies of the Annual Repo 
, . >. - ■> ’TTafflFHtv-ijitjsag B / ^ Accour ’i 3 for the year endf 
T5n ws ■ok tst?/ 30 ih November 1 977 can be 
r obtained from Automated Sscui 
(Holdings) Limired, 25/28 Hampi 
High Screet, London NW 3 1 QA. 








> ard 




v 


* 5 Tfrtff 


financial. Times Tuesdav Mav 23 197 & 



£7 


Loans agreement helps 
new Afton mine 


BY PAUL CHEESEftIGHT 

fllfienHv ^ut^nert !T" n U •‘flpr it was first introduced. Dr. N. B. per cent interest in Aftoc tiirough 
rnpnor U ew * s i K ** vil - Afton president, said. Jso Mines. 

tJEmhin Min« BrJ hS 'J’t po , len I ial ?"** “ ^ terest Is ° would own 45 per cent or 

announced a linin cjaf re?ru Cf «r 2E B-nU thcsm&ie biggest cost Afton and Teck holds 65 per cent 
in ' whir-h u-.i » L estructur " saving available to the company 0 f Iso. 

"nt or t- V iL? J 1 the equ, 'L' *** will add to Its profitability. 

L , nt *•* cents «t\ every pound T h* i. *1 


2! :»PPer «;'produ^ s -durinrt^ JS*££"J? * cMeVed - by ** 


lirsl year of operation. 


conversion of loan 
. „ . worth S75m t£3T.3ra) 

,JT^°^ nin = &r vhe ne ' v- mine Bank- of Montreal 
in me lirsr viove 


was defiantly Canadian Imperial 


financing 
from the 
and the 
Bank of 


STEADY RISE IN 
GOLD OUTPUT 


e prevailing trend in the Commerce to SSOra-worth of float- rose 


South African gold production 


in April for the fifth 


ducuo , n I ' 0ri "^*”-- ill ^ try ~ ^ ere ^ r0 " , * n5 rote income debentures. successive month, the latest 


closures t • mine But the reorganisation goes statistics from the Chamber of 

D ‘ e frequent. further. Afton is to transfer half Mines revealed. After four 
But A-Tinn se-Ms its blister of its assets and liabilities to months, output this year is 

ci'PPfrr imput under a long-term Teck Corporation, in exchange for running 278.153 ounces ahead of 

to two li.K. groups, the 50 per cent equity held by me. cumulative total over the same 

Delta Metal. On the Teck. The idea of the exchange is ** e n °f 1077 at 7,472Bai ounces. 


cun tract 
B1CC and 


assumption that the price received 
reflects London Metal Exchange 
values. Alum has been forced to 
find ways vf reducing cost*. 

n>o effect of the financial re- 
st rue; twins; is to lower interest 


to give 
security. 


UJ UJC MkU-u, 6 t IS - n 

the bankers stronger ■... ut output 


in 1977 was 
abnormally low. A combination 

wil, BUI continue J?w2f^dS!£?for“ jSJ!” 
on a jmm basis between Teck April production for all the gold 
and Alton, however, and other ra i nes wu i v «3S t 8S6 ounces, an 
rtL a r.p fl . ■ * v ,,vi shareholdings wJU not be affected, increase o£ 52.626 ounces over 

by W - 9t r a y ear - The After the changes have been March. In ApriLlOT? output was 
J on *K J oans will fall made— and this depends on the 1^62,379 ounces. The last time 

- P^ r cent TinTPPm^nt nf the* rhQMhnlrfbrc tho» ... nA 


n«, P f r i Ccnt . . agreement of the shareholders — that more than 2m. ounces was 

in ueunnber, when the scheme Teck will retain an Indirect 30 produced was in September, 1977. 


McIntyre wants to diversify 


M.-1NTVRE 


MINES, the Toronto profits were C$10 Jm. f 15. 02m.), centrating on the exploration of 
«roup best known for its Smoky compared with C86.5m. in the gold properties in Western 
Kuer coal operation in .Alberta, first three months of last year. Australia, the annual report said, 
continues to lose money on a Earlier this month Dome in its report for the 1978 first 
consolidated net income basis but .estimated that the flrstquarter quarter the company announced 
lv2? , !« d «JJ 0,,llve t ' ash _2 ow ! ar0, "Hs would be C$11. 5m. For that it would not be proceeding 
^ < * uar, <* r - first time these figures con- wJOl development of the Whim 

John Soganlch from Toronto. tain a contribution from Canadian 


development 

"fhVsr-tai'^TfS; uku. TSn^in'ss^iTwS-D^; itsksTbS 

Kw “inis “i saatfS 5 T-^“ 


oxide 


BIDS AND DEALS 


Carding suspended on 
merger talks 


BY CHRISTINE MO|R 


SHARES of Carding Group, the £209,640 ordinary shares taken at volved the purchased of the U.S 
Wolverhampton - based British £1191 p per share. agency Richard K. Man off ami the 

Leyland motor distributor, were Reoiacrate provides a service one-for-one rights issue, has led 
suspended yesterday because connected with office removals. to further changes in the major 


talks were in progress which 
might lead to a bid for the com- 
pany. 

The suspension price of 20p a 
share values Carding at £L6m. 

In the Stock Market yesterday 
T. Cowie. the Sunderland motor 
dealer and finance group, was 
considered the most likely bidder. 


Cooper Inds. 
sells steel 


Emray having 
reorganisation 
discussions 


Fnlconbridse. the second largest from the increase in firstrquarter 
of the Canadian nickel producers, earnings estimated by Campbell 


going through a lean period 
bccaurc of depression on the 
internal innal metal markets. 

The positive cash llow in the 
Mince month.-, to March was C$5ra 
i£i.4Sm). compared with C$3.4m 
in the *anie period of 1977, and 
the uroup is continuing to pay a 
rrsular quarterly dividend of 25 
cent.-, 1 U.4p). 

Mdntjrc is seeking to lessen 
ii> dependence on Smoky River 
and is engaged in exploration 
programme:, seeking gold, silver, 
tungsten. molybdenum. tin, 
asbestos and copper. With joint 
venture partners it is expecting 
this year to pay out more than 
the C$7.Hm spent on exploration 
last year. 

The group noted that the 
capital i«i*t of putting precious 
metals, tin and tungsten proper 


Red Lake Mines at C$3.66m. 
against C$2. 56m. over tbe same 
period of 1977. 

Sigma Mines {Quebec) is 63 per 
cent, owned by Dome and during 


PROFITS CLIMB 
AT THARSIS 


shareholdings in the company. 

Yesterday It was learnt that 
C unjoins bam and Walsh, the 
major U.S. agency, has sold its 
stake In Geers to a group of in 
stitutions. Cunningham used to 
61*1*9 Tl* PfimrtQnv have 12 per cent of the shares: 

but did not take up its rights in 

The steel maker and engineer January, so the sale yesterday 

A year ago it made an unsuc- Cooper Industries has sold its would have involved 6 per cent 
eessful attempt for Colmore 1 c - c - of 0,15 e S“ ity - 

zssssstzs* jasa 

In his chairman’s statement in “yMteria? Jlr^john Conner 

one of ** d ' rectors - explained 
sa -Vr « e pobcy . ot es P an s i . on that both partners believed that 
will continue, with prospective g capacity at the mini mill was 

acquisitions being constantly t0 substantially it would 

e ^P» Ior ?? 1 , , need to control its own scrap Shares of Emray. the overseas 

Mr. Cowie was unavailable for supplies. Both Cooper and Lloyd trader operating In Zambia, were 

comment yesterday and the com- ^ future buy scrap from suspended at the company - .-- 
pany secretary, Mr. F. T. Billing- c. C. Cooper which is to be a request yesterday as the Board 

ham, declined to discuss tbe wholly-owned subsidiary of the is in talks which may lead to a 

raatter. nmj organisation. “major reorganisation." 

At Carding. Mr. Pat Carding, a Lloyd Cooper is paying £800,000 Mr. D. J. Eldridge, chairman 
director, also offered “no com- in cash for assets of £863.104 as said yesterday that a further 

ment” when asked whether the at the last balance sheet date announcement would be made as 

group had been having discus- (April 30, 1977). At that time soon as possible. He declined to 

sions with Cowie. C. C. Cooper made pre-tax profits comment on a rumour that Mr. 

Nor would Mr- Carding discuss of just over £{m but since then Lionel Altman is buying a stake 

the key 34 per cent stake in profits have been, wiped out and together with some - associates 

Carding held by John Stait and the deal with Lloyd Cooper allows But he did mention Emray's 

family. He refused to say whether for a decrease in the price equal difficulty in expanding in its 

it had been sold recently. By to the “ trading loss for the year current condition, 
contrast the directors hold 13 per to April 30, 1978." It has not yet paid a dividend 

cent of the equity. the meantime, output at the and in the interim report the 

Mr. Stall acquired his holding mJni been stepped up in company said its busrscss w.: 

- recent months and is now running “continuing to be affected by 

8a-9Q per cent, of import licence, price control an 
per cent, higher exchange control restriction^ in 
„ - Margins are force in Zambia.” Pre-tax profits 

excellent," according to Mr. in 19 7 6 we re £378 000 
Cooper. 

_ _ ASSOCIATES DEAL 

PEE RS GROSS Last Friday. Rowe and Pitman. 

STAKE SOLD Hurst-Brown bought 1,000 LinTood 

dis- 


DOME EARNINGS 
MOVE UPWARDS 


Alrhivu-rii failing lo reach its 
t'ublnMNwl estimate, Dome Mines, 
1 In.- G, 1*1,1. Tfan -4 old and tungsten 

•■ri'juii. h:i< achieved 
m 1 :17s Hi-: -quarter cumin 


Carding itself already had some 
important property investments 
by way of offices linked to its 
garages. The comramy’s name 
was changed to Stait Carding. 

In 1974, however, the crash in 

* D ° me Md duri -g Z g^r?„°^^-. a " d 4 s n^°r Tbe more, at adverts HoldinK .t lS2p for . 

the first quarter its net earnings Sulphur and Copper last year the £L3m . _ profits expected from . Geers Gross which in- cretionary investment client, 

were CSSBO.OOO compared with increased net profit to £fi90,M2 

Twfta' IS . from “**“ ta 1976 SlTUVd““o°“io,! 7 or&M0 SHARE STAKES 

and of that 10 cents is estimated A*°°umcinf this yesterday the md (he > Automotive Products - The General Trust and its subsidiaries 

equity in Dome Petroleum. company declared a final dividend “*"*» d by Emmott Foundation has have sold 25.000 income shares, 

Sigma and Campbell Red Lake £ gross, making a total for and Mies purchased a further 25,000 Holding now 308.463 (8.7 per 

shared in the recent purchase by the year of 10p. But the payment in Sd last ordinary shares. Three of the cent). 

Dome of a 10a per cent stake in is conditional on receiving l n , .£:* X U L f f? i-irSn directors of the Foundation— Mr. Warner Hobdays — Joint deal- 

Dentson Mines, the major energy exchange control approvals from iike r i^ nc , ^n nrmmd re'^^ rnr J- Emmott. Mr. M. Keeble and ings by directors are reported as 

P- ^ Spanish Government jfaSh 19™ ' Mr- E- <3- Barren- are also direc- follows: E. H. S. Warner, H. E. A. 

Dividend payments for 1977 are At the interim stage. Carding lors Automotive. Warner and J. O- C. Warner on 

DAlTIVn-ITP the first smce I97fl - TTiarsis reported pre-tax profits of Strong and Fisher (Holdings)— May 5 sold 5.000 “A M ordinary at 

nuunu ur onerates pyrites mines In the £343.000. Trading profits were As at May 8 the TTC Pension Slip and bought 5,000 ordinary 

No dividend will be paid by Spanish province of Huelva. £428,000 of which 52 per cent Trust jointly with the ITC Pension at 33{p; on May 12 sold 10,000 “A” 

Southland Mining for 1977, the <s u \ Pe inr-r*ac»8 v * ar arose from the motor division Investments were interested in ordinary at 37|p and bought 

directors stated in the annual thic h s , ' ^7 u SS, a and 39 per cent, came from S75.000 ordinary shares. 10.000 ordinary at S9tp. 

report. The Sydney-based com- «***,* SE SflwSl “ “h- Property investment The com- phnip HOI Investment Trust— Globe and Phoenix Gold Mining 

s interest —African Lakes Corporation now 
ner cent) h o ,ds 7.56 per cent. 

Grovehell Group — PMA Hold 

Idris Hydraulic Tin-— Pengkalen Sg J* fftl rm) preference 
holds 85,000 shares (6.64 per cent) Atlantic Awte Trost — Mr 
having disposed of 10.000. j. oSf Ga^il director, pur- 

^ Metalrax (Holdings)— The ITC chased as a trustee 15,490 shares 
Pension Trust jointly with the thereby increasing trustee holding 
ITC Pennon Investments hold to 202,556. 


productlun”""^ as "'low P?n.v retiSld^ oSmSw S^of^e^^pS^g’july E'Eh^CtoFd^on^marrins ****** Assuring 


loss of A$145.719 in 1976. The “ w , jparticularly good and the group 

company expects to finish in- Tharsis views the prospects for had £lm. of outstanding orders 
dustrial tests on its Italian fluor- tt ,,s rear with some caution.! for Jaguar cars alone, 
spar deposit bv the end of the There will be benefits from a rise 
year. " " ,n 'he internal price of pyrites 

* * * ;• and sales are expected to be 

Whim Creek Consolidated, the maintained at 1977 levels. Against 

Australian exploration Xpanv «* « “• ?S*JS “ S&ffil tal S dflSf 3 50.000 

.OT ss? "y ‘S' 1 "S.S 

manufactures and supplies build najne Winces 


\ I1Q 147* ■1.411*111 C.\(/«*I(II'UU vvirrtJ0iir 

3 sharp rise which is part of the North gate Yesterday 

•jirninps. Net of Canada group, is this year con- 250jh 


the shares 


ENGLISH CHINA 
ACQUISITION 

English China Clays 


50.464 ordinary shares. The Mining Supplies— Mr. A. Snipe. 


shares on 


inaijiuBi.iuics »‘<U aujjjjuca UU1IO- 'Vftminppel 

mg blocks, extracts and supplies ' » m " S '* , , . . 
sand and gravel and operates in Laporte industries 
the fields of road haulage and 


Street Willis Faber— Mr. R. X. Bowes, 
director, sold 25,000 shares at 
(Holdings) 2USp on May 17. and Mr. D. V. 
Kuwait investment office sold on Palmer, director, sold 70,000 at 


Greenall Whitley 


Brewers since 1762 


Unaudited results for tfie six months to 31sfMarch, 1978 


TURNOVER 


Trading Profit before charging 
expenses below 
Repairs to Properties 
Depreciation 
Interest payable 
Investment Income 



profit BEFORE TAXATION 
Less : TAXATION at 52% 


PROFIT AFTER TAXATION 
PREFERENCE DIVIDEND 

EARNED FOR ORDINARY AND 
'A* ORDINARY SHARES 


INTERIM .DIVIDENDS 


Earnings per Share 
Ordinary Share 
■A - Ordmaiy Share 


Six months 

Six months 

Year 

ended 

ended 

ended 

31.3.1978 

25.3.1977 

30.9.1977 

(26 weeks) 

(26 weeks) 

(53 weeks) 

£000s 

COOOs 

EOOOs 

61 ,757 

50,873 

107,006 

8,231 

7,110 

75,881 

1,662 

1,468 

3,287 

1,076 

889 

1,630 

621 

655 

1.028 

(100) 

(138) 

(245) 

4,972 

4,236 

10,181 

2.585 

2,203 

5,361 

2,387 

2; 033 

4,820 

23 

— 

— 

2.364 

2,033 

4,820 

645 

586 

1.271 

4.88p 

4-20p. 

9.95p 

0.98p 

0.84p 

1.99p 


me UCIU3 UI luuu UBUiage Iiuu :: — ~ — OTrtr. i -. t , to 

house building ia the South May 12 2.>.000 ordinary shares --‘Jo on MajlS 
Devon area. thereby reducing holding to -^Sherman has 

The price is being satisfied by 2.875.000 ibj>i per cent) 

ifiHii pii'n n-e - t_ MFI Fimillnrp ■ Pnf n 


The latest audited accounts of Southern, Chairman, bought 10.000 
A and M showed a net asset value shares on May 19 and N. A. V. 
of £155,477 and pre-tax profits of Lister, director, bought 50,000 
£16.886. on same day. 

Keyser Uliraann Holdings — 


acquired 870.700 **B" shares and 
now holds 870.700 (7.9 per cent.). 
C. Skilbeck has disposed of 
750,700 “ B ” ordinary shares and 
his holding is now below 5 per 
cent. 

Tbe transactions relate to a 


25.000 shares held non-beneGdally c h ? 


^ WHARF ^ Keyser were sold on 

Proprietors of Hay’s Wharf has July 24, 1077. 
acquired Renlacrate (UK) for flights and Issues Investment 
£250,100 satisfied by £100 cash and Trust — Energy Finance and 


-k 

k 

k 

k 


k 


Profit before tax up 17.4%. 

Increased beer sales volume. 

Increased contribution from all divisions.. 

Interim Dividend payable 1.3309 p per Ordinary and 
0.2661 p per "A" Ordinary, on 21st July, 1978. 

We believe there are substantial benefits to be gained 
from the proposed merger between Greenall Whitley 
and James Shipstone & Sons, Ltd. the Nottingham 
brewers, who own 275 public houses and 
109 off-licences in the East Midlands 

C. J. B. HATTON, 

Chairman. 


Greenall Whilley & Co- Lid- 

Wilders pool Brewery, Warrington WA4 6RH 


Brewers since 1762: distillers and wine merchant* 
Cambrian soft drinks: Compass Hotels, 

■d Rose inns and grills. 


Rv 


THE IMPERIAL COLD STORAGE AND 
SUPPLY COMPANY LIMITED 

( Incorporated in the Republic of South Africa j 

‘ PROFIT STATEMENT AND 
DIVIDEND ANNOUNCEMENTS 

The audited results Df the group f excluding extraordinary 
items* for the year ended 28th February 197S were as follows: 

1978 1977 

R000 R000 

Turnover 44€349 396 S22 

Group profit before taxation ... 16 932 14 732 

Taxation 7 051 6 205 

Group profit after taxation * 9 881 8 527 

Minorities 1 095 1 0S5 

Profit attributable to share- 
holders ; 8 786 7 442 

Number of ordinary shares in 

issue 23 654 400 23 654 400 

Earnings per ordinary share ... 37c 31c 

Dividend per ordinary share . 13c 12c 

Final dividend No. 86 on Ordinary Shares 

Notice his hereby given that a final dividend of 10 cents 
per share (1977— 9 conts> has been declared on the company's 
ordinary shares, payable to shareholders registered in the 
books of the company at the close of business on 16th June 
1078. Toeether with the interim dividend of 3 cents per share 
paid on 9th December 1977 this makes a total dividend of 13 
cents per share for the year ended 2Sth February 1978 (1977 — 
12 cents ». 

The dividend is declared in the currency of the Republic 
of South Africa and becomes due on 17th June 1978. Dividends 
payable from the office of the company's London transfer 
secretaries will be paid in United Kingdom currency at the 
rale of exchange ruling on 17th June 197S. 

Dividend warrants will be posted on ur about 14th July 
197S. Non-resident shareholders' tax will be deducted from 
dividends where applicable. 

Tbe ordinary share registers of the company will be 
closed from 17th June 197S to 30th June 1978 both dates 
inclusive. 

Interim Dividend No. 78 on Preference Shares 

Notice Is hereby given that aft interim dividend of two 
and three quarter per cent has been declared on the com- 
pany's preference shares, payable to shareholders registered 
in the boo&S of the company at the dose of business on 9th 
June 197S. 

The dividend is declared in the currency of the Republic 
of South Africa and becomes due on 10th June 197S. Dividends 
payable from the office of the company's London transfer 
secretaries will be paid in United Kingdom currency at the 
rate of exchange ruling on 10th June 197S. 

Dividend warrants will be posted on or about 30th June 
1978. Non-resident shareholders’ tax will be deducted from 
dividends where applicable. 

The preference share registers of the company will be 
closed from 10th June 1978 to 2lst June I97S. both dates 
inclusive. 

By order of the Board 
J- P. Enslin 
Secretary 

Office of the United Kingdom Registered Office: 

Transfer Secretaries: 171 Jacob Man? Street, 

Charrer Consolidated Pretoria. 

Services Limited, 

P.O. Box 102. 

Charier House, 

Park Street, 

Ashford. Kent 

TN24 SEQ 22nd May. 1078 


Lesuey Products — Interest of 
L. C Smith is reduced bv 200,000 
shares to 6.482,012 (22.04 per 
cent); interest of N. V. Smith 
reduced by 202,062 to 6.300.559 
f21.61 per cent); interest of S. B. 
Quin redured by 200.000 to 
4.769.130 (16.36 per cent). 

Maurice James Industries: 
Shares held by the family 
in teres is of W. Shanri Kydri, 
director, have been reduced by 
the sale of 300.000 shares. 


FC FINANCE 

Sir Arthur Sugden. chairman of 
F.G Finance told shareholders al 
the AGll that it would be unrealis- 
tic to expect as high a rate of 
increase in traditional business as 
that achieved in the last three 
years, but current new business 
was being maintained at a more 
than satisfactory level above that 
for 1977. 



Behind the labels is a young team of talented executives who 
have tbe kind of flair and special qualities demanded by 
the fashion industry today. Together they all helped to push 
sales up to a record £11.5 million and profits through the 
£Z million barrier. Exports also did well nearly reaching 
£4 million. Helene's Chairman, Mr. Montague Burkeman, 
confidently states in his report to shareholders that the 
company’s financial position is sound and concludes 
'‘liquidity is at present at an exceptional (v high level which, 
will facilitate the continuation of our policy of expansion**. 


Our Ten Year Record 

1968 

£ 

Sales 5,046,188 

Group Profit before Tax • 303,680 

Earnings per Share l.Op 


1977 

£ 

11,550,544 

1,159,755 

4Jlp 



Helene of London 
Limited 


For copies of tbe Annual Report please write to : — 
The Company Secretary , Helene of London Limited, 
'20 Eastcastle Street, London Wl. 


ffil 


LTD. 

(Printers, Manufacturers and Converters of Packaging Materials) 


The 22nd Annual General Meeting of Finlay Packaging Limited was held 
on 22nd May in Belfast. Mr. R. N. D. Langdon. F.C.A.. the Chairman, 
presiding. The following are extracts from che Accounts for the year 
ended 3 1st December, 1977 : — 


Year ended 31st December 
Profit beiore tax 
Taxation 

Net profit after tax 


1977 

£435,8)6 

£253,884 

£231,932 


1976 

£463,573 

£234,742 

£228.831 


ACCOUNTS: Sale', amounted to £4,917.029 o( which £38.760 comprised 
exports. During 1977 the company made a capitalisation issue from 
reserves on a one-for-one basis so doubling the issued capital from 
£214,500 to £429,000. The issue was made to bring the share capital 
more into line with die capital employed. 


TRADING: The results are most satisfactory. The company is dependent 
to a significant degree upon the fortunes of the tobacco trade, which it 
is especially wejl placed to serve. We are mindful of the fact that 
government policy is clearly directed to discourage smoking and we 
continue our efforts to expand in other fields. 



Edited iy Denys Sutton 


The world’s Eeadsreg magazine of 
Arts aind' Antiques 


Published Monthlyprice £2.00. Annual Subscription £25.00 (inland) 
Overseas Subscription £25 DO USA 5 Canada Air Assisted S56 
Apollo Magazine, Bracken House. 10. Cannon Street, London, 
EC4P 4 BY. Tel: 01-248 8000. 




1977 

1976 


£'000 

£'000 

Turnover 

100.146 

87,143 

Profit before Taxation 

15 401 

14.672 

Taxation 

8.187 

8,037 

Profit after Taxation 

7.214 

6.635 

Profit attributable to Shareholders 

S.023 

6.232 

Earnings per share 

18-Sp 

16-9p 

Dividends (Gross) per share 

3 30p 

8-00p 

Dividends (Net) per share 

5'8lp 

5-25p 


Points from the- Annual Statement to Shareholders by the Chairman, 
Mr. R. C. Hale, B.Com. 


Turnover has again shown a substantial improvement. 

Profit before and after taxation achieved record levels despite the 
effect of currency changes. 


Manufacturing facilities in the United Kingdom continued to be enlarged 
and developed. 


Further growth in turnover and profit is expected in 1978. 


The Directors are recommending a final dividend of 3-88224p per share 
which constitutes the maximum permissible. 


The Reportand Accounts can be obtained from The Secretary, Averys Limited. 
Smethwick, Wariey, West Midlands, B66 2LP. 


v 



H ■ 


Financial Times Tuesday May 23 1978 • 



The 2-Jsa at AppKuilm wilt open at 29 a-m. on Thursday, 2SOt May, 1973, and close 
at any lime Utcreancr on U» same day. 

This sswii 1 i « pih»j' in umiritaiHV irllh n Gcrt^-Tat consent glcea by the Traunrn 
under !»«■ omiml ></ BiWiriifl Order JR». 

Apj-'Ilcuiwn bus Swd madif to iJu- Council of The Stack Exchange fop the Stock be lb£ 
bsuvil to be ddmliu-iJ to Lbe Official Hit. 




NEWS ANALYSIS-VOLVO 


Barnet Corporation 


Helping hand from Norway 

BY WILLIAM DULLFORCE, NORDIC CORRESPONDENT 

THE SALE to the Norwegian wegians reflects the business in- generated almost entirely by its 
public of a 40 per cent holding genuity of Ur. Pehr Gyllen- profitable truck business. Income 
in Volvo, .Sweden's largest banunar, Volvo’s managing as a percentage of sales bad 
private company, is the latest director, who has frequently dropped from over ten per cent 
twist to the Swedes' attempt to been criticised over the past two in 1973 to 2.9 per cent 


icCrn? AH’ i?c fl/lrt in vojvo, .aweuen s largest Dammar, voivo s managing as a percentage ot sales naa 

103UHi Ur -J,vvy,vwu private company, is the latest director, who has frequently dropped from over ten per cent 

121 per Cent. Redeemable Stock 1987 twist to the Swedes’ attempt to been criticised over the past two in 1973 to 2.9 per cent 

i-irfii rHui «.» ;»!,• ii, i- tamixn oi Bamct and Uw«i in .wMniajirc operate a competitive, viable years, in particular for Volvo’s In the past Volvo’s success 

ir.ii: iin- trtnu onr^n.nifMi Art u ti, c Land AatiHirtiti I'sircfcj unci Bond*. automobile Industry with a home takeover of the Dutch Daf com- has stemmed from its ability to 

t:, c-itafii,u« ikw nmf the London Bor» «.jf« « soniL’t Omsobdatcd Loans Fima mar b e j 0 f on iy g ra people and pany and its costly venture into provide a speciality, prestige car 

.MiwMh* ej7i the highest payroU costs in the the smaller car market. for a limited sector of the car 

PRICE OF ISSUE £98 PER CENT. business. Mr. Syllenhammar sees this market - l£ codd take a higher 

Payable as follows:— Tbe with the Norwegians latB st ploy as putting Volvo on P 1 ?! 1 margin to make up for the 

n „ J cm nav rent - has two auna: to provide the cash the offensive after the defen- relatively high Swedish produc- 

On Application i . . P” cent. Volvo needs to ensure its product siv e position it has had to adopt tioa costs. The 1973 oil crisis 

On 4th July. 19 /S *40 per cent. development and to continue the since 1973 when like so many produced not only a decline m 

On 29th August, 1978 £48 per cent. diversification which the Swedish other car manufacturers the oil tb e world market but also a 

3 company has been trying to carry crisis and decline in car sales switch towards smaller models 

£oo out with little success since 1973. consuming less petroL 

per cent. int0 ^ oil business — Volvo's investments m safety 

' ■ ' ■ ^ r ~ is the boldest move yet on the . c . - a ?d pollution consols in advance 

t ftr'i-c ” d pct rt rcc rvrmrc tiyi win rf pavarif HALF- di versification front but, given sales of SaaD-ocama 0 f other manufacturers was not 

INTEREST (LESS HALF £ C k^pl«atlon. coufi frove the tot four translated^ to bigger ^es.This 


Increase in 
Japanese 
lending to 
Vietnam 

By Francis Ghil4s 


Depressed lead and 
zinc prices keep 

Preussag in the red 


per cent, 
per cent, 
per cent. 


cqq no* non! out with little success since 1973. 

per cent. The g^teh j nt0 0 £i business 
' ■ ' ■ ^ r ~ is the boldest move yet on the r« ATT p «,„* P - - 

INTEREST (LESS INCOME TAX) WILL BE PAYABLE HALF- diversification front tart. given JJJ” "WcSt tathcftrettoS 
YEARLY ON 1ST JUNE AND 1ST DECEMBER. luck in exploration, could prove SonjL y ovVr the 

A FIRST INTEREST PAYMENT OF £4.2507 (LESS INCOME TAX) to be the most remunerative sa^ lSv ^rioT S the 
PER am STOCK WILL BE MADE ON 1ST DECEMBER. 1978. "bSK sSked ta SSmV UeT"o rSL ^ 

The Shalt is aw sm •■elm cm mUmp irtilnu Pun II >'t Utc First schedule to the Trustee ^ largest jing le foreign S*®end previous forecasts of a 

Ml l n a iiuTiJi'w-vl minster Bank Lmuurf Now issues Deparunviit. p.o. Bos no. to. capital investment so far, a fore- sales rise of id per cent 

Drapers Gardens. 12 Throtmonon .inmuv Loudon, EC2P 2BD. as Banker to the runner of the Capital outflow on hSt year 8 SkT IOjidii 

SS^rfiTS? Ai*^£SM tsr L " ^ “ ”** which can be MpeSed once the ( ^ibn) . Banter .reports, trop 

i. security. — T he sim-k and imerw thereon wiu be- secured upon >11 the countrv 5 revenue starts to mount lain koc plug. Saab has already 

n\cnu.,-s „r I hi- Coroornnon The Stock will ronh equally wiih aU sccunries Issued or ig jjjg gjgj major result forecast a group operating 

10 lH FOR 71 REPAYMENT OF LOANS. — The Corpora non is required by Of the Labour government’s plan . *rfn 

Aa-I' of Parbani— st and b- the London BortuuJi ol Barnci Cousolldaied Loans Faml to buy Industrial development for years atvr W7m (Sllom). UD 
S-hcm-r 1974. lo mat--' annual provision towards redemption of loans raised for «mu1 W orwa v in exchange for oil. Volvo’s Norwegian lie-Up, the 
w‘7£f , '<K^- , ;5A- , Sr sS:: S?“,i. , T'SSS^iL5r^“ ,Bm -" — t- Feel{ngs the ^ Swedish comply Is nC lonrer thinkins 


dPPHi.i i , ni iiir tip: .iuuu' .i iiiuuih ui — 

i. security. — T h.- smi-k and micros' thereon wiu be secured opon aii the country s revenue starts to mount 
nw-ait-s uf ihi- Coriwraiion The stock will ronh equally wiih all securities Issued or j g major result 

W *2. 'pROVIS'OM FOR 1 'REPAYMENT OF LOANS. — -The Corpora non is required by Of the LabOUT government’s plan 
Act' of Parliam n and h-- ihc London BoroiuJi ol Barnet Consolidated Loans Fund to buy Industrial development for 


Feelings within the Swedish company is no longer thinking 


r-minK-d un-irr para-.-raph 13 or Schi-dule 1 1 of ihc Local Government Act 19T2 and to Volvo results directly Erom the tageOUS. 
defray Ihe rh-iraw and expenses of and incidental to the Issue ot the Stoclt. breakdown last vear Of the 

q. REDEMPTION OF STOCK. — The Siock will be redeemed al par on 1st June. “ u 

joi^ unir-is previously i'JoaM by purchase ui the open market or hy asret-nicnt with merger ralKS WtuV aaao-acania., 


(the other Swedish automobile made inroads into profits and 


was a particularly painful blow 
to its hopes of expanding □□ the 
U.S. Instead it was obliged to 
halt its plans for an assembly 
plant in Virginia. 

A proposed merger with 
Saab-Scania, the other Swedish 
truck and car manufacturer, 
foundered on the reluctance of 
the Scania truck managers to 
take on another loss-making 
car Operation as well as personal 
rivalry at the top level. 

During the 1970s Mr. GyUen- 
hammar had been trying to give 
Volvo other legs to stand on. He 
has expanded Volvo BM the 
company making farm, road- 
building and forestry machinery, 
and moved into the leisure boat 


Naiiunal Went rune ter Court. 37 Broad Street. Bristol, BSOT 7NH. 


i-asr-js m *xr»rsz£sr zsr & 


njm d in the amount unless Insiruefloiw lo the contrary are filven In wliim. companies produce new products f a * Pamintrc nhHnlr fmm VrfVtn, Oil exploration. The new VOIVO 

The (in\ pavrnent or H.5307 lies" ■nrom- per non Srortc will be made on tax eamiDgS Shrink from hJSS-Hl rnmT1 - , l v w :ii i nwpKr jn alumi . 

m Di-o-mh-r. wrs bv warrant m the usu.ii way to ibe bolder' s< reKisiered on rather than to maintaining jobs to Kr351m on a hrlfibn turn- c 9 m P a °y win invest n aiunu 
r.rii Nov. nber wt* in non-viable enterprises. over This fieure included niur n ® nd plastic manufacturing 

7. applications and ceneral ar HANGEMENT s.-ApniiM ( tons must be 0n ^ other baili Volvo’s exchanEe looses nr KrlUm on *“ Norway, two materials which! 
mmlv on tr»- pr..*, ritu-d form -tecomiMnit-d bv a deposit of £10 per cent of the , . ... ^ . ereuango losses ot iNrliejl on avnartn^ tn ho Ilc a^ ineroRG 

nominal amonm applied for. and wived or National Westminster Bank Limited, deal with me Norwegian govern- foreign loans and the result was are expected to he used mcreas- 

New issues Denn-fmciii. p.o. Bo« no 79 Drapers Gardcos. ll Throgmorton Avenue, ment will help to give Sweden by no. means as bad as it ingiy 1111 ihe next generation of 

London, ec 2 p 2 BO. .... . access to North Sea oil and gas. aooeared. Efvpn' rhp oressnres cars. And for these investments 

Applications must be for a minimum of E103 Stock or hi multiples of EUO for , - app areo. glyeil tne pressures .. . rfinnlrt ho wroll nlorAd tn 

application-- bp to clmo stock. an objective in whiob the with which Volvo was contend- Volvo SQouia oe weu piacea to 

Lamer apoiications must be matfc in accomaticc with the following scale:— Swedish government had been iug. tap the Norwegian oil revenues. 

afflrtS? pbiun *nor«CT!^ n ? , ”^iSrri! t Sir f 'T^ baulked time and again despite However, with a capacity of In fact Mr. Gy Denham mar’s 

weewnng ob.om .lock muiiipies or ^ apparent lip-service paid to close to 380.000. Volvo built only latest move looks like an 

Application above Qo.003 stock in multiples of GS.BOfl. co-operation among the Nordic 226,000 cars last year and solcl ingenious attempt to keep Volvo 

a Bgparoto chcqpc Jrawn on a Bowk in and payaMo in th o Uniip,! k i n gdom mw countries. 261,000. The cars made a loss, floating on Norweaian oiL 

condition is [pinned. The agreement with the Nor- the groups earnings being See Lex 


a.im. 

Applications above CD .003 Stock In multiples of GS.SOfl. CO-Operati 

A separate cheque drawn on a Bonk In and payable in the United Kingdom must countries 
accompany each application form. No application adit be considered unloss this _. ' 

condition is fulfilled . * n “ 3S' 

In me i-vi-nt of pirlial alloimenr rne surplus from lb" amount paid Os deposit 
n-:ll be n-iun-Vil tn rhi- anplic.int hy rh'-qiK. If no alloimcni is mado. the depesti 

will bi- return--! >n fu>l No alMmvni urlli hr made lor Ir.vs than film of 5ioc* 

National Wi-simnwer Bank Limited res-rv.'s the tiPhl to return surplus applies, a W 
run munii-s b«- m-n"s of a i-h^ouo drown on a country branch of National Westmltwler 
Rank Limited to an*- applicant who--.- a p pi -cat Ion wai not suppnr -ri by a Banker's ■ 

Draft or by j ch-.-qu-:- drawn on a Town Clcannu branch of a Ban!: in fhc City of ^ 

London. 

Payment in fill: mar he mjd>- nn or ir aey time after iih .Inly 197$ and discount _ 

at the ran- of C7 n--r o.nt por mnum mil b.- allmved from that date, or from any BT LJJ 


Peugeot-Citroen gains eroded 


BY DAVID CURRY 


PARIS, May 22. 


xuhx.'qur-n: dnt-' uf full pavm-nt 

Di-fmiit m 'h.* pum-ur of mr insraiment or fs due date will render all orevtmis a SHARP increase in Che amount being composed mainly of from the exhaustion of the tax 
poymeris •“*, jjf br sent a renonnee- o f tax paid by Automobiles l-73hn of depreciation, credits for which its pre-merger 

aWi- Lei’i-r of Miom'ini. whnh must he projiuNtj when instalment payments are Citroen, financial difficulties provisions, and losses qualified it and which 

m.vi*. L-n. r- of Minim, n: i.-huh may > spin un 10 s p.m. on 20th sepiombi-r. i97«. j FFr L25bn of net profits, slightly helped to reduce its tax liability 

will .'Viliam form" ol romm- iuion which vlll be available up to X p.m. on among concessionaires, and dnwn nn th« nruvinuc vear fnr 1Q7B Tho nmhlonic irninno 


will reniain form" ol remiM-.iiuon which vlll bo available up to a p.m. on among concession nai res, ana j„ wn nn ,j, p nreviom: vear fnr 1076 The nrohlpms imnna 

2 'nil s-pt.-r.ih- r i"7‘ Cm navm-ni of h-,- .nsulm-m due on 4ib Jolv I97S and on nnor oerfnrmnnrpe hv nnme 011 Uie P revl °US year- tor LiffO. ine prODiems among 

»-h Aueim. 197? Ihe Li-ti-r wi«l he appronnaiely marked and returned to lbe poor penormances oy some The group regards the results concessionaires was related to 

r. -'mi-r when pavnvnr in run i* made, the tetter or Aitoitnenr will be anoropriateiy foreign subsidiaries restricted as satisfactory/ saying that it did the stagnation in the second-hand 

"’n'ini-, r'.n'u-hmh co^'o ^Y'u^^oniy the P roflts ^ at group level not expect to match the 1976 car market while overseas the 

k°nTr l1 - h ' Ch v 1 ' 1 ' of French motor concern Peugeot- figures. In the event. 1977 pro- results from South Africa. South 

pnniv paid toner* of Allotment may be sum in multiples of aw ssoek. bat fun* Citroen- duction was some 5.6 per cent America and Sweden were the 

P K a o^ro.l..^r , :X ^Sir^nX r Z h * n *l ^1 o£ aIm0St L5 ^ disappointments. 

There will be no char?*- ior splitting Letter* or Aiiotmont. remove extraordinary vehicles, giving the group a 3L3 The group is fairly optimistic 

Th>. S'ih'R Cififiirat- win be d-apatchcd by ordinary post at ihc risk of iiw came to FFr 1.59 bn ($341m) per cent share ot the French shout this year’s prospects des- 

aSi. Tf," JA'Kn.'S,™"™ *«?* »„*** . “ f.P.iT T 1 - n, ,* 5 fe t - , ST mr p‘ to ia »• 

ai, d nth ■v:uh. r. 1979. the \Mnimetu t-it.- is todc- fi .n National Wo^minster Bank whereas the gross cash flow of FFr 4l.885bn (some 19.4 per market Order books are healthy 

Limned, New issues Depar'mem. p.o. Box no. 7?. Drapers Gardens. 12 Throgmorton showed a 21.5 per cent gain at cent up on the previous year) white all three big makers bave 

Avenue. London. EC2P 2BD with th'? todiiiiw ajtfni's nani- and addrexs lnwned in i RSfibn nf which '491 nnr runt was m»w mni?nlc fn ctiraulsfa the 

ih. snj.-. pro. id, at the font of naer X tin: Sunk C-.-rtlficate will be despatched i* kIT « i **. u- j Per Cent W3S DeW mofleiS to Stimulate toe 

i.i in,- ludi.iTK ii-A-nt on 20ih October. I97S. after which daw Aiiotmen- Letters wiu At balance sheet level, the achieved overseas. market The group expects out- 

ifj>c ii. k- vakil. group recorded FFr 15l7bn Of The bisher tax oavinent from DUt this vear to match that of 


BY DAVID GARDNER 


BARCELONA. May 22. 


mi snji.v pri». iiirti ui • dc iqm ui pjki- .i, uu- aiuih '.•.tiiuuih' wiu hit iiwphiwi AA . . — , ,« , , , - - — _ . 

M tih- ludum: :i>h.ni on ami October. 197S. afior which dale AikHnicir Letters wiu At balance sheet level, the achieved overseas. market The group expects out- 

Lt-j.-o it. valid. „ . group recorded FFr 1517bn of The higher tax payment from put this year to match that of 

A wTitinu-wMi of i:’o I*>r nno Stuck will bo allom-d w rectum)**) bankers and •„ aQt i a po-v, q QW n FFFr1SRhn Anlnmnhilnc. fttrnpn Hprivnc 1977 
lbr.,u rK on ’Uoimi-Tvs made in respect or apple-anon* te.urins the>r slump and ana 3 CASn aow OI rrrJ.aODH, Automobiles L-XtTOen derives lSfif. 

\ ..\ T r.-«i-troliun nnmhi-r if :inpliL-abk- this oomnil«lun uiU noi. bowi-ror, b- paid ' 

in n-*p-' i ol in :ill'iim>.-ni which arises qiu of an uud-ru-ntim: coramiimoni. ■ “ ' “ “ ~ 

S. STATISTICS —Rdatin*; in London Boromdi of Earn.-i:— 

-M Earamgs growth at Catalan bank 

Rale in ih. f— 197.? m 73.50p w 

ftrospcciosei and application liamis may be obtained from!— DAVID GARDNER _ BARCELONA, May 22. 

NATIONAL WESTMINSTER BANK LIMITED, New Issues Department. P.O. BOS 

tv. r»rap.r>. ojrdi-ns. i* Throgmorton Avumio. London, ecjp jbd. and any oi 3.ANC DE SAB AD ELL. the inde- to speak of, which has freed it hit and structurally archaic 
ih-- nnnri^i nf in.ii nank , _ _ p._. , nnrtnn pf-nw .on pendent Catalan bank, has from the effects of the virtual textile industry, presently operat- 

director of financial services. Town'ii-.ii. hJndon. London'* Niva 4 BC. turned in a 27.fi iper cent increase collapse of the Stock Exchange ing in its Catalan stronghold at I 
rv order of the cumin). in profits in 1977 from Pta 667m and the crisis in Spanish Indus- just over 50 per cent capacity. I 

vu-j in<- r - « ‘ il'.' J ■!',*? 10 ^ ta 851ra - 11 has enlarged try, the bank operates in the The bank’s directors last week 

■•nd Mjy i"^ ’■ H0PK,N - L fl ^\ I deposits by 23 per cent to around heart of Catalonia's textile Indus- offered these results— well above 

__ _ . _ Pta 54bn, boosted its capital by try. though it has diversified to the national average though 

The List al Applies* Ions will open at ID a.m on Thursday. 2SW May. lm, and will i|L l ° *- R< * *- n " c0 J® r a ^| Sabadell ranks Only 18tb in the 

close m any ume thereafter oa the same d«y. creased its credit distribution m Had it followed the normal Spanish league table — and tbc 

• nm if’A'rmivT CYURIVT 1977 by nearl >’ per cent to Spanish banking practice of opening of their expensive and 

.'irrLI LA 1 1U1\ runiTl ror Pta 50.3bn. taking significant, if not majority technically advanced new HQ, as 

BARNET CORPORATION j Sabadell is almost unique equity bolding in client Indus- proof of Sabadell’s firm intention 

, _ , , , _ , among Spanish banks in not tries it would now be bending to continue as an independent! 

12.1 per cent. Redeemable Stock 1987 possessing any equity portfolio under toe weight of the severely Catalan-based bank. j 


Town Hull. 

11. ii.lon. 1 oit.1 nn . XUM WH. 
.•■’nd Moy. 1V*7!«. 


close m any lime thereafter oa (he same day. 

APPLICATION FORM for 
BARNET CORPORATION 
12J per cent. Redeemable Stock 1987 
Issue of £5 t 000.000 Stock at £98 per cent. 

K*T|fv«\l VK*TMIN>TBU i:\NK I.IMITKD 

A.-.. I -aii- ■ p..|>.irtn«-iii. H.O. B.» No 79- 1'rain‘ri Cardwi^. I- TbruBmonon 
A-.i-nu-. . Lnn.liin tC;P '.‘CD. 


Acquisitions will lift Bols profits 


tii-jvhy ari-1* In 


. . ... puiiinis. of Harm-1 Corporal ion 

’ j . |..-r t-.-ni H- .1. ip.iM. S'.**' Ifr-T unurdliui i.. Mi- iqiidlilons ,-oni.uru-d in '.hi 
Uali'd .-.'(Ml \I j> . I97S. anr| un.ionaki i«. ji.-i-.-pi Uk- samo or any li-ss 
^tuuuiii 1 1 i.i i lii'iy .ill.-n.d iii mo «-• and W P.iy f.*r ih> iaui<- in mnfomuty wirf? 
iln I rni- nf if,.- I'pwp-illh, I HV nqw. il >h.,i j„j Lwr ni Alloirrmr in 

r-^p..'. p! m« -I: ..lliiit.-il in \n.- us bo M-ur lo ni.- u. I»v posi at my our risk 10 Hie 
nr*i j.liiris 1 an- 1 iliai sn.-b moci- Ih- reciM.-r.-il m mj our naiu.-'S' 

1 W.- l->5. ill- r.-,|iitr>:.| d.pn-.il of C .... brills £!*l IH-r 

i.-lll tin MU' nominal amounl applii-fl 'nr. mini M.irram ih.il Uii- rh-.-qo-- an ach'd 
h r-.-m will 'v hoTiniiri-d nn r«r»t im-cnUtlon and iiirri'u Ihnl uny allulment oi Slock 
l* nijJ. Mri.-iU nil ihli und- m.md'in: 

I Wi iImIid ih.ii I am no?-nu «lr- uf us i> r..-cid--nl outsidi- ih-- Schcduli-d 
T-miiir!. s uiiiiiri :iii- ni- anim: nf 'hv Eidnib- rnn'rol \cr 1047. and itiai I »-■- 
»hnll 111 .; I'.- .ii-iuirum Hi.- on bt-hall of Ur as uomilR-cil* uf any pcHOmsi 

rond.ni nui.diK ihi.s.- Ti-rriinriex. 


BY CHARLES BATCHELOR 

LUCAS Bols. the distilleries and 
drinks group, said it expects 
further growth in the current 
year following the “ successful " 
result of 1977. The company’s 
recent acquisitions and measures 
taken to solve tbe two main prob- 
lem areas will contribute to the 
further improvement, it said in 
its annual report. 


Despite the fact that the ex- 
pected world economic recovery 
did not materialise, operating 
profits rose 59 per cent to 
FI 41m last year while at the 
net level profits were 47 per 
cent higher at FI 24.6m 
(U.S. 310.9m). It pro- 

poses increasing the total divi- 
dend payment to FI 3.60 per FI 10 
nominal share from FI 3.Q2. 


AMSTERDAM. May 22. 

Sales were 25 per cent up at 
FI 624m (8276m). 

The Swiss-I tali an Cynar group, 
which Bols acquired lart July 
for FI 75m. in cash and shares, 
traded according to expectations. 
Cynar. and the recovery of the 
Dutch market for distilled pro- 
ducts, made important contribu- 
tions to the 1977 improvement 



.... • ll'T? 

F*™p bw Rind Lm-ph 


Sunum-- oiul it, ■■iKii.iimn 
■ Mr. Mr.; . IIm ur Tills' 

■Vldri-v! 

. i-i Iu-Jin< ihwi il rii. I iif 


S1GSA t:*i?L' 


SELECTED EURODOLLAR ROND PRICES 
MID-DAY INDICATIONS 


(Tli-.- ii>. nr-, lu-law are fur iuc in Uh «»*.■ 0! Jouu -I'p'.canonai 
siG.v.i rrur . !. .. 


y,t\ 1 ,v.cin«-.-. • in hi If 

.*m7.w , i ff/ I’, .’wHfoi ... 
1 Mr Mr" M-vj. or TIU- * 
.irfi.'n-n IS WH 


Please use Brock Lcncrs 


j-.-n: V...... - .%• in fralf . ... 

.•ur".n , i,i" 111-I fV.-i^*‘ i !'■>•! 

• Mr. Mrs . Miw- «r T*ll« « 
.tiMriiS toll 


SH7.\-lHfJr 


Please K Black Lotu?rs 

4 AoplUaifonii must be Tor a minimum of El 00 suck of in multiples thereof np to 
0.003 Stack. 

Larger applications man be unde in accordance with the fallowing ccale:— 
Application* above HUM Suck and not eicoedlng tS.003 Stock in multiple* or Ef00. 
Applications ab«*c ts.000 Slack and not onceodlng nBmo Stock In multiples of £lOW. 
AppIJcouoiis above £20^)00 Stock In multiples of tS.ftfifL 

If ihis dvctiratioti eannoi h.? mart-. It should b,- duh-tmi and n.-fi-renc.- ihould be 
madi* >0 -in .\u:hnrisotl Drnuhiiary or. in ib..- Bvpitbllo or Ireland, an Approved Asent. 
ihrou.h vhnm iodi.mi*nr should hr- i-ffecied. Authoii&.-rt Dupoaltanc-s an listed In 
Hi- Bank of England's Nntlro- E.C.I and include muai Banks and stockbrokers in and 
solicitoi-i prai-11-.lnc III lhi> Unln-J Klnwium. fflc Channel Islunrts or the ISlo of Man 
Apprmvd t»wnis in ihc Republic of Inland arv- m ffiv Bank of England's 

Notice E.i: Jn. 

r Tho jit hi anh'd Tcrdlorps at present romnns.; ih.« United Kfourtoui, I bn CharuH 
lslam«. ffti Wc uf Sfan. :h-.- N.-piiWtc of fr.-J.i.U and ntorali.ir. 

A SEPARATE CHEQUE DRAWN ON A BANK IN AND PAYABLE IN THE UNITED 
KINGDOM MUST ACCOMPANY EACH APPLICATION FORM. 

NO APPLICATION WILL HE CONSIDERED UNLESS THIS CONDITION IS 

This Form sluinW he- .wiiplL-t d and i*-iif 

NATIi'Vti. WESTMINSTER BANK LIMITED. v DepartreunL P.o. Bo* 

No. ?fl. Drap.TN lianl-na. 1- Throamortop Mvnuii, linden ECP 2BD. u-lth a obt-que 
PiC.i'jli- in Nallonal W'-stmia-niT Bank Umiicd for :1 k- amonm of uk? Di-posli. Cheques 
sfiiiald b- vm*-rt "Rarn«t loan". 

In ih. i.3-v- 01 join: appUL-aniv all must abut and In iK- caw nr a cwrporarwn. ihla 
i-'nnn mu«t be ccmpL-ti-il uuder hand by j dulj auihoruH-,] officer who should stale 
his di-euaunoi:, 

Vo recripi nil I bv ;wued for caymuni o;t Uiu apolti-auon huf im acknowledgment 
vill b« fonrardril by pnsi in duo course, culler by U-Uc-r of AUotmettL or hr rcutrn 

V.’ UiBOSlL 


STRAIGHTS 

Uca.i Australia S}pc I9S1> 

MEV ?PC J0S7 

\nstrolla Sipc IPS2 

\ mi rah an M. i S Sloe ’K 
■tarclays Bank MPC 1992 
lowaii-r 91 pc 1»2 ... 

Call. N. Railway id DC 135*6 
•'.rcdit National r<pc I9s«... 

Tiunmart: <‘dc 19s4 

“CS Opr. 1PB 

SCS SwPtf 1397 

'IB blpc iw: 

UII 9IOC 19S9 

Tru-fson ij-pc 1959 

'jso Spc l55fi Nov 

7t. Lakes Paper 'Jlpc 19H 
fam-rsle^ 9;Pc 1992 
'■fnlro Qui?hec 9 pl- 1992 ... 

'Cf .'rpc ISe, ... 

'"E Canada 91sc 196i ... 
'fticnullan Bloedul 9pc 1992 
Masovy F«.r«iii!on 9loc "91 

■iichi-Un 9ipc 1S^S 

'tirllaud Int. Flp Sfpe "W 
'lational Coal Bd Sue 19S7 
National Wntmnstr. 9ue lid 
N-'wf Hindi and 9pc 19S5 
Vortfic fitv. Bfe. Sine 
Norses Korn. Bk brae 1992 
Norplpo Six 1959 ... . 

vnrsk Hydro S*pc 1993 .. 

,7fJo 9ptr IMS ..... 

Pons AutonomeS 9X 1991 
Prov. Oucbec 9pc 1995 
Prav. Saskatcb. S7pe less 
Reed Inienutional 9oc 1997 
RHM 9 dc 1992 
s-locHoo Trass s:oc 1939 
Stand Ensktlda 9pc 1991.. 

5KF SBC I9S7 

Swudcp iK'rtomi ■ffpc 1057 
United Biscuits 9oc 19S9 ... 
Volvo Spc I9S7 March .. .. 

NOTES 

Australia TJoc ISkS-4 

Bell Canada Tlpc 1957 ... 

fir Columbia Ryd. 7ipe *55 
Can. Pac Sine 1691 
Dow Chemical Spc 1955 

ECS 7:pe 19-2 ... _. 

ECS Si pe I93B . .. 

EEC 7; PC 1952 

EEC 7:dc 19>4 

Enso Gut zvlt Sloe 1BS4 
Gotavcrken tipc 1SS2 

KorkWtU Spc 19S3 

Mwbeiffi Sroe 1*3 . .. . 

Montreal Iftban -iDc 19SI ' 
New Brunswick 8pc 19&4 ... 


New Brans. Prov. SIpc *93 
New Zealand KJ-pc lags .. . 
Nordic lov. Bk. 7 ’pc L9S4 
Norsk Jtfdro :ipc 1982. .. . 

Norway 7} pc ,982 . 

Ontario Hydro Spc 1987 . 

Slnser Sloe 19 & 

S. of Scot. Elec. Sloe UNI 
Sweden IK'domi 74pc 1992 
Swedish Stoic Co. T;pc ’SS 

Tclmex 9} PC 1B84 

Tenncco TIoc i»7 Hay ._ 
Voikswascn ?2 pc 1987 

STERLING BONDS 
Allied Bretrenes Wipe W 

Citicorp lOpc 1983 

CounauJds 9Jpc 19S9 

ECS Hoc KS9 

ElB 9ivc 1988 

Era sipc 199; 

Finance Tor !wL 9jpc’i9S7 
Finance for Ind. lOpc 1969 

F Isons llHpc xasT __ 

Gesteiner Hoc isss 

INA Ktpc ms 

Rowntrre lotpc issg 

Seans !8ipc 19SS ... . .. 

TwaJ Ol) flioc 1981 

DM BUNDS 

l® 8 - 

BNDE E]pe 19$« 

Canada 4ipc loss 

Den Norsk i- Id. Bk. 8pe *40 
Deuische Bank «dc 1983... 
ECS 5}pc 1990 ... _ . 

gra sjac i99o ;; " 

Elf Aquitaine Kdc 13S8 ... 

Euratom 51 dc 1957 

Finland Sice I9tf .... 

Fornnartts 5Jae im 

Mod co gpc 1085 _ 

Korocm S!pc i9S9 ^.. 

Norway 4fpc tags 

Norway 4lpc I9S3 

Pti- Banken Sipc IBs* 

Prov. Quebec 60 c 1990 ...... 

Ratrtarnukki sspr l38s 

Spain spc iflsa _ 

Troatflwlni 5fpe iSSj""'.’.., 
TVO Power Ca. gpc itBS - ". 

Venunteii- *ioc ipss 

World Bunk Slot- 1 M 0 

FLOATING RATE NOTES 
Bank of Tokyo 1984 Sjpc 

BFCE UH 1*4 pc I”. 

BSP 1983 mispc 

CCF I«Sa SJpc 

CGWF 1984 7) pc 

Credlunsult IS64 Shx 


BW 

BI 

Offer 

]60t 

Credit Lyonnais I9S2 8pc... 

BM 

100 

Offer 

1BQI 

STS 

9Si 

DC Bank 1882 7 13 u pc 

1001 

loot 

!fa* 

96 

CZB last SIkpc 

1TO4 

101 

97 

97J 

In:!. Westminster 1984 Spc 

Wi 

1WJ 

98 

9s: 

Lloyds 1983 ripe 

109* 

1001 

»« 

9M 

LTCB 1BS3 8DC 

981 

1004 

100 

I0W 

Midland 1382 Spc 

101 

1011 

Wl 

160 

Midland 19S7 S9upc 

99| 

1004 

863 

22* 

0 KB 1983 75 Dc — 

100 

1004 

97 

971 

SNCF 1995 S*pe ... 

as) 

IDO 

99i 

100 

Std. and CttmJ. *84 Til u pc 

m 

IDW 

931 

94 

Wms. and Glyn's ‘84 Simdc 

091 

IMi 

943 

9jJ 

Source: wuie Weld Securities. 

« 

S3 

CONVERTIBLES 

American Express Hoc *87 

m 

« 

90 

91 

Ashland 5pc 19SS 

941 

M 

BS4- 

SB* 

Babcock t Wilcox 61t>c '67 

103 

104 

83! 

941 

Beatrice Foods 44 pc 1962 .. 

8Si 

100 


Beatrice Foods 41 pc ISSS... 

Beecbasi Woe ia*2 

Borden 5 pc 1992 

Broadway Bale 41 pc 1987 . 

Carnation -toe 1987 

Chevron 5m: 18dS 

Dart 4Ipc 7137 

Eastman Kodak 4Jpc 19SS 
Economic Labs. 41 pc 19S7 

Firostone Spc ISSS 

Fort 5pc 1998 

General Eleetrte 4 *dc 1987 

G OJette 4ipc 1BS7 .... 

GOUld 5PC 1BST - - 


98 

Ml 

Gulf and Western 5pc 1988 

984 

63 

981 

Harris 5oc WM 

US 

971 

684 

Honeywell Gpc 1986 

S3I 

9 a 

96 

1CT Glpc 1992 

88 


Mi 

INA 6pc 1997 — 

94! 

9» 

98 

Inch cape sloe 1992 

115 

994 

»i 

ITT DC 19S7 

824 

98 

981 

Jusca sue 1992 . 

109 

Ki 

»i 

Komatsu 73 pc 1990 .. _ . 

122 

95 

Ml 

J. Ray McDermott 4!pc *87 

163 

ldffl 

1001 

Matsushita 0!pc 1990 

163 

99 

100 

Mitsui Tine US0 

318 

974 

Ml 

J. P. Mutkos 4lpc 1987 ... 

100} 

Ml 

m 

Nattuco 51 pc IB8S 

1014 

m 

Wl 

Owen? mmols 44uc 19S7 .. 

118 

M 

Wi 

J. C Penn® <4 dc lte7 ... 

784 

m: 

934 

Revlon 4|pc 19S7 

117 

96i 

974 

Reynolds Metals Spc IMS 

864 

974 

BS4 

Sandrifc Sine 1988 

10s 

97J 

Mi 

Sperry Rond 41 pc 1987 

93 

SS 

M3 

Squibb 44 Pc 1687 

Te*#eo 44ne i»* 

su 

91 

- 

' 

Toshiba OlDC 1992 

1234 


Union Carbide 43pc 19®”".!! 
Warner Lambert 4*pc 1987 
Warner Lambert 4ipe iKf 

Xerca spc 1988 

Source: Kidder, Peabody 


THE NUMBER of mediom- 
teru loans extended to Viet- 
nam by Japanese banks is 
steadily increasing. Bank ot 

Tokyo is currently negotiating 
two loans, one of three years 
for DM 10m and one of five 
years for DM 24m. with the 
Foreign Trade Bank of Viet- 
nam. Both loans are guaran- 
teed by toe State Bank of 
Vietnam. 

This win bring to seven the 
number ot Joans worth 
DM 180m for this borrower, 
arranged since last September 
by Bank of Tokyo. No doubt 
the activity of Japanese banks 
in this area will Increase, 
following the agreement 
reached last April on toe settle- 
ment of outstanding problems 
related to borrowing by South 
Vietnam before that country 
was defeated in 1975. 

The loans are denominated In 
Deutsche-marks, as they have 
been since North Vietnam (as 
it then was) first approached 
the market early in 1976- 
The National Tower Corpora- 
tion of the Philippines mean- 
while is raising 970m for 10 
years on a spread of i per cent 
throughout Lead manager is 
the Bank of Montreal- The 
nationality of the lead mana- 
ger is worth underlining: Cana- 
dian banks are increasingly 
active as leaders of syndicates, 
not least in South East Asia. 

Meanwhile tbe dob of coun- 
tries which . can borrow at 
spreads below 1 per cent is 
getting (ess - exclusive by toe 
day. Malaysia is raising SI 06m 
for 10 years on a spread of 

1 per cent for the first six years 
rising to { per cent Toronto 
Dominion is arranging this 
loan. 

Cyprus and Brazil mean- 
while have Joined the “J per 
cent section ** of toe dnh. The 
first is borrowing $40m for 
seven years at a spread of 

2 per cent for tbe first three 

years, rising to 1 per cenL 
Lead manager is Chase Man- 
hattan Ltd. .... ... 

Brazil is currently negotiat- 
ing for two loans: Acesita 
Steel is raising $L00m in two 
equal tranches: one carries a 
spread of l per cent for five 
years (this low spread reflects 
uiibhoJdlng fay considera- 
tions: tbe tax can he reclaimed 
by the banks), the other a 
spread of 1J per cent for 10 
years. Lead manager is Enro- 
braz. 

The second loan is $150m 
for Companhia Energia de. Sao 
Paulo: a 550m 12-year tranche 
carles a spread of IJ per .cent, 

* 9100m. 16-year tranche 

carries a spread of 1J. per 
cent. Lead manager is Morgan 
Guaranty. 

Another Latin American bor- 
rower, toe Government of 
Ecuador, is raising S50m 
through a group of banks 
led by Loeb Rhoades. The 
Initial amount was $90m but 
was reduced at the request of 
the borrower, which has 
arranged for promissory notes 
worth S40m with the same 
bank. 

The borrower is paying a 
spread of 1$ per cent for 
seven years on toe medium- 
term loan. 


BY ADRIAN DICKS 

PREUSSAG, the West German 
base metals, energy and 
engineering group, continued to 
suffer overall losses during tbe 
first quarter of this year, 
although in some areas of busi- 
ness the extent of these was 
“significantly reduced.” the 
chairman, Herr Guenther Sass- 
mannshausen, said in Hanover 
today. - 

He declined to predict whether 
Preussag would be able to pay a 
dividend on its I97S business 
year. As announced, the company 
is not to pay any dividend for 

1977- 

The factor weighing most 
heavily on Preussag' s fortunes 
continues to be tbe depressed 
level of zinc prices, while during 
the first quarter there was also a 
weakening in lead prices, which 
last year bad helped to offset 
losses on zinc. As a result, turn- 
over oF toe metals division, 
which last year accounted for 
some 40 per cent of Preussag’s 
group turnover, fell by 29 pier 
cent from the first quarter level 
for 1977, to a new level of 


BONN, May 22. 

DMt67m. 

Herr Sassmannshausen ex- 
pressed cautious hope that some 
stability had relumed to ihe 2inc 
market in recent weeks, and ' 
said that producers were for the 
first time in many months receiv- 
ing the full producer price for " 
their metal. However, the Prcus- l 
sag chairman said that present 1 
developments in major markets i 
-still offer no rcasop lo hope, 
that we can reckon with suffi- 
cient prices this year.” 

In addition to the further cut • 
in the producer price to S550 a 
ton in February. Herr Sassmann- 
s hausen noted the further heavy 
cost of the dollar's decline. Since 
March 1, Preussag has had 2£00 
workers in its mining and smelt- 
ing divisions on short-time. 

Herr Sassraannshauscn 

stressed that Preussag still 
attaches great importance to \ ■ 
diversifying Us range of base 
metal interests and its sources 
of supply through extending Its 
30 per cent holding in Patlnn - 
NV. tbe Netherlands-based inter- 
national mining house. 


Brown Boveri expansion 


BY JOHN WICKS 

THE DEVELOPMENT of new 
markets by the Brown Boveri 
engineering concern helped last 
year to offset sluggish or declin- 
ing demand from Its traditional 
customers. While exports, 
especially those from Switzer- 
land. have recently become much 
more difficult in toe light of the 
exchange-rate situation, new- 
order volume for the group rose 
by S per cent, to SwFr 9.24bn in 
1977 and would have increased 
at twice this percentage had cur- 
rency parities remained 
unaltered. 

The group believes that the 
| “considerable market potential" 
of the third world is likely to 
grow in the future. At a con- 
ference in Baden, Mr. Franz 
Lu ter h ache r. Board president of 
the parent company, disclosed 
that about one-third of total 
group orders came for third- 
world countries last year. 

At the some time. Brown 
Boveri foresees a further 
strengthening of its presence in 
the United States, where at the 


EUROBONDS 


ZURICH, May 22. 

end -of 1977 it acquired the gas 
turbines division of the 
Minneapolis firm. Turbodyne 
Corporation, from the Stude-- 
baker Worthington grou|£; 

The past year is considered to 
have been generally satisfactory, 
both in tbe parent company and 
in toe group as a whole, though 
Mr. Luterbacher said that nor all 
targets had been reached. Group 
turnover declined by 3 per cent 
toSwFr8.19bD ($4.16bn), though 
this drop was due to the French 
affiliate, Cie. Electro-Mecanique, 
giving up operations in the field 
of heavy power-generation equip- 
ment and to the exchange-rate 
situation — ut 1976 exchange 
rates, turnover would have nsen 
by 8 per cent for the group. 

Brown Boveri experienced a 
marked rlse iii pressure oa prices 
in 1977, with margins narrowing, 
especially in such sectors as the 
heavy-plum field. 

The parent company recom- 
mends an unchanged 10 per cent 
dividend for 1977 after a slight 
rise in net profits from SwFr 3Sra 
to SwFr38-8m lS19.7m). The 


FI 175m Issue for Brazil 


BY FRANCIS GHILfiS 

BOND PRICES eased by one- 
eighth to a quarter of a point 
yesterday in dull trading. Concern 
about interest rate movements 
in the UJS. continues to be the 
main worry for dealers. 

The Ontario Hydro issue, which 
had been priced at 99J, was 
being quoted yesterday morning 
in first day trading at 98-98$. a 
discount equal to the 1$ per 
cent selling group discount 
Later in the day. however, toe 
price drifted down to 97J-98I. 

The S70m Canadair issue was 
priced at 99 to yield &16 per cent 
by lead manager Merrill Lynch 


International and the $25m issue* 1 
for AGA at pat by lead manager 
Hambros, both with terms 
otherwise unchanged. 

Prices of Deutsche Mark bonds 
were a little easier in very quiet 1 
trading. The Industrial Bank of 
Japan issue was priced at 991 . : 
to yield 5.10 per cent by lead . 
manager Deutsche Bank. The 
private placement for Danish 
Export Finance was priced at 
par to yield 5.75 per cent 

Pierson Heldring and Pierson ' 
is arranging a FI 175m Issue far .. 
Brazil. Tbe bonds will carry a*- 
maturity of five years and an : ; 
Indicated coupon of 71 per cent/.'; 


MINERALS AND RESOURCES CORPORATION LIMITED 

rfseommzKU <b Bemcadaf 

NOTICE TO HOLDERS OF 6% REGISTERED LOAN STOCK 1978 

Lrt)an stockholders are advised that, subject to the terms of this notice, tha above Loan 
Stock will be repaid on 4th July, 1978.. 

C ^ e ^ ins ^ finaI Pay™™* of interest for toe six months to 30th 
tbv. l!mS W be posted to stockholders entitled thereto on 4th July, 1978. 
oJinSnt« U i»S >S ^,S f » detei ?V ning stockholders entitled to capital repayment ‘and interest 
payments tne register of loan stockholders will close on 9th June, 1978 and will ;iot 

t H e . U-K - re Sister with Zambian addresses will be paid in Kwacha, both 
mt ^ St V Stockholders so registered with Zambian addresses 
JSSS-ioM «**«■ mtb a signed surrender and discharge 

P loBrns lWALuiaiS ! ZambS * Afl * 1 ° Amencan Corporation (Central Africa) Limited, 

repayS2n| r L°steriin 1 ? , f' , regiJ 2f r ^ Presses outside Zambia will receive the capital 

ro^nTbetlSn toe kLph “ "ft*"" 5 ® (see be,ow > & rate of exchange 

ruling oerween tne Kvtdcba and sterling on 30th June, 1978. 

„ SrMa?fartoei? e in ent J t,e “e n *s stockholders on the U.K register should forward 
SraS? IScreLSS rfc sto i k ce ^ &ca }^. t0 . *» forwarded to the offices of the UJL 
Kent TN°4 8EO »ftoi»t'i^ ter -rt? I1S0 ^ Abated Limited. Charter House, Park Street Ashford. 
SSJfciwi. k tc,gether w,th a completed surrender and discharge form. 

jS?l9ra stocltooilil«? er th ^ Cer H? cates fa -X 30th June - 1978 will be paid on 4th 
imiJiivSly SSSS certificates after 30th June. 1978 will be paid 

ol tSfcorp" 1 ndSUoShtaU'fSJS iVS“ e b f ar ■ on S or othCT 01 

Limited A5J fi ™ 1 * 1 ian ^“ e rican Limited or Rhodesian Anglo American 

in tois notS Cert,flcales remain E°od delivery and should be surrendered „ eSlained 
wbo C a^ residents* of ^he\rYited d Kinedom n Control regulations, stockholders 

sr£ s&ysr&S S ^ 'Aft rf 

sra t 

the Isle of Man). s P racdsul £ United Kingdom, the Channel Islands os 

S°e% r nS^^ stockholders resident in ■ 

conditions will be entitled to treat fterenSi, e Is e Man who fulfil toe necessary . - 
currency. In order lo ^ obtoin t^s aS 100 Pcr “»*■ investment 

for toeto capitol repayment w?nSts S^b?npin«lt C w h ?i ders Concern ^ should arrange 
which has custody of Se?r Sock Full ed f Jroush the authorised depositary . 
be set out on the the proeedure to be followed will . . 

ment currency there STa* ^savinT in* S,t Pr ° Ce J ds of ^ repayment as invest- . . 
investment dollar premium on toe nroreed? if ““bange charges in realising: ,to» rf 
than pounds sterling. tf ac L e £ a> ’ ,n i nts are m U-S- dollars rather ^ 

stockholders on toe U.R. S ^klioldera (and- any 

prefer to receive dollars to place of sterlinpi tfa «SJf ,Ith 2 ; amh,an addresses) who. wottid^| 
surrender form for an^onloLm^ is n J ade 0Q 

elections to take dollars caTotoy acSStrf dQllars neri&g A 

Secretaries on or before 28to j“ e 197^ vH ey *** rec ( eivfcd ** tbe U.K- .TrankfePM 
28tb June, 1878 payment win be In sterlinp ^ ere no election has been Itttifo 
“fculated by reference to theexchanee ratp^i;^ n L ? a l rme Pts in U.S. dotiars will /be® 
on the 30th June. 1978. rate between the Kwacha and 

profession^? adviSre ^rega rdin^to^e^h a n ° d GibraUa . r are advised to consul' thrir 
n^m- tb ° ,e i, W u consider they S are entitled Be tft C0 S tr r J mp,ications of redemption 
sfaoul d arrange for a y United e Kingd om^Aiu wf 7 the investment currency 

application to the Bank of England. 8dom AuUlQ ri3ed Depositary to make-a specific 

Pembroke, Bermuda. By Order of the Boari 

22nd Map, J?7S. D £3lfs, ' 

Copies' of this notice, tnaether «-io, j . Secretary. _ 

SSxS’' hare bcm V °*' A 








Times Tuesday May 23 1978 


X; 



29 


y KNVnoWI. FINANCIAL AND COMPANY NEWS 


? •*» 




A 

y 


NORTH AMER3CAN NEWS 

^ Chrysler in 


(■n 


e 


stock issue 

By Our Own Correspondent 


Inland Container holders 
cool on $270m Time bid 


New York 
REIT to 


NE WYORK, May 22. 


»* JOHN WYLES 

mis>c capital ip f u nti a §7 5bn 

flv-fvjear devt'lopnient plan is to TCM ^ INC'S proposed $270m than half the previous year’s 1830s and now has a forest pro- 
*«, launched W1U1 a S150m public ****** pf Inland Container figure. ducts business which accounted 

!,' r ‘ n;: uf preferred stork and Corporation has been coolly The company said it had been last year for SO per cent of pre- 
uinmon mock warrants. received by investors despite the ° urt a strike at its Tennessee tax profit and 29 per cent of 

, 1 r, ns is more modest mueazino company's claim that board mill, winter revenue. 

l n n jeldtion to the company's it nffnt! a ■* imL/ nnnnrhmitv >■ ^ ea -5 er ' *^ e c oal . strike and Under the complicated stock 
J2EJS, . lh3 ? . was generally JL ^ 0pp0rtumty pn ring problems" on corrugated and cash deal negotiated with 

expected and is raising specula- for *“ vers ification. Scores. Inland each of Inland’s common 

* , “ n _ ,hal il carries on its back Thu purchase is the third /line, however, has a well- shares up to 67 per cent of the 
, with Chrysler's major spending item which Time established reputation of taking 8.034m outstanding would be 

I?f n iit rs ,r l, f "crease lines of has announced this year and the "? e lon S yiew in framing its exchanged for a combination of 
creari. Allcrrra lively. some company’s share price on the copjorate strategy and ope of the 0.426 of Time common stock and 
analy.ns think that S150m is New York Stock Exchange, fell a factions of Inland is 0.405 <>[ a new. convertible 

1 he most 1 hat Chrysler has been when it was disclosed on !5®j P® r CGnt stake in Georgia preferred stock, . 

“"H «f*e in the market Friday afternoon. The stock ££jjL A minimum of 33 per cent 

h ,,me ’ both btfCause of gamed i to trade at 8444 this and AtabaS aiS whirt a ? d , a l m 2 xi “^ ° f P *f r cent 

of Inland stock would be pur- 


cenera 1 conditions and the cdid- wanriag with investors appearing 

pan>s evident financial weak- to be concerned about the quaUty oSrrfa ^^af^brodScef l ’’m chased t0T 835 a share ' Since 

; 3n mrt , , of inland as an acquisition. ion» orurwS£nF a vS? while announcement Inland’s stock 

nt .pj. * ^ckonings. Chrysler Anxieties stem from the paper products accounWor *>9 ner P r{ce 1133 risen to $33J. How- 
?no- 8 se SI. 5-32 bn by the Indianopolis-based company's cent of Inland’s shipments** Mr ever, the stock rose by more 
meni finrf 9SU to *- und 5,8 devel °P- profits record. A manufacturer Andrew HeiskelL chairman of than S4 last Thursday in advance 

corrugated shipping containers ESTwm- of news of the agreement 


Scar newspaper for 


FV „1. ^ unties ana aaa or comaroerooara, uuanu take his company into a new Iar ye ar ume aas 

LjK Commission the com- saw its earnings fall 20 percent paper product grade which Is announced that it is buying the 

K«s 0 7sTS 1 . 0 jT n ! B, 5 ‘0 1977 to S21.9m or S2.73 a share verted lo "oiw rensidereble Washington — 

r ^ P/eferred stock and on sales of 6396.7m. The. profits growth. $20m. Last 

» u.rviwi aSe warTants - The slide continued into the first Although it is best known as a the purchase of American Tele- 
ripht in ?. ?. 11176 hol “ ers 0,0 quarter when earnings of $2. 4m magazine publisher. Time first vision and Communications Cor- 
_ jQooe new common or 30 cents a share were less acquired timber! a nds in the poration. 

■mare at a price to be determined. 

The issue will be sold in units of ! 

one new preferred and one half- 
warrant. 


Dymo legal 
move fails 


NYSE member firms in deficit 


BY OUR OWN CORRESPONDENT 


NEW YORK, May 22. 


Bjr Our Own Correspondent 
NEW YORK, May 22. 
DYMO INDUSTRIES, the label- 
ling equipment maker which is 
fighting off a takeover bid by the 
Swedish concern Esselte, today 


THE difficulties faced by the with an after-tax profit of $34-7m the stock market rally which 
U.S. securities industry before in the same period a year ago began in the middle of April 
Ihe current stock market rally and underscored the deteriora- should yield something of a 
brought some relief are high- lion in the industry's fortunes profits windfall because inven- 
lighted today by New York Stock which has led to closures and tones will have increased in 
_ _ Exchange figures showing that mergers- Most damaging in the value and co mmissi on revenue 

failed to gain time by resorting member firms have suffered three month period was the stoek will reflect a leap in average 
to a legal technicality their fast quarterly loss since market slide on trading volume daily trading volume on the 

A Massachusetts court dis- 1975. which was L5 per cent lower on nyse from around 21m shares 

missed an order blocking the bid According to the NYSE, a daily average than the year to around 35m. 

issued hy the State of Massa- members dealing with the public before. This meant mat com- The NYSE said commission 
chusetts on the grounds that recorded an aggregate net loss in missi °n Tevenues were harder tn accounted for 38.6 per cent of 
Esselte had failed to file statu- the first quarter of. this year of c p me and that inventories of total member firm Tevenues in 
(orily required information on S12.Sm. This was the first stoclis carried 'or principal the first quarter. This is 

ihe effect of (he takeover on aggregate after tax deficit since trading declined in value. At significantly less than the 55 per 

operations in the state. Although the first quarter of 197S and the same time, prices in the cent in 1973 and the decline has 

Dymo is hasod in California, it represented a —1.3 per cent fixed income markets also accelerated since the introduc- 

has four subsidiaries in the New annual return on average net deteriorated, again reducing the tion of negotiated commissions 
England slate, employing about worth of $3.9bn. value of inventories. 

1.000 people. The first quarter loss compared By the same token, however. 


with banks 

By David Usccfles 

NEW YORK, Hay 22. 
THE Chase Manhattan 
Mortgage and Realty Trust, 
a large New York real estate 
investment trust <BEIT) which 
defaulted on $36. 7m worth of 
notes at the beginning of this 
month, confirmed today that 
It is meeting its creditor 
banks to try to sort out Its 
debts. It expects to make an 
announcement _ tomorrow or 
Wednesday. 

Chase Manhattan Trust, 
which was 'founded by the 
major bank- of the same name, 
but with.wfaieh It has no direct 
corporate connection, lias been 
in serious financial difficulty 
for the last two years follow- 
ing the collapse of the property 
boom. 

Mr. Hal . Upbin, (he trust’s 
president, warned in April that 
It lacked the cash to meet its 
May 1 obligations. But it was 
widely tfaonght at the time that 
Chase Manhattan Bank would 
bail- it out -However, the bank 
did not do . this. 

The trust’s debts enrrentiy 
amount to just over $150m. 
most of it owed to 27 banks 
headed hy Chase Manhattan 
and Chemical Bank. The trust 
said today that while It hoped 
to deal with its. bank debts, 
there was no plans as yet for 
money owed to other creditors. 

Court upholds 
AT&T order 

WASHINGTON, May 22. 


Canada’s foreign-owned 
banks to seek full status 

TORONTO. May 19. 

SEVERAL foreign-owned banks In Canada by the end of the year in August 1976. Asked about 
here intend to apply for full and possibly two more in the the C$500m asset limit. Mr. 
bank status when the Canada near future, but Mr. Wentworth -Peter Schuring, vice-president. 
Bank Act revisions become law. said that it is not going after said Citicorp already has assets 

The Bill revising the Act, in- ^ retail busine^. of more than CSSOOm in Canada 

traduced last week, allows them Barclays Canada also intends and “ from my interpretation, 
to carry on banking activities se ®k a bank status charter, this limit is not specified in the 
formerly. the preserve of ®- Coombs, the bank’s treas- act but rather will be applied 
Canada’s 11 chartered banks. urer sa - vs Barclays goes along on 3 case-by-case basis, with each 

The foreign-owned bants a S ee,f ‘5 r ° reign 

Which plan to go along with the hanb<; Uf °f Citicorp has five branches in 

Bill, intend to oppose parts of JJS totaf^sets of Can Cana d a wHb other leasing com- 

the legulatloiii especially the pro- a^ian banks ' but * sa!ri t P any offices which wouId count 
vision which would limit their 2, be no limit nlSd 0 ?5K as br an^es under the new Bill, 
total individual assets to CSSOOm. “ f b6 ^ch fore^Tbauk Mr ' Sch “ rin S said. 

Mr. Alfred R. Wentworth. Currently, foreign-owned banks Citicorp will study the bill, 
president of Cbase Manhattan in Canada have assets totalling after it is passed, before decid- 
Canada. says his bank will apply an estimated CS3J3bn. The new on whether to apply for full 
for a charter when the Bill is act would allow them to bold bank status, 
passed. assets of CSTbn. The 11 chartered Meanwhile Mr. Henri Stadler. 

“ We are glad to have the Bank banks have a total of over Union Bank of Switzerland 
Act on the table,’’ be said, though C$l50bn in assets. representative said the new Act 

bis bank opposed the asset re- Citicorp Canada said there means “ nothing has changed, 
strictions despite its present were few advantages in it becom- we’re not dissatisfied, but it is 
assets being “ nowhere near " the ing a bank in Canada and the immaterial to us. We are here 
limit. new Act contains few changes as a service company." 

Chase will open three branches from the while paper published Reuter 


Chemicals 
cut CDC 

By Our Own Correspondent 
MONTREAL, May 22. 


Hudson’s Bay setback 


BY ROBERT GIBBENS MONTREAL, May 22- 

HUDSON'S BAY COMPANY adverse change 
earned C$907,000 or 6 cents a conditions. 


in economic 


CANADA DEVELOPMENT share In the first Quarter azainst Retail sales were ahead by 6.5 
CORPORATION (CDC). the Sl456 00 o or W cents per “ nl >' eaf despite 

holding company controlled by ^ u restated the loss of food sales following 

the Federal Government with >ca r earner. ^ disposition of Quebec food 

public participation through pre- Tae Iatest penod excludes a operations earlier this year, and 
ferred stockholdings, earned S3.6m gain from the sale of its 3 sharp decline in retail sales 

C91.6m (U.S.8 1.42ml in the first investment in Glentivet Dis- in several Quebec communities 

quarter against CS8.4m a year tillers. Revenues were S334m t0 a ,ua i° r mining strike, 
earlier. gainst «nRm Tim T ° e company will open three 

CDCs share of start-up losses 2ff‘ * c( ?“ pail y “ new major stores in Quebec this 


new 


petro- optinrtstfc it wiil report year, one in Vancouver another 


at the new Petrosa r . 

wANHiNUiiim V7 - chemical plant at Sarnia, better results for the full year in Oshawa Ontario and another 
THE'\fqE^remeCourt today Ontario, were CS7.1m, accounting Providing there is no material in Newfoundland. 

left -filact ' an order that ’ for ^ dr °P “ earnings. . 

American' Telephone and Tele- 
graph help a competitor. MCI 


for institutional trades in May 
1975. 


World Value of the Pound 


The table below gives the latest available 
rates of exchange for the pound against various 
.•urrem ics on May 22, 197S. In some cases rates 
ire nominal. Market rates are the average of 
•uying and .selling rates except where they are 
•hown to be other wise. In some cases market 
ulus have been calculated from those of. foreign 
•urrencies to which they are tied. 

Exchange in the U.K. and most of the 
ountnes listed is officially controlled and the 
ales shown should not be taken as being 
pplirablc to any particular transaction without -' 
eferenre in an authorised dealer. 

Abbreviations: fS.' member of the sterling 
re. i other than Scheduled Territories: (bi 


Scheduled Territory; (o) official rate; (F) free 
rate; (T) tourist rate; (n.c.i non-commercial 
rate; (n.a.) not available (A) approximate rate 
no direct quotation available; (sg) selling rate; 
tbg) buying rate: Cnom.) nominal; (exC> 
exchange certificates rate: (Pi based on U.S. 
dollar parities and going sterling dollar rate; 
(Bkl bankers' rate; (Bag) basic rate; (cm) 
commercial/ rate; (cn) convertible rate: (fn) 
financial rate. 

Sharp 'fluctuations have been seen lately 
in the foreign exrb&nge market. Rates In the 
table - below?, are nbt 'in ail cases closing rates 
on the dates shown. ’• 


Plarr and Loc.il Uuil 


Value ol 
£ Si«rliuc 


!gi:ajiu!ta.': 

lltf.n.n< 

61.01* 

il 


1 10.143 

'-.••no . . 

|iin.- 

'• ;.574 


, t in •• 

E 49*1 


. "•,-H|i- 1 j.Wlt 

147.7 5 

«!;• lit ... . 

it 1 III '• 

•'Ji 

illij.nr .>• 

»' t .!• .I.i.-nii j 

4.M) 

i^» ji: im . 

t". ... 1 ..1 till,- 1.400 


\i.ii.-.;.-«ii s 

U07 

ii* i i*:n . 

s 

, 57-7:. 

'ti-., 


6i in 


Ill 

1.jl55 


'HI... 



Hi. •< 

u.i-31 

"I.- 111 . : . 

IV- 1 

147.75 

n-.S t - 

I I- s • ■ 

1 5.63 


1 

1 ; •—:-.- 60 1! 

.... 


!.»•.• ro.tij 


l! - 

3.FJ 



474. < 



l.:.I5S 


1 1 : ..•••• 

16.636 

••'it m 



sb.50 


Place an<! Local Unit 

Value ot 
£ Sieriinq 

*•» 'nuin 

Ucul«- lir.urk 

5.85Ji 

'■l.ll'lrt '**1 . 

1 i-ii 

2.05n 

.1;. 

(.vlinluu 11 

1.00 

: . ■ 1 t-i.-j-i I*... 

Virl. IMmr 

I.ii07 

ji'isnn . 

1 'i«i limit 

9B.D65 

i.rr.-»ilnii.l ... 

I'hhiUi Kt iin.-i 

lO.lD'i 

1 ■•■■•iiin/i St 

L. 1. HI III*. nil S 

4.90 

j t.nn.lili ii|v . 

L*.n. 1 ’thiii- 

8.4E'i 

J i.ii-iiii. . . . 

L S 

1.8135 


Place apd Local Unit 


Value oi 
£ Sterliao 


IViinCilM Oufcmir 

P’vr-p. v lV ' 

■>f Yemen i>S) n; Y«iiini Uinai 

I’C'-u Sii 

Hbilippine»... Hh. jv** 

Cuiand gbAv 


I 

£ Metluu I 

Xn iindS. 


225.19 

A <0.6195 
iCKPt' 854.05 
15.554 


1 1 

rini.-i 


I - * 


1. 1 




ann-O'ii Rji 


\ i 


VMS 

jl U 

1.PI53 
j;*jo 
I 65SI 

12.555 

154.17 

12*. I 
: oho 
MZ.I a 

55.25 
I.SHIj 
C4 I 
424.1 
Hi.- 49. W 

i Hhi 
.< • 63.02 
41-4.1 
414 I 
Ib.tD 
1.5550 
Q.ilitOs 


1 mk K— •nn* 


•nmark- 


: 11 in lii-i*.. 
KHiler . .. 


I •re'ii--n •* 

» 1. 

I,, l S 

I t > .fi:s>IM-MII 1’^* 


tr.i |4u»« - 


>i.. r ,K Hli..'1-iai 
"l » ,■■<11111, IV« In 


f-nifcian.i 


Iklautl I#- 
E ' 

r,. 1 . K i..|i, 

. I- I ■> 

■ Ini . 1 . . '*■.!*■ vm 

1 in-, K:rn« li I"m ib ' 

I"|,iiiVI* 1 .V '• 

* inii»i».. !«-n. iini»- 

I .I’.r I- 1 AIK 


bon 

• i'.Jq I.-*;. . 
man, 


I.*,!'. V. Pian> 

I In rani 

1 


in.-i la.jQ 

' , 1 Ifi.HS 

10-4014 

511 

4.30 

1.0155 

-■■>•45.01 
.•f.47.15 
■ ■ i*0. #64 
. -Ti 1.275 
il'i5.7Sl 
147.75 


r.o 

10.40 '4 
I..-.S3 
7.J3'> 
S.4HU 

424.1 

8.401} 

154.25 

424.1 

4.(116 

5.95*1 


< mini ■’ ir.i in. On>.l -i I 
1 ■'•■'Hi-* I.V|i . 4uy 

<H«ll|r-l l-IIMIIl 

I'll, Kiln ,*4|. I,u>1lil> Wf 5 

Haiti (..iiinii. 

Il.«iilwj,lli4i Ia.ui|iIIh 

M..|lch.illciS>' H.h.l> 

Iln'IWI. . .. 5t.|1l\l 


Iceland 

iii.’iii !-•. 

In 

l run . . 

Iiw|.. . . 

lM-1. »••> t 

I-J1U-!.. 
I:»!« . 
!%.>n i 


I. hl-IM 
Ilf I l.MI-ll- 

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|re,i( Ii:am 
lri-li J! 

l-irn-l v 
t.nn 

t .F \. Fnni- 
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I .inn 1 1 .1 

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iniupui’hoB- f- 11 - 1 

Hiihh 

hn.„ iMlii U.hi 

K1.1.H , 111 -il 

K'ikmiI iwhi. hiuiran liniu 

Lfldfc Hf;* I'.M I'i'I 

1, ln>..iii I.i4»ii>*-h. X 

J4— ■>. All n-aii liioil 

I.Jh-iw l.iU;nar\ v 

l.i*nn blinin Uiimi- 

iMA'n-.di ... *»,ivl'niw 
Um n'ii-iirt . L"-- Fiaih 


afneno 

lld.il'IIU . .. . 
M-i K) 

A|iui» t 
Ili’-i}vta •>•. 

U»Miv.- 1-. ■* 

'In 1 Jfr- 

Mb.|*,S< ... 

'iHnlul.jiu- . 

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'I. n nil lu- 
ll. Me. 


l , Mll«htVeb--L-iul< 

'll. Fn,,,.; 
Kuui-lni 
.. >;<ii^^il 
., ,l.c 

. .M 111 f rani- 
. . Jlunpii 1: 

.. l*«i»i »>nriL- 
.. Ihicm'd ! 

1 . M. Ki ji-v 

lllXIl'HU I'i'I' 

'* ’•}TIC'\’U ' .1 iA. IWllU- 

'l.Hia'-n Frvm-ii Fibui* 

M,i|i"«lta ... ... I u-.-nl 

'liiiiliafni ... h. Uirnlami !> 

Uinm. Owloitt, 

.'Inunllldiiiii-. Ilw. K**-i*l«» 


1.5 135 

S3. 121 
4.524 

9.07 
5.44 
8.452 

■ 1 -'ii ■ 72.85 
!'■ oi 1 16.5! 

Jt9 51 
I5.6S5 

752.5 
. \ ■ 127 

0.5555 

1.00 

50.95 

1.5 a2 b 
424.1 

2.61 1 
415 

0.560 K> 
217.6 
li.bi>5 
I 5949.:, 

575.80 

0.503 

562.7 
5.2204 
/.571S 
1.3155 

. I*. 0.557 

5.53 *2 
60.20 

f.OiS 
65.25 
4 ja.O 

I. 5690 

455.0 
7.15 
JJ6.25 
Q. 1-250 
8.4B Ij 
36.11 

II. 555 
41. OS 

424.1 

! 6.4s i 

{Ui -6.9444,: 1 

! 4.'J0 

I 7.7i,- il 
80.245 


Nauru Is— [ 

\r-|Ml Niiim> : 

[ %i-ilierlniiila.. liulWw 

| \ii|I,.i\i»i'M- .\PlliiUii (iullil | 

j Jk, "‘ H, bl, ' k '" J.VtwT. Otd tor | 
X. /juatoml X'.f» ISdlai 

.\iinroi-»'« C*rWw J 

.Viqt l.'i 1 .... t -K.A. Plan. 

Muwrin Naira ' 

X'ii-u-hv XffJ. Ktuni 1 1 


Oman 
Bind (Si...- 

Pakistan 

Paw*- • 


Kiel I'ninni 

PLM. Hniin 
llallv* 


; ivnw.v .« ;.r!*t fc'iua 


1.807 

21.762 

4.125^ 

3.248 

157.09 

1.607 

l.BM 

12.72 

424.1 

1.16110 

9.93-4 

0.675 

T7.9B 

1.8156 

1.3177 


PiirtuuBl I’-M-. K*vU>l» 

Fiiri Tirnnr..,. TlnKT L-r-ii'ln 
PniliM|N- I r If. I^j.i. ti-uiiii 
PuLTtii Him... t’.s. t= 

Vilnr.s, IfBtnt !(,«■ 

HviinViD 

Hi- dp la Kn-nrh franc 

Itln ale* to. ~.... Kin all- ran S 


((•■uwnia la-u 

KnaiHta liuauda Fratn; 
St- Christo- 
pher (Si.... H. (anld.«an S 

«- Hi*«ei}ii m. Huiena C 

M. I.um fh>.. K. (.'aribtarar S 

■*». I’lene f.K.l. Pianc 

* 11 -* hiuemUiM B- Ombiitwn S 


1 NilDOi (AniJ t'j). S 

1.8135 

| thu XlHtniui... liBiwn l.ire 

1.5521" 

>40 Ti'rrw I‘s-c. E^-ihI.* 

BS.75 

1 '■'utli Awl in, liyai 

8.23 

■ -'encsmi C.F..'. Prwn- 

4!4. 1 

'••.u heiiis s. Jiiiwv 

15.55 

Mwr Wneth) UnMie 

2.0 

'• | U f ,M|« , re(j.|. >iii^ti|,im S 

4.2340 

'■•InllllMI l-t<\ SilluftT HI Is. S 

1.607 

■ionmii Hep. .. ai.in Mi 

i.\itl.4 15 

■Hi. .llrimi.M llarul j 

1-5718 



Tfrri««n- iSj a, a. Iiau-1 1 

1.5718 

*>!*'» 

147.75 

'•1*1*- P«rt» in 



1*7.75 

~ii I/*nka ia.is.1. Iluj.-ee 

28.535 

•'li.lnii Up. Biirtmi i 

>.'•0.6315 


liOOD 

1 ,L mt6I.no 
) U16I.OO 
Ba.26 
93.26 
63.25 
1.8135 

7.01 

8.48 U 
1.2577 

■1 in >8.49 
n.-il 22.79 
169.57 

4.90 

1.0 

4.90 

424.1 
4.90 
4.53 


Strong third 
quarter at 


-'miiMiii S. iiiii'L'r 

■?« irilnuii (S.t 14 urmvui 

■'welen si. Urniui 

'witePr>aiiii..S«-i*9 li-ani- 

- 1 \ni xVii x 

Taiwan Xm Taman 

fna-Muto (B.i.a'Sn. Shilling 
llnilan<l..,..., Oaht 
r it.li Itjv. — t'.K. V. Kniie- 
■'"ms* la. I-S.J Pa'aiina 
1 n niilad (£>.1. Trin. .V Ti4iau» 
riiiurtra ..... — Tunisian Ulnar 

l urfcey 1 urksUi Lara 

fiirfci S t'.si'. S 

Jj'WUi Aii>lr.il«n £ 

llqanda iS.i.U-.-. shiniD- 
Ut'l. aillpv.J U.S. Dollar 

l; ,,,a T-' .--Unw P«.. 

C'd.A 5EMK u.a.k. Utoham 

i-;;,irv l .sr ,touw ' 

Vatican 
Wneiuda^... 


V-F-A- Ktiun- 

IhMlan lire 
Unllnr 


Vietinni(.\ihi 

vtpiaunirtln 
VlrdnUUjsi. .. 

Wosiern b '*- Unl ' J " 

Yemen. ■ . 

Yiiptotarja ... v ... 
Zaire Rc — ulo " r 
Ai.be. “»» 


4.248 

1.5714 

B.46'4 

4.581; 

'.'■7.118 

1P168JI 

14.65 

37.00 

424.1 

1.3098 

.4.45 

0. 765 -ej 
45.<5 
1J135 

1. t07 
14.05 
1.0135 

('■■Hi 1 10.31 

1. fn. 10.81 

7.81 

1.27 

424.1 

l,582lt 

7.77 

< 014,629 
(T,4. 1505., 

4.aS6 

1.6135 

1.1U53 

6.31 ?ai 
33.32 
1.491844 
1.2 S 


‘ 1 ' ... ,i„. i.’ri'iich Minnwiitp in Africa formerly 

S? ’lv.MvfTFr.nd. Equatorial Mota. 

Hup.-'' • I"’ r Jiu, rv.\ tranc. Thr eachanw 

IVBr, e cf* w'”. »«. o< n» 


f General rafrs ol OU and iron experts 76.167. 
n Based on erw* rates afiihjct B madan rouble; 

Rale is the Transfer market r controlled), • 

Ram Is »w based on 2 Barbados £ to the dollar. 
NOW am* affinal ram. 





GOOk Bankers 


Thomas Cook Travellers Cheques 
The accepted name for money. Worldwide. 


CLEVELAND. May 
WITH CONTINUING improve- 
ment in its overseas interests, 
graphic and data business equip- 
ment maker Addressograph- 
Multigraph reports third quarter 
net profit 314 per cent higher at 
S6m,- to give a net per share of 
74 cents againsi IS cents in the 
same period a year 3go. Account- 
ing changes did. however, call 
for a restalement of the year ago 
figures. 

Sales during the third period 
also rose, by 7 per cent to SlGSm. 
For the nine months this brings 
the company to u net profit of 
S13m or -Sl.aO a share against a 
net loss last time of S4.75m. Nine 
month sales are 10 per cent 
higher at S4Slm. 

Tax credits for both the third 
quarter and the nine months 
bring the final figures to SS.Sm 
net (or SI cents a share; and 
SlS.Im for S1.57 a share; respec- 
tively. 

Agencies 

Campbell Soup gain 

Campbell Soup announced net 
earnings for the third quarter 
of 92 cents a share against 84 
cents . Total net improved to 
S30.0Sm from 827Jm. Sales of 
S490.Qm compare with $444-9m 
reports Reuter. 

Dry Goods loss 

Group department . store Asso-. 
ciated Dry Goods turned in a 
loss of S1.4m for the first quarter 
against a net profit of 82.4ra or 
17 cents a share for the same 
period last year. However, a tax 
credit reduces the net loss to 
S71 4.000. agencies report from 
New York. 

Wickes upsurge 

California-based retailer Wickes 
Corporation reports a 33 per cent 
rise in first-quarter net profit to 
&4.4m, with 41 cents a share 
going against the 31 cents for 
the same period of last year. 
Sales in the quarter rose by 29 
per cent, to' fi40Sm, Agencies 
report. 

Detroit Edison 

Utility concern Detroit Edison 
reports net profit lower by 9 
per cent for the 12 months to 
April at S127m. to give $1.60 per 
share against the si. 99 for the 
previous year. Agencies report 
During the period, revenues rose 
by 7 per cent to Sl.obn. 

Commonwealth Ed. 

Net profits for utility concern 
Commonweal! h Edison rose 
slightly dur tig the past 12 
months to m from the pre- 
vious year’s S253m. On a per 
share basis however. the 
improvement fails to show 
through due to ra rise of 14 per 
cent in the number of shares in 
issue which gives a net per share 
Of S2JS5 against KL26. Revenue 
during the year rose by 10 ‘.per 
cent to S2’bn. Agencies report 
from New York. 

Carte Blanch? suit 

American Express has filed suit 
in Federal. Court agaiast the 
Justice Department and U.S. 
Attorney General in connection 
with a justice Droce«ding that 
could permit Citicorp to - re- 
acquire Carte Blanche the travel 
and entertainment credit card 
subsidiary -of AVCO Corporation, 
AP-BJ reports from New York. 
Citicorp’s hanking unit, then 
known as First National City 
Bank, sold a controlling interest 
in Carte Blanche to Avco in 
1968 after the Justice Depart- 
ment moved in an anti-trust suit 
to stop the hank from acquiring 
additional Carte Blanche stock. 


Telecommunications Corpora- 
tion, expand its long-distance 
telephone service. 

The Justices rejected 
requests from AT and T and 
the Independent Telephone 
Association aimed at postpon- 
ing the effect of an order 
issued last month by the U.S. 
Circuit Court of Appeals In 
Washington. Now, AT and T 
will have to comply with the 
order while deciding whether 
to mount a formal Supreme 
Court appeal. 

Commenting on the ruling 
on MCTs Execcoet service, 
Mr. James Olsen executive 
vice president of American 
Telephone and Telegraph said 
“we’re. • obviously dls- 
poinleL.” 

The company “ will promptly 
file tariffs covering the condi- 
tions and charges for provid- 
ing local “'exchange service ‘ 
facilities for competing inter- 
state long distance service.” 

Mr.. Olson noted that the 
Federal Communications Com- 
• mission has not yet determined 
** if snnch competition Is in Hie 
public Interest " anJ AT and T 
believes il “ will lead to 
higher residential rates and 
the crenhial de-averaging of 
long distance rates.” 

AP-DJ 


Fall at Hawker 
Siddeley 

By Our Own Correspondent 
MONTREAL, May 22. 
HAWKER SIDDELEY CANADA 
earned CS2J2m (U. 5 ,82m) or 24 
cents a share jn the first quarter 
against CS2.7m of 30 cents year 
earlier, on revenues of CS91m 
up 6 per cent 

Demand for forest and mining 
industry products has strong tfa- 
ened. and the rail freight equip- 
ment market should improve 
shortly. 


Double at 
Marconi 


By Our Own Correspondent 

MONTREAL, May *22. 
CANADIAN MARCONI net 
income for the year ended 
March 31 was CS4.2m (U.S.S3.7nn 
or 70 cents a share against 
C$2.1 in or 35 cents a year earlier. 
Sales were C$57m lU.S.SSlm) 
agaiDst GS5S.3m. 

Fourth-quarter net was C$1 ~ni 
or 20 cents against C$1.3 m or 22 
vents. Sales were CSH.Sm against 
C$I6.6m. Order backlog at year- 
end was C$7i)m up from CS35ni. 


U.S. $30,000,000 

The Mitsui Bank Ltd. 

Negotiable Floating Rate U.S. Dollar 
Certificates of Deposit 

Series B — Maturity date 24 November 19S0 



Id accordance with the provisions of the Certificates 
of Deposit notice is hereby given that for the six 
month interest period from 23 May, 197S to 
23 November, 1978 the Certificates will cany an 
Interest Rate of $H% per annum. 

Agent Bank 

The Chase Manhattan Bank, N.A., 
London 



Mew Ktue 


AUof /Aif Anffl haringbti.il suit/, Ms Jitnouucaium c/.-k urs tis a iihiiicr vf nxorj oii/y 


5thMay.J975 



Bank Handlowy w Warszawie S.A. 

US$30,000,000 
Floating Rate Notes due 1988 

Basque Nathmale de Paris 

The Arab and Morgan Grenfell Finance Company Limited 
B.AJLL (Middle East) Inc. 

Ban quo Franca ise du Commerce Exterienr 
Credit Commeraa I de France 
Credit Lyonnais 

Daiwa Europe N.Y. 

European Banking Company Limited 

The National Bank of .Kuwait S.AX. 
Soctete Generate 


Arab African Bank —Cairo 
Bancu Coaunerciale llaGua 
Bank of America International Limited 
Bankers Trust International Limited 
Banqne Europeenne de Tokyo SA. 

Banqne de I’lndochine et de Suez 


Alahli Bank of Knnait (KS.C.) ’ Algcmwe Bank Nederland N.V. Angemcim: Sparicasse in Lina: 

Arab Finance Corporations .AJ0. Associated Japanese JBank (IntenmtkMisiJ limbed 

Bmica Naziowle dri Laroro Banco dl Roma Banco Unjnijo Hfspano Americano Limited 
Baidt of Hetainla ifeL Bank Mees St Hope N.V. Bank of Tcdcyo (Holland) N.V. 

Banqne BntxeUes Lamberts A. Banqne Comnwrciaie pour ITnrope dn Nord 

lEmbidt} 

Banqne Fran9aise.de Credit International Limited Banqne Generate dn Laxembmrg SA. 

Banqne Internationalei Lnxembomg SA Banqne lntaimtionak ponr I’Afrique Occidentale (BIAO) 

Banqne de Nenffiw, Scbtamberger, Mallet Banqne de la Socielc Fn»naerc Europfemie Banqne Verms et Commerce 

Banqne Worms . Bayerische HypotbAen- trad Wechsri-Bank Bayertefae Landesbank Gimnntrale Bergen Bank 

Beriiner Han^- Frankfurter Bank Burgan Bank SAJI. Cals* Central* d« Banqms Popnlai^ 

Oussefe ^patsrtpMH^tions Ccntrale Rabobank Ortstiania Bank og Krediffcaaa Comity Bank Limbed 

Credit Isrfjffltrid et Commercial Credit da Nord Credxtanstalt^Bankverein Credito Italhmo 
Dean Witter ReynoUsIae. ‘ DG Bank Dflloo, Read Oreiseas Corpomtioo 


ScaMeGea 


Deq nors be Creditbank 
Dresdncr Bank Aktieogesellschaft 


BUI Samnd A Co. Limited 


ViCHOQ 


Enropean -4rabBaqkLinrited First hrfmatkaalBaiKsfaaresOntited F^LrtanndbmalF!^ GenascosctafMMe^ 

Girozentrale nqd Bank der OsterrddnsdKS Spar Lassen 
finilUlllillallih 

LBLL InterindmoM Limited 


Hungarian International Bank limited 


_ . _ Jardine FTaning & Co. limited Xleinwort, Benson Limited 

anr* Foreign Treil^ Crelreatofi * Imntoert Co. (S^K.) KoireitLtemfiorel r»»re Onm S.A.K. 


Kuwait Inrastment Company (SA JC.) 
Merrill LjiKh IntenatUmal & O. . 
New Japan Securities Europe Limbed. 
Nomura Europe N.Y. 


Lloyds Bank Intonational limited 
Samuel Montagu Sc Co. Limited 

The Mkko Securities Co_ {Europe} Ltd. 
Norddeutscbe Landesbank Girozentrale 


Pan A^an Finance Limited 

Skandinariska Eosfcflda Bankefl 
Sodetu Centfaie de Basque 
Sumitomo Finance international 


Pierson, HeHring Sc Pierson N.V. Postipaokki 
Smith Barney, Harris Upban & Co. bcnpontnl 
J. Henry Schroder Wagg & Co. Limited 


Loeb Rhoades, Honddowcr International limited 
Nederiandscbe MMdeastandshaiik N.V. 
Nippon European Bank SA. 
Cstorcicbiscfae LSndertank. 

AHlrmjpmll u' h eB 

Singapore Nomura Merchant Banking Ltd. 
Sodete Bancake Barclays (Overseas) Ltd. 

Sodrte Sequanaise de Banqne 


Srtnska HandehfamkcQ Taiyo Kobe Finance Hong Kong Limited Trade Development Bank 

Bfmft 

r \WobdACo. U^^BanqneuA^etFnm^-UAAF. Vcroin^ and Westbunk Attiengesdkcbaft 

J - ' Wood Gandy Lianted Ymakdfi International (Nederiaud) N.V. Ztomdsparkasse der Omudodo 


Union Bank of Finland L&L' 




so 


"i 




Financial Times Tuesday May 23 IS78 



BANCO 

ARABE 

ESPANOL 


IML. FINANCIAL AND COM PA NY NEWS 


Higher profits and traffic 


at Singapore Airlines 


C. G. Smith 

sounds 
warning on 


BY H, F. LEE 


SINGAPORE, May 22. 


ANNUAL GENERAL MEETING OF THE SHAREHOLDERS 

Held in Madrid on April 24th 1978 


SINGAPORE AIRLINES (SIA) 
has achieved a 155 per cent in- 
crease in pre-tax profit to 
approximate!; S$50ra (USS2lm> 
for the year to March. 

According to preliminary un- 
audited figures released by the 
company, the profit growth came 
on top of a 29.4 per cent surge 
in revenue to SSlJ.3bn 
(USS4S2m). 

Total expenditure rose by 27.8 
per cent to S$1.06bn. 

The figures released are those 
of the airline only and exclude 
its subsidiaries which are 
actively involved in airport 
ground handling services, hotel 
industry and duty-free retailing 
and which also generate substan- 
tial revenue for the company. 


The profit figure has also been 
adjusted to take into account the 
adjustments which are expected 
to be made when the accounts 
are finalised. 

SIA said that it bas shortened 
the depreciation period for its 
new aircraft and associated 
spares from eight years pre- 
viously to stx-and-a-baif years in 
line with its conservative 
depreciation policy,- to take into 
account the increasing cost of 
Beet replacement This deprecia- 
tion period, the atrline stated, 
will further be reduced to six 
years in the current financial 
year, ending March, 1979. . 

The number of SIA passengers 
in the last financial year rose by 
14 per cent to 2.55m, while cargo 
carried increased similarly ! by 


14 per cent to 51m. metric 
tonnes. 

The total load carried 
-expressed in terms of tonne- 
kilometre rose by some -1 
cent outpacing the growth in 
capacity ouLput which expanded i 
by is peT cent to 1.47bn tonne- 
Wlometres. As a resuU, SLA 
managed to chalk up a three 
point improvement in its overall 
load factor to 69 per cent 

SIA said that its constant 
expansion of operations and up- 
grading of technology helped to 
restrain the rise of unit operat- 
ing costs but were insufficient 
to offset the effects of inflation. 
Operating cost per tonne kilo- 
metre thus rose f™ ra 
Singapore cents to 63 Singapore 
cents. 


prospects 


The following are extracts from the address delivered 
by the Chairman of the Board of Directors, Mr. Abdulla 
A. Saudi. 


AUDITED BALANCE SHEET* 
(IN THOUSANDS OF DOLLARS) 
-DECEMBER 31st. 1977 


Japan Line management change 


TOKYO, May 22. 


• The financial statements reflect the continuous 
growth and rapid expansion of the Bank’s activities. 


ASSETS 


• The Bank's new premises were inaugurated in 
December. 


Cash and Bank of Spain. 
Due from Banks; 

Pesetas 

Foreign currency 


28.585 

236.639 


JAPAN LINE . COMPANY, 
Japan'‘s largest tanker operator, 
has announced a major change 
in top management as part of a 
plan to salvage its financially 
troubled operations. 

The company has selected 


® Aresbank has been particularly active in the 
syndication of 43 foreign currency loans. 



• Operations related to foreign trade activities were 
satisfactory during the year particularly between Spain 
and the Arab WorJd. 


Investment secuiities 

Loans ’ 

Customers' liability for documentary credits, 

acceptances and guarantees 

Bank premises and equipment 

Accrued interest and other income receivable. 
Other assets 


265.244 

4.028 

162.154 


Takeshi Kitagawa as president 
io place of Hisashi Matsunaga. 


197.515 

7.440 

6,787 

414 


• Total deposits at the year end amounted to US $ 
equivalent of 413 million, of which US $ 385 million 
correspond to interbank deposits. 


643.896 


MEMORANDUM ACCOUNTS 


• Our Peseta lending operations have doubled during 
the year as compared with 1976. 


LIABILITIES AND SHAREHOLDERS’ EQUITY 


• The Bank has cooperated with its Arab 
Shareholders in the promotion of Banco Arabe 
Latinoamericano (ARLABANK) becoming a Shareholder 
with a permanent seat on the Board of Directors. 


Demand deposits. 
Time deposits: 

Pesetas 

Foreign currency- 


46.708 

342.831 


• The general growth of our Institution neccessitated 
a further increase in the Bank’s equity base approved by 
our Shareholders at an Extraordinary General Meeting 
held on January 17th 1978 doubling our equity capita] to 
3 Billion Pesetas (equivalent to US $ 37 Million). 


Documentary credits, acceptances and guarantees 

per contra 

Warranty deposits 

Accrued interest payable— — 

Income taxes 

Other liabilities 


197.515 

15.184 

4.510 

2,564 

2265 


• Net profits before faxes amounted to Pesetas 419 
million (equivalent to US $ 5.2 million) out of which 102 
Million (US S equivalent 1.3 million) is to be distributed 
as dividends. 


SHAREHOLDERS' EQUITY 

— Share capital 

— Legal reserve 

— Retained earnings 


643,89 6 


MEMORANDUM ACCOUNTS 


460.257 


in place of Hisashi Matsunaga. 
who will move up to the cur- 
rently vacant position of 
chairman. 

Mr. Kitagawa Is vice-president 
of Toyu Soda Kogyo Company, 
and a former executive with the 
Industrial Bank of Japan. Japan 
Line's principal lender and a 
leader of the reconstruction 
effort. 

Thisoo Guda, also of IBJ. wilt 
be named a director and other 
changes will be made in upper 
management by the end of the 
month. All the appointments are 


subject to approval at a meeting 
of major shareholders in June. 

, The announcement follows 
offers to resign earlier this 
month from the shipping com- 
pany’s board of directors, to take 
responsibility for the serious 
financial trouble which prompted- 
an agreement with lenders to' 
postpone repayment of about 
Y30bn (Sl30m) in loans during 
the fiscal year which began 
April 1. At last September 30, 
Japan Line had debts of about 
YISObn. 

Japan Line, it is understood, 
plans under this year's budget to 
renegotiate a saving of Y21bn in 
charter contracts. 

An official at Japan Develop- 
ment Bank, the Government 
agency which is granting a mora- 
torium about Y9.3bn in loans due 
this year, said the World-wide 


Shipping Group is expected to 
absorb about Y5bn of the reduc- 
tion. Japan Line's charter pay- 
ments have expanded over the 
past few years to Y179bn in the 
year ended March 31 1977, from 
oniv Yflphn in the 1974 year. 

Bankers said the first year’s 
plan to reconstruct Japan Line's 
finances will involve a number of 
measures including the selling of 
assets and securities, and the 
reduction of operating expenses 
through payroll economies and 
negotiations with its labour 
unions. Savings could amount to 
about Y20bn. 

“The company has to reduce 
expenses because business 
revenues just aren't going to 
pick up with the market for 
tankers depressed,” said one 
banker, 

AP-DJ 


’By Richard Roffe 

JOHANNESBURG, May 22. 

C. G. SMITH SUGAR, which 
acquired Illovo Sugar Estates 
from Tate and Lyle last year and 
now accounts directly for over a 
third of South African sugar out. 
put, increased profits in its year 
to March 31. But the company 
has sounded a warning, with its 
preliminary figures, over Current 
prospects, on which the directors 
say they “cannot take a sanguine 
view-” — - 

Trading profit rose from.Rl7.fim 
to RZlBrn and after dividend 
income reduced from R3.4m. to 
R2.9ra. total profits went ahead 
from R20.9ru to R24.7m <$283m). 

The Improved profits at the. 
trading level are due to the first- 
time consolidation _ of . Illovo, 
improved sugar milling effici- 
encies and additional sugar out- 
put from C. G. Smith's original 
interests. The fiividend has been 
held at 75 cents. 

Low world sugar prices and 
rising domestic costs of produo 
linn are the main areas of con- 
cern, but a positive point is that 
the C. G. Smith Group, from 
which C. G. Smith Sugar derives 
dividend income through its 42 
per cent stake, has sold :its 
interest in Reed International's 
problematical Staoger pulp -and 
paper plant 


Bank of Cyprus 
in the black 


Japanese department store sees gain 


By Our Own Correspondent 

NICOSIA, May 22. - 
MR. MTCHALAKIS SAWEDES, 
president of the Bank of Cyprus 
(Holdings), has reported a 1977 
profit of 754.600 Cyprus pounds 
($196,000)— compared with a -lass 
of C£434,000 in 1976— and 
announced a 5 per cent dividend, 
the first to be issued to share- 
holders since the Turkish 


FINANCIAL TIMES REPORTER 


* These arc abbreviated financial statements extracted from those expressed in Pesetas audited by Whlnney Murray Ernst 8 Ernst 
Full audited financial statements are available upon request to the Bank. (Rate of convertion 80,7 Pesetas = 1 dollar). 


}s3sscs333se3s3s33os3s©«oo3ss3s3s3ss333e33333s3c©3s33©3cs3©e©3e3s3e3«s3e©«o©33©s3©©«©o©©3 

o 



MARUT COMPANY, a Japanese fiscal first quarter, ended April, 
department store specialising in he said, and he . believed that 
credit sales, expects consolidated rate of gain would continue- iqr 

net proflt to rise 5.9 per cent in 1 !. u ye * r ' _ 

.. .. T 7. 1fV7n On the basis of Marai s con- 

the year ending January, 1979. servaJ j ve official forecast, parent 
from YS.90bn ($40m) during the company net profit is expected 
past fiscal year, Mr. Tadao Aoi. to rise to about 3.6 per cent. of 
the president, said in London sales this year, from 3.5 per cent 
yesterday. last year, and 3.1 per cent Jwo j 

Consolidated sales are expected yeans ago. • ~i: 

to rise 9 per cent from last year's, Mr. Ao] said that whereas 
YlS2.9bn ($8l0m). lower Japanese interest rales 

Mr. Aoi said that the upper were a major contributor to last 
end of the 5.9 per cent range year’s profitability improvement, 
Of expected profit gain rep re- a significant part of this year's | 
seated the fundamental trend of expected gain will stem from; 
earnings but that currency trans- stronger consumer spending and, 
lation effects as s result of a better sales mix centred on.] 
exchange rate movements could pick-up in demand for clothing:] 
have a negative impact Marui Sales of garments slumped last : 
floated $30m of convertible bonds year in part because of’ mild: 
In Europe in 1976. winter weather. 

Marui’s forecast for the parent Following the recent' cut in 
company alone sees net profit Japan's official discount rate, 
rising to Y7.1bn, or 11 per cent, Marui's long-term borrowing cost 
from Y6.11bn last year. has declined to 7.25 per cent 

. Parent company sales are pro- from 7.5 per cent in the autumn, 
jeeted at Y197.5hn, up 8 per cent. In the autumn of 1976. Marui 
from YlS3.7bn. paid about 9.6 per cent for the 

The outcome could be better, funds needed to finance it.s 
however, Mr. Aoi said. Parent instalment credit sales. Although 
company sales were up 10 per interest rates appear to have 
cent from a year earlier in the about reached bottom in Japan. 


Mr. Aoi said, he did not expect 
any increase during Marui’s 
current fiscal year. 

The company expects its gross 
Interest cost to drop to about 
Y2.3bn this year from Y2.8bn. 


Invasion in 1974. 

At the annual general meeting 
of Die bank, the island’s oldest 
banking establishment, he said 
prospects for. 1978 were also 
“ quite encouraging.” Deposits 
last year reached C£20m, against 
GE182m in 1978. 


BASQUE DE LA SOCIETY 
FIN ANCIERS 
EUHOPfiENNE 


* announces the appointment of 

MR ROBERT S.E. STONE 


Senior Vice-President 

and 

' Representative 
for North America 


Jardine Davies optimistic 


B.S.F.E- Representative Office 
Suite 2707, 375 Park Avenue 
New York, N.Y. 10022- 


BY ANTHONY ROWLEY 


HONG KONG. May 22. 


THE COMMERCIAL BANK OF KOREA, LTD. 


On May 26th we will be pleased to announce the 
opening of our branch office in London 


PORTLAND HOUSE 
72-73 BASINGHALL STREET 
LONDON EC2V 5DX 


Telephone: 01-606 3871-7 


Telex: 889369 Cobank G 


General Manager: JIN HO AHN 


Specialists in export-import finance 
Full international banking facilities 
Eighty-nine branches throughout Korea and overseas 


JARDINE DAVIES, the Pbilip- 
| pines-based sugar-production. 

manufacturing and services com- 
pany which suffered a profits col- 
lapse in 1977 — the year after it 
went public — expects “improved 
results” in 1978. 

.This assurance is given by Mr. 
D. K. Newbigging, the chairman, 
who is also chairman of Jardine, 
Matheson. the Hong Kong trading' 
bouse which has a 74 per cent 
stake in Jardine Davies. ' 

In August 1976. Jardine Davies 
offered 15 per cent of its out- 
standing capital stock to the 
Philippines public at Pb.pesos 14 
each. This was in response to 
what Jardine Davies termed 
“encouragement from the Philip- 
pines Government.” Proceeds of 
the Ph .peso 42m Issue were 
applied Initially to reducing 
Jardine Davies* debt. 

While the issue prospertus was 
cautious on prospects, it hardly 
suggested that profits before tax 
would fall from Ph.pesos 59.6m 
to Pb peso 16.1m ($2.2ml between 
1976 and 1977. Dividends per 
stock unit were reduced from 
Ph.peso 3.02 to Ph.peso 0.40 be- 
tween these two years. 

In his annual report. Mr. New- 
bigging stales that Jardine 
Davies encountered a number of 
problems daring 1977. some of 
[which were due to operational 
deficiencies in past years, and 
others due to depressed economic 
conditions in some areas of the 
Philippines economy in which 


the company operates. 

He adds, however, that the 
directors now believe that the 
operational problems have been 
identified and steps have been 
taken to correct them. Jardine 
Davies has started . 1978 with a 
new and strong management 
team. 



Transamerica 
Record First Quarter. 


Period Ending March 31, 1978 


Australian 


spending up 


HEAD OFFICE: 

111-1, 2-ka NAMDAEMOON-RO CHUNG-KU 

Telephone: 24-2841-59 Telex: K£ 

Chairman: SOO KON PAE 


SEOUL 


Telephone: 24-2841-59 Telex: K2212 Com bank Seoul o 

Chairman: SOO KON PAE o 

o 

o 

o 

Assets of over 1.7 trillion Won § 

(2 billion Sterling Pounds) g 

o 

waawooowaaQoflWflBQOftgefleeoflaeoeeaseflaeaagBoesgaoaceacooewaoflas o cecesflce oeo flewPW^odi 


CANBERRA. Stay 22 
NEW CAPITAL expenditure by 
companies in Australia rose to 
AS1.80bn (U.S.$2.02tm) season- 
ally adjusted in the first quarter 
of 1978. from AS1.67bn. in the 
fourth 197? quarter, according to 
preliminary Statistics Bureau 
figures. 

This compares with expendi- 
ture of AS1.4%n. in the first 
quarter of 1977. 

Reuter 



THE PHILIPPINE 
INVESTMENT COMPANY S.A 


Net Asset Value as of 
April 30tb. 1978 
U-S. 99S 1 

Listed Luxembourg Slock Escfianjto 
AxcM: 

fijtajur GSoCraic du Liui'isbowt 
Investment Bankers: 

Manila Pacific Securities S-A. 


Transamericas first quarter operating income per share 
reached the highest level in company history^registerinora 33% 
increase over the first quarter of 1977 . & 

Most Transamerica subsidiaries participated in the 
quarterly eanungs gain. Record performances were turned in bv 
hfe insurance, property/casualty insurance, consumer lending 
entertainment, travel and manufacturing operations S ’ 
For our 1977 annual report and latest quarterly report 
please rate: Corporate Relations Department Transamerica 
Corporation, 600 Montgomery StreetSanFrai^cisc^CAWil. 



Transamenoa 


laIji 








tjA>\~* f>^£> 


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The Financial T*™, 


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That s the sort of opinion you'll hear expressed by an increasing 
number of high-mileage drivers who either run their own cars or have 
a say in the choice of company car. 

It bears investigation. 


No nasty surprises. 


Taking the strain. 


A driver who spends hours behind the 
wheel needs to feel relaxed and alert. The 
space, comfort, high specification and intelli- 
gently designed controls of a Morris Marina 
help enormously . 

A high-mileage driver is usually calling 
on contacts all over the country. One thing a 
Marina never does is contrive to look either 
flashy or out-of-place; it’s a clean and classic 
design that travels well. 


rsr 




■\— 




„ rp n „™ pI 5 s O™d engineering is the key to Marina’s reliability. There 

S frarinf hamcal hlstnc P c J s ’ no ^ething troubles and no problems 
or tracing scarce, over-pneed spares or service help. 

Each Marina in the 13-car range of 

2-door Coupes, 4-door Saloons and Estates 

turns in excellent mpg and running cost 

figures. Now, as much as ever, the Moms 

name guarantees value for money 

If you lean heavily on your car for your 

living, it makes sense to make sure it’s a Morris. 




V 


'*^3 




_ _ . 

yi|U Moms Marina^ 

With Supercover 


comfort Mdcarrf^d^%nth^ makes lightCa ^fehawrftlOStOUTSeilSerfvalueS. 

Car featured Marina L3 Super <kdoon Price £2776.41 Marina prices from £2537.73 including car tax. VIT and front seat belts. Deliven and number olates extra 















Financial Times Tuesday May 23 1673 


WALL 


+ OVERSEAS MARKETS 




resumed leaving Dow 8 higher Market steady 


BY OUR WALL STREET CORRESPONDENT 


AFTER LU-SING a little more 
"round at the opening today on 
fresh profit-taking, the Wall 
Street stock market reverted to 
its recent rising trend in reduced 
but still active' trading. 

The Dow .tones Industrial 
Average recorded a net advance 
oF S..YT at S55.42. after an initial 
fresh reaction to S42.;14. The 
NYSE AM Common Index finished 
4S cents higher at $55.43. while 
rires finally nulscored declines by 
1*22 to 502. Trading volume 
further contracted to SR.TOni 
■chart's from last Friday's level of 
34.:him. 

Analysis said there was no par- 
ticular news event. to account for 
ihc renewed advance, but added 
that when profit-taking dried un 
early in the session, fresh money 
began to flow into stocks. They 
continued to wonder at the 
market's ability to advance in the 
fact* of rising interest rates and 
high inflation. 

One analyst commented that 
with m'i»*h of two action lorisy 
in gambling and High Technology 


MONDAY’S ACTIVE STOCKS 

Chal'KC 
Stocks Closing on 
'radi'd pri'i* day 
i:«> wn tv orlrt (M't.sno ;o: +21 

Polaroid . . SVi.JflQ ini +sj 


i:«>wn tv orlrt MS.IW 0 
Polaroid . . Sj..<W 

i.Tti.:Dri* .... 27*1.30*1 

P+II> . .. lMO.OIM 

W'sunglonse Elec. iin.liW 
Iml. Minis. Chrm. Sv+J.imn 
Sri ire Rn-hiu-k 1KJM 
ADn!i<*i| piail '1 Data 1 ST. SIM 
RWIWI K.jiJjI. 1 *.l.J0ll 
P.psica lsti.tMki 


issues, more participation by pro- 
fessional traders and individuals 
than by institutions, which have 
been heavy buyers of late, was 
likely. 

Late in the day, Robert Strauss. 
President Carter's inflation coun- 
sellor, said that he thinks the 
Administration's programme 
could cause inflation to peak and 
then fall over the next 12 to 30 
months. 

Gaming issues continued to 
strengthen. Caesars World, head- 
ing the actives lisL climbed 21 
to 520:. while Playboy added ll 
at $152. Bally 2j at 832{ and 
Resorts International “A.” traded 
on the American Exchange. 2{ at 
S37T. 

Hestlnghouse rose SI to S22 in 
active trading — ir is planning a 
$ 10 m expansion of its nuclear fuel 
manufacturing plant in Columbia. 

IBM rose S4J to $ 2 RrtJ. Johnson 
and Johnson 2\ to S77J. Digital 
Ecu foment 13 to S4flJ. KLM Royal 
Dutch 5J to $82 and Disney U to 
$41 

Banking stocks were under 
pressure. however. Citicorp, 
among the actives, slipping f to 
S*!5 and Chase Manhattan 2 to 
S32{. 

THE AMERICAN SE Market 
Value Index continued its upward 
spiral in another active business, 
ending 1.19 stronger at 145.85. 
Volume 4.69m shares (4.9Sm). 

CANADA — Markets were closed 
yesterday for the Victoria Day 
holiday. 


OTHER MARKETS 


Indices 


NEW YORK DOW JONES 


11m M*i llw 11.il Mu , lUv 

22 ]J 1? 17 W lo 


ln-luMnsi . B Sib. 42 B48.8S 850.92 858. S7 854. SO . 646.76 
RmeHn.1* 8 S.il 83.47 Bfl.53 68.55 88.59. 88.64; 
1 mu- (-il... 0S1.SD 223. IS 250.51 251.25 228.55 227.34 1 
t niiiio.- .. . 104.67 104.26 104.Q9 104.06 104.09 104.45i 


,sinn) ui>ni(iii*i n 


AUSTRALIA — There was 
further enthusiastic buying of 
Mining and Oil issues, but Indus- 
trials encountered little fresh 
interest and moved irregularly. 

Uraniums forged further ahead 
on the week-end statement by 
Deputy Prime Minister Doug 
Anthony that the Government 
will endeavour to get the Ranger 
project started this dry season. 
PanconUncntal rose SO cents to 
A? 14.50. Queensland Mines 20 
cents to AS2.63, Kathleen Invest- 
ments 17 cents to AS2.07. Ocean 
Resources 5 cents to 28 cents. EX 
Industries 10 cents to AS2—5 and 
Peko-H'allsend 6 cents to ASa.22. 

Elsewhere in the Mining sector, 
CRA pul on 6 cents to A$2.52, 
Bougainville Copper 5 cents to 
A$l-29 and HIM 4 cents to AS 2 - 22 . 

Among Oils. Beach Petroleum 
advanced 8 cents to 59 cents and 
AOG 14 cents to 5S cents. Ampol 
Petroleum were a cent harder at 
82 cents ahead oE the results. 

David Jones were a bright spot 
in mixed Retailers at a 1978 high 
of AS 1.42, up 10 cents. 

SWITZERLAND — Narrowly 
mixed in moderate activity. 

BBC Bearer were slightly lower 
at SwFr 1.690 following the 
results. Nestle receded 70 to 
SwFr 3.363. 

Domestic and Foreign Bonds 
softened. 

N.Y.S.E. ALL COaOSOB 


Mm- . Hire Mitt • Mat 

22 13 ' IS 17 ' Hiyli . L.-ir 


£5.43 54.S5 55.20 SS.M 55.6B 
: (17/51 


TOKYO— Share prices made a 
mixed showing, with selective 
buying in low-priced issues con- 
trasting with liquidations In high- 
priced shares. The Nikkei-ilnw 
Jones Average closed 4.04 firmer 
al 5,40823 with volume a modest 
210m. shares. The Tokyo SE 
index, however, shed 0J3S to 
406.10. 

An analyst noted that the 
continued low level or general 
investor Interest is apparently due 
to expectations that the market 
will remain in the downward 
correction liquidation process in 
evidence since the April 19 peak, 
when the Nlkkei-Dow indicator 
jumped to a record high of 
5,o55.S4. 

Some Chemicals, Paper-Pulps, 
Textiles and Foods gained ground, 
reflecting a recovery in domestic 
CQmmoditiy _ markets. while 
Machine issues continued to rise 
throughout the day on increased 
machine tool orders for Gscal 
1977. 

Specula tlves were often higher, 
traders being encouraged by the 
Stock Exchange’s easing of margin 
trading controls on Ciiisun Tokan. 
Atsngi Nylon and Sanko 
Steamship. 

Okamolo RIken Gomu rose Y15 
to Y640 on Ity joint tyre sales 
company with Uniroyai. 

Export-orientated shares, how- 
ever, were lower on sporadic 
liquidations, partly affected by 
Wall Street’s fresh reaction last 
Friday*. Pioneer declined YGD to 
Yl.670, ■ So'ny Y20 to Y 1,740 and 
Toyota Motor Y9 to Y940. 

Rise* ant. Van* 

I May 22 Ud.V M M*.V IS 


1 1 »ueat no led L912 

1.907 

1.901 

l(lse« 922 

579 

570 

Falls.. 592 

898 

959 

l' 111 +uuiice.l - 3BB 

430 1 

372 

Afttr Hlah*... 105 

63 

138, 

VirU.ns ...1 38 

40 

55 


MONTREAL 


■ 1051. 78' 
:(1LL7oi 


ItvSuM mil 
C«diIiiimi< 


1 ra.lm; 

i 


’ 275.38 
1 i7'iirtrfi ■ 
168.32 . 
'(■JOn-iSH 


: JI«t ■ M»v ll*v ! Jt«j i 

• 22 , 19 IB I 17 1 Hieh- 

i ; 

: K-i 162.88 1B2.4S. 182.28 182.89(19*1 

• (cl 1 191.72 190.85! IB9 Ai -191.72(19® 


(81. 52) TORONTO Uompuwite u » : 1 128.5! 1121.5; 1119.8 112A5 (19>5) 

10_Ea 


26.700 34.660 42.270 43.490 49.180 33.900 - 


i28i<MZi JOHANNESBURG 

One i 

Iqdiulrtnli 


I 210.1 • 20SJ2' 202.3 ! 201.6 ' 218.7 (l/2i 

I 223.5 ' 222.9 225. 3‘ 225.0 i 225.5 (18(6) 


i )n-ii\ ii.m--+i inmi \imiii ji 

i|«v 19 .llnv 12 

In.l. .in . i ifi-l \ 

5.48 S.51 


Ymr «« itippra.i 

4^69 


tsWS • 1978 
HIrD L. iff 


STANDARD AND POOHS 


Australia^) 494.40 433.94 
Belgium «?> 92.0S 98.74 
Denmark'** * 3 .43 3a jj 


~ . I&7e ..-iuKvi nrnpiMt'n France 'it* 

Mm , Mm Mm Mm ! Jim ll*,t -■ — —— - — 

22 W is 17 • l* 15 . Bijjii ; Um ; tli K ii 1 Lew Germanyt:: 1 

;lii-lii>ln*(f 109.70 108.52 109.mi0.3i 1D3.9B 109.51 11B.3I i:b.s* I 134.64 0.52 Holland '» 1 » 

• 1 17/o) | ill/l;}5i:>50ftvdZi 

rO-m^..ii. 89.09 98.12 98.92 99.60 99.63 99.76 BS.GO I 8 d.-U ( 123. ia J 4.40 Hong Kong 

: <17701 : (A3) -ll.l.'/i** >l*iiA2i . l**i 


465-ftj 462.1a 46&.ffi> AM.*# 
(22/5) (ld/li 
-14.-.5 62.60 4 23 Ot.4c 



ilav 17 

MavIO ' 


: Year * 2 >i lAppnrT.i 


122. &. tlo/ll 
MS.43 *le. n rea+4 

In.L Air. r i*l>1 ]. 

4.85 

5.04 

6.02 

4.34. 


(l+(1. 14, 1) 

316.23 315.23 iSSBJi 

Ill 1. PE Ralie 

9.53 

9.16 

9.18 

10.57 


• ilU’Oi .l.-fli) 

l».r ;1,e«l. 1 U irt. 1 \lvl.l 

8.42 

8.45 

8.39 

7.72 




OVERSEAS SHARE INFORMATION 

NEW YORK . | | 


I May | Pre- : IsffY . 19ft 

22 ! clout HLch [yi» 

Spain u/» — 1 104.1& : i io.Tk ■ vTux 

1 ! ! idot • (11,3) 

Sweden in 37 * J7 1 373.73 -y7.*:. ; 52o.?» 

. i iM>i 1 (5.1) 

SwiCrerlW, 292J ; 233.6 > 5^.6 . 279jC 
! ■ 16 o. | 1&.4) 

Imucua and base dates (all baw values 
IlHi except NYSE All r^mrnin - ju 
Stanflaras ana Poors — )<> Mild Toroiro 
300-1 duo, rfie lafli named an IRrji 

* Esdudru bunds. 1 4<«i Indnsrnjls 
S 400 Inns . 4u Uuiirus. m Ktnance anx 
20 1 rdnsvnn. #»>Si'dnrv mi op) 

•l!i Bvljiian SE 31/12/M i" ■ CnjHiCiaa-D 
SR l.M'73 rntPnns Buurse I 1 H 1 
i:n Commerzflank Dec.. IO.vi twi Amsrur. 
dam. Indusirial ISK0. i ,r (Hang Seim 
Bank St '7 'M. • iiqi Milan 2 ' I 'is -at rmiv.i 
Nv«r SE Vl/fS* ibiStroirf Hnirt iww 
<i ii:ii»Mfd 1 ( 1 * Madrid SE SiMj/it 
iei Sioikhulm Industrial 1 l - »i • J ) Su-rss 
Bank Qnro '«» Unavaileb’*. 


Inv. S Prem. $2.60 to £— tlli% 

Effective rale (L8l33> 47 8 % t47J%) 


NEW YORK, May 22.- 

PARIS— Bourse prices moved 
irregularly with losses holding a 
modest lead over gains. 

Brokers said the market was 
further discouraged by news that 
the French Government intends 
to float more State Loans like 
the FFr 3bn Loan floated yester- 
day in order to finance its 107S 
Budget deficit. Continuing con- 
cern over ibe likely introduction 
this week of a capital gains tax 
an securities also remained a drag 
on sentiment. 

Banks', Investment Trusts. Elec- 
tricals and Stores were mixed, 
while Foods, Constructions. Steels 
and Oils were mainly easier. 

Peugeot, despite higher con- 
solidated results for 1Q77, fell 4.5 
to FFr 350.5. 

Carrefour receded 29 to 
FFr Loop and Pernod Ricard 5-2 
to FFr 251.0. but CIT Alcatel 
advanced 58 to FFr I JS0 and BSN 
6 to FFr 496. 

GERMANY — Stocks closed 
firmer for choice after light 
trading. 

Preussag gained DM 1-30 despite 
news of a 53 per cent, fall in 1977 
net profits. 

Metallgesellschaft rose DM 6.50. 
Deutsche Rank DM 1 *0. and 
Kaufhof DM 1. but Volkswagen 
shed DM 1 and MAN DM 1.30. 

Public Authority Bonds recorded 
fresh losses extending to 
40 pfennigs. The Regulating 
Authorities bought DM 31.3m. 
nominal of paper. against 
DM 3Sm purchases last Friday. 
Foreign Mark Loans also tended 
easier. 

HONG KONG— Market firmed 
throughout the day In active, 
trading, and held the day’s best 
level despite some profit-taking 
near the close. 

Hutchison Whampoa rose 
15 cents to KKS4.65. Hong Kong 
Land 3 cents to HKS7.R0. and 
Swire Pacific 15 cents to HKSll.R0 
However, Wheeloek Harden eased 
2J cents to HK$2.45. 

Outside the leaders, Cheong 
Kong put on 15 cenis to HK86.95. 
China Light 40 cent* to 'HK$22J20 
and Hong Kong Hotels 50 cents 
to HK3 14.40. 


NOTES : Overseas prices shoirn Oelow 
exclude s premium. Belgian dividends 
ate arier wiUihokfina tax. 

♦ DUS0 denom. unless otherwise .sored; 
yields bo»ed on net dividends pins tax. 
V Pus JD 0 denim, unless otherwise stated 
A Kr .100 dcoom. unless otburwisu stated 
■I* Frs.500 denoitu and Bearer shares 
unless otbenrise staled. 5 Yen 30 dertotn 
unless otherwise siaied £ Price at time 
of suspension, a Florins, h Schillmcs. 
- Cents 1 / Dividend aru-r pendina nahts 
and -or scrip Issue, c Per share. I Francs. 
n Cross, div fa Assumed dividend after 
scrip and- or nahts issue ft Alter local 
taxes, nt’i tax free, n Francs 1 indudmc 
Undac dir. pNom. o Share split. sDiv 
and yield exclude special payment, c Indi- 
cated div. u Unofficial tradinx. p Uinnrliy 
holders only. « Mers^r Kndliu. - Asked. 

• Bid. 1 Traded, t Seller. ’ Assumed 1 
xr Ex rights. art Ex dividend. xc Ex 
scrip Issue, xa Ex all. a Int«nm since 
increased. 

GERMANY ♦ 


Sterling and Lhe U.S. dollar 
traded steadily in yesterday's 
foreign exchange market with 
little in the way of new facLorS tcf 
influence the currencies. The 
pound opened at 31.8Q8Q-1.S090 
and rates reflected the early 
strengthening In the dollar to 
$1.8045-1.8055. However, during 
the afternoon positions were 
reversed and sterling came back 
to close at $1-S130-LS140, a rise of 
65 points over - Friday's close. 
Using Bank of England figures, 
the pound's trade weighted index 

improved to 61.6 from 61.5, having 
stood at 61.5 for the rest of the 
day. 

The U.S. dollar showed an initial 
firmer tendency on improved 
sentiment, partly as a result of 
higher interest rates in tbe U.S. 
Nevertheless, dealers remained 
uncertain ahead of the U.S. trade 
figures due later this week. 

Against the West German mark, 
the dollor eased to DM 2.1255 from 
DM 2.1170 while the Swiss franc 
slipped marginally to SwFr 1.9765 
against SwFr 1.9745. The- 
dollar closed at around its 
opening levels and Morgan 
Guaranty's calculation of Us trade 
weighted average depredation 
using noon rates in New York, 
narrowed to 4.78 per cent from 
4.89 per cent. On Bank of Eng- 
land figures, the dollar’s Index 
improved to 905 against 90.5 
previously. 

Gold spent an extremely in- 
active day to close Si an ounce 
better at $179-1T9{. Tbe Kruger- 
rand’s premium over its gold con- 
tent narrowed slightly to the 


common close of :5J2 ‘ Pfjf 
from the previous common close 

of 3.29 per cent. 




GUILDER 


gold market 


1 ,..!■( UiilTuiti.- 

fi II,- 

n.,.*.. ...-M79.IW* .'178ii.no 

DiiHiiuc .• l 79li 

il.il lima ii\ u S 179.35 8179.AS 

i V ,1-99.253! .£98.^, 

Aueiuii : S J2P» 

,r99.07>> - ,i£9BJ923i 

c ml, If- •in- -; 

>■*».« ■»»-.. 354ii - 96», >54-H 5bI, 

iS0'i3l'i> 1 CSO 14 . 41 L 

1 )|.l 5.ii ‘iku. A’SS *4 57 1 1 V 661 , 57, , 

, 001 - 311;* -UOia-Jlij, 

I ■■■l.l ■ ••in. 

!c n 0 ! 1 1 . L . <1B4I|-166U M83l, ^ 
,nui: loci) -do l.-ioai 1 

v..- v... • v543i-565* 


ctaoga «CnJJ^-rr» 


^ * pay jam Fob Mar Apr 

CURRENCY RATES 


foreign exchanges 


Mrtrkifi (fallow ~~ 


specia. , AuroiMAn 
Drawing U tut Oi 

Hi fi b lp AccotuU 

DM i3 ll*\ — 


I lank 
Mp v — ' Itnle 


blermx , 

UStk'l'Hi-. . 

(JanaiiMii .. 

Ami I'M m.-1i • 
Ueucm .11 1 n DI- 
LI* 111. t! htiiM : 
UeutMihem ik I 
Dnti.-b puirtier | 
Frem-h Iran*--. I 
llallad ilia.... J 
J*(Mncw>vn. I 
Nimmy kn'np j 
Spurn ; 

5 »edi»liUrini- 
^\iibs nun.- 1 


0.669726 ! 
1.20986 ; 

18.6502 

40.2561 

6.94460 

3.58124 

2.76030 

5.67213 

10S6.42 

Z77.431 

6.63366 • 

9B.S6S2 1 

S.65610 ! 

2.40278 


0.669198 
1.20948 
1.34455 
18.6378 
40 
6.94656 
2.58003 
2.75911 
6.67039 
1056.72 
H 76.08 8 
6.63352 
98.5445 
5.65446 
2.40165 


Ntfu V>irk... 7 
Mnnii'ral.. Bi; 
An>-.t«-iitniii ‘ 4 
. Unnii'liC. .. 5 l ! 
I «t«-nhiuii-ii 2 
Fixiifaiurf . . 3 

Lr-bun , IB 

Mp'ln.l 1 B 

Itilnn ‘ III 

7 

1'ariK | 91; 

SIl-LIiiiIiii. 7 

T.A.VH J Sh 

Vlt-iiiin j 6 *s 

7 .urk.ii ! I 


1 1.9045-1.8140 1-6158- 1.9140 
'2.0050 2.0 IBS 2.0 166-3.B1K5 
; 4.10-4.151 ; 4.121 4 . 13 ; 

• 5B.aa-60.2S 1 80. 1630.25 

. 10.36 10.41 'I0.59M0.40I 
; 5.B34 SJ&'. i 3.95 M. 66' 
92.25 85.60 1 S3.00-6S 50 
146.60-147 JO I47.7D-I47J9 

• 1.576-1.683 1.682-LS61 

, 9.88-9.944 • 9.fl3i.9J4i 
' 8.45-8.49 8.4T> 4.49. 

! 8.43-8.49 j B.47V-8.48* 

4)0 4)9 | 4 1 7-413 

• 27.U-27.Bfl ! 27.7437.89 

■ 3.57-5.60 3.594.59 


Jl if;-' 
ol i-' 1 


EXCHANGE CROSS-RATES 


CrtuKlun 'Afett \m% 


Ua-ii-Q 


rraiikiuri — ■ V.1270-SG I 4-7.4 S 68 1 i-.40? 417 3JS6U-S9 aS.AP 5fi 

\e» V.irfc 47.UE 10 1 ! iL39 41 02 Oci) l.BloU-8146 44.00 -l8 

I -an 219^20.0 ».*-82S>942| — .14.OTU-1U .4S2 .«iS ■ C.59A) 

(7riiffsc.lt. ... tn.S3-r 2 ; 313540 f 7.t3-II - vO.CbfU . W. 6 S- 1 

Liii.iim-. J >x6i-:6i ' l.clAMO i K.*7j-4fli I 60.l0-2f 4.12i-l3j 

Am»t,lHni.. <06.96-7.01 J i 4H.Ksi.6in 4.1206 - \Sx 


107.37 -M 
74 

4.-6 ^S-fi.05 
i .i5 i8 
3.69-09 
i|4.B9o946 


, 1 |||?*'IU|IIU. (,VI ■ ^>1 1 -ra,UWUIU - — 

/.iin-li j2.97-aa.06i 1^773 9788' 42-2aB896 , 1.9519 J^44^ Icl-W»g S6.7S-8E | - 

L’.S. S in Ton. nr, i l'A = 111.14-111.18 L.siuidmn «.*iir». 

I'ennJiiui 8 In Sew YorV=E9_90-&2 cents. l'.<. fi 111 Milan 612.10-3.20 
Sterling in.UUaa 1MZ.6O-1W3.60 


EURO-CURRENCY INTEREST RATES" 


f sfiMrt tnrni...| Srg-lOfisj 6lg-7i 
1 1 la uutiCL'i 913-93* I 61;-71 

Jlouih Ikon IX ' *1;-71 

( lire* rniHitbr.' lU7g-lli< ■ 7Ba-6 
Six nH>oUi-....| Ilia 12 1 H-84 

One Y«t ! 117; 125 b 1 8L-86 


U. Uci'iiutn 
| mark 

314-43B 

31f-33fl 

3-^-Sr* 

jJSE IS. 


Euro-Hrencta deposit rales: rwo-day Si-SJ tier cent: scrcn-day sh-S J per cenn 
one momb 85-0 Mr cent: threfc-tnomh W-W per ecm: sis- month 10-181 per. cent; 
one-year tOMOS oer Cem. 

Long-term Euradollar depastts. two years S , *u,-dtiM per cem: three years 
5 u if, sU)b ner cent: four years SUis-fUSu per cent: live years Si-B per cent. 

Tile loUmnng natmnal rales were quoted Tor London dollar rertlftaues or dcposlt.- 
onc-month 7.M-7.85 per cent: tbreo-moiUh 7.75-i^i, per cent: ax-nionLH 8.10-8.20 
per cent: one-year 848-8-40 per cent. 

Shon-tcnn rates are cal] for aTerline. U.S. dollars and Canadian dollars: two 
days' notice for guilders and Swiss francs. 


TOKYO 1 


-Rales nivon for convertible francs. 
Kinnoclal francs 60.03-bQ.26. 


OTHER MARKETS 

N«ti“ Baie* 

A reeiuinH . 1.398 1.402 \nieutnu. 1200-1390 
AiiMmlm.. 1£I930 MS 150 Aunria.... i 27-Mi 
Hin/al. .... 30.84 41.94 UeW. 11,1 ■ 59i4l 

K(iiutu>l.... : 7.78V- 7.80 ,llrn/il , 3348 

C recce .. 67 .232-68 .896 4 *1 urn In .. ..' 2.01-2.05 

H.'iu{ koiw, 3. 42 104.4435 UeiimarL 10.55-55 

Inui 124- 150 t'miMT ... 1 9.40-8.66 

Hun/ 111 ... D. 490 -D. SOB i.JrtiiMnv,, 3.80-3. S3 

laiwmli'n: 60. 1540.25 .1 1 recce 68-72 

Mnln 1>in .. 4.3450-4.4570' lial.v 1560.1620 

A. /ealaidi. 1.7906- l.80Bb-la|vn. .. ! 405 425 
Miinti Arab 6. 18 8.29 Vellirrl'nii 4.06-4.20 
Stn 2 *|n*re -4.I27B-4.2470 \ni-nav . ..’9.85-10.06 
n. Aliirn .. I.5S8 1- 1.5844 - J'iiHus*).. : 75.65 

I .s [ .il* m • 1 1*6-144 

fiuimla i !>wll7'lmirt- 5.56-8 65 

cm ;r.s«. . . . ;i.Bi.i.82i 

! .*•. cents. 88.92 -68.96 .YuKUblana, 34 56 
Rai>.*s Given for Arseni tna is a ircc rare. 


FORWARD RATES 

One ini'iilli ! Tlrret-iiKim.il.' 

New Vorfc. 0.S30.45>-.(iiii ; 1.45- 1.35 c.pm 
.limit i-cnl . 0.50*0.40i-.| >ni '1 .60- 1 ,50i .|>m 
Ani,t*>laiu 23 4 -li 4 e.yin 7U-6l« |>m 

Bru--.*el'"..- 50-20 f-.|Mii ;BO-7Q |.|ii 

Cn|>'nliKii.'2l4-4l4 nivi'ik .fi'i-flSi «,ic *4i^ 
Frankfurt 27g-17a |'f )•■«' -74»4Wi pf pnt 

Lisla.-n 25-85 i-.ili, -120-520 e.ili* 

Madrid .... 25-100 .-. ilia 125-195 .-. .ti« 
MIImi.. .. 3-6 lire 'l*' 10-14 lire *li- 

0»ki oii-illt .'3U -5I4 ore ilia 

Furls 2-1 e. pm 3M-21j •-. pm 

St'eltln>liirl,-on:piii-hircilib4-2 on- pm 
Vicuna.... 13-3 cm pin 32-22 B i,i pm 
Xnrieli.. .. i-. |>m -9 ■ n - 8 1 .1 e. pu* 

' Six-raomh forward dollar 2.s3-u.73c pm. 
12-mamh 3.73 -5 S5c pm. 


.&» U--' 



A‘4-41 Lm- . 

\il.llt~-i-4MI-li • 

V.-lii* Life A V. 1 ** 

In I* .. 

\ni— 

IlcatiAluiniiiiiim 
Min* 

lUes- Lmlmm. 
Ailealieni l'*t’ 
APlt’l I. Ill’IMlilll 

MIIL-Il *,lin . 


\.ii- 

1 ><alui.-.s . 

5 + 3 ,+ 

52 

MINN . . .. 

36 /fl 

363 , 

A.nrra-li Hi»- 

o 3 i^ 

5230 

\ 1 ||| | 

. Antirra. 

12 i» 

125 C 

\ ’ll 1*1 

. ll.nii- 1 -. 

a.ia 

50 

Mil'll 

. l>l.«,lkSI-l 

51.3 

bl 

X il'fT 

. 1 an. ... 

4 Li'* . 

4 UU 

\iiiC« 

,l‘\ alia in 1.1 

' 591 * 

29 i; 


. I.'is . 1 '■ .» 

21 i 

- 1 *( 


. 1 

3 B'.j; 

38 is 

\ •IM'*'. 

,H.niU-P|.a. 


am* 


. M.miis, . 

25 , 

- 5 --j 


. 1 I..I-I . 

4 

5 

I'ri i 

. N»i. 1 is .. 

41 vr 

40 ., 


Ill Ini* Hu kill", 
k'llll I,-* * I'lll ll 
k>u.,i.;ieil. 

V.-. I. 

1 -a-n.-ji 4 ■ 1 . 

1 »!.'■ 

\-'.-SI|.l I’l . 

Al -. 

Hi - I It! I Fu- 

ll I 


ll»-| l*M- l.l I. 
H*i»b \ in*, i--b. 
l ink. 1 - li. N.l 

Hmvr '’ii. 
1,S«|i*v IlHU'll' l. 

It- Stilt*- I 

V.. -I.-|||*1 ki.il— -II 

|:*-*i A H -iii-.i.. 


-.eriiuic ti.a- ... 
■' l‘«. Iill'ii'tlmia 

I <Jlaur- ' 

v'r.H-kei 

I. mu H /.ri.irn«u.’li 
t mu rum. Kup 1 m 
k tnl i* lVn K lii.. 

liana 

Uart lii.lustrin-.. 

I«wre 

riel 11 mile 

! LteMmin 

■ 1 'till -pl.t I uler.. 

| Deti-.-il bilrein... 
j I'lnnncMMianirk 

j Liucaplimir^ 

] l.ligUB hi 1 nip..... 
j HhikS'iUhIii.. .. 

' lAiiet- 1 nrpn .... 

1 IAih <1 In-nm-Ki. . 

I I'ratc .. • 

! Urewar 

| I III Foul 

1 1% 111*1 lll.HIniMP' 

] I-i-ii- Pn-lier... 

bn -i \.<i * 1 u.-. . 
rjiMliia 0 Ki'IMk.. 



1 ►.. 1 • . A I 

hi IS,... An. (.». 

! hm- 

j hmeli-n HeulriL- 
j * nn-i \ A IrKr'lulil 

I Kiulinr 1 

| h.ll.l 

, hiiucihniaL 

I Lnurk 

l.l In 1 

hwmi 

I * *uibiM CluiierH 
1 I ,*i. |ie)ii. Mne 
| ritv-l-iii- ('ire.-. 

1 N. Sul. Uiii-m - 

I 1 leu la ; 

| I'illll kill*- ... ; 

I Min lila I’l-ner . • 

Ft in- 

r'.ll .1 

I.inf Ifni.ir..— . 
i'--u-iiii-i Mek... 

l-nsl-ini 

| Imukiin Him., . 


1-- ll-l" s ..... 

.9i, 

a9u 

I'.wiaiil 

dlls 

lu <u,i,+ 1 ni. 'll 
Ih-lli-wl'. - :" "Sit . 

i.I 

2SU 

3J( 

241; 

r.iuna ill.l' 

11 a 

li.s -k A Uei ket ,. 

20 1" 

ZD i.i 

■ 

13., 1 
431, 

l'-s.|.lk ..... . 

483e 

47 m 

■,«n 1111*1 1 \ 

Ik iM’Nsvaiii'.. . 

49 

283, 

iren. Amer. Im.. j 

lu : 

K-.i in.. . . .. 

2b>3 

2Bi« 

i.i.A.l ..\ • 

293 9 ; 

|i*"K Warner .. 

31'* 

51 

li,*n. L’aliii- 

1 />j • 

I'.islllll im .... 

15 ’» 

lils 

um. UyiMimo.- 1 

S9 

It, a* an ' .. 

la 

14 . fl 

t.k’ij, blis’lrlcs.. . J 

64 ' 

1(. I,., ll, ns.. 

55m 

361, 

t.eiiera. F ..I - - ..J 

29 : s , 

Hm. IM. \LM; 

15^ 

15. a 

Nieiiers., Mins... • 

dUi 

Hrnksm I.M’,.. 

53>, 

34 

. .eiu-mr M.4t>rr ..j 

60 i, 

fr'nill'" i.-k . 

I6i. 

15. s 

Cii-n. fill;. 1 li".. .i 

Ibfti 

H'lei mi- fcrn 

IS-s 

18ji 

i.k-n. (su-nai.. .[ 

’49 Jq 

H.,.l.l. 

33-: 

35-3 

'•ell. lei. Bum.. | 

2o3j , 


1 **eii. I'uf 


K'li iingl.Mi Nti.n 

40 j-. 

4u; r 

1 ■I’IK'^ 1 * 

liiliTi'ilKli* 

731a 

70 j; 

■ll'IP/l* l>cllll- 

i ann-.Ti. s...,|.. 

35 

35’, 

■ell' 

1 Hi ■ imilon 18 l"li , l 1 It 

171, 

17 Ss 


( nun • l.'aii 'Hij.l... 

Ills 

10 . e 


1 41 . .. 

29 

£Oi ■ 

."■In. i. H. 1 .. 

1 «mct A •■■■■■ivii’ 

12 'I 

Id'* 


1 »r 1 »-( Hsn.vl . 

201 ? 

20 , j 



58 

58: j 



54!, 

64 

l.l, Ntisii Farl. 


42 ia 

42-i 

In'l. .\iil 1 l* If"!# 

• enliAl A ".'I . . 

15* 


1 >nfili.’.ni-i. - . 

• •nil ft Wcalk'.'.i 


1 r-w In inn . 
1 in— - Manlimiun 
I 'ilTIMlHI IL.W 

l tii'*a.i.ui:li I'iiiM.. 
t hf**W5l'IHll. 

1 iiungu Hn-igc. 
t lipiaaiiHV 

I riA>lcr 

t incrama 

t IW. >ll 6 irroil . 

t it ha hi 

1 itic- !rn b-e 

« III I lllk“*1 Ulit- ■■■ 

Li».a l ••In,. 

Loisaie Faun..... 
L'lidlllf .V'l«>«u- 

t ■ ituiiititn li«* 

t Miunili'-a Piel... 

4'-ini.lil«4.i«e41rn 

(..■111 1 -n illi ill fc.11.. 
I .nnnnrlimi K«|.. 

I 'ill'll "III 1 

( •in''i*‘ili *81 l«i 

I -ill III. fHll'lllll .■ 

pi derail Ins 

l. ■ mu. Lite I"-. 

1 '.1111111' ■ • - 
1 ..ii. h-li- n 

• -in«-il F.HI-I- 
( \ll, lltk- 

I ..IIMlMfl- I'‘ "I-I 
I .-iiliuentA' ti.-p. 
1 .lAtineiiiaioil. 

1 -.niiuenia Ten . 
1 .intro) Ifaita . 
l_.«ilirt llWUSm- 


li ■ II I III 

KiiiliittHii . 

Hninin Mililiiii.... 
IlnniLo III eve 1 . .. ■ 

Hi*ri* Cvrp" ■ 

Hem/. H. 4 

Htfuhik-iu 

HenieLL IStckAnl. 

Hniiday Inn- 

Hmn^take 

Huueywci- 

H'«.‘i i , l . — 

Hn.| ^Ciirp-^mei. 
H.itmnii >■!.«»■ • 
HiiiiKFb.AiL'bni 
Hull. in ch.f'.l.... 
l.L . Iiwiurtne* 

im 

I ii(iei -hill lian-t. .. 

1 liiiaihl Sin* 

I 

inU'n.'mil hlierei 

ii)M ... 

lull. Ftn 1 mill.... 
mil. HillV'lei . 
lull. IlliiJC*. Ill-in 
llltl. 11 ll It III 

(in.v -. . . 
lull. I'am.'i.. 

Ilti 

Ini. ISiil liter 
I ill . lei. A lei.... 

1 in cm 

1 1 * 11*1 H*c' ' 

IF l|llr1liat1»IWl. 

I im Waller | 


Ldtiis Unlilli.t... 
4.4 iiimiU 4uUUk<Ii 
4 u(i u uni Luulpi . 
S-m jUiiiilan-iiit'a 

K. IU 11 Liirt- 

AHlscrA nnilill in 
kaikvi Irnliiktne- 

haiaer 9l««l 

nay 

nelliiei-uil 

tie IT Ill-life. 

titaJde Waiter.... 

Mnibcni Uc« .. 

hepperv 

nrall... — 

mypi Lik 

Lm-eway Tram.. 

Untiiriili 

Libtiv Ob 

t-injiet 'j • • m |. .....' 

I.iil.1 

MU- HI lintii-l....' 
u«;khtTM.\in r'li 
M-ne Slim 1n-1r .. 
M-il/ l-iail.i l.tu. 
Luiil-num I an--. 

MiiiriBcb 

Mieki slmer.. . 

i.'ke Y'uiib* I 'a n 

Ma Jl i-iii 

11*11 II. H 

linn. Hnm-iPi . 

w 

iLa mi Iimii Hi .. .. 
Mai-nie \li-ium--. 
Itai-iiRii fc'leirt .. 

11a 1 Uepi. .-liuv 

'ILA 

HcLieniii 4.1 

il.-iAiuiien Umuc. 
II lino Hi'- 

JlCllbilk-l 

Mfa i- 

ilk-mu U.i null 

.llk-iai Fi-lniieimi 

'll. II 

'Inin Mint!.' Jin 

ltkilO- Imp. 

Jlunsautik 

iloiaai. J.F. 

■ l-.l-iniB 

Muiplu *i|.. .. 

i N ililrci- 

lak-ilbtml a .. 
VaiK-UK- tan.. .. 

Xi«. IJMIlWi.... 

I All. Sen he Jun.. 
Nalimiai ?teel... 

lat-imiu 

M.ll 

Aet-time Imp. .... 
Sen Eiu>l«nrt Ki. 
.Neii klii|:iaui1 lc>. 
Aiuan IIi-Imui- 

A Hjara Sliaie. . . 
1 . I- lu.in.Lrie- . 
N-Tiu hAll'k-len- 

\»iUi All. ha-.. 
Mliu 5l«ln Fm 
Mli«e*l Airlirib. 

! 

'i*r|mi .*)■ im > 11 . 

I 1 -. I is nil. IVl r. 

■;*lil Mallu-i 
I llilu I.-Hr*ai 


. -i,*r-e«> inf.*. • 
■»eii* kianiii .. 
■ i«i<ii limn - 1 *-.... 

ia,ili (>«■ 

1 |S| -||h- Im, III lll£ 

I -Si . 1*11 - - a Li .. 

: Fail A 111 11. -n. In 
(Siriicr llauuiliri. 
I’eaiai iv Ini. . .. 
Feu. IM. & U.... 

Fen n\ J. L'»_ 

r'cnnaiii 

I'fcipiei Unit..... 

Fa iplea lias - 

Feiakv...—........: 

Ftrkin Kinier..... 

IVi - 

I'll/*! 

Fuel pi. Ikfcfve.... 
j I'liiin islpliia Kh . 
( i'liiUpJf,.m> 

j Flitiauy 

• Fluid in. iid.. . 

I I'lllBimi 

. 1 'ieraev Lt-- .Mil* 


, 1 .t-aiiil — 

. .Siii mac K 

1 i’ll, In in t*ie- ■ 
i i'p-.U-i !.Hllll-«.. 
Full nv, Kn:i 

f'fl.illUI, 

Furi-k 

iduakei 1 ml*. .. . 
*{«pi 1 Anteneai 

UlVlfcn>i|| 

KL 1 

HepuUUc aim— I 


liev mi ! 

ItVJUulila Melal*.j 
iie.vmil.is If. J — ' 
Kleti'win MemfU.j 
Kuckueil Inicr...- 
Itrifam X H lUin 

ihiai 

ifTB 

Hum Luk> j 

Kyier Sysieni..... 
ia(ena.r stra , ai...| 
-*l.4u« Uliierair.; 
91. ICCKib Fajair...: 

-rants Fe In-la 

, :imi fnvcil ........ 

I Sasun I idle 

! x-tilKi- lire" um. . 

udiliimlierver 

-Ol j 

Sk-mi Fai-er 

si n Jfr-- ' 

j Sue Dundee 

| un k iHiia.uei* ... 

*ear eili.U.i 

1 *ear l,i vt-u. k.... 

; ■KUL'IJ 

alien On 

| me, L run- ia*n .. 

! aijpii.rie •. i-rt- 

umpir-ti r Hd... ' 

’ iin-rfi 

I sniTiiiK'iiie. 



■ SlHllII.il." II 

! >jtitlierii l*-. fc» 

aouinem in 

J Slliu. Nki.Ii'c ... 

■ rmilliein Fa.-ifa- . 

! SnitlieniHaltnai 

i 

| >ai1ii.Hii" * 

j r'w'i kkin*liare .. 
nem HuU. 11 ....! 

ipciry Kan - 1 

»l'li6 

Mau-lanl Brouil-." 
K.[ l l , nt«.ilinnw J 
-l>i.Mi> lu liana . 

*lu. lilt 011 10 

la«iH Clienitkn ! 

• -teriuiK Uiii,[.... : 

! lu-lelmkei ■ 

9Ull 

aun-i tian.l. 
9tiilex 

I«iinki*u>...._..! 

rebimois ..........J 

lenbil ne 1 

- i 

j lenecu_.. | 

; ree.ro Fetruieum' 

• I eiaoi 

I'lSUflUll. 

' ltsaaliirt.nl 

, Icxai Oil A bn..' 

, li-ui blilil IC* ... 

: I mu- I ue 

I mien Jllrnir.... 


*!.■+ 

• ' 

22 

M-i 

19 

IV.^ni.+lli 

. 201* 

JU038 

W, h 

. 51+ 

5 

v»«x 

. 54 ' 

5259 

/.4|«LH 

. IbSa 

15'* 

4eulth l.'a-n 

■ IB 

15 


, l. . I iw 44lKi M4-U ' tB4,ir 
lLS.rren*4 i »7c8 & 1 t80ts t 1B07x 
fG.S.flO IHvhlli 


t80<s 1 18071 
6.41* 6.34% 


CANADA 

ll-lllOl I'apeJ J 

fc at,<-. - 

UcMiiA.iimlnium- 

A utmia Jjlee - 

ArliCrtliff 1 t 

tfauik.it Mmiliea.’; 
dfiil. .N,ivs .>s.|ra- 

Hum ItbMii-i*., 

de - 1 leiejilii.il.’....: 
1 V 1 W Nai'ei Iml.... 

UF laiimia I 

Unun.nu 

Uiuik-i/ : • 

Mfliri F..II..I....' 
k*i mil. in M UII.T .... 1 
I'aiMilN (ni,riil_J 
knjm .111 AH Mu..: 
-.«!■ I mp bin. luin! 
kffiimln ■■iiliisl .,,,1 f 
^ ait FhtiIh- 1 


Ai'imiz 1 ei-u-li...' 4:6 -4 ! lb 2.1 

U.1IJV 247.0*0.5 -28.08 4.C 

iMtjfc' - la 6 - 8 ~A*^ . i-.n. o.i 

baser... li>9.3 -0.2 ; 18.7a" 6 ." 

bavei. Hypu. 279 -*2 .28.12 5.1 

Haiet.J mdndik.28B.OsO- -0.5 ! 18 6.1 
Cibalnt.Neil.wrt 170 —10 ] - . - 

Ciiumer/lnuiii * 7 / 6.5 — 0.7 17 7J 

Oaii Guiuiiii 73 —1.5' — 

Um Hen/ 2»4.5 -U.5 28. 12 4.1 

1 'ea'ib-a 244.5 *a + 1.3 17 A.i 

Ueiiwe - i&l ' 14 4.' 

UenLMrlie Haim.... 282.4tf + t.4 i 28.12 5.C 
Ure-ilner bau> 233.6 a —9.8 j 28.12 6 .( 

llyeAcrindl 7J3.II. 1 143.U 1 9.38. 3.5 

liiilehuffnuDa ’ 193.0 —0.5 1 »*. I 3-i 

Hi|«* Lhivu I 116 /-I .12 5-1 

llirpeier.... ' Z 08 .O + 6.6 ! 9 I 3.1 

Hrawl.-t. 137J+OI ID I 6 .S 

Hotoe±i_ _.l 46.6 +0.1 1 4 4.i 

Hurten I 121 +1 | 10 44 

Kan umt Sale J 137 -vS I 9 3.: 

Ivart-uiili 1 297.5 — U.5 ’ 20 1 1.5 

Kauilu’i 2u7.5 + 1 18.72' 5. £ 

M.iefcnw till 100..' 94 I - ! - 

KHU 173.8 -0.2 , 1B.7B. 5.4 

Kriipp • 94.5 ' — 1 — 

Linde ' . 231 >a Id | 3.! 

MiMviiiirau l(ki....'1.4'*D*d ' 2 d I 8 .: 

Iaii(lmn-n 113.3+0.6' 6 | 3-C 

« A. V j 178.7—1.3' : a.i 

Jlffiiue uiauu ia4 17.18 5.6 

.lleuum- 204.5 +6.5 i~ ' cA 

Miuik-lieiiei Itiieh. o 22 1 18 1.7 

AevkernMlilM 118.2 +0.2 — - 

I'leitiuavi UM IUJ.I 110.0 *1.3 -• - 


116 +1 
ZD&O +5.5 
137 J + r .2 
46.6 +0.1 
121 +1 
137 -v2 
297.5 -u.5 


173.8 -0.2 

94.5 

23 lad 


28.12 4.6 
1 17 3.5 

1 14 4.7 
i 28.12 5.0 
i 78.12 6.0 
1 9.38, 3.2 
• vj. I 3-1 
. 12 , 5.* 
! 9 I 3.1 
I ID 6.9 
4 4.a 

I 10 4.2 
1 9 3.3 

: 20 ! 3.9 

18.72 5.8 
! 1B.7B. 5.4 


• an. I*a ill.- Im.. 

201, 

2ui a 

•-■li. -*ii|»r i»i ... 

581, 

58 

Latiinaii'Knic. 

4.4a 

4.45 

ka^sali Al«sl,s... 

9's 

95n 

.'rneiiaiii.. 

18sa 

185a 

Luiniin.v 

28), 

29 

k.Hi* Uni Inn si... [ 

28 

28 U 

•-■sir 1 »*».... j 

173, 

17 ij 

kMSfka li"si.i),+: 

6I« 

6>, 

k.TlAlll l.'lfl, 

153b 

Id 3s 

LM> si lie' ll . 1 | 

8'8 

8 <o 

Ueiiip-«i IIiiici- j 

bat. 

b8i s 

Uoin llllllt 

81 ia 

181 

Uuiue I'elKoeum! 

DO 

bO-’i 

1 kllltllll.Ni llnilj.,, 

25 

243, 

<* ’111(111 ! 

18Jb 

16 'S 

i , .ii*.in 1 

l33fl 

15'n 

raasMi'ce ,Na.-kie.i 

£3 

Z1I« 

erait .11 , +. m ijj,n. | 

79 

79 

•IPllbUll 

277a 

271 a 


l(fik-tiill>»l.b'ici- 

ilhitiiu 

■leniin 

Mm /iii.-kei 

I by- ell 

1 artn 

1 l-.ll 1 


.! 184.2+0.2 
.1 2D3.5 —0.3 
Jf76.2 . . .. 
242 - 7 

. HB.lrf— 0.2 

ioii.5 

.: 104.2-0.6 


VmIii tilav 338 

kMUm...' 465 

~ aaii -...._ 1 667 

kliiunp 1 348 

Um M|ipnu Frmil 540 

Fun 1 546 

■iilm-lu 240 

Hi in- ia 11. .li*-*..... 871 

Imire Fr**' 1.100 

. Ill'll • Bfi5 

rL290 

14 - 636 

i.A.L. id. boo 

HUimi Eurl. FllJLllO 

332 

.suUua _..i 27B 

■iV'H.k>-*J4irHtnMr... 3.48 > 

drlau-ulbt III Y 08 

llitrubibfai fcans-j 280 
liilMiLmln Hoi VI . Id6 

ditrutMilii kitrp- 422 
d Ur III it 0o— .... 325 

545 

.Hlp+uu Lfaumn....^l.30J 

.sl[1iuu aJiinpiiu- 660 
M-sm 792 

Fkineer-.......— .. 1,670 

j .ui\. li-fk+rk: — »4B 
irhi-ui Primb,— '' 073 

I -nirei. 1.U6 j 

hail 1.740 

.al* In 1 Marine—... ac6 
-*ak«M Lnetnnai .' 345 

UK ,1.96/ 

e.jm ' 1*9 

.(•kin Alanine. ; 491 

ukh. Lhni F»i»'i 1.05kl 

ii*. 1 n *juuv 3k 2 

■ •kin'll imiira,..’ 145 

i-tai 146 

-.•i-lln’i 940 


W : 2.1 

+ 1 12 | 1.3 

20 '■ 2J 

-2 . 20 2> 

•-1 J 18 1.7 

-2 • lo 1.4 

: -i w s a.s 

+ 1 ! la ‘ 1.6 

i— 30 I 30 1 1.6 

1 + 4 1 12 • 2.* 

;-10 3u • 1.2 

■-6 13 ; l.o 

.‘—io i lu 4.5 

-3 ; 18 . 2.7 

1 : is I 2./ 

U3u i 55 | 0.5 

1 + 1 j 2L : 1_4 

; + 1 10 1.8 

. + 2 > 12 I 4.4 

!+ 1 ' 13 I l.a 

-1 1 14 2.2 

;+b • ^ i.B 

—30 ID • 0.6 

|-i 1 12 o.y 

» ' la • 1.0 

1—60 l 40 1.4 

-2 '13 2.5 

■r 1 ; 5v 1.7 

, ■ 2m U.kJ 

-20 4. 1.1 , 

—2 ! 11 2.4 

+ 9 15 2-2' 

-20 i . US 

-4 10 3.9 

11 . 1.1 

t d.b 

* 2 la 2. 

* 1 1 a.4 

-2 1 3.4 

-9 1.1 


s'ereiii'Ji l'e*t Hl«i 266*1 + 1 
Yi.ik-uaaeii-- 199 — 1 


i .■ uii U 11 Lum ia J 
riau her >, .. (.at*. 1 

ilu. iiutei , 

ilunie • >11 w • 

JiriwHi Hut Mue. 

du 1 null Ikj 1 

du iwn Uil a 1 


1 rail" 

37. 's 

1 nUlslIlriVU. .. 

163a 

1 nillN.il 

18Tg 

1 ISII« l 11+ III 

36 

irs.i «sv Inti" 

aG'i 

i mu. 11 i. ni Ni- 

10.A 

I »*i wri + 

d6t. 

Ii-il'iri lien' ■ -li 

20 4 

IsILW 

4u 

— L 1 1 belli mi t>+ 

511; 

L.N.I^ 

Kfl 

L. VISta 1 1 

25 U 

LLI 

ZU, 

kUP ; 

Zui, 

uuhe'Ci 

36 

uiiiievta NV 

5U« 

L u Liu tftuiu rp .. 

lb>9 

Uiuou Lart+ik....' 

41 

Luiksi lumnien.-i i 

77* 

kiimu Oi. Cant . 1 

bl>« 

Union Pam fie. ....| 

bUU 

kioirovul - 

77. 

Jmteri Lrartrts... 1 

8r* 

-a Bond or 

34 1 , 

jdti- mini...... • 

26 

-»rb * 

SS? 8 

snra: 

30 U 

-. lcefan--..cSirT 

44*8 

V Imliirl npi P11 1 

2. 

iiVi.im fc-wt ... 

14U 

•1 . 

23U 

I' iril4» ■ C> iikiM* 1 ’ 

41*8 

•1 aiiiei-lj,nil«-it 

3Ui, 

-Y»te- 11 «■'■■■• i 

Mu 

■» * r-fcsit;. 

275, 

•V sJei.i hnn i-.p 

5C 3, 

•lerl.-m -N. \|(|. 


■1 ertiiii 1 ill. m,. 

ir.li 

.V M iliclisr fc- n- , 

22 

iNeiva. i 

27 

rtinciininire. .. 

235, 

rtim ia*” 

fc4i| 

NV'.ilcl Ulf. l.l.... 

Z5 J t 

A • i . 


Uncvuin EIkI. 

28 


1 

liupenal Un 

I«I.H 

185s 

34U 

19»a 

2019 

lo 

55 

19 i s 
20 1 2 

1 -It'll* j 

1 l*a 

12 

» .nan ; Nauii**. ' 

IuSb 

IUsjj 

■ nt'y.v Hi|+ I.iiii-j 

14», 1 

14t>, 

itnuei licsaairksm 

14s a 

14), 

>.• <n-i fciii l.,. r p a ., j 

9i, 

9Ia 

l#S..Hn (.■■Hl.-L- .. 

4.4U 

4.3U 

•1 'll.l.l'l. Ml.^ll ' 

W.a . 

193a 

■lit'ss fc'“l'j.iia+ ! 

151, - 

131, 

■1 - 

24+, 

■42), 

■•—re i 

561, 

56 


AMSTERDAM 


AI 1 .. 1 .I <Fl.»Ji 

ALj(|{fc'l.3Ui 

NiHein Uuk (Fl ICO 

A *1 hV 1 FI.IJ 1 : 

Vmniiaiik iF J*)'" 

dijcuk'irt 

U. ■n*i1Vis.s , ni iFIsn 
Hiirbnu leUennie 
btrei ier \ >Ki. 2 Ji. 
fauiua.N.l .tJenrei. 

huniLi'iuTM Ki.lu. 

tjini Unuouien Flo. 
UeluckeiuFiMftii. .'. 
ilm .jui eu- iFiJflli. 
Hunter U.it'-.luO) 
(Fi.lUU) . ' 
luL .11 idler (I aii..' 
Nan 1 'IkU iFi.IDi.,.. 

sal. Neil lu .(l ilk 
Nedknal UkiFl-V 
A el Mid BklFuC'i 


Price ;+ of Div. Yid. 


106*1—0.5 
28.6 + 1 
353 ' + 1.5 
85.8 -r U.S 
76.0*1 — U.l 
91.0-2.5 

120.1, + u.l 
/ U :-0.S 
270.8*1 *u.8 

I4i.5 

65^8' + 0.5 
55.6 +0.6 
ioo. a:— 1.2 
35.0+ 1.3 1 
*o.3'+ .1 
177.01 + 4.5 
43.5*1— .3 
AO.S'+O-E 
112 *0.7 

53.4*01— U .2 
190 1 + 0.3 


Source Miftlto Stn.WMJrs. Tokyo 


BRUSSELS/LUXEMBOURG 


Mai 22 ■ !**■.■»■ + • -i 1 1 . 1 

• fcr*. — An 

Allan* .2,410 - , 

Ikj. Brx. I.smik.... 1.595 —5 72 

BeLert “ B“ !1.B4U -1J Hoi 

k.B.K.LemenL... 11,530 *-30 Ids,-! 

kjj.ken 444 +24 . - ! 


D.7 
As44.'12.» 
Uj 0.9 
26 I 3.1 
o- D.7 
26 . /. 4 
37. al 2.0 
3'/j' 5.2 
fl+.o o.« 
24 622 

14 a.5 

12 ; 4.5 

26 I 8.3 
12.91 5.7 
48 j 4.5 

21 7.9 

22 o-a 


k.B.K.LemenL... 11,530 *-30 Ids,-! 

kjj.ken 444 +24 . - ! 

2, 190x0 — 25 177 

bhs-lnftiei,... 5.410 .— 16045^ , 

fc'abnuue .Nat 2,-10 — 4 ,1/u 

>j.H. luQp-Uni— . 2.uu5 '—15 13k- - 

bemal 1.3t 9*f — 16 8a ' 

Hm. .ken 2.23d —10 I /w ■ 

I men urn 1.995 — 40 14* 

KretUeiiatuk .... — 6,7a J aba . 

Lai Ki'.vale BeJue— 5.680 1 — 120 4 JO ' 

fan H n.iiuK .... .2-530 - + 3 j 

FeirultiiH — ,4.*10 ' — 3 1/4 

Sk-lrtn balniur-S.OlO j + 10 'J+4 
sue «wi Beiuwiuej 1.950 —2 ,14u , 

•ofana. id-000 I — 10 ,21a 

’» say - 15.500 — 10 'A*10' 

Irma inti b [2. 750 . + 40 I7u ! 

lUU 926 !— 24 - 1 

Ln Miu. f I. lk/>— — 1 760 +6 50] 

VleiJie McnuyiaJI 550 ,—20 — , 


\L Mli-'&k-eati 

Nk-n. 1'1 Vif'lrMitn 

Annul Kng. tnlL’. Imlr SJj 

N nfjnil Kstiliiratinu 1 

1 input Fetmieuin 1 

A-mc. Mineral*. l 

Vsmjc. I'uip I'ajer SI.— ... J 
Aims:, toil. fin 1 u-in»-„... 
Aunt. FraindMiMU I inert..' 

1 

Amtiniokk. 

AuiuOl ion.- i 

Blue Mftuu lo*L j 

Buuga (unite Copper , 

BroLeii Hll> Frt^eletars ...! 

BH douUt I 

Carlton United Browery ...I 

UJ.UMre 

CaRtfti I 

Luub. GiiMOelita Aim J 

Umubier ($11 | 

Uoo/toc (UuLlnto ! 

UMam Australta • 

Uud lup.BnW«r JS 1 J ...j 

fcSCOw i 

Bkier-bmilfa^ i 

U.2. Industries 1 

Ueu. Fniperty Tru« ! 

Uaiaeniley 

Honker J 

ILI AuairalM j 

Imer-Cojiper 

(emuOK« induatne* — 

/iruealUavaii ' 

Laruuar', till 

Metals Lap-uraiii’ii 

Mill HuMmas— • 

Miw Lm purl uni ' 

.News — 

Nielrrie* luternailu'M. 

.Nurt U timkta H'thut :+ «0U.- 

UakLMii)(r..- 

Uil neareii 

Utter fcisfiloratl’+i 

Hnjuni Coourele.... . 1 

tuvkltl 1 Untmaii 

B. C.KlHjilt — - 1 

>julbl»uiJ MmlOe ... -.1 
'lanf r 8l|/drt|ii« 

ruoil, ra— 

IValpius... ! 

Western lluunji ,»)eeuti 
IVoolnorihs 


v.-e-iw 

daiiksinu bran .. . 

dniieu I ia li 

JeUcu Mliiel™ ill , 
lairt-'Ame '. (M*. , 
Feim»«- PI* .. .. 
Flivil 

’ 011 m l.tu.- AM*... I 

l mp Vh ■ 

1 «>«• Mp- ii., *■ i*i : 


1.00 -u.uij .12 
2.18. .— 3.1? 1.17 
1.27 — J. 16 ] 
1.95 - J 4.. .12 ! 

a.i/ + ..<3 l 
-.87 --k1i.il. 1 

1.68 -.’.Oij.16; 
i.i.1 .... ..23 1 

9.25 .8fc-.*U' 

l.aZ :+O.01 .13 I 


. i’ . 

I *' 

I T"\ 


Vol Cr.llK.Um Shared le.Oni. 
Sourve: Rio de Janeiro SE. 



' | Pros? j t "i 

M 23 

Kn.uei | — 


, + mi DIv.jYbi,, 
fcin. 1 — Kir. ' i , 


s r«i, ih \lin v .. 

1 » Ik-vu Eli+l .\ • 

1 “’'t'l- I ' iev 111 ... 

I >i,„u. m ,v i.,* 
Mk py m , 

V in- M - 

'ieilii-l*k.-ii*„eul"| 

*'«n. Lan. Pel' III l 

■‘t»llll» 

.'eu|i,ci Uvia.s... 
•'L 11 v 1 .au ft Uii.. 
''lavei Ueieiupnii 
F-inerLi+pumt'i, 

Frur 

sjueliev .iiurgo'ii 

■taiifiei Uii 

ii«il aian 

Kin Ai”,m ......... 

Kuyii Uk.ul (Jan. 

•ti‘Vi IruM 

'■eptre K’suuns 1 

1 WKnnih, ,„i 

I .He* UfM<ln.M...’ 
lie! mi U.Mim-j 
■et-eur U ii..,. • 



iw* muuw.i|i.. I 

• ire+. IC-..;k (iku 1 I 

■ ifsa.ii VafaHifai 

| mi,. I.N.H,.i,k 

1 ■sii'.i. hjiI’i.h L* ; 
n«li» ') -mu U|- 

• r i<m I 

• IINIII li*. 1 

• ill. Ivi 31 uii- 

•t 1 ael Hiram—. 

'\rel1i«il Ira.. 
Vl‘»*l.i|i (ink 


1 * limnim urteex - timtuwi wi»e» 
noi aiajUMe. 1 Rlfl * A+Ji«d 
• Traded. \ New ttocK- 


LhviKl. Mi 148 ,4-2.8 

leu Uiuiuervii. ... 13S.O+4 
FHkliml if., aji.l 43.2 + 1.2 
Fli 1 up* 1 FI. lui.... 24.30*1 +0.80 
liin’v-liN er(Fl.lUft 86 +u.5 
I.VWI f fc'i 00t.... ; 167.9 + 0.9 
Ki.ihiki- 1 F 1 . aOi...- 127 +O.S 
i;>«pdi*>iKi.sui ..: 131.3-0.3 
•.'■•kHiUui'-iiit'i.io; iidS.Dtf + 1.5 

-ihii-iiIiiiik 8Mb.M 4-0.a 

- 1 i*i 111 li 1 )i, t'l. A>-| 140 

li'hiiil’ni-. H iU.>, 106m 1 

i. iiiieivi ifc'.. Ai.-i 112.2m +u.Q 
sihiiiulhn-lMSI.' 40.2+0.2 
"'eal lanMii. Unnk i 399*1+7 


COPENHAGEN * 

1 Price I + ur : Die, 1'iT*. 


SWITZERLAND 


Fru-e 1 +■ .ir Uii’ Vi i. 
Fn>. 1 — 1 


V-uniimiini 

. 1.280*] +20 

O 

4.3 1 

Blu.' V 

.1.690 -a 

1 - 

2.9 

1 uii* titri'jA 1 ft . ur 1. 1 odta 

22 


1*'. Pari. Leu. 

910m + 1U 



U". leu 

Dl8*J .. .. 

44 

d.7 

■ IM.IK auis*f? 

2.175 +a 

lb 


K'Cvt ire. all -- - 

1.680 -6 

1 . 

2.9 

+'l ui.ei .Utfk'iuei 

bSOal —25 

D 

.9 1 

HnlTimu Fii.a?rt , 

.- 77.3d- -aoajai. 

u..[ 


Ut>. >DinB 1 ....17,850 rlLO as u.7 

liibrrinri L ,5.850 ' ^5 

Jcnouli it‘r. l*X)r.,l.dl5» i-5 3i < 1.5 
.NtalleiKi-. IOQi... > 3,366*4— 70 >,«.] j*.a 

LKj. lit^u ,2.185*1 vM.f j.t 

L»en ikocB.d-'.iDiu 2.450 ;-*20 ! la 15 3 

Pirelli 5IF (P.liXij 272 : j la i old 

damUutFr. ooOiJ3,800m +73 , 2b 1.7 
l>u. Parts L'cnuj 483*1—2 ! 2D • 2.7 

i. -fall si ierUtsFllA* 285 —10 j 12 ■ 4^2 
duizer Uti< fP.LOOi 350M +2 I 14 | 4.0 
dn-iiufllr iFr. 3C0i 81Gzd+l I lu 4 3 
an lu BankiF.lOL 387*1 —6 j lu 1 2 6 
3« iM (Itfc. FjSAB. 4,575 -100 1 40 • 2.2 

L'nioci Bank „|5.Q10m> \ go , 3 . 2 , 

4ufctcfa ins —110.8004— 2a0; 44 1 2.1 


AialdMiaukiNi 
Bunu'ser 

Uauske tkmk...„.l 
Em .Limit Co.'... | 
FiniLo-faenkeiu— 
r'i*. UvcM*trior....i 

Fit. Pkplr — — ..1 
HamliealRiiib ......I 

u, N' tii'ii H. i Kefat, 

.Non 1 Kafae, 1 

Uiicinl.nk _..l 

I'ntullmnk 

FlDlUlrlstllk , 

jupii. Uenso.l'en.; 
•upertir 


VIENNA 


135 ;-!« 

426 1 .. I 

1221,1 + 1 * | 
Itr4*r] + 2 U j 
1271* +1 
345 !+** | 
161 *' +31* i 
1233*,+ 1, . 
270 1 + 2 I 
24ii 3 m+ia 1 

821*' • 

laui/,' : 

1361*.+ 1 * , 

380 1 

IBIS* +1S 4 • 


MILAN 


•na-a a.a 
..■ua.f s.t 
• lo .15.3 
>•: 10 D.3 
. 2b 1.7 
! do ; 2.7 
12 • 4.2 
14 , 4.0 
! lu ' 4.3 , 

I lu I 2 . 6 ! 





11 ! 6.1 

ID i 5.5 
13 9.8 

12 7.3 
15 10.2 
12 3.* 
u 10.5 
12 , 8.9 
1 A ! 4.0 
12 I 4.9 

12 I - 
— 0.0 
11 j B.l 

11 J 4.2 

12 I tj.a 


A A IL. ' 109.73 + 4.7S *_ 

+98 -37 — 

rwl 1.89(lse-r5 • law 7 9 

*.iu, Hm 1601 ict2 ■ 1 ix. 9 4 

I'm tile* • IOU +IS.73 — . 

LiiUs.-rneiii ;12.ba0 + 95u di*. ifi 

iw. niur 1 176.75 .1 , . 

M«rtmlwiik-ft I 34.3JU +600 l. 2 ut, 3 5 

lli.nte.liwn ! 131.7a - 5.5 : - J 

UiveiiiFrii J 1.170 j- 67 . 

3fc) . 8.2 | Ftnriii A Lu 'Z'lSH '+99 I 13 V 6.1 

Fiiettf J1.007 +7 ; Bu 8.0 

■*nt*s I'cusi 704 i-32 ‘ — _ 


Keuu -44 I /aO 

AfuqueUi-CJi't' 1 1 389, 

Ni j 292 

AqulMl ne...„... . : 4+7, 

dl U 467, 

Buu vnue I 672 

d-iN.litrii- .J 49 o 

Uarreiuu 1 ..... 1 .555 

U.OJJ 346 

Ul.lA>iil« [1.18/ 

Lie Banana j aQ 7 

UiubHedltei 1 394 

L'mlK Uim Fr'ii 1/1,9 

U*u«X Uflre 79. 

Uunie*. 79 J 

Fr. petnae*. 124. 

Wen. Ur-iifenia 1 166. 

1 moral ■ 58. 

licquC* Buret 114. 

Ldlarve 164 

MJiea/_ 714 

Ixursnii 1.703 

M-iimiiis Piiemx.. 917 
Mik-heiiii “H"'.... '1.3UO 
MuH Hmuerss— 4bl 
Muuiliiex IsO, 

Peril** lab. 

Fet-fainv Ua 

FenHil-ldcant ... 251. 

Peu“L« 4 .'iinjeii.. 3=0, 

i'.icIaiu 183 

Kadk> I eel inti* ne. 4=0 

iCeiheiie ■. 543 

Kfamie PtuiieiH; ... 8 a. 

■si. Uutriiii 143. 

9kia KiV9Urru.il .... 1,346 

suer 271, 

feiomwaoiniie-.,. 728 
LL-tii+m 1'iHiidi Iu5. 
U/ioui- 23. 


- 1 4ij u.6 
,1—3.2 21. la . a.4 

— 2 lb.a| 0.7 
0+6.8 20.26 5.9 
■J— a.l lS.Sa; a.7 
■— + ' 42 b.3 

' + 6 1 4UJ> 8.1 

’-29 78 : 4.H 

—1 : 31.6 9.1 

! + 58 58.5 4.9 
: -8 . 12 ! 3.9 

I— 8 I1J5' 2.9 

—1.3 . 12 | 9.U 
.6 i-U.S > — , - 

1 7.S ! 0.9 

.1 -U.6 14.10 11.4 
w — 0.3 6.26; 4.4 

7 —1.7 ! 5.7 9.7 
7+2.7) - - 

le./r 9.1 

- 12 . Ia.d7 Z.4 
-29 |5c./a 2.2 

- 7 1 39.3 4.4 

-4 '32.55 2.3 

- 5 j 12.6 t.'t 

3—0.8, 3 2.0| 

3 +0.= ;i3.’35 U.B< 

7.5 e.8 

0 -6.2 j 7.b 3.0 
J~4.a!l7.SS 4.3 

-_i ; ■_ _ 

-5 | 27 b.5 
-7 1 27 5.U 
5 — U.3 I 9 lu.0 
a — 1 Ji l ua io.I 
+ 5/ t 59 2.<i 
S —3.0 j 25.5 9.4 
!-2 | 2a_6. 3.5 

1 -1.7 113.15' 8.2 

K n » I ! 


uei+eii Bank 93 —1 . 9 9.6 

•*<^r^^aH^1......... , 62.75—1.5 — — 

kteiitleuih 108 1 11 9.2 

Kn n«o 250m!— 5 . *u 8.0 

Kramika. -en .... 105.6.— 0.5 11 |l-.4 

-S.ipik R\-r1mwr.’i • 183.00;- ■ 0.75 1Z 0.2 

surrehrand 1 9Z.5 .—2.5, 9 | 9.7 

JOHANNESBURG 

MINES 

May '22 Rami +nr— 

Arulo American Cur on. ... in +U.I0 

Courier Consolidated -nfti 

Ea« Onvlonwui Vi 2 * +«.•»*• 

Elsliurn O', +nu3 

llarmuny +010 

Kinross It.'il -*0-i 

fOooi ..... . ‘.*0 +i1i,3 

nostenburK Plat mum ... I "A -n.M 
St llek-na . ....... M.t.Su +njg 

■Soutfavaal . «.9.t +0 13 

;>jld I'K-ms S.\ '.’1 '« 

Union Corporation + -13 +niij 

Hi- Seers Oi’ferrvd ...... &.<« -ir.Ui 

Blvvooruiutctn A. in +0.03 

East Raihl Pt». '4!i +0 ii 

Fry S(aU- f.Vdu:d r.'6 +0 

Ptysulcni Prarnl . ... .. .... 13. so +H23 

President Sicyn ... 12 3i» +o.w 

Stillonioin 4.1." +n ii 

Welkom 430 +U.0'’ 

West Drmfomein :li.2.1 -*(.73 

Western Holdings — ,.30 40 a 

Western Deep *13.23 +0 

INDUSTRIALS 

I AECr . .." ;.R7 +0H2 

Mu*lo-.\mcr. industrial .. s :i|l tmjiI 

Karluw Rand ”12 +0.82 

CM A Miv.’simems 11.00 

Cuing Ki ua 1 icv i'.S7 

Th- Beers Industrial .. 10.00 -910 

Edgars Consol Ida ( i.-d Inv. 1.90 

F. 1 (cars Siores 23.73 

Ei+.-rReady SA l.m +D.JS 

Fertk-rali- VolV'hcleaBinRS 1.55 
f.'realormans Stores jS.S* +0-M 

iiuardlitii Assurance <Si I S3 

•liitetts IJj -KAi 

LTA »l 7j -0.03 

ifcCsnby Rodirty o.ia 

Nc-IDanK 2.50 +0.03 

OK Bazaars ni.30 

Ppi/n'er Millnut 3 IQ +*AJ 

Pretoria I'.nicni vino -n 11 * 

Proica Hold 1 00 s 1.21 +*0* 

Kanrt Mines Propen.cs 1 .90 

Rembrandt Group 328 

Reico 0 V. 

Saac ItokHnfik 1 *i 

S1PPI 1 90 • 

C. «2. Somh Supar j«. 0>1 

Si Rrewkncs 1:4 +a« 

Tiacr Oai6 and A»tl. MU. 9 45 +<•» 

Untoer I.irt *841 

Scvuritirv Rant! U.S.S0.72 
(Discount of 37.4?n> 


lit 


i \ i \ » 

K h h * 

fi si 

r., 


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STOCKHOLM 


I l*n. t r or : un. 1 „ 
■ Knmi 


AW A AULrXUi— 1 
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fclm’lus *13 (k^ 1 
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Until ic lauiiHi... 

lUramoi 

Mo iftii ik.in- 1 ,'... 

?,mJ'ik ,i,u 

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tfkiio'l l+i-inuls...' 

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211 - 
138 

bd.Utd —1 
l22m+; 
78 ' + 
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133 

243 .... 
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■2.5; -4.J 
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6 


SPAIN » 

May 10 

.Island 

HafiCO Filhyo 

Banco ADuutiro 1I.U1HI. 

Banen Cenir.il 

Rancn Exicrior 

Banco General 

Bancn Cranada 'I.uOUi 

Banco (Uspano 

Banco ind Cai. ii.MU) 
n ind Meancrraned... 

Banco Poouiur 

Banco Santander i 2 jtn 
Banco Uranijo a.ouui 

Banco Vizcaya 

Banco Zaratuuna 

r.anWonnin 

Bams .Vnd.iluL-ia 

Bibcock Wilcox 

CIC 

nraoa.los 

tnoioftunif 

E. I. Anuinne!,-.!* 

Espjnula Zinc 

Eiuki Rm Tinto 

l-icsa H.IWU. . 

Kcnus;i tl.iKKu . „. . . 
‘Ki Prevlafli.s .. 
Griimi Velazuucr iWfli 

llidruia 

Ifaerouk-ro 

Olurru . ; . 

Pupeierns Rcumd.is ... 

ivirniiiu r I 

Pcirnleoj. 

S+rrin Paoaiera 

‘‘HIH,.’ ' 

Sum.-fria 

THelniJiea . 

rorrjB Hut Much 

Tnhaws 

Uuiun fcicc 











’’ F,Ilajlcial Ti mes Tuesday May 23. 197S 


33 


0 «... ^ 



Tuesday May 23 1978 


BUSINESS TRAVEL 

Travel for the businessman today is a complex affair, and it has been 
thrown into confusion during the past year by the enormous reduction in air 
fares. Professional assistance seems to be essential to obtain the best deal. 


The year 
of the 
falling 
air fare 

By Arthur Sandies 


IF ANYTHING marks 197S out 
from the vest in terms of busi- 
ness travel it must surely be 
that this year has seen the 
gentle simmering of air fare 
manipulation change into a full 
blooded revolution. In the wake 
of Mr. Freddie Laker's Sky- 
Train exercise fares have come 
tumbling down in various parts 
of the world, provided you are 
prepared fo meet the various 
travel conditions attached. 
Even that long-term stronghold 
of high fares, Europe (and not- 
ably the routes to Scandinavia), 
seems to be wilting under the 
assault of consumer and 
Governmental pressure. 

However, the air fare changes 
that we continue to see have 
one major drawback. The com- 
plexities of air fare structures 
are now such that only an ex- 
pert can find his way through 
them. Today's business travel- 
lers need not only a team of 
accountants to keep Whitehall 
happy, but also a team of travel 
agents to see them on their 
travel way. The divergence be- 
tween Standby fares and normal 


first class fares on many routes 
is laughable — but a more de- 
tailed look at that particular 
situation can be found else- 
where in this Survey^ 

The very complexity o t the 
travel business today has 
spawned a whole new industry 
offering expertise. , The busi- 
ness person, vaguely aware that 
without help he is likely to be 
paying more than he should and 
perhaps not getting what he 
really needs, is now besieged 
by advice and offers of assis- 
tance. 

Increasingly travel agents, air- 
lines. hotel groups and car ren- 
tal companies are making their 
sales pitch on the basis of: 
“Don’t worry old chap, just 
give us all your business and 
we’ll take all your worries 
away.” Its a tempting line but, 
like the Book Club or the maga- 
zine subscription, once you have 
signed it can be the very devil 
to change your mind, later. 

Car rental is a good example 
of the trap which lies waiting 
for the unaware. Most of the 
bigger car rental groups are 
very eager to do bttsness on a 
corporate basis. The -company 
will be offered a substantial dis- 
count on normal rates, and per- 
sonnel will be provided with 
various forms of payment The 
temptation then is for the com- 
pany to put all its business 
through that one car hire 
organisation. However, life is 
not necessarily that simple. 

Car rental company rates tend 
to vary considerably. Thus, if 
your business involves high 
mileage one-day rentals in the 
UK using basic small cars, 
your best answer may be a 
somewhat different company 
from that needed if the bulk of 




Ar.rCP.T 


HEATVVROW CENTRAL 


HEATHROW CENTRAL 



The new Heathrow Central tube station which has eased the problem of getting to the airport . 


your traffic is in limousines 
rented for low mileage, but long 
term, trips in Switzerland. A 
surprising number of com- 
panies seem content to work on 
the simple “ how much dis- 
count will we get" basis for 
hotels, car rental, expense 
account- dining and the like, 
without. actually looking at the 
price tag for their particular 
traffic pattern. 


Indeed one of the problems 
with business travel is sorting 
out the needs of the consumer. 
Although there is a pre-occupa- 
tion with price in much of the 
material produced by both in- 
dustry and commentators, price 
sensitivity would not seem to be 
the prime factor in some sectors 
of the market. Although senior 
management may well be in- 


terested in the best rates for 
conference packages or fleet 
rental, fhe requirements for in- 
dividual trips may be com- 
pletely different and price a 
very secondary factor. 

Sadly enough, however, the 
cost of. travel today can be a 
significant deterrent Even the 
price of sending three people 
by rail to a conference in, say, 
Brighton, from anywhere - else 


within Britain can be signifi- 
cant and is these days the sub- 
ject of the closest scrutiny. 

One of the bright aspects of 
the travel business this year is 
the arrival of tax concessions 
for those who spend a great 
deal of time abroad. The sums 
involved are not enormous but 
it is nice to know that the Chan- 
cellor has at least recognised 
that there is a measure of dis- 


turbance involved in frequent 
foreign journeys. It is probable 
over the next few months that 
we will see the actual attitudes 
of the Revepue towards foreign 
travel claims. 

At the moment a fairly open 
view appears to be the norm. 
If your travel in the tax year 
1977-78 was not noticeably 
different from the pattern of 
1976-77, then a signed under- 
taking from an employer (the 
self-employed have only re- 
cently been offered relief) 
should suffice for a tax rebate. 
However, it is probably best to 
hang on to those airline tickets 
just in case the Inspector 
should actually seek proof. 

. The fact that the travelling 
businessman is expected to keep 
hold of_his tickets (I have still 
to discover whether four days 
in a foreign hospital io 
the midst of a business visit is 
deductible or not) serves to 
indicate just how sophisticated 
business travel is these days. 
No longer is it simply a ques- 
tion of popping round to the 
travel agent and buying a two- 
way ticket to New York. 

The complexity of the busi- 
ness is- due to what the business 
community might regard as a 
rather odd attitude on the pan 
of the travel industry towards 
its most reliable source c.i 
revenue. - The development of 
leisure travel has tempted 
hoteliers and airlines to offer 
greater and greater incentives 
to this volatile market, and yet 
so construct rates as to pre- 
vent, if possible, the major con- 
sumers being able to obtain 
attractive prices. It is one of 
those odd situations in which 
the person who buys most pays 
most — fly weekly to Washing- 


ton and you will pay more than 
the grannie who Is taking her 
first flight ever. The business 
traveller may not be price-sen- 
sitive, but that is not say that 
he lacks price-awareness. 

Perhaps the business traveller 
has come to- accept that he- is a 
creature to be wooed when times 
are bad or when he can >hup 
elsewhere, but to be tv. plotted 
when he has little other npti.m 
but to accept what is offered 
whatever the price. 

Nonetheless business travel 
has come into its own in recent 
years as the travel industry has 
realised that it is much mure 
reliable than the leisure market. 
Hotel groups such as Hilton and 
Intercontinental, which have 
largely built their success on 
the business traveller, have long 
since realised the value of the 
corporate customer, but it took 
a few years of economic reces- 
sion for much of the rest of the 
travel industry to get the 
message. 

Now the business person is 
wooed with some eagerness by- 
hotel groups, airlines, car 
rental companies and travel 
agents. The fact that it is a 
buyer’s market does not neces- 
sarily have its impact on prices 
but it does mean that a measure 
of service is available in some 
fields which may not have been 
apparent in the 60s when the 
holidaymaker was king. The 
business traveller has shown 
himself to be the backbone of 
the travel industry and, to some 
extent, is being treated accord- 
ingly. Perhaps some of us 
would like to see him getting 
the prices he deserves as well 
as the treatment he deserves, 
but that may be asking too 
mueh. 



SAN FRANCISCO 


LOS ANGELES 
LONG BEACH 



MIAMI 

WEST PALM BEACH 


The sun shines wherever you do business in 
southern U.S. A. 

It’s a pleasure doing business with America’s sunshine' 
airline. National . 

Because once we touch down in Miami, we quickly 
take off again to wherever business'takesyou in the sou th 
and south-west , • . , 

No trekking to another terminal 
No switching to. another airline. 

Instead, our streamlined service stays with you all 
the way. 


Watch us shine. 


National, in fact makes life easier from the word ga 
With mere flights, more non-stops, from more cities 
in Europe to southern U.SA than any other airiina 
• And an on-time record that's the envy of most 
Onboard, you’li find the service as warm and 
friendly as the sun itself. 

Where the only flight that matters is the one you’re on. 
It's little wander three out of four of our passengers 
have caught the sun before. ' . 


National Airlines, 81 Piccadilly, LondonWlV9HF 
{01-6298272} 101 Champs Elysees, Paris 8e (225 6475, 
2562577 563 1766, 720 1562) Wiesenhuttenplatz2& 

6 Frankfurt/Main (231691 232101) Prins Hendrik 
Kade4S Amsterdam (26 29 59) National Airlines Inc, 
is incorporated in the State of Honda USA 


America's sunshine airline. 



U- 


NEXT TIME, LET 
BUSINESSMEN 
ORGANISE YOUR 

TRAVEL 



It is amazing how so many companies expect miracles from those 
who travel on theit behalf yet often make their travel arrangements 
with haphazard abandon. 

Travel expenditure must be kept at a reasonable and competitive 
level but surely not at the expense of noisy hotels, faulty connections 
and general bad service. As businessmen who travel a lot ourselves, 
we understand what constitutes the right balance here, and we provide 
businessmen with a travel service that takes care of literally everything. 
First, we come and see you. and give all the advice and information 
you need on visas, currency, transfer facilities, car hire and -so on. 

Then we ensure that you are in the .right sort of hotel, from which 
you can work free from constant irritations. 

We are part of the Jardine Matheson Group - known all over the 
world for trading and business skill - so we know a little about moving 
people with despatch and efficiency. We believe most companies would 
welcome the sort of specialist help provided by Turnbull Gibson and we 
hope you will now write for details. 



TURNBULL GIBSON 
TRAVEL LTD. 


A member of the Jardine Matheson Group 
MATHESON HOUSE, 142MINOR1ES. 

LONDON EC3N 1QL. TEL: 01-4S8 1171 

\gcni appointed h v international Air T ransport Aaiocui ion . Member of Guild of BuMnev*. Travel Agents 

| 

To: Turnbull Gibson Travel Ltd. i 

142 Minories; London EC3X 1QL f 

Please send me details of vour services. | 


Address - 

■ 

.. ...... ■ ■' V.-. ' -.s': .V'-' ■ Sv 




CO 

ITHER Bl< 
NAMES IN CAR HIRE 





Group Model 

Daily Rate t A 

iileage 

Weekly Rate inc. 
Unlimited A'lileage 

^ Mini S«t? 

£4.75 

4p 

£38.50 

2 

.Mini i ;oo 

Muui luhnuti i i n? 

£5*25 

4p 

£43.75 

.\ii .iin Aik i!iii 1 icv jiT'nr "wikiLii 
^ .Mjtuc> I 5«.>inpc 

V Mini i Tuhtn.ui k , 4.il<.‘ 

£5.50 

5p 

£51.10 

4 

Xu -riii Alk'cr>> i ;oo j Jiw; silikii 
Ali-rrf. .Ilrii m i l j xrinni 

Triumph |v>I,tliiu- I.1W 

Mini ix*.' Amu. 

£5*90 

5p 

£56.00 

C Mum-. M inna l- -i nv 

M-tti . .Mjriitj KUomi-Aucn. 

£6.90 

6p 

£68.25 

6 

T’-iiui.-* i *jl**ni 

.M.'m-. .M irm.i i.s Npit-i.il - 
4 J."T sjh.'n Manual i'i Auu*. 

£7.60 

7p 

£77.00 

7 

Mj.UGI 

'I fiumphT U- 

TTniinpli Lh'kcnlm 1S50 KL 

£9.50 

7p 

£85.40 

Q 1 .■il.'P.I >tKTpa .Minihu- 

rt 1 jnJ B- '»a Si jiion Wje»*it 

£10.00 

9p 

£90.30 

9 

I'niiiK ' : -to 111 . Aum. 

£10.50 

9p 

£95.20 

10a 

:mo Auto 

£18.00 

lOp 

£163.00 

10b 

Jionr .\| '.jAuUk. 

Kiiiik Riwr 

£20.00 

12p 

£185^0 


Suhit.l ]<>.ill. 'i.il inn witiimit prior notice 

If you «jm u* be Mirvofvchick: 
availability. Ken nine’'. c.<nil>mcd short and long 
icr.n hire licet totjN u\cr 12.000 cars. 

li you want a wide choice of cart. 

Kenning tjn mler you 23 Ijie models to chivsc 
irom. 

If you want the reassurance of hiring irom 
a leading National l lompanv. Kenning have more 
than one hundred depots throughout the country. 

1 !' \ i *u »\ ant a one-way hire facility. 
Kenning eun arrange it. 

ll'y.'U iv jut tn deal with an cstahlishcvl 
name. Kenninc Car Hire ha-, been in business since 
391A. • in self-drive hnv since 1954'', while theKcuninj 
Motor Group celebrates ib centenary thC year. 


Rare-* are -uhieei w VAT at jpprupriate rate. 
! f y. >u \wn; to be certain of total service. 
Kenning Car 1 lire is backed by one ot the country’s 
largest motor groups. 

If you actually; cm;.- to part with more 
money than you need 10 . . ue just don’t believe it. 






Hire from the name you can trust 

Sec the Yellow Pages lor your Local Depot. 


The comfortable way 
to hurry toVienna. 


With Austrian Airlines renowned in-llighl service. They have 10 
conveniently limed High is a week to Vienna. 4 10 Salzburg an&20 years 
experience of living to Eastern European capitals. 

AUSTRiAMjiURIJNES 

The West-East connection 



2'i/ji Conduit Si reel, 
London WIRONP. 

Ss Royal Exchange. 
Manchester M2 7DA. 
0ol-S.^^b7. 


Financial Times Tuesday May 

BUSINESS TRAVEL 0 


... *--v- v vrr*'».n< 

'•-V;. '}■ ’ [ v*. 




. ' A , \S • .. . 

/ 




- , *s. a*-'::-. . : ■'/ *<;• ofr- 


‘- i: 

'■!.¥■* i .* - 


||§g||| 








•■.’v S- v'i’a A,i:..v,i 

*r ’K-' -.'4 : i ■ > 









A Piper Navajo Chieftain — widely used by British operators for air taxi- work. 


taxis 


INCREASINGLY ’ IN recent 
years, busy executives have been 
turning to the light aircraft as 
a means of defeating growing 
congestion not only on the roads 
and railways but also on the 
scheduled services of the regular 
airlines. There Teau hardly be 
an executive around who does 
not know the fetfUug— long, frus- 
trating journeysiu increasingly 
crowded airports, 'difficulties in 
parking the car,- delays at check- 
in desks, the . 'possibility of 
further delays due to industrial 
disputes— and' stfll the journey 
itself to undertake, with Cus- 
toms and immigration, controls 
the, other end. fiad the Anal 
journey by car or taxi into the 
destination office. The result so 
often is a peary, exasperated 
individual, /with little physical 
or nervoujf energy left for im- 
portant business discussions. 

It is vd this situation that the 
possibility of riding in comfort 
in an Aircraft exclusively one’s 
own for the day becomes not 
just /a luxury, but can be a 
necessity. Many business 
organisations have recognised 
this, and have entered what is 
broadly termed the “general 
aviation " field, by buying their 
own aircraft, or undertaking 
long-term charters of small 
executive-type cabin aircraft. 


Scope 


In addition, however, there 
are the air taxis — which are just 
what their title suggests, air- 
craft that are available for hire, 
either for the day or longer, for 
one journey - or more, as the 
businessman himself desires. 
Throughout the UK, there arc 
now more titan 50 companies 
who collectively comprise the 
Air Taxi Operators’ Association, 
with a fleet ranging in size and 
scope from jet aircraft such as 


HS-1235 down to small piston- 
engined cabin monoplanes. In 
1977i the ATOA members flew 
collectively - dose to - half a 
million passengers, Over a dis- 
tance of 22m miles on flights 
throughout : Europe, and the 
Middle East and Africa. 

A large proportion of these 
flights were directly connected 
with export industries and the 
development of North Sea oQ 
and gas, but the enlargement of 
the Common Market has 
brought about a substantial in- 
crease in the demand for this 
type of air service, and the 
ATOA members have responded 
swiftly. This year, the Associa- 
tion expects that its members 
will improve substantially on 
their 1977 performances. 

The big advantage of the air 
taxi is that is is operated to suit 
the convenience of the cus- 
tomer. The flight will be made 
from the nearest airfield to his 
home base, taking him as close 
as it can to bis destination 
factory or office (and this can 
be very dose indeed, even on 
the roof, if the executive 
chooses to hire a helicopter), 
and bring him back again, very 
often within the compass of one 
working day. There are thus no 
delays with Customs and immi- 
gration, and a passenger can 
frequently- arrive at his 
departure airport within 
minutes of takeoff time, parking 
his car without difficulty and 
often free of charge. The flexi- 
bility of the air taxi operation 
is indicated by the fact that 
whereas the scheduled airiioes 
operate from some 25 airports 
in the UK. the air taxis can fly 
to and from more than 200. The 
operators are bound by a strict 
code of conduct and service, and 
because an of the ATOA’s mem- 
bers and - their crews are 
governed by the regulations of 


The battle in 
car rental 


THERE CAN surely -be few 
more fiercely competitive 
businesses today than car 
rental, with the major com- 
panies offering all manner of 
inducements to potential 
regular customers. It is a brave 
travel manager who lets a car 
rental salesman get his foot in 
the door. The very fact of com- 
petition, however, has made car 
rental one of the most impres- 
sively* sophisticated 1 areas of 
travel activity, not only in sales 
techniques but also in the fields 
of management and customer 
service. 

A brief look at the marketing 
techniques of the car rental 
groups indicates immediately 
that for all the aggression of 
the game the one aspect which 
is not emphasised is price. The 
business traveller is apparently 
conscious of price, but it is not 
his prime consideration. The 
major groups compete mostly in 
terms of sen- ice — the winning 
system is the one that gives the 
customer the car they want, 
when they want it and .with the 
least administrative bother. It 
sometimes seems that Godfrey 
Davis/Avis/Hertz girls are bom 
with smiles on their faces and 
keys in their hands. 


It is the service aspect of car game a little more firmly and 
rental that has made these com- normally gives a 15 per cent 
■panies what they are’. Even cut to agencies, which is also 
today the comer garage is likely the norm for rivals like Budget 
to offer more advantageous Kenning and Swan National, 
cash terms than one of the 

majors — but break a windscreen ren , lS * n . ex * TaortWn - 

in Aberdeen! or Plymouth and complex business which 

you may have trouble getting inv0 '' es rather more than £<uiply 
help opening a desk at an air port 

and offering to rent cars. The 

r i lioTi«n car renters are in the business 

LilallgC of keeping the right sized fleet 

The major chon-e to the or “ d ”*““5 th ? t , ,t5 utili “’ 
rental market over the past year P™ ,s “atomised A fleet wlnrh 
may have gone unnoticed tn the l ? ,0 ° ,‘ arse <*pcrr. 

general consumer and that is ^ 15 100 

the sudden rapid rise in cum- ^ e3r ? he business mar- 
mission rates to travel a gens. is the one which offers any 
These agencies get their liv ing car rental company the eppor- 
by taking a commission on all timity of ironing out the peak 
business passed through them, scasou/week-end over-demand 
and car rental companies rely positions which result from a 
heavily on the agents for their upon the leisure mar- 

business. A small storm was ^ corporate customer which 
caused in .the business when is renting cars in mid-winter and 
Eurocar, a French-based opera- hiid-week is like manna irom 
tion new to the British market for rantal company 

but full of ambition, increased '*“ l ™ ^ as expensive cars and 
its commission level to 20 per maintenance facilities to louk 
cent about a year ago. Hertz after - 

and Avis were quick to reply. The great marketing ploy of 
and offered additional tasters to the American majors. Avis and 
keep the travel trade happy. Hertz, Is their world wide avail- 
Godfrey Davis has played the ability and simplicity of ser- 

CONTtNUED ON NEXT PAGE 


the Civil Aviation Authority, sengers to major airports for 
their standards of ability are onward scheduled flights. Agree- 
high as those of the airiines. ments have been signed between 

the ATOA and such major air- 
T Trrmrat lines as British Airways, Air 

France, Lufthansa, Middle East 
The air taxis are not .only Airlines, Scandinavian Airlines 
geared to provide passenger System. Swissair, and Q ant as to 
services, but can also offer Provide this service which 
freight carriage, especially for operates round the clock and 
urgent shipments, and the Afiso- 030 ^ us often save the cost of 
datum’s members can offer ** additional night’s accommo- 
facilities for speedy Customs dation. 

clearance — a factor which can Other facilities available 
often halve the journey time for through the members of the 
a - consignment of vital spue ATOA include business aircraft 
parts, equipment or even dbcu- management, air ambulance, 
ments. , aerial photography, surveys. 

The air tail is also ofUHiJwifc;' engineering.’ maintenance^ andj 
siderably cheaper than nffrm&l repair services, hotel . and car 
scheduled airline sendees, hire reservations, and aircraft 
depending, of course, entirely sale and purchase, handling, 
upon the number of people both new and used aircraft, 
travelling, the type, of aircraft while also providing a complete 
used, and the distances involved, range of sales and finance 
The ATOA’s members, however, ser ' rices J° . companies, clubs 
undertake to give an estimate of M(i private mdmduals. 
probable costs over the tele- * 
phone, and an aircraft can often /YCC6SS 
be ready to take-off (subject to 

weather and availability) within Thus when assessing the 
half an hour of a telephone call, value of the air taxi system, a 
There is no necessity to book prospective customer should 
weeks in advance. lake bato account the following 

fac tors* 

When considering compare- ._ ..... _ 

tive costs, however, it is always 1 T “ e availability of many 
advisable to include in the p^eral - aviation airfields at 
equation the costs of time that abroad, 

would normally be wasted a f® ss ° f o the 

travelling to major airports, and 1 , nt ® nde ^ t ® wn of departare or 
waiting at airports at both ends, destination, 
and also the possibility of hav- 2— -Tinie-saymg and reduction 

ing to spend nights away, in travel "stress when compared 
involving hotel bills and other with other means of transport: 
costs. 3 — The possibility of complet- 

In addition to the immediate hig business in one day. thus 
availability of air fayis from avoiding overnight acconunoda- 
the members of the ATOA, it tion other expenses; 
is also possible to arrange for 4 — The considerable saving of 

air taxis to link with scheduled valuable ‘ executive time, and 
flights at major airports, to the ability to discuss business 
provide connections to other confidentially during travel; 
destinations, or to lake pas- short notice nceded 

to summon an air taxi at ail 
times; 

6 — The ability to plan one’s 
* own timetables and to change 

^ the itinerary if required; 

j 111 7— -Minimum check-in time 

* -A--*--*. and airport formalities; 

^ 8 — The fact that air taxis are 

. I normally not affected by public 

Lj I service strikes, go-slows or other 

rM I - industrial disputes; 

9 — The efficient planning of 
use of an air taxi can produce 
„ , costs lower than alternative 

game a little more firmly and means of transport in manv 

normally gives a lo per cent cases. 

cut to agencies, which is also ah’ Uiese fa CtQrSi toget her 
S." JS™ Budget, wlUl the fact that ai/ rJL are 


run according to a strictly 
professional code of safety, con- 
duct, and business ethics under 
the Civil Aviation Authority's 
regulations, add up to the fact 
that the air taxis must be con- 
sidered a significant contribu- 
tion to any busy executive’s 
daily life. 

Michael Donne 

Aerospace Correspondent 


GERMANY 


r RETURN JETFARE TOtt 

BERLIN 1 

£59.90 

DUSSELDORF 

£4850 

FRANKFURT 

£5250 

HAMBURG 

£5550 

HANNOVER 

£5950 

MUNICH 

£5950 

IstUTTGART 

£5950 j 


SWITZERLAND 


RETURN JETFARE TO? 

BASLE 

£5950 

BERNE 

£5950 

GENEVA 
l ZURICH 

£5950 
£5950 J 


Gc>r.an Toorist Facilities Ltd . 

Ti,* Ko-.; rij-o". Cr.rc,-- S: ".'2 
Telephone. oY 221 Si2? -34? 

Sdr.Z Nape th ; 

Ac -err for fs-if cc!c-j' Vccnurc 



europcar 

To rent a car in London, 

.. Bristol Southampton. 
Manchester, Glasgow, 
Edinburgh'; Birmingham, 
Gatwick, Heathrow, 

' Y ; Brighton, 

01-848 3031 

; . Or your travel agent. 


lr 


■■■ 

I .1 ; 

■V. 


sl. 






SWAN % 

national! 

car rental X 


A national network of 70 branches 
offering new cars, airport delivery and 
collection service and one-way 
rentals, all at rates which are among 
the lowest of any national car 
rental company. 

U.K. and international reservations i ■ 
305 307 Chiswick High Road, 
London, W4 4HH. 

Tel. : 01 -995 4665 


JH* 








\sV : 


THK 

like 

The 


lhe | J u «iness Und t?^ell^r has fare si ^ atioa worid wide 
on ?,i”^ rea . ched what even the 






3V tr?s. 




-~~s) 


Th "; !>av, evety reason to "V" «*-*Ti«ih 
JJ; f *’ r h *-‘ <»r she has been° the JI, r / ,l,e ‘“ embers °* 1116 fnter- 
pnneipai base upon which th! h *! 1 Transport Assoc ia- 

?,! L l ra, f sTru ' ? *ure of scheduled ?l! f0rum Uurou S h which 
air sen-ices girdling the globe a traditionally were 
ha * been built. His or her rZ caIeulat ed until governments 
OUiremcDTs have b4n. and Jut - 1 " a ? d on some major 

tersely arc, response ?o r thi virtllaUy took the system 

•noinfonance of a hfS s ta n d^5 have described as absurd, 
of in-flight cabin service on m^v m? US ‘ ° n Ti,e Norttl Atlantic 
scheduled flights of a2SU y are more than 20 separate 
tntcr-line bc& h *}« mailable, on scheduled 
Jargon Tor connecting fl^hto X? n* services - ranging from 
and uf high standards^ Du^tu' 20 Concorde at first-class plus 
aJiry and reliability* Noth?™ ?h Pei L wnt at t*® -top. down 
'rniatos a business travelled ^h^ough first - class, various 
wore than poor cabin mitSIS “ of Economy-<nass Wiffer- 
d'rfy aircraft and lmnun ♦ ’ 1 ^ according to season and 
a,j ry. The business travSi!?“j of stay > and Advanced 

grilled to all Jhese ?h.n« EX'* -- ® , (Apex) 

because he pays the hilhS Wlt £ l io termediate special- 

fares — not necessarily - St ^ ares for young persons and 

( al ihnigh an increasini!^fi2f SS y n ? ,firants ’ to the rock-bottom 
of them do travel fi5L? U i nrtwr ^. udget Plan and Stand-By fares 
*“> increasing],?^ induced ferthe 

econoniv-ciass fin M a so flrsr last winter. If in 
,ht * business ' travelled i 2 ,tion c ! 0 these - are added’ the 

nn I.v the principal reason T ^ er Skytrain ~«U« and 

Introduction nfrh- - the no ' reserva tion fare, and the 

. ««! £S d f— charter rate* 

stay fur years. especidlv iM? ?' rhS g from Advance Booking 
to a place that is L J£ S .? harters fABCs) through to 
marily a bnsines pn " . stra ight" charters (that is 

lacking in lourta-* n 1 Tre , or by groups arranging their own 

especially to some oanl l ' j,YS? the total number of 
Middle East. On 5E£- S?J ?rent fares available on just 

routes, hi* ambers arc in Jh {5? ma J° r route between 

mg at a faster rate ^han thTn^ a J* d North America 

the so-calfed * , e £,?* pr ^ ably adds U P *» 40 or so. 
traveller.'* leisure The result, of course, is an 

B administrative nightmare for 

OBS^rBIiFltlorl I** a,rl,I ? es fand the travel 

-L>iia te fi yaEOea agents, who very often cannot 

Bui. fnr all thm ;* e ■ *: et * ven f roni the airlines the 

say .hat many business tnv& fiFS** ftoflS 1 ? farCSh 

airline, cb m to dn S h * hat has *>'™™ know,; 

?n„ mor” e main, - v . th ™“S'> «m°.U advoS 

,SJ Sr'S airlines 1 

£ ? « ‘ir ,-ts ss-jtfSSrS 

v iw ‘J; a PP ar ent than in the past received. 

;^n' Civil aviation, the word InlSoSKX 
consumer has become almost ciation of British Travel 

> nunymous with • cheap fares. * Agents and other sectors iTthe 
r ' r as s,,int ' airlines arc travel business, has set no 1 
n d 'u , 3pparcnT ly the sniall working party to look 
i.iinper the better. Fur many into the whole business of air 
_"^ s ' s hort-haul European fare " discounting/* with a view 
, m'T - 4 ? busine&i traveller to establishing its precise 
u - in pj .lined because frequently extent, the technique bv iSSSh 
ht found hinisc'f sifting nuxt tn it operates (that is to say how 
a. loUi.-r passenger who was en- the “bucket shops'* cmne bv 
Ju\ urg.rhc vame doss of seating the airline tickets in the first 
■mn rah in-sen- ice. but at a much Pla^. how much it costs the 
. inver gnmp ,. r special promo- airlines in lost revenues every 
M ."!. .J. a * J wwiJt nf the >ear. and more significantly. 

.»! rimes effort* :.i try to xtimu- whl - oan be done tn stop it. 

■' 0 tragic among those who had If — and it is by no means cer- 

, i ,, v» , r flimn befure. On many Tlin — discounting can be stap- 
MmrMuui European routes ne d at home In 'the UK. there 
iv-ich of rhi< discrepancy ha« is sti' 1 the problem of what 
•. i 'appeared as :i result of the 1° do about the discounting that 
■■mwih of holiday charter " ftes on overseas, where in 
ni^bt.N. bur ■« does still exist nn snme regions of the world some 
ethers. More recently, and of the biggest and most respec- 
•■j* penally withio flu* nn*t few f, ’ d scheduled airlines them- 
tuonihs. a .similar situation has ?r * Vf>s have been competing for 
emc^vd on Ihe \nrth Atiantic ’raffip bv offering under enver 
•it runt.- as the growth of low- • ,, *ts in reguiar air fares. This, 
f.nv fciMiro-travel has extended nf wtinse. is against the niles 
intu l"ng hauls and the airlines LATA itself, which employs 
have 'it uved tu meet the ri«in<> * ,, i own enforcement officers 


studying this problem, as part 
oi a wove to trj- to improve its 
lares-tuang machinery land its 
image) worldwide. The asso- 
ciation at its annual meeting 
in Madrid last November, set 
up a team of ** fi ve w ,- se n] en »• 
comprising the chairmen and 
chief executives of five major 
airlines (British Airways. Ali- 
talia, Air Canada. Air-India and 
Trans World Airlines), to .find 
ways not only of improving 
compliance, but also of ensur- 
ing that its fares-fhdng methods 
are brought up t o date in a 
worln in which, albeit perhaps 
temporarily, consumerism has 
become rife. The growing im- 
patience of many would-be tra-' 
sellers (including businessmen) 
at the high levels of air fares 
bas led not only to the airlines 
themselves bringing them down, 
but also to governments forc- 
ing them down by the introduc- 
tion of competitive services, 
i he Budget Plan and Stand-By 
fares, for example, on the North 
Atlantic, were the direct result 
of the UK Government approv- 
ing the introduction of the 
cheap Laker Skytrain service 
last September. 

On some major routes, such 
as the North Atlantic, the UK 
and U.S. governments them- 
selves stepped in to the nego- 
tiating business, and bargained 
among themselves to establish 


fares levels between tbeir two 
countries for this s umm er. 


As a result of all this, the 
airlines, through IATA, have 
seen their traditional mie of 
establishing fares being eroded. 
They do not like it, but ere 
obliged <to accept it. At', the 
same time, however, they have 
decided to take a leap ahead- 
of the situation, by reorganising 
themselves: hence the •• five 
wise men.** 


Flexible 


This team has now submitted 
its first report to lATA’s ex- 
ecutive committee, which is ex- 
pected to pass the proposals 
(still secret) on to a full meet- 
ing of all the airlines in Mon- 
treal in late June. The team is 
expected to suggest that the 
airlines should abandon their 
original techniques of massive 
long-drawn-out worldwide fares! 
fixing conferences, in favour of 
much smaller, more flexible, 
local and regional fares meet- 
ings. which stand a better 
chance not only of success (that 
is, of avoiding being negated 
by a veto from just one airline) 
but also of producing fares more 
realistically in tune with the 
local thinking of governments 
and other organisations. 

Whatever IATA recommends. 


however, is likely to take some 
time to filter through the 
various processes of government 
approval, so that the present 
system of^lATA fares-fixing con- 
ferences in some parts of the 
world and of direct govern- 
mental intervention in others 
is likely to remain for some 
time to come. 

Certainly, so far as the North 
Atlantic is concerned, the 
present concept of very cheap 
Budget-Plan and Stand-Bv fares 
between a large number of Euro- 
pean and U.S. cities will re- 
main for the coming summer 
and -into the autumn. An \nglo! 
U.S. governmental meeting as 
due in the autumn to ron^ider 
the impact of these cheap fares 
during the past summer, and 
this as due to be followed by a 
more significant meeting involv- 
ing the U.S.. UK. Canada and 
European, nations. 

The latter meeting, probably 
m November, is .intended to 
thrash out, once and for all 
just whait fares policies will be 
implemented between all the 
European countries and North 
America, so as to suit the re- 
quirements of all the airlines, 
and all classes of traveller. By 
then. too. the results of the 
lATA’s own ex’ercise in self- 
critidsm is expected to be 
known, so that the governments 


should have enough information 
on which to base new policies 
for the future. 


Just what will emerge re- 
mains uncertain. No-one in the 
airline business -is even ready 
yet to commit himself as to 
the future trend of North At- 
lantic fares— -and on other 
routes, too, because the North 
Atlantic is the key route on 
which much of what happens 
in fares elsewhere in the world 
is based. 


Stability 


What does seem to be emerg- 
ing in the current situation, how- 
ever, is a belief in the airline 
industry that consumerism has 
already been carried too tar. 
and that the widespread intro- 
duction of cheap fares is likely 
to be disastrous to the financial 
stab ility of the air transport 
industry if allowed to run on 
unchecked. There is hardlv an 
airline chairman in the world 
who has not warned already of 
the dire consequences of this 
lemming-like rush towards con- 
sumerism for Ihe consumer's 
sake, with no regard being paid 
themselves. So far. the airlines 
seem to be talking into thin air 
—the governments do not seem 
to have paid; or to be paving, 
too much attention to their 


wews. as has been evidenced 
by the continued determination 
of the U.S. government to pro- 
mote cheaper fares both intern- 

^ ** Z el L as inte mationa!Iy. 

It could be argued from the 
business traveller's viewpoint 
that if he cannot lick them, he 
should ]oin them — in other 
words, that he can. if he wishes, 
always transfer his business to 
the cheaper rates along with 
the leisure travellers. But so 
far, there is little evidence that 
he is doting so— .(here does not 
appear to be a significant drain 
of business traffic from the 
normal economy-class s-rvicos 
with their guaranteed seats at 
higher fares . t ° ihe cheaper 
sund-By and Budget-Plan fares, 
although some such transfers, of 
course, have occurred. 

In the long run. it has to be 

!™ eP i ed w by thp business 
traveller that these cheaper 

32f* Probably here to stay, 
although they may be adjusted 
upwards in the light of experi- 
ence and of economic pressures. 
The business traveller will 

EUJSr 7 alwaVS find himself 
travelling in the same aircraft 
as someone else who has paid a 
substantially lower fare, and his 
only possible redress, short of 
the impossible one of not 
travelling by air al all. is lo 
continue to insist in the most 
vigorous and determined 


fashion on the maintenance of 
higher standard* fur the higher- 
rated fares.. " 

British Airways itself appears! 
ru have sensed this, and is now 
planning what it calls its " All- 
Segments Fares Strategy.- 
whereby on as many scrvices as 
possible it will provide “the 
benefits of an improved product 
for all passengers and. in par- 
ticular. the business passenger 
paying higher fares." This, 
from initial reports, appears 
simply to be based <*n the prin- 
ciple of allocating different sec- 
tions of an aircraft to different 
classes of traveller (which 
make* the provision uf different 
standards of service easier, as 
has been customary, for ev- 
ample, between the first -class 
and economy class cabins 1. 

Beyond lhts. lies ihe develop- 
ment of new concepts of 
carnage by class of fare, which 
broadly appear t.. involve ihe 
reduction «.f j},c t> xist;n» 
plethora ,.r rates into a much 
smaller number nr fares, and 
hence classes of travel, with 
perhaps only “ Business Class." 
at a fare below present first- 
class rales. Etomnnv-Class and 
Budget-Plan. 'Stand-Bv class nn 
one aircraft. with three 
separate cahtns and three 
separate standard* ol service. 


Michael Donne 


in 


into |.*nc h ulls and the airlines 
*■ '» "ved to meet the rising own 

j3« deiM.iii'l who travel the airline? and 

V- o re-ult of this situation, study the accounts, and then 


Established 
4D years! 


ii, i^wwu.iio, uiiu inrri 

stamp heavily on Droved offend- 
' ins operators, by imposing fines, 
sometime? running into hun! 
dreds nf thousands of dollars. 
IATA has also recently been 


; Sj 

r-'?: IfiSTOURiST MOSCOW LTD. 
welcome businessmen to the 


rental 

CONTINUED FROM 
PREVIOUS PAGE 


yfc- xEMflaiBMBKzI 

SCME3 


* 

- 

-.“i 

L-l i . i 
1 r. «v 
VV 

t ? 

k -J 5 A 

: \ 


* ^ 




,,n< l tc> vniofc succeisfot irips 
; otter j wide variety ot essential 
T services. 

Their facilities include: 

■■i or ★ PROMPT 

CONFIRMATION OF 
ACCOMMODATION 
IN CENTRALLY 

LOCATED HOTELS 
TICKETS FOR BOTH 
INTERNATIONAL 
AND DOMESTIC 
TRANSPORTATION 
B t AIR AND RAIL 
„ CAR HIRE— GUIDES 
& INTERPRETERS — 
EXCURSIONS — 
receptions — 

CONFERENCES — 

exhibitions' 

etc Ji required. 

Our Independent Travel Dopt is 
a: ).c*ui service. 

S.rck now with 

intourist 
V JWoscow Ltd. 

(Dept . . i ?92 Regent Street. 

London VII R 7P0 
dephone 01-580 4974 5 

Member cr ABTA and RBCC 


vice. The debate over who is 
biggest, although fierce, is 
irrelevant to consumers even if i 
in itself it does make a fascinat- 
ing marketing story. In Britain 
for some time it was Avis which 
made much of the pace. 

Today Hertz seems to be \ 
fighting back hard in the 
marketing war aithough the 
Avis momentum shows little 
sign of having diminished. Less 
headline grabbing but equally 
impressive has been the per- 
formance of home-brewed 
Godfrey Davis. The group's 
major coup in recenL years was. 
of course, the Jink' up with, 

I British Rail hut recently it has 
also introduced the Shuttle- 
■ Drive system with British Air- 
ways. 

It is difficult to judge just 
how much. of the total car rental 
market is in the hands of the 
majors, since so much of it. is 
fragmented and still rests with 
local garages and medium-sized 
well run companies which serve 
the local business and leisure 
community. The business user, 
particularly one who is renting 
cars loca'ly and returning thorn 
to the same office could be well 
advised to investigate this local 
market since there are often 
considerable cash advantages. 

There is Mttle point in paving 
for rent-n-here/leave-it-there| 
services and airport locations 
which are not in fact going to 
he used. It is probably to com- j 
n*>to with this very area Lhat 
Hertz has recently introduced 
its one-day unlimited mileage ' 
system. 

A.S. 


of a 

powerful Granada or another fine car 

there fromtShd^* less ^ ‘ ■>- <™ble to ge, 

That’s our No. 1 priority . 

Because we know its yours. 

Once you’ve.sampled HertzNo. 1 treatment vonll 
want to jom fte No 1 Club? ■ Ift free...and it SS Sef 
■A • a Hertz No. 1 Club member you just 'phone 
your travel agent or Hertz before you leave. You’ll 


LONDON 
.01-542 6688 


MANCHESTER 
061-437 8321 


arrive at you r destination anywhere in Europe to a car 
ready and waiting, your forms filled in readTtosien 
Sn ® J “ Sl Sh ° W ™r driver's lichee, 

dwge K cSS^faHSC«S7 e! '‘ kn0Wn 

That's your No. 1 priority 
That’s our No. 1 
priority, too. 

In Germany, the Hertz VIP Club. 


BIRMINGHAM 
021-643 8991 


GLASGOW 
041-248 7733 




36 




fjjmmdl- Times- Taesdsy- Hay- 23; H9Q* 


BUSINESS TRAVEL IV 


Sorting out the currency 




THE DRAMATIC fluilua lions 
m the value nf ciimmeic* in 
the pa.M lew years have brought 
home the prnhlems which can 
art>v fur travellers 3broad when 
their mvn currency is under 
pressure. The pomnl has varied 
within a single year from over 
S2.U0 ti» a low putm nf around 
fj.tjS. a difference of not far 
short of 20 per cent., and any- 
body who was carrying sterling 
abroad when the pressure was 
at i is worst during 1976 could 
have suffered a significant loss. 

Even worse, ihere have been 
periods when in certain parts 
nf I he world it has been difti- 
i ii 1 1 to persuade local banks and 
retailers to accept sterling at 
all. whether in Uie form of 
travellers' cheques nr cash, or 
ai hot the holder might have 
i» lake a substantial discount. 
Thn-t- prublems have evaporated 
■with tiie sharp recovery uf the 
pound last year, and though 
i here has been some renewed 
decline This year the pressures 
•.n the market are a long way 
from being as serious as jn the 
nasi. 


Nevertheless, the experience 
hub underlined the need to take 
sonii* eare in making arrange- 
ments’ for carrying money 
abroad to cover the necessary 
expenses involved in travel. 
The advice used to be to carry 
travellers' cheques expressed in 
dollars which, as the leading 
international currency, tends to 
be the most reliable and gen- 
erally acceptable even at times 
of turmoil in the exchange 
markets. Even here, though, 
the steady drop in the value of 
the U S. currency last year may 
have made some people think 
twice about this idea. 

In general terms, however, 
tlie arrangements needed to 
cover expenses abroad have be- 
come considerably easier in 
recent years, not only because 
of the easing of official currency 
controls but also because of the 
developments which have taken 
place in the services offered by 
the banks through their credit 
and cheque cards. Effectively, 
with the appropriate range of 
cards in his pocket the traveller 
need never find himself unable 
to pay a bill or to raise some 
cash. 

The official controls on the 


amounts which can be taken 
abroad are these days not de- 
signed to present any obstacles 
to genuine requirements for the 
purposes of business travel. The 
limit on the amount of foreign 
exchange which can be taken 
abroad for holidays is now £500 
— increased from £300 in the 
October economic package — 
while up to £100 can be taken 
in sterling notes. 

Allowance 

However, people travelling 
outside tiie U.K. for genuine 
business or professional reasons 
who need more than this for the 
journey can apply to a bank or 
travel agent for an additional 
allowance of foreign currency. 
This can be made available at 
a rate of not more than £100 a 
day (also increased last Octo- 
ber from £75; within an overall 
limit of £3,000 for any one 
journey. 

Even this limit though, need 
not be an obstacle. The limits 
imposed by the authorities are 
designed not so much as a ceil- 
ing on the export of foreign cur- 
rency but to help in their moni- 
toring of outflows and to pre- 


vent the misuse of facilities. If 
a businessman needs more than 
his own bank is authorised to 
allow, it is possible to make 
application to the Bank of Eng- 
land for permission to exceed 
the limit. 

There are, of course, strict 
rules on the use to which the 
money can be put. Foreign ex- 
change facilities obtained for 
travel may nor be retained 
abroad for use on a later jour- 
ney or be used abroad for any 
other purpose, such as investing 
in foreign currency securities, 
property or land. Any unused 
facilities in foreign currency 
have to be surrendered within 
a month from the date of the 
traveller's return to the UK or 
within a month of issue if by 
that time the journey has not 
started. Facilities expressed in 
sterling should be surrendered 
either within six months f com 
the date on which they were 
obtained or. if the traveller Is 
still abroad then, within a 
month after his return to the 
UK. Subject to these rules, 
there is no problem in obtain- 
ing the funds to. support busi- 
ness travel. ' . 

The question of how to carry 


the money raises different 
issues. In principle, there is a 
great deal to be said for taking 
as little as possible m the form 
of actual cash, whether in cur- 
rency or sterling, because of 
the risks of loss or theft. The 
familiar travellers’ cheque, 
whether issued by a bank or 
travel agent, has many advan- 
tages. offering normally a 
degree of insurance against loss. 

The choice of currency in 
which to express the cheques 
can be more difficult, but as a 
general rule there is a good 
case, where possible, for taking 
cheques in the currency of tiie 
country to be visited: this 
avoids the risks of a decline in 
relative value and possible lack 
of acceptability when the cur- 
rency markets are under pres- 
sure’ Nevertheless, it remains 
true that in most parts of the 
world the dollar is the most 
familiar and acceptable form of 
international currency. 

Beyond this, the credit cards 
will be familiar to most 
businessmen and are widely and 
increasingly accepted. The two 
major travel and entertainment 
(T and E). cards, American 
Express and Diners' Club, are 


old-established and fall into a 
rather different category from 
the cards issued by the banks. 
They* are generally speaking 
more up-market, aiming speci- 
fically at the much-travelled 
executive, involve a charge to 
the holder and do not offer the 
extended credit facilities avail- 
able on the bank cards. 

Nevertheless, their position is 
strong in the market and though 
the banks are making increas- 
ing efforts to develop their own 
services the T and E cards 
remain among the most useful 
forms of currency which can 
be carried. The two main bank 
cards in the UK. Barclaycard, 
run by Barclays, and Access, 
run by the other big banks, 
have a rather different 
character. 

Combination 

Domestically. their main 
purpose in life is to combine 
an easy method of making pay- 
ment for goods and services with 
the provision of extended credit 
frnm which the banks make 
their real profits. The banks 
have, however, extended their 
services inter nationally with 


the combination of credit cards 
and cheque guarantee cards 
which offer the availability of 
funds in most parts of the world. 
Access is a member of Inter- 
bank, linking up with the 
Mastercbarge organisation, and 
of Eurocard, while Barclaycard 
is in the Visa International 
group of banks. 

Through these connections, 
cardholders arc able to enjoy 
the mutual benefit of the ability 
to use their cards in the retail 
outlets of all the other member 
banks in other countries. The 
banks are putting a good deal 
of work into extending the 
services they offer further. 
Barclaycard, for example, 
recently announced an 
important innovation by making 
available £100 cash advances in 
local currencies at any branch 
of the Visa banks, which include 
for example some 8,500 outlets 
in Europe. 

Barclays has. however, also 
suffered a minor setback. One 
of the advantages which this 
hank has claimed over the 
others is that the Barclaycard 
combines two services in one 
piece of plastic. It operates 
both as a credit card and as a 
cheque guarantee card, provid- 
ing support for cheque 
payments by Barclays customers 
up’ to £50 j tune. The other UK 
banks provide their customers 


with separate guarantee cards 
for litis purpose. 

Abroad, the cheque guarantee 
system works through the 
Eurocheque arrangement which 
brings together a wide range of 
banks in Europe. However, 
Barclays came up against the 
problem that some of the con- 
tinental members were against 
the dual function of its card, 
and banks particularly in West 
Germany and the Benelux 
countries were pressing the UK 
bank to bring this to an end. 
After a long debate, Barclays 
had to concede the point this 
year and now customers are 
able to apply to the bank for a 
separate Eurocheque encash- 
ment card, which will support 
cheques up to £50 per 
encashment under the 
Eurocheque scheme outside the 
British Isles. 

However, the bank argued 
that in fact customers had made 
relatively little use of the 
cheque guarantee facility 
abroad and did not expect any 
great demand for the new card. 
in emergencies, the cheque 
guarantee card can be a useful 
piece of plastic to carry: but 
the facilities now available from 
the range of credit cards carried 
by most executives leave few 
gaps. 

Michael Blancfan 


If your car is off the road, or 
you need a second car for any 
reason, the best people to call 
are Godfrey Davis. Because a 
Godfrey Davis car gives you 
more freedom of movement 
than any other. 

We have the widest rent-it- 
here, leave-it-there network of 
any rental company in Great 
Britain: 161 locations in all. 
You’ll find us in town and city- 


centres up and down the UK, 
at every major UK airport, and 
we are the only car rental 
company with offices at Liter- 
City stations. 

No wonder General Accident 
chose Godfrey Davis as the sole 
car rental contractor for their 
unique comprehensive “Keep 
Motoring” Insurance Policy. 

Because a Godfrey Davis car 
is like a spare car. Wherever you 


go, there’s one close at hand 
Why not note down our number? 


RESERVATION'S UK & WORLDWIDE 

LONDON 01-S28 7700 

BRISTOL 1 02721 294570 BIRMINGHAM 021-780 24J4 
MANCHESTER 061-437 0635 GLASGOW 041-423 535R 
SOUTHAMPTON (0703) 22632 
Or call your Travel Agent 

Chouse from a wide range of Ford and other makes 
Unlimited mileage rates on all rentals of 3 days' or mure 
International network covering 41 countries 


A real 
incentive 


OFFERING REWARD for work Unfortunately incentive travel, 
effort over and above the norm, while a massive growth business 
or even worse over and above both here and in the U.S., has 
that of an employee’s col- not attracted the interest ic 
leagues, is something that tends miRht from the average travel 
not to be discussed in polite in- a S® nt - . 
duslrial circles these days. How- , Specialists in the field tend to 
ever, the incentives business k nuw die traps and wrinkles of 
manages to struggle on in spite [ he S anip - For example, it is 
of the obvious industrial rela- 'T ry ® asy w * ieu °^ c t rin . s a tr ‘P 
tions problems that potentially 1^1° .Sf 1 

are involved. The largest single ^ 'nfiii^thP 

growth sector of the incentives f ,!!?£! ..nrill !h! 

business is travel, which is in- S" wiS 1? vnur nrbe 

crea singly offered as a carrot in ? ^ m P £ ZL . 

sales couple cannot m fact 

h A afford their mm punches when 

Although^ the obvious area t | lcy g et Barbados you could 
for such an incentive is in a finCl yourself with a disgruntled 
corporate sales force ( -increase ratilt , r than a 

your sales by o0 per cent, flighted one. 

Blenkinsop and we 11 send you The guo rt incentive trip 
to Bermuda for a week ) in- organiser, be it Tor groups or 
centive travel comes in useful f or individuals will ensure the 
in a dozen additional ways. jjm e touches which really drive 
Suffering from high staff turn- home the message. A bouquet 
over ? Offer a 10 per cent sub- 0 f flowers perhaps in the prize 
sidy on selected holidays for winner’s room on arrival 
every complete year of service. (•*. . . welcome to Barbados Mrs. 
Lots of absenteeism ? Holidays Jones, and congratulations on 
can be given as rewards for being married to the best sales- 
regular attendance. Too many man in the group. Signed John 
defects in the final product? Smith, chairman"). 

Offer holiday aid for every time Next year she'll carry his brief 
the production line gets things case to his car lor him in order 
right. . A Jittle simplistic per- to get him out on the road 
haps, but an indication of the early, and other spouses will 
way things are going. get the message soon enough. 

The business of incentives Is It's a big bad motivational world 
a growing one and one of the we live in. 
major areas of it. particularly 
for employee motivation, is Pripino - 
travel. The basic reasons for A 

this are not bard to trace. Travel Larger companies mav well 
is something which contains a be in a position to buy bulk 
high element of "dream" and rates for their incentive travel, 
is thus something which is but even the very small 
likely to appeal to a very broad organisation is able tu get 
spectrum of employees. It also advantageous pricing by linking 
has the added attraction of with others through an agent, 
being something which is likely it need not all be exotica, uf 
to appeal to the spouse of an course. Rewards can range from 
employee and thus the sales simple country weekends and 
assistant .will go off tn work basic package holidays upwards, 
perhaps with a word of I know of one companv which 
encouragement to try a hit gives visits to Health Farms and 
harder today. "Do hurry int.. another which rewards hard 
work on time dear, we need working personnel with visits 
that break in Majorca. to foreign markets to "study” 

Most of the major travel what happens in similar busi- 
companies and airlines arc now nesses there. The fact that 
involved in the incentive travel these study trips lend to he to 
market and over the years a the Riviera. Spain and even 

Vaf !f^ ^ C ‘ b<?en * « something between - 

produced which take care of the company its employees and. 
some OF the objections, both the Revenue no doubt' 
practical once you start it how Drawing the line ' between 
do you Stop It?) and financial what is business and whar is 
,„ h a. about the taxmao'.,. hll , ida , L ..’"“be el, “ £ 

Si VMircmn , L ' ult in *»™nistances Not 

£4A>L.UroiIlj£l hing ago I was at a sales enn- 

_ , foronce in Mon(>> I'arlu Th£ 

, ‘ In ,r n a hV SS tHe r ntive entertainment tor the sales . 
trip can b allied in a business people was long and lavish with 
excursion and thus benefit both jets „f an<1 dinmg Iff 

employee and company. Holding floodlit pools. Bi t the work 
sales conventions , n exotic done during the dav was impres- , 
** * considerable siv „ and llie benefit to the 
boost to corporate morale and company wa s prohah v far ia 
can help sales if attendance is excess »r thV rnZitienhti 
conditional upon reach, ng a S tha, h«™ow 

SrrLKft? 1 iL Verfhe deStel™?. M 

fprence in a v ^ 3 sood *““« and returned » 

rest, OS'" Th/ ’Jr. JSl r ^ Z 

convention* Lre* thaf^ ^ lhey a, » deal 

London West End hnTAi ^ a n ,! Dre about lheir business than 

uSS^sjsass r-r- ha , d * cF « cp ?t - 

aircraft Everyone Teemed m n / .‘ s h ‘Shly likely that the in- , 

think it was a jniJv idea and it *hf lllvc ,ruvcl marJiel 
save the emnlov^c * t,nue l ” grow. This L . 

wins . 

direct financial reward h 1 * 

However, if as an emnluv-r e ^ n . rt ,s now made increasing •; 
ou are considering incentive by tax consideration 

travel as a means of ninti vat in- Union involvement in sal 3 " 

■jtaff, do get more than l1n o St *ales and Government incomes . . . 

one r ...i are 


Britain’s biggest car rental company 

MEMBER Of THE BRITISH VEHICLE ReNTAL & LEASING «5CC.AT10C 


. . - - dliU 

gave the employees a measnrA 
of warm feelings about p “ rt J tr " lar >y true since the 
organisation. " direct financial rewar 


more than 

organisation iu m ake 
tions. It is not g 


more to use an agent and Viufil aud ,nor<! companies will . 
possibly cose ie>s so there « n,,t un, - v holidays with pay, MJ r 
nttle point in indulging in da. a ' s,t 'holidays with tickets-" 00 *^', 
it-yourself travel un less 'there j« l * ie employees they wish to 

™r; cr ’r r 0 '™' r «■“*■ AJS v 

* own organisation. 


sngges- 


pnliey. 


Perhaps we 


t„ l . llSt approaching the time when W£ r * 





h 




Financial Times Tuesday May 23 1978 


BUSINESS TRAVEL V 


37 





up the beds 


should prove Pr * me n . eeds of business 

worry in” f l>r , hr . , lf B° min unity which spurred the 

business S rJ" of £htcN ^h r American S 1 ™* 5 im ° 

ss r r r°Y r °' that fe rowth in * e *“«• - d 

HP With mi ppji™ i n ^recent years* ^se lar S er groups trade on 
Apart from spectacular J"* *“ wc 1X311 in humanity— a 

t& rep lions as the Middle East chan Se. Once a 

ruom supply j n niany or th ' Jrayeller has grown used to 

major business destinations of x£Sj* *' hat be wants from 
mi* world has exceeded demand ? ° d fl y Inn ’ S^raton. THF or 
The result has been pressure on f 31 ” 8113 ' why bother to change? 
h*»tei margins and. in effect a ln _ r many 1:3565 the attitude is 
buyers market for hotel services ? er "5 Uy understandable and 

o7Zl rr “•'“"-S Convinced 

bite 1960's boom in the travel hlgb - standard of facilities and 


The sad story of the hotel 
business over .recent years as 
far as the traveller is concerned 
revolves around costs. Hotel 
tariffs seem universally to have 
risen faster than infiation. 
London’s big rises came in the 
year 1976-77 when demand and 
supply came quite close to each 
other thanks to a successful 
business season being added In 
the touristic attractions of 
Jubilee year. 


market. 


money into new nronertie* u ? ndon - f °r example, and you 
Then came the recession and nev *r find the Stafford or 

much of the new accommodation ^ Htrtel booking 

was left under-occupied In a J en * 1 ? “ d swne ‘be chains 
London and Munich Bomhav 01 raarketu >ff co-operatives are 
and Nairobi, there we ™ very useful for digging out such 
similar tales t., tell. i” Sems ' 

?piie nf continued economic ^ ote ‘ Representatives Inter- 
problems there were stron° natl0na ‘ will, for example,- offer 
signs that the absence of major sue . h ma S icaI names as the 
building I'm- the past couple of j“ andarin in Hong Kong, the 

I'Anpc lv>.- i j r ... Stanfnrit CnnM i. e? ta. 


>cars has produced a position 


„ Stanford Court in San °Fran- 

in which cities can once more and Reids in Madeira, 

talk of hed shortage at certain „? me m y best friends are 


i » 


< 

%. - 


: * 

* \ 


i 

V 


talk or hod shortage at certain e of m y best friends are 
times of the year. The cry or "^tons, but occasionally a look 
" house full ’* that went up over eIsewhere can be refreshing. 
J.nnrlnn ro.-vntiy may have pro- T he srea* strength of the 
diii-cd Munc rapped knucklps at nia j° r groups is not their price 
the London Tourist Board so in . uc b as their reliability, 
which, say ihe hoteliers, was Occasionally you will come 
a hit quick off the mark with its across a bad member of a chain 
pcs-ii«7i<ni. hut the trend is . . by and ,ar ? e they are of 
certainly there. similar character if increasingly 

Then* arc still parts of the , wide *y differing design — the 
world which arc a huvers’ n,a j° r hotel chains are trying to 
market, particular!'- if ’ you esca P e from their sixties image 
intend holding a conference. of architectural colonialism. 
There has been a lendenev of 0f t en their great strength is 
mi-r-huild in <n»nc parts of the not in . tb ® hotel itself but in 
Far East. | have even heard it lbe simplicity of the normal 
sngscsicd that ihe mid-eiahlie* 0, } e ‘ nu n i ber booking system 
will s.*c a '-urfpit to accommoda- wh } ch a,iows the traveller to 
ti.m in the Arab world such mak F, Ws reservations without 
lia- hon the rush to meet the Jf oub ‘ e ’ Wit b the use of in- 
IU-V d-mand. In the major h ° use credit cards and other 
i-iiiv* i • i" ihe industrialised west cbeck '! n ch eck-out procedures 
n..tiPthcl.-N*. occupation levels they have aIso attempted to 
are n-inc. overcome ihat continuing 


Exp-O-Tel. one of Britain's 
brighter hotel booking agencies, 
recently reported that the 
average rise in London hotel 
rates in the past 12 months has 
been about 20 per cent, but 
that this compares with 35-40 
per cent in the previous year. 
Refurbishing the Rita seems to 
have convinced the new owners 
Cunard that a higher rate is 
justified and its prices have 
risen by 25 per cent according 
lo the agency, in the past year. 
This, however, is still beaten by 
the Holiday Inn. London Wl. 
which has raised prices by 27 
per cent 

Those rival neighbours the 
Inn on ihe Park and the Inter- 
Continental now share the 


doubtful honour of being the 
hotels in .London with the 
highest published room rates. 
In both hotels a single room 
with bath and breakfast will 
produce a bill topping £50 for 
one night. 

The London experience is not. 
however, unique. Hotels around 
Ihe world are under the same 
pressures and basically Ihosc 
centre on the fact that employ- 
ing labour is not inexpensive 
these days. Any labour inten- 
sive industry — and in spite of 
what some costumers calling 
room sen ice might think the 
hotel world is labour intensive 
— is likely to be suffering from 
rapidly rising costs. 

The result is. of course, that 
over the next few years present 
trends are, unfortunately. likely 
to continue. Hotel prices will 
rise and. sadly, hotel services 
other than at the very top end 
of the market, will decline. 
They may find a way of ensur- 
ing that guests can escape 
quickly in the mornings but I 
doubt very much if a way will 
be found jo serve Vodka 
Martini, shaken not stirred, at 
3 ami. without payment of a 
king's ransom. 

A.S. 





' • a! -r 

\ ,x i; fa 





The new Sheraton Hotel in Dubai which was opened last, month. 


r n-mc. «*v.vwi«.c iiiai continuing 

Mdj..r hotels, hrmever. rarelv . °. rror trav8 >- actually getting 
make their marketing ploy on Sf “II? °“ l °C ho , te . ls - . Qu,tp 

the han, of rales. Usually the ShL nn^ h ,°.!n ,s 1I simp J y 
a: I rati ions offered are "uod e one "hich will allow to 

'ill'll .v irl^hones. »d h "r /1 h ° Ut h ?V”S to put 
»« ™ 

>n that these were the two hour call to Nepal. 

Specialist 

agencies 

INTERNATIONAL TRAVEL tours to Majorca. 

may have erown quicker over To some extent this view is 

m’ , cer i a,nly has justified. A business account 

V 'i.r^ If -Tnr T l L- , dU ’! l ‘ can be 'w expensive to handle, 
.'•■i r-eir ir.uller is likely to All the agent’s revenue comes 

■nrl'.! " 'i' | 1, j 3 ma,e 0 ' iaas “ f rom commission and this varies 

Si“-=a=H'ffr 

,i ( vs i, hirdlv siimn^in n of ll, stomer is one who buys 

.in-r,r,„-, ,h7„ in 'r^Tvoir? *»« 

ha - been an exphudon in i lckels « normally 
the business travel specialist a p f er c0 " u and thc is one 
nurk.M. More and mure com- - at xnakes frequent first class 
panics arc giving up the attempt a,r .‘ rip ® -^nstralia tcom- 
*i si'll help and turning to these ® P er cent) and rents 

opceialiM agencies, who them- ox P c,1S1 ^ re . cars when he is there 
wl'v» often turn their backs on l^ututtssion 20 per cent), 
the pnv.Mifp trade of eonven- The normal customer is one 
riuiial holiday package tourism, who does both and thus the 
.\- in »«ther areas of the travel s P e cialist agency will take the 
market the user of these with the smooth. Most 

specialist houses tends to be , “lem will, however, make a 
seeking convenience and service C ‘9 S ^ analysis of any potential 
rather than a price saving, client’s travel patterns before 
Although there has been a con- IcspidS in with offers to do the 
vidcrablc grow Hi in packaging paper work, 
lor tile business market the bulk The specialist house will 
of the bu.-ine.-s continues to lie normally offer a great deal more 
m the ability oT the agent to than just the ability to issue 
product? tin- right tickets and tickets. If you are getting good 
lii'viimcniamm at the right lime, service from your agency if will 
^ . fa e telling you of health and visa 

Commission requirements land getting the 

visas for you rather quicker 
Although fees are sometimes than a member of ihe public 
iinuhvd ihe bulk of ihis aciirity might get them) and warning 
i< done at no direct cost lo the you that the day you plan to i 
coii.-unn*r. the agency making Us arrive happens- to be a public 
money out of ihe commission holiday. It will point out ways 
r.iie?. involved. In Uioory. there- of saving money ("with just 
lore, ihc u.-c or a specialist two more people on the trip. 
lravi-1 lioiiM' should produce im- Sir. we coHld make it a lour 
mediate and apparent savings to and it would actually cost you 
m ■> cuMcmur both in adminisira- less”) and give you service at 
i mii and. if iht> agency is 5 a.m. on Sunday morning if I 
properly ofllcicm. in the actual you arc in the sort of business 
jiii. i of travel. that requires it. 

nu-im» travel special i. sail nn Beware of the travel agent 
iiiiuiie- a degree nf extra work who regularly just gives you 
h h:c!i many normal travel what you ask of them without 
a.^cnc:c% seem unprepared lo pointing out that by staying one 
idler. It requires a high degree more day you will get a con- 
nf export i-c and a willingness siderable saving or that the load 
nn the pari of the agent tu factor on some routes is so low 
develop a special understanding ihat it might be worth the risk 
with his clients, knowing the trying for a standby ticket 
typ,. ni lmiels which arc pre- rather than paying the full 



pr hi 11 r-' i' 1 '- * 1,14 

(erred, whether some dirccrnrs whack. Specialists like Turnbull 
repute i.ii.-hcr meals, knowing Cibson will sell you a week in 
Ihai Mime wm.*r executives will Cairo for less than the price of 


millir lAWMiuvn — — c 

a!i» o" -ii by train m preference ‘he economy round trip, and 
In it the possihllily exists, you’ll stay at the Sheraton* 
This l? 

tt.ii'Kiti:; 

■uvolvi - ii mUi'h uii.iii.-i - - •, 

I.unn Poly will snatch you a 


e imSSiniiity exists. )««« m me oueitfLUfi, 

Uv sort of mutual terry Martin Travel will get 
relationship which >ou into Moscow when others 
h hj-her art% struggling lo find space: and 

T n_l . . ...all n 

than many 


Mjndard ul staff 
•'■■'.* n ;'ir -- can hw^i 

hire Mime age nth 
(heir hack 
phial ions and stick l<i selling 


and there- discount . a * 


ixrtht ann mere- . 

, n .«r..e t.i turn normally turn their i 

Z P 'urh o2 S ” pb thi ^’ 


hotels which 
noses up 


A.S. 



laiciiur Joup.iijicn and cJirvL'UuiuniaiikJJy 


This month Inier-at>-125. British RailVhjgh speed 
train has started regular service between London, rhe 
Nonheast and Edinburgh. Opening*! new era in rail travel on 
oneot the key business routes to anil 1'rum London. 

Shorter Journeys 

In ler-Giy 125 is the Journey Shrinkcr. Cruising at 
lw3 mph i means dramatically shorter ioumey times between 
aucx. Which means you ha ve time io do more business when 
you get there. 

. ^ rom King s Cross, Newcastle is now a mere 3 hours 
4 minutes. Edinburgh is under 5 hours. 

Edinburgh, Newcastle, Darlington and York are all now 
closer to London. And to each other. 

In i'um the same way as rhe 125 service between Cardiff 
Bristol and Loudon has made business luster and. 
more feasible. 

Your business environment 

The 125 helps you ro get on with vour business while 
you travel. 

. ’ n,e . rc s an expanse of lable for spread i ng nut papers. 

An individual lighrtw reading. You will find the seats roomv. 
.\nd executive shaped. - 

The coaches are air-conditioned throughout. 

Tbe rcvoluiinnar)- air-sprung suspension keeps the train, 
riding literally on cushions of air 


Journey Shrinking is our business ! 


fastest Jnurnev 

By normal By Inter- Shorter 

Imcr-Cuy Ciiv 125 hv 

{7 

London — Edinburgh 

5br27min 4hr52rain 35min 

if l“«w 

London -Newcastle 

3hr33min 3hr04min 29min 

London —Darlington 

2hr59min 2 hr 38 min 21 min 

London -York 

2 hr 3 1 min 2hrlbmin 21 min 

London— Bristol (Temple Meads) 

“ lhr27min - 

cw \ J) 

London — Cardiff 

— 1 hr 43 min — 




>ou win pet dnmebt beer and laueria 
ticBulTer Bar 125 


Sound insuiaiion is so efficient that Imer-Ciiv 125 is 
quicier at 125 mph than a convcmioiui train at 100 mph 

It all adds up to the smoothes! possible wav toco ain.ur 
your business. 

Brand-new catering 

Catering a hoard the 125 is revolu tionised too. 
c new-iook BulTei Bar 125 sen es draught beer and latter. 

I he Restaurant service includes the new Gold Star menu on 
some trains. - 

* r aJJ *W* up to an environment in which vou can read, 
talk, work, think, cat. drink, relax -and save time. 

rom now on, the 125 will make your juuimn s shorten 
And giveyou longer to build up business. 






r 


L 


33 - 


PEKING 

WASHINGTON 

RIO 

CARACAS 
AMMAN 
NEW YORK 
MANAUS 
PARIS 



to work on 
•Mr France 

■A'ivravw in the uwU you work wed like- you to get to work on us 
i'.'c tjkt- special care of businessmen and women, 
whv wo ro alwaus on the lookout for new routes to open. 

. nuMivss cemres to fly to. The addition of services to Amman. 
■..:i ^nd Manaus give< us a total of 150 destinations in 

■ .outline* Were particularly strong in the USA, South America and 
• •■iiddlc East. 

; A ho else, for example, can fly you Concorde to Washington, 
si. seas and Rio - and daily to New York? 

.-Yvl course, in high season we flv direct from Heathrow to 
i . icsiiiid Lions in France. That's more than any other airline. 

, \;r Franco is renowned for a certain style. An ambiance that sets us 
:*orn i.»iher airlines. An atmosphere that expresses itself 
: :u' ularlv m our service and out cuisine. And if you travel first class, 
•c': : nr JV< m a class of its ou n at Air France. On flights to New York. 
,■ and Mexico we re experimenting with a special ‘quiet zone'. 
. . .t ,n tiie oitcrait that's sc-l aside ior business people who pay the 


. j.i 


•our Tiawl Agent lot details of our worldwide schedules, 
u- diie-. t. 


V, 


France. 158 New Bond StreeL London W.l 

. . -aVsCkpi “1 4*1 Soil 

i- "i 4 iir .Mm . ><■ Re-noBon* Uol-UL.'s-rJL 


l ruour Business Travel people 
have difficulty keeping up 
with your standards , 

call Rankin Kuhn 


Rankin Kuhn made their name in world travel. Their 
l.viov; ledge of hotels and airlines is remarkable. Every year 
t:v.:y mollycoddle half-a-million major company executives 
their families) around the world. 

Thev know the Business Travel business inside out. 
And they do everything with polish, flair and style. 

. Rankin Kuhn. Try them once. You will never go back to 
the old standards. 







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Financial Tunes Tuesday May 23.197$ 


BUSINGS TRAVEL VI 


The airlines work 




AIR FARES apart, the world’s 
scheduled airlines genuinely 
try to woo the business travel- 
ler, and the range of their 
artifices is vast indeed. Their 
problem is that they have very 
little Toom to manoeuvre, for 
under the rules of the Inter- 
national Air Transport Associa- 
tion, to which most of them ■ 
belong, they are obliged to offer 
common fares, while in many 
instances they are obliged also 
to offer common standards nf 
cabin service, also fly the same 
types of aircraft, and frequently 
also schedule their flights with- 
in minutes of each other. 

As a result, most of their 
efforts to attract, and keep the 
business traveller, fall into two 
broad categories — what they 
can do within the rules to make 
his flight more comfortable, and 
what they can do on the ground 
to make his journey to. through 
and from the airport more con- 
venient and to help make his 
stay more profitable to himself. 
In the air, the IATA rules 
preclude extravagant meals or 
give-aways outside the first- 
class cabin (where it can be 
argued that the fares are so 
high that all the business travel- 
ler really gets, in addition to 
ample leg room, is the most 
expensive dinner in the world). 
As a result, their efforts to make 
life for the business traveller 
more comfortable are restricted 
lo such things as trying to 
segregate him into a cabin 
along with others of his kind, 
so that he is not disturbed by 
the rest of the passengers (a 
boon on long-distance journeys, 
where some travellers tend to 
allow their children to run wild 
up and down the aisles to the 
annoyance of other passengers 
trying to rest or work). 

On the ground, the airlines 
have much more freedom to act, 
and it is here that they can do 
most to help make things run 
smoothly. Many airlines now 
offer secretarial and translation 
services, help travellers make 
hotel bookings, provide exclu- 
sive transport into town, help 
to organise conference rooms, 
provide booklets in different 
languages setting out details of 
the country concerned, give 
priority in bookings to business 
travellers, and so on. The range 
is endless, and there is hardly 
any scheduled airline in the 
world that does not do some- 
thing in this way to make the 
lot of the business traveller 
easier. 


Bulk 


It is right that they should. 
For, business travel is increas- 
ing. Despite the sharp swing 
towards cheap-fare con- 
sumerism among the major 
transatlantic airlines over the 
past nine months or so, the fact 
remains that business travel on 
the North Atlantic air route 
alone has increased dramati- 
cally in recent years. A report 
prepared for the International 
Air Transport Association on 
the basis of* a major in-flight 
survey of passengers shows that 
business travellers in 1977 
accounted for 28.8 per cent of 
the total traffic, compared with 
21 per cent in 1976 and 19.9 
per cent in 1975. This com- 
pared with 30.4 per cent for 
“ vacation travellers in 1977.” 
27.9 per cent for those '* visiting 
friends and relatives** (other- 
wise known is VFR traffic) and 
13 per cent for the rest. This 
indicates that while non- 
business traffic still accounts for 
tiie bulk of the market on the 
North Atlantic route (that is. 
if vacation. VFR and “ other - * 
traffic is combined to form the 
non-business category), the 
purely business element is 
growing. Just how far this trend 
is being maintained in the cur- 
rent period of very cheap fares 
(first introduced last winter, 
with Budget Plan and Stand-By 
rates) remains to be seen, but 
the figures clearly indicate that 
the business travel element 
remains sufficiently large to 
ensure that the airlines cannot 
afford to ignore it. on one of 
the world's major air routes. 

On many other routes, busi- 
ness travel is the mainstay of 
the system. Another LATA 
survey shows for example, that 
on routes between Europe and 
the Middle East traffic is grow- 
ing fastc-r than anywhere else 
in the world, at an average 
annual rate of about 21 per 

cent, and that by far the 
greates tproportion of the pas- 
sengers are business travellers. 
A correspondingly rapid growth 
is taking place between Europe 
and the Middle East aud West 
Africa, again largely, if not 
wholly, as a result of the growth 
in business traffic. 


One result ,of the recent 
swing to consumerism — that is, 
to cheap fares— is that current 
concepts of carriage, as they 
have evolved on the world's 
scheduled airline system over 
the past 30 years, with the 
businessman mainly in mind, 
may have to change. There is 
.nothing strange in this. Con- 
trary to many beliefs, the air- 
line industry has always been 
flexible and responsive to 
change. Whereas in the early 
stages of post-war development 
the one-class - system pre- 
dominated, the pressures of 
demand quickly led to the estab- 
lishment of new classes of 
travel, with Pan Am introducing 
the Tourist-Class seat in the 
early 1950s, that eventually gave 
way to the Economy-Class seat 
of today, together with the Wide 
range of supplemental types nf 
carriage, including today's 
Budget-Plan and Stand-By cheap 
fares. The Laker Skytrain con- 
cept of a no-reservations and 
no-frills service is attracting a 
number of businessmen obliged 
to make short-notice visits to 
the U.S. or UK. 

Developments 

Among developments now 
being planned which could carry 
this concept of change even 
further are the provision of 1 1- 
abreast seating in the rear com- 
partments of today's wide- 
bodied jets, such as Boeing 747s. 
and the- possibility of a -total 
restructuring of fares, involving 
the abolition of first-class as we 
know it today, and its replace- 
ment by a " business class " 
fare, at a little above ' today’s 
economy fares. This would be 
accompanied by a “ holiday 
class” fare for leisure travel- 
lers, with a few seats at the 
back end of the cabin for the 
last-minute Stand-By types »;f 
passengers. £1 A1 of Israel has 
been prominent in promoting 
this change, but it has yet to 
find favour with the other air- 
line business who believe that 
some such developments can be 
staved off for long, under the 
immense low-fare consumerist 
pressures now_ being generated. 

In the meantime, British Air- 
ways is among the leading air- 
lines which relies heavily on 
business travellers for a substan- 
tial proportion of its revenue— 
and in 1978-79 it is aiming to 
win at least ffiOOm .ivorth of 
business from ; this' Hass of 
passenger, representing some 
48 per cent 1 ' of total revenues. 
The range of facilities that it 
offers the genuine business 
traveller is considerable, many 
of which are outlined in. a new 
brochure, " British Airways and 
the Business Traveller," which 
is obtainable free of charge from 
the airline. This contains 
information on a large number 
of individual city centre package 
trips, trade fairs and exhibition 
packages, special rates for con- 
ference visitors and other items. 

On a more immediately prac- 
tical note, British Airways this 
year is improving the service it 
offers to its 50.000 world-wide 
" Executive Card ” holders, by 
providing more executive 
lounges at airports such as 
Cologne. Geneva. Vienna. Buda- 
pest and Johannesburg, with a 
facelift For many of’ the other 
such lounges round the world. 
In addition, several airports will 
offer more first-class check-in 
desks, some of which will be 
available to cardholders even if 
they arc travelling economy- 
class. The already popular “ two 
for the price of one " hotel deal, 
which currently offers a- hotel 
room for husband and wife at 
a single rale at ISO hotels in 
27 countries, is being extended 
to include more, hotels and a 
greater number of destinations. 
For the first time, the Executive 
Card will also be backed by a 
fully computerised data file to 
control the card mailing list. 
This will confine tiie -material 
received by cardholders to the 
subjects .in which they have 
expressed a particular interest. 

British Airways is also ex 
tending many of the back-up in- 
formation services it 'provides 
for businessmen, including its 
popular series of information 
packs that in a pocket-size, 
nuiek-reference form contain 
printed cards with city and 
airport information. flight 
schedules and business contact 
address*. For 24 countries 
throughout the world. BA is 
also producing a new. bigger 
issue of its ••Businessmen’s 
Guide to Eastern Europe.'' 
which in its new edition of 36 
pages contains more , informa- 
tion on business practices, 
hotels, restaurants and shopping 
facilities, plus a new section 
headed "Time Off," with details 


of leisure, cultural and sporting 
activities. 

Pan American, another of the 
world's major airlines which re- 
ties heavily on business travel- 
lers on many of its routes, is 
among those which has tried 
to make the lot of the business 
traveller more congenial. The 
airline admits that a substantial 
share of its revenues comes 
from a small, group of repeat 
travellers who fly Pan Am fre- 
quently. As a result, the airline 
decided some time ago to 
establish what it calls its “ Fre- 
quent Travellers” programme 
— a system whicb identifies 
these passengers to Pan Am 
Employees through special FT 
identification cards, luggage 
tags and stickers on baggage. 
Various phases of Pan Am's 
staff training are aimed at tell- 
ing employees how to ” Recog- 
nise and Reach” As part of 
this programme. Pan Am in- 
cludes a special Frequent 
Traveller section on all its 747s 
and 747 Special Performance 
long-range jets, whereby stan- 
dards of comfort arid service 
are higher than for economy 
class passengers, while the air- 
line also produces a bi-monthly 
magazine for all Frequent 
Travellers with information 
about new routes and services, 
and other useful items. Last 
year, this programme continued 
to grow in both numbers and 
importance, says the airline, 
and while the programme is 
open to all applicants, "it is 
travellers who make at least five 
overseas trips annually who 
most appreciate its sendees. " 


•• ^ V . • . 

- • *••*.«..>- A . . . ./ 

■■ .x w W' ■ -:V . « 

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■■■ r jv ■ ■ <4 r'r-': • ■ . ■' 

' '■> ' 

G s,.-... 






Businessmen relaxing on a DC-10. 


Aids 


But even when all of these 
proliferating aids are taken into 
account, what the a rerage busi- 
nessman wants more than any- 
thing else from any airline is 
comfort, punctuality, reliability 
and safety. All of the in-flight 
gimmicks in the world, from 
"Frequent Traveller” sections 
to the ability to perform iso- 
metric exercises while sitting in 
his seat, will not compensate the 
business traveller for an aircraft 
that leaves late, that is dirty, 
or crewed by unhelpful staff, or. 
is re-routed or otherwise 
delayed. What is most surpris- 
ing to any frequent traveller 
around the world’s scheduled 
airline network is how few of 
the . operators : really .Seem to 
realise how fragile this elemenr 
of goodwill can be, and how 
easily they can destroy it by 
clumsy or tactless handling. 

On the other hand, the busi- 
ness traveller himself has to 
accept that the overall pattern 
of world air transport is chang- 


ing. and that what began in the 
period immediately after the 
Second World War as a mode of 
travel for the better-off is now 
becoming internationally' 

accepted as the best wav of get- 
ting anywhere. New generations 
are growing up who accept the 
aeroplane as a fact of life, with 
nu feelings of wonderment about 
it, and little real appreciation of 
the problems or the pain that 
were involved in establishing 
the worldwide system of 
scheduled air services as we 
know it today. In this changing 
climate, the business traveller 
himself must accept that much 
of what be took for granted in 
the past must give way under 
the new pressures. 

Bur. in the final analysis, civil 
aviation, by comparison with 
other forms of travel, especially 
in the UK, has won for itself a 
reputation of being at least 
■reasonably clean, comfortable, 
convenient and courteous. It is 
now moving out uf the elitist 
field, and becoming a mass 
transport business. The 600ra 
passengers worldwide of last 
year will become tiie Ibn or so 
in the early to mid-J 980s, -and 
perhaps even 2bn a year by 
•1990. It would.be a tragedy -if 
in this inevitable shift all the 
best elements of the earlier 
image were to be swamped 
entirely. It is up to the business 
traveller to see that this dues 
not happen. 

M.D. 


Business travel 
can be 
a pleasure. 

All you have to do is pick up the phone and dial 
Thomas Cook. 

From then on, you can leave everything to us. 

We’ll plan your journey, give you the best 
possible fere arrangements, and choose the most 
suitable hotels from over 6,000 approved 
international hotels on our files. 

And well also organise your foreign currency, 

Thomas Cook travellers cheques, insurance and 
car rental. 

Thomas Cook have over 870 offices and 
i epresentative offices in 145 countries so you're 
never far from the experience, know-how and back 
up services of the world's largest travel organisation. 

For full details please contact your nearest 
Thomas Cook branch or our Business Travel 
Planning Department on 0733 502505. 

Thomas 

CooK 

• The trustedname in travel Everywhere. 


M\!h 

fivi!' 4 




BIA’s last, direct flights to Rotterdam from Gatwick depart 17 
times a week tor your business meetings in the Hague and Delft - 
as well as Rortadam itself. 

Our first flight leaves at 0800 and our departures are 
designed to suit your plans perfectly - however tight your 
schedule. And we can return you home the umc day. 

Whenever you go you will enjoj the attention and 
service that makes a BIA flight special. • 

\S7ben you mean business - fly British island Airways 
to Rotterdam. 


Brt^I^2ndAdrv^tys.aoseriov^ 


The Gull A new world. 



Within a decade, the states fringing 
the eastern coast of the Arabian 
Peninsula have become a new world. 
Rich in themselves, rich in opportunity. 
Fast developing into international 
trading and financial centres. Breedinq 
new industries. 

Guif Air is a part of that new world. 
An international airline flying the most 
modem equipment including 
Lockheed TriStars and the advanced 
Boeing 737-200. A regional airline 
serving more destinations throughout 
the Gulf than any other airline. An 
airline unique in its offer of Golden 
Falcon Service. 

The Gulf is a new world. When you 
fly Gulf Air, you're a part of it yourself 


GUFM 

Port of a new world. 



Atom*, mn Benrata 3«it Bartay C*o DhWm. Doha Dubd KaracH Kuwait Lam«a Lanto, Muse* ft* 


sturjali SNfff 

















Financial Times Tuesday May 23 1978 



AND RAW 1VTATFRIA1S 


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U.K. BUTTER MARKET 


ftl"„ c °PP ei * market boosted cheaper «— 

!°^ ade by Zaire output fears forecast NZ StG3. S 2 ^ 

W^CION. May By J0HN EDW ARDS, COMMODITIES EDITOR WASHINGTON. May 27. /\T| 4 ’ 8 I | A /> /WYI Tt\ * 1 

trade THE DECLINE in coffee price* \)ll lilt/ vUHl lit/ U 111111 

impasse when New Zealand ^ 0P £ ER PR J C ® S advanced again tion in Zaire copper supplies, output reductions in North “ ^ el £^ i c n °°Vn , ih ^7 1* 

banned the Jananeco on London Metal Exchange already reduced by transport and America. 197S, according to the U.S. Agn> 

fleet from its 200-miin vnni 11 ^ yesterday following the weekend production problems, comes at Reports of political unrest In culture Department s Foreign BY CHRISTOPHER PARKES 
April i. may be ° reopened K - ol . we “ mines a time when the copper market Peru— another growing copper Agriculture magazine. 

following a meeting bpiurapn !.? ‘ b l d bee 3 a P d — producer— are ■ also raising producer-held stocks totalled BRITISH FOOD traders are their stocks before levy charges subsidy cuts and sundry other 

the NZ Prime Minister anrJ !£° U VL aot be pro 55S? g j or * K ONE of Zambia^ leading expectations that the large about 54m bags on March 31, planning to complain to the went up. problems, and retain or even 

former Japanese ministPr- nt i D 4 p, 0 b so * wlrebflrs cobalt suppliers has raised its surplus stocks, which have kept representing about one year’s Common Market Commission in He claimed that since Novera- increase their shares of the lu era- 

Agriculture Mr Zenker Siri Si os l- V* i* p *? ■ 2 a T , nn , e — P ric « r ° r refined cobalt prices at cheap levels for so world Import supply at current Brussels about alleged distortion ber 19 last year levies on NZ live British market. But they 

-m. ■ . flUlUKl. tile nfenpet PVP.I Rirlrp -TfllV UKf k.. n | M . An 4 9A na. mi.. k A mfM>e . I T^rolr 4W. - _ A L.J I L .. ilA . U«..4 \U... 


Copper market boosted 
by Zaire output fears 


BY JOHN EDWARDS, COMMODITIES EDITOR 


WASHINGTON. May 27. 
THE DECLINE in coffee prices 


NZ steals a march 
on the competition 


BY CHRISTOPHER PARKES 


the NZ Prime Minister ami aot be producing for six ONE of Zambia’s leading expectations that the large about 54m bags on March 31. planning to complain to the went up. problems, and retain or even 

former Japanese ininiep. Tf , D 7 s . i or . so * SL„ wlrebars cobalt suppliers has raised its surplus stocks, which have kept representing about one year’s Common Market Commission in He claimed that since Novera- increase their shares of the lu era- 

Agriculture Mr Zenker Cm^ti 5i os l- V* i* p *? ■ 2 a T , n ^ P ricc f ° r refined cobalt prices at cheap levels for so world Import supply at current Brussels about alleged distortion ber 19 last year levies on NZ live British market. But they 

The meeting' was held in “ e highest level grace July last eathodes by almost 30 per cent long, may be reduced to more demand levels, the magazine of the UK butter market which imports had increased fay £374.20 seemed to forget about New 

Australia where both men wen* lo 5W0 a P b,md * Announcing reasonable levels. said. has given New Zealand an un- a tonne. In the meantime, market Zealand and apparently under- 

attending Sir Robert MemiM The raarket was also boosted the rise, Nehaaga Consolidated Other base metal prices were tlirnar0U nd in world coffee beatable advantage and stifled prices for Anchor had gone up a estimated the strength of the 
funeral. by a fall in copper stocks held Copper Mines, principals of buoyed Up by the strength ID -..inlv outlook which began in competition from British and mere £50 as the shippers spread Government’s grip on food prices. 

NZ Prime* MiniKt*.r Mr in LME warehouses. The decline Memaco Services, the Zambian copper, and the early weakness in lQ77 and th _ sha .± drao Continental dairies. the impact of the lew over fresh They are now paying for their 

Muldoon sa id the results were ^ jSE*? .- c “4 !!!?* bod ^ ^ 7*2“* in ereen ’coffee prices which Thev aim rttaree that the UK and stocks landed before oversight. __ Official figures put 


Muldoon said the results JZrl 01 2 ’ 650 ltmnes in stocks cuts stale marketing body, said it the value of sterling. ' coffee onces which two.. <>i m mr imports and stocks landed before oversight. Official figures pul 

encouraging He i££S&* fi E ,ola[ holdings at 540,900 tonnes stemmed from increased As expected, tin stocks held in ^ nn g ™r he med brm^ B? a zn a nd nSSJL 1 ?* 2. ?JLSb ** levy went up. current butter stncks-excluding 

fact that ibe Jaoanes? 10 fte lowest levfel for n ™ rl ? demand - LME warehouses showed a small Xr orSrs back into the Another leading trader sus- the growing tonnage in imerven- 

instiated the meetfnn h « two > e;irs ’ The troubles in Zaire, the increase of 70 tonnes, raising the SB? it stated. P ecled t hat the New Zealanders tion— at 17S.000 tonnes, or six 

significant n>«tins as Sozaconit the Zaire, metals world’s largest cobalt supplier, total holdings to 2.285 tonnes. ™ ^ " s, * letL „ ruling in the butter business. U rr c making the most of the months’ supply. 

The tradinn areas ra.^ Kv trading company, announced that may also have had some effect This is the first rise in tin stocks During April to June I9i7. New Zealanders have market while the going was good. Some of that bu Her has been 


un 4 a *V. 

,' b “ had twoy | a 


thr» „ _ iwu vcvus. idc irouoies in «i«re, me increase or iu wnun, urc 

E as Sozacom, the Zaire metals world’s largest cobalt supplier, total holdings to 2;285 tonnes. 


The tradin'* area# r0 i C0 j h ,- trading company.' announced that 

the JaDanese'’ Soirl it was maintaining its contractual although the extent or dlsrap- for six weeks. However, a very litue stocks were arawn sto Ien a march on their EEC It is vital for the future of the in cold store for at least five 

produce limber anrf Kni'irt Th deliveries from supplies which tion In the mining areas has feature of the market was down, and exports fell off by competitors. Before Christmas trade for New Zealand to keep up months and its unfortunate 

question of jananp«? U ^ fichinn are already in the pipeline. not been fully assessed. demand for high-grade cash tin. almost 5m bags. ihe Anchor brand accounted for its exports of butter to Britain owners are having to pay £3.50 

rights Was not rateed* nut Mr But production will obviously - — — pushing it to a premjunj oyer stocks rose almost Urn bags 20 per cent or so of weekly and lo sell its full quota each a lonne a week for cold store 

-Miildoon believed this wOpmUi' be severely hit if the mines, are is already showing signs of re- the __ standard grade. which j roJn j UI ] e to September, 1977, butter sales. Now the market year if it is not to weaken its rental. The Imtter they are 

Japanese arcentanco nf th» V 7 flood ed and forced to remain covering from the depressed remained above the three due tQ . a sharp decline in share is up to 40 per cent. ’’And case for retaining access in the managing lo sell is being dis- 

view that Drooress mil s-T ho c l ostd for six months, since price levels of the past three months quotation. Brazilian exports and in the last the only thins: stopping them long-term future. posed nf at about £60 a tonne 

made on other trarfi nrrhiB t Kolwezi is an important con- years. Lead stocks fell by <50 to auar t er of 1977 world stocks rose from getting 50 percent, is the There is much talk of a fall below replacement cost. 

On beef it was nnt tribmor to Zaire’s copper output Zambian supplies have been 58.400 tonnes, wnue nne noid- a i roos t 75m bags to about 51m, lack of packing capacity/’ one in butter consumption this year Worst off are those who 

that retail' beef nrirs» K Iffi ho estimated currently at around cut back by transport and pro- rags rose by b50 to 6^50 tonnes. in because of low Brasilian disgruntled competitor com- as price rises— estimated at usually supply manufacturers nr 

lowered. However Hnn Ljr 490.000 tonnes a year. duction difficulties, while low LME stiver holdings feu by e ?- orls< plained yesterday. between Sp and 12p a pound— blended butter. National brand* 

Prices will be held at lasTySr’s The threatened further reduc- prices have caused substantial 60.000 to lt.800.000 ounces. „ possibility of frost dam- The reason for the New \ ork * be * r ^ have b .«n smtgglinq to retain 

level. The Japanese will also — — age to the 1979 Brazilian crop Zealanders success is not hard to u bop pii I * ora f tl ) Ins ° r thmr share or the 

Improve distribution and expand aid other supply variables could find: their butter is the cheapest b * J£{ ^ n S a ^nmT*« m y l ’ ! ’’ cu , in ?u pr, S2 

export nuotAS for beef Mr MhI- - , ^ v Hnpin^fp hut the in Edtodc MiUc Marketin' 7 conditions the New Zealanders to somewhere close lo the NZ 

sss ,ermerf ttit a rcasmab,e Early end to rubber pact talks ssi sssu * asstji 

Small concessions were sue- JUWlliy I'V 1 UMMVA ^J**^'*< pricw. gn gri able first hand at £1^77 a ton. what happens later. per cent of the butter retailed 

gested on dairy rroduvts under " Reuter England’s own Country Life cost , New Zealand appears to have in Britain was blended, but the 

Which the Japanese would buv BY OUR COMMODITIES STAFF £1.392. Kern-gold from Ireland b een singled out as the butter proportion has now slumped to 

NZS 6m worth of butter, oil and - T . . , was £1 a ton dearer, and the tra, *f. a *? p W t L u Wh J ,e j ll ? c ab ^* l 5 . per cem - 

Ne ^ PRELIMINARY TALKS between also create an area of dissent, tinned last week’s advance, en- JaOaH tO bail Danes' Lurpak cost £1.400. Kp s? i^ chirts 


may also have had some effect This is the first rise in tin stocks During April to June i9T7.j y^e New Zealanders have 
although the extent of dlsrnp- for six weeks. However, a very littie stocks were drawn I sto ien a march on their EEC 


produce Limber* deliveries from supplies which *»on In the mining areas has feature of the market was down, and exports fell off by competitors. Before Christmas trade for New Zealand to keep up months and its 

question of JaD 3 np« U fi’«hin are already in the pipeline. no t been fully assessed. demand for high-grade cash tin. almost 5m bags. tbe Anchor brand accounted for its exports of butter to Britain owners are having 

rights Was not raided mrt But production will obviously pushing it to a premium oyer stocks rose almost 2ra bags 20 per cent or so of weekly and lo sell its full quota each a lonne a week fi 

.Miildoon believed this wOpmS be severely hit if the mines, are is already showing signs of re- the standard grade. which f rgm j une t0 September, 1977, butter sales. Now the market year if it is not to weaken its rental. The luitt 

Japanese accenranre nf V 7 flooded and forced to remain covering from the depressed remained above the three due t0 a sharp decline in share is up to 40 per cent. “And case for retaining access in the managing lo sell 

view that urooress mil Jt ho c 'osed for six months, since price levels of the past three months quotation. Brazilian exports and in the last the only thins: stopping them long-term future. posed of at about 


The possibility of frost dam- The reason for the New v L ork have been struggling to retain 

XUC y * t, ... I i i - * « ■ ShQOS. And It IS ^UPk'PStPfi that nf thoi r chi rr* nf fhn 


Early end to rubber pact talks 


^ Fo:^^n 1 Agriculture said! bTmSmmimmA SlSlSr" resardl5ss A f 

SS£ able first hand at £1/177 a ton. at 1 SS! t J3BE B 2Z£:~ Ef r «SF. n L of l K, hut J e f 


months ago 27 
butter retailed 


BY OUR COMMODITIES STAFF 


Zealand rnr i PKbLiMuNAK y lAUvs oeiweeu aiso create an area or aissent. ““ — '■'r 

lot bird " 21 ° aid rubber producers and consumers The consumers noted that this couraged by the early weakness 

beliciS in KualfSpir eiifod two days proposal was not balanced by of sterling. The RSS number one 

could be worthwh?i?- thinS hat earl >‘ afte r the producers had measures to protect the proposed Physics spot powuon ended 

iliiSS-;:- HssMrsrsix s 

suitability- of NZ Z Umbe?for the !- stabilisins lhe worId rubber the wisdom of relying on the T?}?™* market prices aiso dosed 


suitabuitv of NZ timber for the iae me wisuora ot ruying on toe ; 

Japanese' market. market. Unctad fund to finance part 0 f hl Bber. TOKYO, May 22. 

Tariffs on squid imports would Consumer countries will now the stockpile, and on the need THE JAPANESE fishery agency 

be reduced from 10 to 5 per cent, examrae the dra ft proposals ■ m | a fund to finance rubber ]\Jyloi| will shortly ban imports of 

and squid caught by joint fish- detail before holding meetings of research- * whale products from countries 

ing venture boats would be im- ^eir own in the next two months In more general terms the con- wnn l n «plrc outside the international whal- 

portcri duty-free to seek a common position to sumers are expected to discuss vV UUip4.L-lkJ putsiae <IWCi 

The New Zealand Cabinet will Present to the next round of the alternative ways of financing tiie f-Sol 8 

now consider whether these Unctad rubber negotiations in buffer stock, possibly involving MU Oil 11141 An official request last year 

moves suggested represent Geneva. levies to supplement national MELBOURNE. Mav 22. to importers and users to halt 

adequate progress to allow the Consumer representatives said contributions. ■ THE Australian Wool Corpora- whale meat imports from uour 

re-opening of Japanese fishing the talks had reinforced the The producer draft proposed a ti js conducting full-scale IWC members— including South 

rights negotiations. belief that there was a strong 400 000 tonnes buffer stock in- tri ,, 5 with Qew wra ppinzs for Korea, Peru, SpaiD and Somalia 

need for the ** floor" price in the eluding a 100,000 tonnes contnbu- woo j jn ^ales —was insufficient to stem the 

__ , Agreement t 0 be protected at a Con by the Unctad fund. It also Tfae corporation has been inflow, and the agency is now 

MALTA PLANS level adequate to ensure long- envisaged a supplementary assessing nylon as an alternative negotiating with other ministries 

Eicmhir ri rcT term supply expansion. But they system of export controls if stock- vvoolpack material following and Government agencies to 


Nylon 
woolpacks 
go on trial 


MELBOURNE. May 22. 


Keuier England's own Counti? Life cost New Zealand appears to have in Britain was blended, but the 

£1.392. Kerry gold from Ireland P ^ 0p ? r , l =° n haS now 5hn,,pcd t0 

_ . . was ri a ton dearer and the scapegoat While the about 15 per cent, 

la nan to ban Danes’ Lurpak cost £1400 prominence of Anchor brand in The New Zealand Dairy Board 

uau cosl tL ' w - . tbe sales charts is a constant rejected charges that it was 

. The omeial support buying irritant to some EEC suppliers, distorting the market with the 
non-agreement once paid by the Intervention this is a particularly unfortunate help of tip-offs from Govcrn- 

<9 Board for supplies taken off the moment for it to be so far ahead ment- 

xxrkalo imnnrtc market is £1,460. of all the competition. It was still selling stocks 

ttU«IC llaipuila Dealers complain that the Many traders are now suffering released from bond before the 

Government has effectively severely lor blunders they made last rise in the import levy in 

. . TOKYO, May 22. handed over control of the mar- towards the end of last year. November. “ Wc have periods 

THE JAPANESE fishery agency ket to the New Zealanders and They imported many thousands when we have a price advantage 

will shortlv ban imports of that the market is being dis- of tons of butter before Britain’s and periods when we don l.” a 

whale products from countries torted by their low prices. accession to full membership of spokesman said, 

outside the international whal- One substantial dealer claimed the EEC brought a cut in import “ Even-body needs a whipping 
ins commission (IWC). that the Government gave subsidies. hoy. But the source of the 

K Wellington advance warning of They believed that with plenti- butter trade's frustrations lies in 

An official request last year jikely changes in import levies fuj ** cheap ” stocks to hand they the absurdities of the Common 

to importers and users to halt sq that importers could increase could counter the effects of Agricultural Policv. not with us." 

fwun rintt. — — — - — 


UK potato futures market studied 


BY OUR COMMODITIES STAFF 


rrrmiii/' r*a mn icnn pApduiwuu. oui me; v . — >■ wooipacK material following aim uuvciuiucui ™ . ... , ^ . . , 

r IN HI IN If rLtfcl said they were unhappy with the P‘ lln 6 proved insufficient to complamts about contamination introduce a ban under Japan’s THE INTRODUCTION of a time in the near future, thus are considerable doubts among 

By Our Own Correspondent producer pronosals in several maintain prices within an agreed of ^ ool by polypropylene and trade control Jaws, a spokesman British potato futures market removing the major cornerstone producers and processors. 

VALLETTA. Mav - i-!?- ^ B, .K , At this stage producers are 


V ALETTA, Ma\ ... Tbpy th0U g| lU for instance. Under lhe producer plan, mem- Manufacturers have sail 
MALTA is to set up a 16-irawler that a suggestion that the first ber countries would finance tration of pack fibres inti 

fishing fleet jointly with Libya 100,000 tonnes “entry fee" to 100.000 tonnes of the stockpile has affected dyeing and ] 

and with financial assistance from the Agreement should be shared equally and another 200.000 sing quality. 

Kuwait. equally between all members lonnes would be divided between Japanese manufacturers 

Premier Mr. Dom Mintoff lold might discourage small countries the producer and exporter groups asked the International Wool 
the Maltese Parliament that such as Luxembourg and the in be financed in proportion to Textile Organisation to 

Kuwait had already provided African producers from joining, individual countries* market polypropylene packs, prt 

Malta with £M1.7ni repayable in A proposal for supplementary shares. used to pack about SO to ! 

15 years at an interest rate of export quotas to protect the On the London market yester- cent of Australian wool. 

3 per cent. . Agreement’s floor price could day. natural rubber prices con- Reuter 


. uuiii iuiuiuu (uiuuuivui Uj^uuidgc SUJ411 Wiuiuira o * - - c osrvcu lue uiicmauuuai nuui _ _ , . . _ 7.T. ” — 7 -. ‘ . . . - .. , j' a — 

e Parliament that] such as Luxembourg and the In be financed in proportion to Textile Organisation to ban Last year Japan imported Bntisb potato indust^ is about However, tne study adds .4 Prettininarp Ap- 

i already provided [African producers from Joining, individual countries* market polypropylene packs, presently 38.700 tonnes of whale meat, tn bMct a new era. ft wtlm<Kt potential ter a futures proisal.bu-. A. ^ ottno.taBiitrc 
£M1.7m repayable ini A proposal for supplementary shares. v , . used to pack about SO to 90 per inelndin * M00 tonnes from non- Imnrttable that Brtta n wil have ^ariret depends : to a : great t »tent far European Agr iculturrt 


IWC countries. 
Reuter - 


to accept free trade in maincrop on the industry’s own willingness Studies. Published 
potatoes within the EEC at some to develop the market and there Europe; price £2-5. 


i**c 

i 


- s 

jg*y m 

t r* 5 5, 

w: *» 


,-A 

■ Jr i m 

.-•* t • 

;.- -T ' ■« 


^ ' v v» 


l.ti. Index Limited 01-351 3466. Three month Cupper 748.5-7544 
29 Lam on l Road, London, SWI0 OHS. 

1. Tax-rree trading on commodity fulnres 
1. The commodity futures market for the smaller investor 

EUROPEAN OPTIONS EXCHANGE 


COMMODITY MARKET REPORTS AND PRICES 

I tjiCr MCTtl C monili S3V^r. up 0.4c. TCe metal opened UK 05.80. ebanse +00. Tonnage S.304. n-8ile sugar, tbe market held Qaa di . m 

uAot IntlALj at 2S6.7-207.jp latSJ-ilDci and dosed at Otter pOllinv «rtasU: EaMcm £*‘M. E. reasonably owel trading i ^d'llons, 

.Jl... hi.k.. tK _ ag.3-297.3n i31U^2Uli. SOdJards I9S.48. N. East 1100.50. Scotland Currency consider a nous probably awca 

COPPER— Sharply hlRbcr on tbe tonnave rtie bener aenUnem. C. Czarnlkw 

LpoddB Metal Exchange foUowtn* news * i , *«.«, eoM S. rrooned. 


ilOfiOO. UK £59.00. ebanee +tso. tonnave the better sentiment , c. Cnrelhvw 

of ibc'JoodlnR o£ mines In Zaire. After sir vgu • mu-kw 4. or' LILt U «. r 

opening hbiber at C7+I fonvarrl metal ’ ^ Wi JHu*- k m* V ■ . 

moved ahead strongly to the day's bush r JV . . • elow | r' ” J *V w - j ~, a L\ “ ,7^: Pref. ecterday'd Prenoua | Burmeia 

of M'WM «o teort covering and ! *??? - *■ ♦WSmS II MA C M \ Lla " 1 Don * 

socndaifve buylns. In the afternoon. « +, S. - "2225* P«in. • 


PRICE CHANGES 

Pncrs per tonne unless otherwise 
staled. 


May 22 4-n, Umtn 
187- — ■ 


tipi ii-n 

lYict: 

J lll.v 

1 . 1 .*+ X - 1 . 

0,4. 

; Clirw YnL 

Jnu. 

tliw- Vol. 

K-imiy 

i-l-irf 

vrr 

S5B 

8 

i 2'6 ■ - 

• S'« | - 

S62ia 


1 1 r 
.vrr 

i in„*ii< 

i iiii,M i' 

K. In- Ink 
K. In-Ink 
V. K.-lak 
K. Ki'lnk 
t > \i.l> 
k»,..|i 
Ik'."' 
t.M 
I, M 
«.M 
IKM 
IBM 
IHM 

Nll> 

Silt, 

V ljieo>ene 
SiKi-oirlii* 
Igrnn-ue 
Am-" 

Anuii 
Si,.,., 
li Ml 
Kl.M 
K l.\l 
\al \hl 
Sa> 

l’lnllli* 

UlilllV- 

Phtlq^ 

|{. l». .-hr! I 
li. li. ^in-ll 
H. I*. J*!irll 
t lilies r 
I'mlrt cr 
fmU-ter 


7 B | - 

6 l — 

2iB I - 

15U - 

I0A = 1 - 
6*0 j 7 

S't -! 12 
gi, i - 
di, ( - 


Copper up 

KSios:; 3££ v ^vJSmBp'AS “2 1 ^ 1 * 1 * \ I Oil Zaire 

Srser^M amtcfnatedTan 9 in *wareh«Ke rmooin^. ' 302.65 p *1.15 - . ‘ MCCA— Ex-farm Spot pnCU for May S. Aua-....: 104.70-04. 75 1 1M.BO-05.70 7t5.M-M.OT Aluminium. -..««« !, M 

wS 5S*S ^i^.S . "2E&* lituonrh'. 5 1 9.8 '+1.4 1 i ...... F«d wheat: Eaat Suffolk 05 00. Fete Oct. 10?.e&+7.46h00.4aa.6-4oilu7.B0-«.6.50 Fine narket to»,Skflro-]D|-. . iRM9 -£| ~ ~ J £ 

A* 50 an tnaucmjal factor in _ * . . bailer: East Suffolk 04.00. N.E. Scotland Ubc. . 1110.40 1D.45 1 UiSio-tS-Sil ID. 50-09. 40 toppercasli W.Uan je73S ]+ 11.5 tbB4.2b I IgifinllKT 

5* 0 J 1 P*| advance m prioe*. Turnover LME— Tnrnover 1 BI M32) lots of 10.000 3 : 4.00 March | 118 .S> )S-40[l 17.60- 17.76 11B.75-1 7.70 d month* du.«lo. {c7B2.25*+ 12.0 C7U 1.70 J.JL V/ Lf U J. 

-i50e tonnes. . ors. Cadi 2S73: Utree mon*s The UK mooeiary coefficient for the U«v„'iiS1.&S-Sl^5 ISO.BO-SUO lllAfr-tUH CartCaiboda K725^ 1 + 12.5 S67& ° 

UOPPEK' |4"" r I „ P®* ! T + ,< H”- 3 - 4. 4J. 4.1. 4.5. 4-4. 4J. Kerbs: from May a IS eapected to remain AuV.....-12<.60-24.7Sh23.a&-S4.00 I25J0 a months «lo. U74S.5 + 12.7 CMS NEW t OBK. .Mav 3. 

, Official ! — f UnoffleU. — Throe mon f{*S ®i: 7, _/,■*- unctianaed. Ocf 1 1x7 J2 >-kB.SSi 126.78-Slf.tiuj — Gold Troy at , 179. 375 + .75 r '60.626 CUPPER closed shandy hluhrr on Cora- 

' Tte” n ?°^ hs >4.v 94. m. 93.3. IMPORTED— Wheat; CWRS No. 1. „ t '■ -r- — r r.— n „ Load t'aab ■£500.7b>6.25 t3U3 mission Boust- bu>w doe lo KbiiUlna 

_ w ; A - ! X £ £ ®-< Kert»: Three months 2014. MJ. iv. per cem. May 195^0 TUbury- U.S. 5S“ : .Lf ’j” 2 * Sir,nntha - — iC3 10.25.-+ 6.0 «o 10.75 In Zaire C-uriailint: product ion for possibly 

Wlrebars, i W.4. Dark Northern Sprinc. No. 1 14 per Tate and l£le ea-ttmuery price for jfijiai.... I : j si* months- surer nabhed baroir hiutur 

9*"* 1 735A 1+16 . 781.6-2.5 -tl.5 fOCOA «*»• hl»y r?l-SO. June and July tts.75 Matnei tc» »b»;si.9&- ; .51.95 pn very ouir-i. uneventful tradlna. Gold 

inhiiiti.>... 7M-.S * is & 752.. ft .its v. UL trakAhinrnpni Kast cnaat. isaniei a tonne for home trade and i na 


, Officia! ! — Unofflda. i — Three months S4.7. 4.6. Afiernoon: nnchanaed. 

' TUm wombs 94.1. 94. 93*. 93.5. IMPORTED— Wheatt l 

^ j i‘ i U ‘ £ £ «•< Kerbs: Three months 293.4. Ms. w. per cem. May 19350 

Wirabara, i M.4. Dar* Northern Sprinc. 

Gate .7 755-* 1+16. 751.6-2.5 -11.5 TOP HA c«u. May June and July SS6.75 «a"' ,u, *2 

inaiotim... 7B4-.S : *I6.5 752 3 .+ 18 LULUA traushlpmeni Bast coast tor home trade and 

iftyin'nr. 7S4 1 + 16. - Ahhouah steadier at the opening, levels Mato: U.s.-frrnch May, not. 50. June 

Caihodw-l ' _ ! eroded dortns the day aod dosed veakts HM.00. Julr 5196J5 trwteilpmeni East 


NEW YORK. .Mav r. 


| -2^)5] -2.03 closed sicady un local short covering. 

■ . | Sugar closed nnchangid lu dull (.vndinon 


9340 25J, 

6260; 10^4 


F330 ,26.50 
F340 16.40 
F3&0 ■ 10.00 
K70 7.50 


' rifiO . 26.00 4! 

1 V170 ' 11.BO 82 

I ¥ 100. 11-70 • ISf 
FI JU • 12-BO 1 a 
■ flio 5.00 I 
F22.50 2.60 ' 

rsa.oo. i.oo 10 

F27.60 0-30 ' 10 

Fiao 6.60 '■ 15 
• F130 l.ao . 15 

; K140 0.30 ■ 

■’ K llO 4.90 I 4 

! K 120 0.60 . ts 

j K130 . 0,40 : — 


I 700||. 
: 750p ■ 
. ejor . 
! aoovi 
1 225F 1 

• 250p 1 
275li , 
1 3Q0p 
: 325p; 
i 3BOf 
375|i 


27.50 
11 19.50 

5 14.00 

... 8 
25 4.00 

2.00 
45 . 28.00 
82 121.00 
158 ; 17.30 


14.00 | - 

7.00 . - ■ 

2.60 I IX 
1.80 ] 79 
0.80 : 40 



i _ 


113. 


; «eos« 

5»b 

■ — 

! .. 

IL 

— 


30 , 

i 

S263 

I7i r 

i 

■ .. 


1 - 

1 .. 

6 


$2463 

3 

l 


1U 




27 

i _ 

F353 

23 

i — 


i7.ao 

i 


8.70 

. - 

. F76 

5.00 1 



2.50 1 



31.00 

18 

FI 77.50 

28.00 

5 

.. 

28.90 : 

53 


13.50 ' 

2 

F 112 

7.S0 , 

IO 


3.60 

_ . 

; K24.60 

2.50 

23 


1.30 

30 

1 .. 

9.50 ' 

4 

F 125.10 

4.80 

11 

■ „ 

2.50 

. _ 


8.00 , 



Fl'iz.20 

3.00 | 



i " 

1.40 , 

— 

1 


three months £734.5. 33 38 5£5 After. Cto 1716.0^0.0 — 9.U U43&B7.0 June W..-W. July MUL.W. e«riey neuverefl 

nm: Xto ita mteT BE a Msmb W0.0.90.D -1S.0 170B.U-1BS6 Ea^ •>“» J“«y 

raswf an. «3l DUbteM.' Ihv. WUJU -1fl.O lS7hJ)^JJ . BBC IMPORT LEVIES: Effective for 

three mimtta C545 Kerb- WtrcbiriS -»«* -1.5 IteO.tt Mar a 

mfflthsC^a. 32. 31. 503. 51. Sales: ?.lw iU.Mii lots of 5 tonnes. ui brach'is tall in units of account per 

m 5r C pSc Sr ^l5 ite C ^Bm^a rt Sr "tornaUanal Gocm Ontadsatioo iUJ. ,onne.: Commop wti^isfos ^X dS 

J „ ■ c,?n ’* P®* Dov»d>— Dailj prtt* Way 19: i -W , M- pe. o.|7. p.gT, Durani 

sn,le ,38ja 1 13®.©’. Indicator price* Mar 2£ wheat— 12T.34. nfl. nir. o.67. < 79 .( 1 . nil, 

eK(a p. ,lsi,<xl a f 25 g*- 15-day average 1*5.17 n+3.83<; =2-day nil. 1.00.; Rye— TOA. nil. nil. mi I77S3. 

55° ELMO avcrasc ”«•©'• ml. nil. nil. Barto-72.® raV juL ml 

, forward sraiuianl , . - , _ u , 17N w nil, hi niii* o»ti^.r7 4S ml mi 

COFFEE nir^: mi. SSTUmSi “?iSr 

nwra woen piw-faxjnK and the lack of h T hr,d f or s«ih,ai_nu ncr i»«» 


1 72 is. nil. nil. Dili: 0. 


Australian 
Greaay \M 

Yt»KnVya+ An 

Cite ! — | 

BuaIupm 
ti, to 

Mav 

tr -1 ..' 


Juir 

+S1.B-W.II + L5 

-w- 

Uci-rfft-r 

246.0-68.0 : r 



Lhc&nt<er ... 

2o3.0-36.fl +1.5' 

— 

lludi 

248.0- 48 J] • 1 


Ua>-..._ 

MB.0-45.0 ■' ._...( 

— 

Julv 

24B.0-4fi.fl ! 1 



Uef--rf<er 

150M1TM i 

— 

Sales: nil 

(samel lots of 

1.300 kilos. 


Producers SBSO-dOu -&40-o00 i Copper— May 6l.a0 iSOXOi. June 61.90 


Li'nartmV tPItth |S525» 5.0 >c20 

UiruutinnU +744 k 7JJ 

J.inwcd Crurie(,-)..U365 rt 60 

Palm llaipvan S60B«- \— 2.0 

- | 

Seeds ! ' 

C\.pm Philip. -»417.3e + 12.5 :417.5 


i . mi « uii , uui . un »— if . v , djj . niJp mi isiiir ;* ioui ux i.uvv miu >- * . r . e i fc 

78.12. ml. all. mil; Ham loiher SYDNEY CRBA5Y— iln order buy^r; cl - a.K... 1^300. 5# -». l.JS ?500 


!*■ *•', n+m I If+P. S^‘t i ^ n I bf , Sl?rbM l^«: wdeJt m tnlxcd wheat and Mar 3»i. MU-SMte 15:' Jnly Pr odi'Nii jiii:lD6.3 f + 1.0 Cl 6 

| riff f - , U-tefW.-; - So^m 1 'Sf lli- recelu m . TYteetertS Sf a <™- =«.5. Oct. 385-5. 3(8.5. 386.0- Wheel. ... ! ; 

+T “ ■ | ■ i”; — . bolstered tbe market at this stage sml *l- J ‘***- - - 388.0. 1— Total sales: O. No. 1 IW S|nai> (35jl ] ...... tsa.s 

lie 'mwumJ al 8 s, *« br valo*s wen £5 to £15 DURRPR BRADFORD— Business vras oniet and in N.'SHarlWhno _ : 


Riffh Grade 

Ute 66: 




November 


- 1 &K»'SlMS- + aiJS8S! B: +S v^r«ure£r RUBBER .EiS'imSZtida C102 

_ ■ ■ ‘tws 55 /:^* 641 - 50 r 50 YZni&fl STEADY openltiB on rhe London ^ mue of the mar«i was poor. 

rlber : standard 6535 r' 1 " 1 ' Ctovv* ■ 1 nr • n,,nnr» 011 “artel- Finn, throughout the day. irr J T /VTfiPTAHI ro f r fc 1.778.2.-ai.o |i2.042 2M.TD. Jan. 25B.30-256.70. Soles: 1.7S8 lens 

" 8,6p 68D5-15 +106 646DBO I+4U COFFEE j Uc “« +0f l B ggf‘ closJBR slightly eater. Lons and Peat MLA I / V tO 1 1 AKLtS C^ffeeFuture ; ; ■ fSII*»-Maj- 3UU0 .313.-10. . June 5U.« 

_ . Z ■ njoath*"", b-WO-S^’ + TO 'o400-10 ^2L6 ;£pertomie ; reported that the Malaysian martet rraa MEAT C OMMISS ION-AveraBe fataocte itot^TTSiZ 71 gg.r”- 5 ; 61 ? 5 ^ al*’?' - m’S’ 

_ . - ' 252p tetomt. 6615 |+106l - j ctas * d - price* at representative marteis on May K ubt *rkiin_ Bs Cn'is, L Slf Juft- n 3! 

-■= j isls fei it zmmmtm ^ 

= • ISri -kfl£a & :;1 SI 31a — j as -arsarst sss. si-jz 

jBS&^^ a Sim» «. - ^r^ r ^sm Me, r,^ ■ s^asasas®.. sy-jSSyTSSS.lSl^lffi «»«»-««** s „,^. atJIMJ!. SE'^-^STii 

smeral rise to base-nwiaJ Prices. Inavd g SjJff . jL a J[g!2L_ Ort-Uec b8.S5J8.ffi HJMI.B5 59.00-67.00 i+in; P|S dowtl 10 4 per cent 8 ™Oiniied lo 259 tom** Orders 22-W. «« 2J.6i22.70. July 22..-O-22.40 

— — rnefi Id the ntandoe rtacs at ** « rra rttnc Jan-Mt 53.53-(!.8fl' 5836te.0ti| 60.M-a9.46 a vsra*^ ortre t»3p » +0.9>. ' ,rcre Mf 1 * ««Il oalnuincd lodudnig a "Soyatean Meat— July I19.00-l73.rrfl 

■* moved lip n the days Ugh SSteS Bnrnham wj (M . M.fij-M.70. 88JM0.|£ 61.1060.70 smTHFIELD .pence %cr pound>_ reawiuble call for Bllddfc Easft’rn -lTOJo.. Auc. 17S.BM7 j.IW . ITH.fHl-. Scpi. 

OT OL. rolhndiw abort covering. However. hmw --n,.- j.™,* Jn-sep. d1.9iMi2.iB Bu^fcl.16 b2.58-82J>0 Beef- suHtlsb killed sides 54 0 lo 57 8. VuailHcs. Firm prices attracted aiiiiilbm 1*00. On. 1 70.00. Dec ldS.uO-lgc.60. Jan 

iPriSJ?"?!™* ?".«*« Oct-Ue. eS-S^U 613b- 62.50 85.10 DStetafcUd^Ste M.S to 1*1 ** ««« Interested in KoS^te'VSS? !*.*■»*.*. March \tn+n*r Mav 

ftrSf A w is k tS Kll W^'oS. ll"-- 11 ." ,f 2 < Mmth: EHlteiaJS new season V" to S™™*- K. W. TOii^alfc, U2.00-1F.* 50. 

7M 0SS7 A la 5,15 loom* Tomover _, M t® 50: De^ 15S.7a. -6JH,. -: Sales; 9 .14- lo« of 5 tonnM and 203 heavy Cs.O to 76.0. Imported fromt: reDonfd ‘ J! : i" b - -J-*]'. 7 , 31 - 

Three Spccwtuto - - -• — - -- • - • - Ft*. 132j0 -U.3I: April 146.00 -l.W. — : t»>. lots of 13 totwes. NZ PL 30.3 to 3U. Pg 81 to 30.3. i i : , ’m^. '1? 

' Lg\L) i mil + I f Ju,K ' M^5# nnchaosnl. Sak-s: 17 iEi tots Physical ciostrtg price* ‘bnycrsi were: Park: English, under 100 lbs 28.0 to 46.0. * m f'w# riVt J s-Ti«‘ 

wwortfc & PrtMWa. LgAU | I mm a , — j Ltniiocn — o{ 3rjao ktJos . . - Spot 35o -34.73-: June MJ5 d <54.0.; July I»-IM lbs 38.0 lo 4+0. 120-100 Ihs 38.0 to , S .. ,5S ' ,n9 ' ! '- 10 - falcs. 

reel. Londoj,. W.i. - T~| ICO Indicator prices for May 13 ru.S. 3L5o .34.25-. 42JI. GRIMSBY FISH— Staton -A - '. ^ 


the absence ol adequate demand the . im-libli MHIina.^102 ’ tl02 on. 247.00-248.40 i247.3u. Jan. -MS.5Q \onl 

STEADY open tog on rtw London plnrsi- l0De 01 the marKes wa ® poor ‘ 250.30-23U.7il. July 232. 30- 252. JO. Oci. 234.50- 

U martet- Finn, throughout the day. irr i TT /VEOTTA OT ITC cuter e duty- ^1.7nX4U |i2,0*2 2M.TD. Jan. 25B.30-250.70. Soles: 1.760 lots. 


• bl.W)'. July 62.50. Sept, 62 .50. Dec. 63. lu. 
^ Jan 65.1/1. March G6.60. May fti.to. July 
i d *60. Sepl. 69.00. Dec. 71.10. Jan. n.#0. 
3 March 72.80. Soles: 5.000 Inis. 

3 Cotton— -No. 2 July 61.40-61.-15 iflt.SOi. 

Del. iKi.ro HS3.K2-. Dec. W.b0-«H.W. March 
65.60. May 66.03. July 66.35-W.60. OlI. 
65.60-65.60. Sales: 453.000 bales. 

7.5 *GoM— May 179.40 < iTS.lOi. June 179.au 

3 ' 1IS.8D I. July 1+1.00, Aug. 1+2.20. (HI 

I 194.00. Dei. 167.50. Feh. 190.10. April 
: iai.SU. June 195.30. Aug. WS.20. Off. 201.00. 
Dec. 20230. Kch. 206.N1. Sales: 5.700 low. 
I Lard— Chi I’utu limitr m-t available. 
6S New Ytirk wluie steam 24.00 mnn. inm 
available* 

> tMalre— May 256:.i‘.;j i257.. S,pi. 2511 
■ 253-11. Dec, 257-2571. March 2641-262;. May 
S 2667. July 2681. 

SPIattnum— July 24C.1 0-240 J-d ■ 247.30 1 . 


Yesterday's 

j Ciwe ' 

:£ per lonne 


+ or . Burnt ea 
— ' Douo 




- I - [ 370p 


cal marteL Finn, througbont the day. iir i Tp /VEOTTA HT ITC aut w cJ my- 1+1.776.2.-21.5 | ,.2.042 2M.T0. Jan. 25 b.5o-236.to. Sale's: l.fso lota. 

closing slightly easier. Lons and Peat IvUtA 1 / VE.UC.1 A1JLL3 Lc^eFuture ; i - fSilver— May 516.40 (5l5..l0i. June 517.40 

reported that the Ualayalan martet was MEAT COMMISSION-Arara fatstock l'«!SS7v" iS 5’” ■ ■ 3ul>- _ W0.TO. Sept, jij.so. Doc. 

prices flt rrpresratAKive markciu on Hay p llKh ^ . , m , * i” ■■ » 33?«TD, Jan, 5J3J0. March cul.DO, May 

1 — ■ ft 69 MUlr^P NT Iwlw ™iSk ^ bber ,.? lln : !+0* 51 .» 55 b«. July 36T.M. Kept. S70.4O. Due. 

v i -v-.'-i >J o. UX She€P 168^p per X£ C53 flev l-MV tflQQ '+1^0 j<1104 ! jSB.SO. Jaiu SftA.flC. Muvh 0. sales : 

p^i Ste?«3i2^r P Sl5”o.5^i3£i ****tm—1k*- ® B0 *’ *— Ui’t. [ l|-«» ^. Handj- and Harruao sp„ t 

Rjs - 6 - ’ ™ ! g>w done ate Wales— Cattle numbers up 54 per ~TZ^L~, bu J' ,on : »;?.« 'll+tei. 

- - «v— I -- — - ■ Sayteeans— July 706 - 707 : .J 10 ». A UK. 


up 3E9 Per cenL average price 167 Bp i £ AprU-June. 6P6-S95 ff«3t. s,-pi. 6611-6621. Nov. eii-U2S. 

i-2.0»: Pigs up 03 per cem. average V May July. ; June-July. z Per ion. Jan. «M- March 6411. Mar 644. July 044. 
price m.tp f — 0.6». Scottaad— Cattle up , Dll— July 2CJ0-26.65 •: , 6.Si>. 


PUBLIC NOTICES j CLUBS 


*»* - S a ^^ TT ^; h te a f 3 ~ tonnes. ’ ^ S«« “ “ Stf* WKSWffi COTTOR-UtereteL Spot te ah.pmeni ]$&££?& 

. forward BR; JgT - mm mrt iSSSL- i8.SWa.ffi WJM7.B5 59.00-67.80 ”|i; P|S down Io!S per cent amounied lo 239 tomnai. Orders |22.». May 2J.6i22.70. July 2J.55-22.40 

^* nKS *v vrith bob’ tots rrad lu g Drcxel Bnrnham *J**+M« .- 58.55-b8.8fl' 6BJR-te.48 averaar dmcc w.3p i + 0.9>. ' rcre JjJjJ* maintained including a| "Sosateas Meal— July i1S.WH79.Trfl 

ay's Ugh Lamhen r eP0nedr° mS - Bnrnham Apr-Jm U.|>-6d.7D. 8UMO.OD- 61.10 -60.70 SMITHFIELD (peace per pound!— €52"S!Si!? ,e m®** 1 0r 8U telc Eastern i -173290.. Aus, 17S.a+l7J t« ■ IJD.fhli. Scpi. 


CZMir". B'»* ooUtmndiMl t«Om. 


woned. Sugar — Nil. II: ,ln|) r.il-7J2 17.73-. 

Sew 7.56 1 7 5m. ilel. 7.70. Jail. 7.9tf-y.].l. 
* Marte ^ 44 S.43. May S Julv S.SO. 

S‘-pi_. SM-s.ss. del. v.oo-y.io. bales. 

£? W KL I 1? J a««d •?a»M*vn 


eurocharts commodity reports 

SkJleti technical analysis of market trends helps to . 

ensure the best trading decisions. .Ourweekhr repwls, 

Contain over 70 NEW charts with full technical analysis 

rovering U.S. markets and an London futtirro.Soffi VAjSSk 

Metals and Soft Commodity reports (£5 5 and £72 pa) yjtjgk 
ire published after U.S. markets Fnday dose. — 

qSd^ordeSlsandFftEEtrialto: _ ISISSHS 

RlROC^RTSiN FORMATION SERVICE , MMHi 

^°iS^r>i°LEC3R6BYT a f01-;832298Totoc8879$4 ^ 


TiJr eniikr nnJTKM strip Jnfa -soh < 74 .*.,,. 1 nn . i r praauc t-oranioan sum , nn \r tunnwiun— nveraw ratstncK tair. pnees ai ship's side t iinnmi+^.-il i '■ ... 

as tss? ussr^srx soyabean meal swas ^“ d ^s”3 i T« i^sris; r 

SSfj. ”1 %%.•*•!= ssr ss-sss &&£? irjsg>r%i£ ns s e&jtslm: srsssrjaL^t^K ~ y 

... — — .« — _Monifjig: Cate *3fli5. OS. three months CR&INC na**»U . 0" J** Pricte moved 63.Rp per kgj.w. i-OJi. Eagfate and small cjg.f 4 . 30 - laro^jJdS^^'^w* ! . l ' 1NXI , PEC — ona-s not avarl- 

1L tt.3. 12. 11.5. 11.75. Kerb: UKAllNa uregulariy k Oarwc trading rans+ ; Wato-CatUe numbers down 5.1 Per ml £M0. ^ ab L w,nR 10 c -» natI1s, » Wltdar. 

2s®* nwmhs EE. Afternoon.' Cate LONDON F U TURE S fGAFTAl— Old f? • ,OTf tLE5Ite W,ta5r ^ Ie ' reJ *’ SIW Price 70.7%) f+6J7j; Sheep op ‘ All wnm per pound c*-»-a rehouse 

^ months £312, 1LS. 11 . 10 J. u-pm off tee board oulctiv Commodity* reported. 14.7 per cent, average price 167.Jp unless otherwiBe mated. “ 5s per troy 


bSc" Sr 1 . “?* ir, creo contracts utw off the board quietly 

I Throe months J. 1ft. 9^ IB ulth losses of 59 nofcits snwlned by 
J? srmwihT wtth wheat and S3 points to barley. New 


?W ' «nd lead. Short covering and 

"OP tstmUis found oustaiullng commer- ■ 

»«» Buying ante fon#aifl metal tom rial selling in «h«l and. despite some tpettoopo , ^ep down 45 Per ceat. average price 

to i hJS? “Slf? tale •“PP®' teort-coverins. tossn of June u26.B-a84ID'-l.l8.129JD -89.W 94 l* r cpnt ’ 

. * “l* high of £332. These toch 2fl points vtn regisfered. New crop Aturuar 161.28-41.6 TiSSiisn IH-m B0 aw race Brice 65.1 b f+B.l>. . 

«tn«tedwoai*^tes. hweevey. vcA the bario saw toady hedge pressure flown 0^<^r';"Il2S.6+28.6_i^iU^tM C0VE ^T CARDEN (price* in Kcrthig 
thr C T.r«*y d i. ba ? “ l3 *F«, u . asiU 00 10 3W ® lo ’ fcr 11,0 WWJ professional bos- Decern ner . ■i2ft.uO-iiM— QJaig g iff ? er paefca ge ew ept where tote ti l— 

“S_h!e_kerb._TiirDover 4^00 tomee. _ nu dosed the martet between 13-35 nSTjl'liUMM'ZSa importte Proiftree: Oreuaes-Cypriof: 

'4- v* 1 .tn. , 1 +ot lower. Aril reported. i—., ' i2S.D3-2U-o.7BI — Valencia Late? 5ft kilos 3.4B-&.80. 15 fcfltw 

WSU Officia — lUmffich-l — jSw ' ....... 12S.6B-2BJ — OJS& — 3. DM A0: Jaffa: Valencia Lares 32K^.40: 

1 ... «- . , ■ ) — ■ dnjp,i Haiti by “* • ---— • - lnjUtN Praduce Pcftiwt- Per w lb*. 

lev', __ , ■ Tr“ Sl!cs: 180 ,lan btta - «* 100 toa«3- WPUeTted S2<W55B. L*ttu»-Pw IS 

Utel. j 380.5 1 1+6.5 : 318-9 U4.2S ... TMeHay +e. Verterdav ur If JTF 1.8B-LW. Cos 5-fl. Beetmt-Per 28 tts 

Otnotba_j 531.75-2+747' ' 6S9-.5 +5 11 “Ml e ,m * . — • loae — iMJ A A. ?j». Carrots— Por bag 0.80-1.40. Farsnlw 

7 ’ment — , 3Z1 +%& 1 _ l 1" J. ' DUNDEE JUTB-Qufct. Price* c and — ^ Pw 120-lJM. Oni«tt— Per S6 tba 

— m. West 1 — ->Q ' 31*' — 2*59 — J.ES f LR for MavJune shtcoocnt: BWC 266. 2AM». Swoifcs— Per 2P lbs 0.6M.7O. 

- r»nis — . ' ?*!*■ ~°’S 2S-S ~2'5 Tossa BTB ^502. BTC X=S2. Rhabarb-Per poond. outdoor 0.05. 

(H,"™ W . Pf™*- *°" 9TCVJ0UB Nov. O7.u0 — 1.20 82.05 -OJO BTD 12S4. Calcutta goods totes. Quota- Cncumbers— P-r lra7 I3'24 *b 2.W-?.«n. 

I htnroinr^rjrth ^.rJ^^nuh rn« «”■ 29"2n — ‘"S af- 5 ? rions «: and f yK for-May slilpML-m 1B4» MBterooms— Per poond 0 S9-O.50. Am lev 

I Uomuis i^Bb Oil three tnOTthsCW. Mrfi. VlLSD — SB 67.30 —0.15 40- inch JS.6J. i!ft tt.M. per 10 B yards. — r.-r pound Bramtov’B OTl-O.17. Pear* 

1 Wto mu b' Afir-niS: Rosiest, don* Wien- May BrAMT^H. J»» AaS.r:*“ Jw-Sem;. a 53. £7.43. -Per pound Conference IU+ 016 . 

I mSwto VIZ Sept. SJ.14-S4A3 Nov. 57.8M7J3. Jaa. * *"«* - rnr ,hc T«natoe*-Per poond Endish iLSUffT. 

1 SinS ^tMihs Ml ■ - -rn ^ W.D5-W.7B. March 9i3B-ai3. Saks: 135 respe ctive tea*!*** periods. Yam amt cws-Pcr eroK K<-m CauHfiewers 

I Cm ' ’ ** *■ ** hi*. Barter: May SlSj-SS-Bj. Sept. 79.W- cloth Ih-m. _P^r |* Lincoln I -to. Ken! 1 HM.aL 

■ SILVER Ji,n SSJtt-M- 1 ". SUGAR Ceiery-Per 12.13 35M.WL 

I March S7.ULS7JD. SaW- « OUUril' 


ffettadayi* or BtnuiST* Pigs down 8J per cenL averssr 

L'kwe [ T — | tZmT prtce 6570 f-«>- Scotland— Cattle up 
{- - ■ ’-9 P w cem. average price TO.OTp f+L3t»: 


Si n? m milag ring, late shipper te Ort-covering, tesei of June U2S.B-2MD'— 1.1512S JO- 23.00 

rL5 r , y» % gh.p These fenh 28 points were registerat. ?Sew crop ausim U1.2Q-B1.5— i^jiMJhWLBO 


ft-m. '+■ v» 1 .m. .t+m lower. Aril re port td. 
Officia — I Unofficb- 1 — 

— r — - — : 1—— wheat 


LONDON COMMODITY CHARTS 

Da.ir H.|Mlow/Clo»* Ch.ro * 1 * (Sarctorp: for noo-U.K. omuce) 

y. 10- ite 20*drfr Moving Averages NAME 

updjfte w Friday'* el»«. ADDRESS: - 


Uftte.. r ...j 3S0.5 1 I+G.5 : 31B9 [-4.26 

: muottoj 531.75-2+7J7 J29-.5 j+B M 

AZ1 l - l 

ft m. Ren 1 — >9 ’ ... 

_ _ - Tfljlt. 

CeaiB per pound. » On previous .Nov. 
official rinse. : tel per plniL - Imi. 

klantlug: Cash £321. ihree months DTA, h„, 
31. 30.5. 31, 31.3. 3* Kcri>: Three 
months roLi. sl Afternoon: Three c ^7 


, Aril reported. Aim* -J...-. l2S.D3-2ti-a7BI — 

June lJS-ftltaBJj-ftaBl _ 

11 rarlby “waTwTflan of 100 "'toon 

rfe-tentey > ’ + e* Vntenhv* ' ur JUTE 


March S7.IM7J0. Saks: 48 lots. ouft Jraaw 

was bed ft.Sp ao ounce htcher HCCA— Regional and L'K Average «c- LONDON DAILY PRICE iraw 


FINANCIAL TIMES 

~5av Mav KsTUuaih ft+irf Yew v-u 

Z4fl.lo | «7.4Q'! 1: 37.46 l^ e^sT 
IBaxe: July 1. U52=iee) 

REUTER’S 

iUv.aiUv ISmSh'iT^LT iWr'p^u 


14B2.0 11476.9 ' 1460. S ' 1661.5 
<Ease: September IS. I83t=ifl(i) — ' 

DOW JONES 

ttuPpsW. , JJ,. 

»*w ) 22 1 18 : un j uj. ; 

>l»*.:... l 33a^5oBl,Z4 360.1S 43S.76 
Fur "re g5 L32jaS 46 350.97402 j 1 
fAvmpc l92+2Ma=itaii 

MOODY’S . 

7 : . . '! J i 5 r I MaT.Ji„,if!i,Y^r 


] ounces— l&ft ounce lots. * Chicago loose 
I ?s ocr TOO lbs— Depr. of AB. prices nre- 
[ rions day. Prime gleam fob. JfY bulk 
tank can. ; Corns per 5fi lb bushel ti- 
warehouso. 5.000 bushel lots. §5% per 
troy ounce for 50 « units of 99.9 per 
cent purity delivered NY. ? Cents per 
i ray ounce ex-warehouse, f! New 11 a “ 
comract in Ss a short mn for bulk Jots 
jof iftft shun tons delivered f.o.b. rare. 
I Chicago. Toledo. St. Loins a. d Alton. 
1 ■* Cents Der 6P lb bnshel in more. 
I ;* CcntL Pier 34 lb bushel. Cents per 
■ 4? !b husb.-l «- warehouse. C+nti per 

. .'-6 lb hoshrl cx-wsrebouse. 1 D 0 Q bushel 
! low. ftC per tonne. 

I 

Ferrochrome 
export limit 

JOHANNESBURG. May 22. 
SOUTH AFRICAN ferro-chroms 
producers have agreed qot to 
raise exports to the EEC tint 
year above the 158,500 tonnes 
shipped iu 1977, 

Reuter 





r 


' L ■ 


ZJ^CkM ■ ■ 


40 


financial Times Tuesday May 23 1973 


STOCK EXCHANGE REPORT 



Anxieties about Government’s financial policy remain 

Funds and equities easier again but close above lowest 


Accounl Dealing Dates 
Option 

* First Urclara- Last Account 
Dealings tie ns Dealings Day 

Slay 2 May 1 1 May 12 Hay 23 
May 15 May 25 May 26 Jim. 7 
May 30 Jun. S Jan. 9 Jun. 20 

* ** Hew time " dealings may take place 
from 4J0 a-m. two business day* earlier. 

Reflecting continued lack of 
confidence in the Hover omen t's 
control of money stock growth 
:md of its ability to fund in the 
Hilt-edged sector without intro- 
ducin'.: fresh measures, stock 
mark^is vesierdnv remained on 
the downtnek. Business surveys 
projecting both :i higher rale of 
in Fla non than envisaged by the 
miihnrides and of a slowing rfnwn 
in general company earnings also 
iniltionced sentiment. 

A cautious opening in lending 
mdii'iirials gathered momentum 
following lower quuluiions for the 
funds, buf the decline was 
cushioned around mid-day when 
-mail institutional demand became 
nunn rent for selected blue-chips. 
Other areas of ihc market were 
al<o easier but scattered firm 
features developed on either 
trading announcements or Press 
mention. 

The absence this week of any 
mamr economic pointers naturally 
i ni whited interest, and many 
potential hurers were content to 
await scheduled trading state- 
men's from industry leaders later 
in i he week. Business suffered 
and official harynins. at .1,240. were 
down on Friday’s SWii, and the 
woi'k-nco level of 5.S4R. 

Revive,! spent la r ion recard in-: 
oven higher interest rales— talk 
v -is heard of a possible rise in 
Minimum Lending Rate tn 10 per 
cent Ihi- week — created fresh 
uncertainty in the Funds where 
lusses of J in the shorts contri- 
buted to a" further fall of in 
ihc FT. Hovernment Securities 
index which, at Tn.19. was at its 
lowest for nine months. 

Gilts still unsettled 

,-f : iil worried bv the authorities’ 
h.mdliug of money sui'plv. the 
market m British Funds extended 
f;i.i week's reaction and although 
endiii" above ihc worst remained 
poicttli'd i*iil if the close. Concern 
about .i fr-sh upturn in interest 
r ii-vi found nios - reflection at the 
shorter end of the market where 
!o-yrs rn H .«l to s before bear 
closiw’ rcdoced them to Eveen. 
I'Oii'illv. fh#» short lap which 
nfde its ri*»hut on Friday, eased 
i"i'v ' to US', although the «»ock, 
Kvrbniiier .'»! nor rent 3982. A. 
v ns still 1* noinis below its issue 
p*ire. Medium and longer 
maturities followed in the wake 
o r the shorts, in'-rest herns raretv 
more than moderate, hut inrliid- 
'*’T Con'inental .selling of War 
Loan which reacted J to 311. 
At lemming In find a new rate 
structure os »• ell as followin'* the 
main funds. Corporations 
sustained s>/w>h»n falls to a point 
and orrasmnaHv more. The 
.■■•oonncemmi or the new f.'ini 
R i root issue of I2J per cent 1A87 
stii»-i» v no help to recently- 


issued Fixed Interests among 
which Greenwich 11J per cent 
1HS6 fell i to £46$, In £5u-paid 
form. 

Traded Options were generally 
quiet again. .About a quarter of 
tiie 475 deals done were confined 
to ICI which attracted 116 con- 
tracts with the July 390 series 
being the heaviest traded position 
on the day with 64 deals. Marks 
and Spencer July 140 was also 
fairly active with 46 trades, while 
Courtaulds July 130 totalled 33. 

Trading in the investment 
currency market was quiet and 
Ihe premium. } down at 1115 per 
cent, eased on arbitrage offerings. 
Vesmrd.iy's conversion factor was 
0.R7S9 10.6760). 

Banks down again 

The major clearing banks 
started the week as they finished 
the last, on a dull note. Fears 
that the Bank of England may 
soon reimpose the corset control 
on hank lending remained the 
chief depressant and prices 
drifli-ri lower from Ihe start. 
NatWest. which announced over 
the weekend that it is raising 
S200m from the international 
bond markets to help finance its 
expanding international business, 
closed 7 off at 268p, while Barela vs 
softened 5 more to 335p as did 
Llovds to 270r». Overseas issues 
moved in a similar direction with 
AX7 5 off at 2W)n and National 
Rank of Australasia S down at 
226n. Guinness Peat declined 5 
to 22So among Merchant Banks 
where Sehroders shed 10 to *00p. 
Keyser Ullmann held at fffio ahead 
of tomorrow's preliminary results. 
Hire Purchases gave (remind on 
dearer credit fears. Lloyds and 
Scofish "aye un a penny to 91 p 
as did UDT, to 3Sp. 

Insurances displayed no set 
trend following a small trade. 
Still benefiting from investment 
comment. Hambm Life priced 
forward 2 more tn 332p hut Willis 
Fnh**r receded 3 to 2K2o and 
similar losses were sustained bv 
Sun Alliance. 33Qn. and Guardian 
Rnvnf Exchange. 224 p. • 

Brev '-rips remained on offer. 
B-«« Chinringimt fell 3 tn liiln, 
w hile Allied. 87p. and G»inness. 
iQOn. shed 2 apiece. Greenall 
lVhllley shed 5 to U2 d following 
the agreed bid for the privately- 
owned James Shipstone. Else- 
where. Luis Gordon rose 3 to 25r> 
in further response to the results. 

In lethargic Buildings. Tending 
issues eased on lack of interest. 
Taylor Woodrow. 370n. and 
Marchwiel. 292*>. softened S and 
6 respectively. Tn contrast. Bryant 
Holdings added 2 to 53p. after 
56p. in response to a Press 
mention and Tilbury Contracting 
firmed 3 tn 277n. Further specu- 
lative demand developed for 
Milhurv which rose 10 to lOOp in 
a restricted market. 

Chemicals nassed another quiet 
session nhend or IfT* nuarter'v 
stntemcnt due on Thursday; TCI. 
iniUallv easier at 3B7p. picked up 
in close 2 higher on balance at 


372 p. Allied Colloids, a firm 
market of lale on smal] buying, 
reacted 5 to Tip. 

Leading Stores regained some 
composure after last Friday's 
shake-out. Debenhams, at 93 p, 
retrieved a penny of that day’s 
fall of 7 following further 
consideration of the results. 
Combined English closed a peony 
up at 93p in response to Press 
comment. UDS dipped 2 to 87p 
and House of Fraser cheapened 
a penny to 141 p; the latter’s first- 
quarter figures are due on 
Thursday. Elsewhere, Henderson- 
Kenton gave up 3 to 78p and 
L D. and S. Rivlin relinquished 
It to ISp. 

Among Electricals. Thorn fell 

4 to a 197S low of 326p following 
Lord Thorneycroffs warning of a 
flood of television imports from 
the Pacific area. Lonis Newmark 
reacted 8 to 170p. 

Having earlier eased to 350p on 
renewed profit-taking. John 
Brown picked up smartly in the 
afternoon on fresh investment and 
speculative support to close 4 
higher on balance at 3&0p. Else- 
where in Engineerings. Victor 
Products rose 4 to 12Sp. after 
130p. following speculative 
buying and Spirax Sarco were 
notable for an improvement of 5 
to 2S7p. Whessoe. however, lost 

5 more to 75p on further con- 
sideration of the sharp contraction 
in first-balf earnings and the 
bearish statement on second-half 
prospects. ML L. Holdings declined 
8 to 110p. 

Foods closed with little change 
following a quiet trade. Tate and 
Lyle touched a 1978 low of 168p 
before closing only a penny 
cheaper on balance at 170p. while 
losses of 3 were seen in Nnrdln 
and Peacock, Slip, and Robertson 
Foods, 147p. Associated Biscuit 
eased 2 to 7Sp as did United 
Biscuits, to Tap. but Rakusen 
edged up a penny to 19? p on 
revived bid speculation. In Super- 
markets. WUliam Morrison closed 
slightly harder at 75p ex the scrip 
issue. 

Ladbrokc figured prominently 
in Hotels and Caterers, losing 7 
to 185p. Press comment directed 
fresh attention to Adda Inter- 
national which were active and 
closed marginally better at 41jp. 

Coral Leisure easier 

Although credit curb and 
inflationary fears continued to 
undermine sentiment in the mis- 
cellaneous Industrial leaders, 
conditions were somewhat calmer 
yesterday after last Friday's sharp 
falls. However, Metal Box 
cheapened 8 to 300p and PUking- 
ton gave up 6 to 470p as did 
Unilever to 506p; the last-named 
still unsettled by last week’s dis- 
appointing first-quarter profits 
performance. Bcccfaam eased 5 
to 655p ahead of Thursday's pre- 
liminary results and BOC half- 
yearly figures due tomorrow, gave 
up a penny to 741p. Elsewhere, 
a weekend Press report about 
declining casino revenue un- 
settled Coral Leisure which lost 
5 lo 103 p. while profit-taking 


ahead of tomorrow's interim 
figures left Avon Robber 4 off at 
2l0p. Ahead of Thursday’s first- 
half figures, I CL cheapened 2 to 
294p. Crosby House at 163p, lost 

5 of last week’s jump of 40 which 
followed news of a large share- 
holding changing bands. Red- 
fe&rn Glass, on the other hand, 
hardened 3 to 285p ahead of to- 
day's interim results. 

Press comment directed atten- 
tion to Tate of Leeds which 
improved to a 1978 peak of 73p 
before closing a net 2} up at Tip. 
British Car Auction closed a penny 
harder at 47p on the dividend 
forecast which accompanied the 
announcement that the company 
had arranged a share placing of 
2m. new Ordinary shares at 41p. 
Associated Engineering shaded lj 
to 122? p in front of Thursday's 
interim statement and Plaxton's 
(Scarborough) eased 2 lo 71p on 
small selling ahead or today’s 
half-yearly report Dealings were 
suspended in Volvo, at IWI fol" 
lowing the trading halt in 
Stockholm and in Em ray. at 5p, 
pending the outcome of talks 
which may lead to a major re- 
organisation of the company. 

W. N. Sharpe featured with a 
gain of 25 to 200p on the capital 
reorganisation proposals. Geers 
Gross and Capseals put on 2 
apiece to 43 p and 42p respectively, 
the latter on speculative demand. 

Leading Properties opened 
fractionally easier on renewed 
concern about interest rates, but 
staged a rally to close little 
changed on balance. MEPC finned 
a penny to 12lp in front of the 
interim figures due tomorrow. 
Dealings in Carding Group were 
suspended at 20p following an 
announcement that discussions 
were taking place that might 
result in an offer being made for 
the company. 

Oils quiet 

Oils passed another quiet 
session in which British Petro- 
leum, S76p. and Shell. 554p, both 
softened slightly. Burmah firmed 
3 to B8p in late dealings following 
small American buying and 
Siebcns UK, initially a couple of 
pence easier at 380p. improved 
late on further speculative 
interest to close 12 higher on 
balance at 394p. Sceptre 
Resources put on 50 to 6I0p after 
recent firmness in Canada. 

Capital issues were notably 
weak In Investment Trusts. 
M and G Dual and Triplevest lost 

6 apiece at 105p and 134p respec- 
tively, while New Throgmorton 
fell 4 to 87p. Elsewhere, 
Rothschild Investment reacted 3 
to 185p and Alliance Trust 4 to 

216p. 

Shippings fluctuated narrowly 
in light trading. P and O deferred 
closing a penny better at 9Sp. 

Textiles had a few firm spots. 
Sblkih Spinners edged forward 2 
to 23p on tbe optimistic tenor of 
the chairman's statement, while 
similar gains occurred in Lister, 
47p. and Tricovillc. «tsp. • Reflect- 


ing Overseas influences, the 
Italian-based Snia Viscosa 
hardened 2} to 65Jp. 

Australians ease 

Australian mining issues tended 
to lose ground overall owing to 

profit-taking despite a further 

good showing in overnight Sydney 
and Melbourne markets. 

Turnover was again brisk with 
the quality stocks generally 
closing lower on balance but with 
the cheaper more speculative 
issues continuing to attract a 
lively buying interest. 

The gains in base-metal prices 
on the London Metal Exchange 
did encourage some late buying, 
however. 

Among the quality stocks 
Western Mining slipped 5 to 129p, 
while BH Sooth and Hampton 
Areas both closed 4 lower at 94p 
and 132p respectively and HIM 
Holdings gave up 2 to 202 p. 

Against the trend, however, 
Conzinc Rio tin to were again in 
demand owing to diamond 
exploration hopes and ’ closed 
another 5 better at a 1978 high 
of 230p. 

In tbe speculative issues. Pacific 
Copper rose 2 to 42p, after a high 
of 43p. Pan continental featured 
in Uraniums, advancing J more to 
equal their 1978 high of £13. 
Oeean Resources hardened a 
penny to 24p. 

South African Golds moved 
ahead for the third consecutive 
trading day reflecting the further 
75 cents rise in the bullion price 
to S179275 per ounce. But busi- 
ness remained at a low ebb. 

After being marked up at tbe 
outset of trading, prices held 


steady with the Gold Mines index 
registering a gain of 2.0 at 153.2. 

Among heavyweights, Harte- 
beest were prominent and finally 
* better at a 1978 high of £12}, 
while West Driefontem closed a 
similar amount firmer at a high 
of £20}. Vaal Reefs added a ball- 
point at £12}. 

Lebanon featured in lower- 
priced issues with a rise of 19 
more at 534p. 

South African Financials 
hardened in sympathy with Golds. 
New highs for 197S were seen in 
“ AmcoaU* 3 better at 540p. Trans- 
vaal Consolidated Land, } firmer 
at £13J and De Beers 2 harder at 
356p. 

The rise in the copper price 
following the flooding of the 
Koiwezi mines in Zaire prompted 
a good demand for Messina, which 
put on 3 to S0p- 

Elsewhere, Rio Tinfo-Zinc fell 5 
to 2 lip in front of tomorrow's 
annual meeting. 


WEEK’S FINANCIAL 
DIARY 

There was a transposition of 
text in the Week's Financial 
Diary in yesterday’s issue and 
the lower of tbe two lists of 
•Board meetings in tbe third 
•column of the Diary is scheduled 
ifor Thursday May 25. Arthur 
Wood meeting is also due on 
that day. 

Marley’s interim statement is 
to be issued oo May 31. 


FINANCIAL TIMES STOCK INDICES 


"Mac : Mnv 

22 ; is 


Miv 

IB 


May 

17 


M*v ' Jl»v ! A mr 
lh • li> ' ago 


Gai eminent Me* 

Interest 

Industrial IMllBMT— 


CM. Dlv. Yield 


P/B Katin |ne«H"t’ ] 


70.19 

70.45 70.97 

71.12 

71.14 

71.471 

Tass 

71.74 

71.99 

72.32 

72.30,' 

72.40; 

73.40. 

71.07 

468.8 

470.6 

480.9 

480.3 

481.6 

485.0' 

455.5 

155.2; 

153.2 

151.0 

150.6 

151.3 

149.2! 

104.0 

5.62; 

S.Sli 5.60 

6.51; 

5.52; 

5.501 

5.05 

17.04i 

17.03 

16.68 

16.73| 

16.75! 

16.6B{ 

15.60 

7 .85 1 

7.8S 

8.02 

8.00 

7.991 

8.02' 

0.37 

B.B40! 

5.648 

4.795 

B.707) 

5,885; 

8.546 

6.820 


85.35 

88.28 

73.691 

87.80; 

S3.80 

78.34 

1 

15.054; 15.845 

16.261 1 

17.9351 

17.8881 

19.520 


10 3 . 01 . ser.a n a-m. 467 j?. Noon *S.7. 

2 p.m. 466.4. 3 P-m. 4«8->. 
Latest Indox 01-346 H26. 

■ Rased on 32 per cent, uorpornilon tax. 
Basis 1OT Govl Secs. U/M-Sfc F|»d m. J9»- 
Mines 1 3/9 S3. SE Activity July-Dee. IMi. 

highs and lows 


1 p.m. 46 5.7 


t Nil-7.71. 

lnd. Ord. 1:7.36. 


Gold 


S.E. ACTIVITY 


( 

ij?3 ; 

■tiru-e (A»nt|i»l«lu.n 


Uieii , 

| laiw | 

Ulgtr [ 

U*w 

Gov#. Sect— ; 

78.58 . 
(s/)j . 

| 70.19 1 
(22*. 1 

127.4 I 
rtffrfs't j 

49.18 

(i.'i./bi 

PUed lot....; 

81.27 
CJ L) . 

71.74 1 

1 itS.'b) j 

190.4 < 
i2B' 11,47)1 

50.55 

lOii.Vo 

lad. UnL.... 1 

497.3 
■hill 1 

433.4 . 649.2 1 

i2.il 1 , 

49.4 

(*h40> , 

Gold Sffties.i 

168.6 
(C.O> ! 

' 130.3 
ifiiii 

442.3 .> 
.‘£La./b<: 

43.5 , 

2MO"T!> 1 


j 

Slav I 

May 

IS 

—Laily 

(•iir-tfaljR.*;.. 

171.6 

1 

! 147.9 

Indii*4i'ii-....: 

188.2 

206.9 

si|,eriilalite ..- 

37.5 

38.9 

T.MfllK 

119.3 

128.B 

5-<Uy At'iuu*. 
(ifl(-K>)|.l > ri... 

154.1 

148.7 

lililitt’lrlHi' ..1 

197.8 

199.8 

^pnnIxtliV... 

41.0 

41.6 

T.itula 

184.8 

12G.5 


OPTIONS 

DEALING DATES English Property. Fitch Lovell, 

First Last Last For Ladbroke Warrants. Thomas 

Deal- dS- Deriara- Settle- Borthwlck. Polymark, Pacific 

Y^s lion ment Copper. UDT, Warner Holidays 

* n *L a , . A Dttfay Bltumastic. Northern 

Sf? Mining, Compton and Wehb, 

May 23 Jun. 6 Aug. 17 Aug. 30 Electronics and John 

Jun. i Jun. 20 Aug. 31 Sep. 14 j$ rowiu vvhile doubles were 
For rote indications see end of arranged in English Property, 
Share Information Service co ra | Leisure. Mount Charlotte 
Money was given for the call and Fitch LovelL A short-dated 
in Talbex, Bellway. Hickson and call and double were transacted 
Welch, Mount Charlotte, Bryant, in York Trailers. 


ACTIVE STOCKS 


Stock 

ICI 

Coral Leisure ... 

Grand Met 

BATS Defd 

Barclays Bank ... 

Boots 

GEC 

Lucas Inds 

Beecham 

Burniab Oil 

De La Rue 

Distillers 

Rank Org 

Reckitt & Colman 
RTZ 


Denomina- 
tion 
.... £1 
... lOp 
.... 50p 

.... 2ap 
... £1 
.... 25p 
.... 25p 
.... £1 
25p 
£1 
23p 
50p 
25p 
50 p 
25p 


No. 

of Closing 
marks price (p) 


15 

9 

9 

8 

8 

8 

8 

8 


372 

103 

111 

293 

335 

197 

253 

302 

655 

63 

323 

178 

262 

475 

211 


Change 
on day 
+ 2 

— 5 

- 2 
- 2 
- 5 


1978 
high 
376 
144 
116 
296 
358 
23 L 
278 
31S 
678 
68 
330 
187 
265 
4S0 
219 


1978 

low 

32S 

101 

87 

227 

296 

184 

233 

240 

5S3 

42 

230 

163 . 
226 
392 

164 


NEW HIGHS AND 

Share 

attained new Highs and Low5 for 1978. 

NEW HIGHS (84) 

AMERICANS ll) 

Grow mna-Fe ms 

CANADIANS >41 

Bank ot Montreal Roval 81c. of Can. 

Bk. of Nova Scotia Toronto Dom. 8k. 

BEERS 13} 

Gordon (L.j Woiv. & Dudley 

Irish Distillers 

BUILDINGS <5) 

Bamberger* Rowhnson 

Milhurv Vibroplant 

Pochin's 

CHEMICALS (21 

Koechst Fjn. 10pc Woistenholme Bronze 
Urn. Ln. 

DRAPERY & STORES I4i 
Allied Retailers Home Charm 

Executex Steinberg 

ELECTRICALS 111 
Kode I nt ernat I 

ENGINEERING 181 
Alcan 9oc Cnv. Jen Its A Cartel 

Brooke Tool Mole iM.i 

Dclsan Seville Gordon 

Hid A Smith Victor Products 

FOODS ITl 

Morrison iWm ■ 

HOTELS <2) 

Adda Inter nail Stakls iRcoj 

INDUSTRIALS (11> 

Dom Hides. Pitney Bowes Ln. 

Dyson >J. A J.i A Pritchard Service* 
Electl. A led. Secs. Soihehv P- 8. 

Hutch whamp Wood >A.i 

Magnolia Zctters 

Marling Inds. 

INSURANCE ll) 

Hambro Lite 

MOTORS 14) 

Colmore ln»s. Perry (H.) 

Hanger Invs. 7am of Leeds 

NEWSPAPERS 1 11 
Sharpe 'W. N.i 

PAPERS (SI 
Assoc Paper Wace 

Do. 9‘;Rc Cony. 

shoes m 

Hiltons 

TEXTILES (71 

Beales J.i Shiloh Soinners 

Lister Snia Viscosa 

Martin (A.I Do. Prtv. 

Reed iWm.) 

OILS 12) 

Burmah Slebens tU.K.i 

TRUSTS lA> 

Inc Inv. Tst. Jersey U.S. Trust Fund 
London & Lennox Maicdic Inv. 

RUBBERS ID 
Chersonese MiHES (18. 


LOWS FOR 1978 

NEW LOWS (79) 

BRITISH FUNDS 140) 

Treas. 1l: : pc 1979 Fundg. _6>jpc JBS-B7 


Treas. 9<:sc 1980 
Exchqr. ISOC 19SO 
Trees. 1H:PC 1981 
Trees. SUpc 13B1 
Exchqr. Bl.pc 1981 
Exchqr. 9i*pc 1981 
Exchqr. jpe 1901 


Treas. Spc '86-09 
Trees. SUpe ‘87-90 
Fundg. 5'iDC '87-91 
Fund g. fisc 1992 
Trees. 9 PC 1994 
Cos. 3 pc '90-95 
Treas. 9pc '92-96 


Exchqr. 12>«PC 1901 Rcdmpln. 5 PC ‘06-96 
Treas. 8< ; pc ‘80-02 Treas. SNdc 1997 


Treas. -6-liec '9S-98 
Treas. 9<-pc 1999 
Fundg. 3 <:pc '99-04 
Treas. Spc "02-06 
Treas. 7 -'idc '12-1S 
Consols. 4 pc 
War Loan 31-nc 
Treas. 3 pc '66 Att. 


Treas. 14 dc 1982 
Treas. SliPC 19B2 
Exchqr. 9 udC 19B2 
Exchqr. 9 '.PC '82 A 
Exchqr. 0 ‘.PC 1903 
Exchqr. Spc 1983 
Treas. 12ac 1983 
Treas. 9Lpc 1903 
Fundg. 5'aPC '82-84 Consols 2 i.<pc 
T reas- B'-oc ‘84-86 Treas. 2 'ipc 

INTERNATIONAL SANK (II 
5 PC Storac 1977-02 

Corporation loans no) 

Bristol 7>,pc '79-81 G.L.C. 12':oc 1982 

L. C.C. St^c '77-01 Glasgow 9'jpc '80-82' 
Do. S';pc 1985-87 Middlesex 5 ',pc '80 
Do. 6‘,pc 1988-90 N'castle 9LPC ‘78-80 
Do. 3 Pc 1920 Aft. Warwick 12'rpe 1980 
COM9NEALTH A AFRICAN LOANS 141 

Aust. 5 '.-DC '81-82 S Rhod. 2'<pc "63-70 

M. Z. 7',-pc ‘83-86 Do. 6oc *78-81 

LOANS 141 

Met. Water 3 PC B FFI 1 3pc 1981 
USMC vrlthont WH. DO. 14pc 1983 
FOREIGN BONDS 121 
Ireland 7' : pc '81-83 Ireland 9'«nc '91-96 
BANKS (If 
Midland 10'jpc "93-98 

CHEMICALS 12) 

Burrell ICI Spr Prrf. 

ELECTRICALS (2) 

Philips Fin. 5*iPC Thnm Electrical 

ENGINEERING (5) 

British North rod Whessoe 

Pxord Ridgway Woll Elect. Tools 

Vickers 

FOODS nj 

Tam A LtK 

INDUSTRIALS «2> 

Hawkins A Tipsnn Porta K 

PROPERTY (1) 

Prop. & Rev. A 

SHIPPING (1) 

Manchester Liners 

TRUSTS IS) 

Brittania Arrow Crossfnars 

Trlprevnst Inv. 

RISES AND FAU^ 
YESTERDAY 


■T- 1 


ji/r 


uri'” 


r - 


tv , 

3- 


->1" iv: 


sdRV 


E.R.GO. 

Bo dels 
East Drieiontcin 
Kartehcvstfonlcin 
Klool Geld 
West Dnclonlein 

Zandaan 

Anglo Am. Coal 
Anqlo-Vaal 


Gold Fields S.A. 
Minorco 

Trans VI Consld. Land 
De Beers Defd. 
Tanganyika 
Bougainville 
rqnzinc Rlotlnio 
Pnclhc Copper 
Ceoene Cons. 


British Funds 

Carpus^ Dam. and 

Foreign Bonds 

Industrials 

Financial and Prop. ... 

Oil* 

Plantations 

Hines 

Recent Issues 

Totals 


Up Down Santo 


— 

72 

4 


33 

32 

IT* 

519 

Eto 

» 

2 OT 

Z74 

T 

11 

lb 

2 

IB 

20 

K 

31 

43 

1 

5 

U 

2n 

«U V265 


-r 


APPOINTMENTS 


Two vice-chairmen for Boots 


Mr. M. J. Vercy and Mr. A. D. 
Sprnecr. diroclors of Ihc BOOTS 
COMPANY, have been appointed 
i to.- -chair men. 

* 

Mr. M. L. Connor has joined 
Ihc Board nr AMALGAMATED 
METAL CORPORATION. Mr. 
Connor, who has been with the 
urn up since lOM is executive 
t'l-puly chairman of Amalgamated 
Metal Trad ins. the subsidiary 
•Vera i ins "is a fins denlins 
ini'inlicr of the London Metal 
Evchansc. 

★ 

Mr. T. Tipludy fi:is been 

a diredur nf the 

DISTILLERS COMPANY. He is 
i!i«- man.isnu dneclor nf Ihe 
.niH loud illusion. 

★ 

Mr. G. A. Gray lias been 
pi’innlt-il I’xeriilive director. 
! ionic hales, of DuWTY MECU. 

★ 

^li*.s Aim Spi*krs bus been 
c.iiied a inin-exeriUive member 
*'!' Hie Riiarrt iff ATV NETWORK. 
: •■pl.ieiii- Sir Eric ClajMin, who 
lias retired. 

■* 

\ir Yiev-Marshal \V. K. 
Mael'aseart is tn be the next 
l>:e>nlem of ihe ORDNANCE 
l;u.VRL> He lakes over on June 14 
from .Major-General R. 1* S. 
Green,, who retiring from the 
Arm>. 

Mr. John Rtandford. .1 director 
..f MACK AND WH. MORGAN, 
bay been appointed regional 
lTu Halting director. Mr. Peter 
Cross has become regional 
a-Miciato director. 

★ 

Mr. C. K. Ackerman has been 
elected chairman of Ihe ASSO- 


CIATION OF H\T)RALtLIC 
EQUIPMENT MANUFACTURERS. 
Mr. C L. G. Worn has become 
vice-chairman and Mr. R. E. 
Verguson is immediate past 
chairman. 

* 

Mr. Michael Starks, at present 
head of radio programmes at the 
IBA, is to rejoin ihc % RBC in the 
new posl of chief assistant, radio 
management (programmes). Mr. 
John Dulot, formerly head of 
current planning. BBC Television, 
will also join BBC Radio in a new 
position of head of planning and 
development. 

* 

Mr. Stuart Tanner has been 
appointed director of personnel 
and training Tor GRAND METRO- 
POLITAN HOTELS in place of 
Mr. David Hutchins, who is 
jearing to become managing 
director of member company. 
Midland Catering. 

* 

Mr. C Pelham Lee. formerly 
managing director of GUDIVA 
FIRE PUMP SERVICES, has been 
appointed deputy chairman and 
joint managing director . with 
special responsibility for admini- 
stration. Mr. II. J. C. Weigh HI 
has joined ihe company as joint 
managing director in charge of 
technical matters. 

* 

Mr. Ian Wilson has been 
appointed director of the engin- 
eering products division of 
AVON RUBBER COMPANY 
(BRIDGEND). Air. John Woods 
has become financial controller of 
the company. 

* 

BRITISH RAILWAYS BOARD 
has appointed Mr. W. P. Bradshaw. 


formerly deputy general manager 
of London Midland Region as 
chief operations manager at Board 
headquarters. He succeeds Mr. 
Robert Arnotl, who has retired. 

Sir Robert Booth has been 
elected president of the 
BIRMINGHAM CHAMBER OF 
IND1 !STR Y AND COMMERCE. 
Mr. .1. L. Brown and Mr. A. Darid 
Owro have been made vice- 
presidents and Air. N. R. Glllott. 
honorary treasurer. 

*■ 

The following have been 
appointed to the Board of 
TEDDINGTOX INDUSTRIAL 
EQl ? JP}rENT: Air. A. F. Sunnick 
(sales). Air. J. E. Searlc (produc- 
tion) and Air. AL $. Clark 
(finance). 

★ 

Mr. Ian Foster has been 
appointed director of the South 
London regional office of the 
EXPORT CREDITS GUARANTEE 
DEPARTMENT at Croydon. He 
succeeds Air. Bill Hawes, 

* 

Air. F. J. AloorfooL chairman of 
Kodak, has been elected chairman 
of the INDUSTRIAL PARTICIPA- 
TION ASSOCIATION in place of 
Air. Nigel Vinson, a development 
commissioner. who becomes 
deputy president. 

* 

Broadbent-Jones and Partners, 
to be known as CORPORATE 
CONSULTING GROUP, have set 
up 3n advisory Board. This 
consists of Sir Cyril Hawker 
(chairman j, Air. Robert Caiman 
(U.S.). Sir leuan Haddock and 
Dr. John Treasure. Mr. Leslie 
Dighton and Mr. John Scott- 
Oldfield continue as managing 
partners. 


FINANCIAL TIMES 

ItRACKEN HOUSE, hi. CANNON STREET, LONDON EdP 4BT 

Telex: Editorial KSG341/2. SX3897 Advertisements: 8X5033 Telegrams: Finanthpo, London PS4 

.Telephone: 05-248 8000 

For Share Index and Business News Summary In London, Birmingham, 

Liverpool and .Manchester. Tel: 346 SIKS. 

INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

.\m>trrd:iin; P.O. ik»v 1296, Amsterdum-C. 

Telex 12171 Tel: 240 555 
Birmmgftaiu: George itot^e. George Road. 

Telex 338630 Tel: 021454 0922 
Bonn: I’ri-ssluiis H/IU4 lleussaUee 2-1U. 

IVtev 88M542 Tel: 2 J 0039 
Brussels: 59 Rue Duralc. 

Telex 232S3 Tel: 512-9037 
Cairo: P.l>. Box 2W0. 

Tel: 938510 

Dublin: 8 Fitzwilliam Sqnara. 

Telex 5414 Tel: 785321 
Edinburgh: 37 George Street. 

Telex: 72484 Tel: 031-226 4138 
Frankfurt; 1m SachsenLager 13. 

Telex: 416263 Tel: 555730 
Johannesburg: P.O. Box 2128. 

Telex 8-6257 Tiff: 5W-7545 
LLsbon: Praca da Alcqria 58- ID, Lisbon 2. 

Telex 12533 Tci: 362 508 
.Maffri-i: Kspnmdceda 3 2. Madrid 3. 

Tel: 441 6772 


Alan Chester: Queens House. Queen Street 
Telex 666613 Tel: 061-634 9381 

Moscow: SadOTO^Saniotechnaya 12-24, Apt. IS. 

Telex 7909 Tel: 294 3748 
New York: 75 Rockefeller Plaza. N.Y. 10019. 

Telex 66390 Tel: (212) 541 4625 
Paris: 36 Roe dn Sen tier. 75002. 

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Tel: 253 4348 

Rome: Via della Mercede 55. 

Telex 61032 Tel: 678 3314 
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vagen 7. Telex 17603 Teh 30 60 88 
Tehran: P-O- Box 1 1-1879. 

Telex 2I26M Tel: 682698 
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N.W n Washington D.G 2WMM 
Telex 4402Z5 Tel: (202) 347 8676 


advertisement offices 

Birmingham: George Houmt. George ltoad. 

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Tel: 0522 4*4969 


Manchester. Queens House. Queens Street. 

Telex 666813 Tel: 061-S54 9361 
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SUBSCRIPTIONS 

('opic> ohiainablo from newaagrnLs and book-stall-, worldwide or on regular subscription 
from Subscription Department. FinancLil Times. London. 


LQNDON TRADED OPTIONS 


July 


January 


— 

Optl"" 

Us'rciae 

[■rice 

Closrna 

offer 

Vol. 

; 

ClMiru-' 
offer Vol 

Ulc*mi» 

..ffer 

Vol. 

Equity 

ckw 

BP 

750 

1*0 

2 

152 

_ 

172 

__ 

876p 

III 1 

800 

01 


107 

— 

127 

1 

„ r 

Iff 

850 

53 

— 

74 

— 

94 

— 


HI' 

900 

2 a 

— 

45 

3 

66 

2 


1 nion 

140 

I4ia 

— 

20 

— 

21Vg 

— 

147 p 

Lnli.n 

160 

4lj 

— 

10 

— 

13>; 



.. 

CtHlt. tif*l 

160 

lBia 

6 

261-j 

— 

31U 

— 

174p 

if.ii,, a •■•Iil 

180 

7 

— 

15 : 2 

12 

20 ia 

3 


Court a« l.l- 

100 

24 

— 

24 

15 

241* 

17 

12 lv 

Gtulnililt 

110 

14 

— 

i5lj 

— 

171* 

— 


. •nirlmiNl. 

120 

8 

10 

10 

— 

121* 




( -iiirLHUlil, 

130 

41 S 

33 

7 

— 

9 

7 


h« 

220 

40 

2 

46 

— 

52is 

— 

253 p 

I. hi" 

240 

£4 

— 

32 is 

— 

39 

— 


l.KC 

260 

11 

21 

21 !• 

5 

■ ■ 

— ■ 

„ 

linuvl Mw. 

IOO 

16i z 

— 

191i 


II 



lllf 

l.rmnil lire. 

1 10 

a 

19 

13 

8 

161* 

5 

... 

iJraruf Met. 

120 

4 

— 

8 

— 

12 

7 


ICI 

330 

48 

6 

52 

13 

56 

3 

371p 

ICI 

360 

23 

17 

32 

10 

37 

2 


ICI 

390 

74 

64 

17 

1 

24i* 

1 

205p 

Utnii S=ec«. 

180 

£bi 2 

5 

31 

5 

66 

12 

LkiiiI Seta. 

200 

13 

3 

IS 1— 

6 

23 

7 

„ 

Lan>l Ser».. 

220 

4lg 

8 

10 

10 

14 

_ 


Mark* A .Sp. 

120 

19 

30 

22 

— 

25 

3 

136p 

Marv> X by. 

140 

6 

46 

12 

■ 

16 

B 


Mark# A ->i.. 

160 

IS* 


6 


8 

1 

553p 

rthell 

5QO 

73 

- 

96 

17 

102 


.Shell 

530 

33 

1 

S3 

11 

80 

6 

M 

shell 

600 

I2ii 

— 

21 

4 

32 

1 





272 


120 


83 



RECENT ISSUES 


EQUITIES 

lnMir ' Ct^T 

1 Price 

1 <•: 1 

ih] ia™ 

L2 1 

* • lllgb j Low 

Stuck 

1 

i _ 

“ I Is! 1 

=< r-A 

“"j"" 

— — 

-l-l- 

Ml 

— — 

- ! 1 

l_ l“ 


FIXED INTEREST STOCKS 


\ : 5 E i ISTW 
<£ ~ Hi- n 1 Ui» 


I - 


I -.w t 

= « 1+ or 

iir 


| r.r. . _ 
LJ^ ' K.F. ' - 
IJ0|: F.F.IdUO 
IJup K.l*. ' - 
■" • «■» 

CSB 'WO 


lOUfi - 
£10l) : Ml 
S90S.:i‘lO 
- v.P. 


iti ju Vlf r.Vmai. Iirils, lu.c^arn, fn 

liner, kijjrt-* I in I'm, \nn„i-ir c^.. 
I l'.i| • 1 I0*i' ; Vnmtaitr (b-i Uffa® srui Lniu. Prei— . 


!05ir llWi UrtliJiiii- i.V.«uv. Uum. Htvl. Old I’m.... 

£|1-,! 27 : ,*irk Uiltt. li^ 111. Bun. '-.Vi' 

<2&:8 1Ul 4 l 4&Wrwn*u-li tLm. Hum. ofi H% Itol. 1966. 

, y.w 1 -jo, ■ Kk IUmims |J.I 0^ Gum. IVeT, 

JJ 6 lt»>p | tfftslfiuan' lum. Frf 

lwu iIvimti ITcH'll li^Cnv. L’n*. Lu.ltU4 

; 1-9 • 10 8 rene Jt Wtar ISfe llrrt. HME 

" 16 6 lOll-ii Wl lJWa.tr I'ntlerlen 10% Prel 


S7JP, 

.|SU9a«| 

109|.' 

i08ft 

.. » • 

. 46J* -5s 

- UHHp: 

■ 97 w 

■iuni 

8 ! — In 

ioi 1 ...7. 


“RIGHTS” OFFERS 


iviw] 5“ 
Fnwrl s j 




Lair < 

l.'euuiu . 
UkU- 


1t>/c 


Hltft. 1 Li» 


.Stock 


20|i , Nil 
30 - F.P. 
do | t.e. 
Cv24 I \- 
2Di> : Ml 
74 , Si. 
543 1 M 
3J • K.P. 
154 , F.F. 
SOp >'i* 


15 16, 
3=' 


26;5 

31/d 

loite 
16 -Uj 
6 . 6 ; 


7/7|liJ2|ni.lDi;pia l UreflL Cbecnk-als 

£a a Shi 48 uivwii Ik-vi'm Kcnl_..... 
3l-= 132 _IL iliiih-usli. 

— I47i’m -53PU1 k'nuariiau ln>|^r-a- Buk.. 

— |3ti4pm SSpaiil'enti*) ikunffaetuiinx- 
23/6| itlpnil Sdpm[H-4-mo 


85/8- 62pm! ' Ul'Pk JU-'U1nt».<ah.^ 

9/Q; oJ 4254 : 3upi* 

13;»" 18tf ' 165 |Tuni« .V Neu'aif.._ — .. 
17/?i bAiunl 54 h»: w >IIco 


Ukniac 

Price 

Iff 


+ IN 


+ 5 


182 1 in 

561* 

138 
47 pm 

58pm 
8d|.iii 

Trc! 

180 1 

4lgpmj— Ig 


Rennnciatign 0at£ iisnalls last day (or deal Inc of aamp duly. - t> Figures 

based on Proso-ems vstunaie. 0 Assumed dKid-.-nd ami rleld. u Forecast drvidend: 
cover based on nrvvious year's eamlius. * Dividend and yield baaed on prospectus 
or «&er om^ui cNiimaies for 1979 g Cross, r Figures assumed. : Cover diw, 
for canvi-rsiou of shares not now ranking for dividend or rankiog only (or restricted 
dividend", i p la cine prln- 10 public p - Pence unless oUMrvnse indicated. r , Issued 
by ii-ndvr. t Oili-red io holders of Ordinary shares os a " riahw " TssuV 

by way of capnallsacJon. t' Munminn lender price. 39 Reintroduced- Issued 

m connection «rPh reorRanisaUon merger or rate-over. II 1 , l imroduction. Q bnu^i 
to former Preference holders. ■ AUolinem loners tor fuJIy-iuldf. • PrortstonaJ 
or panly-naid alloimeni leners. * With warrams. 


FT— ACTUARIES SHARE INDICES 

fhese indices are the joint compilation of the Financial Times, the Institute of Actuaries 

and the Faculty of Actuaries 


EQUITY GROUPS 
GROUPS & SUB-SECTIONS 

Figure* in parentheses show number of 
slocks per section 


Mon., May 22, 1978 


Index 

No 


3 

4 

5 

6 
8 

It 

12 

13 

14 

21 

22 

23. 

24 

25 

26 

32 

33 
-34 
35 
38 
37 

41 

42 

43 

44 

45 

46 

2L 

51 

5L 

61 

82 

63 

64 

65 

66 
CT 
68 


CAPITAL GOODS 1170) 

Building Materials (27) 

Contracting, Construction (26)~. 

Etecaicalfi05»- 

Engineering Contractors i 14 l„. 
Mechanical Engineering (71). ..... 

Metals and Metal Forming 1 17)... 

CONSUMER GOODS 
(DURABLE) (52) 

LL Electronics. Radio TV (IS) — 

Household GoodsflZj.. 


Motors and Distributors (25) — 
CONSUMER GOODS 
INON-DURABLEM176I 

Breweries ( 14) — 

Wines and Spirits (6) 

Entertainment. Catering tl7) 

Food Manufacturing (22) 

FoodRetailingll6) 

Newspapers. Publishing 1 13) ..... 

Packaging and Paper tl5i — 

Stores (39) 

Textiles (25) 

Tobaccos (3) — 


T oys an d Games |g» — 

OTHER GROUPS (97) . 

Cherniak tlSl 


Pharmaceutical Products I7i_^... 

Office Equipment (6) 

Shipping (10L 


Miscellaneous (S5) 


INDUSTRIAL GROUP 1495). 


210.47 

188.77 

338.05 

440^4 

315.79 

169.94 

16302 

193^9 

224J0 

17637 

124.65 

199.73 
232.14 

254.73 
253.96 

189.73 
197.28 
37722 
227.12 
17734 
18124 
25726 
104.25 

195.42 

271.42 

258.67 
136.62 

424.67 
204 AS 


Day's 

Change 

% 


-05 

- 0.8 

-L0 

- 0.1 

- 1.0 

-03 

-Q-8 

-05 

.-0.7 

+oa 

- 0.2 

-0.9 
-13 
-0.9 
-L7 
-Ll 
-0.7 
-03 
- 0.8 
- 0.1 
- 0.6 
— L2 
-0.4 
-03 
- 0.1 
-0.4 
4-0.8 
4-0.1 
-0.4 


Oils 15). 


5M SHARE INDEX— 


20757 


ESU 


23130 


- 0.6 


-03 


FtNANCIALOOUPaW) . 
Bashstff) 


Discount Haases (10).. 


Hire Purchase (5l— 

Insurance (life) (10) 

Insurance (Composite) (7) 

Insurance Brokers < 10) - 

Merchant Banks 1 14) 

Property (31). 


Miscellaneous (7).. 


Investment Trusts (50) 

Ifining Finance (4) 

Overseas Traders 1 19> 


ALLSHARE INDEX) 673) 


163.63 

188.98 

20L09 

14534 

13672 

12537 

344.62 

79.17 

226.77 

10633 


203.63 

95.71 

31237 


21339 


-05 


-0.7 

-1.4 

-03 

-L4 

-03 

-03 

-0.9 

- 1.1 

- 0.1 

-13 


— L2 
-L5 
-05 


- 0.6 


Est. 

Earelaes 

Yteld% 

(Max.) 

Corp. 

7hsa» 


17.78 
1611 

19.79 
15.52 
1850 
19.00 
1730 

17.46 

15.63 

16.32 

2039 

16.21 

1452 

15.88 

13.89 
2054 
1438 
10.48 
2053 
1L86 
20.70 
2150 
2030 
16.40 
1852 
11.18 
17.88 
18.68 
16.76 


16.72 


14.95 

16.45 


25.04 

13.46 

14.00 

302 

24.57 


334 

17.49 

15.46 


Gross 

Dh. 

Yield% 
(ACT 
at 34% 


5.67 

5.76 

4.02 

4.02 

6.46 

6.18 

856 

4.93 

3.85 
639 
6.16 

5.87 

5.78 

5.66 

6.72 

5.85 
.4.79 

339 

935 

4.57 

7.43 

738 

5.99 

5.80 

638 

3.94 

4.73 
7.41 
631 


5.74 


4.00 


5.47 


5.65 

5.70 

8.48 

5.64 

656 

6.80 

437 

6.09 

3.08 

7.47 


4.78 

7.19 

6.62 


5.53 


Est_ 
P/E 
Ratio 
i Net) 
Corp. 
TaiE% 


7.83 

7.91 

732 

933 

732 

7.15 

702 

8.12 

902 

8.42 

7.04 

835 

9.89 
955 

10.42 

6.44 
959 

1307 

6.89 
12.37 

509 

553 

6.45 
8.03 
735 

11.18 

6.62 

659 

8.09 


8.12 


736 


7.97 


6.05 

1L00 

1033 

6356 

5.63" 


3006 

6.97 

8.07 


FrL 

May 

JO 


Index 

No. 


21150 

19034 

34148 

44100 

318.93 
17031 
165.09 

194.17 

225.78 

17613 

12406 

20145 

23643 

25708 

258.46 

19185 

198.73 
37830 
22SJU 
17766 
18237 
26030 
104.6s 
195.75 
271.62 

259.73 
13550 
4242b 

284.93 


208.85 


4SS32 


23251 


16479 

19168 

20156 

147.43 

139.04 

125.73 

34761 

80.07 

226.97 

10738 


206.12 

97.16 

313.93 


214.58 


Tbum. 

May 

18 


Index 

No. 


214.92 

19284 

343.90 

45172 

323.76 

172-61 

168.05 

198.06 
23156 
17653 
12606 

20509 

240.45 

26237 

263.40 

193.68 
20157 
39032 
23039 
183.02 
18456 
26128 
10552 

190.68 
27534 
262.00 
137.14 
43454 
208.97 


21239 


49807 


23605 


16831 

19804 

19936 

15239 

14006 

12837 

35181 

8002 

230.64 

109.50 


209.00 

97.88 

31836 


22800 


Wed- 

97 


Index 

No. 


Tue*. 

May 

lfl 


Index 

No. 


21309 

19146 

343.95 

44635 

32205 


172.41 

267.98 

19609 

23008 

17638 

12632 

20539 

24057 

26237 

262.73 

192.69 

198.98 
39143 
23018 
18630 


18338 

258.70 

10538 

195.74 

26752 

260.08 

13535 

43233 

20736 


21141 


50137 


23537 


16808 

19936 

19934 

14932 

140.71 

127.93 

350.47 

8055 

229.42 

108.92 


20935 

97.08 

31810 


217.47 


Z13.93 

19252 

344.03 

44709 

321.95 

27136 

168.77 

19751 

Z3050 


27655 

32668 

20559 

3950 

26235 

26205 

19352 

19967 

390.07 

23031 


Year 

■w . 

OppnnJ 


Index 

No. 


tdfrtSA-.'. • 






286.70 
28428 

258.70 
10453 
195.75 
267.48 
25966 
13557 
43437 
20738 


21156 


49809 


23530 


164.40 

202.14 

19837 

15046 

140.74 

12966 

348.44 

8051 

230^ 

10814 


28709 

9625 

319.45 


21753 


180.73 
153.07 
24806 
349,19 
24302 
16456 
15358 

16421 

18152" 

164.73 
11855 


168.46 
17456' 

19633 
21706 
17254 

16935 A - ' 
29L07 
120.« 

14337- 

22938 '. ; - i 

95.71- ’« 

180.48 

247.9*" i*! ’ 

80S ■«* 

10689 
520.C 

lMfi 
1»« 


063$. 

13969 

15357 . 

178* - 
12&£ ; 

21878 7 -V'. 
215* . 

»8 srr- 

19259 ” ['.}■ 
jgJt”.’. -i..-: 

188^ .* -V 

mg.'.;-...: 

1893# ’./■ 



FIXED INTEREST PRICE INDICES 


Britigh Government 


Under 5 years. 
5- IS years 


Over 15 years _ . 

Irredeemables 

All stocks 


Mon. 

May 

as 


18504 

11559 

11955 

126J4 

11258 


Day's 

change 

% 


-039 

-OH 

-026 

-0.67 

~027 


xd adj. 
To-day 


xd adj. 

1878 
to date 


3.63 

2.44 

4.97 
608 

3.97 


fixed interest 

YIELDS 

Br. Govt Av. Gross Red. 


U>* 5 years.. 

Coupons 15 years.. 

25 yean.. 


Medium 5 years.. 

Coupons 25 yean.. 

„ 25 years.. 


01 Sb 5 years.. 

Coupons 15 yean.. 

25 years.. 


Irredeemables. 


Mon. 

May 

22 


8.70 

1103 

1162 


1121 

2226 

12.43 


1154 

12.77 

1321 


U52 


Fri. 

May 

19 


Year 

. *v > : 
««****• 


863 

1101 

1157 


1135 

2222 

1238 


1L« 

1273 

1335 


1L« 


722 

1051 

JL0. 

9-58- 

3248. 

J2g 

3032 

as#- 
12 TL 


: 5* 

•• r 

. . n 

" v- 

vio 


X ■* ; 

V. S'" 


lOliv* 


Hoiuiay. liny £2 


Index | Yield 
>«■ 1 % 


Frlilay 

May 

19 


Thin-*. 

Hbv 

18' 


Wrf. 

“a 


m 


TucnUv 

Slat 

Is 


Holiday! Knffat Thun..: '“f 

3 i: r i »»■ l 'ir (^"i 


15 


]*’ 


15 

16 
17 


-0"ST. Red. Deb & Loans (15) 
Investment Trust Prefs. (15 j 
Coml. and Indl. Prefs. (20) 


67 .28 >12.95 
51.82 j 13.75 
69.921 13.14 


57.78 

52.35 

70.30 


S7.B7 

52.35 

70.47 


57.83 i 57.87 57.73 j S7.80 j 57.10 j 
52.17 ; 52.17 52.17; 52.16| 5206 | UL8*" ,‘v 
70.41' 70.30. 70.3a! 70.32 [ 70 J* !'.?****' ”; 






K 



- < 




























































































Financial Times Tuesday May 23 1978 


41 


insurance, property 

■ BONDS ■ ' 


Ablwy Life VManncf Co. Ud 
3 :» *t. rati ik Chun f» am. (>1 


XQUiiyFutMl.^... 

Equity Arc 

rnemylii . . _ 

Property An- 

MlMIlfhlltH.. .. 
I'omeiflblr hMn«l„ 
•MonrV Fluid 
rvnl Pruppiiv,,.. 
Pi«i.sri«-iii't> 

PattiuSiisurUv ‘ 

l>n«. Managed.. 
Proa, {-jni/itf 

*IWS t-rt <4-r 4 
tVan hi .v,.f 4 

erquily hi s««r 4 

9l'lKl».l-il Spr 4 

VU,Mi+v V'ri Jm r -i 

rn.-c* ai .Ma> 18. 


|N« 

3466 

|R‘ 

1298 

;uo 7 

,ma 

U 4 q 
.174 3 
15s i 
Has 7 
133 0 
33 9 
,110 9 
1089 


381 
S2 II 

]»« 

iu 3 

134 -i 

177 1 
180.W 
„ 07 d 

185 3 
167 ? 
i »?2 

14D 1| 

JI 6 & 

114 


.WMH 


General Portfolio Life fns. C. Ud.¥ \pr v* — . , . . 

B»> Bartholomew u. Waltham Urosa. H'UDCI jo . ” e “ s i°“ s .Management Lid. 
IN.Hi..,,.. r UMl1 . | Hi,, | | _ 'Jf- Vj '«* -rr htin-hSt.EtJ3P3HH. 0I4C343M 

Iv,n intin I’api i«| J43 8 4751 Jl’J _ Managed f. nod (l«.l 157 Zf I — 

r.reaham Life Ask. Soc. lid. . V 1 ^ dwUns iw * u 

~ i'rwa of Wnlrj. Hd . B'nwutA. OSH T87SM -' ,ew Zealand In*. Co. (U.K,» Ltd.* 


*| ’ a-'h V'linrt 
ti.l. K>iji;i Knud... 

<■ L Girl Fund 
ti 1. Inti. Kuuii 
ii I* Pint. Fund . 


!%0 

1050 

110.4 
.(120 f 


— Martland H«a»e Southend SSI US 070282955 


•y ■» i Ki-i im- Plan 
Nmall i. v -» Frt. _ 


— Trrfcmtogi^Vi ... ! 

— Kstra Inc. Pd. . 


Anu-rican Fd 

KarJU<;iFd 


zit - 


' Jiiwtwn normally Tm-«. 

^ ife Assurance Co. lid. 

m-errsaes 


10L< 

1105 
116 21 
. - . JZ7X 

■ f« 0 1O1.0J 

Growth & js«. life Ass. Soc. Lid.* 

MpirtianVi.Bru-OB TharaK. Elerka. OtBUnan ^iltkrtged Fd . 

V U'Tihiv Finnlu-e ( f 1.653 1 I - ‘- n « fi+posiiHil 

l-iiidh.-ink Si^-s ] j4 7] f I 

f.-mdh.w.i, sp L . ?ri .ji249 117 « .... - Norwich Union Insurance Croup 

l7 870 l ..._.l — Pi ifkii a. \orvich NR! XW. 


^ 0*8 

•101 3 

JjlU 
(1057 
1102 9 
|<K2 . 


141 8) 

104 

110 3 
106.6 
1169 -0.' 

111 3 -0 
1085 . . 
1617 ... 


CIS buin-rFd 


31. Old lliirlingim, ^ 1 

PKqui1\-|-'.I. \, 

»t- IK'il 1 11 1 
tiiirt.Mnni-il-it ,\r 
fintl Uan.Fri Ai-m 

PPITIP Kd .Vr . 

n&'plPlm. Arp 

V.r 

FiinH.7m.Ar.'. 
r.IdJlMi.ppn.Aic. 

Intl.Mn J^iFdA.' 


178 0 
137 0 

7 

1031 
107 8 
1401 
209 3 
172 5 
U27.9 

inv.Pcili re" 1195.3 


rnp.IVnArc 
Mplr ' “ 


187 4 
344 2 
219 6 
108 5 

220.3 
IBIS 
1346 
114.5 
127 8 
2054 


Guardian Royal Exchange Manaaixi Fund 

B01 j| KArhahfii*. K “ 3 Ol-taOTwr • 

f iwd fm Fund 


2Ug 


ITopom |174 4 UU4|......| — 

Harabro Life Assurance Limited V 
J" "Id Fnrlc Lu no. Lwdnn , W 1 01 An 003 1 

FisCiUm fh-p 


Fund 
Nor. I DiiMai- J5 ... 


12071 

0 

(1477 155.4) 

105.1 110^ 

2046 


nanissoo 


-P.8I 


^ -0 




(TTipcnj.. 

Manoardt ap 

Manured Arc 

• h-or^eas . . „ . 
Villi Edfed 


AMEV Life Assn ranee Ltd.9 

4m£\ Pnjp. fh ,. .. oZ 3 

J^Ey»fE«CPpn Kd. 972 

4MFA MjW.Wn B 1 93 t> 

FlMiplan 982 


95.a 

1015 

1024 

1621 

103.3 


<j\ 


Arrow Life Assurance 

*0. Lihnrlcp Road. VN JJ 
sp|.Mk.Fd.-p I 'nt.. 1885 

-lilkja- r * w - 

Pm.Mid . 

Pen-Myd FdL 


FenJ*.F.nep« : ar<_ 

PenJt.Dpv.Aic... 

Pen. Prop. Cdp 

Pen. Prop. A.-p 


Pen. Man. Arc. 

Pen. Hilt Eds. 

Pro. Bill EdR. Acc.. (127.0 
Peti-B.s.cap 

S Pen. BS.Arr. ... 
n. O iVF.Cap .. 
n. D.AF.Arc,. ., 


1267 

1313 


176 6 

1M9 


Ufl 9 

269 4 


HS 6 

147.0 


172 2 

1813 


119.4 

126.5 


122.4 

129 A 


1809 

U&J 

Mllll 

1272 

133 3 


147 8 
2021 

155.6 

21911 


7532 

272.5 


20 b.2 

2173 

11#t „ 

264.4 

2784 

•»» 

p21B 

127.4 


127.0 

1337 

aammmm 

123.4 

129.6 

..mrn. 

139.8 

146J 


101 2 


1021 



Mioeals Assurance Co. Ud. 

4-fi Kmc William ft. 7.C4P4HR. Ol^iESMTS 

S'V'hAf [111.4 11731 -1 31 - 

r Ph. .4** . _. .. 74.6 H. _ 

Eb r . raiq.EL ..{75 1 79 fj *3 jj ~ 


Prop. Equity dr Life Ass. Co.V 

316. Crawford .Street . WIR 2ASr 01-M6WK7 

t lex Money Bd. J 1«3 


Property Growth Absult. Co. Ud.V 

Leon House. Citndon, CHS 1LU 01 0606 


i > *!>!.. (88.5 
HL..J94Q 
Fd L'rj. Ill 9.J 
S<L-F.| . (11*4 


01-749 Bill 

iSff r 

id;?.!) « 


Property Fund 

Property Fund i A 1. 
Aenculiuial Fund. 
Aanr. Fund LAs 

Abtiev ,V«L. Funri . 
AhberNoL Fd 


Hearts of Oat BeneTst Society ... v 

15.17.TawUtotkPl ae p.WClH9SM 01-3875030 rnietim.mFS«t' ‘ 
Hcans of ,Tak.. . |363 U A{ . ... | - ImSK^i 

Hill Sam oel Life Assor. UULf 

NLA Tot . Addincombe Rd^Croy. 01<Bfl4355 Muncj-Fbnd " 


Barclays Ufe Astur, Co. Ltd. 
S2 Rotnford Rd . E.? 


^Property fnus ...I15L0 
Pr°Prn» Series A . llOO.O 


fUrola) bonds 1 -. 

Wultj 

'ill-edged. 

Property. 

Uanaced . „ 

UOWT; 

Un.PensAccum .. 


123 2 
113 7 
1M) 
102 6 
1078 


ivt. initial. {94 7 


Ml EdePtns Acc... 

rv. Iniual 

Money Pen*. Acr . 
lk> Initial _ . . 
■I'u/reiit unit 


ft* 


115.1] -0 4 


m 


|94 9 
J92 7 

H-4 

W72 


1083 
1135 
103 4 
1018 
997 
’WO 
97 6 
1040 
102.2 


-?P 


-01, 


Mm- 


Manattfd I -pits.„ . 1646 
Managed Series A . 97 2 
Managed sen esC . 952 
Money t ints U47 


M«>ney Senes A ]96 B' 


— Fn*. Managed Cap.. 


nt. Ser A 


Pna. Managed Acr h455 
B'leedXap . ,(l049 


23. 


rafoo 

Beehive Life Astur. Co. lid.* 

71. Lombard SLEC3. Ol«niM8 

Bit. Horse May 2.. ..{ mi5 | ..... | _ 

Canada Ufe Assurance Co. 


pn*.n- ... 

PnvC'ieed. Ace. ....(110 2 
Pent. Equity rap . . 950 
Fens Eguiii-Acc... Bd 
Fns Fid IntCap . 950 

PntLFsd InLArr. 959 

Pep*. Prop. Cap 95 0 

Pens. Hap Are.. 95 .0 


1586 
105J 

1733 -L4j 
102.4 -oa — 
iea2 -0.^ 
1260 

972 -0.4) 
M5J 
1533 


m 


18 IU|h Si. Potters Bar. Herts. FJUr 51122 U 55*^ 

SSUM«W-| SA I:.:j- Sgtl 


100.01 
100A 

a«S 

io£q 

Imperial life Ass. Co. of Canada 

Imperial llou-e. Guildford- * 71255 

Growth Fd. Mar ID (72.5 78.4 

Pen*. Fd. Ma> 16 . . |66.3 72_3 

Unit Unked PoiUolio 

«ffl ( - 


Money Fond'Ai 

Actuarial Fund .... 

«<i hedged Fund 
* •ili-Edged Fd iAi_ 

♦Rt-flrtf Anoulti- 

4>Unmed Ann 'ey 

SSi. «uK? ■ 

Pension Fd. L'ia.^_. 

r onv.l«ens. Fd. 

S“‘- PnA Cap. Ct 
Man. Pens. FU_ 


Man. Pens. Cy- £' 


Prop. Pens, . 

Prop JVnacap I'w. 


fife. 


. Soc. Cap. L't_ 


ions tc Ann aid 
027-2 133JM 

|128J 127.1] 

132.6 

i^S 

1322 
1445 
1324 
1299 

119.6 


Zit 


-oi 

- 0.6 


[r* ud- 




Pro via cut] Life Assurance Co. Ltd. 
222. Bisfcopsgale. E.C2. 01-2475533 

Pw- Managed FtL.lm.8 117.71 1 - 

Proe. Cash Fd... [1D4J 109^ I - 

GlU Fund 20 ,(114 2 J2o3 J - 


Cannon Assurance Ltd.* 


Equity Fluid I 1 


1. Olympic wy„ Wembley HABONB Q1-902BB7S Ufe Assurance Co. Ltd. 


EquitJ- Units 




10751 _ 


120H-OX^ 
13.H 


13 721 

1164 


-BD5] 


1 ( 12.1 

10 l 9 

1005 
1129 
1043 
103 2 
943 
485 
285 




-od 


EU42 

Prop. Bood.'Ener" ' 0350 
BaJ.Bd.Exrc. Unil. 0297 

nepttStBTH-id 110.4 

EquIlrAceum.. ... 176 
FtipfOyArrum... 02 43 
Ruin. Acrum .... 1577 

iMKquity 931 

2nd Property .. . 103 0 
2nd Man aged ... 96 5 

5 SSr“'.- . tl 

hid Eq. Pena Arc. . 95 1 
hidPro Pens Arc . 1058 
-’Ml Med Pen* .\c< 986 
iad Drp Pen' 4ec. 975 
hid Gill Pens. Ayr. 091 
-tr.st r .... 388 
ifMF.S 265 

t.urrcM ralue May 19. 

."■pita] Life Assurance* 

%-niManHnuw, Chape; A«hW-ton OPOSSSSlt 

trylniMI Fd . { 10072 I f _ 

'acemakerlnv Fd | 1D414 I .... — 


-flia 


a 


— D 5| 


11, Fln*burj- Square. EC2. 

Blue Chip May 16 (72 5 

Manured Fund 1214 9 

PropTstod May2_ll75 6 

Prop Mod.tRh (1931 

King & Shaxson Lid. 
52 Cum hi II. KC3 


Bond Fd. Exempt ...110638 207-TZf [ - 

„ Next dealing date June 7. 
Gort.Sec. Bd (11930 125 jM{ ..~.| — 

I j wgh a m Life Assurance Co. Ltd. 
Lon sham Hs, Holm brook Dr. .VW4. 01-2035211 

Lancham A’ plan... (64 J 67.W I — 

•Prop Bond.. 040 9 148jj .... — 

Wi*ip 1KP1 Man FdlTSti 79tl Z~A — 

Legal & General (Unit Assnr.) Ltd. 


Prudential Pensions Limited* 

Hoi born Bare, EZTLN2NM. 01-4056222 

01-833 82S3 Equil. Fd. May 17._(ES.07 
7631 I 448 F * <1 - tnLMayi7...„(a8.74 
mil "“i a n Prop.F.Syl7.... .E52e 

283^ “ii — Reliance Mutual 

Tunbridge Wells. Kent. - 006222271 

01-8235433 R«l- P»p. Bda J 296.9 ( l.| — 


Rothschild Asset Management 
SL Saiihin* Lane. London. EC*. 01-8284356' 

N.C. Prop. Mar, 3] ..|U43 121-M ...-( — 
Next Sun. Day Juno 30 


Royal Insurance Group 
Nnx Hall Place. UverpooL 061 227 4422' 

Royal Shield Fd_ (132.4 140JJ „...J — 


Kinftswood House, 
Surrey KT208F.I-, 


Caeh Initial.. .* 

Do At cum. 7 

Kqutty Initial f 

Do Arc um .. __ I 

Fixed India! ..... f 

Do..4rruia 


’harterbouse Magna Gp.* 

S, Cheques Sq. INhndcc UB81NE 
■hithw Energv ... 

'luibsr Money 
-■hnlixe. Managed 
hrtfaM* Equity 
4a|m» Bid. Nor . 

(aim* Managed .. 


37 5 

39' 

M2 

50.1 

U0O 

■WJ 


351 


1246 

141.8 


52181 


KintswoML 

- B m^- 

U19 ..." 

120 ? 

103 3f-0 
1033-0 
1223-0 
12AU -0 
182B 
1MR+0 


Uty of Westminster Assnr. Co. Ltd. 
Imeslead 8 Whiu-horse Road. 


■rojAmCRHZIA. 
jest Prop Fund -1546 
laoarrd F und ...... 170 7 

qulir Fund . . ..57 5 

-ormland Fund 781 

lonev Fond. 1203 

i« Fund . . 63 « 

U LA Fund . . -1730 
riw.Mtifd.Cap... 1133 
eni.Mnxd.Acr 117 3 
tut. Bonn Cap 164 
mi Money An- ..48 0 
rn». Equity Cap . 529 
en» F»uirt Arc. J54 7 
—■'iind riiirrnd.i- 
rt..rml'nit!i 


OI-4M0684. 

M- , 

“7 
1266 .. 

x5 tl ^ 

1192 
1234 

.. Il -Si 

■wed rn new im cm 
1977 f 

iiy of Westminster Assnr. Soc. Ltd. 
•Irphprr (II-8B4 W«U 

nil ml* ... 018 6 1 24 5| ( - 

■npertv I'nlla |54J 57.« I — 

ammrrrial i'nloo Group 


Inti initial . 

I»n. Accum. .. .... 

Managed Initial 

Do-Accuid.-. ... 

Property Initial-... 

Do. Accum 

legal A General (Unit Foil ms) 
Exempt Cash IniL.. 

Do. Acrum..— 

Exempt Eqty.lml.- 

Do. Acrum. 

Exempt Fixed Ini 

Do Acrum- — . 

■Exempt Mngd. InIL 

Do Accum.— 1 

Exempt Prop. inti. 


„ Do. Acrum. ...(96.9 



Save & Prosper Group* 

4. CtSLHelcn'* Ludn.. EC3P 3EP. 01^541 


Btl.lnv.Fd. 

Pro pc nr Fd ■ 

Giii rd. .. 

DepontFdt._. .. 
Ounp.PensJPd.r. . . 

Equity Pens Fd 

ITop.Per* Fd.- 

Gilt Pens Fd 

DepoaJVns.Fd t._ . 


1125.0 
049.4 
1U7I 
0225 
(200.4 
079.8 
7101 
90.9 

W7.7 

Prices on May 70. 
r Weekly dexiiaga. 


a= 


1323 -HI ~ 
1583 
1233 
129.0 

21L0 .....J — 

Stt j = 

1 :d = 


TRUSTS 


Abbey Unit Tst.. Mgrs. Ltd. (a> 

72-80, GoiehtHuORd.. Aylwbun-. 

Abbey Capitol— ^—(323 34 

.\bbqy Income (38.9, . 41 

Abbey Ini-.Tit Fd.. S 4 7 36.' 

Abbey vJmvTst 1*4.9 47 


Gartmore Fund Managers y ia>.gi 
01283Sol 


Allied Hambro Group* (ai igi 


Hambro list, Hunon. Brentwood, Laies. 
OI0B8 2fc) or aienruood l 02Tfi 


Balanced Fuad* 

Allied lift.. 

BrtLlnd* Fund 

i.rtK & Inr . — 
Eiert. a 2nd bev 


USM-TMl 2. SL Mary Axe. EC5A 8RP. 
-8-4 4.M n.AiwrtranTit — ffiO 
5*1 Bnilfibt3LiACT.Ug4.fl 
426 Co.-nmodltyNbture- ISSA 
3.95 ■ in Far Ean. Trust— SL4 
High Inrome Ts*-— 
Income FuiuL— 

lns.ABejtriex^ 2™ 

lntl.Eumpt Fd..... »-4 
iilnlLTlLiAM-] —(M.l 


317 

-01 

586 

-01 

367 7 

-Q.B 

31 f 


627 


75 4 

-i : 

K62 

-0.D3 




■Hi.i! 


Ham br« Fluid., 


647 

M2 

H)5 

bU 

35.6 

* 4 * 

-OS 

-02 

327 

35 On 

-07 

101 

75. F J ( 

-0 5 

1044 

111 7 

-0.9 

1175 

1257 

-0.7 


506 
4« 
5 JO 
438 


Perpetual Unit Trust Mngmt.v igl 
48 Han St . Henley on Thame* iWS 1 2 «K8 

020 KTWUialGpW,......14O.0 «W ... .1 131 

2.I3 Piccadilly Unit T. Mgrs, Ltd.* faubi 
S 55 Jlie H »a London Wall E1.-2 6380HU 

9.20 
A 25 
342 
2d 
350 

3 30 

4 01 
100 
L70 


318 

340 


40.5 

433 

-09 

462 

49 7o| 


469 

502 

-0.4 

37.1 

39 fi 

-0B 

61 I 

6$ 3 

-03 

SILO 

621s 

-0 1 

263 

282 

-02 

255 

27.4 

-OJf 


f Hilda 

High Yield Fd. 

Hieh Income.. 

A.H Eq lot-. 

InUTtBtiMial Fundi 

Internaupna] .1255 

Scot of America 154.7 

Pacific FUnd (S03 

SfHvrliUu Futula 


Jf? Extra Jo«nae__„, 

gJ* Small COV Fd. 

i f, ( .'a pita] Fund 

?“ Int £rofl, k 

- , .. - iJ °. I*n\»w Fund.. 1 

Gibbs f Antony) Unit Tst. Mgs. Lid. .Vccumltr. Fund — _ 

3^5? S66 23. giomtield St.EC2M JNL." ot -sw 1 1 Furd-iSM 

™ 9 bo ^n v ^"d.::. 

talA.G.FarFasr^ iTu ^ ^24^ 

Govrtt I John)* 

77. London Wall. E.CZ 01-N88 5630 “«»- Dniia (209.7 

1H TTj 1% Pwiacl »l Life ***• C ®- 

.Next dealing day .(line 22 
Grieveson Management Co. Ltd. 
rocmhamS^BCsrsps. Cii-eoexic 

426 


7351 -0 41 811 s 
72 W -0 7 6 29 q 

41.01 -Cij 6 71 U 

27.17 -01J 

a 4 $:°f 


2 49 
296 
243 


C30 Practical Invest. Co. Ltd.* iyKc) 

94. Blooinxk^ir; 5qt Wi.'l ASRA 01-6230003 

Practical May 17 — jl-MJ 15731 .... J 4.16 

2225] 1 4.16 

Ltd.* 

222.Bishops5ate.EC2 OI 3478673 

Prolific Lnl Is. 181 7 07 P -0.71 316 

Hlehlncome (1087 llbaa|-D3{ 754 


.Smaller Co.'* Fit — 


ms 


mm Stnlr. Co b Fd.-Wi 2 


IM1 


Recovery SI L- .. — ,.L - 
Met. Mln.ficCdO' ..[396 
Oroneas Eanitnes.p^ 9 
SxpL Sadr. Co's —4(212.0 



474 

526 

6JK1 

940 

4.51 

5.40 


Bamiixton May 17. 
■ Acrum. Vaicti 

Blen-H.YdMaylS. 
1 Accum. I'Bitai . — • 
EndeavMjy ]« — 

(Accum. L'niwi 

Grnchstr May 10- 

' Accum. L'lllUi. 

Ln.ltBrsls. May 17 - 


207 6 



234.9 

236 6 


1772 

185.6, 


fitl 

213 a 
IMS 


1817 



MO 

1027 


101.0 

1D5, l 


7IU 



PIB 

7sS| 



4.26 Hblborp Bars, EON ;>H 

7 84 Prudential 11240 

7 84 1 


U1-W5K22 
131.5 -d -0 H 4.42 


1.75 Qtriltvr Management Co. Lid.* 

L75 TheSdt-Ewhanse.ECCN IBP. 01-0004177 
Quadrant lien. Fd. .1104 0 10811-811 423 

jg Quadrtuu Income., j 124 J 12S0I t«.9( 7.05 

2.B9 Reliance Unit Mgrs. Led.* 


OFFSHORE AND 
OVERSEAS FUNDS 


Arbnthnot Securities lC.1.1 Limited 

P.O. Box2M.5t, Uelier.Jecacv. 0MA7217T 
Cap. T m. ■ f erBt- <• ■ ... (115 0 279 (Jn( .....I 4J0 
Next dealinc dale .Mav 23. 

East AlsU Tst .».!•. }\\2 0 119 0( \ JJ5 

first suh May 25 

Australian Selection Fund NV 

Marlin (.iitcvnun-iic*. r o Irr.h V011H 6 
Outhuiile. 127. Kent ST„ Sydney. 

I SJ1 Shares ( SLSL53 I [ - 

Bank of America International SJL 

3S Boulevard Royal. Liixembourv U3>. 
WMinxm inrome JirSHHf II0S6J . | 656 
Price* at May 18. Kexi ,«uh. dav May 24. 

Bnt. of Lndn. St S. Amrrica Lid. 

■W US.Queen Victoria S’ .Fl‘4. ui b:«i2313 

Af«anderFund. . |1' S786 — , 


King Sc .Shassox Mgre. 


1 Charinc i'suis Si 1 letier, Jnw. , CBM' 73741 
\ alley ii*e. S-. P»tt-r l\»n t;rn*i .(M81 . 24708 
1 Thotcax Srrcrt. Douclav 1 ■'.>! .0B24i 48M 

CiltFuiHl.Jrrreo 1424 92« ] 12.08 

liiliTrjBt.l ■- M 1 JZJI7 1 109# (1200 

• '■lit J-tirJ. i.iuern-eyltO t? 979| ..._ | 12.08 
lad. Gatt. i«n. T>t. 

Find Sterling _ ... 

First Intf.w . 


M82? 
(183 62 


■ M =l = 


1M06| 


Klein wort Benson Limited 


N« atict i*k' May 1,. 


20. F-nrlxin-fc S: . Hi.3 
k'unnteq Lux. F 
Guecuxev itw — — ..| 
r*y. Accum 
KRFsr I'axt Fd. 
KHintl Fund 

KP Iaf-an Fund 

KB I ( iluih Fd 
Signei Rermuitri 


] W Feuchurrh M. EC3M BAA 8230231 ^ »« mgrs.ua. 

Anderson f.T. (4850 52J0(tQB0( 4.43 Buy»lE«haiisciEC^’3DN. OieSBWU 


Ansbacber Unit Mgmt. Co. Ltd. 

3 NobiBSt.ErevvjA. 

Inc. Monthly Fund . 1162.0 


Opportunity Fd. 1636 70.11 ... I 

StidexteT.iAeri-Wl* 443^-0 3 

Henderson Admlnismive (ai ic» <g) z ^SSSS^tL. 

Ridgefield Management Lid. 


■ a£i Cuaro bill Tut— (883 


9131 -D7( 4.44 


5F7 

5.W 

558 


Banqoe Bruxelles Lambert 

2. Rue Do >a Hegrnrc R 10>xj Brui^'li 
Renta Fund LF.... I1.B45 1.902/ -?( 705 

Barclays Unicorn Int. tCh. Is.' Ltd. 

1 . Charing Croc*. S- Helier. Jr. > 0434 TJT4 1 

I'mrscas Incnmc .. 148 8 SI 41 i 10 84 

I'nidoflarTruM. ...Ill SUM !li»l 1 4 2B* 

LiubtujdTnlM .. .[tLSIHJ] IMIS ._ ] 8 00 
-Subject u> fee and uilhbolding tavea 

Barclays Unicorn Int. {f. O. Man) Ltd. 


■I nifundc- fill . 


0I-BS3M)fl0 


-21 


1635 1 

^87 8J« 

SI 410 62 
St SUt* 

SI S30 04 
>1 Ms 40m 
, W S4.9Z , 

114 00 10 901 ... . 

•KB art a* London paying agents only. 

Lloyds Bk. fC.I.l ITT Mgnc. 

P‘« Pox J05 St Kelirr, Jcrarv. OSN4 275*1 
UoydiTN iVi‘ (55 5 58 41 . | 2.20 

■Next dealing dale June 15. 


-60S 


331 

417 

417 

132 

1<6 

053 

079 

163 

099 


I Thomas Sl. Douglac. I oJI. 


Uovds International Mgmnt. SLA. 

7 Rue du Rhone. I’n 170. 12! I ucneTa It 

SFM6.50 aClOO «■ riM ( 150 

Lloyd* InL Income. jFMJIO | 6.20 


High Inc. Fluid. -Mil 
O' Accum. Unltai—.. 553 
W-dnrli’t*. 553 
Fraference Fund- 25 4 

(Accum. Unit* 1 37 9 

Capital Fund UD 

CommodiQ-Fund- 56 5 

lAccmo. L'nJtxi 814 

UWN.W’drwlV 1 99 6 

Fin.fcprcrp.Fd 172 

Giant* Fund 19 8 

tAccumTJnit*i 46.0 

Growth Fuad !35 

1 Accum- L'uitsi 39* 

Smaller Co* Kd. .... 267 
Eaxlero&lntl.Fd.. 24.1 
i87fcWdrBd.Uta.t_ 28.9 

FmelgnFd. B29 

N. Amer. & Int Fd 30* 


Q1-S23 errs, premier UT Ariwiu. JMfnii Road, Hunon. .. 

172 W . ...I s.60 Brentwood. Essex. 0377-217 238 POBos«0. 3M0, Kennedy at. Stanchesler 

I'.K. Fund* . _ . Ml 2» «L1 

47* -0 
4B«-b 
34 0-0 


Arbnthnot Securities Lid. (aHci 

37. Ooeen SL London EC4R 1 BY ot 2365281 YljSS 

Extra Income Fd U3.M -M U.12 ln<M,BC * Asaeu 


Cap. Growth Inc.— 
Cap. Growth Arc 


m 


306 l« .1 

> m -~4 


2 42 


9.10 

910 

910 

1214 


jHlgb Income Fort*. „ 

Htsh Inrome — PJ-S 

Cabot Extra Inc. _~W-7 


^ „ Sector Pnntf* 

12.4 Financial* ITU— t 

Ot! fc N»L Re* f 

Iniernaiional . 

Cabot V 

imernanmul J. 

World Wide May JOT 
Ovened* Foods 

Australian t 

European I 

Far Gait. 


552 

552 

532 

3.06 

286 

286 

2.98 

29B 


9-51 North Amen ran 

199 Ac Gtoi. May JO— __|I24B 
149 CabotAmer^ttCo. p0J 
Its 


445 -Oil 
59 i -0.3 

99* -0.3 

27 4 

00 a *0.1, 

193 -Oil, 

6UM 
87901 
5950 
18.7 

43 J -0M 
493 —0.71 
361 — 0.7 
42 5 -0 5) 

2090 -05 
263 -Di| 

20* -o3 

9L1 

3ilnl -0J| 

45 Beech Su EC2P2LX 

Archway Unit Tst, Mgs. Ltd.* farte) ib< Bn tub Trust IMti 

317. High Ho) born, WClV7.NL 01-8316=33. JS.lSSf.S n 4 

ArotawwFuud_..»8 892) ... .1 575 £ '.cSSSmfc 5 4 
Pnee* at May ltNert aub. day May =Sl rb! tS£Tl S.O 

Barclays Unicorn Ltd. taXglVlc! ibls^m^Tr^il R-7 
Dnicorn Ho. 23= Romford Rd. E7. 01-5345544 «1» High Yield TM_p8.7 

Dairorn America- 134 4 STM -0 4) u* Intel.* iallgi 

Da Anst. An... 70J2. 75 « +0.4 

Do. Amt. Inc 55A 603 -rOJ! 

Da Capital 65 7 TL0 -0 4 

Do. Exempt Tel 1088 1133a -10 

Do. Extra Income _ 27.7 299a -03 

DaFtxmnctal 7) 9 6U -0.9 

Do. 500 714 - 772 -03 

Do. General.... 304 333 -02 

Da Growth ACC 903 43 t -03 

Do-IneomrTM. 828 89J -DJ 

DaFtf.ATts.Ttt._p5 0 1412 

Prices at April SE Next sub. day May 31. 




3« RidjjeBehlJiu.LT.WO 

Hldjetield Income. (96 0 103 

630 Rothschild Asset Management ig) 

’360, GaleboOBP Rd., AylMbUiy. 02005041 


1 'nirom Au il. E\L . 
lM.Aurt.Mln- — 
tM.GnT.Puritle _ 

Do. laii. Inrome. ..1391 
■ •0.1 otSlau Tm - _|4B0 
Dt>. Manx Mutual .... {25.6 


ggj' 

610 


54 21 . .. 

327iJ 


i?3 


UGH 4856 
170 
180 


MAG Group 

Tbrr<* yu»i%. Tower It'll FlOB 8BU 01828 4JM 


820 
a 50 

1.40 


AilantirMacld . 
ausi.E*. ' tav it . 
GnMKv Va> 17 . 
Island ... ... 
i.dcum F n 1 U- 



2S N.'-'.Equhy Fund.., 
0 *- c. EnxyJlcs.T'4. 


25 Jaf -02| 


26.41 


. rr N.C. Income Fund. 
N.r.imLFd. ilnc.i 


[163 9 
1142 
,1463 
1 91 9 


\OB . iDU. ra, IHK.ITIi Y 

;C.C.Jntl. Fd. (Are irtl 9 


58 4(4 -0 
3344 
80.5 


51 


2.84 


N.C. Smllr Cor* Fdj 


17431 


1214-1M 

155 6dj -OH 


15LS 


978 
97 8 
16 L 2 


- 1 _ 

-i.il 


It 


— J M OM Rro.i.l M . i: 


B88 jBiabopsgate Commodity Ser. Lid. 

po.Bo>4z.d«ue\d;. IoM. oo.'fcixtDii Samuel Nlomaeu Ldn. Acut. 

vnMAC’Mav .T U’fffJX 

■4NHRO“Mar2.. 11008 _ 

COV7iT*'Mayi — |i2 3J7 2 479^...) 2J1 

OnttibaJJy issued at -Slu and *■£1.00. . 

Bridge Management JUd. 

PO. Box 508. Grand Cayman. Ca.nian In 

VbBshlMay.T.. 915342 | [ - 

G PO. Bax 500. ilonj; hung 


129 nl -Dll alM 
182 4) t 0]| 43.44 


tn 

172 

429 


Apollo Fd M*> IT 
Jspfcsi 91at I ' ... 
tlTiIrp Uav 17 
1 IT Jersey Ma* 3 
1 17 JrsjOi May 10 


>K49*5 
UKUII 
11 .'IB 75 
£4 94 
lll2 14 


U 1-388 84S6 
54 201-1 345 

190 
077 


54 201- 1 M 34 
Unl'0 02 11' 
U«-0« 191 

5 471 or 
12 78^-021 — 


0.77 


352 -02 
39 8a -0 2 
727 -0.6 
42.9 -0.4 
1300a .. 
535 -DJ 


J94 City Gate Htc.. FI m. bury Sq . 

030 American May' 18 . 1693 73QJ _ 

Hill Samuel Unit Tst. Mgrs.f (ai HighyVrfd'MaySV 542° 572 

ni( CT WH lAceum. Unltai- 76 0 800: 


156 3<d -04 
90S -0J) 
85 (hi — 0.4| 
715 -04 
963 - 071 
23 2 -1)3 
55 4 -0.4 
303n -L2 


163 Rothschild St Lowndes Mgmt. tat ... „ . 

A* 7 Sc Swl thins Lane, Ldn.EC4. 0I^aS933d MPP«« Fd.Mfi>l( MW ® .. ^ ( 

J-g >i ?S«^!S r S?8w d aiding June is* 1 Britannia Tst. Mngmt. (Cl) Ltd. 

3-2 Rowan Unit Trust Mngt. Ud.*tat ao mm sl.su irti-r. iw. osmthih 

U* m-._ — a- nixngioM Slrrliaf Dnoaluinl Fdi. 

no _ Growth Invest. ..(32 5 

J™ Inml.Fd. t?3 5 

763 
7.63 
371 
3.71 


Murray. Johnstone (lav. Adviser) 

]fi3. IJopeFt.UJasfin*' MI-SS!SKBt 

■llapeSl Kd ..._l S1'S3207 ! 1 — 

“Murray Fund.. . ) SI S10 48 
-N.lv May 


safc MerilnSlaj 17-__(77.4 
3^ (Accum. Unit*'. |9«.4 992| 

JH Royal Tst. Can. Fd. Mgrs. Ltd. 
473 M.Jennm Street. S.W.i. 



79 5( 


480 
IN 
150 
1 BO 
12.DS 


168 

168 


Save Sc Prosper Group 

15. Christopher Street. E.C.2. 01-M77S43 4. Great St Helens. London EK3P 3EP 

Intel, inv. Fund-— .,(87.7 94 51-0 51 6.40 80-75 Queen Sc. Edinburgh EH2 4NN 

60S Key Fund Managers Ltd. (allg) DMJmus u>: 01-559 8899 «■ uj-x» tssi 
= s.MUkSUEC=V8JE. 01-6087070. Save * Prosper Securities Ltd.* 


1416 
19 
uw 

l -S. Dollar Denoniaainl Fd*. 

VnirxL STtt 151 "JU SJ« .... 

lot. Rich laL TM.’. |>lil90 - J . 

111-828 8252 Value Mar 28 Next Imaliur Mai 30 
72.91 J 3 58 offer rlo-4-s Stay 31. IBTfl 

Pn«. a. Mar IS. Next delE^ mJ ^ C °‘ 04 ^ •** 

05347444* Property Growth Overseas Ltd. 


7.69 capital Fd 164.1 

519 Income Fd. _p4.2 

8.16 


i 900 
■laiUal 


May 15. 

N’eglt S A. 

10a HiuiJr.ard Roral. Iji><*mhuure 
NAV May IB | 5L S10J6 ) -0.101 — 

Negit Ud. 

Rani of Bermuda FU.igx.. Hamiln<D, Rruida. 
NAV May 12. JI4 35 — | | — 

Phoenix International 

pn Box 77. Sl. Peror Port. Guernsey. 

-54 1 1 - 


9.95 
627 
425 
627 

4.96 


Key Enemy InFd_ 
Key Equity A Gen_. 
♦Key Exempt Fd. _ 
Key Income Fund- 
Key Fixed lnL Fd. _ 
Key Small Co's Fd .. 


'Ssii 


9BM 


-0.7 


-OJ 


356 InleneHieeai Fund* 
408 Capital 1362! 


6.48 1.T.U- 


8.14 Univ. Growth 

Inexeeauix inrome Fond 

JtPflS KlVlDwort SenMB Uoll Muwnx S5TSln=l ai 

bOS 1^ 20. Fencbureh SUEC2I. D1-823BOOO 

BTrtJnJ=-dJnc__?lM9 Us3-oS 458 K.B. CnltFtL li*C._B4.9 9221 J 497 

So. Accum. — p.9 73A|-0Al 4.B8 0K-0 UnUFdJfcc — BB.9 11521 _....( 497 

KB Fd Inv.T*s._l5275 57 jj J 4J8 

Baring Brothers & Co. Ltd.* faHxi 

88, 1 wuteffvhrt) St. B.CA. 

K 5 St=|H JBjzA 3 H 

Nmsuixd^May^. Lawson Secs. Ltd. *(aKci 

Bishopsgate Progressive Mgmt. Co.* «3 George st_, Ediohnrch ehssjg. 03i-22fi38ii 


P.O. Box 587. Si lleJirr. Jeraey. 

Sterling Bond Kd. (00.04 10 08).. ..( 1L75 

Butterfield Management Co. Ltd. 

P.O. Box 105. Ha nu lion. Bermuda. 

Bunrest Equilx ..._|2 13 2 SSI I 176 

Buttroa Income... .(2.03 L96l ( 738 

Prices aL Mat 6 Next mib. day June 1 Z 

_ 38.91 -o^ 301 Capital International S-A. 

7o 3m Zo tI 2.M 37 rue Noun?. Dame. Luxembeuix. 

^ 1 Capiul lnL Fund....| SU.sl6.92 |-O01| — 

57.<K ~os\ 725 Charterhouse Japhet 

1, Patenraaier Row. KC4. 


28 Iri'h Town. Gihn liar 
f.S Dollar Fund .. / 51x85 89 
Slrrl Inc Fund | £124 05 


iGibiBlOS 


Richmond Life .\ss. Ltd. 
48. Alhol Street. Douplo*. I O.M. 
.« v *The Si Iver 7 ruat.i: 

Richmond Bond 87 , 

n«i Platinum 

Do Gold Bd. ho« 1 

Do. Em. 07.tr BA. . 


1091 

11171 

-0 3, 

1016 

1911 

-1.4 

1286 

1394 

-2.2 

M41 

1095 

-0.5 

1634 

172.0 

-1-6 


0824SM0I4 


10 81 


11.77 


fULFsal* 

LAC Unit Trust Management Ltd.* SSJSStebS -1 * 5 
018883830 The Stock Erhange. EC2N JHP. 01-588 3800 Europe 

‘ 4 15 LAC Inc. FA 11362 14041 .1 7.90 J?»n 

423 LACInUAGeoRt-WftJ 995^ .( 2.04 WA 


7.99 

8-52 


I Adi ro pa 


m fl”«:3 2S« a - 


Fonda k 


45.7] -03J 522 


Bifibopagate. ECi 
B'gatePr. **May0. 

Arc f Tm ■flUmifl 


_ . my ..... 3.7a 

Aec.Uts. •‘May 0_ (2202 2345 378 

B'saKtlm.May lfl_.p77J 1887 1J6 

(Acrum.) May 10 — [XW 6 2082 — 

Next nub. day -May 3L -Kay 2 . 


Schroder Lite Group* 

Enterprise Haute, Portsmouth. 

Equity Mar 18 7X12 

Equity 2 May 16 2X7.6 2292 

Equity3May 18. 1UI 

FJxetJ InLtuy I8._ 1353 
Fixed! nt. Kay 1G.~ 1453 
lnLCTM«tm_.... 136.7 
K ASCII isfoy ]A_ 1412 


070627733 


l*gal & General Prop. Fd. Mgn. Ltd liaJ.nx%l' l ciN3 


ment. 5 


J J. Queen Victoria Sl.sC 4.M4TP 01-2480878 5*2"#^ M?S ra— 

LAGPrp.Fd. May 2 . (UN jO UL7t J _ H DDe ^i r . a / ,B li V&Z 

Next ui b. day June 1. ‘ KSS imSvm' — Hx? 

Life Assor. Co. of Pennsylvania -prapuirvaridl!!! Sis 
30-42 New Bond Si . WJ70HQ. OIAB38305 Gp&itf&gJg-- 

LA.-OP t'nlt*. (906 M35( -15f ~ 

Lloyds Bh. Unit TsL Mngrs. UcL^ Mn^.civ’iny 199.8 2095) 

71. Lombard Sr. ECTI 01A2312N MnFn.Asa.-.viay 10..R3S3, 2473) 

JSS'ii- X'SL"™* “ ***** c "»» 

20. Clift on si. EV2A 4MJC 


iShi 

iS3 

137^ 
15Bfl 
112.fl 
122.9! 
nsM\ 
160 6a 

158.3 


Hll lilb Ma< A 
up( 5 Prop Mai 18 
(>pt IiEqt; May IB. 


Helen * I. UmfCDhaft. ET3. 01 2837500 C'pt. Hr JWiB 

Vpt.SMtm k '- 


irAnKrl'l Mm DO | 5517 
. Anniitivl’ta 17 89 

on ted rial ion Ufe Insurance Co. 
•.ChaniTrt lane.W(34 IIIK 01-2420282 


opir.nrpt May IB 


1-29295 

S 3 1 1296 

05 1374 

3 5 161.6 

J1 1SA9 
11 1275 


POB<m8Q2.aiinburBh EH163BU. 031-8558900 
Inv Ply .Seri exl. __U06 5 106.. 

iov- P7y Sene»l Roo 6 105 

Inv. Cash May 10 .. (973 102 

Btl) LIT. May 17_. U39.6 145.. 

M£d- Pen. May 18 (267.3 267.: 



— Solar Life Assurance United 


huib Fund 
lanacrri Fund . 
TMinai Ppn.Frt 
lUily Tea Fund 
ica Int. I’m Fd 
maced Pen 64... 
opertyPen Fd 
Tntrrtffl la. Pol. 


m &■§ 

ms 

175 7 
130 0 
3576 


London Indemnity & Gal. Ius. Co. Ltd. m iSEir Place Loudon e.cjnstt. 012422905 
lftm. The Fcrl.iirv, Reading 5835)1 Solar Managed R _H26.4 13321-0.7} 

Mono- Manaj.vr .132.8 35 2(-0N — Solar Property S. .„ 1ISJ* 

MM Flexible. S 9 30i^-0.d _ Solar BnuliyS 159.8 

Kivml Inlerert. JMO 35^-01| — Solar FhAInLS — 1U4 

The London St Manchester Ass. Gp.* solMhJiLjf.; 7“ 814 

The Lea- Pn/kertonc. Kcni. CO(D57333 -Solar Maoae'ed P~ 1262 


ire bill insurance Co. LUL 
i.'omhill. KfX 01«S5 5410 

0 Feb Mai 13 _. 1122 0 

1 FdApr KO . |Sl 5 1705| 

■edit A Commerce Insurance 

l Reg rtil St. London WIR5FE 0] 4307081 
CJiatd Kd . -11220 1320). I - 

WB Life Assurance Co. Ltd.* 


Cap Growth Fund- 1 
OEverapl FIcx.Fd . 
eExeiupt Prop Fd., 

♦Expt.Ulv TV. FdJ 
Flexible Fund. ... I 
Inv Trust Ftrad....] 

Property FVod. 

M St G Group* 

Throe Qm;«, To«er Hill BOR HBQ 01-858 4588 


220.9 



1312“ 


B9J 

Mllll 

1483 

11>M 

1110 



133 9 


820 

. — 




Solar FxtUntP 1134 

Solar Cadi P_ — 995 
Solar laSTp 1019 


U6.fi . 
jwa -is 
119.41 -05 

205.91 

3B&M -03 
132. H -0.7 
115.S ..._ 
168. n -LD 
119.2 -05 
105 l7i ...... 

mil HU 


San Alliance Fond Mang mL Ltd. 
Sun Alliance House. Hmuham. 0403 84161 


Per*. IViwton— 
Cone Dcpoairt... . 
Equity Bond" 
Family 70-80** . .. 
Family Bl-W" - . 


on 1 air H-c . WoklRS. fiCH IX* WWCW33 Gill B008**; 


mg ft Fund Vir.. 
Uta'd Kd term 
ina'd Fd inn- - 
UilyFrt A.r 
iitty Vd.IncBi . 
uih - Fd Imt . 
>p4rty F-l \r-. 
Jperty Fd !n, - m 


3pvrlv I'd Imt 


Fd. 4,. 

. Tv.. Vd liirnv. 

Tit Fd Inn 
«Cif lilt fit A.-r 
4. ini rd ism 
erl Fd. Arc. ... 
trl Fit irii-in... 
nrv Krt Axr 
etv I'rl Inrm . - 
J Fit Inrnr 
lwnBn.liiv A 


J98.4 

(984 

W5.0 
958 
«0 
95.1 
95 I 
i96 0 
Ml 
W68 
971 

3 U 

5 S 

954 


1035 -0-2 
103 5 -05 
1033 -0 2 
100 0 
300.0 
1090 
1001 

100 1 . , 
iota -oil 

20] 8 -04/ 
1018 -0.41 

1023 ... 
98 7 — 0 4i 
987.-0.4l 
100 0 
100 o 
1M4 -01| 
100 4 ,0.1 
J03.4 -1.7 


5.48 


pZ7.Z 
Rl73| 
134 4 
156 6 
18L3 
■lOS 4 
J1O0 5 
■135 5 
1539 


iniernatnl Bond 
Managed Bd — - 
Property Bd— 

Ex. Yield Fd Bd- [81 1 
Rrcoven Fd. Bd - .Bl 1 
AmenronFd Bd-.IMl 
Japan Fd Bd - - . .[51 2 
Pore' on -M.ii 


123 3j 
141.3 


vax\ 
105.61 

1425 
1W 2| 
85 X 
642 
57 S 
53.9 
May IB. 


SZiSfeMflifl 11 ! 


Son Alliance linked Ufe ins. Ltd. 
Sun Alliance House Horsham 0403 84141 


EtmlivFttw] Q1L5 

FtxediaimstFtL.. 1022) 
fropwwFund .. 107.7 
Iniernatitmal F(L._ 106.9 

Deposit Fluid 962 

Managed Fund JO6 3 


U7.4-L51 — 

107>! . 3 2 — 

U3d . . - 

112m -02 — 
10121 . . — 
1U.9J -02 — 


May 19 

Merchant Investors Assa ranee 


__ 125. High Stroel.Crovdon 


1236 


075 

822 


nsader Insurance To. Ud. 

•• uJaHn>i»e.T«iwer PI .£*”' Ol-ffiBBTOl 

>.!Wn Mai S . 169 4 76JW( .... I — 

gle Star InsnriMidiand Ass. 
•hrradneeillr *< . h' - 01 J® 1 - 

;lr Kid W ild- 149 ■ 5L7J -13 6 15 
ulty A Law Life Ass. Soc. U<L¥ 
ervhamlbmd.lbishWviombc WW 33977 


Property 
Properly pens. — 

Equity. 

Equity Pen*.. . 

Money Market 

Money Mki. Pen* 

t*e posit. 

Deposit Pen*. 

Uamwed 

Nanaced Pena 

Inti bquitr — . 

Inti Managed. 

XEL Pcosious Ltd. 


m 

1S7 

1394 

1795 

1Z7.9 

138.7 

1036 

1346 

1051 

1038 


Sun Life «f Canada (U.K) Ud. 

B. 3, 4. Cbekxptir Sl, SWir 5BR 01-9305480 

MajdaUGnb.-..! a».r I . 

MxpoLf.MjuiEd_ 2322 -0 

. 1-J. 


PerrnLPn.Fd. j 20U 

Target Life Assurance Co. Ltd. 

Target Honse, Gnrtraue Rd . Aylcsbure. 

A>lMbutytB2O8i5041 


I —2-2j 


iih Fd - 
pert} Fd 
(fcl tntrrr*! F 
nqvr.ii Id . 


rd fd - 


,1135 
1051 
l»-2 
965 
109 3 


119 4( 

110 M 

111 7 

103.il 

11501 


Milton Court. Dorking. Surrey. 

Melts Kq Cap .. —(77 A 81.' 

Nele* Eq. Acrum. - 113 3 119. 
NdeOhmer Cap. 608 64 

Neiex Mon. Arc. 64 1 67.' 

JVele* Gth ine Arc . « 4 49 

Nelev vitli Inc Cap. 47 9 58 

Net Mvd Fd. Cap . . 47.7 50. 

Nd Mxd. Fd. Arc. ..l47 9 58 

Next Sab Dav May 
Far New C«n property tee under 
RadurUM Aaset Maaageamt 


8011 


Man . Fond Ine O01.9 18791 

Man.FjindAcc 116.7 X235 

Prop.Pd.Inc 1062. 1122 

STOP - £»}- Arc 236.0 

Prop. Fd. inr. 107.0 

FfxedlnL Fd. Inc 1052 1UJ 

paSSSESS.-K, i 55 ‘ 

Ret PlaaM«n.(Xip., lff.7 12*5 

clltPa.flee.-.-, uu 1370 

GUtPeaXapLZ^llml UD.1 


=a 


base lending rates 


fl % 
s °b 
0 % 
9 % 
9 *5 
» % 
y 

9 

9 “T. 
9 °r, 
9 % 

Wo 

9 % 
fli'T. 


AB..V Bunk 

Allied Irish Bank< Lid. 
Amdricun Express Bk- 

Amro Bunk 

. -\ p Bank l .id 

lcnry Anslwcher 

. ' K-.mto du Biibau * 

i ^ank uf Credit & Cnicr. 

flauk uf r>s>rus 

Link uf N.S.W. 

Vinque BeJfie Ltd 

tangur d” T?in*no 

l.irt'ljvv Bank 

. Urneii Chnsne Ltd • 
trrniar Huldniw Lid- 10 »?, 
:nl. Bank uf Mid. East 9 % 
iron a Shi;*ley 

'Atuuirt P»’TiR i- Trust 
IjpUtii C. & C. Mi'- L-d. 

'.i.v.rr Ltd 

!vdar Hold in sj* 

haricrliouMC .raphel ••• 

^hoularums 

:. K Coates . 

lonsolida'^d Credits— # dj 

.u-ojHTali' v Bank 

uriniHiait Becixnites... 

’ Iredif Lyonnais* 

•hi* Cyprus J'npUlar Bk. 

Hinrati Lnu-rie « 

’..ipil Tru**l 

:natish Tianseonr. ... 

Londi'i* - c ' l -‘ c ?- 

■»r<t Nal. Fm. C.orpn. 

‘ir*i \Jl. Sef*. Liu. 

• Hinny iTshtf . ■■ 

•icy ha und CuarnniJ ... 

irindlu.'-v. Rjnk 

lumnewi Mahun 

iamfi: n5 Bank 


9 % 
» ^ 
9 "» 
9 

9 °- n 

9 <T. 

10 0 o 


l Hill Samuel 5 9 % 

C. Hoare & Co t 9 % 

Julian S. Hodge 

Hongkong & Shanghai 
Industrial Bk. of Scot 

Keyser Ullroann 

Knows ley & Co. Ltd. ... 

Llojds Bank 

London Mercantile 
Edward -Munson fie 
Midland Bank 

I Samuel Montagu 

i Morgan iirenfell 

National Wes l rainsicr 
Norwich general Trust 
P. S. Refson & Co. ... 

Ross m Ulster Accept'cs 
Royal Bk. Canada Trust 
Schlesinger Limited 
K. S. Schwab 


10 % 
9 % 
74 «& 

9 % 
111% 

9 % 

-. 9 % 
Co. 105^ 
9 ^ 


8 u ii 

9 
9 

I0i?& 


Security Trust Co. Ltd. JO «V f 


9 o 
9 °fv 
fl % 


9 <7, 
D ^ 
9 % 
9 <7> 
» «r, 

io T, 
91% 
9 «Tx 

9 % 
: 9 ‘V» 
9 

9 % 


Sbenley Trust 11 

Standard Chartered ... 9 

Trade Der. Bank 9 

Trustee Savings Bank. 9 % 
Twentieth Century Bk. 10 % 
United Bank tvf Kuwait 9 <*. 
Whites way Laidlaw... 

Williams 5? Glyn’s 

Yorkshire Bank ... 


a °i. 

91% 
9 % 
9 % 


I .Mruibrr* of the AcccdUhb Housta 
cnnrmttvv. 

“•tfaj* tfcptwus 6‘.7. i-menih dtiwsiiE 
6 \*.. 

r-dar tfcpflsiis on .--unifi or riii.ooo 
mnl iin.lv r UP to JH3.UW « » 

giHl wer XSJ.iwS 61'- 

Oil •h'lHl'Jt*. iW iT.DlW «'i. 

D< ItlHlld dppiWMS 6i‘.‘ . 

Rati* also qpitlli's to Sicrling Ind- 
Sirs. 


Transintemational Life Ins. Co. Ltd. 

2 Bream Bidga. EC4 1 N V. 01-f05B«87 

™5te6Sc:|Si ssaaa = 

M»D. HonaFrt . ... 1U4 221 w -MI 4) _ 

JJ*mPca. FW Cap.. 1193 125.H -*-0H — 

3Un.Pm.F8.Act-. L2&.2 13221 +0.3 — 


Trident Life Ansorance Cd. Ltd.* 
FUasl^e House. Gtounroter 04S2383U 


Bridge Fond Managers*! all c] 

Ki OK Wi Illiiin St, EC^R BAR 01-4234B51 


qgmn JtR»w.M«ieri*l* (39-2 

02-5886280 M.O 

-Growth Fund—— 54.7 
AAcrum. Oaltal — . 50.7 
ttGih and Warrant. 37.7 

^American Fd 247 

a-VrrLiaUnJUi. 25.7 

"High Yield 


42. 61 

47.6 ... , 
505 -0.4} 
64 4 -0.91 
401 
263 
273 
520 
721 



SbtII&SJ La l c,lv * lavestinenls Uerseyf Ltd 


Fnndi* 

EmprrnrFund__. 
Hiapano 


DM39 JO 

psmjt 
DM21 50 
5118201 
K54JQ 


*2fl. 


OI24B30M Kolb sc hi id Asset Management iC.I.) 


-0JD 
-0 10 
-0 10 


- 1 . 0 ! 


564 

538 

613 

5.73 


PO Box 58. St. Julians 11. Guemvev. (MB! 28331 


O.C.Eq.Fr. Apr 38. 


t'.C Inr.Fd. Mbi 1 1 - 
Oc.littl.Fdt. 


2.13 


O.C.SmCoFdAprta. 
O.C. Cnuuowllly — 


-003J 


024 


American & Gmt^i254 
Income-... ____ >02 

Capital luc-t 553 

Do.Acc.1_ 38.9 


2681 ... 

54.64 

3724 

4L4 , 

1460 J 

“Ii 

Dralbtg -Turn. ^ gTmrTVricm May s.»a.u5S»i»w: 


Exempt* 137.0 

tnterml. Inc.t— 152 

Do.Ace.1 173 


.4 

630 FiBanciaiSeai— — f722 
HlKb-Khrinmin Fuads 
ixi Select ImerruiL 
Lao Selectlncotne . 

Scot bits Securities Lid* 

1061 Seothita. — 08 8 4L7t-D2J . . 

wS Bmayjeld BO.O n 7 -D « 718 

Prt. SeoUhares 1566 6021-031 439 

246 7 


P.O Box 320. Sl Heller Jcrsej-- 0534 37381. 
giro GlU Fd iri i.|9g 9BBj (2100 


11.00 


-1249.1 
-153 0 


—1 Accum L'niOl—lSi ..._ . 

Deal. «fon. <Ta« TtWert. tThunt. -Pn. Seuahares (566 

IS SfcaPfcdBB ^7 7 S::.-;J ft 

326 ta i^nyngeitoatl, BrlfloL 0272322*1 Price* ai May 10. Next sub. day May 2*. 

5^ S«u®LuSS3^a 76‘9 :::::! ii? ScWesInger Trust Mngrs. Ltd (alls) IpO Boc 7^717^ s'wiu. Htbamas. 

568 ‘ Atat Mm. day June H, nacorparaUns Trident TrusUi I NAV May 18. Bt qjj* umi 

3M Leenine Administration Ltd. r— - **•* J ^ m 

01-408 S001 


4.09 I Clive Gilt Fd.<J*y. 

I Corn hill Ins. (Guernsey) Lid 
PO. Box 157. St. Irtct Port. Guernsey 

.Ialnl.M1m.P1l 1167.5 182 3( — 

7.48 | Delta Group 

P.O. Bot 3012. Nassau. Habama*. 

Della inv. May IS f51 79 1 BID | — 

Deutsche/ Investment-Trust 
POEtfach 2885 Bieber*atteS-J 08000 Frankfurt 
Concenrra , _.... .„|OK1100 20311^0.101 — 

Jut. RentenfODdx— JDU64.50 ETBj | — 

Dreyfus Intercontinental Ini'. Fd 


541 
260 4m 
134 
142.8 

- 140 S 

O.C. Dir Comdiv.f ...fs25.B? 2746J-0.461 — 

-Price oa Mar 12 N'mt dealing May 31 
.'Price oo May 22. Next dealiag June 7. 


511 
1588 
hi XT 
(134 B 
11316 


3 01 
730 
131 
324 

461 


Royal Trust (CD Fd MgL Ltd 
PO. Box 104. Ro> al Tst. H*e., Jenie v. 053427*41 

B.TInl'I.FU [Sl'59Ja 9SM ( 3 00 

R.T. InPL ij*y.t Fd J9Z 953 .... | Jll 

Price* at May 15. Next dealing June 13, 


387 


laroDixt.. 


7 «3|"- 


NAVMay 16 (K5H* 1526J .. . .( - 

Am Exempt. __(22 2 23 4} -Q2f 1.69 Emsoo 4 Dudley Tst.MgLjny.Ltd 

Am. Growth _.B80 30 J -0J| 175 PO. Box 73, Sl. Heller. Jeroev. 05342050 


-lil. 465 ExemprMiiLLdrol 


320 Exempt High Yld . 


Britannia Trust Management (a) Or) I ^ oACCUDl -'. — — — — 
3 u»«v>n_w«u BuiWtngs, Eoodma -Wan. Lloyds Bk. Unit Tst. Mngrs. Ltd* (al SJS5n£|*"'" 
01-838 0478flM79 Regjarer , K Doft. Gftring-by-Sea. lnc.lS»v>Wrwl... 


London EC9I5QI. 

Aaaeu Dps 

C-xptlal Acc--. H05 

Comm fclnd ______ [HL2 

Commodity (75 4 

Dramatic.. [36.9 


Ejoeuiyt 

ExJralecorae- 


poflfl 


^ »a 

Far East-,. *18.9 

Financial Sec* 638 

Guide. General 139 

Growth.. 772 

Inc, A Growth 727 

turiOrov-Ui. 58.9 

IsvMt.TiiSbare*-. 442 

Mineral* — 343 

Nat-fUgktnc. 77 X 

Newimia 35a 

North American 300 


ProtemtooBi- 4961 

Property Shares — 1L8 

Shield 45.0 

Surtnx Change 29.9 

Uaiv Energy [326 


75 9 -05} 

54.4 -0.4 

59.4 -0.4 
8LU —00 
39.70 — G3 

3099* -0.9 
420 -00 
204 

687 -03 
900 +1.9 
83.7 -08 
78 On -05 
654a —03 
. 48J -02 
362 40.4 
839 -0.4 
37.J -00 
—03 
53X5 -49 
- 132 i-O.l 

48.4 -0.4 
32J -03 
353 -02 


509 WMthmg, WeatSuaaex. 




432 

4.4A 


537 

•6? 


Do 1 Accum. 1 


4 

726 

936 

354 

449 


£40 


Second (Cap. t._ 

Do tAccuati— 

Third Oecomei pll 

Do.iAccunLi -IU09 

Fourth fExlnc j 1583 

Do. t Aecum.) — [66.4 


01-8231288 tatri.Growth_rr[402 

S2<M-03I 4.48 lnr.Tet.LnIu. 253 

4.48 Market Lenders jas 

339 ■NUYield' — 275 

339 Pret JtG«ItTnivt_ 240 


727 -05 
55.4 -0.4 
690 -04 
071* —0.6 
U93 —OS 
62 Aa -04 
713-05 


626 Property Shares — .(25.2 
626 Special StV. T*L S3 


27.0* ~02 
263* -02 
30 70 .. .. 

4Zi -02 
-02 
05 -01 
27.0 -0.4 
306* -02 
297 -0.4 
253 .... 1124 
273 -02 234 
283 -02 26b 
22 7« -02 534 
2024-0^ 534 


053420501 

f-42 ED.LO.T. (117.0 125.41 | 360 

960 F. St C. Mgrat. Ltd Inv. Advisers 
971 OhisSsSSF PoaDt °* y mu ' EC4ROBA. 

C«v(.Fd.Mayl- _I SIS531 \ +0351 - 
436 Fidelity Mgmt. Sc Res. (Bdx.) Lid 
P.O. Bt» 610. Hanulum. Bermuda. 

Fidelity An-.UiJ 5t;S25.55 
Fidelity Ini Rind.. Sl'SZl.13 
Fidelity Par. Fd..„| 5l : .S4433 
Rdeilly Wrld Fd JUS14 01 


Save Sc Prosper International 
Dealing to- 

37 Broad S1.S1 llelier. Jeney 
I'-S. DoUar-deaeiBlaaied Fuads 
DlrFxdlnr-JlaylO 1933 10 

Internal. Gr.*t. 1674 7 

Far Eastern *t p722 40 

North American .13.75 4 

Sepro-t (RSUH 14 

SurUng^ieaeniliiatrd Foods 
Channel Capital*^ BIO 9 24311-3 

Channel Itlandm>.. hot 6 154 « -2.1 

Comroml May 18._ Jl21 4 127.3 

SL Fid May 18 ... JUL2 117. 

Pricer on "Ma> 22. ■•Mar IT. 

tMeckly Dealings. 


0534-29501 


69* 


165 

503 


.1182 
■May 18. 


SchJesinger International Mngt Ltd. 
•l.La MotteSL. SL Helier. Jersej-. 053473588. 


RA.IJL 


8.04. L^K. ^Grthw\rcum .|fl 1 

SS Lloyds Life Utrit Tst. M^ra Ltd J.^enry 0 ^ hride^ W^g& Ca?LMf | ^ 

704 WOO G-tebouxeRA. Anbury. 0»S 5041 120. Chamtdde.ECi • n-i— 


S-VOL.. — SO 85 

Clll Pd. Z29 

■Ina Fd. Jersey. _ 105 
Iivud.FdXxmbrs.. . £1056 

-Far East Fund J94 

•Next sub. day May at 


0 90b|-o5| 

23 H 

11uLo05( 


833 

500 

1190 

339 


303 


rovi i20.Cheapmde.EC 
16561 ._...( 3JZ Capita] May 16 ; 

iAMrum.1 


x"S EqulT 7 Arrlnn - — »■ 11567 

IS M & G Group* fyxcih) income May 10 

J26 Throe Quays. Tower HiD. EC3B 8IXJ. 0183B 4S88 lAccum. Units# __ 
ami see also Stock Exchange Dealinc*. General May 17 ... . 

— — »-* 5401 -CXI 102 ‘Acrum t niui 


AoJenrao — 150 9 

I'Arrum. Unit*) 51 8 

- AoEtrahisiajr 52 0 

f Accum. L'niUi 529 

Commodiiy 74 1 


The British Life Office Lid* u> 
Reliance Haa- Tun bri dge Wells. Xu 0HB2 2227X 

BL British Ulc 1*86 

BL Balanced- W63 

BL Dividend- [427 45 71 | 907 

-Prim May 17. Next dealing May 24. 


1M2 
422 
272 

499 

4.73 

2 - s3 ~ lAecum. LrJtsr. lso.4 

Cam poun* Growth . (104 3 
Cocker <-»an Growrh 159.4 
Coin ertiau Inc. _.. .162 0 
51*1 -0.71 5.7B Dividend. llL4 2 

493 rr J sS 


Brown Shipley & Co. Ltd* 
Mngrs; Founders Ct. ECS 
BS L'nha May 32. 12153 

Do. tAcO May 22 . .(2686 
Oceanic Trow tat ti 

Financial 039 

General 106 

Growth Accum., — «fl 2 

Growth lucunar 56 0 

fflsb Income — — 29.4 
VTV 20.0 


European 475 

i.Vrm l. ; nits) 481 

Extra View |3 7 

(Accum L'mai.. LUB 

Far Eastern 521 

01 -0008520 i'Atcuul Units' 573 

2269| -5.9] 514 Fund of lOV.Trta— 60 4 

534 1 Accum. Ltu is < 738 

GenaraJ 1671 

(Accum. L'nilM 2S5.2 

Highlncome. 102 4 

(Accum. I'niis. 166 9 


Index. 


Overseas _ . _ 
Perioraancw.. 

H»cov*ry_ 

SxmpL April ID 



Japan Income M3 7 

1 Accum. l' rut* 1 1450 

M ag num .... — 198.4 

(Accum. Unit*i 2474 

Midland... 1643 

(Accum. L'mts > 272-8 

Recovers 79.0 

(Accom L'niiai. 798 

Second Cen- 1698 

Canada Life Unit TtH- Mngrs. Lid* 

20 HlohSL. Poaer* Bar. Herts P Hurfllir* Umnn I'« 


241 High SL, Potters Bar. Hem. 

Can. Geo Disc. B70 39 

Do- Gen Accum — tea 

Do IncDut 03.2 34 

Do. loc-Accum -M3.4 


P. Bar 01132 fAcranu miui 

L — 02( 439 SpeciaMaed Fund* 


[200.5 


552 -OS 
■55.4 -05 
563 ^0.4 
B0 .2 +U3 
864 +05 
112.1 -04 
■ 63 — 0* 
680 -0 2 
126 ” —1.3 
2353 -23 
50.6 -0 2 
513 -02 
B91 -u.a 
1191 -13 
557 +0.3 
W-C +D3 
64.9c -0 2 
793 -02 
1813 — l.B 
Z76.9 -26 

109J -0.5 
177.7 -0.6 
1533a -06 
1552 -05 
2123 -26 
264 7 -33 

2WJ =0.5 

MJ ..... 
as* ..... 
183.4 -li 
2742 -1* 
16U -0.1 
2136 — 0J 


122 Europe May I8__._ 
199 Uecwi. Units)-— . 
L99 *PefutCharFdAp2Si 

4.C5 -SpeeBx, My 1U_ 


4jj5 ’Kecovery : 


(129.0 
Wi 
C746 
184.1 

fiS 3 - 7 

[29.7 
^9 
Fay iopH3* 


8761 

108.3 

3 §i 

m 

10921 


01.M03MM |igS C ^Sn H,, '“ ^ Sl - SLHeJ, * r - JeTSey - 


*sa J ?J0 

2844 .....J til 


Series A Hntnl » ._ 
Series B (Pacific' 
Series D iAilAss 




0 74 
£7.57 
£17.69 


Schroder Ufe Group 
Enterprise House Fortsnwuih. 


070527733 


First Viking Commodity Trusts 

8. Si. George's Sl. Dougin?. I o SL 

0824 4882. Lttn. Agu Dunbar & Co. Lid. 

53. PaJIMaJl. London SW175JH. 01-930 7R57 


Fid. Vlk. Cm T»L. ghl 382! 

Km Vk.Dbl.Op Tat ..(79 0 B4.0| | 

Fleming Japan Fund S.A. 


330 


.... 3.47 

342 

232 

232 

...... 422 

3.71 

, ...J 5.14 

3S6 ’For tax exempt funds mb 

8^ Scottish Equitable Fud Mgrs. Ltd.* ;rr - o 10 Notro isame. Luxembourg 

786 28 SJ. Andrew^. Eq . Edinburgh 031-5S691D) ^hwf.MayJB ( SI .<*45 04 ( — ...| 

786 inrome Cuts ... iso 2 53 41 ] 500 Free World Fund Ltd 

Acnan-Loit* S7 2 ^ ( 5 00 Bunerfield Bldg.. Hamilton. Bermuda. 

M Dealroj; day Wednesday. • XAVApnISB | SCS173 89 J I 

836 Sebag l nit TsL Managers Ltd.* (a) c.T. Management Ltd 
22a POBox 5U. Bckihry !l«..E.C.t. 01-238 MOO Part Use, IB Fuithur? Cirrus, London EC2, 

4« S+hhK Caplin Fd _IH.7 34 2) ^.4) 391 Tei: 0I«» 8I3J TIJL 886100 

4.45 Seb ** Io « nn «Fd...JZ9.9 3L3| -031 027 London Agcms tor 

S:S “«=“•» ,’4 

E3B 15-19, Lincoln's Inn Fields, WC2i 01413] 4636-0 Anchor lnL Fd 

838 Um l CSh Ts; Arc .X23 8 25 SI I 3.70 Anchor In. Jxj . Tm . 

L28 LnrI Gth TtaJnc ....|aL9 22 3( . ...J 3 70 Bern Pur Fd 

1.2B b »|«S. t., me ... BerrrPacjyrlc 


Inieniadanal Fttndi 

£ Equity. — ... (Hi 0 

sajullv. ..._ 122.7 

£FixedlDterrsi 136.1 

SFuiedlntemt (1053 

^Managed. 028.2 


5 Managed— f 


120 J. Henry Schroder Wagg St Co. Ltd 
130. Cheapside. E.C2. 01-5884000 


Cheap S May 19... . [ 1172 , 

TraftW April 30. SUS114 06 


Aaian Fd. May 15 „_UVSUH 
“ 1 ngFnd .. ..-BA105 


Dorlini . _ 

Japan Fd. May 18. .|SI'S615 


IS 

1. 96: 
6 


-0091 247 


♦0.0b 


320 

520 

035 


Capet (Jamec) Mngt Ltd* 


77ustee 

(Annan. Unit* [279 8 

Chardwnd May 18.. 
Chartid. May 18. — 


3 m Stewart Unit Tst. Managers Ud (al Sr^mni 
3.89 46. CbarlmteSq. Edinburgh. 031-228 3371 C T. Asia Sie rli n* 

t§j TSiewart American Pond C 7 dSFiS/fiL 1 

434 ■ — Bg-? . 71 « ...-J U7 GTPaclfijFd.rT- 

in Accum. Lena 172 1 7b4l 

«~n Wsthdrawnl Unlw . [53.4 37. Of | 

9 21 "Stewart. Brillih Capital Fund 

917 Standard... IJ34 2 Mil .....I 335 

437 Accum. Unit* ... --[1532 waij _....[ 

Deahng tFrL *Wed. 


3.55 


J239W 250 M] 

UUDfi n«4 

^3255 ..13M 
5L’S12 21 
5US7.07 
SUS12JJ 

Gartmore InvesL Ltd Ldn. Agts. 

2.SL Mari' Axe. London. EO. 01-383 353 1 
Gartmore Flmd McgL (Far Emu Lid. 

I5U3 Hutehlsnn Hw. 10 Harcourt Rd, 


-003 

-BOB 


J-82 
12.91 
1.85 
295 
8 97 
120 
178 
1« 
5.16 
0.71 
L25 


Sentry Assurance International Ltd 

P.O Box 338. Hamilton 5. Bermuda 
Managed Fund (JV51AUS WSf | — 

Singer fir Friedlander Ldn. Agents 

20. Cannon Sl, EC4 01-3488848 

pekafomls — [2459 25961^016] 6J56 

Tokyo Tsl Apr 38.. | 51S35.00 | | L77 

Stronghold Management limited 

P O Bo* 315. Sl He! ler. Jersey. 0534-71480 
Commodity Tni&L _ 190 2Q 94.95^ ( — 

Sarin vest (Jersey 1 Ltd (x) 

Craeeitt H*e. Don. Rd. Sl Heiler J*y. 0534 37340 
American lad. Tst- 1E8.53 8 711-0.07) — 

rtpperTntB [0141 llfiS-oiN — 

Jjp Index Tsi |u la u.4i|-0.oe) — 


fi^a Sun Alliance Fund MngL Ud. 


100 Old Broad St . EC8V 1 Bii 

CapUal 184 6 

Income __p9.o 


(Accum. L'uitsi (ISO 7 


01-5888010 Pen*. Ex. May 2E- 


Ua3rt 

IW5A wiy 


11533 


IWhd H)'j| 


—3.01 6J8 


Prices on May 1 

Carliol Unit Fd Mgn. Ltd.* laytc) 


.....j 4J1 Manulife Management Ltd 


HKfcpac I'.Tk.. [IRC 7* 
Japan Fd. — H'MITR 

t*. Amen can Tm., .. ILSUI 


040384141 [ laLl Bond Fund .[U.'S4 TO 


7 73 ,0 -KS?- 2 215-3 HJ-j'f flflO |CartnIt ,, T IBTe* | nJen , MnxL i 


359 


. _ 84 -If ... .( 7.14 

Next dealing June 7. 


Sl GMrge'4 Way. Sl m enage, 

Growth L'nlU I52J 55.11 | 3.69 Target Flnaodal.'.-lMJ 

Mayflower Management Co. Ltd mb 

Mil burn H i?u*e. Ve«r_MUl e u pon-Tyne 21IK H’lSGreihara Si.EX^V7AU. oinoa B0S» 4>DoAcc. Uniu.JT Z793 

arll ol — TXJrtl — J 440 IncumaMaylO 11052 Ufl.TT 1 020 T4TOM GUI Fund— 115.0 

Do. Aanzm t’nlt* -J5L8 54.4 ( .. ” * 

Men dealing dale May 3L 


jnjn Sun Alliance H»e . Horshwn. 

773 BcpJEmT«.M«ylO.Ka>42 
7.IJ Frte i^mlly Fd.„f94F 100J( -0 

570 xarget Tst. Mngrs. Ltd* faKgl 

warn Mars***, "wRtTJS isiriEsiiissLE^i^ 


P O Bo* 32. EnudxJoH. 
inletTiationallnc.-lzi 1 

Do Growth.. Ml 0 



TSB Unit Trust Managers lC.1.1 U-d. 
Bagatelle Rd.Sl.Sai-iour. Jersey. 0534 73IM 

Jersey Fund M6 6 4911 1 4 09 

Guernsey Fund .. J46 6 49.3...} 4 09 

"ay 17 Ncj ‘ " 


gja Mercury Fund Managers Ltd. Do.a«inv.u«iiu_..glJ 

30, GrcituUD Si_ EdLP 2EB. Ul-000 4565 Target lav... §9.9 


Charterhouse Japhet* 
. Paunmeter Row, EC*. 

CJ. I nternan (24 0 

Accum. Duta 082 

CJ. Income 042 

CJ.Buro.Fln (2&.B 


Accum. Qnhi 302 

CJ.Fd.lnv.Trt 270 

Accum L’nlra 3L0 


23 ti 

30M 

iff 

35.5 


Merc Gen. May 1?.. ml 
Acc. Ute. May 17. 2352 
O1J24830W Merc Ini. May 17 62.* 

. .1 2J« AcenLLila. May i7.. 16.7 
— 234 Merc-Ext. Apri: . . 2834 

±-Z2 ACDin.L'n Ini-K ' 


«u Target Fr. Mar 17 —11605 

?.« j&asj 


Price May 17. Neyi dtwling May at' 



'Growth Can. 
Growth Acc. 

Fern, llncrf. 
PeuaMnnL 
Pcn*,GMLDep.Cap„ 

JhMii. Pty-Acc. 

TYdL Bond .... 


*Trdl~ G I. Boot (4*0 _ 


■Cash value 


for £100 premium. 

Tyndall Assara&ce/Pehsions* 

18 Canyaxe Road, Brtatol 077S3SH1 

;iwayM*y la ' 


Equity 3ja>- la. — ; 

Band May 18 

Property Kay »._• 
UcpofciMajJS 

a-wayPea-Mayn.. 
i(.i wBslnc.May 18. 
Un.PnS-WM*f2 . 
Do Equity M mSi- 

Do Bond 

Do. Prop. May 2 



— 

1M 4 


S£S 


1462 


■736 


1666 


253 2 


174.2 


09.4 



|Vanhrngh Life Assurance 
11-43 MxddoxSLlxta.U-lSOLL 02-4004023 

I Managed Fd. 0440 15LH-1JJ 

BgBfcrJfc il; 
gsg fSSt — M7j 


(itf* 12UI +03| 
Vanhrngh Ptuion] Limited 
41-43 Maddox BL, Ldn. W1S OLA 01-4004923 
Uanued^ ..Wa 18001 +0.1| — 

im e^ 'terSC.'.lM.7 — 

Property ^|«0 iml| j — 

Guaranteed Me '1ns. Sue Rato*' table. 


Welfare Insurance Co. Ltd* 

The Lena. Folkestone. Ker.t, 030337333 

Mpnr'tuakrr Fd. . . T 1025 I | - 

par other tuad* pi raw refer (o The Landop 6 
Manchc«er Group. 


jmtjdsor Life Assnr. Co. Ltd 
llign Street, wincbor. Wind, 

luiBinv F]»»k .I 

Future Aaad.Gthi*i. 

FUturO-fc«d.Gtlut>l . 

;Rrt..\nd.Pnu.. WI | 

Flex. InvvGmili _ I 


41.0 


lofli^i 



Chieftain Trust Managers Ltd.*(aBg) Do-Acoum.. 
UNevrStBC2M4TP. OI-3Q2KE 

American kn234 JSM ... J L58 

High income (40 6 43.7wi-a3 S« STaSST 

lulernarional Ta_ . b.04 2 263 -o3 324 iwumeT^ 

il 237) +fll( A3S Do. Accum., 


22JU 

^ :z] 

Midland Bank Group 
Unit Trust Managers Ltd* <a> 
Caunnood Howe. Stiver Street. Head. 
Sheffield. Sl 3RD. ~ 

Commodity & Gem. 


M3 -0.4 
40.0 +03 
213.1a 
289.4 

HH „ 

30.9 -11a 
33 7 -.aa 

■zSS;- 0 f 

zoo -o.d 


4j»7 2110. Connauxhi Centre. Hong Kong 

5.72 Far East Muj 3 UhEUn unti I _ 

5.95 JoP*n Fund (SIIS&74 TJfl — 

f ® Rambros (Guernsey) Ltd/ 

Hambro Fund Mgn. (CJ.) Lid. 
P.O.Box 88. Guemfey 0481-38521 

C l. Fund _ .(142* 1517d| j 3 y> 


Price* on May IT Next »ub. day May 2C 

Tokyo Pacific Holdings N.V. 

In 1 i ml* Management C» N V.. Curacao. 
NAV per share May 15. SVS4S 50- 


3J» 

446 

100 

ISO 

3.62 
420 
B4J 

11.54 

4.63 


Tokyo Pacific Hldgs. (Seaboard] N.V. 
lnUmir- Management Co. X.V. Curacao. 

NAV per ihare May 15. 5L'535.4L 


3jS TgLPret P37 

2J5 Coyne Growth Fd ..{186 

JZ| Target Tsl Mgrs. (Scotlaudl laHb) 

19. Athol Crescent, Edln. 3. 031-228 

Target AmerFaglettBO 30.11 . .. .1 

Target Thlrtie (399 429x3 -Oil 3.75 

Extra Income Fd. ..,(595 64.0^-02( 10 23 


Inlni. Bond SI'S 

InL Equity S VS 

l&L &to. ‘.V It'S 
lnL Svgs. ■B' 3 US 
Prire* on Man l 


Tyndall Group 

P.O. Bee 1338 Hatalllea 5. Benin du. 2-T7M 


110464 107.00 — .1 050 

liaj 230 

il 82 1.551 .1 a SO 

109 1.12| I 250 

Next dealing M if 24 

Henderson Baring Fund Mgn. Ltd 

031-228 863 1, 4 IP O. Box N4723. Nadeau Bahama-: 

30-1J.-J L26|laponFd 17371 


Priee* oa Ma/ 24 Ne*i dealing date Jane 1. 
Hill -Samuel & Co. tGaernseyl Ltd 


Bane Beam. 


lutamafaDpa] 

Do. Am 


Confederation Funds MgL Ltd* (aj 

ao Chancery fiauc.JVCZAlHE 01-2420282 JUrtYrold. 

Growth Fuad. _(412 OJ( ( 4.41 


1639 

1736 

076 

B7'9 
130 0 
50.9 

ii 


Coemopolitan Fund Managers. 

3a Port Street London 5W1X SET. 01-235 8S2S. 
Ont M cyoln.CtliJa.tl7J UJd -02( 457 


Equity Exempt-. 
Do Accum.* 


ilM Track ' S J l,nion Unit Tsl - Managers* Jh U-Fet.vre S< . Peter Port _ Guernsey. CJ 


£7«H 
£ 12.10 
86 5 
86.5 
2062 
290.fi 
1084k 
1W.0C 


6.00 


17331/3 
6 80 


7.88 




792 — OJI 

545 -oJ 
S2 j -o3 
g* -oa 

556 -04 


^3] 


ICC. Wood Street. E.C2. 

TUVT May 2 )49D 

341 Transatlantic and Gen. Sees. Co.* 

3 41 01-08 New UmdonRd. Owlxurfotd 036531851 
6-37 Barbican May 18 


5 

3 

337 


Crescent; Unit Tat. Mgrs. Ltd. (aKg) 
•MehiUeCcea, Edinburgh 3. 

Cnaeerrf Growth __I27 A 
Qua. Intenuat 60. 

Crea. High. Dial. 

Cres.Re0ttvea™.l»g 42. 


jMJ.b 

i®?9 Uinl 

_ JJM9 

-Prices at April 2a Next dealing May 3L 
Minster Fund Managers Ltd 
Mfeater Hie.. Arthur St., E.C.L 
0 
'.1 


7-46 BarbExpLAprAB. 
b 5S Bucfcm. May IB — 

SB (Accum. L'ldlii 

6-45 Colemo Mar 19__ 


eraSHfarW 


_ „ Colemo May 10. 

354 lAccum. I'nitu 

554 cuald.Mfiyl7. — ; 

(Accum Unltai 

Glen. May 18 — 

«« (Accum. Unltai ... _ 

01-8331050 Marlboro May 18__ 
5-47. (Accum Uniui 


(Accum. llnitai 


031-2284881 

- 0 .fi 4.14 MLA. Unit Trust Mgenmt. Ltd. 

OW Queen Sum. SWI H WG. - OW007333. 

MLA Units (396 «« 1 433 .AeSm uSS.l 


648 


Discretionary VroX Toad Managers 15. Comfaau a«, ec-jr tbi 

22, Blnmfleld 5t. ECZ3I7AL. 01-0384485 Mutual Sec. Ptiu. ...150 4 

Disc Income —.(1605 1TUM 1 526 Mumal lue.TSL. - -»67 7X41 -Q 

■ ’ 1 ~ Mutual Bluechip...|fl22 «J-o 

E. F. Winchester Fund Mngt. Ltd Mutual High YJtfl/S5 1 591J -0. 

oid Jewiy. ecs 0!-oo<52ie7 Masumal and Commercial income May v>.. 

gmt«2raliMcr-.m.« ».1[ I 600 Andrew Squire. Edlnbutxh031-658Qf5l 

(MtanrOtaMbu asl—l «56 11*70 SM U* fiSSi.’SJtir - 


(774 

82.01 

1X6.7 

123! 

B5 

812 

B20 

06J 

995 

127.0 

3® 

1502 

1(|H 

51 5 

5540 

56 9 

605 

674 

*83 

81.7 

540 

59.0 

61.7 

S0.1 

528 

RS 

645 

79.4 

44.1 

477 

455 

485 

6L0 

645 

73J 

765 

66.8 

70 04 

765 

805 


Oivraeas Mar I” ISL'SLlt 
.Accum l'aiu>. — BV5I 74 
3-Way lnL Mar 16— IP.'SIM 
2 Nrw SL. SL Heller. Jeraey 

TOPS L May 18 E7J0 

lArcum. Unit*' . .. 0130 
American May 17— 015 
(Accumtharr.'i ....815 
Jcrey Fd Mav 17 1944 

l.NOn-J.Acc fU'.. 2734 
Uili Fund May 17 - 106 4 
, Accum. Share*' 137 6 
Victory Honae. Dooglai. laleoT Mas. 0824 25024 
Managed May 18 . ,.p29 0 1355} .....( _ 

Ltd In Lai. Mn grant (C.I.) Ltd 
14. Molcaslcr Street, SL Heller. Jersey. 

- ]fU4| | tig 


U 07 


01-8288011 (CuemxejrTM.... _ .(1461 156JM — 0.4| 3.61 

522*4 ....„( 5.42 | ifiij Samuel Overseas Fond SJL 
37, Rue Noire- Dame. Lutembourf; 

(IL-SIIM 1959-0.061 — 

|S International Pacific lav. Bbigt. Ltd Fund (R-SHB 

JH PO Box R237. 56. Pitt SL S>dney. AubL 

452 Javelin Equ iiy Tst.. ISZ.07 2.17J ( — 

2|§ J.E.T. Managers iJeneyi Ltd 

5 69 PO Box 104. Royal Tot. HK.. Jer*ey0334 27441 

6 05 Jersey ExtxuL T*(...ll60 8 178 0} . t — 

As at April Next sub. day May 31. 

5jq IJardlne Fleming & Co. Ltd 
2J7 |46lh Floor. Connaught Centre, Hoag Kong 


United States Tst. Inti. Adv, Cd 

14. Rue Aldringcr. Loxembourg. 
l-S.Ttt.Iav.Fnd._.| St'Sinw t-9M 0,94 
Net osseL May 10. 


E67 

552 

352 

BA9 

6.43 

643 

550 

530 

857 

057 


Jcrdic* EilB Tfct— 
JardlaeJ-wt Fd.-.. 1 
JardlncSjEA., . . 

Jardme Flem.Iai....] 


5HR240.99 
3HK32L1S 
5HK15 52 
SHKI.tt 


NAV April '58. -Equivalent Sl 
mb. 




3 00 

096 

2J0 


5. C. Warburg & Co. Ltd 

Ml. Gresham Street. EC2 
Cav Bd Fd. May IB .} Jt'S9.64 

Energy lnL May IB I Sl'SU 96 


Gr Sl iEd. AprS0_ ^Sl'Sb 95 


01-8004555 

l“0t 

-9 10 


Mr-Eur.ua.vi?. 


il.SU Jl »4 


Neil xu 6. May 15 
Keysclex Mngl_ Jersey Ltd 
PO Box aa SL Heller. Jcney . igng Oi-808 7070 
iFrtllU 
Trial# 


6.10 Exempt Apm 25... 

“ lAccum uniiii—— 


18, Canynjte Road, Brlitot. 

1BL4 

£-3$ (AecumTJnits'Zl-.r.t “ 


£uson & Dudley Tst. Xn grant. Ltd. SSnSir X s . 1 ... -p62 

00, Arlington 56. S.W.l. 01-4057551 W*Bm. Unjk/. --I155 « 1UJ\ 337 CrayBieMATif^-. 

Emson Dudley Tsl. |645 617] ,._J 3jn National Provident Inv.fltogrs. JUd* < Accum. umtu 

«.Gni;«tairchSUEC3P3KH 01-8234200 JJJfe"5EcS3«» T ' " 

= 1 II saawfcE 

Seat ine. May 17 


BquiUes Secs. Ltd (a> (gj %• pj tacii^VMH «# 

41 «ahop«gate,g3 01-3883851 Uecun. L'nusi- .«S_6 


firugnuhe (60.4 6934-05} 410 

Equity |i Lam Un. Tr. ML* (aUhMO 


3m Oaew. Trust _ hUfl 
lAceurn. L'nUal-* _p29 0 4966) .._..( 2 70 

** Pri ed an am 27. Next dealing May 35 Umioa Wall Group 
. t -Rrtce* oa May IT. Nett dealing May 3 l Capital Growth (815 

«puqtttLa \ ha — I fl-W Ifli, Cbaapiide. ECSV 6EL : . 01-800 

Frtmllnglon Unit Mgt. Ltd. (a) gwuftAaumj-- |«| »« Jj 

M,lrotandY«dDC4B5DH. U-2408071 (CS:r""^a 


SSSSter- 

lanMiiwTBL. — 

Inc Growth Fd 

Eto, Accum 



100 Growth lnv_7_ 
588 Iu*o»e.. 


3 IS 





Do Accum. BS3 

Ertrft Inc. Growth— 172 

Do. Accum. 42.7 

426 Financial Pr"rt>-_. 16.0 
776 Do Accum _ 193 

5.10 High Ifle. Priority ... 63.0 

TSB Unit Trusts 4yj 

21, Chaney Way, Andover. HodIa 


1768 

U5a 

1470 

»6 

1223 

M70 

2750 

1372 

1633 

162.6 


1D6.« 
190. £ 
1332 
1853 

110.4 
1544 
1036 

120.4 

259.4 
28S.fi 
144.2 
1714 
170! 


(S7S3S24I 
7.B8 
7.88 


409 

4.09 

792 

7.92 

580 

530 

507 


Fonsclec. . 

Benditele* . 
Knfcln lol l 
Ke>*ele« Ku rope 
Japan Gfii Fund 
Kevitr lex Japan . 
i'eoL Av*u Cap 


-191 




LC382 

Si'ssh 

K3076 


032 95 1-909 


290 


Warburg Invest. Mngt. Jrsy. Ltd. 

I. Charing Crosj. Sl Halier. Ju . Cl 0534 7JT41 
l.'MF Lid April 27 .B14U36 1257? . 

t \)1 Ud April TI . .EHX 12.66} . 
Menl^TnjJaj' IB ,„piB8 12li-0 4S( — 
TMTMay 1! — BTOJJ4 UW . 

T.UTUi Ma> 11 . . JOOJ7 I0.MJ . 


305 


World Wide Growth Management^ 

HU. Pouleiard Royal. Ixtxembaurg. 
Worldwide Gth Fdj ILSX4J6 (-(j.OSJ — 


NOTES 


872 -0 5 5JQ 
89. J -0J 5 83 
39.4 — QJ 1882 
459 -05 10.02 
172 -O.l 453 
20.9 -0 J 45S 
67.7 -05 8.05 

34J —0.4 234 

33.1c -02 536 


S.07 \? ro ^“ UD J exctf P < aOrre mdieaicd 6 and aro i n pence uclexi otherwiM 

527 I J c , latl w'Umni alia* for all buyioa expenses a Offered prim 

527 | jnellJ d9 4ll.P'lien*es b Tcr-day tpncet .c Yield bw-yd an offer price d Estimsted c To-da*’* 
P n 'l 11 fAatrthuuon free of L .K. uigg p periodic premium iniumnee planf * Single 
^ ‘ lf, ?7 ed Price include, a ;! r:wnse» exrept * Bent's mmfflissitm. 

m bought Uiroom manasem 1 Prerinus ri»F» price. 
¥ .Net M las oe nrall^d raptiaj dmiih unlea* indicated by 0, 1 Guernsey grusa f Suspended. 
4 Yield before Jerari- t Fi-xubdiiislan 


527 

8 78 


^ NEL Trust Managers lad.* faKg) ^ _ 

S£^^ Unit *■ -m p «-fJasa»r 


020402288 


G-T. Unit Managers Ltd.* 

10. Flaabuty Circus EC2M TDD 
G.T. Cap. Inc.. .___.182.7 87.W ... j 

D« Acc_ W43 in*; 4 ..Jj 

G.T, Inc. Fd. lla — D6JL3 1735 

CTWietal—pB 15530 
G.T. Japan ft Gen .068.2 2(K,3 .._. 

♦J3LPsas.Es.Fct Il39 9 1405 ...... 

G.T. lull. Fund mn.6 1165 

G.T. Four YddU— 1559 573 


604 -0 7 
630n -0.7 
65.9 -0.7 
07 7n -0 3 

95-91 -US 


. .. fbiDo Accum 

_ , „ ,-03( 7.90 ib' TSB Income IS. 

Far New Court Fund Ltd. rt>; Do. Accum. _ . fel 

. set BatbschUd Asset Mraawwut SSMSSt. & 

Norwich Union Insurance Group fb> ; , 

01-0288131 PO. Box 4. Norwich. NR13NG. IM03 3a*m V.-18Ver DBllltV tBl 

040 Group To. Fd (3400 3S7.9J + aj>( 4.99 Wmic Street. Belfast 

Pearl Tnm Managers Lid. (aXgxjj -ri»-,Gu,«rGro«h_ (313 «o|-02| 6; 

250 2K KiahlfoJ bom. nc;V7E8 0M058U1 tn,t Trust Account St Mgmt. Ltd. 


341 

551 

739 

739 

2.67 

257 


023235231 
630 


XflB 

400 

238 

7.» 


Peart Growth Fd 
Accum Units 


”r'l! 


G. Sc A. Trust faHgffz) 

S-IUylcigh RA, Brentwood 
G.» A— P13 MJhg-ftj) 


34 . 

29 

Pm-i SiStT**'- » ... 

■Accum UrdL 1 *'. .-M5J 48-M- 

Pelican units Admin. Ltd. (g)**) 


5jfl King WilUom ik, BC-iR 6 AR 
5 0} Friars Use. Fund 1149 0 
Wleler firth. Fnd„[29.« 

Do amubl .......... (Ml 

4jff 9\ r ieJ er Growth Fund 

ympassos Sl Foumaln gl,, Mb no. heater OOhSM 9885 51 EC4RftAit 

Pelican Urnta (815 307 



m 


010334851 
422 
425 
«3 


408 


C1-S234B51 

Mr diM 


CLIVE INVEST JHJENTS LIMITED 
1 Royal Exchange Ave., London ECSV 3LU, Tel.: 01-283 1101. 
Index Guide as at loth May, 19TS (Base 100 at 14.1.77 \ 

Clive Fixed Interest Capital 128.00 

Clive Fixed Interest Income 


113.80 


CORAL INDEX: Close 407-472 


INSURANCE BASE RATES 

t Property Growth 91% 

1 Vanbrugh Guaranteed 85% 

7 Addresj* shown under Insurance and Property Bond Table, 


FOR YOUR COMPANY- 

CASH FOB 
EXPANSION 

contact-B. D. Kay 

m INTERNATIONAL FACTORS UD 

Circus House, New England Road. 
Brighton BFil 4GX Tel: (0273) 606700 

Birmingham. Cardiff. Leeds. 

London. Manchester 


FT SHAKE INFORMATION SERVICE 


High .Lm 
126 1ST 


^BRITISH FUNDS 


is 7 s ; 
High Lew 


I Ir *r| TnM 

Swk [ * [ — | Izt | BoL 

‘■Shorts (Lives up to Five Years) 

LlOO ITreoaur-' =o=;i» 78X— 1W,’ ; ..... 10.47 850 

98*5 Sr.cn. tpr .6-T3tr . .. 98^. 506 8A0 

1 10Jii|7rc.i?eryll : ..gcT!ct— Mljj-A II M 8.96 
94V Treasury ape ^SX.._ Jg-a -}t 7.U 

95V Q«Ttnc+*r<e ?+:»-_ 95*; -y 4g 7.81 

i I'MlA ircifljrMWj^TSil.- 101.A -7 10.47 10.21 
9V* ElwCka'jwTKP— 95 V -=, 3 67 6.82 

, 7r*-a.«i,:-!>ivlSeftX.... Wt 917 1015 

1 99' TJOTsunSywWS-- 99 -=>. 9 60 1006 

92V TrciTj^^rpcTT^J 93V»d -V 3.75 7.08 

94 Fund:nc5,f.:-^w;. W.d ~- 2 557 834 

, 104=4 Eutequr ^ IWtt lWarf -„ 12.47 10.99 
i 100,’. Ttcweij I salt: 100,1 11-44 1132 

,88V nMa'irJUk-HCMI. B9 ~' s 393 805 

» 97 Treasury 9-Vc 19QIX - „ 97 ft 10.02 10.84 

95,2 Esch »<prlPl g.K 10.79 

i 95>,F--.ch.Sij>elMl 95,1 9 94 1117 

86 Exclitycl&i — — - 86 -*3 349 7.97 

9bi } Treas. variable '31# — 96'jlul 925 10.07 

1041} Eich i:\pc 138 LX aWVa If Jf JJ-*® 

92J 4 Treats — 52V -V 916 1095 

83=* TrearuiyftK&S 33 b -V ,3.58 8.08 

1 108=* TTci-.vryUjw'SXt — 1031 b -V U.95 1129 

95V rroaf \ arable «${_ 95Art ... MO 1037 
90A rrcasnrj'^Pc^. — 4g& -y, 9-^ “-3 

1 431 Brch Pipe 19C. 93A -?* 991 1121 

93*j Esch. ?!!*.■ 1SS2 A# — 93'; -'5 9 89 1119 

91,1 Sxcli 8=,pc 1933 - 91,1 9M 1122 

B0i ; Er.chlpcia .. 801;-', 3 73 8.01 

1 1021; Treasury l-FclSSIX 102=;]-=; 1171 11.29 

Five *o Fifteen Years 

95 V — , 1003 11.28 

83V -ij 6 72 9.75 

91V -i 8 9.64 10.72 

781; -u 332 lOJOi 

83 -V 963 1107 

62V 4.90 8.90 

65V -V 7.71 10311 


IQ-l'v i‘!ilL> Troi-ur.' 79ti._ 

Obi- 9V* Elcctrka'iprT&TP— 
103‘, 9fcJ; 7rv3!*b- 9i>: lOfftX — 
202',*, on TJmsun 9*;j>i:WX-_ 

951. 9J Jj Tronic 3*:pc7T^u 
%= 1 94 Fundinc >,f-: 7&S0S . 
2:1ft 104=4 Eu.teqier Sftic IWX 1 

306>* 100,1 Trc.-c-uiy ISat= 

93 V 88V Tn.-mr/^j’- HTML 
201*4 97,’. Treaty 9-y.clSaiX- , 

97,1 93,1 Eseh 8-ipe Iff l « 

100V 95,1 F--.ch.SijK 1WI 

S7 : ,l 86 ExciiawlSBi 

%■, 96*, Treas. variable ‘SI#— 1 
111 1041, Eich ]C>.pc I98IX — 1 
99=8 92=4 Trea*^jcf»«X — 
86V 83=* Treareiy.TpcRS: — 

215 4 108=* Heasm Hpetei — 

96 95=, Tresr \anablo •£.■#_ ! 

a 901 Treasury 3*.nc Til — 

1 93. \ Brch.HVpcisa. — 
94-’* 931; Esch. SVpc 1332 

96il 91,1 £sch 8=,pc 13S3 - 

85-4 80*; Er.eh3pcIQ.. _ . .. 

214=4 102=; Treasury U'pc ISBx 


95V Trea.'^iry^'jpc "SI .. 
83V FimdincPtfe'S.'UX 
91=, Treasury S=7ro TM-fiSX 
78=; Fundi nc^pc'&87X 
82V TVcaHi^-TJTpc-SMAX. 
68V I 61=4 Tranjpo:r?pcT34» 
75V b5V Treasury fee '8M9 
U5tll071| ireasuia iSpclSSOX 


n'jsrwx. 
rr 1 1 J *pc 1S91 
Funding 5 W* TT 91 X 
»iii?l3ipe%£ 
Treasury lOpc 1591— 

s«t ia*pe% 


Over Fifteen Years 
102V I- 
62 


,M=Z -H 9 « KID 22 12 EowVaUQ- 

!«=; -V lf 2 12 A 9 UL, gap BrarcanU- 
If-® *20V 14 CanAmp.Bli 

99^6 -V 12.6a 32J1 14^ 9550 CaaEacific 
37=1 31V LWApcDe 


St 

25«* 

44V -TT’B (MIL rj«m yi. <U 

231, 15V CiitetteSi- .. . 23»d 

47V 28 HooeywslISLSO 46V 

14V 750p Hutton ELF. 14V 

228V IH r£3LCarp S 213V 

51V 34 InsawU-HE 50=?i« 

17V 735p In Sj4m>& *i>n. Si 14 

976p 7Q5p LtJ.lnteraatlpnalU 9S5pul 

27V 18 Kaixer AL5=t 27* 2 b1 

31=4 20 MarfHw. USST50 3 I=b 

40V 26V Morgan (JFiUSSlj 39V 

37V 12 Norton Simon lne SI 16%id 

18 13=a Offer - UL S3. 1®_ 17Val 

20V 14V ftiatirOasHSS. 20v 

26V 15=g Reliance SOS 

27V 16=* Rep NY.Corp.S5. 

17=* H ReinoitlS5_.\ 

22=* 14*s RictittaL-MrtLSl 1 * 

576p 255p SauliB.F.iSI 

285 1th Shell Oil Si 

185 Hi SimseriSlQ! ■ 

36 22V Speny RandSHSO. 

33V 28V TSWfacSJV 

27 V 1BV Teuneoi 

161 131 Pa l>F*Lo.Stt8t^5. 

904p 50 5p Tejoiu PL USSOiJfiV- 

22 165 Teta«iS53 

40 22V Tnuelnr - 

13=4 B65p rransamericaSl 

371, 21'* Utd Tech.SUS5__ 

24V 17V U.S. Steel SI 

37 111* Weoh»wtJHJ3V-- 

43V 28V Xerox Cbrp. SI — 

735p 385p X<mieslnc.l0e__ 

13=4 10V Zapata Cwp.Sc— ■ 

SX. List PremiiuQ 47=3% (based on 8CSL8896 per 

Conversion factor 0.6789 (0.6760) 


CANADIANS 

* ari RSv. 

Stack £ - Grass 

rtrealSS 14V +A $L06 — 

iaSrotuSL- 16V +A 92c — 

nadaJS 42= s -V S4.2 — 

iUe>8 21 Vd +1* 12=* — 

nil — 11V -=* SIM — 

p.Bk.E 2DVir -V $144 — 

cifieSS 141-1 97c - 


SOI? 13;PC 3SU 
FundincGpc 1S9CX 
easury Ti'.pc I 
easuiy 14Vp i =‘WX 
Each. 12«pc 19pi 
?WMS 

ELich. lCjnc ms 
TreiTITk - iiVpCajX 
asury£=?c '92‘SX— 
insruirt’IaVpc'ftiX.- J.*ya -‘4 

Lxchcqoer "SiiX. 102V -V 

R'danpticnlocl«6-9f). 45=* -1* 

Treasun' 13=ipc ~ 10&=* -V 
xcbequcrlOijJclPST. 87V -V 


. 44=j -V 
E&l; -1* 
99=4 -v 
77V — =4 
115-V -=* 


xcoequcr lOiMJclpyr. 
nrUpelWK . 
iv6'4p.-c'35S8X. 
119=* IBvaLlS^eSBe 
63=; ferh I2p: 38 iQ5 
KV meastcySiyx: 1S®X 
84 (Treasury uJje i5to. 
Fnndin?3=a>e 9WN - 
TreasuiySr-c iTJOSX- 
Treasun^nc'os-l^t. 
iTreasui77=4pc'C.lart. 


87V -V 
75V — =4 
61 — V 

119V -=♦ 

g;:i: 

■3ST3J 

I®. -5 


“Jl 14V 955o CanPaeificS 14 A 97c — 

37=j 31V PaApcDeb DOO- 31= 4 ri J... 4% — 

at 16V GoIfOtlCanJl 19=;d $114 — 

1, 7 e 525p 315p Hafftrcr^d.(3an$- 485 p -25 40c — 

lie? 24=; 165 FMitnisrC 24 -h $2.06 - 

12 91 1 li« n ‘+ Hudson's Bay II — 14V -A 69c — 

T2« 3? 4 247 c Hod.Br.mG.S2V_ 31V +V S160 — 

|g gg Is «' fit BS!2= (ft ft V = 

,44V -V 6.ib 9.W 237, av FVcifie Pel S] 26^ +J 4 916c - 

SIS 72p 50 p Place Gas Si 70p +2 — — 

12 « 22l| RioAIesan 22V +,\ S1.0S - 

llm 23= 14=.', Royal BhCan. S2._ 23 A +1,\ 5L50 _ 

12 89 l^a Seicrmi.o.CSl_ 20^ +/, . 92c - 

OK 14?. 955p Tor. P ool B k. SI— 14 1 +f 4 80c — 

^9Q UV 880p|lTaiis Can. Pipe 10* 3 -V 103c — 

12.65 S£. Uht Premium 47V» (based «n $2.0114 per £) 
1231 
1198 
13.06 
1181 
1235 

|| BANKS AND HIKE PURCHASE 


4SV -V 1155 1179 US I 1+ or) Div YTd 

67V ~=4 1190 1198 High Low | Stack Price l — 1 Net Cn Grt 


24*3 1 20=4 vnittoKJ.-pc 
24 1 20 Treasury 1(3: 


TTnriatpri 295 J 186 ANZSAI4 290 -5 tQ122c — ZS ~ 

unoacea 29 3 210 A/eMndW3D.£I 243 ..._. 14 33 — 8.9 — 

33 r.irtw!<*4pe 33 -V 1258 — 033 £90=; Aknmne FLIOO £12SV -‘2 tQ2>3, 15 4 Jb 9,( 

31V War[^n3=.rcX 31V <d -’4 1121 — 334 269 AUnHanecU. 290c hl92 — 10.0 — 

33 Conv. 3=;?C 61 Ait_ — 34*; -V 10.23 — 1B3 150 Allied Irish 183« 7.5 — 6.2 — 

241; TresFurr3pr«.\fc 24= c -V 12 64 _.I65 155 ArtiflluintLtl- 160 t925 — 88 — 

aftk'MMkSpc 20V -V 12.24 — £20=; 03V Bant Aner.S 1585. £20 V -V Q94c — 26 — 

20 Treasury 1(3* 20 -V 12.72 — 377 315 Bk. Ireland £1__ 373 -4 15.00 — 63 — 

£168 £137 Do. lOpc Conr._ £168 +1 Q10°i — 16.0 — 

a 15 BhLeumi I£i_ 18 Q16S _ 2? — 

170 160 BtLeuna (UR£1 1W —... 7J6 15 7 014 = 

♦♦INTERNATIONAL RANK 538 380 Bk.MAw.ai. 530 -a to30c _ 3 5 - 

Alt JL -Tt. A h yi <1 *-*JU DLii=l A'v 315 255 BankScotlandEl 285 -5 JO BS U 51 7 

82=2 jpeStufkir-C 82=z -V 6-06 | 10A6 £32V £217 B Bankers N.Y510. £30V -V OS3.00 - 55 - 

358 2% Bare lacs £1 335 -5 lil3 53 5.0 5 

220 200 Bro»uShipiey£U 220 ._.. tfl.42 — 5 8 — 

312 265 Cater Ryder £1_ 302 19.33 — 102 — 

“CORPORATION LOANS & ifl SSSe J :! & a =53 5 


2% Barclays £1 335 -5 1113 

200 BramShirieyiU 220 18.42 


y»; 93V -v: IS 1 m!« m - H, ~ 2 100 ♦ « * 

402=; 90=; IV..9VTll=-’, 91'j»d -t 1066 11.76 3l f 1 ? 4 2 V “ — - — 

2?\ 27 Dai^i-Tcd.... _ 2? -V 1336 - ‘ -r- -=7 ” 


lOOji 99 99‘. *654 MO^ 172^ 917 _ 7? “* 

^ S, llfi =S *SJ 5 Sils “ :::::: IS = 7 d~ 

551, iv^si-n. 77^:1 «5i. ^5 i.illett Br».£l,. 200 15.18 — 1L5 — 

37 IS, 4 77?1 -f 7 94 10 97'” » ikwie in Mi>'5p 23 -1=; 0.13 - 08- 

■51: 65V lWdiw Vv? U'i* -IV 831 1163 1:0 98 ‘inndlays „ 98 2.75 7.2 4.2 34 

78 " 6 S»; »««£&&.:— 6 l?-v law SSg® - 5 rl°cS - b A ~ 

J 6 =-, 22 u tV. 3 ni.-*V Ci 77 U 4 M . 1 , iti* -17 L 5 B Hair.nres 185 19.52 — 18 — 

» 3 i <?i * sm.i\ 9 i - 1 , ^577 io.n? 2 ? 4 » tA32 ~ 7i 

Ml, QSI , i-.-L4ll' **',>• 99t-. Q6K 1147“®*= I1X W3TRUIS. - 462 —13 — — — — 

Otft 102“ Iwasmekis,;". 1S9.I..J 102 J-1* 1225 UJ0;‘jJ ^ ESSSS! 0, 2 fS + * (S’ 6 I 84- 

130 160 Joseph 175 \.Z‘ t3 01 — 6.9 — 

49 37 Keyser UUmano. 46 ...... 032 — LI — 

COMMONWEALTH & AFRICAN LOANS ^ J piSSSL iff r: || Z |J Z 

P*|JS;l^to%S S -2 7S ‘ 1 Ss, "i ■ 42 ^ acnF '^^P- M f2 -^ 13 96 10.9 

I? ft 2 Ht 1 4 2 b% 330 sffiScfc: 3M -2 14.75 4 3 6.2 5*6 


78 6S»; IW6\i(-: .=■ f'i 

26= ; 22*; ft. Spc IV ill ... 
93 ! * SI SfM.ica-'ipi-CTa« . 
99= " 9S1, \rv c.vrlf ulj^,. Td4tn . 
200-4 102 " r.\ aruick IS;". lS8n._ 


300V ogu ■* Vi>7.. r =i-v 

9”* 93*; “Do :«*3< 77811 

SS= 4 8? -IV. K.fc'fiUC 


«>- 9^4 •■S.:4 f Vjrr6-7d W*rt-=4 4.13 947 £92 £W* £B7 L^TVihSl RO " 

-^Is IS £95** E8>«*‘ Du'l05 4 V93-98- £83Vsd -=* el>0 — 

L - * 2J 4 ■t*? -fe ,2-2? Jp£2- 64 56 Mmier.VsM- 64 t355]Z18 3 


’n i\ fchiVta?-?-??}' S'* “5f “- 21 1L95 P ? 3 172 NatBlAittSAI. 226 -8 tQlty 4 4.0 

£ 5? .b hlhid - >0.^1. 52 -f — - 31 66 *.' jL C oal Wp— 75 d +1 tZ 6 j 4 6 53 

“u IS. • Hat pc 81 1—2 [ — | — 1293 254 NjIW.ji.II __ 268 -7 11 4«* 4.2 6 5 

,W 350 SritmferiSL.- 40 0 -10 2135 — 4.4 — 

265 190 SeccombeWCl. 220 13 34 — 96 — 

, 1 °2 70 Srajth&l Auh_ 82 5 01 — 9.3 — 

LOANS l J:7 378 fund'd Chart £1. 400 -7 tl7 59 3 9 6.7 52 

suo-rt.-ao $i{J 8I< r^dciei 5150. S10 Q55c 4 55 ♦ 

Public Board and Ind. ! 3 5} ™ W5.ai — 7.6 — . 

7;.' V: 'iK- ^rzi — | 61 |.._..j 8.45 J 11 64 £2S £15=* Wells Farga'a.. £22V -V SI 40 — 35 — 

ynltkjp; 81=->J j J2B8 1 j 30 e7 60 \VmtruS3Jp .61 -1 3.03 — 73 — 


6i=; 59 1V7=.' '•= V*VTl_| 61 (.._.. 8.45 1164 £2a 

?0'; 5a'« i ItLjp- J**H .. .. 81*/ d 12 88 13 30 „7 

?;V a,V »:r .> U .. 2flVj-V 10 66 12 34: 

33* 107 |r-V« f> --r . 135d 6 67 •- *' 

«J-;| BS=; ;DoLuith,‘jI Warrant;. ! Ba=;iii|-=, 10.17 12.60i 


Financial 


2 (r=*:o:=* “Fni.v'i' .. .. ic:v -■• 

-20 102 fti !=r* .'* 103rt ...i 

3’.4=; 1P9 TV- Mm'.:' 103»a -=, 

85 731-. *(i' lh-s. mi j^. 82 .... 

6: : ; 73 i jft-.t~:ri|i6 7=,^:. . 76 d .... 

99 951.. IV) li>;7- I n I r. 66 9b .... 

09:, oy., rw.tJKi'rr I? «, .. 95 .... 

201*; Oo IV. 1 1*^ 1. n-.lai _ 96*; .... 


351; 3U; 
„ £61=2 £35 
11.76 3 8 

II 40 [ill 85 

12S9j 43 30 

11.00 14 9 

11 ed|i02 85 

**.00 331. 23 

a*; 10*; 

Lj .10 481. 391, 

12 4C 1 1 

13 20 
1310 
13.45 


Hire Purchase, etc. 


[Callle'i iHd-ji ISd 34 
[CieB'creFr.KXJ.I £55 
Credit Data IOp-1 8« 

lUuyd'ASfinSB 
L n jS cot-Fin.1 
[Kocrpate Merc. liW 10 
IPrar. FmandaL-| 96 
[Strlg. Credit top I 27 


mmm 


FOREIGN RONDS & RAILS 


BEERS, WINES AND SPIRITS 


. IKS 
High Low 


I rtire ! r or Dir. r i Krd. 
! I l — urns Jield 


34:, T IT .'.rt.c34a-.3RlT—. | 
34 I 35 I«n 'pflTii — .1 
98 «S ffejlcrr Vtwd _ _} 
415 J50 OrujuVnc 4=j-c 1 

54 4a i,n— kT.-v — .1 

50 4o iv*r. -'-IJ3 1 . _ I 
44 <0 Do4|v Mill'd .l-: - .. I 

55 -2 Huu-J i'i.A.- . _l 

77 67 I tel ap-HJ.-rt 1 

SS 84 lrel”d>pe'8’.+a 
91 so ft.^rcTr.-^, _ 

;7 5 265 ;opan4f. 'M.Vi - 

S7 70 Ivt-pc v-SS. 

3t0 145 (Vn.U'.'r.' 

75p 1 75p in.-jwl 1 **.' ; 

SO Js®;*; TMnnPre 1K=J | 

L’-l?; DMfl runnier TO : ] 
94 I 94 IrrjL-ua'-.Ww. 

U.S. s & I'M price i 1 ' 


3*j 1548 
6 16 25 
4 1476 

4*; 5 00 

- 1280 
7»; 12.-9 
9V 12.89 

*“b M«HJ 
3 152 

6 h 8 67 

f 5 52 

6=; 1070 
3*; 3 SO 

prcnii am 


AMERICANS 

19TR » j ft orj Dir. I |VW 

.UiRh Low [ JHwk 1 . C { _ J (rfu» [Cir'Gis 


168 137 
258 1% 

46 37 
166 138 

76 b6 
122 100 

47 40 
157 134 
lbO 140 

63 55 

152 114 


54 43 

1 19 95 
24S 21 J 
191 154 

158 129 
101 83 

137 109 
320 270 
460 360 

70 50 

71=2 62 
106 OS 

in 94 
101 82'; 
20 a IBS 
1?H 145 


■AS! - 

i .w. IT. 

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.ywrii-iiu Kvjn’.i. 
UV. Midic. lot . . 

UT.'rtllK'... 

it. s: 

Barrav.'TG 1 S>2’.„ 
Eerdivi'o? S5 — 





87 —2 3.93 19] 681 

44 atO 25 — 091- 

161 -5 4.84 32 

254 M.78 35 

43 ...... — — — 

162 -2 3.91 25 3.7 

72d -2 3.50 6 " a 

116 -2 13.92 22 

44 1L64 17 .. 

152 -4 U6.6 Z8 73 I 

146 3.10 51 3-3 1 

61 Z4 16 6.0 li 

132 t5.21 33 60 T 

178 -2 634 31 3*1 * 

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112 -5 +2.62 3 8 3 

248 Tb 53 2.8 4 

180 -2 7.02 Z6l 5.-JI 

136 2.9 Z5 3.31 

98 -1 12.03 30 3.11.] 

137 +4 3.55 4? 3.5 


67=; t31 20 7W70 

105 ?00 ZjSI 4313 

120 t 4 02 Z 4 

98 -1 3.97 c3.0 

206 -^1 5.74 3.0 

172 ...... T2.39 3.8 2^15. 












































































































































































ft Sterling denominated «t>cutiUe& which include fawea u ne itt 
dollar premium. 

• "Tap" Stock. 

* Highs and Lows marked Urns have been adjusted to allow 
for rights lanes for cash. 

f Interim since increased or r es u me d, 
f - Interim since reduced, passed or deferred. 
tt Tax-free to non-residents on application. 

0 Figure* or report awaited, 
tt Unlisted security. 

* Price at tune of suspension. 

Indicated dividend after pending scrip andfor rights issuae 
> cover relate* to previous dividend or forecast. 

' Free of Stump Duty. 

♦ Merger bid or reorganisation in progress. 

4 Not comparable. 

i Same interim; reduced final and-or reduced earn frigs 
lad! rated. 

♦ Forecast dividend: coier on earnings updated fay latest 
interim statement. 

t Cover allows for conversion of shares not now ranking for 
dividends or ranking only lor restricted dividend. 

It Cover does not allow for shores which may also rank for 
dividend at a future date. No P-E ratio usually provided. 

V Excluding a final dividend declaration. 

4 Regional price. 

U No par value 

a Tax free, b Figure* based on prospectus or other official 
estimate, c Cents, d Dividend rate paid or payable on pan. 
of capital: cover baaed on dividend on foil capita L 
c Redemption yield. I Flat yield, g Assumed dividend and 
yield, fa Assumed dividend and yield after scrip issue. 

1 Payment from capital source*, k Kenya, m Interim higher 
than previous total, n Right* issue pending « Earning* 
baaed on preliminary figures, r Australian currency. 

■ Dividend and yield exclude a special payment, t Indicated 
dividend: cover relates to previous dividend, VIK ratio based 
on latest annual earning* a Forecast dividend, cover baaed 
on previous yew's earnings, v Tax free up to 30p in the £. 
w Yield allows for currency clause, y Dividend and yield 
baaod oa merger terms, z Dividend and yield include a . 
special payment: Cower does not apply to special payment. " 
A Net dividend and yield. B Preference dividend passed or 
deferred. C Canadian. D Cover and PfE ratio exclude profit* 
cj U.K. aerospace uubridlartes. E Issue price. F Dividend 
and yield bused oa prospectus or other official estimates for 
Urn-78, o Assumed dividend and yield after pending; scrip 
and/or rights issue. B Dividend and yield baaed on 
prospectus or other o ffici a l estimates for 1OT8-77. g Figures 
b a ae d on prospectus or other official estimates for 1878. 

M Dividend and yield based on prospectus or other affldn! 
estimates for 1978. Pi Dividend and yield based on proepectua 
or other official estimate* for 1978. P Dividend and yield- 
based on prospectus or other oflltitl estimates for 1BT7 

Q Cross T Figures assumed V No significant Corporation 
Tax payable Z Dividend total to date, f} Yield based on 
Assumption Treasury Bill Rate stays uncha ng ed until maturity 
Of stock. 

Abbreviation!: rt« dividend: sex scrip issue: rex rights: Hex 
all; d ex capital distribution. 


“ Recent Issues " and “ Rights ” Page - 


This service Is available to evert Company dealt in on 
Stock Exchanges throughout the Called Kingdom for a 
fee of £400 per a an am for each security 


REGIONAL MARKETS 


antes, most of which are not officially Haled in London 
are Oa quoted on the Irish exchange. 

Albany In v.20p 23 . — Shelf. Refnhmt.l 52 1 

Ash Spinning— 45 Slndall rWmCJ 85 |...« 

Bertara.— 32 

Bdg’wtr.Esf.Wp 27? 

CtoyerCroft. .. 22 mm 

Craig* Rose £1 420 IBIHH 

34 Copv.B4tfjo.-B3. £ «» -i. 

Elite* McHd.i. bi. AlllnijceCns,.,. fiSnf ...... 

pISHL FrtLi0p fll ArtloU 345 : 

Eyered— lb«f CwtoUiPJ.i. . » 


Fire Forefc.’..’” 50 .. 

Finlay Pkg. 5 p .! 2 fl l 3 
Craig Ship. £ I .[ 240 
Higsong Brew . Kd . 


ClondaJkin-..-. 97 
Con crete Prods 135 +3 
Helton t Hides i 41 +1 

Ins Carp 248 


SS-' i' ISWSfei: % 

saffifoi ; L ~ at.— 8 


Pearce iCh.i 1300 . 

Peel Mills. ... 20 

Sheffield £nrk * 44m -2 


T.M.G .. - 1© -1 

I'nidarc — 90 -2 


OPTIONS 

3-month Call Rates 


Indnstrtala 
A. Brew.. 

A. P. Cement. .. 

RSJf 

Babcock 

Barclays Bank. 

BeoeSam-.. 

Boots Drug, 

Bowafors 

B. A.T 

British Oxycen 

Brown u.j. 

Burton 'A' 

Cadbury* 

Court ju Ids — 
Debenhanos,_ 
Distiller* 
Dunlop. . 

Gen. Aecidcni 
Gen. EJeetne. 

Glaxo 

Grand Met 

G.D.S *.V 

Guardian.. .. 

C. K.N .... 
Hawker Sitfd. 
Hrwtcof Fra^r. 


I C I..,. 

fit "imps 

li i.c.C.. T 

.9 Inreresk_ 

11 KCA. , 

25 udbroke. — 
35 Legal & Geo. _ 

15 Le* Service — 

16 Lloyd* Bank „ 

24 "U> Is" 

6 London Brick. 
20 Lonrho 

12 Lucas Inda.—. 
5 Lvonsil . 

10 "Maras" .... 

8 Mrka & Spner 
IS Midi and Bank 
1 NET 

11 .\JVlVi<BanlL 
14 Do. warrants 

27 P 4 r > Dfd 

18 Plessey-.. 

on K.lfJl 


20 Tube Invest.-. 

6 Unilever — 

20 Did- Drapery.. 
8 Victows 

1 3 Wool worths— 

1 17 

IA Property 

L BrU-Land 

a Cap. Counties. 

2 E.p 

2 [nlreuropeon 
Land Secs.— 

±° Peachey- 

I- Samp el Preps., 
g Town 4 City— 

H Oils 
22 

10 grli. Petroleum.. 
8 Burmah ML .. 

3 Chirtorhall.— 

5 She]) 

18 llIiren»r-.,_. 

jj 2 Mines 

4 Icharli 
If Icons 
15 IRioT. 



















































































































































































44 


-i 


TV ‘ ^ - 


REDIFON 

COMPUTERS 


the choice of top companies 


K Fl YIN WAYURAWLEY SUSSF-X (0^ ')3UII 


FINANCIAL TIMES 


Tuesday May 23 1978 


Top quality _ 
ventilation |g) 

Vent-fixia 

the fug fighter 



UK- Gennany closer 


on 



measures 


BY GUY DE JONQUIERES 

BRITAIN and Germany appear 
to have narrowed their differ- 
ences over how to stimulate 
economic growth and stabilise 
currencies. 

Mr. Denis Healey. Chancellor 
of the Exchequer, said after a 
meeting of EEC Finance 
Ministers here today that Britain 
was prepared to join other 
governments in studying detailed 
proposals for associating EEC 
currencies, including sterling, in 
some form of new monetary 
arrangement. 

He said that the Ministers had 
instructed the EEC Monetary 
Committee. composed of 
Treasury and Central Bank 
experts, to prepare a range of 
alternative proposals and assess- 
ments of their impact on 
individual countries. The Minis- 
ters had agreed to discuss them 
at their next meeting on June 19. 

He said that Britain's attitude 
would depend on a close evalua- 
tion of the schemes, which would 
vary in the degree of stringency 
Imposed on participating cur- 
rencies. But he emphasised that 
the UK would insist that any 
plan involving really tight links 
between currencies must be 
accompanied by a substantial 
transfer of resources from richer 
to poorer EEC members. 

The Monetary Committee's 
report will also include possible 
permutations of the pooling of 
EEC reserves, wider use of the 


European unit of account in the 
exchange rate mechanism and 
other ideas discussed by EEC 
heads of government at their 
meeting in Copenhagen last 
month, at which Chancellor Hel- 
mut Schmidt of West Germany 
called for new EEC monetary 
arrangements. 

Britain's greater willingness 
to examine Community action 
in the currency field seemed to 
be matched by a softening of 
West Germany’s attitude towards 
demands that it do more to boost 
its economy. The German dele- 
gation still refused to commit 
itself to taking any new 
measures. 

Doubts 

Mr. Healey said that Herr 
Otto Schlecht. State Secretary at 
the Bonn Economics Ministry, 
who led the delegation, appeared 
impressed by other governments’ 
expression of willingness to 
boost their economies. He pro- 
mised to make their views known 
as part of the German Cabinet’s 
discussions on growth policy. 

According to Mr. Healey, four 
or five Finance Ministers said 
that their governments had 
decided on or were considering 
refiationary action. He added 
that Britaia was not among 
them, but it could decide to do 
more in the autumn if other 
EEC countries agreed on a con- 


BRUSSELS, May 22. 

certed refiationary programme. 

The German delegation ex- 
pressed severe reservations about 
the conclusions of a report by 
the European Commission, which 
listed, in descending order, the 
“room for manoeuvre" available 
to each country in contributing 
to such a programme. The list 
was headed by Germany, followed 
by the Benelux countries, with 
Ireland and Italy bringing up 
the rear. 

It is understood that in the 
report submitted today the Com- 
mission had originally suggested 
that the 4.5 per cent, average 
growth rate target set for m id- 
19 79 implied national growth 
rates of 4 to 4.5 per cent for both 
France and Germany next year. 
But these recommendations were 
later omitted, apparently under 
West German pressure. 

According to the Commission, 
the EEC’s average growth rate 
will be as low as 3 per cent by 
the middle of next year and un- 
employment above its current 
level of about 6m unless present 
policies are changed. 

Mr. Healey re-emphasised to- 
day that it was important for the 
Nine to take as many decisions 
as possible at the next meeting 
of EEC beads of government in 
Bremen on July 6 and 7. This 
meeting is intended as a prepara- 
tion for the seven-nation Western 
economic summit in Bonn later 
that month. 


BNOC helps Deminex by-pass 
oil export restrictions 


BY RAY D AFTER, ENERGY CORRESPONDENT 


THE British National Oil Cor- 
poration is helping to boost 
North Sea oil exports to West 
Gennany in spite of Government 
restrictions on overseas sales of 
UK crude oil. 

Deminex. the German explora- 
tion and production group with 
a major stake in the Thistle 
Field, has been refused Govern- 
ment permission to export 
directly from the field more 
than 50 per cent of its North 
Sea uil. 

However. BNOC is helping to 
meet West Germany's energy 
needs by selling some of its 
crude to Deminox's parents 
which have interests in German 
refineries. They include Veba, 
the energy, chemicals, glass and 
transport undertaking. and 
Wmtershall. a wholly-owned sub- 
sidiary- of the BASF chemicals 
group. 

The arrangement means the 
state oil corporation is helping 
Deminex and its main parents 
to by-pass UK export limits 
which have caused some concern 
with overseas exploration groups 
and which arc being watched 
closely by the European Com- 
mission in Brussels. 


The EEC is particularly con- 
cerned about the Government’s 
ruling that all UK North Sea 
oil must be landed in Britain 
unless a special waiver is 
granted. Officials have been 
investigating this rule to see if 
it conflicts with EEC competition 
legislation. 

Deminex was one of the first 
caught in the controversy sur- 
rounding Britain’s landing and 
export requirements. Originally, 
it had ventured in the North Sea 
to gain crude oil for West 
Germany's refineries. Until 
recently, however, the Depart- 
ment of Energy has Insisted that 
up to two-thirds of North Sea 
crude oil should be refined in 
the UK. 

Other partners 

After considerable negotiations 
Deminex which has a 42 per 
cent, stake in the Thistle Field, 
was told it could export only 
half its share of production. 

Now it is learned that BNOC 
has arranged to sell to West 
German refiners crude oil pro- 
duced by other partners in the 
Thistle venture. 

Apart from gaining access to 


51 per cent of the Thistle crude, 
through participation deals, it 
has agreed to dispose of ail oil 
produced by the smallest mem- 
ber of the partnership — Charter- 
house. 

It Is understood that in addi- 
tion, BNOC is arranging to sell 
all crude produced by Burmah 
which has an 8J. per cent stake 
in Thistle. 

It is expected that the first 
tanker load of Thistle crude to 
be exported shortly to Winter- 
shall, West Germany, by the 
state corporation will be oil 
acquired from Burmah. 

Lord Kearton, chairman and 
chief executive of BNOC, which 
is the operating company in the 
Thistle consortium, said last 
night that the deal was a normal 
commercial transaction. “All our 
deals are cleared with the Depart- 
ment of Energy. After all, we 
operate as part of the Govern- 
ment system." 

Deminex in London said it was 
continuing to export half of its 
41 per cent share of Thistle 
production. Tankers carrying its 
share of crude were alternating 
between British and West 
German ports. 


Dispute stops tank deliveries 


BY NICK GARNETT, LABOUR STAFF 


COMPLETED Scorpion light 
tanks have been marooned at 
the A l vis manufacturing works 
in Coventry for almost a month 
in a pay blacklist dispute bc- 
iween ’ the Government, road 
hauliers and the Transport and 
General Workers Union. 

Capel's Transport of Coventry, 
whwh has been working for the 
Ministry of Defence (or 25 years, 
had i!:« contract in haul Scorpions 
from Hie Alvis factory, part of 
Bnlish Leyland, to an Army 
depot near Andover withdrawn 
las! month. 

Capet's, following advice From 
the Road Haulage Association, of 


which it is a member, declined 
io sign a contract clause certify- 
ing that it had complied with 
Government pay guidelines. 

The company was party to a 
pay deal for West Midlands road 
hauliers last year which was 
viewed as being outside the 
guidelines. The association and 
the company felt that, as a re- 
sult. it could not sign the clause. 

Instead the company wrote to 
the Mim.slry that its pay deal 
last year ‘ had been signed 
between the local area of the 
association and the transport 
union. 

The Ministry of Defence sub- 


sequently told Alvis that there 
would be no more contract work 
with Capel's. Since then, how- 
ever, the Ministry has failed to 
find another haulier to do the 
work. 

Mr. Alan Low', the transport 
workers’ regional trade group 
secretary for the Midlands, said 
yesterday that union drivers 
would not handle the work 
unless Capel's was given back 
the contract. 


Export 


UK TODAY 

CLOUDY with coastal fog. and a 
little drizzle in the East but 
some bright or sunny intervals 
with isolated showers io the 
West. 

London. S.EL, Southern and Cen- 
tral North England, the Midlands 
Rather cloudy with some bright 
intervals and isolated showers. 
Max. 15C <5flF> 

East Anglia. East and N.E. 
England 

BUSINESS CENTRES 


V'day 
Mid-day 
‘ft *F 


Alexandria 

Amsinhn. 

Athens; 

Bahrain 

Barcelona 

Brlrni 

Belfast 

BelKTade 

Scrim 

B'.rniRha. 

Bns>ol 

Brussels 

Budapest 

R. Ai|V3 

Cairo 

Cardiff 

ChilMSO 

Cnloeoc 

CopnhaAfl- 

DubbD 

Edinburgh 

FranWnrt 

Geneva 

r.lasgo-K' 

llchdnfcl 

H. Rons 

.Jn'hurc 

Lisbon 


H 3? 

*MI 

40 164 
19 66 

s ra 


I London 
Luxcmbrs. 
Madrid 
Manchstr. 
.Melbourne 
Milan 


a U..UIU1T1 

>7 TO Montreal 
31 70 Moscow 

33 7? 1 Munich 

15 59 1 Newcastle 

16 H Nitr York 

13 59 ! Oslo 
R IS 64] Pans 
S 13 59 .Perth 

34 93 proem* 

14 oij Reykjavik 
14 57 • Rome 
14 37 SiRKiiporc 
23 r2:SlOcBholiai 

16 etjSuaabrK. 
10 SO Sydney 

17 iw I Tehran 
Ifi filjTrl AVIV 
13 SSjTohT 0 
SO 65 iToronio 
22 72 j Vienna 
"2 72 (Warsaw 
17 t>3;Zurii.!i 


V'day 
Mid -day 
”C •p 
P 17 63 
C 14 57 
C 14 57 
C U 53 
C IS 64 
Th 14 57 
S IS 64 
14 57 
19 66 
12 54 


Cloudy with occasional drizzle 
and coastal fog patches- Max. 
14C (57F i. 

Borders, North and East Scotland, 
Orkney- 

Cloudy with rain at times. 
Wind light or moderate. Max 
UC (52F). 

Cliauuel Isles, S.W. and N.W. 
England. Wales, Lakes, Isle of 
Man 

Bather elmidy wish some bright 
Intervals aod isolated showers. 
Wind light. Max. 16C (61F). 
'(Vest Scotland, the Highlands, 
N. Ireland 

Mostly cloudy with occasional 
rain. Max. 16C (61F). 

Outlook: Little change. 


HOUDAY RESORTS 


22 72 


45 

21 


S 
B 
C 
s 

C 39 68 
C >2 54 
.5 ID 61 

V 31 70 
F 

V 

s ai r* 

V w 

C 16 Cl 
r. 19 m 
5 22 M 
S it 73 
S 22 72 
.S 1> 114 
RUM 
C V. 73 
C U 5" 


A Larin 
Alsii-ni 
Biarritz 
Blackpool 
Bordeaux 
C-whlnra. 
C.n»' Tn. 
Corfu 


Ydoy 
Mid-day 
■*C *K 
: 16 6! 
f 31 70 
E 13 55 
i 14 57 
: 13 30 


V’day 
Altd-day 
■C °F 

Las Pirns. F 31 79 
Locarno C 13 94 


Luxor 

Majorca 

Malaga 


20 fiV. Malta 
10 hi Nairobi 

21 7t> I Naples 


PuLnjvuib IT 13 35*: Nice 


Faro c IS W Nicosia 

Florence F i? Oporto 

l-'unciial y M cr Rhode? 

Gibraltar H m 6 1 Salzburg 

Guitini-y k i". .13 Tangier 

Innsbruck r 14 37 1 Tenerife 

Intrnu-yt c 3 48 [Tunis 
Is. «r Man S 1.1 53 Valencia 
3 envy Fr II 32 'Venice 
S — Sunny. P— Fair. C — Quudy. R— Raw. 

Fg — Fox. Tb— Thnaderj 


S 37 99 
S 32 73 
F 19 66 
C 2D 63 

S 23 73 
P 19 64 
C 17 63 
S 37 St 
C 14 37 
S 23 77 
C 21 73 
C M 84 
C 16 61 
C 16 61 
F 22 73 
r. 19 G6 


At the same time the workers 
at Alvis who load the Scorpions 
have been instructed not to deal 
with any company but Capel's 
in the despatch of these parti- 
cular Scorpions. 

It is understood that the 
delivery of Scorpions to the 
docks for export, which is 
bandied by other hauliers, is not 
affected. 

Capel's said it normally trans- 
ported four of the vehicles a 
week and was the sole haulier 

of Scorpions for the home mar- 
ket The contract was worth 
£10.000-£ 12.000 a year. Although 
the company wanted the con- 
tract back it could stand the 
loss. 

The Ministry of "Defence said 
the contract had been with- 
drawn because Capel's had re- 
fused to sign the undertaking 
and had therefore "disqualified” 
itself. 

These particular Scorpions are 
intended as reserve stock but 
would eventually be sent to the 
Army in Germany. 

The association said Capel's 
had no option but to comply 
with a local wages agreement 
and the Government's action 
was 11 as iniquitous as it is 
absurd.” 

The association has sub- 
mitted new figures to the De- 
partment Of Employment In an 
attempt to show that deals con- 
cluded by road hauliers, includ- 
ing those in the West Midlands, 
were not outside guidelines. 


Massey sheds 
staff as sales 
of tractors fall 

BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 


MASSEY - FERGUSON. _ the 
Canadian-based multinational, 
announced 1,070 redundancies at 
UK plants yesterday. The 4.700 
strong manual workforce at the 
two Coventry tractor factories 
will be cut by nearly 20 per 
cent. 

Redundancies had been expec- 
ted at Coventry in response to 
the fall in world demand for 
tractors. But the size of the 
cut has caused some surprise in 
the industry. 

The Banner Lane factory, 
.Coventry, one of the largest 
tractor plants in the Western 
world, last year accounted for 
27.5 per cent of Massey- 
Ferguson’s 172,800 worldwide 
sales. Massey, with its heavy 
involvement in Third World 
markets, has been hit hard by 
the international recession. 

Turkish blow 

Ford tractors at Basildon, 
Essex, which accounts for more 
than a third of Ford's world 
tractor sales, is considering more 
short-time working in July. Mr. 
Geoff Tiplady, managing-director, 
last night said such a develop- 
ment was almost certain. 

Tractor production at Inter- 
national Harvester, which claims 
the third largest UK market 
share, has been bit by the strike 
of 400 clerical workers. About 
3,000 workers at Doncaster have 
been made idle and output is at 
a standstill. At Bradford, about 
700 are laid off and output has 
been hit. 

As the leading manufacturer 
of agricultural tractors in 
Western Europe. Britain could 
hardly expect to escape the fall 
in demand from the record levels 


of recent years. The downturn 
has also caused widespread 
redundancies and short-time 
working in the component sup- 
ply industry. 

The domestic market has held 
up well, but is still down from 
the peak of 1976. Sales in 
Western Europe are down, but 
there are hopes that the U.S. 
market may have bottomed out - 

Massey-Ferguson has suffered 
from its involvement in develop- 
ing countries. The economic 
crisis in Turkey, to which the 
Coventry plant supplied about 
8,000 tractors a year, was a par- 
ticular blow. 

The company said last night 
that orders for the Coventry 
plant were 15 to 20 per cent down 
from normal About 60,000 
tractor units would be produced 
this year against normal output 
of between 75,000 and 85,000. 

Market studies do not indicate 
any upturn in demand, so labour 
is being cut 

At Coventry, - about i900 
manual workers and 90 staff will 
be made redundant. At the 
Kilmarnock combine harvester 
plant the workforce will be cut 
by 80. Occasional short-time 
working and lay-offs would be 
necessary while the run down 
was implemented. 

Massey lias already cut its 
total UK workforce by 375 to 
9,800 by natural wastage. The 
company will now be calling for 
early retirements and voluntary 
redundancies at Coventry and 
Kilmarnock. The extent of 
compulsory redundancy would 
depend on the response to that 
appeal. The company has 
promised to pay workers "in 
excess of the statutory mini- 
mum.” 


Greenall Whitley 
bids for Shipstone 


BY ANDREW TAYLOR 

GREENALL WHITLEY, the 
largest of the regional brewers, 
has launched a £19 Im agreed bid 
for James Shipstone. the Notting- 
ham brewers, which only six 
weeks ago successfully defeated 
a £13m bid from Northern Foods. 

Greenall is bidding eight of 
its shares plus £1350 for every 
five Shipstone ordinary shares. 
There is also a cash offer fbr 
both classes of Shipstone prefer- 
ence shares. 

The total cash element of the 
bid Is £ll$m — which Greenall 
proposes to fund through a 
package of medium- and short- 
term loans. 

The offer values Shipstone 
ordinary shares at 445p — with 
Greenall’s shares slipping 5p to 
112p yesterday. This compares 
with Northern Food’s abortive 
offer which valued the shares at 
around 305p. 

GreenaH's brewery business is 
largely centred on the North 
West, although recently it has 
been expanding its pub and dub 
interests in Yorkshire. Shipstone 
operates almost exclusively in the 
East Midlands. 

Mr. J. D. Pritchard-Barrett, 
managing director of Greenall — 
which yesterday also announced 
a 17 i per cent increase in first 
half pre-tax profits to around 
£5m. — said that an enlarged 
group would be able to compete 


more effectively with national 
brewery companies. 

There was no overlap in the 
trading areas of the two com- 
panies. Shipstone would retain its 
separate identity and continue to 
brew its own range of traditional 
beers. 

If the bid is successful — 
directors of Shipstone have 
already accepted the terms in 
respect of their 2.3 per cent stake 
— it is likely that Greenall will 
want to expand Shipstone's beer 
sales to free-trade outlets. 

Around a tenth of Shipstone's 
sales are to the free trade com- 
pared with a quarter for 
Greenall. which has succeeded 
in building up its links with 
working men’s and other clubs 
in the North West 

Mr. Pritchard-Barrett said that 
there was spare capacity at the 
Nottingham brewery for the 
group to develop this trade in 
the Midlands, which also has a 
strong clubland. 

In addition the deal would 
provide a new outlet for 
GreenaH's wines and spirits 
business through its Gilbert and 
John Greenall subsidiary. 

Greenall, which claims to be 
the largest brewer in the North 
West, has around 2.3 per cent of 
the UK beer market Shipstone's 
market share is about 4 per cent 

Greenall Whitley half-year 
figures Page 24 


Government corrects 
pay policy advice 

BY CHRISTIAN TYLER, LABOUR EDITOR 


THE GOVERNMENT yester- 
day corroded Its pay policy 
advice to avoid breaches or 
contractual obligations. 

Hr. Albert Booth, Employ- 
ment Secretary, said in a 
House of Commons written 
answer that people on incre- 
mental salary soles who had 
been refused a rise that would 
take them over £8,500 a year 
under the first phase of the 
incomes policy could restore 
their position Immediately. 

In some cases, the Depart- 
ment had ruled that those 
people must await their settle- 
ment under Phase Three. 

In fact, they coaid “ consis- 
tent with pay policy” rise to 
that point of the incremental 
scale they would have occupied 
from August 1 last year, and 
payment could be backdated. 

It was not until the begin- 
ning of Phase Three, on 
August 1 last year, that a cash 
ceiling on pay rises was 
removed, and those on higher 
earnings could achieve the 


same percentage rises as the 
lower paid. 

Year-by-year rises on pre- 
determined Incremental scales 
were exempt throughout, 
except for the £fL500-a-year 
earners in Phase One. 

The cost of such adjustments 
would have to be offset against 
the 10 per cent limits of Phase 
Three. 

If a Phase Three settlement 
had already been made, the 
cost should be deducted from 
lbe next main settlement. 

The Employment Depart- 
ment said last night that The 
numbers affeeted by the 
Ministers announcement 
would be small, as would the 
cost of the adjustment. 

Incremental scales are com- 
mon among white -collar public 
sector employees and some of 
the larger companies in the 
private sector. 

Postman's leader raises hopes of 
incomes deal Page 9 


Continued from Page 1 

Volvo joint concern 


from the agreement with Norway. 
It will remain 100 per cent 
Swedish for security reasons. 

Svenska AB Volvo, the new 
Swedish holding company, is to 
be compensated for the costs of 
the reorganisation aod new 
establishments. It will receive 
over the next five years the divi- 
dend which would have gone to 
the Norwegian Government. 

The " agreement in principle ”• 


is to be worked out in detail by 
October 15 and is scheduled to 
become effective from the begin- 
ning of next year. It uiU have to 
he approved by the Norwegian 
Parliament 

Mr. Gyllenhammar reiterated 
a previous, denial of reports that 
Vplvo had asked the Swedish 
Government for a Krlbn loan to 
develop a new cor. 


THE LEX COLUMN 

Norwegian fill-up 
for Volvo 


For Volvo, the agreement in 
principle with the Norwegian 
Government announced yester- 
day will bring in SKr. 750m 
(£S9m) of: badly needed new 
equity plus the scope for sub- 
sidised diversification into' a 
country in which its current 
involvement is quite small. It 
will also take it into a brand 
new field of activity, in the 
shape of rights to participate 
in the search for oil an the 
Norwegian continental shelf. 
For Norway, this investment in 
Sweden’s - biggest privately- 
owned business represents an 
important step in its efforts to 
convert future oil revenues 
into employment, rather than 
import-fed consumption. 

The cash will come from a 
new holding company quoted on 
the Oslo stock exchange: the 
Norwegian Government has 
guaranteed that enough funds 
will be available. On paper, 
Norway seems to be getting into 
Volvo at an attractive price. 
The current market capitalisa- 
tion is about. SKr 1.5bn, which 
suggests that the new shares 
are being bought at an effective 
discount of nearly a fifth. The 
dilution in terms of Volvo's net 
assets is even greater, since 
shareholders’ equity amounts to 
nearly SKr 2bn and untaxed 
reserves to a further SKr 4bn. 

However these calculations 
do not take into account any 
future equity io the new oil 
company, which will be 100 per 
cent owned by the original 
shareholders. The agreement is 
said to pave the way for dis- 
cussions between the Norwegian 
and Swedish authorities con- 
cerning “a long term delivery 
agreement covering very large 
quantities.” 

In addition. Volvo has not 
been negotiating from a posi- 
tion of great finnnninl strength. 
Its return on capital employed 
fell from 12 per cent in 1973 
to 5 per cent- in 1977* and the 
proportion of net worth to total 
assets dropped from 30.3 to 
22.6 per cent over the same 
period. Assuming the new deal 
goes through, this figure will 
only recover to about 26 per 
cent The group’s international 
market share started to recover 
towards the end of last year, 
and a recovery In profits has 
already been forecast for 1978. 
But last year’s abortive merger 
talks with Saab-Scania under- 
lined the growing pressures on 
a medium-sized motor company 
with international ambitions. 

With just 4,000 of its 60,000- 
strong workforce currently 
employed in Norway, Volvo is 
undertaking to create the 


Index fell 1.8 to 468.8 


10 I 

Three -Month » 
Interbank Jr 

9 : 

“Rate f 

82 

- j- 

7; 

~ foJ - 

62 

1 1 11978 

Jan Feb Mar Apr May 



"necessary conditions” directly 
and indirectly for 3,000 to 5.000 
jobs over the first five years 
of the agreement Since the 
Swedish holding company is 
going to be compensated for 
any loss of income resulting 
from this commitment, it should 
hardly be an onerous demand. 

Vickers 

Vickers’ balance sheet is now 
in a strange hybrid state. Take 
the nationalised assets at their 
book value of £67.6m — let 
alone the £150m which the com- 
pany was airily talking about 
yesterday — and the gearing 
looks quite acceptable. But take 
in only the £7m which has 
actually been received so far, 
and £105m of equity is support- 
ing a total of £110m of debt 
(before netting out £16m of 
cash). So with cash flow from 
trading running at around 
£l7.5m, the group has cut back 
its original £30m capital spend- 
ing projections. 

At least the immediate trad- 
ing picture looks reasonably 
bright, with the engineering 
order book usefully higher and 
Howson-Algraphy still booming 
(though now short of capacity). 
Offshore engineering remains a 
problem area, however, and has 
been affected by a slow start 
to the North Sea season. 

Sharpe scheme .. 

There is more to cash-rich 
W. N. Sharpe's capital recon- 
struction scheme than meets the 
eye. Essentially, the board is 
proposing . that shareholders 
approve a Section 206 scheme 
of arrangement as a result of 
which they will receive one new 
share and 70p cash for every 
share they now hold. The 
beauty of it all is that share- 
holders will only have to pay 
at the most 30 per cent capital 


gains tax (and then only on 
the cash proportion) on the 
deal. Without Inland Revenue 
approval such a scheme woald 
be prohibitively expensive. 
Progressive income tax rates 
would for example . mean that 
the company chairman, Mr. 

N. H. Sharpe, would be subject 
to the highest tax rate of 98 
per cent on a large part of his . 
proceeds were the distribution - . 
to be treated as income. 

Sharpe has been forced into 
the scheme of arrangement ‘ 
because of numerous takeover l '“ 
approaches. The directors 
decided that their best protec- 
tion was for shareholders to 
sell the company to themselves, 
while at the same time drain- 
ing off the £5m. cash. Yet the 
Inland Revenue only gives 
approval for such schemes 
under Section 460 of the Income 
and Corporation Taxes Act 1970 
provided there are bona fide - 
commercial reasons for under- 
taking them. Does this decision 
mean that a threat of being . ; • 

taken over will be enough for ' 
a substantial cash : repayment to jig l 1 -'-’* 
qualify under Section 460 In . 
future? If it does, maybe GEC 
should look around for a poten- 
tial bidder. 

Greenall/Shipstone 

Even within ‘the trade dif- , ‘ r _.. 
ferent people have very " ‘ 
different ideas about what a 
brewery is worth. That much 
is dear from Greenall Whitley's ■ 
agreed £19$m .hid for James 
Shipstone. Only six weeks ago 
Northern Foods, which in terms 
of market capitalisation is 
nearly twice Greenail's size, 
baulked at paying more than 
£13m. 

Greenall admits that the price 
is high. It is paying 20 times 
earnings for a group with a 
rather dull profits record. But 
opportunities to acquire 384 
outlets and move into a new 
market do not come along every 
day and Greenall obviously 
believes that it can develop 
Shipstone's free trade and take 1 
advantage of its under-utilised 
brewing capadty. At least it, 
is acquiring the company at a 
discount of around a seventh ti 
its net worth. 

Given the substantial cadi 
element in the consideration, 
the deal is not going to mean 
much dilution for Greenail’s 
shareholders and in a hill year 
the combined group should be 
capable of producing pretax 
profits of £15m. Ex-Shi pst one, 

Greenall should be able to push 
its profits up from. £L0.2m. to 
dose to £12 m. in the current 
year. 


bhto &**•' 


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SHARE REGISTRATION 

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